Full text of Commercial and Financial Chronicle : January 21, 1911, Vol. 92, No. 2378

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finanrial

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

IN C L U D IN G
Railway & Industrial Section
Bankers* Convention Section

SATURDAY, JANUARY 21 1911.

«3£Ite

d&hvo

Clearings at-

Electric Railway Sectioft
State and City Section
NO. 2378.
Week ending January 14,
Inc. or
1910.
Dec.
1909.

1911.
1908.
$
Chicago.............. 272,256,455 269,559,038 +%1.0 267,256,351 220.554,920
F o r O ne T e a r ................................................................................................
$ 1 0 oo
Cincinnati..........
F o r Six M onth s...................................................................................................................6 00
27,444,250 26,809,700 + 2.4 30.815,200 26,709,650
C leveland_____
22,998.504 21,551.387 + 6.7 16.435,795 16.420,317
E uropean S ubscrip tion (Including p o stage)......................................................13 00
19,619,658 17,202,542 + 14.0 13,702,860 13,961,283
E uropean S ubscrip tion six m onths (including po stage).................................. 7 50 D etroit................
14,926,235 12.890,692 + 15.8 12,269,121 11.260,902
A nnual S u bscrip tion in London (including pc sta g e )...................................... £ 3 1 4 s. Milwaukee____
10.027,925
Six M onths S ubscrip tion in London (including po stage)...............................£ 1 11s. Indianapolis
9,613,147 + 4.3
8,893,779
6.688,318
Colum bus..........
6,656,200
7,011,600 —5.1
Canadian Subscription (inolnding postage) ........................................... $ 1 1 50 Toledo................
5,832,200
4.690.700
5,490,414
4,782,116
+ 14.8
4,154,064
4,012,850
Subscription includes following Supplements—
P e o ria ________
3,502,489
3.163,883 + 10.7
3,112,295
3,014,895
Grand R apids..
3.095,006
3,002,283 +3.1
B ank and Q uotation (m onthly)
I 8 I'ate and C ity (sem i-annually)
2,457,166
2.212,820
a y to n _______
2,785,930
2,259,345 + 23.3
rNDU8TiUAL (quarterly) e l e c t b ic R ailw ay (3 tim es yearly) DE vansv
1,869,332
1,673,560
ille___
2,559,825
2,559,124
+0.03
R ailw ay K a k m m is (m onthly)
| B a n k er s ’ C onv en tio n (yoarly)
2,286,122
1,661,067
K alam azoo___
1,850,012
1,641,968 + 12.7
1,219,464
1.002,116
Springfield, 111 .
1,160,396
Term s of A dvertising—Per Inch Space
1.168,472
—0.7
032,253
857.281
1.300,878
1,283,946
+ 1.3
749,484
996,921
T ran sien t m a tte r p er inch space (14 ag ate lin e s)........................................... $ 4 2 0 Lexington..........
Fort W ayne__
1,274,512
1,014,042 +25.7
873,108
650.667
Y oungstown__
1.499,011
1,226,151
+22.3
768.79S
615.901
A
k
ro
n
................
097,100
814,000 +22.5
sta n d in g B n .in m . c m . ) six ' M onths *18 8 I S S S : : : : : : : : : : : : : : : : : : 18 0 8 Rocklord ..........
650.000
GOO.OOO
800,000
780.834 + 2.1
686,714
646.860
t T w elve M onths (52 tim es)................................ 87 0 0 Bloomington___
683,530
499,702
+36.8
462,964
488.126
C H IC A G O O F F IC E — P lin y B a rtle tt,513 M onadnook Block; Tel. H a rriso n 4012 Quincy................ .
889,035
729,691 + 21.8
527.37S
480,762
Canton.................
LON D O N O F F IC E —E dw ards & S m ith, 1 D rap ers’ G ardens, E. C.
996 ” (5
1,014,085 — 1.7
660.895
426.847
Decatur
.............
417,0
j
J
3r>9,:;si
+34.9
435,095
429,470
W IL L IA M B. DANA COM PANY, P u b lish e rs,
South Bend____
609,542
542,104 + 12.4
433,678
382.547
Springfield, O ...
701.153
P . 0 . 1 - 0 x 0 5 8 . F r o n t , P in e a n d D e p e y s te r S ts ., N e w Y o r k .
602,184 + 16.4
526,235
345.129
Jackson_______
500,000
474,545
+5.4
350.000
344,503
477 77
381,862 +25.0
Published every Saturday morning by WILLIAM B. DANA COMPANY. Mansfield..............
325,322
275.018
D anville..............
4 17,110
387,962 + 0
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana, Jacksonville.
323,551
294.127
111.
304,446
352,200
—^3.6
Vloe-Presidente; Arnold G. Dana, See. Addresses of all. Office of the Company L im a ....................
200,957
232.621
328,822
316,597 + 3.9
298.895
275.000
Ann Arbor_____
255,800
216,248 + 18.3
202,644
190,110
Adrian ............
24,090
40,454 — 10.4
32,141
27.000
CLEARING-HO USE RET URNS.
Saginaw................
103,226
812,302 — 1.1
Tot. Mid.West, 407.652,293 395,013,587 + 3.2 379,803.861 322,322.256
T he follow ing ta b le , m ade up by teleg rap h, &o.. Indicates th a t th e to ta l
b an k olearings of all clearing houses of th e U nited S tates for w eek ending Sa” 'ranclsco... 47.93J.012 44,490,807 + 7.8 38,945,164
to -d ay hav e been 5 (.432,707,032, against 33,403,287,200 last w eek an d Lo» Angeles.......... 18,673,735 15,019,299 + 24.3 12,782,731 35.111.478
9,450,000
34,248,047,684 th e corresponding week la st year.
Seattle . .
11,213,340 12,593,939
9.250,695
7.328.649
P o rtla n d .............. 11,566,533 10,463,876 —+ 11.0
10.6
7.011.917
5.418,931
7,566,964
Salt Lake C ity ..
7,815,890 —3.2
7.050,895
Clearings— Returns by Telegraph.
4.244,833
Per
Spokane________
4,801,668
4,869.451
—
1.4
Week ending Jan. 21.
3,620.284
2.598,8«4
1911.
1910.
Cent. T acom a................
4,318,321
5.852,800 —26.2
4.560.850
3,782,557
4,042,711
New Y o rk ...................................................... SI,634.123,501 82.322,068,659 —29.6 O akland...
2,184,506 + 85.1
1,955,890
1.615,487
Sacramento
1,774,056
1,378.124 +28.7
B oston................................
"
985,828
1.256.672
177,534,647
179,049,544 —0.8
D iego............
1,634,994
1,366,000 + 19.6
Philadelphia......................................I l l ”
1,065,000
132,862,405
850,000
130,955.679 —3.0 San
Fresno...................
865,165
683,535
Baltimore....... ............................
+
26.6
492,179
31,121,133
27.143,990
+
14.7
Stockton ..............
812,980
C hicago...............................................
565,387 + 43.8
579,206
225.372.386
408,580
239,455,485
—5.0
Jose................
495,016
546,896 —9.5
St. Louis......................................... ..........
470,636
72.056,445
450.000
05.552,619 + 9.9 San
Pasadena..............
912,303
928.000
New Orleans.................................... . . . I "
—
1.7
19,803.485
25,583,794 — 22.6 North
Yakima . .
434,832
420.000 +3.5
269.419
R
e
n
o
.....................
275,000
250.000
+
10.0
Seven cities, five days.
82,292.874,002 82,995,809,770 —23.5
Other cities, live days___
Total Pacific.. 117,376,630 109,428,510 + 7.2 89,080,694 72.515.721
544,087,233
514,278,496 + 5.8
Kansas C ity ___ 54,869,245 50,110.808 +9.5 45,808,721 35,832,284
Total all cities, five days___________ 82,836,961,235 83,510,088,266 — 19.2 Minneapolis..........
24.895.156 17.5 18,311,799 22.304.046
All cities, one day......................................
595,746,397
738,859,418 — 19.4 Omaha_________ 20,540,321
14,720,502 17,390,693 —
— 15.3 13,959,660
St.
Paul________
10,066,195
10,094,653 —0.3 10,274.714 12.118.365
9.096,234
Total all cities for week......................... 83.432,707,632 84,248,947.684 — 19.2 D en v er................
9,819,392
9,930,806 — 1.1
9.104,226
7.941.926
St.
Joseph............
8 , 000,000
7,224.466 + 10.7
6.699.446
T he full d etails for th e w eek covered by th e above will be given n e x t S a t­ D u lu th ...............
5.809,283
2.795,946
3,503,725 —20.2
u rd ay . W e c an n o t furnish them to -d ay , clearings being m ade up by th e Dos M oines____
4,042,253
3,775,658
+7.1
clearing houses a t noon on S a tu rd a y , a n d hence In th e above th e last day Sioux City______
3.556,285
2.695,430
2,566,850
3,053,269 — 16.0
of th e w eek has to be In all cases estim ated , as e go to press Frld ay nig ht. W ichita................
3,028,647
2,086,092
3,500,000
2,953.879 + 18.5
1,696.205
W e present below detailed figures for th e week ending w ith S a tu rd a y , Lincoln ________
1.332.644
1,630,539
1,686,654 —3.3
noon, January 14, lo r lou r years.
1,457.807
1,147.684
Topeka ________
2,042,290
1,298,069 +57.3
1.411.135
933,181
Davenport............
1,535,082
1.564,156:
—
1.9
1.138.230
841.477
Cedar Rapids . . .
1,469,328
1.386,667,
+ 6.0
1.028,823
Week
ending
January
14 .
741,090
F a r g o ___
817,391
1,103.142 —25.9
Clearings at—
759,851
681.500
Sioux
Falls
1
,000,000
950.000!
+5.3
Inc. or
525.000
460.000
Colorado Springs
775,000
824.966 — 6.1
826,094
Dec.
766.952
1908.
Pueblo . .
764.396
889,985! — 14.1
744,471
665,872
Fremont
.
293,417
429.378
—31.7
370,985
399,776
S
8
1,157,007
896,198 + 29.1
New York______ ,982,905,063 2,457,115,304 %19.3 U 66,840,502
1,770,084,274 Waterloo
..
976,274
1,093.908 — 19.8
Philadelphia___ 154,013,567 105,786,119 ——7.1
908,199
6271851
127,793,380 Helena
___
Billings
...
104,922
201,207|
P ittsb u rg h ...
—47.9
49,900,753 52,347,566 —4.7 135,890,708
172,540
225.000
42,182,944 44,275,216 H asting s..............
187,491
140,000; +33.9
36,330,500 34,186,703 + 6.3 31,450,616
Baltimore . . .
26.059,578
10.839.351 10,683.232 + 1.5
Buffalo............
Tot. oth.W cst. 143,679,831 145,398,043 — 1.2 121,783,838 106.606.689
9,101.093
8.441,982
A lb an y ................
6,296.067
5,620,354 + 11.5
5.572.835
4,829,627 St. Louis..
76.881,694 +7.0 73,877.666 61,673.772
W ashington___
7,781,940
7,796,419 — 0.2
6,965,033
5.439,943 New Orleans___ 82,237,175
23,684.474 34.672,556 —31.7
21,609.848
4.J98.075
R ochester______
4,747,828 —9.5
3,991,602
3,701,588
L
ouisville______
16,345,838
14.491.451 + 12.8 15,169,652 22,240.993
11,719,924
Scranton ___
2,814,042
3,023,027 —6.9
3,042,213
2,244,022 Houston ..
_ 14.884,421 15,021,311
—0.9
15,206,632 10.059,380
Syracuse _______
2.894.305
3,061,767 —5.5
2,516,074
2,231,690
G alveston______
9,195,500
7,552.500 + 21.8
6.916.000
Reading________
1.606,766 — 12.9
1,398,229
7.059.000
1,480.826
1,220,369
Richmond
..........
8,279,410
8.371.995
—
1.1
7,440.140
W ilmington..........
6.197.979
1.606.305
1,694,909 —5.2
1,396,543
1,327,424 A tla n ta ________ 15,897,174 14.868,319 +6.9
6,487,129
5,086.434
1,386,004 + 4.1
Wilkes-Barre . . .
1,443,326
1.223.836
1,177.820
M
em
phis..
_
9.307,085
8.384.162
+
11.0
6,270.648
W h eeling______
6.027.489
1,584,249 +8.0
1,711,850
1,418.195
1,254,992
Fort
W
orth____
8,492,686
7,727.610
+9.9
6,370.541
H arrisbu rg.........
1,114,294 + 3 .2
4,485,433
1,150,000
1,187,987
1,050,908
Savannah
............
5,789,234
5,196.454 + 11.4
4.442.080
Trenton ..............
4.112.620
1,640,141 —1.0
1,623,866
1,411,117
N ash v ille............
4.351,254 + 19.5
5.200.000
3,409.960
Y o rk ..............
4.084.368
939,522
847,948 + 10.8
761,280
709^375 N orfolk................
3,533,696
3,101.808 + 13.9
2,532.012
2.153,450
E rie ................
934,540 +0.1
935,677
643.332
605,710
Birm
ingham
___
3,080,899
3.497.377: — 11.9
2.494.734
B ingham ton___
2,042,160
513,400 + 11.2
571,100
578,700
554,600
A
ugusta-..............
2,492.024
.
3,494,400
+40.1
2,244,786
C h ester..........
2,046,838
660,336 + 3.8
581,849
494,979
538,228
Jacksonville___
3,103,579
2,694,521
+15.1
1,883,493
1.525,669
Greensburg . .
632,796 + 12.2
710,077
461,957
492,484 K noxville______
1,986,657
1,621,875 + 20.0
1,737.375
A ltoona..........
1.382.963
456,334 + 3.4
471.808
452.270
587.348 Little Rock..........
2,063,811
1,970.627 + 4.7
1,713.010
F ran k lin ___
1.543,243
290,000 —3.1
280.000
287,093
247.569 Charleston............
2,721,210
2,104.055 +29.4
1.675.000
1.533.332
...
2.040.000
2.020,190 + 1.0
1,604.327
1.424.564
Total M iddle.. 2,271.470,275 2,767,630.096 — 17.6 2,419,063.351 2,005,152,511 Chattanooga
M obile..................
1,838,363
1.612.548 + 14.0
1.567,127
1.429.301
O
klahom
a............
2.197.162 + 8.6
2,386,665
1.297.904
Boston ................ 198,963,167 202,785,754 — 1.9 197.952,330 176,542,756 M acon................
782,819
3.540.000
1.500,000 + 13.6
1.012,391
726,359
Providence .......... 10.102,100
9,943,900 + 1.6
8.496,000
8,324.900 Beaumont ____
659,953 —5.3
625.000
627,562
H artfo rd ..............
438.676
5,065,917
4,926,956 + 2.8
3,855,283
4,896,034
A
ustin...................
2,477,698
1,077,753 +129.9
576,536
New Haven..........
605.305
3,540,313
3,300,275 + 7.5
3,186.913
3,567,792
Vicksburg
.
.
i
.
.
.
605,641
392,341
+69.7
535,322
Springfield............
467.831
2,251,218
2,325,000 —3.2
2,304,904
2,125.317
Jackson................
650,000
700.000
+7.7
475.000
W orcester............
2.017,324 + 11.6
2.322,428
1,892,375
1,835.667
Wilmington, N.O.
865,149
574,757 +50.5
383,921
P o rtla n d ..............
390,000
2,152,259
2,070,343 + 4.0
1,882,980
1,837,610
___
Meridian
.
.
.
394,902
400.000
+
1.0
Fall River............
1,436,001
1,513,458 —5.1
1,466,046
1,196,466
New Bedford . . .
1,199,162
1,374,836 — 12.7
929,804
857,718
Total Southern 234,835,765 226.081,199 + 3.9 189,530,915
Low ell...................
650,361
+ 17.8
652,267
555,296
594,548
Holyoke________
689,579
644,383 —8.5
489,196
441,601
Total all............ 3.403.287.299 3.864,995.931 —11.9(3.422.303,267
Total New Eng. 228.272,505 231.614.496 — 1.4 223,011,127 202.220,409
Outside
N. Y .. 1.420.382.236 1.407,880,667
.9 1,265.462.765
<7fu,101
...............
-■
"_______*+ 0----A
Note.—For Canadian clearings see “Commercial and Miscellaneous News.
► This year’s clearings considerably Increased by out-of-town clearings department!
PUBLISHED WEEKLY.

Term s of Subscription—Payable in A dvance




THE CHRONICLE
OUR RAILW AY EARNINGS ISSUE.
VVc send to our subscribers to-day the January
number of our “Railway Earnings” Section. In this
publication we give the figures of earnings and ex­
penses for the latest month of every operating steam
railroad in the United States, big and little, which is
required to file monthly returns with the Inter-State
Commerce Commission at Washington—altogether
over 800 roads or systems, comprising an aggregate
of nearly 240,000 miles of line.
THE FINANCIAL SITUATION.
Some striking and timely things were said at the
fifteenth annual dinner of the bankers of this city on
Monday night. After Mr. Hine, President of the
First National Bank and of the State Bankers’ Asso­
ciation, had told the diners, in his opening remarks
as presiding officer, that the banks and trust com­
panies here had never before been in so prosperous a
condition and on so sound a footing, the principal
speaker of the evening, ex-Gov. Black, urged forcibly
that silence and inaction are neither wise nor safe
while the demagogue is left free to foster the excite­
ment upon which he lives. Invasions, he said, do
not always come with musket and drum. Indifferenec and neglect encourage crime, if they do not cause
it. It is the duty of men of sense to stop whispering
in private when disturbers are busy, and to come out
and be heard in the open. Disturbers aim to excite,
and excited men are hard to reason with; therefore,
the course of the demagogue needs an early check.
Such men as you, said Mr. Black, “believe, but you
do not speak; no matter how serious the charge, you
seldom explain or defend, and the human mind is so
prone to believe an accusation that it seldom waits
for proof.”
Ho who excuses himself accuses himself, a proverb
affirms; on the other hand, to keep silent, in a time of
general accusation and alleged moral uplift, is liable
to be interpreted as admission. Further, tin; hastiest
and least reflective public opinion is always loud and
always heard from; therefore, if the sound body of
public opinion keeps silent, the politicians in power are li­
able to mistake this noise on the surface for the real voice
of the people. The persons who speak out, and those who
vote, are the ones who carry weight; and while the
silent ones are thinking, there may be mischief wrought.
This is not Mr. Black’s language, but it is in line
with his thought, and he went on to mention the socalled advanced propositions, such as the initiative,
the referendum, the recall, and election of Senators
by direct popular vote. Flamboyant statesmen are
shouting for these, and it is time for bankers and other
men of substance to make themselves heard. All the
sweeping accusations of general dishonesty and the
talk of predatory wealth Mr. Black vigorously repu­
diated; the standard of morality is higher, and the
individual opportunities are greater, he affirmed, than
ever before.
This is the substance of a vigorous address which
ought not merely to receive applause, punctuated by
the laughter usual on such occasions; it ought to be
seriously taken to heart and followed out. A later
speaker, Congressman J. Adam Bede of Minnesota,
declared that the people are not always right; meaning
that their hasty and emotional acts are as liable to lu:



[V o l . l x x x x i i .

wrong as those of any individual; indeed, the larger
the number, especially when urged by some dema­
gogue, the more cowardly and the less rational the
probable course. As to how the “recall” might work
in troublous times, Mr. Bede said (and he was un­
doubtedly correct in saying so) that such a provision
would have called Abraham Lincoln out of the Presi­
dency in 1862, when affairs looked black, the North
was disturbed, and in the elections of that year Mr.
Lincoln lost hold of some of the chief States.
It is noteworthy that this dinner was given “in
honor of” (or given “to”) the Federal Constitution,
following somebody’s suggestion that ‘The devenerated
instrument” (as Mr. Black called it) had gone a long­
time without notice and consideration; so a neatly
bound copy of it was at every plate, and the diners
were supposed to give it some attention between
courses and to emphasize the fact that the business
of the country is still going on under it. Now this is
more than a hit towards novelty and a touch of humor;
it really suggests serious thought. For while the
founders were men of wonderful foresight they were
still limited; their work is not to be taken as the ulti­
mate human wisdom and is not to be made a fetich.
It is subject to change, as we are forced to realize
nowadays; but amending the Constitution ought to be
the slowest, most deliberate and most cautious work
which the people ever undertake. The document
went untouched (with a single exception) from 1794
to 1865; but we now find a disposition to amend it
swiftly, radically, and without any evident reflection.
This is the most serious of the things which now menace
the country. It ought to cause alarm and give us
pause. It comes about by the very fault reproved
by Mr. Black: silence, which implies assent if not in­
difference, on the part of the substantial majority, while
the superficial elements propose things with a whoop
and the politicians acquiesce.
At the monthly dinner of the Traffic Club, on
Tuesday evening, Mr. Walker D. Hines, Chairman and
General Counsel of the Atchison Topeka & Santa Fo
Railroad, made some observations which are worth
noting, while the rate-advance question is still pend­
ing, because they set an important consideration in
a little clearer light than it has already had. The
Inter-State Commission, he said, must largely decide
“whether the clement of hope shall bo eliminated from
railroad investments.” Exactly; and have the men
who make the loudest and most hostile cry against
common carriers ever asked themselves how large a
place this “element of hope” has in the country’s
affairs, and what are the effects of a temporary failure
of it ? “Consequently,” added Mr. Hines, complet­
ing his sentence, the Commission must largely decide
“whether the inducement in the future to capital to
invest in railroads shall be sufficient to bring about
the investment necessary to extend and improve the
railroads in accordance with the needs of the public.”
This, also, is just and timely, and the future is not
receiving enough thought, while people are strenuously
urging economy as the solution of all transportation
difficulties. There has been some argument over
what is a “reasonable” rate of return, and some
excellent persons have announced their decision upon
that. Their opinion may be sound or unsound; that
does not matter, since it is irrelevant, because1, what

JAN. 21 1911.)

THE CHRONICLE

they overlook is that the private investor will have
his view about it, and will act upon his opinion, which
may not agree with theirs. In his view, we may be
quite sure, the presence or absence of this clement
of “ ho^e” will be a factor.
Upon this point, Mr. Hines said that no provision
of the law declares railroad rates unlawful if they
produce “a return which exceeds some moderate
interest rate on the value of the railroad property.
If such a limitation had existed, said he, “the rail­
roads of this country sould not have been developed
as they have been.” Any such limitation, unless
accompanied by a Government guaranty, will have a
tremendously discouraging effect, he said. For a
public limitation to say six per cent maximum “would
serve as a warning” not to invest in railroads, because
investors would be faced by the possibility or proba­
bility that this lawful maximum might be “reduced
from time to time, by business depression, without
protection or limit of any sort.”
The directors of the new Agricultural Improvement
Association of this State met in the offices of the New
York Central on the 14th and completed their organ­
ization. This organization is distinct from the agri­
cultural improvement work of the Central, but will
cooperate with that. The road’s bureau obtains and
publishes a list of farms on the various lines of the
system within New York which are for sale, and also
owns two farms on which “intense” or scientific
culture has been in-progress during the past year,with
encouraging results. According to a booklet which
the manager of this bureau is about to issue, there are
three conditions for successful farming: good farms,
obtainable at reasonable prices; working the land
properly, and access to the best markets. These
conditions, it is claimed, are notably realized in this
State; particularly, that three-fourths of the total
number of consumers of the United States are within
from one hour to twenty-four hours of New York farms
and that the cities of New York and Boston, with their
suburbs, eagerly demand, on an increasing scale, all
the food the farmer can produce.
According to the last Census, this booklet says,
the nearly 30 million acres of improved land in Iowa
the 2734} millions in Illinois and 1934 millions of Ohio
supass the 1534 millions in New York; yet in total
value of farm products New York does so well that,
while surpassed in the total, the average value produced
per acre is $15 73, while in Ohio (which ranks next of
these four States) it is only $13 36. Some extracts from
reports of farmers who are doing well, notably in fruit,
and find an appreciation in values, will be in this
forthcoming booklet.
The 18th annual report of the State Department of
Agriculture, just submitted, says that during the
year 256 farms, advertised through the Department’s
publications, have been sold, having a total value
above a milliom; that over 10,000 letters of inquiry
from persons in the West and in Europe have been
received and answered; and that there is record of
at least 200 families who intend moving into the
State in this coming spring, options on 74 farms
having been taken. The Department thinks there is
abundant evidence that land-seekers arc turning their
attention to this State, and an agent has been kept in
this city for the especial work of taking up the subject
with desirable immigrants.



143

There is voluminous and loud complaint about the
ways in which the railroads do the business that comes
to them. We have not, as yet, observed any charges
brought against them as to their efforts to get morfe
business to do and to cause two blades of grass and
two stalks of wheat to grow in place of one.
Precautions are being taken, somewhat unnecessarily
it appears to New York bankers, to prevent a possible
gold outflow from London to New York. The Bank
of England, though its percentage of reserve is the
highest for the third week in January in many years
with the exception of 1908, did not on Thursday reduce
its 434% rate, a charge which was 1% above the pri­
vate discount quotation during the first half of last
week, although since then there has been an advance
of Y± of 1%. The stock of bullion now held by the
London Bank is, it is true, $9,000,000 below the
amount owned a year ago, but it does not compare un­
favorably with the average reported at this season.
Furthermore, the receipts of gold by the London insti­
tution have been much heavier than the shipments
during the current month. The directors have no
doubt been governed by the low state of the exchange
quotations between New York and London, while the
gold requirements of India and South America may
have also been a factor. Only once during the last
four years did the Bank of England fail to lower its
rate in the corresponding week of January; yet there'
is no adequate reason for imagining that the main­
tenance of the rather high rate on this occasion justifies
unfavorable deductions. The competition for new
gold subsided this week, private discounts are lower
at every important centre on the Continent than they
are in London, the European central banks have again
improved their position this week, there has been no
glut of new securities, speculation has been orderly,
and nothing has happened in either the financial or
the mercantile world to cause the slightest uneasiness.
New York is not at all chagrined over the stand
taken by the English bankers. The best opinion here
is that the retention of the 434% Bank rate was not
altogether necessary; but it is conceded that the very
able directors of the Bank of England have probably
been guided by more comprehensive knowledge of the
international position than is obtainable here. Amer­
ica does not need to levy upon Europe’s supply of
gold at this juncture. Money is well-nigh unlendable
in New York without aggravating the weakness by
augmenting the supply from foreign sources. Interest
rates here are distinctly below the London discount
rate of 3%@3%%. Short-term loans are procurable at
3%, six months’ funds at 3%% and twelve months’
facilities at 4@ 4^% ; call renewals are made daily be­
low 3% and yesterday 1 3 4 % was named, while mer­
cantile bills have been negotiated during the last few
days at as low as 3%%. The ascertained movements
of currency point to a fairly large inflow from the in­
terior this week as well as a gain from the local Sub­
Treasury, so that to-day’s bank statements may be
again favorable. The actual returns issued last Sat­
urday disclosed an increase in deposits of no less than
$44,065,200 and a net addition to the surplus reserve
of $15,112,700, bringing the total up to $33,861,425.
The expansion in loans was less than half the increase
in deposits, being only $18,273,800, or materially less
than the cash gain, $26,129,000. These various figures

144

THE CHRONICLE

explain why New York can view with equanimity
the efforts of London to hold up discount rates and,
as a corollary, keep sterling from falling to still lower
levels. This week demand almost touched 4 8534,
and it is calculated that the European subscriptions
for New York City 434% bonds, to be sold next Tues­
day, will be sufficiently heavy to depress exchange.
On this subject it may be remarked that sales of the
new bonds “when issued” have been made on the New
York Stock Exchange at a full point above par, a fact
which suggests that the offering will be over-subscribed
at a small premium. The low rates now current for
collateral loans are stimulating the absorption by
financial institutions of high-grade bonds without,
fortunately, fostering wild speculation in stocks. In
short, the strictly monetary as well as the investment
outlook is highly satisfactory and does not call for
special efforts to hasten gold imports from Europe.

[VOL, LXXXXII.

For the first time in the history of Japan a plot to
assassinate the Emperor was unearthed last year and
the perpetrators, after a long trial in secret, were this
week publicly sentenced by the Supremo Court at
Tokio. Twenty-five men and one woman were in­
volved and twenty-four of them were condemned to
death. Later the sentence was reduced to imprison­
ment in twelve instances. A native named Kotoku,
who once lived in San Francisco, and his wife, who
were regarded as the ringleaders, were excluded from
the order for clemency. From what has been per­
mitted to reach the newspapers, it would appear that
the anarchists planned to kill not only the Emperor,
but the Crown Prince, and several high officials, with
the intention of precipitating a itfign of plunder and
disorder. The affair has produced a dazed feeling in
the land of the Mikado, for that ruler has always been
regarded by his subjects not merely as the supreme
head of authority in the empire, but as a divinelyPresident Taft has intrusted to Secretary Knox the anointed representative of the Deity, and therefore
delicate negotiations with Canada for the establish­ absolutely sacred. Consequently, to attempt to harm
ment of reciprocal trade relations, and conferences the Emperor was condemned not only as anarchistic
continue to be held in Washington with delegates from but as sacrilegious. It is hinted that Kotoku imbibed
Ottawa. The Dominion Government’s policy is being his revolutionary ideas when sojourning in the United
personally guided by Premier Laurier and Minister states, but it is not even claimed that the other
of Finance Fielding. The task of drawing up a treaty plotters had ever resided outside of their own country.
agreeable to all interests in both countries is beset with Assassinations, unhappily, have been too common in
such difficulties that the best diplomatic talent will America, but they have been by no means unknown in
be none too skilful to formulate, and then pass, a law the Orient. It is not very long since Marquis Ito was
embodying drastic changes in the present highly pro­ shot down; violent deaths occur not infrequently in
tective system. The Canadian Cabinet has a freer China; while, coming to India, there has during recent
hand than President Taft in entering into agreements years been an epidemic of assaults upon the lives of
with other nations once the Imperial Parliament has high Government officials.
sanctioned negotiations; but the wider powers now This week an attempt was made to assassinate
conferred upon the Dominion Administration have M. Briand, the Prime Minister of France, while in the
stimulated an agitation among members of th3 Domin­ Chamber of Deputies. Two revolver shots were fired
ion Parliament to have all treaties submitted to them at him by a clerk who had been discharged from the
for ratification before being signed—the present prac­ Courts of Bayonne some time ago on the ground that
tice is to lay treaties on the table of Parliament after he was insane. The bullets missed the Premier but
they are signed. A Conservative member has prepared one hit M. Leon Mirman, Director of Public Relief, in
a resolution declaring that it is the opinion of the the leg, though his wound was not serious. The
House of Commons that all treaties should be laid Chamber was thrown into an uproar and the prompt
upon the table of both Houses of Parliament four action of guards alone saved the criminal from being
weeks before they are signed.
roughly handled by the Deputies. Only two months
If, as is not unreasonable to suppose, this proposal ago M. Briand was assaulted by a Royalist, who struck
be endorsed, Premier Laurier and his associates will the Premier twice in the face with a cane, and early
find themselves in a situation similar to that now in the year a workman, armed with revolvers, was
occupied by President Taft and his Ministerial col­ arrested as he attempted to force his way into a hotel at
leagues. No legislation remodeling the tariff schedules Saint Etienne, where the Premier was staying.
need be looked for in a hurry. Officials may bring The growth of attacks upon eminent personages has
forward a new law without undue delay, but to have stirred several governments to institute investigations
that law placed on the statute book is another matter. into the machinations of anarchists. A campaign
Already conflicting measures are being advocated against this class was some time ago started in London
across our Northern border. The Prime Minister has and led the other week to a sensational bombardment
just assured the Canadian Manufacturers’ Association by police and soldiers of a house occupied by certain
that the Government will not go very far towards dis­ notorious leaders, who, after replying vigorously to the
turbing home manufacturers; but, on the other hand, fire of their pursuers, perished in the flames which
the influential agricultural bodies are demanding free consumed the building. An agitation has arisen
trade with the United States.
throughout Great Britain to have a law passed to
Until a tentative treaty has been drawn up for sub­ enable the authorities to prevent the untrammeled
mission to Congress, active agitation may not be immigration of anarchists, members of the so-called
started by the different American factions most Black Hand, and other extremely undesirable charac­
acutely affected, but that a keen contest will take place ters. In the United States the Government and the
before reciprocity is sanctioned may be accepted as a police have done noble work in ferreting out the
foregone conclusion. What is less certain is the final workings of these classes as well as in uprooting organ­
outcome, though the feeling is growing that the present ized
i bands of kidnappers and counterfeiters.
barriers could be lowered with profit to all concerned.



JAN. 21 1911.]

THE CHRONICLE

145

“All American and German as well as British ports better promise of yield in this country, the outlook now
will be involved” in a strike of seamen which the being for a larger crop than seemed at all possible early
.
Secretary of the “Dock, Wharf, Riverside and General in the season.
Workers’ Union of Great Britain and Ireland” states In reviewing Mr. Ellison’s original estimate, we ven­
will be declared this summer. A complete tie-up, says tured the opinion that there was no reason to doubt
the same authority, will be effected in twenty-four that supplies during the season would be ample, and
hours. The General Secretary of the National Sea­ in that belief he seemed to concur, his investigations
men’s Union, Joseph Havelock Wilson, a member of leading him to assert in effect that without lower
the British House of Commons, is less communicative, prices there was little probability of improvement in
though his attitude permits of the deduction being the cotton goods trade. Developments since, includ­
drawn that a strike may be attempted. All this sounds ing the revised estimate, have served to strengthen the
alarming. Why, “a complete tie-up” at all ports of opinion then expressed.
the countries named would threaten starvation for Mr. Ellison’s revision has been very slight, the re­
poor Britain, would it not? But the ship-owners, quirements to meet the consumptive needs of Europe
who know their labor unions, have not been thrown and the United States (including amounts shipped
into hysterics by the dire predictions. They know hence to Japan, China, &c.) and leave stocks at the
full well, just as the union officials also know, that no mills the same at the close of the season as they were
such strike could be brought about “at all ports.” The at the opening being placed at 14,150,000 bales of
most ambitious of recent strikes have all ended in running weights, equaling 13,948,000 bales of 500 lbs.
defeat for the men and have led to the strengthening net each. This is an addition to the original figures
of the position of employers—the “general strike ’ in of only 64,000 bales of 500 lbs. each. The estimate
France proved a fiasco, the railway strike in Portugal allows for an augmentation of 565,000 bales of 500 lbs.
has ended in failure, and in this country threats to each in the aggregate consumption of the countries
strike have usually been followed by the radical modi­ named for 1910-11 and calls for but 11,500,000 bales
fication of demands. Citizens of the United States from America, or virtually the same amount as con­
need not lie awake all night dreading what may happen sumed in 1909-10. Mr. Ellison, moreover, in con­
should a few professional agitators in England ask nection with the estimate, ventures the opinion that
their followers to stop work. The growth of independ­ the prospects are for a much lower level of values
ence in politics has been accompanied by a similar for cotton.
evolution in the attitude of workmen towards their Present indications appear to be for an American
union officials and the outcome cannot but be con­ crop in excess of 11,500,000 bales, and it follows that,
if Mr. Ellison’s conclusions are correct, instead of a
ducive to industrial peace and prosperity.
shortage of supplies there will be a surplus from the
The Portuguese Government has successfully over­ year’s growth to go to augment the world’s existing
come the railway men’s strike without having had to reserve stocks.
resort to violence. Last Sunday several thousand Practically concurrent with the issue of Mr. Elli­
workmen organized a parade and marched past the son’s revised estimate, and of interest in connection
Government buildings in Lisbon to demonstrate, not therewith, has been the action taken in this country
their sympathy with the strikers, but their support to curtail production. The Arkwright Club of Bos­
of the Republican Administration. Public opinion, ton, the members of which represent corporations op­
more than aggressive measures by the authorities, erating some ten million spindles, or fully one-third of
killed the strike. Throughout the present week trans­ the whole number in the country, at a meeting on
portation service has been normal. Lisbon has been Wednesday voted to recommend to the New England
annoyed by a strike of employees at the gas works. mills an indefinite curtailment'of 25%. The curtail­
Isolated acts of violence have been reported. The gas ment is to begin at once and continue until market
main having been cut, an underground explosion conditions improve.
occurred near the railroad terminal on Sunday, and The previous day (Tuesday) the South Carolina
on Monday a bomb was exploded in a railway tunnel Cotton Manufacturers’ Association, representing four
by, it is believed, a discharged workman. Since then million spindles, also took action in favor of curtailing
no serious disorders have been recorded. Recent to the extent of five weeks between April and September
events have in reality strengthened the Government’s as a remedy for the existing unfavorable conditions
hold upon the loyalty of the people, and though dis­ in the cotton goods trade, and a little earlier a some­
appointment is felt, as was inevitable, over delay in what similar move was made by corporations running
introducing promised reforms, the general disposition is over one million spindles in Georgia.
to give the Administration a fair chance to justify its
existence. The direction of affairs thus far by the Foreign discount rates have not maintained the
officials of the new republic has been characterized downward movement of last week, notwithstanding
improvement in the status of the central banks in
by prudence, restraint and toleration.
London, Berlin and Paris. The only important city
Ellison’s review of the cotton trade of Europe for to report a decline has been Paris, where bills can now
the calendar year 1910 was issued in Liverpool this be negotiated at 2)^%. In London expectations were
week, and the details, as received by us by cable, are formed in the first half of the week that the Bank rate
given on subsequent pages. The results confirm the would be lowered on Thursday to 4%, but the Gover­
figures issued from month to month and call for no nors made no change. The consequence was that
comment; but much interest attaches to Mr. Ellisoji’s private quotations were immediately marked up, and
revised estimate of requirements of cotton for the cur­ they close the week on the basis of 3%% f°r 60
rent season (1910-11, Oct. 1 to Sept. 30) in view of the and 90-day spot bills, 3%@3%% for 60-day and



146

THE CHRONICLE

[VOL. LXXXXII.

3 11-16@3 13-16% for 90-day bills to arrive. Berlin levels without endeavoring to start a speculative boom,
has remained firm at 3)4% for spot bills and with a resultant rise in rates. This view, let it be
334% for bills to arrive. At Brussels there has been clearly understood, is not the one most widely enter­
a rather sharp rise, to 3)4 to 334%- Amsterdam is a tained, but it is the one held in certain influential
shade firmer at 334 to 334%- No changes in official quarters, and is therefore worth recording.
discount rates have occurred at any European centre Stock Exchange houses are so confident that money
this week, but London and Berlin may be able to re­ will lemain abundant and cheap that they are renewing
duce their minimum charge next week or the week very few of their maturing loans, being content to
after.
cover the bulk of their needs from day to day. The
The Bank of England encountered no opposition in very fact that this course is being followed tends
the open market for gold on Monday, with the result to infuse an element of uncertainty into the money
that it secured most of the £600,000 available at the market, for, should any urgent demand spring up,
minimum price of 77s. 9d. per ounce, a decline of one quotations might rise without a moment’s warning.
farthing from the previous week. A small balance Nothing has happened this week to suggest a change in
went to India. Our special correspondent in London the easy conditions which have been steadily becoming
informs us by cable that there was also a veiy heavy more pronounced as the month enters its final stages.
return flow of gold from internal circulation. Since The maximum charge for call loans has been 3%; quite
the weekly bank statement was compiled there have a few transactions have been made at 2 3 4 %; a new
been exports to South America and India to the extent minimum for the year, 1)4% has been recorded, while
of £275,000 and £120,000, respectively; but bars the ruling rate each day has been 2)4% or under. Yes­
have been purchased in the open market to the total terday the range was 1% to 2 3 4 %, the close being at
of £242,000. The weekly statement showed notable l/4%- The demand for call money has been relatively
improvement in nearly all accounts. The gain in larger than for time accommodation. A few brokers
bullion reached £1,761,475, while the total reserve have offered to pay 4% for Jan. 1912 maturities and
increased £2,244,068, there having been a consider­ some business has been done at that figure as well as at
able reduction in circulation. Loans decreased £662,­ 4)4%. The detailed range at the close yesterday was
059, ordinary deposits £200,023 and Government as follows: 30 to 60 days, 3%; 90 days, 3)4@3)4%;
securities £444,089, while public deposits rose £1,292,- 4 and 5 months, 3)4 @334%; 6 months, 334%; 7 to 9
046. The total amount of bullion on hand at the close months, 4%; and 12 months, 4@4)4%. Commercial
of the week was £34,661,264. The ratio of reserve paper is much more active than it was a fortnight ago.
to liabilities increased from 47.83% last week to 51.23% Purchases have been made more freely both by outthis week. Our correspondent further advises us that of town and by local institutions. Rates have covered
exports during the week were only moderate. The de­ a wide range. Sixty to ninety days’ endorsed bills
tails of the movement into and out of the Bank were receivable and a few exceptionally choico four months’
as follows: Imports, £522,000 (of which £57,000 single-name bills have been placed at 334%, but the
from Switzerland, £13,000 from France and £452,000 usual minimum has been 4%. The orders sent from
bought in the open market, including £10,000 French other cities have usually called for a 4)4@4)4% yield,
coin); exports, £256,000 (of which £100,000 to Paris, and it has been possible to supply good paper on these
£71,000 to India and £85,000 to various destinations), terms. The dulness in trade at most points has
and receipts of £1,495,000 net from the interior of evidently prepared the bankers thore for a term of
Great Britain.
cheap money. So far commercial bills have been
more in favor than bonds. It need scarcely be added
Ihe almost general belief that funds will continue that, while the Aldrich plan for currency reform has
to accumulate in New York at a rate certain to cause been closely studied, it has had no influence whatever
quotations for loans to decline well below the level now upon operations in the money market.
prevailing is not shared by certain influential bankers
in the Wall Street district. These bankers are refusing Foreign exchange bankers look for a marked diminu­
to release funds on the current terms, especially for tion in the supply of commercial remittance, especially
long periods. Their contention is that the demands cotton bills, for extensive purchases of our bonds and
for new capital during the few months will be so ex­ notes by European banking firms and investors, but
tensive, and that the yield offered will be so generous, for possible sales of American stocks, with, as a net
that surplus supplies of money will be used up, and result, no startling movement by sterling in either
that thereafter interest rates will advance. In the direction. Reasons are adduced, of course, for enter­
meanwhile, rather than lend on collateral at 3 @334%, taining these views. Thus, the Government’s foreign
those who take this stand are seeking employment trade returns for December and for the full calendar
for their resources in either short-term notes or high- year show that cotton, our most valuable export com­
class bonds enjoying an active market and returning modity, was hurried to European markets during the
better than 4%. Looking further ahead, it is argued final quarter of 1910 at an abnormal rate, while the
that should the decision in the railroad freight hearing total shipments of merchandise in each of the last five
and the Supreme Court’s ruling on the Sherman law months exceeded the corrseponding figures of previous
be even moderately satisfactory to the business world, years. The aggregate value of our exports for the
trade will recover rapidly and radically. It is also period from August to December, both inclusive,
pointed out that returns from the national banks in reached the wholly unprecedented total of $945,024,­
a number of important cities show that over-expansion 533. A falling off is consequently inevitable during
has not been entirely eradicated, inasmuch as loans the next few months.
are still in excess of deposits. Then the stock market Ihe expectations of foreign purchases of bonds are
seldom allows money to remain at abnormally low based partly on international monetary and invest


J a n . 21 l o i l . i

THE CHRONICLE

ment conditions, but partly also on definite informa­
tion received from influential European correspondents
as to their intentions. The anticipated selling of
stock is already in evidence, though only in a small way.
The preference for bonds over stocks is thus explained:
Until recent years the income return from bonds was
so much smaller than the yield from stocks that indi­
vidual investors often chose the latter, making their
selections as a rule from the well-seasoned, standard
issues. But to-day a company which needs money
does not stand aloof from the bond market, as it did in
former years, simply because the rate of interest must
be raised to a level that would at one time have been
regarded as a reflection upon the borrower’s credit.
In other words, sellers of bonds have had to adjust
themselves to conditions. The average European in­
vestor would rather own a bond than a stock were
the income return equal. Very attractive bonds can
now be secured to yield 4% @5%—a rate entirely
satisfactory abroad; and in not a few instances stocks
are being sold to enable the owner to buy bonds. The
new week will afford more definite information on the
attitude of Europeans towards the New York City
$00,000,000 loan, while a little later railroad offerings
will come on the market.
This week two moderate American bond issues were
absorbed abroad and a considerable quantity of short­
term notes has also been taken. Operators in ex­
change have acted cautiously. Early in the week one
bank resumed its speculative tactics, this time on the
buying side of the market; but since then quietness
has prevailed. Rates weakened nearly every day, a
minimum of 4 86 being reached by cable transfers on
Thursday, but yesterday there was a moderate recov­
ery, demand touching 4 85% and cable transfers
4 8615 @4 8625.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer; demand closed at
4 8590 @4 8595, cable transfers at 4 8630 @4 8635 and
60 days at 4 8255 @4 8265. On Monday cable trans­
fers eased to 4 8620@4 8630, demand remained prac­
tically unchanged and 60 days advanced to 4 8260 @
4 8270. On Tuesday demand fell to 4 8580@4 8585,
cable transfers to 4 8610 @4 8620 and 60 days was
quoted at 4 8265 @4 8270. Weakness again prevailed
on Wednesday; demand declined to 4 8560@4 8565,
cable transfers to 4 8605 @4 8610 and 60 days to
4 8250 @4 8260. On Thursday demand touched a
low level of 4 8555 and cable transfers fell below 4 86,
but there was a recovery, the close being at 4 8560@
4 8565 for demand, 4 86@4 6805 for cable transfers
and 4 8255@4 8260 for 60 days. On Friday demand
and cable transfers advanced 15 points.
The market closed on Friday at 4 8250@4 8260 for
60 days, 4 8570@4 8580 for demand and 4 S615@
4 8625 for cables. Commercial on banks was quoted
at 4 82@4 82% and documents for payment 4 81%
@4 82. Cotton for payment ranged from 4 81
1 81%, grain for payment from 4 82% @4 82%.

147

With the Sub-Treasury operations the result is as
follows.
Week ending Jan. 20 1911.
Banks’ Interior movement as above.

Into
Out of
Net Change in
Banks.
Banks.
B ank Holdings.
$14,927,000 $5,894,000 Gain $9,033,000
36,300,000 31,300,000 Gain 5,000,000
$51,227,000 $37,194,000 Gain $14,033,000

The following table indicates the amount of bullion
in the principal European banks.
Jan. 19 1911.
Jan. 20 1910.
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
£
E ngland.. 34,661.264
34,661,264 36,465,276
36,465.276
Franco . . 130.046,840 32,807,120 162,853.960 139.039,720 35,003,200 174.042,920
Germany . 38,996,450 13,792,350 52.788.800 39.390,800 12,573.550 51.964,350
Russia . . . 142,855,000 6.448.000 149,303,000 140,890,000 7.062.000
Aus.-IIun. 55.122.000 12.192.000 67.314.000 56.549.000 12.714.000 147,952,000
69.263.000
S p ain ___ 16.439.000 30.716.000 47.155.000 16.127.000 30.803.000 46.930.000
Italy ___ 39.350.000 3.558.000 42.908.000 38.650.000 4.058.000 42.708.000
N cth’lands 10.785.000 2,226,600 13,011,600 10.082.000 2.936,700 13.018,700
N at.Belg,. 5,142,667 2,721,333 8.164.000 4.268.667 2,134,333 6.403.000
Sweden . . 4.466.000
4.466.000 4.468.000
4.468.000
Swltz’land 6.232.000
6.232.000 5.058.000
5.058.000
Norway . . 1.919.000
1.919.000 1.777.000
1.777.000
Total week 486,315,221 104,461,403 590,776,624 492,765,463 107,284,783|600,050,246
Prev. week 481.146.326 103.537,723 584,684,049 488,481,301 106,449,917 594.931,218
Banks of

SENATOR ALDRICH'S BANKING
REFORM PLAN.
The scheme for a central banking organization, sub­
mitted by Senator Aldrich to the Monetary Commis­
sion last Tuesday, is likely to play an important part
in banking and currency discussion, for the reason
that until now no concrete plan from an official source
has been before either the Commission or the people
at large. Mr. Jacob H. ScliifT correctly voiced the
general feeling of practical experts when he said, in his
speech to the Academy of Political Science last month,
that it was virtually impracticable to discuss the de­
tails of any banking reform plan until the Monetary
Commission had made some report on its own account.
As a matter of fact, the Monetary Commission has as
yet taken no official action whatever, and it can hardly
be said that even the impressions and ideas of more
than two or three out of its numerous membership
are known.
Naturally, under such circumstances, no legislation
is possible on this subject in the few remaining weeks
of the present Congressional session, which expires
by limitation on March 4. Washington dispatches in­
dicate that the Commission will take up the matter
of public hearings after the adjournment of Congress
and will continue such hearings through the summer.
All this, however, simply made it more advisable that
some official outline of a proposed plan should be made
public, and since Mr. Aldrich was Chairman of the
Commission, he was the only person who could sub­
mit such a plan with sufficient authority. His sketch
of a bank reform plan, although carefully avoiding use
of the name of central bank, in reality outlines exactly
such an organization. Great care is taken, however,
in providing for distribution of stock ownership, and
there is also a manifest effort to recognize, in the gen­
eral supervision of banking operations throughout the
country, what may be called the “ federal principle.”
In the matter of ownership the stock of the so-called
The following gives the week’s movement of money “Reserve Association of America” is to be subscribed
to and from the interior by the New York banks.
for and held only by national banks as such, each bank
subscribing to the extent of 20% of its own outstand­
Received by Shipped by
Net Interior
ing capital stock, and not less. As to what would be
Week ending Jan. 20 1911.
N . Y . Banks. N. Y . Banks. Movement.
$13,078,000 $4,770,000 Gain $8,308,000 the provision for national institutions wishing to enter
Gold ...........................
1,849.000
1.124,000 Gain
725,000
the general association after the $300,000,000 suggested
$14,927,000 $5,894,000 Gain $9,033,000
capital of the central organization had all been sub­



148

THE CHRONICLE

scribed, nothing is said in Senator Aldrich’s outline.
On the question of management, he provides for fifteen
branch associations, in as many districts not yet geo­
graphically designated, which shall elect fifteen mem­
bers to the national directorate, banks in each district
voting simply as members of the association. Twelve
other national directors will be chosen by vote of banks
holding shares in the institution; twelve others, com­
prising outside business men, will be elected by the
board itself, and in addition there will be six ex-officio
members, including the Governor of the central in­
stitution, his two deputies, the Secretaiy of the Treas­
ury, the Secretary of Commerce and Labor and the
Comptroller of the Currency. The executive com­
mittee of nine, which would naturally bear upon its
shoulders most of the responsibilities, would consist
of the Governor, the two deputies, the Comptroller of
the Currency and five other members elected by the
board.
To this extent the federal principle is applied, even
in the choice of a national management. It appears
in another form in connection with Senator Aldrich’s
propositions for rediscounts by the central organiza­
tion. The central association is empowered to re­
discount on its own initiative notes and bills with a
maturity of not more than twenty-eight days and
drawn at least thirty days prior to rediscounting; but
for commercial notes and bills of a longer maturity
the guarantee or endorsement of the local association,
in which the bank applying for rediscount is a member,
will be required. The same stipulation of endorse­
ment by a branch association is made regarding direct
loans to a depositing bank. These special provisions
open up an interesting and, in our judgment, very
promising field for further discussion. At all events,
they do much to harmonize the hitherto widely con­
flicting opinions of those who advocated a central
bank upon the European plan, pure and simple, and
those who believed in district or local supervision and
administration, with possibly a general board of review
at Washington. It is quite possible that, in the hear­
ings and discussions which will follow, this plan for
distribution of initiative and responsibility will be
much more widely canvassed and conceivably with
some considerable extension of the Aldrich idea.
Apart from the foregoing provisions, Senator Ald­
rich’s outlined institution would resemble other central
banks. It would hold the Government’s surplus cash,
would collect its revenue and attend to its disburse­
ments, and would hold as official depository the re­
serves of national banks. It is further provided that
no interest shall be paid on such deposits—a provision
which will perhaps open another field of discussion
as to whether either the reserve city banks, which now
make profitable use of interior bank deposits or the
interior banks themselves, which now draw 2% on such
deposits, would readily consent to the transfer of those
accounts to a central banking institution. On this
point the plan is silent, except that it apparently
authorizes national banks to count as part of their
lawful reserves all the money which they may have
on deposit with the central institution. Naturally,
this central institution is to hold no deposits for other
clients than the Government and the national banks.
In general, Senator Aldrich’s plan appears to open
the banking reform discussion in an extremely promis­
ing way. We do not mean that all of his propositions,



[VOL. LXXXXII.

in general or in detail, are open to no criticism. Mr.
Aldrich himself modestly describes it as a “tentative
plan and does not ask for immediate approval, con­
fining his own assurances to the fact that it will furnish
to every one interested in the subject “a basis for
criticism and discussion.” It is unquestionably well
adapted for that purpose—not least of all because it
frankly recognizes, as we have shown, the wisdom
of compromise between opposite theories of banking
reform, and is not dogmatic in asserting either the one
or the other theory. The importance of a tentative
plan, constructed on that basis, lies in the fact that
adherents of either theory will feel at liberty to
suggest amendments or extensions of the plan, without
opposing its theory in toto. There thus seems to be
some real prospect of harmonizing the views of those
who would begin with a central bank and fasten it on
the country’s banking structure by a succession of links
from the top downward, and those who would begin
with independent local associations, having supervisory
powers, and from thence build up a unifying general
organization or committee.
It is not to be assumed that all of Mr. Aldrich’s
suggestions will be accepted without criticism or
dispute. When the discussion is fairly under way, we
suspect that one of the Senator’s proposed provisions
will be scrutinized with very considerable doubt.
This is the part of his plan in which he proposes two
new classes of national banks, one having savings
departments and making loans on real estate, the other
exercising all the functions and privileges of trust
companies as laid down by the law of the various
States. We suspect that this mixing of Federal and
State authority in the case of a single class of institu­
tions will be regarded with dislike by bankers, and
that the notion of conferring on national banks powers
which will inevitably differ radically in the different
States will not be heartily approved by any one. For
ourselves, we are old-fashioned enough to believe that
in matters of savings and trust accounts the States
are the proper supervising authorities. If the laws
for such institutions in a given State work badly, the
people of that State will suffer and will insist on a
change in the law. But if an imperfect or obnoxious
system of State requirements were to be hitched on
to institutions organized under a national charter, and
enjoying the prestige which would presumably come
with such association, we should not by any means look
for so happy a result in improved State laws.
Mr. Aldrich’s plan is not altogether clear in its
provisions for note circulation; indeed, this is perhaps
the vaguest part of the series of propositions. What
he suggests regarding the taking up, by the central
organization, of Government bonds surrendered by
banks retiring circulation, is of a highly tentative
character and would require much further practical
working out. As regards the issue of notes by the
central organization, that is confined in the first place
to circulation surrendered by existing national banks,
and thereupon taken over by the central institution.
For additional or emergency issues there is provided
an annual tax, ranging, according to the amount of
such extra circulation, from 3% to 6%, and the
note issues are to be covered, one-third by lawful
money and the remainder by bonds of the United
States or approved commercial paper. As to this
part of the Senator’s report, we presume that the

JAN. 21 1911.]

THE CHRONICLE

propositions will have to be much more clearly desig­
nated before it can be said that a well-defined plan is
before the public. The problem of what would happen
to the Government’s outstanding 2% bonds, and what
would be the effect on the price of future United States
bond issues, if the basis of note circulation were to be
changed from United States bonds to commercial
paper assets, has all along been the most troublesome
and perplexing factor in the case. We understand that
Senator Aldrich himself has reckoned with much confi­
dence on the absorption of such released Government
bonds by the postal savings investments. This re­
mains to be seen. It is an aspect of the matter con­
cerning which a good deal will be heard in the discus­
sion of the next few months.
THE LIM ITATIONS UPON JUDICIAL REVIEW
OF STATUTES.
An esteemed correspondent writes to express sur­
prise that instead of commending the recent article
of Judge Lurton (“Chronicle,” Dec. 31), we did not
take issue with his declaration that the Supreme Court
lacks constitutional authority to save us from the con­
sequences of our legislative folly. A few sentences
from this letter are these:
Our Constitution, in certain sections, expressly and
without qualification authorizes privileges of the indi­
vidual, while in other sections authority to nullify
these privileges is expressly given. On a close ballot,
the private opinion of one Justice can rescind, under
the “general welfare” clause, any legal right I have.
I do not complain of the status of the case. The reason
why conflict between individual and general rights
can never be eliminated is ancient and obvious. And
we have no reason to suppose that in those cases
where equity (i.c., general welfare) is practically in­
dispensable to the stability of the social order, a better
way will ever be found than the present way of takingsome judge’s private opinion as the working criterion
of legal justice and compelling men to accept it as
such.
The Federal Constitution does declare that one of
its objects is “to promote the general welfare,” and in
Article I enumerates among the powers of Congress the
providing “for the common defense and general welfare
of the United States.” Under this generalization,
almost anything might be proposed, or possibly
enacted; as a case nearly parallel, we have seen another
generalization in that same statement of the powers
of Congress (the power “to regulate commerce with
foreign nations and among the several States”)
stretched and drawn out of all rational shape and in­
disputably beyond anything contemplated either by
the founders or by the men of their time. When
such occasions arise, the Supreme Court must deal
with them.
After referring back to the article criticised, we
find nothing to withdraw or change, although quite
concurring with our correspondent that, inasmuch
as the real sense of morality “comes wholly from
within,” there can be no greater blunder “than to in­
voke law as an aid to moral progress.” The reference
here is of course to statute, and we can cite the highest
authority for the declaration that “the kingdom of God
is within” ; therefore, development must be from
within.
The only issue raised is that “our Supreme Court
does not lack constitutional authority to save us
from ourselves if it feels called upon to do so; what



149

the Court usually lacks is a sense of imperative ne­
cessity to inject its own private wisdom and judgment
into the case, lest the social heavens fall.” There is
one inaccurate expression here. A judicial decision
is never a private opinion” or a piece of “private”
wisdom: far from that. Because a finality must be
had somehow, fallible men are invested with authority
to declare it; and all rational fellow-men agree to re­
spect the finding, although they may privately dis­
approve it. The late Justice Brewer understood this,
when he said that after a decision is given the judges
are open to reasonable criticism like other folks.
The constitutional powers of the high courts are de
terminable by a veiy simple analysis. Radical and
conservative agree in one proposition at least: that
all power resides in the people and that in the long run
they cannot be prevented from having their own way,
so far as that is procurable by any human means.
The people in this country began by enacting what
Judge Lurton luminously calls the “primary and su­
perior law” in written constitutions; some of the newer
States are stuffing legislative details into theirs, but
generally these documents have been broad-lined,
merely defining and limiting delegated powers. Until
these constitutions are changed by the people, they
cannot be overruled.
The most fundamental thing in our political struc­
ture is the separation and independence of executive,
legislative and judicial powers. The everlasting prin­
ciples of justice are supposed to be imbedded in the
Constitution; the function of the Supreme Court is to
interpret them, and to use them as touchstones for
determining whether the legislative body has kept
within its delegated powers. The people alone can
write new matter into the Constitution or expunge
any of the old.
This seems to us to admit no argument. For if the
Supreme Court undertook to nullify a statute because
of evident folly or injustice, instead of because it is
found “repugnant to” the Constitution, it is plain
that this would be usurping the veto power of the
Executive. When the “primary and superior law”
has granted or denied something, a court may define
the grant or denial; it cannot alter either. An implied
confirmation of this view has apparently been given
this week in a remark by Judge McKenna, in the hear­
ing on the Corporation Tax case, to the effect that
“this Court is not the refuge of those who complain of
unequal and unjust laws.”
But as to the consideration of consequences? Here
our correspondent affirms that the Supreme Court
can save us though we persist in folly; the “Chronicle”
holds that the courts can only leave us to rise out of
folly by experience of its results. Observe, upon this
issue, that such an enlargement of judicial powers,
upon the plea of keeping the social heavens in place,
is parallel with denunciation of the courts, in this:
that it tends towards undermining them. For if the
courts proceed too far in nullification a reactionary
movement against them might be provoked; for in­
stance, the sovereign people, if swept out of all reason
by rage, could re-define the powers of the judiciary by
constitutional amendments on so-called “progressive”
lines.
Moreover (and of hardly less importance), to rush
into emotional statutes, relying on the courts to inter­
pose, is a lowering of prudence and responsibility. We

150

THE CHRONICLE

have known one branch in a legislative body to push
foolish things along on the assumption (or possibly
the understanding) that they would be stopped in the
other branch; we have also known both branches to
pass bad bills on the asumption that the veto would
check them. Any proposition which tends to pro­
mote, or even to justify, such a shirking of duty and
. betrayal of trust is a bad proposition. The great
question is whether the people are capable of self-gov­
ernment. The optimist may deem this already settled
favorably, and we ncco] not discuss it; but perverting
the functions of one branch, or looking to one branch
for rescue from the consequences of bad work by
another, can aid a happy solution of it only by re­
action obtained through suffering.
OUR FOREIGN TRADE IN 1910.
A new high aggregate in the foreign trade of the
United States was established in the calendar year
1910. The combined total of imports and exports for
that period of twelve months is given as $3,427,218,­
892. This is an increase of 223% millions over the
previous year, 558 millions over 1908 and 80% millions
over 1907—heretofore the record. The result follows
primarily, however, from a further important gain in
the value of merchandise imports, which surpassed
all previous totals. The exports, while appreciably
greater than in 1909 or 1908, fell below the aggregate
of 1907. High prices have, of course, served to swell
the values of some of the articles sent out (this being
noticeably the case in cotton), but a lowering of values
in others has acted largely, if not wholly, as an offset.
Furthermore, the decline from the 1907 record of
exports is more than accounted for by the decline in
the volume of our breadstuffs shipments.
The merchandise imports reached no less than
$1,562,807,622, which compares with $1,475,520,724 in
1909, $1,116,374,087 in 1908 and $1,423,169,820 in
1907. These figures, by themselves, do not furnish
a clear idea of the phenomenal expansion in our import
trade of recent, years. Down to as late as 1904 the
value of tiie inflow of commodities into the country
had never been as high as 1,000 million dollars; in the
year mentioned the total slightly exceeded that
amount. In the six years, therefore, the addition has
been 50%. With a few notable exceptions all the im­
portant commodities 'shared in the further expansion
in imports in 1910, and those exceptions comprised in
a number of instances articles the movement of which
in 1909 had been accelerated by pending tariff changes.
Imports of hides and skins in 1910, for instance, were
appreciably less than in 1909, and the same was true
of champagne and other liquors. Coffee, wool and
silk, too, following the large movement of 1909, came
in less freely in the year lately closed. On the other
hand, India rubber, reflecting the largely increasing
demand for the commodity for tires, &c., showed a
very large addition and reached a total nearly three
times that of 1908, part of tin; gain in value being
due, of course, to higher prices. Sugar also exhibited
large increases in both quantity and value. But by far
the most noticeable gain in imports in 1910 was in one
of the items that have heretofore been of very minor
importance. We refer to flaxseed, the inflow of which
in 1908 covered a value of only $44,721, then rose to
$2,156,999 in 1909 and exceeded 15 millions in 1910.
Other articles rec rd ng gains of more or less import­



[VOL. LXXXXII.

ance in the latest year comprise vegetable oils, iron and
steel, and manufactures, tin, chemicals, art works and
wood and manufactures.
Merchandise exports in 1910, as already stated, were,
with the exception of those for 1907, the largest on
record, the aggregate as reported having been $1,864,­
411,270, against $1,728,198,645 the previous year,
$1,752,835,447 in 1908 and $1,942,426,205 in 1907.
The decline from the latter figure is due to the falling
off in breadstuffs shipments. Indeed, the 1910 figures
bring out forcibly the gradually decreasing importance
of breadstuffs and meat and dairy products in outexport totals. Time was when they were a dominating
influence; even as late as 1909 they made up, in
conjunction with cotton and petroleum, the greater
part of our export trade. In the late year, notwith­
standing a gain in cotton almost sufficient to offset
the losses in the other articles for which advance state­
ments are issued, the total of those items was some
130 millions less than that of manufactures, &c. This
growth in the exports of manufactured articles, which
has been quite steady for some years, is of course very
gratifying, as it lessens our dependence upon agricul­
tural products. With our great growth in population,
the surplus of foodstuffs available for export naturally
diminishes, and in a poor year becomes almost a
negligible quantity. Thus it was with wheat last year.
Breadstuffs exports in 1910 covered a value of only
$105,698,473, against $139,460,593 in 1909 and
$196,262,583 in 1908. The 1910 total is much less
than for any recent year, only excepting 1904, and
makes a most decided contrast with the 276% million
aggregate of 1901. Cotton exports, by reason of the
short crop of 1909, were smaller in quantity in 1910
than in any year since 1904. The shipments were in
fact only 7,096,600 bales, against 7,576,153 bales in
1909 and totals of over 8 million bales in 1908 or 1907.
The average export price in 1910, however, was
14 9-16 cents, or higher than in any year since 1874,
and comparing with 11% cents in the previous year,
10 cents in 1908 and 11% cents in 1907. Conse­
quently the value of the 7,096,600 bales exported in
1910 was $530,798,957, whereas for the 7,576,153
bales sent out in 1909 the value was but $461,919,568,
and the 8,436,143 bales of 1908 represented only
$438,829,110. As it is with breadstuffs, so with
provisions—the export* are decreasing quite steadily
year by year, home needs reducing materially the
surplus available for export. As a result the American
packers are developing outside of this country bases
of supply for their foreign trade and have turned to
Argentina. All important items included under pre­
visions showed declines in 1910 from 1909, with the
falling off most decided in hog products, and the
aggregate value of all exports only $128,479,768,
against $151,964,037 the previous year and $181,492,­
154 in 1908. Petroleum shipments for 1910 were not
only below the record total of 1909 and smaller than in
1908 as regards quantity, but in consequence of lower
prices exhibited a proportionately greater decline in
value. Exports of 1,470 million gallons valued at
$92,562,713 for 1910 compare with 1,570 million
gallons and $103,838,590 in 1909 and 1,547 million
gallons and $108,815,455 in 1908.
Contrasting sharply with the decreases in the out­
ward movement of these leading staples, we find some
notably large increases in exports of manufactures.

J a n . 21 1911.]

THE CHRONICLE

Iron and steel and manufactures, for instance, reached
a total outflow in the late year of approximately 200
million dollars, the heaviest on record, and exceeding
the 1909 aggregate by fully 40 millions. Practically
every country in the world is using in some form the
products of our iron and steel manufacturing establish­
ments. The shipments of these products have more
than doubled since 1903. Leather and manufactures
and wood and manufactures were also exported to a
much larger extent in 1910 than in 1909, and satisfac­
tory gains arc to be recorded in naval stores, automo­
biles, instruments, and a number of other articles.
Decreases are so few and so small as to call for no
special mention.
As indicating the changes from year to year in the
exports of leading staples, and the relation those
principal items bear to the aggregate outward move­
ment of merchandise, we introduce here the following
table, which covers the figures for the last six years.
EXPORTS OF LEADING p r o d u c t s f o r s i x c a l e n d a r y e a r s .

Exports. I 1910.
1909.
1908.
1907.
1900.
1905.
S
$
S
S
$
S
Cotton . . . 530,798,957 401,919,568 438,829,110 469,820,601 413,137.936 392,600,044
Breadst’ffs 105,098,473 139,460,593 190,202,583 214.039,405 189,069,690 154,300,630
Prov’ns&c 128,479,768 151,964,037 181,492,154 197,034,350 208,586,501 190,600,703
Cattle, sh’p
& hogs. 9,805,219 16,016,121 27,533.329 34.808,819 39,445,859 42,974,935
Pet l'm ,*c 92,562,713 103,838,590 108,815,455 91,383,004 85.738,800 79,040,929
T o ta l... 807,345,130 873,798,909 952,932,031 1008372299 935,978,852 860,117,841
All other
articles. 997.006,140 854,399,736 799,902,016 915,053,906 862,264,582 760,872,954
T o ta l... 1864411270|1728198645 1752835247 1923420205 1798243434 1020990795
1
*
4

It will be seen from the foregoing that the outflow
of “other articles” in 1910 was nearly 143 million
dollars in excess of 1909, but that the shipments of
the leading staples fell off over 6 million dollars, after
having declined 135 millions in 1909 and 1908. But
what is of more significance, the general exports (other
articles) now for the first time make up over half the
grand total.
The trade balance in favor of the United States for
1910 was in excess of that for 1909, the comparison
1eing between $301,003,648 and $252,077,921. This
was due to the fact that the recovery in the exports
exceeded the further expansion in the imports. As
compared Avith 1908, however, there is a big decline,
the export balance in that year having reached
$630,461,360. At that time the imports suffered a
severe reduction following the panic. The fact is,
however, that in all years back to and including 1896
the balance in our favor was greater than for 1910.
The movement of gold inward and outward in 1910
was so nearly equal that on the year’s opera­
tions there remained in our favor a merely nom­
inal amount—$447,616. In 1909, on the other hand,
our gold exports, mainly to South America and Japan,
were of record proportions, and imports were less than
at any time since 1902. The result was a net export
of gold in that year of $88,793,855, which followed a
net outflow of $30,939,163 in 1908 but an excess of im­
ports of $88,182,391 in 1907. Of silver we exported
net $11,482,133 in 1910, against $11,404,607 in 1909
and $9,613,541 in 1908. Combining the various net
balances, we have the following comparative summary
of the trade balance as a whole.

YEARLY TRADE BALANCE.
' 1910.
1909.
1908.
1907.
1900.
Excess o f-r
$
8
S
S
S
Mdse. exports____ 301,603,048 252,077,921 636,461,300 500.250,385 477,741,802
liver exports......... 11,482.133 11,404,607 9,013,541 15,713,506 10,729,251)
B•
----------------------------------------------------- ------------------------------------- T otal.......................313.085,781 204,082,528 640,074,901 515,909.891 494,471,112
Gold exports......... .. *447,690 88,793,855 30,939,103 *88,182,391*108,870,222
Grand total..........312,038,085 352,876,383 677,014,004 427,787.500 385,600.890
L_* Excess ol Imports.




