Full text of Commercial and Financial Chronicle : January 14, 1911, Vol. 92, No. 2377

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firtanrial
Bank & Quotation Section
Railway Earnings Section
VOL. 92.

Railway Sc Industrial Section
Bankers’ Convention Section
SATURDAY, JANUARY 14 1911.

3nxe ©In-onide.

Clearings al-

PUBLISHED WEEKLY.

Term s of Subscription— Payable in A dvance

S

Electric Railway Section
State and City Section
NO. 2377.
Week ending January 7.
Inc. cnr
Dee.

%

— 11.7 295.378,020 207,339,790
Chicago---------- 260.799,850 295,447.742
33,445.050 29,676,500 + 12.7 33,946,150 27.627.600
Cincinnati____
19,685.350 16,954,164
21,219,488 20,675,898 + 2.7 15.741,733
C leveland------18,711,568 20,678,396 —9.5 12,628,551 12,927,155
D etroit________
13,418,300 14 311,272 — 6.2 10,039.904 12,175,602
Milwaukee.........
6,810,152
10,366,591 11,257,573 —7.9
Indianapolis —
6,657,900
5,082,100
6,525,200 — 12.1
5,738,000
C olum bus------4,148,464
3,270.756
4,195.577 — 2.0
4.112,013
Toledo ................
2,683,567
3,245,738
—
18.4
3,677,302
2,999.725
1’eorla
---------•
Subscription includes following Supplements—
2,087,253
2,662.767
—20.5
3,155,251
2,509,863
Grand R apids.1,933,052
B IKK AND QUOTATION (m onthly)
I S I’ATE AND C ity (sem i-annually)
2,339,978
2,399,484 + 3.7
2,488,803
D
a
y
to
n
..............
2.278.454
R ailw ay AND I n du strial (quarterly) E lectric R ailw ay (3 tim es yearly) E v an sv ille----2,381,972
2,422,808 +36.8
3,314,496
1,081,582
ra ilw a y ea r n in g s (m onthly)
| B a n k er s ’ C o nv ention (yearly)
1,272.776
1,545,258 — 2 .2
1,511,384
K alam azoo----1.102.455
1,314,567
1,199,341 + 0.8
1,209,242
Springfield, 111—
Term s of A dvertising—Per Inch Space
658,567
1,041,859
—
18.3
1,194,973
975,725
l>'ort W ayn e----926,207
807,689
1,239,135 + 0.7
1,248,332
tra n s ie n t m a tte r p er inch space (14 agato lin e s)............................................ $4 20 L exington............
685,137
882,799
1,106,118 + 63.9
1 813,479
( Two Months (S times)............-.............. 22 00 Y oungstow n----600,000
720.000
962.000 — 24.5
765,300
..
n
i
)
T
h
ree
M
onths
(13
tim
e
s)..............................
29
00
Akron
_____
544.694
S tanding B usiness C ards C s ix Mo,ltlls
fee tim e s).............................. 50 00 Rockford -------499,396
541,393 + 13.8
615,857
552,631
694,416
728.581 — 8.6
C T w elve M onths (52 tim e s).............................. S7 00 South Bend------- .. 665,334
492,764
677,488
722,479 — 6.8
673,346
Ohio.
CH ICA G O O F F IC E —P lin y B artlett,5l3 M o nadn ockB lock; T el. H a rriso n 4012 Springfield,
422,451
748.106
950.000
1,045,891
Canton____
LONDON O F F IC E —E dw ards & S m ith, 1 D rap ers’ G ardens, E. G.
497,175
522.180
+
145.7
775.000
1,903,236
Quincy.......... 482,166
569,882
708.342 —0.5
704,439
Bloomington----W I L L I A M ! I* . D A N A C O M P A N Y , P u b l i s h e r s ,
416,523
403,599
—30.0
389,408
409,212
Decatur
..............
P , O. Box 9 5 8 . F ron t, P in e and Depeywtcr S ts.. N ew Y ork. Mansfield_______
249,873
359,770
—9.3
398,159
361,017
303,509
350.000
454,725 —9.8
410,000
Jackson ................
289,156
412,250
435,763 — 18.8
Published every Saturday morning by WILLIAM B. DANA COMPANY. Jacksonville, 111.
353,928
312,059
419,035
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville................
524,487 — 17.0
435,701
280,000
316.992
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the ( ompany. LI ma .....................
446,341 • 427.092 + 4.5
174,527
199,914
228,174
247,976 — 8.0
Ann Arbor------28,000
19,576
78,283 —35.6
50,377
Adrian _______
787,29S
700,519
Saginaw..............
CLEARING-IIO USE RET URNS.
Tot. Mid.West. 395,650.641 430.020,814 — 7.9 420,217.149 314,146,829
T he follow ing table, m ade u p by teleg rap h, & c., Indicates th a t th e to ta l
31.577.494 31.334,601
ban k clearings of all clearing houses of th e U nited S ta te s for w eek end ing San Francisco__ 47.438,600 50,255,480 —5.6
8,681.765
+ 5.8 12,654,394
to -d ay hav e been $3,397,195,728, against $3,499,731,629 last w eek and. I,os Angeles_____ 16.646.764 15,737,444
7,360,109
8.939,955
—25.5
12,876.943
9,591,097
..............
$3,805,043,417 th e corresponding w eek last y ear.
_______ Seattle
2,711,020
4,152,954
5,418,139 —9.8
4,885,726
Spokane-----------3,798,435
6,471,362
8,151.229 —3.9
7,834,214
Salt Lake C ity ..
Per
5,350,000
6,363,462
9,234,3S2 + 2.1
9,429,124
Clearings— Returns by Telegraph.
P
o
rtla
n
d
............
Cent.
4,652,538
1910.
4,932,936
1911.
6,130,250 —29.7
4,312,192
Week ending Jan. 14.
T acom a---------- 1,521,200
2,104,592
+
47.7
3,067,919
4,539,611
Oakland..............
—
18.9
900.000
$2,028,707,499
1,137,765
$1,045,314,877
+
29.0
1,132,758
1,460,634
Sacram ento----New Y o rk ......................................................
725.000
105,624,009 —2.7 San
906.000
101,100,514
+ 11.5
1,359,466
D
iego..........
B oston.............................................................
306.000
139,493,483
627,258
130,608,583
—9.2
664,607
603,589
P hiladelphia_____________ ______ ____
San
Jose..............
29,081.351 + 1.2 Fresno..........—
543,274
30,341,917
+ 21.0
596,058
721,355
Baltimore........................................................
430,537
227.325,173 + 1.5 Stockton ---------456,782
233,052,360
+
41.5
462,226
654,044
C hicago.........................................................
07,687.107 + 3.0
300.000
70,088.731
450.000 + 10.8
493,467
Y akim a..
St. L ouis........................................ ...............
25,789,138 —21.5 North
20,251,359
600.000 + 21.3
727,804
New O rleans..................................................
Pasadena...
271,0'9 +6.4
288,517
n o ...........
$2,083,707,700 — 14.0 R eTotal
Seven cities, 5 days.................................. $2,291,358,341
Pacific.. 110,991,204 116,268,524 — 1.5 81,168,228 67.771,205
520,100.411 + 2.0
530.419.703
Other cities, 5 days..........- ...................
33.466,553
52,878,108 54,619,465 —3.2 49,066,404
City
17,96$,286 22,714.547
-11.9 Kansas
19,037.580 23,987,752
$2,821,778,044 $3,203,814,171
Minneapolis
Total all cities, 5 days.....................
11,986,628
061,229,240 -12.9 O m aha_________ 13,473,6:6 17,557,284 —23.3 14.520,228
575,417,084
All cities, 1 day___________________
9,139,441
9,851,551 10,885,277 —9.5 10,156,673
St. Paul................
7,411,921
9.508,762
—23.1
11,189,983
8,605,192
$3.307.195.728 1 $3.865.043.417 1 — 12.1 Denver..................
Total all cltle8 for week------------------------------------5,176,606
7,525.492
6,000,400 + 1.7
6 , 100,000
St.
Joseph............
T he full details for th e w eek covered by th e abo ve will be given n e x t S a t­
3,517,616 —25.2
2,632,825
uluth..................
~
4,227,608
u rd a y . W e can n o t furnish them to -d a y , clearings being m ad e up by th e DDes
—
11.2
4,559,123
4,037,325
2.217,655
2,985,315
clearing houses a t noon on S a tu rd a y , an d hence In th e above th e la st d ay SiouxMoines..........
2,550,000 — 17.6
City............
1,394,424
1,750,204
of tho w eek has to be In all cases e stim ated , as we go to press F rid ay n ig h t. W ichita................
2.468,316 + 17.5
3,000.000
1,247,502
1,607,004
Wo p resent below detailed figures for tho w eek ending w ith S a tu rd a y , Lincoln ................
1.907.305|
—
15.8
1,606,797
1,030.060
1,602,529
2,483,075
1,980,951
noon, January 7, for four years.
D avenport............
1,011,782
1,933,933
+
60.9
1.157,916
1,861,861
Topeka ................
885,021
1,281.018
1,616,870 + 2.3
1,654,445
Cedar
Rapids
—
786,774
601,630
Week ending January 7.
995,180 — 40.4
593,318
Fargo ..................
720,000
750,000
—
10.5
945.000
850.000
Clearings at—
SIOUX F ills ..........
614,881
835,376
Inc. or
895,837 — 10.7
800.000
Colorado Springs.
555,897
667,833
1908.
1909.
613,451 + 40.1
Dec.
1910.
859,148
1911.
Pueblo ................
360,296
371.443
—30.4
398,236
276.986
F rem o n t..............
S
$
+31.9
780,323
1,029,120
$
%
Waterloo
............
$
677,124
1.397,075,202 Helena ................
"l, 256^760
— 22.2
1,124,596
874,686
2.085,657,246 1,320,863,772 —37.2 2,459,233,739
200,000
183,218
226,469 —36.3
169,421,620 202,189.572 — 16.2 143,716.554 110,322,939
144,159
B illings________
115.000
48.624,805 60,651,457 — 19.8 46,116,297 42,264,915
213,942
H
astin
g
s_______
36,362,152 39,897,133 —8.9 32.503,680 25,140,136
104,460.143
Tot. otherW cst 134,461,62 t 149,243,419 • -9.9 128,259,676
9,039,566
9,900,776
11,81 1,032 10,652,122 + 10.9
5,163,790 St. L ouis............. 84,452,614 81,746,080 + 3.3 75,214.089 61.113,749
6,866,747
7,267,970 — 12.1
6,388,387
20,704,671
5,693,969 New Orleans----- 22,612,269 30,305.951 —25.4 19,580.675
7,857,828
8,967.011 — 14.8
7,642,648
11,575,058
3,556,503 L ouisville............ 14,917,625 17.685,134 — 15.7 17,159,679
5,150,281
7,263,038 — 18.9
5,890,765
10,485,041
2,358,753 H o u sto n .............. 13,630.775 15,822.415 — 13.9 15,850,010
3,217,266
3,996,767 — 16.7
3,327,457
7.187,500
9.645.000
—9.0
9,140,500
8.317.000
2,338,508
G
alveston............
3,025.218
—
1.0
3,666,787
3,630.756
6,375,363
8.639,260
—8.5
10,388.556
9.500.000
1,250,444 Richmond _____
1,503,518
1,830,171 — 13.5
1,583,678
6.700.000 5,330,387
1,521,079
1,132,965 A tla n ta ................ 15,383,731 16,181,537 —4.9
1,913,055 —7.1
1,777.666
6,076,433
7,206.141
+
0.3
9,522,480
9,550,899
1,423,780
1,306,023
+
12.9
1,421,898
em phis..............
1,605,471
6,954,025 5.007,284
8,294,408 — 18.1
1,366,810 M
6,796,438
1,623,7(55
2,283.830 — 13.9
Fort W orth------1,965,504
5.314.847 4,235,528
6,155,672 —23.6
4.700.000
1,473,409
1,101,553 N ash v ille--------1.746,383 —31.3
1,200,000
4.411,891 3,982,942
6,011,788 +3.1
6,200,276
1,907,314 —
Savannah ______
2,350,000 —36.2
1,500,000
2,962.395 2,303,888
3,118,600 + 7.7
3.358,012
7 05,474 N orfolk..........—
877,867
1,064,931 —8.8
971,021
2.532,807 1,985,241
— 12.0
3,438,707
3,027,516
762,704
595,051
Birm
ingham
----—3.0
1,338,771
931,270
2 265,053 2,154,717
—
10.3
3,616,225
3.242,574
581,400
531,900 A ugusta-----------527,700 + 15.1
607,600
B ingham ton----424.542
2,021,803 11,654,035
2.853,478 + 12.7
668,956
3.216,161
521,433 Jacksonville-----649,123 —5.9
610.877
1,848,272 1,643,682
—20.7
2,422,777
691,555
1.921,987
521,060
+
7.0
Little
Rock..........
700,000
749,127
G rcensburg------1,819,714
1,895,494
+
16.9
2,215,751
331,762 Charleston............
388,427
410,000
449,078 —8.7
1.712,459 1,568,978
2,552,469 — 22.9
1.900.000
325,144
351,850 Chattanooga —
270,000
300,000 — 10.0
F ran k lin ..............
1,734,720 1,629,466
2,064,360 — 11.3
1,830,633
M
obile------------1,814,464 1,438,834
2,091,274 — 1.8
2,054.179
K noxville............
Total M iddle.. 2.392,902,022 3.681.994.222 —35.0 2,731,337,304 1,618,070,612 Oklahoma
771,737
1,484.787
2,750,070 — 16.6
2,294,774
.
871.634
1,030,917
+
134.5
1,450,000
3.400.000
144,558,510
186,371,561
204,868,915 221,566,893 —7.5
acon----400,000
656,507
803,233 — 12.9
7,091,300 M
700.000
8.887,800
Beaumont
11,073,400 10,702,200 + 2.9
541,354
649,560
551,937 — 17.8
453,578
4,697,354
4,100,060 V icksburg............
5,093,176
6,634,407 —23.2
571,146
609,026
+
16.5
1,223,266
3,083,304
1,424,857
3,312,763
4,034,17(1 — 10.3
A ustin----3,619,117
400,000
625,000 —36.0
400.000
2,(Mil,685 Jackson . . .
2,549,807
2,874,007 —7.5
2,659,575
505,190 — 25.8
375.000
2,014,352
2,123,517 M eridian..............
2,733,02!j + 2.7
2,806,795
400,000
435,4 i§
608,111 + 28.3
780,877
1,848,423
1,338,000 Wilmington, N. C
2,387,21f + 21.6
2,902,85::
999,552
1,198,710
1,558,092 — 12.6
1,362,541
Fall River............
161,033,210
200.653,615
243,835,732
743,660
228,657,526
833,059
Total
Southern
1,199,666
+3.1!
1,239,551
541,674
613,77f
799,891 —ON
796,341
Total all............|3,499,731,629|4.877,804,663 —28.3j3.774.420.582 2,431,892,711
520,390
457,00(1
540,710 + 19.5
646,338
Low ell_________
Total New Eng 238,068.61(1 255,090.883' —7.6 1 212,784.6101 167,410,712 "outside N. Y - . 11 .414,074.383ll.556,940.3911 —9.2!1,315.186,843 1,034.817,509
For Canadian olearings see "Commercial and Miscellaneous News."
For Ono Y ear ...............................................................................................................9 ?
E uropean S u bscrip tion (including postages............ . . . . . . ........................... 13 00
E uropean S ubscription six m onths (including po stage)........................... 7 50
A nnual S ubscription in London (including po stago )................................£ 2 14s.
Six M onths S ubscription in L ondon (including postago).........................£ 1 118.
C anadian S ubscription (including p o s ta g e )...................................................$11 50




+ 10.1

—11.0

1,220,000

—6.4

—20.6

2,100.000

’ 86+031

—20.6

+86.0

—6.2

74

THE CHRONICLE

CHRONICLE INDEX.
The index to Volume 91 of the “Chronicle”—which
volume ended with the issue of December 31—is
mailed with this issue. As has been the practice for
some years, the index is issued as a separate pamphlet
for convenience in binding.

[VOL. LXXXXI [.

of the U. S. Supreme Court in the pending cases in­
volving determination of tin; scope and application
of the Sherman Anti-Trust Law. As it happens, too,
the budget of news this week has been an unfavorable
one. It is being made evident on every hand that the
reaction in trade, which was a distinctive feature of
conditions during a good part of 1910, has not been
checked now that we have entered upon a new year.
On the contrary, there appears to be further slacken­
ing and, in some instances, in new directions. Sta­
tistics bearing upon both the copper and the steel
trade have been made public the.last few days, and in
neither instance has there been anything particularly
exhilarating in the data submitted.
In addition, intelligence has come fo hand showing
that the leather trade is also going through a period
of contraction and reduced demand. Last week it
was announced that the United States Leather Co.
would shut down all its tanneries—hemlock, oak and
union leather—for an indefinite period. The United
States Leather Co. is one of the subsidiaries of the
Central Leather Co., and the reports had it that the
latter’s other subsidiaries were also included in the
shutdown, and that consequently “not a hide would be
placed in the vats of the seventy-five or eighty tan­
neries controlled” for a period estimated at from two
to three months. This week dispatches from Boston
have stated that the Howes Bros. Co., one of the largest
sole-leather selling companies in the United States,
had caused to be closed for an indefinite time the four­
teen tanneries which it controls. Furthermore, at a
meeting of the National Tanners’ Association held in
New York on Tuesday it seemed to be the consensus
of opinion that, owing to existing trade conditions,
production of leather should be rigidly restricted.
The general belief seems to be that the sole-leather
output is now being curtailed at the rate of 18,000,000
to $9,000,000 a month. Such drastic curtailment,
it is expected, will quickly improve the leather situa­
tion and possibly bring about, too, lower hide prices,
which latter also appears to be one of the objectives
of the move.

THE FINANCIAL SITUATION.
Again Mr. J. P. Morgan has come to the rescue,
with the result that a banking situation in the up­
town districts of this borough, which might have be­
come disturbing, has been rendered'wholly innocuous.
In itself the closing last Saturday morning of the Car­
negie Trust Co. by the State Superintendent of Bank­
ing was of little consequence, for the Carnegie in its brief
career has been through many vicissitudes and has
had much misfortune, though the hope was that its
new President, J. T. Howell (for whom much sym­
pathy is felt),might prove a sort of savior, and guide
the institution safely through its trials and troubles.
But unfortunately some of the parties who during
the Dickinson era had become identified with the
Carnegie were also interested, either directly or
through the Carnegie, in other up-town banking insti­
tutions. Thus the possibility was presented that
these latter might become involved, and it was this
and its effect in disturbing general confidence that
prompted Mr. Morgan’s solicitude and induced him
to extend financial assistance so as to avert serious
trouble.
Of course this banking involvement had no such
ramifications as the banking disasters that attended
the panic of 1907; but the danger was that with the
experience of that period still fresh in memory and
with the public apprehensive because of the relations
existing between the directors of these up-town banks
and those of the Carnegie, depositors would become
alarmed and flock in large numbers to withdraw their
moneys. Mr. Morgan, with his quick sense of percep­
tion, saw what threatened; and, always ready to apply
a corrective at critical times, advanced the necessary
money to enable both the Nineteenth Ward Bank
and the Twelfth Ward Bank to meet any demands In the steel trade the question of pressing importance
of the depositors. At the same time the Equitable seems to be whether demand can be stimulated by re­
Trust Co. arranged to take over and become responsible ducing prices. Chairman E. II. Cary of the U. S.
for the Madison Trust Co., confidence in which had Steel Corporation gave one of his customary dinners
also become impaired because of various episodes with on Wednesday to representatives of the independent
which the public has become more or less familiar steel interests, and also had a conference with them
since the panic of 1907.
at his office, and the general opinion seemed to be
Mr. Morgan never does things by halves, and, as on that existing prices for steel and its produets are low
numerous previous occasions, his intervention proved enough and that nothing is to be gained by reducing
effective. It is to be added that Mr. Morgan’s very them any further. That is probably a wise conclu­
name is a tower of strength and the mere knowl­ sion, for the trouble in the steel trade is that the rail­
edge that he had extended support was sufficient, roads, the biggest consumers of iron and steel in the
among the intelligent part of the community, to quiet country, have been obliged to cut out, or to cut down,
apprehensions as concerns the institutions involved. their orders; and reductions in prices could have .abso­
lutely no effect in stimulating or reviving this railroad
It will be readily perceived that to have thrown demand. The reason is that railroad managers and
the institutions concerned upon their own re­ the investing public alike are in doubt whether, under
sources and allowed the banking difficulties to extend the amendments to the; Inter-State Commerce law
might have had serious import at a time when the eyes made last year, the integrity and stability of the net
of the investing and financial public arc anxiously income of our rail-carriers can be maintained. In the
turned towards Washington to see what is to be the meantime all the statistics speak of diminished pro­
outcome of the deliberations of the Inter-State Com­ duction and consumption. Last week the “Iron Age”
merce Commission with reference to the proposed of this city published its usual monthly report concern­
advances in railroad freight rates and what the decision ing the production of pig iron, and this showed that



J an . 14 1911.3

THE CHRONICLE

the make of iron for December, the closing month
of the year, had been only 1,774,817 tons, the smallest
of any month of 1910, and comparing with 2,635,680
tons in December 1909. This week the l T. S. Steel
Corporation has announced the aggregate of toe un­
filled orders on the books of the subsidiary corporations
for Dec. 31, and this reveals a total of such orders of
only 2,674,757 tons, as against 5,927,031 tons at the
close of the year 1909. A crumb of encouragement
comes at the end of the week in a report that the rail
mills at Chicago are to start up again shortly, after
having been closed since before Christmas.
The monthly copper statistics have also failed to
come up to expectations. There has been improve­
ment in one particular, namely in a further diminu­
tion of unsold stocks; but, on the other hand, produc­
tion continues larger than expected and deliveries
for domestic consumption are on a reduced scale.
The saving feature is the large exports. The deliv­
eries for domestic consumption were only 43,594,018
lbs., the smallest of any month of 1910, and comparing
with 69,519,501 lbs. in December 1909. Perhaps
not too much significance should be attached to this
contraction for a single month, seeing that even after
such decrease the domestic deliveries for the calendar
year 1910 aggregate 749,426,542 lbs., as against only
705,051,591 lbs. for the calendar year 1909. The tak­
ings for export in December were 88,104,075 lbs., the
largest of any month of the year and comparing with
59,546,570 lbs. in December 1909. For the twelve
months of the year these foreign exports also show a
good increase as compared with the twelve months pre­
ceding. In the following we give the figures for 1910
as contrasted with 1909, for both December and the
twelve months.
-----------December----------Copper—
1910.
1909.
Stocks beginning period.lbs. 130,389,069 153,003,527
Production....................................123,339,219 117,828,655
Total supply........................... 253,728,288 270,832,182
Deliveries for—
Domestic consumption____ 43,594,018 69,519,501
E x p o rt.......................- ........... 88.104,075 59,546,570
131,698,093 129,066,071
Stocks end of period................122,030,195 141,766,111

------Jan. I to Dec. 31-----1910.
1909.
141,766,111 122,357,266
1,452,122,120 1,405,403,056
1,593,888,231 1,527,760,322
749,426,542 705.051,591
722,431,494 680,942,620
1,471,858,036 1,385,994,211
122.030,195 141,766.111

The favorable feature in these figures is the reduc­
tion in the stock of marketable copper (of all kinds)
on hand at points in the United States. During De­
cember the reduction was from 130,381),069 lbs. to
122,030,195 lbs., and for the calendar year 1910 from
141,766,111 lbs. to 122,030,195 lbs. At the beginning
of August these stocks stood at 170,640,678 lbs., since
which time there has been a continuous decrease month
by month until the aggregate now, as we have already
seen, is down to 122,030,195 lbs. But the foreign
visible supply has also been diminished and in even
greater degree. In that case there has been a reduction
month by month ever since the 1st of March, with the
effect of pulling the foreign stocks down in the ten
months intervening from 254,150,400 lbs. to 187,705,­
280 lbs. Altogether, considering the reduced surpluses
at home and abroad, the copper situation does not
wear a very bad look after all. Should the domestic
demand revive,,, a decided change for the better might:
quickly occur.
An announcement this week which has caused dis­
may has been the repoi;t from Washington that the



15

Inter-State Commerce Commission needs more time
to reach a conclusion in the pending applications for
higher freight rates, and that accordingly the date
for such advances to go into effect (if the Commission
shall permit advances at all) has again been postponed.
February 1 was the date to which postponement had
previously been made. But the railroads have now
again acquiesced in a further extension of time, evi­
dently thinking it good policy to consent to do volun­
tarily what the Commission could compel them to do
by official order. March 15 is the date to which
further postponement has been made. The whole
thing serves as a reminder of the difficulty which the
carriers experience under the new law in getting ad­
vances at all. Some of the rates upon which the Com­
mission is deliberating were originally announced to
go into effect on June 1 of last year. The new law
had not yet been enacted at that time, but the Gov­
ernment stepped in, as will be recalled, and at the last
moment got a midnight order from one of the district
courts enjoining the proposed new schedules. rI he
railroads then patched up their differences with the
Government and agreed to withdraw the new sched­
ules for the time being. They have been in abeyance
ever since and will remain suspended until March 15,
or nine and a half months from the time it was contem­
plated originally to put them into effect.
While the roads are being baffled in their efforts
to secure somewhat higher transportation charges
as partial offset to the advances made in wages, news
is coming in showing the need of the companies for
increased capital. The Pennsylvania, it is announced,
is going to ask authority of its stockholders to add
8100,000,000 to the present authorized total of its
stock. Of this between 840,000,000 and $50,000,000
will be required the present year, and is to be offered
to existing shareholders at par.
The increase of 897 millions in the assessed realty
valuations for tax purposes within the Greater City,
announced on Tuesday, challenges serious considera­
tion in more than one aspect. While the increase is
naturally largest in amount in Manhattan and Kings,
the low percentage of increase in this borough (7.3%)
indicates the present exhaustion of possible increase
when' the concentration of property is largest; Rich­
mond faces an increase of 18.4%, Brooklyn and Bronx
have almost the same ratio (22 and 22.2%), but
Queens meets an increase of 35.4%. Without en­
larging upon it, this means that the outlying districts,
towards which the flow of residential population has
latterly been directed as the place of escape from con­
gestion of population and pressure by high rents within
the main city, has a barrier set up against them. The
advertisements of realty dealers setting forth the at­
tractions of suburban life* and the quick-transit facili­
ties now available are answered by a large prospective
increase in taxes. Subways are demanded imme­
diately, in aid of the outward movement; but a great
jump in taxable values, with its inevitable effect upon
rents, is a countervailing factor.
The bearing and outlook upon particular properties
and owners within Manhattan is serious by itself; most
glaringly so, perhaps, in cases where no passing the
burden forward is possible. For an example, the new
Pennsylvania station is raised from
to 19 U>
millions, an increase of 130%. although the company

76

THE CHRONICLE

has no tenant with whom it can divide the^’added
burden.
A more serious and present aspect is that this in­
crease comes most untimely as related to the pending
subways entanglement, and is instantly seized and
held aloft as conclusive evidence that the city is amply
able to build and operate subways and do everything
“wanted” by the people. To the mass of unthinking
voters—those who arc alleged to have issued, in the
November elections, a “mandate” that the city pro­
ceed—the city seems a modern Monte Cristo. The
road of profligate expenditure looks as easy as it is
broad. The debt limit, already a topic worn almpst
threadbare, is supposed to mean more money in hand
by each asserted enlargement, instead of being only
Constitutional permission for the city to borrow, at
such increasing rates of interest as lenders exact. To
raise flash by repeated borrowings seems as fatally easy
as to continually take up matured notes by adding
the interest and making new ones, or like getting out
of debt by borrowing funds wherewith to pay. When
the city needs money, raise assessed valuations an­
other notch, thus enlarging the debt limit; then bor­
row and put the swelling interest charge into the
annual budget. We discuss the subject of the increased
assessments more at length in an article on a subse­
quent page.

[VOL. LXXXXII.

Naturally, the report operated to confirm the views
of those who believe in a crop considerably in excess
of the Agricultural Department’s estimate; but as the
markets were well supported, its effect on prices was
unimportant. At the moment the disposition seems
to be to look for an ultimate yield (including linters,
&c.), of 12,000,000 bales, or more, of an average
weight moderately greater than last season.

January developments in the principal money mar­
kets arc following a normal course in that supplies
are increasing, rates arc declining and underwriters
arc endeavoring to float new loans. In New York
funds are already superabundent for Stock Exchange
use, but the temper of investors has not yet been fully
tested, nor will the underlying condition of the bond
market be demonstrated until the 24th inst., when
New York City will offer 860,000,000 corporate stock
bearing 4*4% interest. At present the absorption
of high-grade bonds is reasonably satisfactory, both for
foreign and domestic account, though so far the public
are not purchasing any considerable quantity of stock.
The tightness in call loans which prevailed during the
first ten days of the year has subsided. Renewals
were made on Thursday below 3%, while yesterday
most of the business was done at 2 ^ % . Time money
has declined to 3)^% for most maturities and to 3%%
for the longest periods. Notwithstanding an increase
Each succeeding cotton-ginning report of the Census in the volume of mercantile paper coming on the
Bureau goes to strengthen the conviction that the market, discount rates have fallen to 4@434% for
Department of Agriculture this year, as quite generally the best names. Foreign exchange rates have fluc­
in the past, has underest’matcd the production of tuated violently. At times the weakness has been so
the staple. The latest report, issued on Tuesday last, pronounced that gold imports appeared not improb­
made the amount ginned during the first four months able, especially in view of the purchases of American
of the current season 11,087,442 bales, wh eh at the securities already made by Europeans and the pros­
average gross weight of bales to thy, close of December' pective subscriptions for the new City and other loans.
(514.37 lbs.) wou'cl equal 11,406,091 bales of 500 lbs. The banking authorities in London, realizing the
average gross. This contrasts with the Department's position, have been at pains to maintain firmness in
estimate (not including linters) of a growth of 11,­ the rates charged for accepting bills. The Bank of
426,000 bales, so that unless the estimate is to be England, though it reported a gain in total reserve
exceeded, there remained to be ginned after January 1st of 89,900,000, a decrease in loans of 861,000,000 and a
less than 20,000 bales. Last season the ginning after reduction in public and ordinary deposits of fully that
January 1, as reported officially, reached 285,000 amount, did not lower its official minimum rate, and
bales, the smallest total in years, and between 1904 in the open market an advance was brought about
and 1909 the aggregate ranged between 334,000 to ‘S %% for spot bills and to as high as 4% for bills to
bales and 807,000 bale —the latter in 1906 (crop of arrive. One explanation of the rise in private quota­
1905-06.)
tions is that bill-brokers were confident before the
The details of the latest ginning report also sub­ end of last year that the Bank rate would be reduced
stantiate the belief that the crop is to a fairly appre­ very early in January, and they accordingly accepted
ciable extent greater than the Department has largo quantities at low figures for January delivery.
estimated it. Those details show that in the Corolinas, The Bank rate having been maintained, these operators
Georgia and Florida, a greater number of bales had have not been in a position to buy all the paper since
already been ginned to January 1st than the estimate offered. It is natural that the Bank of England should
called for, and that the same is true of Alabama, be antagonistic to the exportation of gold to New York
Mississippi and Oklahoma, allowance being made for at this time. While it is true that its ratio of reserve
c excess over 500 lbs. in the weight of the bales to liabilities increased this week nearly V2}4%, to
marketed from those States. Allowing for excess in 47%%, the highest recorded at this season in more
weight, the Department’s figures for Louisiana, than a decade, with the single exception of 1908, the
Arkansas and Tennessee had also been about reached total amount of bullion on hand, $164,400,000, is none
at the close of December, leaving, therefore, only too large, particularly as demands for gold must still
Texas in which any mentionable amount had to be be reckoned with from India, the Continent and other
ginned to reach the official estimate. And even there quarters. It remains to be seen, however, how
the difference is comparatively small, for while the sterling will move here during the second half of this
quantity ginned is given as 2,888,497 bales, or appar­ month now that the remittance of coupon money is
ently 251,503 bales less than the Department’s nearly over and that foreign applications for American
allotment, the actual difference, based on average bond issues are likely to be quite extensive. New York
weights to December 31, is less than 83,000 bales. bankers will not do anything to precipitate an inflow



J an . 14 1911. |

THE CHRONICLE

77

of gold, since interest rates here are already upon a lay, and no doubt will be promptly ratified. The text
somewhat unprofitable level, and the excess bank re­ has not yet been published, but intimations have been
that no protectorate or other authority over
serve promises to rise rapidly, owing to the return of given
Honduras
has been stipulated; everything calculated
currency from interior points.
to
arouse
animosity
either in the South or in Europe,
On the Continent the central banks have this week
it
is
stated,
has
been
carefully guarded against. Cus­
recorded improvement in their condition. 1he Im­
toms
duties
are
not
to
be collected, as in the case of
perial Bank of Germany’s statement showed a gain in Santo Domingo, through
American officials. But
specie of $21,700,000 and decreases of $71,000,000 in should any friction occur betAveen
the parties to the
note circulation, $02,500,000 in loans, $54,500,000 in
financial
transaction,
the
matter
will
be submitted to
discounts and almost $40,000,000 in deposits; but no the heads of the two governments concerned.
In this
intimations arc forthcoming of an immediate change way honorable treatment is to be assured alike for
the
in the Bank’s minimum charge of 5%, notwithstanding
lenders
and
the
borrowers.
It
is
believed
that
a
loan
that the private rate for spot bills is only 3)^%. Ih° of $10,000,000 will be raised, of which about $4,000,000
Bank of France disclosed a small loss of gold ($1,200,­
000), but a curtailment of $21,000,000 in note circu­ will be used in redeeming bonds and the balance ap­
lation and $17,700,000 in bills discounted; money is plied to completing the partly constructed railroad
very plentiful in Paris, as is indicated by a discount joining the Atlantic and the Pacific coasts at Puerto
rate of 2%%. The Bank of The Netherlands early Cortez and the Bay of Fonseca. This project, when
in the week cut its rate from 4% to 3j^%, and on finished, will, of course, strengthen the ability of
Thursday the Bank of Belgium announced a change Honduras to meet its obligations through the develop­
from 5% to 4lA % , while at both centres bills arc pri­ ment of valuable resources and the stimulation of
vately negotiated at 3J4%- Under these circum­ commerce. Though troubles are still numerous
stances our international bankers are confident that among the volatile peoples of South and Central
a keen demand will arise for the attractive new securi­ America, it cannot be doubted that the tendency is
towards peace and progress.
ties shortly to be offered here.
The value of friendly relations between the Govern­ Revolutions do not always stop Avhen the upheavals
ment and our international banking houses has been originally planned arc carried out, as the Portuguese
demonstrated afresh this week by the signing of a authorities are learning at no little cost to their peace
convention by official representatives of Honduras of mind and the state of the national treasury. The
and the United States binding the Southern republic revolutionists, able men admittedly, though a trifle
to fulfill obligations assumed by it in obtaining a loan visionary, evidently promised the populace, as a T e from J. P. Morgan & Co. to settle its long-accumulating Avard for overthroAving the old order, more than could
indebtedness and to extend the country’s meagre, be granted Avhen the ncAv order Avas finally established.
half-finished railway facilities. The transaction re­ Ever since the King fled and the Republican flag
moves unpleasant possibilities. Honduras has been in floated over Lisbon there have been mutterings of
default on its bonds for more than a generation, and discontent, first among the army and the navy and
as the bulk of these securities was held in Europe, later among the civilians, their dreams of a Utopia
action was threatened by foreign governments to having been sorely disappointed. Ihe threatened
compel payment. The United States thus faced a trouble broke out, though not in virulent form, this
peculiarly awkward predicament, for, on the one hand, Aveek, when the railway employees throughout the
it did not.relish the idea of assuming responsibility for country stopped work and were quickly joined by the
the Honduran obligations (estimated at $112,000,000), store clerks in Lisbon. The Minister of the Interior,.
nor could it stand aside and see European Powers in­ Antonio Jose Almeida, finding that he could not pre­
vade any part of the Western Hemisphere. What was vent a strike, resigned. On Wednesday the railway
to be done? Fortunately a plan agreeable to all parties service Avas at a complete standstill. Demonstrations
was formulated. The banking firm already named Avcre held and guards had to be called to preserve
investigated the whole position and offered holders of order. The situation looked very black, though rash
Honduran bonds terms which were acceptable—pay­ predictions that the fate of the Republic was hanging
ment for the outstanding bonds on the basis of $15 for in the balance received no credence. Yesterday’s
each $100 face value, all unpaid coupons to be attached. dispatches stated that railroad communication was
Experience has taught bankers that, Ixifore millions paralyzed, the country being "cut off by land from
of dollars are advanced to the smaller nations on the the rest of Europe.” The striking railroad em­
Southern half of this Continent, it is necessary to make ployees refused an advance of 25% in their Avages. One
explicit agreements regarding repayment and to pro­ report said that the soldiers in the fortress of Elvas,
vide an alternative in case of default. In this case near the Spanish border, had mutinied for increased
the bankers laid the matter before the State Depart­ pay and that local Avorkmen had stopped Avork in
ment, which naturally was anxious to facilitate any sympathy. Until the Portuguese learn that even
arrangement which would eliminate excuses for under a Republic—especially one heavily in debtEuropean intervention and thus preserve the spirit conditions cannot ahvays be ideal, until they learn
of tho Monroe Doctrine. The result has been that that work must be done, taxes paid and lawless­
the Minister of Finance of Honduras, General Paredes, ness suppressed, the Government is likely to be con­
acting, with tho approval of President Davilla, as fronted Avith discontent; but the men at the head of
Special Financial Agent, visited Washington and affairs are able and, there is every reason to believe,
controlled by tli most honorable motives and am­
on Tuesday signed, along with Secretary Knox, the bitions,
that in the end a stable, healthy regime
treaty already mentioned. It will come before the should beso cvolv
.
Senate here and in Honduras without unnecessary de­



78

THE CHRONICLE

Foreign discount rates have ruled easy, except in
London, where a fall might stimulate gold exports to
New York—a contingency that the Bank of England is
anxious to avoid. Two Continental Bank rates were
lowered: the Bank of The Netherlands reduced its
minimum from 4% to 3)4%, while the Bank of Bel­
gium on Thursday announced a change from 5% to
4A
l % , and, judging by the open-market figures, the
rate could have been lowered still further. At London
the tendency has been upwards during the week, and
the range, at the close is 3%% for spot sixty and
ninety-day bills and 3% to 4% for bills to arrive.
Paris has weakened from 2)4% a week ago to 2%%.
Berlin is negotiating spot bills at 3)4%, but is charging
a fraction more for bills to arrive. Brussels marked
down its open market rate to 3)4%, which is 1)4%
below the new Bank rate. Amsterdam has also
declined to a 3)4% level.
The Bank of England secured half of the £600,000
new gold offered in the open market on Monday, India
receiving £200,000 and Germany £100,000, the price
paid being again slightly above the minimum. The
weekly statement, our correspondent cables, disclosed
a gain in bullion of £959,444 and a total increase in
reserve of £1,582,022. The most notable change,
however, was in loans, the decrease in this account
reaching the abnormal total of £12,198,066. This
entailed a decrease in ordinary deposits of £8,969,003,
while public deposits fell off £3,780,080 and Govern­
ment securities decreased £2,000,032. The net result
was that the ratio of reserve to liabilities advanced from
35.40% last week to 47.83% this week, the highest
ratio, with one exception, in recent years. The Bank
rate (4)4%) was not, however, reduced. The total
amount of bullion on hand was £32,899,789. Our
special correspondent further advises us that the
receipts from the interior of Great Britain were very
heavy and there were fair purchases in the open
market. Exports, however, were large, mainly to
India and South America. The details of the move­
ment into and out of the Bank were as follows: Im­
ports, £357,000 (of which £10,000 from Australia
and £347,000 bought in the open market); ex­
ports, £867,000 (of which £302,000 to South
America, £375,000 to India, £140,000 to Continental
Europe and £50,000 to various destinations), and re­
ceipts of £1,469,000 net from the interior of Great
Britain.

[VOL. LXXXXII.

loans were made above 3%, renewals were made at
2%% and balances were lent before the close at 2)4%.
Yesterday the range was 2)4% to. 3%, with the
final loan made at 2)4%. The average ruling rate for
the week has been below 3)4%, as contrasted with
5% last week. The principal financial institutions
tried to prevent further weakness in time money, but
during the last few days rates have found a lower level.
Even on the new basis the demand has been very
limited. The range at the close of the week is as
follows: 60 days, 90 days and 4 months, 3)4%; 5
months, 3)4@3)4%; 6 months, 3)4 @4%. Brokers
have been willing to take on moderate amounts of 6
months’ money at 3)4%, but this return has not
appealed to down-town lenders. Commercial paper
has become easier to place in consequence of the
plethoric state of the money market, and as bills have
been drawn more freely, transactions have been fairly
numerous. Exceptionally attractive 4 to 6 months’
single-name bills and 60 to 90 days’ endorsed bills
receivable have been negotiated at 4% in not a few
instances, while 4)4% has also been a common quota­
tion, especially for double names. Buyers have en­
deavored to keep the market on a 4)4% level, but
latterly without success. Bills yielding 4)4@5%
have not been readily accepted here. In addition to
the better absorption of good names locally, orders
have come in from New England, from Chicago and
from other out-of-town centres. As far as can be
judged, the banks throughout the country are now
well situated, but full information on this subject
will shortly be available, inasmuch as the Comptroller
of the Currency has issued a call for statements of the
condition of all national banks for Saturday last, and in
several important States, including Illinois and
Massachusetts, the institutions having State charters
have likewise been requested to send in returns.
Failures of small banks have been somewhat common
during the current month, due usually to the granting
last year of too much credit to speculative borrowers
during the boom in land, real estate and agricultural
products. Over-expansion is not at all likely to be
repeated this spring.
*

Speculation has again been responsible for frequent
upward and downward movements in foreign exchange
rates. When the Comptroller of New York City
announced that 860,000,000 bonds would be offered
on the 24th of this month, certain operators immedi­
The banking troubles in New York have not in any ately sold exchange short on the theory that the
way unsettled the local money market. Last Saturday foreign subscriptions would be large enough to ma­
the Clearing-House banks reported an addition of terially depress rates. On that day (Tuesday) demand
812,563,000 to their surplus reserve, making the total sterling broke 30 points, and on Wednesday there was
818,748,725; since then they have gained substan­ a fresh decline, demand then selling at 4 85)4- Other
tially in their operations with the Sub-Treasury, there bankers, however, refused to become bearish because
has been an inflow of currency from the country, and discounts were being held up in London and merchan­
the dividend disbursements made at the opening of the dise shipments from this country were falling off. The
year have been finding their way back to banking- December returns of agricultural exports showed that
channels. Furthermore, trading in stocks has re­ almost twice as much cotton (in value) was sent
mained very quiet, with no perceptible increase in the abroad in that month as in December 1909; the exact
public’s participation, offerings of new capital have figures were $103,021,198, against 853,850,863 in 1909
not yet begun in volume and trade demands for accom­ and 872,356,752 in 1908. The interpretation put on
modation have been light. All this has tended to these figures was that a greatly reduced amount of the
depress interest rates. Call money opened the week staple remained for shipment in the new year, a
at 4% and did not on Monday go below 3)4%, while deduction strengthened by the diminution since then in
on the two following days the ruling quotation was the offerings of cotton bills. The London Bank state­
3)4%. By Thursday easiness became marked; no ment helped to cause a recovery in exchange on Thurs


J an . 14 1911.]

THE CHRONICLE

79

Jan. 13 1910.
12 1911.
<lay; demand rising to 4 85% and cable transfers to Banks of Gold. Jan.Silver.
Silver. | Total.
Total.
Gold.
4 86%. Yesterday the upward movement was again
£
£
£
£
£
£
34,750.988
32,899,789 34.750.9S8
. 32,899.789
in evidence. So many influences have to be taken into England.
162,717,760 139,547,880 34,897,200 174,445 080
France . . 129,902.920 32.814.840
48,622.750
36,018.950 13.242,650 49,261,600 36,533,100 12,089,650 147.952,000
account, and so much depends upon the attitude of Germany
6.448.000 149,303.000 140,890,000 7.062.000 68.973.000
R u ssia__ 142.855,000 12.036.000
67.089.000 56.456.000 12.517.000
55.053.000
European bankers and investors, that the futuie SAus.-IIun.
16.120.000 30.734.000 46.854.000
p ain----- 16.435.000 30.642.000 47.077.000
42.747.000 38.550.000 4.007.000 42.557.000
t a l y ___ 39.247.000 3.500.000
course of the market is peculiarly obscure. One thing INcth’lands
2,977,400 13,058,400
10.728.000 2,095,900 12,823,900 10.081.000
5,516.667 2,758,333 8.275.000 4,331,333 2,165,667 6.497.000
4.468.000
4.468.000
4.465.000
certain is that money is worth so little here that Nat-melg..
4.465.000
Sweden
4.976,600
6.240.000 4.976.000
6.240.000
1.777.000
1.785.000 1.777.000
there is no inducement to bring over gold from London Swltn’land
Norway .. 1.785.000
584.684,049 488,481,301 106,449.917 594,931,218
week 481.146,326 103,537,723
unless, of course, certain influential interests may favor Total
477,071,288 103.253,547 580,324,835 484,775.896 106.146,467 590,922,363
rtSM >'A -1
such a movement for the sentimental effect it would Prcv. week
have upon the demand for the new capital shortly to THE OUTLOOK FOR INTERNATIONAL GOOD
be offered. It is understood that for the present our
bankers will leave money in London on deposit, the In former years RELATIONS.
it was the custom for European
rates available there being well above our call money sovereigns, when receiving
on New Year’s Day the
level, and indeed above the quotation for 90-day loans. foreign ambassadors accredited
to declare
One incident of the week has been a decline in fiancs personally to each the attitude oftothethem,
one
government
to 5 20% minus 1-32. One block of railroad bonds towards the others, and thus give public recognition
has already been sold to Europeans, and French sub­ to the relations between the different States as they
scriptions arc confidently expected to be a featuie in appeared at the opening of the year. As a public
forthcoming American flotations.
Rumor has been busy with the names of several function, the practice has been discontinued; yet it is
heads of large foreign exchange departments, but no still true that, with the beginning of a new twelve­
the thoughts of all the European Chancelleries
changes of importance have occurred, and investiga­ month,
turn
with
common consent to a survey of conditions
tion has failed to discover any foundation for reports
which
appear
likely to govern the political year.
that more than one of the leading handlers of exchange In the present
instance the occurrences of the year
would shortly vacate their positions.
1910
and
of
the
immediately preceding have
Compared with Friday of last week, sterling ex­ been so peculiar asperiod
to
lend
interest to such a
change on Saturday was firmer, with quotations closing survey. During that period special
the
sovereign
of Portugal
at 4 86@4 8610 for demand, 4 8635@4 8640 for cable has been dethroned and a new form of constitutional
transfers and 4 8280@4 8290 for sixty days. On government has been introduced. The King of
Monday demand declined to 4 8590 @4 8595 and cable
long regarded as one of the mainstays of in­
transfers to 4 8625 @4 8630; sixty days remained un­ England,
ternational
peace, has died. While it cannot perhaps
changed. Demand broke to 4 8o60@4 8o65 and cable be said that
the tension of political antagonism
transfers to 4 8605 @4 8610 on Tuesday and sixty days between England
Germany has continued as
declined to 4 8265 @4 8275. On Wednesday weakness severe as it was twoandor three
years ago, there can be
again appeared, demand fell to 4 8550@4 8560, cable no doubt that the influences which
the politi­
transfers to 4 8590@4 86 and sixty days to 4 8250@ cal outbursts of that time are stillprovoked
in
operation.
All
4 8260. Unsteady movements occurred on Thursday; nations are enlarging their program of naval expendi­
at the close demand advanced to 4 8570@4 8575 and
which has reached in the world at large a magni­
cable transfers to 4 86 @4 8610. On Friday demand ture,
tude
which no one would have imagined possible a
again moved upwards, to 4 8585, and cable transfers generation
and which threatens to grow much
sold at as high as 4 86%, though they were slightly larger. It isago,natural,
in view of these circumstances,
easier at the close.
Closing quotations Friday were at 4 8250@4 8260 for that the political horoscope of Europe should be cast
the new year with unusual curiosity. .
60 days, 4 8580@4 8585 for demand and 4 8615@ forThe
first legitimate consideration is of a favorable
4 8620 for cables. Commercial on banks was quoted character;
it arises from the simple fact that no inter­
at 4 81% @4 82 and documents for payment 4 82% @
national
collision
was provoked as a result of these
4 82%. Cotton for payment ranged from 4 81%@ numerous disturbing
incidents. If this be so, and if it
4 82, grain for payment from 4 82%@4 82%.
be true that no acutely disturbing conditions have
The following gives the week’s movement of money been left at work by any of these recent events,
that in itself is matter for reassurance as to the imme­
to and from the interior by the New York banks.
diate future. International difficulties, if one may
judge
from the history of the past century, occur as a
Net Interior
Received by Shipped by
N . Y . Banks. N . Y. Banks. Movement.
Week ending Jan. 13 1011.
result
of one of three influences; and it will be worth
$2,862,000 Gain $10,759,000
Currency..........- ----------------------------- $13,621,000
984,000 Gain 1,987,000 while first to see how far such influences are possibilities
2.971,000
Gold - ........................................................
Total gold and legal tenders............ $16,592,000 $3,846,000 Gain $12,746,000 of the near future. The first, and in the present day
the most dangerous, is the existence of irritating and
With the Sub-Treasury operations the result is as unsettled disputes between nations, which an accident
follows.
or a diplomatic blunder may make the basis for such
outburst of popular anger as shall force the hand of a
Net Change In
Out o f
Into
ministry and drive it into war. This was clearly the
Banks.
Bank
Holdings.
Banks.
Week ending Jan. 13 1911.
$3,846,000 Gain $12,746,000 nature of the situation which led to the RussoBanks’ Interior morement, as above. $16,592,000 30.300.000
Gain 8,000,000
Bub-Treasury operations.................. - 38,300,000
Japanese War of 1904 and to our own Spanish War of
$34,146,000
Gain $20,746,000
$54,892,000
Total gold and legal tenders............
1898. It was such a situation which made the outlook
genuinely
disquieting at the time of the Anglo-French
The following table indicates the amount of bullion
dispute
over
Fashoda, and of the Franco-German
in the principal European banks.




80

THE CHRONICLE

[VOL. LXXXXII.

dispute over Morocco. It hardly need be said that day and the quite unprecedented interest which
this cause of international friction is made vastly more governments took in the commercial development of
dangerous in our day by the sensational newspapers their States were what made the disputes of a decade
with large circulation which, in pretty much all coun­ ago over the “spheres of influence” in China and
tries, make capital by exploiting, with more or less Africa particularly dangerous. But of these two
recklessness, such international disputes.
troublesome controversies the one has been removed
But at the present time such causes of friction are as a result of Secretary Hay’s diplomacy, the other by
removed in an unusual degree. The recent Anglo- the Anglo-French Treaty. Not less important, even,
French convention, whereby the long-standing contro­ than this consideration is the growing recognition by
versies over colonial possessions in North America, in all the important commercial States that a war with
Africa and in the South Sea were amicably settled, another such State, based on commercial rivalry, could
put an end to misunderstandings of two centuries. scarcely have any other effect than of paralyzing the
The peculiar bitterness which had existed between very commercial development which the belligerent
Germany and France over Alsace-Lorraine ever since State may have hoped to promote. In a very tangible
the War of 1871 has largely disappeared with the way this sentiment has made itself felt through the
progress of time. The Balkan difficulty is no longer money market, where, with the existing unparalleled
what it was, now that the border provinces, with an demands by governments on capital, the great inter­
uncertain feudal allegiance to Turkey—a constant national bankers have been able to exact what have
temptation to aggression by outside Powers—have amounted to general stipulations regarding the attitude
been placed permanently in stronger hands. Even in of a given government toward international peace.
the Far East predictions which were made after the While these three important and traditional causes
Manchurian War, that bitter hostility between Japan of international friction are at the moment so little in
and Russia would continue, have been singularly dis­ evidence, the Hague Tribunal has quietly been extend­
proved. The two recent belligerents, somewhat to ing its sphere of authority and influence. Few of its
the consternation of the former friends of each, have adjudications attract great notice from the public, but
actually been drawing together in diplomatic friendli­ once in a while some highly important decision,
ness. As lor the attitude of the people themselves in peacefully acquiesced in, gives a shock of surprise to
the several European States, the notable fact of the the skeptical-minded who had not believed that the
day is that the chief restraint on the impulses and work of this judicial body could be positive and en­
machinations of the army and navy cliques has been during. There still remains the one great difficulty in
the passive hostility of the every-day citizen to all talk the treaties under which this tribunal was erected—
of war. This has indeed been particularly true of the their explicit exclusion from such arbitration of inter­
two peoples who might, under other conditions, have national disputes involving either honor or territory.
been involved in an Anglo-German misunderstanding It was these exclusions upon which the late Lord
The second traditional cause of international trouble Salisbury laid the greatest stress, and it was in defer­
is the influence of an ambitious sovereign or minister ence to these considerations that our own Senate
whose tenure of political power is uncertain, and who whittled down the arbitration treaties of our Govern­
therefore may look to war as a solution of his internal ment with England in 1897, and with other nations in
political embarrassments. This influence was re­ 1905, to a disappointingly narrow scope. Yet within
sponsible for the Franco-German War, for the Italian a few weeks we have heard this remarkable utterance
War of Napoleon III., for much of the war policy of the from our own Chief Executive:
first Napoleon, and in all probability for our own “If now we can negotiate and put through a positive
Mexican War. But a mere glance at the situation agreement with some great nation to abide the adjudi­
will show that no ministry and no sovereign is in any cation of an international arbitration court in every
such position now. On the contrary, the great stake issue which cannot be settled by negotiation, no matter
it involves, whether honor, territory or money,
of practically every Government to-day is for peace. what
we
shall
have made a long step forward by demon­
It is occasionally suggested that the German Emperor strating that
it is possible for two nations, at least, to
may be an exception to this rule, and there is perhaps establish as between
them the same system of due
a seemingly plausible argument, arising from his inter­ process of law that exists between individuals under
est in naval and military affairs, and from his assertion a government.”
of his divine right of control in public matters. But We arc not so optimistic as to imagine that this
the German Emperor has also given evidence, by his declaration by President Taft will instantaneously in­
particular attention to the commercial and social de­ fluence the attitude of foreign governments. It deals
velopment of Germany, that he recognizes other inter­ with deeply rooted national prejudices and with
ests as paramount, and the recent indications of angry problems which will not be entirely removed until the
opposition to Imperial policies involving enormous in­ Hague tribunal shall have become a still more import­
crease in public debt or public expenditure has pointed ant factor in the political affairs of the day. But it is
out the hazards of any belligerent policy.
impossible that Mr. Taft’s recommendation should be
The very fact that this is an age of commercial and entirely without effect. The very fact that such a
industrial competition between the nations forces declaration has been made in so responsible a quarter
this last-named consideration to a first place. Yet, puts the opponents of- the general plan of complete
on the other hand, a third cause very commonly arbitration on the defensive. They must submit the
assigned for international friction in the present day is counter-proposition. It stands, therefore, as in a
commercial rivalry between the several States of sense a precedent in the case, and it points the way
Europe. To a very large extent such rivalry underlies to such discussion as may lead to important extension
any ill-feeling which may actually exist between Ger­ of the code of international law which is to guide the
many and England. The commercial spirit of the future deliberations of the international court, and



JAif. 14 1911.]

THE CHRONICLE

SI

built and equipped roads. As a matter of fact, the
city will eventually own the subways under the exist­
ing Rapid Transit Act, even where the capital is fur­
nished in the first instance by private parties. This
being so, the attempt to create the impression that the
city itself must supply the money in the first place, in
order that these subways may be owned and controlled
by the municipality, is an attempt to deceive.
It follows as a matter of course that if the city is
to supply all the funds itself, the amount required has
to be raised somehow by the taxpayers, and accord­
ingly we have seen various steps and proceedings
THE INCREASE IN THE CITY’S
taken to that end, one after another. The first step
REAL ESTATE VALUES.
The opening to public inspection the present week was to amend the constitution so as to exclude cer­
of the tax assessors' books, and the revelation thereby tain outstanding bonds from the debt computation
furnished that real estate valuations for taxation pur­ in ascertaining the power of the city to contract new
poses have been raised not far from one billion dollars debt. The second step is that under which it is now
—the exact amount is $897,628,498—has been fol­ proposed to add 900 million dollars to the total of the
lowed by a storm of protests from property owners all assessed values. The next step will be to utilize the
over the city. The proceeding is a most unusual one, power given under existing law to assess the property
but its purpose is entirely clear. The object is to in­ directly benefited with the view to issuing assessment
crease the debt-creating power of the city and yet bonds outside the debt limit instead of borrowing on
keep within the constitutional requirement, which the general credit of the city. Perhaps still other
limits the debts of municipalities to 10% of the processes may be devised for bleeding the taxpayers
on the theory that these are self-sacrifices which they
assessed value of real estate.
The process is called one of equalization, but the should willingly make in order that there shall be no
purpose, pure and simple, is to furnish a larger total “monopoly” and that private capital shall not share
of assessments on which to base the computations of in the assumed profits. Of course we are asked to be­
indebtedness. In 1903 one such equalization was lieve that there can be no losses, and that accordingly
made, and real estate values were jumped up in a neither private capital nor the city will run any risks
single year from $3,330,647,579 to $4,751,532,826. in advancing the money for carrying through these
Property was then supposed to be assessed at near its undertakings. But, judging by the city’s experience
full value. Nevertheless, increases in the totals of in other directions, it is safe enough to say there will
valuations have occurred in each and every year since 1)0 losses and deficits if the city puts up all of the
then until in 1910 the aggregate was $7,044,192,674. money, whatever may happen if the outsider is al­
Now it is contemplated to add $900,000,000 more, lowed to supply part of the funds
The valuations have been raised in all parts of the
bringing the total up almost to $8,000,000,000.
city,
but property owners in the suburbs appear to
Obviously by raising the level of real estate values
have
been
hardest hit of all. There is a sort of poetic
in the sum of $900,000,000, $90,000,000 is added to
the borrowing capacity of the city, enabling it to create justice in this, for these suburbanites have been making
$90,000,000 more of indebtedness. Simultaneously the lives of city officials miserable with their persist­
with this announcement the Comptroller is offering ency in urging the building of new rapid transit lines
for subscription, under the old basis of valuations, and in swallowing the silly tales of the yellow journals
$60,000,000 of now.4*4% bonds. There is no con­ that, no matter what the cost of the undertakings
nection between the two events; but they nevertheless might be, there would be no difficulty in finding ways
deserve to be associated in the public mind. They for the city to raise the money. The assessed valua­
serve to emphasize the fact that the city’s financial tions in the suburbs have been prodigiously increased
requirements are such that it is obliged each year in during the last five years, and now they arc to be
the ordinary course to indulge in enormous amounts further increased—in some cases trebled and quad­
of new borrowing, and that now the proposition is to rupled—and this, too, long in advance of the building
extend still further its authority to put out new of subway extensions into the suburban districts.
Some of these suburbs may never get subways at all,
bond issues.
Taxpayers are certainly justified in the opposition or, if they do get them, may have to pay for them on
they are voicing to this proceeding and in the vehement the installment plan by direct assessment on the
indignation to which they arc giving expression. It property benefited.
is important that the blame should be put where it What folly all this appears to be. At this very
belongs. The additional borrowing capacity is wanted moment there is a proposition before the Board of
to build subways, and the sensational newspapers are Estimate, made by the company that controls the
the cause of it. These unscrupulous newspapers, bent existing subways, so liberal and so broad in its gen­
on coining money for themselves, have for years been eral outline that it is difficult to see how any offer
trying to persuade the unthinking masses that the more favorable to the city could within reason be
city must hereafter build and equip subways in un­ asked. The Interborough Rapid Transit Co. offers
limited degree out of its own resources, and that it is a to spend $75,000,000 itself if the city will pro­
crime to let a dollar of money come from any other vide $53,000,000 out of the money which the
source. The sums required are naturally enormous, municipality is contemplating to lay out on the Tri­
but that is a matter of little consequence to these cun­ borough line. It offers at the same time a five-cent
ning advocates of municipally-owned and municipally- fare over all the lines in all the boroughs, which would

which will sooner or later be recognized by all the
nations. Meantime the longer any outbreak of inter­
national war can be averted, the stronger is popular
feeling certain to become that international war is
of itself unnecessary, and that the popular burdens im­
posed by it arc unwarranted. This is why the
peaceful outlook for the present year, as judged by
the indications of the moment, is a sign of promise in
a larger sense even than in its application to the
nearer future.




83

THE CHRONICLE

mean that a passenger could eventually travel from
Woodlawn Cemetery at the northern end of the city
down to Coney Island on the ocean by the payment of
a single fare of five cents. It agrees, moreover, upon
certain terms, to operate any future extensions that the
city may build and to embrace these also within the
five-cent fare proposal. Finally, it agrees to share
profits with the city upon certain terms. What better
or more favorable offer could the city hope for? Yet
we find Comptroller Prendergast opposing the scheme,
and John Purroy Mitchell, the President of the Board
of Aldermen, adopting the same course, on the pre­
posterous idea that the city must have an “inde' pendent” system in order to oppose the existing
“monopoly,” even though the effect may be to compel
passengers to pay two or three fares to reach their
destination.
If the attempt to add $900,000,000 to assessed
values shall prove an eye-opener to taxpayers and the
general public in showing what the city will be “up
against” in attempting to finance the construction of
subways, with the enormous expenditure that they
involve, it will not be without compensating ad­
vantages.
One other point deserves consideration in connection
with the same subject. The inevitable effect of the
constant emission of bonds on the scale necessary to
build subways must be to damage the credit of the
city. This is referred to in a statement made by a
member of the Real Estate Board of Brokers and pub­
lished in the New York “Times” Thursday morning.
This critic points out that the city is the biggest seller
of bonds in the market, and if the city’s real estate is
over-capitalized the city is in the same position with
regard to a bond issue as any over-capitalized cor­
poration. Its securities are liable to the same de­
terioration as any other securities that are not first
class.
Heed should be given to this admonition. The en­
deavor should be to protect the credit of the munici­
pality above everything else. The city has already
suffered considerably because of the enormous mass
of new obligations it has been obliged to put out.
Time was when it could float 3% bond issues, and
some bonds were actually put out at 2 [A % . Now it
can borrow only with difficulty, even at 4)4%. It is
the duty of every citizen to see to it that the city’s
credit shall not be allowed to suffer any further.
PROVIDING FOR LARGER STEAM SHIPS.
Not long ago there was a renewal of the intimation
that at least some of the shipping of this port might at
no distant day shift itself to Montauk Point. This
was a dream of the late Austin Corbin, and no more
need be said of it than that the recent improvements
in travel by the Pennsylvania-Long Island make it
seem less like a mere dream, particularly as to passen­
ger traffic, while those who see visions concerning the
Jamaica Bay work will be the more ready to attach
significance to it.
The argument now raised is that the Pludson River
piers are not adequate for the coming ship, and a
Norfolk journal springs forward to urge that the har­
bor there is naturally ample for all the shipping,
small or large, which the globe will ever own. The
Chairman of the Cunard Company, speaking at a re­
cent dinner in Liverpool, said that it is shown by ex­



[VOL. LXXXXII.

perience that as trade grows tin' most profitable trans­
portation unit becomes larger. He reviewed the steps
of progress from the inverted vertical single-cylinder
direct-acting engine to the adding of a second and
larger cylinder, working expansively with the higherpressure steam which has passed through the first one;
then a third and still larger cylinder was added, in
further use ot the principle, and then a fourth; and
then the principle was found to lose its practical gain
or most of that, the limitation upon net actual economy
having been reached.
Next came the turbine, which is producing the speed
results of which the Mauretania gave a recent ex­
ample; the turbine has probably not fully reached its
service limits, and now come advocates of the gasexplosive motor. Chairman Booth does not believe
that any existing type of engine will be permanently
displaced; as to growth in size, he sees no fixed stoppingplace. The naval architect undertakes to build any
size desired, if enough slip and depth of water for
launching are given him; the marine engineer under­
takes to drive a ship of any desired displacement if he
has liberty to design; the shipowner must give the
final answer, and the limit of profit is not yet reached;
so the speaker sees no reason to believe that even
1,000 feet and 70,000 tons may be final.
The forthcoming Olympic, measuring 882)4 feet in
extreme, will find herself projecting nearly 04 feet
beyond the newest piers of the Chelsea improvement.
This is the largest hull thus far, but it is suggested
that provision is contemplated for a length of 1,000
feet in the Panama Canal and it is hardly conceivable'
that this chief port can be left in a position subordi­
nate. Consequently, the International Marine com­
pany has brought the subject to the War Department
anew, urging that leave be granted to add another 100
feet to two of its piers. After this extension, it is
urged that the stream will still have 2,650 feet of clear
width, and will be through the commercial centre
much wider than either the Mersey through Liverpool,
the Thames through London, the Scheld through
Antwerp, or the Maas through Rotterdam, as well as
much wider than the East River here, through which
there is really more traffic. It might be added to the
argument that the tendency of under-water tunneling
is plainly towards lessening the traffic on the surface.
The Harbor Line Board, to which the subject has
been referred for review, will give a public hearing
upon it on the 25th, and it is expected that other
great trans-Atlantic companies will concur in the re­
quest for enlargement of pier length upon the propo­
sition that, unless this is granted, the Government
will have spent millions upon the harbor channel with
the result of practically “making the neck bigger
than the bottle.”
LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR THE YEAR 1910.
During the late year the listings of railroad and
street railway bonds on the New York Stock Exchange
aggregated almost 500 millions, contrasting with a
trifle over 800 millions for the year 1909. The slacken­
ing of commercial activity, apparent of recent months,
curtailed the marketing, and therefore the listing, of
new bond issues, and yet, when we stop to consider
the purposes for which the additional bonds were
issued and listed, we observe that in amount the new

JAN. U 1911. j

THE CHRONICLE

capital issues have only twice during the past decade
been exceeded, namely in 1909 and 1908. The
decline in this item compared with 1909, the banner
year, is 141 millions, or about 20%, while a con­
siderable greater reduction (193 millions) has occurred
in the amount of securities replacing “old securities."
As regards issues of capital stock, the result has been
quite different, though in this case the gross aggregate
has only twice in the last decade been surpassed.
The abolition of the “unlisted" brought about the
listing of several hundred millions of industrial stocks
and of moderate amounts of old railroad bonds and
miscellaneous issues. But financially what is of far
more consequence is the manner in which a number
of the leading railroads, particularly in the early
months of 1910, when conditions were favorable,
succeeded in providing for their financial requirements
to a large aggregate. amount (over 200 millions)
through the sale of new shares to stockholders.
The Lehigh Valley HR. has at last followed the
example of the Pennsylvania (in 1897) and the Reading
(in 1879) by causing the listing on the New York Stock
Exchange of its 40 millions old stock, heretofore
dealt in only on the Philadelphia Stock Exchange, and
also of 20 millions of new shares subscribed for at par.
The Pennsylvania RR. has listed over 91 millions of
new stock, chiefly offered to shareholders at par, in
order to retire 60 millions of maturing notes, and
some 29 millions of general mortgage 6% bonds.
The New York Central likewise listed 44 ^ millions
of new stock to provide for the payment of 22 millions
of notes, the purchase of new rolling stock and the
continuation of construction work on the Grand
Central Station and the electric lines. The Chicago
& North Western also issued at par, and listed, 30)^
millions of new common shares, and the Canadian
Pacific has sold 30 millions of stock at 125, all of
which is now on the regular list. Part-paid receipts
have, moreover, been placed on the quotation sheet
without being regularly listed, representing 50 millions
of new stock of the New York New Haven & Hartford
floated at 125; this last item, however, does not
figure in the totals now under review. The last
named company has listed 5 millions of full-paid
stock, to make provision for .the discharge of notes, &c.
The municipal bond issues figure to an exceptional
extent in the year's totals, there being among the
listings eight municipal loans, aggregating about
140 millions, embracing issues by the Argentine
Republic, Dominican Republic, Republic of Cuba
and the State of San Paulo (Brazil), the States of
New York and Virginia and the cities of New York
and St. Louis.
The railroad reorganizations, five in number, which
have contributed to the year’s listings are rather more
important than might appear from the relatively
small amounts of securities shown for them in the
accompanying tables, the stocks aggregating only
62 millions and the bonds 55 millions. The stock
was all issued by the Pcre Marquette and the Western
Maryland, the latter having issued stock in exchange
for 10 millions of bonds. The bonds now listed are
the obligations of the Seaboard Air Line, the Chicago
Great Western and the Cincinnati Hamilton & Dayton.
The two companies last named were readjusted under
the supervision of J. P. Morgan & Co., the C. H. & D.
becoming an adjunct of the Baltimore & Ohio.



83

Following is our usual 10-year comparison.

LISTINGS ON NEW YORK STOCK EXCHANGE.
IssuesforNew Old Issues Replacing
Capital, &c. Nou> Listed. Old Secuities. Total.
Bonds.

S
$
571,526,800 52,008,300 184,627,400
1910.................................. 712.734,963
808,162,500
8,479,000 377,742,537 1,098,956,500
1909..................................
95,794,000 128,294,500 872.958.000
1908 .................................. 648,869,500
101,717,086 420.813.000
1907 .................................. 246,733,914 72,362,000
1906 .................................. X 303,112,000 12.304,500 256,482,000 x 571,898,500
in o s
.%........... 569,079,000 20,000,000 390.947,650 980,026,650
1 004
105,269,100 535,079.600
429,810,500
io n s
__ ___ a 191.515,050 12*.798,566 376,975,750 581.288,800
a 533,519,300
197.516,313 2,878,000 333,124,987
1902 ..
220,l?1 700 21,270,100 681,568,300 923,010,100
1901 ,
Stocks.
467,644,255 1,239,501,545
467,175,700 664,571,448
1010
304,681,590 363,701,600
1,325,526,085
1909 .................................. 297,253,037
248,780,200 141,169,350 513,927,450
1908 ................................. 123,977,900
95,869,506 576,032,050
1907 .................................. 159.106,244 321,056,300
16,440,700 408,849,150 662,769,450
1906 .................................. 237,479,600 99.889,200
308,422,400 533,434,900
1905 .................................. 125,123,300
55,231,750 175.866,800
120,635,050 38.791,600 215,154,495
1904 426,890,295
172,944,200
1903 ....
521,500,895 734.032,595
251,069,400 11,462,300 1,136,385,665
1902 ...
1,642,013,715
1901.................................. 429,537,450 76,090,600
- m
Note.—Applications for the listing of Trust Company receipts and of securities
marked "assented" (If preparatory to reorganization), or of securities stamped
"assumed” or "assessment paid"—the securities themselves having previously been
listed—are not Included in this table.
a Not Including SI. 155,000,000 Imperial Russian State 4% certificates of rente.
x Excludes $425,000,000 Japanese Government bonds.
BONDS.
STOCKS.
IVfinr
CUI .
Railroad. Street Ry. Mis cell. Railroad. Street Ry. 1 Miscell.
S
S
S
S
$
1 $
53.679.000 310.315.800 361.665.460 9,763,500 868,072,585
1910.. 444.167.700
.
1909 . . . 770.500.700 37.339.000 291.116.800 742,508,115 14,002,500
1908. . 506.160.000
.
65.076.000 301.722.000 200,502,600 2,417,600 !509,015,470
16.072.000 136.749.000 146.750.800 20.443.400 311,007,250
1907.. 267.992.000
.
126,231,000 al39940000 248.186.550 188,210,100 408,837,850
1906.. 305.727.500
.
29.650.000 411,792,650 176.922.800 58.274.400 226.372.800
1905.. 538.584.000
.
298,237,700
1904 . . . 343.036.500 17.118.000 174.925.100 120.915.550
54,951,250
1903 ... 270.759.000 52.042.000 258.487.800 226,015,400
200,874,895
z86.127.300
390,388,340
12.780.000
54,479.850 339,164,405
1902.. 434.612.000
.
1901 . . . 667.006.000 65.321.000 190.683.100 284,584,515 62,000,000 *1295429200
a Excluding $425,000,000 Japanese Government bonds, x Omitting Russian
bonds. $1,155,000,000 z Includes United States Steel $1,018,688,000.
S

S

The total amount of bonds listed in 1910 we here see
was 808 millions, as against 1,098 millions in 1909.
Of stocks the total was 1,239 millions, contrasting with
1,325 millions in the year preceding.
The purposes on account of which the several blocks
of bonds were listed during the year are as follows.
LISTINGS OF RAILROAD BONDS.
Company and Title of Loan— Amount.
Purpose of Issue.
Atl. Coast Lino RR. 1st consol. 4s. $999,000- Improvements & equlpm’t.
do
do
do
-1.000- .Exch. ctfs. of Indebtedness.
Atcli. Top. & S. Fc conv. 4s, 1910.27,753,000. Subscribed at 102 MBolivla Ry. 1st 5s............................. 2,300,000. Construction of road,
BuH. Iloch. & Pitts, consol. 4 M s.. 1,277.000- Ncwconstr. & betterments.
do
do
do
60,000. Pay real estate mortgage.
do
do
do
117,000- Purch.SllverLakeRy.,7 m.
Chcs. & Ohio general 4 M s.............. 1,500,000. Double-tracking.
do
20-year conv. 4 M s..31,390,000- Acq. H . V. and Kan. & M.
stock. Chic. Cln. & Louis,
equipment & Improve’ts.
do
Coal R lv . 1st gu . 4 s.
31,000. Construction of road.
Chlc. B url. & Q uincy gen. 4 s........... 5,092,000. Exchange old bonds.
Chlc. & E a st. 111. ref. & lm p t. 4 s. . 2,238,000. .Equipment.
Chlc. G t. W est. 50-yr. 1st 4 s______ 18,500,000- Sold to provide part cash
requirements of plan.
do
do
do ............. 2 ,0 0 0 ,0 0 0 .. Improvements.
Chlc. In d . & L ouisville— New A lb.
& Chicago 1st 6s................................. 2,300,000.. .Old bonds Just listed.
do
do
ref. 4 s______ 3,000,000.. .Retire Lou. N. A. & Ch. 6s.
Chic. L ake S h. & E ast. 1st 4 M s ... 9,000,000.. .Constr’n and lmprovem’ta.
Chic. Mllvv. & S t. P au l—
D ub. D lv. 1st 0 s .............. ................. 5,049,0001 Old bonds Just listed.
W isconsin V alley D lv. 1st 6s____ 1,928,000/
Mllvv. & N or. e x t. 4 M s.................. 2,155,000.. .Old bonds extended.
Chicago & N orth W estern —
M adison E xtensio n 1st 7s.............
M enom inee E xtensio n 1st 7 s
N orthw estern U n. R y . 1st 7 s___
W inona & S t. P . gu. e x t. 1st 7 s.
F rom . E lk. & Mo. V al. 1st 6 s ..
Chic. R . I. & P ac. R R . 4 s_________
Chlc. It. I. & P ac. R y. ref. 4 s____
do
do
do ____
do
do
do ____

2,977,500
2,546,500
3,365,000 Old bonds Just listed.
4,038,500
7.725,000
671,000. .Exch. C. R. I. & P. Ry.stk
3,500,000- .Additions & lmprovem’ts.
1,714,000- .Retire bds. & equip, notes.
982,000. .Acquire Tucumcarl & Mem.

1st mtge. bonds.
do R. I. Ark. & La. 1st 4 MS--11,000,000. .Construction & equipment.
old bonds.
Ch. St. P. M. & Om. con. 6s............ 75,000. .Exchange
capital.
Cln. Ham. & Day. 1st & ref. 4 s -.. 2,000,000- .Working
floating debt. & re­
do
do
do
- . 7,500,000. .payceiver’s
obligations.
Cl. Cln. Ch. & St. L. gen. 4 s .......... 1,000,000- .Improv’ts & equipment.
do
do
151,000. .Retire old bonds.
Colo. & Southern ref. & ext.4M s.- 262,000- .Retire old bonds.
do
do
do
2,738,000. .Im p’ts & acquls’ns, securi­
ties controlled roads.
of road.
Cuba RR. 1st 50-year 5s................ 2.510.000- -Construction
do
do
600,000- .Exten., Improv’ts & equip,
Del. & Hudson 1st & ref. 4s--------- 2,500,000- .Puren. Penn, coal bonds.
do
do
4,665,000. -Purch. Un. Tr. Co. stock.
West Pac. 2nds.
Denv. & Rio. Gr. 1st an ref. 5s___ 1.435.000- .Acquire
do
do
do ___ 1,571,000. -Imp’ts, extensions, &c.
Florlda East Coast Ry. 1st 4 Ms--10,000,000_ -Construction of road.
Gt. Nor.-St. P. M. & M. consol. 4s 2,942,000. .Exchange old 6s.
Hocklng Valley 1st con. 4 Ms----- 1,584,000. .Retire old 7s May 1.
Jamcst. Frank. & Clearfield 1st 4s-ll.000.000- .Constr’n & Improvements.
terminals, &c.
Kan.CIty Ft.Scott & M. gu.ref. 4s 310,000..Additions,
do
do
do
759,000. .Retire old bonds.
& Improve’ts.
Kansas City Term. Ry. 1st 4s----- 15,000,000. ..Acquisitions
Retire 3-yr. 5% notes Feb’10
Lake Shore & Mich. So. 25-yr. 4 s .. 8,927.000. .Purchase
of roads.
Lou. & Nash.-Pad. & Mein. dlv. 4s 3.800.000- .Equipment,
add’ns, &c.
do
do
do
819,000.
of road.
Manlla RR.—Sou. Lines 1st 4s__ 2,000,000. .Construction
.Build 240 miles of road.
Mlnn. St. P. & S. S. M. 1st 4s___ 4,800,000- .Retire
underlying bonds.
do
do
do
14,000. .Retire old
bonds.
Mlsslsslppl Central 1st 5s................ 4.100.000underlying bonds.
Mo. Pac. conv. 1st and ref. 5s----- 19,700.000- .Retire
do
do
do ___ 5,300,000- .Purch. St. L. I. M. <Ss So.
Improvement bonds.
do
do ___ 4,806,000. .Improvements.
do
Rlv. & G. dlvs. 1st 4s 2,199,000. .Constr. & Improvements
do

84:

THE CHRONICLE

C om pany and T itle of L oan. A m o un t.
Purpose o f Issue.
N a t. R y s. of M ex. prior lien 4 'A s .. $34,100 t Im prov em ents.
do
1st cons. 4 s______
7,100
N . Y . C. & II. It. 30-yr. deb. 4s. _ 5,000,000 .A cq uire $5,000,000 G eneva
Corning & Sou. pref. stk .
N . Y . C ent. Lines equ ip, tr . 4 'A s. .30,000,000 .P u rc h a se of eq u ipm en t.
N . Y . S usq. & W estern— M idland
N ew Jersey 1st e x t. 5s_________ 3,500,000 .O ld bonds e x ten d ed .
N or. & W est. conv. 10-25-yr. 4 s___10,993,000. .Im p ro v ’ts an d eq u ip m en t.
P e n n . I tR .— A lleg. V al. gen. 4 s .. 1,000,000 ..P a y S ta te of P enn. loan.
do
do
do
3,611,000 . .Im p ’ts, do u b le-track ’g, &c.
do
do
do
..1 0 ,0 0 0 ,0 0 0 R etire old 7s.
P ltt.C .C .& S t.L .g u .co n .4 s,S e r.G ___ 1,967,000 .R e tire old 7s.
do
do
do
2,033,000 .Im p ro v e m en ts, equ ip., &c.
R eadin g Co. general 4 s___________ 3,861,000 ..Im p ro v ’ts and betterm en ts.
do
do
______ 2,755,000 ..R e tire bds. & ground ren ts.
S t. L ouis & S an F r. gen. lien 5s___ 7,640.000 .R e tire bonds a n d car tru sts.
do
do
re t. 4 s___ 500,000 .A d d itio n s & Im provem ents.
do
do
do
78,000. .R e tire old bonds.
S t. L ouis S o uthw . consol. 4 s . ........... 142,000. .E x ch a n g e 2d M. Incom es.
S eaboard A ir L ine a d ju st’t 5 s------ 6,979,000. .R e tire old bds. un der plan.
do
do
do
18,000,000. .C ash req uirem ents of plan.
S o u. P a c . Co.—S a n F r. T er. 1st 4 s . 19,000,000. .C o n stru c ’n & acquisitions.
S o u th ern Pacific R R .—
Cal. P ac. 1st e x t. i 'A s............... 2,232,000 .O ld bonds ju s t listed.
Cal. P ac. 2nd ext. 4 A s ---------- 1,595,000.1
1st ref. 4 s ____________________ 1,642,000. .E x ten sio n s & im provem ’ts.
do
5,978,000- .R e tire old bonds.
.R e tire old bonds.
S o u th ern R y . 1st consol. 5s---------- 4,933,000. .A
T ol. S t. L. & W . col. tr. bd s.,ser. A 6,480,000. cq uire Cli. <Ss A lton sto ck .
x te n ’s, Im pts. & e q u lp t.
U nion P ac. 1st lien & ref. 4 s______ 8,402,000. .E
V andalla R R . consol. 4s, Ser B —
500,000- .R e tire old bonds Ja n . 1.
do
do
do
4,500,000. .2 n d trac k & o th e r Im pts.
W abash R R . 1st ref. & e x t. 4 s------ 529,000. .R e tire equ ip, b d s.,d ebs.,& c
T o t a l ........ .........................................$444,167,700
L IS T IN G S O F S T R E E T R A IL W A Y B O N D S.
C om pany and T itle of L o a n —
A m o un t.
Purpose of Issue.
B rooklyn R apid T ra n sit 1st ref.]S 1,230,0 0 0 /A cquisitions and securities
convertible 4 s....................................I
\ controlled properties.
Pacific G as & E lectric—
Cal. Gas & E l. Corp. u n . & ref. 5s 6 ,2 3 7 ,0 0 0 ..F lo a tin g d e b t and lm p r’ts
do
do
do
7 ,6 5 3 ,0 0 0 ..R e tire underlying bonds.
P h lla. Co. deb. 5 s _ ............................. 2 .5 0 0 ,0 0 0 ..C o n str’n. equ lp’t, &c.
P u b . S crv . C orp. of N . J . 50-yr. 5 s. 8,000,000. .R e tire collat. tru s t no tes,
do
do
do
5,500,000. .Im p ro v e m en ts.
U nited R R s. of S an. F ran . 4 s____ 4 ,4 0 9 ,0 0 0 ..Im p ro v ’ts & eq u ip m en t.
U nited R ys. in v . Co. 1st Hen coll. 1 18,150,000/ E xchange P h lla. Co. of
tru s t 5s........ .......................
J
\ P itts, com m on sto ck .
T o t a l .................................................. .$53,679,000
L IS T IN G S O F M ISC EL LA N EO U S B O N D S.
C om pany and T itle of Loan— A m o un t.
Purpose of Issue.
A llls-C halm ers Co. 1st 5s_________ $131,000. .Im p ro v e m en ts, &c.
A rgentine R epublic 5% Internal
gold loan of 1909_______________ 9 ,7 3 0 ,0 0 0 ..G en eral purposes.
B ush T erm inal Co. consol. 5s_____ 6 1 7 ,0 0 0 ..R e tire real e sta te m tge.
C entral L eather Co. 1st lien 20 -\ 500,000/ A ccount p u rch . N . It. Alyear 5s
J
1
ten’s Sons Co. sto ck .
Chicago T clep h . Co. 15-yr. 1st 5 s. 5 , 0 0 0 ,0 0 0 . .E x ten sio n s & Im provem ’ts.
C ity of N . Y. 4% corp. sto c k ____12,500,0001 V arious m unicipal purposes
do
4 yx % do ____50,000,000/
C ity of S t. Louis public buildings
., ,
a n d Im provem ent 4 s ___________11,200,00 0 --V arlo u s m unicipal purposes
Com m onw . of Va. 3% bo nd s_____ 5 ,8 5 2 ,8 0 0 ..O ld bonds ju s t listed.
C om
stocke 4s
T unn el Co. 1st 30-yr. 2 ,7 6 9 ,0 0 0 ..O ld. bonds, ju, s t. listed.
. .
Incom
C onsolidation Coal Co. of K y . 1st 5s 3 , 0 0 0 , 0 0 0 ..P u rc h a s e of p ro p e rty .
C uban-A m er. S u gar Co. coll. tr. 6s 7,415,O O O ..A cqulre subsld. bonds.
cl0
do
do
5 1 5 . 0 0 0 . . E xtensio ns & Im provem ’ts.
D istillers’ S ecurities C orporation!
I A cquire D lst. Co. of A m .
1st convertible 5s............................ } 458,000/ prof, stock and retire A m .
j
l S pirits Mfg. 6% bonds.
D om inican R epu blic 5% custom s
a d m in istra tio n b o n d s ................ 13 ,566 ,0 00 .-G eneral purposes.
In te rn S team P u m p Co. 1st lien 5s 3 ,6 9 3 ,0 0 0 .-R e tire old debs, and bonds.
do
do
do
4 ,8 0 7 ,0 0 0 .-Im p ro v 'ts an d ad d itions.
K ings Co. Elec. L t. & Pow er 6 % \ 2.392.000J Subscribed by stockholders
con vertib le d e b e n tu re s ...............J
\ a t par.
L ack aw an n a Steel Co. 1st con. 5s. 10.000,0001 R etire $lo,000,000 notes
do
5-yr. conv. deb. 5s 10,000,000/ due M arch 15 & lm p r’ts
M orris & Co. 1st ref. 4 'A s________ 1 2 ,3 0 0 ,0 0 0 ..F loating d e b t & im p ro v’ts.
N a t E n . & S tp g. ref. 1st 5 s______ 3.500.000. .Im p rts . & w ork, cap ital.
N Y & Q ueens E lec. L t. &P o w .l
78,000/ R etire N . Y . & Q ueens Gas
\ & E lectric bonds.
1st con. 5s______________________ /
N . Y . & R ichm ond Gas 1st 5s____
37,000 . .Im p ro v em en ts.
N Y Tcleph 1st & gen. 4 J 3 s____5 0 ,000 ,0 00 ..A d ditio ns and Im prov’ts.
N iagara F alls Pow er 1st 5 s_______ 9,630,000. .O ld bonds ju s t listed.
do
do ref. & gen. 6s 686,000. .E x ten sio n s & Im provem ’ts.
do
do
do
7,540,000. .R e tire deb en tures.
Paclllc T el. & T el. 1st & coll. 5 s .. 6 ,7 9 4 ,0 0 0 ..E x ten sio n s, lm p r’ts, &c.
P eople’s Gas & Coke of C h ic.ref. 5s. 3,000,000. .Im p ro v e m en ts.
R epublic of C uba 4 jjs . S er. C ____ 5,500,000. .G eneral purposes.
S ta te of N . Y. H ighw ay Im p t. 4 s .. 5,0 0 0 ,0 0 0 .'.Im p ro v em en t of highw ays.
do
C anal Im p ro v ’t 4 s ___1 1 ,000 ,0 00 ..Im p ro v e m en t of canals.
S ta te of San Paulo 5% treas. bonds 26,645,000. .G eneral purposes.
S yracuse L tg. 1st 50-year 5s______ 500.000. .A d d itio n s & lm o rovcm ents.
T ennessee Coal, Iro n & R R . gen. 5s 2,7 10,00 0. .R e tire old bonds.
U . S. R u bber Co. 10-yr. coll- tr. 6s 2,500,000. .A cq . R ev. R u b. C o.stk.,A c.
W estern E lectric Co. 1st 5s_______ 8,750,000. .A d d itio n s & Im provem ents.
T o ta l ...................................................$310,315,800

Among the noteworthy features of this compilation
are five large issues of convertible bonds: (1) the 30
millions of Missouri Pacific convertible first and
refunding 5s, of which $19,700,000 went to retire old
bonds and the remainder for improvements, (2) the
27% millions of Atchison convertible 4s subscribed
for by the shareholders at 102%, (3) the 311-3millions
of Chesapeake & Ohio 20-year convertible 4%s sold
at 93% in order to finance the purchase of Hocking
Valley and Kanawha & Michigan stock, &c., (4) 11 mil­
lions of Norfolk & Western 10-25-year 4s and (5)
10 millions of Lackawanna Steel Co. debentures, issued,
along with 10 millions 1st consol 5s, to retire 15 million
notes and for other purposes.
The Vanderbilt issues, so called, include 30 millions
of equipment trust 4%s of the “New York Central
Lines” , 9 millions of Lake Shore 25-year 4s (to retire
notes), 5 million debenture 4s of the New York Central
and 11 millions of first mortgage 4s issued by the




[VOL. LXXXXII.

new subsidiary, the Jamestown Franklin & Clear­
field. The Chicago Rock Island & Pacific has listed
6 millions of refunding 4s and 11 millions of Rock
Island Arkansas & Louisiana 1st 4%s. The St. Louis
6 San Francisco, which is now being operated and
financed as an independent system, comes in for
something over 7% millions of general lien 5s, issued
to retire old bonds and car trusts. The Union Pacific
system is represented by several issues new and old,
the principal ones being the 19 millions Southern
Pacific Co., San Francisco Terminal 1st 4s and $8,­
400,000 of Union Pacific first lien and refunding 4s.
The Pennsylvania system has added 14% millions
Allegheny Valley general 4s (now assumed) of which
10 millions were issued to provide funds for taking up
maturing 7 per cents; also 5 million Vandalia consol. 4s.
Still other railroad bond issues that are of note are
the 15 millions of Kansas Terminal Ry. Co. 1st 4s,
sold with a strong rental guaranty from leading trunk
lines, to provide Kansas City with up-to-date terminals
and 10 millions 1st 4%s of the Florida East Coast Ry.,
the Flagler road, which will bring not only Key West
but, through the road’s water connection, Havana as
well into close relations with the railroads of the
country. The Delaware & Hudson has furnished
7 millions of first and refunding 4s, the amount last
named including over 4% millions on account of the
purchase of stock in the Union Traction Co. of Albany.
Public service issues are also represented by the
13% millions bonds of the Public Service Corporation
of New Jersey, the 18 millions bonds of the United
Railways Investment Co. 5s, issued in exchange for
common stock of the Philadelphia Company of Pitts­
burgh; 14 millions 5s of the Pacific Gas & Electric Co.
of California, 50 millions 4%% bonds of the New York
Telephone Co., &c. Included in the strictly industrial
class are 8% millions of International Steam Pump Co.
1st lion 5s (partly for refunding), 12 millions of Morris
& Co. (packers) 1st refunding 4%s and 8% millions
of Western Electric (manufacturing) Company 1st 5s.
The several stock issues and the object of each are
embraced in the following compilation:

L IS T IN G S O F R A IL R O A D STO C K S.
C om pany and Class of Stock.
A m o un t.
Purpose of issue.
A tc h .T o p . & S a n ta Fe, com ______ $5,321,000 ..E x c h an g e convertible bds
A tlan tic C oast Line s to c k .............. .. 9 .4 2 6 .3 0 0 ..E x c h . con vert. 4% bonds.
C anadian Paclllc, o rd in a ry _______ 3 0 ,0 0 0 ,0 0 0 ..S ub scrib ed a t 125.
Chic. & N orth W est, com m on___ 30 .5 0 2 ,8 0 0 ..C o n str’n, Im p’ts & equip.
Chic. R . I. & P ac. R y . sto ck _____
1 7 ,6 0 0 ..E x c h . B. 0 . R . & N or. and
R . I. & P . stocks.
Clcv. A P itts, spec, g u ar., b e tt’t . . 465,500 .Im p ro v ’ts, a d d ’ns A equip.
D enver A Rio G rande, p r e f ........... 4 ,0 0 0 ,0 0 0 .-Im p ro v ’ts A eq u ip m en t.
L ehigh V alley R R ., sto c k ..................20 ,2 2 0 ,5 5 0 ..S ub scrib ed a t p ar.
do
do
_________40,334,800. .O ld stock Just listed.
M inn. S t. P aul A S. S. M ., leased! 103,800/ E xchange W isconsin C ent’l
1 preferred stock.
line certificates________________ /
N ational R ys. of M exico, 2d p ro f.. 1 8 1,70 0..E x c h . scours, p ro p ’s consol.
N . Y . C ent. & H ud . R iver s to c k ..2 1 ,9 6 6 ,6 1 5 ..P a y notes due F eb. 1.
do
do
do
. . 9 ,0 0 0 ,0 0 0 ..N ew equ ipm en t,
do
do
do
-.1 3 ,6 9 1 ,3 8 5 ..G rand C entral Im prove­
m ents A electrification.
N . Y . N. II. & H a rtf.. sto c k ______ 5,0 0 0 ,0 0 0 ._ P ay notes and o th e r d eb ts.
N orfolk A W estern, com m on_____ 2,961,000 E xchange convertible 4s.
P enn sylv an ia R R ., sto c k ________ 6 0 ,0 0 0 ,0 0 0 ..R e tire $60,000,000 notes
M arch 15.
do
do
do ____ 2 8 ,8 2 3 ,2 3 0 ..R e tire gen. M. bds. Ju ly 1.
do
do
do ____ 2 ,5 1 9 ,9 8 0 ..V arious purposes.
P ere M arqu ette, 1st preferred ____11,157,6001 Issued un der consolidation
do
2nd p referred ______ 969,800! plan.
do
com m on .................. I6 ,l6 l,o o o j
P itts. Cln. Ch. & S t. I,., com m on 7 ,0 1 5 ,6 0 0 .-A d d ’ns, lm p r’ts A cnu lpt.
P itts. F t. W ayneJA Ch. gu. spec . 1 ,6 5 4 ,1 0 0 ..Im p ro v ’ts & eq u ip m en t.
R ock Island Co., com m on______
526,2001 E xchange Chicago R ock
do
preferred
459,300/ Island
& Pacific R y. stk
U nion Pacific R R ., com m on____
7 4 3 ,4 0 0 .-E x ch an ge con vert, bonds.
W abash R R ., com m on __________
5,7001 E xchange deb en ture "A ”
do
p r e fe r re d ....................
5,700/ a n d “ B” bonds.
W estern M aryland, p r e fe r re d ____1 0 ,000 ,0 00 ..E x c h . old bds. un der plan.
do
c o m m o n .. . 2 0 ,6 8 5 ,4 0 0 .-C ash req ulren t’ts of plan,
do
do
do
. . 3 ,2 7 4 ,1 0 0 ..P a y overduo coupons and
o th er purposes of plan.
do
do
do
4 ,4 7 1 ,3 0 0 ..C o n stru ct line C um berland
to Conncllsvllle.
T o t a l ...............................................$361,665,460
L IS T IN G S O F S T R E E T R A IL W A Y STOC KS.
C om pany and Class of Stock—
A m o un t.
Purpose of Issue.
B runsw ick T erm . A R y . Sec Co., 1 $2,000,000/ Stocks subsidiaries A worksto ck --------------------------------------- j
| ing capital.
D ulu th-S up erior T rac. C o., pref . . 1,500,0001 A cquisition of properties &
do
do
com . . 3,500,000/ Im provem ents.
P h ilad elp hia Co., com m on ............. 2,350,000. .R e tire 6% notes due Ju n e 1.
do
do
da ------- 1 5 0,00 0..R e tire 5% notes A pril 1.
do
do
do ____ 260,000. .In ip ro v cm en ts.
U nited R ys. of S t. L ouis, preferred
3,5 00. .A cc’t a cq ’ns S t. L . & S .R y .
T o tal
$9,763,500

85

THE CHRONICLE

JAN. 14 1911.1

stock speculation, and at New York in particular, the
smaller aggregates of share and bond transactions
have been a factor in lessening the volume of clearings,
i a :SSSro""t°ok)'"t “st"1but the full loss from 1909 is not accounted for in
g
g
S
:
“
p“
that way, even at such cities. On the contrary, in
A m ercin ’I,ln seed °C o., pr<sfc“ edr_ l0.T50.0001 O ld M ock Ju st listed.
most sections of the country during recent months
A „ „ , 9 MU,. & . , = = : :
ll:i§ li
~
there has been clear evidence of comparative quietness
A naconda C opper M in. ^i’ 810 75
,000--E x c h . stocks cos. m erged. in many important lines of industry, and this is dis­
A ssociated Oil Co. (Cal.) s t o c k - . a o . . . . S u ^ ^ m r t o r a d d ns
tinctly reflected in late reports of railroad earnings
do
do
29,737,000—Old sto ck ju s t listed.
Ttiitterlck Co sto c k _____ ______— 105,700 — E xch. R ldgw ay Co. stock.
C entral L eath er Co., com m on —
75,4001 E xchange U . S. L eath er as well as in bank clearings.
do
do preferred —
119,900j sto ck .
.
The aggregate of clearings for the whole country
Pnm stock T unnel Co., sto ck ______ 4 ,0 0 0 ,0 0 0 ..O ld stock ju s t listed.
20,000 — E xch. stk s. con stlt. cos.
P ro d u cts R clln. Co., p re t____
for
1910& was $163,721,744,284, against $165,838,­
CC uban
uban-AA mm er. Sugar
____ 6,295,0001
stocks of su bsid iary
^ C o., ipc or emf ____
6,496.100/ A cquire
com panies.
141,330
in the previous year, and 13 of the 133 cities
D istillers’ Securities C orp., sto c k —30,781,400— A cq. D 1st. Co. of A m . stk .
d u P o n t de N em ours P ow . Co., prof. 693,900 .A cq uisitio ns.
included
in our compilation shared in the loss of 1.3%
F ederal S ugar R efln. Co., p r e f ___ 3,322,8001 Old sto ck ju s t listed.
F o u rth N a t. B ank , N . Y „ r t o c k " ^O O oioO O -Subscrlbed a t 200 by stock- recorded. Compared with 1908, when the total was
$132,408,849,136, there is again of 23.6%, and con­
G eneral C hem ical Co., com m on___
, . - % sto ck dividend.
Goldflelcl^Consol. M ines Co.^ sto ck .2 4 ,9 7 7 ,6 8 0 —E x c ^ s u b ^ d ^ .^ to c k s . ^
trasted with 1907 the increase reaches 12.9%. At
R m n iw ru m M Sm & p Co., stk . 1,350.000. .S ub scrib ed a t 85.
New York there is a loss of 6.1% from 1909 but
p - ^ } ’ i5 °*ooo-ooo{
gains
of 22.3% and 1 1 .6%, respectively,over 1908 and
Int?^arvest)^k>^com!’stk^tt^ctf s. !oOO^ 0 0 V . .
T ar'k iw a n n a Steel com m on _____ ,‘ , ,0 0 0 .-O ld sto ck ju s t listed.
1907.
Comparing the 1910 figures with those for
M echa^lcs^ & M e ta S ^ lS t! B a n k .) 3,000,OOOf A cquire N ational Copper
TMnw Vnrlf sto rk
___f
1 StOCIC.
1906
(New
York’s largest annual amount of clearings)
M ergenthaler L inotype Co., sto c k .
4 ,0 0 0 ..C on tro l foreign com panies.
N ational B iscuit Co., preferred— 24,804,5001 Old sto ck Ju st listed,
a
decline
of
7.1% is shown, but that result is in large
c o m m o n ___29,236,000/
measure due to the fact that in 1906 stock speculation
N a t i o n a l i t y Co., s t o c k - ........... I K o - 3 3 ^ -3 % "stock dividend ’
N evada Consol. Copper Co., sto c k . , . . -E x ch . lst^M . g jn v e rt.^ b d s. was much more active than now, the share sales foi
N a t. P a rk B ank of N . Y ., sto c k — ^
, - S u b s ^ lb e d at; 2 g
the year having been the heaviest on record and 42.3%
N iagara Palls Pow er Co., s t o c k ... 4 •1? ? •?«0- - O ld St o c k j u st M te a .
in excess of those for the twelve months lately closed.
PullmanCo^stock^0
’’ stoclc ” 120 .ooolooo 1 1 stock^?lvktend!.qU ^
R ailw ay Steel S prlng‘c 6 :.'p re f .-1 3 ,5 0 0 ,0 0 0 1 O ld sto ck ju s t listed.
In the comparison with 1909 more or less important
fin
(in
c o m ___13,500,0U0J
, , .. ,
S rars-R oeb uck Co , com m on_____3 0 ,0 0 0 ,0 0 0 ..O ld sto ck ju s t listed.
losses
have been the rule month by month since the
juuv
5gSJ25SrtSSS>sw0°*'
,^--lo.o^:8^::Sffl^j“
lS^0,
u
to*
lOXas tO „ StOCU----------------------- U.UUU,UUU
Tm nrnv’t.s
CXtensll
.
. . 1m prov’ts
& extensions.
close
of
the first quarter, an outcome, as already
— R etire $6,000,000 debs.
9.0 00.
000—50% sto ck div idend .
8 4 9 ,1 0 0 .-S ubscribed by em ployees a t remarked, only in part explained by the lessened
par.
2 1 ,5 0 0 .-E x ch . stk . A ss’d M er. Co. activity on the Stock Exchange. Indeed clearings
do
uu
3 ,2 6 4 ,4 0 0 ..A cq. In t. In L ord & T ay lor. for July showed a decline despite a moderately larger
U nited F ru it C o .? s to c k ................... 1 ,1 2 5 .0 0 0 -P u rc h E ld e rs & Fylfes. L td
stock speculation in 1910.
tlo
do
____ 2,459,900 —10% sto ck div idend .
ir S R u b b er Co., 1st p ref_______ 3 ,5 0 1 ,4 0 0 ..Sold a t 110 for w orking cap .
Outside of New York the 1910 total was the largest
u
and general purposes.
U ta h C opper Co., a t o e k --------------- 8 . 2 7 8 . 0 9 0 . ^ 1 ^ B oat. » < £ • £ »
in
the country’s history, having been 66^ billions
do
do
1,6 2 3 ,2 4 0 .-A d d ’ns & w ork, cap ital.
of
dollars, against 62M billions the previous year,
W ells, F arg o & Co., s to c k !........... , , % sto ck dividend.
W estlnghouse E lectric & Mfg. Co.) 919,200/ P a v d e b ts an d subscr. un- 53 billions in 1908 and 58 billions in 1907. Altogether,
assentln g ........ ................................J ____________l der plan .
therefore, the result for the latest year is quite favor­
T o ta l - - - - - - - - - - - - - - _____--$808,072,585
able. A sharp distinction, however, must be made
* 1,500.000 sh ares— tre a te d as $100 per share.
P A R T P A ID A N D T E M P O R A R Y C E R T IF IC A T E S . F IR S T T IM E between the first half and the second half of the year.
Q U O T E D B U T N O T R E G U L A R L Y LIST. E D .
N . Y . N . H . & Ila rfto rd subscr. rec’ts, 75% paid ($50,000,000).
During each of the first six months the outside aggre­
Most of the important issues of railroad stock have gates exhibited quite large percentages of increase
already been mentioned. It is interesting to note, over 1909, but from then on the 1910 and 1909
however, the sale of 7 millions of new common stock, figures were in much closer accord and during the last
for improvements, equipment, &c., by the Pittsburgh four months the gains disclosed were almost nominal.
Cincinnati Chicago & St. Louis of the Pennsylvania Furthermore, at a number of the more prominent
system, and the issue of 5 1-3 millions of Atchison, trade centres the totals for the last six months of the
3 millions of Norfolk & Western and 9H millions of year were lless than for the corresponding period of
Atlantic Coast Line common, for conversion of bonds. 1909. In the following we show the clearings for
The stock dividends which were a feature of the year in New York, the total outside of New York, and the
the case of industrial companies have examples in the aggregate for the whole country for the seventeen
200% stock distribution of the Wells, Fargo Express years 1894 to 1910 inclusive.______
Inc.
Inc.
Co., the 50% of the Texas Company, the 10% of the
Clearings
Inc.
or
Total
Outside
or
York
Clearings. Dec.
United Fruit Co. the 33 1-3% of the International Year. New
Clearings. Dec. New York.
Harvester, the 20% of the Pullman Company and 1910___ 97,274.500,093
,721,744,284 —%1.3
6.7 163 ,838.141,330
66,447 ,244,181 ++17.2
+25.2
165
.403.009
62,249
+30.7
103,588,738,321
the 33 1-3% of the National Surety Co. The Texas 1909
___
—8.4 132 ,408,849,136
79.275,880,256 —9.1 53,1321,968,880
___
.025,733,493
—9.3
+
4.8
145
,565,112
57,843
—
16.7
87.182,168.381
Company, an independent oil producing and refining- 1908
1907 ___ 104,675,828,656
159,,905,717,333
55.229 ,888,677 ++ 10.1
1906 ___
,827,448,441
+
27.7
143,
93,822,060,202 +36.7 50,005 ,388,239 +13.9
___
enterprise of growing importance, has listed in the 1905
+ 3 .0
1.3 112 ,559,013,015
68,649,418,673 + 4.1 43.909 ,594,342
1904 ___
—7.4
,209,187,764
+
3
.8
109
,849,809
65,970.337,955 — 13.6 43,238,,109,575 + 6.7 118 ,023,298,740 —0.4
1903 ___
aggregate 27 millions of stock.
76,328,189,165 -3.9 41,695,,329,340 + 16.6 118 .410,015,182 +37.6
1902 ----79,427,685,842 + 50.9 38,982 ,347,818 + 0.5| 86 .070,549,683 —8.5
1901___
52,634,201,865 — 13.4 33,436 ,608,882 + 23.9i 94 .047.400,783 +36.6
1900 ___
60.761,791.901 + 44.8 33,285,,774,887
----CLEARINGS AND SPECULATION IN 1910. 1899
,826,557,324 +
41.971,782,437 + 25.6 26,854
1898 ___
+6.41 57 ,229,070,956 + 11.7
+ 15.8 23,802 .043,485
1897
----The activity in the commercial and industrial affairs 1896 ___ 33.427,027,471
—3.7
,548,783 —4.2! 51 ,246.323,839
28,870,775.056 —3.3 22,375
+ 16.6
,903,840 + 10.1 53 ,180,700,764
29,841,796,924 + 22.3 23,3381,251,587
___
of the United States that was a feature of the year 1909 1895
—7-tt! 45 .460.058,609 — 15.9
21,072
24,387,807,020
1894 ___
continued during the first quarter of 1910. After The foregoing, within certain limits, gives us a
that, business in a number of sections showed a tendency glimpse
of the growth in the business of the country in
to slacken, and the volume of transactions became, on recent years
in so far as bank clearings can be accepted
the whole, quite noticeably less than during the same as a barometer.
Outside of New York a part of the
period of the previous year.
increase
arises
-from
multiplication in the number
That, in brief, is the story our compilations of bank of clearing houses. the
The
number now is 132, whereas
clearings for the year appear to tell. At centres of
L IS T IN G S O P M ISC EL LA N EO U S ST O C K S.

500

283 000

7 4 1 000

10

20

14 9 78

9 9 9 1 17 5

000 000

,

4 000
4 0 0 0 ,0 0 0

---

. . . . ------------------------- .

000

U n ite d D r y G o o d s C o ".p r e fe r r e d . .
do
do

do
do




com
do

16 000 000

200

—

6.1

—

+ 12.6 : 68

—

22.0

8.8

+ 11.0

+ 11.6

20.2

86

THE CHRONICLE

[VOL. LXXXXII.

in 1883 there were only 28. Consequently, to com­ priced issues in the 1910 dealings. In reality almost
pare the 13% billion total of 1883, the 23 billions of every stock dealt in at the New York Stock Exchange
1893, or the 43 billions of 1903, with the 06% billions declined during the course of the year, and some
agregate for 1910, is somewhat misleading. But materially.
In tact, the only conspicuous examples
contrasting the aggregate for the original 28 cities ot higher values
the close of 1910 than at the end
for 1883 with the total for the same cities in 1910 we of 1909 in stocksat largely
dealt in on the Exchange
have an expansion of 290%, which should serve as a aie the Canadian Pacific and National Railways of
fair indication of the intervening growth in business. Mexico, both of which happen to be corporations
Stock exchange dealings are naturally an important located outside the United States. The influences
factor in bank clearings, even though the New York that have tended to depress security values are, of
Stock Exchange clears most of its own transactions. course, well known, and have been referred to’ so
In some years when there have been large increases fiequcntly in out columns that it is unnecessary to
or decreases in the volume of transactions at New advert to them here.
York, they have tended to obscure somewhat the While total bank clearings at New York for the
true mercantile situation as measured by the totals year were exceeded in 1906, as well as in 1909, the
ofj bank clearings. The years 1899,1901 and 1905 were aggregates for outside cities were in most cases the
conspicuous examples of the effect of large share’dealings heaviest on record. Some 13 cities exhibit losses
on clearings, just as in 1902 the loss in clearings from 1909, but with those exceptions the returns
recorded from the previous year was more than were generally of record proportions. Herewith is
accounted for by the let up in activity in stock specu­ picscnted a table showing the course of bank clearings
lation. At New York clearings in 1909, but not in at the leading cities for the last four years—both for
1910, were swelled also by the phenomenal bond the full twelve months and for December, the closingsales. Making fair allowance, however, for that month.
difference the conclusion cannot well be escaped that BANK CLEARINGS AT LEADING CIT IES FOR DECEMBER AND TH E YEAR.
Jan. 1 to Dec. 31------------the volume of mercantile business was less in 1910 omitted.) 1910.
1909. 1908. 1907.
1910. 1909. 1908. 1907.
s
S
S
3
S
•S
8 87,182
S
than in 1909. The annual share dealings at the New
. 8,025 9,907 9,266
97,275 103,589 79,276
. 1,201 1,225 1,134 5,350
815
13,940
13,782
11,854
12.088
Boston.................._. 711 772 720 517 8,299 8,440 7,339 8,135
York Stock Exchange since, and including, 1889 are Phlladclphl
. 865 747 571 493 7,690 7.022 5,938 7,161
St. Louis..
shown in the subjoined.
. 3.38 323 298
3,442 3,075 3,166
. 221 234 183 240
203 3,728
2.5S7 2,361
(OOO.OOOj

NUMBER AND VALUE OF SHARES SOLD AT NEW YORK STOCK
EXCHANGE.
w
Stocks, Aver.
Values
Stocks, A ver.
Values
[ Year. Shares. Price. (approximate) Year. Shares.
Price. (approximate)
«
S
1910.. 164.051,061 96.2 14,124,875,897 1899.. 176.421.135 78.6 13.429,291,715
1909.. 214,632,194 97.5 19,142,339,184 1898.. 112,699,957 72.7 8,187.413,985
1908.. 197,206,346 86.0 15,319.491,797 1897.. 77,324,172 67.0 4,973,553,065
1907. . 196.438,824 85.8 14.757,802,189 1890.. 54,654,090 65.2 3,329,969,940
1906.. 284,298,010 94.2 23,393,101.482 1895.. 60,583,232 60.3 3,808,338,604
1905.. 263,081,156 87.3 21,295,723,688
1894.. 49,075,032 64.2 3,094.942,769
1904.. 187,312,005 69.9 12,001,452,399 1893..
80,977,839 60.3 4,550,200,916
1903.. 161,102.101 73.2 11,004,083,001 1892.. 85,875,092
63.5 4,874,014,262
1902.. 188.503,403 79.9 14,218,440,083 1891.. 69,031,689 57.1
1901.. 265,944,659 79.0
1890.. 71,282,885 60.2 3,812,247,419
1900.. 138,380,184 69.2 20,431.960,551
1889..
9.249,285,109
72,014,600 61.0 3,977,664,193
4,059,231,891
»*s*

. 203 194 152 129 2,324 1,980
. 154 146 121 104
1.627 1.470
. 114 123 111
91
1,252 1,348
. 233 223 181 123
2,635 2,396
- 85
S3
67
64
1,001
877
. 109 107
93
96
987
904
. 103 107
98
102
1,156
1,030
Louisville .
. 61
68
64
37
675
654
Detroit _.
- 77
71
60
55
925
768
- 61
55
52
44
658
603
Los Angclcs.
- 74
05
53
28
811
673
- 37
40
33
28
415
399
Omaha
62
59
42
833
735
. 42
43
36
32
503
468
. 52
48
45
46
576
518
. 41
41
38
25
467
421
D e n v e r ___
. 42
41
11
31
493
460
Richmond.
- 32
38
30
27
375
301
Memphis .
- 42
32
27
27
.335
287
Seattle___
. 45
55
41
31
590
587
Hartford .
- 18
18
15
13
216
184
Salt Lake City__. 33
33
29
13
328
337
T o ta l___
.12,885 14,901 13,621 8,812 152,701 156,102
Other cities.
1,047 967 774 611 11,021 9,736
13,932 15,868 14,395 9,423 163,722 165,838 1
5,907 5,961 5,129 4,073 66,447 62,249
Baltimore .
Cincinnati.
Kansas CIt
Cleveland _

- 66

2,065
1,757
1,241
1,230
1,848
750
786
1,057
580
668
548
506
337
602
409
484
380
410
299
253
429
167
257

2,744
2,134
1,473
1.362
1,649
897
957
1,158
645
712
562
582
390
568
445
485
399
408
322
249
489
184
292

Dealings in bonds, as already intimated, were
appreciably less in 1910 than in some earlier years.
!
Railroad and miscellaneous issues of a par value of
:
only $591,769,200 were dealt in, against $1,279,404,100
in 1909, and more or less important declines are shown Another table we have prepared covers the aggrewhen comparison is made with years back to and gates of clearings, month by month and quarter by
including 1893, but excepting 1907. State and city quarter, tor the whole, country and outside1 of New
issues, including Japanese, Mexican, Cuban and York:
MONTHLY CLEARINGS.
some South American bonds, were more freely dealt in,
Clearings,
Total
All.
Clearings Outside New York.
the year’s sales covering a par value of 42% million Month.
1910.
1909.
%
1910.
1909.
%
dollars, against 37% millions in 1909 and 81% millions
$
S
S
S
in 1908. The year’s aggregate sales of all classes Jan
. . 17.143,348,295
+ 22.0
5,168.090.843 + 14.0
Feb . . 13,111,985.258 14,052.390.538
11.260.311.084 16.4 5.894.272,314
4.960,845.197 4,372,605,760 + 13.4
of bonds at New York was 634% millions, against Mcli
. . 15.021.382.183 12,623,772.489 ++ 19.0
5,975.198.570 5.130,934,369 + 16.3
1,317% millions in 1909 and 1,081 millions in 1908. 1st qr_ 45.276,715.736 37.936.474.111 + 19.3 16,830.315.081 14.677.630,972 + 14.7
transactions in bank stocks, though not very large, Aprilay ... 14,014,994.640
13.692,120,791 + 2.3 5,673.333.468 5.077.392,114 + 11.3
13.147,760.447
+ 1.4 5,310,790.890 4,910,322.648 + 8.8
13.811,172.046 13,008.573,040
were of practically record proportion in 1910, the MJune-14.155.364,270 —2.4 5,446.850,931
5.043,660,966 + 8.0
40.973.927,133
2d
q
r.
40.854.058.101
sales representing a par of $1,192,300, or nearly three
+ 0.3 16.460.975,292 15,031.375.728 •+0.5
times the dealings of 1909. The appended table 6 mos. 88.250.642.869 78.790,532.212 + 9.5 33.291.290,373 29.709.006,700 + 12.1
u ly .. 13,285.479.380 13,469,063,652 —1.4 5,406,812,583 5,149,321,905 + 5.9
gives the details of the stock, the bond and the bank JAug
. . 11,508,567,691
—14.8 5,046,299,868 4,824,177,700 + 4.6
S e p t.. 11,361,667,620 13,510.914.819
13,542,069.782 —16.1
5,130,652,674 5,063,692,833 + 1.3
share dealings for the last two years.
Twelve Months 1910.
Twelve Months 1909.
Par Value
Actual
Aver.
Par
Value
Actual
Aver.
or Quantity.
Value.
Price or Quantity.
Value.
Price
St’k/S h’s. 164,150,061 1
214,632,194 \
\V aI. $14729,554.525 f 14174,875.897 96.2 ■ 519633,970,150
(19142.339.184
RR.bonds
96.4
51,248,062,331 97.5
97.5
Gov. bds. 591,769,200
359,200 $570,377,037
383,803 106.8 1.279.404,100
771,200
850,106 110.2
State bds.
42,594,450
42,495,789
99.8
37,115,700
36,800,078
99.1
Bank stks
1,192.300
2,530,761 212.2
425.250
1.046,958 246.2
T o ta l.. 515365,469,675 514790,663.287 96.3 $20951,686,400 $20429.098,660 97.5
DescripHon.

That transactions in stocks during the year were
upon a lower average basis of value than in 1909 is
indicated above. The difference shown, however is
small, owing to the greater preponderance of high


3d q r. 36,155,714,694 40,522,048,253 —10.8 15,583,765,125 15,037,492,448
9 mos. 122406,357,563 119312,580,465 + 2.6 48.875,055,498 44,746,499,148
Oct . . 13.787,805,278 15.871,824,528
5.883.706,224 5,819,482,990
Nov . . 13,595,426,186 14,786.132.078 —13.1
—8.1 5.781.132,200
5,722,505,417
Dec . . 13,932,155,157 15,867,654,259 —12.2
5,907.350,269 5,960,915,454
4th qr. 41,315,386,621 46,525,610,865 — 11.2 17,572,188,693 17,502,903,861
Year . 163721744,284 165838141,330 — 1.3 66,447,244,191 62.249,403.009
°

l

O

O

vUL

+ 3.6
+ 9.2
+ 1.1
+ 1.0
—0.9
+ 0.4
+ 6.7

V lib Obb t lU lll)

of the country, we find that in the Far Western and
Pacific Coast groups, as well as at the South, there is
a comparatively large ratio of improvement. This is
not surprising in view of the fact that in that newer
countly glow th in all material directions is much more
1 V' 1

THE CHRONICLE

J a n . 14 1911.]

87

pronounced than elsewhere. But we pass extended A few words will suffiefc with regard to Stock Ex­
comment upon the individual cities and give the change operations outside of New York. As at this
following table, showing the clearings by groups for city, transactions were generally smaller in 1910 and
each quarter of the last six years._______________ __ 1909. Boston reports dealings of 11,679,572 shares
and $15,253,387 bonds, against 15,507,303 shares
Total
Fourth
Third
Second
First
Clearings Reported.
Year.
and $32,305,820 bonds in 1909, 13,002,235 shares
Quarter. Quarter. Quarter. Quarter.
(000s omitted.)
S
$
and $39,828,800 bonds in 1908 and over 18 million
$
97.274,500
20,571,950 23,743,198
(1910.. 28,445.400 24,512.952
25,822,082 25,484,556 29.022.657 103,588,738
shares as far back as 1906. In Chicago only 894,362
I1909-- 23,258,843
79,275,880
19,524,085
24,792,581
17.811,268 20,232,482 19,046,672 87,182,168
| 1908-- 17,147,346 i21,371,556
.>1907-- 20,531,458
shares and $7,347,000 bonds changed hands, against
New York.
104,675,829
27,179,920
24,403,559
27,939,858
25,152,486
11900-- 23,584,452 23,300,154 20,079,257 26.25S.197 93.822,060
|1905-- 14,925,334 14,203,962 15,204,667 24,315,456 08,649,419 1,623,495 shares and $14,800,500 bonds in 1909 and
(1904-.
3,389,082 3,072,970 14,239,207 833,943 shares and $15,261,000 bonds in 1908. At
1910-­ 3,526,894 3,650,251
3,719,869 13,036,607
1909.. 2,925,904 3,191,864 3,198,910
2,890.939 11.110,267 Philadelphia the aggregate transactions were but
190S-- 2,680,911 2,734,726 2,803.091
3,259,576 3,154,647 13,327,063
Total other
1907.. 3,410,094 3,502,740
13,531,233
3,160,438
3,415,470
M lddle.............. >1906.. 3,392,123 3,107,080 2,955,808 3,563,190
3,343,722 12,063,820 8,358,518 shares and $14,628,436 bonds, against
| 1905.. 2,844,150
(1904.. 2,383.860 2,452,473 2,453,529 3,023,287 10,313,194 9,627,460 shares and $22,474,235 bonds in 1909, and
9,577,002
(1910.. 2,625,146 2,265,058 2,153,742 2,533,056
2,643,516 9,013,318 8,384,977 shares and $19,739,716 bonds in 1908. and
I 1909.. 2,308,358 2,360,290 2,235,148
2,386,106 8,304,197 the 1910 share sales were also exceeded in 1907 and
190S-. 1,993,091 1,985,226 1,999,174
9,274,583
Total
11907.. 2,019,964 2,346,523 2,173.489 2,134,607
2,572,452 9,445,734
New England. >1900.. 2,450,888 2,277,983 2.138.411
2,373,409 8,089,729 1906. Baltimore’s dealings were 247,122 shares and
| 1905. 2,108,959 2,166,457 2,040,844
(1904. 1,823,408 1,855,803 1,724,455 2,149,955 7,553,621 $21,585,219 bonds, comparing with 399,673 shares
4,791,255 5,065,680 20,002,603
f1910. 5,050,933 5,094,735
5,131,070 19,407,612 and $36,817,470 bonds in the previous year and
1909. 4,665,473 4,799,241 4,811,822
4,082,140 4,548,444 10,759.475
| 1908. 4,038,200 4,090,025
4,457,819 4,063,140 17,406,039 524,286 shares and $31,688,513 bonds in 1906.
4,395,913 4,549,707 3,844,656
Total
>1907. 3,978,641
4,346,612 16,105,808
3,935,S99
Mlddle W est.-I 1900.
3.553.411 4,051,192 14,738.126
I 1905. 3,529,952 3,003,571
Canadian clearings were greater in 1910 than in
(1904. 3,190,062 3.234,202 3,220,923 3,027,978 13,285,825
1909
and consequently of new record volume. For
5,004.551
1,381,802 1,473,276 4,857.001
(1910. 1,335,105 1,414,308
1,236,300 1,387.942 3.948,758
1909­ 1,052,601 1,180,092
1,110,518
the
thirteen
cities furnishing comparative figures for
1,020,140
889.712 928,382 1,148,632 976,688 4,513,007
119081,180,829
Total Pacific___ >1907. 1,207,478
4,039,637
1,225,383
1,018,472
the
full
years
the aggregate clearings for the latest
769,997
1,025,785
I 1900.
969,156 3,391.024
734.759 816,752 870.357
| 1905.
028,380 634,232 661,988 774,871 2,099,471 year were $6,064,420,736, against $5,190,311,946 in
(1904.
1,899,612 7,036,941 1909, or an excess of 16.8%, and contrasted with
(1910. 1,764,956 1.690,461 1,675,912
1,511.813 1,881,996 0,332,842
I1909. 1,471,337 1,467,696
5.285.002
1.282,922
1,215,742
1,249,712
Total
I 1908. 1,213,449 1,282,194 1,291,206 1,530.626
1,384,472 5,171,321 1908 the gain reaches 46.4%. While all the cities
Other W e st... >1907. 1,035,241
4,351,284
1,012,388 1,028,123 1,275,512
I 1900.
1,151,042 3,915,084 shared in the increase over 1909, the percentages of
899.463 925,623 938,956
| 1905.
842,147 782,080 843,551 1,049.224 3.517.002 gain were conspicuously heavy at Vancouver, Calgary,
11904.
2,193,074 2,927,585 9,986,340
(1910- 2,518.222 2,347,459
9,002,023 Victoria and Edmonton. As in the United States,
2,032,187 2,043,492 2,738,506
I 1909. 2,187.838
1,754,425 2,265,079 7,665,209
1,719,081
1.926,684
11908.
8,090.352 stock speculation was on a smaller scale than in the
1.955,212 1,901,694 2,107,298 7,750,212
Total S outhern.. >1907. 2,120,158
2,291,453
I 1906. 1,971,190 1,790,197 1,694,386
7,020,605
2,052,865
1,597,465
1,670,575
| 1905. 1,099,700
1.448.075
762,981 1,412,180 1,917,290 6,540.526 preceding year, the dealings at Montreal in 1910
11904. I,
totaling 2,137,426 shares and $6,115,480 bonds,
(1910.. 45,267,710 40,981, 825 36, 156,811 41,315,392 103,721,744
105.838,141
| 1909.. 37,930,474 40,860, 058 40, 522.048 46,525,561
132,408,849
39,638,885
against 3,339,747 shares and $5,791,428 bonds in
358,666
32,
974
1908.. 29,920,324 30,484
34, 463,766 32,867,726 145,025,733
Total all_______ 1907.. 41,504,514 36,189, ,727
159,905,717 1909. In 1908 and 1907 transactions were noticeably
37, 295,025 42,451,534
1900. . II, 802,732 38,358 ,426
1905.. 35,401,435 35,590 ,212 32,,636,158 40,199,643 143 827,448
I1904.- 25.502,772 24,611 ,087 ,537,093 36,848,061 112.559,013 less than in the latest year. Operations at Toronto
15,584,860 17,572,189 66,447,244 covered 940,544 shares and $2,829,220 bonds in 1910,
(1910.- 10,821,310 16.468,873
15,037.377 15.037,492 17,502,904 62,249,403
1909.. 14,071,630
12,732,981 14,947,303 53,132,968 comparing with 1,443.346 shares and $3,659,700
12,073,706
12,778,978
Outslde
11908. .
14,818,171 14,231,284 13,821,054 57,843,565
Now Y ork----->1907- 14,973,056
..............
12,890,406 15,274,608 55,229,888
190(1.. 13,862.874 13,202,940
11,956,901 13,941,446 50,005,388 bonds the previous year and 606,526 shares and $3,­
11905 11,816,983 12,290,058
(1904.. 10,037,438 10,406,925 10,332,425 12,532.890 43,909,594 578,000 bonds in 1908. Share sales reached a record
Speculation on the New Vork Stock Exchange total of 2,163,277 in 1902.
displayed no especial activity for any extended The record of Canadian clearings by quarters for
period during the year. For the first quarter the the last six years is herewith appended.
share dealings were greater than for the like intcival Clearings Reported. First Second Third Fourth Total
Year.
Quarter. Quarter. Quarter. Quarter.
(000.? omitted.)
of 1909, but each succeeding similar period showed
$
S
$
S
S
loss, and in September the total sales at 7,073,529
6,064,421
(1910.. 1,361,041 1,454,766 1,511,610 1,737,004
1,635.641 5,190,312
11909.. 1,088,570 1,220,420 1,245,681
shares were the smallest for any month since June
952.520 1,014,090 1,272,410 4,142,094
11908.. 903,074 1,070,924
1,087,591 1,162,154 4,324,678
1 004,009
1904. The dealings, month by month and quarter Canada.................. >1907..
942,762 1,171,516 3,949,797
11906. . 907,606 927,913
826,346 959,557 3,330,122
795,590
11905.. 748,629
by quarter, for the last two years arc set out below
8

sa l e s o f sto c k a t t iie n e w y o b k sto c k e x c h a n g e .

1909.
1910.
Values.
Number
Values.
of
Actual.
Par.
Actual.
Shares.
Par.
S
$
3
S
2,236,641,564 17,275,500 1,609,551.575 1,550,409.801
Jan . >4,538,649 2,255,810,775
1,082,075.181
1,142,192,700
12,337,199
1,407,743,928
1,423,073.275
16,012,626
Feb.
Mch. 14,988,179 1,330,803.725 1,327,476,419 13,650,595 1,240,583,900 1.175,469.766
lstq r 55.539,454 5,015,693.775 4,971,861,911 13.263,294 1,992.328,175 1,807,954,748
19,055.618 1,719,193,800 1,647,943,217
April 14,089,639 1,279,487,675 1,250,488,974
1,410,748.914
1,004,681,480 16.495.230 1,478,017,600 1.815,478.074
May 11,918,978 1,055,491.350 1,385.474,622
1,882,256,850
20.322.230
June 16,292,870 1,452,455,025
2d qr 42,301,487 3.787,434,050 3,646,645.076 55,873.078 5,079,468.250 4,874,171,101
6 m's 97.840,941 8.803.127,823 8.618,506.987 99,130.372 9.071.796.425 8.682,125,853
12,806.905 1,191,292,400 1.100,402,461
1,235.401,645 24,637,783
July 14,254,713 1,284,761,923
2.301,468,294
855,016,748 19,981,675 2,267,638,050
Aug. 10,392,788 919,409,950
1,771,443,700 1,792,407.611
Sept 7,673,529 666,140,100 600,999,980
3d qr 32,321,030 2,870,311,975 2,091,478,370 57,426,423 5.230,374,150 5,194,278,306
9 m’a 130161971 11673,439,800 11309,985,363 150562795 14302,170,57513876,404.219
2,041,672,200 2.000,046,207
1,229,090,411 21,739,514
Oct 13,452,381 1,228,154,700
1,697,136,975 1,075.478,912
875,979,847 18.769,871 1,592,990,400
Nov. 10,713,40! 963,828,475 759.814,271
1,590,409,840
|17,566.015
Dec 9,822,240 864,131,550
-------------------1--------- --------5,331,799,575
5,205.934,965
2,804,890.534|58,069,390
3,056,114,725
4thqt 33,988,090
Year 104150081 14729554,525 14174875.897|214632194| 19633970,150i 19142339,184
M ’th Number
of
Shares.




RAILROAD GROSS EARNINGS FOR DECEMBER.
Judging by the character of the exhibits of the roads
which furnish early returns, gross earnings of United
States railroads (speaking of them collectively) con­
tinue to run well ahead of those for the corresponding
period of the previous year, notwithstanding the
general slackening of activity in trade. The fact is
an encouraging one, for it is the one satisfactory
feature in the affairs of the country’s rail carriers. In­
deed, the continued gains recorded by the roads in
different parts of the country come as an agreeable
surprise, and it seems reasonable to base favorable
expectations upon the same as to the immediate future
_always barring some severe shock which might
prove deeply disturbing to business interests as a
whole, such, for instance, as a refusal of the Inter-

f

88

THE CHRONICLE

[VOL. LXXXXII.

State Commerce Commission to permit the advances in bear m mind that certain adverse features and condi­
rates of which the railroads stand in such urgent need. tions prevailed im December of the previous year
A contingency of that kind would oblige the railroads which did not exist in December 1910. In other
to resort to the most rigid economy, and that in turn words, in the case of some leading properties, com­
would react unfavorably through all the ramifications parison is with poor results, a circumstance which to that
of trade and industry.
extent deprives the 1910 gains of a portion, at least,
The figures we are dealing with to-day cover the of their significance. In December 1909 the switch­
month of December and comprise the roads which men's strike interfered seriously with the business of
make it a practice to give out preliminary estimates the
lines running from the head
of their gross revenues. The mileage embraced aggre­ of thetrans-continental
Great
Lakes
to
the Pacific Coast. One of the
gates for 1910 88,359 miles of line, and the increase results of the switchmen's
strike was the shuttingon this mileage reaches $5,364,874, or 8.55%. The down of the flour mills at Minneapolis
time
roads included are largely Southern and Western lines. being, owing to the inability of the roadsfortothedeliver
The leading systems serving the manufacturing and the necessary supplies of wheat, and another was the
mineral districts of the Middle and Middle Western partial discontinuance of copper-mining and smelting
States, like the New York Central, the Pennsylvania, operations in Montana. But these extreme draw­
&c., which would be the first to feel the effects of trade backs, it is proper to say, did not last veiy long.
reaction, are not represented, since they do not give Still, the Great Northern suffered a decrease in its
out advance figures. For this reason, our final state­ earnings for the month in the sum of $315,747. The
ment for the month, comprising the whole railroad 1910 gain for that system, at $738,955, is
mileage of the United States, may not yield compari­ more than double this previous loss, and yet,
sons satisfactory in the same eminent degree. Taking even
the aid of this gain, the gross for 1910
the figures just as they stand, however, one cannot is notwith
quite equal to the corresponding gross for
avoid not ng how general and widespread is the con­ the month in 1907.
tinued improvement recorded. Out of the 49 roads Besides the switchmen's strike, Western roads in
contribut'ng returns only four have suffered losses, December 1909 had exceedingly bad weather to
and these are all minor roads, arid the decrease is combat.
This was a drawback much more general in
smal in amount. The other 45 companies all show its nature than the switchmen's strike. The whole
gains, and in not a few instances the increase is of large of the territory between the Mississippi River and the
extent.
Pacific Coast appears to have had adverse meteorolo­
The Canadian lines serving the Dominion of Canada gical conditions to contend with the latter half of
which is enjoying extraordinary development, have December in 1909. To what extent any particular
contributed to swell the amount of increase, but these roacl or system may have been affected, it will be
Canadian lines do not this time lead with their gains, difficult to say, but all apparently experienced some
but are surpassed by the American companies. The setback from that cause. Dispatches from Chicago
system dist nguished for largest improvement (as fax the latter part of December 1909 quoted the Rock
as amount is concerned) is the Great Northern, which Island officials as saying that operating expenses were
has bettered its total of last year by $738,955. The heavy every day because storms were continuing to
Canad'an Pacific stands second on the list, but has make December the worst in years. Severe storms,
only $491,000 increase, and hence falls a long way such as experienced at that time, obviously operate
behind the Great Northern. The point, however, to unfavorably both in reducing the volume of traffic
which we wish to direct particular attention is that and in increasing expenses by adding to the cost
the improvement in earnings (always speaking of gross of keeping the lines open.
and not of net revenues) does not come from any one The switchmen's strike and the bad weather also
section in the United States, but that apparently operated to diminish the volume of the Western grain
all the different parts of the country are sharing in it.
in the previous year. Accordingly, we now
Thus the Missouri Kansas & Texas in the Southwest movement
find
a
large
again in the volume of such
has $367,026 increase; the Illinois Central in the traffic. This increase
increase in the grain movement extends
Middle West has $322,201 increase, arid the Louisville to all the different cereals; for instance, for the five
& Nashville and the Southern Ry., both in the South, weeks ending Dec. 31 the wheat receipts in 1910 were
have gains, respectively, of $299,266 and $296,674.' 20,840,822 bushels, against 18,683,921 bushels in the
In the following we show all changes for the separate corresponding weeks of 1909; the corn receipts
roads or systems, whether gains or losses, for amounts 26,844,023 bushels, against 20,794,992 bushels; the
in excess of $30,000. It will be observed that there is oats receipts 19,844,099 bushels, against 11,343,402
no decrease for that amount.
bushels; the barley receipts 9,663,916, against
6,092,822, and the rye receipts 619,467 bushels, against
P R IN C IP A L C H A N G E S IN G RO SS E A R N IN G S IN D E C E M D E R .
Increases.
509,614 bushels. Combining these five cereals, it is
G reat N o rth e rn -------------------5738.955 Buffalo R o ch ester & P itts . Increases.
5113,526
C anadian P acific__________ -191,000 M
inneapolis S t P aul & S S M 106,154 found that the grain movement for the five weeks
M
issouri
K
ansas
&
T
e
x
a
s
,.
367,026
A la N ew O rl & T ex P a c ___ 104,752
Illinois C en tral_______
^
hesapeake & O hio................ 98,606 of 1910 reached 77,812,237 bushels, as against only
u i c : : : : 296,674 CC anadian
N o rth e rn ________ 95,100
S o u th ern Ru a ilw aWy ..............
obile & O hio_____ _______ 85,530 57,424,751 in the corresponding weeks for 1909. This
G rand r ru n k „ ___
da? TMexas
&
P
a c if ic ................
78,568
W a b a sh _________I ................... i l s S Cine N ew Orl
P a c .. 54,143
Y azoo & M ississippi V alley 212,474 M inneapolis & &S t TLexo u is____
50,986
S t L ouis S o uthw estern
na labam a G reat S o u th e rn .. 50,377 Western grain movement shows an increase not only
M issouri P a c ific ..
""" in->’oon AColorado
& S o u th e rn _____ 40,871 as compared with the small totals of 1909, but also as
Chicago & A lto n ____. " I I I
D enver & R io G rand e_____ 153’300 A tla n ta BIrm & A tla n tic .. 34,005 compared with the total in 1908, when the deliveries
C entral of G eorgia______ __ 135,100
S eaboard A ir L in e ..
_
983
28 ro ads In
Chicago G reat W e ste rn ____ 122|215 R epresenting
o u r co m p ilatio n ...........$5,266,260 reached 64,277,161 bushels, or 13,000,000 bushels less
than for 1910. Details of the Western grain move­
While the results here disclosed must bo regarded ment
as satisfactoiy and encouraging, it is important to annex.in our usual form are set out in the table we now

„Nas




3 2 201
29 9 12 6 6
55

’ 07 7

6 8 .7 5 0

124

JAN. 14 1911.'

THE CHRONICLE

W ESTERN FLOUR AND GRAIN RECEIPTS.
Flour.
Wheat.
Corn.
Oats. Bwley.
Five weeks
(bush.)
ush.)
(bush.)
(bush.)
end.Dec.31. (bbls.)
Chicago—
11,163,800 3,540,100
839.000 15,277.300
1910----- 582,138 2,026,120
11,006,850 6,208,582 2,166,638
000,505
1909
-----------------Milwaukee—
1.898.360 1,970,800
668,960
271,927
1910
____________495,200 1,371,630
571,500 1,162,200
311.300
351,000
1909
-----------------St. Louis—
637,900
1,908,650
2,250,400
1,404,214
207,690
1910
-----------------1,472,619 3,632,935 1,378,575 293,000
233,570
1909
-----------------Toledo—
284,000
774,000
1910
------------------323.000
265,600
1909
------------------575.000 1,006,000
Detroit—
326,644
689.295
258,651
28,379
1910
-----------------225,292
460,380
557,025
19,067
1909
-----------------Cleveland—
4.072
450,532
574,595
101,788
5,256
1910
-----------------10,642
438,747
23,016 1,038,920
3,460
1909
-----------------Peoria—
772,032 394,400
2,318,811
232,232
1910
------------------ 59,000
669,550 206,660
380,650
1909
------------------ 84,850 1,817,957
Duluth—
298,231 523,205
32,512
54,060 3,462,089
-----------------1910
482,866 1,150,212
75,330 4,435,771
1909
-----------------Minneapolis10,916,720 1,988,280 2.138.360 2,593,439
1910
-----------------811,990 1,102,570
425.050
7,326,070
1909
-----------------Kansas City603,400
2,807,400 1,567,200
1910
____________
290,700
1,687,650 1,095,600
1909___
Total o f all—
19,844,009 9,663,916
1910.--- 1,441,732 20,840,822 26,844,023
11,343,402 6,092,822
20,794,992- --------1909___ 1,723,582 18.683,921 ................
-

Rye.
(bush.)
193.500
159.500
166,260
80,940
48,400
29,000

’666 i3,o6o
18,600
20,150
9,677
50,614
183,030
156,410

89

To complete our analysis, we add the following sixyear comparisons of the earnings of the jnore promin­
ent roads arranged in groups.
EARNINGS OF NORTHW ESTERN AND NORTH PACIFIC GROUP.
1908.

1909.

December.

1907.

S
8 112 000 6 ,955,874; 6 ,418,576

1906.

$
*,992,098

1905.

S

5,619,182
,
,
Canadian Pacific. 8,603,000 , 887,517
631,995! 739,279 781,182
Chic Great West* 1,009,732 235,080] 943.570,
213,229, 211 , 212 , 248,326 253,792
Dul So Sh & A tl. 233,192] ,819,886 64 ,135,633;
4 .589,195 3 ,894,856! 1,357.842
Great N orthern.. 4,558,84163
262,635: 251,856! 268,023! 273,009
Iowa Central----- 277,342] 267,027 368,927|
313,717j 319,1011 307,274
347.215
Minn & St Louls. 398,201 ,586,729
,481,982! 1 ,616.189 1,515,819] 1,472,870
MSt P & S S M a 1,692,883 1
Total ................ 16,773,19ljl5 255.454'l4,361.850 114,032,740 112,977,502 13.065.151
includes Mason City & F t. Dodge and the Wisconsin Minnesota & Pacific In
1910, 1909 and 1908. o Includes Chicago Division in 1910, * ^ 9 and ^ c n tra T
previous years we have combined Minn. St. P. * S. S. M. and Wise. Central.
>Actual figures ol earnings are now used lor comparison.
EARNINGS OF M IDDLE AND M IDDLE W ESTERN GROUP.

I

December.

1905.
1906.
1907.
1908.
1909.
1910.
S
S
$
%
S
$
515,623 634,516 673,205
851,106 737,580 566.123
461,932 452,730 412,018 345.147 466,852 476,082
3,857,822 3,564,380 3,185,287 3,659,296 3,691,371 3,401,472

Buff Roch & Pitts
Ind& Loulsv
619,467 Chic
Tr of Can]
509,614 Grand
Gr Trunk West 1
D ct Gr H & Mill
Canada A tl— j
4,976,390 4,654,564
4,953,949 a5.211.186 5,076,506
Illinois Central.. 5,276,150
108,905 116,947
92,194 103.987 361,523
113,560 103,761 291,431
Toledo Peo & W 328,064
363,193
313,205
317,747
Toledo St L & W 2,574,394 2,345,841
2,139,273 2,008,227 2,138,645 2,061,847
W abash ---------T o ta l________ 13,463,028 12,475,988| 11.897,512|l2,021,991]l 2,378,202 11,747,310
a Embraces, beginning with this year, some large Items of Income not previously
Included In monthly returns.
EARNINGS OF SOUTHERN GROUP.

Southern roads had a special advantage in a larger
cotton traffic. In this case, also, comparison is with
very small totals in the previous year. ‘ As far as the
shipments overland are concerned, these reached
247,062 bales in December 1910, against 177,099
bales in December 1909, but compare with 822,609
bales in December 1908. At the Southern outports
the receipts were double those of the previous year and
came near to the maximum for December. In other
words, 1,616,380 bales were brought in in December
1910, as against 844,200 bales in the month of 1909
and 1,651,810 bales in the month of 1908. The follow­
ing gives particulars of the Southern port receipts.

1906. I 1905.
1907.
1908.
1909.
1910.
8
s
i
$
$
S
S
Alabama Gt Sou. 420,646 370,269 319,865 286,855 355,191 319,541
Ala N O & T P—
267,109 280,047 257,184
New Orl & N E . 357,482 292,773 305,169
137,966
160,544 143,050 151.S56 127,913
Ala & V icks,. . 186,951 160,751
127,800 147,563
145,673
139,948
153,791
Vicks Shrev & P
81,359
124,261
141,044
203.985
228,646
Atl Birm & At . . 262,651 1,116,600
1,028,244
1,079.373 1,012,536 1,104,875 2,047,828
Central ofGeorgia 1,251,700 2,505,450
RECEIPTS
OF
COTTON
AT
SOUTHERN
PORI'S
IN
DECEMBER
FOR
SIX
2,051,651
2,142,139
2,255,594
2,604,056
RECEIPT'S Oh
1905 TO 1910. INCLUSIVE.
Chcs & Ohio----666,868 676,190
757,836 644,946 593,562 4,090,990
Cine N O & T P . 811,979 4,483,844
3,593,321
3,358,314
Loulsv & Nash.ft 4,783,110 915,069 3,978,009
913,129 776,311
802,047
892,001
Mobile & O hio.. . 1,000,599
December.
1,239,168
1,417,943
1,254,960
1,574,509
1,746,036
1,871,019
Seaboard
AlrLlne
Ports.
4,716,530 4,133,264 4,886,017 4,602,596
1905.
1906.
1907.
Southern R y ----- 5,325,160 5,028,486
1908.
1909.
1910.
930,523
1,001,671
Yazoo & Miss Val 1,259,544 1,047,070 a l,166.229 1,068,381
G alveston..........hales. 447,353 338,064 605,238 482,844 534,046
18,792.778!l7,442,427jl5,331,061:17,192,062]15,818,144
22,709 47,266
T o ta l................ 20,288,688
Port Arthur, &o.......... 100,917 41,882 20,849 455,202
458,444
New Orleans................ 371,177 141,875 386,009
69,118 53,076
M obile..........................- 66,627 32,363 62,584
a Includes beginning w ith this year, some large Items of Income not previously
31,468
Pensacola, &c.............. 53,030 27,448 51,620 28.466 251,890
Included In montiily returns, b Includes Louisville & Atlantic and the Frankfort
S a v an n ah ..................... 267,182 111,587 228,591 252,304
&
Cincinnati In 1910 and 1909.
42,987 22,160
63,609 18.805 102,613 27,043
B runsw ick.............—
22,458
EARNINGS OF SOUTHW ESTERN GROUP.
Charleston..................... 54,495 24,418 21,124
272
160
644
177
42
Georgetown...................
36,428
48,405 82,108 104,142
W ilmington.................. 60,656 33,141
1905.
1906.
1907.
1908.
1909.
1910.
111,908 114,663
December.
N orfolk......................... 130,235 69,167
4,608
1,171
225
5,273
1,063
Newport News, & o ...
$
S
S
$
$
S
1,050,578
1,421,575 1,409,608 1,389,838 1.193,290
Colorado & Sou*. 1,462,446
1,616,386 844,200 1,651,810 1,578,775 1,566,258
T otal..................
1,634,352
1,791,009
1,760,527
1,717,789
1,759,700
Dcnv & Rio G rd. 1.913.000
834,931 625,134
794,427 671,424 2,319,014
In t & Gt N or----- 792,000 767,000 2,208,876
1,875,685
1,920,378
Mo Kans & Tex-n 2,665,280 2,298,254
3,855,530
4,123,067
3,577,857
4,125,296
4,248,000
Missouri Pacific . 4.440.000
979,856 828,682
936,621 1,008,994 781,711 1,889,946
St Louis S W ----- 1,144,324
1,496,520
Texas & Pacific. 1,733.738 1,655,170 1,636,053 1,627,901
T o ta l................ 14,150,788 13,086,320 12,901,043 11,729,636 13,131,113 11,366,481

As Southern roads were thus helped by a large
addition to the cotton movement and Western roads
were helped still more by a noteworthy addition to the
grain movement, and as our table of earnings is so
largely made up of Western and Southern roads, it is
perhaps not surprising that substantial gains in
earnings for these classes of roads should have been
the rule. Still, the fact should not be overlooked
that in not a few instances the gains this year follow
gains also last year. That is notably true of such im­
portant systems as the Louisville & Nashville, the
Southern Ry., the Missouri Kansas & Texas, the
Missouri Pacific, &c. Moreover, treating the roads
collectively, it is found that the present improvement
follows moderate improvement both in 1909 and 190S,
and that in 1907 alone was there falling off. We now
annex a summary of the December aggregates each
year back to 1896 as disclosed by our early statements.

December.

* Includes all affiliated lines except Trinity & Brazos Valley R R . a Includes
the Texas Central in 1910.
G RO SS E A R N IN G S A N D M IL E A G E IN D E C E M B E R .________
N am e of R oad.
A la b a m a G re a t S o u th e rn A la N ew O rl & T P —

New Orl & N o rth e a st’n
A labam a & V icksburg V icks Shrev & P acific. A nn A rb o r_______________
A tla n ta B’ham & A tl-----B ellcfonte C e n tra l----------B uffalo R ochester & P itts
C anad ian N o rth e rn ---------C anad ian P acific------------C entral of G eorgia----------C h attan o o g a S o u th ern —
C hesapeake & O hio---------C hicago & A lto n ------------Gross Earnings.
Increase (+ )
C hicago G reat W e s te rn ..
Mileage.
or
C hicago In d & L oulsvlllc.
December.
Decrease (—)•
Clno New Orl & T ex P a o .
Year Year In ­
C olorado & S o u th e rn -----Given. Preced. cr’se.
D enver & R io G ran d e—
D e tro it & M ackinac-------Year. ,Roads Miles. | Miles. %
D e tro it T oledo & Iro n to n
41,791,251
—895,540
D u lu th So Sh & A tl- - —
40,895.711 44,542,149 +5,478,044
1896 - -.
50,020,193
G eorgia S o uthern & F la . 1897 . . .
49,630,312 46,474,701 +3,155,611
G rand T ru n k of C a n a d a .
1898 - - +3,895,904
G rand T ru n k W estern
55,557,813 51,661,909
1899 . . .
54,271.094
+5,335,337
D ct Gr I la v & M llw ..
59,606,431
1900 . . .
C anada A tla n tic -------64,922,983 62,104,946 + 2,818,037
1901 . . .
70.769.049 64,416,412 + 6,352,037
G re a t N o rth e rn --------------1902 . . .
Illinois C e n tra l-------------61,868,201 59,114,002 ++ 2,754,259
1903 . . .
I n te rn a t’l & G reat N o r ,.
59,429,656 55,069.547 4,300,109
1901 . . .
62.169.670 57.027.847 + 5,441,832
Iow a C e n tra l--------- - - - - ­
1905 . . .
+4,469,215
K ansas C ity Mcx & O rient
83,796,332 79,327,117
1906 . ..
L ouisville & N a sh v ille ..
69,070,466 72,163.205 —3,092,739
1907 - - 2,679,882
M ineral R a n g e ----------------52,154,203 49,474,321 ++ 3,886,980
1 9 0 8 ...
M inneapolis & S t L o u is .67.096,709 03,209 729 + 5,304,874
1909 . ..
M inn St P & S S 'M -------68,146.996 62.782,122
1910 . ..
M issouri K ans & T exas .a
issouri P acific__________
.Vote.—Neither the earnings of the Mexican roads nor the mining operations of the M
M obile & O hio....................
anthracite coal roads are Included In this table.




