Full text of Commercial and Financial Chronicle : February 25, 1911, Vol. 92, No. 2383

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F in a n r ia l

/ p
y o m m fir ia
I N C L U D I N G
B a n k & Q u o ta tio n

S e c tio n

R a ilw a y &

R a ilw a y

S e c tio n

B a n k e rs ’ C o n v e n tio n

E a r n in g s

I n d u s tr ia l S e c tio n

E le c tr ic R a ilw a y S e c tio n

S e c tio n

S ta te

and

92 .

VOL.

NO.

’Q 'k t ( f t t o

1911.

For Ono Year ............................................................................. $10 00
For Six Months............................................................................ 6 00
European Subscription (including postage).................................... 13 00
European Subscription six months (including postago)................... 7 50
Annual Subscription in London (including postage).......................£2 14s.
Six Months Subscription in London (including postage)................. £1 11s.
Canadian Subscription (including postago)....................................$11 50
S u b sc r ip tio n in c lu d e s f o llo w in g S u p p le m e n ts —

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Istate and City (semi-annually)
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RAILWAY EARNINGS (monthly)
I Bankers’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r In c h S p a c e

transient matter per inch space (14 agate lines)............................... $4 20
( Two Months

(8 times)......................... 22 00

Sfindim
r Business
Business cards
Cards t3 slx
Threo
Months (2o
(13 times)......................
times).................. 50
29 00
00
Standing
Months
v. Twelve Months (52times)...................... 87 00
CHICAGO OFFICE—Pliny Bartlett,513 Monadnock Block; Tel. Harrison 4012
tiONDON OFFICE—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W IL L IA M
It. D A N A C O M P A N Y , P u b lis h e r s ,
I*. O . B o x
S.
F r o n t , F in e n n d D c p e y s t e r S ts .,
New Y o rk .

95

Published every Saturday morning by WILLIAM B. DANA COMPANY
iacob -Seibert Jr., President and Treas.; George S. Dana nnd Arnold G. Dana
vice ! residents; Arnold G, Dana, Sec. Addresses of all. Office of ihe Company'
C L E A R IN G -H O U S E

RETURNS.

The following table, made up by telegraph, &c., Indicates that the total
bank clearings of all the clearing houses of tho United States for the week
ending to-day have been $2,657,332,310, against $2,884,060,617 last week
and $2,755,616,467 the corresponding week last year. Week’s total covers
live days in each year on account of Washington’s Birthday holiday.
1910.

Per
Cent.

New York........................................... 81,259,152,454
Boston___ i ______________________
98,797.810
Philadelphia...................................... 96,922,871
Baltimore.................................. ..........
21.184,821
Chicago .................... - ............... ........
187,991,943
St. Louis.................- ..........................
53,493,325
New Orleans...................................... .
13,397,233

$1,294,934,724
107,894,877
104,242,732
19,312,869
211,829,104
51,613,079
13,482,753

—2.8
—8.4
—7.0
+9.7
—11.2
+3.6
—0.6

Seven cities, 5 days.................. .......I 51,730,940,510
410,764,311
Other cities, 5 days................ ......... _j

$1,803,310,138
402,641,217

—4.0
+2.0

Total all cities, 5 days........... ......... $2,141,704,821
All cities, 1 day...... ............ .................
515,627,489
Total all cities for week___ .............. $2,657,332,310

$2,205,951,355
549,665,112

—2.9
—6.2

Clearings—Returns by Telegraph.
Week ending Feb. 25.

1911.

$2,755,616,467
-3.6
The full details for the week covered by the above will be given next Sat­
urday. Wc cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence In the above the last day of
the week has to be In all cases estimated, as we go to press Friday night.
Wc present below detailed figures for tho week ending with Saturday,
noon, Feb. 18, for four years. Lincoln’s Birthday in week this year.
Week ending February 18.

Clearings at—
1911.

Franklin...........
Total Middle. .
Boston .............
Prnvldftnfifi ___
Hartford...........
New Haven.......
Springfield.........
Worcester_____
Portland______
Fall River.........
New Bedford___
Lowell ...............
Holyoke.............

1910.

Inc. or
Dec.

1909.

1908.

$
S
S
$
%
1,633,323,685 2,236,699,510 —27.0 1,751,044,341 1,028,157,829
139,480,363 157,279,937 — 11.3 132,557,710
85,071.741
50,617,211 — 13.4
•13,8!19,095
32,043,370
38,827.149
33,254,079
27.293,742 + 21.8
17,170,608
26,978,530
9,231,813
9,443,788 —2.2
7.975,570
8,169,377
6,932,783
6,500,291 + 6.5
3,919,041
5,524,711
6,908,861
6.695,250 + 4.1
4,025,505
7,088,265
3,837,930
2,727,675
4.096,488 —8.3
3,778,035
2,420,971
2,640,369 —8.3
1,734,674
2,227.811
3,431,379
1,786,052
2,452.867 +39.9
2,251,018
1,447,665
706,094
1,528,509 —5.3
1,442,778
1,689,354
1,550,453 +9.0
968,349
1,260,947
1,354,512
1.175.509 + 15.2
1.102,851
974,776
1,993,240
993,015
1,756,556 + 13.5
1,458,631
1,183,130
701,570
1,096,785 +7.9
1,327,826
1,593,380
1,699,863 —6.2
1,440,720
onc
Q1
1
877,669
lOO
•7IO,'*it -- 4.0
oU
O, i$Al
737,056
774,421 —4.8
481,635
598,588
438,144
434,561 +0.8
450,000
428,640
511,500
473,200
■INN,Ml') + 4.6
504,400
437,206
317,099
651,818 —33.1
475,779
44K
qni nrw
424,469
496,362 — 10.3
250,000
170,450
273,047
275,000 —9.1
1,895,679,304 2,516,569,830 —24.7 1,989,424,873 1,191,929,854
150,270,289
8,606,300
4,136,928
2,601,294
2,308,403
2,315.020
1,706,974
1,305,277
971,727
624,845
523,350

167,519,801
8,619,600
4,688i751
3,171,998
2,275,000
2,154,879
1,580,914
1.002,765
1.345,550
450,949
511,086

—6.7
_0 2
— 11.’ 8
-1 7 .9
+ 1.5
+8.9
+ 8.0
+30.2
—27.8
+38.7
+ 2.4

158.070,539
7,345,000
3!09L061
2,487,032
1,892,149
1,511,202
1,603,172
1,272,314
810,071
420,300
446,229

107,818,469
5,825,500
2,05 L071
1,801,082
1,398,653
1,110,092
1,118,255
901,497
467,324
332,DU
311,698

Tot. New Eng. 181,400,407 193.321.296 —6.2 179.549.0691 123,135,792
Note.—For Canadian clearings sco "Commercial and Miscellaneous News."




Chicago ...
Cincinnati.
Detroit___
Milwaukee.
Columbus
Toledo . . .
Peoria__
Dayton

..
..
..
-

..
..
•..
..
..
...
.
1.
Lima.......
Ann Arbor.
.
Adrian__
.
Saginaw__
.
.
it
.
Seattle .
Portland
.
.
.
.
Sacramento.
.
San Iilego..
.
.
Stockton
.
San Jose.
.
.
.
.
.
.
Denver___
.
St. Joseph.
.
.
.
Duluth..
.
Wichita.
.
.
Davenport......... .
Topeka....... ......
Colorado Springs5
Cedar Rapids.
Pueblo .............
.
Sioux Fails____
Fremont...........
Waterloo ..........
Helena .............
Billings.............
Hastings...........
Tot. other Wes
St. Louis______
New Orleans___
Louisville.........
Houston ...........
Galveston .........
Richmond ____
Atlanta.............
Memphis______
Fort Worth____
Nashville
Savannah _____
Norfolk.............
Birmingham___
Mobile ...............
KnnvAvillo
Vlilt/ . . . . . .
Charleston.........
Augusta_______
Chattanooga __
Little Rock........
Jacksonville___
Oklahoma_____
Macon...............
Austin...............
Vicksburg.........
Wilmington,N.C.
Jackson _______
Meridian...........
Tulsa................
Total Southern
Akron........
Lexington . .
Rockford . .
Quincy____
Bloomington
Canton........
Decatur__
South Bend.
Springfield, <
Jackson___
Mansfield__

S e c tio n

2383 .

Week ending February 18.

Clearings at—

w ic lje .

PUBLISHED WEEKLY.
T e rm s o f S u b s c r ip tio n — P a y a b le in A d v a n c e

New York.........
Philadelphia___
Pittsburgh.........
Baltimore_____
Buffalo.............
Albany...............
Washington___
Rochester..........
Scranton ...........
Syracuse______
Reading_______
Wilmington____
Wllkcs-Barro__
Wheeling _____
Harrisburg........
Trenton ...........
Y ork _________
Erie..................
Grcenshurg........
Binghamton----Chester.............

C ity

1910.

Inc. or
Dec.

1909.

$
$
%
248,574,94*) 307,103,744 — 19.1 260.098,126 171,995.577
25,306,70()
23,215,540 +9.0
28,994.100
20,410,600
18,341,1011 17,161,835 + 6.9
16,250,624
12,771,058
17,450,821)
19,332,305 —9.7
12,878,817
10,002,927
15,586,20;1 13,793,725 + 13.0
15,867,872
10.811,066
8,427,45C)
9,687,097- —13.0
8,383,002
6,306,961
5.792.00C>
5,578,300 +3.8
4,985,500
3,638,900
4,288,8041
3,937,571 + 8.9
3,131,734
2,808,841
3,243,051!
3.614,580 —10.3
3,151,308
1,949,224
2.364.59C)
2,937,532 —19.2
1.957,231
1,589,930
1,931,3741
1,913,324 +0.9
1,548,416
1,366,826
2,288,527’
2,268,767 +0.9
1,839,561
1,686,266
1,156,6741
1,194,280 —3.2
1,055,634
750,642
910.00C)
991,080 —8.2
848,828
794,133
936,5541
1,030,287 —9.1
807,354
632,251
1,143,161!
927,700 + 23.2
598,578
462,768
936,TOC)
827,200 + 13.2
680,000
465.000
1.2.93,581i
875,401 + 47.8
570,312
689,784
1/51,531!
635,686 + 18.2
514,390
480,977
606,5641
732,574 —17.2
505,184
342,086
551,221!
528,075 + 4.4
366,732
360,438
999,76!)
938.271 + 6.6
750,396
345,277
490,291l
500,612 —2.1
425,734
329,852
493,14;1
562,641 —12.3
412,965
304,830
474,0811
5S4.802 —18.9
643,423
530,429
300,00C)
340,000 —11.8
366,623
200.000
331,187'
378,152 —12.4
286,787
258,810
388,6111
332,424 + 16.9
272,664
137,909
374.05S1
384,941 —2.8
287,376
279,983
271,710l
241.725 + 12.4
188,816
225,000
144,2281
163,021 —11.9
119,875
114,654
55,907
21,594 1-158.9
24,146
19,000
561,351
598,962 —6.3
392,544 Not Included 1
303,765,924 423,334,258 — 13.4 368,812,098 253,062,002
42,867,209
49,942,138 — 14 2
26,592,722
37.067.868
18.200,000
17,906,009 + 1.6
13,021,483
7,712,660
10,148.886
12,775,755 —20.6
9,238.885
6,059,815
9,993,617
9,952,219 +0.4
6,306,44
4,689,794
5,299,818
0,957,279 —23.8
5.380,559
1,805,859
4,200,000
4,932.509 —14.8
3,314,517
4,017,892
3,621,224
5,849,672
-38.1
4,452,409
3,824,424
2,936,806
3,314.845 — 11.4
1,820,057
1,149,709
1...
1,251,928 + 8.6
747,956
701,287
1,384,179
1,000,000 +38.4,
806,000
700,000
685,260
685,260 —i.el
456,265
791,896
800,000 — 1.0
578,676
501,626 + 15.3
43+020
348,282
529,869
563,377 —6.0
373,993
457,000
442.087
531,667 —16.8
318,210
226.337
18.6
277,947
103,253,984 117,242,231 —11.9
83,739,663
58,127,488
52,161,845
49,890,064 +4.6
42,687,944
25,345,471
18,106,430
21,916,875 -17.4
17,360,158
13,633,858
13,454,258
12,680,660
7,903,720
14,818,778 —9.2
8,401,716
10,053,752 —16.4
7,337,512
8,350,897
8,704,788
10,456,193 — 6.8
9,212,876
5,679,778
7,563,862
6,882,283 +9.9
5,389,076
3,422,313
3,58 1,946
4.291,928 —16.4
3.531,703
1,990,295
2,238,337
2,807,158
1,790,909
2,361,198
2,269,031
2.484,239
3,100,000
1,06+719
3,050,000
1,85+666
1.285,355
807,584
1,595,402
1,539,440
654,711
1,360,677
1,108,841
1,343,813 + L3
1,533,811
996,833
1.579,156
1,305.451 + 17.5
676,246
428.496
727.415
786,058
424,954
1,010,819
891,931
1,228.761
555,176
574,617
607,779
627,567
597,529
516,326
606,856
482,689
860,000
470.000
725,000
530.000
270,161
372,641
171,059
333,537
932,180
1,100,000
862.973
44+719
940,074 —8.2
81+129
106.855
160,251
150.000
164,135
131,105
140.000
120,789,541 137,527,182
73,890,433
112,263,526
76,349,642
67,443,525
48,342,330
61.272.913
20,145,286
18,280,366
14,356,180
16,065,671
15,071,433
0,755,893
17,112,948
15,357,548
9,003,578
12,512,271
14,393,256 •
13,367,764
8,452,000
7,678,000
6.767.000
5.848.000
7.544,432
7.804,016 —3.3
4,559,685
6,473,229
3,697,186
12,771.052
10,746,001
5,067,053
7,032,911
4,211,014
6,157,781
5,044,591
2,857,899
7,072,896
6,358,493
6,479,868
2,679,353
3,730,023 + 4.7
3,905,477
3,411,675
2,392,929
4,118,56:)
4,711,522 2,747,962
2,179,716
2,981,351
2,341,664
2,665,683 ■.11.9
2,551.515
1,314,573
2,392,241 + 6.6
1,760,597
1,087,810
1,702,365
1,225,297
1.3S4.996 ■
1,112,457
1,538,237
1,724,625
1,401,592
1.100.000
1,279,702
1,818,593
1,618,147
1,540,372
1,233,937
2,313,813
1,935,379 •
1.540.000
1,150,000
1,877,095
1,701,756 •
1,094,192
1,450,937
2,013,197 1,768,977
2,433,143
1,929,795
1,118,020
2,929,942
1,564,824
2,182,878 —8.4
2,000,000
658.947
722,715
1,050,000 +-234.3
3,510,539
675,460
1,459,092
—6.7
683,603
2,700,000
271.369 ■
375,847
369,045
32L095
485,260 382,897
660,311
294.948
965,000
420,000 +
482.000
280,000
309,000 652,720 Not Included In
207,17 7,4o7| 186,375.288 + 11.2 160.580.844 121,445,232

Total all............. 2,884,066,617|3,574,330,885 —19.6
2,894.767,899 1.821,423,757
1,250,742,932U.337.630,545

ELECTRIC RAILWAY SECTION.
A new number of our “ Electric Railway” section,
revised to date, is sent to our subscribers to-day. The
editorial discussions in the same embrace the follow­
ing topics: “ Electric Railway Associations’ Work,”
“ Method in Improved Electric Railway Operation”
and “ Electric Traction in Europe.”

THE FINANCIAL SITUATION.
. The denial- by the Inter-State Commerce Commis­
sion to both Eastern and Western roads of authority
to make the advances in railroad freight rates for
which they have been contending since last May
is of course a distinct disappointment; and the action
is likely to have sweeping consequences. The roads
and systems involved cover a wide stretch of territory.
By the “ Eastern” roads is meant the roads and sys­
tems embraced in what is-known as Official Classifica­
tion Territory, a stretch of country bounded on the
north by Canada, on the east by the Atlantic Ocean
on the south by a line drawn from Norfolk, Va., to
Cincinnati, Ohio, and the Ohio River, and on the west
by the Mississippi River. By the “ Western” roads
is meant the lines and systems in Western Trunk Line,
Trans-Missouri and Illinois Freight Committee terri­
tories, the carriers in these instances operating in the
States of Wisconsin, Minnesota, Iowa, Missouri,
North Dakota, South Dakota, Nebraska, Kansas and
Montana. The Inter-State Commerce Commission
decides that neither the Eastern roads nor the Western
roads are entitled to any increase whatever, and thus
it is literally correct to say that the carriers asked for
bread and are given a stone.
Under the radical amendments to the railroad law
made by Congress last year, the burden of proof to
show that the higher rates proposed are just and
reasonable is put upon the carrier; and as the Inter­
State Board on this occasion was unanimous in its
conclusion, it would not be strange if the public got
the impression that the railroads had really failed to
make out their case—that is, had been unable to fur­
nish a convincing demonstration that the advances
were justified. But it must be remembered that the
carriers had to submit their case to an unfriendly jury.
The members of the Commission are very estimable
gentlemen, whose absolute probity has never been in
question; but through the entire existence of the
Commission during the last twenty-four years, with
all the changes in membership that have occurred
during this period, the policy and practice of the Com­
mission has remained fixed and unalterable in one
respect. The Commissioners have always acted as
if they were the paid representatives of the shippers
and as if it was their bounden duty to treat the carriers
as deliberate enemies, against whose machinations
the shippers must be protected.
Fair treatment of the roads under such circum­
stances, at a time of great public agitation and heated
controversy, as has existed during the last ten months,
was out of the question. The issue was predetermined
against the carriers from the start. Besides, the
changes which have taken place in the personnel of the
Commission during the last two months rendered a
decision against them all the more inevitable. Chairman Knapp, the one man on the Commission possessing a truly judicial temperament, was promoted to a




place on the new Commerce Court, and the expiration
of the term of office on the Commission of ex-Senator
Francis M. Cockrell created a second vacancy on the
Board. In their places the President appointed two
men who, by constitution and temperament, were in­
capable of reaching any conclusion except one adverse
to the carriers. He appointed C. C. McChord, for­
merly Chairman of the Kentucky Railroad Commis­
sion, and author of the drastic McChord Law of that
State, to fill the unexpired term of Commissioner
Knapp, and B. PI. Meyer, at one time connected with
the Wisconsin Railroad Commission, and whose train­
ing and experience has been entirely with that coterie
of college men in Michigan and Wisconsin who have
fallen completely under the influence of Professor
Henry C. Adams, the Statistician of the Inter-State
Commerce Commission (perhaps the most prejudiced
and inveterate foe the railroads have ever had), to
replace ex-Senator Francis M. Cockrell. If the rail­
roads had the least chance of winning their case
before, it was now gone; it disappeared with the
addition of these two men to the Board. The Com­
mission, previously dominated by a radical majority,
was now radical all through. A unanimous decision
against the roads in this state of things was easy to
obtain, and, obviously, has not the least weight or
bearing upon the merits of the controversy, for the
result was a foregone conclusion.
The Commission in its opinions indulges in much
specious argument in ostensible justification of its
action. But all the dissertations in the world, and
all the careful balancing of phrases and clever juggling
with words, cannot explain away or obscure the plain
facts of the case. These facts, indeed, are so simple
that the wayfaring man cannot fail to perceive them.
Through advances in wages, which their managers
could not resist, the annual expenses of the railroads
have been increased in a prodigious sum. In the case
of the carriers in Official Classification Territory,
calculations made by the attorney for the Inter-State
Commerce Commission from figures furnished by the
railroads show that the added outlay per year from
the higher wage schedules now in force will reach
no less than $34,338,358. The added revenue from
the advances in rates, had they been allowed in this
territory, would have been $27,171,444.
Western roads, however, and Southern and South­
western as well, have also made large and general ad­
vances in wages, and it is evidently no exaggeration
to say that for the whole railroad system of the United
States the addition per annum to expenses, because
of the new wage schedules, will be somewhere between
$100,000,000 and $150,000,000. It is easy enough
to speak of possible economies and to say, as does the
Commission, that the roads have spent a good deal of
money in the past, and have, on the basis of past results,
an ample margin of earnings to encroach upon; but
there is no getting around the fact that they will be
worse off to just the extent of the extra $100,000,000
to $150,000,000 that they will have to pay out in
wages. In any court of law, and before any tribunal
governed by principles of equity, this circumstance
alone would have been considered, and everything else
j|brushed aside as irrelevant and foreign to the point.
j In truth, was there anything else at issue than the
•
I simple fact of this great increase in expenditures, and
the question whether the roads are entitled to make

the loss in that way good, in part at least? Remember
that as against this possible increase of $100,000,000
to $150,000,000, the net amount paid out in dividends
in 1909 was no more than $230,620,890. Will any
fair-minded person seriously contend with the case
presented in this naked way that the roads are not
entitled to recoup themselves through better rates?
But the Commission chose to befog the issue by
allowing the introduction of a lot of buncombe state­
ments as to a possible saving of a million dollars a
day through some process of legerdemain. If such
savings were possible it would take a long period of
years in which to get them into operation, and in the
meantime the advances in wages will be continuously
in effect.

the railroad carrying industry should be subjected to
such a period of trial and hardship as it will now be
called upon to endure. The regret over this must be
all the more poignant inasmuch as the advances in
wages, which are now rendered so hard to carry, were
in numerous cases made with the co-operation, if not
at the direct instance, of the Inter-State Commerce
Commission. By this we mean that most of the con­
troversies regarding wage increases were finally set­
tled under the Erdman Law, with some member of
the ( ommission acting either as mediator or arbitrator.
If the Commission contemplated vetoing propositions
for higher freight rates, its members at least ought not
to have encouraged, still less to have awarded, in­
creases in wages.

The shippers have gained a victory, but at what
great expense? Self-preservation is the first law
of nature, and the railroads will at once begin a vigor­
ous policy of retrenchment and economy. They will
not court bankruptcy. Some of them are better
situated than others, but none of them occupies such
a position of strength that they can afford to look
with indifference upon the losses in net income that
must ensue if the higher operating cost is not in some
way and to some extent offset. A larger volume of
business might serve as part compensation, but that is
out of the question for the time being, first because
trade reaction is already under way, and, secondly,
because the inability of the railroads to buy supplies
and give orders on the usual scale will prevent imme­
diate recovery. There is, therefore, nothing' to do
except to make the best of a bad situation and endeavor
to restore the old equilibrium between receipts and
expenditures. This will require time and untiring
effort.
In the meantime shippers, while secure against
advances in rates, will find their business dwindling
by reason of the enforced economy to which the car­
riers are driven.j Presumably the roads have a right
of appeal to the new Commerce Court and finally to
the United States Supreme Court. But it seems a
barren hope to look for redress in that direction.
Courts are slow to overrule the verdict of a specially
designated body where the question at issue is not one
of law, but of fact, and it is certain that the judges of
the Commerce Court will hesitate a long time before
creating a new precedent in that respect.
The result in this instance, as is usually the case, is
not without some compensating advantages. Under
the constant and repeated demands for higher wages
on the part of railroad employees, the situation in the
railroad world had become well-nigh intolerable. But
if the railroads are not to be permitted to raise rates
as cost of operations increases, then a sudden end is
necessarily brought to further proceedings for higher
wages. From a large and broad public standpoint,
it might well be argued that in this sense the action of
the Commission, though in clear disregard of the
equities of the case, has a favorable aspect. For, had
the roads been granted permission to advance rates,
it might have brought, before long, further demands
for increases in wages, to be followed by another ad­
vance in rates, and the process might have been kept
up indefinitely, to the detriment of the whole com­
munity. This prospect, at least, no longer lies ahead.
But it is very unfortunate that to avoid such a result

There are so many deceptive statements and so
many grossly misleading aggregat'ons of figures in the
two opinions handed down by the Inter-State Com­
merce Commission that it would take page after page
of our paper to enumerate them. We will content
ourselves by referring merely to one conspicuous in­
stance of the kind. Commissioner Lane, in his opinion
with regard to the Western cases, introduces a table
which is intended to show that dividend payments by
the railroads have enormously increased in recent
years. The figures deal with the whole railroad
system of the United States, and, in commenting on
the results disclosed, he makes the statement “ that in
1910 the amount of stock paying dividends had in­
creased to nearly $5,500,000,000, or more than double
what it was in 1900; the actual amount paid in
dividends had increased to $405,000,000, or nearly
three times the amount paid in 1900.” But these
figures are gross exaggerations and convey a wholly
erroneous idea of the dividend payments actually
made on stock in the hands of the public.
The totals include duplications and triplications to
an enormous extent. This is so because during the last
decade or so very large amounts of share capital have
passed into the hands of other companies. For in­
stance, the Union Pacific owns nearly all the stock
of the Oregon Short Line and the Oregon Navigation
companies and a large amount of the stock of the
Southern Pacific. These controlled companies pay
dividends of their own, which go into the Union
Pacific treasury, and accordingly form the basis of the
dividends paid by the Union Pacific itself. In like
manner the New York Central owns the greater part
of the stock of the Lake Shore & Michigan Southern
Co. and the Michigan Central, while the Lake Shore, in
turn, owns stocks of the New York Chicago & St. Louis,
the Cleveland Cincinnati Chicago & St. Louis, the
Pittsburgh & Lake Erie, &c., &c. It is apparent
that in these cases the dividends count two and three
times.
There is no way of ascertaining how much of the
$405,131,650 which Mr. Lane asserts was paid in divi­
dends in the year ending June 30 1910 includes pay­
ments of that kind, since the figure is obviousty an esti­
mate, as the Statistician’s report for that period in
the ordinary course will not be due for ten months to
come. But in 1908 the aggregate of the payments
was nearly of the same amount, namely $390,456,434,
and making an analysis of this we find that no less
than $162,859,364 represented (see the Statistical
Report for 1908, page 83) dividends received “ by rail-




494

THE CHUOMCLK

ways from railway stocks owned or controlled.” In
other words, instead of $390,45(5,434 having been paid
in dividends on stock in the hands of the public, only
$227,597,070 was actually paid. For 1909 the gross
dividend payments as given by Mr. Lane were $320,­
890,830, but the net amount was no more than $236,­
620,890. And it is certain that the total reported for
1910 must be similarly whittled down. We point
out this instance of glaring inaccuracy in the use of
figures because the same plausible juggling with the
statistics is to be found all through the two opinions
of the Commission.

I.XXXMI.

of little improvement in efficiency, while the railway
has greatly increased its maximum load and thereby
has reduced the cost of hauling per ton per mile. The
contrast is forcibly presented by the Lehigh Valley’s
memorial, which says that the largest boat on the old
canal holds only 70 tons and takes five days to carry
that small load across New Jersey from the Delaware
to the Hudson: but the steam locomotive moves 2,000
tons over the same distance and does that in five hours.
Such a handicap of inferiority is hopeless. The really
profitable canal—because fulfilling a function which
cannot be fulfilled otherwise—is the short one which
joins two large bodies of navigable water and thus
The memorial addressed to the Legislature of New makes the whole available.
Jersey by the Lehigh Valley R R ., expressing its desire
to abandon the Morris Canal and turn over to the
1he two reductions this year in the official discount
State all its water rights therein, recalls to mind the rates at London and Berlin have brought these rates
long-past time when canal navigation had a high pros­ below the average charge during 1910, though not to
pective value as the best artificial highway known. the basis that prevailed in 1909. Last Saturday’s re­
The canal company was chartered in 1824, for the duction of 3^ of 1% by the Imperial Bank of Germany
carrying of anthracite chiefly. But George Stephenson brings the minimum down to 4% — as low a figure as
was then at work, and within the following year his has ruled at any time since the autumn of 1905, with
first railroad was opened. Then events moved so the exception of seven months in 1909, when the rate
rapidly that before the Morris Canal was ready for use was Sy2%- l he Reichsbank’s average charge during
the State had chartered the Camden & Amboy R R .; 1910 was the h ghest of any important European cen­
several other charters soon followed, and the Morris & tre, namely, 4.35%, even Vienna and Amsterdam
Essex road, paralleling the canal throughout, was having enjoyed slightly lower terms from their central
chartered in 1835, before the canal was opened to banks. The Berlin official rate in 1909 averaged
3.92% , in 1908 it was 4.75%, in 1907 6.03%, in 1906
tidewater at Jersey City.
In 1841 the canal company failed; it was reorganized 5.15% and in 1905 3.82%. These figures form a con­
in 1844; but its condition became hopeless in the trast with French discounts during the same period.
60s, because of the introduction of the steel rail and The Bank of Franee has steadily adhered to its favor­
the building of further railway extensions into its ite 3% rate since early in 1908; in that year the aver­
territory. The Lehigh Valley (proceeds the memorial) age was 3.05% and in the panic year of 1907 it stood
having no line of its own in New Jersey before 1870, at 3.46%. With these two exceptions, the 3% mini­
leased the canal in 1871 that it might have a means mum has not been broken in recent times, neither
of obtaining suitable treatment from competing during the period of cheap money in 1905 nor of dear
rail lines; but this expedient proved ineffective, and it money in 1906. The average Bank rate in London
had to proceed to construct a rail line of its own across has never once been below the French rate during
the State.
the last decade. Last year’s English figure was
The original charter of the canal provided that the 3.72%; it was 2.71% during the first six months of
State might elect to take over the property at the end 1909 but 3.48% in the second half of the year, so that
of the first hundred years, and that if it did not then the annual average was a shade over 3% . In 1908
exercise its right the entire property should revert to it only 2j/£% was charged throughout the second six
at the end of another fifty years. Such was the months, but for the full year the average was just in
prospective value, according to the ideas of 1821; but excess of 3% . In 1907 it was 4.93%, the Bank rate
the railroad’s memorial sets forth that in the forty having then touched a maximum of 7% ; in 1906 it
years of its control it has paid out over 1 0 millions ruled at 4.27% and in 1905 3% . It will thus be seen
more than the earnings; the waterway, which was in­ that Berlin holds the record for dear money abroad,
tended as a public way for use on a charge for tolls, that London is a creditable second and that Paris is
has not for sixteen years been used by any other than at once the lowest and most stable of all. In New
the Lehigh Valley road, and its receipts barely suffice York call money last year averaged 3% for the daily
to meet the boatmen’s wages. The road adds a renewals; in 1909 the figure was only 2% % .
picturesqueness to its memorial by saying that for
many years it “ deliberately diverted to the canal from
A new treaty with Japan was unexpectedly sub­
250,000 to 300,000 tons of coal a year, to give it mitted to the Senate this week, and was ratified yes­
something to do.”
terday. The treaty deals primarily with tariff ar­
This has a bearing upon the persistent notion that rangements between the two countries, but the im­
canals have at least a value as a check upon railroads, pression was at once created in California that it would
and the railroads have even been suspected of plotting permit of the wholesale immigration of Japanese
to destroy canals. But the decay of the canal is laborers, and a storm of protest arose. It was not
from its comparative inefficiency as a carrier; it is the until yesterday that the text of the treaty was pub­
old case of the inferior implement displaced by the lished, along with a declaration by Japan agreeing to
better. A canal does best with freight which is bulky maintain the status quo in regard to immigration. The
and heavy with respect to value and can afford to California Senate, at a special meeting on Wednesday
accept slowness of movement for the sake of very low evening, passed a unanimous resolution urging “ the
rates; yet, as to even those, the canal 's susceptible !’ President of the United States to withdraw said treaty




from further consideration by the Senate of the United
States,” and appealing to the Senate “ to withhold
and refuse its assent to a compact fraught with so
much danger to our citizens, to our industrial devel­
opment and to our civilization.” The resolution also
stated that “ It further appears that even the protective
features relating to immigration matters of the present
treaty with Japan are omitted in the new draft.”
The Chairman of the Federal Relations Committee
sent the following telegram to President Taft:
Mr. President: California is much alarmed over the
newspaper report of the proposed new Japanese treaty.
The Federal Government, unless positively assured
that Japan will enforce regulations restricting emigra­
tion to the United States of such subjects as are inimical
to our Western civilization, should insist upon a
restriction clause in the new treaty. Less than this
will inllame the public mind all along the Pacific
Coast, and may lead to a condition that will be
deplored by those desirous of preserving amity and
good will between the United States and Japan.
This, in the opinion of the Senate Committee on
Federal Relations, is the sentiment of the California
Legislature.
President Taft was reported to have been much
concerned over the action taken in California. On
Thursday he sent the following message to Governor
Johnson of California: “ I have the resolutions trans­
mitted by you. The treaty and the assurances from
Japan as to the continuance of the present arrange­
ment are exactly such as you approved when the
Secretary of State and I explained them to you.
Will you not explain this to the two Houses of your
Legislature to prevent action by reason of misunder
standing” ? Dispatches from Washington state that
Secretary Knox told the Foreign Relations Committee,
at a dinner at the White House, that there was a
supplementary understanding with Japan for the
continuance of the restriction on the emigration of
Japanese coolies to this country which is now main­
tained by the Japanese Government. Subsequently
a similar assurance was vouchsafed by President Taft,
and this, together with the correspondence with Japan
issued yesterday, has done much to modify California’s
apprehensions. It is regrettable that so delicate a mat­
ter could not have been thoroughly explained before
being rushed to the Senate for approval. The States are
naturally jealous of their rights in relation to matters
of great local concern, and the immigration of Asiatics
is a problem in which California is directly interested.
At the same time the Federal Government is responsi­
ble for the maintaining of friendly relations with
foreign Powers, and must therefore handle all treaties.
It is to be hoped that President Taft has now suc­
ceeded in satisfying the Pacific Coast that nothing is
proposed which would run counter to the feeling that
exists there concerning Japanese immigration.
In our issue of Jan. 21 last, in discussing the strikes
of railway men and gas works employees in Portugal,
we commented upon the success of the Government in
overcoming troubles without resorting to violence,
and added: “ The direction of affairs thus far by the
officials of the new Republic has been characterized
by prudence, restraint and toleration.” A correspon­
dent takes exception to this statement, and refers to
“ the disgraceful treatment of law-abiding religions,”
which “ was carried on not only by the mob, but by the




military, with the knowledge, consent and often at the
instigation of the officials of this so-called Republic.”
Our correspondent resents what he construes as an
implication that we advocate “ imprisonment of obvi­
ously innocent persons without trial,” and sanction
“ destruction and confiscation of rightful property.”
We regret that our remarks, which contained no refer­
ence whatever to religious matters, should have been
misapprehended and misapplied by our correspondent.
The “ Chronicle” has consistently championed the
rights of property against any form of confiscation by
governments or other authorities; we have also always
voiced opposition to unfair treatment of any class of
the populous, secular or sectarian, and there would ap­
pear to be just grounds for complaint concerning re­
cent developments in Portugal in these respects. It
is our belief that the rights of property were not duly
honored in Portugal, and evidently the Government
itself realizes this, for a cable dispatch from Lisbon
last Sunday stated that “ the Government is contem­
plating contracting a loan to indemnify the foreign
religious congregations, which have been allowed to
choose restoration of their property or an indemnity.”
The inconsiderate treatment meted out to helpless
women was one of the most deplorable incidents of
the revolution. The fact that at such a time violence
is apt to develop cannot be accepted as any excuse.
It is not quite clear, however, that the Government
was responsible for all that took place. In an inter­
view with the head of the Convent of St. Joseph, near
Lisbon, who has just arrived in this country, the state­
ment is made that “ For a week the people had been
howling about the convent. Everywhere there was
evidence of hatred against us. When a threat was
made to blow up the convent, the Government sent
soldiers and police to protect us.” The hostility of
the public could not, in any event, justify the unlaw­
ful seizure of property, and if the Republican authori­
ties are sincere now in their profession of a desire to
make proper indemnity, the event will be occasion
for rejoicing.
In the House of Commons the Veto Bill passed its
first reading on Wednesday by the substantial ma­
jority of 351 to 227 votes, the Government having
been supported by the Nationalist and Labor mem­
bers. The second reading will be taken up on Mon­
day next, when Austen Chamberlain will move an
official Opposition amendment welcoming the intro­
duction of a bill for the reform of the House of Lords,
but declining to sanction a measure placing all legis­
lative authority in the hands of a single chamber. A
bitter fight is anticipated, though the decisive vote of
Wednesday leaves little room for doubt over the out­
come.
Premier Asquith introduced the Hill on Tuesday to
a crowded house. The measure, he said, had been
endorsed by the country through the return of its
supporters to Parliament by a majority of 126. The
Lords had chosen to commit political suicide when they
rejected the Budget of 1909; “ history would say that
was the most stupendous act of political blindness
ever perpetrated. Heriditary in origin, irresponsible
in the exercise of its powers, and overwhelmingly parl tisan in its actual composition—that was the body
to which the law entrusted the right to delay and check
the considered decisions of elected representat'ves of

the people.” He did not propose to dispense with a
second chamber; the people had already suffered
enough from the evils of what was practically a single­
chamber government; but the country had twice
emphatically said “ No” when asked if all progressive
legislation should come to a standstill pending the
evolving of a new second chamber. “ The Govern­
ment,” he concluded, “ presents this bill as the first
and most urgent step that it can take toward the at­
tainment of perfection.”
Mr. Balfour, leader of the Opposition, regretted the
absence of a conciliatory spirit in the Prime Minister’s
speech. The Opposition was convinced that some
leaven of the hereditary character was necessary for
the second chamber, and he would do much so that a
great struggle might be averted in a Coronation year.
But some issues were so great that no compromise was
possible and must be carried over the heads of the
Unionist Party. Other members of the Opposition
advocated efforts to reach an amicable arrangement,
but Mr. Winston Churchill, the Home Secretary, in
concluding the debate for the Government, replied
that the Ministers would not have fifty supporters
left if they agreed to enter such a conference now.
Contrasted with the referendum, the Liberals’ pro­
posals were the veriest Toryism.
Lord Lansdowne, leader of the Opposition in the
House of Lords, on Wednesday gave notice of a bill
for the reform of the Upper Chamber. It is now
thought probable that the Lords will cither reject the
Veto Bill outright or introduce amendments which
the Ministry will not accept, with the result that the
Government will be compelled to prorogue Parliament
until after the Coronation and then decide whether
a sufficient number of Peers should be created to
force the bill through the House of Lords.
Next week Lord Balfour of Burleigh is to submit to
the House of Lords a bill for the introduction of the
referendum on occasions of vital moment to the
nation.
China’s reply to Russia’s ultimatum has been ac­
cepted as satisfactory to the Russian Government,
and no hostilities are now threatened. Four of the
six points raised by Russia concerning the observance
of the Treaty of 1881 have been conceded and the
Foreign Office in St. Petersburg announces that the
other two can be easily. adjusted. All plans for a
military demonstration have accordingly been aban­
doned. The incident, it is stated in dispatches from
Pekin, is not regretted by the officials of the British
Legation there, inasmuch as the Chinese administra­
tion, it is claimed, had adopted a policy of uncon­
scionable procrastination in all dealings with foreign
countries. Great Britain is declared to have had her
patience sorely tried by delays in securing action by
China, while the United States has recently had ex­
perience in the same direction, the final steps inci­
dental to the raising of the proposed loan not having
been yet taken. The results achieved by the nucleus
of the Parliament promised for the Chinese Empire
fell far short of optimistic expectations, owing mainly
to the differences which arose between the represen­
tatives of the people and the official party. Now
that the country aspires .to enter the family of pro­
gressive nations, the administrative methods of a
thousand years ago are impossible. Western civili­



zation moves at a faster pace than the East has been
accustomed to for generations, a fact that the Pekin
authorities apparently need to learn.
As the week closes, the indications are that the
Canadian agreement will not be voted upon at this
session of the S enate and that President Taft will call
an extra session a few weeks after adjournment.
The Senate Committee on Finance did not report the
agreement to the Senate until yesterday, when it did
so without any recommendation as to further action.
Every contrivance has been resorted to by opponents
of reciprocity to check the progress of legislation on
this subject and Congress has much to do before it rises
this day week. Nothing of importance has occurred
during the current week in reference to the agreement.
The Prime Minister of Great Britain, when questioned
regarding Mr. Champ Clark’s reference to annexation,
said that, as he did not wish to give a fictitious value
to such talk, he would not instruct Ambassador
Bryce to make any representations to the American
Government in the matter. In the Canadian Parlia­
ment, F. U. Monk, leader of the French Nationalists,
moved that, with a view to dispelling the feeling of
unrest created by comments made in the United States
and Canada as to the political consequences of the
agreement, the House affirms emphatically its deter­
mination to preserve intact the bonds which unite
Canada to the British Empire and the full liberty of
Canada to control her fiscal policy and internal au­
tonomy. Sir Wilfred Laurier accepted the amend­
ment, though it came from a member of the Opposi­
tion, and it was passed without dissent.
Reductions in official Bank rates on the Continent
of Europe continue to be announced. On Saturday
last the Imperial Bank of Germany lowered its mini­
mum from 4)4% to 4% . On the same day the
National Bank of Belgium declared a 4)4 % rate, a
reduction of x
/i of 1%. O11 Thursday the Imperial
Bank of Austria brought its charge down to the
same evcl as that of the Reichsbank. The Bank
of Bengal, on the other hand, marked its rate up from
7% to 8 % , this change having been brought about by
trade activity and the consequent demand for funds in
India; that country “ ear-marked” gold in London.
Turning to private discounts abroad, the changes have
not been marked. Spot bills in London are now
accepted at 3% , while bills to arrive can be placed
at 2 )4 % , indicating that easier money is looked
for there. In Paris the private rate remains at
2)4% ; the Bank of France again recorded a moderate
gain in specie as well as a reduction of nearly $10,­
000,000 in note circulation and a gain of no less than
$18,000,000 in deposits. The Berlin open market
rate is 3% for spot bills and 3)4 % for bills to arrive.
Brussels and Amsterdam each quote 3)4% .
The Bank of England was again allowed to take
all the new South African gold offered in the open
market which was not needed by the India Council.
On Thursday the weekly statement showed a gain in
bullion of £700,179, but circulation rose fully £185,0. 0,
so that the total increase in reserve was only £515,011.
This was not sufficient to offset the increase ip loans
and deposits. The expansion in loans amounted to
£1,407,090, while public deposits increased£ 3 ,124,088,
against a reduction in ordinary deposits of £1,213,020.

497
Our special correspondent advises us that the total
amount of bullion on hand at the close of the Bank
week was £38,197,152. The ratio of reserve to liabili­
ties declined from 52.72% last week to 51.86% this
week. This compares with an average of less than
48% at this date during the last ten years, while the
Bank’s stock of bullion is also well above normal for
the latter part of February. The foreign exchanges
are still in London’s favor, and it is reported that
£1,000,000 gold is on the way thither from Brazil,
while, of course, consignments arrive regularly every
Monday from the Transvaal. Since the weekly state­
ment was compiled the, Bank has added £ : 7 1,000
to its supply of gold, as recorded by cable, while
£50,000 in sovereigns has been sent to India. Our
correspondent also furnishes the following details of
the gold movement in and out of the Bank for the
Bank week: Imports, £383,000 (wholly bought in the
open market); exports, £305,000 (of which £5,000 to
South America and £300,000 ear-marked India), and
receipts of £622,000 net from the interior of Great
Britain.

the-year transactions have been made on choice col­
lateral at 4% . Firms of the best standing have been
able to secure better terms than those not so well
known. The detailed range at the close of the week
is as follows: Sixty days, 2 % @ 3 % ; 90 to 100 days,
3 @ 3 % % ; four months, 3 % @ 3 )4 % ; five and six
months, 3 )4 % ; eight months, 3 % % and over the year
4@ 434% . Most of the discounting by local insti­
tutions has been done at 4% . Pains have been taken
to select only those bills of indisputable quality. An
adequate amount of these has been drawn, so that the
market has been fairly active. From out of town
there have been received moderate orders for bills
yielding 4 )4 % , and here also the supplies have been
ample. The banks in nearly every section of the
country are carrying more than the percentage of
reserve legally required, and an outlet is naturally
sought for the surplus. Quotations may be given as
4 @ 4 )4 % for prime four to six months’ single-name
bills and 60 to 90 days’ endorsed bills receivable, with
434@ 4/4% named for less well-known bills.

Ihe New York money market is so oversupplied
that rates are constantly inclined to sag, although they
are now so low that a further dedlinc of note would
appear to be improbable. The position is somewhat
curious. Offerings for use on call or time on the New
York Stock Exchange are much in excess of require­
ments, whereas the amount of commercial paper
awaiting absorption is rather large, the investment of
funds in bonds is not abnormally extensive, the public
demand for stocks is extremely light, and new securi­
ties cannot be floated except on terms very attractive
to investors. In order to find borrowers it has been
necessary in a good many instances to grant conces­
sions in regard to the collateral accepted; loans on all­
industrial securities as well as on inactive stocks have
been rather common. One or two powerful insti­
tutions, on the contrary, have again insisted upon
collateral of exceptionally high grade, and in these in­
stances rates below those usually quoted have been
granted. There has been a slight lull this week in the
output of new stocks and bonds, while last Saturday’s
bank statements showed an increase in cash, curtail­
ment in loans and an addition (of $3,872,650) to the
actual surplus reserve. The easiness in the local
money market is paralleled at other American cities
(though there has been an advance in Canada),
while abroad three Bank rates have been reduced
within the last week, to wit, in Berlin, in Vienna and
in Brussels.
Call money on no day this week reached 2 )4% ,
the maximum having been 2 % % . That figure was
recorded on Monday and again on Thursday. On
Tuesday no loans were made above 2 )4 % , and busi­
ness was done at a minimum of 1% % . Yesterday the
range was 2% to 2 % % , the final loan for the week
being made at 2 )4% . The average ruling rate has
been 2)4% • One or two very large banks and trust
companies have again refused to accept these quota­
tions, with the result that their cash reserves have
reached abnormal proportions. Time money rates
have been.lowered for nearly all maturities. Sixtyday facilities have been obtained at 2 % % , loans run­
ning into June have been done at 3% , six months’
accommodation is plentiful at 3)4 % , while a few over-

Demand sterling has ruled between 4 86^4 and
4 86)4 throughout the week, while cable transfers
have fluctuated between 4 8634 and 4 86% . That
rates should have been so firmly maintained in v ew
of the state of the international money markets
has been a matter of surpr’se among operators. Other
influences of a depressing nature have included reports
of very large exports of merchandise, intimations that
large blocks of bonds and notes will shortly be placed
abroa d by our leading banking houses, and a steady
demand for outstanding bonds, as well as considerable
purchasing of stocks since the new fortnightly account
was opened in London. Pronounced weakness in
francs occurred simultaneously with a rise in sterling
at Paris to 25 francs 31 centimes.
The inference
drawn here was that arrangements had been com­
pleted to float the looked-for Southern Pacific issue
of bonds in Paris; yet the bankers identified with
this company are not known to have been sellers of
exchange either on Paris or London. The strength
in sterling cannot be attributed wholly to the fall in
nterest rates here, for discounts have declined quite
as rapidly in Europe. Bills shipped now can be ne­
gotiated In London below 3% and in Paris at 2 % %
or less. Moreover, London will shortly receive about
$5,000,000 gold from Brazil and the Transvaal is
sending new bars to the open market at the rate of
fully $3,000,000 weekly. The Bank of England has
encountered no competition at the Monday sales of
the metal for some time, India being the only other
buyer. At this week’s settlement in London the
contango rate fell to 4% from 4)4 % a fortnight ago.
Not many cotton bills are in evidence, but grain
bills are a feature at the moment. Finance bills are
not being drawn under existing international monetary
conditions. Trading has been very quiet throughout
the week. Cable transfers were fairly active on Mon­
day and Tuesday for settlement purposes, but since
Wednesday’s holiday dulness has reigned. The March 1
dividend and interest payments are expected to
involve more or less inquiry for remittance at the
opening of next week, although the disbursements
then are not as heavy as those of April 1. Speculation
has abated for the present, but is apt to breakout at
any time. Most operators are still feeling their way




cautiously. It remains to be seen how the adverse
decision in the railroad freight case will affect the
European buying of our securities. It frequently
happens that a collapse in our prices is taken advantage
of to make semi-speculative purchases. During the
demoralization yesterday, after the extreme losses in
London, European investors were reported to have
made considerable purchases of American stocks.
Compared with Friday of last week, sterling ex­
change on Saturday was slightly firmer, quotations
being 4 8345@4 8355 for sixty days, 4 8620@4 8625
for demand and 4 8655@ 4 8660 for cable transfers.
On Monday demand advanced to 4 8635 @ 4 8640 and
cable transfers to 4 8660 @ 4 8670, while sixty days
remained unchanged. On Tuesday demand was
steadier at 4 8635 @ 4 8645, cable transfers closed at
4 8665@4 8675, while sixty days was unchanged.
Wednesday was a holiday. Demand declined to
4 8625@4 8635 on Thursday forenoon, but rallied
10 points; cable transfers recovered to 4 8665@4 8670,
while sixty days advanced to 4 8350@4 8360. On
Friday demand was not offered under 4 86% at the
close and 4 86% was bid for cable transfers.
The market closed on Friday at 4 8365 <?74 8375 for
60 days, 4 8620@4 8625 for demand and 4 8655(g:
4 8660 for cables. Commrecial on banks was quoted
at 4 83% @ 4 83% and documents for payment 4 83%
@ 4 83%. Cotton for payment ranged from 4 82%
4 83%, grain for payment from 4 83% @ 4 84.
The following gives the week’s movement of money
to and from the interior by the New York banks.
W e e k e n d in g F e b .

N e t I n t e r io r
M o v e m en t.

S h ip p e d b y
R e c e iv e d b y
N . Y . B an ks. N . Y . B anks.

24 1911.

Currency..............................................
.............................. - Gold --

$7,673,000
1,674,000

54,155,000 Gain 53,518,000
674,000 Gain 1,000,000

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

59,347,000

$4,829,000 Gain S4,518,000

With the Sub-Treasury operations the result is as
folloAvs.
24 1911.

W e e k e n d in g F e b .

Banks' Interior movement as above.

In to
B anks.

Out o f
B a n ks.

59.347.000
27.300.000

54.829.000 Gain S4,518.000
27.200.000 Gain
100,000

S36,647,000

S32.029.000 Gain 54,618,000

N e t C h an ge in
B a n k H o ld in g s .

The following table indicates the amount of bullion
in the principal European banks.
F eb .

23 1911.

F eb.

24 1910,

B anks o f
G o ld .

S ilv e r .

T o ta l.

G o ld .

S ilv e r .

T o ta l.

£

£

£

£

£

£

England. . 38,197,152
Franco . . 130,024,320
Germany
43,264,150
Russia n_. 144,811,000
Aus.-Hunb 55.248.000
Spain___ 16.466.000
Italy d __ 39.440.000
Netherl’ds 10.846.000
Nat.Belg.d 5,860,667
Sweden . .
4.463.000
Swltzerl’d. 0,257,000
Norway . - 1.869.000

33,253,800
15.450.000
6.649.000
12.020.000
30,868,000
3.515.000
2.449.000
2,930,333

38,197,152 36,632,803
163,278,120 139,347,040
58,714,150 43,244,850
151,460,000 141,541,000
67.868.000 56.627.000
47.334.000 16.147.000
42.955.000 38.800.000
13.295.000 10.084.000
8.791.000 4.330.000
4.463.000 4.470.000
6.257.000 5.100.000
1.869.000 1.552.000

36,632,803
34,931,760 174,278.800
14,275,950 57,520,800
7.642.000 149,183,000
13.128.000 69.755.000
30.853.000 47,000,000
4.006.000 42.806.000
2,966,500 13,050,500
2.165.000 6.495.000
4.470.000
5.100.000
1.552.000

Totalwcek 496,746,289 107,735,133604,481,422 497,875,693 109,968,210 607,843,903
Prcv week 495,614,710 106.689.913602,304,623 496,252,448 108,857.343 605,109,791
a The total of gold In the Bank of Russia Includes the balance held abroad—that
Is, the amount held for Russian account In other Continental banks. The propor­
tion so held and consequently duplicated In the above statement Is about one-sixth
of the total In each year.
b The Austro-IIungarlan Bank statement Is now Issued In Kronen and Heller
Instead of Gulden and Kreutzcr. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In Lon­
don, In order to reduce Kronen to Pounds, has altered the basis of conversion by
dividing the amount of Kronen by 24 Instead of 20.
J The division (between gold and silver) given In our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we arc able to obtain;
It Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver: but wo believe the division we
make Is a close approximation.




RUSSIA’S WARNING TO CHINA.
The Russian Government’ s diplomatic note to
China regarding the treaty over Central Asia, accom­
panied as it was by a polite warning that prompt action
in the matter would be necessary, was one of the events
which remind people of the larger problems always in­
volved in the movement to extend the area of the civil­
ized commercial world. The Russian note referred to
the province of Hi, an enormous area, little known to
the outside world, which extends south from Si­
beria to the northern border of Tibet, and oc­
cupies the very centre of the Asiatic provinces. The
treaty in question, between Russia and China, was
made as a consequence of a Tartar rebellion which
occurred forty or more years ago. Russia at that
time had intervened to take possession of the re­
volted province, which it administered for ten years,
and then, in 1881, returned to the Chinese Govern­
ment, which had in the meantime recovered the power
of managing its provincial dominions.
The terms under which the territory was handed
back to China were somewhat complicated; in the main,
they provided for some special trade privileges for Rus­
sia, and for the allotment of a portion of the territory
into which inhabitants might move who preferred to
adhere to Russian sovereignty. The treaty provided
for its own expiration on formal notice at ten-year
intervals, six months’ notice being required. One of
these intervals having been about to expire this pres­
ent week, China had intimated its purpose of denounc­
ing the treaty and terminating its arrangements. The
Russian note to China amounted to a demand for the
formal stating of relations which China would continue
to maintain with Russia regarding the territory in ques­
tion, and for immediate declaration in regard to them.
Dispatches from St. Petersburg, in the middle of the
present week, announced that the dispute has been
adjusted in a way satisfactory to Russia, and that
the suggestion of a military demonstration was suffi­
cient to hasten the slow-going Chinese Government.
The interest of the episode to the larger political
world is the light it throws on the general position of
Russia. The fact that the St. Petersburg Government
has accepted the response of China shows apparently
that no policy of aggression had been matured; but the
fact of the peremptory demand equally shows the
attention which the Russian Government is giving to
that part of its dominions which touch on the Chinese
frontier.
For considerably more than a century the two salient
characteristics of Russian diplomacy have been, first,
its stubborn tendency to extend the borders of its do­
minions, and, second, its patience in that effort, ex­
pressed by its constant feeling after the line of least
resistance. As far back as the time of the first Na­
poleon, Russia was moving slowly and steadily to­
wards Constantinople. When its progress in that di­
rection was blockaded by the War of 1878, the inter­
ference of the European Powers and the subsequent
neutralizing of the Balkans, Russia began to move
from the north into Asia— a tendency not unnatural
from the fact that Russia itself was already largely
an Asiatic Power. It was in 1885 that its movement
toward the south, and in the direction of the Indian
frontier, brought the collision with England in Afghan­
istan. Checked at that point, the steady movement

of expansion was resumed at the west and southwest
of Siberia, until, at the Korean frontier, Russia en­
countered Japan. The war of 1904 was the result.
It would not be illogical if the diplomatic attention of
Russia were now to be converged on those outlying
portions of China itself in Central Asia, which are
not on the borders of territory of the other great
Powers.
The province of Ili is said to be six hundred miles
from any railway; the Russian troops who are moving
toward that frontier are making their way on foot.
But the province thus cut apart from association with
the commercial world is rich in natural resources.
It was, indeed, one of the great sources of commercial
wealth in the early days of the caravan route to the
East. Its principal city, Kashgar, is mentioned re­
peatedly as a market of traders in the Arabian Tales of
the Thousand and One Nights. Ultimately the terri­
tory is unquestionably destined to be exploited by
productive industry and traversed by railway lines.
Railways from the south and east already touch on
its frontiers.
When there was reason, a decade or so ago, to sup­
pose that the Chinese Empire was disintegrating, this
was one of the regions which seemed to be logically
marked out as the spoil of Russia. To what extent
the rise of the new China, political and diplomatic,
has altered this aspect of the situation, every one
knows; indeed, the despatches have ventured the sug­
gestion that the denouncing of the Treaty of 1881 was
in no small measure the comment of the new China on
an irritating situation which old China had left to it.
That Russia intended to carry matters with a high
hand, and seize the province in the face of China’s pro­
tests, was at no time supposed. Russia is not in a posi­
tion to defy the other Powers of Europe. Neverthe­
less, the question will arise, with larger interest be­
cause of the attitude taken by Russia, what will China
herself be able to do in opening up this territory? The
present incident may provide a test of the willingness
and capacity of the Pekin Government to take its
place among the Western Powers in advancing the
general movement of trade and commerce.
The one certainty is that events of the decade past
show the sealing-up of Central Asia to be no longer a
possibility. Persia has'adopted a form of popular
constitution, and is gradually opening up to outside
trade. Tibet has been connected with the outside
world through the intervention of its European neigh­
bors. In so far as this other rich but quite unexploited
region of Central Asia is subject to the important
domination of China, it is manifest that the Chinese
Empire must make known its own position regarding
the future of the province. Whether individually or
under the hegemony of the other Powers, the progress
of civilization must be furthered by the Chinese au­
thorities themselves, if the pressure from the Russian
frontier is to be escaped. At the same time, the ap­
parently satisfactory adjustment of this particular
dispute, without the demonstrations of a coercive
nature which have long been familiar in episodes of
the sort, is one of those incidents which point to the
regular and orderly adjustment of international di­
plomacy of the present day, as contrasted with the
era of diplomatic blustering and 'impulsive ultimatums
which perpetually disquieted the world of international
politics a decade ago.




THE PROPOSED INCREASE IN M A IL RATES ON
'
MAGAZINES.
We have avoided thus far discussing the merits of
the proposition that the rate of postage on publica­
tions other than newspapers be increased from one
cent a pound to four cents. The following extract,
however, from the “ American Review of Reviews”
links our name with the matter in such a way, and
embodies, besides, so many inaccuracies and mis­
statements, that it seems to us failure to make reply
on our part might be construed by the uninformed as
an admission of the truth of what is said.
P ecu lia r E x e m p tio n s F r o m the S e co n d -C la s s P o sta g e In c re a se.

The haphazard and ridiculous nature of the recent propo­
sition [for increasing the postage on magazines] can be shown
by examining another of its details. Tacked on to this new
provision are these final words: “ p r o v id ed , that the in crea sed
rate shall not a p p ly

to p u b lica tion s

m a ilin g

less

than f o u r

It is stated that Mr. Hitch­
cock added this proviso to accommodate a Senator who
was interested in a comparatively small periodical in his
own State. But let us consider for a moment what it means.
The great organ of Wall Street, far more profitable than
most of the popular periodicals, is the “ Commercial and
Financial Chronicle.” Its subscription price is ten dollars
a year, and its advertising rates, of course, are not low.
Yet it claims a circulation of only 2,000 copies. Why
should it have access to the mails, in order to reach leading
bankers throughout the United States, at one cent a pound
on its present circulation, while it would have to pay four
cents a pound if its circulation were considerably larger?
This financial journal, which appears weekly, has a series
of special supplements, some of them bulky, amounting to
thirty-four in the course of the year. Its “ Bank and
Quotation” supplement is monthly, its “ Railway Supple­
ment” is quarterly, and so on. By a proper distribution
of these supplements in association with its fifty-two weekly
issues, this paper could evidently avoid altogether the
four-cent rate, although its supplements are loaded with
profitable advertising. If, on the other hand, this admirable
organ of banking and financial interests had its issues aggre­
gated on a monthly basis, it would be compelled, undoubt­
edly, to pay four cents a pound on its entire weight.
thousand po u n d s o f each i s s u e .”

It will be observed that the “ Review of Reviews”
quotes the proviso “ that the increased rate shall not
apply to publications mailing less than 4,000 lbs. of
each issue,” and then, after calling this paper “ the
great organ of Wall Street,” and making a number of
statements about things connected with our paper
concerning which the Review could know nothing, such
as saying it is “ far more profitable than most of the
popular periodicals,” winds up with the declaration,
“ yet it claims a circulation of only 2,000 copies.”
Starting with this false premise, it is assumed that
the “ Chronicle” would enjoy exemption from the
higher rate under the proviso referred to by reason of
this alleged small circulation.
The “ Chronicle” has been in existence so long and
is so well known in financial and industrial circles, not
only in the United States but all over the world, that
we have never found it necessary to make any repre­
sentations regarding our circulation. But we cannot
understand how any person with the least knowledge
of affairs would make such a grotesque statement as
that this paper has a circulation of only 2,000, or to
think that it could meet its expenses if that were the
limit of its subscription list. As a matter of fact,
it has not far from that number of subscribers in Great
Britain alone. We will only add that it had a circula­
tion of over 5,000 copies forty years ago, when the
writer of this entered the office as a boy, and its circula­
tion has been steadily growing in all the years since then.

The editor of the “ Review of Reviews” is correct in this measure is the fact that its advocates, who were
asserting that we have “ a series of special supplements, unsuccessful at the last session of Congress, have
some of them bulky, amounting to thirty-four in the recently been able to get the bill out of the Senate
course of the year,” and he might have added, for Committee on Inter-State commerce, where it had long
the information of his readers, that we do not charge reposed, but not without a hearing being granted to
a penny extra for any of these supplements, but give representatives of the New Orleans and New York
them all free to regular “ Chronicle” subscribers. In Cotton Exchanges, institutions which would be vitally
-other words, for 810 a year a subscriber gets thirty-four affected by the passage of such a law. As a result of
supplements in addition to the fifty-two weekly issues, this hearing, the bill was amended so that three
.some of them very bulky, making eighty-six issues very objectionable features were eliminated, but
altogether. He says the “ supplements are loaded leaving it otherwise unchanged; and in this shape
with profitable advertising.”
We wish it were s'). it was reported without recommendation to the Senate
Only one out of the thirty-four contains any con­ by a vote of 6 to 5, Senators Tillman, Taylor of
siderable amount of advertising, twelve carry no Tennessee, Clarke of Arkansas, Cummins of Iowa,
advertising at all, and the remainder contain so few Clapp of Minnesota and Newlands of Nevada voting
advertisements and at such veiy low rates that they in the affirmative, while Crane of Massachusetts,
are hardly worth considering. He says our rates “ are Kean of New Jersey, Nixon of Nevada, Foster of
not low.” But the charge for transient matter in the Louisiana and Cullom of Illinois voted in the negative.
Some telling blows were struck at the measure by
“ Chronicle” is only 30c. a line, while the “ Review of
Reviews,” we understand, charges $1 50 per line. On Mr. Edgar LI. Farrar, President of the American Bar
yearly advertisements in our supplements the rate in Association, who made the principal argument against
some instances is only 6c. per line, or but one-twenty- the measure on behalf of the New Orleans Cotton
fifth of the $1 50 rate of the “ Review of Re­ Exchange. He discussed the bill from the viewpoint
of a lawyer whose environment as a leading pracviews.”
ticioner
in New Orleans has caused him to make a
It may be that we shall not be subject to the pro­
thorough
study of the principles underlying the cotton
posed increase in postage, but if so, it is not because
business
as
it is carried on throughout the civilized
we meet the proviso of “ mailing less than 4,000 lbs.
world
to-day.
In assailing the various clauses of the
of each issue.” Even in the weeks when we do not
issue any supplements, the weight of our mail would bill, Mr. Farrar declared that it was a futile measure.
fall far outside the limit referred to. When we do If it were enforceable, he said, against Americans, the
issue a supplement our postage bill often runs up to foreigner who sent messages over which this Govern­
$450 on domestic and foreign matter, and any in­ ment would have no control, would go free, and the
crease in mailing rates, even if it applied only to result would be the placing of the cottu.i business of
advertising pages, as contemplated in the pioposed America in the hands of a few powerful firms and the
amendment to the law, would mean considerable elimination of interior buyers, who have heretofore
additional burden. For while we do not carry much provided competition in the Cotton Belt.
These obvious effects of the Scott Bill in the event
advertising in our supplements, we do have a fair
of its becoming a law would be a small matter, how­
amount in the weekly “ Chronicle.”
As already shown, we give our subscribers eighty-six ever, compared with the financial consequences that
issues a year for their $10 subscription price, and if the would result from the passage of such a measure.
law should be amended, as proposed,,and should apply The exchange operations in cotton bills would be
to our paper, we should probably be obliged to ask practically destroyed, as the banks would hesitate to
the subscriber to share the burden with us. In other buy drafts the value of the collateral for which could
words, we should contemplate following the plan we not be determined o<- fixed in advance. International
have always pursued with reference to foreign sub­ exchange would thus be affected in a manner detri­
scriptions— charging $10 per year with the postage mental to the financial interests of this country,
disturbing the delicately adjusted system by means
additonal.
We wish to make one other correction in the above of which trade balances are adjusted at the smallest
excerpt from the “ Review of Reviews.” The “ Chroni­ possible loss. A return to cumbersome methods, long
cle” is not now, nor has it ever been, the “ organ ago discarded as out of line with financial progress,
of Wall Street.” We represent the financial and in­ would be witnessed. Another possibility would be
dustrial interests of the whole country, and we en­ that the supremacy of the cotton market, which
deavor to discuss all questions from the broad stand­ America, through the agencies of the New Orleans
and the New York Cotton Exchanges, has longpoint of the welfare of the entire community.
dominated, might be transferred to Liverpool. With
foreign buyers fixing the prices at which cotton for
future delivery would sell, the importance of cotton
THE SCOTT ANTI-OPTION BILL.
Some months ago when the Scott Bill was first as a factor in the trade balance would diminish, while
introduced in Congress, the-“ Chronicle” called atten­ the financial burden of carrying the crop on this side
tion to the vicious character of this measure, its real of the water would be placed upon the banks of this
object being not to regulate but to destroy contract country. Under the present exchange system,
trading in cotton. We pointed out at the time the bankers in Europe finance the crop, to a large extent,
glaring defects in the bill and expressed the opinion by means of the acceptance of drafts secured by bills
that the Senate, where careful deliberation is usually of lading of cotton which may not arrive in the buyers’
the rule, would hesitate to pass such a piece of class hands until one or two months later.
Altogether, the Scott Bill, aside from being a direct
legislation, as to the Constitutionality of which grave
menace
to the cotton trade of the country, even in its
doubts exist. The only excuse for again referring to



amended shape, threatens results which in all prob­
ability never entered the minds of the politicoeconomic agitators who have fathered the measure.
While the fate of this measure, if ever brought before
the Supreme Court of the United States, does not seem
problematical, the cotton and financial interests of
the country should not be subjected to such a dis­
turbing factor in the trade situation during the lengthy
period that would necessarily elapse before our highest
tribunal would have an opportunity to express judg­
ment on this matter. We trust that the Senate will
interpose a veto against the measure.

RAILROAD AD M IN ISTR ATIO N *
This is the title of a book that meets a clear want
and is decidedly illuminating on a subject which has
not been touched upon a great deal in the railroad
literature of the day. It has a peculiar value just
now when there is so much discussion of the possibility
of retrenchment and economy in railroad expenditure.
Whether or not the Court of Commerce shall overrule
the Inter-State Commerce Commission in refusing
authority to Eastern and Western roads to advance
freight rates in order to meet the rising cost of railroad
operations, the matter of possible economies in opera­
tions has been agitated so much that for a long time to
come we may be sure it will command large attention.
In the last analysis true economy is dependent upon
efficient management. To get efficient management
the administration of a transportation system must be
adapted to the system’s needs and requirements, and
in the endeavor to attain that object a description
of the different types of organization employed in
this country, as well as abroad, cannot fail to be
exceedingly helpful.
The author, though quite a young man, was for
several years up to 1910 Managing Editor of the
“ Railway Age Gazette,” and this afforded him unusual
opportunities for the study of the administration side
of railroad affairs. From the book before us, and
which for two or three months has been awaiting
opportunity for review, it is evident that he availed
of these opportunities to the utmost. There are
chapters on “ The Beginning of a Railroad,” “ The
Organization Required for the Management of a Small
Railroad,” The Organization of a Large Railroad,”
“ Divisional Versus Departmental Organization,”
“ British Railroad Organization,” "Types of Govern­
ment Railroad Organization,” “ Control Through Statistics,” &c., &c.
Two contrasting types of large railroad organizations,
he finds, are furnished by the Pennsylvania Railroad
and the New York Central. The Pennsylvania
organization is termed a military one, since it differ­
entiates line and staff officers, and full power of
meeting present conditions is vested in the line officer
in command. There are five Vice-Presidents, one in
charge of the purchasing, real estate, insurance, and
pension departments; one in charge of new construc­
tion and also of the Comptroller’s department; one in
charge of traffic; one of the treasury; and one of opera­
tion. The General Manager and the chief of motive
power report to the Vice-President in charge of opera­
tion. The General Manager is a line officer, the chief
• "R ailroad Adm inistration,” b y R ay Morris. 13 charts and 11 folios.
Large 12 m o. cloth; $2 net. D . Appleton & Co., New York and London.




of motive power a staff .officer, responsible to the fifth
Vice-President for the company’s mechanical standards.
Reporting to the General Manager are the general
superintendents and the general superintendents of
transportation, the former line officers in charge of
operation, the latter staff officers harmonizing the
work of the operating department to the needs of the
traffic department, and specifically in charge of car
supply.
Each general superintendent likewise has staff and
line subordinates, the principal assistant engineers
and the superintendents of motive power being staff
officers, in charge of things; the division superintend­
ents being line officers, in charge of men. The actual
responsibility of operating the road, division by
division, rests with the division superintendents, each
of whom has his master mechanic, his division en­
gineer, trainmaster, roadmasters and dispatchers.
The staff officers instruct the mechanical and civil
engineering forces how to do their work; the division
superintendent tells them when to do it so far as it
relates to current operation. Thus the staff officers
build bridges, shops, and branch lines with their own
organizations, and then turn them over to the division
superintendent to operate and maintain. The general
superintendent supervises several divisions; the General
Manager, the whole road. The author compares this
type of administration with the organization of an
army as follows:
The board of directors is the war council, or general
staff; the President is field marshal or general; the
Vice-Presidents are major generals; the General Manager
corresponds well enough to a brigadier general. Each
general superintendent compares with a colonel; his
principal assistant engineer and superintendent of
motive power would be majors of engineers, and his
division superintendents would be captains, each with
his own subordinate officers and company of privates.
There are many departments of the army which do
not fall within the scope of the captain’s duties. He
need not know how to use a transit, or calculate the
stresses in a bridge, or set the valve gear on a loco­
motive, but he must be able to command his company,
and he must accept all current responsibility for his
position; technical assistance of every sort needed
will be furnished him by the brigadier general and his
staff.
The foregoing is called a good working organizatio
Armies and railroad alike have to be prepared alw.^s
to meet emergencies involving rapid, clear-headed
action under all sorts of difficulties; they both must
include a staff of the best obtainable experts to decide
the details of procedure so long as there is time to
decide them. The army and the railroad have nearly
the same need for civil engineers; the military com­
mander’s need for engineers of ordnance, or of sanita­
tion, is balanced by the railroad’s need for mechanical
engineers and a traffic organization.
A railroad managed on the departmental plan,
however, we are told, is not comparable to an army.
The company, or division, here has several partial
commanders, reporting to headquarters through differ­
ent channels; the lines of authority do not concentrate
short of the general superintendent or of the General
Manager. Such a situation would be created in an
army if one lieutenant in each company was in charge,
let us say, of small arms practice, reporting neither
to the captain nor to the colonel, but to an adjutant
on the brigadier general’s staff, while the other lieu-

tenant was a lieutenant of engineers, reporting like­
wise to the brigadier general’s staff. With a mobile
unit, like a military company, such an organization,
it is declared, is unthinkable; with a fixed unit, like
a railroad division, it can be managed, though the
results are questionable.
To show the distinction the author compares the
authority of the division superintendent on the
Pennsylvania with that on the New York Central.
The Pennsylvania division superintendent is reported
to by a master mechanic, a division engineer, a train
master, road masters, yard masters and dispatchers
and hence has full control of operating his division,
and of current maintenance of way, structures and
equipment. On the other hand, on the New York
Central the division superintendent has charge of
train movement only, and the functions of the general
superintendents are no greater; the maintenance
forces, civil and mechanical, do not unite short of the
Vice-President and General Manager. Mr. Morris
argues that the concentration of all departments,
mechanical, civil engineering and operating in the
office of the Vice-President and General Manager,
means that a greater amount of work is put up to that
office than any one man can handle. Hence it is
contended an unduly large proportion of business,
both eurrent and emergency, must be administered
by chief clerks instead of by principals. In addition
there is the ever present likelihood of departmental
rivalry, where there is no common authority short
of the General Manager. These objections, it is
pointed out, do not necessarily hold true on a road
small enough so that the central office can really
exercise personal supervision over all departments
and keep them co-ordinated. The Delaware Lack­
awanna & Western and the Buffalo Rochester &
Pittsburgh are cited as examples of highly efficient
organization on the departmental basis.
The foregoing concerns the main framework used to
render efficient and harmonious the work of different
departments. But each department must also have
its special organization, worked out with much detail.
The author has much to say on this point and indicates
that he is master of his subject when he asserts that a
railroad organization is not merely a device for insuring
that specific tasks are accomplished; it must also insure
that they are accomplished as cheaply as is consistent
with the agreed standards of excellence. Rather
more railroad mechanical departments than otherwise
are defective, he notes, in that the management never
really knows what specific pieces of work are costing it.
Many items enter into cost, and unless both the line
supervision and the staff supervision are carried out
with a high degree of orderliness and efficiency, the
elements of petty waste all through the organization
will foot up an appalling total.
Reasons are given why the fact here mentioned has
peculiar weight in the organization of a great rail­
road. An industrial concern, manufacturing car
wheels, or repairing locomotives by contract, is always
certain to know whether it is operating at a profit or
a loss. But a railroad mechanical department is
engaged in the simultaneous performance of many
manufacturing jobs, using the same plant and the same
force of employees for tasks which differ widely from
day to day, and the finished product is not sold to the
public, but is turned over to the operating department




for company use. Obviously, a large amount of such
work must be done on every railroad; hence shops and
employees must be provided. It is the duty of the
organization to make sure, not only that the work is
done when it should be and in the required manner,
but that nothing is manufactured in the company’s
shops which the company could better afford to buy
elsewhere, when all circumstances are taken into
account. Manifestly, this can only be accomplished
by the strictest and most intelligent kind of cost
keeping; by constant comparisons with the most
efficient outside organizations for doing the same kind
of work and by incessant effort to increase the efficiency
of the individual employee.
Speaking of the chief executive, Mr. Morris says
the President of a railroad is the officer on whom the
wishes and instructions of the shareholders, actingthrough the directors, concentrate. He in turn, must
diffuse these ideas and instructions throughout the
working organization, acting through the Vice-Presi­
dents and department heads. He has reporting to
him both staff and line officers. The staff officers
act in an advisory capacity; the line officers captain
actual working organizations. It is extremely impro' able that the President will know more about
the workings of all departments than the man or men
actually in charge of those departments; his position is
not primarily that of a specialist. Specialists can
always be employed; the difficulty is to see to it that
they conduct their specialty in a manner which
produces the best results from the standpoint of the
whole property.
The author refers to the late E. LI. Harriman as the
greatest railroad President whom America has yet
produced, a man whose training was that of a stock­
broker, but who had the important faculty of being
able to see all his properties, not only in their entirety,
but as parts of a general scheme of transportation,
affecting the whole country. Mr. Harriman, more­
over, exercised first-rate skill in choosing his lieuten­
ants, and he had the power as a financier of gathering
to his need enormous sums of capital, although his
use of this capital was often speculative.
In speaking of the control of railroad operations
through statistics, the author shows that he is a close
observer and understands the need for discrimination
and good judgment, for, in the hands of the ignorant,
statistics, even where accurately compiled, may be
deceptive and misleading. Statistics, it is rightly
asserted, are only of use comparatively, when measured
against similar performance elsewhere, or against a
standard arbitrarily calculated and assigned in ad­
vance. But the analogy must be a real one; it is idle
to compare results obtained with dissimilar com­
modities, or with the same commodity handled under
different conditions of grade, curvature and motive
power. Provided traffic is handled smoothly, at
efficient speeds, big train loads almost always mean
economical working, because they indicate that the
business is being done with the fewest possible loco­
motives and train crews. But if freight is held at
terminal points longer than competitors arc holding it,
in order to get a maximum loading, or if the ratings
are pushed to the limit, with resulting engine failures,
blockaded traffic, overtime for the crews and abnormal
coal consumption, the big train load may prove a very
expensive economy.

THE COUNTRY’S RAIL PRODUCTION LAST
YEAR. 1
The statistics of rail production in the United States
for the calendar year 1910 have been made public this
week by the American Iron & Steel Association through
Mr. James M. Swank. There are two features of interest
in these statistics, namely the extent of the product
and the proportions of the different kinds of rails made.
The extent of the rail production does not at all
reflect the conditions prevailing in the railroad world
during 1910. These conditions, as we pointed out in
our issue of February 4, when reviewing the statistics
of pig-iron production, were not favorable to any very
large amount of new rail-laying. But no stocks of rails
are kept, and accordingly rail orders are given in ad­
vance. Hence, the output for any given period often
reflects more largely the conditions of the preceding
year than of the current year. This was conspicu­
ously the case in 1910. The rails made in that period
of twelve months were the result mainly of orders
given towards the close of 1909 and the early part of
1910 before it had yet become apparent how trying
the situation was to become for the railroad carrying
industry, and before evidences of reaction in general
trade had yet manifested themselves in a very pro­
nounced way. It is, therefore, no surprise to find
that the rails rolled in 1910 considerably exceeded the
amount for 1909, and of course far surpassed that for
1908, which was the period of intense trade prostration
following the panic of 1907, when the railroads were
obliged to pursue a policy of extreme retrenchment
and economy.
Stated in brief, the make of rails in 1910 was 3,634,­
029 tons, against 3,023,845 tons in 1909 and only
1,921,015 tons in 1908. In this contrast between the
figures for 1910 and those for 1908 we see the differ­
ence between a time of fairly active production and a
time of depression. The 1910 output, at 3,634,029
tons, was almost exactly the same as the output for
1907 (the panic of that year came so late in the year
that it could have no effect on the rail product, which,
as already stated, is dependent upon previous orders),
but it fell considerably short of the maximum product
for a calendar year, which was reached in 1906. In
this latter year almost four million tons of rails were
rolled— in exact figures 3,977,887 tons.
As far as the probabilities for the current calendar
year are concerned, there is, of course, not the least
likelihood that the 1906 total will be reached, though
rail orders have latterly been more plentiful, and it
may well be doubted, too, if we can hope for a produc­
tion as large as that for the year recently past, now
that the Inter-State Commerce Commission has ruled
against the railroads in the applications which had
been pending for higher freight rates.
The other feature of interest concerns the make of
the different kinds of rails. In reviewing the results
for the previous year, we commented upon the way
in which the railroads had turned to rails made out
of open-hearth steel. This tendency became still more
marked in 1910, and as a result almost as much of the
year’s tonnage consisted of open-hearth rails as of
Bessemer rails. The make of open-hearth rails was
1,715,899 tons, that of Bessemer rails 1,917,900 tons,
to which must be added 230 tons of iron rails, making
up the grand aggregate of 3,634,029 tons. As against




the open-hearth rail product of 1,715,899 tons for 1910,
the make of the same kind of rails in 1909 was only
1,256,674 tons, that of 1908 only 571,791 tons and
that of 1907 no more than 252,704 tons. The won­
derful expansion in this brief period of three years in
this form of rolled product constitutes one of the note­
worthy incidents in the steel trade.
As pointed out by us on a previous occasion, the
use of open-hearth rails in the United States is decidedly
an innovation of recent origin, and indeed the figures
just cited make that evident. Yet it is worth pointing
out again that up to within a very few years ago noth­
ing but Bessemer rails were made. As lately as the
calendar year 1902 the total product of open-hearth
rails in this country was only 6,029 tons. There is no
absolute agreement among railroad operating officials
as to the relative merits of the two kinds of rails; but
it is admitted that the open-hearth rail possesses the
advantage arising but of the fact that open hearth
steel contains a smaller percentage of phosphorous
than Bessemer steel. It is argued from this that as a
consequence rail breakages due to brittleness are re­
duced. Of course there are other factors to be taken
into consideration, and the open-hearth rail has not
been in use long enough to make it possible to arrive
at definite conclusions with reference to the superiority
claimed for it. The one fact established by the statis­
tics is that railroad officials are now showing a decided
preference for it.
We need hardly say that with the open-hearth out­
put showing such decided expansion, the Bessemer
product necessarily suffered, though recording some
increase over the make for the calendar year 1909.
For 1910 the Bessemer rail product was 1,917,900
tons, as against 1,767,171 tons for 1909 and 1,349,153
tons for 1908. But in 1907 the make of Bessemer rails
was 3,380,025 tons and in 1906 it was 3,791,459 tons.
In other words, in 1910 the Bessemer product was but
little more than half of what it had been four years
before, in 1906.
The decided turn to open-hearth steel rails from the
Bessemer make has had an effect in changing the place
of manufacture of the rails. When the Bessemer rail
predominated, Pennsylvania usually turned out onethird of the rail product of the country, but Mr.
Swank points out now, as he did with reference to the
1909 figures, that Indiana was the largest maker of
open-hearth rails in 1910, and that Pennsylvania
came second. The States next in order in 1910 for
amount of open-hearth rails were Alabama, Colorado,
Ohio, Maryland, New York and California.
It should be noted that rail exports to foreign coun­
tries further increased during 1910; manifestly, too,
that circumstance was a factor in raising total pro­
duction to the figures reached. The United States
shipped altogether 353,180 tons of rails abroad in 1910,
against 299,540 tons in 1909 and 196,510 tons in 1908.
In the following we have combined the imports and
exports with the production in order to arrive at the
amount of rails consumed at home.

Iron rails.

RAIL PRODUCTION AND CONSUMPTION.
1910.
1909.
1908.
1907.
1906.
Tons.
Tons.
Tons.
Tons.
Tons.
.1.917,900 1,767.171 1,349,153 3,380,025 3,791,459
.1,715,899 1,256.674
571,791
252.704
186,413
.
230
None
71
925
15

.3,634,029 3,023,845
Imports, Iron and steel.... (?)
1,513

1,921,015 3,633,654 3,977,887
1,719
3,752
4,943

3,634,029 3,025,358
353,180
299,540

1,922,734 3,637,406 3,982,830
338,906
196,510
328,036

.3,280.849 2,725,818

1,726,224 3,298,500 3,654.794

It will be seen from the foregoing that, while the
home consumption for 1910 was better than for 1909,
and decidedly above the abnormally low figure of
1908, it yet makes an unfavorable comparison with
some of the early years, and particularly with 1906,
when-573,945 tons more of rails were consumed in this
country than during the calendar year 1910.

TRADE WITH SOUTH AMERICA.

houses already engaged in distributing American mer­
chandise there than by seeking it direct.
At the moment there would appear to be an excellent
opening for railroad construction material in Chile,
the Government having outlined extensive work along
that line for the current year calling for the expenditure
of over 10 million dollars U. S. gold. This does not
include work on the Longitudinal and Arica to La Paz
railways that are under special contracts. The total
length of these lines is 753 miles, and construction is
to be completed within three years at a cost of about
30 millions of dollars. In this work there is not only
opportunity for American construction machinery,
which is favorably regarded by some of the contractors,
but for ties, of which, it is said, about 100,000 will be
needed in 1911.
Peruvian sentiment toward the United States, owing
probably, it is said, to large American investments
in the country, is quite cordial, and this should ma­
terially assist the further development of our trade
there. Peru’s most pressing needs at present are
capital and labor. Copper is produced in quite large
quantities from the one mine working, and the avail­
able supply is said to be regarded by engineers as prac­
tically inexhaustible. The skilled labor employed is
a most entirely American, while the manual labor,
chiefly native, is not efficient. Development of mines
and the oil fields is progressing, and the policy of
Peru is to welcome capital and protect it; but in pur­
chasing land close scrutiny of title is recommended.
This is due to the fact that lands with titles seemingly
perfect are liable later to appear in some grant made
years before.
Peru has in contemplation extensive irrigation pro­
jects that will open up large districts to agriculture.
Furthermore, arrangements have been concluded for
building the Ucayalo R R ., which will connect the in­
terior country, or that finding its outlet via the Amazon
River, with the Cerro de Pasco R R ., and thence with
Lima and Callao. This road, it is stated, should bring
much of the rubber, coffee, cocoa and timber to the
west coast, furnishing freight for the new steamers
planned. Another road to be built will connect Paita
with Iquitos and open up a rich country. Portions of
it have been surveyed, and all that is needed to pro­
ceed with construction is capital.

The Pan-American Commercial Congress, recently
in session at Washington, justified the expectations of
those active in convening it, and the discussions it
aroused will no doubt tend to promote trade with the
republics to the south of us. It brought together a
notable gathering of upwards of 1,000 delegates and
guests, including accredited representatives of most of
the countries of South and Central America. There
was much force in the remark of Secretary of State
Knox that the most marked evidence of development
in commerce between North America and South
America is seen in the awakening of our people to the
opportunity for the investment of capital. What we
have done for Mexico, he argued, we can and will do
for South America. He added that the United States
was interested in bettering steamship commun: cation
in that direction; believed in an international bank, in
the exploitation of the mineral resources of the Andes
and in other development operations.
South America would seem to offer the most promis­
ing field for the expansion of our foreign trade— a fact
that our merchants have quite fully recognized of late
years. But effort has been principally directed toward
the development of trade with Brazil and Argentina,
and in consequence the opportun ties the west coast
offers have been largely neglected. With the near
approach of the time of opening of the Panama Canal,
and the resulting more speedy communication with
countries of the west coast, more attention is being
centred upon Chile and Peru, and anything bearing
upon the means to be employed in extending our trade
in those parts becomes of great interest. Recent re­
ports from consuls and commercial agents of the
United States in the countries named furnish much
information that should assist in trade deve’opment.
It is pointed out, for instance, that business con­
ditions on the west coast of South America are very
different from those on the east coast, for, while in ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— T h e p u b lic s a le s o f b a n k s t o c k s th is w e e k a g g r e g a te 1 7 0
Chile American influence is stronger than in the east­
s h a r e s , o f w h ic h 1 7 1 s h a r e s w e r e s o l d a t t h e S t o c k E x c h a n g e
ern countries, trade is carried on at a very heavy ex­ a n d 5 s h a r e s a t a u c t i o n . T h e t r a n s a c t i o n s in t r u s t c o m p a n y
pense, owing to the configuration of the country and s t o c k s , a ll a u c t i o n s a l e s , r e a c h a t o t a l o f 1 5 s h a r e s .
BANKS— New York.
how. High. Close. Last previous sale.
the limited facilities for travel and transportation. Shares.
5 Century B an k__________ 170
170
170 Feb. 1000— 165
•55 Commerce, Nat. Bank o f . . . 200 200 Vi 200 Feb. 1011— 200
The coast cities, in fact, can only be visited by the •106
Fourth National Bank-.
. 100
201 201
Feb. 1011— 108
•10 Park Bank, National___ 370
370 370
Feb. 1011— 370 Vx
regular steamship service, and frequently salesmen
TRUST COMPANIES— New York.
5 Central Trust Co________ 1010
1010 1010
Nov. 1010— 1030)4
have to wait a week for the next boat in either direc­
10 Lincoln Trust C o...... ............. 125
125 125 July 1010— 132
• Sold at the Stock Exchange.
tion. More care is necessary in packing goods destined
— A n a p p l i c a t i o n f o r a r e h e a r in g o f t h e s u i t i n v o l v i n g t h e
for Chile than for other countries with which we have
c o n s titu tio n a lity o f th e
O k l a h o m a d e p o s i t - g u a r a n t y la w
trade relations, as consignments are subject to very o f 1 9 0 7 w a s d e n i e d b y t h e U n i t e d S t a t e s S u p r e m e C o u r t o n
rough handling, due to the fact that with few excep­ t h e 2 0 t h i n s t . T h e v a l i d i t y o f t h e b a n k - g u a r a n t y la w s o f
tions the ports a ong the Pacific are exposed to the O k l a h o m a , K a n s a s a n d N e b r a s k a w a s u p h e l d in a n o p i n io n
full swell of the ocean, and all goods are discharged o f t h e U n i t e d S t a t e s S u p r e m e C o u r t h a n d e d d o w n o n J a n . 3 .
— T h e M o o n B i l l , c o d i f y i n g t h e la w s r e l a t i n g t o t h e F e d ­
from the steamers into open lighters or barges. With
eral J u d ic ia r y , w a s p a sse d b y th e H o u s e o n th e 2 3 d in s t . T h e
this manner of unloading damage is sure to result b ill i n c r e a s e s t h e s a l a r y o f t h e C h ie f J u s t i c e o f t h e S u p r e m e
unless the packages are very strong. As regards the C o u r t f r o m $ 1 3 , 0 0 0 t o $ 1 5 , 0 0 0 a n d t h o s e o f t h e A s s o c i a t e
method to be employed in securing Chilean trade, J u s t i c e s f r o m $ 1 2 , 5 0 0 t o $ 1 4 , 5 0 0 a y e a r . A b ill a l o n g s i m i l a r
li n e s is s a i d t o h a v e p a s s e d t h e S e n a t e , a n d a n a g r e e m e n t o n
Commercial Agent John W. Turner is of the opinion t h e p o i n t s w h e r e in t h e y d if f e r is e x p e c t e d t o b e r e a c h e d in
that much better results can be attained through the c o n f e r e n c e .




— T h e O r e g o n L e g i s l a t u r e is r e p o r t e d t o h a v e p a s s e d a n e w
S ta te

B a n k in g

A ct

p la c in g

th e

su p e r v is io n

of

th e

banks

u n d e r a S u p e r in te n d e n t in s te a d o f a n E x a m i n e r a s a t p r e s e n t .
T h e n e w l a w , w e le a r n f r o m
q u ir e s

th e

in c o r p o r a tio n

th e P o r tla n d

h e r e a fte r

t u t i o n s , in c r e a s e s t h e m i n i m u m

“ O r e g o n i a n ,” r e ­

o f S ta te b a n k in g

in s ti­

c a p i t a l u n d e r w h ic h b a n k s

yea rs as h e h a s b e e n e m p lo y e d b y

th e b a n k .

The am ount

o f t h e a n n u a l p e n s i o n t o s u b s c r i b i n g e m p l o y e e s w ill b e 2 %
o f th e ir a v e r a g e s a la r y

fo r fiv e y e a r s p r e v io u s

to

th e tim e

w h e n a n y p e n s io n b e c o m e s p a y a b le , m u ltip lie d b y th e n u m ­
th e

bank

up

p e n s i o n , h o w e v e r , is t o e x c e e d

ber of

years

of

se r v ic e

in

3 5 -5 0

o f th e a v e r a g e sa la r y

to

th a t

tim e ;

no

m a y e n g a g e in b u s i n e s s ; b e t t e r d e f in e s tire l a w f u l m e a n i n g o f

a n n u a lly ,

th e w o rd “ b a n k ” ; re q u ir e s th e a p p r o v a l o f th e S u p e r in te n d e n t

r e a c h i n g s i x t y - f i v e y e a r s o f a g e w ill r e c e iv e i n c a s h , w i t h o u t

or

$ 5 ,0 0 0 .

E m p lo y e e s

le a v in g

th e

bank

b e fo r e

b e f o r e a b a n k m a y in c r e a s e o r d e c r e a s e i t s c a p i t a l ; p r o v i d e s

in te r e s t, w h a te v e r

fo r s e m i-a n n u a l e x a m in a t io n o f b a n k s ; a u th o r iz e s th e liq u id a ­

to th e f u n d .

tio n o f fa ile d b a n k s th r o u g h th e B a n k in g D e p a r t m e n t in s te a d

c r e t io n o f t h e b a n k , a n d t h e b a n k 's a c t i o n in t h i s r e s p e c t is

c o n tr ib u tio n s

h ave been

o f u n d e r t h e d ir e c t i o n o f t h e c o u r t ; r e q u i r e s t h e s e g r e g a t i o n

to b e c o n c lu s iv e e v id e n c e , b o t h a t la w

of

such

s a v in g s

d e p o s its ;

s tip u la te s

how

th e se sa v in g s

d e p o sits

s h a ll b o i n v e s t e d , & c . , & c .

to

— O n c e m o r e th e p a y m e n t o f h ig h in te r e s t r a te s b y s a v in g s

m ade

by

th e m

A n y d i s m i s s a l is t o r e s t a b s o l u t e l y in t h e d i s ­

e m p lo y e e

r e s ig n .

has

been

th e

case

In

p r o p e r ly
of

th e

a n d in e q u i t y , t h a t

d is m is s e d

p h y s ic a l

or

re q u e ste d

d is a b ility

of

an

e m p lo y e e w h o h a s s e r v e d t h e b a n k fo r fifte e n y e a r s , b u t w h o

b a n k s a n d t h e m a i n t e n a n c e o f a n i n a d e q u a t e r a t i o o f s u r p lu s

h a s n o t r e a c h e d th e a g e s p e c ifie d , th e b e n e fits

th e

fu n d

to

m a y , in t h e b a n k ’ s d i s c r e t i o n , a p p l y a s l o n g a s s u c h

in c a ­

d e p o s i t s is m a d e

th e s u b je c t o f c o m m e n t b y

V iv ia n

M.

of

L e w i s in h is a n n u a l r e p o r t a s C o m m i s s i o n e r o f B a n k i n g a n d

p a c ity c o n tin u e s.

In su ra n c e o f N e w
o n th e s u b je c t:

■widow a n d c h i l d r e n m a y p a r t i c i p a t e in t h e p e n s i o n t o w h ic h

Jersey.

M r . L e w is c o m m e n t s a s fo llo w s

rl h e r e a r e a l s o p r o v i s i o n s u n d e r w h i c h t h e

a d e c e a s e d s u b s c r ib in g e m p lo y e e w o u ld h a v e b e e n e n t it le d .

I
he deposits held by the savings banks now exceed S105.000.000.
U n d e r a f u r t h e r c l a u s e , t h e b a n k , in s p e c i a l c a s e s n o t o t h e r ­
The gain last year was $5,288,481. The' amount of deposits received during
1910, not Including interest credited, was $1,719,261 greater than the w is e p r o v i d e d f o r , m a y , a t i t s o p t i o n , g r a n t a p e n s i o n t o a n y
amount withdrawn, although the excess of deposits in the year before was s u b s c r i b i n g e m p l o y e e o r m e m b e r o f h i s f a m i l y , a n d in s u c h
about $1,000,000 more.
s p e c ia l c a s e s t h e d e t e r m i n a t i o n o f t h e a m o u n t a n d t e r m s
On the basis of market values of Investments, the aggregate surplus is
$7,617,902, or slightly above 7% of the amount due depositors, while at o f p a y m e n t o f s u c h p e n s i o n s h a ll b e in t h e a b s o l u t e d i s c r e t i o n
the close of 1909 the surplus on the same basis was within a fraction of 8 °; o f t h e b a n k .
T h e d e ta ils o f th e p la n o f th e F ir s t N a t i o n a l
of the deposits. A decrease In the ratio for the past year may be attributed w e r e w o r k e d o u t b y C a s h ie r C h a r le s D . B a c k u s .
T h e a d d i­
very largely to depression In bond values, from which a recovery Is to be
expected. It Is due, also, to some extent, to the higher rate of Interest t i o n o f a n e x t r a s t o r y a n d g a l l e r y t o t h e b a n k ’ s b u i l d i n g h a s
allowed depositors by a number of the banks.
b e e n in p r o g r e s s f o r s e v e r a l m o n t h s , t h e a d d i t i o n a l r o o m
True, the reduction Is not very material, and individual banks are not
b e in g in te n d e d fo r th e b o o k -k e e p e r s a n d e m p lo y e e s o f th e
alfcctcd at all; nevertheless, it Is advisable that any tendency toward retro­
gression, however unimportant It may seem, should be corrected as far m a i l d e p a r t m e n t w h o d o n o t c o m m u n i c a t e w i t h t h e p u b l i c .
as possible. Fluctuations In values of securities are, of course, quite beyond
— T h e n e w C h a th a m & P h e n ix N a t io n a l B a n k o f th is c ity
the control of the managers of the institutions, but they have the power
to lcgulatc the rates of Interest on deposits, and should keep them down to b e g a n b u s i n e s s a s a c o n s o l i d a t i o n o f t h e C h a t h a m N a t i o n a l
figures within the ability of the banks to pay without entrenching upon the a n d P h e n i x N a t i o n a l b a n k s o n T h u r s d a y o f t h i s w e e k , f o l l o w ­
margin of assets over liabilities, which should be maintained in all cases at in g t h e r a t i f i c a t i o n o f t h e m e r g e r p r o c e e d i n g s o n t h e 1 7 t h
an adequate amount for the protection of depositors.
_ T h e c o m b i n e d d e p o s i t s in t h e i n s t i t u t i o n s u n d e r t h e s u p e r ­
v is io n

of

th e

N ew

J ersey

B a n k in g

D e p a r tm e n t— tru st

c o m p a n ie s , S ta te a n d sa v in g s b a n k s — o n D e c . 31 1 9 1 0 s to o d
at

$ 2 8 9 ,9 5 5 ,3 9 9 , th e ir

resou rces

a g g r e g a tin g

$ 3 5 8 ,4 5 4 ,9 9 4 ;

th e n a tio n a l b a n k s o f th e S t a t e , a c c o r d in g to t h c c o m p ila t io n s
of

th e

C o m p tr o lle r ,

resou rces

of

had

d e p o sits

$ 2 5 4 ,0 5 3 ,0 9 0 ;

th e

of

$ 1 0 8 ,4 0 8 ,2 9 6 ,

c o m b in e d

f ig u r e s

w ith

sh ow

a

t o t a l o f $ 4 5 8 , 3 0 3 , 0 9 5 o n d e p o s i t in t h e S t a t e , t h e r e s o u r c e s
r e a c h in g a n a g g r e g a te o f $ 0 1 3 ,1 0 8 ,6 9 0 .

of

th e

S ta te

of

W is c o n s in .

M r.

K u o lt,

w ho

r e s i g n s a s C a s h ie r o f t h e M e r c h a n t s S a v i n g s B a n k o f K e n o s h a ,
W i s ., w a s fo r a tim e a d e p u t y b a n k e x a m in e r d u r in g C o m ­
m is s io n e r B e r g h ’s te r m

o f o ffic e .

on

th e

1 0 th

b e tte rm en t

i n s t .,

M a r y la n d

su g g e sts

a

s u b m it t e d to th e G o v e r n o r
num ber

o f th e b a n k in g s y s te m

c r e a tin g th e b a n k in g

d e p a r tm e n t

of

of

changes

th e

S ta te .

fo r

th e

The

la w

u n d e r w h ic h M r . D o w n e s

w a s a p p o in te d w a s p a s s e d b y th e L e g is la tu r e la s t y e a r , a n d
b e c a m e e ffe c tiv e o n J u n e 1 .
th a t

tru st

c o m p a n ie s

be

O n e o f h is r e c o m m e n d a t i o n s is
r e q u ire d

to

m a in ta in

reserv e o n d e m a n d d e p o sits as S ta t e b a n k s ;
m ends

th a t

a u th o rity

be

g iv e n

th e

th e

sam e

h e a lso r e c o m ­

C o m m is s io n e r ,

c l o s i n g a b a n k , t o a c t a s p e r m a n e n t r e c e iv e r
p e n s a t io n ;

upon

w ith o u t c o m ­

s till a n o t h e r r e c o m m e n d a t i o n is t o t h e e f f e c t t h a t

t h e la w b e a m e n d e d p r o h i b i t i n g d ir e c t o r s f r o m b o r r o w i n g o n
paper

b e a rin g

a

s in g le

nam e

w ith o u t

a

fo rm a l

r e s o l u t io n

o f t h e d i r e c t o r s , e x c e p t in c a s e s w h e r e t h e lo a n is p r o p e r l y
se c u re d b y in d o r s e m e n t o r c o lla te r a l.

150

e m p lo y e e s ,

p e n sio n fu n d .

has

th e

P h e n ix

c it y ’s

h a v in g

lo n g -e s t a b lis h e d

d a tin g b a c k s ix ty -o n e y e a r s .
c a p it a l
about

of

b an k s,

th e

life

of

th e

c o v e r e d n in e ty -n in e y e a r s a n d th e C h a th a m

$ 2 ,2 5 0 ,0 0 0 ,

$ 1 0 ,0 0 0 ,0 0 0

T h e c o n s o lid a te d b a n k h a s a

s u r p lu s

and

of

$ 1 ,1 2 5 ,0 0 0 ,

resou rces

of

o c c u p ie s t h e q u a r t e r s o f t h e C h a t h a m
a n d J o h n S tre e t .

over

d e p o sits

of

$ 2 0 ,0 0 0 ,0 0 0 ;

it

N a tio n a l at B r o a d w a y

L o u is G . K a u f m a n , w h o w a s a t th e h ead

o f t h e C h a t h a m , is P r e s i d e n t o f t h e u n i t e d b a n k , t h e o t h e r s in
m a n a g e m e n t b e in g

G eorge

board; F ran k J. H ea n ey ,

W .

M .

H ard,

C h a ir m a n

o f th e

I I . S tr a w n a n d A le x a n d e r M .

B u l l , V i c e - P r e s i d e n t s ; B e r t L . H a s k i n s , C a s h ie r ; H . L . C a d ­
m u s,

N.

B.

G a tlin g ,

A s s i s t a n t C a s h ie r s .

W .

B.

B o ic e

and

H en ry

C.

H o o le y ,

T h e s t o c k h o l d e r s w ill m e e t o n M a r c h 2 8

— T h e fo llo w in g n e w m e m b e r s w e re a d d e d to th e b o a r d o f
th e

A sto r

V a il,

T ru st

Co.

P r e s id e n t

C o .,

J osep h

N a tio n a l

of

B.

Bank,

of

th is

th e

c ity

y e ste rd a y :

A m e r ic a n

T e le p h o n e

M a r tin d a le ,
and

e s ta b lis h e d

in

th e ir

in te r e s t

a

T h e b a n k h a s s u b s c r ib e d $ 1 0 0 ,0 0 0 a s a fo u n ­

P re sid e n t

R in a ld

II.

T heodore

of

&
th e

M c D o n a ld ,

N.

T e le g r a p h
C h e m ic a l

an

exp ert

in

re a l e s t a t e a n d b u i l d i n g c o n s t r u c t i o n .
— W ith

a n o th e r

a d jo u r n m e n t

m e e tin g o f th e N in e te e n th
d e v e lo p e d

w it h i t o f t h e T w e l f t h

th is

W ard

th a t c o n sid e r a tio n
W ard

w eek

Bank

of

is b e i n g g i v e n
Bank.

th e

annual

o f th is c i t y ,
to

th e

it h a s
m erger

W h ile th e p la n s h a v e

n o t y e t b e e n p u t i n t o s u c h s h a p e a s t o w a r r a n t a n y d e f in i t e
s t a t e m e n t w it h r e g a r d t o t h e c o n t e m p l a t e d u n i o n , i t a p p e a r s
lik e ly ,

in

case

th e

c o n s o lid a tio n

goes

th r o u g h ,

th a t

th e

n a m e o f t h e N i n e t e e n t h W a r d B a n k w ill b e r e t a i n e d , a n d t h a t
B r a d le y M a r tin

J r ., P r e s id e n t

t i n u e in t h e p r e s i d e n c y .

T h e h i r s t N a t i o n a l B a n k o f t h i s c i t y , w h ic h h a s in it s
s e r v ic e

of

fo r th e e le c tio n o f d ir e c to r s .

— J . D u k e s D o w n e s , in h is fir s t r e p o r t a s B a n k C o m m i s ­
s io n e r o f t h e S t a t e o f

T h e u n io n b r in g s to g e th e r in to o n e la r g e o r g a n iz a tio n

tw o

th e

— A . E . K u o lt has su cceed ed M . C . B ergh as B a n k C o m ­
m is s io n e r

in st.

of

th e

i n s t i t u t i o n , w ill c o n ­

T h e d a te n o w s e t fo r th e p o s tp o n e d

a n n u a l m e e tin g o f th e N in e t e e n th

W ard

B a n k is M a r c h

13,

a n d it is t h e e x p e c t a t i o n t h a t b y t h a t d a t e t h e e n t i r e d e t a i l s
t o w a r d s c o n s u m m a t i n g t h e u n i o n w ill b e p e r f e c t e d .

F in a n ­

d a t i o n f o r t h e f u n d , w h ic h w ill b e m a i n t a i n e d b y c o n t r i b u ­

c ia l

tio n s fr o m s u b s c r ib in g e m p lo y e e s a t th e ra te o f 3 %

t w o b a n k s b y J . P . M o r g a n & C o . in J a n u a r y a s a r e s u l t o f

annual

s a la r y , p a y a b le

in

m o n th ly

in s ta llm e n ts ,

o f t h e ir

th e

bank

th e

a ssista n c e ,

c o n fe re n c e s

it

w ill

be

r e c a lle d ,

o c c a s io n e d

by

th e

w as

e x te n d e d

c lo s in g

of

to

th e se

th e C a r n e g ie

d e d u c tin g su ch in s ta llm e n ts fr o m

th e m o n th ly p a y o f each

T r u s t C o ., b r o u g h t a b o u t b y th e fe a r o f r u n s o n th e b a n k s ,

s u b s c r ib in g

c o n tr ib u tio n s ,

in v i e w o f t h e f a c t t h a t s o m e o f t h e i r d i r e c t o r s , w h o h a v e s in c e

e m p lo y e e .

F u rth e r

it

is

a ls o

e x p e c t e d , w ill b e m a d e t o t h e f u n d b y t h e b a n k in t h e f u t u r e .

r e t i r e d , h a d h e ld s i m i l a r o f f i c e s in t h e C a r n e g i e .

A l l t h e e m p l o y e e s , e x c e p t t h o s e h o l d i n g t h e o f f i c e s o f P r e s i­

tim e

d e n t,

E q u it a b le T r u s t C o . o f th e

V ic e -P r e s id e n t

and

s h a r e in it s b e n e f i t s .
m en t on

are

g iv e n

th e

r ig h t

to

T h e a r r a n g e m e n t p e r m its th e re tir e ­

a p e n sio n , a t

s u b s c r ib e r w h o

C a s h ie r ,

th e a g e

has been

o f s ix ty -fiv e

yea rs,

of

any

c o n t i n u o u s l y in t h e e m p l o y o f t h e

b a n k f o r f if t e e n y e a r s o r m o r e ;

in c a s e s w h e r e t h e c o n n e c t i o n

c o v e r s a p e r i o d o f t w e n t y - f i v e y e a r s , t h e e m p l o y e e w ill r e c e iv e
a

p e n sio n

t w e n ty -fiv e

fo r

life ;

years,




if
th e

th e

e m p lo y e e

p e n sio n

w ill

has

served

c o n tin u e

fo r

le s s
as

th a n
m any

a lso

a r ra n g e m e n ts

had

som e

T h e N in e t e e n th
m a in

b a n k in g

w ere

d ir e c to r s
W ard
o ffic e s

m ade

th e

A t th e sa m e

a b s o r p tio n

in

com m on

w ith

h a s a c a p ita l

at

5 7 th

S t.

of

and

th e

th e

C a rn e g ie .

$ 3 0 0 ,0 0 0 ;
3d

A v e .;

T w e lfth W a r d B a n k h a s a c a p ita l o f $ 2 0 0 ,0 0 0 a n d
c ip a l o f f i c e is a t 1 2 5 t h S t . a n d
— W illia m

by

M a d i s o n T r u s t C o . , w h ic h l a t t e r

Bank
are

fo r

L e x in g to n

its

its
th e

p r in ­

A ve.

R . M o n t g o m e r y , fo r m e r P re sid e n t o f th e H a m ­

il t o n B a n k o f t h i s c i t y

w a s s e n t e n c e d t o n o t le s s t h a n t w o

506

THE CHRONICLE

years an d

tw o

m o n th s

n o rJ m o re T th a n

fiv e

years an d

tw o

m o n t h s b y J u d g e R o s a l s k y o n t h e 2 1 s t i n s t .'f t ( H e V v a s c o n ­
v i c t e d o f g r a n d l a r c e n y in t h e f i r s t d e g r e e o n t h e 7 t h i n s t .
— W illia m
Bank

H .

K n iffin

o f B r o o k ly n

J r . , C a s h ie r o f t h e

B orou gh , has been

H om e

a p p o in te d

o f th e S a v in g s B a n k S e c tio n o f th e A m e r ic a n

S a v in g s

S e c re ta ry

B an k ers’ A s ­

T h e a p p o i n t m e n t is t o t a k e e f f e c t M a r c h 1 ; i t is

s u b je c t to

t h e a p p r o v a l o f th e E x e c u t i v e C o m m it t e e a t its
1.

Bank

of N ew bu rgh, N . Y .,

e ig h t y -fiv e y e a r s o f a g e .
bank

s in c e

its

a n d h a d h e ld

d ie d o n t h e 2 3 d i n s t .

H e w as

H e h a d b e e n a s s o c ia te d w ith th e

o r g a n iz a tio n

in

1852,

o r ig in a lly

t h e p r e s i d e n c y s in c e 1 8 9 5 .

as

C a s h ie r ,

H e w a s fo r m e r ly

F a llk ill

N a tio n a l

Bank

of

P o u g h k e e p s ie ,

N .

Y .,

a n n o u n c e s th e d e a th o n th e 2 d in s t. o f E d w a r d E ls w o r th , fo r
m a n y y e a r s a d ir e c to r o f th e
h is d e a th

t h e o f f i c e in J a n u a r y 1 9 0 9 .

I t w a s n o t u n til th e n t h a t h e a c t u a lly to o k u p th e d u tie s o f
P re sid e n t o f th e

C a p ito l T r u s t C o .

a lth o u g h

he had

been

c h o s e n to th e h e a d o f th e c o m p a n y a t th e tim e o f it s o r g a n iz a ­
t i o n in 1 9 0 5 .
— A

H e w a s s ix t y -s e v e n y e a r s o f a g e .

s e ttle m e n t b e tw e e n th e tru ste e s o f th e O h io G e r m a n
th e a s s ig n e e o f th e

C itiz e n s ’ S ta t e

B a n k o f N a p o l e o n , O h i o , o f c l a i m s w h ic h h a d b e e n p e n d i n g
o n e a c h s i d e , is r e p o r t e d t o h a v e b e e n r e a c h e d o n t h e 1 7 t h
in s t.

The

a c tio n s

in

q u e s tio n ,

a c c o rd in g

to

th e

T o le d o

“ B l a d e ,” h a d c o n c e r n e d a s u it fo r $ 2 8 0 ,2 1 1 b r o u g h t a g a in s t
th e

bank

by

th e

tru ste es o f

th e

in s u r a n c e

com pany,

c o u n t e r c la im s a g a in s t th e la t t e r fo r a b o u t $ 1 2 5 ,0 0 0

T re a su re r o f th e C ity .
— The

M r . G u i l b e r t h a d b e e n in i l l - h e a l t h

F ir e In s u r a n c e C o . a n d

— J o n a t h a n A . W e e d , P r e s id e n t o f th e Q u a s s a ic k N a t io n a l

. l x x x x ii.

H e h a d s e r v e d in t h e S t a t e A u d i t o r s h i p

f o r t h i r t e e n y e a r s , r e t i r in g f r o m

T h e o f f ic e b e c a m e

v a c a n t th r o u g h th e d e a th o f W illia m H a n h a r t .

o l

m e r g e d la s t m o n t h w ith th e S t a t e S a v in g s B a n k & T r u s t C o .,
d ie d o n t h e 1 5 t h i n s t .
or several y e a rs.

s o c ia tio n .

s p r in g m e e t in g in N a s h v ille o n M a y

[V

in s titu t io n

a n d a t th e tim e o f

C h a ir m a n o f th e e x e c u tiv e c o m m it t e e .

w o r th h a d b e e n P re sid e n t o f th e b a n k fr o m

M r . E ls ­

by

th e b a n k ;

th e a d ju s tm e n t

a c c o r d in g to th e “ B l a d e ,”
th e b a n k
$ 3 5 ,0 0 0

to p a y
in

to

cash .

of

and

m ade

t h e d if f e r e n c e s is a f f e c t e d

b y a n a g re e m e n t o n th e p a r t o f

th e tr u s te e s o f th e in s u r a n c e c o m p a n y

The

bank

a s s ig n e d

in

D ecem ber

1908,

f o l l o w i n g t h e f a i l u r e o f t h e in s u r a n c e c o m p a n y , t h e s u s p e n ­

1 8 9 0 to 1 9 0 3 .

— J a m e s S t a n t o n K e n y o n , V ic e -P r e s id e n t o f th e A t la n t ic
N a t i o n a l B a n k o f P r o v i d e n c e , I t . I . , d ie d o n t h e 2 1 s t i n s t . in

s io n o f t h e b a n k , i t w a s r e p o r t e d , h a v i n g b e e n d u e t o o v e r ­
l o a n s m a d e b y t h e C a s h ie r t o t h e P r e s i d e n t o f t h e in s u r a n c e
com pany.

h is s e v e n t ie t h y e a r .
— T h e C h a r l e s t o w n T r u s t C o . o f C h a r l e s t o w n , M a s s . , w h ic h
r e c e n t ly r e c e iv e d a c h a r te r fr o m th e M a s s a c h u s e tt s C o m m is ­
s io n

on

in s t.

T ru st

C o m p a n ie s ,

opened

fo r b u s in e s s o n

th e

6 th

— G eorge

F.

M a c k e n z ie

has becom e

C a s h ie r

N a tio n a l B a n k o f G ra n d R a p id s , M ic h .

of

th e

O ld

C la y H . H o llis te r ,

w h o h a d b e e n V i c e - P r e s i d e n t a n d C a s h ie r , c o n t i n u e s in t h e
v ic e -p r e s id e n c y .

I t h a s a c a p it a l o f $ 2 0 0 ,0 0 0 a n d s u r p lu s o f $ 2 0 ,0 0 0 .
— F o llo w in g th e p u r ch a se o f th e M e r c h a n ts ' N a tio n a l B a n k

L u k e D . M u l l e n is P r e s i d e n t .
— Jam es

G.

B a r d w e ll

H o ly o k e N a tio n a l
la te W illia m

G . T w in g .

p lo y

bank

of

th e

has

been

e le c te d

C a s h ie r

of

th e

B a n k o f H o ly o k e , M a s s ., s u c c e e d in g th e

fo r

M r . B a r d w e l l h a s b e e n in t h e e m ­
tw e n ty

years,

and

p r e v io u s

to

h is

p r e s e n t a p p o in t m e n t h a d b e e n it s t e lle r .

M a i n e , w ill b e p l a c e d

in

in te r e s ts th e r e in h a v in g d e c id e d

a c o n s o lid a tio n o f th e tw o in s titu t io n s w a s e ffe c te d o n t h a t
d a te .

The

F ir s t

N a tio n a l

u n ite d in s titu tio n .
$ 3 0 0 ,0 0 0

to

c o n tin u e s

as

th e

nam e

of

th e

T h e b a n k h a s in c r e a s e d i t s c a p i t a l f r o m

$ 4 0 0 ,0 0 0 ,

its

s u r p lu s

b e c o m in g

$ 1 0 0 ,0 0 0 ;

it s

m a n a g e m e n t c o n tin u e s u n c h a n g e d e x c e p t fo r a n a d d itio n a l

— I t is r e p o r t e d t h a t t h e S e c o n d N a t i o n a l B a n k o f S k o w
hegan,

b y th e F ir s t N a tio n a l B a n k o f S io u x C it y , I o w a , o n J a n . 1 0 ,

v o lu n ta r y

liq u id a t io n ,

to fo r m

tru st c o m p a n y .

a

th e

T h e b a n k h a s a c a p it a l o f $ 1 2 5 ,0 0 0 .

V ic e -P r e s id e n t, J o h n J . L a r g e , w h o h a d b e e n

P re sid e n t o f

th e M e r c h a n t s ’ N a t io n a l; th e la tte r h a d a c a p it a l o f $ 1 0 0 ,0 0 0
a n d d e p o s its o f o v e r $ 9 0 0 ,0 0 0 .

J o h n M c H u g h is P r e s i d e n t

o f t h e F i r s t N a t i o n a l a n d I I . A . G o o c h is C a s h i e r .

— T h e fu n c tio n s o f S e c r e ta r y a n d T re a su r e r o f th e P h ila ­
d e lp h ia T r u s t , S a fe D e p o s it & In s u r a n c e C o . o f P h ila d e lp h ia ,
in s te a d o f b e in g c o m b in e d a s h e r e to fo r e , h a v e b e e n s e p a r a te d ,

— W illia m
th e

La

L.

S a l le

M o y e r h a s r e sig n e d a s a

S tre e t

N a tio n a l

Bank

of

V ic e -P r e s id e n t o f
C h ic a g o .

He

w as

e le c te d to th e p o s t a b o u t s ix m o n t h s a g o .

a n d E . D . S c h o l e y , .u p o n w h o m h a d d e v o l v e d t h e d u t i e s o f
t h e d u a l o f f i c e s , w ill in f u t u r e s e r v e
E .

C a rte r,

H en ry

L.

la te

A s s is ta n t

as

T reasu rer,

M c C la y h a s b e e n

m ade

S e c re ta r y ,

b e c o m in g

P h ila d e lp h ia ,

as

sh ow n

in

th e

report

s u b m itte d

at

a g g re g a te
— The

T h e i n s t i t u t i o n h a s in c r e a s e d it s

T h o m a s D c W i t t C u y le r is P r e s i d e n t ; J o h n H .