151

With all the items included, it will be seen that the
exhibit for 1910 shows an excess of exports of $312,638,­
085, this comparing with $352,876,383 in 1909 and
$677,014,064 in 1908—the latter the largest on record.
As a matter of record we append a table which
has been drawn upon very largely in the references
contained in the remarks above.

BREADSTUFFS AND COTTON EXPORTS FO R
W h ea t* flour— 1910.
1909.
1908.
Bushels.......... 62,000,000 92,085,642 151,338,121
Values...........$65,475,000 $100,529,381 $153,741,845
Wheat,av.prlce. 96 7-32c. $1.04 13-32
99J^c.
Flour, av. price $ 5 .13^
S5.15Ji
$4.73
Com—bushels.. 43,000,000
36,205,652 37,577,717
Values .$27,638,000 $25,444,990 $25,216,114
Averageprlce 64 9-32c.
70c.
67c.
Oats—bushels- 1,985,000
1,272,294 1,204,859
V alues.. $877,750
$672,469 $627,547
Averageprlce 44 7-32c.
52Jfc.
52 %c.
Cotton—bales . 7,096,000
7,576,153 8,436,143
Averageprlce 14 9-16c.
ll^ c .
10c.

CALENDAR YEARS.
1907.
BtS 1900.11
160,127,925*127,209,434
$151,044,577 $107,585,377
94}*c.
,78U c.
$4.25 3 Wl R $4.08
83,200,872 |1 0 2 ,518.817
$46,991,377 $52,840,269
56 7 -1 6 c .^ * l 5 1 « c .
1.745,859 *f25,4S0,450
$886,040 ® $9,336,121
50>^c. *3
|3 6 % c.
8.132,734 J g 7 . 450,110'
llj^ c 10Hc.

E M P L O Y E E S M A Y N O T C O N S P IR E TO I N J U R E
T H E B U S IN E S S OF E M P L O Y E R .
1

In continuing an injunction granted to a large lumber
dealer and manufacturer in Brooklyn against certain
unions of carpenters who sought to injure his business
because he refused to substitute the “closed” for the
“open” shop, Justice Blackmar in the Supreme Court in
Kings County at Special Term handed doAvn an opinion
which defines clearly the line of demarcation that must
be drawn between legal and illegal acts on the part of
labor unions. The plaintiff was the Albro J. NeAvton
Co., which maintains an “open” shop, employing men
without reference to their membership in labor unions.
The defendants were agents and officers of certain
local labor organizations affiliated with the United
Brotherhood of Carpenters and Joiners of America,
a union composed of about 185,000 workers in wood.
These labor organizations undertook to force the
plaintiff to “unionize” its mill.
With this end in view the representatives of the union
called on the plaintiff company and requested it to
discharge all employees who would not join the union.
As the company refused to do this, the union a t­
tempted coercion. The product of the plaintiff’s
factory is sold mainly to builders in New York. The
carpenters employed by said builders are largely union
men. The plan of action devised by the union was to
so injure the plaintiff’s trade by working upon the
fears and necessities of its customers that it would be
obliged to submit to the union’s demands. For this
purpose it circulated among the owners, contractors
and builders of New York a notice to the effect that
the union would refuse to handle material unless made
under “strict union conditions.” The circular con­
tained a list, so Justice Blackmar says, of the firms
working under agreement Avith the union, omitting the
plaintiff’s name. The union then proceeded to call
strikes against the builders and contractors Avho used
the plaintiff’s material, Avhich Avere enforced by a
system of fines on its members.

Upon this state of facts the plaintiff company Avas
granted a preliminary injunction, Avhich has iio a v been
continued. The contention of the labor unions Avas
that they were using laAvful means; that is, the right
to decline to work except under satisfactory condi­
tions, which included the right to announce their in­
tention so to do to accomplish a laAvful object, namely
the improvement of the condition of labor. In reply
Justice Blackmar says that Avorkmen have the un­
limited and unqualified right to refuse to Avork. A
strike is a combination to quit work-; he declares, and
a strike can never, in and of itself, be illegal. It does

152

THE CHRONICLE

[VOL. LXXXXII.

not need to be justified. The absolute right to refuse result is the same. The concerted action is an illegal
to work, which necessarily exists in a free constitu­ conspiracy. Continuing, the opinion says.
tional government constructed on individualistic prin­ The state of the law and the position of the courts
ciples, is guaranteed by our Constitution and cannot should be made perfectly clear on these points. The
be abridged by legislative, executive or judicial power. usefulness and value of labor organizations are fully
Their efforts to better the condition of
Whatever the workmen may lawfully do they may recognized.
labor
have
been
effective, beneficial to
announce their intention of doing, and such announce­ labor and of greatremarkably
value
to
society
and the State.
ment, even if called a threat, is not illegal. But in They may use any lawful means to accomplish
these
the present instance the circular and the strikes were ends. Capital and labor unite in production, and be­
simply a means to an end. The union had no quarrel tween them must be divided the fruits of their joint
Each is desirous of increasing its own share,
with the builders, for, says the opinion, the claim that efforts._
and
this
necessarily at the expense of the other.
the plaintiff’s material was unsafe to handle was an From thisis results
an economic warfare. The forces
afterthought and not founded on fact. The workmen are marshaled against
each other—capital in corpora­
quit their jobs on the buildings because they were re­ tions managed by directors and labor in unions man­
quired to do so by the governing power of the union. aged by councils. This struggle often creates waste
and imposes hardships on the rest of the people; but
The union adopted this means to accomplish an end. such
The plaintiff, on the other hand, has a right to carry ualism.things society endures as the price of individ­
on business as absolute as the right of the workmen Fortunately, the warfare is subject to municipal
to control their own time and labor. This right, it is law, and society is strong enough to impose its terms
pointed out, is a property right. The relation of a on the combatants. Certain methods and weapons
law permits; others it prohibits. It permits the
dealer to his customers and to the trade generally is the
strike
on the one side and the lockout on the other.
called "good will” and is property which the law is But each
combatant must respect the rights of the
bound to protect. To bring an “obstinate” manu­ other guaranteed by our Constitution. Among these
facturer to terms, an attack on his good will, Justice are life, liberty and property. Violence against per­
Blackmar well says, would be fully as effective as to sons and tangible property will not be permitted.
Neither will attacks on intangible property rights, like
tear down his factory or to smash his machinery. business,
good-will or trade, be permitted. One cardi­
Accordingly a combination to attack the plaintiff’s nal principle
must be borne in mind, that any element
good will is illegal, and the illegality is not changed ,of illegality essential to a scheme or combination
by the innocence of the means used. Every wrongful makes the whole illegal. This principle the defend­
have overlooked. They have found a lawful
deed could be resolved into component acts which ants
means,
viz., strikes, and an ultimate lawful end, viz.,
would be lawful if directed to an innocent end. The the improvement
of labor; but they have forgotten that
moral and legal character of the acts depends on the the very turning point
in their scheme, and which alone
end sought and the accompanying motive and intent. makes it effective^ is the coercion of plaintiff by in­
An act by a single person may be lawful and innocuous. juring property rights. This is exactly what the
intended; it is what they have done, and
The same act done concurrently by a large number defendants
may produce injuiy to others. A combination for the it is unlawful.
express purpose of inflicting that injury is made un­ This being the view of the Court, an order was
entered enjoining the “defendants, their attorneys,
lawful because of its purpose and object.
agents,
servants, associates, confederates and all per­
Counsel for the defendants claimed that the strikes
sons
acting
in aid of or in connection with them or any
were in and of themselves lawful. To this proposition
of
them
from
conspiring, combining or acting in con­
assent is given. Justice Blackmar also grants that
cert
in
any
manner
to injure or interfere with plaintiff’s
the strikers had the right to send notice of their in­
good-will,
trade
or
business
for the purpose of coercing
tention to strike and to. give the reason therefor. But
it
to
employ
union
labor.”
The language here is
these acts alone did not constitute the cause of action. broad and unqualified, but observe
comprehensive
The plaintiff’s cause of action was the combination to the injunction is. The defendantshow
are
from
injure its business. It was an attempt on the part interfering with the plaintiff’s business inenjoined
either
of
the
of the union to compel builders and contractors to following ways:
boycott the plaintiff. This has uniformly been pro­ First. By sending to any customer or prospective
nounced illegal by the courts.
of plaintiff any letter, circular or communi­
In other words, a concerted attack upgn the trade customer
cation, printed, written or oral, which in terms or by
of a merchant or manufacturer by inducing or coercing inference suggests that labor troubles will follow the
his customers to cease dealing with him is illegal. use of materials purchased from plaintiff or from any
firm or corporation declared “unfair,” or
Any other decision, says Justice Blackmar, would be person,
whose
material
not bear the union label, meaning
equivalent to excluding this class of. property from plaintiff thereby;does
or
the protection of the law. In effect the ruling would Second. By ordering, directing, requiring, or by
be: “You must not use violence towards persons or compelling by any by-law, rule or regulation, or any
tangible property, but you may cripple your adversary act thereunder, any person whatever to refrain from
by destroying his good-will and business connections.” or cease working for any person, firm or corpora­
tion because they use material purchased of or fur­
The fact that indirectly the union is aided in the nished
by plaintiff, or by any person, firm or corpora­
struggle for a better rate of wages and shorter hours tion declared
“unfair,” or whose material does not
of service does not justify the injury to the plaintiff. bear the union label, meaning plaintiff thereby.
The injury to the plaintiff is an essential element in j It is expressly provided that nothing contained in the
the defendants’ scheme, and whether the benefit to order is to be construed to prevent peaceable strikes
defendants’ members be considered as the end of the “except”—note the importance of the exception—
combination and the injury to the plaintiff one of the “those directed against customers or prospective cus­
means used, or whether the injuiy to the plaintiff be tomers of plaintiff for the purpose of injuring or inter­
considered the end and the strikes the means, the fering with plaintiff's good-will, trade or business.”



J a n . 211911.3

THE CHRONICLE

153

Thus the defendants are not deprived of any of their of $201,757,097, these contrasting with 12,924 and
rights, but they are thwarted in their attempt to injure $154,603,465 in the preceding year, 15,690 and $222,­
those who refuse to accede to their demands.
315,684 in 1908, this latter having been the heaviest
aSS10Sa'l;e indebtedness since 1896, when the total was
FAILURES IN 1910.
$226,096,134. We have already referred to the fact
The record of commercial failures for 1910 cannot that a comparatively few failures made up almost half
be considered otherwise than disappointing. The of the indebtedness of 1910. The effect of these large
marked recovery in 1909 from the condition of de­ failures on the average liability per failed firm was
pression that had been a feature of our affairs during quite pronounced, the average for 1910, at $15,945,
most of the previous year had encouraged the hope having been appreciably greater than in 1909, heavier
that as far as concerns the roll of mercantile disasters even than in 1908, only slightly less than in 1907 and
the course during 1910 would be one of improvement. quiet noticeably greater than the average of recent
Such, however, has not been the case, for while the years. To show the failures situation for the last two
aggregate number of insolvencies was less than in years, quarter by quarter, we append the following:
FA ILU RES BY QUARTERS.
1909 or 1908, or during the years 1893 to 1897 in­
--------1910
--------1909-----Average
clusive, the indebtedness of the insolvents was con­
Average
No.
Liabilities. Liability. No.
Liability.
First
q
u
a
rte
r__
$73,079,154 $20,732 3,850 Liabilities.
$44,460,950
siderably greater than in the previous year and much Second q u arter.. .. 3,525
$11,522
2,863
39,160.152 13.678 2.981
44,080,423 14,787
quarter__ . 3,011
42,177.998 14,007 2,836
29,094,498 10,259
above the average of recent years. A feature of the Third
Fourth qu arter.. . 3,253
47,339,793 14,553 3,257
36,967,594 11,141
year, moreover, has been the large percentage of the Total, y e a r... .12,652 $201,757,097 315,945 12.924 $154,603,465 $11,954
aggregate defaulted liabilities contributed by a very
few failures, 2G0 firms, or but about 2% of the whole ment of failures, we see that disasters were greatest
number of insolvents, showing debts of $103,275,788, in point of liabilities in manufacturing branches, the
or nearly 50% of the total indebtedness.
indebtedness reported by failed firms in that division
Analyzing the returns by geographical divisions, it is aggregating $88,916,885, against $64,716,548 in the
found that failures were smaller in number in all sec­ previous year, $96,829,015 in 1908 and $106,640,444
tions except the Middle and the Far Western, but that in 1907. Eleven out of 15 classes in this division
outside the New England group the liabilities show report heavier liabilities than in 1909. The liabilities
more or less increase as contrasted with 1909. The of traders were not materially greater in 1910 than in
exhibit for the Middle States is the least favorable of 1909, the total having been $74,990,993, against $69,­
all, New York alone recording an increase of 554 in 094,768, with the 1908 result $91,661,957 and that for
number of failures, with $33,107,028 addition to lia­ 1907 only $58,698,148. As in manufacturing branches,
bilities, while in Pennsylvania the 1910 debts exceed most classes report some increase in indebtedness
those of 1909 by over 534 million dollars. Aside from over 1909.
these the only notable augmentations in liabilities are Financial bankruptcies were greater in number than
in Ohio, Maryland and Virginia. On the other hand, in 1909 and covered a larger total of indebtedness. At
there are some noteworthy decreases in number as the same time they were much smaller in every way
well as in amount of indebtedness, as for instance de­ than in 1908 or 1907. It is hardly correct, of course,
clines of about 234 millions in Massachusetts and 2% to consider the embarrassments of financial institu­
millions in Alabama.
tions as failures, inasmuch as quite generally they are
As going to prove that many of the failures of the due to exceptional causes and where resumption does
year were due to conditions antecedent to 1910, and not speedily follow, full settlement, as a rule, is even­
in all likelihood dating back to the fall of 1907, it is tually made. But as their embarrassment is a part of
to be remarked that not only in number but in volume the year’s record, they are included in the compilation
of liabilities January was the most unfavorable month. below.
TOTAL FAILURES.
And moreover the total indebtedness disclosed by the
--------- Number--------- ---------------------Liabilities—-----------------„
1910.
1909.
1908.
1910.
1909.
1908.
failures of the first quarter of the year was but little Trading
M anufacturing----- 3.280 3,030 3,827 $88,916,885 $64,716,548 $96,829,015
— . ............ 8.929 9,524 11.272 74,990,993 69,094,768 91,661,957
less than that for the same period of 1908, which in Other ..........
443 370 591 37,849,219 20,792,149 33,824.712
T o ta l.....................12,652 12.924 15,690 $201,757,097 $154,603,465 $222,315,684
turn was the heaviest since 1878. The exhibit for the „Banking.....................
41,097,255 24.177.128 123.120,956
second quarter was a quite favorable one, the liabilities T o ta l.....................12,771 13.001 15,870180 $242,854,352
$178,780,593 $345,442,640
reported by insolvents reaching a smaller aggregate In the Dominion of Canada failures were less in
than in the corresponding three months of 1909 or 1908 number in 1910 than in any one of the three preceding
and being but little larger than in 1907, and below the years, but a few comparatively large disasters in manu­
average of earlier years. During the third quarter, facturing branches were instrumental in forcing the
however, the let-up in business activity, with its ac­ liabilities above those for 1909. To be specific, in the
companying strain upon those previously weakened, twelve months of 1910 the failures numbered 1,262,
was reflected in an increase in failures, the number covering liabilities of $14,514,650, and contrasting
for the period having been exceeded only three times with 1,442 and indebtedness of $12,982,800 in the
(in the quarters of 1893, 189G and 1908) in 35 years, previous year, 1,640 and $14,931,970 in 1908 and 1,278
and the mortality being greatest among manufacturers. for $13,221,259 in 1907. Manufacturing indebted­
The exhibit for the closing period of the year was also ness was conspicuously large in the provinces of Que­
unfavorable, for while the number of insolvencies bec and Alberta, and for the Dominion as a whole
was practically the same as in 1909, liabilities were totaled $7,030,221, against only $3,933,938 in 1909
much heavier, and, in fact, above the average for a and $5,976,498 in 1908. Trading liabilities, of which
series of years.
Quebec contributed much the greater part, aggregated
The foregoing facts we deduce from Messrs. R. G. $6,943,579, against $7,867,287 in 1909 and $8,242,436
Dun & Co.’s compilations, which indicate that the in 1908, and other commercial insolvencies covered
number of failures in 1910 was 12,652, with liabilities debts of only $540,850 in 1910, against $1,181,575



119

77

154

THE CHRONICLE

and $712,856, respectively, in the preceding two years.
Financial failures were very few in number—only two
in fact—and covered indebtedness of $2,546,871, these
comparing with no disasters in 1909 and two for
$2,137,224 in 1908.

RAILROAD GROSS AND NET EARNINGS EOR
NOVEMBER.
Our compilation of the gross and net earnings of
United States railroads for the month of November
indicates how urgent is the need for that advance in
freight rates for which the railroads have been con­
tending for over eight months, and upon the propriety
of granting which the Inter-State Commerce Commis­
sion is now deliberating. What this tabulation shows
is that increases in gross earnings are dwindling to
small proportions, while at the same time the advances
in wages keep steadily augmenting the expense ac­
count. The result is continued large losses in net
earnings. Such an outcome is the more unfortunate
as what is required is increased net revenues, owing to
the fact that the country’s rail carriers have been
obliged to spend enormous sums of money to meet the
public demand for better and enlarged facilities, and
hence are obliged to earn returns on a greater aggre­
gate of capitalization—both stock and bonds.
In every month since last June the net earnings,
speaking of the roads as a whole, have made unfavora­
ble comparisons, and the November results keep up
this record. It did seem at one time as if the com­
parison for the month referred to would be greatly im­
proved by reason of the fact that a few large systems,
of which the Burlington & Quincy is an example (where
expenses the previous year were of unusual magnitude)
were able to show considerable increases in net, and
also by reason of the further fact that some companies
have evidently been practicing economy in all direc­
tions. But expectations in that regard have been dis­
appointed, for, while the shrinkage in net is not as
heavy in mere amount as for the month immediately
preceding, it is yet of large proportions and in ratio
actually exceeds the decrease for October.
Stated in brief, the falling off for the month reaches
no less than $10,488,886, or 11.02%. This loss is
entirely due to the augmentation in expenses, as gross
earnings increased $999,511. It should be observed,
nevertheless, that while gross earnings were somewhat
larger than in the previous year, the gain was the
smallest of any month of the new fiscal year. The
significance of this fact lies in the circumstance that it
shows that a point has been reached where gains in the
gross revenues of any considerable extent can no
longer be counted on, while on the other hand the
augmentation in expenses keeps unchecked, leaving,
therefore, the prospect of continued poor returns of net,
As in previous months, our compilations are ex­
ceedingly comprehensive, embracing practically the
whole railroad mileage of the country. This makes
the showing all the more conclusive. The figures we
give are based entirely upon the reports made to the
Inter-State Commerce Commission at Washington.
All the railroads in the United States—barring only
those few lines the operations of which are confined
wholly within State boundaries—are obliged to file
monthly statements with the Commission, and these
returns are open to public inspection. We have
transcripts of these returns made for our own use. In




[VOL. LXXXXII.

order to furnish full details for all the separate com­
panies, we issue each month a special supplement,
termed our “Railway Earnings” Section. The Janu­
ary number of that Supplement accompanies to-day’s
issue of the “Chronicle,” and in it will be found the
reports of earnings and expenses of all the separate
roads for the month of November. The summaries in
the present article are the totals derived from these
statements of the separate roads. It will be seen that,
altogether, the aggregate length of road comprised
in our compilation reaches for 1910 237,596 miles,
which is nearly the full railroad mileage of the country.

— Increase or Decrease—
November (780 roads)—
1910.
1909.
Amount.
%
Miles of road...............................
237,596
233,340 Inc.
4,256 1.82
Gross earnings.............................$246,650,774 $245,651,263 Inc. $999,511 0.41
Operating expenses.................. 163,360,739 151.872,342 Inc. 11,488,397 7.56
Net earnings.........................$83,290,035
$93,778,921 Dec. $10,488,886 1 1 . 0 2

It was remarked above that gains in gross revenues
were now of diminutive proportions. As a matter of
fact, when the roads are arranged in geographical
groups, according to theiiTocation, several of the groups
actually show losses even in gross earnings. This
has not happened before in the current fiscal year. In
the case of the net earnings, all the different sections
with one single exception record a diminution, and
for some of the groups the falling off is very heavy.
The one geographical division having an increase in
net is that made up of Southwestern roads; in that
case, too, the comparison as to gross is much better
than in the case of the other groups—that is, there
is an increase and it is of substantial proportions. Our
summary by groups is as follows.
SUMMARY BY GROUPS.
------------------- Gross Earnings----------------------Increase (+ ) or
November—
1910.
1909.
Decrease (—).
Section or Group—
$
$
$
%
Group l (31 roads). New England___ 11,203,536 11,034,867
+168,669 1.58
Group 2 (139 roads), E a s t* M iddle... 57,626,286 58,419,834 —793,548 1.36
Group 3 (100 roads). Middle W estern. 33,191,554 33,987.608 —796,054 2.34
Groups 4 & 5 (155 roads), S outhern.. 31,122,369 29,460.138 +1,662,231 5.64
Groups 6 & 7 (115 rds.), Northwestern 55,838,866 57,535,001 — 1,696,135 2.9S
Groups 8 & 9 (178 rds.), Southwestern 42,707.047 40,550,504 +2,156,543 5.32
Group 10 (62 roads), Paclflc Coast----- 14,961,116 14,663,311 +297,805 2.03
Total (780 roads)..................................246,650,774 245,651,263
+999,511 0.41
-----------------------Net Earnings---- ----------------- ------Mileage-----Increase (+ ) or
1910. 1909.
1910.
1909.
Decrease (—).
$
$
$
%
Group No. 1............ 7,903 7,810 3,467,161 3,825,319 —358,158 9.36
Group No. 2........... 26,479 26,721 18,374,062 22,455,222 —4,081,160 18.17
Group No. 3 ........... 26,502 26,471 9,105,155 12.674,561 —3,569,406 28.16
Groups Nos. 4 & 5 . . . 40,495 40,087 10,810.851 11,118,017 —337,166 3.02
Groups Nos. 6 & 7 .. 64,856 63,307 20,490,655 23,156,489 —2,665,834 11.51
Groups Nos. 8 & 9 .. 55,276 53,687 14,554,799 13,639,972 +914,827 6.71
Group No. 10.......... 16,085 15,257 6,487,352 6,879,341 —391,989 5.70
T o ta l.......................237,596 233,340 83,290,035 9 3 , 7 7 8 ,9 2 1 — 10.488,886 11.02
NOTE.— Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except th at portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and M aryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV . and V. combined Include tho Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and V II. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to tho State line passing
through Denver.
Groups V III. and IX . combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana: and that portion of New
Mexico north of a line running from the northwest corner of tho State through
Santa Fe and east of a line running from Santa Fc to El Paso.
Group X . includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.

As far as the separate roads are concerned, there are
numerous instances of large losses in gross, and especial
significance attaches to these, as they come from all
parts of the country. Thus the Pennsylvania, the
Northern Pacific, the Great Northern, the Southern
Pacific and some others belong in that class. It may
be added that the roads in the territory between the
head of the Great Lakes and the North Pacific Coast
had several adverse circumstances to contend against.
The grain traffic fell off because of the reduced pro­
duction of spring wheat; the iron ore traffic fell off
because of the depression in the iron trade, and the
passenger traffic was smaller, owing to the absence of

J a n . 21 1911.]

THE CHRONICLE

155

the Alaska-Yukon Exposition at Seattle, which had
served to swell passenger traffic to large proportions
in the previous year.
In the net earnings, there is a striking array of de­
creases, but it should be noted that there is also a fair It will be understood, of course, that in the previous
representation of roads with increases, among which year the showing as to both gross and net was gratify­
may be mentioned the Burlington & Quincy, -with ing. Our own compilations recorded $34,299,610
$429,448 gain (caused almost entirely by a curtailment addition to gross and $18,749,484 addition to net.
in expenses, as the addition to gross earnings was only I'his covered 226,204 miles of road. The statement
$98,735), and the Missouri Kansas & Texas, the Rock compiled by the Inter-State Commerce Commission,
Island, the Atchison, the St. Louis & San Francisco, furnished some time later, covered 236,374 miles, and
&c. A strong effort was evidently made by many of recorded $36,089,450 gain in gross and $19,855,273
these roads to curtail expenses, as is evident from the gain in net. These increases followed $8,839,935 loss
fact that the Rock Island, with $318,149 gain in gross, in gross accompanied by $8,144,181 gain in net in
is able to record $407,625 gain in net, and that the November 1908. In 1907, on the other hand, there
Missouri Kansas & Texas, out of $538,134 increase in was $4,794,859 increase in gross attended by $6,942,­
084 falling oft in net. In the following we furnish the
gross, was able to save $410,004 for the net.
However, increases in net are the exception and de­ November summaries back to 1896. For 1909 and
creases the rule, showing inability to contract ex­ 1908 we use the Inter-State Commerce totals, but for
penditures so as to meet the need for larger net. The preceding years we give the results just as registered
Pennsylvania Railroad on the lines directly operated by our own tables each year—a portion of the railroad
east and west of Pittsburgh has $1,028,655 decrease in mileage of the country being always unrepresented in
gross and $2,000,608 decrease in net. The New York the totals, owing to the refusal of seme of the roads
Central has $12,314 increase in gross and $503,556 cle- to give out monthly figures for publication.
crease in net. This is for the Central proper. Including
Earnings.
Net Earnings.
the various auxiliary and controlled roads, the showing Year. Year GrossYear
Inc. ( + ) or
Year
Year Inc. (+ ) or
Given. Preceding. Dec. ( —).
for the New York Central system is a small loss in gross
Given. Preceding. Dec. (—).
$
S
S
S
($126,028) but a falling off in not in amount of $2,­ 1896Nov.. . . 55,297,917
$
S
61,137.081 — 5,839,164 18,853,228
22.275,149 —3,421,921
. . . 72,815,681 61.978.481
+
10,837.200
27,565,524
21.737,851
+5.827,673
198,718. The Milwaukee & St. Paul has $193,906 11897
8 9 8 .. 79,086,854
.
+ 2,470,037 28.954,644 28.533,158 + 421,486
1899 . . . 73,062,397 76,616,617
65,872,002
27.496,343 24,882,036 + 2,614,307
decrease in gross and $744,071 decrease in net; the 1900
. . . 91,073,648 87,724,616 +7,190,395
+
3,3 49,032 33,744,165 33,154.551
+ 589,614
1901 . . . 107,769,028 95,618,077 + 12,150,951
40,629,133
+ 5.428,822
Southern Pacific has $346,575 decrease in the former 11903
9 0 2 .. 106,144,534
.
99,638,088 + 6,506,446 36,051,175 35,200,311
36.992,904
—941,729
. . . 115,874,619 111,303,371 + 4,571.248 38.380,632 38,962,778 —582,146
1 9 0 4 .. 126,357.962
.
and $753,679 in the latter, while the Louisville & 1905..
115,108.874
44,280,359 37.588,516
. . 133,104,559 120,692,062 + 11.249.0S8
12,412,497 47,419,761 42,232,243 ++ 6,691,843
. . . 140,697,123 131,123,621 ++9,573,502
Nashville, with $330,476 gain in gross, falls $210,696 1906
48,065,287 46.506,160 + 5,187.518
1,559,127
1 9 0 7 .. 138,079,281
.
133,284,422 + 4 .794,859 39,171,387
46,113,471 —6.942,084
9 0 8 .. 211,472,717
.
220,312,652
,839,935
74,306,432
66,162,251
behind in net, owing to the augmentation in expenses. 11909
+8,144,181
. . . 247.370,954 211,281,504
94,327,355 74.472,082 + 19,855.273
+999,511 83,290,035 93,778.921 —10,488,886
In the following we show all changes for the sepa­ 1910 . . . 210,650,774 245,651,263 +36,089,450
rate roads, whether increases or decreases, for amounts n Note.—In
1890 the number ol roads Included for the month of November was 127 •
1897. 134; In 1898, 130; In 1899. 122: In 1900. 122; In 1901, 109; In 1902 107n 1903, 106; In 1904, 102; In 1905, 96: In 1906, 97; In 1907, 87. In 1908 the returns
in excess of $100,000, both in the gross and in the net. were
based on 231,875 miles of road; In 1909, 236,374; In 1910 237 596
a loss of $2,108,718. In th e gross th e re s u lt fo r th e S ystem w as a los
of $120,028.
c T hese figures a rc fu rn ish e d b y th e c o m p a n y
. ..
’
T1.L 1,hes<\.flffll.rcs r e p re s e n t th e lines d ire ctly o p e ra te d e ast and w e s t n f
P itts b u r g h , th e E a s te rn lines show ing $ 1 ,0 ^ 5 3 1 decrease a n d th e
W e ste rn lines $942,077 d e crease. F o r all lines ow ned leased o n e r a t e d
a n d controlled, tho re s u lt Is a loss of $2 ,041,123. CU' le a s e a ' ° P eratccl

—8

P R IN C IP A L C H A N G E S IN G ROSS E A R N IN G S IN N O V E M B E R .
Increases»
Increases.
T exas & Pacific.................. .. $119,205
COTTON S U P P L Y A N D CO N SU M P T IO N IN EUROPE.
3 3 0 ,4 7 6
R epresenting 18 roads
In our co m pilation___$4,200,015
M r. E llis o n ’ s “ A n n u a l R e v ie w o f t h e C o t t o n T r a d e f o r th e
Decreases.
P enn sylv an ia ..................... t/$l,028,655
N orthern Pacific.................. 717,689 Y e a r 1 9 1 0 ” w a s issu ed in L iv e r p o o l o n W e d n e s d a y o f th e
D ulu th M Issabe & N o rth . 695,635
G reat N o rth e rn __________ 512,456 c u r r e n t w e e k , a n d b y c a b le w e h a v e r e c e iv e d all th e results
D uluth & Iro n R ang e____ 433,426 o f in te re s t g iv e n th e r e in . N o t o n ly h a v e th e s ta t is tic s o f
&
M lnneap S t P & S S M ____ 358,370 s u p p ly a n d c o n s u m p t io n f o r th e c a le n d a r y e a r 1 9 1 0 a n d th e
S
o uthern Pacillo_________ 346,575
&
P ittsb u rg h & L ake E r ie .. 251,036 first th ree m o n th s o f th e n e w -c r o p s e a so n b e e n c a b le d , b u t
Bessem er & L ake E rie ___ 200,902
Chicago M llw & S t P a u l.. 193,006 a lso su ch e s tim a te s a s M r. E llis o n fu r n is h e s f o r th e fu ll sea so n
N Y New
&
E r ic .................
154,159
U nion R ailroad (P a )_____ 115,663 e n d in g O c t . 1 1911. T h e a c tu a l fig u r e s o f s p in n e r s ’ ta k in g s ,
c o n s u m p tio n a n d s t o c k in G r e a t B r it a in a n d o n th e C o n tin e n t
R epresenting 12 roads
In our co m pilation___$5,008,472 f o r 1910, in b a les o f 5 00 lb s ., h a v e b e e n a s f o llo w s :
h 0oPta*lo? lr e C2 om
lu mtIlcerce
a ,, 0C'feoma m
rc ission.
on th e basis
of thhow
e reever,
tu rn s these
filed
w ith th —
e 4In11teA r-S
W h ere,
re tu rn s clo n o t show th e to ta l for a n y sy stem , we hav e com bined th e
se p a ra te ro a d s so as to m ak e th e resu lts conform as n early as possible
In 500-lb. Dales.
Great B rita in . C ontinent.
Total.
to th o se given In th e sta te m e n ts fu rnish ed by th e com panies them selves.
c T hese figures a rc furnish ed by th e com p an y
S
tocks
J
a n . 1 1 9 1 0 ..
321,000
1.342.000
1.663.000
V T hese figures rep re se n t tho lines d ire ctly o p erated c a st a n d w est of T ak in g s___
.
3,354,000
5.228.000
8.582.000
P ittsb u rg h , E a ste rn lines show ing $622,477 decrease a n d th e W estern
lines $406,178. F o r all th e lines ow ned, leased, o p e ra te d a n d controlled, S u pply ...................................
3.675.000
6.570.000
10,245,000
tho re su lt for tho m o n th Is a loss of $ 6 9 4 ,4 0 !.
C o n su m p tio n .......................
3.220.000
5.460.000
8,680,000
P R IN C IP A L C H A N G E S IN NET E A R N IN G S IN N O V E M B E R .
S tocks J a n . 1 1911.........................
455,000
1 , 1 1 0 ,0 0 0
1,565,000
Increases.
Decreases
Chicago B url & Q u in c y .. $429,448 D ulu th & Iro n R a n g e ... $325,592 W eekly c o n su m p tio n __________
61,923
105,000
166,923
M issouri K ansas & T exas C410,004 Delaw L ack & W e s te rn ..
299,215
R ock Isla n d ____________
407,625 M ichigan C e n tra l..............
284,651
S t Louts & S an Francisco
185,289 N orfolk & W estern...........
272,720
I t w ill b e n o tic e d th a t th e a v e r a g e w e e k ly c o n s u m p t io n
Y azoo & Miss V alley____
153,893 Clev CIn Chlo & S t Louis
271,298
A tch T opeka & S a n ta F c
143,682 L ehigh V alley............. ..............
244,432
Cldc Mllw & P u g et S ound
125,778 Bessem er & L ake E r ic ..
244,077 o f th e m ills in G re a t B r it a in , a s a r e s u lt o f th e s h o r t tim e , is
S o u th ern R a ilw ay ______
103,761 Chicago & A lto n ...................... 242,940 a p p r e c ia b ly less th a n in th e p r e c e d in g y e a r , h a v in g b e e n o n ly
U nion P a c lllc ........................
225,801
R epresenting 8 roads In
N orthern C e n tra l__________
224,245 6 1 ,9 2 5 b a le s o f 5 00 lb s . e a c h in 1 9 1 0 , o r a loss o f 1 1 ,4 4 2 b a le s
our co m p ilatio n ____$1,959,480
L ouisville & N a sh v ille ..
210,696 p e r w e e k fr o m 1 9 0 9 . C o n t in e n t a l c o n s u m p t io n s h o w s a
7 )nrrrn <?/><? B oston & M aine___________
169,807
P enn sylv an ia .................... y$ 2 , 0 0 0 .6 0 8 A tlan tic C oast L in e_____
148,626 d e c lin e fr o m th e 1909 r a te o f 3 ,7 5 0 b a le s , b e in g a t th e r a te
S o uthern Pacillo________
753,679 C entral of New Je rse y ___
139,062
Chicago M llw & S t P a u l.
744,071 C hesapeake & O hio...........
136,328 o f 1 0 5 ,0 0 0 b a le s p e r w e e k . F o r t h e w h o le o f E u r o p e th e
B altim ore & O hio.............
686,558 W a b a sh ........................................
130,262
D ulu th M Issabe & N orth
606,911 D elaw are & H u d so n ........... 130,153 1910 a v e r a g e w e e k ly r a t e , a n d c o n s e q u e n t ly th e to ta l c o n ­
L ake Shore & M ich S o u .
606,404 U nion R ailroad (P a )____
126,251 s u m p t io n , e x h ib it s a n im p o r t a n t d e c r e a s e fr o m y e a r s b a c k
N Y C entral & H ud R lv . a503,556 Perc M arq u ette ..................
G reat N o rth e rn _________
487,800 N orthern P acino__________ 120,974
109,081 to a n d in c lu d in g 1 9 0 5 .
M lnneap S t P A S S M ___
391,157 N Y Chicago & S t L o u is.
102,566
In th e a b o v e c o m p ila t io n th e r e s u lts f o r 1910 o n ly are
M issouri P acldo................. c34G,802
E r ic ........................
345,878 R epresenting 33 roads
P ittsb u rg h & L ak e E rie .
330,438
n our c o m p ila tio n ..$11,962,639 p r e s e n te d ; to b r in g o u t c le a r ly th e r e la tio n th e 1910 fig u res
alT h csc figures cov er m erely tho o p e ra tio n s of th e New Y o rk C e n tra l b e a r t o th o s e f o r p r e v io u s y e a r s , w e h a v e p r e p a r e d th e fo llo w ­
Itself. In clu d in g tho v ariou s a u x ilia ry a n d co n tro lled ro a d s, lik e th e
M ichigan C en tral, tho L ake S h ore, th e “ Big F o u r,” th e "N ic k e l P la te ,” in g , w h ic h c o v e r s t h e p e r io d fr o m 1904 to 1910, b o t h y e a r s
& o.,'ithc w hole going to form tho New Y ork C en tral S y ste m , th c .'rc su lt Is in c lu d e d :
M is s o u r i K a n s a s & T e x a s . C $ 5 3 8 ,134*
C h ic M l l w & P u g e t S o u n d
4 4 7 ,4 8 0
L o u i s v il le & N a s h v i l l e ___
A tc h T opeka & San ta F c .
3 2 5 ,02 1
R o c k I s l a n d .......................
3 1 8 ,1 4 9
I l l i n o i s C e n t r a l ...................
2 8 8 ,6 8 8
S o u t h e r n R a i l w a y ________
2 6 2 ,3 7 7
S t L o u i s & S a n F r a n c is c o .
2 4 1 ,46 1
U n i o n P a c i ll o .....................
2 1 5 ,6 8 4
S e a b o a r d A i r L i n e ...........
1 5 8 ,75 4
O re gon
W a s h in g t o n . . .
1 5 7 ,17 6
V i r g i n i a n .................
151 ,08 0
C h ic a g o
N o rth W e ste rn
1 42,068
Y a z o o & M is s i s s i p p i V a l le y
132 ,76 3
S t L o u is S o u th w e s te r n ...
127 ,25 2
H aven
H a rtf.
1 2 4 ,02 7
V a n d a l l a ..........................
1 2 0 ,2 2 0




THE CHRONICLE

156
B ales o f 500
lbs. Each.
Great B rita in .
1 9 1 0 _________
1909 _________
1908 _________
1907 ..................
1906 _________
1905 ..................
1904 _________
C ontinent—
1910
....
1909 _________
1908 _________
1907 _________
1006 _________
1905 ..................
1904 _________
A ll E urope—
1 9 1 0 ________
1909 ................
1908 ................
1907 _________
1906
1905
1904

S p in n ers’ W eekly
S p in n ers’
Stock. T akings. S u p p ly . C onsum p­ Stock C onsum p­
tion.
Dec. 31. tion.
J a n . 1.
,675,000 3,220,000 455,000
,136,000 3,815,000 321,000
,902,000 3,426,000 476,000
,478,000 3,944,000 534,000
,,028,000
2 20,000 3,779,000
441,000
3,698,000 330,000
,398,000 3,134,000 264,000

321.000
476.000
534.000
441.000
330.000
264.000
260.000

3,354, 000
3,660, 000
3,368, 000
4,037 000
3,890 000
3,764 ,000
3,138 ,000

1.342.000
1.288.000
1.063.000
665.000
585.000
433.000
584.000

5,228,000
5,709,000
5,945,000
5.923.000
5.384.000
5.326.000
4.997.000

6.570.000
6.997.000
7.008.000
6.588.000
5.969.000
5.759.000
5.581.000

5,460,000
5,655,000
5,720,000
5,525,000
3,304,000
5,174,000
5,148,000

1,110,000
1,3 42,000
1,288,000
1,063,000
665,000
585,000
433,000

105,000
108,750
110,000
106,250
102,000
99,500
99,000

1.663.000
1.764.000
1.597.000
1.106.000
915.000
697.000
844.000

8,582,000
9,369,000
9,313,000
9,960,000
9,274,000
9,090,000
8,135,000

10245000
11133000
10910000
11066000
10189000
9,787,000
8,979,000

8,680,000
9,470,000
9,146,000
9,469,000
9,083,000
8,872,000
8,282,000

1,565,000
1,663,000
1,764,000
1,597,000
1,106,000
915,000
697,000

166,923
182,115
175.885
182,096
174,673
170,615
159,629

61,923
73,365
65,885
75,846
72,673
71,115
60,629

O ffic ia l r e tu r n s fr o m th e m ills o f G re a t B r ita in m a d e p u b lic
s in c e th e c lo s e o f 1910 in d ic a te th e g e n e r a lly u n p r o fit a b le
n a t u r e o f th e y e a r ’ s o p e r a t io n s — th e le a s t s a t is fa c t o r y o f a n y
y e a r s in c e 1 8 9 0 , w h e n a lo ss p e r m ill o f £ 4 ,1 7 7 w a s r e c o r d e d .
I t is t o b e s t a t e d , m o r e o v e r , t h a t o n ly 10 m ills r e p o r te d a n y
p r o fit .
T h e s h o w in g m a d e b y th e O ld h a m m ills s in c e 1904
h a s b e e n as fo llo w s :

[VOL. LXXXXII.

e s tim a te s , f o r ,in s t a n c e , th a t th e re q u ir e m e n ts f r o m A m e r ic a
w ill b e'jjon ly 1 1 ,5 0 0 ,0 0 0 b a le s , w h erea s in d ic a t io n s a re th a t
th e ^ c r o p w ill b e ^ m a t e r ia lly g r e a te r .
C o n fin in g h im s e lf to
p o in t in g o u t th e e x t e n t to w h ic h , in h is b e lie f, e a ch s o u r c e
o f s u p p ly w ill b e c a lle d u p o n to c o n t r ib u t e to th e s e a s o n ’ s
c o n s u m p t iv e re q u ir e m e n ts , h e is o f th e o p in io n th a t 1 4 ,1 5 0 ,­
0 0 0 b a le s o f o r d in a r y w e ig h t w ill b e n e ce ss a ry in o r d e r
to le a v e m ill s t o c k s u n c h a n g e d .
I n c o n n e c t io n w ith th e
fo r e g o in g e s tim a te , M r. E llis o n r e m a r k s th a t th e “ p r o s p e c t s
in d ic a t e a m u ch lo w e r lev el o f v a lu e s .”

SENATOR ALDRICH’S PLAN FOR BANKING AND
CURRENCY REFORM.
T h e o u tlin e o f a p la n f o r c u r r e n c y r e fo r m , p r e p a r e d b y
N e lso n W .
C o m m is s io n ,

A ld r ic h ,
w as

C h a irm a n

m ade

p u b lic

of
on

th e

N a tio n a l

T u esday,

M o n e ta r y

f o llo w in g

its

p r e s e n ta t io n t o th e C o m m is s io n a t a m e e tin g h e ld o n th a t
day.
I n th e a b s e n c e o f M r. A ld r ic h , w h o h a s b e e n o b lig e d
to g o S o u th in th e in te r e s t o f h is h e a lt h , th e d r a ft w a s
s u b m it t e d t o th e C o m m is s io n b y E d w a r d B . V r c e la n d , V ic e ­
C h a irm a n o f th e o r g a n iz a tio n , w h o a lso fu r n is h e d to it a
le t te r w h ic h w a s tr a n s m it te d b y M r. A ld r ic h
w ith h is
s u g g e s te d m ea su re f o r a r e v is io n o f th e n a tio n a l m o n e ta r y

..............................
• ComP rofit i f - ) or P ro fit or Loss s y s te m . B o t h o f th ese w e g iv e in fu ll h e r e w ith , h is c o m ­
pantes.
Loss (— ).
per M ill.
Years— ...........................
1910 ...........- ................................................... 100
— £368,006
— £3,680 m u n ic a tio n b e in g as fo llo w s :
1909 ........................
100
— 272,072
— 2,721
W ashington, D. O ., J a n u a ry 16 1911.
100
+ 58 6,51 1
+ 5 ,8 6 5
1908 ______________
1907
106 + 1 ,3 2 3 ,9 4 5 + 1 2 ,4 9 0
In con fo rm ity w ith th e suggestion m ade a t th e la st m eeting of th e
1906 .........................................
104 + 69 2,34 3
+ 6 ,6 5 7 N ational
Com m ission I have prepared an outline for a te n ta tiv e
1905 .................................................................... 96
+ 74 6,91 3
+ 7 ,7 8 0 plan for Mth onetary
e revision of our n atio nal ban king legislation, w hich I beg
1004 ...............................................................
104
+ 28 ,611
+275
herew ith to su b m it to th e C om m ission. In doing th is It h as been m y
W e h a v e a ls o r e c e iv e d s e p a r a t e ly b y c a b le th e fig u r e s o f aim to suggest changes In th e N ational H anking A ct w hich will m ak e It
ta k in g s , c o n s u m p t io n , & c ., f o r th e la s t th re e m o n th s o f th e responsive to th e dem ands of m odern business. T he stu d y w hich th e
ca l ;n d a r y e a r 19 1 0.
T h o s e th re e m o n th s a re th e first cp iarter C om m ission has given to this su bject has, I believe, led Irresistibly to th e
conclusion th a t our present ban king system , w hich w as ad o p ted nearly
o f th e c u r r e n t s e a so n , b e g in n in g w ith O c t . 1 1910.
F o r th ose half a c en tu ry ago, a n d has rem ained practically un chang ed , n o t only fails
ilire e m o n th s th e s p in n e r s ' ta k in g s in actual b a le s a n d p o u n d s com pletely un der stress and In th e presence of u n usu al d em an ds u p on Its
resources, b u t has been found Inadequ ate and unresponsive even un der th e
h a v e b e e n as f o llo w s :
ord in ary conditions of business.
T he suggestions su b m itte d herew ith are th e resu lt of years of stu d y
Total.
Great B ritain . C ontinent.
• October 1 to Ja n u a ry 1.
w hich I h av e given this subject, a n d are form ulated In th e light of th e
g reat m ass of Inform ation w hich th e Com m ission has gath ered respectin g
F o r 1910.
2.731.000 b o th our ow n b an king system and needs and th e experience a n d practices
1.562.000
T akings b y sp in n ers______ bales
1,169,000
490.1 of foreign cou ntries.
481
A verage w eight of bales____lbs.
503
588.007.000 751.322.000 1.339.329.000
If I am rig h t in believing th a t th e present law has becom e obsolete—
a n d of th is th ere can be no d o u b t— th ere Is, th e n , no room for arg u m en t In
F o r 1 90 9.
2.445.000 reg ard to th e necessity for m odernizing th e law . A ssum ing such to be th e
1.517.000
928,000
T akings by sp in n ers______ bales
495.2
491
502
A verage w eight of bales____lbs.
It m u st be our aim to accom plish tills resu lt w ith as little disarran ge­
465.856.000 744.847.000 1.210.703.000 case,
m e n t as possible. I t should be our aim to liberalize th e p resen t N a tio n a l
B anking A ct a n d to add to It such features as arc deem ed essential ra th e r
A c c o r d in g to th e a b o v e , th e a v e r a g e w e ig h t o f th e d e liv e r ie s th a n to fo rm ulate a n y p lan w hich will fund am entally chang e our present
system
.
in G re a t B r it a in is 503 lb s . p e r b a le th is s e a so n , a g a in st
In th e ligh t of ou r experience It Is obvious th a t one of th e principal needs Is
5 02 lb s . d u r in g th e sa m e tim e la s t s e a s o n .
T h e C o n tin e n ta l
to find som e m eth od for th e unification of our p resent b an king in stitu tio n s
d e liv e r ie s a v e r a g e 481 lb s ., a g a in s t 491 lb s . la st y e a r , a n d fo r into one com prehensive system . In o th er cou ntries w c h av e found th a t
th e w h o le o f E u r o p e th e d e liv e r ie s a v e r a g e 4 9 0 .1 lb s . p er reserves are con cen trated and used freely In a n y directio n w here needed^
U nder our fau lty system reserves are so scattered as to be un av ailab le in
b a le , a g a in s t 4 9 5 .2 lb s . la st s e a s o n .
O u r d is p a tc h a ls o g iv e s
tim e of troub le, either for purposes of assistance or defense. • •
th e full m o v e m e n t f o r th is y e a r a n d la s t y e a r in b a le s o f
T he resu lt of our law has been to create a ban king sy stem m ade up of a
great nu m b er of Isolated u n its, each w orking w ithin a lim ited circle and
5 0 0 lb s .
each of necessity g o vcrned'b y Its ow n Im m ediate Interests, w ith o u t reference
to w h at w ould be for th e g reatest good of all. W hile th e Intelligent rnana^
1910.
1909.
• • Oct. l to J a n . 1.
gers of Individual ban k s m ay fully recognize th e necessity of g reater eo• B ales o f 500 lbs. each.
Conti­
Great
Great
Conti­
•
000s om itted.
th ey arc, un der th e law , pow erless to efTect It.
B r it’n . nent. Total. B rit’n. nent. Total. o"pcration,
If we can so am end the present N ational B anking A ct as to p e rm it th e
form
ation
of
an association of all th e banks of th e co u n try to m eet these
972
1,141
169
234 1,218 1,4 52
S p inners’ stocks O ct. 1 ______
932 1,489 2,421 needs, we shall hav e gone a long w ay tow ard solving th e problem w hich Js
T akings to J a n . 1 . __________ 1,176 1,503 2,679
us. If, th e n , In ad d itio n , wc provide a m ore scientific basis for
3,820 1,166 2,707 3,873 bbefore
S u pply -------------------- --------- 1,345 2,475
845 1,365 2,210 an k -n o te circulation, so th a t the volum e of circulatio n will be responsive
890 1,365 2,255
C onsum ption, 13 w e e k s............
to th e needs of business, wc shall, I believe, hav e m et th e tw o m ain req u ire­
321 1,342 1,663 m ents of a satisfacto ry solution. In add ition to th a t, if wc can aid In
S pinners’ sto ck J a n . 1-------- • 455 1,110 1,565
creating a disco un t m a rk e t In this c o u n try sim ilar to th e disco un t m arkets in
• W eekly C onsum ption.
E urope, so th a t th e m ost liquid p o rtio n of our b a n k fund s will n o t of
•
000s om itted.
65
165
105
105
170 necessity be forced to such a large degree as a t p resent into th e m ak ing
In O ctober . _________ _____ • ■ 60
65
105
175
105
170
In N o v e m b e r________________ • ■ 70
call loans up on stock-exchange collateral, b u t will, instead , be available
65
105
179
170 of
105
In D e c e m b e r________________ • • 74
for th e needs of com m ercial business, wc shall h av e so broadened our
ban king m eth ods as to bring lncaculable benefit to th e com m ercial life
T h e fo r e g o in g s h o w s th a t th e w e e k ly c o n s u m p t io n is n ow of th e c o u n try .
I believe th a t th e conclusions w hich I p resent herew ith m eet those
1 7 9 ,0 0 0 b a le s o f 500 lb s . e a c h , o r 9 ,0 0 0 b a le s m o r e th a n a t
conditions, an d th a t th e organization w hich It Is proposed to create will
th e c o r r e s p o n d in g tim e la st y e a r .
T h e to ta l s p in n e r s ’ s to c k s Insure th e benefits w hich we seek w itho ut ru n n in g a n y risk of creating a
in G r e a t B r ita in a n d o n th e C o n tin e n t h a v e in c r e a s e d 1 8 0 ,0 0 0 financial In stitu tio n w hich can be controlled by am b itious m o n etary Interests
b a le s d u r in g th e m o n t h , a n d a re n o w 9 8 ,0 0 0 b a le s le ss th a n or do m in ated by political inlluence.
W hile wc h av e found m uch th a t Is adm irable in th e op eration of th e
a t th e sa m e d a t e la s t s e a so n .
various go vernm en t banks of E urope, none of them Is applicable to our
A c c o r d in g to o u r c a b le , M r. E llis o n h a s r e v is e d th e fig u res needs here. T he good results w hich th e y o b tain can , I believe, be reached
w ith o u t th e creation of such a cen tral b an k . I feel th a t th e plan w hich Is
g iv e n la s t N o v e m b e r o f e s tim a te d r e q u ir e m e n ts fo r th e sea son
proposed reaches those results w itho ut being open to th e objections w hich
o f 1 9 1 0 -1 1 , in c r e a s in g b y 0 4 ,0 0 0 b a le s o f 5 00 lb s . e a ch th e m ay well be b ro u g h t against such an In stitu tion.
I recognize th e fact th a t th e form ulation of a definite plan Is th e ta sk
a m o u n t h e b e lie v e s w ill b e n e e d e d to le a v e s t o c k s u n c h a n g e d
of th e Com m ission, a n d can be accom plished only a fte r th e su b ject has
a t th e c lo s e o f th e se a so n :
been stu died w ith care in all p a rts of th e co u n try . D iscussion will certain ly
■
E stim ated.
A ctu al.
A ctual.
a n d Im prove Its d etails. •
1910-11.
1909-10.
1908-09. m odify
I hope th a t th e p lan w hich I now su bm it for y o ur con sideratio n, and
R eq u irem en ts— O rdinary bales—
11,500,000 11,507,000 12,860,000 w hich, in Its .m ain features, in m y opinion, m eets th e necessary req u ire­
A m e r i c a n ...........................
i- E a st I n d ia n .................................................. 1,200,000 1,408,000
945,000 m en ts, m ay be found of value to th e Com m ission In the necessary w ork
i ■ E g y p tia n ..............................................
1,100,000
734,000
912,000 of c o n stru ction.
Sundries ___________________________ 350,000
329,000
252,000
N E L SO N W . A L D R IC H ,
T o tal req u irem en ts______________14,150.000 13.978.000 14.969.000
Chairm an N ational M onetary Com m ission.
A verage w eight------------------ ---------------- 492.9
478.7
493.2
R equ irem en ts, bales 500 lb s_________ 13,948,000 13.383.000 14.725.000
T h e s e fig u re s, it is to b e b o r n e in m in d , a re n o t in te n d e d
t o b e e s tim a te s o f th e y ie ld in v a r io u s c o u n t r ie s .
M r. E llis o n




T h e d e ta ils o f th e p la n e v o lv e d b y M r. A ld r ic h a re o u tlin e d

as

fo llo w s :

J a n . 21 1911.

THE CHRONICLE

157

b an k s. D irectors of b an k s shall n o t be considered as officers.
The m an ag er of th e branch shall be cx^officio a m em ber of th e bo ard of
C H A R T E R A N D L O C A T IO N .
of th e bran ch a n d sh all be chairm an of th e b o a rd .
I t Is proposed to c h a rte r th e R eserve A ssociation of A m erica, w hich directors
he b o ard of directo rs of a b ran ch of th e R eserve A ssociation will thus,
w ill be th e princip al fiscal ag e n t of th e G overnm ent of th e U nited S tates. be Xcom
posed
of—
T he au th o rized c ap ita l of th e R eserve A ssociation shall be ap p ro x im ately
A g io up of directors equal in n u m b er to th e n u m b er of local assocla-*
$300,000,000. T he leng th of Its c h a rte r shall be 50 years. T he head tionX.s com
posing th e d istric t, an d this group shall be elected by th e d ire c to rr
office of th e association shall bo In W ash ingto n, D . C.
association, each directo r hav in g one vo te.
T he c o u n try shall be divided Into 15 d istricts, and a branch of th e R eserve of th e Alocal
g
io up of directo rs equal to tw o -th ird s of th e foregoing group anck
A ssociation shall be located In each d istrict.
T h e R eserve A ssociation a n d Its branches shall be ex em p t from S ta te elected by sto ck rep resen tatio n .
3. A group of directo rs equal In n u m b er to o n e-th ird of th e first eroiin
and local ta x a tio n , except In respect to taxes up on real e sta te ow ned by It.
rep resen tin g th e In d u strial, com m ercial, a g ricu ltu ra l an d o th e r Interests of
C A PIT A L .
th
e
t, a n d elected by th e votes of th e first tw o groups, each directo r
O nly n atio n al banks of th e classes h erein after provided for m ay subscribe th u sd vistric
o tin g hav in g one v o te.
to th e cap ital sto ck of th e R eserve A ssociation. A n atio n al b an k hav ing
T he m an ag er of th e bran ch shall be ex-officio a m em ber of th e bo ard
a m inim um cap ita l of a t least $25,000 m ay subscribe to an a m o u n t of of 4.directo
rs of th e branch an d shall be chairm an of th e b o ard .
cap ital sto ck of th e R eserve A ssociation equal to 20 per cen t of th e sto ck
A
ll
th
em bers of th e b o ard of d irecto rs of th e b ran ch , ex cept th e
of th e subscribing n atio n al b an k, and n o t less, an d each of such subscribing ex-officioe mmem
shall, a t th e first m eeting of th e b o ard , be classified into
ban ks shall becom e a m em ber of a local association as herein after prov ided th re e classes, aber,
s of office of these th ree classes shall be, re­
for. F ifty per cen t of th e subscription s to th e cap ital sto ck of th e R eserve spectiv ely , one,n dtw oth ea nterm
th ree y ears. T h ereafter m em bers of th e bo ard
A ssociation shall be called in cash; th e balance of th e su bscription s will shall be elected for a termd of
th ree y ears.
rem ain a liab ility of th e sto ck ho lders, su b ject to call.
D IR E C T O R S O F T H E R E S E R V E A SSO C IA T IO N .
b hares of th e cap ital stock of th e R eserve A ssociation will n o t be tran sfer­
T he b o ard of th e R eserve A ssociation shall consist of 45 directors, a n d It
able, and undci no circum stances m ay th e y be ow ned by a n y co rpo ration
o th er th a n th e subscribing n atio n al b an k , nor b y a n y Individual, nor m ay shall be com posed in th e follow ing m anner:
1. Six ex-officio m em bers, nam ely th e G overnor of th e R eserve A ssocia­
th e y be ow ned by a n y n atio n al b an k In a n y o th e r a m o u n t th a n In th e
p rop ortion here prov ided. In th e case of a n atio n al b an k Increasing Its tion , w ho shall be C h airm an of th e board; tw o D ep u ty G overnors of th e
cap ital a fte r It once becom es a su bscriber to th e sto ck of th e R eserve R eserve A ssociation, th e S ecretary of th e T reasu ry , th e S ecretary of
A ssociation, th e n atio n al ban k shall thereu po n subscribe for an a d d itio n al C om m erce a n d L ab o r, a n d th e C om ptroller of th e C urrency.
2. F ifteen directo rs to be elected, one b y th e b o ard of directors of each
am o u n t of th e cap ital sto ck of th e R eserve A ssociation equ al to 20 per
cen t of th e n atio n al b a n k ’s Increase of cap ital, pay ing th erefor Its th e n b ran ch of th e R eserve A ssociation. T hey shall be elected b y b allo t, each
book valu e, b u t only one-half of this a d d itio n al subscription will be called In m em ber of th e branch bo ard hav ing one vo te.
3. XweUc directors, w ho shall be elected by vo tin g rep resen tativ es,
cash, as hereinbefore p rov ided. In th e ev en t of a n atio n al b an k w hich Is
a holder of th e cap ital sto ck of th e R eserve A ssociation decreasing its one rep resentin g th e b an ks em braced in each d istric t. E ach v o ting
cap ital, It shall su rren d er a p ro p o rtio n ate am o u n t of Its holdings of th e rep re se n ta tiv e shall cast a n u m b er of votes equal to th e n u m b er of shares in
cap ital stock of th e R eserve A ssociation; or If a n atio nal ban k goes into th e R eserve A ssociation held by all th e ban k s In th e d istric t w hich he
liq u idation , It shall su rren d er all of Its holdings of th e cap ital sto ck of th e rep resents.
4. T he b o ard as th u s co n stitu te d shall select 12 ad d itio n al m em bers,
R eserve A ssociation. T he cap ital of th e R eserve A ssociation so su rren dered
shall be canceled, and th e n atio n al ban k th u s su rren dering sto ck In th e w ho shall fairly rep resen t th e in d u strial, com m ercial, agricu ltu ral and
R eserve A ssociation shall receive In p a y m en t therefor a sum equ al to th e O ther interests of th e c o u n try , and w ho shall n o t be officers of banks
th en book valu e, as show n on th e balance sh eet of th e R eserve A ssociation, D irectors of ban ks shall n o t be considered as officers.
A t th e first m eeting of th e bo ard all th e m em bers of th e bo ard except
of th e sto ck so su rren dered .
th e ex-officio m em bers, shall be classified Into th re e classes, a n d th e term s
E A R N IN G S A N D D IV ID E N D S .
office of these th ree classes shall be, respectiv ely, one, tw o a n d th ree
T he earnings of th e R eserve A ssociation shall be d istrib u te d In th e of
y ears. T h ereafter m em bers of th e bo ard shall be elected for a te rm of
follow ing m anner:
th
ree
y ears.
A fter th e p ay m en t of all expenses a n d taxes th e stockholders sh all receive
m em ber of any n atio n al or S ta te legislative body shall be a d irecto r
4 per cen t. F u rth e r earnings shall be divided, one-half to go to th e su rplus of No
th e R eserve A ssociation, nor of an y of th e branches, nor of a n y local
of th e R eserve A ssociation un til th a t su rp lus shall am o u n t to 20 per cen t association.
of th e paid -in cap ital; on e-fourth to go to th e G overnm ent of th e U n ite d
T he directo rs of th e R eserve A ssociation shall an n u ally elect an executive
S ta te s, an d on e-fourth to th e stockholders; b u t w hen th e sto ck h o ld e rs’ com
and such o th er com m ittees as th e by-law s of th e R eserve A ssocia­
div idend s shall reach 5 per cen t th e y shall receive no a dd itional d istrib u tio n . tion mmittee
ay prov ide. T he executive com m ittee shall consist of nine m em bers,
A fter th e stockholders receive 5 per cen t th e earnings shall be d iv ided, of w hich
th
e G overnor of th e R eserve A ssociation shall be ex-officio C hair­
one-half to be add ed to th e su rplus of th e R eserve A ssociation a n d one-half
an a n d th e tw o dep uties and th e C om ptroller of th e C urrency ex-officio
to go to th e G overnm ent. A fter th e stockholders receive 5 per c en t per mm em
bers.
an n u m a n d the su rp lus of th e R eserve A ssociation am o u n ts to 20 per cen t
executive com m ittee shall hav e all th e a u th o rity w hich is vested in
of th e paid-in cap ital, all excess earnings shall go to th e G ov ernm en t. T he th eT he
bo
ard of directors, except such as m ay be specifically delegated by th e
m inim um dividends to th e stockholders shall be cu m u lativ e.
bo ard to o th e r com m ittees or to th e executive officers.
LO C A L A SSO C IA T IO N S O F N A T IO N A L B A N K S.
T here shall be a bo ard of supervision elected by th e b o ard of directo rs
All subscribing ban ks shall be form ed Into associations of n a tio n a l ban ks, from am ong its nu m b er, of w hich th e S ecretary of th e T reasury shall be
to be desig nated as local associations. E v e ry local association sh all be ex-officlo C hairm an.
com posed of n o t less th a n 10 banks, a n d th e com bined c ap ital a n d su rp lus
E X E C U T IV E O F F IC E R S O F T H E R E S E R V E A SSO C IA T IO N .
of th e m em bers of each local association shall agg regate n o t less th a n
Xhe executive officers of th e R eserve A ssociation shall consist of a
$5,000,000.
G
overnor,
tw o D e p u ty G overnors, a S ecretary a n d such su b o rd in ate
All th e local associations shall be grouped into 15 divisions, to be called
ns m ay be provided by th e by-law s. T he G overnor and D eputy
d istric ts. T he te rrito ry Included in th e local associations shall be so officers
G overnors shall be selected by th e P resid en t of th e U nited S tates from a list
ap p o rtio n ed th a t every n atio n al ban k w ill be located w ithin th e bo un daries su
itte d by th e b o ard of directo rs. T he G overnor shall be su b ject to
of som e local association. E v ery subscribing n atio n al ban k sh all becom e remb moval
by th e P resid en t of th e U nited S ta te s for cause. T he term of
a m em ber of th e local association of th e te rrito ry In w hich it is situ a te d .
office of th e dep uties shall be seven years, b u t th e tw o dep uties first a p ­
D IR E C T O R S O F LOCAL A SSOCIA1HONS.
po inted shall be for term s of four years and seven years, respectiv ely.
E ach local association shall elect an n u ally a bo ard of directo rs In the
In th e absence of th e G overnor or his Inability to a ct, th e d e p u ty w ho is
follow ing m an ner:
senior In p o in t of service shall a ct as G overnor.
T he nu m b er of th e directo rs m ay be d eterm ined by th e by-law s of th e
^
E X E C U T IV E O F F IC E R S O F B R A N C H E S .
local associations. T hree-fifths of th a t nu m b er shall be elected by b allo t
E ach b ranch shall h av e a m an ag er a n d a d e p u ty m an ag er. T hey shall
cast by th e rep resen tativ es of th e ban ks th a t are m em bers of th e local be ap p o in ted by th e G overnor of th e R eserve A ssociation, w ith th e ap p ro v al
association, each bank hav ing one rep resen tativ e, a n d each rep re se n ta tiv e of th e executive com m ittee.
one vo te, w ith o u t reference to th e size of th e b an k . T w o-Q fths of th e
Xhe pow ers a n d d u ties of th e m an ag er a n d d e p u ty m an ag er a n d of th e
w hole n u m b er of directors of th e local association shall be elected by these various com m ittees of th e branches shall be prescribed b y th e by-law s of
sam e rep resen tativ es of th e several ban ks th a t are m em bers of th e associa­ th e R eserve A ssociation.
tio n , b u t in vo ting for these a d d itio n al directo rs each rep resen tativ e shall be
FU N C T IO N S O F T H E LOCAL A SSO C IA T IO N S.
e n title d to as m an y votes as th e b an k w hich he rep resen ts holds sh ares In
ber of a local association m ay app ly to th a t local association
th e R eserve A ssociation. A t such elections th ere shall be no proxies. T he forA anyg umaem
ra
ty of th e com m ercial p ap er w hich it desires to red iscoun t a t
au th o rized rep resen tativ es of a b an k, as herein prov ided, m u st be eith er th e bran ch n of
th e R eserve A ssociation in its d istric t. A ny such bank
th e p resident, vice-president, or cashier of th e b an k he rep resen ts.
receiving a g u a ra n ty from a local association shall p a y a com m ission to
D IR E C T O R S O F B R A N C H E S .
th e local association, to be fixed from tim e to tim e by th e b o ard of directors
As heretofore p io vk led , all th e local associations shall be grou ped Into of th a t local association. T he g u a ra n ty of th e m em bers of th e local
15 divisions, a n d each of these divisions sh all be desig nated a d istric t. association, in th e ev en t of loss, shall be m et by th e m em bers of th e local
T here shall be located In each d istric t a branch of th e R eserve A ssociation. association in th e pro p o rtio n to th e ra tio w hich th eir cap ital and surplus
E ach of th e 15 branches of th e R eserve A ssociation shall hav e a b o ard of bears to th e agg regate cap ital a n d surplus of th e local association a n d th e
dlrcotors, and those directors shall be elected In th e follow ing m an ner.
com m ission received for such g u a ra n ty , a fte r th e p a y m en t of losses and
T he board of directo rs of each local association shall elect by ballo t one expenses, shall be d istrib u ted am ong th e several banks of th e local associa­
m em ber of th e bo ard of directo rs of th e b ranch of th e R eserve A ssociation. tio n In th e sam e p ro p ortion . A local association shall h av e a u th o rity to
In this m an ner th ere will th u s be elected as m an y directo rs of th e branch req u ire a d d itio n al secu rity from any b an k ottering p ap er for g u a ra n ty , or
of th e R eserve A ssociation as th ere m ay be local associations In th e d istric t In m ay decline to g ra n t th e app lication .
w hich th a t branch of th e R eserve A ssociation Is located. In ad d itio n to
T he to ta l am o u n t of gu aranties by a local association to th e R eserve
th a t nu m b er thero shall be elected a nu m b er of th e directo rs equal to tw o- A ssociation shall n o t a t a n y tim e exceed th e agg regate cap ital a n d surplus
th ird s of th e nu m b er of local associations In th e d istric t w here th e branch Is of th e banks form ing th e g u aranteeing association.
lo cated . Such a dd itional directo rs shall be elected In th e follow ing m anner:
FU N C T IO N S O F T H E R E S E R V E A SSO C IA T IO N .
T here shall be chosen by th e banks com posing each local asso ciatio n a
of th e privileges and ad v an tag es of th e R eserve A ssociation shall be
vo tin g rep re se n ta tiv e or pro x y holder. In choosing such v o tin g rep re­ e q All
u
itab
ly
ed to every n atio n al b an k of a n y of th e classes herein
se n ta tiv e each ban k shall be en titled to as m an y votes as It holds sh ares In defined w hoextend
shall subscribe to Its prop ortion of th e sto ck of th e R eserve
th e R eserve A ssociation. T he voting rep resen tativ es of th e several local A ssociation and
shall otherw ise conform to th e req uirem ents of this A ct
associations w hich form a d istric t shall th e n m eet a t th e office of th e
overnm ent of th e U nited S ta te s a n d those n atio n al ban ks ow ning
b ran ch a n d elect an a d d itio n al nu m b er of directo rs of th e branch equal to stoTckhe inG th
e
R
eserve
ssociation shall be th e sole depositors In th e R eserve
tw o-thirds of th e nu m b er elected directly by th e local associations; th a t Is, A ssociation. All domAestic
sactio n s of th e R eserve A ssociation shall be
equal to tw o-thirds of th e nu m b er of local associations com posing th e confined to th e G overnm enttran
n d th e subscribing ban ks, w ith th e exception
d lstrlo t. E ach v o ting rep resen tativ e a t such election shall hav e a nu m b er of th e pu rch ase or sale of Gaovernm
ent or S ta te securities or securities of
of votes equal to th e nu m b er of shares in th e R eserve A ssociation held by foreign governm ents or of gold coin or
bullion.
all th e banks com posing th e local association w hich he rep resents.
G overnm ent of th e U nited S ta te s shall deposit its cash balance w ith
T he first business of th e bo ard of th e branch as th u s c o n stitu te d shall be th eT he
R eserve A ssociation a n d th e rea fter all receipts of the G overnm ent shall
to a d d to Its nu m b ers by th e election of an ad d itio n al nu m b er of d ire c to r8 be deposited
th e R eserve A ssociation or (w hen necessary) w ith such
equ al to o n e-th ird the nu m b er of local associations situ ate d In th e d istric t. n atio n al banksw ith
as th e G overnm ent m ay desig nate for th a t purpose in cities
Such a d d itio n al directo rs shall fairly rep resen t th e Indu strial, com m ercial, w here th ere Is no
of th e R eserve A ssociation. All disbursem en ts
ag ricu ltu ral a n d o th er Interests of th e d istric t and shall n o t be officers of b y th e G overnm entbranch
shall be m ade throu gh th e R eserve A ssociation.
R E S E R V E A SS O C IA T IO N OF A M E R IC A .