M ileage.
Gross E arnings.
Inc. ( + ) or
Dec. (— ). 1910. 1909.
1909.
1910.
S
$
S
+ 50,377 309 309
420,646 370,269
H
+ 64,709 195 195
357,482 292,773
+ 26,200 142 142
160,751
186,951
171
171
+
13,843
139,948
153,791
+ 20,391 301 301
168,520
188,911
640
661
+
34,005
228,646
262,651
27
27
+ 605
7,989
8,594
568 568
851,106 737.580 + +113.526
3.224
3,386
95.100
1,160,300
1,255,400
10,276 9,916
8.603.000 8,112,000 ++ 491,000
135,100 1,916 1,916
1,251,700 1,116,600
99
99
+ 31
1/5,044
V 5,075
98,606 2,224 1,933
2,604,056 2,505.450 ++168.750
1.025 998
1,258,325 1,089,575 + 122,215 1,489
1,509
1,009,732 887,517
+ 9,202 616 616
461,932 452,730
336
336
+
54,143
757,836
811,979
+ 40,871 2,031 2,033
1,462,446 1,421,575
+ 153,300 2,553 2,553
1.913.000 1,759,700
+ 808 360 348
86,565
87,373
+ 13,523 441 441
142,685 129,162
— 1,888 608 593
233,192 235,080
— 6,165 395 395
227.831
22.1,666
3,857.822 3,564,380 + 293,442 4,528 4,528
4,558.841
5,276,150
792,000
277.342
175,300
4,783,110
56,011
398,201
1,692,883
2,665,280
4,440,000
1,000,599

3,819,886
4,053,949
767,000
267.027
147,500 1
4,483,844.
72,4841
347,211;1
1.586.72S!
2,298,2541
4,248,00()
915.06$)

+ 738.955
+ 322,201
+ 25,000
+ 10,315
+27,800 1
+299,266,
— 16,473 1
+ 50,086i
+106,154l
+367,026
+192,006)
+85,536)

7,275
4,551
1,160
558
740
4,591
127
1.027■
3.572:
3,381
7.23E >
1.114l

7,037
4,551
1,160
558
660
4,502
126
1,027
3,424
3,072
6,493
1.114

THE CHRONICLE

90
N a m e o f R o ad.
1 91 0.
N e v a d a - C a ll f o r n l a - 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 i s S o u t h w e s t e r n ___
S e a b o a rd A ir L in 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 i a & W e s t e r n
T o le d o S t L o u i s & W e s t .
W a b a s h ____ ______ _______
Y a z o o & M i s s V a l l e y ____

I

G ross E a rn in gs.
In c. ( + ) or
1 90 9.
D ec. {— ).

2 5 ,0 2 5
4 6 ,9 3 6
1 ,1 4 4 ,3 2 4
1 ,8 7 1 ,0 1 9
5 ,3 2 5 ,1 6 0
1 ,7 3 3 ,7 3 8
1 13 ,5 6 0
3 2 8 ,0 6 4
2 ,5 7 4 ,3 9 4
1 ,2 5 9 ,5 4 4

3 2 ,6 2 8
4 3 ,9 8 4
9 36 ,6 2 1
1 ,7 4 6 ,0 3 6
5 ,0 2 8 ,4 8 6
1 ,6 5 5 ,1 7 0
103,761
3 1 7 ,7 4 7
2 ,3 4 5 ,8 4 1
1 ,0 4 7 ,0 7 0

$

— 7 ,6 0 3
+ 2 ,9 5 2
+ 2 0 7 ,7 0 3
+ 124 ,98 3
+ 2 9 6 ,6 7 4
+ 7 8 ,5 6 8
+ 9 ,7 9 9
+ 1 0,3 17
+ 2 2 8 ,5 5 3
+ 2 1 2 ,4 7 4

M ilea ge.
1 91 0.

1909.

184
180
1,471
3 ,0 2 7
7 ,0 3 9
1 ,8 8 5
248
451
2 ,5 1 4
1,372

184
180
1,468
2 ,9 8 6
7 ,0 5 0
1,8 8 5
248
451
2 ,5 1 4
1,371

T o t a l (49 r o a d s ) _____
6 8 ,1 4 6 ,9 9 6 6 2 ,7 8 2 ,1 2 2 + 5 ,3 6 4 ,8 7 4 8 8 ,3 5 9 8 5 ,8 5 2
N e t In c r e a s e ( 8 . 5 5 % ) ____
M e x i c a n R o a d s ( n o t In e lu d e d In t o t a ls ) —
In t e r o c e a n l c o f M e x i c o ___
7 11 ,2 6 1
7 6 3 ,9 2 9
— 5 2,6 68
1,0 3 5 1,018
M e x i c a n R a i l w a y ________
715,700
702.000
+ 13,700
361
340
N a t i o n a l R y s o f M e x ic o . a : 3 ,3 5 0 ,0 4 8 5 ,1 2 1 ,8 0 3
+ 2 2 8 , 2 4 5 6 ,1 4 7 6 ,1 6 6

a I ? clu(? es t h e T e x a s C e n t r a l I n 1 91 0 o n ly .
nflCludes MexJcan In t e r n a t io n a l In b o t h
Vf, &
T h e s e f ig u r e s a r c f o r t h r e e w e e k s o n ly .

y e ars.

STATE BANKS AND TRUST COMPANIES
COMPARED WITH NATIONAL BANKS.

The following comes to us from the National Mone­
tary Commission under date of Jan. 12 1911.
I n a n e x h a u s tiv e r e v ie w o f th e g r o w t h o f S ta te b a n k s a n d
"™ s t c o m p a n ie s s in c e n a tio n a l b a n k s e n te r e d th e fie ld in
18 6 4, P r o f. G e o r g e E . B a r n e tt , o f J o h n s H o p k in s U n iv e r s ity
in a v o lu m e ju s t p u b lis h e d b y th e N a tio n a l M o n e ta r y C o m ­
m iss io n , d e c la r e s th a t h e h a s b e e n u n a b le t o fin d th a t th e
ra te o f fa ilu r e a m o n g S ta te b a n k s is a n y h ig h e r th a n th a t
a m o n g n a tio n a l b a n k s .
P r o fe s s o r B a r n e tt b a se s h is a sse r tio n o n a n e x a m in a tio n o f
th e s ta t is tic s o f 1892 t o 19 0 9.
H e b e lie v e s , h o w e v e r , th a t
th e n a tio n a l b a n k s p a y a h ig h e r p e r c e n t a g e o f cla im s .
S ta ­
tistic s o f fa ilu re s o f tr u st c o m p a n ie s are n o t c o m p le t e , b u t th e
w r ite r is o f o p in io n th a t th e ir p e r c e n t a g e o f fa ilu re is h ig h e r
th a n th a t o f e it h e r S ta te o r n a tio n a l b a n k s .
G r o w th o f S t a te b a n k s h a s b e e n p h e n o m e n a l, a c c o r d in g to
th e s ta t is tic s w h ic h h a v e b e e n c o lle c t e d f o r th e v o lu m e . T h e y
a re n o w tw ic e a s n u m e r o u s as th e n a tio n a l b a n k s , a lth o u g h
th e ir c o m b in e d c a p it a l is o n ly h a lf as m u c h .
T h e ir g r o w t h
h a s b e e n e s p e c ia lly r a p id s in c e 1 8 8 6, a n d th e g r e a te st in ­
c re a se h a s o c c u r r e d s in c e 1 8 8 9.
T h e ir g r o w t h h as b e e n
g r e a t e s t in th e F a r W e s t a n d le a s t in th e N e w E n g la n d S ta te s .
T r u s t c o m p a n ie s h a v e b e e n o n th e in cre a se s in c e 18 8 9.
T h e r e a re n o w a p p r o x im a t e ly 1 5 ,0 0 0 S t a te b a n k s , p r iv a te
b a n k s a n d tr u s t c o m p a n ie s .
S ta te b a n k s h a v e e n jo y e d p r o n o u n c e d p r o s p e r it y , P r o ­
fe s s o r B a r n e tt s a y s , b e c a u s e th e y h a v e fe w e r r e s tr ic tio n s
th a n n a tio n a l b a n k s in m a k in g lo a n s a n d b e c a u s e th e c a p ita l
a n d r e s e rv e r e q u ir e m e n ts f o r S t a te b a n k s a re less str in g e n t,
w h ile th e p r o fit o n c ir c u la tio n o f n a tio n a l b a n k n o te s h as n o t
been grea t.
T h e y h a v e b e e n g r o w in g a t th e e x p e n s e o f
p r iv a t e b a n k s , a n d in m a n y ca se s h a v e s u p p la n te d n a tio n a l
b a n k s o f sm a ll c a p it a liz a t io n .
T h e r e c e n t g r o w t h o f tr u s t c o m p a n ie s , P r o fe s s o r B a r n e tt
s a y s , h a s b e e n d u e t o th e ir m o r e lib e ra l re s e rv e r e q u ir e m e n ts ,
th e ir m o r e lib e ra l p r o v is io n s r e g a r d in g in v e s tm e n t s a n d
th e ir w id e r ra n g e o f p o w e r s in g e n e r a l.
. T h e c a p ita l r e q u ir e d o f tru st c o m p a n ie s v a rie s fr o m $ 5 ,0 0 0
m N o r t h C a ro lin a to $ 1 ,0 0 0 ,0 0 0 in th e D is tr ic t o f C o lu m b ia
th e u su al r e q u ir e m e n t b e in g $ 1 0 0 ,0 0 0 .
“ T h e first gen era l
la w s f o r th e in c o r p o r a t io n o f tru st c o m p a n ie s in th e U n ited
►states re q u ir e d s u ch c o m p a n ie s to h a v e a m u c h la rg e r ca p ita l
th a n th a t re q u ir e d f o r b a n k s , b u t th e la te r le g is la tio n sh ow s
a d is t in c t te n d e n c y in th e d ir e c tio n o f lo w e r in g th e r e q u ire ­
m e n ts in re g a rd to c a p it a l,”
M o st c o m p a n ie s are n o t
u s u a lly re q u ir e d t o a c c u m u la te a su rp lu s.
T h e r e q u ir e m e n t o f a sp e c ifie d re se rv e a g a in st d e m a n d
lia b ilitie s is o f c o m p a r a t iv e ly r e c e n t d a te in m o s t S ta tes
“ I n m o s t o f th e a n t e b e llu m S ta te b a n k in g la w s re se rv e s w ere
r e q u ir e d o n ly a g a in s t n o te issu e .
U n til 1887 a re se rv e w as
r e q u ir e d f o r S ta te b a n k s in o n ly th re e S ta te s , a n d in th ese
th e re q u ir e d re s e rv e s w e re s m a ll.”
A t p r e se n t a re serv e o f
• fr o m 10 to 2 5 % o f d e p o s its (e ith e r d e m a n d o r to t a l) is re­
q u ir e d in all e x c e p t te n S ta te s .
T h is re se rv e n eed n o t b e
e n tir e ly ca sh in b a n k , b u t m a y b e p a r t b a n k b a la n c e o r , in
s o m e ca se s, s p e c ifie d s e cu r itie s .
“ I n C o n n e c t ic u t, F lo r id a
a n d P e n n s y lv a n ia th e re se rv e m a y c o n s is t p a r t ly , a n d in
G e o r g ia w h o lly , o f s e c u r itie s .”
S tr ik in g e v id e n c e is g iv e n o f th e n a tu r a l e c o n o m ic te n ­
d e n c y o f fu n d s t o c o n c e n t r a t e .
O n ly R h o d e I s la n d a n d
C o n n e c t ic u t h a v e re se rv e p r o v is io n s sim ila r t o th o s e o f th e
n a tio n a l b a n k in g la w , i. e ., fo r m e d in s u ch a w a y a s to c e n ­
tr a lize re se rv e s.
C o n s e q u e n t ly , a n in te r e s tin g c o m p a r is o n
m ay be m ade.
“ T h e to ta l re s o u r c e s o f th e S ta te b a n k s a n d
tr u s t c o m p a n ie s a re s o m e w h a t less th a n th e to ta l re so u r ce s
o f th e n a tio n a l b a n k s ; b u t o n S e p te m b e r 1 1909 th e n et
d e p o s its o f N e w Y o r k n a tio n a l b a n k s d u e to S ta te b a n k s a n d
tr u s t c o m p a n ie s w a s $ 3 8 4 ,0 0 0 ,0 0 0 , w h ile th e n e t d e p o s its
d u e to o th e r n a tio n a l b a n k s w a s $ 2 8 9 ,0 0 0 ,0 0 0 .”
l r u s t c o m p a n ie s a re , in g e n e ra l, re q u ir e d to k e e p th e sa m e
r e s e rv e s a s S ta te b a n k s , w ith th e e x c e p t io n s ( a ) th a t th e
fo r m e r are m o r e u su a lly a llo w e d to c a r r y b o n d s o r d e m a n d
lo a n s a s p a r t o f th e ir re se rv e s a n d (6) th a t d iffe r e n t re serv es
a re r e q u ire d to b e h e ld a g a in st d e m a n d a n d tim e d e p o s its .
S in c e th e p a n ic o f 1907 M a ssa c h u se tts a n d N e w Y o r k h a v e
in c r e a s e d th e re se rv e r e q u ir e m e n ts o f tr u st c o m p a n ie s .




[VOL. LXXXXII.

T h e d iffe r e n c e in a c t i v it y o f th e d e p o s its o f n a tio n a l b a n k s
a n d tr u s t c o m p a n ie s is s h o w n b y th e f a c t “ th a t w h ile th e
tru st c o m p a n ie s in th e c it y o f N e w Y o r k h a d a b o u t th e sa m e
a m o u n t o f d e p o s its a s th e b a n k s o f th a t c it y , th e ir cle a rin g s
a m o u n t e d to o n ly a b o u t 7 % o f th e c le a rin g s o f th e b a n k s .”
U n d er n o n e o f th e S ta te b a n k in g la w s h a s th ere b e e n
.It u p a n im p o r t a n t s y s te m o f b r a n c h b a n k s ,” s a y s th e
w r ite r , a lth o u g h in n in e S ta te s (C a lifo r n ia , D e la w a r e , F lo r id a ,
G e o r g ia , N e w Y o r k , O r e g o n , R h o d e I s la n d , V ir g in ia a n d
VV aslungton) S ta te b a n k s a n d tru st c o m p a n ie s a re d e fin ite ly
p e r m it te d t o h a v e b r a n c h e s .
I n th re e S ta te s (L o u is ia n a ,
M a in e a n d M a ssa c h u se tts) tr u s t c o m p a n ie s m a y h a v e
b ran ch es.
I n m a n y ca ses, h o w e v e r , th e re a re r e s tr ic tio n s
a s to lo c a t io n o f th e b r a n c h .
S p e c ific a u t h o r iz a tio n b y s o m e
S ta te o ffic ia l o r o ffic ia ls a n d th e re q u ir e m e n t o f a d d itio n a l
c a p ita l f o r e a c h b r a n c h a re u su al c o n d it io n s f o r th e e s t a b ­
lis h m e n t o f b r a n c h e s .
A n u m b e r o f S ta te s h a v e lim ite d th e a m o u n t o f b a n k s t o c k
th a t m a y b e h e ld b y b a n k s in o r d e r to p r e v e n t th e e x t e n s iv e
c o n t r o l o f b a n k in g b y a sin g le in te r e s t.
H o w e v e r , “ it h as
n o t b e e n p o s s ib le to fo r b id th e o w n e r sh ip o f s t o c k in a b a n k ­
in g in s t itu tio n b y p e r so n s o r c o m p a n ie s w h o a lr e a d y o w n a
c o n t r o llin g in te r e s t in o th e r b a n k in g in s t itu tio n s o n th e
g r o u n d o f s u ch o th e r o w n e r s h ip .”
I n 1909 th e W is c o n s in
C o m m is s io n e r re fe rre d t o th e u n ified o w n e r sh ip o f b a n k in g
in s t itu tio n s a s fo llo w s :
“ A n ew fe a tu r e in b a n k in g h as
m a n ife ste d itse lf o f la te w h ic h , if p e r m it te d t o g o o n u n ­
h in d e r e d , will e v e n t u a lly resu lt in a m o n o p o ly c o n tr o l o f th e
b a n k in g b u s in e s s.
I r e fe r t o th e s o -c a lle d h o ld in g c o m ­
p a n ie s , w h ic h are in cre a s in g w ith a la r m in g r a p id it y in
v a r io u s p a r ts o f th e c o u n t r y .
O n e o f th ese c o m p a n ie s , w ith
h e a d q u a r te r s in M in n e a p o lis , M in n ., o w n s a c o n tr o llin g
in te re s t in m o r e th a n 50 b a n k s in M in n e s o ta , I o w a , W is c o n ­
sin a n d th e D a k o t a s .
L e g is la tio n s h o u ld b e h a d to d is ­
c o u r a g e th is e v il in e v e r y p r o p e r m a n n e r .”
A n a ly s is s h o w s th a t S ta te b a n k s h a v e p a r t ia lly s u p p la n te d
b o t h p r iv a te b a n k s a n d th e n a tio n a l b a n k s w ith sm all
c a p it a l.
T h e fo llo w in g rea son s are g iv e n f o r th e g r o w t h o f S ta te
b a n k s a t th e e x p e n s e o f p r iv a te b a n k s :
“ (1 ) T h e c h ie f rea son
fo r th e p a r tia l s u p p la n tin g o f th e p r iv a te b a n k f o r th e sm all
btcite b a n k is th e a d v a n ta g e o f th e c o r p o r a t e fo r m o f o r g a n i­
z a tio n in g iv in g g r e a te r s e c u r ity to th e d e p o s it o r a n d co n s e ­
q u e n tly in in cre a sin g th e c r e d it o f th e b a n k .
(2 ) T h e
g r o w t h o f sm a ll S ta te b a n k s h as b e e n m u c h in cre a se d in a
n u m b e r o f S ta te s b y le g is la tio n r e la tin g to p r iv a t e b a n k s ,”
s u ch as th e fo r b id d in g o f th e u se o f a c o r p o r a t e n a m e o r th e
nam e
b y n o n -in c o r p o r a t e d in s titu tio n s .
“ I n 1877 th e n u m b e r o f S ta te b a n k s w ith a. ca p ita l o f
$ 5 0 ,0 0 0 a n d o v e r w as 634 a n d th e n u m b e r o f n a tio n a l b a n k s
w a s 2 ,0 8 0 .
I n 1909 th e n u m b e r s o f th e sa m e cla sses w ere
2 ,6 2 0 a n d 4 ,7 7 3 , r e s p e c t iv e ly .”
T h e g r e a t m a jo r it v o f
S ta te b a n k s h a v e a ca p ita l o f less th a n $ 5 0 ,0 0 0 , w h ile th e
g r e a t m a jo r it y o f n a tio n a l b a n k s h a v e a c a p ita l o f $ 5 0 ,0 0 0
or m ore.
T h e rea son s w h y th e s m a ller S ta te b a n k s h a v e
in cre a se d m o r e r a p id ly th a n n a tio n a l b a n k s a re:
(1 ) S in ce
th e d e v e lo p m e n t o f S ta te s u p e r v is io n th e c r e d it o f S ta te
b a n k s a p p r o x im a t e s th a t o f n a tio n a l b a n k s e x c e p t f o r in te r ­
s t a t e b u sin ess.
(2 ) T h e p r o fit o n th e issue o f n a tio n a l b a n k
n o te s h as n o t b e e n g r e a t .
(3 ) S ta te b a n k s h a v e m o r e fr e e ­
d o m in m a k in g lo a n s . T h e y m a y lo a n o n real e s ta te .
(4 ) T h e re se rv e r e q u ir e m e n ts f o r S ta te b a n k s are less s tr in ­
g e n t.

bank

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— T h e p u b lic sales o f b a n k s t o c k s th is w e e k a g g r e g a te 4 4 7
sh a re s, o f w h ic h 4 0 8 sh a res w ere s o ld a t th e S t o c k E x c h a n g e
a n d 39 sh a res a t a u c t io n .
T h e tr a n s a c tio n s in tr u s t c o m ­
p a n y s to c k s r e a ch a to t a l o f 12 sh a res.

Shares.

— N ew Y ork.

L ow . H igh. Close.

B A N K S
A m e r i c a , B a n k o f ______ . . 598
598
598
C ity B a n k , N a tio n a l
. . . . 385
390
390
C o m m e r c e , N a t B a n k o f . . . 1 9 3 *4 195
195
F i r s t N a t i o n a l B a n k ____ . . 852
852
852
F o u r th N a t io n a l B a n k . .
194
1 9 5 *4 195
P a r k B a n k , N a t i o n a l ____ - . 352 U 3 52
3 52
T R U S T C O M P A N IE S —
2 N . Y . L ife In s . & T r . C o . -.1 1 0 0
1100
1100
10 W i n d s o r T r u s t C o
115
. . 115
115

3
•14
•44
28
•3 5 0
8

-N ew Y ork.

M

X

L ast previou s sale.

Deo
Dec
Jan
Jan
Jan
Dec

1 91 0 — 5 96 *4
1 9 1 0 — 387
1 9 1 1 - 191
l O H — 875
194
191 0 — 352

Nov
Apr

1 9 1 0 — 1128
1 90 9 —
126

ion-

X

• S o ld a t th e S t o c k E x c h a n g e .

— D is tu r b a n c e s w h ic h se e m e d lik e ly to arise w ith th e
c lo s in g o f th e C a rn eg ie T r u s t C o . o f th is c it y b y th e S ta te
B a n k in g D e p a r t m e n t o n S a t u r d a y la s t w e re a v e r t e d in
a r r a n g e m e n ts p e r fe c t e d o n S u n d a y , a ft e r a series o f c o n fe r ­
e n ce s b e tw e e n le a d in g b a n k in g in te r e s ts, in w h ic h J . P .
M o r g a n ’s firm w as o n e o f th e p r in c ip a ls , h eld a t th e h o m e
o f P a u l D . C ra v a th o n S a t u r d a y a n d S u n d a y .
T h e se c o n ­
fe re n ce s c o n c e r n e d th e fu t u r e o f th e M a d iso n T r u s t C o . ( f o r ­
m e r ly th e V a n N o r d e n T r u s t C o .) , th e N in e te e n th W a r d
B a n k a n d th e T w e lft h W a r d B a n k , w h ic h , it w a s fe a r e d ,
w o u ld b e ca lle d u p o n t o m e e t “ r u n s ” o f th e ir d e p o s ito r s o n
M o n d a y , o w in g to th e f a c t th a t s o m e o f th e m e m b e r s o f th eir
b o a r d s h e ld sim ila r o ffic e s in th e C a rn eg ie T r u s t .
As a
re s u lt o f th e c o n fe r e n c e s , th e M a d is o n T r u s t is t o b e a b s o r b e d
b y th e E q u ita b le T r u s t, a n d fin a n cia l a ssista n ce h as b e e n
en b y J . P . M org a n
C o . t o th e N in e te e n th W a r d arid

&

THE CHRONICLE

J an . 14 1911.]

T w e lft h W a r d b a n k s .
T h e in te re sts r e p r e s e n te d a t th e
m e e tin g s w e re th e E q u it a b le T r u s t C o ., th e M a d is o n l r u s t ,
th e N in e te e n th W a r d a n d T w e lft h W a r d b a n k s , J . P . M o r g a n
& C o ., K u h n , L o e b & C o ., th e N e w Y o r k C le a r in g -H o u s e
A s s o c ia t io n a n d th e S ta te B a n k in g D e p a r t m e n t, th o s e p a r ­
t ic ip a t in g in th e c o n fe r e n c e s w ith M r. G ra v a th in c lu d in g
H . P . D a v is o n a n d W . H . P o r te r , o f th e firm o f J . P . M o rg a n
& C o .; A . B a r t o n H e p b u r n , o f th e C h ase N a tio n a l B a n k , a n d
P r e s id e n t o f th e N e w Y o r k C le a r in g -H o u s e A s s o c ia tio n ; J a m e s
G . C a n n o n , P r e s id e n t o f th e F o u r t h N a tio n a l B a n k ; A lv in
W . K r e c h , P r e s id e n t o f th e E q u it a b le T r u s t C o .; B r a d le y
M a rtin J r. ’ o f th e N in e te e n th W a r d B a n k ; W a t k in s C r o c k e t t ,
o f th e M a d is o n T r u s t C o .; F . B . F r e n c h , o f th e T w e lfth
W a r d B a n k ; L a w r e n c e P h ip p s , W a lte r E . F r e w , V ic e -P r e s i­
d e n t o f th e C o rn E x c h a n g e B a n k ; J o r d a n J . R o llin s , a t t o r n e y
fo r th e W in d s o r T r u s t C o .; G e o r g e I . C ase, a t t o r n e y fo r th e
S t a te B a n k in g D e p a r t m e n t; P a u l M o r t o n , P r e sid e n t o f th e
E q u it a b le L ife A s s u r a n c e S o c ie t y ; H a r r y B r o n n e r , o f I la llg a r te n
C o .; O t t o I I . K a h n , o f K u h n , L o e b & C o .; I lc n r y
R o g e r s W in t h r o p ; W . J . C u m m in s , P r e sid e n t o f th e T e n n e s ­
see P a c k in g & S t o c k Y a r d s C o .; M a rtin J . C o n d o n , P r e s id e n t
o f th e A m e r ic a n S n u ff C o .; J . B . R c ic h m a n n , S a m u el I I .
K r e s s a n d G e o rg e B . C r a b b s .
S e v e ra l o ffic ia l s ta t e m e n ts ,

&

issu e d la te S u n d a y n ig h t , t o ld o f th e s te p s t h a t h a d b e e n
ta k e n r e la t iv e t o th e th re e in s t itu tio n s w h ic h h a d o c c a s io n e d
th e c o n fe r e n c e s , th e f o llo w in g a n n o u n c e m e n t b e in g m a d e b y

91

T r u s t ) , S e c o n d V ic e -P r e s id e n t ; H e r m a n J . C o o k , S e c r e ta r y ;
W . W . R o b in s o n , T r e a s u re r; F r e d e r ic k F o w le r , A s s is ta n t
S e c r e t a r y , a n d G e o r g e H . B a r t h o lo m e w , T r u s t O ffic e r .
The
M a d is o n T r u s t c h a n g e d its n a m e fr o m th e V a n N o r d e n T r u s t
C o . in S e p te m b e r .
T h e V a n N o r d e n s w ith d r e w fr o m th e
m a n a g e m e n t e a r ly la s t y e a r , a t w h ic h tim e t h e y a ls o s e v e r e d
th e ir c o n n e c t io n w ith th e N in e te e n th W a r d a n d T w e lft h
W a r d b a n k s , b o t h o f w h ic h w e re k n o w n as V a n N o r d e n in sti­
tu t io n s .
A c o n s o lid a t io n o f th e V a n N o r d e n T r u s t C o ., th e
N in e te e n th W a r d a n d T w e lfth AVard b a n k s w ith th e C a rn eg ie
T r u s t C o . w a s p la n n e d in th e s p r in g o f 1909 as a r e s u lt, it
w a s th e n s t a t e d , o f th e a c q u is it io n o f c o n t r o l o f th e V a n
N o r d e n c o n c e r n s b y a s y n d ic a t e c o m p o s e d o f d ir e c t o r s o f th e
C a rn e g ie , to g e th e r w ith o th e r in te r e s ts.
T h e s e p la n s w e re
n e v e r ca r r ie d t h r o u g h , b e c a u s e , it is r e p o r t e d , o f th e r e fu s a l o f
th e B a n k in g D e p a r t m e n t t o s a n c t io n th e m e r g e r .
The
V a n N o r d e n T r u s t C o . w a s e s ta b lis h e d in 1902 w it h a
c a p it a l a n d su rp lu s o f $ 1 ,0 0 0 ,0 0 0 e a c h .
W arn er M . V a n
N o r d e n c o n t in u e d as its P r e s id e n t fr o m its in c e p t io n u n til a
y e a r a g o , w h e n h e w a s s u c c e e d e d b y W a t k in s C r o c k e t t , f o r ­
m e r ly V ic e -P r e s id e n t o f th e F o u r t h N a tio n a l B a n k o f N a s h ­
v ille .
W it h th e e lim in a t io n o f th e V a n N o r d e n in te re s ts th e
n a m e o f th e in s t itu tio n w a s c h a n g e d t o th e M a d is o n T r u s t
C o.
T h e c o m p a n y h a d d e p o s its o n N o v . 10 o f $ 6 ,6 8 5 ,8 7 4 .
T h e N in e te e n th W a r d B a n k h as b e e n in e x is t e n c e s in c e

1 8 8 4 . A m a jo r it y o f its s t o c k w a s p u r c h a s e d in 1903 b y in ­
terests id e n tifie d w ith th e V a n N o r d e n T r u s t C o ., W a r n e r
S ta te S u p e r in te n d e n t o f B a n k s O . I I . C h e n e y :
M . V a n N o r d e n s u c c e e d in g th e la te J o s e p h J . K it t e l as
I
h a v e b e e n In c lo s e t o u c h w i t h t h e s i t u a t io n In t h e M a d i s o n T r u s t C o .,
P r e sid e n t o f th e b a n k .
B r a d le y M a rtin J r . r e p la c e d M r.
t h e N in e t e e n t h W a r d H a n k a n d t h e T w e l f t h W a r d H a n k .
I h a v e o b je c t e d
t o c e r t a in o f t h e a s s e t s a n d s o m e o f t h e lo a n s .
I n m y o p in io n , It b e c a m e
V a n N o r d e n in th e p r e s id e n c y in J a n u a r y o f la s t y e a r .
M r.
n e c e s s a r y t o c o n s u lt w it h p r o m in e n t b a n k e r s , so t h a t s t e p s c o u ld b e t a k e n
M a rtin c o n tin u e s as P r e s id e n t.
T h e b a n k h as a c a p ita l o f
t o a l l a y p u b l i c a p p r e h e n s io n w h ic h m i g h t a r is e a ft e r

th e c lo s in g o f th e

C a r n e g ie T r u s t C o .
A s a r e s u lt o f c o n fe r e n c e s w i t h b a n k e r s a n d o th e r s In t e r e s t e d y e s t e r d a y , I
a m a b le t o a n n o u n c e t h a t , I n m y j u d g m e n t , th e a r r a n g e m e n t s w h ic h h a v e
n o w b e e n c o m p le t e d a r e s u c h a s t o e ffe ct t h a t r e s u lt.
T h e a s s e t s to w h ic h
I h a v e o b je c t e d h a v e b e e n t a k e n o u t o f t h e t w o b a n k s a n d s u b s t i t u t e d w it h
cash.
T h e M a d i s o n T r u s t C o . Is t o b e a c q u ir e d b y m e r g e r b y th e E q u i t a b l e
T r u s t C o ., a n d a r r a n g e m e n t s h a v e b e e n m a d e w i t h M e s s r s . J . P . M o r g a n
C o . t o p r o v id e ll n a n c l a l a s s is t a n c e fo r t h e t w o b a n k s .
I n m y o p in io n , t h e r e s u lt o f t h e f o r e g o in g a r r a n g e m e n t s Is t h a t th e se

&

t h r e e In s t it u t i o n s a r e In a s o u n d c o n d it io n .

^

^

C H EN EY

A n o t h e r s ta t e m e n t, m a d e b y J . P . M o rg a n & C o ., s a id :
A t t h e t im e o f t h e fa ilu r e o f t h e C a r n e g ie T r u s t I C o . c e r t a in m e m b e r s o f it s
b o a r d w e re a ls o d ir e c t o r s I n t h e M a d i s o n T r u s t C o ., t h e N in e t e e n t h W a t d
H a n k a n d th e T w e lfth W a r d B a n k .
F e a r i n g t h a t t h e a n n o u n c e m e n t o f t h is
f a c t m i g h t le a d s o m e o f t h e d e p o s it o r s o f th e se In s t it u t i o n s t o w i t h d r a w
d e p o s it s , t h e S u p e r in t e n d e n t o f H a n k s p r o m p t l y t o o k u p t h e s i t u a t io n w it h
p r o m in e n t b a n k i n g in t e r e s t s .
A f t e r a c o n fe r e n c e h e ld o n S a t u r d a y a n d
c o n t in u e d o n S u n d a y , J . P . M o r g a n a u t h o r iz e d t h e f o ll o w in g s t a t e m e n t :
" U n d e r s t a n d i n g t h a t a r r a n g e m e n t s h a v e b e e n m a d e fo r t h e a b s o r p t io n
b y m e r g e r o f t h e M a d i s o n T r u s t C o . b y t h e E q u i t a b l e T r u s t C o ., J . P . M o r ­
g a n & C o . h a v e a g r e e d t o p r o v id e f in a n c ia l a s s is t a n c e t o t h e N in e t e e n t h

$ 3 0 0 ,0 0 0 a n d d e p o s its ( N o v . 10) o f $ 8 ,5 0 8 ,2 6 0 .
T h e T w e lft h W a r d B a n k b e g a n o p e r a t io n s in 1 8 8 6 .

It

c lo s e d its d o o r s fo r a b o u t a m o n t h d u r in g th e 1907 p a n ic
(fr o m O c t . 24 t o N o v . 2 0 ), a n d w ith its r e s u m p t io n it w a s
a n n o u n c e d th a t W a r n e r V a n N o r d e n a n d his s o n , W a rn e r
M . V a n N o r d e n , h a d p u r c h a s e d in d iv id u a l c o n tr o l o f th e
b a n k a n d h a d a d v a n c e d $ 9 0 0 ,0 0 0 t o a id in its r e -o p e n in g .
W a t k in s C r o c k e t t b e c a m e V ic e -P r e s id e n t o f th e b a n k w ith
th e w ith d r a w a l o f th e V a n N o r d e n in te re s ts la st y e a r , s u c­
c e e d in g in th e o ffic e T . L . V a n N o r d e n .
F . B . F r e n c h is
P r e s id e n t o f th e b a n k , w h ic h h as $ 2 0 0 ,0 0 0 c a p ita l a n d d e p o s its

( N o v . 10) o f $ 2 ,6 2 1 ,8 6 3 .
M essrs. M a rtin , C r o c k e t t a n d F r e n c h in a jo i n t s ta t e m e n t
g iv e n o u t o n S u n d a y n ig h t a n n o u n c e d th e r e t ir e m e n t o f th e
fo llo w in g fr o m th e b o a r d s o f th e th r e e in s t itu tio n s : S a m u el H .
K r e s s , J o s e p h B . R e ic h m a n n , M a rtin J . C o n d o n , W illia m J .
C u m m in s a n d C h arles A r t h u r M o o r e J r ., all o f ■whom w ere
a n d T w e lfth W a r d H a n k s ."
a lso m e m b e r s o f th e d ir e c to r a t e o f th e C a rn eg ie t r u s t .
A.
B a r t o n H e p b u r n , as P r e s id e n t o f th e C le a r in g -H o u s e
W h ile it is sa id t h a t th e re w ere s o m e la rg er w ith d r a w a ls
A s s o c ia t io n , p r e s e n te d th e fo llo w in g s ta t e m e n t in th e m a t te r :
I h a v e b e e n In c o n fe r e n c e w it h p r o m in e n t b a n k e r s o f t h i s c i t y a n d th e
th a n u su al o n M o n d a y a t b r a n c h e s o f th e N in e te e n th W a r d
p e o p le In t e r e s t e d in t h e M a d i s o n T r u s t C o ., t h e N in e t e e n t h W a r d B a n k a n d
a n d T w e lfth W a r d b a n k s , th e re w a s a s p e e d y r e s to r a t io n o f
t h e T w e l f t h W a r d B a n k , a n d a ls o w i t h t h e S u p e r in t e n d e n t o f t h e B a n k i n g
c o n fid e n c e , d e p o s its la te r b e c o m in g in th e m a in eq u a l t o th e
D e p artm e n t, O . H . Cheney.
A v e r y h a p p y s o lu t io n o f p o s s ib le c o m p li c a ­
t io n s h a s b e e n a r r iv e d a t , f o r w h ic h t h e p u b l i c Is la r g e l y In d e b t e d to th e
v e r y e ffic ie n t s e r v ic e o f B a n k S u p e r in t e n d e n t C h e n e y .
T h e E q u i t a b l e T r u s t C o . h a s a n n o u n c e d t h a t It w ill a b s o r b t h e M a d i s o n
T r u s t C o ., t h u s a s s u r i n g a s t r o n g a n d a b le m a n a g e m e n t o f t h e a l la ir s o f
t h a t i n s t it u t i o n a n d f u ll a n d a m p le p r o t e c t io n to I t s c lie n te le .
C e r t a i n o f t h e a s s e t s o f t h e N in e t e e n t h W a r d B a n k a n d t h e 1 w c l f t h W a i d
B a n k , t o w h ic h t h e S u p e r in t e n d e n t o f B a n k s o b je c te d , h a v e b e e n r e p la c e d
w i t h m o n e y , s o t h a t In h is J u d g m e n t t h o s e In s t it u t i o n s a r c s o lv e n t , a n d
a ft e r a s c o m p le t e a n In v e s t i g a t i o n a s w e w e re a b le t o m a k e fr o m th e o u ts id e ,
I a m o f t h e o p in io n t h a t t h e d e p o s it o r s a r c sa fe a n d t h a t th e c u s t o m e r s o f
t h e b a n k s s h o u l d c o n t in u e t h e ir d e p o s it s a n d c a n c o n t in u e t h e ir b u s in e s s
w it h s a f e t y .
A r r a n g e m e n t s h a v e b e e n m a d e w it h J . P . M o r g a n
C o . to
p r o v i d e fin a n c ia l a s s is t a n c e t o t h e N in e t e e n t h a n d T w e l f t h W a r d B a n k s .
A. B A R T O N H E P B U R N .

&

A lv in W . K r e c h , P r e sid e n t o f th e E q u it a b le T r u s t, a lso
a n n o u n c e d th a t a r r a n g e m e n ts h a d b e e n m a d e w ith th e “ d ir e c ­
to r s a n d h o ld e r s o f m o r e th a n t w o -th ir d s o f th e s t o c k o f th e
M a d is o n T r u s t C o . fo r th e im m e d ia te m e r g e r o f th a t c o m p a n y
w ith th e E q u it a b le T r u s t C o ., th u s in su rin g th e p a y m e n t
o f d e p o s its a n d th e c o n tin u a n c e o f b u s in e s s, w h ic h w ill b e
c o n d u c t e d in th e n a m e o f th e E q u it a b le T r u s t o n c o m p le t io n
o f th e m e r g e r p r o c e e d in g s .”
M r. K r e c h w a s la te r q u o t e d
as s ta t in g t h a t his in s t itu tio n h a d in s u b s ta n c e g u a r a n te e d to
p e r fo r m tw o fu n c t io n s : “ firs t, t o g u a ra n te e all d e p o s ito r s ,
a n d ,s e c o n d , w e are p le d g e d t o liq u id a te th e M a d is o n T r u s t
C o . a n d d iv id e th e p r o fits a m o n g its s t o c k h o ld e r s .”
H e also
s ta t e d th a t th e B o w e r y b r a n c h o f th e M a d iso n T r u s t w o u ld in
all p r o b a b ilit y b e c o n tin u e d b y th e E q u it a b le .
A s th e m a in
o ffic e o f th e M a d is o n is a t F ift h A v e n u e a n d GOth S t r e e t, a n d
th e E q u it a b le h as a b r a n c h in th is v ic i n it y , a t F ift h A v e n u e
a n d 5 0 th S tr e e t, it is c o n s id e r e d lik e ly th a t o n e o f th ese tw o
o ffic e s w ill b e d is c o n t in u e d .
T h e n e w o ffic e r s o f th e M a d is o n
T r u s t , p e n d in g th e c o n s u m m a tio n o f th e m e r g e r , are: A lv in
W . K r e c h , P r e sid e n t; L a w r e n c e L . G ille sp ie , F ir st V ic e ­
P r e sid e n t; W a tk in s C r o c k e t t (la te ly P r e s id e n t o f th e M a d is o n




w ith d r a w a ls .
— T h e C a rn eg ie T r u s t C o . a t 115 B r o a d w a y , a ft e r fo u r
y e a r s ’ o p e r a t io n , w a s c lo s e d b y th e S ta te B a n k in g D e p a r t­
m e n t w ith th e o p e n in g o f b a n k in g h o u r s o n S a t u r d a y m o r n ­
in g la s t.
I n a s ta t e m e n t m a d e b y P r e s id e n t J . T . H o w e ll,
th e su s p e n s io n w a s sa id t o h a v e b e e n th e r e s u lt o f s u d d e n
a n d h e a v y w ith d r a w a ls o c c a s io n e d b y th e u n s e ttle d c o n ­
d it io n s b r o u g h t a b o u t b y th e fa ilu r e o f th e N o r th e r n B a n k .
T h e n a m e o f th e c o m p a n y , h e a d d e d , h a d b e e n u n w a r r a n t e d ly
c o n n e c t e d w ith c e r ta in in te re sts in v o lv e d in th a t fa ilu r e , a n d
“ d is t r u s t w a s c r e a t e d w it h o u t a n y fo u n d a t io n in f a c t . ”
T h e c lo s in g o f th e in s t itu tio n o c c u r r e d d u r in g th e c o u r s e o f
a n e x a m in a t io n b e g u n b y th e B a n k in g D e p a r t m e n t o n th e
4 th in s t.
W h ile th is w a s in p r o g r e s s th e D e p a r t m e n t is sa id
to h a v e r e q u ir e d t h a t $ 5 0 0 ,0 0 0 o f se c u r itie s h e ld b y th e
c o m p a n y as c o lla te r a l fo r lo a n s b e re p la c e d b y o th e r se cu r itie s
s a t is fa c t o r y to th e D e p a r t m e n t.
A r r a n g e m e n ts t o th is en d
a re r e p o r te d to h a v e b e e n u n d e r w a y , b u t b e fo r e th e ir c o n ­
s u m m a t io n th e B a n k in g D e p a r t m e n t a s su m e d c h a r g e o f th e
in s t itu tio n .
T h e D e p a r t m e n t ’ s a c t io n , it is s ta t e d , w a s
b a s e d o n th e refu sa l o f th e c o m p a n y o n F r id a y t o p a y fo u r
c h e c k s a g g r e g a t in g $ 4 5 0 ,0 0 0 , a n a c t o f in s o lv e n c y in th e
e y e s o f th e la w .
S o m e c o n t e n t io n o v e r th e p a y m e n t o f
th ese c la im s a p p e a r s to h a v e e x is t e d .
P a r t o f th e m o n e y is
u n d e r s t o o d to h a v e c o n c e r n e d a d e p o s it in th e C a rn eg ie
a m o u n t in g t o $ 2 2 5 ,0 0 0 s ta n d in g to th e c r e d it o f th e N o r t h ­
ern B a n k .
T h e c o m p a n y w a s c a lle d u p o n f o r th is su m b y
th e B a n k in g D e p a r t m e n t , b u t , it is s ta t e d , it w a s in sisted
b y th e c o m p a n y th a t a lo a n o f $ 2 0 ,0 0 0 m a d e t o th e b a n k b e
liq u id a te d p r io r t o th e s e tt le m e n t o f th e N o r t h e r n ’ s c la im .
S im ila r ly , it is r e p o r te d , th e c o m p a n y h a d re fu se d th e p a y -

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m e n t o f d e p o s its o f a "s im ila r "s u m | to 7 a n o th e r b a n k in g in sti­
tu tio n a s d e p o s it o r u n til th e P r e s id e n t o f th e la tte r h a d p a id
o ff a p e r so n a l lo a n o f $ 2 2 5 ,0 0 0 .
T h e o n ly s ta t e m e n t v o u c h ­
s a fe d b y th e B a n k i n g 'D e p a r t m e n t w ith re g a rd to th e clo s in g
o f th e c o m p a n y s a id :
T h e S u p e r in t e n d e n t o f B a n k s lia s t a k e n p o s s e s s io n o f t h e p r o p e r t y a n d
b u s in e s s o f t h e C a r n e g ie T r u s t C o ., lo c a te d a t 115 B r o a d w a y , B o r o u g h o f
M an h attan .
T h e e x a m i n a t i o n o f t h e a ffa ir s o f t h i s c o m p a n y h a s c a u s e d
t h e S u p e r in t e n d e n t t o c o n c lu d e t h a t It is in a n u n s o u n d c o n d it io n to t r a n s a c t
b u s in e s s a n d t h a t It is n o t s a fe fo r It t o c o n tin u e .
T h e e x a m i n a t i o n is n o t
y e t c o m p le t e a n d n o f u r t h e r s t a t e m e n t c a n b e m a d e a t t h e p r e s e n t tim e .

J . T . H o w e ll, w h o h a d s e r v e d in th e p r e s id e n c y o f th e
C a rn e g ie less- th a n th re e m o n th s , h a d th e fo llo w in g to s a y
a s t o th e d iffic u ltie s e n c o u n te r e d b y th e c o m p a n y :
T h i s d e p lo r a b le c r is is w a s m o s t u n e x p e c te d .
I t c a m e p r a c t i c a l ly w i t h o u t
w a rn in g .
I t I s t h e r e s u lt o f s u d d e n a n d h e a v y w i t h d r a w a ls o c c a s io n e d b y
t h e u n s e t t le d c o n d i t i o n s b r o u g h t a b o u t b y t h e r e c e n t b a n k fa ilu r e .
The
n a m e o f* th e C a r n e g ie T r u s t C o . w a s u n w a r r a n t e d ly c o n n e c t e d w i t h c e r t a in
in t e r e s t s i n v o l v e d i n 't h a t fa ilu r e .
D i s t r u s t w a s c r e a te d w i t h o u t a n y f o u n ­
d a t i o n i n fa c t .
T h e c a s h r e so u r c e s i m m e d i a t e l y a v a i l a b l e w e re In s u f f ic ie n t
to; m eet th e h e a v y d e m a n d s.
I n t w e n t y - f o u r h o u r s a s u f f ic ie n t a m o u n t
o f m o n e y w o u l d h a v e b e e n p r o v id e d t o m e e t t h e r e q u ir e m e n t s .
N e g o t ia ­
t io n s w e r e v i r t u a l l y c o n c lu d e d w h lc h w o u ld h a v e m e t a l l t h e e x ig e n c ie s o f t h e
s i t u a t io n ; It w a s t e m p o r a r y re lie f o n l y w h ic h w a s r e q u ir e d .
T h e b r ie f
r e s p it e n e e d e d , h o w e v e r , w a s n o t a ffo r d e d .
T h e r e Is n o r e a s o n a b le d o u b t t h a t d e p o s it o r s w i l l b e p a id In f u ll.
I n th e
e v e n t o f c a r e f u l li q u i d a t io n , s t o c k h o ld e r s s h o u l d r e c e iv e a s u b s t a n t i a l
a m o u n t u p o n t h e ir h o ld i n g s .
A s a c o n s e q u e n c e o f t h e p a n ic o f 1007 a
c o n s id e r a b le p o r t io n o f t h e a s s e t s o f t h e c o m p a n y w a s slo w , t h o u g h g o o d .
A s a g o i n g c o n c e r n t h e r e w a s n o q u e s t io n b u t t h a t t h e c a p i t a l s t o c k o f th e
c o m p a n y w a s a b s o l u t e ly u n im p a ir e d .
S i n c e I a s s u m e d t h e p r e s id e n c y o f t h is c o m p a n y — le ss t h a n n i n e t y d a y s
a g o — a t t h e r e q u e s t o f c e r t a in p o w e r fu l N e w Y o r k In t e r e s t s , I h a v e h a d
e v e r y r e a s o n f o r b e lie v in g t h a t t h e g e n e r a l c o n d it io n o f t h e In s t it u t i o n
w a s i m p r o v i n g s t e a d ily ; a l l t h e in d ic a t io n s w e re t h a t t h e c o m p a n y ’s fu t u r e
w a s a s s u r e d a n d t h a t it w o u ld g r a d u a ll y d e v e lo p In t o a la r g e a n d p r o s p e r o u s
i n s t it u t i o n .
I t is m o s t r e g r e t t a b le t h a t t h e p r e s e n t m i s f o r t u n e s h o u ld o c c u r in v ie w
o f th e fa c t t h a t th e a m o u n t d u e fr o m b a n k s a n d o th e r a sse ts q u ic k ly
a v a i l a b l e w ill a g g r e g a t e a p p r o x i m a t e l y 4 0 % o f d e p o s it s .
I t is a l m o s t n e e d le ss t o s a y t h a t th e c l o s i n g o f t h e c o m p a n y is a g r e a t a n d
t o t a lly u n e x p e c te d s h o c k to m e.
I h o p e d a n d b e lie v e d t h a t w i t h c a r e fu l
a n d c o n s e r v a t i v e m a n a g e m e n t t h e c o n fid e n c e o f t h e p u b l i c c o u ld be" g a in e d
a n d t h e a ffa ir s o f th e c o m p a n y p la c e d b e y o n d c r it ic is m .

T h e c o m p a n y a t th e tim e o f its su s p e n s io n h e ld $ 0 5 0 ,0 0 0
o f th e c i t y 's fu n d s , u n d e r s t o o d to b e s e cu r e d b y p e r so n a l
b o n d s o f th e d ir e c to r s o f th e in s t itu tio n .
D u r in g th e s u m ­
m e r th e c i t y 's d e p o s it in th e c o m p a n y a m o u n t e d to $ 1 ,0 0 0 ,­
0 0 0 ; b u t a t th e in s ta n c e o f C o m p tr o lle r P r e n d e r g a s t it h a d
b e e n d e c id e d t o r e d u c e th e a m o u n t to $ 5 0 0 ,0 0 0 b y w it h ­
d r a w a l o f $ 5 0 ,0 0 0 w e e k ly .
S ta te fu n d s o f $ 1 2 5 ,0 0 0 (se c u r e d
b y C anal b o n d s ) a re a ls o h e ld b y th e c o m p a n y , a n d th e S ta te
o f T e n n e s s e e , f o r w h ic h th e in s t itu tio n w a s fisca l a g e n t, h as
$ 7 3 ,0 0 0 t o its c r e d it in th e in s t it u t io n , s e c u r e d , it is s a id , b y
a b o n d o f $ 1 0 0 ,0 0 0 in th e F id e lit y G u a r a n ty C o . o f N e w Y o r k .
T h e c o m p a n y w a s a ls o a d e p o s it a r y f o r th e N e w Y o r k C o t to n ,
P r o d u c e a n d C o ffe e e x c h a n g e s a n d f o r b a n k r u p t c y fu n d s
c o lle c t e d b y r e c e iv e r s f o r th e U n ite d S ta te s c o u r ts in th is d is ­
t r ic t .
T h e b a n k r u p t c y m o n e y s n o w h e ld b y it are r e p o r te d
as o v e r $ 2 5 0 ,0 0 0 .
S in ce its o p e n in g f o u r y e a r s a g o ,
o n J a n . 2 1907, th e c o m p a n y h a d h a d a ra th e r c h e c k e r e d
career.
I t w a s o r g a n iz e d b y th e la te C . C. D ic k in s o n , w h o
o n se v e ra l s e p a r a te o c c a s io n s s e r v e d in th e p r e s id e n c y .
At
a n u m b e r o f tim e s a s sista n c e , it is s ta t e d (o n e o f th ese tim es
b e in g d u r in g th e p a n ic o f 1 9 0 7), w a s g iv e n to th e c o m p a n y
b y A n d r e w C a rn e g ie — n o t , h o w e v e r , th r o u g h a n y p e rson a l
in te r e s t , fo r h e h a d , it is u n d e r s t o o d , n o su ch in te r e s t in th e
in s t itu tio n , a n d h a d e v e n b e e n o p p o s e d to th e u se o f his n am e
in c o n n e c t io n w ith th e c o n c e r n .
B u t his a id , it is s a id , w a s
f o r t h c o m in g o n b e h a lf o f C h arles M . S c h w a b , w h o a t o n e
tim e w a s a d ir e c t o r o f th e in s t itu tio n .
T h e c o m p a n y w as
sa id to h a v e su ffe re d in th e c o lla p s e in th e c o m m o n s to c k
o f C o lu m b u s & H o c k in g C oal
I r o n s t o c k la st y e a r ; b u t re­
p o r t s th a t M r. C a rn e g ie g a v e it s u p p o r t a t th a t tim e is d e n ie d .
T h e c o m p a n y h a d a ls o b e e n c o n c e r n e d as a c r e d it o r in th e
c o lla p s e th e la tt e r p a r t o f 1908 o f th e P . J . K e ir a n F id e lit y
F u n d in g C o ., in w h ic h a n u m b e r o f C a th o lic in s t itu tio n s w ere
su ffe re rs.
J o s e p h G . R o b in , w h o s e b a n k in g m e t h o d s are
h e ld r e s p o n s ib le fo r th e su s p e n s io n o f th e N o r t h e r n B a n k ,
w a s fo r m e r ly a d ir e c t o r o f th e C a rn e g ie .
L e slie M . S h a w
w a s fo r a b o u t a y e a r P r e s id e n t o f th e c o m p a n y , s u c c e e d in g
M r. D ic k in s o n in th a t c a p a c it y in M a rch 19 0 7, a n d re tirin g
th e fo llo w in g M a rch , w h e n M r. D ic k in s o n a g a in b e c a m e its
h ead.
M r. D ic k in s o n 's h e a lth h a v in g b e c o m e im p a ir e d
th r o u g h a n a c c id e n t w h e n he w as th r o w n fr o m h is h o rse in
C en tra l P a r k , h e re sig n e d th e p r e s id e n c y in D e c e m b e r 1909,
a n d J o s e p h B . R e ic h m a n n w a s ch o s e n as h is s u c c e ss o r .
T h e la tt e r c o n s e n te d to se rv e in th e o ffic e te m p o r a r ily , p e n d ­
in g th e e le c t io n o f a p e r m a n e n t h e a d .
J o s e p h T . H o w e ll o f
N a s h v ille w a s m a d e P r e sid e n t o f th e c o m p a n y in S e p te m b e r
la s t a n d a ssu m e d th e o ffic e o n O c t . 10.
M r. H o w e ll h a d b e e n
c o n n e c t e d w ith th e F o u r t h N a tio n a l B a n k o f N a s h v ille fo r
t h ir t y y e a r s a n d w a s o n e o f th e b e st k n o w n b a n k e r s in th e




&

[VOL. LXXXXII.

S o u th .
H e h a d filled p r a c t ic a lly e v e r y p o s it io n in th e b a n k
a n d w a s its P r e s id e n t w h e n h e w a s e le c t e d to th e h e a d s h ip o f
th e C a rn e g ie .
I t is g e n e r a lly c o n c e d e d th a t n o m o r e c a p a b le
b a n k e r c o u ld h a v e b e e n c h a r g e d w ith th e ta sk o f p u t t in g
th e c o m p a n y o n a s u b s ta n tia l b a s is.
T h e c a p ita l o f th e
c o m p a n y w a s o r ig in a lly $ 1 ,0 0 0 ,0 0 0 , b u t th e a m o u n t w a s
s u b s e q u e n tly in c r e a s e d to $ 1 ,5 0 0 ,0 0 0 .
— T h e n ew p o s t a l s a v in g s b a n k s y s te m e s ta b lis h e d b y th e
F e d e ra l G o v e r n m e n t u n d e r th e la w p a s s e d b y C on g ress la st
J u n e b e c a m e a r e a lit y la s t w e e k , w ith th e o p e n in g o n th e 3d
in st. o f th e b a n k s a t th e f o r t y - e ig h t o ffic e s w h ic h h a v e b e e n
d e s ig n a te d t o r e c e iv e s u ch d e p o s its . C ities o f th e s e c o n d cla ss
h a v e b e e n s e le c t e d in th e first in s ta n c e , a n d o n e t o w n in e a ch
S t a te a n d T e r r it o r y o f th e U n io n is n a m e d as a p o s ta l s a v in g s
d e p o s it o r y o f fic e .
A list o f th ese a p p e a r e d in o u r issu e o f
O ct. 29.
I n N e w Y o r k S ta te , C o h o e s is th e c it y in w h ic h th e
p o s ta l s a v in g s b a n k p la n is in a u g u r a te d .
T h e esse n tia l
fe a t u r e s o f th e la w w ere r e v ie w e d b y us e d it o r ia lly o n J u ly 2 .
T h e b a n k s are c o n t r o lle d , s u p e r v is e d a n d a d m in is te r e d b y a
b o a r d o f tr u ste e s c o n s is t in g o f th e P o s t m a s te r -G e n e r a l, th e
S e c r e t a r y o f th e T r e a s u r y a n d th e A t t o r n e y -G e n e r a l.
D e­
p o s it s m a y b e m a d e b y a n y p e r s o n o f ten y e a rs o f a g e o r o v e r
in h is o r h er n am e; it is r e q u ir e d t h a t d e p o s its b e in $1 o r
m u ltip le s th e re o f; in ca ses w h e r e th e a m o u n t a v a ila b le fo r
d e p o s it in g is less th a n $ 1 , p o s ta l s a v in g s b a n k ca r d s m a y b e
h a d a t a c o s t o f 10 c e n ts , to w h ic h m a y b e a ffix e d 1 0 -c e n t
p o s ta l s a v in g s b a n k s ta m p s , a n d w h en th ese roa ch an a g g r e ­
g a te o f $1 o r m u lt ip le s t h e r e o f, t h e y m a y b e u tiliz e d in
o p e n in g a n a c c o u n t .
N o o n e is p e r m it t e d t o d e p o s it m o r e
th a n $ 1 0 0 in a n y o n e c a le n d a r m o n t h , a n d th e b a la n c e t o th e
c r e d it o f a n y o n e p e r so n c a n n e v e r e x c e e d $ 5 0 0 , e x c lu s iv e o f
a c c u m u la te d in te r e s t .
I n te r e s t at th e ra te o f 2 % p e r a n ­
n u m is t o b e a llo w e d o n d e p o s it s , a n d is t o b e c r e d ite d o n c e a
year.
T h e la w re q u ir e s th a t 5 % o f th e p o s ta l s a v in g s fu n d s
sh all b e d e p o s ite d as a re s e r v e w ith th e T r e a s u r e r o f th e
U n ite d S t a te s .
T h e re m a in d e r o f th e fu n d s is to b e “ d e ­
p o s it e d in s o lv e n t b a n k s , w h e t h e r o r g a n iz e d u n d e r n a tio n a l
o r S ta te la w s, b e in g s u b je c t t o n a t io n a l o r S ta te s u p e r v is io n
a n d e x a m in a t io n , a n d th e su m s d e p o s ite d shall b e a r in te r e s t
a t th e ra te o f n o t less th a n 2 ) 4 % p e r a n n u m ."
T h e B oard
is r e p o r te d to h a v e a d o p t e d a re s o lu tio n fix in g th e ra te o f
in te r e s t to b e p a id b y d e p o s it a r y b a n k s fo r th e tim e b e in g a t
2 K % > p a y a b le s e m i-a n n u a lly o n J a n . 1 a n d J u ly 1. A p r o ­
v is io n in th e la w s ta te s th a t n o t e x c e e d in g 3 0 % o f th e a m o u n t
o f th e fu n d s h e ld b y th e d e p o s it o r y b a n k s “ m a y b e w it h ­
d r a w n a t a n y tim e b y th e tr u ste e s fo r in v e s tm e n t in b o n d s
o r o th e r se cu r itie s o f th e U n ite d S t a t e s ."
A n d th e re is a
fu r th e r p r o v is io n u n d e r w h ic h th e r e m a in in g 0 5 % m a y b e
w it h d r a w n f o r in v e s tm e n t in b o n d s o r o th e r s e c u r itie s o f th e
U n ite d S ta te s , “ b u t o n ly b y d ir e c tio n o f th e P r e s id e n t ,a n d
o n ly w h e n , in h is ju d g m e n t , th e g e n e ra l w elfa re a n d th e in ­
te r e st o f th e U n ite d S ta te s so r e q u ir e .”
— T h e c o n s t it u t io n a lit y o f th e la w g o v e r n in g th e b u sin e ss
o f p r iv a t e b a n k e r s in N ew Y o r k S t a te , p a sse d b y th e L e g isla ­
tu re la s t y e a r , is u p h e ld in a d e c is io n o f th e U n ite d S ta te 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 th e 3 d in s t.
T h e o p in io n
w a s g iv e n in th e a p p e a l o f M orris E n g e l, o f th e firm o f
E n g e l & E c k e r t , 129 G r e e n w ic h S tr e e t, N e w Y o r k .
M r.
E n g e l s o m e m o n th s a g o s o u g h t a n in ju n c t io n to restr a in th e
S t a te o ffic ia ls fr o m e n fo r c in g th e la w (w h ic h im p o s e s c e r ta in
r e q u ir e m e n ts o n in d iv id u a ls a n d p a r tn e r s h ip s r e c e iv in g
m o n e y s o n d e p o s it f o r s a fe -k e e p in g o r tr a n s m is s io n to o th e r s ,
w h e r e th e a v e r a g e a m o u n t o f e a c h su m r e c e iv e d d u r in g th e
y e a r is less th a n $ 5 0 0 ), o n th e g r o u n d th a t it w a s illeg a l a n d
v o id “ b e c a u s e in c o n t r a v e n t io n o f th e F o u r t e e n t h A m e n d ­
m e n t o f th e C o n s t itu tio n o f th e U n ite d S ta te s
. . .
in
th a t it im p a irs c o n t r a c t rig h ts a n d a t t e m p t s to r e g u la te
a n d im p o s e a t a x u p o n in te r -S t a t e a n d fo r e ig n c o m m e r c e ."
T h e in ju n c t io n w a s d e n ie d o n A u g . 31 b y J u d g e L a c o m b e in
th e U n ite d S ta te s C ircu it C o u r t, w h o a m o n g o t h e r th in g s
e x p r e s s e d h im s e lf as n o t sa tisfied th a t th e b u sin ess re g u la te d
b y th e A c t is in te r -S ta te c o m m e r c e .
T h e U n ite d S ta te s
S u p r e m e C o u r t, to w h ich th e ca s e w a s ca r r ie d b y M r. E n g e l,
d is m is se s th e la t t e r ’ s c o n t e n t io n th a t h is b u sin ess is n o t th a t
o f a b a n k e r b u t o f a b a ile e .
T h e tr a n s m is s io n o f m o n e y , th e
C o u r t a s su m e s , is b y d r a ft o r c h e c k o r fo r m o f e x c h a n g e , a n d
n o t b y s e n d in g th e id e n tic a l c u r r e n c y .
T h e C o u r t h o ld s th e
b u s in e s s to b e a fo r m o f b a n k in g a n d fin d s ju s t ific a t io n fo r
th e le g is la t io n , b e c a u s e it is c h ie fly w ith p o o r a n d ig n o r a n t
im m ig r a n t s .
I n a n o t h e r a c t io n , w h ic h w a s b r o u g h t b y
J a m e s L e e , a c u r b b r o k e r o f th is c i t y , J u s tic e B iju r o f th e
N e w Y o r k S ta te S u p re m e C o u r t h a d d e c la r e d th e la w
u n c o n s t it u t io n a l o n O c t . 11 a n d g r a n te d a n in ju n c t io n
re s tr a in in g its e n fo r c e m e n t .
T h e A p p e lla te D iv is io n o f th e

THE CHRONICLE

J an . H 1911. j

N e w Y o r k S u p r e m e C o u r t v a c a t e d th e in ju n c t io n th e fo llo w ­
in g m o n t h ( N o v . 1 8 ), b u t e x p r e s s e d n o c o n c lu s io n a s to th e
v a lid i t y o f th e A c t .
— T o d iffe r e n t ia te m o r tg a g o b o n d s o n w h ic h th e r e g is tr y
fe e h a s b e e n p a id fr o m o th e r s , th e N e w Y o r k S t o c k E x c h a n g e
h a s m a d e a s lig h t c h a n g e in its m e t h o d o f q u o t in g th e s e se­
c u r itie s ,
I t s a c tio n fo llo w s th e a m e n d m e n t m a d e la s t y e a r
t o th e M o r tg a g e T a x L a w o f th is S t a te , u n d e r w h ic h th e

X

p a y m e n t o f a r e g is tr y fee o f
o f 1 % e x e m p t s th e h o ld e r s
o f b o n d s s e c u r e d b y m o r tg a g e s o n p r o p e r t y in N e w Y o r k
S ta te fr o m th e p e r so n a l t a x o n th e s a m e .
W h e r e th e r e g is ­
t r y fe e h as b e e n p a id , th e N e w Y o r k S t o c k E x c h a n g e w ill
in d ic a t e th is b y th e le tte r s “ T E , ” w h ic h w ill f o llo w im m e ­
d ia t e ly a fte r th e q u o t a t io n s o f th e b o n d s .
— W illis V a n D e v a n t e r a n d J o s e p h I t . L a m a r w e re s w o r n
in t o th e ir n e w o ffic e s as A s s o c ia te J u s tic e s o f th e U n ite d
S ta te s S u p re m e C o u r t o n th e 3 d in s t ., th u s fillin g th e t w o
v a c a n c ie s w h ic h h a d e x is t e d o n th e b e n c h , a n d g iv in g it fu ll
m e m b e r s h ip f o r th e first tim e in n e a r ly t w o y e a r s .
— T h e N ig h t & D a y B a n k a t 4 4 th S tr e e t a n d 5 th A v e n u e
is t o b e c o n v e r t e d in t o a n a tio n a l in s t itu tio n a n d its n a m e
c h a n g e d w ith it s c o n v e r s io n t o th e H a r r im a n N a tio n a l B a n k .
T h e H a r r im a n s a n d a ffilia t e d in te r e s ts h a v e lo n g b e e n d o m i­
n a n t in th e in s t it u t io n , a n d th e n e w title is to b e a d o p t e d
in h o n o r o f th e la te E . I I . H a r r im a n .
T h e b a n k lia s fo r m e d
a n in tim a te re la tio n s h ip w ith th e M e r c h a n t s ’ N a tio n a l B a n k
o f 40 W a ll S t r e e t, a n d th e tw o in s t itu tio n s n o w h a v e a n u m ­
b e r o f d ir e c t o r s in c o m m o n .
R o b e r t M . G a lla w a y , P r e si­
d e n t o f th e M e r c h a n ts ’ N a tio n a l B a n k , a n d J o s e p h W . H a m m a n a V ic e -P r e s id e n t o f th a t in s t it u t io n , h a v e f o r s o m e
t im e b e e n o n th e b o a r d o f th e N ig h t & D a y B a n k , a n d sev era l
a d d itio n a l in te re sts in th e M e r c h a n t s ’ w e re g iv e n p la c e s o n
th e d ir e c t o r a t e o f th e N ig h t & D a y B a n k th is w e e k .
T hese
n e w ly -e le c t e d d ir e c to r s are E lb e r t A . B rin ck e rh o fT , a n o t h e r
V ic e -P r e s id e n t o f th e M e r c h a n ts ’ , a n d th e f o llo w in g , all o f
w h o m are d ir e c to r s o f th e M e r c h a n t s ’ : D o n a ld M a c k a y , o f
M a c k a y & C o .; E d w a r d H o lb r o o k , P r e s id e n t o f th e G o r h a m
M a n u fa c tu r in g C o .; W illia m A . T a y l o r , o f T a y l o r , C la p p &
C o ., a n d C h arles A . B o o d y , P r e s id e n t o f th e P e o p le ’ s T r u s t
C o . o f B r o o k ly n .
T h e o th e r m e m b e r s o f th e b o a r d o f th e
N ig h t & D a y B a n k are C h arles G . T e g e th o fT , w h o w as p r iv a te
S e c r e t a r y to M r. H a r r im a n ; T h o m a s B . C la rk e , H e n r y F .
S h o e m a k e r , F r a n k L . P o lk , W illia m I . S p ie g e lb e r g , H a r ris o n
K . B ir d , S a m u e l S . C a m p b e ll, B r y a n L . K e n n e lly a n d M a rtin
V o g e l.
W . I I . C h e sb ro u g h a n d J . B o r d e n H a r r im a n retire
fr o m th e b o a r d .
J o s e p h W . H a r r im a n w a s e le c t e d P r e s id e n t
o f th e N ig h t & D a y B a n k o n T h u r s d a y a n d B r y a n L . K e n ­
n e lly w a s e le c t e d F ir s t V ic e -P r e s id e n t .
T h e b a n k h as b e e n
in o p e r a t io n sin c e A p r il 1 9 0 6.
O r ig in a lly it r e m a in e d o p e n
c o n t in u o u s ly n ig h t a n d d a y ( e x c e p t S u n d a y s a n d h o lid a y s ),
b u t la s t J u n e r e d u c e d its w o r k in g p e r io d t o s ix t e e n h o u rs
d a ily , o r fr o m 8 a . m . u n til m id n ig h t .
— T h e p r in c ip a l ch a n g e s w h ic h m a r k th is w e e k ’s a n n u a l
m e e tin g s a m o n g th e c i t y ’s b a n k in g in s t itu tio n s are th e
p r o p o s e d r e tir e m e n t o f V a le n tin e P . S n y d e r as P r e s id e n t
o f th e N a tio n a l B a n k o f C o m m e r c e , th e e le c t io n o f A . B a r t o n
H e p b u r n as C h a irm a n o f th e B o a r d o f th e C h ase N a tio n a l
B a n k , a n d th e c h o ic e o f A lb e r t H . W ig g in t o s u c c e e d h im
as P r e s id e n t o f t h a t in s t it u t io n .
M r. S n y d e r ’s r e s ig n a tio n as P r e s id e n t o f th e N a tio n a l B a n k
o f C o m m e r c e w ill b e c o m e e ffe c t iv e o n A p r il 1. A c c o r d in g
t o a s t a t e m e n t issu e d b y th e in s t it u t io n , M r. S n y d e r d e sire d
t o b e r e lie v e d o f th e r e s p o n s ib ilitie s o f h is o ffic e a y e a r a g o ,
b u t a c c e d e d a t t h a t tim e t o th e r e q u e s t o f th e d ir e c to r s t o
c o n t in u e .
T h e b o a r d h as a d o p t e d r e s o lu tio n s e x p r e s sin g
t o M r. S n y d e r “ its sen se o f o b lig a t io n f o r th e d e v o t e d a n d
su cc e ss fu l s e r v ic e h e h as r e n d e re d t o th is i n s t it u t i o n .” T h e y
r e c o r d th a t “ b y h is p e r s o n a lity h e h e ld a n d b r o u g h t t o th e
in s t itu tio n b u sin e ss o f d e sira b le c h a r a c te r , a n d d u r in g th e
e n tir e p e r io d o f h is p r e s id e n c y th is b a n k h a s in v o lu m e o f
b u s in e s s b e e n s e c o n d t o o n ly o n e o th e r in th is c o u n t r y , a n d
in p o in t o f c h a r a c te r s e c o n d t o n o n e .”
M r. S n y d e r b e c a m e
h e a d o f th e b a n k in 19 0 3, w h e n th e W e s t e r n N a tio n a l B a n k
o f th e U n ite d S ta te s , o f w h ic h h e h a d h e ld th e p r e s id e n c y ,
w a s m e r g e d w ith th e C o m m e r c e .
H is b a n k in g ca re e r c o v e r s
a p e r io d o f o v e r f o r t y y e a r s .
H is s u c c e s s o r as P r e s id e n t o f
th e b a n k h as n o t y e t b e e n c h o s e n .
L e o p o ld F r ie d r ic h h as
re s ig n e d as M a n a g e r o f th e F o r e ig n d e p a r t m e n t o f th e
N a tio n a l B a n k o f C o m m e r c e t o b e c o m e a s s o c ia te d w ith th e
A m e r ic a n S m e ltin g & R e fin in g C o .
H e is s u c c e e d e d as
M a n a g e r o f th e D e p a r t m e n t b y G . S. M a so n .
F r a n c is II .
M c K n ig h t w a s c h o s e n a d ir e c t o r o f th e b a n k th is w e e k to
ta k e th e p la c e o f G e o rg e W . Y o u n g , r e tir e d .




93

M r. H e p b u r n , w h o re lin q u ish e s th e p r e s id e n c y o f th e C h ase
N a tio n a l B a n k , t o b e c o m e C h a irm a n o f its b o a r d o f d ir e c t o r s ,
s u c c e e d in g H e n r y W . C a n n o n , w h o re tire s fr o m th e o f fic e ,
h a d b e e n P r e s id e n t o f th e in s t itu tio n s in c e F e b r u a r y 1 9 0 4 .
H e h a d p r e v io u s ly b e e n V ic e -P r e s id e n t , a n d w ith his a d v a n c e ­
m e n t A lb e r t I I . W ig g in w a s c h o s e n t o fill th a t o f fic e .
I n h is
n ew p o s t M r. H e p b u r n is v e s te d w ith th e fu ll e x e c u t iv e
p o w e r s h e h a s h e r e t o fo r e h a d , th e d ir e c t o r s h a v in g th is w e e k
p a sse d a r e s o lu tio n to th is e ffe c t , a s fo llo w s :

R esolved, T h a t A . B a rto n H ep b u rn be and he hereb y Is elected C h airm an
ol th e b o ard a n d Is au th o rized a n d em pow ered to m an ag e th e affairs an d
business of th e b an k as a n executive officer, an d is auth o rized to b in d th e
b a n k by his a cts an d sig n a tu re w ith th e sam e effect as if he w ere P resid e n t
of th e b a n k .
#
M r. W ig g in , th e n ew P r e s id e n t, p r io r t o b e c o m in g V ic e ­
P r e s id e n t o f th e C h a se, h a d b e e n V ic e -P r e s id e n t o f th e
N a tio n a l P a r k B a n k .
M r. H e p b u r n is P r e s id e n t o f th e
N e w Y o r k C le a r in g -H o u s e A s s o c ia tio n a n d P r e s id e n t a lso
o f th e C h a m b e r o f C o m m e r c e .
M r. W ig g in is c o n n e c t e d
w ith o t h e r o f th e c i t y ’ s b a n k in g in s t itu tio n s , b e in g a m e m b e r
o f th e E x e c u t iv e C o m m it t e e o f th e B a n k e r s ’ T r u s t, a d ir e c t o r
o f th e G u a r a n ty T r u s t , th e U n io n E x c h a n g e N a tio n a l B a n k ,
& c.
A s a n a c t iv e m e m b e r o f th e L o a n C o m m it te e o f th e
N e w Y o r k C le a r in g -H o u s e A s s o c ia t io n , h e w a s p r o m in e n t
a m o n g th o s e w h o w e re in str u m e n ta l in r e lie v in g th e d is t u r b e d
c o n d it io n s d u r in g th e 1907 p a n ic .
__ J o h n A lv in Y o u n g d e c lin e d r e -e le c tio n a s P r e sid e n t o f th e
W in d s o r T r u s t C o . a t T h u r s d a y ’s m e e t in g , a n d A u g u s t
H e c k s c h e r , a d ir e c t o r o f th e in s t itu tio n f o r s o m e tim e p a s t ,
w a s c h o s e n as h is s u c c e s s o r in th e p o s t .
M r. Y o u n g w ill
re m a in as a m e m b e r o f its b o a r d o f d ir e c to r s .
H e h a d been,
a n o ffic e r o f th e c o m p a n y sin c e it s ta r te d b u sin e ss in 1 903 4
h a v in g s e r v e d a t first as a V ic e -P r e s id e n t .
— T h e p r o p o s it io n t o in cre a se th e ea p ita i a n d su rp lu s o f
th e H u n g a r ia n -A m e r ic a n B a n k o f th is c it y fr o m $ 3 0 0 ,0 0 0 ,
o f w h ic h $ 2 0 0 ,0 0 0 re p r e se n ts c a p it a l, t o .$ 1 ,00 0 ,0 0 0 w a s r a ti­
fied b y th e s t o c k h o ld e r s o n T u e s d a y .
T h e p la n t o c h a n g e
th e lo c a t io n o f th e b a n k fr o m 32 B r o a d w a y to 147 F ift h
A v e n u e w a s a ls o a p p r o v e d .
C o n tr o l o f th e in s t itu tio n la t e ly
b e c a m e lo d g e d w ith th e H u n g a r ia n C o m m e r c ia l B a n k o f
P e s t , a n d th e C en tra l C re d it B a n k o f H u n g a r ia n F in a n c ia l
E s ta b lis h m e n ts , L t d ., o f B u d a p e s t .
P . R . G . S jo s t r o m is
P r e s id e n t o f th e H u n g a r ia n -A m e r ic a n B a n k .
— K e n n e th K . M c L a r e n , h e r e t o fo r e T r e a s u re r o f th e C o r­
p o r a t io n T r u s t C o . o f th is c it y , w a s th is w e e k e le c t e d P r e si­
d e n t o f th e c o m p a n y , t o s u c c e e d H o w a r d K . W o o d , w h o h a s
re sig n e d t o g iv e h is a t t e n t io n t o h is m e r c a n tile in te r e s ts in
P h ila d e lp h ia .
T h e c o m p a n y m a in ta in s o ffic e s in e le v e n o f
th e p r in c ip a l c itie s in th e U n ite d S ta te s a n d a ls o o n e in
L o n d o n , E n g la n d .
— G ilb e r t I I . J o h n s o n , w h o w a s a lr e a d y a d ir e c t o r o f th e
M e r c h a n ts ' E x c h a n g e N a tio n a l B a n k o f th is c it y , h a s b e e n
e le c t e d a V ic e -P r e s id e n t o f th e in s t itu tio n .
L orenzo B ene­
d ic t h a s b e c o m e a d ir e c t o r o f th e b a n k .
— L o u is F . S a iler w a s a p p o in t e d a n A s s is ta n t C a sh ier o f
th e N a tio n a l P a r k B a n k o f th is c it y o n T u e s d a y .
E dw ard
C . W a lla c e o f W . I I . W a lla c e & C o . w a s c h o s e n t o th e d ir e c ­
t o r a t e o f th e b a n k a t th e sa m e m e e t in g .

D.

— B ern h ard
F o r s t e r h a s b e e n a p p o in t e d a n A s s is ta n t
C ash ier o f th e B a n k o f th e M a n h a tta n C o m p a n y o f th is c i t y .
— T h e fo llo w in g a re s o m e o f th e o th e r c h a n g e s m a d e in
th e d ir e c to r a t e s o f th e lo c a l b a n k s a t th e a n n u a l m e e tin g s o n
T uesday:
A e t n a N a t i o n a l B a n k . — M e m b e r s h ip o f t h e b o a r d r e d u c e d f r o m t w e n t y
t o n in e te e n , I I . E n d c m a n n a n d W i l l i a m I I l l l s r e t ir in g a n d E . V . C o n n o l ly ,
C a s h ie r , b e in g c h o s e n a s a n e w d ir e c t o r .
A m e r i c a n E x c h a n g e N a t i o n a l B a n k . — E l b r l d g c G e r r y S n o w , P r e s id e n t o f
t h e H o m e I n s u r a n c e C o ., w a s c h o s e n t o t h e d ir e c t o r a t e .
B a n k o f th e M e t r o p o lis — H . E lm e r G ib b o f M ills
G i b b e le c te d t o t h e
b o a r d t o r e p la c e th e la t e J o h n S . I l u y l e r .
B a t t e r y P a r k N a t i o n a l B a n k . — E d w a r d R . C a r h a r t , P r e s id e n t o f t h e
N e w Y o r k P r o d u c e E x c h a n g e , w a s c h o s e n a n a d d i t i o n a l d ir e c t o r .
C e n t u r y B a n k . — J o e l R a t h b o n e c h o s e n t o t h e d ir e c t o r a t e t o t a k e t h e
p la c e o f A . I I . D a y t o n , w h o r e tire s a s V i c e - P r e s id e n t a n d d ir e c t o r .
C h a t h a m N a t i o n a l B a n k . — F r a n k S . W lt h e 'r b e e a n d H o r a c e E . A n d r e w s
w e re a d d e d to th e b o a rd .
T h e P h e n l x N a t i o n a l , w h ic h Is t o c o n s o lid a t e
w i t h t h e C h a t h a m , a d j o u r n e d I t s a n n u a l m e e t in g u n t i l t h e 2 4 t h In s t .
C h e ls e a E x c h a n g e B a n k . — J . 1’ . I I . W h i t a k e r e le c te d a n a d d i t i o n a l m e m ­

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ber of th e board.
C i t iz e n s ’ C e n t r a l N a t i o n a l B a n k . — J a c q u e s H u b e r r e t ire d f r o m t h e d ir e c ­
to r a t e .
C o a l & I r o n N a t i o n a l B a n k . — H . L . J o y c e w a s e le c te d t o t h e b o a r d a n d
t h e p r e v io u s e le c tio n o f W . J . H a r a h a n a s a d ir e c t o r w a s c o n fir m e d .
F o u r t e e n t h S t r e e t B a n k . — J a m e s W . D e G r a f f r e p la c e s M ic h a e l B l a k e o n
th e b o ard .
F o u r t h N a t i o n a l B a n k . — A m e n d m e n t a d o p t e d I n c r e a s in g t h e m e m b e r ­
s h ip o f t h e b o a r d f r o m e le v e n t o fo u rte e n ; t h re e n e w d ir e c t o r s w e re e le c te d
t h is w e e k , n a m e ly S a m u e l S . C a m p b e ll, V i c e - P r e s i d e n t o f t h e in s t it u t i o n ;
W e ld in g R i n g o f M a illc r
Q u e r e a u , f o r m e r l y P r e s id e n t o f t h e N e w Y o r k
P r o d u c e E x c h a n g e , a n d M o r t o n F . P la n t .
G a r f ie ld N a t i o n a l B a n k . — B o a r d In c r e a s e d to n in e m e m b e r s , w i t h t h e
a d d i t i o n o f R o b e r t J . H o r n e r a n d D a n ie l S . M c E l r o y .

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94

THE CHRONICLE

• G c r m a n - A m e r l c a n B a n k . — M a r t i n J . Q u l n n 'c h o s c n to t h e b o a r d t o s u c ­
c e e d L . F . D o m m e r lc h .
•
J e ffe r s o n B a n k . — B o a r d In c r e a s e d to e ig h te e n m e m b e r s w it h t h e a d d i t i o n
o t t h e f o ll o w in g to t h e d ir e c t o r a t e : S . G . B e a ls , F . N . B c n h a m , S t u y v c s a n t
F i s h J r . , M o r g a n J o n e s , W i l l i a m H . L e u p p a n d C h a r le s O t is .
L i b e r t y N a t i o n a l B a n k . — G e o r g e B . C a s e , H o w a r d W . M a x w e ll a n d
C h a r le s W . R e l c k s r e p la c e J . R . M a x w e ll , d e c e a s e d , a n d G e o r g e F . B a k e r
a n d F r e d e r ic k G . B o u r n e , w h o a r e r e t i r i n g f r o m s o m e o f t h e ir m a n y a c t i v i ­
t ie s .
T h e e le c tio n o f M r . C a s e o c c u r r e d la s t w e e k .
M r . R e lc k s Is V ic e ­
P r e s i d e n t a n d C a s h ie r o f t h e In s t it u t i o n .
L in c o ln N a t io n a l B a n k . — W . A . S im o n s o n , V ic e -P r e s id e n t o f th e N a ­
t i o n a l C i t y B a n k , a n d E . L . R o s s lt e r a r e n e w m e m b e r s o f t h e L i n c o l n ’s
b o a r d , M r . S i m o n s o n f illin g t h e v a c a n c y d u e t o t h e d e a t h o f C . C . C la r k e
a n d M r . R o s s lt e r r e p la c in g h is fa t h e r , t h e la t e E . V . W . R o s s lt e r .
M a r k e t & F u l t o n N a t i o n a l B a n k — L o w e ll M . P a lm e r Is a n a d d i t i o n a l
m e m b e r o f th e b o ard .
M e c h a n i c s & M e t a ls N a t i o n a l B a n k . — T w o v a c a n c ie s o n t h e b o a r d w e re
fille d w i t h t h e e le c tio n th e r e to o f S t a n l e y F ie ld o f M a r s h a l l F i e ld & C o . o f
C h i c a g o a n d F r e d e r ic W . A l le n , V ic e - P r e s id e n t o f t h e b a n k .
M e r c a n t i le N a t i o n a l B a n k . — W a r n e r V a n N o r d e n r e t ir e d f r o m t h e b o a r d .
N e w N c t h e r l a n d B a n k . — F r e d e r ic k L e k l l g a n d F r e d e r ic k W . S t e h r a r c
n e w m e m b e r s o f t h e b o a r d , f r o m w h ic h C h a r le s W . O s b o r n e r e tire s.
P l a z a B a n k . — W . F . P . H o f f m a n a n d T . F . V i c t o r h a v e b e e n c h o s e n to
HU v a c a n c ie s , o n e o f w h ic h w a s d u e t o t h e w i t h d r a w a l o f H . A . C . T a y lo r .
S e c o n d N a t i o n a l B a n k . — C . C h a u n c e y S t i l l m a n su c c e e d s t h e la t e J o s e p h
S . C a s e as a m e m b e r o f th e b o a rd .
M r . C a s e , w h o w a s a ls o V ic e - P r e s i d e n t
o f t h e b a n k , d ie d o n th e 5 th In s t .
. S t a t o B a n k . — J o h n K n e ls e l, A s s i s t a n t C a s h ie r , h a s b e e n e le c te d t o t h e
d ir e c t o r a t e t o su c c e e d J a c o b C . S i m o n .
T w e n t y - t h i r d W a r d B a n k . — J o h n M . I l a f f e n a n d C h a r le s T . B o g a r t a r e
n e w d ir e c t o r s , M r . I l a f f e n f ill i n g a v a c a n c y a n d M r . B o g a r t b e in g a d d e d
m e m b e r o f th e b o a rd .
U n i o n E x c h a n g e N a t i o n a l B a n k . — G e o r g e B . C o n n le y , A s s i s t a n t C a s h ie r ,
a n d B y r o n L . S t r a s s b u r g e r w e re c h o s e n to t h e b o a r d to fill v a c a n c ie s .

— T h o m a s B . P a t o u , G e n e ra l C ou n sel o f th e A m e r ic a n
B a n k e r s ' A s s o c ia t io n , h as p r e p a r e d a s e t o f e ig h t p a m p h le ts
c o n t a in in g d r a fts o f p r o p o s e d la w s o n e ig h t s u b je c t s r e c o m ­
m e n d e d f o r e n a c tm e n t b y th e A s s o c ia t io n in S ta te s w h ere
s u c h le g is la tio n is n e e d e d .
T h e u n d e r ly in g o b je c t o f th e se
la w s is th e p r o t e c t io n o f b a n k s , e ith e r b y m a k in g c e r t a in
a c ts crim in a l o r b y s a fe g u a r d in g s p e c ifie d b a n k in g tr a n s a c ­
tio n s , a n d M r. B a to n s ta te s th a t it is h o p e d th is y e a r t o see
a n u m b e r o f e n a c tm e n ts o f th e la w s in th e d iffe r e n t S t a te s .
E a c h d r a ft o f la w is a c c o m p a n ie d b y a s ta t e m e n t g iv i n g th e
r e a s o n s f o r its e n a c t m e n t , a n d a lis t o f th e S ta te s in w h ic h
th e s a m e o r a sim ila r la w o n th e s u b je c t is n o w in f o r c e , th e
e x a c t w o r d in g o f th e la w as e n a c te d in s u c h S ta te s b e in g
q u oted .
T h e p r o p o s e d la w s h a v e b e e n a p p r o v e d b y th e
L a w C o m m it t e e o f th e A m e r ic a n B a n k e r s ’ A s s o c ia t io n .
— G e o r g e E . E d w a r d s , C a sh ie r o f th e T w e n t y -T h ir d W a r d
B a n k o f th is c i t y , w a s e le c t e d P r e s id e n t o f th e D o lla r S a v in g s
B a n k , a t 3 d A v e . a n d 1 4 8 th S t ., o n th e 5 th in st.
M r. E d ­
w a r d s w a s a lr e a d y a tr u s te e o f th e s a v in g s b a n k .
H e h as
h e ld th e c a s h ie r sh ip o f th e T w e n t y - T h ir d W a r d B a n k fo r
fift e e n y e a r s , a n d w ill re ta in th a t c o n n e c t io n u n til a r r a n g e ­
m e n ts as t o h is s u c c e s s o r a re c o m p le t e d .
— W a lt e r K e r r , F ir st V ic e -P r e s id e n t o f th e N e w Y o r k L ife
I n s u r a n c e & T r u s t C o ., 54 W a ll S t ., w a s f o r m a lly e le c t e d a
tr u s te e o f th a t in s t itu tio n la s t w e e k .
— E d w a r d E a r l, P r e sid e n t o f th e N a ssa u B a n k o f N e w
Y o r k C it y , c o r n e r N a ssa u a n d B e e k m a n s tr e e ts , r e c e iv e d
m a n y c o n g r a tu la tio n s fr o m th e s to c k h o ld e r s a n d fr ie n d s a t
th e a n n u a l m e e t in g la s t M o n d a y .
M r. E a rl h as ju s t c o m ­
p le t e d t w o y e a r s o f his a d m in is t r a tio n as P r e s id e n t o f th a t
in s t it u t io n , d u r in g w h ic h its d e p o s its h a v e in c r e a s e d fr o m
$ 6 ,0 0 0 ,0 0 0 t o o v e r $ 1 0 ,0 0 0 ,0 0 0 .
M r. E a rl is o n e o f th e
y o u n g e r o f th e b a n k p r e s id e n ts , a n d w h ile w o r k in g t o w id e n
th e u se fu ln e ss a n d g r o w t h o f th e N a ssa u B a n k , h as a t th e
sa m e tim e fo llo w e d th e c o n s e r v a t iv e p r e c e d e n ts o f th is o ld
N e w Y o r k in s t it u t io n .
— W illia m C . C o x , a V ic e -P r e s id e n t o f th e S ta n d a r d T r u s t
C o m p a n y o f th is c i t y , h as b e e n e le c t e d a d ir e c t o r o f th e c o m ­
pany.
— T h e p r o m o t i o n o f E d g a r M c D o n a ld a ft e r fo r t y -s e v e n
y e a r s o f c o n tin u o u s s e r v ic e , a n d D a n ie l V . B . H e g e m a n a fte r
t w e n t y -o n e su c c e ss iv e y e a r s o f s e r v ic e , t o th e p r e s id e n c y
a n d v ic e -p r e s id e n c y , r e s p e c t iv e ly , o f th e N a s s a u N a tio n a l
B a n k o f B r o o k ly n , are t w o m o r e e x a m p le s o f b a n k e r s w h o
s ta r t e d as b a n k m e sse n g e rs a n d h a v e a d v a n c e d t h r o u g h
e v e r y d e p a r tm e n t o f b a n k in g t o th e h ig h e s t o f fi c e .
M r.
M c D o n a ld w a s e le c t e d P r e s id e n t a n d M r. H e g e m a n V ic e ­
P r e s id e n t b y th e s to c k h o ld e r s la s t M o n d a y .
T hom as T .
B a r r , fo r m e r P r e sid e n t, w a s ch o s e n C h a irm a n o f th e b o a r d
o f d ir e c to r s .
T h e N a ssau N a tio n a l o f B r o o k ly n w a s o r g a n ­
iz e d in 18 5 9, h as $ 7 5 0 ,0 0 0 ca p ita l a n d $ 1 ,0 1 5 ,2 5 4 su rp lu s
a n d p r o fit s .
T h e in s t itu tio n is k n o w n m a in ly as a m e r c a n ­
tile b a n k a n d is a d e s ig n a te d d e p o s it o r y o f th e U n ite d S ta te s
G o v e r n m e n t.
A lfr e d M ills J u d s o n . se n io r m e m b e r o f th e
S t o c k E x c h a n g e firm o f J u d s o n & J u d s o n , w h ic h
o n D e c . 17, s h o t a n d k ille d h im s e lf o n th e 4 th
J u d s o n w a s s ix t y -t w o y e a r s o f a g e a n d h a d b e e n




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[VOL. LXXXXII.

o f th e S t o c k E x c h a n g e s in c e 1 8 6 9.
H e is sa id to h a v e b e e n
m u c h d e p r e s s e d s in c e th e fa ilu r e o f th e fir m , w h ic h a t th e
tim e w a s a t t r ib u t e d b y o n e o f its m e m b e r s to p o o r b u sin e ss
d u r in g th e p a s t fe w y e a r s .
T h e o t h e r m e m b e r s in th e firm
w ere h is s o n C h a r le s Y . J u d s o n , a n d P e r c y W . S h e r m a n .
A n in d ic t m e n t , c h a r g in g p e r ju r y , h as b e e n r e tu r n e d b y
th e G ra n d J u r y a g a in s t W illia m L . B r o w e r , V ic e -P r e s id e n t
a n d C a sh ier o f th e fa ile d N o r t h e r n B a n k o f th is c it y .
The
c h a r g e is sa id to c o n c e r n th e filin g o f a fa lse s ta t e m e n t w ith
th e B a n k in g D e p a r t m e n t r e g a r d in g th e a ssets o f th e in s t i­
t u t io n . H e p le a d e d n o t g u ilt y t o th e in d ic t m e n t o n T h u r s d a y
a n d w a s relea sed u n d e r $ 3 ,0 0 0 b a il.

Chairman

J o s e p h G . R o b in , w h o w a s
o f th e E x e c u t iv e
C o m m it te e o f th e N o r t h e r n B a n k , w h ic h c lo s e d its d o o r s o n
D e c e m b e r 2 7 , is n o w u n d e r in d ic t m e n t f o r th e la r c e n y o f
$ 2 0 7 ,0 0 0 o f th e fu n d s o f th e
S a v in g s B a n k ,
o f w h ich h e w a s P r e s id e n t , a n d w h ic h a ls o s u s p e n d e d tw o
w eeks a g o .
T h e o r ig in a l in d ic t m e n t , c h a r g in g th e m is ­
a p p r o p r ia t io n o f $ 8 0 ,0 0 0 o f th e f u n d s o f th e s a v in g s b a n k ,
w a s s u p p le m e n t e d b y s e v e n a d d it io n a l in d ic t m e n ts , h a n d e d
d o w n o n th e 6 th in s t ., in w h ic h h e is c h a r g e d w ith th e la r c e n y
o f $ 1 2 7 ,0 0 0 .
T h e a c c u s e d is still in th e T o m b s .
A p e t itio n ,
m a d e b y h is siste r, D r . L o u is e R o b in o v it c h , f o r th e a p p o in t ­
m e n t o f a c o m m it t e e to ta k e ca re o f th e p e r s o n a n d p r o p e r t y
o f R o b in , o n th e g r o u n d
h e is in sa n e a n d in c o m p e t e n t to
m a n a g e h is a ffa irs, w a s d e n ie d b y J u d g e G o ff, in th e
S u p r e m e C o u r t o n th e 7 th in s t .
D r . R o b in o v it c h w a s
h e rse lf th is w e e k in d ic t e d f o r p e r ju r y in c o n n e c t io n w ith
h e r a p p lic a t io n f o r th e n a m in g o f th e c o m m is s io n , in a n
im p lie d d en ia l th a t M r. a n d M rs. H e r m a n R o b in o v it c h , are
a s c la im e d , th e p a r e n ts o f R o b in .
S h e w a s re lea sed u n d e r
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that

T h e A e t n a I n d e m n it y C o . o f H a r t f o r d , in w h ic h R o b in
w a s a ls o in te r e s te d , a n d w h ic h fig u r e d in th e tr a n s a c tio n s
w h ic h r e s u lte d in th e c lo s in g o f th e N o r t h e r n B a n k ,h a s b e e n
p la c e d in r e c e iv e r ’s h a n d s .
T h eod ore
II.
M a c d o n a ld ,
I n s u r a n c e C o m m is s io n e r o f C o n n e c t ic u t , w a s n a m e d as
r e c e iv e r b y J u d g e L u c ie n F . B u r p e e o n th e 7 th in s t. a n d
M a u rice
D e ic h e s w a s s u b s e q u e n tly n a m e d a s a n c illa r y
r e c e iv e r in N e w Y o r k .
T h e T it le & G u a ra n te e C o . o f R o c h e s t e r , a n o t h e r R o b in
c o n c e r n , w h ic h w a s b r o u g h t in t o p r o m in e n c e w ith th e c lo s in g
o f th e N o r t h e r n B a n k , w a s tu r n e d o v e r to th e S ta te S u p e r in ­
te n d e n t o f In s u r a n c e f o r th e p u r p o s e o f w in d in g u p its
a ffa irs, u n d e r a n o r d e r s ig n e d b y J u s tic e P a g e o f th e S u p r e m e
C o u r t o n th e 3 0 th u lt.
T h e B a n k e r s ’ R e a lt y & S e cu i’i t y C o ., in w h ic h R o b in w a s
a ls o c o n c e r n e d , w a s p la c e d in c h a r g e o f P e te r A le x a n d e r ,
r e c e iv e r in b a n k r u p t c y , o n th e 1 2 th in st.
— A t th e a n n u a l m e e t in g o f th e W illia m s b u r g h T r u s t C o.
o f B r o o k ly n B o r o u g h th is w e e k , it w a s v o t e d t o d is s o lv e th e
c o m p a n y ; th e a g r e e m e n t m a d e b y th e d ir e c to r s in D e c e m b e r
w ith th e M e t r o p o lit a n T r u s t C o . u n d e r w h ic h it w a s a r ra n g e d
to b o r r o w fr o m th a t in s t itu tio n e n o u g h m o n e y to p a y o ff th e
d e p o s ito r s o f th e W illia m s b u r g h T r u s t in ca sh a t o n c e , a n d
to liq u id a te th e la tt e r th r o u g h th e M e t r o p o lit a n T r u s t w a s
a ls o a p p r o v e d .
I t is s ta t e d th a t it is e x p e c t e d to w in d u p
th e a ffa irs o f th e W illia m s b u r g h T r u s t d u r in g th e p r e se n t
y e a r , a lth o u g h th e d a t e f o r c o n s u m m a t io n o f th e liq u id a t io n
p r o c e e d in g s is fix e d a s J u ly 1 1912 u n d e r th e a g r e e m e n t .
— E . C o v e r t H u ls t h as b e e n e le c t e d a tr u s te e o f th e N a ssa u
T r u s t C o . o f B r o o k ly n B o r o u g h t o s u c c e e d h is fa t h e r E . T .
H u ls t , r e t ir e d .
— J o h n F . H ild e b r a n d a n d J a m e s E . J o u r d a n h a v e b e e n
e le c t e d to th e b o a r d o f th e P e o p le 's T r u s t C o . o f B r o o k ly n
B o r o u g h , M r. H ild e b r a n d s u c c e e d in g G e o r g e P . T a n g e m a n
a n d M r. J o u r d a n h is fa t h e r , th e la te G e n . J a m e s J o u r d a n .
— J a m e s F . B less, h a v in g d e c lin e d r e -e le c tio n as P r e s id e n t
o f th e N a tio n a l S ta te B a n k o f N e w a r k a t th e a n n u a l m e e t in g
th is w e e k , th e p o s it io n o f V ic e -P r e s id e n t w a s c r e a t e d in th e
b a n k , to w h ich h e w a s c h o s e n , in o r d e r to re ta in h im as an
o ffic e r .
M r. B less h a d h e ld th e p r e s id e n c y f o r m a n y y e a r s ,
a n d h is d e c is io n to relin q u ish th e o f fic e is d u e to th e p ressu re
o f p r iv a te b u sin e ss.
W illia m I . C o o p e r , C a sh ier o f th e
b a n k , h as b e e n e le c t e d as th e n ew P r e s id e n t , a n d A r t h u r W .
G rea son , h e r e to fo r e A s s is ta n t C a sh ier, h a s b e c o m e C a sh ie r .
M r. C o o p e r , th e n ew h e a d , h a d b e e n C a sh ier f o r n e a r ly tw o
y e a r s , h a v in g a d v a n c e d to th e o f f ic e fr o m A s s is ta n t C a sh ier sh ip in A p r il 1909.
— T h e n e w ly o r g a n iz e d B r o a d & M a rk e t S tr e e t N a tio n a l
B a n k o f N e w a r k , N . J ., o p e n e d f o r b u sin e ss o n th e 3 d in s t . in
th e G lo b e B u ild in g , 8 0 0 B r o a d S t r e e t.
T h e a p p lic a t io n to
o r g a n iz e th e in s t itu tio n w a s a p p r o v e d o n N o v . 3 , a n d its

THE CHRONICLE

J an . 14 1911.|

c h a r te r w a s issu e d b y th e C o m p tr o lle r o f th e C u r r e n c y o n
D ec. 29.
T h e b a n k h a s a c a p it a l a n d s u rp lu s o f $ 3 0 0 ,0 0 0 ,
o f w h ic h $ 2 0 0 ,0 0 0 re p r e se n ts th e c a p it a l.
I t h a s as o ffic e r s
J o s e p h J . R a ft e r , P r e s id e n t; D a v id K in g , C h ristia n l l e i s s n e r ,
a n d J o s e p h S a m u e l, V ic e -P r e s id e n t s , a n d C h arles W . L e n t,
C a sh ie r .
__ E d w a r d D . D u ffie ld , g e n e ra l s o lic it o r o f th e P r u d e n tia l
I n s u r a n c e C o ., a n d J o h n L . ICuser o f T r e n t o n , h a v e b e e n
e le c t e d d ir e c to r s o f th e F id e lit y T r u s t C o . o f N e w a r k , N . J .,
t o s u c c e e d th e la te D r . L e slie D . W a r d a n d W illia m N .
C oler J r.
__ d . F a r n s w o r th , A s s is ta n t C ash ier o f th e U n io n
N a tio n a l B a n k o f N e w a r k , h as b e e n e le c t e d t o th e b o a r d o f
th a t in s t itu tio n .
__ H e n r y C . P it n e y , P r e s id e n t o f th e N a tio n a l I r o n B a n k
o f M o r r is to w n , N . J ., d ie d o n th e 10th in s t.
M r. P it n e y ,
w h o h a d b e e n V ic e -C h a n c e llo r f o r a n u m b e r o f y e a r s , w a s
a ls o a m e m b e r o f th e b o a r d o f m a n a g e rs o f th e M orris C o u n t y
S a v in g s B a n k .
H e w a s e ig h t y - f o u r y e a r s o f a g e .
— R o b e r t O lc o t t h a s b e e n e le c t e d C a sh ier o f th e M e c h a n ic s ’
& F a rm ers’ B a n k o f A lb a n y , N . Y ., to su cceed G eorge G .
D a v id s o n , r e s ig n e d .
M r. O lc o t t h a d b e e n A s s is ta n t C a sh ier
o f th e in s t itu tio n s in c e 1 9 0 2 .
M r. D a v id s o n , b e c a u s e o f illh e a lt h , has a lso r e tir e d as S e c r e t a r y a n d T r e a s u re r o f th e
M e c h a n ic s ’ & F a r m e r s ’ S a v in g s B a n k .
— E x - G o v e r n o r E b e n S . D r a p e r , w h o w ith d r e w fr o m th e
d ir e c to r a t e o f th e N a tio n a l S h a w m u t B a n k o f B o s t o n tw o
y e a r s a g o w ith h is e le c t io n t o th e S ta te o f fic e , h a s a g a in
e n te r e d th e b o a r d o f th a t b a n k .
H e s u c c e e d s H o r a t io
N e w h a ll.
E lio t W a d s w o r t h , o f S t o n e & W e b s t e r , h a s a lso
b e e n e le c t e d a m e m b e r o f th e S h a w m u t ’ s b o a r d .
— C h arles W . B a ile y , fo r m e r ly A s s is ta n t C a sh ier o f th e
B o y ls t o n N a tio n a l B a n k o f B o s t o n , h a s b e e n e le c t e d V ic e ­
P r e s id e n t a n d a d ir e c t o r o f th a t in s t it u t io n .
A rth u r F .
L u k e h as a ls o b e e n ch o s e n a s a d ir e c t o r o f th e B o y ls t o n
N a t io n a l.
— O la f O lsen h a s b e e n m a d e a n A s s is ta n t C a sh ie r o f th e
F ir st N a tio n a l B a n k o f B o s t o n .
G e o r g e A . D r a p e r , W il m o t
R . E v a n s a n d H e r b e r t W . N isso n a re n ew m e m b e r s o f th e
board.
__ F r e d e r ic k

T.

M u n ro e

has

been

a p p o in t e d

A s s is ta n t

T r e a s u re r o f th e E x c h a n g e T r u s t C o . o f B o s t o n .
— T h e I n te r n a tio n a l T r u s t C o . o f B o s t o n h a s in c r e a s e d its
b o a r d fr o m th ir te e n t o t w e n t y m e m b e r s , a n d h a s e le c t e d as
n ew d ir e c to r s S a m u e l G . A d a m s , L o u is D . A p s lc y , E . J a re d
B liss, E d m u n d H . T a l b o t , H e r b e r t W e llin g t o n , S h e rm a n L .
W h ip p le a n d V . C . B r u c e W e t m o r e .
— E d m u n d B illin g s h a s b e e n e le c t e d P r e s id e n t o f th e P a u l
R e v e r e T r u s t C o . o f B o s t o n , s u c c e e d in g C h arles L . B u r r ill,
r e s ig n e d . T h e in s t itu tio n b e g a n b u sin e ss o n M a y 2 1910.
— T h e A m o s k e a g N a tio n a l B a n k o f M a n c h e s te r , N . H . , is
r e p o r te d t o h a v e ta k e n o v e r th e S e c o n d N a tio n a l B a n k o f
th a t c i t y .
T h e S e c o n d N a tio n a l, w h ic h h a s a c a p ita l o f
$ 1 0 0 ,0 0 0 a n d d e p o s its a p p r o x im a t in g $ 3 0 0 ,0 0 0 is to b e
liq u id a t e d .
T h e A m o s k e a g N a tio n a l h a s a c a p it a l o f
$ 2 0 0 ,0 0 0 a n d d e p o s its in th e n e ig h b o r h o o d o f $ 2 ,0 0 0 ,0 0 0 .
T h e c o n s o lid a t io n is sa id to h a v e b e e n d u e to th e d e sire o f
J . C a r p e n te r , P r e s id e n t o f th e S e c o n d N a tio n a l, to re tire fr o m
a c t iv e b u s in e s s.
A r t h u r M . H e a r d , P r e s id e n t o f th e A m o s ­
k e a g N a tio n a l w ill c o n t in u e a t th e h e a d o f th e c o m b in e d

95

— R o b e r t L . M o n t g o m e r y h a s r e p la c e d th e la te H o ls te n
D e H a v e n o n th e b o a r d o f th e B a n k o f N o r t h A m e r ic a ,
P h ila d e lp h ia .
— H o w a r d R e ifs n y d e r o f I . R e ifs n y d e r S o n & C o . a n d
G e o r g e W . B . R o b e r t s , o f T h o m a s R o b e r t s & C o ., a re n e w ly
e le c t e d d ir e c to r s o f th e C o rn E x c h a n g e N a tio n a l B a n k o f
P h ila d e lp h ia .
— C . C . M a n n h as b e e n e le c t e d A s s is ta n t C a sh ier o f th e
T e x t ile N a tio n a l B a n k o f P h ila d e lp h ia .
— S a m u el A . S e ip t h as b e e n c h o s e n S e c r e t a r y o f th e
F a ir m o u n t S a v in g s T r u s t C o . o f P h ila d e lp h ia a n d J o h n
E d m o n d s h as b e e n m a d e T r e a s u re r o f th e in s t it u t io n .
H. B.
T u r n e r h as b e c o m e A s s is ta n t T r e a s u r e r .
T h e o f fic e o f
S e c r e t a r y a n d T r e a s u r e r h a d b e c o m e v a c a n t t h r o u g h th e
r e s ig n a tio n o f I s a a c R o b e r t s .
— I i . D . M c C a r t h y , C a sh ier o f th e T r a d e s m e n ’ s N a t io n a l
B a n k o f P h ila d e lp h ia , a n d P o w e ll E v a n s h a v e b e e n e le c t e d
t o th e d ir e c t o r a t e o f t h a t in s t it u t io n , th e b o a r d h a v in g
b e e n in c r e a s e d fr o m t w e lv e t o fo u r t e e n m e m b e r s .
— S a m u el T . B o d in e , V ic e -P r e s id e n t o f th e U n ite d G a s
I m p r o v e m e n t C o ., h a s b e e n e le c t e d a d ir e c t o r o f th e P e n n
s y lv a n ia C o m p a n y f o r In s u r a n c e s o n L iv e s a n d G r a n t in g
A n n u itie s , to s u c c e e d th e la te E d w a r d S . B u c k le y .
— T h e n ew G r a n d R a p id s N a tio n a l C it y B a n k o f G r a n d
R a p id s , M ic h ., th e fo r m a t io n o f w h ic h h a s b e e n b r o u g h t
a b o u t th r o u g h th e c o n s o lid a t io n o f th e G r a n d R a p id s N a ­
tio n a l B a n k a n d th e N a tio n a l C ity B a n k , b e g a n o p e r a t io n s
on D ec. 27.
T h e m e r g e r w a s a rra n g e d s o m e m o n th s a g o ,
a n d w a s r a tifie d o n A u g . 15, b u t it w a s d e s ir e d t o p e r fe c t
v a r io u s d e ta ils in c id e n t t o th e p la n s b e fo r e la u n c h in g th e
e n la r g e d b a n k .
T h e c o n s o lid a te d in s t itu tio n h a s a c a p it a l
o f $ 1 ,0 0 0 ,0 0 .
D u d le y E . W a te r s , P r e s id e n t o f th e G ra n d
R a p id s N a tio n a l B a n k , is C h a irm a n o f th e b o a r d o f th e n ew
b a n k , a n d J a m e s R . W y lie , w h o w a s P r e s id e n t o f th e N a ­
tio n a l C ity B a n k , is P r e s id e n t o f th e s u c c e e d in g in s t it u t io n .
C h a rles I I . B e n d e r a n d R . W . I r w in are V ic e -P r e s id e n t s ;
I le b e r W . C u rtis , C a sh ier, a n d J o h n L . B e n ja m in a n d A r t h u r
T . S la g h t, A s s is ta n t C a sh iers.
— T h e p r in c ip a l c h a n g e m a d e a t th e a n n u a l m e e tin g s o f th e
C h ic a g o b a n k s is th e r e tir e m e n t o f E d w in A . P o t t e r as
C h a irm a n o f th e B o a r d o f th e C o n tin e n ta l & C o m m e r c ia l
T r u s t & S a v in g s B a n k a n d th e a b o lit io n o f t h a t o f f ic e .
G e o r g e M . R e y n o ld s , P r e s id e n t o f th e C o n tin e n t a l & C o m ­
m e r cia l N a tio n a l B a n k , h as b e e n e le c t e d P r e s id e n t o f th e
tr u s t a n d s a v in g s b a n k , s u c c e e d in g W . I r v in g O s b o r n e ,
w h o s e in te n tio n t o retire a t th e a n n u a l m e e t in g w a s m a d e
k n ow n som e w eeks a g o .
E d w a rd C u d a h y has su cceed ed
th e la te M ich a el C u d a h y as a d ir e c t o r o f th e C o n tin e n ta l &
C o m m e r c ia l N a tio n a l, a n d R o b e r t J . D u n h a m is a ls o a n e w
m e m b e r o f th e b o a r d o f th a t b a n k , fr o m w h ic h H e n r y
B o t s f o r d , G e o r g e E . R o b e r t s a n d W illia m C . S e ip p w it h d r a w .
— T h e s to c k h o ld e r s o f th e C orn E x c h a n g e N a tio n a l B a n k
o f C h ic a g o h a v e a u t h o r iz e d th e e s ta b lis h m e n t o f a n e m ­
p lo y e e s ’ p e n s io n a n d re lie f s y s te m .
T h e b a n k has a d d ed
$ 1 ,0 0 0 ,0 0 0 t o its su rp lu s fr o m u n d iv id e d p r o fit s , le a v in g
still n e a r ly $ 6 0 0 ,0 0 0 in th e p r o fit s .
W it h n e t p r o fit s o f 3 1 %
o n c a p ita l d u r in g th e y e a r , th e C o rn E x c h a n g e d e c la r e d its
r e g u la r 1 6 % d iv id e n d s .
— W . G . L o is e n rin g h as b e e n ch o s e n a n a d d itio n a l A s s is ta n t
C a sh ier o f th e H ib e r n ia n B a n k in g A s s o c ia t io n .

in s t itu tio n .
__ T h e W o r c e s t e r T r u s t C o . o f W o r c e s t e r , M a s s ., p la n s to
in cre a s e its ca p ita l fr o m $ 5 0 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 a n d , it is
s t a t e d , w ill d e c la r e a d iv id e n d o f 1 0 0 % o u t o f its su rp lu s fo r
th e p u r p o s e .
T h e c o m p a n y h a s s u r p lu s a n d p r o fit s o f
$ 1 ,0 0 0 ,0 0 0 .
T h e s to c k h o ld e r s w ill a u t h o r iz e th e n ew issue

— W . A . G a r d n e r ,o f th e C h ic a g o & N o r t h w e s t e r n R y . , l i a s
b e e n e le c t e d a d ir e c t o r o f th e M e r c h a n ts ’ L o a n & T r u s t C o .

o n J a n . 17.
— T h e p r o p o s e d c o n s o l id a t io n o f th e M e r c h a n t s ’ T r u s t a n d
U n io n T r u s t c o m p a n ie s o f P h ila d e lp h ia , re fe rre d t o in
d e ta il in o u r issu e o f D e c e m b e r 17, w a s r a tifie d b y th e
s to c k h o ld e r s o f th e t w o in s t itu tio n s o n T u e s d a y .
The
c o n s o lid a te d in s t it u t io n , k n o w n a s th e M e r c h a n ts ’ U n ion
T r u s t C o ., w ith a c a p ita l o f $ 1 ,0 0 0 ,0 0 0 a n d a s u rp lu s o f
$ 3 0 0 ,0 0 0 , b e g a n b u sin e ss o n th e 1 2 th .
I t s o ffic e r s a re : J o h n
S . B io r e n , P r e sid e n t; C la re n ce L . H a r p e r a n d J o se p h R .
R h o a d s , V ic e -P r e s id e n t s ; H o r a c e B . P e a r s o n , T r e a s u r e r ;
W il lia m J . C la rk , S e c r e t a r y
J o h n S to k e s A d a m s , T r u s t
O ffic e r ; W il lia m 13. L a n e , A s s is ta n t T r u s t O ffic e r .

__ j . F le t c h e r F a r r e ll, V ic e -P r e s id e n t o f th e F o r t D e a r b o r n
N a tio n a l B a n k o f C h ic a g o , h as b e e n e le c t e d a d ir e c t o r o f th e
bank.
T h e F o r t D e a r b o r n N a tio n a l s h o w s a n in cre a se o f
$ 7 0 0 ,0 0 0 in d e p o s its o v e r th e N o v e m b e r s ta t e m e n t.

__ C h a rle s W . L e e w a s th is w e e k e le c t e d P r e s id e n t o f th e
S e c o n d N a tio n a l B a n k o f P h ila d e lp h ia , B e n ja m in R o w la n d
h a v in g d e c lin e d r e -e le c t io n .
M r. L e e h a d h e r e t o fo r e b e e n
V ic e -P r e s id e n t a n d C a sh ier o f th e b a n k .
J o h n E . G o s s lin g ,
p r e v io u s ly A s s is ta n t C a sh ier, h a s b e e n e le c t e d C a sh ier.




o f C h ic a g o t o fill a v a c a n c y .
— J o h n D o w n e y h a s b e e n e le c t e d t o s u c c e e d G ra n g e r
F a r w e ll, r e s ig n e d , o n th e b o a r d o f th e W e s te r n T r u s t &
S a v in g s B a n k .

__ C h arles H . M orse h as b e e n e le c t e d t o th e b o a r d o f th e
F ir s t N a tio n a l B a n k a n d th e F ir s t T r u s t & S a v in g s B a n k to
fill th e v a c a n c y d u e t o th e d e a th o f J o h n H . B a r k e r .
__ T h e U n io n T r u s t C o . o f C h ic a g o e le c t e d th re e n ew
d ir e c t o r s , v iz .: M a r v in H u g h it t J r ., R ic h m o n d D e a n a n d
W . V . K e lle y .
__ B y its s ta t e m e n t o f J a n . 9 , t o b e fo u n d
c o lu m n o f t o - d a y ’ s “ C h r o n ic le ,” th e S ta te B a n k
s h o w s d e p o s its o f $ 2 3 ,7 3 9 ,2 1 2 17, a n in cre a se o v e r
r e p o r t o f $ 8 5 5 ,0 0 0 . T h e fo llo w in g s h o w s th e
d e p o s its d u r in g th e la st t w o y e a rs:

in a n o t h e r
o f C h ic a g o
th e N o v . 11
g r o w t h in

THE CHRONICLE

96
F e b ru a ry 6 , 1 9 0 9 ..
A pril 29 1909_____
Ju n e 24 19Q 9_____
S eptem b er 2 1909.
N ovem ber 17 1909

Total D eposits.
___$19,587,066
___ 19,0(53,947
. . . 20,103,724
. . . 20,380,470
. . . 20,989,092

F e b ru ary 1 1910 .
M arch 30 1 9 1 0 ...
Ju ly 1 1910_______
S eptem b er 2 1910

Total D eposits.
...§ 2 0 ,5 4 8 ,7 0 5
. . . 22,071,700
. . . 22,839,459
. . . 23,245,408

— T h e n e w P e o p le ’ s T r u s t & S a v in g s B a n k o f C h ic a g o ,
w h ic h o p e n e d its d o o r s D e c . 1, in e le g a n t q u a r te r s in th e
P e o p le ’ s G as B u ild in g o n th e c o r n e r o f M ich ig a n A v e . a n d
A d a m s S t ., m a k e s a v e r y h a n d s o m e fir s t s ta t e m e n t else­
w h e r e in o u r c o lu m n s , s h o w in g a n a c q u is it io n o f d e p o s its in
th e s h o r t p e r io d o f fiv e w e e k s o f S 3 ,3 9 8 ,971 9 0 .
T h e b a n k ’s
P r e s id e n t , C . H . B o s w o r t h , a n d its e m in e n t b o d y o f d ir e c to r s
a re t o b e c o n g r a t u la t e d .
— T h e p r o p o s e d in cre a se o f S 5 0 0 ,0 0 0 in th e c a p ita l o f th e
N a tio n a l C ity B a n k o f C h ic a g o , ra isin g it fr o m 8 1 ,5 0 0 ,0 0 0 to
8 2 ,0 0 0 ,0 0 0 , w a s ra tifie d b y th e s to c k h o ld e r s o n T u e s d a y .
T h e n e w issue w ill b e o ffe r e d t o th e p r e s e n t s h a r e h o ld e r s p r o
ra ta a t p a r .
T h e s u b s c r ip tio n s are p a y a b le A p r il 3 .
The
fo u r t h a n n u a l s ta t e m e n t o f th e b a n k s h o w s a v e r y h a n d s o m e
g r o w t h o f th a t in s t it u t io n fo r so b r ie f a p e r io d .
D u r in g th e
p a s t y e a r th e N a tio n a l C ity p u r c h a s e d th e H a m ilt o n N a tio n a l
B a n k , p a y i n g th e r e fo r a p r e m iu m o f 3 % o n its d e p o s its
o f 8 8 ,0 0 0 ,0 0 0 .
A ft e r d e d u c t in g th is p u r c h a se p r ic e o f
8 2 4 0 ,0 0 0 a n d p a y i n g 6 % d iv id e n d s , a m o u n t in g to 8 9 0 ,0 0 0 ,
o n its c a p it a l s t o c k o f 8 1 ,5 0 0 ,0 0 0 , th e r e still r e m a in e d o f
p r o fit s c a r r ie d fo r w a r d a b a la n c e o f 8 1 0 5 ,5 7 7 9 0 .
A com ­
p a r a t iv e s ta t e m e n t o f th is b a n k ’s fig u res b e tw e e n D e c . 31
1909 a n d D e c . 31 1910 s h o w s in f a v o r o f th e la tt e r d a te a
g a in in lo a n s a n d d is c o u n t s o f 8 4 ,3 3 0 ,9 0 0 54; in th e ite m
b o n d s o w n e d , 8 1 ,0 0 5 ,5 1 4 90; in ca sh a n d d u e fr o m b a n k s ,
8 2 ,2 2 1 ,0 7 2 2 0 .
T h e g a in f o r th e y e a r in d e p o s its w as
8 7 ,7 2 2 ,3 2 5 0 5 .
R ic h a r d C . H a ll, C la y t o n M a rk a n d R . U .
L a n s in g a re n e w ly e le c t e d d ir e c to r s o f th e b a n k .
— E d w a r d T ild e n h as b e e n e le c t e d P r e s id e n t o f th e
D r o v e r s ’ D e p o s it N a tio n a l B a n k o f C h ic a g o , s u c c e e d in g
R . T . E o r b e s , w h o r e s ig n e d t o b e c o m e P r e s id e n t o f th e F ir s t
N a tio n a l B a n k o f B u c h a n a n C o u n t y a t S t. J o s e p h , M o .
— L o u is C . W a g n e r h as b e c o m e P r e sid e n t o f th e E n g le w o o d
S ta te B a n k o f C h ic a g o , s u c c e e d in g C . H . V e h m e y e r , w h o has
b e e n e le c t e d C h a irm a n o f th e B o a r d .
M r. W a g n e r w a s
P r e s id e n t o f th e W a s h in g t o n P a r k N a tio n a l B a n k o f C h ic a g o ,
a n d h as b e e n re p la c e d in th a t o ffic e b y I s a a c N . P o w e ll.

— A n n o u n c e m e n t is m a d e b y th e F ir st N a tio n a l B a n k o f
M ilw a u k e e th a t all o f th e s t o c k o f th e F id e lit y T r u s t C o. o f
M ilw a u k e e a n d th e M ilw a u k e e T r u s t C o . h as b e e n a c q u ir e d
b y a s y n d ic a t e a c t in g in th e in te r e s ts o f th e F ir s t N a tio n a l.
T h e p la n , it is s t a t e d , w ill b e t o in cre a se th e ca p ita l s t o c k o f
th e F ir st N a tio n a l, a n d w h e n th is is a c c o m p lis h e d a n d th e
n e c e ss a r y fo r m a lit ie s c o m p le t e d , th e s t o c k o f th e c o n s o li­
d a t e d tr u s t c o m p a n y w ill b e o w n e d b y th e s to c k h o ld e r s o f
th e b a n k .
I t is u n d e r s t o o d th a t th e F id e lit y w ill b e m e r g e d
in th e M ilw a u k e e T r u s t , w h ic h w ill c o n tin u e b u s in e s s u n d e r
a n e w n a m e , p r o b a b ly th e F ir s t S a v in g s & T r u s t C o .
The
a n n u a l m e e t in g o f th e F ir s t N a tio n a l w a s p o s t p o n e d th is
w e e k u n til F e b . 2 1 , w h e n , it is e x p e c t e d , th e d e ta ils c o n ­
c e r n in g th e m e r g e r w ill b e p e r fe c t e d .
T h e M ilw a u k e e T r u s t,
w h ic h h a s a c a p ita l o f 8 3 0 0 ,0 0 0 a n d d e p o s its o f o v e r 8 1 ,0 0 0 ,­
0 0 0 , w a s o r g a n iz e d in 18 9 4.
T h e F id e lit y T r u s t , ca p ita l
8 2 5 0 ,0 0 0 a n d d e p o s its o f a b o u t h a lf a m illio n d o lla r s , sta rte d
in 1901.
T h e F ir st N a tio n a l h as a ca p ita l o f 8 2 ,0 0 0 ,0 0 0 .
I t s d e p o s it s w e re 8 1 7 ,7 4 0 ,7 8 4 o n N o v . 10, w h e n its re sou rces
a g g r e g a t e d 8 2 2 ,4 4 4 ,0 4 0 .

— F e n d a ll G . W in s t o n h a s b e e n e le c t e d a V ic e -P r e s id e n t
o f th e S e c u r it y N a tio n a l B a n k o f M in n e a p o lis a n d W . A .
M e c h a m , p a y i n g te lle r, h as b e e n m a d e a n A s s is ta n t C a sh ier.
J . I I . E llis o n a n d E . C . W a r n e r h a v e b e e n e le c t e d d ir e c to r s
o f th e in s t it u t io n .
M r. W in s t o n , w h o b e c o m e s a V ic e ­
P r e s id e n t , is P r e s id e n t o f th e w h o le sa le g r o c e r y h o u s e o f
W in s t o n , H a r p e r , F is h e r C o . a n d P r e s id e n t o f th e W in s t o n
B r o t h e r s C o ., r a ilr o a d c o n t r a c t o r s .




|
A . A . C ra n e, w h o b e c a m e a V ic e -P r e s id e n t o f th e F irst
• N a tio n a l B a n k o f M in n e a p o lis in O c t o b e r , w a s e le c t e d to th e
b o a r d o f th e b a n k th is w e e k . A . E . C lerih ew b e in g ch o s e n
to m e m b e r s h ip a t th e sa m e tim e .
C. F . M c G re w h as b e e n e le c t e d P r e s id e n t o f th e L iv e
S t o c k N a tio n a l B a n k o f S o u th O m a h a , N e b ., a n d w ill
a c t iv e ly e n g a g e in its fu t u r e m a n a g e m e n t.
A t th e a n n u a l
m e e t in g o f th e s t o c k h o ld e r s o n th e 1 0 th in s t . it w a s v o t e d
to in crea se th e p a id -u p c a p ita l a n d s u r p lu s to 8 1 8 0 ,0 0 0 .
T h e p r e se n t c a p ita l is 8 1 0 0 ,0 0 0 , a n d a s u r p lu s (e a r n e d ) o f
8 2 0 ,0 0 0 w a s r e p o r te d u n d e r th e J a n . 7 c a ll.
' ^
b u sin e ss o f th e M in n e so ta N a tio n a l B a n k o f M in n e ­
a p o lis has b e e n a c q u ir e d b y th e S c a n d in a v ia n -A m e r ic a n
N a tio n a l B a n k , th e tr a n s a c tio n h a v in g b e e n c o n s u m m a te d
on D ec. 28.
A c c o r d in g to th e M in n e a p o lis “ T r ib u n e ,” th e
S c a n d in a v ia n -A m e r ic a n ta k es o v e r th e e n tir e d e p o s its o f th e
M in n e s o ta N a tio n a l, a n d a s u ffic ie n t a m o u n t o f th e a ssets
o f th e la tte r t o g u a r a n te e th e p a y m e n t o f all th e d e p o s it s .
T h e “ T r ib u n e ” s ta te s t h a t th e p r o b le m o f liq u id a t in g th e
c a p ita l s t o c k o f t h e 'M in n e s o t a N a tio n a l re m a in s w ith th e
s h a re h o ld e rs o f t h a t b a n k , a n d is n o t in a n y sen se a ssu m ed
b y th e S c a n d in a v ia n -A m e r ic a n .
T h e M in n e s o ta N a tio n a l
h as a c a p ita l o f 8 2 0 0 ,0 0 0 , a n d c o n t r o llin g in te r e s t, o r 8 1 1 3 ,­
200 , is h e ld b y A . D . C la rk e , w h o r e c e n t ly re sig n e d ’as
P r e sid e n t.
A n o r d e r re s tr a in in g M r. C la rk e fr o m d is p o s in g
o f his s to c k is sa id t o h a v e b e e n s in c e is s u e d , w h ic h o r d e r ,
it is s t a t e d , is in n o w a y a ffe c t e d b y th e n e g o tia t io n s w h ic h
h a v e ju s t b e e n c o n c lu d e d , a s th e a r r a n g e m e n t w ith th e
S c a n d in a v ia n -A m e r ic a n in v o lv e s n o tr a n s fe r o f s t o c k .
The
M in n e s o ta N a tio n a l b e g a n b u sin e ss in 1902; u n d e r th e ca ll
o f N o v . 10 la s t it h a d d e p o s its o f 8 9 0 3 ,5 0 1 .
T h e S c a n d i­
n a v ia n -A m e r ic a n N a tio n a l B a n k c o m m e n c e d b u s in e s s in
M a y 1909, th e P e o p le ’ s B a n k , w h ic h h a d a p a id -in ca p ita l o f
8 6 0 ,0 0 0 , b e in g m e r g e d in th e n e w b a n k ; th e o rig in a l c a p ita l
o f th e S c a n d in a v ia n -A m e r ic a n w as 8 2 5 0 ,0 0 0 , b u t th e a m o u n t
w a s in cre a s e d s o m e m o n th s la te r t o 8 5 0 0 ,0 0 0 ; its d e p o s its
u n d e r th e N o v . 10 r e p o r t w ere 8 1 ,7 9 9 ,8 8 2 .
T h e o d o r e W o ld
is P r e sid e n t o f th e in s t itu tio n .
— L y m a n E . W a k e fie ld h a s re sig n e d as a n A s s is ta n t C a sh ier
o f th e N o r t h w e s te r n N a tio n a l B a n k o f M in n e a p o lis t o b e c o m e
T r e a s u re r o f th e b a n k in g a n d b o n d h o u s e o f W e lls & D ic k e y
C o . o f th a t c it y .
S te w a r t W . W e lls , h e r e to fo r e T r e a s u r e r o f
th a t fir m , ta k es th e p la c e o f th e la te A . E . D ic k e y a s S e c r e ­
ta r y .

— T h e N o r t h w e s te r n T r u s t & S a v in g s B a n k o f C h ic a g o h as
p la c e d its s t o c k o n a n 8 % b a sis w ith th e p a y m e n t o f 4 %
in its p r e se n t se m i-a n n u a l d is t r ib u t io n ; th e y e a r ly r a te h a d
h e r e to fo r e b e e n G % .

— T h e M e r c h a n ts ’ N a tio n a l B a n k o f W a t e r t o w n , W is .,
p la n s t o in cre a se its c a p ita l fr o m 8 1 2 0 ,0 0 0 t o 8 2 0 0 ,0 0 0 .
T h e r e c o m m e n d a t io n o f th e d ir e c to r s t o th is e ffe c t is c o n ­
d it io n a l u p o n th e s h a r e h o ld e r s s u r r e n d e r in g 5 0 % o f th eir
s t o c k r ig h ts .
T h e n e w sh a re s w ill b e s o ld a t a p r e m iu m
of 100% .
T h e in s t it u t io n w a s o r g a n iz e d in 1892 as a S ta te
b a n k a n d n a tio n a liz e d in 19 0 8.
W . D . S p ro e sse r is P resi­
d e n t; C h arles E . F r e y a n d D . I I . K u s e l, V ic e -P r e s id e n t s ;
M a x R o h r , C a sh ier, a n d J o s . T e r b r u e g g e n , C h a irm a n o f th e
B oard.

[VOL. LXXXXII.

pXimetartji (&omm cvcial
IFrom our own correspondent.]

London, Saturday, January

7 1911.
T h e C ity h as b e e n d is t u r b e d th is w e e k b y u n e x p e c t e d ly
la rg e w ith d r a w a ls o f g o ld fr o m th e B a n k o f E n g la n d fo r
E g y p t , I n d ia a n d A r g e n t in a .
T h e E g y p t ia n c o t t o n c r o p
th is y e a r h as b e e n o n e o f th e la r g e s t, if n o t a c tu a lly th e
la rg e s t, e v e r g r o w n .
T h e b e s t e s tim a te s p u t it a t o v e r s e v e n
m illio n c a n ta r s , o r r a th e r m o r e th a n a m illio n b a le s , a t s e v e n
c a n ta rs to th e b a le .
T h e p r ice is h ig h , a n d , in c lu d in g s e e d s ,
it is e s tim a te d th a t E g y p t w ill n e t b y th e c r o p a b o u t 35
m illio n s s te r lin g .
T h e c r o p is g r o w n m a in ly b y th e fe lla ­
h e e n , o r p e a s a n t o c c u p ie r s o f th e s o il, a n d t o m o v e it E n g lis h
s o v e r e ig n s are r e q u ir e d , fo r th e F r e n c h N a p o le o n h as fo r
s o m e tim e p a s t g o n e q u it e o u t o f c ir c u la t io n .
T h is sea son th ere h as b e e n ta k e n o u t o f th e B a n k o f E n g ­
la n d u p t o W e d n e s d a y n ig h t la s t fo r E g y p t £ 1 0 ,4 3 4 ,0 0 0 ,
w h ich is im m e n se ly in e x c e s s o f a n y w ith d r a w a ls h it h e r t o .
U s u a lly th e g o ld b e g in s to re tu r n fr o m th e in te r io r to C airo
a b o u t th e m id d le o f D e c e m b e r , b u t th is se a so n it h as n o t
b e g u n to c o m e b a c k e v e n y e t .
T h e b a n k s th a t w o r k in
E g y p t* k n o w in g th a t th e c r o p w a s a b o u t a f o r t n ig h t ea rlie r
th a n u su a l, a n d th a t, o w in g t o th e h ig h p r ic e , th e fe lla h een
w ere d o in g th e ir u tm o s t t o g e t th e ir c o t t o n to m a r k e t as
q u ic k ly as p o s s ib le , c a m e t o th e c o n c lu s io n t h a t m o s t o f th e
g o ld w o u ld c o m e b a c k d u r in g D e c e m b e r a n d th e re fo re th e y
s o ld fo r w a r d o n a c o n s id e r a b le s c a le to th e I n d ia n b a n k s .
R o u g h ly , a b o u t tw o m illio n s s te r lin g o f g o ld s e n t fr o m L o n ­
d o n to E g y p t h as b e e n b o u g h t b y th e I n d ia n b a n k s a n d f o r ­
w a r d e d to I n d ia , a n d it is sa id th a t fr o m a m illio n to t w o
m illio n s m o r e h as b e e n s o ld fo r w a r d b y th e E g y p t ia n b a n k s .
T h a t is p r o b a b ly an e x a g g e r a t io n .
B u t a g o o d d ea l h a s b e e n
s o ld fo r w a r d , a n d c o n s e q u e n t ly fr o m tim e t o tim e th e E g y p ­
tia n b a n k s h a v e b e e n o b lig e d to ta k e g o ld fr o m L o n d o n t o
fulfil th e ir e n g a g e m e n ts .
In In d ia th e m o n s o o n ra in s, as t h e y a re c a lle d — th a t is, th e
s u m m e r rain s w h ich b e g in u su a lly in J u n e a n d e n d a b o u t th e
c lo s e o f S e p te m b e r o r th e b e g in n in g o f O c t o b e r — h a v e b e e n
e x c e e d in g ly f a v o r a b le .
T h e c r o p s o f all k in d s , th e r e fo r e ,
are e x c e lle n t , a n d it is c e r ta in th a t th e d e m a n d f o r c ir c u la ­
tio n will b e a b n o r m a lly la rg e th is s e a so n .
T h e lin seed a n d
* in d ig o c r o p s h a v e b e e n n e a r ly g a th e r e d in in B e n g a l.
The

J an . 141911.]

97

THE CHRONICLE

©0wwjercial and i l l i s cclla n cous ilcurs

B o m b a y c o t t o n c r o p is b e g in n in g t o b e p ic k e d .
I n a w e e k or
te n d a y s th e rice c r o p in B u r m a w ill b e r ip e ; a n d a fte r th a t
C a n a d ia n B a n k C le a r in g s .— T h e cle a r in g s f o r th e w e e k e n d ­
w ill c o m e th e w h e a t c r o p .
S ilv e r is still th e c u r r e n c y in.
I n d ia .
B u t to g e t fre sh ru p e e s fr o m th e G o v e r n m e n t u n d e r in g J a n . 7 a t C a n a d ia n c it ie s , in c o m p a r is o n w ith th e sa m e
e e k o f 1910, s h o w a d e c re a se in th e a g g r e g a t e o f 1 .5 % .______
th e la w p a sse d w h e n th e m in ts w e re c lo s e d , g o ld has t o be
Week ending January 7.
lo d g e d in th e T r e a s u r y .
T h e I n d ia n b a n k s c o n c lu d e d th a t
Clearings atInc. or
th e y w o u ld b e a b le t o g e t fr o m E g y p t m o s t o f th e g o ld t h e y
Dec.
w a n ted .
I t is c h e a p e r to g e t it fr o m E g y p t th a n t o ta k e it
all th e w a y fr o m L o n d o n , a n d it is q u ic k e r a ls o .
T h e re o ,
Canada—
37,386,370 40.401,983 —7.4 29,388,740 28,814,888
t h e y r e c k o n e d th a t th e y w o u ld b e a b le to g e t w h a t g o ld t h e y M ontreal..............
—9.4 31,586,958 24,260,208
............ 35,508,511 39,204,995
w a n t e d fo r a c o n s id e r a b le tim e fr o m E g y p t .
B u t as th e Toronto
+39.0 14,522,161 14,096,302
W innipeg-............ 20,037,222 19,285,320
3,670,844
4,162,886
6,454,128 + 40.0
9,034,115
ancouver______
v o id is n o t c o m in g b a c k fr o m th e in te r io r in E g y p t th e I n d ia n
3,187,755
2,943,410
3,454,106 —5.8
3,255,092
b a n k s h a v e th is w e e k b e e n c o m p e lle d to w ith d r a w fr o m th e O tta w a ................
2,301,752
2,103,693
+
18.0
2,177,498
2.568,481
Q uebec.................
1,898,931
2,010,384
2,242.443
B a n k o f E n g la n d £ 3 7 5 ,0 0 0 in g o ld , a n d th e I n d ia C o u n cil H a lifa x ________
2,488.222
1.544.028
1,771,424
—
4.4
2,579,837
2,465,044
fin d s it n e ce ssa ry t o in cre a se th e d r a fts it o ffe r s fo r te n d e r H am ilton............
1,501,614
1,599,627
1,737,052 — 16.9
1,444,584
St.
John................
1,421,588
1.769,702
to 100 la cs n e x t w e e k .
P r o b a b ly th e r e w ill b e sp e cia l sales
1,720,489
1,902,170
,ondon................
1,256,658
1,481,553
+
27.0
2,310,949
2,934,976
C algary................
b e s id e s .
.
895,973
1,007,446
1,839,944
1,988,744
Victoria
_______
I n a d d it io n , th e r e fo r e , t o th e g o ld a c t u a lly ta k e n th is
1,097,075
1,312.181
1,208.843 +36.5
1,649,114
dm onton______
+
13.0
932,834
1,053,126
w e e k , it lo o k s as if g o ld m ig h t a lso b e ta k e n n e x t w e e k b e ­ Regina -----------063,868 Not included In total
ra n d o n ..............
c a u se o f th e in c r e a s e d sales o f C o u n cil d r a ft s .
A n d , o f B eth
558,044 Not Included In total
b rld g e..........
811,518 Not included In total
askatoon..........c o u r s e , if th e E g y p t ia n b a n k s a re n o t a b le t o g e t g o ld in
E g y p t , th e y w ill h a v e t o ta k e it lik e w is e fr o m th e B a n k o f
Total Canada. 123,715,777 125,550,421 — 1.5 95,445,065 80,174.722
E n g la n d to d e liv e r t o th e I n d ia n b a n k s .
In all r e a s o n a b le
Mott'—Five days In 1911 and six days InTdl other years.
p r o b a b ilit y th e g o ld will n o w b e g in t o c o m e b a c k in la rg e
a m o u n t s fr o m th e in te r io r o f E g y p t , a n d th e w ith d r a w a ls
A u c t io n S a le s .— A m o n g o th e r s e c u r itie s , th e fo llo w in g , n o t
fr o m th e B a n k o f E n g la n d w ill b e n o th in g lik e as la rg e as th e r e g u la r ly d e a lt in a t th e B o a r d , w ere r e c e n t ly s o ld a t a u c t io n .
C it y , in its s u rp ris e , n o w a p p r e h e n d s .
B u t u n d o u b t e d ly
B y M essrs. A d r ia n I I . M u ller & S o n :
th e c o n t r e t e m p s h a s c o m e as a c o m p le t e c h e c k t o b u sin e ss.
Stocks.
Stocks.
32 Am. Fire Ins. Co. of N ew ark.485
20 Title Ins. Co. of N. Y ............. 136
I n a d d itio n to all th is, £ 3 0 2 ,0 0 0 w a s ta k e n o u t o f th e B a n k
2
N.
Y.
Life
Ins.
& T rust Co. .1100
20
Bond
Sc
Mtge.
Guar.
Co-------248
in g o ld o n T h u r s d a y fo r A r g e n tin a .
A t th e p r e se n t ra te ot
United Copper Co. com. tr.
30 E. W. Bliss Co. 8 % pref-----124 1,250 ctfs.
to bearer French mar­
8 National Park B ank------------352%
e x c h a n g e th e re is n o p r o fit o n th e o p e r a t io n .
I r o b a b ly ,
ket s h a re s ..-................ -$4 per sh.
3 Bank of America.......................598
th e r e fo r e , th e w ith d r a w a l is a sp e cia l o p e r a t io n .
B u t th e
28 First National B ank................852
Hands.
w ith d r a w a l fr o m S o u th A m e r ic a , c o m in g w h ile g o ld w as b e in g
100 Union Typewriter Co., com -. 47%
10 Windsor Trust Co---------------115 $2,000 Phoenix L t. & Pow. Co. 1st
w ith d r a w n fo r b o t h I n d ia a n d E g y p t , has p u t o u t all c a lc u ­
5s, 1939. M. & N ______70 Sc int.
7
Securities
Co.
of
N.
Y
-------110
la tio n s in th e C ity a n d h as a d d e d to th e s e tb a c k in b u sin e ss.
Unless all th e e x p e r ts are o u t in re g a r d t o E g y p t , m o n e y
w ill b e p le n tifu l a n d c h e a p n e x t w e e k a n d w ill c o n tin u e so
T h e f o llo w in g s h o w s all th e d iv id e n d s a n n o u n c e d f o r th e
till th e e n d o f th e c u r r e n t m o n t h .
Y e s t e r d a y a n d th e d a y fu t u r e b y la rg e o r im p o r t a n t c o r p o r a tio n s :
b e fo r e th e in te re s t u p o n th e n a tio n a l d e b t w a s p a id b y th e
B a n k o f E n g la n d .
O f c o u r s e , a p o r t io n o f th e m o n e y g o e s
Per When
Rooks Closed.
Days Inclusive.
in t o th e in te r io r , a n d fo r o n e re a s o n o r a n o t h e r it d o c s n o t
Cent Payable.
Name of Company.
in cre a se th e su p p lie s in th e o p e n m a r k e t in L o n d o n im m e ­
Railroads (Steam).
d ia t e ly .
B u t n e x t w e e k it w ill d o s o .
A n d th e p a y m e n t s o f Alabama Great Southern, p r e f ------------3 Feb. 25 Holders of rec. Feb. 4a
1 lolders of rec. Jan. 31
1 % Mch.
in te r e s t a n d d iv id e n d s th a t a lw a y s ta k e s p la c e in th e first Atch. Top. & Santa Fc, common (quar.)
1 lolders of rec. Dec.30a
2 % ?eb.
Preferred
(No.
25).
------------------------w e e k o f th e N o w Y e a r w ill a lso a d d t o th e s u p p lie s .
I n Atlantic & North Carolina......... - - ...........- 15 Ian. 11 to Jan. 14
1 % Ian.
lolders of rec. Jan.14a
Jan.
31
3
F e b r u a r y , th e c o lle c t io n o f th e ta x e s w ill g iv e th e B a n k o f Balt. Chesapeake & Atlantic, pref............
3 Meh. 1 lolders of ree. FeD. la
E n g la n d c o n t r o l o v e r th e o p e n m a r k e t .
B u t d u r in g th e lialtlmorc & Ohio, common...........................
Mch. 1 lolders of rec. Feb. la
Preferred........................................................ 22 Jan.
9 fan. 5 to Jan. 10
c u r r e n t m o n t h , a t all e v e n t s , u n le ss s o m e t h in g u n fo re s e e n Pang or & Aroostook...................................... 31 lolders of rec. Dec.15a
Boston Revere Beach Sc Lynn--------------- 3 Jan.
h a p p e n s , m o n e y w ill b e b o t h p le n tifu l a n d c h e a p .
The
1 lolders of rec. Dec.30a
Feb.
1
%
Canada Southern.................................... ........
Feb. 1 Holders of rec. Jan.20a
B a n k o f E n g la n d , s o o n e r o r la te r , is c e r ta in t o r e d u c e its r a te Central of New Jersey (quar.)..................... 2
Holders of rec. Dcc.31a
Jan.
16
2
Chicago
&
Alton,
preferred...........................
t o 4 % , a n d p o s s ib ly lo w e r , a n d e v e n w h e n it g e ts c o n tr o l
10 Holders of rec. Dec.31a
Prior Hen and participating stock------- 2 Jan.
o f th e o p e n m a r k e t , it is v e r y u n lik e ly t o ra ise th e ra te a g a in . Ch. St. I’. M inn, .fc Ora., com. and pref. . .
3% Feb. 20 Holders of rec. Feb. 3a
20 Holders of rec. Dec.30a
1 % Jan.
W h a t it p r o b a b ly w ill d o w ill b e t o m a k e th e r a te , w h e th e r Cleve. Cln. Chic. Sc St. L., pref. (q u a r.)..
Feb. 1 Holders of rec. Dec.31a
Cuba Railroad, preferred..............4 % or
e ffe c t iv e , a n d t h e r e b y e n d e a v o r t o in crea se its
20 [lolders of rec. Jan. 3a
2 % Jan.
16 Dec. 25 to Jan. 8
2 % J in.
Denver Sc ltlo Grande, preferred..
reserve.
M e a n w h ile , all th e e x c h a n g e s h a v e tu r n e d m
1 to Jan. 15
Georgia Railroad Sc Banking (quar.)----- 2 % Jan. 16 Ian.
Jan. 14 Holders of rec. Jan. 5
2
f a v o r o f th is c o u n t r y .
Granite lty. (No. 75).....................—
Holders
of rec. Jan. 12a
Feb.
1
1
%
Great
Northern
(q
u
a
r.)...................
T h e I n d ia C o u n cil o ffe r e d fo r te n d e r o n W e d n e s d a y 80 la cs
2
Ja n . 16 Holders of rcc. Dec.19a
Hocking Valley, common...................
o f its b ills a n d th e a p p lic a t io n s e x c e e d e d 6 1 7 ^ la cs a t p r ice s
1
Jan. 10 Holders of rec. Dec.31a
Kansas City Southern, pref. (quar.)
Jan. 28 Holders of ree. Dec.30a
6
r a n g in g fr o m I s . 4 1 -I 0 d . t o I s . 4 ^ d . p e r r u p e e .
A p p lic a n t s Lake Shore * Michigan Southern. .
6
Feb. 1 Holders of rec. Dec.30a
fo r hills a t I s . 4 3 -3 2 d . a n d fo r te le g r a p h ic tr a n sfe r s a t I s . Lehigh Valley, common.....................
5 Jan. 14 Holders of rec. D cc.3la
5 Jan. 1 1 Holders of rec. Dec.31a
i ^ d . p e r ru p e e w e re a llo t t e d a b o u t 1 4 % o f th e a m o u n t s
Preferred ...................................... ..
Dec. 17 to Jan. 15
SI.25 Jan. 14 Jan.
Little Schuylkill Nav. RR. & Coal.
a p p lie d fo r .
_________________________
21 to Feb. 10
3% Feb. 10
Loulsvllle Sc Nashville-------------------

$

%

S

+ 11.0
+ 10.6
+8.1

DIVIDENDS.

Dividends announced this iveek are printed in italics.