V ic e -P r e s id e n t , a n d

W .

A.

O b d y k e , S e c re ta ry an d

— A s a r e s u lt o f a r u lin g b e a r in g o n th e d o u b le lia b ilit y o f

&

M e rc h a n ts’

c e iv e a 5 0 %
th e

case

of

N ovem ber

B a n k in g

th o se

1903

to

la w

C le v e la n d

are

to

re­

had

fu n d s

in

th e

in s titu t io n

fro m

t h e t i m e o f t h e a s s i g n m e n t , in J u l y
t h a t p e r i o d d id n o t d r a w o u t

th e a m o u n t w h ic h

d o u b le -lia b ility

of

F arm ers’

T h e d i s b u r s e m e n t w ill a p p l y o n l y in

who

up

1 9 0 8 , a n d w h o d u r in g
th a n

Com pany

d iv id e n d .

m ore

th e y h ad

to

th e ir c r e d it w h e n

r e p e a le d

in

N ovem ber

w as

1903.

to

have been

r e c e n tly

up

to

1910.

The

p a y m e n t is

m a d e s in c e t h e f a i l u r e , b r i n g i n g t h e

45% .

V i r g i n i a B a n k e r s ’ A s s o c i a t i o n w ill h o l d

th e
As

e x p l a i n e d b y R e c e i v e r H o l m d e n , in t h e C l e v e l a n d “ L e a d e r ,”
“ a c c o r d in g to th e r u lin g o f th e C o u r t , a d e p o s ito r w h o h a d ,

15,

its a n n u a l

16 a n d

17.

N . P.

G a t l i n g o f L y n c h b u r g is S e c r e t a r y o f t h e A s s o c i a t i o n .
— At

t h e ir

a d jo u rn e d

m e e tin g

Jan.

o f th e C h a tta n o o g a S a v in g s B a n k

30

of

th e

to

th e

and
150

s to c k h o ld e r s o u t o f s u r p lu s

and

u n d iv id e d

$ 1 0 0 , 0 0 0 w a s a u t h o r i z e d t o b e s o l d a t n o t le s s

to

o u ts id e

in te r e s ts .

o v e r -s u b s c r ib e d s e v e r a l t i m e s ,
a b le , n o t la te r th a n

A p r il

c a p it a l, a n d s u r p lu s a n d
$ 1 9 0 ,0 0 0 ,

$ 1 0 0 ,0 0 0 to

$ 1 0 0 , 0 0 0 s t o c k d i v i d e n d w a s d e c la r e d p a y a b l e

e x is tin g

p r o fits
th a n

A

s to c k h o ld e r s

C h a t t a n o o g a , T e n n .,

r a t if ie d a p r o p o s a l t o i n c r e a s e t h e c a p i t a l f r o m
$ 3 0 0 ,0 0 0 .

T reasu rer.

s t o c k h o l d e r s , s o m e o f t h e d e p o s i t o r s o f t h e f a il e d

is r e p o r t e d

c o n v e n tio n a t H o t S p r in g s o n J u n e

T h e c o m p a n y r a is e d i t s d i v i d e n d r a t e d u r i n g t h e y e a r f r o m
M ason ,

15%

th e

s u r p lu s fu n d to $ 2 ,0 0 0 ,0 0 0 th r o u g h th e a d d itio n o f $ 2 5 0 ,0 0 0 .
1 2 to 1 4 % .

of

sa id t o b e th e se c o n d

e le v e n t h a n n u a l m e e tin g o n M o n d a y , a m o u n te d to 3 0 .1 7 %
o n th e $ 1 ,0 0 0 ,0 0 0 c a p it a l.

d iv id e n d

p a i d t o t h e c r e d it o r s o f t h e F i r s t N a t i o n a l B a n k o f B i l l i n g s ,
M o n t ., w h ic h s u s p e n d e d o n J u ly 2

A s s is ta n t T re a su r e r.

— T h e e a r n in g s fo r th e y e a r o f th e C o m m e r c ia l T r u s t C o .
of

— A

Sam uel

T reasu rer.

or

p r a c tic a lly

1,

The
and

new

w hen

th e b a n k

sto ck

has

been

it b e c o m e s a v a il­

w ill h a v e

$ 3 0 0 ,0 0 0

u n d iv id e d

p r o fits o f

$ 1 8 5 ,0 0 0

or

$ 5 0 0 ,0 0 0

a lto g e th e r .

U nder

it s

J a n . 7 s t a t e m e n t t h e in s titu t io n s h o w e d d e p o s its o f $ 2 ,4 7 5 ,­
273

and

to ta l

resou rces

of

$ 2 ,8 0 0 ,0 8 1 .

W .

A .

Sadd

is

P re sid e n t.
— The

F ir s t N a tio n a l B a n k

o f C h a t t a n o o g a , T e n n ., w ith

s a y , $ 1 0 0 in t h e F a r m e r s ' & M e r c h a n t s ’ in N o v e m b e r 1 9 0 3 ,

w h ic h th e A m e r ic a n N a t io n a l B a n k w a s m e r g e d tw o m o n t h s

a n d w h o a fte r th a t d a te d e p o site d fr o m

a g o , h a s in c r e a s e d it s c a p i t a l , a s c o n t e m p l a t e d , f r o m $ 5 0 0 , 0 0 0

tim e to tim e $ 7 0 0

m o r e , t h e n d r e w o u t s a y $ 8 5 , w ill g e t t h i s d i v i d e n d o n l y o n a

to $ 7 5 0 ,0 0 0 .

c la im fo r $ 1 5 .

i n s t . ; $ 1 5 0 , 0 0 0 o f t h e in c r e a s e w a s a l l o t t e d t o t h e o l d s h a r e ­

T h e c o u r t s h a v e r u l e d t h a t in s e t t l i n g d o u b l e

T h e new

c a p it a l b e c a m e e ffe c tiv e o n th e

lia b ilit y , d e p o s its m a d e s u b s e q u e n t to th e re p e a l o f th e A c t

h o ld e r s a t p a r , a n d

h a v e n o c la im s u n d e r th e o ld la w .

a t $ 1 5 0 per sh are, th e re b y

O n th e o th e r h a n d , a n y

s u b s e q u e n t w ith d r a w a ls a r e d e d u c te d
d e p o s i t w h e n t h e A c t w a s r e p e a l e d .”

fro m

th e a m o u n t on

A b o u t $ 6 5 , 0 0 0 , i t is

s t a t e d , is a v a ila b le u n d e r th e li a b ili t y , a n d a b o u t 7 %
d e p o sito r s

w ill

h a v e r e c e iv e d

s h a r e in
15%

th e

fu n d .

The

general

o f th e

d e p o sito rs

ern O h io L o a n

& T r u s t C o . o f C l e v e l a n d , O h i o , s u c c e e d in g

A .

re sig n e d .

B aker,

M r. W illia m s h a d

been

A s s is ta n t

C a s h ie r o f t h e i n s t i t u t i o n .
— W . D . G u ilb e r t, fo r m e r ly A u d ito r o f th e S ta t e o f O h io ,
and

P r e s id e n t o f th e C a p ito l T r u s t C o . o f C o lu m b u s , O h io ,




c o m b in e d

$ 1 ,0 0 0 ,0 0 0 ,
s u r p lu s

and

$ 1 0 0 , 0 0 0 w a s s o l d t o n e w s h a r e h o ld e r s

c a p it a l,

th e b a n k
p r o fits

of

a d d in g $ 5 0 ,0 0 0

s u r p lu s

h a v in g ,

and

w ith

$ 3 7 5 ,6 5 9 .

its
On

to

p r o fits

th e s u r p lu s .
now

exceed

c a p it a l o f $ 7 5 0 ,0 0 0 ,
Feb.

18

its

d e p o sits

a m o u n te d to $ 6 ,2 3 2 ,2 6 5 , th e reso u rces o n t h a t d a te to ta lin g
$ 7 ,8 5 7 ,9 2 5 .

o f th e ir c la im s .

— C . T . W i l l i a m s h a s b e e n e le c t e d S e c r e t a r y o f t h e S o u t h ­

L.

The

1st

— F r a n k E . B l o c k h a s r e p la c e d t h e la t e H u g h T . I n m a n a s
V ic e -P r e s id e n t o f th e A t l a n t a N a t io n a l B a n k o f A t l a n t a , G a .
— The

H o u sto n

N a tio n a l

E xchange

Bank

of

H o u sto n ,

T e x a s , h a s m a d e tw o ' a d d i t i o n s t o i t s l i s t o f o f f i c e r s , M . W .
G raves

h a v in g

been

e le c te d

Second

V ic e -P r e s id e n t

W a l t e r B . H i l l i a r d h a v i n g b e c o m e A s s i s t a n t C a s h ie r .

and

UXmxctavii!
E n g lis h

nxirtcixlal
F in a n c ia l

C H A R T E R S IS S U E D T O N A T IO N A L B A N K S F E B . 9 T O F E B . 1 1.
9 .9 3 0 —

M a rk e ts— P er

C a b le .

I h e d a ily c lo s in g q u o t a t io n s fo r s e c u r it ie s , & c ., a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v e
London,
W eek ending F eb . 2 4.
S at.
Silver, p e r o z . . . ............... __d . 24 1-16
C onsols, new , 2 % p er c e n t s . 80 1-16
F o r a c c o u n t .............................80 %
F ren ch R en tes (In P a r is ). -fr. 97.5 5
A m a lga m a ted C op p er C o . . . 6 6 %
6 A n a con d a M ining C o ............. 8 V,
A tc h . T op ek a & S a n ta F e . . .1 0 9
P referred ........ ................... - .1 0 6
B a ltim ore & O h io _________ - - 1 07 %
P r e f e r r e d ........................... - - 0 1 %
Canadian P a c ific___________ -- 2 1 S %
C hesapeake & O h io ............. - - 8 7 %
C h icago G reat W estern ___ . . 24
C h icago M llw. & S t. P a u l. ..1 3 0
D en v er & R io G ra n d e ____ . . 3 4 %
Preferred ........................... - - 7 4 %
E r i e .......... ................................. - - 3 2 ^
First p r e f e r r e d ............... . . 52
S econ d p r eferred ............. . . 41
Illinois C en tral____________ -1 3 9
L ouisville & N a sh v ille____
M o. K ansas & T e x a s ..........
Preferred ________ ______ - 69
N a t. R l t . o f M e x ., 1st p r e f._ 73
S econ d p referred ................. 3 $ %
N . Y . Central & H u d . R iv e r . 114 %
N . Y . O ntario & W e s t e r n . .. 4 4 %
N orfolk & W e ste r n _________ 109
P referred ................................0 2 %
N orthern P a c ific..........................1 30 %
a P e n n sy lv a n ia ........................... 6 5 %
a R ea d in g C o m p a n y ________ 81 %
a F irst preferred ....................46 %
a S econ d p referred ________ 50 %
R o c k Isla n d ................................3 3
S outhern P a c ific______________1 21 %
S outhern R a ilw a y ................... 29
P referred _________________ 68
U n ion P a c ific....................... ~ ~ I l8 3 %
P referred ............. .................. 0 6 %
U . S. Steel C o r p o ra tio n _____ 8 2 %
Preferred ...................
122 %
W a ba sh ............... .......................1 7
P referred ........ ....................... 3 7 %
E x te n d e d 4 s_____ _________67 %
a P rice per share,

b £ sterling,

been

a s fo llo w s

M on.
24 2-16
80 >6
SO 2-16
97.5 5
8%
100%
106
108%
01%
217%
63 %
23%

T ucs.
24 2 -1 6
80 3 -1 6
8 0M
9 7 .5 7 %

W ed .
24 1-16
80 5-16
80 %
0 7 .5 2 %

8%
100%
106
108 %
01%
218%
88
23 %
130%
35
74%
33%
53
41%
140
151
35%
69
73%
30%
115%
44%
110
92
131%
65%
82
46%
50%
33
122%
20%
68
184%
06%
83%
1 22 %
1 7%
40
70%

34%
74H}
32%
52%
41%
130%
150%
35%
69
74
30%
115
44%
100%
02%
131
05 %
81%
46%
00%
32%
12 2 %
20%
07%
183 %
06%
82 %
122 %
n%
37%
07%

th e p a st w eek :

8%
100%
106%
108%
01%
219
87%
23%
130%
35%
75%
33
52%
41
140
150%
35%
69
73%
30%
115
44
109
92
130 %
64
S1 K
46%
50%
33
122%
20%
68
184
06%
83%
123
1 8%
40
70%

T hurs.
24 2-16
80 7-16
80%
0 7 .4 7 %
8%
100%
106
108%
01%
210%
87%
23%
130%
35%
75%
32%
52%
41
140
150%
35%
69
73
30%
115
44
100%
92
130 %
65%
81%
46%
50%
33
12246
20%
68
184%
06%
83%
123
18%
40%
72

F r i.
24%
80 %
80%
97.5 0

7%
106%
104
106
90
C216%
83%
22%
126%
33%
74%
20%
40%
39
138
147
33%
67
71
38%
112
41%
106
90
1 27 %
65
c7 8 %
45
40%
30%
119
27%
66%
177
04
c7 8 %
12 1
17
39
71

c E x -d lv ld e n d .

©tfwmcvcial and J p is ccUarveo xxs TSUxub

T h e F ir s t N a t i o n a l B a n k o f W i ll ia m s b u r g , O h io .
C a p i t a l , § 2 5 ,0 0 0 ..
' rP a ll e y - P r e s i d e n t .
J a m e s H . W h it e , V ic e -P r e s id e n t .
«
M c K e e v e r , C a s h ie r .
9 .9 3 1 —
I h e IU rst N a t i o n a l B a n k o f C o m o , T e x .
C a p ita l, § 4 0 ,0 0 0 .
M. C.
0 . „
P r es,Id.eTn t E . M o r r is , C a s h ie r .
'
9 ,9 3 2
T h e P e o p le s N a tio n a l B a n k o f S e y m o u r , M o .
C a p ita l, $ 3 0 ,0 0 0 .
I, r e s ld e ,n t A . K a n e l a n d E . T . S m ith , V lc e C a s h ie r ? 1 '
J ’ ° * P e lg h t e 1 ' C a s h ie r .
W . J . P y a t t , A s s is t a n t
9 ,9 3 3 — T h e F ir s t N a t i o n a l
A

Jam es

Bank of

C a s’h to -081 61 1 1 '
VOLUN TARY

n ’ 4 5« ~ T h p
9 ,4 5 8
The
8 ,3 5 3 — T h e
5 ,2 5 8 - T h e
8 ,3 8 4
9 he
814— T h e

L os

B a n o s , C a l.

N O T E S — C H A N G E S

D E P O S IT E D
sh ow

a ll

th e

B O N D S ,
m o n th ly

fo llo w in g

a g a in s t

m oneys

in

3 3,5 06 ,18 5
34,3 35 ,92 5
3 3,1 60 ,39 0
3 3 ,5 38 ,46 3
3 2,6 38 ,02 9
3 0,1 88 ,72 8
27,5 61 ,37 5
27,9 13 ,72 0
29,4 77 ,13 8
3 0,2 00 ,72 8
31,9 47 ,51 0
3 0 ,6 35 ,34 8

sh ow s

n a t io n a l

n a t io n a l

th e

bank

n otes

iB a 2 k o f o k m u lg e e , O k l a . , J a n . 14 1 9 1 1 .
r ir s t N a t i o n a l B a n k o f M u r D h v N C
.Tan i n i q i i
B o s w e ll N a t i o n a l B a n k , B o s w e l l O k l a ’ J a n 16 1911
Gorham N a t i o n a l B a n k ’, G o r h a m , N H '.. J a n . 3 1 1 9 n .
P e o p le s N a tio n a l B a n k o f J o n e s v lllc V a
Ian 3 1 1 1 1 1 1
T h ir d N a t i o n a l B a n k o f B a l t i m o r e . M d
j k n u w V 31 1 91 1

5 ’ 3 1 4 _ " l 9 iei G raySO rl C o u n t y N a t l o n a l B a n k o f L c i t c h f l e l d , i f y / F e b r u a r y 1
7 ,3 8 9 — T h e F ir s t N a t i o n a l B a n k o f B y a r s , O k la
F ebru arv 1 in n
6 , 4 4 9 - T h C i M in n e s o t a N a t i o n a l B a n k o f M i n n e a p o l is , M i n n .
F ebru ary 8
2 ,3 6 2 — T h e S e c o n d N a t io n a l B a n k o f M a n c h e s t e r . N H
F ebru arv n i o n
6 .2 7 4 — T h e F ir s t N a t i o n a l B a n k o f A p a l a c h i c o l a , F l a ' F e b r u a r y l 5 1 9 ? 1

C a n a d ia n B a n k C le a r in g s .— T h e c le a r in g s fo r t h e w e e k e n d ­
in g

F eb.

18 a t C a n a d ia n

w eek o f 1910, sh ow

c it ie s , in

c o m p a r is o n

bank

W e e k ending F eb ru a ry IS .

Clearings at—
1911.
C anada—
M ontreal _ ...........................
T o r o n t o ............................. .1
W i n n ip e g ________________
V a n c o u v e r ______________
O t t a w a .......... ........... ...........
Q u e b e c .......... . .....................
H a lifa x ................... .............
H a m il t o n ________________
S t. J o h n .......... .....................
L o n d o n ................................
C algary ........................ ..
V icto ria ..................................
E d m o n t o n .......... ................
R eg in a ............................ ..
B ran d on _________________
L e t h b r id g e ..........................
S a sk a to o n .............................
B ra n tford _____ ________
M oose J a w ...........................

In c . or i
D ec.

1910.

S
$
253,
3 6,3 14 ,55 3
,549,
,285 942 1 2,879,990
,324 ,566
7 ,2 1 9 ,9 8 2
,645, 356
3 ,7 0 1 .7 2 5
,036 ,602' 2 ,4 1 8 ,7 8 4
,334 ,961
1,827,010
,709;,750
1,717,792
,176, 036!
1,2 9 1,9 15
,175, ,785! 1 ,075,430
3 ,172,880
,577, 922
,400, 602
1,584,390
,309, 534
968,394
939, 834
648,330
471, 453 N ot Include
399,
Include
866,
Include
399,
Include
470,
in clu de

th e

F eb . 1, a n d
J an u a ry:

on

1910

bonds

secu re

p u b lic

31.

sh ow s
am ount

th e

Total
H eld.

............ .......:
................... j
.................... 1

S
4 ,7 5 0,0 00
4 ,1 7 9,3 00
2 4 ,7 5 8 ,9 0 0
2 ,7 5 0 ,0 0 0
1,4 0 5,0 00
4 ,4 4 2 ,0 0 0
944 000
872 000
663 000
136 0 00
2,123^000 1

S
2 5,7 18 ,10 0
1 9,651,840
6 0 5 ,89 3,9 00
54,1 15 ,42 0
2 9 ,1 40 ,24 0
4 .4 4 2.0 00
944 .00 0
872 .00 0
063.000
136.000
2 .1 2 3 .0 0 0

6 9 6 ,7 0 6 ,3 0 0 .

4 7,0 2 3 ,2 0 0 .

7 43 ,72 9,5 00

am ount

of

t h e ir in c r e a s e

P u blic D eposits i
in B a n ks.
\

S
2 0,9 98 ,10 0
1 5,472,540
5 8 1 ,13 5,0 00
5 1 ,3 65 ,42 0
2 7 ,7 35 ,24 0
----------------

of

n a t io n a l

bank

le g a l-t e n d e r

d e p o s its

Jan.

or

d ecrea se

d u r in g

th e

n otes
1

and

m on th

of

N ational B ank N otes— Total A flo a t—
A m o u n t a float J an . 1 1911........................................................................................ $ 72 7,7 05 981
N et a m ou n t Issued du ring J a n u a ry ............................................................1,260,593
A m ou n t o f bank notes a floa t F e b . 1 1 9 1 1 .......... ..............................
$720 445 388
L egal-Tender N otes—
A m ou n t o n d ep osit to redeem n a tional b a n k notes J an . 1 1911................. S 3 4.3 35 .92 5
N et a m ou n t o f b an k notes Issued In J a n u a ry .....................................................
8 .’ 9,7 4 6
8* A m o u n t o n d ep osit to redeem na tion a l bank notes F eb . 1 1911.............S 3 3 ,5 :)6 ,l8 5
^ N a tio n a l
n a t io n a l

B a n k s .— T h e

banks

C u rren cy,

is f r o m

T rea su ry

fo llo w in g

th e

o ffic e

of

in fo r m a tio n
th e

r e g a r d in g

C o m p tr o lle r

of

th e

D ep a rtm en t:

A P P L IC A T IO N S T O

CONVERT APPROVED.

T h e F a r m e r s ’ S t a t e B a n k o f W a u s a , N e b r . , I n t o “ T h e F ir s t N a t i o n a l
B a n k o f W a u s a .”
C a p i t a l , $ 5 0 ,0 0 0 .




65,123,634.

S tocks.
S tock s.
G erm an A lliance F ire In s.C o3 30
100 C ity In v estin g C o . c o m m o n . 5 6 %
Central T ru st C o ......................1010
5 S a fety C ar H t g . & L t g . C o . . 126%
C en tu ry B a n k .........................170
C ook & B ernhelm er C o .,p r e f 35
Bonds.
C o o k & B e r n h e lm e r C o .,c o m . 2 2 % 82.000 L in c o ln (N e b .) G as & E le c .
O rp h an C op per C o ., $5 each
C o. 1 st co n s . 5s, 1941, .J&D.70H &int
1 2 % c . per share 5 3.0 00 B w a y . & 4 3d S t. B ld g . C o.
10 L in coln T ru st C o ......................125
2d 6s, 1922________ _____ ___ 90

U . S . Bonds H eld J a n . 31 to S ecure—
B ank
C irculation.

+ 1 5 -7 ! 7 9,4 69 ,38 0

2
5
5
5
5
13,000

of

Jan.

S
2 3,6 91 ,70 5
17,992,827
8 ,7 6 9 ,6 8 5
2 ,9 8 4 ,3 1 6
2 ,5 3 4,7 71
1 ,916,255
1 ,4 3 8 ,0 1 6
1 ,2 0 3 ,4 5 6
1 ,0 9 7.3 25
982 ,67 7
959,341
1.0 2 3,7 29
529 ,53 1

S

c la s s
to

1908.

A u c t io n S a le s .— A m o n g o t h e r s e c u r it ie s , t h e fo llo w in g , n o t

7 26 ,44 5,3 88
727 ,70 5,9 81
7 26 ,855,833
7 24 ,87 4,3 08
7 20 ,79 5,6 06
7 17 ,321,051
7 12 ,02 9,4 68
7 13 ,43 0,7 33
712,24 2,8 41
7 13 ,46 1,5 86
7 17 ,25 8,9 96
7 10 .02 2,8 08

and

|

r e g u la r ly d e a l t in a t t h e B o a r d , w e r e r e c e n t ly s o ld a t a u c t io n :
B y M e s s rs . A d r ia n H . M u lle r & S o n :

Total.

ea ch

1909.

s
%
i
+ 1 0 .8 ; 2 7,0 67 ,05 9
+ 2 0.9 2 5,7 71 ,07 3
+ 18.71 9 ,6 4 4 ,4 2 9
+ 2 9 .2
3 ,9 7 6 ,862
— 1.5
2 ,9 1 9 ,640
— 15.8
1,844 ,714
— 27.0
1.6 0 0 ,646
— 0 .5
1,399 ,946
— 9 .0
1,159 ,559
+ 9 .3
1.057, 908
— 18.7
1,197, 377
+ 51.51
1.101. 03
+ 241.8:
828, 464
+ 4 5 .0 1
d In t o t al.
d In t o t al.
d In t o t al.
d in to t al.
d In t o t al.

w h ic h

S
3 3,5 06 ,18 5
3 4,3 35 ,92 5
3 3,1 60 ,39 0
33,5 38 ,46 3
3 2,6 38 ,02 9
3 0,1 88 ,72 8
27,5 61 ,37 5
2 7,913,720
29,4 77 ,13 8
3 0 ,2 06 ,72 8
3 1,9 47 ,51 0
3 0,6 35 ,34 8

of

th e sa m e

bonds

•s
692 ,93 9,2 03
693,37 0,0 56
6 93 ,695,443
0 91 ,335,845
688 ,15 7,5 77
687,132,323
684,468,093
6 85 ,517,013
6 82 ,76 5,7 03
68.3,254,S58
6 85 ,31 1,4 86
679 ,38 7,5 20

d e p o s ito r ie s

T o t a l......................

fo llo w in g

in

Legal
Tenders.

am ount

4 % loa n o f 1 9 2 5 . . . .........................
3 % loa n o f 1 9 0 8 -1 9 1 8 ..........
2 % con sols o f 1930 .
2 % P anam a o f 1936 ________
2 % P anam a o f 1938 _____
4 % P hilip pine loa n s .
4 % P o rto U lco loans _
3 .6 5 % D istrict o f C olu m bia
V a riou s, T erritory o f H aw aii
4 % P h ilip pin e R a i l w a y ___
V a riou s, S ta te, c it y a n d ra ilro a d ____

and

ta b le s
and

w ith

a n in c r e a s e in t h e a g g r e g a t e o f 1 5 . 7 % .

IN

Bonds.

c ir c u la tio n

B onds on D eposit
J a n . 31 1911.

T he

b e lo w

A N D

Circulation A flo a t U nder—

S

$
6 96 ,70 6,3 00
6 95 ,66 3,9 20
696 ,69 3.1 60
6 94 ,92 6,0 70
6 91 ,96 1,8 60
689 ,81 3,7 10
688 ,45 8,2 80
6 86 ,97 4,8 80
685 ,67 1,5 10
084 ,94 3,4 00
6 83 ,67 6,7 10
082,69 5,8 50

3 1 ____
3 1 ____
3 0 ____
3 1 ____
3 0 ____
3 1 ____
3 1 ____
3 0 ____
3 1 ____
3 0 ____
3 1 ____
2 8 ....

a flo a t

g iv e
bank

O F ,

T h e sta te m en t f o r J a n u a r y

Legal
Tenders.

B onds.

h e ld

in

B on d s and Legal Tenders
on D ep osit f o r

1910-11

T he

T O T A L S

& c .— W e

ch a n g es

a n d le g a l t e n d e r s o n d e p o s i t .

Jan.
D ec.
N ov.
O ct.
Sept.
A ug.
J u ly
June
M ay
A p ril
M ch.
F eb.

IN

E d w a rd

L IQ U ID A T IO N .

T o ta l C a n a d a -------------- 117,719,831 1 01 ,748.599
B A N K

C a p ita l, $ 2 5 ,0 0 0 .

W - E - B u r c h - V ic e -P r e s id e n t .

DIVIDENDS.
T h e f o l l o w i n g s h o w s a ll t h e d i v i d e n d s a n n o u n c e d
fu t u r e b y la r g e o r im p o r t a n t c o r p o r a t io n s :
D iv id e n d s a n n o u n c e d

th is w e e k a r e p r in te d in

N a m e o f C om pany.
R a ilroa ds (S tea m ).
A la b a m a Great S ou th ern , p r e f ...................
A tch T o p & Sa F e. co m (q u a r.) (N o . 23)
A tla n tic Coast L in e C o ., com . (q uar. ) ____
B a ltim ore <fc O h io, c o m m o n ......................
P r e fe r r e d ............................................................
B os ton & A lb a n y , guar, (q u a r .)_________
B os ton & M aine, co m m o n (q u a r .)_______
P referred ........................................ ..................
C anadian P acific (q u a r.) ( N o . 5 9 ) _____
E x tra (from proceed s o f land s a le s )..
P referred .......... ...............................................
C hesapeake & O h io (q u a r .).......... ................
C hestnut H ill ( q u a r . ) . . . .......... ....................
C hic. MUw. & S t. P aul, com . an d p r e f____
C ln. N . O . & T exa s P a cific, p r e f. (q u a r .).
Cincinnati N orth ern .......... ................................
C leveland & P ittsb u rg h , g u ar. ( q u a r . ) . . .
S pecial g u aranteed (q u a r .)_____ _______
C ripple Creek C en tral, p f. ( q u . ) ( N o . 2 l )
D elaw are & H u d son C o. (q u a r .)_________
E ric & Pittsburgh ( q u a r .) ........................... ..
G rand T ru n k , th ird p r e fe rr e d ......................
G rea t N orth ern Iron O re P rop erties..........
Illinois C entral (N o . 1 1 2 )................................
L ouisiana & A rkan sas................. .....................
M anhattan R y . , guar, (q u a r.) (N o . 1 0 8 ).
M inn. St. P aul & S. S . M ., co m . & p r e f . .
N . Y . C h icago & S t. L ouis, co m . (annual)
First and secon d p referred .........................
N . Y . N . H . & H a rtford (q u a r .)_________
P art paid sto c k , Issue o f D e c . 20 1 9 0 9 ..
N orfolk & W estern, com m on ( q u a r .)____
N orth P ennsylvania (q u a r .)...........................
P en n sy lv a n ia (q u a r .)................. .....................
P h ila . G erm a n tow n & N orristow n (q u a r.)
P ltts b . Y ou n gs. & A s h ., co m . & p ref. (q u )
R ea d in g C o. first p referred.............................
South ern P acific (q u a r.) (N o . 1 8 )...............
South ern R a ilw a y , preferred .......... ..............
U n ion P acific, co m m o n (q u a r .)....................
P referred (q u a r .)............................................
U tica & B lack R iv e r .................................. ..
Vandalla (q u a r .)_________ ________________
Street and E lectric R a ilw a y s.
A m erica n R a ilw a y s ( q u a r .).......... ................
B r o ck to n & P ly m o u th St. R y . , p f. ( N o .4)
B ro o k ly n R a p id T ra n sit ( q u a r . ) . . .............
C olum bus (O .) R y ., co m . (q u a r.) (N o . 31)
Connecticut Valley Street R y . , p r e f ________
D e troit U n ited R y ..............................................
D ulu th -S u perior T ra ctio n , c o m . (q u a r.)
P referred (q u a r .)............................................

P er
Cent.
3
1%
2%
3
2
2
1%
3
1%
%
2
1%
1%
3%
1%
3
1%
1
1
2%
‘ 8
5 0c.
3%
1%
1%
3%
3
2%
$2
$1 %
1%
2
1%
3
1%
2
1%
1
2%
2
3%
1%
1%
3
1%
1%
3
1%
1%
1

W hen
P aya ble
F eb .
M ch.
M ch.
M ch.
M ch.
M ch.
April
M ch.
April
April
April
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.
M ch.

25
1
10
1
1
31
1
1
1
1
1
31
4
1
1
1
1
1
1
20

“ i
M ch. 15
M ch.
l!
M ch. 16
A p ril
1
A p ril 15
M ch.
l!
M ch.
l’
M ch. 31)
M ch. 3 1 !
M ch. 18
F e b . 25
F eb. 28
M ch.
4
M ch.
ll
M ch. 10
A p ril
1
April 24
1
April
1
April
M ch. 30
F eb. 25
1
M ch. 15
M ch. 15
April
1
M ch.
1
M ch.
i;
M ch.
6
April
1
April
1
1

fo r

th e

ita lic s .
B ook s Closed.
D a y s In clu sive.

H old ers o f rec.
H old ers o f rec.
M ch . 1
to
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H o ld e r s o f rec.
H old ers o f rec.
H o ld e r s o f rec.
H old ers o f rec.
F e b . 21
to
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.

F eb . 4a
J a n .3 ia
M ch. 9
F eb . l a
F eb . l a
F e b .2 8 a
M ch. la
F e b . 15a
M ch. l a
M ch. l a
M ch . l a
M ch. 10a
M ch . 3
F e b . 8a
F eb .25 a
F e b . 10
F e b .1 0 a
F e b .1 0 a
F e b .1 7 a
F e b .2 5 a
SIch. l a

3
to
M ch . 15
rs o f rec. F e b . l a
15
to
M ch . 1 6

to
F e b . 21
t rec. F e b . 4
to
M ch. 3

O ct.
O ct.

12
12

M ch. 2
. M ch. la
.M c h . 1 0 a
. F eb . 15a
. F e b . 25
M ch . 5
. M ch . 15
. M ch. 15

S treet

and

E lectric

R a ilw a y s

W hen
P aya ble.

P er
C ent.

N a m e o f C om p any.

B oohs Closed.
D a ys Inclu sive.

S ta te m e n t o f N e w
d e t a ile d
Y ork

(C o n cl.)

2K
K,
IV
K

Icli.
1 Feb. 18
to
F e b . 28
E lm ira W a ter, L ig h t & R R „ p r e fe r r e d ..
rich. 15 lo ld e r s o f rcc. M ch. 1
2
E l P aso E le c. C o ., c o m . (N o . 3 ) --------------Mch.
1 i>eb . 16
to
M ch. 1
F ederal L t . & T r u e ., p ret. (q u a r .)-----VIch. 15 Holders o f r c c. M ch . la
i
G a lv e sto n -H o u sto n E le c. C o ., c o m -(N o .4 )
Mch.
15
3
Holders
o
f
r
c
c.
M
ch . la
P referred (N o . 8 ) . . ---------- --------------?eb . 20 Feb. 16
2
to
F e b . 20
G eorgia R y . <£• E lectric, com . (g u a r . ) . .
1 Holders o f r c c. F e b . 15
M ch.
1
G ra n d R a p id s R y . , c o m . (q u a r .) ..................
2
H a lifa x E le c. T r a m ., L t d . (q u a r.) (N o .5 7 )
1 F eb. 17
M ch.
to
M ch. 1
i
K a n sa s C ity R y . & L ig h t, p ref. (q u a r .) —
1 M ch. 12
1
April
to
April 11
L ouisville T raction , com m on (q u a r .)---------1 M ch. 12
April
to
A p ril 11
2
P r e f e r r e d ............. ......... ......................................
Mch.
1 H olders o f rec. F e b .1 6 a
K
M e tr o p .W e st Side E L . C ld c .,p r e f.(q u a r .)
M ch. 15 H olders o f rec. F eb .2 8 a
K
N o r th e rn O h io T r a c . & L ig h t ( q u a r . ) -----Mch.
1 H olders o f rcc. F e b . 10
IK
N orth ern T e x a s E le c . C o ., c o m m o n (q u a r)
Mch.
1 H olders o f rcc. F e b . 10
3
P referred (N o . 1 1 )-------- ----------------- - —
Mch.
1 H olders o f rec. F eb . 10
2K
P h ila d elp h ia C om p a n y , p r e fe rr e d -----------Mch.
1 H olders o f ree. F eb . 11
SI
P o rtla n d (O re.) R y . . L t. & P o w c r ( N o .l)
1 H olders o f r c c. F eb .2 3 a
Mch.
IK
R o c h e s te r I t v . & L ig h t, pref. (q u a r .) -----1 H olders o f r c c. F eb .1 5 a
Mch.
S t . J os. R y . ,L . I I . & P . , c o m . ( q u . ) ( N o . 1 0 ).
K
Mch.
1 F eb. 16
S u sq u eh a n n a l t y .. L t . & P ow er, p r e f-----to
F eb . 28
3
28 F eb. 19
T e r r e H a u te T ra ctio n & L ig h t, p referred .
Feb.
to
F e b . 28
1 H olders o f rec. M ch. H a
April
T w in C ity R a p id T ra n sit, c o m . ( q u a r . ) . .
April
1 H olders ot rec. M ch .1 5 a
P referred (q u a r .)---------------------- ------------April
1 H olders o f r c c .M c b .1 5 a
W a sh in g ton W a te r P o w ., S pok a n e (q u a r.)
1
Mch. 15 M ch. 9
W e s t P en n T ra ctio n , c o m . (N o . 2 ) .............
to
M ch. 15
B a n k s.
1 F eb. 25
C hem ical N a tion al (b i-m o n th ly )......................
2 K M ch.
to
F e b . 28
T ru st C om p an ies.
M ch.
1 H olders o t r c c. F e b . 18
C itizen s, B r o o k ly n .
_ .......................................
M iscellaneous.
M ch.
1 F eb. 15
A d a m s E x p ress (q u a r .)......................... ............
to
F e b . 28
A m a lg a m a ted C op p er (q u a r .) ......................
F eb. 27 H olders o f rcc. Jan. 28a
1
A m e ric a n C aram el, com . (q u a r .)....................
M ch.
1 F eb . 10
to
F e b . 28
3
M ch.
1 F eb. 21
A m e r ica n C o a l............... ......................................
to
M ch. 1
S3
1 H olders o f rec. F e b .2 8 a
A m e r ica n E x p ress ( q u a r . ) -----------------------A pril
A m erica n G as ( q u a r . ) . . ..................................
1 H olders o f r c c. F e b .2 0 a
M ch.
A m e r . P la n o , p r ef. (q u a r.) (N o . 1 2 ) . ..........
1 M ch. 11
A pril
to
A p ril 2
A m erica n R a d ia to r , co m m o n ( q u a r . ) . .
2
M ch. 31 M ch. 23
to
M ch. 31
C om m on (e x t r a )-------------------- --------------2
M ch. 31 M ch. 23
to
M ch . 31
A m e r . S hip building, com . ( q u a r . ) ...............
1
1 F eb. 15
M ch.
to
M ch . 1
E x t r a ---------------------------------------------1
M ch.
1 F eb . 15
to
M cli. 1
A m . S m elt. S e c .,'p r e f. A ( q u .)(N o .2 4 )._
M ch.
1 F eb . 18
to
F e b . 26
P r c f. B (q u a r.) (N o . 2 3 ) ...........................
1 F eb. 18
M ch.
to
F e b . 26
A m erica n S tog ie, preferred (a u a r .).............
1 H old ers o f rc c. F eb .1 4 a
M ch.
A m . S ugar R eiln ln g , co m . & pref. (q u a r.)
3 H olders o f r c c . M ch . l a
A p ril
1 H old ers o f rec. F e b .2 8 a
A m e r . T eleg r. & Cable, guar, (q u a r.) —
M ch.
1 F eb. 11
to
M ch . 8
A m erlca n T o b a c c o , co m m o n (q u a r .)____
M ch.
1 F e b . 11
C o m m on (e x t r a )...................... ......... ...........
to
M ch. 8
M ch.
1 H olders o f r c c. M ch, 15a
1
A p ril
A m erica n W ritin g P a p er, p re fe rr e d ..........
H olders o f rec. F e b . 21
Feb.
A s so cia te d M erchants, c o m . (q u a r .)..........
21 H olders o f r c c. F o b . 21
F eb.
C om m on (e x t r a )..............................................
to
M ch. 15
Men. 15 M ch. 1
B a rn ey A Sm ith C ar, preferred ...............—
M ch. 15 M ch. 5
M c h . 15
1
B o r d e n 's C ond ensed M ilk, p ref. ( q u a r . ) . .
M ch.
I H olders o f rcc. F e b .2 4 a
B ritlsh C olu m bia C op p er (q u a r .)..................
M ch. 31 H olders o f rec. M ch. 2 f
B u ffa lo G eneral E lec., com . (q u .) (N o . 66)
1 F eb . 11
20c. M ch.
to
M ch . 1
B u tte C oa lition (q u a r .) ........ ............................
1 H olders o f rec. F eb . 15a
M ch.
B u tterlck C om p a n y (q u a r .).............- - - — A pril 10 A pril 1
to
A p ril 9
Canadian W cslin gh ovse, Ltd. (q u -) (N o .25)
1 H olders o f rec. M ch . 1C
A pril
Central Leather, p r ef. (q u a r .).........................
2
M ch. 31 M ch. 29
to
M ch. 31
Chicago T elephone, (q u a r .)-------------- --------to
M ch . 10
Childs C om p a n y, com m on (q u a r .)..................
M ch. If M ch. 4
to
M oll. 1C
P referred (q u a r .)........................... ..................
M ch. If M ch. 4
1 H olders o f rec. M ch. 15a
Colum bus (O .) Gas & F u el, p r ef. (q u a r .)..
April
1
C on solid a ted G as o f N . Y . (q u a r .).............
M oll. 15 H olders o f rec. F eb . 15a
Crucible Steel, preferred (q u a r.) . . . ..............
M ch. 31 H olders o f rec. M cli20a
C u b a n -A m erlca n S ugar, p ref. ( q u a r . ) . .
1 H olders o f rec. M ch .25 a
April
D e tro it E d ison (q u a r .).....................................
April 15 H olders o f r c c. A p ril l a
M ch. 15 H olders o f rec. F e b .2 8 a
D ia m o n d M a tch (q u a r .)..................................
to
M ch . 15
du P on t ( E .I . ) d cN em ou rsP ow d .,com .(q u .)
M ch. 15 M ch. 5
to
M ch . 15
1
M ch. 15 M ch. 5
C om m on (e x tr a ).......................................
to
A p ril 25
April 25 A orll 16
P referred (q u a r .)....................................
l
April
E a stm a n K o d a k , c o m . (q u a r .)......................
2k
H olders o f r c c. Jan. 31
M ch.
C om m on ( e x t r a ) ................................
5
H old ers o f rec. F e b . 28
5
A pril
C o m m on ( e x t r a ).......... ..........................
H olders o f r c c. F e b . 28
April
P referred (q u a r .)__________________
1
„ H olders o f r c c. F e b .2 5 a
M ch.
F ederal M ining & S m elt-, pref. ( q u a r . ) - .
11 H olders o f rec. F e b . la
M ch.
G eneral A spha lt, pref. (q u a r.) (N o . 1 5 ).
H olders o f rec. F e b . l a
8 K b M ch.
P referred (e x tra ) (N o . 2 ) ...............
H old ers o f rec. F eb .1 8 a
1 'A M ch.
G eneral C hem ical, co m m o n (q u a r .) -----H olders o f rcc. M ch .21 a
A pril
IK
P referred (q u a r .)..................................
H old ers o f rec. M ch. 4a
2
April
G eneral E lectric (q u a r .) .......... ..............
H olders o f rc c. M ch. 31
30c. A pril
G oldfield Consolidated M in es (q u a r .).
H olders o f rec. M ch. 31
20
A pril
E x t r a ..........................................- .............
F eb . 24
to
M ch. 1
M ch.
Great Northern, P a p er (q u a r .)-----------H olders o f rec. F eb . 20
M ch.
H a rb ls o n -W a lk e r R efra ctories, co m . (q u .)
F eb . 21
to
Feb.26(Z
5 0 c. F eb.
H o m e s ta k c M ining (m t h ly .) (N o . 435)
A pril
H olders o f rec. M ch.25a
Internal. H arvester, com . (gua r.) (N o . 5 ) .
H olders o f rec. F eb. 10a
Mch.
P referred (q u a r.) (N o . 1 6 )...............
In tern a tion a l N ickel (q u a r .)...............
F eb. 10
M ch.
1
M ch
F eb. 10
M ch
Mch.
C o m m on , ex tra (q u a r .).......................
F e b . 22
A p ril
April 2
In tern a tion a l Silver, pref. (q u a r.) —
F eb. 22
April 2
A pril
P referred (e x t r a ).......... .......................
M ch.
F e b . 22
2
M ch. 1
In tern a t. Sm elt. & R efin in g (q u a r .).
M ch.
3
F e b . 19
F eb . 28
Internat. T im e R ecordim ], com . (quar.) —
M ch.
F e b . 19
F e b . 28
P referred (q u a r .)....................................
M ch,
F e b . 18
2
F e b . 28
K in g s C o. E lec. L . & P . (q u a r.) (N o . 4 4 ) .
H olders o f rcc. M c h .15a
A pril
3
K n ic k e rb o ck e r Ice , preferred (N o . 2 4 ).
elOstlt A p ril
H olders o f rec. M ch. 27
Laclede Gas Light, com . and p r e f.
..
M ch.
M ch. 2
to
M ch. 15
L a cled e G as L ig h t, co m m o n (q u a r .)___
H olders o f rc c. J an. 31
F eb .
2
L eh ig h Coal & N a v . (q u a r.) (N o . 1 2 9 ) . .
M a cA rlh u r Brothers, pref. (N o . 1 6 )_____
F eb. 21
to
F e b . 28
3 K M ch.
M ch.
M ichigan Sta te T elep h on e, c o m . (q u a r .).
F eb. 17
to
M ch. 1
IK
A pril 16
to
M ay
1
M ay
P referred (q u a r .).........................................
IK
H olders o f rcc. M ch.28a
April
N a tion al B iscu it, co m m o n (q u a r .)..........
P referred (q u a r.) (N o . 5 2 ) .......... .........
H olders o f rec. F eb. 15a
1 K F eb.
N a t. E nam . & Stam ping, p r ef. (q u a r .) ..
M ch. 12
to
April 2
M ch.
IK
N a tion al L ead , com . (q u a r .)........................
M ch.
M ch. 11
to
M ch. 15
P referred , ( q u a r . ) . . ....................................
F eb. 18
to
F eb . 22
M ch.
IK
N evada Consolidated C op p er C o. ( q u a r .).. 37 K c . M ch.
Mch. 18
to
M ch. 21
N ew England T el. <£• T el. (q u a r .)_________
H olders o f rec. M ch. 15
M ch.
N . Y . <fc Queens E l. Lt. A- P ow ., p f. (q u .) .
H olders o f rec. F e b .2 4 a
M ch.
1
N lles-B em on t-P on d , co m m o n (q u a r .)____
M ch. 14
to
M ch. 20
Mch.
IK
N o rth Am erican Co. (q u a r .)...........................
H o ld e r s o f rec.M eh.lO rfa
April
N ov a Scotia Steel <<k C oal, L td ., com . (q u .).
A pril
H olders o f rec. M ch. 31
P referred (quar.)
______________________
2
H olders o f rec. M ch. 31
A p ril
P eop le's Gas Light & C oke (q u a r .) ..........
Holders o f r c c. J a n .20a
Feb.
P h ilad elp h ia E lectric ( q u a r . ) . ......................
H olders o f rec. F e b .2 la
M ch.
P ittsb u rg h Steel, pref. ( q u a r . ) . . ...............
H olders o f rec. F e b . 18
M ch.
P u re O il, com m on (q u a r .).......... .....................
F eb . 2
to
F e b . 28
M ch.
IK
Q u ak er O ats, co m m o n ( q u a r . ) . . - . ...............
H olders o f rec. A p ril la
A pril
P ref erred (q u a r. ) . . ............................. ..
H olders o f rec. F^b la
Feb.
P referred (q u a r .)................. .........
H olders ot rec. M a y la
M ay
IK
Q u in c y M ining (q u a r .)....................................
H olders o f rec. F e b . 25
M ch.
1
R a ilw a y Steel-S pring, pref. (q u a r .)______
M ch. 9
to
M ch . 20
M ch.
H olders o f rec. M ch . 16a
R e p u b lic Ir. & S teel, p r e f.(q u a r .)(N o .3 7 )
A pril
H olders o f rec. F e b . 20
S ta n d a rd O il (q u a r.)
M ch.
$15
S tern B r o s ., p ref. (q u a r.) (N o . 1 ).
F eb. 21
to
M ch. f
M ch.
Vnderw ood T ypew riter, p r ef. (q u a r .)..........
H olders o f r c c. M ch20a
April
U nited B a n k N ote C orp ., p ref. (q u a r .)..
H olders o f rec. M ch. 15
A pril
H olders o f rec. F e b . o ’ a
U nited Cigar M frs., pref. (q u a r .)-----Mch.
H olders o f r c c. F eb.2 4a
u n ite d D ry G o o d s C os ., pref. ( q u a r . ) . .
M ch.
H olders o f rec. F e b .21a
M ch.
U . S. Cast Iron P .& F ., p f. (q u .) (N o . 38)
'/F e b . 15
to
M ch. 12
M ch.
U n ited Sta tes E n v elop e, p re fe rr e d ..........
oK
M ch. 22
to
M ch. 31
April
U . S. R a d ia to r C orp ., pret. (q u a r .)..........
Mch.
U. S. Steel C orp, c o m . (q u a r.M N o . 2 9 ) ..
M ch. 2
to
M ch. 12
1K
F eb.
F eb. 7
to
F ob . 27
P referred (q u a r.) (N o . 3 9 ) .............
75c. Mch.
I trail C onner C o. (g u a r.) (N o . 11> ..........
M ch. 18
to
M ch. 21

K
K

2K
IK
IK
2

2K
$3
K

IK
IK

IK
IK
1
IK
1'4
2K
7K
IK
2K
K
2K
IK
K
IK
IK
2K
IK
K
IK
IK
IK
IK
IK
2
K

21

K
IK
IK

C ity

F e b . 18.

b e lo w

F or
a rc

IK

IK

d e fin it io n s

m ade

u p,

IK
\K

IK
IK

a T ransfer books n ot closed , ft E x tra d iv id en d Is In full o f a ccu m u la ted unpaid
d iv id en d s and Is pa y a b le In con v ertib le 5% debentures, d C orrection ,
e P a y a b le
In co m m o n sto c k .




c o n d itio n
fo r

th e

of

th e

w eek

th e ca se o f th e to ta ls ,
w e e k a r e a ls o g iv e n .

r u le s

under

“ C h r o n ic le ,”

N ew

e n d in g

V .

w h ic h

th e

85,

836.

p .

th e

a ctu a l

v a r io u s

ite m s

W e om it two ciphers (0 0 ) in all cases.
C apital.

B a n ks.
0 0s om illed.

er
L oa n s.
A verage.

S urp lus.

P h e n i x ________
C ity ---------------C h e m i c a l _____
M erchants’ E x .
G a lla tin _____
B u tch . & I l r o v .
G r e e n w i c h -----A m . E xch a n ge.
C o m m e rc e -------M e r c a n t ile -----P acific -----------C h a th a m ----------P e o p le ’ s ---------H a n o v e r ---------Citizens’ C e n t ..
N a s s a u ...............
M arket & F u lt’ n
M etrop olita n . .
C orn E x ch a n g e
Im p . & T ra d ers’
P a rk — .............
E a st R iv e r ------F o u r t h -----------S e c o n d .......... ..
F irst ....................
Irv in g E x c h . . .
B o w ery ---------N . Y . C o u n t y ..
G erm an -A m e r .
C h a se---------------F ifth A v e n u e ..
G erm an E x c h . .
G e r m a n ia ..........
L in coln ...............
G arfield ---------F i f t h ....................
M e t r o p o l is ------W c s t S I d e -------S e a b o a rd .......... L i b e r t y -----------N . Y . P rod u ce.
S ta te ---------------14th S tre e t-----Coal & I r o n -----U nion E x c h —

S p ecie.
L cgals.
A vera ge. A vera ge.

R cs’ ve.

D ep osits.
A verage.

$
8
%
952,0
20,3 46 ,0 28.0
1 ,6 6 1,0
3 0 ,2 0 0 ,0 25.7
2 0,7 99 ,0 25.2
1 ,722,0
1,614,4
5 2,1 66 ,8 26.1
2 6,5 92 ,8 24.4
2 ,0 2 2,6
5 .5 4 4 ,0 3 5 .0
315.0
6 ,9 6 0,0 184,427,3 36.7
2 8,0 45 ,4 25.2
1 ,879,5
7 ,3 0 3 ,9 25.0
207,5
7 ,3 4 8 ,8 2 6.9
4S0.7
2 ,1 5 0 ,9 28.1
7 0.8
8 ,8 1 1 ,0 25.3
205,6
3 8 ,8 8 9 ,4 25.4
3 ,6 4 3 ,0
8 ,0 4 9,3 138.91 0,8 2 5.8
11,0 75 ,8 25.5
1,148,0
3 ,3 7 0 ,9 29.7
487,5
8 .6 4 4 ,6 2 5.2
1,289,5
2 ,2 1 9,7 2 3.8
147,9
8 0 ,0 1 3 ,4 25.5
7,174,1
2 1 ,6 0 5 ,9 26.0
326 ,8
8 ,8 1 4 ,2 25.3
1 ,142,7
8 ,5 0 5 ,6 27.0
1,155,7
9,7 8 6,1 26.1
234,5
5 0.9 07 ,0 26.7
4,9 0 2,0
25,0 01 ,0 25.9
1,776,0
9 5 ,3 4 8 ,0 25.1
1,377,0
1,662,9 23.3
160,3
3 9 ,2 5 3 ,0 24.0
2,1 5 0,0
12,590,0 25.6
131,0
1,688,1 106,892,7 28.5
26,7 57 ,3 2 6.3
2,1 1 3,7
3 ,4 0 9 ,0 25.3
65,0
8,2 1 4,7 27.9
7 51 ,9
4,2 0 3,4 25.2
210,1
9 2,1 54 ,0 2 8.8
4.8 7 2,0
14,292,5 25.4
994 ,6
3 ,4 1 0 ,7 25.0
556,3
5 ,8 2 6,3 25.7
504,3
14,170,3 25.1
770,4
8 ,6 9 9,0 25.7
3 57 ,6
3 ,7 2 0 ,2 26.2
3 2 8 ,8
12,083,3 2 5.3
1,4 8 4,1
4 ,6 8 1,0 20.0
241,0
2 6,7 75 .0 2 5.3
1 ,668,0
19,272,7 25.2
773,1
9 ,5 4 9,4 25.6
216,1
318 ,0
19,0 44 ,0 25.0
6,3 4 2,1 25.1
573,5
5 ,9 7 9,0 2 5.8
798,0
8 ,8 5 1 ,6 25.0
1,187,0

8
S
4 ,7 5 0,0
2 1,4 85 ,0
7 ,6 5 9 ,0
3 1 .0 0 0 ,0
3 ,5 2 0 ,0
2 0,4 10 ,0
5 3 ,4 5 3 ,0 12,051,5
4 ,4 7 5,0
2 6 ,4 4 7 .8
1,606.0
5 ,7 9 3 ,0
173,080,4 6 0 ,6 3 4 ,2
3 0.0 18 .4
5 ,1 7 1,3
7 ,1 2 7 ,2
1,6 1 8,8
8,9 0 4.3
1,497,5
2 ,3 1 0,7
528,1
7 ,7 7 9 ,8
2 ,0 2 4,8
3 9 ,1 4 4 ,6
6 ,2 2 3,5
157,617,9 2 7,7 66 ,9
14,276,3
1,676,9
3 ,7 2 8 ,6
514,2
8,2 5 9,3
894,6
1,825,4
382,1
7 0 ,5 0 3 ,8 12,926,5
22,1 66 ,5
5,2 5 9,7
7 ,6 1 3,7
1,094,4
8 ,605,1
1,141,8
9,9 3 7,1
2 ,321,7
42,607,0
8,7 3 6,0
27,0 10 ,0
4 ,733,0
89,7 71 ,0 22,634,0
1,495,9
227.7
3 7,4 90 ,0
7 ,5 2 8,0
12,546,0
3 ,1 0 3 ,0
110,625,9 28,870,3
25,0 03 ,9
4,9 2 6,3
3 ,2 5 9,0
800,0
7,81-1,9
1,505,9
4.2 5 4,7
844.5
8 0,5 15 ,0 21,6 82 ,0
12,700,6
2 ,6 3 8,8
3 ,4 3 0 ,0
300,0
5,0 3 2,6
995,0
13,680,6
2,7 9 7,8
8,579,1
1,881,4
3 ,2 5 6,3
645,9
12,020,-1
1,581,0
4,1 5 2,0
980,0
2 2,9 56 ,0
5 ,1 2 0,0
18,636,1
4 ,0 9 7,8
8 ,0 8 1 ,6
2 ,228,7
15,137,0
4 ,4 5 5,0
5,7 7 2,1
1,021,4
5,818,(1
750,0
8 ,9 2 6,3
1 ,030,6

8
8
3 ,5 7 8 ,4
2 ,0 0 0 ,0
4 ,3 6 2,2
2 ,0 5 0 ,0
1 ,835,4
2 ,0 0 0 ,0
6 ,0 0 0 ,0
8 ,0 0 7 ,8
6,0 0 6,3
1,500,0
755,7
1 ,000,0
2 5 ,0 0 0 ,0 3 2,6 65 ,9
6,4 9 6,3
3 ,0 0 0 ,0
600,0
574,3
2,5 1 5,4
1,000,0
3 00 ,0
148,5
845,4
500,0
5 ,0 0 0 ,0
4,3 3 0,7
2 5 ,0 0 0 ,0 10,511,9
3 ,0 0 0 ,0
2,6 7 8,7
500,0
927 ,8
450,0
1 ,042,0
200,0
480,3
3 ,0 0 0 ,0 12,155,9
2,5 5 0,0
1,732,6
500,0
546,0
1,000,0
1,727,1
2 ,0 0 0 ,0
1 ,518,8
3 ,0 0 0 ,0
5 ,4 2 9 ,2
1,500,0
7 ,5 3 5,7
5 ,0 0 0,0 12,511,9
250,0
9 4,2
5 ,0 0 0,0
5 ,6 1 6,0
1,000,0
2 ,1 3 6,8
10,000.0 2 0,5 43 ,2
2,0 0 0,0
1,807,1
250,0
802,7
500,0
1,646,7
750,0
711,2
5,0 0 0,0
7 ,9 5 3 ,4
100,0
2,1 7 0,6
200,0
901,3
200,0
1,023,4
1,000,0
1,560,8
1.000,0
1,209,1
250,0
513,5
1,000,0
2 ,088,4
200,0
1,051,5
1,000,0
1,985,5
1,000,0
2 ,692,7
1,000,0
735 ,6
1 ,000,0
893,2
1 ,000,0
311,2
1,000,0
401,-1
1 ,000,0
. 925,2

Bank of N . Y . .
M a n h a ttan C o .
M erch a n ts’ ------M ech. & M etals

T ota ls, A v era g e 133,350,0 196,761,5 1322,972,5 3 0 1 ,8 5 2 ,6 7 4 ,1 7 2 ,9 1360,728,4 27.6
A ctual fig u re s F eb. 1 8 - 1316,744,9 3 04 ,05 9,3 7 4,8 20 ,9 1356,953,9 2 7.9
",
o n the basis o f averages, circu la tion a m ou n ted to $ 46 ,3 8 3 ,3 0 0 a n d U nited Sta tes
dep osits (in clu d ed In d ep osits) t o $ 1,5 97 ,70 0; a ctu a l figures F e b . 18, circu la tion ,
S4 0,5 18 ,60 0: U n ited Sta tes dep osits, S I .647.900.
T h e S ta te
retu rn s

of

ch arge.
in

th e

D e p a r t m e n t a ls o n o w

S ta te

banks

and

tru st

fu r n is h e s w e e k ly

c o m p a n ie s

under

it s

T h e s e r e t u r n s c o v e r a ll t h e i n s t i t u t i o n s o f t h is c la s s
w h o le

d is tin g u is h
N ew

B a n k in g

th e

S ta te ,

b e tw een

Y ork )

and

but
th e

th ose

th e

fig u r e s

r e s u lts fo r
fo r

th e

rest

are

N ew
of

c o m p ile d
Y ork

th e

C ity

S ta te ,

as

so

as

to

(G r e a te r
per

th e

fo llo w in g :
F o r d e fin it io n s a n d r u le s u n d e r w h ic h th e v a r io u s it e m s a r e
m ade

up,

see

“ C h r o n ic le ,”

V .

86,

p .

316.

S T A T E B A N K S A N D T R U S T C O M P A N IE S .

W eek ended Feb- 25.

Trust Cos.
T rust C os.
State Banks
State B anks
outside o f ’
in
outside o f
in
!
Greater N . Y . Greater N . Y . Greater N . Y . G reater N . Y .

‘ -'1
C apital as o f N o v . 10-----Surplus as o f N o v . 1 0 -----L oan s and in v es tm en ts._
C hange from last w e e k .

8
25,2 75 .00 0

$
6 5 ,4 06 .00 0

3 9 ,3 91 ,80 0

11,245,739

11,078,293

9 4 ,5 81 ,40 0
— 9 7,800

1 44,554,700
+ 569,400

I I ..................

108,981,700
+ 1,733,400

L ega l ten der & b k . n o te s.
Change from last w eek .

23,8 05 ,10 0
— 274,800

13,212,000
— 711,700

p

S
9 ,5 2 5 ,0 0 0

174.583,300

48,5 71 ,10 0
— 110,400

C hange from last w eek .

8
8 ,9 9 8.0 00

285.8S3.400 1 ,029,219.900
— 160,800 + 11,874,100

S pecie ....................................
C hange from last w e e k .

IK

IK
IK
IK
IK
IK
IK

In
th e

and

see

K

K
IK
IK
IK
IK
IK
2K
IK

th e

banks

T h e fig u r e s fo r th e s e p a r a te b a n k s a r e th e a v e r a g e s

K

IK

sh ow s

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

o f t h e d a ily r e s u lt s .
fig u r e s a t th e e n d o f

IK

K
IK
IK
K
IK

Y o r k C ity C le a r in g -H o u s e B a n k s .— T h e

sta tem en t

3 3 0 ,89 0,1 00 1,09 5,3 07 ,70 0
— 472,700
+ 8 ,1 7 9,1 00

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

1 00,799,200
+ 804,700

1 53,207,000
+ 54,300

Change from last w eek .

94,0 35 ,90 0
— 742,500

127,888,400
+ 744,900

2 1 ,5 29 ,60 0
+ 877 ,60 0

2 3 ,2 78 ,60 0
— 111,500

c reserve t o d e p o s it s ..
P ercen ta g e last w e e k ..

2 9 .0 %
2 9 .9 %

1 5 .7 %
1 5 .9 %

2 2 .1 %
2 1 .4 %

1 5 .9 %
1 6 .2 %

4 - In crease ov er last w eek. — D ecrease from last w eek.
N o te .— "S u rp lu s” Includes all u nd ivid ed profits.
"R e s e r v e on d ep osits” Includes,
fo r b o th trust com p an ies and S ta te bank s, n o t o n ly cash Item s b u t a m ou n ts d u e
from reserve agen ts. T ru st com p anies In N ew Y o r k Sta te arc required b y law to
keep a reserve p r op ortion a te to their deposits, th e ra tio varyin g a ccord in g to loca ­
tion as show n b e lo w . T h e percentage of reserve required Is co m p u te d o n th e
a ggregate o f d ep osits, exclu siv e o f m on eys held In trust and n o t p a y a b le w ithin
th irty d a y s, a n d also ex clu siv e o f tim e d ep osits n o t pa y a b le w ltldn th irty d a y s,
rep resen ted b y certifica tes, and also exclu siv e o f dep osits secured b y b o n d s o f the
S ta te o f N ew Y o r k . T h e S ta te bank s are likew ise required to keep a reserve varyin g
a ccord in g to loca tion , th e reserve b rin g com p u ted on th e w h ole a m ou n t o f dep osits
ex clu siv e o f tim e dep osits n ot pa y a b le w ithin th irty d a y s, represen ted b y certificates
(a ccord in g to the a m endm ent o f 1910) and exclu siv e o f dep osits secured b y b o n d s
o f th e S ta te o f N ew Y o r k .
— T rust C os,—
— State B a nks—
R e s e r v e R equired fu r T rust Com panies
Total
Of
T ctal
Of
and State B a n ks.
Reserve
which Reserve
which
L oca tion—
Required in C a sh .Required, in Cash.
M anhattan B o r o u g h ........................................................... 1 5%
15%
25%
15%
B rook ly n B orou gh (w ith ou t branches in M a nhat.) 15%
1 0%
20%
10%
O ther B orou gh s (w ith ou t branches In M anhattan) 1 5%
1 0%
1 5%
7K%
B ro o k ly n B orou gh , w ith branches In M a n h a tta n .. 1 5%
1 5%
20%
20%
O ther B orou gh s w ith branches In M a n h a ttan ------ 1 5% ^ ^ 1 5 %
15%
1 5%
Elsew here In S t a t e . . ------------ ---------------------------------- 1 0%
5%
15%
6%

T he

B a n k in g

D ep a rtm en t

s e p a r a t e fig u r e s in d ic a t in g
t r u s t c o m p a n ie s in
H ou se.
a ls o

th e

H ouse

T h ese
r e s u lt s

th e

(b o th
In

ite m

a g g re g a te fo r
G rea ter
NEW

G rea ter N ew

fig u r e s

ban k s.

r e s p o n d in g

th e

are

show n

a ctu a l

th e

u n d erta k es

tw o

th e

ta b le

average)

w e

have

presen t

fo r

th e C le a r in g

b e lo w ,
th e

c o m b in e d

sta tem en ts,

th u s

th e w h o le o f th e b a n k s a n d
N ew

to

Y o r k , n o t in

in

and

a d d itio n ,

in

a ls o

th e to ta ls fo r th e S ta te b a n k s a n d

C IT Y

cor­

a ffo r d in g

t r u s t c o m p a n i e s in

S

$

133,350,000

7 4,7 3 1 ,0 0 0

2 0 8 ,08 1,0 00

196,761,500

1 96,761,500

1 83,170,000

3 7 9 ,7 4 7 ,1 0 0

L o a n s and Investm ents 1 ,316,744,900
C hange fr o m last w eek
— 4 ,7 9 8,6 00

1,32 2,9 72 ,50 0
+ 7 ,0 5 5,3 00

1 ,1 0 9,4 17 ,30 0
+ 12,236,600

2 ,4 3 2 ,3 8 9 ,8 0 0
+ 19,891.900

1,3 6 0,7 28 ,40 0 a l , 0 6 3 ,09 0,7 00
+ 9 ,3 3 0 ,4 0 0
+ 1 0,295,200

2 ,4 2 3 ,8 1 9 ,1 0 0
+ 1 9,625,600

C hange from last w eek

3 0 4 ,05 9,3 00
+ 3 ,3 5 2 ,4 0 0

3 0 1 ,85 2,6 00
+ 1,627,900

1 14,530,700
+ 1,792,800

4 1 6 ,38 3.3 00
+ 3 ,4 2 0,7 00

L ega l ten d ers.................
C hange from last w eek

7 4 ,8 20 ,90 0
+ 257,900

7 4 ,1 7 2 ,9 0 0
+ 191,500

620 ,97 3,1 00
— 709,300

9 5 ,1 46 ,00 0
— 517 ,80 0

A g g r’ te m on ey holdings
C hange from last w eek

3 78 ,8 8 0 ,2 0 0
+ 3 ,6 1 0 ,3 0 0

M on ey on dep osit w ith
oth er b ks. & trust cos.
C hange from last w eek

3 76 ,02 5,5 00
+ 1 ,819,400

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

cl3 5 .5 0 3 .8 0 0
+ 1,083‘,500

5 1 1 ,52 9,3 00
+ 2 ,9 0 2,9 00
2 2,8 25 ,30 0
+ 6 4.100

22,8 25 ,30 0
+ 64,100

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

th e

B a n k s .— B e lo w
C le a r in g -H o u s e

is a

su m m a ry

banks

of

of

B o s to n

W e om it two ciphers (0 0 ) in all these fig u res.
C apital
and
S urp lus.

B a n ks.

L oans.

B o s to n .
J an . 2 8 . .
F eb. 4 . .
F eb. 1 1 ..
F eb. 1 8 ..

$
4 0,2 00 ,0
4 0 ,2 0 0 ,0
4 0.2 00 .0
4 0 ,2 0 0 ,0

$
207.38 7,0
210,80 4,0
217.97 8,0
2 18 ,5 6 7 ,0

Jan. 2 8 . .
F eb. 4 ..
F eb. 1 1 ..
F eb. 1 8 ..

5 5,4 65 ,0
5 5,4 65 ,0
5 5,4 65 ,0
5 5,4 65 ,0

2 59 ,62 4,0
2 00 ,99 6,0
262.85 0,0
2 61 ,58 8,0

S p ecie.

Legals.

S
28,8 76 ,0
2 8,3 35 ,0
2 6 ,8 3 4 ,0
2 6 ,4 4 6 ,0

$
3 ,4 1 7 .0
3 ,2 2 5 ,0
3 ,3 7 5 ,0
3 ,2 0 3 ,0

7 5 ,9 ' 1.0
7 7 ,1 9 8 ,0
7 3 .6 1 5 ,0
7 6 ,0 5 0 ,0

C learings.

C ircu ­
lation.

D ep osits, a
$
2 59 .49 3.0
2 75 ,61 7,0
2 67 ,93 7.0
2 6 9 ,3 2 1 ,0

S
7 ,7 6 5 ,0
7 ,7 6 3 ,0
7.7 7 S .0
7 ,7 6 9 ,0

S
1 58.011,7
185,24 6,6
157,23 2,4
156,27 0,3

3 11 ,53 0,0
3 13 .77 9.0
3 1 1 ,9 1 1 .0
3 1 8 .2 4 1 ,0

15,687,0
15.694.0
15,695.0
1 5,7 09 ,0

137 ,47 5,5 ,
1 65 ,03 0,2
147,53 3.0
139,48 0,2

S

133.350,000

D e p o s i t s ........................... 1 ,3 56,953,900
C hange from last w eek
— 1,049.100

o f

P h ila d e lp h ia .

an

Clear .-H ou se Slate B anks <fc
Total o f all
B a n ks.
T rust C os. nut B a n k sA T rust
A vera ge.
in C .-H . A v er. C os. A vera ge.

S
(N a t. B anks,
| Jan. 7 -----i S ta te B anks,
Surp lus l N o v . 10 —
C apital

and

P h ila d e lp h ia

to ta ls

C le a r in g ­
ea ch

B A N K S A N D T R U S T C O M P A N IE S .

C lear.-H ouse
H anks.
A ctualF igurcs

W eek ended F eb . 18.

and

w e e k ly

as are

Y ork .

YORK

B o sto n
th e

C hange from last w eek

3 7 8 ,88 0,2 00
+ 3 ,6 1 0 ,3 0 0

3 7 6 ,02 5,5 00
+ 1 ,819,400

1 58,329,100
+ 1,147,600

P ercen ta g e t o d ep osits
requirin g reserv e____
P ercen ta g e la st w e e k . .

2 7 .9 5 %
2 7 .6 6 %

2 7 .6 5 %
2 7 .7 2 %

1 7 .4 %
1 7 .5 %

S urp lus reserv e ...............

3 9,6 4 1 ,7 2 5

3 5 ,8 4 3 ,4 0 0

a In clu des G overn m en t dep osits a n d the item " d u e to o th e r b a n k s.”
A t B o s to n
G ov ern m en t d ep osits a m ou n ted t o S 3 ,0 0 3 ,0 0 0 o n F e b r u a r y 18, a ga in st $3,052,000-o n F eb ru a ry 11.
Im p orts

and

E x p o rts

th e im p o r ts a t N e w
to ta ls

s in c e

th e

fo r

Y ork

th e

fo r

b e g in n in g

W e e k .— T h e

th e w e e k

of

th e

fo llo w in g

e n d in g

fir s t w e e k

F eb.

in

18;

a n f
a ls o

J an u a ry.

F O R E IG N IM P O R T S A T N E W Y O R K .
F o r w eek.

1911.

1910.

D r y g o o d s .......... ..........................
G eneral m erch an d ise________

$ 3,2 10 ,17 1
14,385,839

T ota l
. _ ............... ................
S in ce J a n u ary 1—
D r y g o o d s ....................................
G eneral m erch a n d ise...............

$ 1 7 ,5 .6 ,0 1 0
$ 2 3 ,50 3,3 01
93,05S,S21

534 ,35 4.6 00
+ 2 ,9 6 7,0 00
T he

fo llo w in g

s p e cie )
w eek

fr o m

is a

th e

e n d in g

1909.

1908.

S 4 ,011 ,59 3
17,1 12 ,15 6

$ 2 ,9 3 5 ,3 4 7
9 ,7 4 2 ,3 1 2

$ 24 ,11 3,2 93

$ 21 ,15 3,7 49

$ 1 2 ,6 7 7 ,0 5 9

$ 2 5 ,5 3 5 ,0 4 9
108 ,81 9,4 08

$ 2 6 ,34 1,0 93
8 7 ,9 9 1 ,1 5 5

5 2 1 ,3 8 7 ,3 0 0
5 4 ,9 1 4 ,9 4 4

$11 6,5 02 ,12 4 S134,3 5 4 ,45 7 $ 11 4,3 32 ,24 8
1

$ 7 6 ,3 0 2 ,2 4 4

sta tem en t

port

F eb.

!

3 4,3 86 ,75 1!
19,7 26 ,54 2

of

N ew

18 a n d

of

th e

e x p o rts

to

fo r e ig n

Y ork

fr o m

Jan.

1 to

(e x c lu s iv e
p orts

fo r

o f
th e

d a te:

E X PO R TS FROM N E W Y O R K FO R TH E W EE K .
a T hese are th e d ep osits a fter elim inating th e Item “ D u e from reserve dep ositories
am i o th er b an k s a n d trust com p an ies In N ew Y o r k C ity ;” w ith this Item Included ,
d ep osits a m ou n ted to $ 1 ,1 9 5 ,4 3 1 ,5 0 0 , an Increase o f $ 8 ,5 4 0 ,0 0 0 ov e r last w eek
In
th e case o f the C learing-H ouse bank s, th e d ep osits are ‘ ‘ n et” b oth fo r th e a verag e
f? ® a ° ‘ ual figures, b In clu des bank notes, c O f th is a m ou n t S ta te ban k s held
S 1 3,310,100 and trust com p an ies $ 12 2,1 93 ,70 0 .
T h e a v e ra g e s o f th e
c o m b in e d , w it h
in

G re a te r N e w

as

fo llo w s

fo r

N ew

Y ork

C ity

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

th ose fo r th e S ta te b a n k s a n d
Y ork
a

o u ts id e o f th e

s e r ie s

of

w eeks

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

1 7 ..
2 4 ..
3 1 ..
7 ..
1 4 ..
2 1 ..
2 8 ..
4 ..
1 1 ..
1 8 ..

D ep osits.

S p ecie.

th e w e e k

e n d in g

F eb.

C a pi­
tal.

N. Y . City
Boroughs o f
s
M a n .A B rx.
100,0
W a sh . H g ts
250,0
C entury . . . .
400,0
Colonial . 300,0
C olum bia . .
200,0
F id elity . . .
500,0
J e ffe r so n . .
250,0
J it. M orris.
200,0
M u t u a l____
100,0
P la za ..........
200,0
23rd W a r d .
Y o r k v lllo . .
100,0
N ew N e th ’ d
200,0
B a tt. P k . N.
200,0
A e tn a N a t .
300 ,0
Borough o f
B rooklyn.
B roa d w a y .
200,0
M frs.’ N a t .
252.0
M echan ics’
1,000,0
N assau N a t.
750,0
N a tion al Cy
300,0
200,0
N orth S id e .
300,0
F irst N a t . .
Jersey C ity.
400,0
F irst N a t . .
Ilu d .C o.N a t
250,0
200,0
T h ird N a t . .
H ob ok en .
220,0
F irst N a t . .
125,0
S econ d N at.

Sur­
plus.

$
274,3
155,6
391,4
775,8
172,5
537,5
313,9
379,5
462,0
110,6
482,0
259,8
149,4
312,4

S
3 52 ,40 8.7
3 56 .6 2 9 .3
3 5 5 .9 1 7 .5
3 57 .5 0 4 .3
3 72 .7 1 2 .3
3 91 .0 6 2 .4
4 02 .12 6.4
4 12 ,13 4,0
412.96 2.6
4 16 ,38 3,3

L egals.
$
8 9 .3 0 6 .6
8 9.2 57 .5
9 1.0 38 .5
9 2,0 86 ,4
9 3,9 17 ,8
95.0 99 .7
9 7 .9 1 0 .8
9 3 .7 2 0 ,2
9 5 .6 0 3 .8
9 5,1 10 ,0

8
4 41 .71 5.3
4 4 5 ,8 8 6 ,8
4 4 6 .9 5 6 .0
449,59 0,7
4 60 .63 0.1
486.15 2.1
5 0 0 .0 3 7 .2
5 05 .8 5 1 .2
5 08 .62 6.4
5 1 1 .5 2 9 .3

8
4 0 5 ,6 5 0 ,0
4 69 ,14 2,3
4 0 8 .7 7 7 .8
4 7 2 .4 2 3 .2
4 89 .42 7.3
5 0 8 .0 7 1 .6
5 2 1 .7 8 8 .6
5 2 9 .9 4 7 .6
5 3 1 .3 8 7 .6
5 3 4 .3 5 4 .6

o f th e c le a r in g n o n -m e m b e r b a n k s
18, b ased

on

a v e r a g e d a ily

r e s u lts :

L oans,
Disc" is
and
Invest­
m ents.

$
1,195,0
1,461,9
6 ,1 0 0,4
6 ,8 4 5,0
1,039,9
3 ,1 4 5 ,4
2 ,5 3 9,2
3 ,3 6 0 ,9
4 ,0 7 5,0
1,761,2
4 ,0 5 2,0
2,1 9 7,0
1,508,0
1,951,4

Legal
T ender
S p ecie.
and
B ank
N otes.

S
139,6
30,6
767 ,6
002,0
6 1,3
200,9
400,1
14,8
334 ,0
174,7
44,2
230,0
155,0
449,1

8
5 6 ,C
177,0
422,-1
505,0
109,3
294,1
3 2,0
680,2
400,0
5 4,0
782,6
76,0
38,3
3 1,0

D ep osit with
C lear­
in g
A g en t.

$
114,0
68,5
603,7
704,0
3 3 6 ,2
145,6
3 1 7 ,2
510,7
1,080,0
3 0 0 ,2
200,4
446,0
9 9,8
100,4

Other
N et
B a n ks, D eposits.
A c.

8
17,0
168,5
259,0
309,1
64,4

283,5
3 5,0
65,7

S
1,142,0
1,4 8 6,2
7 ,4 4 3 ,2
7 ,7 1 1 ,0
1,101,4
3 ,4 8 5 ,5
3 ,1 7 8 ,8
4 ,2 1 0,4
5 ,4 7 7 ,0
2 ,0 9 6,5
5 ,2 6 2 ,9
2 ,5 4 4 ,0
1,220,3
1 ,903,0

534,2 3 ,3 3 6,0
835,8 5 .3 8 8,4
882,0 11,140,1
1,015,3 7 ,1 0 0.0
587,6 3 ,7 3 6 ,0
1,947,0
149,5
023,5 3 ,2 5 0 ,0

41,1
437,5
557,0
211,3
358 ,6 1,214,0
640,0
3 21 ,0
05,0
637,0
132,4
123,4
299,0
80,0

350 ,5
1 ,0 0 5,2
1,540,7
1,423,0
066,0
180,2
403,0

1.86,1
173,6
208,5

1.272,1)
765,3
407,6

5 ,1 6 7,4
2 ,9 3 4 ,2
2,0 3 4,1

320,8
111,7
55,2

364 ,2
49,1
91,5

3 ,2 1 6 ,8
370 ,9
022,4

289,0
108,8
3 7,5

7 ,8 1 4 ,7
2 ,0 6 5 ,8
2 ,4 2 2 ,5

021,3
245,9

3 ,1 0 4 ,5
2,0 0 1,8

125,9
84,1

12,2
119,0

187,3
7 0,8

129,4
239,1

2 ,8 3 3 ,7
2 ,9 2 7,9

3 ,7 0 7 ,4
6 ,1 8 7 ,3
14,483,2
7 ,0 5 8 ,0
150,0 4 ,8 4 3 ,0
85,3 2 ,2 2 7 ,8
3 9,0 2 ,0 1 2 ,0

T o t . F eb . 18 7 ,497,0 12,717,6 93,098,4 6,523,1 7.279,6 15,105,5 2,910,1 109017,5
T o t . F eb . 11 7,497,0 12,717,6 92,309,5 6,490,4 7 ,506,4 15,133,8 2 ,590,2 107874,5
'1’o t . F e b . 4 7,497,0 12,717,6 02.333,1 6 ,497.9 7 ,155,0 14,355,2 2 ,922,4 107318,5




$ 80 ,20 1,7 06 $ 11 8 ,9 7 0 ,0 4 5

I lie

fo llo w in g

and

ta b le

sh ow s

th e p o r t o f N e w

s in ce

Jan.

and

1

th e

Y ork

1911, and

fo r

e x p o rts

and

w eek

im p o r t s

fo r

th e

e n d in g

th e

c o r r e s p o n d in g

of

F eb.

18

p e r io d s

in

1909:

EXPORTS

W e om it tu o ciphers (00) in all these fig u res.

B a n ks.

5S 7 ,04 1 ,7 8 5

AND

IM P O R T S

OF

T ot. M o n e y E n tire R es.
H oldings. on D ep osit.

R e p o r t s o f C l e a r in g N o n - M e m b e r B a n k s . — T h e f o l l o w i n g is

fo r

T o t a l 7 w eek s........................ $10 3,3 62 ,20 4

S P E C IE

AT

NEW

E xp orts.

YORK.
Im ports.

d o id .

§
$
2 ,3 2 7 .0 5 1 ,0 2,2 3 7,0 94 ,3
2 .3 3 0 .1 4 7 .6 2 ,2 4 4 ,1 2 8 ,2
2 .3 4 1 ,8 1 7 .9 2 .2 5 6.5 64 .0
2 .3 2 8 .0 8 0 .2 2.254.509.1
2 .2 8 7 .0 9 4 .2 2 .2 3 0 .8 1 7 .2
2 .3 1 4 .2 4 1 .8 2 .2 7 8.0 42 ,7
2 .3 4 6 .9 1 9 .6 2 .3 2 5 .5 6 5 .5
2 .4 0 0 .5 3 1 .9 2.3 8 8.2 02 .1
2 .4 1 2 .4 9 7 .9 2 .4 0 4.1 93 .5
2 ,4 3 2 ,3 8 9 ,8 2 .4 2 3.8 19 .1

th e s ta te m e n t o f c o n d itio n

1907.
$ 1 6 ,7 0 4 ,8 1 3
1 0 2 .26 5,2 32

1910

W e om it two ciphers in all these fig u r es .

D ec.
D ec.
D ec.
J an.
Jan.
Jan.
Jan.
F eb.
F eb.
F eb.

1908.
5 10 ,90 8,8 79
7 5 ,2 92 ,82 7

s p e c ie a t

p a st:

GREATER NEW YORK.

Loans and
Investm ents.

1909.
$ 10 ,05 6,7 85
7 6 ,9 85 ,00 0

tru s t c o m p a n ie s

C O M B IN E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S I N

W eek
E nded.

1910.
$ 13 ,11 0,4 71
9 0 ,2 51 ,73 3

F o r the w e e k _________________
P re v io u s ly re p o rte d _______

W eek .

S in c e J a n .l.

8 1,853
3 ,0 4 6
66,0 78

832',383
22,936
440,719
264,057

$70,977
36,173
197,961

$1,599,348

$23,000
Vo',666

235 ,00 0
4 9,875

$33 ,00 0
525,200
1,21 7,0 00

$ 93 9,8 45
3 ,6 5 2,4 63
12,692,125

$ 1 ,4 7 8 ,3 4 9
25,9 00

$ 8 ,5 0 1 ,4 7 4
408 ,10 0
16,493
52,8 05

T o ta l 1 911.
T o ta l 1910.
T o ta l 1909.
Silver.
G reat B r it a in ..........
F r a n c e ...........................
G erm a n y ____________
W est In d ies....................
M ex ico ______________
S ou th A m e r ica ______
A ll oth er c o u n t r ie s ...

1,244

T o ta l 1911........................
T o t a l 1910................. ..
T o t a l 1909...................... ..

above

W eek .

$15,644
23,609

G rea t B r it a in ...................
F ra n ce
_______
____
G e rm a n y ______________
W est In d ie s_____________
M ex ico _________________
S ou th A m e r ica .................
A ll o th er co u n tr ie s..........

O f th e

S in c e J a n .l.

‘ ‘ 600

1,600
700

$1,5 06 ,09 3
1,016,354
1,08 2,6 15

$6,9 81 ,17 2
5 ,9 6 7 ,9 7 8
6 ,9 9 4 ,1 3 8

im p o r ts fo r

th e

w eek

in

9 8 8 ,72 5

993,501
$109,148
4,762
4,141
13,707
262,537
240,021
247,935

$ 3 ,3 50
253
19,637
5 7 ,0 00
$ 8 0 ,24 0
57,951
81,642

1911,

$88 2,2 51

610,030
677,399

$ 1 ,7 8 0

w ere

A m e r i c a n g o l d c o i n a n d S 3 ,3 0 3 A m e r i c a n s i l v e r c o i n .

gawMtxg and ^financial.
R a ilr o a d

a n d

I n d u s t r ia l

S t o c k s

Let us send you our circular describing 110 ISSUES of listed Rail­
road and Industrial Stocks.
S p e n c e r

T r a s k

&

C o .

4 3 E X C H A N G E P L A C E , -------- N E W
C h i c a g o , 111.

B o s to n , M a s s .,

YO RK .

A lb a n y . N . Y .

Members New York Stock Exchange.

W

H

I

T

E

,

W

E

M em b ers N ew Y ork

5 NASSAU STREET,
NEW YORK

L

D

&

C

O

.

S tock E x ch a n g e .

THE R OOKERY;
CHICAGO

510

THE CHRONICLE

'Hankers' (gasette,

B o s t o n , 1 0 c . p e r $ 1 ,0 0 0 d is c o u n t .

N e w O r le a n s , c o m m e r c ia l,

50c.

$1

per

$ 1 ,0 0 0

S avannah,
W a ll S tr e e t,
T he
th e

M on ey

in te r e s t

g r o w in g
n oted

ou t

M ark et

and

N ig h t,

F in a n c ia l

w h ic h

cen tered

of

ch an ge

th e

F r id a y
in

in

s o -c a lle d
of

m a rk ets

G o u ld

M is s o u r i

In te r -S ta te

and

tra d ers

C om m erce

w ere

C o m m is s io n

S ta te s S u p r e m e C o u r t w h ic h
a ll

oth e r

in flu e n c e s .

s i o n ’s d e c is io n
c lo s e

of

F r id a y
w ay
to

th e

on

T h u rsday,

w ho

a n o t h e r r e s u lt o f th e
of

in v e s te d

b y

b y

th e

is

d iffic u lt

en orm ou s

T h ere
cotton
crop

it

is

a

lo s s e s

d e c id e d

to

of

drop

on

m illio n s

o f d o lla r s

in

sh a res.

th ose

r a ilr o a d s

in

to

be

every

ten d en cy

th a t

any

to w a rd s

I t is n o w

one

is

to

be

lo w e r

a

15c.

per

p r e m iu m .

$ 1 ,0 0 0

San

S ta te

and

B oa rd

in

th e

e a r lie r e s t im a t e s ,

th e

per

$ 1 ,0 0 0

$ 1 ,0 0 0

d is c o u n t;

p r e m iu m .

s e llin g ,

p r e m iu m .

S t.

P a u l,

80c.

T he

B ank

o f E n g la n d ’s w e e k ly

p ercen ta g e

of

reserve,

$ 1 2 ,0 0 0

h eavy

P a c ific

and

a c tiv e

N ew

have

U n it e d
B oard

been

S ta te

bon ds

4s

at

th e

la r g e s t e v e r p la n te d ,

w it h

th a t o f a y ea r a g o , w h en

T he

lo c a l

m oney

T he open
d u r in g
fr o m

w eek

to

on

is s u e s , n o t a b l y

th e b o n d

fo r

O th e r

p r a c tic a lly

th e

w eek

th a n

no

paper

4 3 ^ @ 4 % %
B ank

2s,
2s,
3s,
3s,
4s,
4s,
2s,

to

$ 1 5 ,0 0 0

1930 -------- ------ registered
1 9 3 0 ______ ---------- cou p on
1 9 0 8 - 1 8 ... . . . registered
1908-18 . . . -------- cou p on
1925 -------1925............. .......... cou p on
1 9 3 6 .P a n a m a Canal regts

th e

a g g reg a ted

averaged

bon ds

e x c e p tio n a l

q u oted

fo r

of

and

bon d

c o lla te r a ls

at

on

good

c a ll

4 @ 4 ^ %

fo r p r im e 4 t o
s in g le

E n g la n d

to

fo r

fr a n c s

E xch a n ge

w ere
60

ra n ged

2 @ 2 % % .

to

90

day

n am es.

w e e k ly

on

T h u rsd a y

th e p e rce n ta g e

lia b ilit ie s w a s 5 1 .8 6 , a g a in s t 5 2 .7 2

la s t w e e k .

$
. . .
In c.
D ec.
In c .
D ec.
In c .
In c .

Surp lus reserv e_____
Surplus, e x cl. U .S . dep .

1 ,8 1 9,4 00
2 ,3 3 2 ,6 0 0

3 3 1 ,8 9 3 ,7 0 0
3 0 9 ,2 1 3 ,3 7 5

3 5 6 ,9 8 9 ,8 0 0
3 4 3 ,4 4 4 ,7 2 5

3 5 ,8 4 3 ,4 0 0 D ec.

5 13 ,20 0

2 5 ,6 8 0 ,3 2 5

1 3 ,5 45 ,07 5

3 6 ,2 4 2 ,8 2 5 D ec.

531 ,07 5

2 6,1 03 ,47 5;

14,2 72 ,37 5

N o te.— T h e Clearing H ou se n ow Issues a sta tem en t w eekly sh ow in g th e a c t u a l
co n d itio n o f th e bank s on S a tu rd a y m orning as well as th e a b o v e averages. T h ese
figures, to g eth er w ith th e returns o f the sep arate b anks, also th e su m m a ry issued b y
th e S ta te R a n kin g D epa rtm en t, g iv in g th e con d ition o f S ta te b an k s a n d trust c o m ­
pa n ies n o t rep ortin g to the Clearing H ouse, a ppea r on the secon d p a g e p reced in g .
F o r e ig n
top ,
fo r

on

E x c h a n g e .— T h e

th e

c a b le

b a s is

(F r id a y ’s)

w e re 4 8 4 fo r s ix ty
fo r

days,

s t e r lin g

4 8 6 4 0 @ 4

c a b le s .
m en ts
4 8 3 x/

8650

fo r
on

8 3 %

T o -d a y ’s

and

1 -1 6

4 0 %

fo r

fo r

and

84.

4

th e
8 6 %

4s reg. at

Interest
Periods

F eb .
18

F eb .
20

Q — Jan
Q — Jan
Q — F eb
Q—-Feb
Q — F eb
Q — F eb
Q— F eb

*101
*101
*1 0 2 %
*1 0 2 %
*116
*116
*100%

*101
*101
*1 0 2 %
*1 0 2 %
*116
*116
*1 0 0 %

ra tes

8 3 %

P a r is

b a n k e r s ’ g u ild e r s

8680

84.

19%

le s s 3 - 3 2 ©
m a rk s

l-3 2 @ 9 5

w ere

fo r

d ocu ­

paym en t

b a n k e r s ’ fr a n c s

5

b an k ers’
le s s

s ix ty -

and

fo r

4 8 3 % @ 4

fo r

1 -1 6

fo r

4 8 6 7 0 @ 4

fo r lo n g a n d
95

8375

4 0 %

w ere

1 -1 6

le s s

fo r

1 -1 6 ©

r a te s fo r s t e r lin g a s q u o t e d

E xch an ge

at

3 1 c . h ig h

E xch an ge

P a r is o n
and

and

on

60

L on don ,

2 5 f. 2 8 3 ^ c.

a t B e r lin

4 9 p f . h ig h

fo r

days
2 5 f.

b y

a re p re s e n ta tiv e

and

4 87

2 9 % c .;

fo r

w e e k 's

s ig h t
ra n ge,

lo w .

L o n d o n , 2 0 m . 4 8 p f.; w e e k ’s ra n g e ,

20m .

4 7 % p f.

lo w .

T h e r a n g e o f fo r e ig n e x c h a n g e fo r th e w e e k fo llo w s :
S ix ty D ays.
Sterling, A ctu a l—
Cables.
Cheques.
. . . 4 81
4 8680
4 86%
.. .4 83%
4 8645
4 86%
P a ris B a n kers’ F ra n cs—
■- - 5 2 1 %
5 1 9 % less 1-16 5 1 9 %
5 1 9 % less 3-32
. . . 5 2 1 Jg
5 20 less 1-32
. . . 94%
. . . 94 9-16
ders—
. . . 40 09
. . . 40 06
T he

fo llo w in g

a re

th e

ra te s fo r




th e

fe a tu re s .

116.

T he

F eb.
21

F eb .
23

*101
*101
*1 02 %
*1 0 2 % n o n 116
DAY.
*116
*1 0 0 %

th e

in d u s t r ia l

A ll

w as

th a t

th e

F eb . 1
24

*101
*101
*1 0 2 %
*1 0 2 %
*116
*116
*100%

m ade
C o.

case

*101
*101
*1 0 2 %
*1 0 2 %
*116
*116 -*1
*100%

s h o w in g

a

2 p o in ts .

net

ch an ged,

h ow ever,

w ill

not

th e

is s u e s o p e n e d

b ecam e
fr o m

to

react

th is

F or

d a ily

T h e

fo llo w in g

v o lu m e
in

r u le d

A m e r ic a n
to

435,

fr o m

Sales
fo r
W eek .

dropped
to

to

p o in ts

w ent up

fr o m

a t 2 9 -3 2 .
u p fr o m

9 5 % ;

fr o m

6 %

to -d a y ,

th e

c lo s e

2 2 %

but

im p r o v e d
th e
6

fr o m

w eek

and

p o in t
K err

at

to

F eb 62
F eb 113
FebxlO -1
Feb| 1 1 %

F eb
Jan
F eb
F eb

and
in

on

sy m p a th y

fr o m

L ake
clo s e d

to 3 1 %
to

&

5

d e c lin e d

fr o m

;■

to

2 %

at

to

at
7 -1 6

at

to

O il,

ro s e fr o m

101

g a in e d

3

“ rig h ts ”

clo s in g

to -d a y

5s m o v e d

at

and

to

eased

to

L a

R ose

to -d a y

and

O u t s id e q u o t a t i o n s w ill b e f o u n d

7,

ends
on

a d ­

e x -d iv id e n d
2 1 %
6 %

rea ch ed
G ir o u x
and

o ff fr o m

to -d a y

fin is h e d

1 5 -1 6

m in in g

2 1 % .

I n s p ir a t io n

fin is h e d
10%

fr o m

rea cted

in

C o lu m b ia

5 %

to -d a y

fin is h e d

1 5 -1 6 .

to

C h in o

6 % .

6

C hanges

B r it is h

C ananea

and

r e c o v e r in g s h a r p ly

95.

c lo s e d

19%
6

S ta n d a rd

T e x a s C o. 6s, “ w .i.,”

dow n

6 % .

to

fr o m

up

3 0 %

e x -d iv id e n d , a n d

2 % ,

to 9 4 , a n d

6 1 3 -1 6 ,

7 %

to u c h in g

com m on

to

to -d a y
s o ld

P e n n s y lv a n ia

dow n

s o ld

G reen e

fin a lly

brok e

R u bber

S o u t h . B e ll T e lc p h .

w as

at

E xch an ge.

W e s te r n P a c ific 5 s w e re a c t iv e ,

and

1 3 -1 6 a n d
11

630

66.

and

and

to

th e

S tock

S o n s p r e fe rr e d

s ig n ific a n c e .

6 %

2 0 %

4

at

M a n u fa ctu r e rs

to -d a y

to

has

w hen

a t th e clo s e .

a n d d o w n to 9 7 .

6 9 -1 6

w eek

w eakened,

6 3 8 , s o ld

to -d a y

advan ced

o ff fr o m

th e

th is

to -d a y ,

In te r c o n tin e n ta l

b e in g

to -d a y

w it h

th e r e a fte r

to

“ cu rb”
u n til

13 p o in ts to 4 5 0 a n d

C ig a r

san k

th e

fe a tu r e le s s

440.

6 7 -1 6 .

8 % ,

H ighest.

23 59
24 110
23 ,103
23 1 1 %

2 0 %

recovered

Lowest.

F eb
F eb
F eb
F eb

to

to

R ange sin ce J a n . 1.

H ighest.

18 02
24 112
23 x l0 4
21 1 1 %

w it h o u t

fe ll

not

fo llo w :

F eb
F eb
F eb
F eb

c lo s e

van ced

o f sh a res

100 60
200 112
100x104
200, 11%

103 to 1 0 2 % .

w ere

520.

t h is w e e k

Jan
F eb
F eb
F eb
F eb
F eb
F eb
F eb
Jan
Jan
F eb

s o ld

sh a res

fr o m

S2 y3
x l2 ti
120
26c.
90 %
62
39%
135
106
78
40

to 9 7 %

th e

N ot­

a re

th e p a g e s w h ic h

|

g a in in g a p o in t to 9 6 , r e a c t in g
at

stock s

Jan
Jan
Jan
F eb
Jan
F eb
Jan
Jan
Jan
F eb
F eb

2 5 -1 6

9 6 %

page

lis t o n

B o n d s w e re q u ie t.

w e a k e n e d fr o m

see

occu rred

S u lz b e r g e r

and

m any

21 S2
23 108
24 116
18
20
23
21
23
20
20
21

and

620.

s t e a d y , w ith

m e n tio n e d .

F eb
F eb
F eb
F eb
F eb
F eb
Fbe
F eb
F eb
Feb
F eb

a recovery

70

fr e ig h t
7 p o in ts

S2%
115
120
25c.
89%
62
39%
131 %
1 05%
77%
40

U n ite d

to

to

21
23
24
23
20
23
23
20
21
20
20

at

33

q u ie t a n d

R ange f o r W eek.

o f a p o in t

1 0 1 % .

3

F eb
F eb
F eb
F eb
F eb
F eb
F eb
F eb
F eb
F eb
F eb

w eak

to

t o - d a y , w it h

W a s h in g to n

T h u rsd a y.

Lm ccsl.

T o b a c c o g a in e d

a fte r a g a in

lis t

abou t

300 8 2%
100. 15
10 20
1, 000 20e.
200 8 9%
100 62
500 3 9 %
>20 125
265 105%
31 7 7%
344 40

d u ll

fin is h in g

3 1 %

of

in c r e a s e

fr o m

d e c lin e

good

b u s in e s s

M a r k e t .— T r a d in g

u n ifo r m ly

m ark et

on

of

o u r d e t a ile d

R a top lla s iMInlng________
H uffalo R o c h & P l t t s b . .
C ent & Sou A m e r T c le g .
C om stock T u n n e l_______
C u b a n -A m cr S ugar, p rcl.
E v a n sv & T erre H a u t e -.
F ederal S ugar R e fin in g .
G eneral C h em ica l_______
P r e fe r r e d '.........................
Green R a y <fc W est d eb A
R u tla n d , p referred ..........
St L & S F — C & E Ills
n ow sto c k trust c e r ts .
S o P o rto R ic o S ug, p r e f.
U n ited C igar JIfrs, p r e f.
U S R e d u c & R e f. p r e f . .
O u ts id e

fr o m
to

stock s

a lo n g

average

new s

m ore

a

s a le s h a v e

STOC KS.
W eek a id in g F eb . 2 4.

been

th ese

and

of

B eet

T h e lo w e r fig u r e s a t t r a c t e d

th e

ten d en cy

3 t o 4 p o in t s lo w e r th a n

re p re se n te d

fe a tu r e

p o in ts .

a f t e r a n h o u r , m o r e o r le s s , o f w ild , ir r e g u la r

m o v e m e n t, th e m a rk e t
w it h s ta n d in g

record .

of

an

th is m o r n in g

a

ten d en cy

a b o u t 2 to 4

of 3

a llo w e d

la s t n ig h t ’s c lo s in g p r ic e s .

th e

is s u e s .

stron g

m ark et

b y

be

fe w

h ig h

stren g th

e n t ir e

a

fr o m

new

g a in

T he

th e

of

m ark et

d u r in g

M is s o u ri P a c ific a n d

a

w as

stock

n arrow

advan ced

a ls o

C h e m ic a l

r a ilr o a d s

p u rch asers an d

and
th e

P a c ific

over

th e

th e la tte r h a v e b e e n

lis t,

M any

40 26
40 24
at

in

o f a c tiv e sh a re s w e re , o n T h u r s d a y ,
a p o in t h ig h e r th a n la s t w e e k .

40 22
40 20

C h ic a g o , p a r .

excep t

g a v e a t o n e o f fir m n e s s t o

d e c lin e d

exch an ge

d u ll a n d

s t o c k s , a ll o f w h ic h

V ir g in ia -C a r o lin a

95%
95 plus 1-64

d o m e s tic

a t th e

fo llo w in g

F eb .
22

S t o c k s .— T h e

u n u s u a lly

w eek,

C a n a d ia n

95 1-16
95 less 1-32

u n d e r m e n t io n e d c it ie s a t th e c lo s e o f th e w e e k :

M is c e lla n e o u s

a bov e,

of

W abash

p o in ts .

exch a n ge

, T o - d a y ’s a c tu a l

C otton

G erm an y

and

h o u s e r e m a in e d
at 4 84
t h r o u g h o u t th e w e e k .

20m .

at

and

1 -3 2 f o r s h o r t .

T h e p osted

2 5 f.

w eek

s t e r lin g

4 8 3 % @ 4

paym en t

2 1 %

sh ort.

lo n g

A m sterd a m
le s s

fo r

fo r

4 8 3 6 5 @ 4

ch equ es

a ctu a l

5

le s s

w ere

banks

g r a in

le s s 1 - 1 6 @ 5

sh ort.

th e

s t e r lin g

fo r s ig h t.

4 8 3 % @ 4

(F r id a y ’s)

94 9 -1 6 @ 9 4 %

ra te s

4 87

exch a n ge

paym ent

4

and

w ere 5 2 1 %
19%

c lo s e s

dem and

n o m in a l

day

C o m m e r c ia l
fo r

2@

fo r

tra n sfe rs.

T o -d a y ’s
ra tes

m ark et

o f 4 863^

th e

b e lo w
1 90 9.
A verages f o r
w eek end ing
F eb . 20.

$
8
1 2 8 ,35 0,0 00
1 2 6 ,35 0,0 00
1 8 2 ,62 7,5 00
1 68,258,900
1 ,2 2 3 ,0 7 4 ,9 0 0 1 ,3 1 9 ,3 3 0 ,1 0 0
5 0 ,0 3 0 ,6 0 0
4 8 ,7 7 0 ,0 0 0
1 ,2 3 0 ,8 5 3 ,5 0 0 1 ,3 7 3 ,7 7 8 ,9 0 0
1 ,6 9 2,6 00
2 ,9 0 9 ,2 0 0
2 6 7 ,5 1 3 ,9 0 0
2 7 5 ,6 8 5 ,8 0 0
6 7 ,3 7 9 ,8 0 0
8 1 ,3 0 4 ,0 0 0

7 ,6 5 5 ,3 0 0
2 8 1 ,6 0 0
9 ,3 3 0 ,4 0 0
7 1 ,5 0 0
1 ,6 2 7 ,9 0 0
191,500

3 7 6 .0 2 5 .5 0 0 In c .
3 4 0 ,1 8 2 ,1 0 0 In c.

R es erv e h e l d ...............
2 5 % o f d e p o sits...............

pa rt

ra tes.

1910.
A vera ges f o r
w eek ending
F eb . 19.

D ifferen ces
from ,
previous w eek.

•s
C a p it a l...............................
1 33 ,35 0,0 00
S urp lus .............................
1 96.761.500
L oan s a n d d isc o u n ts___ 1,3 2 2,9 72 ,50 0
C ir c u la t io n ............ .........
4 6 ,3 83 ,30 0
N et d ep osits...................... 1 ,3 6 0,7 28 ,40 0
1,597,700
U . S . d e p . (ln cl. a b o v e )
S pecie ...............................
3 01 ,8 5 2 ,6 0 0
L ega l ten d ers__________
7 4,1 7 2 ,9 0 0

and

n oted

C o n s p ic u o u s a m o n g

a t 3 J ^ % , a s fix e d

a n d 5 ,1 0 0 ,0 0 0 fr a n c s s ilv e r .
N E W Y O R K C I T Y C L E A R IN G -H O U S E R A N K S .
1911.
A verages f o r
w eek ending
F eb . 18.

as

S u g a r g a in e d

sta te m e n t

T h e B a n k o f F r a n c e s h o w s a n in c r e a s e o f 1 ,3 7 5 ,0 0 0

g o ld

R a ilr o a d
w as,

en­

0 m o n t h s ’ s in g le n a m e s

T h e r a t e o f d is c o u n t r e m a in s u n c h a n g e d
F eb . 16.

lo w e r .

has

over

m e n tio n e d ,

* T ills Is th e p rice bid a t th e m orn in g b oard : no sale was m a de.

e a r ly

s h o w e d a n in c r e a s e in b u llio n o f £ 7 0 0 ,1 7 9 a n d
o f reserv e

3^%

M is s o u r i

m a r k e t u n u s u a lly

S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s

a re lim it e d

th e
and

a r e t h e d a ily c lo s in g q u o t a t io n s ; f o r y e a r ly r a n g e se e th ird p a g e
f o l l o w i n g . _________________

id e n t ic a l

easy.

T o -d a y ’s ra tes

d orsem en ts, 4 @ 4 )4 %
T he

a lm o s t

th e B a n k ra te w a s

co n tin u e s

stock

2 % % .

C o m m e r c ia l
and

now

m a r k e t r a t e f o r c a ll l o a n s a t t h e S t o c k

th e

1 %

m a rk et

is

at

104%

T u e s d a y ’s b u s in e s s

and

$ 4 ,5 0 0 ,0 0 0 , p a r v a lu e .
th ere

a fe w

m ade

th e w e e k .

$ 5 ,0 0 0 ,0 0 0 ,

of

Canal

tr u s t r e c e ip ts a t 5 0 .

in

W abash , have

above

Y ork

6s d e fe rre d

tra n s a ctio n s

th rou g h ou t

w e ll

B o n d s . — S a le s

$ 1 1 ,0 0 0

V ir g in ia

V ery

s t a t e m e n t s h o w s a s lig h t ly

w h ic h

per

p r e m iu m .

a n d th e w in t e r -w h e a t c r o p c o n d it io n s h a v e r e c e n t ly im p r o v e d .
lo w e r

p a r.

l- 1 0 c . p e r $ 1 ,0 0 0 p r e m iu m .

F r a n c is c o , 8 0 c . p e r $ 1 ,0 0 0

R a ilr o a d

in c lu d e

b e n e fit

p r ic e s

per

w ay

e v id e n t th a t th e c o t t o n

overru n

p r o m is e s t o

3 -1 6 e .

e q u ip m e n t , e x te n s io n s a n d

see

1 9 1 0 w ill c o n s i d e r a b l y
n ex t season

th e

m e n tio n e d .

a n d g r a in m a r k e t s .

a creage

a fte r

s e e m s in e v it a b ly

th e

p o s s ib le , in c lu d in g p a y -r o lls , n e w
b e tte rm e n ts,

C o m m is ­

p u b lic

bank,

M o n t r e a l, 3 1 % c . p e r $ 1 ,0 0 0 d is c o u n t t o p a r .

lis t o f p r o m in e n t r a il­

m any

d e c is io n

e x p e n d itu r e

th e

b u y in g ,

L o u is ,

$ 1 ,0 0 0

th e

U n it e d

p r e c ip ito u s

a lo n g

have

th e

of

m ade
a

fr o m

as p a ra m ou n t to

r e s u lt

w as

in

a lo s s o f

as

S t.

fe a tu re ­

m o r e o r le s s ,

fr o m

regard ed

o f ra tes,

7 p o in ts

th e re fo re

n u m b ers

c u r ta ilm e n t

w ere

fo r

is s u e s ,

P a c ific ,

d e c is io n s

and

im m e d ia t e

m a tte r

3 to

and

great

T h e

th e

b u s in e s s
o f fr o m

sh a res,

A s

in

a w a itin g

d is c o u n t;

C h a r le s t o n , b u y in g , p a r ; s e llin g ,

T h e in te r v e n in g

h o lid a y s e r v e d , n o d o u b t , to r e s tr ic t o p e r a tio n s
in v e s to r s

1911.

w e r e d u ll a n d

le s s u p t o t h e c lo s e o f b u s in e s s o n T h u r s d a y .
bu t

24

S it u a t io n .— E x c e p t

th e

con trol

la s t w e e k , t h e s e c u r it y

F eb .

[V O L . L X X X X tl.

g a in e d
at

a

M ia m i
at

w eakened

to

h a lf

8.

to -d a y

ends

6 %

1 9 % .

to

6 % ,

C o n s o lid a t e d

w as

at 4 % .
th e

page

w eek
520.

N ip is s in g
at

11.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
S A L E P R IC E S .
Saturday
F eb . 18

M on d a y
F eb . 20

105%
* 10 2 %
*121*2
10178
*88
78%
212*4
*62
*270
8478
*25
*5 0
*22*2
*46*2
126*2
*1 48
147%
*203
*135
152
*3

10G%
103
122
105*2
89*
78%
212%
65
280
857g
34
60
23*2
48
127*4
151
147%
210
145
152
3*4

*62
*97*2
57
*7 6
173*2
*169
*505
33%
*72
*69%
*14*2
2612
31%
50*2
40
128%
62*2
*13*2

65*2
10 0
5/
76%
73*;
171
530
33%
7234
73
15
26%
32%
51'%
40*.i
129%
62*2
14*2

106*2 107*8
102% 103
121% 122*4
105*2 105%
*88
89* _
78
78%
21134 212%
*62
65
*270 280
84% 85%
*25
34
*5 0
60
♦22*2 23*4
46*4 46*4
126% 127%
*148
152
148%
148
210
*201
145
*135
160
*150
*3
3*4
*6
7*2
*64
65*4
*97*2 100
*56*2 57*2
*76
76%
*73*2 76*2
169
171
*505
530
33*2 343s
*72
73
*6934 ____
*14
15
*2534 26%
31% 32'%
51
51%
39% 40*->
12334 129%
62% 62%
14
14

T uesday
F eb . 21
10634
*102*4
122*2
105*4
*88
78'%

89*4
78 %

212%
65
282%
85%
34
60
23
46*4
127*2
152
148*2
210
145
160
3%
8
65*2
100
57*2
76'%
76*2
171
628 .
35
74
____
15
2634
32%
51%
40
129-%
62*2
14%

106%
103
12 2
105
*8 8
789
213
*62
280
85
*25
*50
*22*2
*4 6%
126%
150
*147
*201
*135
*153
*3
*6
*64
*97*.
5738
*76
*73%
16934
626
34%
73*4
*69%
*13%
27
31%
51
39%
12878
023S
.*13%

96
96
96
134
*123
134
134
*123
135*2 §135
135
19%
10*2 19% ‘ 19% "l9*2
54
54
64%
53*2 64
18%
19% 19% *18*2 19
33
3234 3234
32*2 32%
77*2 *74
77%
3434
34% 34% ’ 34% 35%
67*2
67% 67%
67*2 67%
20
*17
20
*17
20
45
*37
45
*37
45
177% 176*2 178*4 177% 17734
66
*60
06
*61
66
146 *145
140*2 145% 145%
140
139% 13934 139-'% 139%
29%
2834 2 8 %
28% 29*g
54
64
*40
*46
54
143*2 14234 143% 143*2 14384
154
*153
155 + 152
153
00% *8934 90*8 *8934 90*8
34%
34% 34%
35
35%
67
67*2 *60% 67%
67
59%
67
59% 60*2
58*4
148 *142*2 148 *142*2 148
71% *70
71*2
70*2 70*2
3734 37%
38
37% 38
11134 112
112
11134 112%
62*2 *61
61
61
62*2
109 *101% 109
101*2 101%
93
*87
93
*87
93
150*2 150*2 150'% 150% 150-%
148% *148
149*2 14834 14834
43
42*2 43
*42*2 43
106% 106*4 106% 106% IO684
02
43% *43
44% §44
44
127% 126% 127*2 12 0 *2 127%
106 *100
107 * 1 0 0
107
110
*90
110
*90
110
107 *100
107 * 1 0 0
107
127*2 127*2 128% 127% 1277s
98
98
*96
*96*2 98
112 *105
114%
115% *105
159% 168
160
160%
159
91
*8 8
91
*87*2 90
98*4 *96*2 98*2 *96*2 98*2
32%
31% 32%
32
32%
62
61% 61%
62
61*2
♦65
67
67*2 *64
68
4234
42%
42
42*4 43*2
33*2 *32
32% 33
33*2
6734
67% 68
68
69
11934 119
119% 119% 119%
28
27% 28%
28*2
28*2
6534 66
66%
66
66
29
29*2 30%
28% 29%
10
10
9%
9%
10
8*4
*7%
*7*2
8*2
8*4
2334 24
2334 23%
23*4 2334
53
53% 533S
5338 53%
53%
110*; *109
•109
110 %
110% *109
178*4 179%
93% 93%
4738 49
7434 75
16*2 17%
36% 38*2
*. 0 % 61
•76
76%
*6
6
*14
16
7*2
7*2
♦61
63

B A N K S

....

.

H id

A sk

. .J ,..,

330
190
420
166
396
160
400
375
1209
300
115
165
4000

___ 7 - - - - —

I S a l o At S t o c k E x c h a n g e o r a t a u c t io n th is




„
T„ S T O C K S
N E W Y O R K STOCK
EXCHANGE

R ange since Jan u ary 1.
On basis o f 100s h a r e lots.
Highest.

Range fo r Previous
Y ear 1910.

1073s
103
12 2
105
89*4
78%
214%
65
280
85%
34
60
23
47*2
127%
150
148%
2 10
145
160
3*2
8
65*,|
10 0
57*2
76%
76%
16934
526
35
7334
—
15
27
31%
51%
39*2
129%
62%
14%

Lowest.

H ighest.

A

D

t

1

178% 179-%
*93*2 93%
483g 49
75
75
17% 18
38% 39%
60% 61%
*76
76%
6
0
15
IS
8
+7*2
02% 62%

H anks
C h a th a m . .
176
C h elsea ExTJ
180
600
610
C h e m ica l . .
237*2 242% Cl t ir e n s’ C tl
in s
120
C i t y .................
132IZ
C oa l & I ro n
390
410
C o lo n ia l
300
—
C o lu m b ia HC om tn erce .
1 56 * 1 6 0 " C o m E x U ._
138
146
E a st R i v e r .
fl7 0
F id e lit y ti
476
F ifth A v e^ l.
—
H id

Sales ol
the
W eek
Shares.