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THE CHRONICLE

£ T h e R eserve A ssociation shall p a y no Interest on deposits.
T h e R eserve A ssociation m ay red iscoun t notes a n d bills of exchange
arising o u t of com m ercial tran sa ctio n s, for a n d w ith th e Indorsem ent of a n y
b a n k h av ing a deposit w ith It. S uch notes an d bills m u st have a m a tu rity
of n o t m ore th a n 28 day s and m u st hav e been m ad e a t least 30 days prior
to th e d a te of red isco u n t. T he am o u n t so rediscoun ted shall In no case
exceed th e cap ital of th e b an k app lying for th e red iscoun t. T he aggregate
of such notes a n d bills bearin g; th e sig n atu re or Indorsem ent of a n y one
person , com pany , corpo ration , or firm , red iscoun ted for a n y one b an k ,
sh all a t no tim e exceed 10 per cen t of th e cap ital a n d su rp lus of said b a n k .
■ T he R eserve A ssociation m ay also red iscoun t for a n y depositing b an k
no tes a n d bills of exchango arising o u t of com m ercial tran sactio n s, hav ing
m o re th a n 28 day s, b u t n o t exceeding four m o n th s, to ru n , b u t In such
•cases th e p ap er m u st be g u aran teed b y th e local association of w hich th e
b an k asking for th e red iscoun t Is a m em ber.
W h en ev er, In th e opinion of th e G overnor of th e R eserve A ssociation, th e
pu blic Interests so req uire, such opinion to be concurred In by th e E xecu tive
C om m ittee of th e R eserve A ssociation a n d to h a v e th e definite ap p ro val of
th e S ecretary of th e T reasu ry , th e R eserve A ssociation m ay d isco un t th e
d ire ct ob ligation of a dep ositin g b a n k . Indorsed b y Its local association,
provided th a t th e Indorsem ent of th e local association shall be fully secured
by th e pledge an d dep osit w ith It ot.'satlsfactory securities, w hich shall be
held b y th e local association for acco u n t of th e R eserve A ssociation; b u t in
no such case shall th e a m o u n t loaned b y n h e R eserve A ssociation exceed
tw o-thirds of th e actu a l valu e of th e securities so pledged.
T he ra te of d isco un t of th e R eserve A ssociation, w hich shall bo uniform
th ro u g h o u t th e U nited S ta te s, shall b e fixed from tim e to tim e b y th e
E xecu tive C om m ittee a n d duly7publlshcd.
T he R eserve A ssociation m a y , w henever Its ow n con dition and the
general financial conditions w a rra n t such In v estm en t, pu rch ase to a lim ited
a m o u n t from a dep ositin g b a n k , acceptan ces of b an k s or houses of u n ­
qu estion ed fin a n c ia l'resp o n sib ility . Such acceptances m ust arise from
com m ercial tran sa ctio n s a n d h av e a m a tu rity n o t exceeding 00 day s and
m u st be of a c h a ra c te r generally kn ow n In th e m a rk e t as prim e bills. Such
acceptan ces sh all also bear th e Indorsem ent of th e depositing b a n k selling
th e sam e, w hich Indorsem ent m u st be o th er th a n th a t of th e accepto r.
T h e R eserve A ssociation m ay Invest In U nited S ta te s bonds a n d In
sh o rt-te rm obligations— th a t Is, obligations hav in g n o t m ore th a n one
y e a r to ru n — of th e U n ited S ta te s, or of a n y S ta te , or of certain foreign
go vernm en ts to be n am ed In th e A ct.
T h e R eserve A ssoclatIonTshall h av e pow er a t hom o a n d abroad to deal In
gold coin or bu llion , to g ra n t loans th ereo n a n d to c o n tra c t for loans of gold
coin or bullion, giving, w hen necessary , acceptab le security for th eir
T ho R eserve A ssociation shall h av e pow er to p u rch ase from Its depositors
a n d to sell, w ith or w ith o u t Its Indo rsem en t, checks or bills of exchange
pay ab le In E n g lan d , F ran ce, or G erm any, a n d In such o th er foreign countries
as tho b o ard of th e R eserve A ssociation m ay decide. T hese bills of exchange
m u st arise from com m ercial tran sa ctio n s a n d be of a m a tu rity n o t exceeding
90 day s and shall b e a r th e sig n atu res of a t least th re e responsible p arties, of
which the last one shall be that of a depositing b a n k .
T h e R eserve A ssociation shall h a v e pow er to open a n d m ain tain b an king
acco unts In foreign cou ntries a n d to establish agencies In foreign cou ntries,
for th o pu rp ose of p u rch asin g a n d selling a n d collecting foreign bills of
exchange, a n d it shall h av e a u th o rity to b u y a n d sell, throu gh such agenccs.
prim e foreign bills of exchang e arising from com m ercial tran sa ctio n s,
ru n n in g for a period n o t exceeding 90 d ay s a n d b earin g th e sig n atu res of
tw o or m ore responsible p arties.
D O M E STIC E X C H A N G E S .
I t shall be tho d u ty of th e R eserve A ssociation or a n y of Its branches, upon
req u est, to tran sfe r a n y p a rt of the deposit balance of a n y n a tio n a l b an k
hav in g an acco unt w ith It to th e cre d it of a n y o th e r b an k hav ing a n account
w ith th e R eserve A ssociation. If a dep osit b alance Is tran sferred from
th e books of one b ran ch of th e R eserve A ssociation to th e books of an o th er
b ran ch , It m ay be done b y m all or teleg rap h u p on term s to be fixed from
tim e to tim e b y th e E x ecu tiv e C o m m ittee.
F U N C T IO N S O F N A T IO N A L H A N K S.
In ad d itio n to th o rig h ts now conferred b y law , n atio n al ban k s shall be
auth orized to accept com m ercial p ap er draw n up on them , hav ing n o t m ore
th a n 90 days to ru n , prop erly secured, a n d arising o u t of com m ercial tra n s­
actio ns. T he am o u n t of such acceptan ces shall n o t exceed o n e-h alt th e
cap ital a n d su rp lus of th e accepting b a n k .
N ational b an k s shall n o t h av e a u th o rity to establish branches except In
th e city or tow n In w hich th ey a rc located.
T he organ ization of ban ks to co n d u ct business in foreign countries shall be
au th o rized . T he sto ck of such b an k s m ay be held by n atio n al b a n k s. T he
b a n k so organized m ay hav e a n office in th e U nited S ta te s, b u t shall n o t
com pete w ith n a tio n a l ban k s for dom estic business n o t necessarily related
to th e business being done In foreign co u ntries.
T here shall be established a new class of n atio n al b an k s, to be know n by
a specifically designated nam e. S uch b a n k s m ay h av e savings d e p artm e n ts
a n d m ay m ak e properly secured loans on real e state; such loans to be
restricted to a certain p rop ortion of th e agg regate tim e a n d savings deposits
In th e b a n k . T he reserve req u irem en t In such b an k s will be less against
savings and tim e deposits th a n ag ain st dem an d dep osits.
.... ,
A no ther class of n a tio n a l b an k s shall be au th orized, w hich shall be in
effect n atio n al tru s t com panies, to bo d esig nated by som e a p p ro p ria te
nam e a n d to exercise all th e functio ns a n d h av e all th e privileges. Including
leng th of c h a rte r, w hich a re given to tru st com panies by th e law s of th e
various S ta te s. T hese n atio n al Institu tio n s shall be su b ject, like o th er
n atio n al ban k s, to Inspection a n d exam in atio n by th e N ational G overnm ent.
T here shall be no change in th e percen tag e of reserve req uired by law to
be held ag ain st d em an d deposits b y n atio n al b an k s, except as otherw ise
provided herein, b u t th e deposit b alance of a n y n atio n al ban k In th e R eserve
A ssociation shall be co u nted as a p a rt of Its legal reserve.
R E P O R T S TO T IIE C O M P T R O L L E R .
T he R eserve A ssociation shall m ak e a rep o rt, show ing tho principal Item s
of Its balance sh eet, to th e C om ptroller of th e C urrency once a w eek T hese
rep orts shall be m ade public. In a d d itio n , full rep orts sh a 1 be m ad e to th e
Com ptroller of th e C urrency coin cid en t w ith th e five rep o rts called for each
y e a r from th e n atio n al b an k s.
A ll rep orts of n atio n al-b an k exam iners In reg ard to th e con dition of
n atio n al ban k s shall hereafter b e m ade In d u p licate, a n d one copy shall be
filed w ith th e R eserve A ssociation for th e confidential use of Its executive
officers.
. ...
N ational b an k s of all classes shall h e rea fter m ak e a w eekly rep o rt to th e
C om ptroller of th e C urrency show ing th e princip al Item s of th e ir balance
sheets, such rep o rts to be available for tho use of th e executive officers
of tho R eserve A ssociation.
N O T E IS S U E S .
T i3 .’J If h e re a fte r to be no fu rth e r Issue, bey ond th e am o u n t now ^out
ta n d ln , of b a n k no tes b y n atio n al b an k s. N ational ban k s m ay, Ifp h ey
oose, m ain tain th eir p resen t n o te Issue, b u t w henever a b an k retires th e




[VOL. LXXXXII.

w hole or a n y p a rt of Its existin g Issue, ItJwIU perm an en tly su rren der its rig h t
to reissue th e n o tes so retire d .
T he R eserve A ssociation m u st, for a period of one year, offer to pu rch ase
a t _______ (a price n o t less th a n p ar a n d accrued Interest) th o 2 per cen t
bonds now held b y n a tio n a l ban k s a n d dep osited to secure th eir circulatin g
n o tes. T he R eserve A ssociation shall ta k e over these bo nd s w ith tho
existing currency privilege a tta c h e d a n d assum e re sp o n sib ility for tho
red em p tio n (upon p resentation ) of o u tsta n d in g n o tes secured th e reb y . T he
R eserve A ssociation shall Issue, on th e term s h erein p rov ided. Its ow n
notes as fast as th e o u tsta n d in g notes secured b y su c h bo nd s so h eld shall bo
p resented for red em p tio n , It being th e policy of th e U nited S ta te s to rctlro
as rap id ly as possible, c on sistent w ith th e public In te re sts, bond-securci
circulatio n, a n d to su b stitu te therefor notes of th e R eserve A ssociatl°ri of a
c h aracter a n d secured a n d redeem ed In th e m an ner prov ided for In th is t.
T he R eserve A ssociation agrees to hold, for a p eriod of n o t less th a n
10 years, th e bonds so pu rch ased , or a n y G overnm ent se cu rity w hich m ay
be exchanged for th em by refun ding or otherw ise. T ho R eserve A ssocia­
tio n , how ever, shall hav e th e rig h t, w ith th e ap p ro v al of th e S e c re ta ry
of th e T reasu ry , a fte r tw o y e a rs ,to dispose an n u ally of $50,000,000 of th e
bonds held by It to secure circulatio n. T ho G ov ernm en t reserves th e
rig h t a t all tim es to p u rch ase a t par from th e R eserve A ssociation, th ro u g h
th e tru ste e s of th e p o stal savings b a n k or otherw ise, a n y or all of such
bonds so held .
If th e G overnm ent sh ould a d o p t th e policy of Issuing securities a t a
higher ra te of In terest th a n 2 per c en t, th e R eserve A ssociation shall hav e
th e rig h t to exchango a t p a r tho G overnm ent bonds w hich It m ay h av e
acq uired from th e n a tio n a l ban ks previously held b y th em to secure
circulatio n, for a n y bonds bearing In terest a t a ra to n o t exceeding 3 per
cen t, b u t In th a t ev en t th e am o u n t of a n n u al tax es to be paid on notes
based up on such new securities shall be as m uch g reater as th e In terest rato
of th e new securities shall exceed 2 per cen t.
T o Illustrate: If th e G overnm ent should decide hereafter to Issue a 2 K
per cen t bond, th e ra te of ta x a tio n on currency Issued by tho R eserve
A ssociation thereo n w ould be 1 per cent Instead of one-lialf of one per
cen t as on th e existin g tw os, and u p on a 3 per cen t bond th e ra te of ta x a ­
tio n w ould bo 1 H per cen t.
In ad d itio n to th e a u th o rity to Issue n o tes to replace a n y n atio n al ban k
notes o u tsta n d in g a t th e tlm o of th e o rgan ization of th e R eserve A ssociation,
It shall h av e th e rig h t to Issue a dd itional circulatin g notes as follows: T he
w hole or a n y p a rt of th e first $100,000,000 of such add itio n al notes shall p ay
to th e G overnm ent a n an n u a l ta x of 3 per cent; abo ve $100,000,000 and
n o t m ore th a n $ 2 0 0 , 0 0 0 ,0 0 0 m ay be Issued a t a n a n n u al ta x of 4 per cen t;
abo ve $200,000,000 a n d n o t m ore th a n $300,000,000 m ay be Issued a t an
an n u al ta x of 5 p er cen t; all above $300,000,000 shall p a y an an n u a l ta x
of 0 per cen t.
A ll no te Issues of th o R eserve A ssociation m u st bo covered to th e e x te n t
of a t least o n e-th ird b y gold or o th er law ful m oney, a n d th e rem ain ing
p o rtio n b y bonds of th e U nited S ta te s or ban k ab le com m ercial p a p er as
herein defined, or b o th . (It should bo provided either th a t tho R eserve
A ssociation m ay also hold In Its reserve foreign coin, or th a t th e T reasu ry
will Issue gold certificates ag ain st foreign coin.) T h e notes are to co n stitu te
a first lien u p on all tho assets of th e R eserve A ssociation a n d a d e q u ate
provision m u st bo m ade for their Im m ediate red em p tio n In law ful m oney
on presen tatio n a t th e head office of th e R eserve A ssociation or a n y of Its
branches.
T he notes of th e R eserve A ssociation shall be received a t p ar In p a y m e n t
of all tax es, excises a n d o th er dues to th e U nited S ta te s, a n d for all salaries
an d o th er deb ts an d dem an ds ow ing b y th e U nited S ta te s to ind ivid uals,
corpo ration s, or associations, except obligations of tho G overnm ent w hich
are b y their term s specifically p ay ab le In gold, and for all d eb ts du e from or
b y one n atio n al b a n k to an o th e r, a n d for all obligations du e to a n atio n al
T he R eserve A ssociation shall a t once, u p on app llao tlon a n d w ith o u t
charg e for tran sp o rta tio n , forw ard Its circulatin g notes to a n y depositing
b an k against Its cred it balance.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
__ T h e p u b lic sa les o f b a n k s to c k s th is w e e k a g g ic g a t c
5 53 sh a re s, o f w h ic h 50G 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 47 sh a res a t a u c t io n .
N a tio n a l B a n k o f
C o m m e r c e s t o c k w a s q u it e a c t iv e a t th e S t o c k E x c h a n g e ,
m a n y sm all lo t s , a g g r e g a tin g 3 1 0 sh a res, h a v in g b e e n s o ld .
T h e p r ic e r a n g e d fr o m 196 to 2 0 5 , o p e n in g a t 190 a n d c lo s in g
a t 202.

Shares. B A N K S— New York. Low . H igh.
*327 Com m erce, N a t D ank o f___ 190 205
* 1 4 4 F o u rth N ational H an k _____ 195
105)4
x 8 2 Hanover N ational B a n k ___ 625 040
• Sold a t th e Stock E xchang e, x Of th is
a t th e S tock E xchang e a t 630.

Close.
204
195)4
025
am o u n t

Last previous sale.
J a n 1911—- 195
J a n 1911— 195
Ju ly 1910— 625
35 shares w ere sold

— O n a n o t h e r p a g e o f t o - d a y ’ s issue o f th e “ C h r o n iq lc ” w e
g iv e in fu ll th e p la n p r o p o s e d b y N e ls o n W . A ld r ic h fo r
r e lie v in g th e m o n e ta r y n eed s o f th e c o u n t r y .
A t th e c o n fe r e n c e o f th o N a tio n a l B o a r d o f T r a d e , h e ld in
W a s h in g t o n th is w e e k , th e p r in c ip le s o f M r. A ld r ic h ’ s p la n
w ere s u b s ta n tia lly e n d o r s e d in th e a d o p t io n o f r e s o lu tio n s
o ffe r e d b y r e p r e se n ta tiv e s o f th e N e w Y o r k C h a m b e r o f
C o m m e r c e , th e M e r c h a n ts ’ A s s o c ia tio n o f N ew Y o r k a n d
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 o s e p r e s e n tin g th e
r e s o lu tio n w e re P a u l M . W a r b u r g , W e ld in g R in g , A . S .
F r iss e ll, S a m u el S a ch s a n d M a u rice L . M u h le m a n , r e p r e s e n t­
in g th e C h a m b e r o f C o m m e r c e ; J o h n 1 . lr u c s d e ll, J o h n
A s p e g r e n , E llio t t T . B a r r o w s a n d F . E . H a g e m e y e r fr o m th e
P r o d u c e E x c h a n g e , a n d I r v in g T . B u sh a s a r e p r e s e n ta t iv e
fr o m th e M e r c h a n ts ’ A s s o c ia t io n .
T h e r e s o lu tio n in w h ich
th e A s s o c ia tio n g a v e e n d o r s e m e n t to th e c r e a t io n o f a ce n tr a l
b a n k in g o r g a n iz a tio n sa id :

Resolved, T h a t th is con ventio n un equiv ocally declares In fav or of tho
creation for th e U nited S ta te s of a cen tral b an king o rg an ization , based upon
th e follow ing general principles:
1. T h a t such c en tra l organ ization be a co rpo ration endow ed w ith a largo
sto ck cap ital a n d n o t m erely an association of ban ks.
2. T h a t Its sto ck cap ital bo ow ned by Incorporated b an king Institu tio n s,
Including tru st com panies, w hether un der n atio n al or S ta te c h a rte r, w illing
to assum e equal d u ties as a basis for equal privileges.

JAN. 21 1911.]

THE CHRONICLE

3. T h a t Its a d m in istra tio n be div ided betw een th e G ov ernm en t; th e
m em ber b an k s a n d th e com m ercial classes, In a m an ner w hich will safeg uard
ag ain st Indiv idu al, sectional or political com binatio n.
4. T h a t Its business be lim ited to tran sactio n s w ith th e G ov ernm en t
a n d w ith th e In corporated b an king In stitu tio n s w hich becom e stockholders,
1. e., m em ber b a n k s, except as provided In p arag ra p h 0, clause B . .
5. T h a t div idend s on Its sto ck be lim ited to a fixed m o derate re tu rn an d
profits In excess of such dividends, a fte r providing for a reaso nable su rp lu s
a n d em ergency fu n d , be tu rn e d over to th e G overnm ent.
6. T h a t Its business be con ducted th ro u g h branches, to be establish ed
In th e ban k in g d istricts Into w hich th e c o u n try shall be div ided, th e m em ­
ber b an k s of th e several d istricts co n stitu tin g jo in t associations a n d sh arin g
In th e a d m in istra tio n of th e branches.
7. T h a t It shall, free of ch arg e, receive an d disburso all m oneys of th e
U nited S tates G overnm ent in places w here it shall h av e offices.
8. T h a t It shall n o t allow In terest on deposits.
9. T h a t It shall h av e pow er: (a) T o issue circulatin g no tes p ay ab le In
gold, to be secured by gold an d n eg otiable pap er, an d , if necessary, even­
tu a lly to re tire th e p resent bond-secured b a n k notes, to a lim ited a m o u n t
of G ov ernm en t bonds.
(b) F o r tho reg u la tio n of Its gold reserve to b u y a n d sell bullion a n d to
c o n tra c t for loans of gold, a n d u n der prop er restriction s to deal a n d Invest
In foreign bills of exchange:
(c) T o req u ire th e m em ber b an ks to keep w ith It a p o rtio n of th e ir re­
serves prescrib ed by law ;
(d) T o red iscoun t, only for m em ber b an k s, com m ercial p ap er u n d e r reg u­
lation s prescribing th e lim it of am o u n t for each m em ber b a n k , tho m ax im um
tim e to ru n a n d determ inin g th e degree of g u a ra n ty to be prov ided b y th
Joint associations of m em ber b an k s, of each d istrict;
(e) U nd er careful a n d p rop er restrictio n s to disco un t ap p ro v ed A m erican
acceptan ces:
•
(f) T o tran sfe r fund s sta n d in g to th e c red it of a m em ber b a n k to th e
c red it of a n y m em ber b an k a t an y of Its branches.
(g) T o b u y a n d sell th e bonds a n d trea su ry notes of th e U nited S ta te s.
10. T h a t th e c en tra l o rgan ization Is u ltim a tely to becom e th e solo n o te ­
issuing pow er.
Resolved, F u rth e rm o re , th a t copies of th is resolutio n be se n t to th e P resi­
d e n t of th e U n ited S ta te s, to th e m em bers of th e N ational M onetary Comm ission a n d to each S en ato r a n d R e p resen tativ e In Congress.
— A n a c t i o n b r o u g h t t o te s t th e r ig h t o f th e N e w Y o r k
S ta te S u p e r in te n d e n t o f B a n k s t o r e c o v e r fr o m s t o c k h o ld e r s
o f liq u id a tin g in s t itu tio n s th e fa c e v a lu e o f th e ir h o ld in g s
in th e in te r e s t o f c r e d ito r s w a s d e c id e d in f a v o r o f th e
B a n k in g D e p a r t m e n t th is w e e k .
T h e p r o c e e d in g s w e re
in s t itu te d b y S t a te S u p e r in te n d e n t C h e n e y a g a in st A u g u s t C .
S c h a r m a n n , fr o m w h o m it w a s s o u g h t t o r e c o v e r $ 3 0 ,0 0 0 as
th e h o ld e r o f 3 0 0 sh a re s o f s t o c k in th e fa ile d L a fa y e t t e T r u s t
C o m p a n y o f B r o o k ly n B o r o u g h .
T h e d e c is io n u p h o ld in g th e
S ta te S u p e r in d e n d e n t in s e e k in g t o e n fo r c e th e p a y m e n t
o f th e a s se s s m e n t in a c c o r d a n c e w ith th e la w w a s h a n d e d
d o w n o n th e 17th in s t . b y J u s t ic e A s p in a ll, in th e S u p r e m e
C o u r t, B r o o k ly n .
T h e d e fe n d a n t , it is s ta t e d , d id n o t d e n y
th e p r o v is io n o f th e la w , b u t c o n t e n d e d t h a t th e D e p a r t m e n t
h a d n o r ig h t t o h o ld th e s to c k h o ld e r s lia b le u n til all o th e r
m e a n s to s e cu r e p a y m e n t o f th e c r e d ito r s o f th e fa ile d in s t i­
tu tio n h a d b e e n e x h a u s te d .
— T h e b a n k e r s o f th is c i t y , m e m b e r s o f G r o u p V I I I , N e w
Y o r k S ta te B a n k e r s ’ A s s o c ia t io n , d e d ic a t e d th e ir 1 5th
a n n u a l d in n e r t o th e C o n s t itu tio n o f th e U n ite d S ta te s . T h e
b a n q u e t w a s h e ld in th e W a ld o r f-A s t o r ia la s t M o n d a y n ig h t .
T h is “ C o n s titu tio n a l d in n e r ” c a m e to b e k n o w n b y th a t
n a m e b e c a u s e s o m e m e m b e r o f th e d in n e r c o m m it t e e s u g ­
g e s te d th a t it m ig h t b e a g o o d id e a to c o m p lim e n t th e o ld
C o n s t itu tio n a n d e m p h a s iz e a t th is tim e th a t b u s in e s s is
still b e in g c o n d u c t e d u n d e r th e ru le s o f t h a t m e m o r a b le
in s tr u m e n t o f g o v e r n m e n t .
S o a re d m o r r o c c o b o u n d c o p y
o f th e C o n s t itu tio n w a s p la c e d b e s id e e v e r y d in e r ’ s p la t e .
J . P ie r p o n t M o r g a n ’ s a p p e a r a n c e la te r in th e e v e n in g w a s
th e sig n a l f o r h e a r ty a p p la u s e .
F r a n c is L . H in e , C h a irm a n
o f G r o u p V I I I , a n d t o a s t m a s te r , e u lo g iz e d th e w o r k a n d
ca re e r o f S e n a to r N e ls o n W . A ld r ic h , o n e o f th e a b s e n t
sp e a k e r s , w h o w e n t S o u th th is w e e k t o re lie v e h is illn ess.
M r. M in e ’ s t o a s t t o S e n a to r A ld r ic h w a s d r u n k w ith m u c h
e n th u s ia s m .
T h e g a th e r in g w a s n o ta b le f o r a v e r y la r g e
a tt e n d a n c e o f p r o m in e n t b a n k e r s , fin a n cie rs a n d r a ilr o a d
m e n ; a n d f o r th e r e m a r k s o f e x -G o v e r n o r B la c k , w h o w ith
a s o u v e n ir c o p y o f th e C o n s t itu tio n in h a n d d e liv e r e d a
v ig o r o u s a n d e p ig r a m m a tic a d d re s s o n th e “ B u sin e ss D is ­
t u r b e r .”
I n o u r “ F in a n c ia l S it u a t io n ” t o - d a y w e c o m m e n t
e d it o r ia lly o n h is s p e e c h .
D r . J a c o b G o u ld S c h u r m a n ,
P r e s id e n t o f C orn ell U n iv e r s ity , s p o k e e a r n e stly f o r a d iv o r c e
o f p o li t ic s a n d b u s in e s s.
C o n g re ssm a n J . A d a m B e d e o f
M in n e so ta jo k e d th e b a n k e r s a n d th e n m a d e s o m e w ise
d e d u c t io n s o n th e ge n e ra l th e m e o f th e e v e n in g .
The
p r e sid e n ts , v ic e -p r e s id e n t s , ca sh ie r s, a n d so m e o f th e d ir e c to r s ,
o f a lm o s t e v e r y b a n k in g in s t itu tio n in th e c i t y , a s w ell as
m a n y o u t - o f- t o w n b a n k e r s , m a d e u p th e a s se m b la g e .
The
d in n e r tic k e ts w e re lim ite d t o fiv e h u n d r e d p e r so n s , b u t as
o v e r o n e th o u s a n d a p p lic a tio n s w e re r e c e iv e d f o r s p a c e a t
th e ta b le s , th e lis t w a s e x t e n d e d t o s ix h u n d r e d a n d f if t y ,
th e la r g e s t a c c o m m o d a t io n a ffo r d e d b y th e g r a n d b a llr o o m
o f th e W a ld o r f-A s t o r ia .
T h e s e y e a r ly g a th e r in g s o f G r o u p V I I I a c tu a lly b r in g m o r e
N e w Y o r k C it y b a n k e r s to g e th e r w h o d o n o t see e a c h o t h e r




159

fr o m o n e y e a r t o a n o t h e r th a n a n y o th e r f u n c t io n .
The
b a n k e r s in th is la rg e c i t y g e n e r a lly d o n o t h a v e v e r y w id e
in te r c o u r s e d u r in g b u s in e s s h o u r s .
T h e g u e s ts o f th e
e v e n in g , b e s id e s th e s p e a k e r s ,[in c lu d e d : J . P ie r p o n t M o r g a n ,
L u th e r W . M o t t, P r e s id e n t o f th e N e w Y o r k S t a te B a n k e r s ’
A s s o c ia t io n , W illia m A . N a s h , G e o r g e F . B a k e r , J a m e s G .
C a n n o n , O . H . C h e n e y , S u p e r in te n d e n t o f th e B a n k in g
D e p a r t m e n t , R ic h a r d D e la fie ld , A le x a n d e r G ilb e r t , W illia m
J . G ilp in , A s s t. M a n a g e r o f th e N e w Y o r k C le a rin g H o u s e ,
R e v . W m . M . G r o s v e n o r ,D .D ., A . B a r t o n H e p b u r n , G e o rg e
S . T e r r y a n d F r a n k O . W a t t s , P r e s id e n t 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 .
J o h n A . D ix , G o v e r n o r o f th is S t a t e ,
c o u ld n o t a tt e n d th e b a n q u e t .
A ll th e a r r a n g e m e n ts f o r th e
m e e tin g w e r e in th e h a n d s o f F r a n c is 'L . H in 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 , a n d A le x a n d e r S . W e b b J r ., P r e s id e n t
o f th e L in c o ln T r u s t C o ., C h a irm a n a n d S e c r e t a r y , r e s p e c t iv e ly
o f G r o u p V I I I , a n d R . R o s s A p p le t o n , G e o r g e E . L e w is ,
G a te s W . M cG a rra h , R o b e r t A .P a r k e r , F r e d e r ic k B . S c h e n c k ,
A lb e r t H . W ig g in a n d W illia m W o o d w a r d .
— T h e d e a t h o f P a u l M o r t o n , P r e s id 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 , o c c u r r e d o n T h u r s d a y , a lm o s t s im u l­
ta n e o u s ly w ith th e a n n o u n c e m e n t o f th e e x e c u t io n o f a n ew
a g r e e m e n t u n d e r w h ic h th e v o t in g p o w e r o f th e E q u it a b le
is p la c e d w ith M o rg a n J . O ’ B r ie n , L e w is C ass L e d y a r d a n d
G e o rg e W . P e r k in s .
T h e o rig in a l a g r e e m e n t , w h ic h n a m e d
a s tru stees M o r g a n J . O ’ B r ie n , G e o r g e W e s t in g h o u s e a n d
th e la te G r o v e r C le v e la n d , w a s e x c e u t e d o n J u n e 15 19 0 5,
a ft e r T h o m a s F . R y a n h a d a c q u ir e d a c o n t r o llin g in te r e s t in
th e c o m p a n y ; it w a s t o ru n f o r fiv e y e a r s a n d a u t h o r it y fo r
its ren ew al a t th e e x p ir a t io n , f o r a fu r t h e r te r m o f fiv e y e a r s ,
a t th e o p t io n o f th e tr u s te e s , w a s g iv e n .
T h e s to ck o w n e r­
s h ip , a s is k n o w n , w a s s e c u r e d in D e c e m b e r 1 909 b y J . P .
M o r g a n , th r o u g h th e p u r c h a se o f M r. R y a n ’ s h o ld in g s , M r.
M o r g a n ’ s a c q u is it io n b e in g s u b je c t t o th e tr u s t.
I n a le t te r
t o M r. M o r g a n , u n d e r d a t e o f M a y 6 19 1 0, th e s u r v iv in g
tr u s te e s , M essrs. O ’ B r ie n a n d W e s t in g h o u s e r e c o m m e n d e d
th e c o n tin u a n c e o f th e a g r e e m e n t , b u t in th e e v e n t o f its
c o n t in u a n c e le ft M r. M o rg a n fr e e t o n a m e tr u s te e s o f h is
o w n c h o o s in g .
T h e n e w a g r e e m e n t is d a t e d D e c e m b e r 31
19 1 0, a n d is u n d e r s t o o d t o b e in d e n tic a l w ith th e o r ig in a l,
e x c e p t f o r th e o m is s io n o f th e cla u se s e m p o w e r in g th e tr u ste e s
t o r e n e w th e tr u s t e v e r y fiv e y e a r s a n d a u t h o r iz in g th e m t o
p u t in to e ffe c t a m u tu a liz a t io n o f th e c o m p a n y .
W h ile it is
m a d e t o c o n tin u e in f o r c e f o r fiv e y e a r s , M r. M o rg a n is g iv e n
th e r ig h t t o c a n ce l th e a g r e e m e n t a t a n y tim e , th e p u r p o s e
o f th is , it is in fe r r e d , b e in g t o p e r m it h im t o c a r r y in t o im ­
m e d ia te e ffe c t a n y p e r m a n e n t m u t u a liz a t io n p la n w h ich
m a y b e d e v e lo p e d in a c c o r d a n c e w ith p la n s h e r e to fo r e
proposed.
T h e in te n tio n s u n d e r th e p r e s e n t a r r a n g e m e n ts
a re m a d e k n o w n in th e fo llo w in g c o r r e s p o n d e n c e b e tw e e n
M r. M o rg a n a n d th e S ta te In su r a n c e D e p a r t m e n t m a d e
p u b lic o n T h u r s d a y .

1
N ew Y o rk, J a n . 17 1011.
H on. W m . H . H otchkiss, Superintendent o f Insurance:
Dear Sir: I herew ith send you th e voting tru s t agreem en t ot th e E q u ita b le
L ite A ssurance Soolety, w hich I h av e executed.
Y ou will no te th a t it places us all In such a position th a t w hen som e de­
te rm in a tio n can be reached In th e in terests ot th e po licyholders, a n d w hich
is satisfacto ry to yo u r D ep artm en t, It c an be carried in to effect w ith o u t u n ­
necessary delay.
I tru s t th a t you an d th e tru stees will co n tin u e to pu rsue th e su b je c t u n til
a p lan Is w orked o u t th a t will be satisfacto ry to all concerned, a n d to th a t
end I w ould bespeak a co n tinuan ce of yo ur kin dly Interest a n d co-operation.
V ery tru ly yours,
J . P IE R P O N T M O R G A N .
ST A T E O F N E W Y O R K , IN S U R A N C E D E P A R T M E N T .
A lban y, J a n . 18 1911.
M r. J . P ierpont M organ, W all and Broad Streets, New York:
Dear Sir: T his acknow ledges yours of th e 17th Inst. T he v o ting tru st
agreem en t co n tain ed th e rein evidences th e u n d erstan d in g arriv ed a t som e
m o n th s ago, w hich w as, In su bstance, as follows:
T h a t, pending th e a scertain m en t of a legal m eans w hereby th e E q u ita b le
L ife A ssurance Society could, w ith o u t p ro tra cte d litig atio n or a su b sta n tia l
red u c tio n of Its free su rp lus, be m ade a m u tu al com pany , In fac t as well as
b y rep resen tatio n s, th e form er vo ting tru s t— w hich expired b y lim itatio n
la st Ju n e — w ould be renew ed, b u t w ith tru ste e s of y o u r choosing, a n d so
m odified th a t It could be canceled w henever m u tu a liz atio n or som e e q u iv a­
le n t plan h a d been arranged .
I, therefore, accept th e form al execution of such agreem en t as a prelim i­
n a ry , a n d , for a tim e— no satisfacto ry solution of th is problem hav ing y e t
been foun d— seem ingly necessary ,step tow ard fixing th e con tro l of th is In­
surance co rpo ration w here it belongs, nam ely, in Its policyholders.
U n d erstand ing , therefore, th a t it is your pu rp ose, as soon as possible,
to form u late or accept a plan w hereby th e dan gers w hich In y ears p a st
h av e lurked In th e p riv a te ow nership of th is v a st publlo tru steesh ip will
be perm an en tly avoided, I will co n tinue to co-op erate w ith yo u to th a t end.
A copy of th e original agreem ent has been ta k e n an d filed, a n d such
original Is retu rn ed to you herew ith.
Y ours very tru ly ,
W IL L IA M H . H O T C H K IS S , S u p erin ten d en t.
M r. M o r t o n ’s d e a th w a s m o s t u n e x p e c t e d .
H e w as
s tr ic k e n a b o u t 5 o ’ c lo c k o n T h u r s d a y a t th e H o te l S e y m o u r ,
o n W e s t 4 5 th S tr e e t, w h er e h e h a d g o n e t o k e e p a n a p p o in t ­
m e n t, a n d h is d e a t h , a s c r ib e d to c e re b ra l h e m o r r h a g e , o c ­

160

THE CHRONICLE

c u r r e d a b o u t a n h o u r a n d a h a lf la te r .
M r. M o r t o n a c h ie v e d
d is t in c t io n in th e se v e ra l fie ld s in w h ic h h e h a d e m b a r k e d .
H is g r e a t e s t p r o m in e n c e w a s p e r h a p s a s a ra ilr o a d m a g n a te ,
a lth o u g h s in c e h is c o n n e c t io n w ith th e E q u it a b le L ife h e h a d
b r o u g h t to h im s e lf a n e n v ia b le r e c o r d as a w o r k e r in its b e h a lf.
M r. M o r t o n w a s b u t fift y -t h r e e y e a r s o ld a t th e tim e o f h is
d e a t h , h a v in g b e e n b o r n in M a y 1 8 5 7 .
H e w as a son o f
J . S te rlin g M o r t o n , w h o w a s S e c r e t a r y o f A g r ic u lt u r e u n d e r
P r e s id e n t C le v e la n d . Y o u n g M r. M o r t o n b e g a n h is b u sin e ss
c a re e r in 1872 a s a c le r k in th e O m a h a o f fic e o f th e B u r lin g ­
to n & M isso u ri H R .
W h e n th e la tt e r w a s ta k e n o v e r b y th e
C h ic a g o B u r lin g to n & Q u in c y , M r. M o r t o n c o n tin u e d w ith
th e n e w in te r e s ts , b e c o m i n g s u c c e s s iv e ly G en eral P a s s e n g e r
A g e n t a n d G e n e ra l F r e ig h t A g e n t .
I n 1890 b e b e c a m e a f ­
filia te d w ith th e C o lo r a d o F u e l & I r o n C o m p a n y a s V ic e ­
P r e s id e n t , c o n t in u in g th is a s s o c ia tio n u n til 1890, w h en h e
a g a in r e t u r n e d t o r a ilr o a d a s s o c ia tio n s a s V ic e -P r e s id e n t o f
th e A t c h is o n T o p e k a & S a n ta F e R R .
H e r e lin q u is h e d th is
p o s t in 1904 t o b e c o m e S e c r e t a r y o f th e N a v y , to w h ic h h e
w a s a p p o in t e d b y P r e sid e n t R o o s e v e l t .
H is r e s ig n a tio n
th e r e fr o m fo llo w e d a y e a r la te r , in J u ly 1 9 0 5 , w h e n h e w as
c h o s e n to th e p r e s id e n c y o f th e E q u it a b le L ife A s s u ra n ce
S o c ie t y .
— W illia m G . L o w J r. w as o n W e d n e s d a y e le c t e d a V ic e ­
P r e s id e n t o f th e T r u s t C o m p a n y o f A m e r ic a a t 37 W a ll S t .,
t o ta k e th e p la c e o f W illia m I I . L e u p p , re s ig n e d .
Edm und
L . J u d s o n , h e r e to fo r e A s s is ta n t T r e a s u r e r , h as b e e n a d ­
v a n c e d to th e o ffic e o f S e c r e t a r y , fr o m w h ic h F r a n k L .
H ilt o n re tire s to e n te r th e in v e s tm e n t b u s in e s s.
C a rle to n
B u n c o , la te ly a n A s s is ta n t S e c r e t a r y , h as b e e n m a d e M a n ­
a g e r o f th e C o lo n ia l B ra n ch o f th e c o m p a n y , a n d G e o r g e V .
D re w h as b e e n n a m e d as A s s is ta n t M a n a g e r .
Jam es L .
D e R o s s e t s u c c e e d s F r a n k W . B la c k as A u d it o r o f th e c o m ­
pany.
— H a r o ld B . C lark o f th e b a n k in g firm o f W h it e , W e ld &
C 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 C o lu m b ia T r u s t C o .
o f th is c i t y .
— C . V a n d e r b ilt B a r t o n w a s th is w e e k ch o s e n a d ir e c to r
o f th e E m p ir e T r u s t C o . o f th is c i t y .
— T h e e le c t io n o f W illia m C la rk P o illo n to th e p r e s id e n c y
o f th e M e r c a n tile T r u s t C o ., 120 B r o a d w a y , a b a n k in g o r g a n ­
iz a t io n w ith o v e r $ 9 ,2 5 0 ,0 0 0 c a p it a l, s u r p lu s a n d p r o fit s ,
w a s a n n o u n c e d th is w e e k .
M r. P o illo n is a n a t iv e o f N e w
Y o r k , w a s b o r n N o v . 12 1872 a n d e d u c a t e d in th e p r iv a t e
a n d p u b lic s c h o o ls a n d a t th e C o lle g e o f th e C ity o f N ew
Y ork .
H e e n te r e d th e s e r v ic e o f th e M e rca n tile T r u s t C o .
in 1 8 8 9 , w a s e le c t e d A s s is ta n t T r e a s u r e r in 1895, T r e a su re r in
1 9 0 1 , V ic e -P r e s id e n t in 1 9 0 4, a n d P r e s id e n t la s t W e d n e s d a y .
M r. P o illo n a d v a n c e s to th e p r e s id e n c y a t t h ir t y -e ig h t y e a rs
o f a g e . H is p r o m o t i o n to th e h ig h e s t o ffic e in th is im p o r t ­
a n t c o r p o r a t io n sig n ifie s a t e n d e n c y o n th e p a r t o f b a n k
m a n a g e m e n ts t o d r a ft th e s e r v ic e s o f v e r y y o u n g m en fo r th e
h e a v ie s t e x e c u t iv e re s p o n s ib iliti’e s .
W e h a v e in m in d s e v ­
eral m e n still y o u n g in y e a r s w h o h a v e r e c e n tly b e e n p la c e d
a t th e h e a d o f N e w Y o r k tr u s t c o m p a n ie s , m o s t o f th e m sin c e
th e 1907 b a n k in g tr o u b le s .
A fe w s u c h ca se s are.: E d w in G .
M e rrill, P r e s id e n t o f th e U n io n T r u s t C o .; A le x a n d e r S .
W e b b J r ., P r e sid e n t o f th e L in c o ln T r u s t C o .;J o h n W . F la t ­
te n , P r e sid e n t o f th e U n ite d S ta te s M o r tg a g e & T r u s t C o .;
A r t h u r K in g W o o d , P r e s id e n t o f th e F r a n k lin T r u s t C o .;
W illa r d V . K in g , P r e sid e n t o f th e C o lu m b ia T r u s t C o ., a n d
F r e d e r ic k G . L ee, P r e sid e n t o f th e B r o a d w a y T r u s t C o .
H e n r y P a r is h , P r e sid e n t o f th e N o w Y o r k L ife I n s u r a n c e &
T r u s t C o ., o n e o f th e m o s t c o n s e r v a t iv e l y m a n a g e d tr u s t
c o m p a n ie s in th is c o u n t r y , is th e d e a n o f all th e tr u s t c o m ­
p a n y p r e sid e n ts in th is c i t y , h a v in g s e r v e d a b o u t f o r t y
y e a r s in his p r e s e n t p o s it io n .

i

— T h e r e s ig n a tio n o f W illia m A . N a sh as P r e sid e n t o f th e
C o rn E x c h a n g e B a n k o f th is c i t y , w ith his s u b s e q u e n t e le c ­
tio n as C h a irm a n o f th e b o a r d , a n d th e a c c e s s io n o f W a lte r
E . F r e w to th e p r e s id e n c y w a s o n e o f th e ch a n g e s o f m o m e n t
m a d e th is w e e k .
M r. N a sh re tire s as P r e s id e n t a ft e r s e r v ­
in g t w e n ty -e ig h t y e a r s in th e o f fi c e . A s in th e ca se o f A . B a r­
to n H e p b u r n , w h o la st w e e k b e c a m e 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, M r. N a sh in th e n e w ly -c r e a t e d p o s t
w ill c o n tin u e h is a c tiv e c o n n e c t io n w ith th e in s t itu tio n w ith
w h ich he h as so lo n g b e e n id e n tifie d .
M r. F r e w ta k e s th e
p r e s id e n c y a ft e r o ffic ia t in g fo r tw e lv e y e a r s as V ic e -P r e s i­
d e n t.
B o t h M essrs. N a sh a n d F r e w h a v e lo n g b e e n a c t iv e ly
c o n c e r n e d in th e fu r t h e r a n c e o f th e c i t y ’s b a n k in g in te re s ts,
a n d as e x e c u t iv e m e m b e r s o f th e C le a r in g -H o u s e A s s o c ia ­
tio n d u r in g th e p a n ic d a y s o f th re e y e a rs a g o , t h e y c o n t r ib u t e d
to th e d e v e lo p m e n t o f p la n s w h ic h o p e r a t e d to b r in g a b o u t
a r e s to r a t io n o f c o n fid e n c e .
M r. F r e w w a s b o r n J u ly 18




[VOL. LXXXXII.

1864 in B r o o k ly n o f S c o t c h e x t r a c t io n a n d r e c e iv e d his e d u ­
c a t io n in th e p r iv a te a n d p u b lic s c h o o ls o f th a t b o r o u g h .
H e b e g a n h is b a n k in g c a re e r w h e n fifte e n y e a r s o f a g e , a n d
a ft e r s ix y e a r s ’ e m p lo y m e n t w ith th e firm o f S h e p h e r d K n a p p
& C o ., s t o c k b r o k e r s , th en a t 8 B r o a d S tr e e t, h e e n te r e d th e
E le v e n th W a r d B a n k as a c le r k .
I lls rise b e g a n w h en h e
w a s a p p o in t e d C a sh ier o f th e Q u e e n s C o u n t y B a n k o f L o n g
I s la n d C it y , o f w h ic h h e b e c a m e P r e s id e n t in 1895.
I n 1899
h o w a s m a d e V ic e -P r e s id e n t o f th e C orn E x c h a n g e B a n k
o f th is c it y .
M r. F r e w h a s th e h a p p y fa c u lt y o f m a k in g
fr ie n d s a n d h is b e a r in g in sp ire s c o n fid e n c e .
H e is s u c c e e d e d
as V ic e -P r e s id e n t o f th e b a n k b y W illia m I I . N ic h o ls o f th e
G en eral C h em ica l C o .
H e n r y B . V a u g h a n w a s a ls o th is
w eek a d d e d to th e d ir e c to r a t e o f th e in s t itu tio n .
G e o rg e N . M iller has b e e n e le c t e d a d ir e c t o r o f th e F i­
d e lit y B a n k o f th is c it y t o s u c c e e d th e la te H u g h J . G r a n t.
H a r r is o n E . G a w tr y has re tire d as a tr u s te e o f th e U n io n
T r u s t C o . o f th is c it y b e c a u s e o f im p a ir e d h e a lt h .
— T h e F id e lit y T r u s t C o ., c o r n e r o f C h a m b e rs S t. a n d
W e s t B r o a d w a y , th is c it y , issu es a sm a ll b o o k le t w h ic h it is
d is t r ib u t in g t o p a rtie s d e s irin g to o p e n n ew b a n k in g a c ­
c o u n t s , ca lle d “ A L it tle A b o u t O u r U s e fu ln e s s .”
Sam uel
S . C o n o v e r is P r e s id e n t,
O n D e c . 31 1910 th e c o m p a n y ’ s
d e p o s its w e re $ 7 ,0 3 6 ,0 5 2 .
Its c a p it a l is $ 7 5 0 ,0 0 0 , s u r p lu s
a n d u n d iv id e d p r o fits $ 9 6 1 ,0 9 4 .
T h e c o m p a n y b e g a n b u s i­
n ess M a y 22 1907.
— W . E . V o lk , u n til r e c e n t ly c o n n e c t e d w ith th e U n io n
T r u s t C o . o f th is c it y , h as b e e n a p p o in t e d E a s te r n c o r r e ­
s p o n d e n t o f th e F a rw ell T r u s t C o . o f C h ic a g o .
H e h as o p e n e d
a n o ffic e in th e T r in it y B ld g ., I l l B r o a d w a y , a n d w ill e n ­
g a g e in a g en era l b o n d b u sin e ss.
E a rle A . M iller, fo r m e r ly
th e N e w Y o r k m a n a g e r o f B u rg e ss, L a n g & C o . o f B o s t o n ,
is a s s o c ia te d w ith M r. V o lk .
T h e P u b lic B a n k o f th is c it y p a id its s e c o n d d iv id e n d ,
a m o u n t in g to 1 0 % , on J a n . 3 .
T h e first p a y m e n t w a s m a d e
O c t . 4 , w ith th e p a y m e n t o f a 5 % d iv id e n d .
T h e ban k has
a c a p it a l o f $ 2 0 0 ,0 0 0 .
— F r a n k L . G r a n t, fo r m e r ly P r e s id e n t o f th e N o r t h e r n
B a n k o f th is c it y , w h ich s u s p e n d e d la st m o n t h , w a s in d ic t e d
o n T h u r s d a y , m is d e m e a n o r , it is s a id , b e in g c h a r g e d , in
h a v in g c o n c e a le d a n d fa ile d to r e p o r t a lo a n o f $ 6 9 ,0 0 0 to th e
d ir e c to r s .
H e w a s relea sed u n d e r $ 5 ,0 0 0 b a il, a ft e r e n te r in g
a p le a o f n o t g u ilt y .
A n u m b e r o f b a n k in g in s t itu tio n s in
th e c it y h a v e a ffo r d e d re lie f to th e d e p o s ito r s o f th e N o r th e r n
b y a d v a n c in g th e m 5 0 % o f th e ir a c c o u n t s , a c c e p t in g a s
co lla te r a l f o r th e lo a n s th e b a n k b o o k s o f th e d e p o s it o r s .
The
d e p o s ito r ie s o f th e N o r th e r n B a n k a p p o in t e d b y th e B a n k ­
in g D e p a r t m e n t are th e B a n k o f th e M a n h a tta n C o m p a n y ,
th e U n ite d S ta te s M o r tg a g e & T r u s t C o ., th e C o lo n ia l B a n k
a n d th e E m p ir e T r u s t C o.
F o u r tru ste e s o f th e W a s h in g t o n S a v in g s B a n k , o f w h ich
J o s e p h G . R o b in w a s P r e s id e n t , w ere in d ic t e d o n p e r ju r y
ch a rg e s o n th e 13th in s t ., n a m e ly , C h arles K . L c x o w ,
T h o m a s F . M u r p h y , W illia m P . Y o u n g s a n d D r. I la r r ie A .
Jam es.
T h e y w ere all re lea sed u n d e r $ 3 ,0 0 0 e a c h .
— T h e 1910 S u p p le m e n t to P a in e ’ s B a n k in g L a w s (6 th
e d it io n ), in w h ich is in c o r p o r a t e d all th e a m e n d m e n t s to
th e C o n s o lid a te d B a n k in g L a w o f N e w Y o r k S ta te p a sse d
d u r in g th e L e g is la tiv e sessio n o f 19 1 0, h as ju s t b e e n issu ed .
I t is in c o n v e n ie n t p a m p h le t fo r m o f 44 p a g e s , w ith h e a v y
paper covers.
T h e c o m p ila t io n is th e w o r k o f W illis S .
P a in e , w h o in c lu d e s in th e b o o k th e t e x t o f th e n ew A r t ic le 3a
o f th e G en eral B u sin e ss L a w r e la t iv e to p r iv a te b a n k in g ,
th e a m e n d m e n t to th e P e n a l L a w r e la t iv e to th e issue o f
ce r tific a te s o f d e p o s it b y b a n k s a n d tr u s t c o m p a n ie s , as w ell
as th e r e c e n t o p in io n s o f th e A t t o r n e y -G e n e r a l c o n s t r u in g
v a r io u s s e c tio n s o f th e C o n s o lid a te d B a n k in g L a w .
The
b o o k is p u b lis h e d b y M a tth e w B a n d e r & C o ., A lb a n y , a n d
th e ch a rg e fo r th e sa m e is 50 c e n ts .
— T h e o ld firm o f N . W . H a r ris & C o . o f N e w Y o r k a n d
B o s to n b e g a n b u sin ess la s t M o n d a y u n d e r th e n e w n a m e o f
H arris, F o r b e s & C o .
T h e p a r tn e r s a n d th e p o lic y o f th e
m a n a g e m e n t re m a in th e s a m e .
— H e n r y W . R e ig h le y , w h o h as b e e n a c t in g a s S e c o n d
V ic e -P r e s id e n t a n d S e c r e t a r y o f th e F u lt o n T r u s t C o . o f
N e w Y o r k , w a s e le c t e d th is w eek S e c o n d V ic e -P r e s id e n t o f
th e in s t itu tio n , a n d C h arles M . V a n K lc e c k , th e A s s is ta n t
S e c r e t a r y , w a s a d v a n c e d to th e s e c r e t a r y s h ip .
— T h e r e p o r t o f D -O a d y H e r r ic k as r e fe re e in th e m a t te r o f
th e fees to b e a w a r d e d to th e te m p o r a r y re c e iv e r s o f th e
O r ie n ta l B a n k o f th is c it y w a s c o n fir m e d b y S u p r e m e C o u r t
J u s tic e D a v is o n th e 2 9 th t ilt . M r. H e r r ic k a llo w s $ 9 ,4 4 1
f o r th e fe e s a n d d is b u r s e m e n ts o f th e C a rn e g ie T r u s t C o . a n d

THE CHRONICLE

J a n . 21 1911.]

H e n r y S c h n e id e r , w h o s e r v e d te m p o r a r ily as r e c e iv e r s f o r
a b o u t a m o n th a ft e r th e su s p e n s io n o f th e in s t it u t io n e a r ly
in 19 0 8.
T h e C a rn e g ie T r u s t, it is s t a t e d , w ill r e c e iv e $ 3 ,0 0 0
a n d M r. S c h n e id e r $ 1 ,0 0 0 , th e re m a in d e r b e in g u sed to m e e t
in c id e n ta l e x p e n s e s .
T h e to ta l a m o u n t a s k e d fo r , it is
u n d e r s t o o d , w a s $ 2 3 ,9 9 8 .
— T h e a n n u a l s ta t e m e n t o f th e G u a r d ia n T r u s t C o . a t 170
B r o a d w a y , th is c i t y , s h o w e d t h a t in s t it u t io n ’ s g ro ss d e p o s it s
to b e $ 3 ,6 4 4 ,3 9 9 a t th e c lo s e o f b u sin e ss D e c . 31 19 1 0.
The
c o m p a n y ’s c a p ita l s t o c k is $ 5 0 0 ,0 0 0 in a d d it io n t o $ 5 3 7 ,2 3 5
s u rp lu s a n d p r o fits ; a g g r e g a te re s o u r c e s $ 4 ,6 8 9 ,0 4 7 ; w h ile
its ca sh in h a n d a n d in b a n k s w a s $ 1 ,2 9 1 ,9 2 9 , d e m a n d a n d
tim e lo a n s $ 2 ,5 0 6 ,5 6 0 , s t o c k s a n d b o n d s $ 3 0 4 ,6 5 1 (a t m a r k e t
v a lu e ), b o n d s a n d m o r tg a g e s $ 5 0 3 ,6 0 0 , real e s ta te $ 2 2 ,0 0 0
a n d a c c r u e d in te r e s t r e c e iv a b le $ 4 2 ,3 0 6 .
T h e a ctiv e o f ­
fic e r s are: R o b e r t C . L e w is , V ic e -P r e s id e n t ; L a t h r o p C .
H a y n e s , S e c r e t a r y , a n d A lfr e d M . B a r r e t t, A s s is ta n t S e c r e ­
ta r y .
— T h e v o lu n t a r y liq u id a t io n o f th e B r o o k ly n B a n k o f
B r o o k ly n B o r o u g h w a s d e c id e d u p o n a t a m e e t in g o f th e
s to c k h o ld e r s o f th e in s t itu tio n o n th e 14th in s t.
T h e p la n
p u r s u e d b y th e W illia m s b u r g h T r u s t C o ., w h ic h is n o w b e ­
in g liq u id a te d t h r o u g h th e M e t r o p o lit a n T r u s t C o . o f M a n ­
h a t ta n , w ill b e fo llo w e d b y th e B r o o k ly n B a n k , th e la tte r
h a v in g a rra n g e d t o s e cu r e fr o m th e M e t r o p o lit a n s u ffic ie n t
fu n d s t o e n a b le th e im m e d ia t e p a y m e n t o f its d e p o s ito r s in
fu ll.
L ik e th e W illia m s b u r g h T r u s t , th e B r o o k ly n B a n k
s u s p e n d e d o p e r a t io n s in O c t o b e r 1907 a n d r e s u m e d in J u n e
19 0 8, its r e h a b ilita tio n h a v in g b e e n b r o u g h t a b o u t p a r t ly
th r o u g h th e a id o f th e M e t r o p o lit a n T r u s t C o ., fr o m w h ic h ,
it w a s u n d e r s t o o d , a lo a n o f $ 6 0 0 ,0 0 0 w a s o b t a in e d .
I t w as
a lso s ta t e d a t th e tim e o f r e o r g a n iz a t io n th a t th e b a n k h a d
a b s o r b e d th e I n te r n a tio n a l T r u s t C o ., w h ic h w a s o r g a n iz e d
in th e fall o f 1907 a n d w h o s e a ffa irs w e re m o r e o r less in ­
v o lv e d w ith th o s e o f th e b a n k .
W it h its r e s u m p t io n in
1 9 0 8, D a n ie l O . U n d e rh ill w a s a t th e h e a d o f th e in s t it u t io n .
I n S e p te m b e r la st n e w in te r e s ts b e c a m e a s s o c ia te d w ith th e
b n a k a n d C h arles B . H o b b s r e p la c e d M r. U n d e rh ill in th e
p r e s id e n c y .
A s ta t e m e n t w h ic h h as b e e n g iv e n o u t b y M r.
H o b b s w ith re g a r d t o th e d e c is io n t o w in d u p its a ffa irs s a y s:
T h e B r o o k l y n B a n k lia s h a d to s t r i v e e v e r s in c e w e r e s u m e d b u s in e s s
f o ll o w in g t h e p a n ic o f 1 90 7.
T h e c o n d i t i o n w a s n o t s u f f i c i e n t l y s t r o n g to
a t t r a c t n e w b u s in e s s , a n d n o t w it h s t a n d i n g e v e r y h o n e s t e ffo r t m a d e to ge t
t h e 'b a n k In b e tt e r c o n d it io n , w e h a v e n o t r e c e iv e d p r o p e r e n c o u r a g e m e n t .
W h e n t h e s u g g e s t i o n w a s m a d e t o li q u i d a t e s o t h a t d e p o s it o r s a n d c r e d it o r s
c o u ld b e p a id in fu ll, I t se e m e d w ise . W e w ill n o t t a k e a n y c h a n c e o f lo sse s
t o c it h e r d e p o s it o r s o r c r e d it o r s .
A t t h e m e e t in g o f t h e s t o c k h o ld e r s a m i d ir e c t o r s a r r a n g e m e n t s w e re
c o n s u m m a t e d w h e r e b y t h e M e t r o p o li t a n T r u s t C o . o f M a n h a t t a n h a s a g r e e d
to lo a n s u f f ic ie n t f u n d s t o e n a b le u s t o p a y a l l d e p o s it o r s I n fu ll a t th e
e a r lie s t p o s s ib le d a t e .

T h e b a n k h as a c a p it a l o f $ 3 0 0 ,0 0 0 .
I n th e N o v e m b e r
10 1910 s ta t e m e n t its d e p o s its w ere $ 7 6 9 ,6 0 0 .
— A n e s p e c ia lly p r e t t y c a le n d a r w h ic h it h a s b e e n o u r
p le a s u r e to r e c e iv e c o m e s fr o m th e L o n g Is la n d L o a n 6c
T r u s t C o . o f B r o o k ly n .
A c o p y o f th e p a in tin g , “ I n d ia n
S u m m e r ," b y G e o r g e H o w e ll G a y , is th e b a s is o f th e a t t r a c ­
tiv e n e s s o f th e c a le n d a r , a n o tic e a b le fe a tu r e o f w h ic h is th e
a b s e n c e o f a d v e r tis in g m a t te r .
— T h e D e c . 31 1910 s ta t e m e n t o f th e C ity T r u s t C o . o f
N e w a r k , N . J ., s h o w s d e p o s its o f $ 1 ,1 5 7 ,3 2 1 a n d to ta l r e ­
s o u rc e s o f $ 1 ,3 4 9 ,8 7 6 .
T h e c a p ita l o f th e in s t itu tio n is
$ 1 0 0 ,0 0 0 , a n d it h a s s u rp lu s a n d p r o fit s o f $ 8 0 ,1 9 0 .
The
fo llo w in g o ffic e r s w e re r e -e le c te d a t th e a n n u a l m e e tin g on
th e 17th irist.: F . W . H a n n a h , P r e sid e n t; I r v in g S m ith a n d
W illia m H a lse y P e c k , V ic e -P r e s id e n t s , a n d E . S . C arr,
S ecreta ry an d T reasu rer.
■
-— T h e b a n k s a n d tr u s t c o m p a n ie s o f N e w a r k , N . .T., a rc
s a id to h a v e e n te r e d in to a n a g r e e m e n t u n d e r w h ic h n o
in te r e s t w ill b e a llo w e d o n d e p o s its s u b je c t to c h e c k w h ere
th e a c c o u n t s are less th a n $ 5 0 0 .
T h is a r r a n g e m e n t is u n d e r ­
s t o o d to b e in v o g u e a m o n g m a n y o f th e in s t itu tio n s in
J e r s e y , in a c c o r d a n c e w ith an a g r e e m e n t e n te r e d in to b y
m e m b e r s o f th e N e w J e rse y B a n k e r s ’ A s s o c ia tio n a t th eir
a n n u a l se ssio n la st M a y .
U n d e r th e la tte r a g r e e m e n t ,
w h ic h w as n o t m a d e b in d in g u p o n th e m e m b e r s , b u t w as
t o b e e n tir e ly v o lu n t a r y , it w a s d e c id e d t o m a k e 3 ) ^ % th e
m a x im u m ra te o f in te r e s t o n d e p o s its a n d to p a y 2 % on
c h e c k in g a c c o u n t s w h e re th e a v e r a g e b a la n c e is o v e r $ 5 0 0 .
— A t th e a n n u a l m e e t in g o f th e b o a r d o f m a n a g e r s o f th e
M o n tc la ir (N . J .) S a v in g s B a n k , h e ld o n th e 17th in s t ., th e
f o llo w in g o ffic e r s w ere e le c t e d : T h o m a s
S te p h e n s , P r e si­
d e n t; R a lp h T . C ra n e , V ic e -P r e s id e n t a n d T r e a s u r e r ; a n d
S t a n le y It. S o v e r e l, S e c r e t a r y a n d A s s is ta n t T r e a s u r e r .
M r. S te p h e n s , w h o is a t th e h e a d o f th e N e w Y o r k b a n k in g
firm o f T . W . S te p h e n s ’ & C o ., at 2 W a ll S tr e e t, s u c c e e d s




W.

161

P h ilip D o r e m u s , r e c e n t ly d e c e a s e d , w h o h a d b e e n th e P r e s i­
d e n t sin c e th e o r g a n iz a tio n o f th e in s t it u t io n in 1 8 9 3 .
M r.
C ran e h a d b e e n th e S e c r e t a r y a n d T r e a s u r e r fo r a n u m b e r o f
years.
T h e b a n k h a h h a d a n e n v ia b le g r o w t h , h a v in g d e ­
p o s it s o f a b o u t $ 3 ,0 0 0 ,0 0 0 a n d o v e r 9 ,0 0 0 d e p o s it o r s .
— T h e U n io n T r u s t C o m p a n y o f N e w J e r s e y , J e r s e y C it y ,
h a s fo r s o m e m o n th s b e e n o c c u p y in g its h a n d s o m e n ew
b a n k in g q u a r te r s o n th e c o r n e r o f M o n t g o m e r y a n d W a s h ­
in g to n s tr e e ts .
T h e b u ild in g is e s p e c ia lly c o n v e n ie n t f o r
N e w Y o r k c u s t o m e r s , b e in g a d ja c e n t t o th e P e n n s y lv a n ia
R R . ferries a n d th e M c A d o o tu n n e ls .
A u n iq u e fe a t u r e is th e
m a in te n a n c e fo r th e e x c lu s iv e u se o f its p a t r o n s o f a h a n d ­
s o m e ly e q u ip p e d su ite o f c o r p o r a t io n m e e t in g r o o m s , t o b e
u sed fo r c o r p o r a t io n m e e tin g s , s t o c k h o ld e r s ’ e le c t io n s , & c .
T h e in s t itu tio n h as h a d in sta lle d o n e o f th e s tr o n g e s t a n d
h e a v ie s t s a fe -d e p o s it v a u lts in N e w J e r s e y .
I t h a s a c a p it a l
a n d su rp lu s o f $ 6 7 8 ,0 0 0 a n d d e p o s it s o f $ 2 ,2 2 9 ,6 1 6 .
The
o ffic ia l s ta ll is c o m p o s e d o f S a m u e l L u d lo w J r ., P r e s id e n t ;
J o h n J . G o r m a n a n d J o s e p h E . B e r n s te in , V ic e -P r e s id e n t s ;
J a m e s G . H a s k in g , V ic e -P r e s id e n t a n d T r e a s u r e r , a n d
G e o r g e E . B a ile y , S e c r e t a r y .
— T h e se m i-a n n u a l s ta t e m e n t o f th e U n io n D is c o u n t C o .,
L o n d o n , h a s c o m e to h a n d a n d is g iv e n in d e ta il o n a n o t h e r
page.
T h e b a la n c e s h e e t o f D e c . 31 1910 s h o w s g r o s s a sse ts
o f $ 1 2 5 ,1 6 6 ,9 2 6 .
O u t o f th e p r o fits f o r th e h a lf-y e a r th e re
w a s a d d e d $ 1 0 0 ,0 0 0 t o th e re s e rv e fu n d , w h ich n o w s ta n d s
a t $ 3 ,0 0 0 ,0 0 0 ; a sem i-a n n u a l d iv id e n d w a s p a id a t th e r a te o f
1 2 % p e r a n n u m , ca llin g f o r $ 2 2 5 ,0 0 0 , a n d a fte r o t h e r d e ­
d u c t io n s a b a la n c e o f $ 3 8 3 ,0 8 2 w a s ca r r ie d fo r w a r d t o th e
n ext accou n t.
— C o n tin u e d p r o g r e s s is r e c o r d e d b y th e P la in fie ld T r u s t
C o . o f P la in fie ld , N . J ., in its s e m i-a n n u a l s ta t e m e n t f o r
D e c . 31 1910.
A t th e c lo s e o f th e y e a r w h ic h m a rk e d
th e in s t it u t io n ’ s e s ta b lis h m e n t— o n D e c . 31 1902— its d e p o s its
w ere $ 3 8 0 ,4 2 7 ; fr o m th is th ere w a s a n in crea se to $ 1 ,5 9 2 ,2 3 6
D e c . 31 19 0 5, to $ 2 ,0 9 8 ,1 5 4 D e c . 31 1908 a n d to $ 3 ,1 0 8 ,0 3 7
o n D e c . 31 19 1 0.
T h e c o m p a n y b e g a n to p a y d iv id e n d s
J u ly 1 1910 a t th e r a te o f 1 0 % a n n u a lly .
I ts s u r p lu s a n d
p r o fits , w h ic h w ere $ 1 5 6 ,0 2 3 in 19 0 8, a re n o w $ 2 1 6 ,3 0 7 , in
a d d it io n t o a c a p it a l o f $ 1 0 0 ,0 0 0 .
T h e o ffic ia ls a r e : P r e s i­
d e n t , O r v ille T . W a r in g , o f th e S ta n d a r d Oil C o .; V i c e ­
P r e sid e n t, A u g u s tu s V . H e e ly , V ic e -P r e s id e n t o f th e F a r m e r s ’
L o a n & T r u s t C o ., N ew Y o r k ; V ic e -P r e s id e n t , J . H e r b e r t
C ase, V ic e -P r e s id e n t o f th e F r a n k lin T r u s t C o ., N e w Y o r k ;
V ic e -P r e s id e n t , H e n r y A . M c G e e , o f th e S t a n d a r d Oil C o .;
S e c r e ta r y a n d T r e a s u re r, I I . H . P o n d , a n d A ssista n t .Secre­
ta r y a n d T r e a s u r e r , D e W i t t H u b b e ll.
— T h e M o rristo w n T r u s t C o ., o f M o r r is t o w n , N . .J,, S a m u e l
F r e e m a n , P r e sid e n t, h as e s ta b lis h e d a r e c o r d b y p a y in g
$ l,8 9 S ,8 8 5 in in te re s t t o d e p o s ito r s s in c e its o r g a n iz a tio n
D e c . 15 1892.
T h is c o m p a n y a llo w s 3 % o n a c c o u n t s o f $ 1 0 0
o r o v e r , s u b je c t to c h e c k o n d e m a n d w it h o u t n o t ic e , p a y a b le
in N ew Y o r k fu n d s , if d e s ir e d .
I t s d e p o s its o n D e c . 31 1910
w ere $ 6 ,6 4 7 ,3 1 9 ; c a p it a l, $ 6 0 0 ,0 0 0 , in a d d it io n t o s u r p lu s
a n d p r o fits o f $ 1 ,4 1 5 ,7 1 5 a n d a g g r e g a te r e so u r ce s $ 8 ,6 8 1 ,4 9 S .
P r e sid e n t F r e e m a n h as issu ed a b r ie f c o m p a r is o n o f th e N e w
J e rs e y a n d N e w Y o r k t a x a n d in h e r ita n c e la w s f o r d is t r ib u ­
tio n .
T h e a d v a n ta g e s o f ta x -e x e m p t io n in N e w J e r s e y a re
p o in te d o u t to a t a x p a y e r in N e w Y o r k S t a te .
T he board
o f d ir e c to r s o f th is in s t itu tio n co n s is ts o f p r o m in e n t N e w
Y o r k b a n k e r s w h o are re s id e n ts o f M o r r is t o w n .
— W a lt e r D u ffy , P r e sid e n t o f th e L in c o ln N a tio n a l B a n k
o f R o c h e s t e r , N . Y . , d ie d o n th e 1 4 th in s t.
M r. D u ffy , w h o
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 , s u c c e e d e d th e la te
E u g e n e S a tte rle e in th e p r e s id e n c y o f th e b a n k a y e a r a g o .
H e w a s a lso P r e s id e n t o f th e N e w Y o r k
K e n t u c k y D is tillin g
C o ., th e D u ffy M a lt W h is k e y C o . a n d V ic e -P r e s id e n t o f t h e
L a fa y e t t e H o te l C o . o f B u ffa lo .