3%%,

4

E n g lis h F in a n c ia l M a r k e t s — P e r C a b le .
T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r itie s , & c ., at 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 b e e n a s fo llo w s th e p a s t w e e k :

London,
Week ending January IS. Sat. Mon. Tucs. 25Wed.
5-16
25%
25%
Silver, per o z ........................d. 25%
79 5 16 79%
Consols, new, 2% percents-- 79 5-1(5 79 %
79 7-16 79%
For account........................... 79 7-1(5 79%
97.47%
French Rentes (in Paris)-fr. 97.GO 97.55 97.35 65%
Amalgamated Copper C o .-- 0(534 67%
66%
8%
8%
8%
6 Anaconda Mining Co------8%
Atch. Topeka & Santa Ke— 105 34 1 0 0 % 105% 105%
Preferred ----------10534 105% 105% 105%
Baltimore & Ohio----------------10834 109% 109% 109%
93
93
93
Preferred ...................
93
% 209% 2 1 0 %
Canadian Pacific. -...................20134 203
84%
83%
85
Chesapeake Sc Ohio------------ 8134
23
23%
23%
Chicago Great W estern. . . . 2.5
129% 128
Chicago Mllvv. * St. P a u l.-.12834 129
30%
30%
30%
Denver * ltlo Grande............ 3034
72
71%
71
Preferred ................................ 71
28%
28%
29
E rie ................................................28/4
47%
47%
48
First preferred--------------- 4734
36
36%
35%
Second preferred--------------30
138
138
138
Illinois Central.........................137
119
Louisville Sc Nashville______14934 149% 149
34
34%
Missouri Kansas * Texas__ 33 34 34%
65%
66
66
Preferred ...........................- 06
72
72
72
N at. RR. of Mex., ls tp re f.. 7234
38
38
38%
Second preferred------------ 3834
115% 114% 114%
N. Y. Cent. * Hudson R1V..115
43
43% 105
4.3%
N. Y. Ontario Sc W estern ... 4234
105
105
Norfolk Sc W estern...............-105
91
91
91
Preferred ................................ 92
% 1 2 2 % 1 62 61 %
Northern Pacific................— 12134 1 62 62 %
%
66%
a Pennsylvania......... - ............. 6034
80
80%
80%
a R eading................- ............. 7934
48
48
48
a'F lrst preferred..................... 48
50
50
50
a Second preferred.............. 4934
30%
31%
31%
Rock Island ..............................3134
118%
Southern Pacific........................11934 1 2 0 % 119
27
27%
28%
Southern Ity....... ................... - 27 34
64
0 1%
Preferred ______________ 64 34 65
178%
Union Pacific-------------------- 17934 179% 178%
96
96
97
Preferred ---------90
76%
76%
77%
U. 8 . Steel Corporation_____7(534
12 1%
2
Preferred ...............
12134 1 2171 % 1 216%
16%
W abash ............................
10 34
35
36%
36%
Preferred ______________ 3634
Extended 4s____________ 6634 6 6 % 6 6 % 6 6 %
a Price per share. 6 £ sterling, c Ex-dividend.




Thurs.
25 3-16
79 7-16
79 9-16
97.57%
64%
8%
105%
105%
108%
93
210 %
83%
23
128%
29%
71%
28%
47%
36
138
148%
33%
65%
72
38
113%
42%
10 1
91
12 1%
65%
80%
46%
49%
30%
119%
27
04
178%
95%
77
12 1%
16%
35
66

Erl.
25 3-1
79%
79%
97.62
05%
8%
105%
106
109
93
213%
84%
23
129
30
72
28%
48
36
138
119%
3 >%
65%
72
38
111%
42%
105
92%
12 0
65%
c79%
46%
49%
31
120 %
28
64
179%
95%
77%
12 2 %
16%
35
66%

Mahoning Coal RR., common------Michigan Central.................................
Mine Hill * Schuylkill H aven.........
Nashville Chau, .fc St. Louis----------Norfolk .fc Southern (No. 1)------Norfolk <fc Western, pref. (quar.).
Northern Pacific (quar.).
)
Reading, co m m o n .....................................
Pome Watertown .fc Ogd., guar. (quar.).
St Louis .fc San Fran., IV pref. (quar.).
St. Louis Southwestern, preferred............
Texas Central, preferred..-------------------)
Western M aryland, preferred (q u a r.)....
White Pass Sc Y ukon.......................
.
Street and Electric Railways.
)
.
Boston Elevated R y.
.
.
Brooklyn City R lt. (quar.)-------Columbus (O.) ltu-. pref. (quar.)---------- Connecticut Ity. .fc Ltg., com. .fc pref. (qu .)
Consolidated Traction of New Je rse y ...
East St. Louis <fc Sub., pref. (qu.) (No. lt )
Ft. Smith Light & Trac.. pref. (quar.). Grand Rapids R y., pref. (quar.) (No. 41) Havana Electric Ry., com. <fc pref. (qu.). Manchester (N. II.) Trac., L. & P. (qu. )
Mexico Tramivays (quar.)------------------- )
Montreal Street Ry. (quar.). —
New Orleans Railway Sc Light, pref. .
)
Old Colony Street lty.. pref.
Ottumwa ltv. Sc Light, prof.
Common (extra).
.
Preferred (No. 1)Preferred (No. 7) (quar.)..
-.
Railways Co. General (quar.).
)
Preferred (No. 12)--------------------------- .
Rio de Janeiro Tram ., L. * P. (quar.). Seattle Electric Co., com .(quar.)(No. i))
United Traction of Pittsb., prej.................. West Penn Traction, pref. (quar.)......... . Wheeling T raction...................- ................. .

$5
3
2%
3
1 %
%
1
$2
1
1

%
%
1%
1

3
2
2
1
1

%

61
3
1%
3
S3
SI
2
1%
1
2
1
1
1
1
2
1
1
2
2
1

%
%
%
%
%
%
%
%
$3
1%
2%
%
3
1 %
1 %
1%
1
2

3
1
1
2
1

%
%
%
%

Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Jan.
•Feb.
Jan.
iFeb.
Jan.
Jan.
Feb.
Man.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
iJan.

1 Holders of rec. Jan.13a
28 Holders of rec. Dec.30a
14 Dec. 20 to Jan. 13
1 Jan. 22
to Feb. 1
16 Holders of rec. Dec.22a
to Feb. 1
1 Jan. 15
17 Holders of rec. Jan.31a
14 Holders of rec. Dec.31a
1 Holders of rcc. Jan.12a
25 Holders of rec. Jan. 16a
1 Holders of rec. Jan.14a
15 Holders of rcc. Jan.31a
1 Holders of rec. Jan.20a
16 Holders of rec. Dec.31a
16 Holders of rec. Dec. 30
16 Holders of rec. Dec.31a
20 Holders of rcc. Jan. 14a
14 Jan 2 to Jan. 14
1 Holders of rec. Dec. 16a
16 Holders of rec. Dec.31a
15 Feb. 5 to Feb. 15
1 Holders of ree. Jan. 14
16 Holders of rcc. Jan. 3a
16 Jan. 4 to Jan. 16
1 Holders of rec. Jan. 16
15 Holders of rec. Jan. 31
15 Jan. 1 to Jan. 14
1 Holders of rcc. Jan.14a
15 Holders of rcc. Dec. 31
1 Holders of rec. Jan. 14
to Feb. 12
11 Jan. 22
16 Holders of rec. Jan. 2a
1 Jan. 18 to Jan. 31
31 Holders of rec. Jan.20a
1 Holders of rec. Jan. 13
16 Jan. 1 to Jan 15
18 Jan. 8 to Jan. 18
1 Holders of rcc. Jan. 14
15 Holders of rec. Dec. 31
16 Holders of rec. Jan. 6a
10 Holders of rcc. Jan. 6 a
If Holders of rcc. Jan. 6a
] Holders of rec. Jan. 3a
] Holders of rec. Jan.19a
] Holders of rec. Jan.19a
] Jan. 22 to Jan. 31
] Holders of rec. Jan. 14
! Holders of rec. Jan. 14
: Holders of rec. Jan. 14
li Holders of rec. Jan. 6 a
2 ( Holders of rcc. Jan. 10
If
ie Holders of rec. Dec.24a

THE CHRONICLE

98

[VOL. LXXXXII.

Per When
Books Closed.
S t a t e m e n t o f N e w 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
Name o f Company.
Cent. Payable
Days Inclusive.
d e ta ile d s ta t e m e n t b e lo w s h o w s th e c o n d it io n o f th e N ew
Banks.
Phenlx National_________________
(h)
Jan. 10
Jan. 1 1 Y o r k C le a r in g -H o u s e b a n k s fo r th e w eek e n d in g J a n . 7 .
Reserve, National. ..............................
3
Jan. 1 to Jan. 10 T h e fig u res fo r th e s e p a ra te b a n k s are th e a v e r a g e s fo r th e
Trust Companies.
re su lts.
In th e ca se o f th e to t a ls th e a ctu a l figures
Nassau, Brooklyn (quar.)................
Jan. 28 to Feb. 1 da ta ily
th e e n d o f th e w eek are a lso g iv e n .
Fire Insurance.
Home (No. I l l ) _________ _______
15 On dcm. Holders of rec. Jan.
F o r d e fin itio n s a n d ru les u n d e r w h ic h th e v a r io u s item s
E x tr a _______________________ _
2 k On dem Holders of rec. Jan.
a re m a d e u p , see “ C h r o n ic le ,” Y . 8 5 , p . 8 3 6 .
Miscellaneous.
Alliance Realty (quar.).................. .
2
Jan.
Holders of rec. Jan. 5
We omit two ciphers (00) in all cases.
Amer. Dist. Teleg. o f N . J . (quar.).
Jan.
Jan. 19
Jan. 27
Amer. Gas & Elec., pref. (quar.)
Feb.
Jan. 22
IK
Feb.
1
American Glue, preferred..............
4 Feb.
Banks.
Jan. 20
Feb. 2
Loans. Specie. Legals.
ReAmer. Light & T ract, .com. (quar.)___ 2 Feb.
00 s omitted.
Jan. 15
Capital. Surplus. Average Average. Average Deposits.
Jan. 31
Average. s’ve.
Common (payable In common sto ck ).. 2 K stk Feb.
Jan. 15
Jan.
31
Preferred (quar.)...........................
Feb.
Jan. 15
S
Jan. 31 Bank of N. Y._
8
8
5
%
American Locomotive, preferred (auar.). I K Jan.
Jan. 5
2,000,0 3.624.1 20.366.0 4,024,1
Jan. 23 M
955,( 18,552,( 26.9
Amerlcan Seeding Machine, common___ I KK Jan.
anhattan
Co.
Holders
of
rec.
Dec.3
la
2.050.0
4.362.2
30.500.0
7,114,1
1,883,1
34,700,1
26.2
Preferred (quar.).................................... ..
Jan.
Holders of rec. Dec.31a Merchants’ ___ 2,000,0, 1.832.1 18.578.0 3,871,( 1,106,( 18,741,( 2 0 .0
American Shipbuilding, pref. (quar.)___ Ii kK Jan.
Jan. 4 to Jan. 16 Mech. & Metals. 6,000,0 8,049,5 49,542,2
1,297,6 47,223,5 26.2
Amer. Smelt. & Kef., com. (qu.) (No.29)
Jan.
Dec.
16 to Jan. 5 A m erica______ 1.500.0 6.006.3 24.041.6 11,241,-1
5,297,1 1,796,5 24,746,4 28.6
Amer. Steel Foundries (quar.).......................
Feb.
P h e n lx .............. 1,000,0, 759.6 7.147.0 3,870,(1
262,(1 8,645,0 48.6
Amer. Tclep. & Teleg. (quar.)..................... 2 Jan.
City .................. 25.000.
Holders
of
rec.
Dec.31a
0
166.013.8 30,742,9 5,810,0 147,500,4
24.8
American Type Founders, com. (q u a r.)..
Chemical_____ 3.000. 31.588.3
Holders
of
rec.
Jan.
10a
0
6.577.7
28.461.0
5,329,9
1,730,7
26.5
Preferred (quar.)........................................ I K Jan.
of rec. Jan. 10a Merchants’ E x.
600,0
602.6 6,976,4 1,715,2 218,5 26,750,2
7,281,0
26.5
American Woolen, pref. (quar.) (No. 47) I K Jan. 16 Holders
Gallatin.............. 1.000.
Dec.
22
to
Jan.
4
0
2.517.2 8.472.7 1,326,0 536,2 6,806,6 27.3
Anaconda Copper Min. (qu.) (No. 41 ).. 50c.
300.0
18 Holders of rec. Jan. 7a Butch. & D rov.
162,0 2.452.1
556,4
91,4 2,626,8 24.6
Associated Gas & Elec., pref. (qu ar.)..
Jan. 15 Holders of rec. Dec. 31 G reenw ich___
500.0
845,4 7.786.3 1.885,1 214,0
8,490.1 21.7
Associated Merchants, 1st pref. (qu ar.).. II KK Jan. 16
Am.
Exchange.
5.000.
0
Holders
of
rec.
Jan.
7a
4,252,9
36,148,9
6,757,5
2,367,3
35,629,5 25.7
First preferred (extra).............................. K Jan. 16 Holders of rec. Jan. 7a Commerce____ 25.000. 16.601.4
0
137.750.9 23,383,9 8,714,8 115,813,7
27.8
Second preferred (quar.)......................... I K Jan. 16 Holders of rec. Jan. 7a M ercantile___ 3.000. 2.723.8
0;
14.529.5
1,851,0 1,032,3 11,155,9 25.8
Second preferred (extra).........................
Jau. 16 Holders of rec. Jan. 7a Pacific _______
500.0, 927.8 3.503.1
417,8 462,7 3,089,7 30.2
Bell Telephone of Canada (quar.).............. 2 K Jan. 14
Chatham ............
450.0,
1.012.4
Holders
of
rec.
Dec.23a
8.351.3
1,056,6
1,183,1
25.4
Bell Telephone of Pennsylvania (quar.)
Jan. 16 Jan. 6 to Jan. 16 People’s ............
200.0, 480,3 1.652.6
479,2 148.7 8,799,7
2,183.3
Bush Terminal, common................................ 2I K Jan.
0;
Holders of rec. Jan. 3 H anover............ 3.000. 12,069,9
11,594,7 6,152,1 70,206,9 28.7
25,2
Preferred ....................................................... 2K Jan. 163 Holders
Citizens’ C ent.. 2.550.0 1.713.2 63.386.7
22.607.6
of
rec.
Dec.
31
5,396,9
234,4
22,057,2 25.7
Central Coal & Coke, common (quar.)__ I K Jan. 14 Jau. 1 to Jan. 15 N a ssa u _______
500,0, 546,0 7.090.2
734,0
8,190,2 26.8
Preferred (quar.)........................................
Jan. 14 Jan. 1 to Jan. 15 Market & Fult’n 1.000. 0 1.749.1 8.640.8 1.147,7 1,462,9
931,7 8,321.7 25.0
Chicago Pneumatic Tool (quar.)______ I K Jan. 25
M
etropolitan
.
.
2,000,0'
11.796.2
1.518.8
Jan.
15
to
Jan.
25
2,926,5 255,8 12,275,5 25.9
Clailln (II. B.), common (quar.).............. 2 Jan. 16 Holders of rec. Jan.13a Corn Exchange 3.000. 5.429.2
0
40.806.0 7,356,0 5,163,0 47,977,0 26.0
Commonwealth Gas & Elec. Cos. (quar.) I K Jan. 16 Holders of rec. Jan. 2 Im p. & Traders’ 1.500.0 7,675,1
25.785.0 4,216.0 1,663,0 23,322,0 25.2
Consolidated Ice, Pittsburgh, pf. (quar.) I K Jan. 20 Jan. 10 to Jan. 20 Park .................. 5.000. 12.550.1
0
76.506.0
18,055,0 1,800,0 78,072,0 25.4
Consolidation Coal (quar.)_________
Jan. 31 Jan. 25 to Jan. 31 East R iv er..
250.0
111.9 1.442.7
326,7 172,3 1,688,7 25.9
Cuyahoya Telephone, pref. (quar.)_______ I K Jan.
0
Holders of rec. Jan.15a F o u rth .............. 5.000. 5.635.0
27.810.0 5,168,0 2,400,0 27,497,0 27.5
Delaware Lack. & W estern Coal (quar.) 2 K Jan. 31
S
eco
n
d
..............
16
Holders
of
rec.
Dec.3
la
1.000.
0
2.116.1
2,875,0
12.694.0
152,0 12,149,0 24.9
Detroit Edison (ouar.)________
Jan. 16 Holders of rec. Jan. 3a First ________ 10,000,0 20.913.1 97.297.6 17,675,9 1,772,9
83,276,0 23.3
Distillers’ Securities Corp. (qu.)’( No. 33) K Jan. 31
Holders of rec. Jau. 10a Irving Exch__ 2,000,0 1,741,1 22.268.9 5,216,4 1,114,9 23,358,4
27.1
Distilling Co. of Amer., pref. (quar.)___
Bowery
.
Jan.
30
Holders
of
rec.
Jan,
10a
250.0
802,7
845.0
3.638.0
61,0
23.8
Dominion Coal, Ltd. (pref.)...........................
Feb. 1 Jan. 18 to Jan. 31 N. Y. C ounty..
500.0 1.726.0 7.711.7 1,278,2 639,0 3,800,0
7,766,6
25.1
duPont(E .I.)de Nemours Pow., pf. (qu.) 3 K Jan.
German
-Amer.
25
Jan.
15
to
Jan.
25
750.0
711.2 3.963.2
791,2 213 9 3,808,3 25.9
Eastman Kodak, common (extra)................ 5 Mch.
of rec. Jan. 31 Chase___
5.000. 8.108.3
0
70.208.0
5,772,0 80,809,0 23.5
Electric Bond A- Share, com. (qu.) (No. 7). 2 Jan. 161 Holders
100.0 2.170.6 12,607,3 13,265,0
Holders of rec. Jan. 13a Fifth A venue..
2,228,0
1,359,7 13,893,5 25.8
Preferred (quar.) (No. 2 3 ) ..................... I K Feb. 1 Jan.
German E xch-.
20
to
Jan.
31
200,0
901.3
3.550.0
423,6
505,7 3,720,6 25.0
Electric Co. o f America................................._ 3 K Feb. 3 Jan. 21 to Feb. 3 Germania
200.0 1.023.4 4.900.7
874,4 478,0 5,561,6 24.3
Electrical Securities Corp., pref. (quar.) I K Feb. 1 Holders of rec. Jan.31a Lincoln .............. 1.000.
0
1.563.1
15.879.6
3,174,9
997,3
24.5
Elec. Utilities Corp., pref. (qu.) (No. 3). I K Jan. 16 Holders of rec. Dec.31a Garfield..
1,000,0 1.208.7 8.375.8 1,738,2 495,9 16,980,0
8,521,8 26.2
General Asphalt, pref. (quar.) (No. 15)__ I K Mch. 1 Holders of rec. Feb. la F ilth ___
250.0
510.4 3,349,6
588,0 270,3 3,483,1
24.6
Preferred (extra) No. 2)...........................
M
etropolis___
1
Holders
of
rec.
Feb.
la
8 Kff Mch.
1,000,0
2.088.4
12,049.8
1,202,9
1,772,7
24.5
General Electric (quar.).............................
2
Jan. 14 Holders of rec. Dec. 3a West Side
200.0 1.051.5 1.050.0
902,0 213,0 12,099,4
4,479,0 25.5
Goldfield Consolidated Mines (quar.)__ 30c. Jan. 31
of rec. Dec.3 la Seaboard.
1,000,0 1.977.2 21.490.0 4,726,0 1,671,0
24,948.0
25.6
E xtra .......................................................... 2 0 c. Jan. 31 Holders
Holders of rec. Dec.31a L iberty.............. 1,000,0 2.719.9
16.689.0 3,920,2 645,5
20.7
Guanajuato Pout. & El., pref. (qu.)(No. 10) I K Feb. 1 Jan. 21 to Feb. 1 N. Y. Prod. Ex. 1,000,0
735.6 7.773.4 2,180,4 190,0 17,078.5
9,196,1 25.7
Harblson-Walker Refrac., pref. (quar.).. I K Jan. 20 Holders of rec. Jan. 10 State ................... 1,000.0
893.2 15.267.0 4,518,0 323,0 19,036,0
25.4
Homestake M ining (mthly.) (No. 431)___ 50c. Jan. 25 Jan. 21 to Jan. 25 14th Street___ 1.000,0
311.2 5.785.3
947,8 706,7 6,552,1 25.2
Illinois Brick (q u a r.)-................................... 2 Jan. 14 Jan. 5 to Jan. 15 Coal & Iron___ 1,000,0
408.9
5.725.0
667,0
780,0
5,736,0
25.2
Intercontinental Rubber, common (quar.)
Feb. 1 Holders of rec. Jan. 20 Union E xch__ 1,000,0
970.7 8.916.1 1,240,2 962,0 8,825,0 25.0
Internat. Buttonhole Mach.(qu.)(No.53)
Jan. 16 Holders of rec. Jan. 5
Internat. Harvester, com. (qu.) (No. 4).
Jan. 14 Holders of rec. Den.21a Totals, Average 133,350,0 196,577,1 1228.335.5 239,203,4 71,171,5 1203,490,0
International Nickel (quar.)___________
Mch. 1 Feb. 10 to Mch. 1 Actual figures Jan. 7__
1215,542,7 246,241,8 71,794,111197,148,7
Common, extra (q u a r.)............. .............
Mch. 1 Feb. 10 to Mch. 1
Preferred (quar.)____________________ IKK Feb.
1
Jan.
13
to
Feb.
1
International Paper, preferred (q u ar.)..
Jan.
On the basis of averages, circulation amounted to 347,518,900 and United States
of rec. Jan. 5a
Internat. Steam Pump, pf. (qu.) (No.47) K Feb. 161 Holders
Holders of rec. Jan. 20a deposits (Included In deposits) to 81,652,100; actual figures Jan. 7 , circulation
Kansas City Breweries, pref. (quar.).......... IK
847.618,900; United States deposits, 81.644,500.
Feb.
IK
15
Feb.
1
to
Feb.
15
La Rose Consolidated Mines (quar.)___ 2 Jan. 20 Jan. 1 to Jan. 17
Massachusetts Gas Cos., common (quar.)
T h e S ta te B a n k in g D e p a r t m e n t a lso n o w fu rn ish e s w e e k ly
Feb. 1 Holders of rec. Jan.18a
M assachusetts Ltg. Cos. (quar.) (No. 29). IK Jan.
16 Holders of rec. Dec.31a re tu rn s o f th e S ta te b a n k s a n d tr u st c o m p a n ie s u n d e r its
Mexican Light & Pouter, Ltd., ordinary__
Jan.
20 Jan. 16
to Jan. 20
Mexican Telegraph (quar.).........................
Jan. 16 Holders of rec. Dec.3 la c h a r g e . T h e s e re tu rn s c o v e r all th e in s titu tio n s o f th is class
Michigan State Telephone pref. (qu ar.).. 2K
IK Feb. 1 Jan.
15 to Feb. 1 in th e w h o le S t a te , b u t th e fig u res a re c o m p ile d so as to
Mlnneap. Gen. Elec., com. (qu.) (No. 14) IK
Feb. 1
of rec. Jan. 18a
Preferred (No. 24)____ _________
3 Feb. 1 Holders
Holders of rec. Jan. 18a d is tin g u is h b e tw e e n th e re su lts f o r N e w Y o r k C ity (G r e a te r
Monongahela Itlv. Cons. Coal & Coke, pf. SI Jan.
Jan. 13 to Jan. 24 N e w Y o r k ) a n d th o s e f o r th e rest o f th e S t a te , a s p e r th e
National Biscuit, com. (quar.) (No 49) IK Jan. 25
14 Holders of rec. Deo.28a
National Carbon, common (quar.).........
Jan. 14 Jan. 5 to Jan. 15 fo llo w in g :
IK Jan.
National Fireproofing, pref. (quar.)__
F o r d e fin itio n s a n d ru les u n d e r w h ich th e v a r io u s ite m s are
16 Holders of rec. Jan. 3d
New York Air Brake (quar.)__________
IK Jan.
27 Holders of rec. Jan. 5a m a d e u p , see “ C h r o n ic le ,” V . 8 6 , p . 3 1 6 .
Niagara Falls Power (No. 4 ) __________
2
Jan.
16
Holders
of
rec.
Jan.
2a
Nlplsslng Mines (quar.)________________ 5 iJan. 20 Jan. 1 to Jan. 17
STATE BANKS AND TRUST COMPANIES.
E xtra______________________________
Jan. 20 Jan. 1 to Jan. 17
Nothern States Power, pref. (quar.)___ 2K
Jan. 15 Holders of rec. Dec. 31
IK
State Banks Trust Cos. State Banks Trust Cos.
Nova Scotia Steel & Coal, com. (quar.)..
Jan. 14 Jan. 1 to Jan. 15
Week ended Jan. 7.
in
in
outside of
outside
Preferred (quar.)___________________
Jan.
Jan. 1 to Jan. 15
Greater N . Y . Greater N . Y. Greater N . Y . Greater
N. Y
Oklahoma Gas & Elec., pref. (quar.)___ IK Jan. 14
15
Holders
of
rec.
Dec.
31
Osceola Consolidated Mining...................... $4 Jan. 26 Holders of rec. Dec.3 la
S
S
S
s
Otis Elevator, preferred (quar.)............... IK Jan. 16 Holders of rec. Dec. 31 Capital as of Nov. 10___ 25,275,000
65,406,000 *8,998,000 *9,075,000
Pacific Coast Co., common (quar.)............. IK Feb. 1 Jan. 21 to Feb. 1
First preferred (quar.)______________
Feb. 1 Jan. 21 to Feb. 1 Surplus as of Nov. 10___ 39,391,800 174,583,300 *10,891,050 ♦ 9,817,991
IK Feb.
Second preferred (quar.)___ _________
1 Jan.
21
to
Feb.
1
IK
Pacific Teleph. & Teleg., pref. (quar.). IK Jan. 15 Jan. 1 to Jan. 15 Loans and Investm ents-. 286,381,500 1,014,121.000 91,312.500 142,791,800
Pay-as-You-Entcr Car Corp., pref. (qu.) IK Jan.' 14 Holders of rec. Dec. 31
Change from last week.
+ 618,200 —8,035,700 —231,100 —309,100
People's Gas Light & Coke (quar.)............. IK Feb. 25 Holders of rec. Jan.20a
Pittsburgh Coal, pref. (quar.)_________ IK
Jan. 25 Holders of rec. Jan. 14a Specie ................................. 47,133,800 112,340,500
Procter & Gamble, pref. (quar.)_______ 2 Jan. 14 Holders of rec. Dec. 31
Change from last week. + 1,189,800
+730^500
Quaker Oats. com. (quar.)____
Jan. 16 Holders of rec. Jan. 3a
Common (extra)....................................__ 2 K Jan.
16
Holders
of
rec.
Jan.
3a
Legal
tenders & bk. notes 25,577,900 12,648,000
Preferred (quar.)............................. ........
Feb. 28 Holders of rec. Feb. la
IK
Change
from
last
week.
+ 632,500 — 182,100 ..................... .....................
Realty Associates (No. 16)....................... 3 Ian. 14 Holders of rec. Jan. 5
Reece Buttonhole Mach, (qu.) (No. 99) 2 Jan. 16 Holders of rec. Jan. 5 D e p o sits....... ..................... 330,368,900 1,055,009,300 100,732,300 152,411,400
Rhode Isl. Perkins Horseshoe, pf. (quar.)
Jan. 14 Holders of rec. Jan. 3
Change from last week. +3.453,400 +6,753,700 + 1.837,100 + 2,868,100
San Diego Cons. Gas & El., pref. (quar.) IK Jan. 15 Holders of rec. Dec. 31
Securities Company______________
14
1 to Jan. 1 5 Reserve on deposits__
2K Jan.
130,931,700 21,321,700 23,223,000
Shawlnlgan W ater & Power (quar.)
Jan.
7
20 Holders of rec. Jan.
Change from last week. +92,909,000
+ 980,900 + 1,445,500 + 2,066,000
1,364,000
Silversmith’s Company (quar.)..........
Feb.
15
Holders
of
rec.
Feb.
lo
IK
Southern California Edison, pref. (quar.). IK Jan. 15 "
1 to Jan. 1 5 P. C. reserve to deposits.
15.7%
22.0%
28.7%
15.9%
Southern New England Telep. (q u a r.).. 6 Jan. 14
I
to
Jan.
15
Percentage last w eek..
15.5%
28.6%
20.8%
14.8%
Tennessee Copper............................................. SI.50 Man. 26
Union Bag & Paper, pref. (qu.) (No. 47).
Jan. 16
United Cigar Mfrs., common (quar.)___ IK Feb. 1
Jan. 20
4 - Increase over last week. — Decrease from last week. * As of Aug. 31.
United Cigar Stores, Corp. of (qu.) (No. 6) IK Jan. 16
Jan. 16
Note.— "Surplus” Includes all undivided profits. “Reserve on deposits” In­
E x t r a ______
Jan. 16
K
Jan. 16 cludes,
(or both trust companies and State banks, not only cash Items, but amounts
United Fruit (quar.) (No. 46)................
2 Jan. 14
from reserve agents. Trust companies In New York State are required by
United Gas & Elec, of New Jersey, p re f.. 2K Jan. 14 Ian. 1 to Jan. 13 due
law to keep a reserve proportionate to their deposits, the ratio varying according
Unlted Gas Improvement (quar.)............ 2 Jan. 14
to location as shown below. The percentage of reserve required Is computed on
r / S.c.' Really
,
*AHeating,
preferred______
16
3K Jan.
the aggregate of deposits, exclusive of moneys held In trust and not payable within
U.
Improvement
(quar.) . . .
Feb. 1
IK Jan.
thirty days, and also exclusive of time deposits not payable within 3 0 days, repre­
V . 8. Rubber, first pref. (quar.) .
31
sented by certificates, and also exclusive of deposits secured by bonds of tile State
Second preferred (quar.)....................
31
of New York. The State banks are likewise required to keep a reserve varying
U. S. Smelt., Refg. & Mining, com. (qu.) IK Jan.
Jan. 16
according to location, the reserve being computed on the whole amount of deposits
Preferred (quar.)___
Jan.
16
Va.-Carollna Chem., pref. (qu") "(No.’ 61) IK Jan. 16 Jan. 1 to Jan. 1 5 exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment
Vulcan Detlnnlng, pref. (quar.)
Jan.
20
rs
of
rec.
Ja
n
.
10 a
IK
York. of 1910) and exclusive of deposits secured by bonds
Wells, Fargo & Co.........................II
Jan, 16
6 to
Jan. 16 of the State ,of ,New
_
— Trust Cos.— — Stale B a n k s Western Union Telegraph (qu.) (No. l67) 5 K Jan.
16
Reserve
Required
for
Trust
Companies
Total
Total
Of
Of
Westlnghouse El. & Mfg., pref. (qu ar.).. IK Jan. 16
Jan. 16
and
State
Banks.
Reserve
which Reserve
which
Preferred ...................................................... 3 K / Jan. 16 .
Jan.
10
Location—
Required
[ Cash.Required. in Cash.
W hite (J. Q.) «fe Co., Inc., pref. (quar.). IK Feb. 1
Manhattan Borough.........................................................1 5 %
25%
15%
15%
a Transfer books not closed. 6 Less Income tax. d Correction, e Payable in Brooklyn Borough (without branches In Manhat.).15%
20%
10 %
10 %
common stock to holders of record Dec. 31 1910. /O n account of accumulated Other
Boroughs (without branches In M anhattan). 15%
15%
10 %
7K %
dividends, g E xtra dividend Is In full of accumulated unpaid dividends and Is Brooklyn
Borough, with branches In M anhattan.. 15%
15%
20%
20%
payable In convertible 5% debentures, h 1,900 shares of the I’helps-Dodge Co to Other Boroughs with branches In M anhattan___ 15%
15%
16%
15%
be distributed pro-rata to the stockholders of the Phenlx National Bank.
Elsewhere In S tate______________
10 %
5%
15%
6%




1

3

1IK
1 Jan.
Jan.

1

IK
IK
1
IK

11
11

1
1

1

l*

1
1

1

2
1
2

3

THE CHRONICLE

JAN. 14 1911.]
The

B a n k in g

D ep a rtm en t

a lso

u n d e r ta k e s

to

p resen t

se p a r a te fig u r e s in d ic a t in g th e t o t a ls fo r th e S ta te b a n k s a n d
tr u s t c o m p a n ie s in th e G r e a te r N e w Y o r k

House.

not in the Clearing

s p o n d in g

Boston and Philadelphia Banks.— B e lo w is a

it e m

in

th e

tw o

s ta t e m e n ts ,

th u s a ffo r d in g

an

a n d P h ila d e lp h ia .

We omit two ciphers (00*) in all these figures

25.82%

Loans.

Specie. Legals. Deposits, a Circu­
lation.
S
S
$
S
22.353.0 3.635.0 239.530.0 7.777.0
21.994.0 3.359.0 238.996.0 7.786.0
23.035.0 3.676.0 243.419.0 7.816.0
23.610.0 3.660.0 252.937.0 7.885.0
299.712.0 15.739.0
67.2112,0
299.615.0 15.766.0
67.2115.0
306.529.0 15.789.0
70,85)7,0
311.386.0 15.674.0
70,9'19.0

Clearings.

17.3%
17.0%

s p e c ie ) fr o m th e p o r t o f N e w Y o r k to fo r e ig n p o r t s f o r th e

Clear.-House State Banks &
Trust Cos. not
Banks.
Average. in C.-H. Aver.
S
S
74.731.000
133,350,000
196,577.100 183,170,000
1,228,335,500 1,099,744,700
—5,858.900 —7,878.800
1,203,490,000 ol, 051,019,100
+ 1,903,600 —3,958,500
239,203,400 118,300,900
+713,700
+ 873,100
71,171,500 620,914,900
— 214,700
+ 1,262,600
310,374,900 cl39.215.800
+499,000
+ 2,135,700

310,374,900
+ 2,135,700

Capital
and
Surplus.
S
40.200.0
40.200.0
40.200.0
40.200.0
55.465.0
55.465.0
55.465.0
55.465.0

22,832,500
+ 1,010,700
162,048,300
+ 1,509,700

th e G r e a te r N e w Y o r k .

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

Banks.

S
S
Boston.
161,021,8
200,128,0
Dec. 1 7 ..
158.674.5
201.022,0
Dec. 2 4 ..
133,787 2
202.615.0
Dec 31 —
204,868,9
204.301.0
Jan. 7 —
Phila.
147,914,8
253.030.0
Dec. 17-.
143,912,0
Total o f all Dec. 2 4 ..
252.716.0
134,574.7
251.826.0
Banks dc Trust Dec. 3 1 ..
169.461.6
Cos. Average. Jan. 7 ..
254.824.0
S
a Includes Government deposits and the Item “due to other banks.” At Boston
208,081,000 Government
deposits amounted to S3,042,000 on January 7, against S3.033.000
379,747,100 on December 31.
2,328,080,200
Imports and Exports for the Week.— T h e fo llo w in g a re
— 13,737,700
th e im p o r t s a t N e w Y o r k f o r th e w e e k e n d in g J a n . 7; a ls o
2,254,509,100 to t a ls s in c e th e b e g in n in g o f th e first w e e k in J a n u a r y .
— 2,054.900
FO REIG N IMPORTS AT N EW YORK.
357,504,300
+ 1,586,800
1908.
1910.
1909.
1911.
For week.
92,086,400
+ 1,047,900
$3,296,924 $3,977,289 $3,926,786
Dry goods.................................. $3,372,230
449,590,700 General merchandise.............. 11,546,443 15,220,285 11,367,135 7.247,262
+ 2,634,700
T o ta l.......................- ............. $14,918,677 $18,517,209 $15,344,424 $11,174,048
Since January 1.
goods.................................. $3,372,230 $3,296,924 $3,977,289 $3,926,786
22,832,500 Dry
+ 1,010,700 General merchandise.............. 11,546,443 15,220,285 11,367,135 7,247,262
Total 1 week......................... $14,918,673 $18,517,209 $15,344,424 £$11,174,048
472,423,200
+3,645.400

a g g r e g a te f o r th e w h o le o f th e b a n k s a n d tr u s t c o m p a n ie s in

Clear ,-llouse
Banks.
Week ended Jan. 7. ActualFigures
$
Capital as of Nov. 10-- 133,350,000
Surplus as of Nov. 10-- 196,577,100
Loans and Investments 1,215,542,700
Change from last week —22,631,900
D-Cposits......................... 1,197,148,700
Change from last week —9,257,600
246,241,800
~Change from last week +9,530,300
71,794,100
Change from last week
+718,300
Aggr’te money holdings 318,035,900
Change from last week + 10,248,600
Money on deposit with
other bks. & trust cos. .....................
Change from last week
318,035,900
Change from last week + 10.248.600
Percentage to deposits
26.60%
requiring reserv e .-..

su m m ary o f

th e w e e k ly to t a ls o f th e C le a r in g -H o u s e b a n k s o f B o s t o n

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

a ls o th e r e s u lts ( b o t h a c tu a l a n d a v e r a g e ) f o r th e C le a rin g ­
H ouse ba n k s.
I n a d d it io n , w e h a v e c o m b in e d e a c h c o r r e ­

99

T h e fo llo w in g is a s ta t e m e n t o f th e e x p o r t s ( e x c lu s iv e o f

.... w e e k e n d in g J a n . 7 a n d fr o m J a n . 1 t o d a t e :
18,748,725
9,502,400
EXPORTS FROM NEW YORK.
Increase over last week. — Decrease rrom last wcck.
a These are the deposits alter eliminating the Item "Due from reserve depositories1 —.................................................
and other banks and trust companies In New York City” ; with this Item Included,
1908.
1909.
1910.
1911.
deposits amounted to SI. 160,835.600, an Increase ol $7,057,400 over last week.
In the case ol tho Clearing-House banks, the deposits arc “net” both lor the average For the w eek........................... $16,158,893 $10,078,871 $10,950,993 $15,434,749
and the actual figures, b Includes bank notes, c Ol this amount State banks held[ Previously
reported-----------$14,220,700 and trust companies $124,995,100.
S Total 1 week......................... $16,158,893 $10,078,871 $10,950,993 .$15,434,749
T h e a v e r a g e s o f th e N e w Y o

combined w ith

th o s e fo r th e S ta te b a n k s a n d tr u s t c o m p a n ie s
in G r e a te r N e w Y o r k o u ts id e o f th e C le a r in g -H o u s e c o m p a r e
as fo llo w s f o r a series o f w e e k s p a s t:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
G REATER NEW YORK.

Week Loans and
Ended. Investments.
$
Nov. 5— 2.361.563.2
Nov. 12.. 2.340.467.7
Nov. 1 9 .. 2.309.880.1
Nov. 2 6 .. 2.309.843.3
Dec. 3 .. 2.326.766.7
Deo. 1 0 .. 2.337.587.5
Dec. 1 7 - 2.327.051.6
Dec. 2 4 - 2.330.147.6
Dec. 31 — 2,341,817,9
Jan. 7 .. 2.328.080.2

Deposits.
$
2.271.515.7
2.248.637.7
2.227.664.7
2.232.760.3
2,245,922.5
2.246.876.1
2.237.094.3
2.244.128.2
2.256.564.0
2.254.509.1

Specie.
S
357.466.7
355.905.1
363.380.5
365.901.8
361.995.1
353.478.3
352,408.7
356.629.3
355.917.5
357.504.3

Tot. Money Entire Res.
Legals. Holdings. on Deposit.
S
S
S
88.230.4 445,697,1 470,422,9
87.892.2 443.797.3 467.943.4
474.847.4
88,339,0 451.719.5 478.744.6
89.829.6 455.731.4
475.117.2
89,282,8 451,277,9 465.636.4
88.161.3 441.639.6
89.306.6 441.715,3 465.650.6
89.257.5 445,886,8 469.142.3
91.038.5 446,956,0 468,777,8
92.086.4 419.590.7 472.423,2

T h e f o llo w in g

ta b le s h o w s th e e x p o r t s a n d im p o r t s o f

B pecie a t th e p o r t o f N e w Y o r k f o r th e w e e k e n d in g J a n . 7
a n d sin c e J a n . 1 1910

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

190 9 a n d 1 9 0 8:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
dold.

Exports.
Week. SinceJan.l.

Imports.
Week. SinceJan.l.

Great B rita in .................................... ..
$18*191
$18*191
France ....................................................
Germany ................................- ............. $510*006 $510*666
3*3*958 *33*958
West Indies
__________________
940
940
Mexico --------------- ---------------------74,350
74,350
South America___ _____. . . . . . . . .
....... 105,217 105,217
All other countries................................
$520,000 $510,000 $232,656 $232,656
Total 1911........................................... 1,064,000
63,236
63,236
1,025,000
1910...........................................
178.615
178.615
5,500
Reports of Clearing Non-Member Banks.—T h e fo llo w in g Total
Total 19 0 0
_ ______________
is th e s t a t e m e n t o f c o n d it io n o f th e c le a r in g n o n -m e m b e r
Silver.
$818,620 $732,151
OreAt Rrlt-iln
b a n k s f o r th e w e e k e n d in g January 7, b a s e d o n a v e r a g e France
$225
$225
44,100
44,100
_________________
16,493
16,493
CJprmanv
d a ily re su lts:
2,550
2,550
244
244
W est Indies_____________________We omit two ciphers (00) in all these figures.
54,383
54,383
Mexico
69,599
69,599
1,000
1,000
South America____ . . . __________
85,815
85,815
200
All other countries................................
Loans,
Legal Deposit with
U16C IS
l enutT
$212,572
$212,572
$793,988
$880,657
Total
1911...........................................
Net
and Specie. and Clear­ Other
Capi­ Sur­ Invest­
Banks.
13,888
13,888
902,768
Total 1910....... ................................... 1,369,248
ing Banks, Deposits.
Bank
plus.
tal.
89,457
89,457
882,275
Total 1909........................................... 908,400
Notes. Agent. A c.
ments.
N. Y. City
O f th e a b o v e im p o r t s f o r th e w e e k in 1 9 1 1 , $ 3 5 ,7 4 3 w e re
Boroughs of
$
S
$
$
S
S
$
M an.A Brx. $
1,192,0 143,0 69,0 242,0 16,0 1,282,0 A m e r ic a n g o ld c o in a n d $ 1 ,7 1 6 A m e r ic a n s ilv e r c o in . O f
W ash. H ’ts 100,0 274,3
1.412,5
155,6 1,384.8 31,5 169,3 112,3 138,1
Century - - ­ 250,0 391,4
5,770,5 761,0 449,5 738,0 224,3 7,242,0 th e e x p o r t s d u r in g th e s a m e t im e , $ 5 2 0 ,0 0 0 w ere A m e r ic a n
Colonial__ 400,0 775,8 6,923,0
591,0 772,0 74,0 7,892.0 g o ld c o in a n d $ 1 ,2 0 0 w ere A m e r ic a n s ilv e r c o in .
Columbia - - 300,0 172,5 1,092,8 631,0
79,5 87,1 196,6
1,141.8
Fidelity . . . 200,0 537,5 3,208,8 239,8
260,6 241,7 667,9 3,975,1
500,0
Jefferson
_
u vllvl O v U ———
423,8 61,2 322,9 115,1 3,217,0
Mt. Morris. 250,0 313,9 2,529.3
3,759,2
19,3 566,8 359,3
M utual___ 200,0 379,5 3.196,5
334,0 379,0 646,0 _______ 5.033,0
Pinza _
100,0 462,0 4,138,0
fa u ltin g muX ffiu au cial.
62,0 222,4 _______ 2.025,1
1,809,5 187,5 726,6
23d W ard .. 200,0 110,6 3,925,3
213,7 261,7 5,011.4
57,2
Yorkvllle . . 100,0 482,0
247,0
84,0
2,504,0
24,0
255,0
2,353,0
N cw N eth.. 200,0 259,8
74,5 _______ 1,276,1
Bat.Pk.N at. 200,0 164,0 1,668,0 126,3 56,2
Aetna N at. 300,0 315,7 2,039,3 414,2 28,3 138,2 30,2 1,969,6
R a ilr o a d a n d I n d u s tr ia l S to c k s
Borough of
Brooklyn.
Let
us
send you our circular describing 110 ISSUES of listed Rail­
299,5 214,3 3,693,8
Broadway . 200,0 534,2 3,268.9 59,0 431,6
838.4 5,417,7 494,0 212,2 787,0 144,0 5,951,7 road and Industrial Stocks.
Mfrs.' N at. 252,0 882.0
11,126,4 385,8 1,229,4 1,508,8 216,5 14,461,6
M echanics'. 1,000.0
S p en ce r T ra sk & C o.
7,716,0
_______
7,238,0 649,0 304,0 1,406,0
Nassau N at. 750,0 1,018.1 3,692,0
101,0 516,0 715,0 179,0 4,954,0
N at. City— 300,0 614,0
43 EXCHANOE PLACE.------ NEW YORK.
149,5 2,067,5 139,4 86,7 171,7 88,4 2,312,9
N orth Sldc. 200,0 623,9
Chicago. 111.. Boston. M ass.,
Albany, N. Y.
3,402,0 344,0 91,0 374,0 38,0 3,096,0
Flrst N at— 300,0
Jersey City.
Members New York, Stock Exchange.
2,190,2
7,011.3
414,0
414,7
1,264,0
5,333,7
304,6
400,0
First N a t..
121,2 55,4 498,9 151,4 2,030,4
Hud.Co.Nat 250,0 763,1 3,037,4
Third N a t - 200,0 400,9 2,079,2 59,6 118,4 540,7 19,0 2,442,4
a
Hoboken.
3,184,9 148,1 26,9 155,4 112,4 2,905,4
First N a t— 220,0 626,0
W H I T E ,
W E L D
&
C O .
Second N at. 125,0 267,4 2,735,2 69,2 102,9 112,3 180,5 3.2U0.8
Members
New
York
Stock
Exchange.
93,813,9 6,578,0i 7,179.8 13,286,1 3,308,8 108417,1
Tot. Jan. 7 7,497,0 12,777,0 93,431,4
i 7,402,0 12,160,7 3,044,1 106066,7
Tot. Dec. 31 7,497,0 12,777,0 93,271,9 6,483,6
THE ROOKERY.
5 NASSAU STREET.
6,585,2! 7,057.6 14,158,2 3,040.8 107862,6
Tot. Dec. 241 7,497.0i 12,777,0
CHICAGO




ichboo

NEW YORK

THE CHRONICLE

100

j& U m h c rs ’
Wall Street, Friday Niyht, Jan.

13 1911.
T h e M o n e y M a r k e t a n d F in a n c ia l S it u a t io n .— T h e d e m a n d
f o r b o n d s , w h ic h h as b e e n a e a tu r e o f th e m a r k e t f o r s ev era l
w e e k s p a s t , ha-i th is w e e k d im in ish e d d a y b y d a y .
A t th e
s a m e tim e th ere is less a c t i v i t y in s to c k s , a n d b u sin ess a t
th e E x c h a n g e se e m s to b e d r ift in g b a c k in to th e u n in te r e s t­
in g c o n d it io n in w h ich it w a s m u ch o f th e tim e d u r in g th e
c lo s in g m o n th s o f th e o ld y e a r .
S u ch e v e n t s a s th e a n n o u n c e m e n t o f a new s t o c k issue o f
$ 1 0 0 ,0 0 0 ,0 0 0 b y th e P e n n s y lv a n ia R a ilr o a d , a n d o f an in ­
c re a s e o f 2 % in C a n a d ia n P a c ific 's d iv id e n d r a te , a t t r a c t e d
s o m e a t t e n t io n a n d in te r e s t, b u t o th e r w is e th e w eek h as
b e e n u n u su a lly d u ll fo r th e s e a so n .
T h e S teel C o r p o r a t io n ’ s
r e p o r t o f a fu r th e r d im in u t io n d u r in g D e c e m b e r o f 85 0 0 0
to n s in o id e r s b o o k e d ca u se d n o su rp rise , as th is s itu a tio n
h a d b een t o i e s h a d o v e d in th e c o n d it io n s w h ich w e re k n o w n
to e x is t .
I n d e e d , so m e e s tim a te s h a d p la c e d th e s h o r ta g e
a t 1 0 0 ,0 0 0 to n s .
P a r t ly , a n d p e r h a p s la r g e ly , a s a r e s u lt o f th e i n a c t iv it y
p r e v a ilin g in in d u stria l c ir c le s, m o n e y is r a p id ly a c c u m u la t ­
in g a t th is c e n tr e .
L a s t S a t u r d a y 's b a n k s ta t e m e n t s h o w e d
a n in cre a se in th e s u rp lu s re se rv e o f a b o u t $ 1 2 ,5 0 0 ,0 0 0
d u r in g th e w e e k , a n d it is w ell k n o w n th a t th is h a s b e e n
fu r th e r a d d e d to th is w e e k .
C a ll-lo a n ra tes a r e , o f c o u r s e ,
c o r r e s p o n d in g ly lo w e r , a n d th e lo ca l m o n e y m a r k e t p r o m is e s
to b e u n u su a lly e a s y fo r s o m e tim e to c o m e .
A s w a s e x p e c t e d , th e B a n k o f E n g la n d ’s w e e k ly s ta t e m e n t
m a k e s a m u ch b e t t e r s h o w in g th a n th e p r e v io u s o n e , a g a in
o f o v e r 1 2 % h a v in g b e e n m a d e in its p e r c e n t a g e o f rese rv e .
T h e la tte r n o w s ta n d s a t 4 7 % % .
T h e o p e n m a r k e t r a te fo r call lo a n s a t th e S t o c k E x c h a n g e
d u r in g th e w e e k o n s t o c k a n d b o n d c o lla te r a ls h a v e r a n g e d
fr o m 2 % to 4 % .
T o - d a y ’s ra te s o n ca ll w e re 2 % @ 3 % .
C o m m e r c ia l p a p e r q u o t e d a t 4 @ 4 % % f o r 60 to 9 0 -d a v e n ­
d o r s e m e n t s , 4 @ 4 % % f o r p r im e 4 to 6 m o n t h s ’ sin g le n a m e s
a n d 4 % @ 5 % f o r g o o d sin g le n a m e s.
T h e B a n k o f E n g la n d w e e k l y s ta t e m e n t o n T h u r s d a y
s h o w e d a n in cre a s e o f b u llio n o f £ 9 5 9 ,4 4 4 a n d th e p e r c e n ta g e
o f r e s e rv e t o lia b ilitie s w a s 4 7 .8 3 , a g a in s t 3 5 .4 0 la s t w e e k .
T h e ra te o f d is c o u n t re m a in s u n c h a n g e d a t 4 % % , as fix e d
D e c . 1. T h e B a n k o f F r a n c e s h o w s a d e c r e a se o f 5 ,9 7 5 ,0 0 0
fr a n c s g o ld a n d 1 ,3 2 5 ,0 0 0 fr a n c s s ilv e r .

NEW YORK CITY CLEARING-HOUSE BANKS.

C apital..............- .............
S u rp lu s_____________
Loans and discounts__
Circulation __________
Net deposits— ..............
U. S. dep. (Inel. above)
Specie ______________
Legal tenders..................
Reserve h e ld ___
25% ol deposits .
Surplus reserve..........
Surplus, excl. U.S. dep.

1911.
1910.
Averages for Differences Averages
for
week ending
from
week
ending
Jan. 7.
previous week.
Jan. 8 .
S
$
8
133.350,000
127.350.000
196.577.100
180,021,400
1.228,335,500 Dec. "5,858)900 1,197,996,600
47,518,900 Dec. 209,400 52.411.600
1,203,490,000 Inc. 1,903,600 1.179,073,100
1,652,100
8,700
1,607,000
239,203,400 Dec.
Inc. 873,100
71.171,500 Inc. 1,262,GOO 203.101.000
69.132.600
310,374,900 Inc. 2,135,700 299,533.600
300,872,500 Inc. 475,900 294,768,275
9,502,400 Inc. 1,659,800
4,765,325
9,915,425 Inc. 1,657,625
5,167.075

1909.
Averages for
week ending
Jan. 9.
8

126,350,000
165,417,700
1,297,035.700
50,254.200
1,358,349,800
8,791,200
279,129,400
83,151,000
362,280,400
339,587,450
22,692,950
24,890,750

[VOL. LXXXX1I.

p e r $ 1 ,0 0 0 d is c o u n t ; b a n k , $1 p e r $ 1 ,0 0 0 p r e m iu m
C h a rles­
t o n , b u y in g , p a r; s e llin g , l- 1 0 c . p e r $ 1 ,0 0 0 p r e m iu m .
S t.
P a u l, 7 5 c . p e r $ 1 ,0 0 0 p r e m iu m .
S t. L o u is , 1 5 c. p e r SI 0 0 0
p r e m iu m .
S a v a n n a h , b u y in g , 3 -1 0 c . p e r $ 1 ,0 0 0 d is c o u n t ­
s e llin g , p a r .
M o n tr e a l, 6 2 % © 9 3 % c . p e r $ 1 ,0 0 0 p r e m iu m .
S t a te a n d R a ilr o a d B o n d s .— S a les o f S t a te b o n d s a t th e
B o a r d a re lim ite d to $ 4 3 ,0 0 0 N e w Y o r k S ta te C anal 4s a t
1 0 4 % to 1 0 4 % a n d $ 1 0 ,0 0 0 V irg in a 6s, d e fe r r e d tru st r e ­
c e ip ts , a t 4 0 to 4 1 .
T h e tr a n s a c tio n s in r a ilw a y a n d in d u stria l b o n d s a t th e
E x c h a n g e h a v e s te a d ily d im in is h e d t h r o u g h o u t th e w eek a n d
p r ic e s a r e , in m a n y ca ses, fr a c t io n a lly lo w e r .
T h e d a ily
tr a n s a c tio n s h a v e in c lu d e d a la rg e n u m b e r o f issu es, s h o w in g
th e b u sin e ss w ell d is t r ib u t e d .
U n it e d S t a te s B o n d s .— S a les o f G o v e r n m e n t b o n d s a t th e
B o a r d a re lim ite d to $ 1 ,0 0 0 3s, r e g ., s .- 5 - f ., a t 1 0 1 % .
The
f o llo w in g a re th e d a ily c lo s in g q u o t a t io n s ;

for yearly ranqe

see third page folloiving.

Interest
Periods
1930 .................. registered Q—Jan
19.30......... . .............coupon Q—Jan
1908-18.- .registered
Q—Feb
1908-18................coupon Q—Feb
1925 ...................registered Q—Feb
coupon Q—Feb
1925..........
1930.Panam a Canal rcgls Q—Feb

Jan.
7

Jan. Jan. Jan.
9
11
*100)4 *100)4 * 100 %
*102
*102
*102
*102 *102
*102
115)4 *115)4 *115)4 *115%
1 1 5 y, *115)4 *115 VS *115%
100)4 *100 )4
*100%
* 1 Ills Is the price bid a t the morning board; no sale was made.

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

Jan. Jan.
10
13
*100M
<100%
* 100%
*100)4 *100^ *100%
*100% ■‘102100%♦* 100
%
*102
102
*102
*102
■ 115% *115%
■ 115% *115%
*100%
■ 100%* 100%

Sterling, Actual—
Sixty Days.
High for the w eek....................4 82%
Low for the week..................... 4 82%
Paris Hankers' Francs—
H igh for the w eek................... 5 21%
Low
for theBankers
week, ------------Germany
M arts—. 5 22% less 1-16
High for the w eek..................... 94 %
Low
for the week
94%
Amsterdam
Bankers Guilders—
High for the w eek..... ............... 40 06
Low for the week....................... 40

Cheques.
4 86
4 8540
5 20 less 1-32
5 20% less 3-64
95

94% less 1-32
40 25
40 19

Cables.
4 8640
4 8565
5 19% less 1-16
5 20%
95 1-16
94 15-16
40 29
40 23

T h e fo llo w in g a re th e ra tes fo r d o m e s t ic e x c h a n g e a t th e
u n d e r m e n tio n e d citie s a t th e c lo s e o f th e w e e k :
C h ic a g o
5 c . p e r $ 1 ,0 0 0 d is c o u n t .
B o s t o n , 1 0 c. p e r $ 1 ,0 0 0 d i s c o u n t ’
S a n F r a n c is c o , s ig h t, 6 c . p e r $ 1 ,0 0 0 p r e m iu m ; te le g r a p h ic
1 0 c. p e r $ 1 ,0 0 0 p r e m iu m .
N o w O rle a n s, c o m m e r c ia l, 25c.’




■102

> R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— F o r r e a s o n s m e n ­
tio n e d b e lo w , th e m a r k e t fo r s h a re s w a s s tr o n g e a r ly in th e
w e e k , b u t la te r th e to n e w a s r e v e r s e d .
T o - d a y ’s m a r k e t w a s
a g a in s tr o n g , h o w e v e r , a n d c lo s in g p r ic e s are g e n e r a lly h ig h e r
th a n la st w e e k .
A s fo r so m e tim e p a s t , th e o p e r a t io n s in
th is d e p a r t m e n t h a v e b e e n a lm o s t w h o lly ca r r ie d o n b y
tr a d e rs o n th e flo o r o f th e E x c h a n g e a n d th e r e fo r e c h a n g e s
in q u o t a t io n s h a v e lit tle o r n o s ig n ific a n c e .
A m o n g th e sp ecia l fe a tu r e s are C a n a d ia n P a c ific , w h ich
a d v a n c e d J p o in ts o n th e a n n o u n c e m e n t o n T u e s d a y o f a n
in cre a se in its d iv id e n d ra te fr o m 8 to 1 0 % , a n d P e n n s y ln o n defc lln o d 4 P (d n ts o n th e p r o p o s e d p la n to issue
$ 1 0 0 ,0 0 0 ,0 0 0 o f n ew s t o c k .
O th e r issu es w e re , o f co u rse
in flu e n ce d m o r e o r less b y th ese m o v e m e n t s .
R e a d in g h as
flu c t u a t e d r a th e r w id e ly .
I t s o ld e x -d iv id e n d t o -d a y an d
a d v a n c e d m o r e th an th e 3 p o in ts , w h ich c a m e o ff.
O f th e in d u stria l list, L a c le d e G a s a n d U n ite d R a ilw a y s
I n v e s t m e n t h a v e been s t r o n g fe a tu r e s , w h ile all th e c o p p e r
s to c k s w e re w ea k u n til t o - d a y .
U . S . S teel c o m m o n clo se*
2%^ p o in ts h ig h e r th a n la st w e e k .
110.
T h e fo llo w in g sales h a v e o c c u r r e d th is w e e k o f sh a res n o t
r e p r e se n te d in o u r d e ta ile d list o n th e p a g e s w h ic h fo llo w :

For daily volume of business see page

STOCKS.
Sales
Range for Week.
Week ending Jan. 13. for
Week. Lowest.
Highest.
Am Brake Shoe & F d y -. 500 90 Jan 1 2 91)4 Jan 13
Preferred___________ 10 0 130 Ys Jan 1 2 130 'A Jan 1 2
Am Smelt & Refg rights. 420 3-32 Jan 9 3-32 Jan 9
Am Telegraph & Cable.. 200 83 Jan 1 2 83 34 Jan 7
Col Fuel & Iron, pref__ 10 0 110)4 Jan 9 U0J4 Jan 9
Cuban-Amerlcan Sugar. 10 0 35)4 Jan 1 2 35 )4 Jan 1 2
Gen Chemical, preferred 100 103)4 Jan 10 103 % Jan 10
North Ohio Trac & Light 10 0 39 H Jail 10 39 H Jan 10
St Jos & Grand Island. .
10 18
Jan 1 2 18 Jan 1 2
First p re fe rre d ..___ 10 0 50 Jan 1 2 50 Jan 1 2
Second
preferred
.
.
200 40
Jan
1 2 40
Jan 1 2
condition of the banks on Saturday morning as well as the above averages These Sears, Roebuck & Co.,pf 200 119)4 Jan 13
Jan 13
figures, together with the returns of separate banks, also the summary Issued bv the South Porto Itlco Sugar. 200 90 Jan 7 119)4
90
Jan
7
State Banking Departm ent, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second page preceding.
F o r e ig n E x c h a n g e .— R a te s h a v e m o v e d u n s te a d ily d u r in g
th e w e e k , b u t c lo s e fir m , m a in ly b e c a u s e o f th e a d v a n c e in
d is c o u n t s a t L o n d o n .
T o - d a y ’s ( F r i d a y ’s) n o m in a l ra tes fo r ste rlin g e x c h a n g e
w ere 4 8 3 % f o r s i x t y -d a y a n d 4 8 6 % fo r sight'.
T o - d a y ’s
a c tu a l ra te s fo r s te r lin g e x c h a n g e w e re 4 8 2 5 0 @ 4 8 2 6 0 fo r
s ix t y d a y s , 4 8 5 8 0 @ 4 8 5 8 5 fo r ch e q u e s a n d 4 8 6 1 5 @ 4 862 0
fo r c a b le s .
C o m m e rcia l o n b a n k s 4 8 1 % @ 4 82 a n d d o c u ­
m e n ts fo r p a y m e n t 4 8 2 % @ 4 8 2 % .
C o t to n fo r p a y m e n t
4 8 1 % @ 4 82 a n d g r a in f o r p a y m e n t 4 8 2 % @ 4 8 2 % .
T o - d a y ’ s F r id a y ’ s a c tu a l ra te s fo r P a ris b a n k e r s ’ fra n cs
w ere 5 2 2 % @ 5 2 1 % less 1-16 fo r lo n g a n d 5 2 0 % @ 5 20
less 3 -6 4 fo r s h o r t .
G e r m a n y b a n k e r s ’ m a rk s w e re 94 7 -1 6 @
9 4 % fo r lo n g a n d 94 1 5 -1 6 @ 9 5 less 1-32 fo r s h o r t .
A m ster­
d a m b a n k e r s ’ g u ild e rs w e re 4 0 2 0 @ 4 0 22 fo r s h o r t .
E x c h a n g e a t P a ris o n L o n d o n , 2 5 f. 2 9 % c .; w e e k ’s ra n ge
2 5 f. 3 0 % c . h ig h a n d 2 5 f. 2 7 % c . lo w .
E x c h a n g e a t B e rlin o n L o n d o n , 2 0 m . 47 p f .; w e e k ’s
ra n g e , 2 0 m . 4 7 % p f. h ig h a n d 2 0 m . 46 p f . lo w .
T h e ra n g e o f fo r e ig n e x c h a n g e f o r th e w eek fo llo w s :

12

Range for year 1910.
Lowest. Highest.
85)4 July 91)4
119 July 131)4 Nor
71 Sept 84
107 Oct 116
38 June 39
101)4 June 107 Mch
35 Feb 40)4
18 June 20
45 July 55 Jan
38 Feb 40 Feb
12 0
Oct 1 2 1 ) 4 Mch
81 July 91 Deo

O u ts id e M a r k e t .— T h e re w ere se v e ra l in te r e s tin g d e v e lo p ­
m e n ts o n th e “ c u r b ” th is w e e k w h ic h s e r v e d t o raise th e
m a r k e t o u t o f th e o r d in a r y .
T r a d in g in th e “ r ig h ts ” to th e
n e w P e n n s y lv a n ia H R . s t o c k , “ w . i . , ” w a s o n e o f th e s e , th e
p r ice a d v a n c in g fr o m 2 to 2 % a n d e a s in g o f f fin a lly to 2 2 - 3 2 .
T h e n ew N . Y . C ity 4 % % b o n d s , “ w . i . , ” w ere a ls o a c e n tr e
o f a c t i v it y , se llin g d o w n fr o m 1 0 0 % t o 100 9 -1 6 a n d b a c k to
100% .
A c t iv e tr a d in g in A m e r ic a n T o b a c c o c o n t in u e d ,
th o u g h w ith co n s id e r a b le ir r e g u la r ity .
A fte r an a d v a n ce o f
s o m e 10 p o in ts t o 4 2 8 , it fell to 4 2 0 , th e n rose to 4 2 9 .
A
b r e a k to 4 15 f o llo w e d , w ith th e s t o c k r e s tin g a t 4 2 1 .
H avana
T o b a c c o s p r a n g in to p r o m in e n c e , th e c o m m o n g a in in g a b o u t
3 p o in t s to 9 a n d r e a c tin g t o 8 .
T h e p r e fe r r e d w e n t u p fr o m
1 2 % to 17 a n d d o w n to 16.
I n te r c o n tin e n t a l R u b b e r , a fte r
a n im p r o v e m e n t fr o m 35 t o 3 5 % , d r o p p e d t o 3 4 % , a n d en d s
th e w e e k a t 3 4 % .
S ta n d a r d Oil w a s c o n s p ic u o u s , r e c o r d in g
a g a in o f 6 p o in ts to 6 4 0 , th en a lo ss to 6 3 0 % .
S u lz b e rg e r
& S on s fell fr o m 101 to 1 0 1 % a n d r e c o v e r e d fin a lly to 1 0 0 % .
I n th e b o n d d e p a r tm e n t A m e r . S m e lt. S e c . 6 s, “ w i ”
w e a k e n e d fr o m 1 0 0 % to 1 0 0 % .
S o u th e r n B ell T e le p 5s
w ere tr a d e d in a t 9 6 % @ 9 6 % .
W e s te rn P a c ific 5s 'a d ­
v a n c e d fr o m 9 2 % to 93 a n d ea sed o ff fin a lly to 9 2 % .
M in in g
sh a res m o v e d w ith in n a r r o w lim its .
B ritish C o lu m b ia re­
c e d e d fr o m 7 % to 6 % a n d th en m o v e d u p to 6 % .
B u tte
C o a litio n sa n k fr o m 1 8 % t o 18.
C h in o rose fr o m 2 2 % to
2 2 % , d r o p p e d to 2 1 % a n d r e a c t e d to 2 1 % .
G reen e C a n a n ea
w a s o ff fr o m 6 % t o 6 % a n d r e c o v e r e d to 6 9 -1 6 .
I n s p ir a ­
tio n flu c tu a te d b e tw e e n 9 a n d 8 % a n d e n d s th e w eek a t 8 % .
M iam i a d v a n c e d fr o m 1 9 % to 20 a n d r e a c t e d to 1 9 % .
R a y C en tral w e a k en ed fr o m 2 3 -1 6 to 1 % a n d r e c o v e r e d t o 2.
R a y C o n s o lid a te d , a fte r th e loss o f a b o u t h a lf a p o in t t o 1 7 %
s o ld u p to 1 8 % .
L a R o s e w e n t d o w n fr o m 4 % to 4 % and’
u p to 4 7 -1 6 .
N ip iss in g rose fr o m 1 0 % t o 1 0 % .
O u ts id e q u o t a t io n s will b e fo u n d o n p a g e 110.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S

________________________________________

Range for Previous
Range lor Year 1910.
Sales Of N EW YSTOCKS
Year (1909)
On basis of 100-share lots
O RK STOCK
the
EXCHANGE
Week
Highest
Lowest
Highest
Shares.
U ail.'oads
25 F eb 20 30 M ch 2 20 Mch 25 Mch
nn A rb o r ______ . . .
35
35 *25 70
35 *25
48*2 F eb 25 72*2 Mch 8
35 *25
*25 35 *25 35 *25
Do p rc t_________
70 *65 70 *65
9034 J ’ly 20 124*8 Ja n 3
126*8 O ct
70 *65
*65 70 *65 70 *65
itc
h
Topeka
&
S
an
ta
Fe
25.575
1
0
2
%
103*2
102*2 102*8 10234 10 2* 2 102*2
106*4 J ’ne
10 0 % Ja n
*97
J ’ly 1 104% Ja n 10 107*2
102*4 103*2 102*2 1027s 102
Do
p
re
t_______________
700
10 2* 2 102*2
Ja n 143% Aug
102*2 102*2 *117
1 0 2 *-> J ’ly 26 137*2 Ja n 5
102*4 *116
*102 102% 102*2 102*2 102*2
A
tlantic
C
oast
Line
R
R
..
700
118
118
118
118
Feb 1 2 2 % J ’ly
u:o *4 Sen 6 119*8 Ja n 8 103*2
* 2 US
11734 117*8 118 118*2 110
^altlm orc & O hio.
106*2 107*2 6,900
106 *90
01 N o v
90 A pr
100 106*4 105*2 106 105*4
Sep 10 94 Ja n 7 67
106 107% 100*4 107 *90
Do p re t____________ 87*4
134
90*4 76*4 91
*90 01*4 90*4
Ja n 82*8 J’ne
usd Feb 7 82% M ay2t
*80 91 {90*8 90*8 75*8 91*4
Brooklyn
R
apid
T
ra
n
s't.
14,686
76%
76
76%
75*8 76*4
*105
Mch
189*8
O ct
2023s
N
ov
76*8 20378
176%
F
eb
8
753g 76 767g 76*2 20134 205*8
*anadtan
Pacific_______
48,883
205 209
70% N ov
00 % Jail
70 Ja n
198 198*8 65 65 *62 204*4
60*2 J ’ly 20
1973.1 19812 *62
100 Canada Southern
67
*02
67 *62 67 *268
215 Feb 323*2 Sep
07 *205 280 *265 280
J ’ly 26 312 Jail
*62 67 270*4 270*4
Central of New Jersey ___ 248
100
280
280
*265
55% Ja n
91% Dec
*260 280 82*4 83*4 81*4 82*s 807s 81% 81 81% 82 83*2 23,900 Chesapeake & O hio_____ 65 A ug 2 92 Ja n
67% Fen 74*4 Apr
J 'ly 26 0634 Ja n
8 U 2 823g
100 Chicago & A lton ItR ____ 23%
*25 33
*22*2 30 *25 33 *54
7 8 % Mch
70 N o v
30 30 *24 34
09 A pr
64 % J'ne27
*24 30 *54
Do
p
re
t.
59
59
*54
69 *54 69 *54 59
31% Dec 37*8 Dec
*54 69
19 J ’ly 26 307s Jan
1,800 Clilc G t W es; tru st c tf s .. 40
23 23
2212 22*8 22% 22% * 2 1 % 22*2
58% Dec
04*5 Dec
22*8 23*4
04*8
Ja
n
10
22*2 2 2 '>s
J
’ly
26
1,300 Do pret tru st o tf s ____ 11334 J ’ae30 158% Ja n 3 1 1 1 Feb 165%
46 46 45% 457g *45 ■ 10 40 46% 18,200
Sep
453g 453S 45 40
Chicago M’lw & S t P a u l.. 143 Sop 2 172% Ja n
123% 12434 124*4 125%
1S1
Aug
1243.1 12534 125*2 126*8 124*4 125*2 123% 124% *148%
158*2
Mch
Do
p
re
t_______________
600
*148*2 150 2,807
14934 14934 14912 149*2 150 150*4 150 150 14234 150
198*2
AUg
1
8
2
%
Ja
n
3
173%
Feb
137*4 J ’W 26 225 Ja n
Chicago <Ss N orth W estern 203
143 142% 143
20 8 Mch 4230 A ug
143 143 142*4 143 142*2 142*1 14212 142*2 ♦ ISO 203
J'ue27'
Do
pret
70
2 10
{209 209 *i90 210 *180 208 *180 208 *137 140 *180
167
Ang
148
A
pr
140
A
pr
28
162*2
Feb
23
200 Chic St P Minn & O m aha
140
*135 145 *135 140 *135 145 137% 137*2 *150 165 *135
§ 10 0 A pr 25 §170i4 Feb 18
100*2
Ja n §1807 JJaiyn
Do pret
*150 160
3% Dec
*155 170 *155 170 *155 105 *150 165
5%
Jan
2is
Dec
23
Chic
Un
T
rac
etts
Stm
pd
100
*234 3*2 *234 3*2
18% Ja n
73, Dec
12% Ja n
*238 312 3*4 3*4 *2*2 312 * 2*2 3*2
28
Do pret etts stm p d ____ 6147s Sep
7
*5 8*2 *5
8%
*5 8*2 *5
8
*512 7 *5
n 83% Dec
N ov 1 92*4 Mch *; 10080 Ja
Cln Chic & S t L —
400 Cleve
6438 6438
64 04 *63% 65 *973
Ja
n
105
Mch
*65 65'2 65*2 65*2 65 65
104
Ja
n
15
Sep
14
99
Do
p
re
t__
8 100
*973S 100
*9738 100 *97*8 100 *97*8 100 §97% 97%
J?**
26 0534 F eb 25 51 G et 08%
& S o u th e rn ------ 46 JJ ’ly
58 58 * '3 6 6 Colorado
69
80 M ay
59 69 *58 69 *57 59 *58
70%
Ja
u
*57 59
83 Men
’ly
27
70
Do
I
t
preferred
680
70
76
76 70
84*2
Ja n
7 3 % Ja n
81
Ja
n
A
ug
1
*75' 2 76'2 *75*2 76*2 *76 76*2 75 75*2
70
Do
2d
preferred
100
*73*2 76*2 *73*2 76*2 1,050
10734 Feb
20 0 M ay
185 Ja n
*73 76 *73 76*2 *73*2 70*2 73*2 73% *105%
elaw are & H ud son___ 149*4 J ’W 20 020
107 §167% 107*2
Mch 21 535 Feb 080 A pr
160 167'2 167»s 107*4 167*2 167*2 166% 160*2 *515 530
490
J
’ly
26
D
c-aw
are
Lack
&
W
est.
100
*515
530
51 A pr
642*2
37%
Ja n
*515 550 *515 640 *515 570 642*2
& Itlo G ra n d e ... 23*4 J W 26 62
30*4 3,150 D enver
70% Ja
Ja nn 90 F eb
29 28*4 28*4 29
84 Jan
29*2 2978 28*2 70
6 2 % J ’ly 26
29% 29*2 29*s 30
Do p re t____
70 72 1,400
50 Ja n
71*4 AUg
*
68*2 70
70 *__
*68
Deo
19
08
45
J
’l
y
l
l
*09 09 12 0978 70 *08 67*2
D
etroit
U
nited
300
69
*67
_ 67 *____ 68
1834 ja u
14% N ov 2 1 Ja n
’ly 1 34%
6734 0734 67*4 67*4
D uluth So Shore & A tlan 1107 JJ 'ly
285
§
1 1 % 11%
13
*
1
1
28
Feb
1
2
%
30*2 J a a
*
1
1
1
2
Ja
u
26
11*2
11*4
*10*2 123U 2 511*4
625 Do p re t_____ ___ _____ 19*2 J.jy 26 3453 Jan
2 2 % 22*2
22% Mch 39 J ’ne
22*2 22*2 * 21*2 23*2
22*2 23
* 21*2 2 2
*20*2
lA rle ........................................ 35 J ’ly 1.7 6234 Mch 8 30%
6.250 Hi
2734 2734 27% 28*4
50*4 Aug
Mch
2734 28lg 28 28*8 2734 23 27*4 27*2
Do
1st
pret_________
2,625
46 46% 1,290
40 A ug
40*4 45% 40 35
42 M ch 8 28*2 Mch 157%
26*4 J ’jy 27 l437g
40'i 46*4 40*4 40*2 40*4 46*8 *45*4
2d p re t_________ 118
35*2 9,100 G reatDoN orthern
*34 35*2
Aug
13G% Feb
Ja n
35 35 *123
J
ly
2
0
35*4 35*4 124%
*3338 35 35 3512 125*4
p
ret-------12134
124
124
1253g
05*8
Mch
80%
Ja
n
88*2
A ug
45
J
’ly
6
Iron
Ore
p
rop
erties___
125'i 126 1257s 126*8 68 126
2,350
67%
6734
*57
58
13%
Nov
57*2
57*2
21
Dec
18%
Mch
22
68
1
1
A
ug
10
58
58*2
57 ' 2 68
B ay & W, deb ctfB 88% Ja n 20 97*. A pr 14 3,4 hob 103 Deo
10 Green
*13% 14*2 *1358 15
15 *___
15 *13*8 97*2
137g 137s 1378 1378 *13*2
av an a E lectric---------- 92
97*2 *___ 97*2
83% Feb 100 Deo
*38 9712 *___
M ay ' 99 Jan
H
___
*88
Do p re t___________ 1 1 2 Jr;ne
200
9334
0334
*
___
90
*9334
98
95
95
*93*4
95
140 O ct
♦ 9334 95
v alley --------------134 *123*8 134 “ 956 Hocking
134 *123*8
i3 7 " F e b 1620} A ug
134 *123
134 *123*8
124
J
ly
26 147 Ja n
*123 134 *123*8
lilnols
C
entral_________
*132
13334
135
135
*134 136 13378 134
Ja n 11 1 1 5 s Mch 25% Dec
133 133*4 134 134
ctropolltan . 14*4 J ’ly 20 25%
6,225 nterboro-M
19*4 19*4 10*8 19*2 3,800
19*4 19*2 19*8 19*2
1934 20
J ’ly 26 027g Ja n 12 3584 Mch 03% Deo
20 20
Do p re t................... . . . 4151 % J'ne30
‘ 64 54*
53% 53% 54*4
53*4 64 63%
2634 N ov 30 A pr
30
Ja n
54'g 547s 64*2 65
Iow
a
C
e
n
tra
l-----------------1834
2,150
1834
18%
1834 187g 18%
1878 187s 19*4 *31
J 'ly 26 54*4 J a n
48
SeP 02 A pr
18*4 1878 18*4
32 *31 33 32% 3234 1,525 DoO Fpret
7434 Feb
317« 32*4 32*4 32*4
82 Sep
A
ug
80
Feb
18
♦ 31*2 32
t
S
&
M
tr
cfs,
pret
*74
77
77*2
*74
*74
77
77*2
37
f e b 50*4 Aug
*73 78 *74 77*2 *74 33 32% 32*2 32*2 3234 33 33% 6,900 K ansas C ity S o u th e rn ..
J 'ly 26 44% Ja n
75% A ug
07%
Feb
33*8 33% 32*8
Aug
71
Ja
n
32*4 33
pret.
350 akeDoErie
65% 65% *64*2 05*2 65*2 65*2
2 9 % Aug
05 65 *0412 65*2
19*2 f eb
J ’ne^O 2534 Ja n
*64*2 66 *14
& W e.tern ___
*15 20 *15 20
*15 20 *14 20
20
0234 Ja n
64% J ’ne
48
J
a
n
37*4
Deo
3
*14 20
I
J
Do
pret
100
46 *37 45 *37 40 40 40 51,450 Lehigh V alley
17 3 14 Deo 7 18 6 Nov28
*39 47 *40 47 *37
170 175*8 176% 175*2 177*4 1,100 Long Isla n d ...
Ja n 71*2 Dec
177 17434
/U%
A
pr
14
176*2 177*4 *175*4
176 177 *63
00
J
iy
1
*61
00
*62
66
60%
01*2
02
60
.lan 102*2 AUg
67
♦ 62 67 145 145*_
Louisville & N ashville— 1 3 1 % J ’ly 20 15934 Ja n "
14412 145 144 144% 144% 144% 14434 145*2 3,900
Ja n
O ct
145*4 145*4
137 Dec
\/l a n h a tta n E lev ated — 123 J no 30 140
350 iH
140 *138 140 *138 140 *138 141
Sep 153*2
05 J a n
5334 Ja n
1140 140 140 140*2 *138
23
J
’ly
20
61
ln
n
eap
o
lls
&
St
Lou's
1,870
20*2 2034 26% 26*4 26% 26%
Mch
26*2 2034 * 2 0 28 *40
00 J a n
40
S
cd
21
25*4 26*4 *35
80
F
eb
24
Do
p
re
t.......................—
54 *40 54 *40 54
52 *40 50
*35 52
149*2 Ja n
Mch
132*2
Ja
S t P & S S M a rio ... 114 J ’ly 26 1455 % Mch
13434 13434 *133 134*2 13434 137 4,200 Minn
14 7
A prn 164*2 Aug
133*4 133*4 134 135*8 134*2 135*4
Do p re t_____ _____ — 144 J ’ne 6 1 59234
150
150 §151) 150 *148*4 150 +148
94 Deo
*147*4 150 *14731 150 *148
n
89 J*
leased line ctfs------ z 80*4 Sep 20 51% Ja
90*8 *89% 90*8 *8934 90 10,300 MoDoK ansas
*897g 90*8 ♦ 897s 90*8 *8978 90*8 *8934
n
35*2 Fel 60% O ot
& T ex as-------- 27 J ’ly 26 74% Ja
32% 34*8 34*2 35%
33*4 33*2 33*8 3333 3234 3234 *62%
32*4 33
78% O ct
Ja
n
71
Feb
57
J
’ly
-0
Do
p
re
t_______________
65 *63 65* 8,200 Missouri Pacific
65
*62*4 65 *63 00 *63 66 *62%
65 Feb 77% Aug
7 3 % May23
4 1 J 'ly 26
48*4 49
47 48
48 48
142
Deo
1 2 2 % Ja n
47*4 48*4 47 48 4534 46*2 *138
14 0
N
ov
125
J'ly
-G
J
^
a
s
h
O
hatt
&
S
t
L
ouis.
*136
143
143
143
*136 143 *130 143 *138 143 *138
44% A pr 64 Dec
a t Rys of Mex 1st pret 00 Feb 3 72% Nov
72
71 *69 72 *70
26% M ay
*70 72 *70 72 *70 717S *69
23% J ’ly 26 37% NOV14 2 1 Dec 14734
Do
2d
pret_________
1,760
37*8
37%
*37
37%
*363
4
37*4
Aug
12 0 % Feb
37 37*8 37*8 37*4 36*4 37
% JM’lyay 264 1 2 8 Mch
N Y C entral & H u d so n .. 105 55 %
8 111*2 109*2 111*4 109*4 110*2 10934 111*4 36,887 N Y Chic & St L ouis-----48 % Mch
69 NOV
0878 N ov
111*4 112*8 110*4 112*2 1107
*63 65 *03 08
68
♦ 63 08 *03 69 *03 69 ♦ *63
100 FeU 109 Feb
§ 1 0 1 J ’ly 8 lO'jaj Ja n 21
Do
1st
p
re
t----------------*104
110
*104
110
104
110
110
823 , A pr 28
93 Ja n 19 7 0 % A pr 95 N ov
*104 110 *104 110 *104
Do 2d p re t____________ 149
93 *87 93
*87 93 *87 90 *87
A pr 28 162 Mch 14 1154 NOV 174% J ’no
*87 93 *87 93 *149*2
Y N H & H artfo rd ____
300 N Subscription
150
*149% 150% 150 150 *149
150% 160*2 *150 150*4 146*2 160*2
<il
43 J nelu 5151 Mch 11 n14 7 10 Dec /il493 4 Dec
receipts
y-300
14
638
1
4
G38
*145*2
147
*146
147*4
146*2
42% Feb 65% J ’ne
A ug 2 50 Ja n
147 147 *146*4 147*2
Y O ntario & W estern. 38*0
41% 42*4 4,400 NNorfolk
41*2 10158
Mch 21 84*4 Ja n 102 Dec
4134 42 42 42*8 *41*4 42 40% 41% 41 101*2
W e ste rn _____ 8 8 % J ’ly 26 108%
1023.1 13,160 Do a d ju&stm
91% Mch 16 85*8 Mch 92% J *y
101*2 102 1017S 102*8 1 0 1 % lOUg 100% 101*2 10034
e n t p r e t .. . 88 “ Feb 2 1453s
208 N orthern Pacific,
90 90 *90 90*2
Ja n 3 133% Feb 159*2 Aug
1 1 1 * 2 A ug :i
11034 1173s 19,320 lja c lllc Coast Co
117*2 118 Z ll6 117
76 Mch 116i-> Dec
100 O ct 13 11834 Jan 21 100
119*4 117*2 H834
11734 119 118*4
300 L Do 1st p re t.
105 *98 108
102 100 100 *100
Mch §100 " Sep
*98 105 *98 105 102
*90
110
110
*90
110 *93 105 *98 105 *100 105
88 Mch 115 Deo
118
Ja
n
3
*90 110 *90 110 *90
105
Feb
14
Do
2d
p
re
i.
200
105 101 102 12534 128*8 126% 127*8 91,793 P e n n sy lv a n ia ___
126*8
Feb 151% Sep
*98 105 *98 105 *98
138*2
Mr
h
122*2 J 'ly *6
12738 129*8
99% Dec
86*2 Ja n
12878 129*2 129*4 12934 128*4 12912 *97*2
Cln Ohio & S t L .. 89 J 'ly 2 li *0458Mch22 101
300 P lttrb
98*2 98*2
*97*2 98*2 *100
98 *100
*97*2 93*2 *105 112
Feb 116*4 Sep
98 98 *96*2 98*2 *105
110
M
ch
‘
110
O
ct
25
Ilo
p
re
t_______________
112
112 15434 15534 1547s 112
118 Feb 173% Sep
*108 1 1 2 *109 112
eading___
13 0 % J ’ly 2 ti 172% Feb 18
737,490
Xl53%
156*4
150*2
155*4
150*2
163*4 156 155% 157*4 90% 90% 00 90% *90 9034 *90 90*2
*85 A ug 24 93% Feb 17 89 Mch 90 Aug
400 R 1st pret
89 90 *90 90% * 9 5 3 4 10 0 §96 96
90 Feb 117*2 Dec
p re t____________ 87 J 'ly 26 110% Jau
96 97% 1,160 Hock 2d
9534 90
~
"
20% Feb 81 Dec
96*s 97 97 "97
57% Jan
Island
C
om
pany—
2 2 % J’ly 26
16.000
30%
3034
30
30
29*4
30*2
2958
2958
29*3 30*8 3012 3078 00% 60% *59 61% ♦ 59 01
92%
A
pr
64
J
'ly
27
57*8 Feb 94*4 Dec
Do
pret
700
60% 61*4
60*2 61 *60*2 61*2 02 62 *60 65 *00 05 *00
05*4 Mch 74 Dec
73
Jail
t
L
&
San
F
r,
1st
p
r
e
t..
68
A
u
g
11
200
65
*02
65 02*4 62*4 39
30 Feb 60*4 Sep
S
34%
A
ug
2
60
Ja
n
Do
2d
pret
3.075
38*2
40*2
3834
39*4
38*2
38*2
39*2
39*4 397S 39*4 40*4
20*2 Feb 353s Dec
34*2
Jan
St
Louis
S
o
uthw
estern—
18*2
J
’ly
26
1,000
24 25
25*4 25 25 *24% 25
*25 26 *25 20*2 * 25*4
4 7 % Ja n
82 Dec
77%
Jan
---------Do
p
re
t----------800 Southern Pacific Co-------- 51* 2 J ’ly 26 *138% Ja n
*60*2 62 01% 62*2 32,445
00*2 03% *60*2 62
02
62*2 *6012
114%
Feb 139*8 AUg
01
103%
J
’ly
26
116*8
117*8
115%
11634
115%
I
I
5
I
4
115%
116*1
1157s 110*4 116 117
2 2 Feb
3334
ja
n
34 Aug
Southern
v
tr
cfs
stm
p
d
.
1
8
J
'ly
26
17,450
27 27%
20*4 20*8 27
27*8 20*4 26*4 26*8 61*4
00 Ja n 75*2 Dec
26% 27*2 27
43 J ’ly 26 75 Ja n
Do pret
do
0134 62 62*2 64 7,510
62 61*4
02% 03 02% 63% 02
30
Feb
j
40*2 AUg
36-%
Ja
n
2 2 *o J ’ly 26
'IV
sxas
&
Pacific,
800
26
26*2
26
26
*25
20
20
20
*20 203g *26*4 2034 *10*2 11% 11 11
12% Deo 42*2 Ja n
6*-> J'n o 1 19*2 Ja n
llilr d A venue (N Y) —
2.300 Toledo
10*4 10*2 10*2 11
7
May 1 .5*8 Jau
11 11*4 *8*4 9
1534 Ja n 12
Hallways & L ight 6*2 J ’ly c 5433
100
9 +734 8* *734 8% 1,560
*8 9 *8
8
8
Ja n
43 Feb 54% O ct
S t L & W e ste rn .. 1 9 J ’ly 26
23% 23% *22 2334 23*4 23% 2234 22% 1.300 Toledo
23% 23% 23*2 23% *53
64% Feb 74*4 Ja n
Do p re t______ ________ 4'/34 J ’ly 28 72*4 Ja n
53*4 53*2 63*2 50 503.| 6034 51*4
53% 63%
63% 63*| 108%
97 Ja n 110% Dec
Twin
C
ity
R
apid
T
ransit
103
J
’ly
26 117% Ja n
030
109%
110
108
108%
*107*2
109
§109
109
108*2
*108 109*2
172%
Feb 219 AUg
204*4
Jail
nion
Pacific_________
152%
J
’ly
20
282,320
1727s
17378
174
175%
174% 172*2 173*2
1727g 17412 174% 175*2 173
Ja n
x94 Mch 118*2 AUg
88*4 J ’ly 20 10334
Do p re t___________
1,806 UUnit Rys
93* 03 93
93*2 03*2 92*2 93*2 §93*4
30 Feb 47 SeD
937S 94 93*4 937g
42% Ja n
2334
J'n
e3
0
In
v
’t
ot
San
Fr
7,770
4234
41
43
40*2
41%
43*8
42*2
45
40*4
41*4
60% Feb 77 Sep
41 44
47 J ’ne30 7233 Ja n
4.925 Do p re t_____________
65 07*4 68 68
65
67 70 65 07 64
15 Feb 27% Deo
68*4 70
2734 Jan
1 2 % J ’ly 2 I
a s h ............................
16 16 *15% 16*2 2,500 W a b Do
16*4 15*2 1534 3334
41 Feb 61*4 J ’no
61 Ja n
16 10*4 10 16*2 1534 3434
28*8 J ’ly 26
p
r
e
t
....
6.300
3334
34
3278
33%
35*4
33*2
5438Mch
12
40
j
’ly
26
34*4 35*4 35 35*4
W
eA
M
aryland
R
y
3.300
60% 61*8
50*4 50*2 60*4 60*4
50*4 50% *70
60 60*s 50*4 60% *76
77
Deo
27
07
A
ug
15
Do p re t_______
300
77 76*2 76*2 *75 76
77
Ja n
*76 77 77 77
5 Jiy 12%
3 A pr 28 10 Ja n
300 W heeling & L ake E rie.
5 *4
6
4*2 *4
5 % Ja n
4*2 4*2 4*2 13*8
15% J’ly 215%
*4*2 5*2 5 145 *12%
8 J ’ne 30 23 Ja n
600 Do 1st pret
* 12*2 13%
* 12*2 14
14 12*2
Ja n
6%
JM
y
* 12*2 1334 *13
13%
Ja
n
4
J
’ne30
Do 2d p re t.
200
6
*5*2 6*2 0
5*4
6*2 5*2 595*2 *57
357« Jan 037* A pr
*5*4 0*2 *5*4 0*2 *69*2
63
60 62*2 3,460 W isconsin C e n tra l--------- 44 J ’ly 26 64 N ov
68%
61
69*2 60*4 *5912 60
STOCKS—HIGHEST A N D LOW EST SA L B PRICES.
Friday
Tuesday Wednesday Thursday
Saturday Monday
Jast. 13
Jan. 12
Jan. 1 1
Jan. 10
Jan. 9
Jan. 7

9/%"Jal1

102U1033s

*121
si

10*2 11

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

HUl Ask
B anks
Bid Ask
B anks
Bid Ask
Banks
210
200
........... 300 350
C hatham __ 350 365 FF ilth
180
irst ______ t852
Chelsea ExH 190 200 14th
625
S tH ... 150 15ft" L ib e rty -----Chem ical . . 415 425 F o u r th
425
400
L
incoln____
1194 !195%
Citizens’ Ctl 150 155 G a lla tin____
325 335 M anhattan^ 325 335
C ity................ f385 f390 G a rfie ld ___
___ 290 300 M ark’t& F ul 250 200
Coal & Iron 150 160
-A in 1] 140 150 Mech&Mot’s 245 250
Colonial H -. 400 __ GG erm
erm ’n Ex§| 485 __ M ercantile . 150 165
405
Colum bia H170
Exch
ania 1|. 550 665 Merch
om merce . 1193*2 r 10 5 GG erm
205 OCorn
M erchants'. 178 182
o th a m ___ 155 160 M
1).. 308 3 1 2 Greenwich
109 E ast Ex
410
etropolis
11
390
265
255
125
R
iv
er.
115
145 Fidelity 1 |.. 105 175 H anov er___ 610 620 M etropol ’nH 200 205
175
45) F ilth A veil. 4000 4250 Im p & T rad 550 565 Mt MorrlsU 250 260
f
Vtreats i*ua,u iuu m m w s .
♦ Bid and a ked pr.ces; no sales were m ade on this 1 ay.
fS ale a t Stook Exchango or a t auction this week, h F irst Installm ent paid, n Sold a t p riv ate sale
Ask
180
242*1
125




a'od'
100

Bid Ask
B anks
285 295 Prod Exch 1
Reserve ___
250
210 220 * .Seaboard . .
S e c o n d ____
900
300 315 S h e r m a n ...
[ 240 250 S tate 1]____
.
. 250 260 12th WWaard
rd ..
. 230 240 23d
Union E xc.
P ark
. T352*4
W ash H ’ts ti
. 245
. 180 190 ’ W est Side 1i
PlazaH . . 625 . . . . YorkvlUo Ut> New
----",
~an,Td rights.
T ividend
t/3d paid.
z 2d paid.
a 1t this, price,
Banks
M utual H .-_
N assau 1|___
New N'eth'd
NewYorkCo
New Y ork.

1

Bid Ask
1G0 167*:
110 117*1
400
400 425'
135
275
140
140
172% iSflj
275
659
600
stock r—
« au

1

102

New York Stock Record—Concluded—Page 2

STO C KS— HIGHEST A N D LOW EST SA LE Til ICES
Saturday Monday
Tuesday Wednesday Thursday
Friday
Jan. 7
Jan. 9
Jan. 10
Jan. 11
Jan 12
Jan. 13

Sales
the
Week
Shares

01

STOCKS
N E W YORK STOCK
EXCHANGE

Range for Year 1910
On basis of loo-share lots
Highest

[VOL. LXXXXII.
Range for Previous
Year (1909
Lowest
Highest ’

.cA ddam
u stri.ilu
♦ 220 245 ♦ 220 240 *220 240 *220 240 *220 240 *220 235
s E xMp isccllaiicoui
re ss..
§235 Dec 19 270 Ja n
*8
9
♦8
0
*8 9
8
8
*712 8 I4 77S 778
200 i x U ls-C halm ers___
7% J ’ly 27 m Ja n
♦ 28 30 *27 30 *28 30 *2714
30
28 28 28
Ho
p
r
e
l
...
*
300
64% 0538 6 4 I3 6538 6318 041s 6214 6314 28
17 A ug 5 543.,
Ja n
62%
63
6338
64%
64,910
A m algam ated Copper
55%
13
4034 4684 467s 4714 4714 471 *45*2 4718 *46 47% *46% 47%
90-% Ja n
900 Amer A gricultural Chem" 35 JJ ’ly
♦ 84
’ly 26 41% O ct
*84 ___
....
*84 . . .
*84
.
.
.
Uo
prof_____
~
42% 42% 42 43 *86
«w%
A
pr
.
103 Jan
40-% 423s 397s 41 "3934 40% 4073 42 13,270 A m erican Beet S ugar!"
♦ 91 931" 9212 9212 *92
24 J ’ly 26
94
47% Ja n
931 *92 94
Do pref__________*
100
89 J ’ly 27 95%
9% 9% 912 912 9 918 *929 949 I4 *92
J ’ne
91 ;
9% 9% 1,300 A m erican C a n . . . .! ! ! *
67s
J
’no
30
77 78
7814 791i 7718 7814 7733 7712 *9
13% Ja n
771
2 7712
77%
79%
Do
p
re
f.____
0,040
62
J
’ly
26
52 52ls 52 527g 5134 621" 51 5U 2 5Us 5 H 2 52 63
8
2
%
N
22
5,200 A m erican c a r & Foundry 3 9 % j ’ly 20 72% Ja ov
115 115 11512 118 *115 118l2 *115 118 * 1 1 0 118 118 118
n
800 Do pref____
58 58
109 J ’no30 1 2 0 Mch
57 58is 56 5684 5534 66 I4 66 I2 67 5634 68 5,700
A
m
erican
C
otton
d
ill
62% J ’ly 20 0934 Mcj,
♦ 10312 106
*103 106
D o pref_____
10 0 Deo l
{230 230
*220 230 §224“ 225' * 2 2 0 230 ♦ 220* 2*3*5*
O ct
60 A m erican Express"
§230 Dec 23 107
♦ 4 4% *4
4
434
4
320 Ja n
*37g
4
4
4
*37g
4%
600
A
m
erican
H
ide
&
Lea'ttier
3%
Sep
13
♦ 22 23 + 2 2 231? 20 22-% 2 0 U 2034 *20I2 22 *2034 21%
8
%
Jan
650 Do pref___
19 Sep 8 47% Jan
18 18% 18% 181" 1812 18l2 *18 18t2 18 18 *18 18%
850 A m erican lea Securities!
lo3g Deo 7 20 % Mch
♦ 11 1 2
1 1 % 1 1 % *11
12
1034 11 * 10% 11 103g 1 0 % 1,400
A m erican L in se e d ___
10% J ’ly 27 17% Ja n
§32 32 *31 32%
*31
32
31
3US
80i2
301"
31%
350 Do pref__________
25%
J ’ne3o 46% Jan
3934 40 40% 3914 3934 3834 3834 39 3912 *29%
3,455 A m erican Locom otive"
29
j ’ly 2 6 0 2 % Ja n
110
*107 1 1 0 *10812 1 1 1 *107 110 *10812 1 1 0 1 1390 % 1 13934
0
%
Do
pref____
200
102% A ug 0 115
♦ 4 5% *4
6%
*4
5 I4
*334 51" *334 512 *4% 5%
A m erican M alt C orn"""
3%
Dec 1 8 Jau
♦ 3512 33 *3512 361" *35' 4 361" *351.1 3612 *35 3612 *35 36%
Feb
Do pref___________
28%
J
♦ 86
88
87 8718 8714 8714 *86 -% 8734 *8634 8734 87% 87%
Mch 2 1
450 A m er Sm elters Sec'pYef'li 82 JT’ne3o
y2 0 48
7453 753s 7533 76i4 74^ 7614 74U 75 74 7434 7434 76 44,700
90%
Ja
m eltin g* Refining 61-% J ’ly 26 104 Ja nn
♦ 103 104 104 10438 104 10411 104 1041s 104 10414 104% 1041 2,110 ,\mDocr Spref...........
9 8 % J ’ly 20 112% Jan
♦ 260 300 *200 300 *260 300 *260 300 *260 300 +260 300
rVmerican S n u d ..! !
N ov 25
♦100 102 ♦100 102 * 10 0 1 0 2 *100 102 *100 102 * 10 0 1 0 2
285 A pr
Ob%Jau
13 1 0 2
pref________! ! ! ! " ! 245
Dec
45 4512 45 453i *45 451 4433 45 44 44 44% 45% 1,500 A mDoer Steel
Found'(new
)
”
§114 114 114 11438 *11312 115 11434 1 1 5 *11312 115 115 116 1,550 A m erican Sugar R ellnini 38 J ’ly 26 66 Ja n
111%
O
ct
3
♦ 112 114 *11212 115 I I 3 S4 11334 113 113 *112 114 114 115
127%
Feb 28
700 Do pref................
1 1 1 % Deo 7 1-4 Fob 28
141-% 14134 14H2 142 141% 142 14112 1413j 141% 14214 1413., 14234 13,824
(American Tetepli Y Teleg 12034 J ’ly 26 1433s
943i 9434 9412 9412 9312 931 93% 93% *93% 95
§95 95
Peb
1,612 A m er can T obac (new) ,pf 901" J ’ly 20 993., Mch 24
♦ 31 3212 3178 32*8 *31 32 3Us 3U 2 3134 3134 31 31
A m erican W oolen
v 25% J ’ly 6 39% A Ichl148
♦ 91 94
92 92 §9112 9112 9234 9234 *91% 93 *91 93% 1,100
210 Do pref____
90% Deo 7 104 Mch ”
3912 40 §3934 3934 *3912 40 3938 3933 *38% 3934 393s 40
1,250
133% J ’ly 20 $51
Ja n
3014 3014 *28 303.! *2814 30 *29 30
29 29
29 30
600
21
j ’ncao
00
60 *56 5934 *57 60
O ct 2 l
Mch
593.1 5934 *57
59%
59%
400
Do
pref____
395S
49 A ug 10 847g
139 14U2 142 1421" 140!2 142*2 13912 13934 *140 141 *140 142 2,710 Brooklyn Union D a s'"
Feb
05
Jail
125 J ’ly 20 1341" Ja n 19
*8
10
9
9 * 8 % 934 *834 934 *8 % 9% *8 % 9%
100
Brunsw
ick
T
en
n
&
Ry
Sec
8
J
’n
o
2y
♦ 2712 30 *2712 30 *28<2 2934 *28*2 2934 ♦ 28% 2934 *28% 30
18% Ja n
Co
28 J ’ne b
3112 31% 3184 32
3 Ja n
29 3112 2 8 I4 2938 29% 2984 29% 297g 28,605 B utterlck
e n tra l L eather!
25% J 'ly 20 3453.,
♦ 10334 10412 §104 104 1031
Ja n
8 104
100
1023.1
100% 101% 101% 101%
C
'
Do
pref___
3,265
99%
J
’ly
27
♦ 3012 3214 32U 3212 31ls 31l8 *3018 3233 31% 3Ui 317g 32% 1.700 Colorado Fuel & iro n " .
109%
Mch
2 2 % J ’ly 20
*4
*3
4 *3
50
Ja
4 *3
4
*3
*3
4
Col & H ock Coal & Iron
3 Sep 12 92% Ja nn
13934 1417s 1403g 142 13912 1417s 1393.1 140% 140% 141% 1403
4 141% 59,133 Consolidated Gas (N Y)
J ’ly 20 10 0 % Jan
143a 14-% 1412 1434 131a 1412 13% 1378 1378 14
14 14 6,800 Corn P roducts R efining. 1 21 121%" J'ne30
76l2 76t2 *76 79
Ja n
74i2 74l2 75
*74% 77 *74%
300 Do pref.
703S J ’ly 20 23%
*57 67 *58 68 *58
8038 Jan
68
*58
68
*58
*58
Crex
C
arpet...........
55
A
pr
20
*3314 34%
34U 3 4 I4 z33% 33% 323S 3234 *32% 33
65
Nov22
33
800 Dlstl11 Securitles'corp 25% J ’ly 20 3034 Jan
*12 18 * 1 2 18 * 1 0 18 * 1 2 18 * 1 2 18 *12
fed eral Alining * S m elt’ ■ 12 O ct 26 60 Mch 10
*4512 54 *45l2 54 *45l2 55
48%
4812
*45%
55
*46
Do
pref____
100
3 7 O ct 27
151% 15114 151l2 15212 *150 15212 15014 151 14978 15134 151% 151% 3,250
83 Ja n
G eneral E lectric.
J ’ly 20
Ja n
7% 7% 7% 734 712 7% 738 7% 7% 7% 634 7 % 24,220 dGoldfleld
Con M .'Par $10 134
S734 O ct 14 16078
112 112
112 11234 * 1 1 0 1 1 2 i8 11214 H 2 I4 *1103.1 112% 112% 11234 2,000 n t H arvester
$9%
Sep 1
stk tr ctfs $83% Peb s 125% Ja
1227g 12278 123 123 *12238 123 123 123U 123% 123% 123% 123% 1,225
ja nn 10 62 " —
*4% 5 +4% 5
rIn .t Mer Rr,ef
stk stk
^ ctrtf sctfs
... *117 A ug 1 1 129 Ja n
109%
Jaa
*41
2
5
*412
5
*4%
5
*4%
5
M
arine
4 % J ’ly 25
A3o
J
16
10
16 *15% 16 *15 16 *15 16 *15% 18
7%
Ja
n
“
y
500 Do pref_________
1 2 % J ’ly 20
2438 Ja n
* 1 2 l2
*1212 13
12
12
1 2 1 2 1 2 1 . *12
m912 JMch
-iy13
1234 127g
400 Intern atio nal Pooer
9 J ’ly 1 16 Ja n
54
*54 55
54
54
64'8
5 4 I3 *54
55
*54
55
Do
pref____.
.
.
.
____
350
411" J ’ly 26 0 1 % Ja n
4073 4112 41 4H 2 41 41% 40 4034 40% 40% 40% 40% 3,700 In te rn e t Steam P u m p !"
4734 Mch
36% J ’ly 20 64%
8534 8534 85 85
Ja n
33% Feb
8512 §8412 8412 *84 80
85% 8584 595 Do pref____
78% J 'ly 20 9034
10812 IO9 I4 IO9 I4 1 1 0 1 " *8412
82%
Ja n
Ja
n
17
IIOI
2 11118
11034
1 1 1 % 111
111 % 13,650 Laclede Gas (St L)""co'm!
9334 J ’ly 2 y 116% Ja n 10
*9H 2 93
93 *90 93 *00 93 *90 93 *90 03%
104 J ’ur
ack ay C om panies.
7 9 J ’ly 20
*7434 7534 *9112
7584 7584 *7434
98 O ct 10 70 Ja n
*75 76 *75 76
78
763g
Do
p
r
e
f
.
.
..
400
71
J
’ly
27
♦ 117 119 *116 119 *110 1 1760 *115
7834 O ct 10 09 % Jan
110
* 110
118% *110 119
ational Biscuit"!
100 A ug 3 119%
♦ 124 127 *124 12612 *124 125% *124 125%
Deo 17 96% Ja n
125 125 125%
420 N Do p r e f ___
118-34 J ’ly o 126 Ja n 17
*1612 17I2 1712 1712 17 17 17 17 *124%
118% Ja n
*16% 17% *16% 18
N
at
E
nam
el’g
*
S
tam
p'g
400
14
Sep
17
28%
Ja n
*82 90 *83 90 ♦ 82 0 2 *82 92
125 8 Feb
*82
92
♦
82
02
Do
p
r
e
f
...
84
O
ct
17
96%
Ja
n
18
5534 50
56>8 56*4 55 55% 64% 54% 54 55 55% 55% 2,126 N ational Lead
82 Ja n
4 0 % J ’ly 20
89%
Ja
n
♦ 107 IO8 I4 IO8 I4 10 314
7
H4 Feb
108% *107 108% §108 108 *108% 110
240 Do p re f..
10134 J ’ly 20 110% Ja n 17
19 1914
19% 18% 187S 18% 1834 18% 1834 6,500
18% 19
dNev Cons
$17% J ’ly 0 $223g O ct 17 1023$ A pr
♦ 69 74
7U 2 711" *70 73 +70 74 ♦68 71
"
♦
70
73
100 New Y on, Aw U r a l™ ”
59 J ’ne 0
80 Feb
Ja n
6578 66
64 64
66*2 6578
64% 64% 65 65 6534 G534 1,200
Noy
00% N ov-23 95%
84 Ja n 3 72 Ja n 97%
27 28
2 8 I4 2834
28 29 +27 28% *27 28% 27% 23% 2,800
87% J ’h®
2 2 % J ’ly 20
43%
Ja
n
45 40
29%
Feb
46 46t2 451; 46% 45% 46% 4534 46
48%
NoV
46%
46%
ta c if lc Telep & fe'leg !"
25 40% Ja n
45% Nov 64 O ct
10812 10634 IO6 I2 10 0 12 107 107 106% 106% 107 1073g *107 107% 4,760
1.480 P e o ^ e '’s G L & C (Chic). 10303 JJ ’ly
’ly 20 1103g
Ja n
1 0 1 % Ja n
*10312 10378 *10314 1033.4 103 103 1 0 2 1 0 2 103 103% *103
Aug
800
Philadelphia
Co
(F
tttsb
’h)
84
J
’ly
0 106% Ja n
99% Dec 120
177S 177g 17% 17% 18% 104
*17i2 18% *18 18% 18 18
103 Deo
18%
600 P ittsb u rg h Coal Co
13 J ’ly 20 2734 Ja n
*6634 68 +66*3 68
10
A
pr
68
69
293g
NOV
69 69 *67% 74 x68% 68%
Do
p
re
f..
800
0 0 % J ’ly 26
85 Ja n 3 40 Feb 87% Deo
*31 3U 2 3178 32l8 3U 2 32
3012 3114
*30% 31% 1,400 Pressed Steel C ar.
25
J ’ly 20 5U8 J a n 3 30%
923.i 9234 9212 921" *92 93 *30 31
Feb 60 Aug
§93 93
93
93 9334
625 Do p r e f..
00 J ’ly 27 107% Ja n
~ 96 Feb 11134 A ug
♦ 159 161 §160 10 0 *159 160 §159 159 *92
169
15978
1595s
160
575
P
ullm
an
C
o
m
p
a
n
y
"!"!"
155
J
’ne
200
Ja
n
11
169
Ja
n 200 Aug
♦ Ua 3i8 *U 2 3l8 * 1 1 2 31 *2
*2
31
8
3%
2%
27g
700 Q uicksilver M ining
2 Sep 20
15o Ja n
*314
5
8 78 A pr
*314
5 *314 5 *314 5 ♦ 3% 5 *3% 5
93S J ’ly
Do pref____
"
2% A il? 2 578
32ig 33
33 3312 *32 3412 31
\lay21
"
Mch
31
10
M ay
31%
31%
*31%
30
820
28 J ly 26 5173 Ja n
*92 96 *92 06 *92 96 *92 08 *93 90
*9112
96
321?
Mch
54 1 " A ug
l ^ UUoyp re L e. l. £ P"r’ri? : x90% Sep 7 107 Ja n 17 077g Feb 109 A ug
*3134 3214 32l4 321.1 32 32 *31 32 31% 31% 3134 32
3,130
R
epublic
Iron
&
S
tc
e
L
*
2
7
J'n
o
4
931S 9312 9378 9378 *93 04
457s Ja n 3 16-% Feb 49% Sep
037s *93 94
93 9378 1,320 Do pref . .
8234 J ’ly 20 104% Ja n
187 187 188 188 *185 190 I§937s
07% Feb 11 0 %J’ly
86 I4 IS 6 l 2 *184
187 *185 188
000
e a rs , R o e b u c k " & * C o ! ! . 150 J ’11630 190 N ov 12
*4914 5012 ♦ 4912 61 *49l2 51 *4914
50
*49%
60%
51
51
200
loss-Sheffield
Steel
&
Ir
48%
Deo
8
*------112i2
1121
80%
J
a
n
3
-------- 1121?
68
Feb 94% O ct
1 1 2 I2
*___
. . .
1121
-------112
%
*
Do
p
re
f.________.
.
.
1 1l.i
4 ' J ’lV
’ly A llS-i, Feb
3578 3638 36 36%| z 3312 343j 32 3312 32% 32% 33 34% 8,600
1073g Feb 120 Sep
dTennesseeC
opper'ParS25 $ 19-14 J ’ly 26 540%
133*2 13312 *13212 134 *132% 134 *13212
Jail
$33%
O
ct $49 Ja n
135
*132%
134
*132%
135
T
exas
Co
(The)
100
O ct 7
♦ 88 91*2 *88 0 H 2 *88 0 1 l2 91 9134 *89 92 +90 92
O ct 18
700 Texas Pacitlc L aud T rust 134
83 F eb 8 144
*8
9
*8
9
96 M aylS 8 0 %"Feb 9 3 % J ly
*8
9 *8
9 *8
9
*8
9
I
nlon
Bag
&
P
a
p
e
r____
6
J
’ly
5
*54 69 §54% 6412 {5412
641" *54 69 *54 59 *5434 59
U% Ja n lo
9 % Feb
15% J ’no
Do pref____
52% Dec 9 73
* 10 1
10 2 12 * 10 1
1 0 2 i" * 10 2
Ja n 17 66 Ja n 81%
103 + 10 2 10 2 1 ? *102
’n«
102% *102 102%
U nited D ry Goods Cos" 90
A ug 2 132 Ja
1 0 2 1 2 1 0 2 1 2 103 103
103 103 §10234 1023
n 3 11 O ct 1251? JDeo
4 *102% 103 *10258 103
417
Do
pref_______________
99%
Aug
2
*15 17 *15 17
U37g Ja u 4 rl()9
15 15
...
Sep
15
114
*
Deo
15
*15
17
*15
17
400
U
S
C
ast
I
Pipe
*
Foundr
14% J ’ly 2 1 32 Ja n 3 243s Feb 35% J'n o
*51 5234 §5212 5212 60% 51
51 §50% 51
5034 6034 820 Do pref_______________ 49
J ’ne28 84 Ja n 10 70 Mch 87% Aug
95 95 *93 98 ♦ 93 98. ♦ 5193 98
98 +93 98
100 U nited S tates E x p re ss.. §93% Deo 14 145
*0912 7012 69% 69% *68 70 *93
♦ ...
6912 70I2
10 82 Feb 11 Deo
7
*68
71
*68
70
100
H 9 R ealty * Im prov em ’t 0434 J ’ly 20 84% Jan
*412
*412 7 *4% 7 *4% 7 *4% 7
Ja n 4 64 Feb 87 Sep
4
4%
700 U S R eduction & Retlnlng 4 J ’ne 27 11 Ja
*14 17 *14 17 +14 17 *14 17 *14 17 *14 17
n
14 10 Mch 17% J'n o
Do
pref_____
13
J
’ly
8
363
4
3714
36>4 361
3612 3612 36% 36% 36% 37% 37 37
u 3 24 Fob 39% Aug
4,800 U nited S tates R u b b e r!!" 27 J ’ly 20 29%Ja
111 111 IIII 4 1 1 1 % IIU
27 Feb 57% Aug
62%
Ja
n
4 IH I 4 111
111 % 111% 111% 111% 1113.,
1.325 Do 1st pref_____ _
♦ 72 7334 733.1 733., *71 75 *71 75 *72 74 *72 74
99 J ’ly 20 110% Ja n 103 93
_Ja n
123% Aug
100
Do 2d p r e f .. ""
7312 7438 7433 75% 74 7514 73% 74% 737g 7434 747g 78% 504,115
59%
J
’ly
27
84
Ja
n
3
Feb 891? Aug
S tates S teel........... 61% J ’ly 26 91 Ja n 3 67%
11778 IISI 4 118 11838 118 118ls §1177g 11778 118 118 118 118% 5,905 U nited
41%
Feb
04% O ct
p re f___________
llo% J ’ly 20 12538 ja n 3 .07 Feb 31
46>4 47
467S 4738 46 46% 45% 45% 45% 46 4534 46 7,710 dUDo
O ct
tah C opper___I 'a r 'llo t$393g
6234 63 631.1 633.J 63 6334
J
’n
e
30
$39%
Feb
$00%
Ja
n
0
623g 63 6234 03
$67%
NOV
63
G33
4
arollna Chern
47 Feb 3 00% O ct 21 40% Feb 50% Deo
*122 125 *122 125 *•12312 125 *123% 125 *123 125 *123% 125 9,130 V lrglnia-C
Do
pref_______
■
'
129%
Ja
n
4
117
J
’ly
28
5212 5278
‘ ' Ja n 128 Deo
§497s
497g
250
Virginia
Iron
Coal
&"coke
60 Sep 24 73 Jail 8
•147 154 *147' 165** ♦ 147* 1*6*4** *148 154 *147 155 *147 155
Feb 7673 Sep
7434 75 7434 751" 74l2 75 74 747g 7334 74% 74 747g L300 Y V ostern
clls Far?Union
° * Co
. ' 144% Deo 1 a 195 Ja n 4
Jan 670 Deo
T cIct
56 J ’ly 20 78% Mch 4
*00 67% *6612 6712 663
8 6684
Feb 85% N ov
66
66%
05%
65%
66
66 %
1,250
W
estlngh’seEl&
M
fg
a£
e
n
49%
j
'l
y
26
♦ 100 120 '*110 " 120 *110 119 *116 117 §117 117 *116 117
82%
Ja
n
3
Feb
90 A ug
20
Do 1st pref_____
10 May 3 130 F eb 24
145 Sep

S

B anks
Brooklyn
Broadw ay 1
B rooklyn
Uoney Isl’df
First ...........
H U lsIdeU ...
H om esteadl
A lanufac’rs'
M echanics ’§
M ontauk . .
■ Nassau____

Bid
385

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

B anks
Brooklyn
400 N at C ity___
100
N orth Side §1
155 P eople’s __
305 Prosp’ctP kc
125 Term inal u"
115
Go’s
2*45" TNrust
Y City
150 As t o r _____
270 B ankers’ Tr

Bid
285
159
152
150
——

Ask
300
180
160
160
90

T rust Co’s
N Y City
B’way T r ..
C entral T r ..
C olum bia . .
Commercial
E m p ir e ___
K qult’blo Tr
Farm Lo& ’l
Fidelity . . .
F u lto n ____

Bid
145
1015
280
110
300
1600
2131290

Ask
148
1025
285
120
315
460
1615
217%-

T rust G o's
G uar’ty T r.
G uardian Tr
H udson . . .
K nlckerb’ki
Law T I &Tr
Lincoln Tr
M anhattan
M ercantile .
M etropol’t '11
M u tu a l____
M ut All nee

Bid Ask Trust Go's Bid Ask t ru st Go's B id ■ 4s*
800
Llfe&Tr 1100
Brooklyn
150 160* NY
Y T ru st. f 600
62 b ' Brooklyn Tr 415
165 175 SNavoy_____
100 110 C itiz e n s'___ 125 135
295 305 S tand ard Tr 400
290
. . 200 220
260 265 T lticG u * Tr 500 410 FF latbush
k lin ___
1
125 130 T r Co of Am 320 3*3*o“ H ran
am ilton . . 2*70 210
2S0
375 400
415
Union
T
r
...
H
o
m
o
_____
1276
1300
103
110
650 690 US M tg* Tr •175 485 Kings Co . . 505
230
450 470 U nit S tates. 1150 1180 L Isl L & Tr 300 3*1*0*
310 315
130
245
ashington 360 375 N assau . . . . 160 170 |
620 630
125 130" W
W estchestei 169 166 People’s . . . 295 310
W indsor . . 1115
Q ueens Co. 110 12j i
--------------------- - '
-----------------------------JW
■ » llU am sb’vfc ___ 1U
1C
1 asked prices; no sales on this day 4Lcs3 than 100 shares, tE x-righ ts, b New stock r
,n „ „„ , . . , ----------------- , , ,,---------------------Rock E xchange or a t auction this week. * B e- stock dividend. 11Banks m arked w ith a parag
rap h
a le S U ^ b f f i
^
P“




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

j aiu x I 90 tf the m o k a w method of quoting bond* was changed, and prices are now al’^ - a n i
BONDS
Lange
Week's
Price
BOND*
N. Y. STOCK E X C H A N G E

io n d ^

R ang*
Week’s
Price
Year
R ange or
ir td a v
Pear
Range or
F riday
1910
L a st Sale
J a n 13
N. Y. STOCK E X C H A N G E
W kkk E nding j a n 13
1910
Last
Sale
J
a
n
13
W kkk E nding j a k 13
R id
A sk Low H ig h
Low H ig h
of Ga B it—( Con)
H ig h C onthatt
Sid
Ask Low High No Low
D iv p u rm o u g 4S.1951 J-H 86 90 0()<^ Sep '60
Li. S , (iOVtM'inueiH
iuo% 1 0 1 % OMao
10 0 *4 1 0 1 % 100*4 O c t’10
105*3___ 105*3 J a n ’l l
i'04'C io4*i
U U 2s consul reg iste re d .<11930
A N or DiV 1st g 68.1040 J - j 105>»___
10 0 * 4 1 0 1 * 2 1 0 0 *. J ’ne’lo . .. . lo o t, 10034
116 .Nov'oo
U 3 28 consol coupon___<ill>30 Q-J 102
M id G a A AU Div 6 s ... .1947 J-J
10 2
10
102*4
2* 4 10 1 * 4 Nov’10 « 1 10 1* 4 1 0 2 34
I Vo ** iVo”
108*4 ___ 1 1 0 Ja n !lo
M obile Div 1st g 6s.....1040 J-J
U 3 3s re g iste re d ..............flO Jo
102 102 102 >2 Deo ’10 . .. . 101% 103
103
ol u a col g 6s 1037 m -N 102 106 1 0 2 *» N ov’lo 32 102
U S 3a coupon.....................
l o i t i J ’ly ’io ....' 1 0 2 * 3 1 0 2 % Cen B B NA JB geu’lg
120 125*,
o ln 6 s .1987 J . J 122*» 124 122*6 122-4
U S 3s cou sm all bonds../clO lb n
115 >2 1 1 0 _ 115*4 D eo'10 ....' 114*8 116 H, C entB of
'l ’J iil, 126
e g istered ...................alOS7 o . j 122 _ 122 n 122*4 06 :!107
U S 4a reg lstereil..................}0*J?
1 1 a > 2 1 1 0 >3 116 >2 N ov’10 ___‘114*3 115*4
100
108*8 108 *6
A in Dook A Im p gu 6a..1021 J . J 108*6
U0 33 P4sanc oCan
u p o 10-30
n ..............
yr 2 8 .fclt>8 o Q-N 100 >3 ... 100% A ug’10 .... 1 0 0 % 1 0 0 ®b Be A H ud B gen gu g 5s 1020 J . J 101 . .. . 100‘s D ec’io .... 1UU-3 101*4
1U
0*2....
Beh
A
W
ilks
B
Coal
6
s
..1912
m
-N
F o re ig n tio v e rin n e u t
100
100*4
100 M ay’ 10
e x t gu ar 4% s___j/1010 <j-M
05*4 08% N Con
98 09»i
09*^ D eo’10
A rgentine—In te rn al 5s of 1000 M-S \ 88>4 Sale 98*4 98>4
Y A Cong B r gen g 4s 1041 M-S 09*4
im perial Ja p a n ese U overum 't F A t 05 9 6 \ 95
C
ent
Pacilio
See
so
Pacilie
Co
94
90S
95*4
85 88*4
ste rlin g loan 4% s.............1025 J - J t 05 S ait 04*8 95
o n tV e rm o n tls tg u g 4 s .e l0 2 0 q . f 87*4 88*3 b 7 \ N ov’10
03*3 06*8 CChas
20 series 4% s.................. lJ2o - J i 0 0 90*4 0 0
a v See A tl Coast B ine
00
88 *s 02 S d ie s AA sOhio
100
101*4
100
N
ov’lO
S terling loan 4 s ...............1031 J11-3
..........10UV
gold
Os.........
all)
11
A-O
103*6
'
104
15
101
(102 *2 103 113
102 105*4
aepuD ol C uba 5s exten Oobt..
sale 102*8 102 '8
fund ing A im p t6 s.l0 2 0 J . J 102*6
07 *4 07*2 10,1195 07*4 G1stenconsol
San Paulo (B razili tru s t 5a 1010 J-J t 07*4........
110*3 114*4
113
U
3*s
bale
g
5s....................1030
m
-N
07*6
16
07S
95*2
00*4
07
*s
S
alt
112*3 112*4
U 3 ol -Mexico s 1 g 5 h o( 1800 C-J 04*4 05 V4% Ja n ’l l
J a n ’10
B egistered....................... 1030 M-N i"o*i *4 bait 112*3
90 103 *4
Gold 4s Of 1004..................1004 J-D hese a re pr ices o n the l>arts 0 0/ 2$5S to97£%. G eneral
101*6 101*3 86 10178
gold 4 S s..............1002 M-S ..........100 101*6
*2’
101 t6
J
’no’lu
...
B
egistered.......................
1002
wi-S
H tntc a n d C ity S e c u ritie s
89 95*4
04*8
05
308
04*4
bale
C
onvertible
4
Ss
..............1030
F-A
10078 Sals 100*4 101*4 620 J00 101*8 Big sa n d y 1st 4 s .............. 1044 j.D .......... 89 88 D eo’10
80
87
N Y C ity -4 % 8 ..................... 1000
ls OS'S 90*8 284| 90 100*8
83 8 8 %
85*4 N ov’10
4% C orporate S tock........1050 M-N DO sa
85*4 87 104
B iv B y 1st gu 4s ..1045 j - d 103
Sale 08 S 00*4 28. 06 S 100 Hi Coal
104%
104
*3 Sep ’10
4% C orporate sto ck ....1 0 5 8 M-N I •J'J
105
Craig
V
alley
I
s
t
g
6s___1040
J
.
J
107 18| 106 S 100*« P o tts C reek B r 1st 4 s ..1040 J . J 84 ---- 00 J u u ’OO
0 o% bal« 100*8
N ew 4 * 2 8 .............................1057 M-N 102*4........
1 0 2 % J a n ’l l
102S 103 S B A A DIV 1st COU g 4 s .. 1080 J .J 06*4 06*3 06 D ec’10
M-N
04**3 09**
N ew 4 * 2 8 .............................1017 M-N
107 100 105*4 110
107*4 lUOS
00*3 03
I W 0 Corporate Stock ..1057 M-N 100*4
0i*3 02*t 01 Sep ’10
2d consol g 4s................. 10S0 J .J 102
J a n ’l l
102 104
.. 103
113*4
l'CU’05
4 *2 % asaessm t boncla.... 1017 M-N 102*4
arm Spr Val 1 st g 5 s ..1041 M-S 86 .......... 05 O ct ’ 1 0
90S 100% GWreenb
08*4 90 % 08*4 90S 43
0*5”
87%
4% C orporate S to ck — 1057
rier
B
y
1st
g
u
g
4s
'40
M-N
43
101
S
105*8
N Y S tate—C anal Im p t 4s. 1000 J - J 104*8 104*8 104 S J iy 10
70 77
A A lt B B ref g 3 s ... 1040 A-O 72*8 ......... 72 *8 72 ;b
103% 103% Clue
68*4 75
So C arolina 4*38 20-40.........1033 J-J *04% " 0 7 ' 103*u
70*3 71 70*3 7 u *3
R
a
ilw
a
y
1st
Hen
3
S
8
...1
0
5
0
J
j
05*6
Deo’10
04*4
00
76 O ct ’Ou
Penn new settle m e n t 3 s ..1013
B egistered........................1050 J . J
S3 N ov’10
00*8
08% 100
V irginia tu n a deb t 2 -3 s ...1001
09*3 00*3
B url A <4 — Denv D 4s 1022 F-A 00 *3 ^1 "! 88
41
60 Chlo
40 BtilV 40
88
86% 80%
Os deferred B row n B ros olfs.
88 Sale
Illinois Dlv3*3S............... 1040 J . J *80*4..........
87%
88
88
S
e
p
’10
B
egistered.......................1040
J
.
J
R u ilro a d
08% 101
100 100*6 90*6 100
Ills
D
iv
4
s
.........................
1040
J
.
J
1 luoaiua C ent See So By
104*4 104%
104*4 D ec’10
104*3........
Iow
a
D
iv
su
ik
lu
u
d
6
s
..1010
A-O
98% 100
A -laba M idi See A t Coast Bine
S in king fund 4s.............. 1010 A-O 90*8 99*4 90 *6 D eo ’ 1 0
08 100%
A lbany A Suaq See D e l* Hud
08*8 ar’ou
N ebrask a E xtension 4s. 1027 M-N 98*8 Sale 101*8
A llegheny V alley see P enn lilt
08*6.......... 9 0 DMeo’io
B
egistered.......................1027
M-N
*07 % " 00**
Allog A W est See B ull B A P Q.J 79 Sale 78*t 79
S o uthw estern D iv 4 s ....1021 M-S 09 .........
74
83%
Ann A rbor 1st g 4 s..........A1006 A-O 00*4 bale 9 0 S 00*8
Jo in t bonds See G reat N orth
07 *3 101
100% 102%
Atoll T A S Ee—G en g 48.1000 A-0 07 >8........ 98*8 08S
101*6 101 %
D ebenture 6s......................1013 M-N 101*6101*6
08 100
06*4 100
07 *s sale 07*3 9b
B egistered...........................1006
G euoral 4 s...........................1058 M-S 100*6
02
88 03
100% 102
100*4
101
100*4
A djustm ent g 4 s ............(ilOOo N ot 01 *3 02 91%
H an A S tJ os consol 6S..1011 M-b 82 Sals 82
02
02
J a n ’10
82*3
81
80%
B o glsterod....................bl0 96 N ot 0 2 bale 02
Chlo
A
E
111
ref
A
im
p
g
4s
1055
J
J
1)2
80
04*4
01 s*
121 127
Stam ped......................... A1005 M-N
120 121 J ’liyl l’io
1st consol g 6s....................1034 A-O 123*4
104*4 117
bale 105*8 100S
LU3%
113
i
l
l
Couv 4s issue of 1009...1055 J-D 106*8
G eneral consol 1st 6 a ....1 037 M-N 100*8 111>6 114 May’OO
101 122*8
108 S 105 >3 100*8
Uouv g 4 s.............................1066 J-D 106 *a Sal*
110*8 110 O ct ’10
lto g lstered ....................... 1037 M-N *100*6
08 104*4 Chlo
103 106*8
110 112
Cony 4s (issue of 1010). 1000 J-D 103
A iu d C By 1st 6 s.l0 3 0 J -J 100*6..
104*4
122*8
___
108*4
108*4
Sale
103S
J-D
10-year couv g 5 s ..........1017
Chicago
A
E
rie
See
E
rie
08*t
08*8
....
0
0
0
8
*8
Ja
n
’
1
0
84 87%
70
84*4
86
84
J6
Sale
D ebentures 4s Series J.1 0 1 2 F A 08 *s........ 98%E®b’10
Ohio
G
t
W
estern
1st
4
s
...1969
JI-S
08 S 9 8 S Ohio I n A c o u isv rei o a ...l0 4 7 J - j 125’* 130*6 128 D eo’10
124% 129%
Series K ............................1013 F-A
07
*«......... 97
06*4 97*4 it of uniting gold 6s............1047 J - J 107*6... 114 D eo’09
E ast O kla D iv 1 st g 4 s ..1028 M- 8 00
02*4
04*4
03
93*6
03 03*8 10 9 %Deo’lb
J - J 100*8.,
J ’ne’10
S hort B lue 1st 4s g ..........1058 M-S
C ouisv N A A Oh 1 st 6s. 1010 J - J 02 93 >3 100
107*3 100 S Chlo
92 D eo’10
3 h e P re s A P h 1st g 6s.l0 4 2
Iu d A Sou 60-yr 4 a ..l0 6 6 J - J 102% 102*6 102%
Ja n ’11
Atl K nox <fi> N See B A N
Ohio
M
il
A
S
t
P
term
g
6s
1014
J
J
92
06*8
44
04%
Sals
94
013*
-8
A tlantio Coast 1st g 4s./tlP 52 M
G oneral g 4s series A ..«10b0 J - J 09*3 bale 09*4 09%
Sep'oa
1 0 7 S ........ 100
90*6
Ala M id 1 st gu gold 6 s ..1028 M-N
90*6 87*(
B
egistered.....................
alOSU
G-J
04%Nov’10
94*»
04%
04
S
........
J-J
B rans A W 1st gu g 4 s ..1038 J -J 1 3 4 S ........
88 88*6 87*4 93
G e n e ra lg 3 *38 se n e s B.elOriO J - J 02*4
C harles A Sav 1st g 7 s.. 1030 M-N
Salo
92*a
25-yr
deben
4
s
...................1034
,T-J
02*4 S alt 0*2*4 **"o*3S 114! 80** *0*8 % Ohio A B S u Div g 6s___1021 J - J 106*4......... 107 107
B A N coll g 4 s...............olOOO -0 125
124 S 124** Ohio A Mo B iv D iv 6 s ... 1026 J - J IO 8 -4 ........ 1084 O ct ’10
126S 124% Doo’10
Sav it' A W 1st gold O s..1034 AA-0
112 112
112 M ar’10
110s..
1 st gold 6s.......................1034
107*4 107*4 107*4
A P W l s t g 6s........1021 J -J 106% 103*3
06 97 S Chlo
05
J
’l
y
’io
0
5
'g
..
J
J
103 *8 O c t’10
S llB p O ca A G g u g 4s ..1018
D ak A G t So g 6s.............. 1016 J -J 103
A tlantic & D anv See South By
117 *3........ 117*4 117*4
J
•
J
E
ar
A
Sou
assu
g
6s........1024
105% D eo’10
A ustiu A N W .S'oebou Paeliic
105*6.......
BaCrosse
A
D
1
st
5
s
....1
0
1
0
J
J
92S
02*3
44
02*»
bale
89*4
93
J
J
{ jo lt A Ohio prior 1g 3 *88.1026
bale 107 107
W ls A M iun D iv g 6 s ....1021 J - J 107
0 B egistered..................A1026 %-J 0b S bale 908I S O ct08’00S
103*4 101*3 103% A ug’10
07B
100
M
M
B
A
N
o
1st
cons
6
s
....1013
J-D
Gold 4 s ...............................A1048 A -0 .......... 98 OOSNov’lO
06 00*6
E xtend ed 4 >38................ 1013 J-D 100*4 .., 110 *3 D eo’10
110% 113
B e g istere d ..................../1104b U-J 111*6 . .. . 112 S D eo’10
110*3 09*4 D eo’10
112*6 U2>« Ohio A N o rth W c o n s7 s....1016 G-F 100%
00 % 101
P itts J uno 1 st gold O s... 1021 J
09*4 ..
87** 06
E xtou slou 4 s.......... 1886-1026 lJ -A __________
. .. . 87% « Ja4
95% 95%
95>8J’l y ’10
P J un A M DlV 1st g 3 >a8 l 0 2 6 M-N 87
80
03
B
egistered.............1886-1026
h
-A
01°a
02
0
1*
4
sale
87 00
87*3 88 83
88
P B E A \V Va 3 y s ref 4sl041 M-N 00 *3 90*4 0 0 ’s 903*
80
01*3
G
eneral
gold
3
*38...............1987 M-N
03
%
A
p
r'00
Southw Div 1st g 3 >3 8 ... 1025 J - J 8 8 S ........ 8 0 S A p r’lo
8 9 >3 00>3
B e g istere d .................... ^ 5 ! ? 8'i!, 08*4 Sals 98*4 08% 140
B e g istere d ....................A1925 <4-J l u o s ........ 103 M ar’10
103
lo3
G
eneral
4
s
........................
1
0
8
/M-N
i i ’6% i ’u %
Sep ’ 10
Cen O hio B 1st og4>33..1030 M-S
109 113>a sin k in g lu n d 6 s ...1879-1929 A -o 111*3..........110%
108 . . . . 1 1 0 D eo’10
i% N o v ’O0
01 Bor A W con 1 st g 6s 1033 A-O
B egistered............1879-1020 A -0 110*3.........n
E oh’OV
l o b 's . . . . 106*a
105 100%
103% ............106 J a n ’l l
Monou iilv 1st gu g 6 s ..1010 F-A
S
inking
fund
6
s
...1870-1020
A
-0
112
D
eo’09
100*8........
100 100
........... 106 M ar ’ 1 0
Ohio B lv er B it 1st g 68.1030 AJ-D 103 .
B egistered............1870-1020 A -0 105*3
N ov’OO
105 107
100 100*3 100 J a n ’l l
G euoral gold 6s............. 1037 A-O 113»« 116 112
D
ebenture
6s.....................
1021
A-0
H
9
S
Alar’U4
106% 100%
105*4
U'5*4
106*9
fcob’iu
P itts Olev A T o l 1st g 0s 1022 J B
egistered.......................
1021
A-O
03
%
Sep
’0‘
J
90 * 4 .... 100 N ov’04
100
111%
100
Sep
’10
P itts A W est 1 st g 4 s ...1017
S in king fund deb 6s........1033 M-N
109 J ’ly ’os
S ta t Isl By 1st gug4*as 1043 J-D 80 . . . .
B
egistered........................1033
M-N
114% 117*4
115*8 115% 115 J a n ’l l
Beech C reek See N x C A 11
M
il
B
S
A
W
est
1st
g
6
a
1021
M-S
100 112*4
........... 109 N ov’10
Bellev A C ar See Illinois Cent
E x t A Im p s fund g 6 s l0 2 0 F-A 109%
Oklyn A M ontauk see Bong 1
17 * 4 ............142 % E eb ’02
A shland D iv 1 st g 6 s ..1026 M-S J118
B ru u sA W est See A tl Coast B
118**4 il*8*>4
. . . . . . 1 1 8 % N ov’10
M
ich
D
iv
l
s
t
g
6
s
..........1021
J
J
100*4 100*4
Buflalo N Y A E rie See E rio M-S 111*4 ,
0 0 % ......... 10 0 * 4 D eo’io
113*» 110 4
In c o m e s............................ 1 0 1 1 M-N 1109*4
116*3 J ’ly 1 0
Buffalo B A P gen g 6s.'.. 1037 M-N 107 100 lo8
112 100% Deo’10 ....' 100% 112
105
100
*s
Chlo
Bock
la
i
A
P
ac
O
s...1017
J
J
%
D
eo’
lo
100
109
Consol 4 > 3 8 ......................... 1067 A-O 06%
06 00*6
B egistored.........................1017
DO A ug’io
All A W est 1st g 4s gu „1 0 0 8 J- 108%
97% 111 04*3 00
.......... G eneral gold 4 s...................1088 Jj -J- j 07% 07% 07*8
J ’ly ’08
08 08%
Cl A M ali 1st gu g 6s___1043 F-A 116 118 103
08*4 F e b ’ 1 0
..........
97*4
116
117
ltogiB
tered.........................1088
1
1
5
J
’ne’lo
Booh A P itts 1st g 0 s ...1021
02
89% 16*2 86
A-O 80 % Salb 80%
110*6116*4 R efunding g 4 s ..................1934 M-N
110*4 bop ’10
07% 07%
Consol 1st g 0s............. 1022 J - 110
0 8 % .......... 97% J ’ly ’lu
72 72
Coll tr u s t Series J 4 a ....1012
40 *40 72 M ar’10
04% 00
Bull A Buaq 1 st ret g 4s.<U061 J 90 D ee'10
06*4..........
M-N
M
*s....................................
1016
Bur O B A N See O B I A P
......... 04 D ec’U9
N 4 s.....................................1016 M-N 05
102*4 1 0 5 \
103 1033s 103*4 103S
(an 3o 1st e x t 0 s .............1013 J
91*4 04%
04 .......... 94*4 Xlay’lO
O 4s..................................... 1017 M-N
100*8 101*4
100*4 10 IS 10 IS 101S
L)2U 0 s .....................................1013 M.
04
95 03 % Aug’oO 22*0 '
M-N
100*3 100*3
B egistered........................1013 M ......... 101S 100*4 100*4
*0*0
% *83%
73*6
7
4
73%
Sale
Chlo U I A Pao B B 4 s ..2002 1 M-N
Uarb A S haw n See ill C ent
76*4 May’10 . .. . 70*4 80%
M-N
03 00
Carolina C ent See 8eab A ir B
".*.*.” *03**4 03% 03%
>
M-S
C arthage A Ad see N Y C A a
5 110 114%
112
i A-0 112 bale 112
Oed B l a E A N See B U It A N
l2U % M ar’l>3
L A-0
106*4 100
Cen B rancn By See Mo Pao
....
105*4
O
ct
’10
105
.........
L
A-O
LOO1^ 118*3
112 ... lO O ^O o t’lO 4. 103*4
\ j .1)
C ent ol G a B B le t g 6 s..p i0 4 6
100
107 >4 Sale 107*4 107*8
104 104
Consol gold 6s....................1046
104
May’10
)
J
J
......... 108 113 A p r’0 0 ....
110
B egistered........................1040
i i o " 103% D ec’10 .... 107%
i M-N
102
102 Sale 102 102*3' 68
100 104
1 0 0 % D eo’10
lBt prel incom e g 0 s ....2)1046
1 0 0 % 10 2
)
A-O
102
102
D
eo’io
1....'
103
S ta m p ed .................................. Oct 102
101
Ohio SC B A N O See IU C ent
100 Sale 00*3 100 I 28
2u prei incom e g 0 s . ...2)1040
>
88^g Chlo S t B A P itts See P
00% 100S 88*8 N ov’10 . .. J
7 123 127%
2d pi of incom e j; 6s stam ped
) J-D 124% Sals 124% 125
100
00 Sale I 07*4 00 1 46
3d pret incom e g 0 s ....2)1040
) J-D 86 .......... U3 D eo’03
80
07 08 1 85 *8 O ct ’1 0 '....
3d pret lnooiuo g 6s stam ped.

s,

1

lUlSCKCDANKOUS BONDS—Continued on Next Page.

S tr e e t R a ilw a y
78%| 60 74% 82%
78 ......... 78%
M et S t B y gon col tr g os. 1907 E-A *48
64
50 48 D ec’io "24 40
Kef g 4 s................................2002 A-O
98% 102%
102%
102*4 102
B w a y A 7 tliA v ls tc g d s 1043 J-D 102%
06
102
21
1
0
0
lu
i
09
..........
Col A Otll AV 1 st gu g 68.1003 M-S
2 0 0 % 00
Bex A v A PE ’1st g u g 5s 1003 M-S 0 0 % 1 0 0 100 J a100
60 60%
n ’i i
T hird A ve B B con gu 4s 2000 J - J 00% Sale 69
65 08%
"8*4
00%
61
C e n tT r Co certfs etm pd.............. 0 0 n o 109 100
1 105% 108%
T hird A ve By 1st g 5 s ..1037 J - J 1..........
84% 87
84%
O
c
t’10
85
N O rl By A lit gen 4%s ..1036 J - J BOB lift 0 0 4lUY uo
S t Jo s By B t H A P 1st g 5s ’37 M-N
LOTOfcDeo'oy
S t P au l City Cab con g os. 1037 J -J liu
Salt 98% 08% 14 00 90
T ri-C ity By A B t 1st s f 58.1923 A-0 08%
00*4 98 A p r'09
U ud erg rou nd of Lon 6 s ... 1020 M-N 05
**0*6*ij
00% Suit 00% 00% *361 *8*3**
4 % s.......................................1033 J .J
31% 40
38% 1(11
30 38% 38%
In c o m e 6 s...........................1048 — ;1 UR
Oct ’08
U nion E l (Chlo) 1 st g 6 s ..1045 A-0 VO 1U1 I 84
8 *7*9% a s*
81*4 80 Aug’10 LIU
07% 07% U nited Kys S t L 1st g 48.10341 J - J _____
j 05 74
72
70 Sale | 70
....... .......... U nited K B s San E r s t 4 s. 1027 A-0

Street Unilway
7 101*4 106
104 103% 103*4
Brooklyn BapTr g 6 s.......1046 A-O
83% 100 70*4 87
83
88*4 102
1st refund conv g 4s__ 2002 JJ -.JJ 88 103
102
1 100% 104
102
BkCity lstcou 6 s. 1016.1041
.... 07% 00
08 08 D eo’10
Bit (J Co A Scon gu g 58.1041 M-N
102
10
00 103
101
Bitlyu Uu El ls tg 4 -5 S.10 6 0 F-A 101 Halb
2 00% 103
102 101% 101%
Stamped guar 4 -5 s ....l 0 D0 F-A
D
eo’io
82*4 85
....
84%
85
Kings Co El 1 st g 4 s....1040 E-A
’l l .... 80 86%
84*1 84 J a n73*4
Stamped guar 4 s .........1040 E-A
78
7 70 82
70% 102%
Nassau Elec gu g 4 s__ 1061 J-J
M ar’ll
102% 102%
102 %
Conu By A L 1st A rof g 4 *38 ’61 J.J
100% 102
101*4 A ug’ll ....
Stamped guar 4%s.........1951 J-J 101 102
.
D
eo‘10
79*8
gjjjl
81
J-J
Det United let con a 4 *38.1082 F A .......... 94% 04% 94*- 6 70
06%
Havana Eleo consol g 5s.1052 A-0 70 % Sale 70*4 70% 270 03
77 83*4
Inter Met coll 4 %s............1056 M-N 100% 101 L(>0% 100% 12 100%
104
JLnt r Hap T 8 -yr conv 08.1011
I 45-year 6s Series A ........1062 M-N 103** sate 103% 103% 140 100 104
I n te l n a t T rao coll t r 4 s..1049 J - J
M anila Eleo 1st A coll 6S.1053 M-S

07% M ar’10
08 May 06

....
_

♦ No price Friday; latest this week. 1)Flat. aDue Jan d Dne Apr e Due May




pDueJ’ne ADue J’ly

fcDuo Aug

oDueOot

pDueNov

«Option Sal*;

New York Bond—Continued— Record Page 2

104

[VOL. LXXXXII.