H
I

* ____
*123
135*2
19%
54
18%
*32
*75
3434
*66*2
*17
*37
176
*65
146
*138
29%
*45
143
*152
*3934
34%
*3G%
5734
*142*2
7134
38
111*2
*61
*1 01 %
1 *8 7
150
148*2
■ 43
106
! *82
*42%
126%
*1 00
♦00
*1 00
127*4
*0038
•100
158%
*9 0
98*4
31%
61*2
*65
42
*32*2
67
118%
28%
65*2
28*2
*9*2
*734

178
179%
*9 3% 93%
46
47%
73*2 74
16*2 16-%
36*2 36%
50*2 60*2
*76
76%
*5*2
6*4
*14% 16
*7
8
*60*2 63

F rid a y
F eb . 24

PAGES

fa il.
104*2 177.300
10 2
t c h T o p e k a & S a n t a Fe 100% J a n
124% J a n
<00% J T y
108 F e b
10 2
10 2
500
D o p r e f __________
10084 J a n 3 103% J a n 27
197 J ’ly 104% J a n
700 A t l a n t i c C o a s t L in e r "r "
119% 119*2
117 J a n 3 124 F e b
192*2 J’iy 137*2 J a n
10 2
103*2
6,405 l> a * t im o r e & O h i o ___
102 F e b 24 109*2 J a n 31
119% J a n
'u>% S en
89
*87
* + D o p r e f _____
89% F e b 3
91 J a n
94 j a n
87*4 S e p
76% 77*2 10.500 t fr o o k ly n R a p i d T rans’ t l
74% J a n
79i-> F e b
.s*-\ M s;
08*2 F e b
2 11
213% 13.000
195% J a n
214 ‘s F e b 23
176 ' F e b
202% N o t
*62
65
anada S ou th ern .
65 J a n 10
65 J a n 10
70 J a n
60*2 J ’ ly
*265
280
690 C e n tr a l o f N e w J e r s e y ' "
270% J a n
312 J a n
L48 J ’ ly
282 i« F e b 2 1
8134 83*2 35.300 C h e s a p e a k e & O h io
"
8634 F e b 8
80% J a n
92 J a n
65 A u g
C h ic a g o & A l t o n m i
34
*25
30 J a n 9
30 J a n
C6% J a n
23% J 'l y
♦
D o p r e f ________________ ‘
62*2
52 2 J a n 30
53 J a n 19
69 A p r
64*8 J *1®
1 . 1 0 0 J h lc G t W e s , t r u s t c t f s "
2 1*2 2 2
21*8 J a n 3
2438 F e b 6
36<s J a n
19
J ’ ly
44^4
D o p r e t t r u s t c t f s ___
910
43
43
F e b 24
40 J ’ ly
49% F e b
64*8 J a n
29.500 J h ic a g o M 'lw & S t P a u '. _
12 2 * 2 124
12 2 * 2 F e b 24 1 >3 ‘ 2 F e b
1583s J a n
113 3 4 J 'n e
D o p r e f _________________
149
20 0
149
147 J a n 3 1551-. F e b
172*4 J a n
143
S ep
146
1,900 C h ica g o & N o r t h W e s te r n 142*2 J a n 16 150 F e b
146*2
I 8 2 I2 J a n
137% J ’l y
D o p r e f _________________ §200 J a n
2 10
*201
§209 J a n
20 3 J ne 225 J a n
__
*135
145
137*2 J a n 11 137*2 J a n 11
140 A p r
162*2 F e b
D o p r e f.
160
10 0
*150
152 F e b 18 152 F e b 18 i 160 A p r
170% F e b
234 J a u 20
3%
*3
338 F e b
2*s D o e
6% J a n
D o p r e l c t f s s t r a n d ____
6“8 F e b 4
*7
7*2
7*4 F e b
12 *1 J a n
4% S e p
[ev e C ln C h ic & S t L . . .
6 2 F e b 14
63
10 0
63
66 J a n 18
61 N o v
92 *4 M ch
D
o
p
r
e
f
_________________
§97%
J
a
n
11
98 F e b
*97*2 100
104 J a n
99 S e p
55 F e b 2 1
700 - o l o r a u o & S o u t h e r n ____
65
60 J a n 18
65*2
46 J 'l y
u6 % F’e b
D o 1 t p r e fe r r e d _______
75 J a n 11
*75
77 J a n 24
76%
8 > M ch
10 J 'l y
D
o
2
d
p
r
e
f
e
r
r
e
d
.
.
73%
J
a
n
11
15
73%
J
a
n
11
*73*2 76*2
81 J a n
<0 A u g
e la w a r e & H u d s o n . .
164% J a n 3 172 F e b
500
z lG 6% 167*4
185 J a n
i49% J ’l y
e a w a re L ack & W e s t. 5 10
F e b 9 542*2 J a n 11
530
600
*515
.2 0
490 J 'l y
M ch
l
i
c
n
v
e
r
&
R
io
G
r
a
n
d
e
.
.
.
28%
J
a
n
3
7,100
35
F
'eb
15
33*2
62 J a n
31*2
23*4 J 'l y
D o p r e f _____________
68 J a n
3,650
74 F e o 21
69% 70%
84 J a n
6 2 >s j ’ly
"
693.,
6784 J a n
400 ii e t r o i t U n it e d .
74 F e b
69
45 J 'i y
68 D eo
13
10 0 D u lu th S o S h o r e & A tla ii
11 J a n
13
15*4 F e b 14
18% J a u
10
J 'l y
D o p r e f _________
566
24
22 Jan
2734 F e b 14
24%
84% J a n
17
j ’ ly
% le ...................................
27% .Jan 11
3234 F e b 20
28*2 30*8 62,000
34% J a n
19% J
■
*
D
o
1
st
p
r
e
f__________
483,|
4,900
48
4 5 % J a n 12
5178 F e o 20
35 J
52% M c h
D o 2 d p r e f _______ I I
3,800
36
35 J a n 9
37%
42 M c h
40*2 F e o 20
26*4 J ’
12 2
125*2 16.740 T re a t N o r t h e r n p r e f ______
122 F e b 24 131*2 F e b 1
118 J ’
1437s J a n
5S34 60%
Iro n O re p r o p e r t i e s ! "
3 ,230
56 J a n 5
6 j 34 F e b 2
60% J a n
45 J ’ - .
14%
*14
2
13 3 4 J a n 4
15% J a n 17
11 A u g
1 S% M c b
a v a n a E l e c t r i c ________
95% F e b 11
16 F e b 17
8SI-* Ja.<
97% A p r
D o p r e f _____________
* *94
96
96
9384 J a n 1 2
95 J a n 10
92 ' M a y
99 J a n
lo c k i n g V a lle y .......... ...........
134
*123
*123
131
112 J 'n e
]4 0 O c t
llin o is C e n t r a l__________
13434 135
*135
137
132 J a n 3 137*2 J a n 30
617
i5 l
JTy
1* 7
Jau
193s 19*2
n t e r b o r o -lle t r o p o llt a ii .
1S3S J a n 23
18% 19
4.400
2038 F 'eb 10
1 4 1., J ’ ly
15% J a n
D o p r e f ________________
5334 54
50% J a n 23
53
61
5,775
5538 J a n
w2 / s J a n
4 1 % J ’ ly
18 J a n 3
187S 187S §18% 18%
420
19% F 'eb 3
15
J **e 50 J a n
D o p r e f _________________
3234 32% *31*2 33
300
31*8 J a n 9
33**8 J a n 17
on J 'l y
54*4 J a n
*74
75
F e b 24
75
75
10 0 1 / C F t S <5o M tr c fs , p rel
75
F e b 24
77*2
68 A u g
80 F e b
l
Y
a
n
s
a
s
C
it
y
S
o
u
t
h
e
r
n
..
34%
32
J
a
n
3
35% 35%
J 'l y
35 *2 F e b 21
5.750
337$
44% J a n
C634 67
D o p r e f ______________
64% Jan 3
6734 F e b 2 1
67% 6 , %
1.300
63 A u g
71 J a n
J a k e E rie & W e . t e r n ___
16% 1 -cb 1
16 % F eb 1
*16% 20
*16% 20
2534 J a n
15 J 'n e
D o p re t.
37% D ec
39 J a n 23
62% j a a
*37
45 1 *35
40 J a n 13
45
1777S 171
177
171
F e b 24 181% F e b 3
173% D e c
175
42,900
18 6
N ov
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65
63 J a n 16
66
60% F e b 4
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60
J ’iy
7o% A p r
146*2 1467g 143% 144*2
142*2 J a n 25 14834 J a n 18
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140 *138
13 734 J a n 31 141 J a n 6
139
20 0
123 J[**° 146 O c t
2834 28%
28*4 28*2
U n n e a p o lls & S t L o u 's
1,300
25*4 J a n 7
5334 J a n
31 F e b 15
23 J ly
54
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64
D o p r e f ______________
§ 50 F e b 14 § 5J
F e b 14
80 F e b
40 SeD
143% 144
140
4.450
141%
132*8 J a n 4 144% F e b 17
14 5
M en
114 J T y
154
154
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D o p r e t _________________
216
14734 J a n 6 154 F e b 23
15 5 % M cb
144 J- ’ ne
8934 8934 ♦89% 90
D o le a se d lin e c t f s _____
500
8934 J a n 18
90*8 F 'eb 16
92% j a n
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35
o K a n s a s <5c T e x a s
31
34
35%
6,600
31
F e b 24
3G38 F 'eb 8
27 J’iy
I 1% J a n
D o p r e f _____________ . . .
67*8 67*8
66*4 6634
600
63*2 J a n 16
67*4 F e b 9
74% J a n
67 J 'l y
isou ri R a d lie __________
59% 60*2
55
68
6 3,800
4534 J a n 11
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142% 142*2
10 0
140% J a n 19 143 F e b 2
12 5
J ’ ly
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a t R y s o f M c x 1 st p re f
+70
600
71*2 *69*2 72
70 J a n 6
72*% J a n 26
60 F t b
72*8 N o v
D o 2 d p r e f __________
38%
373g 38
38
4,100
34*2 J a n 3
383S F e b 15
2 3 1*. J T y
37*2 NOV
if C e n t r a l & H u d s o n . . 10 734 F e b 24 115*2 F 'eb 3
111% 11178 10734 109*4 3 3,350
105*8 J 'i y
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62
62
61
61%
400
61
F e b 21
65 J a n 19
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D o 1 st p r e f .
107 *101% 107
* 10 0
20 0
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10934 J a n
D o 2d p r e f..
92
♦87
87
87
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98 J a n
1
4
8
%
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an
23
151*8 151% 150
150*4
3,200
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M ch
S u b scrip tion receip ts j/._ 146 J a n 17 14334 F e b 21 OR 43 J n e 6151 M c b
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600
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41% 4134
2 ,600
4078J a n 11
42'8 42%
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50 J a n
106
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9,0 0 0
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83*2 J ’iy
D o a d j u s t m e n t 'p r e f ___
90 J a n
9012 J a n 18
88 F 'eb
91% M c h
*43% 45*4 §45
45
10 0
39% Jan 3
42 F e b 9
35 F 'eb
40% D e c
126% 127
1 2 2 % 124% 36,400
116 J a n 3 12834 F e b 1
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14 oj8 J a n
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106
+ 10 0
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100 J a n 11 102 J a n 10
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100 O c t
110
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106 * 1 0 0
D o 2 d p r e l.
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108
101 J a n 11 102 J a n 11
118 J a n
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126% 17,600
127*8 1273.1 125
125 F e b 24 130% F e b 2
122*9 J T y
138*2 M c h
97
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07
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89 J ’ ly
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114% * 1 0 0
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110 O c t
116 M c h
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LV
1 st p r e f.
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88
89
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95
95
400
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91 J a n 5
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63
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59
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59 F e b 24
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............. J t L & S a n F r , 1st p r e f . .
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62 J a n 10
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3 ,500 C) D o 2 d p r e f ____________
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60 J a n
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33*2
20 0
24 J a n 13
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66
D o p r e f.
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26
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26 F’ e b 24
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63
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7.575
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h lrd A v e n u e (N Y ) ___
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.
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7*8 Jan 3
8*2 J a n 17
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1,740
22 J a n 25
2434 F e b 8
19 J ’ ly
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63
53*8
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1,500
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60 J a n 12
5378 J a n 5
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72%
Jan
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11 0 * 2 109*2 109*2
10 0
w in C it y
103 J a n 11 111 F e b
10 5 J ’ l y
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145 J a n
145 F e b
178*4 179% 174% 176
230,300
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93
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920
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D o p r e f ______
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8 .800
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7534 7534
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10 J a n
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10
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J ’ne
23 ja n
8
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7%
8
300
D o 2 d p r e f _______________
5 Jan 5
8 F eb
J 'n e
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63
64%
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57 J a n 3
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64 N o g

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Thursday
F eb . 23

W ednesday
F eb . 22

TW O

A N D

T R U S T

A sk

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340

Fifth .........

200
430
158
400
160

C O M P A N IE S — B R O K E R S '

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312*2 G o t h a m ___
125
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175
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4250

litd

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300
850
150
f 199
330
295
140
485
659
150
240
615
655

350
875
155
1201
350
305
145
575
155
250
630
665

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I r v in g N E x
J e ifc r s o n H ..
L i b e r t y _____
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210
145
600
400
325
250
245
15712
160
178
3'00
200
250

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Hid
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M u tu a l U___ 285
N a s s a u ____
260
N e w N c t h ’U 210
N e w Y o r k C o 925
N e w Y o r k . 307*2
N ’ h t & D a y U 250
260
250
1 9 th W 'a r d . 225
162*; P a c l d e l!_____ 230
170
P a r k .............. T370
182
P e o p l e ’s U__ 245
410
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205
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A sk

216
155
625

295
220
315
250
240
—

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R e s e r v e ___
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165
100
416
386
135
275
129
140
170
275
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stock .

140
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118
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124
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385

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M a n u f a o ’ rs'
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415
230
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245
160
270

A N D

300
130
165
160




T R U S T
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N

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320
620

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N o r t h S id e T* 159
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D o n r e t __________________
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99 J a n
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137
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341
D o p r e t _________________
12^18 J a n
138 F e b 23
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9
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8 <s J a n
10*8 J a n 2 5
81% 82%
79*2 80%
D o p r e t _______
6,850
77 J a n
82% F e b 9
56*4 5034
5273 541;
6,400 A m e r i c a n C a r & F o u n d r y
5 0 i2 J a n
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118 * 1 1 0
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D o p r e t ____________
115 J a n
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00
61*2
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5534 J a n 11
6 D2 Feb 2
D o p r e t ________
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*240
250
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240
A m e r ic a n E x p r e s s
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24
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D o p r e t ___________
300
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21
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1734 J a n 17
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13
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D o p r e t ______________
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31
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41
42
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D o p r e t _______________ *
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863,1 J a n 3
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1,380
103>8 J a n 3 106
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282
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D o p r e t _______________
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102
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50
50
46
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4334 J a n 3
5 2 i2 F 'e b 0
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120*2 F e b 2
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D o p r e t ..................
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111 J a n
1191* F e b 14
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145%
7 .2 0 0 A m e r i c a n T e i e p h c i T e l e s 14 0 i4 J a n
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97
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9313 J a n
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32
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3 0 '2 J a n
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9534
94*4 9434
D o n r e t ____________ 1 1 1 1
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9 H 2Jan 3
96 F 'e b
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39
99
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59 J a n 3
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139
8 50 B r o o k ly n U n io n G a s .
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9 Ja n 6
1034 F e b 15
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B u t t e r lc k C o ___________
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28 F e b 16
30*2 F 'e b 8
30
303.,
30*4 31
7 ,2 5 0 I C e n tra l L e a t h e r
2 8 U J a n 11
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104
104
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D o p r e t _______________
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10 0 J a n 11 1 0 5 F e b 10
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353.,
33
33*4
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31 J a n 3
363s F’ e b 6
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____
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____
3 Feb 9
414 F’ e b 8
14134 142% 13S3S 141% 19 .5 9 2
13534 J a n 3 1453s F 'e b 14
13% 1334
11 *4 14%
1 ,2 0 0
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15 J a n 6
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79
79
79
79
500
7 4 i2 J a n 10
80 J a n 2 3
re x C a r p e t .
♦ 65
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60 J a n 26
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323s J a n 11
37*2 F e b 2
35
35
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300
1734 J a n 28
36
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63
63
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1 ,1 3 0
481s J a n 11
65*8 F’ e b 16
+154
156
152
154
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1497s Ja m 12 155*2 F e b 10
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774 J a n 3
11734 11834 11 6 5 , 11 7
8 ,0 0 0
n t H a r v e s t e r s t k t r e tts 109 J a n 3 121*2 F e b 20
+12134 124
123*2 123*2
7 7 7 -• D o p r e t s t k t r e t t s ___ 122*4 J a n 3 I 2 H 4 F’ e b 6
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4t2 J a n 18
57S J a n 30
1738 17%
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D o p r e t . . _____
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15*2 J a n 17
18 J a n 24
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D o p r e t _____ ______
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5638 J a n 17
43
43
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43
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3934 J a n 26
44 F e b 8
86-% 86%
D o p r e t ___________ ____
♦ 88*2 89
600
84% J a n 26
89 F e b 11
1 1 134 1 1 2
112% 11 3
2 .7 3 0 L a d e d * G a s ( S t L ) c o m l l 10 0 J a n 3 11412 J a n 20
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2 10 M a c k a y C o m p a n ie s . .,
*92*2 04
91*2 F e b 24
95 F e b 2
D o p r e t __ . . . _______
76
76
*75
76*3
4 00
7434 J a n 18
7634 J a n 13
a t io n a l B i s c u i t ____
660
♦ 122
1 2334 121*2 1 2 2 %
11714 J a n 16 125*4 F e b 2
D o p r e t _________
* ____ 12 7
50
*124
12 7
124 J a n 20 1 3 0 F e b 4
900 N a t E n a m e l ’s i t S t a m p ’ g
*16
18
1 7 J a n 10
18 J a n 18
17% 1 8
D o p r e t .....................
10 0
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93
*86
03
85 J a n 6
90 F e b 18
2 ,0 0 0 N a t io n a l L e a d __________
56
56
54*2 5 5
54 J a n 12
59 F e b 2
D o p r e t _______________
*105*2 107*2
315
106
107
108 F e b 23 IO 8 I2 J a n 16
Tot/ f ' n a D o . i r , , , . n . 3
4 ,2 0 0
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18% 18%
5 18 % J a n 3 5 2 0 F e b 0
10 0
70
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73*2 + ____
7 0% J a n 3
72*8 J a n 27
68
69%
2 ,2 0 0
71
71%
64 J a n 10
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25-% 25%
a c if i c M a l l . . .
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2 5 J a n 25
29*2 J a n 4
49*2 60%
50*4 50*2
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44 J a n 3
54*3 J a n 31
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1 ,2 0 0 P e o p le ’s G L & C ( C h ic )
1 0 5 F e b 24 109 J a n 19
106
106
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787
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+ 19
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20
750
1714 J a n 3
2 2 F’ e b 10
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70
71
400
p r e t _________
6734 J a n 4
72*2 F e b 1
32*4 3 3
35*2 35*2
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99
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98
98
D o p r e t _________
500
0214 J a n 3
99*s F e b 23
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119% * 1 1 7
119
1 ,1 0 0 b i b i_____________ ,
116*8 J a n 31 12o F 'e b 7
* 16 0
161
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160
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159 J a n 3 163 J a n 30
* 36
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3 1 J a n 11
3 8 F’ e b 3
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20 0 H
D o p r e t ______
92 J a n 3 100 F 'e b 23
34*2 34%
32*2 3334
4 ,0 10 t e p u b l lc i r o n & S t
3 U4 Ja n 4
35* i F’ e b 6
99
99
9734 98
D o p r e t ___________
650
93 J a n 4
9 93g F e b 1
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192
* 18 7
192
_______
18 5 J a n 3 19 2
Feb G
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52
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1 ,1 0 0
60 J a n 26
56*4 F e b 6
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112
F e b 14 1 1 2 F’ e b 15
3 83, 38%
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13612 130*2 134
135
8 75
13 1 J a n 24 136*2 F 'e b 1
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90
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92 J a n 24
90 F e b 2 0
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10
n io n B a g & P a p e r . ___
200
8 J a n 25
9 Feb 9
* 58
59*2 * 58
59*2
D o n r e t ___________
13 0
6634 F e b 3
59*2 J a n 3 0
106*2 106%
1 ,0 2 5
100*2 J a n 27 106*4 F e b -0
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107
D o p re t.
603
102*8 J a n 5 10 7
F’e b IS
18
19
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S C a st I i
2 ,18 8
1 5 J a n 10
19 F e b 23
59
61
59% 69%
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600
60 J a n 16 1 6 1 F 'e b 23
*100
105
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105
13
9 5 J a n 7 § 1 0 5 J a n 27
0834 6834
67
67
600
05*8 J a n 2 5
69^4 F’ e b 9
45
45*2
43
433.1 14,994
36 J a n 6
46 F 'e b 20
113*8 113% 1 1 2
112
2 ,5 4 0
D o 1st p re t.
109*2 J a n 18 11334 F e b 21
77*2 77*2
D o 2d p re t.
76% 76*s
2 ,2 0 0
72*2 J a n 31
7 8 F’ e b 20
803s 81%
7634 78% 5 0 3 ,2 1 0
7138 J a n 3
82*8 F e b 6
11 9
119*4 1173., 118%
D o p re t.
6,460
116*4 J a n 3 120*3 F e b 4
44% 4 5
♦ 45*2 46*4
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65
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126
126
D o p re t.
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12374 J a n 3 126*2 F e b 24
52 J a n 6
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165
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165
481 yyejls Fargo & Co.
§ 1 5 0 J a n 18 16 5
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73*4 7334
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73 J a n 3
76*2 J a n 19
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69
69
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D o 1 s t n r e t ______________ 11 8 J a n 14 1 2 3 J a n 5
* 119% 119% * 1 1 5
120

B id

Banks

B ro o k ly n

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T h u rsd ay
F eb . 23.

W ed n esd a y
F eb . 22

T u esd a y
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330
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C O M P A N IE S — B A N K E R S '
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118
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290
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160
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315
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460
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1580
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F 'u t t o n _____ 290

T r u s t C o ’ s BUI
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G u a r d i a n T r 15 0
H u d s o n ___
___
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L a w T I & T r 2 50
L i n c o ln T r . 11 2 5
M a n h a tta n
375
M e r c a n t ile . 7 00
M e t r o p o l’ t’ n
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7 2
17
55*.
35
9 3 I4
14
89
f 2*2
11 9
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62
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109

H ig h e s t.

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90-*. J a n
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103 o a n
i t *• J a n
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D ec
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J ’ ly
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29*4 M e b
17*4 j a n
10*8 J ’l y
467,i J a n
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0212 J a n
29 J ’ ly
116 J a n
102*2 A u g
3*4 D e c
8 Feb
28*’ J ’n e
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90*8 J a n
1 2 ~ J ’l y
61% J ’ l y
104 J a n
112*: J a n
98*4 J ’ i y
245
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D eo
38 J ’l y
66 J a n
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124
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125 J ’ l y
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28 J ’n e
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99*4 J ’l y
22*2 J ’l y
3 Sep
122*2 J ’l y
111- J u e
703s J ’l y
65 A p r
2514 J ’l y
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to 4
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65 J a n
16412 J a n
18*8 J a n
33 J a n
483.) J a n
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60 J a n
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88 J a n
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120-3 J a n
129 J a n
7 i2 J a n
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9034 j a n
116*2 J a n
08 O c t
7834 O c t
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136 j a n
38*2 J a n
96*2 J a n
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llo i2 Ja n
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95*2 J a n
84 J a n
43*4 J a n
46*4 J a n
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1-73., J a n
85 J a n
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1 1 6 i2 J a n
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12533 J a n
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Q U O T A T IO N S .

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160
160
300
255
____
400
725
4 50
__
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1240
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A r g e n t in e — I n t e r n a l 5 s o l 10 0 0
I m p e r i a l J a p a n e s e G o v e r n i n '!
S t e r l i n g lo a n 4 * a s............1 0 2 6
2 d a e r ie s 4 *as...................1 0 2 5
S t e r li n g lo a n 4 s ...............1 0 3 1
R e p u l) o l C u b a 5 s e x t e n d e b t ..
S a n P a u lo ( B r a z i l ) t r u s t 5 a 1 0 1 0
U S o l M e x ic o s t g 5a o l 18 99
G o ld 4 s o f 1 0 0 1 .................. 1 0 5 4
M im e a n i l C i t y S e c u r i t i e s
N Y C i t y — 4 * 4 8 ..................... 1 0 0 0
4**8 r e c t a i n t f r o J a n 2 4 lo t io
4 % C o r p o r a t e S t o c k ........19 69
4Vu C o r p o r a t e s t o c k ___ 1 0 5 3
N e w 1 H iS ............................. 1 0 5 7
N e w 4 H /s ............................. 1 0 1 7
4 *3 % C o r p o r a t e S t o c k . . 1 0 5 7
4 *3 % a s s e s s m t b o n d s ____1 0 1 7
4 % C o r p o r a t e S t o c k ___ 1 0 5 7
N Y S ta te — C a n a l I m p t ls . lO d O
S o C a r o l i n a 4 His 2 0 - 4 o .........1 0 3 3
T e n n n e w s e t lle m e u t 3 a . . 1 0 1 3
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1 0 1 * 3 1 0 1 *e F e b ’ l l . . . . 1 0 1
1 0 1 >»
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103*.
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......................101* 4 J ’ l y ’ l O ..........................
lid
l i d Ha l i d
lid
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110
110
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1 0 2 Hj 102=4
09
0 0 Hi
104=8 1 0 4 7 8

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47

97*4 9 9
8
7 94*3 95*V,
9 94=8 90*4
96
13 8 9
8 102 4 104
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97=4
97
'l
36
93*3 9 4 E
o t $ 5 to T .

10 1* 4
1 0 1 Ha 9 7 9
U U ’g
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9 J= s
09*4
9 9 Hi
9 9 Hi
108
108
10 2 Hi D e o ’ 10
107=4
108
102=8 F o b ’ l l
9 9 's
00*4
1 0 4 7e 4 0 4 78

100=4 1 0 1 7b
1 0 0 7s 102*8
98 °» 0 9 78
0 8 Ha 09=4
1 0 d 7s 1 0 8
10(1 Hi 1 9 8
102
103
08=4 99=0
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12

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02

it u ilr o m .
la b a m a C e n t S e e s o U y
la b a A l l d l S e e A t C o a s t C in e
A lb a n y >K> S u s a s e e D e ic e U u u
A lle g h e n y V a l l e y S e e P e n n H it
A ile g & W e s t
see B un u & p
A n n A r b o r 1 s t g 4 a .......... A 1 9 9 6 G - J
2
83*4
83*4
83*4 S a le
78 7s 83*4
A t e ll T cli S F e — G e n g 4 a . 1 0 0 5 A -O
98=4
0 9 *t 116 98*« 99'h
00
s a le
i t e g i a t e r e d ........................... 1 9 9 5 A -O
0 b n8 ......... 98=8 F o b ' l l ....
98=8
98
A d j u a t m e u t g 4 s ............A 1 0 0 6 N o v
91=4
0 1 Hi 9 1 7s 91=4
0
91*3 92*3
1
R e g i s t e r e d .................... /tlO O o N o v
02 Jan T o
S t a m p e d ......................... A 1 0 0 5 M -N
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y2
11 9l=a 92Hi
1 0 7 G 109
C o n v 4a is s u o o l 1 0 0 0 .. .1 0 5 0 J - D
l 105 169*4
1 0 8 Hi 198*3
C o n v g 4 a ............................. 1 9 6 6 J - D
1 0 7 Hi s a le 1 0 7
100
118 105*4 109=4
1 0 3 7a S a lt 1 0 3 Ha l d 4
C o n v 4 s ( is s u e o t l o i u j . t o o o J - D
103 102 Hi 164
1 0 .1=4 S a le 100
1 0 -y e a r c o n v g o s ..........1 0 1 7 J - D
l'-O
108*4 116=4
0 0 *8 .......... 0 8 7s J a n T O U ,
D e b e n t u re s 4 a S e r ie s J . 1 0 1 2 F - A
S e r i e s l i ............................ i o i 3 F - A
0 8 7a .........
98 E F o h ’ 10
07
.......... 0 7
E a s t O k la D i v 1 s t g 4 s . . 1 9 2 8 M -S
07
" 7 ”96*i 97=8
S h o r t C i n e 1 s t 4 s g ..........1 0 5 8 J - J
.......... 0 3
03
03
12
93
93E
110
111
S b 'o P r e s Jb P l i 1 s t g 6 s . 1 0 4 2 M -S
1 0 9 Ha D e o ’ 10
A t l K n o x Jc N
S ee C & N
94*4 S a le
A t la n t i c C o a a t 1 s t a 4 a . / i l 0 5 2 Al- S
94
94*4
93 7a 94=8
100
100*4 1 0 9
S o p ’09
A l a M id 1 s t g u g o ld 5 s . . 1 0 2 3 M -N
0 4 = i ......... *J4®8 N o y ’ 1 0
B r u n s * W la t g u g 4 a . ,1 0 3 b J - J
1 3 4 * 4 ..........
C h a r le s * S a v 1 s t g 7 s . .1 0 3 0 J - J
04
s a le
0 3 * i " * 9 4 G "62 ' 92= 4 '96*i
C * N co U g 4 a ................ o l 0 5 2 M -N
.24*8 D e o ’ lO ...J
124=4 1 2 7
8 a v i f <fc W 1 s t g o ld 0 s . . 1 0 3 4 A -O
......... 11 1* 4
111* 4
9111 111*4
1 s t g o ld 6 a ........................ 1 0 3 4 A -O 1 1 1
05
J ’l y ’ 10
0 5 = 8 .........
811 S p O c a & G g u g 4 a . . i O l b J - J
A t la n t i o * D a n v S e e S o u t h R y
A u s t in * N W A cs S o u P a c l l i c
02=8 0 3
02*4
02=4
92*4 93
a l t & O h io p r i o r I g 3 * u s . l 9 2 6 J - J
01*4 O c t ’ 0 9 . s
R e g i s t e r e d .................. / t l 0 2 5 0 - J
0 8 7* H alo
08=4
90*« 61 98
99>«
G o ld 4 s ............................... A l O l b A -O
0 8 *s F e b ’ 11 ....
R e g i s t e r e d .................... A 1 9 4 8 G-J .......... 08
98
98*8
I l l ’ s ........ 1 1 2 *s D e c T O
P it t a J u u o 1 s t g o ld 0 s . . . 1 0 2 2 J - J
8 8 *» 8 8 Hi 88 *4 F e b ’ l l . .J 87=4 8 8 ^
P J u u <& A l D i v 1 s t g 3 * 3 8 1 0 2 6 M -N
01
02
0 1* s
91=8 1 2 91*3 92 tl
P C E * W V a S y 8 r e t 4 s l 0 4 1 M -N
90=8
00*8 00=4 00=8
S o u th w D iv 1 s t g 3 * a 8 ... 1 0 2 5 J - J
88H
i 91
0 0 Ha......... 8 9 *3 A p r T o . “ l
R e g i s t e r e d ................ . . A 1 0 2 5 G - J
M a r T O ....I ...... ..........
1 0 0 * 4 .......... 1 0 3
C o u O h io R 1 s t o g l T s . . i 9 6 0 M -S
110
.......... 1 1 0
D e c ’ 10
U1 C o r * VV c o n 1 s t g 6 a 1 0 3 3 A -O
1 0 2 * 4 ......... 10 2 * 8 1'« b ’ l l . . . i o 2 * i i ’o 2 *i
M o u o n U l v 1 s t g u g 6 s . . 101*3 F - A
1 0 0 = 8 .......... 1 1 2
D e o ’ Uii
O h io R i v e r R R 1 s t g 6 s . 1 0 3 0 J - D
103
1 1 0 ‘s 1 0 7
J a n ’ l l ,...' 107
G e n e r a l g o ld 6 a ..............1 0 3 7 A -O
107
113
114
1 i 3H i F e b ’ l l . . . . 113H a 113=4
P it t a C l e v d b 'l'o l 1 s t g 0 s 1 0 2 2 A -O
0? ^ ....
07**8 F o b ’ l l . . . . 1 07=8 y 1=8
P i t t s * VVeat 1 s t g 4 a . . . 1 0 1 7 J - J
100
N o v ’O l
S ta t la l R y ls t g u g 4 H is l9 4 3 J -D
B e e c h C r o o k s e e N Y c * 11
B e llo v * C a r S e e l U l u o l a C e n l
B k l y n * A lo n t a u k S e e D o u g 1
B r u n s * VVeat S e e A t l C o a s t C
B u lla lo N Y * E r i e S e e E r i e
113
113H a l l C H i J ’ l y ’ 10
B u lla lo R * P g e n g 0 a . . , 1 0 3 7 M -S
C o u a o l 1 H is ......................... 1 0 6 7 M -N 1 0 6 Ha 107*4 1 0 8 *s D e c T o
07
..........1 0 7
P e n 'll . ... j 0 7
A l l * W e s t 1 s t g 4a g u . . ! 0 0 S A -O
07
1 0 8 * 8 ......... t o o
J ’l y ’ o a ,
0 1 * A la h 1 s t g u g 5 a . . . . l 0 4 3 J - J
1 1 3 = 8 ............1 1 5
J ’ u o ’ lO ,
R o o li * P i t t a 1 s t g O a ... 1 0 2 1 F - A
C o n s o l 1 s t g Oa.............. 1 0 2 2 J - D
116
11 7* 4 1 1 0 Ha f o b ’ l l , [."'liieHa i i o 's
38
.......... 7 2
M a r’1 0 ,
B u l l * S u s q 1 s t r e t g 4 8 .U 1 9 5 1 J - J
B u r O It * N
S ee O It 1 * P
103
10 3 * 4^ 1 03 *a 1 9 3* 4 '
1 103
10 3=8
la n S o 1 s t e x t O a ............. 1 0 1 3 J - J
2 1 0 0 7s 1 0 1 = 8
1 0 1 Ha 10 1* 8
191*8
'2 d 6 a .....................................1 0 1 3 M -S 1 0 1
R e g i s t e r e d ........................1 0 1 3 M -S ........ 101*8 100=4 J a n ’ l l . . . 10 0= 4 190=4
O a rb * S h a w n S e e H i C e n t
C a r o li n a C e n t A re S c a b A i r C
C a rth a g e * A d S ee N Y O * H
C e d It l a If * N
S ee B O R & N
C e il B r a n c h R y s e e A Io P a o
C e nt o t U a R R 1 st g 6 s . .p l9 4 5 F -A
. . . . 11 2 * 4 112*4
1 1 2 * 4 ......... 112* 4 F o b ’ l l
C o n s o l g o ld 6 a .................... 1 0 4 5 M -N 1 0 7 Ha 1 0 0
1 10 7 * 4 1 0 9
108*4
108*4
R e g i s t e r e d ........................1 0 4 0 M -N
..........1 0 8
113
A p r ’0 6
1 s t p r c l in c o m e g 5 a . . . . p l 0 4 6 O c t
..........1 0 1 Ha 1 0 0
100
35 100
1 0 2 Ha
S t a m p e d .................................... 1 ____ ♦ 1 0 0
101
102
D e o ’ lO
2 u p r e l in c o m e g 6 a . . . . p l 0 4 5 G e t
05
s a le I 0 5
06 |
2 d p t o l in c o m e g 5 a s t a m p e d . . . . .......... 0 6
8 8 ’*» N o v ’ 10
3 d p r e i in c o m e g 0 s . . . . , p lU 4 6 O c t
85
S a le I 8 6
85
86
09

A

B

C

lU lS C E D I iA N K O L liS
H t r e c t U n ilv v n y
B r o o k ly n R a p X r g 5 s ........ 1 9 4 5 A -O
1 s t r e f u n d c o n v g 4 s ___ 2 0 0 2 J - J
B k C it y ls t c o n 5 s . 1 9 1 6 .1 9 4 1 J - J
B k G C o J i S c o n g u g 5 8 .1 9 4 1 M -N
B k l y n U u E l l s t g 4 - 5 S .1 9 5 6 F -A
S t a m p e d g u a r 4 - 5 s ____1 9 5 0 F - A
K lu g s C o E l l s t g 4 s . ...1 9 4 9 F -A
S t a m p e d g u a r 4 s ..........1 9 4 9 F - A
N a s s a u E l e o g u g 4 s ____1 9 5 1 J - J
C o n n R y A D 1 s t 3c r e f g 4 Has’ 5 1 J . J
S t a m p e d g n a r 4*33 ..........1 9 5 1 J - J
D et U n i t e d 1 s t c o n g 4 * 3 8 .1 9 3 2 J - J
H a v a n a E le c c o n so l g 5 s . 1 9 52 F -A
[ n t e r - M e t c o l l 4 Has..............i9 6 0 A -O
i n t e r R a p T 3 - y r c o n v 6 s . 1 9 1 1 M -N
4 0 - y o a r 5 s B e r io s A ........ 1 9 5 2 M -N
n t e r n a t T r a o c o ll t r 4 s . .1 9 4 9 J - j
f a n l l n E l e o 1 s t 3b c o l l 5 s . 1 9 5 3 ) m . s

(




UONDS
N . Y. S T O C K E X C H A N G E

W kkk

— 3J5
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E n d in g F k b 24

/or iiiz o . m

P r ic e
b r id a u
b eb 24

a n d d e fa u lte d b on d s.

W e e k 's
lta n g e o r
L a s t S a le

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S in ce
r 'J a n u a ry 1

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Cent ol Gu R K —( c o m
Hia
A s k L ow
f t i q h A o L o w J lig h
3 d y r e t in c o m e g 5 s s t a m p e d .
♦ 85
90
8 5 *s O c t ’ lb
C h a u D iv p u r m ou g 4 s . i ! ) 5 1 J -U
87
90
87=>, F e b ’ l l . . . . ‘i fc/=a 8 7 = i
A iu o & N o r D i v 1 s t g 5 8 . 1 9 4 6 J - J
____ ... 1 6 5 H i- 'a n T l . . . . 1 6 0 165*1
164
A lld G U Jc A t l D i v 6 a ____1 9 4 / J - . I
'1
105
115
JN o v'05
M o b i le D i v 1 s t g 5 s .....1 9 i 6
108=4
168=4 F e b 11 . . . . ib ‘8 '4 168=4
J -J
C o u R i t & D o l G a c o l g o s 1 0 3 7 Wl. N
162
J a n 11 . . . . 1 6 2
1 6 3 ‘s 10 2
102
C e n t ox N J g e u ’ l g o ld 5 8 . 1 9 8 7
123
>23
123* 123
2 122*4 123*1
R e g i s t e r e d ................... / i l 0 8 7 o . j
122
123
1 2 3 Hi F e h ’ l i . . . . : 122*8 123*1
A m D o c k Ao i m p g u 6 s . .1 9 2 1 J . j
108
J a n ’ l l ....|jl0 8
168
108b
B e & llu d It g e u g u g o a 1 9 20 j . j
1 6 6 Ha........
D o ll * W i l k s B C o a l 5 s . .1*312 jf.p J
16 6 Hi 10 1
::::::
1 0 0 Hi D e c ’ l o
N Y <fe D o n g B r g e n g 4 a 1 9 4 1 . y . s
9 9 = 8 ........
9 9= 8 D e c ’ 1 0
C e n t P a c in o
s e e s o P a e u ic C o
C e n t V e r m o u t l a t g u g 4 a . e l 9 2 0 Q .y
90
S a le
00
90=i
8 7 Hi 9 0 ^|
C lia s & s a v S ee A t l C o a s t D m e
d i e s db O h io g o ld 6 s ..........a l O l l A -O
100
N o v ’ lO
G e n f u n d in g <fc i m p t 5 a . l ‘3 2 9 j . j
1 0 4 Ha 1 6 0 1104=4
104 H
3! 1 u 2 78 1 0 5
1 s t c o n s o l g 6 3 ....................1 9 3 9 M -N
112=4 1 1 3
112= 4
112=4
9 ,1 1 3 = 4 113*1
R e g i s t e r e d ........................1 9 3 0 m -N
..........1 1 3
| 1 1 2 Hi J a a T o
G e n e r a l g o ld 4 His.............. 1 9 9 2 M -S
1 0 0 Hi S a le TOO Hi
101*8 1 4 t o u t Ib ’i * j
R e g i s t e r e d ....................... 1 9 9 2 m - s
..........1 0 0
1 0 1 ' b J ’u o ’ 16
C o n v e r t ib l e 4 Has ..............1 9 3 0 f -A
9 0 7t s a le
96
9 7 Hi
64
9 7 *s
B ig s a n u y 1 s t 4 s .............. 1 9 4 4 j . j j
87G
S i)
F e b ’l l
89
89
C o a l l t i v R y 1 s t g u I s ..1 * 3 1 5 j - o
S O ’ h 87*4 80=4 N o v ’ Jo
C r a i g V a ll o y l s t g 5 s ____1 9 4 0 j . j
162=4
1 6 1 H, S e p T O
P o tts C re e k B r 1st 4 s . . 19 46 j . j
4
96
J a n ‘69
i t <C A D i v 1 s t c o u g 4 s . . 1 9 8 9 j . j
90=4 96=4 9 6
F o b ’l l
90
96
2 d c o u a o l g 4 s .................. 1*989 J . J
96*3 9 2 Hi 9 1 Hi J a n ’ l l
91Ha 9 1 *3
W a r m S p r V a i 1 s t g 6 a . .1 9 4 1 M -S I 6 i* a
1 1 3 * 4 *’ e o ’6 5
G r e e n b r i e r R y l s t g u g i s ’ 4 0 m -N
85
95
O ct TO
O n e & a h i t it r e t g 3 s . . . 1 9 4 9 A -O
76
73
73
F e b ’l l
73=4
R a i l w a y l e t U e n 3 H a a ...l0 5 0 j . j
70
S a le
70
7o E
71*3
R e g i s t e r e d ........................i 9 o u j . j
76
O c t ’ 69
CLUO B u r l da G — D e n V D 4 s 1 0 2 2 F - A
B9*s 99=6 99*8
y *>*«
99*8 9 9 7a
I l l i n o i s D i v 3 Has................ 1 0 4 0 j
87=4 F e b ’ l l
87=4 8 8
87=4 8 8 H»
R e g i s t e r e d ........................1 9 4 0 j . j
88
S e p ’ 10
I l l e D i v 4 s ...........................1 0 4 9 j . j
99=« b ait)
99=8
99=4
9 9 = g 106* 8
I o w a D i v s i n k lu n d 6 s . .1*919 A - O
164E
1 0 4 =4 D e o T O
S m k i u g l u n d 4 s .............. 191*3 a -O
9 9 G 99=8
99*4 99*8
N e b r a s k a E x t e n s i o n 4 S .1 9 2 7 m -N
9 a Hi 99H i
9SHa 99*8
R e g i s t e r e d ........................1 9 2 7 m -N
♦ 9 8 *s
S o u t h w e s t e r n D i v 4 s . ...1 * 9 2 1 m - 3
9 7 *4 9 9 Hi
99
J o i n t b o n d s S e e G r e a t N o r t li
D e b e n t u r e 5 s ......................1*313 m - n
1 0 1 ’ a 101=6 1 0 1 *8 F e b ’ l l
i 1r0 1 * 8 161=8
G e n e r a l 4 s ........................... 1*958 M -S
97=8 s a le 1 9 7*4
9 i % 8 7! 97*4 9 8
H i u i <» S t J o s c o n s o l 6 s . .1*911 m - s 1 0 0
S a le TO O
106
5, 1 0 0
166 =4
C in e 3a E 111 r e t 3c im p g 4 s 1 9 6 5 J . J
81
62*4 82*4
82
82
S3
1 s t c o n s o l g 6 s ........... . . . . 1 9 3 4 a -O
127
1 2 8 1127
J a n ’l l
127
127
1 L0 =e
G e n e r a l c o n s o l 1 s t 5 a ___ 1*937 Al-N
109=4 n o
116
110
111
M a y ’o'J
R e g i s t e r e d ........................1 9 3 7 M -N
111
O ct T o
T 10
C h i o 3c i n u u R y 1 s t 5 a . 1*930 J - J
169*8 .
O n c a g o & E r ie
s e e E r ie
8 4 Ha S a le I 8 4 = s
84=* 1 1 9 84=8 8 5 H |
C h i c G t 'W e s t e r n 1 s t 4 s . . . 1 9 5 9 A I-S
U lu e i n 3c i ^ i i i a v r e i 6 a . . . l t ) 4 7 J
1 2 6 - i ......... 1 2 7 Ha F e i> ’ l l
. . . 127H a 1 2 7 *a
i i e l u n d i n g g o l d o s ............1 9 4 7 J . J
1 0 7 * 8 1 1 1 i 114
D c e ’ ou
D o u i s v N A 36 C h 1 s t O s . 1 9 1 1 F - A
1 U6 * 4 ..........T 0 u*s F e b ’ l l
.. . T O u H s 100*8
O h io i n d Jc S o u 5 0 - y r 4 a . . 1 9 5 0 J - J
9 2 Ha 9 3 Ha1 9 3 H .F ’ e b T l . . . 0 3* 3 93Ha
C U ic A l a 3c S t P t e r m g 6a 1*314 j . j
1 T U 2 =h 102=8.
102->8 162=4 162=8
10 2 = 8
G e n e r a l g 4 a s e r ie s A . . e l 9 8 9 J - j
98=4 S id e
98=4
99
5 4' 98=4 90=8
R e g i s t e r e d ......................«H9a*J q - J
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99*« 99*8G e n e r a l g 3 Haa s e r ie s B . e l o o 'J J - J
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167
J a n ’l l
166=4 1 0 7 .
d u o 3a M o i t l V D i v 6 s . . . 1 9 2 6 J - J
1 0 8 7s ..........1 0 8 Hj G e t T O
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1 0 6 Ha 1 0 6 7a 106=4 F e b ’ l l
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lU 3 * 4 l0 4 = » i 0 3 * 4
163*4
10 3H , 1 0 3 * 8
F a r & S o u a s s u g 6 s ........ 1 9 2 4 J - J
.......... 1 1 7 *4 J a n T l
117
117*4 11 7* 8
D a C r o s s e & D 1 s t 6 s . . . .1 9 1 9 J - J
1 6 5 * a ..........4 0 5 * 8 D e c T o
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16 7 * 8 s a le 1 1 6 / G
1 u 7*8
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M U 35 N o 1 s t c o n s 6 s . . . . 1 9 1 3 J - D
E x t e n d e d 4 H iS ................ 1 9 1 3 J - D
1 0 6 H i..........1....................
116
110=4 1 1 2
F c b ’l l
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109=4 1 1 2
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99=« 10 0 * 8 99=4 J a n ’ l l
99=4 99=498*3 F e b T l
97
R e g i s t e r e d ............1 8 3 6 - 1 9 2 6 F - A
97=4 U8 Hi
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8 7 Ha s a le
8 7 *3
87=4
87*3 88*8
R e g i s t e r e d .................. .jp i* J8 7 Q - F
93*8 A p r ’ 0 9
G e n e r a l 4 s ......................... 1 9 8 / j d n
99
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99
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112
J a n ’l l
112
112
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........ 16 6
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106
106
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106
106
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116*4 168*4 F e b ’ l l
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115
115G
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11 6
lOOHa 1 1 0
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1 1 7 * 3 .........T 1 8
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M i c h D i v 1 s t g 6 s ..........1 9 2 4 J - J
118 118
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n o
110
1 6 9 Hi 11 6* 8 1 0 9 A u g ’ 1 0
R e g i s t e r e d ........................1 9 1 7 J - J
96*4 :j a l e
96*4
97
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96*4 98
R e g i s t e r e d ........................1 9 S » J . J
97
98=4 F e b T O
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89*4
8 8 Ha 89*8 8 9
8 9 " ' 8*97i
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98
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■ N 4 s .....................................1 9 1 6 M -N
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95
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I n c o m e 6 s ............................1948
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M S t P A S S M c o n g 4 i u t g u ’38 J - J
M S S M A A 1 s t g 4 in t g u 1 9 2 0 J - J
M lu n U n S ee S t P M A i l
M o K a n A T e x 1 s t g 4 s . ..1 9 9 0 J -D
2 d g o ld 4 s ........................... n i.9 9 0 F - A
1 s t e x t g o ld 5 s ....................1 9 4 4 M -N
‘ 1 s t A r e l u n d 4 s ..................2 0 0 4 M -S
G e n s 1 4 % s ..................... 1 9 3 0 J - J
! S t L D i v 1 s t r e l g 4 s . . . . 2 0 0 1 A -O
D a l A W a 1 s t g u g 6 s . . . 1 9 4 0 M -N
K a n C A P a o 1 s t g 4 s . . .1 9 9 0 F -A
' M o K A E 1 s t g u g 6 s . ..1 9 4 2 A O
M K A O k 1 s t g u 5 s ........1 9 4 2 Wl-N
M . K A T o l T l s t g u g 6 s . l 9 4 2 M -S
S h e r S h A b o 1 s t g u g 6 3 .1 9 4 3 J - D
T e x A O k l a l s t g u g 5 s . . . l 9 43 M -s
M o P a o it ic 1 s t c o n g Os . . . 1 9 2 0 M -N
' T r u s t g o ld 6 s s t a i n p e d . a l 9 1 7 M -S
K e g i s t e r e d .................... « 1 9 1 7 M -S
' 1 s t c o l l g o ld 6 s ................... 1 9 2 0 F - A
4 0 - y e a r g o ld lo a n 4 s ......... 1 9 4 5 M -S
3 d 7 s e x t d a t 4 % .................1 9 3 8 M -N
1 s t A r e t c o n v 5 s ...............1 9 6 9 M S
C e n t B r K y 1 s t g u g 4 S . 1 9 1 9 l! -A
• C e n B r a n c h U P 1 s t g 4 a. 19 48 J - D
L e ro y A O V A L ls t g 6 a 19 20 J - J
■ P a o K ot M o 1 s t o x g 4 8 . 1 9 3 b F -A
2 d e x t e n d e d g o ld 6 s . . . 1 9 3 8 J - J
‘ S t L I r M A S g e u c o u g 6 s l 9 3 1 A -O
G e n c o n s t a m p g t d g 5 s 1 9 3 1 A -O
U M ille d A r e f g o ld 4 s . . 1 9 2 9 J - J
•
B l V A G D l v 1 s t g 4 s . . 1 9 3 3 M -N
V e r d i V I A W 1 s t g 5 s . l 9 2 0 M -S
M o b J A K C 1 s t c o n s g 5 8 .1 9 5 3 J - J
M o ll A O h io n e w g o ld O s .. 1 9 2 7 J - 0
1 s t e x t e n s i o n g o ld 0 s . . / i l 9 2 7 y - J
G e n e r a l g o ld 4 s .................1 9 3 8 M -S
M o n t g o m D i v 1 s t g 5 s . .1 9 4 7 F - A
S t L A C a ir o c o ll g 4 s ..« 1 9 3 0 Q -F
G u a r a n t e e d g 4 s ........... 1 9 3 1 J -J
M A O c o ll 4 s S ee S o u th e rn
M o h a w k A M a i S e e N Y C A 11
M o n o n g a h e la K i v S e e B A O
M o n t C e n t S e e S t P 51 A 51
M o rg a n ’s L a A T S ee S P C o
M o r r is A E s s e x S ee D e l L A W
\ J ash C h a t A S t L 1st 7 s .l9 1 3 J - J
L l 1 s t c o n s o l g o ld 5 s ..........1 9 2 8 A - o
J a s p e r B r a n c h 1 s t g O s. . 1 9 2 3 J - J
W o M M W A A i 1 s t O s ..1 9 1 7 J - J
' T A P B r a n c h 1 s t O s____1 9 1 7 J - J
N a s h F l o r A H lie f S e e L A N
N a t K y s ot M e x p r 1 4 % s 1 0 5 7 J - J
G u a r g e n 4 s ....................... 1 9 7 7 A - O
N a t o f A le x p r i o r l i e n 4 >2 8 . 1 9 2 0 J - J
1 s t c o n s o l 4 s ....................... 1 9 5 1 A -O
N ew H A D
S e e N Y N 1 1 A 11
N J Ju n o U K
S ee N Y C e n t
N Y B k ln A M a n B o h S ee L 1
N Y C e n t A 11 l t l v g 3 Has. 1 9 9 7 J - J
K e g i s t e r e d ....................... 1 9 9 7 J - J
D e b e n g 4 s ......................... 1 0 3 4 M -N
L a k e S h o re c o ll g 3 % s ... l0 9 8 F -A
K e g i s t e r e d ........................1 9 9 8 F - A 1

S ia

as

B on d

J it g n

/* L o re

9 6 % S a le
19 3* 2 . . . .
1 0 1 > 2 ___
104»4 1 0 5
04*8 9 5
1 1 6 % ....
110
....
98
98*2

90*4

96%

101=8
110%
106
104h
9634

D e o ’08
N o v ’06
A p r ’07
F o b ’l l
D e c ' 10

110%
1 1 1 * 2 D e c ’ lo
n o 's

98*2
98%
9 7=4 N o v ’ 1 0
100*2 D e c ’09
109=4 F e b ' 11
112
J a n 11
104*2 D e e ’ t o
1 2 1 ' \ N o v ’ 10
118=8 F e b ’ J 1
1 0 6 *2 N o v ’ 1 0
113
S o p ’ 10
7 1 *2 F e b ’ l l
93
93
112
D e o '1 0
10
J a n ’09
90
90
103
D e c ’ lO i
Ja n ’l l
91
1 1 2 *2 N o v ’ l u

1093s H O
112
115
1 0 1 *2 1 0 0
1 2 2 % 123
118
118=8
100
109
.........
114
71* 4 7 3 = 5
0 L7a 9 6 %
112
..........
103
..........
94% 90
1 0 3 * 2 ..........
8 S % 91*2
10 7 * 2 1123b
9 9% .........
1 1 0 * 2 ......... i l o " j a ’n ' i i
11 0 * 2 11 4
112
F e b ' 11
92
94
92
F e b ’l l

M

97*4
97

' 9 7 “4

9 9 *2 S a le

9 7 '4 F o b ’ l l
104
A p r ’1)6
07*4 F o b ’ l l
90S.
3 1 7b M a y ’ Lu
2 5 *2 A p r ’ 0 9
77
M a r ’ 10
79
N o v ’ 10
100
.u a j’ 10

70

130
113
10 0* 2
..........1 0 9
108=4
.......... 7 0* 2 7 1 4
87
92
80
131*fl
198*4 ■

97

97«»

J a n ’l l
J a u ’ UV
J ’i y ’ 1 0
Ao y
„ 71*2
M ar To

97*2
‘J 7 6s
0 8 *2 J a n T u

97*4 S a le
85
80
101
101%
79*8 80*4
80*« S a le
73
79
105
.......... 93=8
1 0 0 % 109%
.......... 1 0 7 %

97%
97%
7
80
3
86
102
1
102
81
79%
2
80*4 2 6
80%
70% D ec TO
J ’u e ’ 10
105
90*6 d a n ’ l l
F o b ’l l
100
Fo b ’l l ....
108
103*2 .
H O T A p r ’ oo
102
100
J a n ’l l
105
106*2 1 0 6
110*8 110*4 1 1 0* 2
H I
10 1 * 2
102
101*2 102
00
M a r - 'l o
101=8
i b b % i o i % 10 1* 2
79=4
8 ‘2
8 1 *2 S a le
95=4 N o v ’0 9
.......... 9 7
96
96%
90
S a le
02
J a n ’l l
93
93=,
8 7 *2 A la y ’ l o
85
........
110
A la r ’ OO
98=4
.......... 93*4 9 7 »4
D e e ’ lO
108
1 1 0 *4 H O
1 0 a *2
1 0 8 * 2 .......... 1 0 8 * 2
111
S e p ’0 9
8 0 *2 S a le
8 6 =a
*7%
80=» 88*2 8 0* 2
88%
10 2 * 2 J a n T o
08
D e c ’0 0
% 12 0 * 2 120 * 2
1 1 4 * 2 1103* 110=4 F e b ’ l l
8 7 * 2 .......... 8 0* 2 J a n l l
n o
n o*a 1 1 0 *i F o b ’ l l
75
A la y ’ 0 8
80
85
N o v ’ 10
92
93>a 9 4

110=8 120

106%
110
115%
1O 0 78
1 0 G 78

R e c o r d — C o n t in u e d — P a g e
H angs
S in c e
J a n u a ry
L ow

H ig h .

90

00*2

104 =* 104*4
116*2116*9
98*4 " 9 9 "
109
109*4
111=4 1 1 2
118=8 1 1 8 %
71*2
92

71* 2
93*4

95

93

90**2 " y i *
110
112
92

961* 9 8 %
96*2 98*2
99=6 99=b

107* 4 1 0 9
71*2 7 4
95=4




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

97%

97*4 9 8
88*4 8 6
101*2103*2
79*2 81
8 6= 4 8 0 7a
9 0 * « 90*8
109
1 1 0 -2
107
108
102*4 10 3 * 2
105
106
109
111
100*2 10 2
100*4 1 0 1 %
70*2 8 3
91*4
92

90=8
9 2 *s

97=4

98*4

106*8 10 8 *2
83*4
8 4*2

8 7 7a
8 o*b

1 2 0 *a 1 2 2
1 1 5 * 2 116= 4
8 0* 2 8 0 -2
n o >4 1 1 0 * 4

I O 6 7* 1 0 0 1 2 J a u ’ l l
1 0 6 % 106*2
H O** n o
Ja n ’il
1 0 9 *a 1 1 0 *4
1 1 6 78 N o v ’ l O l ... .
......... 1 0 8 % D e o ’ i o
.......... 1 1 3
J T y ’ U 4' ..

94*2 9 5
9 4 % ,, ,3 5 1 2 4 9 4 % 9 6 %
87
88*4 8 8
F e b T 1 ....
8s
89%
101
101
100=4 F e b ’ l l . . . . 100=4 100=4
8 2*4 84*4 3 3 > b F e b T i . . . .
82=4 8 3 %

88

| 8*2
88*4
68*2
8
8 8 % 88
F o b ’l l ....!
92*2 9 8 % -J3
F e b ’l l . . . . !
8 0 % S a le 1 80*4
80%
6
7 8 * 2 B a le I 7 8 %
78*2
2

.......... 9 7
92% 9 0
99
99
100*4 9 9 %
70% 79
......... 107=8
102%
107
......... i b i %
105%
.......... 8 5 % 8 3
78
i b 4 % S a le 1 0 4
104% 106% 1 0 5 %
10 5 % 106
106%
107
.......... 1 1 0
100
87%
95
96
06%
07
85
98%
90%
..........
90%

97
1
D o o ’ 10
Fo b ’ll
F o b ’l l
70%
U e o ’04
A p r ’ OO
M a y ’97
D e o ’06
J ’ n e’ 10 . . . .
F e b ’07
10 4 % 36
J a n ’l l ....
105%
J a n ’00
J a n TO
J a n ’l l
06 % ” ‘i

BONUS
N. Y. STO CK E X C H A N G E
W e e k E n d in g F e b 24

P r ic e
F r id a y
F eb 24

W e e k 's
R ange or
L a s t S a le

R ange
S in c e
J a n u a ry 1

N Y C e n t A H it— ( C o n )
H ia
a s k
L ow
H ig h
L ow H ig h
M ic h C e n t c o l l g 3 % a . . . , 1 9 9 8 F - A
79
79
79*s 7 9
78*2 79 %
K e g i s t e r e d ....................... 1 9 9 3
70
S a it
76
70
76
76
B eech C re e k 1 st g u g 4 s . 19 36 J - J
9 8 7s .......... 9 8 = b D e c ’ lo .
K e g i s t e r e d ....................... 1 9 3 0 j . j
* 9 8 = 8 ......... 9 8 V N o v ’ l o
2 d g u g o l d 5 s ..................1 9 3 0 J - J
1 0 5 * , ..........
B e e c h C r E x t 1 s t g 3 *28 6 1 9 5 1 A -O
80
..........
C a r t A A d 1 s t g u g 4 s . . .1 9 8 1 J - O
9 7 *2 A p r ’ OO
111
..
w ° V v ^ ,x93 w e l 8 t S u ^ 5 8 l ‘J 4 2 J - D
M o h A A la i 1 s t g u g 4 s . . 1 9 9 1 M -S
F e b ’l l
9 8 = 4 ......... 9 9
N J J u n o K g u 1 s t 4 s . . .1 9 3 0 F -A
95
100
105
O c t *02
N ¥ A H a r l e m g 3 *2 3 . . . 2 0 0 0 M -N
9 0 * a .......... 9 3
A u g ’ 10
* V * N o rt h 1 s t g 5 s . . .1 9 2 7 A -O
107
..
108
O ct ’09
N Y A P u 1 s t co n g u g 4 s 1 9 9 3 A -O
96 7g 98.*a 9 7* 4 F e b ’ l l
97*4 97*4
N o r A M o n t 1 s t g u g o s . 1 9 1 0 A -O
P i u e C r e e k r e g g u a r 0 8 . 1 9 3 2 J -D
1 3 1 *2 J a n ’ o*9
11 W A O c o n l 8 t e x t 5 s . A 1 9 2 2 A - O
1 0 7 * 2 . .:.. io 8
103
108
108
O sw e A K 2d g u g 5 s ...e l9 1 5 F -A
lo u
105
106
J a n ’08
K W A O T K l s t g u g S s . 1 9 1 8 M -N
10 4 J ’u e ’10
R u t la n d 1 s t c o n g 4 *2 8 . . 1 9 4 1 J - J
9 0 * « .......... 1 0 2 *s F e b T O
O g A L C h a m l8 t g u 4 s g l9 4 8 J - J
8 5* 2 8 0
86
86
80*2 8 6
K u t -C a n a d 1 s t g u g 4 8 .1 9 4 9 J - J
92
J ’ n e ’0 9
S t L a w A A d lr ls t g 5 s . 19 90 J - J
103*8110
115
J ’n e ’ 0 9
2 d g o ld 0 s ..........................1 9 9 0 A -O
L25
F e b ’08
100
.......... 1 0 0
U t ic a A B l k K i v g u g 4 s . 1 9 2 2 J - J
N ovTO
89
89=4 89=4
L a k e S h o r e g o ld 3 *2 S____ 1 9 9 7 J - D
89=
89*2 9 0
K e g i s t e r e d ....................1 9 9 7 J - D
88*4 88*2 88*4 F e b ’ l i
88*4 8 8* 2
D e b e n t u r e g 4 s ..............i 9 2 8 M -S
9 3 % S a le
93=8
9
93*4 9 4
2 5 - y e a r g 4 s .................... .1931 M -N
93
S a le
93
93*4
93
93*2
110
..........
K a A A G K Is t g u c 5 s .l9 3 8 J - J
I ll
......... 110=8 F e b ’ l l
M a h o n O T K K 1 s t 5 s .. 1934: J - J
110% 110%
101
.......... 1 0 0
P u t s A L E n e 2 u g 6 3 . a l 9 2 8 'A - 0
D e c ’09
P i t t s M c K A ir 1 s t g u 0 s . 1 9 3 2 J - J i 1 2 2 * 4 .......... 1 3 0 * a J a n '0 9
..........
2 d g u a r 6 s ......................... 1 9 3 4 J - J i 1 2 0
J
.
J
1
0
7
..........
M c K e e s A B V Is t g O a 19 18
M i c h C e n t o s ........................1 9 3 1 M - S
109=4 1 1 5
1 1 0 * 2 O c t ’ 10
108% .
j uo’0 0
K e g i s t e r e d .................... 1 9 3 1
119
Ja n ’l l ....
97*8 9 9
99
4 a .......................................... 1 9 4 0
99
~99
93
,
D e c ’0 9
98
R e g i s t e r e d ....................1 9 4 0 J - J
.................. .
J ’n e 08
8 6 *s 8 8 % 9 0
J L A S l s t g 3* 2 8 .........1 9 5 1 M -S
F e b ’l l :::: ”8 7 " "8 7 ”
86=4 87*8 8 7
1 s t g 3*28 ..........................1 9 5 2 M -N
91*2 91=4 F e u ’ l l
2 0 - y e a r d e b 4 s ................ 1 9 2 9 A -O
91% 92%
B a t C A S t u r 1 s t g u g 3 s . 1989 J - D
99 %
99% 100
99%
N lf C h ic A S t L 1 s t g 4 s 1 9 3 7 A -O
3 99%100*8
D e c ’ 00
K e g i s t e r e d ....................... 1 9 3 7 A - O
9 8 % ..........1 0 0
91
D e b e n t u r e s 4 s ................ 1 9 3 1 M -N
9 1 *2 9 1
2 90% 91
91
100
10 0 V 100%
100%
W e s t S h o re 1 s t 4 s g u . . . 2 3 0 1 J - J
9 1 0 0 % 101* 4
K e g i s t e r e d ........................2 3 6 1 J - J
09
9 8 7s 9 9 * 2 ’ 9 9
1 99
100 %
N Y A G re e n w D an e S ee E r ie
N i A lia r see N Y C A H ud
N Y L a c k A W S ee D L A W
N Y L E A W S ee E r ie
N V A L o n g B r S ee C e n t of N J
N Y N H A 11— C o n v O s .. 1 9 4 8 J - J
134
B a le 1 3 3 %
134% 62 133%
C o n v d e b e n 3 *28...............l y s o J . J
9 9 <4 s a l t
1 0 0 % 276
90%
99
100%
H o u s a t o u i c K c o n g 6 8 . . 1 9 3 7 M -N 1 1 2
......... 11 2 * 2 O c t ’ l l ) . . . 1
N 11 A L o r b y c o u c y 6 8 .1 9 1 8 M -N ____ „ _______ 1 0 7
A u g ’ UO . . . J ........ I
*N V A N o r t h S e e N Y C A H I
1
I
N Y O A W r e f l s t g 4 s . . u l0 9 2 M -S
96
S a le
96
96%
8 95
90=4
I t e g l s J f5 ,0 0 0 o n ly .........y l 9 9 2 M -S
........... 96*8 9 4 %
94%
5 94% 94%
N IT A P u t S e e N if C A l i
N Y A K B S ee L o n g Is la n d
N Y S A W S ee E r ie
N Y Tex A M
S ee So P a o C o
,„
,
N o r A S o u th l s t g 6 s ..
. 1 9 4 1 M -N 1 0 0 % 1 0 3
103*2 J a n ’ l l . — 1 0 3 % 1 0 3 %
N o n A W e s t g e n g 0 s .......... 1 9 3 1 M -N 1 2 4 * 2 ........... '1 2 5
LeoTo
I m p r o v e m ’ t A e x t g o s . , 1 9 3 4 F - A 1 2 4 % ----------1 2 0
M a i'io
N e w K l v e r 1 s t g 6 s .......... 1 9 3 2 A -O 1 2 3 7e l 2 5
il2 5
J a n ’l l
125
125
■ 8■ %
N A W K y 1 s t c o n g 4 s. 19 9 0 A -O
33
9................■
a % 9 9 %' 9
2 1 „I 9 8 % 9 9 %
J a n ’l l
K e g i s t e r e u .................................1 9 9 0 A - O....................| 9 a
•' 9 8
98
93
93% 93%
93%
1 ! 9 2 % 93%
D i v ’l 1 s t 1A g e n g 4 s . . . 1 9 4 4 'J - J
1 0 4 % S a le 1102
10b
1 0 - 2 5 y e a r c o n v 4 s ____ 1 9 3 2 J - D
4 9 9 1 0 0 % 108 *8
90
S a le | 89*4
90
P o c a h C A C j o in t 4 s . . 1 9 4 1 J -D
2 1 8 8 % 1*0*2
C C A T 1 s t g u g 5 s ..........1 9 2 2 ' J - J
104 ........T05 NovTO
S c io V A N E 1 s t g u g 4 s 1 9 8 9 M -N
90% 97% ' 9 7 % F e b 'll
96% 97%
N o rth Illin o is A a s C h i A N W i
I
N o r m O h io A a e L K r i e A W ’
N o r P a c — P r io r lie n g 4 s . . 19 97, Q J
100
S a le 1 0 0
10 0 % 46 99 % 100%
K e g i s t e r e d ................... 1 0 9 7 ! % -J
98% 99%
99
J a n ’l l
98% 99
G e n e r a l li e n g o ld 3 s _______u 2 0 4 7 % - F 7 0 % S a le
70%
71
70% 71
R e g i s t e r e d .................. a 2 0 4 7 , % - F ; ........... 7 0 % 7 0
D e o ’ 10
S t P a u l- D u l L i v g 4 s . . 1 9 9 0 J - D
96
.......... 9 0
F e b ’l l
90
00
D i l i S h o r t L I s t g u 5 s . . 1 -J1 0 M - S
..................... 1 9 9
F e O ’ lo
C B A <4 c o l l t r 4 s A e e u t N o r l
I
S t P A N P g e n g O s ....1 9 2 3 F - A
1 1 6 % ........ 1 1 6 % J a n ’ l l
116% 116%
R e g i s t e r e d c e r t it t c ’s . . 1 0 2 3 % -F , 1 1 6
............... ........................ 1 U
F e b ’ 10
S t P a u l A D u i 1 s t 5 s . . ..1 9 3 1 F - A
1 0 7 ..........l l u
J ’n e ’ 1 0
2 d 5 s ...................................1 9 1 7 A - O
1 0 2 % ........ 1 0 2 % F e D ’ U
1 0 2 % 102*4
1 s t c o n s o l g o l d 4 s ..........1 9 6 8 J - D
9 0 % A* p r “’ 10
W a s h C e n t 1 s t g 4 s ..........1 9 4 S O -M
91
.......... 9 2 % N o v ’ lU
N o r P a o T e r C o 1 s t g O s .. 1 9 3 3 ; J - J
111% J a n 'll
I ll
...
111% 111%
N o r K y C a l S ee S o P a c
N o r W is S e e C S t P 51 A O
N o r A M o u t S e e N if C e n t
lu d A W S ee C C C A S t L
lu o K i v K R S e e B a lt A O
O re A O ai S ee S o P a c C o
O re S h o rt L in e s e e U u P a o
O s w e g o A R o m e S e e N if O
p a c C o a s t C o 1 s t g 5 s . . ..1 9 4 0 J - D
1 0 6 % 1 0 7 % 107% 107%
2 105% 108
A a o o l M i s s o u r i S ee M o P a o I
P e u u K K 1 s t r e a l e s t g 4 s . ! 9 2 3 M -N .......... 1 0 2
102 Feb’l l . . ' 1 0 2 1 0 2
C o n s o l g o ld 6 s ............................. l y i o .M -s
110
..........
103
1 0 0 % J a n ’09
C o u s o l g o ld 4 s ............................. 1 0 4 3 M -N
1 0 3 % D e c ’ 10
......................
C o n v e r t i b l e g 3*2S......................1 0 1 2 i l - N 00*8 S a it
09**
99*8 - 0 1 ; 9 8 % ”« J %
C o n v e r t ib l e g 3 *2S ............ 1 0 1 5 J - D
9 6 % s a le
90*4
9 0 % 040
0 0 *
p 0 tj
C o n s o l g o ld 4 s .................. 1 0 4 8 M N
103*4 S a le 10 3 * 4
1 0 3 ‘8, 2 0 103*8 101*8
A t le g V a i g e n g u g 4 s . . . 1 0 4 2 M -S
..........1 0 0
1 0 0 % J a n ’ l l . . . . 100*4 l o o %
D K K K A B g e 1 s t g u 4 s g . ’3 0 F - A
P h i l a B a l A W 1 s t g 4 s . . 1 0 4 3 M -N
Bod B a y A Bo 1 s t g 6 s . .. 1 0 2 4 J - J
100
.......... 1 0 2
J a n ’0 3
U N J K K A C a n g e n 4 3 .1 9 4 4 M -S * 1 0 0
.......... 1 0 3 * s M a y T O
P en n C o— G u a r Is t g 4 % s .l9 2 1 J - J
103% 104 103%Feb’ U .... 103% 104%
R e g i s t e r e d ...................... 1 0 2 1 J - J
102%......... 103% Feb’ lOi, . . . ! ..................
G r n u 3 *28 c o l l t r u s t r e g . 1 0 3 7 M - S
87
90
Aug’ u ' . . , . ...................
G u a r 3 *9S C o l l t r s e r B . . . 1 0 4 1 F - A
88
89
89% Deo’ 1 0 .........................
T r C o c e r t i l ’s g u g 3 *2 8 . 1 9 i 6 M -N
97% 98% 97 % Fob’ l l ___ «7
97%
G u 3 % s t r c t f s O ___—
1 0 4 2 J -D
87% 91 | 87 Aug’ 1 0 .........................
G u 3 % s t r c t f s D ........ .......1 0 4 4 J - D
..................91 Deo'0 9 ..................

VS

O

88
90
87*2 89%
93
94
80
80%
7 8 % 79%

lU lS O E L l IN K O U 8
C o n i a n d Iro n
B u l l A S u s q I r o n s 1 o s ___ 1 9 3 2
D e b e n t u r e 6 s .................a 1 9 2 0
C o l 1) A 1 C o g e n s 1 g 6 s . . 1 9 4 3
C o n v e r t ib l e d e b g 5 s . . . . 1 9 1 1
O ol l u d u l s t A c o l l 5 s g u " " i 0 3 4
O o n t ln ’ t a i O l s t s t g u 6 s g . l 9 5 2
& r K iv C o a l A O l s t g 0 s .. 1919
l e f f A C le a r 0 A 1 Is t g 6 s . i9 2 < >
K a n A H C A U 1 s t s l g 6 s. 1 0 0 1
p o ca h C o n C o llie r l s t s t 5 s .’57
S u n d a y C r e e k C o g O s .... 1 0 4 4
P e n n C o a l g e n 6 s ............ 1 0 5 1
T e n n D l v 1 s t g 6 s ....... a l 9 1 7
' B lrrn D lv 1 s t co n so l 6 s ..19 17
C a ll U 51 C o 1 s t g u g 6 s . 1 9 2 2
D e B a r O A 1 C o g u g 0 3 .1 9 1 0
V lo t o r F u e l 1 s t s f 6 s ..........1 9 5 3
V a lr o n C o a l A C o ls t g 6 s. 1949

110
112
92

515

3

06%

.....

B O N D S — C o u t iu u e d o u N e a t P a g o

97

9 7 * 2 99
09% 100
70% 79%

......... ******
103% 10 4 %
105% 105%
104*a 1 0 5 %
87%
96%

10L%"I”. ib"i%Deo'Yoj""

8 7* ,
00%

J la n u fn c t u r in g J c In d u s t r ia l
A l l l s - C l i a l i n e r s 1 s t 5 s ........ 1 9 3 6 J - J
78
A m A g C h e m 1 s t c o s ........ 1 9 2 8 A - O
102
A m C o t O i l e x t 4* 28 ............1 9 1 5 % -F
97%
A m H i d e A L 1 s t s t g 0 S . . 1 9 1 0 M- S 1 0 0
A m e r I c e s e c u r d e b K 0 8 . .1 O 2 5 A -O
68%
A m S m e l t A K s u b r c t s O s f u l l p u ___ 1 /10 2 * 8
A m S p i r i t s M t g 1 s t g 6 s . . 1 9 1 6 M -S
98%
A m T U r e a d 1 s t c o l t r 4 s . .1 0 1 9 J - J
93%
A m T o b a o c o 4 0 - y r g 6 s ____1 9 4 4 A - O
107%
4 8 ..............................................1 9 5 1 F - A
83%
3 e th S te e l 1 s t e x t s f 5 s .. 1026 j - j
88%
le n t L e a t h e r 2 0 - y e a r g 6 s. 1 9 2 5 A -O
99 %
C o n s o l T o b a c c o g 4 s ............1 9 5 1 F - A
83%
C o r n P r o d K e f s f g 5 s . . . . 1 9 3 1 M -N
05
1 s t 2 5 - y e a r s t 6 s ................ 1 9 3 4 M -N
90
O u b a n -A m e rS u g a r o o llt r 0 a T 8 4 -0
D i s t i l s e c C o r c o u v 1 s t g 6 s . ’ 2 7 A -O
78%
E I d u P o n t P o w d e r 4 % a .. 1 9 3 6 J - D
83%

S a le
S a lt
98
S a le

78
102
97%
99%
68%
S a le 1 0 2
100
101
93%
S a le 1 0 7 %
S a le
83%
s a le
8 8%
S a le
99%
85
83%
97
96
90 % 9 6 %
9 0 % 96*4
S a le
78
b3»4 8 3 %

78%
102%
97%
100
F e b ’l l
102%
Ja n ’l l
F e b ’l l
107%
83%
88%
99=4
8 3%
Ja n ’ll
96%
F e b ’l l
78%
8 3%

76%
101%
97%
96%
65
100%
100
92 %
104=4
79%
86%
99%
81%
90
96%
05%
76%
82%

78%
102%
08
100
08%
102%
101
93%
107%
84%
89
100
8 3%
97
97
97
7D%
83%

fio
BONDS

N. Y . STOCK E X C H A N G E

W eek

ending

F eb 21

S&1

V r ic e
F r ltla v
F eb 74

W eek ’ s
R an ge or
L a st S a le

R ange
S in c e

H i g h ] jVo L o w
H ig h .
A s h S o io
B id
P e n n s y lv a n ia C o — (C o n )
98
674, F o b ’ l l . . . .
9 7 a4 9 8 ai
G u a v 1 5 -2 5 y e a r g 4 a — 16 3 1
110
J a n ’ 0 5 ! ___ 11......................
C l & M a r 1 s t g u g 1 *3 8 . . 1 6 3 5 , M -N 10 1* 4
110»4 J a n ’ 0 0 ...............................
1 0 6 ‘a
C l db P g e n g u g l e a s e r A . 4 2 J - J
1 0 9 a4 j ’ l y ’ 0 6 '...............................
1 0 0 'g
S e r i e s 1J.............................
90
A u g ’09 ‘
60
S o r i e s O 3 V s ...................1 6 4 8 ;M -N
60
M a y ’0 8
90
95
S e r i e s D 3 V » ...................ld o O . F - A
S a le
61
61
91
91
1 91
E r i e <& P i t t s g u g 3 V s 14 .1 64 (4 J J
683,| A p r ’ 0 4
93
91
S e n e s C ............................ } .V i t 5
1 0 4 >i O c t ’ 0 6 ...............................
102
Q r K if c I e x 1 s t g u g 4 V s 16 4 1 1J - J
1033, 10 4
104
J a n ’ l l . . . . 104
104
P it t s F t W d b O 1 s t 7 a ...1 6 1 2 i J - J
1034, . . . .
1 0 3 V F e b ’ l 1 . . . . 1 0 3 7s 1 0 3 7s
2 d 7 s ..................................... 1 6 1 2 J - J
107
O c t ’0 8 ...............................
3 d 7 s ................................. A .161 2 A -O 1 0 3 * a . . . .
....
106
M a y ’ 1 0 ...............................
P i t t s Y d b A s h 1 s t c o n 5 s . 1 6 2 7 IM -N 1 0 7
......... 10 7* 1 1 0 7 * i F e b ’ l l
3 5 10 7* 8 10741
P C U d b S t L g u 4 V s A . . . 1 6 4 6 A -O
..........1 0 8
1 0 7 *8 F o b ’ l l . . . . 1 0 7
1074,
S e r i e s 15 g u a r .................. 1 6 4 2 A - 0
1 0 7 * 8 U e e ’ 1 0 ...............................
S e r i e s C g u a r ...................1 6 4 2 M -N
9 8 *i 99*
9 8 V D e o ’ 0 ...... .....................
S e r i e s D 4 s g u a r ............. 1 6 4 5 M -N
63
J a n ’ l l .... ; 93
93
91V
G e n e s E 3 V g u a r g _____16 4 6 F - A
S e r i e s 1<’ 4 s g u a r ........... 1 6 5 3 J - D
113
F e b ’ l l ... . 113
113
C S t Li db P 1 s t c o n g 5 s . 1 6 3 2 A -O
P e n s a c o la db A t l S e e E d b N a s h
P e o db E a s t S e e C C O db S t E
P e o A> P e k U u l a t g O s------1 6 2 1
......... 9 7
9 3 V J a n ’ l l ...* | 9 3 *a 9 3 S
2 d g o ld 4 V s ....................... 0 1 6 2 1 M -N
.......... 09
P e ro M a rq u e tte — It e f 4 s . . 19 55 J - J
06
Fob’l l
00
00
..........101*2 1 0 0 V F e b ' l l
100*8 1 0 0 V
C l i & W M 5 s ...................... 1 6 2 1 J - D
n o v n o 3. 1 1 0 V F e b 11 ____1 1 1 0
11 0* 8
F l i n t db P M g O s . . . . . . . . 1 6 2 0 A -O
___
..........101*.,
100
F eb ’l l
1 s t c o n s o l g o ld 5 s ..........1 6 3 6 M -N
100
102*4
......... 1 0 2
P t H u r o n D i v l s t g 5 a . 1 6 3 6 A -O
1 0 IV F e b ’l l
101 V 1 0 1 V
____
S a g T u s d s U ls t g u g 4 s .1631 F -A
...................... .........................
P h i l 15 & W
S ee P e n n K K
86
8 7V 873,
P h ilip p in e it y 1 s t 3 0 - y r s 1 4 s’3 7 J - J
83
8 7 a» 8 8
n
P i t t s C m & S t Li S e o t e u u C o
P i t t s C l e v e * T o ! S e e B db O
P i t t s F t W db C U S e e P e n n C o
P it t s M o K e e a & Y S ee N Y C e n
112 V J an ’ l l
P i t t s S li db E E 1 s t g 5 8 . . . 1 6 4 0 A -O
.. 112 V 11 2 V
112 V
1 s t o o n s o l g o ld 5 s .............. 1 6 4 3 J - J
9 3 78 J ’l y ’ 9 7 (
Pittys i& W e s t S e e B db O
9 7* « 98*4
9 7 *a B a le
l j e a d u ig C o g e n g 4 s ........ 1 9 9 7 J - J
97*8
073s
974, J a n ’ l l .
9 7 a4 9 7 a,
t v K e g i s t e r e d ........................1 6 0 7 J - J
9 7 * 4 ........
97
9 7* 3
J e r s e y C e n t c o ll g 4 s . ..1 6 5 1 A 0
97*8
.......... 9 7 V 97**
B o u s s e la e r db B a r S e e i> «S> LI
B l o li db H a n S e e S o u t h B y
R i c h db M e e k S e e S o u t h e r n
R i o O r W e s t S e e H e n db K io U r
R o c h & P i t t s S e e B R db L*
R o m e W atd b O g S ee N Y C e n t
R n t la n d S e e N Y C e n t
c i a g T u s db i i
S ee P e re M a rq
83V
85
86*3 87 *a
86V 80V
O t J o d b U r la l L s t g 4 a ...1 9 4 7 J - J
S t E & C a i r o S e e MoL> db O h io
S t E db i r o n M o u n t S e e M P
S t L M l l r S ee T H it A of S t E
A p r ’ tO
119
120
120
S t L o u i s < & S F — G e u g O a .1 0 3 1 J - J
J a n ’l l ...J l0 7
107*3
107
107 V
G e n e r a l g o ld 5 s .................. 1 9 3 1 J - J
F e b ’ l l . . . . I 90*8 9 0 *3
89
90
91
S t E db S F B i t c o n s g 4 a . . ’ 9 0 J - J
1001 SOS, 88
83
8 73a
G e n 1 5 - 2 0 y r Oa ........... 1 6 2 7 M -N
8 7 V S a le
1 0 1 *3 1 0 1 *3
101
101 V F e b ’ l l
S o u t h w D i v l a t g 6 a . .1 6 4 7 A - O
8 0 V 8 2* 3
8 1* S a le
81*4
8l**4
R e f u n d in g g 4 a .............. 1 6 5 L J - J
110 110*8
116 V
K O F t S db M c o u g O s ..1 6 2 0 Wl-N ...........11 0 V 11 0 3 8
7 7 * 8 79»4
7 9 * 1 s a le
79*8
79*41
, K C F t S d b M B y r e f g 4 s 1 0 3 0 A -O
........ 100*4 D e c 'O O ’
K C d b M B d b B l a t g u 5 8 . 1 9 2 9 A -O 1 0 0
97*3 98 V
98*4 0 8 V O S3* F e b ’ l l
O 2 ’r k d b C h U l a t g u 5 s g . l0 1 3 A -O
S t E o u ia S o S ee lliin o la C e n t
8 9 7» 9 0 3,
90*4
80V
90*4 Sale
8 t E S W l a t g 4 a b d c t f s . 1 9 8 0 M -N
78
78
Ja n ’ll
78
.......... 8 2
2 d g 4 s in o b o n d c t f s . . . p l 9 8 0 J - J
6 4 76*8 7 9
7 7 >a
73 V
77*i Sale
C o n s o l g o ld 4 a .................... 1 9 3 2 J-D
97 ....... 10 1* 8 A p r ’ 0 7
G r a y ’s B t T e r l s t g u g 5 s 19 47 J - D
S t P a u l db D u l S e e N o r P a c it lo
S t P M i n n db M a n A r « U t N o r
d t P d b N o r P a o S ee N o r Pao
S t P d b S ’ x C i t y N 'e e C S t P M d b O
8 8 V 87*4
807,
87*4
87*4 S a le
8 A & A P a ss 1 s t g u g 4 a ...1943
100
........ 104 Oot ’09
8 F * N P la t s in k t g 5 a .1619
S a v F db W e s t
S ee A t l C o a st E
S o lo t o V a l db N E S e e N o r <2 W
87
87*3' 84 8 4 V 8 7 Og
87
S a le
S e a b o a r d A E g 4 a s t a m p e d ’ 5 0 A -O
100*8
C o l l t r r e f u n d g 6 s ..........f o i l M -N I b 0 * 8 l 0 0 as 10 0 * 8 F e b ’ l l 1. . . . 1 0 0
7 5 V S a le
753s
7 0 | 08, 75 * 4 77*4
A d j u s t m e n t 5 s ................ o l 9 4 9 F - A
8 6 * 4 ......... 8 0 a4 F e b ’ U . . . .
86*4 8 0 7e
A U - B ir m 3 0 - y r ls t g 4 s .e l9 3 3 i l - S
92
..
92
O c t 'lo .. ..
C a r C e n t 1 s t c o n g 4 s . ..1 9 4 9 J - J
1 0 1 V ......... 1 0 3 A p r ’ 1 0 . . . .
F l a C e n db P e n l a t g 5 3 . 1 9 1 8 J - J
103
........
1 s t la n d g r e x t g o s . . . 1 9 3 0 J - J
1 0 5 V . . . . . 10 0 3 8 F e b ’ l i . . . . 1 0 6
100V
C o n a o l g o ld 6 a ................ 1 9 4 3 J - J
10 4 * 4 S a le 10 4 * 4
1 0 4 *4'
1 104*4 10 4 * 3
, G a db A l a B y 1 s t c o n 6 s o 1 9 4 5 J - J
10 4 * 3
1 0 4 * 4 ........ 1 6 4 * 3 J a n ’ l l . . . . 1 0 4
G a C a r db N o l s t g u g 5 s 1 9 2 9 J - J
105
........ 1 0 0
A p r ’ 10
S e a b & B o a l a t 5 a ............1 9 2 0 J - J
S h e r S h r db S o S e e M K db T
811 S p O c a db U S e e A t l C o a a t E
S o u t h e r n P a c il l o C o —
92*3 3 1
91*4 9 3
92*4 92*4
G o ld 4 a ( C e n t P a o c o l l ) . k l 9 4 9 J - D
91
O c t ’ 10
B e g i a t e r e d .................... A 1 9 4 9 J - D
9 7 7a
99
370
99*4
67
0 8 7s S a le
2 0 - y e a r c o n v 4 a ..........//1 9 2 9 i i - a
90*3 3 1
96*4 97*2
90*4 6 0 *3 90*4
C e n t P a o la t re f g u g 4a 1949 F -A
97
F e b ’lO ....
B e g ia t e r e d ........................ 1 9 4 9 F - A
92
F e b ’l l . . . .
91*4 9 2
91
M o r t g u a r g o ld 3 V s ..A :1 0 2 9 J - D
93*4 J a n ’ l l
62
93*t
63
90
T h r o u g h S t E 1 s t g u 4 s ’ 5 4 A -O
10 0* 3 20 1U 0 V 108*4
108*4 1 0 0 * 3
U H d b S A M d i p l a t 5 a . . 1 9 3 1 M -N 100
1U
3
..........1
0
i
a4
S
e
p
’
0
9
M
-N
G i l a V U db N l a t g u g 6 a . 1 9 2 4
105
1 0 6 34 106*4 M a y ’0 9
l l o u a E db W T l a t g 5 a . 1 9 3 3 M -N
.......... 103*4 A u g ’ 1 0 . . . .
l a t g u a r 5 a r e d .............1 9 3 3 M -N l u 5
1
0
9
V
110
1 0 9 a4 J a n ’ l l ....M l0 9 » 4 1 0 0 * ,
J
J
H & T C 1 s t g 6 s in t g u .,1 9 3 7
1 0 8 *3 1 0 9 ° 8 1 0 9 *3 N o v ’ 0 9
C o n a o l g Os i n t g u a r . . .1 9 1 2 A - O
9 4 95*4 9 4
94 I
2 1 94
96*3
G e n g o ld 4 s i n t g u a r . .1 9 2 1 A -O
..........119*4 M a r ’ l o
W a c o d b N W d i v l s t g Os *30 M -N 1 1 6
1 0 2 V ..........10 7 * 3 J a n 0 9
A d b N W l s t g u g 5 s . . .. 1 9 4 1 J - J
1 1 5 * 3 ........ 1 1 6 * 8 N o v ’ 1 0
M o r g a n ’s E a db T 1 s t 7 a . 1 9 1 8 A O
1 1 0 * 3 i i 3 68 i i o * a O c t n o
l a t g o ld Oa........................1 9 2 0 J - J
......................1 1 2
F e b ’0 7
N o o f C a l g u a r g o s ...........1 9 3 8 A - O
1 0 3 * 8 .......... 1 0 0
J ’ n e '1 0
O r e db C a l 1 s t g u a r g 6 a . 1 9 2 7 j J - J
J a n ’ l l . . . . 102
10 2 * 8
S o P a o o f C a l — O a E ...........1 9 1 2 A -O .......... 1 0 2 1 0 2
..........1 0 2
1 1 4 * 3 D e o ’0 4 ...... .......................
1 s t g o ld Os F ...........................1 9 1 2 ' A -O
l a t c o n g u a r g 5 a ..........1 9 3 7 ;M -N
1 0 7 * 4 ..........l i d
M a y ’ 0 7 . . . . ......................
84
93 | 90
J ’l y '0 9 . . . . ....................
S o P a o C o a 3 t 1 s t g u 4a g . 1 9 3 7 J - J
9 2 >3 S a le I 92* 3
9 2 *46 5 ; 92* 3 9 3
B a n F r a n T e r i n l l a t 4 a . . 1 9 5 0 A -O
T e x d b N o s a b D i v l a t g O a . 1 0 1 2 M -S 1 0 1 * 3 ..........l O l ^ D e e ’ l O _____ 1_____________
C o n g o ld o a .................... 1 9 4 3 1J - J
1 0 3 b a le ‘ 1 0 3
103 '
3 10 3 103

....

( U lS O E E E A N liO U B
lla m if n c l iit 'in K & I n d u s t r ia l
g e n E l e c t r l o d e b g 3 * 3 S ..1 9 4 2
1 0 - r r g d e b 5 s .....................1 0 17
In t P a p e r C o 1st con g o a .io ie
C o n s o l c o n v s I g 5 s ........ 1 9 3 6
[n t S t P u m p la t s f 6 a ....l9 2 9
L a ck a w S te e l 1st g 6 s — 19 23
Nat E n a r n <fc S t p g le t 5 s . . 19 29
N Y A i r B r a k o 1 s t c o n v Os '2 8
B y S t e e l S p g s 1 s t s f 5 a . . .1 9 2 1
R e p u b 1 & S la t & c o lt r o s . 19 34
U n io n B a g <fe P l a t a i 5 s . .1 9 3 0
S t a m p e d .............................

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

J 8 R e a lt y & 1 c o n v d e b g 5 s ’ 2 4 J * J
I S R e d & R e f 1 s t a f g 6 s . 19 3 1 J -J

J-D
M -N
M -N

81
81*4
81
F e b ’i i
146*4
161
8 3 148*4 1 5 1
1 U 3 *« F e b ’ l l . .. 1 0 3 * 4 1 0 4 * 3
84
87
35*8 F e l l ’ l l
63
63*4 13 9 13* 9 3 V
68 V
69
12 9 6 ** 99
66
96 *3
95
F e ll’l l
0 1 0 3 7a 1 0 5
102 V
103 V
67 V F e l l ' l l
67*4 6 7 V
103V Feb ’l l
10 3* 3 1 0 3 * 2
64V
64V
2 0 6 0 *3 6 6
63
Feb ’ll
62
93
1 0 3 a4
10 4 ^
6 1 0 3 a4 1 0 5
89
90
89
F eb ’l l
84 V
8 4 7,
1 8 i 7* 8 8
101
103 V
10 3 V 100 103
105
105*4 2 u 7 10 334 1 0 6 3 ,
106V
1 1 0 3 V 1053,
.......... ........... 1 0 5 ° »

81
160
103 V
84 V
93
93
91
102 V
97 V
103 V
90 V
60V
104 V
86
8 1 7,
103V
106 V

.........
s a le
104
8 63,
S a ls
99
95V
104V
.........
103 V
64V
64V
106
86 V
S a lt
s a le
s a le

BONDS
N . Y. S T O C K E X C H A N G E
W e e k E n d in g F e b 2 4

P r ic e
F r id a y
F e b ‘<14

^ **

So

H ig l
H i g li A o L o w
94*a 6 5 °(
9 5 V 11 8
V 4 7«
2 0 107*2 10 8
103
1 07 V
no
M a v ’0 9
7 7 *2 S a le
77*.,
7 7 V 1075 7 0
7 7 a,
87*4 US
8 7*,
87*.,
0 80
88
1 0 h a1 1 1 0 q , ) g
S e p MO
88
8 3 - , 8 7 “., F e b ’ l l . . . -I 80*3 8 8
10 7* 3 ......... 1 0 7 't N o v ’ l 0
8 9 '2 60*3 9 3
N o v ’ 10
- J 82*., 82**4 82*3 G e t ’ l o 1- - - - 1 . . . . . .
80*2 8 7 3 , ......................... .................................
1 0 0 -2 1 0 7
10 0* 3
100*2
5 100*2 1 0 0 3 ,
1 0 7 * 2 ......... 1 1 0
F e b ’ l o ........ ......................
Ill
111*4 1103,
110**4
8 1 0 6 7s i n * j
l O o - V ......... 1 0 5
F e b ' l l ---- 1 0 5 105*4
.........
67
05
N o v ’ o i i ................................
H 3 ‘a ......... l i t J a n ’ l l ! . . . . i l l
11 4
1 lo * . , ......... 1 l o
N o v ’ 1 0 .................................
1 0 5 * 3 ______1 0 6 * 2 N o v ’ 1 0 '. - .
..................... 8 2
A o v ’ OS . . .
106V 108
106**8 J a n ’ l l . . . . L05®8 105**,
lo .-;r’d ......... 1 0 5 V N o v ’ io ; —
71
75
O c t ’0 8 .
105
104J a i l ’ l l ... . 104 10 4
100
1 1 2 O c t ’ O il]-----1 0 3 V ......... 1 0 8 * 2 D e e ’ 0 0 —
l o 5 V ......... 1 0 7 V D e o ’ 0 6 —
107
108
10/
J a n ’ l l ... . 107 107
100*4 ....... l O o ’a N e f lu ! —
lio
108
111
L it )
1 (0 |
3 110
90
98V 90 V
90V
6; 94*2 97*a
91
61
F e b ’ 10
105
1 0 4 * 3 .......... lo o
J a n ’ l l . . . . 105
B id

- o P a c B i t 1 s t r e f 4 s .........1 9 5 5 J - J
S o u t h e r n — l a t c o n g 5 a ___ 1 9 9 4 J - J
r. j
B e g ia t e r e d ......................1 9 9 4

W e e k 's
R ange or
L a s t S a le

A

sh '

J jo w

65
S a le
1 0 7 V -sale

.M ob db O h io c o l l t r g 4 s . . 1 9 3 8 .M-S
M e m D i v 1 s t g 4 * a -5 a ... 1 9 9 0 1J - J
S t l.o m s d iv la t g 4 a . . . . 1 9 51 ! J - J
A l a C e n B l a t g O s........... 1 9 1 8 J - J
A t l db D a u v 1 s t g 4 s .........19 48 ; J - J
2 d 4 s ............................................1 9 4 8 J
A t l & Y a d 1 s t g g u a r 4 s . 19 19 ! A -O
C o l db G r e e n v 1 s t O s........1 9 1 0 J - J
E T V a db G a D i v g 5 s . .1 9 3 0 . J - J
C o n 1 s t g o ld 5 s .............. 1 0 5 0 -M-N
E T e n r e o r li e n g 5 s ......... 1 9 3 8 M -S
G a M id la n d 1 s t 3 s ............ 1 9 4 0 A -O
G a P a c B y l a t g O s...........1 9 2 2 ] J - J
K n o x <fc O h io 1 s t g O s .. . 1 9 2 5 J - J
M obdb S i r p r io r u e n g 5 s 1 9 1 5 J - J
M o r t g a g e g o ld 4 s ..........1 9 4 5 J - J
B i c l i db D a n e o n g O s
1615 J - J
D e b 6 s s t a m p e d ...............1 6 2 7 A -O
B l c h <fe M e e k l a t g 4 s . . . 1 6 4 8 M -N
S o C a r db G a 1 s t g 6 s ___ 1 6 1 6 M -N
V i r g i n i a M i d e e r C O s .. . 1 6 1 0 M -S
s e r i e s D 4 - 5 s ................. 1 6 2 1 M -S
B e r io s E 5 s ........................1 6 2 0 M -S
G e n e r a l 5 s ........................1 6 3 0 M -N
G u a r s t a m p e d ............1 9 3 0 M -N
V a A S o ’ iv ’ t 1 s t g u 5 s . 2 0 0 3 J - J
1 s t c o n s 5 0 - y o a r 5 s . . 1 9 5 8 A -O
W O da W 1 s t c y g u 4 s . . 1 9 2 4 F - A
W e s t N C 1 s t c o n g O s .. 1 9 1 4 J - J
S db N A l a S e e E db N
103
1 0 5 ; 102*9 J a n ’ l l 1. . . .
S p o k an e In t e r n a t ls t g 5 s 19 55 J - J
10 5 * 3 1 0 0
10 5 * 8 F e b ’ l l . . . . 10 5 * 8 105* 8
f e r A o f S t E 1 s t g 4 * 2 8 .- 1 9 3 9 A - O
1 1 2 3 a ..........1 io * a D e o M O 1—
X 1 s t c o n g o ld 5 s . . . . 1 8 9 4 - 1 9 4 4 F - A
98
98
......... 68*» 6 8
F e b ’ l l ....
G e n r e f u n d s t g a s ..........1 9 5 3 J - J
108
1 0 8 V 108 *3
1 0 8 *2 , 2 1 0 8 * 3 1 0 8 *3
S t E M B g e T e r g u g 5 8 .1 9 3 0 A -O
T e x Jb N o S e e S o P a o C o
110* 4 1 1 1 V
l l l * a l l i v 111*8
111*8
T e x d b P a o 1 s t g o ld Oa........ 2 0 0 0 J - D
.......... 8 0 1 7 0
M a r’ lo .
2 d g o ld i u c 6 s ................... 7 ’JOOO M a r
9 8 V ......... 1 0 3
S o p ’0 9 '.
E a D i v B E 1 s t g 6 s ........1 9 3 1 J - J
......................1 0 0 * 3 N o v ’ 0 4
W M i n W d e N W l a t g u O s ’ JO F - A
109
11 0 * 3 1 0 9 F o b ’ l l
109
110*8
T o l db U C 1 s t g 6 a ............... 1 9 3 5 J - J
110
..........1 1 2
S e p ’00
W e s te rn D iv 1 st g 6 s ...1 9 3 5 A -O
101
102
10 3 * 8
..........10 3 * 2 J a n ’ l l
G e n e r a l g o ld 6 s .................. > 9 3 5 J - D
903g
90
Fob’l l
K a n db A1 1 s t g u g 4 a . . . . 1 9 9 0 A -O
90
90
96 V 97*2 9 7 V F o b ’ l l
97*4 9 734
2 d 2 0 - y e a r 5 a .................. i d -37 J - J
90
92*3 91*2 D e o ’ 10
9 7 * 3 9 734
T o l P oa W l a t g o ld 4 a . . . . 1 9 1 7 J - J
89*8 ,
8 0 *a
8 9 *2
T o l S t E<te W p r li e n g 3 * 3 8 .1 9 2 5 J - J
8 6 ‘a 8 0* 3
6 0 - y e a r g o ld 4 s ..................i 9 6 0 A -O
72
71*8
72
7 1 7a 7 4 7*
C o l l t r 4 s g S e r A ............ 1 9 1 7 F - A
......... 81*3 8 1* 2 F e b ’ l l
8 1*3 81*3;
T o r H a m db B u l l 1 s t g 4 s . A 194t> J -D
8 0 V .......... 8 9 J ’ u e ’ 10
1 0 6 * 3 .......... 106*2 F e b ’ l l
l s t e r db D e l 1 s t c o u g 6 s 1 9 2 8 J - D
1053a 10 0
8 4 * 8 ......... 8 0
1 s t r e f u n d g 4 s .............1 9 5 2 A - O
o o t ’09
lo o
b a le 1 0 0 * 8
U u P a o B i t db 1 g r g 4 s . . . 1 9 4 7 J - J
10 0* 8 3 6 100*8 101
100
B e g is t e r e d ........................ 1 0 4 7 J - J
100
100
6 6 *3 100*4
2 0 - y r c o n v 4 s ..................... 1 9 2 7 J - J
1 0 4 *4 8 n lb
103*3
3 4 4 10 3* 2 1 0 0 * 3
106
1 s t db r e f 4 s .................................( /2 0 0 8 M -S9 0 V S a le 1 9*0*3
9 6 V 2 2 6 0 *3 67*4
96*2
0 6 *a 0 5 * 3
o r e B y db N a y c o n g 4 s . 1 0 4 0 ] J -D
9 0 j 8: 6 0
67
1 1 4 a4 1 16 *s 116
O r e S h o r t L i n e l s t g O s .. 1 0 2 2 ! F - A
115
d] L I 4 7a 115* 4
1 1 2 *4 1 12 7a 1 1 2 V
1 s t c o n a o l g 6 s ................ 1 9 4 0 J - J
112V
9] 11 1 * 2 1 1 3 * 3
G u a r r e f u n d 4 s .............. 1 9 2 9 J - D
93
9 3 V 93*2
9 3 -a1 1 3 0 2 V 6 3 7*
J a n ’09
B e g i s t u r c d .................... 1 9 2 9 J -D
' 94
100
.......... 1 0 7 *8 D e o ’ 0 9
U t a h ob N o r g o ld 5 s . . 1 9 2 0
U n i N J B i t db O C o S e e P a B B
U ta h C e n t r a l S ee B io G r W es
U t a li db N o r U i S e e U n P a o iiio
U t i c a db B l a c k I t S e e N Y C e n t
97*3.
98
N o v ’ 08,
a n d a li a c o n s o l g 4 a . . . . 1 9 5 6 F - A
96 V 97*3 9 7 * 3 J a n ’ l l
C o n s o l 4 a S e r i e s B . . . 1 9 5 7 M -N
97*3 9 7 *»
9 0 A p r ’ 10
V e r a C r u z 05P la t g u 4 * 3 S . 1 9 3 4 J - J 90*a .
V e r V a l l u d db VV S e e M o P
V ir g in ia M id S e e S o u th B y
1 0 9 *3 S a le 1 0 9 *a 1 1 0
1 4 1 6 8 7a n o
\\J a b a s h l a t g o ld 6 a ....... 1 9 3 9 M -N
99
101
53
VV 2 d g o ld o s .................. 1 9 3 9 F - A 1 0 0 S o lo
98*2 1 0 1
D e b e n t u r e s e r ie s B ........ 1 9 3 9 J - J
.......... 1 0 0
8 0 J ’l y ’ 10 . . . .
l a l l i e u e q u ip a f d g 6 s . .1 9 2 1 M -S
102
.........l u o
F e b ’l l .... 100
100
l a t li e n 5 0 y r g t e r m 4 s . 1 9 5 4 J - J
.......... 8 2 I » 3
D e o ’ 10 . . . .
1 s t re f an d e x t g 4a . . . . I 9 6 0 J - J
n * V 1W4
7 0 *8 S a le I 0 5 V
63 V “ U K
D e l db C h E x t l a t g 6 s . . 1 9 4 1 J - J
1 0 7 V 10 8 V I 0 8 ‘4 J a n ’ l l
I 108*4 108*4
D e a M o i n D i v l s t g 4 a . .1 9 3 9 J - J
80
D eo’l o
i
G in D i v l a t g 3 *38.............1 9 4 1 A - O
74*3 76
75
V o 3,;
2 74
753 4
80
80
T o l & C h D i v l a t g 4 s . . . 1 9 4 1 M -S
83
S o p ’ 10
W a b P it t s T e r m 1 s t g 4 s . 1 9 54 J - D
47
b a lo
4 0 34
48 , 16 44
48
C e n t db O ld C o l T r C o c e r t t s .
40*4 b a le
40
48*3 824 4 3*3 48*3
7 ‘8 S a le
2 u g o ld 4 s ..................... . . . . 1 9 5 4 j - D
7 *3 25
0
7*3
T r u s t C o c e r t l s .......................
7 V b a le
12 7 0
7*3
a
W a r r e n s e e D e l E a o db W e s t
W a sh C e n t S ee N o r P a c
W a s h O db W S e e S o u t h e r n
W a s h T e r i n l 1 s t g u 3 *3 S . . 1 9 4 5 F A
...................... 9 0
Fob’ll
88*3
W e s t M a r y l a n d 1 s t g 4 s . . . 1 9 5 3 A -O
8 0 *4 b u le i 80*4
80*3
80*4
W V a C e n t db P 1 s t g Oa 1 9 1 1 J - J
1 0 0 na ..........'lO U V F e b ’ l l
100 v 1 0 0 V
109
110*3110
no
]
W e s t N Ydb P a l s t g 6 s . . 1 9 37 J - J
n o
no**
U e n g o ld 4 s ......................... 1 9 4 3 A -O
88*3 .......... 88*g J a n ' l l
88*8 8 8 * s
I n c o m e 6 s ..........................8 1 9 4 3 N o v ......................I 3 4
F o b ’o7
W e st N o C a r s e e S o u th B y
W h e e l’ g db E E 1 s t g 6 s . . . 1 9 2 0 A - O
10 1* 3 1 0 5
105
F e b ’l l .
101
105
W h e e l D i v 1 s t g o ld 5 s . . 1 9 2 8 J - J
103
100
1 0 3 *3 F o b 11 . . . . 1 0 3 * 3 10 3 * 3
E x t e n da i m p g o ld o s . . . 1 9 3 0 F - A 1 0 0
.......... 1 0 2
j ’n e ’ 1 0 .
B B 1 s t c o n s o l 4 s ................1 9 4 9 U - S
80
bills
84
84
86
80
2 0 - y e a r e q u ip s f 6 s . . . 1 9 2 2 J - J
9 7 * 3 .............
98*3 99*3
98*3
8 8 *3 '
W i l k e s ds E a s t S e e E r i e
W t l db S i o u x F S e e S t P M db M
VVia C e n t 6 0 - y r 1 s t g e u 4 s 1 9 4 9 J - J
93
93
S a le
93 V
93*3
S upd b D u id i v d b t e r m 1 s t 4 s ’ 3 0 M -N
9 2 34 9 3
93
93

102 102»a

U

V

l'e lc g r a p h a n d T e le p h o n e
A in T e le p & T e l c o il t r 4 s 19 29 ] J - J
C o n v e r t i b l e 4 s ................ 1 9 3 0 M - S
M ic h S t a t e T e le p 1st 6 3 ..1 9 2 4 F -A
r , Y T e i e p l s t d b g e n s 1 4 * 3 3 .’3 9 M -N
P a c T e l db T e l 1 s t 5 s .......... i y j 7 i J - j
W e s t U n io n c o l t r c u r 6 a .1 9 3 8 J - J
F d a n d r e a l e a t g 4 * 3 3 .. .1 9 5 0 , M - N
C o n v 4 s , S e r i e s A .........1 9 3 0 IM - N

90 Sale
107 *2 bale

30 90
90
90
91
10 8 *2 3 7 6 1 0 5
109
107
98
9934
9 934 F e b ’ l l
98V bale
98*2
9 « 7»
9 8 'a 99*4
9 7 7a b a le
97
9 7 7«
97 V
9 7V
99V 100
«9V 997
99>»
99*8
95
9 534
9 6 *3 S a le
1*5 *3
9 5 *3
1 0 3 V i u 3 7a 1 0 3 V F e b ’ l l * 1 0 1 0 3
103V
9 9 3 4 ........

B O N D S — C o n c lu d e d .
M a n u f a c t u r i n g »fc I n d u s t r i a l
V a -C a r U hom 1st 15 -y r 6s 1923
W e s t K le c t n o 1st 6 s D e o 19 22
( V e s t iu g h o u s o E d b -U s 1 5 s ’3 1
.ID a c o U m ie o u s
A d a m s E x o o l t r g 4 s ..........1 9 4 8
Armourd bC o l s t r e a l e s t 4 *2 s ’ 3 9
B u s h T o r m in a ! 1 s t 4 a ........1 9 5 2
Co nsol 60.................1 9 5 6
O h io J o db t Y a r d c o l g 5 8 . 1 9 1 5
D o t M db M l d g r i n c o m e s . . 1 9 1 1
i n s t it f o r I r r i g W k s 4*33 19 4 3
I n t M u rc a n M a r in e 4 V s . . 19 22
i n t N a v i g a t io n 1 s t s f 5 a . 1 9 2 6
M o r r i s & C o 1 s t s f 4 *2 8 . . 1 9 3 9
N Y D o c k 6 0 -y r 1 s t g 4 s . . 19 51
P r o v id e n c e s e c d e b 4 s . . . . 1 9 6 7
P u b S e r v C o rp N J g e n 6 s . 19 59
W a s h W a t e r P o v r 1 s t 6 s . .1 9 3 9

J-D
J-J
J-J
M -S
J-D

A-O

J-J
J-J
A -O
M -N
A -O
F -A
J-J
F -A
M -N
A -O
J-J

101

S a ls
S a le
S a le

90
93

S a le
S a it

91*4

98*4

1 0 iv
10 1
92 V

90
91
93
03 V
91*4
91V
97
F e b ’l l

36
60 V
#7*2 0 0 V
S a le
76 V
61V
91*3 9 2
90
6L
91
85
87 V 8 0
9 5*
90V
00
103
1 0 1 V .......
.
60

101V
101
93

A u g ’ 10
N o r ’ lO
07
76 V
61*4
N o v ’ 10
30
Ja n ’ll
A n g ’ 10

14 1 0 0 V 1 0 2
8 lO O V 1 0 1
lb
9 1 V 93
4
00
10

89*4
92 V
60
67

91
93 V
61V
97

33
1
9

04
78
61

08 V
76 V
92

__

1

....

84 V 87
90V 90V
.......... ........ *

*No price Friday, latest bld and asked this week. 6 Due Feb d Dae Apr «Duo May pDneJ’ne A Due J’ly ADuoau* oDue oot pDae Nov »Optlon 8al«




STOCKS--HIGHEST AND LOWEST SALE PRICES
Saturday
Feb. 18.

Monday
Feb. 20.

Tuesday
Feb. 21.

Feb. &

934 9-3,
9'2 *9-% 0-3.|
8Dg SlU SP4 8Hg 8Ug
*265
265 *265
128% *
1281’
128%
78 *75
78 *75
78
115 *112 115 *112 115
146 *145 146 *14512 146
47
47
48
48
50
45
45
4512 451.4 49
70
7612 75
75
78
50 *
50 *
50

50’-2
120
*153
*11512

5012 50
120
121
154
15312
116 116

947g 95

3
5134 51%
120
120
1531? 154
117 *116

947g O61.1

6212 6314 04%
*46
*46
61)
*49
50
*96
9712 *96
* 21 *
*122 124 *122
*125 127
125
*116 118 *116
*110 119
1187g
107 107
107

65

60
0712 *93
124
125
113
1187c
107

Last
Last
24
Last

>4

Q
►
H
a
7

tH
9

53
120G
154 '
120

S°
g
O
H

061* 97*14
65
*46
*49

*122

*125
118
*116
107

W
CO

65
60

97

170 *168
105 104
(Hi *61g
81
8OI2
23 *21 '

170
167
104
104
6I2 *6
8 II2 81
23 *22

Sales
of the
Week
Shares

Miscellaneous
555 American Can___ ___100
9
9%
9% 97g
Do prel_________ 100
900
817g 821g 80
81%
150 American Radtator__100
*265 300 *265 »___
Do pret.................100
128% Feb'll
87 Araer Shipbuilding__ 100
75
75-3.1
*75 77
Do pret_________ 100
112 Feb’ ll
Atner Telep oe ielcg_____
146% Feb’ ll
1.207 Booth Flsiieres com___
51
54
51
54
50% 52 1,394 Voting Trust ctf___ . .
49% 62
Do pref______________
76
70 2.344
77?g 78
Cal * Chic Canal & D.100
52
Feb’ ll
Do pref______________
62?g 55*2 52% 54% 6,531 Chic Pneumatic Tool-100
81 Chicago Telephone__ 100
120% 120%
*120w 122
104 Chic Title & Trust__ 100
154
*153 154 *153
631 Commonw th-Edlson.100
119% 120
*11712 120
13g Feb’ 10
Do righ ts........ ..........
Corn Prod Ref Co com__
14% F’eb'10
Do
do
pref____
Jan’ ll
Last Sale 78
Diamond
Match.........100
1.087
91% 95
90
97
Do rights___________
519 Illinois Brick...............100
64
64
65
65
Masonic 'leinpie________
47
Jan’ ll
05 McCrum-Howell Co.-lOO
50
50
60
5D’
Do pref____________
Feb'll
Last Sale 97
Last Sale 2% June’07
National Biscuit.........100
5 Do pref................ 100
55 National Carbon_____100
6 Do pref_________ 100
72 People’s Gas L&Coke.lOO

189 191
187
189
1,389 3ears-Rocbuck com ..100
121
121
121 121
150 Do pref................ 100
101% 101% 100% 101% 1.424 Swift & Co...................100
Feb’ ll
Last Sale 4
167 107
1201 The Quaker Oats Co.-lOO
Do pref_________ 100
103% 103%
. 67
330 Unit Box Ud & P C o .100
0% 0%
0
0%
80-34 80% 77% 78 •2,746
Western Stone_____.UK)
Feb’ ll
Last Sale 23

167
104
G^2
81%
23

BONDS

Inter­
est
P .H o l

P ries
F rida y
F eb . 24

W eek's
Range or
Last Sale

A sk how
100%
93%
t ’ 9314 Safe*
95%
t 95
____
94
t 95
....
HU

High
Jan’ l l
93%
F ob’ l l
F ob’l l

Range for Previous Y eat
(1910)

Range for Year 1911
Highest

Lowest

160 Oct 185 Mch
3% Jan
1% J’ly
7% Jan
4 J’ly
603g Sep 109 Jan
30 Jan
11% Sep
8 May
16 Jan

oi

66 J ’ne
J no
61% Jan
104 Jan
13% Jan
■: Jau
201 Dec
Ml Apr
841- May
112 .Jan
112’g Mch
43 Dec
41 Dec
/ 4 Jau
65 l-'eb

6% J’ne
62i’ JTy
240 Apr
1.6 JTy
72 Feb
107 Aug
131% JTy
31 J’ne
29 Aug
66 J’ne
46 Dec

41 Jan
115 Jan
151% Jan
113 Jan

3
25
G
19

25% JTy
UO llav
142 Aug
108% JTy
1% .1an
13'-' J’ly
,9% Apr
82% Sep

55% Feb
123 Feb
154 Feb
120 Feb

23
10
21
24

147g Feb
78 Jan
97% Feb
4 .04 Jan
17 70 Jan
18 47 Jan
1 67 Jan
16 98 Fob

11
18
21
3
20
18

11

18
10

3

2

i7
3
11
18
3

125% Feb 2
126 Jan 30
119 Feb 16
118% Feb 2 108% Jan 19

184 Jan 3
119 Jan 11
100% Jan 30
1 Feb 3
160 Jan 25
102% F'eb 1
0 Feb 3
72% Jan 3
21 ’ Jan 16

19234 Jan 31
121% Feb 4
101% Feb 7
10 Jau 1G
170 Jan 13
104 Jan 0
7 Jan 3

i 17% Jan
123 Jan
115% Jan
118 Jan
105% Jan

25 " Jau 27

72 J’no

Feb

63 May
55% JTy
7 JTy
40 J’ly

10 Jan 25
8234 Feb 2
9 265 Jan 9
11 130 Jan 14
4 79 Feb 6
6 112 Feb 2
7 145% Feb 11
23 54 Feb 23
19 52 Feb 23
14 78 Feb 10
30 52 Feb 2
3
7

6% Aug
39 .'an
77% Mch

2% J nt
20 Aug
6J Feb

8% Jan
76<g Jau
265 Jan
128% Feb
71%Jan
110% Jan
141%Jan
40% Jan
39% Jan
68 Jan
51 Jan

1334 Jan
78 Jan
92% Feb
.01 Jan
61 Feb
47 Jan
45% Feb
96 Feb

Highest

Lowest

4. Feb
137 Jan
16J Alch
121% Jan
- Jan
223j Jan
82 Feb
12/
an
.21 Dec
63 JTy
91 -Mch
43% Men
■:o Jan
40 Mcb
67% Dec
93 J’ne 1023] Apr

101
118
104
112
103

Aug
JTy
Feb
Feb
JTy

119 Dec
126 -Jan
145 Oct
123 Nov
115% Jan

148 Feb

186% Nov

116% Aug

100 Dec

122 Mch
109->g Jan

155 J’ly
101 JTy
5'.i Apr

180 Feb
106 Jan
15% Jan

15 J'ne

26% Deo

Chicago Banks and Trust Companies

Chicago Bond Record
CHICAGO STOCK
EXCHANGE
Week ending Feb. 24

STOCKS

CHICAGO STOOK
EXCHANGE

Railroads
Chicago City Hy
100 "X85 Jan 11 185 Jan 11
Chicago & Oak P a rk ..100
___
Do pref ________ 100
4 Feb 1
4 Feb 1
___ Chic Rys part ctf " 1 " __
93 Jan 21 93 Jan 21
68 Chic Rys part ctf * 2 " ___ 23% Jan 12 25% Feb 3
Chic Rys part ctf " 3 " __
8% Jan 23 10 Jan 28
Chic Rys part ctf ” 4 " __
460 Chicago Subway_____100
4% Jan 3
3% Feb 2
490 Kans City Hy & L t..l0 0
20 Jan 30 25 Feb 23
157 Do pref...............1 00
69% Feb 14 72 Feb 23
Jetrapol VV S E lcv--.100
65 Feb 1 69 Jan 10
130 Do pref_________ 100
Northwestern Elcv__ 10o
Do pref_________ 100
60 Jan 11 62 Feb 2
ioo bouth Side Elevated..100 68 Jan 9 72 Jan 14
9 Jan 16 13% Feb 23
1.843 Streets W Stable C L.10U
49 Jan 9 50 Jan 9
99 Do pref--------------100

123 Feb’ ll
*125 127 *125
127
119
118% 118% 119
*110 119 *116
119
100% 106% 105
105%

124
127
H 8I2
119
107

I 88I4 189
189 189-3| 189 1891.1
121 121 *121 12U' 121 121
1013g 101% 101% 101% 101% 101%
*168
*104
6
8OI4
*21

Friday
Feb. 24.