6c

— A b ill h as b e e n p r e se n te d to th e M a s s a c h u se tts L e g is la ­
tu re o n b e h a lf o f th e O ld C o lo n y T r u s t C o . o f B o s t o n , u n d e r
w h ich le g is la tiv e a u t h o r it y to c o m p le t e th e m e r g e r o f th e
C ity T r u s t, th e M a s s a c h u se tts T r u s t a n d th e M e r c a n tile T r u s t
c o m p a n ie s o f B o s to n w ith th e O ld C o lo n y is s o u g h t .
The
b u sin ess o f th ese v a r io u s o r g a n iz a tio n s is a lr e a d y p a r t o f th a t
o f th e O ld C o lo n y .
T h a t o f th e C ity T r u s t w a s ta k e n o v e r in
F e b . 1910; th e C ity T r u s t h a d itse lf p r e v io u s ly ( i n 190 6)
a c q u ir e d th e M e rca n tile T r u s t, th e la tt e r th en p a s s in g o u t
o f e x is te n c e as a s e p a ra te in s t itu tio n ; still e a r lie r , in 1904, a
c o n s o lid a tio n o f th e b u sin e ss o f th e M a s s a c h u s e tts T r u s t w ith
th e M erca n tile T r u s t w a s e ffe c t e d .
T h e B o s t o n “ H e r a ld ”
s ta te s th a t “ a s m a t te r s s ta n d n o w th e O ld C o lo n y T r u s t in it s
o w n e r sh ip o f th e o t h e r c o m p a n ie s is p r a c t ic a lly in th e p o s it io n
o f a h o ld in g c o m p a n y .
W h e n th e O ld C o lo n y p u r c h a se d th e

162

THE CHRONICLE

s t o c k o f th e C it y T r u s t s o m e tim e a g o , t h a t c o m p a n y w a s
a lr e a d y in p o s s e s s io n o f th e m a j o r i t y s t o c k o f th e o t h e r t w o
c o m p a n ie s .
T h e p u r c h a se w a s c a lle d a m e r g e r , b u t w a s n o t
s o in r e a lit y , th e o n ly m a te r ia l c h a n g e b e in g in th e s t o c k
o w n e r s h ip .”
T h e b ill, it is s t a t e d , p r o v id e s t h a t “ n o m e r g e r
sh a ll c a u s e a te r m in a tio n o f th e s e v e r a l c o r p o r a t e fr a n c h is e s
o f th e e x is t in g c o m p a n ie s , b u t t h a t th e c o r p o r a t e e x is t e n c e
o f e a c h c o m p a n y shall b e c o n t r o lle d b y th e O ld C o lo n y T r u s t
C o ., a n d all th e p r iv ile g e s , fr a n c h is e s , r ig h ts , title s a n d in t e r ­
e s ts sh a ll fo r t h w it h , w it h o u t d e e d o r tr a n s fe r , b e v e s t e d in
t h a t c o m p a n y .”
I t is fu r th e r p r o v id e d , a c c o r d in g t o th e
“ H e r a l d ,” t h a t th e O ld C o lo n y m a y in c r e a s e it s c a p it a l t o th e
a g g r e g a t e a m o u n t o f th e a u t h o r iz e d c a p it a l o f th e c o n s t it u e n t
c o r p o r a t io n s , s u b j e c t t o c e r t a in r e q u ir e m e n ts o f th e la w , a n d
t h a t it s h a ll a s su m e th e lia b ilitie s , d e b t s a n d o b lig a t io n s o f th e
c o n s t i t u e n t c o m p a n ie s .
O th e r c o r p o r a t io n s w h ic h m a y
h e r e a ft e r b e o r g a n iz e d a re p r o h ib it e d fr o m u sin g th e n a m es
o f th e c o m p a n ie s fo r m in g th e O ld C o lo n y w it h o u t th e c o n ­
s e n t o f th e la t t e r .
— C o n tr o l o f th e B lu e H ill N a tio n a ljB a n k o f M ilt o n , M a s s ., is
r e p o r t e d t o h a v e p a sse d t o R o b e r t F . H e r r ic k , w h o h a s
s u c c e e d e d S a m u e l G a n n e tt a s P r e s id e n t o f th e i n s t it u t io n .
M r. H e r r ic k is sa id t o h a v e p a id $ 1 8 5 p e r sh a re f o r a m a jo r it y
in te r e s t in th e b a n k , w h ic h h a s $ 2 0 0 ,0 0 0 c a p it a l.
H e is a
d ir e c t o 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 .
— C. A . P ik e h as b e e n c h o s e n t o s u c c e e d A . F . H i t c h c o c k
a s C a sh ie r o f th e C ity N a tio n a l B a n k o f H o l y o k e , M a s s .,
th e la t t e r h a v in g te n d e r e d h is r e s ig n a tio n t o ta k e e ffe c t F e b . l .
M r. P ik e is a t p r e se n t c o n n e c t e d w ith th e O r a n g e (M a s s .)
N a tio n a l B a n k .
— R ic h m o n d I I . I n g e r s o ll, fo r m e r T r e a s u r e r o f th e fa ile d
Y o r k C o u n t y S a v in g s B a n k o f B id d e f o r d , M e ., w h o w a s in ­
d ic t e d in S e p te m b e r , c h a r g e d w ith th e la r c e n y o f $ 1 ,3 0 0 fr o m
th e in s t it u t i o n , w a s s e n te n c e d o n th e 1 3 th in s t . t o tw o
y e a r s ’ im p r is o n m e n t .
T h e in s t itu tio n s u s p e n d e d o n A u g . 12
a s th e re s u lt o f a s h o r ta g e sa id t o a m o u n t t o $ 3 0 0 ,0 0 0 .
— O n D e c .2 7 th e B a th T r u s t C o . o f B a t h , M e ., w a s a p p o in t ­
ed r e c e iv e r f o r th e P e o p le ’ s S a fe D e p o s it & S a v in g s B a n k
o f th a t c i t y .
T h e in s t itu tio n w a s c lo s e d o n N o v . 2 8 u n d e r
a n in ju n c t io n issu e d b y A s s o c ia te J u s t ic e S a v a g e o f th e S t a te
S u p r e m e C o u r t, o n p e t it io n o f S t a te B a n k E x a m in e r S k e lt o n .
T h e la t t e r , in e x p la n a t io n o f h is a c t i o n , m a in ta in e d th a t
th e re w a s s tr o n g c o m p e t i t io n in 't h e v i c i n i t y f o r b u s in e s s , a n d
th a t th e in s t it u t io n w a s n o t o n a firm e n o u g h b a s is t o c o m p e t e
w ith th e o t h e r b a n k s .
— F r a n k C . D e e r in g a n d F r a n k W . N utter| w e re o n th e 4 th
in s t . a p p o in t e d r e c e iv e r s f o r th e S a c o S a v in g s B a n k o f S a c o ,
M e ., w h ic h w a s c lo s e d u n d e r a t e m p o r a r y in ju n c t io n o n D e c .
16. T h e c lo s in g o f th e in s t it u t io n w a s d e c id e d u p o n b y B a n k
C o m m is s io n e r S k e lt o n a n d f o u r o f its tr u s te e s b e c a u s e o f a
fa llin g o f f in its d e p o s it s a n d b e c a u s e it w a s fe a r e d t h a t fu r ­
th e r e x p e c t e d w ith d r a w a ls in J a n u a r y c o u ld b e m e t o n ly b y
m e a n s w h ic h w o u ld u lt im a t e ly r e s u lt in lo sse s t o th e d e p o s i­
to r s a s a w h o le .
L u th e r R . M o o r e , P r e s id e n t o f th e b a n k ,
d ie d o n th e 16th in s t . a ft e r a lo n g illn ess.
— O w in g to p re ssu re o f o th e r -m a t te r s , J . V . M cN e a l r e tire d
a s V ic e -P r e s id e n t o f th e M a r y la n d T r u s t C o . o f B a lt im o r e
a t th is w e e k ’s a n n u a l m e e t in g .
H e is s u c c e e d e d in th e o f fic e
b y O sca r G . M u r r a y , a n d C a rroll V a n N e ss, h e r e t o fo r e S e c r e ­
ta r y o f th e c o m p a n y , h a s b e e n m a d e S e c o n d V ic e -P r e s id e n t .
T h e o f fic e o f S e c r e ta r y re m a in s o p e n f o r th e p r e s e n t .
Joseph
I . F r a n c e , A r t h u r G . W e llin g t o n a n d H e n r y B . W i l c o x are
n e w d ir e c t o r s , a n d J . L . B la c k w e ll a n d G r ie r H e rsh are r e ­
tir in g m e m b e r s .
— W illia m M c K . R e e d , la te A s s is ta n t C a sh ier o f th e F ir st
N a tio n a l B a n k o f P it t s b u r g h , w a s th is w e e k e le c t e d P r e sid e n t
o f th e T h ir d N a tio n a l B a n k o f th a t c i t y .
J a m e s T . H a m il­
to n , w h o m h e s u c c e e d s in th e p r e s id e n c y , h a d t e m p o r a r ily
a c c e p t e d th e o f f i c e s ix m o n t h s a g o , fo llo w in g th e d e a t h o f
J u liu s B ie le r .
M r. H a m ilt o n h a s n o w b e c o m e V ic e -P r e s id e n t
o f th e in s t it u t io n .
M r. R e e d w a s c o n n e c t e d w ith th e F ir s t
N a tio n a l f o r n in e te e n y e a r s .
— E . H . M y e rs J r . h a s b e e n e le c t e d S e c o n d V ic e -P r e s id e n t
o f th e G e r m a n N a tio n a l B a n k o f P it t s b u r g h .
— A u t h o r it y w a s r e c e n t ly g iv e n R e c e iv e r J . D .
Lyon,
o f th e I r o n C ity T r u s t C o . o f P it t s b u r g h , t o p a y t o th e s t o c k ­
h o ld e r s a d iv id e n d o f $2 50 a s h a r e .
M r. L y o n , in a n n o u n ­
c in g th e d iv id e n d , s ta t e d th a t it r e p r e s e n te d a t o t a l d is t r ib u ­
tio n o f $ 1 2 2 50 p e r sh a re .
T h e c o m p a n y , w h ic h h a d a
c a p it a l o f $ 2 ,0 0 0 ,0 0 0 , s u s p e n d e d o n O c t . 23 1 9 0 7 .
— A t th e a n n u a l m e e tin g o f th e s t o c k h o ld e r s o f th e S e c o n d
N a tio n a l B a n k o f C in c in n a ti, C h arles H . D a v is r e tire d a s
P r e s id e n t a n d w a s e le c t e d C h a irm a n o f th e b o a r d .
E. E .




[VOL. LXXXXII.

G a lb r e a th , h e r e t o fo r e V ic e -P r e s id e n t , h as b e c o m e P r e sid e n t;
W illia m A lb e r t c o n tin u e s as a V ic e -P r e s id e n t , a n d G . W .
W illia m s , w h o w a s C a sh ier, h a s a ls o b e e n n a m e d as a V i c e ­
P r e sid e n t; J o h n G u t tin g h as b e e n a d v a n c e d fr o m th e o f f ic e
o f a s sista n t ’ca sh ie r t o th e c a s h ie r sh ip ; R ic h a r d J o h n s a n d
S a m u el B e r e s fo r d a re A s s is t a n t C a sh iers.
— T h e e n la r g e d S t a te S a v in g s B a n k & T r u s t C o . o f C o lu m ­
b u s , O ., b e g a n b u s in e s s o n th e 1 6 th in s t ., fo llo w in g t h e c o n ­
s u m m a t io n o f th e c o n s o lid a t io n o f th e C a p ito l T r u s t C o . a n d
th e S ta te S a v in g s B a n k & T r u s t , in a c c o r d a n c e w it h p la n s
r e fe rre d t o in th is d e p a r t m e n t D e c . 17.
T h e p r o c e e d in g s
w e re ra tifie d b y th e s t o c k h o ld e r s o f th e u n it in g in s t it u t io n s
a t m e e tin g s h e ld e a r ly th is m o n t h .
T h e c o n s o lid a t e d in s t i ­
tu t io n h a s a c a p it a l o f $ 4 0 0 ,0 0 0 , th e S ta te S a v in g s B a n k &
T r u s t , th e c o n t in u in g c o m p a n y , h a v in g d o u b le d its $ 2 0 0 ,­
0 0 0 c a p it a l.
W . D . G u ilb e r t, w h o w a s P r e s id e n t o f th e
C a p ito l T r u s t , re tire s fr o m a c t iv e s e r v ic e .
E d w in R . S h a r p
c o n tin u e s as P r e s id e n t o f th e S ta te S a v in g s B a n k & T r u s t , o f
w h ic h W illia m F . B u r d e ll is V ic e -P r e s id e n t , a n d A le x a n d e r
M a c k e n z ie , w h o w a s S e c r e t a r y a n d T r e a s u r e r o f th e C a p it o l
T r u s t , is C a sh ier .
— F e lix A . J a c o b s h a s b e e n m a d e a V ic e -P r e s id e n t o f t h e
U n io n N a tio n a l B a n k o f C o lu m b u s , O ., a n d Carl G . A g le r
h a s b e e n m a d e a n A s s is t a n t C a sh ier .
— T h e c o n s o lid a t io n o f th e F ir s t N a tio n a l B a n k a n d th e
S e c o n d N a tio n a l B a n k o f A k r o n , O ., th r o u g h w h ic h is c r e a t e d
th e F ir s t -S e c o n d N a tio n a l B a n k , h as b e e n r a tifie d b y th e
s h a r e h o ld e r s .
— B . B . S e y m o u r , fo r m e r ly S ta te S u p e r in te n d e n t o f B a n k s
in O h io , 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 N a tio n a l B a n k o f
A s h t a b u la , a t A s h t a b u la , O .
B e fo r e h is a p p o in t m e n t as
h e a d o f th e B a n k in g D e p a r t m e n t in 1 9 0 8 , M r . S e y m o u r w a s
C ash ier o f th e b a n k o f w h ic h h e h as n o w b e c o m e P r e s id e n t.
— A r r a n g e m e n ts t o c o n s o lid a t e 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 o f G a r y , I n d ., a re s a id
to h a v e b een m a d e.
T h e F ir s t N a t io n a l, it is u n d e r s t o o d ,
is th e c o n t in u in g in s t it u t io n .
I I . M . Z im m e r m a n n h as r e sig n e d as B a n k C o m m is s io n e r
o f th e S ta te o f M ich ig a n t o b e c o m e V ic e -P r e s id e n t a n d d ir e c ­
t o r o f th e D e t r o it U n ite d B a n k .
E d w a r d I I . D o y le h a s b e e n
n am ed, t o s u c c e e d h im a s B a n k C o m m is s io n e r .
T h e A m e r ic a n E x c h a n g e N a tio n a l B a n k o f D e t r o it h a s
b e e n a b s o r b e d b y th e O ld D e t r o it N a tio n a l B a n k , th e t r a n s ­
fe r o f its b u sin e ss t o th e la tt e r h a v in g o c c u r r e d o n T u e s d a y
th e 1 7 th in st.
N e g o t ia t io n s fo r th e a c q u is it io n o f th e a b ­
s o r b e d b a n k b y th e O ld D e t r o it N a tio n a l w ere p e r fe c t e d b y
th e d ir e c to r s o f th e A m e r ic a n E x c h a n g e la s t w e e k , f o llo w in g
th e a n n u a l m e e t in g .
A t th a t m e e t in g J o h n N . B a g le y w a s
e le c t e d P r e s id e n t o f th e A m e r ic a n E x c h a n g e , t o s u c c e e d
J a m e s N . W r ig h t , w h o d ie d o n N o v . 13, a n d H a m ilt o n D e y
in tu rn s u c c e e d e d M r. B a g le y as V ic e -P r e s id e n t .
As a Fed­
eral in s t itu tio n th e A m e r ic a n E x c h a n g e N a tio n a l d a te s fr o m
1868; it w a s th e s u c c e s s o r o f th e p r iv a te b a n k o f A le x a n d e r H .
D ey & C o.
I ts c a p it a l a t th e tim e o f th e m e r g e r w a s $ 4 0 0 ,­
0 0 0 a n d its d e p o s its o n N o v . 10 w ere a p p r o x im a t e ly $ 4 ,0 0 0 ,­
000.
T h e O ld D e t r o it N a tio n a l w as o r g a n iz e d in 1863; it
w a s o r ig in a lly th e S e c o n d N a t io n a l, la te r th e D e t r o it N a ­
t io n a l, a n d in 1902 b e c a m e th e O ld D e t r o it N a t io n a l.
It has
a c a p ita l o f $ 2 ,0 0 0 ,0 0 0 a n d its d e p o s its in N o v e m b e r a m o u n t ­
e d t o n e a r ly $ 1 5 ,0 0 0 ,0 0 0 .
A le x a n d e r M c P h e r s o n is P r e s i­
d e n t.
— J o s e p h T . C o llin s h as b e e n e le c t e d S e c r e t a r y a n d T r e a s ­
u rer o f th e W a y n e C o u n t y S a v in g s B a n k o f D e t r o it t o s u c ­
c e e d E d w a r d I I . C o llin s .
— H o w a r d W . F e n t o n h a s b e e n r e - e le c t e d T r e a s u r e r o f th e
H a rris T r u s t & S a v in g s B a n k o f C h ic a g o , a n d h a s in a d d it io n
b e e n m a d e a V ic e -P r e s id e n t t o s u c c e e d N a th a n C . K in g s ­
b u r y , w h o resig n ed to b e c o m e a s s o c ia t e d w ith t h e A m e r ic a n
T e le p h o n e & T e le g r a p h C o .
M r . K in g s b u r y c o n t in u e s as a
d ir e c to r o f th e b a n k .
— T h e r e je c tio n o f a n o ffe r t o c o n s o lid a t e th e M ilw a u k e e
N a tio n a l B a n k o f W is o o n s in , a t M ilw a u k e e , w ith a n o t h e r
lo c a l in s t itu tio n , a n d its d e c is io n to c o n t in u e a s a s e p a r a t e
o r g a n iz a tio n , is m a d e k n o w n in th e fo llo w in g s t a t e m e n t
t o s to c k h o ld e r s a n d d e p o s it o r s , r e c e n tly issu ed b y W . F .
F ilte r , C ash ier o f th e b a n k :
A l t h o u g h a la r g e b o n u s w a s o ffe r e d b y a v e r y s t r o n g f in a n c ia l In s t it u t i o n
o f t h is c i t y fo r t h e b u s in e s s a n d g o o d - w il l o f t h o M il w a u k e e N a t i o n a l B a n k ,
o u r d ir e c t o r s d e c id e d u n a n i m o u s ly t o o o n t ln u o b u s in e s s .
T h a n k in g y o u
fo r p a s t f a v o r s , h o p i n g fo r a o o n t ln u a n o c o f t h e s a m e a n d w i s h in g a h a p p y
a n d p ro sp ero u s N e w Y e a r, w e are
Y o u r s r e s p e c t f u lly ,
W.

F. F IL T E R ,

C a s h ie r .

— A r t h u r H . L in d s a y h as b e e n m a d e V ic e -P r e s id e n t a n d
a d ir e c to r o f th e M a rin e N a t io n a l B a n k o f M ilw a u k e e .
M r.

J an . 21 1911.

THE CHRONICLE

L in d s a y a d v a n c e s fr o m th e o ffic e o f C a sh ier, t o w h ic h o ffic e
fo r m e r A s s is ta n t C a sh ie r E d w a r d H . W illia m s h as n o w b e e n
e le c t e d .
G e o r g e M o o r e a n d G . D . P r e n tiss , b o t h h e r e to fo r e
tellers in th e b a n k , h a v e b e e n m a d e A s s is ta n t C a sh iers, a n d
T h o m a s J . D u r n in h as b e e n e le c t e d S e c r e t a r y .
— W illia m B . D e a n h as b e c o m e V ic e -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 S t . P a u l, s u c c e e d in g F . D . M o n fo r t ,
w h o r e s ig n e d la s t m o n t h .
E d w in M o t t, A s s is ta n t C ash ier
o f th e b a n k , h as b e e n e le c te d t o its d ir e c t o r a t e .
— I I . P . N e w c o m b a n d W . M . K o o n a re n e w ly e le c t e d
A s s is ta n t C ash iers 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 .
— N e w d ir e c to r s o n th e b o a r d 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 are J o h n S . P ills b u r y , F . C . V a n
D u s e n , C . J . W in t o n a n d A lb e r t C . C o b b .
—An
e x q u is it e c a le n d a r o f
a c o n v e n ie n t size
h as
b e e n issu e d b y th e C o lo r a d o T it le & T r u s t C o . o f C o lo r a d o
S p r in g s.
I t is e m b e llis h e d w ith a r e p r o d u c t io n in c o lo r s
o f P h ilip B o ile a u ’ s p a in t in g , “ W in t e r ,” ty p ifie d in a p le a s in g
p r e s e n ta t io n o f y o u n g w o m a n h o o d c la d in fu r s , a m p ly p r o ­
te c t e d a g a in st th e w in t r y b la s ts , w h ic h sh e is s e e m in g ly
fa c in g .
— T h e F ir st N a tio n a l B a n k o f D e n v e r , C o lo ., th e p r e se n t
m o n th m o v e d in to its m a g n ific e n t n e w b a n k in g q u a r te r s a t
th e c o r n e r o f S e v e n te e n th a n d S t o u t s tr e e t s .
T h e m a in
b a n k in g r o o m , t o w h ic h w e h a v e p r e v io u s ly r e fe r r e d a t le n g th
in th e se c o lu m n s , is c o n c e d e d t o b e o n e o f th e fin e s t in th e
cou n try.
T h e b a n k o c c u p ie s t w o flo o r s a n d th e b a s e m e n t,
c o v e r in g in all a b o u t a n a cre o f flo o r s p a c e , w h ic h w ill a ffo r d
a m p le r o o m f o r th e e n la r g e m e n t o f th e in s t it u t io n .
O n th e
o p e n in g d a y th e o ffic e r s w ere s h o w e r e d w ith n u m e r o u s flora l
tr ib u te s a n d r e c e iv e d h u n d r e d s o f m e ssa g e s o f g o o d w ill
fr o m th e ir m a n y fr ie n d s th r o u g h o u t th e c o u n t r y .
D a v id
H . M o ffa t , th e w e ll-k n o w n C o lo r a d o ra ilr o a d b u ild e r a n d
c a p it a lis t, is a t th e h e a d o f th e in s t it u t io n .
T h o m a s K e e ly
is V ic e -P r e s id e n t a n d F . G . M o ffa t C a sh ier.
—-J. It. C o o k e , a n A s s is ta n t C ash ier o f th e T h ir d N a tio n a l
B a n k o f S t . L o u is , a n d A u g u s t A . B u sc h h a v e b e e n e le c te d t o
th e d ir e c t o r a t e o f th a t in s t itu tio n .
E . C . S tu a r t h a s b e e n
a d d e d to th e b a n k ’ s list o f A s s is ta n t C a sh iers.
— W . L . M c D o n a ld 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 N a ­
tio n a l B a n k o f C o m m e r c e in S t . L o u is , o f w h ic h h e is a V ic e ­
P r e s id e n t.
— W illia m H . T h o m s o n h a s b e e n c h o s e n a V ic e -P r e s id e n t
o f th e B o a t m e n ’s B a n k o f S t. L o u is a n d E . M . H u b b a r d h as
b e e n e le c t e d C a sh ier, s u c c e e d in g M r. T h o m s o n , w h o h e ld
th e ca sh ie r sh ip f o r f o r t y - f o u r y e a r s .
— G e o r g e W . C la rk so n h a s b e c o m e P r e s id e n t o f th e G ra n d
A v e n u e B a n k o f S t . L o u is , r e p la c in g E . E . M a g ill.
— I n th e S ta te N a tio n a l B a n k o f S t. L o u is , I I . L . S ta d le r
h as b e e n e le c t e d to ta k e th e p la c e o f th e la te L o g a n T o m p ­
k in s a s C a sh ier.
M r. S ta d le r h a d p r e v io u s ly b e e n A s s is ta n t
C a sh ier.
— A . C. F . M e y e r, w h o is C a sh ier o f th e S o u th S id e B a n k
o f S t. L o u is , h a s b e e n m a d e S e c o n d V ic e -P r e s id e n t , s u c c e e d ­
in g C h arles S . R e u ss , r e s ig n e d .
M r. M e y e r r e ta in s th e c a s h ­
ie rsh ip .

163

tio n t o s u c c e e d J e re S . L illis .
M r. M iller h a s b e e n a V ic e ­
P r e s id e n t o f th e C o m m e r c e T r u s t C o . o f K a n s a s C it y f o r th e
p a st tw o y e a rs.
T h e in te r e s t h e a c q u ir e s in th e b a n k is
r e p o r t e d t o c o n s is t o f 560 sh a res o w n e d b y th e L illis fa m ily
a n d 2 4 0 sh a res o w n e d b y W . T . J o h n s o n , W . H . L u c a s ,
H . L . W a ld o a n d D . S . M c G o n ig le .
T h e K a n s a s C it y “ S t a r ’
r e p o r t s th e p r ic e p a id b y M r. M iller a s $ 3 3 0 p e r s h a r e .
The
2 0 0 sh a res w h ic h h a v e n o t c h a n g e d h a n d s a re o w n e d b y
H e n r y K o e h le r , C a sh ie r , a n d J o h n P e r r y .
— J a m e s B . B r o w n h a s r e s ig n e d t h e p r e s id e n c y o f th e
F ir s t N a tio n a l B a n k o f L o u is v ille , K y . , h a v in g b e c o m e
a s s o c ia te d w ith t h e N a tio n a l B a n k o f C o m m e r c e o f th a t c it y
a s V ic e -P r e s id e n t , a p o s t c r e a t e d e s p e c ia lly f o r h im .
M r.
B r o w n h a d b e e n P r e s id e n t o f th e F ir s t N a tio n a l s in c e N o ­
v e m b e r 1908 a n d p r io r t o t h a t h a d b e e n it s C a sh ier f o r tw o
years.
E m b r y L . S w e a r in g e n h a s s u c c e e d e d t o th e p r e s id e n c y o f
th e F ir s t N a t io n a l.
H e h a d h e r e t o f o r e b e e n C h a irm a n o f
th e b o a r d o f d ir e c t o r s , w h ic h o f f i c e w ill b e d is c o n t in u e d .
M r. S w e a rin g e n is a ls o P r e s id e n t o f th e K e n t u c k y T it le ,
S a v in g s B a n k & T r u s t C o . a n d P r e s id e n t o f th e K e n t u c k y
T it le C o .
— J o h n S tite s , fo r m e r ly C h a ir m a n o f th e B o a r d o f th e
F id e lit y T r u s t C o . o f L o u is v ille , K y . , w a s e le c te d a V ic e ­
P r e sid e n t o f th e L o u is v ille T r u s t C o . a t th e a n n u a l m e e t in g
o n th e 1 2 th in st.
T h e p o s t w h ic h M r. S tite s fills in th e la t t e r
in s t itu tio n is a n e w o n e , th e c o m p a n y h a v in g h e r e t o fo r e h a d
b u t o n e V ic e -P r e s id e n t , J o h n B . P ir tle , w h o c o n tin u e s in t h a t
c a p a c it y .
M r. S tite s re tire d fr o m th e c h a ir m a n s h ip o f th e
F id e lit y o n th e 7 th .
I t is u n d e r s t o o d t h a t th e o f fic e w ill
b e a b o lis h e d .
J a m e s C . M a h o n h a s m a d e k n o w n h is in t e n t io n t o r e tir e
a s S e c r e ta r y o f th e F id e lit y T r u s t , h a v in g d e c id e d t o e n te r
in to b u sin ess in d e p e n d e n t ly a s a n e x p e r t a c c o u n t a n t a n d
b a n k e x a m in e r , w ith o ffic e s in th e K e lle r B u ild in g , L o u is ­
v ille .
— I t is r e p o r t e d th a t th e B a n k o f K e n t u c k y a t L e x in g t o n ,
K y . , w h ic h m a d e a n a s s ig n m e n t o n D e c . 5 , w a s r e o r g a n iz e d
o n th e 5 th in s t ., a n d n e g o tia t io n s f o r th e p u r c h a s e o f th e
p r o p e r t y fr o m A ssig n e e J . W . P o r t e r h a v e b e e n a u t h o r iz e d .
S ta te In su r a n c e C o m m is s io n e r C . W . B ell is s a id t o h a v e b e e n
c h o s e n P r e sid e n t o f th e o r g a n iz a t io n .
— J o s e p h T . H o w e ll, la te P r e s id e n t o f th e C a rn e g ie T r u s t
C o . o f N e w Y o r k , w a s e le c t e d P r e s id e n t o f th e C u m b e r la n d
V a lle y N a tio n a l B a n k o f N a s h v ille o n th e 1 4 th in s t .
M r.
H o w e ll, p r io r t o h is th ree m o n t h s ’ c o n n e c t io n w ith th e
C a rn eg ie (h e a s su m e d its h e a d s h ip la s t O c t o b e r ) , w a s
id e n tifie d w ith th e b a n k in g in te r e s ts o f N a s h v ille f o r o v e r
th ir t y y e a r s , d u r in g all o f w h ic h p e r io d h e w a s a s s o c ia te d
w ith th e F o u r th N a tio n a l B a n k .
T h e in s t it u t io n o v e r w h ic h
h e h a s n o w b e e n c h o s e n to p r e sid e is p r a c t ic a lly a n e w o n e ;
it b e g a n b u sin ess in A p r il 1910 w ith a c a p ita l o f $ 3 0 0 ,0 0 0 .
I t is s ta te d th a t a n in cre a se t o $ 5 0 0 ,0 0 0 is c o n t e m p la t e d .
J . N . S p e r r y , w h o m M r. H o w e ll s u c c e e d s a s P r e s id e n t , c o n ­
tin u e s w ith th e b a n k as a d ir e c t o r .

— E . A . L in d s e y , w h o w a s e le c t e d P r e s id e n t o f th e H e r m it ­
a g e N a tio n a l B a n k o f N a s h v ille , T e n n ., la s t m o n t h , h a s r e ­
s ig n e d , a n d is s la te d t o b e c o m e P r e s id e n t o f a n e w fin a n c ia l
in s t itu tio n n o w b e in g o r g a n iz e d in N a s h v ille u n d e r th e n a m e
— A n e w b a n k e r s ’ o r g a n iz a tio n h as b e e n fo r m e d in S t . o f th e T e n n e s s e e T r u s t C o .
W . J . C u d e , w h o h as a ls o r e tir e d
L o u is , w h o s e p u r p o s e , it is a n n o u n c e d , is t o p r o m o t e “ th e a s a V ic e -P r e s id e n t o f th e H e r m it a g e N a tio n a l, is o n e o f th e
s o c ia l, fr ie n d ly a n d b u sin e ss re la tio n s o f its m e m b e r s .”
T h e in c o r p o r a t o r s o f th e p r o je c t e d in s t it u t io n , w h ic h is t o h a v e
a s s o c ia tio n is k n o w n as th e B a n k e r ’ s C lu b o f S t. L o u is , a n d $ 4 0 0 ,0 0 0 c a p it a l.
B . F . E d w a r d s , P r e sid 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 ,
— A t th e a n n u a l m e e t in g o f th e H e r m it a g e N a tio n a l B a n k
is its P r e s id e n t .
T h e o th e r o ffic ia ls in th e c lu b a re : V ic e ­ o n th e 1 0 th in s t . B . F . M o o r e w a s e le c t e d t o th e p r e s id e n c y
P r e sid e n ts , B r e c k in r id g e J o n e s , P r e s id e n t o f th e M ississip p i o f th e in s t it u t io n .
M r. M o o r e h a s f o r sev era l y e a r s b e e n
V a lle y T r u s t C o ., a n d E d w a r d s W h ita k e r , P r e s id e n t o f th e P r e s id e n t o f th e M u r fr e e sb o r o B a n k & T r u s t C o . o f M u r­
B o a t m e n ’s B a n k ; S e c r e t a r y , W . W . I l o x t o n , M a n a g e r o f th e f r e e s b o r o , T e n n .
O th e r c h a n g e s in th e m a n a g e m e n t o f th e
C le a r in g -H o u s e A s s o c ia tio n , a n d T r e a s u r e r , A . 0 . W ils o n , H e r m it a g e N a tio n a l are th e e le c t io n o f D r . M . C . M c G a n n o n
V ic e -P r e s id e n t o f th e S ta te N a tio n a l B a n k .
T h e c lu b h a d a a s F ir s t V ic e -P r e s id e n t , F r a n k D ib r e ll a s S e c o n d V ic e -P r e s i­
m e m b e r s h ip o f n in e t y -t w o a t its in itia l m e e t in g , th e m e m ­ d e n t a n d J . J . G reen a s C a sh ier.
b e r s , w e le a rn fr o m th e “ G lo b e -D e m o c r a t ,” in c lu d in g o ffic e r s
— W . C . D ib r e ll 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 F o u r t h
o f b a n k s w h ic h are m e m b e rs o f th e S t. L o u is C le a r in g -H o u s e N a tio n a l B a n k o f N a s h v ille , T e n n ., th e v a c a n c y in th e o f fic e
A s s o c ia t io n , a n d o n e r e p r e s e n ta t iv e , n o t b e lo w th e p o s it io n h a v in g e x is t e d s in c e O c t o b e r , w it h th e r e s ig n a tio n o f J o s e p h
o f C a sh ie r, S e c r e ta r y o r T r e a s u r e r , fr o m e a c h b a n k o r tr u s t T . H o w e ll.
M r. D ib r e ll h a s b e e n a d ir e c t o r o f th e in s t itu tio n
c o m p a n y cle a r in g th r o u g h m e m b e r s o f th e C le a rin g H o u s e , f o r n e a r ly th ir t y y e a r s , a n d h a s b e e n o n e o f its V ic e -P r e s id e n t s
a n d in a d d it io n th e A s s is ta n t T r e a s u re r o f th e U n ite d S ta te s , fo r tw e lv e y e a r s .
I n a d d it io n t o A s s is ta n t C a sh ier G . W .
n a tio n a l b a n k e x a m in e r , S t a te B a n k C o m m is s io n e r , M a n - j P y le , C . I I . L it te r e r , h e r e to fo r e r e c e iv in g te lle r o f th e b a n k ,
a g er a n d e x a m in e r o f th e C le a rin g H o u s e .
M e e tin g s are t o h as a lso b e e n g iv e n a n a s sista n t c a s h ie r s h ip .
J. S. M cH en ry
b e h e ld th e th ird T u e s d a y o f D e c e m b e r , F e b r u a r y , A p r il . is C a sh ier.
and O ctober.
I
— P . D . H o u s t o n , p r e v io u s ly C a sh ier o f th e F ir st S a v in g s
— J . Z . M iller J r ., w h o is sa id to h a v e p u r c h a s e d 8 0 % o f
th e $ 1 0 0 ,0 0 0 ca p ita l o f th e W e s te r n E x c h a n g e B a n k o f K a n ­
sas C i t y ^ M o . , h as b e e n e le c t e d P r e sid e n t o f th e in s titu ­




B a n k & T r u s t C o . o f N a s h v ille , h as b e e n c h o se n a V ic e ­
P r e sid e n t o f th e in s t itu tio n ; his s u c c e s s o r a s C ash ier is M . E .
H o ld e r n e s s , w h o a d v a n c e s fr o m th e o ffic e o f A s s is ta n t C a s h ie r .

164

THE CHRONICLE

— T h e A m e r ic a n N a tio n a l B a n k o f C h a t t a n o o g a , T e n n .,
h a s d is c o n t in u e d b u sin e ss, h a v in g b e e n m e r g e d w ith th e
F ir s t N a tio n a l B a n k , fo llo w in g th e p u r c h a s e o f its assets b y
in te r e s t s in th e F ir s t. T h e tr a n s a c tio n Avas e ffe c t e d a t th e
c lo s e o f B u sin e s s D e c e m b e r 3 1 .
A s t o th e p a r tic u la r s o f th e
p r o c e e d in g s , th e C h a t ta n o o g a “ T im e s ” s ta t e s t h a t “ a t an
a g r e e d p r ic e , w h ic h is sa id t o h a v e b e e n in th e n e ig h b o r h o o d
o f $ 1 6 5 , a n u m b e r o f th e s t o c k h o ld e r s o f th e F ir s t N a tio n a l
b o u g h t th e c a p ita l s t o c k a n d su rp lu s o f th e A m e r ic a n
N a t io n a l, re ta in in g fo r th e m s e lv e s s u c h p a r t as t h e y d e s ir e d ,
a n d d is t r ib u t in g a m o n g th e ir fr ie n d s — b u s in e s s m e n , m a n u ­
fa c tu r e r s a n d p r o fe s s io n a l m e n o f C h a t ta n o o g a — th e r e ­
m a in d e r .”
T h e F ir st N a tio n a l w ill n o w in c r e a s e its ca p ita l
fr o m $ 5 0 0 ,0 0 0 t o $ 7 5 0 ,0 0 0 , th e p r o p o s e d a d d it io n o f $ 2 5 0 ,0 0 0
b e in g id e n tic a l w ith th e c a p ita l o f th e A m e r ic a n N a t io n a l.
C h a rles A . L y e r ly w ill c o n tin u e as P r e s id e n t o f th e F ir s t
N a t io n a l.
H . S . P r o b a s c o , P r e s id e n t o f th e A m e r ic a n
N a t io n a l, it is a n n o u n c e d , re tire s fr o m th e b a n k in g fie ld ,
t e m p o r a r i ly a t le a s t.
— T h e s t o c k h o ld e r s o f th e A t la n t a N a tio n a l B a n k o f A t ­
la n t a , G a ., h a v e e le c te d a s a V ic e -P r e s id e n t o f th e ir in s ti­
tu tio n J a m e s S . F l o y d , h e r e to fo r e A s s is ta n t C a sh ie r .
G e o rg e
R . D o n o v a n , C ash ier o f th e b a n k , h a s b e e n e le c t e d t o th e
d ir e c t o r a t e .
— A c t i o n to w a r d in cre a sin g th e c a p it a l o f th e F u lt o n N a ­
tio n a l B a n k o f A t la n t a fr o m $ 3 0 0 ,0 0 0 to $ 5 0 0 ,0 0 0 w a s ta k e n
a t th e a n n u a l m e e t in g o f th e s h a r e h o ld e r s o n th e 10th in st.
T h e b a n k b e g a n b u s in e s s a y e a r a g o .
— 'A r r a n g e m e n ts h a v e b e e n m a d e to in cre a se th e c a p it a l
o f th e F o u r t h N a tio n a l B a n k o f M a c o n , G a ., fr o m $ 2 5 0 ,0 0 0
to $ 3 0 0 ,0 0 0 .
I t is s ta te d th a t th e n e w s t o c k h a s a lr e a d y
b e e n s u b s c r ib e d a t th e se llin g p r ic e o f $ 1 2 7 p e r s h a re .
R . C.
D u n lo p a n d M a rv in K . B r o o k s h a v e b e c o m e A s s is t a n t C a sh ­
iers o f th e in s t it u t io n .
F r a n c is E . W illia m s , w h o h a d p r e ­
v io u s ly s e r v e d a s A s s is ta n t C a sh ier, is n o w C a sh ie r.
— T h e C o m m e r c ia l N a tio n a l B a n k o f M a c o n h a s a ls o ta k e n
s te p s t o in cre a se its c a p it a l.
T h e s t o c k h o ld e r s h a v e a p ­
p r o v e d th e p r o p o s it io n t o raise th e a m o u n t fr o m $ 1 2 5 ,0 0 0
t o $ 2 0 0 ,0 0 0 , th e n e w issue t o b e s o ld a t 120.
— T h e S a v a n n a h T r u s t C o . o f S a v a n n a h , G a ., is r e m e m ­
b e r in g it s fr ie n d s w ith a m o s t a r tis tic a n d
han dsom e
“ G r e e t in g ” b o o k l e t .
— D u r in g th e p a s t tw o y e a r s in w h ic h th e C itiz e n s ’ &
S o u th e r n B a n k o f S a v a n n a h , G a ., h a s b e e n o c c u p y in g its
h a n d s o m e n e w b u ild in g , th e b u s in e s s o f th e in s t itu tio n h a s
b e e n r a p id ly in c r e a s in g .
I t a p p e a r s fr o m th e r e c e n t s ta t e ­
m e n t f o r J a n . 7 la st t h a t in th e tw o y e a r s s in c e J a n . 7 1909
d e p o s its h a v e in c r e a s e d fr o m $ 5 ,7 8 3 ,2 0 4 to $ 7 ,7 2 9 ,0 5 0 a n d
to t a l r e s o u r c e s fr o m $ 7 ,2 2 3 ,9 8 2 t o $ 9 ,3 1 3 ,7 3 9 .
T h e o ffic e r s
a re M ills B . L a n e , P r e s id e n t; H o r a c e A . C ra n e , V ic e -P r e s i­
d e n t ; G e o . C . F r e e m a n , A s s is ta n t to P r e s id e n t , a n d G o r d o n
L . G r o o v e r , C a sh ier.
— T h e B a n k o f T a m p a a t T a m p a , F la ., is r e p o r t e d t o h a v e
b e e n c lo s e d b y th e S ta te C o m p tr o lle r o n th e 5 th in s t ., p e n d ­
in g a n e x a m in a tio n o f its b o o k s .
T h e b a n k h a s a c a p ita l o f
$ 1 0 0 ,0 0 0 a n d its d e p o s its a re sa id t o a m o u n t t o $ 2 8 0 ,0 0 0 .
— T h e liq u id a t io n o f th e F ir s t S ta te B a n k & T r u s t C o . o f
F o r t W o r t h , T e x a s , w a s d e c id e d u p o n a t a m e e t in g o f th e
d ir e c to r s a n d s to c k h o ld e r s o f th e in s t itu tio n o n D e c e m b e r 16.
I t is a n n o u n c e d t h a t , th r o u g h th e F o r t W o r t h C le a r in g -H o u s e
A s s o c ia t io n , a n a r r a n g e m e n t h a s b e e n m a d e u n d e r w h ic h all
d e p o s it o r s w ill b e p a id in fu ll b y th e F a r m e r s ’ & M e c h a n ic s ’
N a tio n a l B a n k o f F o r t W o r t h .
T h e F ir st T r u s t & S a v in g s
B a n k b e g a n b u s in e s s in F e b r u a r y 1908 w it h a c a p it a l o f
$ 1 0 0 ,0 0 0 .
I t s d e p o s its w e re in th e n e ig h b o r h o o d o f $ 4 0 0 ,­
000.
I t s d e c is io n t o liq u id a te is r e p o r t e d t o h a v e b e e n d u e
t o its in a b ilit y t o rea lize o n its p a p e r in tim e t o m e e t m a t u r in g
o b lig a t io n s .
T h e b a n k , it is s a id , o p e r a t e d u n d e r th e S ta te
g u a r a n t y la w .
— L y n n P . T a lle y h as re sig n e d
C ity N a tio n a l B a n k o f D a lla s
L u m b e r m a n ’ s N a tio n a l B a n k o f
A . S. V a n d e r v o o r t .
T h e ch a n ge

a s A s s is ta n t C ash ier o f th e
to b e c o m e C a sh ier o f th e
H o u s t o n , T e x ., s u c c e e d in g
w ill ta k e e ffe c t F e b . 1.

— B e v e r ly D . H a r ris, w h o h a s b e e n C a sh ie r o f th e S o u th
T e x a s N a tio n a l B a n k o f H o u s t o n f o r th e p a s t th re e y e a r s ,
h a s b e e n e le c t e d a c t i v e V ic e -P r e s id e n t o f th a t in s t itu tio n .
H e w ill a ls o c o n tin u e in th e c a s h ie r sh ip .
I t is u n d e r s t o o d
t h a t h e h a s b e e n a ssig n e d t o th e n e w p o s t t o r e lie v e V ic e ­
P r e s id e n t J . E . M cA sh a n o f s o m e o f th e d u tie s in c o n n e c t io n
w ith th e m a n a g e m e n t o f th e b a n k .
H e n r y B ra s h e a r ^ c o n tin u e s o n th e b o a r d , b u t re tire s as a V ic e -P r e s id e n t .
A.
B r e y e r w ith d r a w s fr o m th e d ir e c t o r a t e , b e in g s u c c e e d e d b y




R . L e e B la ffe r .

[VOL. LXXXXII.
T h e in s titu tio n h a s th re e n ew

A s s is t a n t

C a sh iers, n a m e ly A u g . d e Z a v a la , P a u l G . T a y lo r a n d R . H .
H an n a Jr.
C . A . M c K in n e y a n d C h a s. F . S c h u ltz re tire
a s A s s is ta n t C a sh iers.
— T h e S e c u r it y S a v in g s B a n k o f L o s A n g e le s is d is t r ib u t in g
w ith its c o m p lim e n t s
a little v o lu m e , b o u n d in fle x ib le
le a th e r , in w h ic h is fu r n is h e d th e t e x t o f th e B a n k A c t o f
C a lifo rn ia w h ic h b e c a m e e ffe c t iv e o n J u ly 1 19 0 9.
One
o f th e fe a tu r e s o f th e n e w la w , m e n tio n o f w h ic h h a s h e r e t o ­
fo r e b e e n m a d e , is its p r o v is io n fo r th e o r g a n iz a tio n o f a
B a n k in g D e p a r t m e n t u n d e r th e h e a d s h ip o f a S u p e r in te n d e n t
o f B a n k s , w h o r e p la c e s th e b a n k co m m is s io n e r s o f f o r m e r
years.
— J o s e p h F . F u h r m a n n , p a y in g te lle r in th e N a tio n a l
B a n k o f C o m m e r c e , T a c o m a , W a s h ., w a s a rre ste d o n th e
2 2 d u lt. a n d h e ld u n d e r $ 4 ,0 0 0 b o n d s o n a c h a r g e , it is
r e p o r t e d , o f e m b e z z lin g $ 2 0 ,0 0 0 o f th e b a n k ’ s fu n d s .
The
P o r tla n d “ O r e g o n ia n ” s ta te s th a t th e a c tu a l e m b e z z le m e n t
w ill to t a l $ 9 2 ,0 0 0 , p r a c t ic a lly all o f w h ic h is c o v e r e d b y
p r o p e r t y h o ld in g s a n d s e c u r ity h e h as tu rn e d o v e r t o t h e
bank.
T h e m o n e y is s a id t o h a v e b e e n in v e s te d b y th e
a c c u s e d in tim b e r ia n d s a n d lu m b e r e n te rp ris e s.
— R . L . D u r h a m h a s b e e n c h o se n t o s u c c e e d J . F r a n k
W a t s o n a s P r e s id 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 o f
P o r t la n d , O re .
M r. W a t s o n retires a ft e r s e r v in g s e v e n te e n
y e a r s in th e o f fic e .
T h e n ew e x e c u t iv e , M r. D u r h a m , h a s
b e e n id e n tifie d w ith th e b a n k f o r th e p a s t fifte e n y e a r s a s
V ic e -P r e s id e n t , a n d w a s fo r m e r ly C it y A u d it o r .
M . L . H o l­
b r o o k h a s b e c o m e V ic e -P r e s id e n t o f th e in s t it u t io n .
— J . W . M a x w e ll re sig n e d a s a V ic e -P r e s id e n t a n d d ir e c ­
to r o f th e S e a ttle N a tio n a l B a n k o f S e a ttle , W a s h ., a t th e
a n n u a l m e e t in g o n th e 1 0 th .
S . P . J o c e ly n a ls o r e tire s fr o m
th e b o a r d .
— T h e n e t p r o fits o f th e M e r c h a n ts ’ B a n k o f C a n a d a (h e a d
o ffic e M o n tr e a l) e x c e e d e d a m illio n d o lla r s in th e y e a r just,
c lo s e d .
T h e s t a t e m e n t f o r N o v . 3 0 1 910 r e p o r ts th e a m o u n t
as $ 1 ,0 5 7 ,1 4 0 , a s a g a in s t $ 8 3 1 ,1 5 9 th e y e a r b e fo r e a n d
$ 7 3 8 ,5 9 7 fo r th e y e a r e n d in g N o v . 30 1 9 0 8.
D is t r ib u t io n s in
th e p r e s e n t in s ta n c e w e r e m a d e fr o m a s u m to t a lin g $ 1 ,1 5 9 ,­
2 9 7 , th is in c lu d in g th e p r o fits o f $ 1 0 2 ,1 5 7 b r o u g h t fo r w a r d
fr o m la s t y e a r .
T h e b a n k p a id o u t in d iv id e n d s $ 5 1 0 ,0 0 0 ,
ti’a n sfe rre d $ 4 0 0 ,0 0 0 t o th e re se rv e fu n d , w h ic h n o w s ta n d s
a t $ 4 ,9 0 0 ,0 0 0 ; a p p lie d $ 1 0 0 ,0 0 0 in w r itin g o ff b a n k p r e m is e s
a c c o u n t , a n d c o n t r ib u t e d $ 5 0 ,0 0 0 t o th e o ffic e r s ’ p e n s io n
fu n d , c a r r y in g fo r w a r d as a b a la n c e t o p r o fit a n d loss a c c o u n t
$ 9 9 ,2 9 7 .
D e p o s it s a t call h a v e in c r e a s e d s in c e th e la st
a n n u a l s ta t e m e n t fr o m $ 1 9 ,2 2 0 ,4 5 4 t o $ 2 1 ,4 5 7 ,9 5 2 , w h ile
d e p o s its s u b je c t to n o t ic e h a v e a d v a n c e d fr o m $ 2 8 ,9 8 7 ,9 6 1
to $ 3 2 ,6 3 3 ,3 2 3 .
T h e to ta l a sse ts, n o w a t $ 7 1 ,6 0 0 ,0 5 9 , c o m ­
p a re w ith $ 6 6 ,8 0 0 ,1 5 2 a y e a r a g o .
T h e b a n k p a y s d iv id e n d s
o f 9 % , h a v in g b e e n ra ise d fr o m a n 8 % b a s is d u r in g th e la s t
h a lf o f th e y e a r .
T h e e n tr a n c e o f th e b a n k in t o th e M a ri­
tim e P r o v in c e s o c c u r r e d th e p r e s e n t y e a r , w ith th e o p e n in g
o f b r a n c h e s a t H a lifa x , N . S ., a n d S t . J o h n , N . B ., a n d its
ch a in o f b r a n c h e s n o w r e a ch e s fr o m th e A t la n t ic t o th e
P a c ific O c e a n .
E . F . H e b d e n is G en era l M a n a g e r a n d T . E .
M e rre tt S u p e r in te n d e n t o f B r a n c h e s .
— S u b sta n tia l g r o w t h in th e b u s in e s s o f th e B a n k o f
O tt a w a (h e a d o f fic e O tt a w a ) is s h o w n in its r e p o r t f o r th e
y e a r e n d in g N o v . 3 0 1910.
T h e n e t p r o fit s f o r th e p a s t
t w e lv e m o n th s , a t $ 5 3 2 ,3 5 3 , are $ 1 1 1 ,2 8 8 g r e a t e r th a n th o s e
fo r th e p r e v io u s y e a r , th e d e p o s its h a v e in cre a se d m o r e th a n
th ree a n d a h a lf m illio n — fr o m $ 2 8 ,7 7 6 ,1 9 3 t o $ 3 2 ,4 1 8 ,4 4 5 —
w h ile th e a g g r e g a te re s o u r c e s h a v e g r o w n fr o m $ 3 9 ,2 1 2 ,1 8 9
to $ 4 3 ,6 5 4 ,9 3 9 .
T h e p a id -u p c a p it a l o f th e in s t itu tio n h a s
a lso b e e n ra ised d u r in g th e y e a r fr o m $ 3 ,2 9 7 ,5 5 0 to $ 3 ,5 0 0 ,­
0 0 0 , w h ile th e rest a c c o u n t h a s b e e n in c r e a s e d fr o m $ 3 ,2 9 7 ,550 to $ 3 ,9 0 0 ,0 0 0 .
P a r t o f th e a d d it io n in th e la tt e r c a s e ,
n a m e ly $ 2 0 2 ,4 5 0 , r e p re se n ts p r e m iu m o n n ew s t o c k is s u e d ,
w h ile $ 4 0 0 ,0 0 0 w a s tr a n sfe r re d fr o m p r o fit a n d lo s s a c c o u n t ,
th e a m o u n t a v a ila b le fo r a p p r o p r ia t io n , in c lu d in g th e n e t
p r o fits o f $ 5 3 2 ,3 5 3 a n d th e b a la n c e o f $ 4 5 5 ,9 2 0 a t th e c r e d it
o f p r o fit a n d loss N o v . 30 19 0 9, h a v in g b e e n $ 9 8 8 ,2 7 3 .
The
d iv id e n d ra te w a s in cre a s e d w ith th e S e p te m b e r p a y m e n t
fr o m 1 0 % t o 1 1 % , a n d th e a m o u n t a p p lie d in th e fo u r d i s ­
b u r se m e n ts a g g r e g a t e d $ 3 6 0 ,3 3 4 .
T h e su m o f $ i0 0 ,0 0 0 w a s
a ls o a p p lie d in th e r e d u c t io n o f b a n k p r e m is e s a n d fu r n itu r e ,
a n d $ 1 0 ,0 0 0 w as tr a n sfe r re d to th e o f fic e r s ' p e n s io n f u n d .
T h e b a la n c e ca rrie d fo r w a r d to p r o fit a n d lo s s a c c o u n t is
$ 1 1 7 ,9 3 9 .
D a v id M a cia ren is P r e s id e n t o f th e in s t itu tio n
G e o rg e B u r n is G en eral M a n a g e r a n d D . M . F in n ie , A s s is ta n t
G en eral M a n a g e r.

THE CHRONICLE

J an . 21 1911.]
DEBT STA TE M E N T DEC.

31 1910.
T h e fo llo w in g s ta t e m e n ts o f th e p u b lic d e b t a n d T r e a s u r y
ca sh h o ld in g s o f th e U n ite d S t a te s a re m a d e u p fr o m o ffic ia l
fig u res issu e d D e c . 31 1 9 1 0.
30 1910,
24 1 9 1 0,
1G85;
31 1909,
1910,
213.

see issu e o f Dec.
J a n . 22
page

page

F or statem ent of N ov.
that o f D ec.

see

INTEREST-BEARING DEBT DEC. 31 1910.
Amount -----------Amount Outstanding-------Registered. Coupon.
Total.
Interest Issued.
$
$
s
$
TllLe o f Loan—
Payable.
2s, Consols of 1930...............Q.-J. 610,250.150 641,777,000 4,473,150 646,250,150
3s, Loan of 1908-18______Q.-F. 198,792,600 43,078,400 20,867,060 63,945,460
3s, Loan of 1925_________ Q.-F. 162,315,400 98,090,800 19,799.100 118,489,900
20,760 54,631,980
4s. Pan. Canal Loan 1906.Q.-N. 54,631,980 54,605,220
2s, Pan. Canal Loan 1908.Q.-F. 30,000,000 29,626,720 373,280 30,000,000
Aggregate Int.-bearing <lebt-.l,091,990,190 867,778,140 45,539,350 913,317,490
Note.—Denominations of bonds are: Of $20, loan of 1908, coupon and registered;
of $50, all Issues except 3s of 1908; of $100, all Issues; of $500, all Issues; of $1,000.
all Issues; of $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds; of
$50,000, registered 2s of 19.30.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Nov. 30.
Dec. 31.
Funded loan of 1891, continued at 2%, called May IS
1900. Interest ceased Aug. 18 1900_______________
S7.000 00
$7,000 00
23,650 00
Funded loan of 1891, matured Sept. 2 1891..................... 23,650 00
Loan of 1904, matured Feb. 2 1904.................................. 13,450 00
13,450 00
Funded loan of 1907, matured July 2 1907__________ 1,075,150 00 1,029,950 00
Refunding certificates, matured July 1 1907...............
16,980 00
14.970 00
Old debt matured at various dates prior to Jan. 1
1861 and other Items of debt matured a t various
dates subsequent to Jan. 1 1861.................................... 906,025 26
906,025 26
Aggregate debt on which Interest has ceased since
m a tu rity ............................. ............................................_S2,042,255 20 $1,995,045 26
DEBT BEARING NO INTEREST.
Nov. 30.
Dec. 31.
United States notes.......................................................$340,681,016 00 $346,681,016 00
Old demand notes............................
53,282 50
53,282 50
National bank notes—Redemption account______ 33,151,133 00 34,326,668 00
Fractional currency. less $8,375,934 estimated
as lost or destroyed...................................
6,858,435 93
6,858,435 93
Aggregate debt bearing no Interest.......................$386,743,867 43 $387,919,402 43
RECAPITULATION.
Increase (+ ) or
Classification—
Dec. 31 1910.
Nov. 30 1910.
Decrease ( —).
Interest-bearing deb t.............. $913,317,490 00
$913,317,490 00
Debt Interest ceased................
1,995,045 26
2,042,255 26 —$47,210 00
386,743,867 43 + 1,175,535 00
Debt bearing no Interest.......... 387,919,402 43
Total gross debt____ _____ $1,303,231,937 69 SI,302,103,612 69 +$1,128,325 00
Cash balance In T reasury* ... 239,393,472 14 230,683,885 80 +2,709,580 34
Total net debt.......................$1,003,838,465 55 $1,005,419,726 89 —$1,581,201 34
* Includes $150,000,000 reserve fund.

165
mm cv c u x X

Jtcnis

English Financial Markets—Per Cable.
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 ., a t L o n d o n ,
as r e p o r te d b y c a b le , h a v e b e e n a s f o llo w s th e p a st w e e k :

London,
Week ending Jan. 20.
Sat.
Mon. Tves. Wed. Thurs.
Silver, peroz-------------------d . 25
24 13-16 24%
24%
24%
Consols, new, 2 % per cen ts.. 79 13-16 79 15-10 80 1-16 79 15-16 79%
For a c c o u n t............ ........... 79 15-16 80
80 3-16 80 1-16
”
80
French rentes (In P a ris)..fr. 97.65 97.52% 97.52% 97.45 97.45
Amalgamated Copper Co___ 06%
66
65%
60%
66%
ft Anaconda Mining Co______ 8%
8%
8%
8%
8
Atch. Topeka & Santa F c__ 100% 100% 106% 107,%
107%
Preferred
' ‘ ............................. 105% 105% 105% 105% 106
Baltimore & Ohio....... .......... .110% 110
110% 111
111%
Preferred ........................... . 93
93
93
93
93
Canadian Pacific.................... -211% 21.3% 216% 214% 214%
Chesapeake & Ohio.............. - 85%
85%
85%
87
86%
Chicago Great W estern___ - 23%
24
23%
24
24
Chicago Milw. & St. P a u l.. .129
128% 128% 129% 130%
Denver & Rio Grande......... . 31%
31%
31%
31%
31%
Preferred ........................... . 74
73%
73
73
72%
E rie .......................................... - 29%
28%
29%
29%
29%
First preferred_________ . 48
48
48%
49%
49
Second preferred.............. - 36%
37
37
37
36%
Illinois Central.......................... 139
138
139% 139%
Louisville & Nashville______ 150
149% 151
152
152
Missouri Kansas & Texas__ 37
36%
35%
36%
36%
Preferred _____ ________ 66%
67
66
66%
66%
N at. R lt. of Mex., ls tp re f.. 72
72
72%
72%
73%
Second preferred------------38%
38%
38%
38%
38%
N. Y. Cent. & Ilud. R iv er..114% 113% 113% 115
115
43%
N. Y. Ontario & W estern__ 43%
43
43%
43%
Norfolk & W estern................106
106
107% 111
110%
Preferred .............................. 93
93
93
93
93
Northern P a c ific ...................-121% 121% 121% 122
121%
a Pennsylvania.........................65%
65%
65%
65%
65%
a Reading Co........................... 80%
80
80%
80%
81
46%
a First preferred.................. 46%
46%
46%
46%
a Second preferred........... . 50
50
50%
50
50%
Rock Island........................... .. 32
32
33
33%
33%
Southern Pacific........................ 120% 120% 121
121% 121%
28%
29
Southern Railway................- 28%
28%
28%
65%
66%
66%
Preferred ......................... 66
65%
Union Pacific.............................180% 180% 181% 181% 181%
96
96
96%
Preferred ............................ 96
96
79%
U. S. Steel Corporation_____ 79
78%
79%
79%
Preferred .............................. 122
122% 122% 122% 122%
16%
Wabash .................................... 16%
16%
17
16%
Preferred . _____________ 30%
36%
36
36%
36%
66%
Extended 4s....... ............. 67
66%
66%
66%
a Price per share. 6 £ sterling.

Frt.
24% ’
79%
79 13-16
97.45
66%
8
106%
105%
111
93
213% .
86%
24
131%
31%
72%
29%
49
37
139
152%
36 %
66%
72%
33%
114%
43%
110%
93
122%
65%
81
46%
50%
33%
121%
28%
66
181%
96
79%
122%
16%
36%
67

T h e fo r e g o in g fig u re s sh o w a g r o s s d e b t o n D e c . 31 o f
$ 1 ,3 0 3 ,2 3 1 ,9 3 7 09 a n d a n e t d e b t (g r o s s d e b t less n e t ca sh
in th e T r e a s u r y ) o f $ 1 ,0 0 3 ,8 3 8 ,4 0 5 55.

Commercial and 2p^ 3 crllattrmi5

T R E A S U R Y C A S H A N D D E M A N D L I A B I L I T I E S .—
T h e ca sh h o ld in g s o f th e G o v e r n m e n t as th e ite m s s t o o d
D e c e m b e r 31 a re s e t o u t in th e fo llo w in g :

B A N K N O T E S — C H A N G E S IN T O T A L S O F , A N D IN
D E P O S I T E D B O N D S , & c .— W o g iv e b e lo w ta b le s w h ic h
s h o w all th e m o n t h ly ch a n g e s in b a n k n o te s a n d in b o n d s
a n d lega l te n d e r s o n d e p o s it.

ASSETS.
Trust Fund Holdings—
$
Gold coin_____________ 922,855,669 00
Silver dollars__________ 485,571,000 00
Silver dollars of 1 8 9 0 .. 3,472,000 00
Total trust fund..........1, 411,898,669 00
General Fund HoldingsGoUl coin and bullion . . 30,322 540 87
Gold certllleates.............. 73,681 030 00
Silver certificates............ 11,237 ,501 00
Silver dollars..................... 3,440 ,089 00
Silver bullion..................... 3,101 910 99
9,268 762 00
United States notes___
10 .507 00
Treasury notes of 1890..
National bank notes___ 23,614 ,689 12
Fractional silver coin__ 15,401 .349 84
137 04
Fractional currency___
499 ,535 69
Minor coin.........................
9 006 48
Bonds and Interest paid
Tot. In Sub-Treas’les 170,587.059 03
In Nat. Bank Depositaries—
Credit Treasurer of U. S . 35,542,254 92
Credit U .S. dls. officers. 11,593,030 31
Total In banks........... 47,135,285 23
In Treas. of Philippine Islands—
Credit Treasurer of U. S_ 3,350,870 74
Credit U. S. dls. officers. 3,076 232 18
Total In Philippines. . 6,427,102 92
Reserve Fund Holdings—
Gold coin and bullion.. 150,000,000 00
Grand total.............. .1.786,048,116 18

LIA BILITIES.
Trust Fund Liabilities—
$
Gold certllleates.............. 922,855,669 00
Silver certificates............ 485,571,000 00
Treasury notes of 1890.. 3,472,000 00
Total trust liabilities.1,411 ,898,669 00
Gen. Fund Liabilities—
National bank 5% fund. 28 ,581,003 91
Outstanding checks and
drafts ............................ 11 ,304,729 42
Disbursing officers’ bal­
ances .............................. 90 ,382,650 43
Post Office Departm ent
acco unt......................... 3 ,204,929 47
Miscellaneous Items___
1,282,661 81
Total gen'I liabilities... 134,755.975 04

Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mch.
Feb.
Jan.

31___
30___
3 1 ....
30 . . .
31___
31___
30___
31___
30 ___
31___
28___
31___

Bonds and Legal Tenders
on Deposit for
Legal
Bonds.
Tenders.
$
$
695,663,920 34,335,925
696,693,160 33,160,390
694,926,070 33,538,463
691,961,860 32,638,029
689,813,710 30,188,728
688,458.280 27,561,375
686,974,880 27,913,720
685,671,510 29,477,138
684,943,460 30,206,728
083,675,710 31,947,510
682,695,850 30,635,348
681,518,900 28,540,979

Circulation Afloat Under—
Legal
Total
Bonds.
Tenders.
$
$
S
693,370,056 34,335,925 727,705.981
693,695,443 33,160,390 726,855.833
691,335,845 33,538,403 724,874,308
688,157,577 32,638,029 720,795,605
687,132,323 30,188,728 717,321,051
684,468,093 27,561,375 712,029,468
685,517,013 27,913,720 713,430,733
682,765,703 29,477,138 712,242,841
683,254,858 30,206,728 713,461.5S6
685,311,486 31,947,510 717,258,996
679,387,520 30,635,348 710,022,868
681,332,354 28,546,979 709,879,333

T h e f o llo w in g s h o w s th e a m o u n t o f e a ch cla ss o f b o n d s
h e ld a g a in st n a tio n a l b a n k c ir c u la tio n a n d t o s ecu r e p u b lic
m o n e y s in n a tio n a l b a n k d e p o s ito r ie s o n D e c . 3 1 .

Cash balance and reserve—
Total cash and reserve.. 239,393,472 14
Made up of—
U. S- Bonds Held Dec. 31 to SecureBonds on Deposit
A vailable... 89,393,472 14
Dec. 31 1910.
Total
Public Deposits
and
Held.
in Banks.
Reserve Fund—
Gold&bull..150,000,000 00
4% Loan of 1925 .................................. 21,346,100
46,161,000
24,814,900
Grand total.................. 1,786,048,116 18 3%
Loan of 1908-1918 .........................
15,416,040
19,595,340
4,179,300
S T O C K O F M O N E Y I N T H E C O U N T R Y .— T h e f o llo w ­ 2% Consols of 1930 .................. ........... 579,932,100
4.810.000 584,742,100
51,338,200
2.785.000
54,123,200
in g ta b le s h o w s th e gen era l s t o c k o f m o n e y in th e c o u n t r y 2% Panama of 1936 ...........................
2% Panam a of 1938 .............................
27,631,480
29,036,480
1.405.000
as w ell as th e h o ld in g s b y th e T r e a s u r y , a n d th e a m o u n t in 4% Philippine Loans..............................
4.542.000
4.542.000
944.000
4% Porto Rico Loans .........................
944.000
The statem ent fo r J a n . 3 1910 3.65%
c ir c u la tio n , o n th e d a te s g iv e n .
872.000
District
of
Columbia................
872.000
w ill be fo u n d in our issue o f J a n u a ry 8 1910, page 8 8 .
663.000
Various, Territory of H awaii..............
663.000
-Stock o f Money Jan. 3 1911- — Money in Circulation— 4%
146.000
Philippine Railway....... ...............
146.000
In United
Held in
Jan. 3
Jan. 3
2.321.000
Various, State, City and Railroad__
2.321.000
States. Treasury, d
1911.
1910.
T o ta l...................................................... $695,663,920
47,482.200 743,146,120
Gold coin and bullion___ *1,708.828,297 180,322,541 605,650,087 606,212,413
Gold certificates .a ______ ___________ 73,681,030 849,174,639 789,907.069
Standard sliver dollars___ 504,805,508 3,440,089
75,794,419 74,703,075
T h e fo llo w in g s h o w s th e a m o u n t o f n a tio n a l b a n k n o t e s
Silver certificates.a ........... ....................... 11,237,501 474,333,499 474,389,458
Subsidiary silv e r..................6157,864,053 15,401,350 142,462,703 146,968,588 a flo a t a n d th e a m o u n t o f le g a l-te n d e r d e p o s its D e c . 1 a n d
Treasury notes of 1890___
3,472,000
10,507
3,461,493 3,933,838 J a n . 1 a n d th eir in cre a se o r d e c re a se d u r in g th e m o n th o f
United States notes______ 346.681,016 9,268,702 337.412,254 338.806,263
National bank notes............ 727,705,981 23,614,689 704,091,292 687,113.834 D e c e m b e r :
National Bank Notes— Total Afloat—
T o ta l_________ _______ 3,509,356,855 310,970,469 3,192,380,380 3,122,154,538 Amount
alloat Dec. I 19 10 .................... ...........................................................$726,855,833
Population of the United States Jan, 3 1911, estimated at 93,203.000; circulation Net amount
Issued during December.................................................................
850,148
per capita, $34 25. (Sec note.)
* A revised estimate by the Director of the Mint of the stock of gold coin was
Amount
of
bank
notes
afloat
Jan.
1
1911...................................................$727,705,981
adopted In the statem ent for Aug. 1 1907. There was a reduction of $135,000,000.
Legal Tender Notes—
6 A revised estimate by the Director of the Mint of the stock of subsidiary silver
on deposit to redeem national bank notes December 1 1910___ $33,160,390
coin was adopted In the statem ent of Sept. 1 1910. There was a reduction of Amount
Net
amount of bank notes Issued In D ecem ber.............— .......................... 1,175,535
$9,700,000.
a For redemption of outstanding certificates an exact equivalent In amount of
Amount on deposit to redeem national bank notes Jan. 1 1911............$34,335,925
the appropriate kinds of money Is held In the Treasury, and Is not Included In the
account of money held as assets of the Government.
F O R E IG N
TRADE
OF
NEW
Y O R K — M ONTHLY
d This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In national bank depositaries to the credit of S T A T E M E N T .— In a d d it io n to th e o t h e r ta b le s g iv e n in
the Treasurer of the United .States, amounting to $35,542,251 92.
Note.—The figures representing the population of the United States during the th is d e p a r t m e n t , m a d e u p fr o m w e e k ly r e tu r n s , w e g iv e th e
past ten years have boen estimated upon the basis of the Census of 1900. The figures
w in g figu res f o r th e y e a r , a lso issu ed b y o u r N ew Y o r k
for this statem ent are estimated upon the basis of the Census of 1910, representing Cfoullo
sto m H o u s e .
the population of continental United States.