BO N D S
BO N D S
Price
yVeekfs
Range
Price
iVeek’t
R ange
N. Y. STOCK K X C H A N H E
F riday
Range or
Year
N. Y. STOCK EX C H A N G E
F riday
Range or
Year
Last Sale
J a n 13
W kkk E nding j a n 13
19 iO
W kick E nding J an 13
J a n 13
Last Sale s§ 0
1910
Hen
a sk Lino H iy No Low H igh
Cilio S t P M A O—(C on)
B id
As/C Low lliy /i Mo Low llip ti
Ch S t P A M inn 1st g 6a 1913 M-N 1244 Sale 124 4 124 4 5 123 127 E rie A P itts See Penn Co
N or W isconsin 1 st 6 s ...1930 j - j I23«_sl25 1 2 9 4 M a y ’09
E vans A T H 1st cons Os. 1921 J - J
i n ’s m » i
11 p . n ia .
S t P A S C ity 1st g O s...1919 A-0 1 1 3 4 ......... 1124 D ec’1 0
1st gen eral gold 5s..........1942 A-0
10 1
10 24
ClllC A W eat lu il gen g Os q 1932 Q-M 109 110 4 1 1 0 4 D e c ’10 .... 10 84 112
V ernon 1st gold Os.. 1923 A -0 100
114
Consol 50-year 4 s..............1952 J . J 92 4 Sale 0 2 4 92 4 * 88" 93 4 SAlt
u
n
Co
Branch
1st
g
o
s
.1930
A-O
90
95
Olnc A VV M id i Nee P e re M arq
F arg o A So See Ch M A S t P
Choc O A d u ll See O It 1 A P
t lin t A Pore 51 see Peru M ar
O ln H A U 2d sold 4 4 s ...1937 J - J -.......... 994 113 Oct ’00
Fla C A B enin see Sea A ir Fine
Cin D A I 1st gu g 5 s ...1941 M-N 10 3 4 1 0 0 105 Deo TO
101
108
A ug’10
V>•I> ,V° I st K 4 48.194 L JJ -. Jj 86
8 8 4 92
O F in d A F t W 1 st gu 4a g.’23 M-N
80 8 1 4
Sep TO :::: 84 87
80 4 Oct TO
87
Cin 1 A W 1st ku g 4 s .l9 5 3 J - J
85 87 4 (1) Tt aW. uA j.rRiou G r 1st g 4Sos ...l'ac1928
Go
102 Sep TO .... 101*4
In d Dec A W 1st g 5s. ..1935 J - J 103
107
' * a iH A H o tl8 8 2 1st 68.1913
97 4 99
07 J’ly ’09
107 4 D eo’02
1 st gu ar gold 5s..............1935 J - J
G eorgia A A la See se a A F ine
O I S t L A U See (J U C A S t F
Ga Car A N or See se a A Fine
Cin S A C See U C O S t D
G eorgia Paoitio see So Ky
O learlield A Mall £W B R A P
G ila V G A N or See So Pao Co
Clev C in C A S t D gen g 4s 1993 J-D 9 3 4 9 4 ’ 94 4 0 4 4 5 ’ 9 0 4 9 6 4 Uouv
A O sw egat See N YOeul
9 3 4 D eo’lo
Cairo D ir 1 st gold 4s___1939 J - J
92 4 93 4 G rand Rup A Ind see P en n R R
9 3 4 ....... 93 4 Dec TO
Cin W A M Div 1st g 4s. 1991 J - J 94
90
04
4
G
ray’s
P t T erm See S t F S W
Sale 9 3 4 04 16 803, 96*4 GO N or—C
8 t F D iv 1st col tr g 4 s .. 1990 M-N
B A Q coll t r 4s 1921 j . j 00 Sale 95<4 96 4 7 3 9 4 4 9 7 4
R egistered....................... 1990 M-N 90 ........ 91 O c t’07
R
egistered.
H ..................... 1 0 2 1 o .J
90
94 4 96’,
90
D
ec’09
S pr A Col D lv 1st g 4 s ..1940 M-S 90 4 100 4
S
t
P
aul
M
A xMan 4 s ___1933 J . j .........
99 ......... 95 4 J 95°t 21 98
100
9 1 4 D ec’10
W VV Val D iv 1 s tg 4 s ... 1940 J - J 92 4 ..........
90 9 1 4
1st consol gold Os..........1933 J - J 1204 Sale I 90
20
127
I
14
125*
s 128»4
..
1064 F o b ’ 10
O I S t F A C consol Os..1920 M-N 100
105 4 105 4
R egistered....................1933 J - J
132 A p r’09 . .. . ....
___
1 st gold 4s......................£1930 Q-Jf 0973 44 . .974 9 6 4 D oc’10
9
0
4
'
98
4
Reduced
to
gold
4
4s
1933
J
J
10
5H,
106
TM
034
Jan
T
j
---10
3
3
4
iol’aj
90 A ug'10
R e g iste re d ................ £1930 -F
90 98
R egistered................1933 J - J
1 0 8 :j4 J ’ne ’ 0 9
..
100 J a n ’l i
Cin S A Cl con 1st g 5s. .1928 -J 100 ..
103 108
M01U e x t 1st gold 4 s ..1937 J-D .....................
00
07 I 96 J a n ’l l ----I 9 7 *4 io 6 4
C O C A ! consol 7s..........1914 J-D 107 ... 1094 D ec’09
R egistered....................1937 J-D .....................
1 0 0 4 o e t ’uo 1___ |l.................. .
Consol sin k fund 7 s . . .. 1914 J-D 1 2 6 4 ........
E M in n N o rD iv lstg 4s 1948 A - 0 06 4 .......... l»934 Ja n T o !— 1 bo^, '*993 ,
Q eneraiconsolgold03.1934 J - J
1254 Deo "Vo "! iio * 1254
M inn Union 1st g Os..1922 J - J 114 ..........114 D eo’lu !.... 1 1 3 1 1 4 4
R egistered....................1934 J - J
M ontC l s t g u g O s....1937 J - J 127 .......... 120*4 N ov’1 0 ___125 120
in d B1 A W 1st pref 4 s.l9 4 0 A-0 .................... 94 J T y ’08
R e g is te re d .................1937 J - J 125 .......... 1 3 04 Muy’Od ...." ......................
O In d A W 1 st pf 5 s ...<<1938 y - j
1st g u ar gold os........1937 J - J 112*4 11234 1124 D eo’1 0 ___ HO 1 1 3 4
Peo A F a st 1st con 4 s ...1940 A-0
90
b
W ill A S F 1st gold 5s 1938 J-D 113 ..........110 J ’ne’0 9 .
T
Incom e 48..........................1090 \p i 00 bale 00
00*6 19 89
63
G reenb rier Ry See d ie s A O
Olev A M arietta See P en n HR
G ulf A y I ls tr e f A t g 6s 61952 J - J
95 0134 0 134
87 9 4 4
Olev A P itts See P en n Co
an
A
S
t
Jo
See
(JB
A
U
Col M idland 1st g 4 s..........1947 J - J 09 Sale 6 8 4 69 15 05 81-4 H ousatom o SeeU Y N H A H
Ul5 l4 Ut) ^ 8
Colorado A Sou 1st g 4 s ... 1929 F-A 95*4
977,
H ock Val 1st consol g 4 4 s . 1999 J - J1024 10234 1 0 24 10234
094 10 *
R elu n d A e x t 4 4 s ..........1935 M-N 9 6*8 Sale 98 4 98*4 113 93
4 99
R egistered...........................1099 J - J
1 0 0 4 HoP ’U8
113 D eo’lo .... 1 94
F t VV A D en O 1st g Os..1921 J -D 12*4
1
1
4
1
1
4
Go}
* H V 1st ex t g 4S..1048 A-O 94*4 93
D eo ’ 1 0
03 95 4
Coluui A G reenv See So Ry
Col
A
.Lol
1st
ex
4
s
........1955
F-A
90
,
90*4
u
eO’09
Col A H ock Val See H ock Val
H o u st IS A W T ex see So Paci
Col A To! See H ock Vai
llo iist A T ex C en N'eeSoPacCo!
Col Conn A T erm See N A VV
I ilm oia C entral 1st g 4 s ..1951 J-J
104 J ’ne ’ 1 0
104 105*4
Conn A P as R lvs 1st g 48.1943 A-0
L R egistered.............. 1951: J -J
......... 10234 1073b oi»r’07
C uba B U 1st 50-yr 5 g ___1952 J - J 9 9 4 ........ 100 MuyTO
100 100
.......................
1901
J
-J
1st
gold
3
4
s
91 DeoTO
89
4
.........
89 4 02
ak A (it So see U M A S t P
R
egistered...............1951!
J-J
94
Sep
’09
D alias
a W aco see M K A x
E
xtend
ed
1st
g
3
4
s
........1951'A-0
87
4
9 3 4 Alay’dO
D el Hack A W estern—
1st gold 3 s ste rlin g ..........L951 M-S
80 J ’iy ’UO
M orris A Fssox l s t 7 s . . . 1914 M-N 1 0 8 4 ........ 1084 Oct ’10 , 1 0 3 4 1 1 1 4 Coll T ru st gold 4s............1952
A-0 07*
97»4 D oo’lO
07a4 1003*
1st consol gu ar 7 s........1915 J-D 1114 1124 1114 1114 3 1114 1144
R
egistered.......................
1952
A
-0
99
e’09
111*8 D ec’ 10
R egistered....................1915 J-D
H 0 4 1 U 4 1st ref 4 s .............................1955 M-N ou»s 0 7 3 97 J ‘n 07
4
00 9 0 4
1st re t gu g 3 4 s ............2000 J-D 87 92 4 91 J a n ’l l
F
N
O
A
T
ex
gold
4s
...1
953
M-N
03
4
083
08 *4
oa*4
07 4 1003,
N Y Lack A VV 1st O s...1921 J - J 1154 113 1154 Jan ’l l
113 1 1 8 \
R egistered....................... 1963 M-N
00 0434 9 13,
00
00
C onstruction 5s............1923 F-A 107 4 112 4 1 0 0 O ct To
Cairo
B
ridge
gold
4s___i9
6
0
’
J
-D
10 0
110 4
0
0
4
loo
90
J
a
u
’l
l
T erm A im prove 4s___1923 M-N 9 8 4 . . .. 98 4 Deo TO
0 74 10 1
F ouis vD ivA T erui g3 4s.l0 o3 J - J 84 4 87 87 4 ji“ *>’t o l....| 87 4 "8 8 4
W arren 1st ref gu g 3 4 s. 2000 F-A 85 . .. . 102 4 9 e b ’03
M iddle D iv ro g S s............1921F-A 103 ........ 123 Alay’9 9 ....'
Del A H ud 1st P a Dlv 7s. 1917 M-S 117 4 120 120 Oct T o
130 1 2 04 Om alia D iv 1st g 3s........id o l F-A 74 ........ 7 7 3 , M arT ol___ 1
R egistered........................1917 M-S 1154 1174 149 Aug’Ol
S t Fouis D ivA term g3s-1061 J - J 75 ___ 7 5 4 J a n ’l l ...J
10-yr oonv deb 4s............1910 J-D 98 4 9 8 1 9b 4 98 l-i
R egistered....................... 1961 J - J 73 4 ........
90 4 102
1st lien equip g 4 4 s ___1922 J - J 101 102 102 J a n ’l l
100 103
Gold 3 4 s ......................... 1951 J - J 85 80 3 9 Feb T o ___ 88 J4 89
1st A rof 4 s ..........................1943 M-N 99 4 Sale 0 9 4 to o
R egistered..............
...1961 - J
9
7
4
100
4
_ ,. ............................J
101 4 Get '9 9 ___
A lb A Sus conv 3 4 s ........1940 A-0 93 4 Sale 93 u 94
91 1004 S pring D iv 1st g 3 4 s ...1951 J -J 8 / ,
10 0
A ov’OO . .. .
R ous A S aratoga 1st 7s. 1921 M-N 1 2 3 4 ........ 12 34 J a n ’l l
1234 1304 W osteru F lues 1st g 4 s ..1951 F-A 05 4
96 *o Deo To!___I
D el R iv HU B ridge See P a lilt
BeUev
A
C
......................................J-D
ar
1st
Os........1923
117
4 -uayTO
D e n v A R H r 1st con g 48.1930 J -J 0 3 4 94 04 J a n ’l l
92*4 974 O arb A Shaw 1st g 4 s ...1932 M-8 94 ...
95 4 G et TO
Consol gold 4 48 ................ 1930 J -J l o t 102 1 9 14 D eo’tu
1 0 1 4 1105
0 4 4 Clue S t F A N O g 6 s ...1951 J-D 115 1104 115
D eo’lo
Im prov em ent gold 5 s ...1928 J-D 100 102 4 lu3 4 Deo To — 1100
R
egistered.......................
1 9 5 1 J-D
111
115
118
TO
9 1 4 30 89 9 4 4
1st a refu n d in g Os..........1955 F-A 9 1 4 Sale 91
Gold 3 4 s ........................... 1951 J-D 8 1 V — 90 Alar
’09
98 F e b ’Os
..........105
Rio H r Ju n o 1st g u g 5s. 1939 J
Alomph
D
iv
1st
g
4
s
...1951
J-D 93 ___ 97 4 AOet
iar’lu
07 4 97 4
D eo’09
Rio G r so 1st gold 4s. ..1940 J - J .......... 06 78
SC F Sou 1st gu g 4s___1931 M-S 05*4___ 98 J 'l y ’os
G uaran teed......................1940 J - J .......... 75 85 M ar’08
f Uti
^ e s t S'eeO U UA S ti.
i
91
Rio G r W est 1st g 4 s___1939 J - J 91 Sale 91
87*4 94 4 iu d III A la 1st g 4 s..........1960 J - J
004
........................
00
4
0 6 4 10 95 98
b 6 83
83*4 Ja n83*
M g eandco l tru s t 4sA .1949 A O 83 4 83 4 07
85
lu t A U re a tN o rlstg 0 3 ..1 9 1 9 M-N 107
107 n 0 3 4
108j4 108 DeoTO
’uv
U tah C ent ls tg u g 4s a 1917 A -0
2d gold 5s...................... 1900 M-S 100 4 .........
H o MuyTO
IO 634 112
D es Moi A F t D see M a s t u
T ru st Co c e rtfs.. . . . . . . . . .
102 1123,
100
100
4
105
4
*00
1 1 1 ) Sop ’04
os Mol Un Ry 1st g 5 s ..1917 M-N 1 0 0
.*.1921
3d
gold
4s.........................
16
N
ov'lO
M-S
15 35
1
1
4
16
Sep
To
94
Eet A M ack 1st lieu g 4s. 1996 J-D 93
... 94 9 7 4 Iow a C entral 1st gohi 5s."l938 J-D ..........103 103 J a n ’l l
102 10U»4
eo’l l ... 88
. Gold 4s................................... 1995 J-D 8 8 4 90 89 DGet
91
Gold
4
s....................................
M-8
67
4
Dec
T
j
05
67
05
77 4
T
o
76
74
M-S
D et So—O S Dlv 1 st g 4a. 1941
72
74
Jam es F A Clear 1st" 4s.\” 1909 J-D 0 4 4 0434 y p , 947b
04 06
a n ’l l ...
... 106
D al A Iron R ange 1st 6 s ..1937 A -0 1083« 1 1 2 lOS**,, JsViar’uo
111
j. ai A A G it See h a * n a
106 4
R egistered............................1937 A-O
r*v uh * M ich See Tol A u U
2d Os.......................................1910 J - J
G 6 t S A M See S t F A S F
D ul S h ort D ine See N or Pao
K C A M R A B See S t F A S F
D al So Shoro A A tl g 6 s ..1937 J -J 1 0 0 4 109*4 108 Ja n ’l l
1064
1084
ivau
C A Pacilio See Al K A T
S t P M A 51
Kuu City Sou 1st gold 3 s .. 1960 A-0 7 3 4 7 4 4 7334 7 4 4 70 7 1 4 74
E Eaa ststlginolT enJoMValmAuAFSee
Ga See so Ry
93
Oet '0 0
R
egistered...............
.1950 A-O
1
0
8
4
K
ov
’10
M-N
1094
a st 1st g Os. 1941
1084 1084 R el A im pt 5s Ar>r 1050......... A-O
1014 Sale 1014 101‘*b
T b 4 i ‘0‘3 *
Elm C ort A N o See Fell A N Y
K C i t y T erm ! 1st 4s I960 J •J
90u4
JkU
’l l
08 08
120
E rie 1st consol gold 7s___1920 M-S 1 2 0 1 2 2 1 2 0
19
1184
1224
iveutucky
c
e
u
t
N«e
F
A
N
M-N
98 . . . . 1 0 0 J ’ne ’ 1 0
N Y A F rio 1st e x t g 4s 1947
loo loo Keok ifc Dos Mo See C R 1AP
2d e x t gold 6 s..................1919 M-S 104 . . . . 1044 Ja n ’l l
104
4
1064
K
noxville
A
Ohio
See
So
Ry
3d e x t gold 4 4 s ..............1923 M-S 10 1 4 1 0 3 1 0 1 4 191
1004 103 4
E rie A W is t g o s ..1937 J - J n o I l l 1094 J a n ’l l . 1084112*4
4tli e x t gold 6s................ 1920 A-O 103 4 104<4 I 0 0 4 Ja n To
106 4 1064 Lf j ako
2 d gold os......................... 1941 J - J
1 0 6 4 -Mar t o .
100 4 107 4
5th e x t gold 4s................ 1928 J-D 06
0 0 4 FebT o
9 0 4 994
N
o
rth
Ohio 1st gu g 6 s .. 1945 A-O ib d 4 -105 4 108
4 -108 4!
1084 U 2
N Y F E A W l s t g til 78.1920 M-S ..........1 1 9 4 118 Got To
118
l
i
b
F
Sho
A
M
ich
S
see
N
Y
Cent
F rio 1st con g 4s p rio r..1990 J - J 80 Sals 8 6 4 80
8 0 4 87*- Fell Val N Y 1st gu g 4 4 s .1940
107 4 1 0 7 4 D eo’10
105*4 1084
R egistered....................loou J-J
84 4 83 <4 Ja n ’l l
8 3 4 8 3 4 R egistered...........................ly^y JJ -- JJ 105
4 ......... 105 Dec T 01
106 106
1st consol gen lion g 4sl990 J - J ..........
7 4 4 7 4 4 73 4 74 4
07 7 6 4 l^ehigh Val (Pa; cons g4sl2003 M-N *103
0 f - j..........I 94*4 Deo T o '
94 4 08
R egistered....................1990 J - J ..........
75 8 0 4 F e b ’ 0 7
Feu
V
T
er
Ry
1st
gu
g
os.1941
A-O
113
n
3
V
H
3
*
u
J
a
n
’l
l
‘
112
4 115*4
. P en n coll tr g 4 s ..........1951 F-A 80 4 Sale 8 O4 80 4
8
3
4
88
R egistered........................... iy ,u
. 113*4 100 4 Get ’09
60-year conv 4 > A ___1953 A-O 73 4 75 4 73 4 74 4
64 83 Feb V Coal Co 1st gu g 6 sll9 3 3 A-O
J-J
.........
108
N
ov’OO
'
1
0
0
4
09
„ Oo
S eries B.1953 A-0 6 8 4 09 09
66 7 3 4 Fell A N i 1st gu ar g 4 s .. 1046 M-S 04 4 ......... 9334 M ar’10
93*4 96
Bull N YA E rie 1st 7 s ..1910 J-D
110 1134 R egistered.............................. M-S
112 1 1 0 Dec TO
Ohio A E rie 1st gold 6 s ..1982 M-N 1104
110 115
1 1 4 l LI 4 J an ’l l
E l C A N 1st pt Os , . I " l 9 1 4 A-0 102 ____ 1.014 F eb TO ! ib'14 10 14
Olev A M ahon Val g 6s.lU 38 J -J 11 11 11 441.........
121 D ec’08
Gold
g
u
ar
6 s.................... 1 9 1 4 A-0 100 4 ..........1 0 1 *4 s e p ’ 0 0 ,
Long Dook consol g Os.. 1935 A-O 124 .......... 1 2 4 4 D e o ’lo
120 127
A H ud R See C eut ot N J
Coal A RR 1st c u r gu Os.1922 M-N
114 114 Fell
108 114 A p r110
Fell A W iikesb See C’e u to tN J
Dock A Im p 1st c u r O s..1913 J - J 11044
0 0 4 .......... 1 0 0 4
1004 2
A Cauey Vai See Mo P
N Y A G reen F gu g 63.1940 M-N 9 0 4 ......... 9 9 4 N ov’10 . .. . 09 4 1034 Foroy
noug D ock see E ric
N Y S us A W 1st ret os.1937 J -J 10 14 103 1014 J a n ’l l 1
99 104 4 ,ong Is l’d—ls tc o n g 6s./il931 Q -J 1 0 9 4 1 1 2 4 110 D eo T O ___ n o 112
2d gold 4 4 s ......................1937 F-A
1004 D ec’OO
1st consol gold 4s...........£1931 J 9 8 4 1 0 0 ______
G eneral gold 5s.............. 1940 F-A 80
89 J ’ue’lO
89 93
U euoral gold 4 s..................1 9 3 8 . -D 94*4 9 0 4 9 0 4 J a n ’l l
T e rm in a ils t gold 6s. ..1943 M-N 108 8 74 110 4 N ov’l 0 .'I
.1 0 8 1 1 0 4
Ferry gold 4 4 s ..................1922 M. 8 98 4 100 4 ’ 9 8 4 J a n ’l l ___
M id of N J 1st ox t 5s ..1 94 0 ___
A O 1 1 U 4 ____ 1104 D eo’10 . 1103, ! l0a< Gold
4s.........................
1930* I n
97 i 9 0 4 Got ’0 6 ___1............
W lik A Ea l s t g u g o s ...19421 J-D 9 9 4 ......... 11004 Deo TO . i 9 8 4 1 0 1 4
U
uilied gold 4 s ........ ” *‘ * 19 4 9 m " s 91
94 05 4 90 4 95 4 10 93 4
F v A In d ls tc o n g u g Os..1920' J - J 110 ......... T14 O c t’09
D ebenture gold os............ 1 9 3 4 I
___105 *1044 D ec’0 8 '.... ........... ..
iUlSSCEFL*ANEOUB> BO N D S—C o ntinu ed on Aioxt P a g e
Fiuh nm l E le c tric F ig h t
(4 n s a n d E le c t r ic F ig h t
B k fv n ^ G lj Go 1st g 5s. ..1947 J-D 1 0 2
Y G E F H A P g 08. 1948 J-D 1024
102 4 10234 82 0041O 3U
K 5 s .1945 A-O
M-N 1064 Sale 1064 107
105 107* N EdrE
87 4 sale 87
Bullalo G as 1stl s tg cou
5 s............1947
87 4 86 80 87«,
60 *4 67
Ed E l ^IIIf 1 s t cons gg 4*OS- 1 1094Un0 JF-A
59 7s 64 60 4 60 4
I
l
i
a
,
.
..
.
.
.
1 1 0 4 Oct TO
UO 1 1 1 4
J
Colum bus Gas 1st g 5s i l)‘-i” r
N
Y
A
QEl
F
A
P
1st
coni'5S1930
10 1
10 1
10 1
i 10 0 * 4 10 14
F-A
D etro it City G irn gg e.!"* 1 9 2 3 j ' j 1 0 1
100 1014 N Y A R ic h G a s ls tg 5s 1921 M-N
100 4 100 4
07 4 J ’ly ’00
10 0
SegJOb
95°
h
PaclUo
G
A
E
lec
Co
Cal
G
A
E
E n lG*FN Yx ?,1}
^
g
F-A
1st cou g 6a. 1 uhv vt.s
105 O otTO
* 0 1 4 1 0 5 4 Corp unifying A rof 5s 1937 M-N 9 1 4
6 01
03
92
92
G as A E lec B erg Co c g 6 sll9 4 9 j . d 105
6 1 4 Get ’01
Peo G as A G 1st con g tis.1943 A-O 116*8 1 1 0 4 1164
A ug’10
G r Rup G F Co 1st g 6 s ...1916 f - a ....
116 4 110
08
10 0
10 0
O ct ’09
R e f u n d i n g g o ld 5 s ___
1 9 4 7 M-S
104
H udson Co Gas 1st g 5 s..l9 4 9 m -N 103
10 101
10
1*
8
!
°
1
*•10
1*
8
1
0
1
*
b
103 Ja n ’l l
1014 103", Ch G-F 1A Cke 1st gu g 5's’l*J37 J - J 102**4 1637e 103 103 15 102 4 1044
K an City (Mo) Gas 1st g os 1922 a -0
ar’lo
97 07
Con G Coof Ch ls tg u g 5 s .’36 J -D 100**4 103 101 N ov’lO
K ing s Co E l F A P g o s ...1937 a -O 1 0071 4 1 0 2 1 0U72 M 1<>2
1004 1 0 2
tOO 102
In d N a t Gas A O il3 0 -y r5 s’3o M-N 90 91 *e 90 J a n ’l l
P u rch ase m oney O s ...... i 997 a -O 114 1114 114 Oet T o
110
4
116
Alu Fuel Gas 1st g u g 6 s. 1947 vl-N 1 0 0 ......... 100 4 190 4 i 1 0901 1 0001
Ed El 11 BKu ls tc o n g 4s 1939 J .J 87 4
87*4
87
4
863s
90
P
hiladelphia
Co
conv
os
.
.
1
9
1
9
Lac G as 1. o i s t F 1st g6s.«191i i^-t lu a Sale 1.023, 103
104 4 104*8 30 99 105
1004 105 Syracuse Figlitiug 1st g Os.’ol F-A
Ref and e x t 1st g a s ........1934 A O
98 ......... 98 A ug’lo
98 100
1 0 1 *, 1 0 0 *',
1 0 0 *,
99 101*4 lT'cuion G A El 1st g 5 s.. 1949 J-D
M ilw aukee G as F i s t 4 s ..102. A-N 190*,
A-s
110
i\lu >’ 00
92
UO
90:,o
90
897a
92
4
U
nion
E
lec
F
A
P
Istg
5
s.l9
3
2
M
S
N ew ark Con G as g o s ........1948 J-D 1 0 0 4 ......... .........
96
Ja
n
’08
9
9
4
.........
W estchester F ig h t’g g 5s.l9oo J-D 103 4 101 103**4 D oo’lO
100 104
* No price Friday; latest bid and asked this week, a Due Jan




/1

1

ftDueteb

d Due Apr

e Due .itay A D u e j’ly

fc Due Aug q Dae Deo

i Option bale

New York Bond Record—Continued-

J an . U 1911.]

c cc
*30

ge
BONDS
■**Q Price
Week’s sS « kan
Year
kan ge or
t'rid a v
N . Y. STOCK E X C H A N G E
1910
Last
sale
J a n 13
W kkk E niiini. ja m 13
m a n No Low ti igtl
B ia
ah 1* Sow
Long Islan d —(Con)
0 6 ‘a 6 94 4 160
Gtun- ref gold 4s................ 1940 M-8 0 0 ‘s 0G78 06
B k lyn A M ont 1st g 6 s ..1911 tvt-s
1014
D
ec’08
1st 5s...................... . ......... 1011 M-S
1 1 04 JNov’OG
3‘4
N Y B A M 111st con g 6s 193b A-O 10
105 A p r’07
101 *(9
N Y & H 11 1st g 6s........1027 M-S
4104
104'a
..........1044
1044 1 101
N or S h 111st con g g u o so l0 3 2 -J 05 9 5 4 ' 964 D eo'10
05 4 96
L ouisiana A A rk 1st g Os. 1027 J-DS 115
O
r
z
i4 1 it>;,4
115
4
4
Sale
Louisv A N asliv gen g 6s. 1 0 6 0 M-N l l l ' a ........ 1114 D eo’ lo .... 1114 114
Gold os...................................1037 J - J 0 8 4 Sale 0 8 4 08 4 201 9 6 4 100 4
U nilied gold 4s..................1040 J - J
974 N ov’ 10 . .. . 07 4 07 4
R egistered........................1040 A-O
1 0 0 4 D eo’OO
Sink la n d gold (Is............. 1610 M-N
100
2 107 110
108 ........ 100
Coll tru s t gold 6s.............. 1031 J-D 112
113 I I I 34 Ja n ’l l . .. . 1114 115
E H A N ash 1st it 6 s ....1010 M-N 101‘a 106
1044
D
eo’10
.
..
106
L Ciu A Lex gold 4 4 s. ..1031 J - J 1 2 2 ‘4 -----­ 1214 N ov’10 ..... 103
2 1 b9 1254
N O A M 1st goltl 6s---- 1030 J-J 117 ‘a .......... 1 1 84 N ov’10 .... 11184
1184
N O d i M 2d gold 6 s .....1 030 M-8 106 100 105 4 N o v ’i0 .... 105 4 110
Pensacola D iv gold o s ...1020 M-S 113 ........ 113 Sep TO . .. . 113 114 4
St L Div 1st goM 6s........1021 M-S 7 1 4 ........ 7 1 Muy’00
2d gold 3s......................... 1080
01 0 5 4
0 3 4 05 4 03 4 Sep TO
A tl K nox A Cm div 4 s ..1065 M-N
D eo’10 . .. . 110 112
J -D 112 4 115 112
At! Knox A N or 1st g 681040 M-S
110
J
a
n
’00
103
..........
H eader B d g e ls ts f gGs.1931 J 044 06 4 0 5 4 Ja n ’l l . .. . 1 04 07 4
K entucky C ent gold 4 s.. 1087 M-S 102 4 ........ 103 D ec’lo ... 102 1 0 54
LA N 32 M A M 1st g 4 ‘as 1045
8 8 4 02
01
L A N -South M jo in t4 s. 1052 J - J 80 4 1124
.... 10G14 112*9
N Fla £ 3 1st gu g 5 s ...1037 J - JA 1074
___’L _
N A C B d g e g e n g u g 4 4 s 1045 F-A 1 1008 4 ___
1104
___
Pons A A ll 1st gu g 6 s ..1021 F-A 112 114
__ L104
LOO 4 114
S A N A la con gu g 5 s.. 1036 M-S 02 .... 110
....
88
4
04
01
L A Je ll Edge Co gu g 4 s.. 1045
L N A A Cli See C 1 A L
VI alien Coal See L 8 A M 8 A-0 97 07 4 08
4 937s 98 4
98
lu -a n h a tia n Ky consol 4 s .1000 A-O
104
R egistered....................1000
7 94 7g 99 7a
Stm pd ta x e x e m p t..1000 A-0 97 U8»8 08
MoK’p t A 11 V See N Y C ent
2 9 0 4 99 4
ile x C ent cons g 4s............1011 J ’lyJ 99*8 9 9 4 3091 44 . .. . 2 7 4 317s
1st cons ln o g 3 s......... <il930
___1
60
30
2d cons m o g 3s tr u s t roots. m'-s 76 82 4
. .. . 75 77
H ex In te rm it 1st con g 4s. 1077 M-S
. .. . 79 79
Stam ped gu aran teed ___1077,
.... 100 100
U ox N o rth 1st gold 6 s ....1 010 J D
Mich C ent See N Y C ent
Mid ot N J Sco E rie
Mil L 8 A VV See Chic A N \V
Mil A N orth See Oh M A S t P J-D
. .. . 131 132
131 132 J
M inn A S t L 1st gold 7 s ..1027 A-O
118 •
Paollio E x 1st gold Os...1021 J-D
.... 100 4 10JL
100 4 >
South W est E x l s t g 7 s .1010 M-N
6 1 0 2 4 10 0
106 lo 7 7e 107 ‘4
1st consol gold 5s...............1034
i 67 4 81 4
74 71
1st and rotund gold 4 s ..1040 M-S
. .. J 87 014
Los Al A F t L> 1st gu 4 s... ’35 J - J 86 0 2 87 ■
M inn A S t L gu See B O K A N J - J 00:*a 98 07
. .. J 96*8 100
M B tP A S B A l con g 4 tu t gu ’38 J - J
. . . . ’ 08 4 0 8 4
M S S M A A 1st g 4 in t gu 1026
M inn Un See S t P M AM
25 96 4 100
J-D 98 Sale 07 4
Mo K an A T ex 1st g 4 s ...1900 F-A
8 82
874
8 1 4 85 83 4
2d gold 4s...........................g i000 M-N 100*a
.
.
. j 1 U0 105
1034
014*
1st e x t gold 5s....................1044 M-S 79 4 70a4 7 9 4
i 78 4 85 4
1st A return! 4s..................2004 J - J 8 6 4 Sale 8 5 4 ,
3 3 83 4 00 4
Gen s t 4 'as......................1036 A-0 .......... 7 0 4 76*iJ
.... 7 o 4 79 4
St L D iv 1st ret g 4 s-----2001 .M-N 104
.... luo 105
105 •
Dal A W a 1st gu g 5S...104U F-A
___ 80 4 03 4
OO
Kan U A Puo 1st g 4 s ...1000 A-0
____ 106
113
110 4
Mo K A E 1st gu g 6 s ...1042 M-N
____ 1 163 108 4
107 4 107 61 K A Gk 1st gu 5s.........1042 M-S *........
100
4
1
05 4
103
1024
103
4
M K A T ot T 1st gu g 5 s.l0 4 2
4 100
Slier Sh A So 1st gu g 5 s .1043 J-D 105
1 0 4 3 4 100
. . . j 105 105 4
T ex A Okla lstg u g 5 s..-.1 0 4 3 M-S
100 UO 100 4 100* 6 107 111
Mo FaoiUc 1st con g 6s ...1 020 61-N
» 1 2 10 0 1 0 2 4
1 0 0 4 1 0 0 4 1004
T ru st gold 5s stam ped.al01 7 M-S
00 * 101 . .. . 00°8 00°8
M-S
R e g iste re d ....................al01 7 F-A ib ‘0 4 io iifl 101
6 10 0 1 0 2 4
1st coll gold 6s....................1020 M-S
771
3 i 76 817s
7 7 4 Sale 7 7 4
10-year gold loan 4s.........1045 M-N ..........
__
07
0534 *
3d 7s extd a t 4%................1038 M S 62 4 Sale 01 4
i 7 3 80 06
1st A ret conv 6 s .............. 1050 r-A 0 1 4 63
17 . .. .
0 1 4 05
Cent iir Ity 1st gu g 48.1010
.... 86 87 4
85 ........
Ceu B ranch U P ia lg 4 s .l0 4 8 jJ-D
110 *
-j
Leroy A C V A L 1st g os 1026 F-A
.... 00 4 1004
68 4 *
Pao K ot Alo 1st ex g 4s. 1038 J - J 100 HO L10
i)___
110 113
J
2 d extended gold 5 s ...1038
1054 110
107 Sale 1064
St L l r Al A Sgen con g 5sl031 A-0
j
u
A-O
111
*
Gen con stam p g td g 5s 1031 J - J 8 3 4 sale 83*4
86
1
4 81
U nilied A ret gold 4 s ..1020 M-N 8 1 4 85 844 *
1 ....
8 2 4 87 4
UiV A G DlV 1st g 4 s ..1033 M-S
102
4
102
4
02
4
*
Verdi V 1 A W 1st g 6 s .1026 J-J
6
68 *
M obJ A K C 1st cons g 6 s .1053 J-D
16 115 1214
120 4 121 120 4
Mob A Ohio new gold 6 s ..1027
b ... 1 1 4 4 1 1 7 4
1 1 44 1164
1 s t extension gold 6 s../il0 2 7
0^
81 00
b3 4 36 4
G eneral gold 4s..................1038 F-A 1004
0 ‘
107 100 4
Aloulgoin Div 1st g 6 s ..1047
8 I.
.........
85
St L A Cairo coll g 4s..el0 3 u
0 ___ 01 06
.......... 61
G uaranteed g 4s.............1031
M A O coil 4s See Southern
M ohawk A M ai SeeN V C A 11
M onouxahoia Kiv See B A G
M ont C ent bee S t P Al A Al
M organ’s La A T See S P Co
M orris A E ssex See Del L A W
10638 107
1 .... 1064 1104
C hat A S t L 1st 7 s .1013
110 4
10 108 4 110 4
NJaash
1st consol gold 6s...........102; j . 106*1
u1 ....
l 1 6 -h ........
1 15 4 1154
sp er Brauoh 1st g 6 s ..102: j . 160
0
4 ........ 108 4 ■
168 4 1084
AloM Al W A A l 1st Os.-lOl'i j - 106*8........
4 '
113 ■
T A P B ranch 1st 6 s....iO T i
N ash Flor A Shot See L A Al / . ........ 9 4 4
e 38 03 4 95 4
N a t ltys ot A lexpr 1 1 4 s 1057 A-O 8034 00 0881 4 J,
0 '.... 87 4 02 4
G uar gen 4 s..................... 1077 J-J .........IU1
J .... 1 0 0 4 1 0 2 4
N atot Alex prior lieu 4 >as. 1026 A-O
82
34
Salt
4 1 82 86
1st consol 4s....................... 1051
Now H A D See N V N 11 A 11
N J Ju n o K it see N V C ent
N V B kin A M uu Bch See L 1
19 8 7 4 92
89 4 Salt 804
N V C ent A 11 K lv g J'as.lO O J
00
4 16
83 Sale
88
R egistered........................1007 J
954
014 034
13 0702 4 82
Dobeu g 4s..........................1034 M-N' 033,
8u
4
sale
1
4
46
4
80
Lake Shore eollg 3 4 s ...1998 F-A
70 > 12 78
80 4
R egistered........................1008 F-A 7 8 4 70 4 1 70

J

li
n

-Page

105

BO N D S
N. Y. STOCK E X C H A N G E So jk
W kkk E ndow J an 13

B ana»
Price
Week’s a
l1rid ag
kan ge or 2 o I Year
J a n 13
Bast bale 3;-8 ! 1910
B ia
a s k Son
H igti No Bow 11 iff A
________________ ________
J
7 0 4 7 8 ’,
70
6 78 82 4
in c h C ent coll g3*as___1008 F-A ........
70 | 8 0 4 Dec TO ....; 7 0 4 8 0 4
R egistered....................... 1008 F-A ..........
Beech C reek 1st gu g 4 s .1036 J • J 9 83 , .......... 6 8 V Dec TO ___I 07 08 4
R egistered........................1036 J - J 68 4 ......... 03 4 N ov’l 6 . 0 8 4 0 8 4
2d gu g o ld 5 s..................1036 J - J 165*4......................................
B eechC r E x t ls tg 3 4 a 61051 A -0 86 4 ........ ........................
07 4 A p r'06
C art A Ait 1st gu g 4 s ... 1081 J -D
Gouv A O s w e ls tg a g 5a 1942 J-D
........ 98 78 J ’ne’lo
084 904
Moll A -Mai 1st gu g 4 s ..1001 M-S 0038 4 1U0
105 Gel ‘02
N J Ju lio R gu 1st 4 s ...1086 F-A
03 A ug’lO
03 03 4
N V A H arlem g 3 4 s .-.2000 M-N 00 .......... 108
UCI '00
N Y A N o rth 1st g 5 s ...1027 A-O
0 5 4 08 4
N V A P tlls tc o u g u g 4 s 1003 A-O 07*4 0 84 05 7g N ov’10
N or A M ont 1st g a g O s.1916 A -0
131-j Jan ’ 00
Pm e C reek reg g u ar 6 s .1032 J -D
lo 4 Ja n ’l l
R W A O c o n ls to x t5 s ./il0 2 2 A -0 107 4 110 105
n ’05
.........
102
Oswo A R 2d gu g 5s...«1015 F-A 163 ........ 104 JJ a’ne’iU
04
104
R W A O T K ls t g u g 5 s .1018 M-N 05 ........ 102 4 F'ebTO J l 1014
1024
R utland 1st con g 4 4 s ..1041 J - J 8 5 4 . . . . . 84 O ct TO
804 014
O gALCliani ls tg u 4 s g l9 48 J - J
02
j i i e ’OO
R ut-C anad 1st gu g 4 s. 1040 J - J
115 J ’ue’09’
S t L aw A A dir l s t g 5s. 1006 J - J 108 110 126
b ’08
2d gold 6s......................... 1006 A-O 160 ....... 100 NF eov’
100 102
10
U tica A E lk ltiv g u g 4s. 1022 J - J 8 9 4 Sale
80* 02 4
80
4
80 4
L ake Shore gold 3 4 s ___1007 J -D 88 80 4
88 92
R egistered....................1007 J-D 03 v Sale 88 4 8 8 *.
02 0 54
D ebenture g 4 s..............1028 M-S 03 *6 Sale 0633 4 034
02 0 64
03 4
25-year g 4 s .....................1031 M-N 110 4 ........
K a A A G R ls tg u o 5 s .l9 3 8 J - J l i d ........ 100 not ’07
M ahon C’l R R 1st 5s. .1034 J - J 160 ........ 100 D eo’uo
P itts A L E rie 2d g 6 s.itl0 2 8 A-O 122 4 ....... 130 4 J an ’ 00
P ittsM c K A Y la tg u 6 3 . 1 0 3 2 J - J 120
........
2d g u a rd s..........................1034 JJ -- JJ 107 ........
M cK ees A E V l s t g 6 s 1018
116 1 1 0 4 Get T o . . . . 1104 1104
M idi C ent 5s....................... 1031 M-S 11 000844 .......
110 ue’UU
R egistered....................1031
00 00
00 00 Ja n ’l l
4s..........................................1040 J - J 07
08 D cc'oo
R egistered....................1040 M-S 8036 4 ........
J
’uo
68
00
00
J L A S l s t g 3 4 s ........1051 M-N 85 87 4 86 D eo’16
00
1 s t g 3 4 s .........................1052
02
02 4
0 14 02
014
20-year deb 4s................1020 A-0
J-D
E a t C A S lu r 1st gu g 3 s .1080
0 7 4 100 4
00*4 Sale 0 0 4 0 0 4
N V Clue A S t L 1st g 4s 1037 A-O
106 D ec'60
R egistered.......................1037 A-0 0 8 4 ........
00
02
01 4 0 1 4 Oct TO
D ebentures 4 s................1031 M-N ..........
00 4 102 4
0 1 4 ........ 101 1014
W est Shore 1st 4s g u ...2361 JJ -- JJ 1 60
au
4
0
6
4
100
4
4
Sale
004
R egistered.......................2361
N V A G reen w iaike See E rie
N Y A H ur See N V C A H ud
N Y L ack A W See D L A W
N Y L E A W See E rie
N Y A L ong Br see C ento! N J
1344 Sale 1334 1344 67 1304 1354
N Y N H A H —Conv 6 s .. 1048 JJ -J
1004 126 : 9 0 4 1034
9 0 4 Sale 1 1004
Conv deben 3 4 s ...............1056 -J 112
To ..J 1124116
.... 1072 4 AOctug’OO
H ousatonic R con g 5 s .. 1037 M-N 1 0 1 4 ........
N H A D orby con cy 5 b. 1018 M-N
N Y A N o rth See N Y u A H
98
0 54 13 05
N Y O A VV ret l s t g 4s..£il002 M-S 05 06 1 0051 4 J’ne’06
R egis .35,000 only..........yl0 02 M-S
N Y A P u t See N Y C A 11
N Y A R B See Long Island
N Y S A W See E lio
N Y T ex A M See So Pao Co
N or A S outh 1st g 6 s ..........1041 M-N 100 4 Sale 1004 1004 . 100 1014
D eo’10 ...J-123 1264
N o rtA W est gen g 6 s ........1031 M-N 125 ........ 125
. ... 126 Mai TO . . . . 12 1 4 1 2 0 4
lm p ro vein’t A e x t g 6 s ..1034 F-A 1124
M ay’lO ....'1 2 3 1244
N ew R iv er 1st g 6 s ........1032 A-o 2 2 4 1 2 5 123
0 9 4 10 1 06 4 1 0 0
69
N A W Ry 1st con g 4s. 1006 A-O 06 -a 004 98
08 12: 07 00
R egistered........................1006 A-O 03 Sait
63 i'OI 01 03 4
0 2 4 1 02
DlV’l 1st 1A gen g 4 s ... 1044 J - J 1027
817 ! 04 4 108 4
g sale 100*8
10-25 year conv 4 s . . .. 1032 J-D
88 4 88 4 10! 86 4 00 4
80
Pocah C A C Joint 4 s .. 1041'J-D 88 ........
105 N ov ’ 1 0 . . . . 1044 1U6
C C A T 1st gu g 6 s ..........1022 J -J 104
04
064
fecio V A N E 1st gu g 4s 1080 *J.-N 07 07 4 06 4 06
N orth Illinois See Chi A N W
N o rth Ohio See L E ric A W
00 4
0 0 4 Sale 99 7» 100
0 8 4 10 24
N or Pao—P rio r lion g 4 s ..1007 (i J 1 00
0 8 4 101
90
R eg istered ........................1007 4 ' J 70 4 Sale
704 32 60 4 74
Sale 7 0 4 D eo’1
G eneral lieu go ht3 s....it2 0 4 7 44 -F
1 o'
h6 .)i
0
'....
70
..........
71
-F
R e g is te re d ....................«204'7
J a n 'l l 1.... 0 6 4 7072 44
S t Paul-D ul D iv g 4 s___1000 J -D 06 ........ 06
00 00
00 F eb T o
D ut s h o rt L 1st gu 6 s ..1016 *M-S
C B A 14 coll tr 4s See G t N or
10
1164 1184
S t P A N P gen g 6 s ___1023 F-A 1 1 6 4 -1164 UU 6I Deo
F e b ’10 . . . . i l l ? 117
R egistered ceriliio’a ..l0 2 3 y-F
..........110 J ’n e’lO ....1 1 0 HO
St P aul A Dul 1st 5 s ....1 0 3 1 F-A 11 U1 62 44 103
102 c a n ’l l . . . . 102 1034
2d 5 s ................................... 1 0 1 7 A-O
74
1st consol g o ld 4 s..........1068 J-D 62 4 064! 0 U 4 A l*r ’lo . . . . 00 16 44 00 24
W asli C ent 1st g 4 s ..........1048 (1 -M 61 ..........! 0 2 4 N ov’10 ...J 110
41H 4
N or Pao T or Co 1 st g 6 s ..1033 J-J 111 ..........1 1 1 4 D eo‘10
N or R y Cal See So Pac
N or W is See C S t P M A O
N or A M ont bee N Y Cent
A W see C C C A St L
U lUU
luo R iv RR See uaR A G
O re A Cal See So Pac Go
Gre S h ort Line See U u Pao
Gswego A Romo see N Y U .
1054 J a n ’l l ... 1 0 24 1084
IJa c O oast Go 1st g 6 s ....1 0 4 6 J -D 105
-L ac 01 M issouri see Mo Pac
102 A ug’101. . . . 1102 1034
P enn R R 1st real e st g 4s. 1023 M-N ......... 1 103
10
lo 0 4 J a u ’UO .................................
Gonsol gold 5s..................1010 M-S
Gousol gold 4 s ...........1 0 4 3 M-N ib* 34..........103 *h D eo’lOl____ 1024 106
C onvertible g 3 4 s ......................1012 M-N087g sale 00 4 9 J*» 0 4 0 8 4 1 0 2
C onvertible g 3 4 s ............ 1015 J -D 0 6 4 sale 0 6 4 9 0 4 4 0 0 04 7» 0 7 4
Sale 103** 1034 H 1014 1014
Consol gold 4 s ........................... 1048 M-N1034
A lleg Val gen gu g 4 s ...1042 M-S 100 10 04 I 0 0 4 J a n ’l l . .. . 100 1024
D R R R A B g e is t gu 4 s g .’30 F-A 104
4
.....................................
0 1 4 .........1
0 14 D eo’1 0 ....................
___ 1014 ............
1014
P h U aB alA VV 1st g 4S..1013 M-N 100
..........I 0 2 o a u ’o 3 ____1........................
Sou Bay A So 1st g 6 s ...1024' J • J
..................
103
4
May’1
0
___103 l o l
U N J RR A Can gen 43.1044 M-S
0 3 4 1 0 4 4 1034 HH I H 1 0 3 4 1 0 6
Penn Co—G uar I s t g 4 4 s .l0 2 1 l J - J 1103
........ 1034 Feb TO .... 1034 1 0 3 4
R egistered.......................1021'J - J
G uar 34 » coll tru st r e g .1037 M-S 87 eo-j 00 A ugT O ! 00 OO
00 8 9 4 D eo’10 .... | 88 0 1 4
G u ar3 4scolL lr ser B ...1 04 1 F-A 88 ........
97
07 | 6 05 4 0 8 4
T r Co c e ru t’s gu g 3 4 s .l0 i6 M-N 07 4 G u 3 4 s tr c tls O............... 1042 J -D 87 4 80 4 87 A ug’1 0 ___ S7 OU
0 0 4 01 D ec’0 0 ...............................
G u 3 4 s tr c tts D ............... 1944 J-D
1

53

iHISCELL INEOLIsi BONUS—Continued on Next Puge

(Joul an d Iro n
06 4 064
Bull A Susq Iro n s 1 o s___1032 J-D
D ebenture 6 s.................a 1026 AI-S .......... 00 4 OO ’ D eo’iu
Uoi i* do 1 6 0 gen s 1 g 5 s.. 1043 F -A 05 98 07 4 08*3
C onvertible deb g 6 s . ...1011 F-A 9 9 4 100 00 4 D ec’ll)
Col I n d u ls tA coll 6 s gu.,1034 F-A 77 4 78 7 7 4 78
1074 l)ec ’0-l
C ontin’talC l s t s 1 guO sg.1052 F-A
Gr ltiv Coal A C l s t g 6 s ..1010 A -0
107 ~ May’07
Jolt A Clear C A 1 1 st g us.102n J-D
K an A H C A C 1st s (g S s.lO o l J - J 101 ......... 105 4i D ec’UU
J ’ne’10
Pocali Con Collier l s t s 1 5s.’57 J - J ......... 85 83
78 li’o b ’07
Bumiay C reoa Co g 6 s ___1044 J J
Tonu Coal gen 5 s............... 1051 J - J i(134 Sale 1034 161
l ’eun Div l s t g 6s........al0 1 7 A-0 105 106 1054 1654
BLrm Div la tco n so l 6 s ..1017 J-J 1044106 L05 1064
Call C M Co 1st gu g 63.1022 J -D
LOO Ja n TO
De Bar C A 1 Co gu g 6 s .1010 F-A
87 A ug’OO
V ictor F u el 1st s 1 o s......... 1053 J - J
V alron Coal A C o lst g 6 s .1040 M-S 9 4 4 96 05 4 U0 4
*No price Friday; latent bid andnsked. aU uo.Tan b Due Fob



1
10
63

lUuiiufnet 11ring «Jt Industrial

72
84 T»
lm ers 1st 5 s........1936 J - J 7 6 4 Sale TO3® 7 6 4
00 90 AA llis-Clm
100 103
102 4
A g Cliein 1st c Os........1028 A-O 102 4 Sale 102
06 101 Amm Cot
03 4 0 8 4
t 4 4 s ............1015 4-F 07 4 08 07 4 97 4
93 0 0 4 Am H ideOUA eLx 1st
02
4
102
4
07 4
s 1 g 6 s.. 1016 M-S 05 4 08 4 07
70 82 4 A m er Ice Socur deb
66
734
65
g 6s.. 1026 A-0 65 66 4 65 loo
04 101
4
Am S p irits M tg 1st gO s.. 1016 M-S 100 4 Sale 100
80
93
03
Am T hread lb t col tr 4 s ..1016 J-J 02 4 0 3 4 03 106
104 4 109 4
Am Tobacco 40-yr g 6s---- 1044 A-O 105°8 sale 105°8
76 4 80*4
4s.............................................. 1051 F-A 8 1 4 Sale 80 4 815*
83 83 Beth
83 4 80
4 s a lt 87*4 88
S teel 1st ex t s i 5 s.. 1026 J-J 88
97 102
A-0 0 6 4 Sale 00 4 100
68 102 ib'*i 4 le n t L eather 26-year g 68.1926 F-A
764 834
8 14
79 4 8 l 34 8 1 4
103 107 Consol Tobacco g 4 s............1051 M-N 97
93
97 4
97
97
4 1034107 Corn P rod Ke£ s £ g 6s — 103 1 M-N 05 4 Sale
9 3 4 96 4
06 96 4 95
1st 2 6 -y e arst 5 s................ 1034
96
97
4-U 08 4 Sale 06 4 9 6 4
100 100 C ubau-A m er S u gar coll tr Os T 8 A-O
67
78,
7 6 4 Sale 7 6 4 77 4
....... ............ D istil se c Cor conv 1st g 6 s .”27
83
8 8 ’I
15 04 4 100 E I ilu P o n t Pow der 4 4 s .. 1036 J-D 820 b 83 4 8 3 4 8 34
eD ue.M ay i/D u ’no h D ue I’ly fcDuo vug o D ue Oct n D u e N o v q D ue Deo /F la t.

106

New York Bond Record—Concluded—Page 4

[VOL. LXXXXII.

BONUS
Price
Week?!
BONDS
[Price
Week’s
Range
N . Y. STOCK E X C H A N G E
Range or Is 3 Range
tvidav
Year
N . Y. STOCK E X C H A N G E
F rida y
Range or
Y ear
Jan
13
Last Sale 'Js 1910
W eek E n e m a J x s 13
J a n 13
Last Sale 0,*,
1910
W eek E nding J an 13
Hid
aim
.
Low H igh i JVo
P en n sy lv an ia Co—(Con)
R ig A
H id
A sa
Higtx TVo' Low H ig h
98*4 Sale 9 8 4 9 8 V 11 Low
G uar 15-25 year g 4 s___1931 A-0 10034
Pac B it 1st ref 4 s...........1955 J - J 05 Sale Low
95
05 472 i 93*4 9 5 4
110 J a n ’0 5 .... 0 4 4 00 Ssoo uthern—1st
Cl A M ar 1st gu g 4 4 s . .1935 M-N 106
103
S
alt
con
g
5
s___1994
J
J
1074
168 72 1 0 3 4 H 1 4
*«
Cl A P gen g u g 4 4 s ser A .’42 J - J lOo 4 ........ 1 1 0 34 Ja u ’09 ....
R egistered....................... 1 9 9 4 J - J
110
Mny’09
109**, J ’l y ’OO ....
S eries B ..............................1942 A-O 00
D evelop A gon 4s Ser A . 1956 A-0 7 6 ’4 Sale 7 6 4 77
73 8 1 4
00 A ug’0 9 ....
S eries C 3 4 s ....................1948 M-N
M ° 6 & Ohio coll tr g 4 s ..1938 M-S 84 89 4 86
834 904
S eries I) 3 4 s ....................1951) F-A 00 95 90 M ay’08 . .. .
em D iv 1st g 4 4 -5 s... 1996 J - J 108 1 1 0 108 S e86
p ’ 10
100 110
90 93 92*4Nov’l o ___ 01 92*4 M
E rie A P itts g u g 3 4 s B .1940 j
S
t
L
ouis
div
1st
g
4
s___1051
8 6 4 sale 8 6 4 8 0 4 22 | 8 0 4 87
S e n e s C..............................1040 J - J 90 03 08**, A p r’041....
A la Cen B 1st g 6 s...........1918 JJ -- JJ 107
.......... 0 74 N ov’10 ... 1 0 7 4 1 0 7 4
G r H A I ex 1 s tg u g 4 ‘as 1941 J - J 102 106*e 1044 Dot ’0 9 :....
AD A D anv 1st g 4 s.........1948 J - J 89 4 90 4 1 03
N ov’io
89*4 9 3 4
104 104
2 104 4 1 0 6
P itts F t W A O 1st 7 s ...1912 J - J 101
2 d 4 8 .................................. i 9 4 g J - J
82*4 82*>4 82 4 G et ’10 ...
. .. ] 82 4 82 4
2d 7e.....................................1012 J - J 104
1044 N ov’10 .... 1044 1054 A tl A Yad 1st g guar 4s.l9 4 0 A-0 80
........
3d 7 s.................................A1912 A-0 1033, ....... 107 Oct '08!
Col
A
G
reeuv
1st
6 s .........1916 J - J
0 6 4 ........ 1004 N ov’10 .* 1064 1004
109 M ay’10
P itts YA A sh 1st con 6 s .1927 .M-N 107
109 100
T Va A Ga D iv g 5 s ..1930 J - J 1107
109 110 F e b ’10 — .1 0 0 n o
P C C A S t LgU 4 4 s A ... 1940 A-O 107 4 107,e 1074 1073.i
107 107*4 E Cou
1st gold 6 s.............. 1056 M-N 10944 sale
1094 1094 12 109 114 4
S eries B g u a r..................1942 A-0 107*8 107 4 107 4 10734
lu3
4
107*4
1
0
1 4 ........ 105 4
M-S
k T„°i?
1r,eor4lien
8 08.........1938
105 4 1 1014100
S eries C g u a r.................. 1942 M-N 1074 — 107 4 J a u ’l l
10
04
107
Ga
M
idland
1st
3s............
l'J40
A-O
.........
67
66 N ov’09
S eries 11 4s g u a r.............1945 M-N 98 .... 98®6 D eo’ iO
97 4 08*4 Ga P ac By 1st g 6 s ...........1922 J - J 1 U ........ 114
J a n ’l l . . . . 11L4 113*4
G enes E 3 Hi g u ar g ___ 1949 F-A 9 1 4 93 0 1 4 DCO’10
00
4
94
K
nox
A
Ohio
1st
g
6
s
...1025
1
1
0
*
4
........
J
J
N ov’l u ....1114 110
S eries F 4s g u a r ...........1953 J-D
Mob A B ir prior lieu g 5s 1945 J - J 105 4 ........ 116
105 4 N ov’io ....j 1054 1054
113 J a n ’l l
C S t L A P 1st con g 5 s.l0 3 2 A-O 112
1114 1124
M ortgage gold 4s........1945 J - J
82 N ov’08
Pensacola A A tl Uce L * N ash
Btcli
A
D
an
con
g
6 s ___1915 J - J
105
4
1
0
0
'10 ....i;105 4 100 ‘4
Peo A E ast nee O C C A S t L
D eb 5s stam ped. . 1927 A-O 104*4......... 1 0 5 4 ON ctov’io
109 . . . . 112 F e b ’10
Peo As P e k Uu 1st g Os___1921
112 112
Rich A M eek 1st g 4 s ...1948 M-N 71 .......... 105*4
75 Oct ’08 ! 105 107*4
2u gold 4 4 s ........................61921 n 90 4 97 93 4 90 4 10 90 4 95
So
Car
A
Ua
1st
g
5s___
1010
M-N
1
0
3
4
.........
4 D ec ’ 1 0
P o re M arquotte—K ef 4 s ..1955 j . j .......... 09 0 9 4 D eo ' 1 0
67 70
V irginia M id ser O 6 s ...1916 M-S 105*>«.......... 103
112 Get ’06
Oh As W M 5 s ......................1921 J-D 100**, 1014 1 0 0 34 1 0 0 j 4
10 0
10 24
Series D 4-5s.................. 1921 M-S 103 4 ......... 1084
D ec ’06
F lin t A P M g Os................ 1920 A-O n o . . . . 1 0 8 4 S o p ’lo
1084
U
2
4
Series
E
5
s........................
1 9 2 6 M-S 105*4 . .. . . . 107*4 D ec’09
1st consol gold 5 s..........1939 M-N 101 103 1 0 1 D eo’10
101 104
G ouerai 5a........................1 9 3 0 M-N 106 4 .......... 107 107 10 40 5 4 1074
P t H uron D iv 1st g 5s. 1939 A-0 ..........101 102 D eo’to
101 106
G uar stam ped.............1 9 3 0 M-N 106 4 ......... 105 4 N ovlO
105 4 105 <»
S ag'P us Jb H l s t g u g 48.1931 F-A
W 0 * W 1 st cy gu 4 s ..1924 F-A au .......... 91 Fob ’10 ...!
01 91
Phil U A \V nee P e n n K B
J - J 1 0 4 4 ......... 104*4 D oc'10 —... j,104*4
a
°
i
s
t
cou
K
6
s
..1914
1004
P h ilippin e lty 1st 30-y r s 14s’37 J - J 86 80 8 9 4 J ’Jy ’10
88 90 S A N A la See L A N
P itts Uin A S t L See P e u u Oo
Spokaue
In
te
rn
a
t
1st
g
5s
1955
102*4
104
J
J
102
102
10 1 0 1 4 1 0 3 4
P itts Clove A 'Pol nee B A O
......... 104 4 O ct ’10 ...'104*4
105
4
'
|
er
A
of
b
t
L
1st
g
4
4
s
..
1939
A-O
1 0 74
P itts F t VV As Cli nee P enn Co
A 1st cou gold 5s___1894-1944 F-A 110 ......... 1 10 4 D ec ’ 1 0 ___ 1100 1154
P itts M cK ees A Y See N Y Cen
G en rotun d s I g a s ...........1053 J - J ......... 100
98 J a n ’l l ...'I 00 98 4
1 1 2 >*Nov ’ 1 0
P itts Sh A L E 1st g 6 s. ..1940 A -0 1124
112
1124
S
t
L
M
Bge
T
er
gu
g
5
s
.1930
A-O 10 74 109 109 N ov 'lu ...1100 1 0 9 4
93 's J ’iy ’07
1 st consol gold Os.............. 1943 J .J
T ex A N O See So Pao Co
P itts A W est nee B As O
T ex A Pao 1st gold 5s........2000 J-D 111*4 Sale 111*4 111*8 7II108 4 H 2 4
Sale 9 7 4 08 4 121
1 » ending Oo gen g 4 s........1997 J -J
100
2d
gold
luc
5s....................ij2000
Mur 60 05 70 M ar’lo ... \ 7o 70
, 08! 98 N ov’10!
IV B eg istered ........................1997* ,J-J
98 4 L a DlV B L 1st g 6s.........1031 J . J
103 Sep ’ou
Je rse y O ent coil g 4 s ...1051 A 0
0 7 4 97 4
08 4 W M iu W A N W 1st gu 5s ’30 F-A 0 8 4 ........ . 106
4 Nov’01
K eusseiuer As S ar See D A H
'Pol
A
U
C
1st
g
6s................1030
109
4 n t > 4 110*8 110 4
J
J
Kioh As Dun nee S outh By
W estern D iv 1st g 5 s ...1935 A-O ........n o 112 S e p ’ 00 6 100 112 4
Bioh As M eok nee S outhern
G
eneral
gold
5s..................
1 9 3 5 J-D lUO 4 ........ 1 0 1
D eo’io ! j ’ 0' 9 ” ib ' 4 4
Bio G r W est nee Hen As Bio Gr
K au A M 1 st g u g 4s___ 1900 A-O 3 9 4 9 1 4
91
0 90 4 94*4
Booh As P itts nee B K As P
Pol P A W 1st gold 4 s___1917 J - J ! 00 92 91
0 1 4 D eo’io . .. . I 9 1 4 9 3 4
Home W at As Og n e e li Y Oent
89
'Pol
S
t
L
A
W
pr
lieu
g
3
4
s.
1926
J
J
87 A ug’10 ....' 87 00
B utland nee N Y C ent
60-year gold 4 s..................I960 A-O
74', 7 1 4 7 1 4 6 70 81
S*ag 'Pus As H nee P ere M arq
CoU tr 4s g Ser A .............1917 F-A 81 83 82
4 D ec’10 ....' 8 0 4 8 6 4
O t J o A G r isl 1 st g 4 s ...1947 J - J 80 4 87 4 87 4 8 7 4
87 94 Tor ila u i A Bull 1st g 4 s./il0 4 0 J-D 8 0 \
89 J ’n e ’lo . . . . l| 87*4 01
S t L As Oairo nee M oh As Ohio
lste
r
A
Del
1st
oou
g
5s
1028
J-D
103
4 Bale 105 4
100
6 100 100
Bt L As Iron M ount nee M P
U 1st refun d g 4s............1052 A-O 81 4 80 4
’09
8 t L M B r nee 'P B it A of a t L
Uu Pao BB A 1 g r g 4s ...1 9 4 7 J - J l 0 0 **4 Sale 1 0860 4 Oct1004
94
S tL o u ls As S F —G ong O s..1931 J - J 1 1 8 4 1 2 0 4 120 A p r’10
20 124
B egistered....................... 1 9 4 7 J - J 90 90**< 99 4 100 17 0008 44 1102
G eneral gold os.................. 1 0 3 1 J - J 107 4
107*4 407 4
05 108*4 20-yr conv 4 s .....................1027 J - J 1 0 1 4 Bale 104
104**8 481' 1 0 1 1 100144
St L As S F B B cons g 4 8 ..’00 J - J 89 90 4 89 4 DCC’lo
88 o n ,
1st A ref 4s.......................p2008 M-S 07 4 Bale 07
07 ‘4 61 96 08*8
Gen 16-20 yr 5s ........... 1 9 2 7 M-N ti i 3, Bale 8 7 4 88
84 90
O re By A N av cou g 4s. 1046 J-D 06 -j Sait
97 13 04 08 4
Southw D iv 1st g 5 s ..1947 A -0 09 ‘• t.......... 9 9 4 Oct '10
0 9 4 1004 O re S hort Lino I s tg 6 s ..l9 2 2 F-A 115 4 Bale. H9 40 44 115*8 29 1134
117
B elunduig g 4 s.............1951 J - J 81*4 Bah. 81 4 81*4
1 s t cousol g os................1 0 4 0 J - J
78-j 85
113 4 sale 1 2 **s llJ - o IIP 108 4 1134
l O F t S As M con g Os..1928 M-N 110 Bale
110
G uar refun d 4 s............. 1929 J-D 93 sale L92
114 1 1 74
4 J a u03’09 50 1 91 0 4 4
K C F t S As M By re t g 4s 1030 A-O 7 7 4 78 110
R
eg
istered
...................
1 0 2 9 J-D
6
82
77*4
73
04
KCAs M BA; B 1 s tg u 5s. 1929 A-O 100 ......... 1004 D ec-09
U tali A N or gold 5 a.. 1926 J - J 100
107 4 D ec’09
Oz’rk A sO U C lstg u 5 sg .l9 1 3 A-O 0 7 4 98 97 4 97 4
N J B B A C Oo See P a BB
00 4 08°s UU ni
S t L ouis So nee Illinois Cent
tah C entral Nee Bio G r Wes
B tL S W 1 st g 4s b d ctls.1989 M-N 8 9 4 9 0 4 9 0 4 90 4
03*4 U tah A N o rth nee U n Paoilic
88
2d g 4s m o houd c tfs ...p l9 8 0 J - J .......... til* 73
78
79 82 4 U tioa A Blacit B nee N Y Ceut
Consol gold 4s................... 1 9 3 2 J-D 7 5 *4Bale 76 4 70
70-, V andalia consol g 4 s ___1055 JF.AJ
7
2
4
07
........
tt ray ’s P t'P e r 1st g u g 6s 1047 J-D
10 14 A p r’07
era Cruz A P ls tg u 4 4al9 3 4
.... 0 0 90
S t P a u l A D ui Bee N o r Pacific
V er Val in d A W nee Mo P
S t P M inn M an nee G t N or
V irgim a M id nee S outh Bv
S t P A N or Pao nee N or Pao
Va a South w’t 1st gu 58.2003 J .J 108 110
Deo 10 ... 105 1 1 0
3 t P A S’x City nee C S t P .U AsO
1st cons 60-year 6 s..........1 958 A -0 0 4 4 90
96
04 9 8 4
87
8 Aifc A P ass 1 st g u g 4 a ... 1043 J -J loo
80*4 O ct87’094
VV abash 1st gold 6 s........1930 M-N 109
4 Bala
834
884
109 4 353 107
UI4
S F A N P 1 st sin k t g o s .1919 J J
1 *
2d gold 5s...................1039 F-A 98-4 99 4
U9 1 2 08 1134
4
Sav F As W est See A tl Coast L
D ebenture series B ........ 1 9 3 9 J - J ..........1U0
J
’l
y
’10
80 103
....
80
Bcloto Vai As N E A’ee N or As W
1 st lieu equip » fd g 5 s ..1921 (VI- 8 07 4 100
__
I
D
ec’10
90
1
0
2
Seaboard A L g 4s stam ped ’ 6 0 A.O 80 4 Sale 85
804
*991 4 1U0*8
8 6 \ 1 st Len 50 y r g term 4 s .1954 J-J
D eo’io _ 83 90
Coll tr refun d g 6 s ...........1911 M-N lo o ........ 10 0 D ee’io
and e x t g 4s ___1966 J - J 64 4 Bale
64 4 470 60 *4 7 7 4
A d ju stm en t 6 s ..........................ol049 F-A77 4 sale 77*4 7? 13 1 69 4 '<8 4 D1 stot ref
A
Oil
E
x
t
1st
g
o
s
..1941
J
J
107*4
108*4
108*4 J a n ’l l
106
84
*a
80*4
A tl-B irm 3 0 -y rlst g 4s.el9 3 3 M-S
tiO-u 8 0 4 5 80 8 /
Dos M om Div 1st g 4 s ..1039 J -J
80 D ec’lo . . . 1 80 108
80 4
92 Oct lo ..... 01 92
Car C ent 1st con g 4 s ...1949 J-J 02 ...
Om
D
iv
1st
g
3
4
a
............1941
A-O
74
74
4
74
74
2 76
77
...
103 A p r’10
Fla Con As P en 1st g 6 s .1918 J - J 1024
103
104
'Pol
A
Oh
D
iv
1st
g
4
s
...
1941
M-S .......... 80 83 S e p ’10
83 90
1st land g r e x t g o s . ..1030 J-J IO2 4 ...
W ab P itts'P e rm 1st g 4s . 1 9 5 4 J-D .......... 47
33
Consol gold 5s.........................1043 J -J105 4 10 74 5O i" Deis’19 ___1 ’1064 IbT T ru st Co c e rtfs..........................
Sale 44
40 41 32 5542 4
0 44 105 104 4 J an ’l l
Ga As A la B y 1st con 6 so i9 4 0 J - J 1105
2
d
gold
4
s.............................
1
0
3
4
104 1065f
J-D
7
6
0
2
4 114
___ 1 0 44 1044
Ga Car A N o 1st gu g os 1029 J - J
104 104*’
T ru st Co c e rtis.......................
8
U
0*8 0 , 4 12 4
Seab As Boa 1st 5s............1920 J - J 104*4 . .. . 100 A p r’lo
106 106 W arren nee Dei Lac A W ost
Slier Shr A; So nee M K As X
W ash O ent Nee N or Pao
811 Sp u c a A U nee A tl Coast L
W ash O A W Nee S o uthern
Southern Pacitio Co—
W
ash'Perm l 1st gu 3 4 s .. 1943 F-A
8 8 \ 8 8 4 8 8 4 1 8 8 ‘-i 0 0 4
Gold 4s tC’e u t Pac coll).P1949 J -D 0 1 4 Sale 91 4 62
89 95 W est M aryland 1st g 4 s ... 1952 A-O 87 Sait 80
4 87 192 82 4 87
B e g iste re d .....................«1949 J-D ......... 92 91 O ct ’lo
Gen
A conv g 4 s ...............1952 A-O
86
91
7 1 4 1 i' o b ’10 -+-J <1 73
20-year conv 4 s...........^1929 M-S 07*4 bale 97 4 073<
T
ru
st
Co
co
rtfs........................
0 2 4 166 4
73
p r’10 .... 0 8 4 74 4
C eut Pac 1st ret gu g 4s 1049 F-A 00-. Sale 90 S 96*4
- J lu o * 4 ___ 100 44 AN ov’oU
94 4 08 4 Vf Va C eut A P 1st g 6s 1011 JJ.J
B egistered.........................1 9 4 3 F-A 05 4 06 97 F e b ’lu
97 97 W estN Y A P a 1st g o s ..1937
1
1
0
4
i
l
l
110*>4
D
oc’10
1 0 0 ‘4 1104
M ort g u ar golU 3 4 s../c l9 2 9 J -D 01 . .. . . . 0 1 D eo’io
Gon gold 4 s......................... 1943 A-O 8 8 4 8 9 4 88 4 88 4
91
80 *-j 92
T hroug h tel L 1st gu 4s ’64 A-0 92 93 4 02
03 . 14 87
90 4 94
e 6s......................... <11943 Nov
34 F e b ’07
G H A S A M A P ls to s ..l9 3 1 M-N 100 4 108 4 107 4 N ov’io . . . . 10 34 109 WIncom
est N o Car Bee South By
1044 sep ’oo
G ila V G A N Is tg u g 5 s .l9 2 4 M-N
W lieel’g A L E 1 st g 5 s ...1926 A-O 1014 ... 101 104
10 1
H ous E A W T 1st g os.1933 M-N 105 ibo*4 105 4 M ay '0 0 jl
W heel D iv 1st gold 6 s ..1928 j . j
1U34 103 4 N ov’10 TV--'ll 103 1054
104
1 st g u ar 5a re d ..............1933 M-N 105
103 4 A ug’io ... 1034 1654 E x to n A Im p gold 6 s ...1930 F-A 1100
00
1 0 2 **, 102 J ’ne’10
U'J 1 0 2
1
0
9
\1
1
0
109*4 109*4 3 109 4 HO 4 B B 1st consol 4s................1U49 M-S 80 Sale 84 80
U A ,P C l s t g 5 s i u t g u ..l 9 3 7 J - J
77
33
b7 4
Cousol g Os in t g u a r...1012 A-O 1084 1 1 0 4 109 4 N o v ’00
20-year equip s f 6s ...1 9 2 2 J - J 06 ......... 08 4 O ct ’10
03 4 0 8 4
Gon gold 4s in t g u a r..1921 A-0 94 4
95 4 90 4 6 | 92 984 W ilkes A E ast n'ee E rie
W aco A N W div 1st g Os’30 M-N 116 ..........lll*J 4 M ar’lo
W il A Sioux F nee S t P M A M
A A N W 1 st gu g 6s. ...1941 J - J 1 0 2 .......... 1 0 7 4 J a u 0 0 ....1 1 0 4 1194 W lsC entoO -yr ls tg e u 4 s 1949 J - J 93 4 Bale 93 4 93 4 44 90 05
M organ’s La A T 1st 7 s .1918 A O 115 11 6 4 1 1 5 4 ^ o v ’ 1 0 . . . . 115 115 4„ SupA DuU livA term 1st 4s’36 M-N
00
10
94
03 sale 03
93
1st gold Os...................... 1920 J - J 110 4 ........... 110 4 O ct ’10 . .. . 110 4 110 4 T e le g ra p h unit T ele p h o n e
N o ot Cal g u ar g 5s......... 1938 A-O ................... 112 F e b ’o 7 ! . . . . " ...............
O re A Cal 1st g u ar g 5s. 1027 J - J 1 0 0 4 ........... 1 0 0 J ’n e ’l o '___ loo
lo o A m Telop A 'Pel coll tr 4s 1029 J - J 9 0 4 Bait 90 4
107 80 >« 93
8 0 P ac o 'C a l—Os E A F.1912 A-O 102
C onvertible 4 s.................... 1 9 3 0
sale 102 1 0 2 4 ' 2 102 102
1 2 1 1 98
106*4
106 4 sale 1054
1st gold Os.......................1912 A-O 1 0 2 4 ..........1 1 4 4 D eo’04*____''...................... M id i S tato Telop 1st 63 ..1924 M-S
F-A
05
A
ug’10
90
09
4
09*
1st cou g u ar g 5s..........1937 M-N 107 4 ...........116 May’07 . . . . ’ ..................
N Y T elop 1st A g e n s f 4 4 s .’39 M-N 08**, Sale 08 4 9 8 4 133 l>4>
064
So Pao Coast I s tg u 4 3 g .l9 3 7 ' J - J 84 93 | 00 J ’iy '0 9 ....■ >..................... P ac 'Pel A 'Pel 1st 6 s ..........1 0 3 7 J - J 07 4 sa lt 0 7 4 07 4 173 95 09
994
Sau F ra u P erm l 1st 4 s ..19 50'A-O 02 4 Sale 1 02*4 02*4! 4 1 0 2 4 02*4 W est U nion col tr c u r o s .1938 J - J 09 4 lOo 99 4 994 0 07 100
4
T ex A N u S a b D iv lst gOs. 1912'M-S 1 0 1 4 ........... 1 0 1 4 D oo ’ 1 0 . . . . 1 0 1 4 1 0 2 4
Fd and real est g 4 4 s ...1050 M-N 0 C3# U54 05<4 05*>4 13 93 07 ■«
Cou gokl 6 s.....................1043'J - J 101
102
N ov’0 9 — .11...
Conv 4s, Series A ............1930 M-N
1034 Salb <1U3 103 4 32 1 0 0 *a 1024
< U 18C llbbA N £O U 8 BON O s—C o nclud ed .
lu m iln c tu rin g Ac In d u stria l
M a n u fa c tu rin g «fc I n d u s tr ia l
le n E lectric deb e 3 4 s ..1042 F-A * 8 1 4 ........ 8 14 81 4
80 82 Va-Cur Ohem 1st 15-yr 6 s 1923 J-D 101 sale 1 0 1
15 0 2 4 1 0 0 4
10-yrg deb 5 s ...r .............1917 J-D 147 Sale 147 148
130 1524 W est E leo tno 1st 6 s Deo 1922 J . J 1 0 0 4 1 0 0 4 1004 1014
1
27 10 0
04
[nt P aper Co 1st con g Os.lOlti F-A 104 4 Sale 1014 104 4
100 105 W eatm giiouse E A M s 1 6 3 ’31 J .J 02 Bale 91 4 1 002*,
31 85 1 003*4
Consol conv s 1 g 5 s........1935 J-J 85 Salo 84
82
4
89
4
85
iitiscellaueous
in t S t Pum p 1st s 1 5 s ... 1929 M-S 01*4 92 4 9 14 02
91 9 6 4 A dam s E x coi tr g 4 3 ..........1048 M-S 0 0 0 1 90
00
1 90 0 3 4
backaw Steel 1st g 6 3 . 1923 A -0 96 4 97 9 6 4 06 4
0 5 4 10 0
rm our ACo 1st real est*4 4 s’39 J-D 0 2 4 Salo 92 4 92 4 43 90
4 044
ffa tE n a m A Stpg isl 5 s .. 1929 J-D .......... 98*4 96 Sop *10
94 9 7 4 AB ush
T
erm
inal
1st
4s.
..1952
90
OO*,
7
8
9
4
91
A
0
87 4 00
N Y A ir B rake 1st conv Os ’28 M-N
10 0
114 4
Consol
5
s
......................\\m
m
i<j
55 J .J
1014
1*>5
Oct
’lu
1034
104
4
..........
9
8
4
95
4
95
4 08
jty S teel Spga 1st s f 5s . . . 1 0 2 1 J . J 97 4 Sale 97 4 97 4
96 4 101
98 4 Chic J o A s t Yard coi g 5s .1915 J - J 05 4 105 100 JMny’ll
100 100
Repub I A S 1st A coltr 5s. 1 9 3 4
102
103 O c t’10
D
otM
A
M
Uigr
incom
es..1911
10 2 4 10 1
A
ug’10
35
35
35
40
40
A-O
Union B ag A P 1st si 5 s ..1930 A-O
9 1 4 96 4 [n stit lor Irrig W ks 4 4 s 1943 M-N 9 6 4 ......... 90 4 N ov’10
04 03 N ov’10
90 0 7 4
. S ta m p ed ........................................ J -J 02
93 96 4 I n t M eroau M arino 4 4 s ..1022 A-O
04 93 May’10
6
1
4
Salt
0*1
05*4
50
714
26
U s D eath Co s ld e b gO s . . 1 9 1 3 M-N 192
1014105
0 4 4 1 0 4 4 104 4 Jail’ll
lu t N avigation ls t's 1 Os. 1 9 2 9
78
78 7 8 4 78
1 70 83
ITS B ealtyA I c o u v d e b g 5 s’24 J - J 90
s a lt 90
00
85 4 04 4 N ew p N e Ship a D D o s <71900 JF-AJ 98
.......... 05 D oc’09
If S Ked A B el 1st s 1 g Os. 1931 J - J 85
80
90
4
80
4
87
Jan’ll
N
Y
Dock
50-yr
1st
g
4
s..
1951
91 N ov’10
F-A
90*4 04
IT s R u bber 1 0 -yrcoll trO s.’iS J-D 104 4 Salb 103 1034
1014 1044 Providence se c dob 4 s .. .1957 M-N
84 4 8 0 4
1/ b ste e l Corp—j coup .<71903 M-N 1044
1034 104*.
1014 105 4 P rovid ent Loan S o c4 4 s .l9 2 1 M-S
96 J ’l y ’09 47 84 90
_S1 lO JJO yrS s. (re g ..<71963 M-N *■ 103*4 Bale
1014
1 0 1 4 1054 W ash W ater Pow 1st o s.. L030 J - J
1 0 3 4 1034
1 0 1 4 .......... 103 A ug’10 .... io i 103
£3

* No price Friday; latest bid and asked this week. 6 Duei-ob <7 Due Apr « Due May « Duo Cue /iD ue./’ly A;Duo Aug oDuo Oct p Due Nov «Outiou Sal*




CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
Sales
of the
Week
Shares

STOCKS— HIGHEST A N D LOW EST SA LE PRICES
Friday
Tuesday
Saturday Monday
Jan. 13
Jan. 12
Jan. 11
Jan. 10
Jan. 7
Jan. 0
200 *175 200
*175
*112 2002*2 *175
2%
*11? 21? *1%
♦ 6 ___
*6
*3
99
*94 09 *94 99 *94
*24 25 24i2 25 24% 24%
11
*10 11 *10 11 *10
*6
6'4 *6
OI4 *6
4% 410 4l2 41? ♦ 2043* 22438
2H?
*21% 221,1 21 70
*65 70 *85 23 2 2 2 2
*22 23 *22 70
68 09
*67 70 *67
22
22 *20 62
*20 22 *20 60
*59
*58 60 *58
68 70
*681? 70 68 08
10% *10 1 1
10>4 50
10'4 IOI4 49
♦ 45 50
49

185 185 *180Last200
Sale li2 July’10
2‘2 Last Sale
* 1%
0% Dec’10
*6
Last Sale 9212 Dec’10
*9112 05
23l2
*24 25 23% 23*2 23'2
9
9
9 *9 11
9
Dec’10
*0
0% Last Sale 6
*4U 4'2
4% 224-1g *21
*20* 22
22
*20
Last Sale 71 Dec’10
71
*68
24 *21 22*2
*21 22>2 *21
*67 6812 *68 70 *67 681?
Sep’10
Last Sale 20
22
*20
60 60 60 60
68
68 *68 70 76
9>2 934
10
10
11
*10
*45 50 *45 50 *45 60

' ' To"

Oig 93g
9 9
7712 771" 77*2 79
*260 ----- *260
Last Sale 130 Dcc’10
*75 76
Last Sale 1 I 0 I4* Ja’n’II
14l7g 141% 142 142
4D2 411?
40 40
*67*2 70
Last Sale 50 Dec’10
Nov’10
Last Sale
*1
Oct’lO
*2
S" Last Sale
41
42 42 4112 42 41
119 120 11934 120 119*2 120
*151 152 *150 152 152 152
11312 1151?
115 115 115 11512 13g
Feb’10
Last Sale
1334 13% 137g 137g
Last Sale 70% * Apr’10
92~8 93 92 9278 91 92 Oil? 915g
93'2 0312 93 94
Last Sale .Oil 2 Jan’l l
65
05 0534 65 65 65Last Sale
61% 65 65 6634 *40
46 Dec’10
___
*46
*46
*46
65
63 63 Dec’10
63 63 63 63 63Last Sale*60
65 66 *____
90% *95 96% *95 96** Last Sale 97
961?
2*8 June’07
___ _ ___ _ _ __ - - - - - - - - - ---Last Sale 20 Nov’09
___ 21
21
*
21 +___ 21 ♦*118
Last Sale 118 Jail’l l
120 *116 118
*118 120 *118 120 *125
Last Sale 125 Jail’l l
126
♦
124
127
127
♦ 125 127 *125
117
110 ♦ 115*2 115*2 *117 120 1 1117
*1151? 119 ♦*115%
* 115 12 n o
Last Sale 7 1 2 Dec’10
*___ 118 *___ 118 ___ 118 10634 118
10711
107*4
107
107
107
1071.1
10638 10634 106% 106% 100%
Last Sale 11-16 Mch’09
188
ISO 187% 187 187 180'% 110%
187% 188 119
186 188 187 188 119%
11934 +119% 120 119%
1193.1
1191,1 1193? 1191? 120
100% 101 101 101 100% 10034
10 1
10034 1003, 1003.1 101% 1 0 0 3 4 170
170 *165 170 170 170
*163%
*103%
170
*167
*167 170
Last Sale 634 June’10
1031*? 1*0*3 % 104 104 *103% 104% 7
104* 1*0*4** 1031*2 1*03%
Jan’ll
Last Sale
7
7
*6%
7
*6%
*ei2 7 *6%
Last Sale 73, Apr’09
Last Sale 23% Jan’l l
*23* *2*5*‘ *23* *2*5** *23* *2*5” *23 25

9's 93« 9 % 9 %
0 9
78%
70% 771? 78>2 79% *2 78%
265 265 ♦ GO
*260
130*
* __ 130 *___ 130
*75 77 761? 76% *75 77
*110% 112
*11014 112's ♦ HOG 112lg
1415* 141% *1411? 142 *141% 142
*42 43 42 42 42 42
*40 42 4012 40% 40% 42
*70 71 70 70 70 70
*49 61 *49 61 *49 61
*1
1%
1% *1
1*8 *1
3 *2
3
♦ 2 3 *2
*43 43% 42 425f; 42% 421?
*120 121 120 1201? *119 120
*151 152 *151 152 152 152
114 li6 11472 115 115 115

9% 914
77 77
1*3*0*
75
112
142
*41 42
40 41
*6712 70
*49 51

BONDS

li’ds
Week’s
Price
Inter­
Range or Sold
Friday
est
Last Sale
Period Jan. 13
High No.
ild
Ask Loui
Mch’10
Amor S traw b’d 1st 6 s .1911 JP -- AD 1921*2 Safe 9934
92i2i4 921?
A rm our & Co 4 vis— 1939 A - O
A urora Elgln&Ohlc 5.1941
Cal & So Clito R y Co
J ’ne’09
102
1st M 5s........................1027 P - A
Oct’09
IOH4 May’07
Cass Av & F G (St L) 5 s '12 JJ -- DJ
100
Ohio B oard of T rade 4sl927
1023,s 64
Chicago C ity Ry 5 s . . -1927 JF -- AJ 1021*2 Sale 102U
103 Apr’04
Ohio Consol B r & Mlt 03—
50 Apr’09
Chic Consol T rao 4 'i s 1939 ■J - D
9634 Jan’06
Ohio A uditorium Ist5sl9 29 F - A
Ohio Dock Co 1st 4 s ..1929 A - 0
Dcc’09
04i2 Feb’06
Ohio Jo R R 1st M g 53.1945 MA -- OS
Chlo No Shore Elec Os.1912' J - J l 8712 . . . . 87
84 Deo'10
Cldc Pne Tool 1st 5 s .a l9 2 l P - A 0734 Sale 97*8
977g
Chlo Ry 5s........................1927 A - O { 93 95
Dee’io
Chlo Rys 4-6s series A J - I) { 821* Sale 91
— » 821?
Chlo Rys 4-5s series ’ B P - A { 88 90 82lg
90i2 Mch’10
Chic Rys 4,5s series * O F - A 100 Sale 100
100
Chlo Rys coll 6 s ...1 9 1 3 P - A
97U Sep’10
Chic Rys Fund O s..1913
lOOig Apr’08
Clilc Rys T em Ctfs 1st 5s m -*n
6 6 i 2 Aug'08
Ohio R t & P R R 4S ..2002 M - S
O6 I2 July’08
Ootlat tru st g 5S ...1 9 1 3
102
C hlo Telephone 5s------ 1923 J - I) 1102 10 214 102
101 Salo 1007g 101
C om m onw -Edison 6 s .1943
1007 g N ov'10
Chlo Edison deb 6S.1913 j - j
100 100
1st g 5s------ Ju ly 1926 A - O 1100
1003g Aug’09
D ebenture 5s____ 1920
10034 Jan’l l
Com m onw Elect 5sM943 j • D lio o v
80 Deo’08
Illinois Tunnel 5s------ 1923
K an City R y & L ight
Oct’lO
Co 5 s ............................1913 AU -- NO {— - 98ig 9514
95 D ee'10
K nlck'b’ker Ice 1st 53-1928 . J 1 75 80 80
80
L ake S t El— 1st 5 s . . .1928 J Feb
10 May'05
Incom e 5 s .____ ...1 9 2 5
M etr W Side El—
83'g
1 82ig Sale 82's
1st 4s............................1938
1 7812 Sale 78'* 78'?
E xtension g 4s------ 1938
9H4
9034
{
9
D
4
Sale
•
j
M orris & Co. 4 K ____ 1930
96%
N orth W est El 1st 4 s .1911 - s 06% Sale 96%
09 Apr’10
No W G-L & Coke Co 5 s ' 2 s . - M
„
9234
9234
H
N
*02%
Sale"
O gden Gas 5s------------1945
98 1*___ 100% Mch’09
P earsons-T att 5s------ .1916 J - D 95
96
I
2
Mch’10
____
VIs
4 .4 0 s ...................................... VI - N 98 ____ 97 Feb’10
4.60s Series E --------------981* Mch’10
4.80s Series F..................... M --NO 0 7 1 2 ___ 121*4
May’09
Peo Gas L & C 1st 6 s. 1013 A
1011*2 Safe* 10U2
101'?
R efunding g 5s____1047 VI- S {103
103%
103 14 1033g Dec’10
Chic Gas L&C 1st 5sl037 JJ -- DJ
101
Consum Gas 1st 5 s .1936 VI- N
Oct’lO
M ut’l Fuel Gas Ist5sl9 47 J - J t 93 94 10034
94 Jan’11
S outh Side Kiev 4 J4s-l»2 4
100
Sw ift & Co 1st g 5 s .-.1014 J - J {100 Sale 100
Apr’10
88
U nion El (Loop) 5 s ..l9 4 o A11 -- N0
114 Nov’04
U nion Pacific oonv 4 s. 1011
01
70 Apr’10
U nited Box Board col 6V20
OD4 Oct’lO
General m tgo 6 s .---------- j‘-*j 681* 60
July'08
W estern Stone Co 5 s .. 1009 Am ustO be added to all85'Chicago
Note.— Accrued Interest ....... „ „ ---------— ---------— b ond
-----

n- s
,nn- ss

{” 11 mi*

Range for Year 1910

Lowest
R ailroads
20 Chicago C ity K y_____ 100 100 O ct 24
Chicago & Or.li P a r k ..100 1 % J ’ly 28
Do prel ..................10 0 4 J ’ly2 8
Ohio R ys p a rt ctt ” 1' — GO-% Sep .8
ll% Seo 13
282 Chic Rys part ctt ’ 2’’ —
M av 2 t>
60 Chic Rys p a rt ctt " 3 " ___ 8;j Mav24
Clilc Rys part ctt " 4 " ___
2% J ne 29
245 Chicago S ubw ay____ 100
20 A ug 18
10 F ans C ity Ry & L t--1 0 0
Feb 17
Do p r e f ....................100 616j Ja
n 14
125 Metropol W S Kiev— 100 51
7
250 Do p r e t__________100 15 FAeb
pr 1
N orthw estern E lev___100
50 Do p r e t......................100 53 May31
133 South Side E le v a te d .. 100 55% J ’ly 5
7 J 'ly 28
95 S treets VV Stable C L .100
20 Do pret----------------- 100 40 J ’ly i.6
Aliscellancous
6% J'ne30
745 Am erican C an............. .100
1,065 Do p te f......................100 6 2 % J ’ly 26
2 A m erican R a d ia to r.. 10 0 240 A pr 25
Do p re t___________ 100 1 . 6 j ’ly 19
72 F eb 7
SO A mDocr Shipbuilding___100
p re t___________ 100 107 A ug 6
131% J ’ly 30
*230 Ainer Tclep & Teleg
31
J ’ne 6
340 Booth Fisheries c o i n .. . . 29
A ug 22
526 V oting T ru st c tt.
60 J 'no 6
25 CalDo& pret___________
Chic Canal & D .100 46 Dec 17
1 Feb 4
Chic Urew’g & M alt’g -----Do pret________________ 3 Sep 23
1
25'?
J ’ly 26
283
1 110
M avl7
191
1 142 A ug 26
10
1
10
8
%
J
’ly 27
637
1% Ja n 20
Do rights
. 13% J ’ly 0
* iio orn Prod Ret
. 79% A pr 7
Do do
) 82% Sep 30
’ 869
. .02 D ec 31
D o rig h ts____
) 53 J ’ly 26
*961 Illinois B rick____
43% Mch 9
Masonic T em pie.
J 40 Mcb 17
*142
. 9 3 J ’ne28
Do
Do
60
Do p r e t..
'515 eople’s Gas L
Do rig h ts.
f,499
203 Do pref.
1,429
15 Do rig h ts.
‘ *60 Do p re t.
Do p re t.
W estern Sto

5 "I6I**A ug*3
) 118 J ’ly 19
) 104 F eu 24
) 112 F co 10
) 103 J ’ly 20
) 143 F eb 7
) 116% Aug 8
J 100 D ec 27
J 155 J ’ly 27
6 J ’ne 2 2
9 1 0 1 J ’ly 16
0 6% A pr 28
0 ...................
0 15 Jue3U




185 M ch 7 180 Mch 190 Feb
8% Ja n 26
4 Ja n
1% O ct
7% Ja n 7
5 O ct 15 Ja n
109 Ja n j 9 /'s Dec 119% J ’ly
33 Ja n 3 3) Dec 4534 Jan
10 Ja n 11
101? Dec 3 0 Ja n
0 % Jan
6
8 Dec 13% J a n
6% Aug 16
3% Dec 29% J a n
39 .’ an 5 30 Dec 52 J ’ly
773.1 Mch 30 78 Dec 86% May
25 J ’n c u
15% Sep 19% Dec
72 J ’ne 22 47 Jan 59 Dec
23 J n e ? 4
17 Nov 25 M ay
60 J ' u sl I 63 Ja n 73 May
72% J ne 22 60 Ja u 61 M ay
54% Jail 3 29% A pr 541 Dec
104 Ja n 0 97 Feb 108 Deo
13% Ja n 10
82 Ja n 4
261 Deo 5
135 A pr 4
84% M ay 16
1)2 Ja n 11
142% Mch 9
43 D ec 31
41 D ec 31
i-i Ja u 4
65 Feb 17
l Feb 4
3 Sep 23
41 F eb 11
137 Ja n 3
163 Mch 10
121% Ja n 11
2 Ja n 13
2234 Ja n 8
82 F eb 28
127 .’an 6
.21 D ec 19
91 Mcfi 28
46 Ja n 7
67% D ec 27
10234 A pr 20
" i i o ’Dcc* 27
125 Ja n 18
145 O ct 31
123 N ov 1
1153| Ja n 3
18834 N ov i2
122
Mch 8
109% Ja n 8
183 Feb 19
9
May26
106 Ja u 6
15% Ja n 3
26% Dec 15

7% Ja n
7134 Ja n
100 Ja n
126 Ja u
54% Apr
101 Feb
139 Aug
XO MaV
20 O ct
48 J ’ne
61% Ja n
1 A pr
2% A pr
20 Mch
127 Ja n
117 Ja n
107 Ja n
17*% Feb
70% Mch
117 Ja n
38 Ja n
43 Ja n
.....................

15% N ov
86 J ’ne
225% O ct
132 J ’ly
81% Dec
112 Sep
145 NOV
411 Deo
35 D ec
/t>i? Dec
68 A pr
1 A pr
2 % N ov
42 Deo
1 40 Sep
152 O ot
1 2 1 % J ’ly
25% Aug
88% M ay
13034 AUg
88% Deo
47 Sep
.....................
___ . . . . . .
"*20**N*OV '* 2 i" ‘ j rne
07% Ja n 119% Sep
118% Feb 130 Sep
108% Deo
8 2 Ja n
110 Ja u 124 N ov
102 Ja n 110% Aug
% Feb
1 Mcfi
65 Ja n 169% Deo
101 Ja n 12134 O ct
114% A ug
10 0 % Ja n
119 Ja n 162 Deo
__________ _________ _
98% J a n ' 105 Deo
1 % Mch
% Feb
334 Mcb 9% Ja n
15 Feb 25 Mch

Dividend Record
Outstand­ Surplus
and
ing
In .Per­ Last Paid
In
Profits
Slock
1909 1910 1iod.
%
T
t
0 An .ran 'l l , 6
C alum et N ational-------- *100,000 *$46,478 0
J-J .Ian *11, 5
500,000 1/245,216 10 . 10
Chicago C ity....................... 20,000,000
. . Q-J
.Ian '11,21*
9.722,053
C o n trtal & Comm N at
5,569,320 12
16 Q-J .Ian ’11,4
Corn Bxohange N ational 3,000,000
l , H*
31,317 9
8 y -j .Ian ’l’11,21*
Drexel S ta te ___________ 200.000
414,934 10
10 Q-J .Ian 'l l , U*
D rovers’ Dep N ational. 600.000
6 Q-J .Ian
200,000 t/40,916 6
Englewood S ta te ---------- 10.000,000
D ec31’10,3u
11.011.772 12* 12* 1Q-M 1Dec31’10,21*
First N a tio n a l..______
10 'Q-M 1
150,000 181,967 10
io i% 1*03*14 First N a t E nglew ood___
l’rlv ate Ba nk .
Forem an llros U 'k’g Co. 1,000,000 508,678
.Ian ’l l , 2
F ort D earborn N ational 1,500,000 423,646 88 8 + 28 Q-J
Q-J .Ian '11,2*
H ibernian B’k’g Ass’n . . 1,500,000 1,003,633
10 10 + 15 J -J .I an '11, 6
K aspar S tate B ank____ 200,000 1/162,240 Beg.
’10 V.90, p.1277
La Salle S t N ational . . 1,000,000 263,162 10 b us.10Ma yQ-M
Dec31%0.2i*
Live Stock Exoh’ge N at 1,250,000 611,017
Nov '10, 1
4 Q-F Dec31’10.2
65,714 4
300,000
N ational____
84U 88 Monroe
Q-J
8
1,278,766
2,000,000
8
N
at
B
ank
ot
R
epublic
98 10l3g N ational C ity ________
6 Q-J Jan ’l l , 11*
418.761 0
87l2 95ig N ational P roduce______
4 Q-J Jan ’l l , 1%
84.695 3
75 86 N orth A venue S ta te ___ 200,000 1/70.952
’l l , 1%
6H 6M Q-J Jan
90*2 91 N orth Side S tate S av’gs
6 Q-J Jan '11, 1%
50,000 1/29,191 6
9714 lOllg
4 Q-J Jan '11, 1%
N orth W est S ta te ........... 200,000 y22.228 . . . .
9714 08
7 Q-l Dec31’10,2
S tk Yds S ta te . 300,000 103.992 * 6
lOOig 10034 People’s
6 Q-M Dec30’10,H*
19,255
Prairie S ta te ----------------- . 600,000
Jan '08, 2
250,000
34,450 None None ___
R ailw ay E xchange------ 300,000
Q-J Jan 'l l , 11*
1/194.357
_______________
1003g 10314 Security
'1 1 ,2
92,000 0
7>i Q-J Jan
Chicago Savings. 200,000
lOOig 102% South
0 Q-J Jan '11, H*
200,000 1/10,439 IK
100U 100% S outh Side S ta te .
Q-J
Jan
'1 1 ,8
12
12
.
1,500,000
1.868,350
100 100l2
8 Q-M Dcc31’10,2
. 250,000 186,970 8
U-N
Nov
’10,8
6
6
.
200,000
41,261
Io6* 10*2*34
1 100.003
*7,877 3ee V. 90. p. 159
50,000 1/10,044 None None Q-M Dec31’08,H*
W endoll S ta te .
Jan '11, 2
. 2,000,000 063,356 7
7tf Q-J Jan
0434 9514
’l l , 11*
6 Q-J
. >1500,000 110.331 8
9434 95
Jan '11,2
. 6.000,000 <1,543,802 0
7M Q-J
75 85
8 A-O Oct 9’10. 3
!
50,003
1/8.622 4
j 600,000 447.918 8 + 2 8 + 2 Q-J Jan 'l l , 21*
434 527
u w uum rn
’ .' 3,000,000
80 84 uDjurovers’T
8 Q-J Jan 'l'1 l1,2
' 200)000 13L870 8
rust&
Savlngs
76 80 Farw ell T ru st Co------- 1,500,000
, H*
6 Q-J Jan
1/173,728 3
93U First T ru st & Savings. . 2.500,003 3.164.586
Q-M Dec31’10,4
12
18
9G'4
&
V.87,
P.113S
orated
1908
Ineorp
.
200,000
1/19,621
09 99
'1 1,3
. 1,250,000 1,502.268 9H 11+6 Q-J Jan
921* O6 I4
'11,4
3 5,000,000 8.887.214 16 + 4 16 + 4
7J Jan
Dc31’10,13i*
Q
7
+
IK
s
200.00U
1/59,499
6K
061* 9612
6
6H Q-J Jan ’11.11*
S 200,009 1/41.792
07 07
12 Q-J Jan '1 1 ,3
3 3,000,000 6,084,164 12
081* 0812
6 Q-J Jan '11, H*
f 750,000 237,064 8
. 200,000
60,665 Beg. b us. Oct 29*1 0V91,P-1221
10034 10 314
8 Q-J Dec31’10,2
.
1,600,000
2,455,651
8
103 10412
0 J-J Jan '11, 4
> 200,000 1/69,04C 6
100U 10212
. 500.0001 156.15S1 Beg. t 1 us.Det! 1*10 V.91.P.1489
10034 10U?
8 Q-J Dec31’10,2
8
.
300.0001
1/233,901>
9134 94
k 200,0001 1/21,531) Beg. t 1 u s .J’ljr 12'0 9 V.89,p.141
0934 100%
. 1,000,00() 262,63(i Comn 1 enced bus. Sept 6 191Q
88
88
'10, 3
v 200,000) 1/39.00:1 5
6H I J-J July
Dec31’10,2 <
. 1,200, OOt) 1,215,481l *8+2 8 + 2 Q-M Jan
Union T ru st Co.
70
'l l , H*
6
s
1,250,00()
148,2413
6
Q-J
6II4
6 Q-M Dcc31’10,2 '5
k 200,001) 121,9313 ____
Jan '11,2 :
k
200.001)
1/58,12:2
6
7%
i
Q-J
prices.
■-----—------------------------------------------- — ----- -— . ...
-

Range
for
Year 1910
Low High
9934 9934
9034 94i2

NAME

.', I First T o u t * Savings Bank, v An extra payment of l ’A % was made Deo 14 1910. to See V. 91. p. lo o 1. 72, 17.
extra dividend of 2% was paid Dec. 20 1910.

1

Highest

Range for Previous Yem
(1909)
Highest
Lowest

Chicago Banks and Trust Companies

Chicago Bond Record
CHICAGO STOCK
EXCHANGE
W eek ending J a n . 13

STOCKS
CHICAGO STOCK
EXCHANGE

* nov . iu

v «o v. s i iv iv .

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
Saturday
Jan. 7

SH ARK PRICKS—NOT PER CENTU M PRICES
Monday
Tuesdau Wednesday Thursday
Friday
Jan. 9
Jan. 10
Jan. 11
Jan 12
Jan 13

Sales
of the
Week
Shares

STOCKS
BO STON STOCK
EXCHANGE

Range for Year 1910

Range for Previous Yeat
(1009)
Highest

Highest
103 103 IO3 I4 IO3 I4 *10214 10234 *10134 102% *102% 1023.1 102% 102% 237 A tch T opR ailroads
& S an ta F e. 106 91% J T y - i
*102 103 *102 103 *102 103 *102 103 102% 102% *102 103
50 l)o pref__________ 100 97% A ug 2
224.2 22412 22412 224l2 224 224 224% 225 *224% 225 22434 225
239 Boston & A lbany____ 106 218 JA’nolU
129 1291; 129U 129% 12834 129 129 129 129 129 129 129
177 Boston E lev ated _____ 100 *1 22 ug 2
*----- 216
210 210
216 * 2 1 1 216 * 2 1 1 216 *211 214
11 Boston & Low ell_____ 106 20J JT y .7
11012 117 11612 117 216
116 11634 11534 1161­ 11634 11734 11734 118% 1,791:
Boston * M aine______100 7*118 Deo 31
♦ 294 299 *294 299 295
295
*295
299
295
295
*295
299
Boston ft P rovid ence. 100 185 O ct 4
15
*15 1512 *15 1512 *15 1512 *15 15% Last Sale
,1 Tie lu
Dec’10
Boston
.Suburban El Cos.
*70 72 *71
*71
*71
Last
Sale
JT y :: 1
Jan’11
no n re t_____________
1012 ;----- 1 0 %| . . . 10 *___ "10 "
Last
Sale
M
ch ...
1
Oct’10
Boston
He
W
ore
Elec
Cos.
*39 . . . *3912 40 3912 391- *___ 3 9 %
39% — 39%
25 Do pref______ . . . . 35 Auggy
*15512 157 15712 15712t *15512 160 * . 160 *___
___
160
Chic
Ju
n
e
B
y
&
U
SY
.lO
u
Sep
lu ICO Deo 9
139
62
110 110i2 110 110% 1 1 0 1 - 1 1 0 1 * iio 112 *110% 112 11034 112"
118 Ja u •
126 Do n re t__________ 106 169 O ct
*----- 270
Sale 270 Dcc’10
C onnecticut Itiv e r___100 260 O ct 13 270 Mell K;
130 130 129 130 129 129 129 129 129Last129
129
129
1-4%
Sep
2 1 1331- Ja n 3
F
itchburg,
nret_______106
*163
*117*4___ *118 . . . *118 119 *118 . . . *118 . . . 118 118
Ga B y & E lectric____ 106 104 Ja u
O ct 27
*88 . . . * 8 8 1 4 ____ *8634 ___ * 8 7 % ___
Sale 88 % Jail’l l 280 Do pref__________ 10( 85 A pr ) 123
90 ct 14
*213 210 *213 217 *215 218 215 215 *215Last218
215 215 **42 M aine C e n tra l.. . . 1 0 < 2 0 2 F op H H 8 ODec
21
18 18 ' *18 19
18 18
18 *17% 18 *17% 18
135 Mass E lectric Cos____ 10 0 14% JT y 26 22% NovlO
84 8414 83*4 841.1 84 841.i *17%
*84 84% *84 84% 84
84
106 75 JT y
292 Do p re t____
^ 3 . N o v i/
15012 150% 150
150% 150 ISO's 150 150% 14938 150 149% 14934 1.377
N
Y
N
H
&
H
artford.10
i
149
A
pr
28 102% Alch I140 140 *140 141 *140 141 *140 141 *140 141 139 139
14 N orthern N 11_____ 10 0 139 Deo , 141 Deo 19
Sale 210 June’10
Norwich * W or pret.100 219 M ayl 212 Mch lb
*189 . . . *189 . . . 189 189 189 . . . 189Last 189
joij 1 8 1 % Sep 14 : 110 Jan /
**ii Old Colony____
*33 35 *------ 35 *___ 35 ----- 35
Last Sale 3 5 * " Dec’10
R utland pref_____ 100 2 d M ay
*10612 ___ *100% . . . 108 108 *106 108% *107 108% *107% ___
S
eattle
E
lectric___
106 103 A ug 18
102 102 10212 10234 1023.1 1023| *102 103 *102 103
103
10 0
98% A uv 2
80 Do pref______
173*4 17418 17414 175U 17313 17413 173 173 173% 1733S *102
175
175
Union
Paclllc____
1 0 0 153% J ’ly 20
625
935g 93*8 *93 94 *93 94 *92% 93 92-8 92-g *92% 93%
8 j % J ’ly 26
,
Do
prer__________
10 0
55
*157 160 ♦ 157% 160 *157% 160 *158% 160
Last Sale
Dec'10
V erm ont & M ass.
10 0 Jo l O ct 15
91*.i 92 92.2 9234 923i 9234 92% 927s 92% 9234 157%
92%
92%
*
*
fin
W
est
End
S
t_____
83 Sep 26
*818
104 1041.1 *10414___ 10434 105 10434 10434 *104% 105 105 105
69 J ’ly
256 Do pret___ 50
M
iscellaneous
463
4
471
2
*40% 47
471- 47% 47% 471.1 *46% 49
47
Amer
Agricut
C
hem
_ _ 10 0
490
30
’ly .
99*2 100 10 0 10 0 10 0 10 0 10 0 “ 10 0 100% 100% 296 Do pref___________10 0 0b% JDeo
99*8 10 0
4% 412 434 5
*434 5
5 5% 5 5% 5% 5% 1,450 Amer Pneu S e rv ic e ... 50 4 Deo 22
141145
s
*14 14*4 1412 1412
1434 143.1 15 . 153S 15% 16 1,053 Do pref____________50 13% Deo 8
11434 1 1 5 114 114 115 115 114% 115 114%
115 116% 116% 403 A m er Sugar B ella____ 1 0 0 111 O ct 3
11212 113 11334 11334 11334 113% I I 384 11334 113% 11334 113%
230 Do pref______ . 10 0 1 1 1 % O ct 3
141U 1415s 1415S 142 14153 142 141% 1413.1 141% 142% 1415g 1141
142% 7,037 Amer Teien & T eleg. 1 0 0 127% JT y 26
Last Sale 31 Jan’l l
W oolen____100 26 J ’ly 7
92 0212 O2 I4 9234 92l2 92% 92% 92% 92%
923.1 92% 92% *207 A mDoericanpref__________
100 90% Deo 7
812 812
9
9
Atl
C
ult
&
W I S S L .100 7 Mch 18
52
* 2 2 12 23*
23 2312 *2234 2*3**
.16 M ayit,
Do
pref______
100
185
*5 6 *5
0
*5 6
*5 6 *5% 6% 5% 5% 100 Boston L and___
10 4% JT y 28
♦ 145U 1491.) 14934 1493.1 145% 145% *145%
*146%
1473.J
148
147
147
Dumb
Telep
&
Teleg
1100
138*2
J ’ly 28
125
*7*8 7i2 7% 73g 738 73g
7 % A pr 14
L ast Boston L a n d . .
*290 2 OOI4 290 290 290 290 2907% 2907% 2907% 29173g *2887% 2907% 440
111 Edison E'eo I liu m .. 10 0 .239 J a a 26
15U2 15H2 1523,4 15234 151l2 151% 151% 151% 150% 152 *1511- 152% 162 General E lectric_____ 1 0 0 135 J ’ly 26
90 90 90 9114 91 OII4 903.1 91 91 91% 91% 91% 3,126 M assachusettsG asCos 1 0 0 76% Feb b
9678 97 97 07
96% 9634 96 96% 96 97 9G34 97
Do pref....................loo 89 M ay 16
666
213 213 *21318 214 214
214
214 213% 213% *213 215
139 M ergenthaler L ino . . . 1 0 0 212% D ec 27
433 43S *43s fl *43g 5 214
*43g 5
*43g 5 *4%
57
Mexican
T eleph on e.. 10 2% Ja n 3
111
11112 11112 1 1 1 % 111
llH 112 111% 111% 111% 112
190 N E Cotton Y arn___loo 167 Sep 22
*106 108 *107 110 107 110 +109
109 109 109 109 *107% 111
Do pref_________ 100 99% A ug 3
31
138 138% 138 138 *1361- 138 137
138% 137% 137% *137 137k
90 N E T elephone___..1 0 0 129% A ug 17
*95
96 96 *96 ___ *96 ___
____| .......................
40 Paclllc Coast P o w e r ..100 63% N o v 2 ^
160 160 15912 160 1591- 1597g 160 160 *96
159% 160 160 160
100 153 J ’neJo
404 Pullm an C o ..
*12 13 *12
13 *12 13 *12 13
Last Sale 12 Jan’11
Beece B u tto n -H o le " 10 11% Ja u 15
10 0 1 2 1 0 1
10034 101
10 0 1 - 1 0 1
10034 101 100% 10084 1 100% 10034 706 Sw ift & Co____________100 100 Ja n 24
35% 30 3514 35k 35 35 *34 35
35 35 35
213 T orring ton..........................25 28 M chJo
35
29 29 29 29 *28% 29 29 29
29 29 *281.i 29
128 Do pref.............
2a
27 Ja n is
189% 190 189% 190 1891- 189% 189% 189% 1S734 189 186% 1881­ 354
U nited F ru it................... 10 0 165% Ja n B
501,3 56% 56 56
66 % 561.)
66% 547g 55*4 54% 5484 2,911 Un Shoe Mach C o rn .. 25 40% JT y
28% 2S% 281- 28% *28% 2834 56
283
4
28%
283
4
28%
29
2
5 % JT y t
287S
208 Do pref....................25
73% 74% 743g 753s 74% 75% 73-8 743« 74 74% 7473 76% 27,312
U S Steel C orp................ 1 0 0 6 1 % JT y 20
*118 118% 118% 118% 118% 1181 118 118 117% 1177s 118 118
111
JT y 26
131
Do
pref....................100
*17 19 *18 18 *16 18 *16 18
14 F eb 1 .
Last Sale
___ W est Telep & T e le g .. 106 81
92 92 91% 91% 91% 0 1 %> 0 0 % 91 90% 90% 1891 Jan’11
A ug 15
91
289 Do p ret_________ 10 0
634 63.1 *0 % 6% * 6% 6% HO A dventure C on.
7
7
7
7 *6% 7
.
25
4
J
’ly 13 1 ) Feb
47s O ct
*778 8
8
8 %;
8%
77S 8 *7%
73 0 Algomah Mining .***.’.* .25
7 34 Deo 29
8
1434 Sep 15
*37 38t2 *35 3 81.1 *35 38 *35 36 35 358 % 35
26 31 J ly 13 5 j Feb 2
480 A llouez____
62% 63 6234 627s 63% 36
64*4 6 5 I4 04% 651.1 63%,, 64
0,700 A m algam ated Copper'lOO 55% J ’ly 12 60% Ja u 3
2534 25*4 2612 26% *25% 26 2434 25 24% 24% 24% 64%
7GS Am Zinc Lead & S in .. 25 19% J ly 26 46% Ja n
141.1 1412 1414 14*s 14 14
13% 133,l 13 13% 133., 25
1334 1 , 9 1 5 Arizona Com m ercial- 25 1 2 % M ay 4 50% Ja n 3
412 4*2 5
0
*4
5
4% 41, 4% 362 A tlantic ..............
6
4*8
25
5 J no30 12% Ja n 14
60 .50 *.50
* .5 0 .55 *.50 .55 *.50 .55 *.50 .55
50 Bonanza Dev Co I 10 .50 M ch 6 .70 Mch 28
1 2 l2 1 2 1 2
1238 12*3 1 2 1 2
1 2 % . 1 2 1 ,1 1 1 % 1 2
11%
9 35 BosACorhCop&SIIMg
5
10
M ay 4
12
Ja n 13
*0
6*4 *6
61- *6
61- 6 % 6 % 6 % 6 % 6 % 6 % 170 B uttc-B nlaklava C op. 1 0 4% N ov 6 24%
18% M ay 26
18 1812 I 8 I4 18k *18 183'i 18 18
177s 18 18
412 B utte Coalition______ 15 l J ’g J ’ne.lo
18
28% Ja n 3
47 47 47 48k 46-% 47 46% 47 40 46% 46
47% 875 Calum et A A riz o n a ., to 4 -134 J ly 12 103 Ja n 3
622 622 517 520 517 518 510 520 500 510 502 520
1 3 1 Calum et & H ecla____ 25 600 J ly b 085 Ja n 3
1234 13
13 13
13 13
1312 131 1312 14
13
22 0 e'entennlal...................... 25
i3 % J ly l6
38 Ja n 3
13
*.05 .06 p* .05 .06 * .05 .06 .05 .05 *.05 .00 *.05
500
Cons M ereur G old____ 1 01 J o 0 .16 Ja n 10
.06
*68
6812 68l2
673.t 6734 07% 68
68
68167%
68 I4
562
Copper
H
ange
Con
Co
100
58
le
b
17
Ja n 3
31- 31
*33g 3k- *33S 3% 3% y.% 383 3% 3 2 0 D aly-W est....................... 2 0 3 % Sop 28 859%Mch28
312
12
11*8 12
1134. H3 4 1,451 E ast B utte Cop M ill.. 16 6 % J ’ly 13 11 N ov 14
1% 11%
IDs 1 2 % 1 1 % 1 1 % 1JjdSi
\ Sale .20 Jan’11 . . . Elm R iver___________ 12 .05 O ct 11 2% Feb 18 1
*9>4 91" 9
91.,
9 *8 % 9
9% 9
985 F ra n k lin ____________ 25 9 Deo 19 22% Mch 9
8%
9
63.i 67( 963* 63.1
6% 6 13-16
6 *% 6 -% 0 % 6 11-16 2,530 G iroux C onsolidated.
6% 6 13-10
5 6 J ’ly 26
n lu
*39 40 40 40 ■ 38 39 38 38 37 37% *35 36
185 G ranby C onsolidated. IOt 20 J ’ly 6 12% Ja
Ja n
67S 67g 634 7 3
63.1 658 634 634 63j 6% 6 1,636 Greene C ananea_____ 26 638 Sep 20 111%
l!7g
Ja
n
22
22
22
221
.
21% 21%
860 H ancock Consolidated 25 1 4 3 ,j'iy i« , 36 Ja n 12
21%
* 11,
ir i*__ _ 1 % 2 11 % 2 11 % 201 % 2 01 1%- 20%
1 % *— .
175 H elvetia C opper_____ 25
)3., O ct 27 67g Ja n
* 1%
123.1 133; 1 2 123|
12U 12*4
12
12%
1134 1134 1238 * 1*2% 2,250 In dian a M ining............. 25
10 JT y lb
44*4 Mch
323S 32*8 323.1 34 33% 33% 33
33l.|
323.,
323
4
33%
331.1
2,520
Island
C
reek
C
o
a
l___
1
J
6% Dec
3334 O ct 29
89 90 89 89 8 8 % 88 % 88 % 88 % 88
88 I4 88*2
88
SOS Do pref.................... l *4% N ov
60
Nov 26
15 151 15 15 15 15
15 15 14 141- 14
14%
Isle Hoyale C o p p e r.. 2.5 J3% May
22% Apr
28 % Ja n
67S 6 15-16 634 67) 6 13- 16 6 %. 67g 67g 63,i 67g 678 678 2,025
K err L ake............. ......... 5 *6 Sep
11 Ja n 5
7% A pr
*3
3% *3
3% 3% 33s 33S 33g 1,370
3% 51 *3
130
K
eweenaw
C
o
p
p
e
r
...
25
3
J
’ly
7
2 % May
0% J a n 14
34 35 35 35 ’ 34 34 *331- 34 33% 34 34
Lake Copper Co_____ 2 u 2 8 % J ly 16 94% Jan 2 2 16 * Jan
434 434 434 43.1 4% 4% 434 434 4% 434 4’s 341 1,062
1,257 La Salle C opper_____ 25 6 % Deo 30 19 Ja n 14 1034 JTy
8
7*8 758 77g 77g 7% 7% *7
7% 7% *7%
710
Mass
Consol__________
25
4%
M
en
s
4% Mch
O ct 13
*.40 .60 * .40 .60 * .40 .60 * .40 .60
Last Sale .50 Jan’i .
Maytlowcr __________ 25 .35 O ct 21 10%
1 'gJan 18 .30 A pr
.04 .04
50 Mexico Cons M & S -- 10 . >1 N o v i
3% Apr
5 Ja n 7
♦ 191*2 20 ► 1934 20 *19% *1*9*34 *1934 *1*9% ■>*19%
19%
19%
*19*38
10 0 Miami C opper________
‘
17
JT
y
18
1234
Feb
29 Ja n •:
3 3 ___ 3
3
312 31, 3% 3% 3
3
310 M ichigan____________ 26 3% Deo 3 8% Ja n 21
534 O ct
45i2 4512 451­ 45% *45 45% *45 451- 45% 45% 45 453
280
do
haw
k...................
2:
43
J
’ly2
o
75
J
a
n
22
z57%
JTy
1834 1834 19 19% 19 19% 18% 18% 18% 187g 18% 18% 1,400 N evada C onsolidated. '■ J7% J ’ly 6 27% Ja n 11 16% Fob
31 *3 3% *3% 3% *3
*3
3% 3
3% 3% 3% 275 New A rcadian C opper 25 3% J ’ly 13 10% Ja n 12
3% Nov
1 0 i 2 10 %
10% 103 j
105.3 10*8 1034 1 0 % 105s 1034 10*8 lOk
U7g Oot
712 N lplsslng Mines_____ 6 9% Ja n 17 1 2 M ay 26
2834 29 28% 291­ 2734 2S5S 2l\ z 2734 27% 28% 28 28%
59
Ja
n
3
2,743
N
orth
B
u
tte__________
15
18
J
'n
e
jo
47
Dec
653 67s
7
*67s
7
73.1 7
7% 7%
7%
1,650 N orth Lake
_____ 25 6% Deo 9 257s Mch 7
Mch
6
53.1 534 6 *534 6
6
534
6
6
5% 7%
57g 505 U llhw ay M ining_____ 25 5 Sep 7 1234 ja n 14 4%
684 Nov
.60 .50 *.50 .60 * .45 .55 *.45 .55
*
.45
.55
*.45
50
Did
Colony__________
25
.25
A
ug
1
.55
13., Feb ) •40 J nc
*38 ___ *38
*38 ___ *38
+38
40
795 )ld Dom inion
Co_________ 25
55-9%JaJ'n
n o lS
5 47% Feb
114 110 113 1*15% 11234 11234 1 1 2 1 1 2 1 1 0 1*1*0** 107 1 1420
508 is c e o la ______________ 2." 114 JT y 27 166 Ja n o 122
Feb
* 12
I 2 I4 *1134 13 * 1 2 13 *1134 13
Last Sale 1134 Jan ’ 1 1 ___
2 1 % Ja n
C
arrot
Sliver
&
C
o
p.
16
U
Deo
28
19 Dec
*70 71 *70 71
70
707S 70
70
70
70
71
70
13 4 Q uincy_______________ 26
63
JT
y
;
92
Mcll
v
83
Dec
183g 183g 18% 181­ 18 183g 1734 18
173.! 17% *18% 18%
Ray Consol C o p p e r.. 1C )5 % J’ly 1 24% Mch
1%
11,
* 1%
13.1 1 % 13.8 * 1 % 134 * 1 % 1 % 1 % 1% 1,615
Santa Fe Gold & C o p. 10 1% Nov26 234 Ja n 0
1% Nov
113.. li%
11
11% 11% 1,3175
1 1-4 113.!
11% 11%
11%
9 0 S h a n n o n ______________ 1 0
8% JT y 5 18 Jan : 13%
Feb
* 1U 2 1 1 % .87
.88 + .85
.90 .87 .87 .SO .80 *.80 .88
860
South
U
tah
M
&
S
.
.
.
6
1
D
ec
28
8%
Ja
n
It
39
37%
38%
37.­
38
38
37%
37
38
38%
37%
38
519
Superior_________
.
2
5
30
J
’ly
19
C8%
Ja
n
11
34
Jau
634 6
6
6
6
578 57g 53.1 5% 534 534 255 S u p erio r* Boston Min 10 4% Deo 2 18 Ja n 12 13% Nov
14 14 13-g 146 1334
137S 137g 1.801 S u perio rA l'ltts C opp. 10 9 J ’ly t 10 r,3 Ja n 1
1334 14
14
14 14
12% Apr
*46 48 45 45
45 45 44 45
43 45 44
46
T am arack . . . . _____ _
4,r, i - j ’uo2i 78 Ja n ; 02
JTy
*41, 434
4
414% 41 7196
4%
4%
4%
4%
3 3 T rinity.............................. 25
4 1 - Deo 9
9% Dec
H% Ja n 8
353| 36 ‘36* 30‘ 35% 3 5 %; 3533 35-s 351.1 35% 3533
353j
800 u S Sm elt Ref &M in. 5(
30
Deo
7
55
Ja
n
0
89
Feb
463, 47 46% 47 463g 47 46% 47 47 47 47
47
276 Do pref__________ 06 45% JT y 26 53% Ja n 3 44 Jan
27g 3
2 15-16
2 "g
27g 234 2 % 2% 2% 1,035
U tah-A pcx M in in g ...
2 Deo 13
4 O ct
6% Ja n 8
13% 131 13% 13% 23.i
13% 131- 13 13
13
12%
1 2 % 1,436 U tah C o n so lid a te d ...
t 1 2 % Deo 2 46 Ja n 3 37% Feb
*463.1 4678 *46% 47 *4534
4634 ♦ 45 45% ♦ 1345% 4534 45*3
453.,
35
U
tah
Copper
Co_____
I
t
WlDj
0 uo3u
60%
Ja
n
0
393*
Feb
2
2%
2
2
0
2
2
*1 % 2
2
*17a
826 V ictoria .............................25
2 Deo 1
534 Ja n 1 .
3 O ct
*8 % 9% * 8 % 9
+8 % 9 * 8 % 9
9
9
205
W
in
o
n
a
.........................
2.
6
JT
y
13
15
Ja
n
14
4*4
A
pr
*116 1 2 0 *116 1 2 0 <1169 1 2 09 114
114
+116 1 2 0 116 116
81 W o lverine_________ 21 162 JT y l 1 59 .Jan :■ 139 Mch
_ *1% 134 * 1% 1% * 1 % 2
+1 % 1 % 1 % 1 % 1 % 1%
40 W y a n d o t___________ 2 7 1 % JT y 90
03j, an 1•'
2
O
ct
* a B u n a asaed pries*. * New sto«g. e a m ' i paiu. o Ex-stocit aiv. .1 E x -n g a ts. a Ex-utv. a n a n g u ts



60% Aug
105 JT y
0 % Feb
22% N ov
136 A pr
131 A pr
145% Sep
40% Aug
108 J ’ne
12% Sep
81% Aug
8% O ct
147% Nov
13% J ’ne
260 A pr
173 Aug
83% Dec
97 A pr
220% Deo
3% O ct
125 O ct
118 O ct
139 Sep
108 O ct
190 Aug
12 Sep
114% Aug
31 Dec
35 N ov
170 Deo
71 Out
3 II 4 Sep
94% O ct
131 Oot
1 ) Dec
00 Deo
1 0 % May

3 3 %Feb
038 Aug
c7% Dec
74% Deo
19% Deo
18% May
1 Deo
0 N ov
28% Deo
13% Mch
79% Ja n
30 N ov
8-% Deo
10 Sep
85% Ju n
11% Aug
141 - Deo
90 Deo
59 Aug
170
Dec
36% J'no
99 Ja n
2 /j Ja n
17% Ja n
6/ Dec
18% May
18% J ’ly
90 Feb
17% Ja n
69 Sep
64 Oot
fi% Ja n
493* Nov
66 Nov
0 Doo
1-13% Deo
158 Aug
4 Ja n

JAN. 14 1911.1

Boston Bond Record

109

IIO M IS
Range
Wecu's I'g®
Price
Range
WeeUs
BOSTON STOCK E X C H ’G E
Year
Price
Range or | | o
F riday
yea r
Range or
19lU
Friday
Last
Hale
w
kkk
E
nding
J
an
13
J
a
n
Id
:iH 0
Last Hale
J a n Id
eSO , Row R tg h
lu
ASK Low
R ta
a s h Row
R ig a Ho Low R ta b j Illinois Steel deben os---- 1913 'A-O R100**
100*4 10 0
1°, | 00*4 1 0 1
H . la Falls <t Sioux C is t 7 s.. 1917 A-O ......................
>102% 102 K 18 100% J04%
A m A grioulC liem 1st 6 s ..1928 A-O ...................,*102%
117
'9 3 % K an O Clin * Sor 1st 6 s ...1 92 5 a O ......... ........
90% 139 89
00%
i 93*8 97
Ain T elep * i ’oi non ti 4s. 1020 j . j 90% Sale 105%
99V
j
109
|
109%
51
09%
vertlole 44 8s..............................1933
..............l 9 3 tJNi- 8 M-8i100%
u b k sale
m h i™ s ‘““ j
, »7 *4 87:,4 ' K an C F t S * G alt e x t 5 s .. 1911 J-D ..................... 99*4 F e b ’Id
C onvertible
! 09*4 118
113
2
116
1
19
%
Kail
C
F
t
S
cott
&
M
9
s
---1928
M-N
119
Sale
Am W rit B auer 1st 8 15s g 1919 .1. J ..................... 87 , Sop 10
97 119 I K an C Al & B gen 4 s............1934 M-S
ne L i t 8 dob 0 S ....1 9 U A1-N ............102V. Ja n 11 ••-•i
. 89 93 4 Jan* 11
| 92*4 93%
Ain Zinc
87
94
I
89 | f 1 00 92
;om Cop Isle o n v G s 1920 j- D 84 89 84
incom e o s........1934 M-S 89 Sale 89
A riz Com
101% K Aanssented
99*4 j’®
99*4 „ <38
102 102 | G 102 103
A ton Too <t S Fe gen g 4 s .. 1095 A-O 99 09%
C * M B y * Br 1st 531929 A-O
88 Vi 94% M
Jan ’l l
93 01%
..........jll3 % N ov’Ud
aine c e n t cons 1st 7 s ...1912 A-O
A dju stm ent g 4.8___ J'ly 1995 Nov 91 93
90*8
94*6
90%
D
eo’10;.
1 0 1 * 4 Sep ’05'
l _ —Stam ped ..“ ............J ’l.v 1995 M-N 91
Cons 1st 4 s ......................... 1912 A-O
1 0 2 Si J ’ly ’lo 1. ..JilU ’JVi 102 V. M ara llou gh & O ut 1 st 9s. 1925 A-O
J ’ne’081
60-year couv 4s........................1035 J-D
... 108*8 117 Vi Alass G as 4 % s ........................1929 J -J 99*4 Sale 115
“
5
99*4
100
I
r i r r lb o ”
10-year
oonv
58
•
—
.
lO-j
o«i
w
it
*
on.............—
is
?
?
j
:»
i
44,
03
73
AU G u ll& W 1 8 8 D ines 58. 69 J - J ; 0 8 % ------ 98
97 A ug’ 10 II 0 7 99 %
Aitifudi
T flun
e ie p lst
5 s..............1
9 1 7 J-.1 ..[J
Inna
U'
I
nnn
u’
rid
1
102*2
Atlg’04
Boston E lec t 1. consol 68.1024 M S ....................... 110 £® °,0g
M lnne Gen E lec con g os 1929 J-J
101 | 4 100*8 105
Boston & Dowell 4 s............1919
J - J , ........................lo o 4
N ew E n g Cot y a rn 5 s___ 1929 F-A 100 4 Bale 100*4
:i944 J -J " ...............'101*4 Oct ’08
100 7b Dec ’10 ... 1 0 0 7e 1 U0 7*
Boston
Alamo
N ew E n g T elepli o s............ 1915 A-O
J a n ’03
B oston Tcmerm
inal 4*4*........
1st 8 Sts ' 1947 F-A 1 '......................'112*4
10 0 * 2 sep ’03|
6 s ..___. . . . . . . . __ ........1 9 1 9 A-O
103
103
..............
103
1
03*<j
B ur <te Alo ltiv cons 9s ...1 9 1 8 J - J 103% Sals 100 J ’ne’011
N ew E n glan d cons g 6 s ...1945 J - J
BB litto
93...-1917
B oston T erm 1st 4 s........1939 A-O
u tte E<tleBoston
c * Tow1stI s tg
6 s .l9 5 1 A-O
J-D
75 75 Oct TO .... 75 79 *a
N ow liiv e r (.Tlio) couv os. 1934 J - J
113
Vi
H
I
113
Vi
May’10
90% J a n ’l l ...I 9 9 7s 102
Cedar Bap 3s Mo M 1st I s .1910 M-N
N
Y N H & 11 con deb 3 * 4 8 19 5 0 J-J
85
88
“
4
87 *4 87 *4
C ent V errnl 1 s t K 4 s .. M ay 10 20 Q-b 8 7 Si
133*4 134 % 4 3 1 3 1 136
Conv
dob
9s
(
c
tls
)
...........1948
J
J
1(103 O c t’07
Q B So H Iow a l)iv le t 6 8 -iy iv A-O
10 1 A pr ’09
Old
Colony
gold
4
s
..............
1924
F-A
Ob
*4
08
Vi
08
S«
J
’ne’10
Iow a D iv 1st 4 s ................ 1919 A-O
.187s Sep ’09
reg By & N av con g 4 s.. 1949 J-D
101*4 101*4 OOrog
D ebenture 6 s......................1913 M-N
114*4 114*4 1 11378 119*»
Sh Dine 1st g 9s........1922 F-A
0 0 * 8 10 0
D enver E xton 4 s..............1022 F-A 99*4..........
99 M ar’10 ,.l 98*2 99
T
ore
M
arqu
ette
deb
g
9s.
.1912
J
J
1
90
00%
N ebraska E x ten 4 s ........1927 M-N
1| 103*8 103 %
B epub V alley 1st s t 9s. ..1919 J - J 103 Salb 103 103
) O ct ’09|,
B tfo H W s t 4s................1.1921M -8
107 4 Sfov’05
d 1st cim geu 4 % s.l9 4 T J -J
80*9 83% lluKtlau
7*4 J a il’l l
Illinois D iv 3 Sts............... 1949 J - J 1 0 1*# Sale
102 .Mai’02
utland-C auadlau 1st 4 s 1949 J - J
100
101*4
19
101
101%
Ohio J 0 By <t S tk Vds 68.1915 J-J 90 UOV 90*4 J a n ’l l
70*4 73*2
70*4 Dec TO
Eloc 1st cons 5s. 1952 J - J
80 03*4 S avannah
103 U)4*a
Coll tru s t relo ad in g g 4sl940 A-O
Kleo 1st g 6 s ..........1930 F-A 103 % ......... 101*4 D cc’lO
113*8 116*4 SSUeattle
13 ' "
'
88 110
97
N
ov’10
till Alii 3s 8 t V D ub D 9 s..1920 J - J ....................'1
93
98
annon-A
riz
1st
g
93___
1919
M-N
Oh A1 3 b S t T Wis V div 9sl920 J - J ....................'129
97 A p r’07
erre H a u te Kleo g 5 s---- 1929 J -J
2 'b o ” ibo'*a TT orring
98*4
Ohio 3 s N o Alien 1st gn 5 s. i93i. M-N . .. . , 100 100®B
100*, Alar’ 10
1 0 0 >4 10 0 *4
tou 1st g 6 s ............1918 M-S
1 100 101 U m ou Pac
O h io * W M ich gen 6 s ....1921; J -D 101
100*4 D eo’lO .
99*8 101 *2
H U * 1 gr g 48.1947 J - J
91 J
Ooncord * Alont cons 4 s.. 1920 J-D
lU 4% O ct ’*.0 ____104 7a 109*.
2 0 -year couv 4 s..................1927 J - J
_
2 96 *4 97 *2
97
97
Conn * Bass K 1st g 4 a ...l0 1 .i A-O
99
99*4
J
J
U
nited
F
ru
it
gen
s
t4
v
,s.l9
2
3
_
Cudahy P acK (T hO )lstg5a 1924 M-N
145 169
195 Nov 10
Coal * Oil 1st s f Os.. 1938 M-N
___ 90 90 UU SWSteel
99 .
C u rren t u iv o r i s t 6 s . . . . . . i 920 A-O
104*4 *04*4 3 101*2 106*4
10-90 yr 5s.l993|M -N
. . . . ! 88 00 W est E ndOorp
88 J
Det G r Bap * W ls t 4 s ...l J 4 9 A-O
97 98*4
98*4 J ’ly TO
S
tree
t
Ky
4
s
....1915
F-A
8
09*a
03*4
UGVi
Dominion Coal 1st s t 6 s ..1940 M-N
10 0 * 4 J a n ’l l . .. .
Gold 4 4 s ...............................1914 M-S
98 Vi 99%
98%
Apr
T
o:___
F itchb..........................................
urg 4 s .........................192 7 M-B
Gold
d
o
u
e
n
tu
ro
4
s............1910
M-N
99 A pr’O
97 99
Jan ’l l
4s...................................1917 F-A 97*4 Sale 98*8
127*4 127* 1 127*4 127*4 WGold
U4Vi 99
F rom t E lk * Alo V le t 9 s.. 1933 A-O
97
97*4
11
J-J
estern
Telepli
&
T
el
5s.
1932
140 A p r’O
94*8 94%
U nstam ped 1st 9s...........1933 A-O
93*4
93%!
1
J-J
W
isconsin
C
ent
1st
geu
4
sl9
4
‘
J
4 'a 07%
G t N o rc B * y coll tr 4 s 19211 J - J 96s4 sale 05*8 09 . ..24J | 004V»
09*a
R egistered 4 s.................... 1 9 2 i|Q -J 9 5 Vi . . . .
NOTIC—B uyer pays accrued"interest In addition to th e pu rch ase price lor all B oston Bonds. - N o price F rid a y , la test bid an d asked. Ti F la t price.
ii."
BOSTON STOCK E X C H 'G K
W ebk kndinu ja n 13

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yeaily
Range tor J ’revious
R ange for
A C T IV E S T O C K S
Y e a r(1909)
Year 1910
(F or R onds an d Inactive
low
est I R ig best
R
ig
nest
Htoelcs see below)
liu ltiiiio re
Deo
Mar21 94% Deo 8 30 Alar 48
415 Oon. G as EL D. A B o w .100
94*4 64%
79 M ar 89 May
Alanl 90 J’ly 14 100
5l2l Do p ro t.....................100
121%
Deo
Ja
n
F e u 23,
lo 'N o rtb e rn C e n tra l.......... 50 1 16 Ja n 8 132
1 1*4 Feb 28*4 Deo
Seaboard (new )...............100 l» % J ’ly29 27*4 Ja n
*2 2 % 2 8 ” 1
Deo
22*4 Feb 48
47
Ja
n
40
Oct
17
Do
2d
prof.............100,
45 *a 47 |
U nited Ry <t E lec tric.. 50 12% May 3 1 9 % Deo z9 9*4 Feb 14*a Deo
*19*4 19%
D h iln d clp h ia
n
22 28 J a n 3 25 Dec, 43 Ja
A m erican C em en t......... 60 4171*4 JDec
Deo
’ly 21 50 Ja n 0 44% J ’ly 48
A m erican H allw ays___ 0 0
49%
Deo
42 42
32%
bed
53%
Ja
n
10
40*4
J
’ly
29
C am bria S te e l................. 50 1 1 *4 J ’ly 2 9 12*u Jan 14 j;iO% Jan 1 2 % J ’ly
44*4 44%
K leetno Co ot A m erica 10
*1 1 % 12
43 Ja n 93 V) J ’ly
94*4 A larll
Elec Storage B a tte ry .. 100 42 J ’neJO 34%
49®. 50%
Dec 15 I 6 V1 Ja n 33*4 Deo
G
eu A splialt tr e tts — 100 19*4 J ’ly 29 84*4 Jan
9,498
34
33%'
33*4
33
34®»'
34
53 Jan 84*2 Deo
10
94
J
’ly
29
Do
pro!
tr
c
tf
s
___100
1,995
82
81*4
81*4 82%
6
A pr
8i*4 83 I
7 J ’ly 9 13 <jau lo! 9 Vi Jan 133%
lOo K eystone T elep h o n e... 50 15*2
*8*4 0
8*4 298 hi I 29
9%
0 %
Alay
14*4 Ja n
J
’ne30
29%
Dec
29
H
ike
su
p
erio
r
C
orp
— 10 0
410
20
29
29%'
20
125
%
Deo
123
J
a
n
71
90
J
a
n
89
J
’ue3u
Deingli
C
<t
N
av
tr
etts.
50
1,542
99 99 | 09 97*4 4,499 Dohigh V alley................. 60 0 2*2 J’ly 27 121 % A larlsj 9 / Feb 113 Sep
94% 95
87*4 83%’ 88 83«ia 0,383 B ennsylvam a H U .......... 50 61**10 J ’ly 20 69*18 Alar 9 93*8 Feb 76% Sep
87% 8 8 %
94
|
03*
i
9
93
Vi
6216io 51%
9i°ia 04*.
FeU 51 % Deo
42 J ’neJo 63*4 Ja n 3 40*a
2,00o Philadelp’aCo (P ittso ). 60 )13%
51 ‘4
51*4 61*4 7,386
1 * 4 Feb
14*8 Deo
5 1 J8 62
3 19*4 Alar IS 124%
Philadelphia E lectric||. 25 15 AFeu
19*4 10%
19*4 19*4
Jani 39 *2 A pr
19*4 19%
23 % J au 3
pr
28
Bbiia
Rapid
T
r
a
n
s
it...
60
11,013
10%'
19*4
19%
19*4
89
>4 Sep
19*4 19*4
69
Vi
Feb
89
Feb
Is
05*2
J
’ly
‘
2
9
............................
6
u
H
e
ad
in
g
7715ia 7«% 7o16io 78*16 18,838
78%
6*4 Ja n 7**18 M ar
0 *2 J an 2 - y * l9 May 13
791*18 77 V 77**18 73V) 77%
A lining ....
3*4 1,943 Tonopah
8
8 ! 71*18
Alay
52*4 ia u 3 50% Jau< 58%
7°io 7 ®s! 7*4 7 ­ 467% 7lJia
33
Oct
24
Union
T
ra
c
tio
n
..............
5b
46%'
0,770
46%
45%
45
45%
44% 44*4 44'% 40
87% 88 | 88 8 8 V1 23,500 U nited G as lm p t............ 60 79 J ’ly2o 95% Ja n lO 84% Ala) 95 *2 Deo
89*b 87% 68*2 89V 88% 88*4
R id | A sk
U A L T I.H G K E
B ill LA D E L P H I A | R id JA sk
PHILADELPHIA I -Bid | Ask
B il 11.A U E l.B Il 1A
02% 95
Chas
Hy
G
<t
E
l
6 s ’00 M-S
i’ll
<&
lteail
2d
5
s
‘33.
A-O
114
.........
jiolllis
in a c tiv e b to c k a
hart C it A 2d 7s’10 A-G
Con Al 7s 1911........J -D 1 0 1 10 1 * 4 CCity
l*rices are a ll “ and
A m al A sbestos C orp. 100
ct Sub 1st 6 s . . ’22 J-D 105% 107
E
x
Im
p
M
4s
g
’4
7
.A-O
.........
100*4
interest."
P re fe rre d ............... . . 1 0 0
it S u b (W as)lst6 s’48 102 .03
T erm inal 5s gl041.«4-F I 1 OV1 117*2 CCity
A ltA L V E le e 1 Vis’33.V-A
A m erican A llllni';........10
alit I Hy 1 s t 6 s ’ 2 0 F-A 101% .02
Jin B COl tr 4s ’21. J -J ] 9 9 * 4 .......... O oolitG
85 PP oWrtland
A m G as & Klee 5 s’07.F-A
A m er Pipe Allg......... 100
ruv IstO s.lO lO J-J 109 .07
Hy
1st
5s
1930
loo
A
niB
y
scon
vS
s
1911.J-D
Bell T elephone (Ba).lOO
){<ii'ii By<&
Uv.fe Ll.cou
’54J-. 99*4 99* consol G as 6 s.. 1030 J-D 108% ;uo
Koch
c o u 5s
5 s ’54J-J
A tl City 1st 5s g T 9 . Al-N
Cam bria Iro n .................i>0
Ctfs
in
d e b t 4% s ...... J - J
10
1*
4
1
0
2
S panish Am l r 9 s ’27 J-J
BorgifcEBrw lstO s’21 J-J
C entral Coal <fe Coke. 100
G E <t P 4 % 3 ’35 .J-J 34 *4 84*4
Stail’d G as & E Cs’25 Al-N 1 0 0 * 2 ....... Cons
BetUlo Stool 9s 1908.T -F
C ousolT rac of N J ...1 0 0
Fair<t
C
IT
r is to s ’38.A-O 09*4 97
U
T
rue
lu
il
geu
6
sT
9
.J-J
Cltooifa M e 1st 5s 1949 J -J
E aston Con E lectric 6.50
la l8 lc o u 6 s ’46J-J 105 105 %
lty s T r ctls 4 s’49 J it J 79 1 77 GG aa itO aAritN
C U O k& G gen 5 s T 9 J-J 1 0 2 *4 ......... UUunited
F t VVayno <&W V ........looj
1st 5 s g ’2 0 J-J 105% tort
lty
s
lu
v
ls
tc
o
lltr
103
*4
116*2 C o n T ra c o fN J 1st 5 s .’33 107
G erm antow n B ass— . 6 1 M
P 1st 9 s .. . ’22 J-J 114 115
s f 6s 1929.................M-N 80*4 85*4 GG eorgia
E & A 1st Al 6s 1920 AI-N
Indianapolis S t............100]
aS
o
tt
F
la
1st 5s 1045J-J 107 109
U T rac P it gen 6s ’97 J-J
»te Peo T r stk tr ctfs S3 ’ 8*8 *4 W
Indiana Union T r .... 100 2 0 % .............. Klee
B rew 3-4s 1051M-S 42 V, 42%
elsbacli s i 6s 1U30.J-D 8 8 'V 83 " G-B-S
Eq II Gas-L 1st if 5s 1928 106*4
6
7
In su ran ce Co of N A ..101
2d
ihcom
e
5s 1051 Al-N
101
W
lks-B
G
itE
couas’55J
-J
lutlianapolis Hy 4s. 1933
K u o x v T rac I s t o s ’28A-U 103 104
In te r Sm Bow & Chero.50
B A LTTiU U ltK
te rsta te 4s 1943 ..F -A 60 60 V.
103
K oystone Telephone ..50i ” 8 * 9 " O " KIneystone
L
akeH
E
l
1st
gu5s’42Al-S
ln
u
c
tiv
e
H
toclis
T el 5 s 1035.J-J 80*4
Alacon K yit L tlst5 s’58J -J 95 99
P re fe rre d ....................60
A laC ous O oalit Iro n. 100
L ehigh N av 4Vis T 4 . 14 -J
M em phis S t 1st 5s’ 15 J -J 07 % 07%
KoystonoW atcliCaso.lOO
P r o t...............................IdO
H Rs 4s g .......1914.T-F
A
letS t(W ash)lst5s’25F A 109 V. 107*4
■ ' 6*4
Leli V ail T ran v t O ...00
A
tlan
ta
<fc
C
h
arlo
tte..100
G eu Al 4Vis g .l0 24-U -F
74ftn
19*4 L eh
Alt V er Cot D uck 1st 6 s. 74*4
P refe rre d v t c ............50]
tlau C oastL (Coun)lOl) 227 % 230
C 1st 5s g ’3 3 ..J-J i l ' 6 % LV6 % AC anton
17 % Leli VV ext
5s’38 Al-N 05 08
L it B ro th ers....................D6
115 122 NN po tr NitPitOo r ’Pl ’r1stls t5
Co......................Id**
4s
1st
1948.
J-D
82
81*4
s
’J9
J-D
L ittle S chuylkill............60
9*4
6
V.
Cons
Cot
D
uck
C
orp.-.00
no
Consol 9s 1923........J-l)
S t 1st 6 s ’4 4 ..J-J 105
Allneliill * sc h u y l 11..50] 60 Vi
P re fe rre d ..................... 50 20 23 V. NN orlolk
Consol 4Vis 1923...J-D
107*4
orth C ent 4 *us 1026 A-O 105*4
N at Gas Elec Lt«fc Bo ICOt 14
G
eorgia
Sou
it
F
la
...100,
140
148%
A
n
n
u
ity
9
s...............
J-D
Series A 5s 1 0 2 9 ...-J-J n o
B ro .o ire d ....................loo 50 : : : : : : G eu eons 4s 20 03 .Al-N 07*4 07*4 1st I*™*.......................
” 0 4 " 09
Series B 6 a 1029___J-J 110*4
N lla v e n iro n <fc &tocl.5:
2d p rof.........................100
V T rail coil 4 s ’35J-D
P
itt Uu T rac 6 s 1997.J-J 102 103
N orthern C en tral......... 5u 1 2 2 123*4 Leh
2
1
G-B-S
B
rew
in
g
............100
ls
ts
e
n
e
s
B
o
s
I935.ALS
101
.....
Poto
Val 1st 5s 1041..J-J 107 109
N orth P e n n sy lv a n ia .. 601
B o nds
;
Now Con Gas os 1948 J -D
Penn sylv an ia s a lt........ 60 1 1 0 %
Sav Fla it W o st 6 a ’34 A-O 110*4 112
Prices are a ll “ an d j
N ew ark Pass con os 1930
P ennsylvania s te e l..100
Scab
& H oau 5s 1029.J-J 107
interest."
N V Plidb No 1 s t4s ’39 J-J
B ound 1st 5s..A -G 1 0 8
10 6 %
P re fe rre d ....................loo.
100*4 101 South
A n a c o stla <t P o t 6 s ............. 100*2
Incom e 4s 1 0 3 0 ...M -N
P hlla Co (P itts) prof . . .6 0 " 4 4 % 44 V i N oO
U E l L ttP 1st 4 Vjs ’20 Al-N 3 1 % 02
10J
A
tl
C
oast
L
(C
t)ctfs
5s
J-D
lnoTrac
con5sT
9,J.J
Uu
Hy
it El l s t 4 s ’49 M-S 85 85 *4
P lillG e rm a n * N o rris . 0 0
C
tfs
ot
iud
ob
t
............
f-J
P e n n Cons 5s 1019 .. Var
62Vi
e 4s 1040.........J-D 92% 85
Plula T ra c tio n ................50 84 %
00% ......... Fincom
5-20 y r4 s 1925..........J-J loo
P eun A Aid Steel con 9s.
u
n
d
in g as 1939...J-D 84% 100%
Railw ays G eneral........10
100%
B
alt
C
Pass
1st
5s
T
1
M-N
P a * N V Can 5s ’39. A-O
100%
Va
llid
2d
ser
9s
’ll.A
l-S
T idew ater S teel........... 1»>
104
|
103*4
B alt F unilg 5s. 1919 Al-N 03 03*4 3d series Os. 1019.. Al-s 109
..............
Con 4s 1939............. A-O
Pro 1e r r e d ......................10
E xchaugo 3 Vjs 1030 J-J
P en n Steel 1st 6s T7 M-N
ser 3-4-58 1021.M-S 104
U nion T r ot iu d ..........100
P ls tO s m l’l l A-O 100% 100% 4th
93*2 BB alt<t
T r tr certs 4s ’43
U nited N J H H & C ..1 0 0 40 .............. PP eople’s
96 1 05% 6 tli series 5s 1029. Al-S 100
S
P
<
tC
1 s t4 Vis ’53F-A
103
102
Co
lsl<fc
col
tr
5s’49
Al-S
V. 88*4
Va (Suite) 3s new ’32 .J-J 87
U n it T rue P itts p re t..5 0
T rao 1st 6 s .. ’29 M-N 107% in107%
CouJc col tr 6s 1051M-N 99 *v 97 B alt
lO %
8 8 ‘, 88%
W arw ick Iro n <fc S te e l.10 8 * 4 " 41
o *4 ! F u n d deb t 2-3s 1001.J-J 105
No B alt Div 6s 1042 J-D 110 I____
BhU Elec gold tru s t ctfs. 1 0 2 * 2 102*4 C ent’l
i07
•
W
est
N
C
con
9s
1014
J-J
W eis bach Co..................100 30
107
Hy con5sl932 M-N
78%
T ru st certifs 4 s............... 78*2%I___
100%
W es Va C& P 1st Og’l 1 J-J 100*,
VVost Je rse y <£> se a S li.5 0 61*4
E x tit Im p 5 s .1032 Al-S 107% !..........! W
P <t E gen Al 6 g ’20. A-O 107
100*.
111
il
it
W
eld
6S..1035.J-J
W estm oreland Coal....5 0
100
CUas
C
lty
ity
1
s
t
Os’23
J-J
1.........
1
G en M 4s g 1020..A itO 100 *8 LO 1
W ilkes G as & E lcc.,1 00

.Share Brices—Not l’er Centum Brices

1
r-*r-«

•Bid and asked; uo sales on this day. 11 Ex-riolits. U$15 paid, t $ 12*4 paid. t $13V.patd. } $35 paid, a Receipts. 5 $25 paid. c$30 paid, d $42 *2 paid.




110

THE CHRONICLE

[VOL. LXXXXII.