Last Sale 185 Jan'll
1% July’ 10
Feb’ ll
Sale 4
Jan’ ll
Sale 93
24
23
23%
Feb’ 11
Sale 9
6
Dec’ lG
4%
4%
23
25
72
72
2011 Feb’ll
*05
671’ 68% 60%
20
Scp’ 10
Fob’ll
Last Sale 67
*CG12 70 *66% 70
11
131.1 12% 13%
___
___
50
50

►175 200 *175 200 +175 200
*1% 212 *U2 212 *1% 2%
6
6
*4
*4
6
*4
*90
93
+91% 93 *9112 93
241g 21% *24
24>2
*2412 25
*87g 9
*S7g 9
*8% 9
6*4 *G
*(>
014
6*4 *6
4J
*37g 4
4
41g 4%
217g 21-3.| 22
21
*2012
70'2 7H2
*68*2 70 *6812 70
22
22
22 *19
67
67
*6434 66
66
22
22
62
*61
62 *61
62 *61
09
69
68 *6012 68
ldg 10l4 11
10% 10lg *10
50 50
60
60 *45
*45
012
81
265
*
*75
*112
*145
48
45
7612
+___

Thursday
Feb. 23.

tl'ds
Sold

3

Rang
fo r
Y ear 1911

No. how
H igh
____
100% 100%
2
92% l)33g
____
90% 95%
—
90
94

N AA 1E

C a lu m e t N a t i o n a l ______
C h ic a g o C i t y ______________
C o n t l’ ta l & C o m m N a t
C o r n E x c h a n g e N a t io n a l
D r e x c l S t a t e ______________
D ro v e rs ' D e p N a t io n a l.
E n g le w o o d S t a t e -----------F i r s t N a t i o n a l ___________
F ir s t N a t E n g le w o o d .. .
F o r e m a n B r o s B k ’g C o .
F o r t D e a r b o r n N a t io n a l
H i b e r n i a n B k ’g A s s ’ n . .
K a s p a r S t a t e B a n k _____
L a S a lle S t N a t i o n a l . .
L i v e S t o c k E x c h ’g e N a t
.M o n ro e N a t i o n a l ________
N a t B a n k o f R e p u b l i c __
N a t io n a l C i t y ____________
N a t io n a l P r o d u c e ________
N o r t h A v e n u e S t a t e ___
N o r t h S id e S t a t e S a v ’ gs
N o r t h W e s t S t a t e ______
P e o p le ’s S t k Y d s S t a t e .
P r a l r l e S t a t e ______________

Dividend Record

Outstand­
ing
Stock

Surplus
Profits

In

m

r

f

1U09

1910

$ 4 3,9 3 6
2 2 6 ,02 8
9 ,7 2 2 ,0 5 3
5 ,5 6 9 .3 2 0
3 1 ,3 1 7
4 14 ,934
4 1,19 6
1 1 ,0 1 1 ,7 7 2
181.967
5 08 ,6 7 8
4 2 3,6 4 6
1 ,0 0 3 ,6 3 3
162,441
2 6 3 ,1 6 2
6 11 ,6 17
6 5 ,71 4
1,2 7 8 ,7 6 6
4 18 ,761
84,695
7 3 .8 0 8
29 .7 4 6
2 1 ,3 2 0
10 3 ,9 9 2
7 7 ,2 6 7
3 4 ,4 5 0
19 3,493
8 2.0 0 0
8 .76 1
1 .8 6 8 ,35 0
186,970
4 1,2 6 1
8 ,0 04
8,719
9 6 3 ,35 6
1 1 0 ,3 3 1
f l.6 2 7 .9 9 S
8 ,0 4 5
4 4 7,9 1 8
4 3 4 ,5 2 7
13 1 ,8 7 0
19 9,4 58
3 .1 5 4 ,5 8 6
23 ,8 2 9
1 ,6 0 2 ,2 6 8
8 ,8 8 7 .2 1 4
5 6 ,962
4 2 ,7 1 4
6 .0 8 4 ,10 4
23 7 ,0 6 4
60,665
2 .4 5 5 .6 5 1
7 2 .6 0 0
15 6 ,1 59
2 3 5 ,9 7 7
2 1 .4 3 5
2 6 2 ,6 36
3 5 ,7 8 8
1,2 1 5 ,4 8 7
148 ,248
1 2 1 ,0 3 8
5 5 ,6 2 2

0
10
____
12
9-

$10 0,09 6
500.00U
,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0

6
10

Per­
iod.

An
J-J
.
Q -J
16
Q -J
d -J
Q -J
Q -J
124
Q -M
12.
J-M
U
1J
P r iv ate B a nk
Q -J
Q -J
10 + 15 J - J
B e g . b us. M a y T O

Last Paid
%
Ja n ' l l , 6
J a n '1 1 , 5
J a n ’ l l , 21*
Ja n ’ l l , 4
J a n ’ l l , 1%
J a n ’ l l , 2%
J a n ’ l l , 1%
D e c 3 1 ’ 10 ,3u
D e c 3 1 T 0 ,2 %

Araer Strawb'd 1st 6 s .1911
20
Armour & Co 4 %-<__ 1939
Booth Fish Co Deb G r>s'l 7
200,000
8
Booth Fisli.Co Deb G5s’24
6 0 0,00 0
10
10
Cal & So Chic tty Co
____ ____
200,00u
0
6
1st &1 5s....................192?
J ’ ne’09 ____
102
10,0 0 0 ,0 0 0
____ ____
Cass Av & F G (St 1.) 5s '12
.in
m i
101% O c t ’ 09 ____
1 5 0 .UOo
. . ____
M a y ’07 ____
Ohio Board ot Trade 4s 1027
100
1.0 0 0 ,0 0 0
Chicago City tty 5s__ 1027
1102% 102% 102%
102%
1
102% 102?g
1 ,5 0 0 ,0 0 0
Ja n ’ l l , 2
8
8
.... ....
A p r’04 . . . .
llhlc Consol Hr & Mlt 6s__
103
1 ,5 0 0 ,0 0 0
J a n '1 1 , 2 *
.... ....
8 8+2
____
A p r’ 09 ____
Chic Consol 'l'rac 4 Hs 1030
50
200,000
Jan ’ l l , 5
10
___ _ . . . .
9034 J an ’06 ____
Chic Auditorium Ist5sl929
1
,0
0
0
,0
0
0
V .9 0 , p .1 2 7 7
____
.
.
.
.
.
.
.
.
94%
D
e
c
’
09
Ohio Jc Hit 1st il g os. 1045
1 ,2 5 0 ,0 0 0
10 10 Q-M D e c 3 1 T 0 , 2 %
____
____
.. ....
F e b ’ 00 ____
87
Chic No Shore Klee 6s.1012
3 0 0 ,0 0 0
4
4
Q -F F e b ’ l l . 1
873g 00%
90% F e b ’ l l ____
Chic Pile Tool 1st 5s.al021
t 9 0 % ------2,00 0,00 0
8
8 Q -J D e c 3 1 T 0 .2
20
973g 98%
98%
98
Chic Hy Os................... 1927
98
Sale
r 1,5 0 0,00 0
6
6 Q -J J a n ’ l l , 1%
9434 94%
9434 F e b ’ l l
Chic Rys 4-5s series “ A"
X____
95
2 5 0,0 00
4
Q -J J a u ’ l l . 1%
3
84
80
82% 84%
83%
Ohio Kys 4-5s series "H”
83% Sale
2
0
0
,0
0
0
oH
OX Q -J J a n ’ l l , 13*
M
ch’
10
90%
....
....
Chic ttys 4-5s series “ C’
6
6 Q -J J a n ’ l l . It*
5 0 ,0 0 0
21
99% 1001.1
100%
Chic Kys coll 6s__ 1013
t i 5 o * 100% 1 0 0 %
____
4
Q -J J a n ’ l l , 1%
200.000
100
100
100
J a n ’ l l ____
Chic ltys Fund 6 s..1913
3 0 0 ,0 0 0
...
7 Q -J D e c 3 1 T 0 , 2
97?g 97?g
97% F e b ’ l l . . . .
Chic ltys Tem Ctfs 1st 5s
t ' 97% m i
6 0 0,00 0
6
6 Q -M ' D e c 3 0 T 0 .1 %
____ . . . .
66% A u g ’08 ____
Chic it 1 & P Hit I s ..2992
2 5 0 ,0 0 0
N o n e N o n e ___ _ J a n ’ 08, 2
Railway Exchange___
....
....
60% J u ly ’08 ____
Collat trust g 5s— 1013
1
3 0 0 ,0 0 0
102
102%
S e c u r i t y __________________
102%
1021*2 Safe* 102%
Chic Telephone 5s____1923
IX Q-J J a n ’ l l , 1%
30
South Chicago Savings.
200,000
6
10 1%
100% 101%
101% 101% 101%
Coinmonw-Edison 5s. 1913
7X Q -J J a n ' l l , 2
__ _
. . . . ____
S o u t h S id e S t a t e ________
6 Q -J J a n ’ l l , 1%
200.000
100% N o v 10 —
IX
Cldc Edison deb Cs.1913
S t a t e Bank ot Chicago.. 1,5 0 0 ,0 0 0
12
12 Q -J J a n ’ l l , 3
F e b ’ l l ____
100
100
100
1st g 0s___ July 1026
{ 9 9 % ____
S t o c k Yards S a v i n g s ___
2 6 0,0 00
8 Q -M Dec31’10.2
8
100% A u g ‘09 ____
....
....
Debenture 5s____1929
Union Bank of Chicago.
200,000
6
0 M N N o v '1 0 , 3
100*4 101%
101% F eb ’ l l ____
t io i” n n
Conunonw Elect 5sol943
Washington Park Nat’ l
100.00J
See V. 90 . p. 159
22
100% 103%
103%
U 0 3 % Sale
103%
Dla Match Con db«s T rets
6 0 ,0 0 0
Wendell S tate.. ________
N o n e N o n e Q -M D e c 3 1 '0 8 ,l%
D e o ’03 —
------- ------Illinois l unnet 5s------1926 I - l> ------- ------- 80
Central Trust Co of III.. 2,000,000
7
7X Q -J J a n ’ l l , 2
Kan City tty & Light
« 5 0 0 ,0 0 0
6
6 Q -J J a n ’ l l , 1%
90*g 963g Chicago S a v B it & Tr ___
Co 5s ....................... 1913 II - N { 97% 98% 963* J an ’ l l ____
Chicago Title It Trust.. 6,000,000
6
9734 F e b ’ l l . . . .
9734 97%
....
7M Q -J J a n '1 1 , 2
Knlck’ b'lter Ice 1st 5s 1028- A - 0 t 9 7
.
.
.
.
5
0
,0
0
0
4
Citizens
Trust
&
Savings
A-O Oct 9T0. 3
6
J
J
78%
{
78%
81
F
e
b
'l
l
77
80
Lake Gt El— 1st 5s— 1928
6 0 0,00 0
8+2 8+2 Q -J J a n ’ l l , 21*
Colonial Trust & S a v in g s
16
M a y ’ 05 —
Income 5 s ..___ ...1 9 2 5 Feb .....................
Cont It Comm Tr & Sav. 3 ,0 0 0 ,0 0 0
Hetr VV S'de HI—
200,000
**8*
**8* Q Q Jan"'111 2
Drovers' Trust &Savtngs
0
83%
83%
82% 83%
1st 4s....................... 1938 F - A 83% Sale
3
6 Q-J Jan *11. 1%
79% F e b ’ l l . . . .
Farwell T r u s t C o ________ 1,5 0 0 ,0 0 0
80
78% 80
Extension g 4s____1938 J - J t 79
12 Q -M D e c3 1 ’ 10,4
16
9134 F e b ’ l l ____
First Trust * S a v i n g s . . 2 ,5 0 0 ,0 0 0
90*4 91%
Vlorrl ; & Co. 4 V-____1930 J - J X 9 1% 92
o
ra
ted
1908 V.87. p . H 3 S
In
c
o
rp
2
0
0
,0
0
0
Guarantee
Trust
It
S
a
v
.
98%
98%
2
96% 98*4
North West El 1st 4s. 1911 M- b 98% Sale
Harris Trust & S a v i n g s . 1 ,2 5 0 ,0 0 0
9X 11+ 5 Q -J J a n 1 1 . 3
99
A p r’ 10 ____
No W G-L & Coke Co i s '28 Q - M . . . . . . . .
10+4 16+4
Q Feb 2 0 T 1 , 1
92%
9234
02% Sale
0
Ogden Gas 5s_______ 1945 11 -N
*921*2 *9*3% I l l i n o i s Trust & S a v in g s 5 ,0 0 0 ,0 0 0
2 00 ,00 9
6 X 7 + 1H Q J D c 3 1 T 0 ,l% t >
____ ____
Kenwood T r u s t & S a v g s
100% M ch’ 09 ____
9 8 % -----Pearsons-Taft 5s_____1916
200,000
5
____ ____
Lake View TrusticSavgs
96% M oh’ 10 ____
&X Q -J h .n ’ l l , 1%
4 .4 0 s_____________ __
95
------12
12
Merchants’ G o a n & T r O o 3 ,0 0 0 ,0 0 0
Q -J J a n ' 1 1 , 3
4.60s Series li_________ VI - N 98 ------- 97
F eb TO ____
.... ....
7 5 0 ,0 0 0
M e t r o p o lit a n T r u s t JcSav
6
6 Q -J J a n ’ l l , 1%
98% M ch'10 ____
4.80s Series F_________ M - N 9 7 % ____
.... ....
200.000
M ic h ig a n A v e T: C o ...
B e g . b us. Oct 2 9 T 0 V 9 1 ,p .1 2 2 1
12134 M ay’ 09 ____
1
. ....
Peo Go.' L & C 1st 6 s.1943
.... ....
N o r t h e r n 'T r u s t C o ........... 1,6 0 0,00 5
8 . 8 Q -J D C C 3 1 T 0 .2
101% F e b ’ l l . . . .
Refunding g 6s__ .1047
r u 5 l% —
N o rth -W e s te rn T r & S a v
200,000
6 J-J J a n ‘ 1 1 . 4
6
Chic Gas l.&C 1st 5sl937
103%
G 1011*2 1*0*1%
1 1 103
103% 103%
5 0 0 .0 0 0
P e o p le ’ s T r & S a v B k .
B eg. b u s .D e c 1 T O V. 9 2 . p. 96
101
D e c'lO ____
Consum Gas 1st 5 s.1930
103% 103%
1 { 1 0 1 % ____
P u llm a n T r u s t & S a v g s .
8
Q -J U e c 3 1 T 0 , 2
3 0 0 ,0 0 0
8
- - 10034 O c t ’ 10 ____
- ____
Mut'l Fuel Gas Ist5sl047 VI - N
S h e r id a n T r & S a v B a n k
200,000
Beg. b us. J T y 12'0 9 V.8 9.p .1 4 1
20
93%
93*4
93
94
South Side Elcv 4HS.1924
1 *93% Sale
;e S ta n d a rd T r & S a v -------C o m m en ced b us. S ept 6 19 10
1,00 0,00 0
3
100%
100 100%
Swift & Co 1st g 5s...1 9 1 1 J - J ____ 10034 100%
S t o c k m e n 's 1 r u s t & S a v
5
200,000
&X J-J July TO, 3
1 ____ ____
A p r ’ 10 ____
88
Union El (Loop* 5s_.194'> A
....
....
*8+2 8+2 Q -M D e c 3 1 ’ 1 0 ,2
Union T r u s t C o ............... 1,2 0 0 .0 0 0
70
A p r’ 10 ____
United Box Hoard col 6 j 20
....
....
{ 01
....
6
W e s t 'n T r u s t & S a v in g s 1 ,2 5 0 ,0 0 0
0 Q-J J a n ’ l l , 1%
F e b 'l l ____
50
t 58% 60
56
56
General rntge Os.--------....
6 Q -M D e c 3 1 T 0 , 2
W e s t S id e T r & S a v B a n k
200,000
____ . . . .
85% July'OS ____
Western Stone Co 5s..1909 A
-_
W o o d la w n Tr&SavBan .
200.000
6
Not-' —Accrued interest must b e a d d e d t o a ll C m c a ico b o n d p r ic e s .
7X Q -J J a n ’ l l . 2
* Bid and asked prises; no saloi were made on this day. T Jan. 7 (close of business) for national banks and Jan. 9 (openmr ot business) lor .Ttate institutions,
1No price Friday latest prloe this week, a Due Deo. 31. b Duo June, k Also 20% In stack, n Capital to be Increased to $1,000,003, ^Dividends are paid Q-J,
rlth extra payments Q-V. r Proposition to increase capital to $2,000,000 ratified Jan. 10. See V. 92, p. 96. s In addition the equivalent ot 4% more came from
First Trust & Savings Hank. (Dec. 311910. u In addition the equivalent ot 1% came from First Trust <fc Savings Bank.
ti An extra payment of 1H% was madi
Dec 14 1010. mi See V. 1)1, p. 1551, 72, 17. xNov. 10 1910. i/Nov. 11 1910.
* An extra dividend of 2% was paid Dec. 20 1910.




SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Feb 18

Monday
Feb 20

Tuesday I Wednesday
Feb 21
Feb. 22

10012 IO6I2 1067s 1067s 10034 10o34
*1021, 1031.1 *10212 103*2 103 103
*225 2251.1 225 22512 225 225
129 129 *128*2 129
128*2 129
*210 212 *210 212 *210 212
12112 12112 121*2 122
121*2 122
298 298
298 298 *295
10
*15
16 *15 *16“ *15
*72 . . .
*71*2
*7112
*9
*9
11
*812
40
40
*40
*40
160 160
158 158 *158 160
113 113 *112 113
*11212 113
*. _ 270 * __ 270 *___ 270
128 128*2
*12§' 12S*2 128 128
*123 125
124*2 125 *125 127*2
87*4 87*2 87*2
87*2 86
*87
*213 215 *213 215 *213 215
171,1
171.1 1712 17*2 17*2 17
88 *87
*87
S3
87*2 S7*2
150*3 15034 150---3 15078 15034 1507s
141 111 *141 142 *141 142
*210
*210 . . .
♦210
*182 187 " *182 187
*182
38
39
40
41
42 43
*1103, 111
►
11012 112 *109l2
101 101
100*2 ioi"i2 100*2 100*2
17834 17878 178*3 17S34 179*4 17938
*93l2 94
*93*2 94
*93*2 94
158 158 *157
160 100
92
92
92*4 9fit2 92 92*4
10314 103*4 *102*2 IO3I4 102*2 102*2
51
5134
1-10212 103
5*3 65s
*16
17
1191.1 11912
118 118*2
1451.1 14614

51*2 5134
10278 103
5*2 5*2
*16
17
119 119*2
117 118*2
146 1463s

51
513s
10334 10334
*5*4 5*->
16
16 "
119 11934
117*2 118
146 146*3

9512 95
95
95*2 95
95*2
10 *10
10
10*2 *10
10*.
25
25
25
25 *24*2 25*2
___
►
812 *7
8
*7
8
*148*4 150 *148*4 1493.4 *148*4 14934
91.1 934 10
10*4
97S 10*4
290*4 290l4 291 291
290 291
154*4 155
*15312 15412 153*3 154
9234 927g 93
93
93*3 93
9638 96*4 96*4 90*2 96*2
96
22114 221*4 2211s 221*3 221 221
*433 434
43S 43S
4*2 4*2
►114 11512 114*2 114*2 115 115
114 114
11312 113*2 *113 114
142 142 142 142 *141 142
*99*2
♦99*2
*99*2
160*4 160*2 160 1603} 160*4 16034
13*2 *13
13*8 13*s *13
13*4
101*4 101*2 101*2 101*8 101*2 1013,
31*2 31*2 31*2 313., *31*2 3134
*28*2 29
2834 2S**4 2S34 2834
*188 189
188 189
188 189
5733 587, 5734 58*2 57*2 58*4
29
29
29
29
20
29
803S 8U? 807s 813S
80*3 81
119*3 1191; 119 119*2 119*3 119*4
20
20*2 19*8 20
20*2 2034
05
95
94
95*2 93*2 95
6
8
P___
64*2
*24
15*4
♦3*2
.55
* 12*2

6
*5*2 6
*57S 6*4
8
*7*.} 8
*7*2 8
36 *___ 36 *33*2 35*2
65
64*s 65-*s 64^4 65
2134 24*3 2434 24
24*.,
15*2 15*4 15*4 15
15*2
4*2 *37g 4*2 *378 4*2
.55 *.50 .60
.50 .5(1
13 * 12*2 13
12*2 1234
6*4 5*4
578 GI4
5*2 6*4
18*2 181? 1834 183,|
*18*2 19
5234
51*2 5134 51*2 52*4 52
500 505
*505 515
505 507
12*2 12*2 12*2 12*2 * 12*2 13
*.06 .07 *.05 .07 *.05 .07
*67
68
67*2 68*2 67*2 69
*3
3*4
3*8 3*8
3*8 3*4
13
13
13
13
13*8 13
1038
10
683 6 11-16
34

35
6*4 6I4

20*2 20*2
* 1*8 1*4
12*4 133S

*31*4 32

88*2 88*2

10

10*?
63., 67g
35
35

10*2 *10

634 6*4
34
35
6*s 6*3

6

6*3

22
24*.,
*Ms 2
133S 133, 1333 13*2
*31*4 32
*311.} 32
21*4 22
1*1 1*4

88*4 88*2

133.1 133.} *13*2 14
115-16 7
7 7 1-16
*2*8 2*2 *2
2*?
36*2 3678 3634 37
*434 5
4^4 43.,
7
7
7
7
.20 .20 *.75 .90
. . . . ___
.19 .23
20*j 2014 20*4 20*,|
*2-*4 3*4
*2*2 3
45
45
44
45
19
19*3 187g 187,
*3*8 3*2 *3
3*?
113S 11*3 11*8 113s
29
29*4 29*2 29*2
7
*6*2 ___
*6*2
*634 7
634
♦6
*.50 .90 *.60 .90
3934 3934 40
40
106 :oo
105 110
1134 1134 12*2 12*2
*67
70
67
67
16*4 17 *1712 18
13, *1*4 138
11
11*2 11*2 11*2
*.90 1
1
1
86*2 36*2 36*2 36*2
414 4R <5 3-16 5-16
1412 1434 148, 14/g
44
44
44*2 4412
♦4
4*2
4*8 4*4
35*2 3612 36*4 3578
47
47*2 47
47*2
*2*2 3
2*4 2*4
14
12*2 14
14
•4534 46*4 40
48
*2
2*2
2*2 *2
9
9
*8*4 9
117 121 *120 121
*1*2 1*8 *1*2 1*3
• Bid and asked prices,

88

*13
7
2

37
43.,
7*2
*.75
.15
20
3
45
19*4
3*8
11*8
291S
*6*2
6*2
*.50
40
108
*12*2
67
18
*1*4
11
*.95
*36

88

13*2
,7
2

38
43,
7*2
.90
.18
20
3
45
19*4
3*3
1*4
29*2
7*?
63,
.90
40
109

67*2
18
Us
11
1
36*2
6*4 53g
147s 15
*44
45
4*2 4*2
3534 36*,
47*s 47*3
*283 234
13*4 13*?
♦453a 457,
*2
2>?
834 9
120*2 .20*2
1*2 1*2
d New stook.




Thursday
Feb. 23

Friday
Feb. 24

Sales
of the
Week
Share,

STOCKS
BOSTON STOCK
EXCHANGE

R a n g e S in c e J a n u a r y 1.
O n b a sts o f 100-S hare lo ts.

Range for Previous
Year (1010).
Highest.

H ighest.

Railroads
106*s 107
425 Atch Top & Santa Fe. too 102*3 Jan 5 10773 Feb 9
104*2 104*2
1
Do pref_________ 100 lOHsJan 3 103*8 Fob 1
*102*2 103*2 *101*2 102*2
225 225*4 225
131 Boston & Albany____101 223*2 Jan 4 226 Feb 15
225
1283, 129
12834 129
264 Boston Klevnteil_____lot 4:12712 Feb 3 1297s Feb 1
*210 212 210
210
10 Boston & Lowell_____ 10t 207 Feb 1 216 Jan 4
12134 122
1203
120
494 Boston * Maine_____100 11534 Jan 11 12238 Feb 15
*295 . . . *295
8 lioston & Providence. 100 295 Jan 10 298 Feb 8
Last Sate 15
Dec'10 ___ Boston Subnrban ICl Cos.
Last Sale 72
Do prel________
Jan’ 11 ___
72 Jan
72 Jan 26
Last Sale 9
Feb'11 ___ Boston & Wore lClec Ccs.
6 Feb 15
9 Feb 16
*40 . . .
3
Do pref________
*40
38*2 Jan
4.'J34 Feb 15
160 160
160
155 Ohic June lty & USY.100 157 Jan
160 "
160 Feb 21
113 113 *112
113
8
Do pref................. 100 110 Jan
113 Feb 20
265 265
265
5 Connecticut Diver__ 100 265 Jan 31 265 Jan 31
12812 128* 128" 128
225 Fitchburg, pref.......... 100 126*2 Feb
130 Jan 1
127*2 1271 129
129
220 Da Hy & Electric___ 100 117*2 Jan 23 129 Feb 24
873, 8734 871.1 87*4
45
Do pref_________ 100 86 Feb 20 88i2 Jan 6
Last Sale 215 Jan’ 11 ___ Maine Central.. __
100 215 Jan 18 215 Jan 18
*17
17*2 17
17
657 Bass Klectrlc Cos___ 100
17 Feb 21 19 Feb 1
87*2 88
401
Do pref................. 100 8334 Jan 9 88 Fen 2
87*3 87*2
151 1513s 14973 150 3,279 iU N H & Hartford.100 14812 Jan 23 10138 Feb 23
141 141
15 Northern N H __
100 139 Jan 13 141 Feb 17
Last Sale 210 Jan'11 ___ Norwich & Wor pref. 100 210 Jan 26 210 Jan 26
*183 185
12 Old Colony________ 100 183*2 Jan 30 189 Jan 3
183*2 183*2
42*2 42*2 *41
42*2
436 Holland pref...............100
32 Jan 26 43 Feb 21
111 111
110
111
16 Seattle Electric______100 zl06 Jan 6 111 Feb 15
101
101*2 101*2 101
80
Do pref________ 100 100i2 Feb 7 10234 Jan 9
179*3 179*3 17478 175*4
500 Union Had lie..............100 171 Jan 3 180?3 Feb 6
Last Sale 94*3 Feb'11 ___
Do
pref________ 100 92*3 Jan 12 94*8 Feb 10
*158 ___ *158
8 Vermont & Mass..
100 158 Feb 11 160 Feb 21
92*2 92*2 9233 92*2
385 West End St............. 50 89*2 Feb 1 9278 Jan 11
102*2 102*2 102*2 102*2
66
Do pref__________ 50 102*2 Feb 14 105 Jan 10
Miscellaneous
5034 53*4 51*2 525g 2,363 Amer Agricut Chem_.100 46*2 Jan
53*4 Feb 23
10334 104
397
Do pref________ 100 99 Jan
103*2 104
104 Feb 23
*5*4 5*2
5*8
5*.|
170 Amer Pneu Service__ 50
4l2 Jan
6*2 Jan 20
*16
17 *16
17
58
Do pref...................50 14 Jan
19*4 Jan 31
119 119*2 118*2 119
646 AmerSugar Kclin____ 100 11334 Jan
120*2 Feb 2
117 118*4 116*4 117*2
402
Do pref__________100 11134 Jan
119 Feb 2
14533 146
144
145*. 4,659 Amer Telco & Teleg__100 140 Jan
1465s Feb 3
30 American Woolen___ 100
32
31 Jan
33*2
33*2 Feb 24
331
Do pref_________ 100 9134 Jan
94
"95* 95*2 94
95*4 Feb 8
00 Atl Gulf & VV I S S L.100
10
10
10
10
8*4 Jan 17 10*2 Jan 25
24*2 24*2
220 Do
pref__________100 22 Jan 4 26 Jan 31
25
25
Boston Land____
10
Jan'11 . .
Last Sale 6*2
5i2 Jan 13
6i2 Jan 26
Last Sale 149 Feb'11 ___ Cumb Telep & Teleg’ lOO 145*4 Jan 10 150 Jan 4
10
10*4
9
9 2,575 East Boston Land.. .
714 Jan 18 10*4 Feb 20
290 291
291
291
118 Edison E'ec Ilium .. 100 28734 Jan 24 292*2 Feb 3
154 155
545 General Electric..
100 150*8 Jan 12 155-">8 Feb 10
152*2 154
925S 923.) 1,526 MassacliusettsGasCos 100 8734 Jan 3 94 Jan 20
93
93
96
96*2 95*2 96*2
203 Do
pref................. too 95 Jan 3 97 Jan 19
220 220 219
219
36 Mergcnthaler Lino ..1 0 0 211 Jan 4 221*4 Feb IS
*433 434
97 Mexican Telephone.. 10
4*2
4*2
Jan 25
4-3 Jan 31
*114 116
04 N E Cotton Yarn____ 100
115
115
Jan 3 115*2 Feb 4
57 Do
pref................. 100
*113 ___ 114*2 114*2
Jan 3 114*2 Feb 24
45 N E Telephone______ 100
142
Jan 14 145 Feb I I
Pacific Coast P ow er..100
Last Sale 99*2 Feb’ 11
Jan 9 99*2 Feb 7
326 Pullman Co................. 100
160*2 160*2 15973 160
Jan 3 163 Jan 30
41 Reece Button-Hole.. 10
*13
13
13*2 13
Jan 5 13*4 Feb 15
319 Swift & Co..................100
lOU, 101*3 1003, 101*3
Jan 26 10134 Feb S
552
Torrlngton.....................
25
313
*3112
31*2 31*2
Feb 1 36 Jan ~
60 Do
pref................... 25
2834 *28
*28
29*2
Jan 4 29 Jan 17
.
1,158 United Fruit.............. 100
186 189*2 1863,, 187
Jan 16 19212 Jan 19
6,821
Un
Shoe
Mach
Corp.
58
561.,'
57
58
541,Jan 13 587g Feb 18
248 Do
pref................... 25 28I4 Jan 3 29*4 Jan 31
2834 29
283., 29
80*2 81's 77Q 79 17,629 U S Steel Corp----------- 100 713gJan 3 82*,s Feb 6
w
316 Do
pref................. too 11634 Jan 3 120*2 Feb 2
119 11938 11734 118*2
H
730 West lelep & Teleg.,100
21*4
pj
20*8 21*2 *20
16*2 Jan 17 2:;*4 Feb 6
►
H
136 Do
pret................. 100 89 Jan 23 97 Feb 3
94
94
93
94*2
pq
a 1
, Mining
CQ
45 Adventure Con______25
573 6
6*4
*5*2
5*2 Jan 27
7 Jan 5
125 Algomah Mining . .
25
73g
73,
*7*2 8
6 Jan 24
8*2 Feb 3
54 Allouez_________ ~
25
c
34
34
35
35*2
33*2 Feb 16 39 Jan 4
H
643,3 647g 62*s 63*2 6,712 Amalgamated CoppVr'lOO 61 Jan 3 67 Feb 6
820 Am Zinc Lead & S m .. 25 23 Jan 27 2534 Jan 7
*2334 243,8 23
23*2
15 1,305 Arizona Commercial. 2
15*4 153, 15
13 Jan 12 15<s Feb 10
125 Atlantic ___________ 25
H
4
4
378
3'7g
37g Feb 16
Feb 2
300 Bonanza Dev Co
10 .50 Jan 5 .555*4 Feb
.00
*.50 .hi: *.50
16
13
250 Bos&CorbCop&Sll.Ug
13*4 12*2 12*2
11*2
Jan
13
133,(
Feb 3
£
5*2
6
1,054 Butte-Balaldava Cop. 10
5*2 53.,
4*2 Jan 30
6*2 Jan 14
885 Butte Coalition...........15
18*2 18*? 18
18*2
1 <34 Jan 16 1934 Feb 6
52
734 Calumet A Arizona.. 10
52*2 51*2 51*2
46 Jan 19
Feb 3
500 603
499
500
102 Calumet A Hecla..
25 499 Feb 24 55 Jan
4
*12
13
12*2 13
00 Centennial___
’ 25 11*2 Jan 30 545
15*2
Jan
Last Sale .06 Feb’ 11 ___ Cons Mereur Gold.
1 .05 Jan 6 .06 Feb 7
677g 68 z66*4 66*,| 219 Copper Range Con Co 100 Z
66
I
4
Feb
24
6934 Feb 2
*3
3*4 *3
3*2
190 Daly-W est... .
20
3 Feb
3*2 Jan
13
1318 12*4 1234 3,390 Fast Butte Cop \l1u._ 10 11*8
Jan 11 13*4 Feb- 2
50 Elm River_____
12 .15 Jan 30 .20 Jan 6
10
10
10*4 10*,| 714 Franklin . . .
25
7 Jan 21 c 10*2 Feb 20
6 9-16
63,
6*4
6,438 Giroux Consolidated!
6*4 Feb
s*8 Feb 6
35
35
33
34
257 Granby Consolidated. ! 00 30 Jan 26 40*2 Jan
6
6*8
6*8 4,049 Greene Cananea____ 20
516io
Jan
31
7 Jan 9
2338 23*2 225S 23 3,130 Hancock Consolidated 25 18 Jan 24 24*4
Feb 21
*1*3
2
* 1*8 2
250 Helvetia Copper____ 25
1 Jan 20
2 Feb 4
*13
12
13*2
13*4
690 Indiana Mining______2
11*4 Jan 30 137s Feb 6
*31*4 32
31*4 31!,
90 Island Creek C oa l__
1 3U4 Feb 24 34 Jan 9
8 734 873,;
88
88
421
Do pref_________
1 87 Feb 3 90 Jan 9
*13
14
13*2 13*2
35 Isle Royale Copper.. 25 13 Jan 30 16*2 Jan 4
6 15-16 7 6 15-16
7 1,992 Kerr Wake__________
5
Vs Jan 21
634 Jan 4
*2
2*4 *2
50 Keweenaw Copper__ 25
2*2
3*2 Jan 3
2 Jan 28
3714 37*4 35*2 36*4 3,134 Lake Copper Co____ 25
33*4 Jan 27 38 Feb 21
43, 434
405 La Salle Copper____ 25
6 Jan 3
4*4 Jan 5
*7
734
7
7
260 Mass Consol__________ 25
8 Jan 3
7 Jan 17
*.75 .90 *.75
.90
200 Mayflower __________ 25 .20 Feb 18
1 Jan 26
.15 .20
.15
.15 8,425 Mexico Cons M & S -. 10 .03 Jan 19 .25 Jan 16
20
20
197g 1978 1,078 Miami Copper_______ 5 18*s Jan 28 20.'s Feb 6
3
3
*2*2
3”
110 Michigan_____________25
3*2 Jan 4
2 i2Jan 26
*44
45 *44
45
124 Mohawk____________ 25
Feb 14 4512 Jan 7
19*4 19*4 18*2 183., 1,028 Nevada Consolidated. 5 42
1838 Jan 5 193.( Feb 6
*3
3*2
3
3*8
115 New Arcadian Copper 25
234 Jan 17
334 Feb 8
11
11
107g 107g 1.740 Nlplsslng Alines_____ 5 10*2
Jan 3 113S Feb 17
29
29
27*2 28*s 2,675 North Butte________ 15 2012 Jan 30 30*2 Feb 9
*6*2 7
6*2
6*2
100 North Lake__________ 25
734 Jan 9
6*2 Jan 20
♦6*8 6*2
0*2
612
225 Ojibway Mining_____25
Jan 17
7*4 Feb 15
Last Sale .60 Feb’ 11 ___ Old Colony___________ 25 .50“ Jan
1 Jan 26
5
40
39
*39
39
180 Old Dominion Co____25
38 Feb 10 42 Jan 13
106*., 109
107
113
771 Osceola____________ 25 105 Feb 20 124 Jan 3
12*2 12*2
*12*2 13
162 Parrot Silver & Cop. 10 11 Jan 26 1234 Feb 2
*66
69
69
*67
12 Quincy_______________ 25 65 Jan 25 71 Jan 3
17
17*3
*17*2 18
352 Ray Consol C opper.. 10 16 Jan 27 1863 Jan 4
Last Sale 1*4 Feb’ 11 ----- Santa Fe Gold & Cop 10
1*8 Jan 27
1*2 Jan 5
11
11
487 Shannon__________ ~ 10
11*8 11
11 Jan 12 12'.t Feb 2
.95 .99 *.95
155 South Utah M & S_
5 .80 Jan 16
1 Feb 1
*36
148 Superior________
'2 5
36*2 36*2 36*2
Jan 26 42*2 Jan 3
6
5*4 5*,
700 Superior* Boston Min 10 36
6*8
4 Jan 19
6 Jan 7
147g 147g 14*2 14*8 4,117 Superior&Hitts Copp. 10 13l2
3 1533 Feb 3
♦
45
45 *43
45 Tamarack___________ 25 40 Jan
52
Jan 3
Jan
5
4*2 5
4*8
289 Trinity_____________ 25
4*8
5 Jan 3
4 Jan 19
357S 36*., 35*2 35*2 1.741 U S Smelt Ref & Min. 50 35*4
Feb 20 37*2 Feb 4
47
47*2 4»*4 4714
966 Do pref__________ 50 46i2 Jan 3 47*2 Feb 23
2*2
2*2 2*2
2*2
300 Utah-Apex Alining__ 5
2*2 Jan 3
3 Jan 5
13*4 13*4 12*2 12*2 1,663 Utah Consolidated__ t
934 Jan 20 14 Feb 20
46
451s
*45*2 46
66 Utah Copper Co_____10
46ss
Feb 6
45
Jan
30
Last Sale 2*4 Fob’ ll -----Victoria ____________ 25
2 Jan 16
2*2 Feb 7
834 83.1
8*2
8*2
285 Winona____________ 23
8 Jan 21
9l2 Feb 6
*120 .22 *120
121
15 Wolverine____________25 114 Jan 11 122 Feb 10
*1*2 1*8
i*a
1>2 320 W yand ot____________23
1*4 Jan 25
2 Feb 6
« Aaa-t paid, b Ex-stock Ulv, h Enrights, a Ex-div. and rights.

91*2 J’lv
07D Aug
218 J’
r. 122 Aug
200 J ".
Tills Dee
285 Oct
14 J
70 J’Ty
8 Alt
35 Aug
139 Sep
109 Oct
260 Oct
124*4 Sep
101 Jan
85 Apr
202 Feb
14*4 J’ly
75 .J’ly
149 Apr
139 Dec
210 May
181*4 Sep
25 May
103 Aug
983| Aur
153*4 J’ly
89*4 J’ly
151 Oct
83 Sep
90 J’ly

I23*s Jan
104*4 Jan
234 Jan
130*4 Jan:
227 Feb
152 Feb
3 0 Nov
161s Nov
76 Apr
1012 Sep
48 Jan
160 Deo
116 Jan
270 Alch
133lo Jan
123 Oct
90 Oct
218 Deo
21*s Nov
883JNov
16238 Alch
Ml Deo
212 Mcll
200 Jan
44io Nov
116 Jan
106 Mch
204*2 Jan
1033s Jan
168 Jan
95*2 Mch
109 Feb

36 J’ly
98*2 Dec
4 Dec
1334 Deo
111 Oet
1113., Oct
127*4 J'ly
26 J’ly
90*2 Dec
7 Alch
16 May

4912 Oct
106 Sep
87$ Feb
24 Feb
1273s Alch
124 Alch
14378 Nov
39*0 Alch
194*4 Mch
11*2 Jan
28 Jan
4*2 J ’ ly
8*2 Jan ’
138*2 J ’ ly 1521SAlch
7*8 Apr
11*8 Jan
.239 Ja:
292*2 Nov
135 J ’ ly
16Uio Jan
76*4 Feb
91*8 Nov
89 Alay 97 Alch
212*2 Dee 226 Nov
2*1 J an
034 May
107 Sep 124 Jan
99*2 A u g
115 Jan
129*2 A u g
1383.|Deo
93*4 Nov loo Jan
163 J’ne 200 Feb
11*4 Jan
14 Oct
100 Jan 10934 .Jan
28 Mch
37 Dec
27 Jan
31 Alay
165*2 Jan 200 Sep
71.*4 Apr
4634 J ’ W
25*4 J’ly
31 Jan
6138 J’ly
903.1 Jan
1U J’ly 12583 Jan
14 Feb
l 934 Sep
81 Aug
94 Jan
4

J ’ ty

10

Feb

73^ Doc
1434 Sep
3i J’ly
68 Feb
20**4 Jan
65*4 J’ly
iu *2 J’ly
40io Jan
6o34 Jan
12*4 May
5 J’no
12*4 Jan
,5o Alch .70 Mch
10 Alay 24*4 Jan
4*2 Nov
18*4 May
16-s J’ne 28i2 Jan
4434 J’ly 103 Jan
500 J’ly 685 Jan
13**> J’ly
38 Jan
.04 J’ly
.16 Jan
58 Feb
85 Jan
3i2 Sep
9 SgMch
6i4 J’ly
14 Nov
.05 Oct
2i2 Feb
9 Deo
22*2 Mch
6 J’ly
12i2Jan
20 J’ly 111*4 Jan ;
63g Sep
IDs Jan
1434 J’ly
36 Jan
134 Oct
67s Jan
10 J’ly
443.1 Mch
3034 Dec
33*4 Oct
84*4 N o v
90 Nov
13*2 May 2812 Jan
xO Sep
11 Jan
3 J’ly
6*4 Jan
28t2 J’ly
94*2 Jan
6*4 Dec
*9 Jan
4U Mch 10S8 Oct
.35 " Oct
1-8 Jan
.01 Nov
6 Jan
17
J ’ ly
20 Jan
3*4 Deo
8i2 Jan
43 J ’ ly
75 Jan
i7>s J 'l y
27*2 Jan
3*2 J ’ ly

934 Jan
18 J’nc
6*4 Dec
5 Sep
.25 Aug
29*2 J’nc
114 J’ly
11 Dec
6J J’ly
15*4 J’ly
1*4 Nov
8*4 J ’ ly

1 Dec
36 J’ly
4% Dec
9 J ’ ly
45*2 J ’ ne
4*2 Dec

30 Deo
4534 J ’ ly

2 Doc
12*2 Deo
7i3934 J’ no
2 Dec
5 J’ly
192 J’ly

lotg J a u
12
A la y

50 Jan
257s Mch
1234 Jan
13) Feb
55 Jan
166 Jan
2134 Jan
02 Mch
21*4 Mch
234 Jan
13 Jan
8*4 Jan
G8I4 Jan
13 Jan
iu t8 J a n

Ja**

DSg J a n

55 Jan
53*8 J a n
5*4 J a n

46 Jan
C0i2 Jan
5J4 J a n
13 J a n
160 Jan
3*4 Jan

BONDS
BOSTON STOCK KXGH’GE
W eek

Price
Friday
Feb HI

E n d in g F e b 24

WeeIds
Range
Range or ■S3
{since
Last Rale
January l

I |Ria
Low
High.
Am Agrloul Cliem let Os..1928 A-O
102*4 102*4
Ain Telen <feTei coll tr 4s. 1929 j . j
90
90*8
90*8 Sale
Convertible 4s............... 1999 m - S 107 107*4 1077g 108*3
Am Writ Patier 1st s 15s g 1919' j . j
90 Fob’ ll
Am Zinc L & S (lob 6 s__ 191.) M-N
102
102
Ariz Com Cop 1st conv 6s 1020 J-D 86
80 Fob’ l l
88
Aten Top & HFe gen g 4 s.. 1996 a -O 987g 99*4 99
99
Adjustment g 4s__ J ’ly 1995 Nov
91
93
9 l 7s Feb’l l
Stamped..............J ’iy 1996 M-N 91
93
90V Deo’ 10
60-year conv 4s...........1956 J.D
102*a J’ly ’ 10
10-year conv 6 s...........1917 J-D
110 Feb’ l l
Atl Gull dbW ISS Lines5s.’ 59 j -J
72V Salt 72
72a4
Boston Elect L consol 6 s. 1924 M-S
110 Feb’04
Boston & Lowell 4 s......... 1916 J-J
100*4 Mar’09
Boston ob Maine 4*39........ 1944 J-J
104 *3 Oct ’08
Boston Terminal 1813 *38.1947 F-A
112 *3 Jan ’03
Bur * Mo liiv eons 6 s __ 1918 J-J
103 Jan’ l l
Butte Boston 1st 6s___1917 A-0
100 J’ne’01
Butte Eleo&Pow ls t g 6 s .1951 J-1>
Cedar Bap <fo Mo It 1st 7s.1916 M-N
113*3 May’ 10
Cent Vermtlst g4s..M ay!920 y-F
89V
89*4 Feb’ l 1
O B <fe <4 lowu DlV 1st Os.1919 A-O
11103 G et’07
lowaDiv 1st 4 s............. 1919 A-O
99
99
Oebenlure Os................. 1913 M-N
10034 Jan’ l l
Denver Kxton 4s...........1922 F-A
100 Feb’ l l
Nebraska Exten 4 s .......1927 M-N
99 Mar’ 10
B <b S W Bf 4s................ 1921 M-S
99 Oct ’09
Illinois Div 3*38............. 1949 J-J
87\ Feb’ i l
Ohio J o By & Stk Yus 6 s .1916 J-J 100 Sale 100
101*4
Coll trust refunding g 481940 A-O 893* 00*4 90*4 Feb’ l l
Oil M U * St P Dub D 6s.. 1920 J-J
114 Jan’ l l
Oh M * St P Wis V div 6sl920 J . J
126 Feb'06
Ohio* No Mien 1st gu 5s.l93i M-N 97*3 99
98*3 Jan’ l l
Ohio * W Mioh gen 6s__ 1921 J -D 100 100*4 100
100
Concord <fe Mont cons 4s..1920 J -D
91 Doc’07
Conn * Pass B 1st g 4 s ...i9 i3 A-O
112*4 Jail’03
Cudahy Pack(The)lst g 6s 1924 M-N
100*4 Aug’OO
Current Blver 1st 6s........ 1926 A-O
99 A pr’ 10
Det Gr ltap <6 W 1st 4 s... 1946 A-O
87
87
Dominion Coal 1st s I 6s..1940 M-N 90*3 98
96*3 Jan’ l l
Fitchburg 4 s.....................1916 M-S
103*8 Api ’06
96 Apr’08
4 s ................................... 1927 il-S
Fremt Elk & Mo V 1st 6s..1933 A-O
127*4 Jan’ l l
Unstamped 1st Os..........1933 a -O
140 A pr’06
Gt Nor O il * (4 ecu tr 4s 1921 J-J I 90*s Sale 96
90*a
Begistered 4s..................1921 Q-j| 96 ......... 96V Feb’ l l

Low High.
102*« 102*3
90
907e
105 7a 109
90
90
100 102*3
84
89
98*4 99*3
91*u 917s
108*4110
26 68
73

103

103*3

87*3 89*4
100*4 100*4
99 *4 100
87*4 8-9*4
28 100 101*4
90*4 90*4
114 114
08*3 99
100 101

87
96*3
... 127*4 127*4
64

96*3 _96*3

U 06U S
BOSTON STOCK EXCH’ GE
W eek E nding F eb 24

Week's
Range or
Last Sale

Price
Friday
Feb 24

Illinois Steel deben 5s__ 1913 A-O
la Falls &S 10UX Cist 7s.. 1917'a -O
Kan C Clin & Sur 1st 5s. . . 1925!A-0
Kan C Ft S db Galt ext 6 s..1911! j -I)
Kan C Ft Scott db M 6s__ 1928 M-N
Kan C M & B gen 4s......... 1934 M-S
Assented income os...... l*J34 M-S
Kan C <&M By db Br 1st 5sl929 A-O
Maine Cent cons 1st 7s...1912 A-O
Cons 1st 4 s .................... 1912 A-O
Maro Hough &Ont 1st 68.1925 A-O
Mass Gas 4 *23...................1929 j . J
Micli Teleplst os.............. 1917 J- J
Minne Gen Elec con g 5s 1929 J-J
New Eng Cot Yarn 5s___1929 F-A
New EngTeleph 6s......... 1915 A-O
6s.....................................1916 A-O
New England eons g 5s... 1945 J-J
Boston Term 1st 4s...... 1939 A-O
NowBiver (The) conv 5s. 1934 J.J
N Y N 11 & H con deb 3*asl906 J-J
Conv deb 6s (etts)........1948 J -J
Old Colony gold 4 s ........... 1924 F-A
Oreg By db Nav con g4s..l9 46 J-D
Oreg Sh Line 1st g 6s.......1922 F-A
Pore Marquette deb g 68.. 1912 J.J
Bepub Valley 1st a t 6s...1919 J-J
Butland 1st con gen 4*ss.1941 J-J
Butland-Canailian 1st4s 1949 J-J
Savannah Elec 1st cons 5s. 1952 J-J
Seattle Eleo 1st g 5s........1930 F-A
Sliannon-Ariz 1st g 6s__ 1919 M-N
Terre ilautc Eleo g 5s__ 1929 J J
Torrington 1st g 6s......... 1918 M-S
Umou Pao B B * 1g r g 4 s .1947 J-J
20-year conv 4s.............. 1927 J-J
Umteu Fruit gen s 14*38.1923 J.J
U S Coal db Oil 1st s t 6s.. 1938 M-N
U S Steel Corp 10-60 yr 5s. 1963 M-N
West End Street By 4s___1916 F-A
Gold 4 *38......................... 1914 M-S
Golu debenture 4s..........1916 M-N
Gold 4s............................1917 F-A
Western Telepti &>Tel 6s. 1932 J.J
Wisoonaw Cent 1st gen 4sl949 J - J

ll

Range
Since
January l

Ria
a s k Low
High Jio\Lou> High
100*3 Sale 100*4 100*3 9, 100 102**
117 Apr’08
P3*s Mat’ 10
100 ....... 99*4 Feb’ 10
115 *3 sale 115*3 116
12 115*3 116V
92 Jan ’ l l ...II 92
........ 93
93**
83
90
88 *3 8 8 * 3
2 88
89
102*4 10234 102*4 102*4 3 102 103
102*4 Feb’ l l ... .102»« 102*4
101*4 Sep ’ 051
116 J’ne’OS*
09 V 100
99*3 100**
09*8 100
97 Aug’ iol
102*3 Ang’ 04l
100 V Feb’l l 1 . . . 1100 101
102 Jan ’ l l ...I 102 102
100*3 sep ’ 08

' 9688 96»4

75 Oct ’ 10
99*3 Feb’ ll
99*4 99*3
133
Sale 133
133 134*4
101 A pr’09
98 7s Sep ’09
1147g 114'
114*4 l U ’i
99 Mar’ Id
103 Jan’ l l
103 103
107 *3 -Nov’lto
102 Mai’02
70*4 Deo’ 10
103*4 .
104 Feb’ l l
104 104
97 Nov’ 10
97 Apr’07
100*, Mar’ 10
100*8 Jan ’ l l
100*8 100*8
104*8 Feb’ l l
101*8 104*8
96*4
96
97*3
96*4 96*3 0 6 ‘4
166 NovlO
105*8 106*8
104*4 105*a
98*4 J’ly ’ io
100*4 Jan’ l l
ioov iodv
98*a Apr’ 10
98*s Jan ’ l l
08*8 98*8
98 *3 Sale 98 *3 98*4 18 96*t 99
93*4 Jan’ l l
93*. 93*4
133

N ote—Buyer pays aoorued interest In addition to the purchase price for aU Boston Bonds. * No prloe Friday; latest hid and asked.

Tj Fiat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Centum Price*

Saturday
Feb 18

Monday
Feb 20

Tuesday
Feb 21

80
80
80
80
87
87
H7
____
124*4 124*4 124*4 125
24
25
24*4 26
62*4
60V 56
63
63*4 62
17*4 17*4 17*4 17*4 ♦17*4 17*4
45
45
45
45
46
48*4 48
48*4 48
48*4
12*» *12*4 12*h 12*4 12*4
bo
65*4
64V 65*8 65
23 *4 32*3 33
33
33
73*3 *73
73*3 73*3 73*3
9
ov
9
9
30*4 80
30
30*4
92*4 93
93
*92*4 93*4
88*3 88*3 88*3 88*3 ♦88*3 88*4
60*4 63*4
63*4 64*18 03 V 61
52 *3 53*8 63
53
63*8 63
16*4 10*8 16*8 16*3 Xl0*4 16*4
19*4 19*4 19 3 19*4 20
20*4
79*4 79uio 79*18 80 79**18 80
8*4 H*b
8*4
8*4 8*4
47
47
47
4V
47
47 *3
87
87
87
87*4 87 V 87*3

45
47*4
*12*4
65
♦32*4
73
*8*3
30
92*4

PH ILADELPHIA
Inactive Stocks
American Milling...... 10
Amer PipoMfg........100
iBoll Telephone (Pa). 100
Cambria Iron.............. 60
Central Coal <fe Coke. 100
Consol Trao of N J...100
Ft Wayno AW V ...... 100
Germantown Pass...... 50
Highlander Mill Jb M g ..6
Indianapolis St......... 100
Indiana Union T r__ 100
Insurance Co of N A .. 10
Inter Sin Pow& Chern.50
Keystone Telephone ..60
Preferred................. 60
KeystonoWatchCase.100
Leh Vail Tran v t O...50
Preferred v t c ......... 50
Lit Brothers................10
Little Schuylkill......... 60
MlnehlU & Scliuyl H..50
Nat Gas Elec Lt & Po 100
Proterred................ luu
N Haven iron db steel.5
Northern Central........50
North Pennsylvania..50
Pennsylvania Salt...... 50
Pennsylvania steel..100
Preferred................ 100
PhUa Co (Pitts) prof...60
PhU German db N orris. 60
PhUa Traction.............50
Railways General...... 10
Pldewater Steel......... 10
Prelerred..................10
Union Tr of Ind........100
United Cos otN J....100
Unit Trao Pitts pref..60
Warwick Iron<& Steel.10
Weis bach Co.............. 100
West Jersey db SeaSh.60
Westmoreland Coal....60
Wilkes Gas & E leo..100
Fork BaUway.............. 60
I Preferred ................. 50




Rid
1*4

Ask
1*8

"45*3 48""
84*3
75*3
......

"i *8
20*4 2 UV
" 8*3
34
8*4 8*3
22*4 23*3
16 76 17
61V
125**
112

43S, 44
146*3
85
85*3
10

240*3
10*3 11
39
42
66

7*3
24*a

66

93
3

Wednesday
Feb 23
j
•

*
s
j
(H
<1

P
H
R
R
J
•
•
•

•
• ___

Thursday
Feb 23

Sales
ACTIVE STOCKS
-------------- of the
Week (For Ronds and Inactive
JSYlday
Stocks see below)
Feb 24 Shares

Range Since
Jan 1 1011
Low est

1

H ig h e s t

Range tor Previous
Year (1010)
Lowest

Highest

Baltimore
87
87
87*4
87*3 716 Con.Gas HU. L. db Pow.100 64
Jan 9 88 Febl6 46 Mar
1)7 1)7
96*8
96*8 400
Do prel...................100 89
Jan 9 98 Feb 16 80 Mar
126 126*4 126 *3 1 2 6 *3! 210Northern Central....... 60 121 Jan 11126*s Jan 26 115 Jau
23*4 24
23
23*3 2,306
Seaboard (new)... 100 21
Jan 4 25 Feb 18 18*8 J’ly
62
62
*62*3
62*4 1.330
Do 2d pref........... 100, 43V Jan 4 65 Feb 18 40 Oct
17
17*8 ♦17*4 17*3
d21 United By db Electrto.. 50 16*aJan 9 lS*«Jan31 12*8 May
16*3
44 7a
45
12*8 *12*8
65
63
33
31*4
73*2 72*4
9*3 *8*3
31
30
93*4 ■92*3
88*3 88*4
86
0<i°ftC3l6i6 02*8
63
63
52 *3
16*8 10*4
16*8
20
20
19*a
70*8 79*3 77
8*3
8*4
8*8
47*a 47*4 40
87*4 87*a 86*4

45
47*3
♦12*8
65
♦32*3
♦73
*8*3
30*4
93

45
47 7»

PH ILA DE LPH IA
Bonds
Prices are all “ and
interest."
Alt &LV Eleo 1 *38’33.F-A
Am Gas <6 Eleo5s’07.F-A
AmUys conv 5s 1911. J-D
Atl City 1st 6s g ’ 19.M-N
Bergdb EBrw 1st 6s’21 J -J
Bethle Steel 6s 1998.Q-F
Choc* Mo 1st 6s 1949 J -J
Ch Ok & G gen 5s ’ 19 J-J
Con Trao of N J 1st 6s.’33
E db A 1st M 63 1920 M-N
Elec db Peo Tr stk tr ctfs
Eq 11 Gas-L 1st g 5s 1928
Indianapolis By 4s. 1033
Interstate 4s 1943 ..F-A
Keystone Tel 6s 193 j.J-J
Lenigh Nav 4*38 ’14.U-J
Bits 4s g...... 1914.U-F
Gen M 4 Vs g.l924.U-F
Leh V C 1st 6s g ’33.. J J
Loll V ext 4s 1st 1948. J-D
Consol 6s 1923...... J-l)
Consol 4*33 1923...J-D
Annuity 6s............ j .d
Gen cons 4s 2003.M-N
Leh V Tran con 4s’35J-D
1st series B 5s 1935.M-S
New Con Gas 5s 1948 J.D
Newark Pass con os 1930
NYP11& No 1st 4s ’39 J -1
Income 48 1939...M-N
NoOliioTrac conos’ lO.J-J
Penn Cons 6s 1919 .. Var
Penn & Md Steel con 6s.
Pa A N Y Can 6s ’39. A-O
Con 4s 1939...........A-O
Penn Steel 1st 5s’ 17 M-N
People’s Tr tr certs 4s ’43
P Co lstdb col tr 6s’49 M-S
Con& ool tr 5s 1951M-N
Phil Eleo gold trust otfs.
Trust oertifs 4s............
Pdb E gen M 6 g ’20. A-O
Gen M. 4s g 1920..A&O

Rid

87*3

Philadelphia
10 American Cement........ 50 16*3Feb24
16*3
404 American Hallways.... 60 42 Jan 6
4178
47*8 10,008 Cambria Steel............. 50 42 *3 Jan 3
70 .Kleotrio Co of America 10 1 1*4 Jan 4
12*4
1 ,0 4 7 Eleo Storage Battery.. 100 48*sJan 3
64
421 Gen Asphalt tr c tls __ 100 31*4 Fob 24
32
72*4 1,101
Do p rottretfs__ 100 72VFeb24
110 Keystone Telephone... 50 8 *3 Jan 12
9
30*4 1,869 lAke Superior Corp__ 100 25 Jan 23
459 Lenigh 0 <6 Nav tr etfs. 50 92 *4 Feb 14
94*4
57*4 1,241 Lehigh Valley.............. 60 86 Feb 24
63*6 l, 7 o u Pennsylvania Bit........ 50 02°gFeb24
3,921 PliUadelp’aUo (PittsO). 50x50 Jan 3
53
16*4 7 , 2 6 u Philadelphia Electric!!. 25 16 Jan 19
19*4 2,950 Phils BapidTransit... 50 18*3 Jan 3
77’ e 12,289 Beading..... ................. 50 75 *4 Jan 3
1 7U10 Jau 4
8*3 1,860 Touopali Mining ____
47
3.413 Umon Traction........... 50 43 Jau 3
8076 2,090 United Gas linpt......... 50 8d*aJan 3
Ask

88

100*4
116*4 116
104*4

io$*

lu7*,
87 *4 ‘ 87*.
84'
69
60
83*4
109*4 110*4
104*3
147 *3 148*4
97*4 07*3
lo 7 ‘

93
93*3
102 1 0 2 *3
07
97*3
103*4 103*4
78
78*4
107*3
101*3

P H ILA D E LPH IA
Pli & Bead 2d 6s '33. A-O
Con M 7s 1911...... J-D
Ex Imp M 4s g *47. A-O
Terminal 6s g 1941.U-F
P W <&B col tr 4s ’21. J-J
Portland By 1st 6s 1930.
Hoch Bydb Leon 5s ’54J -J
Spanish-Am Ir 6s ’27 J-J
Stall’d Gas dbE Cs ’25 M-N
U True lud gen 5s’19.J-J
Un ltya Tr etfs 4s’49JdbJ
United ltys Inv lstcolltr
s f 6s 1926...........-.M-N
U Trac Pit gen Os ’97 J-J
Wolsbach s t 5s 1930.J-D
WUcs-ll GAEconos’6 5J-J
BALTLUDBE
Inactive -Stocks
Ala Cons Coaidb li on.100
P rel......................... 100
Atlanta <fe Charlotte..loo
Allan CoastL (Conn)lUO
Canton Co................. 100
Cons Cot Duck Corp...50
Prelerred................. 50
Georgia Sou db F la ...100
1st pref...................100
2d prel.................... 100
G-B-S Brewiug......... 100
Bonds
Prices are all “ and
interest."
Anacostia db Pot 5s---Atl Coast L(Ct)ctfs 5s J-D
Ctfs of indebt 4s__ J-J
6-20 yr 4s 1925........J-J
BaltCPaas IstS s’l l M-N
Balt Fundg 63.1916 M-N
Exchange 3 *as 1930 J-J
Balt db P 1st 6s w 1’ l l A-O
BSPdbO 1st4 *38 ’63F-A
Balt Trao 1st 5 s..’29 M-N
No Balt Div 6 s 1942 J-D
Cent’l By con6sl932 M-N
Extdb Imp 58.1932 M S
Ohas City By 1st 5s’ 23 J-J

Rid I Ask

17*3 Jan 4
45*3 Jan 20I
48*4 heblS
12*3 Jan 14
66 Feb 2
34*4 Jan 10
837« Jan 30
9*8 Jan Hi;
32 Feb 6
98 J a n l4;
90*3 Deb 3
65 Feb 2‘
63*3 Jan 24!
1678 Feb i!
21 *4 Jan 2u
80*4 Feb 10
8 •« Jan 17
48*3 Jan 20
89*s Jan 9
UAI/I'I.IIOK E

114*3118*3 Chas By G db El5s ’99 M-S
Chari C A 2d 7s’10 A-O
........ 1100*8 City & Sub 1st 6 s ..’ 22 J.D
116*s] 117*4 Cilydfc Sub(Was)lst5s’4b
99*3! 100 Coal db 1 By 1st 6s’ 20F-A
ColdbGrnv lst6s,1916J-J
100 1
Consol Gas 5s..1939 J-D
101*31ioi*4
Ctfs indebt 4*38...... J-J
H i ‘4
Cons G E db P 4 *38 ’35. J -J
Fair* CITr ist 5s’ 38.A-0
76
7
i
Gudb Ala 1st con 5s ’45J -J
' 70 *;|
Ga Car db N 1st 5s g ’29 J -J
85*3 85 V Georgia P 1st 6 s ...’22 J-J
GaSo db Fla 1st 5s 1945J-J
"38 *i "b’u'V G-B-S Brow 3-4s 1951M-S
101 *3
2d income 5s 1951 M-N
Kuoxv Trac 1st 6 s ’28A-0
Lakelt El 1st gu5s’42M-S
MaconBydbLlistos’53J-J
Memphis St 1st 5s’ 40 J-J
60
MetSt(Wash)lst5s’25FA
Mt Ver Cot Duck 1st 6s.
228
NptNdbO P 1st 5s’38 M-N
IU0 120
NordbPorTr lst5s’J6 J-D
6
6
20
20*3 Norfolk St 1st 6 s ’44..J-J
30 ........! North Cent 4 *331925 A-O
Series A 6 s 1926__ J-J
94
98
Series B 5s 1926__ J-J
70
73
Pitt Un Trao 6 s 1997.J J
1
2
Polo Val 1st 5s 1941..J-J
Sav Fla & West 6 s ’34 A-O
Saab & Boan 5s 1926. J-J
South Bound 1st Os.-A-O
100*3 101
U El Ldb P 1st 4 *3S’ 2‘J M-N
Un By <fc El 1st 4s ’49 M-S
Income 4s 1949...... J-D
92
100 100*3
Funding os 1936...J-D
VaMid 2d ser 6s ’l l . M-S
103*3 104
93
3d senes 6 s 1916..M-S
04
4th ser 3-4-5s 1921. M-S
100 lo o v
5th series 6s 1926.M-S
96
96*3
Va (State) 3s new ’32.J-J
107 108
Fund debt 2-8s 1991.JJ
109 110
West N C con 6 s 1914 J-J
107
108
W esV aC & PlstC g'll J-J
Wil & Weld 5S..1935.J-J
103*3

64*a Deo
90 J’ly
132 Feb
27*4 Jan
47 Jan
16*3 Deo
28 Jan
50 Jan
53*3 Jan>
12>a Jan
64*4 Mar
34*» Deoi
84*4 Jan!
13 Jan
297e Deo
123 Jan
121*4 Mar
59*18 Mar
53*4 Jan
16*4 Mar
23*3 Jan.
86 Feb
9*18 May
52*4 jan
95*8 Jan

Rid I Ask
102*31106
105\
102*3
102
106
108*3

107
H3*a
102*3
108
109*a

‘ 86**3 "80*
98*3 99
101*4 105*4
105*3 106
112 115
106 106*3
44>i 45
8
7
104 106
100*8

95
97
06*4 07V

100

73

73 V

86

85 V

105
104
110
110

105
107
105
107

93
84*s 84V
62
62 V
8 o»a 83
100 lu o v
02

102
102

104

......

86
87 V
88*4 88

105 106
100*3 100V
110V 112

Bid .45*
Ask
1st
Industrial and Misccl
87 c Crucible steel_______ 100 137.. 14
39b
e Preferred_________ 100 81)3.1 81
TRANSACTION'S AT THE NEW YORK STOCK EXCHANGE
97
r>avIs-Daly Copper Co__ 10 *13, *‘n
UM8 u
d a il y , w e e k l y and y e a r l y .
943* 95
00
e Diamond Matcli Co__100
81
cl uPont (E I) do Nem Po 100 159 195
85
83
e
Preferred_________
100
Railroad.
Slocks.
83*4 ' bit
e Gold 4
1936___ J-D
79*4
U. S.
Ac.,
Slate
Week en llr. i
____
m
30
E
llectrle
Boat.................
100
Bonds.
Bonds.
Par
value.
|
Bonds.
Shares.
Feb. 24 1911.
G5
Preferred................... 100 4235 40
15
19
EImplro Steel.......... ..100
$224,000
S28.332.500. S2.711.500
3a tu rd a y ------------------ 328,010
02
Preferred................
100
Telegraph
and
Telephone
5500
1,274,000
33,229,400;
3,323.500
391,974
M onday -------------------135
127
82
e
Amer
Toleg
&
Cable__
100
$8’>
e
General Chemical....... 100
15,000
225,000
5,172.000
247,875 21,252,500
T u esd a y ---------------------e Central 3: So Amer___ 100 119 29
e Preferred_________ 100 101 107lo
HO LI DAY.
W ednesday -------------Comm’l Un Tel (N A’ ) __ 25 105 ___ Clold Hill Copper...............1
193,500
4,299,500
257,058 23,191,800
T h u rsda y -------------------6*4
___
(
05
Empire A Bay State Tel. 100
(reenc-Cananea..............2C *.)
72,500
90,219,700'
3,822,500
F r id a y ------------------------ 1,011,097
15
Franklin __________ ..100 40 50
CJuggenhclm Explor’n .. 100 200
110
e
Gold
A
Stock
Telcg_
_
100
----e
Hackensack
Water
Co­
2,236,G41 5190,225,900 $19.129,009' $l,089.000l 515,500
Total...............
e Northwestern l'eleg___ 50 112
llet g 43 ’52 op 1912 ..J-J 83
18
24 28
Paelilo & Atlantic______ 25 60 ___ i [all Signal Co com....... 100
8
Jan. 1 to Feb. 24.
Week ending Feb. 21.
6
Sales at
e Pac Telep A Tcleg pref 100 s94
. . . I iavana Tobacco Co-----100
10
10
New York Stock
90
Preferred...................
100
00
Southern & Atlantic . .
63
1910.
1911.
Exchange.
1st g os June 1 1922 _J-I) 58
ieckcr-Jonos-Jewell Milling
Ferry Companies
30,776,223 13 * N
19,576,001
2,236,611:
2,285,570
S tock s— N o. s h a r e s --.
1st 6s 1922........ — M-S 103 105
Y 1st 63 1911___ J-J
94
P a r v a lu e ---------------- *196,225, 100 $200,907,850 $1,719,419,725 $3,614,614,050 N Y A E It Ferry stk.. . 109
ierring-Hall-Mar new. .100 15 30
15 25
i
$1,000
$61,900
$255,300
$17,100
Bank shares, p a r -------1st 5s 1922________ M-N 50 60
i ioboken Land A Imp.-l
105 ’
__
Bonds.
N Y A Hob 53 May ’ 16.J-D 97
1st 53 Nov 1930_____
$68,000
$2,000
557,509
8
■8)3
S15.500
G overn m en t b o n d s —
100
Fy 1st 5s 1946.-M-N 106 08*» i louston Oil.... .........
7,132,000 N Hob
557,500
31,090,500
1.989,000
51 55
State b o n d s -............... 0719
Y
&
N
J
5s
1940........J-J
Preferred....
..............100
140,610,500 10th & 23d Sts Ferry... 100 20 .5
128,130,000
119
UR. and raise, bonds. 19,329,000 12,383,500
l
95 ____
1st mtge 5s 1919____l-D 05
75
e
Total bonds........... $21,833,500)512,949,0001 $159,278,000| 8147,810,500 a Union Ferry stock___ 100 23 26
e Preferred............. ..100 9* —
31 >3
3133
c
1st
5s
1920..............M-N
95 08
i itercontihental Rubber 100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
I iternat’l Banking Co.-100 90 100
EXCHANGES.
lternatlonal Nickel___ 100 180 195
Short-Term Notes
Am Clg ser A is 19U..M-S 100
Preferred ................... 100 91 93
931£ 94<2
Philadelphia.
Ser 13 4s Mch 15 '12..M-S 99*2 9934
1st g 5s 1932........... A-O
Boston.
8
4
9
9
*
1
.|
.00
1
Balt
&
Ohio
4Hs
1913.J-D
lternatlonal
Salt........ 100
Week ending
53
Bond
Bethlch Steel 6s 1914..M-N 97*.| 973s
Listed Unlisted
1st g 59 1951......... A-0 / 50
Bond
Listed Unlisted
Feb. 24 1911.
50 05
sales.
shares.
Chic & Alton 5s 1913..M-S 087s 991* lternatlonal Stiver___ 100
shares.
sales.
shares. shares.
13
Cln Ham A 1) 4s 1913...J-J ’JSSg G8»4
Preferred................... 100 114
12
$29,105 CUC& St L 5s, Juno 1911. 1001a
4,489
1st 6s 1948___ . . . J-I) 111)
15,280
S32.000
4,040
Saturday--------------- 12,596
) 20 30
70,598
Hudson
Companies—
5,851
17.S79
44.000
8,154
20,117
Monday----------------190 05
152.037
6s Oct 15 1911..........A-0 lC03g 1093,
2,999
14,788
55.000
10,575
Tuesday--------------- 12,911
16
(is Feb 1 1913______ P-A 9.',7s 99*8
Preferred.................100 112
1101,1 DAY
116,888 Inter!) It T g 0s 1911--M-N IDOL 1003;
2,424
ones A Laughlln Steel Co
41,500! 16,956
5,774
9,678
Thursday_________
02*2
997*
102*4
294,782
1901s
1st
s
f
g
5s
1939____
M-N
IC
C
ltv
A
Lt
6s
’
12___
M-S
16,396
97,000j
21,269
13,70.'
Friday------------------ 25,918
42
40
Minn A St L g 5s 1913 --F-A 97
97-Ja Lackawanna Steel___too
e 1st con 5s 1950___M-S 86 __ _
32,159 $363,410 e N Y C Lines Eq 5s ’ ll-’22 b-H2% 1*4%
86,172
Total.................... Sl,220l 42,245 $269,500
e Deb 5s 1915______ M-S 91*4 95
64*2Vc 1*4%
m s Jan 1911-1925..
94 95
anston Monotypo____ 100
109b 1011)
awyers’ Mtgo Co_____ 100 243 -52
100*8 1001259 .75
Pub Serv CorpNJ 5s’ 13.A-0 9534 973S
135 45
St L A S F 4 'As ’ 12 op.l:-A 993* 9934 <
All bond prices nrc now "and interest'' except where marked ' 1.
23 45
5s Mch 1 1913......... M-S 97's 18*4
b.5
2d
6s
1019...............M-N
C
U
*2
99*4
South Ry g 53 1913-----F-A
*1
Bid Ask Tidewater 6s, 1913, guar... 1013* 1021*
H*
Bid As*
Street Railways
Street Railways
( 2*2
.100 01
Wabash 4Hs 1913___ M-N
08*2
.100 107
Pub Serv Corp N J (Con)—
West Telep & T 5s ’ 12.F-A IOOI4 1003;
Neio York dig
*8is
10
..50
New'k Pas Ry 5s ’30..J-3 107U 0$'2 Wcstingh'se El A M 0s 1913 10134 102*4
Bleeck St A Ful Fy stk. 100 17 21
50
..60 *2214 22*2
Rapid Tran St Ry----- 100 240
«5% notes Oct 1917.A-O
1st mtge 4s 1950---------I-J 65 05
.100 113 .16
1st 5s 1921............A-O 102 —
■12
B'y A 7th Ave stk......... 100 124
100 .03
J C Hob A Paterson
09 01
Railroad
105 205
77*2 Chic Poor A St L—
4s g 1949..-....... M-N 77
Con 53 1913—Seg Stock Exc 1st
_
_
Stk
l* x list
134
So
J
Gas
El
&
Trac..
.
100
1
so
04
04
P rior Hen g 4 H s ’ 3 _
B’way Surface 1st 63 gu 1924 103
l ‘ i«
Gu g 5s 1953........ M-S 97'2 OS*',
:v-Utah Min A Sm____ 10 *1
Con mtge g 5s 1930__ J-J f 45
Ccnt’l Crosstowu stock.. 100 —
00
No Hud Co lty 6s 1914 J-J 103 105
___
few Central Coal_____ 20 30
Income
5s,
July
1930__
_
/
7
1st mtge 6s 1922-----M-N / 80 85
4
4*2
Y Air Brake 0s—See Stock EXC Ist
5s 1928.................. J-J 103 ___ Chicago Subway--------- 10
Cen Pk N A E ltiv stock. 100 13 : 0
35
98
20
Mew York Dock_____ 100
Nat lty3 ol Mexico—See t Exc list
Ext 5s 1924___
Ohrtstoph’l A 10th St stk 100 85 95
115 i’ iY ’ Northern Securities Stubs.
101 105
e Preferred ................100 ___ 67
L’ol A 9th Ave 5s—Nee Stock Exc ist
100 103
♦30 35
N Y Mtgo A Security__ 100 Ll.>
Dry Dock E B A B—
5
icago
Ist
74
N Y Transportation____ 20 *3
*64
1st gold 5s 1932......... J-D 95 109
93
101 103
Nlles-Bem-Pond com___100 03
a Railroad Securities Co40
Scrfp 5s 1914.............F-A t 30
*107g
111*
too
97
Nlpls3lng
Mines_________
5
90
95
Eighth Avenue stock— 100 289 >20
*l7lfl lul«
Seaboard Company—
United ltys of St L—
Scrip 6s 1014--------- F-A / 95 UK)
11? 2'4
11
82 81
1st preferred.........
Com vot tr ctfs----42d A Gr St F’y stock.. 100 250 SOO
00
__.
63
4
J
t
Exc
list
e Preferred ...........
42d St M A St N A v e... 100
19
10xc 1st
Preferred____ ______ 100 97
___
Gen 4s 1934—See
Seaboard Air Line—
1st mtge 6.3 1910-----M-S
*23-8 24*4
Exc 1st
Pittsburgh
Brewing........50
Unit
ltys
San
Fran—5
1031*
100*4
00
/
40
2d Income 0s 1915-----J-J
*
42
:
•
43*2
34'2
35*2
953.1
Preferred___________
50
Wash lty A El Co----95*4
Inter-Met—See Stock Exch ange Ist
80's 88
Pittsburgh Coal—See Stock Exc list
Lex Av A Pay F 5s—See Stk Exc
85*4 86*2
Pittsburgh Steel pref...100 100*2 101
Industrial and Misccl
Metropoi St Ry—See Stk EXC ist
54
£6
Pope Mfg Co com_____ 100
Adams Exp g 4s 1947__1-1 / 88 01
Ninth Avenue stock-----100 155
76
*170 180
Preferred......... ......... 100 74
Gas Securities
Second Avenue stock— 100 10
102b
105
120
125
Pratt
A
Whitney
pref..
100‘
A
lliance
R
e
a
lty
_________
Consol 5s 1918--------- F-A / 61
1 10 ) 165
New York
Producers Oil.............. 100 142 1b>
» Sixth Avenue stock...10J 122
101 103
1 124 126
Realty Assoc (Bklyn)__ 100 105 115
Bou Boulev 53 1915-----J-J 75
Exc list
1 225 231
Royal Bak Powd com__ 100 180 18.)
So For 1st 5s 1919------- A-O 88
170 —
103 106
Preferred . . _______ 100 107 198
Third Avenue llR—Bee Stk Exc
—
New Amsterdam Gas15 Safety Car Heat * Lt__ 100 123 127
Tarrv W P A M 5s 1928.. f 6J
*___ 65
lOl'o
10012
)
___
Seneca
Mining_____
9J
80
Y ’kers St RR 5s 1946 A-O
103's 106
Singer Mfg C o ............. 100 316 580
25
Amer Hardware........... 10 ) 129 131
23th A 29th Sts 53 ’96..A-0 / lo
2
6
98 101
Am Malting 63 1914___ J-l 1 100 102 South Iron A S com___ 100
Twcntv-thlril St stock.. 100 190 2l5
15
42
48
Preferred................... 100 10
Amer Press Assoc'n___ 10
95 100
Union lty 1st 5s 1942— F-A 101 104
98 101
l4
Standard Cordage......... 100
Am St Found new—See tk Ex list
Westchester 1st 5s '43 J-J 65 75
18
n 69 . . . .
1st M g 5s '31 red___ A-O f 15
63 1935....................A-( 102
n 90 . . . .
Adjust M 5s Apr 1 1931. . / 1*2 3
70
71
Deb 4s 1923............... FBrooklyn.
42
37
102 106
Standard Coupler com.. 100
) 245 250
Atlan Avenue RR—
Preferred.............
100 100 110
* |3| 5*4
Con 5s g 1931........... A-0 161 103
16
18
Standard Milling Co___ loo
) 435 140
Olher Cities.
97 102
B B A W E 5s 1933-----A-0
54
Preferred__________ 100 50
9 *53'2 55
51
) 48
Brooklyn City Stock------ 10 165 170 Am Gas 3c Elec com.
85 88
1st
5s
1930............
M-N
0
*42
43
i
109
102*2
list
angc
Con 6s—See Stock Exoli
Standard Oil of N J____ 100 015 625
) 285 290
99 101
Bklyn Hgts 1st 5s 1941 A-O 98 102 Amer Light A Tract__
list
0 104'2 106*2
0
2
2*2 Swift * Co—Nee Boston Stk EXC
Bklyn Quecas Co A Sub—
1st 68. See Chicago Stk Exc list
x
ch’ge
list
0
**2
Bay
State
Gas...........
5*
100
e 1st g 5s '41 op 1916 .J-J 98
Exc
list
Texas
Company—See
Stock
JO
J 893
s
e 1st con 5s ’ ll op '16 M-N 97 08
95 100
)
9*2 10*2 c Texas A- l’acltlc Coal.. 100 135
3 95 100
Bklyn ltap Tran—See Stock Exc list
Title
Ins
Co
of
N
Y-----100
k
Exc
list
26
)
25
60 75
Coney 1st A Bklyn------ 101
8*2
4I2
0
3
J 71b 72*4 Tonopsh Min (Nevada) — 1) *8*4
1st cons g 4s 1948-----J-J 78 83
8
4
Trenton Potteries com.. 100
k Exc list
) 20
30
Barney & Smith Car..
1st 5s 194775 80
Con g 4s 1955_______ J-J
50 55
Preferred
new______
100
0
08
70
95
3
85
Itles
Service
Cc
08 101
Brk O & N 5s 1939...J-__
„
30
Trow
Directory.............100
0 78 80
S tk Ex list
Preferred----Kings Co El 4s—See Sleek Exc list
6312
Underwood Typewriter. 100) 02
J 90 95
0 122 125
___
10234
)
102
Preferred__________
100
0
122
125
Consumers'
L
II
A
Pow—
■
5s 1944....... ............A-0 103 105
Union Typewriter com.. 100) 40 44
O 245 250
5s 1938...............
‘ 'D 100
1st 4s 1951—See Stock Exc list
0 190 2*10* Borden’s Cond Milk...
1st preferred..............100 110 114
O 120 122
N W'b’g A Flat 1st ex 4 As 87 92 Denver Gas A Elec..
92
2d preferred------------- 100) 100 108
N
89
0
1071.
10812
Gen g 5s 1949 op..
Steinway 1st 6s 1922— J-J 101 104
51
0 300 ___
5 *67S 6*4 United Uk Note Corp__ 50 ) *49
Butte Coalition Mining. 5 *173. 18*2
0 144
Preferred.................. 50) *51*4 53
Other CUles
69
68
85
0
81
0
23,
United
Cigar
Mfrs_____
100
Buffalo Street Ry—
A 98 101
e Preferred................. 100) 100 103
0 53 60
1st consol 6s 1931-----F-A 10412 106'2
4*4 434
0 143 __ . .
United Copper...--------100)
0 125 140
Dob 6s 1917.............A-C 103 106
14
36
0
34
Preferred__________ 1001 0
0
128
130
Columbus (O) St Ry___ 10C ___ 90
A 64
06
Cent Fireworks com__
10 ___
U S Casualty............
100) 215
4s 1958 o p ...
Preferred__________ 101 100 103
62
)
60
25
K
)
___
U
8
Envelope
com____
100
0
15
ndlanapolis
Gai
Colum Ry con 5s—See Ph la llsi
O 78 83
>0 . . . .........
Preferred__________ 100J *110 113
1st g 5s 1952.
Croast’n 1st 5s 1933..J-L 10112 102
0/88
92lj
U S Finishing................. 1009 92 07
0 ...
• Conn Ry A Ltg com__ 10i
75 76'c
112
N
/
.
.
.
Preferred.................. 1009 105 n o
>
0
i
n
':
e Preferred ...............10' > 78
e
Laclede
Gas.
80
)0 700 800
1st g 5s 1919............. J-J| 100 105
)0 95 _
1st A ref 4 Hs—See Stoc Exo list
Chino Copper Co.
5 *2-:* 20as
O 103 108
Con g 5s 1929_______ J-JJ 05 100
Grand Rapids Ry pref.. 10
82 85
10 55 53
-J 128 129
U S Steel Corporation—
• Loulsv St 5s 1930------ J- 1 105' 106*2
)0 98 100
)0 973 98*2
Col tr s f 5s 1951 opt ‘ 11 - 114 11439
Lynn & Bos 1st 5s 1924.J-l ) 104 106
114 HI®!
30 101 105
Col tr s f 5s ’51 not opt.
D 104 —
« Now Orl Rys A L gt...l0 0 23
92*1
30 92 96
U 8 Tit Gu & Indem-----1000 . . .
6 Preferred................ 10 )
63? 04"l4 No Hudson L II & Pow—
k
Exo
list
e
Utah
Copper
Co—See
Stk
90
93
4) 100
Gen M g 4 As 1935—See S tk E list
5s 1938.............
90 . . .
Westchester & Bronx Titlee
90 63 6412
•Pub Serv Corp of N J..10 0 117 119
0 160 166
& Mtge Guar----------- 100
-J / 45 75
90 88 90
Tr ctfs 2% to 6% perpet 106 106
0 *140 144
-J / 45 75
Westlngh’se Air Brako.. 60
90 90 95
Col tr s 6% notes ’ 13 A- 9 965 9738
k Exo list
West El A Mfg 6s—See Stk
)0 *58
60
-S 102 103
Consol Car Heating-North Jersey St lty.. 100 CO ____
0
107 111
)0
1
Worthlngt’n
Pump
pref.100
2
94
-J
90
M
771
—
1st 4s 1918........... M-’
)0 12 20
Com Tract of N J-----10 0 75 __ __
O / 35 40
1st 6s 1933........... J- 9 104' 105

Volume of Business at Stock Exchanges

Electric Companies
Chicago Edison Co—See Ch
Gr't West Pow 5s 1916..J-J
e Kings Co El I, & P Co.100
Narragan (Prov) El Co__ 50
N Y A Q El L A Pow Co. 100
Preferred.... .............. 100
United Electric of N J__ 100
1st g 4s 1940............. J-D
Western Power com___ 100
Preferred__________ 100

Bid
eago
85
129
*94 59
75
75
78b
32
62

Outside Securities

•Per •hare. f> Basis!




a Sells on Stock Exohante, but not very active. / Fiat price,

n Nominal,

s Sale price,

f New stock, x Ex-cllv.

v Ex-right*

fm r e stm e u t

a m i H a t lt c r a d

K A IL H O A D

GrtOSS

I n t e l li g e n c e *

EAR NIiNG S.

The following table shows tho gross earnings of every STEAM railroad from which regular weekly or monthly returnsean be obtained. The first two columns of figures give tho 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 docs not begin with July, but covers some other
period T h e re tu rn s o f ths elec tric r a i l w a y s a re b r o u g h t togeth er s e p a r a t e l y o n a s u b s e q u e n t p a g e .
hates'. Gross Earnings.
Week or
Month.

July 1 to Imates'. Date

Current
Year.

Current
Year

Previous
Year.

Ala N O & Tex PacN O & Nor East. January__
314,823 292,871 2,160,370 2,007,488
Ala & Vlcksburg. January__
154,949 146,057 1,108,826 1,019,575
Vicks Shrev & P . January__
135,585 126,430
880,024
949,320
A'a Tcnn & North. . December
11,850
39,420
8,083
57,740
Ann Arbor________ 2d wk Feb
36,924
42,198 1,248,381 1,187,898
Atch Topeka & S Fe December 9.602,113 8,339,776 55,670,326 52,897,541
Atlanta Blrm & Atl 2d wk Feb
61,665
52,737 1,769,853 1,016,351
Atlantic Coast Line December 3,114,245 2,892,845 14,922,984 13,973,645
0 Baltimore & Ohio Dcocmbcr
6,841,826 0,984,581 40,990,377 45,027,781
II & O Ch Ter UR December
115.436 105,810
620,536
797,979
Bangor & Aroostook December
256,068 220,437 1,498,504 1,415,670
Bellefontc Central.. January__
41,385
6,066
5,251
54,294
Boston & Maine__ December 3,528,504 3,436,362 23,520,782 22,756,189
Bridgeton & Saco R December
26,239
3,336
3,635
28,185
Bull Roch & Plttsb 3d wit Feb 185,765 181,364 6,254,031 5,906,139
Buffalo & Susq___ December
199.184 172,1 32 1,194,988 1,258,434
Canadian Northern. 2d wk Feb 203,900 189,300 9,232,500 7,939,600
Canadian Pacific__ 2d wk Feb 1.589.000 1,450.000 64,180,652 58,820,512
Central of Georgia.. 2d wk Feb 285,500 252,000 8,410,583 7,781,751
Central of New Jer. December 2,057,045 2,799,926 15,017,929 14,432,471
Central Vermont__ December
312,744 284,954 2,044,572 1,978,566
Chattanooga South. Jth wk Jan
49,633
2,735
2,460
50,332
Ches & Ohio Lincs. 2d wk Feb 558,217 592,944'20,885,049 19,308,005
Chlcago & Alton__ 2d wk Feb 302,88
80,969 9,453,277 8,732,379
Chic Hurl & Quincy December.. 7,451,014 6,561,482 48,261.260 15,410,618
p Chlo Great West. 2d wk Feb 250,378 204,880 7,981,535 •7,336,149
Cldc Ind & Loulsv. 2d wk Feb 104.436 109,221 3,844,556 3,701,495
Chic lad (V. Southern —Sec New York Ccn tral.
Chic MU & St Paul. December 5,407,238 4,345,148 35,522,39 1 33,912,588
Ch Mil & Pir; Sd. December 1,226,120 800,077 7,513,501
Chic & North Wes'". December 6,100,729 5,340,406 40,579,807 30,165,192
Chic St P M & O ... December 1,373,621 1,102,152 8.888.083 7,790,842
Cin Ham & Dayton December
758,752 743,159 5,004,886 4,977,043
Clev Cin Cine * St i. —See \’cw York Ccn tril.
Colorado Midland.. December
162,032 18 1,850 1,116,566 1,307,578
Colorado & S outh.. 2d wk Feb 259,710 327,578 10,964,954
10,708,341
Copper Range_____ December
52,084
306,999
55.847
370,266
Cornwall.............
December
12,856
05,427
20,792
86,251
Cornwall & Leban. December
235,232
28,300
41,052
189,235
Cuba Railroad____ December
237,118 211,583 1,281,935 1,019,266
Delaware & Hudson December 1,695,839 1,758,680 10,762,065 10,301,184
Del Lack & West
December 3,033,375 2,998,097 18,534,818 18,487,873
Dcnv & Rio Grande 2d wk Feb 348,100 406,500 15,329,418 14,887,376
Denver N W & Pao. 2d wk Feb
045,149
722,420
12,869
13,908
Det Tol <fc Iront Sys 2d wk Feb
31,901 1.234.084 1,005,447
20,767
734,648
731,616
Detroit & Mackinac 2d wk Feb
20,604
23,651
Dul & Iron R ange.. December
136,509 139,362 5,072,580 6,476,335
51,237
Dul Sou Sh & A tl.. 2d wk Feb
50,141 2,066,385 2,040,092
643,304 611,620 3,652,956 3,073,877
El Paso & Sou West December
E r ie _____________ December 4,546,742 4,575,497 29,596,397 28,447,031
Fairchild & Nor E .. December
1,851
2,084
12,136
11,799
Fonda Johns & Glov December
08,342
64,841
496,797
452,698
Georgia Railroad.. December
295,385 282,896 1,643,728 1,585,067
Georgia South <Se Fla —See Sout hern Rail way
Grand Trunk Syst. 2d wk Feb 749,091 719,889 27,974,006 27,369,649
Grand Trk West. 1st wk Feb 115,399 106,664 3,720,493 3,636,942
Det Gr Hav & Mil 1st wk Feb
38,246
34,035 1,268,149 1,240,488
Canada Atlantic. 1st wk Feb
24.274
31,924 1,152,326 1,274,400
Great Northern Syst January . . 3,553,567 4,215,807 38,377,164 39,114,314
Gulf & Ship Island. December.. 180,173 187,083 1,012,576 1,086,713
Hooking Valley___ December.. 583,563 553,454 4,204.611 4,045,190
Illinois Central___ January . . 5,214,151 4,913,048 36,823,775 34,287,834
Intcrnat & Gt Nor. 2d wk Feb 159.000 154,000 6,051,926 5,529,405
a Interoceanlo M cx. 2d wk Feb 201,969 203,314 5,431,639 5,153,892
Iowa Central. _
2d wk Feb
72,791
71,806 2,219,553 2,133,789
Kanawha & Mloh
December
252.480 201,486 1,095,507 1,386,642
Kansas City South. December
017,210 801,949 5,382,094 4,668,746
K C Mex & Orient.. 2d wk Feb
35,500
34,300 1.240.121 1,071,891
Lehigh Valley____ January _ 2,900,731 2,700,144 21,620,706 20,937,863
Lexington & E ast.. December
254.964
43,734
36,982
224,031
Long Isla n d .......... December
Inc. 43, 15)
Inc. 318, 345
Louisiana & Arkan. December
122,526 102,266
723,035
630,084
Loulsv Ilenil & St L December
107,016
642,653
594,706
97,790
a Loulsv & N ashv.. 2d wk Feb 1,010,88 1,020,265 34,514,985 32,407,064
Macon & Birm’ham January . .
12,538
92,775
94,155
12,032
Maine Central......... December
678,409 062,884 4.727.122 4,670,214
Maryland & Pcnna. December
32,202
232,034
218,732
36,049
a Mexican Railway, 1st wk Feb 170.000 144,200 5,101,300 4,687,600
o Mexico Nor West. November _ 181,364 122,871
955,810
534,190
Michigan Central
—See New York Cen tral.
Mineral
Range
15,602
2d wk Feb
15,577
474,723
535,144
11
I
n
im
n
i\
e,
Q
*
Mlnncap & St Louis 2d wk Feb 103.480
99,277 3,361,788 3,174,045
Minn St P & S S Ml 2d wk Feb 350,303 367,308 14,068,250 15,186,007
Chicago Division/
Mississippi Central, December..
81,699
77,485
468,214
434,338
u Mo Kan & Texas. 2d wk Feb 532,565 451,110 19,268,491 17,186,140
Missouri Paolflo__ 2d wk Feb 1.009.000 1,061,000 34,077,390 33,366,090
Mo I’ac * Iron Mtl
Central 1 ranch./ 4th wk Jan 1.405.000 1,465,000 31,981,502 31,250,355
Nashv Chatt & St L December.. 1,064,643 918,368 5,988,109 5,698,548
a Nat Itys of M cx.f 2d wk Feb 1,201,077 1,253,687 39.713,910 35,601,573
Nevada-Cal-Orcgon. 2d wk Feb
3,391
305,098
7,560
222,760
Nevada Central----- December
9,282
6,164
43,626
39,052
N O Great Northern December.. 132,806 123,927
836.965
671,466
N O Mobile & Chlo. Wk Feb 11
43,013
33,009 1,140,852 1,010,840

Latest Gross Earnings.
HOADS.

Week, or
Month.

Current
Year.

July 1 to LairstDale. (

Previous
Year.

Current
Year.

Previous
Year.
$
S
5
$
N Y Ont & Western December.. 734,169 636,951 4,977,401 4,440,260
N Y N II & Ila rtf.. December 5,032,012 4,949,024 32,305,222 31,081,065
e N Y G & Ilud Riv December 8,455,545 8,012,452 52,937,673 50,598,089
Lake Shore & M Si
,469 25,707,082 24,865,889
n Lake E & West, December
488,291 •,95,209 2,942,446 -.876,049
Chlo Ind & South December
359,806 325,935 1,813,910 1,798,630
Michigan Central December
,577,490 2,345,050 15,707,410 14,825,096
Cleve C C & St L . December 2,749,037 2,438,010 16,241,736 15,149,719
Peoria & Eastern December
334.098 233,412 1,944,308 1,090,504
Cincinnati North . December
106,942
95,837
704,311
653,080
Pitts & Lake Erie December 1,002,133 1,379,792 8,709,078 9,056,305
Rutland _______ December
264,272 240.700 1,803,489 1,732,375
N Y Chic & St L . December
991,800 958,334 5,789,3
5,404,735
Toledo & Ohio C. December
446,89. 355,508 2,924.299 2,311,353
Tot all lines above December 21970643 20910433 137345102 130960403'­
N Y Susq & W est.. December
337,204 310,420 1,890,291 1,746,599
Norfolk Southern.. December
253,978 210.436 1,432,352 1,307,981
Norfolk & Western. December 2,935,533 2,780,559 18,494,622 17,329,917
Northern Central. . December 1,159,340 1,148,240 6,733,254 0,667,054'
Northern Pacific__ December 5,013,848 4,389,908 30,478,552 40,071,711
Pacillc Coast Co__ December.. 605,604 608,000 4,370,717 4,276,797
Pennsylvania Co__ December.. 3,776,570 4,014,803 28,403,030 27,768,342
d Penn— E of P & E December 13436 517 13877 317 83,916,041 83,424,241
d West of P & E . December
Dec. 23 1,200
Inc. 1,04 6,800
Pcrc Marquette__ January_ 1,196,749 1,146,294 9,712,934 9,413,938
Phlla Balt & Wash. December 1,587,503 1,480,203 10,016,938 9,155,838
Pitts Cla Ch & St L_ December 2,772,812 2,774,370 17,642,286 16,769,583
Raleigh & Southp’ t December
14,641
14,236
78,096
80,208
Reading Company
Phila & Reading. December 4,012,167 3,936 ,286
,053,296 22,280,517
Coal & Iron C o .. December 4,213,084 3,497 ,748
,766,172 15,889,784
Total both cos__ December 8,225,251 7,434 ,034
,819,468 38,170,301
Rich Fred & Potom December
187,424 188 ,882
,092,979 1,019,038
Rio Grande June__ November
95,204 110 ,902
491.225
478.130
Rio Grande South.. 2d wk Feb
7,276
11 ,732.
322,121
376,151
Rook Island Lines.. Dcoeraber 6,042,335 5,079 ,705136 ,517,88 34,730,741
141,527 115 ,722
St Jos & Grand Isl. December
869,298
924,009
St Louts & San Fran December 3,914,986 3,510, 997
,770,540 21,631,104
Chic & East 111.. December 1,182,289 1,046, 620
,589,948 6,018,725
231,757 ‘ 01, 624
/ Evansv & Ter II December
,43 ,071 1,287,622
Total of all lines. December 5,329,032 4,759, 242
,799,539 28,037,512
St L Rocky Mt&Pac December.. 220,356 178, 218
907.098
,110,390
St Louts Southwest. 3d wk Feb 215,848 192, 202
,224,989 7,349,883
San Ped L A & S L . November. 708,717 M l, 108
,350,374 3,469,246
Seaboard Air Line. . 2d wk Feb 460,902 431, 983
,039,417 12,103,922
Southern Indiana.. December
130,337 115, 124
878,684
719,690
Southern Paclllo Co December 11566 464 11310 037
.137,723 69,951,983
Southern Railway.. 2d wk Feb 1,130,536 1,035, 110
,200,450 36,010,771
Mobile & O h io ... 2d wk Feb 218.653 217, 887
,933,001 0,542,560’
Cin N O & Tex P 2d wk Feb 178,459 171, 911
,902,121 5,532,657
Ala Great South. 2d wk Feb
84,780
75, 877
,880,579 2,544,712
Georgia Sou& Fla 2d wk Feb
51,290
,533,691 1,494,223
51, 686
Texas & Pacillc___ 2d wk Feb 284,609 280, 813
,841,831 10,276,137
Tidewater & West. Decembe.7,559
8, 330
41,275
42,432
Toledo Poor & West 2d wk Feb
20,606
831,093
21, 454
746,674
Toledo St L & West 2d wk Feb
70.098
78, 290 2, 402,774 2,418,915
Tomblgbce Valley.. December
8,246
7, 825
43,484
40,659
Union Paclflo Syst. December 7,347,352 7,031,
825,417 47,850,839
V andalla_________ December.. 939,442 810,
,652,446 4,955,552
Virginia & Sou West December
124,164
94,
677,376
610,589
W abash__________ 3d wk Feb 511,391 526,
823,958 18,816,255
Western Maryland. December
553,417 527,
776,091 3,437,789
West Jersey & Seash December
380,674 348,
708,306 3,367,406
Wheeling & Lake E Novcmber. 584,280 621,
164,868 3,092,772
33,701
Wrlghtsvllle & Tcnn December
26,
169,303
167.177
Yazoo & Miss Valley January _ . 1,056,2' 1 896,
687,468 6,103,123

Various Fiscal Years.

Period.

Bellefontc C e n t r a l......______ Jan
Delaware & Hudson__________ Jan
a Mexican Railway____ ______ Jan
a Mexico North Western______ Jan
e N Y Central & Hudson River. Jan
Lake Shore & Michigan South Jan
n Lake Erie & Western______ Jan
Chicago Indiana & Southern. Jan
Michigan Central___________ Jan
Cleve Cin Chicago & St Louis. Jan
Peoria & Eastern___________ Jan
Cincinnati Northern________ Jan
Pittsburgh <Sj Lake Erie_____ Jan
R u tlan d ___________________ Jan
New York Chicago & St Louis Jan
Toledo <& Ohio Central______ Jan
Total all lines______________ Jan
Northern Central__ __
Jan
d Penn— East of Plttsb & Eric. Jan
d West of Pittsburgh & E rie.. Jan
Phlla Baltimore & Washington. Jan
Plttsb Cin Chicago & St L ouis._ Jan
Rio Grande Junction__________ Deo
Texas & Pacillc______________ Jan
West Jersey & Seashore_______ Jan

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Jan
Deo
Feb
Nov
Deo
Deo
Dec
Deo
Deo
Deo
Deo
Deo
Dec
Deo
Dec
Deo
DeDec
Dec
Deo
Deo
Dec
Nov
Feb
Deo

Current
Year.

Previous
Year.

$6,086
$5,251
20,397,317 19,598,551
889,400
785,600
2,024,701 1,151,939
09,908,478 93,172,861
49,120.211 45,110,997
5,513,326 5,043,090
.,739,068 3,223,313
29,694,815 27,415,466
30,423,005 27,257,741
3,536,068 3,026,856
1,294,277 1,177,691
17,052.097 14,838,947
3,339,834 3,102,433
11,238,877 .10,076,207
5,089,986 3,940,889
200251242 237786391
12,923,048 12,378,648
164340 590 153567 090
Inc. 11, 026,700
19,099,349 17,621,049
34,433,977 30,359.683
1.033,948
989,114
1,896,703 1,933,653
6,368,258 5,705,958

A G G R E G A T E S O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly ,
Weekly Summaries.
1st week Deo
2d week Deo
3d week Deo
4th week Deo
1st Jweek Jan
Jd week Jan
3d week Jan
4th week Jan
1st week Fob
3d week Fob

(34 roads)___
(42 roads)___
(41 roads)___
(48 roads)___
(44 roads)___
(43 roads)___
(44 roads)___
(42 roads)____
(43 roads)___
(43 roads)___




Cur’nt Year Prev’s Year Inc. or Dec.
$
10,074,886
13,408,331
13,941,020
10.445.290
11,577,755
12,398.691
12,058,296
18,325,728
13,640,714
13,031,881

$
9,534,096
12,525,875
12,947.706
18,207,431
11,021,419
11,025,053
12,428.232
18,028,059
12,703.442
12,928,215

S
+ 539.890
+882,474
+ 994,124
+ 1,237,859
+ 556,336
+473,538
+ 530,064
+297,669
— 02,728
+ 163,063

%
5.63
7.11
7.68
6.80
5.05
3.97
4.27
1.65
0.70
1.19

Monthly Summaries.
Mileage Curr. Yr. Prev. Yr.
A p r il........... 237,569 232,463
M ay ............. 237,560 232,494
J u n o ...........238,108 232,054
J u ly ............. 238,169 233,203
A u g u st___ 238,493 239,404
Septem ber..240,678 237,809
October____241,215 237,835
Novem ber..237,596 233,340
December ..228,687 225,177
January . . 88,919
86,559

Current Y4. Previous Yr. Inc. or Dec.
225,225,596 106,505,a n
234,319,642 201,069,381
237,036,159 200,270,887
230,615,776 217,893,354
254,005,972 235,726,060
256,647,702 246,335,586
263,464,605 260,821,546
246,650,774 245,651,263
229,379,163 214,311,201
59.712,430 58,341,731

+ 28,629,685
+ 33,241,261
+ 27,766.272
+ 12,812,422
+ 18,279,072
+ 10,312,116
+2,643,959
+ 999,511
+ 15,067,862
+ 1,370,669

14.56
16.53
13.27
5.90

7.75
4.19

1,01
0.4o

7.03
3.3 j.

L a te st

G ro ss

E a r n in g s

b y

W e e k s .— In

th e

t a b le

w h ic h

f o llo w s w e s u m

u p s e p a r a t e ly t h e e a r n in g s f o r t h e s e c o n d w e e k

of

T h e

F e b ru a ry .

in c r e a s e

in

t a b le

co v e rs

th e a g g re g a te

o ver

43

th e

ro a d s

1910.

1911.

S econ d w eek o f F e b r u a r y .

A la b a m a G r e a t S o u t h e r n .
A n n A r b o r . ............... — - ,
A t la n t a B ir m in g h a m & A t la n t ic
B u f fa lo R o c h e s t e r & P it t s b u r g h
C a n a d i a n N o r t h e r n ----------------------C a n a d i a n P a c i f i c --------------------------C e n t r a l o l G e o r g i a -------------C h e s a p e a k e & O h i o -----------C h i c a g o & A l t o n ---------------C h ic a g o G r e a t W e s t e r n —
C h ic a g o I n d ia n a p o lis & L o u l s v .
C ln N e w O rle a n s & T e x a s P a c . .
C o lo r a d o & S o u t h e r n -----------------D e n v e r & R i o G r a n d e -----------------D e n v e r N o r t h w e s t & P a c if ic —
D e t r o i t & M a c k i n a c --------G e o r g ia S o u t h e r n & F l o r i d a —
G r a n d T r u n k o f C a n a d a ............. '
G r a n d T r u n k W e s t e r n --------D e t r o it G r H a v e n & M l l w . .
C a n a d a A t l a n t i c ---------------------In t e r n a t io n a l & G re a t N o rt h e rn
In t e r o c e a n lc o f M e x ic o —
I o w a C e n t r a l _______________
K a n s a s C i t y M e x ic o & O r i e n t . .
L o u i s v i l l e & N a s h v i l l e ---------------M i n e r a l R a n g e _____________________
M in n e a p o l i s & S t L o u i s -------------M I n n e a p S t P & S S M --------------’
C h i c a g o D i v i s i o n -------------------M is s o u r i K a n s a s & T e x a s ---------

N e v a d a -C a llf o r n ia - O r e g o n
R i o G r a n d e S o u t h e r n -----------------S t L o u is S o u t h w e s t e r n —
S e a b o a r d A i r L i n e _________
S o u t h e r n R a i l w a y ------------------------T e x a s & P a c i f i c -----------------T o le d o P e o r ia & W e s t e r n .
T o l e d o S t L o u i s & W e s t e r n _____
W a b a s h ________ __________ ___________

sh o w s

N et

E a r n in g s

M o n t h ly

$
8 ,9 0 9

§
7 5 ,8 7 7
4 2 ,1 9 8
5 2 ,7 3 7
1 8 1 ,3 6 5
1 8 9 ,3 0 0
1 ,4 5 0 ,0 0 0
2 5 2 ,0 0 0
5 9 2 ,9 4 4
2 8 0 ,9 6 9
2 9 4 ,8 8 0
1 0 9 ,2 2 1
1 7 1 ,9 1 1
3 2 7 ,5 7 8
4 0 6 ,5 0 0
1 3 ,9 6 8
2 3 ,6 5 1
5 0 ,1 4 1
5 1 ,6 8 6

7 4 9 ,0 9 1

7 1 9 ,8 8 9

1 5 9 ,0 0 0
2 0 1 ,9 6 9
7 2 ,7 9 1
3 5 ,5 0 0
1 ,0 1 0 ,8 8 5
1 5 ,6 0 2
1 0 3 ,4 8 0
3 5 6 ,3 0 3

1 5 4 ,0 0 0
2 0 3 ,3 1 4
7 1 ,8 0 6
3 4 ,3 0 0
1 .0 2 0 ,2 6 5
1 5 ,5 7 7
9 9 ,2 7 7
3 6 7 ,3 6 8

5 ,0 0 0
______
985
1 ,2 0 0
________
25
4 ,2 0 3
..............

4 5 1 ,1 1 0
1 ,0 6 1 ,0 0 0
2 1 7 ,8 8 7
1 ,2 5 3 ,6 8 7
7 ,5 6 0
1L732
2 2 6 ,2 4 5
4 3 1 ,9 8 3
1 ,0 8 5 ,1 1 6
2 8 0 ,8 1 8
2 1 ,4 5 4
7 8 ,2 9 0
5 4 8 ,6 0 5

8 1 ,4 5 5

to

and

in d u s t r ia l

c o m p a n ie s

L a te st

5 ,2 7 4
8 ,9 2 8
129
1 4 ,6 0 0
1 3 9 ,0 0 0
3 3 ,5 0 0
3 4 ,7 2 7
2 1 ,9 1 6
4 4 ,5 0 2
4 ,7 8 5
6 ,5 4 8
6 7 ,8 0 8
5 8 ,4 0 0
1 ,0 9 9
2 ,9 8 7
1 ,0 9 6
396
2 9 ,2 0 2

P rev io u s
Y ea r.

4 ,1 7 5
4 ,4 5 6
3 5 ,9 7 7
2 8 ,9 1 9
4 5 ,4 2 0
3 ,7 9 1
5 ,1 5 2
___

J u ly

1

4 8 4 ,1 1 1
1 5 3 ,6 6 6

T h e

3 3 0 ,4 4 5

t a b le

f o l­

r a ilr o a d s

-N e t E a r n in g s P rev io u s
C u rren t
Y ea r.
Y ea r.

$

$

$

J a n 2 ,9 0 6 ,7 3 1
...2 1 ,6 2 0 ,7 6 6

1 6 4 ,5 7 2
2 8 0 ,3 6 0
5 5 6 ,4 2 4
9 5 5 ,6 1 1
7 ,7 1 1 ,5 0 0

1 6 3 ,6 5 9
2 7 4 ,5 6 8
5 0 4 ,0 0 2
8 4 8 ,7 4 5
8 ,2 4 2 , 8 9 4

...
2 6 1 ,6 9 7
...
6 7 6 ,8 8 4
_____1 , 1 7 1 , 5 7 4

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

7 5 ,3 6 6
2 3 9 ,7 4 3
3 6 0 ,3 1 2

D ec
5 5 3 ,4 1 6
_____ 3 , 7 7 6 , 0 9 1

5 2 7 ,2 3 6
3 ,4 3 7 ,7 8 9

6 3 ,7 2 3
2 2 8 ,6 3 6
3 4 8 ,2 6 5
1 4 9 ,2 5 4
1 ,3 3 0 ,1 7 9

1 ...
3 9 8 ,5 4 0
_____
7 2 4 ,0 5 9 '
_____ 1 , 4 3 3 , 7 4 4

IN D U S T R IA L

-N e t E a r n in g s C u rren t
P rev io u s
Y ear.
Y ear.

2 8 ,4 6 3
9 4 ,4 5 5
3 4 9 ,8 3 0
9 6 ,0 9 1
6 6 8 ,5 7 1
4 4 7 ,9 1 0
3 7 ,7 5 5
6 9 ,9 5 1

9 4 ,3 1 4
6 4 5 ,3 6 7
3 9 3 ,2 1 7
3 4 ,0 6 8
6 9 ,2 0 5

$
1 2 ,6 8 7
1 5 ,7 3 8
9 3 ,5 7 2
3 4 3 ,5 3 6
4 7 ,7 5 6
3 3 5 ,1 5 3
2 4 7 ,9 1 9
1 5 ,4 6 0
4 3 ,1 4 2

8 5 8 ,2 5 3
E x p r e s s C o . b ______ . . N o v
4 ,5 2 1 ,2 6 8
J u ly 1 to N o v 3 0 .
W h e e li n g E l e c t C o _____ . . J a n
1 7 ,8 8 8

7 7 6 ,6 4 4
3 ,6 8 9 ,0 3 9
1 6 ,4 4 7

1 ,7 0 6
4 2 5 ,6 2 4
1 0 ,5 3 5

$
2 3 ,8 7 6

$
*
2 8 ,4 3 0

A t l a n t i c C i t y E l C o ____ . . J a n
C a n t o n E l e c t C o ............. . . J a n
flltififl S ftrv lfio D n
ja n
O c t 1 to J a n 31
K ey sto n e T e l & T e l C o . a J a n
J u ly 1 to J a n 3 1 .
K in g s C o E l L t & P o w . . J a n
R o c k f o r d E l e c t C o _____ . . J a n
S c r a n t o n E l e c t C o _____ . . J a n

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

C O M P A N IE S .

J ross E a r n in g s P rev io u s
C u rren t
Y ea r.
Y ea r.

C o m p a n ie s .

U

2 ,1 9 2
2 5 ,7 9 4

3 9 6 ,1 3 2
7 3 0 ,3 4 9
1 ,3 8 4 ,9 7 6
2 ,7 0 0 ,1 4 4
2 0 ,9 3 7 ,8 6 3

$
1 to D e c 3 1 .
O ct
J u ly
Ja n
L e h i g h V a l l e y , b______
J u ly 1 to J a n 3 1 . .
U l s t e r & D e la w a r e _ b —
O ct
1 to D e c 31 . .
J u ly 1 to D eo 31 . .
Ja n
1 to D e c 31 . .

1 1 ,0 6 5

w eek:

-------- G r o s s E a r n i n g s C u rren t
Y ea r.

“ O', 3 8 0

5 2 ,0 0 0

D a t e s .—
t h is

1 ,3 4 5

766
7 ,3 9 0

n e t e a r n in g s o f S T E A M
re p o rte d

S

2 6 ,1 0 0

$
9 ,6 8 8
1 3 ,8 2 6

4 4 ,4 0 7
3 2 1 ,3 7 5
2 2 4 ,9 1 3
1 3 ,9 8 7
3 2 ,8 6 5
9 0 ,8 4 0
2 18 ,2 8 8
9 ,9 0 6

a

N e t e a r n in g s h e re g iv e n a re a f t e r d e d u c t in g ta x e s ,
b N e t e a r n in g s h e re g iv e n a re b e fo re d e d u c t in g t a x e s .
r A f t e r a l lo w i n g f o r m is c e lla n e o u s r e c e ip t s a n d n e t f r o m c o a l a n d o t h e r
d e p a r t m e n t s , t o t a l n e t e a r n in g s f o r D e c . 1 9 1 0 w e re $ 2 0 8 ,3 5 0 , a g a in s t $ 1 9 6 ,­
5 0 5 i n 1 9 0 9 ; a n d f r o m J u l y 1 t o D e c . 3 1 w e r e $ 1 , 4 9 4 , 7 6 0 I n 1 9 1 0 , a g a in s t
$ 1 ,5 1 3 ,4 3 0 in 19 09 .
In t e re s t

C h a rg e s

an d

C u rren t
Y ear.

P rev io u s

$

5

- D a l . o f N e t E a r n s .—
P rev io u s
C u rren t
Y ear.
Y ea r.

$

$

7 9 ,3 3 1
1 5 2 ,9 3 6
3 0 5 ,3 2 0

7 1 ,2 4 2
1 5 3 ,0 7 6
3 0 2 ,3 5 0

8 5 ,2 4 3
1 2 7 ,4 2 4
2 5 1 ,1 0 4

9 2 ,4 1 7
1 2 1 ,4 9 2
2 0 1 ,6 5 2

6 1 ,6 5 7
1 3 0 ,1 0 4
2 4 6 ,1 7 6

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

2 :4 ,1 2 9
2 = 1 0 5 ,9 2 7
2 = 1 1 3 ,1 5 0

2= 20,661
2 = 1 2 9 ,9 7 3
2 = 1 4 0 ,2 1 3

C u rren t
Y ea r.

.J a n
Ja n
.J a n
O c t 1 to J a n 3 1 .
/s t o n e T e l & T e l Co
J u ly 1 to J a n 3 1 .

.J a n
.J a n
.J a n
.J a n

W h e e lin g E le c t C o .

.J a n

P rev io u s
Y ear.

P rev io u s
Y ear.

$
5 ,3 9 9

$
5 ,7 6 4

3 ,5 2 0

3 ,1 6 7

1 2 ,2 1 7

5 2 ,6 4 0
2 0 2 ,5 3 0
2 4 ,3 4 8
1 7 1 ,5 0 7
1 1 8 ,0 5 2

2 6 ,3 5 8
1 7 7 ,5 2 0
1 0 6 ,2 7 1

2 3 ,3 1 8
1 6 3 ,6 4 6
1 2 9 ,8 6 7

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

5 ,2 9 1
7 ,0 5 8

8 ,8 2 9
3 1 ,6 3 9

8 ,6 9 5

920

9 ,3 6 3

5
4 ,2 8 8
1 0 ,6 5 8

4 0 ,9 3 2
1 4 1 ,0 0 6

x A f t e r a l lo w i n g f o r o t h e r I n c o m e r e c e iv e d .




C u rren t
Y ea r.

$
6 ,9 2 2

6 ,6 3 0
1 1 ,5 0 3
1 ,1 7 1

T R A C T IO N

A m e r i c a n R y s C o _____
c A u E lg in & C h ic R y
B a n g o r R y & E le c C o
B a to n R ou ge E l C o ..
B i n g h a m t o n R y --------B r o c k & P ly m S t R y
B k ly n R a p T r a n S y s .
C a p e B re to n E le c C o .
C a r o lln a P o w & L t C o
C e n t P a rk N & E R lv
C e n t r a l P e n n T r a c ___
C h a ttan o o g a R y & L t
C h i c a g o R y s C o ______
C le v P a ln e s v & E a s t .
C o lu m b u s ( G a ) E l C o
C o n e y Is l & B k ly n ..
D a l l a s E l e c t C o r p ___
D e t r o i t U n i t e d R y ___
D D E B & B a t (R e c )
D u lu t h -S u p e r io r T r a c
E a s t S t L o u is & S u b .
E l P a so E le c t r ic
F a lr m & C la r k s T r C o
F t W ay n e & W ab ash
V a lle y T r a c t io n C o
4 2 d S t M & S N A v (R e c )
G a lv - IIo u s t E le c t C o .
G r a n d R a n ld s R y . C o
H a v a n a E le c t r ic C o . .
H o n o lu lu R a p id T r a n
& L a n d C o _________
H o u g h to n Co T r C o . .
H u d so n & M a n h attan
Illin o is T r a c t io n C o . .
In t e rb o r R T ( S u b ) . .
In te rb o r R T (E le v ).
J a c k s o n v llle E le c t C o
K a n C it y R y & L t Co
L a k e S h o re E le c R y .
L o n g Is la n d E le c t r lc .
M e t r o p o llt a n S t ‘ ( R e c )
M llw E l R j) & L t C o .
M ilw L t H t & T r C o M o n tre a l S tre e t R y ..
N a s h v ille R y & L ig h t
N e w O rle a n s R y & L t
N Y C it y In t e r b o r o ..
N Y & L o n g Is la n d T r
N Y & Q ueens C o u n ty
N o rf & P o rts m T r C o
N o rth a m E a s to n & W
N o r t h O h io T r a c & L t
N o rth T e x a s E le c C o .
N o rth w e st E le v C o . .
O c e a n E l e c t r i c (L I ) .
P aducah T r & L t C o .
P e n s a c o la E l e c t r i c C o
P o rt (O re ) R y , L & P C o .
P u g e t S o u n d E le c C o
R ic h m o n d L t & R R .
R io d e J a n e ir o T r a m
L ig h t & P o w e r C o .
S t Jo s e p h (M o ) R y L t
H eat & Pow er C o .
S a o P a u lo T r L t & P .
S a v a n n a h E le c t r ic C o
S e a t t le E l e c t r i c C o ___
S e co n d A v e n u e (R e c )
S o u th e rn B o u le v a r d .
S o u W i s c o n s in R y C o
S ta te n I s l M id la n d . .
T a m p a E le c t r lo C o . .
T h ir d A v e n u e ( R e c ) .
T o le d o R y s & L t C o . .
T o r o n t o R y C o ________
T w in C it y R a p T r a n .
U n d e rg ro u n d E l R y
of Lon do n—
T h re e tu b e lin e s . . .
M e t r o p o li t a n D l s t .
U n it e d T r a m w a y s .
U n i o n ( R e c ) ..................
U n lo n R y ,G & E C o (Ill)
U n it e d R R s o f S a n F r
W e s tc h c s E le c ( R e c ) .
W h atco m Co R y & L t
Y o n k e rs R R ( R e c ). .
Y o u n g s t & O h io R l v .