166

THE CHRONICLE

Merchandise Movement to New York.
Customs Receipts
Imports.
Exports.
at New York.
1910. , 1909.
1910.
1909.
1910.
1909.
$
$
$
$
$
$
January . 78,656,123 61,789,335
50,812,004 17,545,140 15,795,700
52,644,329
February 77,826,788 73,074.545 49,927,253 45,319,47f 18,778,746 17,775,728
March___ 102,955,233 80,729,503 56,874,809 58,684,184 21,988,922 19,064,331
April......... 78,224,201 75,898,544 52,027,284 51,709,271 16,276,428 18,802,924
M ay ......... 68,497,815 69,230,501 58,511,642 48,571,972 14,999,383 16,846,056
J u n e ___ 72.216,609 73,252,301
52,404,342 17.119,870 17,318,187
J u ly ____ 69,966,872 68,687,013 61,704,701
56,019,567
16,911,067 20,728,717
A ug ust... 81.340,437 68,295,105 65,279.115 50,583,478
49,212,360
19,732.558
September 67,590,619 73,362,959 66,183,119 50,779,347 20,276.113
17,906,343
O ctober.. 70,317,977 76.749,472 61,166,950 55,899,327 17,699,966
16,381,800
November 75,083,744 85,658,842 60,821,026 55,953,000 18,533,079 19,793,908
December 76,681,915 84,103,875 63,598,538 58,606,172 16,487,755 17,575,847
16,223,356
Total . . 919,358,333 890.831,998 704,758,333 628,534,933 212.998,269 217,563,655
Month.

T h e im p o r t s a n d e x p o r t s o f g o ld a n d s ilv e r f o r th e y e a r
h a v e b e e n a s fo llo w s :

Month
January .........
February ___
M arch................
April..................
M a y _________
June ................
July ..................
August..............
September___
O ctober............
November —
D ecem ber----T o ta l............

Gold Movement at New York.
Imports.
Exports.
1910.
1909.
1910.
1909.
$
$
$
S
421,946 714,693 3,113,576 7,843,126
1,912,799 819,731 2,786,542 8,818,220
2,425,426 2,728,363 1,644,417 21,173,385
470,490 742,911 36,168,360 6,269,450
493,413 619,503 438,769 11,094,572
532,143 578,263 127,503 5,233,050
4,006,446 470,018 177,490 13,405,800
9,335,389 600,563 276,000 2,847,470
431,581 481,945 134,500 335,620
689,290 685,147 132,185 1,974,125
746,321 1,093,967 256,900 8,877,100
1,881,121 515,727 387,610 8,017,750
24,246,385 10,050,831 45,643,852 95,889,667

Silver— New York
Imports. Exports
1910.
1910.
$
S
577,955 3,935,840
365,049 3,208,972
439,488 3,572,439
503,764 3,442,767
479,415 3,267,495
577,053 3,971,397
376,817 4,272,445
1,007,193 3,931,438
693,062 424,670
482,644 2,684.205
696,077 3,779,193
747,747 4,393,262
6.946,264 41,184,183

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S —
T h r o u g h th e c o u r t e s y o f th e S e c r e t a r y o f th e T r e a s u r y , w e
a re e n a b le d t o p la c e b e fo r e o u r re a d e r s t o - d a y th e d e ta ils o f
G o v e r n m e n t r e c e ip ts a n d d is b u r s e m e n ts f o r th e m o n th o f
D ecem ber.
F r o m p r e v io u s re tu r n s w e o b t a in th e fig u r es fo r
p r e v io u s m o n t h s , a n d in th a t m a n n e r c o m p le t e th e s ta t e ­
m e n ts f o r th e 12 m o n th s o f th e c a le n d a r y e a r s 1910 a n d 19 0 9.

GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1909.
1910.
Oct. Nov. Dec. 12 Mos. Oct. Nov. Dec. 12 Mos.
$
$
$
$
$
S
Receipts—
$
S
Customs ____________ 25,294 27,508 27.444 327,064 29,279 25,637 27,052 329,565
Internal revenue*------- 26,433 25,151 26,185 304,409 24,146 22,551 26,174 252.383
M iscellaneous.............. 3,539 5,812 4,060 51,910 3,752 3,539 3,742 53,230
Total receipts--------- 55,266 58,471 57.6S9 683,383 57,177 51.727 56,968 635,178
Disbursements—
Civil and miscellaneous 16,249 14,691 15,507 184,508 15,378 14,026 15,073 168,569
W a r ________________ 14,590 12,771 14,192 158,518 15 ion
N a v y ________________ 12,845 9,631 10,955 123,320 9^582 11,030 10,323 119,415
Indians ........................... 1.475 1,348 1.113 18,688 1,628 1,355 734 14,173
P e n sio n s..........- - ........... 11,437 15,356 12,716 159,159
11,850 15,185 13,341 162,810
Postal deficiency............ 1,000
4,599 3,398
1,000 20,401
Interest on public debt. 3,264 1.980 177 21,313
1.982 156 21,717
Panam a Canal................ 2,895 2,852 3,309 37,521 3,270
2,784 3,149 2.117 33,519
Total disbursements. 63,755 58,629 58,269 707,626 63,080 60,245 56,840 703,796
Less repayment of unexpended balances.. 2,300 1,545 2,161 1,951 1,196 778 1,484 3,046
T o ta l...........................
57,084 56,108 705,675 61,884 59,467 55,356 700,750
(000s omitted.)

[VOL. LXXXXII

1,508— T he N atio n al B ank & L oan Co. of W a te rto w n , N . V ., w as placed In
v o lu n ta ry liq u idation D ec. 15 1910.
8,862— T he W itherspoon N ational B ank of L aw rcnceburg, K y ., w as placed
in v o lu n ta ry liqu idation D ec. 15 1910.
9,692— T he C ookeville N ational B ank , Cookeville, T en n ., w as placed In
v o lu n ta ry liqu idation D ecem ber 16 1910.
2,425— T he W achovia N ational B ank of W in ston , W in ston , N orth C arolina,
w as placed In v o lu n tary liqu idation Ja n u a ry 3 1911.
8,558— T he F irst N ational B ank of L y n n v ille .L y n n v Ille ,T e n n .,w a s placed
In v o lu n ta ry liqu idation Ja n u a ry 3 1911.
4,571— T he Q uanah N ational B ank, Q uanah, T ex ., w as placed in v o lu n tary
liq u id atio n D ecem ber 19 1910.
8,431— T he F irst N ational B ank of F arw cll, T ex ., w as placed in v o lu n tary
liq u id atio n D ecem ber 20 1910.
8,897— T he F arm ers, & M erchants, N ational B ank of A nson, A nson, T ex as,
w as placed In v o lu n tary liqu id atio n D ecem ber 23 1910.
7,245— T he F irst N ational B ank of C lifton, T exas, w as placed In v o lu n tary
liq u id atio n D ecem ber 31 1910.
9,637— T he F irst N ational B ank of Caddo M ills, T ex as, w as placed in
v o lu n tary liqu idation D ecem ber 31 1910.
6,021— T he C ity N ational B ank of A nniston, A la., w as placed in vo lu n tary
liq u idation D ecem ber 30 1910.
3,611— T he S o u th O m aha N atio n al B ank , S o uth O m aha, N ebrask a, w as
•
placed in v o lu n tary liqu idation Ja n u a ry 3 1011.
4,632— T he U nion S tock Y ards N ational B ank of S o uth O m aha, N ebraska,
w as placed In v o lu n tary liqu idation Ja n u a ry 3 1911.
C H A N G E O F LO C A T IO N .
4,381— T he In te r-S ta te N ational B ank of K ansas C ity, K ansas C ity, Ivans.;
to K ansas C ity, Mo.
C H A N G E O F T IT L E .
4,250— T he A nn iston N ational B ank , A nniston, A la., to “ T he A nniston
C ity N atio n al B a n k .”
A P P L IC A T IO N S TO C O N V E R T A P P R O V E D .
T he B ank of C larksville, A rk ., Into “ T he N ational B ank of C larksville.”
C apital, $50,000.
T he Jo h n sto n C ounty S ta te B ank , M tlburn, O kla., Into "T h e F irst
N ational B ank of M U burn." C apital, $25,000.
T he “ Chaflec S ta te B a n k ,” Chalfce, M issouri, Into “ T he F irst N ational
B ank of C halfce,” C apital, $25,000. C orrespondent, F . W . L oy, Chaffee,
M issouri.
C a n a d ia n B a n k C le a r in g s .— T h e c le a rin g s fo r th e w e e k e n d ­
in g J a n . 14 a t C a n a d ia n citie s , in c o m p a r is o n w ith th e sa m e
w e e k o f 1910, sh o w s a n in cre a se in th e a g g r e g a te o f 4 . 9 % .

ClCGTiTlQS (it—
Montreal _____________
Toronto...............................
W innipeg...........................
V ancouver.........................
O ttaw a_______________
Q uebec_______________
H alifax................................
H am ilton............................
St. J o h n .............................
Victoria................................
L ondon........................... ..
Calgary....... ........................
E dm o nto n................ ........
R eg in a................................
Brandon .............................
Lethbridge.........................
Saskatoon...........................
Total Canada................

1911.
$
42,938,036
19,480,072
9,457,030
3,797,904
2.101.753
2.069,626
2,132,899
1,685,427
2,183,137
1,566,964
2,700,304
1,792.070
1,183,966
552,822
433,777
737,559
129,089,188

Week ending January 14.
Inc. or
Dec.
1909.
1910.
S
$
%
45,708,449 —6.1 34.725.563
32,275.371 + 11.5 26,766.389
18,083,055 + 7.7 11,497,015
6,933,107 +36.4 3,362,480
3.045.787 + 4.2 3,659,804
2,916,988 —27.9 2,366,085
2,303,835 — 10.2 1.752,901
1,889,937 + 12.9 1,481,637
1,535,431 + 9.8 1,330,090
1,570,537 + 39.0 1,303,745
1,408,104 + 11.2 1.259,498
2.259.154 + 19.5 1,140,843
866,006
1,311,826 +36.7
1,203,521 — 1.6
Not Include d in tot jal.
Not Include d In tot al.
Not Include |d In tot jal.
123,045,102 | + 4 .9 91.512,056

75,405,910

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
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 .
B y M essrs. A d r ia n H . M u ller & S o n :

Stocks.
134 Realty Associates..................... 100
225 Texas Land Syndicate No. 1,
$30 per share
236 Texas Land Syndicate No. 2,
60c. per share
450 Texas Land Syndicate No. 3,
$31 per share
23 Bank of Long Island............208
71 United N. J. RR. & Canal Co.239 K
47 Hanover N at. B ank----- 625-640
* Includes corporation tax of $37,339 for December and $23,675,006 for the 4,000
Ohio Copper Co., $10 e ac h .. 1H
elapsed portion of the year.
40 Franklin Safe Deposit Co----- 124
Note.— 1909 receipts do not Include $30,731,008 proceeds of Panam a Canal bonds.
5 Gold A Stock Teleg. Co..........116 K
200 Nat. Bank of North America
of New Y ork----------55
200
First N at. Bank of Bath, Me. 50
National Banks.— T h e fo llo w in g in fo r m a tio n r e g a r d in g

n a tio n a l b a n k s is fr o m th e o ffic e o f th e C o m p tr o lle r o f th e
C u r r e n c y , T r e a s u r y D e p a r t m e n t:

1908.
S
27,830,352
20,545,905
10,247,614
3,154,008
3,096,481
1,944,456
1.840,013
1,566,754
1,206,136
1,200.011
1,152,741
1,022,899
598,540

Stocks.
22 Peoria & Bureau Valley RR.
Co. guar. 8% ............................. 177H
Bonds.
12 Wcstvlllo D ’k Co., $15 e ach ..)
5 The Rockaway Journal Ptg. &(
Pub. Co., L t d . .. ...................... 1
10 Old Ferry Co. of Far Rocka-)$16 lot
way, $50 each.............................
$100 Old Ferry Co. of Far Rocka­
way 6s.............................................
$100 Bnyswater Yacht Club ctf.
of Indebtedness.........................)
$25,000 Ohio Copper Co. 1st 6s,
1917. M. & S ........................ 38 & Int.
$25,000 Bingham Cent. lty. Co. 1st
6s. A. & O ............................. 38 & int.

— E d w a r d A s p in w a ll, fo r m e r ly w ith C . I I . F a r n h a m , is
n o w a s s o c ia te d w ith F . W . M a son & C o ., d e a le rs in b o n d s
a n d in v e s t m e n t s e c u r itie s , 53 S ta te S t ., B o s t o n , M a ss.

CHARTERS ISSUED TO NATIONAL BANKS DEC. 23 TO .TAN. 11.
9.909— The Berwind National Bank, Berwtnd, W. Va. Capital, $25,000.
B. L. Simpson, President: H. M. Bertolet, Vice-President; R. L.
DIVIDENDS.
Page, Cashier.
9.910— The First National Bank of George, Iowa. Capital, $25,000. 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
O. O. Collmann, President; W. M. Barragcr, Vice-President; O. C. 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 :
Collmann, Cashier: W. C. Collmann, Assistant Cashier. (Conver­
7A ________ .. mm J
mm/, v.
Z/i/Z Vn ettrtl.»*/•»c»
sion of Farmers’ Savings Bank of George.)
9.911— The Home National Bank of Longton, Kan. Capital, $25,000.
O. H. Worley, President; G. W. Amsbury, Vico-Presidcnt; G. H.
Books Closed.
Per When
Amsbury. Cashier.
Days Inclusive.
Cent. Payable.
Name of Company.
9.912— The Broad & Market National Bank of Newark, N. J. Capital,
$200,000. Jos. J. Rafter, President: David King, First Vice­
Railroads (Steam).
President; Christian Flelssncr, Second Vice-President; Joseph Alabama Great
3 Feb. 25 Holders of rec. Feb. 4a
Southern, pref . . .
Samuel, Third Vice-President; Chas. W. Lent, Cashier.
Mch. 1 Holders of rec. Jan. 31
1H Feb.
9.913— The First National Bank of Kenova, W. Va. Capital, $40,000. Atch. Top. & Santa Fc, common (quar.) 2H
1 Holders of rec. Dec.30a
Preferred (No. 25)---------------------------- 3 Jan.
Jos. S. Miller, President; B. W. Foster, Vice-President; K. B. Cecil, Balt.
Chesapeake & Atlantic, pref............ 3 Mch. 311 Holders of rec. Jan.14a
Cashier. (Conversion of The Kenova Banking &Savings Company.)
of rec. Feb. la
9.914— The Farmers & Merchants National Bank of Livermore, Livermore, Baltimore & Ohio, common....................... 2 Mch. 1 Holders
of rec. Feb. la
Cal. Capital, $50,000. L. M. MacDonald, President; Chas. E. Preferred..................- .............- ................... 50c. Feb. 15 Holders
1
Central............................................. 3 Jan. 31 Holders of rec. Feb.
Beck, Vice-President; F. Matldesen, Cashier. (Conversion of The Bellefonte
Holders of rec. Dec.15a
Boston Revere Beach & Lynn................
Bank of Liverniore.)
Southern............- ..........................
1H Feb. 1 Holders of rec. Dec.30a
9.915— The American National Bank of Sioux Falls, Sioux Falls, South Canada
of New Jersey (quar.).................... 2 Feb. 1 Holders of rec. Jan. 20a
Dakota. Capital, $100,000. E. G. Kennedy, President: Wm. Central
St. P. Minn. & Om., com. and pref. 3H Feb. 20 Holders of rec. Feb. 3a
Ontjes, Vice-President; Wm. Ontjcs, Cashier. (Conversion of The Ch.
3 Mch. 1 Holders of rec. Feb. 10
Cindnnatl Northern....................................
American Exchange State Bank of Sioux Falls.)
. 9 ,9 1 6 — T h e M erch a n ts N a tio n a l B a n k o f W in sto n , W in sto n , N o r th C arolin a. Cleve. Cln. Chic. & St. L., pref. (q u a r.).. 1H Jan. 20 Holders of rec. Dec.30a
1 Holders of rec. D ec.3ia
(Post office, Winston-Salem.) Capital, $100,000. G. W. Maslln, Cuba Railroad, preferred.............................. 2IK Feb.
Feb. 1 Holders of rec. Jan.12a
Great Northern (au ar.)................................
„
President: T. Maslln, Vice-President: T. Maslln. Cashier.
Mch. 1 Holders of rec. Feb. la
9.917— The Hillsboro National Bank, Hillsboro, Oregon. Capital, $60,000.Illinois Central (.No. 112)....... ...................... 3>*
rec. Dcc.30a
William H . Wehrung, President. Samuel T. LInklater, Vlce- Lake Shore & Michigan Southern.............. 66 Jan. 28 Holders of
Guar, stock (Mich. So. & No. In d .)..
Feb. 1 Holders of rec. Dec.30a
Aa
,„
££esI2cntDavid
Kuratll,
Cashier.
Feb. 10
to
Jan.
21
3K
Feb.
10
Louisville
&
Nashville....................................
9.918— The Sonoma County National Bank at Petaluma, Cal. Capital,
Jan.13a
Feb. 1 Holders of rec. Dec.30a
$400,000. Geo. p. McNear, President. F. A. Meyer, Vice­ Mahoning Coal R R., common.................. . $53 Jan.
28 Holders of rec. Feb. 1
President. Frank II. Denman, Cashier. W. T. Sprldgen, Martin Michigan Central.............................................
to
Jan.
22
3
Feb.
1
Nashville Chatt. & St. Louis.......................
H. Poehlmann and A. C. Ellis, Assistant Cashiers.
1
Norfolk Southern (No. 1) (q u a r.)..............
H Feb. 1 Jan. 15 torec. Feb.
Jan.31a
LIQUIDATIONS.
Norfolk & Western, pref. (quar.)................ l Feb. 17 Holders of
Jan.12a
Feb.
1 Holders of rec. Jan.
Pacific (quar.)........................... .. m
7,162—The First National Bank of Wcsthopc, N. D., was placed In volun­ Northern
16a
of rec.
Pitts. Cln. Ch. & St. L.,com.&pref.(qu.) 1H Jan. 25 Holders of
tary liquidation Dec. 12 1910.
A Lake Eric.................................. $2.50 Feb. 1 Holders rec. Jan.'25a
1,507—The National Union Bank of Watertown, N. V., was placed In Pittsburgh
Reading Company, common....................... 3 Feb. 1 Holders of reo. Jan.14a
voluntary liquidation Dec. 15 1910.




THE CHRONICLE

J an . 21 1911. j

Books Closed.
Per When
Days Inclusive.
Name of Company.
Cent. Payable.
Railroads (Steam) Concluded.
Reading Co. first preferred.............. ............... 2 Mch. 10
Home Watertown & Ogd., guar. (quar.). 1M Feb. 15
St. Louis & San Fran., 1st pref. (quar.). 1 Feb. 1
Wrlghtsvllle & Tennllle, com. & pref___ 3 Feb. 1
Street and Electric Railways.
Albany Southern, preferred (N o. 1)............ I K Feb. 1 Holders of rec. Jan. 25
15
Boston Elevated K y............- ........................ 3 Feb. 15 Feb. 5 to Feb.
of rec. Jan. 14
Boston & Northern Street K y., pref----- $3 Feb. 1 Holders of
rec. Jan. 16
Columbus (O.) K y., pref. (quar.)............- I X Feb. 1 Holders of
20a
Commonwealth Power, Ry. it Id., pf. (qu.) IK Feb. 1 Holders torec. Jan.
Feb. 15
Connecticut Ky. & Ltg., com. & pref.(qu) 1 Feb. 15 Feb. 1
Jan.14a
E ast St. Louis & Sub., pref. (qu.)(N o.l9 1 X Feb. 11 Holders of rec. Jan.
14
Holders of rec.
Grand Rapids Ky., pref. (quar.) (No. 41) IX Feb.
31
Harrisburg (Pa.) Traction......................- - - ­ 3 Feb. 111 Jan. 3 to Jan.
Feb. 12
Havana Electric lty., com. & pref. (qu.). IK Feb. 1 Jan. 22 to Jan.
24a
Holders of rec.
Helena Light >fc Railway, preferred (guar.) IX Feb.
Jacksonville Electric Co., common (.No. Id) AK F cd. 1 Holders of rec. Jan. 24a
1 Holders of rec. Jan.24a
Preferred (No. 17)---------------- .......... -- 3 Feb.
Melrop. West Side Kiev., Chicago (quar.).
X Mch. 1 Holders of rec. Feb.16a
Mexico Tramways (quar.)---------- - - - - - - IX Feb. 1 Jan. 18 to Jan. 31
MUw. Elec. Ry. & L t.. pf. (qu.) (No. 44) I K Jan. 31 Holders of rec. Jan.20a
Montreal Street Ry. (quar.)......................... 2 K Feb. 1 Holders of rec. Jan. 13
Old Colony Street lty., pref--------------- S3 Feb. 1 Holders of rec. Jan. 14
Philadelphia Company, common (quar.). IK Feb. 1 Holders of rec. Jan. 3a
Public Service Investm ent, com. (No. 3). I K Feb. 1 Holders of rec. Jan.19a
Preferred (No. 7) (quar.)-----------------Feb. 1 Holders of rec. Jan.19a
Railways Co. General (quar.)................ .. IK
1 Feb. 1 Jan. 22 to Jan. 31
Railway & Light Securities, com.(No. 3) 2 Feb. 1 Holders of rec. Jan.14a
Preferred (No. 12)....... ............................... 3 Feb. 1 Holders of ICC. Jan.14a
Rio de Janeiro Tram ., L . & P. (q u a r.).. IX Feb. 1 Holders of rec. Jan. 14
Unlon Street Ry., New Bedford (qua r.)... 2 Feb. 1
Washington Water Pow., Spokane (quar.). 2 April 1 Holders of rec. Mch. 15
Banks,
to Jail. 31
3 Feb. 1
Bowery (quar.)...........................................
to Jan. 31
5 Feb. 1
E xtra ...........................................- ...........
4 Feb. 1
Corn Exchange (quar.)................ .............
3 Feb. 1
German-A mcrican____________ ______
2
Jan. 31
Pacific (quar.).....................- ...................
Feb. 1
2
Jan. 31
Feb. 1
E xtra .................. - ...................................
Twenty-Third Ward..................................
3 Feb. 1
Jan. 31
Trust Companies.
Astor (quar.)...............................................
Feb. 1
Broadway (quar.)......................................
Feb. 1 Jan. 22 to Jan. 31
Hamilton (quar.).......................................
Feb. 1 Holders of rec. Jan. 25a
Nassau, Brooklyn (quar.).....................
Feb. 1 Jan. 28 to Feb. 1
Miscellaneous.
Amalgamated Copper (quar.)------------Feb. 27 Holders of rec. Jan. 28a
1 Jan. 28 Jan. 19 to Jan. 27
Amcr. Dlst. Teleg. of N. J. (quar.) —
Amcr. Gas & Elec., pref. (quar.) —
Feb. 1
Feb. 1
22
4IK Feb. 1 Jan.
American Glue, preferred....................
Feb. 2
20
Amcr. Light & Tract, .com. (quar.)----- 2 Feb. 1 Jan.
Jan. 31
Jan.
15
Common (payable In common stock). 2K stk Feb. 1 Jan. 15
Jan.
31
Preferred (quar.)....... ...............................
K Feb. 1 Jan. 15
Jan. 31
American Locomotive, preferred (auar.) IIX
Jan. 21 Jan. 5
Jan.
23
American Steel Foundries (quar.).............. I X Feb. 15 Feb. 1
Feb. 15
British Columbia Copper (quar.)............. 2K Mch. 1 Holders of rec. Fen.24a
Suite Elec. & Pow., pref. (qu.) (No. 38) - I X Feb. 1 Holders of rec. Jan.14a
Cambria Steel (quar.)....................................
Feb.
Holders of rec. Jan.31a
CanadaCemcnt, Ltd., pref. (qu.) (No. 4 ).. II XX Feb. 15
16
1 to Feb. 10
1 Jan. 25 Feb.
Chlcago Pneumatic Tool (quar.)----Jan.
15 to Jan. 25
Cities Service Co., com. (monthly).........X Feb. 1 Holders of rec . J a n . 20
Prc erred (m onthly)................................
X Feb. 1 Holders of rec. Jan. 20
Claflln (II. It.), 1st pref. (quar.)............
I X Feb. 1 Holders of rec. Jan.23a
Second preferred (quar.).......................I K Feb. 1 Holders of rec. Jan.23a
Commonweallh-Edlson (quar.)-------------I K Feb. 1 Holders of rec. Jan.1 4a
2
Consolidated Car Healing-------------------Feb. 1 Jan. 17 to Feb. 1
Consolidation Coal (quar.).......................
IK Jan. 31 Jan. 25 to Jan. 31
Cuyahoga Telephone, pref. (quar.)-----Tan. 31 Holders of rec. Jan.15a
IK
Distillers’ Securities Corp. (qu.)(N o. 33) X Jan. 31 Holders of rec. Jan.10a
Distilling Co. of Amcr., pref. (quar.)----- 1 Jan. 30 Holders of rec. Jan.10a
Dominion Coal, Ltd. (pref.)----------------- 3 X Feb. 1 Jan. 18 to Jan. 31
duPont(E .I.)de Nemours Pow.. pf. (qu.)
Jan. 25 Jan. 15 to Jan. 25
Eastern Steamship (quar.)............................. IIX
Feb. 1
of rec. Jan. 16
Eastm an Kodak, common (extra)............ 5X Mch. 1 Holders
Holders of rec. Jan. 31
Edison Elec. III., Boston (qu.) (No. 87)__ 3 Feb. 1 Holders
Jan. 19
Electric Bond & Share, pf. (qu.) (No. 23) IX iFeb. 1 Jan. 2!) of torec. Jan. 31
Electric Co. of America.................................. AK Feb. 3 Jan. 21 to Feb. 3
Electrical Securities Corp., pref. (quar.) IX Feb. 1 Holders of rec. Jan.31a
Federal Sugar Refining, pref. (quar.)......... IK
Jan. 30 Holders of rcc. Jan.27a
General Asphalt, pref. (quar.) (No. 15). IX Mch. 1 Holders of rcc. Feb. la
Preferred (extra) (No. 2)------------------ A Kb Mch. 1 Holders of rcc. Feb. la
Goldlleld Consolidated Mines (quar.)----- 30c. /an. 31 Holders of rec. Dec.31a
Extra ........................................................... 20c. Jin. 31 Holders of rec. Dec.31a
Gorham Manufacturing, com. (quar.)----- 2X Feb. 10 Holders of rcc. Feb. 7a
Guanajuato Pow. & El., pf.(qu.)(No,10) IK Feb. 1 Jan. 21 to Feb. 1
Homestake Mining (mthly) (No. 434) — 50c. Jail. 25 Jan. 21 to Jan. 25
Intercontinental Rubber, common (quar.) 1 Feb. 1 Holders of rec. Jau. 20
Internal. Harvester, pref. (qu.) (No. 16).. I X Mch. 1 Holders of ree. Feb.10a
International Nickel (quar.)....................... 1 Mch. 1 Feb. 10 to Mch. 1
Common, extra (quar.)______________
1 Feb. 10 to Mch. 1
K Mch.
Preferred (q u ar.).....................................Feb. 1 Jan. 13 to Feb. 1
Internat. Steam Pump, pf. (qu.) (No.47) IK
Feb, 1 Holders of rec. Jan.20a
IK
Kansas City Breweries, pref. (quar.)----15 Feb. 1 to Feb. 15
Kansas City Slock Yards (quar.)................ IK
Feb. 1
IK Feb.
of rcc. Jan.14a
Massachusetts Gas Cos., common (quar.) 1 Feb. 1 Holders
Holders of rec. Jan.18a
Michigan Stale Telephone, com. (quar.)-. IX Mch. 1 Feb.
Mch. 1
17
Michigan State 'telephone pref. (quar.)
Feb. 1
IK Feb. 1 Holders15 of totorec. Jan.
Mlnncap. Gen. Elec., com. (qu.) (No. 14) IX Feb. 1 Jan.
18a
Preferred (No. 24)...................................... 3 Feb. 1 Holders of rcc. Jan. 18a
Monongahcla Rlv. Cons. Coal & Coke, pf. SI Jan. 25 Jan. 13 to Jan. 24
Montreal Lt., II . <6 Pow. (qu.) (No. 39)-- 2 Feb. 15
New York Air Brake (quar.) — ................ IK Jan. 27 Holders of rec. Jan. 5a
North American Co. (quar.)......................... IX April 1 Holders
of rcc. Mch.15a
North Shore Electric (quar.)------------------ 1 Feb. 1 Jan. 26 to Jan. 31
Omaha Elec. Light cfc Pow., pref-------------- 2 K Feb. 1 Holders of rec. Jan.20a
Osceola Consolidated Mining..................... - SI Jan. 26 Holders of rcc. Dec.31a
l’aclilc Coast Co., common (quar.)............ IK Feb. 1 Jan. 21 to Feb. 1
First preferred (quar.)............- ............... IX Feb. 1 Jan. 21 to Feb. 1
Second preferred (quar.)..................... - ­
Feb. 1 Jan. 21 to Feb. 1
Pacific Power it Light,pref.(quar.) (No.2) IK
1 Jan. 26 to Jail. 31
IX Feb.
People’s Gas Light & Coke (quar............. IX Feb. 25 Holders of rcc. Jan.20a
Pittsburgh Coal, pref. (quar.)..................... IX •Tan. 25 Holders of rec. Jan,14a
Pope Manufacturing, pref. (quar.)----- -- IK Jan. 31 Holders of rec. Jan.21a
Portland(Or.)GasJcCoke,pref.(qu.) (NoA) I X Feb. 1 Jan. 24 to Feb. 1
Procter & Gamble, com. (quar.)................... 3 Feb. 15 Holders of rcc. Jan.31a
Pullman Company (quar.) (No. 176)......... 2 Feb. 15 Holders of rec. Jan,31a
Quaker Oats, preferred (quar.)................ IK Feb. 28 Holders of rec. Feb. la
Sears-Rocbuck it: Co., com. (quar.)_____ IX Feb. 15 Holders of rcc. Jan.31a
Siegel Stores Corp., pref. (quar.) (No. 6 ).. IX Feb. 1 Holders of rcc. Jan. 14a
Sierra Pacific Elec., pref. (qu.) (No. 6)__ IK Feb. 1 Holders of rcc. Jan.23a
Silversmith’s Company (quar.)................ IK Feb. 15 Holders of rcc. Feb. 10
Tennessee Copper............................................ $1.50
26 Holders of rcc. Jan.10a
Torrlnglon Company, common.................. .. 4 Jan.
1 Jan. 21 to Jan. 31
Common (extra) (payable in com. stock) 10« Feb.
21 to Jan. 31
Trenton Potteries, pref. (quar.) (No. 4 4 ).. 1 Jan. 25 Jan.
Holders of rcc. Jan.19a
United Cigar Mfrs., com. (quar.).............. IK Feb. 1 Jan.
26d to Feb. 1
Untied Dry Goods Cos., com. (quar.).......... 2 Feb. 1 Holders of rec. Jan. 26
U. S. Bobbin & Shuttle, com. (quar.).......... 1 Feb. 1 Jan. 21 to Jan. 31
Preferred (quar.)...........................................
Feb. 1 Jan. 21 to Jan. 31
17. S. Radiator Corp., pref. (No. 1)............ AK Jan. 15
Preferred (quar.)........................................... IX April 15
U. S. Realty & Improvement (quar.) — IX Feb. 1 Holders of rcc. Jan.21a
U. S. Rubber, first pref. (q u a r.).............. 2 Jan. 31 Holders of rec. Jan.16a
Second preferred (quar.)...................— IX Jan. 31 Holders of rec. Jan. 16a
Washington (D. C.) Gas Lt. (quar.)............ 6 Feb. 1
Western Telep. & Teleg., pref....................... 2K Feb. 1 Jan. 21 to Jan. 31
W hite (J. O.) & Co., Inc., pref. (quar.). IK Feb. 1 Holders of rec. Jan. 20
a Transfer books not closed, b E xtra dividend Is In full of accumulated unpaid
dividends and Is payable In convertible 5% debentures d Correction, e Payable
In common stock.
.




ix

167

Statement of New York City Clearing-House Banks.—The
detailed statem ent below shows the condition of the New
York Clearing-House banks for the week ending Jan. 14.
The figures for the separate banks are the averages for the
daily results. In the case of the totals the actual figures
a t the end of the week are diso given.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 85, p. 836.
We omit two ciphers (00) in all cases.

Banks.
00s omitted.

Loans. Specie. Legals. Deposits. ReCapital. Surplus. | Average.
Average. Average. Average. s’ve.
S
S 1■ S
$
%
$
§
Bank of N. Y .. 2,000,0 3,578,4 20,522,0 3,851,0
956,0 18,536,0 25.9
M anhattan Co. 2,050,0 4,362,2 30,500,0 7.148.0 1.883,0
34,600,0
26.1
M erchants’ ___ 2,000,0 1,835,4 18,997,0 3,772,0 1.292,0 19,263,0 26.2
Mech. & Metals 6,000,0 8,067,8 50,874,5
1,635,3 49,067,2 26.6
A m erica............ 1,500,0 6,006,3 25,255,2 11,454,8
4,606,6
25,439,5 25.4
P h e n tx .............. 1,000,0
755,7 6,885,0 1,556,0 1,878,3
271.0 5.8S4.0 31.8
City _________ 25,000,0 32,665,9 158,940,0 37,199,5
6,180,0
146,605,8
29.6
C h em ical____ 3,000,0 6,496,3 29,264,0 5,616,7 1.847,7 28,012,8 26.7
600,0
Merchants’ E x.
574,3 7.019,0 1,583,4 242,7 7,255,8 25.1
Gallatin_______ 1,000,0 2,515,4 8,356,3 1,106,5 540,7
6,466,7 25.4
Butch. & Drov.
300,0
148,5 2,313,5
611,2
66,8 2,532,8 26.7
G reenw ich----845.4 7,340,5 1,841,1 204,0 8,216,6 24.8
500,0
Am. Exchange. 5,000,0 4,336,7 36,213,5 5,996,1 3,466,2 30,086,5 26.2
Commerce_____ 25,000,0 16,511,9 139,275,7 25,147,8 8,319,7 118,661,0 28.3
M ercantile----- 3,000,0 2,678,7 14,520,6 2,122,6 1,063,5 11,446,7 29.8
500,0
Pacific ..............
927,8 3,596,4
441,7 465,7 3.212,0 28.2
450,0 1,042,0 8,255,8 1,092,3 1,143,4 8,702,1 25.6
C h a th a m ..........
200,0
People’s ______
480,3 1,645,5
493,7 149,2 2,192,5 29.3
H anover............ 3,000,0 12,155,9 62,042,7 12,025,6 7,089,0 70,193,2 27.2
Citizens’ C en t.. 2,550,0 1,732,6 22,546,4 6,533,3 260,2 22,174,2 26.3
500,0
N a ssa u _______
546,0 7,096,3
757,3 1,652,3 8,466,1 28.4
Market & Fulfil 1,000,0 1,727,1 8,451,0 1,527,4 970,2 8,559,4 29.1
Metropolitan . . 2.000,0 1,518,8 11,616,7 3,025,6 248.9 12,199,5 20.8
Corn Exchange. 3,000,0 5,429,2 40,871,0 7,159,0 5,243,0 47,889,0 25.8
Im p. & Traders’ 1,500,0 7,535,7 25,757,0 4,074,0 1,797,0 23,206,0 25.2
P a r k _________ 5,000,0 12,511,9 80,502,0 20,575,0 1,566,0 84,290,0 26.2
E ast R iv e r----250,0
94,2 1,476,6
275.2 162,3 1,701,1 25.4
F o u rth _______ 5,000,0 5,616,6 28,518,0 5,345,0 2,325,0 28,305,0 27.0
S ec o n d .............. 1,000,0 2,136,8 12,771,0 3,158,0 152,0 12,627,0 26.2
F ir s t.................. 10,000,0 20,543,2 92,534,9 23,936,0 2,293,5 84,868,7 30.9
Irving E xch__ 2,000,0 1,807,1 23,265,7 4,556.8 1,757,4 24,280,1 26.0
Bowery ............
250,0
802,7 3,488.0
855,0
64,0 3,665,0 25.0
N. Y. C ounty..
500,0 1,646,7 7,759,5 1,429,7 716,2 8,053,8 27.1
German-Amer .
750,0
711,2 3,885,4
840,6 215,1 3,808,3 27.7
Chase................ 5,000,0 7,953,4 74,390,0 14,923,7 4,481,0 79,406,0 24.4
Fifth A v e..........
100,0 2,170.6 12,737,8 2,685,3 1,070,8 14,391,8 26.0
German E xch..
200,0
901,3 3,500,0
423,7 530,7 3,630,2 26.2
G erm ania..........
200.0 1,023,4 4,839,2
956,7 507,4 5,611,3 26.0
Lincoln _______ 1,000,0 1,560.8 13,789,6 2,965,9 815,3 14,499,6 26.0
Garfield............ 1,000,0 1,209,1 8,500,2 1,866,0 518,7 8,795,6 27.1
F ifth _________
513,5 3,266,3
250,0
621,6 304,9 3,511,5 26.4
M etropolis___ 1,000,0 2,088,4 11,806,0 1,251,1 1.774.7 11,859,3 25.5
West Side..........
200,0 1,051,5 4,065,0
894,0 249,0 4,508,0 25.3
Seaboard............ 1,000,0 1.9S5.5 21,241,0 4,996,0 1,567,0 24,841,0 26.4
L iberty_______ 1,000,0 2,692,7 16,167.3 5,738,9 580.3 18.287.1 34.5
N .Y .Prod.Exch 1,000,0
735.6 7,881,9 2.157.4 183.8 9.234,0 25.2
893,2 15,168,0 4,518,0
State .................. 1,000,0
18,949,0 25.5
14th Street___ 1,000,0
311,2 5,532,6 1,003,7 323,0
622,6 6,198,7 26.2
Coal & Iron___ 1,000,0
401,4 5.689,0
835,0 651,0 5,728,0 25.9
Union E x .......... 1,000,0
925,2 8,964,2 1,252,6 1,035,0 8,974,9 25.4
Totals, Average 133,350,0 196,761,5 1219,924,8 257.804.1 73,332,5 1214,953,4 27.2
Actual figures Jan. 14.. ............ 11233,816,5 269.606.1 74,558,8| 1241,213,9 27.7
On tlio basis of averages, circulation amounted to 847,315.900 and United States
deposits (Included In deposits) to $1,680,400; actual figures January 14, circulation,
547,370,600; United States deposits, SI.672,000.

The State Banking D epartm ent also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various item s are
made up, sec “Chronicle,” V. 86, p. 316.

STATE BANKS AND TRUST COMPANIES.
Slate Banks Trust Cos. Slate Banks
in
in
Week ended Jan. 14
outside of
Greater N . Y. Greater N . Y. Greater N . Y .
S
S
S
Capital as of Nov. 10___ 25,275,000 65,406,000
8,998,000
Surplus as of Nov. 10___ 39,391,800 174,583,300 11,245,739
Loans and Investm ents.. 284,795,900 983,199,000 94,687,000
Change from last week. — 1,588,600 —30,922,000
+374,500
47,172,800 108,743,500
Change from last week.
+ 19,000 —3i603’600
Legal-tenders & bk. notes 25,378,500 12,549,900
Change from last week.
— 199,400
—98,700
Deposits .........................
329,741,100 1,017,318,300 100,535,500
Change from last week.
—627.800 —37,691,000 — 196,800
Reserve on deposits.......... 93,828,800 126,623,000 20.770,400
Change from last week.
+919,800 —4,308,700 —551,300
29.1%
15.8%
P. C. reserve to deposits.
21.5%
Percentage last w eek..
28.7%
15.7%
22.0%

Trust Cot.
outside
Greater N . Y
S

9,525,000
11.078,293
143,459.600
+667,800

152,413,500
+ 2,100
23,068,300
— 154,700
15.8%
15.9%

+ Increase over last week. — Decrease from last week. * AB of Aug. 31.
Note.—"Surplus” Includes all undivided profits. ’’Reserve on deposits” In­
cludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre­
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposit*
exclusive of time deposits not payable within 30 days, represented by certificate*
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
s.— — State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve
which
Location—
Required i Cash.Required. in Cash.
Manhattan Borough----------------------------------------- 15%
15%
25%
15%
Brooklyn Borough (without branches In M anhat.).l5%
10%
20%
10%
Other Boroughs (without branchesln M anhattan).15%
10%
15%
7X%
Brooklyn Borough, with branches In M anhattan.. 15%
15%
20%
20%
Other Boroughs with branches InM anhattan____ 15%
15%
15%
15%
Elsewhere In State_____________________________10%
5%
15%
6%

THE CHRONICLE

16S
The

B u n k in g

D ep a rtm en t

a ls o

u n d e r ta k e s

to

p r e se n t

s e p a r a t e fig u re s in d ic a t in g th e to ta 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 ew Y o r k

House.

not in the Clearing

[VOL. LXXXXII.

Boston and Philadelphia Banks.— B e lo w

a ls o th e re su lts ( b o t h a c tu a l a n d a v e r a g e ) fo r th e C le a r in g ­
I n a d d it io n , w e h a v e c o m b in e d e a ch c o r r e ­

s p o n d in g

in

ite m

th e

tw o

s ta t e m e n ts ,

th u s a ffo r d in g

an

of

B oston

We omit two ciphers (00) in all these figures

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

H ouse banks.

is a s u m m a r y

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

Banks.

Capital
and
Surplus.
•S
40,200,0
40,200,0
40,200,0
40,200,0
55,405.0
55,465,0
55,465,0
55,465,0

Loans.

Specie.

Legais. Deposits, a Circu­
lation.
S
S
S
S
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
25,976,0 3,557,0 257,658.0 7,840,0
67,215,0
299,615,0 15,760.0
70,897.0
306,529,0 15,780,0
70,049,0
311,386,0 15,674,0
310,091,0 15,735,0
72,754,0

Clearings

$
Boston.
$
201,022,0
158,674,5
Dec. 24.
202,615,0
133,787 2
Dec 31..
204,868,9
204,301,0
Jan. 7 ..
198,963,2
Jan. 14..
204,251,0
_________NKW YOnre CITY BANKS AND TRUST COMPANIES.
Phil.i.
143,912,0
2 4 ..
252.710.0
Clear.-House Clear.-House Stale Hanks A Total o f all Dec.
134,574,7
Dec. 3 1 ..
251.826,0
Week ended Jan 14.
Hanks.
Hanks.
Trust Cos. not Hanks A Trust Jan.
169,461,6
7 ..
254.824,0
ActualFigures. Average. in C.-H. Aver. Cos. Average. Jan.
154,013,6
14..
258,072,0
S
$
S
S
Capital IN at. Banka.
a Includes Government deposits and the Item "duo to other bnaks.” At Boston
1 Jan. 7 ___ 133,350,000 133.350,000
74,731.000 208,081.000 Government deposits amounted to $3,045,000 on January 14, against $ 3 ,0 4 2 ,0 0 0
Surplus 1-State Banks,
on January 7.
J Nov. 1 0 ... 196,761.500 196.761,500 183,170,000 379,747,100
Imports and Exports for the Week.— T h e fo llo w in g are
Loans and investments 1.233.816.500 1.219,924,800 1.067,169,400 2,287.094,200
Change from last week + 18.273,800 —8.410,700 —32,575,300 — 10,986,000 th e im p o r t s a t N e w Y o r k fo r th e w eek e n d in g J a n . 14; a ls o
Deposits _____________ t. 241,213,900 1,214.953.400 al,015,863,800 2.230,817,200 t o t a ls sin 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 .
Change from last week + 44.065,200 + 11,463,400 —35,155,300 —23,691,900
FOREIGN IMPORTS AT NEW YORK.
S p ecie................ ............. 269.606.100 257.804,100 114,908,200 372,712,300
Change from last week + 23,364,300 + 18.600,700 —3,392,700 + 15,208,000
For iceek.
1911.
1910. | 1909.
1908.
Legal-tenders . . ......... 7 1.558.800 73.332,500 620,585,300 93,017,800
—329.600 + 1,831,400 Dry Goods.................................. $3,411 ,”68 $2,982,456 83,381.795 $2,513,119
Change from last week + 2,764.700 + 2.161.001)
12,773,752 9,903.8821 12,322,298 7,587,050
Aggr’te money holdings 344,164.900 331,136,600 <135,493,500 466,630,100
T o ta l...................................... 516,185,520 812,886,338. 815,704,093 510,100,169
Change from last week + 26,129,000 + 20,761,700 —3,722,300 + 17,039,400
Since January 1.
Jfoney on deposit with
$6,783,998 $6,279,380 *7,359,084 86,439,905
other bks. & trust cos
24,320,195 25,124,167 j 23,689,433 14,834,312
—35,300
—35,300
Change from last wool;
Total 2 weeks....................... 531.104,193 $31,403,5471 $31,048,517 $21,274,217
344.164.900 331,136,600 158,290,700 489,427,300
Total reserve.. . .
Change from last week + 26,129,000 + 20,761,700 —3,757,600 + 17,004,100
I
T h e f o llo w in g is a s ta t e m e n t o f th e e x p o r t s ( e x c lu s iv e o f
Percentage to deposits
requirl ng reserve.. . 27.76% , 27.28%
17.5%
s p e c ie ) fr o m th e p o r t o f N ew Y o r k to fo r e ig n p o r ts fo r th e
Percentage last week. 26.60%
25.82%
17.3%
w eek e n d in g J a n . 14 a n d fr o m J a n . 1 to d a t e :
Surplus reserve.............. 33,861,425 * 27,398,250
+ Increase over last week. — Decrease from last week.
EXPORTS FROM NEW YORK.
a These are the deposits after eliminating the Item “Due from reserve depositories
and other banks and trust companies In New York City”: with this item Included,
deposits amounted to SI, 122.046,100, a decrease of SJ3.789.500 from last week.
1911.
1909.
1010.
1908.
In the case of the Clearing-House banks, the deposits are "net” both for the average
and the actual figures, ft Includes bank notes, c Of this amount State banks
516,273.718 *14,774,887 $15,442,553 819,940,800
held 811,200,100 and trust companies S121.29J. I00.
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 r k C le a r in g -H o u s e b a n k s
$32,432,611 $24,853,758 $26,393,536 $35,375,549

■aggregate fo r th e w h o le o f th e b a n k s a n d tr u s t c o m p a n ie s in
t h e G r e a te r N e w Y o r k .

combined w ith

th o se fo r th e S t a 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

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

Loans and
Week
Ended. Investments.
S
Nov. 12.. 2,340,467,7
Nov. 19.. 2.309,880,1
Nov. 2 6 .. 2,309,843,3
Dec. 3 .. 2,326,766,7
Dec. 1 0 .. 2,337,587,5
Dec. 17.. 2,327.051.6
Dec. 2 4 .. 2,330,147.6
Dec. 3 1 .. 2,341.817,9
Jan. 7 .. 2,328,080,2
Jan. 14.. 2,287,094,2

Deposits.
8
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
2,230.817.2

Legais.
Specie.
$
■S
355,905,1 87,892,2
363,380.5 88,339,0
365,901,8 89,829,0
361,995,1 89.282,8
353,478.3 88,161,3
352,408.7 89,306,6
356,629,3 89,257,5
355.917.5 91,038,5
357,504,3 92,080,4
372,712,3 93,917,8

T h e fo llo w in g

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

im p o r t s o f

s p e cie a t th e p o r t o f N ew Y o r k fo r th e w eek e n d in g J a n . 14

as fo llo w s fo r a series o f w e e k s p a st:

Tot. Money Entire. Res.
Holdings. on Deposit.
S
S
443,797,3 467,943,4
451,719.5 474,847,4
455,731,4 478,744,6
451,277,9 475,117,2
441,639,6 465,636,4
441,715,3 465,650,6
445,886,8 469,142,3
446,956,0 408,777,8
449,590,7 472.423,2
466,630,1 489,427,3

a n d sin ce J a n . 1 1911

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

1910 a n d 1909:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Gold.

Exports.
Week. Since Jan. 1.

Imports.
Week. SlnceJan. 1.

Great B rita in ..............
$18,191
France .........................
............
............
Germany ...................
82,123
$20,795 $530,795 $48,1651
West Indies................
2,127
3,067
Mexico .........................
50*000
77,242
151,592
503)66
South America...........
143,432
24,375
24,375
All other countries. .
$95,170 $605,170 $105,74(1 $398,405
Total 1911_______
163,677
806,500 1,306,500 100,441
1910_______
Reports of Clearing Non-Member Banks.— T h e fo llo w in g Total
416,141
5,930,000 5,930,000 237,526
Total 1909................
is th e s ta t e m e n t o f c o n d it io n o f th e cle a r in g n o n -m e m b e r
Silver.
$1,273,583 $2,005,734
b a n k s f o r th e w e e k e n d in g J a n u a r y 14, b a se d o n a v e r a g e Great B ritain .............
$225
154,100
France ____________
110,000
d a ily re su lts:
Germany ....................
16,493
3,050
$500
West Indies_________
We omit two ciphers (00) in all these figures.
952
708
119,671
Mexico .........................
65,288
89,651
20,052
South America...........
1,000
Legal Deposit with
Loans.
115,157
29,342
All
other
countries__
Tender
Dlsc'ts
Capi­ Surand Specie and Clear­ Other
Banks.
Net
Total 1911________
$2,178,279 $115,182 $327,754
Bank
tal.
ing
Banks.
pltis. Invest­
225,181
Total 1910...............
727,711 1,629,522 211.293
Notes Agent. Ac. Deposits.
ments.
258,501
Total 1909................
1,010,000 1,892,275 169,044
N. Y. City
Boroughs oj
O f th e a b o v e im p o r t s fo r th e w eek in 19 1 1, .'548,028 w ere
Man. A Brx
$
?
S
%
5
$
5
8
Wash. Hgts. 100,0 27 1.3 1,283,0 140.0
65,0 242,0 16,0 1,377,0
78,8 130,7 1,320,5 A m e r ic a n g o ld c o in a n d 8 ____ A m e r ic a n s ilv e r c o in . O f
Century __ 250,0 155,6 1,381,0 25,8 160,2
Colonial _ .. 400.0 391,4 6,019,6 725,0 473,0 633,0 295,0 7,463,0
Columbia . . 300,0 775,8 7,181.0 047,0 607,0 718,0 90,0 8,157,0 th e e x p o r t s d u r in g th e sa m e tim e , S ...........- w ere A m e r ic a n
Fidelity . . . 200,0 172,5 1,088,9 80,7 91.5 211,7 __ 1,144,3 g o ld c o in a n d § ------- w ere A m e r ic a n s ilv e r c o in .
Jefferson__ 500,0 537,5 3,127.0 191,0 327,1 253,6 553,0 3,831,1
Mt. Morris. 250,0 313,9 2,475,7 539,9 47,2 380,2 108,6 3,316,1
Mutual . . . 200,0 379,5 3,050,7 14.1 605,5 514,2 __ 3,800.3
____ 5,411,0
P laza........... 100,0 462,0 4,061,0 331,0 490,0 960,0 _
_ 2,044,4
23d W ard.. 200,0 110,6 l ,787,3 204,3 71,7 228,6
Yorkvllle . 100,0 482,0 3,905,3 49,9 780.7 230,7 261,7 5,051,3
New Neth’ld 200,0 259,8 2,269,0 245,0 83,0 266,0 25,0 2,458,0
92,8
1,256,3
Batt.Pk.N at 200,0 149,4 1,656,2 178,1 49,1
Aetna Nat 300,0 312,4 1,953,7 458,6 28,3 178,4 29,0 1,925,1
Borough of
Brooklyn.
L et us send you ou r circular describing 110 IS S U E S of listed R ail­
Broadway .
310,2 130,8 3,664,9
534,2 3,293,5 58,4
Mfrs.’ Nat . 200,0
252,0 835,8 5.406,0 556,3 451.1
254,7 958,8 145,6 6,204,7 road and In d u strial S tocks.
Mechanics’ 1.000,0 882,0
14,696,0
216,5
11.170,0
414,2
1,310,2
1,579,9
Nassau Nat. 750,0
7,900,0
7,223,0 689,0 343,0 1,683,0
N at. C ity .. 300,0 1,015,3 3,664,0
106,0
609,0 164,0 5,004,0
N orth Side. 200,0 587,6
149,5 1.964,8 134,0 583,0
43 EXCHANGE PLACE,- - - NEW Y O RK .
2,259,3
118,6 197,0
First N at . . 300,0 623,5
3.359,0 322,0 82,0 419,0 38,0 3,077,0
C hicago, III.,
B oston, M ass.,
A lbany, N. Y.
Jersey City.
First N at . . 400,0 1,272,9 5,237,1 347,5 463,1 2,363,1 534,0 7,242,3
M
embers
New
York
Stock
Exchange.
Hud.Co.Nat 250,0 765,3 2,935,8 137,7 55,7 375,8 235,4 2,791,1
Third N a t.. 200,0 407.6 2,094,3 55,2 110,4
419,7 19,0 2,256,6
Hoboken.
First N a t.. 220,0 621,3 3,125,9 165,5 24,1 161,9 100,3 2,896,7
Second Nat. 125,0 245,9 2,696,7 103,1 124.9 109,3 188,1 3.101,0
Tot. Jan. 14 7,497.0 12,717,6 93,417,5 6,919,3 7.800,1 14.174,7 3,340,7 109710,2
A lem bers New York Stock E xchang e.
Tot. Jan. 7 7,497,0 12,777,0 93,813,9 6,578,0 7.179,8 13,286,1 3,308,8 108417,1
Tot. Dec. 31 7,497,0 12,777.0 93,431,4 6,483,6 7,402,0 12,160.7 3,044,1
5 NA SSA U S T R E E T .
TH E ROOKERY.
106066,7
NEW YORK
CH ICA G O




gsmMttfl and fin a n cia l.

Railroad and Industrial Stocks
Spencer Trask & Co.

W H I T E , W E L D & CO.

THE CHRONICLE

J A.N. 21 1911. j
k m 1

Wall Street, Friday Night, Jan.
Money Market and Financial Situation.

20 19 1 1.

The
The m ost
in t e r e s t in g fo a tu r e o f th e lo c a l s itu a tio n is, u n d o u b t e d ly ,
th e a c c u m u la t io n o f m o n e y a t th is c e n tr e ,
^ a s t S a tu rd a y s
b a n k s t a t e m e n t s h o w e d a n a d d itio n o f a b o u t $lo,000,U U U
to th e su rp lu s re s e r v e , m a k in g a to ta l o f $ 3 3 ,8 0 0 ,0 0 0 .
M o n e y h o ld in g s h a v e b e e n fu r th e r a d d e d t o th is w e e k ,
a lt h o u g h th e m o v e m e n t h ith e r w a r d is n o w s u b s id in g .
W it h
th is re se rv e in h a n d th e b a n k s a re , o f c o u r s e , o ffe r in g lib era l
te r m s t o b o r r o w e r s , a n d ra te s h a v e fu r t h e r d e c lin e d .
T o th ese fa c t s m a y b e a t t r ib u t e d , n o d o u b t , th e la r g e ly in ­
c r e a s e d a c t i v it y n o te d in th e s e c u r ity m a r k e ts .
S a les o f
b o n d s a t th e S t o c k E x c h a n g e o n T u e s d a y a n d W e d n e s d a y
a g g r e g a te d n e a r ly $ 1 1 ,0 0 0 ,0 0 0 ,in a c tu a l fig u re s $ 1 0 ,9 7 3 ,0 0 0 ,
a n d in W e d n e s d a y ’ s s t o c k m a r k e t 6 5 8 ,0 0 0 sh a res w ere in ­
v o lv e d .
T h is la rg e v o lu m e o f b u sin e ss h a s n o t b e e n m a in ­
ta in e d , h o w e v e r , a n d as th e w e e k d r a w s t o a c lo s e th e tr a n s ­
a c tio n s are o n a m o r e n o rm a l s c a le .
The L on don m oney
m a r k e t h as b e e n firm e r, b u t th e C o n tin e n ta l m o n e y m a r k e ts
a r c e a s ie r . T h e B a n k o f E n g la n d r e p o r ts a p e r c e n t a g e o f
re se rv e a m o u n t in g t o 5 1 % — s u b s ta n tia lly a b o v e th e a v e r a g e
a t th is d a t e in r e c e n t y e a r s ; b u t th e B a n k r a te is h e l d a t 4 % % .
T h e F r e n c h a n d G e rm a n b a n k s m a k e fa v o r a b le s t a t e m e n t s .
O th e r th a n th e a b o v e th e re is little o r n o c h a n g e in th o
g e n e ra l s it u a t io n .
R e p o r t s o f r a ilw a y t r a ffic in th e W e s t
a n d S o u th in d ic a t e th a t th e re is as m u c h o r m o r e a c t i v it y in
th o s e s e c tio n s th a n la s t y e a r , b u t in th e C en tra l a n d E a s te r n

U iim ig s a r e W lbiiusa 10 U ic

D u n e e l n ,o tu v ,tv ,u

T h e o p e n m a r k e t r a te fo r ca ll lo a n s at th e S t o c k E x c h a n g e
.d u rin g th e w e e k o n s t o c k a n d b o n d co lla te r a ls h a v e r a n g e d
fr o m 1 % to 3 % .
T o - d a y ’s ra te s o n ca ll w e re 1 % @ 2 % % .
C o m m e r c ia l p a p e r q u o t e d a t 3 % @ 4 % f o r 60 t o 9 0 -d a y e n ­
d o r s e m e n t s , 3 2 4 @ 4 % f ° r p r im e 4 t o 6 m o n t h s ’ s in g le n a m es
a n d 4 % @ 4 % % fo r g o o d sin g le n a m e s.
T h e B a n k o f E n g la n d w e e k ly s t a 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 se o f b u llio n o f £ 1 ,7 6 1 ,4 7 5 a n d th e p e r c e n t ­
a g e o f re se rv e t o lia b ilitie s w as 5 1 .2 3 , a g a in st 4 7 .8 3 la s t w e e k .
T h e r a te o f d is c o u n t r e 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 n in cre a se o f 3 ,4 2 5 ,0 0 0
fr a n c s g o ld a n d a d e c re a se o f 2 0 0 ,0 0 0 fr a n c s s ilv e r .

NRW YORK CITY CLEARING-HOUSES UANKS.
1910.
1911.
Averages for Differences Averages for
week ending
week ending
from
■ previous week. Jan. 15.
Jan. 14.
$
$
(
127.350.000
133,350.000
Capital
180,024,400
196,761,500
Surplus__
Loans and discounts. . - 1,219,924,800 D ec.'M IO JO O 1.190.259.000
Circulation___________ 47,315,900 Dec. 203,000 51,950,800
Net deposits..................... 1,214,953.400 Inc. 11,463,400 1.190.694.000
1,642,800
28.300
1,680,400 Inc.
U. S. dep. (Incl. aboyc)
18,600,700 245.851.000
Specie .............................. 257,804.100 Inc.
73,828,100
Inc.
2,161,000
73,332,500
Legal tenders...................
Reserve held................... 331,136,600 Inc. 20,761,700 319.679,100
25% of deposits______ 303,738,350 Inc. 2,865,850 297,673,500
Surplus reserve......... 27,398,250 Inc. 17,895,850 22,005,600
Surplus, excl. U. 9. dep 27,818,350 Ine. 17,902,925 22,416,300

1909.
Averages for
week ending
Jan. 16.
8
126,350,000
165,447.700
1,329,110,600
49,434,100
1,404.459,700
7.686,200
293,344.600
83,358,500
376.703,100
351,114,925
25,588,175
27,509,475

169

5 c . p e r $ 1 ,0 0 0 d is c o u n t .
B o s to n , p a r.
N e w O r le a n s, c o m ­
m e r c ia l, p a r; b a n k , $1 p e r $ 1 ,0 0 0 p r e m iu m .
S a n F r a n c is c o ,
$1 p e r $ 1 ,0 0 0 p r e m iu m .
S a v a n n a h , b u y in g , 3 -1 6 c . p e r
$ 1 ,0 0 0 d is c o u n t ; se llin g , p a r . , C h a r le s to n , b u y in g , p a r;
s e llin g , l - 1 0 c . p e r $ 1 ,0 0 0 p r e m iu m .
S t . L o u is , 1 5 c . p e r
$ 1 ,0 0 0 p r e m iu m .
S t. P a u l, 7 0 c . p e r $ 1 ,0 0 0 p r e m iu m .
M o n tr e a l, p a r .

State and Railroad Bonds.—

S ales o f S ta te b o n d s a t th e
B o a r d , $ 1 ,0 0 0 T e n n . s e tt le m e n t 3s a t 9 6 , $ 2 ,0 0 0 N e w Y o r k
C anal 4s a t 1 0 4 % t o l 0 4 % a n d $ 5 0 ,0 0 0 V ir g in ia 6 s a t 4 1 t o 4 8 .
A s n o te d a b o v e , th e m a r k e t f o r b o n d s h as b e e n u n u s u a lly
a c t iv e th is w e e k , a f a c t w h ic h is p a r t ly d u e t o a s p e c ia l d e ­
m a n d f o r t w o o r th re e issu es.
I n m o s t ca ses p r ic e s are f r a c ­
tio n a lly h ig h e r , b u t fe w b o n d s m a d e n o t e w o r t h y a d v a n c e s .

United States Bonds.—

N o sales o f G o v e r n m e n t b o n d s
h a v e b e e n r e p o r t e d a t th e B o a r d th is w e e k .
T h e fo llo w in g
are th e d a ily c lo s in g q u o t a tio n s ;

page following.

Interest
Periods
Q—Jan
2s, 1930 ___
2s, 1930____ ................coupon Q—Jan
3s, 1908-18. .............registered Q—Feb
3s, 1908-18. ................coupon Q—Feb
4s, 1925 ___ ...........registered Q—Feb
4s. 1925___ ................coupon Q—Feb
2s, 1936.Panam a Canal regls Q—Feb

for yearly range see third

Jan. Jan. Jan. Jan. Jan. Jan.
17
18
19
20
16
14
*100 X 1*10014 *10014 *10014 *10014 *100 H
*100 H *100 H * 10 0 14 * 10 0 14 *100 14 *10011
*102 *102 *102 * 102 *10214 *10214
*102 ♦ 102 *102 *10214 *102 <4 *10214
14
*11514 *115H *11514 *11514 * ii5 yt *115
*115H ;* ii5 H n i5 H *115 M *11514 *115 14
*10014 1*100 Vi *10014 *10014 *100 Vi *10014

* This Is the price bid at the morning board: no sale was made.

Railroad and Miscellaneous Stocks.

— W it h m o r e o r less
ir r e g u la r it y , th e s t o c k m a r k e t h a s b e e n g e n e r a lly s t r o n g
t h r o u g h o u t th e w e e k .
O f a list o f 30 a c t iv e issues 28 s h o w
a n a d v a n c e t o a h ig h e r le v e l o f p r ic e s .
T h e n e t a d v a n c e is,
h o w e v e r , in m o s t ca ses a m o d e r a te o n e .
T h e h ig h e s t p r ic e s
w ere g e n e r a lly r e c o r d e d o n W e d n e s d a y a n d o n th a t d a y a lso
th e la rg e st v o lu m e o f b u s in e s s, a b o u t 6 5 8 ,0 0 0 s h a r e s .
T h e u p w a r d m o v e m e n t w a s le d b y N o r fo lk & W e s t e r n ,
w h ic h a d v a n c e d n e a r ly 6 p o in t s o n r u m o r s o f in c r e a s e d d iv i­
d en d p ro sp e cts.
O th e r s to c k s w h ic h h a v e b e e n n o t a b ly
s t r o n g are S t . P a u l, G re a t N o r t h e r n , L e h ig h V a lle y , I n t .
H a r v e s te r , C o n s o lid a te d G a s, A m e r ic a n T o b a c c o a n d S m e lt­
in g & R e fin in g .
C a n a d ia n P a c ific , o n th e o th e r h a n d , h as
lo s t a p a r t o f its r e c e n t a lm o s t p h e n o m e n a l a d v a n c e , c lo s ­
in g o v e r 3 p o in t s lo w e r th a n its se llin g p r ic e o n T u e s d a y ,
a n d C h e sa p e a k e & O h io is f r a c t io n a lly lo w e r th a n la s t w e e k .
177.
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 re s n o t
r e p re 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

Range for Year 1910.
Range for Week.
Sales
STOCKS.
Week ending Jan. 20. for
Highest.
Lowest. | Highest.
Week, i Lowest.
---------------------------------- — ■— --------------- )■
8514 July 9114 Nov
Am Brake Shoe & F d y .. 800 91 Jan ill 92 X Jan 20
H Jan 20 119 July 13114 Nov
Preferred..........- ...........> 600130 H Jan 141341-16
Jan 17
Am Smelt & Refg rights 1,0001 1-16 Jan
85 H Jan 18 71 Sept 84 Oct
610 83 Jan
Am Telegraph & Cable.
S2 Jan 19 $2 Sept $3M Jan
Batopllas Mining......... . . 1,000; $2 Jan
18c. Dec 36c. Jan
Comstock T unn el............ 300, 22c. Jan 18 22c. Jan 18
35 % Jan 17 38 June 39 July
Cuban-Amer Sugar.......... 200 35 % Jan
89 Jan 17 90 June 90 June
200 88 14 Jan
Preferred.................. ..
30106 Jan 106 Jan 17 106 Dec 107 Dec
Detroit Edison............. .
30: 114 Jan
1K Jan 18;
Rights ...........................
82 Jan 18 82 H Dec 88 Jan
E I du Pont Powd, pref. 100 82 Jan
35 Jan 19 30 Dec 38 Oct
Federal Sugar Refg.......... 100 35 Jan
Jan
27100 Jan 19 100 Jan ,n 93 JuneillO
General Chemical--------Jan 107 Mch
101 14 Feb
Preferred....................... 150104 Jan 18105 Jan
40 Vi Dec
35
North Ohio Tr & L t----- 150 40 Jan 19! 40 Jan
121H Mch
120 Oct 114
Mote.—The clearing House now issues a statem ent weuitiy Buuwiug mu ttuium
H Jan
Roebuck & Co, pf 100119 14 Jan 19,119
Mch
110 Aprjl
condition of tho banks on Saturday morning as well as the above averages. These Scars,
100113 Jan 16; 113 Jan
So Porto Rico Sug. pref
figures, together with the returns of separate banks, also the summary Issued by the
State Ranking Departm ent, giving the condition of S tate banks and trust com­
panies not reporting to tho Clearing House, appear on the second page preceding.
Outside Market.— T h e re w a s little o r n o th in g o f in te r e s t

Foreign Exchange.