Electric
Companies
Bid Ask
Bid A sk
ChicagoEdison
CoCh cago list
Indu strial
and Misccl
I-J 81 80 c Crucible
steel................100
12
12 *8.
TRANSACTIONS AT l'HE NEW YORK STOCK EXCHANGE
00 128
134
.e Preferred.................... 1
74L 74*2
DAILY, WHISKEY AND YEARLY,
50 *89 90
Copper Co__
*138 1*2
00 40 50 eDavls-Daly
Diamond Mateli C o.. 100 91 91*2
)0 70 80 duPont
Slocks.
(E I) de Nem l’o 100 145 50
Railroad,
00
8 !)
Week ending
c Preferred.............. 100 82 So*?
&c..
Slate
V.
S.
Jan. 13 1911.
D
76*2
77*-i
Shares. Bar value.
e
Gold
4Hs 1930___ JS25g
Bonds.
Bonds.
Bonds.
JO 39'*.
Elcctrlc Boat..................... 100 0 * 13*2
Preferred
DO 04 40*4
Saturday __________ 300.854 $25,670,400 82,004,000 $350,000
04*2 Preferred____ ______ 100 2 35
Monday ___________ 532,459 45.177.525 3,128,000
Empire Steel...................100 10 15
255.000 *si*,o66
ie
Tuesday........................ 378,937 33,003,050 2.975.500
Preferred......... ..............100 55 62
200 .00 0
JO 82 84 e General
Wednesday _____. . .
380,679 32.338.525 2.079.500
Chemical......... 100 1;7
115,000
90
116*'
Thursday...................... 362,133
12 1
e
Preferred......................100 1031 105*
80.000
-------25 105
Friday _____. . . . . . . . 500,705 47l270l500 3,191,000
Gold
Hill
Copper...........
*»>
153,500
30 05
................ 20 *01 60 l*
30 40 *5*0*" Greenc-Cananea
Total......................... 2,521,76718211,133,800 $17,101,000 $1,102,500 S1.000
Guggenheim Explor’n . . 100 195 205
J0 1 1 0
e Hackensack Water Co—
3o n o
Ref g 4s ’52 op 1912 __J-„ 85 80
Sales at
Week ending Jan. 13.
25 00 118 Hall
Jan. 1 to Jan. 13.
Signal Co com.........100 20 35
New York Stock
JO 90 100 Havana
Tobacco Co___ 100
8
6
Exchange.
1911.
1910.
1911.
25 90 100
1910.
Preferred_____ _____ 100 14 17
1st
g
5s
June
1 1 9 2 2 ~"j-l)
Stocks—No. shares..
00
70
2,521.707
4,925,530
4.130.990
10,120,299 B_ A, ferry
Milling
Pal v a lu e ..... ..........
N Y 1stCompanies
0s 1 9 1 1 ___ -J 90 97 Heckcr-Jones-Jewell
$447,004,300 $354,787,325
1st Gs 1922..
m -S 103 105
Bank shares, par____ $211,133,800
$40,800
$9,400
20
28 Herrlng-Han-Mar
$45,700 $933,143,850
$30,100 N Y A E It Ferry stk__ N0 50
new*.'.
10 0
Bonds.
30 35
GO
Hoboken
Land
A
Im
p
..
100
Government bonds__
$ 1,0 0 0
0 98
$ 1,0 0 0
1st 5s Nov 1930
$25,000
State bo nd s_________ $1,162,500
$711,500
«
10
0
2,899,500
Houston Oil______ 100
1,674,000
RR. and mlsc. bonds. 17,101,000 17,811,500
8 *»
J 00
29,G51,500
Preferred ______
ioo
39,006,000
4834
0
20
30 Hudson
R
e
a
lty
...IIII!
10 0 1 1 0
Total bonds_______ $18,204,500 S18.523.000
1st
mtge
5.s
1919..*."!
J
05
75
332,552,Pool £40,705,000
com . . 1 0 0 05
0 24 27 ) Ingersoll-Rand
e Preferred..................... 10 0 94
DAILY TRANSACTIONS
TH E BOSTON AND PHILADELPHIA
V 94 97
3434 35
xjAUUAN u ES.
90 10 0
Short-Term Notes S 100
190
Boston.
100*8
92
Preferred................*1*100
Philadelphia.
Week ending
S 09 99*2 1st g 5s 1932.......... *.. A-O 93 94*
95
Jan. 13 1911.
Listed
) 99*4 097s ]
Bond
Listed
Unlisted
Bond
shares. Unlisted
shares.
8
97 971? 1st g 5s 1951______ A-O 474 518
sales.
shares. shares.
sales.
3 98*2 99 I Rcrnatlonal Silver___ 100 50
S a tu rd a y ...__ _____ 7,317
4.901
1
981s 98*'
Preferred........................lot) 109 l*l"
15,343 15,107 $164,500
Monday____________
10 0
9.901 $42,000
100*2
98.000
1st 0s 1018...................J-[) 1 1 0 12
23,952
23,12,)
110,700
T uesday___________ 15,699
Hudson
Companies—
9,503
5,195
55.000
128 32
17,703
10,883
141,800
Wednesday_________ 10,706
10 0
IOOI4
5,135
38,500 10,809
160 185
9,075
95.400
T hursday__________ 9,981
98L
083,j
4,375
Preferred..................11100
82.000
105
14,806
8,791
76.400
F r id a y ____________ 16,382
1003s 0034 J snos A Laughlln Steel Co
0,184 104,200 21,450 15,129
83,600
987s 993s 1st s f g 5s 1939___ M-N
Total ....................... 69,588 35.751 SUOJOO 1 104,129 82,105
997s 0 ()ls 0 Lackawanna S te e l... 100 102
35
$678,400
&4»a%
e 1st con 5s 1050... M-S 85
41$s Jan 1911-1925......... &4-V7o *%%
:»git
8%
cD
eb
5s
1915..
M-S
92*
93
10
0
*:
, r
Outside Securities
94 95
98
12 0018 I
245 250
9Glo
97
r
All bond prices are now “and interest’ except where marked ’ f.’
230 05
SI2 99 e
135 145
Tidewater 0s, 1913, guar.. 109114
013,, J
35 45
S treet R ailw ays
S treet R ailw ays
2d 0s 1010......... " M-N 85
10 0 *; 100 *,
M
anhattan
T
r
a
n
s
i
t
.
I
.
.
20
*
Westlngh’se El A M 0s 1913 1 0 0 *- 101 May Dept Stores...............ioo 0011. 02l*3j
New York Clljj
Pub Serv Corp N J (Con)—
e5% notes Oct 1917.A-0
Bleeck St A Ful Fy stk.100 12
9 j 12 Preferred.................. 100 103 103
New’k
Pas
Ry
5s
’3
0
..J-J
107
1st mtgo 4s 1950........J-J
58
Rapid Tran St R y___ 100 235
Monongahela R Coal...........so
B’y A 7th Ave stk.............100 120
„
Railroad
1st
5s
1921...............A-O
102
Preferred ........................ 50 * 2 0 * 8
Chic Poor A St L—
2d mtge 5s 1914.......... .J-J 03
J C Hob Sc Paterson—
Mortgage
Bond Co......... ioo 13 115
Con 5s 19it —See Stock Exc
Prior
lien
g
4)$s
’30.M-S
4s g 1941.............. M-N 73 74
Nat Bank of Cuba........... 100 99 101
Con mtge g 5s 1930.. J-J
B’way Surfaco 1st 5s gu 192-1 102
So J Gas El Sc T'rao__ 100 125 135
National S u rety ..............100 1771. 182*2
Ccnt’l Crosstown sto ck .. 100
Income
5s,
July
1930...
Gu
g
5s
1953..........M-S
90!E x list
NevadaCons’dCopper. See Stk
9712 Chicago Subway_______16 0
1st mtge Os 1922___M-N / *8o’
No Hud Co Ry 0s 1914 J-J 1021 104
4!- eNev-Ulah
Min A Sm......... 10 113 ,
Cen Pk N A E Rlv stock. 100 14
A Col Pao 0s 1938 F-A
5s 1928.. .................J-J 10215 10312 Kan
e New Central Coal.......... 20 30 601 7S
Chrlstoph’l A 10th St stk 100 82
Nat
Rys
of
Mexico—Nee
S
Exc
E
xt
5s
1921...........
M-N
llst
98
Brake 0s—See Stock Exo list
Col A 9th Ave 5s—See Stock Exe
Northern Securities S tubs.. 1 0 1 107 NN YY Air
P at Ry con 03 1931..J-D 1121 litf's Pitts
0s 19U___ ,11-S 10 0
Dry Dook E B A B—
Bess A L E .................50 *30 35 e NowBiscuit
2d 6s opt 1914____A-O 99 1 0 1 * Preferred.........
York Dock........... 100
1st gold 5s 1932............J-D 95
................
50 *62*2 72*2
So
Side
El
(Chic)—See
Ch
c
Preferred
................... 100 05
Icago
list
Scrip 5s 1 9 1 4 .............F-A / 30
e
Railroad
Securities
Co—
Syracuse R T 5s 1916 . M-S 1 0 1 103
A Security__ 100 207*2
Eighth Avenue stock__ 100 250
I11Cstk tre tfs ser A ...52 85 90 NN YY Mtgo
Trent P A H 5s 1943.. J-D 95
Transportation......... 20 *3*2
Scrip 0s 1914........... F-A / 95
Seaboard Company—
United
Rys
of
St
L—
Niles-Bem-Pond com .. 100 95
42d A Or St F’y stock.. 100 250
1 st preferred................. 10 0
80
Com vot tr ctfs.......... .1 0 0 9 9 I4 Com
Ntplsslng Minos....................r 10*2 98
ll)34
42d St M & St N A v e ...100
2d pref—See Bal Exc s81
list Ohio Copper Co................ it) *13g
e P refe rre d .........
ioo 36lj 3/ SeaboardA Air
1 7 1«
1st mtge 0s 1910___ M-S
Line—
Gen 4s 1934—See Stock Exc list
e
Ontario
Silver................ioo
1>2
2d Income Os 1915___ J-J / 40 60 Unit
Coll 5s ext May 1911 .M-S 10 0
Rys San Fran—Nee Stk Exc list West
Otis Elevator com........... 100 48*? 502
Inter-M et—See Stock Exch ange list
Pac 1st 5s 1933..M-S 925,
Ry A El Co............100 33!j
Preferred....................... 10 0 96*
Lex Av A Pav F 5s— See Stk Exc list Wash
P referred.................... 10 0 86 86*2 Indu strial and Misccl
Pittsburgh Brewing___ 50 *231S 97*2
2314
Metropol St Ity—See Stk Exc list
4s
1951..........................Ij-D
Preferred...........
50 *> 4134 42*8
833.,
841S
Ninth Avenue stock___ 100 155 180
Adams Exp g 4s 1947..J-D / 83! 901i Pittsburgh
Coal—See Stock Exc list
Second Avenue stock__ 100 10 10
Ahmeek
Mining...................25
♦
175
ISO
Mfg Co com........... 100 54
G as Securities
Consol 5s 1918.............. F-A / 54 00
Alliance Realty.................100 117*-> 1221 Pope
Preferred......... ..............100 74 60
70
American Book.................100 155 100 Pratt
e Sixth Avenue stock__ 100 110 120
A Whitney pref.. 100 10 0 105
New York
122
Sou Boulev 5s 1915___ J-J 48 85 Cent Un Gas
American
Brass........
........100
120
Producers
Oil....................
100
5s
1927
J-J
142
140
102
103
228 220
So Fer 1st 5s 1919............A-O 88 92
Assoc (Bklyn).. Iloo
Gas (N Y )~ See Stock
list American Chicle com__100
11212
100 10 0 103 RealtyBak
Third Avenue R R — See Stk Exc Ifst eCon
Mutual Gas................ 100 Exc
Powd com .. 100 1*8*0* 190
105 175 AmP referred___________
Graphophone com .. 100 5 10 Royal
Tarry W P & M 5s 1928.. / 50 80 New
Preferred.....................
“ioo 107 108
Amsterdam
Gas—*
23
100
P
referred___________
Y ’kers St R lt 5s 19-10 A-O 78 85
Safety
Car
Heat
A
LtllllOU
1st
consol
5s
1948____J-J
124
125
1 0 U 2 Amer Hardware_______ 100 125
130* Seneca Alining..
28th A 29th Sts 5s '9 0 .. A-O / 18 22 N Y A E It Gas 1st 5s ’44 J-J 1003,
25 1
75
105
Malting 0s 1914____J-D 10 0 102 Singer
Twenty-third St sto ck .. 100 190 215
5s 1915..............j-j 102
Mfg Co........... I I I 10 0 3*2*0 330
99 101 Ain
95
Amer
Press
Assoc’n____100
Union Ry 1st 5s 1942.. F-A 101 1021 N Consol
100
South
Iron
A
S
com.
100
Y
A
Richmond
Gas
100
3
0
50 Am St Found now— See tk Ex list
Westchester 1st 5s ’43 J-J 05 75 Nor Un 1st 5s 1927___ M-N 35
Preferred........................joy
7 12
99 101
101 101*2 Standard Cordage............loo
6s 1935........................A-O
e Standard Gas com____loo 00
*4
6812
Brooklyn.
Deb
Is
1923.................
1
09*2
e
Prefe
red
...................
rjq
1st
M
g
os
'31
red
..
_*A-C
Atlan Avenue R R —
American Surety.................50 235
Adjust AI 53 Apr 1 1931.. /r 162 i2 183 I3
1st 5s 1930_________ m -n 1090: 100 American
*43., "Oil Standard
Con 5s g 1931............ A-O 101
Thread pref----Coupler
com
16
6
33
38
Am Tobacco Co com____100 421 424
B B & W E 5s 1933. . . ' a -O or
Preferred
referred . . .
* 1 inn
00
Other Cities.
Brooklyn City Stock.
lo 105
Typef’ders com .. . 100 40 42 Standard
Aiming C o .II*100 10100 *1*8**
Am Gas A Elec com .. 50 *50 51 Amer
Con 5 3 —See Stock Exch ange
98
P
referred........................100
101
Preferred.....
..................
100
P
referred............
'5
0
*41
50
4U 2 Deb g 6 s 1939............M-N 98 100
64
Bklyn Hgts 1st 5s 1941 A-O 93
1st 5s 1930.........
M-N 85 88
Amcr Light A T ra c t!...1 00 *283 285 Amer
2 *?
Bklyn Queens Co & Sub—
Writing Paper___ 100
3*2 Standard
Oil of N J . . . 1 . 100 030
P referred....................... ioo xl03 104*2 Preferred____________100
035
29*2 31 Swift
e 1st g 5s ’41 op 1910 .J-,. 98
A
Co—See
Boston
Stk
50
1
Bay
Stato
Gas.........
Exc
list
e 1st eon 5s ’41 op ’10 M-N
1st s f g 5s ’19red 105-J-J 89 90
1st 5s. See Chicago Stk Exo list
Blngh’ton (N Y) Gas Wks
Bklyn Rap Tran—See Stock 97
Atl Gif A W I S3 Lines.. 100
lexas Company—see Stock Exc list
1st g 5s 1938___
A-O 95
Coney Isl & Bklyn____ 100 Exc
P referred........................100
00
e
lexas
A
Paclllc
Coal..
100
Brooklyn
Un
Gas—Nee
Stk
Exc
95
10 0
1st oons g 4s 1948___ J-J 78
Col tr g 5s 1959............J-J 07*; 0S12 Title Ins Co of N Y
Buffalo City Gas stock.. 100 3
Con g 4s 1955.......... J-. 75
22 Tonopah Alin (N evada)...1001 1358 140
Barney A Smith Car___ 100
1947—See
Stock
Exc
Brk C A N 5s 1 9 39 ...J-J 95
P referred......... ..............100 iso" 87 12
Potteries com .. 100 4
Cities Service Co___ 100 62
Kings Co El 4s—See Stock Exc
Bethl’m Steel Corp—See S tk Ex list lrcnton
Preferred new .............. 100 45 55S*
Preferred..............I l l 1 10 0 76
Nassau Elec pref...............100
Bliss Company com___ 60 122 120 Trow
Directory.................
10 0
Con
Gas
of
N
J
5s
1930
.J-J
90
30
5s 1944.........................A-O 103
Preferred..........................50 122 120
Typewriter. 100 0112
Consumers' L II A Pow__
1st 4s 1951—See Stock Exc
Bond A Mtge Guar____ 100 248 255 Underwood
Preferred........................10 0 10 0 lO*0*3**
53 1938........................ j - d 10 0
123
N W’b’g A Flat 1st ex 43^s 87
125
Borden’s
Cond
Milk___
100
Union Typewriter com .. 100 48 51llj
Denver Gas A Elec..........100 190 210
Steinway 1st 0s 1922__ J-J 103
100
Preferred___________ 100 105
1st preferred.................100 104 108
Gen g 5s 1949 op ___ M-N 89 91 British
*
0 1?
C3
4
Col
Copper____
6
2 d preferred.................. 10 0
Elizabeth Gas I.t Co___ 100 300
103 107
Other Cit ies
Butte Coalition Mining. 15 *1734
18*2
United
Bk Note C orp.. 50 +49
Essex
A
Hudson
G
a
s...
100
133
63
13*5*
Buffalo Street Ry—
Casein Co of Am com__ 100 23j 3*2 Preferred.........
" gy +50 52
A El Bergen C o.. 100 79
50
55
1st consol 5s 1931____F-A 105 107 eGas
Preferred........................100
Gr Rap 1st 5s 1915 ...F -A 98 IOO*' Casualty Co of Amer__ 100 125 140 United Cigar M frs.III**loo 61 00
Deb 0s 1917.................A-O 103 100 Hudson
e Preferred................ 10 0 10 0 103
Co Gas.................. 10 0 1331? 13512 Celluloid Co.......................10 0 125 128
Columbus (O) St R y____100 93 95'2 Indiana Lighting
Copper............ * * 10 0 4*8 45,
Co____ 10 0 3 3
35 Cent Fireworks com___ 100
1
2 United
Preferred..... ............... loo 10 0 1 0 1
Preferred___
__
’ inn
4s
1958
op......................F-A
03
041
2
10
Colum Ry con 5sS e e Phi la list
20
Preferred........................
100
Indianapolis
Gas________
50
121
U
8
Casualty...........
I " 1 10 0 21*5 15
25 Central Foundry_______ 100
Crosst’n 1st 5s 1933..J-D 1003, 10112 1st g 5s 1952............... A-O 78 ‘ 83
50
* Conn Ry A Ltg com__ 100 74i2 75*2 Jackson Gas 5s g 1937..A-O / 88 9212 P referred........................100
C°m..........Z
13
e Preferred .............. loo 70 81 e Laclede Gas..................... 10 0 111 lilts
D eb0s’10 rodat 105.M-N 31 35 u sPrefeVredT
F in is h in g .::;;::-- ix S n02o 97
1st & ref 4H s—See Stock Exc list
700
Chesebrough
Mfg
Co___
100
Preferred---------------1100
e
Prelorred.......................IOO
80
105 110
Grand Rapids Ry pref.. 100 82 85 Madison Gas 63 1920-..A -O 103 10 0 Chino Copper Co_______ 6 *22 2*2*8 1st g 5s 1919............*.*_J-J 10
0
S Loulsv St 5s 1930___ j - j 105*? . Newark Gas 0s 1914___ Q-j 1 2 8 108 City Investing Co_____ 100 68 G2
g 5 s 1929...
j . j 05 105
100
Lynn Sc Bos 1st 5s 1924" J-D 1 0 1 100 Nowark Consol Gas______ 10 0 90 130
Preferred....................... 100 103 108 U Con
S Steel Corporation— *
« New Orl Rys A L gt.." 100 25*8 253s e Con g 5s 1918............J-D 104 98
102
100
Clallln
(H
B)
eom.........
100
opt ’l l .
105
e Preferred................ ioo , 6334 64*4 No Hudson L H A Pow—
114*1
a 1 st preferred......... . . 1 0 0 93 90 tt Co tr s ff 5s53 1951not
o p t..
114*s
Gen M g 4 ^ s 1935—See S
e 2 d preferred.............. 10 0 93 07
list
53 1938......................... A-O 100
* !ndem___
92*|
Pub Serv Corp of N J loo tk113Ex 115
Coal A I pf.lOO
e Utah Copper
Co— See 100
Stk Exo Hat
Gas A E, 00 m ____100 O6 I2 67 Col1stA gnook
Tr Ctls 2% to 0% perpet 90*2 100*2 Pacino
*4*5*
6 s 1917.................J-J
Westchester
A
Bronx
Title
Preferred..........................100
8
7
1
?
8 SI4
North Jersey St R y ..lo o 60
45
Col
tr
6
s
Oct
1950___
J-J
A Mtgo Guar.................100 160 10S
A I’as Gas A E lec.. 100 85 90 Consol Car H eating___ 100 65
1st 4s 1918............m -n
75** Pat Con
Westlngh’so Air B rake.. 60 *139*2
g 5s 1949..........M-S 101 10212 Consol Rubber Tire___ 100 1*4
Cons Tract of N J ___ ioo 74
72 73 St aJoseph
West El A Mfg 5a—See Stk Exc flat*
Gas 5s 1937..J-J 90 94
1st 5s 1933............j -d 103
P referred................... . . 1 0 0
104
W orthlngt n Pump pref. 100 104 107
Debenture 4s 1051..A-O 37*

Volume of Business at Stock Exchanges

* Pef s lla a ’ b




J Sells on Stock E xchange, b u t n o t very activ e. / F la t price."

n N om inal, s Sale price, t N ew sto ck . * Ex-Ulv. v E x-rlgh t

JAN . H

THE CHRONICLE

1 9 1 1 .1

m

u e s t n m

i t

a m

i

R

a i l r o a d

111
I n t e l l i g e n c e ,

R A ILR O A D GROSS EARNINGS.
,
.
, | .
T h e fo llo w in g t o b le sh o
jan b e o b ta in e d ,
i h o first
solutnn s th e e ^ n i n g s f o r th e p e n
y

x

'n '^ in c raitum* are brought to;elher separately on a subs.y.en!

.? .

IlO A D S

carnino-8 o f e v e r y S T E A M r a ilro a d fr o m w h ich r e g u la r w e e k ly or m o n th ly retu rn s
» mng o f figures g iv e th e g ro ss ea rn in g s fo r th e la te s t w e e k o r m o n th , a n d th e last tw o
J u lj
to a n d in c lu d in g su ch la te st w eek o r m o n th .
W e a d d a s u p p le m e n t a r y
^ ^
w h o g o figcai y 0 :ir d o e s n o t b e g in w ith J u ly , b u t c o v e r s s o m e o t h e r

July 1 to r.atesl Date
[Mies; Gross Earnings.
Previous
Week or Current
Year.
Year.
M on'h.

Ala N O & T. x P ac December 357,482 292,773 1,845 ,553 ,714,617
N O & N or b a s t.
,877 873,518
186,951 160,751 953
Ala & V icksburg- December
,735 753,594
153,701 139,948 813
Vicks Sbrev & P - NDecember
31,337
45
7,240
11,650
ovem
ber.
A laT cn n & N o r th .. 1st w k Jan 32,086 42,773 1,060 ,890
985.185
A nn A rb o r--------- - - N ovem ber. 9,983,068 9,628,5 16,074 ,653
,507,765
,211
A tch T opeka & b y e 4 th wk Dec 77,578 73,757 1,416 ,097 ,300,518
A tlan ta Birm & Atl N ovem ber. 2,786,896 2,746,292 11,808 ,739 ,080,800
A tlantic Coast Line. N ovem ber 7,470,106 7,524,610 10,154 >50 1,043,200
g B altim ore & Ohio N ovem ber 130,038 111,867 682 ,543 514,726
1) & O Cli T er 11H
1,242 ,436 ,195,234
ovem ber 246,477 244,083
B angor & A roostook NDecember
36,134
48 ,228 1,319,829
7,089
8,594
Bellcfontc C en tral. _ N ovem ber. 3,785,327
10,001 ,218
3,746,620
B oston & M aine. N ovem ber.
22,005
24
,849
3,424
4,370
B ridgeton & Saco R
161,979 5,169 ,852 902,435
w k Jan 165,883 201,180
Buff Koch & P itts b . 1st
085,002
,803
995
193,756
N
ovcm
bcr.
Buiralo & S u sa------ ls t w k Ja n 181,800 174,900 8,228 ,400 ,964,300
C anadian N o rth ern . 1st
57,034 ,368 ,137,754
w k Ja n 1,349,000 1,315,000
C anadian P a c ific .. .
6,961 ,794 ,497,519
223,600 206,600 12,060
wk Jan 2,415,139
C entral of G eo rg ia.. 1st
,883 ,632,545
2,450,186
ber.
C entral of New Jcr NN ovem
,828 ,693,612
ber. 337,686 323,147 1,731
C entral V e rm o n t-. . 3dovem
39,574
,103
45
2,055
2,047
w
k
Dec
C hattanooga S o u th .
,654,715
16,878
736,184
wk Dec 854,832 214,883 8,061 ,202
Ches & Ohio Lines 4th
,414,837
.690
276,11
1st
w
k
Jan
Chicago & A lto n .. N ovem ber. 8,050,976 7,952,241 40,810,,246 ,849,136
Chic B url & Q uincy 1th w k Dec 251,704 35,208 6,548 95 ,920,234
p Clilo G reat W est. . 1st wk Jan 91,109 79,706 3,300 ,812 ,136,131
Chlo In d & L oulsv.
New York Ceil tral.
Chlo Ind & Southern —See
30,115,152 29,507,441
ber. 5,702,846 5,956,752
Chic Mil & S t P a u l. NN ovem
6,287,381
ovem
ber. 1,492,208 1,044,787 3,4479,078
Ch Mil & Pug S d . N ovem ber
33,824,726
6,586,682
Chlo & N orth W est. N ovem ber 6,728,750
1,427,237 7,515,062 0,688,690
Chlo S t P M & O . . . N ovem ber 1,527,212
4,234,784
4,246,134
898,534
802,435
Cln H am & L ay to n
Pen tral.
Clev Cln Chic & S t L —See New York
1,122,728
953,634 8,934,537
105,472 255,253 9,289,829
Colorado M id la n d .. N ovem ber. 261,475
Colorado & S o u th .. Ist w k Jan 00,180 277,025
69,518 197,688 209,907
Copper R an g e-------- Septem ber
74,035
73,395 194,180
17,99
13,271 40,808
ber
C o rn w a ll__________ NN ovem
100,920 807,683
29,248 100,448
ber
Cornwall & L e b a u .. N ovem
1,024,817 8,542,504
202,935 1,838,467
ber 1,853,411
C uba R ailro ad _____ N ovem
9,066,226
ovem ber.
D elaw are <5c H udson N ovem
15,501,444 15,489,770
3,140,021 3,232,599
Del L ack & W e s t.. 1st w k ber.
318,000 13,253,848 12,034,040
Ja n 338,000
D env & Rio G rande 1th wk Dec
15,353 1,042'519 831,878
19,295 38,154
D enver N W & P a c . 4th wk Dec 45,450
D et Tol & Iro n t Sys 1st w k Ja n
617,522
10,880 612,052 6,336,974
15,981
D etroit & M ackinac N ovem ber. 419,143
4,036,070
Dul & Iro n R a n g e .. 1st w k Jan 49,045 852,569
1,760,892
1,708,332
42,434
D ul So Sh & A t l .. . N ovem ber. 038,591 633,082 3,000,652 2,002,257
E l Paso & Sou W est N ovem ber. 4,818,007 4,976,903 25,049,655 23,871,535
EFairchild
r i c .............9,715
10,285
2,212
2,269
& N- -or- - b- ­. N ovem ber. 72,290
387,857
66,101 428,456 1,302,171
F o nda Jo hns & Glov N ovem ber. 306,134
1,348,343
280,481
N
ovem
ber.
Georgia R a ilro a d ..
Rail way.
Georgia South & Fla —See Sout hern
654,885 23,787,828 ,421,984
G rand T ru nk S y s t.. 1st w k Ja n 711,427
,064,728
163,536 3,054,205 ,047,104
G rand T rk W est 4 th w k Dec 230,541
03,299 1.060.739 ,099,533
D et Gr H av & Mil 4th w k Dec 57,230
969,410
54,033
39,623
4th
w
k
Dec
C anada A tlan tic.
3,819,886 34,724,192 ,898,507
G reat N orthern Syst D ecem ber.. 4,558,841
055,570 698,603
. . 170,553 207,313
Gulf & Ship Isla n d . ON ctober
717,174 3,621,048 ,491,736
675,079
ovem
ber.
H ooking V alley------ December 5,276,150 4,953,949
31,454,637
Illinois C en tral____ 1st w k Jan 138,000 139,000 5,127,872 ,374,786
,668,963
In te rn a t & G t N or.
138,591 4,424,747 ,218,208
a Intcroceanlc M ex. 1st w k Ja n 157,094
,798,760
1,833,271/
55,283
55,752
w k Ja n 290,685
Iow a C en tral--------- O1stctober
937,125
1,182,000 ,866,797
. . 038,347 255,530
K anaw h a & M ich ..
4,465,784
848,127
bcr.
K ansas City S o u th . Nls ovcm
893,741
1,042,771
21,400
K C Mcx & O rie n t.. t wk Ja n 30,800 3,302,220 15,680,343 ,214,924
L ehigh V alley-------- N ovem ber. 3,271,262
187,549
211,230
30,157
37,636
ovem ber.
L exington & E a s t.. NN ovem
In c. 2 ,195
'
In c 14,957
ber.
Long Isla n d _______
536,817
108,907 600,509
L ouisiana & A rk an . N ovem ber. 123,123
535.637 496,916
109,026 100,072 18.885.739
Loulsv H ead & S t L N ovem ber. 929,455
26 ,889,778
910,520
wk Jan
s Loulsv & N n sh v .. N1stovem
67,015
65,803
14,670 14,456 4,074,473
M acon & D lrm tng’m N ovem ber.
4,031,469
755,177
745,687
M aine C entral........... N ovem ber.
182,683
199,832
30,747 33,720 4,211,900 3,902,000
M aryland & P c n n a. 4th wk ber.
Dec 244,800 212,400
a M exican R ailw ays N ovem ber.
181,364 122,871 955,810 534,190
a M exico N or W est — See New York
Ccn tral.
M ichigan Central 1st w k Jan
382,397 454,934
11,445 12,955 2,838,042
M ineral R an g e------------_w k Jan 74,703
2,735,702
60,750
M tnneap & S t Louis 1st
M inn S t P & S S M 1st w k Ja n 337,420 325,217 12,188,759 12,903,081
Chicago D ivision/
ber. 78,538 78,819 380, 515 356,852
M ississippi C entral. N1stovem
w k Jan 429,241 389,269 10,322, 258 ,546,109
u Mo K an & T ex as.
Mo Pao & Iro n M t 1st wk Jan 811,000 807,000 28,486, ,502 ,870,355
C entral B ra n c h ..
080,554 4,923 ,406 ,780,180
ber. ,050,184
N ashv C h att & S t L Nls ovcm
096,747 33,074 ,478 ,268,417
Jan ,151,129
a N at Itys of M ex .t. 4tht wk
9,197 204 ,644 266,088
6,999
wk Dec
N cvada-C al-O rcgon N ovem
32,888
34 ,344
7,573
7,900
N evada C entral------ O ctoberber.
,503 430,656
117,804
139,005
.
.
N O G reat N orthern W k Dec 31 35,000 29,876 575
804,301
,238
904
N O Mobllo & C hic. N ovem ber. 760,571 677,327 4,243 ,232 ,812,308
N Y O nt & W estern

p a y ..

July 1 to La!"stDate.
iMtest Gross Earnings.
Week or Curren. Previous
ROAD SYear.
Year.
Year.
M onth.
S
S
5,285,897 5,161,870 27
N Y N II & H a r tf .. N ovem ber.
44
ber. 8,511,068 3,520,957
e N Y C & Ilu d Riv NN ovem
4,016,487 1,092,946 21 154,15:
ovem
ber.
L ake Shore & M .
471,548 2
ber. 451,393
n L ake E & W es. NN ovem
347,518 326,254 1
Chic In d & South ovem ber. 2,507,921
>,526,762 13
M ichigan C entral. N ovem ber. 2,634,239 2,584,504
Cleve C C & S t L . N ovem ber. 292,887 280,743 131
ber.
P corla & E astern NN ovem
106,336 597,369
ber. 112,922 1,622,722
Cincinnati N o rth . N ovem
7
P itts & L ake E rie ovem ber. 1,371,686
287,916 1
ber. 300,529
R u tlan d ............... NN ovem
ber. 920,578 908,127 4
N Y Chic & S t L . N ovem
491,528 407,579 2
Toledo <Sc Ohio C_ ovem ber.
ber. 21958756 22136394 11
T o t all lines above N ovem
ovem ber. 306,952 307,807
N Y Susa & W e s t.. NN ovem
238,334 228,605 1
N orfolk S o u th e rn .. N ovem ber.
2,967,714 2,990,353 15
N orfolk & W estern . N ovem ber.
1,172,537 1,158,437 5
N orthern C e n tra l.. N ovem ber.
31
ber. 5.972,746 3,690,435
N orthern Pacific— N ovem ber.
622,662 638,146 3
Pacific Coast Co —
1,742.466 24
ber. 4,423,693
P ennsylvania Co — NN ovem
14467717 70
d P enn— E of P & E ovem ber. 13880417
/n c .i,8 7
Dec.406 .200
cl W est of P & E .
1,396,486 1,390,746 7 ,112,861
Perc M arq u ette-----8
ber. 1,582,459 1,509,459
P hlla B alt & W ash NN ovem
2,808,845 1P itts Cln Ch & S t L . ovem ber. 2,805,751
65,567
13,419 14,326
R aleigh & S o u th p 't
R eading Com pany N ovem ber. 4,148,991 4.000,848 1£
Ph lla & R eadin g.
i:
ber 3,874,049 3.532,035
Coal & Iro n C o .. NN ovem
3
ber 8,023.040 7,532,883
T o tal both cos — N ovem
178,927
ovem ber. 177,166 112,708
Rich F red & Potom O ctober
95,567
R io G rande Ju n e . .
6,222
8,829 5,873,966
wk
Rio G rande S o u th .. 1st
3
ovem ber 6,192,888
R ock Island L in e s.. ON ctober
644,028
185,079 172,227 >,855,53
S t Jos & G rand Isl. N ovem ber.. 4.033,988
3,792,527
S t Louis & San F ran N ovem ber 1,129,359 1,072,516 1 >,407,659
Chlo & E ast III .. N ovem ber 225,077 224,219
/ E vansv & T er H N ovem ber. 5,388,425 5,089,203 2
T otal of all lines.
899,035
ber 191,877 152,619
S t L R ocky M t& Pac N1stovem
185,134
w k Jaia 209,011
S t Louis S o uthw est. N ovem
641,198
708,717
ber.
San Ped L A S S L .
C 525,539 469,975 1 623,974
S eaboard Air L in e ..
149,478 133,243
.Southern In d ia n a .. N ovem ber.. 12198,642
12324,026 5
S o uthern Pacific Co
n 1,016,984 972,425 3
S outhern R a ilw a y ..
n 179,737 169,082 4,831,112
M obile & Ohio —
C 290,488 25o |5i)3
Cln N O & T ex P .
C 170,691 142,218
A la G reat S o u th .
C 79,032 74,705
Georgla Sou & Fla
n 248,668 242,355
T exas & Pacific-----6,880
6,60S
T idew ater & W est.
19,295
n 1 8 ,6 0 6
T olcdo Pcor & W est
61,435
n
77,095
T oledo S t L & W est
7,712
7,751
T om bigbec V alley.
. 3,566,64: 8.341,783 4 4,713,004
U nion Pacific Syst
954,72: 834,501
V a n d a lia __________
. 126,621 105,425 ...1“ 53,213
V irginia & Sou W est
0 ,8 7 2
492,83.' 476,745 12,655,222
W a b a s h ___________ O ctober n 651,861
607,697
W estern M aryland .
414,06; 377,903 3,381,632
W est Jersey & Scasli
584,281 621,750 3,164,868
W heeling & L ake E
29,982 135,601
29,69
W rlghtsvllle & T enn D ecem ber 1.259,541,047,070 5,598,432
Y azoo & Miss V nll.
98,742
>j
15,803
-.
17,39
Y oungst & Ohio Riv
Period.
Various Fiscal Years.
n 1 to Dec
Bcllefonte C en tral............... ......... Ja
n 1 to Nov
D elaw are & H ud son--------------- Ja
Dec
Ian 1 to Nov
a M exloan R ailw ay ----------------- Ja
n 1 to Nov
a M exico N orth W estern--------- Ja
to
1
n
e N Y C entral & H udson R iver- Ja n 1 to N ov
L ake Shore & M ichigan South
n 1 to Nov
n L ake E rie & W estern ........... Ja
Ja n 1 to Nov
Chicago In d ian a & S o u th e rn . Ja
to Nov
M lchlgan C en tral.............- - - - - Ja nn 11 to
ov
Cleve Cln Chicago & S t Louis Ja n 1 to NNov
P eoria & E a ste rn ...............
Ja n 1 to Nov
C incinnati N o rth e rn ------Ja n 1 to Nov
P ittsb u rg h & L ake E rie ..
Ja n 1 to Nov
R u tla n d --------------------— ,
n 1 to Nov
New Y ork Chicago & S t Louis Ja
Ja n 1 to Nov
T oledo & Ohio C en tral............. Ja
to Nov
T otal all lin e s............................... Ja nn 11 to
N o rth ern C en tral------------ ----— Ja n 1 to Nov
d P en n — E ast of P ittsb & E ric .. Ja n 1 to Nov
Nov
d W est of P ittsb u rg h & E rie .
Nov
Ph lla B altim ore & W ash ingto n. JaIann 11 to
N ov
P ittsb Cln Chicago & S t L o u is .. Dec 1 to
O ct
Rio G rande Ju n c tio n ----------------- Ja n 1 to
Ja n
T exas & Pacific------------------------ Ja n 1 to
Nov
to
W est Jersey & Seashore...............

Current
Year.

Previous
Year.

31
30
31
30
30
30 45,315,875
30 5,025,035
3,379,863
30 27,117,325
30 7,673,967
30 3,201,970
30
30 1,187,335
30 15,960,565
30 3,075,561
30 10,247,076
30 4,643,094
30 238280598
30 11,764,308
30 150904073
7 n c .ll,
30 17,511,846
30 31,661,165
30
31 938,743
7 248,668
30 5,981,584

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Current Y d Previous Yr. Inc. or Dec. %
M onthly Sum m aries.
%
C ur'nt Year Prev's Year
M ileage C u rr.Y r. P rev.Y r.
S
204,916,997 + 32,616,008 15.02
S
arch .....2 3 5 ,9 2 5 230,841 237.533,005
+ 623,708 3.06 M
20,204.138
14.56
196,595,911 ++ 28,629,685
(46 ro a d s)------ 20,827,936
232,463 225,225,596
A
p
r
il
.............
237.569
2.61
+
362,290
13,830,545
33,241,261 16.53
14,198,835
234,310,642
232,494 237.036,159 201,069,381
(41 ro a d s)------ 14,555,983 14,373,300
+ 182,623 1.27 JMu anyo.................237,560
+ 27,765,272 13.27
209,270,887
(43 ro a d s)------ 14,278,852
232,054
..............238.108
13,578,640
+ 700,206 5.16 J u ly ............... 238.169 233,203 230.615,776 217,803,354 + 12,812,422 5.90
(40 ro ad s)------ 17,439,211 10.978,284
+ 460,927 2.71 A u g u s t------238,493 239,404 254,005.972 235,726,000 + 18,279,972 7.75
(40 r o a d s ) .... 10.074.886 9,534,990
+ 530,890 5.63 S e p te m b e r..240,678 237,809 256,647,702 246,335,586 + 10,312,116 4.19
'34 ro a d s)-----+ 882,474 7.11 O ctober ___232,162 228,050 256,585,393­ 253,922,867 +2,662,525 1.05
(42 ro a d s)------ 13.408.331 12,625,875
094,124 7.68 N o v e m b e r.. 87,809 85.221 69.828.448 68,138,393 + 1,690,055 2.48
12,947,790
13,941,920
(41 ro a d s)------ 19,445,290 18,207,431 + +1,237,859
6.80
(48 ro a d s)-----85.852 68,146,996 62,782,122
-— + 5,364,874 8.55
+ 539,890 5.63 D ecem ber - . 88,359________________________________
10.074.886 9,534.996
(34 roads) —
currency,
d Covers .lues directly o p erated. * Includes the New Y ork & O ttaw a. C o
Evansville* ft
U t t e r o f which, being a Canadian r o a d , d o e s n o t m a l « r e t u r n s to the In t e r . t
in c l u d e s e a r n in g s o f M a s o n O l t y

W eekly Sum maries.

4th w eek Oct
1st w eek N ov
2d week Nov
3d week Nov
4th week N ov
1st week Deo
2d w eek Deo
Bd w eek Deo
4th w eek Deo
1st week Jan
a M exican^
- -

^ y ^ l!i# i^ o ri^ ^ ^ i^ e s e i^ u ts v lilo n A °A tlantirc "from ^u ly^0 ! 909 a n d ^ h ^ F ra n k to rt & C incinnati from Nov- 1 1009.

Hudes t ho* Me x'lca nVI nte rnat Ional f n m J u l /




Includra'the Texas'" Central In 1910.

<In -

THE CHRONICLE

112
Latest Gross Earnings by Weeks.— I n

IN D U S T R IA L C O M PA N IE S.
— — Gross learnings-------------- N et E arn ings-

th e ta b le w h ich

f o llo w s w e s u m u p s e p a r a t e ly th e e a rn in g s f o r th e first w e e k
o f J a n u a ry.
T h e ta b le c o v e r s 3 4 r o a d s a n d s h o w s 5 .6 3 %
in cre a se in th e a g g r e g a t e o v e r

F irst week o f Ja n u a ry.

[VOL. LXXXXII.

C om panies.
E dison E lec 111 Co., Bos Dec
Ju ly 1 to D ec 31.............
K eysto ne T eleph Co a Dec
Ju ly 1 to Deo 3 1 . . '. . .
5
? jS®]'
!,l cre Sjven are a fte r d ed u ctin g tax es.
10,687
n kw
llcre,given arc before d ed u ctin g taxes.
S4*8V? 1n l o o 1 JnlscelI.a nie ous charges to incom e w ere §7,572, against

th e s a m e w e e k la st y e a r .

1010 . Increase.
5
$
A nn A r b o r _________________
32,086
42,773
Buffalo R o ch ester & P ittsb u rg h
165,883 161.070
3,901
C anad ian N o rth e rn ________
181,800 174.000
6,900
C anad ian P aclllo___________
1,340,000 1,315,000 34.000
C entral of G eorgia__________
223.600 206,600
17.000
Chicago & A lto n __________
270.112 214,883 61,229
Chicago In d & L o u isv ille ..
01,100
70,706
C olorado & S o u th e rn ______
261,475 277,025 11,403
D enver & R io G ra n d e --------338.600 318.000 19,700
D etroit & M ack inac_______
15,081
16,886
D ulu th S o u th S hore & A tlan tic
40,045
42,434
7,511
G rand T ru n k of C a n a d a ____
G ran d T ru n k W estern ____
711,427
654,885
D ct Gr Ila v & MUw_____
C anad a A tla n tlo __________
In te rn atio n a l & G reat N orthern
138.000 139.000
Intero ccanio of M exico________
157,004 138,501
18,503
Iow a C e n tr a l__________________
55,752
55,283
469
K ansas C ity M exico <S> O rie n t..
30,800
21,400
9,400
Louisville & N ashv ille________
020,455 040,520
M ineral R a n g e -------------------------11,445
12,055
M inneapolis & S t L ouis----------74,763
60,750
5,013
M inn S t P & S S M ___________]
337,426 325,217 12,209
C hicago D ivisio n-----------------j
M issouri K ansas & T e x a s______
420,241
389,260 39,972
M issouri P acific________________
811.000 807.000
4,000
M obile & O h io _________________
170,737 160,682
10,055
N ational R y s of M exico------------ 1,151,120 096,747 154,382
R io G rand e S o u th e rn --------------8,820
6,222
2,607
S t L ouis S o u th w e ste rn _________ 200,011
185,134 23,877
S o u th e rn R a ilw ay --------------------- 1,016,084 072,425 44,559
T ex as & P acillc------------------------- 248,668 242,355
6,313
18,606
T oledo P eoria & W e ste rn --------10,205
77,005
T oledo S t L ouis & W e ste rn -----61,435 15,660
402,833 476,745 16,088
W a b a sh _________________ ______T o ta l (34 ro a d s)-----10,074,886 0,534,006 581,296
N e t Increase (5 .8 3 % ).
539,890
1011.

Igaln lt $43,405 in i900Pe d fr° m July 1 t0 N ov' 30 Werc *33-173 '»

? Til®!0 *?sul.t s are In M exican cu rrency .
'
in o n ti/o f N w 'V
charg es and credits to Incom e for th e
15,550 yy e a r!' aa nu du for
period
from
T
n
.
^
nItn
slr
Were,
i
00
-603a
g
ain
st
§389.320
last
tor period from Ju ly 1 to N ov. 30 w ere §1,264,481 th is year.
a g ain st §2,234.684.
005

Interest Charges and Surplus.

*?■ — — B al. °J Net E 'n g s.Current P revious
Current
Previous
Itoads.
Year.
Year.
Year.
Year.
5
§
§
§
B ellefontc C en tral_____ Dec
236
243
def
.764
1,899
J a n 1 to Dec 31 ______
2,832
2,916
13.115
4,615
L oulsv Ilen d & S t L . N ov
17,126
13,652
£5,155
£19,656
Ju ly 1 to N ov 3 0 .............
11,065
85,523
78,053
£46,508
£55,658
1,510 R io G rande S o u th e rn ___N ov
18,016
18,879
£5,320
£0,565
Ju ly 1 to N ov 3 0 ______
96,326
94,453
£17,555
£df
.25,836
Toledo Peoria & W e st..D e c
24,173
24,641
£3,172
£
llc
f.
1,825
Ju ly 1 to D ec 3 1 ............. 140,221
144,288
£24,625
£19,985
Y oungstow n & O hio R iv er—
Ju ly 1 to N ov 3 0 .............
______
20,833
22,785
IN D U S T R IA L C O M P A N IE S .
— lilt.. R entals, A c.
—
P
al.
E 'n g s.—
Current P revious Currentof N etPrevious
C om panies.
Year.
Year.
Year.
Year.
„
$
5
§
§
K eystone T elephone C o.D ec
2 4 ,5 1 0
24,719
24,893
22,665
Ju ly 1 to Dec 3 1 ............. 147,069
151,162 140,327
125,806
41,406
x A fter allow ing for o th e r Incom e received.

F o r th e fo u r t h w e e k o f D e c e m b e r o u r final s ta t e m e n t
c o v e r s 4 8 r o a d s a n d s h o w s 6 .8 0 % in cre a se in th e a g g r e g a te
o v e r th e s a m e w e e k la st y e a r .

ELECTRIC RAILWAY AND TRACTION COMPANIES.

Latest Gross E arnings.
J a n . 1 to latest date.
Week or Current Previous Current P revious
M onth.
Year.
Year.
Year.
Year.
F ourth W eek o f December.
1910.
Increase. Decrease.
§
A m erican R ys C o____N ov em ber. 307,375 296,087
3,580,533 3,321,598
c A u E lgin & Chic R y N ovem ber. 132,508
1,548,353
P rev iou sly rep o rted (27 ro a d s).
14,354,090 835.169 43 256 Ilangor R y & E lec Co N ovem ber . 46,346 122,789
45,427 518.122 1.418,857
A labam a G reat S o u th e rn ______ 15,146,003
170,6011
142,218
’
B
aton
R
ouge
E
lcctC
o
N
ovem
bcr.
0,747
28,473
9,904
09,172 490,096
80,590
A labam a N ew O rl & T ex P a c —
B ln gham ton R y --------N ovem ber.
27,609 25,911
New O rleans & N orthcasternj I 138,482 120,773 17,709
B
rock
&
P
lym
S
t
R
y
.
N
ovem
ber
8,026
8,628
111,053
122,783
A labam a & V icksb urg______
77,951
B
klyn
R
ap
T
ra
n
S
y
s.
S
eptem
ber
60,751
1882,376
17,200
16,455,852
Vicks S hrove & P acillc______
64,791
Cape B reton E lec C o. N ovem ber. 29,043 1819,180
57,948
26,535 270,601 15,526,085
6,843
241,602
A tla n ta B lrm & A tla n tic ______
C arolina Pow <x Lt Co .November. 21,370
77,578
73,757
3,821
20,002 223,0501 200.611
C entral of G eorgia--------------------- 414,500
C
ent
P
a
rk
N
&
E
R
iv
Septem
ber
364.400 50,100
56.001
53,500
478,48
445,343
C hesapeake & O hio L ines______
C entral Penn T ra c __ November
854,832 736,184 118,648
65.002 60,227 757,376] 687.747
Chicago G reat W e ste rn ________
C h attan o o g a R y & L t N ovem ber
251,704 235,208
70,480 64,811 799,419 707,165
16,496
Chicago In d & L ouisville______
Chicago
R
ys
C
o_____
O
c
to
b
e
r____
150,668
144,388
6,280
1109,640 10,205,252
Cine New O rl & T exas P a c ific .. 290,488 255,553
Clev Paincsv & E a s t. N ovem ber 1250,923
34,935
27,037 25,900 328,235 9,298,394
297,573
D enver N orthw & P acillc______
Coney Isl & B rooklyn S eptem ber 145,724
19,295
15,353
3,942
137,157 1,172,947 1,162,578
D e tro it T oledo & Iro n to n ______
ovem
ber
D
allas
E
lect
C
orp___N
45,450
38,154
7,296
127,042 121,215 1,330,026
1,200,354
G eorgia S o uthern & F lo rid a ____
D etroit U nited R y ___4th wk Dec 245,018
79,032
4,267
74,765
221,544
9,297,769
M exican R ailw ay .............................. 244,800 212.400 32,400
I) D E B & B at (Rec) Septem ber 52,189 50,588 463,212 8,002,353
471,233
M Inneap S t P & S S M ________ 1
D uluth-S uperior T rac N ovem ber
478,678 484,906
90,309 85,509 996,315 806,346
E ast St Louis .t S u b . Novem ber 194,974
Chicago D ivisio n___________J
177,7 12 2,1 61,328* 1,850,565
M obile & O hio_________________
E l Paso E lec tric _____N ovem ber
35,595
311,891
276,296
59,085 56,069 575,489 541,291
N evada-C allfornla-O regon ____
6,909
2,198 Falrtn & Clarks T r Co O ctober
9,197
58,504 41,433 504,497 387,874
New O rleans M obile & C hicago.
F t W ayne & W abash
5,124
35,000
29,876
Rio G rande S o u th e rn __________
V alley T raction Co O ctober . . 131,360 122,806 1,266,080 1.161,156
13,842
13,678
164
S eaboard A ir L ine_____________
42dStM &SNAV (Rcc) S eptem ber 132,561 136,648 1,062,470 096,332
525,530 469,075 55,564
T oledo P eoria & W estern______
47,070
37,561
G alv-IIoust E lect C o. N ovem ber
9,515
100,058 1,197,803 1,105,677
G rand R m ids Ry Co. N ovem ber 118,251
88,376 80,3
1,036,304
038,868
T o ta l (48 ro a d s)___
19,445,290 18,207,431 1,289,541
51,682 H av an a E lectric R y . Wk Ja n 8
41,740
39,932
N et Increase (6.80 % ).
H onolulu R apid T ran
1,237,859
& L and Co------------!N ov em ber. 39,016 34,966 412,691
376,955
H oughton Co T rac Co N ovem ber 22,709 24,015
286,441
293,883
H udson & M an hattan Septem ber 200,615 159,436
1,850,794,
T raction C o .. N ovem ber. 578,769 479,820 5,597,634 4,859,145
Net Earnings Monthly to Latest Dates.— T h e ta b le f o l ­ Illinois
In te rb o r R T ( S u b ).. Septem ber 1023,183 1075
12
lo w in g s h o w s th e g r o s s a n d n e t e a rn in g s o f S T E A M r a ilr o a d s In te rb o r R T (E le v ). Septem ber 1240,396 1210,714 10,173,1
Jacksonville E lect Co N ovem ber 48,904 45,611 11,310,081
a n d in d u str ia l c o r p o r a t io n s r e p o r te d th is w e e k :
520,6851
437,765
ans City R v & L t Co V pvem ber. 644,416 607,167 6,833,050 6,304,216
-------Gross E arnings— ------ N et E arnings------ LKake
Shore
Elec
R
y
.
N
ov
em
ber.
91,802
90,705
1,110,541
1
,
020,021
Current Previous Current Previous L ong Island E lectric. S eptem ber 20,209 17,825
161,081
148,746
R oads.
Year.
Year.
Year.
M etropolitan S t (Rec) Septem ber 1188,973
Year.
10,574,190 10,359,378
§
§
Milw El R y & L t C o. N ovem ber. 407,173 1203,088
?
$
378,546
4,270,868
3,871,786
B ellefonte C e n tr a l.! ) __ Dec
8,594
Mllw
Lt
H
t
&
T
r
Co
N
ovem
ber.
79,8
18
7,089
73,127
def.528
2,142 M ontreal S tree t R y .. N ovem ber. 366,098 334,871 975.856 856,952
J a n 1 to D ec 3 1 ______
87,502
65,386
15,947
7,531
3,628,043
ashville R v A L ight N ovem ber 158,739 140,426 4.078,805
C hicago & A lto n .a -------N ov 1,275,040 „1,215,708
1.662.(03 1,565,102
. •
S188.865 S434.80 NNew
O rleans R y & L t N ovem ber. 543,640 534,376 5,706,423
Ju ly 1 to N ov 3 0 ---------- 6,527,253 6.110,378
5,507,225
s i , 649,053 s2 ,438 ,0 6 7
N
Y
C
ity
In
te
rb
o
ro
..
Septem
ber
21,392
16,556
167,754
127,401
Chic In d & L o u lsv llle.b -N o v 487,569
509,223
122,226
108,180 N Y & L ong Island T r Septem ber 39,621 35,549
262,366
Ju ly 1 to N ov 30............. 2,747,771 2,603,604
041,740 1,018,896
'
N Y & Q ueens C ounty Septem b er 106,081 01,910 282,728!
849,74
I
748,281
Norf
&
Portsm
T
r
Co
N
ovem
ber.
176,137
G rand T ru n k of C anad a—
N orth Ohio T rac & L t N ovem ber. 189,705 155,757
175,743 2,235,453 1,994,729
G rand T ru n k R y _____N ov 2,989,491 2,965,150
649,191
756,254 N orth T exas E lec C o. N ov em ber. 119,263 105,253
1,314,838 1,151,069
Ju ly 1 to N ov 30 ----------15,064,737 14,812,653 4,083,480
4,213,416
N
orthw
est
E
lev
C
o
..
D
ecem
ber..
196,840
190,187
2,218,452 2,076.978
l.N ov 476,917
11,772
492,490
O cean E lectric______ Septem ber
49,152
10,563
100,25 4|
09,764
97,542
Ju ly 1
2,441,523 2,586,058
P
ad
u
cah
T
r
&
L
t
C
o.
N
ov
em
ber.
21,523
411 > 10
20,710
687,149 Pensacola E lectric Co N ov em ber. 24,427 21,176
.N o v 201,959
247,541
172,760
226,253
66,184
49,638
P
o
rt(O
re)R
y
,L
&
P
C
o
N
ov
em
ber.
498,953
411,001
5,108,027
866,723
860,397
167,406
217,774 P u g et S ound E lec C olN ovem ber. 150,274 139,018 1,757,308 4,385,356
.N o v 176,654
208,773
37,059
65,698 R ichm ond L t & R R . [Septem ber 32,423 31,373 200,833 1,720,104
262,067
845,311
—
040,207
95,627
159,621 Rio de Janeiro T ram
.N o v 109,026
L ight & Pow er C o. N ov em ber. 946,006 032,508 9,945,040 0,885,258
100,072
21,615
32,980
535,637
(Mo) R y L t|
Ju ly 1 to N ov 30 .
496,916
129,183
130,645 S t HJoeseph
& Pow er C o. .iN o v e m b e r. 87,644 83,290 042,007 887,466
.N o v 181,364
122,871
98,029
60,082 Sao Pataulo
L t & P . N ov em ber. 259,390 221,064 2,605,591 2,2 02,481
2,024,701 1,151,939 1,126,273
411,938 S av an n ah TE rlectric
Co N ovem ber. 56,863 51,088
.N o v 1,209,892 1,613,666
450,190
S
e
a
ttle
E
lectric
C o .. N ov em ber. 469,334 451,533 578,840 553,524
822,925
____ 6,161,760 7,547,708 2,350,834 3,658,202 Second A venue (Rec)
S eptem ber 82,267 76,274 032,73
041,170
S o u th ern B o ulevard . Septem ber
11,437
8,856
.N o v 769,205
720,135
171,362
83,677
182,486 Sou
67,023
W isconsin R v Co N ovem ber. 14,298 13,522
Ju ly 1 to N ov 30. —
3,906,690 3,703,605 1,070,741 1,213,302
163,895
147,583
S ta te n Isl M idland___Septem ber 26,950
27,367 209,350 208,115
78,538
.N ov
78,819
27,445
29,977
T
am
p
a
E
lectric
C
o
..
N
ov
em
ber.
43,248
52,900
545,707 539,013
Ju ly 1 to N ov 30. —
386,515
356,852
156,306
148,170 T h ird A venue (R cc). S eptem ber 203,945 260,814 2.672,762
2,268,980
Pacillc C o ast_________ .N ov 622,662
638,146
R ys & L t C o. O ctober . . 258,820 239,375 2,437,467 2,220,81
92,192
100,281 TT oledo
1
— 3,765,053 3,668,707
824,458
oronto
Ity
Co
___
O
ctober
.
379.721
332,977
865,440 T w in C ity R ap T ra n . 4th wk Dec 211,165
3,575,650
3
,t9 0 ,208
201,434 7,525,310 6,961,002
.N ov
52,660
55,356
24,203
25,171 U nderground El Ry
—
277,756
207,965
109,644
62,369
of L o n d o n T exas & P a c ific .b ........... .N ov 1,718,889 1,599,684
665,249
T hree tu b e lines _. W k J a n 7 . £14,830 £13,550 £14,830 £13,550
630,369
Ja n 1 to N ov 30 . ____1 4,612,636 13.305,483 3,450,314
M etropolitan D Ist. W k J a n 7 . £11,905 £10,712 £11,005 £10,712
3.381,125
Toledo Peoria & W est b .D ec 113,560
U nited T ram w ay s. W k J a n 7 . £5,414 £5,490
103,761
25,340
£5,414
21,973
£5,499
Ju ly 1 to Dec 3 1 .. —
(R e c)------------- S eptem ber 203,076 179,223 1,691,849
677,263
597,061
158,009
153,636 UU nion
1.534,949
nionR
y,G & EC o(IU ) N ov em ber. 265,668 251,351 2,087.557 2,534,338
T oledo S t L & W est a Nov 342,796
353,044
P98.746
7)138,327
U
nited
R
R
so
f
San
F
r
N
ov
em
ber.
633,618
610,313
Ju ly 1 to N ov 3 0 .. — 1,663,174 1,658,123 p512,802 7)503,400 W estchcs Elec (R e c). S eptem ber
50,407 44,816 6,971,133
402,857 0,810,118
W abash _ b ........................... Nov 2,585,197 2,529,408
706,112
836,374 W hatcom Co R y & Lt N ov em ber. 37,105 36,856 372,075 333,611
367,718
------13,273,645 12,584,890 4,249,511 4,340,503
Y onkers R R ( R e c ).. S eptem ber
58,74 1
e r.a —
98,742
83,367
43,618
c T hese figures are for consolidated com pany .




N am e o f
R oad.

THE CHRONICLE

J an . U ion.]

115

G E N E R A L B A L A N C E S H E E T J U N E 30.
[Owing to change In form of balance sh eet, com parisons w ith m an y item s
in 1909 are inaccurate.]
1910.
19§3.
1910.
1909.
statement,
Liabilities—
$
*
Assets —
$
$
Road, Ac............1<U3,919,909] 10,578,118 Capital stock..........10,000,000 10,000.000
E quip m ent___ /
1 3,105,444 Mortgage deb t___ 4,969,000 4,969,000
Bds. & stks.pledg'd 2,000,000] 3,000,000 Equip, obligations 840,567 1,214,900
Traffic balances-- 189,1281 332,204
Stocks unpledged. 1.000,001/
Vouchers&wagcs _ 254,119)
Reserve for change
33,284J
of line.
85,074 Misc. accounts__
85,004
-------Gross E arnings--------------- N et E arn ings------- Material
& supplies 184,400 221,392 Matured interest,
Current Previous Current Previous
12,368
64,565
Cash,
cash
for
cou­
dividends,
A
a
..
Year.
R oads.
Year.
Year.
Year.
68,750
pons, &c_______ 168,615
53,275 Bills payable..........
$
$
$
5
32.492
34,677
Accrued
Interest
­
9,521
Agents
&
cond’rs.
3,417
226,142
243,514
479,820
26,471
32,228
Illinois T ractio n C o .a .-N o v 578,769 4,859,145
balances.. 105,860
60,206 Accrued taxes----2,296,333 2,084,905 Traffic
50,137
Ja n 1 to N ov 30............. 5.597,634
Mlsc. accounts__ 355,024
1,301 Operating reserve* 54,829
Oth.def.cred.item* 85.317
Misc.
def.
deb.Items
53
11,697
a N et earnings here given arc a fte r ded ucting tax es,
Appropriated surp. 6377,053
Prollt and loss----- 899,160 402.122
b N et earnings here given are before d ed ucting tax es.
T otal.....................17,833,927 17,114,444 T otal--1................ 17,833,927 17,114,444
a A fter d ed ucting reserve for accrued d ep reciatio n of eq u ip m en t, $144,164.
6 A pp ro priated su rp lus rep resen ts ad d itio n s to p ro p e rty th ro u g h Incom e
since Ju n e 30 1907.— V . 92, p . 59.

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 ta b le g iv e s
th e r e tu r n s o f E L E C T R I C r a ilw a y g ro s s a n d n e t e a rn in g s
r e p o r te d th is w e e k .
A fu ll d e t a ile d
in c lu d in g all
r o a d s fr o m w h ic h m o n t h ly re tu rn s c a n b e o b t a in e d , is g iv e n
o n c e a m o n th in th e se c o lu m n s , a n d th e la te s t s ta t e m e n t o f
th is k in d w ill b e fo u n d in th e issu e o f D e c . 2 4 1 9 1 0 .
llic
n e x t w ill a p p e a r in th e issu e o f J a n . 28 1911.

ANNUAL REPORTS*

A n n u a l R e p o r t s .— A n in d e x t o a n n u a l r e p o r ts o f ste a m
ra ilr o a d s , s tr e e t r a ilw a y s a n d m isc e lla n e o u s c o m p a n ie s w h ich
h a v e b e e n p u b lis h e d d u r in g th e p r e c e d in g m o n th w ill b e g iv e n

not

C h ic a g o P e o r ia & S t . L o u is R y . ( o f I llin o is ).

{Report for Fiscal Year ending June

3 0 1 9 1 0 .)

R e c e iv e r s J o h n P . R t m s e y a n d H . M . M e r r ia m , u n d e r d a t e
o f N o v . 3 1 9 1 0, r e p o r t in s u b s ta n c e :

Gener it R esults.— T he princip al facto r w hich o p erated to p re v e n t a g reater
Increase In th e revenues derived from op eration s w as to be found In th e sus­
pension of coal op eration s th ro u g h o u t th e M iddle W est, w hich occurred on
pril 1 last. T his suspension la ter resulted iu a general strik e th a t lasted
p u b lis h e d .
T h e la te s t in d e x w ill b e fo u n d in th e issu e o f A
un til S ept. 8 last, causing m aterial losses, n o t only In freig h t a n d passenger
traffic b u t also by th e largely Increased cost of fuel.
D e c . 31 1 9 1 0.
T h e n e x t w ill a p p e a r in th a t o f J a n . 2 8 .
T he gross receipts from freigh t traffic w ere $1,387,356. an IncreascTot
18.7% : from passenger traffic, $299,367, a decrease of 5.8 % ; a n d from m is­
K a n a w h a & M ic h ig a n R a ilw a y .
cellaneous sources, $80,245, an increase of 3 % . T he to ta l o p eratin g ex­
penses, $1,485,117, show an Increase of $84,186, or 5 .6 % , resu ltin g In a
{Report for Fiscal Year [ending June 30 1 9 1 0 .)
n et revenue from op erations of $281,851, an Increase of 7 1 .9 % , as com ­
pared w ith th e results from operation s du rin g th e previo us year. T ho o p ­
T h e r e p o r t s ig n e d S e p t . 16 b y P r e s id e n t N ic h o la s M o n - e rating ratio w as 84.05% , as com pared w ith 89.53% for th e previous y ear.
Of the Increase of $72,258 in th e exp en ditu res for th e m ain ten an ce of
s a r r a t (w h o d ie d S e p t. 3 0 1910) s a y s in s u b s ta n c e :
$33,119 rep resents Increased ex p en d itu re for cross-ties.
General R esults.— T he business for th e fiscal year show s an Increase in w ay,
A fter careful exam in atio n it w as decided to reduce th e a m o u n t w hich
to ta l o p eratin g revenues of $642,019; In n e t op eratin g rev en ue of $440.4o9, under
the In te r-S ta te Com m erce rules h ad been a rb itra rily charg ed for de­
In o th er incom e $86,382 an d in su rplus a fte r charges $490,858. F rom preciation
ipm en t, as th e a m o u n t of th is charg e hereto fo re m ad e in
th e surplus Incom e for th e year am o u n tin g to S630.374 th e re w as ap p ro ­ ad d itio n to ofth eequ
al am o unts expended for rep airs ap p ears to be excessive.
p ria ted for ad d itio n s a n d b e tte rm e n ts $141,692. T he to ta l a m o u n t to Of th e a p p are n ta ctu
decrease in m ain ten an ce of equ ipm en t for th e c u rre n t year,
cre d it of prollt and loss Ju n e 30 1910 w as $899,160.
.
$38,262
rep
resents
red uction m ade in th is a rb itra ry charg e for d ep re­
As com pared w ith th e previous y ear, th e nu m b er of tons of freigh t carried ciatio n. D uring ththe eyear
b etterm en ts w ere m ade to th e p ro p e rty a t a n
Increased 39.14% a n d th e num ber of tons of freight carried one m ile In­ expense
of
$20,455.
_ n e 30
. . .la st. equ aled
, .
creased 31 .79% . T here w as an Increase of 119 tons In th e train -lo ad , re­
T
he
num
ber
of
bad
-o
rder
cars on th e „line on Ju
su ltin g , to a large e x te n t, from b ette rm e n ts to th e line d u rin g th e la st tw o 7.9% of th e to ta l equ ipm enfreight
t ow ned, as com pared w ith 0.4% on Ju n e 30
years a n d from th e large Increase In th e to n nage of bitum inous coal, coke 1909; 17 cars w ere built a t Jacksonville
1 sw itch engine w as sold a n d
a n d o th er heavy com m odities. T he averag e ra te per ton per m ile show s an 74 cars w ere destroy ed . E q u ip m en t Ju nshops;
e 30 1910: L ocom otives, 44; C3rs in
Increase of 0.15 m ills, or 3 % , an d the rev en ue per freigh t train m ile a n In­ passenger service, 34; cars In freigh t service,
2,549; cars in com pany serv.,9 <.
crease of 08 c en ts, or 31 .19% .
. , .
T here w as an Increase of 15.70% in th e nu m b er of passengers carried , of
C L A S S IF IC A T IO N O F F R E IG H T — P R O D U C T S OF (T O N S ).
Year.
A gricul. A n (m ils. M ines. Forest. M an u/a c’s. M iscel.
1909-10................... 341,400 29,206 1,076,473 291,265 250,785 430,289
1908-09................... 360,704 37,342
870,293 224,500 221,394 314,236
316,640 36,503
919,963 202,406 179,983 248,312
averag e ra te per "passenger per'’m ile (in cents) w as 1.86, as com pared w ith 1907-08_________
carried 712,624 to n s of bitum inous coal, against 567,458
averag e ra te per pass, per m ile (In cents) w as 1.80, as com pared w ith 1.88. tonIns In1909-10
1908-09.
Reserve tor Depreciation o] E quip m en t.— T he balance In rep lacem ent fund
Ju ly 1 1909 w as $41,637; add dep reciatio n charged to expenses d u rin g th e
T R A F F IC S T A T I S T I C S .
y ear, $110,043; less Inventory value of equ ipm en t sold or d estroy ed , $7,484;
1909-10.
1008-09.
1907-68.
balance in reserve fund Ju n e 30 1910, $114,194.
o
.
of freight c arried ............................... 2,422,424
2,028,469 1,903,867
A dditions and Betterm ents.— A dditions to road (gross $135,031, less cred­ TT ons
of freight carried 1 m ile ________244,301.683 195,494,550 180,072,962
its), $27,415; b e tte rm e n ts to ro ad . $65,832; ad d itions an d b e tte rm e n ts to Aons
ver,
distance
each
ton
haulcd(m
lles)
100.85
96.38
94.58
equ ipm en t, $48,445; to ta l, $141,692.
ver, earnings per ton per m ile_____ 0.568 c ts. 9.598 cts. 0.609 ots.
N ew L in e.—T he co n stru ction of th e new line so u th of th e O hio R iver AF reig
ht
earnings
per
freight
train
m
ile
$2,233
$2,190
$2,052
B ridge a t P o in t P leasan t w as com pleted Ju ly 15 1909. T he cost w as m ore
ht earnings per m ile of ro a d ____
$5,611
$4,728
$4,438
th a n offset by th e am o u n t charg ed to o p erating expenses, as required by th e AF reig
train -lo ad (ton3)----------------393
366
337
In te r-S ta te C om m erce Com m ission, for th e value of th e old line aband on ed , N verage
o. of passengers c a rrie d ____________
794,534
821,946
770,748
leaving $14,430 available.
, ...
On Dec. 17 1909 the directo rs au th orized th e app lication of this fund, N o. of passengers carried 1 m ile_____ 16,829,364 17,507,223 16,587,190
distan ce each pass, c a r’d(m iles)
21.1$
21.30
21.52
to g eth er w ith th e un expen ded balance of th e proceeds of th e 2d M. bonds, A ver,
ver, earnings per pass, per m ile------ 1.779 cts. 1.816 c ts. 1.814 c ts.
am o u n tin g to $85,074, to th e w ork n o rth of th e bridge as p a rt of th e app ro­ AE arnin
gs per passenger-train m ile___ 66.77 c ts. 71.07 c ts. 68.94 cts.
p riatio n of $100,000 then m ade. T he new ap p ro ach will have a m axim um Gross earnings
per m ile of ro a d ---------$6,916
$6,125
$5,792
g rad ien t of 20 ft. per m ile, w ith c u rv a tu re of less th a n 3 degrees, elim inating
th e use of helper engines on so u th -b o u n d tra in s. T he rig h t of w ay has
INCO
M
E
ACCOUNT.
been pu rchased and co n stru ction begun.
onn.
1909-10. 1908-09.
1909-10. 1908-09.
E quipm ent Trust O bligations.— O u tstan d in g Ju n e 30 1909, $1,214,900,
«
S
Overcuing Revenue— $
$
retired du rin g y ear, $374,833; o u tsta n d in g Ju n e 30 1910, $840,o67.
Net reven*o (after
F
reig
h
t.-.....................
1,387.356
1,169.044
C L A S S IF IC A T IO N OF F R E IG H T — P R O D U C T OF (T O N S ).
Passenger_________ 299,367 317,943 taxes)....... ............... 228,065 112,501
4,017
Year—
A griculture. A nim a ls. M ines. Forests. M an ufa cs. M isc. Mall, express & misc. 66,149 65,595 Other Income______ 6,978
1909-10
162,836
12,880 3,984,989 313,812 164,339 59,973 Other than transp'n- 14,096 12,251 Total ineom*.......... 235,043 116,518
1 9 08 -0 911 11 1-158 ,312
13,860 2,703,832 271,517 148,403 81,191
T o ta l........................1,766,968 1,564,833 Deduct—
B itu m ino us coal traffic In year 1909-10, 3,557,622 ton s, against 2,464,374
Interest on bond*__ 79,245 174,915
Oper. Exp. A- Taxes—
ton s in 1908-09.
13,100
Malnt. of way&struc. 278,011 205,753 Other Interest............
R e n ta ls....................... 34,665 35,944
Maint.
of
equipment
331,202
374,914
T R A F F IC S T A T I S T I C S .
9,762
Traffic expenses___ 80,101 73,699 Hire of e q u lp m a u .. 9,078
1909-10.
1908-09.
1907-08.
expenses 732,135 689,752
A verage m iles o p e ra te d --------------------176
177
177 Transport’n
General exp. & taxes 117,454 108,214 T o ta l....................... 122,988 23S.720
Passengers (No.) . . . . . ________________ 1,120,755
968,703 1,005,411
T o ta l.......................1,538,903 1,452,332 Balance ........... .8urll2,055tlefll7,202
Passengers carried 1 m ile------------------- 17,166,309 16,682,443 19,205,,175
A ver, rccts. per passenger per m ile
1.86 c ts.
1.88 cts.
1.67 c ts.
B A LA N C E SH E E T JU N E S*.
T ons freigh t (N o .)____________________ 4,608,829
3,377,115 3,127,459
1909.
1910.
1909.
T ons freigh t 1 m ile___________________461,142,238 349,910,620 340,745,032
S
LiabilitiesS
S
Aver, rects. per ton per m ile_________ 0.519 c ts. 0.504 cts. 0.483 cts. UR.Assets—
3,593,900
3.598,900
Common
sto*k__
&
oquipm’t
.
012,732,682
12,726,457
A verage train -lo ad (to n s).......................
552
433
459
Prcferreel sto«k__ 3,689,715 3,689,715
deposited
E arnin gs per passenger train m ile—
$0.8413
$0.8067
$0.827o Securities
under mortgage 6350,000 6350,000 Funded deb t____ 5,909,300 5,859,300
Earnings per freigh t train m ile---------$2.87
$2.18
$2.22 Securities
In treas. cl49,500
99,500 Car and equipment
Gross earning* per m ile--------------------$ lo ,7 7 J
$12,040
--------trust notes_____ 178,853 178.853
Securities pledged
for loans_______ <7174,000 <7174,000 Consol, mtge. cou­
IN C O M E A C CO U N T .
96,750
135,774
pons ....... ...........- 193,500
f
Material
&
supplies]
1907-08.
1908-09.
1909-10.
E arnings—
14,477 Bills payable.......... 135,000 135,000
on h a n d ----- ) 63,834] 190,654
$321,363 Cash
$313,362
$319,463
P asseng er__________
327,641
201,433
Current
liabilities.
Current
accounts
-)
l
1,047,337
2,394,148 1,762,341
44.841 Int. on prior He*
accounts 24,754
31,298 Suspense
31,816
33,818
M all a n d ex p ress.................................
26,415
B9
mtge. due Sept. 1
P. Ramsey & H.
11,328 J. M.
12,237
14,061
M iscellaneous_______ ____________
25.200
accrued----50,1918
Merriam,
recs
11,617 Profit and loss----- 369,840 202.072 Taxes
7,881
8,166
O th er th a n from tra n sp o rta tio n 8,100
Acc. Int. on loans.
$2,769,657 $2,127,637 $2,022,938
T o ta l..................13,914,801 13.937,774 T o ta l...................13,914,801 13,937.774
E xpenses$437,167
$517,440
$449,449
a After deducting equipment replacement funds, $275,586 In 1910. 6 Includes
523,540
040,813
559,333
M aln t. of eq u ip m e n t________________
& Pekin Union Ry. stock. $250,000; Alton Terminal Ity. stock, $50,000. and
089,125 Peoria
660,059
690,839
T ra n s p o rta tio n ______ _______________
Alton Terminal Ry. bonds. $50,000. c Includes Peoria & Pekin Union Ry. bond.*,
25,804 $6,500;
29,004
24,042
T raffic ..............................................................
Mo. & III. Br. & Belt RR. stock, $13,000; prior lien ratge. bonds not plodged.
33,002 $130,000.
33,877
53,542
G eneral exp en ses-------------------------------d Includes prior lien mtge. bonds, $109,009, and consolidated mtge.
$1,933,283 $1,731,722 $1,708,639 bonds. $65,000.—V. 90, p. 1675.
(84.48)
(81.39)
P er cen t expenses to e arn in g s.
(69.80)
H u d s o n C o m p a n ie s .
$314,299
$395,915
$836,374
163,021
98,876
186,393 j
R e n t s ................
{Report
for
Fiscal
Year ending Dec. 31 1 9 1 0 .)
1,104
1,135
M iscellaneous
P r e sid e n t W . G . O a k m a n , D e c . 31 1910, w r o t e :
$478,424
$495,925
$1,022,767
D uring th e p a st year th e H udson & M an h a tta n R R .. th e enterp rise w hich
D educte H udson C om panies w as organized to build a n d of w hich th e securities
$168,027 th
$202,660
$223,760
principally
com prise H udson C om panies’ assets, has show n satisfacto ry
90,018
64,408
68,673
O th er In terest (Incl. e q u ip m e n t).
79,429 grow th and resu lts, altho ugh b u t p a rtially com pleted. T he term in al a t
80,093
86,669
T a x e s ......................................................
116,894 B roadw ay and 33d S t. w as only opened In O ctober last, a n d th e principal
118,468
141,692
A dd itions and Im provem ents —
12,559 sta tio n In Jersey C ity an d th e In stallation of th e Joint service w ith tho P en n ­
13,290
14,188
R e n ts paid , &o_____ ___________
sylvania R R . to N ew ark have necessarily aw aited th e rem ov al of th e P en n ­
$466,926 sy lvania R R . to Its new term in al in N ew Y ork la o rder to perm it th e requi­
$479,877
$534,084
tJ
$11,498 site co n stru ctio n .
$488,082
$16,048
B alance,
o n th e la s t S a t u r d a y o f e a c h m o n t h .

T h is in d e x w ill

in c lu d e r e p o r ts in th e issu e o f th e “ C h r o n ic le ” in w h ic h it is




THE CHRONICLE

114

T he com pletion of th is w ork is prom ised by tlie early sum m er of th is y e a r,
and it Is qu ite certain th a t th e traffic results of the com pleted line as origin­
ally projected will fully realize th e original estim ates,
jp. D uring th e year th e large p ro p e rty a t B roadw ay, 32d and 33d stre ets,
w hich w as bought for use as a railroad term in al, b u t m ade unnecessary by
change of plan, has been im proved by c on stru ction of a building a n d occu­
pied un d er a long lease a t a ren tal retu rn in g In excess of 5% upon th e bonds
a n d sto ck of th e G reeley S quare R e a lty Co., ow ned by this com pany, an d
which rep resent Its in terest in th a t p ro p e rty . (V. 0 1 , p. 1 7 7 3 )
T he n o te issues of th e com pany hav e been created In order to provide
funds for the c on stru ction of th e railro ad .
B A LA N C E SH E E T DEC. 31.
1910.
1909.
1910.
1909.
Assets—■
$
S
Liabilities—
S
8
II.&M. HR. (par)—
16
Preferred
stock__
,000,000 16,000,000
4 1$% b o n d s__ 35 018,000 27.032,000 Common stock__ 5 ,000,000 5.000.
Preferred stock, 2 307,014 2,230,018 Real estate m tges. 566,000
a
Common stock.25, 171,209 27,186,098 Gold
notes—
‘ Greeley Square
5s, Aug. 1 1912. 2,,850,000 3.000.
Realty.Co. (par)6 s, Oct. 15 1911 8 ,804,000 1 0 ,0 0 0 .0 0 0
Bonds................ 1 ,450,000 2 , 200,000 6 s. Feb. I 1913.10
Preferred stock. 1 ,000,000 1,000,000 5s, Nov. 15 1913 2,,135,000
Common stock. 1, 000,000 1,000,000 6 s, Aug. I 1910. . ,000,000 2.114,000
Real estate............«l, 324,784 a680,256 6 % short-term notes
C a s h ....... ............... 1 , 806,147 386,384 Accrued Interest-. 443,114 1,440,500
315,153
Bills receivable__ .
450,000 Accts. payable__
13,005
Accrued Interest.. 679.4761 565,459 Coll. susp. account
3,334/
(per contra)___ 34, 989,000
Accts. receivable.
H.&M. 4 ^ s dcp.
Subscription for H.
as collateral___ 34, 989,000
&M.bds.(contra) 1 478,150
Exp. acct, cars__ 135,771
B alance__ . .'____ 24 118,966
H.&M. lH s to be
acquired________ 1 478,150
3,750
12,595
M iscellaneous___
T o ta l................ 106,397,235 62,743,410 T o ta l................ 106,397,235 62,743,410
a The Item of real estate In 1909, 8680,256, Is stated after deducting mortgages
on real estate owned In fee. * Bonded debt. $10,000,000.—V. 90, p. 1614.
G e o r g ia & F lo r id a R y ,

(Report for Fiscal Year ending June

30 1 9 1 0 .)

P r e sid e n t J o h n S k e lt o n W illia m s , R ic h m o n d , V a ., D e c . 1
19 1 0, w r o t e in s u b s ta n c e :

Construction A bout Completed.— T he w ork of co n stru ction and revision
has been practically com pleted, su b sta n tia lly along th e lines originally laid
dow n. T rack laying on th e new line from N orm antow n to Sw alnsboro, 19.5
m iles, w as com pleted ab o u t th e close of th e past llscal year, and throu gh
train service over th e en tire line betw een M adison, F la ., and A ugusta, Ga.
w as com m enced on Ju ly 1 1910. T he averag e m ileage op erated during th e
past llscal year w as 272.75 m iles.
T he road op erated a t p resent aggregates 328 m iles. T his Includes th e
m ain line, A ug usta, G a., to M adison, F la ., on th e S eaboard A ir Line R y.
250.7 m iles, anti branches to M lllen, G a. (44 m iles), B arrow s Bluff G a’
(18.8 m .). S p arks, G a. (21.1 m .). v icin ity of S w alnsboro, Ga. (2.4 m ) Of
th e abo ve m ileage 300.60 miles Is ow ned. T he rem aining 27.40 miles Is
o p erated as follows: K eysvllle, G a., to A ug usta, G a., A ugusta S outhern
R y ., u n d er track ag e c o n tra c t, 25.9 miles: V aldosta, G a., A. C. L. track
un der te m p o rary c o n tra c t, 1.1 miles; M lllen, G a., C entral of Georgia tra c k ’
under tem p o rary c o n tra c t, 0.4 m ile.
In add ition to th e abo ve, th e railw ay has, since Ju n e 30 1910, purchased
a n d will on Dec. 4 1910 assum e th e op eration of, th e S parks W estern R y ’
ex tend ing from S p arks, G a., w estw ardly in the direction of M oultrie G a”
a b o u t 18 m iles. U nder th e c o n tra c t of purchase th e form er ow ners of th e
S p arks W estern R y . arc now extend ing th a t road ab o u t tw o miles to a
connection w ith th e A tla n ta B irm ingham & A tlan tic R y ., a b o u t 1 w miles
east of M oultrie. I t Is our in ten tio n to con tinue th e construction Into
M oultrie in th e near fu tu re, so th a t th e to ta l length of this link will be ab o u t
22 m iles. T he m ileage op erated by your com pany will, w ith this add i­
tional ro ad , be a p p ro x im ately 350 m iles.
Georgia & F lorida T erm inal Co.— A dditional Term inal F acilities.— In order
to acqiitre certain pro p erty in A ugusta and V aldosta w hich would add m a­
terially to our term inal facilities, provide th e railroad w ith Its own inde­
p en dent m ain line trac k throu gh V aldosta and enable It to abandon th e
tem p o rary arrangem en t un d er w hich It had been using 1.1 miles of the
A tlan tic Coast L ine’s m ain line in gettin g throu gh th a t c ity, the Georgia &
F lo rida T erm inal Co. has been organized, under a plan for th e Issue and sale
of n o t exceeding $200,000 1st M . 6s, th e principal and Interest of w hich
th e G eorgia & F lorida R y . has agreed to gu aran tee. T he railw ay ow ns the
entire cap ital stock of th e T erm in al Co. All th e p ro p erty acquired is
tu rn ed over to the railw ay un der a 20-year lease agreem ent, th e railw ay to
pay as ren tal an am o u n t equal to th e Interest on th e bonds of th e T erm inal
Co. and all taxes and costs of m ain ten an ce. T he land acquired a t V aldosta
is In th e h e a rt of th e c ity , betw een th e A tlan tic C oast Line R R . on th e one
side and th e G eorgia S o uthern & F lorida R y . on th e o th er, and alfords de­
sirable sites for sto rage w arehouses and m an u factu rin g plan ts, w hich are
expected to furnish additional business to th e railw ay. U p to the present
tim e $135,000 of these bonds have been issued.
Im provem ents.— Since th e d a te of th e last an n u al rep o rt 19.9 miles of th e
old roadb ed betw een S t. C lair a n d S w alnsboro, G a., and 8.7 miles betw een
N orm antow n Ju n c tio n an d V tdalla, G a., hav e been thorouglily revised,
grades reduced to a m axim um of 1 % , 382 degrees of cu rv a tu re elim inated
and existing curves reduced to sta n d a rd , th e light rail tak e n up and the
track re-laUl w ith new 70-lb. steel rails. M uch of this revision w ork In­
volved th e con stru ction of entirely new roadb ed on new right-of-w ay. T he
en tire m ain line from S t. Clair, G a., to V aldosta, G a., is now laid w ith new
70-lb. steel rails a n d brou gh t w ithin the m axim um grade of 1% .
D uring th e year 3,256 feet of add itional trestles have been filled: to ta l
trestles filled to d a te , 30,229 ft., or 5.7 m iles. T otal extensions to sidings,
7,748 ft.; to ta l new sidings p u t in, 28,955 ft.; form er m ain line now used for
sidings a n d Indu strial track s, 35,780 ft.: to ta l side tracks and Industrial
track s ad d ed since last rep o rt, 72,483 ft. New passenger and freight depots
hav e been built a t eight statio n s. T he depots a t five statio n s have been
enlarged or extend ed . F o ur new w ater ta n k s of 50,000 gallons cap acity
each hav e been erected; also one of 35,000 gallons cap acity .
Telegraph L in e.— Y our com pany , un der d a te of A pril 6 1910, entered into
a c o n tra c t w ith th e W estern U nion T elegraph Co. for th e sale of Its tele­
graph lines to th a t com pany , th e W estern U nion to provide th e railw ay all
th e w ire service necessary for th e op eration of train s, upon th e usual term s.
S h op s.— T he shops of th e com pany a t D ouglas, G a., w ere placed In operaion In Ja n u a ry 1910, greatly facilitatin g th e m ain ten an ce of equipm ent.
E ngin es.— Since Ju n e 30 1909 th e m otive pow er has been Increased by
the purchase of 11 locom otives, of w hich 6 w ere bu ilt for us by the B aldw in
L ocom otive W orks of our sta n d a rd ty p e, a n d five w ere purchased from
an o th e r system th a t found It necessary to use a heavier ty p e of engine.
T he locom otives w ere sufficiently heavy a n d well a d a p te d for th e service
to w hich we find It desirable to app ly them .
E arn ings.— T he gross earnings for th e year ending Ju n e 30 1910 am o unted
to $521,238, an Increase of $131,069, or 33.5% ; n e t earnings, a fte r op erating
expenses, $113,387, an Increase of $27,584, or 32 .1% .
Since th e opening of th e throu gh line betw een M adison and A ugusta d u r­
ing th e past sum m er, th e business of th e com pany has show n a gratifying
increase, although it will n a tu ra lly ta k e som e little tim e to draw a full share
of com petitive traffic to th e new line, develop th e local business and secure
th e consequential benefits from th e new sh o rt n o rth a n d so uth ro u te which
has been established by th e ro ad.
Gross E arn s, in 1910, Since O pening o f Through L in e, as C om paredw tth 1909.
1910.
1909.
Increase.
Ju ly .................................................................... .$43,634 $34,269 $9,365— 27.3%
A u g u s t....................................
50,337 34,269 16,068— 46.9%
S e p te m b e r.................................................
55,646 44,353 11,293— 25.4%
O c to b e r ............. ..........
63,124 45,799 17,325— 37.8%
T he to ta l gross earnings for th e four m o nth s ending O ct. 31 1910 w ere
$212,741, an Inorease over th e sam e period last year of $54,051, or 34% .
W e m ay now reasonably look forw ard to a p ersistent Increase In business,
both freigh t and passenger, an d , follow ing this, a m aterial red uctlon ln the
o p eratin g ratio , w hich, w ith th e light traffic heretofore m oved, and under
th e un favorable conditions Incident to th e period of c o n stru ction, has been
up to th e present tim e unavoid ably high.
Development oj C ountry.— T he developm ent of th e section trav ersed by
th e railw ay has co n tinued w ith o u t Interru p tio n du rin g th e p a st y ear. T he




[VOL. LXXXXII.

rep o rts of th e recen t U . S. Census show ( 1 ) th a t th e popu latio n of G eorgia
since 1900 has increased from 2,216,331 to 2,609,121, an increase of 17.7% ,
G eorgia now being te n th am ong th e S tates of th e U nion In respect to popula­
tion; a n d (2 ) th a t th e p o pu latio n of Florida is 751,139, an Increase of 4 2 .1% ,
F lo rida show ing a larger percentage of Increase In popu latio n for this decade
th a n a n y o th er S ta te east of th e M ississippi R iv er. T he m ovem ent of popu­
latio n tow ards th e S o uth A tlan tic S ta te s Is p rob ably g reater a t th e present
tim e th a n It has been a t a n y tim e In the p a st 50 years, and th e settlers w ho
are now com ing in rep resen t largely th e b e tte r class of farm ers from th e
W est a n d N orthw est w ho have been draw n to tills section by the fertile soil,
th e a ttra c tiv e clim ate, excellent h ealth conditions a n d its m an y oth er
a ttra c tiv e features.
C L A S S IF IC A T IO N OF F R E IG H T — P R O D U C T S OF (T O N S ).
Year—
A grlcult. A n im a ls. M ines.
Forests. M a n u /a c. M iscel.
1909-10........... 31,815
2,528
17,712
215,436 75,900
13,977
000
1908-09_____
26,964
1,542
13,327
224,569 51,874
8,993
1907-08............22,784
1,713
6,182
190,841 39,996
7,194
T R A F F IC S T A T IS T IC S .
000
1007-08.
1909-10.
1908-09.
A verage m iles o p e ra te d .............. ............
227
273
247
Passengers carried (N o .)____________
370,135
240,821
276,391
Passengers carried one m ile (N o .)___ 6,545,267 4,142,646 3,438,233
A verage receipts per passenger per m . 2.747 CtS. 2.881 CtS. 2.838 CtS.
T ons of freight carried (N o .)____
357,368
327,269
268,710
T ons of freigh t carried one m ile (No.) 14,019,639
5,155,775
A verage receipts per to n per m ile____ 2.257 ets. 8,117,980
3.088 CtS. 3.867 Cts.
Gross earnings per m ile___________
$1,909
$1,579
$1,346
IN C O M E A C C O U N T .
E arn ings—
1909-10.
1908-09.
1907-08.
F r e ig h t___________________
$316,349
$250,670
$196,307
Passenger ..................................................
179,783
110,370
08,055
M all, express, & c.......................................
20,754
12,014
8,753
Gross earn in g s____________ ________ $516,886
$382,054
$303,115
E xpenses—
M aintenance of w ay a n d s tru c tu re s ..
$69,303
$58,075
$46,144
M aintenance of eq u ip m e n t_____ __
74,540
63,607
54,387
C onducting tra n sp o rta tio n __________
190,710
125,551
122,199
T raffic e x p e n se s_____________________
24,818
16,813
15,447
G eneral e x p e n se s.........................................
48,480
40,319
32,559
T o tal o p erating exp enses__________ $407,851
$304,366
$270,736
N et e a rn in g s _________________________ $109,035
$77,688
$32,379
O ther In c o m e._____ _________ ______
rt23,414
al6 ,4 0 9
al4,20 1
T o tal n e t incom e___________________ $132,440
$94,097
$46,580
Deduct— T a x e s _____ _______________
$17,703
$14,391
$11,631
In t. on M .& S .W .R R .5% d lv is.bd s.
10,600
10,600
10,600
O ther Interest __________ _________
612,188
64,109
67,546
R e n ta ls_____ ________ ______________
2,953
2,885
3,513
H ire of e q u ip m e n t________________
1,946
$43,444
$31,985
$35,236
B alance, su rp lu s_____________________
$89,005
$62,112
$11,344
a Includes in 1909-10 balance of receipts from earnings on G. & F equ ip­
m en t, $19,061, ag ain st $8,294 In 1908-09, and In 1907-08 earnings prior to
S ept. 30 1907, $8,753.
1
b T he in terest on th e 1st M. 5% 50-ycar gold bonds due 1956, w hich w ere
o u tsta n d in g du rin g this period w as provided for by the co n stru ction com ­
p an y , in accordance w ith th e term s of Its c o n tra c t w ith th e railw ay, by
w hich th e form er un dertook to build for th e railw ay th e new links, to revise
th e old lines an d to furnish new equ ipm en t.
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1909.
1910.
1910.
1909.
/I SSCtS—~~
J§
8
Liabilities—
$
S
Road, equip., & c.11.084,276 11,037,456 Common
s
to
c
k
...
5,016,800
3,934,700
Material & supplies 19,460
10,919 Preferred stock__ 3,358,300 2,556,300
Cash ....................
19,067
21,447 1st M. 5% bonds. 5,246,000 3.964.500
Agents & conduc’rs
6,597
6,647 M. & S.W. Div. 5s 212,000 212,000
Transportation cos.
9,027
6.718 Equip, tr. Obllg’ns 208,273
Individuals & cos. 138,595
22,450 Int. & taxes accr’d 14,316 262,903
15,281
1,382 Eq. replace’t acct. 39,437
Bills receivable__
1,381
23,515
Current liabilities. *88,489
63,844
Profit and loss___
91,788
73,975

T o ta l...................14,278,403 11,107,019 T o ta l................... 14,278,403 11.107,019
* Includes un p aid w ages, $32,175; a u d ited vouchers, $44,796; tran sp o r­
ta tio n cos., $4,522, a n d m iscellaneous, $6,996.— V . 91, p. 1385.

Midland Valley Railroad, Arkansas.
{Statement for Fiscal Year ending June 30 1 9 1 0 .)

S e c r e t a r y a n d T r e a s u re r H . E . Y a r n a ll, P h ila d e lp h ia , lias
fa v o r e d us w ith a s ta t e m e n t fo r 1 9 0 9 -1 0 , w h ic h p e r m its o f
th e f o llo w in g c o m p a r is o n :

E A R N IN G S A N D E X P E N S E S .
1909-10. 1908-09. „
1909-10.
$
$
Expenses—
j 1908-09.
j
Passenger - - - - - - - - - — 339,740 267,648 Maintenance of way, & c.223,668 222,863
Freight ..........................942,394 672,469 Maintenance equipm ent.252,351 215,904
Mall and express............... 37,071 36,591 Traffic expenses.............. 23,386 21,366
Other - - - - - - - - - - _____ 28,275 20,947 T ransportation.................382,155 324,509
General expenses.............. 57,959 53,853
Total ..........................1,348,080 997,655 Total................................939.519 838 485
N et o p erating rev en u e ...................................................................... 408,561159,170
O perations.— Y ear ending Ju n e 30 1910. train s ru n (passenger. 351,219;
freigh t, 326.314; m ixed 49,232; special, 1.050). 727,815 m iles, a g iln st
591,593 m iles In 1908-09. Passengers carried, 460,943, against 384,734;
carried one m ile, 13,587.647, against 10,859.986. T ons freight carried,
1,189,486, ag ain st 815,698. T on m iles, 96,798,374, against 64,046,552.
IN C O M E A C C O U N T Y E A R E N D IN G J U N E 30.
1910. 1909.
1910. 1909.
$
$
$
$
Net operating revenue. .408,561 159,170 Gross corporate Income.358,101
86,130
Outside operations_____ 20,104 9,239 Deduct—
Interest on bonds............. 299,000 299,000
T otal................................. 428,665 168,409 Hire of equipment........... 27.631 41,531
T axes accrued.................... 76.814 87,083 Joint facilities................... 19,784 16,693
Other paym ents............... 2,793
io
Operating Income___ 351,851 81,326 Additions & betterm ents _____ 201,358
Joint facilities and mis­
cellaneous rents........... 6,340 4,804
Total deductions...........349,208 558,598
Gross corporate lncome.35S.191 86,130 Bal.for yr.(o sur.,z df.) a8,983*472,469
G E N E R A L B A L A N C E S H E E T J U N E 30.
1909.
1910.
1909.
$
$
Liabilities—
.<5 ’
Assets—
S
Cost of road and
8,013,000
Capital
stock.........
*,013,000
eq u ip m e n t___ 14,252,516 14,091,720 Funded debt.......... 5,980,000 5.980.000
6,686 Equip, trust obli­
Stock of other cos. 48,888
Material and sup­
gations (contra) 1,250,000
plies on hand__ 115,920 128,618 Accrued Interest.. 149,500 1.400.000
149,875
Cash & curr. assets 80,495 169,161 Bills payable.......... 562,047 552,982
Equip. trusts(con.) 1.250,000 1,400,000 Current liabilities. 233,789 219,053
Profit and loss___ 620,502 628,090 Equip, rcplace’t fd. 179,985 109,365
T o ta l...................16,368,321 16,424,275 T o ta l...................16,368,321 16,424.275
Earnings—

M r. Y a r n a ll fu r t h e r r e p o r ts :

T he funded d e b t, which on Ju n e 30 1910 consisted of $5,980,000 1st M
5% 50-ycar $1,000 gold coupon bonds and $1,250,000 equipm ent tru st obli­
gations, w as on Deo. 1 1910, to g ether w ith bills pay ab le am o u n tin g to
$558,175, retire d by th e Issuance of th e follow ing, per p lan In V . *0, p . 1676:

THE CHRONICLE

JAN. 14 1911.

•SO 000 000 prior lien 5% gold bonds d a te d Ju ly 1 1010, due Ju ly 1 1000.
In't Ja n ! 1 a n d Ju ly 1 a t com pany’s office, F ran k lin H ank B ldg., P h lla.
P a r SI 000 $500 and $100c*. M tge. is a closed m tg e. an d is secured on
nresent mileatrc and all present equ ipm en t of R ailroad Co. and by pledge
of all th e bonds and sto ck— $1,250,000 a n d $250,000 respectively, of Se­
b a s t i a n C o u n ty C™1 & M ining Co., w hich ow ns ab o u t 18,000 acres of
SOS1, 800 000 2 14-year gold coupon notes due D ec. 1 1912. I n t. Ju n e 1 and
n r o ’ l a t office of D rexel & Co., P h lla., P a . N otes In den om in ations of
s i non $500 a n d $100 Secured by pledge of $2,500,000 new general m tge.
t k v e w gold bonds T he Issue of these bonds is lim ited to $2,500,000 du rin g
Hio^ffa nf th e notes A 2d Hen on all p ro p erty un d er prior lien m ortgage.
T o com pany ow ns and op erates from E xcelsior, A rk ., so u th to H oyc.
™ trnrtli to
to F id elity , *A t0
rk .,’G also
ilverdalc,
As .irk, - ° a™
lenn from
P o oi, EOxcelsior
kla.. a wtoest
ta l toof S299
m iles.
a AS h a s tr a c k a g e rig h ts over S t. Louis & S an F ra n . R R . betw een Maney
re? OM a a n d F o rt S m ith, A rk ., 10 m iles, a n d over M issouri Pacific R y .
he tw een S ilverdalc, K a n ., and A rkansas C ity, K an ., 9 m iles, m aking a to ta l
le n o tif of road op erated 324 m iles. Y ard trac k s and sidings 52.63 m iles.
rS S gS 4 ft 8 M in. R ail (steel), 65 lbs. L ocom otives, 38. Cars passenS S 28- freight (coal, 1,760; box, 587; steel ta n k , 100; lla t, 75; b allast, 21,
refrig erator, 2 ), 2,545; service, 25; to ta l, 2,598.
P iC apU ai sto ck D ecem ber 1910, au th o rized . $10,000,000; $50 shares; p aid
in $8 013 000. Stock Is tran sferred a t com p an y ’s office, I*ranklin L an k
B ldg P h lla. A nnual m eeting first M onday In F ebruary , 1-1. S m ith , A rk.
m n ire c to rs.— O. E . Ingersoll, F . J . Go w en, W . F . Ila rrity , Jn o . S . Jen k s J r ..
P h ik W . W . M cLoud, L ittle R ock, A rk.; R . T . Powell, G reenw ood, A rk .;
Ir a D.’ Oglesby, J . E . G reen, C. E . Speer, F t. S m ith , A rk .
O fficers— C. E . Ingersoll, P res.; H enry W ood, V .-P .; H . E . Y arn all,
Sec. & T rcas., P h lla.. P a.; E . M . A lvord, V .-P . & G en. M gr. G eneral
ortlcc, 1112 F ran k lin B ank B ldg., P h lla., P a .— V . 90, p . 1676.
N o r t h e r n S e c u r itie s C o m p a n y .
31 1 9 1 0 .)

(Report for Fiscal Year ending Dec.

P r e s id e n t J a m e s J . H ill, J a n . 10 19 1 1, s a y s.

Im prov ed conditions in th e business of th e Crow ’s N est P ass Coal Co.
enabled that"co m p an y, in th e la tte r p a rt of th e year 1910, to resum e divi­
dend p ay m en ts. Tw o such dividends of 1% each w ere paid d u rin g th e
lo tte ry half ^ o f^ th c y ear.
R E SU L TS FOR C A LEN D A R YE A R S.
1909.
1910.
1909.
1910.
S
S
Deductions—
3
Dlvldcnds'from—
S
3,509
3,512
T
ax
es___
C. B. • & s Q.V B it.
exp’s-- 20,952 20,993
reg. (8% )............ --119,704 119,704 Administration
5,499
5.427
Interest on loans
Crow’s Nest Pass Coal
Dividends_______(4)158,116(2^)98,822
Co., Ltd. (2 % ).-- 55,104
40 Total deductions----- 188,007 128,823
In te re st..........- ...............
40
fij
--------Total receipts..............174.848 119,744 B a la n c e ................ .dcfl3,159 def9.079
B A LA N C E SH E E T DEC. 31.
1910.
1909.
1910.
1909.
Debits—
S
S
W"Credits—
Ev5 r-- 3
S
stock................3,954,000 3,954.000
Organization exp__ 85,048
85,048 Capital
Bills payable............ 175,000 190,000
n vestments o . - .--6,600,949 6,600,949 Surplus
____________2,696,635 2,650,501
Cash ........................... 139,638 108,504
T otal’ .......................6,825,635 6,794,501 T otal..........................6,825,635 6,794,501
Investm ents Includes 14,963 shares Cldc. Bur. * Quincy R R .. valued
atl$2^8581788;°27?5W?s'ham?Crow9s Nest Pass Coal Co Ltd $3,741,166. and $1,000
N p'_G. N., C. B. AJQ. Joint 4% bond. 8995.—V. 91, p. 1574.
B o s t o n E le v a t e d R a ilw a y .

(Report for Nine Months ending June 30
P r e sid e n t W illia m
w r o te in s u b s ta n c e :

A . B a n c r o ft , B o s t o n ,

1 9 1 0 .)
D e c . 31

1910,

Changes in F iscal Y ea r.— T he llscal year now ends on Ju n e 30 Instead of
on S ep t. 30. T his rep o rt, therefore, Is for nine m o nth s instead of for tw elve.
Sto ck.— On S ept. 30 1909 th ere w ere o u tsta n d in g cap ital sto ck subscrip­
tion p a y m en ts to th e am o u n t of $4,520,075. T he final su bscription , due
Ja n . 25 1910, has all been paid, and th e cap ital Is now $19,9.>0,000.
New W ork.— T he c o n stru ction of th e E ast C am bridge elev ated extension
has been continued. T he tem p o rary bridge has been rem oved, th e piers
com pleted a n d eight concrete arches are nearly com pleted . I ortlon s of th e
foun dation s In b ,th E ast C am bridge and B oston h av e been com pleted
Plans for th e sta tio n on Causew ay S t. hav e been app ro ved a n d co n tracts
for th e steel w ork for th e extension h av e been let.
.. .
In connection w ith th e F orest H ills extension, track s hav e been ,laid
In
th e term inal yard to connect by incline w ith th e elev ated stru c tu re on
Wash big to UySt. ^ platform s h av e been ex tend ed a n d little rem ain s to be
done to provide for th e op eration of 8-car train s a t this sta tio n .
The r o u te of th e M alden A E v e re tt elevated extension has been a p ­
proved an d a portion of th e land has been pu rch ased . 1 he engineers a te
l a
a S
M
^
t r - n
w ork has been pushed
vigorously an d the m ain line Is now su b sta n tia lly com pleted, except por­
tions of th e H arv ard S q uare sta tio n and of th e term inal y a rd .
’riic R R . C om m issioners h av e app ro ved th e ro u te for th e elev ated stru ctu rc In B oston betw een th e B oston end of th e C am bridge B ridge and th e
noAcnn H ill T unnel, w hich th e T ra n sit Com m ission Is now c o n stru cting.
On ^ h c surface an a dd itional trac k has been lata on H yde H ark Awe..
so th a t th a t thoroughfare Is now double-tracked to th e H yde P ark line.
On n o t 27 last cars began to ru n over th e M ystic A ve. bridge, on th e
M iddlesex*Hells line, enabling th e com pany to a b an d o n th e U nion S t. trac k s.
M A nlo t of nearly 24 acres, situ ate d In S o uth B oston a t tidew ater, has
been purchased as a site for a pow er sta tio n . C ontracts hav e been m ade
for ^ h c erection thereon of a large coal-unloading and coal-storage p la n t,
a pow er sS tlo n to con tain turbo -g en erators of th e largest ty p e , to g ether
wi'th a d istrib u tin g sy stem , and tran sfo rm er statio n s a t su itab le po ints.
r r a on A c .--O u r co n trib u tio n to th e public revenues du rin g th e 12
m os ended S ept. 30 am o unted to $2,03 1,469 (13.2% .o f gross rev en ue . v iz :
maxes*on real estate, $308,843; on cap ital sto ck , $703,864
$1,012,707
TAX*for use of streets, $130,846: m ain tain ing paving. $10.>,23G.. 230.082
S u bw ay rental*(sink!ng fund )! $51 J m' R l M ?r e n ta l
18L323
p e fsto c k h o W e r a U tile ^ I ^ h a n '^ ^ s h a r e ^ '^ o U l ^ u ^ a o’f^sharch'oldera
<JM < V a"V .-T o tal length of surface track s controlled, 461.049 m iles; cle
Vaiya( 7M !^ ^ h c re 4w as°paIdCduHntff l^ n m fth 's cm 'l'j^ J^ ep t . 30 as Increased
em ployees
under the provisions ad o pted seven years ago, am o unted d u rin g th e year
to $201,969. T he provisions of four years
a n ji th!Is year ralsllag th e
ra te of w ages increase this am o u n t by a b o u t $201,01*-, to ta l, $4U*2.usi.
Increase in Transit F acilities Since 1 8 9 8 .— W hen this com pany took
charg e in 1898 the po pu latio n of th e cities and tow ns In w hich It op erates
w as app ro xim ately 843,090; now It is ap p ro x im ately 1,098,917, an increase
of ab o u t 30% . A t th e beginning of th e period th e re w as Invested (in
tra n sit facilities) $25,960,000; to -d ay $81,440,000, an increase of 2 1 3 % .,
T here w ere In 1898 304 H m iles of surface trac k , and th e 1 rem o n t S t. subw av vvas only p a rtly in use. In 1901 th e original elevated betw een D udley
q ^ a n d S ullivan S q ., costing over $20,300,000, w as opened. In 1904 we
'to ok over under lease, th e E ast B oston tun nel, w hich co|} 'ff ^ A 09u0n00,
In 1898 th e W ashington S t. tu n n el, w hich cost nearly $10,000,000. O ur
e le v a te d road to F orest H ills, w hich cost $3,000,000, w as opened In 1909.

already been built (b) C am bridge subw ay and B eacon IIlll tun nel from
P a rk St, Boston to H arv a rd S q uare, C am bridge, w ith surface car connec­
t s a t traln level T his Une will reduce th e runn ing tim e from 25 m in utes
to a b o u t 8 m inutes, an d will cost, w ith connections, equipped, $12,000,000.



115

N early all of th is has been b u ilt, (c) R lv erb an k subw ay, from P a rk S t.
to C harlesgate, to relieve "the congestion on B oylston S t. an d to save 10
m in utes In ru n n in g tim e, a t an estim ated cost of $3,000,000. (d) M alden
& E v e re tt elev ated extension, w hich will red uce th e tim e from S ullivan
S quare to M alden S quare from 16 m in u tes to 6 m in utes, an d com plete 11
con tinuo us m iles of d o ub le-track elev ated ro ad , n o rth a n d so u th . T he
cost, w ith o u t eq u ip m en t, will be $3,500,000.
Perm anent Investm ent Increased fro m $25,960,000 to $81,440,400 in 1909.
1898— W h en B oston E lev ated too k c h a rg e _____________________$25,960,000
1901— W ith T rem o n t S t. subw ay a n d e qu ip. ($4,113,000),
original elev ated system ($20,330,300) a n d ad d itio n to su r­
face lines ($2,300,400), a d d e d ------------------------------------------------- 52,703,700
1904— W ith E a st B oston tu n n el and equ ip. ($3,527,600) a n d
ad d itions to surface lines ($4,273,500) a d d e d ------------------------- 60,500,800
1908—
W ith W ash ingto n S t. tu n n el and equ ip. ($9,723,500)
and ad d itio n s to surface lines ($3,211,600), a d d e d ----------------- 73,439,900
19 0 9 —
w ith F o rest H ills elev. e x t. ($3,153,300), ad d itio n s to
surface lines ($2,989,800) an d am o u n t alread y sp en t on
au th orized ad d itio n s ($1,857,400), a d d e d ------------------------------ 81,440,400
A dditio ns fo r the Following 5 Years to 1914 E stim ated at $31,192,000.
[The above to ta l allow s for $1,857,400 a lread y sp en t.]
Beacon H ill tu n n e l______ $2,250,000 R lv erb an k su b w a y ______ $3,000,000
C am bridge su b. & te r m .. 7,500,000 Pow er sta tio n s A e q u ip .. 7,500,000
E ast C am bridge elev. e x t. 4,300,000 Surface lines_____________ 5,000,000
M alden elevated extension 3,500,000 Less s p e n t____$1,857,000
Increase in po pu latio n to 1914, e stim ated . 43% ; Increase In perm an en t
Investm en t to 1914, estim ated , 336% .
R E S U L T S OF O P E R A T IO N S .
9 M os. end.-----------Years ending Sep t. 30----------J u n e 30 TO.
1909.
1908.
1907.
R evenue m iles r u n _____ 39,296,522 51,127,681 51,857,889 52,061,569
R evenue pass, c a r r ie d ..220,127,890 281,008,471 273,132,584 271,084,815
E arnings—
$
13,628,383 13,546,779
P assenger .................
10,984,441 14,024,768
331,044
406,187
330,205
M alls, ren tals, a d v ., A c.
261,182
138,041
116,108
58,201
In te re st on deposits, Ac.
138,064
T o t a l ............................. 11,383,687 14,493,853 14,074,686 14,011,167
O perating E xpenses—
983,996
947,967
999,285
862,443
G e n e ra l------------------------M aintenance—
1,060,660
782,846
1,415,478
831,538
R o ad a n d b u ild in g s..
736.871 1,042,855 1,144,750 1,011.634
E q u ip m e n t.....................
T ran sp o rtatio n ------------ 4,890,544 6,030,866 6,578,822 6,590,855
9,454,385 9,647,145
T o ta l oper. exp en ses. 7,321,397 9,488,484
4,062,290 5,005,369 4,620,311 4,364,022
D eductions—
650,319
668,280
680,180
510,135
I n t. on W est E nd d e b t..
525,509
574,113
631,116
468,032
T axes, W est E n d ---------318,189
294,017
293,488
342,418
T axes, B oston E lev ated
123,276
117,189
139,171
106,239
C om pensation ta x ...........
207,273
205,522
186,792
R ental of su b w ay ---------- £138,623 1,290,410
1,270,841 1,200,874
967,808
D lvs. on W est E nd stock
D ividends on Som erville
9,180
9,180
9,180
6,885
H orse R y ____________
40,362
41,283
46,566
36,278
R e n t. O ld C. S t.R y .,A c .
306,389
348,137
378,909
In t. on B o s.E l. fund d eb t, j/281,002
254,924
255,000
W ash’to n S t. tun nel ren t
51,371
51,685
53,216
41,674
E a st B oston tu n n el re n t
100,000
200,000
200,000
D epreciation fu n d -------3,154,094 4,163,952 3,780,247 3,532,743
840,064
831,279
841,417
908,196
4 ^ )8 9 7 ,7 5 0 (6)802,503 (6)798,000 (6)798,000
33,279
42,064
38,914
10,446
S urplus for y e a r.
a; A fter ded ucting $20,190 collected from th e B oston & N orthern R y .
V A fter ded ucting accrued In t. charged to c o n stru ction a c c t., $135,998.
B A L A N C E SH E E T BO STO N E L E V A T E D R Y .
June 30 TO Sept.30 ’09
June 30 TO Sept.30'09
Liabilities—
?
$
Assets
$
$
Capital stock_____19,950,000 13,450,100
Construction,equip­
m ent, Ac............32,459,200 27,025,793 Stk. subscriptions................... 4,520,075
Cash ....................... 2,767,108 3,902,566 Funded debt........13,300,000 13,300,000
Vouchers A accts. 601,945 661,627
Bills and accounts
receivable____ 647,046 2,535,078 Salaries and wages 164,507 147,658
Dlv. and coupons. 37,713 139,712
Bonds deposited
with S tate____ 500,000 500,000 Rentals unpaid__ 256,000 389.205
do not due__ 265,868 151,671
Materials and sup­
p lie s .................. 1.662,533 1,097,860 Int Ataxes not due 1,285,578 1,326,018
32,773
29,286
lnsur., Ac.. funds
__ ____ Tickets,checks,Ac.
End lease ac­
Investm ent___ 1,135,750 1.535,810 West
counts ________ 1,207,202 1,207,202
West End open
919,425
acco unts............ 845,483 845,483 Damage f u n d ___ 987,285
753,640 705,567
Property account. 3,158,515 2,898,514 Insurance fund__
hind 900,000 900,000
Stocks and bonds. 208,011 208,011 Depreciation
Dividend reserve. 299,250
Somerville Horse
from sale
R ailro ad ............ 102,851 102,851 Premium
1,932 of stock A bonds 2,703,273 2,053,283
OldColony St. Ry. 17,249
Surplus .................. 762,198 749,581
T o ta l....... ...........43,503,747 40,653,898 T o ta l...................43,603,747 40,653,898
—V. 91, p. 869.

H. B. Glaflin Go.
(Report for the Season ending Dec.

P r e s id e n t J o h n C laflin s a y s :

31

1 9 1 0 .)

T he retail trad e of th e c o u n try for th e y e a r 1910 w as m o derately satis­
facto ry and it is ano m alou s th a t for th e 12 m o nth s m an ufacturers and
w holesalers of tex tiles should h a v e foun d It difficult to o b tain o rdin ary
profits. If It were no t for possible tarltf d isturbances, we should expect
Im proving con dition s In th e n e a r fu tu re.
IN C O M E A C C O U N T H A L F -Y E A R E N D IN G D E C . 31.
B alance.
— Interest and D ividends—
S ix M os. to
N et
S u rp lu s.
Com. Stock.
P ref. S to ck.
Dec. 31—
E arn ings.
(4) $1 53,164 def .$69,976
$142,126
1 9 1 0 __________ __— $225,314
83,216
(4)153,164
142.126
1909 ..............
378,506
15,397
(4)153,164
142.126
1908 ..............
310,686
209,709
(4)153,164
142.126
1007
504,999
113,829
(4)153,164
142.126
1906 I I - . ..................... 409,118
208.20
(4)153,164
142.126
1905 ............................... 503.493
IN C O M E A C C O U N T Y E A R E N D IN G D EC . 31.
$284,252
(8)$306,328
d ef.$158,691
..................$431,888
. .
.
1010
79,759
1009 ' ”
____ 670,339
284,252
(8)306,328
1908
. . 303,250
284,252
(8)306,328 def .287,329
368,694
1007 .................. . . 959,274
284,252
(8)306,328
170,797
1000 ..................... . . 761,377
284,252
(8)306,328
230,847
1905
1 ! ____ 821,427
284,252
(8)306,328
B ALA N C E SH E ET DECEM BER 31.
1909.
1910.
1909.
1910.
$
Liabilities—
$
$
.................2,48S1,479 2,033,957 First pref. sto ck .. 2,600,300 2,600,300
2,570,600
D ividends______ 171,332
171,332 Second pref. stock 2,570,600 3,829,100
Bills receivable__ 1,913,862 2,181,204 Common stock__ 3,829,100
Open accounts___ 1,497,061 2,065,126 Open accounts___ 4,239,042 8,775,140
M erchandise------- 6,610,555 11,117,437 Foreign exch., Ac. 269,500 465,500
Store p ro p e rty .... 2,739,182 2.739.182 Surplus reserve__ *1,776,500 1,781,999
27,197
27,197 Profits during fall. 225,314 378,506
tSbsass. Sjffi 65,710
T otal....................15,510,356 20,401.145 T otal.....................15,510,356 20,401,145
* Deducting $69,976 deficit for fall season, leaves $1,706,524 surplus after provid­
ing for Interest on pref. stocks to Dec. 31 and dlv. on com. stock declared in Jan.,
payable Jan. 15 1911. “Total dividends to date. $11.688,573.”—V. 91. p. 156.

THE CHRONICLE

116
S w if t & C o m p a n y , C h ic a g o .

(Report for Fiscal Year ending Sept.

30 1 9 1 0 .)

P r e s id e n t L . F . S w ift , in h is s ta t e m e n t t o th e s t o c k h o ld e r s ,
s a id in s u b s t a n c e :

Sw ift & C o m pan y’s resu lt sheets show less th a n 3% pro tit on sales d u rin g
1910. T his p ro tlt is m ad e on b y -p ro du cts, w hich w ere w asted before we
h ad learned how to utilize them by th e aid of m odern m achinery a n d scientitlo han d lin g . T here is no in d u stry in w hich th e selling price follows the
co st m ore closely a n d w ith so sm all a m argin of profit. D uring periods of
sh o rt su p p ly , a n d con sequen tly higher prices for live stock a n d finished
p ro d u c t, th e consum er m ay be dissatisfied and criticizes th e packer- b u t th e
fac t is th a t w ith v aryin g costs and vary in g selling prices the p acker’receives
a unifo rm ly sm all m argin of profit on sales. W hile our profit is un der 3%
on sales for th e y ear, we believe, considering all conditions, th a t tills re­
su lt is sa tisfac to ry .
T h e rep o rts show th a t a record corn crop has been harv ested in th e
U n ited S ta te s, w hich should lie very g ratify ing to cattle-raisers and packers,
a n d I believe th e prospects for th e year to com e are reaso nably good
W o a re obliged to p ay higher prices for raw m aterial th a n form erly, and
it ta k e s m ore c ap ita l for co n stru ctio n of p lan ts a n d buildings and th e o p era­
tio n of facilities necessary to h an dle a n d keep ou r various p rod ucts up to
th e hig h sta n d a rd dem an ded by our custom ers and G overnm ent req uire­
m en ts; a n d yo ur bo ard of directo rs th in k it advisable th a t th e c ap ital sto ck
be increased from $00,000,000 to $75,000,000. (V. 92, p. 61.)
• •
................ A b s t r a c t o f S t a t e m e n t b y T r e a s u r e r L . A . C a r t o n .
• T h e p a st year w as a record one as regards prices, particu larly of live sto ck
p rep ared for m a rk e t, a n d in M arch 1910 prim e steers b rou gh t $8 85 per c w t.,
prim e sheep b ro u g h t $9 30 per c w t., prim e lam bs b rou gh t $10 60 per cw t.,
p rim e hog3 b ro u g h t $11 20 per cw t., live w eight. T he ad v an ce in prices
w as n o t, by a n y m eans, confined to live stoclc, b u t is reflected in our
o th e r ex p en d itu res, various in m u ltiplicity.
O ur sales exceeded in th e agg regate $250,000,000 per an n u m , altho ugh
E u ro p e cam e in as a co m paratively poor custo m er, being, a p p are n tly , able
to su p p ly h er w ants in our line in cheaper m arkets, 'l'iic tu rn -o v er m en­
tio n ed , in con junctio n w ith prevailing conditions, involved th e use of en­
larged sum s of m oney for tw o or m ore reasons (1) th e higher c is t of every­
th in g , (2) a n o th e r, the relu ctan ce of custom ers to ta k e beyond th e ir im m e­
d ia te w an ts, necessitating o u r c arrying large stocks of m erchandise.
■ O P E R A T IO N 3 F O R F IS C A L Y E A R S E N D IN G OCT. 1.
........................................... 1909-10.
1008-09.
1907-08.
1906-07.
B usiness • • J "O v er
"O v er
“ O ver
“ O ver
d o n e ....................... J$250,000,000 $250,000,000 $240,000,000 $250,000,000
D ivs. (7 % )________ 4,200,000
4,025,000
3,500,000
3,500,000
A dded to su rp lu s. .
2,350,000
4,000,000
2,800,000
2,703,995
A dded to res. fu n d .
309,175
783,295
1,306,114
96,824
T o t a l ....................... $7,359,175 $8,808,295 $7,606,114 $6,300,819
B A L A N C E S H E E T OCT. 1.
1910.
1909.
1908.
A ssets—
S
3
3
R eal e sta te , lm p ts., lnolud. b ra n c h e s. 29,789,309 28,640,646
28,751,026
H orses, w agons a n d h a rn e ss_________
152,454
139,833
132,378
S to ck s a n d bo n d s____________________ 17,688,110 17,356,084 13,486,800
C a s h _________________________________ 5,308,761 3,308,235 3,107,601
A ccounts receiv ab le_________________ 38,992,183 36,433,482
33,418,734
Hive c attle , sheep, hogs, dressed beef,
• &o., on h a n d ______________________ 33,795,489 27,046,016 22,169,003
• T o ta l a s s e t s . . . ............................ ............125,726,306 112,924,296 101,065,542
L iabilities—
C apital sto ck p aid In................................. 60,000,000 60,000,000
000,000
B onds __________
5,000,000 5,000,000
000,000
R eserve for bond In te re st___________
62,500
62,500
62,500
Bills p a y ab le ...................
24,404,750
716,843
A ccounts p a y ab le ____________________ 7,716,801 13,882,200
8,596,517
686,415
R e s e rv e ..................................
3,692,255 3,383,079
3,383,079 2 599,784
S u rp lu s.............................
24,850.000 222,000,000
18 0 0 0 ,0 0 0
2 , 0 00 ,0 0 0
T o ta l liabilities........................................125,720,306 112,924,296 101,065,542
— V . 92, p . 61.
g£]

L a w y e r s ’ M o r t g a g e C o ., N e w Y o r k .
1 9 1 0 .)

{Report for Year ending Dec. 31

£S,Tho r e p o r t o f P r e s id e n t R ic h a r d M . H u r d fo r th e la te
fisca l y e a r is p u b lis h e d in th e a d v e r tis in g p a g e s o f t o - d a y 's
“ C h r o n ic le .”
T h e rep ort show s:

n o N S FOR C A LE N D A R Y E A R S.
■ 1910.
■ 1909.
■ 1908.
1907.
■ • 5
»
$
$
34,495,430
35,333,294 27,152,558 20,316,677
20,977,480 17,908,748 13,554,349 11,091,102
H O t,220,424 94,702,480 77,277,934 63,679,725
Income rom—
504,559
410,888
P rem ium s for gu aranties
340,300
296,310
262,427
235,925
In te re st on m o rtg ag es..
219,619
190,372
16,781
7,362
R en ts, com m issions, &c
10,012
8,130
783.767
654,175
Gross earn in g s_______
569,931
503,812
E xpenses—
19,000
19,000
R e n t___________________
12,984
8,562
86,025
S a la rie s ______ ________
102,205
71,910
64,889
A dv ertisin g ___________ 1
14,409
14,404
/ 10,671
8,595
S ta tio n ery ____________ . /
\ 3,111
2,944
25,969
T axes a n d gen. expenses"
25,414
21,057
17,631
145,998
Gross expenses .
161,028
119,733
102,622
508,177
622,739
450,198
N et earn in g s_____
401,190
(12)480,000 (12)390,000 (10)250,000 (10)250,000
B alance, su rp lu s-------142,739
118,177
200,198
151,190
N ote.— In ad d itio n to th e cash earnings a rc th e un earn ed prem ium s,
w hich consist of th e c o m p an y ’s c o n tra c t profit of ^ of 1% per annum on
o u tsta n d in g m ortgages from th e d a te of th e a n n u al sta te m e n t to th e m a­
tu rity of th e m ortgages. T hese u n earned prem ium s, w hich as fu tu re profits
a re n o t carried as assets, h av e increased as follows: J a n . I 1903, $103,555Ja n . 1 1904, $149,257; J a n . 1 1905, $279,948; J a n . 1 1906, $449,200; Ja n . 1
1907, $591,508; Ja n . 1 1908, $701,204; Ja n . 1 1909, $836,115; Ja n . 1 1 9 1 0 ,
$1,036,961; J a n . 1 1911, $1,251,679; to ta l n e t Increase since Ja n . 1 1903.
$1,148,124.
B A L A N C E S H E E T D EC . 31.
1910.
1900.
1910.
1909.
A ssets—
$
$ •
Liabilities— ■ $
5
N . Y . C ity m tges5,377,496 5,544,348 C a p ita l............... ..4 ,0 0 0 ,0 0 0 4,000,000
A ccrued In terest 243,048
.............. .Surplus__________2,000,000 2,000,000
Co’s B rooklyn
U ndivided p ro f. 390,508 247,745
b ld g ., c o s t.__ 175.000 175,000 M tgcs. sold, no t
R eal e sta te _____ 117,020
d e liv e re d ____ 595,540 695,931
C a s h ........................1.115,053 1,224.328 R es. for p repaid
prem iu m s,& c. 41,568 ______
T o ta l------ - ...7 ,0 2 7 ,6 1 7 6,943.676 T o ta l................7,027,617 6,943,676
• m e re are 8,009 gu aranteed loans o u tsta n d in g (sec " o p e ratio n s” abo ve).
i n n era?
M a ntoh a$17,000.—
tta n am o uVn.tin91,
g pto. 92.
$31,500, In B rooklyn to
$5,700
a n d Ciin TP*
th e Blnronx

GENERAL INVESTM ENT NEW S,

RAILROADS, INCLUDING ELECTRIC ROADS.
Ann Arbor Company.— Further Facts.— T h is h o ld in g c o m ­
p a n y , in c o r p o r a t e d at D o v e r , D e l., o n J a n . 5 , h a s $ 7 ,2 5 0 ,0 0 0

o f a u t h o r iz e d c a p ita l s t o c k , o f w h ich .$ 4 ,0 0 0 ,0 0 0 is p r e f. a n d




[VOL. LXXXXII.

$ 3 ,2 5 0 ,0 0 0 c o m m o n ; p a r o f sh a res $ 1 0 0 . T h is s t o c k w ill b e
o ffe r e d , sh a re fo r sh a re , b o th c o m m o n a n d p r e f., fo r th e s t o c k
o f th e A n n A r b o r R R . C o ., w h ich a lso co n sists o f §4 0 0 0 000
p r e f. ( 5 % n o n -c u in .) a n d S 3 ,2 5 0 ,0 0 0 c o m m o n , in c lu d in g th e
$ 3 ,0 0 1 ,0 0 0 c o m m o n a n d $ 2 ,1 9 0 ,0 0 0 p r e f. b id in a t a u c tio n
N o v . 25 1910 b y J o s e p h R a m s e y J r. o f N . Y .
T h e n ew
c o m p a n y , w e are in fo r m e d , w ill n o t ta k e o v e r th e $ 5 ,0 0 0 0 0 0
c o n s o ls o f th e D e tr o it T o le d o & [r o n t o n , w h ich w ero a ls o
p u r c h a s e d b y M r. R a m s e y .— V . 9 2 , p . 5 9 .

Status—

A t la n t a B ir m in g h a m & A t la n t ic R R . —
N o p la n
o f r e o r g a n iz a t io n , w e le a rn , is lik e ly to b e issu ed in th e im ­
m e d ia te fu t u r e , th e tim e f o r m a k in g s u ch p la n h a v in g b een
e x t e n d e d f o r 18 m o s . fr o m N o v . 1 ‘ 19 1 0.
A
d a ted
O c t . 20 1910, b u t n e v e r b e fo r e p u b lis h e d , s a y s:

circular

Notice to Depositors o f Securities, Obligations and Certificates under P ro„
,
tective Agreement o f M an 1 1909.
m n n i g,c ncny com m ittee” under th e protective agreem en t d a te d M ay 1
1909 desires to inform you th a t a m ajo rity of th e several securities d eser bed in said agreem ent has been deposited w ith th e com m ittee
I jo in t notes (luc Mciy 1 1910 were piilcl in D<irt l)v th e s/ilo of th e par
tr u s t certificates w hich w ere held as collateral th e reto , and th e p ay m ent of
tcitllCro.a
n? e
principal of th e notes w as extend ed un til M ay 1 1912
5/o ?interest.
T he railroad has been com pleted to Alulga and connections havo been
m ade w ith th e term inal in B irm ingham ; b u t th e entire line lias been op­
erated only since Ju n o last. T he vessels of th e B runsw ick SS Co hav e
been disposed of to tne A tlan tic Gulf & W est Indies SS. Co. and a co n tra c t
en tered Into by w hich th a t com pany agrees to provide til-w eekly saillnes
or
ilar to those of th e Clyde L ine, and to increase th e service
as steam
trad e ers,
demsim
ands.
T he earnings of th e railroad h av e recently fallen below th e am o u n t an­
ticip ated , ow ing, as th e com m ittee Is inform ed, to the lateness of th e
season a n d th e consequent delay In m ovem ent of prod ucts.
I he B irm ingham Coal & Iro n Co. has been tak e n o u t of b a n k ru p tc y a t
th e Instance of th e com m ittee and its Interests hav e since been carefully
th ? Cfirly„ sp,rlnK' th<3 Prospects for satisfacto ry business
i1? mA,ine,
pr11, resulting
how ever, ina loss
serious
explosion
occurred
a t thtoe
M ulga m ine, the Achief
of life
and h eavy
dam age
th e p ro p e rty , w hich w as covered by insuran ce. E v ery effort has been
m ade to le p a ir th e pro p erty and restore it to a norm al condition; b u t delays
hav e been encountered w hich have reta rd e d th e w ork, a n d th e m lno Is n o t
y e t (on O ct. 26) restored to full w orking cap acity .
W hile considerable progress has thus far been m ade In conserving th e
prop erties, the conditions have n o t afforded a fair o p p o rtu n ity to Judge
of th e ir earnin g cap acity . As a consequence of th e delays, and for th e
reasons above no ted, th e com m ittee hereb y gives notice th a t th e tim e fon iald ng a plan effective un der said agreem ent is hereby extend ed for a
period of 18 m o nth s from N ov. 1 1910. [Signed: F rederick A yer, S am uel
C arr, Jo int I. W a te rb u ry and E dw in S. M arston.]— V. 91, p. 9 4 5 .

Decision.

( A t la n t ic C o a s t L in e R R . —
— T h e U . S. S u prem e
C o u r t o n J a n . 3, in a s u it fo r d a m a g e s b r o u g h t b y th e R iv e r ­
sid e M ills a g a in s t th e c o m p a n y in th e U . S . D is t r ic t C o u rt
f o r th e S o u th e r n D is tr ic t o f G e o r g ia , h eld c o n s t it u t io n a l th e
C a r m a c k a m e n d m e n t to th e I n t e r -S t a t e C o m m e r c e A c t ,
m a k in g th e in itia l ca rrie r in in te r -S t a t e c o m m e r c e lia b le o n
th r o u g h b ills o f la d in g fo r d a m a g e s to s h ip m e n ts o c c u r r in g
th r o u g h th e n e g lig e n c e o f th e “ fo r w a r d in g c a r r ie r .”

T he bill of lading on w hich th e sh ipm en t w as m ade exem p ted tho com ­
p a n y as forw arding carrier from liability beyond its term inal p o in t. T he
C ourt (Justice L urion w riting th e opinion) held th a t th e am end m ent m ade
it Im possible for a carrier th u s to exem p t itself from liability by c o n tra c t.
Tlie am end m ent, it is said, does no t violate the co n stitu tio n al g u a ra n ty of
freedom of co n tract a n d Inter-S tate com m erce. T he decision, it is sta te d
Is regarded as one of the m ost im p o rta n t in th e Interest of the sh ipper th a t
has
1389.been
1338.handed dow n by th e Suprem e C o urt.— V. 91, p . 1383, 1384,
B e n n e t ts v ille & C h e ra w R R . —Bonds Offered.— I la m b le t o n
& C o ., B a lt im o r e , are o ffe r in g , a t 96 a n d in t ., y ie ld in g o v e r
5)4%, th e u n s o ld p o r tio n o f $ 1 5 0 ,0 0 0 1 st M . 5 % s in k in g fu n d

g o ld b o n d s , d a t e d J a n . 1 1911 a n d d u e J a n . 1 1941.
M er­
ca n tile T r u s t & D e p o s it C o. o f B a lt o ., tr u stee.' I n t . J . & J .
A first a n d c lo s e d m o r tg a g e o f $ 1 5 0 ,0 0 0 u p o n all th e p r o p ­
e r t y o f th e c o m p a n y , in c lu d in g e q u ip m e n t , real e s ta t e , & c .,
n o w o w n e d o r h e r e a fte r a c q u ir e d .
A c ir c u la r s a y s :

Tlie com pany now op erates a stan d ard -g au g e steam railro ad ’H rom E ollocks, S. C .t on th e S eaboard A ir Line, through B ennettsville, S .C . (where
connection is m ade w ith th e A tlan tic C oast L ine), to B row nvllle, S. C.,
ab o u t 34 m iles. A t B row nvllle It ow ns valu ab le term inals a n d real e sta te.
From Brow nvllle th e road will be extend ed so m ethin g over 11 m iles to
Sellers, on th e m ain line of th e A tlan tic C oast Line, so as to form a d ire ct
link 45 miles In length betw een tile S eaboard A ir L ine a n d th e A tla n tic
C oast Line.
T he proceeds of tills bond issue will be used to build th e extension o u t­
lined above, to liqu idate all th e Indebtedness, and provide am ple w orking
c ap ital. T he cap ital stock Is $125,000, and rep resents a ctu al casli paid in.
I t is fu rth er sta te d th a t the present ow ners hav e already expended ab o u t
$225,000 on the pro p erty , 'l'hls bond Issue of $150,000 rep resents a p ­
prox im ately only $3,000 per m ile.
T he line of tlie railroad extend s n o rth and south th e entire leng th of M arl­
boro C ounty, S. C. W hen extend ed it enters Dillon C ounty, paralleling
th e G reat Fee Dec Itiv cr. G eneral M anager H enry A . P age w rites: T he
C ounty of A larlboro Is w idely know n as one of tlie rich est counties In th e
S o u th . D uring th e season ju s t closed our road han dled a little m oro th a n
25,000 bales of co tto n a n d 15,000 tons of fertilizer. As now op erated , the
road controls and will m ove In 15 to 20 years a b o u t 400,000,000 feet of
tim b er. W hen extend ed , double tills q u a n tity . W e bo ug ht th is road
ab o u t Alarch 1 1907 and hav e been building It up g rad u ally , betterin g its
condition and its business.
E arnings for Years ending J u n e 30—
1910.
1909.
1908.
Gross earn in g s________________________
$78,096 $57,850 $38,875
N et earnings (after ta x e s)______________________ $34,380 $18,440 $11,022
T he n et earnings for 1910 are $34,380, or over ttiree tim es tho a m o u n t
an n ually required to p ay both in te rest ($7,500) a n d sinking fund ($3,000
per a n n u m ), w ith o u t takin g Into con sideration a n y lum ber sh ip m en ts,
w hich have only recently begun, nor th e bencllts to be derived from th e
extension to th e so u th . Tlie p ro p e rty Is m anaged by H enry A . Page of
A berdeen and is controlled by him a n d his associates, m en of financial re­
sp onsibility a n d excellent stand ing .

Bonds Offered in Paris.

B in g h a m
C e n tra l R y . —
— La
B a n q u e L illo is e , P a r is , a n d its b r a n c h e s , a r c r e c e iv in g s u b ­
s c r ip tio n s a t 4 8 9 fr . 2 5 c . fo r 9 ,7 5 0 1st M . 6 % g o ld b o n d s o f
$ 1 0 0 (o r 5 15 fr a n c s ) e a c h , d u e A p ril 1 1948, b u t s u b je c t to
call as a n e n tir e issu e, o r fo r s in k in g fu n d a t 105 a n d in te r e s t,
b e g in n in g A p r il l 1912.
C ou pon s A .
O . in N . Y .
T ota l
a u t h o r iz e d , $ 3 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 9 7 5 ,0 0 0 .
T r u s te e ,
M e t r o p o lit a n T r u s t C o ., N e w Y o r k .

&

T he com pany w as org. In 1907 w ith $3,600,000 of a u th . capita! sto ck ,
of w hich th ere is now o u tstan d in g a b o u t $2,599,000, consisting of $1,624,000
com m on an d $975,000 6% pref. (par of shares $100), all it Is sta te d , held
by Individuals. A uthorized to build and o p erate a railroad from S alt L ake
C ity so u th to B ingham an d thence to tlie neighboring m ines. H as now in
o p eration ab o u t 5M m iles of 3-ft. railw ay, using electric pow er (of w hich
a little over 3 m iles Is tu n n el), ex tend ing from L ark to M ines, U ta h .
B egan business J a n . 1 1910, chiefly tran sp o rtin g ore for tho B ingham
Alines C o., F o rtu n a .Mining Co. a n d Ohio C opper Co. th ro u g h connection
w ith th eir A lascottc tu n n e l. • A drian C. Ellis J r . Is Pres, and Vf. T G u n ter

THE CHRONICLE

J an . 14 1911. j

117

Islan d anil steam sh ip linesdand railro ad ferries on th e N orth R iv er. T he
Sec. b o th of S alt L ak e C ity. F . A. H elnze is understood to be ^ e r rate d . estim
ated ex p en d itu re of th e com pany In carrying o u t th e p lan w ould
be
a b o u t $30,000,000.— V. 91, p . 1511, 1710.
_
T
he
Issue
of
bonds
Is
lim
ited
as
follows:
(1)
^
^
rn
°
n
n
n
Snnr
ndle?
of
com
(2) $1,000,000 a t $02,500 for each 80 rods ($250.0001 per mile) of com
B
u
ffa lo & S u s q u e h a n n a R R . — Deposit of Bonds.— T h e tim e
pletcd m ain line single-track narrow -gauge tun nel railroad 1
“ lctcf
distric t of B ingham C anyon: (3) $ 9 0 0 ,0 0 0 a t $30 ,0 0 0 i; . n. of ^ o m e n l s to d e p o s it “ first r e fu n d in g ” 4 % b o n d s w ith th e E q u it a b le
single-track
arde-track
-g au g e, 2d
railw
ay: (4)
.00 0rolling
fo _*d “.‘P ? n
(5) $500,000 stan
for dsid
track
term$ 250
inals,
sto ck . &c. 1 Hlnklng
o m ai t T r u s t C o . as d e p o s it a r y fo r th e c o m m it t e e ( A lv in \V. K r e c h ,
C h a ir m a n ), e x p ir e d J a n . 10, o v e r 8 0 % o f th e $ 9 * 5 1 0 ,0 0 0
fund
o
u
t
of
n
et
Incom
e
$75,000
yearly
beginning
A
p
O peratin g rev en ue S ept. 1 to Deo. 1 1010 (3 m o n in s/, gross,
gross, $28,845;
-p . - b o n d s h a v in g b e e n d e p o s it e d .— V . 9 1 , p . 1 7 6 5 , 2 1 4 .
o p eratin
g
expenses.
$8,207;
n
e
t,
5 2 0 .5 4 7
a
n
d
o
th
er
real
e
state.
Balance sheet July 31 1010.— A ssets.^ lu g n r ,rc,lerato r, $6,715; cash,
C a n a d ia n P a c if ic R a ilw a y C o .— Directors Propose to Put
$350,000;
tu n n e l$2,958;
a n d eqtoutaipl.., $3.033.o|8^
$ ■
’ oiTsets:
(see a b o vACt
e ),
$13,601; m lscel..
u u sc C ap. sto ck§15>840;
Dividend on 1 0 % Basis.— T h e d ir e c t o r s a t th e ir m e e t in g o n
M o ° / S & Z (gross'? $63,450; o p e , exp.
M o n d a y d e t e r m in e d th a t in v ie w o f th e p o s it io n o f th e la n d

of Stock Not to Be Transferred
without A uthority from MassachusettsLegislature. S ee I o s .

’J20B o I t o n & M a in e R R . - 5 1 %

R a ilr o a d H o ld in g C o . b e l o w — V . 9 1 , p . 1705, 102<S.

Bonds Offered.

B o s to n & N orth ern S treet R y .—
W in . A .
R e a d & C o ., N . Y . , B o s t ., B a l t ., C h ic , a n d L o n d o n , E . C .,
are o ffe r in g a t 9 2 % a n d i n t ., n e t t i n g 4 .3 7 % in c o m e , th e u n s o ld
P o r t io n o f th e ir b l o c k o f 8 2 ,0 5 0 ,0 0 0 1st M . r e fu n d in g 4 % g o ld
b o n d s , d a t e d 1904 a n d d u e J u ly 1 19 5 4.
A u th o r iz e d issu e,
8 1 5 0 0 0 ,0 0 0 ; o u ts ta n d in g $ 4 ,0 1 8 ,0 0 0 .
L e g al in v e s t m e n t , it
is s ta t e d , fo r s a v in g s b a n k s in M a ss., N . H ., R . I . a n d M ain e,
a n d f o r life in su ra n c e c o s . in N . Y . , M ass, a n d C o n n .
A
c ir c u la r s a y s in p a r t :

g r a n ts a n d o t h e r e x t r a n e o u s a ssets o f th e c o m p a n y , it w o u ld
h e r e a fte r b e th e p o li c y t o d e c la r e d iv id e n d s a t th e r a te o f 3 %
y e a r ly ( % o f
% q u a r t e r ly ) fr o m in te r e s t o n p r o c e e d s o f
d e fe r r e d p a y m e n t s fo r la n d sa les, m a k in g
% % q u a r t e r ly
o n th e c o m m o n s t o c k , o r a t th e r a te o f
% per ann um .
T h e first d iv id e n d a t th is r a te w ill, it is e x p e c t e d , b e d e c la r e d
a b o u t th e m id d le o f F e b r u a r y , p a y a b le A p ril 1.
In A u gu st
th e ra te w a s in c r e a s e d f r o m 7 % t o % .
T h e p r in c ip a l o f la n d
sales is n o t u sed fo r d iv id e n d s .

1

2
10

8

Previous D ividend Record o f Common Slock (Since 1899).
p ro m
’00. ’01. ’02. ’03. ’04 to '06. '07 t o '0 9 . 10. J a n . 11
R ailroad e a rn in g s .. 5 R 5 5 5 R 6 yearly . 6 yearly . 6 R I X q u .
X qu.
L an d sales in te re s t................................................................. 1 yearly . 1
— V . 91. p . 1384.
C e n tra l P a r k

N orth

&

E a s t R iv e r R R . ,

N ew

Y o r k .—

rganizedrailw
In 1859
& B ostonsu Ub sta
R . nCo.
r^ et railw
r°,ffw ay
a$ Transfers Ordered.— T h e P u b lic S e r v ic e C o m m is s io n o n
of Oelectric
ay traasc kL, ynn
em bracing
tia ly Nall oofwth e° Jstre
m ileage of N orth eastern M assachusetts; extend ing from I!os t on t h rou gl 1 J a n 10 m a d e a n o r d e r r e q u irin g a tr a n s fe r a r r a n g e m e n t,
L ynn , S alem , N cw b uryp ort, H averh ill an d m any o th er populous m an u­
factu rin g centres as far as L aw rence and Lowell, M ass., a n d N ashu a, in . n ., to b e e ffe c t e d o n o r b e fo r e F e b . 15, b e tw e e n th e 5 9 th S t.
lin e a n d th e S o u th S h ore T r a c t io n C o ., w h ich o p e r a t e s c a rs
a n d serving In all som e 50 cities a n d tow ns.
T he refun ding bonds are a 1st M. upon som e 82 miles and a refun ding
lien upon th e rem ain der of th e p ro p erty under th e m ortgage. 1 he prior o v e r th e Q u e e n s b o ro B r id g e .
Thp ro u te to be covered by th e jo in t service Is from 10th A ve. an d 59th
bonds now am o u n t to only $6,945,500 (all except one Issue being d u e b y
1924 and all by 1928), an d by cov en an t of this m ortgage th e y m u st be paid S t to an d over th e bridge to th e eastern term in u s in th e B o r o u ^ of Q ueens.
to be charged for th e jo in t service w as n o t specified in th e
a t m a tu rity . T he M ass, law provides th a t bonds o th er th a n tho se re­ T he ra te of
served for refun ding are Issuable In an am o u n t not exceeding th c fu lly paid- ord er.— V. 01, p . 1253, 790.
^
in cap ital stock a n d prem ium s th ereo n . T hus th e un reserved bonds of
C h e s a p e a k e & O h io R y . —Bonds Called.— T h e $3:59,000 1st
th is issue can n o t rep resen t In excess of 50% of th e cash In v estm en t.
C ontrolled th ro u g h ow nership of all th e com m on sto ck by th e M ass. n ice.
. 5 % b o n d s o f th e G re e n b r ie r & N e w R iv e r R R . , d a t e d
C om panies, w hich has o u tsta n d in g $20,oo7.400 p icf. sto ck , pay ing dlvl M
1 89‘> h a v e b e e n ca lle d f o r r e d e m p t io n a t th e C en tra l t r u s t
riondM of
ner an n u m . a n d $14,293,100 com m on sto ck .
T he B oston & N orthern has o u tsta n d in g , follow ing these bonds, 6% pref. C o ., 54 W a ll S t ., N . Y . C it y , o n a n d a ft e r F e b . 1 a t p a r a n d
sto ck $1 311,900; com m on stock on w hich 5% dividends are paid , $11.­ in t. T h e c o u p o n d u e F e b . I 1911 s h o u ld b e p r e se n te d fo r
043 200
A t 125 for th e pref. stock a n d 110 for th e com m on th ere Is an
p a y m e n t a t o f fic e o f J . IL M o rg a n & C o .— V . 9 1 , p . 1 / b o .
e q u ity follow ing th e refun ding bonds or $13,787,000.
Incom e Account fo r Years ending Sep t. 30.
C h ic a g o & E a s te r n I llin o is R R . — Listed.— T h e N . Y . S t o c k
1909-10. 1908-09. 1907-08. 1906-07
fiross revenues
$5,098,918 $4,798,295 $4,662,561 $4,630,306 E x c h a n g e h as liste d 3 1 ,0 0 0 ,0 0 0 a d d itio n a l 4 % “ r e fu n d in g a n d
N et incom c — : : : : : : : L 8 7 8 .086 1 . 0 9 3 , 2 1 7 1 . 0 9 7 , 2 0 , 0 0 4 .0 0 2 im p r o v e m e n t ” b o n d s , d u e 1955, w ith a u t h o r it y to a d d f io m
Balance, less ren tals & taxes 1,437.550 1.270,055 1,303,803 1,282,725
tim e to tim e $ 1 ,2 7 7 ,0 0 0 a d d itio n a l b o n d s o n n o t ic e o f s a le ,
In te re st on p rior liens______ 399,850
412,194
$890,070 $803,493 m a k in g th e to ta l a m o u n t t o b e lis te d $ 1 5 ,1 3 2 ,0 0 0 .
B a la n c e ....................
.--$ 1 ,0 3 7 ,7 0 0 $858,461
$87,040
$87,040
Of th e bonds, $253,224 w ere used for ad d itio n al equ ipm en t, $298,419 for
In te re st on 1st refun ding 4 s. $134,600 $110,146
188,600
148,528 ad d itio n s an d b etterm en ts an d $1,725,000 to p ay oil m atu rin g car tru s t
148,766
O th er Interest a n d deductions IQ j .007
obligations. T he proceeds of th e bonds will be used to reim bu rse th e com ­
N et divisible Incom e........... $708,033 $599,549 $015,036 $627,925 p an y for the cost of ad d itions, b etterm en ts an d eq u ipm en t, all of w hich
Bonds.—'T h e M a ss. R R . C o m m is s io n will o n J a n . 17 c o n ­ will he su b ject to th e lien of th e m o rtg age.
s id e r th e p r o p o s it io n to issu e $ 7 0 0 ,0 0 0 b o n d s .
.— S ee M a ssa c h u se tts E le c t r ic C o s. in
V . 0 1 , p . 1574, 1570; V .
, p . 1346, 7 7 4 .
B o s t o n R a ilr o a d H o ld in g C o .—
—
L e e , I lig g in s o n & C o ., N . Y . B o s . a n d C h ic ., a n d I lig g in s o n
& C o ., L o n d o n , a re o ffe r in g a t “ s lig h tly b e lo w p a r th e
c u m . p r e f. sh a re s, g u a r ., p r in . & d iv s ., b y e n d o r s e m e n t b y
th e N Y N . I I . & IL R R - C o .
P a r v a lu e $
. D iv s . p a y ­
a b le J a n . 10 a n d J u ly 10.
C a lla b le a t 110 a n d a c c r u e d d iv .
N o n -t a x a b l c in M ass. A c ir c u la r sa y s:

Consolidation, &c

88

Preferred Shares Offered.