C u rren t
Y ear.

C O M P A N IE S .
J a n . 1 to la te s t d a te .

P rev io u s
Y ea r.

C u rren t
Y ea r.

P rev io u s
Y ear.

$
3 1 4 ,3 8 7 2 9 3 ,1 3 2
2 9 3 ,1 3 2
Ja n u a ry . .
3 1 4 ,3 8 7
1 2 4 ,8 7 4
1 1 7 ,2 0 2
1 ,5 3 6 ,0 5 9
D ecem ber
1 ,6 7 3 ,2 2 7
4 7 ,5 1 5
4 5 ,1 5 6
D e c e m b e r..
5 3 5 ,2 5 2
5 6 5 ,6 3 7
1 1 ,0 0 3
1 0 ,1 6 7
D ecem ber
9 9 ,7 5 7
1 1 0 ,1 7 4
2 5 ,9 1 1
2 7 .6 0 9
N o v e m b e r.
7 ,6 7 2
8 ,0 0 1
' 1191626
” 1301786
D ecem ber
O c t o b e r ___ 1 8 4 3 ,0 0 6 1 7 7 4 , 3 2 2 1 8 , 2 9 8 , 8 5 8 1 7 , 3 0 1 , 0 0 7
2 7 ,9 0 9
2 9 ,5 2 0
3 2 6 ,0 1 0
2 8 5 ,7 9 9
D ecem ber
2 0 ,1 6 1
2 3 ,8 5 0
2 3 ,8 5 0
2 0 ,1 6 1
Ja n u a ry . .
5 3 3 ,9 9 1
5 2 ,2 5 2
4 9 7 ,5 9 5
5 5 ,5 0 9
O c t o b e r ___
6 6 ,8 8 4
6 2 ,0 8 7
6 6 ,8 8 4
6 2 ,0 8 7
Ja n u a ry . .
8 7 5 ,0 7 8
6 4 ,4 1 7
7 7 1 ,5 8 2
7 5 ,6 5 9
D e c e m b e r..
N o v e m b e r . 1 1 5 5 , 1 3 2 1 0 5 4 ,1 6 8 1 1 , 4 2 0 , 3 8 4 1 0 , 3 5 2 , 5 6 2
3 5 5 ,4 6 9
3 2 1 ,1 7 3
2 3 ,6 0 0
2 7 ,2 3 4
D ecem ber
4 6 4 ,0 6 6
3 7 6 ,5 9 2
3 3 ,5 9 6
4 0 ,8 3 4
D ecem ber
1 ,2 8 7 ,8 7 9
1 ,2 7 6 ,4 2 0
1 1 3 ,8 4 2
1 1 4 ,9 3 2
O c t o b e r ___
1 ,3 2 0 ,1 2 2
1 ,4 6 9 ,3 1 8
1 1 9 ,7 6 6
1 3 0 ,2 9 2
D ecem ber
9 0 0 ,8 8 4
9 9 8 ,8 0 9
1 5 7 ,8 5 0 1 4 1 ,6 1 5
2d w k Feb
5 2 4 ,7 3 1
5 1 4 ,3 0 1
5 3 ,4 9 8
5 1 ,0 8 9
O c t o b e r ___
9 9 6 ,3 1 5
8 9 6 ,3 4 6
8 5 .5 0 9
9 0 ,3 0 9
N o v e m b e r.
2 ,0 3 5 ,7 9 0
1 8 5 ,2 2 5 2 ,3 6 4 ,1 4 2
D e c e m b e r.. 2 0 2 .8 1 4
6 0 0 ,9 5 8
6 4 0 ,6 5 8
5 9 ,6 6 7
6 5 ,1 6 8
D ecem ber
4 7 2 ,2 5 1
6 1 1 ,6 4 4
4 2 ,2 6 1
5 4 ,4 6 0
D ecem ber
D ecem ber
O c t o b e r ___
D ecem ber
D e c e m b e r..
W k F e b 19

1 3 6 ,9 4 6
1 3 3 ,8 4 1
1 1 5 ,1 2 3
9 6 ,2 7 4
4 7 .0 4 8

1 2 9 ,7 2 0
1 2 5 ,0 0 5
1 0 0 ,8 6 7
9 0 ,1 4 4
3 8 ,9 8 4

1 ,5 2 6 ,5 8 6
1 ,1 9 6 ,3 1 1
1 ,3 1 2 ,9 8 6
1 ,1 3 2 ,5 7 8
3 1 6 ,6 6 7

1 ,4 1 4 ,5 2 6
1 ,1 2 1 ,3 3 7
1 ,2 0 6 ,5 4 4
1 ,0 2 9 ,0 1 1
2 7 0 ,7 2 2

4 1 3 ,0 2 5
4 5 3 ,8 5 3
4 1 ,1 6 2
36 , ,0 7 0
D ecem ber
3 1 9 ,1 )6 6
3 1 1 ,4 7 4
2 5 ,0 3 2
2 6 ,0 8 3
D ecem ber
O c t o b e r ___
2 2 6 ,0 0 8
1 7 9 ,36 4 2 , 0 8 3 , 7 0 2
6 1 8 ,4 6 9 5 0 3 , ,2 0 6 6 , 2 1 6 , 1 0 4 5 , 3 6 3 , 3 8 4
D ecem ber
O c t o b e r ___ 1 2 1 0 , 9 5 6 1 2 1 4 ,3 4 1 1 1 , 3 8 4 ,0 6 8
O c t o b e r ___ 1 3 3 6 , 6 9 8 1 3 1 3 , ,0 8 3 1 2 , 6 4 6 , 7 7 9
4 8 6 ,7 7 7
5 5 ,3 9 6
49, ,0 1 2
D ecem ber
5 7 6 ,0 8 1
6 5 6 , 6 0 7 6 1 1 , ,919
6 1 1 ,9 1 9
Ja n u a ry . .
6 5 6 ,6 0 7
9 5 ,5 7 0
89, ,06 2 1 , 2 0 6 , 1 1 2
1 ,1 0 9 ,0 8 4
D ecem ber
2 1 ,1 8 7
15, ,5 08
1 6 4 ,2 5 4
O c t o b e r ___
1 8 2 ,2 6 8
O c t o b e r ___ 1 2 0 8 , 7 5 8 1 2 0 9 , ,0 3 6 1 1 , 7 8 2 , 9 5 7 1 1 , 5 6 8 , 4 1 4
4 2 3 , 5 2 4 3 9 5 , ,7 5 3 4 , 6 9 4 , 3 9 2 4 , 2 6 7 , 5 3 9
D ecem ber
7 0 , ,6 7 3 1 , 0 5 6 , 7 5 0
9 2 7 .6 2 5
8 0 ,8 9 4
D ecem ber
D e c e m b e r . . 3 7 7 , 2 7 4 3 3 7 , ,5 6 3 4 , 4 5 6 , 1 6 9 3 ,9 6 6 , 2 0 6
1 4 8 ,5 9 8
1 6 1 ,9 0 3
14 8 , ,5 9 8
1 6 1 ,9 0 3
Ja n u a ry A ..
5 ,5 0 7 ,2 2 5
N o v e m b e r . 5 4 3 , 6 4 0 5 3 4 ,3 7 6 5 , 7 0 6 , 4 2 3
1 4 3 ,3 1 3
1 9 0 ,5 0 8
1 5 ,8 2 2
2 2 ,7 5 1
O c t o b e r ___
294 094
3 1 8 ,4 8 7
3 1 ,7 2 8
3 5 ,7 5 9
O c t o b e r ___
8
3 1 .6 2 6
,3
4
5
9
4
8
,8
9
6
8
3
9
9
,
1
5
2
O c t o b e r ___
1 5 6 ,3 7 3
1 6 8 ,8 7 1
156 ,3 7 3
1 6 8 ,8 7 1
J a n u a r y ._
1 0 ,7 5 7
1 1 ,9 2 7
10 , 7 5 7
1 1 ,9 2 7
Ja n u a ry . ..
1 6 4 ,9 4 4
1 8 6 ,2 7 1
16 4 ,9 4 4
J a n u a r y ._ 1 8 6 ,2 7 1
1 ,4 4 2 ,8 0 7 1 ,2 5 9 ,5 5 1
1 0 8 ,4 8 3
1 2 7 .9 6 9
D ecem ber
1 8 2 ,6 0 8
1 8 4 ,4 1 0
1 8 4 , 4 1 0 1 8 2 ,6 0 8
Ja n u a ry
1 0 1 ,8 0 6
1 0 4 ,5 0 4
4 ,2 6 4
4 ,2 5 0
O c t o b e r ___
2 2 7 ,3 4 4
2 4 9 ,7 4 6
2 0 ,8 8 4
2 4 ,2 9 6
D ecem ber
2 4 6 ,6 6 4
2 7 3 ,1 0 3
2 0 ,4 1 0
2 5 ,5 6 0
D ecem ber
D e c e m b e r . . 5 2 9 .9 6 9 4 3 2 ,6 6 7 5 , 6 3 8 , 8 9 6 4 , 8 1 8 , 0 2 2
1 ,8 6 9 ,0 9 6
1 4 8 ,9 9 4 1 , 9 1 5 ,2 8 9
1 5 7 ,9 8 2
D ecem ber
2 9 4 ,0 5 6
2 7 ,2 2 3
O c t o b e r ___
D e c e m b e r..

9 9 7 ,0 0 7

6 4 2 ,3 0 2 1 0 ,9 4 2 ,0 4 7

7 ,5 2 7 ,5 6 0

D e c e m b e r..
Ja n u a ry . .
D ecem ber
D ecem ber
O c to b e r . .
O c t o b e r ___
D e c e m b e r..
O c to b e r...
D ecem ber
O c to b e r...
D ecem ber
D e c e m b e r.
2d w k Feb

9 6 .0 4 8
2 8 2 ,3 5 6
5 3 ,5 1 4
4 9 3 ,8 4 3
7 8 ,5 6 5
1 0 ,0 1 5
1 5 ,4 5 3
1 9 ,5 6 9
4 7 ,2 5 4
2 9 1 ,3 3 0
2 9 0 ,1 8 8

9 2 ,0 8 7
2 2 8 ,8 3 6
5 0 ,2 8 8
4 8 1 ,8 9 3
7 6 .7 2 3
8 ,2 5 3
1 4 ,2 2 6

9 7 9 ,5 5 4
2 2 8 ,8 3 6
6 0 3 ,8 1 3
5 ,8 5 4 ,1 7 5
7 1 7 ,8 9 3
7 6 ,1 7 6
1 6 1 ,8 0 9

5 6 ,3 8 9
2 6 6 ,2 7 2
2 6 6 ,1 8 2

140', 2 5 7

13 L 54 1

1 ,0 3 8 ,0 5 6
2 8 2 .3 5 6
6 3 2 .3 5 6
5 , 5 8 8 ,1 8 9
7 1 1 ,2 9 9
9 3 ,6 9 2
1 7 9 ,3 4 8
2 2 8 ,9 1 9
5 9 2 ,9 6 4
2 ,9 6 4 ,0 9 2
2 ,9 8 5 ,3 8 2
4 ,3 7 7 ,1 1 6
8 8 9 ,3 4 1

“ 5 9 flf,3 0 3
2 ,5 3 5 ,2 5 2
2 ,7 3 3 ,1 7 8
3 ,9 2 6 .8 2 8
8 4 3 ,2 3 9

W k F e b 18
W k F e b 18
W k F e b 18
O c t o b e r ___
N o v e m b e r.
D ecem ber
O c t o b e r ___
D ecem ber
O c t o b e r ___
D ecem ber

£ 1 3 ,6 1 5
£ 1 1 ,5 0 2
£ 5 ,3 3 7
1 9 0 ,3 1 3
2 6 5 ,6 6 8
6 8 2 ,3 5 6
4 5 ,5 5 7
3 9 ,0 8 4
5 7 ,6 6 4
1 7 ,3 4 0

£ 1 3 ,2 2 5
£ 1 0 ,8 0 3
£ 5 ,2 7 2
1 6 9 ,7 7 2
2 5 1 ,3 5 1
6 4 5 ,8 4 7
4 1 ,1 6 1
3 9 ,1 4 9

£ 9 9 ,7 8 0
£ 8 2 ,5 2 8
£ 3 6 ,1 3 1
1 ,8 8 2 ,1 6 2
2 ,6 8 7 ,5 5 7
7 ,6 5 3 ,4 8 9
4 4 8 ,4 1 4
4 1 1 ,1 6 0

£ 9 4 ,2 6 5
£ 7 5 ,2 5 3
£ 3 6 ,3 4 1
1 ,7 0 4 ,7 2 1
2 ,5 3 4 ,3 3 8
7 ,4 5 5 ,9 6 5
3 7 4 ,7 7 2
4 0 6 ,8 6 7

1 4 ,8 9 1

3 0 9 ,9 6 6

' 22V ,640

c T h e s e f ig u r e s a r c f o r c o n s o li d a t e d c o m p a n y .
E le c t r ic R a ilw a y N e t E a r n in g s . — T h e f o llo w in g t a b le g iv e s
th e

re tu rn s

re p o rte d

ro a d s fro m
once
t h is

a

of

w h ic h

m o n th

k in d

E L E C T R IC

t h is w e e k .

w ill

in
be

A

m o n t h ly
th ese
fo u n d

r a ilw a y

g ro ss

f u ll d e t a ile d
re tu rn s

c o lu m n s ,
in

th e

is s u e

of

an d

net

e a r n in g s

s t a t e m e n t , in c lu d in g
can

and
is s u e

be

th e
of

M a rch

o b t a in e d ,

2 5 ,8 0 7
8 ,9 8 6

R oa d s.

A m e r ic a n L t & T r a c t C o .J a n
C e n tra l P e n n a T ra c C o ..J a n

C u rren t
Y ea r.

$
4 0 1 ,3 2 5
6 6 ,8 8 4

F t W a y n e & W a b V a l.b .D e c
1 3 6 ,9 4 6
J a n 1 t o D e c 3 1 ------------ 1 , 5 2 6 , 5 8 6
I l l i n o i s T r a c t C o . a ------------D e c
6 1 8 ,4 6 9
J a n 1 t o D e c 3 1 ----------- 6 , 2 1 6 , 1 0 4
K a n s a s C it y R y & L t . b . - J a n
6 5 6 ,6 0 7
J u n e 1 t o J a n 3 1 ----------- 5 , 1 7 0 , 1 9 7
M l l w E le o R y & L t . b — D e c
4 2 3 ,5 2 4
J a n 1 t o D e c 3 1 ----------- 4 , 6 9 4 , 3 9 2
M llw L t H t & T r C o . b . . D e o
8 0 ,8 9 4
J a n 1 t o D e c 3 1 ----------- 1 , 0 5 6 , 7 5 0
N a s h v ille R y & L ig h t . a - J a n
1 6 1 ,9 0 3
N o rfo lk & P o r t s m lT r . b . J a n
1 6 8 ,8 7 1
J u l y 1 t o J a n 3 1 ------------ 1 , 2 4 8 , 6 9 4
N o r t h e r n O h io T r & L t . a . J a n l
1 8 6 ,2 7 1
P h ila d e lp h ia C o m p a n y .a . J a n 2 ,0 0 4 ,3 0 6
A p r 1 t o J a n 3 1 ________:1 7 , 2 0 0 , 2 0 7
S a o P a u lo T r L t & P o w . a J a n
2 8 2 ,3 5 6
T w in C it y R a p T r C o . b . D e c
6 4 6 ,7 7 4
J a n 1 t o D e o 3 1 ------------ 7 , 5 3 1 , 6 4 9
T r l - C I t y R y & L i g h t _____ D e c
2 4 6 ,6 1 3
J a n 1 t o D e c 3 1 ________ 2 , 5 1 3 , 4 8 6

a ll

is g iv e n

la t e s t s t a t e m e n t o f
Ja n .

25

28

1911.

T h e

1911.

n
■
— ivTpf
t/fr TTn
JLjIti: r n i n a s —
u>ir nr ti ini inyto—......—*. _______A

IN D U S T R IA L C O M P A N IE S .
— I n t . , R e n t a l s , & c .—
— D a l . o f N e t E a r n s .—
C o m p a n ie s .

A N D

W eek or
M o n th .

S u r p lu s .

— I n t . , R e n t a l s , & c .—

L e h ig h & H u d s o n R iv e r —
O ct
1 t o D e c 3 1 ________
J u ly
1 t o D e o 3 1 _____ .
Ja n
1 t o D e c 3 1 ............. .
U l s t e r & D e la w a r e —
1 t o D e c 3 1 ..............
O ct
1 t o D e c 3 1 ............ .
J u ly
1 t o D e c 3 1 .............
Jan

N am e of
R oad.

In crea se.

T o t a l ( 4 3 r o a d s ) ........................... 1 3 , 0 8 1 , 8 8 1 1 2 , 9 2 8 , 2 1 5
N e t i n c r e a s e ( 1 . 1 9 % ) _____

lo w in g s h o w s t h e g r o s s a n d

R A IL W A Y

L a test G ro ss E a r n in g s .

1 .1 9 %

la s t y e a r .

5
8 4 ,7 8 6
3 6 ,9 2 4
6 1 ,6 6 5
1 8 1 ,4 9 4
2 0 3 ,9 0 0
1 ,5 8 9 ,0 0 0
2 8 5 ,5 0 0
5 5 8 ,2 1 7
3 0 2 ,8 8 5
2 5 0 ,3 7 8
1 0 4 ,4 3 6
1 7 8 ,4 5 9
2 5 9 ,7 1 0
3 4 8 ,1 0 0
1 2 ,8 6 9
2 0 ,6 6 4
5 1 ,2 3 7
5 1 ,2 9 0

5 3 2 ,5 6 5
1 ,0 0 9 ,0 0 0
2 1 8 ,6 5 3
1 ,2 6 1 ,0 7 7
3 ,3 9 1
7 ,2 7 6
2 6 2 ,2 2 2
4 6 0 ,9 0 2
1 ,1 3 0 ,5 3 6
2 8 4 ,6 0 9
2 6 ,6 0 6
7 6 ,0 9 8
5 2 2 ,8 1 1

M o b ile & O h io .

an d

sam e w eek

E L E C T R IC

P rev io u s
Y ea r.

$
3 7 9 ,2 7 4
6 2 ,0 8 7
1 2 9 ,7 2 0
1 ,4 1 4 ,5 2 6
5 0 3 ,2 0 6
5 ,3 6 3 ,3 8 4
6 1 1 ,9 1 9
4 ,7 8 5 ,6 1 6
3 9 5 ,7 5 3
4 ,2 6 7 ,5 3 9
7 0 ,6 7 3
9 2 7 ,6 2 5
1 4 8 ,5 9 8
1 5 6 ,3 7 3
1 ,1 4 4 ,7 8 4
1 6 4 ,9 4 4
2 ,0 3 6 ,6 3 8
1 6 ,1 4 8 ,8 8 9
2 2 8 ,8 3 6
6 1 5 ,5 9 9
6 ,9 6 9 ,7 7 6
2 0 4 ,8 6 0
2 ,0 3 9 ,4 8 7

C u rren t
Y ear.

— ■

P rev io u s
Y ea r.

$
3 7 0 ,7 7 3

$
3 9 1 ,5 8 4
1 8 ,7 1 5
6 9 ,0 4 2
6 8 5 ,7 3 6
2 5 4 ,1 4 3
2 ,5 5 0 ,4 7 6

2 1 4 ,1 6 2
2 ,2 9 9 ,8 9 2

3 0 1 ,1 2 0
2 ,1 1 3 ,5 3 2

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

2 14 ,9 4 8
2 ,1 8 7 ,5 3 6

1 9 1 ,4 0 5
2 ,1 4 8 ,6 3 7
3 6 ,1 0 4
5 3 5 ,5 4 7
6 4 ,4 3 7

4 3 ,3 9 1
5 9 1 ,2 2 8
6 9 ,1 4 5
7 1 ,7 1 4
5 5 3 ,4 7 8
7 9 ,3 6 7
9 7 2 ,1 8 5
7 ,5 3 3 ,9 5 0
1 7 9 ,9 5 6
2 9 5 ,6 5 2
3 ,8 6 3 , 9 4 6
1 0 3 ,9 2 4
1 ,0 3 1 ,5 1 9

a N e t e a r n in g s h e re g iv e n a re a f t e r d e d u c t in g ta x e s ,
b N e t e a r n in g s h e re g iv e n a r e b e fo re d e d u c t in g t a x e s .

1 3 ,7 9 3
5 6 ,6 9 2
5 9 2 ,8 0 3

6 9 ,7 1 1
5 0 3 ,3 8 7
7 0 ,4 4 4
9 4 6 ,5 7 7
6 ,8 3 3 ,1 5 0
1 > 6 ,4 3 6
3 0 3 ,7 5 8
3 ,6 7 5 ,1 4 9
9 4 ,7 0 3
8 9 8 ,5 8 0

In t e re s t

C h a rg e s

an d

S u r p lu s .

— I n t ., R e n ta ls , & c .—
C u rren t
Y ear.

R oa d s.

— D a l . o f N e t E a r n s .—

P rev io u s
Y ear.

C u rren t
Y ea r.

P rev io u s
Y ea r.

$
$
F t W a y n e & W a b V a r ___ D e o
4 8 ,0 6 5
5 2 ,4 0 7
J a n 1 t o D e c 3 1 ________
5 4 4 ,8 3 2
5 2 1 ,3 5 0
1 8 8 ,0 7 1
1 6 9 ,6 3 2
K a n s a s C it y R y & L ig h t . J a n
J u n e 1 t o J a n 3 1 ________ 1 , 5 1 1 , 3 1 5
1 ,3 7 8 ,7 5 4
8 2 ,8 6 0
9 0 ,3 0 9
M l l w E l e c t R y & L t ______ D e c
J a n 1 t o D e c 3 1 ________ 1 , 3 2 5 , 1 2 4
1 ,2 6 8 ,8 2 7
M llw L t H t & T r a c C o 8 3 6 ,0 5 9
7 7 9 ,3 3 7
J a n 1 t o D e c 3 1 ________
N a s h v ille R y & L i g h t - - . J a n
3 3 ,3 9 0
3 3 ,6 9 0
N o r f o l k do P o r t s m T r a c . . J a n
6 1 ,9 9 7
6 5 ,7 7 1
4 3 9 ,2 5 7
4 4 7 ,1 6 5
J u l y 1 t o J a n 3 1 ________
N o r t h e r n O h io T r & L t - . J a n
4 4 ,4 2 9
4 3 ,2 9 2

$
2 0 ,9 7 7
1 4 0 ,9 0 4
1 1 3 ,0 4 9
6 0 2 ,2 1 7
* 1 8 0 ,5 5 0
* 9 6 9 ,2 4 2

?
4 ,2 8 5
7 1 ,4 5 3
1 1 7 ,8 3 6
6 8 6 ,2 0 6
* 1 4 0 ,6 9 7
* 9 6 7 ,2 7 8

* 5 4 6 ,2 0 7
3 5 ,7 5 5
0 ,7 1 7
1 1 4 ,2 2 1
3 4 ,9 3 8

* 3 4 8 ,3 6 6
3 0 ,7 4 7
3 ,9 4 0
5 6 ,2 2 2
2 7 ,1 5 2

T r l- C lt y R y & L ig h t C o - - D e o
4 5 ,7 6 4
4 3 ,3 8 1
J a n 1 t o D e c 3 1 ________
5 3 1 ,4 0 8
5 2 2 ,3 8 8
c l3 6 , 5 0 8
c l4 7 ,5 1 5
T w i n C i t y R a p T r a n _____D e c
J a n 1 t o D e c 3 1 ________, T , 6 7 6 ,3 9 4
c l , 6 7 6 ,5 2 7

5 8 ,1 6 0
5 0 0 ,1 1 1
1 5 9 ,1 4 4
2 ,1 8 7 ,5 5 2

5 1 ,3 2 2
3 7 6 ,1 9 2
1 5 6 ,2 4 3
1 , 9 9 8 .6 2 2

• c In c lu d e s d iv id e n d o n p re fe rre d s t o c k .
* A f t e r a l lo w i n g f o r o t h e r I n c o m e r e c e iv e d .

■

ANNUAL REPORTS^
A n n u a l R e p o rt s .— T h e

f o llo w in g

re p o rts o f ste a m

r a ilro a d s ,

c o m p a n ie s w h ic h

h ave been

T h is
p o rts

in d e x ,

in

w h ic h

t o - d a y ’s

is

p u b lis h e d

g iv e n

N o rth e rn
(R ep o rt fo r

F is c a l

su b seq u en t

pages

M cC rca ,

acco u n t.

B e lo w

s in c e

m o n t h ly ,

Industrials —
A m e ric a n C a n C o ., N e w Y o r k _________3 9 2
A m e ric a n D ls t . T c le g . C o ., N . Y ____ 397
A m c r. R e a l E s t a t e C o ., N . Y . ( b a l . s h .)3 9 3
A m e ric a n S t ra w B o a rd C o ..................... 459
A m e ric a n W r it in g P a p e r C o ___________ 458
A t la n t ic G u lf & W e s t In d ie s S S .
L in e s (re p o rt o f h o ld in g c o m p a n y ) . 459
( J . G . ) B r i ll C o ., P h ila d e lp h ia ...............4 58
B r it is h C o lu m b ia C o p p e r C o ................... 404
C h ic a g o P n e u m a t ic T o o l C o ................... 3 9 2
C h ic a g o T e le p h o n e C o ....... .................... 4 59
C ro x C a rp e t C o _____________
4 59
C u m b e rla n d ( B e ll) T e l. & T e l. C o . . . 3 9 2
D ia m o n d M a t c h C o . ( p re lim . sta te m ’ t )4 5 9

O 11

in d e x

to a ll a n n u a l
m is c e lla n e o u s

F e b . 4.

does

in c lu d e

n ot

re ­

“ C h r o n ic le .”

Railroads—
P ag e.
T o le d o & O h io C e n t ra l R y . . ................. 4 5 5
V ir g in ia n R y .............. - ......................... - . 3 1 9
E lectric R a ilw ays—
C a p it a l T ra c t io n , W a s h in g t o n , D . C . 4 5 6
C lo v e . P a ln e s v . & E a s t . ( E l e c t r ic ) R R 3 9 1
D e t ro it U n it e d R y .............................. .4 5 5
G e o rg ia R y . & E le c t r ic C o ..................... 400
L a k e S h o re E le c t r ic R y . , C le v e l’d , 0 . 4 5 7
L o n d o n ( O n t . ) S tre e t R y . . ..............
162
M e t. W e s t S id e E le v . R R . , C h ic a g o . .4 5 0
N o rt h e rn O h io T r a c t io n & L ig h t C o 3 2 1
O t t a w a (C a n a d a ) E le c t r ic R y ...............4 02
S o u t h S id e E le v a t e d R R . , C h i c a g o . . 3 2 0
T w in C it y R a p . T r a n . C o ., M ln n e a p .3 2 4
U n it e d R a ilw a y s o f S t. L o u is _________3 1 9
V ir g in ia R a ilw a y & P o w e r C o ...............4 56
W a s h in g t o n ( D . C . ) R y .
E le c . C o . . 396
W e s t P e n n T r a c . (e a rn s , in c l. s u b s ld .)1 5 7
Y o u n g s t o w n & O h io R i v e r ( E l e c . ) R R 4 5 7

Ja m e s

is a n

s tre e t r a ilw a y s a n d

w it h
w e

th e

P age.

D u P o n t d e N e m o u rs ( E . I . ) P o w d e r
C o . (p re lim , sta te m e n t D e c . 3 1 ’ 1 0 )3 9 2
E a s t e rn S t e a m sh ip C o ............................3 2 5
G e n e ra l C h e m ic a l C o __________
321
G u g g e n h e im E x p lo ra t io n C o ---------------3 9 3
In t e r n a t io n a l S m o k e le ss P o w d e r &
C h e m ic a l C o ..............................
408
In t e rn a t io n a l T im e R e c o rd in g C o ------ 3 9 7
I llin o is B r i c k C o . C h ic a g o ......... - ........... 459
K in g s C o u n t y E le c t r ic L ig h t & P o w e r
C o ., B r o o k ly n ...................
..4 0 6
K n ic k e r b o c k e r I c e C o ., C h ic a g o ......... 39 3
L a c le d e G a s L ig h t C o ., S t. L o u is ------ 4 57
L e h ig h C o a l & N a v ig a t io n C o _________400
M a c k a y C o m p a n ie s, N e w Y o r k . ..........457
M a ry la n d C o a l C o ...................
400
M is s o u ri & K a u s a s T e le p h o n e C o ____ 3 2 0
N a t io n a l S u re t y C o ., N e w Y o r k ..........3 2 0
O ld D o m in io n C o . o f M a in e ................... 466
P a c ific T e le p h o n e & T e le g ra p h C o . _ .4 5 9
P e o p le ’s G a s L ig h t & C o k e C o ., C h i c . 39 1
P it t s b u rg h P la t e G la s s C o ..................... 4 67
P o to m a c E le c t r ic P o w e r C o ................... 3 2 6
i P re s se d S teel C a r C o ., P i t t s b u r g h . . .4 5 8
R ic h e lie u & O n t a rio N a v ig a t io n C o . . 467
S e a rs -lt o e b u c k & C o ., C h ic a g o ............391
S h a w ln lg a n W a t e r & P o w e r C o ., M o n .3 2 0
S o u th e rn N e w E n g la n d T e le p h o n e C o .398
U n io n N a t u r a l G a r C o r p . , P it t s b u r g h .4 07
U n io n O il C o ., L 03 A n g e le s ___________ 398
U n it e d C ig a r M frs . C o ., N e w Y o r k . . . 3 9 2
U n it e d D r y G o o d s C o s., N . Y . ( H - y r . ) 3 9 2
U n it e d S ta te s E n v e lo p e C o ................... 407
U . S . In d u s t r ia l A lc o h o l C o ., N . Y . . 3 9 3
U . S . S te e l C o rp o ra tio n ( p re lim . s t a t e )3 2 1

C e n t ra l R a ilw a y .
Y ea r

is

en d in g

g iv e n

d e t a ile d

c o m p a re

th e

O P E R A T IO N S , E A R N IN G S

1910.
409

th e

r e s u lt s
A N D

1 9 1 0 .)

re p o rt

b a la n c e

of

sh e et
fo r

P r e s id e n t

an d

fo u r

in c o m e

19 08.
468

E A R N IN G S

A N D

1910.
S
2 ,2 3 0 ,3 6 1
9 ,8 3 0 ,0 0 0
* 7 3 8 ,2 6 1

E X PE N SE S.

1908.
$
1 ,9 6 4 ,8 9 5
8 ,6 3 2 ,5 4 7
6 0 7 ,5 4 4

1907.
$
2 ,1 5 8 ,0 2 5
1 0 ,4 8 2 ,8 6 5
5 9 6 ,6 0 8

G r o s s e a r n i n g s ............. 1 2 , 7 9 8 ,6 2 8
E xp en ses—
M a in t e n a n c e o f w a y , & c . * 1 ,9 4 1 ,1 7 2
2 ,5 1 3 ,1 0 6
M a ln t . o f e q u ip m e n t . . .
1 9 2 ,1 9 5
T r a f f i c e x p e n s e s _________
T r a n s p o r t a t i o n e x p e n s e s * 5 ,8 4 1 , 4 7 4
2 9 3 ,5 2 2
G e n e r a l e x p e n s e s ________

1 2 ,2 5 3 ,8 9 3

11 ,2 6 4 ,9 8 6

1 3 ,2 3 7 ,4 9 8

* 1 ,4 9 5 ,1 9 1
2 ,3 5 4 ,6 7 3
1 6 0 ,0 8 9
* 5 ,3 2 1 ,7 3 1
2 4 6 ,6 4 5

9 4 4 ,6 8 4
2 ,2 2 8 ,3 4 3
1 5 2 ,7 7 3
5 ,1 5 2 ,0 0 0
2 3 7 ,4 9 1

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

T o t a l o p e r a t i n g e x p . . * 1 0 , 7 8 1 ,4 6 9
(8 4 .2 4 )
P . 0 . o f e x p . t o e a r n in g s

* 9 ,5 7 8 ,3 2 9
( 7 8 .1 6 )

8 ,7 1 5 ,2 9 1
(7 7 .3 7 )

1 0 ,5 7 0 ,0 2 3
(7 9 .8 5 )

N e t e a rn s , b e fo re t a x e s .
O u t s id e o p e r. (n e t r e v . ) .

2 ,0 1 7 ,1 5 9
6 ,8 6 4

2 ,6 7 5 ,5 6 4
7 ,7 0 6

2 ,5 4 9 ,6 9 5
*

2 ,7 6 7 ,4 7 5
*

T o t a l n e t r e v e n u e _____
T a x e s N o r. C e n tra l R y .
T a x e s le a s e d l i n e s . ...........

2 ,0 2 4 ,0 2 4
3 8 2 ,9 7 4
5 7 ,9 1 2

2 ,6 8 3 ,2 7 0
3 1 4 ,2 3 6
4 2 ,6 0 1

2 ,5 4 9 ,6 9 5
2 7 8 ,4 8 2
4 2 ,2 9 2

2 ,0 6 7 ,4 7 5
2 7 0 ,4 6 6
3 8 ,1 4 4

N e t e a rn s , o v e r t a x e s .

1 ,5 8 3 ,1 3 8

2 .3 2 6 .4 3 3

2 ,2 2 8 ,9 2 0

2 ,3 5 8 ,8 6 5

1910.
$
1 ,5 8 3 ,1 3 8
1 ,4 3 5 ,2 4 5

19 09.
$
2 ,3 2 6 ,4 3 3
1 ,3 7 4 ,6 7 7

19 08.
$
2 ,2 2 8 ,9 2 0
1 ,2 4 7 ,0 4 9

1907.
$
2 ,3 5 8 ,8 6 5
1 ,2 4 7 .4 2 5

T o t a l I n c o m e ..................
D isb u r sem e n ts—
R e n t le a s e d lin e s , d e c—
In te re s t o n b o n d e d d eb t
D i v i d e n d s ( 8 % ) -------------E q u i p . — I n t . a n d r e n t a ls
P r in c ip a l o f c a r t r u s t s . .
A d v a n c e s to E lm ir a &
L a k o O n t a r i o R R ------M I s c c l l . I n t e r e s t . d e c------E x t r a o r d i n a r y ___________

3 ,0 1 8 ,3 8 3

3 ,7 0 1 ,1 1 0

3 ,4 7 5 ,9 6 9

3 ,6 0 6 ,2 9 0

3 9 9 ,8 8 9
3 4 7 ,3 1 5
1 ,5 4 7 ,4 0 0
2 9 9 ,1 0 5
2 4 ,5 7 8

3 8 2 .4 9 0
3 4 7 ,3 1 5
1 ,5 4 7 ,4 0 0
3 1 0 ,6 3 0
5 9 .3 8 2

4 3 0 ,5 6 1
3 4 7 ,3 1 5
1 ,5 4 7 ,4 0 0
3 0 6 ,4 1 3
5 9 ,3 8 2

4 0 1 ,7 5 9
3 4 7 ,3 1 5
1 ,5 4 7 ,2 1 4
1 6 4 ,6 9 0
5 9 ,3 8 2

1 0 5 ,5 8 9
7 ,3 5 9

5 0 ,3 2 5
7 ,3 5 3
8 0 0 ,0 0 0

2 4 ,7 1 5
7 ,3 6 7
6 0 0 ,0 0 0

5 0 ,8 9 8
7 ,4 3 5
5 0 0 ,0 0 0

T o t a l d is b u r s e m e n t s .
B a la n c e , s u r p l u s ................

2 ,7 3 1 ,2 3 5
2 8 7 ,1 4 8

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

3 ,3 2 3 ,1 5 2
1 5 2 ,8 1 7

3 ,0 7 8 ,6 9 3
5 2 7 ,5 9 7

IN C O M E
R e ceip ts—

N e t e a r n i n g s -------------------R e n t s a n d o t h e r r e c e ip t s




T o t a l ..................4 3 ,5 8 8 ,9 1 7 3 7 ,6 0 9 ,6 9 7

19 09 .
19 10 .
S
$
,3 4 3 ,2 4 4 1 9 ,3 4 3 ,4 2 5
,2 7 7 ,2 6 6
1 2 4 ,8 2 7
7 9 5 ,71 3
6 4 5 ,3 8 2

7 ,35 3 ,1 4 4
1 2 4 ,8 2 7
1,2 3 8 ,4 6 8
3 6 6 ,8 7 2

7 7 7 ,8 2 6

7 7 8 ,1 7 4

1 2 3 ,8 9 1
19 7,6 7 6

1 2 3 ,8 9 1
2 1 3 ,0 4 0
1 0 9 ,4 58

'~2~,344
6 4 3 .3 5 7
6 5 7 ,3 9 1

4 .8 9 2 '0 0 9
3 ,0 6 6 .3 8 9

T o t a l ...................4 3 ,5 8 8 ,9 1 7 3 7 ,6 0 9 ,6 9 7

a A f t e r d e d u c t in g re s e rv e fo r a c c ru e d d e p re c ia t io n o f e q u ip m e n t, $ 5 8 3 ,6 9 7 .

6 O th e r In v e s tm e n ts In c lu d e In 19 10 a d v a n c e s to p r o p rie t a ry , dec.. c o m p a n ie s fo r
co n s t ru c t io n , e q u ip m e n t a n d b e tte rm e n ts, S 7 5,9 6 8 , a n d m isc e lla n e o u s . $ 3 ,8 4 5 .
c A p p ro p ria t e d s u r p lu s In 19 10 (S 4 ,6 4 3 ,3 5 7 ) In c lu d e s a d d it io n s t o p ro p e rt y s in c e
J u n e 3 0 19 07 t h ro u g h In co m e , $ 1 ,4 8 0 ,9 2 1 ; re s e rv e s fro m In co m e o r s u r p lu s ( a ) In ­
v e s te d In s in k in g a n d re d e m p tio n fu n d s, $ 5 5 7 ,3 9 7 , a n d (6 ) In o t h e r re s e rv e fu n d s ,
$ 1 ,2 5 0 ,9 7 6 ; c a r t ru s t p r in c ip a l c h a rg e d o u t In a d v a n c e , $ 4 5 5 ,2 6 6 , a n d e x t r a o r d i­
n a r y e x p e n d itu re fu n d , $ 8 98 ,79 6.
t
d A ft e r a d d in g a d ju s t m e n t o f ro a d a n d e q u ip m e n t e x p e n d it u re s In p r io r ye ars,*
$ 6 ,6 3 8 ,1 5 6 , a n d d e d u c t in g a d ju s t m e n t o f s u n d r y a c c o u n ts, $ 4 6 ,1 5 4 .— V . 9 1 , p . 1 7 6 8
D e la w a r e L a c k a w a n n a &
{P r e lim in a r y

S ta tem en t f o r

F is c a l

W e ste rn R R .

Y ea r

T h e p a m p h le t r e p o r t w ill b e is s u e d
r e s u lt s a s g iv e n

e n d in g

in

D ec.

31

1 9 1 0 .)

ab o u t a w eek.

T h e

o u t a t t h e s t o c k h o ld e r s ’ m e e t in g s h o w :
1910.
.$ 1 4 ,0 6 7 ,7 7 8
. 1 2 ,4 4 3 ,4 7 3
.
7 ,2 9 0 ,9 4 3
.
2 ,2 5 0 ,7 3 8

1909.
$ 1 4 ,4 6 4 ,2 2 1
1 1 ,3 9 3 ,8 6 0
6 ,8 2 5 ,4 3 0
2 ,1 3 1 ,5 0 0

1908.
$ 1 4 ,5 5 8 ,7 0 2
9 ,8 5 0 ,0 0 8
6 ,4 4 9 ,0 3 2
2 ,0 4 0 ,7 5 3

19 07.
$ 1 4 ,3 6 1 ,4 1 6
1 2 ,2 3 5 ,8 0 8
6 ,7 5 7 ,5 9 6
3 ,9 0 9 ,6 5 3

T o t a l g r o s s ___________ . $ 3 0 , 0 5 2 , 9 3 2
O p e r a t i n g e x p e n s e s ___ . 2 0 , 6 2 3 , 4 4 8

$ 3 4 ,8 1 5 ,0 1 1
1 8 ,7 4 5 ,5 1 0

$ 3 2 ,8 9 8 ,4 9 5
1 8 ,6 2 3 ,6 5 4

$ 3 7 ,2 6 4 ,4 7 3
2 1 ,5 3 9 ,7 3 9

N e t e a r n i n g s ____________ . $ 1 5 , 4 2 9 , 4 8 4
N e t r e v . o u t s id e o p e r . . .
2 1 0 ,7 5 6

$ 1 6 ,0 6 9 ,5 0 1 $ 1 4 ,2 7 4 ,8 4 1
1 5 5 ,8 9 8
3 6 4 ,6 8 5

$ 1 5 ,7 2 4 ,7 3 4
(I/)

T o t a l n e t r e v e n u e ___ . $ 1 5 , 6 4 0 , 2 4 0
T a x e s ____________________ .
1 ,5 1 8 ,9 2 5

$ 1 6 ,4 3 4 ,1 8 6
1 ,3 0 4 ,5 0 0

$ 1 4 ,4 3 0 ,7 3 9 $ 1 5 ,7 2 4 ,7 3 4
1 ,3 4 9 ,7 0 0
1 ,1 8 0 ,8 0 0

N e t a f t e r t a x e s ______ . $ 1 4 , 1 2 1 , 3 1 5
O t h e r i n c o m e .................. .
4 ,5 4 7 ,9 9 6

$ 1 5 ,0 3 9 ,6 8 6
8 ,4 7 3 ,9 0 8

$ 1 3 ,2 4 9 ,9 3 9
5 ,6 8 0 ,2 5 1

$ 1 4 ,3 7 5 ,0 3 4
5 ,1 6 5 ,1 5 5

T o t a l n e t I n c o m e ___ . $ 1 8 , 6 6 9 , 3 1 1
A l l c h a r g e s ______________ . $ 5 , 4 0 5 , 2 1 0
R e n e w a ls de b e t t e r m e n t s
2 ,5 4 2 ,1 1 7
3 ,0 1 4 ,4 0 0
D i v i d e n d s ( 1 0 % ) ______ .
3 ,0 1 4 ,4 0 0
E x t r a d iv id e n d ( 1 0 % ) . .

$ 2 3 ,5 1 3 ,5 9 5
$ 5 ,4 3 4 ,9 4 5
2 ,0 9 9 ,4 5 4
2 ,8 1 7 ,2 1 6
3 ,0 1 4 ,3 7 0

$ 1 8 ,9 3 0 ,1 9 1
$ 5 ,4 5 1 ,4 6 2
2 ,7 8 1 ,6 0 3
2 ,6 2 0 ,0 0 0
2 ,6 2 0 ,0 0 0

$ 1 9 ,5 4 0 ,1 8 9
$ 5 ,6 3 0 ,7 7 3
3 ,8 2 0 ,0 8 8
2 ,6 2 0 ,0 0 0
2 ,6 2 0 ,0 0 0

$ 1 0 ,1 4 7 ,6 0 9

$ 5 ,4 5 7 ,1 2 5

$ 4 ,8 4 9 ,3 2 7

R even u e fr o m —
C o a l ........ .............................
M i s c e l l a n e o u s ___________
P a s s e n g e r _______________
M a l l , e x p r e s s , d ec______

$ 4 ,6 9 3 ,1 8 4

* A ls o 5 0 % e x t r a c a s h d iv id e n d p a id J u l y 2 0 1 9 0 9 a n d 1 5 % s t o c k d i v i ­
d e n d A u g . 2 1 1 9 0 9 f r o m p r o f i t a n d lo s s .
y “ M is c e ll a n e o u s ” r e v e n u e f r o m o p e r a t i o n s p r i o r t o 1 9 0 8 I n c lu d e s s a m e
It e m s n o w s h o w n u n d e r " o u t s id e o p e r a t io n s .” — V . 9 1 , p . 1 7 6 6 .
D e la w a r e L a c k a w a n n a & W e s t e r n C o a l C o ., N e w

1909.
S
2 ,0 8 7 ,2 4 2
9 ,4 7 7 ,3 1 8
* 6 8 9 ,3 3 3

P a s s e n g e r s _________________
F r e i g h t _____________________
M a ll, e x p re s s a n d m l s c . .

19 10 .
19 09.
•S
$
L ia b il it ie s —
R o a d & e q u i p . . . a 3 0 ,1 5 6 ,2 8 7 2 3 ,0 8 0 ,5 4 1 C a p it a l s t o c k ------ 19
P r o p . , a f lil., & c .,
B o n d s (see “ R y . &
co s . s t k . ( a ll b u t
I n d . ” S e c . ) ____ 7
SO.5 5 u n p le d g e d ) 2 ,0 4 0 ,7 0 1
2 ,0 4 0 ,7 0 1 M tg s. & g r’ n d re n ts
O t h e r In v e s tm e n ts
6 7 9 ,8 1 3
5 6 ,4 0 9 V o u c h . & w a g e s . _
Ca sh
.....................2 ,9 4 2,78 8 2 ,7 3 0 ,2 2 4 M is c . a c c o u n t s ___
S e cu rs. In t re a s’ y .
1 2 ,0 0 0
1 2 ,0 0 0 M a t u re d ln t ., d iv s .,
M a rk e t a b lc s c c u rs . 4 ,7 6 0 ,5 2 6 5 ,8 0 6 ,2 8 2
& e ., u n p a id ___
5 5 3 ,4 8 6
A g ’ts & co n d ’r s . .
3 8 9 ,5 8 3 U n m a t u r e d
ln t .,
5 1 9 ,1 6 2
M Is c. a c c o u n t s . . .
1 ,1 8 8 ,7 3 2
d iv s ., & c _______
6 3 7 ,8 7 0
M a t e ria l & s u p p l’s
5 3 4 ,5 8 9 T a x e s a c c r u e d ___
C a s h ., & c ., in s k .,
O p e ra t in g re s’ v e s .
5 5 7 ,0 0 0
'5 3 8 ,0 0 0 O t h .d e f.c re d .It e m s
dec., f u n d s -------C a sh . & c ., in Ins.
A p p r o p ’ d s u r p lu s .c 4
1 ,1 6 7 ,3 1 9 P r o f it <fc lo s s ______dO
f u n d s ..... .............1 ,2 5 0,9 7 6
O t h e r d e fe rre d d eb .
7 8 ,3 0 8
6 5 ,3 1 6
i t e m s ..................

1907.
460

R o a d o p e ra te d ( m ile s ) . .
O p e r a tio n s —
4 ,4 9 8 ,2 5 8
5 ,1 1 7 ,0 0 6
P a s s e n g e rs c a r rie d . N o .
5 ,1 5 0 ,2 1 7
4 ,8 1 0 ,2 1 1
P a s s , c a r r i e d 1 m i l e _____1 1 1 , 8 1 5 , 7 7 7 1 0 5 , 7 0 5 , 8 3 4
9 8 ,4 1 1 ,9 6 1 1 0 7 ,8 1 1 ,5 7 0
R a t e p e r p a ss, p e r m ile .
2 .0 0 6 c t s .
1 .9 8 5 c t s .
2 .0 0 8 c t s .
1 .9 9 1 c t s .
2 5 ,0 5 3 ,5 5 3
F r e ig h t (to n s) c a r r ie d . . 2 2 ,5 8 3 ,0 1 2
2 1 ,1 1 1 ,8 5 1
2 0 ,2 2 6 ,2 8 8
F r e i g h t ( t o n s ) 1 m i le . 1 , 6 5 2 , 5 4 8 , 2 5 8 1 5 4 3 5 1 6 , 5 1 3 1 3 9 2 2 3 0 , 3 7 4 1 7 3 8 0 9 3 , 1 3 3
R a t e p e r t o n p e r m i l e ___
0 .5 9 6 c t s .
0 .6 1 6 c t s .
0 .6 2 2 c t s .
0 .6 0 3 c t s .
5 1 1 .8 0
T r a i n - l o a d ( t o n s ) ________
5 3 9 .0 5
5 1 4 .8 5
4 8 6 .3 8
S 3 .2 1 9
S 3 .1 6 7
------------E a r n s , p e r f r ’ t t r a i n m i le
E a r n s , p e r p a ss, t r a in m .
S I.230
$ 1 ,2 0 2
------------G r o s s e a r n in g s p e r m ile .
$ 2 7 ,3 0 6
$ 2 0 ,2 1 7
-------------

E a r n in g s —

G E N E R A L B A L A N C E S H E E T D E C . 31.
A s se ts—

y e a rs:

E X PE N SE S.

1909.
467

* I n 1 0 1 0 a n d 1 9 0 9 t h e r e s u lt s f r o m o u t s id e o p e r a t io n s a r e g iv e n a s a
n e t it e m , w h ile in p r e V o u s y e a r s t h e y a r e I n c lu d e d i n m i s c e lla n e o u s g r o s s
e a r n in g s , n e t e a r n i n g s a n d o p e r a t i n g e x p e n s e s ( m a i n t e n a n c e o f w a y a n d
t r a n s p o r t a t io n ) . T h e t o t a l r e v e n u e s f r o m t h is s o u rc e In 1 9 1 0 w e re $ 1 1 , 1 1 3 ,
a g a in s t $ 1 0 ,8 7 7 In 1 9 0 9 ; e x p e n s e s , $ 4 ,2 4 9 , a g a in s t $ 3 ,1 7 1 , a n d n e t , a s
a b o v e , $ 6 ,8 6 4 , a g a i n s t $ 7 , 7 0 6 .

B a la n c e , s u r p l u s ------- .
31

D ec.

T h e b a la n c e , s u r p l u s , a s a b o v e I n 1 9 1 0 , $ 2 8 7 , 1 4 8 , w a s t r a n s f e r r e d t o
e x t r a o r d i n a r y e x p e n d i t u r e f u n d a n d n o t t o p r o f i t a n d lo s s .
A s t o la r g e
I n c r e a s e s I n c e r t a i n it e m s o f e x p e n s e s , s e e g e n e r a l r e m a r k s o n a s u b s e q u e n t
page.

(R ep o rt fo r

17

M o n th s

e n d in g

P r e s id e n t E . E . L o o m is , N e w

D ec.

31

Y o rk , Ja n . 25

Y o rk .

1 9 1 0 .)
1 9 1 1 , w ro te :

A f t e r t h e C o u r t s h a d e s t a b li s h e d t h e c o n s t i t u t i o n a l i t y o f t h e c o m m o d i t y
c la u s e o f t h e H e p b u r n A c t , t h e r e b y p r o h i b i t i n g t h e D e la w a r e L a c k a w a n n a
& W e s t e r n R R . fro m t r a n s p o r t in g I n In t e r -S t a t e c o m m e rc e c o a l w h ic h I t
o w n e d . T h e D e la w a r e L a c k a w a n n a & W e s t e r n C o a l C o . w a s I n c o r p o r a t e d
u n d e r t h e la w s o f N e w J e r s e y a n d c o m m e n c e d b u s in e s s A u g . 1 1 9 0 9 .
The
C o a l C o . p u r c h a s e d a l l t h e c o a l h e ld I n s t o c k b y t h e r a i l r o a d .
I t le a s e d a l l
t h e t r e s t le s , d o c k s , s t o r a g e p la n t s , & c . , u s e d b y t h e r a i l r o a d f o r h a n d l i n g i t s
c o m m e r c i a l c o a l.
I t a ls o e n t e r e d I n t o a n a r g e e m e n t t o p u r c h a s e a t t h e
m in e s a l l t h e r a i l r o a d c o m p a n y ’s c o a l o n t h e r e g u l a r e s t a b li s h e d b a s is
o b t a i n i n g i n t h e a n t h r a c i t e r e g io n s , k n o w n a s t h e i n d i v i d u a l o p e r a t o r s ’
6 5 % a g re e m e n t.
R E S U L T S F O R 17 M O N T H S E N D I N G D E C . 31 1910.
C o a l s a l e s ______________________________________________________________________ $ 5 5 , 2 8 3 , 9 4 4
E x p e n s e s : C o s t o f c o a l a n d t ra n s p o r t a t io n , $ 5 0 ,9 5 6 ,0 5 8 ; h a n d ­
li n g a n d s e llin g . 5 1 , 9 8 0 , 5 8 2 ; r e n t a l o f t r e s t l e s , & c . , $ 1 7 9 , 7 3 0 ;
t a x e s a n d g e n e r a l e x p e n s e s , $ 1 0 7 , 2 2 6 ; t o t a l ____________________ 5 3 , 2 2 3 , 5 9 6

P r o f i t f r o m o p e r a t i o n ........ ............................................................
O t h e r in c o m e ( In t e r e s t , & c . ) ____________________________________________

$ 2 ,0 6 0 ,3 4 8
1 4 0 ,0 0 3

N e t p r o f i t _______________________
D iv id e n d s (fo r 1 5 m o n t h s a t r a t e o f 1 0 %

$ 2 ,2 0 0 ,3 5 1
$ 8 2 3 ,8 2 1

p e r a n n u m ) ..................

S u r p l u s ....................................................................................................................$ 1 , 3 7 6 , 5 3 0
B A LA N C E

SH EET

ACCO U N T.

L e h ig h

V a lle y

(R e p o r t f o r

P re s,

and

p ro p e rty ,

G en.

s a y s in

T r a n s it

F is c a l

M g r.
b r ie f

31 1910.
L ia b ilitie s ($ 1 1 ,4 0 2 ,5 6 9 )—
C a p i t a l s t o c k ( I s s u e d ) ------- $ 6 , 5 9 0 , 7 0 0
A c c r u e d r e n t a l s -----------------4 4 ,5 0 4
A c c o u n t s p a y a b l e -------------- 3 , 1 5 2 , 2 5 4
R e se rv e a c ct. (d e p re c .)..
7 3 ,1 8 0
U n p a i d d i v i d e n d s _________
1 6 5 ,4 0 1
P r o f i t a n d lo s s — s u r p l u s . . 1 , 3 7 6 , 5 3 0

D ECEM BER

A s s e ts ($ 1 1 ,4 0 2 ,5 6 9 )—
F u r n it u r e a n d f ix t u r e s ...
$ 1 1 ,1 2 7
C o a l o n h a n d ............. ............ 3 , 3 2 6 , 3 9 4
D u e f r o m a g e n t s ___________ 4 , 3 7 9 , 0 6 9
D i l l s r e c e i v a b l e ______________
9 5 .0 0 0
A c c t s . r e c e iv a b le ( s u n d r y )
1 2 ,4 6 3
C a s h on h a n d a n d in b a n k s 3 ,5 7 8 ,5 1 6
— V . 92, p. 39 7 .

Y ea r

R .

C o .,

A lle n t o w n ,

e n d in g

P .

(s e e a ls o

N o v .

S teven s,
V .

92,

30

a fte r
p .

P a.
1 9 1 0 .)

d e s c r ib in g

th e

1 8 7 ):

G e n e r a l R e s u l t s . — T h e t r a v e l o n y o u r lin e s w a s u n i f o r m l y g o o d d u r i n g t h e
p a s t y e a r , t h e c a r - m ile e a r n in g s a v e r a g in g 2 9 .0 3 c e n t s .
A fr e ig h t e x p re s s
s e r v i c e is I n o p e r a t io n , t h e r e s u lt s o f w h i c h h a v e b e e n s a t i s f a c t o r y ; f r e i g h t Is
n o w e x c h a n g e d a t C h e s t n u t III1 1 , P h i l a d e l p h i a , w i t h t h e P h i l a . R a p i d T r a n s i t
Co.
F o r t h e f i r s t t im e I n t h e h i s t o r y o f y o u r c o m p a n y t h e g r o s s r e c e ip t s o f
t h e r a i l w a y lin e s a lo n e e x c e e d e d $ 1 ,0 0 0 ,0 0 0 , w h i le t h e t o t a l r e c e ip t s w e r e
w e ll In e x c e ss o f $ 1 ,2 0 0 ,0 0 0 .
T h e s u r p lu s o f $ 2 1 0 ,2 0 0 ( a f t e r c h a rg e s ) w a s
a r r i v e d a t a f t e r m a k i n g li b e r a l d e d u c t i o n s f o r m a i n t e n a n c e .
T h e r e c e ip t o f $ 6 9 , 5 0 0 f r o m s a le o f t h e C h e s t n u t H i l l & S p r i n g H o u s e
t u r n p i k e Is n o t I n c lu d e d I n t h e I n c o m e a c c o u n t , b e i n g c r e d i t e d t o c a p i t a l
a c c o u n t , a n d a p p l i e d la r g e ly t o w a r d I n s t a l l a t i o n o f n e w p o w e r .
D is p o s i t io n o f S u r p lu s .— O n N o v . 3 0 1 9 1 0 y o u r c o m p a n y h a d s u r p lu s
e a r n in g s a m o u n t in g to $ 5 7 6 ,3 4 2 , • C o n s t r u c t io n a n d r e h a b ilit a t io n c h a rg e s ,

b o n d d is c o u n t , c o m m is s io n a n d e x p e n d it u r e s In c o n n e c t io n w it h t h e r e ­
f in a n c in g o l t h e c o m p a n y d u r in g t h e p a s t th re e y e a rs .w e re c h a rg e d a g a in s t
t h i s s u r p l u s , le a v i n g t h e b a la n c e I n t h e s u r p l u s a c c o u n t $ 7 , 3 2 5 o n D e c . 1 T O .
N e w B o n d I s s u e . — O n M a y 19 1 9 1 0 t h e s h a r e h o l d e r s a u t h o r i z e d a n is s u e
o t ‘ 'r e f u n d i n g a n d I m p r o v e m e n t m o r t g a g e ” 5 0 - y e a r 5 % g o ld b o n d s l i m i t e d
t o $ 1 5 , 0 0 0 , 0 0 0 , o f w h i c h $ 3 , 0 5 6 , 0 0 0 h a v e b e e n I s s u e d (s e e V . 9 2 , p . 1 8 7 ) ,
p a r t ly to r e t ir e $ 9 0 0 ,0 0 0 3 - y e a r 6 % d e b e n t u re s a n d p a r t ly In t h e a c q u is it io n
o f $ 2 , 1 4 6 , 0 0 0 o f t h e $ 2 , 5 0 0 , 0 0 0 c o s o l. M . b o n d s .
T h i s le a v e s t h e p r e s e n t
b o n d e d d e b t o u t s t a n d i n g a s f o ll o w s : 1 s t M . 5 % , $ 1 , 9 3 0 , 0 0 0 : 1 s t M . 4 s ,
$ 2 , 7 7 0 , 0 0 0 : c o n s o ls , $ 3 5 4 , 0 0 0 ; r e f u n d i n g a n d I m p . M . b o n d s , $ 3 , 0 5 6 , 0 0 0 ;
t o t a l, $ 8 , 1 1 0 , 0 0 0 .
^
T h e v i r t u a l r e t i r e m e n t o f t h e c o n s o ls a n d t h e c r e a t i o n o f t h e n e w m o r t g a g e
o p e n s t h e w a y f o r n o r m a l e x p a n s i o n a l o n g t h e c o n s e r v a t i v e lin e s w h i c h i t
h a s b e e n t h e p o l i c y o f t h e m a n a g e m e n t t o f o ll o w .
T h e a q c u is lt lo n o f th e
$ 2 , 1 4 6 , 0 0 0 c o n s o ls a n d t h e r e t i r e m e n t o f t h e $ 0 0 0 , 0 0 0 d e b e n t u r e s h a v e b e e n
a c c o m p li s h e d w i t h t h e a d d i t i o n o f o n l y $ 1 2 , 9 6 0 t o t h e a n n u a l f i x e d c h a r g e s .
T h e r e i s n o l i o a t ln g d e b t .
,
C o n d itio n o f P r o p e r t y .— T h e p h y s ic a l c o n d it io n o f th e p r o p e r t y h a s n o t
o n ly b e e n m a in t a in e d b u t Im p r o v e d m a t e r ia lly d u r in g t h e p a s t th re e y e a r s .
T h e c a r s h a v e a l l b e e n o v e r h a u le d a n d r e p a i n t e d a n d a b o u t 4 0 c a r s h a v e
b e e n re b u ilt ; 3 6 B a ld w in t r u c k s w e re p u rc h a s e d d u r in g t h e p a s t y e a r, re ­
p la c in g a ll t h e S t . L o u is t r u c k s a n d s t a n d a r d iz in g t h e e q u ip m e n t to B a ld w in
a n d B r i l l t r u c k s , a c c o r d in g to th e s e r v ic e .
T e n n e w p a sse n g e r c a rs, o n e
n e w f r e i g h t c a r , t w o n e w w o r k c a r s a n d f i v e lo n g b r o o m s n o w s w e e p e r s h a v e
b e e n a d d e d to t h e e q u ip m e n t t h is y e a r .
.
oVin„
A g re a t m a n y p e rm a n e n t im p ro v e m e n t s h a v e b e e n m a d e s u c h a s s h o rt ­
e n i n g lin e s , c u t t i n g o u t c u r v e s a n d g r a d e s a n d r e p l a c i n g l i g h t r a i l s I n a l l n e w
C l* T h e n e w b r i d g e o v e r t h e M o n o c a c y C r e e k a t B e t h l e h e m c o s t in g
t o t h e c o s t o f w h i c h w e c o n t r i b u t e d $ 3 3 , 3 3 3 , h a s b e e n c o m p le t e d , p e r m i t t i n g
t h e d o u b le -t r a c k in g o f th e ro a d fro m A lle n t o w n to p c ^ e f j e m .
n i e lc a s e
f o r th e N e w S t . B r id g e b e tw e e n B e t h le h e m a n d S o u t h B e t h le h e m , e x p h in g
in 1 9 1 1 . w a s re n e w e d fo r 2 0 y e a rs o n s a t is fa c t o r y t e rm s .
T h i s le a s e p r o ­
v id e s t h a t th e b r id g e c o m p a n y s h a ll r e b u ild t h e b r id g e so a s to c a r r y th e
h e O u t So f Ct h e a w a r d f o r d a m a g e s a r i s i n g o u t o f t h e c o n d e m n a t i o n o f t h e
C h e s t n u t H i l l & S p r i n g h o u s c T u r n p i k e t h e r e w a s r e c e iv e d $ 6 9 , 5 0 0 , b e in g
t h e n e t a m o u n t o f y o u r c o m p a n y ’s i n t e r e s t I n t h e T u r n p i k e C o m p a n y .
R ESU LTS FOR

N O V . 30.

Y E A R S E N D IN G

1 9 0 9 -1 0 . 1 9 0 8 -0 9
I n t . , re n t s ,t a x .,& c .$ 4 3 6 ,8 7 2 $ 4 1 6 ,6 4 6

1 9 0 9 - 1 0 . 1 9 0 8 -0 9 .
P a s s ’ g e r r e c e ip t s $ 1 , 0 4 2 , 9 6 9 $ 9 5 6 ,8 8 8
O p e r a t in g e x p —
5 6 2 ,3 4 4
5 4 8 ,1 7 1
N e t e a r n in g s
fr o m o p e r ’ n . . $ 4 8 0 ,6 2 5 $ 4 0 8 ,7 1 7
M is c e ll a n e o u s a n d
s a le o f p o w e r ___ 1 5 9 , 8 5 1
1 1 0 ,9 9 8

D u

P o n t

T h e
w ill b e
m a rk s

re p o rt

of

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a t le n g t h

of

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1903

th e

on

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C .

$ 9 8 ,1 1 3
3 ,5 7 5

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Co.
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p a g e s , in c lu d in g
th e

in c o m e

1910
th e

re ­

acco u n t

fo r

t h e s u c c e s s iv e y e a r ly b a la n c e s h e e t s

th a t of
of

.$ 2 0 3 ,3 4 3
.
6 ,8 5 7

31

D ec.

th e

p r e v io u s

f ir s t b a la n c e

in c e p t io n

P o w d er

en d in g

com p an y
T .

th e

an d

N e m o u rs
Y ea r

1904 an d

1 9 0 6 ; a ls o

A u g u st

th e

P r e s id e n t

e a c h y e a r s in c e
s in c e

do

F is c a l

$ 1 0 3 ,0 6 0
4 ,9 5 6

S u r p l u s ................$ 2 1 0 , 2 0 0 $ 1 0 1 , 6 8 8

G ro s s I n c o m e , . $ 6 4 0 ,4 7 6 $ 5 1 9 ,7 1 5
— V . 92, p. 187.

(R e p o rt fo r

.$ 2 0 3 ,6 0 4
.
261

1810,

th e

s h e e t a f t e r c o n s o lid a t io n

100 y e a rs ago

b u s in e s s ) ,

in

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d e v e lo p m e n t .
T h e
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of

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c a r r ie d

to

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a c c o u n t .—

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(R ep ort fo r

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92,

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re p re se n ts e a rn ­
393.

D ec. 31

N e t e a r n i n g s ________________$ 1 , 3 0 3 , 2 9 0
$ 1 ,2 1 1 ,4 3 9
D l v . o n p r e f . s t o c k _____ ( 7 ) $ 3 1 5 , 0 0 0 * ( 5 K ) $ 2 3 6 . 2 5 0
D I v . o n c o m . s t o c k ______ ( 6 ) 3 3 0 , 0 0 0 z ( 4 J i ) 2 6 1 , 2 5 0
V D e p r e c i a t i o n ___________
2 8 0 ,0 0 0
2 9 3 ,0 0 0
C h a r g e d o f f _______________
5 ,8 9 3
3 ,3 2 3
$ 3 7 2 ,4 0 3

p .

a g g re g a te s

fro m

C o m p an y.

Y ea r en d .
11 m o s . e n d .
D ec . 31 T O . D ec . 31 ’09.

B a l. to p r o f .& lo s s a c c ’ t

c a p it a l p u t in t o
1903

1 9 1 0 .)
------ Y e a r e n d . J a n . 3 1 ------1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
$ 9 8 0 ,2 8 3
$ 9 2 4 ,8 0 2
(7 )S 3 1 5 ,0 0 0 (7 )S 3 1 5 ,0 0 0
(4 )2 2 0 ,0 0 0
(4 )2 2 0 ,0 0 0
4 0 0 ,0 0 0
3 5 0 ,0 0 0
7 ,0 1 9
5 ,0 5 0

$ 4 1 7 ,6 1 6

$ 3 8 ,2 6 4

$ 3 4 ,7 5 2

x \
q u a r t e r ly d iv id e n d s .
V E x c lu s iv e o f
* 3 q u a r t e r ly d iv id e n d s .
m o n t h l y c h a r g e s a g g r e g a t in g i n 1 9 1 0 $ 1 2 0 , 0 0 0 , i n 1 9 0 9 , $ 1 0 7 , 0 0 0 .
B A L A N C E S H E E T D E C . 31.
19 10.
1909.
19 10 .
19 09.
8
Lia b ilities—
S ___
A s se ts—
S
5
4 .5 0 0 .0 0 0
P re fe rre d s t o c k . 4 ,5 0 0 ,0 0 0
R e a l e sta te ,p la n ts,
5 .5 0 0 .0 0 0
5 ,5 0 0 ,0 0 0
m a c h in e ry , & c . 8 ,4 0 0 ,6 4 8 9 ,1 1 9 ,8 4 0 C o m m o n s t o c k
8 2 ,5 0 0
C o m . d iv s . p a y ’ lo .
8 2 ,5 0 0
M e rc h a n ., ra w a n d
19 1,589
2 6 1,2 3 2
m a n u f a c t u r e d . . 1 ,2 6 3 ,3 8 0 1 ,1 5 6 ,8 7 2 A c c o u n t s p a y a b le .
2 1 6 ,0 1 2
1 6 6 ,8 07
3 0 3 ,5 1 7 C o n s t r’ n c o n t ra c t s
C a s h .............
92 5 ^ 32 7
C a s h f o r d l v ............
8 2 ,5 0 0
8 2 ,5 0 0 P ro fit & lo ss s u r p . a 1 7 2 ,7 30
B ld g s ., m a c h ., & c .,
c o n tra c te d f o r . .
2 1 6 ,0 4 2
C a s h fo r b ld g s.,
& c ., co n tra c te d
f o r ______________
2 1 6 ,0 4 2
B i ll s & a c c ’ t s re c .,
& c ______________
6 8 77,0
,0 8 5
5 3 6 ,6 8 7

T o t a l ___________ 1 1 ,0 3 2 ,5 0 4 1 1 ,1 9 9 ,4 1 6

T o t a l ___________ 1 1 ,0 3 2 ,5 0 4 1 1 ,1 9 9 ,4 1 6

a A f t e r d e d u c t in g e x t r a d iv id e n d o f 1 5 % o n c o m m o n s t o c k p a id N o v .
1 9 1 0 c a llin g fo r $ 8 2 5 ,0 0 0 .— V - 9 1 . p . 1 3 3 1 .

U n io n
{R e p o r t fo r

N a tu ra l

F is c a l

G a s

Y ea r

7

C o r p o r a t io n .

en d in g

D ec.

31

P r e s id e n t T . N . B a r n s d a ll, P it t s b u r g h , P a .,
r e p o r t s a s f o llo w s :

1 9 1 0 .)
Feb .

14

1911,

S i n c e t h e la s t a n n u a l r e p o r t y o u r c o m p a n y , t h r o u g h i t s u n d e r l y i n g c o m ­
p a n ie s , h a s a c q u i r e d 2 4 2 , 8 9 5 a c r e s o f n e w o i l a n i l g a s le a s e s a n d s u r r e n d e r e d
6 2 , 0 4 2 a c r e s t h a t h a v e p r o v e n u n p r o d u c t iv e , a n d n o w h o l d s 4 6 4 , 2 6 0 a c r e s .
I n a d d i t i o n , y o u r c o m p a n y o w n s a o n e - h a lf in t e r e s t In 5 5 , 6 6 3 a c r e s I n W e s t
V i r g i n i a t h r o u g h i t s o w n e r s h i p o f s t o c k In t h e R e s e r v e G a s C o .
D u r i n g t h e y e a r y o u r c o m p a n y h a s d r i l l e d 1 1 1 w e lls , o f w h i c h 7 4 w e r e g a s
w e ll s , 3 w e r e o i l w e lls a n d 3 4 w e r e u n p r o d u c t iv e , a n d n o w h a s a t o t a l o f
7 o i l w e ll s I n O h i o , 6 3 7 g a s w e lls I n O h io a n d P e n n s y l v a n i a , a n d , t h r o u g h It s
o w n e r s h i p o f s t o c k i n t h e R e s e r v e G a s C o . , a o n e - h a lf i n t e r e s t I n 2 8 0 w e lls
In W e s t V i r g i n i a .
T h e r e w e r e l a i d i n f ie ld lin e s 5 4 .6 m ile s ; i n m a i n lin e s
1 4 .9
m ile s ; in e x t e n s i o n s i n c i t i e s a n d t o w n s 9 .8 m ile s , a t o t a l o f 7 9 . 3 m ile s
o f p ip e .
W i t h i n t h e y e a r a la r g e a m o u n t h a s b e e n in v e s t e d In a c q u i r i n g
le a s e s a n d t h e d e v e l o p m e n t o f a n e w f ie ld i n O h io .
T h e o p e r a t i o n s I n t h is
n e w t e r r i t o r y h a v e b e e n la r g e l y o f a w i l d c a t o r p r o s p e c t i v e n a t u r e , w h i c h
a c c o u n t s f o r t h e I n c r e a s e d n u m b e r o f d r y h o le s d r i l l e d c o m p a r e d w i t h f o r m e r
y e a rs.
T h e g e n e ra l r e s u lt o f t h is v e n t u r e , h o w e v e r, h a s b e e n h ig h ly s a t is ­
fa c to ry .
A b o u t 1 2 5 , 0 0 0 , 0 0 0 c u b i c f e e t o p e n f lo w , d a i l y c a p a c i t y , w i t h a
u n i f o r m r o c k p r e s s u r e e x c e e d in g 1 , 0 0 0 lb s . , a n d u p w a r d s o f 2 2 5 , 0 0 0 a c r e s ,
h a v e b e e n a c q u ir e d .
F i e l d lin e s h a v e b e e n l a i d a n d c o n n e c t e d t o t h e n o r t h ­
e r n p a r t o f t h e t r a n s p o r t a t i o n s y s t e m b e y o n d t h e c o m p r e s s in g s t a t i o n s a n d
n e a r t h e p o i n t s o t la r g e s t c o n s u m p t i o n .
T h e d e v e lo p m e n t s in t h is n e w
f ie ld c o v e r a n e x t e n s i v e a r e a a n d I n d i c a t e t h a t i t w i l l b e t h e s o u r c e o f a
la r g e s u p p l y .
N o . o f c o n s u m e rs : n e w c o n s u m e rs f o r y e a r , 4 ,2 6 7 ; t o t a l e n d o f y e a r, 9 1 ,8 7 3 .




T h e u n d e r l y i n g c o m p a n ie s a r e s u p p l y i n g t h r o u g h t h e i r o w n d i s t r i b u t i n g
s y s t e m s g a s t o B r a d f o r d a n d W a r r e n I n P e n n s y l v a n i a a n d t o w n s i n O h io [ s u b s t a n t ia lly a s s t a t e d In V . 9 0 , p . 1 4 8 5 — E d . |.
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a: A f t e r d e d u c t i n g $ 5 2 5 , 7 9 7 f o r d e p r e c i a t io n . — V . 9 2 , p . 4 6 7 .
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D ec.

31

1 9 1 0 .)

E . I I . J e n n in g s , P it t s b u r g h , D e c . 3 1 1 9 1 0 , w ro t e :

L e a s e h o l d s .— T h r o u g h a r e d u c t io n o f r o y a l t i e s a n d e l im in a t i o n o f r e n t a ls o n t e r r i t o r y h e ld u n d e r le a s e , b u t n o t a v a i l a b l e t o t h e p i p e - l in e s y s t e m , a
v e r y m a t e r ia l s a v in g h a s b e e n e ffe c te d .
C o n t r a c t w i t h H o p e N a t u r a l G a s C o .— T h e s u p p ly , o f g a s f o r t h e y e a r h a s
b e e n g o o d b y r e a s o n o f c o n t r a c t s m a d e w i t h o t h e r c o m p a n ie s .
E a r l y In.
th e y e a r a c o n t r a c t w a s e n te re d In t o w it h th e H o p e N a t u r a l G a s C o .
w h e r e b y w e a r e a s s u r e d a s u f f ic i e n t s u p p l y o f g a s t o m e e t o u r d o m e s t ic
r e q u ir e m e n t s f o r a n u m b e r o f y e a r s to c o m e , t h e re b y c o n s e r v in g th e p r o ­
d u c t i o n o f y o u r c o m p a n ie s f o r f u t u r e d e liv e r ie s , a n d o b v i a t i n g t h e n e c e s s i t y
o f e x t e n d e d d r i l l i n g o p e r a t io n s , e x t e n s io n o f p i p e lin e s , T ic .
U n d e r th e
t e r m s o f t h i s c o n t r a c t a n d f o r a s u b s t a n t i a l c a s h c o n s i d e r a t io n , a n a g r e e m e n t
w a s e n t e r e d i n t o t o t r a n s f e r a p p r o x i m a t e l y 2 0 m ile s o f 1 2 - In c h m a i n li n e ,
1 5 m ile s o t b r a n c h lin e s t o w e lls , 1 5 p r o d u c i n g w e lls , 9 i n c o m p le t e w e lls
a n d 6 5 .1 7 1 a c re s o f u n d e v e lo p e d t e r r it o r y , & c . ( V . 9 0 , p . 1 4 2 8 ).
G e n e r a l R e s u l t s .— T h e g r o s s e a r n i n g s s h o w a d e c id e d I n c r e a s e o v e r t h e
y e a r p r e v i o u s a n d , c o n s i d e r e d w i t h a lo s s o f a b o u t 3 0 c . o n e a c h b a r r e l o f o i l
s o ld ( o w in g t o a d e c r e a s e I n t h e p r i c e p a i d p e r b a r r e l ) , w e b e li e v e t h e s h o w ­
in g fo r th e y e a r v e r y g o o d .
O w in g t o t h e e x t e n s i v e c h a n g i n g o f m e t e r s ,
r e p a i r s o f lin e s , I n s p e c t io n s , & c . , o u r e x p e n s e s h a v e b e e n s o m e w h a t i n e x c e s s
o f n o r m a l , a n d e v e n w i t h t h e s a m e I n d u s t r ia l c o n d i t i o n s t h e s h o w in g f o r t h e
y e a r 1 9 1 1 s h o u ld b e b e t t e r t h a n t h a t o f 1 9 1 0 .
F i n a n c e s .— A r e d u c t io n h a s b e e n m a d e o f $ 7 4 0 , 3 7 9 I n o u r b o n d e d d e b t
a n d $ 5 3 9 , 2 8 2 i n o u r b i l l s p a y a b le , a n d a n In c r e a s e o t $ 3 4 6 , 5 7 6 i n t h e f lo a t i n g
a s s e t s o f t h e v a r i o u s c o m p a n ie s , a f t e r d e d u c t i n g t h e B o a t in g l i a b i l i t i e s ,
w h ic h . In a d d it io n to th e s u m o f $ 3 6 8 ,7 6 8 e x p e u d e d f o r Im p r o v e m e n t s ,
e x t e n s io n s , b e t t e r m e n t s , & c . , a c c o u n t s I n f u l l f o r t h e d i s p o s i t io n o f t h e
e a r n in g s f o r th e c u r r e n t y e a r .
R e p o r t o f C o m m i t t e e .— A t t h e la s t a n n u a l m e e t in g a s p e c i a l c o m m i t t e e
w a s a p p o i n t e d b y t h e s t o c k h o ld e r s t o i n v e s t i g a t e t h e m a t t e r o f d e p r e c i a t io n
c h a rg e s.
T h e y f o r w a r d e d t h e i r r e p o r t , d a t e d J u l y 1 1 9 1 0 , b y m a ll t o y o u
(V . 91, p . 2 1 7 ).
I f t h e c o m m it t e e h a d in t e r v ie w e d t h e b o a r d , t h e y w o u ld
h a v e b e e n I n f o r m e d o f t h e c h a n g e s b e in g m a d e , a n d m a n y o f t h e p o i n t s
t a k e n b y t h e m w o u ld h a v e b e e n f o u n d n o t t o a p p l y t o e x i s t in g c o n d i t i o n s .
I t s h o u ld , m o r e o v e r , b e k e p t I n m i n d t h a t t h e c o m m i t t e e ’ s c r i t i c i s m s w e r e
m a d e a t a t im e w h e n g e n e r a l b u s in e s s c o n d i t i o n s w e r e v e r y d i f f e r e n t f r o m
w h a t t h e y w e r e w h e n t h e f i n a n c i a l c o n t r a c t s w e r e m a d e w i t h T h e C o lo n i a l
T r u s t C o . a n d w h e n p r o b a b l y I t w o u ld h a v e b e e n I m p o s s i b l e t o s e c u r e t h e
r e li e f o n a n y t h i n g l i k e a s f a v o r a b le t e r m s e ls e w h e r e .
R e f u n d i n g . — A s y o u a r e a w a r e , a r r a n g e m e n t o f t h e c o m p a n y ’ s f in a n c e s
h a s f o r s o m e t im e b e e n e n g a g in g t h e e a r n e s t t h o u g h t o f t h e b o a r d ( V . 9 2 ,
p . 3 2 6 ) . T h e b o a r d a g r e e s w it h t h e a f o r e s a id c o m m i t t e e i n t h e i r f i n a l
c o n c lu s i o n w h e n t h e y s a y : " Y o u r c o m p a n y I s r a p i d l y r e c o v e r i n g I t s f i n a n c i a l
s t a n d in g .
T h e r e is n o q u e s t io n a s t o i t s v a s t f ie ld o f c o n s u m p t i o n a n d
s u p p l y , ” a n d a ls o , “ i t s t o t a l d e b t , b o n d s a n d o t h e r w is e , s e e m t o b e n e a r i n g
a p o i n t w h e r e a r e f u n d i n g m a y b e s u c c e s s f u l ly u n d e r t a k e n .
I t s p r o p e r t ie s
a n d fr a n c h is e s a re o f v a s t ly g re a t e r v a lu e t h a n a ll th o In d e b t e d n e s s .”
"T h e
e a r n in g s a r e in c r e a s in g n ic e ly . ”
I n c o n n e c t i o n w i t h t h e p r o p o s e d r e f u n d i n g w e w o u ld d i r e c t y o u r c o n ­
s i d e r a t io n t o t h e b e n e f it s a c c r u i n g t h e r e f r o m , w h i c h w i l l b e e x p l a i n e d I n
d e t a i l a t t h e s p e c i a l m e e t in g c a lle d f o r M a r c h 2 9 1 9 1 1 [ t o a u t h o r i z e a n i s s u e
o f $ 8 ,5 0 0 ,0 0 0 6 % m o rtg a g e b o n d s (V . 9 2, p . 3 2 6 ).— E d .|

Condensed RcporLof General Manager

T. O.

Sullivan.

W e l l s . — D u r i n g t h e y e a r 1 0 8 w e lls w e r e d r i lle d , 9 o f w h i c h w e r e d is p o s e d
o f b e f o r e b e in g c o m p le t e d ; t h e r e w e r e p r o d u c t iv e o f g a s , 6 1 ; p r o d u c t iv e o f
o il, 1 4 ; a n d 2 4 d r y h o le s .
O f t h e p r o d u c t iv e g a s w e lls 2 8 w e r e d r i l l e d d e e p ,
3 3 s h a llo w ; p r o d u c t iv e o i l w e lls , 12 w e r e d r i l l e d d e e p , 2 s h a llo w ; d r y h o le s ,
7 d r i l l e d d e e p a n d 1 7 s h a llo w .
D u r i n g t h e y e a r w e s o ld 2 0 g a s w e lls , I n ­
c l u d in g t h e 9 w e lls m e n t io n e d a b o v e ; a b a n d o n e d 7 1 g a s a n d 9 o i l w e lls ,
m a k i n g a t o t a l o f 1 0 0 w e lls s o ld a n d a b a n d o n e d .
N u m b e r o t w e ll s I n
o p e r a t i o n D e c . 3 1 1 9 1 0 , 1 , 0 0 3 g a s w e lls , 2 7 5 o i l w e lls , o r t o t a l o f 1 , 2 7 8
p r o d u c t i v e w e lls , a n d 8 w e lls d r i l l i n g .
P i p e L i n e .— W e r e m o v e d 3 1 . 2 3 m ile s o t p i p e i n t h e f ie ld , t a id 3 9 .1 8 m ile s ,
a n d d is p o s e d o f 3 3 . 6 9 m ile s u n d e r a g r e e m e n t w i t h H o p e N a t u r a l G a s C o . ;
t o t a l o f 1 , 5 9 6 .2 6 m ile s i n u s e D e c . 3 1 1 9 1 0 .
I n lo w - p r e s s u r e o r c i t y li n e s
w e lif t e d 2 .0 1 m . a n d l a i d 4 0 . 2 m .; t o t a l o p e r . D e c . 3 1 1 9 1 0 , 6 6 3 .1 9 m ile s .
A c r e a g e . — T h e c o m p a n y n o w h o l d s u n d e r le a s e 3 6 6 , 0 2 2 a c r e s o f g a s a n d
o i l t e r r i t o r y s i t u a t e i n P e n n s y l v a n i a , O h io a n d W e s t V i r g i n i a , o f w h i c h
2 5 6 , 1 3 4 a c r e s a r e h e ld i n r e s e r v e f o r f u t u r e o p e r a t io n s .
D u r i n g t h e y e a r w e d is p o s e d o f 8 0 , 6 6 3 a c r e s o f t e r r i t o r y b y s a le t o o t h e r
c o m p a n ie s , a n d s u r r e n d e r e d 3 7 , 1 9 9 a c r e s , m a k i n g I n a l l 1 1 7 , 8 6 3 a c r e s s o ld
a n d a b a n d o n e d ; 6 5 ,1 7 1 a c re s o f t h is t e r r it o r y Is c o v e r e d b y o u r a g re e ­
m e n t w it h th e H o p e N a t u r a l G a s C o .
C o n s u m e r s .— T h e to t a l n u m b e r o f c o n s u m e rs o f g a s a n d w a t e r is 7 6 ,7 4 0 ,
b e in g a n In c re a s e d u r in g th e y e a r o f 3 ,1 3 2 .
O f th o a b o v e n u m b e r 6 6 ,3 1 7
a re d o m e s t ic c o n s u m e rs o f n a t u r a l g a s.
D u r i n g t h e y e a r w e a b a n d o n e d t h e u n p r o f i t a b le i l l u m i n a t i n g g a s p l a n t
a n d a ls o d is p o s e d o f t h e e l c c t r l c - l l g h t p l a n t lo c a t e d a t B e w ic k le y , P a .
O i l .— T h e p r o d u c t io n o f o i l a v e r a g e d 4 4 2 . 7 8 b a r r e l s p e r d a y , b e in g a
d e c re a s e o f 2 .4 2 b a r r e ls p e r d a y c o m p a re d w it h 1 9 0 9 .
N e w P i p e L i n e . — A n a r r a n g e m e n t w a s m a d e w i t h T h e P e o p le ’s N a t u r a l
G a s C o . t o l a y a 1 6 - ln c h li n e f r o m P r i m r o s e o n o u r 2 0 - I n c h lin e t o c o n n e o t
w i t h t h e li n e s a t M o n a c a , t o s u p p l y g a s t o N e w C a s t le a n d t h e B e a v e r
V a lle y .
T h i s li n e li a s j u s t b e e n p u t I n t o u s e .
T h e r e s h o u ld b e n o f u r t h e r
t r o u b l e i n r e g a r d t o t h e g a s s u p p l y f o r t h i s s e c t io n , a n d t h e a m o u n t o f g a s
s o ld i n t h e B e a v e r V a l l e y a n d N e w C a s t le D i s t r i c t s h o u ld in c r e a s e m a t e r i a l l y .
R E S U L T S O F O P E R A T IO N S F O R C A L E N D A R

YEARS.

(T h e M a n u fa c tu r e r s ' L ig h t A H e a l C o . a n d Us a f fil ia t e d c o m p a n ie s .)

19 10 .
1909.
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923
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3 ,6 4 1

G ro s s i n c o m e . . ................ - ..................................... .............................. 2 ,5 3 7 .0 7 7 2 ,6 5 2 ,4 1 9
In t e re s t , d isc o u n t, & o ................ ................... ......................................... 2 7 8 ,1 4 5
2 7 5 ,3 6 9 *
In t e re s t o n b o n d s ........... - - ----------------- --------------------------- _ ------ 3 2 0 ,9 0 0
3 7 0 ,2 6 0
S u n d r y a d ju s t m e n t s .....................................
C r.5 6 ,9 7 4
_______
D e p r e c ia t io n ......... .......................
8 0 2 ,7 1 3 1 ,6 2 2 ,5 7 8
T o t a l d e d u c t io n s _____ _____________ ___________ ____________________l ,34 4 .7 8 4 2 ,2 6 8 ,2 0 7
B a la n c e , s u r p lu s ....... ..............
1 ,1 9 2 ,2 0 3
3 8 4 ,2 1 2

C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31.

B a lt im o r e

( M a n u fa c t u r e r s ' IA g h i <£ I l e a l C o . a n d i t s a ffil ia t e d c o m p a n i e s .)
1909.
19 10 .
1909.
19 10 .
$
L i a b il it ie s —
S
S
S
A s se ls2 9 .1 3 0 .0 9 2 3 0 ,6 1 4 ,0 3 6 C a p it a l s t o c k _______2 1 ,5 0 0 ,0 0 0 21 5 0 0 ,9 1 2
6 2 8 ,6 0 0
6 2 8 ,6 0 0 B o n d s , le ss s k . f d .o 5 , 1 0 7 ,0 0 0 5 ,84 7,379
T re a su ry s t o c k . ..
,0 8 0,2 3 5
18 8 ,2 79 B ill s p a y a b le ............ 2 ,5 4 0 ,9 5 2
3 1 1 ,2 1 8
3 4 5 ,5 3 1
6 8 6,74 9
A c c o u n t s p a y a b le .
A cco u n ts
r e c e iv ­
8 1 ,5 8 5
1 ,9 2 0 .3 8 2
6 3 9 ,2 3 0 A c c r . ln t . o n b o n d s
a b le ..............—
106,844
3 2 ,0 6 1
2 9 ,6 4 1 A c e r, ta x o n b o n d s
B ills r e c e iv a b le .. .
9 3 ,2 6 0
S e c u r it y d e p o s it s .
11 ,38 3
7 ,8 6 7
2 0 ,4 4 5
M is c e lla n e o u s ____
m e n t c h a rg e s .. .*
S u r p l u s ___________ 2 ,2 2 4 ,9 5 0 * 1 .0 3 2 ,6 5 7
S
1 5 ,7 2 2

s y lv a n ia
R lt .

R R .

to

R R . an d

f ile d

m is s io n

a

F eb .

p er

sh a re

th e

th e

C o lo n ia l

&

B u y

A t la n t ic

M in o r ity

w it h

20

th e

a s k in g

$ 4 7 8 ,1 0 0
T ru st

fo r

of

G o u n t y E le c t r ic
(R e p o r t f o r

T h e
M g r.

F is c a l

re p o rt of P re s.
W .

W .

L ig h t

p re f.

Y ea r

A .

F re e m a n ,

P o w e r C o ., B r o o k ly n , N . Y .

N .

e n d in g

B ra d y

d a te d

D ec.

an d

F e b .

27,

31

1 9 1 0 .)

V ic e - P r o s , a n d
sa ys

in

G en.

su b stan ce:

G e n e r a l R e s u l t s .— T h e g r o s s e a r n i n g s s h o w a n I n c r e a s e o f $ 6 0 5 , 1 4 7 , t h e
n e t e a r n in g s a n I n c r e a s e o f $ 3 9 5 , 2 9 0 : a f t e r d e d u c t i n g d e p r e c i a t io n . In t e r e s t
a n d d i v i d e n d s , t h e n e t s u r p l u s f o r t h e y e a r I s $ 1 7 1 , 0 6 2 , a s c o m p a r e d w it h
$ 4 1 ,5 7 1 fo r 1900.
N u m b e r o f C u s to m e r s a n d T o ta l C o n n e c tio n s D e c . 3 1 .
1910.
19 09.
In crea se
Number o f c u s t o m e r s ......................
.
2 3 ,8 6 6
1 9 ,8 3 8
4 ,0 2 8
2 ,0 3 6 ,4 7 3
1 ,7 7 2 ,3 5 7
2 6 4 ,1 1 6
T o t a l c o n n e c t io n s I n 5 0 - w a t t c q u l v ’ t s
A d d i t i o n s .— T h e p l a n t a n d p r o p e r t y a c c o u n t h a s b e e n I n c r e a s e d $ 1 , 1 9 2 , ­
7 8 8 d u r in g th e y e a r.
T h e su m o f $ 1 ,5 5 4 ,5 1 4 h a s b een e x p e n d e d In n e w
c o n s t r u c t i o n a n d a d d i t i o n s , t h e d if f e r e n c e h a v in g b e e n c h a r g e d t o t h e d e ­
p r e c i a t io n r e s e r v e f o r r e p la c e m e n t o f p r o p e r t y r e t i r e d f r o m s e r v i c e .
B o n d s .— D u r i n g t h e y e a r $ 2 , 5 0 0 , 0 0 0 o f K i n g s C o u n t y 6 % c o n v e r t i b le
d e b e n t u r e b o n d s w e r e Is s u e d t o t h e s t o c k h o ld e r s a t p a r .
T h e p ro ce e d s
h a v e b e e n a p p l i e d t o p a y m e n t f o r c o n s t r u c t i o n w o r k a n d e x t e n s io n s m a d e
to d a t e , a p o r t io n o f t h e s a m e r e m a in in g o n h a n d D e c . 3 1 1 9 1 0 a f t e r th e
p a y m e n t o f a l l o u t s t a n d i n g o b li g a t io n s ( V . 9 0 , p . 3 0 6 ) .
A n a p p lic a t io n h a s b e e n m a d e to t h e P u b l ic S e r v ic e C o m m is s io n f o r a p ­
p r o v a l o f a f u r t h e r I s s u e o f $ 2 , 5 0 0 , 0 0 0 o f s a id d e b e n t u r e s , w h i c h w i l l m e e t
t h e l i m i t o f t h e s t o c k h o ld e r s ’ a u t h o r i z a t i o n o f $ 5 , 0 0 0 , 0 0 0 .
I t Is p r o p o s e d
t h r o u g h th e Is s u e o f th e s e d e b e n t u re s to r e im b u r s e t h e s u r p lu s a n d r e s e rv e
f u n d s t e m p o r a r ily a p p lie d d u r in g p a s t y e a rs to t h e p a y m e n t o f c o n s t r u c t io n
o b li g a t io n s , a s w e ll a s t o p r o v i d e f o r f u r t h e r a d d i t i o n s .
I t Is p la n n e d w i t h i n
t h e n e x t fe w m o n t h s to o ffe r t h is f u r t h e r Is s u e o f $ 2 ,5 0 0 ,0 0 0 o f d e b e n t u re
b o n d s t o t h e s t o c k h o ld e r s a t p a r .
T h e p ro c e e d s w ill p r o v id e fo r th e c o n ­
s t r u c t i o n w o r k o f t h e c o m p a n y f o r s o m e t i m e t o c o m e a n d p la c e t h e c o m ­
p a n y I n a s t r o n g l l n a n c l a l p o s i t io n .
.
S t r e e t L i g h t i n g .— D u r i n g t h e y e a r t h e o f f ic e r s o f t h e c i t y d e c id e d t o a v a i l
o f t h e r e d u c t io n I n p r i c e f r o m $ 1 0 0 t o $ 9 5 p e r la m p o f f e r e d b y t h e c o m p a n y
I n c o n s i d e r a t io n o f a n I n c r e a s e In t h e n u m b e r o f s t r e e t a r c li g h t s t o 5 , 0 0 0 ,
s u c h la m p s , a n d a b o u t 3 0 0 a d d i t i o n a l la m p s w e r e o r d e r e d a n d I n s t a lle d
t o m e e t t h e c o n d it io n .
I n t h is w a y a m a r k e d a d d it io n to t h e s t re e t lig h t ­
in g o f B r o o k ly n h a s b een s e c u re d p r a c t ic a lly w it h o u t In c re a s e d c o s t to th e
c it y .
T h o I n s t a l l a t i o n o f a b o u t 7 5 0 t u n g s t e n I n c a n d e s c e n t s t r e e t la m p s
t h r o u g h o u t P r o s p e c t P a r k h a s b e e n a n o t h e r p r o m in e n t f e a t u r e o f t h e I m ­
p r o v e m e n t I n t h e li g h t i n g f a c i l i t i e s o f t h e b o r o u g h .
I n v e s t m e n t , P r o f i t - S h a r i n g a n d P e n s i o n P l a n s .— T h e p a m p h le t r e p o r t
g i v e s f u l l p a r t i c u l a r s a s t o t h e n e w d e p a r t u r e I n t h i s li n e .
C O M P A R A T IV E

C O M B IN E D

E / 1R N I N G S .

G r o s s e a r n i n g s ___________
O p e r . e x p . , I n c l . g e n e r a l,
t e c h n i c a l, p r o d u c t io n
a n d d is t r ib u t io n e x p .
■ a n d t a x e s _______________

1910.
$
4 ,3 3 8 ,9 8 7

19 09.
$
3 ,7 3 3 ,8 4 0

1908.
$
3 ,6 1 3 ,4 7 0

1907.
$
3 ,4 7 1 ,7 4 0

2 ,0 3 3 ,8 3 3

1 ,8 2 3 ,9 8 5

1 ,7 4 7 ,7 5 7

1 ,7 8 6 ,3 9 5

N e t e a r n i n g s ___________
D e p r e c ia t io n c h a r g e s - . .

2 ,3 0 5 ,1 5 4
5 3 9 ,3 4 6

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

1 ,8 0 5 ,7 1 2
4 0 4 ,8 5 6

1 ,6 8 5 ,3 4 5
2 4 2 ,0 3 2

B a l a n c e _________________
d is c o u n t
w r i t t e n o ff, & c .............

‘ 1 .7 6 5 ,8 0 8

1 .4 7 9 ,5 9 4

1 ,4 6 0 ,8 5 6

1 ,4 4 2 ,4 1 3

In te re s t o n b o n d s, & c ._
D l v i d e n d s p a i d (S •;,'>) —
P a y ’t to B k ly n . E d . I n v .
F d . , a s p e r e m p lo y e e s ’
p r o f f t - s h a r ln g p l a n ___

2 0 ,2 6 9

2 4 ,7 8 3

5 0 ,0 0 0

1 ,4 5 9 ,3 2 6
6 1 7 ,7 5 4
8 0 0 ,0 0 0

1 ,4 3 6 ,0 7 3
6 0 6 ,5 6 0
8 0 0 ,0 0 0

1 ,3 9 2 ,4 1 3
6 0 6 ,5 6 0
7 0 4 ,0 0 0

T o t a l p . & 1. b a l a n c e .
B A LA N C E

1 7 1 ,0 6 2
1 ,2 4 5 ,1 2 1

4 1 ,5 7 2
1 ,2 0 3 ,6 2 4

1 ,4 1 6 ,1 8 3

1 ,2 4 5 ,1 0 5

SH EET

FOR

1909.
19 10 .
A sse ts—
S
$
P la n t <fc p ro p e rty .2 2 ,38 3,08 6 2 1 ,1 9 0 ,2 9 9
U n a m o rtiz e d d e b t
d isco u n t, & c . . .
6 6 4 ,1 9 3
5 8 4 ,4 6 2
L lc e n s e u n d e r p a ts.
9 4 5 ,0 0 0
9 4 5 ,0 0 0
6 9 4 ,38 6
M a t ’l & su p p lie s - .
7 09 ,6 9 9
3 0 9 ,2 8 5
C a s h .......................
1 0 5 ,0 3 5
4 9,697
B i ll s re c e iv a b le ,
4 9 ,3 2 7
A c c 't s re c e iv a b le .
6 1 3 ,4 2 3
4 99,940
S t o c k s & b d s. In
5 9 9 ,6 4 0
5 9 9 ,6 4 0
o th e r co m p a n ie s
C e n t r a l T r . C o ..
1,0 0 0 ,0 0 0
tru s te e ( g u a r.f d .) 1 0 0 0 ,0 0 0
15 9 ,0 03
17 9 .6 7 7
I n s u r . In v e s t , fu n d
4 ,9 00
4 ,9 00
R e a l e sta te d e p o sits
D e p o s it s ( c it y lig h t ­
9,6 2 5
in g b i d s ) _______
3 ,8 9 1
P r e p ’d & s u s p .a c c ’ ts
5 ,7 2 3

YEARS

2 9 ,5 1 3
1 ,1 7 8 ,0 0 1

2 1 ,8 5 3
1 ,1 5 9 ,3 0 0

1 ,2 0 7 ,5 7 4

1 ,1 8 1 ,2 1 3

E N D IN G

DEC.

31.

19 10.
1909.
L ia b il it ie s —
5
S
K in g s C o . c a p . s t k .1 0 0 0 0 ,0 0 0 10 ,0 0 0 ,0 0 0
E d . 1st co n s. M .4 s 4 2 7 5 .0 0 0 4 .2 7 5 .0 0 0
K in g s C o . 1st M .5 s 2 5 0 0 .0 0 0
2 .5 0 0 .0 0 0
K in g s C o . p u rc h .
m o n e y 6 s ........... 5 17 6 ,0 00 5 ,1 7 6 ,0 0 0
K in g s C o . c o n v .
d eb . 6 s __________2 5 0 0 ,0 0 0
B o n d In t . a c c r ’d . .
108,890
158 ,890
C o n s u m e rs' g u a r.
d e p o s its ............
8 5,9 2 3
1 2 7 ,2 3 5
A c c ’t s p a y a b l e . . .
4 4 6 ,1 1 5
2 4 3 ,2 3 7
B ills p a y a b le ______
7 4 2 ,2 1 0
R e s e rv e s —
In s u r a n c e ______
1 7 9 ,6 7 7
1 5 9 ,0 0 3
C a s u a l t y ............
3 1 ,3 2 9
2 3 ,3 0 0
R e p la c e . & d e p r .
4 3 5 ,8 1 0
5 9 9 ,2 2 8
S p e c 'l I r a n . t a x .
5 2 2 ,5 3 9
O t h e r ................
5 3 ,4 7 3
3 1 ,6 3 0
A c c r ’d
&
su sp .
a c c o u n t s _______
8 7,8 41
8 9 ,0 3 8
P ro m 's o n s t o c k . .
1 0 ,5 4 2
1 0 ,5 4 2
P ro fit & lo ss b a l . . 1 4 1 6 .1 8 3
1 ,2 4 5 ,1 9 5

T o t a l ---------------- 2 7 ,3 5 8 ,6 3 5 2 5 .8 5 1 ,1 9 6
— V . 9 2 , p . 466, 3 9 7 .

T o t a l ................... 2 7 ,3 5 8 ,0 3 5 2 5 ,8 5 1 ,1 9 6

C om ­
at

d e p o s it e d

$70
w it h

B a lt im o r e .

&

W o rce ste r

S tre e t

R y .— P refer red

T h e M a s s . R R . C o m m , h a s a u t h o r iz e d

B u f fa lo

&

L a k e

See
N ia g a r a
&
V . 89, p . 1001.
C a ir o

&

E r ie

T r a c t io n

E r ie

P o w er

S to ck

A u th o r­

th e c o m p a n y to

C o .— G u a r a n te ed

C o .

u n d er

B o n d s .—

“ In d u s t r ia ls .” —

T h e b e s R y . — L e a s e .— T h e s t o c k h o ld e r s o n

v o t e d t o le a s e t h e r o a d

to t h e S t . L o u is I r o n

M tn . &

F e b . 20

S o u th e rn

o n $ 2 ,0 0 0 ,0 0 0 b o n d s .

The road extends from Cairo, 111., to the bridge across the Mississippi
River at Thebes, III., 25 miles, and it Is reported the Iron Mtn. and Cotton
Belt roads will use the road, and that through trains will be run from Cairo
to St. Louis over it and the valley line. The line was built originally with
a view to serving as a terminal road for the various lines. E. A. Smith
of Cairo, 111., was President.
C a n a d ia n
R y .

&

P a c if ic

Ir r ig a t io n

C e n tra l P a rk
C o u rt

on

N o rth

N ew

&

16

92, p .

fo r

a

N ew

of

A lb e r t a

Y o rk .— F o re­

th e U n it e d

d e cre e

See

394, 321.

E a s t R iv e r R R .,

s ig n e d

m tg e .

L in e .—

L ea sed

Y .

J u d g e L a c o m b e in

F e b .

c o n s o lid a t e d

R y .—

C o . a b o v e .—

D e c r e e .—

clo su r e

S ta te s

f o r e c lo s u r e

C ir c u it

u n d er

th e

$ 1 ,2 0 0 ,0 0 0 .

The amount found to be due (Including Interest from June 1908) Is
$1,391,800. Isham Harris was appointed special master to conduct the
sale. Compare V. 91, p. 790.— V. 92, p. 117.
C h esap eake &
o f O h io o n
C ir c u it
C .

&

O h io R y . — S u i t s . —

F e b . 2 0 in s t it u t e d

C o u rt

O .,

d e m a n d in g

L a k e

K a n a w h a

&

S h o re

&

M ic h .,

A tto rn e y -G e n e ra l H o g a n

q u o w a rra n to

th e

o u ste r

T o le d o

&

O h io

s u it s in

fro m

M ic h . S o u t h e r n ,

W e s t e r n , f o r a lle g e d v io la t io n o f

th e

th e S ta te

S ta te

H o c k in g

C e n tra l a n d

of

th e

V a lle y

and

Z a n e s v ille

&

t h e V a le n t in e a n t i- t r u s t la w .

In the main suit against the 5 roads 18 grounds are stated. Including
conspiracy to suppress and destroy competition in transporting bitum­
inous coal, through the organization of the Ohio Coal Traffic Association,
stock Jobbing, &c.
The plan to retire the Hocking Valley pref. stock and Increase the com.
stock from $15,000,000 to $26,000,000, it is alleged, deprives the pref.
stockholders of a surplus of approximately $5,000,000.
In two of the suits It Is sought to test the right of the C. & O. and Lake
Shore to hold the stock of the smaller lines. Pending a decision on the
merits, a temporary restraining order is asked enjoining the voting of that
stock owned. In the case of all of the roads except the C. & O., which
arc Ohio corporations, their dissolution Is asked, and also the appointment
of trustees to wind up their affairs.— V. 92, p. 394, 260.
C h ic a g o
F ir s t

B u r lin g t o n

N a t io n a l
in t .

and

d ue M a rch

$ 8 ,0 0 0 ,0 0 0

and

C onn,
r e t ir e

and

up o n

th e

fir s t

lie n

a lit y
su e

b an ks.

th e

th e

w eek

b on ds

at

is s u e ,

T h e
9 7 }^

d a te d

1908
M ass,

$ 3 0 0 ,0 0 0 ,0 0 0 ;

T h e

above

T h e

Io w a

b o n d s

a re

p e r m ile ,

of

w ill b e

th e

u n d e r ly in g

m ile a g e

is

tru e

as

U . S . S u p re m e

b on ds

co v e re d ,

of

M a rch

C o u rt o n

u n a n im o u s ly
of

a lt h o u g h

d e p a rtm e n t

T h ese

a

a g g r e g a t in g
1

1911,

w h en

F e b . 2 0 , in

a s u it

fir s t 6 s w ill b e r e t ir e d .

sta tu te

in ju r ie s ,

$ 1 5 0 ,3 9 4 ,0 0 0 .

m ile s o f r o a d , a t $ 1 7 , 4 1 5

e n t ir e

com p an y,

o f th e
fo r

O ffe r e d .—

t h is

4 %

A u t h o r iz e d

lie n s ,

S t. Jo se p h

D e c is io n .—

a g a in s t

o ffe re d

le g a l in v e s t m e n t f o r N . Y . ,

r e t ir e m e n t

m ile s .
&

A

3 ,4 0 1 .4 6

u p o n

H a n .

R R .— B on d s

C it y ,

g e n e ra l m o rtg a g e

u n d e r ly in g
up o n

8 ,5 9 9

Y .

( in c l. b o n d s o f t h is is s u e ) , $ 5 9 ,2 3 9 , 0 0 0 ; r e s e r v e d

a f ir s t lie n

th e

Q u in c y

N .

1 1958.

s a v in g s

o u t s t a n d in g

&

B a n k ,

and

r e lie f
3 8 ,1 7 1

P r o f i t & lo s s s u r p l u s . .
P r e v . p . & 1. b a l a n c e ___

C O M B IN E D

2 0 ,2 6 9
1 ,7 4 5 ,5 3 9
7 3 6 ,3 0 6
8 0 0 ,0 0 0

W a s h in g t o n
S e r v ic e

p u rc h a se

sto ck

o f

P en n­

is s u e a t 1 1 0 3 ,9 7 2 s h a r e s o f p r e f . s t o c k f o r t h e p u r p o s e s m e n ­
t io n e d in V . 9 2 , p . 3 9 4 .

to

D e d u c t— B o n d

to

T h e

The Pennsylvania and allied companies, it Is stated, already own all
of the $1,000,000 common stock and 78% of the $1,500,000 pref. stock.—
V. 87, p. 284.
i z e d .—

&

&

P u b lic

a u t h o r it y

a t a n a n n u a l r e n t a l a m o u n t in g to 4 %
K in g s

S to c k .—

B a lt im o r e

M a ry la n d

m in o r it y

C o .

R y .— A p p lic a tio n

P ref.

th e P h ila d e lp h ia

p e t it io n

on

B o sto n

3 2 ,0 6 7 ,5 1 9 3 2 ,0 9 9 ,7 8 6
* A f t e r d e d u c t in g 3 5 ,7 8 0 ,7 6 1 f o r d e p re c ia t io n o f p ro p e rty a n d $ 2 4 ,9 4 3 fo r a d ­
ju s t m e n t s , a ll a p p lic a b le to fo rm e r y e a rs.
a A f t e r d e d u c tin g § 3 ,0 0 0 ,0 0 0 b o n d s o n d e p o s it w it h C o lo n ia l T r u s t C o . u n d e r
■ agreem ent d a te d B e e . 2 0 1906.
N o te.— F r o m Ite m o f ‘ •in v e stm e n ts " ($ 2 9 ,1 3 0 ,0 9 2 In 19 10 , re p re s e n tin g p ro p e rty
a n d s t o c k In o th e r c o m p a n ie s, a ft e r d e d u c t in g § 8 0 2 ,7 1 3 d e p re c ia t io n re s e rv e ), has
b een d e d u cte d , th e a m o u n t to b e re ce iv e d fro m H o p e N a t u r a l G a s C o . u n d e r term s
o f ag re em en t, w h ic h a m o u n t h a s b een ta k e n u p In a c c o u n t s re c e iv a b le . N o
a c c o u n t Is t a k e n In a b o v e s ta te m e n t o f c o m m issio n s to be p a id a t re g u la r In t e rv a ls
f ro m J a n . 1 19 11 to O c t. 1 19 12 , u n d e r th e a g re e m e n ts w it h th e C o lo n ia l T r u s t C o .
h e re to fo re a p p ro v e d b y the st o c k h o ld e rs .— V . 9 2 , p . 3 2 6 , 2 6 5 .

C h esap eake

P e n n s y lv a n ia

1895
he

p a r t ia lly

u p h e ld

th e

p e r m it t in g

h ad

r e c e iv e d

su p p o rte d

b y

c o n s t it u t io n ­

an

e m p lo y e e

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th e

to

fro m

a

r a ilro a d .

The validity of the statute was questioned on two grounds: (1) that it
was opposed to public policy and (2) that It Interfered with the freedom
of contract. The opinion by Justice Hughes held that the Legislature “Is
the arbiter of the public policy of the State,” provided it acts within Its
constitutional authority, and that the State has a wide authority In the
matter of legislating upon contracts, especially those pertaining to the rela­
tions of employer and employee, and that the “ freedom of contract Is a
qualified, not an absolute right.” The same statute abolished the common
law doctrine of the fellow-servant, but the Supreme Court had passed on
the validity of.this enactment In a previous opinion.— V. 92, p. 269, 59.
C h ic a g o
A

p re ss

&

M ilw a u k e e E le c t r ic R R . —

d is p a t c h

W . O . Jo h n so n
cag o )

sta te s

(a

th a t

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d ir e c t o r o f th e

a s r e c e iv e r , r e t a in in g

A d d i t i o n a l R e c e i v e r .—

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h as

T ru st

a p p o in t e d
C o . o f C h i­

t h e f o r m e r r e c e iv e r s a s

a d v is e r s .

At a conference of security holders In Chicago on Feb. 21, the various
Interests are said to have agreed to leave the settlement of the existing
litigation to Judge Grosscup. The Judge recently intimated that he would
not permit further delay In effecting a rcorganlztaion.— V. 92, p. 321.
C h ic a g o M ilw a u k e e &
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186.

C h ic a g o R a p id T r a n s it P r o b le m .— S u g g e s te d S u b w a y L i n e s .

G E N E R A L IN V E S T M E N T N E W S,
R A IL R O A D S ,
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S i d e s y s t e m s : ( 1 ) f r o m L a S a l l e S t . t u n n e l ( a ) u n d e r L a S a ll e a n d C l a r k
s t r e e t s t o A r c h e r A v e . ( 6 ); ( 2 ) f r o m C h i c a g o A v e . (c ) u n d e r S t a t e S t . t o 1 2 t h
S t. (d ).
O n e lo o p w i l l s e r v e a l l W e s t S i d e li n e s u s i n g t h e V a n B u r e n S t .

a n d W a s h i n g t o n S t . t u n n e ls ( e ) a n d ( / ) .
T h u s c a rs fro m e a ch tu n n e l w ill
p a s s a r o u n d t h e lo o p ( g - h ) a n d r e t u r n t h r o u g h t h e s a m e t u n n e l.
S u b w a y s f o r E l e v a t e d T r a i n s . — A s i n g le n o r t h - a n d - s o u t h s u b w a y u n d e r
S t a t e S t . f r o m C h i c a g o A v e . U ) t o 1 2 t h S t . ( fc ), t o c o n n e c t t h e N o r t h w e s t e r n
E le v a t e d a n d t h e S o u t h S id e E le v a t e d r a ilw a y s .
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S i d e e le v a t e d r a i l w a y s t o h a v e I t s o w n lo o p ; t h a t o f t h e M e t r o p o l i t a n
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a n d H a r r i s o n s t r e e t s , M ic h ig a n A v e . a n d J a c k s o n
B o u l e v a r d ; t h a t o f t h e C h i c a g o & O a k P a r k E l e v a t e d (n -o ) t o c o v e r S a n g a ­
m o n , M a d i s o n , M ic h ig a n a n d R a n d o l p h s t r e e t s .
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is s u e lim it e d to $ 3 0 , 0 0 0 , 0 0 0 , o f w h ic h t h e r e m a in in g b o n d s a r e
o n ly

is s u a b le u n d e r r e s t r ic t io n s a s p r o v id e d

in

th e m o rtg a g e .

• S u b s c r i p t i o n s f o r s t e r li n g b o n d s w i l l b e r e c e iv e d s i m u l t a n e o u s l y I n L o n ­
d o n , b y M e ss rs. S p e y e r B ro s . (£ 1 ,0 0 0 ,0 0 0 b o n d s a re re s e rv e d fo r L o n d o n ) .
• S u b s c r ip t io n s f o r d o lla r b o n d s . In C h ic a g o , b y F ir s t T r u s t & S a v in g s B a n k .