— A ft e r h a v in g b e e n w e a k in th e m id d le
o f th e w e e k , s te r lin g b e c a m e s o m e w h a t firm e r t o - d a y , d e ­
m a n d c lo s in g a t 4 8 5 % a n d c a b le tra n sfe r s a t 4 8 6 % a s k e d .
T o - d a y ’ s ( F r id a y ’s) n o m in a l ra te s f o r s te r lin g e x c h a n g e
w e re 4 83 fo r 6 0 -d a y a n d 4 8 6 % f o r s ig h t.
T o - d a y ’s a ctu a l
r a te s fo r s te r lin g e x c h a n g e w ere 4 8 2 % @ 4 8 2 7 0 fo r 6 0 d a y s ,
4 8 5 7 0 @ 4 8 5 8 0 fo r c h e q u e s a n d 4 8 6 1 5 @ 4 8 6 2 5 f o r c a b le s .
C o m m e r c ia l o n b a n k s 4 S 2 @ 4 8 2 % a n d d o c u m e n t s fo r p a y ­
m en t 4 8 1 % @ 4 82.
C o tto n fo r p a y m e n t 4 8 1 % @ 4 8 1 %
a n d g ra in fo r p a y m e n t 4 8 2 % @ 4 8 2 % .
T o - d a y ’ s ( F r i d a y ’s) a ctu a l ra te s fo r P a ris b a n k e r s ’ fra n cs
w e re 5 2 2 % less 1 - 3 2 © 5 2 2 % fo r lo n g a n d 5 2 0 less 3 -3 2 @
5 2 0 less 1-16 f o 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 ere
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 s t e r d a m b a n k e r s ’ g u ild e rs w e re 4 0 .1 8 @ 4 0 .2 0 fo r s h o r t .
T h e p o s t e d ra te s fo r s te r lin g as q u o t e d b y a r e p r e s e n ta tiv e
h o u s e h a v e re m a in e d d u r in g th e w e e k o n th e fo llo w in g b a sis:
6 0 d a y s , 4 83; s ig h t, 4 8 6 % .
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 r a n g e ,
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 . 4 6 % p f . ; w e e k ’s
r a n g e , 2 0 in . 4 7 p f. h ig h a n d 2 0 m . 4 5 % 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 fo r th e w e e k fo llo w s :

Sterling, Actual—
Sixty Days,
High lor the w e ek ....................4 S3
Low for the w eek......................4 82 ? ^
Paris Hankers' Francs —
High for the week . ................. --5
21;; less
Low for the week-------- -------- 5 22H less 1-16
Germany Bankers’ Marks —
High for the w eek ..................... 94 H
Low for the week.................... - 91 ?;
Amsterdam Bankers' Guilders —
High for the week - .................. 40 1-32
Low for the week....................... 40 less 1-16

Cables.
Cheques.
4 8635
4 8590
4 8595
4 8560
5 19 H less 3-32
5 20
1-16
5 20 less 1-16
5 20?
95 less 1-32
95 1-10
94 15-16 less 1-32 95
40 28
40 24
40 22
40 18

T h e fo llo w in g are th e ra te s 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 t io n e d citie s at th e clo s e o f th e w e e k : C h ic a g o ,




in th e “ c u r b ” m a r k e t th is w e e k .
T r a d in g w a s s lu g g is h ,
w ith p r ic e s g e n e r a lly s h o w in g lo sse s.
B r itis h C o lu m b ia s o ld
u p fr o m 6 % t o 7 a n d b a c k t o 6 % .
D iv id e n d s h a v e b e e n re­
s u m e d o n th is s t o c k , 2 % % h a v in g b e e n d e c la r e d p a y a b le
M a rch 1.
B u tt e C o a litio n a d v a n c e d fr o m 18 t o 1 8 % , r e a c t ­
in g fin a lly t o 1 8 % .
C h in o lo s t a b o u t a p o in t t o 2 0 % a n d
s o ld t o - d a y a t 2 1 .
G ir o u x , a fte r a n e a r ly a d v a n c e fr o m 6 %
to 6 1 1 -1 6 , s a n k t o 6 7 -1 6 a n d r e c o v e r e d t o - d a y t o 6 % .
G reen e C a n a n e a w e a k e n e d fr o m 6 % t o 6 3 -1 6 a n d e n d s th e
w eek at 6 % .
I n s p ir a tio n w as o il fr o m 8 % t o 8 % b u t re­
c o v e r e d fin a lly t o 8 % .
M ia m i lo s t h a lf a p o in t t o 19.
Ray
C en tra l s o ld u p fr o m 1 15-16 t o 2 1 -1 6 , fell b a c k t o 1 9 -1 6
a n d fin ish ed t o - d a y a t 1 1 1 -1 6 .
R a y C o n s o lid a te d , a ft e r a
fr a c tio n a l a d v a n c e t o 1 8 % , d r o p p e d t o 1 7 % a n d w as tr a d e d
in t o - d a y u p t o 18. T h e C o b a lt issu es w ere a c t iv e a n d
stro n g .
K e r r L a k e w a s c o n s p ic u o u s a n d a d v a n c e d fr o m
6 % t o 7 % , e a s in g o ff s u b s e q u e n tly t o 7 7 -1 6 .
L a R ose
m o v e d u p fr o m 4 % t o 4 1 1 -1 6 .
N ip iss in g flu c t u a t e d b e ­
tw e e n 10 9 -1 6 a n d 1 0 % a n d e n d s th e w e e k a t 1 0 % .
I n m is­
ce lla n e o u s s e c u r itie s , A m e r ic a n T o p a c c o g a in e d 5 p o in t s t o
4 2 5 , s o ld b a c k t o 4 2 0 a n d w as tr a d e d in fin a lly a t 4 2 4 .
R ub­
b e r im p r o v e d fr a c t io n a lly t o 3 5 % b u t fell t o 3 3 % , e x - d i v .
T h e clo s e t o - d a y w a s a t 3 3 % . S ta n d a r d O il g a in e d 2 p o in t s
to 633 a n d sa n k t o 6 2 6 .
S u lz b e rg e r & S on s p r e f. a d v a n c e d
fr o m 1 0 0 % t o 101 a n d s o ld b a c k t o 1 0 0 % .
“ R ig h t s ” t o th e
n ew P e n n , s t o c k , “ w . i . ” , w ere tr a d e d in b e tw e e n 2 % a n d
2 9 -3 2 a n d at 2 3 -1 6 fin a lly . I n b o n d s , A m e r . S m e lt .S e c . 6 s,
“ w . i . , ” w e n t u p fr o m 1 0 0 % t o 1 0 0 % .
A t la n t ic G u lf &
VV. I . S . S . L . 5s s o ld u p fr o m 6 9 % to 7 0 % a n d t o - d a y a t
70% .
S o u th e r n B ell T e le p . 5s a d v a n c e d fr o m 9 6 % t o
97% .
W e s t e r n P a c ific 5s rose fr o m 9 2 % t o 9 3 % .
T r a d in g
in n ew N . Y . C ity 4 % s w as tr a n sfe r re d t o th e E x c h a n g e .
O u ts id e q u o t a t io n s w ill b e fo u n d o n p a g e 177.

New York Stock Exchange
l5c—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S

STO C KS—HIGHEST A N D LOW EST SA L E PRICES.
Monday
Saturday
Tuesday Wednesday Thursday
Friday
Jan. 16
Jan. 14
Jan. 17
Jan. 18
Jan 19
Jan 20

Sales
the
Week
Shares

01

STOCKS
N EW Y O R K STOCK
EXCHANGE

Range 1or Year 1910.
On basis of 100-share lots
Highest

Range for Previous
Year (1909)
Highest

ailroads
*25 35 *25 35 *25 35 *25 40 *25 30 *25 45
25 F eb 26 36 M ch 2 20 Alch 25 Mch
A nn A Rrbor
*65 70 *65 70 *65 70 *65 70 *65 70 *65 70
48% F eb 25 72% Mch 8
p r e f . . ............. ..
103 1033.1 10234 1033s 103 1041 104 104% 16334 104% 10334 104% 34,300 Atch TDoopeka
90*4
J ’ly 20 •124% Ja n 3 ”*97% J”an 1263s O ft
&
S
an
ta
Fe
$ 1 0 2 1 2 1 0 2 % 102% 102% 102% 10234 102% 103
1023s 1 0 2 «-> *102 103
1,788 Do pref____
x'J7
J ’ly 1 104% Ja n 10 100% Ja n 106*4 J ’ne
118 118 118 118% 118% 120 119 120 *118
119“
12 0 %
1,950 A tlantic Coast Line R R ._ 1 0 2 % J ’l.y 26 137% Ja n 5 107'->
Ja n 143% Aug
107 10734 10o34 107% 107% 10734 107% 108 107% 1077s *118%
107% 107% 6,600 B a ltim o re & O hio............. 10 0 % Seu 6 119% Ja n
1031- Feb 12214 J ’ly
*90 91 *90 91 *90 91 *90 91 *90 91 *90
A*
Do
pref_________
< 1 ' N ov
87%
Sep
10
94
Ja
n
7
96 A pr
76% 7678 76% 77% 77% 78 773g 78% 77% 77’s 77% 91
77%
68% Feb
82% M ay21 67 Ja n 827s J ’no
20734 20S*s 207% 20338 209 210’s 208% 20934 207% 209% 207 208%
’anadlan Pacific_______ 176 >, F eb
xl05 Alch 189*s O ct
2 0 2 % N ov
*62 67 *62 67 *62 67 *62 67 *62 67 *62 67 28,835 /VCanada
S o u th e rn ______ 6 0 % J ’ly 20 70 Ja n
60% Ja n 7 OL1 Nov
*268 280 *268 280 *268 280 *268 281 *268 281 ;*26G 280
of New J e r s e y .. 24S J ’ly 26 312 Ja n
215 Feb 323% Sep
833s 8334 82% 83% 83 843s 8334 84%, 83*s 84% 8278 83% 51,520 CC entral
hesapeake & O h io ____ 65 A ug 2 92 Ja n
£6% Ja n 9114 Dec
*25 30 *24 30 *24 30 *24
*24
~
30
*24
30
Chicago & A lton U R ____ 23% J ’ly 26 06*4 Ja n
577s Feo 74*1 Apr
*54 56 *52 56 *52 58 *52
53 53 *52 66
100
Do
p
re
f.:._________
04%
J
'n
e
i7
69
A
pr
7
0 N ov
78% Alch
23 2314 23% 2314 23% 23% 23%
23% 23% *23 233S 1,700 Chic lit Wes', tru st ctfs__ 19 J ’lV 26 867s Ja n _ 31%
Dec 37*s Dec
46*8 4612_ *46% 47
47
47%
*46%
*46%
47%
*45%
47
500
40
J
’ly
26
Do
pref
tru
st
c
tf
s
____
1247S 12512 12433 125 125% 126% 12534 126% 126% 128 12738 12883 53,800 Chicago MHw & S t P a u l.. 113*4 J ’neao 64% Ja n 10 58*4 D ec 64*i Dec
158% Ja n 3 i l l Feb 166% Sep
149% 149% 14934 14934 *149% 151
151 150% 151% 15134 152%
Do p ref_______________ 143 Sep 2 172%
Ja n 3 158% Mch 181 Aug
*14312 144 142% 143 *143 143% 151
144% 145% 14434 146 145% 146 2,380
8,200 Chicago & N orth W estern 1 3 7 % J ’iy 26 182% Ja n 3
173% Feb 198% Aug
*180 2 1 0 ♦ ISO 210 *190 205 *190
210
*190
210
*190
210
Do p re f_______________ 203 Ju e 2 7 225 Ja n 6 208
*135 140 *135 140 *135 145 *135 145 *135 145 *135 145
$230 Aug
Chic St P M inn <& O m aha 140 A pr 28 1 6 2 % F eb 23 148 AAlcli
pr 167 Allg
*150 160 *150 160 *150 160 *150 160 *150 160 *150 165
Do
pref_______________
§
16
0
A
pr
25
§170%
Pcb
18
106%
Ja
n
* 2*4 312 *234 3% *234 31 - *234 3% *234 3% 234 234
$
18 0
J ’ly
Chic On T rac ctfs stm pd
2% D ec 23 5*s Ja n 4
3 % Dec
7 Ja n
*5
7 *5
7
*5 7 *5
7 *5
7 *5% 8
Do pref ctfs stm p d ____ 473 Sep 28 12%
Ja n 4
734 Deo
18%
Ja n
65 65 *63 68
65% 65U f-ii 66
64
64
*63
66
Cleve
Cln
Chic
&
S
t
L
._
61
N
ov
1
92% M ch 18 68 Ja n 83% Deo
*973s 100 *973S 100 *97% 100 *973a 100 *9738 100 *97% 100
Do pref_______________ 99 Sep 14 104
Ja n 15 100 Ja n 105 Men
581» 5812 *58 59
59 59% 5978 00
59
69
69%
59%
1,300
Colorado
&
S
o
u
th
e
r
n
..”
”
46
J
'ly
2
6
65*4
F
eb
25
51
D
ot
% Ja n
*7512 7612 *76 761 *75% 76% 76% 7634 *76 77 *76 77
300 Do I t preferred_____ I 70 J ’ly 27 83 M en 4 76% Ja u 68
Alay
*73 7612 *73 76 *73% 76% *73% 77 *73% 77 *73% 77
Do 2d preferred______ 70 A ug 1 81 Ja n 6 73'.i Ja n 86
84t? Ja n
16712 16712 167 16734 16734 168% 168% 168% 167% 167% *167% 168
800
I
Delaware
&
H
udson
185
149%
J
’ly
26
Ja
n
3
167*4
F
eb
200 ' Alay
630 530 *515 645 *530 645 *530 545 *530 645 *530 540
100 A /eiaw are Lack & W est. 490 J ’ly 26 G20 Alcb 21 5 3 5 I’eh
A pr
30l2 30% 3033 30% 30% 30% 31 31 305S 31
30% 3034 1.350 D cnver & Rio G rand e.
52 Ja n 3 37% Ja n 680
2 3 % J ’ly 26
61 A pr
72 *70 72 *70 72 *70 71
*68
70 70%
600 Do pref.....................
84 Ja n 3 7 9 % Ja n 00
6 2 % j ’ly 26
F eb
68
*____ 69 *6708 71
*67
69
70
$70
71
48
D
etroit
U
n
ite
d
___
’
J ’l y n 68 D ec 19 56 Ja n 71*4 A ug
*1U2 121 * 11% 13
12% 12% *12
13 *12 12% * 118 4 1234 800 D uluth So Shore” &” A tlan 45
14% N ov 2 1 Ja n
10
J ’ly 1 183.J Ja n
23 23
* 2212 2315
23 24% 24 24% 24 24 23% 23%
200
Do pref
17
J ’iy 26 34% Ja n 3 28 Feb 36%
Ja n
28 28U 28 28% 28 2834 28% 28% 28 28%
28%
28*3
10,700
19% J ly 26 34% Ja n
22%
Alch 39 J ’na
: 46'4 46?8 46% 47
47 4734 *4634 4734 47% 47% 46*4 4634 2,425
Do 1st pref___
35 j ’ly . 7 6234 Aleh 8 36% Alch 56*4 Aug
36 36 3534 36
36 36 35% 351 36 36 35% 35% 1,140
Do
2d
pref___
26
%
J
’ly
27
42 M ch 8 2 3 % Alch 46 Aug
: 12434 125 14 12434 125 125% 125% 12538 12534
12634 1263s 1267s 11,300 G reat N orthern p r e f . . __ 1 1 8 j ’ly .6 1437s
Ja n
136% Feb 1577s Aug
: 58 583g 68 58% 58 58% 68% 58% 125%
60
5934 60% 10.600 Iron Ore p ro p e rtie s!.I 45 J ’ly 6 80% Ja
n
6 5 % Mch
88% A ug
*13% 15 143s 1473 14% 15% 15 16% 59
1434
1478
*137s
15%
117
Green
D
ay
&
W,
deb
ctfB
I
t
A
ug
10
1 3 % N ov
18%
Mch
22
21
Deo
____________
------ 971­ ----97% 97% * ____ 97% * ----- 97% *----- 96
*
av a n a If! ectric______ 88% J a a 20 97% A pr 14 39 Feb 103
Deo
*
____________
90 96 * ___ 96 * ----- 90 ----- 95%
*------ 96 *----H Do valley
92 Alay 4 99 Ja n
p r e f ..
83% F eb 100 Deo
*123 134 *123 134 *123 134 *123 134 *123 134 *123 134
Hocking
.
112
J
ne
3
O ct
. 13434 135 135 13534 135% 135% 13o34 13584 135% 135% 135% 135% 2,700 Illinois C entral_____
J ’ly 26 140
147 Jan
137 Feb 102% Aug
*1914 1934 19% 19% 19% 19% 19% 1934 19 19% 19 193s 4,200 Intcrb oro-M etropo lltan . 124
1 4 % J ’ly 26
25% Ja n 11 1 1 % Alch 25)3
' 64 541i 53% 54
54
54%
53%
"
‘
53%
’
54%
54%
63%
’
‘
54%
Do
p
r
e
f
.
.
.
.
____
.
.
.
.
6,160
4
1
%
J
’ly
26,
627s Ja n 1 2 30*4 Alch 6 3 % Dec
187S 1878 18% 18% 18% 18% 18% 19 18% 1834 18% 18% 1,400 Iow a C e n tra l____________ 15 J'ne30 30
n 3 2034 N ov 36 A pr
32% 32% 32% 32% 33% 33% *32 33
32% 323S 323g 3238
Do p re f_______________ 25 J ’ly 26 64% Ja
Sep
A pr
*74 77 *74 77% *74
77% *73 77% *73 77% *73 77% 1,100
C F t S & M tr cfs, pref 68 A ug 2 80 FJ aebn 183 48
7434 Feb 62
82 Sep
33% 3334 *33 33% 33% 33%
3334
33%
33%
33%
33%
33%
2,100 K ansas City S o uthern__
J
'ly
26
23
44%
Ja
n
3
7
Feb
£0% A ug
65% 6578 *64% 66
66
6634
65%
66
6684 *66
06
Do
p
ref____________
900
67
68
Aug
2
71
Ja
n
67
?8
Feb
75% Aug
*15 20 *15 20 *15 18 *15 18 *14 18 *14 18
ake Erie & W estern___ 15 J ’neoO 25*4 Ja n
19% T eh 29% Aug
; *37 43 *37 46 ♦ 37 43
JL ehigh
*37 45 *37 44 *37 45
J Do p re f..
37% Deo 3 623.1 Ja n 3 48
Ja n 64% J ’hO
; 177% 179 178 179% 178% 178% 178% 180
178%
180
V
alley
178%
179%
146,200
173%
Deo
7
18
0
N
ov28
63 63
63 63 *63 66
66 *81 65 *62 66
600 Long I s l a n d . . . __________ 60 J ’ly 1 70% A pr 14 69 Ja n I u 2 Deo
' 145% 146 145% 1461; 146% 147% *63
1475s 14834
148% 2144% 145 8,900 Louisville & N ashville___ 131%
j ’ly 26
n 162% Aug
Ja n
x 121 Ja
$140 140 *138 140 $140 140 §139 139 147%
138%
138%
139
139
300 M a n h a tta n E lev ated ___ 123 J ’nojO 15934
Dec 153%
O ct
Ja n
137 Sep
263S 263S 26% 26*4 26 26% 263S 2634 27 27% 27 2734 2,420
Inneapolls & S t Lou's 23 J ’ly 26 146
533.,
Ja
n
65 Ja n
51
*40 54 *40 54 *40
54
*40
54
*40
54
*40
54
Do
p
re
f___________
__
Seu
21
40
Alch
80
Feb
24
90
Ja
M
’ 13634 137 137 13734 1383s 140 138% 139 137% 13S34 137% 137% 6,695 Minn S t P & S S M a rie ... 114 J ’ly 26 14 5 M en 3 132% Ja n 149% Ja nn
*148 150 *148 150
150 149 14934 149 149 *148 149%
700 Do pref_____________
J ’ne 6 1 5 5 % Mch 2 14 7 A pr 164% Aug
j *S934 90 *8934 90 *148
8934 897s *8934 90% *8934 90
90 90
600 Do leased line c t f s .I l l *144
80 % Sep 20
923.| Ja n 3
J ly 94 Dec
: 35 3534 34% 3434 35 35*4 35% 35% 35 35% 35 35% 6,950 Mo K ansas & Texas
27
j
’ly 26 £1% Ja n 5 3895 % Feb
50% Oot
■ 65 65
63% 63% *63% 65 *64 65
460 Do pref_________
65 65
65 65
67
J
’ly
-6
74*s
Ja
n
6
71
“
Feb
Dot
493s
50%
; 49% 50
49%
51
17,210 Missouri P a c ific ..
49% 49% 4933 50*8 4934 60%
41 J ’lV 26 7 3 % M ay23 05 h eh 78%
77% Aug
*136 143 *136 143 *136 143 *140 145 140% 140% *137 143
100
ash C h att & S t L o u is' 125
J
’ly
2 ( 14 0
N
ov
3
1
2
2
%
J
a
n
142
Dec
*69 72 *70 72 *69 72
100 N a t R ys of Alex 1st pref
71% 71% *7034 72 *70 72
F e b 3 72% N ov 3 44% A pr 64 Dec
37 37% *37 37% 37 37% 365s 37 36% 37 365s 36% 2,060
Do 2d pref_________ 60
23% J ’ly 26 37%
N ov 14 2 1 Deo 26% Alay
109% 110% 1 1 0 % 1 1 1 % 1 1 1 8 3 1 1 2 % 110% 11134 111 1117s 23,340 N Y C entral & H u d so n .I 105%
110 % 111
J ’ly 26 128 M
ch 9 !20% Feb 14734 Aug
65 65 *64 66
*64 68 *64 68 *64 69 *64 66
100 N Y Chic & St Louis____
65%
M
ay
4
087
3 N ov
48% Mch 69 N ov
*104 110 *104 110 *104 1 1 0 *104 110 *102 110 *102 110
Do 1st pref___________ $ 1 0 1 J ’ly 8 10934 ja n 21 100
Feb 100 Feb
1 *87 93 *87 93 *87 93 *87 93 *89% 90 *89% 90
Do 2d p ref______ __
8 2 1 , A pr 28
98 Ja n 19 70% A pr 95 N ov
150 150 *149 150 *149 150 149 149% 149 149% 14934 15033 2,000 N Y N H & H a r tf o r d .:! . 149
pr 28 162 M ch 14 f 154 N ov 174*4 J ’ne
*145 147 *145 147 146 146 *146 147 *146 147 147 147% 1,000 Subscription receipts u._ 4143 JA’ne
Alch 11 il4?% Dec ft 149*4 D ec
42 42% 42 42*8 42 42% 42% 42% 2,500 N Y O ntario & W estern. 38% A ug 102 *151
, 42 42 *41% 42
42% Feb 55% J ’nc
60 Ja n
■ 10234 103 102% 104% 104% 108% 1067g 108% 105% 107 10534 106% 86,155
N
orfolk
&
W
e
s
te
rn
____
88%
j
’ly
26
108%
Alch 21 84% Ja n 102 Dec
*90
91
*83
93
90%
90%
*90
90%
. $90 90
*90 93
125
Do
a
d
ju
stm
e
n
t
p
r
e
f..
88
F
eb
2
85%
01%
M
ch
16
92% J 'ly
' 117% 118% 117% 118 117% 11883 11734 118% 11734 118% 118% 119 26,385 N orthern Paclilc_____ __ 111% A ug 3 146% Ja n 3 133% Mch
Feb 159% Aug
•100 105 *100 105 *100 105 *100 105 *100 105 *98 105
p
a
c
ific
Coast
C
o
..”
:
:
:
113 3 4 Ja n 21
100
O
ct
13
76
.
Mch
116%
Dee
; *90 110 *90 110 *90 110 *90 110 *90 105 *90 105
A. Do 1st pref_________
Mch $106 Sep
*100 107 *100 107 *100 105 *100 105 *100 105 *98 105
2d prel_________ 105 Feb 14 118 Ja n 3 100
88
Mch
115
Dec
; 127% 127% 126*8 127% 126% 127% 127 127*8 12634 1273S 127 127% 43,005 P e n n Do
lv a n ia ____
1 2 2 % J ’ly 26
M^h 9 120% Feb 151% Sep
, 987s 98% z 9878 98% 97% 100 99 9934 98 99% 98% 98% 7,600 P IttrbsyCln
Chic & S t L - . 89 J ’ly 26 138% Mch
22 86% Ja n 9978 Deo
•100 112 *100 112 * 10 0 1 1 2 *100 112 *100 112 *100 112
pref______________ 110 O ct 25 104%
116
M
ch 1 104 Feb 116% Sep
. 155% 156% 155% 156% 155% 15634 156% 158-% 1567s 158*8 157% 15734 693,600 Do
eading____________
130%
J
'ly
20
172%
F
eb
18 118 Feb 173*8 Sep
9034 90*4 ♦ 90% 91
; 90% 90% 90% 90% 0034 9034 *90% 91
800 R 1st pref____________ *85 A ug 24 93% Feb 17
Alch 96 Aug
• *96 97%
"' *95% 99%~ 97 97
97% 98
975g 97% *97% 100
2d p ref____________ 87 J ’ly 26 110% Ja n 3 89
910
90 Feb 117% Deo
3034 31% 31% 3134 32 32% 32% 33% 3178
327s 317g 32% 64,700
Hock Island C o m p a n y ... 227g J ’ly 26 57% Ja n
207s Feb 81 Deo
61% 62% 62 62% 63 64
61 62
63 64
62%
63%
Do
pref_______________
8,658
51
J 'ly 27 02% A pr
67% Feb 0434 Deo
*62 66 *62 66 *62 60 *63 66 *62 67 *62 66
F r, 1st pref__ 58
A ug 11 73 Ja n
66% Alch 74 Dec
41 41% 41% 42% 41% 42% 41% 42% 41% 41% 4,160 S t LDo& San
40% 42
pref..................... 34>2
A ug 2 60 ja n
36
Feb 60*4 Sep
*24 26 ♦ 26 26
2534 26% 2G34 2734 27 27 *26% 27% 2.300 St Louis 2d
S
o
uthw
estern
___
18% J ’ly 26 64% Jan
20% Feb 35*s Deo
61 62% *60% 62% 62 63% 64 64% 6438
63
63%
1.500
Do
p
r
e
f
.._______
51%
J
’ly
26
77%
Ja
n
47%
Ja
n 82 D ec
116»s 117% 116% 116% 11634 117% 117% 118% 1177s 119% 118 11834 59.040 -Southern Pacific C o ___! 103% j ’ly 26 zl38% Ja n
114% Feb 139% Aug
27% 27% 27% 27*8 27% 28% 27% 28% 27 27% 27% 28% 32,250 Southern v tr cfs stm p d - 18 j ’ly 26 6334 ja n
22
Feb
34 A ug
63 64
63% 6384 63% 6434 64 643, 63% 64% 64% 6534 13,566 Do pref
43 j ’ly 26 75 Ja n
60 Ja n 75% Deo
26% 26% *25% 26% 26% 26% ♦ 26% 27 267g 27 27 27% 1,900 r T exas & Pacific. do
2 2 % j ’ly 26
66*4 Ja n
30
Feb
Aug
* 10 % 11
11% 11 % 11 11 * 10% 11% 10% 11 * 10% 11%
l
h
‘
‘
600
hlrd
A
venuo
(N
Y
)
.
.
.
6% J ’no 1 19% Ja n . 121.1 Deo 40%
42% Ja n
*8
*7% 884 8% 8% *8
*8
8%
884
9 *8
8%
100 Toledo H allw ays & Light
5% J ’ly 6 1534 Ja n 12
7 May 15% Jan
23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 1.400
Toledo
St
L
&
W
estern
19
j
’ly
26
54%
Ja
n
4
647g
O
ot
43 Feb
61% 62% 52% 53
63% 53% 6312 53%.- 63% 53% 62 527S 2,200 Do p ref__________ ’ 4234 J ’ly 28 72% Ja n
6484 Feb 7 4 % Ja n
109% 10934 109% 109% 1 0 9 3 4 1 1 0 % *109%
110% *109 110% 1U9<2
1.400
Twin
C
ity
R
apid
T
ransit
117%
ja
n
103
j
’ly
26
116%
Deo
97
Ja
n
175% 176% 174% 175% 175% 176% 176% 177% 176% 177*8 1757s 17634 276,460 I Jnlon Pacific
152% J ’ly 26 20434 Ja n
172% Feb 219 A ug
93 93% 9234 9334 93 93% 93% 93% 93% 93% 927S 93% 3,200
Do p ref_____ _
J ’ly 26 10334 ja n
194 Alch 118% Aug
43% 43% 43 43% 42'% 4234 42% 43
42 42 4134 42% 2.400 U nit R ys In v ’t of San*Fr 88)4
23*4 J'n e3 0
42%
Ja
n
30 Feb 47 Sep
68
68
66% 67% 65% 66% 66% 66% 65 65
64 66
2,150 Do p ref_______
47 J ’n632 72% Ja n
50% Feb 77 Sep
*16% 16% 15% 16% 16 16
a b a s h _____
16 16% 16% 16% 16% 16% 4.100
1 2 % J ’ly 23
2734 Ja n
15 Feb 27*8 Deo
35% 3534 84*4 35
W
35
347S
35%
35% 6,725
34% 35
35% 3578
Do p r e f . . . ” : " * 28% j ’ly 26 Cl Ja n
41 Teh 61*4 J ’ne
60% 61% 60% 61
51 61% 61 513s 51 61 *50% 51% 6.100 W est M aryland R y ___”
40
J
’ly
26
54%Mch 12
75 75
75% 7534 76 76
*75% 76% 1.300
76
76
76
Do
p
ref_____
76
15 77 Deo 27
4% 4% *4% 5
6% 1.300 \\ heeling & Lake "Erie.” 673 AAUg
6% 5% 6% 5% 6% *5
pr 28 10 J a u 3
6 J 'ly 1 2 % Ja n
*12
13% 13% 13% i f * 14% ♦ 13 141;
650 Do 1st p ref___
♦ 13 14% *13 14%
8 J ’ne 30 23 Ja n 3 16% J ’ly 257s Ja n
6% 6%
67,* 1,600 Do
6% 6%
6%
7
6%
2d
p
r
e
f..
7%
♦
7
7%
4
J
’ne30
13%
Ja
n
3
6% J'ly 16% Ja n
62 62
61 61
62 62% 62 62 61% 61% 61% 61% 2,100 W isconsin C entral
J ’ly 26 64 N ov 2 357* Jan 6i7g
A pr

Ertei

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 .

Hid
175
530
235
115
132%
390
300
193
165
133
170
430

Ask
180
600
242%
125

Hid Ask
B anks
C hatham . . 350 365
Chelsea E xf 190 200
Chemical . . 415
Citizens’ Ctl 151 425
155
C ity _______ 385 390
Coal & Iron 150 160
.. ..... Colonial 41.. 403
Colum bia H. 375 4*0*0“'
205 Com m erce . tl9
160 Corn Ex 41. _ 3116 t205
145 E ast R iver. 115 315
125
175 Fidelity 41 165 175
460 F ifth A veil. 4000
4250
♦
» w c icu iau o o n ima
tS a le a t Stoek E xchange or a t auction this week




Hid Ask
B anks
B anks
Hid Ask
Hid
B anks
F ilth ........... 300 350 Irving N Ex 200 210 M utual 4 (... 235
F irst ______ 850 860 Je trerson l).. . . . . 180 N assau 1|._. 25)
11th S tll— 150 155 L ib e rty ____ 600 625 New N eth'd 210
F o u r th ____ tl95 f 195% LI ncol n ____ 400
NewYorkCo 900
G a lla tin ___ 325 335 V lanhattanU 325 425
New Y ork. 300
G a rfie ld ___ 290 300 M ark’t& Ful 250 335
N’h t &Day4 250
G erm -A m 1] 140 150 M cch&M et’s 245 260
243
19th W ard. 260
G erm ’n Exl] 485
M ercantile . 152
Pacific^____
G erm ania 1). 550 56*5” Merch Exch 180 157
170 P a r k ............. 230
352
M erchants'. 178 182
G o th a m ___ 150 157% M
People’s
41. .
etropolis
j]
G reenw ich 1| 250 258
390 410 Phenlx . . . 245
130
H anov er___
t640 M etropol ’njl 200 205 P lazajl........... 625
Im p & T rad f025
650 560 Mt M orrlslj. 260 260
uay. f tsx-rtgucs. SE osscuan 10 0 snares. U State oauxs. a E x-divuiend
ft F irst Installm ent paid « Sold a t p rivate sale a t this price, t 2d

Ask
295
220 '
315
205
200
240
365.
190

—

Banks
Prod Exch 1
R e s e rv e ___
Seaboard . .
Second . . . .
S h erm an ___
S tate 11____
1 2 th VVard.
23d W a rd ..
Union E xc.
W ash H ’ts 4’
W est Side
Y orkvllle H_

Hid
160
110
400
390
135
275
140'
172%
275
06)

too

and n g u ts. a New stock,
paid. u 3d paid.

167%
117
410 *

no”
182%

jan. 21

New York Stock Record—Concluded—Page 2

i9io.]

171

Sales
STOCKS—HIGHSST AMD LOWEST SAI.E PRICES.
Range for Year 1913
Range tor Previous
the. 0
Year (1909
On basis oI 100-share lo s
Week
Saturday Monday Tuesday Wednesday Thursday Friday Shares
Jan. 14 Jan 10 Jan. 17 Jan.
Loicest
Highcs.
Jan 19 Jar 20
Lowest
Highest
.
1
,:
*220 235 *220 235 *220 235 *220 235 *220 235 2*3
35 235
§235
167
*8 81 8 8 8 8 7 81 277^74 308 27 308 1,100
3 ' 12
7
27 15
0 *2712
30
2743 3
33-1 05*4 70,020
643 0314 041 378 65 01 0478 031 0478 0
55
1
3
9
0
3
6
5
9
6
48 48 48 4.300
*40 471 4078
46 476 48 48 48
35
20 41
60
21 33
4 4078 *34
4
1
3
4
4
1
5
4
0
1
3
,5
5
0
4
0
3
4
40
2
4
2
6
4
9
397 4 40 401 40 41*2
47
10 70
*93
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I D e t h l e h c m S t e e l _________
l *
D o p r e f _____
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B r u n s w ic k T e r m
S c.
U u t t c r f c k C o _____
J ’u e
le n tr a l
L e a t h e r ______
% J 'ly
V )
D o p r e f ________
% J ’iy
C o lo r a d o F u e l & i r o n
. .
% J ’ly
Sep
C o l Oe H o c k C o a l & I r o n
C o n s o lid a te d G a s ( N
Y ).
% J ’i y
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d G o Id fle ld C o n M
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ii. . J l y
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% J ’ly
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N a t E u a m e l'g & S ta o u p V
Sep
D o
p r e f ____________
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% J 'ly
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p r e f _________
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J ’ly
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p r e t ____________________
% J 'ly
P r e s s e d S t e e l C a r __________
J 'ly
D o
p r e f ____________________
J 'ly
P u l l m a n C o m p a n y _________
J n e _-o
Q u i c k s i l v e r M i n i n g _________
Sep
, A u g
O a tlw a y
S te e l S p r in g . .
J 'ly
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u p p r e t ________________
*;> % S e p
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R e p u b l i c i r o n «c S t e e l ____
Do
p r e f ________ ___________
% J ’ly
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j
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Ir
% D ec
J 'ly
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le x a s P a c iU c L a u d T r u s t
F eb
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P a p e r _____
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p r o f _________________
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% J ’ly

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% Jan
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% Jan
Jan

21 Ja n
125% Ja n
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130 Feb 24

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82 Feb
64 Feb
10 Meh
27 Feb
98 Ja n
67% Feb
41% Feb
107 Feb
$391, Feb
407, Feb
114 Ja n
300 Ja n
64 Feb
74 Feb
110 Mcb

J a il

-,
%
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§111

123% Aug
89% Aug
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131 O ct
S67% Nov
60% Deo
123 Dec
§670 Dec
85% N ov
90 Aug
145 Seb

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
Broadw iy §
B rooklyn
G one/ isl'dT
First ______
lllllsld e li...
H om es teadl
M nnufuc’rs'
M echanics'll
M ontnuk
N a ssa u ____

Bid
385
___
__
290
___
__
415
230
__
245

ill*
400
100
155
305
125
115
....
245
150
270

Bid
285
15)
r>2
15)

Brooklyn
S a t C ity__
N orth Side §
P e o p le 's__
l,rosp’c t^ k ,
Terminal 1,
1ru st Co’s
.V Y City
A s to r _____
B ankers’ Tr




Ask 1 r u st B o ’s
N Y City
300 B’wav T r ..
180 Central T r ..
100 Colum bia . .
160 Commercial
90 U m p ire ___
K qult’ble Tr
Farm Lo&1
F id e lity __
330 F u 't o n ____
630

Bid AJ*
145 148
1015 1025
280 285
110 120
300 315
460
1600
213% 2171;
290

Ask
Trust Co’s Bid A s k
tr u s t C o’s Bid A ik
NY Ltte& Tr 1100 1125
Brooklyn
160 N Y T ru st. 600
B rooklyn Tr 415
175 S avoy_____ loo 110 C itiz e n s'___ 125
305 S tand ard Tr 400 410 F latbu sh _ . 200
255 T ltleG u* Tr 500
130 'Tr Co of Am 32) 330 H am ilton . . 270 280
400 Union Tr 12/5 1.00
H o m e _____ 100 110
600 US Mtg& Tr 470
505 520
4o0 U nit States 1150 1170 L 1st L & T r 300
310
320
\l
ashington
36
)
375
N
a
ssa
u
____
160 17 0
620
130 W estchester 15) 160 P e o p le 's ___ 295
W indsor . . 100 110 Q ueens Co. 110 310
__ 125
W llU am ib'g
100
•B id and asked prices; no sales on this day. 4 Less th an 100 shares. $ Kx-rlarhts. b New stock c tix-dlv and rights, d Now qu oted dollars per share.
1Sale a t Stock E xchange or a t auction this week $ lie- stock llvldead. UHanks m arked w ith a parag rap h d]) are S tate banks.

B anks

T ru st C o 's Bid

G uar’ty T r.
G uardian Tr
H u d s o n ___
K nickerb’kr
Law T l& Tr
Lincoln T r.
M anhattan
M ercantile .
Metro pol’t’ii
M u tu a l____
M ut Al*nee

800
150
165
295
25!)
125
375
6)0
415
130
125

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

Jan.

1 1 3 0 9 , th e

H x o h a n g * m e th o d o f q u o t i n g b o n d s w a s c h a n g e d , a n d p r l o e s a r e n o w a l l — “ a n d i n t e r e s t " — e x c e p t l o r i n c o m e a n d d e f a u l t e d b o n d s .

BONUS
W eek ’ s
P r ic e ]
Os 20 RYa enagre
R ange or
P r id a v
N . Y. S T O C K E X C H A N G E
L a s t S a le
1910
J a n HO
W kkk ENniNn J a n 30
H ig h H o L o w H ig h
mu
a sic L o w
l ', r% U iiT tn iin c iit
U 3 2a consol re g is te re d .(<1930 Q-J 100»4 191 1994 O ot ’10 .... 100*4 1 0 1 4
109*4 10034
U 3 2 s consol c o u p o n ....(<1930 Q-J 10034 101 100 4 J ’ue’lo
10134 10234
U 3 3s re g is te re d .............../cL9l8 Q-F 1924 103
101*4 103
U 8 3s co u p o n ......................./cl918 Q-F 192 4 193
... J 102 4 1 9 2 4
U 8 3s eou sm all b o n d s../c l0 1 8 q -F
.... 114:,8 116 4
0 8 4s r e g is te r e d ...! .......... 1936 Q-F 1164 i 164
.... 1 1 4 4 11 o 34
0 8 4s c o u p o n .........................1935 14-F 1164 1164
lOOOglOO^
0 8 P a n C an 10-30 y r 2s.fcl93U Q-N 1994 -.
F o re ig n G o v e rn m e n t
A rg e n tin e —I n te r n a l 6 s o t 1909 M-S 1 0 8 4 Sale 9 8 4 99 20 0534 98*g
Im p e ria l J a p a n e s e G b v e ru u i't
20 94 9 6 4
4
s te r lin g loan 4 4 « ............. 1925 F-A tt 99 4444 95
94
94 4 95 37 93 4 9 5 4
2 d s o n e s 4 4 s ---------------1925 J - J
10 88 *8 02 4
S te rlin g loan 4 s ............... 1931 J - J ) 89 4 99 4 8 9 4 90 ....
101 194
R epub ol C u b a 6 s e x te u d e b t.. Al-8 4 1 9 2 4 ........ 11*3 J a n ’l l
S an P au lo (B ra z il) tr u s t 5s 1919 J -J 4 9 7 - j ....... 97 4 97 _ 1 1)95 97*4
U 8 ot M exico s t g 6 s ol 1899 Q-J 4 9 7 4 S a lt 0 7 4 9 7 4 4 9 5 4 9034
94
4
Sale
9 4 4 9 4 4 8 92*s 97 4
G old 4s ol 1904...................1954 J-D
U h e e e a r e p r ice s o n t h e b a s u o t $5 to Ji.
S t a t e a n d C ity S e c u r itie s
Sale 1 0 0 4 1 0 1 4 367 JOO 1 0 1 4
N Y C ity —4 4 s ...................... I96 0 M-S 1101
4 4 s ro o ts in t fio J a n 24 1960 M -S 0 0 4 Sale 1 0 0 4 1 0 1 4 1760
4% C o rp o ra te S to c k ........ 1959 M-N 99 4 Sale 0 8 4 9 0 ‘s iU l 06 1 0 0 4
90 4 30 06 >4 100 4
4% C o rp o ra te s to c k ....I9 5 > i «J[-N 99 Sale 9.<
lu 7 24 i0 5 4 1097s
N ew 4 4 a ...............................1967 M-N 1064 197 197
N ew 4 4 s ..............................1917 M-N 102 4 ........ 102 4 J a b ’l l ....1 102*4 103 4
81 105*4 110
4 4% C o rp o rate B lock ..1 9 5 7 M-N 1 9 6 4 S ale 1064
4 4 % a ss e s sm t bond 3 . . . . 1917 M-N 192 4 .......... 103 J a n ’l l . — 102 104
4% C o rp o rate StocK ___1957 M-N 9 8 4 99 4 98%
99 ** 232 96 4 100 4
N Y S ta te —C anal Im p t ls.lOOO J - J 1 0 4 4 ... 104 4 T 19,134 .Tt, 101 4 1 0 6 4
iu 3 4 J i y i o
103 4 193 4
do C aro lin a 4 4S 2 0 - i e ......... 1933 J -J
96
1 9 4 34 90
T enn u e w s e U le m c u t3 s ..l9 1 3 J - J 90 97 96
S8 N o v ’10 __ 87 00%
V irg in ia tu n d d e b t 2 -3 s ... 199 1 J - J
41
48 60 36 66
6 s ile re rre d B ro w n B toh o tts.
K n ilr o a d
t laoaina C e n t b e e Wo Ky
A -lab.i Allot b e e A t C oast L ine
A lbany Jb S u sa b e e B el 5b ilu n
A U egneuy V alley b e e P e n n it it
A tleg & W eal b e e B u ll 11 & P
79 7 8 4 79 U 74 83 4
A nn A rb o r 1 st g 4 s .......... A.1995 Q-J 70 89 44 Sale
99 1 9 9 4 163 9 7 4 101
A lob X & 8 Fe—G eu g 4 s . 1005 A-O
9 8 4 J a n ’l l
98 109
R e g is te re d .............................1995 A-O 99 17 44 ........
02 9 1 4
14 83 95
A d ju stm e n t g 4 s ............A1995 Nov
9
2
J
a
n
’lo
02 02
Nov
R e g is te re d .....................A1005
9 1 4 0 1 4 01 a4 3 80 0434
W tam ped.......................... h 1995 M-N 9 1 4 197
1 9 6 4 J a n 11
10434 H 7
C onv 4s issu e o£ 1 9 0 9 ...1 9 5 5 J-D 197
39 101 1 2 2 4
le 1904
C onv g 4 s .......................... ..1 9 5 5 J-D 107 4 sa
193 103 J a u ’J
03 104*4
C onv 4s (issu e o f 1910). I960 J-D 101
109 4 33' 10434 1 2 2 4
1 9 9 4 109
10-year conv g 6 s ..........I u l7 J - l 109
.......... 0 S 4 J a n ’iO
084 084
D e b e n tu re s 4s B erios J .1 9 1 2 F A 99
98 4 F e b ’10
08 4 98 -i
S e rie s K ............................. 1913 F-A 9 8 44 .........
9 0 4 99 37 JJ aa nn ’l'l ll .... 0o>4 07*4
E a s t O k la Di v 1 s t g 4 s ..1928 M S 06
92*4 0434
s n o r t L in e 1 st 4s g ..........1958 J - J 03 4 9 3 4 1 9 9 4 D e o 'lb .... 107
4 100 4
8 F e P re s Je P h 1 s t g 6 s . 1942 .VI-s 1 0 9 4 ..........
A tl K n o x & X b e e 1!> & N
9 3 4 Sale
13 92 9 6 4
934«
A tla n tic C o ast 1 s t g 4S.A.1952 M-S 107
4 199 *
A la M id le t g u gold os ..1 9 2 8 M-N 9 444 199
..........
•••• 9 4 4 9 4 4
B ru n s <fc W 1 st g u g 4s ..1 9 3 8 J - J
3 4 4 ..........
C h arles <& S av 1 st g 7 s .. 1936 J - J 1 93
211 | 89*’ ’ 9 6 4
4 sale 9 2 4
L 3b N coll g 4 s .................01953 M-N
_ 1244 1244
264
9 a v F & W 1 st gold 6 s ..1934 A-O 1i l2 l6 1..........
_ 112
112
112
1 st gold 5 s.........................1934 A -0
.... 95 97 4
S ii Sp o c a <fc G g u g 4 » ..1 9 1 8 J - J 95 4 ........ 95
A tla n tic <fc b .iu v b e e S o u th tty
A ustui & N W Aeewou PaoUiu
59 8 9 4 93
Ba l t * O hio p rio r l g 8 4 8.19 26 J - J 0 2 4 S ale 90 12 44 O ct03’0 _
R e g is te r e d ...............A1025 Q-J
9 8 4 03 38 9 7 4 1 9 0 4
G old 4 8 ................................/ll9 4 8 A -0 9988 4 SS ale
2 06 0 9 4
ale 98 _ 98
R e g is te re d .....................A1048 Q-J
.... 1 1 2 4 1 1 2 4
P itts J u n o 1 s t gold 6 s . . . 1922 J - J 1817144 ........
.... 8 7 4 90
684
PJun<& M DlV l s t g 3 4 8 1 9 2 6 M-N 9 1 4 Sale
19 89 93
914
P L E & W V a s y s r e t 4 sl9 4 1 M-N
le 9 0 4
44 89 9 1 4
a o u th w o iv 1 s t g 3 4 s ...1 9 2 5 J - J 98 u8 44 sa
_
8 9 4 90 4
R e g is te re d .....................A1025 Q-J 199 4 ..........
.......... 193
... 103 103
Cen O hio R 1 st 0 g 4 4 s ..l9 3 0 M-S 108 ..........
.... 100 113 4
Cl B or Jb VV con 1 st g us 1933 A-O 1 0 1 4 .......... 1110
7,
.
,-r
_
0 6 4 F e b ’07
M otion RiV 1 st g u g 6 s ..1919! F-A 9 0 4 .......... 112
O hio R iv e r R R 1 s t g 58.1930 J -D 1106
197
1
197
G e n e ra l gold 5 s ...............1937 A -0 1 1 3 44 U..........
6
3 j.;; :;; *"**;
H 34
P itts G lev tie T ol 1st g 6 s 1922 A-O 9 6 4 ..........
98
4
P itts At W est 1 s t g 4e. ..1 9 1 7 J - J
....
S ta t lu l R y 1 st g u g 4 4 s 1943 J-D 80 .......... 199
B eech C reek b e e N V c <fe U
Bello v & C ar b e e Illin o is C ent
B klyu <& M out-auk b e e L o o ts 1
B ru n s * W est b e e A tl C oast B
B utlalo N X & E rie b e e E rie M-S 11141134
.. 1 1 3 4 116 4
B ullalo K As P g e n g 5 s ...1937 M-N 107 199
.... '106 100*6
C onsol 4 4 s .......................... 1957 A-O 9 6 4 ___
06 99 4
A ll Ai W e st l s t g 4s g u .. 1998
4 __
—I
Cl * Alah 1 st g u g 5 s ....1 9 4 3 J -J 198
..........118
4
1
5 i 17
....
F-A
ROOh <Si PIUS 1 st g 6 s .. . 1921
.... 1 1 0 4 1 1 6 a4
C onsol 1 st g 6 s ...............1922 J-D liO 117
.... |7 2 72
B ull & 8 usq 1 st re t g 4s.ctl961 J - J .......... 71
B u r C It & N b e e O R U P
103*, 1 2 102 4 1 0 5 4
1 0 3 4 103
Lian 8 o 1 st e x t 6 s ..............1913 J-J 103
04 Sale 1 9 0 4 1 0 0 ’ 1 1003 b 101a*
'2 d 6 s ......................................1913 iVl-S * 1U
io
u
4
J
a
u ’l; .... 1 0 0 4 loo**
..........1
9
1
4
M-S
R e g is te re d .........................1913
Carl) As 8 haw u b e e 111 c e n t
C arolin a C e n t b e e 8 eab A ir B
C a rth a g e As A d b e e N V C As 11
Oed it la r & N b e e R C R <fc N
C en B ra n c n Ry b e e Alo P ao
.... ^1094 U 3 4
C ent ot G a R lt 1st g 6 s ..p l9 4 5 , F-A 112 ......
0 103a4 109
C onsol gold 5 s.....................1945 M-N 1 0 7 4 8 a lt 107 4
R e g is te re d ........................1045|M -N ..........108 113 44 82 102
ls tp r e i incom e g 6 s ___ p l0 4 5 Oct 1 0 2 dale 191
.... 84 102
Stam ped ......................................1 .... *10i 4 1 0 2 102 1
20 75 101
2u p io i incom e g 6 s ___p l9 4 5 O ct 9 8 4 s a le 98 4
.... 75 8 8 4
*99 4 109
2 d p ie t incom e g 5s stam ped; . . . .
8 75 100
96
3d p re i incom e g 5 s ....p l9 4 5 'O c t I .......... 99 4 96

BONUS
W eek 's
P r ic e
R ang«
N . Y. ST O C K E X C H A N G E
R ange or
Y ea r
P r id a u
J a n HO
L a st b a le 4 3
1910
W m cs E n ding J a n 20
C e n to t G a R R — ( C o n )
R id
A s k Low
H ig h
L o w H ig h
3d p re t incom e g 6s sta m p e d .
09 85 4 O ct ’10
80 8 6
C h a tt lu v p u rm o n g 43.1051 J-L) 86 09 0 1 1 4 Wop ’ 0 0
105 4 o a n ’l l
M ac As N o r D iv 1 st g 5 s .1946 J - J 195 4
1
044 1044
115 N ov’95
Alid G a tie A tl D iv n s___ 1047 J -J 195 4
110 J a n ’10
M obile D iv l s t g 5 s........ 10a6 J -J 198a*
110
119
192 103
Oeu R R eb R o t u a col g 6s 1037 M-N 192 196 1023, N ov’10
120 125 4
C e n to tN J g e n ’lg o ld 6 s . 1087 J - J 123 4 Sale 1 2 2 4 l ‘J'3
122
122 4 1 2 2
R e g iste re d .................... A1087
1 2 9 4 125
1 0 8 4 J a n ’l l
107 109
A m D ock Ob Im p g u o s ..1021
1984
B e & H u d R g e n g u g 5s 1029 j - j 191
lOOHj 1 0 1 4
19 0 4 D e e ’lo
B eh <te W ilks B Uoal 5 s ..1012 M-N 199 4
98 9 9 4
9 9 4 D e c ’10
N Y & B ong B r g e n g 4 s 1041 M-S 0 9 4
C en t P acitio b e e So P acilio Co
C e u tV e rru o n t 1 s t g u g 4 s.e l9 2 9 Q -F 8 7 4 99 87 4 UT\
85 8 8 4
C iias <fe s a v b e e A tl C oast B in e
100
1014
C lies <fc O hio gold 6 s.......... a lO U A-O * .........1004 100 N o v ’10
193
G en fu n d in g <& u n p t 5 s. 1020 J - J 193 sale 103
102 1 0 5 4
113
1 st consol g 5 s .....................1939 M-N 1 1 2 4 1 1 3 113
110 4 114 4
R e g is te re d .........................1939 M-N ........ 112 4 112 4 J a n '10
112 4 1 1 2 4
G e n e ra l gold 4 4 s ...............1992 M-S 19 1 4 Sale 1 9 1 4 1914
09 193 4
R e g is te re d .........................1992 M-S .......... 199 1 9 1 4 J ’n e ’10
10141014
89 95 4
C o n v e rtib le 4 4 s ...............1030 F-A 05 4 Sale 94 4 05 4
87 80
Dig s a n d y 1 s t 4 s ...............1044 J-D ........ 884 88 D o e ’lb
83 8 8 4
Coal R iv R y 1 s t g u 4s -.1045 J -l) 8 0 4 87 4 8 5 4 N o v ’JO
C raig V alley l s t g 5 s___ 1049 J - J 103 ... 1 0 4 4 Sep 10
101 1 0 4 4
P o tts C reek B r 1 st 4 s .. 1916 J - J 84 _____ 09 J a n ’99
"04 4 " 0 0 “
R tie A d iv 1 s t con g 4 S ..1 0 8 0 J -J 0 54 0 64 06 D e c ’10
914 914
90 4 93
2d consol g 4 s ...................1989 J - J 0 i 4 92 4 113
Q F e b ’06
......
W arm S p r V al 1 st g 5 s ..1941 M-S 102
"874 " o V
G re e n b rie r R y l s l g u g 4 s ’49 M-N 85 .......... 95 O o t’19
70 77
A-O 7 2 4 7 3 4 7 3 4 7 3 4
7i4
6 8 4 75
.
7 1 4 Sale 71
R a i l w a y 1 st Men 3 4 s . . .10 5 9 J - J
76 O c t’90
R e g is te re d .........................1959 J - J
9 8 4 100
Ohio B u r l q — u e n v D 4s 1 0 2 2 F-A 9 9 4 ........ 9 9 4 J a n ’l l
86 4 8 J 4
Illin o is D iv 3 4 s .................1949 J - J 8 7 4 Sale 8887 4 S eps «'10
87 4 88
R e g is te re d .........................1949 J - J
199
9 8 4 101
Ills D iv 4 s ............................1049 J - J 109 wale 199
1044 104 4
Io w a D iv au n r m u d 5 s ..1010 A-O 194 4 ........ 1 9 4 4 D eo’10
0 8 4 199
W inking lu u d 4 s...............1010 A-O 0 0 4 0 0 4 09 98 44 J a n9 ’l9 4l
98 100 4 '
N e b ra s k a E x te n sio n 4 s. 1927 M-N 0 8 4 . . .
R e g iste re d .........................1927 M-N ♦ 984... 1 0 1 M ar’99
90 D e o ’10
07 4 09
W ouliiw estern d iv 4 s . . . . 1 0 2 1 M-S 00 ...
J o in t bonds bee G re a t N o rth
100 4 1024
D e b e n tu re a s ...................... 1913 M-N 1 0 1 4 1 0 1 4 1 0 1 4 1 0 1 1*
G e n e ra l 4 s ............................ 105s M-S 97 4 sale 97 4 , U /4
0 64 100
100 4 192
H a u <to W tJ o s c o n so l 6 s . . 1011 M-S lu U 4 191 1 0 0 4 J a n ’l l
81 8 6 4
G’lnodb E lU re ld a lin p g 4s 1055 J - J 8 2 4 sale 8 2 4 83
1 st consol g 6 s ....................1034 A-O 127 130 127
121 127 •
12/
1084113 ]
G e n e ra l c o u s o lls lO s .... 1037 Al-N 1 0 0 4 1 1 1 4 1 _1 0 4 119
R e g is te re d .........................1 0 3 7 ai-N 1 0 0 4 I U 4 |1 U M ay’O0
C lue a l i m e u y 1 st o s. 193 b j - j 1 9 0 4 i l l 119 O ot ’ 1 0
119 112
Chicago & E rie b e e E rie
Ohio G t W e s te rn 1 st 4 s ...I9 6 0 M-S 8 4 4 s a le 8 4 4 85
84
87 4 1
C lue in 1« j. uuisv re i U s... 1 0 1 /
126 4 130*1 128 Deo ’10
1 2441204;
R e tu n d iu g g o ld 5 s ............1047 J - j 197 4 ......... 1 1 4 D e e ’ 0 9
B ouisv N A lie c n 1 s t 6 s . 1919 J - J
109 J’no’10
*100" i '004
C hic lu ll Je S o u 59-yr 4 s ..l9 5 6 J - J 92 93 4 92 D o c ’lb
92
94 1
C lue MU As S t P te rm g a s 1914 J - J 1 9 2 4 Sale 1 0 2 4 1 0 2 4
1024103 4 !
0b 1 0 0 4 1
G e n e ra l g 4 s s e n e s A . ,el0 S 9 J - J 9 0 4 sale 00*4 00
9
9
*(,
J
a
n
’l
l
R e g is te re d ...................... eiOsO Q-J
86®, 89 1
G e n e ra lg 3 4 s s e n e s U .el'J69 J - J 8 8 4 sule 88 4 88 4
2 5 -y rd o u e n 4 s ...................1931 J - J 0 2 4 sale 02 4 9 2 4
01
94 ;
C hio So B WUD 1V g a s . . ..1 9 2 1 J - J I U 6 4 ........ 107 J a n ’l l
1074 108 i
197 1104
CI110 As M o RiV D iv a s ... 1926 J - J 1084 ....... 1084 Get ’ 10
106410841
ClllG be P W 1 s t g a 3 ........ 1021 J - J 1 064 100 1 0 7 4 J a u 11
102 4 10341
D ak * G t Wo g o s ..............1016 J - J 103 4 103 4 103 4 Get ’ 10
b a r <ie wou a ss u g 6 s ........ 1024 J - J 1 1 7 4 ........ 1 1 7 4 J a n ’l l
It641164
104 *a 100
D aC rosseJb D 1 st o s ....1 0 1 9 J - J 1 0 6 4 ........ 1 0 6 4 D e c ’ iu
195 4 108 1
W is & M in n D l v g 5 s .... 1021 J - J 1 0 6 4 .......... l o t J a n ’l l
MU <to N o 1st cons 6 s ___1913 J-D 1934 104 4 1034-A-ug’lo
19341054
E x te n d e d 4 4 s ................ 1013: J-D 1 0 0 4 ...
1194113 ,
C hicJb N o rtiiw cons 7 s . . . . 101a 1Q-1 100 4 110-4 1 1 0 4 1 1 0 4
E x te n sio n 4 s ..........1886-1926'P-A 0 0 4 ...
004
80 954 954
R e g is te re d ............ 1886-1926 F-A ......... 0 84 06 4 J ’l y '10
87 09
88 4
G e n e ra l goiu 3 4 s ..........1087|M -N
88 4 Sale 88
93 4 A p r’09
R e g is te re d ...................n l0 8 7 IQ -F
0 8 4 sa le 0 8 4 88 4 169
G e n e ra l 4 s ....................1 9 8 1 M-N
112
1 11941114
s in k in g lu u d 6 s . . . 1 S 7 9 - 1 0 2 0 ;A-O 1 1 1 * .............112
R e g iste re d ............ 1870-19201 A-O l l 0 4 ............l U 4 N o v ’00
105 109 4
W inking m u d o s ...1879 -1029'A -0 1 0 5 4 ............196 J a n ’l l
!106 106
R e g is te re d ............ 1870-1920'A-O 104 -a ............106 M a r’lo
105 107
D e b e n tu re 5 s ...................... 1921 A -0 1 0 6 4 1 0 6 4 106 J u n 'l l
1904 1064
R e g is te re d .........................1021 A-O .......... 105 4 1 0 6 4 FeO ’iO
S in k in g lu u a d eb os........ 1933 M-N 100 .......... 100 W ep’10
199 J ’ly ’08
R e g iste re d .........................1033 M-N
MU B S be W est 1st g 6s 1021 M-S 1 1 5 4 .......... 116 J a n ’l l
11441174
199 1124
E x t <& im p s fu n d g 5s 1029 F-A 100 4 .......... 109 N o v ’19
A sh la n d D iv 1 st g 6 s ..1025 M-S 1 1 7 4 .......... 142 4 F e b ’02
1184 i
M id i D iv l s t g 6 s ..........1024 J - J 118 .......... 1 1 8 4 JSov’10
1904
I n c o m e s ............................ 1911 M-N l o u 4 .......... 1 9 9 4 D eo ’ 1 0
109 4 .
liO
C hic R ock IsL iia P ac O s...1917 J - J 110 sale 119
R e g iste re d ........................ 1917 J - J 1 0 0 4 1 1 0 4 100 A u g ’10
044
G e n e ra l gold 4 s .................. 1988 J - J 07 4 Sale 07 4 07 4
984
R e g is te re d ........................ 19881J - J .......... 9 7 4 0 8 4 F e b ’ 1 0
R e tu n d iu g g 4 s .................1934 A-O 8 0 4 Sale 8 9 4 8 9 4
974
CoU tr u s t S e n e s J 4 s ___1912 M-N 0 8 4 ........ 97 4 J ’ly 'l o
96 D e o ’10
M - s .................................... 1915 M-N 0 5 4
N 4 s .................................... 1016 M-N 05 9 6 4 94 D eo ’09
944 944
9 4 4 Muy’lO
O 4 s .....................................1917] M-N 04
0 3 4 06 03 4 A ug ’ 0 0
P 4 s .................................... 1018.M-N
66 4 8 3 4
C hio R I & P a o R R 4 s ..2092 M-N 74 4 Sale 73 *-i 74 4
7 0 4 804
7 6 4 Muy’lO
R e g is te re d ....................... 2992 M N
93
06
R 1 A rkifc B ouis l s t 4 4 s 1034 M-S
0 3 4 9 3 4 J a n ’l l
110 114 4
112 4
B u r U R lie A — l s t g a s . 1931 A -0 112 4 Saie 112
R e g is te re d ...................1934 A -0 ....................... ll 2 0 4 M a r'l >3
C R 1 F & N VV 1 st g u o s .P ^ i'A - Q 1 0 6 ’a ......... 1 0 5 4 O ct ’10 . . . J 1 9 5 4 100
M <S> Wt B 1 s t g u g 7 s ..1027! J-J)
104 101
Ohoo O k A G g e n g os .01019 J - J 102 4 ........ 104 Muy’ lO.
C onsol gold a s .................1052 M-N ..........1 0 9 4 1 0 8 4 D eo ’10 . "107 4 1 1 0
K eok ib D es M l s t a s . . . .1023 A-O 09 101 ,1 0 0 4 D eo’10, ilOO 104
J h io wr. d <fe N O b e e 1U C ent
Ohio Wt B M P itts b e e P e n n Co
lin o Wt P M A O con 6 s ...1039 J-D 125 bale 125
125
7,123 1 2 7 4
C ons 6s re d u c e d to 3 4 s . 1039 J .D 85
03 D eo ’03

S t r e e t R a ilw a y
B rooklyn R ap T r g 6 s .........1946 A -0
1 s t ro tu n d conv g 4 s ___ 2 0 0 2 J - J
B k c ity 1 st cou 5 a .1916.1941 J - J
B k (g Go iib Wcou gu g 5 a 1 9 4 1 M-N
B k ly u U u E l l s t g 4 -5 s.l9 5 b F-A
W tamped g u a r 4-5s___ I960 F-A
K in g s Co El l s t g 4 s ___ 1949 F-A
S tam p e d g u a r 4 s ...........1940 F-A
N a ss a u E lec g u g 4s ....1 9 5 1 J -J
C onn R y & B l s t & r e t g 4 4 s ’6l J -J
S tam p e d g u a r 4 4 s ...........1951 J -J
D e t U n ite d 1 st con g 4 4 s .l9 3 2 J -J
H a v a n a E lec consol g 6 s . 1962 F A
In te r-M e t coll 4 4 s ............... 1956 A -0
I n te r R ap T 3-yr co n v 6 s . 1 9 11 VI.N
43-year 5s S e rie s A .........1952 M-N
In te r n a l T ra o coll t r 4 s .. 1940 J - J
M anila E lec 1 st & coll 5 s. 1953 VI- S

S t r e e t K nikvvay
M et S t R y g en col t r g os.1997
R et g 4 s .................................2002
B w a y * 7 th A v l s t c g o s 1943
Coiito 9Ul A v l a t g u g 58.1992
B ex A v & P F 1 st g u g 5s 1992
T h ird A ve R R cou gu 4s 2001.'
C e u tT r Co c e rtfs s tm p d ..
T h ird A v e R y 1 st g 5 s ..1 9 3 ,
N O ri R y & B t g e n 4 4 s ..193^
S t J o s R y B t H * P l s t g 6 s '3',
->t P a u l C ity C ab cou g 6 s . 193'.
T ri-C ity R y <& D t 1st s t 58.1923
U n d e rg ro u n d o t B on 6 s ...l9 2 i.
4 4 s .......................................... 193:'
In co m e 6 s .............................1948
U nion E l (C lue) 1 st g 6 s . . 1 0 4 5
U n ited R ys Wt B 1 st g 4 s .1934
U n ited R R s S a n F r s t 4 s . 1927

t :!

90*11101

100 111*,

100
86
044

dUSCEBI-ANEOUSi BONUS—Continued on Next Pago.

Sale
83a4 Wale
102 1023,
98
ioi» 4 Sale
102
........ ; 84
...... 81*,
..... 78 4
1024
i o f c 102
..... 81
94 4
” 7 0 4 Sale
1 0 0 4 sale
103 4 S ait
......
"88"

1034

1034 1034 4
83
8 3 4 274
102 J a n ’l l
08 D e c ’lb
1014 1 0 l“4 9
1 0 1 4 J a n ’l l
8 4 4 D e c ’ll.
84 J a n ’l l
7a J a n ’l l
102 *8 M a r’ll
102
1U2 T o
7 9 4 Dec* ll
0 4 4 J a n ’l l
79 4 70*\. U 0
1004 loo*. 11
10 3 4 1034 181
67 4 M a r’ll
98 M ay’Ot

*No price Friday: latest this week. 1)Flat. <xDue Jan




d

10134 105
7934 87
100 4 104
9 ? 4 99
09 103
09 4 103
8234
85
80 85 4
76 82
102 4 102 4
10**4 102
79 8 2 4
03 9 5 4
77 83 4
100*4 104
100 104
67 4 67 4

F-A
A -0

J-D
M-S
M-S
J-J
J-J
J-J
M-N
J -.J
A -0
M-N
J-J

77 7 8..4
..................
i u 2 \ 102’j4
100 . . . . . .
994100

’*604 Sale*
..........11038
.......... 86
9 8 4 99
104 106
0 8 4 08 4
95 903,
0 1 4 02
42 S a lt
AO
95 101
J-J -------- 81J,
A -0
7 0 4 71

Due Apr « Due.May g D u e J’ne ADue j ly ib u o .Vug

0

Dae Out

7 8 4 J a n ’l l
48 D e o ’10
102 4 102*4 " 0
100 J a n ’l l
100 J a n ’l l
50 J a n ’l l
6 0 4 0 0 4 16
109 J a n ’l l
8 1 4 O c t’lo
08 N o v ’Ob
107*4 D eo ’90
984 984 3
08 A p r ’ 0 0
0 0 4 J a n ’l l
3 8 4 42 100
84 O ct ’08
80 A ug’lO
7 0 4 71 T u
p Due Nov

74*4 8 2 4
46 54
9 8 4 102 4
90 102
9 0 4 00
50 09 4
55 68°»
105 4 1 0 8 4
87
. . . . . . ..........
..
83
3 1 4.
70 4
65

00

00

......
004
40

......
83
74

sOption Sal*

New York Bond-Continued—Record Page 2

J an . 21 1910.]