4 /0

100

C apitalization (Com pany Incorporated in 1909 by Special A ct o f M assachusetts
L eoislature).
P ref. stock (now a u th .). $20,012,000; to be Issued for new BosC o m "stock (of whYch N ClY
& H . R U owhs $ L h0 0,50 0)$ s '.lo e ’sOO
° T lie p tef. stock Is’ preferred as to b o th assets a n d d iv s. a n d has no v o tln g
pow er. T he $20,422,500 pref. sto ck , w hen Issued, wlU be a flrst Ben on
$ 2 1 , 1 4 8 ,3 0 0 com . and $054,300 pref. stock of th e B. & M- H H -. or o v u
51%suofry thofe the
o u tsta
n d in g sto
B. t &beM.sold
sto ck
sV crreddw
lth o ur
ut
trea
H olding
Co.cka. n dT he
can no
or will
tia n sfc
n e u w itno
a u th o rity from th e M assachusetts L egislature.
Cn
T he N . Y . N . II. & I t. H R . Co. ow ns $3,000,500 of th e H olding Lo. s
comT he
m onB. stock
on troyear
l). since organization
.. n 1Hi9
„ tp<.s
& M. (which
has paidcarries
divs. ceach
1842 nt
a t rrate
averaging over 7% per y ear. It Is now paying 6% on bo th pref. and corn
stocks, so th a t th e H olding C o.’s a n n u a l Incom e a t th e present rate will b o a s
follows: div s. received on B. & M. sto ck , $ 1 , 3 0 8 , 1 .)0 , . ^ /0
$20,422,500 H olding Co. pref. sto ck , $ 1 , 0 5 6 ,9 0 °: su rp lus, $ 2 o b -5 0 .
n e equal
30 1910
e earnings
th e mBon. &sto ck
A /*. ‘V1 noir tho
p•ayF morenthteofyear
pref.ending
div s. Ju
w ere
to th
9.23%
for th eofcom
tn c
sam e period th e N. Y . N . II. * H . R R . Co. rep orted a balance of $10,730,874
a fte r p ay m en t oi all fixed charges a n d ta x e s.— V . 91, p . l o l l . o ia .

New President.

B r o o k ly n C i ;y R f t . —
-F r a n k L y m a n has
b e e n e le c t e d P resid en t to s u c c e e d E d w a r d M e r r itt, w h o
d e c lin e d r e - e le c t i o n .— V . 9 1 , p . 9 3 .
B r o o k ly n H e ig h t s R R . —
— B r o o k ly n
U n io n E le v a t e d 4 - 5 % b o n d s a n d K in g s C o u n t y E le v a t e d
% b o n d s w ill b e
% d on tw o d a y s m e a c h m o n th in
1911 b y th e B r o o k ly n H e ig h t s R R . C o a t So C lin to n S t .,
B r o o k ly n , N . V ., b e tw e e n 9 a . m . a n d 1 - m ., a s fo llo w s :

To Guarantee Bonds.

4

guaran

T-ui 1 6 and 3 oI A pril
Feb'. 15 and 28 M ay
M ch. 15 and 3 0 |Ju n e
— V. 90, p . 108.

14 and 2 $ IJu ly
15 and 31 A u f.
15 a n d 3 0 |S e p t.

11 and J l jO ot.
}j> au'd 30 N ov.
la a n d -9 |D e c .

Proposition to

16 a n d 30
15 anil 29
la a n a zu
.

B r o o k ly n R a p id T r a n s it C o .—
C it y .— 1 he
c o m p a n y o n J a n . 10 p la c e d b e fo r e th e P u b lic S e r v ic e C o m ­
m ission a p r o p o s a l in t w o p a r ts .

Earnings.— F o r

5 m o n th s e n d in g N o v . 30:

F ive
Gross
N et
Taxes
Other
Interest Balance,
P arninns E arninos. P a id . Incom e, & R entals. S u rplu s.
1910.’_____ $5,407,659 $1,715,833 $157,900 $387,989 $1,268,866 $077,056
1J?Mvidcnds on tile preferred sto ck a t th e ra te of 6 % per an n u m call for
$220,707 for th e 5 m o n th s.— V . 91, p . 1243.

Common Stock Dividends to

C h ic a g o & N o r t h w e s t e r n R y . —
d ir e c to r s h a v e d e c id e d to p a y th e
d iv id e n d s q u a r t e r ly h e r e a fte r o n th e c o m m o n s t o c k in ste a d o f
s e m i-a n n u a lly , a s h e r e to fo r e , on th e sa m e d a y s a s th e p r e f.
d iv s a re p a id -in J a n ., A p r il, J u ly a n d O c t .
t h e first d is t r i­
b u t io n o n th e n e w b a sis w ill b e m a d e in A p r il n e x t
T h e N . Y . S t o c k E x c h a n g e has lis te d $ 1 5 ,0 0 0 ,0 0 0
g e n . M . 4 % s , d u e 1987.
T h e r e w e ie p r e v io u s ly liste d
$ 3 0 ,2 7 1 ,0 0 0 g e n e ra l 3 % s .

Be Paid Quarterly.— T h e
Listed.—1

A n am o u n t of $1,835,000 general 3 'As w hich h ad been used for refu n d ­
Ing purposes, b u t w hich w ere held In th e trea su ry hav e been canceled.
P urposes for which the $15,000,000 B onds Listed have been Issued.
Issued to retire $ 1 2 , 0 0 0 ,0 0 0 prior bonds, th e m ortgages securing
th e sam e having been c a n c e le d -.................- - - - ............Vir.ATJ^ i^.u uu .
Issued for p erm an en t Im provem ents or ad d itio n s. Including
equ ipm en t a n d cost of elev ation of track s, second trac k and
a d d itio n al rig h t of w ay, subjeot to th e lien of th e m o rtg a g e .. 3,000,000

Earnings.— F o r

5 m o n th s e n d in g N o v . 30:

F ive
O perating N et Oper.
Taxes Other Interest.
L\alance
u/io Revenue. R evenue.
P a id . Incom e. Rentals,& c. fo r
10 10
^34 481 457 $10 924,012 $1,335,000 $911,745 $3,707,225 $6,<33,532
1909 3 3 817,100 11,571,877 1.140.000 959.458 3.817.213 7,589 254
D ividends a t th e rate of 7% on th e present am o u n t of com m on stock
o u tsta n d in g ($130,121,489) and 8 % on Hie $ 2 2 .3 0 ^ 0 0 pref. sto ck caU for
$3,795,210 and $740,500, respectiv ely, for th e 5 m a n tis , leaving a balance
su rplus for the 5 m o nth s in 1910 of $2,191,822

Neiv Treasurer.

— M . B . V a n Z a n d t , fo r m e r ly A s s is ta n t
T r e a s u re r a n d A s s is ta n t S e c r e t a r y , h as b e e n a p p o in t e d
T r e a s u re r to s u c c e e d R . 11. W illia m s , w h o retires o n a c c o u n t
o f ill-h e a lt h , A . S . P ierce s u c c e e d in g M r. V a n Z a n d t in his
fo r m e r p o s it io n s .— V . 9 1 , p . 1574.
C o lo r a d o
S o u th e r n R y .
—
P r o c t e r & B o r d e n , N e w Y o r k , o n J a n . 12 p u rch a s e d $ 1 ,4 0 0 ,­
0 0 3 “ r e fu n d in g a n d e x t e n s io n m o r t g a g e ” g o ld 4 % % b o n d s ,
d u e 1935, in te re s t p a y a b le M . & N .
T h is c o m p le t e s all th e
b o n d s a v a ila b le fo r sale in th e T r e a s u r y o f th e c o m p a n y n o w
a n d fo r s o m e m o n th s t o c o m e .

&

—Sale of Bonds to Close Gaps

T he urocccils from these bonds arc being used to com plete th e gaps In th e
S o uthern R y . from S o u th ern Ju n c tio n , Col., to W alsenburg
(1) T o o p erate th e F o u rth A venue S ubw ay, a t present u n d e r con stru c­ Colorado
n c tio n , o l a p p r o x 1m a t cl y 4 9 miles a n d ^ W e l l i n g t o n Col., to
tio n , w ith elev ated extensions to F o rt H am ilton and to « °n c y Isla .iL and Ju
C
heyenne,
W
yo., a p p ro x im ately 32 m iles.— V . 91, p. 1186, llo o .
connect u p th e form er W est E nd C ulver, Sea B each andl S o uth B rooklyn
C o o k C o u n t y T r a c t io n C o ., C h ic a g o — Stock Increased .—
steam lines a t or a b o u t the term inu s a t 43d S t., tn c present im ta “ Vc.
to FS ou bw
rt Hayam
ilton and
r YI1sS
foc oi
or actu
actu aall T h e c o m p a n y , w h ic h h as ta k e n o v e r th e lin es o f th e fo r m e r
SE tlcvS
as ted
p a rtlineof tot i cbe Feoxtend
u rth ed
A vc.
, clthci
by fiee% ^ttran
sfet
physical eo n nccb cn »f trac k s “ V S f l n c T o m C hurch A vc. to P rospect C h ic a g o C o n s o lid a te d T r a c t io n C o . o u t s id e o f th e c it y lim its ,
P ark tl ctc to c o n n e c tw ith » 4 " rack city -b u ilt subw ay th ro u g h F latbu sh h a s in c r e a s e d its c a p it a l s t o c k fr o m $ 1,000 to $ 3 0 0 ,0 0 0 .—
A v d to continue ov er M an h a tta n Bridge and then ce throu gh a 2 -track V . 9 1 , p . 1766.
.
C o n e y I s la n d & B r o o k ly n R R . — Coney Island Fare Deci­
8UlS d e n t 0!W lnta-h saysnth°c acceptan ce o L th e offer w ould a t com para.Iv c l^ sm a ll expense Teethe city furnish a 12-mllc rap id tr a m ro u te rom sion — T h e P u b lic S e r v ic e C o m m is s io n o n J a n . 10, b y a v o t e
th e N orth R iv er, M an h a tta n , to th e A tlan tic O cean. (of w hich »£P r° * 1. o f 3 to 2 , d is m is se d th e c o m p la in t m a d e b y o n e M o n h e im e r
m ately 10 m iles w ould be 4-trao kcd), extending thr ou stli th e ou 11y Ini, and
congested sections of B rooklyn in to th e business te rrito ry o fM a n h a tta n a g a in s t th e c o m p a n y to c o m p e l it t o g iv e a 5 -c e n t fa r e to
d connecting w ith th e principal vertical routes of trav el on M an n a ,ta




THE CHRONICLE

118

C o n e y I s la n d o n all d a y s e x c e p t S a t u r d a y s , S u n d a y s a n d
h o lid a y s .— V . 9 2 , p . 5 9 .

th e c o m p a n y ’ s p r o p o s it io n fo r e x t e n d in g its s u b w a y lin e s
a n d fa v o r in g th e c o n s t r u c t io n o f th e t r i-b o r o iw h ( “ c o m n e t itiv e ” ) ro u te .
'

°

Bonds Offered.

D a y t o n & M ic h ig a n R R . —
— W h it e , W e ld
& C o ., N e w Y o r k a n d C h ic a g o , a n d K isse l, K in n ic u t t & C o .,
N e w Y o r k , a re o ffe r in g b y a d v e r tis e m e n t o n a n o t h e r p a g e
th e u n s o ld p o r t io n (le ss th a n h a lf) o f a b lo c k o f § ,
c o n s o lid a t e d (fir s t) m o r t g a g e e x t e n d e d g o ld
>£s, d a t e d
Jan.
1911 a n d d u e J a n . 1 19 3 1, b u t c a lla b le o n a n d a ft e r
J a n . 1 1917 o n a n y in te r e s t d a t e a t 1 0 2 )^ a n d in t .
I n t . J .& J
A u t h o r iz e d , $ 2 ,7 2 8 ,0 0 0 .
T h e bank ers sa y:

4

1

1 000,000

F irs! lien on 141.8 m iles of m ain trac k , ex tend ing from D ayton to
T oledo, O hio, a n d form ing the m ajo r p a rt of th e m ain n o rth a n d so uth line
of th e C incinnati H am ilto n & D ayton sy stem betw een C incinnati a n d
T oledo, a t th e ra te of less th a n 519,500 per m ile. T his issue is follow ed bv
pref. sto ck g u aran teed 8% dividends, $1,211,250, a n d com m on stock guar­
a n te e d 3 Y i,,, div idend s, $2,396,9o0, to g eth er h av ing an aggregate m a rk e t
valu e close to $4,000 000. T he g u aran teed dividends a n d also th e in te rest
on th e D ayton & M ichigan bonds hav e been p ro m p tly paid during the
th irty y ears th e bonds hav e been o u tsta n d in g .
T h e D ayton & M ichigan R K . Co. Is leased in p e rp e tu ity to th e Cincin­
n a ti H am ilto n & D ayton H ail w ay Co., w hich gu aran tees th e p ay m en t of
princip al anil in te rest on th e bonds and also div idend s on th e stocks referred
to ab o v e. I he C incinnati H am ilto n & D ay to n K y. Co. is in tu rn controlled
by th e B altim o re & O hio H R . Co.— V. 91, p. 1446, 1327.

&

Oo.—Proposed Additional Bond Issue.

D e la w a r e
H u d son
— A n a p p lic a t io n , it is r e p o r t e d , is a b o u t t o b e m a d e to th e
P u b lic S e r v ic e C o m m is s io n ,
d D is tr ic t, fo r p e r m is s io n to
issu e b e tw e e n $ ,
and $
,
“ first a n d r e fu n d ­
in g " b o n d s .
T h e issu e is lim ite d to $ 5 0 ,0 0 0 ,0 0 0 , o f w h ich
$ 2 0 ,7 0 4 ,0 0 0 a re n o w o u t s t a n d in g .— V . 9 1 , p . 1766.

6 000,000

2

10 000,000

Application to Issue New Bonds

D e t r o i t U n it e d R y . —
— The
c o m p a n y h as a p p lie d to th e M ic h ig a n S ta te R a ilr o a d C o m ­
m iss io n e rs f o r a u t h o r it y t o issue .$140,000 b o n d s t o re fu n d
o u t s t a n d in g b o n d s .— V . 9 2 , p .
.

59

.—Offering of Convert

I d a h o & W a s h in g t o n N o r t h e r n R R
%
.— T h e G u a r a n ty T r u s t C o . o f N e w Y o r k , th e
tr u s te e fo r th e issu e, is o ffe r in g a t p a r a n d in t. a b lo c k o f

ible 6

Notes

1

1

Cf t n n rn n n n Ye f tiJ
b ^ 6 % n ° tCS' ”
T ° tal a u t h ' a ” d issu e d ,
.$ 1 ,2 0 0 ,0 0 0 , d a t e d D e c .
1910 a n d d u e D e c .
1915, b u t s u b ­
j e c t t o ca ll o n 60 d a y s ’ n o tic e o n D e c .
1912 a t 105 a n d in t .,
D ec.
1913 a t 104 a n d in t . a n d o n D e c .
1914 a t 103 a n d
in t.
In t. J.
D.
P a r $ 1 ,0 0 0 c * .

1

&

1

1

Convertible at Option o f H older into Capital Stock.

?r°™rp6e ? a ; ° ' % } 5 1811 De% U n S D“ j l 5l01:>
Abstract of Letter from President F. A. Blackwell, Spirit Lake, Idaho
,
Dec. 29 1910.

atultrac
owknsa nand
op erates exabtend
o u t ing
113from
m ilesMofaguires.
m ain
line ?orPi0^
(a n d 31tc<l,,in
m iles lof^07e x>tra
d sidings),
Id a h o , to N ew port a n d then ce th ro u g h th e valley of th e Bend Oreille R iver
In th e S ta te s of Id ah o an d W ash ingto n to M etaline F alls, W ash., and Clagsto nc branch, 7 m iles from Colem an Ju n c tio n to C lagstone Ju nction : this
b ranch op erated for freight only. T he road lias been bu ilt w ithin the p a st
1118 best
odern
stru ctio
b allasted
out
w ith 12 to 18 inchesall.of
of gravel
and mlaid
w ithcon75-lb.
steeln , rails
on th ethmrou
ainghline
P ractically a n o rth a n d so u th line, occupying for th e g reater p a rt of
its leng th te rrito ry th a t had previously been e n tirely w ith o u t railroad transp o rta tlo n . The bordering m o un tain s are covered w ith m agniilccnt tim ber
a n d th e co u n try is p a rticu la rly available for se ttle m e n t on account of its
n a tu ra l resources. A large p a rt of th e tim b er a d ja c en t to th e line is ow ned
or con tro lled by Interests identified w itii th e railroad. As this tim b er is
c u t th e c o u n try Is rap id ly placed un d er cu ltiv atio n , creating a m ore diverslIIed traffic. T he line connects w ith th e G reat N o rth ern R y .. Spokane
In te rn a l. R y. (Can. Pacific), N or. Pacific R y ., S p okane & Inland E m pire
R R . a n d Ch. M il. & P u g et S ound R y . (Ch. M il. & S t. P aul); connection to
be com pleted J a n . 15 1911. A t present th e I. & W . N or. operates from
G rand Ju n c tlu n to S pokane over th e S pokane In te rn atio n a l, b u t upon com p leto n of th e Ch. Mil. & P . S. term inals in S p okane, the track s of the la tte r
will bo used from M aguires to S p okane u n d er a fav orab le traffic agreem ent
U p to th e present tim e th e freigh t traffic has consisted largely of forest
pro d u cts, b u t w ith th e rap id se ttle m e n t of th e c o u n try a large am o unt of
general m erchandise freig h t, as well as considerable ton nage in fru it hav
an d o th er farm pro d u cts. Is developing. A t M etallnc Falls th e Inland P o rt­
land C em ent Co. Is building a 51,000,000 p la n t, to be com pleted A pril 1
1911; sh ipm en ts from this p la n t should add ab o u t $400,000 per annum to
our gross earnings. A t S p irit L ake an d lo n e arc situ ate d th e m ills of th e
P dn H andle L um ber Co. (paid-up cap ital $3,000,000), controlled bv in te r­
ests Identical w ith th e railro ad and hav in g an ann ual m axim um can aeitv
In m an u factu red lum ber of 150,000,000 feet, besides by -p ro du cts T here
a re also a b o u t 15 sm aller lum ber m ills along th e line. T he passem-Tr traffic
1$ profitable all th e year ro u n d .
C apitalization.
C apital stook— A uth orized, $5,000,000: w ith tru ste e to provide
for conversion of 0% no tes, 51,600,000; In treasu ry , $227 900rem ain d er in hands of p u b lic ___________________________
'«•» 1 7 2 inn
F r s t M. 5% b o n d s , due M ay 1932— A u t h o r iz e d , 55,000,000; c a n ’
’
c c lc d , $267,000; r e se rv e d fo r e x t e n s io n s a t n o t e x c e e d in g $30 000
p e r m ile , 51,343,060; r e m a in d e r In h a n d s o f th e p u b lic
’ $ 3 300 000
0%^convertible notes (entire Issue)_________________ ________
l ’200 000
T hese notes are issued to provide fund s to com plete p ay m en t for th e road
a n d Its eq u ipm en t. T he cost of th e p ro p e rty has been 50,373,919, show ­
ing an inv estm ent nf 52,983,919 as security for these notes. T he Indenture
securing this issue provides th a t du rin g th e life of th e notes no Indebtedness
o th e r th a n c u rre n t nbligatlons shall be c reated w ith o u t th e w ritten oonsent
of the tru stee, except n o t exceeding $150,000 for Im provem ents and addi­
tional equ ipm en t. N* fu rth e r a m o u n t of 1st M. bonds can be Issued ex­
cep t for extensions a t 536,000 per m ile, a n d th e com pany m ay not In­
crease its c ap ital atook.
E arnings fo r Years ending J u n e SO (Com pany began Operations J u ly l 1908)
1969-16. 1908-09.
ioo*-no
1909-10. 1908-09.'
A ver, m iles o p e r..
85
5 1 O per. a n d m lscelL$235,721 5178,786
F r e ig h t................$ 4 5 0 ,5 7 6 $178,507 M
alnt. of w ay a n d
P a sse n g e r................ 151,757 105,547 s tr u c tu r e s _____ 61,105 28,317
M isc e lla n e o u s___ 11,025
9,964 M alnt. of eq u ip ’t . 101,735 25,229
T o tal oper. r e v .$613,358 $294,018 T o ta l oper. e x p .$398,561 5232,332
T o tal n et Incom e____________________ _______
$214,797 $61,686
Fixed charges, Including t a x c s I .I I I I
_____ __________ 168,487 61.480
Surplus
_____ _________ __________________$46,310
5206
-4 A t os. end. Oct. 31
1910.
1909.
1910-11.
1911-12.
A verage miles op erated .
.
103
113
80.62
113
$283,235 $104,761 $950,000 $1,500,000
Vsi-J
1
.
1
*
------------114,317
69,982
380,000
600,000
fix e d charges, Incl. in t. 1st M
a n d ta x e s____
205,500
36,242 200,500
In te re st on 6% notes ............. ’ 71,500
$42,817 533.740 $142,300
$322,500
— V . 91, p. 1 7 1 0 ." '

Offer Referred

I n t e r b o r o u g h R a p id T r a n s it C o .—
.— T h e
B o a r d o f E s tim a te o n T h u r s d a y b y a v o t e o f
to
re fe rre d
t o th e b o a r d as a c o m m it t e e o f th e w h o le th e r e p o r t o f th e
C o m p t r o lle i a n d I re s id e n t o f th e B o a r d o f A ld e r m e n (a c t in g
as th e m a jo r it y o f th e T r a n s it C o m m it te e ) in o p p o s it io n to




10

6

[VOL. LXXXXIJ

1

T he m a tte r will be considered in connection w in. n,„
of th e M ayor in fav or of th e acceptan ce of th e com pany 's olTcr ^ rC p o rt

Settlement for Extra Work

.— T h e P u b lic S e r v ic e C o m m is s io n
o n D e c . 3 0 la s t s e n t to th e B o a r d o f E s t im a t e a n d A p p o r t io n ­
m e n t a le t te r a n n o u n c in g final s e tt le m e n t o f th e a r b itr a t io n
b e tw e e n th e c it y a n d th e c o m p a n y o n th e c la im s o f th e la t t e r
io i c o m p e n s a t io n f o r e x t r a w o r k in th e c o n s t r u c t io n o f th e
p resen t su b w a y .

T he co n tracto rs claim ed $6,198,515 as due a fte r th e cnm niM inn
n ,„
subw ay; th is sum has been red uced by the a rW tn d o n tn e m i 1 m
rn n tM rtn r Provisions of th e original co n tract w ith Jo h n B. M cD onald’ the
co n tractor appealed from the d eterm ination of the Chief E ngineer of th e
CH ilaries
h ^ 8 Br ,.° Vu ussnL mo or iee eV
% a t^ TJ .a ^O B^ rien
tm en‘
a kb XB ralnerd
d of M beinnb ftra tomrs!
, Mo organ
and ofF ran
po inted as such H earings hav e been held from tim e to tim e d u rin g 2 y e a rs '
thel amouuntIto be n ah M s^ lf he thC ;ul,J u.st,m cnt Is carried o u t. It m eans th a t
i v n m m n adcls
tlla t g tllerc
ls a balance
on th still
e original
$35,000,000,
am o untin
to $576,425
25, which
rem ainsco Sn tract ,iPnrleo™ n ■
' h °w ever, has no th in g w hatever to do w ith the a rb itra tio n and

i ^c ^dl ng?—

p

a<1JUStmCnt had bcen made m that

.—New Name.— S ee

K e n t u c k y & I n d ia n k B“ r id g e & R R
K e n t u c k y & In d ia n a T e r m in a l R R . b e lo w .— V
589, 214, 38.
'

91

.— Sale of Bonds
&

n

’

1

K e n t u c k y & I n d ia n a T e r m in a l R R
.— T h e
sh a re h o ld e rs o f th e K e n t u c k y & I n d ia n a B r id g e
RR.
v o t e d o n D e c . 30 t o a d o p t th is n e w n a m e a n d to sell $ 5 ,0 0 0 ,kt
t lc # 1 0 ,0 0 0 ,0 0 0 n e w b o n d s t o J . P. M o rg a n & Co
N ew Y o rk .
C o m p a r e V-. 9 1 , p . 5 89.

00 °L

,—Neiv Branch

L e h ig h & N e w E n g la n d R R
.— T h e c o m p a n y
h as Jet a c o n t r a c t f o r th e c o n s t r u c t io n o f a n ew b r a n c h fr o m
D a n ie ls v illc to T a m a q u a , P a .,a b o u t 34 m ile s, con n ectin '-- w ith
th e a n t h r a c ite m in es o f th e L e h ig h C oal & N a v ig a t io n C o.
a n d to b e c o m p le t e d in a b o u t a y e a r .

T his m eans th e e n tran ce of a new road Into the a n th ra c ite field. T h e '
ro ad , it Is said will h av e an assured initial tonnage of ab o u t 1,000,000 tons
yearly anil will be able to ship coal via Its connections to all points in New
Y ork h a rb o r a n d tid ew ater points g e n e ra lly — V. 91, p. 1386, 1328.

Ry.—Rebale Decision.—Judge
4
&

L e h ig h V a lle y
H o lla n d in
th e U . S . D is tr ic t C o u r t a t P h ila d e lp h ia o n J a n .
fin ed th e
c o m p a n y , th e P h ila d e lp h ia
R e a d in g R y . a n d th e B e t h le ­
h em S teel C o . $ 4 0 ,0 0 0 e a c h o n th e ir c o n v ic t io n la s t J u n e on
th e c h a r g e o f r e b a tin g .
A p p e a ls w ill b e ta k e n .

T he roads w ere accused of rem ittin g dem urrage charges on freigh t cars
kteel C om pany, am o untin g In ellect to reb ates to th e e x te n t
of $o;>,0 0 0 . I t w as urged th a t the congestion a t th e freight yard s during
th e enlarg em ent of th e B ethlehem Steel p la n t m ade It Im possible to deliver
cars p ro m p tly or regularly, and th a t th e allow ances were therefore no fav or
to th e Steel C om pany. T he ju ry recom m ended leniency. T he m axim um
Im Posed, w ould hav e been $3,200,000 on the Steel C om pany,
-9 ? th e L ch,Sh V alley a n d $1,740,000 on th e R ead in g .— V. 91.
p . 17oo, 1711.

.—Sinking Fund.—

M a s s a c h u s e t t s E le c t r ic C o s ., B o s t o n
S in k in g fu n d s h a v e b e e n e s ta b lis h e d fo r th e tw o b lo c k s o f
b o n d s m e n tio n e d in V . 9 1 , p . 1328.
.— T h e c o m p a n y h as r e c e n tly m a d e a sale o f
a d d itio n a l r e fu n d in g 1st 4s a n d th e a m o u n t s o u ts ta n d in g
J a n . . 19 1 1, in c lu d in g th e s a m e , w ere: B o s to n
N o r t h . S t.
R y . C o . (see th a t c o m p a n y al o v e ) , $ 4 ,6 1 8 ,0 0 0 ; O ld C o lo n y
S t. R y . C o ., $ 4 ,8 4 0 ,0 0 0 .
T h e O ld C o lo n y S t. R y . C o. on
D e c . 30 p e t it io n e d th e M a ss. R R . C o m m , fo r a u t h o r it y to
issue $ 3 0 0 ,0 0 0 a d d itio n a l c o m m o n s to c k at p a r .— V . 91 n
17 6 7, 15 7 4.
'

Sale oj Bonds

&

1

Receivers'

M e a d v ille ( P a .) & C o n n e a u t L a k e T r a c t io n C o .—
sale o f th e p r o p e r t y b y th e r e c e iv e r s , w h ic h h as
b e e n se v e ra l tim e s a d jo u r n e d , is a d v e r tis e d to ta k e p la c e
t o - d a y a t M e a d v ille , P a .— V . 9 0 , p . 6 27.

Sale.— T h e

Earnings

M e m p h is ( T e n n .) S t r e e t R y . —
.— H a m b le to n
C o ., B a lt im o r e , w h o a re o ffe r in g a b lo c k o f 1st c o n s . M . 5s
at 9 7
a n d in te r e s t, r e p o r t a s fo llo w s :

Yi
„ ° r?ss
(after lles've.&c.
Interest Balance,
covered—
Earnings. Net
Taxes).
Fund. Paid.
Sum
10 m os. end. O ct. 31 ’10.51,497,982 $546,070 $21,453 $
$

Y ear
«ad 'p D. 504.
r*i\.31 100° - 1.719.609 633,445
•V. oo,

3 7 0 ,4 8 9

1 5 4 ,1 2 8

30,000 428,840 174,005

M e t r o p o lit a n S t r e e t R y . , N e w Y o r k .—Plan Before Commis­
sion But Not Yet Formally Submitted to Bondholders—Rcicrrin g to th e p la n o u tlin e d in V . 9 1 , p . 1767, th e c o m m it t e e
sa y s:

T his p lan has n o t been form ally su b m itte d for a p p ro v al of th e depositing
bo ndholders, an d th e tim e w ithin w hich notices of dissent from such plan
m u st be llled by th e depositing bondholders un der th e term s of said agree­
t of VM. arch
nmoen
tice.—
92, p5 . 1908
59. does n o t begin to ru n w ith th e pu b licatio n of .this

.—Additional Time for Exten­

M in n e a p o lis & S t . L o u is R R
la rg e a m o u n t o f th e $ 5 ,0 0 0 ,0 0 0 5 % g o ld
n o te s d u e F e b .
1911 h a v in g b e e n d e p o s ite d w ith S p e y e r A
C o. f o r e x t e n s io n u n d e r th e c o m p a n y ’ s a d v e r tis e m e n t o f
D e c . 16 1910, th e tim e fo r d e p o s itin g th e n o te s is e x t e n d e d
to^ n n d m c l . J a n . 2 5 , th e rig h t b e in g re se rv e d to te r m in a te
th is o ffe r a t a n y tim e .
S ee V . 9 1 , p . 1630.

sion of Notes.—A
1

.—Rumored Retirement of President

M is s o u r i P a c ific R y
I t is c u r r e n t ly r e p o r te d th a t P r e sid e n t G e o rg e J .
C o u ld desires to retire fr o m th e p r e s id e n c y o f th e M issou ri
I a c m e R y . as s o o n as a su ita b le s u c c e ss o r is c h o s e n to r e p r e ­
s e n t th e in terests o f K u h n , L o e b & C o ., w h o fin a n c e d th e
la st b o n d issu e.

Gould.

wiftHl1rT.wilfrnmtl}hi’
willofreta
his pany
holdings,
to
w ithd raw from th e a ctiv e Mm r'anGou1<*
ag em ent
th einc om
.— V. he
91, wp.ishes
1705.

.—New Bonds Offered.—J.

M o b ile & O h io R R
S . W ilso n J r.
® C o ., 1-ran k , R o s e n b u r g & C o . a n d O w e n D a ly & C o ., all
o f B a lt im o r e , are o ffe r in g a t p a r a n d in t. th e u n sold p o r tio n

THE CHRONICLE

JAN. 14 1911. j

119

T h e com p an y ’s needs of th is y e a r, to provide for m a tu rin g obligations
a n d necessary Im provem ents, req u ire th e raising of betw een $ 3 0 , 0 0 0 ,0 0 0
a n d $40,000,000. I t is therefore proposed, should th e resolutio n su b m itte d
by th e directo rs to th e sto ck ho lders m eet w ith fav orab le actio n , to m ake a
sto ck a llo tm en t of 10% a t p a r, p ay ab le one-half on M ay 31 a n d th e rem alnN. Y.
'^ t 'i s 'n o t ^ h e In tentio n a t th is tim e to issue a n y p a rt of th e $100,000,000
Book V alue of Collateral 51,776,094, or A bout 48% in Excess of this B ond Issue. for w hich au th o riza tio n Is asked excepting so m uch as is necessary to su pply
is proposed Issue of 10% ; b u t th e a u th o rity Is now asked for th a t th e
R onds ot W arrior S o u th ern R y . secured by 1st M. on a ° u____$603,000 th
directors m ay be able to m ak e fu rth e r issues of sto ck from tim e to tim e in
e fu tu re as th e req uirem ents of th e c ap ita l m ay m ak e su ch Issues neces­
E q u ip .3 trust^iotes^o f"W arrior S o uthern R y ., 1st lien on 200 drop- ^ 4fl3 th
sa ry .— V . 91, p . 1769, 1513.
_
P e n n s y lv a n ia S o u th e r n R R . —New Company .— S ee P it t s ­
sh ares A la. N . O . T ex. & P ac. Ju n e . R ys. Co., n to . tprcsenr C<J8 780 b u r g h S u m m e r v ille & C la rio n R I t . b e lo w .
A d ire c t ls tlMe>on w liarf, &oT, a t Mobile", pu rch ased to a d d to te r- ^ ^
P it t s b u r g h B in g h a m t o n & E a s te r n R R . — Committee.—
D o1" on st°ltlonb p ro p e rty a t B irm ingham ; A la.; 'c o s V ib o u t.. - - 215,725 T h e r e o r g a n iz a t io n c o m m it t e e r e p r e s e n tin g th e lfct M . 5 s,

1 200,000

($ 2 4 5 ,0 0 0 ) o f a n e w issue o f $ ,
“ first te r m in a l rn tge.
a n d c o ll, tr u s t ” 5 % g o ld b o n d s , d a t e d F e b 1 5 > 19 1 1 , d u e
$ 0 0 ,0 0 0 s e m i-a n n u a lly f r o m A u g . 15 1911 t o L e b . l o 14 2 1,
in c h
I n t . F . & A . 15.
T r u s te e , G u a r a n ty i r . C o .,

.—Revised Earn ings

N e w O rlea n s R y . & L i g h t C o
.— B e r t r o n ,
G r is c o m & J e n k s h a v e fa v o r e d us w ith th e fo llo w in g :

. . ^ end. nross
. In t. 5s,
on R&c.
ef. SBualance,
cross N et (after Underli/'o
L ie n in t, Gen.
\y sM
, int.
rplu s.
foTo 55 700 423 52 151,700 8573,443 $723,690 $170,752 8583,815
1069 5 5 0 7 225 2,007,603 578,382
669,714 195,449 564,118
T he special reserve fund set aside d u rin g th e eleven m o nth s ending N ov.
30 1910 a m o u n ted to 5137,500.— V . 91, p. 1768.
^

.-—Earnings.

N e w Y o r k C e n tra l & H u d s o n R iv e r R R
— The
f o llo w in g e a rn in g s w e re r e p o r te d a t th e h e a r in g s in r e g a r d to
ra te s b e fo r e th e I n t e r -S t a t e C o m m e r c e C o m m is s io n :

w ith c o u p o n s O e t. 1 1908 a n d s in c e a t t a c h e d , c o n s is t s o f
J a m e s II. H o o p e r a n d F r e d e r ic k J . B ra d le e o f B o s t o n a n d
L is t o n L . L e w is o f N e w Y o r k C it y .
D e p o s it a r y , N e w
E n g la n d T r u s t C o .
A n y p la n a p p r o v e d in w r it in g b y 7 0 %
o f th e d e p o s ito r s w ill b e o p e r a t iv e .
O f th e $ 4 ,0 0 0 ,0 0 0 b o n d s
c e r t ifie d b y th e tr u s te e , $ 1 ,3 5 5 ,0 0 0 a r c h e ld b y th e r e c e iv e r s
a n d $ 2 ,0 4 5 ,0 0 0 a re o u t s t a n d in g .
T h e c o m m it t e e h o ld s
$ 2 ,1 4 7 ,0 0 0 , o r 8 1 % , o f th e o u ts ta n d in g issu e , a n d is still
r e c e iv in g d e p o s it s .— V . 9 1 , p . 1711.
P it t s b u r g h S u m m e r v ille & C la rio n R R . —
.— T h e n ew
in te re s ts w h ic h se v e ra l m o n t h s a g o a c q u ir e d c o n t r o l o f th is
2 1 -m ile r o a d h a v e lea sed th e sa m e to th e P e n n s y lv a n ia
S o u th e r n R R . , a c o m p a n y in c o r p o r a t e d in P e n n s y lv a n ia in
N o v . 1910 w ith $ 2 0 0 ,0 0 0 c a p ita l s t o c k (p a r $ 5 0 ).

Lease

10 Mos. Operating Net (after Other
Deducending Revenues. Taxes). Income.
lions.
Dividends.
Surplus.
m o 'U 7 .8 2 ,94Sl ,863 17,893,462 13,300,506 18,31*4,481
C743.022
1009 ___ 76,638,451 19,878,844 9,425.380 18,272,358(4 1-6) 7,443,000 3,588,806
D ividends as abo ve Include 5% for th e 10 m o nth s of 1909 (yearly ra te
T he lessee com pany ow ns an d op erates one m ile ad d itio n a l. P res., Geo.
6% ) on th e stock as increased to 5223,290,000 early in 1910. a g ain st 4 1-6 /<> W M ageath, O m aha, N eb.; V ice-Pres. a n d G en. M gr., H . B u ck ing ham ,
(an nu al rate 5% ) for th e 10 m o nth s of 1909 on th e $178,.632,000 sto ck o u t­ Sec.! T hco. L . W ilson, a n d T reas., Joel T om pkins, all a t th e com pany s
sta n d in g in 1909. O ther incom e In 1910 includes In ad d itio n to th e Incom e office, C larion, P a .
from th e reg ular div idend s of th e L ake Shore & M ich. S o u th ern th e 6 «
P it t s b u r g h & S u s q u e h a n n a R R . — Bonds Offered.— l h e
e x tra div idend of th e L ake S hore paid In M arch 1910, from w hich $2,71 <.So*
w as d erived.— V. 91, p . 1328.
R u d o lp h K lo y b o lt e C o ., I n c ., C in c in n a ti, C h ic a g o a n d N ew

Stock Tax Decision.

— T h e C o u r t o f A p p e a ls o n J a n . 3 su s­
ta in e d th e a c t i o n o f th e S t a te C o m p tr o lle r in le v y i n g a ta x
o n th e b a s is o f 7 1 .5 9 8 3 % (th e p e r c e n t a g e o f c a p ita l e m p lo y e d
in th is S t a te ) o f th e $ 2 9 ,4 3 4 ,2 0 0 n ew s t o c k issu ed b y th e
c o m p a n y in D e c . 19 0 0, a s w ell as th e $ 1 4 9 ,1 9 7 ,8 0 0 s t o c k
fo r m e r ly o u t s t a n d in g , fo r th e e n tir e y e a r e n d in g O c t . 31 1907.

Y o r k , is o ffe r in g a t
u n s o ld p o r t io n o f
b on d s, d a ted N ov .
to ca ll a ft e r N o v .
0 00 ( c * ) .
In t.
T ru st C o. o f N . Y .

$1

XA %

9 2 ) 4 a n d in t ., t o y ie ld 5
^ c o m e , “ ?<;
$ 3 0 0 ,0 0 0 1st M . sin k in g fu n d
% g o ld
1 1910 a n d d u e N o v . 1 1940, b u t s u b je ct
1 1915 a t 105 a n d in t.
P ar $o00 and
M . & N . in N . Y .
T r u s te e , G u a r a n ty
T a x - e x e m p t in P a .
A c ir c u la r sh o w s:

5

C apitalization.
T he co m p a n y ’s co n ten tio n w as th a t as th e new sto ck had been in existence
th o rized , $700,000; o u tsta n d in g
------ -----$ 3 5 0 ,0 0 0
only te n m o nth s of th e y ear, th e prop er basis of assessm ent w as th e average S1sttockM.aubonds
au th o rized , $2,000,000; o u tsta n d in g (being a b o u t
thereof for th e year, 1. e., live-sixths of th e a m o unt. Tills th e C ourt over­
$14,000 per m ile)________________
- - - - - - - - - - - - ................ 3 0 0 .o<m
ruled b u t decided In favor of th e com pany on Its claim th a t th e prop er
For b e tte rm e n ts and a d d ’l eq u ip ., $100,000, and for ex.
basis of assessm ent on the new stock w as th e p a r a n d n o t th e m a rk e t value
tensions now plan ned, 5400,000
----- ----------500,000
th ereo f.— V . 91, p . 1328, 1254.
R eserved for fu tu re b etterm en ts a n d extensions a t SO/o
N e w Y o r k N e w H a v e n & H a r t fo r d R R . —Certificate Filed
_______________________________________ 1 ,z uu,uuu
of cost$ l,2 o d ;d d d bonds can be Issued only w hen n e t earnings for th e year
Validating Outstanding Securities.—T h e c o m m is s io n c r e a t e d ImTmheediately
preceding are 1 X tim es in terest charges on bonds o u tstan d in g
u n d e r A c t s o f 1910, C h a p te r G52, o f M a s sa c h u se tts o n D e c . 30 plus those to be Issued.
S inking fu n d , beginning N ov. 1 1915, each_ year a sum equ al to 2or.o/
5^
filed a c e r t ific a te o f its fin d in g w ith S e c r e ta r y o f th e C o m m o n ­
w e a lth O lin a t B o s t o n .

,Ph(, com m ission consists of W alter P erlcy H all (C hairm an), George W .
Bishop and C linton W hite (R ailroad Com m issioners): W illiam D . I . 'Irefry .
(T ax C om m issioner), A rth u r 13. C hapin, S ecretary (B ank Com m issioner .
T he law Is en titled "A n A ct to v a lid ate th e present o u tsta n d in g securities
of th e N . Y. N . H . & H . R R . Co., an d to provide for a n e xam in atio n ot Its
n ro n e rty .” (C om pare V. 91, p. 1614.)
T he com m ission certifies th a t th e o u tsta n d in g stock and indebtedness
of th e com pany as of Ju n e 30 1910, w hich It llnds to be th e oidy practical
d a te of ascertainin g its Indebtedness, were: sto ck , 5104,43o,600, a n d
Indebtedness $289,711,864, an d th a t th e aggregate co rp o rate assets w ere
sufficient to secure th e said o u tsta n d in g stock a n d indebtedness.
It Is explained th a t th e re tu rn ot th e road as of said Ju n e 30 1 9 1 0 show ed
cap ital stock of $121,878,100. $17,294 600 of said sto ck being on th a t d a te
In th e trea su ry of th e New E nglan d N avigation Co. a n d $147,900 In th a t
of th e R hode Island Co., and th a t by v irtu e of stock ow nership of said
com panies by the New H aven .certlilcates of said am o u n ts hav e been
trea te d as trea su ry sto ck of th e New H aven and n o t as o u tsta n d in g cap ital
s t o c k "A ll p ay m en ts to th e New H aven on acco unt of th e sto ck subscrlntlon s and prem ium s thereo n hav e been ta k e n as indebtedness and no t
as cap ital. P ay m en ts for th e New E ngland N avigatio n Co. ha.vc been
d ed ucted therefrom by v irtu e of th e sto ck ow nership by th e New H aven.
T he com m ission will, on or before F eb. 15, flic a detailed rep o rt of th e
results of Its w ork, In accordance w ith th e provisions of th e A ct.

Offering of Guaranteed Stock.—Sea
First Dividend.

B o s t o n R a ilr o a d H o ld ­
in g C o . a b o v e .— V . 9 1 , p . 1386.
N o r fo lk S o u th e r n R R . —
— T h is r e o r g a n iz e d
r o a d h as d e c la r e d a n in itia l d iv id e n d o f
of
% fo r th e
q u a r t e r e n d in g D e c . 31 la st o n th e $ 1 6 ,0 0 0 ,0 0 0 s t o c k , p a y ­
a b le F e b . t o h o ld e r s o f r e c o r d J a n . 14, p la c i n g th e issu o
o n a 2 % b a s is .— V . 9 1 , p . 1768, 14 4 7, 1254

XA

1

1

Called Bonds.

N o r t h e r n P a c ific T e r m in a l C o .—
— T h ir t y e ig h t ($ 3 8 ,0 0 0 ) 1st M . b o n d s o f 1883 h a v e b e e n d r a w n a n d
w ill b e r e d e e m e d b y th e F a r m e r s ' L o a n & T r u s t C o . o n
Feb. 4 at
a n d a c c r u e d in te r e s t.— V . 9 1 , p . 1 54.

110

Equip. Bonds.

O a k la n d (O a l.) T r a c t io n .—
— T h e s h a r e h o ld
ers o n D e c . 31 a u t h o r iz e d a n issue o f $ 2 5 0 ,0 0 0 serial e q u ip ­
m e n t b o n d s t o c o v e r n e w ca rs n o w b u ild in g .
— T h e “ S an F r . N e w s B u r e a u ” o f J a n . 7 s a id :

Dividends.

E arnin gs for year ending Ju n e 30 1910: G ross, $70,215; n e t (after op.
cxi) ) $25,243. A m o unts expended for b e tte rm e n ts, extensions a n d ex­
tra o rd in a ry m ain ten an ce, from incom e, b u t largely charg eab le to c ap ital
aC<An "absolute 'flrst m o rtg age on a steam railro a d . Including eq u ip m en t,
term inals, & c., w ith a rep lacem ent v alu e of $700,000.

Abstract of Letter of Pres. Thos. F. Barrett. Philipsburg, Pa.. Nov. 11910.

T his com nanv ow ns a n d o p erates 20 m iles of stan d ard -g au g e railro ad ,
m ost of w hich has been In o p eration for 15 y ears. T he line ex ten d s from
Dm terin b iu s of th e N . Y C entral & H ud son R iv er R R .. P h ilipsb urg.
C entre C o unty , P a ., so uthw esterly (via O sceola NllllS’ llo u tz d a !^
ey acoal
n d Fernw
an extensive
^m .
aR am
large
trafficood)
n o t tootherw
ise accessible to th e N .VY .hCC entral
entral ssys stem
T he ro ad also enjoys a profitable and grow ing passen gw a n d genCTal freight
business. O ur p resent rolling sto ck consists of four locom otives, six pa.
^coal
S e v e nTtehese
e n 'cmo aines
lm intaeps, inhow
o pever,
erationb u on
e ee coal
l d fields.
X ^ P An
t a thsmisallroad
p a rta ofr th
An
extension of th e road now u n d e rw a y to U tah v ille, w here con nectio n will
he m ade w ith th e P enn sylv an ia lines, a d istan ce of a p p ro x im ately 6 m iles,
will open o th er large coal fields. [A fu rth e r extension from U tahville \ la
F lln ton to G lendale, in C am bria C o unty , a b o u t 12 m iles. Is u n derstoo d to
bCT hereCa re ’n o ^ m a v y grades, so th a t th e ra tio of o p eratin g expenses to
1ncom e0 Is com p arativ ely low! F o r th e p a st th ree years th e a ctu a l n et
earnings h av e been m ore th a n th e am o u n t necessary to pay th e In terest on
1h A coal eoinp any com posed of som e large w holesale soft-coal CratersI •“ ft®
E a s t Is co-op erating w ith th e railro ad for th e pu rp ose of *®Yetoping th e
coal areas con tiguo us to th is ro ad . T his coal com pany should be able t
m a rk e t 1,000,000 ton s of coal per year w hich will o rigin ate on this road
and he delivered to connecting tru n k lines. T h e traffic a^ a n *®:[Fc“ tn ? l<? r
In force w ith th e connecting sy stem s has g reatly stim u la te d coal produotlon , resulting In a large increase In th e earnings of th e railroad.

y .—Default.—

P r o v id e n c e ( R . I . ) & F a ll R iv e r S t r e e t R
T h e c o m p a n y h a s fa ile d t o p a y th e c o u p o n d u e J a n .
th e $ 1 6 5 ,0 0 0 5 % b o n d s .

1 on

The Treasurer states the company will probably be able to meet the pay­
ment within 6 or 8 weeks.—V. 73, p. 616.
S a g in a w

.—Bonds Offered Earn­

&

F lin t (E le c t r ic ) R y
—
M . W e s t & C o ., D e t r o it , are o ffe r in g a t 9G)q
a n d in t . (y ie ld in g
) % in c o m e ) th e u n s o ld p o r t io n o f a
b lo c k o f $ 1 5 0 ,0 0 0 st M . 3 0 -y e a r 5 % s in k in g fu n d g o ld b o n d s ,
d a t e d 1908 a n d d u e A u g . 1 19 3 8. A u t h ., $ 1 ,5 0 0 ,0 0 0 ; o u t ­
s ta n d in g , $ 8 0 0 ,0 0 0 o n a 3 5 -m ile tr o lle y r o a d b e tw e e n b a g in a w , F lin t , & c .
A c ir c u la r s a y s :

ings .— G e o rg e

1

54

A le tte r has been sen t to holders of O akland T raction pref. sto ck lntlm a tln e -th a t dividends will n o t be paid this year and offering to exchange
fo r such shares R e a lty S y ndicate certificates. T he letters are signed by
II M W ebster as "M anager of th e financial d e p artm e n t of th e R ealty
F or th e flrst year of op eratio n ending M arch 1 1910, th e n e t earning*
S. *y n d ic a te .” . Ii,wr%
declared
last ui
nig&uk
ht bytor
a n agent
of th
S m ith,,hlllt.v
Interests,
.'Syndicate.
t w as. ueciareu
luau
****
» —
—e..........
,,,7 and w ere
%hadi w ritten
$ 9 1 , 5 6 8 , or over 2 X tim es bo nd In terest, a n d a large lnorease Is show n
how ever, th a t W ebster
th e inf
letter on
on hta
Ills ow
ow nn resnnnsl
respon sibility
as .»a for th e presen t y ear.
for his ow n benefit. [The n a tu ra l supposition “ th a t
le tte r Imo
bearin g on th e plans o t th e U nited P roperties Co,, w hich sec below.)
Cross E arnings fo r S ix M onths in 1910 and 1909.
C om pare V . 91, p. 1630.
March A p ril. M a u . J u n e . J u lg . A u g .
Total.
S’ 0 452 $21,316 $24,686 $22,338 $26,596 $23,164 $138,552
P e n n s y lv a n ia R R . —Proposed Increase of $ 1 0 0 ,0 0 0 ,0 0 0 in 1010 ...........9H 35
12 IU 5 12,814 16,730 18,286 77,892
Authorized Capital Stock—Present Issue to Be Between $ 4 0 ,­ — V. 90, p. 168.

and

0 0 0 ,0 0 0
$ 5 0 ,0 0 0 ,0 0 0 .— T h e sh a r e h o ld e r s w ill m e e t
M a rch 14 to v o t e o n in c r e a s in g th e a u t h o r iz e d ca p ita l s t o c k
fr o m $ 5 0 0 ,0 0 0 ,0 0 0 ($ 4 1 2 ,6 1 0 ,7 0 0 o u ts ta n d in g , r e m a in d e r re­
s e r v e d f o r c o n v e r s io n o f b o n d s ) to $ 6 0 0 ,0 0 0 ,0 0 0 .
I t is p r o ­
p o s e d to o ffe r to s h a re h o ld e rs o f r e c o r d th e r ig h t to s u b s c r ib e
a t p a r fo r a b lo c k o f th e n e w sh a res, e q u a l to
% o f th e
p r e se n t o u ts ta n d in g issu e, p a y m e n t to b e m a d e 5 0 % M a y 31
a n d th e r e m a in d e r A u g . 3 1 .

10

statem ent Issued on J a n . 11 bu President Jam es M cCrca.
A t'p re s e n tth e a u th c ap ita l sto ck Is $500,000,000. of w hich $412,010,700
h av e been Issued. All of the difference betw een tho a m o u n t Issued a n d th e
am o u n t au th o rized Is a t p resent reserved tor th e possible converelon of tho
com p an y ’s o u tsta n d in g convertible bonds, excepting $22,000,000.




.-—Bonds Offered.-

S t. L o u is & S a n F r a n c is c o R R
S p e y e r & C o ., N ew Y o r k , are o ffe r in g a t 87 a n d in t ., y ie ld in g
% in c o m e , a s s ta te d b y a d v e r tis e m e n t o n a n o t h e r p a g e ,
$7 0 0 0 ,0 0 0 g en era l lien 1 5 -2 0 -y e a r 5 % g o ld b o n d s , d a te d
M a y 1 1907, p a r t o f a n issue a lr e a d y liste d o n th e S t o c k E x ­
ch a n g e s o f N . Y . , L o n d o n , P a r is , A m s t e r d a m , F r a n k fo r t
a n d B e r lin .
I t w a s s ta t e d y e s t e r d a y t h a t a g r e a t m a n y a p ­
p lic a tio n s w e r e b e in g r e c e iv e d fr o m sm a ll in v e s to r s a n d that,
th e in d ic a t io n s in E u r o p e , as w ell as h e re , p o in t t o a g r a t i­
f y in g su c c e ss fo r th is issu e.
T h e s u b s c r ip tio n w ill Close
M onday.

634

130

THE CHRONICLE

P rincipal a n d In terest pay ab le In N . Y . in U . S . gold coin; or, a t holder’s
o p tio n , in L ondon, a t th e ra te of $4 80 per po un d sterling; in F ran k fo rton-M ain or In B erlin, in reichsm ark s a t M. 4.20 per dollar; in A m sterdam ,
n g u ild * * . I’Is. 2.48 per dollar; a n d In francs, a t Fes. 5.16 per dollar.
I rlnclpa! a n d Interest pay ab le w ith o u t d ed uction for a n y ta x or taxes
w hich th e com pany m ay be req uired to p ay thereo n, or re ta in therefrom ,
u n d e r a n y p resent or fu tu re law .
,..C’,?bs<^
pti,kfort-o
0 ils .w *an-Malso
In L ondlllsscn;
on , b y (c)S peyer
B rothers;
(o)
In 1 ran
ain,acb rccclved
y L azard (a)Speyer-E
In B erlin,
by
D e u tsc h e B ank: (d) in A m sterdam , by T elx eira de M atto s B roth ers.
A b str a c t o f L etter from V ic c -P r c s. C . VV. H illa r d . N . Y . C ity , J a n . 6 1 9 1 1 .

T hese bo nd s are secured b y a m o rtg age on all th e c o m p an y ’s p rop erty
described in said m ortgage a n d a n y p ro p e rty hereafter acq uired w ith
th e ?^ACiCec^s ,°f f cneral Hen bonds. T he to ta l Issue Is lim ited to $109,8 a0,400 issued (a) or reserved (0) a n d h av ing th e lien (e) as below show n:
,, fa) 552,599.212 (Incl. above $7,000,000) Issued to Oct. 30 1910 for—
R ejm b u r g C o .fo r cap .ex p$ 10,000,0001 E q u ip . n o te s , S fo r $ ____$5,058,731
R cfim d. bonds & n o tc s- - 29,279,9001 do 60% (40 from inc.)
760,581
A id in refu n d in g ------------- 5,000,000 |A d d 'n s A im p ro vem en ts 2,500,000
(ft) $57,251,188 Gen. L ien Bonds (B a l. o f A u th . Issue) Reserved fo r—
R efu n d in g o u tsta n d in g bonds a n d notes (all b u t $589,125 due
by O c t• 1 1913)______
S7 fiflr
R efund ing o u tsta n d in g e q u lp m e n tn o tc s’, $"for
.............
6 4 80 26 9
R efund , equip, notes a t 60% of face val. (rem . 40% o u to f fnc.j 4 239 419
A d d itio n s a n d lm p ro v’ts (not over $2,500,000 per an n u m u n til
J u n e 30 19 11 , $ 3 ,0 0 0 ,0 0 0 p e r a n n u m th e r e a f te r ) ___________ ____ 25 741 000
A dd ns A Im ps, a fte r Ju ly 1 1918, a t no t over $3,000,000 per an *8 094 000
N ew m ileage (at n o t exceeding $ 1 ,000,000 per a n n u m ). . . _____ S.oooiooo
* T h e m ileage of th e Colo. S o u th . New O rl. A P ac R R Co fnnw m r t
of th e New O rleans T exas & M exico D ivision of th e S t. L A S an F ran R R
Co.) has been released from ,th e lien of th e gen lien mte-o am i t w
$8,094,000 gen. lien bonds, originally reserved to ta k e ”u ™se?uriUcs coverlu g these lines, will becom e available a fte r Ju ly 1 1918 for fu rth er d liC M ^ m t g e ! 11
anCl betterm en^ “ P °a th e p ro p erty s u ^ e c t to th e
(c) L ien o f theGeneral Lien B onds.
F irst L ien on—
M iles.\ 2. A d d ' l Lien on—
M ile s
N ow covered (sub ject to
|S u b to s s s nnn nnn
*
M iles.
„ only $489,125 old bonds) 897.721 bonds5 ’ ° ,00 0lC f-’ * C” , r „ ,
B y O ct. 1 1013, a dd itional . 319.15 On stk . & ' lease~K . c ) F ; g '2 ’G04 •42
T # ta l isc
1st lien
? ir S7 lrrTrackage
? i an(!
C. M. & B __l,199.62
n o n ......................... 11,216.87
rig h ts_____________
5 0 .6 3
T o ta l m ileage cov ered ___
, ... _.
KK /m
M °cftV
cm ShfiCbTi
rm iY aY
st.’ lm uis!
ansas
C lty,m M
M em
phis, ftjrm lngham (fnoh^aiuablcY
and extensive Yshops
a t saY
S prlnglleld,

sV s'a 3 7 npr mYle whieh 5 , r‘l l% mtge. amounted on June 30 1910 to
bonds 7 T hr?™ ' iohnChA,, iC 'U e'i thP outstanding gen. lien 15-20-year 5%
000 eou 1nmenf0 n n l V , n s a ,r c furthcr secured.(subject to about $15,272,the<v>mninv
m fir ?Yto c(Iu•p>ncnt
originally
tne
company isk rrequired
keep entire costing
and In good
repair.$30,409,000, which

F a st rn u i f Va Auri?lus ot tlle com pany (exclusive of th e Cldc. &
c h a r g e s , a m o u n t e d t S V i . S T M B ® ! ® “ SC a l y c a r s ’ a f t c r p r o v , d ln f? f o r a11 U x c d

Incom e A ccount (Exclusive of Ch. & Eastern III. R R . and N ew Orl. T ex. &
M ex. O iv.,I O op.
separately)
fo r F ive M onths ended
N ov. 30.
IO
1 nnn
......
„
1010.
1909.
1909.
O per. r e v ..$ 1 8 ,8 5 5 ,534 $18,120,167 I n t., ren ts. 1910.
N et (a ft.tax) $5,277,496 $4,841,448 A sin k. fd. $4,795,549 $4,522,780
O ther I n c ..
495,517
361,543 D lvs., l s t p f .
49,935
49,935
$630,276
rrn(l n e t In c.$5,773,013 $5,202,991 | uBaalance,
ian cc, su r. $927,528
$t>,iu,ZYt)
T he com p an y 's lines com prise a b o u t 6,010 m iles, exten d in g from S t.
L ouis a n d K ansas City into K ansas, O klahom a, A rk an sas, T ex as, Miss,
a n d A la., reachin g New O rleans, B irm ingham a n d Brow nsville (T ex.),
anil form ing, w ith N a t. R y s. of M exico, th e sh o rtest line betw een New
O rleans a n d th e C ity of M exico. A lso controls Ch. & E astern III. R R . Co.
(965 miles) an d E v. & T erre H a u te R R . Co. (310 m .), to th e coal Helds
of In d ia n a a n d Illinois. By a Joint traffic agreem en t w ith H ou ston A T exas
C entral H R . Co. and o th er S o u th ern Pacific lines, tor interch ange of traffic
th e com pany gains a d irect connection betw een its no rth ern lines a t F o rt
W o rth and D allas, T ex ., a n d Its N ew O rleans T exas A M exico D ivision a t
H o u sto n , T e x ., a n d o th er p o in ts.— V. 91, p . 1711.

Listed—

S e a b o a r d A ir L in e R y . —
N . Y . S tock E x ch a n g e
h a s liste d $ 1 5 0 ,0 0 0 a d d itio n a l A t la n t a -B ir m in g h a m
st M
3 0 -y e a r 4s, d u e 1933, m a k in g th e to t a l lis te d $ 5 ,9 1 0 ,0 0 0 .

1

new bonds
a t $30,000 per m ile, th e m ortgage
nowT hecovering
197wmereilesissued
a t thfor
a t new
ra tejroad
.
usage

Earnings.— F o r

5 m o n th s e n d in g N o v . 30:

„
n Gross
N et (after
other
F ixed
Balance,
M onths—
R evenue.
fa x e s.) Incom e. Charges.
Su rplu s
1 9 1 0 ...........................$8,388,308 $2,356,953 $60,731 $1,909,485 $508 199
1909 .......................
7,761,266 2,325,600
. . . .
v '
— Y . 92, p . 60.
S o u th

S h o re T r a c t io n
C en tral
a b o v e .— V . 9 2 , p . 60.

rangement.— S ee

G o ., L o n g I s l a n d .—
P a rk N orth & E a st

(Mo.)

Transfer Ar­
R iv e r

RR

.—Debentures Offered—

S p r in g fie ld
R y . & L ig h t C o
L e w is B r o s . A C o ., B o s t o n , a re o ffe r in g a t p r ice s
ne,
, /s % in c o m e $ 6 5 ,0 0 0
% d e b e n tu r e s , d a te d
N ov19 0 9. d u e y e a r ly N o v .
1911, $ 1 0 ,0 0 0 ; 19 1 2, $ 1 5 ,0 0 0 ­
1 9 1 3, $ 2 0 ,0 0 0 , a n d 1914, $ 2 0 ,0 0 0 , b u t s u b je c t to call a t
a n d in t .
In t. M . & N .
P r in . & in t. a t A u g u s t a T r u s t
A u g u s t a , M e ., o r a t o ffic e o f L e w is B ro s. & C o . B o s to n
.— F o r
m o s . e n d . N o v . 30 1910 a n d c a l. y r . 1909:

Earnings.
1

Warnings

55

1

6

102}4
Co.,

11

Period.
Gross. Exp*S.
N et Jmerest Sjirnluv
11 m os. ending N ov. 3 0 '1 0 $437,162 $254,322 $183,140 $58,086 $124 4 5 4
Y ear end ing Deo. 31 ’0 9 .. 412,775 227,286 185,489 75 718 109 7 7 1
No a dd itional m ortgage can be placed upon th e p ro p e rty ’ w itho ut pro­
vid ing for th e retirem en t of th e d eb en tu res.
v
"T h e com pany has o u tsta n d in g $1,600,000 stock on a 4% dividend basis
for w hich $ 1 , 0 0 0 ,0 0 0 was recently refused, so th a t the deb en tures, a m o u n t’
ing to $125,000, w hich tak e precedence over th e stock, underlie this lanrx
e q u ity ." — V. 82, p . 282.
B

R y. Extra Dividend

S p r in g fie ld & X e n ia
—
.— T h e c o m p a n y
p a id o n J a n u a r y 5 a n e x t r a d iv id e n d o f
of
% o n th e
$ 3 0 0 ,0 0 0 5 % c u m u la tiv e p r e f. s t o c k a lo n g w ith th e q u a r te r ly
1 1
m a k in g a to ta l o f
f o r th e y e a r 1910, b e in g th e
s a m e a m o u n t as fo r 1909 .

¥ %,

1

5 lA %

T he organ ization of th e com pany w as efTective O ct. 1 1906 and the
ciivlacads paid on th e preferred sto ck to a n d incl. Ja n . 5 1911 have avirregatod l ‘o % , leaving accu m ulatio ns a m o u n tin g to 6 M % .— V. 8 8 , p. 1255.

.—Tenders Asked

Su nset R R
.— T h e c o m p a n y b y a d v e r tis e ­
m e n t g iv e s n o tic e th a t it w ill, w ith th e m o n e y in its s in k in g
ru n d , re d e e m 05 b o n d s issu e d u n d e r th e m t g e . to th e U n ion
I rust C o . o f S a n F r a n c is c o , d a t e d O c t .
19 0 0, a n d in v itin g
te n d e r s w ith in fo u r w e e k s fr o m D e c , 2 3 .

1

a^-e rig h ts R om CK p?nr rA? <? os/,o n i trt, M onarch, C al., 33 m ., a n d has trac k thn Arch?*™
a Jct- to ,G;w f°rJ. » m . T he S o uthern Facillc Co. and
sta n d in g 1st \r S
?!>1,c ' hvaIt ? f tho *500,000 sto ck a n d $316,000 ou tV 91, p. 1 6 3 7 .) ' g
4% b o n d s- (C om pare S o u th ern Paclllc rep o rt,

Meeting Again Adjourned.

T e x a s C e n tra l R R , —
— The
m e e tin g to v o t e o n th e p r o p o s e d n o w m o r tg a g e f o r th e a u t h ­
o r iz e d a m o u n t o f $ 2 0 ,0OO,0 0 0 h as b e e n fu r t h e r a d jo u r n e d
fr o m D e c . 30 1910 to F e b . 28 1 9 1 1 .— V . 9 1 , p. 1631,




[VOL. LXXXXII.

Protest.

T h ir d A v e . R R . , N . Y . C it y .—
— R o b e r t A C h eseb o r o iig h a n d th e C h e se b ro u g h B u ild in g C o ., 17 S t a te S t .,
N. Y
as h o ld e r s in th e a g g r e g a te o f $ 1 6 7 ,0 0 0 1st c o n s o ls
h a v e b e g u n su it to e n jo in th e c a r r y in g o u t o f th e r e o r g a n fz a tio n p la n o n th e g r o u n d th a t it s a crifice s th e in te r e s t
th e
b o n d h o ld e r s f o r th e b e n e fit o f th e s t o c k h o ld e r s .
* U

*

Receiver’s Report.— R e c e iv e r

F . W . W h itr id g o h a s, in c o n ­
n e c tio n w ith a r e p o r t to th e b o n d h o ld e r s o f th e s y s te m rep n n t e d in a se p a ra te v o lu m e o f a b o u t 5 00 p a g e s s o m e w h a t
o v e r h a lf o f th e c o r r e s p o n d e n c e b e tw e e n h im s e lf a n d th e
u b lic S e rv ice C o m m is s io n .

1

Hi is, It is said, Is done for purposes of record an d convenience of reference
a considerable public d em an d, and because It m ay ‘‘In th e fu tu re
be of in terest to som e stu d e n t of g o vernm en tal reg u la tio n s.” — V. 91, p . 1 7 7 0 .

Earnings.— B e r t

U n io n T r a c t io n C o ., C o ffe y v ille , K a n .—
C lark
C o ., 217 L a S alle S t ., C h ic a g o , r e p o r t :

&

„ ,
Gross
E xpenses,
, Cgf- Years— E arnings. Taxes, A c.
..................... $183,869
$82,776
1999
- - ..............
57,566
—
V. 91,
p. 590. 135,748

N et
E arnings.
$101,093
78,183

Interest
Charges.
$30,731
26,554

Balance,
Su rp lu s.
$70,362
51,629

Amalgamation, &c.

U n ite d P r o p e r t ie s C o . o f C a lifo r n ia .—
C u rren t re p o r ts w o u ld in d ic a t e th a t th is n e w $ 2 0 0 ,0 0 0 ,0 0 0
c o r p o r a t io n is in te n d e d to s u c c e e d th e R e a lt y S y n d ic a t e o f
\r \ vs
09 ^ 1 LtO\ 4-^v
_____ l- 1............. j I a . ,
O a k la n d ( V . 8 3 , p . 1 6 2 ), t o ta k e o v e r th e c o n tr o l o f th e B a y
C ities W a te r C o . (N.
iiu
V .____
8 3,, .p . ____________
1172, 1 4 7 2 ), th e O a k la n d T
r aucttiu
io n
C o . (see th a t c o m p a n y a b o v e ) , th e S a n F r . O a k la n d & San
J ose C o n so l. R y . ( K e y R o u t e ) , a n d o th e r p r o p e r t ie s , a n d to
e n g a g e in a c o lo n iz a t io n , ir r ig a tio n a n d g en era l d e v e lo p m e n t
u n d e r ta k in g o n a la rg e s c a le .
T h e “ S a n F r a n c is c o C h r o n ­
ic le ” h a d th e fo llo w in g :

,,

T he com pany Is m uch m ore th a n a com bination of th e K ey R o ute, th e
O akland tra c tio n and th e Icv is w ater pow er prop erties. T he B ay Cities
W ater Co a un der cover of w hich som e of th e prelim in ary m oves were m ade
H n r 'w S
a 1>;uyn n tbo sam e, w hich Is essentially a tra n sp o rta fiP h td e pv»m ° rc°v cr, will be ta k e n over free of iloating
Of
500 on(fSwinCh'ptfiC.pI pay Clt,11c s, W ater C o., w hich has a Iloating d eb t
ade ° oeven
T n ' ifif itit is necessary to
,a assess
a ,la ncial
sfer
isl°qf m
m ade,
th e obligations
stockholdersbeforeW th
orke istranbeing
d e r slo* t aouD,e
^ d o u b the
l e ^ nu
n Smob"er? of'? m° en
a k laemn dployed
’, a n d there
E ngineer8 GUman Is unde?
°o rrJ,
th J e x ra n s fo n o M h ^ S a n V r a n 0^ th e j lrIs,t mov<'s ° ( th e new m erger w ould be
S an Jbse is followed^ b n h P H
C? f 1}a y C ounties R R . from O akland to
to early com ntetlon 7 f i! , ^ e r Ihtorm atlo n th a t th e w ork will be pushed
extended^o^L akersneh/nnH r a ^ eAsto od th a t this road will ev en tu ally be
O akland a n d S a c rim en to d V ^ th,c r',c,r ^ r om pany plans a line to connect
t h a t t h e Trnlt?r?CS ^ ntM ’
sta te d by those interested in th e m erger
bn m
id lds fnthl7 0n
or ,a^m
no erties
tu,U hc,Isr definite
plans Fso. M.
far as
. H iifrlng
n 5 i 0/of Cr-,nrJ
railroadhiasprop
concerned.
S m thithe
c ^ n tro 'l^ th e T onopfh^^T coldrteW R r T 01* ^ & Tldcvvater U U ' IIc also
T n e lh 1 to 'n aP r ° \l1c aSt^ r th ? U hltcd P ro p erties Co. will be in th e M echanics’
T he r o m n q i^ k ’r m ^ i1' ranclsco], w here it will occupy th e en tire seven th door,
a t one™— V 7 9 2 Up 6 0 P eSS ° n of lts q u a rte rs to -d ay a n d will begin w ork

j . —Time for Deposits.—

W a b iis h -P it t s b u r g h T e r m in a l R
, |l in c o m m it t e e ca lls a tt e n t io n t o th e h o ld e rs o f %
st M . b o n d s a n d ce r tific a te s o f d e p o s it o f th o C en tra l T r u s t
C o . o f N . Y . r e p r e s e n tin g th ese b o n d s t h a t th e tim e fo r d e ­
p o s it o f b o n d s a n d c e r tific a te s o f d e p o s it w ith th e C o lu m b ia
T r u s t C o. e x p ir e s J a n . 16.
C o m p a r e V . 9 1 , p . 1631.

1 h°nr

4

1

N o deposits will be received a ftc r th a t d a te except in th e discretion of
the com m ittee and un der such penalties as It m ay Im pose. T his actio n
has been tak e n in conform ity w ith th e req uirem ents of th e New Y ork Stock
E xchange upon a d m ittin g to th e list the co m m ittee’s certificates of deposit
— V . 91, p. 1712, 1631.
W a g e s .— T h e fo llo w in g is a r e c e n t d e v e lo p m e n t :

T he Lehigh V alley on Ja n . 7, a fte r a conference of several days, reached
an agreem ent g ran tin g conducto rs a n increase. Passenger service conduc­
tors will be Increased from $3 90 to $4 05, throu gh freight con ducto rs from
S3 30 to $3 63 and local freight con ducto rs from $3 80 to $3 90. W ork d a y
will rem ain ten hours, w ith pro r a ta p ay for e x tra tim e. T his brings th e
ra te up to th a t g ranted by o th er E astern road s. A bo ut 1,400 m en are
said to be airected .— V . 91, p . 1770.

y .—Bonds Offered—Status.—

W e s t e r n M a r y la n d R
W illia m
S a lo m o n & C o ., N . Y . a n d C h ic a g o , a r e o ffe r in g a t th e m a r k e t
p r ic e , n o w a b o u t 87 a n d h it ., ( y i e l d i n g 4 .7 0 % in c o m e ,) I s t M .
4 % g o ld b o n d s d a t e d 1902 a n d d u e O c t .
1952; a u th $ 5 0 0 0 0 ,0 0 0 , o u ts ta n d in g $ 4 2 ,5 1 8 ,0 0 0 .
T h e firm ca lls a t t e n t io n
to th e 87 m iles o f n ew r o a d , w h ic h w h e n c o m p le t e d on o r
a b o u t D ec.
n e x t will c o n n e c t th e P itts b u r g h & L a k e E rie
( N . Y . C en tra l s y s te m ) w ith th e m a in lin e o f th e W estern
M a ry la n d a n d will b e o p e r a t e d u n d e r a 9 9 -y e a r tr a ffic a g r e e ­
m e n t b e tw e e n th e t w o c o m p a n ie s .
“ T h is n e w r o u t e ,” th e y
s a y , “ w ill g iv e th e N . Y . C en tra l th e s h o r t e s t lin e b e tw e e n
P itts b u r g h a n d B a lt im o r e a n d w ill m a k e th e W e s te r n M a r y ­
la n d a s h o r t th ro u g h r o u te to tid e w a te r fo r th a t g r e a t ra il­
r o a d s y s t e m .”
A c ir c u la r a d d s (in s u b s t a n c e ):

1

1

T hese bonds are secured by a direct 1st M. on 164 m iles. Including tcrm lnals In B altim ore, and by a lien, su b ject to $7,481,300 underlying bonds,
on 3o8 miles (331 miles ow ned directly or throu gh holdings of stoclc and 27
rones leased), m aking a to ta l ot 522 m iles. U pon the retirem en t of un d er­
lying bonds w hich can n o t he ex tend ed un der th e term s of th e mortevurp
th e bonds will on Aug. 1 1911 be a d irect 1st M. on 326 miles of road ronstltu tin g p ractically all th e present m ain line, and a lien, su b lect to S3 ’as i
300 underlying bonds, on th e rem aining 196 m iles. As th e unissued bond’s
are
reserved
only to retire
ail th e un derlying bonds, th e mm oortgage
closed
except
for refunding
purposes.
rtg age isIs Closed
T his issue is also secured th ro u g h th e deposit of stocks of subsid iary com ­
panies by a first lien on a b o u t 110,000 acres of coal lands equipped w ith
m ines and coke ovens. T his coal p ro p erty , w hich Is situ ate d along th e
W estern M aryland line betw een W estern p o rt, M d.. a n d 11end ricks W ^ Va
const tu tes a com pact acreage ot bitum inous coal on th e eastern slope of th e
A Thn% A M ts; ncarf s t 0t2 tid ew ater of a n y Im p o rta n t bitu m in ous coal Helds.
f r o m.r£hb£.
r i S WS f’ l Mr d..
, 87.to' 1' G03
0fn r0 m ’ %P aten(11"K
th e present
PIt£hV
onnellsvine,
., the eastern
term inum sainof line
th e
hnronV ,. f * Lalf®,Erie R R . (N . Y . C entral sy stem ), will. It is a n tic ip a te d ,
r i n n S i r op eration a b o u t Deo. 1 1011. H eretofore the W estern M d. has
Principally on sh ipm en ts of coal, lum ber a n d o th er traffic origlw tiifn rm ts ° 'VI‘ tcrri to ry . On th e com pletion of tho new lino th e road
ParJ °( a d irect th ro u g h ro u te from P ittsb u rg h to B altim ore,
con stitu tin g th e sh o rtest line betw een these tw o po ints a n d furnishing th e
„ V - c e n tra l system an o u tlet to the seaboard a t B altim ore. T he W estern Md
Co. and the P ittsb u rg h A L ake E rie R R . Co. h av e entered Into a 99E L a'?r<ifnifi,lt establishing close traffic relations. T his agreem en t will
f)ifn°irnte c,Iect(V0 0,1 the com pletion of tho extension and It provides for th e
full interch ange of business. T he N . Y . C entral system Is a t pres^nt vvlth

121

THE CHRONICLE

J an . 14 1911.]

o u t direct facilities for sh ip m e n t to B altim o re, alth o u g h this p o rt Is con­
sid erably nearer th a n N . Y. C ity Is to P ittsb u rg h , C leveland, &c. A to ta l
of $8,519,000 cash has been expended upon th e reh ab ilitatio n and m odern­
izing of th e W estern M d., w ith th e result th a t th e m ain line a n d equipm ent
are In con dition to h an dle th e th ro u g h traffic.
E arns, fo r Yrs. end. J u n e 30. 1910.
1909.
1908.
1907.
Gross e a rn in g s ______________ $7,081,057 $5,952,095 $5,018,277 $5,464,054
T o tal n e t I n c o m e ____________ ;),;)93,070 2,619,739 2,509,937 2,701,827
For th e year 1909-10 th e su rp lus a fte r fixed charges w as $ 9 8 8 , 7 2 9 , w hile
for th e four m o nth s ended O ct. 31 1910 th e gross earnings Increased $314,­
478, or 13.1% , a n d n e t earnings $114,336, or 13% , as com pared w ith the
gam e period In 1909. T he new extension should largely Increase th e reve­
nues w ith o u t any Increase In fixed charges, as th e cost of th e new line, ap­
p ro x im ately $12,700,000, has been (lnanced th ro u g h th e sale of capital
sto ck . C om pare V . 91, p. 1707, 1097.
IN D U S T R IA L , G A S A N D M IS C E L L A N E O U S .
A m e r ic a n B ra k e S h o e & F o u n d r y C o .—

Report.—

Year end.
N et, (after Other
B ond P ref. D lv. Common Balance,
Sep t. 3 0 — D egree.,& c. Inc.
Interest. (7% ). V iv td ’ds. S u rplu s.
1910................. $1,005,910 $57,752 $40,985 $245,000 $202,750 $574,934
1909______ ______$875,772---------- 42,121 2 1 0 ,0 0 0 116,000 507,051
— V. 91, p. 212.
A m e r ic a n C e m e n t C o .—

Report- -F o r y e a r s e n d in g N o v . 30:

D ividends
B a t., sur..
Fiscal
Net o f In t., etc.. Other
P aid.
or Def.
Year— oper.cos. A m .C em .C o. D educt's. (1%
def. $10,714
1909-10 _
.$139,848 $00,535 $75,026 (4% )) $21,000
81,000 def. 51,824
1908-09 .
_ 105,227 04,240
71,811 (0% ) 120,000
su r. $9,286
1907-08 .
. 208,180 65,575
73,324
1900-07 .
. 481,810 07,975
82,796 (7% ) 140,000 su r. 191,039
“ O ther ded u ctio n s,” $75,026 In 1910, Includes C entral Ccm . Co. and
R eliance Ceni. Co. bond Interest and dividends and A m cr. Coin. l o . Interest,
expenses a n d dep reciatio n.— V. 91, p. 1712.

.—Listed in Philadelphia

A m e r ic a n M illin g C o
.— T h e P h ila .
S t o c k E x c h a n g e h as p la c e d o n th e re g u la r list $ 2 ,9 9 8 ,1 1 0
c a p it a l s t o c k (p a r $10 a s h a r e ), a n d w ill a d d a fu r t h e r $ 4 9 6 ,­
.360, w h e n issu e d , fo r th e r e m a in in g 4 9 ,6 3 6 sh a res (p a r $ 1 0 0)
o f th e M a rsd en C o .
A u th o r iz e d s t o c k , $ 3 ,5 0 0 ,0 0 0 .

1 000 000 ) a n d so cle a r
2 000,000 p r e f. s t k .

a d d itio n a l w o r k in g c a p it a l ( p o s s ib ly $ ,
,
th e w a y fo r th e fu ll % d iv id e n d o n th e $ ,

6

As m a tte rs now s ta n d only 3% can be p aid on th e pref. stocks u n til th«
deb en tures hav e been reduced to $1,000,000; a fte r th a t 4% u n til th e
am o u n t Is dow n to $750 ,000, a n d th e rea fter 6 % . N othing can be paid on
thccom m o n sto ck u n til all th e d eb en tu res hav e been retire d .— (V. 88, p. 1063.)

Valentines Retire.

— A . I . V a le n tin e h a s re sig n e d fr o m th e
b o a r d , f o llo w in g , it is s t a t e d , th e sale o f th e la s t o f th e h o ld ­
in gs o f P . A . V a le n t in e .
M r. J a m e s A . P a t te n is r e p o r te d
as a la rg e p u r c h a s e r o f t h e s t o c k .

T he "C hicago T rib u n e” says: “ A t th e tim e th e com p an y w as form ed
M r. V alentine held 7,600 shares of th e sto ck , w hich he placed In a tru s t
agreem ent, along w ith 24,000 sh ares con tro lled b y th e b an k s. C om pare
V . 91, p . 1509.
B o s t o n & M o n ta n a C o n s o lid a t e d C o p p e r & S ilv e r M in in g
C o .—
— J u s tic e G o ff in th e S u p r e m e C o u r t
in th is c it y o n D e c . 31 d e n ie d th e a p p lic a t io n o f L o u is S e a s o n g o o d , a c t in g fo r m in o r it y s t o c k h o ld e r s , fo r a n in ju n c t io n re­
s tr a in in g th e c o m p a n y fr o m d is s o lv in g .
T h e s to c k h o ld e r s
o n D e c . 27 v o t e d in f a v o r o f d is s o lu t io n .— V . 9 1 , p . 17 7 1.

Injunction Denied.

C a n a d ia n B o u n t ie s .— Expiration of Bounties on Iron and
Steel—Amounts Paid.— T h e b o u n tie s p a id b y th e D o m in io n

o f C a n a d a o n ir o n a n d steel e x p ir e d D e c . 31 1 9 1 0, e x c e p t
th o s e o n w ire r o d s a n d steel e le c t r ic a lly p r o d u c e d , w h ic h
ru n u n til J u n e 1911 a n d D e c . 31 19 1 2, r e s p e c t iv e ly .
An
in cre a se in th e d u tie s o n ir o n a n d steel to o ffs e t th e e x p ir in g
b o u n t ie s seem s n o t u n lik e ly .
T h e “ C a n a d ia n J o u r n a l o f
C o m m e r c e ’ ’ o n D e c . 16 s ta te d th e to ta l a m o u n t d is t r ib u t e d
b y w a y o f b o u n t ie s sin c e 1896 t o h a v e b e e n $ 1 8 ,9 2 1 ,3 7 6 , o f
w h ic h $ 1 5 ,4 8 0 ,3 2 9 o n ir o n a n d steel a n d a rticle s m a n u fa c ­
tu r e d th e r e o f; re m a in d e r o n le a d , M a n ila fib re a n d c o r d a g e .

Steel, & c., D uring Year ended M arch 31 1910,
For th e 10 m o nth s ended S e p t. 30 1910 sales w ere $1,215,664; loss on B ounties P a id on Iro n ,Aggregating
$1,808,533.
mill operation s, $10,513. D educt selling a n d gen. e x p ., $95,823; co n tra c t A lgom a Steel Co., O n t____$318,815
S u p. Ir. <fc S teel C o____$54,628
m aterial a d ju st., $65,611, an d loss on sale of sto ck In o th er cos., $38,770. D orn. Iro n & S teel C o_____ 1,029,504 OL ake
Iro n & Steel C o------ 4,464
T o tal loss, $210,717, less m lscel. receipts, $19,396; n e t loss, $197,321. N ova Sco. S t. & Coal C o_. 97,346 A ntario
tlko kan Iro n C o____________ 15,100
P res., H . G. A tw ood, M inneapolis.— V . 91, p. 1448.
H am ilton Steel & Iro n C o .. 238,408 S ta n d ard Chem ical C o---------- 10,120
A m e r ic a n S m e ltin g & R e fin in g C o .— New Officer.— L e o ­ C anada Iro n C o rp _________
40,148
T otal bounties paid d u rin g year ended M arch 31 1910: Pig Iron, $573,068.
p o ld F r ie d r ic h , w h o h as b e e n fo r s e v e ra l y e a r s m a n a g e r o f
steel,
$695,752;
w
ire
rods,
5538,812;
$340,542; M anila llbre, used In
th e fo r e ig n d e p a r tm e n t o f th e N a tio n a l B a n k o f C o m m e r c e binder tw ine and cordage, $61,506; lead,
cru de petroleum , $203,588; to ta l,
in N e w Y o r k a n d c o n n e c t e d w ith its fo r e ig n d e p a r tm e n t sin ce $2,414,171. [The b o u n ty on lead runs un til Ju n e 30 1913.]— V . 85, p. 1520.
1902, w ill on J a n . 23 b e c o m e a s s o c ia te d w ith th e c o m p a n y
a n d th e A m e r ic a n S m e lte rs S e cu ritie s C o . as A s s is ta n t T r e a s ­
u rer a n d w ith th e G u g g e n h e im E x p lo r a t io n C o . as T r e a s u re r.

T his Is In line w ith the policy of th e com panies controlled by the Guggenhelm s to expand th e ir foreign business, th e Increase In ban king tran sactio n s
m ak ing It desirable to em ploy an e x p e rt.— V. 92, p . 00.

New Director

A m e r ic a n S u g a r R e fin in g C o .—
.— P h ilip
S t o c k t o n , P r e sid e n t o f th e O ld C o lo n y T r u s t C o . o f B o s to n ,
h a s b e e n e le c t e d a d ir e c t o r t o s u c c e e d H o r a c e H a v c m e y e r .
— T h e G o v e r n m e n t o n J a n . 10 a c c e p t e d th e
c o m p r o m is e o ffe r o f $ 7 0 0 ,0 0 0 m a d e b y th e c o m p a n y in full
s e tt le m e n t o f d r a w b a c k c la im s o n s y r u p s e x p o r t e d th ro u g h
th e P o r t o f N e w Y o r k .

Settlement.

IT. S. D istrict A tto rn ey W ise says th a t th e m axim um am o u n t th a t th e
G avern m ent m ight h av e collected w ith th e evidence In Its possession w ould
be .$865,000, b u t th a t there w ould likely be considerable technical diffi­
c u lty In proving p a rts of th e claim .— V. 91, p. 1031.

.—Argument Ended

A m e r ic a n T o b a c c o C o
.— T h e ora l a r g u ­
m e n ts in th e a p p e a l to th e U . S . S u p r e m e C o u r t in th e su it
b r o u g h t b y th e G o v e r n m e n t fo r d is s o lu tio n o f th e c o m p a n y ,
w h ic h w ere b e g u n o n F r id a y o f la st w e e k , w ere c o n c lu d e d on
T h u r s d a y , th e a r g u m e n t in th e S ta n d a r d Oil ca se im m e ­
d ia t e ly f o llo w in g .— V . 9 1 , p . 1255, 1027.
A s t o r ia (N . Y . C it y ) V o n e e r M ills & D o c k C o
— C h as. I I . J o n e s &
C o .,
B r o a d S t ., N . Y . , a re o ffe r in g f o r sa le , b y a d v e r tis e
m e n t o n a n o th e r p a g e , th e u n so ld p o r tio n o f th e to ta l issue
o f $ 5 0 0 ,0 0 0 1st M . sin k in g fu n d % g o ld b o n d s , d a t e d J a n . 1
1911 a n d d u e J a n . I 1941, b u t ca lla b le a t
a n d in t.
In tJ . & ,1. T a x - e x e m p t in N . Y . S t a te .
P a r $ 1 ,0 0 0 .
G u a r­
a n t y T r u s t C o . o f N . Y . , tr u s te e .
S e cu re d b y a 1st M . o n
d o c k p r o p e r t y a t A s to r ia , N . Y . C it y .
A c ir c u la r sa y s
in s u b s ta n c e :

.—Offering of

Bonds on N. Y. Harbor Dock Properly.
20

6

110

Not earnings m ore th a n th ree tim es In terest charges. S ecured by New
Y ork H arbo r dock p ro p e rty . V alue of land a n d docks app raised a t $1,002,­
250; buildings, m achinery and o th er assets a t over $548,000, fully covered
by insurance. Closed m ortgage, $500,000; sinking fund Is req uired to re ­
tire a t least $10,000 each year. C apital sto ck . $1,000,000. N . Y. City
tidew ater p rop erty Is lim ited In c x tc n t, very valuable, an d alm o st Im possible
to acq uire. T he Q uccnsboro B ridge, th e P enn sylv an ia and B elm ont tu n ­
nels and o th er a d ja c en t enterprises give th e holdings of this com pany stable
and Increasing values.
A b str a c t o f L e tte r from P r e s. A le x . S. W illia m s, N . Y ., J a n . 3 1911.
O rganized In N . Y . S ta te to m a n u fac tu re m ahogany, ced ar a n d foreign
logs Into lum ber and veneers, and also to dock and w arehouse th e sam e.
Succeeded th e A storia V eneer Mills, w hich In tu rn succeeded to th e business
of W illiam II. W illiam s, established In 1876, th e present ow ners being th e
sons of th e founder. T he op erators of th e p la n t ow n th e en tire capital
stock; th ere are no outside Interests.
T he average not earnings for th e p a st three years arc sufficient to pay the
In terest m ore th a n tw ice over and the earnings for th e present year are
sufficient to p ay the in terest on th e bonds m ore th a n th ree tim es over.
Indicating a stead y am i su b sta n tia l grow th In th e business. T h e bonds arc
a 1st (closed) M. on th e en tire p ro p erty , real and personal, d’hc real estate
is extrem ely valu ab le, as show n by th e appraisal of S. O sgood Pell & Co.,
based on th e value of the p ro p e rty . Independent of th e buildings.
T he pro p erty Is located In A storia, a t th e no rth ern end of L ong Island
C ity, ju s t beyond th e term inu s of th e Q uccnsboro B ridge, on deep w ater,
and consists of a b o u t 400 lots, 25x100, tog ether w ith som e 2,800 feet of
w ater fro n t. W o value the real e state a t a b o u t $1,100,000 and believe th a t
each year Its valu e will Increase. A t the present rate of business the sink­
ing fund should purch ase yearly several tim es th e $10,000 bonds required
in th e m ortgage. W e consider th e eq u ity behind th e m ortgage to be som e­
w here betw een $1,000,000 and $1,500,000. T he title to th e real estate Is
gu aran teed by th e T itle In su rance Co. of N . Y .

Notes Paid

A t la n t ic G u ff & W e s t I n d ie s S t e a m s h ip C o .—
.—
T h e $ 7 5 2 ,0 0 0 co lla te r a l % n o te s w ere p a id a t m a t u r it y o n
Jan.
la s t.— V . 9 1 , p . 4 6 5 .
B o o t h F is h e r ie s C o ., C h ic a g o .—
—
— I t is
c o m m o n ly b e lie v e d th a t th e s to c k h o ld e r s w ill b e a sk e d a t th e
a n n u a l m e e t in g to a u th o r iz e a n issue o f a t le a st $ 3 ,0 0 0 ,0 0 0
b o n d s , in o r d e r to re tire th e $ 1 ,4 2 5 ,0 0 0 d e b e n tu r e s , p r o v id e

1




6

Bonds Dividends.

&

Bonds Outstanding

C e n tra l M e x ic o L ig h t
P o w e r C o .—
.—
T h e o ffe r in g o f 1st M . % g o ld b o n d s refe rre d to in < u r issue
o f D o c . 31 a m o u n t e d to o n ly 8 1 0 0 ,0 0 0 , b e in g p a r t o f a b lo c k
o f $ 1 ,0 0 0 ,0 0 0 issu ed in F e b . 1910.
T h e y are n o t a d d itio n a l
bonds.
O f th e a u t li. issu e o f $ 2 ,5 0 0 ,0 0 0 , o n ly $ 1 ,SCO,0 00 is
o u t s t a n d in g .— V . 9 1 , p . 1771.

6

C o u n c il B lu ffs ( l a . ) C it y W a t e r W o r k s C o .—
“ C o u n cil B lu ffs , l a . , ’ ’
a n d C it y ” d e p a r t m e n t .— V .
, p . 508.

Compromise Offer.— S ee

88

City Makes
in

“ S ta te

Debentures Called.

D e t r o it E d is o n C o .—
— N o t ic e is g iv e n
to th e h o ld e r s o f th e 5 -y e a r 0 % c o n v e r t ib le g o ld d e b e n tu r e
b o n d s d a t e d S e p t. 1 1900 th a t th e c o m p a n y w ill r e d e e m th e
e n tir e o u t s t a n d in g a m o u n t th e r e o f a t th e o ffic e o f tlie T r u s t
C o . o f A m e r ic a , N e w Y o r k , o n M a rch 1, at p a r a n d a c c r u e d
in te r e s t.
O f th e o r ig in a l S I , 0 0 0 ,0 0 0 issu e, o n ly a b o u t
$
b o n d s , it is u n d e r s t o o d , h a v e n o t b e e n c o n v e r t e d
in to s t o c k .

100,000

B onds surren dered for p a y m en t m u st have th e coupons due M arch 1 a n d
S ep t. I 1911 a tta c h e d . T he holders of said bonds hav e th e rig h t up to
M arch 1 1911 to con vert th e sam e Into stuck a t par, accrued In terest on
th e bonds a n d dividends on th e sto ck to be adju sted as of th e d a te of *onverston .— V . 91, p . 1570.

Subscriptions for Debentures.

D ia m o n d M a tc h C o .—
— The
s t o c k h o ld e r s , it is r e p o r t e d , s u b s c r ib e d fo r a b o u t 6 5 % o f th e
$ ,
c o n v e r t ib le % d e b e n tu r e s r e c e n tly o ffe r e d , le a v ­
in g a b o u t
% to b e ta k e n b y th e u n d e r w r itin g s y n d ic a t e .
— V . 9 1 , p . 1 6 3 2 , 12 5 6.
G e n e r a l A s p h a lt C o ., P h ila d e lp h ia .—

2 000,000

35

6

Entire 8Yz% Ac­
cumulated Pref. Dividends to be Paid in Convertible Bonds,
Dated March 1 1 9 1 1 .— T h e d ir e c to r s o n J a n . 9 d e c la r e d
d is t r ib u t a b le M arch 1 a lo n g w ith th e u sual q u a r t e r ly d iv id e n d
o f 1 ><£% o n th e $ 1 3 ,1 4 0 ,0 0 0 p r e f. s t o c k , to h o ld e r s o f r e c o r d
F e b . 1, w a r r a n ts e q u a l t o
J ^ % u p o n th e p r e f. s t o c k a n d
p a y a b le M a rch 1 19 1 6, r e p r e se n tin g th e fu ll a m o u n t o f
c u m u la t iv e a n d u n p a id d iv id e n d s .
S a id d iv id e n d w a rra n ts
w ill b e c o n v e r t ib le in to fiv e -y e a r 5 % d e b e n tu r e s , d u e o n
sa id M arch 1 1916, b u t s u b je c t t o ca ll a t p a r a n d in t . o n
a n y in te re s t d a t e .

8

A b stra ct of Official S tatem en t.
. . .
,
E ach dividend w a rra n t shall sta te on th e face thereof th a t It Is Issued
for th e am o u n t of th e aforesaid d iv idend , p ay ab le on M arch 1 1916, and
th a t Its p ay m en t shall be a release by said holder of all rig h t th ereafter
to receive the said dividend, saving throu gh th e d eb en ture to he Issued as
evidence of said div idend , d ate d M arch 1 1911, bearing in terest a t th e ra te
of 5% per an n u m , pay ab le each M. & S ., In equal proportions; th e principal
of such d eb en tures to be pay ab le on M arch 1 1916, su bject, how ever, to
th e rig h t of th e com pany , on a n y Interest d a te , to call such d eb en tures
for retirem en t a t p ar and In t., th e com pany being en titled to m ake such
calls for th e w hole or a n y p a rt of the en tire Issue. T he tem p o rary dividend
w a rran ts shall be exchangeable for engraved debentures In denom in ations
of $500 each a t th e Com m ercial T ru st Co., T ransfer A gents, Philad elp hia, P a.
E arnin gs h av e heretofore been largely Invested In perm an en t a d d itions,
extensions. Im provem ents an d in Increased w orking cap ital. T he best
Interests of th e com pany dem an d th a t th e surplus earnings abo ve th e
reg ular dividend of 5% on th e preferred should, in th e Im m ediate fu tu re,
he ap p ro p ria te d to th e fu rth e r dev elo pm en t of th e com p an y ’s business, a n d
p a rticu la rly of its oil properties In T rin id ad . Such ap p ro p riatio n of earn ­
ings will. In th e opinion of th e ho ard , enable th e com pany to retire th e
e n tire issue of deb en tures a t a d a te earlier th a n th e c u m u lated div idend
could, w ith o u t such developm ent, hav e been otherw ise paid .
T he to ta l n et earnings for th e period of seven years ending Ja n . 31 1910
am o u n ted to $5,557,795, ag ain st w hich th ere w ere charged various a d ju st­
m ents to su rplus am o untin g to $1,031,380, leaving a net gain to surplus for
th e seven years of $4 ,520 ,4 14 ,of w hich $1,702,939, or 13% , w as d istrib u te d
in dividends to th e holders of preferred sto ck , leaving a balance In su rp lus
acco unt on J a n . 31 1910 of $2,823,474, w hich h as been largely Invested in
perm an en t add itions, extensions and Im provem ents a n d w orking cap ital.
Since J a n . 31 1910 th e above n et earnings h av e been largely increased a n d
dividends, Including th e usual dividend pay ab le M arch 1 1911, aggre­
g atin g 7 Vy%, or §945,020, hav e been paid upon the pref. sto ck , m aking
a to ta l disbursem ent of $2,647,965, or 2 0 K % , upon th e pref. stock .and
caving 8 yt% of cum ulated a n d unpaid dividends thereo n.— V. 90, p. 1423.

THE CHRONICLE

122
G o ld f ie ld C o n s o l id a t e d M in in g C o .—

Report.— F o r

[VOL. LXXXXII.

year:

Oct. 31.
Gross
N et
DepreD ividends
B alance,
Y ear—
Revenue. E arnings, cialion.
P a id .
Su rp lu s
1909-10-------$10,273,934 $7,347,091 ________ (20% )$7,118,921 $228,770
1908-09------ 6,598,871 5,026,620 $373,543 (9 % )3 ,2 0 1 ,239 1,451 838
T h ere w as prod uced d u rin g th e year end ing O ct. 31 1910 266.867 ton s
a g a in st 194,479 ton s In 1908-09.— V. 91, p . 1388.
G u a n a ju a t o P o w e r & E le c t r ic C o ., C o lo r a d o S p r i n g s .— S ee
C en tra l M e x ic o L ig h t & P o w e r C o . a b o v e .— V . 9 1 , p . 1 7 7 3 .
H a r r is o n B r o s . & C o ., I n c . —
— F or year:

Report.

J . D . G ra n t, A lbert H anfo rd and C urtis II. L lndlev- B u
Sir Charles
RoseA .a nEd. ABlbert
NR Ibblesdale,
ew ton C leaveland,
Gen.D ale
M an.;
o yntoUn,cltling0?
S e c r e tforelgn
a r y Kn ddhV
ire mc toorsrs.

Second Suit Dismissed.—

N e w Y o r k B a n k N o t e C o .—
Judge
H ough, in th e IJ. b . C ircu it C o u rt d ism isse d th e s e c o n d su it
b r o u g h t b y th e c o m p a n y as a g a in st th e in d iv id u a l m e m b e r s
o f th e N . Y . S t o c k E x c h a n g e , th e first s u it h a v in g b e e n a lso
d is m is se d in O c t o b e r la s t o n te c h n ic a l g r o u n d s .
C o m p a re
Y . 9 1 , p . 1264, 1 1 6 3 .
P

F iscal Y ear
P rofit
DepreB ond
Preferred
E n d in g Oct. 31— fo r Year. elation. Interest. D ividends Balanceu rp lu s
Ju d g e H ough says: “ If th e com plainant th in k s It has cause of action
1 0 1 0 ..............................$326,116 $100,000 $65,000 (5% )$75,000 S$08,116
a g ain st ind ivid ual m em bers of th e E xchange In this or a n y o th er C ourt, a
1009 ..........................- . 289,861
100,000 65,000 (4% )60 000
F ro m th e b alance as abo ve in 1909-10, $86,116, th ere w as d e d u 64,861
c ted a w holly d illcren t com plaint m u st be d ra w n .” — V . 9 1 , p . 1264.
special a p p ro p ria tio n for new c o n stru ction, $75,000, leaving $11,116.__
O c e a n ic S t e a m s h ip C o ., S a n F r a n c is c o .— Tenders asked for
l h e U n io n T r u s t C o . o f S a n F r a n c is c o , tr u s te e
.—Bond, Issue for Munici­ Bonds,
u n d er th e m o r tg a g e d a t e d J u ly 1 1 8 9 9, w ill u n til J a n . 3 0
r e c e iv e b id s fo r th e sale o f b o n d s u n d e r th e m o r tg a g e s u f ­
1
fic ie n t to c o n su m e th e s u m o f 8 3 0 0 ,1 4 9 .— V . 9 0 , p ! 1682.
T o r o n t o .— Purchase.— T h is c o m ­
O t t a w a H e a t , L ig h t & P o w e r Co.—Extra Dividend.—A

H e le n a ( M o n t .) W a t e r -W o r k s C o
“ H e le n a ” in “ S ta te a n d C it y ” d e p a r t m e n t
— V . 91, p . 1098.

pal Plant.— S ee

M a s s e y -H a r r is C o . o f
p a n y r e c e n t ly p u r c h a se d th e J o h n s to n H a r v e s te r C o. o f
B a t a v ia , N . Y . , f o r a su m sa id to b e b e tw e e n 8 2 ,0 0 0 ,0 0 0
a n d 8 3 ,0 0 0 ,0 0 0 .— V . 8 9 , p . 4 7 3 .

1

1

Fire—Temporary Inter­

d iv id e n d o f ^ % a n d a b o n u s o f 2 % w a s p a id J a n .
o n th e
8 1 ,5 2 0 ,3 0 0 s t o c k to h o ld e r s o f r e c o r d D e c . 2 6 , m a k in g th e
to ta l a m o u n t o f d iv id e n d d is t r ib u t io n s f o r 1910 % c o n t r a s t ­
in g w ith % ( 5 % a n d 1 % e x t r a ) f o r 1 9 0 9 .— V . 9 0 ,
240.

This w as a steam -pow er sta tio n of 5,000 k.w . cap acity , w hich w as used
(VrS n / ,kp.want„
foracity
tl10, comlhpany’s
ater Itpow
er sta tio to
n atem
t T payo rarily
lo r’s Falls
of 15,000
. cap
e fire mw ade
necessary
dis­
con tinue all service, b u t th e local m anager rep o rted th a t he exp ected to be
able to m ake necessary changes In th e d istrib u tin g system so th a t m ost of
th e com pany s custom ers will be furnished w ith light and pow er bv a fte r­
noon I t Is exp ected th a t only a sm all percentage of th e com pany 's business
will be in a n y w ay affected by th is fire. T he pow er sta tio n w as fully cov­
ered by insuran ce. T he erection of a new fire-proof typ e of sta tio n will bo
Im m ed iately com m enced.— V. 92, p. 61.

P a c if ic C o a s t C o .—
— The com ­
p a n y h a s d e c la r e d th e r e g u la r d iv id e n d o f ^ % o n th e c o m ­
m o n a n d 2d p r e f. s to c k s a n d 1
o n th e 1st p r e f.
In M a y ,
A u g . a n d N o v . 1910 e x t r a d iv id e n d s o f % e a ch w ere p a id
o n th e c o m m o n a n d 2 d p r e f. s t o c k s .
T h is w a s, h o w e v e r ,
o n ly d o n e in o r d e r t o b r in g th e d is t r ib u t io n o n th ese tw o
s t o c k s up to a n a v e r a g e ra te o f % s in c e 1906, w h e n p a y m e n t s
a t th e % ra te w ere b e g u n , th e lesser a m o u n t s p a id fo r a tim e
in 1908 a n d 1909 h a v in g a g g r e g a t e d 3 % .
C om p a re V . 90,
p . 1 7 1 .— Y . 9 1 , p . 1106, 1094.

M in n e a p o lis G e n e r a l E le c t r ic C o .—
1 lie tire o n J a n . 0 e n tir e ly d e s t r o y e d th e E a s t
S id e p o w e r p la n t ( e x c e p t th e b o ile r s ), b u t o n J a n . 7 th e
m a n a g e r s , S to n e & W e b s te r , s ta te d :

ruption Only.

Proposed Merger.—

M o n tr e a l S te e l W o r k s .—
H o ld e r s o f
m o r e th a n 5 5 % o f th e s t o c k (th e r e a r c liste d o n th e M o n tre a l
S t o c k E x c h a n g e 8 7 0 0 ,0 9 0 c o m m o n a n d 8 8 0 0 ,0 0 0 p r e f.) are
u n d e r s t o o d to h a v e a g re e d to a c c e p t th e ca sh o ffe r o f 162U i
fo r th e c o m m o n a n d 1 3 7 ^ fo r th e p r e f., to b e p a id o n o r b e ­
fo r e M a rch 25 1911.

... ^'ke offer Is understood to hav e been m ade on behalf of th e new C anadian
Steel fo u n d ries Co organized w ith $5,000,000 of a uth orized cap ital sto ck .
K. W . Blackw ell being P resident a n d VV. F . A ngus as V tce-Pres. and
u o n . M an. A n o p tion , It Is said, Is also held on th e O ntario S teel Co. of
W elland.— V. 91, p. 1775.

Bonds Offered.—

N a to m a s C o n s o lid a te d o f C a lifo r n ia .—
L ou is S loss & C o ., S a n F r a n c is c o , a re o ffe r in g , to y ie ld a b o u t
6/42
1st M . g o ld s, d a t e d J a n . 1 1910 a n d d u e J a n .
1930,
b u t ca lla b le a t 110 o n a n y in te re s t d a t e .
8500 and
8 1 ,0 0 0 c * & r .
I n t . J . & J . a t M e rc. T r u s t C o . o f S a n F r a n ,
(t h e tr u s te e ), U . S . M o r tg a g e & T r u s t C o ., N . Y . , a n d L o n ­
d o n C o u n t y & W e s t m in s te r B a n k , L t d ., L o n d o n .
Taxe x e m p t in C a lifo r n ia .
L e g a l fo r s a v in g s b a n k s in C a lifo r n ia .

%>

6

Par

1

O rganized In 1908 to consolidate a nu m b er of old established and suc­
cessful com panies an d to acq uire o th e r p ro p e rty for th e purpose of ex ten d ­
ing th e ir gold-dredging a n d rock-crushing op eration s on th e A m erican and
F eather rivers, a n d for th e fu rth e r purpose of c arrying o u t a com prehensive
plan of reclam ation and irrig atio n on th e c o m p an y ’s 71,562.65 acres of
land lying princip ally in th e fertile a n d prosperous S acram ento V alley.
T h e 1st M . bonds (which cover all p ro p e rty now ow ned or h ereafter ac­
quired) are listed in San Francisco and app lication has been m ade to list
them on th e L ondon S tock E xchange.
A b str a c t o f L e tte r from S ec. A . E . B o y n to n , San F ra n c isc o , D e c . 15 1 9 1 0 .
O rganized in C alfornla N ov. 25 1908 to consolidate N ato m a L an d &
M ining C o.. Folsom D evelopm ent C o., F e a th e r R iver D evelopm ent Co.,
Folsom R ock Co. a n d N atom a D evelopm ent Co., and acquire o th er Interests,
ex tend Its go ld-dredging op eration s a n d develop Its large land holdings.
C apitalization
C apital sto ck au th o rized $25,000,000: Issued .....................................$14,617,300
F irst m tge. 6s (this Issue), au th o rized , $15,000,000: Issued ._ 11,200,000
R eserved for u n derlying Issues [chlelly obligations of old N a­
to m a L an d & M ining Co.; $13,000 1st M. gold 6s of said co.
w ere called and paid a t p a r a t M erc. T r. Co., S an F ran
on Ju ly 1 1910.— E d .] --------------------------------------------------------- 1,211,000
Reserved for new a c q u isitio n s___ _______ ; ________ $2,589,000
2d M. 6s, a u tk ., $10,000,000 [Anglo-Cal. T r. Co., tru ste e .— E d.];
reserved by com pany $7,533,000; Issu e d ............................ ............ 2,467,000
E arnings of Calendar Year 1909—S ix M onths ending J u n e 30 1910.
6 M os. ’10. Year 1909.
6 M os. ’10. Year 1909.
C ross in c o m e -..$ 9 9 1 ,5 7 9 $2,062,739 In t. on 2nd 6s &c $93,402 $197,910
N et earns, (after
In t. on 1st 6s &
ta x e s)_______ $521,008 $1,198,713 old bo n d s____$235,791 $395,100
S u rp lu s..................................................................................................$191,815 $605,633
T he falling oil of earnings du rin g 1910 w as due to th e p artial sus­
pension of dredging operation s pending th e building of larger and m ore
profitable dredges. O ne of these will be In op eration ab o u t Ja n . 1 1911 and
tw o m ore should be read y by M ay 1911. Increasing th e n e t earnings m a­
terially. E ngineers estim ate th e an n u al Incom e upon th e com pletion of
th e new dredges a n d th e enlargem ent of th e rock-crushing p la n ts a t $2,168,­
000, no t Including profits from th e extension a n d Im provem ent of w ater
rights, th e sale of reclam ation lands, &c. T his am o u n t Is nearly three
tim es th e Interest charges on th e o u tsta n d in g un derlying a n d 1st M . bonds
T he sinking fund , w hich Is calculated to retire th e en tire issue before
m a tu rity , com m ences Ja n . 1 1914, and provides for an am o u n t eq u alI 1 1 1 9 1 4
to 1-16 of th e o u tsta n d in g bonds, plus 10% : for 1915, 1-15 of th e bonds
plus 10% : for 1916, 1-14, plus 10% , a n d so on. R etired bonds will be kept
alive and th e ir in terest add ed to th e sink. fd. In ad d itio n a m inim um
am o u n t of 50% of th e gross proceeds from th e sale of lands m u st be used to
redeem bonds of tills Issue.
T he v alu atio n of th e physical properties w as last year placed by th e
engineers of th e H irsch S y ndicate, L td ., of L ondon, w hich purchased
$5,000,000 of treasu ry bonds, a t $24,192,744, since w hich tim e large add i­
tions hav e been m ade. T he p ro p e rty Includes ap p ro x lm atcy 7,000 acres
V-r ,p rovcn gold-bearing gravel-dredging lands, situ ate d a t N atom a, near
Folsom , and on the F ea th e r R iver, near O rovillc; 54,642.65 acres of recla­
m ation lands adjoining an d lying n o rth of S acram ento , Ju st across the
A m erican R iver; also, 16,920 acres Irrigated lands located near Folsom ,
i he reclam ation lands have a river fro ntage of 22 m iles along said rivers, and
include som e of th e richest lands In th e S acram ento V alley. A portion of
rc'ad y for th e m ark et In 1911. T he com pany owns w ater
J ~ 499° m iner s Inches on th e A m ercan R iv er, 22 m iles of m ain
^
“ *2® P m iles of laterals, w hich will be profitably extend ed for IrrlEu„rP °s®f• , 1 he tw o rock-crushing p lan ts (to ta l c ap acity now 3,900
* , Sballast,
I , j F e_profit
fi1fid last
?* year
rock $76,557.
for road Amnacadam
and
[ all w ay
a d d itio, n concrete
al p la n t awt ork
O rovllle
ha-s a c ap acity of 1,000 tons. P rofit from rock-cruslilng for 1911, after
en larg em ent, Is estim ated a t $206,400.
«•
™9>ce0(*s th e $1,000,000 bonds u n d erw ritten In A m erica, and th e
So,000,000 recen tly sold In E nglan d, are being used (a) for five add itional
lrV®“ ®r3* lo-cublc--foot, contlnuous-buoket-IInc dredges, w ith a cap acity
of 16,250,000 cubic yards per an n u m , bringing th e earnings from tho
dredging lands alone, ann ually from Ju ly 1911. to $ 1 , 0 6 1 , 6 0 0 . (b) T ow ards
com pleting the purohase of reclamation lands a n d co n stru cting levees,

canals and pumping stations for reclamation and Irrigation purposes.



6

8

Regular Dividends Resumed.
1
\i%

p.

1

6

6

Notes Sold.—

P a c if ic (B e ll) T e le p h o n e & T e le g r a p h C o .—
B ond
G o o d w in , N . Y ., B o s t o n , C h ic a g o , P h ila . a n d San
F r a n c is c o , o ffe r e d o n J a n . 5 a t 99>^ a n d in t . a n d , q u ic k ly
s o ld , a n e w is s u e o f 8 5 ,0 0 0 ,0 0 0 5 % 2 -y e a r s e m i-a n n u a l c o u p o n
n o te s .
A c ir c u la r s a id :

&

T his issue w as recently auth orized. N otes to be dated J a n . 5 1911 and
proceeds to be used in new con stru ction. P rln . a n d in t. payable In N . Y .
C ity. D enom inations: $1,000, $5,000 an d $10,000 (Interchangeable).
N otes certified by B ankers T ru st Co. T he Pacillo T . & T . is th e sole Bell
telep ho ne licensee com pany op erating In th e S ta te s of C alifornia, O regon
an d W ashington.— V . 91, p. 720, 152.

Copper Production.

P h e lp s , D o d g e & C o .—
— T he produ c­
tio n o f c o p p e r ore b y th e C o p p e r Q u e e n , D e t r o it a n d M o c t e z u m a m in e s , o w n e d b y P h e lp s , D o d g e & C o ., f o r th e y e a r
e n d in g D e c . 31 1910, w a s 1 1 7 ,4 2 5 ,2 9 0 lb s ., as c o m p a r e d w ith
1 2 5 ,1 9 6 ,4 0 3 lb s . in 19 0 9, a s fo llo w s :

P ounds.
1910.
1909.
1910.
1909.
J a n u a ry . . . 10,633,620 11,389,569 J u Plyounds.
10,519,336 9,650,562
F e b ru a ry . . 8,653,166 10,253,448 A u g .................
u
s
t-----9,887,618
10,727,358
M a r c h ------ 9,786,726 10,789,066 p te m b e r. 10,116,773 10,288,819
A pril .............. 9,480,150 9,837,226 SOectober
9,320,991 10,630,065
M ay................. 10,038,177 10,281,778 N ovem ber. . .. 9,759,005
10,763,905
J u n e ............. 9,918,311 10,279,221 D e ce m b e r.. 0,311,417 10,305,386
T otal (pounds) for y e a r.................................................. 117,425,290 125,196,403
C ustom ores business added a fu rth e r am o u n t for th e year of 21,498,568
lbs. In 1910, against 7,858,812 lbs. In 1900.— V . 91, p. 1577.

Receivership

P it t s b u r g h & A lle g h e n y T e le p h o n e C o .—
.—
J u d g e T . D . C a rn a h a n in th e C o m m o n P le a s C o u r t a t P it t s ­
b u r g h o n J a n . 10 a p p o in t e d W illia m F lin n a n d J . G . S p la n e
re c e iv e r s o f th e p r o p e r t y o n p e t it io n b y H . V . M cC u llou g h
o f A lle g h e n y C o u n t y , a m in o r it y s t o c k h o ld e r , o n th e g r o u n d
th a t th e c o m p a n y is b e in g m is m a n a g e d .
T h e c o m p a n y , it
is a s se r te d , is s o lv e n t .
M r. F lin n o w n s s o m e 8 6 4 5 ,0 0 0 b o n d s
o f th e N a tio n a l T e le p h o n e C o ., w h ich c o n tr o ls th e P . & A . T .
C o. (see ea rn in g s, & c ., V . 9 1 , p . 1326, 1 7 7 6 .)— V . 8 4 , p . 11 2 5.
S o u th w e s t e r n S u g a r
L a n d C o ., P h o e n ix a n d C o lo r a d o
S p r in g s .—
— F . H . M ills
C o ., B o s t o n , are
o ffe r in g a t p a r a n d in t. a b lo c k o f th e 8 4 0 0 ,0 0 0 1st M .
%
g o ld sin k in g fu n d b o n d s , d a t e d J a n . 1 1909 a n d d u e J a n .
1929, b u t ca lla b le o n a n d a ft e r J a n . 1 1914 a t p a r , 8 1 ,0 0 0 .
I n t . J . & J . a t o f fic e o f tr u s te e , C o lo r a d o T it le
T r u s t C o .,
C o lo . S p rin g s, a n d a t M o r to n T r . C o ., N . Y . T h e firm w r ite s:

&
Bonds Offered.

&

6

1

&

T hese bonds are a first lien upon 7,223 acres of fertile land, all un d er the
g re at R oosevelt D am , one of th e largest of th e reclam ation p ro jects of th e
U . S. G ov t., and located near P hoenix, A riz. T he land of th e S a lt R iver
V alley is very p rod uctive. T he com pnay has sold 910 acres of Its land a t
prices from $125 per acre to $180 per acre. T hese sales w ere m ade In 1010.
W e value tho rem aining land (7,223 acres) a t $150 per acre, or a to ta l of
$1,083,000 In land, w hich will be sold from tim e to tim e.
T he bonds are also a first lien upon a beet-sugar facto ry of 800 tons
c ap acity w hich has cost $1,000,000 to build a n d w hich Is com pleted and In
successful o p eratio n . For the season of 1910 th e n et resu lts from factory
op eration s were $58,526, say 2 44 tim es th e In terest upon th e bo nd s. For
th e season of 1911 th e am o u n t of grow ing beets un d er c o n tra c t to th e factory
Is tw ice th e acreage of 1910 and th e com pany Is a n tic ip a tin g to m ake n et
5 or 6 tim es th e bond Interest.
T he sinking fund Is m ade up of (1) a p a rt of th e proceeds from sales of
land; (2) 20% of th e n et resu lt from fac to ry o p eration s, th e m ortgage
p erm ittin g the ded uction of 7% dividends u p on $1,000,000 of pref. stock
a n d 6% upon the am o u n t of bonds o u tsta n d ln g b c fo rc d ed ucting th e 2 0 % .
T he m an ag em ent Is stro n g a n d Is largely J . R . M cK Innle, of Colorado
Springs (President) and R . P . D avie, who hav e had long experience In th e
m an ag em ent of beet-sugar enterp rises. T hey arc gentlem en of w ealth and
high business stan d in g . T he Sec. and T reas. Is E . C. S h arer. [The com ­
pan y was Incorporated In A rizona and on N ov. 19 1908 succeeded to th e
p ro p e rty of th e form er E astern Sugar Co., foreclosed (V. 86. p. 9 2 1 ). T he
auth orized cap ital stock Is $2,000,000 com . an d $1,000,000 p re f.— E d.]
S t a n d a r d Oil C o. o f N e w J e r s e y .— Argument of Appeal Be­
gun Before United States Supreme Court.— S ee A m e r ic a n
T o b a c c o C o. a b o v e .
Fine Paid.— T h e c o m p a n y o n J a n . 9 p a id in to th e F e d e r a l

C o u rt a t B u ffa lo , N . Y ., 8 2 3 ,7 6 6 , r e p r e s e n tin g th o fine o f
8 2 0 ,0 0 0 im p o s e d b y th e lo w e r C o u r t fo r th e a c c e p t a n c e o f
re b a te s b e tw e e n O le a n , N . Y . , a n d R u t la n d a n d B e llo w s
F a lls , V t ., in 1904 a n d 19 0 5, th e c o n v ic t io n b e in g a ffir m e d
b y th e U n ite d S ta te s C ircu it C o u r t o f A p p e a ls in M a y 1 9 1 0 .
( V . 9 0 , p . 1 2 4 3 .)
,
M r . O . T . W a r in g o f P la in fie ld , N . J .,
w h o h a s h eld v a r io u s p o s it io n s w ith th e c o m p a n y <dUj£jng

New D ire c to r

THE CHRONICLE

J an . 14 1911.J

th e la st 30 y e a r s , h a s b e e n e le c t e d a d ir e c t o r .
Y . 91, p.
16 3 5, 1385.
(T . H .) S y m in g t o n C o ., B a lt im o r e .—
F . J . L is m a n
C o ., 30 B r o a d S t ., N . Y . , P h ila ., H a r tfo r d
a n d B alt... a re o ffe r in g a t th e m a r k e t p r ic e , t o y ie ld a b o u t
% , a b lo c k o f th e 1st M . % c o n v e r t ib le s in k in g fu n d g o ld
b o n d s d a t e d J u ly 1 1910 a n d d u e J u ly I 1920, b u t r e d e e m a ­
b le fo r th e s in k in g fu n d a t 105 o r o th e r w is e a t 110, a n d
c o n v e r t ib le a t h o ld e r s ’ o p t io n in t o
% p r e fe r r e d s t o c k .
A u th o r iz e d a n d o u t s t a n d in g , 8 9 0 0 ,0 0 0 .
C en tra l T r u s t C o .,
N . Y ., tr u s te e .
In t. J. & J.
T a x - e x e m p t in N . Y . S ta te .

Bonds Offered.—

&■

6

6

8

A b str a c t o f L e tte r from P r e s. T . H . S y m in g to n , H a lto .. D e c . 19 1 9 1 0 .

T his com pany w as organized In 1901 to m an u factu re railw ay equ ipm en t.
O ur prod ucts are sta p le railroad necessities and Include Journal boxes,
d ra ft gear, ball bearings an d m iscellaneous devices for steam and electric
railw ay cars and locom otives. YVe arc one of th e tw o larg est m anufac­
tu re rs of such devices in tills c o u n try , and ou r p rod ucts arc sta n d a rd on
m any of th e largest railw ay system s In th e U nited S tates, C anada and
M exico. F or exam ple, we m a n u factu re a n d sell th e “ F arlow d ra ft gear,
a n d this year h av e already equipped over 30,000 freigh t cars w ith tills
necessary Im provem ent. O ur m an u factu rin g a n d sales organ ization is
aggressive an d cap able. W e do a large a n d increasing business In all p a rts
of th e w orld. O ur m odern fireproof steel, brick a n d con crete p la n t, on
which these bonds are a llrst lien, occupies live acres of a 30-acre tra c t a t
R ochester, N . Y. O ur real e sta te a n d Im provem ents are w orth nearly double
th e p ar of o«r bonded d e b t. T he R ochester p la n t is one of th e larg est
and best-equipped m alleable foundries in th e w orld, being provided w ith
every know n m echanical device for th e elim ination of labor and cost.
T he n et assets behind ou r $900,000 of bonds as of S ep t. 30 1910, Includng th e proceeds from th e sale of $500,000 of pref. sto ck recen tly offered
our stockholders, and alread y largely subscribed oy them a n d oth ers,
u t n o t Including our good-w ill a n d p a te n ts, a m o u n t to 3 2 , 1 1 0 ,(lav, or
m ore th a n 2 V, tim es th e par of th e o u tsta n d in g bonds, b u ll an n u al divi­
dends hav e been paid on th e prof, stock since th e inception of th e com pany.
T he com pany has been successful from th e s ta rt. For th e live years pre­
vious to 1909, on a n e t c ap ital of $215,000, a n d w ith very poor m anufac­
tu rin g facilities, our an n u al profits averaged $105,040, a sum a b o u t double
yearly Interest req uirem ents on $900,000 of 0% bonds Issued to build th e
R ochester p lan t, w hich Is now com pleted a n d In full op eration .
E arnings fo r S ix M onths ended Sept. 30 1910, with Interest on Bonds.
(N o tw ithstand ing th e business depression existing on railro ad lines.]
N et sales__________________ $801,9241T o ta l n et income^--------583,087
N et e arn in g s______ ________ 70,809 0 m os. h it. on abo ve bonds 27,000
O ther incom e
- ........ 1 7 , 2 7 8 S urplus for d iv id en d s---------- 01,087
D uring norm al tim es ou r n et earnings should cxceed $000,000 ann ually.
D uring th e above six m o nth s we w rote oir over oGo.OOO charges ag ain st
co n stru ction a n d o rgan ization of th e R ochester p la n t and failed to m ake
over $ 1 0 0 ,0 0 0 profit on a b o u t $ 0 0 0 ,0 0 0 of closed business canceled by us
on acco unt of our Inability to m ake delivery.
T he au th orized c ap italizatio n consists of: $900,000 1st M . 0% con vertib le
sinking fund gold bonds, $2,500,000 cu m u lativ e 8% preferred sto ck , re­
deem able a t 115, a n d $1,000,000 com m on sto ck . Of th e pref. stock, $}.000.000 w as sold a t 100 and $500,000 has been largely subscribed for by
ou r present stockholders. T he balance, $1,000,000, Is reserved for con­
version of our bonds. No stock dividends can be paid th a t will deplete
the n et quick assets below $500,000.
.......... .
T he bonds are convertible Into 8% pref. stock on th e basis of 11 shares
of nref stock for each $1,000 bond, resulting in increasing o n e s Incom e
from $ 0 0 to $88. T his privilege m ay be exercised by bondholders 00 days
before a n y in terest (lay. A sinking fund , for w hich bonds arc callable a t
105 and Int. on 00 d a y s’ notice, req uires th e p ay m en t m o nth ly of $5,000,
beginning Ju ly 1 1911. T h e com pany has th e privilege of calling bonds a t
110, In ad d itio n to those called for th e sinking fund .
T h e activ e m an ag em ent ow ns a large m a jo rity of th e com m on sto ck .
T he P resid en t w as form erly S u p e rin ten d e n t of M otive Pow er of th e A tlan tic
C oast L ine, and th e V ice-P resident Is W . A . G a rre tt, form erly P resid en t
of th e S eaboard A ir L ine.— V . 91, p. 1715.

123

Unfilled Orders Dec.

U n it e d S t a te s S te e l C o r p o r a t io n .—
31.
— T h e r e p o r t o f o r d e r s g iv e n o u t o n Jan.* 11 s h o w s u n filled
o r d e r s o n th e b o o k s D e c . 31 a g g r e g a t in g 2 ,6 7 4 ,7 5 7 to n s , b e ­
in g a r e d u c t io n o f 8 5 ,6 5 6 to n s d u r in g D e c e m b e r .

Tonnage o f U nfilled Orders (00,000 om itted).— A ll on New B asis.
----------------------------------- 1910 ----------------------------------------- 1009 1908 1904
Dec. N o v. Oct. Sep t. A u g . J u ly . J u n e . M ch. D ec. J u n e . S e p t. Sep t.
2,7 2,7 2,8 3,1 3,5 3,9 4,2 5,4 5.9 4,0 3.4 2,4
[The p resent sy stem of com p u tin g orders has been In elTect for a p p ro x l
m atcly th ree y ears. C om pare V . 91, p . 1333.— E d .]— V . 92, p . 02.

James A. Farrell to Become President,Feb.

1 .— T h e fin a n c e
c o m m it t e e h a s n o m in a t e d fo r e le c t io n b y th e b o a r d a s P r e s i­
d e n t to s u c c e e d W . E . C o r e y , w h o re s ig n e d , J a m e s A . F a rr e ll
o f B r o o k ly n , N . Y . , a t p r e se n t P r e s id e n t o f th e U . S . S teel
P r o d u c t s C o ., th e e x p o r t d e p a r t m e n t o f th e U . S . S teel C o r p .
J u d g e G a r y , in a s ta t e m e n t
issu ed a t th e c o n c lu s io n o f a d in n e r w h ic h w a s g iv e n b y h im
in N e w Y o r k o n J a n . 11 to s o m e 92 m e n p r o m in e n t in th e
steel in d u s t r y , in c lu d in g r e p r e s e n ta tiv e s o f le a d in g in d e p e n d ­
e n t e n te r p r is e s, sa id :

Not to Reduce Steel Prices—

T he din ner of th e evening, given to th e leadng steel m a n u fac tu re rs of
th e c o u n trv . w as largely a social event. M any different topics w ere refe rred
to by th e various speakers. H ow ever, th e su b ject of prices w as m o re or
th in k an y red uction s are c o n tem p lated . As to business p ro sp ects, th e
consensus of opinion, as expressed, w as very fav orab le. V. J_ , p . 02.

W e s t c h e s t e r L ig h t in g C o ., N e w Y o r k .— G u a r a n ty .—- H o ld ­
ers o f th e 1st M . 5s m a y h a v e th e fo llo w in g g u a r a n t y s ta m p e d
th e r e o n a n d e x e c u t e d b y th e C o n s o lid a te d G as C o . a t th e
N a tio n a l C ity B a n k o f N e w Y o r k , 55 W a ll S t ., N e w Y o r k :

P u rsu a n t to th e term s of an a g reem en t d a te d Ju ly 12 1904, betw een
th e W estchester L ighting Co., th e N ew Y ork & W estchester L ightin g C o.,
th e U nited Gas Im p ro v em en t C o., th e C onsolidated G as Co. o£ N ew Y ork
a n d the C entral T ru st Co. ot N . Y ., th e C onsolidated^ Gas Co. of N . Y .
hereb y assum es a n d agrees to p ay th e w ithin bond of th e W estchester
L ightin g Co. a n d th e Interest thereo n w hen a n d as th e sam e fall du e, re­
spectiv ely . [Signed: C onsolidated Gas Co. of New Y ork, R . A . C arter,
S ecretary .]— V . 91, p . 057.

Decision.

W e s t e r n U n io n T e le g r a p h C o .—
— T h e fu ll b e n c h
o f th e M a s s a c h u se tts S u p r e m e C o u rt o n J a n . , in th e c a s e o f
W illia m M . V e r m ily c v s . th e c o m p a n y , d e c la r e d c o n s t it u ­
tio n a l S e c t io n s 9 a n d 10, C h a p te r 122, o f th e R e v is e d L a w s ,
s u b je c t in g a te le g r a p h c o m p a n y t o a p e n a lt y o f n o t m o r e
th a n
fo r w ilfu lly n e g le c tin g t o tr a n s m it a m e ssa g e .

6

$100

T he com pany refused to send a m essage because th e plaintiff h ad a tta c h e d
a "stick e r" giving notice th a t llnanclal loss w ould be caused him if It w as
n o t pro m p tly a n d correctly se n t. T he com pany claim ed th a t as th e m es­
sage w as to be sen t to New Y ork, th e s ta tu te Is u n c o n stitu tio n a l as a reg u­
latio n of In te r-S ta te com m erce. T he C o urt holds It is n o t such a reg u latio n .
— V . 91, p . 1715.

— T h e first issu e o f a v a lu a b le lit tle m a g a z in e c o m p ile d b y
th e w e ll-k n o w n b o n d a n d S t o c k E x c h a n g e h o u s e o f A . G .
E d w a r d s & S o n s , S t. L o u is a n d N e w Y o r k , is b e in g d is ­
t r ib u t e d t o th e ir fr ie n d s a n d c lie n ts .
T h e w o r k is k n o w n
U n io n C a r b id e C o .—
%
— T h e c o m p a n y o n a s “ F a c t s a n d F a c t o r s — A M a g a zin e o f I n v e s t m e n t V a lu e s ,”
T h e in itia l issu e c o n ta in s
J u n . 1 la st p a id a q u a r t e r ly d iv id e n d o f 2 % o n th e $ 1 0 ,8 7 8 ,­ a n d is to b e p u b lis h e d m o n t h ly .
s t o c k , p la c in g th e s t o c k o n a n % b a s is , c o m p a r e d w ith a r tic le s o n th e f o llo w in g to p ic s :
“ T h e O u t lo o k fo r 1 9 1 1 ,”
b y E . C . S im m o n s , o f th e S im m o n s H a r d w a r e C o ., S t . L o u is ;
a % ra te p r e v io u s ly s in c e A p r il 1906.
Recent D ividend Record (Per Cent).
“ P h o s p h a t e R o c k a n d N a tio n a l W e a lt h ,” “ M e x ic a n B o n d s
1905.
1900. 1007. 1908. 1909. 1910.
1911.
D ra w n fo r R e d e m p t io n ,” “ M issou ri— K in g o f L ea d P r o ­
2 Also
Yi (for
half-year)
0
6
,
,
$.
J
a
n
*’
“
on M arch 1 1908 a 40% sto ck div id en d .— V . 91, p . 1388.
d u c e r s ,” “ R e a s o n s fo r F a it h in S t . L o u is ,” a n d “ T h e D im in ­
U n it e d S t a te s L u m b e r C o ., S c r a n to n , P a
ish in g H a z a r d in S t o c k s .”
A c o m p lim e n t a r y c o p y w ill b e
- B r o o k s & C o ., S c r a n to n a n d W ilk e s -B a r r e , in th e ir m a rk e t m a ile d m o n t h ly to th o s e in te r e s te d .
le t te r sta te th a t th e c o m p a n y p a id a n e x t r a d iv id e n d o f %
— T h e J a n u a r y 1911 issue o f th e “ H a n d -B o o k o f S e c u r it ie s ,”
o n J a n . 1. T h e r e g u la r r a te is % p e r a n n u m .
C o m p a r e c o m p ile d b y th e p u b lis h e r s o f th e “ C o m m e r c ia l & F in a n c ia l
V . 9 1 , p . 1040.
C h r o n ic le ,” is n o w r e a d y .
T h e b o o k c o n ta in s in a sm a ll
U n it e d S t a te s M o t o r C o .
c o m p a s s v e r y full in fo r m a t io n c o n c e r n in g th e v a r io u s ra il­
— T h e U n ite d S ta te s C ircu it C o u r t o f A p p e a ls o n ro a d s a n d th e le a d in g in d u stria ls w h o s e s e c u r itie s are d e a lt
J a n . 9 r e v e rse d th e d e c is io n o f J u d g e H o u g h in A u g u s t la st, in o n th e N e w Y o r k , B o s t o n , P h ila d e lp h ia , B a lt im o r e , C h i­
in th e s u it o f th e C o lu m b ia M o t o r C o . (n o w c o n t r o lle d b y
c a g o a n d P it ts b u r g h e x c h a n g e s .
I t s h o w s th e ir e a r n in g s ,
th e c o m p a n y ) a n d G e o r g e B . S e ld e n a g a in s t L o r d M o to r d iv id e n d s , & c ., fo r a series o f y e a r s , p r e se n t fix e d c h a r g e s ,
C o ., P a n h a r d
L e v a s s o r a n d o th e r s , h o ld in g th a t th e la tte r a n d th e a m o u n t o f th e d iffe r e n t issues o f b o n d s o u t s t a n d in g ,
in frin g e d th e S e ld e n p a t e n t g r a n te d in 1895 a n d e x p ir in g th e ir r a te s o f in te r e s t , & c .
T h e r e is a lso g iv e n th o m o n t h ly
in 19 1 2.
C om pare V . 91, p . 468.
ra n g e o f s to c k s a n d b o n d s t o J a n . 1 19 1 1, t o g e th e r w ith a
Ju d g e N oyes, w ho w rote th e opinion, says th e paten tee app reciated the y e a r ly ra n g e fo r fo u r y e a r s .
possibilities of th e m o tor vehicle a t a tim e w hen Ills Ideas w ere regarded as
chim erical, h u t like m an y a n o th e r Inven tor, w hile he had a conception of
— M essrs. I t. M . G r a n t & C o ., b a n k e r s , 31 N a ssa u S t .,
th e o b ject to be accom plished, ho w ent In th e w rong direction, choosing th e
B rayton ty p e of engine, th e th e n leading one. 'I'he C ourt fu rth e r says: N e w Y o r k , are o ffe r in g a n e x t e n s iv e list o f e n tir e issu es o f
■‘In th e light of events, wc can see th a t, h ad he ap p reciated th e superiority m u n ic ip a l b o n d s issu ed b y c o u n t ie s , c itie s , to w n s a n d b o r ­
of th e O tto engine a n d a d a p te d th a t ty p e for Ills com bination. Ills p a te n t
would cover th e m odern auto m ob ile. H e did no t do so. lie m ade th e o u g h s , y ie ld in g fr o m 4 % t o 4 . 7 0 % . T h e s e b o n d s h a v e b e e n
w rong choice, a n d we can n o t, by placing a n y forced con stru ction upon the
n a te n t or by strain in g th e doctrin es or equ ivalen ts, m ake an o th e r choice for issu ed b y E a s te r n m u n ic ip a lit ie s a n d p u r c h a s e d o n ly a fte r
him a t th e expense of these d efen dants, w ho n eith er legally nor m orally c a re fu l in v e s t ig a t io n .
owe him a n y th in g .” — V . 91, p . 808.
— F . E . M a g r a w , th e w e ll-k n o w n d e a le r in b o n d s a n d c o m ­
U n it e d S t a te s P r in t in g C o . o f N e w J e r s e y .—
m e r cia l p a p e r , o f S t . P a u l, M in n ., h as issu ed a n e x c e e d in g ly
S t o c k h o ld e r s o f th e U n ite d S ta te s P r in t in g C o . o f O h io h a v e
a t t r a c t iv e c a le n d a r , b e in g a g e n u in e w a t e r -c o lo r r e p r o ­
r e c e iv e d c irc u la rs o ffe r in g th e m th e r ig h t t o s u b s c r ib e a t p a r d u c t io n o f th e p ic tu r e o f a y o u n g g ir l.
T h e d e lic a c y o f th e
p r o r a ta to th e e x t e n t o f o n e sh a re fo r e v e r y sh a re o f s t o c k
tin ts a n d b e a u t y o f e x p r e s s io n re v ea l th e m a s te r m in d o f th e
held fo r 8 1 ,0 0 0 ,0 0 0 o f th e 7 % c u m u la t iv e p r e f. s t o c k o f th e a r tis t .
N ew J e rse y c o m p a n y h e ld in th e tr e a s u r y .
T r a n s fe r b o o k s
— M r. J o h n T . S te e le , F id e lit y B u ild in g , B u ffa lo , N . Y . ,
c lo s e J a n . 2 0 .— V . 9 1 , p . 1636.
h a s issu ed a w a ll-c a r d o f s e c u r itie s lo ca l t o th e B u f f a lo
U n it e d S ta te s R u b b e r C o .—
m a rk et.
F in a n c ia l s ta t is tic s a n d a ra n g e o f p r ic e s f o r 1910
.— T h e s y n d ic a t e h e a d e d b y P r e s id e n t
a n d o f th e p e r io d 1 9 0 5 -1 9 1 0 are g iv e n o n o n e s id e , th e o th e r
S a m u e l P .C o l t , in a c c o r d a n c e w ith its a g r e e m e n t la s t m o n t h ,
c o n t a in in g a b o n d in te r e s t t a b le .
p u r c h a se d fr o m th e c o m p a n y a t p a r th e re m a in in g $ 2 ,5 0 0 ,0 0 0
__ O . B . L a n s in g e r , fo r m e r ly o f E r v in & C o ., b a n k e r s ,
o f th e $ 5 ,0 0 0 ,0 0 0 % c o ll, tr u s t b o n d s o f 1908 c o n t r a c t e d fo r
P h ila d e lp h ia , h a s fo r m e d a n ew firm u n d e r th e n a m e o f O . B .
b y it a b o u t a y e a r a g o .
C o m p a r e V . 9 0 , p . 1 2 9 4 , 1177;
L a n s in g e r & C o. to d ea l in h ig h -g r a d e b o n d s a n d s t o c k s .
V . 8 9 , p . 1673.
T h is is th e la st o f th e issu e, lim ite d to
T h e o ffic e s o f th e firm a re in th e Ile a l E s ta te T r u s t B u ild in g ,
$ 2 0 ,0 0 0 ,0 0 0 .
T h e $ 2 ,5 0 0 ,0 0 0 c o ll, tr u s t b o n d s first s o ld
B r o a d a n d C h e stn u t str e e ts , in t h a t c it y .
o u t r ig h t to th e s y n d ic a t e w ere r e -s o ld .
O f th e $ 2 ,5 0 0 ,0 0 0
— K e a n , T a y lo r & C o ., b a n k e r s , 3 0 P in e S t ., h a v e p r e p a r e d
r e c e n tly p u r c h a s e d , $ 5 0 0 ,0 0 0 w ere ta k e n b a c k b y th e c o m ­
a c o m p a r a t iv e ta b le s h o w in g te n issues o f r a ilr o a d b o n d s
p a n y fo r s in k in g fu n d p u r p o s e s , $ ,
h a v e b e e n s o ld
lis te d o n th e N e w Y o r k S t o c k E x c h a n g e , y ie ld in g 4 .3 5 % to
b y th e s y n d ic a t e , w h ile th e o th e r $ ,
are b e in g c a rrie d
4 .8 5 % c o m p a r e d o n a ‘ 'p e r m ile ” b a s is , w h ich will b e fu r ­
fo r th e a c c o u n t o f th e c o m p a n y fo r s in k in g fu n d o r o th e r
n ish ed o n a p p lic a tio n '.
u i3'!i .'i ‘ .
^3
£313
— Y . 9 0 , p . 1366.

Stock on 8 Basis.

000
6

8

—Extra Dividend.
1

6

-Selden Patent Held Not to Be

Infringed.

&

Stock Offered.

Bonds Taken Up

Remainder of Collateral Trust

6

1 000,000
1 000,000

purposes.




THE CHRONICLE

m
3C1xjc d f l m r a m i a J

T im e s .

COMMERCIAL EPITOME.
Friday Night, Jan.

13 1911.
M e r c h a n ts co n tin u e to tr e a d w a r ily , s o b e r e d b y th e d is ­
a p p o in t in g re su lts o f 1910, a n d th e c o n s e r v a tiv e s p ir it n o w
d o m in a n t is re g a rd e d a s lik e ly t o p a v e th e w a y f o r b e tte r
tim e s .
T h e r e is n o w h e re a t e n d e n c y to w a r d s o v e r - p r o d u c ­
tio n o r t o fo r c e the p a c e .
B ig g r a in c r o p s , a b e t t e r c o n d it io n
o f th e fo r e ig n tra d e a n d g r e a te r e c o n o m y a m o n g th e p e o p le
a re in te r e s tin g fe a tu r e s.
L A R D o n th e s p o t h a s b e e n m o r e a c t i v e a n d p r ic e s h a v e
ru led s tr o n g e r .
S u p p lie s a re m o d e r a te a n d o ffe r in g s h a v e
b e e n lig h t.
P r im e W e s t e r n
c . , M id d le W e s t e r n 1 0 .9 0 c .
a n d C ity s te a m 1 0 J ^ @ 1 0 % c .
R e fin e d la rd h a s b e e n m o d ­
e r a te ly a c t i v e , w ith p r ic e s fir m .
C o n tin e n t 1 1 .3 5 c ., S o u th
A m e r ic a n 1 1 .7 5 c . a n d B ra zil in k e g s 1 2 .7 5 c .
T h e s p e c u la
tio n in la rd fu tu re s h e re h a s b e e n e x t r e m e ly d u ll.
A t th e
W e s t th e tr a d in g lia s b e e n a c t i v e .
P r ic e s h a v e m o v e d ir
r e g u la r ly , b u t o f la te th e t e n d e n c y h as b e e n to w a r d s a s o m e ­
w h a t lo w e r ra n g e , o w in g t o s e llin g f o r th e d e c lin e b y la rg e
p a c k in g in te re s ts, w e a k n e ss a t tim e s in liv e h o g s a n d lo n g
liq u id a t io n .
T h e p r in c ip a l b u y in g h as b e e n to c o v e r s h o r ts ,
th o u g h th e re h as b e e n in v e s tm e n t p u r c h a s in g o n d e p r e s s io n s .

11

D A IL Y CLO SIN G P R IC E S O F LA R D F U T U R E S IN N E W Y O R K .
S a t. M on. Tues.
Weil. T hurs. F rl.
J a n u a ry d eliv ery ............ .10 .8 5 10.85 10.75 10.65
10.65 10.50
M ay deliv ery .....................10 .6 0 10.55 10.45 10.22 'A 10.45 10.40
D A IL Y C LO SIN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
S a t. M on. Tues.
W ed. T hurs. F ri.
J a n u a ry d e liv ery _______ 10.67 10.65 10.60 10.65
10.55 10.50
M ay d eliv ery ___________ 10.32 10 .32K 10.1714 10.22 14 10.12 14 10.1214

P O R K o n th e s p o t h a s b e e n s t e a d y , w ith tr a d e q u ie t a n d
o ffe r in g s lig h t.
M ess $ 2 2 @ 8 2 2 50, cle a r $ 2 0
a n d fa m ­
ily $ 2 3 @ $ 2 4 50.
B e e f h a s b e e n fir m .
D em an d has been
lig h t b u t su p p lie s c o n tin u e s m a ll.
M ess $ 1 4 5 0 @ $ 1 5 ,
p a c k e t $ 1 6 @ $ 1 6 50, fa m ily $ 17 5 0 @ $ 1 8 50 a n d e x t r a In d ia
m ess $ 3 0 .
C u t m e a ts h a v e ru le d s t e a d y , w ith a m o d e r a te
trad e.
P ic k le d h a m s , re g u la r , l l > £ @ 1 4 c . ; p ic k le d b ellies,
c le a r , 1 4 j ^ @ 1 7 ^ c . , a n d p ic k le d rib s 1 3 % @ 1 5 1 4 c .
T a llo w
h a s b e e n d u ll b u t s t e a d y a t 7 3 ^ c. fo r c i t y .
S te a rin es h a v e
b e e n q u ie t a n d e a s y — o le o 9 ) 4 @ 9 > £ c . a n d la id
B u t t e r h a s b e e n d u ll a n d w e a k ; c r e a m e r y , e x t r a s , 2 7 c.
C h eese q u ie t a n d s t e a d y ; S ta te , w h o le m ilk , c o lo r e d o r w h ite ,
fa n c y , 1 5 ^ c .
E g g s q u ie t a n d w e a k ; W e s t e r n firsts 3 1 c .
O I L .— L in se e d has b e e n fir m , w ith d o m e s t ic h ig h e r .
T r a d e h as b e e n q u ie t , b u t th e m a r k e t h as b e e n s tr e n g th e n e d
b y th e sm a ll a rriv a ls o f s e e d .
C it y , r a w , A m e r ic a n s e e d ,
9 1 @ 9 2 c .; b o ile d , 9 2 @ 9 3 e .; C a lc u tt a , r a w , $ . C o t to n s e e d
has b e e n q u ie t a n d s t e a d y .
W in te r 7 .8 5 @ 8 .2 5 c . a n d s u m ­
m e r w h ite 7 .7 0 @ S .2 5 c .
C o c o a n u t h as b e e n q u ie t a n d easier;
C o c h in 9 % @ 1 0 c . a n d C e y lo n 9 J /fc .
O liv e h as b e e n q u iet
a n d ste a d y a t 9 0 @ 9 5 c .
C o rn h as b e e n m o d e r a t e ly a c tiv e
a n d firm e r a t 7 @ 7 . 0 5 c .
L a r d h as b e e n q u ie t a n d s te a d y ;
p r im e 9 5 c . @ 8 1 , N o . I e x t r a G 5 @ 7 0 c .
C o d h as b e e n in m o d ­
e r a te d e m a n d a n d s te a d y ; d o m e s t ic 5 3 @ 5 5 c . , N e w fo u n d la n d
55@ 58c.
C O F F E E o n th e s p o t h as b e e n q u ie t b u t firm e r.
R e p o rts
fr o m B ra zil r e g a r d in g th e s p o t s itu a tio n h a v e c o n tin u e d to
b e b u llis h .
R i o N o . 7 , 1 3 5 4 @ l 3 % c . ; S a n to s N o . 4 , 1 4 ) 4 @
14% c.
W e s t I n d ia g r o w t h s h a v e b e e n q u ie t a n d firm er;
fa ir t o g o o d C u c u t a 1 4 ^ @ 1 5 c .
T h e s p e c u la tio n in fu tu r e
c o n t r a c t s h as b e e n m o r o a c t i v e o f la te a n d p r ice s h a v e risen
t o n e w h ig h le v e ls , u n d e r th e s p u r o f risin g E u r o p e a n p r ice s,
u n fa v o r a b le c r o p r e p o r ts fr o m B ra zil a n d b u y in g b y sp ol
in te r e s ts, lo ca l tra d e rs a n d c o m m is s io n firm s fo r W a ll S treet
a n d o u ts id e a c c o u n t .
A t tim e s s e tb a c k s h a v e o c c u r r e d on
re a liz in g , b u t th ere h as b e e n a n o tic e a b le a b s e n c e o f sel!in°fo r d e c lin e .
C lo sin g p r ic e s w e re a s fo llo w s :

@$22

12@l‘2}^c.