Abstract of Letter from Roberts Walker, Chairman of Executive Com­
mittee, New York. Feb. 20 1911.
T h e S t . P a u l & K a n s a s C it y S h o r t L in e R R . C o . w a 3 o rg a n iz e d u n d e r t h e
la w s o f I o w a i n 1 9 1 1 ; I t s e n t i r e c a p i t a l s t o c k , o t h e r t h a n d i r e c t o r s ’ s h a r e s ,
Is o w n e d b y T h e C h ic a g o R o c k I s la n d & P a c lllc R y . C o ., w h ic h w ill u n c o n ­
d it io n a lly g u a ra n te e , b y e n d o rs e m e n t , b o t h t h e p r ln . a n d In t . o f th e s e b o n d s .
T h e n e w r a ilr o a d c o m p a n y h a s c o n t ra c t e d to a c q u ir e s u b s t a n t ia lly a l l
o f t h e s t o c k a n d b o n d s o u t s t a n d i n g o f S t . P a u l & D c s M o in e s R R . C o . ,
w h i c h o p e r a t e s a l i n e f r o m D e s M o in e s n o r t h w a r d t o M a s o n C i t y , I o w a ,
c o n n e c t i n g w i t h th e ' C h l c a g o - S t . P a u l li n e o f t h e C h i c a g o R o c k I s l a n d &
P a c i f i c R y . C o . , a n . l w i l l b ilt ld f r o m A l l e r t o n o n t h e C h l c a g o - K a n s a s C i t y
l i n e o f t h e C h i c . R . I . & P . R y . C o . n o r t h w a r d t o C a r li s l e , n e a r D e s M o in e s ,
w i t h t h e r i g h t t o o p e r a t e f r o m C a r l i s l e I n t o D o s M o in e s , I n c l u d i n g t e r m i n a ls
a t th a t c it y .
T h e “ S h o r t L i n e ” w i l l g i v e t h e R o c k I s l a n 1 lin e s t h e s h o r t ­
e s t a n d mo.3 t d i r e c t li n e b e t w e e n K a n s a s C i t y a n d t h e s o - c a lle d “ T w i n C i t i e s ”
o f S t P a u l a n d M in n e a p o l i s , w i l l t r a v e r s e a w e ll - s e t t l e d a g r i c u l t u r a l c o u n t r v a n d w i l l o p e n la r g e c o a l H e ld s I n L u c a s a n d M a r i o n c o u n t i e s , I o w a , r e ­
d u c i n g t h e f u e l c o s t o f t h e R o c k I s l a n d lin e s a n d f u r n i s h i n g v a l u a b l e t r a f f i c ,
T h e S 1 0 .0 0 0 ,0 0 0 b o n d s a r c to be s e c u re d b y a 1st M . to B a n k e r s T r u s t
Co
N
Y
a s t r u s t e e , w h i c h w i l l b e a d i r e c t f ir s t H e n o n 6 7 . 6 5 m i le s o f
r o a d t o b e ’ c o n s t r u c t e d , a n d o n le a s e h o ld o r t r a c k a g e r i g h t s o v e r a n a d d i ­
t i o n a l 11 m ile s a n d w i ll a ls o b e a f ir s t li e n u p o n a l l t h e b o n d s ( o r c a s h d e ­
p o s it e d t o r e d e e m o n J u l y l 1 9 1 1 a n y b o n d s n o t d e p o s it e d i n t h e m e a n t i m e ,
a n d u p o n a t le a s t 9 5 % o f t h e s t o c k o f S t . P a u l & D e s M o in e s R R . C o . )
o p e r a t i n '1' 1 2 1 m ile s o f r a i l r o a d , o f w h i c h 1 1 8 m ile s a r e o w n e d .
A s r a p id ly
a s t h e n e c e s s a r y le g a l a n d o t h e r r e q u i r e m e n t s c a n b e c o m p li e d w i t h , t h e s e
1 1 8 m ile s o f r a i l r o a d , t o g e t h e r w i t h t h e le a s e h o ld s , t r a c k a g e r i g h t s , e q u i p ­
m e n t a n d o t h e r p r o p e r t y o f th e S t . P a u l & D e s M o in e s R R . C o ., w ill b e
s u b j e c t e d t o t h e li e n o f t h e S t . P a u l & K a n s a s C i t y S h o r t L i n e R R . 1 s t M .
T h e b o n d s a r e p a r t o f a t o t a l a u t h o r i z e d Is s u e li m i t e d t o $ 3 0 , 0 0 0 , 0 0 0 , o f
w h i c h t h e r e m a i n i n g b o n d s m a y b e is s u e d s u b s t a n t i a l l y a s f o llo w s : $ 1 0 , 0 0 0 , ­
0 0 0 b o n d s a t p a r f o r n e w m ile a g e a t a c t u a l c o s t , t h e m o r t g a g e t o b e a d i r e c t
f i r s t l i e n o n a l l s u c h n e w m ile a g e ; a n d $ 1 0 , 0 0 0 , 0 0 9 b o n d s a t p a r f o r a c t u a l
c o s t o f a d d i t i o n s a n d b e t t e r m e n t s t o p r o p e r t ie s o n w h i c h t h e m o r t g a g e s e ­
c u r i n g t h i s Is s u e Is a i l r s t lie n .
S t e r li n g b o n d s w i l l b e e x c h a n g e a o l e I n N . Y .
f o r d o l l a r b o n d s , o n a n d a f t e r F e b . 1 1 9 1 2 , a t a f ix e d r a t e o f e x c h a n g e o f
$ 4 8 5 , l. e ., u p o n p a y m e n t t o t h e c o m p a n y o f $ 3 0 p e r £ 2 0 0 b o n d o r $ l o
p e r £ 1 0 0 b o n d , w it h a d ju s t m e n t o f In t e re s t .
The t
- ’

t h e s i x " m o n t h s em d e d D e c . 3 i ' r 9 l 6 ’t h 'e T b t ’a i” o p c r a t I n g r e v e n u e w a s $ 3 6 , ­
5 1 7 , 8 8 3 , a n in c r e a s e o f $ 1 , 7 8 7 , 1 1 2 , a n d a f t e r d e d u c t i n g o p e r a t i n g e x p e n s e s ,
t h e n e t o p e r a t in g re v e n u e w a s $ 1 1 ,1 7 3 , 9 3 1 , a n In c re a s e o f $ 8 7 ,8 6 9 o v e r th e
s ix m o n th s e n d e d D e c . 31 1 9 0 9 .
T h e s m a ll n e s s o f t h e in c r e a s e I n n e t e a r n ­
i n g s I s la r g e l y d u e t o I n c r e a s e d m a i n t e n a n c e e x p e n d i t u r e s , t o vya g e I n c r e a s e s
a n d to th e in c r e a s e d c o s t o f f u e l d u e to t h e c o a l s t r ik e ,
v . 92, p . 394, 3 2 1.
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1930,

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c o m m e r c ia l a n d a g r ic u lt u r a l s e c t io n .
T h e m a r k e t f o r e l e c t r i c a l e n e r g y Is
d i v e r s i f i e d , a s i n a d d i t i o n t o t h e la r g e a m o u n t o f c u r r e n t s o ld t o m a n u ­
f a c t u r i n g i n d u s t r i e s a n d t o t h e p u b l i c g e n e r a l ly , t h e c o m p a n ie s h a v e
s a t is f a c t o r y c o n t r a c t s to p r o v id e p o w e r f o r th e o p e r a t io n o f s t re e t a n d
I n t e r u r b a n r a i l w a y s , a n d a ls o f o r m u n i c i p a l li g h t i n g i n m a n y o f t h e c i t i e s .
T h e r e w i ll b e a s s o c ia t e d w i t h m e i n t h e m a n a g e m e n t o f t h e c o m p a n y ,
M e s s r s . H o d e n p y l, W a l b r l d g c & C o . , a n d M e s s r s . E . VV. C l a r k & C o . , b o t h
o f w h i c h f ir m s e n j o y a r e c o r d o f m a n y y e a r s o f s u c c e s s i n o p e r a t i n g p r o p e r ­
t ie s o f t h i s c h a r a c t e r , a n d t h e c o m p a n y ’ s a f f a ir s w i l l b o h a n d l e d I n a c a r e f u l
a n d c o n s e r v a t iv e m a n n e r.
S e e a ls o la s t w e e k ’ s “ C h r o n i c l e . ” V . 9 2 , p . 4 6 5 .
Y o rk

S to ck

E x c h a n g e h a s lis t e d $ 2 ,6 3 9 , 0 9 9 c o n s o lid a t e d e x t e n d e d

D a y to n

1st M .

&

M ic h ig a n

4 )4 %

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$ 2 ,7 2 8 ,0 9 0 .

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of

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92,

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118;

fo r m a lly

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P .

c o lla t e r a l

1911,

th e n

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S.

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m a t u r in g .

C o m ­

th e

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to is s u e $ 1 ,3 8 2 ,0 0 0 o f it s 4 %

p ro ­
n o te s
th e

co m p an y

g e n e ra l lie n

V . 92, p. 460.

F id e lit y

a t 9 9 )4

n o te s

21

n o te s

C la rk s b u rg

o f N o t e s .— -T h e

A p p r o v e d .—

Issu e

Feb .

$ 1 2 ,5 0 0 ,0 0 0

1 8 9 5 .—

o f f e r in g

of

N o te

D is t .,

is f u r t h e r a u t h o r iz e d

is

R R . — L is te d .—

118.

R R .—

3 -y e a r

D ec. 31:

19 10 a t th e ra te o f 4 %

M a rch

F o rb e s

C om m on

com m on

u n d e rsto o d ,

new

1910.

N e t , a f t . t a x e s .$ 9 6 8 , 4 3 2
$ 8 2 5 , 7 0 6 , B a l. o n p r e s e n t b a s t s o f c h g s . $ 1 7 1 , 7 8 2
T h e h y d r o - e l e c t r i c g e n e r a t in g p la n t s , i n c l u d i n g t h e A u S a b le p l a n t
( 1 2 , 0 0 0 h . p .) w h i c h I s n o w u n d e r c o n s t r u c t i o n , h a v e a t o t a l r a t e d c a p a c i t y
o f a b o u t 5 0 , 0 0 0 h . p . ; t h e s t e a m p la n t s a b o u t 4 2 , 0 0 0 h . p . ; t o t a l a b o u t
9 2 ,0 0 0
h. p.
T h e d u p l i c a t i o n v a l u e o f t h e p r o p e r t i e s ( o n b a s is o f a p p r a i s a l
m a d e f o r M ic h ig a n R R . C o m m is s io n ) is la r g e ly i n e x c e s s o f t h e $ 9 , 9 3 3 , 0 0 0
b o n d s o u t s t a n d i n g , i n c l u d i n g t h e $ 5 , 8 8 9 , 0 0 0 b o n d s o t c o n s t i t u e n c o m p a n ie s .
T h e h ig h - t e n s i o n t r a n s m i s s i o n lin e s a r e lo c a t e d a l m o s t e n t i r e l y o n p r i v a t e
r ig h t o f w a y .
C u r r e n t Is d i s t r i b u t e d I n t h e v a r i o u s m u n i c i p a l i t i e s u n d e r
s a t i s f a c t o r y lo n g - t e r m f r a n c h i s e s .
T h e “ I l r s t li e n a n d r e f u n d i n g ” b o n d s a r e s e c u r e d , t h r o u g h t h e d e p o s i t o f
c o l la t e r a l, b y a f ir s t H e n o n a l l t h e p r o p e r t y o f t h e f o ll o w i n g c o n s t i t u e n t
c o m p a n ie s h a v i n g g e n e r a t i n g p la n t s w i t h a c a p a c i t y o f a p p r o x i m a t e l y
3 3 ,6 0 0
h . p .: F lin t E le c t r ic C o ., P o n t ia c P o w e r C o ., S a g in a w P o w e r C o .,
B a y C it y P o w e r C o ., C o n s u m e rs ' P o w e r C o . (M ic h ig a n ), E c o n o m y P o w e r
C o . , A u S a b le E l e c t r i c C o . , a n d C e n t r a l P o w e r C o .
T h e y a r c a ls o s e c u re d
b y a d i r e c t f ir s t H e n o n v a l u a b l e u n d e v e l o p e d w a t e r r i g h t s w h i c h a r e c a p a b le
o f a la r g e u l t i m a t e d e v e l o p m e n t .
T h e y a re fu rt h e r s e c u re d b y a H en o n
t h e f o ll o w i n g c o m p a n ie s , s u b j e c t t o t h e i r b o n d s - C o m m o n w e a lt h P o w e r C o . ,
G r a n d R a p id s - M u s k e g o n P o w e r C o . a n d G r a n d R a p id s E d is o n C o .
Bonds
o f c o n s t i t u e n t c o m p a n ie s f o r $ 4 , 2 7 8 , 0 0 0 , a p p r o v e d b y t h e M ic h ig a n R R .
C o m m is s io n , h a v e b e e n d e p o s it e d w i t h t h e t r u s t e e , a n d n o a d d i t i o n a l “ f lr s t
li e n a n d r e f u n d i n g ” b o n d s c a n b e I s s u e d a g a in s t e x p e n d i t u r e s o f c o n s t i t u e n t
c o m p a n ie s , e x c e p t u p o n d e p o s it o f a t le a s t a n e q u a l a m o u n t o f a d d i t i o n a l
b o n d s o f s u c h c o m p a n ie s .
A l l b o n d s s o d e p o s it e d m u s t b e a p p r o v e d b y
s a i d C o m m is s io n .
S in k in g F u n d .— I n 1 9 1 5 , a n d e v e r y y e a r th e re a fte r, a s u m In c a s h e q u a l
t o 1 % o f t h e b o n d s o u t s t a n d i n g ( I n c l u d i n g a n y p r i o r li e n b o n d s n o t p le d g e d
w it h t h e tru s te e ) m u s t b e a p p lie d , e it h e r o n a c c o u n t o f s in k in g f u n d p a y ­
m e n t s u n d e r m o r t g a g e s o f c o n s t i t u e n t c o m p a n ie s o r f o r r e t i r e m e n t o f
“ f ir s t li e n a n d r e f u n d i n g ” b o n d s o r t o r e i m b u r s e t h e c o m p a n y f o r 8 0 % o f
t h e c o s t o f p e r m a n e n t a d d i t i o n s f o r w h ic h n o e s c r o w b o n d s a r e I s s u e d .
B u s i n e s s F i e l d .— T h e c o m p a n y c o n t r o ls t h e e n t i r e e l e c t r i c l i g h t a n d
p o v v e r b u s in e s s I n a w id e t e r r i t o r y i n t h e S t a t e o f M ic h ig a n e s t im a t e d
t o i n c l u d e a p o p u la t i o n o f m o r e t h a n 4 5 0 , 0 0 0 , I n c l u d i n g t h e f o ll o w i n g
c i t i e s : G r a n d R a p i d s , S a g in a w , B a y C i t y , K a la m a z o o , F l i n t , J a c k s o n ,

b on ds of

1910
.$ 8 9 6 5 .4 0 5 $ 3 ,2 8 2 ,3 7 3 $ 3 5 2 , 3 3 5 $ 7 1 ,3 7 1 $ 1 ,0 1 5 ,4 1 2 $ 1 ,9 8 5 ,5 9 9
2 ,7 6 6 ,8 7 4
3 1 8 ,0 4 7
------------ ------------------ -----------------1 9 0 9 ______ 7 i 8 6 2 , 3 5 6
S e m i - a n n u a l d i v i d e n d s o f 3 ^ % o n t h e c o m m o n and. p r e f . s t o c k p a i d o n
A u g 2 0 1 9 1 0 c a l l f o r $ 6 4 9 , 4 6 7 a n d $ 3 9 3 , 9 8 8 , r e s p e c t i v e ly , l e a v i n g a b a la n c e
Of $ 9 4 2 ,1 4 4 .— V . 9 2 , p . 1 8 6 .

p a id

E a r n in g s f o r C a le n d a r Y e a r s — P r e s e n t I n te r e s t C h a r g e .

Gross e a r n s . . . $ 1 , 9 8 2 , 4 2 7 $ 1 , 7 7 8 , 1 6 7 ] I n t . o n $ 9 , 9 3 3 , 0 0 0 b o n d a . . .$ 4 9 6 , 6 5 0

am ou nt

T h e b o n d s J u s t li s t e d h a v e b e e n I s s u e d o n a c c o u n t o f c o n s t r u c t i o n o f
4 m ile s a n d 4 , 9 1 2 f e e t f r o m K e n n e d y , S a w y e r C o ., t o K a i s e r , P r i c e C o . , W I s .

d en d

Is a p a r t .
E s c r o w b o n d s m a y b e is s u e d t o r e i m b u r s e t h e c o m p a n y f o r 8 0 %
o f a c t u a l c o s t o f p e r m a n e n t e x t e n s io n s a n d a d d i t i o n s , p r o v i d e d t h a t i n t h e
c a s e o f t h e f i r s t $ 1 , 5 0 0 , 0 0 0 e s c r o w b o n d s t h e n e t e a r n i n g s f o r t h e t w e lv e
m o n t h s p r e c e d i n g s h a l l h a v e b e e n a t le a s t 1 H t im e s , a n d I n t h e c a s e o f t h e
r e m a i n i n g b o n d s 1 3A t im e s t h e a n n u a l I n t e r e s t c h a r g e . I n c l u d i n g b o n d s f o r
w h i c h a p p l i c a t i o n Is m a d e a n d a n y p r i o r li e n b o n d s o u t s t a n d i n g .
E scro w
b o n d s m a y a ls o b e I s s u e d t o r e f u n d t h e o ld b o n d s a b o v e m e n t i o n e d .

V .

fo r th e

N ew

C a p ita liz a t io n — A m o u n ts O u ts ta n d in g .

K a n sa s

g o ld b o n d s , d u e F e b . 1

6 0 d a y s ’ n o t ic e .

and

in t .,
“ S t.

S h o rt L in e R R . C o . 1 s t M . 4 ) 4 %

P a u l

o ffe r in g ,

£ 2 ,0 0 0 ,0 0 0 ,

1 9 4 1 , b u t r e d e e m a b le a s a n e n t ir e
on

S t.

a re

o f B on d s

Information from President VV. A. Foote, Jackson, Mich., Feb. 16 1911.
C o m m o n s t o c k , a u t h . , $ 1 0 , 0 0 0 , 0 0 0 ; o u t s t a n d i n g ______ _____________ $ 1 0 , 0 0 0 , 0 0 9
P r e f . s t o c k , 6 % c u m ., a u t h ., $ 1 0 ,0 0 0 ,0 0 0 ; o u t s t a n d in g
. . .
3 ,7 5 0 ,0 0 0
“ F i r s t li e n a n d r e f . ” 5 % g o ld b o n d s ( a u t h . s e e b e l o w ) : o u t s t a n d ’g . $ 4 , 0 4 4 , 0 0 0
B o n d s o f t h r e e c o n s t i t u e n t c o m p a n ie s t o r e t i r e w h i c h 1 s t li e n a n d
r e f . 5 s a r e I s s u a b le : C o m m o n w e a lt h P o w e r C o . 5 s , d u e 1 9 2 4
( V . 8 7 , p . 1 6 9 ), $ 2 ,6 8 9 ,0 0 0 ; G r a n d R a p id s -M u s k e g o n P o w e r C o .
5s, d u e 19 31 ( V . 8 6 , p . 17 2 ; V . 9 0 , p . 1 1 2 ), $ 2 ,2 1 5 ,0 0 0 : G r a n d
R a p id s E d is o n C o . 5 s d u e 1 9 1 6 ( V . 8 5 , p . 4 3 ), $ 9 7 2 ,0 0 0 ;
G r a n d R a p i d s E d i s o n C o . u n d e r l y i n g I s s u e , $ 1 3 , 0 0 0 _____
5 ,8 8 9 ,0 0 0

and

o f th e

T r a c t io n

T ru st

in t e re s t ,

is s u e

of

C o .—

A c q u is itio n s —

C o . o f B a lt im o r e ,
y ie ld in g

$ 1 ,0 9 9 ,0 9 0

5 )4 %

th e

S a le

tru ste e ,

in t e re s t ,

r e c e n t ly

5 %

re p o rte d

as

s o ld to t h e N a t . C i t y B a n k o f N . Y .
A c ir c u la r s h o w s :
T h e s e $ 1 , 0 0 0 , 0 0 0 “ 3 - y e a r 5 % c o l la t e r a l t r u s t a n d c o n v e r t i b l e n o t e s ” a r e
d a te d F e b . 1 19 11 a n d d u e F e b . 1 1 9 14 .
T h e y a re c o n v e r t ib le a t o p t io n o f
h o l d e r I n t o c o m m o n a n d p r e f e r r e d s t o c k s o n t h e b a s is o f 7 0 % o f t h e c o m ­
m o n a t p a r a n d 3 0 % o f th e p re f. a t 8 5 fo r e a c h 8 1 ,0 0 0 n o te .
S e cu re d b y
d e p o s it w i t h t h e t r u s t e e o f : ( 1 ) E n t i r e o u t s t a n 1 n g c a p i t a l s t o c k ( 5 , 0 0 0
s h a r e s ) o f F a i r m o n t & N o r t h e r n R y . , a b o u t 16 m ile s I n le n g t h ; n o b o n d e d
d e b t.
( 2 ) E n t i r e o u t s t a n d i n g c a p it a l s t o c k ( 2 , 0 0 0 s h a r e s o f C l a r k s b u r g
& W e s t o n R y . C o ., a b o u t 2 4 m ile s i n le n g t h ; n o b o n d e d d e b t .
(3 ) 7 6 %
( 7 , 6 0 0 s h a r e s ) o f c a p it a l s t o c k a n d $ 4 6 5 , 0 0 0 o f t h e $ 6 0 0 , 0 0 0 1 s t M . o %
b o n d s o f t h e F a ir m o n t & M a n n t n g t o n R R .
T h e c o m p a n y a g r e e s , d u r i n g t h e lif e o f t h e a g r e e m e n t , n o t t o e x c c u t o
a n y f u r t h e r m o r t g a g e o r c o l la t e r a l t r u s t a g r e e m e n t w h i c h w o u ld I n c r e a s e t h e
fu n d e d d e b t.
T h e p ro c e e d s o f th e se n o te s w ill re im b u r s e th e t r e a s u ry f o r
a d v a n c e s I n c o n n e c t io n w it h t h e F a i r m o n t & N o r t h e r n a n d t h e C l a r k s b u r g
& W e s t o n b ra n c h e s , a n d th e p u r h a s o o f th e F a ir m o n t & M a n n t n g t o n R R .
T h e t a k i n g o v e r o f t h e F a i r m o n t & M a n n ln g t o n a n d t h e c o m p le t i o n o f
t h e F a i r m o n t & N o r t h e r n a n d C l a r k s b u r g lin e s w i l l a d d a t o t a l o f 5 6 m i le s
t o t h e s y s t e m , m a k i n g t h e t o t a l m ile a g e 1 0 5 m ile s .
T h e c o m p a n y Is c o n ­
t r o l le d b y In t e r e s t s I d e n t lt le d w i t h t h e C o n s o li d a t i o n C o a l C o . a n d o p e r ­
a t e s In o n e o f t h e r i c h e s t a n d m o s t t h i c k l y p o p u la t e d s e c t i o n s o f W e s t V a .
T h e b u s in e s s h a s g r o w n r e m a r k a b l y , a n d s u r p l u s e a r n i n g s a r e n o w a t t h e
ra t e o f a p p r o x im a t e ly 8 % o n th e c o m m o n s t o c k .
T h e e a r n in g s w ill b e
m a t e r i a ll y I n c r e a s e d b y t h e a f o r e s a id a d d i t i o n s .
1008.
1907.
C a len d a r y e a r s —
1910.
1909.
$ 4 1 6 ,8 8 2
$ 3 8 9 ,9 7 2
G r o s s e a r n i n g s ---------------$ 6 1 1 ,6 1 3
$ 4 7 2 ,2 5 1
$ 2 7 0 ,9 9 8
$ 2 1 8 ,0 8 2
N e t e a r n i n g s ______________
$ 3 9 6 ,2 5 4
$ 3 0 6 ,8 1 9
1 3 5 ,1 6 1
1 3 7 ,9 7 8
F i x e d o h g s . , t a x .& ln s u r .
1 4 9 ,1 3 1
1 4 2 ,9 3 6
$ 8 0 ,1 0 4

N e t s u r p l u s ____________
$ 2 4 7 ,1 2 3
$ 1 6 3 ,8 8 3
$ 1 3 5 ,8 3 7
In t e re s t o n th e s e n o te s, $ 5 0 ,0 0 0 .— V . 9 2 , p . 3 2 2 .
F e d e ra l
W e ld

Sc C o . ,

C o .,

N .

e n t ire
p o n
b u t

L ig h t

Y .,

N ew

fo r

due

P r e s id e n t

Y o rk

and

A lb a n y

C o .— S a le
C h ic a g o ,
and

15

1913,

of re co rd

an

N o t e s .—

o f

an d

h ave

p la c e d

tw o -y e a r 6 %

d e s c rib e d

la s t

a d v e r t is e m e n t

g o ld

w eek
of

(p .

th e

o n a n o t h e r p a g e o f t o - d a y ’s “ C h r o n ic le .”

C r a ig

C o lg a t e

fu rth e r

says

in

W h it e ,

S p encer T ra sk

B o sto n ,

is s u e o f $ 2 ,0 9 9 , 0 0 9

F e b .

p u rp o se s

is p u b lis h e d

T r a c t io n

C h ic a g o ,

a u t h o r iz e d

n o te s

&

&
th e

co u­
4 6 0 ),

o f f e r in g
V ic e ­

su b stan ce :

T h e s e n o t e s a r e s e c u r e d b y d e p o s it o f a l l t h e s e c u r i t i e s w h i c h t h e c o m p a n y
o w n s , I n c l u d i n g n e a r l y a l l t h e o u t s t a n d i n g s t o c k s a n d b o n d s o f c o m p a n ie s
o p e r a t i n g e x c l u s i v e l y ( w i t h t w o m i n o r e x c e p t io n s ) t h e e l e c t r i c - l i g h t i n g , g a s

and traction business of ten rapidly growing Western cities and towns
(Grays Harbor, Wash., Albuquerque, Tucson, &c.); and also notes of the
same aggregating 5355,299. All other Indebtedness of the foregoing com­
panies Issued to the company during the life of this note issue must also
be deposited under the mortgage. The Indenture further provides that the
Federal Company, during the life of these notes, shall not create for the
purchase of new properties or securities of any company it acquires any
bonded or note Indebtedness, or bond or note guaranty, in excess of 80%
of the cost of property or securities purchased by It; and the property or
securities thus purchased must have shown net earnings for the preceding
12 mos. of twice the lixed charges on bonds or notes so Issued or guar.
The companies controlled serve a total population of about 105,000 in the
several cities and towns, all of which have shown extraordinary growth
during the last 10 years, and are sound and prosperous communities.
Principal service electric light and power, derived from the steam installa­
tion Gas Is also supplied in some of the towns, and street railways sup­
plying approximately 20% of the total earnings are operated in Grays
Harbor, Tucson and Las Vegas. Deducting the charges which will accrue
on all underlying bonds after the conditions of this note issue have been
carried out, the balance for 1910 Is equivalent to more than 2Mtimcs the
charges on this note Issue. The voting trust controlling the common stock
of the Federal Light & Traction Co. may not be dissolved while the notes
arc outstanding. Sec also "Electric Ry.” Section Issued to-day and
V. 92, p. 460; V. 90, p. 1490.
Fort Smith & Western RR.— D e p o sit A g r e e m e n t. — The
“ Cleveland Leader” of Feb. 15 had the following:
Circulars in the shape of an agreement to deposit bonds with the Superior
Savings & Trust Co., Cleveland, and vesting In the committee (V. 91, p.
1446) the power to take absolute charge of the business, have been sent to
bondholders of the Ft. S. & W. and the San Bois Coal Co. The agreement
Is clTcctlvc if signed by 70% of the bondholders, ami Is good for three years.
It confers on the committee the power to vote all the stock of the signers
of tlie agreement. The stock of the San llols Coal Co. has been deposited
with the Mercantile Trust Co. of N. Y. for the beneilt of 1st M. bond­
holders. The agreement also authorizes the committee to sell, exchange
or dispose of the property of the Fort Smith, the bonds deposited, or the
San Bol3 Coal Co., as it may consider best, although the understanding is
that no sale or exchange is to be made nor money borrowed in excess of
$100,000 without the unanimous vote of the committee.—V. 91, p. 1446.
Illinois Central RR.— L is te d . — The New York Stock Ex­
change has listed $2,740,000 additional refunding M. 4%
bonds due 1955, making the total listed $22,740,000.
The bonds just listed have been Issued In exchange at par for $78,000
St. Louis Division & Terminal 3j^% bouds and $2,662,000 Purchased
Lines s y i% bonds.
E a r n in g s . — For the 6 months ending Dec. 31:
Operating

Net (after

Other

Int. and

Balance for

d Months— Revenue.
Taxes).
Income.
Rentals.
I)tv., Ac.
1910____ $31,609,624 $7,929,561 $2,746,143 $4,920,125 $5,719,579
1909____ 29,374,780 5,891,015 ________
—V. 92, p. 461, 201.
Interborough-Metropolitan Co.— L is te d . — The New York
Stock Exchange has listed $50,018,900 temporary common
stock voting trust certificates, extended, with authority to
add $43,243,200 additional of said temporary certificates,
on notice of issuance, making the total amount authorized
to be* listed $93,202,100.
Temporary voting trust certificates in the form prescribed
in the agreement may be obtained in exchange for the old
common stock voting trust certificates at the transfer
agents, August Belmont & Co., 23 Nassau St., city.
See advertisement on previous page.— V. 92, p. 401, 183.
Lehigh Valley RR.— P ro p o sed A b a n d o n m en t o f M o r r is
C a n a l. — Sec editorial remarks.— V.92, p. 118.
Long Island RR.— P riv ileg e o f E x c h a n g e . — Holders of the
$1,000,000 Brooklyn & Montauk RR. Co. 1st M. 5% and
0% bonds maturing March 1 1911 are olfered the privilege
of exchanging the same for Long Island RR. refunding mort­
gage 4s, maturing March 1 1949 (guaranteed both prin. &int.
by the Pennsylvania RR. Co.) for a period of 30 days on
and after March 1 1911.
•
The refunding bonds to be taken at 97% of par; the difference of $30 will
be paid In cash at time of exchange, or the principal of the maturing bonds
will be paid on and after March l 1911 upon presentation at the office of
the Pennsylvania RR. Co., 85 Cedar St., N. Y. The coupons due that date
should be detached and presented to the United States Mortgage &Trust
Co., N. Y. See advertisement on another page.—V. 90, p. 1040.
Lykens Valley RR. & Coal Co.— N ew 99-Y e a r L ea se P r o ­
vid es f o r 4% D iv id e n d s . — See Northern Central Ry. report on
a subsequent page.— V. G4, p. 330.
Manitoulin & North Shore Ry.— G u a ra n ty, & c . — Sec Lake
Superior Corp. under “ Industrials” below.— V. 92, p.4(52,396.
Marshall & East Texas Ry.— M o r tg a g e . —The directors on
Feb. 14 authorized the making of a mortgage to secure a bond
issue limited to $5,000,000, the bonds to be sold as required
for extensions and improvements if cessation of anti-railroad
legislation in Texas makes the same feasible.— V. 88, p. 1500.
Midland Pennsylvania RR.— B o n d s O ffered . — Lewis J.
Grubb, 412 Real Estate Trust Bidg., Philadelphia, announces
that subscriptions for the bonds of this company will be re­
ceived by the Commonwealth Title Insurance & Trust Co.
(the trustee) and the Real Estate Trust Co., both of Phila­
delphia, the offering price being 95 and int. A circular shows:
Bond issue, $2,000,000 1st M. 50-year Interest guaranteed 5% sinking
fund gold bonds, due July 1 1960, tax-free in Pa. Int. J. & J. Par,
$1,000 and $100. S. f., annually after 1913, if purchas. at or below 115.
Officers: Pres., Walter E. Harrington, former Manager Eastern Penn­
sylvania Rys. Co. and former President Merchants’ Nat. Bank, Pottsvillc,
Pa.: First Vice-Pres., Dlmner Beeber, President Commonwealth Title Ins.
& Tr. Co., Phila.; Second Vicc-Pres., Joseph F. Komberger, President
Lykens Valley Bank, Hllzabethvlllc, Pa.; Third Vice-Prcs.,1 Pnlcy Acker,
Phila.; Sec., John H. Williams, Pottsvillc, Pa.; Treas., S. F. Houston, Phila.
A b s tr a c t o f L e tte r fr o m

P r e s id e n t W . E . H a r r in g to n

D ecem ber 1 1910.

The Lykens Valley Construction Co. is under contract to deposit with
the trustee $1 ,000,000 of the capital stock of the railroad company, to be
held in trust until the net earnings of the railroad (after the payment of
the bond Interest) are twice the amount of the bond interest charges, and
to guarantee until said time prompt payment of bond Interest when due.
The road (Incorporated Feb. 17 1910 under the general railway law of
Pennsylvania, and now In course of construction, will comprise a single­
track road with right-of-way sufficient for a double-track road when the
traffic warrants) from Mlllcrsburg, Dauphin Co., Pa., on the west to and
through Klllinger, Dcrrysburg, Gratz, Sprlngvllle, Sacramento, Valley View,
Ilcglns, Wleshamplc, Mabel and Gordon to Ashland, Schuylkill Co., on
the east: contrlbutary population approximately 199,000. The line will be
44 miles long, with about 10 miles of sidings; private right-of-way 60 ft.
wide; 80-lb. T rails; standard steam railroad construction and equipment.
The line follows the centre of population of the fertile Lykens Valley,
directly serving ten long-established, prosperous towns from two to six
miles apart. In addition, there arc 30 other similar prosperous towns and
villages adjacent and contributory to the line. Actual count shows an




average of 40 highly-cultivated farms to the mile, which at present are en­
tirely without transportation facilities except such as is furnished by stage
or wagons to railway stations 6 to 17 miles distant. The average grade
will not exceed H of 1 %, and the general topography allows of a minimum
operating expense. The road will reduce the distance between Ashland
and adjacent points and Harrisburg and points south and west. It will
connect with the Northern Central DIv. of the Penna. RR, at Millersburg
and with the Phila. & Reading and the Lehigh Valley RR. (steam) and
with the Schuylkill Ry. and the Shamokin &Mt. Carmel Transit Co. (elec­
tric) at Ashland. The operation of this railroad will be In response to a
general demand throughout the entire valley, which has been more and
more urgent during the past 25 years. The operating cost should be un­
usually low, with coal purchasable at the mines at Ashland.
Montreal Tramways Co.— P r o p o s ed M e r g e r . — A bill was
introduced in the Legislature at Quebec on Feb. 20 authoriz­
ing the incorporation of this company with $20,000,000
capital stock, in S100 shares, for the purpose of merging the
electric railways of the Montreal Street Ry. and its subsidiary
companies, viz, the Montreal Terminal Ry., the Montreal
Park & Island Ry. and the Public Service Corporation,
formerly the Suburban Tramway & Power Co., on terms to
be subject to the consent of the Quebec Public Utilities Cor­
poration. The bill provides that upon such acquisition:
The company shall have in perpetuity the exclusive right to acquire,
construct and operate tramways and street railways in and throughout
the Island of Montreal, and Isles Jesus and Bizard. The operations of the
company shall be subject to the provisions of existing contracts with the
municipalities outside of the city of Montreal, and to the terms of a new
contract which the city of Montreal is hereby authorized to enter Into wit
the company, governing fares, the proportion in which the city shall par­
ticipate in the revenues, &c. If the city of Montreal and the company shall
not agree upon the newcontract withl ■SOdaysafterpublishednotice thatthe
merger has been sanctioned by the Commission, then the terms upon which
the company shall operate shall be determined by the Quebec Public
Utilities Commission.
New Orleans Fort Jackson & Grand Isle RR.— S u c c es so r .—
Sec New Orl. Sou. & Grand Isle Ry. below.— V. 92, p. 396.
New Orleans Southern & Grand Isle Ry .— Netv C o m p a n y .
— The company has been incorporated in Louisiana with
$10,000,000 auth. stock, probably as the successor of the
New Orleans Fort Jackson & Grand Isle RR. The incor­
porators are: Charles D. Warren, of Toronto; Otto T. Maier
and E. H. McCaleb.
New York Central & Hudson River RR.— S a le o f H a l f
C o m p a n y ’s H o ld in g o f R u tla n d R R . S to c k . — See New York
New Haven & Hartford RR. below.— V. 92, p. 462, 396.
New York New Haven & Hartford RR.— P u rch a se o f In ter­
est in R u tla nd R R . — It was announced on Feb. 18 that the
company had purchased from the New York Central & Hud­
son River RR. $2,352,050 of that company's holding of
$4,704,100 pref. stock in the Rutland RR., total issue
$9,057,600. (There is only $199,400 common stock, the
remainder having been exchanged for pref. some years ago.)
It is intended that said stock shall go into the treasury of
the Vermont Valley RR., which is controlled by the Connec­
ticut River RR., a dependency of the Boston & Maine RR.
Vice-Pres. Byrnes in Boston on Feb. 20 was quoted:
The acquisition of the shares of the Rutland RR. by the New Haven In­
terests has for its primary purpose an active entrance into the Import and
export business through the port of Boston. With the Boston & Maine
touching the Northern lines and a direct connection with the Canadian
grain lields, and a voice In the rate question from Chicago and Lake ports
East, by means of the Rutland Transit Co., which Is an extension of the
Rutland from Ogdensburg to Chicago, and with the adoption of a reci­
procity treaty between Canada and the United States, the barrier heretofore
existing against this export business Is broken down, and we feel justified
in taking active and energetic steps In Its development. The purchase was
not made for the purpose of retaliating upon the Grand Trunk Ry. for its
proposed extension to Providence.—V. 92, p. 462, 396.
New York State Railways.— L is t e d . — The New York
Stock Exchange has listed $3,862,500 5% cumulative pref.
stock on notice of issuance of amended engraved certificates.
E a r n in g s . — For the year ending Dec. 31 1910:
Gross earnings...............$3,421,7911Deduct—Int.. rentals, &c_ $527,125
Net after taxes.................1,121,201 Preferred dividends______ 249,354
Dlvs. from sub-companies 569,634 ICommon dividends (6%). 897,517
Total net Income_ 1,690,8351Balance, surplus___________ J
16,839
—V. 91, p. 1711.
Norfolk & Atlantic Terminal Co.— B o n d s O ffered . — Alex.
Brown & Sons of Baltimore, having sold the greater part of
the $500,000 1st 30-year 5s, due March 11929, offer the unsold
balance at 90 and interest. See statement in “ Street Railway
Section” issued to-day, page 86.— V. 88, p. 1254.
Northern Central Ry.— R e p o rt. — See “Annual Reports” .
L ea se.
The Md. Court of Appeals on Feb. 23 affirmed
the decision of the Circuit Court of Baltimore, holding the
lease is not redeemable under Maryland laws.
The lease, it is stated. Is not within the terms of the statute authorizing
the redemption of leases of lands, but Is a lease within the provisions of the
Act of 1908, Chapter 226, authorizing any railroad company Incorporated
under the laws of Maryland to lease its railroad and franchises.
The lease, It Is stated, was approved by a vote of more than three-fourths
of the stock of the Northern Central, the lessor, and was approved by the
Pennsylvania, which had exercised a de facto control by virtue of its
stock holdings.
The Court says that there is no force in the contention that under the
facts of the case the proceedings should be suspended pending the decision
of suits In the Federal courts, nor can it conceive how the rights of the
minority stockholders can be injured by the determination of the question,
as the interests of the majority and minority stockholders appear to be
about the same.—V. 91, p. 1768.
Northern Ry. of Costa Rica.— B o n d s C a lled . — Eleven
($11,000) bonds issued under the mortgage dated Sept. 15
1900 have been drawn for payment at par and interest on
March 1 at the office of the Old Colony Trust Co. of Boston,
as trustee. The company is controlled by the United Fruit
Co.— V. 91, p. 464.
Northern Ohio Traction & Light Co., Akron, O.— N ew
S tock I s s u e s . — The “ Cleveland Leader” of Feb. 21 said that
the directors were to meet yesterday to take action to call a
special meeting of the shareholders to authorize an issue of
$3,000,000 6% pref. stock, of which $1,000,000 will be sold
at once to provide funds for the new power-house to be built
at Cuyahoga Falls.
The new pref.. It Is stated, will probably be offered first to shareholders,
but has been underwritten. Compare V. 92, p. 322.

Quakertown Traction Co.— O ffer W ith d ra w n — B on d h old ers
1.— George B. Atlee & Co., Philadelphia, s\y:
As the Lehigh Valley Transit Co. has decided to withdraw Its oiler of
purchase or exchange of Quakertown Traction Co. bonds, and has stated
Its Intention of building a competing line, we have arranged for a meeting
of holders of Quakertown Traction Co. bonds or of Brown Bros. & Co.’s
certificates of deposit for the same, on March 1 at 11 a. m. at our offices.
(The dlreotors of the Transit Co. have Instructed Brown Bros. & Co. to
return the deposited bonds to the holders.—Ed.]—V. 92, p. 323.
Quebec Railway, Light, Heat & Power G o .— O fferin g o f
about $2,600,000 B o n d s in P a r is to P r o v id e f o r C onstruction
o f Q u eb ec-S a g u en a y R o a d . — On Feb. 15 subscriptions were
to be received in Paris at 460 francs each, through Aynard &
Co., 33 Boulevard Malesherbes, and Rodolphe Forget, 60
Rue de Provence, for 26,000 1st M. Quebec-Saguenay division
5% bonds of 500 francs (say $100) each, issued by the com­
pany to provide for the construction of the 56J^-mile exten­
sion which will begin at the terminus of the existing line, 30
miles from Quebec, and extend easterly on the north bank
of the St. Lawrence River to Murray Bay.
The line will have a Federal subsidy of 56,400 per mile and 50% of the
cost of bridges, payable In cash, say $379,600 In all, which will be used
towards the redemption of the bonds. In addition the Provincial Govern­
ment allows a land grant of 2,000 to 4,000 acres a mile. For the 11 mos.
ending Nov. 30 1910 the company reported gross receipts of $1,084,888,
Increase $112,759; net, $527,816, Increase $145,365. The estimated re­
ceipts for the cal. year 1911 arc $815,000; lnt. charge on $8,600,000 5%
bonds, $430,000; bal., sur., applicable to dividends, $385,000. Compare
V. 89. p. 1281, 1598; V. 91, p. 95, 1328.
Railways Company General - H a l f - Y e a r l y R e p o r t. — Re­
sults for the 6 months ending Dec. 31 were:
Income from lnt. on bonds, and other sources, $32,808; expenses, Includ­
ing taxes, rents, salaries, &c., $8,010; net profit, $24,798. Surplus balance
June 30 1910 was 5357,566, making a total of 5382,364; dividends and
appraisal adjustments, $44,200; surplus Dec. 31 1910, $338,164.
Rates.— C o m m is sio n D e n ie s P r o p o sed In creases in F reigh t
The Inter-State Commerce Commission on Thursday handed
down unanimous decisions refusing to grant permission to the
lines in “ official classification territory” and Western lines
to increase any of the freight rates embraced in the applica­
tions which have been pending since early last year.
In a soparate decision the Commission allows carriers operating from
St. Louis into Texas (which Is known as the Southwestern territory) to
retain their present rates made 2)4 years ago. The Commission says. In
this case that the evidence shows that the roads are not as prosperous as
those In other sections of the country. The matter, however. Is small In
Importance as compared with the findings of the Commission In regard to
the roads, about 600 In number, Included In the first two groups above
named.—V. 01, p. 655.
Rutland RR.— N . Y . Central S ells H a l f Its H o ld in g s . — See
N. Y. N. H. & Hartford RR. above.— V. 91, p. 1096, 691.
St. Louis Iron Mountain & Southern RR.—-N e w L ea sed
L i n e . — See Cairo & Thebes Ry. above.—V. 91, p. 155.
St. Paul & Kansas City Shore Line RR.— O ffer o f Gua ra n­
teed B o n d s . — See Chicago Rock Island & Pacific Ry. above.
Southern Ry.— “ M e r g e r ” S u it A b a n d o n e d . — Gov. Blease,
of South Carolina, on Feb. 13 signed the resolution passed by
the Legislature directing the Attorney-General to abandon
the appeal in the so-called “ merger” suit, in which a decision
favorable to the company was recently handed down by the
Richland County Court (V. 91, p. 1711).—-V. 92, p. 463.
Tennessee'Alabama & Georgia RR.— M ortga ge F i l e d .—
The company lias filed its new mortgage to the Empire Trust
Co. of New York, as trustee, to secure an authorized issue of
$5,000,000 50-year 1st M. gold bonds ($l,000c*), due Feb. 1
1961, but subject to call on any interest day (Feb. or Aug. 1)
at 110 on 2 months’ notice. Present issue to be $1,500,000.
The bonds arc to bear interest at 5%, except the first $1,000,000 (Nos. 1
to 1,000 inclusive), which for the first 5 years will be entitled to the pay­
ment of Interest up to 5% only in so far as earned, payable semi-annually,
and thereafter to fixed Interest at 5%, the same as the remaining bonds.
The bonds after the Issue of the first $1,000,000 arc limited to $25,000 per
mile main or branch track constructed or acquired In sections of 5 miles
or multiples, provided there has been added to the equipment and paid
for at least one locomotive for each 10 miles and 4 freight cars for each mile
added by construction or purchase.—V. 92, p. 323.
Toledo Railways & Light Co.— R e p o rt. — For cal. yjar:
Year—
Gross.
Net.
Charges.
Bal., surp.
1910
$2,985,382 $1,110,782 $926,381
$190,401
1909 ......................... 2,733,177 1,105,830
778,286
327,554
—V. 90, p. 1297.
Union Railway, Gas & Electric Co., Springfield, 111.—
lo M e e t M a r c h

Cal.
Gross
Year— Earnings.

Net
Earnings.

Fixed
Charges.

Preferred
Dividends.

Balance,
Surplus.

$314,165
$237,335
1910___$2,981,711
$1,347,757
$796,257
313,687
264,583
1909___ 2,820,349
1,351,934
773,664
—V. 89, p. 780.
Vancouver Westminster & Yukon Ry.— A s s e s s m e n t . —
Sec.-Treas. James Jeffrey, Vancouver, IL C., gives notice:
By by-law passed on Jan. 3 1911 a call of 10% on the subscribed capital
stock other than the shares held under certificate No. 16 Inrespect of shares
Nos. 10,221 to35,220,inclusive, was made, payment of which call Is thereby
required to be made at the office of the Secretary-Treasurer, 319 Pender St.,
Vancouver, B. C., on or before March 15 1911.—V. 85, p. 1647.
Vera Cruz Terminal Co., Ltd.— L isted in L o n d o n . — The
London Stock Exchange recently listed a further issue of
£200,000 4}^% debentures of £100 each, making the total
listed $1,000,000. Compare V. 87, p. 39; V. 91, p. 465.
Vermont Valley RR.— P u rch a se o f R u tla n d R R . S to c k . — See
N. Y . N. H. & Hartford RR. above.— V. 91, p. 791.
Virginia Railway & Power Co.— M e e tin g to A u th o rize S a le
o f B o n d s , cfee.— The stockholders will vote March 14 on:
(1) To authorize a mortgage supplemental to that securing an au­
thorized Issue of $15,000,000 of “first and refunding” M. bonds.
(2) To refund certain of the bonds secured by underlying mortgage liens
mentioned in the first and refunding mortgage.
l(3) To authorize the sale of $2,000,000 "first and refunding, M. bonds,
f elng
a part of the bonds reserved for refunding and retiring underlying
bonds and for Improvements, additions and extensions, and other corporate
purposes.—V. 92, p. 456.
Washington Water Power Co., Spokane, Wash.— R ep o rt
Cal. ■
Gross
Net (after
Charges &
Dlvs.
Balance
Year— Earnings.
Taxes).
Depreciation.
Paid.
Surplus
1910___$3,155,223
$1,476,683
$557,910
$708,231
$210,542
1909___ 2,788,742
1,284,848 609,811
442,424
232,612
—V. 92, p. 190.




INDUSTRIAL, GAS AND MISCELLANEOUS.
American Telephone & Telegraph Co.— D e c is io n . — See
Western Union Telegraph Co. below.— V. 92, p. 397, 190.
American Water-Works & Guarantee Co., Pittsburgh.—
G uaranteed B o n d s in P a r i s . — See California-Idaho Co. below.
— V. 91, p. 155.
Atlantic Gulf & West Indies Steamship Co.— N ew D ire c to r .
— The board having been increased from 7 to 8, William
Brown of Newcastle, Pa., has been elected as the new direc­
tor.— V. 92, p. 459.
Barney & Smith Car Co.— P referred D iv id e n d s R e s u m e d .—
A dividend of 2% has been declared on the $2,500,000 8%
cumulative pref. stock, payable March 15 to holders of
record Feb. 28,being the first distribution on the issue since
June 1908. No payment has been made on the common
since Dec. 1907. Compare V. 86, p. 482.— V. 89, p. 165.
Bell Telephone Co. of Pennsylvania.— R e p o r t .—
Cal. Year—
Gross.
Net.
Interest.
Dividends. Bal.,surp.
1910 ---------- $18,349,425 $4,535,907 $245,886 $3,550,781 $739,237
1909 ---------- 16,171,839 4,481,781 301,280
3,500,500 677,001
—V. 91, p. 1631.
Big Lost River Land & Irrigation Co.— F a u lty C on stru c­
tio n . — This company’s dam, situated about three miles
northwest of Mackay, Custer County, Idaho, was projected
to be one of the largest earthen dams in the country, its
length being 2,050 ft. and maximum height 120 ft, with
reservoir capacity at the 110-foot level of 170,000 acre feet.
Two examinations of the dam were made last summer (1) by
J. B. Lippincott, consulting engineer, Los Angeles, reporting
to a citizens’ committee of Mackay, and (2) by a commission
of three engineers, J. H. Quinton, Los Angeles, Cal., and
D. G. Martin and A. J. Wiley, both of Idaho, reporting to the
State Land Commission. The “ Engineering News” of N. Y.
for Feb. 11 concludes a resume of Mr. Lippincott’s report
substantially as follows:
In Mr. Lippincott’s opinion, the dam and Its foundations will leak very
badly with only a partly filled reservoir, although possibly It might Im­
pound water safely to the level of the top of the core-wall. The filled reser­
voir, he says, would be a serious menace to life and property. At the time
the report was made the dam was about 40% In volume and 60% In cost
finished. The three engineers reached the same general conclusions as
did Mr. Lippincott regarding the Inadequacy of the plans and the dangerous
character of the work. They believe that It may be possible to construct
a lower dam and utilize some of the material and work done on the present
dam in such a way as to Impound water to a depth of 50 ft., as a partial
temporary supply for Irrigation and domestic purposes. [There arc about
$1,368,500 bonds In the hands of the public; total pledged by Trowbridge
& Nlver not over $10,000; total delivered by trustee, $1,378,500. Com­
pare V. 92, p. 190, 60.]
Buffalo General Electric Co.— R e p o rt. — For cal. year:
Year—
Gross.
Net.
Other Inc.
Interest.
Bal., sur.
$419,788
$43,447
$133,887
$329,348
1910 ___$1,085,311
1909 ____ 967,455
367,732
40,629
t23,299
285,061
B o n d Is s u e A p p r o v e d . — The Public Service Com.,.Second
Division, has authorized the company to issue $420,000
30-year 5% bonds, to be sold at not less than 95, the proceeds
to be applied for the construction of a building for the com­
pany’s use.— V. 91, p. 1514.
California-Idaho Co.— O fferin g in P a r is o f B o n d s G u a ra n ­
teed by A m e rica n W a te r -W o r k s &, G uarantee C o . — La Banque
Franco-Americaine, at Paris, it is announced, will shortly
offer at 96)<i $3,000,000 “ 1st M. and coll, trust 5% bonds,
being part of an auth. issue of $6,500,000, redeemable by
sinking fund drawings at 105 from 1914 to 1925. Int.
A. & O. These bonds are secured by—
(1)
A 1st M. on all property (at present 33,000 acres) now or hereafter
owned by the California-Idaho Co., organized to develop by Irrigation
land In the Sacramento Valley. Cal.; (2) by deposit with The Farmers’
Loan & Trust Co., N. Y., of the entire $10,000,000 capital stock of the
Sacramento Valley Irrigation Co. (see bond offering, V. 90. p. 171); (3) by
like deposit of $510,000 (51%) of the stock of the Twin Falls North Side
Land & Water Co. (see V. 89, p. 999); and (4) by the unconditional-guar­
anty as to principal and Interest by the American Water-Works &Guarantee
Co. of Pittsburgh, a company (V. 87, p. 1090; V. 91, p. 155) whose capital
stock is $2,000,000 and surplus (per balance sheet), $4,500,000. In connec­
tion with this guaranty the last-named company has deposited $12,942,500
stock of various public service companies.

Calumet & Hecla Mining Co .— C ir c u la r .—-The manage­
ment have issued a letter in which they say that the directors
do not recommend, at least for the present, a radical change
in the character of the stock, which would convert the same
from an investment to a speculative issue, as suggested by
the holding company proposition of the Stock Exchange
committee, “against the wishes of a substantial number of
stockholders.”— V. 92, p. 464, 60.
Central City Water-Works Co., Syracuse, N. Y .— D e c is io n .
— The Court of Appeals at Albany on Feb. 7 affirmed the
decision of the lower courts in the suit brought by the com­
pany in Oct. 1892 for $250,000 damages, for alleged breach of
a franchise contract granted by the city on March 23 1885.
Under the franchise the company was to supply the city with 520 hydrants
at $50 each annually, a total of $26,000, the limit under the city’s charter.
Of the four sources of supply mentioned in the ordinance, Oneida Lake was
rejected after the State Board of Health had condemned It as a source of
supply, and Cazenovla Lake and Tully Fond were rejected as Insufficient In
quantity. Several years later the city obtained the right from the State
to take a municipal water supply from Cazenovla Lake. The company
claimed that by the last-named step the city had deprived It of the only
source of supply and was guilty of a breach of contract. If the plaintiff had
succeeded, the city would probably have been liable for further damages.

Central Leather Co.— T em p o r a r y
A d jo u r n e d . — Vice-Chancellor Howell,

I n ju n c tio n .— M e e tin g

in Newark, N. J., on
Thursday, on application of J. S. Bache, representing them­
selves and other minority stockholders aggregating, it is
stated, over $20,000,000, obtained a temporary injunction,
returnable on Tuesday next, restraining the election of
directors which was to have been held on Thursday, until a
master in chancery can be appointed to conduct the same.
The meeting was accordingly adjourned to March 2. The

management claimed to hold proxies representing $47,000,­
Guggenheim Exploration Co.— R eported P l a n s . — An im­
000 of the $70,000,000 stock.
portant interest closely identified with the company is quoted:
The NewJersey statutes provide that a candidate cannot he anInspector,
Many plans have be'en under consideration for an increase in the capita
and It Is claimed that If lie cannot act as such he cannot appoint one In his
and a larger return to the shareholders, but no definite course has
place. Precedents for the application, It Is said, are furnished by the stock
been
decided upon. Eventually something will be done. One plan
Colorado Fuel & Iron Co. case some years ago, and other important cases. suggested
the issuance of 3 shares for each share now owned and the
Bache & Co. also propose to contest the right of certain persons to vote in placing theisstock
on a 5% dividend basis. Another plan which has received
the Interest of the present board on about $5,000,000 stock, the voting favorable
consideration
Is that of increasing the capital stock to $50,000,000,
power on which. It is claimed, was borrowed for a consideration the day of which $10,000,000 w
be held in the treasury and a 100% stock
before the books were closed; also that the right of the company to close Its dividend declared out ofould
remainder. In this event the dividend rate
books 30 days before the election, or to close them at all. Under the New \v?VivL~ !na?u GC° * Netthe
result
be an increase of 2% In dividends in
Jersey statutes no stockholder whose stock had been transferred to him addition to the bonus of stock,would
as each shareholder would receive $12
within 20 days of the election, it Is pointed out, can vote upon It.
where he now receives $10 per annum.—V. 92, p. 393.
N ew D ire c to r .— Henry Ickelheimer, of Heidelbach, IckelHicks Locomotive & Car Works, Chicago.— S o ld .— 1This
heimer & Co., the firm’s bankers, was on Monday elected by property
was bid in at receiver’s sale on Feb. 21 by Col.
the directors as a director to succeed J. J. Lapham, deceased. William Barbour
of New York for $470,000.— V. 92, p. 466.
Geo. D. Hallock of Kidder, Peabody & Co., has been elected
a director to fill a vacancy caused by resignation.— V. 92, _ Houston Oil C o . — N ew F in a n c ia l P l a n . — The directors,
it is said, have informally agreed upon a plan for re financing
p. 4G4, 191.
the company which will be formally approved at a meeting
City Water Co. of Santa Cruz, Cal.— F oreclosu re O rdered .— of the board to be held in the near future. A special dis­
See Santa Cruz in “ State & City” department.— V. 89,p.472. patch to the “ Houston Post” , dated Feb. 20, says:
Cleveland (0.) Electric Illuminating Co.— N ew S to c k .—
According to these advices, William Salomon & Co. of New York will
Shareholders of record March 1 1911 are offered the right to head a syndicate to underwrite an Issue of 5% bonds secured by a blanket
m
ortgage
the entire property. It Is expected that the bond Issue will be
subscribe at par ($100 a share) at the Cleveland office on or about theon
same amount as the present Indebtedness of the Kirby Lumber
before March 27 on warrants to be issued about March 1 Co. ($5,865,000), with enough additional to pay the expenses of the new
financing. The new bonds will run until 1925 and will carry sinking fund
for $1,300,930 new common stock to the extent of 20% of provisions.
It Is said also that a part of the proposed plan is the Issuance
their holdings, whether common or preferred. The author­ of approximately $13,000,000 of new 5% cumulative pref. stock to be given
In
exchange
for
the present $8,784,000 6% cumulative stock, and also to
ized capital stock is $9,000,000 common, $1,000,000 6% pay up the accum
ulated dividends on the old pref. shares, which Jan. 1 last
cum. prof.; outstanding common, $5,734,500; prof., $800,000. amounted to $4,216,416. It Is claimed that assurances have been received
a sufficient number of the pref. stockholders to guarantee the success
There are also outstanding $4,100,000 1st mtg. bonds. (from
f the plan. It is not proposed to disturb the present common stock in
A sale of $500,000 bonds was reported yesterday. (V. 91, any way.—V. 91, p. 1331.
p. f 12)
Indian Refining Co., Cincinnati.— N ew B o n d I s s u e . — The
Subscriptions arc payable 30% March 27 1911, 30% June 10 1911, 40%
Aug. 10 1911. 'Pile 2cl and 3d Installments may be anticipated at the op­ company, it is announced, is arranging to make an issue of
tion of the subscriber on any installment date. Full-paid receipts will be $5,000,000 1st M. 6% bonds, maturing $200,000 semi-an­
exchangeable on Oct. 2 1911 for common stock certificates, and Interest
at 8% per annum from date of payment of the Installments to Oct. 2 1911. nually from April 1 1912 to Oct. 1 1910, incl., and $300,000
[ Cleveland 1'Inancc ’ on Jan. 28 said: “At the annual meeting on Wednes­ semi-annually from 1917 to 1921, incl., but redeemable at
day, Pres. .Tames Parmclce stated that $400,000 had been spent on the 102 and int. The proceeds of the present issue of $4,000,000
new lake shore plant and $1,800,000 more will be required to complete it.
In improvements to the system, $1,100,000 was spent during 1910; more will be used to take up the company’s short-term notes and
than $1,000,000 will have to be spent In 1911 to provide further better­
ments for the distributing system. The company expects to begin using the to redeem debentures of the Bridgeport Oil Co., effecting a
new power plant by Sept. 15, and there will be an early Installation of reduction in sinking fund requirements amounting, one ac­
38,000 h. p.; the horse power will eventually be 114,000 h. p. In place of count says, to $800,000 yearly.
Horace E. Andrews, who resigned from the board, Parmely Herrick was
elected.”]—V. 91, p. 1387,
.
Status after Issuance of Said $4,000,000 First Mortgage 6a.
(Exclusive of cash on hand or stocks Insubsidiary companies.]
. Cleveland & Sandusky Brewing Co.- ■Report f o r Y e a r .—
Assets ($13,030,000) —
Liabilities ($12,167,000) —
Calcmtar
Gross
Over. Exp.,
Bond
Sinking
Balance, Itelinerics, real est., &C-.$4,175,000 Capital stock_________ $6,000,000
Year—
Earnings.
Deprec’n, Ac.
Interest.
New 1st M. bonds_____ 4,000,000
Fund.
Surplus. Oil-producing properties,
$373,013
$385,007
1910-------$1,030,330
idpe lines, &c_______ 3,325,000 Car trusts &pur. mon. M. 867,000
$50,000
$222,280
1909 ------- 845,885
381,351
388,200
Accounts payable and ac­
50,000
20,328 Oil-dcllvcry stations, gen­
—V. 90, p. 501.
eral equip., &c______ 1,035,000 crued liabilities_____
750,000
Tank cars A barge equip . 1,225,000
payable, bank loans,
Consolidated Gas, Electric Light & Power Co.— Increase Acots. and bills receivable 1,845,000 Bills
&c_______
550.000
o f C o m m o n S to ck — R etirem en t o f P r io r L ie n P r efer re d . — The Oils, stores, &c________ 1,425,000 See also V. 91, p. 520; V. 92, p. 191.
International Harvester Co.— C o m m o n on 5 % B a s i s . — A
stockholders will vote on March 1 on the following proposi­
tions (compare V. 92, p. 464):
quarterly dividend of l } 4 % has been declared on the $80,­
(l) To Increase the total amount of common stock authorized to be Issued 000,000 common stock, payable April 15 to holders of record
and outstanding from $0,300,034, the amount now issued and outstanding March 25, comparing with 1% quarterly beginning April 15
($3,285,450 of said stock out of the $9,585,484 mentioned in Article IV.of
the agreement and certificate of consolidation, as the total authorized com­ 1910 from the earnings of the calendar year 1909 after the
mon stock, having been canceled immediately after Its Issuance, pursuant issue had been increased by a stock dividend of 33 1-3%
to the provisions of Article VII. thereof) to $8,500,000; and (2) to decrease
the pref. stock when and as the $700,000 prior lien pref. stock may be re­ ($20,000,000). Compare V. 90, p. 170 300, 376, 450.—
deemed (at 105) by vote of the directors, “by authorizing the permanent V. 91, p. 1773.
cancellation and retirement of the entire $700,000 of said prior lien pref.
stock when and as so redeemed by action of the board of directors.”—
Kansas City StockYards
Co. of Missouri.— R e p o r t .—
V. 92, p. 464. 01.
Number of head ofstock andcars handled at the yards:
O p tion o f E x c h a n g e . — The company, having purchased in
Year—
Cattle.
Calves.
Hogs.
Sheep. Horses, Ac. Cars.
the open market enough of the outstanding $0,360,054 0% Cal.
1910........._2,229,570 277,572 2,085,566 1,841,173 69,628 129,073
2,350,946308,982 3,092,835 1,645,325 67,796 143,750
pref. stock to retire the $700,000 prior lien stock, offers the 1909
right to the holders of the prior lien stock to exchange tlieir —V. 90. I). 107.
Lackawanna Steel Co.— R e su lts . — The combined earnings
stock for the pref. stock taken at 95. Any prior lien stock
not so exchanged will no doubt be called in at 105 under the of the company and subsidiaries for the year ending Dec. 31
company’s option. The purpose of this arrangement is to were:
Total
Int. on Bonds Sink.Fd. A Depreciation, Balance,
prevent the increase of dividend charges ahead of the com­ Cal. Year— Income.
and Notes. Exhau'n Fd.
Ac.
Surplus.
mon stock.— V. 92, p. 404, 01.
$432,378 $1,254,523 $1,686,902
1910.......... $5,949,230 $1,729,229
.. 3,911,210 1,606,250
406,916 1,119,940 1,526,857
Gonsolidation Coal Co.— B o n d s S o ld . — Spencer Trask & 1909___
The unllllcd orders on Dec. 31 1910 were 226,103 tons, against 467,533
Co., William Salomon & Co. and Kissel, Kinnicutt & Co., In 1909.—V. 92, p. 192.
announce that the $9,000,000 1st and ref. M. 5% bonds re­
Lake Superior Corporation.— C ircu la r — lsf M . & collateral
cently offered by them have all been sold to investors.— T ru st B o n d s to be Reduced to $5,800,000.— With reference to
V. 92, p. 464, 397.
the meeting to be held March 1, Secretary T. Gibson, in a
Crucible Steel Co. of America.— Neio D ire c to r . — W. C. circular dated Feb. 11, says in substance:
Manitoulin A North Shore Railway Co.—This subsidiary company has a
Fownes Jr. has been elected a director to succeed Reuben
charter from the Parliament of Canada which authorizes It to build a line
Miller, who retired some time ago.— V. 92, p. 397, 325.
from Sudbury to Dittlc Current (Manitoulin Island), directly through the
nickel and copper districts. (V. 77, p. 771: V. 92, p. 396,466). On comple­
Cumberland Coal & Coke Co.— F oreclosu re S a le . — The tion
of this road, the company will be entitled to a valuable land grant of
company’s property in East Tennessee was, it is stated, re­ 703,200 acres of land In the Province of Ontario, besides cash subsidies
cently bid in at foreclosure sale for $225,000 by representa­ from both the Province and the Dominion of Canada. So far, oidy 24 miles
have been completed, leaving about 62 miles yet to complete this Sudbury
tives of the bondholders.— V. 91, p . 1449.
and Little Current section. It Is absolutely necessary that this should be
done at once, as otherwise the land grants, &c., which are of great potential
Dayton (0.) Breweries Co.— R e p o rt. — For calendar year:
value, will be lost, and the section of about 24 miles will be of little value.
Year. Gross.
Net
Ocprec. Bond.lnt. S k.F d . Pref. Div. Bat..stir
directors have therefore approved of a plan which is brlcily as follows:
1910 $1,195,814 $303,832 $39,633 $155,875 $25,000 (3%)$37,474 $105,850 Your
The 24 miles constructed will be sold for the cqulv. of$250,000, under
59,952 the1.pow
1909 1,081,088 270,444 35,116 156,375 25,000 ________
given In the mortgage securing the “1st M. & collateral trust”
Total accumulated surplus Dec. 31 1910, $559,604. barrels sold, 158,­ bonds ofers
the Lake Superior Corporation, and $250,000 bonds issued under
533 in 1910, against 140,466 in 1909.—V. 90, p. 1046.
that mortgage will be canceled, thereby reducing the amount of the “ 1st
d collateral trust” bonds of the corporation to $6,750,000.
Ford & Johnson Co., Chair Manufacturers, Cincinnati.— M.2.anThe
railway company will be re-capitalized as follows:
B o n d s . — A mortgage has been filed to the Covington Savings 1st M. 50-year 5% redeemable gold bonds (at $30,000 per mile
of
com
pleted
road)____________
$3,000,000
Bank & Trust Co. of Covington, Ivy., as trustee, covering, it is Common stock--------------------------------------------------------2,000,000
said, all the properties owned, to secure an issue of $000,000 Non-cumulatlve 5% preferred stock---------------------1,000,000
3. In consideration of the guaranty of the principal and Interest of the
bonds.— V. 81, p . 501.
above Issue of bonds, the Lake Superior Corporation will receive $800,000
Gas Light Co. of Augusta, Ga.— N ew S to c k . — The Georgia of the pref. stock and $1 ,000,000 of the common stock of the railway com­
as fully paid and non-assessable. As both pref. and common shares
HR. Commission recently sanctioned an issue of $150,000 pany,
will have equal voting powers, the control will remain with the corporation.
non-cum. pref. stock.
Saiilt Ste. Marie Pulp A Paper Co.—This other subsidiary operates the
The records of the Commission showed on Feb. 18 1911 that the company
mills at Sault Ste. Marie, but has been only moderately
has outstanding $623,000 or bonds with a total auth. stock Issue of $150,000, ground wlood-pulp
because unable to develop and modernize Its plant, which Is
of which $300,000 Is common stock and $150,000 pref. stock. Freviously successfu
hopelessly Incomplete froma profit-making point of view without the addi­
pref. stock was $25,000; common stock, $300,000; 5% bonds due 1936, tion of a paper mill. The plan may be outlined briefly as follows:
$599,000. Pres, and Treas., E. A. Potter. Compare V. 84, p. 870.
1. The pulp company will be sold for the equivalent of $950,000 under
the powers given Inthe mortgage above referred to, securing the “1st M. and
Great Northern Paper Co., New York.— D iv id e n d s . — With collateral
trust” bonds of the corporation, and approximately $950,000
the declaration of a quarterly dividend of \ .] ///0 , payable bonds Issued under that mortgage will be canceled, thereby further re­
ducing the amount of the “1st M. and collateral trust” bonds of the cor­
March 1, the company’s dividend record stands as follows:
poration outstanding to the $5,800,000.
1903. 1904. 1905. 1900. 1907. 1908. 1909.
19t0.
1911.
2. As consideration for the Lake Superior Corporation undertaking to
6% None 4H% 6% ‘1)4% None None 6% (Q-M) Mch.,lJ4% procu
re certain contracts, and agreeing to wind up the present pulp com­
—V. 89. p. 1413.
pany, the corporation will receive the following: (a) $1 ,000,000 of the



common stock of the new company, together with (b) certain assets of the
Pennsylvania Water & Power Co.— D e n ia l. — President
Sault Ste. Marie Pulp & Paper Co. valued at about 5400,000.
In ejecting tills sale, not only will the corporation secure, as already- J. E. Aldred in a letter to the Phila. “ Public Ledger” says:
shown a reduction of its bonded debt, but other subsidiary companies will
This company has no plans for bringing its power to Philadelphia, nor
derive'considerable benefit through the development of the pulp company s has It entered into any arrangement whatever for this purpose. Further­
more, neither this company nor any one connected with It has any Interest
business as contemplated.—V. 92, p. 466.
In the traction companies of Philadelphia, or of any part of the State of
Louisville (Xy.) Gas Co.— C om m ittee o f A ld erm en T h in k Pennsylvania.—V. 92, p. 467.
D iv id e n d s S h o u ld be R e s u m e d . — The company having omitted
Philadelphia Suburban Gas & Electric Co.— G uaranteed
the three dividends from Jan. 1 1910 to Jan. 1 1911 on the B o n d s O ffe re d . — Henry & West, Philadelphia, now fiscal
$0,000,000 capital stock (of which the city of Louisville agents of the company, are placing at 9 2 A and int. $900,000
owns $925,000), J. William Miller and S. Leidigh were on “ 1st M. and refunding” 5% gold bonds, dated Feb. 1 1910
Jan. 10 1911 appointed by the Board of Aldermen to ascer­ and due Feb. 1 1960, but callable on and after Feb. 1. 1915
tain what the company is doing with its money. The re­ at 105 and int.; guaranteed as to prin. and int. by endorse­
port for the calendar year showed earnings of 3.18% on the ment by the American Gas Co.
stock The report of the committee (see “ Louisville
Capitalization.
Courier-Journal” Feb. 15) says in brief:
First M. and ref. 5s, authorized, $10,000,000; outstanding, in­
-------------------------------$1,908,000
cluding
bonds
now
offered----------We find that the receipts or volume of business done for 1910 arc nearly
Reserved for acquisition of new properties, and for
the samo as in 1906 (not 1909) for the gas made and sold, but the expense
future
Im
provem
ents
an
d
extensions,
at not in
has increased at least $85,000. General expense account Increased
excess of 90% of the cost thereof---------- ---- $4,810,000
$19,667; manufacturing account, $68,405; maintenance, $56,454; total,
Underlying Hens, to retire which a like amount of
$144,526; deduct from mfg. account about $60,000, due to change in book­
"1st & ref.” 5s Is reserved-------------------------- 3,282,000
keeping covering coke account; total net Increase Inexpenses about $85,000. Capital
stock________________________________________ 4,457,,>00
President Sackctt said that In 1906 the company received an average of
90.82c. per 1,000 ft. for all gas sold, while at present they only received Condensed Letter from Morris W. Stroud, President of the American Gas
85.78c., due to consumers not using as much gas for lights and using more
Co., Philadelphia, Feb. 8 1911.
for fuel. The price for lighting gas per 1,000 ft. Is $1 net and for fuel gas
The Phila. Suburban Gas & El. Co. Is owned and operated by the Ameri­
75c. net. Your committee found the plants, both gas and electric, In very can
G
as
Co.,
and
by
and merger under the laws of Penn,
good condition. Mr. Sackctt said that both plants can be operated as possesses all the rights,consolidation
franchises, estate and property, both real and per­
cheaply as any plants In the United States.
sonal,
of
th
e
follow
ing
form
er
com
panies
whose total funded debt is as
The Louisville Gas Co. owns In the Louisville Lighting Co. $1,667,000
s: Suburban Gas Co. of Philadelphia, due 19,>~, S-,4-7,000 (V. 8b
stock (auth. capitalization: common stock, $,'1,000,000; pref. 7% stock, follow
p.
1174;
V.77,
p.
2036);
P
eople’s
G
as
C
o.
of
n, due 1920, $90,000
(); 1st M. 5s, $1,000,000; convertible 6s, $1,000,000—V. 90, p. 306) (V. 85, p. 1007); Coatesvllle Gas Co., due Pottstow
1920, $75,000; Jenklntown &.
and $624,000 2d M. bonds; yet the Louisville Lighting Co. has not paid the C
heltenham Gas Co., due 1933, $375,000 (V. 89, p. 473); Huntingdon Valley
gas company any dividend for two years and only paid 5% dividend before Light
& Power Co., due 1947, $275,000; Pottstown Light, Heat & Power
that time—a period when they had no competition. (Compare Kentucky Co., due
1919, $40,000; total underlying bonds, $3,282,000. Also (no
Electric Co. In V. 90, p. 562; V. 91, p. 97; V 92, p. 265.)
.
.
ds) North Penn Gas Light Co., Lansdale & North Wales Gas Co., Cam
Mr. Sackett says that the failure to earn dividends was mainly due to not bon
G
as
C
o.
of
Moreland and Fuel Gas Co. of Moreland. All of the above liens
having enough busfness and not being able to get sufficient money to extend must be paid
at maturity and cannot be extended. They are all subject
the gas mains for new business. We asked how much money would be
redemption before maturity and will be replaced by the new 1st &ref. 5s
required to do all this work. He said atout $600,000. VVoasked why the to
w
henever
favorable
occasion arises.
gas company did not sell the $62 1,000 lighting company’s bonds. He said
The company covers the greater part of the territory Immediately adja­
there was no market for them. Ho, according to the above statement, the cent
Philadelphia, Including the district south ot the city to the Dela­
earnings of the gas company are likely to be used Inextensions and Improve­ ware to
State Line, serving a total population of 144,000. The territory
ments for the next live or six years. On Dec. 31 1906 the value of the gas covered
Is growing extraordinarily fast In population, both Industrial and
company’s property showed $3,588,204; Dec. 31 1910, over $3,960,000. residential.
The company controls some 35 franchises, whicharc perpetual,
Whatever money Is made la apparently applied to Improvements, &c.
w
ith
on
e
or two minor exceptions, aud exclusive as regards gas.
Now that the Improvements are about finished, your committee believes
that the additional (operating) expense of $85,000 shown above Earnings for Calendar Year 1910, the First 12 Months of Its Existence.
should stop, and by reducing expense in some other departments there is no Gross earnings__________ $691,112 IInt. on underlying bonds,&c.$171,393
reason in our opinim, why the earnings should not be over 6%, besides Net earnings___________ 326,1941Int. on 1st &ref. 5s, I960,. 83,875
any dividends from Louisville Lighting Co.—V. 90, p. 55. 306.
alance, surplus, after Interest on bonds outstanding during year $70,92 5
Massachusetts Lighting Companies.— N ew S to ck . — The OfBth
e surplus, there was spent In developing new business____ $23,210
The bonds herein offered were Issued to reimburse the company for 90%
shareholders at the annual meeting authorized the issue of
the cost of extensions and Improvements, made and about to be made,
$680,000 new stock, of which some $250,000, it is said, will of
and for the erection of a new gas plant In Jenklntown and a new electriclight plant at Pottstown. On the former property these bonds will be an
be issued this year to provide for additions, &c.
first lien. These extensions and Improvements should materially
The limit of auth. stock, it is stated, will now be $4,212,800. Trustees: absolute
the earnings.
Percy Parker (1 year, succeeding F. H. Richardson), William M. Butler Increase
The
Am
Gas Co. has an uninterrupted dividend record of 6% per
(2 years). Addis M. Whitney (3 years). Alfred Clarke (4 years) and Arthur annum forerican
the past 16 years, the present rate being 7% per annum on $2,­
E. Childs (5 years).—V. 92, p. 466, 326.
678,500 capital stock. It operates 24 gas and electric plants in 50 cities
d towns, serving a population of about 525,000.
Nashville (Tenn.) Gas & Fuel C o — F ra n ch ise V oted D o w n . anSee
further particulars In V. 90, p. 563; V. 91, p. 218, 876,
— An officer of the C. II. Geist Co., Phila., on Feb. 20 wiote.
Provident
Loan Society of New York.— R e p o r t .—
Wo have your letter of the 18th Inst, asking us for Information relative
Cal. Year—
Income: Expenses.
Net.
Interest. Surplus.
to the Nashville (Tenn.) Gas & Fuel Co. We would say In reply that the
1910.........
$709,123 $200,658 $508,465 $278,430 $230,035
franchise was voted down in November, and we are not now Intercsteu in
1909 _____________ 613,031 157,303 455,728
267,986 187,742
this property in any way.—V. 92, p. 192.
The amount loaned in 1910 was $11,945,154, against $9,551,727 In 1909.
Niagara & EriG Power Co.— Guuvcmteed B o n d s , cfee. J?liis Loans outstanding Dec. 31 1910, $6,028,643, against $5,367,215 in 1909.
company which, under the control of the Niagara Lockport Funds employed, $6,028,613, against $5,367,215.—V. 90, p. 703.
Quaker Oats Co.— R e p o rt. — For the calendar year:
& Ontario Power Go. (V. 92, p. 91; V. 90, p. 506), and the
Buffalo & Lake Erie Traction Co. interests, is preparing to Year—
Net.
Depreciation. Pref. Div.
Com. Die.
Bal., Sur.
1910
$176,774
$540,000
$440,000
$244,343
furnish Niagara power to Dunkirk and Westfield, N. Y., and 1909 - . . .$1,401,117
1,537,105
162,028
524,205
357,600
403,272
other towns along the southern shore of Lake Erie as far west —V. 92, p. 398.
as the Penn. State line, with a branch to Jamestown, N. Y.,
Railway Steel Spring Co., New York.— N ew D irecto rs. —
Was recently authorized by the P. S. Comm., 2d Dist.: (1) H. K. Devercaux of Cleveland, G. B. Motheral of Pittsburgh
to make a mortgage to the Guaranty Trust Co. of N. Y., as and Chas. Scott Jr. of Philadelphia have been olectod direc­
trustee to secure $1,250,000 1st M. 5% $1,000 gold bonds tors to succeed J. E. French (deceased), Philo N. French
(int j ’ & J.), dated Jan. 1 1911 and due Jan. 1 1941, but and George C. McMurtry.— V. 91, p. 1264, 522.
subject to call, any or all, on any int. day at 105, the present
Sacramento Valley (Cal.) Irrigation Co.— Stock F le d g e d . —
issue to be $510,000, at not less than 85; and (2) $100,000
See California-Idaho Co. above.— V. 90, p. 171.
capital stock at not less than par, $100 a share.
Southern Coal & Transportation Co.— D efa u lt — A s s i g n ­
The newcompany Is also authorized to take over from the Niagara Locknorc * Ontario Power Co. the Gardenville sub-station and 23 miles of dis­ m en t.— The company on Feb. 16 filed an assignment for the
tribution svstem supplying the villages of Blasdell, Hamburg, Depcw and benefit of creditors to John W. Miller of Grafton, VY. Va.
TAnrasWrand several heavy manufacturing concerns in Erie County; also
macoulrefmm theTraction Co. the transmission line to Athol Springs, the
The Interest on $250,000 bonds is in default, together with the Interest
elect? c, gas and steam-heating plants In Fredonia (tool, the capital stock of on purchase-money notes amounting to $00 000 and here arc executions
the Fredonia Natural Gas Co.), and to lease the Traction Co.’s line from against the property. Unsecured claims aic stated to be $l,87.>, and total
Athol Springs to West Portland. The bonds arc guar., prln., Int. and sink, of “priority” claims $107,057.—V. 90, p. 1300.
fund bv the Niagara Lockport & Ontario Power Co. and the Buff. & 1.. E.
(The) Studebaker Corporation.— See page 534.
Traction Co . onShalf each; annual sinking fund from Jan. I 1916, l A %
of face value of bonds auth. Pres., Francis L. Greene: V.-P., Jos. B.
Telephone, Telegraph & Cable Co. of America. hearitiB
Mayer; Sec., H. E. Nichols; Trcas., Wm. H. Gratwlclc. Office, 816 FlA d jo u r n e d . — The hearing oil the acoeptarice of the offer of
dellty Building, Buffalo N. Y.
Niagara Lockport & Ontario Power Co.— Guaranteed Henry S. Kearny has been adjourned to March 7. Com­
B o n d s , Ac.— See Niagara&Erie Power Co. above— V.92,p.61. pare V. 92, p. 4G7.
Twin Falls North Side Land & Water Co.— 51% o f Stock
Nova Scotia Steel & Coal Co., Ltd., New Glasgow, N. S.— P led g ed .— See California-Idaho Co. above. V. 89, p. 999.
R e p o r t . — For calendar years:
Union Stock Yards Co., South Omaha, Neb.— P r o p o sed
Calendar Profits
Int. on DSD..Sink.Pf.Oiv.
Common
Balance,
Ycir
f or Y s i r . B d s .,A c .F u id ,A c. ( 8 %) .
Dividend.
surplus ,
B on l I s s u e .— The company, it is understood, is negotiating
1910 $1,140,50i $303,030 $310,309 $82,400 (IVs o) $270,000 $16^,793 with a Boston banking house for the sale of a new issue of
1909 ll 907.94* 277,837 370,127 82,400 (1%)
00,000 117,585
$2,000,000 to provide for improvements, including a water­
C om m on Stock N o w on 6% B a s is . — The directors at Mon­
treal on Feb. 17 declared a quarterly dividend of l lA % on works plant.— V. 90, p. 370.
Virginia-Carolina Chemical Co.— On P a r is C o u lis s e .—
the common stock, payable April 15 to holders of record ot
Trading in the common stock on the Coulisse of the Paris
March 31, thus increasing the annual rate from 5 to o / 0 ■
S to ck . — The management has denied the report from Mon­ Bourse began on Feb. 20.
Hallgarten & Co. of New York and Dupont & Furlaud of Paris, who
treal that a syndicate of English and American capitalists arran
ged the listing. It Is understood, expect that the stock will also oc
have an option to purchase a controlling interest in the stock. traded In on the settlement or speculative market within the next 60 days.
Deliveries abroal are made with French certificates [bearing dividend
An offer for a large block at above par was made, but was coupons]
Issued by the Equitable Trust Co., as trustee for the American
shares, against which the bearer certificates are hsued. The French certifi­
not entertained.
As regards the so-called syndicate stock, President Harris states that the cate? are re-convertible Into Afncr. stock on demand.—V. 91, p. 1635, lov.
amount taken over was 18,500 shares, and much of this was taken by friends
Warwick Iron & Steel Co.— R e p o r t. — For calendar years:
of the company as permanent Investment and will be so retained.—V. 91.
Balance,
Interest on
Calendar
Net
p. 1450.
Surplus.
Dividends.
Year—
Earnings. Bonds, Ac.
$169,525
(7%) $101,538
$27,278
Osceola Consolidated Mining Co.— R e p o r t — For cal. years: 1910
$301,339
126 ,059
(
6
%)
88,898
19,892
_____
234,849
1909
v.„,
r.rms
Profits. Improve’ts.
Dividends.
Bal., Stir.
1910
$2 571.865 $825,525 $66,939 (32%) $769,200 dcf.$10,614 —V. 92, p. 468.
1909 II I " 3M65,'857 1,180,456 109,810 (40%) 961,500 sur.109,145
For other Investment News see page 5J4.
—V. 90, p. 632.




^Reports mid jpaeummts.
THE

NORTHERN

CENTRAL

R A IL W A Y

COM PANY

FIFTY-SIXTH ANNUAL REPORT— FOR THE YEAR ENDING DECEMBER 31 1910.
B a ltim o re, M d . } F eb r u a ry 17 1911.
The Beard cf Directors submit herewith to the Stock­
holders of the Northern ( cntral Railway Company a synopsis
of their Annual Report for the year 1910:
-Operating revenues—all lines directly operated_____
$12,708,628 31
Operating expenses---------------- ---------- . ------ ----- ------ 10,781,460 06
Net operating revenue................................................. $2,017,150 25
Outside operations—
Total revenues________________________ $11,112 05
Total expenses---------------- -------------------- 4,248 58
Net revenue_________________________________
6,864 37
Total net revenue----- ------- ------ ---------- -----$2,024,023 62
Taxes on Northern Central Ry. and leased lints________
440,885 77
Operating Income---- --------------- ------------------------~$L583,137 85
06,004 00
Deduct rentals paid roads operated on basis of net revenue
Net operating revenue of The Northern Central Ry. Co.-Tl.486.232 05
To which add—
Interest on Investments................
5938 368 40
Interest General Account, rents and othcYftcms 496I877 10
------------- 1,435,245 50
Gross Income........................
$2,021,478 45
Deduct—
Fixed rentals of leased roads. .
$302 084 04
Interest on funded debt_____ _____ _____ 347,315 00
Hire of equipment, Interest on mortgages and
ground rents, Interest car trusts, and other
Items.................................................. 412,053 72
------------- 1.062,352 76
Net Incomo— ..................................................
$1,850,125 60
Fromthis amount the following amounts have been deducted:
Portion of principal of car trusts-........... . $24,577 60
Cash dividends aggregating 8 % .................1,547,400 00
---------------- $1,571,977 60
Balance transferred to Extraordinary Expenditure Fund. $287,148 00
Amount to credit of Profit & Loss 31st December 1000. __$3,066,380 18
Add adjustment of road and equipment expenditures in prior
years............ ...................... ...................................... 6,638,155 77
„
,
$0,704,544 05
Less adjustment of sundry accounts____________
47,153 72
Balance to credit of Profit & Loss 31st December 1910... $0,657,391 23

GENERAL BALANCE SHEET (CONDENSED) 31ST DECEMBER 1010.
ASSETS.

Property Investment—Road and Equipment:__________ $30,156,286 67
Securities Owned_____________________
2.040.701 00
Other Investments—
Advances to Proprietary, Affiliated and Con­
trolled Companies for Construction, &o__. $75,967 77
Miscellaneous Investments...............
.
3,845 03
70,812 80
Working Assets—
Cash............... ................... ................... $2
$2,042,787 61
Securities Issued or assumed—held I11 Treas­
ury _______ _____________________ .
12,000 00
Marketable Securities_________________ 44,700,526 45
Net balance due from Agents & Conductors. 553,485 55
Miscellaneous Accounts Receivable______
510,162 20
Materials and Supplies________________
637,869 80
0,425,831 70
Deferred Debit Items—
Temporary Advances to Proprietary, Affili­
ated and Controlled Companies_______
$60,000 00
Cash and securities In Sinking and Redemp­
tion Funds______ _____ _______
, 557,000 00
Cash and securities In Insurance and Other
1,250,976 43
Reserve Funds___ _________________ 1
Working Funds and Other Deferred Debit
Items___________________________
18,308 52
---------------- 1,886,284 95
Total...................................................... ............$43,588,017 12
LI ABILITIES.

Capital Stock_____________________
Mortgage, Bonded and Secured Debt__
_
.
7.402.01)2 1ft
Working Liabilities—
Audited vouchers and wages unpaid.......... . $795,712 87
Miscellaneous accounts payable______
645,382 04
Matured Interest, dividends & rents unpaidl 777,826
--00
2,218,920 01
Accrued liabilities, not due—•
Unmatured Interest, dividends and rents5
payable..... ............................
. $123,801
$123,891 25
Taxes accrued_______________________ 197,676
197,67620
321,567 45
Deferred Credit Items
2,343 73
Appropriated Surplus—
Additions to property since 30th June 1907
through Income . __
$1,480,92121
$1,480,921
21
Reserves from Income or Surplus—'
Invested InSinking & Redemption Funds1 557,307 38
Invested In Other Reserve Funds
1
1,250,976 43
Car Trust Principal charged out Inadvance . 455,266
_______13
Extraordinary Expenditure Fund .......
898,705
808,705 75
_
, .
------------------ -4,643,356 00
Profit and Loss.............................................................. 9,657,301 23
'I’otaI-...........................- ..................................... $43,588,017 12
TRAFFIC.
The number of tons of freight moved was 22,583,012, an
increase of 1,471 .Mil, or 0.97%. The number of passengers
carried was 5,130,217, an increase of 334,000, or 0.94%.
GENERAL REMARKS.

The General Income Account shows that the Gross Reve­
nue increased 4.44% over 1909, while the Operating Ex­
penses increased 12.57%. The large increase in the Operat­
ing Expenses is due to the general increase in wages of all
employees receiving less than $300 per month, and various
adjustments which have been made during the year, amount-




ing to about 6320,000, and to the greater general outlay re­
quired for the renewal, replacement and upkeep of your
roadway, bridges and stations, and to heavier repair charges
on your freight and passenger equipment. There is also
included in the Maintenance Expenses for the year the ex­
traordinary replacement charges, aggregating about $463,­
000, connected with the demolition and rebuilding of Union
Station, Baltimore, and its track and approaches; Sunburv
YYirds and facilities now concentrated at Northumberland"and Mount Vernon repairing and engine-house facilities re­
moved to Orangeville.
It will also be noted that your taxes, like those of other
companies, show a great increase, amounting to over $84,000
and as the result of these increased expenses, and the in­
crease of over $55,000 in your portion of the advances to the
Elmira A Lake Ontario Railroad Company to pay nocessary
constructic n expenditures, and its fixed charges and other ex­
penses, which could not be defrayed out of its revenues, your
Net Income for the year, after the payment of all 'other
obligatory charges, amounted to $1,859^125 69, a decrease
of over 29%.
After the payment of the regular semi-annual dividends,
aggregating 8% ; and deducting one-half of the total amount
of Car trust Principal due by your Company, amounting to
$24,577 69, the balance of Net Income, $287,14S, was trans­
ferred to the Extraordinary Expenditure Fund.
1 he Construction, Equipment and Real Estate expendi­
tures for the year aggregated $1,703,042 18, and consisted
mainly of the items hereinafter named, which have been
explained in previous annual reports:
Right of Way—
For Orangeville Engine-house and Machine Shops (portion of
„ onstruction—
„ ?ost>-.......... - --------- ---------------------------------- ------ .$28,888 88
C
470 i*n
Baltimore Union Station_______
Changes In Mt. Vernon Yard______ ZZZZZZZZZZZZ"
54*093 51
Northumberland Classification Yard (portion of cost) -ZZZZZZooo’,206 60
E Vdpnfent— ^nlf ne"house and Machine Shops (portion of cost) 42,392 17
"Re-building Pool Freight Cars................... ....................... 02,155 18
Of this amount, 61.191,268 01 was charged to Capital Ac­
count and the remainder against your Extraordinary Expend­
iture Fund, leaving a balance, including the amount tin- ferred from Income for the year, of $898,795 75 in the latter
account.
Substantial progress has been made on the new Union
Station at Baltimore, and the necessary changes in tracks
and other station facilities at that point, whic.i are also used
by the Philadelphia i’alt'inore & Wasmngton Railroad Com­
pany. This work will doubtless be finished during the pres­
ent year.
The new Northumberland Classification Yard, f ir the
joint use of the Northern Central Railway Company and the
Pennsylvania Railroad Company, is also nearing completion.
The enlargement of the Mt. Vernon Yards, Baltimore, for
use in the classification of north and south-bound freight
traffic, also referred to in your last annual report, is actively
under way, and should be completed in the current year.
The new yard and enginehouse at Orangeville, which is
being built for the joint use of your Company and the Phila­
delphia Baltimore & Washington Railroad Company, to effect
a consolidation of facilities and avoid as far as possible the
housing of locomotives in the City of Baltimore, is almost
completed.
A new lease for 99 years was consummated with the Lykcns
Valley Railroad & Coal Company of its railroad extending
from a connection with your railroad at Millersburg to the
Anthracite Coal fields near Williamstown, Pennsylvania,
which became effective July 1st, and the short-term ar­
rangement under which your company had previously oper­
ated that line was canceled. The new lease was made- cn
the favorable basis of an annual rental of $24,000, which is
equivalent to 4% per annum on its capital stock, and the
necessary corporate organization expenses and taxes.
Construction expenditures aggregating almost $54,000
were necessary on the Elmira & Lake Ontario Railroad for
improvements in engine and shop facilities near Elmira, and
that Company, which is owned by your Company, being
unable to pay that amount and the sum required to nv>et its
fixed charges and operating deficit, your Company advanced
its proportion of the deficit, the balance having been paid
by the Pennsylvania Railroad Company pursuant to agree­
ment.
There were 6,861 tons cf new steel rails and 225,437 cross­
ties used in repairs and renewals during the vear. '
At the instance of certain minority stockholders, repre­
senting substantial holdings, your Board on January 20
1910 appointed a Special Committee to consular a lease
of the railway and property of this Company to the Pennsyl­
vania Bailroad ( ompany which had on previous occasions
been considered, but fahed owing to lack of unanimity
among the stockholders. While this committee was invest!-

gating the su b je ct, the stockholders a t the last annual m eet­
ing adopted a resolution pursuant to which a m inority stock­
holders’ com m ittee was appointed and recognized b y the
Board of Directors.
A fter an extensive exam ination of the
accoun ts, contracts and agreements of the C om pany, and the
em p loym en t of an expert in railroad affairs to advise them
as to the fair value of the railway and other property of this
C om pan y under a lease, or otherwise, the M inority Stock­
holders’ C om m ittee conferred on several occasions and finally
reached a concensus with the Board Com m ittee on the general
basis of a lease, and united in the recom m endation that a
lease be m ade on the general basis of a guaranteed dividend
of 8 % per ann um upon the capital stock after the sam e
had been increased b y a 4 0 % stock dividend, and also the
p ay m en t of a 1 0 % cash dividend on the present stock; the
lessee to also assum e the p ay m en t of all present and future
fixed interest obligations and charges and the expense of
m aintaining the corporate organization of your C om pany.
A fter extended negotiations with the Pennsylvania Railroad
C om pan y, th at C om pany agreed to accept a lease upon the
term s and conditions above stated.
The full reports of both
Com m ittees, explaining in detail the terms and conditions of
the proposed lease, and the action of the Boards of the respec­
tive Com panies, approving the lease, were sent to all the
stockholders, and, in accordance with notice duly given,
the proposed lease b y this Com pany to the Pennsylvania
Railroad C om pany of all of its railw ay, property and fran­
chises for the term of 999 years was finally approved at
the stockholders’ special m eeting in B altim ore, N ovem ber 3
1910.
N o more convincing evidence of the very favora­
ble leasehold term s and conditions obtained for the stock­
holders of this C om pany can be offered than to state that
the lease w as approved b y the vote and consent of share­
holders representing over 9 3 % of the total outstanding
stock of the C om pan y, while the increase of the capital
stock necessitated b y the lease was approved b y a slightly
smaller vo te .
H ad it been practicable to directly com ­
m unicate with other shareholders, scattered through this
country and other parts of the w orld, the approving vote
would doubtless have been larger.
I t is rare that an im ­
portant lease of this character, which after its due approval
b y both com panies is now before the Public Service Com m is­
sion of M aryland for approval as required b y law , com m ands
such general interest on the part of the stockholders and
obtains such an unquestionable m andate for its approval and
execution.
A very small num ber of the m inority stock­
holders are, how ever, seeking to prevent this lease b y suits
instituted and now pending in the United States Circuit Court
of M aryland, and in the United States Circuit Court of the
Eastern D istrict of Pennsylvania. T h e Pennsylvania R ail"
road C om pan y, the proposed Lessee, has b y action of its
Directors, taken the prudent course of declaring that it^shall
not be required to execute and accept the said lease, if ap­
proved b y the Public Service Commission of M aryland, or to
take possession of the railway and property of this Com pany
until each of the tw o above-m entioned suits against this
C om pany and the Pennsylvania Railroad C om pany shall be
adju d icated , or until the proposed Lessee shall be advised
b y its General Counsel that it m a y legally and properly do
so prior to an y adjudication in the said pending suits.
There were carried on the rolls of the Pension Depart­
m ent at the end of the year 207 em ployees and the pensions
paid during the year am ounted to $ 5 0 ,2 6 7 3 5 .
T o cover this
C om pan y’s portion of the additional expenditure for pensions
during the year, your Board found it necessary to expend an
additional sum o f $ 7 ,2 6 7 3 5 , which you are asked to approve.
The pension appropriation m u st naturally be expected
to become larger, as the result of various changes in em ­
ployees’ w ages, the length of service of those retired, and the
growth in the num ber of retirements under the sixty-five to

E.

I.

DU

PO N T

D E

sixty-nine year clause of the Pension Regulations, which iin
the best interest of the service, it is not wise to restrict.
The stockholders will therefore be requested to also
authorize an increase in the annual sum set apart for pension
purposes from $ 4 3 ,0 0 0 to $ 67 ,0 00 .
M r. M ax Riebenack, who had been in the service of your
Com pany for over nine years, the last five years as Com p­
troller, died on M ay 14th 1910.
M r. Riebenack was also a
m em ber and Secretary of the Board of Officers of the Pension
D epartm ent and a m em ber of the A d v isory Com m ittee of the
E m p lo ye ;s ’ V oluntary Relief D ep artm ent. The Board record
with great regret the loss of an efficient and faithful officer.
T o fill the vacancy existing in the A ccounting D ep artm ent
caused b y the death of M r. Riebenack, the following prom o­
tions were, made effective June 1st 1910: C. M . B unting,
Comptroller; E . A . S tockton, D ep u ty Com ptroller, and J. S.
D onaldson, Assistant Comptroller.
A n d , effective October
1st 1910: W . B . K ra ft, A uditor Miscellaneous Receipts and
A ccounts, and C. E . W a rd , A ssistant A uditor Miscellaneous
Receipts and Accounts.
M r. Stephen W . W h ite , Secretary, having reached the
age of seventy years on July 16th, form ally retired on July
3 1st, under the provisions of the Pension D ep artm ent.
He
was A ssistant Secretary from 1875 to 1877, and since that
time has been Secretary of the C om pany.
During this long
term of service, M r. W hite ably and faithfully discharged
his duties.
Lewis Neilson was elected Secretary, R obert I I . Groff
was appointed A ssistant Secretary, effective A ugust 1st, and
J. T . W ilcox , A ssistant to the Secretary, effective October
15th .
,
.
..
The follow ing appointm ents were also made during tne
year—
.
.
In the Traffic D epartm ent M r. J. G . Searles, who had
served acceptably for m any years as General Coal Freight
A ge n t, was relieved from active service on account of ill
health, and R . I I . Largo, Coal Freight A ge n t, was appointed
to succeed him; W alter T hayer was appointed A ssistant
General Freight A gent; D . N . B ell, A ssistant General P assonger A g e n t, and Joseph Richardson, A ssistant to the Third
V ice-President, all of these appointm ents being effective
June 1st 1910.
Horace C. Booz was appointed A ssistant Chief Engineer,
effective January 1st 1911.
J. C. Johnson was appointed Superintendent of Telegraph,
effective January 15th 1910.
During the year the capital accounts of your Com pany
were increased $ 6 ,6 3 8 ,1 5 5 7 7 , distributed as between Cost
of R o a d , $ 6 ,0 5 7 ,2 5 2 0 2 , and Cost of E qu ip m en t, $ 5 8 0 ,9 0 3 7 5 ,
representing a portion of expenditures for new construc­
tion, equipm ent and real estate during the ten years ended
Decem ber 31st 1909, heretofore expended out of surplus
incom e, and which have not been heretofore entered in
your capital accounts. This action was taken to place
upon your books the cost of additions and betterm ents,
which were, in the ju d gm en t of the B oard , properly con­
sidered a capital investm ent, and also, with other changes,
to conform to the uniform accounting regulations and new
form of General Balance Sheet prom ulgated b y the Inter­
State Commerce Commission and the State of M aryland.
B y order of the Board,
JAM ES M cC R E A ,

President.

Stockholders may obtain pamphlet copies of the annual report by apply­
ing to or addressing
II D. THOMPSON, Assistant Treasurer, general office, southeast corner
Calvert and Centre streets, Baltimore, Md.
J. W . MARSHALL, Assistant Treasurer, 85 Cedar Street, New York City.
LEWIS NEILSON, Secretary, executive office, Broad Street Station,
Philadelphia, Pa.
[For comparative statistics of operation, earnings, & c„ see "Railroad
Department” on a previous page.]

N EM O U RS

A N N U A L R E P O R T F O R T H E F IS C A L Y E A R

To the Stockholders of E. I. du Pont de Nemours Powder Co.
The year ju st closed, m arking the 109th year of our
history, has brought ab ou t a substantial recovery from the
depression of 1907 and 190 8 , and records the largest volum e
of business in the explosives industry.
A n analysis of the com parative statem ents of our income
accounts and balance sheets for the past seven years, which
will be found at the end of this report, shows that while there
has been b u t a slight increase in the volum e of business over
190 7 , as indicated b y the increase in gross receipts, there has
been a substantial increase in net earnings due largely to the
benefits of economies resulting from the reorganization of
190 3 .
These economies, how ever, have not been realized
w ithout expenditure of a considerable am ou n t of new capital,
as illustrated in the increase of our total assets from $ 6 6 ,­
6 1 6 ,8 2 7 29 in 1906 to $ 8 1 ,0 9 9 ,9 0 8 55 in 1910.
T o provide additional capital for the general extension
and expansion of the com p an y’s business, there was offered
to the stockholders in Septem ber 1910 $ 1 ,6 8 2 ,0 0 0 par
value of preferred stock a t $80 per share and $ S 4 1 ,00 0
par value of com m on stock a t $ 140 per share, both of which
offerings were entirely subscribed. The am ount of new




PO W D ER

C O M PA N Y.

E N D I N G D E C E M B E R 31 1910.

capital put into our business since the reorganization in
1903 m a y be summarized as follow s:
From sale of bonds___ $1,088,800 00) Accum. earns, carried
to surplus account..15,151,026 16
From sale of pref. stock 2,120,887 98
From sale of com. stock 5,397,352 481
$23,758,060 02
Making a total o f__________________
T his additional investm ent, together with the m any
economies attending better organization, has enabled us to
earn a fair return on the capital em p loyed, w ithout increasing
prices to the trade, notwithstanding substantial increases in
the cost of raw materials used in the m anufacture of our
products.
The com pany has established near W ilm ington two re­
search and experimental laboratories. I t is here the work of
im proving explosives and the operations b y which explosives
are m ade is carried on.
Large sums are spent each year in
this line, the com pany having in mind alw ays the introduction
of every possible factor of safety, not only to prevent injury
and loss of life at the factories, b u t to make the use of
explosives am ong the trade as safe as possible.
The Technical Division of the com pany has been doing
valuable work in developing new uses for explosives. A m ong

the latest developm ents is the introduction of d ynam ite in
farm ing, not only as a great tim e-saver in blasting stum ps and
rocks and in clearing land generally, b u t also as a m eans of
breaking up underlying strata, com m on ly known as “ hardp a n .’ '
Fields that have heretofore stood under w ater, or
were too wet to produce good crops, have in this w ay been
drained and are now productive.
Tree planting, cultivating
and ditching are also greatly facilitated b y the use of certain
of our explosives.
The policy of our m anagem ent is to m ake every effort to
im prove quality of our product and decrease cost of m anufac­
ture.
T o accom plish this a large am ou n t of new capital has
been used in the production of raw m aterials and in building
plants which will m anufacture a t least cost.
In order to
continue our practice of writing off antiquated plants and
m achinery, there has been established a depreciation fund
which has furnished sufficient reserve for this purpose and
accum ulated a balance which will conservatively care for the
com p an y’s needs.
T o illustrate the growth and developm ent of the explo­
sives industry during the past century, we have included a
balance sheet taken from the co m p an y’s books of 1810—
O N E H U N D R E D Y E A R S A G O — ab ou t eight years after
the inception of the business.
The site of the original operation is still being used,
though, with the exception of a few old landm arks, all the
buildings and m achinery have been replaced.
I t m ay be
interesting to know that the engraving on our stock certifi­
cates shows one of our mills now in operation whose walls
were replaced after an explosion in the original building about
1820.
A n analysis of the figures contained in this old balance
sheet shows that the total assets em ployed then am ounted to
8 1 0 9 ,2 2 7 7 2 , as against $ 8 1 ,0 9 9 ,9 0 8 55 on Decem ber 31 1910.
T he increase represents a developm ent of our business at the
average rate of approxim ately 6 2 - 3 % per ann um .
^ T h e suit of the U nited States G overnm ent against the
E . I . du P on t do N em ours Powder Com pany is still pending.
T he taking of evidence and the exam ination of witnesses has
occupied about three years.
The hearing before the Circuit
Court was set for N ovem ber last, bu t was postponed until
February 15.
W e now hope that a decision will be rendered
before the coming sum m er. There is no reason to anticipate
an adverse decision and we are confident that the co m p an y’s
business can be continued w ithout an y modification that will
seriously affect the interests of our stockholders or cus­
tom ers.
Our financial condition remains s tr o n g ,a sis show n b y the
balance sheet of Decem ber 31 1910.
Our current assets are
now at a m axim u m , and the current liabilities continue at the
m inim um permissible under active business conditions. The
com p an y has no indebtedness, save current bills, which arc

handled as rapidly as possible, and the outstanding funded
d eb t, the m aturity of which is long deferred.
I t is gratifying to note the continuing increase in the
number of stockholders, especially am ong em ployees. Com ­
parisons for several years are given herewith:
1010— 1,695, of whom 764, or 45%, are employees.
1909— 1,335, of whom 524, or 39%, are employees.
1908— 955, of whom 250, or 26% , are employees.
1907— 809, of whom 218, or 27%, arc employees.
The co m p an y’s plan of offering shares of stock to the
employees each year has been continued and the success of
this plan is reflected in the increased number of em ployees
who are becom ing stockholders and increasing their holdings.
The last two years have both shown an over-subscription of
the shares offered.
The plan of distributing shares of com m on stock to
w orthy em ployees in the w ay of bonus is being continued and
we are of the opinion that this is a very good m eans of
rewarding exceptional m erit incases not calling for increases
in salary.
The system of pensioning em ployees who have reached
an advanced age remains in force, though we are m aking a
very careful and elaborate stu d y of this whole question, which
m ay result in a com plete revision of the present plan, with a
view to im proving the personnel of the em ployees through
offering greater benefits to those who devote a num ber of
years to the co m p an y’s interests.
Regular quarterly dividends of one and one-quarter per
cent on preferred stock have been paid, while the dividend
on the com m on stock has been maintained a t tw o per cent
quarterly.
In Septem ber of last year an extra distribution of
four per cent to the com m on stockholders was authorized
and paid. The dividend record for the com m on stock is as
follows:
1904 : ................ . H % I 1907 ------------ ----------7% 11909 ............ ..........7 U%
1905 ____________3H % 1908---------------------- 7% 1910 ......................12 %
I
1906 , _ ________ 6M % I
During past years we have discovered m any instances of
misconceptions concerning the com p an y’s business. T he
numerous references in the daily papers to the “ Powder
T ru st’ ’ have led m any to believe that our com p any has co m ­
plete control of the explosives industry in the United S tates.
This conception is quite erroneous.
W e now have more
than fifty active com petitors, who are doing business in every
part of the United S tates, and we estim ate that these com ­
petitors have enjoyed and still continue to supply betw een
thirty per cent and forty per cent of the total explosives
business of this country.
The books and records of the com pany have been audited
each year by Certified Public A ccountants.
Respectfully subm itted ,
T . C. D U P O N T ,

President.

E . I. D U P O N T D E N E M O U R S P O W D E R CO.
COMPARATIVE STATEMENT OF EARNINGS TWELVE MONTHS ENDING DECEMBER 31.
1909.

1910.

Increases.

Decreases.

$33,240,790 92 $30,805,916 33 $2,434,874 59
After deducting all expenses Incident to operations. Including those for ordinary and
extraordinary repairs, maintenance of plants, accidents, depreciation, &c.

$6,270,015 18 $5,984,158 82

$285,856 36

$78,485 47

$251,715 74

$173,230 27

739,377 06
683,317 50

863,360 04
699,023 75

$123,982 98
16,606 25

Resulting from sale of real estate, securities and other transactions not due to current

$1,501,180 03 $1,814,999 53
$4,708,835 15 $4,109,159 29

$313,819 50
$599,675 86

$29,420,548 45j$28,078,365 01 $1,348,183 44

E.

16.21%

j

14.85%

7.73%

j

8.00%

1.36%

I . D U P O N T D E N E M O U R S P O W D E R C O . W I T H S U B S I D I A R Y C O M P A N IE S .

ASSETjS—
Cash, accounts receivable, materials and
finished product..............
Investment Securities___
Realty not Including Plant Real Estate .
Permanent Investment In Manufacture.

COMPARATIVE BALANCE SHEET DECEMBER 31ST.
1810.
1903x
1906.
1907.

1908.

1909.

560,477 72 $13,508,258 60 $15,453,946 20 $18,298,799 49 $17,620,842 09 $20,010,621
4,305,365 16
5,807,162 25
4,829,022 76 j/6,414,224 84
3,407,292
12,000 00
939.478 92
851,687 74
865.000 71
859,637 94
934,352
30,750 00 38,482,529 52 44,503,731 10 46,870,110 03 49,173,568 0 1 50,403,252

1910.
$22,947,529
4,208,200
844,601
53,099,577

74
50
28
03

Total A sse ts________________
$109,227 72 $57,235,532 26 $66,610,827 29 $70,868,932 99 $74,074,272 88 $74,755,519 26 $81,099,908 55
IAADIIATIES—
Accounts and Bills Payable__
$28,978 41 $1,734,412 06 $1,790.875 97 $4,921.760 27
$494,142 11
$859,656 51 $1,434,425 57
1,527 21
43,844 72
190,768 66
152,920 86
115,603 70
13,829 40
Miscellaneous Deferred Liabilities . _ ...................

Capi'a'isation—

$28,078 41

$1,778,256 78

$1,990,644 03

$5,074,690 13

$609,745 81

$873,485 91

$1,435,952 78

.

$5,088.400 00 $14,274,000 00 $14,432,000 00 $10,879,000 00 $16,420,000 00 $16,548,000 00
Funded D ebt...........................
C apital Stock Preferred Issued. .
$ 3 0 ,0 0 0 0 0 1 7 ,0 3 8 ,6 6 0 00 1 4 .8 6 6 ,1 4 1 07
1 4 ,6 7 0 ,3 5 1 29 1 5 ,5 8 9 ,4 0 1 34 1 3 ,4 6 9 ,4 0 1 34 15,841,401 34
*51,847 07
Capital Stock, Preferred, Held In Reserve
*7,242,357
89
‘ 125,179 93
*77,651 41
‘ 53,043 05
*51,847 07
Capital Stock, Common, Issued...... ...................
13,925,310 00 24,962,526 73 25,771,009 88 27,868,565 05 28,033,682 55 29,382,082 55
*44,465 90
Capital Stock, Common, Held In Reserve.
____
*9,948,067 33
*118,340 95
*01,913 54
*46,386 87
*44,682 46
F u n d s

—

Reserve and Accident Funds and Con­
tingent L iabilities.--______________
Profit ami L oss___________

$36,000 00 $53,242,795 22 $54,346,189 28 $55,012,926 12 $60,436,390 31 $58,019,613 42 $61,867,796 86

$41,249

31

$91,995 15
2,122,585 11

$350,380 32
9,929,613 06

$395,461 24
10,385,855 50

$1,204,390 54 $2,050,511 08
11,823,740 22 13,811,908 85

$2,645,132 75
15,151,026 16

Total Liabilities___ _______ _________ ~ $100,227^72 $57,235.632 26 $60,616,827 29 $70,868,932 99 $74,074,272 88 $74,755,519 26 $81,099,908 55
V Includes $3,055,000 par value Treasury iBonds.
* The Consolidated Balance Sheet, as given above, assumes that all shares of the Subsidiary Companies arc owned by E. I.du Pont de Nemours
Powder Company,and the preferred and common stock shown as “ held In reserve" on the Balance Sheet represent the estimated v alue of the few remalnlng shares not aotually owned.
x First Balance ISheet after consolidation In August 1903.




E . I . D U P O N T D E N E M O U R S P O W D E R C O . W I T H S U B S I D I A R Y C O M P A N IE S .
INCOME ACCOUNT. YEARS ENDED DECEMBER 31ST.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
Gross R eceipts_________________________ $26,103,868 77 $27,655,380 90 $30,751.725 92 $31,661,938 56 $28,027,094 11 $30,805,916 33 $33,240,790 92
5,332,802 08
3,929,508 66
4,929,250 58
5,984,158 82
6,270,015 18
Net Earnings______________________________ 4,438,70111 5,063,611 69
Extraordinary Adjustments and Front
and Loss on Sale of Real Estate,
387,816 01
66,109 80
129,312 49
Securities, &o__________________________
*109,93937
*97,258 72
78,485 47
251,715 74
676,427 40
535,819 29
729,265 81
Interest on Outstanding Bonds-----------------307,24530
266,639 68
739,377 06
863,360 04
735,637 22
989,236 40
771,078 40
Preferred Stock Dividends------------------------988,71592 1,136,801 25
683,317 50
699,923 75
1,741,391 75
1,533,825 75
1,786,737 75
Common Stock Dividends--------------------------112,08150
821,390 00
3,410,030 00
2,170,395 50
Interest Adjustments and Dividends on
*68,006 16
240,144 79
74.971 41
Subsidiary Co. Stocks---------------------------194,95784
19,687 84
42,287 50
10,595 16
Total Deductions from Net Earnlng3___ $1,493,061 19 $2,169,889 71 $3,365,136 03 $3,473,266 22 $3,491,365 86 $3,995,990 19 $4,930,897 87
1,967,666 05
456,242 44
Surplus Carried Forward________________ 2,945,639 92
2,893,721 98
1,437,884 72
1,988,168 63 1,339,117 31
9,929,613 06 10,385,855 50 11,823,740 22 13,811,908 85 15,151,026 l 6
Accumulated Surplus to Date---------------- 5,068,225 03
7,961,947 01
• ‘ Indicates Credits to Profit and Loss.
(The) Studebaker Corporation (A u tom o biles ).—Preferred
Lehm an Brothers, N . Y . City; K lein w ort,
Sons & C o ., L ondon , and G oldm an, Sachs & C o ., N . Y . C ity,
are offering at par ($100 a share) deliverable March 1 1911,
$ 1 3 ,5 0 0 ,0 0 0 7 % cum ulative preferred stock , dividends Q .-J .
Preferred as to assets and dividends. Redeemable at option of company
on three months' notice, at 125% and accrued dividends.
The pref.stock Is protected by these and other charter provisions: (1) the
company has no power to mortgage Its property or to Increase the pref.
stock, except by consent of at least 75% In Interest of each class of out­
standing stock given separately. (2) Yearly, beginning July 1 1912,ther
shall be set apart In a " special surplus account" out of net profits, after
provision for all accrued dividends upon the pref. stock, an amount equa
to at least 3% of the maximum amount of pref. stock at any time out­
standing for purchase and cancellation of pref. stock at the lowest price
obtainable, but not exceeding $125 per share and accrued dividend.
(3) No dividend shall be declared on the common stock In any year until
there shall have been first set apart for said “ special surplus .account’ ’ at
least $1,000,000, ami not more than 6% In any one year until there shall
have been so set apart at least $2,500,000, either in cash or Its equivalent
or of pref. stock theretofore acquired.
Statement o f Profits After Adjustment in View of the Consolidation. •
[Giving effect (a) to adjustment of Interest on acct. of additional working
capital; (D) to elimination of certain expenses by merger.]
Combined profits of the two companies merged, year 1910_____$2,474,629
Combined profits of the two companies merged, year 1909___ __ 2,124,586
Initial Balance Sheet, Condensed from Statement furnished by Chartered Accts.
[Incl. assets and liabilities, to be taken over as of Jan. 1 1911, of Stude­
baker Bros. Mfg. Co. and Everltt-Metzger-FIanders Co. and Incorp. bran's.]
LlaWUlet ($57,067,155).
Assets ($37,067,156).
Pref. stock: Auth., $15,093,Plants at South Bend. Detroit,
093; issued____ _____
$13,503,030
Pontiac and Port Huron, Ac.$9,811,930
742,513 Com. stock auth. and Iss'd. 30,093,030
Investments In other cos___
Materials, supplies, &3.......... 14,643,423 Minority interests In stocks of
Acc’ts and notes receivable.. 5,253,955
23,103
subsidiary companies........
Sundry debtors....................
313,022 Notes payable..............
10,257,237
Deferred charges, Ins., &s__
251,35 • Deposits rec'd on sales_____
445,214
Cash....... .............
6,213,623 Accounts payable_________ 2,611,769
Good-will, patent rights, Ac. 19,807,277 Sundry reserves___________
193.836
Application will be made In due course to list the preferred stock upon the
New York and Chicago and Amsterdam Stock Exchanges.