173

BONDS
R ange
W eek?*
P r ic e
Y ear
R ange or
t 'r i d a v
N . Y. ST O C K E X C H A N G E
uno
L
a
s
t
S
a
le
J
a
n
W
W hisk E n d in g J a n 20
\IjOW H ig h
H i <jfl
Him
ASk L ow
Ohio S t P M & O —( C o n )
123 127
% Sale 126 'a 1 2 5 ‘s
CU S t l * * M inn l s t g 0s 1918 M-N 125
123% 126% 120*« M ay’09
N o r W isconsin 1 st O s...1 9 3 0 J - J 112%
D ec’10
11 1*4 1 14**8
113*4 112%
S t P d i S C i t y 1 st g O s...1919 A -0 109
108*3 112
111)'., l i d 1* D e c ’10
C h ic * W e st In d g en g O s <71932 Q-Al 93 Sate
88
93*s
03
93
C onsol 60-year 4 s .............1962 J . J
Clue <8> W A licii s e e P e ro Alarq
Choo O <6 G n tt S ee C it C<fc P J - J
113 O ct ’00
Cln il A U 2d gold 4*9 8 ...1 9 3 7 M-N
101 108
O in D * l 1 st g u g 6 s ...1941 M-N 1 0 3 1 3 1 0 0 104*4 104*4
C F in d A F t W 1 st gu 4s sr.’23 J - J
80*4 O ct ’10
85 37*4
88
Oin l A W 1 st gu g 4 s .1953 J - J 103 105
102 S e p '10
101*4 107
In d D ec A W 1 s t g 5 s ...1936 J - J
107*3
D
eo’02
1 st g u a r gold 6 s .............1936
C 1 8 t D A O b ee O U U J i S t l
Oin 8 A C S ee C C O S t D
C le a rlle lil A M ali See B K 4 P J-D 93% 94 9334 0 4 *.
90*3 90*3
C lev O in U & ^ t i i g en g 4s 1903 J - J :.......... 05 93*a D eo’10
92*3 93*3
C airo D lv 1 st gold 4 s . . . . 1939 J - J 93*3 . . . . 93*8 D eo-10
90 04*3
C ln W & A! D iv 1st g 4 s . 1991
96 94 J a n ’l l
89*4 95*4
3 t L D lv 1 st col tr g 4 s. .1990 M-N 94
. . . . 91 C o t’07
K e g is te re d .......................1990 M-N OO
100 % 90 D eo’09
3i>r A Col D lv 1 st g 4 s ..1040 M-S 90*3
91 *3 D eo’10
90 91*3
W W Vai D lv 1 s t g 4 s . . .1940 J - J 92 4 . .93. . >s 106*4
F e b ’io
106*4 105*4
C I S U j & O consol Os.. 1920 M-N 100
96 97 96*3 D eo’10
90*3 98*3
1st gold 4 s............... «1030 Q-P 03*4
97*. 00 A u g ’10
90 98
K e g is te re d ................./C193U Q-F
Sale 100*4 1U0
103 108
Oin S A Cl con 1 st g 5s. .1928 J - J 1U6*4
109*4
D
e
c
’09
107
.........
J-D
C C O A 1 consol 7 s.......... 1914
C onsol s in k fu n d 7 s ___1914 J-D
110 125*3
G en eral consol gold Os. 1934 J -J *1 2 6 % “ I " ; i i 5 ‘3 D e o ’io
K eg istered .....................1934 J -J
94 J 'l y ’08
in d B l& W 1 s t jiref 4 s .1940 A -0
O In d & W 1 s t i>f 5 s ...<11038
92 *3 Sale 92*3 92*3
94'
Peo A E a s t 1 st con 4 s ...1940
67
X ncoiue4s.......................... 1990 A pr 00 ou *s 60'» 01*3
C lev A M a rie tta Ties P e n n K it
Clev A P itta s e e P e n n Co
05 81*8
Col M idland 1 s t g 4 s..........1947 J - J 67-% sale 07*4 68*,
90*3
93 9 7 7,
C olorado A Sou 1st g 4 s ...1 9 2 9 F-A 90 *3 S ale 90
98 ’3 Sale 98*3 98*4
94 *4 99
K eiu n d A e x t 4 % s ...........1935 M-N 112*4......
. 113 D eo’10
111*3114
F t W A D en O 1 st g O s..1921 J-D
C o lu m A G re e u v S ee So Ky
Col A tlo c k VaL S ee H ock Vai
Col A Tol See H o ck Vai
Col C ouu & T erm S ee N A W
Conn A P as K lvs 1 st g 4 s. 1943 A -0
100 M ay’10
C u b a U K 1 st 60-y r 5 g ....l 9 5 2 J - J 09% .
D a k A G t So A e s O M A S tP
a lia s A W aco S ee Al K A T
D el Hack A W e stern —
U l* 4
M orris A E sse x I s t 7 a ...l 9 l 4 M-N 108*4 Sale 10S*4 1<)8*4 4l 108*3
111*4 H i 's
1 1 3! ^ U l* «
ls tc o n s o l g u a r 7 s ........ 1915 J-D 11134 U2*4 1111**11
D eo ’10 ... U 0% 111*8
K e g iste re d .....................1915 J-D
87*' ”92 *3 9 1 J a n ’l l
1st re l g u g 3 His............ 2000 J-D ‘116*8
113 118*8
U 7 115*4 J a n 'l l
N V Hack A VV 1 st O s...1921 J - J 107*3
HO 110 *8
1X2*4 1U0 O c t’10
C o n stru c tio n 6 s............ 1923 F-A
90
99 *3
97*4 101
98-3 100 102*8
T erm A im p ro v e 4 s___ 1923 M-N 86
’03
W a rre n le t r e r g u g 3 % s.2000 F-A 116 .1.2. 0. 120 OF ecbt’10
120
12u 'a
M-S
Del A H u d 1 st P a D lv 7 s .1917
117*3 149 A ug’01
K e g iste re d ........................ 1917 M-S 116»«
90*3 102
98*8 9 8 ’ 98 >s 98 *3
10-yr oonv d eb 4 s............1910 JJ-D
100 103
01
101
- J 101 102 1 99
1st lieu e q u ip g 4% s ....1 9 2 2 M-N
99 S
97*8 100*3
90 Sale
1st A ro t 4 s ...........................1913 A-O 03%
94
01 10U*s
1*4*3 94
A lb A Sua co n v 3 %s........ 1910 M-N
1 2 3 * 4 J a n ’l l
123%
...
123*4
130*4
K ens A s a r a to c a 1 st 78.1921
D el K lv K it B rid g e S e e P a KK
92*% 97*4
03*3 0 4 88 93*4 9 3 'll
D e n v A K G r i s t con g 48.1930 J - J 101
102 lo i% D e o T u
101*8104*3
C onsol gold 4% s...............1 9 3 0 J -J 101 102
103 *3 D e o ’lo
100 105
Im p ro v e m e n t gold 6 s ...1928 J-1)
92 Sale 91 *3 92 33 89 94*3
1 st .v re lu u d in g 5 s ..........1955 F-A ..........105
98
F
e
b
’OS
J-D
Kin G r J uno 1 st g u g 58.1939
D eo’09
Kio G r So 1 s t gold 4 s. ..1 9 4 0 J - J .......... 66 78
G u a ra n te e d .......................1940 J - J .......... 76 85 M a r’08
91
87 »« 94*3
Rio U r W e st 1 s t g 4 s ....1 9 3 9 J - J 00*4 92 91
83 86
61
M ge a n d col tr u s t 4SA .1949 A -0 84 Sole 83*4
97
J
a
n
’
0
2
A
-0
U tali Con t l s t g u g 4s a l9 1 7
D es Aloi A F t U S ee Al A S t i.
........ 110 Sep ’04
D es Aloi U u K y 1 st g 6 s ..1917 M-N 100
........ 94 Sep ’lo
97 7»
D ot A M ack 1 st lien g 4 s . 1995 J-D 93
91
88*a 90 89 D e o ’10
G old 4 s.................................... 1996 J-D ..........
74
75 74_ o c t ’lu
D ot So—O S D lv 1 st g 48.1941 M-S
J a n ’l l
100 111
D ul A Iro n K an g e I s t6 s ..l9 3 7 A-O 108**4 112 108%
lO
0
%
M
ar’uo
K e g iste re d .............................1937 A-O
2d 0 s........................................1910 J - J
D ul S h o rt D ine S ee N o r P ao
106*3 108*4
D a l So S h ore A A tl g 6 s .. 1937 J - J 106*3 100*>4 103 J a n ’l l
1. o sl ot A lain S ee a t P Al A Al
ib a a t T en Va A G a S ee So Ky
108*3 108*3
E lg in J o l A E a s t 1 st g 5 s . 1941 M-N 109*e 112 1 0 8 *aN ov ’ 10
E lm C ort A N o S ee Deli A N V
E rie ls tc o n s o l g o ld 7 s .... 1920 M-S 120*4 121 120 J a n ’l l .. Ill8*4 122*3
N Y A E rie 1st e x t g 4s 1947 M-N 100 ___ 1 0 0 J ’no’H . TOO 100
2d e x t gold 6 s ...................1919 M-S 104*4 . . . . 1 U1 *4 J a n ’l l ;... 104*4 100%
3d e x t gold 4 %s..............1923 M-S 101*4 103 102*4 102*4 2 100*3 103*3
3 100*4 H6*4
Ho
4 th e x t gold 6 s.................1920 A-O 105 1 0 6 *4 'lu 6
I 9 9*4 F e b ’10 __ || 99% 99*4
5th e x t gold 4 s .................1028 J-D 90*3
N Y D E A W 1st g Id 78.1920 M-S ..........122*4 118 O ct *10 ..J 1 1 8 118
E rie 1 st eon g 4s p rio r.. 1990 J -J 85*8 87 %t 85 *3 80 16; »0*4 87*3
83 % J a n T 1 . . . jl 83% 83%
K e g iste re d .................... 1090 J -J
86
74*3 6 8 ' 07 70%
1 st oouaoi g e n lion g 4 sl9 9 0 J -J 74% Sale 74
K e g iste re d .....................190U J -J .......... 76 85*3 B'eb’UV
2 83% 88
P e n n coll t r g 4 s ..........1901 F-A 80*3 87 80 7a 87
50-year co n v 4 » A ___ 1963 A-O 73*4 76*3 73*4 J a n ’l l . ...1 04 83
09% 351 60 73%
do
S e rie s a . 1953 A-O 09 70 1 09
113%
B ull N V A E rie 1 st 7 s ..1910 J-D 11U% 112 1 0 D e c ’lo ....(>110
115
111*4 4 11110
Ohio A E rie 1 s t gold 6 s .. 1982 M-N 112 ........ 111*1
..........
D e o ’08
C lev A A lalion Vai g os.193b J -J I ll* * .......... 121
127
*3 D eo ’10 . . . . 120
Doug D ock consol g 0 s .. 1936 A-O 124*3...... 124
Coal A KK 1 s t c u r gu 0 s. 1922 M-N 104‘s 108 l U A pr T ( . . . . 11U .4 114
J a n ’l l
D ock A Im p 1 st c u r 0 s ..1913 J - J 101 *a.......... H)0%
. . . ! 99% 103%
N Y A G reeu D g u g 6S.1940 M-N 99* 3 ....... 9 9*4 N ov’lu .....!
99 104%
101*4 J a u ’l l
N Y Sua A W 1 st rer 68.1037 J - J 101*4 103 100*4
D
eo’Oo
F-A
2d gold 4% s.......................1937
89 93
G e n e ra l gold 6 s...............1940 F-A 80 87*4 ll089* » NJ ’no ve’10
’10 ....1 0 8 H 0*s
T e ru iU ia lls t gold 5 a ...1 9 4 3 M-N 108*3 ... 110*4 D eo ’10
....
n
o * * 110*4
M hl of N J I s t e x t o s ..1 9 4 0 A O 1 1 0 * 3 ...... 100*4 D e o 'lo .... . 98*3101*3
W ilk A E a l s t g u g 6 s ...1 9 4 2 J-D 100 ...
E v a In d la tc o u g u g O s .,1 9 2 0 J -J 110 ... 114 O c t’09

BONDS
P rice
R ange
W eek fe
Y ear
tr id a v
R a n g e or
N . r . ST O C K E X C H A N G E
J a n SO
1010
L a s t S a le
W ekk E nding J a n 20
h o w H iu a
H ig h
B id
As/c h o w
E rie A P itts S ee P e n n (Jo
111% 111%
E v a n s & T H 1 st cons 6 s. 1921 J - J 112% San. 112 % 112%
101 • 102 %
101
1 st g e n e ra l gold 5 s...........1942 A -0 1 0 0 ‘s 102 101
M t V e rn o n 1 st gold O s.. 1923 A -0 100 ........ 114 A p r’05
S u ll Co B ran ch 1 st g 6 s . 1930 A -0 90 ........ 95 J ’n e’08
L ’a rg o A So S ee Oh M A S t P
L l i n t * P e re M S ee P e re M ar
F la C A P e m n S ee S ea A ir D ine
88
02 A ng’10
88% 93
P o rt S t U D Co 1st g 4*38.1941
80 81*3 84*3 84 %
84 87
F t W A Kio G r 1 st g 4 s ... 1928
i 1a l H a r A s A S ee So P a c Co
97*3 99 97 J ’ly ’09
* Y al H * H 011882 1st 5 s . 1913
G eorgia <fe A la 1 s e e s e a A Dine
G a C ar A N o r S ee Sea A Dine
G eo rg ia Pacitio S ee So Ky
G ila V G <Ss N o r s e e So P a o Co
G onv & O sw eg al s e e N 1' C om
G ra n d Kup A In d A eeP enn KK
G ra y ’s P t T erm S ee S t D S W
96 270 94% 97%
G t N o r—C B dPQ coll tr 4 s 1921 J - J 96 Sale 95*4
95% 90
15' 94% 90%
*95% 96
K e g is te re d ./t...................... 1921
D e c ’1 0 - — 98 100
S t P a u l M «fc M an 4 s ....1 9 3 3 ? : jj 98 ........ . 99
20% J a n ’l l
125% 128*4
ls tc o n s o l gold Os.......... 1933 j - j 120*3....... 132
A y r’09
R e g iste re d .....................1933 j - j
R educed to gold 4*as 1933 j - j i o i s io5% 105*4 195*4 1 0 1*03% i'0'7’ %
108*4 J ’n e’09
K e g is te re d ..............1933 j . j
0*7 % i ’o‘6%
VIont e x t 1st gold 4 s ..1937 J-D 07 98 90 J a n 'l l
1 0 0 * 4 o c t ’oo
K e g iste re d .....................1937 J-D
J a n ’lu
09% " 9 9 * 4
E M m u N o rD iv ls t g 4s 1948 A -0 * 9 2 % 7 ; : ; 99%
.1 3 114%
14 iKMt’l*)
.Minn U nion 1 st g O s..1922 J . J 114 ........ 127
125 129
J a u ’l
M o u tC 1 st g u g Os___ 1937 J - J 127 ........
K e g iste re d .....................1937 J - J 125 ........ 130*4 viaj’O.
1 1 0 " ii*3%
U2Hi D eoTO
1 st g u a r gold 6 s........."1937 J - J 112*4 112*4 110
J ’n e ’09
W1U& S F 1st gold os 1938 J-D 113 ...
G re e n b rie r K y S ee C bes * O
87 94%
95 91*4 J a n ’l l
G u lf da S i 1 st re f A; tg 5s 01952 J - J
H a n <& S t J o See O U A <4
ousato m o S ee N Y N H A H
192 80 09% 104
H ock V ai 1 st consol g 4 *3 8 .1999 J . J 102% 102*4 102%
100% S o p ’08
K e g iste re d ............................ 1999 j . j
93 *0*5%
03
D
e
c ’lo
94*4
95*3
A
O
Col A H V 1 st e x t g 4 s .. 1948
90*4 aoO ’09
Col A T ol 1 st ex 4 s ........ 1955 F A 90 ...
11 o u s t E <fc W T ex s e e s o P ac
iiou etdP L ex iieu S ee So Kao Co
H o u s B e lt A T e rm 1st 58.1937 J-J 100 101*4 104 J 'u e ’H
104 106*4
Llu u o is u e u lr a i 1 s t g 4 s ..1951 J - J 100 102*4 107% A p j’07
K e g iste re d .........................1951 J - J
91 D ec-Ill
89% " 9*2 *
1st gold 3 * 3 8 ........................ 1951 J . J 89*3 ...
94 Sep ’09
K e g iste re d ........................ 1951 J - J
yOHjMay’OO
E x te n d e d 1st g 3*38......... 1951 A -0 87 *3 ,
so J ’J y ’uy
1st gold 3s s te rlin g .......... 1951 M-S
98
97% 100*4
Coll T ru a t gold 4 s............1952 A-O 98 Sals 98
99 J ’u e ’09
K e g iste re d ........................ 1962 A -0
96 99%
1 st re f 4 s .............................. 1955 M-N 98 Sale 97 % 9B
OV% 100%
D N O da T e x gold 4s ...1 9 5 3 M-N 98 98*4 08% 00*4
90 90
0 4 *4 J a n 11
K e g iste re d .........................1953 M-N .......... 90 00
J a n 'l l
C airo B rid g e gold 4 s ___I96 0 J-D 95 100
*8*7% " 8 8 Si
D outsvD ivdPT erni g3 His. 1963 J - J 84Ha 87 .8 7 % M ay’lO
M iddle D iv re g O s ............1921 F-A 102 . . . . 123 Muy’99
*77% * 77%
O m aha D lv 1 st g 3 s ........ 1961 F-A 74 . . . . 77*4 M a r'lu
75% 75%
S t D ouis D ivdPterm g 3s. 1951 J - J 75 . . . 75% J a u ’l l
K e g iste re d .........................1961 J - J 73% .
88% 80
G old 3 *as.......................... 1961 J-J 85 87% 89 F e b TO
101% G et ’90
K e g iste re d .....................1961 J - J
S p rin g D lv 1 st g 3*38...1961 J -J 8/ ... lo o N ov’OO
05 98
90% D e o ’lo
W e stern D ines 1 st g 4 s ..1951 F-A 95% ..
117 % 117 %
117 % Aiay’lO
B ellov * C a r 1 st Os.........1923 J-D 117 ...
95% 99
O arb A S h aw 1 st g 4 s ...1 9 3 2 M-S 94 . . . . . . 96 *4 O ct TO
114% 119
C hic S t D A N O g 6 s ...1951 J -D 115*4 110*3, 115 D e c ’lU
118 118
K e g iste re d ........................ 1951 J-D 111 116 118 M a r’lOl
G old 3 His............................ 1951 J-D 84% . . . . 90 O ct ’09
07% 97%
M einpli D iv 1 st g 4 s -..1 9 6 1 J -D 93 . . . . 97% M a r’lu
S t D Sou 1 st g u g 4 s___ 1931 M-S 05*4 . . . . 98 J ’l y ’Ub
In d B1 A W est S ee OO C A S t D
05 08
in d IU A l a 1 st g 4 s ..........L960 J • J 90*4 . . . . 90% 96%
107 >3 108 107*3 107%
107 110*4
l u t & G re a t N o r 1 st g O s..1919 M-N 100
. . . . 110 M ay’lo
100% 112
2d gold 5 s ..............................1909 M-S
100*3 107% 106% H 0%
102
112*4
T ru s t Co c e rtfs .........................
15 36
3d goiu 4 s..............................1921 M-S 14*a 15 16 N o v ’lO
103 J a n T
102
106*4
Io w a C e n tra l 1 st gold 6 s .. 1938 J-D ..........102*3
06
65 77%
G old 4 s....................................1951 M-S 0 0 Sale 06
04 05
J a m e s F <fc C lear 1 st 4 s . . . 1959 J-D 94% 94% 91% 94%
1. ai A do G it See L t> A M a
IV u n da M ich See Tol A O U
1< C F t S dfc M s e e S t D db S F
K c da m k da 15 s e e s t d <& s P
ii.au c da P aouio s e e M K da T
71% 74
K an C ity S o u 1 st gold 3 s ..1960 A -0 73% Sale 73% 7400 .
03 O ct ’
K o gistoreil............................ 1 9 5 0 A-O
09% 103
100% 101*8
K ef da im p t Os..........A p r 1050 A-O 101%
08 08
K a n sas C ity T e rm l 1 st 4s I9 6 0 J-J .......... « 7 ‘« 90% J a n 'l l
a.u n lu c k y D en t s e e L A N
iie o k da D os M o s e e C K I& P
K n o x v ille da O hio s e e So Ky
111% 111% 10 108% 112%
L a k e E rie A W 1 st g 6 s ..1937 J - J 111 ..
2d gold 6 s.......................... 1041 J - J .........106 ‘4 100*3 M a r’lo
100% 107%
N o rth O hio 1 st g u g 6 s .. 1945 A-O 108% HO 108% J a n ’l l
108% 112
D Sho da M ich S S ee N Y C ent
„ u ’10
Dell Vai N Y 1 st g u g 4 *38.1040 J - J 105%
105% 108%
107% Deo
10
K e g iste re d ............................ 1940 J - J 104% 105 105
104% 104*4
DeoO'lO
D ehigli Vai (P ut cons g 4 s .2003 M-N
94*4 98
94*4
Don V T e r Ky 1 st g u g Os. 1941 A-O 113% 114% 113% 1113%
112% 116%
K e g iste re d .............................1941 A-O l l l % 113% 109 %iO ot’ ’99
■’U9
D eh V Coal Co 1 st g u g 6 s. 1933 J - J 107*3 ••
108 N ov1
Deli da N Y 1 st g u a r g 4 s ..1940 M-S 93 ..
03% 96
93*4 M ar'TO
K e g iste re d ............................ 1045 M-S
101% F e b ’lO
K ic d a N 1 st p r o s ........ 1014 A -0 102 .
101*3 101%
101% S e p ’09
G old g u a r 6 s.....................1914 A -0 100%.
D eh da H u d K S ee c e n t ot N J
D eh da W ilkes b S ee C e n t of N J
D eroy dp C aney Vai S ee M o P
K ong D ock S ee E rie
112*3 Sale 112% 112% 3 110 113
Dong I s l’d—ls tc o n g 5s.A 1931
1 s t oonsol gold 4 s ..........ft 19 31
98*3 190
G e n e ra l gold 4 s ...................1038
94% 96 * i8 % J a n T lL — 1 93 07%
F e rry gold 4 *38...................1922 M-S 98% 100 08% J a i l’l l ' . . . J 07 100%
G old 4 s ....................................1932 J-D 91 97 90% OCt '00 ....Il..............
U ntiled gold 4 s ...................1949 M-S 04*4 95 95% J a n ’l l 1. . . . I 03% 96
D e b e n tu re gold u s............19341 J-D ’ lO l 100 104% U eo’03 1— .'I......................

( l a s a n d K le c trio
A tla n ta G D Co l s t g 5 s ...1 9 4 7 J .D 102
B k ly n U G as 1 st con g 6 3 .1946 M-N 106% Sale *l*0fl% io 7
4
B u lla lo G a s l s t g 5 s ............1947 A -0 60% 00 00% 60% 6
C olum bus G as 1 s t g 5 s ___1932 J". J
D e tro it C ity G as g 6 s .......... 1923 j - j ♦ ......... Y o i h 100 % J a n T i ....
96% S e p ’ 0 8
D e l G as Co con 1 st g 6 s ...191fc F-A 1 0 0
E q G D N Y ls t c o n g 6 s ..1932 M S 105 .......... 105 O ct TO
9 1 % o c t ’01
Gasdb E lec B e rg Co c g 5 s . 1949 J-D
U r K ap O D C o 1 st g fas...1916 F-A 98 100 1 0 0 o c t ’ 0 0
H u d so n Co G as 1 st g u s .. 1949 M-N 102% .......... 103 J a n ’l l
K a n C ity (M o) G as 1 st u 5s 1022 A O 97 .......... 97 M ar’H . ...
1
K in g s Co E l L di P g u s ... 1037 A-O 101% 101% 102
1*2
P u ro h a so m oney O s ......1007 A-O 1 12% .......... 114 O ct TO
E d E l 11 B an ls tc o n g 4 s 1039 J -J 87 % ......... b7% J a n T l
103
L ac G as D ot S t D 1 st g 6 s.e l0 1 0 %-P 103 104 L03
K ef anil e x t l s t g 6 s ........ 1931 A o 100% Hale L00% 100H 4
M ilw aukee G as D 1st 4 s ..1927 M-N 90% 92 90 J a n ’l l
N e w a rk C on G as g 6 s ___ 194b J-D
* N o p rice F riday; la te s t bid and ask ed th is w eek, a D ue -Jan

G a s a n d K le c trio L ig h t
N Y G E D 11 A P g 6 s ...1948 J-D
102% 102% 17 00% 103%
P u rc h a se m on ey g 4s. ..1 9 4 9 F-A
87% 87% 19 80 87^
Ed E l 111 1 st cons g u s ..1995 J - J * . . H i - , U O 'a O c t'lO .... n o i n n
N YdfaQElLdbP ls tc o n g 6 s l9 3 U F-A ..........101 101 J a n ’l l
100% 101%
N Y A liic h G as 1 st g us.1021 M-N ...................... 07 % J ’ly ’09
P aclflo G A E leo Co Cal G A E
c o rp u n ify in g <fe re f os 1937 M-N 91% 92% 91*4 92% 8 91 93
110% 119
p e o G as dP C 1 st con g Os.1943 A -0 U 0 % U 7 110% A ug’ 1fa
K o fu n iliu g g o ld o s.
1947 M-S 101% *62 101% 101% ” 8 101 104
ChU-DdP C ko 1st g u g 6s 1937 J - J 103 103% 103% 103% 2 102% 104%
C on G C o o t Ch 1 st g u g o s .’30 J-D 101 102% L01% 101% 2 100% 102
6 90 90
In d N a t G as A O il 30-yr 5s ’30 M-N 90 Sale 90
90
101
101
M u F u el G as 1 st g u g 6 s. 1947 M-N 100 ......... 100% J a n ’l l
H 4% ***6 99 105
P h ila d e lp h ia C o co n v us ..1919 F-A 104 Sale IU4
98 100
S yracuse L ig h tin g 1 st g u s . ’61 J-D 90 ......... 98 A ug’lo
110 M a)’05'
T ren ton G A E l 1 st g 6 s . .1041- d-fe
....................
90 J a n ’08
U n io n E loc D & P l s t g 6s. 1932 M S * 9 9 4
W e stc h e ste r D iglit’g g 6s. 1950 J -li 103% — - 104% 104% 6 |i ’o*6 i'o T
ly /j Duo Aug g D ue Deo 3 O p tio n Sale

u

u




io 5 io7%
60% 07
106
io x %
i.u i’% ioV%
ioT% io3%
97 07
.0 0
102
110% HO
80% 90
100% 105
99 101%
89% 9g%

CTO
^3*0

iH13(/KhliAN£OU8 BONOS—Coiitiuuod on Next Pago.

174

New

BONDS
N . Y. ST O C K E X C H A N G E
W bkk ENDING J A \ 20
L o n g Is la n d —( C o n )
G u a r re t gold 4 a . . . ...........1949 VJ-S
B k ly n <fo M ont 1 st g Os..1911 M -s
1 s t 5 a....................................1911 VI-S
N Y B<fe Al n 1st con g 5s 193b A-O
N Y & K B 1 st g 5 s ........1927 M-S
N o r Sh B 1st con g guoa ol93 2 Q-J
L o u isian a <fe A rk 1 st g 5s. 1927 \1-S
L ouisv ife N aaliv g en g 6 s .1930 J-D
Gold 5 s....................................1937 M-N
U nilied gold 4 s ...................1940 J - J
R e g is te re d ........................ 1940 J - J
S in k m in i gold 6 s ...............1910 A-O
Coll tr u s t gold 5 s ...............1931 M-N
E H <te N a sh 1st g O s....1 9 1 9 J-D
L Cm As L ex gold 4 4 s . .. 1931 •VI-N
N O ife M 1st gold O s .... 1930 J .J
N O ife .\1 2d gold Os........1930 J -J
P e n s a c o la D iv gold d a ... 1920 M-S
S t l D iv 1 st gold Os........1921 M-S
2d gold 3s...........................1980 (VI- 8
A tl K nox <& C m d iv 4 s .. 1955 M-N
A tl K nox ife N o r 1st g 5 s l9 4 0 J -O
R e n d e r B d g e ls ts ig O s .1 9 3 1 M-S
K e n tu c k y C e n t gold 4 s .. 1987 J - J
L& N ife M & Al 1 s t g 4 Kss 1945 M-S
Life N -S otttjl M jo in t 4 s .1952 J - J
N If la ife « 1 st g u g 5 s ... 1937 F-A
N & C B ilge g e n g u g 4 4 s 1945 J - J
P e n s ife A tl 1 s t g u g O s.. 1921 F-A
tt <& N A la con g u g 5 s .. 1930 F-A
L ife J e ll B ilge Co g u g 4 s .. 1945 ML x N A & C U bee C K t l ,
M ah o n C oal b e e L S <fe M &
a n h a tta n B y consol 4 s. 1990 A-0
R e g iste re d .....................1990 A-O
S tm p d ta x e x e m p t.. 1990 A O
M cK 'ptcfe B V b e e N Y c o m
M ex C e n t cons g 4 s ............1911 J - J
1 st cons m e g 3 s ..........a l9 3 9 P ly
2d c o n s m e g 3s tr u s t ro o ts ..
M ex lu te r n a t 1 s t con g 4s. 1977 M-S
S tam p e d g u a ra n te e d ... .1977 M-S
M ex N o rth 1 st gold O s....1 9 1 0 J -D
M ich C e n t b e e N Y C ent
M ill o t N J b e e E rie
M il L a <fe W b e e C hic <fe N W
M il & N o rth b e e C h M <fe S t P
M inn cfe S t L 1 s t gold 7 s .. 1927 J-D
P a c ilic E x 1 st gold O s...1 9 2 1 A-O
SoutJi W est E x 1 s t g 7 s .1910 J -D
1 st consol g old 5 s ............... L934 M-N
1 s t a n d re f u n d gold 4 s .. 1949 •VI- 8
D es M cfe F t i> 1 s t g u 4 s ... ’35 J - J
M inn ife S t L g u b e e B U It ife N
M S tP ifc btiM . con g 4 l u t g u ’38 JJ -. JJ
M S S M & A 1 st g 4 in i g u 1920
M inn U n b e e S t P Al ifeM
Mo K a n cfe T ex 1 st g 4 s ... 1990 J-D
2d gold 4 s ............................ j i990 F-A
1st e x t gold 5 s .....................1944 M-N
1st «fc re fu n d 4a.................. 2004 M-S
G en s f 4 4 a .......................1930 J -J
S t L D iv 1 st re f g 4 s -----2001 A-O
Dal ife W a 1 st g u g 5 s ...1940 M-N
K a n C ife P ao 1 st g 4 s ...1990 F-A
M o K & E 1 st g u g 6 s ... 1942 A-O
M K *fe O k 1 st g u o s ........ 1942 iVI-N
M K <fe T ol T 1 s t g u g 5 s. 1942 Al-S
S h e r S h ife So 1 st g u g 58.1943 J-D
T ex ife O kla 1 s t g u g o s ...1943 M-S
Mo P acific 1 s t cou gO s ...1 9 2 0 M-N
T r u s t gold 5a sta m p e d .a l9 1 7 M-S
R e g is te re d .....................a l9 1 7 M-S
1 st coll gold 5 s.....................1920 F-A
40-year gold loan 4 s ........1945 M-S
3d 7s ex til a t 4% .................1938 M-N
1 st ife re f co n v 5 s ...............1959 M S
C e n t B r R y 1 st g u g 4 s. 1919 F-A
Con B ra n c h U P l s t g 4 s. 1048 J-D
L eroy «fe C V A L l s t g 5s 1920 J - J
P a e R of M o 1 s t ox g 4s. 1938 F-A
2d e x te n d e d gold o s ... 1938 J -J
8 t L 1 r M & S g en cou g 0sl931 A-O
G en con sta m p g td g 5s 1931 A-O
U nilieU ife re f gold 4 s .. 1929 J - J
R iv ife G DiV 1 s t g 4 s .. 1933 M-N
V erdi V 1 cfe W l s t g 5a. 1920 a
M ohJ & K C i s t c ons g 5 s .l9 5 3 J -J
M ob ife O hio new gold O s..1927 J-D
1 st e x te n sio n gold 0 s ../il9 2 7 -J
G e n e ra l gold 4 s ................. 1038 n
M outgom D iv 1 s t g 6 s ..1947 F-A
8 t L tfc C airo coLi g 4 a ..g l930
G u a ra n te e d g 4 s............193i r i
M & O coll 4s b e e S o u th ern
M ohaw k & M ai b e e N Y c ife ti
M ouougalioia R iv b e e B & u
M ont C e n t b e e tit P Al ife M
M organ’s L a ife T b e e 8 1* Co
M orris ife E sse x b e e D ei Life \\
\ | a sh C h a t ife bl. L 1 s t 7 s. 1 0 1 3 J J
l i ls tc o u s o i gold 5 s.......... 1928 A-O
J a s p e rB ra n c li 1 s t g O s .. 1923 J -J
AlcAl Ai W ife A i 1 s t 0 a .. 1917 J J
T ife P B ra n c h 1 s t O s .... 191 i J - J
N ash F lo r ife S h ef b e e L ife N
N a t lty a of M o x p r 14 4 s 1957 i - J
G uar’ gen 4 s ........................ 1977 A-O
N a t of M ex p rio r lie n 4 48.1 9 2 0 J - J
1 s t consol 4 s........................ 1951 A-O
N ew 11 ife D b e e N Y N 11 & li
N J J u u o R R b e e N 1' C e n t
N Y B k in <fe M an B eil b e e L 1
,N Y C e n t& J1 R iv g 3 4 s . 1997 J - J
R e g iste re d .........................1997 J - J
D eben g 4 s .......................... 1934 M-N
L ake S h ore coll g 3 4 s ... 1998 F-A
R e g iste re d .........................1998 F-A

Coni and Iron

Buff tfe S u sq Ir o n 8 1 o s . ...1 9 3 2
D e b e n tu re 6 s ................. a 1020
Dot b tfe i c o g e n » i g 6 s .. 1 9 4 3
C o n v e rtib le d eb g 5 s ....1 9 1 1
Col In d u lsttfc coll 6s g u .,1 9 3 4
C ontin’ta lC l a t a t g u 6 s g .l9 o 2
Q r R iv C oal & O l s t g 6 s .. 1 0 1 9
I ell tfe C lear C & I I s tg O s . 1920
K an tfe 11 C tfe C 1 st a fg 6s. 1051
Pocah C on C ollier 1st s f 5s.’57
B anday C re e k Co g 5 s . . . .19 4 4
I’e n n C oal g e n 5 s ............ 1951
T en n D iv 1 st g 6 s ....... a l9 1 7
B irm D iv 1 st consol 6 a .. 1017
C all C Al Co 1 st g u g 68.1922
De B ar C * 1 Co g u g 68.1910
v ic to r F u e l 1 st 8 t 5 s ..........1953
M atron C oal tfe C o la tg 58.1949

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

York

BONDS
N . Y. ST O C K E X C H A N G E
W kkk E nding J a n 20
lieu9 5 4 06Ask4 L90ow4 Jiig/i Lov>
high, N AlYmilC entife
I I R—( C o n )
0 4 4 10u
C e n t coll g 3 4 s ___ 1998
R e g iste re d .........................1998
1 0 1 4 D eo’Ob
B eech C reek 1 st g u g 4 s .1930 j . j
103 4 ... 1 1 0 4 ^ o v ’ 0 0
R e g is te re d ........................1030 J - J
105 A p r’07
1 0 l« 8 . . .
2d g u gold o s ...................1030 J . J
1 0 4 4 ... 104 4 J a n ’l l
1 0 1 4 104
B e e c h e r E x t l s t g 3 4 s 61951 A-O
94 95*4 95*4 D e o ’to
U art tfe A d 1st g u g 4 s ... 1981 J -O
9 5 4 90
1L & 4110 4 115 4 H 5 '4
G o u v ife O s w e ls tg u g e s 1942 J-D
112 4 H 0 4
1 1 1 4 ........ L ll 4 D e c ’ 10
11 1 4 114
M oll cfe M ai 1 s t g u g 4 s .. 1991 M-S
98 8! Kale 9 8 4 98 4
9 0 4 1 0 0 4 N J J u n o R g u 1st 4 s ...1 0 8 0 F-A
0 7 4 N o v '10
N
Y ife H a rle m g 3 4 s . . . 2 0 0 0 M-N
9
7
4
0
7
4
100 4 D e o ’09
N Y ife N o rth 1 s t g 5 s ...1927 A-O
109 4 .......... 109 J a n ’l l
107 110
N
X
cfe P u 1 st cou g u g 4s 1093 A-O
112 115 l l P j J a n ’l l
1 114 115
N o r tfe A lont 1 s t g u g 5 s. 1910 A O
104 4 1 0 0 104 4 D eo’10
103 100
P in e C reek re g g u a r Os. 1932 J-D
1 2 2 4 . . . . 1 2 1 4 N o v '10
L 214 1 2 5 4 R W«fe O con I s te x t5 s ./il9 2 2 A-O
L18 . . . . 1 1 8 4 N ov’iO
1 1 8 4 118 4 O sw e tfe R 2d g u g 5 a ...e l0 1 6 F-A
100 109 106 4 N ov’ j O
105 4 110 4 R Wcfe O T R 1 st g u g 5a. 1918 M-N
113 ... . 113 S ep *10
113 114
R u tla n d 1 st con g 4 4 s . .1041 J - J
7 1 4 - — 71 M uy’09
O gtfeLCham ls t g u 4 a g l9 4 8 J -J
91 93 "ft 9 3 4 S e p ’10
01 U5 4
R ut-C an ad lB t g u g 4 s. 1049 J - J
112 4 115 112 D ec TO
11® 112
S t L aw ife A d lr l s t g 6 s . 1990 J - J
103 ____ 110 J a n ’09
2d gold Os.......................... 1006 A-O
9 4 4 95 4 9 5 4 J a u ’l l
04 9 7 4 U tic a ife B lk R iv g n g 4 s . 1922 J - J
102 105
102 4 ........ 103 D c c T u
L ak e S h o re gold 3 4 a - ...1 9 9 7 J-I>
9 0 4 Kale 9 0 4 91
88 4 92
R e g is te re d .....................1 0 9 7 J-D
107 4 LI2*4 112 4 N o v T 0
D e b e n tu re g 4 s...............1928 M-S
1 0 0 4 112 4
0 0 4 ___
2 5-year g 4 s ....................1931 M-N
110 ___ 1 1 0 4 O ct T o
L10 4 1 1 0 4
K a A ifc G R l8 tg T lc 5 s .i0 3 8 ! J - J
112 114 110 N ov'10
1094111
M ahon U’l R R 1 st 6 s ..19 3 4 J • J
92 ____ 94 G et TO
88 4 94
P itts L E rie 2d g 6 3 .a l9 2 » ; A-O
P itts M oK A Y 1 st g u 0 a .1932 J - J
2d g u a r Os.......................... 1034 J - J
0 0 4 07 4 9 6 4 *> 64
9
3
4
0
8
4
M cK ees ife B V is tg O s 1918 J - J
104 A p r'05
M
ich C e n t 5s........................1931 M-S
97 4 Sale 0 7 4 0 7 7,
04 4 90 4
R e g is te re d ....................193l|Q -M
*8--........................................1940
J-J
094 994 994 994
0 6 4 90 4
R
e g iste re d .....................1040 J - J
31"8 M ay’l u
27 4 3 1 7,
J Life 8 1 st g 3 4 s ........ 1961 M-S
30 60 2D 4 A p r ’09
1 st g 3 4 s ..........................1062 M-N
70
77 M ar’10
7*5*" "'V i'
20-year d eb 4 s .................1929 A-O
79 N o v ’10
79 70
B
a
t c tfe 8 tu r 1 s t g u g 3 s. 1989 J -D
LOO M u j’10
100
100
N Y C hic cfe a t L 1 st g 4s 1037 A-O
R e g is te re d ...................... .1937 A-O
D e b e n tu re s 4 s .................1931 M-N
W e st S h o re 1 s t 4s g u . . . 2301 J -J
R e g iste re d ........................ 2301 J - J
130
130 130
131 132 N Y ife G re e n w i a ik e s e e E rie
118 J a n ’07
1074
N
Y
ife H a r b e e N Y C cfe H u d
100 4 J ’l y ’10
100 4101
N Y L ack 3b VV b e e D L tfe W
100 1084 1 0 7 4 J a i l ’l l
1024100
N
Y
L K tfe W b e e E rie
.......... 74 74 J a n ’l l
07 4 814 N Y ife L o u g B r b e e Con 1 of N J
80 02 87 A laiT u
87
014 N Y N H ife H —C onv U s ..i0 4 8 J - J
C onv d e b e n 3 4 s ...............i9 6 0 J - J
0 7 4 08 97 J a n ’l l
004100
H o u s a to a io R con g 5 s .. 1037!M-N
0 8 4 J a n 'i o
0 8 4 0 8 4 N H tfe D e rb y cou oy 53.1018 M-N
N o rth b e e N Y C da 11
0 7 4 Sale 0 7 4 8 7 4 lb 964100 NN YY tfe
O tfe VV r e f l s t g 4 S ..ffl0 0 2 M-S
8 1 4 85 84 4 J a u ’l l
83
874
R e g is $ 5,00 0 o n ly .......... p l9 0 2 M-S
102 103 101 4 J a n ’l l
OO 105
N Y tfe P u t b e e N Y C tfe l i
80 Kale 7 9 4 80 6 i L784
854 N Y ife R B b e e L ong is la n d
8 0 4 Kale 8 6 4 80 4 91 83
4 904 N Y K «fc W b e e E rie
.......... 79 7 9 4 U e o ’ 1 0 .. 7 a 1* 71) ‘* N Y T e x tfe M b e e bo P a c Co
105 ........ . 105 J ’n e ’10 .. 105 105 N o r tfe S o u th 1 s t g 6 s .......... 1041 M-N
*90 0 1 4 90 4 9 0 4
4 03 4 N orftfe W e s tg e u g O s ........ 1031 M-N
109 II O 4 1 1 0 4 J a n ’l l .. L89
OO 113
Iin p ro v e m ’t ife e x tg O s ..1 9 3 4 F-A
:..........107 107 J a n ’l l1 ... . 103
N e w R iv e r I s t g O s ........ 1 9 8 2 A-O
1084
102 4 103 4 1 0 2 4 J a n ’l l
N
<fe W R y 1 s t con g 4 s. 1990 A-O
100
4106
4
104 109 110 4 A p r ’ 0 9
R e g is te re d ........................ 1990 A-O
1 0 4 4 109 105 4 D eo T o
ioD* i*0*5*4
D rv ’i 1 st life gen g 4 s ... 1944 J - J
109 1 0 9 4 109 4 J a n ’l l
107 111
10-25 y e a r co n v 4 s . . . . 1932 J-D
10 j4 Kale 1 0 0 4 1 0 1
I ’OOah C tfe C Jo in t 4 s .. 1941 J -D
100
1024
09 M ur TO
C
Ctfc
T 1 s t g u g 6 s .......... 1922 J -J
994
094
i b o 4 191*4 1 0 0 4 101
100
1024
S 010 V ife N E l s l g u g 4 a 1089! M-N
7 7 4 Kale 7 7 4 7 7 4
75
814 N o rth llliu o is b e e CI11 ife N W
.......... 07 9 5 4 N ov’Ob
N o rth O hio b e e L E rio W |
9 2 4 Kale 92 4 0 2 4
80 06 N o r P ac—P r io r lio n g 4 s .. 1997 1^ J
02 4 Sale 92 4 92 4
9 1 4 95
R o g ia te re d ....................... 1007| J
8 a ........ 87 4 M ay TO
80
87 4 G en eral lien g o ld 3 s ___a2U47; VJ-*
110 Mar'OG
R e g is te re d ....................a 2 9 4 7 i,H!-fJ
.......... 08 4 98 4 J a n T l
9 0 4 1 0 0 4 S t P a u l-D u i D iv g i s . . . . 1990 J *D
109 liU 110 D e o T o
D u i S h o rt L 1 st g u 6 s . . 1 9 1 0 M-S
110 113
100 4 ..... 107
10V
U B tfe t coil t r 4s A utfG tN ori
1 0 6 4 110
1 11
S ep ’09
S t P tfe N P gon g 6 s ....1 0 2 3 F-A
R e g iste re d c e rtih c ’8 ..1 9 2 3 Q-F
83 4 84 8 3 4 8 3 4
“8*1** ‘*80**
85 Kale 85
tfe D u l 1 st 6 s . . . . 1931; ^ •A
85
8 2 4 8 7 4 S t2UP a5ual ....................................
1017 A-O
102 4 J a n TO
102 4 102 4
98 D e c ’06
1 s t consol gold 4 s.......... 1008, J *D
121 122 121
W
ash
C
e
n
t
1
s
t
g
4
s
..........
1
048 Q M
121
116 1 2 1 4
115 4 Kale 115 4 116 4
U 4 1 1 7 4 N o r P a c T e r Co 1 s t g O s..10 3 3 J -J
80 4 Kale 8 6 4 86 4 * I 81
N o r R y C at b e e So P ao
90
110
......... 109 4 N ov’1 0 ___ L07 1 0 0 4 N or Vv is S e e (J S t P M tfe O
■.......... 85 76 M ay’Uol ..
N o r A M o n t b e e N Y C ent
........ . 04 0 1 N o v ’ 1 0 . . . . 94 06
D m tfe W b e e C C C ife S t L
u ,1110
! R iv K U b e e B a it ife O
O re tfe C at b e e So P ao Co
O re S h o rt L ine b e e U n P ao
O sw ego tfe R om o b e e N Y U J-D
1 >ac C oast Co 1 s t g 6 a ....1 9 4 0
ao of M isso u ri b e e M o P ao I
1 0 0 4 1 0 7 1 0 6 4 1 0 6 4 7 1 0 6 4 1 1 0 4 P e n n R R 1 st re a l e s t g 4 s . 1923 M*N
.......... 1 104 1 1 0 4 J a n ’l l . . . 1 0 8 4 110-* C onsol gold 6 a................................ Ai-S
l ID 4 ..........1 1 5 4 N o v T 0 ... 1 1 5 4 1 1 5 4 C onsol gold 4 s .................... 1 9 4 3 M-N
1 0 6 4 ..........1 0 8 4 D eo TO
108 4 L0K4 C o n v e rtib le g 3 4 s ............191‘3,M*N
1 0 0 4 ..........113 J ’ly '0 4
C o n v e rtib le g 3 4 s ............191o. J-D
II
C onsul gold 4 s ..................1948 M N
0 4 4 Sale j 0 1 4 05 70 03 4 9 5 4
A llcg V ai g e n g u g 4 8 ...1 9 1 2 M-S
8 7 4 00 8 0 4 8 J 4 1 87 4 '>2 4 D R R R tfe B g e l s t g u 4 s g . 3b;U-A
......... 101 11004 N ov’10 . . . lob-4 1 0 2 4 P h lla B alife W l s t g 4 s . . 1913:M -N
83 4 8 1 4 8 2 4 J a i l ’l l .... 83 85
Sod B ay ife So 1 st g 6 s ... 1924 J • J
U N J R R tfe C an g e u 43.1944 M-S
P e n n Co—G u a r lo t g 4 43.1 9 2 1 J *J
I
R e g iste re d ........................1921 J - J
11 8 7 4 92
G uru 3 4 8 C o ll tr u s t reg-l037IM -S
80 8 9 4 8 9 4 00
80 j 19 8 6 4 & 0 4 G u a r 3 4 s coll tr se r B ...19'A 1| f- A
87 4 88 4 88
0 3 4 Kale | 9 3 4 04 1 17 92
0 6 4 T r Co c e rtU ’s g u g 3 4 a .10^-0,M-N
8 0 4 bale
80
G u 3 4 a tr c tfs C ................1942! J -D
8 0 4 U 1 i7 0 4 8 2 4
70 10. 78 80 4 G u 3 4 s tr c tf a D ................ 1 9 4 4 J -D
7 8 4 7 9 4 79
iillS C E L l. iiN E O U S B O N D S —C o n tin u e d o n N e x t P a g o
W e ek ’ s
R a n g e or
L a st S a te

P r ic e
lY ld a v
Jan W

101

104
1044
1 044
lb 7

85
bale
105 4
103 4
..........

95

07

R ange
Y ear
1910

M 4 Jan T l
90 D eo TO
90 90
96 101
074 984
93 0 9 4
99 4 D ec TO
70 82 4
7 7 4 78
1 0 7 4 D e c ’U4
102 4 A p r’06
107 M ay’97
1 0 5 4 D ec’06
83 83
83 J ’n e’10
73 F o b ’07
1034 104 35 102 1 0 4 4
103 107
105 4 J a n ’l l
105 J a n T l
1034107
110 J a n ’09
100
100
J a u TO
A u g ’OB
6| 9 4 4 1 0 0
06

♦ Nopnoe Friday; latest bid and asked. aD u eJa n




Bond Record—Continued—Page 3

[VOL. LXXXX1I.

P rice
tr id a g
Jan W
b in

W eek ’ s
R a n ge or
L a st b a t e

ASK L o w

7 8 4 79
.......... 7 9 4
0S78 ..........
9 8 4 .........
1 0 6 4 ..........
80 4 ..........
984
93
00
974

l lig U

78 4 78 4
80 4 D e o ’itJ
u a v iio o ’n
98 4 N o v ’lo

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s0
S>3

1 78
794
97
1)8 Hi

97 4 A p r’09
9 8 4 J ’neTO
105 O ct ’02
93 A ugTO
108 O ct '09
0 5 4 N ov’10 . . . .

.........
100
..........
98 4

R ange
Y ear
1910

82 4
80 4
084
U8H;

......................
9 8 4 90 4
93 03 4
05 4 98 4

107 4 UO
100 102
100 ..........
95 ..........
86 4 .........
108 110
ib o 1 0 0 4
83 4 8 * 4
88 b b 4
03 4 9 3 4
03 4 bale
110 4 ..........
110 ..........
100 ..........
122 4 ..........
120 ..........
107 ..........
1 0 0 4 115
10B 1* ..........
97 09
03 ..........
8 0 4 90
8 0 4 87 4
9 1 4 92
99 4 9 9 4
9b:,a ..........
904 904
101 1 0 1 4
1U0 ..........

107 1 10
LUY1* Jail ’LL
104 J ’n e ’iO
HU 104
lU ’J ’s Jl'eb 'lu
1 0 1 4 1 024
85 4 85 4 1 80 4 9 1 4
92 J ’n e'09
115 J ’lie’OU
125 F e b ’08
100 N ov’iO
ib o i o i
8 9 4 8 0 4 31 89 4 92 4
88 4 8 8 4 21 88 92
9 3 4 03 4 12‘ 02 0 5 4
93 4 93 4 73 93 9 5 4
1
109 O ct ’07
iu u D o c ’uy
1 3 0 4 J a n ’00
...
.............................. 1
110 4 O ct TO . . . J 1 )0 Hi 110 ■ »
119 J ne’OO
99 J a u ’l l
09 00
08 D e c ’09
90 J ’u o o b
80 IA ic ’LO . . . J *86 00
02
02 4 4 89 02 4
0 9 4 99 4 20 U7HI l o o ’s
100
D ec’ 09
0 0 4 0 0 4 5 90 1)2
lu ll* 1UL“b i0 , 09 4 102 4
Ui)7, lu u * 8 Oli'* lUUHi

1344 1314
100 b a le
112 . . . . . .
1 0 1 4 ..........
95 4 Kale

1 3 4 4 '^ 4 4 19 1 3 0 4 135 4
00
100 U 1 9 6 4 1 0 3 4
112 4 O ct TO
1 112 4 1 1 6
107 A u g ’00
05
05 4 ' J 1 06 08
1 0 1 4 J ’ne'UU

1 0 3 4 Kale 103 4 103 Hi 1 1 0 0 1 0 1 1 .
125 .......... 125 D eo T o . . . J T ’J S 1 2 6 4
124 4 -- — 126 Alai T o
1 2 4 4 126* b
1-23 120 123 M ay TO
9 8 4 Kan. 0 8 4 99 4 20 Ob Hi 1U0
................. US J u u ’l l ___1 97 09
01 9 3 7 .
92*8 93 4 93 J a n ’l l
105 4 bale 1027g lO b ’sJIW i 94 4 1 0 8 4
9u *u b9
00 32: 80 4 90 4
104
100 N o v ’10 . . . ' lO l^i 106
97
07 4 07*41 07
94
96*4
100 4 Kalo
0 J dale
7 0 4 71
7u4
00

99
704
703^
70 D eo
08y4

694 74

0» 4 101

6J
724
96 J a n 'l l :
904 974
99
F e b To!
99
90
a 116 4 1 i l S 'a U8>«
F e b TO ... 1 1 7 i n
, . . . n o Liu
a ll’l l . . . . LUO LUO’1*
...;; 001* u 7 **
. —!| 01 aj U2'*
iU u ^ i h *,
’ 10

1104
115 *4
ib o 4
102 4 ........ 1
02 4 95 I
01

0« 4 1023*

107

1U5I* J a n ’l l . . . 1 0 2 4 1 0 8 4
A u g ’101 . . . 102 1 0 3 4
..........n o |iuu>* J a n ’0 0^
..........lo j-v D e o T o __ "102 4106
9 8 7g bUib I 9«7a 98 V 23 ! 93 4 102
9 6 4 Sale 9 0 4 90 4
94 4 07 4
104 Kale 1103 4 104 | :oo!
41 1 014 1 0 4 4
100 1 0 0 4 100 4 J a u ’l l «2 100 1 0 2 4
0 4 4 ........I.............
io i» i 1 0 1 4
1 0 1 4 ..........1 0 1 4 D eo TO,
J a n '03
100 ........102
...................... |1 0 3 4 M ay'lO :::: i b a ” io i* *
103 4
1033a 1 0 4 4 1 0 1 4 1 0 4 4
103 .......... il0 3 4 F e b TO . . . J 103*4 1 0 3 \
90 00
87 80 4 00 A u g ’10
D
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88 0 1 4
88 90 8 0 4
0534 9 8 4
07 4 9 3 4 97 J a n T l
87 4 90 | 87 A u g ’iO
87 90
...................... I 91 D e o ’09 "*“ l
........100

102

M a n u fa c tu rin g A I n d u s tr ia l
A llis-C h alm ers 1 st 5 s.........1936 J - J 7 7 Sale 7 6 4 7 7 120 72
A m A g C lient 1 st 0 5 s ........ 1028 A-O 102 4 1034 102 4 102 4 22 100
08 4 1 9 3 4
A m C ot O il e x t 4 4 s ............ 1915 o -F 0 7 4 98 98
A m H id e tfe L 1 s t a f g O s.. 1919 M-S 98 99 97 4 08 10 92 4
Hale 65 4 60 10 6 6
A m er Ic e S e c u r deb g 6 s .. 1926 A-O 66 bale
lu u
101
6 91
A m S p irits M fg 1 st g O s ..1916 M-S 101
4 92 4 1 89
Am T h re a d 1 s t col t r 4 s ..19 1 0 J -J 02 4 bale 1 92
044
1 0 6 4 293 104 4
A m T obacco 40-yr g O s.. . . 1944 A-O 1 0 5 4 Sale
81 4 8 4 4 U1J
4s................................................1051 F A 8 3 4
4
Sale 8 7 4 88 4 16 76
3 e th b te o l 1 st e x t s f 6 s . . 1920 J-J 88 bale
0 0 4 9 0 4 126 8973 4
>ont L e a th e r 20-year g 6 s. 1926 A-O 9 9 4
814 l 764
C onsol T obacco g 4 a............1951 F-A 70 4
97 4 96
96
C orn P ro d R ef s f g 5s ...1 9 3 1 M-N
93
06
2 034
1st 25-year s i 6 a ........ ....1 9 3 4 M-N 00 0 6 4 90
9 6 4 90 4 97
8 96
C uban-A m or S u g a r coll tr 6 s T 8 A-O
Sale
7 6 4 7 7 4 63 67
D istil rtoc C or co n v l e t g 5 s .*27 A O 77*4
E I d a P o n t P o w d e r 4 4 a .. 1036 J-D 83 4 Solo 8 2 4 83 H, 12 83

b Qpe Fall a D ae May p D n e j'n e A Due J’ly fcbae Aug « D aeQ ot p D ae N ot 4D ae Deo /F ist*

844
103
084
109
73 4
101
03
100 4
85s.
89
102
884
9 7 i!
04iT
07
78
884

J an . 21 1911.]
HON 1)8
N . Y. STOCK E X C H A N G E
W kkk E ndinu J a n 20

175

New York Bond Record—Concluded—Page 4
P rice
tv i'la u
J a n 40

4

W eek
R a n ge or
L a st s a l e

«0

5.®

R ange
Y ear
1010

no m i s

N . Y. ST O C K E X C H A N G E
W ecbk E nding J a n 20

P rice
F r id a y
J a n 40

W e eV a
R an ge or
L a s t S a le

I0 s0

R ange
Y ear
1010

Ua
ash' L ow
H ig n A’0 L ow llig / i
H iu h A’ol!h o w JLigh
U ta
a s k Loto
P e n n s y lv a n ia Co—( C o n )
95 H Bale 94% 95% 2 o ‘l 93 4 26%
9 8 4 J a n ’l l
94 4 99 80 P a c B B 1st ro f 4 s ..........1955 J - J lu7%
G u a r 15-25 y e a r g 4 s .... 1931 A O 98 4 99 HO
Bale 107% 103 65 1 0 3 4 1 1 1 %
S o u th e rn —1 st con g 5 s . . ..1 9 9 4 J - J
C l A M ar 1 st g u g 4 4 s .. 1935 M-N 101% .......... 11 0 % JJ aa nn *05
R e g is te re d ..................................1994 J - J
110 Alay’09
’09
Cl A P g e n g u g 4 4 S 8 e r A .’42 J - J 1 0 0 ‘s 103 109% J ’l y ’09
D evelop 3b g en Is B er A . 1950 A-O 77 '< Bale 7G% 77 4 552 73 81%
S e rie s B.............................1942 A-O 100 'ii......... 'JO A ug’09 ___!.1
M ob 3b O hio coll tr g 4 s .. 1938 M-S 85 90 80 J a n ’l l
83 4 90 4
90 ......... 90 AI ay'U8
S o ries C 3 4 s ................... 1943 M-N 90
M em D iv 1 st g 4 4 -O s...1 9 9 6 J -J 108 1 1 0 108 S e p ’u)
106 n o
S e ries D 3 4 s ...................1950 F-A U0% 95
8 / 4 Bale
87 % 87 4 5 80 4 b7
91 92% S t L ou is d lv 1 st g 4 s . . . . 1951 J - J 107
93 9 2 * 4 N o v ’I d
E rie A P itts g u g 3 4 s B . 1940 J j 90^
4 .......... 107% N ov’lC
A la C en B 1 s t g 0 s........... 1918 J - J
107% 107%
03 98% a pi '04
S e rie s C ...............................1910 J - J 103 100
4 90 4 9 3 N ov’lo ___ 8 9 4 9 3 4
A tl 3b D a n v 1 s t g 4 s ......... 1948 J • J 89
Hi 104 4 ‘le t ’09
G r R A l e x l s t g u g 4 4 s 1941 J - J 104
2d 4 s .............................................1948 J - J 82% 82% 82 4 G et ’10
104 4 ib u
... 104 J a n ’l l
82 4 82 4
P itts F t W A C 1 st 7 a ... 1912 J - J 104 ...
8
UH*..........
101*4 105®, A tlifc Yad 1 st g g u a r 4 s. 1949 A-O 107 ..........
0 1 *4 N ov’10
‘2 d 7 s .......................................1912 J - J 10334 ... 1107
1 0 0 4 N ov’10 ___ 100 4 106 4
G et ’08
C o l«& G ro e n v 1 st 0 s ........ 1916 J - J
3d 7a...................................A1912 A-O 107 .......... 109 M
107
4
109
1
1
0
F
e
b
’lo
E
T
Va
3b
G
a
B
iv
g
6
s
.
.1930
J
J
1
00
no
ay’10
109 lOii
P itts YSo Asii 1 st eon o s. 1927 M-N 1 0 7 ‘8 107 Si 107% J n n ’l l
109% 110 4 9 109 1 1 4 4
C on 1 st gold 6 s ...............1950 M-N 11 01 01 %4 Bale
107 107%
p c C A S t L g u 4 4 s A ... 19 loj A-O 107 4 108 1 0 1% J a n ’l l j 103
..........
105
4 J a n ’l l . . . . 1 0 1 % 1 0 0
E
T
o
n
re
o
r
lie
n
g
5
s
.........
1938
Ms
4
107*4
S e rie s B g u a r................. 1942|A -0
1 0 7 4 J a n ’l l .. ..t 108 >n 107 1 G a M id lan d 1 st 3 s............. 1946 A-O .......... 67
—
S e rie s C g u a r................. 1942 M-N 10931 's .....
.......... I K J a u ’ 11
98% B e e ’ 1O
i l l ' s U 3%
9 7 4 98% G a P a o tty 1 s t g 6 s ...........1922 J - J 1113
S e rie s D 4s g u a r.........1946 M-N
1 0 % .......... 110
N o v ’lo ___ 114 110
2
K n o x d b U iiio 1 s t g 6 a ... 1925 J - J
93
93
91%
.
.
.
.
00 4 94
G enes E 3 4 gw ar g -----1949 F-A
4 .......... 105 4 N o v ’10
M ob 3b lii r p rio r lion g 6 s 1945 J - J 105
105 4 103 4
S e rie s F 4s g u a r ..........1953 J -D 1 1 2
Lid J a n ’l l . . . . 111*1111'/*3
M o rtg a g e gold 4 s ..........1945 J - J _____ . ____ 82 N o v ’08
C S t L A P 1 st con g 6 s. 1932 A-O
R ich & B a n con g O s....1 9 1 5 J - J 106% S ale 105% 105% 3 105 4 i() 6 4
Pousacolu A A tl S ee L A N a sh
106%
N
o
v
’lo
. . . . 105 107**.
D e b 5 a s ta m p e d .........................1927 A-O1 0 4 % .........
Poo A E a s t S ee C 0 C A S t L
.......... 75 G e t’08
109 ........ 112 F e b ’10
R ic h 3b Aleok 1 s t g 4 s ... 1948 M-N 71 ..........
112
112
Peo ea P e k U n 1 st g 6 s ....1 9 2 1
103 4 B eo ’10
102 1 0 4
So C ar 3b G a 1 st g 6 s ___ 1919 M-N 1103
4 J a n 'l l
0 0 *1! 05
90 4 97 93
2« gold 4 4 s .......................61921 n
0
5
%
..........
112
G
e
t’00
V irg in ia Alia so r C 6 s ...1 9 1 b M-S 1 0 3 % ..........
0 1“4 d:>4 B e o 'io
07 79
P o re M a rq u e tte —l t d 4 s .. 1955 j - j
1 0 8 4 B e e ’ 06 . . . .
. . . . 1 0 0 1 U‘/ *4
S e rie s B 4-5 s.............................1921 M-S
Oil A W M 6 8 ..................... 1921 J -0 100% 103 •» l i o
.......................
110
S e rie s E 6 s ..................................1926 M-S1 0 5 % .......... 107% B e o ’09
2 108 4 1 1 2 4
F lin t A P M g Os................1920 A-O 1 1 0 4 ----9 105 4 i()7%
107
G e n e ra l 6 a ..................................1936 M-Nlo 7 107*4 1U7
1 0 1 4 1 6 ' 101
01
103
104
1014
1 st c onsol gold 5 s ..........1939 M-N 1..........
1U
5%
.........
1054N
O
V
10
G
u
a
r
s
ta
m
p
e
d
.............1936
M-N
105 4 1 0 5 4
1
0
0
1
0
1
1
0
0
1
0
2
:
P t H u ro n D iv 1 st g 5s. 1939 A-O
01 y i
W O 3b W 1 s t cy g u 4 s .. 1924 F-A 80 .......... 91 F e b TO
S ag T u s A H l s t g u g 4 s. 1931
105
1 104% 1 0 0 4
W e st N C 1 s t con g 6 s ..1914 J - J 1 0 4 % ......... 106
P lul B A W S e e P e n n B it
S
3b
N
A
ia
S
e
e
L
3b
N
....
8
6
89
83
OO
P h ilip p in e Ity ls t3 0 - y r s f 4s’37 J - J
104 1 0 2 4 102% 2 101*1,103*.
S p o k a u e In to rn a t 1 st g 5s 1955 J • J 102%
P itta Cm A S t L Sec P e n u Co
• k e r A of B t L 1 s t g 4 4 s .. 1939 A-O 1 0 6 % .......... 104% O ct TO . . . . 104% 107 4
P itts C levo 3b T ol S ee B A O
1
0
7
4
.......... 110 4 Deo TO
109 1 1 5 4
A
1
st
coll
gold
6
s
.
.
..1894
-1944
F-A
P itts F t W 3b C li S ee P e n n Co
98 J a n ’l l . . . . 96 98 4
G eu re fu n d s £ g 4 s ..........1953 J - J ..........100
P u ts M cK ees 3b Y S e e H Y Con
109
N
o
v
’lu
107%
109
100 10'J>|
S
t
L
At
R
g
e
T
o
r
g
u
g
oS.
1930
A-O
H
24N
oy’
10
.
.
.
.
1
1
2
1
1
2
'.
1
1
2
4
........
P itts Sli 3b L E 1 s t g 6 s ... 1940
wyvHj 'i y ’97
T e x 3b N G S e e So P a c Co
1 s t consol gold 5 s..............1943
1 1 4 1 1 1 4 11 108*2 lia * a
i’exdb P ao 1 st gold 5 s ........ 2000 J*B 1 1 1 4 Bate 1 70
P itts 3b W e st S ee B 3b C
Alai TO
70 70
2d gold luo 5 a....................#2000 M ai .......... bo 103 Sop
70 07 100
98 4 Sale 08
I > ead m g Co g e u g 4 s........ 1997 J -J
’09 . . . . ............
9 8 % ..........
___ 95 98 4 L a D iv B L 1 st g oa........ 1931 J - J
.......... 9 8 4
» X R e g iste re d ........................1997 J -J
W M ln W iteN W T aC g u S s'JU F-A i'o9 Bill*
95 98 4
J e rse y C e n t coll g 4 s ...1 9 5 1 A 0 .......... 97
103
109 *..
100 117*.
l'ol ufc O C 1 s t g 5 s . . .......1 9 3 5 J - J
u e u s se ia e r 3b S a r S ee B A H
1 111 Sol> '09 u
W e stern D iv 1 st g 6 s ...1 9 3 5 A-O
Rtoh A D an A'ec S o u th By
.......... 101 D ec'1 0
99 104%
G e n e ra l gold 5 s..................1935 J*B iu90O % Bale
R ich 3b M eek Seti S o u th e rn
99
9 90 4 94 4
K an 3b Al 1 s t g u g 4 a___1990 A-O 90 9 1 4 90
Bio G r W e st S ee B on 3b ltio Gr
9 1 4 B ee TO
9 1 4 93 4
T ol P 3b W 1 s t gold 4 s ....1 9 1 7 J * J 89
Rooli 3« P itts S e e B ft 3b P
.......... 87 A u g ’10
87 90
T ol B t L 3b W p r lie u g 3 4 a . 1925; J • J
Bouio W at 3b O g S ee N Y C ent
74% 7! 70 81
6 0-year gold 4 s ..................1950, A-O 71 bale 74
B u tla u u S e e N Y C e n t
| 804 864
C o U tr 48 g S c r A ............1917 F-A 81 BJ 8 2 4 B c c T u
o n g T u s A 11 S ee P e re M arq
8 0 % .......... ttU J ’no 10
87*. ill
a m 3b B ull 1 s t g 4 a ./ii9 4 b J -B
8 6 4 87 4 8 6 4 8 0 4 1 87 91 T o r H........................................................
O t J o A G r ls l 1 s t g 4 s ...194?
106 4 loo 4 0 a n 11 . . . . T oo 1 0 0
U ls te r 3b B e l 1 s t c o u g 5s 1928 J-B 100
S t L3b C airo S e e M ob 3b Ohio
1 s t re fu n d g 4 s............1952 A-O 8 14 85 4
S t L 3b Iro u M o u n t S e e M P
U n P ao B B 3b 1 g r g Is ...1 9 4 7 J - J 1 0 0 % Bale. 100 4 190% 1 6 6 | 99% 102
S t Li M B r S ee T B B A of S t L
R e g is te re d .........................1947 J - J 99% 100 99% 99% * 1 98 4 1 0 1 4
S t L ou is 3b S F — J e n g O s. 1931 J - J 1 1 8 4 1 2 0 4 120 A p r’ ___ 120 124
co u v 4 s ...................... 1927 J - J 105 4 >ale 104 4 1U6% 1030 101 110%
U e n s ra ig o ld 6 s ...................1931 J - J 107 4 ......... 1 0 7 4 ? a n ;
105 108®4 20-yr
1st
3b re f 4 s ........................ gJUUH M-S 07 *4 8 alo 27 4 97 4 71 95 98 4
.
.
.
.
89
90
4
8
8
91%
S t L«& S F B B o o n s g 4 s ..’9U J - J
d5 84 90
u r e B y 3b N a v cou g 4S .19461J-B 91 “a Uu % U0% 96% 7 94 98 4
G en 15-20 y r os ........... 1927 M-N 87 4 Bale
l n % 1 16 4 Li4% 1*0 4 0 n 3 4 117
.. . . 00*4 100*4 O re S h o rt L lu e 1 st g 0 s ..1922] F-A 112
tio u th w D iv 1 s t g 5 s ..19 4 7 A-O 99 - i .........
% Bale 112% 113 15 108% 113%
1 st c onsol g a s .................1946 J - J
8 1 4 Bale 8 1 4 8 L% 180 78*4 85
R efu n d in g g 4 s ..............1951 J - J
G u a r re lu n d 4 s ...............1929 J-D 93 % Bale 92% 93 4 72 | 91 94%
10 111
..... 1 1 0 4
117*4
K 0 F t B 3b M con g O s.. 1928 M-N 1 10
46 70 82%
R e g is te re d .....................1929 J - O
4 Bam 7 7 4 ,
K C F t S A M B y re f g 4s 1930 A-O 1 78
U tu iic b N o r gold 6 a .. 1926 J - J 100 .......... 107 4 B eo ’09 . . . . .......................
K C 33M i t * B 1 s tg u 5 s . 1929 A-O 0 0 .......... 1004 1
N J B it 3b C Co S ee P a ft U
Oz’r k A C h C l8 tg u 5 s g .l9 1 3 A-O 9 7 4 98 9 7 4 98 " 8 'u t i l "o 8 \ UU ill
ta h C e n tra l S e e ltlo G r W es
S t L o u is * o S ee Illin o is C ent
6
88
93**6 U tah3b N o rth S ee U u Pacific
9 t L B W 1 s t g 4s btl o ils . 1939 M-N 0 0 4 9 0 4 9 0 % ,
. . . . 70 87 *4 U tica A B lack It S ee N Y C ent F-A
2d g 4» ino bond O tfs...2)1989 J - J .......... 8 1 1 78 J
98 N ov’08
V a n d a lia consol g 4s ....1 9 5 5
6 j 72*4 70*„
C onsol gold 4 s.....................1932 J-D 76 4 Bale 7 5 4 .
90 A p r’10 . . . . 90 90
e ra C ru z 3 b P ls tg u 4 48lU 34 J - J
G r a y 's F t T e r l s t g u g 6 s 1947 J-D 97 ........
V er V a I in d 3b W S ee Alo P
S t P a u l 3b i>ul S ee N o r Pacific
V irg in ia M id S e e S o u th B y
S t P M in n A M au S ee G t N o r
no
0 105 110
V a «te B outhw ’t 1 st g u 5 s .2003 J - J n o 1 1 2 n o
s t P 3b N o r P ao S ee N o r P ao
90
3 01 U8*»
1 st cons 6 U-yoar 6 a ..........1958 A-O 90 bale 95
S t P 3b S 'x C ity S e e U S tP M 3bO
109
n
o
M
-N,
109
0 9 4 9 1 0 / 113>*
a
b
a
sh
1
s
t
gold
6
s
........
1939
87
10
8 A A A P a s s l s t g u g 4 s .. .19 4 3 J - J 8 6 4 Sale 8 0 4
83*4 8 8*4 W 2d gold 5 s.....................1939 F -A 1 98 4 .......... 98% 1 99
7 93 103 4
....
S P 3b N F 1 st s in k £ g 5 s . 1919 J J lu o ........ . 104 <
86 J ’l y ’10
80 80
D e b e n tu re s e rie s B ........ 1939 J • J .......... iu O
3 a v F 3b W e st S ee A ll C o ast L
1 s t lie n eq u ip s fd g 5 s .. 1921 M -s 97 4 100 9 J B cC ’lU
99 102
Solo to Val 3b N K S ee N o r 3b W
U e o ’lC
83 90
*338 81*4 8 0 ’e 1 st lie u 50 y r g te rm 4S .19541J *J U4 4 Bale 88
Seaboard A L g 4s sta m p e d '5 9 A-O 87 87 4 8 0 4 ,
0 1 1 05 •* 37tJ 66 4 77%
. . . . 99 100% 1 s t re f a n d e x t g 4 s ....I 9 6 0 J - J
C oll tr re fu n d g 6 s ..........1911 M-N 100 1004 100 i
105 1 0 8 4
i11 2 l 80*4 V8 *4 B e t 3b Cli E x t 1 st g 6 a .. 1941 J • J 107% 1 084 I 0808 4 JBaeCn ’l’iOl
A d ju s tm e n t 6 s ................. ol9 4 9 F-A 7 7 4 Bale j 7 7 4
B e s M oin B iv 1 s t g 4 s .. 1939] J - J
80 80
j... . 80 87
A tl-B irm 3 0 -y rla t g 4 a .e l9 3 3 M-8 84 4 87 8U 4 J
74
Cm B iv 1 st g 3 4 a .............1941 A-O 74 75 74
... . 0 1 0 0
1 75 77
C ar C « n t 1 st con g 4 » ... 19-19 J*J 92 ..........1 92 1
T ol 3b C h B iv 1 st g 4 a ... L941 M-S 83 86 83 Sep TO
83 90
. . . . 1U3 1U1
J
F la C en A P e n 1 st g 5 s . 1918 J - J 11 00 22 44 ..........103
44
W ab P itts T e rm 1 s t g 4 s. 1964 J*B .......... 46 4 ■ 14
6 33 62 4
.......... 1........... 1 st lan d g r e x t g 6 s . ..1 9 3 0 J -J
44 4 4 a 4 a 32 64
T r u s t Co c e r tts ...........................
> ... . 1 uu**4 1 U4
C onsol gold 5 s..................1943 J -J 1 0 1 4 107 4 104 1
6
0
. . . . 1 0 1 luo*^ 2*1 gold 4 s ..............................1954 J -B .......... 0% 6
4 114
Gu A A la R y 1 st con 6s o 1945 J - J 104 4 106 1104 4 J
64 8
T r u s t Co c o rtfs.........................
64
0 % 80
4 124
.... 104 11H34
G a C ar 3b N o 1 st g u g 6s 1929 J - J 105 4 ..........'11)4 4 J
J1. . . . 106 1 0 0 W a rre n S ee B el L ao 3b W est
s e a b 3b R oa 1 s t 6 s............ 1920 J - J 1 0 4 % ......... 1100 J
W ash C e n t S ee N o r Pao
Slier a iir 3b Bo S e e M K A T
W ash G 3b W S e e S o u th e rn
3U Bp Goa 3b G S ee A tl C oast L
W ash T errn l 1 st g u 5 4 s .. 1945, F-A .......... 90 8 8 4 J a u ’l l .. . 88 4 9 0 4
S o u th e rn Pacific Co—
st M a ry la n d 1 s t g 4 a ... 1952 A-O aU’h'salo | 80 4 87 (189 82 4 87
8
80 93 WGe011
G old 4s (C en t P ao c o ll). k l 949 J-B 9 1 4 Sale 91% ,
& co u v g I s ..............1962 A-O ...................... 7 l 4 F e b T 0 #. . I a
j 1... . 8 8
73
01
92 91 (
R e g is te re d ................... ic 1949 J-B
T ru s t Co c e rtfs ......................... I ___ .......................I ?3 n A p r’10 . . . . 6 8 4 74 4
4809 0/**4 108*4
20-year couv 4 s ......... g 1929 M-S ”u 8 4 Bale 9 7 4
i( 48 04 *4 9 8 1 W Va C e n t 3b P 1 st g Os 1911 J - J 1 0 0 4 ..........1U0 4 N o v V J |
C ent F a c 1 st re l g u * 4s 1949 F-A 0 0 4 97 90 4 ,
Y 3b P a 1 st g 6 s . . 1937 J -J 110 4 110 4 1 1 0 J4 BecTU! ... 109 *4 HO**
97 97 WGe estn Ngold
R e g iste re d .......................1949 F-A 9 6 4 9 6 4 U7 j
4 s......................... 19431A -o 8 8 4 8 9 4 ' 8 8 4 J au 11 * .... 80 4 92
... . 87*4 91
M o rt g u a r gold 3 4 a../tfl9 2 9 J -B 91 93 Ul J
In
co
m
e
oa..........................i£1943iNov .......................I 34 F e b ’uT
90
94
92
A-O
93
v a * .J
T h ro u g h s t L 1 s t g u 4s ’64
W e st N o C ar /bes 8 0 utJi B y
6 lu 3 7e 1U9
.
G H A M a M i&P 1 st o s .. 1931 M-N 107*4 108V1U8*.
W heel’g & L E 1 st g 6 s ...l9 2 0 ‘A-O 1 0 1 4 ..........*104
J a n ' l l .___ I 1 0 1 05 4
G ila V G A N 1 st g u g 5 s. 1924 M-N
..........104**. **
W heel B iv 1 s t gold 6 s ..1 9 2 8 'J - J 100 1U3 H 0 3 4 N o v ’iU ;#. . . 1 0 3 4 1104
llo u s * A W T l s t g 5 s. 1933 M-N ib*6 * 105**. 103*4 J
E
x
te
u
3
b
Im
p
gold
6
3
...1
9
3
0
]
F-A
100 1 0 2 V 1 0 2 J’ne’ 10 . . . J | 9 9 102
libs*4 i u i ' i
1 st g u a r 6s ro d ........... 1933 M-N 105 ..........103 V, {
1 s t c ousol 4 s...............1949 M-S 85 8 0 1 8 4 4 ao
4 ; 77
b74
. . . . jl00*4 110*4 H 2R0-year
11 & P C 1 st g 6 s lilt g u .. 1937 J - J 109 4 n o . loo®. eq u ip 8 f 5s ...1 9 2 2 1J - J 96
-I 98 O ct '1 0 . . . . ’ 9 3 4 9 8 4
y ....
Consol a Os lilt g u a r ... 1912 A-O 108 4 n o * a iuu *. ■*
ilk es 3b E a s t S ee E rie
... . | Oii 98*4 W
Gen noid 4s lnt gu ar.. 1921 A-O
9
4
4
9S*1
Od*a
7
,110*4 119*4 W il 3b B loax F S ee S t P M 3b Al
Waco3b N W div 1st g Os ’ 30 M-N 1 0 0
..........110*, '
J; .... 1...................... W is O e u t6 0 -y r la tg e n 4 s 1949 J - J 93 4 dale 9 3 4 9 3 4 23 90 95
A 3b N W 1st gu g 5 s . . ..1941 J-J 102 4 ..........107*-j0
Morgan’s l^a 3b T 1st 7 s . 1918 A O 116 n tt* i,ii5 * « 7
. . . . 116 1 1 5 '. 8up3b B u id iv Jb te rm 1 s t4 s’30 M-N 92% 93 4 93 J a n ’l l •— j 90 94
.... 11U*4 U0*4 T e le g r a p h a n il T e le p h o n e
1st gold Os....................... 1920 J - J
1 1 0 4 .......... n o *» (
1
_____
N o of Cal guar g 5s......... 1938 A-O
.......... 1 1 2 *
nalfc 90
90% 93! 89 4 93
Ore 3b Cal 1st guar g 5 s .19271 J-J 103 .......... 1 0 0 J
> . . . . ib o lu o A m T elo p Sr. T ol coll t r 4s 19291J - J 9 0 4 sale
C o n v e rtib le 4 s ...................1930 M- S 1 0 /4
106% 107*. 14S9 98 100>1
Bo Pao of Cal—Os E 3b F.1912 A-O 102 ..........XOJ «
.... 107 107
93
1U2 ..........111*11 *
ll 96 99
1st gold Os............................... 1912,A-O
. . . . ]...................... M ic h s ta te T ele p 1st 5s .. 1924 F-A 93 99% 08
N Y T c le p 1st Jb g e n s £ 4 4 8 .’99 M-N 98 4 dale 98 4 98% 183 1 96% 99
107*4 ..........n o •’
. ..
1st coil guar g 6s......... 1937'M-N
P a c T e l & T o l 1 s t 6 s ..........1937 J - j
97% sale 97
9 7 4 3H7 : 96 99%
HI 03 | 0 0 J
So Pao Coast ls t g u d s g.1937'J - J
9 9 -, LOO 99% 99% 3 97 10U4
02*11 0 2 3,
022
1 1 « 2 »» U2 »a W e st U nion col t r c u r 6 s . 1938 J - J
San Fran Term ! 1st 4 s . . 1950 A-O
95% 10 93 9 7 4
F d a n d re a l e s t g 4 4 s . . . I96 0 M-N 96 U6 4 05
T ex d b N O B ab B lV lstg 0 s.l9 l2 .A l-S 1 0 1 *. 102*11 101*^1
... . 1 0 1 % 1 0 2 4
C ouv 4s, S e n e s A ...........1930 AL-N 103%
103 4 1 0 3 4 L 100 4 102%
)
Con gold 6s............................. 1943 J-J1UI ..... 10 2 1
M IS C E L L A N E O U S B O N D S —C o n c lu d e d .
!> T auiilnc£uring ifc I n d iis trin l
Hnmilnctiiring S t liidiiBtrla'
Ya-Oar C hern 1 s t 15-yr 5s 1923 J-D 101 1 0 1 4 101
101^
G en E le c tric deb g 3 4 s .. 1942 F-A
924 1004
80 82
81 *. J a a ’l l
10-yr g dob 6 s ..................... 1917 J-B 111 148 146 4 148 136 130 162**, W e st E le c tric 1st 6a D eo 1922 J - J 1 0 0 % sa le IU0% 100*,
100
1004
I u t P a p e r Co 1 st oou g o s .lO lt F-A 103 104 4 L014 104% 8 too 105 W esliu g liu u se E A M s 1 6 s ’31 J -J 92 92 4 91% 9 2 4
85 9 3 4
ittivceiiiL u eou s
C onsol conv s f g 5 s ........ 1935 J -J 80 Sale 85 4 80 l l 82% 89%
90
90 4 90
l n t B t P u m p 1 st s 1 6 s ___1929 M.S 92 92 4 0 1 “4 92 4 3, 91 96% A flam e E x col tr g 4 s ........... 194b M-b
90 9 3 4
Lack aw Btool 1 st g 6 s ___19215 A-O 97 4 Sale 96% 97 4 17 95% 100 A rm o u r A C o ls tr e a le s t4 4 a ’39 J-B 93 Sale 92% 93
904 944
91
98% 90 Sep ’ll
N a t E n am A S tp g 1st 5 s .. L02- J-B
87 4 90
94 97% B u sh T e rm in a l 1 st 4 s......... 1952 A-O 91 sale 81
C onsol 5 s ................
1956 J - J
9 8 4 95 4
N Y A ir B ra k e 1s t co n v 0s ’28 M-N
95 4 98
103% 13 100 i u %
104*- 103
100 100
By S tee l S p gs le t s f 5 s ... 1 9 2 1 J - J 9 7 4 97 S 9 / 4 07 \ 3 9 0 4 9 3 4 C hic J o A 1 1 Y ard col g o s. 1916 J - J 95 4 105 100
102 104 D et Al A M Id g r in c o m e s ..1911 A-O 35 40 35
35 40
R ep u b I & 6 1st 3b c o ltr 5 s. 1934 A-O 103 4
102 O ct T t
00
90 974
U nion B ag So P 1 st s i 5 a ..1931 J - J 93 94 92
92
91% U04 lu s t i t l o r I r r ig W k s 4 4 a 1943 .M-N
05 4
50 714
S ta m p e d ..........................................
93 oil*. ln t M oreau A larino 4 4 a .. 1922 A-O 05 4 Sale 04
90 92 93 Al ay’ll
70 83
U* S i^ eath C o 8 f ( le b g 0 8 . . 191.’5 M-N 1 0 1 4 Sale 1044 104 c i 104 4 lt>5 Lnt N a v ig a tio n l a t s £ 5 s .l 9 2 5 F-A 76 78 78
90
6 85 4 9 4 4 N e w u N e S h ip A B D 5a <£1990 J - J 89
95
U 8 R e alty A I c o n v d e b g 6 s '2 4 J - J 8 0 4 90 90
91 91
80 9 0 4 N Y B o ck 60*yr l a t g 4 a .. 1951 F-A
U B R ed A R ef 1 st fl £ g (3s.1931 J - J 85 80 87 J a n ’l l
9 0 4 94
U S R u b b e r 10-yr coll trO s.'lH J-D 103% Sale 103% 103 05 10 J% 1 0 4 4 P ro v id e n c e s e c dob 4 a . . . . 1957 M-N 87 87 4 86
81 90
80 4
104 V 502 1 0 1 4 105 4 P ro v id e n t L oan Soo 4 4 a . 1921 M -S
05
u 8 sto o l C orn— j coup .<£1903 M-N 104 4 Sule 104
S I 10-00 y r o s . \ ro g _..<£1903
_ _ _ _M-N
194 4 104% 3 1 0 1 % 1063, W ash W a to r P o w _la t 5 a_.. 1939 J - J 1 0 1 4 .......... 103
* N o p rice F riday; la te s t bfd an d a sk ed th is w eek. t> D ue Feh <£ lin e A p r * D ue M ay ff D ue J ’n e A D u o ./’ly fcDue Atur oD uo O ct v D ue N ov lO n tlo n Sain