1

J a n u a r y ________ ll.SO o.
F e b r u a r y _______ ll.5 8 o .
M a r c h __________ 11.65o.
A p r il____________U .6 5c.

M ay ____________11.65c.'
e r_____ 11.52c.
J u n e ___________ 11.62c. SO ecptotebme br ________
11.50c.
Ju ly ____________ 11.00c. N ov em ber_______11.46c.
A u g u s t_________11.50c. D ecem ber _____ 11.43c.

S U G A R .— R a w h as b e e n d u ll a n d ea sie r.
C e n tr ifu g a l,
9 6 -d e g r e e s te s t , 3 .6 7 J^ c.; m u s c o v a d o , 8 9 -d c g r e e s te s t,
3 .6 1 d ^ c., a n d m o la sse s, 8 9 -d e g re e s te s t , 2 .9 2 j^ c .
R e fin e d
h as b e e n q u ie t a n d s t e a d y .
G r a n u la te d 4 .8 0 c .
T eas have
b e e n in m o d e r a te d e m a n d a n d g e n e r a lly s t e a d y .
S p ices
h a v e ru le d firm , w ith a n in c r e a s e d d e m a n d fr o m g rin d ers.
P E T R O L E U M .— P r ice s h a v e b e e n s t e a d y , w ith e x p o r t
a n d d o m e s t ic tr a d e q u ie t .
R e fin e d , b a rre ls 7 .4 0 c ., b u lk
3 .9 0 c . a n d ca se s 8 .9 0 c .
G a s o lin e h a s b e e n in g o o d d e m a n d
a n d firm ;
d e g re e s in
-g a llo n d r u m s 1 8 % c .; d r u m s
50 e x t r a .
N a p h th a h as b e e n q u ie t a n d s t e a d y ; 7 3 @ 7 6
d e g re e s in 1 0 0 -g a llon d r u m s 1 6 % c ->‘ d r u m s
50 e x t r a .
S p irits o f tu r p e n tin e q u ie t b u t s tr o n g e r a t 8 4 c . R o s in a d ­
v a n c e d , w ith trad e q u ie t ; c o m m o n to g o o d s tra in e d
60.
T O B A C C O .— T h e re h as b e e n a n a b s e n c e o f in te r e s tin g d e ­
v e lo p m e n ts in th e s itu a tio n d u r in g th e w e e k .
T r a d e in d o ­
m e s tic le a f h as c o n tin u e d o n a sm a ll sca le a t firm p r ice s .
H a v a n a a n d S u m a tra h a v e a ls o b e e n q u ie t a n d firm .
C O P P E R h as b e e n e a s y in t o n e , th o u g h w ith o u t m a rk e d
c h a n g e in q u o t a tio n s .
O ffe rin g s fr o m p r o d u c e r s h a v e in ­
crea sed .
L a k e 1 2 % @ 1 2 % c ., e le c t r o ly t ic 1 2 .4 5 @ 1 2 .5 0 c .
a n d c a s tin g
L e a d h as b e e n d u ll a n d e a s y at
4 .4 0 @ 4 .5 5 c .
S p e lte r h as b e e n q u ie t a n d s te a d y a t 5 .5 0 @
5 .6 5 c .
T in h as b e e n irre g u la r; m o d e r a te s p o t sales h a v e
la tt e r ly b e e n m a d e a t 39 % c .
I r o n h a s b e e n s te a d y a s a
ru le , w ith tr a d e lim ite d to sm all lo t s .
N o.
N o rth e rn
$ 1 5 2 5 @ $ 1 5 75 a n d N o .
S o u th e r n $ 1 5 2 5 @ $ 1 5 5 0 .
Som e
m o d e r a te -s iz e d c o n t r a c t s h a v e b e e n p la c e d fo r steel ra ils.
S a les o f steel p r o d u c t s f o r e x p o r t h a v e r e c e n t ly in c r e a s e d .

$8

86

100

$8

$6

12}^^12^ c.




2

1

[VOL. LXXXXII.
C O T T O N .
F r id a y N ig h t, .T a n . 13 1 9 1 1 .

‘

T H E M O V E M E N T O F T H E C R O P as in d ic a t e d b y o u r
te le g r a m s fr o m th e S o u th to -n ig h t is g iv e n b e lo w .
F o r th e
w e e k e n d in g th is e v e n in g , th e to ta l r e c e ip ts h a v e r e a ch e d
2 3 9 ,3 3 5 b a le s , a g a in st 2 7 5 ,1 0 3 b a le s la st w eek a n d 2 9 8 ,6 6 4
b a le s th e p r e v io u s w e e k , m a k in g th e to ta l re c e ip ts sin c e
S e p t . 1 1910 6 ,5 0 8 ,0 0 6 b a le s , a g a in s t 5 ,3 9 6 ,0 2 2 b a le s
f o r th e sa m e p e r io d o f 1 9 0 9 -1 0 , s h o w in g a n in cre a se s in c e
S e p t . 1 1910 o f 1 ,1 1 1 ,9 8 4 b a ie s .

R eceipts at—
S a t. M on.
G alveston _____ 8,257 11,206
P o rt A r th u r ____
4,964
T exas C ity, &c__
8,116
N ew O rleans____ 9,095 10,824
__
G u lfp o rt_______
180 2,695
M obile ________
P e n sa c o la ______ 13,447
757
Jacksonville, &c.
.S a v a n n ah ______ 5 ,16G 4,134
__
B ru n sw ic k _____
213
233
C h a rle s to n _____
__ __
G e o rg e to w n ____
W ilm in g to n ____ 1,469 2,434
N orfolk - .......... 1,247 2,820
N ew p’t News, &c.
New Y o rk ______
*305 ‘ "8.3
B o s to n ______
B altim ore _____
—
P h ilad elp h ia ____
—
T o tals th is w eek. 39,399 48,246

Tues. W ed. Thurs. F r i. Total.
14,308 9,173 7,033 10,042 60,019
808 16,832
11,000
5.980
1,578 15,074
10,003 11,561 11,287 3,183 55,953
3,604 3,604
1,244
799
353
418 5,689
13,447
471
1,228
7,277 3,433 5,443 4,728 30,181
30,181
104
201
231 5,088 5,088
__
752 1,734
2,502 2,420 2,785
1,378 1,061 1,089 1,645 i;$,255
10,351
149
149
131
“ 63 "530
432 1,544
—
—
4,587 4,587
—
37,418 45,601 29,351 39,230 239,335

. T h e fo llo w in g sh o w s th e w e e k ’ s to t a l r e c e ip ts , th e to ta l
s in c e S e p t.
19 1 0, a n d th e s to c k s t o -n ig h t , c o m p a r e d w ith
la s t y e a r :

1

1910-11.
1909-10.
This Since Sep This Since Sep
week. 1 1910. week. 1 1909.
G alv esto n _______ 60,019 2,195,227 62,821 1,923,164
P o rt A rth u r_____ 16,832 132,394
88,271
T exas C ity, & c .. 15,674 233,945 7,918
598 27,855
Ncw O rle a n s____ 5o,953 1,073,868 42,532
786,597
G ulfport _______ 3,604
18,717
72
8,053
M o b ile __________ 5,689 200,912
181,342
P en sa c o la _______ 13,447 82,096 4,884
5,550
96,691
Jack so n v ille_____ 1,228 19,486 2,723 32,387
S a v a n n a h _______ 30,181 1,172,779 18,057 1,145,538
B ru n sw ic k ______ 5,088 193,747
900 191,089
C h a rle sto n ______ 1,734 252,066
1,610 189,633
G eorgetow n ____
836
834
W ilm ington ____ 13,255 353,062 3,428 278,477
N orfo lk__________ 10,351 465,879 5,826 383,135
N ’po rt News, &c.
149
3,520
398 11,158
Ncw Y o r k ______
4,345
164
3,742
B o s to n __________ 1,544 25,434
5,515
750
B altim o re_______ 4,587 79,543 1,233 41,864
P h ila d e lp h ia ____
150
50
677
T o ta l__________ 239,3 3 5'6,508,006 159.414 5,396,022
R eceipts to
J a n . 13.

Sto ck.
1911.
244,603

1910.
179,641

256,254
10,576
58,921

205,163
795
43,977

154,289 lio". o ld
14,439
6 ,9 1 1
28,627 33,086
14,600 12,116
31,327 35,795
310,401 168,172
2.359
6,456
5,016 12,737
3,591
4.359
1,135,771 819,050

I n o r d e r th a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
w e g iv e b e lo w th e to t a ls a t le a d in g p o r ts fo r six sea son s:

R eceipts at— 1911.
1910.
1906.
1909.
1907.
1908.
G a lv e s to n __
60,019 62,821 80,271
131 ,592 47,657
75,038
P t.A rth u r,& c. 32.506
3,998
8,416
11,777
1,498
0 087
New O rleans. 55,953 42,532
64,336 96,138 83 894 40,002
M o b ile______
5,689
4.884
4 ,168
9,293
534
7,346
9
S a v an n ah ___ 30,181
18,057 20,005 26,153 35 695 14,401
B runsw ick.
2,468
5,088
8 487
900 12,901
3,68 t
C harleston, &e
1,581
1.73 t
2,372
2 706
1,610
1,906
W ilm ington
11,479
3,410
8,847
11 805
13,255
3,428
N orfolk . .
17 737
4,577
10,351
13,909
5,826 12,924
5 369
N ’p o rt N ., &c
96 1
275
149
308
All o th e rs____ 24,410 10,542
13,605
4,429 23 483 16,262
T o ta l this w k . 239,335 159,414 236,329 242,130 339 479 138,799
Since S ep t. 1. 6.508,006 5(396,022 6,794,358 5,637,473 6,722 403 5,400,755
T h e e x p o r t s fo r th e w e e k e n d in g th is e v e n in g re a ch a to ta l
o f 2 8 1 ,9 6 3 b a le s , o f w h ic h 9 7 ,7 3 9 w ere to G r e a t B r ita in ,
3 7 ,2 1 9 to F r a n c e a n d 1 4 7 ,0 0 5 to th e rest o f th e C o n tin e n t .
B e lo w a re th e e x p o r t s fo r th e w e e k a n d sin ce S e p t. 1 1910.

Week ending Jan. 13
Exported to—
Great |
Conti­
Britain. F r’ncc nent.
G alveston----- 14,362
24,365
Port A rth u r.. 1,984 11,868
Texas Cltv, &c.
8,116 5,980
New O rleans.. 41,380 3,777 23,891
M obile.............. 3.016
Pensacola___ ..........
13,447
Savannah ----- 19,319 7,071 20,519
Brunswick----- __ __
Charleston----- 4,609 __ 10,556
10,200
Wilmington__
—
11,249
Newport News .... __
New Y ork----- 2,163 3,410 3.751
Boston ............ 3,221 . . . . —
B altim ore----- 2,207 2,974 3.190
Philadelphia .. 2,495 —
500
San Francisco. __ __ 13,965
—
Seattle ............ —
5,389
Tacom a............ ---- —
—
__
Portland, Ore. __ —
P em bina......... __ __ __
D etroit.............. .......... —
..........
Exports
rom—

1911. From Sept. 1 1910 to Jan. 13 1911.
Exported to —
Conti­
Great
Total.
Total. Britain. France. nent.
38,727, 774.161223,491 667,832 1,662,784
16,832 31,583 37,637 63,17 1 132,394
14,096 104,825' 21,378 15,805 202,008
69,060 524.267 76.411 201,172 801,850
3,016 50.560 18,751 35,296 104,007
13,447 32,633: 20,443 29,122 82,198
8,141
4,516 3,625
46,912 281.920 00.064 291,058 640,648
68,010 148,525
10,556 80,485
14,800 15,549 9,000 80,651 100,100
11,249 121,171 32,015 165,542 321,728
10,400
1,448 11,848
9,324 188.480 54,693 107,346 350,519
3,224 78,597
5,902 84,499
8,371 13,851 6,i78 46,184 66,213
2,995 33,077
2,928 36,005
56 " ‘ ‘
56
13,065
48,014 48,014
5,389
25,547 25,547
7,335
7,335
500
500
1,000
1,666 - - - - ..........

T o ta l............1 97,739 37,219 147,00"> 281,963 2,390,437 594,5861,866,196/1.851,519
Total 1903-10 5.3,908 600 1.3,787, 98,385 1,506,756 73 1,217 1,703,600'.3,9 14,373

I n a d d it io n to a b o v e e x p o r t s , o u r te le g r a m s to -n ig h t a ls o
g iv e u s th e fo llo w in g a m o u n t s o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r t s n a m e d .
W e a d d s im ila r figu res fo r
N ew Y o rk .

J a n . 13 at—
N ew O rleans. .
G a lv e s to n -----S av a n n a h ____
C h arlesto n ____
M o b ile _______
N o rfo lk ______
N ew Y o rk ____
O th e r p o rts —
T o ta l 1 9 H -T o ta l 19 10 -.
T o ta l 1 9 0 9 ..

r

On Shipboard, N ot Cleared jor
Cer- Other Coast­
Cireat i
B ritain., France m an y. Foreign wise.
104
11,924; 6,661 9,190 7,892
38,574 29,089 33,390 23,673 5,500
1,100
5,000
-----2,200: -----1,000
2,600
2,534 15,318 15,664 ------ 11,700
3 ,0 0 0 ;
-----"566* 1 . 2 6 6
900: -----8,0 00; ------ 9 ,0 0 0 -----07,132' 51.008! 72.744 32.765 22,004
34,073 17,015 49,441 42,173 40,040
78,070 17,551 47,5411 29,017 17,198

Total.
35,771
130,226
8,300
1,000
36,116
14,700
2,600
17,000
215,713
162,722
189,377

Leaving
S to ck.
220,183
114,377
145,989
27.627
22,805
16.627
307,801
34,349
800,058
656,328
737,182

F U T U R E S .— T h e h ig h e s t , lo w e s t a n d c lo s in g p r ic e s a t
N e w Y o r k th e p a s t w e e k h a v e b e e n a s fo llo w s :

b e o n a re s tr ic te d sca le , lim ite d la r g e ly t o w h a t are k n o w n as
p r o fe s s io n a l o p e r a t o r s , a n d p r ic e s h a v e b e e n irre g u la r.
K ec e ip ts a t th e p o r t s a n d in te r io r to w n s h a v e c o n tin u e d lib e r a l,
tr a d e in th is c o u n t r y h a s n o t b e e n in an a lto g e th e r sa i s fa 'c to r y s ta t e , F all R iv e r m a n u fa c tu r e r s a re said to b e c o n ­
s id e rin g th e a d v is a b ilit y o f a d o p t in g a c u r ta ilm e n t p o lic y ,
I h o c e r t ific a te d s t o c k a t N o w Y o r k h a s b e e n g r o w in g , a n d the
w o r ld ’ s v is ib le s u p p ly h a s r e a ch e d a n a g g r e g a te w h ic h e x c it e s
c o m m e n t , b e in g th e la rg e s t w ith o n e e x c e p t io n -u n it o f l.tuJ
- - f o r som e yea rs p a st.
At th e sa m e tim e th e p r ice c o n tin u e s
r e la t iv e ly h ig h , m id d lin g u p la n d a t N ow Y o r k b e in g fu lly
c e n ts h ig h e r th a n a t th is tim e in 1908, w h e n th e w o r ld s
v is ib le s u p p ly w a s, r o u g h ly , 1 7 0 ,0 0 0 b a le s sm a lle r th a n a t th e
p r e se n t tim e .
A ls o th e fa ilu r e o f a tr u s t c o m p a n y tim in g
th e w e e k a n d th e fa c t th a t h e lp h a d to b e e x t e n d e d to s o m e
u p -t o w n b a n k s in th e c i t y h a v e b e e n m o r e o r less d is t u r b in g
fa c t o r s .
A n d th e tim e is a p p r o a c h in g f o r p r e p a r a tio n s to r
th e n e x t c r o p .
T h e S o u th w e s t h as h a d s o m e b e n eficia l
ra in s.
It is a lm o s t su p e rflu o u s t o s a y t h a t th e S o u th , u n d e r
th e stim u lu s o f c o t t o n a t a n y t h in g lik e 3575 a b a le , th e p resen t
ru lin g p r ic e h ere f o r m id d lin g u p la n d s , will p la n t an u n u su a lly
la rg e a c r e a g e .
T h e e x p e c t a t io n o f m a n y , in d e e d , is th a t it
w ill p la n t th e la rg e s t a re a o n r e c o r d .
M e a n tim e it is in sisted
b y s o m e th a t th e p r e se n t c r o p h a s b e e n u n d e r -e s tim a te d a n d
will tu rn o u t t o b e w ell a b o v e 1 2 ,0 0 0 ,0 0 0 b a le s .
S o th a t
w i h th e c e c o n o m y e v e r y w h e r e b e in g p r a c tic e d a s a n e c e ss ity
a risin g fr o m th e h ig h c o s t o f liv in g , th e s u p p ly s e e m s t o n o t a
fe w t o b e a m p le .
T h e S o u th a n d W a ll S tr e e t h a v e b e e n
se lle rs t o so m e e x t e n t , a n d th e re h a s b e e n s c a tt e r e d lo n g
liq u id a t io n , p a r t ly o n s to p o rd e rs.
S u p p o rt has been n eces­
s a r y fr o m s o m e o f th e le a d in g b u lls, b u t o n ra llie s th e sa m e
o p e r a t o r s , a c c o r d in g to th e c o m m o n u n d e r s ta n d in g , h a v e
b een sellers.
O f la te , to o , L iv e r p o o l h a s s h o w n less s tro n g h
th a n m a n y h a v e e x i e c t e d .
Y e t th e s p o t sales th e re l a v e
b e e n la rg e , 1 2 ,00 0 t o 1 5 ,0 0 0 b a le s a d a y , L a n ca s h ire still re­
p o r ts a g o o d b u sin e ss a t firm p r ic e s , F a ll R i v e r ’s sales o f
p r in t c lo t h s h a v e in c r e a s e d , a n d , a c c o r d in g to C h ic a g o a d ­
v ic e s , th e o u t lo o k f o r s p rin g tr a d e a t th e W e s t is f a v o r a b le .
S p in n e rs h a v e b o u g h t “ fu t u r e s ” to s o m e e x t e n t o n d e c lin e s ,
s p o t p e o p le h a v e b e e n p r o m in e n t in th e b u y in g a n d th e C on ­
tin e n t a n d I n d ia h a v e b e e n p u r c h a sin g in F fiverp ool. T h e
g in n in g r e p o r t o f la s t T u e s d a y , s h o w in g 394,47.5 b a le s g in n e d
f r o m U e c . 12 to D e c . 3 1 , w a s a trifle s m a lle r th a n so m e h ad
a n d m u s t b e c o m p a r e d w ith 2 8 9 ,2 4 2 fo r

y,

in th e p r e v io u s y e a r ,
O n th e o t h e r h a n d , (h e g in n in g figu res
s h o w e d th a t th e G o v e r n m e n t c r o p e s tim a te o f D e c . h a s a lr e a d y
b een e x c e e d e d in a m a jo r it y o f th e S ta te s , to s a y n o th in g o f
w h a t m a y b o g in n e d d u r in g th e rest o f th e s e a so n .
T o -d a y
a sm a ll o p e n in g a d v a n c e w a s fo llo w e d b y a d e c lin e o n u n ­
e x p e c t e d ly w e a k ca b le s fr o m L iv e r p o o l, h a m m e r in g b y loca l
r o o m tr a d e rs a n d lo n g liq u id a t io n .
B e fo r e the ( lo s e th ere
w a s a ra lly o n b u ll s u p p o r t , b u y in g b y s p o t in te re s ts a n d c o v ­
e r in g o f s h o r ts .
S p o t c o t t o n h e re h a s b e e n d u ll.
M id d lin g
u p la n d c lo s e d a t 1 4 .9 0 c ., s h o w in g a d e c lin e f o r th e w e e k o f

10Tphoeinrat ste. s o n

....
,
a
a n d olT m id d lin g , as e s ta b lis h e d N o v . in K ill)
b y t he R e v is io n C o m m it te e , a t w h icli g ra d e s o th e r th a n
m id d lin g m a y b e d e liv e .e d o n c o n t r a c t , a r c as fo llo w s :

°
Fair “ ..................c.
1.50 on
Strict mid. fair----- 1.30 on
Middling fair-------- I J{| 011
Strict goad m id-----0.6b on
Good middling----- 0.44 on
Strict middling----- 0 .2 - on

mM iddling---------i.
,tc. iiBasis
.w L.
Low m iddling____ o.liO off
Strict good o rd------1.(.5 off
Good o rd inary ...........1.75 off
Strict g’d mid. tgd.0.35 on

AGood
aojI mid
mid. tlfnrrrl
tinged_c Even
Middling tinged. ..0.2'> off
Strict low m id.ting.(1.60 off
Low mid. tinged__1.50 off
Middling stained .0.75 off

Strict low. m id ------0.25 ofT Strict mid. tinged.-0.13 off

T h e o ffic ia l q u o t a t io n fo r im d d lin j u p la n d c o t t o n in th e
N ew* Y o r k m a r k e t e a c h d a y f o r th e p a s t w e e k h a s b e e n :

J a n . 7 to J a n . 13—
S at. M on. T ues W ed .
M iddling u p la n d s_______ ______15.00 14.00 14.Jo
NEW

Y O R K Q U O T A T IO N S

1011-C............14.90
1910________ 14.05
1909_________ 9.45
1908_______ 11.
1907________ 10.80
1906________ 11.95
1905_________ 7.20
1904________ 13.80

o o1903 C_____ 8.85
1902 _____ 8.25
1901 ______ 10.12
1900 ______ 7.69
1899 _______ 6.06
1898 _______ 5.94
1897 ____ _ 7.31
1896 - - - - - - - 8.25

Spot M arket
Closed.

F utures
M arket
Closed.

F ri.
I tiers. 14.90

F O R 32 Y E A R S .

. 0 0 -. „ . ___ 5.75
ft 75
1895.c
1894
1893 - - . ___ 0.62
1 8 9 2 ... _ 7.50
1891 -- __10.50
1 8 9 0 ... - 9.88
1881). . .10.44
1888- - -

M A R K E T AND SALES AT

NEW

1 8 8 7 .c _______ 9.50
1886_________ 9.31
1 885 ________ 11.06
188 1 . ......... .1 0 .6 9
1 8 8 3 ________ 10.19
1882_________12.00
1881 ............ .,1 1 .9 4
1 8 8 0 ________ 12.88

YORK.

Sales ) Spot and Contract.
Con- Con­
Spot. sum ' n. tract. Total.
0

a tu ru a y - M ond ay___ Q uiet, 10 p ts. dcc_- B arely steady 2~ 64 6
T uesday . . Q utct, 5 p ts. a d v -- - S te a d y ______
W ednesday Q ulct, 15 p ts . (le e ._
T h u rsd ay _ Q uiet, 10 p ts . a d v ._ FS teir amd ................
y .............
Q uict - - ............. *
2.646
T o t a l .. .




115

THE CHRONICLE

JAN. 14 1911.]

—
—

______

8,400 8,400
2,616
'6 0 0 ‘ coo
1,600 1,600
10,600 13.246

<3

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5TP I Q p | ~ ts 1 rVQ5rEJ-TCJ I rT£3 I o P I OP
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T H E V IS IB L E
S U P P L Y O F C O T T O N t o - n ig h t , a s
m a d e u p b v c a b le a n d t e le g r a p h , is a s f o llo w s .
F o r e ig n
s t o c k s , as w ell a s th e a flo a t , a re th is w e e k ’s r e t u r n s , a n d
c o n s e q u e n t ly all fo r e ig n fig u r e s a re b r o u g h t d o w n to T h u r s ­
d a y e v e n in g .
B u t to m a k e th e to t a l th e c o m p le t e fig u r e s
f o r t o -n ig h t ( F r i d a y ) , w e a d d th e ite m o f e x p o r t s f r o m th e
U n ite d S t a te s , in c lu d in g in it th e e x p o r t s o f F r id a y o n ly .

1908.
1908.
1910.
1911.
.1,089,000 1,084,000 1,068,000 039,000
13,Of 0
10,000
5,000
8,000
58,COO
58,000
71,000
. 81,000
1,160,000 1,136,000 1,010,000
T o tal G reat B ritain sto c k . -1,178,000
18,000
15,000
7,000
3,000
Stock a t H a m b u rg ----------------- . 259,000
263,000 399,000 284,000
. 218,000 406,000 321,000 191,000
4,000
4,000
3,000
2,000
S tock a t M arseilles..
26,000
37,000
9,000
9,000
S tock a t B arcelona _
32.0C0
25,000
76,000
23,000
S tock a t G enoa-------25,000
3,000
1,000
2,000
Stock a t T rie s te -----. 516,000 825.000 804,000 580,000
1,590,000
1,694,000 1,985,000 1,940,000
99,000
109,000
In d ia c o tto n aflo at for E urope _ . 169,000 4166,000
066,100
913,495
23,893
790,558
A m cr. c o tto n afloat for E urope
64,000
56,000
51,000
84,000
E g y p t.B razil,& c.,aflt.fo r Kurop< 295.000
296,000 251,000
Stock In A lexandria, E g y p t----- 388,000 229,000
447,000
335.000
543,000
Stock In B om bay, In d ia ----------819,050 926,559 945,417
S tock In U . S . p o rts ----------- -- 1,135,771
882,872 544,020
S tock in U . S. Interior to w n s ... 795,345 771.436
30,951
11,039 . 31,803
55,857
U . S. exp orts to - d a y ................
.5,407,531 4.999.418 5.490,729 4,037,488
cYf V he'abovxf to ta ls of A m erican and* other*descriptions arc as follows:
A m erican—
967,000 811,000
L iverpool stock ----------------bales 3. 067,000 993,000
43,000
44,000
60,900
08,000
M anchester sto c k --------------- ------- 198,000
783.000 760,000 502,000
C ontinental sto c k . . ---------------- ._ 790,558
966.100
423,893 913,495 945.417
.American allo at for E u ro p e -----926,559
U. S. p o rt sto c k s----- ------------------ .1,135,771 819,050
36 882,872 544,020
U . S. Interior sto ck s------------------- . 705,345 771,4
30,951
31.PA3
11,039
55.857
U . S . exp orts to - d a y ----------------T o tal A m erican------------------ .4,300,531 3,866,418 4,525.729 3,842,481
E ast In d ia n , B razil, <fcc.—
A6,000 101.000 128,000
L iverpool sto ck ---------------------- . . 122,000
13,000
10,000
5,000
8,000
L ondon sto c k -----------------------15,000
14,000
11,000
23,000
M anchester sto c k -----------------78,000
44,000
42,000
18.000
C o ntinen tal sto c k ____________
99,000
169,000 160,000 109.000
64,000
56,000
51,000
8 1,000
E g y p t, B razil, &,c., a flo at-------- _ 295,000
229,000 280,000 251,000
S to ck In A lexandria, E g y p t
447,000
335,000
513,000
. . 388,000
S tock In B om bay, In d ia —
-.1,1 07 ,0 00 1,133,000 965,000 1,095,000
-.4,3 00 ,5 31 3,866,418 4,525,729 3,842,488
T otal visible su p p ly .............5,407,531
4,999,418 5.400,729 4*937,488
M iddling U pland, L iv e rp o o l.____ 8 .0 /d .
7.84d. 5.14d.
M iddling U pland, New Y o rk .
H -S p c. V vIJS" « i
V o tf d '
E g y p t, Good B row n, L iv e rp o o l.- 11 hid. Q tj'J- 8 15 "i? d1- , , « 2 ‘
P eru v ian . R ough G ood, L iverpool ll.o o d .
9.75d. 4 13-10d.
7 .7 5d. 6 13-lO
11.2i5dd’
B roach. F ine. L iverpool----7T<d.. . . .
7 t4 d.. 4 13-15d.
B M d'
T lnneveily, Good, L iv erp o o ,l--------7. .13-lG
d.
77 }id
Hd

Ja n u a ry 13—
.Stock a t L iverpool — ..........
S tock a t L ondon - ...................

C o n tin e n ta l im p o r t s f o r th e p a s t w e e k h a v e b e e n 2 0 1 ,0 0 0
b a le s .
.
. .
.
T h e a b o v e fig u res f o r 1910 s h o w a n in cre a se o v e r fa st w e e k
o f 3 7 ,1 2 1 b a le s , a g a in o f 4 0 8 ,1 1 3 b a le s o v e r 1 0 1 0 , a
d e c r e a se o f 8 3 ,1 9 8 b a le s fr o m 1 9 0 9, a n d a g a in o f 4 7 0 ,0 4 3
b a le s o v e r 1908,

THE CHRONICLE

126

A T T H E I N T E R I O R T O W N S th e m o v e m e n t — th a t is
th e r e c e ip ts f o r th e w e e k a n d s in c e S e p t.
, th e s h ip m e n ts
f o r th e w e e k a n d th e s t o c k s t o -n ig h t , a n d th e sa m e ite m s fo r
th e c o r r e s p o n d in g p e r io d f o r th e p r e v io u s y e a r — is s e t o u t
in d e ta il b e lo w .

1

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N E W O R L E A N S O P T IO N
M A R K E T . — T h e h ig h e s t,
lo w e s t a n d c lo s in g q u o t a t io n s f o r le a d in g o p t io n s in th e N ew
O rlea n s c o t t o n m a r k e t f o r th e p a s t w e e k h a v e b e e n as fo llo w s :

COrH

J a n u a ry —
R ang e _____
Closing_____
F ebruary—
R ange _____
C losing_____
M arch—
R a n g e _____
A p ril—
R ange _____
C losing_____
M ay—
R ange _____
C losing_____
June—
R a n g e ______
C losing______
J u ly —
R ange ______
C losing______
A u g u st—
R ange ______
C losing...........
October—
R a n g e ______
C losing_____
Tone—
S p o t________
O p tio n s _____

O N h O O h O)<0
.
N h O O O J N O O C O O O ) . -------------------2 . ^ ^ 0 0 »*H CO C l rH o
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I f 3 l i l l I I l i |? l ^ ^ 8 S « l i a
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W .jK ^ ^ X or\a^-H
tfi-jiH O O O S fc ^ w K S o S fc w o Q W W fc

de­

T h e a b o v e t o t a ls s h o w th a t th e in te r io r s t o c k s h a v e
th e w e e k 3 9 ,8 7 6 b a le s a n d are to -n ig h t 2 3 ,9 0 9
b a le s m o r e th a n a t th e sa m e tim e la s t y e a r .
T h e r e c e ip ts
a t all th e to w n s h a v e b e e n 2 5 ,1 6 9 b a le s m o r e th a n th e sa m e
w e e k la s t y e a r .

creased d u r in g

O V E R LA N D M OVEM EN T FO R TH E W E E K AND
S I N C E S E P T . 1 .— W e g iv e b e lo w a s ta t e m e n t s h o w in g th e
o v e r la n d m o v e m e n t f o r th e w e e k a n d s in c e S e p t. , a s m a d e
u p fr o m te le g r a p h ic r e p o r ts F r id a y n ig h t .
T h e resu lts fo r
th e w e e k a n d s in c e S e p t. 1 in th e la s t tw o y e a r s are as fo llo w s :

1

-1910-11------------1010-11---------------------------1909-10J a n . 13
Since
Since
S h ipp ed
W eek. Sep t. 1.
W eek. Sept. 1.
V ia S t. L ouis_____________________ 17,895 309,247
14,773 240,121
V ia C a iro __________________________ 3,'l93 139,396
2,342 119,296
V ia Ilock Isla n d _________________ 381
21,735
2,175
12,441
V ia L o u isv ille _____________________ 4,119
76,361
1,148
43,405
V ia C in cin n ati____________________ 803
41,857
1,927
27,319
V ia V irginia p o in ts_______________ 6,384 103,230
2,388
74,295
Via o th e r ro u tes, & c_____________ 8,748
93,336
4,923
99,613
T o tal gross o v e rla n d ____________41,823 785,162
29,676 616,490
Deduct S h ipm ents—
O verland to N . Y ., B oston, &c___6,131
2,197
51,798
B etw een Interio r to w n s__________ 768 109,472
18,166
948
18,791
In la n d , & c., from S o u th ................... 750
24,714
1,170
23,664
T o tal to be d e d u c te d ....................... 7,649 152,352
4,315
94,253
L eavin g to ta l n e t o v erlan d * ___34,174 632,810
25,361 522,237

KB

T h e fo r e g o in g s h o w s th e w e e k 's n e t o v e r la n d m o v e m e n t
h a s b e e n 3 4 ,1 7 4 b a le s , a g a in s t 2 5 ,3 6 1 b a le s f o r th e w e e k la st
y e a r , a n d th a t f o r th e se a so n to d a t e th e a g g r e g a te n e t o v e r ­
la n d e x h ib it s a n in c r e a s e o v e r a y e a r a g o o f 1 1 0 ,5 7 3 b a les.

------19 10 - 11----------- —--------1909 -10
I n Sight and S p in n ers’
Since
Sincei.
T akings.
W eek. Sep t. 1.
W eek. Sept.
R eceipts a t po rts to Ja n . 13 ____ ..2 3 9 ,3 3 5 6,508,006 159,414 5,396,022
N et ov erland to J a n . 13 . _
632,810 25,361
__ 34,174
522,237
864,000 52,000 1.014,000
S o u th ’n consum ption to J a n . 13 . . 51,000
T o tal m a rk e te d ______________ ..3 2 4 ,5 0 9 8,004,816 236,775 6,932,259
744,567 *22,771
In te rio r stocks In e x c e ss.............. ..* 3 9 ,8 7 6
688,273
Cam e Into sig ht du rin g w eek . ..2 8 4 ,6 3 3
2i4 ,004
T otal In sig ht J a n . 13_____ . . -------- 8,749,383
7,620,532
N o rth ’n spinners’ takin gs to Ja n . .13 30,825 1,325,851 67,911 1,320,238
D ecrease du rin g w eek.
M o v e m e n t in to s ig h t in p r e v io u s y e a r s :

Dales.
16----------------------- 310,458
17----------------------- 308,714
18______________ 422,784
19...................
211,705

Bales.
Since Sep t. 1—
1908-09—Ja n . 16..................... 9,271,706
1907-08— Ja n . 1 7 . . .................7,460,358
1906-07— J a n . 18......................9,001,253
1905-06— J a n . 19.........
7,525,133

Q U O T A T I O N S F O R .M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— B e lo w a re th e c lo s in g q u o t a t io n s o f m id d lin g
c o t t o n a t S o u th e r n a n d o th e r p r in cip a l c o t t o n m a r k e ts f o r
e a c h d a y o f th e w e e k .




S a t’d a y, M onday, Tuesday, W ed’day, T hursd’y F rida y,
J a n . 7. J a n . 9. J a n . 10. J a n . 11 J a n . 12 J a n . 13
14.83.,91
14.90-.91
— @ —
14.98-.00
15.00-.10
15.08-.09
— @ —
15.18-.20
15.20-.30
15.28-.29
— @ — H O L I­
15.33-.35 D A Y .
15.33-.40
15.38-.39
- @ —
14.00-.92
13.37-.39
13.40-.42
F irm .
Q uiet.

14.91- 14.75-.85
.98
14.81-.91 14.80-.91
14.91- 14.81-.82
.93
14.90-.91 14.87-.88
— @ —— @ —— @ —— @ —
15.01-.03 14.91-.93 15.00-.02 14.95-.07
15.07- 14.70-.02
.16
14.94-.08 14.94-.12
15.08- 14.97-.98
.09
15.07-.08 15.03-.04
— @ —— @ —— ® —— @ —
15.18-.20 15.08-.10 15.18-.20 15.13-.15
15.27- 15.10-.22
.35
15.14-.28 15.13-.31
15.28- 15.17-.18
.29
15.27-.28 15.23-.24
— @ — — @ —— @ —— @ —
15.34-.36 15.23-.25 15.33-.35 15.29-.31
15.38- 15.19-.31
.44
15.24-.37 15.27-.40
15.38- 15.26-.27
.39
15.36-.37 15.32-.33
— 14.91 14.78 — — @ — — @ —
14.87-.89 14.79-.82 14.88-.92 14.82-.84
13.40-.46 13.25-.32 13.35-.41 13.38-.42
13.38-.40 13.31-.33 13.41-.42 13.35-.37
S tead y . E asier. F irm .
uiet.
S te a d y . S te a d y . S tead y . SQtead
y.

W E A T H E R R E P O R T S B Y T E L E G R A P H . — O u r tele­
g r a p h ic a d v ic e s fr o m th e S o u th th is e v e n in g in d ic a t e th a t
th e w e a th e r h as b e e n q u it e fa v o r a b le o n th e w h o le d u rin g
th e w e e k .
L ittle or n o rain h as fa lle n a n d te m p e r a tu r e
h as b e e n h ig h e r.
T h e c r o p c o n tin u e s t o m o v e w ith c o m ­
p a r a t iv e fr e e d o m .
— T h e r e h as b e e n lig h t ra in o n s ix d a y s
d u r in g th e w e e k , th e p r e c ip it a t io n r e a c h in g ten h u n d r e d th s
o f a n in c h .
A v e r a g e th e r m o m e t e r 5 7 , h ig h e s t GO, lo w e s t 54.
— I t h as
b e e n d r y all th e w e e k .
The
th e r m o m e te r h as a v e r a g e d 4 8 , th e h ig h e s t b e in g GO a n d the
lo w e s t 3 6 .
— T h e r e h as b e e n n o ra in th e p a s t w e e k .
T h e th e r m o m e te r h as a v e r a g e d 5G, ra n g in g fr o m 4G to
.
— D r y all th e w e e k .
T h e th e r m o m e te r
h as r a n g e d fr o m 42 to
, a v e r a g in g 5 4 .
— W e h a v e h a d n o ra in d u r in g th e w e e k .
A v e r a g e th e r m o m e te r 5 4 , h ig h e s t
, lo w e s t 4 0 .
— T h e r e h a s b e e n ra in o n tw o d a y s
o f th e w e e k , to th e e x t e n t o f t h ir t y -t w o h u n d r e d t h s o f an
in c h .
T h e th e r m o m e t e r h a s a v e r a g e d 64.
— T h e r e lias b e e n a tr a c e o f rain on
on e d a y .
T h e th e r m o m e t e r h a s a v e r a g e d 56, ra n g in g from
32 to 8 0 .
— W e h a v e h a d rain o n o n e d a y
d u r in g th e w e e k , th e p r e c ip it a t io n re a c h in g e le v e n h u n d r e d th s
o f a n in c h .
T h e th e r m o m e t e r h as ra n g e d fr o m 43 to 75.
W e h a v e h a d ra in o n o n e d a y o f th e
p a s t w e e k , th e p r e c ip it a tio n b e in g tw o h u n d r e d t h s o f a n in c h .
A v e ra g e th e r m o m e te r 5 2 .3 , h ig h e s t 73, lo w e s t 3 0 .
— D r y all th e w e e k .
T h e th e r m o ­
m e te r h as a v e r a g e d 5 3 , ra n g in g fr o m 34 to 73.
— W e h a v e h a d o n ly a tr a c e o f ra in on
o n e d a y o f th e p a s t w e e k .
A v era g e th erm om eter
, h ig h est
7 1 , lo w e s t 3 1 .
— I t h as ra in e d o n o n e d a y d u rin g
th e w e e k , t o th e e x t e n t o f ten h u n d r e d t h s o f a n in c h .
The
th e r m o m e t e r h as a v e r a g e d 5 2 , th e h ig h e s t b e in g 74 a n d th e
lo w e s t 2 5 .
— T h e r e h as b e e n ra in o n o n e d a y o f th e
w e e k , to th e e x t e n t o f t h ir t y h u n d r e d t h s o f a n in c h .
The
th e r m o m e te r h as a v e r a g e d 4 8 .5 , ra n g in g fr o m 22 to 7 2 .
— D ry all th e w e e k .
T h e th e r m o m e te r
h a s ra n g e d fr o m 30 to 7 0 , a v e r a g in g 51.
— T h e r e h as b e e n n o ra in d u r in g the
w eek.
A v e r a g e th e r m o m e t e r 5 2 , h ig h e s t
, lo w e s t 31.
— T h e r e h as b e e n n o ra in th e
past w eek.
T h e th e r m o m e t e r h as a v e r a g e d 52.
— T h e r e h as b e e n ra in o n on e
d a y th e p a s t w e e k , to th e e x t e n t o f o n e h u n d r e d t h o f a n in c h .
1 he th e r m o m e te r h a s a v e r a g e d 4 7 , th e h ig h e s t b e in g 72 an d
th e lo w e s t 2 9 .
H ie fo llo w in g s ta t e m e n t w e h a v e a ls o r e c e iv e d b y te le ­
g r a p h , s h o w in g th e h e ig h t o f riv e r s a t th e p o in t s n a m e d at
u a . m . o f th e d a te s g iv e n :

Galveston, Texas.

h

, w<?efc—
1909— Ja n .
1908— .Ian.
1907— J a n .
1906— J a n .

Closing Quotations for M idd ling Cotton onW eek ending —
J a n u a ry 13. S a t’day, M onday,. Tuesday,, W ed'day. T hursd’y, F riday,
G a lv e sto n ____ 15
15
15
15
15
15
New O rle a n s.. 14 15-16 14 15-16 15
,15
15
15
M o b ile ________ 14 11-16 14 11-16 14 11-16 |14%
14 11-16 14 13-16
S av an n ah ____ 14 11-16 14 11-16 14 11-16 14 11-16 14
11-16 14 11-16
C h arleston_____ 14%
14%
,14%
14%
14%
W ilm ingto n____ 14 %
14%
14 %
114%
14%
14%
N o rfo lk _______ 14 13-16 14 13-16 14%
14%
14%
14%
B a ltim o re _____ 14%
15
14%
114 %
14%
14%
P h ila d e lp h ia ___ 15.25
15.15
15.20
|15.05
15.15
15.15
A u g u sta ________ 14 15-16 14 15-16 14 15-16 14%
14%
14
15-16
M em p h is______ 15%
15%
15%
15%
15%
15%
S t. L o u is______ 15%
15%
Il5
%
15%
15%
15%
H o u s to n ______ 15
15
15
15
15
15
L ittle R o ck ____ 14 13-16 114
13-16 14 13-16 14 13-16 14 13-16 14 13-16

HO

HCO TJ* rH

[VOL. LXXXXII.

Abilene, Texas.

Palestine, Texas.
San Antonio, Texas.
66
Taylor, Texas.
New Orleans, Louisiana.

66

66

Shreveport, Louisiana.

Vicksburg, Mississippi.

Helena, Arkansas.—

Memphis, Tennessee.
Mobile, Alabama.

59

Montgomery, Alabama.

Selma, Alabama.

Madison, Florida.
Savannah, Georgia.
Charleston, South Carolina.
Charlotte, North Carolina.

New O rleans---------------- A bove zero
M e m p h is----------------------A bove zero
N ashville ------------------- A bove zero
J b r c v e p o r t------------------ Below zero
V ic k sb u rg --------------------A bove zero

ot
of
of
of
of

73

J a n . 13 1911. J a n . 14 1910.
Feet.
Feet.
gau g c.
5.2
4.7
gau g e.
24.0
13.8
g au g e . 11.7
20.5
gauge.
3.7
2.3
g au g e . 22.1
8.8

THE CHRONICLE

J an . 14 1911.1
W O R L D ’S S U P P L Y

AND

T A K IN G S

OF COTTON.

127

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 2 8 1 ,9 6 3 b a le s .
T h e s h ip m e n ts in d e t a il, as m a d e
u p fr o m m a il a n d te le g r a p h ic r e t u r n s , a re a s fo llo w s :

1909-10.
1910-11.
W eek. Season.
Season.
1
Total bales.
W eek.
N E W Y O R K — T o L iverpool— J a n . 7— C anad ian , 1,898 u p land;
5,170,410 1,495,514 5,009,024 1.931,022
265 Sea, Isa n d ------------•----------------------------------- ----------------------- 2,163
Visible supply JJan. 6 ________
To H avre— J a n . 7— C aroline, 274 up lan d ; 48 Sea Islan d ; 16
Visible su p p ly S e p t. 1_______
8,749,383 214,004 7,620,532
fo reig n____J a n . ll.- C u m a x a , 20 0 ___________________________ 3,010
A m erican In sig h t to J a n . 13 — 284,633
1,193,000
818,000 116,000
T o D un kirk— Ja n . 11— C um axa, 40 0 ------------------- ------------ --------400
B om bay receipts to J a n . 12------ 86,000
81,000
5.000
85,205
11,205 799.000
T o A ntw erp— J a n . 10— L ap lan d , 751---------------------------------------"51
O th er In d ia sh ipm en ts to J a n .12 40,000
579.000
15,000
To
B
arcelona—
J
a
n
.
7—
M
o
n
tserrat,
3
0
0
_
............................................
300
A lexandria receipts to J a n . 11- ­
132.000
8.000
7,000 135.000
T o G enoa— Ja n . 6— B erlin, 45 0--------------- --------------------------------450
O th er su pply to J a n . 11*----T o N aples— Ja n . 6— B erlin, 1,9 50____J a n . 9— C alabria, 3 0 0 .. 2,250
5,799,248 12,082,102 5,367,028 11,536,554 G A LV ESTO N — To M anchester— J a n . 11— V ictoria de L arrln a g a ,
T o ta l su p p ly 14,362 ....................................................................
To B rem en— Ja n . 9— S t. M ichael, 10,795---------------------------------- 10,795
Deduct—
.„
4,909,418
T o A ntw erp— Ja n . 7— T h u rla n d C astle, 4 ,8 18--------------------------- 4,818
V isible su pply Ja n . 13.................. 5,407,531 5,407,531 4,999,418
G enoa— J a n . 9— Sicilia, 8,7 52----------------------------------------------- 8,752
6.537.136 P O RTo
391,717 6,674,571 367.610
T A R T H U R — To H a v re — J a n . 11— C row n of A rragon , 11,868 11,868
T o tal takin gs to Ja n . 13
326,512 3,242,366 256.610 5.208.136
T
o
L iverpool— Ja n . 7— A lm erian, 4,9 64------------------------------------ 4,964
Of w hich A m e ric a n ..
1,329,000
65,205 1,432,205 111,000
T E X A S C ITY — To H avre— Ja n . 7— Cayo M anzanillo, 8,116______ 8,116
Of w hich o th er
T o B rem en— Ja n . 9— In k u m , 5,9 80--------------- ---------------- ----------- 5,980
E m braces re c e ip tT iF E u ro p e from B razil. S m y rn a. W est Indles &c.
N E W O R L E A N S — T o L iverpool— J a n . 7— C u stod ian , 20,389-----M m A COTTON M O VEM EN T FRO M A L L PO R TS.
J a n . 13— W ayfarer, 21,000------------------------------------------------------ 41,389
To H a v re — Ja n . 10— B o rd eaux , 3 ,7 7 7 ........ .......................................... 3,777
T
o
B rem en— Ja n . 7— R o lan d, 6,6 52____J a n . 12— Irish m an ,
1908-09.
1909-10.
1910-11.
January 12.
8,500
15,152
T
o
H am b u rg — Ja n . 12— M acedonia, 1 ,6 0 6 -.................. - ...............- - 1,608
Since
Since
Since
Receipts at—
T
o
R
o
tterd
a
m
—
Ja
n
.
9—
H
ornsea,
2
5
3
..........
..................................
..
253
Sept.
1.
Week.
Sept.
1.
Week. Sept. 1. Week.
T o O po rto— Ja n . 6— M iguel M. P lnillos, 1,209 ----------------------- 1,209
T
o
B
arcelona—
J
a
n
.
6—
M
iguel
M.
Plnillos.
450
..............................
450
632,000
85,000
1,193,000
116,000
818,000
Bombay— ..........- ................. 86,000
T o A ntw erp— Ja n . 13— B ellevue, 2 ,0 13------------------------------------- 2,013
T o G enoa— J a n . 10— Soperga, 3,211 ..................................................... 3.211
M O B IL E — To L iverpool— J a n . 9— K o n ak ry , 3,016 ........ ...............- 3,016
Since September 1.
For the Week.
PE N SA C O L A — To B rem en— Ja n . 7— Irish m an , 13,447------------------- 13,447
Exports
SA V A N N A H — T o L iverpool— Ja n . 9— R o kcby , 8 ,5 0 0 ------J a n . 10
Great Conti­ Japan
Japan
from — Great Conti­
— Professor, 9 ,6 11____ Ja n . 10— D u a rt, 1,208------------------------- 19,319
Britain. nent. &China Total. Britain. nent. it- China. Total.
T o H a v re —Ja n . 7— D aleby, 7 ,0 7 4 .
---------------7,074
T o B rem en— Ja n . 6— P a rth e n la , 10,102------J a n . 7— A ngloBombay—
463,000
Saxon
8
524
__________
1
____
________
l
o
,oi-o
175,000
277,000
11,000
27,000
27,000
T o H am bu rg—-Jan*. 6— P a rth e n la , 4 4 3 ... .J a n . 9— A x m inster.
75,000 20,000 243,000 257,000 520,000
1909-10 -_ 5,000 49,000 21,000
7,000 183,000 149,000 *5^9,000
35
0----------------------------------------------HI
1908-09-- 2,000 18,000 _____ 20,000
T o R eval— Ja n . 1 0 — A u stiian aJ 900-----------Calcutta—
100
8,0 0 0
To U d d ev alle —J a n . 10— A u stn a n a , 100 .
6,000
2,000
1910-U - 100
2,000 15,000
T o G oth en bu rg— Ja n . 10— A ustrians,, 1 0 0 ..
2,000 11,000
2,000 2,666
1909-10-31,000
....................
"
4
600
16,000
B
R
U
N
S
W
IC
K
—
To
B
rem
en—
Ja
n
.
10—
B
rlska,
10,.).)
6
4,000 11,000
_____
1,000 1,000
1908-09-C H A R L E S T O N — T o L iverpool— J a n . 9— D u a rt, 4 ,6 00.......................... lo^O O
Madras—
5 19,005
To B rem en— Ja n . 12— H olm cside, 10,200.
....................... 1 ? 2 S0
5 3,005 7.000 12,000
3,000
1910-11.
1,000 10,000 W IL M IN G T O N — To B rem en— Ja n . 9— L ovalne, 11,249........ ..............
5,000
4,000
1.00C
1,000
15,000
2,000
10,000
BO
ST
O
N
—
To
L
iverpool—
J
a
n
.
10—
W
lnifrcdSan,
3,124
—
................ 3 ’!nn
3,000
1,000
—
_____
1,000
1908-09-.
T o M anchester— Ja n . 6— Ib erian 100. ............. ............................. „ ^
All others. 1,200 58,200 B A L T IM O R E — T o L iverpool—J a n . 6— T em plem ore, 2 ,2 07................ 2 . 2 0 1
42,000
200 8,200 15,000
1,000 7,000
1,000 56,000
T o H a v re —Ja n . 6— M obile, 2.974 .................................................. - 2,974
2,00( 16.00C 39,000
2,000
6,000 7 1 ,0 0 0
T o B rem en— J a n . 10— B reslau, 3.1901—
- --------------------- M s 5,000 60,000
1,000 1,000
1908-09- - —
25o
P H IL A D E L P H IA — T o L iverpool— Ja n . 6— I-riesland, 2o5................
T
o
M
anchester—
Ja
n
.
7—
M
anchester
Im
p
o
rte
r, 2,2 40.................. 2,240
Total all—
170,205 548,205
- - - - - ...................
•>
To A ntw erp— Ja n . 11— M an ltou , 5 0 0 . -----205 38,20.r 35,000 337,000 261,000
1910-11._ 1,000 37,000
601,000 SA N FR A N C ISC O — T o Ja p a n — Ja n . 9— M ongolia, 13,96 o------------- 13,96o
80,00( 42,00C 298,OOf
1909-10.- 5,000 52,000 23,001
456,000
S
E
A
T
T
L
E
—
T
o
Ja
p
a
n
—
J
a
n
.
7—
T
acom
e
M
aru,
5,389--------------------173,00C
264,001
23,000
19,000
2,000
19,000
1908-09-- 2,000
T o ta l.....................................................- ................................................... - .................281,963
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .
L I V E R P O O L . — B y c a b le f r o m L iv e r p o o l w e h a v e t h e f o l­
A lexandria, E g y p t>
lo w in g s t a t e m e n t o f t h e w e e k ’s .sa le s , s t o c k s , & c ., a t t h a t p o r t :
1908-09.
1909-10.
1910-11.
J a n u a ry 11.
a n . ia
13.
Dec. 23. " "" ’*'*
T" " K Jlnri
79.000
59,000
31,000
Sales of th e w eek----------b ales. 52,000
2,000
1,000
Receipts (can tars)—
900
1,400
Of
w
hich
specu
lato
rs
to
o
k
...
200
,000
115,000
300,000
2,000
3,000
700
T his w eek--------------------700
Of w hich exp orters to o k ...........
4,633,920
72.000
52,000
Since S ept. 1--------------28,000
Sales, A m erican________________ . 48,000
14.000
3,000
11,000
14,000
A
ctual
e
x
p
o
rt.................................14,000
103.000
127,000
65,000
90,000
rw a rd e d --------------------------------.882,000
T his Since T his : Since T his Since F o ta
975,000 1,088,000 1,089,000
l sto ck— E stim a te d ------------882,000
W eek. Sep t. l . W eek. Sept. 1. W eek. Sept. 1. T oOf
E xports (bales) 976.000
979,000
771,000
852,000
w hich A m erican................... .771,000
116.000
249,000
160,000
8,500 96,561 T o tal Im ports of th e w eek............223,000
223,000
1.750 133,601 4,500 95,469
T o L iv e rp o o l-..
82.000
228,000
134,000
.191,000
88,936
Of
w
hich
A
m
e
ric
a
n
....................
191,000
78,810
131,968
rs.o
o
o
To M anchester
459.000
440,000
480,000
.471,000
142,183
10’, 500
A m o unt a llo a t....................................396,000
19,250 191,669 i f , 500 166,069
T o C o ntinen t ..
381.000
361,000
422,000
29,883
3,000
42,932
Of
w
hich
A
m
erican.....................
396,000
2,750
65,409
4.750
T o A m erica___
T h e t o n e o f t h e L iv e r p o o l m a r k e t f o r s p o t s a n d f u t u r e s
T o ta l e x p o rts— ------ 33,750 525,647 18,750 381,280 22,000 357,563 e a c h d a y o f t h e p a s t w e e k a n d t h e d a i l y c lo s in g p r i c e s o f
N o te.— A c a n ta r Is 99 lbs. E g y p tia n bales weigh ab o u t 750 lbs.
s p o t c o t t o n h a v e b e e n a s f o llo w s :
T h e s ta t e m e n t s h o w s th a t th e r e c e ip ts f o r th e w e e k w e ie
3 0 0 ,0 0 0 c a n ta r s a n d th e fo r e ig n s h ip m e n ts 3 3 ,7 5 0 b a les
Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday
Large
Large
C O T T O N C O N S U M P T I O N A N D O V E R L A N D M O V E ­ M arket,
Good
business
Good
business
Good
Good
12:15
M E N T T O J A N . 1 .— B e lo w w e p r e se n t a s y n o p s is o f th e c r o p
demand.
doing.
demand.
doing.
demand. demand.
P. M.

FCotton Takings.
Week and Season.

m o v e m e n t f o r th e m o n th o f D e c e m b e r a n d th e f o u r m o n th s
e n d e d D e c . 31 fo r th re e y e a r s :

Gross ov erland for D ecem ber--------- bales
Gross ov erland for 4 m o n th s------------------N et ov erland for D e ce m b e r...........................
N et ov erland for 4 m o n th s............................
P o rt receipts in D ecem ber...............................
P o rt receipts In 4 m o n th s...............................
E x p o rts In D e c e m b e r................- ......................
E x p o rts In 4 m o n th s ..................................—
P o rt stocks on Dec. 3 1 --------------------------N o rth ern sp inners’ takings to Ja n . 1-----S o uthern con sum ption to J a n . 1 — . . .
O verland to C anada for 4 m o nth s (In­
cluded In n e t o v e rla n d )------------- -------B u rn t, N orth a n d S o uth, In 4 m o n th s .. .
Caine in sig ht du rin g D ecem ber---------A m o unt of crop in sight Ja n . 1.............
C am e In sig ht balance season.......................
TAoverage
ta l c ro gross
p ----------- - - -of bales
w eight
A verage net w eight of bales

1910.
247,062
722,033
193,737
581,444
1,662,264
6,042,367
1,303,618
4,379,139
1.186.238
1.234.239
770,000
66,672
2,18 5,301
8,208,111
514.37
490.37

1909.
177,099
558,862
151,165
474,280
857,014
5,069,271
664,336
3,701,682
809,671
1,200,852
910,000
52,495
615
1,333,084
7,169,450
3,481,505
10,650,961
509.52
485.52

1908.
322,609
861,040
271,024
730,480
1,689,382
6,230,355
1,459,970
4,610,392
1,087,348
1,414,446
706,000
50,730
2,284,139
8,569.568
5,259,278
13,828,846
519.28
495.28

M A N C H E S T E R M A R K E T .— O u r r e p o r t r e c e iv e d b y ca b le
t o -n ig h t fr o m M a n ch e s te r s ta te s th a t th e m a r k e t c o n tin u e s
firm f o r b o t h y a r n s a n d s h ir tin g s .
T h e d c m a n d f o r b o t h In d ia
a n d C h in a is g o o d .
W e g iv e th e p r ic e s fo r t o - d a y b e lo w
a n d le a v e th o s e f o r p r e v io u s w e e k s o f th is a n d la s t y c a i lo i
c o m p a r is o n :

Nov
25
Dec
2
9
10
23
30
Jan.
6
13

1909-10.
8 X lbs. Shirt- Col'n
HX lbs. Shirt­ C ofn
ings, common Mid.
32.? Cop
ings, common Mid.
32s Cop
Upl’s
to finest.
Twist.
to finest.
Upl's
Twist.
s. d. d.
d. s. d.
d.
s. d.
s. d.
10% @ 11 5 5 @9 10 7.62
11H @ 12 5 7 5^ @10 10i2
9 11 7.72
W>% @ 11 5 5 @
8
@10
11
11 3-16(3) 12% 8 @ 1 1 0
@10 0 7.94
10 'A @ 11 % 55 66 @
113-10® 1 2 % 83*@ H 1%
10 0 8.03
@
11%
10H
12X
11 X
@10 0 8.26
3
10% @ n x% 55 66J^@10
12% 09 @11
11 Vs
1 8.50
10%
@
@11
3
x
11 X
@10 0 8.18
10 X @ 11X 55 65 @9
@11 3
12X 5
11M
10% 7.84
10 5-16@ 1 1
@11 3
12Xll>
ux
12




1 1

Mid. upl’ds.
Sales . - - - 15,000
Spcc.&exp. 1,000
Futures. Quiet at
Market 1 4@5 pts.
opened / decline.
M arket, 1 Steady a t
4
) l® 3 % pts
Y. M. J decline.

12,000
1,000

20,000

Quiet as
% @2 pts.
advance.
Quiet a t
% ® 2 pts.
advance.

Steady a t
3^@ 4 %
pts. dec.
Steady a t
1%®4 pts.
advance

2,000

12,000

500
Steady at
4@5 pts.
decline.
Quiet a t
T%@9 pts.
decline.

12,000

100

Setady,
unchanged,
to 1 pt.adv.
Steady a t
2@3% pts.
advance.

12,500
500
Steady at
3@4 pts
advance.
Easy a t
1@2 pts.
decline.

T h e p r ic e s o f fu t u r e s a t L iv e r p o o l f o r e a c h d a y a re g iv e n
b e lo w .
P r ic e s are o n th e b a s is o f u p la n d , g o o d o r d in a r y

Fri.
Wed. T h u rs.
T ucs.
M on.
S at.
Jan. 7
to
4 1 2 M 4 12X 4
4 1 2 X 4 1 2 M p .m
2 % 12 X
2 X p1 .m
J a n . 13. p1 .m
. p .m . p .m . p .m .
. p.m . p .m . p .m . p.m . p .m .
.
81 82 84 % 87 83
7 84 % 85 ^ 85 83 89 84%
Ja n u a ry -82 84 %\87 83
85 83 89 84 Yi 81 83
7 84
J a n .-F e b
85 Yi 8 7 Yi. 84
9 0 % 86 82 %
7 86 87 8 6 % 84 % 92
Feb.-M ch.
8 8 % 85
8T% 83 % 84 % 08 60 %% 89
89 88% 8 6
7 87
M ch.-A pr.
85 %
84%
84
88
92%
8
6
^
89
89
%
7
88
A pr.-M ay.
8
y 85 Yi
87
85
84
%
88
%
7 8 8 ii, 90 89 % 87 93
M ay -June
83 83 % 85 87 Y 84
7 87 8 8 % 88 86 91 % 87
Ju n c -Ju ly
%
81 81 % 83 % 8555 %Yi 81
7 85 8 6 % 8 6 % 84 90 85
Ju ly-A u g61 %
% 00%
70 65 61 61
7 65 66 % 6 6 % 64 33
A ug.-S ep29
26
20
%
27
%
25
'A
29
%
%
29
%
32
31
%
7
.30
S cp.-O ct
08
% 14 11 H 19% 12 08 09 10
7 12
—
1 0

BREADSTUFFS.
Friday, Jan.

13 19 1 1.
P r ice s f o r w h e a t flo u r h a v e v a r ie d b u t s lig h tly d u r in g th e
w e e k d e s p ite th e u p w a r d t e n d e n c y m u c h o f th e tim e in t h e
w h ea t m a rk et.
T h e p r e d ic t e d e x p a n s io n in tr a d e h as fa ile d
t o m a te r ia liz e , b u sin e ss h a v in g c o n tin u e d t o b e o f m ea g re
p r o p o r t io n s .
T h e r e is still a m o r e h o p e fu l fe e lin g th a n
r e c e n t ly , h o w e v e r , r e g a r d in g th e fu t u r e , n o tw ith s ta n d in g less
e n c o u r a g in g r e p o r ts fr o m th e N o r t h w e s t, -where sa les h a v e
la t t e r ly d im in ish e d .
R y e flo u r a n d c o r n m eal h a v e b e e n
s t e a d y , w ith a sm all tr a d e .

THE CHRONICLE

128

W h e a t h as a g a in s h o w n s tr e n g t h , m a in ly o w in g t o c o ld e r
w e a th e r in th e b o u t h w e s t , fe ars o f d a m a g e t o th e p la n t th ere
s o m e ta ilin g oft in th e c r o p m o v e m e n t in th is c o u n t r y — o n
o n e d a y th e p r im a r y r e c e ip ts , fo r e x a m p le , w e re 3(58 52 >
b u s n e ls , a g a in s t (554,204 o n th e s a m e d a y la s t y e a r __ a
d e c r e a s e in th e s t o c k a t M in n e a p o lis , w h ic h is s o m e t h in g
n e\v , a n d a g o o d ca sh d e m a n d fr o m W e s te rn m ille rs. A ls o
fo r e ig n m a r k e ts h a v e s h o w n s o m e a d v a n c e .
L a r g e W e stern
o p e r a t o r s h a v e , a c c o r d in g to c u r r e n t r e p o r t s , b e e n s u p p o r t in g
a n d m a n ip u la tin g p r ic e s o n th e rise.
T h e r e h as b e e n a g o o d
d ea l o f c o v e r in g o f s h o r ts , as m ig h t h a v e b e e n e x p e c t e d , as th e
t e n d e n c y d u r in g th e la st s ix m o n th s h a s , if a n y t h in g , b e e n
to o v e r d o th e s h o r t s id e .
T h a t is t o s a y , th e s e n t im e n t h as
b e e n , as a ru le , s o u n iv e r s a lly b e a ris h th a t th e b u ild in g u p o f
a la rg e s h o r t in te re s t w a s in e v it a b le .
T h e S o u th w e s t h as
b e e n b u y in g to s o m e e x t e n t in C h ic a g o .
O n th e o t h e r h a n d ,
■leading o p e r a t o r s h a v e a p p a r e n t ly b e e n s e llin g o n ra llies,
n ic e o f a n
s h ip m e n ts
,
------------------------ -------— »
y ea r w hen
tticy a re e x p e c t e d to in cre a se fr o m A r g e n tin a .
I n d e e d , th e y
are a lr e a d y a s su m in g la rg e r p r o p o r t io n s fr o m A r g e n tin a .
I'o r th e w e e k th e y a m o u n t t o 5(50,000 b u s h e ls , a g a in st
2 4 0 .0 0 0 in th e p r e v io u s w e e k a n d 2 9 0 ,0 0 0 la s t y e a r .
It is o f
in te r e s t to n o t ic e , t o o , th a t th e s h ip m e n ts fr o m I n d ia fo r th e
w e e k h a v e r e a c h e d th e v e r y lib e r a l a g g r e g a te o f 1 ,0 2 4 ,0 0 0
b u s h e ls , a g a in s t 7 0 0 ,0 0 0 in th e p r e v io u s w e e k a n d u n d e r
3 0 0 .0 0 0 la st y e a r .
L a t t e r ly , m o r e o v e r , th e E u r o p e a n
m a r k e t s h a v e b e e n m o r e slu g g ish th a n th e y w ere in th e fo r e
p a r t o f th e w e e k .
T h e ca sh tr a d e a t th e W e s t h a s n o t a lt o ­
g e t h e r fu lfille d e a rlie r e x p e c t a t io n s a n d th e c r o p r e p o r ts fr o m
th e S o u t h w e s t h a v e w ith in a d a y o r tw o b e c o m e m o r e f a v o r ­
a b le .
In f a c t e x p e r ie n c e d m e m b e r s o f th e tr a d e a re a p t (o
b e ; u ;p ic io u s o f r e p o r ts o f d a m a g e to th e c r o p a t th is tim e
ie y e a r .
S u c h r e p o r ts are o ft e n r e c e iv e d a t th is sta g e
of
o f th e se a so n in y e a r s w h e n th e final y ie ld tu rn s o u t to b e
v e ry la r g i.
T o - d a y p r ic e s d e c lin e d e a r ly o n ea sier c a b le s ,
la r g e r A r g e n tin a s h ip m e n ts , s o m e in cre a s e in th e r e c e ip ts in !
t
....
„ „n,di uliq
.—u id a tio
— n , lb -ui t - a - r aiilly o c c u r r e d* la
• te
• r on ■
th is c o u n t r y , a
bu ll s u p p o r t a n d c o v e r i n g .

t

I

D A IL Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN

XT . , , .
Aaf. M o n .
N o. 2 red w in ter.....................................101
101%
M ay delivery In e lev a to r.................... 105% 106%
J u ly delivery in e le v a to r.................... 1 0 2
103%

T ues.
101
loo %
103%

NEW

Y )R K .

W e .. T hurs. F ri.
lu i% 101 % 1 0 1
106% 105% 105%
104% 103% 103%

[VOL. LXXXXII.

i h e s ta t e m e n ts o f th e m o v e m e n t o f b r e a d s t u ffs to m a r k e t
in d ic a t e d b e lo w are p r e p a r e d b y us fr o m fig u res c o lle c t e d b y
th e N e w Y o r k P r o d u c e E x c h a n g e .
T h e r e c e ip ts a t W e s te rn
la k e a n d r iv e r p o r t s f o r th e w eek e n d in g la st S a t u r d a y a n d
s in c e A u g u s t 1 f o r e a c h o f th e la st th ree y e a r s h as b e e n ’

Receipts at— Flour.
Wheat.
Com. 1 Oats.
Parley. [ Rye.
bbls. 196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbt. *Jf.55 lbs.
Chicago___
86,361
202,S00 2,181,950 2,269,900 453,0 .0 26,000
M ilwaukee..
40,040
84,750
100.570
203,900 160,400 17,340
D uluth____
3,275
331,392
25,143
36,895
76,853
118
Minneapolis.
786,480
173,290
180,420
165,960 17,310
T oledo..........
52,009
175,900
49,500
D etroit_____
"4)297
9,000
101,056
31,731
Cleveland . .
312
21,020
148,210
62,410
’ i)666
St. L o u is...
38,570
205,700 •366,925
676,950
75,978 18,700
P e o ria ____
40.200
11,000
306.570
91,400
55,200
5,500
Kansas City.
319.200
262,800
45,900
Total wk. ’l l 213,055 2.023,342 3,842,414 *.349,006 991,391 84,968
Same wk. ’10 426,490 4.226,674 4,342,649 2,731,268 1,413,884 133,658
Same wk. '09 264,814 2,309,591 3,529.524 2,624,422 1,105,040 100,678
S i ceA ug. 1
1910-11... 8,042,869 142.426,842 89,206,918 100.142,326 11,043,206 3,284,098
1909-10...
161,563,135
87,684,1)05 44,704,104 4.218,217
1908-09... 10,593,598
10,447,638 156,342,641 75,597,747
64.5S9.3 15 89,612,430
51,212,915 4,169,086
T o t a l r e c e ip ts o f flo u r a n d g r a in a t th e s e a b o a r d p o r ts fo r
th e w e e k e n d e d J a n . 7, 1911 f o llo w :

,
Flourt
Wheat,
Corn,
Oats, Barley,
Receipts at—
bbl$.
bush.
bush.
bush.
bush.
New York .............. 124,597 134,400 945,250
469.700
168,417
B o ston..................... 28.916
69,900 3^5,364
98,421
835
Portland, Me......... 11,198
32,000 111,000
Philadelphia------- 5 0 ,9 9 4
53.450
386,071
15 6 2 7 1
1,000
Baltimore................ 32,561
11,702 838,073
78,060 3,738
Richmond - - .......... 2,041
29,110
20,000
24,820
New Orleans *___ 21,’420
1,200
388,300
51,500
Newport News___
9,891)
94,286
Norfolk....................
4,643
Galveston________
20,000
’
5,666
M obile...............^
7,472
M ontreal......... ) )) ) 7 ’230
3,098
9,643
13.508 15,020
St. John, N. B ___ 14^000 434,000
311
390
7S0,
,
„
Total week 1911. 311,390
3,160,449
895,280 189,010
sinccjan.l m i l l s , m &osi 76 818 941 48,864,093
51,361,567 4,319,065
Week
19 10
—’
428,546
1,406,248
2.319.517
675,704
108,618
Since Jan. 1 1910. 428,516 1,406,248 2.319.517 675,704 108,618

D A IL Y

C L O S IN G P R IC E S O F N O .

2

M IX E D

C O R N IN

NEW YORK

S a t. M- - on . -Tues. W ed. Thurs. F ri 1
C ash c o m __________________________ 53
33 % 58
5'2 % 58
53 ^% 58
54 % 58
53%%
M ay deliv ery In e lev a to r.....................57%
D N IL Y C LO SIN G P R IC E S O F C O R N F U T U R E S IN C H IC A G O .
M ay delivery in e lev a to r__________ 49S a: t. M on . Tues. W ed. Thurs. F ri
50 V i
50 %
Ju ly delivery In e lev a to r________ so % rr nVs6x
K 51%
5151 %
S eptem
in e le v a to r.. . 51% 51% 51% 5152%
. . b er. delivery
.
52
08

O a ts f o r fu t u r e d e liv e r y in th e W e s t e r n m a r k e t h a v e
s y m p a th iz e d to s o m e e x t e n t w ith th e u p w a r d t e n d e n c y o f
w h e a t a n d c o r n , th o u g h th e tr a d in g lia s n o t b e e n p a r t ic u la r ly
a c t iv e .
E le v a t o r in te re sts a n d c o m m is s io n h o u s e s , h o w e v e r ,
h a v e b o u g h t a n d s h o r ts h a v e c o v e r e d .
T h e p r in c ip a l se llin g
h as b e e n o n h e d g e s .
T h e ca sh d e m a n d h a s b e e n lig h t.
S t o c k s a t C h ic a g o c o n t in u e la r g e .
T o - d a y th e tr a d in g w as
q u ie t , w ith p r ice s s lig h tly ea sie r o n se llin g b y ca sh in te re sts
d u ln e ss o n th e s p o t a n d liq u id a tio n .

FLO U R.
W in ter, low g rad es------$2 75@ $3 5 0 1 K ansas stra ig h ts, s a c k .34 70@ $4 9 5
W inter p a te n ts .............. 5 00® 5 10 K ansas clears, sa c k s___ 4 00® 4 4 0
W in ter stra ig h ts................ 4 35® 4 55
a te n ts ___________ 6 00® 6 80
W inter clears........................3 7 5 ® 4 0 0 C itye Hp our..............................
4 00@ 4 55
Spring p a te n ts.................. 5 35 ® 5 60 GR yraham
4 15( 4 25
S pring stra ig h ts................... 4 80® 5 1 0 Corn m eal,flour__________
kiln
d
rie
d
___
2
75( 2 85
Spring clears....................... 4 25@ 4 40
G R A IN .
W h eat. Per bushel—
Corn, per bushel—
Cents.
N . Spring, N o. 1_________31 24
No. 2 new...........f.o.b.
53%
N . S pring, N o. 2 .................. 1 2 1
No. 2 mixed------f.o.b. Nominal
R ed w inter. N o. 2_________ 1 oi
No.
2
white____
f.o.b.
Nominal
H ard w inter. N o. 2________1 07 % Rye. per bushel—
O a ts, per bushel, new —
Cents
No. 2 Western________
85
S ta c la r d s ................................... 3 9 % State
and Pennsylvania 81 @81 %
S a x o , a w hite_______________ 4 0
Malting................ 96 @1 00
NO. 3 w hite............. ................ 39
F e e d in g , c J . t . , N . Y . _
N o m in a l




27,297
089,989
35.513
35.513

-The e x p o r t s fr o m th e sev era l s e a b o a r d p o r t s f o r th e w eek
e n d in g J a n . 7 , 11)11 a re s h o w n in th e a n n e x e d s t a t e m e n t :

Corn,
bush.
603,069
111,000
102,639
131.000
437 142
New Orleans................’
330.000
Newport News... ) "
94,286
Galveston____
12 36
Mobile.......................
’ '7,472
Norfolk....... ..........

Flour,
bbls.
56.533
14,498
21.428
17,150
17,396
10.428
0,890
20,829
4.643
St. John, N. B ..I 434,665
14,000
,,rTotal week-----1.141,714 1,876,608 186,795
Week 1910...........1,899.560 2,198,152 283,144

Oats,
bush.
2.800

2,960
8.235

Rye,
bush.

liarleu, Peas',
bush. tush.
3,250
500

3,910
3,60* 71,712

I)

T h e d e s tin a tio n o f th ese e x p o r t s f o r th e w e e k a n d
J u ly 1 1910 is a s b e lo w :

- Flour-Wheat-CaneSince
S i nee
Since
July 1
Week
July I
Week
July 1
1910. Jan. 7.
1910. Jan. 7.
1910.
bbls.
bush.
bush.
bush.
bush.
United K ingdom ... 90.185 2,354,234 555,244 19,316,914 949,213
5,077.427
C ontinent.................. 63,117 1,045,736 540,137 11,774,749 893,816
6,303,330
Sou. & Cent. Anier. 7.303 576,988 39,000 183,375
1,340
West Indies.............. 25,750 660,406
1.333
4.333 30,161 1,559,822
775,713
Brit. Nor. Am. Cols...............
60,621
200
9.574
Other Countries___
140 100,899
7,i)m
1.878
19,777
T otal....... ...............186,795 4.804.884 1,141,714 31,286.731 1,870 608 13 745 643
Total 1909-10-------- 283,144 5,722,527 1,899,560 55,789,335 2,198,152 11)419,620

„
Week
Exports for week and Jan. 7.
since July \ to—
bbls.

T h e w o r ld ’s s h ip m e n ts o f w h e a t a n d c o r n fo r th e w eek
e n d in g J a n . 7 , 1911 a n d sin c e J u ly 1 in 1910-11 a n d 1909-10
are s h o w n in th e f o llo w in g :

Wheat.
Corn.
1910-11.
1909-10.
1910-11.
Week
Since
Since
Since
Week
Jan. 7. July 1.
July 1. Dec. 31 July 1.
Bushels. Bushel
Bushels. Bushels. Bushels.
North Amer. 2.752.000 67.236.000 89.025.000
D A IL Y CLO SIN G P R IC E O F OATS IN NEW YORK.
12.519.000
R ussia_____ 2.920.000 133,808 000 128,192,000 1,503,000
408.000 5,993,000
S a t. M on . Tues. W ed. T hurs. F ri.
D anub e___ 1.864.000 64.240.000 12.308.000 850.000
51.362.000
S ta n d a r d s ___________ _____________ 39
39% 39 % 39% 39% 39% Argentina
. . 240.000 25.880.000 14.832.000 2 278,000 51.878.000
N o. 2 w h ite _______________________ 39 % 40
40
40
40
40
A ustralia__
17.896.000 7,340,000
D A IL Y C LO SIN G P R IC E S O F OA TS F U T U R E S IN C H IC A G O .
India.......... 1.104.000
766.000 25.950.000
Oth. countr’s 210.000 5,224,000 /27,608,000 { ).').'))
S a t. M on . Tues. W ed. T hurs. F ri
M ay delivery in e le v a to r.....................34%
34% 3 4 % 3 5 % 3 5
'
34%
34% 3 4 % 3 5
34%
J u ly delivery In e lev a to r__________ 34 5 ,
% T otal.......... 9,856,000 340,233,000 279,965,000 5,039.000 121,752,OQai
Septem b er delivery in e lev a to r____33%
33 % 33% 34% 3 3 % 34
33%
T h e f o llo w in g a re c lo s in g q u o t a t io n s :

18,312
1,000

o n \h ro u L d lt8blllS o ? fading.0 gral“ Pa8Slng throu« h New ° rlcans for fo rd *n Ports

D A I S . Y C L O S I N G P R I C E S O F W H E A T FUTURES I N C H I C A G O .
h. x ports from — Wheat,
bush.
S a t. M on . T ues. W ed. T hurs. F ri
M ay delivery In e le v a to r..................1 0 0 % 1 0 1 % 101% 102% 101% 101% New Y o rk ............ 570,366
Ju ly delivery in e lev a to r..................... 90
96% 90%
97% 9 0 % 9 6 % Portland, Me----- 32.000
Septem b er delivery In e lev a to r____94%
94% 95%
95% 9 5 % 9 5 % B o s to n ................ 64.000
Philadelphia___
In d ia n c o r n fu t u r e s h e re in N e w Y o r k h a v e b e e n n o m in a l. Baltimore_______ 40,015

A t C h ic a g ) th e s p e c u la tio n h a s b e e n a c t i v e a n d a t tim es
e x c it e d .
P rice s h a v e s h o w n ir r e g u la r it y , b u t in th e m a in
th e tren d o f th e m a r k e t h as b e e n u p w a r d .
P r o m in e n t e le­
v a t o r in te re sts a n d w h e a t b u lls h a v e c o n tin u e d to p u r c h a se .
C o m m is s io n h o u s e s h a v e b o u g h t o n v e r y b u llish c r o p r e p o r ts
fr o m A r g e n tin a r e g a r d in g th e c r o p s itu a tio n .
E x t e n s iv e
a n d ir r e p a r a b le d a m a g e to th e c r o p o f th a t c o u n t r y h a s b een
cla im e d in d e s p a t c h e s fr o m v a r io u s s o u r c e s .
C ash h o u ses
h a v e s o ld r a th e r fre e ly a t tim e s a n d th ere h a s b e e n c o n s id e r ­
a b le p r o fit -t a k in g o n th e b u lg e s , b u t th e o ffe r in g s h a v e b een
w ell ta k e n a j a ru le .
T o - d a y p r ic e s w e re a trifle lo w e r on
fr e e se llin g b y th e c o u n t r y , d u ln e ss in th e ca sh tr a d e a n d
liq u id a t io n .

live,
tush.
6,900
1,065

Exports.

1909-10.
Since
July 1
Bushels.
11.557.000
10.088.000
12,191,060
57.199,000
01.035 000

T h e q u a n t it y o f w h e a t a n d c o r n a flo a t f o r E u r o p e o n d a te s
m e n tio n e d w a s a s fo llo w s :

Wheat.
Jan.
Dee.
Jan.
Jan.
Jan.

7

31
8
9
11

1911..
1910
1910..
1909..
1908..

United
Kingdom.
Bushels.
12,288,000
13.864.000
20,000.000
15.040.000
21.280 000

Continent. Total.
Bushels. Bushels.
17.064.000 29.352.000
16.632.000 30.496.000
7.520.000 27.520.000
5.760.000 20.800.000
8.160.000 29,440,000

United
Kingdom.
Hus hell.
6.647.000
6.876.000
5.805.000
4.250.000
3.800.000

Corn.
Continent.
Bushels.
13.796.000
12.697.000
6.950.000
4.930.000
4.680.000

Total.
Bushels.
20.443.000
19.473.000
11.815.000
9,180.000
*.480,000

I h e v is ib le s u p p ly o f g r a in , c o m p r is in g th e a toek s in
g r a n a r y a t p r in c ip a l p o in t s o f a c c u m u la t io n a t la k e a n d
s e a b o a r d p o r t’ s Jan
* . 7 , 1 9 1 1 , w a s as fo llo w s :

THE CHRONICLE

J an . 14 1911.1

AMERICAN GRAIN STOCKS.
Balrey,
Rye,
Oats,
Cor7i,
Wheat,
bush.
bush.
bush.
bush.
bush.
34,000
17.000 153,000
905,000
N ew jY ork....................... 2,221,000
783,000
. 208,000
25,000
325,000
. 473,000
77,000
Philadelphia.................. . 573,000
343.000
9,000
235.000 134,000
Baltimore. ........... .......... . 534,000 1,377,000
137.000
New O rleans.................
720.000
3,000
0,000
Galveston......................... 131,000
723.000 118,000 241.000
13,000
Buffalo ....................... . 2.349.000
400.000
311.000
. 4,024,000
3,000
287.000
195.000
T oledo............................. 1.445.000
2,000
35,000
138.000
284.000
D etro it............................ . 404,000
" afloat.............. 100,000 1,018,000 5.853.000
7.000
Chicago........................... . 5,251,000
21,000 157.000
475.000
137.000
131,000
M ilwaukee..................... 3.071.000
8.000 387.000
952.000
08,000
D u lu th ........................... -14.582.000
193.000 3.149.000 133,000 319.000
Minneapolis _______ 2.049.000
31,000
6,000
345.000
222.000
St. L o u is....................... 4.753.000
289.000
401.000
Kansas C ity......... ........
80,000 1.038.000
10,000
Peoria............................. . 408,000
79,000
291.000
G, 527.000 15.593.000 482.000 1.758.000
Total Jan. 7 1911- .43,920,000
491.000 1.660.000
Total Dec. 31 1910- .44,282,000 5.099.000 10.267.000
10.367.000 795.000 2.591.000
Total Jan. 8 1910. .27,077,000 9.400.000
Total Jan. 9 1909. .50,479,000 7.325.000 10.921.000 1,012,000 4.905.000
CANADIAN GRAIN STOCKS.
Barley.
Rye,
Oats,
Wheat,
Corn,
bush.
bush.
bush.
bush.
bush.
88.000
5,000 1,151,000
M ontreal.....................-- . 283,000
Fort William................... 742,000
" afloat_______ 95,000
Port A rthur__________ 3,125,000
O ther Canadian_______ 4,477,000
88,000
5,000 1,151,000
Total Jan. 7 1911.-11,722,000
94,000
4,000 1,201,000
Total Dec. 31 1910.-12,098,000
102,000
434,000
39,000
Total Jan. 8 1910.. 8,538,000
79.000
20,000
189,000
Total Jan. 9 1909.. 6,GOO,000
SUMMARY.
Rarlcy,
Rye,
Corn,
Oats,
Wheat,
bush.
bush.
bush.
bush.
bash.
•American ........................43,920,000 6,527,000 15,593,000 482,000 1,758.000
88,000
5,000 1.151,000
C anad ian..........................11,722,000
Total Jan. 7 1911.-55,042,000 0,532,000 17,744,000 482,000 1.846,000
1.754,000
Total Dec. 31 1910.-50,380.000 5,103,000 17,408,000 491,000 2,693,000
Total Jan. 8 1910..35,015,000 9,445,000 10,801,000 795,000
Total Jan. 9 1909.-57,145.000 7,351,000 11,110.000 1,012,000 4,984,000

THE DRY GOODS TRADE.
New York, Friday Night, Jan.

129

I n th e m a r k e t fo r d o m e s t ic c o t t o n s n ew lin es o f b la n k e t s
a n d n a p p e d g o o d s w h ic h a re b e in g s h o w n f o r th e n e x t fall
s e a so n a re r e c e iv in g g o o d a t t e n t io n fr o m b u y e r s , w h o are
p la c in g o r d e r s s te a d ily ; s o m e h a n d le r s h a v e ta k e n a s u b ­
s ta n tia l v o lu m e o f b u s in e s s, w h ile o th e r s h a v e b e e n d is p o s e d
t o a w a it d e fin ite a n n o u n c e m e n t s o f p r ic e s b y m ills; b u y e r s
a p p a r e n t ly re a liz e t h a t p r ic e s m u s t b o h ig h e r in v ie w o f th e
in cre a s e d c o s t o f c o t t o n a n d are n o t o b je c t in g t o m o d e r a te
ad van ces.
D e liv e r ie s o f p r in t e d g o o d s a re c o n s t a n t ly b e in g
u r g e d , e s p e c ia lly b y W e s te r n a n d S o u th e r n d is t r ib u t e r s , a n d
m o r e o r d e r s a re b e in g r e c e iv e d f o r b o t h s ta p le s a n d s e m i­
fa n c ie s , w h ile c o a r s e , c o lo r e d -c o t t o n s a re b e in g ta k e n in fa ir
q u a n titie s f o r q u ic k s h ip m e n t t o re p le n is h b r o k e n s t o c k s .
B r o w n d rills a n d s h e e tin g s are fir m ly h e ld , b u t r a th e r q u ie t ;
s o m e o f th e b e s t -k n o w n b r a n d s o f b r o w n c o t t o n s a r c r e p o r te d
w ell s o ld u p .
T ic k e t e d b le a c h e d g o o d s w e re in fa ir r e q u e s t
a t th e h ig h e r v a lu e s n a m e d d u r in g th e w e e k .
D e m a n d fo r
g in g h a m s a n d w a sh fa b r ic s w a s w ell m a in t a in e d .
E xp ort
tr a d e h as c o n tin u e d q u ie t .
P r in t c lo t h s a n d c o n v e r t ib le s
s h o w e d m o d e r a te a c t i v it y , tr a d in g f o r th e m o s t p a r t b e in g
c o n fin e d t o p u r c h a se s o f sm all lo ts f o r s h ip m e n t in th e n e x t
m o n th o r t w o ; s ta n d a r d g r a y g o o d s , 3 8 j^ -in c li, are firm er
a t 5 J 4 c.
W O O L E N G O O D S .— I n th e d ress g o o d s d iv is io n r e ta ile rs ,
as n o t e d , are p u r c h a s in g s p r in g fa b r ic s m o r e f r e e ly , a n d as
th e ir in itia l o r a d v a n c e o rd e rs w e re c o m p a r a t iv e ly lig h t , m o r e
b u sin ess is e x p e c t e d fr o m th is q u a r t e r in th e n ear fu tu r e ;
c u r r e n t d e m a n d ru n s c h ie fly t o s ta p le s , in c lu d in g s e rg e s,
p a n a m a s , c h e c k s , & c ., a lth o u g h b e t t e r g ra d e s o f lu stre g o o d s
are m o v in g w e ll.
O u ts id e o f th is fe a t u r e th e d r e ss g o o d s
m a r k e t is g e n e r a lly q u ie t .
M e n ’s w e a r lin es fo r fall c o n ­
tin u e d a c t iv e , th e d e m a n d f o r s ta p le a n d f a n c y o v e r c o a t in g s
s h o w in g n o a b a te m e n t .
T h e A m e r ic a n W o o le n C o . o p e n e d
a c o m p le t e lin e o f serg es, c h e v io t s , u n fin is h e d w o r s te d s , & c .,
f o r fall d e liv e r y , a n d n a m e d p r ic e s s h o w in g a s u b s ta n tia l
r e d u c t io n fr o m la s t y e a r ’s, a m o u n t in g in s o m e in sta n c e s t o
as m u c h as 3 0 c . a y a r d , th e la tt e r b e in g o n c e r t a in p la in
tw ills; o n e lin e o f s erg es h as b e e n p r ic e d 2 5 c . lo w e r th a n a
year a go.
S o m e le a d in g o p e r a t o r s h a v e a lr e a d y p la c e d la rg e
b u lk o r d e r s o n th e se fall s u itin g s , a n d th e o u t lo o k f o r fu r th e r
b u sin ess is c o n s id e r e d e n c o u r a g in g .
F O R E I G N D R Y G O O D S .— I m p o r t e d w o o le n s a n d w o r s ­
te d s m e t w ith a fa ir d e m a n d b u t a re m e e t in g s tiff c o m p e t i­
t io n fr o m d o m e s t ic p r o d u c e r s .
L in e n s w ore less a c t iv e th a n
r e c e n t ly , as reta ilers are t o o b u s y w ith th eir J a n u ir y w h ite
sales; d e m a n d f o r d ress lin en s f o r s p r in g w a s a ls o o f m o d e r a te
p r o p o r t io n s , th e r e c e n t a d v a n c e in p r ic e s in d u c in g m o r e o r
loss c a u t io n .
I n b u r la p s b u sin e ss b o t h f o r s p o t a n d fu tu r e
d e liv e r y w a s m o r e s a t is fa c t o r y .
L o c a l s t o c k s a re r e p o r te d
lim it e d ,a n d f ir m ly h e ld ,o w in g t o th e s t r o n g C a lc u tt a m a r k e t .
L ig h t -w e ig h ts are q u o t e d a t 3 .7 0 c . a n d 10 j^ - o u n c e a t 4 ,6 5 c .',j

13 1 9 1 1 .
I n te x tile m a r k e ts th e re w e re se v e ra l im p o r t a n t d e v e lo p ­
m e n ts d u r in g th e p a s t w e e k .
I n th e c o t t o n g o o d s d iv is io n
th e v o lu m e o f b u s in e s s d o n e w as n o t la rg e , y e t th e re w a s an
e n c o u r a g in g in cre a se in tr a d e in c e r ta in lin e s , w ith in d ic a t io n s
o f fu r th e r im p r o v e m e n t in d e m a n d , sin ce th e n u m b e r o f o u t o f - t o w n b u y e r s is s te a d ily in c r e a s in g a n d th e y are s h o w in g a
f a ir ly a c t iv e in te r e s t in d o m e s tic s , e s p e c ia lly in c o t t o n s fo r
fa ll d e liv e r y , s u c h as b la n k e t s a n d n a p p e d g o o d s ; n e w lin es
o f th e se g o o d s are b e in g d is p la y e d , a n d th e a v e r a g e le v el o f
p r ic e s n a m e d w ill p r o b a b ly b o som ew h a t, h ig h e r th a n th a t o f
a y e a r a g o , o w in g ( o th e in cre a s e d c o s t o f ra w m a t e r ia l. I n
b le a c h e d g o o d s an in te r e s t in g fe a tu r e w a s th e a n n o u n c e m e n t
t h a t F r u it o f th e L o o m g o o d s , w h ic h h a v e b e e n ta k e n I m p o r t a t io n s a n d W a r e h o u s e W it h d r a w a ls o f D r y G o o d g .
s t e a d ily , h a d b e e n p la c e d a t v a lu e , a n d th a t th e n o w p r ice
T h e im p o r t a t io n s a n d w a r e h o u s e w ith d r a w a ls o f d r y g o o d s
w o u ld b e 9 J ^ c .
S e llin g a g e n ts o f L o n s d a le a n d B e r k e le y
a t th is p o r t f o r th e w e e k e n d in g J a n . 7 1911 a n d sin ce
fin e b le a c h e d c o t t o n s a d v a n c e d th e se lin es a n d a lso a n n o u n c e d
J a n . 1 1 9 1 1 , a n d f o r th e c o r r e s p o n d in g p e r io d s o f la s t y e a r :
t h a t h e r e a ft e r n o s t o c k p r o t e c t io n w o u ld b o g iv e n o n th e m .
T h e a d v a n c e s o n b le a c h e d g o o d s o c c a s io n e d n o s u r p r is e , fo r
it h as b e e n k n o w n f o r s o m e t im e th a t m ills w o u ld n o t c o n ­
tin u e p r o d u c t io n u nless t h e y s e c u r e d h ig h e r p r ic e s .
C o n d i­
tio n s c o n fr o n t i n g m ills h a v e s h o w n n o m a te ria l im p r o v e m e n t ,
g e n e r a lly s p e a k in g , a n d th e re is s tr o n g e r p r o s p e c t o f fu r t h e r
c u r t a ilm e n t t o p r e v e n t a n a c c u m u la t io n o f g o o d s a t h ig h
c o s t; in fa c t F a ll R iv e r in te re s ts a r c e x p e c t e d t o d e c id e to
cu r ta il t w o d a y s a w e e k , o r its e q u iv a le n t , b e fo r e th e m id d le
o f th e y e a r , a n d sim ila r a c t i o n , it is t h o u g h t , w ill b e ta k e n
b y R h o d e I s la n d a n d S o u th e r n m ills. I n its b e a r in g u p o n
th e ge n e ra l te x tile s itu a tio n a n d o u t l o o k , th e s e m i-a n n u a l
r e p o r t o f th e H . B . C laflin C o . a tt r a c te d a g o o d d e a l o f a tt e n ­
t io n ; th e c o m p a n y ’s s ta t e m e n t s h o w e d th a t th e re h a d b e e n
a m a r k e d r e d u c t io n in m e r c h a n d is e s t o c k s a n d a sim ila r
d e c r e a s e in lia b ilitie s , as r e fle c te d in th e r e d u c t io n in o p e n
a c c o u n t s d u e t o th e t r a d e .
R e p o r t s fr o m jo b b i n g h o u s e s in
o t h e r s e c tio n s s h o w c o n d it io n s m u c h th e sa m e as th o s e in d i­
c a t e d in th e C laflin s ta t e m e n t; t h a t is, s t o c k s o f m e r c h a n d is e
h a v e b e e n h e a v ily r e d u c e d , w h ic h , to g e th e r w ith th e liq u id a ­
t io n in o p e n a c c o u n t s , h a s p la c e d th e se firm s in a b e t t e r p o s i­
t io n t o h a n d le n o w b u s in e s s . A b r o a d e r a n d m o r e a c t iv e
d e m a n d w a s n o te d d u r in g th e w e e k fo r silk p ie c e g o o d s , w ith
f r e q u e n t o r d e r s f o r s p r in g g o o d s fr o m re ta ile rs a n d c u tt e r s .
I n d ro ss g o o d s re ta ile rs s h o w e d in c r e a s in g in te r e s t in fa b r ic s
f o r s p r in g , p r in c ip a lly s ta p le s .
A d d it io n a l lin es o f m e n ’s
w e a r fo r fall h a v e b e e n o p e n e d a t p r ic e s lo w e r th a n a y e a r
a g o , a n d in d ic a t io n s p o in t to a g o o d r e s p o n s e fr o m b u y e r s .
D O M E S T I C C O T T O N G O O D S .— T h e e x p o r t s o f c o t t o n
g o o d s fr o m th is p o r t f o r th e w e e k e n d in g J a n . 7 w e re 3 ,3 7 7
p a c k a g e s , v a lu e d a t $ 2 6 7 ,4 5 6 , th e ir d e s t in a t io n b e in g to th e
p o in t s s p e cifie d in th e ta b le b e lo w :
>■*!

--------1911-------Since
• New York to J a n . 7—
W eek. J a n . 1.
20
G re a t B rita in ....................................21
O ther E u ro p e ---------------------------- ------------ 21

M exico .................................... ............
C entral A m erica________________
S o u th A m erica..................................
T o ta l

______ ______________ _______ 3.377

30
705
33
562
1,074
332
3,377

-------- 1910-------Since
W eek, J a n . 1.
100
106
15
15
136
157
413
35
104
971
243
2,180

136
157
413
35
104
r 971
243
2,180

T h e v a lu e o f th e se N e w Y o r k e x p o r t s sin c e J a n . 1 h as b e e n
$ 2 6 7 ,4 5 6 in 1 9 1 1 , a g a in st $ 1 3 5 ,8 8 5 in 19 1 0.




THE CHRONICLE

gT/lTE

P ity pEf^mUffEWT.

MUNICIPAL BOND SALES IN DECEMBER.
W e p r e se n t h e r e w ith o u r d e t a ile d lis t o f th e m u n ic ip a
b o n d issues p u t o u t d u r in g th e m o n t h o f D e c e m b e r w h ic h

th e

c r o w d e d c o n d it io n o f o u r c o lu m n s p r e v e n t e d o u r p u b lis h in g
a t th e u sual tim e .
T h e r e v ie w o f th e m o n t h ’ s sa les w a s g iv e n o n p a g e 08 o f
th e “ C h r o n ic le ” o f J a n . 7 .

S in c e th e n se v e ra l b e la t e d D e ­

c e m b e r re tu rn s h a v e b e e n r e c e iv e d , c h a n g in g th e to ta l fo r
th e m o n th to 8 3 3 ,0 1 2 ,0 1 3 .

T h e n u m b e r o f m u n ic ip a lit ie s

issu in g b o n d s w a s 2 0 0 a n d th e n u m b e r o f s e p a ra te issu es 4 0 0 .

lO N D S A L E S .
Page.
N am e.
Hate. M a tu rity . A m o un t. P rice.
1788­ .A b erd een, W ash .
5275,000 95
1059.
4
100,000 100.05
1930
16594
1911-1930 100,000 100
91,000
1 7 8 8 ..
A lbert L ea, M inn____
5
1921
18,000
5
1925
1 7 8 8 ..
A lbert L ea, A linn.........
20,000
5
1916-1925
1 7 8 8 ..
A lbert L ea, M inn____
170,000 100.945
1 7 8 8 ..
A llentow n S ch. D iet., P a - 4
24,000
103.583
15 85 .-A n d o v er, O hio_____ _______
4 A 1916-1930
55,000 100.25
1788. .A n go la, N . Y _____________
4 A 1915-1939
60,000 103.62
5
1920-1925
1 5 8 5 .-A tlan tic C o unty , N . J _____
8,000
4
1920
1 3 2 ..A ttic a, I n d ________________
1 7 8 8 ..
A ub urn, M e_________
4
1921
24,000 101.876
1936
1723. .A u g u sta , M e______________
4
30,000 105.71
6
33,435 100
132__I3aker C ity, O re. (4 Issues).
1920
5 (11930-1950
fel32-_B allinger, T e x ____________
16,000 100
1980
1,603,400 187)4 to
£ l 3 2 . . B altim ore, M d____________
3A
tio o
1919-1927
45,000 100.131
1723 ..B a rre , V t_____________________ 4
1,500 100
1788 ..B ell Co. Com . S . D .N o .4 2,T ex . 5 (11915-1950
1,000 100
1788 ..B ell Co. Com . S .D .N o .3 , T ex ._ 5 (11915-1920
25,000 104.80
4 A 1912-1931
1788 ..B e lo it, W Is--------------------1920
1,000 100
132 ..B e ltra m i Co. S .D .N o .8 6 ,M ln n . 66
4,000,000
1659 ..B e n t & P row ers Irrig .I)lst.,C o l.
2,000 100
1659 ..B e n to n Co. S . D . N o. 13, W ash 6 (11920-1930
80,000 102.07
4 A 1911-1926
1526 ..B e rlin , N . I I ____________
, 132 ..B ra n d e n b u rg G raded S . D.
1915-1929
1,500 100.333
6
N o. 58, K y ......................
124,000
132 ..B ra z o ria Co. D r. D . N o. 4, T ex. 5
70,000
1659 ..B ro k e n A rrow , O k la ____
101.805
68 ..B ro okin gs C ounty, Bo. D a k ___ 65 (11915-1930 100,000
7,000
f 723. ..B ro o k le t, G a____________
(11920-1950
8,500 100
1723. ..B ro o k ly n lit* . In d .S .D ., T e x . 5 ill
930-1950 • 50,000
1723...B ro v rn C ounty, T ex ___________ 5 (11910-1921
■ 1,400 100
68...B ru n e a u S ch. D ist., Id a h o -----1914-1923
25,000 102.98
1723...B u c y ru s, O hio------------------------ 44 A 1912-1931
100,000 100.10
1585...B u ira lo , N . Y ................................... 4
1960
• 10,000 x io o
• 6 8 ...B u lla lo , N . Y ___________ ______
10,000 100
1585., .B u rk b u rn e tt In d .S .D ., T e x — 45 (11920-1950
53,000
1723...B u rlin g to n , V t________________
1723. C allahan Co. Com . S . D . 5
1920
500 100
N o. 47. T e x ......................
2,500 101.324
‘ 132. C allahan S ch. D ist., C al..
43,068 100
• 132.. .C ass C ounty, N o. D ak. (2 iss.) . 6 various
1930
15,000 105.68
1660. Cecil C o unty , M d ------------------- 6
(11920-1930
1789...C e n tra l P a rk G rad .S .D ., K y .
6,000
£133.. .C h am bersb urg, P a . (4 Iss.)------ 4 A
235,000 100
£.133...C h a rle sto n S ch. D ist., C al____ 6 • • 1912-1917
3,000 100.583
- 133...C h a th a m T w p. S . D ., N . J ____ 5 •
1920
4,000 100.30
1789...C h icag o (111.) S a n ita ry D ist__ 4 • • 1913-1931 1,000,000 99.2863
1723 . .C tilco.C al _____________ ______ 6
19,835 100
1723 ..C h ilto n In d . S ch. D ist., T e x .. 5 • (11920-1950
12,500 100
1789...C h rlstla n sb u rg , V a ..................... 5 • (11925-1940
40,000 100
1789...C in c in n a ti, Ohio (2 Issues)____ 4 • 1050 • 1,800,000)
1789...C in c in n a ti, O h io _____________ 4 ■ ■ I960 • l,00 0,000 j 100.66
1580...C in c in n a ti Sch. D ist., O hio___ 4 ■
1950 • • 240,000 100.613
1723.. .C larem ore, O kla_______________ 5 •
1936 ■ 52,500 100
1586...C lev elan d, O hio_______________ 4 •
1940 • • 500,000 100.0622
1789...C lev elan d, O hio_______________ 4
500,000 100
1940
1789...C lin to n C ounty, N . Y _________ 4 A 1912-1939 110,000 103.03
133...C oal G rove, O hio______________ 5
1915
2,000 102.55
2,000
133.. .C ollin Co. S. D . N o. 3, T e x ____ 5 (11920-1930
1789...C olem an Co. Com . S . D . N o.
2,000
35, T e x _____________________ 5 (11915-1920
1789...C olem an Co. Com . S . D . N o.
3.000
37, T e x ........................................... 5 (11920-1930
1940 f 50,000 105
1723...C olum bia, S o. C aro___________ 5
l 800,000 103.
V ar.
1,034,6001
133 ..C olum bus, O hio (20 Issues)____4
146,200 J xlOO
133
V ar
6
25,000
133.
1600. .C ordele, G a___________________ 5
1940
10,000 104.37
1790. .C ro ckett Co. Com . S . D. N o. 1,
T ex . . . ' .......................................... 5 (11915-1950
5,000 100
■ 69 .
4 H 1911-1930 300,000 101.761
5 (11920-1930
1060­
10,000 100
1060. .D elaw are, O hio.
20,000 101.31
5
• 69 .
3,466 102.94
4
1912-1925
40,000 100.027
69 .
5 (11930-1950
15,000
1790.
4
1915-1924
10,000 100.105
1790.
1660. D ryden U nion Free S . D .
4
4,000 100
4
8,000 101.562
1911-1930
1790
49,000 103.51
4A
1925
1660.
65,000 100.059
4 A 1912-1935
1586.
12,000 101.30
4 A 1912-1923
1660.
4
A
1950
220,000
[E
a
st
O
range,
N
.
J
------­
105.30
1660
1916-1930
40,000
P eoria D r. & L ev .D ist.,I 6
1790 .EE aast
60,000 100
s t R u th erfo rd S . D ., N . J . 4 H 1921-1950
1790
1930
11,000
4 Vt
1 3 3 ..E m po ria, K a n 5
18,000 100
1930
133 ..E p h ra im , U tah
4
1912
10,000 100.56
1 7 9 0 .-E ssex C o unty , 1
4
1940
25,000 108.95
1 7 9 0 .-E v e re tt, M a ss..
5
100,000 100
1 7 2 3 -.F a irb u ry , N eb. I
5
35,000 100
13 3 _ .F atrb u ry , N eb. I
4
1920
100,000 104.025
1 6 6 0 .-F all R iv er, Mas;
5 (H920-1030
12,500 100
1 7 9 0 -.F a lls C ity, N eb.
6
2,200 100
133
5 (11920-1930
1,5001 100
1700.). .F I
1,000/
1790. . Fisher C o. C om . s . u .in o .a a , jlex 55 (11920-1930
50,000 100.45
6 9 ..F o r t Lee, N . J -----------------------17 2 4 ..F o r t S m ith & V an B uren B rge. 5
600,000
(11930-1950
50,000
1 6 6 1 ..
F o rt W o rth , T e x _________ 4 H (11920-1930
16,000 100
1 7 2 4 ..
F reew ater, O re___________ 6
100,000 100
1940
1 7 9 0 ..
Gainesville,
Ga
___________ 4 'A
25,000 104.07
1930
1 7 2 4 ..
G alesburg, I I I ....................... 4 H
27,000 103.037
6 9 ..G a llo n , O hio__________________ 4 A 1915-1923
225,000
1661 ..G a lv e sto n , T e x ________________
50,000
1 6 6 1 ..
G alveston, T e x ___________ 4 A
70,000 100
1 3 3 ..G alveston C o.D r.D Is.N o .l.T ex 5 '
45,000 100
• 6 9 .-G eorgetow n, T ex . (2 Issues)__ 5 (11920-1950
35,000 101.13
1 5 8 6 ..
Glen Ridge S . D ., N . J __ 4 A 1930-1940
18,000 101.42
1 7 2 4 ..
G ranby, M o_____________ 5 a
6,400
1 3 l-.G rc e n e C ounty, I n d __________ 4 a 1911-1920
7,000 100
134__Groesbeck In d . S . D ., T ex ____ 5 (11915-1950
45,000
1 7 91 -.G ro ve C ity, P a . . ............................ 4 A 1921-1940
16,405 101.786
1 6 6 1 -.IIa rd lu C ounty, O hio.................. 5
10,000
1 6 6 1 ..
1 1 .rtln gton , N e b ------------- 5 (11915-1929
3,750 100
17 2 4 _ .H ay ti In d . S .D .N o .l, S o .D ak . 5




[VOL. LXXXXII

Pago.
N am e.
1 7 9 1 ..
H ighland P a rk S. D ., M ic. h4...
1925
$45,000 100.459
1 7 2 4 ..
H ill Co. Com . S .D .N o.9 8, . Tex
5
12,500
1724. .H u d so n , O hio___________ _____ . 4 A (11920-1950
1912-1917
3,000 100.733
1 3 4 ..
H u n tin g to n C ounty, In d. _________
4
A
1911-1915
2,300
1791 ..H u n tin g to n P a rk S. D ., C a l.. . 5 20, ’25& ’30
15,000
103.33
15 8 7 -.JelIerso n , O hio_______________ . 4
1924
24,000 103.583
1 7 9 1 ..
Jctlerso n S ch. D ist., C al_ . T)
10,000
100.68
1661. .
Jo nes C au n ty , Io w a____ . ;>
30,000 100
1 6 6 1 ..
K ansas C ity, K a n _______ . 5
70,048 100
1 6 6 1 ..
K ansas C ity, M o_________. 4
1930
500,0001 , 100.44
1 6 6 1 ..
K ansas C ity. M o. (3 Issues)_______
4A
1930
250,000/
1791 ..K a w T ow nship, K a n ..................... 5 ’15, T 6& ’17
6,000 100
1930
1791 ..K e a rn y , N . J _________________ . 4 A
25,000 100.382
1 7 2 4 ..
K ing C ounty, W ash . (2 is. s 4.)..A 1911-1930 313,000 1/100
1920-1945
69 . .
K ing sbu ry , C al_________. 5
26,000 V 100.976
1920-1941
69. .
K irkw ood, G a_________ 5
24,0001 101.041
1916-1041
36.000/
69. .
K irkw ood, G a_________ 5
40,000 10J.25
1939
1 3 4 ..
L afa y e tte, G a. (2 Issues)_ 5
7,000
1 3 4 ..
L ake B orgnc L ev . S. D ., L5 a . . 1950-1960
100,000 1/100
1791 ..L a k e C harles, L a. (2 issues)___ 5
1661 * M 5,000 100.30
5 (11020-1930
1791
14,550 106.453
5
1920
1661,
4 A 1913-1042 150,000 104.743
695 (11931-1951
29,000
1791.
4 A (11921-1931 155,000 99
1791.
160,000 101.93
1661...L ib e rty T ow nship S. D ., Ohio. 44 A 1011-1920
20,000 101.31
1913-1922
134 ..L in c o ln Co. S. D . N o. 2, O re .. 6 (11920-1930
10,000 103.81
1662.
4A
1920
6,000 103.083
1791
1920
4
A
10,000 103.13
1587.
5
1930
5,000 100
1587.
.4
1911-1920
20,000 104.059
1792.
.
4
1911-1920
60,000
102.064
1662.
4
1920
9,500 103.62
134.
6
1913-1922
45,000
100
1662.
100,000 100.01
1662. a ria n n a , F la ________________ 54 A (11921-1041
1930
10,000 100
1725...M
..M a rq u e tte C ounty, M ich_____ 4 4
1915-1917
15,000
135...M a rs, P a _________________________4 A4A
4,000 100
1725. arsh all C ounty, M inn________5 5
«1021
200,000
1725...M
..M
a
rt
In
d
.
S
.
D
.,
T
e
x
_________5
5
(11930-1950
5,000 100
1792...M a ry lan d U nion F ree S. D.
N o. 4, N . Y .................................4 A4 A 1912-1936
25,000
1587...M aso
n Sch. D ist., O hio______ 4 A
25,000 102.812
1725...M axw ell In d . S. D ., T e x ____ 45“
1930
6,500 100
1587...M e d in a Sch. D ist., O hio______ __
35,000 103.82
1662...M em p his, T e x ___ __________ . 6 (11930-1950
20,000
135...M iam i C ounty, In d . (2 Issues). 5HAAj 1012-1921
13,140
135...M idd lesex C o unty , N . J ______ 4)14 A
1935
9,900 100
135. Mllpq TVy
5
(11930-1950
20,000
100
135.. -M lnersvllle S ch. D ist., P a ____ 4 4
1040
45,000 100
1662...M ill b u rn , N . J ________________ 4J^
1030
12,000
100.075
4
A
1792 ..M iss issip p i_____ ______________ 4 4
1930
31.000
iss issip p i____________________ 4 4
1930
294,000 100
1725...M
. -M obrldge, So. D ak. (2 Issues). . .
10,000 100
o n m o u th S. D . N o. 38, 111___4 4A A 1020-1929
47,000 101.30
1725...M
5
..M
o
n
ro
v
ia,
Cal.
(2
Issues)_____
5
1911-1950
103.242
170,000
1662. on tpelier S . D ., O hio............... 4 A
10,000
1725.-.M oose
L ake. M inn_____
. 66
1929
4,500
100
1725...M
t. P leasant In d . S. D ., T e x .. 5 (11920-1950
9,000 100
1662...M
--M t. V ernon S. D ., Ohio
44 (11015-1030
26,000 100
1725...N
a v a rro C ounty Com . S . D .
N o. 21, T ex ................
5„ (11020-1050
6,000 100
..N e w a rk , N .J . (2 Issues)............. 4
1930
100,0001
136...N e w a rk , N . J .............................. .. 444
1040
100,0001x100
136...N
e w ark , N . J ................................ 4
1025
75,000]
1725...N e w ark , Ohio (8 issues)............. 5
40,610 104.511
1662...N e w B ritain , C onn........ .............. 45
95,000 98.79
1915-1920
1587.. .N e w b u ry p o rt, M ass___________ 4 4
30,000 102.80
1911-1925
1588. e w Carlisle, O hio____________ 5 5
20,000 106.311
1792...N
25,000 100.83
..N e w to n , K a n _________________ 5 (11021-1931
136...N e w to n C ounty, I n d __________ 4 4A A
63,500
69.
. 3"
1950 2,030,0001
69.
_ 4
10,500]
1059
69.
al9 3 0
33,000
- 4A
130.
- 4 ’20, ’25& ’30
27,000 100
- 5
1361931
30,000 100
69...N o rw o o d Sch. D ist., O hio. - 4
1920-1949
75,000 100.13
1725. ueccs C ounty Com . S.
N o. 25, T e x ......................... _ 5 (11920-1950
10,000 100
1725...N u ec e s C ounty Com . S. ).
N o. 28, T e x ......................... . 5 (11020-1950
6,000 100
. 5
1011-1920
1792.
25,000 100
1921-1930
5 .-O k tib b eh a C o .It.D .N o .1,Miss . 5
1588.
20,000 100.53
1725.
95,000 102.105
(11915-1930
1725.
j . . O rleans,
20,000
1588.
27-5,000 100
- 5
1929-1030
7,000 102.551
1725.
__ 8 (11911-1920
13 6 . ,
80,000 100
V arious
1 3 6 ...P ittsb u rg h , P a. (2 Issues) . . . - 4
22,000 XI00
1792. .P ittsb u rg h , P a . (13 issues). . 4 'A £1911-1914 4,878,000 102.4591
130. . PlttsvlU e, W Is----------------------4,000 100,025
1912-1913
1663. .P o rta g e , O hio------------------------ - 6
1,500 102
- 6
1020 . /152,275 100.321
1725.
i
9,000
100.50
1725. .P o rtla n d S. I). N o. 1, O re------ 4 A (11920-1930 350,000 101.257
13 . Reno S ch. D ist. N o. 10, N c v .. 5
1912-1931 250,000 101.19
137. .R ic e L ak e, W Is---------------------- 0
1912-1920
17,650 100
1726. .R o b y liu lcp . Sch. D ist., T e x .. 5 (11930-1950
14,500 100
1726. -R o ck Falls, 111------------------------ 5
1912-1915
8,000 100
1588. .R o m e, N . Y --------------- ---------- - 4
1930
40,000
100
137. .R o sea u , M inn-------------------------1925
11,000
102.545
1726. .R ow e School D lstrlot, C al____ 5
101.728
31,000
Ruggcls
T
w
p.
S
ch.
D
ist.,
Ohio
5
1726.
1912-1921
104.062
8,000
1588. . R ushvllle, I n d --------------- --------- 0
10,000 111
1793. .R u th e rfo rd S ch. D ist., N . J . . . 4 A
1950
86,300
1793. .R u th e rfo rd Sch. D ist., N . J . . . 4 A
1950
41,000
1663. .S t. Jo h n , K an ------------------------ 0 (11920-1930
11,500
1663. .S t. Jo seph, M ich--------------------- 4 A
20,000 103.175
137. .S a n Francisco, C al.......................
100
71,000
1793. .S c o tt C ounty, K y ...................... 4 A 1923-1927
2 5,000 100.10
137. .S e a ttle , W ash. (14 Issues)-------- 7 1915 & 1920 143,708
137. .S e a ttle , W a s h .. ............................ 6
1920
43,890
1664. .S en eca C ounty, N . Y ------------- 4 >4 (11911-1918
17,780 100.1413
69. .S h eb o y g an , W I s . .. ............... — 4 A 1914-1929
96,000
101.59
1793. .S h e rm a n , T ex . (2 Issues)-------- 4 A
20,000
100
137. .S h e rm a n Co. S . D . N o. 6, T ex . 5
625
100
1935
137. -S ilvcrto n, O hio.................... ............ 4 A
8,500
101.044
1726. .S om erville S ch. D ist., N . J — 4 A 1912-1916
5,000 100.552
137. .S o u th O m aha, N e b ----------------- 5!> A (11915-1020
1,200 100
1911-1914
137. -S p a rta Sch. D ist. N o. 1, W Is.. 5
5,500
100
(11920-1930
1793. .S taffo rd , K an . (2 issu es)...........
55,000 100.545
1912-1921
1664. .S ta m b a u g h , M ich — ...........— 5
10,000
1930
1530. .S to n ch a m , M ass----------------------- 4
1,0001, 104.53
1928
1530. -S toneh am , M ass........ ...................... 46
2,000/
1793. .S to rm L ake, I o w a . . . . .............
1912-1920
10,742
100
1589. .S to w T ow nship, O hio------------- 4 A 1912-1919
8,000 101.35
1664. -S tra tto n , N eb------- - - - - .............. 6 (11915-1930
12,000
137. .S u lliv an C o unty , I n d .................. 4 A 1912-1920
4,860
1726. .S u lta n . W a sh ------------------------- 6 (11911-1930
100
1 0 ,0 0 0
1726. .S u m m it C ounty, O hio------------ 4 A 1912-1921 248,000
102.08
1726. .S u m m it C ounty, O hio............... 4 Vi 1911-1916
97,000
100.96
1580­ -T acom a, W ash. . . . . . - - - - - - - - 4 A
1930
102.088
405.000
G
.T
a
y
io
r
S
ep
arate
S
.
I).,
Miss
—
1664.
3,000 100
70. .T em p le, T e x ---------------------------- 5 (11930-1950 100.000
1664. .T errell, T ex ---------------------------- 5 (11925-1950
8,000 100
1589. .T o led o, O hio---------------------------- 4
1923-1926 200.000 100.105
137. .T oledo, O hio (18 Issu e s)............ 5
1911-1916
53,852
X100
1794. .T re n to n , N. J . (2 issues) ............. 4 A
1920
77,020 102.4413
1794. .T re n to n , N . J ----------------- --------- 4 A
1940
9,000
105.13
1794. .T ro u p C ounty, G a------------------- 5 1930&1940 200,0001/103.6625
70. .T u rtle Creek, P a ------- - - --------- 4 yA 1915-1940
101.933
30,000
1589. .T w ln sb u rg T ow nship, Ohio — 4 A 1912-1918
7,000 t/100.90
1664. .U n io n C ounty, O hio— --------- 5
1911-1916
30,000 102.37
1664. .U n io n C ounty, O hio--------------- 5
1911-1916
48,000 102.368
o© 1

130

131

THE CHRONICLE

J an . 14 1911.

m o u n t. P rice.
Hate. M atu rity. A$15,000
Page.
N am e.
13 8 . .
U pper G w ynned T w p ., P a ----60,000 103.416
1935
1 6 6 4 .. V allejo School D istrict, C al— 5 191116,000 100
1940
1794._V entnor C ity, N . J .......................5
103.276
1912- 1936 75.000
1726--V e n tu ra U nion H igh S . D ., Cal. 5
9.826
arious
1 3 8 .. W abash C ounty, In d (5 Issues). 5 V1911-1915
2,268
138. . W abash C ounty, I n d --------------- 4 l/ j
16.000
1930
7 0 ._ W a k lta , O k la---------------------6 1016-1931
18,000 102.563
1 5 8 9 .. W alw orth, W Is----------------•>(11915-1920
4.000 100
1 7 2 6 .. W ard Co. Com . S. D . N o.2,T cx 5 (11915-1920
100.10
10,000
1 6 6 4 .. W ash ingto n, I n d ..................
4 1911-1929
102.91
95,000)
1 6 6 4 .. W atertow n, M ass.................
* 1911-1920
20,0001
1 6 6 4 . -W aterto w n . M ass..........................4
5.000 ______
1 6 6 5 .. W aukon, Io w a ............................ 4 1916192712,0001 104.044
1 7 9 4 .. W ellesley, M ass...................
4 191719265.000 J
1 7 9 4 .. W ellesley, M ass---------------------*
10.000 105.13
1931
1794. . W ellsvllle, Ohio ..................
17.500
d
1920-1950
1 6 6 5 .. W ichita F alls. T ex - - - - - - - -r
102.124
25.000
1 6 6 5 . -W illiam s Un H .b . D ., C a l--- •>
29.500 98
1726 W ilm ette S. I). No. 39, 111------- 1 1911-1920
101.65
21.000
1 7 9 4 . . W in throp, M a s s.............................. 4
ia n -1 9 2 0
40.000 101.567
1726 .W o b u rn , M a ss.. . . ------------------ - - 1911-1915
50.000 101.811
1 6 6 5 --W o o d C ounty, O hio.................... o
5.000 100
1920
15 9 0 . .
W ooster, N . Y ._ ..........................4
100,000 107.21
1930
16 6 5 . .
W orcester, M a ss........................4
75.000 104.272
1920
7 0 . -W orcester, M ass----------------------- 4
106.764
68.000
1941
1 7 2 6 . -W y an d o tte, M ich-----------------------4 y-i
144.000
1930
70 W y an do tte C ounty, K a n --------4
100 ’'
5,800
1925-1930
138_-Y acolt, W ash ................................... 6 (11912-1931
75.000 1/100
1 3 8 . -Y ak im a Co. S. D . N o. 7, W ash . 5
20.000
100
1727 .Y o rk to w n In d ep . S. D ., T e x .. 5 (11920-1930
21,110
16 6 5 . .
Y oungstow n, Ohio (9 issu e s).- 5
150.000 106.65
1727 -Y oungstow n S. D ., O hio--------4 Mi 1934-1936
40,000
1935
1794 .Y u k o n , O kla. (2 Issues)------------ 6
T o tal bond sales for D ecem ber 1910 (266 m unlclpalltlcs, covering 400 sep arate Issues)..................
a
A verage d a te of m a tu rity , d S u bject to call In a n d [a fte r^ th e earlier
year a n d m a tu re In th e la ter y e a r, ft N ot I n c l u d i n g ? 2 6 ,152,991 of 1
po rary loans rep o rted , and w hich do n o t belong In th e list, al..
. ,
Include by$444,032
d $8sinking
000,000fund as an ininv
v eestm
s tm eent.
nt
Issued
New YoforkC anad
C ity,ian a:loans
T ak enanby
V A nd o th er con siderations.
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S.

A p p e a ls .
I t is s t a t e d , h o w e v e r , th a t th e ca se w ill b e d is ­
m isse d in v ie w o f th e a c t io n o f th e C ity C o u n c il.
S ee V . 91,
p . 167.

Commission Form of Government.

E l R e n o , O k la .—
— The
A t t o r n e y -G e n e r a l’s D e p a r t m e n t h a s a p p r o v e d th e n ew
c h a r te r p r o v id in g fo r a e o m ip is s io n p la n o f g o v e r n m e n t fo r
th is p la c e .

Bonding Power of School Cities.

I n d ia n a .—
— W e p r in t
b e lo w a le t te r fr o m H o n . G h as. A . G r e a th o u s e , S u p e r in te n d ­
e n t o f P u b lic I n s t r u c t io n in I n d ia n a to th e S u p e r in te n d e n t o f
S c h o o ls a t H a m m o n d , in w h ic h a re g iv e n s o m e in te r e s tin g
fa c t s c o n c e r n in g th e p o w e r o f m u n ic ip a litie s t o b e c o m e
b o n d e d fo r s c h o o l p u r p o s e s .

S u p t. C. M . M cD aniel,

Ja n u a ry 6, 1911.

Hammond, Indiana.

D*The"c-ise1oF W tfcoxon vs. C ity o£ B luflton (153 In d . page 267) w as filed
In th e Suprem e C ourt Ju n e 14th 1899. In th a t case it w as held t h a t ' school
b o nd s issued un d er th e A ct of 1873. p p . 5975 B urns 1894, for th e pu rp ose of
o b taining funds for th e erection of school buildings, c o n stitu te an in d e b t­
edness against th e civil city , and m u st be ta k e n into con sideratio n in ascer­
tain in g th e agg regate Indebtedness of such m u nicipality .
, , .
T his opinion w as based u p on th e fac t th a t th e C ity Council au th orized
the issuing of th e bonds and th e bonds w ere signed by th e M ayor a n d th e
Clerk of th e civil city and countersigned by th e school tru ste e . T his w a
done in accordance w ith th e sta tu te s in force a t th e tim e the bonds wer
issued. By follow ing th e reasoning of th e C ourt th e Inference is readily
form ed th a t if th e L egislature had au th orized th e school tru stees to create
such indebtedness ind epend en tly of th c C lty Council, th en it w ould have been
a d e b t ag ain st th e school city an d n o t against th e civil c ity.
In 1899 th e L egislature passed an A ct (p. 434, A cts 1899) em pow ering
school com m issioners in cities of over 100,000 to give obligations for indeotedness.^e ot cam pljell vs. C ity of Indian ap olis (155 In d ., page 186) filed
Ju n e 29 1900 th e follow ing opinion w as ren dered :
,
••The deb ts of th e school city of Indian ap olis and those of th e civil cor­
po ratio n are n o t to be agg regated to determ ine th e d e b t lim it to w hich
either Is en titled un der th e C onstitu tion , and th e rig h t or pow er of e ith e r
of these corporations to c o n tra c t an indebtedness n o t in excess 01 th e lim it
T h e fo llo w in g it e m s , in c lu d e d in o u r to t a ls fo r p r e v io u s fixed b y th e C o nstitu tion is airected only by Its ow n existing deb ts.
In 1110 3 and subsequently in 1909 (page 100, A cts 1909), th e L egislature
m o n th s , s h o u ld b e e lim in a t e d fr o m th e s a m e .
W e g iv e th e gave
to f c h ? o l boards* in a n y of th e tow ns an d cities of th e S ta te , except
p a g e n u m b e r o f th e issue o f o u r p a p e r in w h ic h th e rea son s cities of th e first a n d second class, the rig h t to create an ob ligation on th e
fo r th e se e lim in a t io n s m a y b e fo u n d .
PaTh?s£ law is general W C onceded ’to ' be con stitu tio n al and no case has been
Page.
N am e o f M u n ic ip a lity .
A n n nnn hrom rht to te st its v alid ity . T he bonding com panies of this city pu rchase
1 7 2 5 .. P o rtla n d , O re. (N ovem ber l i s t ) - - - - - - --------------------------- an $no m a n y 'b o n d s1as obligations against school cities regardless of any ind ebt1793 R u th erfo rd .School D istrict, N . J . (Ja n u a ry list)-------------- “ “ - f "
we uniformly advise sch?ol
1 6 6 3 .. 5 t. Jo seph, M ich. (O ctober l i s t ) .------------------------------------- 20,000

hoards' th at they mav legally create an indebtedness against the school city
m an y anfoun'^no't exceeding two per cent of the assessed valuation of the
citv Their method of procedure is clearly set foith on page le J or tne
Acts of 1999. Wc also advise that among the powers of city coun Jls they
Price. arc
Hate. M a tu rity. A m o u n t.
authorized
levydollars
and have
taxes not
N am e.
100
c e n te
o n ° th e hu"to
n d red
valucollected
atio n on annual
all property
s u bexceeding
le t by lawfifty
to
$35,000
Cass C ounty, I o w a .- -- 4 'A __________
69.000
1920-1942
a x a tio n an d tw enty-fiv e cen ts poll tax; also a ta x “ o t exceedingone^dollar

W e h a v e a lso le a rn e d o f th e fo llo w in g
p r e v io u s m o n th s :

additional

Page.
1 7 8 9 ..
1 7 2 3 ..
E l C entro, Cal. (A p ril)----o
(11915-1930
1 3 3—..EFossil,
m a u s, OPre.a . .(A—p ril).
- - .......................4
1920
1724
- - - - - - - - - « (11920-1950
1792 L ubbock C ounty, T ex. (Sept.)
1913-1924
1 3 5 .. M anila, Iow a (Ju ly ).................... <>
135,-M auch C hunk, P a ----------------3
1915-1926
1 7 9 2 _-M lllcr, In d . (October)----------o
1911-1925
13 6 . .
M iners Mills, P a . ( J u ly ) .----o
1911-1935
17 2 5 . .
M ontlcello, N . Y . (A p ril)----4
....................
1 3 6 . . Moss P o in t, M iss— .....................6
1725 N orth D akota (8 Issues)............. 4
--------------13 7 . .
P o rtsm o u th , Iow a ( J u ly ) --6............ - - - - - - - - ­
1726 Price, U tah (A p ril)....................... 6
1920-1930
1 7 2 6 . -Som ers & Carm el Sch. D ist.
N o. 8, N . Y . (O ctob er)------ 5
1916
1940
13 8 . .
W aterto w n , N . Y . (M a y ) .-4
13 8 . .
W ingo G rad eilS . D ., K y .(Ju ly ) 6
1920

sales fo r

14.000
8,000
17.000
6,000
1,500
12.000
15.000
53.000
15.000
18,500
25.000
9,000
2,500
31,000
5,000

100

103.333
100

1/100

100

ioo" ’ "
1 0 4 .i 66

100
100
100

A ll th e a b o v e sa les ( e x c e p t as in d ic a t e d ) are fo r N o v e m b e r .
T h e s e a d d itio n a l N o v e m b e r issu es w ill m a k e th e to t a l sales
( n o t in c lu d in g t e m p o r a r y lo a n s ) fo r th a t m o n th $ 2 4 ,2 0 9 ,o b i .

BO N D S SO LD B T C A N A D IA N
R ate.
N am e.
- 6
B ears H ill S. D . N o. 352, A lta
_ 6
, 5
_ 6
5
16 6 6 . .
C linton, O nt
6
1 7 2 7 .. Elbow , Sask
7
7 l..G lc n a v o n , S.
5
1591 ..G ran d v iew ,
6
1 7 2 7 .. 1.vine, A lta
1728-.M edicine H a
5
1 0 67 -.M clfort, Sasl
139_-M ori!en, Ma
5
0
5
5
1 7 9 5 .. P enticton , B. C
- ^
71 ..P rin c e E dw ard
1 7 2 8 .. 5 t. M ary's, Onl
.- 4 'A
1 6 6 7 .. 5andw ich, O nt
1 7 9 5 .. 5y dn ey , B . C_.
._ 5

M U N IC IP A L IT IE S
Price.
M a tu rity . A m o un t. 101.428
$1,400
1911-1920
1,000 99
1911-1920
12,500
1930
3,500
1930
10,975
1911-1930
5,000 94
1925
2,000 96.75
5,000 95.18
1911-1930
5,000 96.18
127,500
4,200 .............
T oil-1930
4,461 91.10
1912 1930
4,250
1911-1939
4,200 99.214
1911-1930
13,000
1930
12,000
1960
20,000 99
1940
35,000 ______
1911-1930
12,000 105.066
28,707
1930
50,000
4,800
1911-1925
60,000
8,000
1920
.. 4
3,000
1020
. 6
6,000 97.61
19 30 -- *'A
17281 IW lng ham , O n t.
5,000
1930
.. 5
T o ta l...........................................- ....................................... *448'493
A D D IT IO N A L SA LE S O F D E B E N T U R E S F O R P R E V IO U S M O N TH S.
Pnru>
N am e
B ale. M a tu rity. A m o un t. Price.
17271 -E stcv a n , S a sk * .'...................- - - 5
1930
* 10' 900 04
17 0 5 _ .R !o h lan d S . D . N o. 1944, A lta.
(July) ......................... ...................0
---------------1'000 1UU

Pane.
16 0 6 . .

T h e a b o v e sa les ( e x c e p t as in d ic a t e d ) are fo r N o v e m b e r .
T h e s e a d d itio n a l N o v e m b e r sales m a k e th e to t a l o f d e b e n tu r e s
s o ld th a t m o n t h $ 2 ,3 9 6 ,7 7 9 .

N ew s Item s.

Purchase of Water Works Proposed.

C o u n c il B lu ffs , I o w a . —
— A c c o r d in g to O m a h a p a p e r s , th e C ity C o u n cil o n J a n . 9
t o o k th e s te p s n e c e ss a r y to a c q u ir e th e p la n t o f th e C ou n cil
B lu ffs C ity W a t e r W o r k s C o .
A s p r e v io u s ly s ta te d in th ese
c o lu m n s th e c it y in O c t o b e r 1908 v o t e d $ 6 0 0 ,0 0 0 b o n d s fo r
a m u n ic ip a l p la n t , a n d s u it to re s tr a in th e is s u a n ce o f th ese
b o n d s w a s la te r filed b y th e C . B . N a sh C o . o f O m a h a
ih e
U . S . C ircu it C o u r t d e c id e d in fa v o r o f th e c it y a n d th e ca se
w a s sc h e d u le d fo r h e a r in g J a n . 17 in th e C ir c u it C o u r t o f




Oil each m ale dog a n d tw o dollars on each fem ale dog
4 ,-ih n v c
ow ner thereof. Such bo ard shall in ad d itio n h av e power to lev > : 1 jTA
collected an n u al tax es, n o t exceeding th irty cents on th e hu nd .^ . dollars
valu atio n on alt p ro p erty su bject by law to ta x a tio n for th e suppoi t or tow n
schools ” In several Instances th e cost of school-houses has exceeded tn c
2 per cen t con stitu tio n al lim it and th e civil c ity has m ade up th e deficiency.
Very tru ly yours,
c A G n E A T HO USE.

J a c k s o n v ille , M o r g a n C o u n t y , 111.— Election on the Commission Plan of Government.— A n e le c t io n will b e h e ld J a n . 3 1 ,

a c c o r d in g t o d is p a tc h e s , t o a s c e r ta in w h e th e r o r n o t th e
v o t e r s are in fa v o r o f a d o p t in g th e c o m m is s io n p la n o f g o v e r n ­
m e n t.

.—Suit to Test Validity of Hospital Bonds.—

L o u is v ille , K y
S u it w a s filed in th e C ircu it C o u r t J a n .
L.
R en der^
_ t a x p a y e r , t o te s t th e v a lid it y o f th e $ 1 ,0 0 0 ,0 0 0 4 j/£ %
h o s p ita l b o n d s v o t e d N o v . 8 1910.
M is s is s ip p i.
— T h e S tate. T r e a s u r e r , G e o . R . E d w a r d s , has r e fu s e d t o p a y
th e first in sta llm e n t o f in te r e s t d u e J a n . 1 1911 o n th e
$ 6 0 0 ,0 0 0 issue o f S ta te b o n d s .
T h e s e se cu r itie s w ere o ffe r e d
w it h o u t s u cc e ss a t p u b lic sale o n J u n e 6 1910, b u t w ere
s u b s e q u e n tly d is p o s e d o f b y p r iv a te s u b s c r ip tio n a t p a r .
In
e x p la in in g his refu sa l t o p a y th e in te r e s t o n th e se b o n d s ,
T r e a s u re r E d w a r d s s a y s , in p a r t :

6 by

M.

—State Treasurer Refuses to Pay Bond Coupons.

to
$300 i000' w o rth
zV iV lO . T o m ake a long
sto rv sh o rt th e re arc a t th is tim e o u tsta n d in g and du e on J a n . 1 1911
$12 000 w orth of in terest coupons for m oney w hich th e S ta te Is supposed to
hav e received on Ju ly 1 1910, b u t m ost of w hich, in fact, it did n o t receive
un til th e closing day s of D ecem ber 1910. If I w ere to p ay all of these cou­
pons nu m b ered one, I w ould be d elib erately paying o u t
tlie people s
m onev S10 415 67 for in terest w hich has n o t been earned and for th e use of
m onev th c pcoplc of M ississippi did n o t hav e. T he tru th ab o u t th e m a tte r
is, a s 1! confidently believe, th a t n o t one single s o lita r y b o n d o f th ls e n tr e
Issue has been sold a t a price n o t less th a n p ar, as Is specifically directed 1 y
th e sta tu te w hich au th o rized th e issue. If th e bonds hav e been sold for
less th a n p ar, th e n , It seem s to m e, th e law has been vio lated , a n d th e S ta te
T re a s u r e r m ight becom e liable personally and on his official bond for any
m oneys w hich lie m ay pay ou t for coupon:; a tta c h e d to bonds th u s illegally
sold.
.
S u its h a v e b e e n b e g u n b y h o ld e r s o f t he b o n d s m q u e s tio n
t o c o m p e l th e p a y m e n t o f th e in t e r e s t , w hile an a c t io n has
a lso b e e n s ta r t e d t o e n jo in th e b o n d h o ld e r s fr o m tr a n s fe r r in g
o r in a n y w a y d is p o s in g o f th e in te r e s t c o u p o n s p e n d in g th e
d e t e r m in a tio n o f th e s u it b r o u g h t to e n fo r c e th e ir p a y m e n t .

Tentative Figures of Real Estate Values

N e w Y o r k C it y .—
1 9 1 1 .— T h e D e p a r t m e n t o f T a x e s a n d A sse ssm e n ts h as
fix e d th e te n t a t iv e v a lu e o f real e s ta te f o r 1911 at $ 7 ,4 7 6 ,­
411 572
a n in cre a s e o f $ 8 7 6 ,2 2 4 ,2 5 0 o v e r th e te n ta t iv e
fig u res f o r 1910 a n d $ 8 9 7 ,6 2 8 ,4 9 8 o v e r th e final a ssessed
v a lu e o f real e s ta te fo r th a t y e a r .
I n c o n n e c t io n w ith th e
fig u res w h ic h h a v e ju s t b e e n g iv e n o u t , it s h o u ld b e b o r n e
in m in d th a t th e v a lu e s a re m e r e ly te n t a t iv e , a n d s u b je c t
to r e d u c t io n u p o n c o m p la in t o f th e o w n e r s o f in d iv id u a l
n ieces o f p r o p e r t y , ta x p a y e r s h a v in g u n til M a rch 31 in w h ich
to file th eir o b je c t io n s .
T h e t e n ta t iv e fig u res f o r la s t y e a r
w ere r e d u c e d m o r e th a n 21 m illio n s u p o n s u ch c o m p la in t s .
W e g iv e b e lo w th e e s tim a te d figu res fo r 1911, c o m p a r is o n
b e in g m a d e w ith b o t h th e e s tim a te d a n d final fig u res f o r 1910.

for

133

THE CHRONICLE

EstimateFinal Rolls.
Boroughs—
m—January
i.
1910.
1910.
M anhattan../O rdinary real estate .$4,658,546,500 $4,405,601,486
$4,390,793,935
/Corporate real estate 104,875,675
25,251.575
25,110,750
The B ronx../O rdinary real estate .. 544,592,937
443,756,259 442,407,394
/Corporate real estate
38,808,575
32,100,525
31,214,425
Brooklyn ../O rd in ary real estate .. 1,586,864,572
1,288,242,908 1,286,374,421
/Corporate real estate
26,463,300
17,551,550
17,443,000
Q ueens_____/Ordinary real estate
309,436,405 307,950,560
/Corporate real estate 413.805,096
24,193,045
11.744,100
11,695,600
Richmond . . /Ordinary real estate
75,714,722
64,329,914
63,749,689
/Corporate real estate
2,547,150
2,172,600
1,982,400
Total ordinary real estate____ ---$7,279,523,827 56,511,366,972 S6,491,335,999
Total corporate real estate____ . . . 196,887,745
88,820,350
87,447,075
Grand total of real estate................ $7,476,411,572 50.600,187,322 50,578.783,074
T h e a b o v e d o e s n o t in c lu d e c o r p o r a t io n fr a n c h is e s a n d
a s se ssm e n ts o f ta n g ib le p r o p e r t y o f p u b lic s e r v ic e c o r p o r a ­
tio n s in stre e ts a n d p u b lic p la c e s .
T h e a sse ssm e n ts f o r th ese
a re m a d e b y th e S ta te B o a r d o f A sse sso rs a n d r e tu r n e d to th e
T a x D e p a r t m e n t o f th e c i t y in M a rch e a c h y e a r .
T h e y w ere
r e p o r t e d as fo llo w s fo r 19 1 0: M a n h a tta n , $ 3 2 8 ,0 1 2 ,1 0 0 ; T h e
B r o n x , $ 2 0 ,0 7 6 ,1 0 0 ; B r o o k ly n , $ 1 0 0 ,2 1 8 ,2 0 0 ; Q u e e n s, $ 1 4 ,­
9 1 7 ,8 0 0 ; R ic h m o n d , $ 2 ,1 8 5 ,4 0 0 ; t o t a l, $ 4 6 5 ,4 0 9 ,6 0 0 .
—
— The
c i t y ’ s a n sw e r t o th e fr ie n d ly s u it o f C h arles A . S c h u ld ic e , a
t a x -p a y e r , w h o a lleg es th a t th e c i t y h a s r e a c h e d th e lim it
o f d e b t w h ic h m a y b e in c u r r e d w it h o u t th e c o n s e n t o f th e
v o t e r s , w a s file d in C o m m o n P le a s C o u r t N o . 2 o n J a n . 5 .
S ee V . 9 1 , p . 10 4 7.

Pittsburgh, Pa. C ity F iles A n sw er in D ebt S u it.

[VOL. LXXXXII.

Baker City, Baker County, Ore.—B ond S a l e —

P a p e r s s ta te
th a t th e f o llo w in g 6 % b o n d s d u e in 1920 w ere s o ld to
W a r r e n C o n s t r u c tio n C o . o n D e c . 2 6 1910 a t p a r a n d a c c r u e d
in te r e s t: $ 8 ,4 4 4 15 to im p r o v e C o u r t A v e .; $ 8 ,3 0 6 75 to im ­
p r o v e C e n te r S t .; $ 5 ,1 5 1 55 to im p r o v e V a lle y A v e . a n d
$ 1 1 ,5 3 2 65 t o im p r o v e F ir s t S t.

the

Ballinger, Runnels County, Texas .— B on ds R egistered .—

T h e S ta te C o m p tr o lle r re g is te r e d $ 1 6 ,0 0 0 5 % 2 0 -4 0 -y e a r
( o p t io n a l) w a te r -w o r k s b o n d s o n J a n . 5.
— S u th e r lin & C o . o f K a n s a s C it y , M o ., h a v e
b e e n a w a r d e d a t p a r $ 1 6 ,0 0 0 5 % w a t e r -w o r k s -im p r o v e m e n t
bonds.

B on d S a le.

D enom ination $500. D ate N ov. 15 1910. In te re st sem i-annu al. M a­
tu rity N ov. 15 1950, su b je c t to call a fte r 20 years.

Baltimore, Md. S ales o f C ity Stock in

—
1 9 1 0 .— D u r in g th e
y e a r 1910 th is c it y s o ld issu es o f c it y s t o c k a g g r e g a t in g
$ 5 ,0 6 3 ,4 0 0 .
W it h th e e x c e p t io n o f $ 1 ,6 6 3 ,4 0 0 3
sew er
s t o c k d u e O c t . 1 1 9 8 0, w o r e p o r te d all o f th e lo a n s a t th e
tim e o f th e ir d is p o s a l.
O f th e $ 1 ,6 6 3 ,4 0 0 s ew er s t o c k re­
fe r r e d t o , $ 1 ,3 6 4 ,2 0 0 w a s s o ld a t p a r , $ 1 6 7 ,3 0 0 a t 9 3 , $ 1 8 ,6 0 0
a t 8 8 H , $ 5 5 ,5 0 0 a t 8 8 .2 8 a n d $ 5 7 ,8 0 0 a t 8 7 )^ .

XA %

Battle Creek, Madison County, Neb .— B on d E lection .—

A n e le c t io n w ill b e h e ld in th is p la c e J a n . 15 f o r th e p u r p o s e
o f s u b m it t in g to th e v o t e r s a p r o p o s it io n t o issu e $ 1 0 ,0 0 0
w a te r -w o r k s b o n d s .
M a tu r it y 2 0 y e a r s , s u b je c t to
call a ft e r 5 y e a r s .

5}4%
Pontiac, Mich.— Charter E lection . — O n J a n . 30 a p r o p o s e d Beach School District (P. O. Beach), Billings County,
n e w c h a r te r p r o v id in g f o r a c o m m is s io n fo r m o f g o v e r n m e n t No. Dak. — B onds V oted. — T h is d is t r ic t o n J a n 6 v o t e d
w ill b e s u b m it t e d to th e v o t e r s .
u n a n im o u s ly in fa v o r o f is s u in g $ 1 2 ,0 0 0 4 % b u ild in g b o n d s .
Rock Hill, York County, So. Caro.-—B onds D eclared Con­ Beliefontaine, Logan County, Ohio.— B ond O fferin g .—
stitu tio n a l. — O n J a n . 7 th e S t a te S u p r e m e C o u r t d ism issed
th e p e t it i o n o f J . J . W a t e r s , w h o a s k e d th e C o u r t to e n jo in
th e issu a n ce o f th e $ 1 5 0 ,0 0 0 w a te r , $ 1 0 0 ,0 0 0 s e w e r a n d
$ 3 5 ,0 0 0 lig h t b o n d s v o t e d F e b . 24 1910.
S ee V . 9 0 , p . 6 5 0 .
T h e C ou rt says:

I t ap p ears from th e facts alleged a n d a d m itted th a t th e C onstitu tion al
s ta tu te s h av e been com plied w ith. A fter due con sideration th is C ourt has
decided th a t th e said C ity Council of R ock H ill has full pow er to issue all
said bonds In question .

Seattle, Wash.— Recall E lection E n jo in ed . — O n

Jan. 6
J u d g e C. I I . H a n fo r d o f th e U . S . C ircu it C o u r t g r a n te d an
in ju n c t io n to F r a n k I I . S c o b e y , a p r o p e r t y o w n e r , p r e v e n t in g
th e a p p r o p r ia t io n o f p u b lic m o n e y f o r th e e x p e n s e s o f a s p ecia l
e le c t io n u n d e r th e p e t it io n t o re ca ll M a y o r I I . C . G ill.
Judge
R . B . A lb e r t s o n o f th e K in g C o u n t y S u p e r io r C o u r t h a d
p r e v io u s ly r e fu s e d t o g r a n t a n o r d e r re s tr a in in g th e p r o p o s e d
e le c t io n .

Texarkana, Bowie County, Tex .— C om m ission F orm of

G overnm ent A d o p ted . — T h is

c i t y a t a n e le c t io n h e ld J a n . 3
a d o p t e d , it is s ta t e d , th e c o m m is s io n fo r m o f g o v e r n m e n t
p la n b y a v o t e o f 108 t o 4 7 .

Bond C alls and R edem ptions.

North Yakima, Wash.— B ond C all. — P a y m e n t

w ill

be

m a d e o n F e b . 15 a t th e b a n k in g h o u s e o f N . W . H a r ris &
C o . in N e w Y o r k C ity o f $ 3 0 ,0 0 0 6 % fu n d in g b o n d s , n u m ­
b e r e d fr o m 1 to 6 0 , in c lu s iv e .
T h e y a re d a t e d D e c . 1 1890
a n d m a tu r e D e c . 1 19 1 5, b u t a re s u b je c t to call a ft e r D e c . 1
1905.

The official notice o f this bond call w ill be fo u n d am ong the
advertisem ents elsewhere in th is D epartm en t.

Bond Proposals and Negotiationsthis week

have been aa follows:

P r o p o s a ls w ill b e r e c e iv e d u n til J a n . 3 0 , it is s t a t e d , b y
U . L . K e n n e d y , C ity A u d it o r , f o r $ 7 5 ,3 0 0 5 % s e w e ra g e s y s te m b o n d s .

D enom inations: 70 b o n d s'o t $1,000 each, 10 bonds of $500 each and one
bond of $300. D ate S ep t. 1 1910.

Beloit Union School District No. 2 (P. O. Beloit), Rock
County, Wis.— B ond O fe rin 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 . J a n . 16 b y L . F . B e n n e t t , C lerk , f o r $ 1 2 ,0 0 0
c o u p o n r e fu n d in g b u ild in g b o n d s .

D enom ination $500. D ate F e b . 1 1911. In te re st a n n u ally a t B eloit.
M atu rity $2,000 yearly on F e b . 1 from 1912 to 1917 inclusive. N o de­
po sit req uired .

Beltrami County School District No. 86 (P. O. Jelle),
Minn.—R o n d S a le. — T h is d is t r ic t o n D e c . 17 1910 a w a r d e d
to W . S . E r ic k s o n o f S t. P a u l a t p a r a n is s u e ]o f $ 1 ,0 0 0 6 %
1 0 -y e a r b o n d s .

Boone, Boone County, Iowa. B on d O fferin g.

—
— F u r th e r
d e ta ils a re a t h a n d r e la tiv e to th e o ffe r in g o n J a n . 18 o f th e
$ 1 5 0 ,0 0 0 4 % w a t e r -w o r k s -c o n s t r u c t io n b o n d s m e n tio n e d in
V . 9 1 , p . 17 8 8.
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 7 p . m . o n th a t d a y b y O tt o I lile , C ity C lerk .