Stock Offered.—

Condensed Extracts from Statement by Prest. J. ,>1. Studebaker,
South Bend, ind., Feb. 17 1911.
“ The Studebaker Corporation” , Incorporated Feb. 14 1911 In New
Jersey, was formed for the purpose of acquiring the Studebaker Brothers
Mfg. Co. and the Evcritt-Metzger- Flanders Co. and their allied cos.
Studebaker Brothers Mfg. Co. was Incorporated In March 1868. In
1910 we shipped from our factories In South Bend 107,000 vehicles, of
which 60,000 were farm wagons and 47,000 other vehicles, buggies,
surrles, phaetons, all kinds of business wagoii3, street sprinklers and sweepers
and Uushers, and a few automobiles, u id also about $500,000 worth of harness.
Our output should soon equal 150,000 vehicles per annum. VVe own the
largest vehicle factory in the world; employees about 4,000; mill-yard nearly
a mile long, containing 100 acres. VVe sell our products on every continent.
In 1907 we bought (and still retain) 40% of the capital stock of the Garford Co. at Elyria, Ohio, makers of high-priced automobiles. In 1908 we
contracted with the Everltt-Metzger-FIanders Co. to distribute a large
part of Its product of medium price automobiles. In 1909 a third of the
capital stock of that company was acquired and In 1910 all the remainder.
The E-.YI-F Co. (Everltt-Metzger-FIanders Co.) was incorporated In 1908.
It started with about $500,000, and on Dec. 31 1910, its net assets were
about $3,800,000. It began to actively market cars in March 1909 and on
Dec. 31 1910 It had marketed 23,000. Its agency contracts cover the
entire output for the season of 1911. It produces a single type of gasolene
automobile 30 h.p. at a medium price, $1,000. It has two large plants In
Detroit, employing about 4,000 workmen, a body shop In Pontiac, Mich.,
and an axle and steering gear shop In Port Huron, Mich. The E-M-F Co.
of Canada, Ltd., looated at Walkervlllc, markets the car In the Dominion.
It is anticipated that the Studebaker electric commercial vehicle will be
built In conjunction with the E-M-F organization, and that eventually the
Studebaker Corporation will have a complete line of commercial mechanic­
ally propelled vehicle).
I estimate the net profits of The Studobake: Corporation for the year
1911 will be at least $3,500,000. Walter E. Flanders, who originated the
E-M-F Company, will be at the head of our automobile business and one of
our Vice-Presidents, the others being Frederick S. Fish an l Clement
Studebaker Jr. Compare V. 83, p. 1596.— V. 92, p. 327.
W estern P ow er C o .—No Lease.— The plan for a lease of
the property of the Great W estern Power Co. to the Pacific
Gas & Electric Co. proposed in N ovem ber last ( V . 9 1 , p .11 6 3)
w as, we are inform ed, never consum m ated.
N o negotia­
tions are pending a t present.— -V . 9 1, p. 1163.
W e ste r n U nion Telegraph C o .—Award Upheld.— Judge
Colt, in the U . S. Circuit Court at B oston , on F eb. 2 0, con­
firmed the report of E verett W . B u rdett, rendered in A u g .
1909 (V . 8 9 , p\ 530) as special master in the suit of the com ­
pany against the Am erican Bell Telephone C o ., awarding the
W estern Union, under the contract of N o v . 10 1879, $ 2 ,5 7 9 ,­
9 14 in d ivs. and int. and 2 0 ,0 8 7 shares of stock of various
licensee com panies, which had been received b y the Bell
com p an y as rentals and royalties for licenses to use telephones.
The Western Union claimed $5,873,292 on 38,188 shares. ’1'he master
found that the Western Union was not entitled to any accounting on the
stocks received from the American Telcp. & d'elcg. Co., the New England
Telep. & TeJeg. Go., the Bell Telep. Co. of Philadelphia and the Chicago
Tclep. Co., on the ground that the companies wore practically the property
of the American Bell Co. when the contract with the Telegraph Co. was
signed. The Court overruled the ten exceptions of the Western Union Co.
and the 47 of the Bell Go.— V. 92, p. 123.
— The banking house of Clark, Dodge & C o ., 51 W all S t .,
is offering to investors on another page $ 2 5 0 ,0 0 9 Public
Service Corporation of New Jersey 6 % perpetual interest­
bearing certificates.
Price and detailed description will be
furnished upon application.




— T he M utual Benefit Life Insurance Co. of N ew ark , N . J .,
Frederick Frelinghuyscn, President, has published its GGth
annual statem ent.
In 1910 the com pany issued and re­
vived 3 0 ,1 8 3 policies, insuring $ 7 8 ,9 9 3 ,3 1 3 , increased the in­
surance in force by 1 5 ,3 1 4 policies, insuring policyholders
$ 4 2 ,8 3 4 ,0 2 1 and raising the insurance in force on D ec. 31
1910 to 2 3 0 ,9 2 9 policies, representing $ 5 5 0 ,0 5 8 ,0 9 7 of insur­
ance.
T he excess of income ($ 2 6 ,2 0 8 ,7 1 6 ) over disburse­
m ents ($ 1 8 ,4 1 6 ,6 3 3 ) which was added to policyholders’ fund
was $ 7 ,7 9 2 ,0 8 3 .
T he total assets of this corporation are
now $ 1 3 7 ,2 1 7 ,9 9 5 5 6 , the reserve fund am ounts to $ 1 2 3 ,­
5 7 6 ,5 5 0 and the unapportioned surplus has a m arket value
of $ 5 ,4 3 7 ,3 0 3 .
T he expenses incurred in obtaining the new
insurance of the year am ounted to only 8 3 % and the total
insurance to only 7 6 % of the am ount allowed by the insur­
ance law of the State of New Y o r k .
The net rate of interest
earned on invested assets at par values in 1910 was 4 . 7 % .
The com pany paid to and invested for policyholders $ 2 ,8 1 9 ,­
431 in excess of premiums paid by policyholders.
A full
report of the year’s business of this well-known insurance
organization will be mailed upon request to the
hom e
office.
— T he 23d annual statem ent of the American Real E state
C o ., general offices 527 Fifth A v e ., N . Y ., was advertised
in the F eb. 4 issue of the “ Chronicle.”
The corporation has
enjoyed a prosperous year and its business shows continued
grow th.
T his New Y ork Real E state Co. sells 6 % bonds,
which are based on the ownership of selected New York real
estate.
The concern had out am ong investors $ 1 0 ,5 5 5 ,1 6 7
of these bonds and certificates on Dec. 31 1910,
Its assets
include $ 2 1 ,6 6 4 ,3 8 9 , of which $ 1 1 ,6 3 1 ,1 0 6 is invested in
rental properties, $ 8 ,1 6 5 ,4 9 8 in com pletely developed land
properties, $ 3 ,7 1 4 ,7 1 9 in land properties now in process of
developm ent and undeveloped land properties, $ 62 ,0 63 in
land and buildings in course of construction and $ 1 9 0 ,9 8 2
in houses ready for sale.
Surplus increased from $ 1 ,7 5 1 ,1 5 4
to $ 1 ,9 1 1 ,2 4 7 in the p ast 12 m onths.
The balance sheet of
the com p any was given in our issue of F e b . 11, page 3 9 3 .
T he directors of this corporation are: Edw ard B . B o yn to n ,
President; H arold R ob erts, Sherman Cox and W illiam B .
H inckley, Vice-Presidents; Francis H . Sisson, Secretary
Richard T . Lingley, Treasurer, and A ustin L . B abcock,
A ssistant Treasurer.
— A booklet dealing with “ The B ank R ate Fluctuations
of E ngland , France and G erm any” has been issued b y W . &
E . R osenbaum of 35 Broad S t., this city .
Figures show ing
the fluctuations in the Bank rates of these countries were
presented in a pam phlet compiled b y the concern som e time
ago, and the present pam phlet em bodies such further changes
in the B ank rates as have subsequently taken place.
An
additional feature is the presentation of a table showing the
various fractions of a pound sterling expressed in shillings
and pence, and another showing the equivalent in dollars
and cents of the various fractions of a pound sterling at dif­
ferent rates of exchange.
— T he w ell-known bond firm of W akefield, G arthwaite &
C o ., San Francisco, has issued for distribution a com prehen­
sive booklet termed “ Hawaiian Sugar Stocks as In v e stm e n ts.”
Ten of the principal companies are treated in extended refer­
ence as to capital, surplus, earnings, dividends, & c ., for a
series of five years, and statistics of sugar production, both
foreign and dom estic, are shown for the past six years.
— W h ite , W eld & Co. and Spencer Trask & C o ., of this
city, announce the sale of $ 2 ,0 0 0 ,0 0 0 Federal Light & T ra c­
tion Co. 2-year 6 % notes, and to-d ay publish an advertise­
m ent of the offering in our colum ns, merely as a m atter of
record. These notes are callable at 100 and interest after
A u g . 15 1911 in lots of $ 1 0 0 ,0 0 0 and over.
Full particulars
are in the General Investm ent News departm ent (p a ;e 526)
and in last week’s issue, V . 9 2 , p . 460.
— A t 96 and interest, Harris, Forbes & Co. of this city
advertise an offering of $ 4 ,0 4 4 ,0 0 0 Consumers Power Co.
first lien and refunding 5 % bonds, due 1936, in to -d a y ’s
issue.
Sep advertisem ent for details, and reference to this
property in our General Investm ent News departm ent on
page 465 of last week’s issue of the “ Chronicle.”
— The attention of investors is called to the attractive
list of bonds being offered on another page by P ly m p ton ,
Gardiner & Co.
Full particulars will be furnished upon re­
quest to the firm’s m ain offices, 27 W illiam S t ., or at their
branches in Chicago and London, E n glan d .

S ix *

(& Q iu m z x tm l

'Q x m z s .

COMMERCIAL EPITOM E.
.
. Friday Night, Feb.

_
, .
24 1911.
Irade has been gradually im provin g, n otably in the iron
and steel industry, bank reserves are increasing, exports of
cotton are liberal, the T e x a s drought has been effectually
broken, the ou tlook for the w inter-wheat crop has greatly
im proved, an d , although there is no disposition to over­
discount the future, the general situation is regarded as more
promising, especially as some com m od ity prices have re­
cently fallen to a more normal basis.
L A R D on the spot has weakened, owing to liberal receipts
of live hogs a t easier prices, a further decline in wheat and
dulness of trade.
Prime W estern 9 .7 0 c ., Middle W estern
9.G0c. and City steam 9 ^ c .
Refined lard has been quiet
and easy.
Continent 1 0c ., South Am erica 1 0.5 0 c. and Brazil
in kegs 1 1.5 0 c.
The m arket for lard futures here has been
quiet and easy.
A t the W e s t the speculation has been active.
Prices have m oved irregularly, bu t the undertone of the
m arket has been h eavy, owing to the free m ovem en t of live
hogs, depression in w heat, selling for the decline by packing
interests and scattered liquidation.
DAILY CLOSING PRICES OP LARD FUTURES IN NEW Y O R K
Sat.
Mon.
rues.
Wed. Thurs.
Fri.
March delivery-------------0.45
0.45
0.40
Roll0.40
0.45
May delivery----------------0.60
0.55
0.60
day.
0.60
0.55
DAILY CLOSING PRICES OF LARD FUTURES IN C H I C A G O .
„
. „
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
May de very---------------- 0.40
9.37J* 9.3714
IIoll0.45
0.35
July delivery---------------- 0 . 3 5
0.30
0.3214
day.
0.35
0.30
P O R K on the spot has been quiet and stead y.
Mess $23,
clear $19 5 0 @ $ 2 2 and fam ily $22 5 0 @ $ 2 4 .
Cut m eats have
been quiet and generally stead y.
Pickled ham s, regular,
1 2 j 4 @ 1 3 ^ c . ; pickled bellies, clear, 1 3 @ 1 3 3 ^ c .; pickled ribs
13@ 13J^c.
Beef has been quiet and stead y .
Mess $ 1 4 @
$14 5 0 , packet $ 1 5 @ $ 1 5 50, fam ily $16 5 0 @ ,$ 1 7 and extra
India mess $ 2 9 @ $ 2 9 5 0 .
Tallow has been quiet and steady;
city "A c.
Stoarines have been quiet and easy; oleo 8 @
8}£c. and lard 10 34c. B utter has been quiet and weaker;
creamery extras 2 5 @ 2 5 ^ c .
Cheese has been quiet and
steady; btate, whole m ilk, colored, S ep t., fan cy , 15c.
Eggs
have been quiet and firmer; W estern firsts 1 7 ) 4 @ 1 8 c .
O I L .——Linseed has been quiet and firm; city, raw, A m eri­
can seed, 9 5 @ 9 G c .; boiled 9 6 @ 9 7 c ., C alcutta, raw, $ 1 .
Cot­
tonseed has boon in fair dem and and firmer; winter 7 15 @
8 .0 5 c .; sum m er white 7 .1 5 @ 7 .9 0 c ., crude 5 .7 5 @ 5 .8 6 c .
Cocoanut has been quiet and easy; Cochin 9 ) 4 @ 9 > £ c ., Cey­
lon 8%@8Ac.
Corn has been weaker, with a good dem and
a t 7 @ 7 .0 5 c .
Olive has been quiet and steady at 9 0 @ 9 5 c .
Lard has been quiet; prime $ 1 @ $ 1 10, N o . 1 extra 6 5 @ 7 0 e .
Cod has been m oderately active and steady; domestic 53 @
55c. and New foundland 5 7 @ 5 8 c .
C O F F E E on the spot has been firmer.
Large roasters
have bought freely at tim es.
R io N o . 7,
Santos N o. 4 , 1 3 5 £ @ 1 3 ^ c .
W est India grow ths have been
firmer, with a larger dem and. Fair to good Cucuta 1 3 % @
14c.
The speculation in future contracts has been active,
with sharp fluctuations in prices.
On the whole the trend
has been upw ard, owing to bullish advices from Brazil
regarding the spot situation, reports that a pool has been
form ed in that country for the purpose of sustaining prices,
an increased spot dem and here and buying for a rise by local
and outside operators.
Reactions have occurred a t times
on local and foreign liquidation.
Closing prices were as
follows:
10.48c. INovember 10.18c.
February 10.58c.[M a y ------ 10.61c. IAugust
March------- 10.58c. June ---- 10.01c. Scptcmb'r 10.35c. December 10.07c.
April--------- 10.60c.|July------ 10.61c. |October ..10.25c. |January ..10.07c.
S U G A R .— R aw has been more active and firmer.
Cen­
trifugal, 96-degrees test, 3 .6 7 c ,; m uscovado, 89-degrees test,
3 .1 7 c .; molasses, 89-degrces test, 2 .9 2 c .
Refined has been in
fair dem and and firm.
Granulated 4 .6 0 @ 4 .7 0 c .
Teas
firm with a good trade.
Spices firm and fairly active.
P E T R O L E U M .— Refined has been quiet and stead y.
Barrels 7 .4 0 c ., bulk 3 .9 0 c . and cases 8 .9 0 c .
Gasoline has
been firm, with trade m oderately active; 86-degrces in 100gallon drums 1 8 % c .; drums $8 50 extra.
N apth h a has
been in fair dem and and steady; 7 3 @ 7 6 -d e g re e s in 100-gallon
drums 1624c.; drums $8 50 extra.
Spirits of turpentine
has been m oderately active and firm at 9 1 @ 9 1 ^ c .
Rosin
m ™ r[ dem and and firm; com m on to good strained $ 7 .3 5 .
I O B A C C O .— N o new features of particular interest have
been noticeable.
Much of the business is in small lots, with
the view of supplying merely tem porary needs.
There is
for the time being at least practically a deadlock between
buyers and sellers of Ohio and Pennsylvania tobacco, the
prices dem anded m ilitating very noticeably against business
on any im portant scale.
In other words, packers as a rule
hold aloof because they deem the prices asked too high.
In domestic leaf, however, not a few of the packers look for
som e increase of business in the near future. New Y ork b u y­
ers will soon leave to attend the first inscription sale at
A m sterd am ; the results are awaited with no small interest.
C O P P E R has been quiet and stead y.
Lake 1234@ i 2 % c .,
electrolytic 1 2 M @ 1 2 ^ c . , casting 1 2 @ 1 2 3 4 c .
Tin has been
steady; offerings have increased, bu t there has been a larger
dem and; spots 4 4 3 4 °Lead has been quiet and steady at
4 .4 0 @ 4 .5 0 c .
Spelter has been firm with a fair dem and at
5 .5 5 @ 5 .6 5 c .
Iron has been steady; N o . 1 Northern $15 5 0 @
$16; N o . 2 Southern $15 2 5 @ $ 1 5 50.




C O T T O N .

Friday Night, Feb. 24 1911.
T H E M O V E M E N T O F T H E C R O P as indicated b y our
telegrams from the South to-night is given below .
For the
week ending this evening, the total receipts have reached
1 01 ,2 24 bales, against 1 3 4 ,3 8 2 bales last week and 1 73,669
bales the previous w eek, m aking the total receipts since
S ep t. 1 1910 7 ,5 1 7 ,6 7 0 bales, against 5 ,9 6 4 ,4 2 6 bales for
the same period of 1 9 0 9 -1 0 , showing an increase since
Sep t. 1 1910 of 1 ,5 5 3 ,2 4 4 bales.
Receipts at—

Sat.

Galveston______
Port Arthur___
Texas City, & c ..
New Orleans___
Gulfport_______
Mobile ________
Pensacola______
Jacksonville, &c.
Savannah ______
Brunswick_____
Charleston_____
Georgetown___
W ilmington___
Norfolk _______
N’port News, &c.
New York______
B o sto n ________
Baltimore ____
Philadelphia__

| Mon.

Tues. | Wed. |Thurs.

2.750
9,307

4,530

7,117

4,440
3,359

2,974

4,078

2,229

4",759

2,061

3",731

341

192

“ 53

3,4 3 i

1,445

2^918

*146
**U
RU
n
1,315

l‘,553

105

*211

“ 36

“ 38

'438 .
866

‘ 378
790

“ 76
74
414
452

“ 20
490

lib
272

*155

"107

“ 50
20

*166
268

**18

—

9,882! 15,933

12,2701

1 Total.

4,393 ' 26,204
11,620 24,286
4,057
4,057
3,343 20,201
1,037
1,037
864
120
—
---50
1,523 12,185
3,700 3,700
56
612
74
"696
2,065
825 3,695
—

::::

Tot. this week 21,561

Fri.

1
1 ou
695
1,349

145
1,349

8,705 32,864 101,224

The following shows the w eek’s total receipts, the to ta
since Sep t. 1 1910 and the stocks to -n ig h t, compared with
last year:
1910-11.
1909-10.
This Since Sep This Since Sep
Week. l 1910.
Week. | 1 1909.

Receipts to
Feb. 24.
Galveston______
Port Arthur____
Texas City, &c..
New Orleans___
Gulfport ______
M ob ile _________
Pensacola______
Jacksonville, &c.
Savannah______
Hrunswlck_____
Charleston_____
Georgetown ___
Wilmington ___
Norfolk_________
N’port News, &c.
New York______
B oston_________
Baltimore_______
Philadelphia___

26,204 2,486,881 27,217 2,171.615
24,286 187,789
107,378
4,057 318,718 13,487
46,174
20,201 1,310,073 l 18,704 913,590
1,037
32,560
8,264
864 288,577
7,091 207,183
_____ 103,312
200 110,424
50
22,476
37,708
12,185 1,301,661 11,166 1,186,221
3,700 217,126
190,190
612 266,300
755 102,785
74
1,030
50
1,123
2,065 382,978
1,211 286,512
3,605 516,760 4,022 407,444
____
3,848
148
14,912
150
6,795 .
3,765
60 0
33,319
299
8,154
1,340
97,152
729
52,088
315
50
887
.........
101,224 7,517,670 85,129 5,964,426

Stock
1911.

1910.

131,911

119,926

157", 68 6
5,785
17,943

195*866
1,006
28,311

‘77,726
4,034
18,248

74,773
4,676
23,176

10,673
20,478
29,216
21,215
...........
280,970; 157,396
4,659
7,818
3,531i
8,850
5,059;
3,463
739,434

674.889

In order that comparison m a y be m ade with other years,
we give below the totals at leading ports for six seasons:
Receipts at—

1911.

1910.

Galveston__
Pt. Arthur,&c.
New Orleans.
M obile______
Savannah __
Brunswick__
Charleston. &c
W ilmington..
N orfolk_____
N’ nort N., &c
All others___

26,204
28,3 13
20,201
86 i
12,185
3,700
6<6
2,005
3,695
3,281

" “ 805
1,211
4,022
148
1,278

Total this wlc.

101,224

85,129

| 1909.

27,217 i
13,487 ,
18,704
7,091
11,166

| 1908.

50,398
20,018
27,773
3,157
11,541i
3,875
1,725
3,175
4,7141
386:
2,225'
12 ■1,087

48.383
863
33,966
3,520
12,956
263
863
3,749
7,288
' 6,133

1 1907.
80,324
4,358
49,843
3,733
15,779
2,798
2,178
1,925
12,249
1,682
7,023

1906.
39,158
815
38,744
1,557
9,899
510
1,162
979
4,697
586
3,838

117,984'

190,892 101,945
Slnce Sept. 1. 7,517,670 5,064,426' 8,040,625 6,829,996 8,170,529 6,233,246
The exports for the week ending this evening reach a total
of 1 96,601 bales, of which 7 6 ,7 6 3 were to Great Britain,
2 4 ,1 7 3 to France and 9 5 ,6 6 8 to the rest of the Continent.
Below are the exports for the week and since S ep t. 1 1910.
i Week endlnj Feb. 24. 1911.
1
Expored to—

From. Sept. 1 1910 to Feb. 24 1911.
Exported to—

from—

i Great
I ContU
Great !
Conti­
Britain. Fr'nce nent. Total. Britain. France. nent.
Total.
Galveston___ 21,424 10,730 17,022 49,176 897.172 286.104 830,847 2,011,213
Port Arthur__ 3,359 ___ 20,927 24.2S6 4A9S 48,941
93,406 187,245
Texas City, &c.
2fl*S0 48.323
21,045 275,054
New Orleans.. 29J32 7^241 13A75 59,148 726,011 107.936 292,514 1,126,401
Mobile......... . 1,880 5,406,
7,286 61,0271 41,009
57,014 159,050
Pensacola___
___ — -1 : : : :
___
39,382 30,084 34,899 104,365
___
..
Gulfport-----4.526 15.817
6,442 26,785
Savannah ___ 5,534 ___ 1| 18*338 231872 305.912105,813 380.867 792,592
Brunswick----___
—
75,102 175,179
100,077;
Charleston___ 3‘ 283
18,832 9l900 90.551 119,283
3.283
___
Wilmington__
. . M.
126,171 32.015 194,516 352,702
’ " Ik/3
Norfolk.........
‘ l73
10,400
2,4921 12,892
......... |
Newport News.
_____ j
II" II
New York___ 8‘ 215j 796 9,668 18,679 223,737 6G~731 149.959 44CM27
___
;
Boston .........
106!
106 89,464
7,8881 97,352
Baltimore___ 1,150; ___ j 3,050 4,200
15,643 61618 60,677i 82.938
___
Philadelphia . . 2,080 ___ {
743| 2,823
44,793
6,832 51,625
___ 1 ___ *
Portland, Mr..
527;
.........
527
___ 1 10.267 101267
San Francisco.
69,453; 69,453
Seattle _____
2.305, 2,305 ____ *1
39,553 39,553
1
—
___
_____ 1
Tacoma-------8,880
8,880
___
1
Portland, Ore.
mu
500
500
—
__ ! ___ l
—
Pembina____
........J
I
I
I
I
Detroit...........
— 1 __j
—
—
2.075
’ 2l075
---Total-------- 76.76324,173 95,658 196,6042,916,333799,3812.423,437 6,139,151
Total 1909-10- 11,046 4,099 23,254 38,9991,683,113 796,039 2,015,0814,495,133
In addition to above exports, our telegrams to-night also
give us the following am ounts of cotton on shipboard, not
cleared, at the ports nam ed.
W e add similar figures for
N ew Y ork .

On Shipboard, Not Clearedfor—
Leaving
oast­
Ger­ Other C
Great France m
any. Foreign wise. Total. Stock.
Feb. 24at— Britain.
2,345
7 25,341 13
8,368 6,844
2,174 7,948
New Orleans..
0,495
,416 6
955 71
146 17,655 38,014 1,3
Galveston------ 14,646
7
4,020
3,700
0
0
2,400
Savannah -----,048
200 18
200 4,553
Charleston-----1
3,390
3
0
0
2
,5
1
7
1
,7
3
6
M obile_______
13
,715
7,500
7,500 5,300 275,670
Norfolk---------600 r,26o l'.Boo
New York------ i 2’,oo6
24
,741
9
,000
3
,000
6,000
Other ports—
0
12,424
1
0
,2
6
2
127,010
4
6
,3
5
8
1
32,740
1
1
,0
9
4
20,556
Total 1911. .
,797 125,151 549,738
Total 1910. . 29,338 9. 62C 35,021132,375 18
41,732 30.02C 37,886 36,296 15,884 161,818 059,942
Total 1909.

F U T U R E S .— The highest, lowest and closing prices at
N e w Y o r k the p ast week have been as f o llo w s :______________

S p e c u la t io n in c o t t o n i o r iin u r e u u u v eijr m io
n -------irregular prices. The old-crop m onths have shown more or
less steadiness, w h ile.th e new-crop deliveries have declined,
m ainly owing to the fall of copious and beneficial rains m
Texas'.
On F riday notices for 7 5 ,0 0 0 bales of March \\ere
issued and had a rather more depressing effect than had been
exp ected.
S pot m arkets a t the South have been reported
quiet and m ore or less depressed.
Cotton goods have not
m et with a satisfactory sale and prices, both for cloths and
yarns, have shown more or less weakness.
In Liverpool,
b o th the Continent and E g y p t have been at tim es free sellers.
A dvices from Shanghai, China, make it plain that the plague
and famine in that vast empire is a source of a good deal ol
a n x ie ty , and seem s certain to have a bad effect on its trade.
T he tendency in this country seems to be towards a gradual
spread of curtailm ent of production of cotton goods.
O f­
ficial dispatches from M anchester have generally reported
trade quiet, although som e private advices speak of an im ­
provem en t during the last few d ay s. T he news from the
South m akes it clear, if any assurance were needed, that
a very large acreage will be planted under the stim ulus of
present high prices, favored as wide tracts of cotton country,
both east and west of the M ississippi, have been b y good rains
ju st at the time when they were needed. The sharp decline
in the New Y ork and London stock m arkets had som e
effect here and in Liverpool.
F in ally, there is the Scott
A n ti-O ption B ill, which was reported to the Senate by the
com m ittee having it in charge. The air is full of rumors
as to w hat is likely to be the final disposition of the bill.
Perhaps the m ajority incline to the view that it is not likely
to be passed a t this session of Congress.
W h a t m ay be done
a t another session, or a t the possible extra session of Congress,
is not altogether clear, b u t there is a growing impression
that legislation of som e sort dealing with the system of
trading in futures is likely to be passed sooner or later,
though enactm ents o f this kind, it is feared, are likely to
do on the whole more harm than good , whatever the defects
of the present mode of business, which is nowhere regarded
a s perfect.
The Continent, Liverpool and the South have
been sellers here and so has W all Street. Speculation has
been, if possible, duller than ever under the menace ol
anti-option legislation. The receipts a t Southern markets
have, as a rule, been liberal. The present attitude ot the
trade is in the main a waiting one. Though spinners
takings have been com paratively large, exports liberal and
spot and spinning interests have bought to a certain exten t,
while W all Street operators have been inclined to buy
October on a scale d ow n, the general public holds aloof
from the speculation, not only because of the attacks in
Congress upon the system of trading in futures, but also
because of the fact th at the price is considered high, that
stocks are unusually large, and trade is far from a satis­
factory condition , both at hom e and abroad.
In such
circum stances there is more of a disposition to aw ait further
developm ents than to enter into large obligations on cither
side of the m arket. T o -d a y prices declined on a sharp
break in the stock m arket, disappointing Liverpool advices,
favorable crop reports from T e x a s, the March notices and
unfavorable reports regarding the cotton goods trade. Port
o f one loss was recovered on buying b y spot interests and
shorts. S pot cotton here has been quiet.
Middling uplands
closed a t 1 4 .1 0 c ., an advance for the week of 10 points.

rH

@|

Feb. 18toFeb. 34
NEW

YORK

Q U O T A T IO N S

FOR

IC.

32

Spot Market
Closed.
Saturday..
Monday. . .
Tuesday . .
Wednesday
Thursday .
Friday____

16

SALES AT




600
3, 300!
1,200

---------...

____ I ____

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as ISB,11 I I .il i l i i S . N l N . N . I f i N
I jg lllillill Ililllla-issfeg sa
T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m ade
up b y cable and telegraph, is as follow s.
Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to T hursday
evening.
But to make the total the complete figures for to­
night (F rid ay ), we add the item of exports from the United
S tates, including in it the exports of Friday only.

1910.
1909.
1908.
1911.
1,416,000 1, 121,000
1305,000 962,000
5,000
9,000 10,000
10.000 67,000
83,000 74,000
10 ,000
Total Great Britain sto c k ... . 1, 415,000 1, 034,000 1, 508,000 1, 205,000
14,000
9,000 11,000 23,000
4,000
Stock at Hamburg-----------------249,000 293,000 466,000 4
235,000
306,000 428,000 356,000
4,000
4,000
3,000
.
2,000
Stock at Marseilles.
9.000 48,000 41,000
16,000
19,000
.
70,000 70,000 76,000
2,000 19,000
4,000
2,000
Stock at Trieste----------------755,000
9
63,000
8
16,000
6
4
9.0
00
Total Continental stocks______
9,0
1,960.000
50,000 2,4171.000
2, 064,000 1, 8
12,000
00 24,000 19
147.000 241,0
0,164
7,743 481,743 53
607,082 26
0,000
,000 339,000
c
44,000 130
2
48,000
15,000
8
7
,0
0
0
251,000 681,000 499,000 593,000
48i,000
73*,434 67-,,889 821,760 662,538
" 605,145 672,108 771,997 515,061
9,284 10.737 39,182
47,756
4,749,945
.4
Total visidic suppu-----------------■
■, 985,417 4, 612,413 5, 534.2
■ 37 ■
February 24

—
Stock at Liverpool------------- bales. ,
Stock at London-----------------------Stock at Manchester-------------------

14.10 1Frl.
4.10

Of the above, totals of American and other descriptions are as follows:
—
,
,
j. ,
Liverpool stock----------------Manchester stock-------------

American

1320,000 1010.000
1175,000 889,000
61,000
68,000 67
54,000 912,000
88,000 64,000
9,000
620.000 7
90,164
81,743 5
67,132 4
607,182 2
6
6
2,538
8
21,760
. 739,434 674,889
. 605.115 672,108 771,997 515,001
39
,182
1
0
,7
3
7
9
,2
8
4
.
47,756
U . S. exports to-day------------. 3, 882,417 3, 330,413 4,386,237 3. 556,945
Total American----------------East Indian, Brazil, &c.— _ 130,000 73,000 96.000 111,000
Liverpool s to c k ............. ..........
1
5,000 19,000
.
1 ,000
London stock----------10
3,0
,00
00
0
5,000 76,000
3,000
..
12,000 1
52,000 51,000 11
..
29,000 24
2,000
1,000 124,000 30,000
. . 147,000
..
44,000 30,000 39,000
. . 251,000 187,000 315,000 248,000
. . 48i.OOO 681,000 499,000 593,000
. . 1, 103,000 1, 282,000 1, 148,000 1, 193,000
. . 3,8( 2,417 3, 330,413 4,386,237 3, 556,945
Total visible supply___________ 4,985,417 4, 612,413 5, 534,237 4, 749,945
O.OOd.
5.02d
7. 51d. 7.99(1.
Middling Upland, Liverpool-------0.65c. 11.350.
Middling Upland, New York-----14. 1uc. 14.45c.
8Hd.
Egypt, Good Brown, Liverpool.. 10 5-lSd. 1513- 16d. 8 9- 16(1.
7.75d. 10.50(1.
Peruvian, Rough Good, Liverpool ll: 3 0 d .
lOd.
5%d.
Broach, Fine, Liverpool----------- 7'a i .
71-jd. 4 154- IV6ad.d.
5KdTlnnevelly, Good, Liverpool-----7Kd. 7 l - 16d.
. t t _ , ____i

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YEARS.

_loo! : : : : !
j ____;

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1
Futures Sales of Spot and Contract.
Market
Con- | Con- |
Closed.
Spot. surn'n.\tract. \Total.

Quiet
ptsadv . . . F irm _______
Q u ie t------------,-------- Steady. ____
Steady lOptsdec . . Easy .............
! HOLIDAY.
Steady
pts adv . . !Very steady .
Q u ie t--------------------- Very steady .

10

NEW

oo

I CO 0000
CO CO
*CO

. c _____ 10.25
5.62 1887
1911. c. ____14.10 1903. 0. . . . . 10.05 1895. C-. .. .. .. 7
880_________ 8.88
21
1910. . . ------ 14.40 1902____ . . . 8.75 1894____ . . . 9.0
1885________ 11.44
1909. . . ____9.65 1001____ . . . 9.38 1893____ . . . 7.25
________ 10.75
.12 1884
1908.... ____11.50 1900____ . . . 9.19 1892____
1883________ 10.10
1907. . . ____11.00 1899____ . . . 6.50 1891____ .. .. .. 19.00
1882
________ 11.62
1
.3
1
1
890
____
1906. . . ------ 10.80 1898____ . . . 6.25
10.12 1881________ 11-56
1905- . - ____7.75 1897____ . . . 7.12 1389_______
1904. . . ____14.30 1896____ . . . 7.88! 1888_______ 10.56| 1880________ 13-12

AND

00

© | © | @|

O Tf

The quotations on m iddling upland a t N ew Y ork on
F e b .24 for each of the past 32 years have been as follow s:

M ARKET

@|

coco
■§r.

Wed. Thurs.

Tues.

iMon.
10 14.10 14.00

@|

oq

The official quotation for m iddling upland cotton in the
N ew Y ork m arket each d ay for the past week has been:
—
. Sat.
Middling uplands____________M l .

©|

H | CO

600
3,300
1.200
5. 00

r l --------- r. iv .,1

l\ n o d .

Continental imports for the past week have been 104 ,0 00
bales.
The above figures for 1910 show a decrease from last week
of 9 7,1 4 1 bales, a gai l of 3 7 3 ,0 01 bales from 1010, a
decrease of 5 4 8 ,S20 bales from 1909, and a gain of 2 3 5 ,4 7 2
bales over 1 9 0 '.

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.

W e e k e n d in g
F eb ru a ry 24.
G a l v e s t o n ______
N e w O r l e a n s ___
M o b i l e ___________
S a v a n n a h ______
C h a r l e s t o n ______
W i l m i n g t o n _____
N o r f o l k _________
B a l t i m o r e ______
P h i l a d e l p h i a ___
A u g u s t a _________
M e m p h i s ________
S t . L o u i s ________
H o u s t o n ________
L i t t l e R o c k _____

C lo s in g Q u o ta tio n s f o r M i d d lin g C o lto n o n —
S a t'd a y .
14 H
14 >4
14
14 %

M ond ay.
14 %
14 %
14
14%
14 1 5 - 1 6
15%
14%
14 %
1 4 .3 5
14 5 -1 6
14%
14 H
14%
14%

14%
J4 %
1 4 .3 5
14 %
14 %
14 31
14 V ,
14 %

T u esd a y. W ed ’ d a y. T h u rsd ’ y.
14 %
14 %
14
14%
14 1 5 - 1 6
15%
14 %
14% .
1 4 .2 5
14 5 -1 6
14%
14 %
14%
14 %

IIO L IDAY.

F r id a y .

14 %
14 7 -1 6
14
14 %

14 %
14 7 - 1 6
14
14 %

15%
14 %
14 %
1 4 .3 5
14 5 -1 6
14 %
14 %
14%
14%

15%
14 %
14 %
1 4 .3 5
14 %
14 %
14 %
14 %
14%

NEW ORLEANS OPTION MARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t’ d a y.
F e b . 18.

Ml

to CO ©

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S p ot...............
O p t i o n s ______

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The above totals show that the interior stocks have d e­
during the week 11,058 bales and are to-night 00,903
bales less than at the same period last year. The receipts
at all the towns have been 13,230 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years arc as follows:
crea sed

F eb ru a ry 2 4 —
S h ip p e d —
V i a S t . L o u i s ________________
V i a C a i r o ________
V ia B o c k Is la n d . _
V i a L o u i s v i l l e ______________________
V ia C in c in n a t i
. _____
V i a V i r g i n i a p o i n t s ..... _ .............. ..
V i a o t h e r r o u t e s , & c ........ ..............
T o t a l g r o s s o v e r l a n d ....................
D ed u ct s h ip m e n ts —
O v e r la n d to N . Y . . B o s t o n , & c _
B e t w e e n I n t e r i o r t o w n s __________
I n l a n d , & o ., I r o i n S o u t h _________

S in c e
S e p t . 1.
3 0 2 ,5 2 4
1 3 6 ,8 1 5
1 8 ,3 4 0
7 6 ,0 2 5
3 6 ,7 9 7
9 6 ,4 6 4
1 2 0 ,6 0 9

W eek .
8 ,9 0 0
5 ,5 4 0
25
2 ,4 8 7
1 ,2 5 9
8 ,0 4 2

S in c e
S e p t . 1.
4 0 2 ,2 4 7
1 6 8 ,1 0 3
2 5 ,6 8 3
1 0 2 ,6 4 9
5 5 ,2 2 6
1 2 9 ,1 2 7
1 3 1 ,8 1 4

.3 1 ,5 3 2

1 ,0 1 4 ,8 4 9

1 5 ,0 1 1

7 8 7 ,5 7 3

. 2 ,1 9 4
. 4 ,2 0 7
.
486

1 3 7 ,5 8 1
2 7 ,6 1 5
3 0 ,3 6 3

1 ,0 7 8
2 ,1 3 8
731

6 4 ,8 9 4
3 1 ,0 7 2
4 0 ,9 7 8

.

.
.
.
.
.

W eek .
4 ,7 8 6
2 ,1 4 9
405
2 ,1 7 7
907
3 ,0 1 9
1 ,5 6 8

6 ,8 8 7

1 9 5 ,5 5 9

3 ,9 4 7

1 3 6 ,9 4 4

L e a v in g t o t a l n e t o v e r la n d * ______ . 2 4 , 6 4 5

8 1 9 ,2 9 0

1 1 ,0 6 4

6 5 0 ,6 2 9

T o t a l t o b e d e d u c t e d ............. ..

.

* In c lu d in g m o v e m e n t b y r a il to C a n a d a .

The foregoing shows the week’s net overland movement
has been 24,015 bales, against 11,034 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 108,001 bales.
-1 9 1 0 -1 1 S in c e
I n S ig h t a n d S p in n e r s '
S e p t . 1.
T a k in g s .
W eek .
7 ,5 1 7 ,6 7 0
R e c e i p t s a t p o r t s t o F e b . 2 4 _____ 1 0 1 , 2 2 4
8 1 9 ,2 9 0
N e t o v e r la n d t o F e b . 2 4 ___________ 2 4 , 6 4 5
1 ,1 6 8 ,0 0 0
.S o u t h e r n c o n s u m p t i o n t o F e b . 2 4 5 0 , 0 0 0

W eek .
8 5 ,1 2 9
1 1 ,0 6 4
5 2 ,0 0 0

S in c e
S e p t . 1.
5 ,9 6 4 ,4 2 0
6 5 0 ,6 2 9
1 ,3 2 6 ,0 0 0

9 ,5 0 1 ,9 6 0
5 5 4 ,3 6 7

1 4 8 ,1 9 3
* 1 8 ,1 9 4

7 ,0 4 1 ,0 5 5
5 8 8 ,9 4 5

T o t a l m a r k e t e d _____________ ______ 1 7 5 , 8 6 9
I n t e r i o r s t o c k s I n e x c e s s ___________ ’ 1 1 , 6 5 8

1 2 9 ,9 9 9
T o t a l lit s i g h t F e b . 2 4 _____________________ 1 0 , 0 5 9
0 ,3 2 7
N o r t h , s p in n e r s ’ t a k in g s to F e b . 2 4 1 6 ,5 0 7

1 ,6 4 2 ,3 7 8

8 ,5 3 0 ,0 0 0
2 9 ,1 7 4

1 ,6 2 2 ,5 6 7

* D e c re a s e d u r in g w e e k .

Movement into sight in previous years:
W eek —
S a le s.
1 9 0 9 — F e b . 2 6 ..............................1 8 2 , 7 3 5
1 0 0 8 — F e b . 2 8 ............. .................1 8 6 ,6 6 3
1 9 0 7 — M c h . 1 ..............................2 6 5 , 2 6 3
1 9 0 6 — M c l l . 2 ..............................1 4 0 , 4 2 0

S in c e S e p t . 1—
S a le s.
1 0 0 8 - 0 9 — F e b . 2 6 ................ 1 0 , 0 4 2 , 8 0 3
1 9 0 7 - 0 8 — F e b . 2 8 . .............. 9 , 0 8 7 , 2 7 8
1 9 0 6 -0 7 — M ch .
1 ................ 1 0 , 8 9 5 , 4 7 2
1 9 0 5 - 0 6 — M c h . 2 ................. 8 . 6 1 3 , 2 6 3

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day|of|the]weck.




— @
1 4 .0 7 *

—

— @
1 3 .9 5

Tuesday,
F eb . 2 1.

W e d ’ d a y , T h u r s d 'y ,
Feb. 2 2 . F e b . 2 3 .

—

— — @ —
— 1 3 .8 2 *

®
1 3 .9 2 *

1 4 .0 5 - .1 5 1 4 .0 0 — 13 .8 9 -.9 8
1 4 .1 3 - .1 5 1 4 .0 2 -.0 3 1 3 .8 9 —

F rid a y ,
F eb . 24.

— — @ —
1 3 .9 8 *

1 3 .9 5 - .0 9 1 3 .9 4 - .0 4
1 4 .0 5 - .0 6 1 4 .0 5 —

— — @ —
— 1 3 .8 9 -.0 1

— @ — — @ —
1 4 .1 4 - .1 0 1 4 .1 4 - .1 0

1 4 .1 7 - .3 0 1 4 .1 5 -.2 8 1 4 .0 5 -.1 2
1 4 .2 7 - .2 8 1 4 .1 7 -.1 8 1 4 .0 6 - .07

1 4 .1 4 - .2 7 1 4 .1 2 - .2 5
1 4 .2 5 - .2 5 1 4 .2 4 - .2 5

— @
1 4 .2 0

—

@

— — @
— 1 4 .0 9

— —

@

— —

@

—

14.31-.33 14.21-.23 14.10-.12

H O L I-

DAY.

—

®

— —

@

—

14.28-.30 14.29-.31

14.27-.40 14.25-.38 14.16-.26
14.38-.39 14.27-.28 14.16-.17

14.22-.37 14.23-.35
14.35-.36 14.35- .36

— @ — — @ r— — @ —
13.75 — 13.68 — 13.57-.59

13.64-.T9 13.64-.70
13.78-.80 13.72-.75

12.67-.75 12.63-.70 12.51-.61
12.74 — 12.65-.66 12.51-.52

12.60-.66 12.56-.65
12.66-.68 12.65-.66

12.57-.65 — 112.63 — @ —
12.64-.66 12.56-.57 12.42-.41

12.55-.59 12.51-.52
12.59-.60 12.55-.56

Q u ie t .
S te ad y .

E asy.
S te a d y .

Q u ie t .
S te ad y .

S te ad y .
S tead y .

Q u ie t .
S te a d y .

* N o m i n a l.

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J uly—

R a n g e ________
C l o s i n g . . ___
A u g u s t—
R a n g e .............
C l o s i n g ________
O cto b er —
R a n g e ________
C l o s i n g ________
D e c e m b e r —■
R a n g e ________
C l o s i n g ______
T on e— (

Cl ©to Cl to^to CI OOMOOW^M CI© -4 **4 -*l ci CI Ci©tO©H

©>f^tO©MClM>s|©Cla^O©

F eb ru a ry—
R a n g e _______
C l o s in g ________
M a rch —
R a n g e _______
C l o s i n g . _____
A p r il—
R a n g e ________
C l o s in g ______
M ay—
R a n g e _ _ ___
C l o s in g . . .. .
J u n e—
R a n g e _______
C l o s i n g ________

M ond ay,
F eb . 20.

WEATHER REPORTS BY TELEGRAPH.— Reports to
us by telegraph from the South this evening indicate that
while rain has fallen in most sections during the week, the
precipitation has been heavy at only a few points. Tem­
perature, however, has been lower. Crop preparations
are in the main progressing well.
G a l v e s t o n . T e x a s . — There has been no rain the past week.
The thermometer has ranged from 38 to GS.
A b i l e n e , T e x a s . — Rain has fallen heavily on one day of the
week, the rainfall being one inch and seventy-four hun­
dredths. The thermometer has ranged from 20 to 38.
P a l e s t i n e , T e x a s . — We have had rain on two days of the
past week, the precipitation being five hundredths of an inch.
Maximum thermometer G4, minimum 2G.
S a n A n t o n i o , T e x a s . — There has been rain on one day of
the week, the precipitation reaching eighteen hundredths of
an inch. The thermometer has ranged from 28 to 6G.
T a y l o r , T e x a s . — We have had rain on one day during the
week, the rainfall reaching six hundredths of an inch. The
thermometer has ranged from 2G to G4.
S h r e v e p o r t , L o u i s i a n a . — Rain has fallen on one day of the
week, to the extent of sixty-three hundredths of an inch,
maximum thermometer 77, minimum 26.
V i c k s b u r g , M i s s i s s i p p i . — We have had rain on one day
during the week, to the extent of thirty-seven hundredths of
an inch. The thermometer has averaged 50, the highest
being 79 and the lowest 28.
H e l e n a , A r k a n s a s . — There has been rain on one day of the
past week, the rainfall reaching sixty-one hundredths of an
inch. The thermometer has averaged 42.5, ranging from
22 to 74.
M o b i l e , A l a b a m a . — Freezing weather on Tuesday, Wednes­
day and Thursday. We have had rain on one day of the past
week, the precipitation being twenty-six hundredths of, an
inch. Average thermometer 53, highest 73, lowest 31.
M o n t g o m e r y , A l a b a m a . — There haS4,:een rain on one day'of
the week, the precipitation being sixt^'-four hundredths of an
inch. Thermometer has averaged 50, highest being 7G and
lowest 20.
S e l m a , A l a b a m a . — We have had rain on one day during
the week, the rainfall reaching eighty hundredths of an inch.
The thermometer has averaged 46.5, ranging from 25 to 74.
S a v a n n a h , G e o r g i a . — Dry all the week.
Average ther­
mometer 53, highest 75, lowest 31
C h a r le s t o n , S o u t h C a r o l i n a . — We have had rain on one day
during the week, the precipitation reaching one hundredth of
an inch. The thermometer has ranged from 31 to 74.
C h a r lo tte , N o r t h C a r o l i n a . — There has been rain on one day
of the past week, the rainfall reaching thirty-seven hun­
dredths of an inch. The thermometer has'averaged 48,
ranging from 21 to 75.
M e m p h i s , T e n n e s s e e . — There has been rain on one day of
the past week, the rainfall being forty-four hundredths of
an inch. The thermometer has ranged from 20 to 75, aver­
aging 42.
N e w O r l e a n s , L o u i s i a n a . — We have had rain on one day of
the past week, the precipitation being thirty-three hundredths
of an inch. The thermometer has averaged 54,

^W O R L D ’S SUPPLY AND TAKINGS OF COTTON.
1910-11.

Cotton Takings.
Week and Season.

W eek ,

j

|

S ea son .

T o ta l b a le s .

1909-10.

|

S ea son .

W eek .

4,687,890
5,082,558
1,931,022
_______ 1 1,495,514
164,211 10,059,327 129,999 8.530.000
66.000 1,234,000 118,000 1.864.000
133.000
12,000
18.000
171,305
12,000;
922,000
632.000
4.000
176.000
3.000
7,000,
189,000

American in sight to F’eb. 24 —
Bombay receipts to F'eb. 23----Other India shlp’ts to Feb. 2 3 ..
Alexandria receipts to Feb. 2 2 ..
Other supply to F'eb. 22 *-------

Total supply------------------------ 5,349,769 14,071,146 4,954,889 13,266,022
D e d u c t—

3,012,413

Visible supply Feb. 24------------ 4,985,417 4,985,417 4,612,413
Total takings to Feb. 24_______ 364.352 9,085,729
225.352 6,970,424
Of which American_________
Of which other__________ . .
139,000 2,115,305
* Embraces receipts In Europe from Brazil, Smyrna.

342.476 8.653.609
196.476 6.653.609
146,000 2 ,000,000
West Indies, &c.

INDIA COTTON MOVEMENT FROM ALL PORTS.
F ebruary

23.

1910-11.
I

R eceipts at— ■
W eek .

1909-10.

S ince
S ept. 1.

W eek .

190S-09.

S ince
S ept. 1.

S in ce
S ept. 1.

W eek .

Bombay......... .......... ......... 66,00011,234,000 118,000 1,364,000 80,000 1,194,000
F o r the W eek .
E xports
fr o m —

S in ce Septem ber

Great Conti­ J a p a n
Britain. nent. & C hina Total.

Great
B rita in .

Conti­
nent.

1.

Japan
A China.

Total.

Bombay—
10,000
10,000
1910-11..
1909-10.. 4,000 13,000 18,000 35,000
7,000 28,000 35,000
1908-09..
Calcutta—
___
1,000
1910-11 .
1,000
1,000
...
1909-10.. 1,000
___
1.666 1,000 2,000
1908-09..
Madras—
1910-11 .
1909-10
1908-09..
All others —
17,000
1910-11.. 1,000 16,009
11,000
11,000
1909-10..
3,000
3,000
—
1908-09. .
—

14,000

1,000
2,000

26,000 102 ,000
16,000 70,000
79,000
8,000

7,000

Total all—
1910-11..
1909-10..
1908-09..

53,000 544,000 289,305 8 7,305
64,000 560,000 431,000 1,055,000
31,000 410,000 338,000 779,000

17,000 416,000 273,000 706,000
41,000 466,000 415,000 922,000
16,000 297,000 305,000 618,000
2,000

16,000

3,000
4,000

20,000

8,000

16,000

4,000
3,000

28,000
1,000 27,000
5,000 24,000 18,000 47,000
11,000 29,000 40,000
—

10,000

8,000

6,000

18,000
33,000
48,000

5

24,005
13,000
19,000

1,300

129,300
87,000
94,000

14,000
24,000

1,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
February 22.

1910-11.

1909-10.

1908-09.

Receipts (cantars) —
This w eek______________
Since Sept. 1__________

90,000
6,917,464

32,000
4,739,443

170,000
5,896,636

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

Exports (bales)—

1
s'f
This Since
Week.'Sept. 1.

. To Liverpool. . ------------ 10,000 169,628 3,000 114,749 7,750 130,301
97,258
___ '132,159
__ [163,859
£. To Manchester--------- . .
To C ontinent__________ 6,250 267,260 JLSOO 214,617 5,500 209,043
700 50,949 4,250j 46,646
To America. __________ 3,000 86,907
Total exports.. . . . . 19,250 687,654 7,200 477,573 17,500 518,149
Note.— A cantar is 99 tbs. Egyptian bales weigh about 750 lbs.

The statement shows that the receipts for the week were
90,000 cantars and the foreign shipments 19,250 bales.
MANCHESTER MARKET.— Our report received by cable
to-night from Manchester states that the market continues
quiet for yarns and steady for shirtings. Merchants are buy­
ing very sparingly. Wegive the pricesfor to-day below and
leave those for previous weeks of this and last year for com­
parison.
1911.
lb s. S h irt­
in g s , c o m m o n
to f i n e s t .

32s C o p
T ie ls t.

Jan.
13
20
27
Feb.
3
10
17
24

d. s. d.

d*
11 q
11 q
uq

@ i2 q 5 9
© I2H 5 9
(<2 I2q 5 9

11
©
10q ©
ioq ©
107- 16 B

|

8M

s. cl.
@11 3
@11 3
@11 3

5 9 ©11 3
5 8 @11 l
n% 5 7 q @ n o
UK 5 7 © 1 0 10 q

12 H
11H

corn
M id .
U p l’s

d.

32s

C on
T tc is t.

j

s q lb s. S h ir t in g s, c o m m o n
to fi n e s t .

(1. s. d.

S. (1.

C o l 'n
M id .
U p l.s

d.

11 5 5 @ d l o q 7.84
10 H 5 4 ©9 9
7.50
loq 5 4 @9 9
7.80

10 % @ n q 5 5
loq @ n q s 5
10 7-16@ n q 5 5
10 7- 16 3 n q s 5

@9 io q
©o io q
@9 ioq
@9 io q

7.91
8.15
8.10
7.99

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 19(5,(30i bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
T o ta l b a les.

NEW YORK— To Liverpool— Feb. 18— Canadian, 3,000_________ 3,000
To Manchester— Feb. 17—Titian, 2,071_____________________ 2,071
To London— Feb. 17— Minneapolis, 1,983____ ______________ 1,983
To Hull—Feb. 21— Marengo, 1,181__________________________ 1,161
To Havre—Feb. 18 — Kastalia, 291 Sea Island; La Gascogne,
167 Sea Island, 38 foreign .
_
- _____________
496
To Dunkirk— Feb. 18 — Kastalia, 200___________ _______ ____
200
To Marseilles— Feb. 17—Venezia, 100______________________ 100
To Bremen— Feb. 20—Bremen, 5,158__________ ______ - .......... 5,158
To Antwerp— Feb. 17— Gothland, 301; St. Andrew, 1,150__ 1,451
To Genoa— Feb. 21— Cedric, 2,150__ _______ _______________ 2,150
To Naples— Feb. 17— Berlin, 909____________________________
90D
GALVESTON— To Manchester— Feb. 22— Miguel de Larrlnaga,
13,400___ Feb. 23— Ansclma (lc Larrlnaga, 7,964__________21,424
To Havre— Feb. 21—Matteawan, 10,730____________________ 10,730
To Bremen— Feb. 18— Mlneola, 3,937___ Feb. 20— Inkula,
7,035------------ ---------------------------------------------------------- -------- 10,972
To Hamburg— Feb. 17— Regina, 2,512----- Feb. 18— Mlneola,
3,538 .............- ....................... ............ ..........- - ............... ........... 6,050
PORT ARTHUR— To Liverpool— Feb. 22— Chancellor, 3,359___
3,359
To Bremen— Feb. 17— Klrnwood, 9,307----- Feb. 24— Aslan,
aa
11,630............................................................................................ 20.927




196,604

Total.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
G rea t F r e n c h G e r - — O th .E u r o p e — M e x . ,
B r i t a i n . P o r t s , m a n y . N o r th . S o u th . &c. Japan.

796 5,158
New York____ 8,215
Galveston____ 21,424 10,730 17,022
Port Arthur___ 3,359
20,927
New O rleans...29,732 7,241
M obile________ 1,880 5,406
Savannah_____5,534
14,268
Charleston____ 3,283
N orfolk_______ ____
173
Boston _______
106
Baltim ore____ 1,150
3,050
Philadelphia__ 2,080
200
San Francisco.. ___
Seattle________ ___

1,451

3,059

853 12,322
1,315

2,755

1111

100 ___
___ 10,267
___ 2,305

Total.............7 6,7 6 3 24,173 60,798

4,062 18,136

Total.
18,679
49,176
24,286
50,148
7,286
23,872
3,283
173
106
4,200
2,823
10.267

2,305

10012,572 196,604

The exports to Japan since Sept,. I have been 11/ ,925 bales
from Pacific ports and 4,079 bales from Now York.
Cotton freights at New York the past week have been as
Sat.
M on.
Tues.
Wed.
Fri.
Thurs.
Liverpool_________
18
18
18
18
18
Manchester_______
15
15
15
15
15
Havre ___________
23
23
23
23
23
B rem en__________
25
25
25
25
25
Hamburg_________
25
25
25
25
25
Antwerp _________
20
20
HOLI­
20
20
20
Ghent, via Antwerp
26
26
26
D AY .
26
26
R ev al____________
27 q
27q
27q
27 q
27q
Gothenburg_______
27
2 7q
q
27 q
27 q
27 q
27 q
Barcelona_________
35
35
35
35
35
Genoa ___________
20
20
20
20
20
T le*te___________
35
35
35
35
35
Japan ____________
45
45
45
45
45
L I V E R P O O L -B y cable from Liverpool we have the follo w in g s t a t e m e n t o f th e w e e k ’ s sa les, s t o c k s , & c ., a t t h a t p o r t :
Feb. 3.
Feb. 10.
Feb. 17. Feb. 24.
Sales of the w eek..........bales.
39,000
57,000
44,000
49,000
Of which speculators t o o k ..
1,000
4,000
5,000
3,000
Of which exporters took__
1,000
14,000
2,000
3,000
Sales, American____________
36,000
54,000
41,000
46,000
Actual export______________
26,000
3,000
12,000
19,000
Forw arded_________________
88,000
99,000
75,000
84,000
Total stock— Estimated........ 1,174,000
1,286,000 1,312,000 1,305,000
Of which American_______ 1,057,000 1,151,000
1,182,000 1,1/5,000
65,000
213,000
110,000
95,000
Total Imports of the week___
Of which American_______
44,000
183,000
98,000
70,000
Amount afloat______________ 414,000
282,000
271,000
252,000
Of which American............ 352,000
239,000
214,000
214,000
T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu re s
e a c h d a y o f th e p a s t w e e k a n d th e d a ily c lo s in g p ric e s o f

1910.

d.
1
8.07 10 5-16@
S.Oo, 10
8.02 10 'A ©
7.88
7.77
7.61
7.51

NEW ORLEANS—To Liverpool— Feb. 20—Californian, 8,000;
Median, 9,500----- Feb. 23— Musician, 10,000
.
_ 27,500
To Glasgow— Feb. 18—Torgorin, 549.
549
To London— Feb. 23— Oxonian, 1,683___
.
1,683
To Havre— Feb. 22— Louisiana, 5,228.
' * 5 228
To Dunkirk— Feb. 18—Torgorin, 1,807___ Fe'b. 22"— Loufslane
’
206--------------------------------------------2 013
To Rotterdam— Feb. 17— Helena Menzelf, 474
.............
’474
To Antwerp— Feb. 23— Oxonian, 79----- Feb. 23— Horace,'5 5 5
379
To Genoa— Feb. 18— Denewell, 7,822___ F'eb. 24— DInnamorc
4,200
_
’ \2 022
To Naples— Feb. 24— Dlnnamore, 300______I ...........
’ 300
MOBILE— To Manchester— F'eb. 21— Mercian, 1,88611
' 1 880
To Havre— Feb. 23—St. Andrews, 5,406_________
5’400
SAVANNAH— To Manchester— F'eb. 20— Manchester Shipper, 5 ,534 5’ .534
To Bremen— Feb. 18— Flrlka, 3,957; Themlsto, 4,100 _ ’ ’
8 057
To Hamburg— F'eb. 18— Cara, 5,101; Erika, 406___ Feb. 23—
’
Homewood, 644_____________________________________
6 211
To Rotterdam— Feb. 18—Themlsto, 200----------------------200
To Itoval— Feb. 18— Erika, 815________________________
815
To Antwerp— Feb. 18— Cara, 300---------------------------------300
To Barcelona— Feb. 20—Charleston, 2,755-------------------2,755
CHARLESTON— To Liverpool— Feb. 18— Mohacsllcld, 3,283.
3,283
NORFOLK— To H am burg-Feb. 2 0 —Barcelona, 173---------173
BOSTON— To Liverpool—Feb. 20— Ivcrnla, 101------------------101
5
To Manchester— Feb. 17— Iberian, 5------------------------------------BALTIMORE—To Liverpool— Feb.21 — Templemorc, 1,150---------- 1,150
To Bremen— Feb. 17— Chemnitz. 750___ Feb. 21— Hannover,
350______________________________________________________ 1,100
To Hamburg— F'eb. 20— Bosnia, 1,950---------------------------------- 1,950
PHILADELPHIA— To Manchester— Feb. 18— Manchester Engi­
2,080
neer, 2,080______________________________________
200
To Hamburg— F’eb. 17— Graf Waldersee, 200-----------------------443
To Antwerp— Feb. 20—Manltou, 443-------------------- -------------100
To St. John— F'eb. 18— Manchester Engineer, 100.................
SAN FRANCISCO— To Japan— Feb. 15— Siberia, 8,190----- Feb. 22
— China. 2,077____________________________________
10,207
SEATTLE—To Japan— Feb. 18— Mexico Maru, 2,305...................- 2,305

S pot.

Saturday.

Market,
12:15
P. M.

)
F'alr
) business
J doing.

M ond ay.

T uesday.

W ednesday.

Thursday.

F rid a y.

Good
demand.

Dull
and
easier.

Fair
demand.

Good
demand.

Moderate
demand.

Mid .Upl’ds

7.62

7.59

7.51

7.47

7.5)

7.51

12,000

6,000

8,000

Spec.&exp.

9,000
1,500

12,000
1,000

8,000

300

500

3,000

Steady at
Irregular at Steady,
Market 1 2 q @ 5 pts. unch., to 2 q @ i q
opened. 1 advance. 1q pts.adv pts. dec.
F tp ares.

Market,
4
P. M.

500

Steady at Quiet at
iq©3 pts. 3@3q pts.
advance. advance.

Easier.

Steady at
1 Very sty. Barely sty. Barely sty. Steady,
) at 5 © 6 q @ 4q @ o q ® i q @ 5 q unch. to 2 q @ 4 q
J pts.adv. pts. dec.
pts. dec. l q pts.dec. pis. adv.

Steady at

q@iq

pts. adv.

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 lOOf/is.

Feb. 18
Feb.°2».
February.
F'eb.-itch.
Mch .-Apr.
Apr .-May.
May-June
June-July
July-Aug.
Aug.-Sep.
Sep.-Oct .
Oct.-Nov.
Nov .-Dec.
Dec.-Jan
Jan.-F’eb

Sat.
i2 q

______
—
______
______
______
_____

i2 q

p.m.
7 39
7 39
7 39 q
7 41
7 42
7 41 q
7 40 q
7 22
6 91
6 77 q
6 71
6 70 q
6 70

/Mon.
i2 q i

4

Tues.
12 q

4

Thus. 7 30 means 7 39-100d.
Wed.
12 q

| Thurs.

4 |i2q

4

Fri.
12M

4

p.m. p.m. p.m. p.m. p.m. p.m.jp.m. p.m. p.m. p.m.
37
37
37 q
39
io
39
38

33 q 28 q
33 q 28 q
34
28 q
35 q 30
3 6 q '3 i q
36
31
34 q 30
20
16 q 12 q
88
86 q 83 q
74 q 73
70
68
66 q 63 q
67 q 66
63
67
65 q 62 q

28 q
28 q
28 q

30
3i q
31
20 q
11 q
82
68 q
62
6i q
61

28 q 33
32
31
28 q 33
!:u
32
33
2 7 q 3i q 32
29
35
29 q 3 3 q 34 q 32
31 q 35
3 3 q 36 q
36

27
27

34 q 35 q 33
32
14 q 15 q 13
80 q ;82 q 84 q 83
67 q,09 q 71 q 70
64
65
60 q 63
00 ''6 2 q 64 q os q
63 q
no 62 64

31

29 q '3 3 q 34

11

36
35

16

85
72
06
os q

r>f\

BREADSTUFF'S.
24 1911.
Prices for wheat flour have been easy and in some cases
lower of late, owing to the further decline in wheat. This
has had a tendency to accentuate the dulness of trade, as
buyers have withdrawn from the market in the hope of se­
curing supplies at lower quotations later on. This applies
not only to the local market, but also to various other cities.
Moreover, there has been no improvement in the matter of
shipping directions on old contracts. Rye flour and corn
meal have been quiet and steady.
Wheat has declined to a new low level for the present
season, owing to various causes. Among them may be cited
increasing Argentina shipments, a fall in prices at Buenos
Ayres in two days of about 3j^c., lower quotations in the
big European markets, dulness of the cash trade in this
country, continued sluggishness of the flour business, the
persistent aloofness of export buyers, the more favorable
crop accounts from .most parts of the Southwest, and the
growing belief that whether at the present session or an extra
session of Congress a reciprocity measure with Canada will
be enacted into law. According to some accounts the winterwheat outlook has vastly improved since the recent heavy
fall of rain and snow. The outlook for foreign crops is
in the main favorable. Argentina’s shipments this week
were 3,264,000 bushels, against 2,960,000 for the same week
last year. Beneficial showers have occurred in that country.
The sales of flour at Minneapolis have been noticeably small.
Large houses in Chicago have been heavy sellers of wheat.
Many who had recently bought in expectation of at least a
temporary rally have precipitately sold out during the last
few days, discouraged by the flood of bearish news of one
kind or another. It is true that the available supply in the
United States has fallen off within a week some 650,000
bushels, but for all that it is approximately 42,500,000
bushels, or nearly 20,000,000 bushels more than at this time
last year. It is also true that the receipts at the primary
points have been comparatively small. For in tance, on a
single day they reached only 558,000 bushels, against
nearly double that quantity on the corresponding day last
year. But the news inimical to current prices has been
regarded as far outweighing anything of this kind. The
Minneapolis stock has decreased within a week 275,000
bushels, but this failed to stay the downward course of
prices. Purchases have been mainly to cover short sales
and the reduction of the short interest has of itself been an
unfavorable factor. To-day prices were irregular, ending
firmer in the main on better foreign advices than had been
expected, small receipts, light offerings and covering of
shorts.
F r id a y , F e b .

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
No. 2 red winter............ ....................95% 95% 94 % Roll- 93% 93 %
May delivery In e le v a to r............... .97 % 97
9714
day. 96% 00
July delivery In elevator................... 90 M 95
95*4
94 % 94 %
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
,
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator___________ 91 % 90 % 9154
89 % 89%
July delivery In elevator___ _____ .89 % 88 % 88 %
Roll- 87 54 87%
September delivery In elevator__ 89
87% 87% day. 80% 87•;

Indian corn futures here in New York have been dull and
featureless. At the West the speculation has been fairly
active, with prices irregular. Much of the time, however, the
undertone of the market has been firm, owing to reports of a
good export demand. Moreover, stocks in the speculative
market continue to increase with disappointing slowness.
Commission houses have purchased on recessions. There
has been covering by some large shorts. On the other hand,
weakness in wheat has militated against any material or sus­
tained advance in corn. Supplies in the interior are believed
to be very heavy, and it is expected by some that the re­
ceipts will increase materially in the near future. To-day
prices declined on favorable weather, expectations of larger
receipts, dulness on the spot, bearish pressure and liquida­
tion.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thvrs. Fri.
....5 1 % 51 % 52
Roll- 51 % 51 %
....5 6 %
56% 56% day. 56
55%
OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
___ 49
48% 40 %
43 % 48 %
49% 50 % Roll- 49% 49 %
___ 51
50% 51% day. 50% 50%

The following are closing quotations:
FLOUR.
Winter, low grades___ $2 75®$3 25 Kansas straights, nack.$4 40@$4 65
W'n.er patents________ 4 75@ 4 95 Kansas clears, acks__ 3 80® 4 40
Winter straights______ 3 9 0 ® 4 10 City patents__________ 5 50@ 6 30
Winter clears_______
21 50® 3 75 Rye flour_____________ 4 00 @ 4 40
Spring patents................. 4 90@ 5 25 Graham flour_________ 3 90 @ 4 00
Spring straights.........__ 4 50@ 4 80 Corn meal, kiln d ried ..
2 65
Spring clears.................. 4 00® 4 40
GRAIN
Corn, per bushel—
51 06%
No. 2 new______f.o.b.
1 04 %
No. 2 mixed____ f.o.b.
03%
No. 2 wh'te____ f.o.b.
99 % Rye, per bushel—
Cents.
No. 2 Western_______
■ 35 %
State anil Pennsylvania
3C
Barley— Malting________
35
Feeding, c.I.f N. Y . .

Wheat, per bushel—
N. Spring. No. 1 ..
N. Spring, No. 2_.
Red winter. No. 2 ___
Hard winter. No. 2 __
Oats, per bushel, new—
Standards___________
No. 2 white_________
No. 3 white_________

Cents.
51 %
Nominal
Nominal
84
85
93 ® 98
Nominal

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipli at—
Chicago___
Milwaukee..
Duluth____
Minneapolis.
Toledo____
Detroit.......
Cleveland . .
St. Louis__
Peoria____
Kansas City.
Total wk. ’ ll
Same wk. ’ 10
Same wk 109

Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
66s. 196f6s. bush. 60 lbs. bush. 5616s. bush. 32 lbs. bush.48lbs. bu. 56 lbs.
92,242
186,200 3,855,000 1,546,200
292,000
27,000
60,000
133,340 i
318,660
321,300
167,700
10,200
10,445
155,881
355,285:
59,758
5,182
1,649
1,166,100
204,870
211,400
247,100
15,060
30,000!
67,500
143,800
5,448
1,200
100,900
22,643
973
33,740
2,200
67,680
54,820
251,900
565,310
448,230
43,400
4.400
44,200
20,000
472,805
98,800
75,000
4.400
243,600
177,600
90,100
268,128
414,726
297,829

2,389,825
3,620,538
3,100,517

6,035,096
6,427,001
3,586,924

2,927,081
830,982
3,487,111 1,832,040
2,357,183 1,094,455

62,709
125,563
93,726

Since Aug. 1
1910-11... 9,620,173 161,572,256 122,626,793 124,746,319 48,263,920 145,919
1909-10... 12,834,497 186,428,894 107,161,499 27,197,342 5-4,371,727 4,990,780
1908-09... 12,216,362 170,941,799 85,445,192 104.941,179 59,869,161 4,808,203

Total receipts of flour and grain at the seab oard ports for
the week ended Feb. 18 1911 follow:
Flour,
Receipts at—
bbls.
New York______. 147,762
Boston .. ......... . 45,935
.
8,000
Philadelphia____. 42,887
Baltimore.. _____ . 34,751
New Orleans *__ . 28,128
Newport News___.
1,571
Galveston..........
Mobile................ '. ’ 2,853
Montreal_______ . i 6,885
St. John_______ . 17,000

Wheal,
bush.
290,400
47,422
328,000
109,202
17,609
9,000
33,612
308,000

Corn,
bush.
676.125
369,052
197,000
336,280
1,066,367
507,200
154,795
19,400
9,996
3,400

Oats,
bush.
378,200
82,904

Barley,
bush.
24,225
940

Rye,
bush.
1,150
135

138,660
19,889
60,000

5,000
5,884

1,600
14,648

2,000
24,404

9,137

Total week 1911... 335,772 1,143,245 3,339,615
706,057
45,186
Since Jan. 1 1911 .2,445,483 5,842,701 21,994,574 7,146,815 854,454
922,727 132,207
Week 1910... . . 3S1.852 1,198,609 1,850,933
Since Jan. 1 1910 .2,468,193 9,542,742 9,949,552 5,223,255 550,664

17,533
106,161
13,409
154,558

* Receipts do not Include grain passing through New Orleans for fore Ign ports
on through bills of leading.

The exports from the several seaboard ports for the week
ending Feb. IS 1911 are shown in the annexed statement:
Exports from—■
New Y ork_____
Portland, Me___
Boston . . .........
Philadelphia___
Baltimore______
New Orleans___
Newport News__
Galveston-.........
Mobile................
Montreal.............
St.John, N. B __

Wheat,
bush.
274,458
328.000
171,566
162.000
..........
_____
..........

Corn, Flour,
bush.
bbls.
465,756 72,395
197,000 8,000
267,815 27,998
532,000 10,000
564,751 3,384
282.000
8,846
1,571
154,795

___ "

‘ b",996

2,853

308',000

IIIIII

17',666

Total week___ 1,244,024 2,474,113 152,047
Week 1910..........1,275,715 702,369 214,458

Oats,
bush.
8,547

Rye, Barley, Peas,
bush. bush.
bush.
................ ..
2,653

-----’ 2,666
" 2',6oo
11,666
13,732

......................
2,653
8,613 56,000 22,141

The destination of these exports for the week and since
July 1 1910 is as below:
-------- Flour-------•Wheat---------------------- CornSince
Since
Since
Week
July 1
Week
July 1
July 1
Week
Exports for iceek and Feb. 18.
1910. Feb. 18.
1910. Feb. 18.
1910.
Since July 1 to—
bb!s.
bbls.
bush.
bush.
bush.
bush.
United Kingdom... 70,758 2,761,630 831,869 22,479,442 1,486,743 11,994,017
Continent________ 26,671 1,257,980 410,155 13,200,651 833,952 12,676,541
Sou. & Cent. Anier. 31,478 682,794
2,000
220,202 114,500 1,949,029
West Indies______ 22,733 839,651
6,133
38,294
956,787
Brit. Nor. Am. Cols. ____
66,009
13,574
Other Countries___
407 134,693
25,181
7,000
624
Total..... ............ 152,047 5,742,757 1,244,024 35,913,428 2,474,113 27,616,029
Total 1909-10_____214,453 6,764,484 1,275,715 64,146,724
702,369 18,102,177

The world’s shipments of. wheat and corn for the week
Oats for future delivery in the Western market have not
moved decisively either way. In fact, the fluctuations have ending Feb. 18 1911 and since July 1 1910 and 1909 are
been largely a reflection of the changes in corn prices. Stocks shown in the following:
on farms, however, are believed to bo very large, and the cash
demand has been light. In the speculative market, more­
Wheat.
Com.
over, stocks are enormous. Elevator interests have sold,
1910-11.
Exports.
1909-10.
1910-11.
1909-10.
cspechilly on any upturn in prices, and there has been scat­
tered liquidation. To-day the market was dull and feature­
Since
Week
Since
Week
Since
Since
July
1.
Feb. 18.
July 1.
Feb. 18.
July 1.
July 1.
less. Prices ended lower in sympathy with corn.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards .......................... - ............. 30
30
35% Roll- 35% 35%
No. 2 White....................................... 36%
36% 30%
day. 36% 30
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator.................. 31%
31% 31%
31% 3 1 %
July'delivery In elevator---------------31%
31% 31%
Roll- 31% 31
September delivery In elevator------- 31%
31% 31%
day. 31% 30%




Bushels.
2.752.000
2.176.000
488.000
3.370.000
1.424.000
456.000
Oth. countr’s 102.000
SI
Total........ 10768000
North Amer.
Russia........
Danube ___
Argentina . .
Australia__

Bushels.
81.587.000
150,184,000
70.928.000
38.650.000
29.664.000
31.038.000
6,082,000

Bushels.
Bushels.
Bushels.
Bushels.
104.290.000 2,405,000 25.454.000 18.328.000
146.320.000 604.000 9,319,000 12.010.000
14.530.000 425,000 54.814.000 15.618.000
24.878.000 196,000 54.905.000 69.530.000
19.092.000
_____
1
J .........
132,208,000 \ .........

408,133,000 341,318,000 3,630,000 144,492,000 105,486,000

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

Wheat,
United.
Kingdom. Continent.
Feb.
Feb.
Feb.
Feb.
Feb.

18 1911- 11 1911-19 1910. .
20 1909-.
22 1908..

Total.

Bushels.
Bushels. Bushels.
17.968.000 25.120.000 43,088,000
17.560.000 23.608.000 41,168,000
27.040.000 12.800.000 39,840,000
30.320.000 21,28U,000,51,600,000
36.520.000 18,400,000s54,920,000

United
Kingdom. Continent.
Bushels.
4.148.000
3.859.000
2.635.000
3.115.000
3.520.000

Bushels.
6,211,000
9.018.000
4.250.000
2.295.000
4.200.000

Total.
Bushels.
10.362.000
12.877.000
G.S85.000
5.440.000
7.720.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Feb. IS 1911, was as follows:
Com,
bush.
1,090,000

Oats,
bush.
1,473,000

302,000
315,000
336,000
3,000

63,000
243.000
142.000

Baney,
bush.
37,000
i

New York -. ............

Wheat,
bush.
1,860,000

26,000

Buffalo____________ - 1,552.000

535.000
800.000
2,047,000
922.000
182.000
10,000

Toledo...................... . 1,278.000
Detroit...................... . 330,000

371.000
357.000

Chicago...................... . 5,115,000

9,000
291,000

1,353,000
509.000
516.000
632.000
415.000
384.000
710.000
175.000
475.000

18 1911- .42,478,000
11 1911- .43,133,000
19 1910- .25,827,000
20 1909- .39,968,000

11.383.000
10.965.000
12.294.000
6,464,000

16,299,600
16,298.000
8.698.000
9.361.000

Boston......... ............ .
Philadelphia .............
Baltimore--------------- .
New Orleans.............

142,000
Milwaukee ..................
. 5,291,000
Minneapolis------------- .15,440,000
St. Louis - ................ . 1,716,000

Total Feb.
Total Feb.
Total Feb.
Total Feb.

Montreal - .................. .
Fort William......... .
“
afloat.......... .
Port Arthur........... .
Other Canadian-------- .
Total
Total
Total
Total

Feb.
Feb.
Feb.
Feb.

American__
Canadian___
Total Feb.
Total Feb.
Total Feb.
Total Feb.
Total Feb.
Total Feb.
Total Feb.

16,000

41,000

114.000
100.000

411.000
311.000
111.000
140,000

2,000
29,000

6,938,000

2,000

432,000
1,057,000
2.720.000
411,003
158,000
1.590.000
66,000

10,000
11,000
131,000
4,000

CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
811,000
12,000
27G.OOO
2,991,000
318,000
3,228,000
2,957,000

18 1011 _ 9,770,000
11 1911. . 9,902,000
19 1910. .10,937,000
20 1909. . 0,703,000

79,000

841.000
12,000
880,COO
15.000
291.000
27.000
213.000
27.000
SUMMARY
O a ts,
Corn,
bush.
bash.
11,383,000 10.299.000
811,000
12,000

3,000
108,000
432,000
491,000
6,000

310.000 1.333.000
361.000 1.424.000
737.000 3,000,000
675.000 3.503.000
Rye,
bush.

Barley
bush.
82,000

82,000
82,000
49.000
87.000
Rye,
bvsh.
310,000

Barley,
bush.
1.333.000
82,000

310.000
18 1911. .52 248 000 11,395,000 17.140.000
361.000
11 1911. .53,035,000 10,980,000 17.178.000
737.000
19 1910. .30,704,000 12,321,000 8.992.000
675.000
20 1909. .40,731,000 0,491,000 9.574.000
818.000
22 1908. 44,470,000 9,055,000 8.894.000
23 1907. .43,513.000 9,807,000 11.451.000 1.602,000
24 1900. .40,902.000 15,557,000 25.083.000 2,271,000

1.415.000
1.500.000
3.019.000
3.590.000
4.856.000
2.479.000
4.330.000

Wheat,
bush.
.42,478,000
. 9,770,000

Mexico

DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending Feb. 18 were 2,465
packages, valued at $203,449, their destination being to the
points specified in the tables below:




7
873
32
169

.

286

.2,465

35,874

Week.
17
9
72
302
73
648
35
130
1,243
248
2,777

21,620

The vulue of these New York exports since Jan. 1 has been
$2,833,210 in 1911, against 81,625,201 in 1910.
Sales of all descriptions of brown cottons have been on a
limited scale, and although sellers declined to quote lower
prices for forward business, pot goods have been generally
available on a somewhat easier basis than a week ago. In
bleached cottons similar conditions have prevailed in un­
ticketed goods, but there is no alteration in the price of
leading makes. Coarse, colored cottons are dull throughout
and irregular for spots. Wash goods, both printed and
woven patterns, again make the best feature, and in com­
parison with other lines the sales show up very favorably, a
number of sellers being very well placed on their spring
production. Staple prints and staple ginghams are quiet
and without special feature. Doir.cts, flannelettes and other
napped fabrics are in moderate request. The print cloth
market has ruled inactive, with an easier tendency; regular
6-1 squares are not changed in price, but 38^-incli are at the
close of the week about l/gC. lower at 5c., with other counts
irregular. The export trade is inactive, cotton yarns dull
and declining.
WOOLEN GOODS.— In men’s wear woolens and worsteds
the demand has run chiefly towards lines which are already
fairly well sold, such as the better grades of staples, with
serges leading, and the finer qualities of fancy worsteds.
In other directions buying h is been restricted and the aggre­
gate in all lines for the week makes but a moderate total.
The overcoating demand has shown up fairly well, some con­
siderable orders being repjrtcd for fancy overcoatings; in
such instances prices are maintained, but there are others,
slow sellers, on which buyers generally secure some advan­
tage compared with the opening quotations. Dress goods
are in fair request by the cutting-up trade, but the latter
are confining their attention mainly to staple varieties, with
serges a prominent feature. Outside of those, buying is of
an indifferent character.
FOREIGN DRY GOODS.— Men’s wear woolens and
worsteds arc in moderate request, with little doing outside
of the finer grades; and in dress goods business is moderate
only. Silks arc in irregular request and ril bons quiet. A
fair business is repotted in general linos of linens at full
prices. Rurlaps have ruled strong throughout the week on
decreased stocks and in sympathy with advices from Cal­
cutta.
Importations and Warehouse Withdrawals of Dry Goods.
----------©
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- ........
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b to tomtft
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THE DRY GOODS TRADE.
N e w Y o r k , F r i d a y N i g h t , F e b . 24 1911.
A snow-storm at the beginning of the week and the general
holiday on Wednesday had the effect of further curtailing
business in dry goods, and the primary market has ruled
decidedly dull for almost all descriptions. There has again
been a good attendance of retailers buying small lots to cover
immediate needs that has helped to give the jobbing trade
the appearance of some activity, but the aggregate business
put through makes up quite a modest total. The tone of the
market is easy and whore any changes in prices are noted
they arc invariably in favor of buyers; at the same time
sellers make few open changes and as a rule confine their
concessions to such spot goods as they may have to dispose
of. The curtailment in production this week has probably
been considerable, manufacturers taking advantage of the
holiday to close their mills for the day, and in some instances
for the balance of the week; while the South Carolina mills
have agreed to shut down one week per month for four
months from Monday next. An additional element of uncer­
tainty and restraint on buying has been introduced by the
growing impression that an extra session of Congress will be
necessary for the final disposition of tire proposed reciprocity
treaty with Canada, and that with such an extra so a ion
there is the po sibility of the re-opening of the whole question
of tariff revision and its attendant disturbance of business
throughout the country. It is likely, therefore, that the
present conservative policy pursued by buyers will be
adhered to for some time to come, irrespective of the course
which may be taken by the markets for raw material. As
an item of news, it may be mentioned that a combination of
Southern mills has been effected with a capital of $10,000,000
and a spindleage of some 360,000.

.
.
.

Since
Jan. 1.
89
93
4,603
2,787
5,250
442
5,532
239
2,559
8,404
5,870

Week.
3
7

New York to Feb.
Great Britain-------Other Europe_____
China____________
India ----------------A r a b ia ---------------A fr ic a ___________

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Item s.

Aberdeen, Brown County, So. Dak .— E l e c t i o n o n C o rn F o r m o f G o v e r n m e n t . — An election will be held on
Feb. 28 on the question of adopting the commission lorm ol
government.
Colorado— S u i t to E n j o i n P a y m e n t o f S ta te W a r r a n t s .—
The Denver “ Republican” of Feb. 15 states that 11. 11.
Tammon and F. G. Bonfils, through their attorney, John 1.
Bottom, have brought suit in the district court to prevent
the Having of the old State warrants in accordance with the
constitutional amendment adopted last November. See
V. 92, p. 202. It is alleged that there was fraud in connection
with the vote on the amendment.
Indiana.— C o l o s s e u m B o n d s R e d e e m e d — Regarding the
suit started by Henry W. Bullock to restrain the State from
redeeming the 8100,000 Colosseum bonds, the AttorneyGeneral, Thos. W. Honan, advises us that the “ bonds were
redeemed by the State before the suit was brought; con­
sequently there is nothing to the suit.” See V. 92, p. 334.
Iowa.— H o u s e R e je c t s E q u a l S u f f r a y e A m e n d m e n t — It is
reported that the House, by a vote of 53 to 48, on Feb. 23
rejected a joint resolution providing for a constitutional
amendment giving to women the right of suffrage.
La Grange, Cook County, 111.— E l e c t i o n o n C o m m i s s i o n
F o r m o f G o v e r n m e n t . — On March 11 a vote will lie taken, it
is stated, on the question of adopting the commission form
»f municipal government.
Louisville, Ky.— B o n d s D e c la r e d V a l id B y C o u r t o f A p p e a l s .
— It is stated that the Court of Appeals on Feb. 22 affirmed
the judgment of the Jefferson Circuit Court in the case of
L. M. Render against the city of Louisville, m which the
constitutionality of the Act of the 1910 Legislature, provid­
ing for the issuance of 81,000,000 worth of bonds, was
upheld. See V. 92, p. 334.
McAllen, Hidalgo County, Tex.— C o m m i s s i o n F o r m o f
G o v e r n m e n t A d o p t e d . — An election held Feb. 18 to determine
whether McAllen will incorporate under commission form of
government is said to have resulted in favor of that prof
position.
Massachusetts.— O p i n i o n o f A t t o r n e y -G e n e r a l R e g a r d i n g
m issio n

L e g a lity o f N . Y . N . I I . & I I . R l l . B o n d s a s S a v in g s B a n k
I n v e s t m e n t s . — The Attorney-General, James M. Swift, has

rendered an opinion with reference to the Act passed by the
Legislature in June 1910 to validate bonds and stocks of
the New York New Haven & Hartford Rll. Co., and for
the purpose of determining whether or not the assets were
sufficient to show the road a solvent corporation. As stated
in the “Chronicle” last week, page 462, the report of the
Commission appointed under the Act referred to was filed
with the Legislature on Feb. 17. The Act stated that
“ nothing herein contained shall authorize the investment by
savings banks in the securities aforesaid unless they are
otherwise legal investments under the provisions of Chap­
ter 590, Acts of 1909,” and the Attorney-General finds that
“ no matter what the finding of the Commission appointed
under the Act, with reference to assets and liabilities, was,
it would not in and of itself make any change in the standing
of securities for savings bank investments.”
Mississippi.— S u i t to E n j o i n T r a n s f e r o f U n p a i d B o n d
C o u p o n s D i s m i s s e d . — A decision was rendered by the State
Supreme Court on Feb. 13 in the suit brought by State
Treasurer, Geo. R. Edwards, to enjoin the holders of the
8000,000 State bonds from disposing of or transferring their
coupons to “ innocent purchasers” pending a determination
of the question as to whether or not the sale of the bonds
was legal. The Courtjdismisses the bill holding that “ no
injunction is necessary to protect complainant (Edwards)
against this overdue paper, since there can be no such thing
as a bona fide holder thereof, so as to preclude the obligor
from asserting all equities against a purchaser aftci ma­
turity; in short, this injunction is utterly useless for any
purpose under the facts of this case.” Decision on the
legality of the sale is reserved until the Edwards vs. Edwards
mandamus suit brought to enforce the payment of the
coupons is before it. The case referred to is pending in the
Circuit Court of Hinds County, which tribunal will convene
in March.
New York City.— C o n tr a c t F o r E n g r a v i n g o f N e w Y o r k
C i t y S t o c k A w a r d e d .— The Board of City Record on Feb. 20
awarded the contract for the engraving of the new issue of
860,000,000 corporate stock to the New York B ink Note Co.
As stated last week (V. 92, p. 477) the New York Stock
Exchange authorities announced that they would refuse to
list the securities if the same were printed by the concern
mentioned.
New York State.— B o a r d o f T a x C o m m i s s i o n e r s r e p o r t
A g a i n s t A b o l i t i o n o f P e r s o n a l T a x e s . — The State Board of Tax
Commissioners in' its report presented this week to the
Legislature opposes the plan to abolish taxes on personal
property. The Board attacks the present method of assess­
ing such property and recommends the appointment of a
commission to study the question and report to the Legisla­
ture .j&The report says in part:




Our observation Is that the proposition to wholly abolish the taxation of
personal property anil place the Durden upon real estate only meets with
the approval of the single-taxers and persons whose holdings are so largely
In personal property, as compared with their holdings in real estate, that
they would be personally benefited if taxes on personal property were
abolished. The great mass of owners of real property, however, are
earnestly and even bitterly opposed to the imposition of all tax burdens
upon real estate.
•
There seems to be no just reason why personal property, which requires
a very much larger expenditure of moneys raised by taxation for Its preser­
vation and protection than does real estate, should not bear a fair share
of such tax burdens. As a matter of public policy. It would be infinitely
more advantageous to the general welfare of the State to encourage home
building by partially exempting the home from taxation, and correspond­
ingly Increasing the burdens on personal property, than to increase the
burdens on the home, to enable personal property to escape taxation.

Salina, Kansas.— E l e c t i o n o n th e C o m m i s s i o n F o r m o f
G o v e r n m e n t . — According to Topeka papers, the voters will
be given the opportunity at the regular election April 4, of
saying whether or not they are in favor of adopting the com­
mission form of government.
Santa Cruz, Cal.— C i t y H e l d L i a b l e o n W a t e r C o m p a n y
B o n d s A s s u m e d — F o r e c l o s u r e O r d e r e d . — Judge Van Fleet in
the United States Circuit Court, Ninth Circuit, Northern
District of California, on Jan. 31, in the suit brought by
George Wykes as successor to the Holland Trust Co., as
mortgage trustee, against the City Water Co. and the City
of Santa Cruz, handed down a judgment of foreclosure of the
mortgage, under which 8103,000 bonds are said to be now
01 The electors having about 20 years ago voted to issue $300,000 bonds to
build a water plant. Some of the bonds were issued, but to avoid difficulty
in disposing of the remainder, and also of overstepping the debt limit as
then lived bv law an arrangement was made with Coffin & Stanton to
build a plant for $320,000 under the charter of the City Water Co., which
was organized for the purpose, the bonds to be Issued by the company to
be assume ! by the city. The property was accordingly conveyed to the city
by deed dated March 29 1892, subject to the bonds, and on March 13 1894
the act of the city authorities was ratified by the vote of more than two
thirds of the electors and the bonds assumed as part of the bonded debt
of the city. However, the Interest was paid only to Nov. 1 1893 and has
been defaulted since. The company did not Interpose any defence, that
of the city being ultra vires. The latter the Court overruled on many
equitable grounds, chief among these being: (1) Even If the method em­
ployed was Irregular it resulted in the city obtaining Its water plant: (2)the
bonds issued were within the debt limit as raised prior to assumption by
vote of the electors, and (3) the bonds are In the hands of Innocent holders.

Seattle, Wash.— C i t y E l e c t r ic R a i l w a y S y s t e m . — On March
7, as previously stated, a vote will be taken on the question
of issuing 8800,000 4 y 2 % 20-year general city bonds for a
municipal electric railway system. The ordinance calling
the election does not specifically mention the Seattle Renton
& Southern Ry., which now operates in that city, but pro­
vides that wherever any portic n of the routes designated in
the ordinance is found to be occupied by any existing electric
railway property, the latter shall be appraised by the Board
of Public Works. Should the Board and the owner of the
existing property fail to reach an agreement, the City Council
may then, it is provided, authorize condemnation proceed­
ings. The Board is also given authority to build new track
where existing tracks are not considered suitable or cannot
be acquired by agreement.

If the main portion of any existing railway shall be made part of the city
system and there be any remaining portion of said railway in suitable con­
dition for operating but unacquired because not included in the city system,
and which would be rendered less valuable or inoperative if the same be
separated from the main portion of said existing electric railway, then in
any such case the Board of Public Works Is authorized to grant running
rights for cars to or from any such unacquired portion of such existing
railway over any necessary city tracks; such running rights for cars to be
arranged and agreed, as near as may be, upon the basis and In the manner
prescribed In the city charter for use of “ common-user” tracks.
Wherever any portion of any street designated for the city system Is found
to be occupied by the track or tracks of any existing electric railway, which
said track or tracks have been constructed and arc being maintained un­
der a franchise which prescribes "common-user” provisions as to any such
track or tracks, the Board of Public Works may. In behalf of the city, ar­
range for the acquirement of running rights for city cars over any such track
or tracks under the provisions for “ common-user” set forth In such fran­
chise or ilxed in the city charter; provided, however, that this shall not be
held to limit the power, right or authority of the city to purchase or to con­
demn and purchase the whole of any such track or tracks and any rights
thereto appertaining.

South Carolina.— L e g is la t u r e A d j o u r n s . — The Legislature
of this State ended its 1911 session at an early hour Sunday
morning (Feb. 19).
Taylorville, Christian County, 111.— C o m m i s s i o n F o r m o f
G o v e r n m e n t D e f e a t e d . — An election held Feb. 17 resulted,
it is stated, in the defeat of the commission form of govern­
ment.
Territory of Hawaii.— S ta te h o o d R e q u e s t e d . — Cable dis­
patches from Honolulu state that the Hawaiian Legislature
adopted resolutions on Feb. 23 asking that Congress grant
the Territory of Hawaii statehood.
Vandalia, Fayette County, 111.— C o m m i s s i o n F o r m o f
G o v e r n m e n t D e f e a t e d . — The question of adopting the com­
mission form of government was defeated, it is stated, on
Feb. 20.
Virginia, Cass County, 111.— C o m m i s s i o n F o r m o f G o v e r n ­
m e n t D e f e a t e d . — An election held Feb. 20 is said to have re­
sulted in the defeat of the commission form of government.
Wisconsin.— I n h e r i t a n c e T a x C a s e S e t t l e d . — The adminis­
trators of the estate of J. Stewart Kennedy have agreed, it is
said, to pay the amount of 8355,000 inheritance tax on a
legacy of 823,000,000 in stock of the Northern Pacific RR.,
a Wisconsin corporation. The State claimed a much larger
amount than that agreed upon, but accepted the compromise,
it is stated, to avoid further litigation. As reported in the
“ Chronicle” of Jan. 7, page 68, suit has been started to
enforce the payment of an inheritance tax on certain Mil­
waukee & St. Paul stock owned by the late W. II. Tilford of
New York.
L e g i s l a t u r e R a t i f i e s I n c o m e T a x A m e n d m e n t . — The resolu­
tion endorsing the proposed Income Tax Amendment to the
Federal Constitution adopted by the Assembly on Feb. 9

( V . 9 2 , p . 4 7 7 ) h a s n o w b e e n a d o p t e d , w e are a d v is e d , b y
th e S e n a te .
W y o m i n g .— L eg isla tu r e A d jo u r n s .— T h e e le v e n t h L e g is ­
la tu r e o f th is S t a t e a d jo u r n e d S u n d a y m o r n in g (F e b . 1 9 .)
B o n d C a lls a n d R e d e m p tio n s .
O k la h o m a .— W a r ra n t C a ll.— T h e S ta te T re a su re r h a s g iv e n
n o t ic e t h a t h e h a s o n h a n d m o n e y to r e d e e m S ta te w a r r a n ts
u p t o a n d in c lu d in g R e g is te r N o . 1 6 ,7 0 0 .
I n t e r e s t cea ses
M a r c h 15 1 9 1 1 .
B o n d P r o p o s a ls a n d
k a v e b e e n as fo llo w s :

N e g o t i a t i o n s th is w e e k

A l b e r t v i l l e , M a r s h a ll C o u n t y , A la .— B o n d s V o te d .— A n
e le c t io n h e ld F e b . 20 r e su lte d in fa v o r o f th e p r o p o s it io n to
issu e th e $ 7 ,0 0 0 5 % 3 0 -y e a r e le c tr ic -lig h t -p la n t b o n d s m e n ­
t io n e d in V . 9 2 , p . 132. T h e v o t e w a s 117 “ f o r ” t o 4
“ a g a in s t .”
A l l e g h e n y C o u n t y ( P . 0 . P i t t s b u r g h ) , P a .— B o n d s A u th o r ­
ized .— W e see it r e p o r t e d in lo c a l p a p e r s t h a t o n F e b . 21 th e
C o u n t y C o m m is s io n e rs a d o p t e d a r e s o lu t io n p r o v id in g fo r
th e issu a n c e o f $ 1 ,0 0 0 ,0 0 0 4 % 3 0 -y e a r g o o d - r o a d b o n d s .
A l v i n , B r a z o r ia C o u n t y , T e x .— B o n d s R e g is ter e d .— T h e
S ta te C o m p t r o lle r o n F e b . 13 r e g is te r e d $ 1 0 ,0 0 0 5 % 2 0 -4 0 y e a r (o p t io n a l) w a t e r -w o r k s b o n d s .
A l v a , W o o d s C o u n t y , O k la .— B o n d s V o te d .— T h is p la c e ,
lo c a l p a p e r s s t a t e , v o t e d to issu e $ 4 0 ,0 0 0 c ity -h a ll b o n d s .
A d a m s T o w n s h ip S c h o o l D is t r ic t ( P . O . R o s e w o o d ) ,
C h a m p a ig n C o u n t y , O h io .— B o n d O ffer in g .— P r o p o s a ls w ill
b e r e c e iv e d u n til 12 m . M a rch 4 fo r $ 1 8 ,0 0 0 5 % b o n d s .
Authority, Sections 7625, 7626, 7627 and 7628 General Code. Denomina­
tion $500. Interest semi-annual. Maturity $1,000 yearly beginning one
year Irom date. G. C. Ltckllder Is Clerk of Hoard of Education.
A n t i g o , L a n g la d e C o u n t y , W i s .— B o n d s P r o p o s e d .— I t is
s t a t e d t h a t o n F e b . 14 a n o r d in a n c e p r o v id in g fo r th e issu ­
a n c e o f $ 5 0 ,0 0 0 4 ) ^ % c o u p o n d ra in a n d s e w e r -c o n s tr u c t io n
b o n d s w a s in t r o d u c e d a t th e m e e tin g o f th e C o m m o n C o u n c il.
Denomination $5,000. Date July 15 1011. Interest semi-annually at
the First National Hank In Antigo. Maturity $5,000 yearly on July 15
from 1020 to 1929, Inclusive.
A r m s t r o n g C o u n t y ( P . O . C la u d e ), T e x .— B o n d E le c tio n .—
A n e le c t io n w ill b e h e ld M a y 6 , it is s t a t e d , t o v o t e o n the'
q u e s t io n o f issu in g $ 6 0 ,0 0 0 c o u r t-h o u s e -c o n s t r u c t io n b o n d s .
A s h la n d S c h o o l D i s t r ic t N o . 5 ( P . O . A s h la n d ), J a c k s o n
C o u n t y , O r e .— B o n d S a le .— O n F e b . 10 th e $ 7 5 ,0 0 0 5 %
h ig h -s c h o o l-b u ild in g a n d s it e -p u r c h a s e b o n d s d e s c r ib e d in
V . 9 2 , p . 2 0 3 , w ere a w a r d e d t o M o rr is B r o s , o f P o r t la n d a t
1 0 1.01 a n d a c c r u e d in t e r e s t, “ w ith d e fe r r e d d e liv e r ie s ” .
O th e r b id s r e c e iv e d w e r e a s fo llo w s :
Harris Trust & S. Bk., ChIc-$76,2451Farson, Son & Co.. Chicago.$75,257
Davis & Struve Hd. Co., Seat. 76,138 J. N. Wright & Co., Denver. 75,052
John Nuvecn & Co., Chicago. 76,000 McCoy & Co., Chicago--------- 75,000
S. A. Kean & Co., Chicago.. 75,765 |Woodln.McNear&Moore,Chic 75,000
E. II. Rollins & Sons, of Denver, also submitted a bid.
Maturity .Jan. 1 1931; subject to call, however, $25,000 in 10 years and
$25,000 In 15 years.
B a t h , S te u b e n C o u n t y , N . Y . — B o n d E le c tio n .— A c c o r d in g
to R o c h e s t e r p a p e r s , a p r o p o s it io n t o issu e $ 2 5 ,0 0 0 v illa g e hall b o n d s w ill b e v o t e d u p o n a t th e c o m in g M a rch e le c t io n .
B e ll S c h o o l D i s t r ic t , L o s A n g e le s C o u n t y , C a l.— B o n d S a le.
— O n F e b . 14 $ 1 2 ,0 0 0 5 % 1 0 -2 1 -y e a r (se ria l) b o n d s w ere
a w a r d e d , it is s t a t e d , t o N . W . H a ls e y o f S an F r a n c is c o a t
1 0 5 .0 3 .
D e n o m in a t io n $ 1 ,0 0 0 .
D a t e F e b . 14 19 1 1 .
In ­
te re s t s e m i-a n n u a l.
B e lt o n , B e ll C o u n t y , T e x a s .— B o n d S a le .— T h e F irs t S ta te
B a n k in B e lto n w a s a w a r d e d a t p a r , it is s t a t e d , th e $ 1 1 ,0 0 0
5 % 1 0 -4 0 -y ca r (o p t io n a l) w a t e r -w o r k s b o n d s re g is te r e d b y
th e S ta te C o m p t r o lle r o n J a n . 12 ( V . 9 2 , p . 2 0 3 ).
B e s s e m e r , G o g e b ic C o u n t y , M ic h .— B o n d O ffe r in g .— P r o ­
p o s a ls w ill b e r e c e iv e d u n til 8 p . m . M a rch 20 b y W illia m L .
G u y e r , C ity C le rk , fo r $ 1 5 ,0 0 0 5 % c o u p o n s e w e r -c o n s tr u c t io n
bonds.
Denomination $500. Date April 1 1911. Interest semi-annually at
such bank as purchaser may elect. Maturity $1,500 yearly on April 1
from 1912 to 1921 Inclusive. Bonds are exempt from all taxation In Michi­
gan. Certified check on any national bank In the United States, or cash,
for 2% of bonds bid for Is required. Purchaser to pay accrued Interest.
B e t t e n d o r f, S c o t t C o u n t y , I o w a . — B o n d S a le .— G e o . M .
B e c h te l & C o . o f D a v e n p o r t w e re a w a r d e d th e $ 2 1 ,5 0 0
im p r o v e m e n t a n d se w e r b o n d s m e n t io n e d in V . 9 2 , p . 2 0 3 .
B o liv a r C o u n ty ( P . O . R o s e d a l e ) , M i s s .— B o n d S a le .—
T h is c o u n t y h as d is p o s e d o f $ 5 0 ,0 0 0 2 0 -y e a r r o a d b o n d s
d a t e d N o v . 1910.
B r a d y , M cO u llo c k s C o u n ty , T e x a s .— B o n d E l e c t i o n . — A n
e le c tio n will b e h e ld , it is s t a t e d , t o v o t e o n a p r o p o s it io n
to issu e $ 4 0 ,0 0 0 r e s e r v o ir a n d d a m -c o n s t r u c t io n b o n d s .
B r a z o s C o u n t y C o m m o n S c h o o l D is t r ic t N o . 1 0 , T e x a s .—
B on d s R e li s t e r e d .— T h e S ta te C o m p t r o lle r o n J a n . 27 r e g is ­
te re d $ 2 ,0 ) 0 5 % 1 -2 0 -y e a r (o p t io n a l) b o n d s .
B r e m e n , F a ir fie ld C o u n ty , O h io .— B o n d O ffe r in g .— P r o ­
p o s a ls w ill b e r e c e iv e d u n til 12 m . M a rch 15 b y C. E . T h o m p ­
s o n , C le rk , fo r th e $ 2 0 ,0 0 0 5 % w a t e r -w o r k s b o n d s v o t e d o n
N o v . 8 1910 ( V . 9 1 , p . 2 0 4 ).
Denominations: 6 bonds of $500 each and 17 bonds of $1,000 each. Date
March 1911. Interest annual. Maturity part yearly on March 1 from
1913 to 1935 inclusive. Certltled check (or bond or other security) for 5%
of bonds bid for Is required. Purchaser to pay accrued Interest.
^ B r i d g e p o r t S c h o o l D i s t r ic t ( P . O . B r i d g e p o r t ) , B e lm o n t
C o u n t y , O h io .— B o n d E l e c t i o n — A v o t e w ill b e ta k e n o n
M a rch 9 o n th e q u e s tio n o f issu in g $ 4 5 ,0 0 0 s c h o o l-b u ild in g
bon ds.




B r is to l, B u c k s C o u n t y , P a .— B on d s A u th o r iz e d .— T h e
C ou n cil o f th is b o r o u g h h a s a u th o riz e d th e issu a n c e o f $ 1 6 3 ,­
0 0 0 w a t e r -w o r k s a n d s e w e r -s y s te m b o n d s , a c c o r d in g t o
rep orts.
'
&
B r it t o n , O k la h o m a C o u n t y , O k la .— B on d E le c tio n P r o p o s e d .
— T h e B o a r d o f T ru s te e s h a v e b e e n p e tit io n e d to ca ll a n e le c ­
tio n to v o t e o n th e q u e s tio n o f issu in g $ 2 0 ,0 0 0 w a te r a n d
s e w e r -s y s te m b o n d s .
B r o o k v ille ,
J e ffe r s o n
C o u n ty ,
P a . — B o n d O ffe r in g .—
P r o p o s a ls w ill b e r e c e iv e d u n til 2 p . m . M a rch 1 b y A . B .
S e e w a r t, B o r o u g h C lerk , fo r $ 1 0 ,5 0 0 4 % c o u p o n fu n d in g
bonds.
Denomination $500. Date March 1 1911. Interest semi-annually at
the Borough Treasurer’s office. Maturity March 1 1921, subject to call at
any Interest period after 2 years. Bonded debt Jan. 20 1911, $16,000.
Floating debt, $9,954 46. Assessed valuation for 1910, $1,357,015.
B r o w n C o u n ty ( P . O . B r o w n w o o d ) , T e x .— B o n d E le c tio n
P o s tp o n e d .— T h e “ D a lla s N e w s ” sta te s th a t th e r e w ere n o
r o a d b o n d e le c tio n s a t B a n g s a n d Z e p h y r o n F e b . 1 7 , as p r e ­
v io u s ly o r d e r e d b y th e C o u r t.
On account of technicalities In the law governing the fee to Tax Assessors
m assessing taxes under the Special Road Law, the Court decided to rescind
its action upon petitions for further road building in the county until the
matter is cleared up. The elections at Bangs and Zephyr are therefore
declared olt Indefinitely.
B r o w n s v ille , C a m e ro n C o u n ty , T e x a s .— B o n d E le c tio n .— •
A c c o r d in g to r e p o r ts an e le c tio n w ill b e h e ld M a rch 14 to
v o t e on th e q u e s tio n o f issu in g $ 8 0 ,0 0 0 s t r e e t -p a v in g , $ 3 5 ,0 0 0
w a te r s y s t e m -im p r o v e m e n t , $ 1 5 ,0 0 0 e le c tr ic -lig h t s y s t e m im p r o v e m e n t, $ 1 2 ,0 0 0 m a r k e t p la c e a n d c it y -h a ll-im p r o v e ­
m e n t a n d $ 3 ,0 0 0 s la u g h te r-h o u s e b o n d s .
B u cyru s,
C r a w fo r d
C o u n ty ,
O h io .— B o n d
S a le .— O n
I 'e b . 21 th e $ 2 5 ,0 0 0 4 ) ^ % c o u p o n ( c i t y ’s p o r t io n ) fu n d in g
s t r e e t -im p r o v e m e n t b o n d s d e s c r ib e d in V . 9 2 , p . 4 7 8 , w e r e
a w a r d e d t o th e B u c y r u s C ity B a n k in Bucyrus a t 1 0 3 .1 0 6
a n d a c c r u e d in te r e s t.
O th e r b id s r e c e iv e d w ere as fo llo w s :
Farmers’ & Citizens’ Bank
Security Savings Bank &
& Savings Co., Bucyrus $25,751 00
Trust Co., Toledo _$25,611
00
Rudolph Kleybolte Co.
Provident Savings Bank &
Inc: C i n c i n n a t i ____ 25,750 00
Trust Co., Cincinnati.. 25,582 50
Seasongood & Mayer, Cin. 25,683 00 Citizens’ Nat.Bk.,Wooster 25,577 55
Breed & Harrison, Cine.. 25,675 00 Well, Roth & Co., Cine.. 25,575 00
Tlllotson & Wolcott Co.,
Cleveland Trust Co., Clev. 25,543 75
Cleveland.............
25,657 50 Field, Longstreth & Co.,
First Nat. Bank, Clev__ 25,653 25
Cincinnati_________ 25,540
00
Second Nat. Bk., Bucyrus 25,648 55 Otis & Hough, Cleveland. 25,502 00
Davles-Bcrtram Co., Cin­
Citizens' Nat. Bank, New
cinnati------------------------ 25,630 00
Philadelphia _________ 25,425 00
Citizens' Safe Deposit &
First Nat. Bank, Bucyrus
Trust Co., Toledo____ 25,615 45
00
(for $14,000)_____ 14,434
All bidders offered accrued Interest
192jaVnc his 1ve’° ° ° CaCh Marcl^ 1 ancl $i*500 each Sept". *1'from 1914 to
B u f f a lo , N . Y .
B on d O ffe r in g .— P r o p o s a ls w ill b o r e c e iv e d
u n til 12 m . M a rch 6 b y W illia m G . J u s tic e , C ity C o m p t r o lle r ,
fo r th e fo llo w in g 4 % re g is te r e d b o n d s m e n t io n e d in V . 9 2 ,
p . 20 4:
'
U O il CIS.
/lutuuiny, uuapicr 115, Laws Of 1909.
April 1 1911.
consolidated school bonds. Authority, Chapter 84, Laws of
1909. Date April 1 1911.
75.000 grade-crossing bonds. Authority, Section 16, Chapter 345, Laws
of 1888. Date March 1 1911.
’
50.000 *(,a^pj0!|™l]bonds- Authority, Chapter 83, Laws of 1909. Date

ijl6 u l/| U u U UUo|H l u l

100,000

no<;I?]l'i^n5rUally^ at,
Clty, Comptroller’s office or the Gallatin
tiTnhIia
York City. Maturity 20 years. Bonds are nonlaxaoic. Lertlaea check on an Incorporated bank or trust company for
2 A °f bonds bid for, payable to the City Comptroller, Is required.
B u rk e in d e p e n d e n t S c h o o l D is t r ic t ( P . O . B u r k e ), A n g e ­
lin a C o u n ty , T e x .— B on d s R eg istered .— T h e S ta te C o m p ­
tro lle r re g is te r e d $ 3 ,5 0 0 5 % 1 0 -4 0 -y e a r (o p t io n a l) b o n d s
on F e b . 7.
C a lv e r t, R o b e r t s o n C o u n t y , T e x . — B on d E le c tio n .— I t is
s ta te d t h a t a v o t e w ill b e t a k e n a t th e g e n era l e le c tio n n e x t
A p ril o n th e q u e s tio n o f issu in g $ 2 5 ,0 0 0 c it y -h a ll-c o n s t r u c ­
tio n a n d p u b lic -im p r o v e m e n t b o n d s .
C a r th a g e I n d e p e n d e n t S c h o o l D is t r ic t ( P . O . C a r th a g e ),
T e x a s .— R o n d s R e g is ter e d .— O n F e b . 4 $ 1 0 ,0 0 0 5 % 2 0 -4 0 y e a r (o p t io n a l) b o n d s w ere re g is te r e d b y th e S ta te C o m p ­
tro lle r .
C a v a lie r C o u n ty ( P . O. L a n g d o n ) , N o . D a k .— B on d s N o t
S o l d — N o b id s h a v e y e t b e e n r e c e iv e d fo r th e $ 5 ,1 0 0 W illis t o n L a k e D ra in N o . 1 b o n d s ofTered o n J a n . 7
V . 91,
p.

1660.

C h a m b e r s C o u n ty (P . O. A n a h u a c ) , T e x .— B on d s N o t S old .
— T h e C o u n ty J u d g e w rite s us u n d e r d a te o f J a n . 22 th a t n o
sale h a s y e t b een m a d e o f the $ 2 6 ,0 0 0 R o a d D is t r ic t N o . 2
a n d the $ 2 0 ,0 0 0 R o a d D istrict N o . 3 5 % b o n d s w h ic h w ere
o ffe re d o n J u n e 6 1 9 10.
A d e s c r ip tio n o f th ese b o n d s w a s
g iv e n in V . 9 0 , p . 1 5 04.
C h a m b e r s C o u n ty C o m m o n S c h o o l D is t r ic t N o . 19 , T e x . —
B on d O ffer in g .
I his d is tr ic t is o ffe rin g a t p a r a n d a c c r u e d
in te re st th e $ 3 ,5 0 0 5 % b o n d s re g is te re d b y th e S ta te C o m p ­
tro lle r o n O c t . 21 1910.
S ee V . 91 , p . 1196.
C h a m p a ig n C o u n ty (P . O . U r b a n a ), O h i o . - R o n d S a l e . O n l(e b . " 0 $ 1 1 ,6 0 0 4 % M a d R iv e r b r id g e -c o n s t r u c t io n b o n d s
w e re a w a rd e d to A . F . V a n ce J r. a t p a r .
N o o t h e r b id s
w ere r e c e iv e d .

8 J S - « 85?; M

U S M

®

s cx

m
s 11 $$t-,6U0
2&00 AAU?.
us-3 ° ^0
0 1CU)
1- Mr $3,000 tc
k°00
20 19t4'
S-.OOcL’eb.
20
I91o,
1915,
b . Aug’
20 1916
SI 000
Auv ? O 1916
ancl $1,000 Feb. 20 1917.
’ * 1,uuo Au&- 20 1010
C h a rlie , C la y C o u n t y , T e x .— R o n d E le c tio n P rop osed .'— I t
is s ta te d th a t a p e tit io n is b e in g c ir c u la te d r e q u e s tin g th e
o ffic ia ls to ca ll a n e le c tio n to v o t e o n th e q u e s tio n o f issu in g
$ 1 5 ,0 0 0 s c h o o l-h o u s e b o n d s .

C h a se C ity , M e c k le n b u r g C o u n t y , V a . — B o n d s N o t S o l d .- —
A ll b id s r e c e iv e d o n F e b . G fo r th e $ 1 5 ,0 0 0 6 % 2 0 -y e a r g o ld
c o u p o n b o n d s d e s c r ib e d in V . 9 2 , p . 2 0 4 , w ere r e je c t e d .
T h e b o n d s w ill b e r e -o ffe r e d , w e are a d v is e d .
C h a th a m , P it t s y lv a n ia C o u n ty , V a . — B o n d s N ot Y e t S o l d .
— T h e $ 1 0 ,0 0 0 5 % c o u p o n stre e t a n d sc h o o l b o n d s m e n t io n e d
in V . 91 , p . 1 19G, a re still u n s o ld .
C h e s te r ( P . O . C h e s t e r D e p o t ) , W in d s o r C o u n t y , V t . —
B o n d s A w a r d e d i n P a r t . — Up to F e b . 22 $ 1 8 ,3 0 0 o f th e $ 2 5 ,­
0 0 0 4 % re g is te re d s c h o o l-b u ild in g b o n d s d e s c r ib e d in V . 9 2 ,
p . 13 3, h a d b e e n d is p o s e d o f t o lo c a l in v e s t o r s a t p a r a n d in ­
te re st.
T h is m a k e s a t o t a l o f $ 5 ,3 0 0 b o n d s s o ld s in ce o u r
la st r e p o r t .
M a t u r ity J a n . 1 1 9 2 1 , s u b je c t t o c a ll, h o w e v e r ,
a t a n y in t e r e s t-p a y in g p e r io d u p o n 30 d a y s ’ n o t ic e .
G ir cle v ille ,

P ick a w a y

C ou n ty ,

O h io .— B o n d

O f f e r i n g .—

P r o p o s a ls w ill b e r e c e iv e d u n til 12 m .M a r c h 21 b y F re d . R .
N ic h o la s ,

C ity

A u d it o r ,

fo r

$ 6 2 ,5 0 0

4 j /£ %

s t r e e t -p a v in g

a ss e ssm e n t b o n d s .
Denomination 5625. Date March 1 1911. Interest semi-annually at
the City Treasurer’s office. Maturity $3,125 each six months from March 1
1913 to Sept. 1 1922 Inclusive. Certified check (or cash) for 2% of bid,
payable to the City Treasurer, Is required. Bonds will be delivered within
ten days from time of award. Purchaser to pay accrued Interest.
T h e o f f i c i a l n o t i c e o f th is b o n d o f fe r i n g w ill be f o u n d a m o n g
th e a d v e r t i s e m e n t s els ew h er e i n th is D e p a r t m e n t .