A u th o rity , Sections 906, Code of 1897, and 1300b to 1306f, 1907 supplcm en t to th e Code; also by v o te of 1,624 “ fo r” to 23 “ ag a in st” a t election
held D ec. 12 1910. D enom ination $500. D ate M ay 1 1911. In te re st
sem i-annually a t th e C ity T reasurer’s office. M atu rity M ay 1 1931, subject
to call a fte r M ay 1 1921. B onds are exem p t from all tax es. Certified check
for $1,000, pay ab le to th e C ity T reasurer, Is req uired . Official circular
sta te s th a t no previous Issues hav e ever been con tested ; also th a t th e prin­
cipal a n d Interest of all bonds previously Issued hav e alw ays been paid
p ro m p tly and th a t th ere is no c on tro versy or litigatio n pending or th re a t­
ened affecting th e co rpo rate existence or th e boundaries of said m unici­
p a lity or th e title of Its present officers or th e v a lid ity of th e bonds. B onded
d e b t, Including this Issue, $200,500. W a rra n ts o u tsta n d in g , $16,254 08.
E qualized v alu atio n In 1910, $1,299,134.

Brandenburg Graded School District No. 58 (P. O. Bran­
denburg), Meade County, Ky.— B on d S a le. — T h e F ir s t N a ­
tion a l B a n k in B a r n e sv ille h as b e e n a w a r d e d
g o ld c o u p o n b o n d s o ffe r e d o n N o v . 25 1910
in V . 9 1 , p . 1 2 7 5 , f o r $ 1 ,5 0 5 — th e p r ic e th u s
M a tu r ity $ 1 0 0 y e a r ly o n O c t . 20 fr o m 1915 to

th e $ 1 ,5 0 0 6 %
a n d d e s c r ib e d
b e in g 1 0 0 .3 3 3 .
1929 in c lu s iv e .

Brazoria County Drainage District No. 4, Tex .— B ond
Albertville, Marshall County, Ala .— B ond E lection .—-A n S ale.
— T h is d is t r ic t h as s o ld th e $ 1 2 4 ,0 0 0 5 % b o n d s reg is­
ter e d b y th e S ta te C o m p tr o lle r o n N o v . 12 19 1 0.
Algonac, Saint Clair County, Mich.— B on d O ffering. — P r o ­ Brockton, Plymouth County, Mass.— T em porary L oan .—
p o s a ls will b e r e c e iv e d u n til 7 p . m . F e b . 6 b y J o h n II . E s t a b r o o k & C o . o f B o s to n h a v e b e e n a w a r d e d , a c c o r d in g to
e le c t io n w ill b e h e ld J a n . 16 to v o t e o n th e q u e s t io n o f issu in g
$ 7 ,0 0 0 5 % 3 0 -y e a r e le c t r ic -lig h t -p la n t b o n d s .

I h n k e n , V illa g e C le rk , f o r $ 1 0 ,0 0 0 r e fu n d in g w a te r -w o r k s
a n d $ 1 0 ,0 0 0 r e fu n d in g e le c t r ic -lig h t b o n d s a t n o t e x c e e d in g
5 % in te r e s t.

D enom ination $1,000. D ate D ec. 31 1910. In te re st J a n . 1 a n d Ju ly 1
a t th e S ta te S avings B ank In D etro it. M atu rity of th e w ater bonds Is
$1,000 every even year on Ju ly 1 from 1926 to 1944 inclusive a n d of th e
ligh t bonds $1,000 every odd year on Ju ly 1 from 1927 to 1945 Inclusive
b o th Issues being su b ject to call a fte r Ju ly 1 1926. Certified cheok for $200
Is req u ired . P u rch aser to furnish b lan k bonds a t his expense.

Amesbury, Essex County, Mass.—B on d S a le. —

The
$ 1 6 ,0 0 0 4 % 1 -8 -y e a r (se r ia l) c o u p o n b r id g e b o n d s d e s c r ib e d
in V . 9 1 , p . 6 8 , w e re s o ld o n J a n . 9 to A d a m s & C o . o f
B o s t o n a t 1 0 1 .2 7 9 a n d a c c r u e d in te r e s t— a b a sis o f a b o u t
3 .6 8 9 % .
T h e o t h e r b id d e r s w e re :

Geo. A . F ern ald & C o., B o st.1 0 1 .3 0 I M errill, O ldham & Co., B ost.101.049
B lodget & Co., B o sto n ______ 1 0 1 .194 | B lake B ros. & Co., B o s to n ..100 .4 7

Ashtabula School District (P. O. Ashtabula), Ohio.— B ond

O ffering. — P r o p o s a ls

w ill b e r e c e iv e d u n til 12 m . J a n . 16
b y C h arles C . P e c k , C lerk B o a r d o f E d u c a t i o n , f o r th e
$ 1 0 ,0 0 0 4 ^ 2 % c o u p o n s c h o o l -a d d it io n b o n d s m e n tio n e d in
V . 9 1 , p . 17 8 8.

r e p o r ts , a $ 1 5 0 ,0 0 0 lo a n m a tu r in g O c t . 17 1911 a t 3 .3 5 %
d is c o u n t .

Brooksville,^Hernando County, Fla .— B ond E lection .—

A p r o p o s it io n t o issu e $ 1 7 ,0 0 0 6 % 1 -5 -y e a r (s e r ia l)b o n d s w ill
b e s u b m itt e d t o a v o t e o f th e p e o p le o n J a n . 17.

Buffalo, N. Y .— B on d S a le.—

T h e $ 1 0 0 ,0 0 0 4 % r e g iste re d
r e fu n d in g r a ilr o a d -a id b o n d s o ffe r e d w it h o u t su c c e ss on
D e c . 6 1910 ( V . 9 1 , p . 152 6) h a v e b e e n d is p o s e d o f to th e
c i t y ’ s sin k in g fu n d s .
M a tu r it y $ 5 ,0 0 0 y e a r ly o n D e c . 15
fr o m 1911 to 1930 in c lu s iv e .

Callahan School District, Siskiyou County, Cal.— B ond

S ale. — O n

D e o . 29 1910 $ 2 ,5 0 0 b o n d s o f th is d is t r ic t w ere
a w a r d e d to th e A m e r ic a n S a v in g s B a n k o f L o s A n g e le s a t
1 0 1 .3 2 4 .
O th e r b id d e r s w e re :

B arroll & Co., Los A n g eles.$2,512 0 0 |G .G . B lym ycr, S an

Fran..$2 ,5 07

50

Carbondale, Lackawanna County, Pa .— B on d O ffering. __

P r o p o s a ls w ill b e r e c e iv e d u n til 7 p . m . J a n . 16 b y H G
L ik e le y , C ity C lerk , fo r $ 7 ,0 0 0 4 % c o u p o n r e fu n d in g b o n d s !

^^ffonffiicitlon $1,000. D ate O ct. 1 1910. In te re st scm i-annuallv a t
ity T reasu rer’s office. M atu rity O ct. 1 1917. B onds are exem p t
A u th o rity Section 7029, R evised S ta tu te s. D enom ination $500. In te r­ th e C ta
x a tio n . Certified check (or cash) for $500, pay ab le to th e C ity
e st A pril 1 a n d O ct. 1. M atu rity $500 yearly on O ct. 1 from 1912 to 1931 from
Clerk,
Is req uired .
inclu sive. Certified check on a n atio n al b an k for $500 Is req u ired . B idders
to_sat!sfy them selves as to legality of bonds before su b m ittin g offers.
Cass County (P. O. Fargo), No. Dak .— B on d S a le.— T h e

^jf Attica, Fountain County, Ind .— B onds Offered bg B an kers.
— 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 lis is o ffe r in g
t o in v e s to r s $ 8 ,0 0 0 4 % r e fu n d in g b o n d s .

^C,Jity)e S.0m
lnat,0.n
c c- *5
In te re st
allytax-cx
a t th eT reasu
rer s office. M atuD,rity
Deo.1910.
15 1920.
T hesemboi-annu
nd s arc
,T ? t a• l RodeVt
iDClXd
^nls ated
Issue,
$25,000. A ssessed v alu atio n ,
$1,256,210
eal v' a lu
atio nn ?(estim
), $2,500,000.




$ 1 9 ,2 2 4 74 D ra in a g e D is tr ic t N o . 10 a n d th e $ 2 3 ,8 4 3 35
D ra in a g e D is tr ic t N o . 29 6 % g o ld re g iste re d b o n d s d e s c r ib e d
in V . 9 1 , p . 1526, w ere s o ld o n D e c . 28 1910, a c c o r d in g to
r e p o r ts , to th e W e lls & D ic k e y C o . o f M in n e a p o lis a t p a r .
M a tu r ity p a r t in e a c h o f th e y e a r s 19 1 3, 19 1 5, 1917 1919
a n d 1921.

THE CHRONICLE
J a n . 14 1911. J
m o u n t.
P urpose.
Chamberlain, Brule County, So. Dak.—Bond Offering. A$300,000
R efunding m ain sew er—

P r o p o s a ls w ill b e r e c e iv e d u n til J a n . 15 (th is d a t e fa lls o n
S u n d a y b u t is so g iv e n b y th e C ity A u d it o r ) b y J . H . B in g ­
h a m , C ity A u d it o r , f o r $ 1 7 ,0 0 0 5 % c o u p o n r e fu n d in g b o n d s .

A u th o rity , v o te of 105 to 3 a t election held D ec. 20 1910. D enom ination
$1,000. D ate J a n . 15 1011. In te re st sem i-annual. M atu rity J a n . io
1021.

Chamber sburg, Franklin County, Pa. Bond

—
$aZe.— O n
D e c . 5 1910 th e $ 1 5 0 ,0 0 0 w a t e r -s u p p ly -im p r o v e m e n t , $ 0 5 ,0 0 0
s e w e r a g e -s y s te m a n d d isp o sa l p la n t, $ 1 5 ,0 0 0 s tr e e t -p a v in g
a n d $ 5 ,0 0 0 fire -h o u se 4 J ^ % b o n d s m e n tio n e d in V . J l ,
p . 1520 w e re a w a rd e d to fo u r lo c a l b a n k s a t p a r a n d a c c r u e d
in te r e s t .
D e n o m in a t io n $ 5 0 0 .
D a te D e c . 1 1 9 1 0 .
I n te r e s t
s e m i-a n n u a l.

Charleston School District, Merced County, Cal.—Bond
Sale,— O n D e c . 6 $ 3 ,0 0 0 0 % b o n d s w e re a w a r d e d t o th e W in .
R . S ta a ts C o . o f L o s A n g e le s f o r $ 3 ,0 1 7 5 0 — th e p r ic e th u s
b e in g 1 0 0 .5 8 3 .

D enom ination $500. D ate J a n . 3 1011. In te re st a n n u a l. M atu rity
$500 yearly from 1012 to 1017 inclusive.

Chester (P. O. Chester Depot), Windsor County, Vt.—
Bonds Awarded in P art— 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 v o t e d la s t S e p te m b e r ( V . 9 1 , p . 7 4 1 ) $ 1 3 ,0 0 0
w e re s o ld o n J a n . 2 t o lo c a l in v e s to r s a t p a r .

D enom inations: llfty bonds of $100 each, tw e n ty of $500 each a n d ten of
$1,000 each. D ate Ju ly 1 1910. In te re st sem i-annually a t th e T ow n
T re a su re r’s office. M atu rity J a n . 1 1921, su b ject to call, how ever, a t any
Interest-p ay in g period u p on th irty d a y s’ notice.

Chicago,

Bond Sale.

111.—
— O n J a n . 1 $ 3 7 5 ,0 0 0 4 %
r e fu n d in g b o n d s w e re a w a r d e d t o W in . A . R e a d & C o . o f
C h ic a g o a t 9 9 .
D a te J a n . 1 1 9 1 1 .
M a tu r it y p a r t y e a r ly
fr o m 1913 t o 1927 in c lu s iv e .
.
— O n D e c . 13 1910
th e $ 1 9 ,8 3 5 55 6 % s t r e e t -im p r o v e m e n t b o n d s , w h ic h w ere
o ffe r e d w it h o u t su c c e ss o n A u g . 15 ( V . 9 1 , p . 6 G 5 ),w e r e
a w a r d e d t o lo c a l in v e s to r s a t p a r a n d a c c r u e d in te r e s t.

Chico, Butte County, Cal.—Bond Sale.

D enom inations 18 bonds of $1,000, one bo nd of $901 95, one bond of
$843 00 a n d one bond of $90. D ate Ju ly 2 1910. In te re st sem i-annual.

Chicopee, Mass. Temporary Loan.

—
— A lo a n o f $ 1 0 0 ,0 0 0
d u e N o v . 23 1911 w a s n e g o tia t e d o n J a n . 5 w ith F . S .
M o s e le y & C o . o f B o s t o n a t 3 .3 9 % d is c o u n t a n d a p r e m iu m
o f 75 c e n ts .
C in c in n a ti, O h io .—
— P r o p o s a ls w ill b e re­
c e iv e d u n til 12 m . J a n . 23 b y E r n s t v o n B a r g e n , C ity A u d ­
it o r , f o r th e $ 1 2 5 ,0 0 0 4 % w a te r -w o r k s im p r o v e m e n t b o n d s
m e n tio n e d in V . 9 1 , p . 1789.

Bond Offering.

133

D ate.
M a tu rity.
......................A pril 1 1910 A pril 1 1930
20.000 P ublic Im p ro v em en t N o. 20________ Ju ly 26 1909 S e p t. 1 1921
5.000 Police su b -sta tio n ___________________ M ay 1 1909 O ct. 1 1939
50.000 Public Im p ro v em en t N o. 21 ________ O ct. 4 1909 S e p t. 1 1921
1.000 R ich S tree t e x ten sio n .................................Ju n e 29 1910 S e p t. 1 1930
7.000 N aghten S tree t e x ten sio n ___________Ju n e 29 1910 S e p t. 1 1930
5.000 F ran k lin P a rk im p ro v e m e n t-------------A pril 1 1910 O ct. 1 1930
100,000 P ublic Im p ro v em en t N o. 22 ______ M ch. 1 1910 S e p t. 1 1921
5.000 G oodalc P a rk Im p ro v e m e n t_________Ju n e 29 1910 S e p t.l 1930
20.000 S tre e t-re p a ir________________________ A ug. 22 1910 N ov. 1 1920
2.500 E le c trlc -lig h t-p la n t-c x te n slo n ---------S e p t. 29 1910 S ep t. 1 1920
5.000 Sew er a n d d ra in re p a ir______________ A ug. 22 1910 N ov. 1 1920
11.000 S to rm a n d w ater d ra in a g e ---------------- O ct. 18 1910 S e p t. 1 1921
2.500 Sew er a n d d rainage rep air N o. 2 ____S e p t. 29 1910 S e p t. 1 1920
2.000 S anitary-em ergency _______________ D ec. 31 1910 S e p t.l 1912
20.000 G a rb a g e -d isp o sa l----------------------------- S e p t. 29 1910 S e p t.l 1920
15.000 G oodalc P a rk S h elte r_______________ Ju n e 29 1910 O ct. 1 1930
50.000 Public Im p ro v em en t N o. 23 ________ Ju n e 29 1910 S e p t. 1 1921
2.000 L ivingston P a r k . . - ....................................Ju n e 29 1910 S e p t.l 1930
146,200 A sse ssm e n t---------------------------------------- ------------------------------411,600 A sse ssm e n t--------------- ----------------------- - - - - - - - - . --------r - - - W ith th e exception of $146,200 assessm ent bonds, w hich bear
n tc rest, th e abo ve bonds all c a rry 4% In te re st.
_

Conrad, Teton County, Mont.—Bond Sale.

— O n D e c . 28
1910 th e $ 2 5 ,0 0 0 6 % s e w e r b o n d s d e s c r ib e d in V . 9 1 , p . 1 5 2 6 ,
w e re a w a r d e d , a c c o r d in g t o r e p o r ts , t o th e F ir s t N a tio n a l
B a n k o f C on rad.

Crown Point School District (P. O. Crown Point), Lake
County, Ind.—Bond Offering — P r o p o s a ls w ill b e r e c e iv e d ,
it is s ta t e d , u n til 1 p . m . J a n . 16 b y th e S c h o o l T r u s te e s ,
J . F r a n k M e e k e r, P r e s id e n t , f o r $ 2 1 ,0 0 0 5 % s c h o o l-h o u s e
bond s.
____
. ,

D enom ination $500. In te re st sem i-annu al. M atu rity $500 each six
m o nth s from Ju ly 16 1912 to J a n . 16 1914. Inclusive, $1,000 each s x
m o n th s from Ju ly 16 1914 to Ja n . 16 1916 inclusive a n d $1,500 each six
m o nth s from Ju ly 16 1916 to Ja n . 16 1921 Inclusive. B onds are ta x -ex e m p t.

Dawson County School District No. 53 (P. O. Glendive),
Mont.— Bond Offering— P r o p o s a ls w ill b e r e c e iv e d until
10 a . m . J a n . 18 b y th e S c h o o l T r u s te e s f o r $ 1 ,0 0 0 b o n d s , at
n o t e x c e e d in g 6 % in te r e s t.
M a tu r it y 10 y e a r s , s u b je c t to
call a ft e r 5 y e a r s .
E r n e s t J o h n s o n is D is t r ic t C lerk .
Dedham, Norfolk County, Mass.— Note Sale.— O n J a n . 6
$ 7 ,7 4 0 4 % s tr e e t a n d b r id g e n o te s w e re a w a r d e d to A d a m s
& C o . o f B o s to n a t 1 0 0 .4 7 . N o o t h e r b id s w ere r e c e iv e d .
D enom ination $1,000 except one n o te of $740. D ate J a n . 10 1911.
In te re st sem i-annual. M atu rity $2,000 In each of th e years 1912, 1913
and 1914, $1,000 in 1915 a n d $740 in 1916.

Dublin,

Ga. Bond Offering.

L a u ren s C ou n ty ,
—
— P r o p o s a ls
w ill b e r e c e iv e d u n til 12 m . J a n . 17 f o r th e $ 3 0 ,0 0 0 5 % g o ld
c o u p o n w a te r -w o r k s , e le c t r ic -lig h t a n d s t r e e t -im p r o v e m e n t
b o n d s v o t e d D e c . 6 1910 ( V . 9 1 , p . 1 6 6 0 ).

D enom ination $1,000. In te re st M ay 1 a n d N ov. 1 a t th e H anov er
N ational B ank in New Y ork C ity. M atu rity 29 y ears. C ertified check
A u th o rity , S ection 3939, G eneral Code. D enom ination $500. D ate for $1,000 Is req u ired . F o r fu rth e r in fo rm atio n ap p ly to W . B . R ogers
J a n . 2 1911. In te re st sem i-annual. M atu rity 20 y ears. B onds are ex­ C hairm an Fin an ce C om m ittee, or J . E . B u rch, C ity A tto rn e y .
em p t from ta x a tio n . Certified check for 5% of bonds bid for, pay ab le to
Emaus, Lehigh County, Pa.— Bond Sale.— I t is s ta t e d th a t
th e A ud itor, Is req uired . P u rchaser to pay accrued in te rest. B ids m u st
$ 1 4 ,0 0 0 4 %
5 -2 0 -y e a r (o p t io n a l) r e fu n d in g w a te r -m a in
bo m ade on blan k form furnish ed by city .

Bids.

— T h e fo llo w in g b id s w e re r e c e iv e d o n D e c . 29 1910
f o r th e $ 1 ,0 0 0 ,0 0 0 4 0 -y e a r b o u le v a r d a n d p a r k , $ 1 ,0 0 0 ,0 0 0
5 0 -y e a r h o sp ita l a n d th e $ 8 0 0 ,0 0 0 4 0 -y e a r g r a d e -c r o s s in g a b o lit io n 4 % c o u p o n b o n d s a w a r d e d o n th a t d a y to W in .
S a lo m o n & C o . a n d R h o a d e s & C o ., b o t h o f N e w Y o r k C it y ,
a n d th e F ift h -T h ir d N a tio n a l B a n k o f C in c in n a ti, a t th eir
b id o f 1 0 0 .6 0 fo r e a c h issu e ( V . 9 1 , p . 1 7 8 9):

.

$1,000,000 $1,000,000 $800,000
park.
hospital gr’de-cros.
bonds.
bonds.
bonds.

F ifth -T h ird N ational B ank , C incinnati;
W m . Salom on & Co. a n d R hoades & Co.,
New Y ork
___________________
$1,000,000 $1,000,000 $805,280
P ro v . S av. Bk. & T r. Co. an d B rightonG erm an B ank Co., C in cin nati----------------- 1,002,100
N a t. C ity B ank, N . Y .; Scasongood & M ay1 . 0 0 0 .0 0 0
uooo.ooo soo.ooo
C entral T r. & Safe D ep. Co., C in c in n a ti.. . 1,000,000 . . . . . .
W estern G erm an B ank, C in cin nati..................
- - - - - l.u u i.J o o
A bid of $10,100 w as also received from Jo h n E ggcrs for $10,000 of th e
$1,000,000 ho spital issue.

Clinton County (P. O. Clinton), Iowa.—Bond Sale.

— A c­
c o r d in g t o r e p o r ts , $ 5 7 ,0 0 0 4 * ^ % b r id g e -w a r r a n t fu n d in g
b o n d s h av e been a w arded to a D a v e n p o rt b a n k er.
C o a l G r o v e , L a w r e n c e C o u n t y , O h io .—
On
D e c . 19 1910 th is v illa g e a c c e p t e d th e b id o f 1 0 2 .5 5 r e c e iv e d
fr o m th e D re sd e n N a tio n a l B a n k in D re sd e n fo r th e $ 2 ,0 0 0
5 % 5 -y e a r c o u p o n p r is o n b o n d s o ffe r e d o n D e c . 15 1910
S ee V . 9 1 , p . 1789.
—
— O n J a n . 10
$ 6 5 ,0 0 0 5 % g o ld c o u p o n w a te r , s e w e r a n d e le c t r ic -lig h t b o n d s
w e re a w a r d e d to J . H . H ils m a n & C o . o f A t la n t a fo r $ 6 5 ,7 5 0
(1 0 1 .1 5 3 ) a n d a c c r u e d in te re s t.

Bond Sale.—

College JjSftfk* Fulton County, Ga. Bond Sale.

b o n d s w e re a w a r d e d o n N o v . 28 1910 to lo c a l in v e s to r s a t
a n a v e r a g e p r ic e o f 1 0 1 .8 2 .
— T h e $ 1 1 ,0 0 0
4
se w e r b o n d s d u e J u ly 1 1930 a n d d e s c r ib e d in V . 9 1 ,
p . 1 5 2 7 , h a v e b e e n a w a r d e d to th e H . C . S p e e r
Sons C o. o f
C h ic a g o .
—
— T h e $ 1 8 ,­
0 0 0 2 0 -y e a r w a te r -w o r k s b o n d s o ffe r e d o n D e c . 15 1910 w e re
a w a r d e d , it is s ta t e d , t o th e S ta te B o a r d o f L a n d C o m m is ­
sio n e r s a t p a r f o r 5s. *

Emporia, Lyon County, Kan.—Bond Sale.
y2%

&
Ephraim, Sanpete County, Utah. Bond Sale.

Essex County (P. O. Newark), N. J.—Bonds Pronosed.—

W e see it s ta te d th a t th e F in a n c e C o m m it te e o f th e B o a r d
o f F r e e h o ld e r s h a s o r d e r e d th e p r e p a r a tio n o f a r e s o lu tio n
r e c o m m e n d in g th e issu a n ce o f $ 3 5 0 ,0 0 0 4 ^ % 2 0 -y e a r b o n d s
f o r th e fo llo w in g p u r p o s e s : $ 1 0 0 ,0 0 0 t o im p r o v e th e H o s p it a l
f o r th e In sa n e a t O v e r b r o o k ; $ 5 0 ,0 0 0 t o im p r o v e th e
H o s p ita l f o r C o n ta g io u s D isea ses a t S o h o a n d $ 2 0 0 ,0 0 0 fo r
th e P la n k R o a d im p r o v e m e n t .
— T h e $ 2 5 ,­
0 0 0 w a te r a n d $ 1 0 ,0 0 0 e le c t r ic -lig h t 5 % b o n d s m e n tio n e d
in V . 9 1 , p . 1 7 2 4, h a v e b e e n a w a r d e d , a c c o r d in g to r e p o r ts ,
t o th e I n v e s t o r s ’ S e c u r it y C o . in D e s M o in e s a t p a r .
The
w a te r b o n d s a re o p t io n a l a ft e r 5 y e a r s a n d th e e le c t r ic -lig h t
b o n d s a ft e r 10 y e a r s .

Fairbury, Jefferson County, Neb.—Bond Sale.

Fergus County School District No. 14 (P. O. Lewistown),
Mont.— Bond Sale.— O n D e c . 2 6 1910 th e $ 2 ,2 0 0 6 % c o u p o n
s c h o o l-b u ild in g b o n d s d e s c r ib e d in V . 9 1 , p . 17 2 4, w ere
a w a r d e d t o th e U n io n B a n k & T r u s t C o . in ^Helena a t p a r
a n d a c c r u e d in te r e s t a n d b la n k b o n d s .
B id s w e re a lso
r e c e iv e d as fo llo w s :

D enom ination $1,000. D ate S ep t. 1 1910. In te re st sem i-annu ally In
Now Y ork C ity. M atu rity p a rt yearly from S ep t. 1 1911 to S ep t. 1 1940,
& Co.. K ansas C ity, M o.................................................. ............ % •§ Xn
Inclusive. Bonds are exem p t from all tax es. B onded d e b t, including this SS utathtoerlln
of M o n tan a...........— ---------------------------------------------------- ------Issue, $65,000. F lo atin g d e b t, $4,100. A ssessed v alu atio n in 1910,
$1,104,000.
* A nd blank bonds.

Collin County Common School District No. 3, Tex.
Bond Sale.— T h e $ 2 ,0 0 0 5 % 1 0 -2 0 -y e a r ( o p t i o n a l) b o n d s

r e g is te re d b y th e S ta te C o m p tr o lle r o n N o v . 15 1910 ( V . 9 1 ,
p . 1 4 67) h a v e b e e n s o ld .
— W e a re in fo r m e d , u n d e r d a te
o f J a n . 2 , th a t th is d is t r ic t w ill b e o n th e m a r k e t w ith in a
fe w d a y s w ith $ 1 ,5 0 0 5 % 1 0 -1 5 -y e a r ( o p t i o n a l) b o n d s .
— P ro­
p o s a ls w ill b e r e c e iv e d b y W . J . R ie d n e r , C ity C lerk , fo r
$ 1 6 ,0 0 0 c o u p o n e le c t r ic -lig h t -im p r o v e m e n t b o n d s a t n o t
e x c e e d in g 5 % in te re st.

Bonds to Be Offered Shortly.

Columbus, Columbia County, Wis.—Bond Offering.

D enom ination $500. D ate D ec. 1 1910. In te re st sem i-annu ally a t th e
C ity T reasu rer’s office. M atu rity $1,000 In each of th e years 1912, 1913
1914 a n d 1915 and $1,500 each year th e re a fte r.

Fostoria, Seneca County, Ohio.—Bond Offering.
XA %

— P ro­
p o s a ls w ill b e r e c e iv e d u n til 12 m . t o - d a y (J a n . 14) b y J . H .
M o r t o n , C ity A u d it o r , f o r th e f o llo w in g 4
c o u p o n sew er
c o n s t r u c t io n a s se s s m e n t b o n d s .

$730 C lark S t., S ta te S t. a n d H lssong A ve. bo nd s. D enom ination $73.
675 W est N orth S tree t bo nd s. D enom ination $67 50.
700 E ast C enter S tree t bo nd s. D enom ination $70.
580 E a st Tiffin S tree t bonds. D enom ination $58.
600 E a st L ytle S tree t bonds. D enom ination $60.
8 2 5 E a st N orth S tree t bo nd s.
D enom ination $82 50.
A u th o rity Sections 3914 and 3939. G eneral Code. D ate D ec. 1 1910.
In te re st sem i-annually a t th e N atio n al P a rk B an k . M atu rity one b o n d of
each Issue yearly on M arch 1 from 1911 to 1920 Inclusive. C ertified check
for 10% of bonds bid for. pay ab le to th e C ity T reasurer, is req u ired . P u r­
chaser to pay accrued In terest. S e p arate bids m u st be m ad e on each Issue.

Galveston County Drainage District No. 1 (P. O. Gal­
Tex.—Bond Sale.—T h e $ 7 0 ,0 0 0 5 % b o n d s re g is te r e d
Columbus, O h io .— Bonds Purchased by the Sinking Fund veston),
b y th e S t a te C o m p tr o lle r , V . 9 1 , p . 1 4 6 7 ,
during the Six Months Ending Dec. 31 1910.— T h e fo llo w in g ohna vNe obve.e n11 a1910
w a r d e d , w e a re a d v is e d , t o J . C . K ils o , C o n ­
b o n d s , a g g r e g a t in g $ 1 ,1 8 0 ,8 0 0 , w e re p u r c h a se d b y th e S in k ­
in g F u n d a t p a r d u r in g th e s ix m o n th s e n d in g D e c . 31 1910-




t r a c t o r , o f G a lv e s to n a t p a r a n d ^ accru ed in te r e s t.

134

THE CHRONICLE

[VOL. LXXXXII.

Greeno County (P. O. Bloomfield), Ind.—Bonds Offered by Jamestown, Chautauqua County, N. Y .—Bond E lectionBankers.— S t o c k t o n T o w n s h ip 4 ) ^ % g r a v e l-r o a d b o n d s Owing t o th e d is c o v e r y o f a n e rr o r in th e call fo r th e e le c t io n
a m o u n t in g t o $ 6 ,4 0 0 are b e in g o ffe r e d t o in v e s to 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 .

D enom ination $320. D ate A ug. 2 1910. In te re st M ay 15 a n d N ov. 15.
a t th e C o unty T re a su re r's office. M atu rity 5320 each six m o n th s from
M ay 15 1911 to N ov. 15 1920 inclusive.

Green River Irrigation District (P. O. Green River),
Emery County, Utah.—Bond Offering.— P r o p o s a ls w ill b e

r e c e iv e d u n til 2 p . m . J a n . 16 b y J . F . I n g e ls , S e c r e t a r y
B o a r d o f D ir e c t o r s , fo r $ 7 6 ,0 0 0 a n d $ 1 2 5 ,0 0 0 6 % c o u p o n
b o n d s t o p u r c h a s e th e p r o p e r t y a n d r ig h ts o f th e G reen R iv e r
M u tu a l I r r ig a t io n C o . a n d im p r o v e th e s a m e .

A u th o rity , an A ct of th e L egislature app ro ved M arch 22 1909. D enom i­
n a tio n , $1,000. D ate J a n . 1 1911. In te re st Ju n e 1 an d D ec. 1 a t th e
C o unty T re a su re r’s office in C astle D ale or th e C o ntinen tal N ational Hank
In Chicago. T he bonds are tax -ex em p t and m a tu re as follows: 510,100 in
1922, $12,100 In 1923, $14,100 in 1924, $16,100 in 1925, 518,100 In 1926,
$20,100 in 1927, $22,200 in 1928, $26,200 in 1929 a n d $62,000 in 1931.
B id m u st be m ade on each Issue sep arately a n d will n o t be considered,
acco rd ing to th e official adv ertisem en t, if it is for less th a n 95% of th e
face valu e of said bonds. T he proposal for th e sm aller issue m u st be ac­
com panied by a certilied check for $600 and th e proposal for the 5125 000
issue by a certliled check for $1,000. T otal d e b t, these Issues.

Greenburgh (Town) Union Free School District No. 4
(P. O. Hastings-on-Hudson), Westchester County, N. Y.—
Bond Offering.— -P r o p o sa ls will b e r e c e iv e d u n til 8 p . m .
J a n . 18 b y th e B o a r d o f E d u c a t i o n , C h a s. C . D e la n o y , C le rk ,
f o r th e $ 5 5 ,0 0 0 4 .5 0 % c o u p o n b o n d s w h ich w e re o ffe r e d
w it h o u t su c c e ss as 4s o n D e c . 28 1910.

D enom ination $1,000. D ate Ja n . 1 1911. In te re st sem i-annu ally a t
th e 1'irst N ational B ank of H asting s-o n-IIud son in New Y ork exchange.
M atu rity 51,000 on Ja n . 1 1913 anil $2,000 yearly on Ja n . 1 from 1914 to
1940 Inclusive. T he bonds are ta x -ex em p t and will bo delivered on Bob. 15
1911. Certilied check on an Incorporated ban k or tru s t com pany for 2%
of bonds Is r e t i r e d .

h e ld N o v . 19 1910, w h ic h resu lte d in fa v o r o f th e q u e s tio n
o f is s u in g th e $ 3 0 ,0 0 0 fir e -d e p a r t m e n t b o n d s ( V . 9 1 , p. 1 4 6 8 ),
it w ill b e n e c e ss a r y to a g a in s u b m it th e p r o p o s it io n to a v o t e
o f t h e p e o p le .

La Fayette, Walker County, Ga.—Bond Sale

.— T h e $ 2 8 ,­
0 0 0 w a te r -w o r k s a n d $ 1 2 ,0 0 0 e le c t r ic -lig h t 5 % 2 9 -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 1 , p . 1 4 6 8, w ere s o ld o n
D e c. 20 1910, t o th e J . B . M c C r a r y C o . o f A t la n t a a t
1 0 0 .2 5 .
T o t a l d e b t , th e se issu es.
A ssessed v a lu a tio n fo r
19 1 0, $ 7 7 5 ,5 5 4 .

La Grande, Union County, Ore.—Bonds Not Sold

.— N o
b id s w ere r e c e iv e d o n D e c . 2 8 1910 fo r th e $ 1 0 ,0 0 0 5 % se w e r
b o n d s d e s c r ib e d in V . 9 1 , p . 17 2 4.

Lake Borgne Levee District, La.—Bond Sale

.— O n D e c . 29
th e $ 7 ,0 0 0 5 % 4 0 -5 0 -y e a r le v e e b o n d s o ffe r e d o n D e c . 19
( V . 9 1 , p . 1661) w ere d e liv e r e d , it is s t a t e d , t o D . C . H o ld e n
o f N e w O r le a n s.

Lakewood, Cuyahoga County, Ohio.—Bond Offering

.—
P r o p o s a ls w ill b e r e c e iv e d u n t il 12 m . J a n . 16 b y B . M . C o o k ,
V illa g e C lerk , fo r th e fo llo w in g 5 % a sse ssm e n t im p r o v e m e n t
bonds:

$19,650 R osew ood A venue bonds. D enom ination 51,905.
6,040 G ladys A venue bonds. D enom ination $604.
22,050 Sloane A venue bonds. D enom ination $2,205.
4,690 T horcau R o ad bonds. D enom ination $469.
D ate, " d a y of sale.” In te re st A pril 1 a n d O ct. 1 a t th e C leveland T ru st
Co. in C leveland. M atu rity one bond of each issue yearly on O ct. 1 from
1912 to 1921 inclusive. O fficial sta te m e n t says th a t th e village has never
d efau lted in th e p a y m en t of a n y d e b t. C ertilied check for 5% of bid Is
req u ired .

Groesbeck Independent School District (P. O. Groesbeck), Lavon Independent School District (P. O. Lavon), Collin
Limestone County, Tex.—Bond Sale.— T h e $ 7 ,0 0 0 5 % 5 -4 0 - County,
Tex.—Bonds Proposed.— T h is d is t r ic t p r o p o s e s t o
y e a r (o p t i o n a l) b o n d s r e g iste re d b y th e S ta te C o m p tr o lle r on
issu e $ 1 0 ,0 0 0 b o n d s .
N o v . 9 1910 ( V . 9 1 , p . 1467) h a v e b e e n s o ld to fu n d s o f
Lawrence, Mass.—Bond Bids .— T h e f o llo w in g b id s w ere
L im e s to n e C o u n t y a t p a r a n d a c c r u e d in te r e s t.
D e n o m in a ­
r e c e iv e d o n D e c . 2 9 1910 fo r th e $ 1 6 0 ,0 0 0 4 % 1 -1 0 -y e a r
tio n $ 5 0 0 .
D a te J u ly 1 1910.
I n te r e s t s e m i-a n n u a l.
Hamilton County (P. O. Webster City), Iow a — B o n d Of­ (seria l) ec oBurpoosn. &o r dCino . aor fy -dB eobs tt o nb o n( Vd .s 9a1w, apr.d e1d7 9 1o ):n t h a t d a y
fering .— P r o p o s a ls w ill b e r e c e iv e d u n til 1 p . m . J a n . 19 b y tBolakeB laBkros.
& C o___________ 101.93 H ay d en . S to n e & C o.................101.64*
A . J . P e te r s o n , C o u n t y A u d it o r , fo r th e f o llo w in g 6 % c o u p o n
d r a in a g e -d is t r ic t -im p r o v e m e n t b o n d s ,a g g r e g a t in g $ 6 7 ,8 7 5 53.

$932 70 bonds of M cD onald D istrict N o. 66; $7,684 38 of V an W inkle
N o. 79; $3,623 10 of K eane N o. 82; 52,595 50 of H anson N o. 74; $4,958 50
of Colem an N o. 80; $3,063 81 of C orm any N o. 75; 57,052 50 of C allahan
N o. 77; $12,453 76 of Neese N o. 70; 515,324 81 of F a rd a ll N o. 72; $8,­
559 76 of U oskoir No. 78 a n d $1,626 71 of Russell N o. 83.
D ate Ja n . 1 1911. In te re st sem i-annually a t th e C o unty T re a su re r’s
office. M atu rity p a rt yearly , beginning Ja n . 1 1913. B onds are cxem py
from ta x a tio n . C ertilied check for 3% of b id , p ay ab le to th e C o u n tt
A ud itor, is req u ired .

Hartford, Conn., West Middle Village School Dist.—Bonds
Proposed.— R e p o r t s s ta te th a t th is d is t r ic t is c o n s id e r in g
th e is s u a n ce o f $ 1 2 5 ,0 0 0 r e fu n d in g b o n d s .
Helena, Mont.—Bonds Voted for Municipal Water Plant.—

T h e e le c t io n h e ld J a n . 9 r e s u lte d , it is s a id , in a fa v o r a b le
v o t e o n th e q u e s t io n o f issu in g th e $ 6 5 0 ,0 0 0 5 % b o n d s fo r a
m u n ic ip a l w a te r p la n t.
S ee V . 9 1 , p . 1113.

Higginsport, Brown County, Ohio.—Bond Offering

.— P r o ­
p o s a ls will b e r e c e iv e d Until 12 m . J a n . 16 b y C . D . S m e d le y ,
V illa g e C le r k , fo r $ 5 ,0 0 0 5 % c o u p o n r e fu n d in g b o n d s .

E . M. F arn sw o rth & Co_____ 101.91 R . L. D ay & C o........................ .101.569
B lodget & C o___________
101.813 E sta b ro o k & C o_____________ 101.52
A dam s & C o-------------------------101.67 O ld Colony T ru st C o________ 101.189
T he abo ve bidders are all of B oston.
D enom ination $1,000. D ate Dec. 1 1910. In te re st sem i-annu ally a t
th e Old C olony T ru st Co. in B oston.

Temporary Loan

.— A lo a n o f $ 2 0 0 ,0 0 0 m a tu r in g M a y 4
1911 w a s n e g o tia t e d o n J a n . 6 w ith B la k e B r o s .
C o. o f
B o s t o n a t 3 .2 3 % d is c o u n t .

&
Leavenworth, Chelan County, Wash.—Bonds Voted.—The

a m o u n t o f w a t e r -s y s t e m -c o n s t r u c t io n b o n d s v o t e d , as p r e ­
v io u s ly s ta t e d , o n D e c . 3 w a s $ 4 5 ,0 0 0 , w e are a d v is e d .
In ­
te r e st n o t to e x c e e d 6 % .
T h e b o n d * w ill c o n s t it u t e a n o b li­
g a t io n a g a in s t 7 5 % o f th e r e v e n u e
p r o c e e d s o f th e p r o ­
p o s e d w a te r s y s te m .

or
Liberty Centre School District (P. O. Liberty Centre),
Henry County, Ohio.—Bond Offering.— P r o p o s a ls w ill b e r e ­

c e iv e d u n til 12 m . J a n . 18 b y W . A . W e a k le y , C lerk B o a r d o f
E d u c a t io n , fo r $ 3 ,0 0 0 5 % c o u p o n s c h o o l b o n d s .

Section 3992, R evised S ta tu te s. D enom ination $500. In te r ­
A u th o rity S ection 2701, R evised S ta tu te s. D enom ination $250. D ate estAJau thn .o rity
18 and Ju ly 18. M atu rity $500 yearly on Ja n . 18 from 1924 t*
S e p t. 1 1910. In te re st sem i-annu ally a t th e V illage T reasu rer’s office. 1929 Inclusive.’ CertiQcd check on th e O hio S ta te B ank of L ib e rty C enter
M atu rity $250 on S ep t. 1 1920, $500 on M arch 1 1921 and $250 each six for $200 is req uired . P u rchaser to furnish blank bonds a t his ow n expense.
m o n th s from S ep t. 1 1921 to S ep t. 1 1929 inclusive. C ertilied check for
10 % of bo nd s bid for, pay ab le to th e V illage T reasu rer, Is req uired . P u r- I Lincoln, Lancaster County, Neb.—Bond Offerings.—
ehaser to p a y accrued In terest. B onded d e b t, n o t including this issue, 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 . F e b . 2 b y R o s c o e C .
$13,000.
O z m a n , C ity C lerk , f o r th e $ 5 0 ,0 0 0 4 J ^ % se w e r b o n d s

Hornell, Steuben County, N. Y.—Bonds Voted.

— A n e le c ­
tio n h eld D o c .2 9 re s u lte d in fa v o r o f p r o p o s it io n s to issue
th e f o llo w in g c o u p o n b o n d s :

m e n tio n e d in V . 9 1 , p . 14 6 8.

D enom ination to su it pu rch aser. D ate Feb. 1 1911. M atu rity onetw en tieth yearly, un paid bonds being aubjeot to oall a fte r F eb . 1 1921.
$36,000 bonds for th e p u rch ase of a site and th e co n stru ction thereo n of a Certilied check for $250 Is req uired .
cen tral lire sta tio n . V ote 369 to 115. D enom inations of $500
P r o p o s a ls will b e r e c e iv e d u n til 12 m . F o b . 6 b y R o s c o e
a n d $1,000. D ate a b o u t A pril 1 1911. In te re st sem i-annual
M atu rity $2,000 every five years from A pril 1 1912.
. O z m a n , C ity C lerk , fo r th e fo llo w in g p a v in g d is t r ic t a ssess­
100,000 reservo lr-co nstruo tlon bo nd s. V ote of 420 to 66. D enom ination C
$1,000. D ate A pril 1 1911. In te re st sem i-annual. M atu rity m e n t b o n d s a t n o t e x c e e d in g 5 % in te r e s t: $ 6 ,0 0 0 o f D is tr ic t
$5,000 yearly on A pril 1 from 1912 to 1921 Inclusive a n d $10,000 N o . 5 3 , $ 2 ,2 0 0 o f D is tr ic t N o . 7 0 a n d $ 2 ,8 0 0 o f D is tr ic t
on A pril 1 from 1922 to 1926 Inclusive.
139.
Houston, Harris County, Texas.—Bond Sale .— O n J a n . 9 N oD.enom
ination to su it p u rch aser. D ate J a a . 1 1 * 1 1 . In te re st a n n u a l.
th e $ 1 0 0 ,0 0 0 4 ^ %
2 0 -3 0 -y e a r ( o p t i o n a l) c o u p o n s tr e e t­ M atu rity o n e-tenth of each Issue yearly on J a » . 1 from 1912 to 1921 inclu­
sive.
C
ertilied
check for $50 is req uired .
p a v in g b o n d s d e s c r ib e d in V . 9 1 , p . 16 6 1, w ere b o u g h t b y
th e

P r o v id e n t S a v in g s B a n k & T r u s t C o . o f C in c in n a ti
1 0 0 .0 5 1 a n d a c c r u e d in te r e s t.
T h e b o n d s are in d e ­
n o m in a t io n s o f $ 1 ,0 0 0 e a c h .

at

Howell School District No. 59 (P. O. Howell), Colfax
County, Neb.—Bond Offering Postponed.— T h e o ffe r in g o f th e
$ 2 1 ,0 0 0 5 % s c h o o l -b u ild in g b o n d s w h ic h w a s t o h a v e ta k e n
p la ce J a n . 1 ( V . 9 1 , p . 1 6 6 1) w a s p o s t p o n e d u n til J a n . 2 0 .

Huntington County (P. O. Huntington), Ind.—Bonds Of­
fered by Bankers.— I n its c ir c u la r f o r January, 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 is o ffe r in g t o in v e s to r s
$ 2 ,3 0 0 4 > £ % H u n t in g t o n a n d W a b a s h C o u n t y L in e g r a v e lroa d b o n d s.

D enom ination $230. D ate A ug. 1 1910. In te re st M ay 15 a n d N ov. 15
a t th e i; irst N ational B ank In H u n tin g to n . M atu rity $230 each six m o nth s
from M ay 15 1911 to N ov. 15 1915 inclusive.

Lincoln County (P. O. Brookhaven), Miss.—Bonds Voted.
in
the

— T h e e le c t io n h eld D e c . 31 1910 re s u lte d , it is s t a t e d ,
f a v o r o f th e q u e s t io n o f issu in g
$ 1 5 0 ,0 0 0 R o a d D is tr ic t
N o . 1 b o n d s m e n tio n e d in V . 9 1 , n . 16 6 2.
T h e v o te w as
317 “ f o r ” to 242 “ a g a in s t .”

Lincoln County School District No. 2,

.—Bond Sale

O re
.—
A n issu e o f $ 1 0 ,0 0 0 6 % 1 0 -2 0 -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 w a s d is p o s e d o f o n D e c . 10 191 0 t o th e W o m e n o f
W o o d c r a ft a t 1 0 3 .8 1 .
D a te D e c . 10 1 9 1 0 .
In te re st J an . 1
a n d J u ly 1.

Llano County (P. O. Llano),

—Bonds Voted

Tex.
.— A v o t e
w a s c a s t o n D e c . 3 1 1910 in f a v o r o f th e q u e s t io n o f issu in g
b r id g e b o n d s , a c c o r d in g to lo c a l p a p e r s .

Lorain School District (P. O. Lorain), Lorain County,
Bonds Voted.— T h e e le c t io n h e ld J a n . 3 re s u lte d in
Huntington (Town), Suffolk County, N. Y. — Bond Sale.— fOhio.
a v o r o f th e p r o p o s it io n t o issu e th e $ 9 5 ,0 0 0 4 > ^ % s c h o o l-

G e o . M . H a h n o f N ew Y o r k C ity h as b e e n a w a r d e d a t 1 02.03
a n issu e o f $ 1 7 ,7 0 3 73 5 % b o n d s .
I n te r e s t J a n . a n d J u ly .

Islip (Town), School District No. 6 (P. O. Hauppaugo),
Suffolk County, N. Y.—Bid .— O n D e c . 20 1910 th e N a tio n a l
B a n k o f S m ith to w n B r a n c h s u b m itt e d a b id o f 1 0 2 .9 0 fo r
$ 1 3 ,0 0 0 5 % s c h o o l -b u ild in g a n d s ite -p u r c h a s e b o n d s o f th is
d is t r ic t .

D enom ination $1,000. D ate N ov. 10 1910. In te re st a n n u ally on J a n . 1
M atu rity $1,000 yearly on Ja n . 1 from 1912 to 1924 inclusive.




a d d it io n b o n d s m e n tio n e d in V . 9 1 , p . 1 7 9 2.
T h e v o t e w as
6 45 “ f o r ” to 3 52 “ a g a in s t .”
M a tu r it y $ 1 0 ,0 0 0 y e a r ly b e ­
g in n in g F e b . 1 1925.

Lyon Swamp Drainage District, Pender and Bladen
Counties, No. Caro.—Bond Sale.— A b id o f p a r w a s s u b m itt e d

b y th e B r e c t E n g in e e r in g C o . f o r th e $ 4 5 ,0 0 0 6 % b o n d s o f ­
fe r e d o n D e c . 29 1910 ( V . 9 1 , p . 1 6 6 2 ).
M a tu r ity J ’p a r t
y e a r ly f o r ten y e a r s , b e g in n in g th re e y e a r s jf ro m jd a t e . ”

THE CHRONICLE

J an . 14 1911.]

Bond Offering.—

135

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 . —
P r o p o s a ls w ill b e r e c e iv e d u n til 4 p . m . J a n . 19 b y C . E .
S o le s , C it y C o m p tr o lle r , f o r $ 2 0 0 ,0 0 0 4 % fu n d in g N o . .1
S eries 1910 b o n d s .

t o th e W a t e r t o w n S a v in g s B a n k in W a t e r t o w n a t 101 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 e re as fo llo w s :

th e .1565,000 s e w e r -c o n s tr u c t io n b o n d s m e n tio n e d m V . J l ,
p . 1G62, w e re a w a r d e d t o th e M in n e so ta L o a n tc i i u s t C o . m
M in n e a p o lis a t 1 0 1 .2 3 f o r
- - y c a r ( o p t i o n a l) o s .
Ih e fo l­
lo w in g b id s w e re r e c e iv e d :

M a u ch C h u n k , C a rb on C o u n ty , P a .—
— On
N o v . 15 1910 th e $ 1 ,5 0 0 b o n d s (th e u n s o ld p o r t io n o f th e
$ 1 2 ,0 0 0 3
r e g iste re d fu n d in g b o n d s m e n tio n e d in V . 9 1 ,
p . 1199) w e re s o ld to M . M a rtin o f M a u ch C h u n k a t p a r .
M a tu r it y 19 1 0, s u b je c t to ca ll $ 1 ,0 0 0 y e a r ly a ft e r 1 9 1 5 .

A dam s & Co., New Y o rk ---------100.65 W . C. L angley & Co., N . Y . .100.42
S t. L aw rence C ounty Savings
J . J . H a rt, A lb a n y __________ 100.28
B ank , O gd en sbu rg_________ 100.62 F arson, Son & Co., N . Y ____100.263
. \V. H arris & Co., N . Y ____ 100.58 F irst N a t. B ank , M assena___100.04
D enom ination $1,000. D ate N ov. 1 1010. M atu rity from 5 to 30 years, NIsaac
W . N . Color & C o., N . Y ____100.00
W . S herrill, P o ugh­
Inclusive. In te re st sem i-annually a t the t Ity .T reasu rer s office. Certified
keepsie _____________________ 100.42 M assena N a t. B an k , M assena 100.00
check for $1,000 Is req u ired . T he bonds are free from ta x a tio n .
AIl th e above bidders olTered accrued In terest In ad d itio n to tlicir bids.
M a d is o n , L a k e C o u n t y , S o . D a k .— Bond Sale.— O n J a n . G M atu rity $2,000 yearly on F eb. 1 from 1911 to 1930 Inclusive.

10 20

M innesota T, & T r Co . M lnneap____$05,800 for 10-20-year (optional) 5s

Bond Sale.

Viffo

» « * ■ * » ... !S:ItIS? 838S5 1S5SSS88
h
°
t
.
.....{ ».«•««»o;i«sfor ggiffli15-20-year
g (optional)5s
W ell R o th & Co.. C hicago...................... 05,075

C H Coffin, C hicago________________ 05,351
for
for
C u tter, M ay & Co., C hicago...................... 05,000
S u th erlln & Co., K ansas C ity, M o— 05,000 for 5 ^ s .
D enom ination $500. D ate J a n . 1 1911. In te re st sem i-annual.

M e lr o s e , M id d le s e x C o u n t y ,
R e p o r t s sta te th a t o n J a n . 10
w ere a w a r d e d a te m p o r a r y lo a n
15-20-year
(optional) os
3 'As. a t 3 . 3 7 % d is c o u n t a n d 75 c e n ts

Bond Offering.
Yi%
Temporary Loan.

(P.

M a d is o n C o u n t y
O . H u n t s v ilie ) , A l a .—
— -W . T . L a w le r , P r o b a t e J u d g e , in fo r m s us th a t h e h a s b e e n
a u t h o r iz e d to sell a t p a r th e $ 5 0 ,0 0 0 4
g o ld c o u p o n
r e fu n d in g ro a d b o n d s m e n tio n e d in V . 9 1 , p . 2 9 1 .
M a ld e n , M id d le s e x C o u n t y , M a s s .—
— On
J a n . 10 a lo a n o f $ 1 5 0 ,0 0 0 d a t e d J a n . 11 1911 a n d d u e O c t . 17
1911 w a s n e g o tia t e d w ith L e e , H ig g in s o n & C o . o f B o s t o n
a t 3 .3 6 % d is c o u n t a n d 25 c e n ts p r e m iu m .
T h e fo llo w in g
b id s w e re r e c e iv e d :

Temporary Loan.

M a s s .—
—
E s ta b ro o k & C o. o f B o sto n
o f $ 2 5 ,0 0 0 , d u e O c t . 5 1 9 1 1,
p r e m iu m .

Bond Offering.

M ia m i, O t t a w a C o u n t y , O k la .—
— P r o p o s a ls
will b e r e c e iv e d u n til J a n . 18 fo r $ 8 0 ,0 0 0 5 % w a te r a n d e le c ­
t r ic -lig h t b o n d s .

In te re st an n u al. M atu rity 25 years, su b ject to call a fte r 10 y ears. Cer­
tified check for 2% of bid is req u ired . L . L . M cM anam an is C ity Clerk.

Bonds Offered by Bank-

M ia m i C o u n t y ( P . O . P e r u ) , I n d . —
e r s .— W e le a rn , th r o u g h its circ u la r fo r J a n u a r y , t h a t th e
r
J. F . W ild & C o ., S ta te B a n k o f I n d ia n a p o lis is olTerin g fo
r—
sa le issues o f $ 7 ,1 0 0 a n d $ 6 ,0 4 0 5 ^ % W a s h in g t o n T o w n sh ip g r a v e l-r o a d b o n d s .

T he $7,100 Issue Is In denom inations of $355 each and th e $6,040 Issue In
D iscount. den om in ations of $302 each. D ate O ct. 15 1910. In te ie s t M ay lo and
D iscount.
N ov. 15 a t th e C ounty T reasu rer's office. M atu rity one bond of each Issue
I.ec, IU gglnson & C o________a.3.36% Lorinar, T olm an & T u p p c r— 3.42% every
six m o nth s from M ay 15 1912 to N ov. 15 1921 Inclusive.
E sta b ro o k & C o..........................x3.37% B lake Bros. & C o ____________ 3.55%
B ond & G oodw in_____ _______ .3.39%
M ia m i C o u n t y ( P . O . T r o y ) , O h i o .— Bond Offering .—Pro­
posals w ill b e r e c e iv e d u n til 10 a . m . J a n . 2S b y A . E . S in k s,
a A nd 25 cents prem iu m , x A nd 75 cen ts prem ium .

T h e a b o v e b id d e r s a re all o f B o s t o n .
M a n illa , C r a w fo r d C o u n t y , I o w a . —
— W e have
ju s t b e e n a d v is e d th a t o n J u n e 6 1910 $ 6 ,0 0 0 6 % w a te r ­
w o r k s b o n d s w e re a w a r d e d t o J . O ’ B rien & C o . fo r $ 6 ,2 0 0 ,
th e p r ic e th u s b e in g 1 0 3 .3 3 3 .

C o . A u d it o r , f o r $ 2 2 ,0 0 0 5 %

M a n s fie ld S c h o o l D is t r i c t ( P . O . M a n s fie ld ), R ic h la n d
C o u n t y , O h io .—
— T h e C lerk o f th e
B o a r d o f E d u c a t i o n a d v ise s u s, u n d e r d a te o f J a n . 12, th a t
n o a c t io n h as b e e n ta k e n lo o k in g to w a r d s th e issu a n ce o f th e
$ 1 0 0 ,0 0 0 s c h o o l-b u ild in g b o n d s v o t e d ( V . 9 1 , p . 1344) on
N o v . 8 1 9 1 0.
M a r ie tta , W a s h in g t o n C o u n t y , O h i o .—
— The
S in k in g F u n d T r u s te e s h a v e a c c e p t e d a t p a r a n d a c c r u e d in ­
te r e st, it is s t a t e d , $ 8 ,5 2 2 W a r r e n S tr e e t p a v i n g b o n d s .
D e­
n o m in a t io n $ 8 5 2 2 0 .
D a te D e c . 17 1 9 1 0 .

f o r 18 issu es o f 5 %
$ 1 6 ,7 0 0

Bond Sale.

c o u p o n e x p e r im e n t-fa r m b o n d s .

A u th o rity , Sections 1165 a n d 1166, V . 101. p . 125, L aw s of O hio. De­
no m in atio n $1,000. D ate J a n . 1 1911. In te re st sem l-annualy a t .the
C ounty T reasu ry . M atu rity $2,000 each six m o nth s from Ju ly 1 1911 to
J a n . 1 1915, inclusive, $3,000 on Ju ly 1 1915 a n d $3,000 J a n . 1 1916.
B onds are tax -free. Bids m u st be un cond ition al a n d accom panied by a
deposit In cash or certified check for $500, pay ab le to th e C o unty A u d ito r.
D enom ination $500. D ate Ju ly l 1910. In te re st sem i-annual. M a­ P u rchaser to pay accrued In terest.
tu rity $500 yearly fro m 1913 to 1924 inclusive.
P r o p o s a ls w ill a ls o b e re c e iv e d a t th e sa m e tim e a n d p la ce

No Action Yet Taken.

Bond Sale.

M a r io n C o u n t y

(P.

D enom ination $1,000. D ate J a n . 3 1911. In te re st sem i-annually a t
tlic C ounty T reasu rer’s office in K noxville. M atu rity $5,000 yearly on
N ov. I from 1921 to 1925 Inclusive a n d $10,000 yearly on N ov. 1 from
1926 to 1929 Inclusive.

.—Bond Sale

M a r s , B u tle r C o u n t y , P a
.— O n D e c . 22 1910
th e $ 4 ,0 0 0 4 > % t a x -e x e m p t tr u n k -s e w e r b o n d s d e s c r ib e d in
V . 9 1 , p . 1662, w ere a w a r d e d to th e M ars N a tio n a l B a n k in
M ars a t p a r .
T h e s e b o n d s are p a r t o f a n issue o f $ 1 0 ,0 0 0 ,
th e rem a in in g $ 6 ,0 0 0 to b e o ffe r e d la te r .
M a ssa ch u se tts
1 9 1 0 .—
D u r in g th e y e a r e n d in g D e c . 31 1910 th e S ta te o f M a ssa c h u ­
s e tts n e g o tia t e d t e m p o r a r y lo a n s a g g r e g a t in g $ 6 ,5 8 9 ,0 0 0 .
T h e fo llo w in g is a c o m p le t e r e c o r d o f s u ch lo a n s:

2

.—Temporary Loans Negotiated in

Borrowed undei
nation ol Revenue.
In te re st a t 3.00%
P aid O ct. 19 1910
$500,000
F eb. 21 1910
In te re st a t 3.00%
Paid O ct. 20 1910
200,000
M ch. 15 1910
In te re st a t 3.00%
P aid O ct. 20 1910
400,000
M ch. 1 6 1910
In te re st a t 3.00%
Paid N ov. 15 1910
250.000
Ju n e 23 1910
In te re st a t 3.00%
250,000
Paid O ct. 22 1910
Ju n e 23 1910
In te re st a t 3.00%
200,000
P aid N ov. 15 1910
Ju n e 30 1910
In te re st a t 3.50%
1,000,000
P aid N ov. 15 1910
Ju ly 19 19 to
In te re st a t 3.77%
1,000,000
P aid O ct. 21 1910
Ju ly 28 1910
In te re st a t 3.75%
500,000
P aid N ov. 16 1910
A ug. 10 1910
In terest a t 3.00%
600,000
Paid O ct. 19 1910
S ep t. 19 1910
In te re st a t 3.00%
200,000
P aid O ct. 19 1910
S ep t. 20 1910
In te re st a t 3.00%
P aid N ov. 17 1910
200,000
S ep t. 26 1910
_______
T o ta l....................$5,300,000
T he above a m o u n t, w ith in terest am o untin g to $56,586 92, w as paid a t
m a tu rity . T h e average ra te of Interest paid w as 3 .2 8 + % .
Borrowed under Chapter 3, Resolves o) 1910, in A nticipation oj the A ssess­
m ents Jor the M etropolitan D istricts.
Ju n e 21 1910
$250,000
P aid N ov. 15 1910
In te re st a t 3.00%
A ug. 10 1910
1,000,000
P a id N ov. 16 1910
In te re st a t 3.75%
T o ta l_________ $1,250,000
„
.
T he to ta l sum borrow ed, to g eth er w ith Interest am o u n tin g to $13,020 83,
has been paid. T he average ra te of Interest p aid w as 3 .5 4 + % .
U nder th e provisions of C h ap ter 123 of th e A cts of 1910, th e I treasurer
am i R eceiver-G eneral borrow ed on S ept. 26 1910 $184,000, pay ab le M arch 1
1911, w ith Interest a t 4 % , In an ticip atio n of th e Issue of A rm ory bonds of
like am o u n t: and on N ov. 23 1910 $75,000, payable M arch 1 1911, w ith
Interest a t 3 A % . In an ticip atio n of th e Issue of Charles R iver B asin bonds.
T he bonds au th orized by tills A ct wll be Issued and sold In the m o nth of
F eb ru ary , w hich will provide th e fund s to m eet this loan w hen It becom es
<1UU ndcr special a u th o rity given by C h ap ter 578 of th e A cts of 1910, th ere
w as borrow ed on A ug. 10 1910, pay ab le N ov. 16 1911, w ith In terest a t
4 % , th e sum of $50,000.
Of this sum th e C om m onw ealth will p ay 65% ,
th e C ounty of E ssex 25% and th e T ow n of M arblehead 10% .

Bonds to be Issued Shortly

.— I t is r e p o r te d in th e B o s t o n
“ A d v e r t is e r ” o f J a n . 12 th a t th e S ta te T r e a s u r e r in te n d s
p la c in g o n th e m a r k e t n e x t m o n th a n issue o f fr o m $ 2 ,­
0 0 0 ,0 0 0 to $ 2 ,2 5 0 ,0 0 0 3 ^ % S ta te b o n d s
M a s s e n a , S t. L a w r e n c e C o u n t y , N . Y
.— O n
J a n . 10 th e $ 4 0 ,0 0 0 4
c o u p o n G ra sse Itiv e r b r id g e c o n s t r u c tio n b o n d s d e s c r ib e d in V . 9 1 , p . 1792, w ere a w a r d e d




A u th o rity Sections 6489. 6492 a n d 6493, G eneral Code. D enom inations:
34 bonds of $100 each, 36 bonds of $200 each, 12 bonds of $300 each and
5 bonds of $500 each. In te re st from J a n . 1 1911 sem i-annually a t th e
C o unty T reasu rer’s office. M atu rity $3,700 Ju ly 1 1911, $3,300 J a n . 1
1912, $2,800 Ju ly 1 1912, $1,800 J a n . 1 1913, $1,800 Ju ly 1 1913, $1,100
J a n . 1 1914, $700 Ju ly 1 1914, $700 Ja n . 1 1915, $600 Ju ly 1 1915 an d $200
Ja n . 1 1916. Certified check on a M iam i C ounty b an k (or cash) for $300,
pay ab le to A . E . Sinks, C ounty A ud itor, is req u ired . B idders m u st satisfy
them selves as to legality of bonds before su b m ittin g bids.

Middlesex County (P. O. New Brunswick), N. J.—Bond
Sale.
— P a p e rs s ta te th a t o n D e c . 2 8 1910 $ 9 ,9 0 0 4 .2 5 % 15I o w a .—Bonds Offered y e a r (a v e r a g e ) re b u ild in g b o n d s , th e sale o f w h ich w a s p o s t ­

O. K n o x v ille ),
H arris T r u s t & S a v in g s B a n k o f C h ic a g o
is o ffe r in g fo r sale $ 6 5 ,0 0 0 4 j / j % c o u p o n fu n d in g b o n d s .

by Bankers.— T h e

d it c h -im p r o v e m e n t b o n d s , a g g r e g a t in g

yz%

.—Bond Sale

p o n e d fr o m D e c . 19 1910 w ere d is p o s e d o f a t p a r as fo llo w s :
$ 4 ,0 0 0 t o th e N a tio n a l B a n k o f N e w J e r s e y , $ 2 ,0 0 0 to R o b e r t
W . H e lm a n d $ 3 ,9 0 0 to th e C o u n t y C o lle c t o r .
— P r o p o s a ls w il
b e r e c e iv e d u n til 12 m . J a n . 17 b y F . A . R o b e r t s , V illa g e C lerk , fo r $ 1 ,9 0 0 4 > ^ % e le c t r ic -lig h t a n d w a t e r -w o r k s -p la n t im p r o v e m e n t b o n d s .

Milan, Erie County, Ohio.—Bond Offering.

• A u th o rity , S ection 2835, R evised S ta tu te s. D enom ination $300, except
one bond for $400. D ate, " d a y of sale.” In te re st A pril 1 a n d O ct. 1.
M atu rity 6 years from d a te . Purchaser to p ay accrued In terest. B onded
d e b t, n o t Including this Issue, $4,200. No floating d e b t. A ssessed v alu a­
tioAn 1909,
$193,000.
, ,Inserted in last w eek s
description
of these bonds w as Inad v erten tly
Issuo u n d er th e head of "M ichigan School D istrict, In d .”

Miles, Runnels County, Tex. Bond Sale.

—
— T h e $ 2 0 ,0 0 0
5 % 2 0 -4 0 -y e a r (o p t io n a l) w a te r -w o r k s b o n d s r e g is te re d b y
th e S ta te C o m p tr o lle r o n N o v . 7 1910 ( V . 9 1 , p . 146 8) h a v e
b e e n p u r c h a s e d b y F . L . F u lle r & C o . o f C le v e la n d a t p a r .

Milton School District (P. O. Milton), Northumberland
County, Pa.—Bond Sale.— A n issu e o f $ 3 2 ,0 0 0 4 % t a x -fr e e
h ig h -s c h o o l-b u ild in g b o n d s h as b e e n d is p o s e d o f t o lo ca l
in v e s to r s a t 1 0 0 .5 0 . D e n o m in a t io n $ 5 0 0 . D a te J u ly 1 1 9 1 0.
I n te r e s t s e m i-a n n u a l.
We
ju s t b e e n a d v is e d th a t th e 3 1 5 ,0 0 0 5 % 1 -1 5 -y e a r (se r ia l)
s e w e r b o n d s o ffe r e d w it h o u t s u cc e ss o n J u ly 27 1910 ( V . 9 1 ,
p . 3 5 4 ) w ere s o ld s o m e tim e a g o .

Miners Mills, Luzerne County, Pa.—Bond Sale.—

have

Minersville School District (P. O. Minersville), Schuylkill
County, Pa.—Bond Sale.— T h e S e c r e t a r y o f th e s c h o o l b o a r d

a d v is e s us th a t lo c a l in v e s to r s h a v e b e e n 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 $ 4 5 ,0 0 0 4 % b u ild in g b o n d s .

D enom ination $100. In te re st M ay a n d N o r. M atu rity 30 y ears.

Mississippi. Bonds all Sold.

—
— W e lea rn th a t th e $ 6 0 0 ,0 0 0
4 % b o n d s w h ich th e S t a te h as b e e n sellin g fr o m tim e to tim e
h a v e n o w b e e n all d is p o s e d o f.
O u r la st re fe r e n c e ( V . 9 1 ,
p . 179 2) w a s t o th e sale o f $ 3 0 6 ,0 0 0 o f th e b o n d s .
S ee
“ N e w s I t e m s ” o n a p r e c e d in g p a g e f o r fa ilu r e to p a y in te re s t
o n th e se b o n d s .
—
— On Jan. 9
J . B . W a t t w a s a w a r d e d at p a r th e $ 5 0 0 ,0 0 0 4
10 -2 5 y c a r ( o p t io n a l) c o u p o n r e fu n d in g b o n d s d e s c r ib e d in V . 9 1 ,
p . 1401.
N o o th e r b id s w ere r e c e iv e d .

Mississippi Levee District, Miss. Bond Sale.

A%

B onds a rc d a te d A pril 1 1911. D enom ination $1,000. In te re st pay ab le
J a n . 1 a n d Ju ly l a t th e office of th e B oard of Levee C om m issioners In
G reenville.

Monmouth School District No. 38 (P. O. Monmouth),
Warron County, 111.— Bond Sale.— O n D e c . 19 1910 $ 4 7 ,0 0 0
4 Yi% h ig h -s c h o o l b o n d s w ere a w a r d e d t o G . M . B e c h te l &
C o . o f D a v e n p o r t a t 1 0 1 .3 0 .

THE CHRONICLE

136

D enom inations: 90 bonds of 5500 each a n d 20 bonds of 5100 each. D ate
J a n . 2 1911. In te re st sem i-annual. M atu rity on Ju ly 1 from 1920 to
929 Inclusive.

.—Bond Offering

M o r g a n P a r k , C o o k C o u n t y , 111
.— P r o p o s
a ls w ill b e r e c e iv e d fo r $ 2 0 ,0 0 0 4 ) 4 % c o u p o n b o n d s fo r th e
p u r c h a s e o f a site a n d e r e c t io n th e r e o n o f a v illa g e -h a ll.
The
F in a n c e C o m m it te e d e sire s to a w a r d th e b o n d s a t its n e x t
m e e t in g (J a n . 1 7 ), a n d su g g e sts th a t b id s b e s e n t to G e o . A
W in s lo w , C h a irm a n , n o t la te r th a n J a n . 16.

A u th o rity , vote of 115 to 56 a t election held N ov. 29 1910 D enom ina­
tio n 51,000. D ate F eb . 1 1911. In te re st sem i-annually a t th e F im N a­
tio n al B ank In C hicago. M atu rity F eb . 1 1931. su b ject to calf 55,000 on
F e b . U553,000.
J l aacb ofAth
e y e,a rsvalu
) 921
1026.51,232,729.
B onded d e b t, includingb this
issue,
A ssessed
atio ann d1909,

Bond Sale

M o s s P o in t , J a c k s o n C o u n t y , M is s .—
.— T h e
$ 1 5 ,0 0 0 6 % c o u p o n s t r e e t -im p r o v e m e n t b o n d s , b id s fo r
w h ic h w e re r e je c t e d o n A u g . 2 1910 ( V . 9 1 , p . 4 1 8 ) h a v e
b e e n s o ld to J o h n N u v e e n & C o . o f C h ic a g o .
T h e ’b o n d s
w e re d e liv e r e d la st N o v e m b e r .

.—Bond Offer­

M o u n t V e r n o n (W e s t c h e s t e r C o u n t y ), N . Y
b e r e c e iv e d u n til 8 p . m . J a n . 16 b y th e
B o a r d o f E d u c a t i o n , E d w in Q . B e in v e n u , C le rk , f o r $ 1 0 0 ,0 0 0
4 ) 4 % re g is te re d s c h o o l-lo a n b o n d s .

ing .— P r o p o s a ls w ill

. , rity, 520,000
nnnnn°SX
!•12 on tFXebvX0,X
e b • 1 1957
1911-to In
te reInclusive.
st sem i-annuB ids
al. mMu a­
tu
yearly
. 1 from
1961
st
m 1? form furnished by d istric t, a n d accom panied by certified
check for 51,000, pay ab le to th e B oard of E d u c a tio n . B onds will be certifled as to th eir genuineness by th e U nited S ta te s M ortgage & T ru st Co.
Of ,
O lty, a n d th e ir legality ap p ro v ed by C aldw ell & R eed of New
Y ork C ity, a copy of w hose opinion will be furnish ed to th e pu rch aser. T he
bo nd s will be read y for delivery on F e b . 6. Successful bid der to p ay ac­
cru ed in terest.

—Temporary Loan
& Co.

N a s h u a , H ills b o r o C o u n t y , N . H .
.— A
lo a n o f $ 8 0 ,0 0 0 d u e D o c . 4 1911 w a s r e c e n tly n e g o t ia t e d ,
a c c o r d in g to r e p o r ts , w ith B la k e B r o s .
o f B o sto n at
4 .2 4 % d is c o u n t .

Bond Sales in

N ew a rk , N . J .—
1 9 1 0 .— D u r in g th e y e a r 1910
th is c i t y s o ld b o n d s a m o u n t in g to $ 1 ,6 6 4 ,7 0 0 .
P r a c t ic a lly
all o f th e se sa le s w e re r e p o r te d in th e “ C h r o n ic le ” a t th e
tim e o f n e g o t ia t io n , b u t w e a re p r in tin g b e lo w a list o f all
th e b o n d s p u t o u t , in o r d e r th a t o u r r e c o r d s m a y b e c o m p le t e :

A m o u n t. Purpose—
D ate.
M a tu rity.
Purchaser.
$ 1 6 9 ,7 0 0 _ -S ch o o l.................................D ec. 31 1909 *50 years S inking F u n d
1 ,1 2 0 ,0 0 0 ,. do .................................
do
K ou ntze Bro
5 0 .0 0 0 . . H igh P ressu re.............M c h . 1 1910 20 years S inking F u nd
5 0 .0 0 0 . .W a te r .............................
do
do
do do
1 0 0 .0 0 0 . . do ______________ A pril 1 1910 30 years
do do
S ept. 1 1910
1 0 0 .0 0 0 . . do _________
do
do do
7 5 .0 0 0 . . R ef. c o r p o ra te ______ Ju n e 1 1910 15 years
do do
* S u b je ct to call a fte r 40 years.
N e w B e d fo r d , B r is t o l C o u n t y
. ,. M a s s . — Bond Sale. — O n

&

J a n . 6 F . S . M o s e ly
C o . o f B o s t o n w e re a w a r d e d a t 1 0 3 .3 6 8
th e fo llo w in g 4 % b o n d s :

5100,000 high-school bonds, d ate d Ja n . 1 1911 a n d m a tu rin g 55,000 yearly
from 1912 to 1931 Inclusive.
75.000 school bonds, d a te d Ja n . 1 1911 a n d m a tu rin g 55,000 yearly from
1912 to 1916 Inclusive, 54.000 y early from 1917 to 1921 Inclusive
a n d 53,000 yearly from 1922 to 1931 inclusive.
140.000 school bonds, d ate d J a n . 1 1911 a n d m a tu rin g 57,000 yearly
from 1912 to 1931 Inclusive.
14.000 m unicipal bo nd s, d a te d D ec. 1 1910 a n d du e in 1931.

Sale.

N e w D e c a t u r , M o r g a n C o u n t y , A l a .— B o n d
— A c­
c o r d in g to r e p o r ts $ 1 2 ,0 0 0 c o n c r e t e -s id e w a lk -im p r o v e m e n t
b o n d s h a v e b e e n a w a r d e d t o th e B e s s e m e r N a tio n a l B a n k in
B essem er.

Bonds Voted.

N e w L is b o n , J u n ea u C o u n ty , W is .—
— An
e le c t io n h e ld J a n . 5 re s u lte d in f a v o r o f a p r o p o s it io n to issue
$ 2 0 ,0 0 0 w a te r a n d lig h t b o n d s .

Bond Offering.

N e w R o c h e lle , W e s t c h e s t e r C o u n t y , N . Y . —
— P r o p o s a ls w ill b e r e c e iv e d u n til 8 :1 5 p . m . J a n . 17 b y
E d w a r d S te ts o n G r iffin g , C ity C o m p tr o lle r , f o r $ 4 0 ,0 0 0
4 ) 4 % re g is te re d p a r k b o n d s .

[VOL. LXXXXII.

Niagara Fails, Niagara County, N. Y.—Bond Offering.—

P r o p o s a ls will b e r e c e iv e d u n til 3 :3 0 p . m . J a n . 31 b y th e
B o a r d o f E s tim a te a n d A p p o r t io n m e n t f o r $ 4 5 ,0 0 0 4 3 4 %
g o ld r e g is te re d g r a d e -c r o s s in g (S eries A ) b o n d s .

’

D enom ination 51,000. D ate M arch 1 1911. In te re st J a n . 1 a n d Ju lv 1
to reg istered holders in N ew Y ork exchange. M atu rity 55,000 on J a n Bl
1921 a n d 510,000 yearly on J a n . 1 from 1922 to 1925 inclusive B onds
arc ex em p t from all ta x e s. Certified check for 51,000, payable to’ th e C ity
C lerk, is req u ired . P u rchaser to p ay accrued In te re st. T hos. H H o ra n
is C ity C lerk.
8au

North Dakota.—Bonds purchased by State during December

1 9 1 0 .— D u r in g th e m o n th o f D e c e m b e r 1910 th e f o llo w in g
4 % b o n d s , a g g r e g a t in g $ 2 7 ,0 0 0 , w e re p u r c h a se d a t p a r b y
th e S t a te o f N o r t h D a k o t a .

C hurchs F e rry School D istrict, R am sey C ounty— 57,000 15-year building
bonds d a te d N ov. 1 1910.
E xcelsior School D istrict N o. 42, K idder C ounty— 5700 10-year building
bonds d ate d N ov. 15 1910.
H err School D istrict N o. 11, S h eridan C ounty— 51,500 15-year building
bonds d a te d N ov. 15 1910.
Jo lie tt School D istrict N o. 83, P em b ina C ounty— 53,000 20-year building
bonds d a te d N ov. 15 1910.
K roeber School D istrict N o. 1, L ogan C ounty— 5800 10-year building
bonds d a te d N ov. 15 1910.
L ake G eorge School D istrict N o. 4, F o ster C ounty— 32,200 20-year
funding bonds d a te d N ov. 15 1910.
M edicine H ill School D istrict N o. 12, B ow m an C o unty— 5800 20-vcar
building bonds d a te d N ov. 13 1910.
M ilton Special School D istrict, Cavalier C ounty— 52,500 refu n d in g and
51.500 fund ing 20-year bonds, d ate d N ov. 15 1910.
S cran to n School D istrict N o. 13, Bow m an C o unty— 56,000 20-vcar
building bonds d a te d S ept. 15 1910.
W h ite School D istrict N o. 24, S heridan C ounty— 51,000 20-year building
bonds d a te d N ov. 15 1910.
A
abo
ve bonds
an d llareof ntho et su
b ject
to call.w ere purchased d ire ct from th e place Issuing same

North Sterling Irrigation District (P. O. Sterling), Colo.—
Bond Sales.— O n J a n . 5 th e $ 6 0 ,0 0 0 6 % ir r ig a tio n b o n d s
ofFered o n th a t d a y ( V . 9 1 , p. 166 3) w ere p u r c h a s e d b y th e
E m p ir e C o n s t r u c tio n C o . a t p a r .

D enom
5500. D ate Ju n e 1 1909. In te re st sem i-an n u al. M a­
tu rity
ly ^ination
u.
North Yakima, Yakima County, Wash.— B o n d Sale.—On

D e c . 5 1910 $ 3 0 ,0 0 0 5 % r e fu n d in g b o n d s w e r e a w a r d e d t o th e
Y a k im a T ru st C o. in N o r t h Y a k im a a t p a r .
D e n o m in a t io n
$ 1 ,0 0 0 .
I n te r e s t s e m i-a n n u a l.

Nutley, Essex County, N.

Bonds Refused.

J .—
— A c c o r d in g
to r e p o r ts , th e F id e lit y T r u s t C o . o f N e w a r k , w h ich w a s
a w a u le d $ 7 6 ,0 0 0 4 ) 4 % b o n d s o n N o v . 30 1910, h a s r e fu s e d
t o a c c e p t th e s a m e .

Ogden Township, Riley County, Kan.—Bonds Voted.—

T h is t o w n s h ip , a c c o r d in g t o r e p o r t s , h as v o t e d t o issue th e
$ 1 0 ,0 0 0 b o n d s m e n tio n e d in V . 9 1 , p . 1 1 9 9 , fo r th e p u r p o s e
o f a id in g th e M a n h a tt a n -F o r t R ile y E le c t r ic L in e .

Orange County Navigation District (P. O. Orange), Tex.—
Bonds Not Sold.— U p t o J a n . 8 n o a w a r d h a d y e t b e e n m a d e
o f th e $ 1 0 0 ,0 0 0 5 % 1 0 -4 0 -y e a r (o p t io n a l) c o u p o n im p r o v e ­
m e n t b o n d s m e n tio n e d in V . 9 0 , p . 1 6 9 2 .
W e are in fo r m e d
t h a t tw o b o n d s h a v e b e e n retire d o u t o f th e s in k in g fu n d .

Osage Independent School District (P. O. Osage), Mitchell
County, la.—Bonds Voted.

— A n e le c t io n h e ld J a n . 2 re­
s u lte d in f a v o r o f th e q u e s t io n o f issu in g $ 3 9 ,5 0 0 s c h o o lc o n s t r u c t io n b o n d s .
T h e v o t e w a s 154 t o 8 5 .
The bonds
w ill n o t b e o ffe r e d fo r s a le w e a re a d v is e d b e fo r e J u ly .

Oswegatchie (P. O. Heuvelton), St. Lawrence County,
N. Y.—Bonds Authorized.— T h e is s u a n ce o f $ 1 2 ,0 0 0 4 %
c o u p o n h ig h w a y b o n d s h a s b e e n a u t h o r iz e d .
D e n o m in a t io n
$500.
D a te A p r il 1 19 1 1.
M a tu r it y $ 2 ,0 0 0 y e a r ly .

Pasco, Franklin County, Wash.—Bond Sale.

— T h e N ew ­
p o r t E n g in e e r in g C o . o f P o r t la n d h a v e b e e n a w a r d e d a t
a p p r o x im a t e ly $ 8 0 ,0 0 0 8 % s ew er b o n d s .

par

• D enom ination 51,000. D ate J a n . 3 191 1 . In te re st M ay 1 a n d N ov. 1 a t
th e C ity T reasu rer’s office, or by m ail to registered holder in New Y ork
D enom ination 5500. In te re st an n u al. M atu rity 10 years, su bject to
exchange. M atu rity 52,000 yearly on M ay 1 from 1917 to 1936 inclusive call a fte r one year.
Certified check on an in co rp o rated b an k in New Y ork S ta te or on a n y n a ­
tion al b an k (or cash) for 2% of bonds bid for, pay ab le to th e c ity , is re­
Paterson, Passaic County, N. J.— Bond Offering.— P r o p o s ­
q u ired . B onds will be certified as to th e ir genuineness by th e U nited S tates
M ortgage & T ru st Co. of New Y ork C ity, a n d th e legality app ro ved by als w ill b e r e c e iv e d , it is s t a t e d , u n til 4 p . m . J a n . 19 b y
Caldw ell & Reed of New Y ork C ity, w hose opinion will be furnished to th e J . J . B r o p h y , C lerk o f F in a n c e B o a r d , fo r $ 1 8 0 ,0 0 0 4 ) 4 %
pu rch aser. Bids to be m ad e on blank form s furnished by th e c ity . De­ h ig h -s c h o o l b o n d s .
livery J a n . 26 1911.
In te re st sem i-annual. Certified check for 5% is required.
N e w t o n C o u n t y (P. O. K e n t la n d ), I n d . —Bond Sale.—
T h e $ 6 3 ,5 0 0 4 ) 4 % b o n d s o ffe r e d w it h o u t s u cc e ss o n J u n e 25
1910 ( V . 9 1 , p . 66 7 ) h a v e b e e n s o ld .
N ew

Y ork

C i t y .—

Bond Offering.— P r o p o s a ls

w ill b e re­

c e iv e d u n til 2 p . m . J a n . 24 b y W illia m A . P r e n d e r g a st,
C it y C o m p tr o lle r , f o r $ 6 0 ,0 0 0 ,0 0 0 4 3 4 % g o ld re g is te r e d o r
c o u p o n c o r p o r a t e s t o c k as fo llo w s :

Perry School District (P. O. Perry), Noble County, Okla.—
Bond Offering.— P r o p o s a ls will b e r e c e iv e d a t a n y tim e b y
C . D . J en sen , C lerk B o a r d o f E d u c a t io n , fo r $ 3 0 ,0 0 0 5 %
c o u p o n h ig h -s c h o o l-b u ild in g a n d e q u ip m e n t b o n d s .

A u th o rity C h ap ter 36, Law s of 1909: also by v o te of 524 " fo r” to 101
a g a in st” , a t election held D ec. 1 1910. D enom ination 5500. In te re st
J a n . and Ju ly a t th e fiscal agency of th e S ta te of O klahom a in New Y ork
C ity. M atu rity 20 years. B onds are ta x -ex e m p t. O fficial circular sta te s
th a t th e re has never been an y defau lt on in te rest or a n y ob ligation of th e
D istrict; also th a t th e re is no litigatio n in a n y w ay affecting th e org an iza­
tio n nor th e legality of th e issuing m u nicipality . B onded d e b t a t p re se n t,
543,000. No fioating d e b t. A ssessed valu atio n 1910, 51,367,808. A ctual
valu e (estim ated ), 53,000,000.

530,000,000 corporate sto ck for th e follow ing purposes: 515,000,000 for
lands, buildings and eq u ip m en t, 55,000,000 finance (funding
uncollectible ta x deficiencies), 53,000,000 for schools, 52,000,­
0 0 0 for bridges, 52.000.000 for docks and ferries, 51 ,000.000
for hospitals, 51,000,000 for p a rk s a n d 51,000,000 for streets.
21.500.000 co rpo rate sto ck to provide for th e su p p ly of w ater.
Pitt County (P. O. Greenville), No. Caro.—Bond Sale.—
8.500.000 co rpo rate sto ck for th e con stru ctio n of rap id tra n sit railroads.
Stock Issued in coupon form can be con verted a t a n y tim e in to registered O n J a n . 2 W o o d in , M c N e a r & M o o r e o f C h ic a g o w ere a w a r d e d
stock, and sto ck issued in reg istered form can be con v erted a t a n y tim e $ 7 5 ,0 0 0 5 % 3 0 -y e a r c o u r t-h o u s e a n d ja il b o n d s fo r $ 7 7 ,5 2 5
m to coupon stock in denom in ations of 51,000.
T he above bonds are exem p t from all ta x a tio n except for sta te purposes. (1 0 3 .3 6 6 ) a n d in te re s t— a b a sis o f a b o u t 4 .7 8 8 % .
In te re st from and including J a n . 24 1911 will be pay ab le sem i-annually
D enom ination 51,000. D ate F e b . 1 1911. ^ In te re st sem i-annu ally in
on M arch 1 and S ep t. 1. M atu rity S ep t. 1 1060. O n all sto ck w hich Chicago.
m ay be issued in coupon form , In terest will be p aid a t th e o p tion of th e
holders a t th e office of th e C ity C om ptroller in N ew Y ork or by th e c ity ’s
Pittsburgh, Pa.— Bond Sales in 1 9 1 0 .— I n a d d it io n to th e
E °nclorl> E n g ., a t th e ra te of 54 87 to th e po un d sterling.
E ltn e r m oney or a certified check draw n on a tru s t com pany or S ta te b an k $ 4 ,8 7 8 ,0 0 0 4 ) 4 % b o n d s , th e sale o f w h ich w a s p r e v io u s ly
r u n£ i r us3,ness . Xew Y ork S ta te or upon a n atio n al b an k, to tile order of r e p o r te d in th ese c o lu m n s , th is c it y a ls o s o ld la s t y e a r th e
th
e Cmity
ptroller, for 2% of th e p a r valu e of th e sto ck bid for, m u st
acco
panCyomproposals.
fo llo w in g 4 % issues to th e S in k in g F u n d a t p a r , m a k in g th e
U nd er th e C ity C h arter every bidder m ay be req uired to accept a po rtio n to ta l o u t p u t f o r 1910 $ 4 ,9 0 0 ,0 0 0 :
°*
1 ? e i?irn<^ rl*1 bld for p y him a t th e sam e ra te or prop o rtio n al price
ate d Ju n e 1 1910 for fund ing se p a rate borough in d eb ted n ess.
specified In his bid . T he c h a rte r also provides th a t “ all-or-none” bids 517,000 Mdatu
rity $2,800 In each of th e years 1915, 1920, 1925 a n d 1930
can n o t be consldered^by th e C om ptroller, unless th e bid der offering to
a n d $2,900 in 1935 a n d in 1940.
pu
rch
ase
all-or-none
of
th
e
bonds
offered
for
sale
shall
also
offer
to
5,000 d ate d M ay 1 1910 for fund ing se p a ra te borough ind ebtedn ess.
pu rch ase "a ll or a n y p a r t” thereof.
M atu rity $1,250 in each of the y e a rs 1915, 1920, 1925 a n d 1930.

The official notice of this bond offering will appear among
the advertisements elsewhere in this Department next week.




Pittsville, Wood County, Wis.—Bond Sale.—

O n D e c . 30
1910 th e $ 4 ,0 0 0 5 % c o u p o n b r id g e b o n d s d e s c r ib e d
Y . 91,

in

.

THE CHRONICLE

JAN. 14 1911.]

p . 1725, w e re s o ld to th e P it t s v i llc S ta te B a n k o f P it ts v ille a t
1 0 0 .0 2 5 a n d in te r e s t.
T h e f o llo w in g b id s w e re r e c e iv e d :

P ittsv illc S ta te B ank, P ltts v ._ $ 4 ,0251 U lcn & C o.. C hicago_________$4,011
C. H . Coffin, C hicago_________*4,041 ] W ood Co. N . B k ., G r. R a p id s. 4,000
* Bid n o t accom panied b y th e req uired certified check.
M atu rity $500 on J a n . 31 in each odd year from 1915 to 1929 inclusive.

Bonds to Be Issued Shortly.

P o r t s m o u t h , O h io .—
— A s s ta t e d
in th e “ C h r o n ic le ” o f N o v . 12 1910, p a g e 13 4 5, th is c i t y o n
N o v . 8 1910 v o t e d t o issue $ 3 0 0 ,0 0 0 w a t e r -w o r k s -c o n s t r u c t io n
bond s.
P a p e r s sta te th a t th e sale o f th e se s e cu r itie s w ill b e
m a d e as s o o n as th e C ity C o u n cil d e te r m in e s w h e th e r a sa n d
o r m e c h a n ic a l filtr a tio n s y s te m w ill b e in s t a lle d .
I t app ears
th a t th e c it y o r ig in a lly in te n d e d to issue th e se b o n d s w it h o u t
first s u b m it t in g th e m t o th e v o t e r s , a n d fo r th is r e a s o n th e
o r ig in a l issu e w a s d e c la r e d in v a lid b y th e S ta te S u p re m e
C o u r t o n J a n . 10.
— The
$ 2 5 ,0 0 0 G % w a te r -w o r k s b o n d s v o t e d A p r il 11 1910 w ere
a w a r d e d o n J u ly 1 19 1 0, w e h a v e ju s t b e e n a d v is e d , to
B e c h te l & C o . o f D a v e n p o r t .

Portsmouth, Shelby County, Iowa.—Bond Sale.

D enom ination $2,500. D ate Ju ly 1 1910. In te re st sem i-annu al. M a­
tu rity one bond every th re e years.

Portsmouth, Va. Bond Election.

—
— A n e le c t io n w ill b e h e ld
J a n . 18, a c c o r d in g to lo c a l p a p e r s , to a llo w th e v o t e r s to
d e te r m in e w h e th e r o r n o t th e $ 0 0 0 ,0 0 0 5 % w a te r -p la n t
b o n d s m e n tio n e d in V . 9 1 , p . 10 5 1, shall b e is s u e d .

Reno School District No. 10 (P. O. Reno), Washoe County,
Nev.—Bond Sale.— W e see it r e p o r te d th a t th e $ 2 5 0 ,0 0 0 5 %

1 -2 0 -y e a r (se r ia l) s c h o o l-b u ild in g b o n d s o ffe r e d o n D e c . 15
1910 a n d d e s c r ib e d in V . 9 1 , p . 15 2 9, h a v e b e e n p u r c h a se d
b y th e W a s h o e C o u n t y B a n k o f R e n o a t 1 0 1 .1 9 — a b a sis o f
a b o u t 4 .8 5 4 % .

Rhode Island. Bond Offering.

—
— P r o p o s a ls w ill b o re­
c e iv e d u n til 12 m . J a n . 20 b y W a lt e r A . R e a d , S ta te T r e a s ­
u re r, a t P r o v id e n c e , fo r th e $ 5 0 0 ,0 0 0 4 % g o ld c o u p o n (w ith
p r iv ile g e o f r e g is t r a t io n ) P r o v id e n c e H a r b o r im p r o v e m e n t
b o n d s m e n tio n e d in V . 9 1 , p . 17 9 3.

D enom ination $1,000. D ate A ug. 1 1910. In te re st sem i-annu ally In
Provid ence. M atu rity A ug. 1 1900.

Rice Lake, Barron County, Wis. Bond Sale.

—
— R e p o rts
sta te th a t o n D e c . 13 1910 th e $ 1 7 ,0 5 0 0 % 1 -1 0 -y e a r (se ria l)
S ew er D is trict N o . 1 b o n d s o ffe r e d o n th a t d a y ( V . 9 1 , p .
1 4 0 9) w ere a w a r d e d to th e P a s t o r e t-L a w r e n c e C o . o f D u lu th

at par.
Rochester, N. Y.—Temporary Loan.— O n J a n . 9 th e $ 3 0 2 ,­

0 0 0 5 -in o n th s n o te s d e s c r ib e d in V . 9 2 , p . 0 9 , w e re s o ld t o
B o n d & G o o d w in o f N e w Y o r k C ity a t 4 % in te r e s t a n d $111
p r e m iu m — a ba sis o f a b o u t 3 . 9 1 % .
T h e o th e r b id d e r s w e r e :

W atso n & P ressprich, New Y o rk ------4% In terest a n d $60 prem ium
H . Lee A nstey , New Y o r k ------------- 4.20% In terest and $10 prem ium
S u tro B ros. & Co., New Y o r k ............ 4.25% In terest a n d $38 prem ium
G oldm an, Sachs & C o., New Y ork 4.50% In terest a n d $18.75 prem ium
F irst T ru st & Savings B ank, C h icag o .4.25% In terest a n d $50 prem ium
T . J. S w anton . R o ch ester..................4 .5 0 % In terest
B o n b rlg h t & H ib b ard , R o ch ester____In te re st a n d $1 prem ium

Roseau, Roseau County, Minn.— Bond Sale.— O n

D e c . 27
1910 th e 8 1 1 ,0 0 0 c o u p o n fu n d in g b o n d s d e s c r ib e d in V . 9 1 ,
p . 17 2 0, w e re a w a r d e d to IJ. M . S t o d d a r d & C o . o f M in n e a p o ­
lis a t 1 0 2 .5 4 5 a n d a c c r u e d in te r e s t.
T h e f o llo w in g b id s w ere
r e c e iv e d :

U . M. S to d d ard & Co., M ln n .$ ll,2 8 0 [F Irs t N a t. B ank , R o seau ____$11,000
C. II. Coffin, C hicago............. 11,056 S. A . K ean & C o., C h ica g o .. 10,670
F arso n , Son & Co., C h ica g o .. ll,0 1 0 |R o b t. A . K ean , C hicago____10,500
M atu rity D ec. 6 1925.

St. Lawrence County (P. O. Canton), N. Y.— Bond Offer­
ing.— P r o p o s a ls will b e r e c e iv e d b y th e C o u n t y T r e a s u r e r fo r
$ 5 0 ,0 0 0
bonds.

4%

cou p on

or

r e g iste re d

h ig h w a y -im p r o v e m e n t

D enom inations $500 to $10,000, a t o p tion of pu rch aser. D ate' A pril 1
1911. In te re st M arch 1 and S ep t. 1. M atu rity vcarly on M arch 1 a t
follows: $15,000 In 1912, $ 1 0 ,0 0 0 In each of years 1913, 1914 a n d 1915 a n d
$5,000 In 1916.

St.

Bonds Not Sold.

P a u l, M in n .—
— N o b id s w e re r e c e iv e d
o n J a n . 5 fo r $ 2 2 0 ,0 0 0 4 % 3 0 -y e a r h ig h -s c h o o l-b u ild in g
b o n d s o ffe r e d o n th a t d a y .
T h e s e se cu r itie s in c lu d e th e
$ 1 0 0 ,0 0 0 b o n d s w h ich fa ile d to sell ( V . 9 1 , p . 1409) o n N o v . 23
1910.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J a n . 2 19 1 1.

137

0,222 75 7% 5-ycar gradin g and curbin g bonds d a te d D ec. 8 1910.
816 23 7% 5-year sew er bonds d a te d Dec. 12 1910.
40,199 18 7% 10-year pav ing bonds d a te d Dec. 12 1910.
3,412 93 7% 5-ycar grading a n d curbin g bonds d a te d D ec. 24 1910.
9,337 71 7% 5-year sew er bonds d a te d D ec. 24 1910.
1,666 20 7% 5-year p av ing bonds d a te d D ec. 29 1910.
43,890 24 6% 10-year pav in g bonds d a te d D ec. 27 1910.
T he abo ve bonds are all su b ject to call a fte r one year.

•

•

Sherman County School District No. 6, Tex .— B on d Sale.—

D u r in g th e m o n th o f D e c . 1910 $ 0 2 5 5 % s c h o o l-h o u s e b o n d s
w ere s o ld t o th e S ta te o f K a n s a s a t p a r .
T h e b o n d s a re d a t e d
O c t . 15 1910 a n d are s u b je c t t o ca ll at a n y in t e r e s t -p a y in g
p e r io d .

Silverton, Hamilton County, Ohio. B on d Sale.

—
— O n D ec.
31 1910 th e $ 8 ,5 0 0 4
c o u p o n w a te r -w o r k s b o n d s d e ­
s c r ib e d in V . 9 1 , p . 10 0 4, w e re a w a r d e d to W e il, R o t h & C o .
o f C in c in n a ti fo r $ 8 ,5 8 8 80 (1 0 1 .0 4 4 ) 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 :

Y /fo

Seasongood & M ayer, C ln ..$8 ,5 45 0 0 1F irst N a t. B an k , N o rw o o d .$8,509 99
M atu rity Deo. 10 1935.

South Amboy, Middlesex County, N. Y .— B on d Sale

.—
O n J a n . 10 th e 8 7 5 ,0 0 0 5 % c o u p o n (w ith p r iv ile g e o f re g is­
tr a t io n ) s a n it a r y s ew er b o n d s d e s c r ib e d in V . 9 1 , p . 1 7 2 0 ,
a n d V . 9 2 , p . 7 0 , w ere a w a r d e d t o R . M . G r a n t & C o . o f
N e w Y o r k a t 1 0 4 .0 3 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 :

J . D . E v e rltt & Co., N . Y . . . 103.03 [F o rrest & Co., P h lla d e lp liI.a lO l.22
II. K . S to kes, New Y o rk ____102.613 F irst N a t. B ank , So. A m b o y .101.00
R . A . K eene, C hicago________102.50 O utw ater & W ells, Jersey C’y 100.719
N . W . H arris & Co., N . Y ..1 0 2 .1 9 3 |
M atu rity $2,000 yearly on J a n . 1 from 1912 to 1941 inclusive a n d $3,000
yearly on J a n . 1 from 1942 to 1946 Inclusive.

South St. Paul, Dakota County, Minn.— B ond O fferin 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 . J a n . 10 b y J n o . J ,
O ’ B r ie n , C ity R e c o r d e r , f o r $ 1 1 1 ,0 0 0 5 % c o u p o n r e fu n d in g
bonds.

D enom ination $1,000. D ate D ec. 1 1910. In te re st sem i-annu ally a t
th e A m erican E xchange N ational B ank In New Y ork C ity. M atu rity
Dec. 1 1930. Certified check for 2% of bonds bid for, pay ab le to P . P .
W elns, C ity T reasurer, Is req u ired . P u rchaser to p ay accrued In terest.
T hese bonds w ere oflcrcd w ith o u t success as 4 ^ s on D ec. 15.

Sparta School District No. 1 (P. O. Sparta), Monroe
County, Wis .— B ond Sale.— L o c a l p a r tie s h a v e b e e n
a w a r d e d , a t p a r a n d a c c r u e d in te re st, th e $ 5 , 5 0 0 5 % s c h o o l­
b u ild in g b o n d s b id s f o r w h ich w ere r e je c t e d o n N o v . 20 1910
( V . 9 1 , p . 1 5 3 0 .)

M atu rity $1,000 on M arch 1 1911 and $1,500 on M arch 1 In each of th e
years 1912. 1913 and 1914.

Stephen, Marshall County, Minn.—Bond Election.

— I t is
s ta t e d t h a t a n e le c t io n w ill b e h eld J a n . 10 t o v o t e o n th e
q u e s t io n o f issu in g $ 8 ,0 0 0 fu n d in g a n d $ 2 ,0 0 0 r e fu n d in g
2 0 -y e a r b o n d s .

Sterling, Whiteside County, 111.—Bond Sale.

— W e are
a d v is e d t h a t th e $ 4 ,0 0 0 5 % ( c i t y ’ s p o r t io n ) L o c u s t S tre e t
p a v in g b o n d s , v o t e d o n D e c . 15 1910 ( V . 9 1 , p . 1 7 9 3 ), w ill b o
d is p o s e d o f t o th e c o n t r a c t o r , w h e n th e w o r k is c o m p le t e d ,
in p a y m e n t fo r th e s a m e .

D enom ination $500. In te re st to com m ence F eb. 1 1911. M atu rity
$500 yearly from 1913 to 1920 Inclusive.

Sturgis, St. Joseph County, Mich. Bond Sale.

—
— N. W .
H a ls e y & C o . o f P h ila d e lp h ia a re r e p o r te d a s h a v in g p u r ­
c h a se d $ 5 0 ,0 0 0 4 ^ % e le c t r ic -lig h t b o n d s , d u e fr o m 1923 to
1932 in c lu s iv e .
S u lliv a n C o u n t y ( P . O . S u lliv a n ), I n d
— 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 lis
is o ffe r in g , a t a p r ic e to y ie ld 5 % % , $ 4 , 8 0 0 4 * ^ % G illT o w n sh ip g r a v e l-r o a d b o n d s .

Bankers.

.—Bonds Offered by

D enom ination $270. D ate A pril 15 1910. In te re st M ay 15 a n d N ov. 15
a t th e C ounty T reasu rer’s office. M atu rity $270 each six m o nth s from
M ay 15 1912 to N ov, 15 1920 Inclusive.

T o le d o , O h io .—Assessment Bonds Sold to the Sinking Fund
During the Last Quarter.— T h e fo llo w in g 5 % c o u p o n s tr 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 g g r e g a t in g $ 5 3 ,8 5 2 3 0 ,
w ere d is p o s e d o f a t p a r a n d a c c r u e d in te r e s t to th e S in k in g
F u n d d u r in g th e q u a r t e r e n d in g D e c . 31 1910:

$627 83 Sew er N o. 1069 con stru ctio n bo nd s. D ate D ec. 9 1910. M atu rity
one bond each six m o nth s from M arch 9 1912 to S ep t. 9 1913
Inclusive.
3,021 92 Sew er N o. 1092 c on stru ction bo nd s. D ate D ec. 15 1910. M a­
tu rity one bond each six m o nth s from M arch 15 1912 to S ep t. 15
1913 Inclusive.
Y ork A ve. Im prov em ent bo nd s. D ate O ct. 4 1910. M a­
San Francisco, Cal.— Bond Offering.— P r o p o s a ls w ill b e 5,648 85 tuNew
rity one bond each six m o nth s from M arch 4 1912 to S e p t. 4
re c e iv e d u n til J a n . 30 fo r $ 1 ,1 2 5 ,0 0 0 4 J ^ % b o n d s o f th e
1916 Inclusive.
1,436 42 Sew er No. 1096 c o n stru ction b o nd s. D ate D ec. 4 1910. M atu rity
$ 4 5 ,0 0 0 ,0 0 0 w a t e r -s y s t e m -c o n s t r u c t io n b o n d s v o t e d
on
one bond each six m o nth s from M arch 4 1912 to S e p t. 4 1913
J a n . 14 1910.
See V . 9 0 , p . 2 5 5 .
Bonds Awarded in Part.— O f a n issue o f $ 1 8 1 ,2 0 0 s e w er 5,050 82 Inclusive.
Plnew ood A ve. Im prov em ent bo nd s. D ate O ct. 9 1910. M atu r­
ity one bond each six m o nth s from M arch 9 1912 to S e p t. 9 1916
b o n d s o ffe r e d o n D e c. 5 1910 $ 7 1 ,0 0 0 w e re p u r c h a se d b y
Inclusive.
B a ld w in & H o w e ll o f S a n F r a n c is c o a t p a r .
1,520 20 Sew er N o. 1,086 con stru ctio n bonds. D ate Dec. 2 1910. M a­
tu rity one bo nd each six m o n th s from M arch 2 1912 to S e p t. 2
Sapulpa, Creek County, Okla.— Bonds Not Sold.— W e are
1913 Inclusive.
a d v is e d th a t th e $ 1 0 ,0 0 0 fir e -a p p a r a tu s b o n d s m e n tio n e d in 5,132 95 V alentine S t. Im prov em ent bonds. D ate O ct. 16 1910. M atu rity
one
bond each six m o nth s from M arch 16 1912 to S e p t. 16 1916
V . 9 1 , p . 1530, h a v e n o t y e t b e e n s o ld .
Inclusive.
E rie S t. Im prov em ent bo nd s. D ate N ov. 18 1910. M atu rity one
Schenectady, N. Y.— Certificate Sale.— A n issue o f $ 1 0 0 ,0 0 0 4,261 25 bo
nd each six m o nth s from M arch 14 1912 to S ept. 14 1916
c e r t ific a te s o ffe r e d o n D e c . 22 1910 w a s a w a r d e d to B o n d &
Inclusive.
5,066 81 H oag S t. N o. 1 Im prov em ent bonds. D ate O ct. 8 1910. M atu r­
G o o d w in o f N ew Y o r k C ity a t 1 0 0 .0 0 2 5 fo r 4 Y% p e r c e n ts .
ity one bond each six m o n th s from M arch 8 1912 to S ep t. 8 1916
T he principal a n d Interest will be pay ab le In New Y ork exchange on
clu s iv e .
M arch 22 1911 a t th e C ity T reasu rer’s office In S ch enectady or a t th e 3,027 48 in
Sew er N o. 1097 con stru ctio n bo nd s. D ate N ov. 6 1910. M a­
Im p o rte rs’ & T rad ers’ N ational B ank In New Y ork C ity, as th e successful
tu
rity one bond each six m o nth s from M arch 6 1912 to S e p t. 6
bid der m ay elect.
Inclusive.
o u th M ain S t. Im prov em ent bo nd s. D ate O ct. 15 1910. M a­
Seattle, Wash.— Bonds Sold During December 1 9 1 0 .— T h e 3,048 84 Stu1914
rity
one bond each six m o nth s from M arch 15 1912 to S ep t. 15
fo llo w in g b o n d s , a g g r e g a tin g $ 1 8 7 ,5 9 8 9 0 , w e re d is p o s e d o f
1916 Inclusive.
970 05 Sew er N o. 1087 con stru ctio n bo nd s. D ate O ct. 25 1910. M a­
d u r in g D e c e m b e r 1910.
tu rity one bond each six m o nth s from M arch 25 1911 to S ep t. 25
$859 16 7% 5-year sew er bonds d a te d D ec. 1 1910.
1912 Inclusive.
• •
.4,155 40 7% 10-ycar sidew alk bonds dated Dec. 1 1910.
452 07 P ly m o u th S t. N o. 2 Im provem ent bonds. D ate A ug. 1 1910.
1,790 11 7% 5-ycar sew er bonds d a te d Dec. 1 1910.
M atu rity p a rt each six m o nth s from M arch 1 1911 to S ept. 1 1912
2,102 16 7% 5-ycar sew er bonds d a te d D ec. 2 1910.
Inclusive.
4,007 4.3 7% 5-ycar grading a n d curbing bonds d a te d Dec. 2 1910.
1,280 16 Sew er N o. 1089 c on stru ction bo nd s. D ate N ov. 18 1910. M a­
4,294 50 7% 5-year sidew alk bonds d ate d Dec. 3 1910.
tu rity p a rt each six m onthsIfrom |M arch218 1912 to S ep t. 1 1913
4,496 09 7% 5-ycar paving bonds d ate d Dec. 3 1910.
Inclusive.
60,346 87 7% 5-ycar paving bonds d ate d Dec. 8 1910.



THE CHRONICLE

138

2,706 71 E m erald A ve. im p ro vem en t bo nd s. D ate A ug. 8 1910. M atu rity
gy| • • one bond each six m o n th s from M arch 8 1911 to S ep t. 8 1915
EH
• Inclusive.
37406 74 F o rt S t. im p ro vem en t bo nd s. D ate S ept. 30 1910. M atu rity one
bond each six m o n th s beginning M arch 1911.
3,754 88 L eo nard S t. Im prov em ent bonds. D ate O ct. 1 1910. M atu rity
one bond each six m o nth s beginning M arch 1 1912.
2,826 38 Sew er N o. 1099 bonds. D ate N ov. 23 1910. M atu rity one bond
,v
each six m o nth s beginning M arch 1 1912.
[^•In terest p ay ab le a t th e N o rth ern N ational B ank in Toledo.
T h e S in k in g F u n d T r u s te e s a lso p u r c h a s e d $ 5 1 ,5 0 0 o f
o u t s t a n d in g T o le d o b o n d s d u e in 19 1 1, 19 1 2, 1913 a n d 1 9 1 4 .

Bonds Not Sold.

T y le r , S m ith C o u n t y , T e x .—
— U p to
J a n . 7 n o sale h a d y e t b e e n m a d e o f th e $ 1 1 ,0 0 0 5 % 1 0 -3 0 y e a r ( o p t i o n a l) w a te r -m a in b o n d s m e n tio n e d in V . 9 1 , p .1 5 3 0 .
U p p e r G w y n e d d T o w n s h ip ( P . O . G w y n e d d ) , M o n t g o m ­
e r y C o u n t y , P a .—
— T h is t o w n s h ip , w e are a d ­
v is e d , h as s o ld $ 1 5 ,0 0 0 r o a d b o n d s .

Bond Sale.

Bond Offering.

V a n d e r g r ift , W e s t m o r e la n d C o u n t y , P a .—
— P r o p o s a ls will b e r e c e iv e d u n til 12 m . J a n . 20 b y H u g h A .
B o a le , B o r o u g h S o lic it o r , f o r $ 1 2 ,5 0 0 5 % b o n d s .

[VOL. LX XXXII.

s c h o o l-b u ild in g b o n d s w a s a w a r d e d in J u ly
C itize n s S a v in g s B a n k in P a d u c a h a t p a r .

1910

to

th e

D enom ination $1,000. D ate Ju ly 1 1910. In te re st sem i-annu al.

Bond Sale.

W in t h r o p , S u ffo lk C o u n t y , M a s s .—
— O n J a n . 12
A d a m s & C o . o f B o s t o n w ere a w a r d e d $ 1 5 ,0 0 0 4 % 1 -6 -y e a r
(se r ia l) c o u p o n p la y g r o u n d b o n d s .

D enom inations: 12 bonds of $1,000 each and 6 bonds of $500 each. D ate
J a n . 1 1911. In te re st sem i-annually a t th e O ld Colony T ru st Co. In B oston.
W is e C o u n t y ( P . O . W i s e ) , V a . —

Bond Offering.— P r o p o s ­

a ls w ill b e r e c e iv e d u n til 12 m . J a n . 24 b y C . A . J o h n s o n ,
C o u n t y C lerk , f o r th e $ 7 0 0 ,0 0 0 c o u p o n r o a d a n d b r id g e -c o n ­
s t r u c t io n b o n d s v o t e d o n N o v . 22 1910 ( V . 9 1 , p .
A lt e r n a t iv e b id s are re q u e ste d as fo llo w s :
par fo r 5 %

b o n d s ,” a n d

second,

First,

1 5 3 0 ).

“ at or a b ov e

“ f o r th e lo w e s t r a te o f in ­

te r e st o n a b o n d n o t to e x c e e d 5 % , h o w e v e r , a t p a r .”

A u th o rity , order of C ircuit C ourt u n d er provisions of A ct app ro ved
F eb . 25 1910, page 62, Law s of 1910. In te re st sem i-annu ally a t th e C ounty
T reasu rer’s office o r. If so desired, by pu rch aser, a t a n y designated New
or o th er b an k . M atu rity 30 y ears, su b ject to call, how ever, after
D enom ination 5500. In te re st sem i-annu al. B onds are tax -free. M a­ Y20ork
y ears. Certified check or cash for 1 % of bid Is req uired . T he co u n ty has
tu rity one bond yearly . Certified check for 10% of bid, payable to G lenn no
d
e
b
t a t p resent. A ssessed valu atio n , $11,011,779 85.
F land ers, S ecretary , Is req u ired .

Bond Sale.

V e n tu r a C o u n t y ( P . O . V e n t u r a ), C a l.—
— N. W .
H a ls e y & C o . o f S an F r a n c is c o h a v e , it is s ta t e d , b e e n a w a r d ­
e d a n issue o f $ 1 7 6 ,0 0 0 5 % b o n d s o f th is c o u n t y .

Bonds Registered.

V e r n o n , W il b a r g e r C o u n t y , T e x . —
— On
J a n . 3 th e $ 9 ,0 0 0 w a te r -w o r k s -e x te n s io n a n d $ 3 ,0 0 0 s e w e re x t e n s io n 5 % 1 0 -4 0 -y e a r ( o p t i o n a l) c o u p o n b o n d s d e s c r ib e d
in V . 9 1 , p . 15 8 9, w ere r e g iste re d b y th e S ta te C o m p tr o lle r .

Bonds Offered by

W a b a sh C o u n ty (P . O. W a b a s h ), I n d .—
— T h e f o llo w in g g r a v e l-r o a d b o n d s are b e in g o ffe r e d
t o in v e s to 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 :

Bankers.

$2,046 5% L agro T ow nship bo nd s. D enom ination 5682. D ate M ay 16
1910. M atu rity $682 on M ay 15 In each of th e years 1913 and
1914 an d $682 on N ov. 15 1913.
2,700 5% L agro T ow nship bonds. D enom ination 5450. D ate Ju ly 5
1 9 i0 . M atu rity $450 on M ay 15 In each of th e years 1913,
1914, 1915 an d 1916 a n d $450 on N ov. 15 in each of th e years
•
1913 a n d 1915.
1,680 5% L agro T ow nship bo nd s. D enom ination 5560. D ate M ay 16
' 1910. M atu rity $560 each six m o nth s from N ov. 15 1913 to
■
N ov. 15 1914 Inclusive.
2,320 5% N oble a n d L agro T ow nships bo nd s. D enom ination $250.
D ate M ay 16 1910. M atu rity $290 each six m o nth s from M ay 15
1912 to N ov. 15 1915 Inclusive.
,
2,263 4>4% W abash an d H u n tin g to n C o unty L ine bonds. D enom inatlo n $226 80. D ate A ug. 1 1910. M atu rity $226 80 each six
m o n th s from M ay i5 1911 to N ov. 15 1915 inclusive.
1,080 5% L agro a n d L ib erty T ow nships bonds. D enom ination $120.
D ate M ay 16 1910. M atu rity $120 each six m o nth s from M ay 15
1911 to M ay 15 1912 Inclusive a n d $120 each six m o n th s from
M ay 15 1913 to N ov. 15 1915 inclusive.
„
In te re st M ay 15 a n d N ov. 15 a t th e C ounty T reasurer s office.

Temporary Loan.

W a lt h a m , M a s s .—
— A lo a n o f $ 1 0 ,0 0 0
d u e N o v . 7 1911 w as n e g o tia t e d o n J a n . 13, it is s ta t e d , w ith
P a r k in s o n & B u rr o f B o s t o n a t 3 .3 2 % d is c o u n t .
W a p e llo C o u n t y ( P . O . O t t u m w a ), I o w a . — N o
— N o t h in g h as y e t b e e n d o n e lo o k in g to w a r d s th e
issu a n ce o f th e $ 4 5 ,0 0 0 ja il-c o n s t r u c t io n b o n d s v o t e d ( V . 9 1 ,
p . 1470) o n N o r . 8 1910.
W a t e r t o w n , J e ffe r s o n C o u n t y , N . Y . —
— The
C it y T r e a s u re r a d v ise s us th a t lo c a l b a n k 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 M a y 17 1910 th e $ 3 1 ,0 0 0 4 %
r e g is te re d p u b lic - im p r o v e m e n t b o n d s ofTered o n M a y 2 1910
a n d d e s c r ib e d in V . 9 0 , p . 1 1 9 6 .
M a tu r it y M a y 1 1940.
W a y n e C o u n t y ( P . O . D e t r o i t ) , M ic h .—
— T h e C o u n t y S u p e r v is o r s o n J a n . 4 a d o p t e d a r e s o lu tio n
p r o v id in g f o r th e issu a n ce o f $ 2 0 0 ,0 0 0 o f th e $ 2 ,0 0 0 ,0 0 0 g o o d
r o a d b o n d s v o t e d o n N o v . 8 ( V . 9 1 , p . 1 5 8 9 ).

Action Yet

Taken.

Bond Sale.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
W o o n s o c k e t , P r o v id e n c e C o u n t y , R . I . — Temporary Loan.

— D e s p a tc h e s sta te th a t a lo a n o f $ 1 5 0 ,0 0 0 m a t u r in g J u ly 11
1911 w a s r e c e n tly n e g o tia t e d w ith B o n d & G o o d w in o f B o s t o n
a t 3 .9 6 % d is c o u n t .
W o r c e s t e r , W o r c e s t e r C o u n t y , M a s s .—
.—
I t is s ta t e d t h a t a te m p o r a r y lo a n o f $ 2 0 0 ,0 0 0 , d u e O c t . L7
19 1 1, h a s b e e n n e g o tia t e d w ith B la k e B r o s . & C o . o f B o s to n
a t 3 .3 1 % a n d a p r e m iu m o f 50 c e n ts .
Y a k im a C o u n t y S c h o o l D is t r ic t N o . 7 , W a s h .—
— O n D e c . 31 1910 th e $ 7 5 ,0 0 0 L -20-y ear ( o p t io n a l) c o u p o n
b o n d s d e s c r ib e d in V . 9 1 , p . 1727 w ere a w a r d e d to th e S ta te
o f W a s h in g t o n a t p a r fo r 5s.
T h e S ta te a lso a g re e s t o fu r ­
n ish b la n k b o n d s .
O th e r b id s r e c e iv e d w ere as fo llo w s :

Temporary Loan

Bond Sale.

C entral B ank & T ru st Co., N o. Y akim a— 101 a n d accrued in terest for
10-20-year (optional) 5s. Also furnish bonds.
N . \V . H alsey & Co., Chicago—p ar, less $295 for bo nd s a n d a tto rn e y s’
fee for 10-20-year (optional) 4 ^ s , or $77,325 for 10-20-year (optional) 5s,
or $75,300 for 20-ycar 4 Ms.
W ell, R o th & Co., Chicago— $75,005 for 1-20-year (optional) 6s; district
to pay a tto rn e y ’s fee of $75 or 5100.
H arris T ru st & Savings B ank of C hicago—$76,638 a n d accrued in terest
a n d blan k bonds for 5s, due in 20 years, su b ject to call $3,000 every even
year on F eb . 1 from 1912 to 1930 Inclusive an d $4,000 every odd y e a r on
Fob. 1 from 1913 to 1931 Inclusive.
F irst T ru st & Savings B ank, Chicago— $75,180 a n d accrued in terest for
1-20-year (optional) 5s — to be delivered in C hicago.

Bond Sale.

Y a c o lt , C la rk e C o u n t y , W a s h .—
— T h e S ta te o f
W a s h in g t o n , o ffe r in g p a r , is r e p o r te d as b e in g th e s u cc e ssfu l
b id d e r o n D e c . 5 1910 fo r th e $ 5 ,8 0 0 6 % g o ld g r a v it y -w a t e r s y s te m b o n d s d u e $ 1 ,0 0 0 y e a r ly fr o m 1925 to 1929 in c lu s iv e
a n d $80 0 in 1930.

Canada, its P rovinces and M unicipalities.
No Debenture Election.

B a r r ie , O n t .—
— W e are a d v is e d
th a t th ere is n o tr u th in th e n e w s p a p e r r e p o r ts s ta tin g th a t
a n e le c t io n w o u ld b e h eld J a n . 2 to v o t e o n th e p r o p o s it io n s to
issue th e $ 3 ,6 0 0 s t r e e t -im p r o v e m e n t a n d $ 1 3 ,0 0 0 lig h tin g
4 j ^ % d e b e n tu r e s m e n tio n e d in V . 9 1 , p . 1794.
B e lg r a v e S c h o o l D is t r ic t N o . 2 5 8 7 ( P . O . M e lf o r t ) , S a 3 k .—
— T h e $ 1 ,0 0 0 d e b e n tu r e s o ffe r e d o n D e c . 20
1910 ( V . 9 1 , p . 1591) w e re p u r c h a se d b y N a y & J a m es o f
R e g in a a t 99 f o r 6 p e r c e n ts .
T h e fo llo w in g b id s w e re
r e c e iv e d :

Bonds Authorized. Debenture Sale.

Bonds Authorized.

W e s t L e b a n o n , I n d ia n a C o u n t y , P a .—
— T h e T o w n C o u n c il, a c c o r d in g t o r e p o r ts , has p a sse d an
o r d in a n c e p r o v id in g f o r th e issu a n ce o f $ 4 ,5 0 0 fire -h o u se
a n d t o w n -h a ll-c o m p le t io n b o n d s .

Bond Offering.

W e s t o n , W o o d C o u n t y , O h io .—
— P r o p o s a ls
w ill b e re c e iv e d u n til 12 m . J a n . 16 b y H . E . J o n e s , V illa g e
C le rk , fo r $ 2 ,0 0 0 4
c o u p o n fir e -a p p a r a tu s -p u r c h a s e
bond s.

D enom ination *506. D ate D ec. 1 1910. In te re st sem i-annually a t th e
Village T reasu rer’s office. M atu rity $500 on A pril 1 a n d $500 on O ct. 1
in each of th e years 1917 a n d 1918. T he bonds are ta x -ex e m p t. Certified
check for 20% of bonds bid for, pay ab le to th e Village T reasurer, Is req uired
P urchaser to pay accrued In terest. T o ta l d e b t, Including th is Issue, $13,000'

Bond Election

W e x f o r d C o u n t y ( P . O . C a d illa c ), M ic h .—
C o u n t y S u p e r v is o r s , a c c o r d in g t o r e p o r ts ,
are c o n s id e r in g a p r o p o s it io n t o s u b m it t o th e v o t e r s th e
q u e s t io n o f issu in g $ 5 0 ,0 0 0 c o u r t-h o u s e b o n d s .
W h it e C o u n t y ( P . O . M o n t ic e ll o ), I n d . —
— W e are a d v is e d th a t th e $ 1 0 ,0 0 0 6 % b r id g e -b u ild in g
b o n d s a w a r d e d o n D e c . 6 1910 to th e S ta te B a n k o f M o n ti­
c e llo a t 1 0 0 .0 5 ( Y . 9 1 , p . 179 4) m a tu r e $ 5 ,0 0 0 o n J u n e 1 1911
a n d $ 5 ,0 0 0 o n D e c . 1 1 9 1 1 .
D e n o m in a t io n $ 1 ,0 0 0 .
D a te
D e c . 1 1910.
I n te r e s t s e m i-a n n u a l.
W ic h it a S c h o o l D is t r i c t ( P . 0 . W i c h i t a ), S e d g w ic k C o u n t y ,
K a n .—
.— T h e tw o issu es o f 5 % b o n d s , a g g r e g a tin g
$ 7 5 ,0 0 0 , o ffe r e d o n J a n . 2 a n d d e s c r ib e d in V . 91, p. 1726,
w e re a w a rd e d to S p itz e r & C o . o f T o l e d o a t 1 0 3 .3 9 7 — a b a s is
o f 4 .5 7 3 % .
M a tu r ity J a n . 2 19 3 1, s u b je c t to call a ft e r
J a n . 2 1921.

Proposed.— T h e

Maturity of Bonds.

Bond Sale

W i l d w o o d S c h o o l D is t r i c t ( P . O . W i l d w o o d ) , C ap e M a y
C o u n ty , N . J .
.— N o b id s w e re r e c e iv e d o n
J a n . 9 f o r th e $ 9 ,0 0 0 4 J ^ % c o u p o n im p r o v e m e n t b o n d s d e ­
s c r ib e d in Y . 9 2 , p . 7 0 .

—Bonds Not Sold

W in g o G ra d e d
C o u n ty , K y .

S c h o o l D is t r i c t ( P . O . W i n g o ) , G r a v e s
issu e o f $ 5 ,0 0 0 6 % 1 0 -y e a r

—Bond Sale.— A n




N ay & Jam es, R egina (for 6 s)_____________________ ___________ $990 00
G. A . S tlm sou & Co., T oronto (6s)----------------------------------------------- 990 00
N ational Fin an ce Co., R egina (6s)_______________________________ 987 50
H . O’H ara & C o., W innipeg (6 Ms) ____________________________ 1,000 00
W estern School S u pply Co., R egina (6 H s)_____________________ 1 , 0 0 0 00
M atu rity p a rt yearly for te n years.

Debentures Voted.

C o llin g w o o d , O n t .—
— T h e e le c t io n h eld
J a n . 2 re s u lte d in fa v o r o f th e q u e s t io n o f is s u in g th e $ 8 0 ,0 0 0
4 )d i% 2 0 -in s ta llm e n t s c h o o l d e b e n tu r e s m e n tio n e d in V . 9 1 ,
p . 1794; a lso $ 1 4 ,0 0 0 4
fire-h a ll d e b e n tu r e s r e p a y a b le in
20 a n n u a l in s ta llm e n ts .
T h e v o t e o n th e $ 3 0 ,0 0 0 issu e w as
564 to 262 a n d o n th e $ 1 4 ,0 0 0 issue 574 to 2 7 0 .
I t is e x ­
p e c te d th a t b o t h issu es, to g e th e r w ith $ 1 5 ,0 0 0 s c h o o l-a lt e r a ­
tio n , $ 2 0 ,0 0 0 s ew er a n d $ 1 2 ,0 0 0 c o n s o lid a t e d 4 j ^ % 2 0 -y c a r
d e b e n tu r e s , w ill b e p la c e d o n th e m a r k e t a b o u t A p r il.

Yz%

Debentures Voted.

D u n d a s , O n t .—
— R e p o r t s s ta te th a t on
J a n . 2 a fa v o r a b le v o t e w a s c a s t o n th e q u e s t io n o f issu in g
th e $ 1 2 ,0 0 0 5 % h y d r o -e le c t r ic d e b e n tu r e s m e n tio n e d in
V . 9 1 , p . 1727.
M a tu r ity p a r t y e a r ly fo r 30 y e a r s .
F e r g u s , O n t .—
— T h e e le c t io n h eld J a n . 2
resu lte d in f a v o r o f th e q u e s t io n o f issu in g th e d e b e n tu r e s
m e n tio n e d in V . 9 1 , p . 1795.
T h e v o t e w a s as fo llo w .;:

Debentures Voted.

$25,000 5% deb en tures m atu rin g In 15 an n u al Installm en ts as a loan to th e
m an u factu rin g Ind u stry . T he v o te w as 291 " fo r” to 18
“ a g a in st.”
20,000 4 >4% deb en tures rep ay able in 30 yearly pay m en ts for th e p u r­
chase of stock In the People’s R ailw ay Go. T he vote was
233 “ for” to 55 " a g a in st."

Debentures Voted.

H a m ilt o n , O n t .—
— A c c o r d in g to r e p o r t s ,
b y -la w s w e re p a ssed J a n . 2 p r o v id in g fo r th e issu a n ce o f
$ 1 2 5 ,0 0 0 s tr e e t -p a v in g , $ 3 5 ,0 0 0 h o s p ita l-s ite a n d $ 7 ,5 0 0
c h ild r e n ’ s h o m e d e b e n tu r e s .
H e s p e le r , O n t .—
— A fa v o r a b le v o lt ' w a s
c a s t o n J a n . 2 o n th e p r o p o s itio n to issu e th e $ 4 ,0 0 0 5 %
e le c t r ic -lig h t-e x te n s io n d e b e n tu r e s m e n tio n e d in V . 9 1 , p .
1727. T h e v o t e w a s 167 “ f o r ” to 64 “ a g a in s t” . M a tu r ity
20 a n n u a l in sta llm e n ts .

Debentures Voted.

J a n . 14 1911.]

THE CHRONICLE

139

the Secretary-Treasurer informs us that the reports are
erroneous.
St. Albert, Alberta.—M a tu rity o f D eben tu res .—We are
advised that the $10,000 6% permanent-improvement
debentures awarded to Nay & James of Regina (V. 91, p.
1667) mature in 20 years.
St. Thomas, Ont.— D ebentures N ot to B e Issu ed at P resen t.
—We arc advised that the $30,000 bonus-debentures voted
on Nov. 7 1910 (V. 91, p. 1403) will not be issued until about
May 1.
Sarnia, Ont.—D ebentures Voted.—The proposition to issue
the $1,500 5% water-works-extension debentures mentioned
in V. 91, p. 1728, carried by a vote of 650 to 490 at the
election held Jan. 2. Maturity part yearly on Dec. 31 from
1911 to 1920 inclusive.
C. H . B urgess & Co., T o ro n to .$4,0G71 B ren t, N oxon & C o., T o ro n to .$ 4 ,0 0 7
Shellmouth School District No. 292, Manitoba.— D eben­
Geo. A . Stlm son & C o., T o r .. 4,040 N ational F in an ce Co., T oronto 3,950
N ay & Jam es, R eg in a________ 4 ,0 0 9 |J.C .M a c k in to sh & C o.,H a lifa x . 3,793 ture O fferin g. —Proposals were asked for until 12 m. yester­
M atu rity p a rt yearly on J a n . 1 from 1912 to 1930 Inclusive.
(Jan. 13) by D. G. Stewart for $2,000 6% debentures.
North Bay, Ont.—D ebentures V oted. —The election held day
M atu rity p a rt yearly for 20 y ears. P resen t d e b t, in clu ding th is Issue,
Jan. 2 resulted in favor of the proposition to issue the $18,000 know
$5,325. A ssessed valu atio n $138,010. T he resu lt of this offering w as n o t
n to us a t th e h o u r of going to press.
5% 20-installment storm-sewer-construction debentures Stratford,
— D ebentures V oted. —Reports state that
mentioned in V. 91, p. 1795. The vote was 3G7 “for” to the $10,000 Ont.
park-improvement debentures mentioned in
90 “against.”
Owen Sound, Ont.—D ebentures V oted. —At the election held V. 91, p! 1532, were authorized at a recent election,
Waldron, Sask.—Debenture S a le. —The $3,000 6% 10-year
Jan. 2 (V. 91, p. 1728) the question of issuing the following local-improvement
debentures offered on Dec. 10 1910
4)4%
20-year
debentures
was
favorably
voted:
$20,000 deb en tures as a bonus to th e C anad ian H eatin g & V entilating Co. (V. 91, p. 1592), were purchased by Nay & James of Regina.
V ote 1,214 “ fo r” to 373 " a g a in st.”
Waterloo, Ont.—D ebentures V oted. —The election held
20.000 bridge-con stru ction deb en tu res. V ote 1,232 “ fo r” to 320 “ a g a in st.”
10.000 G as-p lan t-im prov em ent d eb en tu res. V ote 982 “ for” to 495 Jan. 2, it is stated, resulted in favor of the proposition to is­
“ ag a in st”
4)4% 30-year electric-light and power de­
Renfrew, Ont.— D ebentures V oted. —The election held sue the $40,000
mentioned in V. 91, p. 1795.
Jan. 2 resulted in a vote of 56 “for” to 16 “against” the bentures
Ont.—D ebentures V oted. —The election held
proposition to issue the $2,500 5% 30-year bridge-construc­ Jan.Wellington,
2 resulted in a vote of 104 “for” to 10 “against” the
tion debentures mentioned in V. 91, p. 1728. Proposals question
the $2,500 5% park debentures men­
for these debentures will be received, we arc advised, at tioned in ofV. issuing
91, p. 1795. Maturity part yearly from 1912
any time.
Richmond, Que.— N o D ebenture E lection . —In reply to our to 1921 inclusive.
Ont.—D ebentures V oted. —A vote of 817 “for”
inquiry as to whether or not the reports are true that an to Windsor,
418 “against” was cast at an election held Jan. 2 on the
election would be held Jan. 2 to vote on the question of question
of issuing $34,000 debentures.
issuing $5,000 local-improvement debentures (V. 91, p. 1795),
Listowel, Ont.— D ebentures V oted. —It is stated that
on Jan. 2 the $5,000 4)4% electric-light debentures men­
tioned in V. 91, p. 1591, were favorably voted.
London, Ont.— D ebentures V oted. —The election held Jan. 2
resulted in a vote of 2,406 “for" to 1,321 “against" the
proposition to issue the $75,000 4)4% city-hall debentures
mentioned in V. 91, p. 1795.
Midland, Ont.— D ebentures D efeated.— The election held
Jan. 2 resulted in the defeat of the question of issuing the
$37,900 5% municipal-building debentures mentioned in
V. 91, p. 1795. The vote was 274 “for” to 295 “against.”
Morden, Man.— D ebenture S ale. —On Dec. 24 1910 the
$4,401 11 (not $0,800 80 as reported in V. 91, p. 1007) localiinprovemcnt debentures were awarded ta C. II. Burgess &
Co. of Toronto at 91.10. The following bids were received:

NEW LOANS.

1 500,000

$ ,

City of Tacoma, Wash.,
Green River Gravity Water System
Bonds or Warrants.

N O T IC E IS H E R E B Y G IV E N T h a t on
S a tu rd a y , F e b ru a ry 11th, 1911, a t tw o o’clock
p. in ., a t th e office of th e M ayor of th e C ity of
T acom a, W ashington, in th e C ity H all, sealed
bids will be received for G reen R iver G ravity
W ater S ystem B onds or W a rra n ts, of th e p ar
valu e of One m illion five h u n d red th o u san d
dollars, of the Issuo au th orized by O rdinance
N o. 3982 of said C ity, app ro ved Ja n u a ry 6th ,
1910, a n d providing for th e c on stru ction of the
proposed G reen R iver G ravity W ater S y stem .
S aid B onds or W a rra n ts are pay ab le o u t of th e
gross earnings of the w ater system of th e C ity of
T acom a to th e e x te n t of $100,000 per ann um of
principal and Interest (which sum can be law fully
Increased before sale of bonds or w a rra n ts). T he
ra te of In terest Is lim ited to six per cen t, payable
sem i-annu ally a t th e fiscal agency of th e S ta te
of W ash ingto n In th e C ity of New Y ork.
B ids will be received based upon th e Interest
ra te proposed by th e bidder, or upon such o th er
plan as m ay be deem ed exp ed ien t. P a r and
accrued Interest m u st be paid a t th e tim e bonds
or w arran ts arc delivered. All w arran ts m u st
be tak e n and paid for as th e co n stru ction of th e
w ater system shall require; th e Installm en ts to
bo as fixed by c o n tra c t. T he C ity reserves the
rig h t to reject a n y and all bids. T he successful
bidder will bo req uired to e n ter Into a co n tra c t
w ith th e C ity covering all points of th e sale agree­
m en t, and to furnish to th e C ity a su re ty com ­
pan y bond In th e sum of $100,000 for the faithful
perform ance of th e co n tract: th e su rety com pany
to be one doing business In th e S ta te of W ashing­
to n .
T he C ity also reserves th e rig h t, should It be
necessary to avail Itself of the highest and best
bid for said bonds or w arran ts, to am end th e said
ordinance In a n y p a rticu la r w herein It Is am end­
able, w itho ut ob jection from a n y unsuccessful
bid der.
For all Inform ation ap p ly to Jo h n F . M eads,
C ity C om ptroller.
D ated T acom a, W ash ingto n, D ecem ber 15th,
1910.

SINKING FUND TACOMA.
BOARD OF THE CITY OF
A . V . FA W C E T T ,
M ayor.
JO H N F . M EA D S,
C ity C ontroller
RA Y F R E E L A N D ,
Com m issioner of F in an ce.

C h arles M. Sm ith & Co.

CORPORATION AND
MUNICIPAL BONDS

NEW LOANS

NEW LOANS.

S l sO O Q ,G O O

$ 7 0 0 , 0 0 0 OO

STATE OF MARYLAND,

WISE COUNTY, VIRGINIA,

STATE ROADS LOAN
T reasu ry D ep artm en t,
A nnapolis, Ja n u a ry 2d, 1911.
T he undersigned, G overnor, C om ptroller and
T reasurer of th e S ta te of M aryland, In pursuance
of an A ct of the G eneral A ssem bly of M aryland of
1908, C hapter 141, will receive proposals for
$1,000,000 00, Series " D ,” of th e said loan.
“ T he S ta te R oads L oan” will be d a te d F ebru­
ary 1, 1911, bear Interest from said d ate a t th e
ra te of three and one-half per cen tum per an n u m ,
pay ab le sem i-annually on th e first d ay of A ugust
a n d F eb ru ary In each a n d every y ear, a n d th e
principal will be redeem able a t th e pleasure of th e
S ta te a fte r th e first d a y of F e b ru a ry In th e year
1921, and th e whole d e b t will be pay ab le on the
first day of F eb ru ary , 1920. T he d e b t Is exem p t
from S ta te , C ounty a n d M unicipal ta x a tio n and
will be Issued In bond form w ith coupons a t­
tach ed.
Said proposals m u st be delivered, scaled , to th e
T reasurer of th e S ta te ,a t A nnapolis, ON O R B E ­
F O R E 12 O ’CLOCK NO ON O F T H E F IR S T
DAY O F F E B R U A R Y , 1911, a n d h av e endorsed
on th e back of th e envelope “ Proposals for the
S ta te R oads L o an .” E ach bid m u st be accom ­
panied w ith a certified check on som e responsible
ban king in stitu tio n for ten per cen t of th e am o u n t
of such bid, and the sam e will be opened In th e
office of th e S ta te T reasurer, in th e C ity of A n­
napolis, a t 12 o ’clock noon, F eb ru ary 1st, 1911,
In th e presence of th e undersigned.
On th e opening of such proposals so m an y of
said coupon bonds as hav e been bid for, n o t ex­
ceeding, how ever, th e am o u n t for w hich pro­
posals are Invited, m ay be aw arded b y said
G overnor, C om ptroller of th e T reasury and
T reasurer, or a m a jo rity of them , to th e highest
responsible bidder or bidders for cash; and w hen
tw o or m ore bidders hav e m ade th e sam e bid,
w hich bids are th e hig hest, and If th e am o unts so
bid for by th e highest responsible bidders are In
excess of th e whole am o u n t of th e said bonds so
offered for sale, th e n such bonds m ay be aw arded
to such highest responsible bidders bidding th e
sam e price In th e p rop ortion w hich th e am o u n t
each has bid for bears to th e w hole am o u n t of
said bonds so ollercd for sale.
T hese bonds will be Issued In th e denom ination
of $1,000 and su b ject to reg istratio n as to prin­
cipal. T he rig h t Is reserved to reject a n y an d all
bids
A U S T IN L . C R O T IIE R S ,
G overnor,
W . B. C L A G E TT ,
C om ptroller of th e T reasu ry .
M U R R A Y V A N D IV E R ,
T re a su re r.

HODENPYL, WALBRIS6E & Cti

7 W all S t., N .w York
FIRST NATIONAL BANE BUILDING Railroad, Street Ry., Gas A Elec. Light
OHIOAGO
S E C U R IT IE S



ROAD BONDS
T he B oard of Supervisors of W ise C ounty,
V irginia, Invites bids for th e w ho le,or a n y p a rt,
of an Issue of $700,000 C ounty R o ad B onds a u th o r­
ized by th e order of th e C ircuit C ourt of said
C ounty Ja n u a ry 2, 1911, u n d er th e provisions of
an A ct of the G eneral A ssem bly of V irginia
app ro ved F eb ru ary 25, 1910 (A cts of A ssem bly
of V irginia, 1910, page 62.)
T he to ta l am o u n t of th e Issue will be $700,000
a n d th e tim e th e bonds will ru n will be th irty
years, w ith the rig h t, a fte r tw e n ty years, to call
th e whole or any po rtio n of th e bonds so Issued.
T he bonds will be coupon bonds, w ith Interest
payable sem i-annually a t th e office of th e T reas­
urer of W ise C ounty, W ise, V irginia, b u t arran g e­
m en ts will be m ade, If desired by th e pu rch aser
for p ay m en t a t a n y desig nated N ew Y ork or otli
ban k.
Bids are Invited In th e altern ativ e:
F irst— Bids a t or above p a r for a bond bearin
five per cen t In terest. N o bids will be con­
sidered for less th a n p a r.
Second— Bids for th e low est ra te of Interest
on a bond a t p ar. No bids will be con­
sidered for a ra te of Interest greater th a n
five per cen t.
Bids for said bonds will be received u n til 12
o’clock noon T U E S D A Y , JA N U A R Y 24. 1911,
a t th e C lerk’s Office, W ise, V irginia. All bids
should be directed to C. A . Jo hnson , Clerk, W ise,
V irginia. To Insure good faith , w ith each bid
m u st be deposited a certified check or cash to
th e am o u n t of a t least one per cen t of th e am o u n t
of th e bid, which will be re tu rn e d If th e bid Is no t
a c c e p te d .
T he rig h t is reserved by th e B oard to reject all
b id s.
T he assessed value of tax a b le p ro p e rty In W ise
C ounty is $11,011,779 85. T he a ctu al valu e of
tax ab le pro p erty Is v a stly greater. T he popula­
tion of th e C ounty Is 34,162. T he C ounty has
no bonded Indebtedness of a n y kind a n d no
floating d e b t. T he proceeds of said bonds will
be used exclusively In th e location a n d con­
stru c tio n of new m acadam ro ad s a n d bridges.
F o r fu rth e r Inform ation add ress eith er the
Clerk of th e B oard, as above, or th e undersigned.
R . T . IR V IN E , F inancial A gent,
Big S tone G ap, V irginia.
BOND CALL.

North Y akim a, W ash in gton
.

BOND CALL

P ublic N otice Is hereb y given th a t th e T h irty
T hou sand .Six Per C ent F u ndin g Bonds of N orth
Y akim a, W ashington, num bered from 1 to 60,
Inclusive, dated D E C E M B E R 1ST, 1890, due
D ecem ber 1st, 1915, redeem able a fte r D ecem ber
1st, 1905, are hereb y called for p a y m en t on
F e b ru ary 15th, 1911. Said bonds should be
presented for p a y m en t a t th e ban king house of
N . W . H arris & C om pany In th e C ity a n d S ta te
of New Y ork.
D ated this 10th d ay of Ja n u a ry , 1911.
C. R . D O N O V A N , C ity T reasu rer.

THE CHRONICLE

140

[VOL. LXXXXII.

Igtttimjcial.
OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.

New York. January 21st, 1010.
The Trustees, in conformity with the Charter of the Company, submit the following statementof Us affairs
on the 31sf of December, 1009.
Premiums
on PMarine
RUks
from
1stf fJanuary,
1909, to 31st December, 1909--------------- $3>23®,39 1
P
r n m lim iq n
n llH p s n
nt m
«r lr n d n
sf. .T
a n n a r v . __________________________________________________
Premiums
onn Policies
not
marked
off 11st
January,
1909.
_________
Total Marine Premiums____________________________________________________________ $4,477,103 95
Premiums marked off from 1st January, 1909, to 31st December, 1909--------------------------$3,791,557 05
Interest
during
the year_________________________ $322,£25
m e 28
Rent
lessreceived
Taxes and
Expenses___________________________
14o,079 82 $467,728

N A T IO N A L L IG H T ,
H E A T &. PO W ER C O M P A N Y
GUARANTEED

BONDS

A|.

A. H. Bickmore & Co.,
BANKERS
30 P in * S tr e e t,

N ew Y o r k

Losses paid during the year which were estimated In 1908
and previous years.................... ................................................... $829,378 19
Losses occurred, estimated and paid In 1909______________ 1,149,459 66 $1,978,84/ /
F. W M . K R A F T
Less
Salvages.............................................48235,520 48 485.411 55
Re-Insurances______________________
LAWYER
$1,493,426 20
Specializing in Examination of
Returns of Premiums_____________ — ------------------------$60,285 14
Expenses, Including officers’ salaries and clerks compensation, stationery,
.
Municipal and Corporation Bonds
newspapers, advertisements, etc-------------------------------------------------------- * '
l m FIRST NATIONAL BANK B L O Q ..
L IA B IL IT IE S.
A SSE T S.
CHICAGO, ILL.
Estimated
Losses
and
Losses
Un­
United States & State of New York
settled _____________________ --- $2,393,297 00
Stock,
City,
Bank
and
other
SePremiums
on
Unterminated
Risks.
685,546
90
curl ties
___________________ $5,461,042 00
of Profits and Interest 263,468 95
Special deposits In Banks &TrustCos. 1,000,000 00 Certificates
UnpaidPremiums
______________________
Real
Estate
cor.
Wall & WUUamSts.,
120,569 42
Return
Unpaid-----------& Exchange Place.$4,299,426
04
B LO D G ET & CO.
Certificates of Profits Ordered Re­
Other
Real
Estate
& _
deemed, Withheld for Unpaid
claims
due
the
com22.353
49
BONDS
Prem
ium
s____________________
p an y___- - - - - - - 75,000 00 4,374,426 04 Certificates of Profits Outstand­
ing........................ - ..
7,404,890
00
90
S
T
A
T
E
S T R E E T , B O ST O N
Premium notes and Bills Receivable 1,213,069 68 Real
Estate Reserve Fund____
370,000 00
Cash In the hands of European
90 P IN E S T R E E T , N E W YO RK.
Bankers to pay losses under pollcles payable In foreign countries. 239,948 04
Cash In Bank____________________ 633,405 13
STATE, CITY & RAILROAD BONDS
Aggregating_______________ ---$12,921,890 89 Aggregating......................................$11,260,125 76
M U N IC IP A L A N D R A IL R O A D
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the first of February next.
The outstanding certificates of the Issue of 1904 will be redeemed and paid to the holders thereof,
BO N D S
or their legal representatives, on and after Tuesday the first of February next, from which date all
L IS T ON A PP L IC A T IO N
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the year
ending 31st December. 1909, which are entitled to participate In dividend, for which, upon appli­ SEAS0NG00D & MAYER
cation, certificates will be Issued on and after Tuesday the third of May next.
Mercantile Library Building
By order of the Board,
0 . STANTON FLOYD-JONES. Secretary.
CINCINNATI
TRU STEES.
CLEMENT A. GRISCOM,
DALLAS
B.
PRATT,
FRANCIS M. BACON.
ANSON W. HARD.
WALDRON P. BROWN.
GEORGE W. QUINTARD.
LEWIS CASS LEDYARD,
VERNON H. BROWN.
A. RAVEN.
CHARLES D. LEVERICH. A.
JOHN N. BEACH.
JOHN J. RIKER,
LEANDER N. LOVELL,
JOHN CLAFLIN.
DOUGLAS
ROBINSON,
GEORGE H. MACY,
GEORGE C. CLARK,
GUSTAV H. SCHWAB,
CLEVELAND H. DODGE,
CHARLES H. MARSHALL. WILLIAM SLOANE,
Municipal and
CORNELIUS ELDERT,
NICHOLAS F. PALMER.
ISAAC STERN,
H. EWART,
HENRY PARISH.
WILLIAM A. STREET,
PIOHARD
Corporation
Bords
HILIP A. S. FRANKLIN; ADOLF PAVENSTEDT,
GEORGE E. TURNURE.
HERBERT L. GRIGGS.
CHARLES M. PRATT,
A.
A. RAVEN,ELDERT,
President. Vice-President.
1S1 L* S a lle S treet. C h le * i*
CORNELIUS
SANFORD E. COBB, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
E S T A B L IS H E D 1885
JOHN H. JONES STEWART. 4th Vice-President.

McCOY & COMPANY

H. C SPEER & SONS CO.

Ready About January I5 y 1911

Range of Prices for Stocks and Bonds
FROM

Flnt Nat. Bank Bldg., Chicage
SCHOOL,
OOTJNTY AND MUNICIPAL BONDS

M U N IC IP A L B O N D S

Safest Investments
known. Yielding from

4% to 6%

ULEN &

B A N K ER S

W rits foe
Circular.

C O .
CHICAGO

1907 to January 1, 1911
Earnings, Fixed Charges and Dividends for Series of Years

THE AMERICAN MFG. CO.

Hand Book of Securities

MANILA. SISAL AND JU TE

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Price of Single Copies . . .
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$1 00

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The Hand-Book is issued to Bankers and Brokers with their cards
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