C la y C o u n t y ( P . O . S p e n c e r ) , I o w a . — B o n d S a l e . — O n
F e b . 15 th e $ 1 1 ,0 6 5 (a m o u n t r e d u c e d fr o m $ 2 4 ,5 6 4 ) D r a in ­
a g e D is t r ic t N o . 8 b o n d s d e s c r ib e d in V . 9 2 , p . 4 0 7 , w ere
a w a r d e d to th e W illia m R . C o m p t o n C o . o f S t. L o u is fo r
$ 1 1 ,1 3 3 38 (1 0 0 .6 1 7 ) fo r 5 % p e r c e n t s .
C le v e la n d , O h io .— B o n d s A u t h o r i z e d . — T h e C ity C ou n cil
o n F e b . 6 p a sse d an o r d in a n c e p r o v i d i n g fo r th e issu a n ce o f
$ 1 7 5 ,0 0 0 5 % c o u p o n s t r e e t -im p r o v e m e n t a ss e ssm e n t b o n d s .
Denomination $1,000. Date May 1 1911. Interest semi-annually at
the American Exchange National Bank In New York. Maturity $25,000
Nov. 1 1911 and $50,000 yearly on Nov. 1 from 1912 to 1914 Inclusive.
C le v e la n d H e i g h t s , C u y a h o g a C o u n t y , O h io .— B o n d O f fe r ­
i n g . — P r o p o s a ls w ill b e r e c e iv e d u n til 12 m . M a rch 28 b y
H . H . C a n fie ld , V illa g e C le rk , N o . 30 9 B e c k m a n B ld g .,
C le v e la n d , fo r th e fo llo w in g 4 j ^ % c o u p o n a s s e ssm e n t b o n d s :
$4,528 Crest Road water-main bonds. Authority Section 3914, General
Code. Denomination $500, except one bond of $28. Maturity
$28 on Oct. 1 1912 and $500 yearly on Oct. 1 from 1913 to 1921
Inclusive.
8,678 Crest Road sewer bonds. Authority Section 3881, 3888 and 3914,
General Code. Denomination $500, except one bond of $178. Ma­
turity $178 on Oct. 1 1912, $500 Oct. 1 1913 and $1,000 yearly on
Oct. 1 from 1914 to 1921 Inclusive.
2,146 Edgehlll Road sewer bonds. Authority Sections 3881, 3888 and
3914, General Code. Denomination $500, except one bond of $146.
Maturity $148 on Oct. 1 1912 and $500 on Oct. 1 In 1915, 1917, 1919
and 1921.
1.410 Overlook Road water-main bonds. Authority Section 3914, Gen­
eral Code. Denomination $500, except one bond of $410. Matur­
ity $110 on Oct. 1 1914 and $500 on Oct. 1 In 1918 and 1921.
1,672 Overlook Road sewer bonds. Authority, Sections 3881, 3888 and
3914 of General Code. Denomination $500, except one bond of
$172. Maturity $172 on Oct. 1 1913 and $500 on Oct. 1 In 1916,
1919 and 1921.
8,474 Berkshire Road paving bonds. Authority Section 3914, General
Code. Denomination $1,000, except one bond of $474. Maturity
$474 on Oct. 1 1913 and $1,000 yearly on Oct. 1 from 1914 to 1921
Inclusive.
1,532 Berkshire Road water-main bonds. Authority Section 3914, Gen­
eral Code. Denomination $500 except one bond of $32. Matur­
ity $32 on Oct. 1 1912 and $500 on Oct. 1 In 1915, 1918 and 1921.
2.410 Berkshire Road sewer bonds. Authority Section 3881, 3888 and
3914, General Code. Denomination S500, except one bond of $410.
Maturity $400 on Oct. 1 1913 and $500 on Oct. 1 In 1915, 1917,
1919 and 1921.
The above bonds will be dated “ day of sale.” Interest April 1 and Oct. 1
at the Village Treasurer's office. Ccrtllled check for 10% of bonds bid for,
on some bank other than the one making the bid, payable to the Village
Treasurer, Is required. Accrued Interest to be paid by purchaser.
C lin to n , C lin to n C o u n t y , I o w a . — B o n d s A i d l i o r i z e d .— A n
o r d in a n c e p r o v id in g fo r th e issu a n ce o f r e fu n d in g b o n d s h a s,
a c c o r d in g t o r e p o r t s , b e e n p a sse d b y th e C ity C o u n cil.
C o its v ille T o w n s h ip S c h o o l D is t r ic t ( P . O . S ta . A , Y o u n g s ­
t o w n ) , O h io .— B o n d s V o t e d . — A n e le c tio n h e ld F e b . 7, it is
r e p o r t e d , r e su lte d in fa v o r o f th e q u e s tio n o f issu in g $ 5 0 ,0 0 0
s c h o o l-b u ild in g b o n d s .
T h e v o t e w a s 116 “ f o r ” t o 34
“ a g a in s t .”
C o m a n c h e C o u n t y (P . O . C o m a n c h e ), T e x a s .— B o n d s
P r o p o s e d . — A p e tit io n
is b e in g c ir c u la te d , a c c o r d in g to
r e p o r t s , r e q u e s tin g th e issu a n ce o f $ 1 0 0 ,0 0 0 P r e c in c t N o . 1
road b on d s.
C o n c o r d ia S c h o o l D is t r ic t (P . O . C o n c o r d ia ), C lo u d C o u n ty ,
K a n s a s .— N o B o n d s V o t e d . — T h e r e p o r t s s ta tin g th a t th is
d is tr ic t h a s v o t e d t o issu e $ 1 4 ,2 5 0 b o n d s are e rro n e o u s ,
w e a re a d v is e d b y th e C lerk .
C o n w a y , B e a v e r C o u n t y , P a .— B o n d O f f e r i n g . — P r o p o s a ls
w ill b e r e c e iv e d u n til 8 p . m . M a rch 6 b y F ra n k S . B r o w n ,
S e c r e ta r y o f B o r o u g h C o u n c il, fo r th e $ 2 0 ,0 0 0 4 V<i% c o u p o n
w a t e r -p la n t -c o n s t r u c t io n b o n d s m e n t io n e d in V . 9 2 , p . 4 7 9 .
Denomination $1,000. Interest March 1 and Sept. 1. Maturity $1,000
yearly on Sept. 1 from 1920 to 1939 Inclusive. Bonds exempt from State
tax. Accrued Interest from Sept. 1 1910 to be paid by purchaser. Bonded
debt at present, $6,000. Floating debt, $1,468. Last assessed valuation,
$753,742.
C o o k C o u n ty ( P . O . C h ic a g o ), 111.— B o n d s A u t h o r i z e d . —
O n F e b . 20 th e C o u n ty B o a r d d e c id e d to issu e in d e n o m in a ­
tio n s o f $ 1 ,0 0 0 e a c h th e $ 3 ,0 0 0 ,0 0 0 4 % g o ld h o s p it a l b o n d s
v o t e d o n N o v . 8 19 10.
S ee V . 9 2 , p . 2 0 5 .
C o r n in g , T e h a m a C o u n t y , C a l.— B o n d s N o t S o l d . — T h e
$ 5 0 ,0 0 0 w a te r p la n t a n d $ 2 0 ,0 0 0 s e w e r -s y s te m b o n d s m e n ­
tio n e d in V . 9 1 , p . 17 89, h a v e n o t y e t b e e n s o ld , w e a re
a d v is e d u n d e r d a t e o f F e b . 14.
O u ster C o u n ty ( P . ' O . C h a llis ), I d a h o . - B o n d O f f e r i n g . —
P r o p o s a ls will b e r e c e iv e d u n til F e b . 28 b y E . J . M ich a e l,




C lerk B o a r d o f C o m m is s io n e rs , fo r $ 1 5 ,0 0 0 c o u p o n b r id g e ­
b u ild in g b o n d s a t n o t e x c e e d in g 6 % in t e r e s t.
Authority Section 1962. Revised Codes. Denomination $500. Date
Jan. 1 1911. Interest semi-annual. Maturity $1,500 yearly on Jan. 1
from 1021 to 1930 Inclusive, all bonds being subject to call after 10 years.
Certified check (or cash) for $3,000, payable to the County Treasurer, Is
required. Bids must be unconditional and made on blank forms furnished
by the Clerk. Bonded debt at present, $5,000. Floating debt. $14,­
808 14. Assessed valuation for 1909, $1,308,935 81.
C u s te r C o u n t y (P. O. M ile s C it y ) , M o n t .— B o n d S a l e .—
T h e S e c u r ity T r u s t C o . w a s a w a r d e d a t p a r a n d a c c r u e d
in t e r e s t o n F e b . 7 th e $ 2 5 ,0 0 0 1 0 -2 0 -y e a r (o p t io n a l) c o u p o n
P o w d e r R iv e r w a g o n -b r id g e -c o n s t r u c t io n b o n d s d e s c r ib e d in
V . 92, p . 205.
C u ste r C o u n t y ( P . O . B r o k e n B o w ) , N e b .— N o B o n d s to be
I s s u e d .— W e a re a d v is e d th a t th is c o u n t y w ill n o t issu e a n y
b o n d s fo r th e e r e c t io n o f a c o u r t -h o u s e , b u t in s te a d will
p r o v id e th e n e c e ssa ry fu n d s b y le v y .
I t w a s r e p o r t e d in th e
n ew sp a p e rs t h a t th e issu a n ce o f $ 5 0 ,0 0 0 c o u r t -h o u s e b o n d s
w a s a u th o r iz e d a t an e le c tio n h e ld J a n . 9 .
S ee V . 9 2 , p . 2 0 5 .
C u y u n a , C r o w W in g C o u n t y , M in n .— B o n d s V o t e d . — W a ­
t e r -w o r k s -s y s t e m b o n d s a m o u n tin g t o $ 1 0 ,0 0 0 h a v e , it is
r e p o r t e d , b e e n v o t e d b y th is v illa g e .
C y n t h ia n a , P o s e y C o u n t y , I n d — B o n d S a l e . — O n J a n . 2
$ 4 ,5 0 0 (n o t $ 4 ,0 0 0 a s a t first r e p o r t e d ) 5 % e le c t r ic -lig h t p la n t -e r e c tio n b o n d s w ere s o ld to th e C y n th ia n a B a n k in g C o .
in C y n th ia n a a t p a r .
D e n o m in a tio n $ 5 0 .
In terest Ja n u ­
a r y a n d J u ly .
D a v id s o n C o u n t y ( P . O . N a s h v ille ) , T e n n .— N o A c t i o n
Y e t T a k e n . — W e a re a d v is e d u n d e r d a t e o f F e b . 14 t h a t n o
a c t io n h a s y e t b e e n ta k e n b y th e L e g is la tu r e , n o w in s e s s io n ,
lo o k in g t o w a r d s th e issu a n ce o f th e $ 1 5 0 ,0 0 0 4
3 0 -y e a r
S ta te F a ir b o n d s .
A s e x p la in e d in V . 9 1 , p . 11 97, th e issu e
w ill n o t b e d e liv e r e d u n til su ch a c t io n is t a k e n .
B o n d s to be O f fe r e d S h o r t l y . — T h e C o u n t y C o u r t h a s o r d e r e d
th e issu a n ce o f $ 8 0 ,0 0 0 b o n d s fo r a N o r m a l A g r ic u lt u r a l
S c h o o l fo r n e g r o e s .
T h e y w ill b e o ffe r e d f o r sa le s o o n .
D in w id d ie C o u n t y ( P . O . D in w id d ie ), V a .— B o n d S a l e .—
D u r in g th e m o n t h o f J a n u a r y W . N . C o le r & C o . o f N e w Y o r k
C ity c o m p le t e d th e p u r ch a s e o f $ 6 1 ,0 0 0 6 % c o u p o n r o a d im p r o v e m e n t b o n d s .
Denomination $1,000. Date Nov. 1 1910. Interest annual. Maturity
Nov. 1 1940, subject to call after Nov. 1 1930. The genuineness of the
bonds has been certified to by the Columbia Trust Co. of New York C ity ,.
and the legality of the same has been approved by Caldwell & Reed, also
of New York.
D o la S c h o o l D is t r ic t ( P . O . D o l a ) , H a r d in C o u n t y , O h io .—
B o n d E l e c t i o n . — O n M a rch 7 th is d is t r ic t w ill v o t e o n t h e
q u e s tio n o f is s u in g $ 6 ,0 0 0 b o n d s .
T h e s e s e c u r itie s w e r e
d e fe a t e d b y a v o t e o f 85 “ f o r ” t o 113 “ a g a in s t ” a t a r e c e n t
e le c t io n .
D o n n e lly , S te v e n s C o u n t y , M in n .— B o n d s N o t S o l d .—
B o n d O f f e r i n g .— N o a w a rd w a s m a d e o n F e b . 15 o f th e $ 4 ,2 0 0
w a t e r -w o r k s -fu n d in g b o n d s d e s c r ib e d in V . 9 2 , p . 4 0 7 .
P ro­
p o s a ls a re a g a in a sk e d fo r th ese b o n d s a n d w ill b e r e c e iv e d
th is tim e u n til M a rch 2 .
D u n d e e , N e b .— B o n d E l e c t i o n . — A p r o p o s it io n t o issu e
$ 4 9 ,0 0 0 w a t e r -w o r k s b o n d s w ill b e v o t e d u p o n , i t is s t a t e d ,
F e b . 28.
E a s t M c K e e s p o r t , A lle g h e n y C o u n t y , P a .— B o n d s P r o ­
is s ta te d th a t th e B o r o u g h C ou n sel o n F e b . 7
a d o p t e d a r e s o lu tio n p r o v id in g fo r th e is s u a n c e o f $ 2 0 ,0 0 0
bonds.
p o s e d .— I t

E a s t o n , T a lb o t C o u n t y , M d .— B o n d s V o t e d . — T h e p r o ­
p o s it io n t o issu e th e $ 4 0 ,0 0 0 4 % 1 -4 0 -y e a r (se ria l) c o u p o n
s e w e r -s y s t e m -c o n s t r u c tio n b o n d s m e n t io n e d in V . 9 2 , p .
4 7 9 , is sa id t o h a v e c a r rie d b y a v o t e o f 45 3 t o 42 a t th e
e le c tio n h e ld F e b r u a r y 2 3 .
E a s t O r a n g e , E s s e x C o u n t y , N . J . — B o n d s A u t h o r i z e d .—
O r d in a n c e s w e r e p a sse d b y th e C ity C ou n cil o n F e b . 14, it is
s t a t e d , p r o v id in g fo r th e issu a n ce o f $ 1 0 5 ,0 4 8 55 5 % s t r e e t im p r o v e m e n t a sse ssm e n t b o n d s a n d $ 2 0 0 ,0 0 0 4 % s c h o o l
a n d w a te r b o n d s .
B o n d s P r o p o s e d . — O r d in a n ce s p r o v id in g f o r th e is s u a n c e
o f $ 2 5 ,0 0 0 s c h o o l b o n d s w ill b e in t r o d u c e d in C o u n cil o n
F e b . 27.
E llis C o u n t y ( P . O . W a x a h a c h ie ), T e x . — B o n d S a l e .— A n
issu e o f $ 2 5 ,0 0 0 b o n d s o f D r a in a g e D is t r ic t N o . 1 h a s b e e n
d is p o s e d o f , it is s t a t e d , a t p a r as fo llo w s : $ 2 ,0 0 0 to fu n d s o f
E llis C o u n ty a n d $ 2 3 ,0 0 0 t o th e T h o s . J . B o lg e r C o . o f C h i­
c a g o a n d th e C ity L o a n & T r u s t C o . o f G a in e s v ille .
E lm o r e C o u n t y (P . O . W e t u m p k a ) , A la .— B o n d s V o t e d .—
T h e e le c tio n h e ld F e b . 13, a c c o r d in g t o r e p o r t s , r e su lte d in
fa v o r o f th e q u e s tio n o f issu in g th e $ 1 7 0 ,0 0 0 5 % g o ld c o u p o n
r o a d -im p r o v e m e n t b o n d s m e n t io n e d in V . 9 2 , p . 2 0 6 . T h e
v o t e w a s 150 “ f o r ” t o 11 “ a g a in s t .”
E n te r p r is e S c h o o l D is t r ic t , M e rc e d C o u n ty , C a l. — B o n d s
O f fe r e d by B a n k e r s . — T h e W illia m R . S ta a ts C o . o f P a s a d e n a
a n d L o s A n g e le s is o ffe r in g to in v e s t o r s $ 5 ,0 0 0 5 % 1 6 -2 0 -y e a r
(se r ia l) b o n d s .
Denomination $1,000. Date March 1 1911. Interest annually at the
County Treasurer’s office In Merced. Total debt. Including this Issue,
$20,000. Assessed valuation $529,431. Real valuation (estimated),
$1,000,000.
F a ir p o r t , L a k e C o u n ty , O h io .— B o n d O f f e r i n g . — P r o p o s a ls
w ill b e r e c e iv e d u n til 12 m . M a rch 6 b y R o b e r t M e y e rs, V illa g e
C lerk , fo r $ 1 2 ,0 0 0 \ y > % c o u p o n D is t r ic t N o . 1 sew er b o n d s .
Authority Code 97, Revised Statutes. Denomination $500. Dat
March 6 1911. Interest semi-annual. Maturity $500 each six month
from March 6 1912 to Sept. 6 1923. Purchaser to pay accrued Interest
Certified check on a bank In Lake County for 5% of bonds bid for, payabl
to the Sinking Fund Trustees, Is required.

F e r g u s C o u n t y S c h o o l D i s t r ic t N o . 1 1 , M o n t .— B o n d S a le.
— A n issu e o f $ 1 ,8 0 0 0 % 7 -1 2 -y e a r (o p t io n a l) s c h o o l- b u ild ­
in g b o n d s , p r o p o s a ls f o r w h ic h w e r e a sk e d u n til J u ly 25 19 10,
h a s b e e n p u r c h a s e d b y th e S ta te B o a r d o f L a n d C o m m is ­
sio n e rs a t p a r .
D e n o m in a tio n $ 1 0 0 .
D a t e J u ly 1 19 10.
F o r t S m it h , A r k .— B o n d O ffe r in g .— I t is s ta te d in lo c a l
p a p e r s t h a t p r o p o s a ls w ill b e r e c e iv e d u n til M a rch 15 b y th e
C o m m is s io n e r s o f W a t e r W o r k s I m p r o v e m e n t D is t r ic t N o . 1
fo r $ 5 5 0 ,0 0 0 b o n d s .
F o s t o r i a , S e n e c a C o u n t y , O h io .— B o n d S a le .— T h e S in k in g
F u n d T r u s t e e s w e re a w a r d e d a t p a r a n d a c c r u e d in te r e s t o n
J a n . 2 0 th e 0 issu es o f 4 Y i % c o u p o n s e w e r -c o n s tr u c t io n
a ss e ssm e n t b o n d s ;
a g g r e g a tin g $ 4 ,1 1 0 , o ffe re d w it h o u t
s u c c e s s o n J a n . 14 ( V . 9 2 , p . 20G ).
M a t u r ity o n e b o n d o f
e a c h issu e y e a r ly o n M a rch 1 fr o m 1911 t o 1920 in c lu s iv e .
B o n d O ffe r in g .— P r o p o s a ls w ill b e r e c e iv e d u n til 12 m .
M a rch 4 b y J . H . M o r t o n , C ity A u d it o r , fo r th e fo llo w in g
4
p a v i n g a ss e ssm e n t b o n d s .
$ 1 6 ,5 0 0 N o r t h U n io n S t . b o n d s .
D e n o m in a t io n $ 1 ,6 5 0 .
7 .2 0 0 S o u t h S t r e e t b o n d s .
D e n o m in a t io n $ 7 2 0 .
6 ,0 0 0
S o u t h U n io n S t . b o n d s .
D e n o m in a t io n $ 6 0 0 .
3 .2 0 0 H i g h S t r e e t b o n d s .
D e n o m in a t io n $ 3 2 0 .
A u t h o r it y , S e ctio n s 3914 a n d 393 9 G e n e ra l C o d e .
D a te F e b . 1 1911.
In te r e s t a n n u a l.
M a t u r i t y o n e b o n d o f e a c h Issu e y e a r ly o n F e b . 1 fr o m
1 9 1 2 t o 1921 in c lu s iv e .
C e r t ifie d c h e c k fo r 1 0 % o f b o n d s b id f o r , p a y a b le
t o t h e C i t y T r e a s u r e r , is r e q u i r e d .
P u rc h a s e r t o p a y a c c r u e d In terest.
E a c h is s u e t o b e b id o n s e p a r a t e l y .

F r a n k fo r t , S p in k C o u n t y , S o . D a k .— B o n d s N ot S o ld .—
N o a w a rd w a s m a d e o n F o b . 0 o f th e $ 9 ,0 0 0 5 % 2 0 -y e a r
c o u p o n se w e r r e fu n d in g b o n d s d e s c r ib e d in V . 9 2 , p . 3 3 6 .
A
b id o f $ 8 ,3 2 6 w a s r e c e iv e d fr o m C o ffin & C o . o f C h ic a g o .
F r a n k lin C o u n t y ( F . O . C o lu m b u s ), O h i o . - B o n d O ffer in g .
— P r o p o s a ls w ill b e r e c e iv e d u n til 12 m . M a rch 2 b y th e
B o a r d o f C o m m is s io n e rs , J o h n S c o t t , C le rk , fo r $ 2 8 ,0 0 0
H e n d e r s o n , $ 3 ,2 0 0 W o lp e r t , $ 2 ,9 0 0 L a z e lle a n d $ 7 ,1 0 0
G a r d n e r 4 ]/ i% r o a d -im p r o v e m e n t b o n d s .

12 m . M a r ch 21 b y J o h n H in te r s c h ie d , V illa g e C le rk , fo r th e
fo llo w in g 4 Y z % c o u p o n b o n d s :
$14,000 water-main or water-pipe (village’s portion) bonds voted on Dec. 27
1910. S c e V .9 1 ,p . 1791. Denominations $100 and $500 . Ma­
turity $1,400 yearly on March 1 from 1921 to 1930 inclusive.
24.000 water-main or water-pipe-assessment bonds. Denomination $500.
Maturity $2,000 yearly on March 1 from 1912 to 1919 Inclusive and
$4,000 on March 1 in each of the years 1920 and 1921
20.000 sewer-assessment bonds. Denomination $500. Maturity $2 00#
yearly on March 1 from 1912 to 1921 inclusive.
2,000 sdwer (village’s portion) bonds voted on Dec. 27 1910. See V. 91,
p. 1701. Denomination $200. Maturity $200 yearly on March 1
from 1921 to 1930 Inclusive.
Authority, Sections 2835 and 2837, Revised Statutes (Bates’ s Annotated
Revision), and Section 95, Municipal Code. Date March 1 1911 . Interest
semi-annual. Certified check for 1% of bonds bid for, made payable to the
Village Treasurer, is required. Bonds will be delivered within 10 days from
the time of award. Purchaser to pay accrued Interest.
G r a n d v ie w S c h o o l D is t r ic t ( P . O . G r a n d v ie w ), W a s h in g ­
t o n C o u n t y , O h io .— B on d s V o te d .— I t is s t a t e d a n e le c tio n
h eld F e b . 20 resu lte d in fa v o r o f a p r o p o s it io n to issu e $ 5 0 ,0 0 0
4 % s c h o o l-b u ild in g b o n d s .
G r e e n b e r g S c h o o l D is t r ic t , S a n M a t e o C o u n t y , C a l.— B o n d
S a le .— T h e C o u n ty C lerk a d v is e s us th a t th e F ir s t N a tio n a l
B a n k o f S a n M a teo C o u n ty in R e d w o o d w a s a w a r d e d a t
1 0 1 .8 7 5 o n A u g . 1 1910 $ 8 ,0 0 0 5 % s c h o o l b o n d s .
D enom ­
in a tio n $ 4 0 0 .
In t e r e s t J a n . a n d J u ly .
M a t u r ity fr o m
1 to 20 y e a r s .
G re e n e C o u n t y (P . O . S p r iu g iie ld ), M o . B on d s V o ted .—
It is s ta te d an e le c tio n h eld F e b . LI r e su lte d in fa v o r o f a
p r o p o s it io n to issue $ 1 0 ,0 0 0 G % E a s tla n d R o a d D is tr ic t
bonds.
G r e e n T o w n s h ip S c h o o l D is t r ic t , O h io .... B on d s V o ted .—
A n e le c t io n h eld r e c e n t ly , it is s t a t e d , r e su lte d in a v o t e o f
22G “ f o r ” t o 5G “ a g a in s t ” in fa v o r o f th e q u e s tio n o f issu in g
$ 1 5 ,0 0 0 b o n d s to b u ild a s c h o o l-h o u s e a t P it c h c n .

H a r r is b u r g S c h o o l D is t r ic t ( P . O . H a r r is b u r g ) , D a u p h in
C o u n t y , P a .— B on d O ffe r in g .— P r o p o s a ls w ill b e r e c e iv e d
u n til 7 :3 0 p . m . M a rch 2 b y D . D . H a m m c lb a u g h , S e c r e t a r y
o f S c h o o l B o a r d , fo r $ 7 2 ,0 0 0 4 % c o u p o n s c h o o l-b u ild in g
bonds.
Authority Act of April 20 1871, Section 2. Denomination to suit pur­
F u l t o n , O s w e g o C o u n t y , N . Y . — B o n d E le c tio n .— A n e le c ­ chaser. Date April 1 1911. Interest semi-annually at City Treasurer’s
office.
Maturity $12,000 on April 1 1916 ami $2,400 yearly from 1917 t«
t io n wrill b e h e ld M a rch 2 t o v o t e o n th e q u e s tio n o f issu in g 1941 Inclusive.
Bonds arc exempt from State tax. Certified check for
2% , payable to the City Treasurer, is required.
$ 2 0 ,0 0 0 s e w e r -s y s t e m -c o m p le t io n b o n d s .
H a r r is o n T o w n s h ip , M ia m i C o u n t y , I n d . — B o n d s O ffered
G a lv e s t o n C o u n t y ( P . O . G a l v e s t o n ) , T e x .— P u r c h a se r o f
by B a n k e r s .— T h e J . F . W ild & C o . S ta te B a n k o f I n d ia n a p o ­
B o n d s .— T h e C o u n t y A u d it o r a d v is e s us t h a t S p it z e r , lt o r ic k
& C o . o f T o l e d o w e re th e p u r ch a s e r s o n F e b . 15 o f th e $ 5 0 0 ,­ lis is o ffe rin g to in v e s to r s $ 1 9 ,9 5 0 4 M % 1 -1 5 -y e a r (se ria l)
0 0 0 5 % r o a d b o n d s , th e sale o f w h ic h w a s r e p o r t e d la st w e e k s c h o o l-h o u s e b o n d s .
Denomination $665. Date Feb. 20 1911. Interest seml-annuatly at
( V . 9 2 , p . 4 8 0 ).
T h e p r ic e p a id w a s p a r a n d a c c r u e d in te r e s t.
the Miami County Bank In Amboy, The bonds are tax-exempt. Total
bonded debt, this issue. Assessed valuation. $1,000,715. Real valua­
G e m I r r ig a t io n D i s t r ic t , I d a h o .— B o n d E le c tio n .— A n
tion (estimated), $2,000,000.
e le c t io n w ill b e h e ld t o -d a y (F e b . 2 5 ), it is s t a t e d , t o v o t e o n
H a w th o r n e T o w n s h ip , W h it e C o u n t y , 111.— B on d s O ffered
th e q u e s tio n o f issu in g im p r o v e m e n t b o n d s .
by B a n k e r s .— A . G . E d w a r d s <k S o n s o f S t. L o u is a re o ffe rin g
G ib s o n b u r g S c h o o l D i s t r ic t ( P . O . G i b s o n b u r g ) , O h io .—
to in v e s t o r s $ 1 1 ,0 0 0 o f a n issu e o f $ 2 2 ,0 0 0 5 % r o a d b o n d s .
B o n d S a le .— O n F e b . 21 th e $ 2 0 ,0 0 0 4 % c o u p o n s c h o o l­
Denomination $500. Date Sept. I 1910. Interest annually at the
b u ild in g b o n d s d e s c r ib e d in V . 9 2 , p . 3 3 6 , w e re p u r ch a s e d Mercantile Trust Co. in St. Louis. The $11,000 above offered mature
b y th e G ib s o n b u r g B a n k in g C o . o f G ib s o n b u r g a t 101 a n d $1,000 yearly on Sept. 1 from 1911 to 1914 inclusive and $3,500 on Sept. 1
in each of the years 1915 and 1916. Total bonded debt, this issue. As­
a c c r u e d in t e r e s t.
A b id o f p a r , less $ 2 9 4 fo r a t t o r n e y ’s fees, sessed
valuation, $515,824. Real value (estimated), $1,500,000.
w a s also r e c e iv e d fr o m S c a s o n g o o d & M a y e r o f C in c in n a ti,
H a y w a r d s S c h o o l D is t r ic t , A ia m e d a C o u n t y , C al. -N o
a n d th e S e c u r ity S a v in g s B a n k & T r u s t C o . o f T o le d o b id
p a r less $ 3 0 0 fo r a t t o r n e y s ’ fe e s .
W e il, R o t h & C o. o f C in ­ B on d s V oted .— T h e r e p o r ts w h ich a p p e a r e d in s o m e o f th e
c in n a ti s u b m it t e d a n o ffe r o f $ 2 0 ,1 5 0 fo r 4 J ^ s.
A ll b id d e r s n e w sp a p e r s s t a t in g t h a t a n e le c tio n h e ld J a n . 28 r e su lte d in
o ffe r e d a c c r u e d in te r e s t in a d d it io n to th eir b id s .
M a tu r ity f a v o r o f a p r o p o s it io n to issue $ 7 ,5 0 0 s c h o o l-b u ild in g b o n d s
W e a re a d v is e d t h a t th e q u e s tio n o f le v y in g
$ 5 0 0 e a c h s ix m o n t h s fr o m A p ril 1 1912 to O c t . 1 1931 in­ are e r r o n e o u s .
a sp e cia l t a x fo r th a t p u r p o s e w a s v o t e d u p o n a n d c a r rie d .
c lu s iv e .
H e a v e n e r , L e F lo r e C o u n t y , O k la .— B on d s V o te d .— T h i*
G iltn e r , H a m ilt o n C o u n t y , N e b .— B o n d O ffer in g .— E . E .
t o w n , a c c o r d in g to r e p o r t s , h a s v o t e d to issu e $ 5 0 ,0 0 0 b o n d s
S n id e r, V illa g e C lerk , is o ffe rin g fo r sale a n issue o f G % c o u p o n
to b e u sed fo r th e p u r p o s e o f c o n s t r u c tin g a n d o p e r a t in g a
w’a te r -e x te n s io n a n d lig h t b o n d s .
m u n ic ip a l w a t e r -w o r k s s y s t e m .
I t is fu r t h e r s ta te d t h a t
D e n o m in a t io n $ 2 0 0 .
D a te D e c. 20 1910.
I n t e r e s t a n n u a lly a t t h e
th ere w ere 82 v o t e s c a s t in fa v o r o f th e p r o p o s it io n a n d n o n e
fisca l a g e n c y o f N e b r a s k a In N e w Y o r k .
M a tu r ity D e c . 20 1930, s u b je c t
t o c a ll a ft e r 5 y e a r s .
B o n d e il d e b t a t p r e s e n t , $ 8 ,0 0 0 .
N o fl o a t i n g d e b t .
a g a in s t th e sa m e.
G l o u c e s t e r , E s s e x C o u n t y , M a s s .— T e m p o r a r y L o a n .—
H e m p h ill S c h o o l D is t r ic t ( P . O . H e m p h ill), S a b in e C o u n ty ,
T h e C ity N a tio n a l B a n k o f G lo u c e s t e r h a s , it is r e p o r t e d , b e e n T e x . — B on d s to B e O ffered S h ortly.
W e are a d v is e d , u n d e r
a w a r d e d a t e m p o r a r y lo a n o f $ 1 0 0 ,0 0 0 a t 3 .G 0 9 % d is c o u n t . d a t e o f F e b . 7 , th a t th e $ 1 5 ,0 0 0 5 % s c h o o l-b u ild in g b o n d s
T h e lo a n m a tu r e s F e b . 1 1 9 1 2 . .
v o t e d la st D e c e m b e r ( V . 9 1 , p . 17 91) will s o o n b e r e a d y fo r
sa le.
G l o v e r s v i ll e , F u lt o n C o u n t y , N . Y . — B o n d O ffe r in g .—
The bonds will be dated April 10 1911 and mature In 40 years, being
O . L . E v e r e s t, C ity C h a m b e r la in , will o ffe r a t p u b lic a u c t io n
a t 2 p . m . M a rch 11 a n issu e o f $ 2 0 ,0 0 0 4 } ^ % c o u p o n r e fu n d ­ subject to call, however, after 10 years.
H o lla n d , O t ta w a C o u n ty , M ic h .— B o n d S a le .— O n F e b . 15
in g b o n d s .
th e $ 9 ,0 0 0 1 -9 -y e a r (se ria l) c o u p o n r e fu n d in g se w e r, S eries B ,
D e n o m in a t io n $ 2 5 0 .
D a te A p ril 1 1911.
I n te r e s t a t th e F o u r th N a ­
t io n a l B a n k , N e w Y o r k .
M a t u r i t y $ 5 ,0 0 0 o n A p r i l 1 in t h e y e a r s 1 9 1 2 ,
b o n d s , d e s c r ib e d in V . 9 2 , p . 4 0 8 , w e r e a w a r d e d to th e
1 9 1 4 , 1 91 6 a n d 1 9 1 8 .
B o n d s e x e m p t f r o m a ll t a x e s .
N o d e p o s it re q u ire d .
H a rr is T r u s t & S a v in g s B a n k o f C h ic a g o a t p a r a n d a c c r u e d
G r a n d R a p id s , K e n t C o u n t y , M ic h .— B o n d S a le .— O n in te r e s t, less $7 5 fo r e x p e n s e s fo r 4 p e r c e n t s .
T h e oth er
F e b . 2 0 th e $ 1 0 0 ,J00 4 % 2 0 -y e a r c o u p o n p a r k a n d p la y ­ b id d e r s w ere:
g r o u n d b o n d s d e s c r ib e d in V . 9 2 , p . 4 8 0 , w e re a w a r d e d to Security Savings Bank & Trust Co., Toledo—$9,015 for 4 yv per cents.
N . W . H a lse y & C o . o f C h ic a g o a t 1 0 1 .5 5 a n d a c c r u e d in t e r ­ II. W. Noble & Co., Detroit— Par, less $50 for expenses for 4 M per cents,
or $9,050 and blanks for 4 per cents.
est.
O th e r b id s r e c e iv e d w e re as fo llo w s :
Bumpus-Stevens Co., Detroit— $9,054 33 and blanks for 4 H per cents and
$9,252 21 and blanks for 5 per cents.
H a r r is T r . & S a v . B k ., C h i c . $ 1 0 1 ,4 3 0 F a r w e ll T r u s t C o ., C h ic a g o .$ 1 0 0 ,5 0 3
Otis & Hough, Cleveland— $9,205 for 5 per cents.
D e t r o i t T r u s t C o ., D e t r o i t . . 1 0 1 , 4 2 5 S e c u r i t y T r u s t C o ., D e t r o i t . 1 0 0 , 4 3 7
Ulen & Co., Chicago— $9,120 and blanks for 5 per cents.
E . I I . R o llin s & S o n s a n d
F a r s o n , S o u & C o ., C h ic a g o . 1 0 0 ,0 0 0
A . I I . R e a c h & C o ., C h ic . 1 0 0 ,5 5 0
I n d ia n a p o lis , I n d .— B on d O ffe r in g .— P r o p o s a ls w ill b e r e ­
I n a d d it io n th e a b o v e a ll o ffe re d to p a y a c c r u e d n t e re s t .
G r a n d R a p id s S c h o o l D is t r ic t ( P . O . G r a n d R a p id s ) , c e iv e d u n til 12 m . F e b . 27 b y H a r r y I t . W a lla c e , C ity C o m p ­
K e n t C o u n t y , M ic h .— B o n d O ffe r in g .— P r o p o s a ls w ill lie re­ t r o lle r , fo r th e $ 2 0 0 ,0 0 0 3 }/£ % c o u p o n fir e -p r o t e c t io n b o n d s
m e n t io n e d in V . 9 2 , p . 3 3 6 .
c e iv e d u n til 12 m . M a rch G b y T h o m a s D . P e r r y , S e c r e ta r y
$1,000. Date March 1 1911. Interest Jan. 1 and July 1
B o a r d o f E d u c a t io n , fo r th e $G 3,000 4 % c o u p o n h ig h -s c h o o l­ at Denomination
the Capital National Bank of Indianapolis. Maturity March t 1941.
b u ild in g a n d s ite -p u r ch a s e b o n d s m e n t io n e d in V . 9 2 , p . 5 2 . Bid must be made on form furnished by the city and be accompanied by a
certified check on some bank of Indianapolis, for 2. M% of bonds bid for,
D e n o m in a t io n $ 1 ,0 0 0 .
D a te S e p t. 1 19 10 .
In t e re s t s e m i-a n n u a lly a t
made payable to the City Treasurer. Purchaser to pay accrued Interest.
t h e C i t y T r e a s u r e r ’s o f f ic e w it h N e w Y o r k e x c h a n g e .
M a t u rit y o n S e p t. I
a s f o ll o w s :
$ 1 0 ,0 0 0 in 19 1 5 , $ 1 3 ,0 0 0 in 19 10 a n d $ 4 0 ,0 0 0 in 1 9 1 7 .
Uhl
J a c k s o n C o u n ty ( P . O . B r o w n s t o w n ) , I n d . — B on d O ffe r in g .
m u s t b e u n c o n d i t i o n a l a n d b e a c c o m p a n i e d b y a n u n c o n d i t i o n a l c e r t if ie d
c h e c k f o r 3 % o f b o n d s b i d f o r . m a d e p a y a b le to t h e P r e s i d e n t B o a r d o f
— P r o p o s a ls w ill b e r e ce iv e d u n til 1 p . in . A p ril 3 b y I I . W .
E d u c a t io n .
T h e b o n d s a r e e x e m p t f ro m a ll t a x a t io n .
P u r c h a s e r to p a y
W a c k e r , C o u n ty A u d it o r , it is s t a t e d , fo r $ 2 0 ,0 0 0 4 % c o u p o n
a c c ru e d In te re s t.
bonds.
G r a n d v ie w H e ig h t s (P . O . C o lu m b u s ), F r a n k lin C o u n ty ,
Denomination $1,000. Date Jan. 1 1911. .Interest semi-annual. Ma­
O h io .— B o n d O ffe r in g .— P r o p o s a ls w ill b o r e c e iv e d u n til turity $1,000 yearly on Jn... 1 from 1918 !• 1931 Inclusive
A u t h o r i t y S e c t i o n 4 6 7 0 -1 9 R e v is e d S t a t u t e s a n d S e c t i o n 6 9 4 9 G e n e r a l
C ode.
D e n o m in a t io n s $ 1 ,1 2 0 , $ 6 1 0 , $ 5 8 0 a n d $ 7 1 0 .
D a te M a rch 1 1911.
I n t e r e s t s e m i - a n n u a l ly a t t h e C o u n t y T r e a s u r e r ’ s o f f i c e .
M a tu rity o n c flft h o f e a c h is s u e y e a r ly o n M a r c h 1 fr o m 1 912 t o 1 91 6 in c lu s iv e .
C e r tifie d
c h e c k o n a n a t io n a l b a n k o r t r u s t c o m p a n y in F r a n k lin C o u n t y f o r 1 % o f
b o n d s b id f o r , p a y a b l e t o F . M . S a y r e , C o u n t y A u d i t o r , is r e q u ir e d .




J e r s e y O it y , N . J . — B o n d O f f e r i n g . — P r o p o s a ls w ill b e r e ­
c e iv e d u n til 3 p . m . M a rch 3 b y R ic h a r d J . V r e e la n d , C lerk ,
B o a r d o f F in a n ce , fo r $ 7 1 1 ,0 0 0 s c h o o l a n d $ 3 0 0 ,0 0 0 p a r k
g 0 ,d c o u p o n (w it h p r iv ile g e o f r e g is tr a t io n ) b o n d s .
Denomination $1,000. Date March 1 1011. Interest semi-annually at
the City Treasurer’s office. Maturity March 1 1061. The bonds are ex­
empt from taxation. Certified check for 2% of bonds bid for. drawn on
an incorporated bank or trust company, and made payable to G.A. Schu­
mann, City Treasurer, is required. The validity of the bonds will be ap­
proved by Hawkins, Delaileld & Longfellow of New York City, whose
opinion will be furnished to the purchaser. Accrued Interest to be paid
by the successful bidder.
T h e o f f icia l n o tic e o f th is b o n d o f fe r i n g w i ll be f o u n d a m o n g
th e a d v e r t i s e m e n t s elsew h er e i n th is D e p a r t m e n t .

J o h n s t o w n , W e ld C o u n t y , C o l o . — N o A c t i o n Y e t T a k e n .—
T h e C ity C lerk in fo r m s us th a t th e q u e s tio n o f h o ld in g a n
e le c tio n to v o t e o n th e issa u n ce o f $ 1 2 ,0 0 0 w a te r b o n d s
(V . 9 1 , p . 1601) w ill p r o b a b ly b e a c t e d u p o n a t th e n e x t
m e e tin g t o b e h e ld M a rch 1 1 .
K a la m a z o o , K a la m a z o o C o u n t y , M ic h .— B o n d S a l e .—
O n F e b . 11 fo u r issu es o f 4 % a n d 4 ^ % b o n d s , a g g r e g a tin g
$ 1 0 3 ,4 0 0 , o ffe re d o n th a t d a y , w e re a w a rd e d to th e K a la ­
m a z o o C ity S a v in g s B a ' : o f K a la m a z o o a t 1 0 0 .5 5 6 .
A list
o f th e b id d e r s fo llo w s :
$103,400
Fur­
Attor­
$15,200
4% & 4 ^ %
ney’s
nish
*Vi%
Bonds.
Bonds.
Bonds
Fees.
$103,975 00 $15,390 00
None
Yes.
. 103,908 63
do
do
103,709 00
do
do
103,680 52
No
do
. 103,651 00
do
15,353 00
Yes
. 103,400 00
Y cs
No
A. B. Leach & Co., Chicago . 103,400 00
do
do
II. W . Noble & Co., Detroit_. 103,400 00
15,324 00
do
do
Security S. Bk. & Trust Co.,Tol.. ________
15,276 00 None
do
W. IS. Moss & Co., Detroit___ , ________
15,251 00
Yes
do
Cutter, May & Co., C hicago.,.
__
________
15,241 80
...............
do
No
T h e b o n d s a n sw e r th e fo llo w in g d e s c r ip tio n :
$43,200 ^ 2 q
n b°uds. due $5,400 yearly on March 1 from 1919 to

L u z e r n e C o u n t y ( P . O . W ilk e s -B a r r e ), P a . — B o n d O f fe r ­
u n til 2 p . m . F e b . 28 b y
J a m e s M . N o r r is , C o u n t y C o m p t r o lle r , fo r $ 3 0 0 ,0 0 0 4 %
c o u p o n r e fu n d in g b o n d s .
i n g . — P r o p o s a ls w ill b e r e c e iv e d

’°9 0.’. Date April 1 1911. Interest semi-annual. Maas
512'000 yearly from 1917 to 1921 Inclusive,
Ti
t0 1926 delusive, $16,000 yearly from 1927 to
n . d 518,°00 yearly from 1932 to 1936 Inclusive. Bonds are
1
f
i
ln Pennsylvania. Certified check for 2 % of bid Is rei
nv0ri,vcd must be determined on or before Mch. 7.
Interest payable at County Treasurer’s office.

*14

t

f <ni°|0n0r - i n ^ y^ H

M c K e e s p o r t , A lle g h e n y C o u n t y , P a . — M a t u r i t y o f B o n d s .
— T h e $ 2 0 0 ,0 0 0 4 % fu n d in g b o n d s d is p o s e d o f o n F e b . 8 to
/ tV n o
* n c -> o f P it t s b u r g h , a t p a r a n d in te r e s t
( V . 9 2 , p . 4 8 2 ), m a tu r e o n N o v . 1 a s fo llo w s : $ 7 ,0 0 0 y e a r ly
fr o m 1915 t o 1920 in c lu s iv e , $ 8 ,0 0 0 y e a r ly fr o m 1921 to
1936 in c lu s iv e a n d $ 1 0 ,0 0 0 in e a c h o f th e y e a r s 1937 1938
a n d 19 39.
F o r o t h e r d e ta ils o f b o n d s see V . 9 2 , p . 13 5.
M a d is o n C o u n t y ( P . O . H u n t s v ille ), A l a .— B o n d s N o t S o l d
— T h e $ 5 0 ,0 0 0 4 y 2% g o ld c o u p o n r e fu n d in g b o n d s m e n t io n e d
in V . 9 2 , p . 13 5, h a v e n o t b e e n s o ld , th e P r o b a t e J u d g e
a d v is e s us u n d e r d a t e o f F e b . 17.
M a h o n in g C o u n ty ( P . O . Y o u n g s t o w n ) , O h io .— R o n d S a l e .
c o u p o n c o u r t -h o u s e a n d ja ilc o n s t r u c t io n b o n d s d e s c r ib e d in V . 9 2 , p . 3 3 6 , w e r e s o ld to
th e C le v e la n d T r u s t C o . in C le v e la n d a t 1 0 0 .1 5 5 .
A lis t o f
th e b id d e r s fo llo w s :
— O n F e b . 21 th e $ 1 7 6 ,0 0 0 4 %

Clev. Tr. Co., Cleveland.$176,273 441 West.-Ger. Bk., CIncin $176 177 76
Hayden, Miller&Co., Clev.176,236 00 Well, Roth & Co., CIncin 1 7 6 ’o90 on
Otis & Hough, Cleveland 176,204 5 0 1Stacy & Braun, Toledo ' 176’087 56
Maturity $4,000 each six months from Sept. 1 1911 to March 1 1933 in­
clusive. The bonds are tax-exempt.

M a p le R a p id s S c h o o l D is t r ic t N o . 4 ( P . O . M a p le R a p id s )
C lin t o n C o u n t y , M ic h .— B o n d S a l e .— O n F e b . 9 th e $ 9 ,9 0 0
4 M % c o u p o n s c h o o l-h o u s e -c o n s t r u c t io n b o n d s d e s c r ib e d in
V . 9 2 , p . 2 7 6 , w ere a w a r d e d t o E. B . C a ld w ell & C o . o f D e ­
t r o it fo r $ 9 ,9 8 5 5 0 , th e p r ic e th u s b e in g 1 0 0 .8 6 3 .

Maturity $900 March 1 1913 and $1,000 yearly on March 1 from 1914 to
20.000 sanitary-improvement bonds, due $4,000 yearly on March 1 from 1922
Inclusive.
.
iwdf. to 1UJ0 inclusive.
M a r k s , Q u itm a n C o u n t y , M is s .— B o n d s A u t h o r i z e d — R e ­
25.000 G u o ^ n ciu s 'lv e ° b° nds’ <luc $5,000 yearly on March 1 from 1922
15,200
sanitary-sewer bonds, due $3,000 yearly on Dec. 15 from 1911 top o r t s s ta te th a t th e B o a r d o f A ld e r m e n h a s p a sse d a n < r d r
1911 Inclusive and $3,200 on Dec. 15 1915
p r o v id in g fo r th e issu a n ce o f $ 5 ,0 0 0 w a t e r -w o r k s -s y s te m a n d
The first three Issues carry 4% Interest and are dated March 1 1911, and s e w e r a g e b o n d s .
the $15,200 bonds 4 >A%. and are dated Dec. 15 1910. Interest semi­
annually at place designated by the purchaser. The registration of the
M e lfo r d , J a c k s o n C o u n t y , O r e . — B o n d s A u t h o r i z e d .— T h e
bonds is optional, both as to principal and Interest. The securities aro
C ity C o u n c il, a c c o r d in g t o r e p o r t s , h a s v o t e d t o issu e $ 3 0 ,0 0 0
exempt from State, county and municipal taxes.
K o k o m o , H o w a r d C o u n t y , I n d . — B i d s . — 1T h e fo llo w in g b o n d s to p a y in d e b t e d n e s s in c u r r e d f o r se w e r p u r p o s e s .
b id s w e re r e c e iv e d o n F e b . 15 fo r th e $ 5 0 ,0 0 0 4 % c o u p o n
M e m p h is , T e n n .— B o n d O f f e r i n g . — P r o p o s a ls w ill b e re­
s a n ita r y -s e w e r -e o n s t r u c tio n b o n d s a w a r d e d o n t h a t d a y to c e iv e d u n til 2 :3 0 p . m . M a r ch 4 b y E n n is M . D o u g la s s , C ity
th e H a rr is T r u s t & S a v in g s B a n k o f C h ic a g o a t 1 0 1 .3 8 8 . C le r k , fo r $ 1 0 0 ,0 0 0 4 % c o u p o n w a t e r -p la n t -im p r o v e m e n t
( V . 9 2 , p . 48 1 ):
bon ds.
T h e s e se c u r itie s a re p a r t o f a n issu e o f $ 3 ,5 0 0 ,0 0 0
b o n d s , $ 3 ,1 0 0 ,0 0 0 o f w h ic h h a v e a lr e a d y b e e n d is p o s e d o f .
Harris Tr.&Sav.Bk., Chic. $50,694 00 J. F. Wild & Co., Indian­
Breed & Harrison, CIncIn. 50,567 00
apolis---------------------- ..$50,137 80 S ee p a g e 165 o f th e “ S ta te a n d C it y ” S e c tio n o f N o v . 2 6 1 9 1 0 ,
Fletcher-Amcr. Nat. Bk.,
Meycr-KIscr Bank, InAuthority, Chapter 339. Acts of the General Assembly of 1903
Denomi­
Bank, Indianapolis___ 50,365 00
dlianapolls
• ................ .. 50,100 00
nation $1,000. Date May l 1903. Interest semi-annually in Memphis
K u r t e n > S c h o o l D is t r ic t , B r a z o s C o u n t y , T e x a s .— B o n d s and New York. Maturity $50,000 on May 1 ln each of the years 1932 and
1933. Certified check for $5,000, payable to the City Clerk, is required. •
V o t e d . — I t is s t a t e d th a t a n e le c tio n h e ld r e c e n tly r e s u lte d in
fa v o r o f issu in g $ 2 ,0 0 0 s c h o o l-b u ild in g b o n d s .
M e n a r d C o u n ty ( P . O . M e n a r d ), T e x a s .— B o n d s V o t e d —
L a M e s a S c h o o l D is t r ic t ( P . O . L a M e s a ), D o n a A n a A n e le c tio n h e ld r e c e n tly , a c c o r d in g to r e p o r t s , r e su lte d in
C o u n t y , N . M e x .— B o n d S a l e . — J o h n N u v e e n & C o . o f C h i­ fa v o r o f th e q u e s tio n o f issu in g $ 2 0 ,0 0 0 b r id g e -c o n s t r u c t io n
b o n d s b y a m a jo r it y o f 153 v o t e s .
c a g o w e re a w a rd e d a t 1 0 0 .0 8 o n A u g . 13 1910 $ 7 ,5 0 0 6 %
s c h o o l-h o u s e b o n d s .
M ia m i, O t ta w a C o u n t y , O k la .— B o n d s N o t S o l d .— U p to
Denomination $590. Date July 1 1910. Interest semi-annual. Ma­ F e b . 6 n o sale h a d y e t b e e n m a d e o f th e $ 8 0 ,0 0 0 5 % 1 0 -2 5 turity 20 to 30 years, subject to call after 10 years.
y e a r (o p t io n a l) w a t e r a n d e le c t r ic -lig h t b o n d s d a t e d M a y 1
L a k e H e n r y D r a in a g e D is t r ic t , L e flo r e C o u n t y , M is s .—
1910 a n d d e s c r ib e d in V . 9 2 , p . 135.
B o n d S a l e . — O n F e b . 1 $ 2 4 ,0 0 0 6 % b o n d s w ere a w a r d e d to
M ila c a , M ille la c s C o u n t y , M in n .— B o n d O f f e r i n g . — F u r ­
th e B a n k o f L e flo r e a n d o th e r s a t p a r.
th e r d e ta ils a re a t h a n d r e la t iv e t o th e o ffe r in g o n M a rch 1
Denomination $200. Date May 10 1910. Interest annual. Maturity
part yearly from 1921 to 1930. Inclusive. These bonds were olfcrcd at o f th e $ 1 5 ,0 0 0 6 % fu n d in g b o n d s m e n t io n e d in Y . 9 2 , p . 48 2.public sale on July 22 1910 (V. 91, p. 169).
P r o p o s a ls fo r th ese b o n d s w ill b e r e c e iv e d u n til 8 p . m . o n
L a m o n t , G r a n t C o u n t y , O k la .— B o n d O f f e r i n g . — P r o p o s a ls t h a t d a y b y th e V illa g e C le r k .
will b e r e c e iv e d u n til F e b . 27 b y th e B o a r d o f T r u s t e e s a t
Authority, vote of 98 to 19 at election held Nov. 22 1910. Interest semi­
th e o ff ic e o f W . F . P o r t e r , T o w n C lerk , fo r $ 2 0 ,0 0 0 6 % c o u ­ annual. Maturity 20 years. No deposit required with bid.
p o n w a t e r -w o r k s -s y s t e m -c o n s t r u c t io n b o n d s .
M in n e a p o lis , M in n .— B i d s R e j e c t e d . — T h e fo llo w in g b id s ,
Authority election held Jan. 17 1911. Denomination $500. Date “ day b o t h o f w h ic h w ere r e je c t e d , w ere r e c e iv e d o n F e b . 16 fo r
of sale.
Interest Feb. 1 and Aug. 1. Maturity twenty-live years. Bid th e fiv e issu es o f 4 % c o u p o n b o n d s , a g g r e g a tin g $ 8 2 5 ,3 0 0 ,
must be accompanied by a deposit of $1,000. The town has no debt at
present. Assessed valuation for 1910, $246,070. Real value (estimated), d e s c r ib e d in V . 9 2 , p . 3 3 7 :
$5U0|UU() •

L e w i s t o n , N e z P e r c e C o u n t y , I d a h o .— A o B o n d s O f f e r e d . —
T h e r e is n o tr u th , w e a re a d v is e d b y th e C ity C le rk , in th e r e ­
p o rts t h a t this c i t y w a s o ffe rin g a n issu e o f $ 1 0 ,0 0 0 b o n d s fo r
sale o n F e b . 4 .
L i b b y , L in c o ln C o u n t y , M o n t .— B o n d s W it h d r a w n f r o m
the M a r k e t.— T h e T o w n C lerk a d v is e s us t h a t th e $ 1 6 ,0 0 0
e le c tr ic -lig h t -p la n t b o n d s v o t e d in O c t o b e r ( V . 9 1 , p . 1050)
h a v e b e e n w ith d ra w n fr o m th e m a r k e t.
B o n d s P r o p o s e d . — O u r in fo r m a n t fu r th e r sta te s , h o w e v e r
th at a b o u t $ 3 ,5 0 0 r e fu n d in g b o n d s m a y b e s o ld th is s p r in g . ’
L ib e r t y C o u n t y ( P . O . L i b e r t y ) , T e x . — R o n d s P r o p o s e d .—
T h is c o u n t y is c o n s id e r in g th e a d v is a b ilit y o f issu in g $ 2 0 0 ,0 0 0
road b o n d s .
L im e s t o n e C o u n t y C o m m o n S c h o o l D is t r ic t N o . 3 5 , T e x .
— B o n d O f f e r i n g . — T h e $ 7 0 0 5 % b o n d s r e g is te r e d o n O c t . 26
1910 b y th e S ta te C o m p t r o lle r (V . 9 1 , p . 12 78) are n o w b e in g
o ffe r e d fo r sa le.
D e n o m in a tio n $ 1 0 0 .
I n t e r e s t a n n u a lly
o n A p ril 10.
M a t u r ity A p ril 10 1915.
R J L o s t N a t io n , C lin to n C o u n t y , I o w a . — B o n d E l e c t i o n . — A
p r o p o s it io n to issu e w a t e r -w o r k s b o n d s t o a n a m o u n t n o t
to e x c e e d $ 1 2 ,0 0 0 will b e s u b m it t e d to a v o t e o n M a r ch 14.
L u r a y , P a g e C o u n t y , V a . — B o n d E l e c t i o n . — A le tte r
r e c e iv e d b y us o n F e b . 20 s ta te d th a t a n e le c tio n w o u ld b e
h e l d j n t h ir ty d a y s to v o t e o n th e q u e s tio n o f issu in g b o n d s
fo r w a t e r -w o r k s p u r p o s e s




N. W . Halsey & Co., Chlcago— S825.400. accrued interest and expenses.
Farson, Son & Co., Chicago— $825,300 and expenses.
P

M in n e h a h a C o u n t y ( P . O . S io u x F a lls ) , S o . D a k .— B o n d
S a l e . — C o ffin & C r a w fo r d o f C h ic a g o h a v e b e e n a w a r d e d th e
$ 5 0 ,0 0 0 c o u p o n ja il b o n d s b id s fo r w h ic h w ere r e c e iv e d o n
F e b . 8 ( V . 9 2 , p . 4 8 2 ).
T h e p r ic e n a id w a s $ 5 0 ,1 8 7 56
(1 0 0 .3 7 5 ) a n d a c c r u e d in te r e s t fo r 4 ^ s — a b a sis o f a b o u t
4 .4 1 6 % .
T h e r e w e r e fifte e n b id s r e c e iv e d , a n d a m o n g th e m
w a s o n e o f p a r a n d a c c r u e d in t e r e s t, less $ 7 1 5 fo r e x p e n s e s ,
fr o m E. H . R o llin s & S o n s o f C h ic a g o .
T h e c it y w a s a lso
to a llo w th e p u r c h a s e r $ 5 0 fo r b la n k b o n d s .
Maturity $25,000 In 10 years and $25,000 in 15 years, all of the bonds
being subject to call, however, at any 5-year period.

M in n e s o t a .— C e r tific a t e s n o t S o l d . — N o b id s w e r e r e c e iv e d
o n F e b . 15 fo r th e $ 1 ,0 0 0 ,0 0 0 “ M in n e s o ta P r is o n C e r tific a te s
o f I n d e b t e d n e s s ” d e s c r ib e d in V . 9 2 , p . 4 0 8 .
M o r r is v ille S c h o o l D is t r ic t ( P . O , M o r r is v ille ), B u c k s
C o u n t y , P a .— B o n d s to B e S o l d L o c a l l y — T h is d is tr ic t in te n d s
t o issu e $ 9 ,0 0 0 5 % b o n d s n e x t s p r in g .
W e are in fo r m e d
t h a t lo c a l in v e s to r s h a v e a g r e e d t o p u r c h a s e t h e m .
One
$ 5 0 0 b o n d w ill m a tu r e e a c h y e a r a fte r 1913.
M o u n ta in

H o m e , E lm o r e C o u n t y , I d a h o . — B o n d s P r o ­
v illa g e is d is cu s s in g a p r o p o s it io n t o issu e
$ 3 5 ,0 0 0 1 0 -2 0 -y e a r (o p t io n a l) c o u p o n w a t e r -s y s t e m b o n d s
a t n o t e x c e e d in g 6 % in t e r e s t.
T h e v illa g e h a s n o d e b t a t
p resen t.
A ssessed v a lu a t io n $ 3 5 0 ,0 0 0
p o s e d . — T h is

M u s k o g e e , O k la .— B o n d s V o t e d . — T h e e le c tio n h e ld F e b . 16
r e su lte d in f a v o r o f th e p r o p o s it io n s t o issu e th e fo llo w in g
5 % 2 5 -y e a r b o n d s m e n t io n e d in V . 9 2 , p . 4 0 9 :
$300,000 water-plant-improvement bonds. Vote 1,295 “ lor” to 364
»
"against.”
225,000 sewerage bonds. Vote 1,349 “ for” to 314 “ against.”
35,000 garbage-dlsposal-plant bonds. Vote 1,313 “ for” to 332 “ against.”
N e w B o s t o n ( P . O . P o r t s m o u t h ) , S c io t o C o u n ty , O h io .__
B o n d s D e f e a t e d . — A n e le c t io n h e ld F e b . 18 r e su lte d in th e
d e fe a t o f a p r o p o s it io n t o issu e $ 3 5 ,0 0 0 se w e r b o n d s .
The
v o t e w a s 50 “ f o r ” t o 91 “ a g a in s t .”

O t ta w a C o u n t y ( P . O . P o r t C lin t o n ), O h io .— B o n d O f f e r ­
w ill b e r e c e iv e d u n til 12 m . M a rch 6 b y
W . H . M y la n d e r , C o u n ty A u d it o r , fo r th e $ 1 5 ,0 0 0 5 % P o r t ­
a g e R iv e r d r a w b r id g e -c o n s t r u c t io n b o n d s m e n t io n e d in
V . 92, p . 484.
Authority Sections 2434, 2435 and 5638, General Code. Denomination
$750. Date March 6 1911. Interest semi-annually at the County Treas­
urer’s office. Maturity $750 each six months from March 6 1912 to Sept. 6
1921 Inclusive. Certified check on a local bank for $500, payable to the
County Treasurer, is required. Bidders will be required to satisfy them­
selves as to the legality of the bonds. Bonds to be delivered at the County
Treasury on March 13. Purchaser to pay accrued Interest.

N e w H o p e S c h o o l D i s t r ic t , S ta n is la u s C o u n t y , C a l.__ B o n d
S a l e . — R e p o r t s s t a t e th a t $ 6 ,0 0 0 b o n d s h a v e b e e n a w a r d e d

O w a to n n a , S te e le C o u n t y , M in n . — B o n d S a l e . — O n F o b . 21
th e $ 1 0 ,0 0 0 5 % 1 0 -y e a r c o u p o n w a t e r -w o r k s (s e c o n d issu e)
b o n d s d e s c r ib e d in V . 9 2 , p . 2 0 9 , w ere a w a r d e d to th e S e­
c u r it y S ta te B a n k in O w a to n n a a t 1 0 0 .1 0 a n d a c c ru e d
in te r e s t f o r 4 ^ s .
Other bids were received from the following: C. II. Coffin; Farson, Son
& Co.; Well, Roth & Co.; E. H. Rollins & Sons; Allertou, Greene & King;
II. T. Iloltz & Co.; Harris Trust & Savings Bank; Hanchett Bond Co.;
Cutter, May & Co.; Devitt, Tremble & Co.; S. A. Kean & Co., and Thos.
J. Bolger, all of Chicago; Kane & Co. of Minneapolis, and the National
farmers’ Bank in Owatonna.

to J a m e s I I . A d a m s & C o . o f L o s A n g e le s a t 1 0 1 .7 0 .
N ile s , B e r rie n C o u n t y , M i c h .— R o a d S a l e .— A n issu e o f
$ 2 2 , 0 0 0 1 8 M -y e a r (a v e r a g e ) m a in -tr u n k -s e w e r -c o n s tr u c t io n
b o n d s d a t e d M a r ch 1 1911 w a s s o ld o n F e b . 16 to N . W . H a l­
s e y & C o . o f C h ic a g o fo r $ 2 2 ,0 5 0 (1 0 0 .2 2 7 ) a n d a c c r u e d in ­
te re s t f o r 4 1 4 s.
P u r c h a s e r s to fu rn ish b la n k b o n d s .
T h ere
w ere six b id d e r s in a ll, a m o n g w h ic h w e re E . H . R o llin s &
S o n s o f C h ic a g o , w h o o ffe r e d 1 0 7 .5 0 fo r 5s a n d 1 0 3 .8 0 fo r 4 j ^ s .
N ile s S c h o o l D i s t r ic t ( P . O . N ile s ), B e r rie n C o u n t y , M ic h .
O f f e r i n g . — P r o p o s a ls w ill b e r e c e iv e d u n til 8 p . m .
M a rch 6 b y J . D . G r e e n a m y e r , S e c r e t a r y B o a r d o f E d u c a ­
t io n , f o r th e $ 3 5 ,0 0 0 4 ) ^ % s c h o o l-b u ild in g b o n d s m e n t io n e d
in V . 9 1 , p . 16 63.
Date April 1 1911. Interest semi-annual. Maturity April 1925. CcrItled check for 1% of bonds Is required.
N ile s S c h o o l D i s t r ic t ( P . 0 . N ile s ), T r u m b u ll C o u n t y , O h io .
— B o n d O f f e r i n g . — P r o p o s a ls w ill be r e c e iv e d u n til 1 p . in .
M arch 1 b y th e B o a r d o f E d u c a t io n , A . E . H a c k c t t , C lerk ,
fo r the $ 5 5 ,0 0 0 4 y 2% s it e -p u r c h a s e a n d s c h o o l-b u ild in g
b o n d s m e n t io n e d in V . 9 1 , p . 1792.
Authority Sections 7625, 7626 and 7627, General Code; also vote of 396
to 86 on Dec. 20 1910. Denomination $500. Date March 1 1911. Inter­
est semi-annual. Maturity $2,000 yearly beginning March 1 1916. Cer­
tified check for $500, payable to the Treasurer of Board of Education. Is
re,<]!1 rCok Purchaser to pay accrued interest. Bonds will be delivered
within 20 days from time of award.
— B ond

N o b le T o w n s h i p ,

W abash

C o u n t y , I n d . — B o n d s O f fe r e d
s c h o o l-h o u s e b o n d s
is b e in g o ffe r e d to in v e s t o r s b y th e J . F . W ild & C o . S ta te
B a n k o f I n d ia n a p o lis .
Denomlnatlons$500and $666. Date Feb. 20 1911. Interest Jan. 1 and
July 1 at the Farmers’ & Merchants’ National Bank In Wabash. Maturity
$1,666 yearly on Jan. 1 from 1912 to 1926 Inclusive. The bonds are tax
exempt. Total bonded debt, this Issue. Assessed valuation, $2,890,515.
Real valuation (estimated), $5,500,000.
b y B a n k e r s . — A n issu e o f $ 2 4 ,9 9 0 4 ^ ( %

i n g . — P r o p o s a ls

P e r r y C o u n ty ( P . O . N e w L e x in g t o n ) , O h io .— B o n d s P r o ­
I t is s ta te d th a t th is c o u n t y m a y v o t e a t th e n ex t
g en era l e le c t io n o n a p r o p o s it io n to issu e $ 5 0 0 ,0 0 0 r o a d im p r o v e m e n t b o n d s .

p osed .

. . a lu m a , S o n o m a C o u n t y , C al.-— R o n d S a l e .— R e p o r t s
s t a t e th a t th e $ 2 0 ,0 0 0 5 % K e n ilw o r t h P a r k b o n d s r e c e n tly
105 0 0 5

9 2 ' P ’ 210

haVG b e e n a w a r d e d to J o s e p h B lo o m at

P h illip s C o u n t y ( P . O . H e le n a ), A r k .— B o n d s O f fe r e d b y
B a n k ers.
A n issu e o f $ 8 5 ,0 0 0 6 % g o ld Y e llo w B a n k s D r a in ­
a g e D is tr ic t b o n d s is b e in g o ffe re d t o in v e s to r s b y A . G . E d ­
w a rd s & S o n s o f S t. L ou is.
Denomination $1,000. Date Dec. 1 1910. Interest scml-annuallv ai
the National Bank of Commerce In St. Louis. Maturity on Dec 1 as^follows; $15,000 in 1914, $16,000 In 1915, $18,000 in 1916 $20 000 in 1017
and $16,000 In 1918. This district has no other debt. ’ p
,u
P it t s fie ld , B e r k s h ir e C o u n t y , M a s s . — B o n d S a l e . __ T h e
$ 8 9 ,0 0 0 sew er a n d th e $ 5 0 0 ,0 0 0 w a t e r -w o r k s 4 % c o u p o n
b o n d s d e s c r ib e d in V . 9 2 , p . 4 8 4 , w e r e s o ld on F e b . 20 to
B la k e B r o s . & C o . a n d A . B . L e a c h & C o ., b o t h o f B o s t o n ,
a t 1 0 4 .7 7 8 a n d in te r e s t.
T h e fo llo w in g b id s w ere r e c e iv e d : ’
Blake Bros. & Co. and A. B.
lEstabrook & Co., Boston___ 104.61
ios'50
Leach & Co., Boston----- _’ l04.778 IBodget * Co., Boston
Adams & Co., Boston_______104.739 |
The $89,000 bonds arc due part yearly on Feb. 1 from 1924 to 1932 In?nUiSrV*c a,ln.l„t ,lc $j(]0,000 bonds are due $20,000 yearly on March 1 from
to 1039 Inclusive.

Norfolk, Va.— B o n d O f f e r i n g . — Proposals will be received
P ly m o u t h C o u n t y ( P . O . P ly m o u t h ) , M a s s .— N ote S a l e . —
until 12 m. March 23 by B. Gray Tunstall, City Treasurer, P a p e rs sta te t h a t th e $ 8 ,0 0 0 4 % n o te s o ffe r e d o n F e b . 21
e d in V . 9 2 , p . 4 8 4 , w ere a w a r d e d to p r iv a t e in ­
for the following 4J^% coupon (with privilege of registration) av ne sdt odress. c r ib
M a t u r ity $ 4 ,0 0 0 in e a c h o f th e y e a r s 1913 a n d 1914.
bonds aggregating $690,000: $250,000 for street improve­
P o r t la n d , M e .— N o t e S a l e .— T h e $ 1 0 0 ,0 0 0 n o te s d u e
ments, sewerage and drainage in Park Place Ward, $120,000 O c t . 2 1911 a n d d e s c r ib e d in V . 9 2 , p . 4 8 4 , w e re so ld on
for street improvements, for furnishing a new high-school F e b . 20 t o th e C a sco N a tio n a l B a n k o f P o r t la n d a t 3 .8 9 %
building and for various other permanent improvements d is c o u n t .
P o r t la n d S c h o o l D is t r ic t N o . 1 ( P . O . P o r t la n d ) , M u lt ­
and $320,000 for refunding purposes.
Denomination $1,000. Date April 1 1911. Interest semi-annually at
the City Treasurer’s office. Maturity April 1 1941. Bonds are exempt
from city taxes. Bid must be accompanied by a check for 1% of bonds
bid for. Immediately upon notification of allotment, a further deposit of
4% of the amount allotted shall be made. On the 5% paid In, from time
of receipt of the 4% until bonds are ready to be delivered, the successful
bidder will receive
Interest. Official circular states that no default
has ever been made, nor Is any litigation pending or threatened airectlng
these bonds. Accrued interest, if any, to be paid by the successful bidder.
T h e o f f i c i a l n o tic e o f th is b o n d o f f e r i n g w i ll be f o u n d a m o n g
th e a d v e r t i s e m e n t s elseivh ere i n th is D e p a r t m e n t .

North Charleroi School District (P. O. Charleroi), Wash­
ington County, Pa.— B o n d s N o t S o l d — B o n d O f f e r i n g . — The
$22,000 4 V i°7o building bonds offered on Feb. 14 and described
in V. 92, p. 337, were not sold. The issue is now being re­
offered, proposals to be received, this time, until March 7.
Bonds are coupon in form and exempt from State tax.
Nutley, Essex County, N. J.— B o n d s R e - A w a r d e d . — The
$75,000 4 Y i % bonds awarded on Nov. 30 1910 to the Fidelity
Trust Co. of Newark, and which it subsequently, refused (V. 92,
p. 136), have been re-awarded to J . S. Rippel of Newark.
Oakwood, Oakland County, Mich.— B o n d S a l e . — Accordng to reports, the Security Trust Co. in Detroit has been
awarded, for$33,083 (106.719), the $31,000 4 y 2 % 30-year
water bonds mentioned in V. 92, p. 337.
Oklahoma City, Okla.— R e s u lt o f B o n d E l e c t i o n . — The
election held Feb. 14 (V. 92, p. 409) resulted, it is said, in
the defeat of the proposition to issue the $1,250,000 watersupply bonds and in favor of the propositions to issue $250,­
000 water-extension, $125,000 sewer-extension and $25,000
hospital bonds.
N o B o n d s S o l d . — Hoehler & Cummings of Toledo inform
us that there is no truth in the reports appearing in certain
newspapers, stating that they have purchased$25,000 5%
paving bonds.
Onida, Sully County, So. Dak.— B o n d S a l e . — The Thos. J .
Bolger Co. of Chicago has been awarded at private sale the
$10,000 5% water-works-system bonds offered but not sold
on Oct. 29 1910 (V. 91, p. 1529).
Bonds are dated April 1 1911. The purchaser advises us that the Inter­
est Is payable semi-annually in Chicago and bonds become due April 1 1921.

Oswegatchie (P. O. Heuvelton), St. Lawrence County,
N. Y .— N o A c t i o n Y e t T a k e n . — No action has yet been taken,
we are advised, looking towards the issuance of the $12,000
4% coupon highway bonds mentioned in V. 92, p. 136.




n o m a h C o u n ty , O r e . — B o t u l s
V o t e d .— A n
e le c tio n held
F e b . 14 r esu lted in fa v o r o f th e p r o p o s it io n to issu e the
$ 1 5 0 ,0 0 0 L in c o ln H ig h S c h o o l c o m p le t io n b o n d s .
T h e v o te
w as 122 “ l o r ” to 49 “ a g a in s t .”
T h e b o n d s m a y n o t be
o ffe r e d , w e are a d v is e d , fo r sev era l m o n t h s .

P o r t s m o u t h , S c io to C o u n t y , O h io .— B o n d s N o t to B e O f ­
f e r e d at P r e s e n t . — T h e C ity A u d it o r w r ite s us u n d e r d a te of
F e b . 17 t h a t fr o m p re s e n t in d ic a t io n s th e $ 3 0 0 ,0 0 0 w a te r w o r k s -c o n s tr u c t io n b o n d s v o t e d o n N o v . 8 1910 ( V . 9 2 , p .
137) w ill n o t b e o ffe re d fo r sale fo r th re e o r fo u r m o n t h s .
P o u g h k e e p s ie , D u t c h e s s C o u n t y , N . Y . — B o n d O f f e r i n g .—
P ro p o s a ls w ill b e r e c e iv e d u n til 12 m . F e b . 28 b y th e C ity
C h a m b e r la in fo r $ 1 1 1 ,0 0 0 i lA % re g is te r e d o r c o u p o n re­
fu n d in g b o n d s .
Date April 1 1911. Maturity April 1 1931. Bonds ready for delivery
on or about April 15 1911.
P r e s id io C o u n ty ( P . O . P r e s id io ) , T e x . — B o n d S a l e .— T h e
$ 1 1 ,3 7 8 5 % 5 -2 0 -y c a r (o p t io n a l) r e fu n d in g b o n d s re g is te re d
b y th e S ta te C o m p tr o lle r o n O c t . 3 1910 ( V . 9 1 , p . 1051)
h a v e b e e n s o ld .
Q u een A n n e s ’ C o u n ty ( P . O . C e n t r e v ille ), M d .— B o n d S a l e .
— T h e C e n tr e v ille N a tio n a l B a n k in C e n tr e v ille w a s a w a rd e d
th e $ 1 5 ,0 0 0 5 % c o u p o n r o a d -e q u ip m e n t b o n d s o ffe re d o n
J a n . 31 a n d d e s c r ib e d in V . 9 2 , p . 2 7 8 .
M a tu r ity $ 1 ,0 0 0
y e a r ly o n J u ly 1 fr o m 1911 to 1925 in clu s iv e .
Q u in c y , N o r fo lk
t e m p o r a r y lo a n o f
b e e n a w a r d e d , it is
3 .6 5 % d is c o u n t a n d

C o u n ty , M a s s .— T e m p o r a r y L o a n . — A
$ 1 2 5 ,0 0 0 , m a tu r in g F e b . 15 1 9 12, h as
s t a t e d , to E s t a b r o o k & C o . o f B o s t o n a t
a p re m iu m o f $1 2 5 .

R a d fo r d , M o n t g o m e r y C o u n ty , V a . — R o n d O f f e r i n g .—
P r o p o s a ls w ill b e r e c e iv e d b y J . D . B ir d , C lerk o f C ity
C o u n c il, fo r th e fo llo w in g 5 % b o n d s , $ 3 5 ,0 0 0 fo r p u b lic
s c h o o l im p r o v e m e n ts , $ 2 5 ,0 0 0 fo r s tr e e t a n d c o u r t-h o u s e
im p r o v e m e n t s a n d $ 1 7 ,0 0 0 fo r r e fu n d in g b o n d s o f th e o ld
t o w n o f R a d fo r d .
Authority an election held Oct. 2 1906. Denomination $1,000. Date
July 1 1910. Interest semi-annually at the City Treasurer’s office. Ma­
turity July 1 1940. Bonds are exempt from city taxation. These securi­
ties were offered without success on July 28 1910. Sec V. 91, p. 354.
R e a d in g ( P . O . C in c in n a t i), H a m ilt o n C o u n t y , O h io .—
B o n d s P r o p o s e d . — T h is v illa g e is c o n s id e r in g th e is s u a n c e ,
it is s t a t e d , o f s e w e r a g e -s y s te m b o n d s .
R e d la n d s , S a n B e r n a r d in o C o u n t y , C a l.— B i d s . — T h e
o llo w in g b id s w e r e r e c e iv e d o n F e b . 8 fo r th e $8 0,Q 00
5%

l-40-year (serial) park bonds awarded to W. R. Staats Co.
of Los Angeles at 106.29 and accrued interest (V. 92, p. 484);

Denomination $1,000. Maturity $6,000 yearly from 1917 to 1946 Inclu­
d e and $4,000 yearly from 1947 to 1951. Deposit of 1% Is required
with bid.
*

VV. R. Staats Co., Los A n .$85,032 00 J. H. Adams & Co., Los A .$84,301 00
E. H. llolllns & Sons, S. Fr.84,888 00 Redlands National Bank,
G. G. Blymyer A Co.,S.Fr. 84,851 00
Redlands_____________ 84,137 00
N. W. Halsey &Go., Los A .84,504 00 Barroll & Co., Los Ang
83,818 00
Denomination $1,000. Date March
' 1 1011. Interest semi-annually
at the City Treasurer’s office.

San Francisco, Cal.— B o n d s to he R e - o f f e r e d S h o r t l y . — We
are advised that the $1,125,000 43^% coupon water-systemconstruction bonds offered without success on Jan. 30 (V. 92,
p. 409) will be re-advertised in the near future.
Richardson County Drainage District No. 2 (P. O. Hum­
Santa Ana, Orange County, Cal.— B o n d O f f e r i n g . — Propos­
boldt), Neb.— B o n d , S a l e . — The $48,000 6% coupon drain­ als will be received until 7:30 p. m. March 6 by Ed. Tedford,
age-improvement bonds described in V. 92, p. 484, were sold City Clerk, for $20,000 434% water-works-improvement
on Feb. 20 to the Security Savings Bank & Trust Co. of bonds.
Toledo at 100.026 and accrued interest. The following bids
Authority vote of 478 to 83 at the election held Feb. 7 (V. 92, p. 279).
3^Ination $ 1,000. Date March 1 1911. Interest semi-annually In
were received:

Scc.Sav.Bk.ATr.Co., Tol.$48,012
New First Nat. Ilk., C ol.. 48,050
Coffin & Crawford, C hic.. 48,050
Thos. J Bulger Co., Chic. 48,000
A hid for 5 ^ s was also received
Moines. Maturity part yearly on

65 Woodln, McNear & Moore,
Chicago__________________ $48,000
00
00 Hanchett Bond Co., Chicago. 47,110
00 Farson, Son A Co., Chicago.. 46,500
from the Investors’ Securities Co. of Dcs
July 1 from 1915 to 1920 Inclusive.

Riverside, Riverside County, Cal.— B o n d O f f e r i n g .—
Further details are at hand relative to the offering on Mch. 7
of the $80,000 Fairmont Park and the $20,000 fire-depart­
ment 4i^% gold coupon improvement bonds mentioned in
V. 92, p. 485. Proposals for these bonds will be received
until 9:15 a. m. on that day by N. A. Jacobs, City Clerk.
Authority, an Act of the Legislature which became a law on Feb. 25 1901
and Acts amendatory thereof. Denomination $500. Date March 1 1911.
Interest semi-annually at the City Treasurer’s office. The $30,000 bonds
arc due $1,500 yearly on March 1 from 1912 to 1931 Inclusive and the
$20,000 bonds mature $1,000 yearly on March 1 from 1912 to 1931 Inclusive.
Bid must be made on each Issue separately on a blank form furnished by the
city. Certified check for 2% of bonds bid for, drawn on a bank doing busi­
ness In Riverside or Los Angeles and made payable to the City Clerk, is
required. Purchaser to pay accrued Interest.

Rochester, N. Y .— B o n d O f f e r i n g . — Proposals were asked
for until 2 p. m. yesterday (Feb. 24) by Charles F. Pond,
City Comptroller, for $180,000 4% registered park and in­
dustrial exposition bonds.
Denomination $1,000. Date March 1 1911. Interest semi-annually at
the Union Trust Co. In New York City. Maturity March 1 1931. The
genuineness of the bonds will be certlllcd to by the Columbia Trust Co. of
New York City. The result of tills offering was not known to us at the
hour of going to press.
N o t e S a l e . — On Feb. 23 the $100,000 water-works-renewal
and the $100,000 local-improvement-renewal 8-months’
notes described in V. 92, p. 485, were purchased by Sutro
Bros, of New York at 100.014 for 3.85 per cents. The
following bids were received:

Sutro Bros., New York— $200,028 for 3.85 per cents.
C. II. White A Co., New York—-$200,005 for 3.85s.
Vernam A Co., New York— $200,076 for 4s.
Bank for Savings in City of New York— $200,014 for 4s.
Bond A Goodwin, New York— $200,013 for 4s.
Goldman, Sachs A Co., New York— $100,000 for 4s and $100,005 for 4 l-16s
First Trust A Savings Bank, Chicago—for 4s.
Union Trust Co., New York— for 4s.

^ na’ i Matu3Ity, ^0 years. Deposit of 5% , payable to the City of
Santa Ana, Is required. Official circular states that there is no litigation
or controversy pending which affects the corporate existence or boundary
or the title of any official to his office or the validity of these bonds.

Sapulpa, Creek County, Okla.— B o n d S a l e .— On Feb. 11
$310,000 5% 20-year bonds v’ere awarded to Sutherlin A Co.
of Kansas City, Mo., at par. Denomination $1,000. Date
Jan. 1 1910. Interest annually in July.
Schenectady, N. Y .— B o n d s P r o p o s e d . — It is stated that
an ordinance providing for the issuance of $300,000 reservoirconstruction bonds will be taken up by the Common Council
next Monday night (Feb. 27).
Scurry County (P. O. Snyder), Tex.— B o n d E l e c t i o n . — We
see it stated that an election will be held March 25 to vote on
the question of issuing $16,000 jail-construction bonds.
Seattle, Wash.— B o n d E l e c t i o n . — The election to vote on
the question of issuing the $220,000 library-site-purchasing
bonds mentioned in V. 92, p. 210, will be held March 7,
according to reports.
Seward, Seward County, Neb.— B o n d s A w a r d e d i n P a r t .—
The City Treasurer vuites us under date of Feb. 15 that a
“few” of the $10,000 5% 5-10-ycar (optional) paving bonds
dated Sept. 1 1910 and authorized by the City Council on
Oct. 4 1910 (V. 91, p. 1052), have been disposed of locally.
He further states that if the remaining bonds are not sold
soon they will be advertised for sale.
Shreveport, Caddo Parish, La .— B o n d E l e c t i o n — The
proposition to issue the $250,000 d ] /2 % 1-40-year (serial)
bonds mentioned in V. 92, p. 211, will be voted upon April 4,
according to reports.
Stephen, Marshall County, Minn.— B o n d S a l e . — On Feb.
14 the $10,000 10-20-year (optional) coupon refunding bonds
described in V. 92, p . 279, were awarded to the Minnesota
Loan & Trust Co. in Minneapolis at par and accrued interest
for 5J^s. Other bids for 6% bonds were received from F. E.
Magraw’ of St. Paul, Union Investment Co. in Minneapolis,
S. A. Kean & Co., Farson, Son A Co. and C. II. Coffin of
Chicago.

Rogers School District (P. 0 . Rogers), Benton County,
Ark.— B o n d S a l e . — Reports state that*this district has dis­
posed of $35,000 high-school-construction bonds.
Date March 1 1911. Bonds are tax-exempt. Bonded debt, including
Issue, $17,000. Floating debt, $0,500. Assessed valuation in 1910,
Romney, Hampshire County, W . Va.— B o n d O f f e r i n g .— this
$181,192.
Proposals will be received until 8 p. m. March 1 by A. N.
Sully County (P. O. Onida), So. Dak.— B o n d S a l e . — The
McKeever, Mayor, for $15,000 5% coupon water-works- $30,000 5% coupon court-house-construction bonds dated
system bonds.
Feb. 15 1911 and described in V. 92, p. 279, were sold on
Denomination $100. Date March 1 1911. Interest annual. Maturity
1931. Certlllcd check for 2% of bid Is required. No bonded debt. As­ Feb. 15 to the First State Bank of Onida at 102.06 and inter­
sessed valuation, $625,000. Actual value (estimated), $750,000.
est. The following bids were received:
Roselle, Union County, N. J.— B o n d S a l e . — On Feb. 15 First State Bank, O nida.. .$30,618 j Cutter, May A Co., Chicago $30,225
T. Holtz A Co., Chicago.. 30,637 i C. II. Coffin, C h ica g o __
30,151
the $20,000 5% 20-year coupon (with privilege of registra­ H.
Ulen A Co., Chicago------------ 30,600 First Nat. Bank, l’ierre
30,151
tion) construction bonds described in V. 92, p. 409, were F. E. Magraw, St. Paul---- 30,400|Thos. J. Bolgcr Co., Chicago 30,000
purchased by J. II. Kean at 106.67 and interest— a basis Otis A Hough, Cleveland___ 30,375|
Teague, Freestone County, Tex.— B o n d E l e c t i o n . — A prop­
of about 4.492%. A list of the bidders follows:
J. II. Kean________________ 106.67
Howard K. Stokes, N. Y ._ .104.717 osition to issue $10,000 school-building bonds will be voted
Harris, Forbes A Co., N. Y_.105.694 J. B. Colgate A Co_______ .103.937 upon, it is stated, March 6.
J. D. Everltt A Co., N. Y . . 105.61 W. N. Color A Co., N. Y .. .103.62
R .M . Grant A Co., N. Y ___ 105.40
A. B. Leach A Co., N. Y .. .103.612
Tippecanoe County (P. O. La Fayette), Ind.— B o n d S a l e .
First Nat. Bank, Roselle___ 105.194 Rhoades A Co., N. Y ___ .103.33
—-Reports state that the $8,000 road bonds offered on Feb. 20
Outwatcr A Wells, Jersey C’y 104.862
Rusk, Cherokee County, Tex.— B o n d s V o t e d . — This place (V. 92, p. 486) wrere sold on that day.
Toccoa, Stephens County, Ga.— B o n d S a l e . — On Feb. 20
is reported as having voted on Feb. 14 to issue $18,000 5%
the $19,000 sewerage and $7,000 public-school 5% 30-year
40-year water-works bonds.
St. Lawrence County (P. O. Canton), N. Y .— B o n d s N o t coupon bonds described in V. 92, p. 486, were awarded to the
Robinson-Humphrey Co. of Atlanta at 102.157 and accrued
S o l d . — We are advised that the $50,000 4% coupon or regis­
interest. The following bids were received:
tered highway-improvement bonds described in V. 92, p. Robinson-IIumphrcy Co.,
|Georgia Mortgage A Trust
137, have not been sold.
Co., Atlanta______
26,260 00
Atlanta -------------------- $26,561 00
S.
A.
Kean
A
Co.,
Chicago
26,210
60
|John W. Dickey, Augusta $25,610 00
St. Paul, Minn.— B o n d s N o t Y e t l l e -O f f e r e d f o r S a l e . — The
$220,000 4% high-school-building bonds, which failed to
Townsend, Broadwater County, Mont.— B o n d S a l e —
attract any bidders on Jan. 5 (V. 92, p. 137), have not yet Ulen & Co. of Chicago, offering par and interest for 6s, were
been re-offered for sale.
the successful bidders on Feb. 14 for the $35,000 15-30-vear
Salina, Salina County, Kan.— B o n d S a l e . — The State (optional) water-system bonds described in V. 92, p. 410.
School Fund recently purchased $25,000 5% 1-10-year Bids were also received from C. II. Coffin, S. A. Kean & Co.,
(serial) bonds at par. Denominations $1,000 and $500. Farson, Son & Co. and John Nuveen A Co., all of Chicago;
James N. Wright A Co. and James II. Causey A Co., both of
Date Jan. 2 1911. Interest semi-annual.
Denver, and the New First National Bank of Columbus.
B o n d s to B e O f fe r e d S h o r t l y . — We are advised that there
will be another issue of about the same amount as the above
Trinity School District (P. O. Trinity), Trinity County,
on April 1, and also that $40,000 4j^% 20-year city-hall Tex.— B o n d s N o t S o l d . — No bids were received on Feb. 20
bonds will be issued soon.
for the $13,500 5% 10-20-year (optional) coupon schoolSan Diego, San Diego County, Cal.— B o n d O f f e r i n g .— construction bonds dated July 1 1910 and described in
Proposals will be received until 10:30 a. in. March 27 by the V. 92, p. 486.
City Clerk for the $340,000 water, $193,000 sewer and $ l ,000,­
Twin Falls School District No. 1 (P. O. Twin Falls), Idaho.
000 park 4 J^% coupon bonds voted on Aug. 9 1910. See — B o n d O f f e r i n g . — Proposals will be received until 8 p. m.
V. 91, p. 980.
Feb. °7 by J. 8. Keel, District Clerk, for $55,000 gold coupon
Denominations $1,000, $650 and $500. Date Jan. 1 1911. Interest
semi-annually at the City Treasurer’s office. Maturity 40 years. Certlllcd high-schooi-completion bonds at not exceeding 6% interest.
check (or cash) for 10% of bid, payable to the City Clerk, Is required.

D e n o m i n a t i o n . 1 , 0 0 0 , o r t o s u it p u r c h a s e r .

In te re s t A p r il 1 a n d O c t. 1

Y o r k City, o r a t t h e D i s t r i c t T r e a s u r e r 's o f f ic e .
M a t u r i t y 20 years,
San Diego School District, San Diego County, Cal.— B o n d sinu bNew
j e c t t o c a l l a f t e r 10 y e a r s .
C e r t if i e d c h e c k f o r $1,000, p a y a b l e to the
O f f e r i n g . — Proposals will be received until 3 p. m. March 8 T r e a s u r e r , Is r e q u i r e d .
by John F. Schwartz, County Treasurer (P. O. San Dh'go),
Union County (P. O. Elizabeth), N. J.— B o n d S a l e . — On
for the $200,000 5% high-school-building bonds voted on Feb. 14 the $50,000 4 )/£% 30-year coupon (with privilege
Dec. 9 1910 (V. 91, p. 1726).
of registration) hospital bonds described in V. 92, p. 339,




were purchased by Harris, Forbes & Co. of New York City
at 105.468 and accrued interest— a basis of about 4.179%.
Vigo County (P. O. Terre Haute), Ind.— B o n d , S a l e .— We
have just been advised that $3,000 4 ^ % Fayette Township
gravel-road bonds were disposed of on Sept. 30 1910 to the
Meyer-Kiser Bank of Indianapolis at par.

$100,000 assessment bonds. Maturity $10,000 yearly on Feb. 1 from
1912 to 1921 Inclusive.
19,000 local-improvement bonds. Maturity $950 yearly on Feb. 1 from
1912 to 1931 inclusive.
Interest April 1 and Oct. 1 In New York exchange. Certified check for
2% of bonds bid for, payable to the Comptroller, Is required. The opinion
of Hawkins, Delafleld & Longfellow of New York City, certifying to the
validity of the above issues, will be furnished to the successful purchaser.
Bonds will be ready for delivery on March 3 1911. Purchaser to pay ac­
crued interest.

Denomination $150. Date Aug. 15 1910. Interest May 15 and Nov. 15.
Maturity $150 each six months from May 15 1911 to Nov. 15 1930 inclusive.

Zearing, Story County, Iowa.— B o n d s D e f e a t e d .— An elec­
tion held Feb. 2 is said to have resulted in the defeat of a
proposition to issue bonds for a water-works plant. The
vote was 144 "for” to 94 "against”— a two-thirds majority
being required.

B o n d s N o t S o l d .— An issue of $2,787 bonds was offered
without success on Feb. 11.
Waco, McLennon County, Tex.— B o n d s V o t e d .—The pro­
position to issue the $250,000 5% 30-year electric-light-plant
bonds mentioned in V. 91, p. 1794, was favorably voted upon
Feb. 14, We are informed that the unofficial vote was 808
to 511. Date of offering not yet determined.
Wakonda, Clay County, So. Dak.— B o n d S a l e .— The State
of South Dakota was awarded at par in July 1910 $7,500 5%
15-20-year (optional) water-works bonds. Denomination
$500. Date Feb. 20-1911. Interest annual.
Washington C. H. School District (P.O.Washington C. H),.
Fayette County, Ohio.— D e s c r i p t i o n o f B o n d s .—The $100,000
4%{school-building bonds awarded on Jan. 27 to Weil, Roth
& Co. of Cincinnati at par and interest (V. 92, p. 487) are
dated Jan. 27 1911 and mature $3,000 yearly on March 1
from 1916 to 1947 inclusive and $4,000 on March 1 1948,
unpaid bonds being subject to call, however, after 1941.
Denomination $500. Date Jan. 27 1911. Interest March
and September. The School Board is to pay $450 for attor­
ney's fees and other expenses.
Waynesville, Haywood County, No. Caro.— B o n d O f f e r i n g .
—This town is offering for sale $32,000 5% water-worksimprovement and refunding bonds.

C a n a d a , it s

P r o v in c e s

a n d

M u n ic ip a lit ie s .

Alberta and Saskatchewan School Districts.— D e b e n t u r e
S a l e s .— During January Nay & James of Regina purchased
small . chool debenture issues aggregating $14,600. Thisincludes small issues aggregating $1,600, the sale of which has
been referred to in these columns under the heads of the
districts issuing the same.
Blanshard, Man.— D e b e n t u r e O f f e r i n g . — Proposals will be
received until March 29 by G. McIntyre, Secretary-Treasurer
(P. O. Oak River), for the $7,000 5% municipal-hallconstruction debentures voted on Dec. 20 1910 (V. 92, p.
341). Interest annual. Maturity part yearly for 20 years.
Boissevain, Man.— D e b e n t u r e S a l e .— The National Finance
Co. of Toronto has been awarded the $5,000 5% registered
town-hall-improvement debentures, a description of which
was given in V.,91, p. 1117. Maturity part yearly on Nov. 1
from 1911 to 1930 inclusive.
Interest semi-annual. Maturity 30 years. Certified check for $500
Calgary, Alberta. D e b e n t u r e s V o t e d .—The election held
Is required. • J. II. Howell Is Treasurer.
Wyoming (P. O. Cincinnati), Hamilton County, Ohio.—
/f/n ? H I ln ^a,V0r
^ e question of issuing the
4 ^ / ? , ' 30" ^ ar land-purchase debentures mentioned
B o n d s V o t e d .— According to reports, this village on Feb. 21
in
V.
92,
p.
411.
The
vote
was
133 "for” to 20 "against.”
voted to issue $9,500 bonds to purchase certain property for
park and playground purposes.
.
Carlyle, Sask. D e b e n t u r e S a l e .— This place has sold to
Yonkers, Westchester County, N. Y . — B o n d O f f e r i n g . — Nay & James of Regina $20,000 5 } 4 % 20-year debentures.
Proposals will be received until 12 m. Feb. 28 by Joseph
Fergus, O n t . — D e b e n t u r e s N o t te be I s s u e d a t P r e s e n t .—
Miller, Comptroller, for the following 4j/£% registered bonds; We are advised that the $25,000 5% bonus debentures voted
NEW

LOANS

NEW

8 6 9 0 ,0 0 0

LOANS

N O T IC E O F S A L E

Dated A pril 1, 1911
Interest Payable October 1st and A pril 1st.

Sealed proposals will be received at the office of
the City Treasurer ot Norfolk, Virginia, until 12
o’clock M., THURSDAY. MARCH 23RD, 1911.
for $690,000 Four and one-half per cent (4 >4%)
Thirty (30) Year Coupon Bonds, Issued for the
following purposes:
For street improvements, sewerage and
•__
drainage In Park Place Ward—
$250,000
For street Improvements, for furnishing
and equipping new High School Build­
ing and for various other permanent
Improvements------------ --------------------- 120,000
For renewal of $320,000 5% bonds, due
April 1 1911----------------------------------- . 320,000
T o ta l_______________________________ $690,000
Bids may be for the whole or part of the said
Bonds and must state price and accrued interest.
IK- Bonds Issued In denominations of $1,000.
B B onds and Interest payable In Norfolk.
All bonds to be issued as coupon bonds, but
purchasers to have privilege of having same
registered.
Bids should be marked “ Proposal for Bonds.
Bidders to enclose check for one per cent (1%)
of the par value of the amount bid for. Imme­
diately upon notification of allotment a further
deposit of Four per cent (4%) of par value of
amount allotted shall be made.
Four and one-half per cent (4M % ) Interest will
be allowed successful bidders on the Five per cent
(5%) paid in from time of receipt of the Four per
cent (4%) until bonds are ready to be delivered.
It Is proposed to deliver the bonds to purchasers
on or before Aprl 11, 1911, but If for any reason any
delivery should be delayed beyond that date the
purchaser will be required to pay accrued Interest
to the time of delivery. The remainder of the
purchase money to be paid Immediately after the
purchasers are notified that bonds are ready for
delivery.
Checks to bo drawn on some State or national
bank, certified and made payable to order of B.
Gray Tunstall. City Treasurer of the City of
Norfolk, Va.
The right Is reserved to reject any or all bids, and
also (unless otherwise expressly stated ln the bid)
to allot any portion of the amount of bonds bid for.

$ 1 0 0 ,0 0 0
J A C K S O N V IL L E ,

8 1 , 0 1

1 , 0 0 0

■

Sealed proposals will be received by the under­
signed Board of Bond Trustees of Jacksonville,
Florida, until March 6 th, 1911, at 3 o’clock p. m..
for the purchase of all or any part of $ 100,000
Gold, Fifty-Year, Sinking Fund,
five per cent Improvement Bonds of the City of
Four and a Quarter Per Cent Bonds. Jacksonville, Florida. The legality of the bonds
has been approved by Messrs. Dillon, Thomson &
Clay of New York. Printed circulars containing
Sealed proposals will be received by the Board more definite Information with reference to said
of Finance at its meeting to be held in the City bonds and blank forms for bids can be had on
Hall, on MARCH 3RD. 1911, at 3 o’clock P. M., application to the Auditor of the Board of Bond
when they will be publicly opened, for $711,000 Trustees, Jacksonville, Florida, or to Messrs.
Gold School Bonds, and $300,000 Gold Park Dillon, Thomson & Clay of New York.
iioncls.
W. M. BOSTWICK, Jr.,
The said bonds will be dated March 1, 1911, and
Chairman of Board of Bond Trustees.
will be payable March 1 , 1961, and will bear
interest at the rate of four and a quarter per cent
per annum, payable semi-annually on the first
days of March and September ln each year, both
8 6 2 ,5 0 0
principal and interest being payable ln gold coin
° f the United States of America of the present
standard of weight and fineness or its equivalent,
City o f C ircleville, O hio,
at the office of the City Treasurer. Said bonds
will be coupon bonds, of the denomination of
$ 1,000 each, with privilege to the holder of regis­
PAVING BONDS
tering the same as to principal only, or of convcrtmg the same Into registered bonds.
Sealed bids will be received by the undersigned
The said bonds are exempt from taxation by until 12 o'clock noon, on
the laws of the State of New Jersey.
TUESDAY, MARCH 21, 1011,
Proposals shall be enclosed In a sealed envelope
and endorsed “ Proposals for Bonds of Jersey for the sale of $62,500 ot Street Paving Special
City, and handed to the Clerk of the Board of Assessment bonds, of the denomination of $625,
finance In open meeting to be held at the time and dated March 1, 1911, and bearing Interest at the
rate of 4 H per cent, payable semi-annually. Ten
place aforesaid.
Each bid must be accompanied by certified bonds payable each year, flvo on March 1 and
check upon an incorporated bank or trust com­ five on September 1: first bonds being payable
pany, payable to the order of the City Treasurer on March 1 , 1913. First Installment of Interest
of Jersey City (Carl G. A . Schumann), for two being payable on March 1, 1913, and semi-annually
per centum or the amount of the par value of the thereafter. Additional Information upon applica­
bonds bid for, the amount of said check to be tion to
FRED. R. NICHOLAS,
credited upon said bid. If accepted, and to be
City Auditor.
returned forthwith If not accepted.
All bids shall provide for the payment of
accrued interest from tho date of said bonds,
March 1, 1911, to the date of delivery.
The validity ot said bonds will be approved by
Messrs. Hawkins, Delafleld & Longfellow,
MUNICIPAL AND RAILROAD
attorneys, of New York City, whose opinion will
be furnished to the successful bidder.
BONDS
The right to reject any and all bids Is reserved.
LIST ON APPLICATION
By order of the Board of Finance.
, RICHARD J. VREELAND,
yn
Clerk of the Board of Finance.
SE A S0N G 00D & M AYER
Dated, February 17. 1911.

N

Mercantile Library Building
CINCINNATI

F.

WM.

KRAFT
HODENPYL, WALBRIDGE ft CO.

LAWYER

E D W IN
NEW

JERSEY

R . CASE
SECURITIES

No better State
No better Seourltlei
15 EXCHANOE PLACE
Tele. S6« and 751
JERSEY CITY




F L O R ID A ,

5% IMPROVEMENT BONDS

C IT Y OF J E R S E Y C IT Y , N .J .,

T H E F IN A N C E C O M M IT T E E ,

McD. L. WRENN, Chairman,
From the Common Council.
THOS. H. WILCOX, Chairman,
From the Board of Aldermen.
Teste-.B. E. STEED. City Clerk.

LOANS.

of

C I T Y O F N O R F O L K , V A .,
Thirty-Year Four and One-Half Per
Cent (4j^%) Bonds of $1,000 each.

NEW

S p ecializin g in E x a m in a tio n o f
M u n ic i p a l

and

C o r p o r a tio n

B onds

7 W all S t ., Naw Y ork
Railroad, Street Ry., Gaa & Elec. Light

1812 FIRST NATIONAL BANK BLDd..

CHICAGO, ILL.

S E C U R IT IE S

on Jan. 2 will probably be issued about Nov. 1 1911 and
that the $20,000 4J^% railway-aid debentures also voted
on the same day will not be issued until the road has been
constructed and in operation for fifteen days, which will
probably not be before July 1912. See V. 92, p. 138.
Govan, Sask.— D e b e n t u r e S a l e . — It is reported that Nay &
James of Regina have purchased $5,000 6% 15-year deben­
tures.
Killamey, Man.— D e b e n t u r e S a l e . — The following bids were
received on Feb. 13 for the $9,000 5% cemcnt-sidewalkconstruction debentures offered on that day (V. 92, p. 282):

Nov. 1 at the Chamberlain’s office. Maturity May 1 1951.
The debentures may be expressed in sterling money of Great
Britain, or in currency of Dominion of Canada, and in sums
of $500 each.
Sarnia, Ont.— N o A c t i o n Y e t T a k e n . — Up to Feb. 17 the
Council had not yet passed the by-law providing for the issu­
ance of the $1,500 5% water-works-extension debentures
voted on Jan. 2. See V. 92, p. 139.
Sherbrooke, Quebec.— L o a n A u t h o r i z e d . — Reports state
that the by-law authorizing the City Council to borrow
$100,000 for the construction of dam and development of
power near Rock Forest was carried.
Souris, Man. D e b e n t u r e O f f e r i n g . — Proposals will be re­
ceived until 6 p. m. May 1 by J. W. Breakey, SecretaryTreasurer, for $95,000 5% water-works debentures, dated
Dec. 1 1910, and re-payable in 30 annual installments of
principal and interest at the Merchants’ Bank of Canada at
Souris.
Strassburg School District, Sask.— D e b e n t u r e S a l e . — Nay
& James of Regina have purchased $15,000 6% 20-vear
debentures.
Strathcona Public School District No. 216, Alberta.—
D e b e n t u r e O f f e r i n g . — Proposals will be received until 6 p . m.
March 3 by Geo. F. Downes, Secretary-Treasurer, for $17,000
5% debentures. Date Sept. 1 1910. Maturity part yearlyon Sept. 1 from 1911 to 1940 inclusive.
Valley View School District No. 2222 (P. O. Seven Per­
sons), Alberta.— D e b e n t u r e S a l e . —This district has awarded
$1,200 6J^% school-building and ground-improvement de­
bentures to Nay & James of Regina for $1,212 95— the price
thus being 101.079. The debentures are dated Feb. 1 1911
and mature part yearly for 10 years.
Valley View School District No. 2655 (P. O. Humboldt),
Sask.— D e b e n t u r e S a l e . — An issue of $800 10-year schoolhouse debentures was disposed of on Feb. 1 to Tracksell,
Anderson & Co. of Regina as 6 14 per cents. Date of deben­
tures Feb. 1 1911. Interest annual.
Windsor, Ont.— N o A c t i o n Y e t T a k e n . — No steps have
yet been taken looking towards the issuance of the $34,000
debentures voted on Jan. 2. See V. 92, p. 139.

Alloway & Champion, W in n..$8,910 J. G. Mackintosh, W innipeg..$8,596
W. A. Mackenzie & Co., T o r .. 8,777 Nay & James, Regina________ 8,526
Aemllius Jarvis & Co., Tor__ 8,686 Toronto General Trust Corpo­
Brent, Noxon & Co., Toronto. 8,643
ration, Toronto_____________8,512
C. II. Burgess & Co., Toronto. 8,613 Ontario Securities Co., Tor_8,507
National Finance Co., Toronto 8,603 |G. A. Stimson & Co., Toronto 8,465
Date Dec. 31 1910. Interest annually at the Bank ot Hamilton in
Killarney. Maturity part yearly on Nov. 30 from 1911 to 1930 inclusive.
Total debenture debt, Including this issue, $24,000.

Listowel, Ont.— D e b e n t u r e s N o t to B e I s s u e d at P r e s e n t .—
In reply to our inquiry asking if any action had yet been
taken looking towards the offering of the $5,000 4 X
A % elcctrie-light debentures voted on Jan. 2 (V. 92, p. 139), the
Clerk informs us that as far as he knows no debentures will
be issued this 3rear.
Melfort, Sask . - —D e b e n t u r e S a l e . — An issue of $6,000 6%
ten-installment debentures has been awarded, it is stated, to
the National Finance Co. of Toronto.
Perdue, Sask.— D e b e n t u r e S a l e . — An issue of $2,900 6%
15-year debentures has been awarded to Nay & James of
Regina.
Rochepercie, Sask.— D e b e n t u r e S a l e . — According to re*
ports, $2,000 7% debentures, re-payable in 15 installments?
have been awarded to the National Finance Co. of TorontoRosser School District (P. O. Rosser), Man.— D e b e n t u r e s
V o t e d . —The proposition to issue the $2,500 school debentures
mentioned in V. 92, p . 341, carried by a vote of 10 to 6 at
the election held Feb. 21.
St. John, N. B.— D e b e n t u r e O f f e r i n g . — Proposals will be
received until 12 m. March 18 by H. E. Wardropcr, City
Clerk, for $250,000 4% debentures. Interest May 1 and
NEW

LOANS.

NEW

$ 5 2 5 ,0 0 0
of

REFUNDING BONDS OF 1911
By order of the City Council of the City ot
Tacoma,
Notice is hereby given that on SATURDAY,
MARCH 4, 1911, at the office of the Treasurer
ot the City of Tacoma, Washington, In the City
Hall, at 2 o’clock in the afternoon of said day,
sealed bids will be received for an Issue of City of
Tacoma bonds In the sum of $525,000. Said
bonds are general bonds of the City of Tacoma of
the par value of $ 1,000 each, payable on the ilrst
day of April, 1931, with interest at not exceeding
Five Per Cent per annum, payable semi-annually
the F’iscal Agency of the State of Washington,
In the City of New York, and arc known as City
of Tacoma Refunding Bonds of 1911, issued
pursuant to Ordinance No. 4446, passed January
25, 1911.
Bids must be for a sum at least equal to par
and accrued Interest, and must be accompanied
by a certilled check in the sum of $5,000 to be
forfeited to the City of Tacoma by the successful
bidder If he falls to take and pay for said bond3
within the time prescribed herein.
The said bonds are Issued for the purpose of
refunding certain bonds Issued by the City of
Tacoma in 1891, known as Funding Bonds and
City Hall Bonds, in the sum of $550,000. The
successful bidder for said bonds will be required
to take up and pay for the same between the 1st
and 10th days of April, 1911, by depositing the
sum of $525,000 with the Mercantile Trust Com­
pany in tile City of New York to the credit of
the City ot Tacoma for the redemption of said
F'undlng and City Hall Bonds of 1891, and by
paying the excess of Ills bid, If any, over said
sum, to the City Treasurer of said City of Tacoma:
provided that any other method of payment may
be arranged for between the City and said bidder.
Said bonds will be sold to the person or persons
making the most advantageous oiler therefor,
with tiic right reserved to said city to reject any
or all bids.
For all other information apply to J. F. Meads,
City Controller.
Dated, Tacoma, Wash., Jan. 28, 1911.
SINKING FUND BOARD.
A . V. FAWCETT,
Mayor.
J . F. MICADS,
_
Controller.
RAY FREELAND.
Commissioner of Finance.

M U N IC IP A L B O N D S
Safest Investment*
A Q L . fn CZQL
xnown. Yielding from
V J /Q

U LEN

&

H. A M Y

Write toi
Circular.

&

46 W a ll S tre e t, N e w




M on ta n a , SAN JOAQUIN COUNTY, CALIFORNIA,

SEWER BONDS

HIGHWAY BONDS

Notice is hereby given by the Town Council of
the Town of Conrad, in the State of Montana,
that the Sewer Bonds ot said town in the sum
of $25,000 will be olfercd for sale at public auc­
tion, to the bidder ottering the highest price therfor, in accordance with the terms of this notice,
at the Council Chamber of the Town Council of
the Town of Conrad, in the Town of Conrad,
County of Teton, in the State of Montana, on the
10th day of April, 1911, at 2 o’clock p. m. Said
bonds are to be dated January 1st, 1911, and be
payable In twenty years from the date thereof,
and $3,000 thereof shall be redeemable in 5 years:
$5,000 redeemable In 10 years, and $5,000 re­
deemable In 15 years, at the option of the Town
Council, and shall bear interest at the rate of 6 %
per annum, payable semi-annually on the Ilrst
day of January and July in each year. Said
bonds will be ready for delivery at the time of
sale, and all tenders, bids or otters to purchase
must be without condition or qualification, and
be accompanied by a certilled check for the full
amount of said bid. Bids should be addressed
to F. H. Rings, Mayor of Conrad, Montana. The
Council reserves the right to reject all or any bids
or otters of purchase.
Dated at Conrad, Montana, this 8 th day of
February, 1911.
By order of the Town Council.
A. IIOPRER,
Town Clerk.

Sealed proposals will be received by the Board
of Supervisors of San Joaquin County, California,
until Monday, March 6 , 1911, at 10 o’clock a. m.
for the purchase of all or any part of $500,000 of
Highway Bonds of a $1,890,000 Issue of five per
cent Highway Bonds of said County: principal
and Interest payable at Kountze Brothers, New
York City, or at County Treasury, at option of
holder.
Legality of Bonds will be approved by Dillon &
Hubbard, New York. Bids must be made on
blank forms furnished by County. Printed cir­
culars containing full Information and blank forms
for bids can be had on application to Eugene D.
Graham, County Clerk, Stockton, California, or
to Dillon & Hubbard, New York.
EUGENE D. GRAHAM,
County Clerk of San Joaquin County, California.

C h a r le s

M . S m ith

&

C o.

U NI TE D STATES
MORTGAGE & TRUST
COMPANY
N EW YORK

C A P IT A L ,

SU RPLU S,

$ 2 ,0 0 0 ,0 0 0 .0 0

$ 4 ,0 0 0 ,0 0 0 .0 0

C O R P O R A T IO N A N D
M U N IC IP A L

BONDS

FIRST NATIONAL BANK BUILDING
CHICAGO

In v ite s

P erson a l and B u s in e s s

A cc o u n ts.
e c u to r ,
ia n

A c t s as T r u s te e , E x ­

A d m in is tr a to r ,

and

in

C a p a c itie s.

BLO D G ET & CO.

cip a l

and

all

G u a rd ­

F id u c ia ry

C e r tifie s

M u n i­

C o rp o ra tio n

B on d s.

B O N D S
60 S T A T E S T R E E T , B O S T O N
80 P I N E S T R E E T , N E W

YORK

SO Cedar St.
B’ war ft TSrd St.

U B t b St. * 8th Av*.

WANTED
ESTABLISHED 1885

CO.
Y ork

Letters of Credits

C H R O N IC L E

ISSU ES

First Nat. Bank Bldg., Chicago

Jan. 8 and 29, 1910
Will pay 20 cents a copy.

SCHOOL,
COUNTY AND MUNICIPAL BONDS

Commercial & Financial Chronicle
138 Front St., New York

H. C. SPEER &

INVESTMENT SECURITIES

Bills of Exchange.

8 5 0 0 ,0 0 0

C H IC A d O

BANKERS

44 a n d

C on rad,

LOAN S.

STATE, CITY & RAILROAD BOND*

C O ,

____________

NEW

8 2 5 ,0 0 0

C IT Y OF T A C O M A , W A S H , T o w n

BANKERS

LOANS.

SON S CO.

Q xn& t

© x r m y a t x ije fii.

united stales w

Q x\ xst

m a n at (tew lure,

Chartered 1853
45 and 47 W A L L S T R E E T
CAPITAL,

.

.

.

.

.

SURPLUS AND UND IVIDED PROFITS

$ 2 , 0 0 0 , 0 0 0 .0 0

.
-

-

-

$ 1 3 ,7 7 2 ,6 6 7 .7 0

This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and In
•ther recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and Invests money, securities and other property, real or personal, for estates,
sorporatlons and Individuals.

Manhattan
Trust
Company

EDWARD W . SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS, 2d Asst.Sec.
TRUSTEES.
JOHN A. STEWART, Chairman o f the Board,
Frank Lyman,
Payne Whitney,
James Stillman,
Edward W. Sheldon,
John Clatlln,
Chauncey Keep,
John J. Phelps,
George L. Rives,
Lewis Cass Ledyard,
Arthur C. James,
Lyman J. Gage,
William II. Kingsley,

W. BayardlCuttlng,
Wllllapi Rockefeller,
Alexander E. Orr,
William H. Macy Jr..
William D. Sloane,
Gustav H. Sohwab,

F

T

id e l it y

© jo r m p a t x ie s .

rust

C

William Stewart Tod,
Ogden Mills,
Egerton L. WInthrop
Cornelius N. Bliss, Jr.

Temporary Offices

113 B R O A D W A Y

WALL

om pany

STREET

C O R N E R N A SSA U

N E W A R K , N . J.
R esou rces Over $ 2 9 ,0 0 0 ,0 0 0

M ississippi V alley T rust C o.

C a pita l, Surplus an d U ndivided P rofits, Over $ 9 ,5 0 0 ,0 0 0

CAPITAL, SURPLUS 1o>q Kdfl ODD
and PROFITSl*0,OW,yAJU
A GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED.

Fourth & Pine Sts., St. Louis.

Acts as Executor, Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Beal Estate throughout New Jersey.

( o f w h ic h $ 1 7 , 0 0 0 , 0 0 0 has b e e n e a r n e d )

DIRECTORS.
Henry Semple Ames, Vice-President.
William Bagncll, President Bagnell Timber Co.
John I. Beggs, President Milwaukee Light Heat a
Traction Co.
Wilbur F. Boyle, Boyle & Priest
James E. Brock, Secretary.
Murray Carleton, President Carlcton Dry Goodi Os
Charles Clark.
Horatio N. Davis, President Smlth&Davls Mfg.Os
John D Davis, Vice-President.
David R. Francis. Francis, Bro. & Co.
S. E. Hoffman, Vice-President
Breckinridge Jones, President.
Wm. G. Lackey, Vice-President and Bond Office;
W. J. McBride. V.-Pres. Haskell & Barker Car Os
Nelson W. McLeod. Vice-President Grays**McLeod Lumber Co.
Saunders Norvell, President Norvell-Shaplelgt
Hardware Co.
Robert J. O’Reilly. M. D.
_ „ w
Wm. D. Orthwtln President Wm. D. Orthweis
Grain Co.
Henry W. Peters, President Peters Shoe Co.
H.C.Pierce, Chairman Board Waters-PleroeOSIOa,
August Schlafly, August Schlally & Sons.
R. If. Stockton, President Majestic Mfg. Co.
Julius S. Walsh. Chairman of the Board.
Rolla Wells.

A u t h o r iz e d to a ct as E x e c u to r , T ru ste e , A d m in istra tor o r G u a r d ia n .

Industrial Trust Company

General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.

C EN T R A L TRUST COM PANY
of NEW YORK
54

W a ll

S tr e e t

Capital and Surplus, $18,000,000

P r o v i d e n c e , R . I.

R e c e iv e s D e p o sits , su b je ct to c h e c k , an d allow s Interest on D a ily B alances?
A c t s as T r a n s fe r A g e n t , R e g istra r an d T ru s te e un der M o r tg a g e s .
wi—. |
CHARTERED

1864

Union Trust Company of NewYork
MAIN OFFICE: 80 BROADWAY.
Uptown Office : 425 Fifth Avenue, corner 38th Street,'
With Modern Safe Deposit Vaults

Surplus (earned) $ 7 ,8 0 0 ,0 0 0

Capital $ 1 ,0 0 0 ,0 0 0

ALLO W S INTEREST ON DEPOSITS.
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.

CAPITAL.................................................13,000,80*
SURPLUS................................................. 3,000,
OFFICERS.
Oyrus P. Brown. President
Arthur L. Kelley, Vice-President
H. Martin Brown, Vice-President
Otis Everett. Vice-President
Joshua M. Addeman. Vice-President
Ward E. Smith. Treasurer
C'hBs H Manchester, Secretary
H. Howard Peoper. Asst.Tims.
Frederlok B. Wlloox,Audita*
BOARD OF DIRECTORS.
Samuel P. Colt
Olney T. Inman
£vM *Sn
Richard A. Robertson Eben N. Llttlefleld
Otis Everett
Joshua M. Addeman
C. Prescott Knight
James M. Scott
Jesse H. Metcalf
William H. Perry
John J. Watson Ji.
Arthur L. Kelley
Charles II. Allen
H. Martin Brown
John B Branch
George F. Baker
William P. Chapin
George M. Thornton
Angus McLeod
Cyrus P. Brown
Ezra Dixon
Chas. O. Harrington
Howard O. Sturglt
Louis H. Comstock
Edward D. Pearce
Englehart O. Ostby
1911

1850

The

M tn o ts ; Hm retp Com pany
Hom e

O ffice,

206

La

S a lle

S treet

United States Life
Insurance Co.
IN T H E C I T Y O F N E W

YORK

Issues Guaranteed Contracts

C H IC A G O

JOHN P. MUNN, M. D., Preeidenl.

W R IT E S A L L C L A S S E S S U R E T Y B O N D S
C o u r t — F id e lit y — C o n t r a c t — M is ce lla n e o u s

JLARENCE H. KELSEY. Pres Title Gu.&Tr.Os
WM. 11. PORTER, Pres. Chemical National Bank
HD. TOWNSEND. Pres. Imp. & Traders Nat. Bk

Finance Committee

T he m otto o f the I llin o is S u rety C om pany Is “ P rom p t S ervice’ *
both In the handling o f Us business and the adjustm ent o f its Lutses




Good men, whether experienced In life Insurance
it not, may make direct contracts with this Com­
pany, for a limited territory if desired, and secure
for themselves. In addition to first year’s com m »
ilon, a renewal Interest Insuring an Income forJjhe
future. Address the Company at Its Home Office
No. 277 Broadway. New York City