CHICAGO STOCK EXCHANGE —Stock Record—Daily, Weekly and Yearly
,

S T O C K S — H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday
Jan.

14

M onday
Jan.

16

T uesday
J an .

17

W ednesday
Jan.

18

Thursday
J an .

19

F rid a y
Jan.

20

Sale
o f the
W eek
Shares

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

17a i'ro a d s
*175 200 *175 2 0 0 *175 200 *175 2 0 0
Last Sale 185
Jan ’l l
C hicago C ity R y _____ 100
* 112 2 l 2 * 112 2 I2 *U 2 212 * 1*2 2*2 Last Sale 1>2 July’10
C
hicago
& O ak P a r k .. 100
*
6
*6
*6
____
*6
I m s I Sale 634 D ec'10
Ho p re t .................... 1 0 0
*91*2 95 *9H 2 95 *91*2 95 *91*2 95
Last Sale
Dec’10
Chic R ys p a rt ctf **1*___
2334 2334 24 24*2 9212
23l2 2312 *23*2 24 *2312 24
2434 2434 460 C hic H ys p a rt c tt ’ 2 " ___
9
9
*812 9
* 8 i2 9
* 8*2 9
*812 9
*81*
9
50 C hic H ys p a rt c t t " 3 " ___
*6
*6
6*4
*6
6 I4
6*4 * 6
6*4
Dec’4
Chic R y s p a rt c tt "4” ___
4
4*4 *334 4*4 4
4
4
4
*334 4
4
4
C hicago S u b w a y _____ 100
340
2
2
__
*20
22
*20
* 2012
*15 2019 20*2 2012
K ans C ity H y & L t-_ 1 0 0
15
*68
71 9 *68 71 * 6 8 71 *08 71
Do p r e f ___________ 1 0 0
* 21*2 2212 =*21*2 221 ? * 2 1*2 2212 * 2 1 U 2212 Last Sale 7!21 * " JDaec'Io
n
'11
M etro pot VV S K ie v ...1 0 0
*67 6812 6 8 6 8 *67 6812 *67 68*9 *67 69
Do p r e f ......................100
25
67>2
6712
22
*20
22
*20
*20
22
*20
22
Last Sale !0
N o rth w e ste rn K iev___100
Sept’10
*60 65 *60 65 *60 65 *60
iO
Jan
’l
l
Do
p r e f ___________100
• 71 72 * 6 8 72 *66*2 70 * 66*2 70 *65 70 *65
132 S o u th Side E le v a te d __100
70
*912 934 9
912 *9
9*i *9
9*4
9
9
95 S tre e ts W S tab le C L .1 0 0
*45 50 *45 60 *45 50 *45 50
Last Sale 50
D o p re f___________100
J a n 'll
A liscellancous
9t 2 912
9*4 9*? 9*? 938 93? 9*4 934 95g 97S 1,137 A m erican C a n ________ 100
7914 79*4 78*4 78*4 78*2 78l2 783S 7812 7834 80
Do
p re f___________100
930
791s
80
*260 ____ *260
*200
*260
Last Sale 65
A m erican K a dtator__100
J a n ’l l
130 130 *- - 130 *
130 *
D
o
p re f___________100
130
*130
135
130
135
**20
* ____ 75
75 75 *73 75 *73 75 *75 77 *75
100 A m er S h ip b u ild in g ...1 0 0
77
*110
111
111
*110
*110
111
*110
111
Last Sale
p re f___________100
*1421o 143 *142*2 143 *1421o 143 *143 14319 14334 14334 110i4 Jan ’l l "*50 A mDoer T elep
& T cleg _____
*40 42 *40 42
42 42
4212 *41 43 *41
15 b o o th F isheries co m ____
43
42*2
40 40
40 40 *39 40 *39 40
39*2 39*»
224 V o tin g T ru s t c tf______
68
69*2 *69 70 ♦ 69 70 *69 70 * 6 6 70 * 66* 70
140 Do p re f_________________
♦ 49 51 *49 51 *49 51 *49 51
Last Sale 0
Cat & C hic C anal & D .1 0 0
Dee’10
*1
C hic B rew ’g & M alt’g ____
*1
U 8 *1
*1
Last Sale
Nov’10
1*8
1*8
1*8
*2
3
*2
Do p re f_________________
3
*2
*2
3
3
Last Sale
O ct’10
*41 42 *41 42
4178 42
4U 2 4U? 4178 4178 4112 42
332 C hic P n e u m a tic T o o l. 100
*119 120 *119*2 120 119 11912 119 119 118 118 118 118
224 C hicago T e le p h o n e __ 100
152 152 152 152 152 153*9 15334 15334 *153 154
173 Chic T itle & T r u s t . . . 100
154
256 C om m onw ’th - E d is o n . 100
113*2 113*2 *113*2 115*2 114 114l2 113*2 114 113 114 113 113
D o r i g h t s ____________
13g IW 10
C orn P ro d R ef Co c o m ___
Jan ’l l
Last Sale 13*s
D o do
p re f____
10
78 78 *79 80 *79 SO
342 D iam o n d M atch ____ .1 0 0
9U 2 9U 2 *91 92 9U 2 92
91 91
91 911g 90 91
D o rig h ts ____________
.0U 2 J a n ’l l
0434 65*8 65*4 6 6
65 69
C412 65
68*2
70 3,524 Illinois B ric k ________100
65 6 6
*46
48
60 M asonic T em p ie_________
47 47 *40 48 *40
*46
*40
Ja n ’l l
Last Sale 3
M cC rum -IJow ell C o ..1 0 0
*63 65 * __ 55 * __ 65 * _ 65
Do p re f______________
*95 96*2 * 9 5 ogi2 *95 96*2 *95 96*2 Last Sale '7 Dec’10
Last Sale 2i8
Mllw & C hic B rew ing____
June’07
*
*
Last Sale 20
Do p re f_________________
21
21
Nov’09
21
* ____ 21 *
*116 118 *116 118 117*4 117*4 *117 119 118*4 119 118l2 12134 445 N a tio n a l B isc u it______100
27 Do p re f___________100
*124 120 124 124 *124 126 * 1 2 1 126 123*2 124
Last Sale 117*' J a n 'll
N a tio n a l C a rb o n ______100
*11512 119 **11512 119 *115*2 119 *115*2 H 9
118 118 118
Do p re f___________1 0 0
***3
118 r
*____118 *
10738 1073g 107 107*4 107 108 103 108*2 108 108*>8 l06f4 107*1*2 1,224 P e o p le’s G as L & C oke.lO O
Last Sale 11-16 Mch’09
D o rig h ts _____________
188i2 189 1*552 S cars-R o e b u c k c o m ..1 0 0
18712 187*2 187 187*2 1873.1 190 188 189 188 189 11934
120
306 Do p re f----------. . . 1 0 0
*1 19 14 1 20
119*4 1191.1 11978 11978 *11912 1 2 0 *119 120
10034 10034 10012 10034 100t2 10034 100l2 10034 100*2 10012 1003s 100S8 2,129 S w ift & Co____________ 100
8
9
7
8
10
Do rig h ts ............................
8 21,065
10
8
10
6
8
6
170 *165 170 170 170
20 T he Q u a k e r O ats C o ..1 0 0
*163*2 170 170 170 *165 170 *165
104 104 104
205 Do p re f___________100
*103*2 104 103U IO3 I4 10334 104 10334 1046*2 104
* 6*2 634 *612 634 350 U nit B ox B d & P C o .100
612 6 I2 *638 6*2 ♦ 63s 6*2 6*2
Last Sale 34
Apr’OU
Do p re f___________100
2234 23*4 23 23
2134 23
23i4 23i2 *616 W estern S to n e _______ 100
2 H2
*23 25
21

Chicago Bond Record
BONDS
C H IC A G O S T O C K
EXCHANGE
W e e k en d in g J a n . 20

InteriSl
P -r io l

P rice
F riday
Jan .

20

W eek's
Range or
Last Sale

R ange f o r Y ea r

1910

tlange for P revious Year

(1909)

Highest

H ighest

185 M ch 7 180 M ch
8 i2 J a n 2 6
Ilf O ct
7>2 J a n 7
6 O ct
109 J a n
. 97*8 D ec
36 J a n 3 3J D ec
101? D ec
16 J a n lo
8 D ec
9*8 J a n 6
0 i4 A ug 16
3 ‘4 D ee
39 J a n 5 30 D ec
773, M ch 30 78 D ec
15i8 Sep
25 J ’n e :.i
72 J ’ne 22 47 J a n
23 J n e -.M 17 N ov
66
J ’n e .l
63 J a n
60 J a n
72i2 J ne22
5438 J a n 3 29l4 A p r
104 J a n 6 97 F e b
6 -ig J ’ne30
62i2 J ’ly 26
240 A p r 25
1.6 J ’ly 19
72 F e b 7
107 A u g 6
13U4 J ’ly 30
31 J ’ne 6
29 A u g 22
56 J ’ne 6
46 D ec 17
1 Feb 4
3 S ep 23
25'2 J ’ly 20
110 M avl7
142 A ug 26
108'2 J ’ly 27
li 4 J a n 26
1312 J ’ly 9
79*4 A p r 7
82i2 Sep 30
.02 D ec 31
63 J ’ly 26
4312 M ch 9
40 M ch 17
93
J ’ne28

1358 J a n 10
82 J a n 4
261 D ec 6
135 A p r 4
841 - M aylO
112 J a n 11
142is M ch 9
43 D ec 31
41 D ec 31
74 J a n 4
65 F e b '7
1 Feb 4
3 S ep 23
47
Feb l
137 J a n 3
163 M ch 10
121i2 J a n 11
2 J a n 13
2234 J a n 8
82 F e b 28
127 .a n 6
.21 D ec 19
91 M ch 28
46 J a n 7
67*2 D ec 27
1023.1 A p r 20

101 A u g 3
118 J ’ly 19
104 F e b 24
112 F e b 10
103 J ’ly 26
148 F e b 7
1161* A ug 8
100 D ec 27
155 J ’ly 27
101 J ’ly 16
6*4 A p r 28
15 J'u e 3 0

119
125
145
123

778 J a n
713j J a n
100 J a n
126 J a n
6 H8 A pr
101 F e b
139 A ug
10
M ay
20 O ct
48 J ’ne
6 II 4 J a n
1 A pr
2's A pr
20 M ch
127 J a n
117 J a n
107 J a n
17i8 F eb
7014 M ch
117 J a n
38 Ja il
43 J a n

20 N ov
D ec 27 97*8 J a n
J a n 18 I I 8 I4 F eb
O c t 31 82 J a n
N o v 1 110 J a n
102 J a n
11514 J a n 3
i2 F e b
18634 N o v l2 65 J a n
122
M ch 8 101 J a n
100S8 J a n 8 100i2 J a n
186 F e b 19 119 J a n
106 J a n 6 98i2 J a n
»8 F eb
1538 J a n 3
334 M ch
263s D eo 16 16 F e b

35*4 N ov
86 J ’ne
O ct
132 J ’ly
8U8 D eo
112 Sop
145 N ov
40 Deo
35 D ec
/6 i2 Deo
68 A p r
1 A pr
2i2 N ov
42 Deo
140 Sep
152 G ot
12U2 J ’ly
25>8 A ug
88i» M ay
130*4 A ug
88*2 Deo
47 Sep
22514

21 j ’ne
11914 Sep
130 Sep
108*2 D ec
124 N ov
11978 A ug
1 M ch
160*2 D ec
12134 O ct
114*4 A ug
162 Deo
105 D ec
l*s M ch
0i2 J a n
26 M ch

Chicago Banks and Trust Companies
B 'ds
Sold

Range
fo r
Y ea r

1910

NAA1E

Outstand­
ing
Slock

Surplus
aw l
P rofits

D ividend Recor-l
In

In

iP e r -

Last P a id

1909 1910 iod.
t
%
H igh No. Low
Bid
A sk Low
H igh C a lu m e t N a tio n a l_____
6
An Jan *11,6
$ 1 0 0 ,0 0 0 a:$40,478 0
Mch’10
9934
9934
A m er S tra w b ’d 1st 6 s . 1911 f - A
10
1
0
J-J
Jan
'1
1
,5
1/245,210
OMi
C ity ____________ 500,000
93 “ 26 9034 94*2 CC hicago
A rm o u r & Co 4 H s___1939 J - D *9234 sale* 02-34
o n tl’ta l & C om m N a t 2 0 ,0 0 0 ,0 0 0 9,722.053 ___ . . . . Q-J Jan ’11,21*
____ ___
A u ro ra E lginA C hlc 5.1941 A - O ____ . . . . ____
10
Q-J Jan ’l l , 4
C orn E xch ang e N ational 3 .0 U0 .0 0 0 6,669.320 12
9
Cal & So C hic R y Co
8
31,317
Q-J Jan ’l l , 11*
2 0 0 ,0 0 0
D rexel S ta te ________ . . .
102 J ’ne’09
10
Q-J Jan *11, 2*2
1st M 5s........................1927 F - A;
600,000 414,934 10
D
rov
ers’
D
ep
N
a
tio
n
a
l.
. . . 101*4 O ct’09 ____ ____ . . I I E nglew ood S ta te _______ 2 0 0 ,0 0 0 1/40,916 6
Jan ’l l , 11,
0
Cass A v & F G (S t L ) 5s T 2 J - J ____ .____
Q-J
100 M ay’07 ___
Q-M D ec31’10,3«
12 j
Ohio B oard of T ra d e 4sl927 J - D
F irst N a tio n a l_________ 10 ,0 0 0 ,0 0 0 11,011,772 12 s
Q-M Dec31’10,2**
10
C hicago C ity R y 5s___1927 F - A i02«4 Sale 10234 10234 29 ioiJg i*o*3*»4 F irst N a t E nglew ood ___ 150,000 181,967 10
C hic Consol B r & M lt 6s___ J - J ____ ____ 103 A pr’04 ___ . . . . ____ F o re m a n B ros B 'k ’g C o. 1 ,0 0 0 ,0 0 0 608,578 Prlv ate B a nk
8
Q-J Jan '1 1 ,2
C hic Consol T ra c 4 H s 1939 i - D ____ ____ 50 A pr’09 ____ . . . . ____ F o rt D earborn N ational 1,5J0,000 423,646 8
C hic A u d ito riu m ls to s I9 2 9 F - A ____ ____ 96*4 Jan ’06 ___ ____ . I I I H ib ern ian B ’k ’g A s s 'n .. 1,500,000 1,003,633 8 8 + 2 Q-J Jan ’i i,2 a
____ ___ ____ I I I I K asp ar S ta te B a n k ____ 2 0 0 ,UOO 1/162,240 10 10 + 15 J-J Jan ’11 ,5
C hic D ock Co 1st 4 s .. 1929 A - () . . . . ____ ____
b us. Ma y 'io V.90, p.1277
Chic J c R R 1st M g os .1945 -Vl - S ____ . . . . 94*2 Dec’09 ___
La Salle S t N a tio n a l . . 1 ,0 0 0 ,0 0 0 263.102 Beg.
10
87 F eb ’OG ___
10
Q-M Dec31’10,21*
C hic No Sh ore E lec 6 s .1912 A - O
L ive S tock E x ch ’ge N at 1,250,000 611,617
4
65,714
4 Q + Nov *10, 1
C hic P u e Tool 1 st 5 s.a I9 2 1 J - J f*87i2 ____ 88 Dec’10
300,000
84*4 88* M onroe N a tio n a l___. . .
8
C hic R y 5s........................1027 F - A t 9778 Sale 9778
97*8 10 96 10138 N at B ank of R e p u b lic .. 2 ,0 0 0 ,0 0 0 1,278,706 8
Q-J Dec31’10.2
6
C hic R ys 4-5s series "A " A - O t ____ 95
6
91 D ec ’ 10
Q-J Jan '11, 11,
95*8 N ational C ity __________ rl,500,00U 418,761
C hic R ys 4-5s series “ U" J - D f 82*v8 Sale 82*2 83 " I S 87*2
84,695 3
4 Q-J Jan 'l l . H ,
250,000
N
a
tio
n
a
l
P
ro
d
u
c
e
_______
75
86
C hic R ys 4-5s series “O' F - A f 86 90
a x Q-J Jan ’l l , U 4
90*2 Mch’10
N o rth A venue S ta te ___ 2 0 0 ,0 0 0 1/70.952 b6 X
90*2
91
6
C hic R ys coll 0 s___1913 F - A (io o 1 0 0 *8 100
50,000 2/29,191
Q-J Jan ’ll.U *
100 " ‘S 97*4 101l8 N o rth Side S ta te S a v ’gs
4 Q-J Jan 'l l , 114
C hic R y s F u n d 0 s . .1013 F - A ____ ____ 97*4 Sep’10
1/22,228 . . . .
2 0 0 ,0 0 0
97*4 98 N o rth W est S ta te _____
7 Q-i Dec31’lo,2
C hic R ys T ein C tfs 1st 5s . . . . . ____ ____ 100*8
300,000 103,992 . . . .
- I I I 100*8 10034 P eo p le’s S tk Y ds S ta te .
A
pr’08
6
Q-M Dec30’ 1 0 ,H*
C hic R I & P R R 4 s . .2002 M - N . . . . . . . . 66*2 A uz’08
19,255 6
P ra irie S ta te ........... ............ 600,000
O ollat tr u s t g 5s— 1913 VI- S
34,450 None None ___ Jan ’08, 2
250,000
66*2 Ju lv ’08
R ailw ay E x ch an g e ____
C hic T elep h o n e 5s-------1923 J - u 1 0 2 * Sale* 1 02
300,000 1/194,357
* X Q-J Jan ’l l , H*
102
1>4
S
e
c
u
rity
____
___________
"3
10038
103**4
6
C om m onw -E dison 53.1043 n - s • 101*8 Sale 100*8 1 0 U 8 37 100l8 10278 S o u th C hicago S av in g s. 2 0 0 ,0 0 0
0 2 ,0 0 0
1 X Q-J Jan ’11,2
Ohio E dison d e b 6 3 . 1 0 1 3 j - j
Jan *11, H ,
100?8
IOOI4 100*8 S o u th Side S ta te _______ 2 0 0 .0 0 U 1/10,439 12I X 126 Q-J
Q-J Jan *11,3
.
1st g 5s____ J u ly 1926 A .- O U oo . . . I 1 00 NJ aov’lo
1,868.350
1,600,000
n
’l
l
S
ta
te
B
ank
of
C
h
ic
a
g
o
..
100
100*2
Q-M Dec31’10,2
8
'
D e b e n tu re 5s____ 1920 ,Vl- s ____
8
260,000
186,970
100*8 Aug’09
S
to
c
k
Y
ards
S
av
in
g
s___
M N Nov *10, 3
6
C om m onw E lect 5shl943 11 - s U 001 2 101" 10034 J a n 'll I I I I ioo* 1*0234 U nion B ank of C hicago. 2 0 0 ,0 0 0
6
41,261
Illinois T unnel 5?____ 1928 J - D - - - . . . . . 80 Deo’08
2:7,877 See V. 90, p. 169
W ash in g to n P a rk N a t’l 100.00J
K a n C ity R y & L ig h t
1/10,044 None None Q-M Dec31’08.1l*
50,000
W
endell
S
t
a
t
e
.
.
.
_____
Co 5 s ............................. 1913 11 - N
95*4 O ct’10
9434 95*4
7 X Q-J J a n *1 1 , 2
C e n tra l T ru « t Co of I I I .. 2 ,0 0 0 ,0 0 0 963,356 7
6
Q-J Jan *1 1 , 11,
K n lck ’b 'k e r Ice 1st 5s 1928 A - O ( I I I I *9*7** 95 Dec’10
9434 95
C hicago S av B k & T r___ n5U0,000 110,331 0
80 J a n ’l l I I I I 75 85 C hicago T itle & T r u s t.. 5 ,0 0 0 ,0 0 0 f1,627,998 0
L ak e S t E l— 1st 5 s . . .1928 J - J ( 75 80
’11,2
7 X Q-J Jan
0
A-O Oct O’lO, 3
4
In c o m e 5s____ ____ 1925 Feb . . . . . . . . 16 M ay’05 __ ’
1/ 8 ,0 2 2
C itizens T ru s t & Savings
50,0UJ
M etr W Side El—
Colonla' T ru s t & Savings 600,000 447.918 8 + 2 8 + 2 Q-J Jan *11, 21*
82l4 4 80 84 C ont 5s C om m T r & Sav 3,000,000 434.527 . . . . . . . . — _______
1st 4s............................ 1938 F - A f 82*8 Sale 82*4
78*2 J a n ’l l
8
E x ten sio n g 4s____ 1938 J - J ( 78 '4 79
76 80
Q-J J a n *11,2
D rov ers' l rust& S avIng s
131,870 8
2 0 0 ,0 0 0
6
Q-J Jan *11, 11.
M orris & Co. 4 ^ . . . . 1 9 3 9 J - J f 01*2 Sale 91*2 9134 1(3 88 93*4 Farw ell T ru s t C o .. . 1,500,000 1/173,728 3
96®8 16 9334 96>4 F irst T ru s t & S a v in g s .. 2,600,000 3,154,586 10
12
N o rth W est El 1st 4 s . 1911 M - h 96*8 Sale 90*2
Q-M Dcc31’10,4
99 A pr’10 « . . . 99 99 G u a ra n te e thrust & S a v . 2 0 0 ,0 0 0 1/19,621 Incorp orated ,1908 V.87. p.1133
N o W G -L & C oke Co 5s 28 Q - M t ____101*2
27 92*2 96*4 H arris T ru s t & S a v in g s. 1,250,000 1,502,268 9 X 1 1 + 6 Q-J Jan ’ 1 1 , 3
93
O gden G as 5s________ 1945 )1 -N 93 Sale 92*4
P e a rso n s-T a ft 5s______1916 J - U 9 8 * 2 ------ 10(FS Mch’09 ____ . . . . . . . . Illinois T ru s t & Savings 6 ,0 0 0 ,0 0 0 8.887,214 16 + 4 16 + 4 <7 Jan ’1 1 ,4
9612 96l2 E enw o od T ru s t & Savgs 2 0 0 ,0 0 0 1/59,499 6 M 7 + I X Q J Dc 3 1 T 0 , 134 t>
4.403 _____ ;_____________ .Vl - S 95 ____ 96*2 Mch’10 ____
4.60s Series E . .................. it - N 96 ____ 97 F eb ’10 ____ 97 97 L ake View T rust& S avg s 2 0 0 ,0 0 0 1/41,792 5
Q-J Jan *1 1 , 11*
12
4.80s Series F ...... ............... M -N 97*2 - - - - 98*2 Mch’10 ____ 98*2 98*2 M erchants' L o an & T rC o 3,000,000 6,084,164 12
Q - j Jan ’ 1 1 , 3
___
12134 M ay’09
0
6
Poo G as L & G 1st 6 s .1943 A - O
. . . . . . . . M etro p o llta n T ru st& S a v
237,061
750,000
Q-J
Jan *1 1 , 11,
R efu n d in g g 6s____ 1947 M - S fio i* ioi*2 101*2 J a n 'l l ____ 10034 103*4 M ichigan A ve T.’ C o­
60,665 Beg. b us. Oct 2 i)'l 0V 91,p.l221
2 0 0 .0 0 0
C hic G as L&C 1st 5sl937 J - J (103 103*4 10338 J a n ’l l ____ 103 10412 N o rth e rn T ru s t C o_____ 1.500.00U 2,455,651 8
8
Q-J Dec31’10,2
"
___
C onsum Gas 1st 5 s . 1936 J - D
6
100*4 10212
101 Dec’10
1/69,040 6
2 0 0 ,0 0 0
J-j Jan ’ 1 1 , 4
o rth -W estern T r& S av
M u t’l F u el Gas Ist5 sl9 4 7 U - N (I I " 10*1*2 10034 O c t'10 ___ 10034 101I2 PNeo
p le’s T r 3s S a v B k . 500,000 156,169 Beg. b us. Deo 1 * 1 0 V. 92, p . 96
S o u th Side E lev 4 H s.1 9 2 4 J - J t 03 94
9134 94 P u llm an T ru s t & Savgs
8
J a n ’l l
8
94
1/233,908
300,000
Q-J
S w ift & Co 1st g 5s___1914 J - J t 9978 ____ 100 J a n ’l l I I - - 99*4 100*8 S h eridan T r & Sav B ank 2 0 0 ,0 0 0 1/21,530 Beg. b us. J ’ly 1 2 '0 9Dec31’10,2
V .89,p.l41
U nion El (Loop) 5 s . . 1045 A - O
88 A pr’10 I I I - 88 88 ^ S ta n d a rd T r * S a v .. . . 1 .0 0 0 .0 0 0 262,038 Comm cnced bus. Sept
6 1910
U nion P aclllc conv 4 s_ 1 9 li VI- N
114
N
ov’04
5
1/39,003
S
to
c
k
m
e
n
's
tr
u
s
t
&
s"av
2 0 0 ,0 0 0
o
b X J-J July '1 0 .3
—
U n ite d B ox B oard col 6?'26
*70* *7*0** U nion T ru s t C o ______ 1 .2 0 0 .0 0 0 1,215,487 * 8 + 2 8 + 2 Q-M Dec31’10,2
I I I I 70 A pr’10
G eneral nitg c 6s________ j* ” j *61*
61*4
65
6
6 U 4 O ct’10
58*2
60
W
est’n
T
ru
st
*
Savings
0
148,248
1,250,000
Q-J Jan ’l l , U*
W e stern S to n e Co 5 s .. 1908 A O
85*2 Ju ly ’08
0
W est Side T r& S av B an k 2 0 0 ,0 0 0 121,938 . . . .
Q-M Dec31’10,2 *
N o te .— A ccrued in te rest m ust be added" to all Chi entro h ond prices.
W oodlaw n T rA S avM sn < 2 0 0 .0 0 0 1/56,122 G
7 X H i Jan ’11,2
, ’
no "Me* were made on this day. r Jan . 7 (close of business) for national banks and Jan . 9 (opening of business) for S tate Institu tio n s.
L H ? PJ ,I°
prlo° thls **e,elc- a Dua Ueo- 31. 6 Duo June, k Also 20% In stock, n C apital and surplus to be Increased, q Dividends arc paid Q -J.
t
T
Increase capital to $2,000,000 ratified Jan . 10. See V. 92, p. 96. s In addition tho equivalent of 4% more cam e from
First 1 rust 4 Savings B ank. < Dec. 31 1910. u In addition the equivalent
of 1%_ came from First T______
rust * e Savin
Savingsgs_____
B ank. t>________
An extra paym ent of 1 X % was m ad*
. . V.. Ul.. p. 1551, 72,
. . .17. * Nov. 10 1910. y.S" ov. ............................
l ) .j .t 14 1910. .to See
11 1910. * An extra dividend of 2% was paid Dec. 20 1910.




r

THE CHRONICLE
E lec tric C o m p a n ie s
Volume of Business at Stock Exchanges Chicago
Edison Co
Ch cago
G r’t W est Pow 5s 1 9 4 6 ..J-J 84
JAN. 21 1911.]

D id

177
B id

A sk

A sk

list
In d u stria l a n d M isccl
12
121;
e Crucible Steel_________100
86
e Kings Co El L & P C o. 100 123
e P re fe rre d ................... 100
7512 76
131
TRANSACTIONS AT T H E N EW Y O R K STOCK EXCHANGE
*11, 1%
N
arragan
(Prov)
El
Co__
50
*9312 95 >2 Davis-Daly Copper Co___10
DAILY, W EE K L Y AND YEARLY.
N Y A Cl El L & Pow Co. 100 40 50 e Diam ond M atch Co___100 91 92
P re fe rre d ........................100 70 80 duP ont (E I) de Nem Po 100 145 150
82 8312
United Electric of N J . . . 100 80
e Preferred......................100
Railroad,
1st g 4s 1949_________J-1) 78 79** e Gold 4 Ms 1936____J-D S3 831;
U.
S
.
Slate
A c .,
W eek endin'}
W estern Power com ------ 100 3934 4014 Electric B oat.......................10O 61, 12
Ponds.
Ponds.
P a r value.
P onds.
Jan . 20 D Jll.
Shares.
P re fe rre d .........................100 6412 65*2 P re fe rre d ____________ 10Q 25 35
Em pire Steel___________ loo 10 15
Saturday __________
357,215 $31,399,500 $1,595,500 $411,000
P re fe rre d ____________ 100 55 62
T ele g ra p h a n d T eleph one
529,003
Monday ____________ 405,980 34,456,1001 2.252.000
104 105
82
e General Chemical_____100
e Amer Teles A Cable— 100
823.000
587.934 52,252.050: 4.307.500
T uesday____________
e Preferred......................100 100
104
119
t
C
entral
A
So
Am
er------100
406.000
657,932 56,147,700 5,434,003
W ednesday ________
Gold
Hill
Copper..................1
105
Comm’l
Un
Tel
(N
Y)
—
25
**& 7ie
187.000
T hursday____________ 540,948 47,267,300] 3.688.500
G reene-C ananea_________20 *C«8 6%
Em pire A Bay State T el. 100 65
288,500
F rid a y ______________ 412,094 37,519,400: 3.155.000
Guggenheim E xplor’n ..l0 0 199 201
Franklin ........................ ..1 0 0 40
e Hackensack W ater Co—
e Gold A Stock Tcleg___100 110
T otal............................ 2,962,109 $259,042,650' $20.432.500^ S2.644.500
Ref g 4s ’52 op 1912_J-J 85 86
e Northw estern Telcg------ 50 110
Hall Signal Co com _____100. 15 30
60
Pacific
A
A
tlantic_______
25
Jan . 1 to Jan . 20.
8
W eek ending J an . 20.
93
H
avana
Tobacco Co____100, 6
Sales al
e Pac Telep & Teles pref 100
P re fe rre d ____________100 13 15
N ew Y ork Stock
Southern & A tlantic------- 25 90
1910.
1910.
1911.
1911.
1st g 5s June 1 1922 _J-D 60 70
Exchange.
Ilecker-Jones-Jewcll Milling
C o m p an ies
17,157,142 B * FNe rry
2,962,109 7,039,843
7,099,105
1st 0s 1922....................M-S 103 105
Stocks— No, sh a re s...
Y 1st 6s 1911___ J-J 90
Herrlng-Hall-M ar n e w .. 100 15 30
l’ar value.................. $259,042,050 $652,882,425 $014,82.1,975 $1,586,026,275 N Y A E R Ferry stk _ ..1 0 0 20
$44,600
$50,600
$14,500
$97,300
Hoboken
Land A Im p .. 100'
Bank shares, p a r____
50
1st 5s 1922....................M-N
103
P onds.
1st 5s Nov 1930.
Y * Hob 5s May ’46.J-IJ 98
$32,500 N Hob
8
$7,500
31,000
Government b o n d s...
H ouston Oil................. 100 7
106
Fy
1st
5s
1
9
4
6
..M-N
2,667,000 N Y & N J 5s 1916..........J-J 96
993,000
5,544,000
P re fe rre d .................. 100 47 47%
State bonds.................... $2,644,500
61,150,000
50,084,000
Hudson R ealty_________100 110
R R . and misc. bonds. 20,432,500 22,144,000
10th * 23d Sts F e r r y ... 100 20
95
e Ingersoll-Rand com __ 100
1st m tgc 5s 1919------J-I) 65
$63,849,500 c Union
94
S55,629,000
$23,077,000 $23,144,500
e Preferred.....................100
Ferry stock____100 26
X 33% 33%
94
Intercontinental
R
ubber
100
c 1st 5s 1920_________M-N
DAILY TRANSACTIONS AT T H E BOSTON AND PH ILA D E LPH IA
90 100
In
tern
at’l
Banking
C
o
..
100
EXCHANGES.
International N ickel____100 190 200
S h o rt-T ern i N otes
Am Clg scr A 4s 1911..M -S 100 10014 P re fe rre d ____________ 100 9H 2 93
Philadelphia.
Ser B 4s Mch 15 T 2..M -S 993s 995s 1st g 5s 1 9 3 2 .............A-O 93% 95%
Poston.
4
8
B alt A Ohio 4 Ms 1913.J-D 99% 100 International S alt______ 100
Week ending
Pon d
47 61
B ethlch Steel 6s 1914..M -N 97 9712 1st g 5s 1951_______ A-O / 50
U nlisted
Listed
P on d
U nlisted
Listed
Jan. 20 1911.
65
98%
sales.
International
Silver____100
991
4
shares.
Chic
*
Alton
5s
1913.-Al-S
shares.
sales.
shares.
shares.
Cln Ham & D 4s 1 9 1 3 ...J-J 9S14 9812 P re fe rre d ......................1 0 0 110 113
112
9,840 $67,100 C O C A St L 5s, Juno 1911. 10014 10034 1st 6s 1948__________J-I) 110
4,221 $93,000 20.093
S aturday___________ 9,388
In tern at Sm elt A Refg-.lOO 128 132
90.200
9,555
Hudson Companies—
14,593
4,364
110,000
7,355
M onday_____________
66,GOO 6s O ct 15 1911............A-0 100 10012 Internat Time R e co rd .. 100 160 186
458.400 18.093 17,513
T u e sd a y ____________ 18,354 10,490
100 105 110
Preferred ...............
58.200
6s Feb 1 1913.............. F-A 9812 99
9,400 100,500 26,706 10,498
W ednesday_________ 15,067
31,500 Interb It T g 6s 1911.-M-N 10012 100% Jones A Laughltn Steel Co
93,600 17,209 25,812
8,118
17.940
T h u rsd a y __________ 21,834
1st s f g 5s 1939_____M-N 10112 102%
55,900 IC C lty A L t 6s ’12___ M-S 9912 100
71,000 20,842 31,422
9,381
F r id a y ------------------40
Minn A S t L g 5s 1913.-F-A 9714 973.1 e Lackaw anna Steel____100 35
85
e 1st con 5s 1 9 5 0 ....-Al-S
Y C Lines E q 5s ’l l - ’22 6412% 4>4%
Total ____________ 89.9381 45,974 $927,1001 118,136 104,640 $369,500 e N4 Ms
eD eb 6s 1915_______ M-S 92 *93%
Jan 1911-1925.
6412% 4U%
N Y N II A II 5s Jan 1912 10034 101M Lanston M onotype_____100 9G14 97
4 Ms Mch 1 1912____M -S 100% lOOM Lawyers’ Mtge Co______ 100 245 250
St L A S F 4 Ms '12 op.F-A 98% 993g Leh A Wllkes-B Coal___ 60 230 265
145
5s Mch 1 1913............M-S 9012 97 e Lorlllard (P) pref_____100 135
All bond prices arc now "a n d in te re s t’' e x c e p t w here m a rk e d " I .”
South R y g 5s 1913____F-A 0812 99 Madison Sq G arden_____100 35 45
85
2d
6s
1919....................M-N
10112 10134
T
idew
ater
6s,
1913,
g
u
a
r
...
B id
A sk
B id
A sk
S tre e t R a ilw a y s
S tre e t R ailw ay s
M anhattan T ransit______20 * ll4 *Y%
W abash 4 Ms 1913____M-N
64
W est Telep A T 5s '12. F-A 10014 10034 May D ept Stores_______ 100 60 108
Pub Serv Corp N J (.Con)—
N ew York City
1005g
P re fe rre d ____________ 100 1107___
W
estlngh’sc
El
A
M
0s
1913
10Hs
New'k Pas R y 5s ’30. .J -J 107 108
8
Blecck St A Fill Fy s tk . 100 12 20
M
onongahela
R
Coal_____60
«5%
notes
O
ct
1917-A-O
9612
R apid T ran St R y ... .100 235 215
58 05
P re fe rre d _____________ 60 * 20 %
1st 5s 1921............... A-0 102 —
113 115**
B ’y A 7th Avc stk ...........100 12!) 140
M
ortgage
Bond
Co_____100
R
a
ilro
a
d
J C Hob A P aterson99 101
N at Bank of C uba______ 100 99 101
Chic Poor A St L —
.1st
4s g 1941................ M-N 74 76
N ational Surety . . . . ___ 100 18Q 185
con 5s 191;—Nee Stock Exc 104
Prior lien g 4 Ms '3 0 .M-S / 85
So J Gas E l A T ra c .. .100 125 135
102
Con
mtgo
g
5s
1930__
J-J
e N evadaCons’dC opper. See Stk E x list
90
Gu g 5s 1953_____ M-S 96% 9 7 % Incom e 5s, July 1930____ ! . . . .
ev-U tah Min A Sm ..........10 *1 1»1*
No Ilu d Co Ry bs 1911 J-J 102% 104 Chicago Subw ay.............. 100
/ 80 85
Central Coal______ 20 30 60
4 4i4 cNNNew
5s 1928 ................... J-J 102% I031j Kan A Col Pac 63 1938.F-A
14 20
Y Air Brake 6s — See Stock Exc list
Ccn Pk N A E Rlv stock. 101) 82
92
E x t 5s 1921............ M-N 98 . . . . N at Rys of Mexico — See S t Exc list N Y Biscuit 6s 1911____M-S 100
Chrlstoph'l A 10th St stk 101) Exc list
P a t R y con 6s 1931. J-D 11212 1 15 % N orthern Securities S tu b s.. 101 107 e New York Dock______100
35
Col A 9th Avc 5s — See Stock
2d 0s opt 1914----- A-O 99 101 P itts Bess A L E ------------50 *30 35
e Preferred __________100 *6*6*
Dry Dock E B A B—
95 100 So Side El (Cldc)—See Cli Icago list
P re fe rre d ......................... 60 *6212 7212 N Y Mtge A Security--.1 00 215
/ 30 40 Syracuse It T 5s 1916 .. Al-S 101 103 e R ailroad Securities Co
6
N Y T ransportation......... 20 ♦ 4
E ighth Avenue s to c k ... 100 253 325 T rent P A 11 5s 1913.. .J-D 95 ____
III C stk tr ctfs ser A___52 85 90 Nlles-Bem-Pond com ___100 95 98
Nlplsslug Mines___________5 ♦ 10% 107*
Scrip 0s 1911..............F-A / 95 too United Ry3 of St L—
Seaboard Company—
42d A Or St F’y sto c k .. 100 250 325
Ohio Copper Co...................10 * l win 1“ 16
Coin vot tr ctfs.......... 100 9% 0%
1st preferred..................100 82
—
1% 2%
42d St M A St N A vo.. . 100 ____ . . . .
e O ntario Sliver_________100
e P re fe rre d ................. .100 37% 38
Com A 2d pref — See Bal 1 Exc
Exc list Seaboard
Otis E levator com ______100 49 50
Air
Line—
2d Income 6s 1915____ l-J / 40 60 U nit Rys San Fran — See Stk Exc list
P re fe rre d ............ ............100 96% 97%
Coll 5s ex t May 1911.M-S 100 100%
Inter-M et—Sec Stock Exch inge list W ash Ry A El Co.......... .100 37 38 W est Pac 1st 5s 1 9 3 3 ..M-S 93 9314 Pittsburgh Brewing______50 *24%.
P re fe rre d _____________6 0 * 42% 42*%
P re fe rre d __________ .100 89 89%
Lex Av A Pav F 5s—See Stk Exc list
P ittsburgh Coal— See Stock Exc list
Is 1951____________ J-I) 85 86%
Mctropol S t R y —See Stk Exc list
In d u stria l a n d M isccl
Adams Exp g 4s 1 947..J-D 89'2 9012 Pope Mfg Co com ______100 64 66
N inth Avenue stock------100 155 180
P re ferred ____________ 100 74 76
Alimeek M ining....................25 *175 180
G as S ecurities
Second Avenue stock — 100 10 to
Alliance R ealty_________100 120 130 P ra tt A W hitney pref. .100 100 105
Consol 5s 1918_______F-A / 64 60
155 160 Producers Oil___________100 142 14'6
120
N ew York
American
Book_________100
t Sixth Avenue stock — 100 110
75 85 Cent Un Gas 5s 1927 — -J-J 102 103 American B rass_________100 122 126 R ealty Assoc (B klyn)___100 100 110
list American Chicle com __ 100 224 227 Royal Bak Powd com ___100 180 186
So Fer 1st 5s 1919............A-O 88 92 Con Gas (N Y)—See Stock Exc
P re fe rre d ____________ 100 107 108
P re fe rre d .........................100 100 103
l’hlrd Avenue R lt — See Stk Exc list e M utual G as.................. . 100 165 175
Am Graphophone c o m .. 100 6 10 Safety Car H eat A L t___100 124 125
T arry W P A M 5s 1928.. / 53 SO New Am sterdam G as— -J-J
24 27 Seneca M ining-------------- 2 5 * ------- S60
1st consol 5s 1948...
10OJ2 101%
P
re
fe
rre
d
____________
100
Y ’kers St R Il 5s 19 16 A-O 78 85
105 Amer H ardw are________100 128 132 Singer Mfg Co__________100 3 i0 330
88th A 29th Sts 5s '96. -A -0 / 18 22 N Y A E It Gas 1st 5s ’41 J-J 103
6
Consol 5s 1915______ .J-J 99 101 Am M alting 6s 1914____J-D 100 102 South Iron A S com ____100
3
X'wenty-tlilrd St sto c k .. 100 190 215
50
P re fe rre d ____________ 100 7 12
Press Assoc’n ____100 95 100
Union Ry 1st 6s 1942__ F-A 101 102% N Y A Richmond Gas. .100 35
99 101 Amer
Am S t Found new — See S tk Ex list Standard Cordage______100 —
%
W estchester 1st 5s ’43 J-J 65 75 Nor Un 1st 5s 1927___ M-N 60
-- - 0s 1935...........................A-0 101 10U2 1st M g 5s '31 re d ____A-0 ! 16 18
e S tandard Gas com __ .100
6812 6912 A djust M 5s A pr 1 1931.. / 2% 3%
Deb 4s 1 9 2 3 ..............F-A
e P rc fe -re d ..... ........... .100 93 - - - Brooklyn.
1st 5s 1 9 3 0 ............... M-N 102 106 American Su rety_________50 235 242 S tandard Coupler c o m .. 100 33 38
Atlan Avenue R lt—
American T hread pref____5 *4;>4 5*4
P re fe rre d ____________ 100 100
Con 5s g 1931.............A-O 101 102
Am Tobacco Co com ___ 100 420 125
Milling Co____100 16 Vs’ *
B B A W E 6s 1933___ A-0 97 102
Other Cities,
52 Amer T ypef’ders com ___100 40 43 S tandard
P re fe rre d ____________ 100 50 54
Brooklyn City Stook_____10 164 169 Am Gas A Elcc com __ ..5 0 *51
*41
42
98
102
list
..5
0
P
re
fe
rre
d
____________
100
Wlgo
1st 5s 1930........
M-N 85 88
Con 5s—See Stock Exch
Preferred .....................
Deb g 6s 1939............M-N 98 100 Standard Oil of N J ..........100 626 630
Bklyn HgtS 1st 5s 1941 A-O 98 102 Amer Light A 3'ract__ .100 283 236
3 '4 31; Swift A Oo— See Boston Stk E xc 1st
Bklyn Queens Co A Sub—
P re fe rre d ..................... .100 10312 104% Amer W riting P aper___ 100
100 30 12 32
1st 5s. S ee Chicago Stk Exc list
98 100 Bay State G a s .............. ..5 0
ft8 ■ % Preferred ________
e 1st g 5s ’ll op 1916 .J-J
1st s f g 5s ’19red 105.J-J 8934 90 Texas C om pany — See Stock ’Exc list
97 98 Btngh’ton (N Y) Gas Wk.s 95
c 1st con 5s '41 op ’16 M-N
100 Atl Git A W I SS L ines.. 100
slO e Texas A Pacific C o al.. 100 95 100
1st g 5s 1938.............. A-O
Bklyn R ap T ran — See Stock Exc list
P re fe rre d ........................100 S231* *21 Title Ins Co of N Y_____100 135 140
Conoy Is! A B klyn_____100 60 75 Brooklyn Un (ias — See Stk Exc list
Tonopah Min (Nevada}__ 1 8% 8%
5
Col tr g 5s 1959.............J-J 70%
1st cons g Is 1948----- J-J 78 83 Buffalo C ity (}33 stock. .100 3
8
Trenton Potteries c o m .. 100 4
1st 5s 1947—See Stock Exc list
B
arney
A Sm ith C ar____100
Con g 4s 1955_________ l-J 75 80
Preferred n e w _______ lOO 50 55
P re fe rre d ____________ 100
B rk C A N 5s 1939__ J-J 95 100 Cities Service Co______ .100 63 ____
Kings Co El 4s — See Stock Exc list
P re fe rre d ..................... .100 . . . . 77 B cthl’m Steel C orp — See S tk Ex list Trow Directory_________ 100 . 30
Nassau Elcc p ret-----------100 ____ __ _ Con Gas of N J 5s 193£ .J-J 90 95 Bliss Com pany com ____60 123 127 Underwood T ypew rlter.100 61% *63**
P r e f e r r e d .....................100 101 102
P re fe rre d .................... 50 123 127
5s 1944................ .........A-O 103 105 Consumers’ L H A Pow
5s 1938....................... J-D 100 ____ Bond A Mtge G uar_____100 245 250 Union Typew riter c o m .. 100 48 51
1st 4s 1951— See Stook Exc list
1st preferred_________100 104 108
N W ’b’g A F lat 1st cx 4 Ms 87 92 Denver Gas A Elec___ .100 190 210 B orden’s Cond Milk____100 123 125
83
M-N
91
2d preferred__________100 103 107
Gen g 6s 1949 op ___
Preferred .............
100 105 106
Btclnwa’y 1st 6s 1922— J-J 102 101
52
Elizabeth Gas L t C o ... .100 300 ____ B ritish Col Copper_____ 5 *6>s 634 United Bk Note C orp__ 60 *49
Essex A Hudson G as.. .100 133 135 B utte Coalition M ining. 15 *18 181;
P re ferred _____________ 60 *50 52
Other Cities
Gas El Bergen Co__ .100 79 ____ Casein Co of Ain com __ 100
234 3M United Cigar Mfrs______100 04 67
Buffalo Street R y—
103
98 100
e Preferred___________100 101
P re fe rre d ......................... 100 50 55
1st consol 6s 1931___ F-A 105 107 e Or Rap 1st 5s 1915 . . .F-A 133%
135% C asualty Co of Am er___100 125 140 U nited Copper__________100 4
. lot:
4%
Dob 6s 1917________ A-O 103 106 Hudson Co Gas............ .100
33 35 Celluloid Co.........................100 125 128
P re fe rre d _____________100 ----- 16
961.1 Indiana Lighting C o ...
Columbus (O) St R y ___ 101
U S C asualty___________100 215
1
2
Is 1958 o p ................ .F-A 63 6412 Cent Fireworks com ____100
P re fe rre d __ _________10( 100 ____
P re fe rre d ____________ 100 10 20 U S Envelope com --------100 60
Indianapolis" Gas............ -.61: I 2 I2 25
Colum Ry con 5s —See Ph la list
83 C entral Foundry________100
P re fe rre d ____________ 100 110 113
Crosst'n 1st 6s 1 933..J-D 100% 101% 1st g 5s 1952.............. ,A-(J / 78
88 92%
U S Finishing___________100 92 97
P re fe rre d ........................ 100
1 Conn Ry A Ltg com __ 10(
75 76 Jackson Gas 5s g 1937. .A-O
101 114 111%
P re fe rre d ____________100 105 110
D eb 6 s’19 re d a t 105.A1-N / 31 35
« Preferred ________ 10( 79 81 e Laclede G as.................. ..101
1st g 5s 1919.................J -J 100 105
80 102 Chesebrough Mfg Co___ 100 700
e Preferred................
1st A ref 4 M s — See Stock Exc list
Grand Rapids R y p ro f.. 101 82 85 Madison Gas 6s 1926.. .A-O 103 108 Chino Copper Co_______ 6 * 21% 21**4 Con g 5s 1929________ J-J 95 100
128 13 ) C ity Investing Co______100 50 70 U S Steel C orporation—
I Loulsv St os 1930..........J-. 1051. 105% Newark Gas 6s 19 4 4 ... -Q-J
Col tr s f 5s 1951 op t ’l l . U14 114%
P re fe rre d ........................100 98 100
Lynn A Bos 1st 5s 1924 .J-E 101 106 Newark Consol Gas----- .10! 96 98
tr s f 6s *51 not o p t.. 114 114%
t New Or! Rys A L g t ... 10(
25% 25!; e Con g 5s 1918.......... .J-L) 101 105 e Claflln (II B) com ...........100 102 106 U Col
S T it Gu A Indem ____100 . . . 92%
93 96
e 1st preferred________100
e P referred................... 10( 64 04% No Hudson L II A Pow—A-0
100 ___
e 2d preferred_______ 100
93 97 e U tah Copper Co — S ee Stk lE xc list
5s 1938.......................
Gen M g 4 Ms 1935 — See S tk Ex list
Westchester A Bronx Title
Pacific Gas A E. com. .100 07 671; Col A Hock Coal A I pf.100
Pub Serv Corp of N J . . . 101 115
A Mtge G uar..................100 160 ,166
1st g 5s 1917................. J-J / 45
T r ctfs 2% to 6% perpei 99% 100'L P re fe rre d ................... .10! 871; 88
W estlngh’so Air B ra k e .. 50 *139-% 140%
Col tr (is Oct 1956____ J-J / 45
P at A Pas Gas A Elec .100 88 92
N orth Jersey St R y ..l0 ( 60
W est El A Mfg 5s — S ee Stk ,Exc list
55
e Con g 5s 1919----- .Al-8 101% 1021- Consol Car H eating____100
1st 4s 1918_______ M-> 74 75
134 212 W orthlngt’n Pum p p re f.100 104 107
Cons T ract of N J ___ 101 72% 73% 8t Joseph Gas 5s 1937 ..J - J 90 94 Consol R ubber T ire____100
P re fe rre d ........................ 100
1st 5s 1933.............. J-D 103 104
D ebenture Is 1951..A— .Sec

Outside Securities

* F o r sh a re .

0

B asis, e Sells on S to c k E xch ang e, b u t n o t very a c tiv e . / F la t price.




n N o m in al,

s S ale p rice,

t New sto c k ,

%

K x-d lv.

i, E x -rlg h t

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R K P R IC K S — N O T P E R C E N T U M P R IC E S
Saturday
J an .

14.

M onday
Jan .

10.

Tu esda y
J an .

17.

W ednesday
Jan.

18.

Thursday
Jan

19

F rid ay
Jan

20

Sales
o f the
W eek
Shares

STO C K S
B O ST O N ST O C K
EXCHANGE

R a n ge f o r Y ea r

1910

R ange fo r P rev io u s Y e a

(1909)
Highest

H ighest

_

R a ilro a d s
1031- 103% *102% 103% 1043S 1043 104% 104% *104 1041 1037s I037g 415 A tch T op A S a n ta Fe.tO O 91% JT y 20 1231,3 J a n v
*102 103 *102 103 *102% 103% *10234 1033S 1023, 1023, *102 103
20 Do p re t__________ 100 97% A ug 2 101% J a n 7
225 225 224% 2241 225 225 225 225 225 225 224 224% 410 B oston * A lb a n y ____ 100 2i8 J ’n e io 234 Ja il 10
129 129 129 129 129% 129% 129% 1291 129 129% *129% 129% 303 B oston E le v a te d _____ 1 0 0 rl22 A ug 1 1363, Jail !>
Last Sale 216
J a n '11 ____B oston A L ow ell_______100 2()J J ’ly .7 22/ Fob .4
*211
210
*211 210 *211 210 *211 210
1171- 118 1173.1 118 11734 118 1173, 118 1177g 118 1177g 118 1,173 B osto n A M aine........... 100 i l l s D eo 31 152 F e b
Last Sale 295
J a n '11 . . _B oston & P ro v id e n c e . 100 285 O c t 4 3 0 N ov 3
♦ 295 299 *295 299 *295 299 *295 ___
Last Sale 15
Dec’10 ____B oston S u b u rb a n El C os.
14 J ’n e lo 101, N o v lS
*15 15% *15 151- *15 15% *15 15%
Jan ’11 ____ Do p re f______________ 70 JT y z l 76 A p r 7
Last Sale 72
*71 . . . *71 . . . *71 . . . *71 ___
Last Sale 10%
O ct'10 . . . . B oston & W ore E lec C os.
8 Mc;h
* _____
10 * ---------le% Sep 30
* _____
10
10 * ____ 1 0 %
____________
50 Do 39%
p re l______________ 35 A ug 29 48 .Jau 3
39% 39% *
* ____ 39% 39% 39% 39% 39%
10 C hic J u160"
n e lty A U SY .1O 0 139 S ep 16 160 D ec 9
* _____ 100
158 158 *____160
feo * _____ 100 * 111 111 ____________
85 Do p re t___________ 100 109 O ct
no no
111 112
112
lib J a n h
111 % 1111 * 1 1 0
*11012 112
Dec’10 ____C o n n e c tic u t ltiv e r____ 1 0 0 2 0 0 O c t 13 270 M ch 16
Last Sale 270
* ____205 *------205 *____265 *____205
1283, 129 12834 1283, 128% 128% 128% 128% 128% 128% 128 128% 177 F itc h b u rg , p re f_______100 1 24 % S ep 21 133% J a n 0
160 Ga Ky A E lec tric____ 100 104 J a u
* 1171- 118 118 113 *117% 118 118 118 *117% 118 118 118
123 O ct -’7
10 Do p re f________ ..1 0 0 85 A p r
*8712 . . . * 8 7 % ____ *871- . . .
87% 87% *87% . . . *87% ____
Fob 10
0 M aine C e n tra l.
1 0 0 202
*215 218 *215 218 *215 “ 218 215 215 *215 218 *215 218
18
18
18 18
*17 18 *17% 18 *17%> 18
270 Mass E lectric Cos____ 1 0 0 14% JT y ^0
18 18
84% 84% 84% 85
266 Do p re f...................... 100 75 JT y
S4% 84<2 84% 841., 84% 841 *84% 85
1491- 150 14934 1493, 149% 149% 149 150 149 149% 149% 150% 1,679 N Y N H A H a r tf o r d .100 149 A p r 28
139 Deo
1 N o rth e rn N H .
.1 0 0
*139 141 *139 141 *139 141 *139 141 *139 141 140 140
Last Sale 2 1 0
J ’ne'10 ____N orw ich A W or p r e t- 100 210 M ay l
*210
212
*210 212 *210 212 *210 212
12 O ld C olony ____
100 181% S ep 14
*
____________
____189 *182 189 188 188 187% 1871189 189 190
303,
25 M ay
33% 33% 33 33 *30
3 5 R u tla n d p re f................ I 1 0 0
*
____________
____ 35 ____
35 35
10
*____ 1 1 0
51 S e a ttle E lec tric ..............100 103 A ug 18
* 1 0 7 1 -____ *108 110 1 10 1 10 1 1 0 1 1 0 *109Last1Sale
1023 , Jan ’11
____ Do p re f_______ . . 1 0 0 98*, A uv
*102 103 *102 103 *102 103 *101 102
176 170% 170% 170% 855 U nion P a d lie..................100 153% J T y 20
1753, 170 1743, 175% 170% 176% *170 17G34 *93%
933, *923, 931 ,
8 D o p re f_________ 100 89% J T y 20
93 93 *93 93% *93 931 *93% 94
* 1 5 7 % ____ * 1 5 7 % ____ Last Sale 157% Dec’10 ____V erm o n t A M a s s .. . 1 0 0 154 O c t 15
*1571- 100 *157%
9134 92%
92 92
91% 92
438 W est E nd S t_________ 50 83 S ep 20 95% M ch
92 92>2 9134 92% *91% 92% *104%
104 104% *104 104%
105
*
*101%
1043, 105 1043, 1013,'
54 Do p re f____ I . I . . 50 99 JT y
iscellaneou
47
*40% 47
____________
47 47% 47% 48% 48% 48% 48% 48% 1,938 A raer M
*
A grlcul
C h e ms ._ l0 0 36 JT y 2
1013, 101% 102 101 1 0 1 % 101 % 1011 101% 101% 492 D o p re f____
10014 1 0 0 % 101
..1 0 0 98% D eo 22
538 5% 5% 0
5% 51
6
53,i 53_i 5% 51;
6 % 2,995 A m er P n cu Service
50 4 Deo
15% 151 *15% 16
16 16
16% 17 1,475 Do p r e t . . . .
133, Deo
151- 10 *15% 10 110
11034 110 116% 116% 116% 116 110 % 456 A m er S u g ar U ellu____ 10050 111
115 116% 110 110%
O ct
114M 1151? 115% 116 115% 116 1 10 1 10 1161, 117 1 1 0 % 1163, 328 D o p re f____
111% O ct
100
1421- 142"s 142% 142*8 142% 1431-j 143% 1443s 143% 144% 143*4 144 9,351 A m er T clcp A T ele g . 100 127% JT y
31% 31%
10 A m erican W o o len . 100 26 J ’ly 7
93 93% 93 93% 93% *9*3*% 93% 93% 569
921- 921? 92% 93
D o p re l..............
100 90% D eo 7
9
8%
8%
9
9% 10
10
10
7 M ch lb
478 A tl G ulf A W X S S L .1 0 0
23 23% *223, 23% 23%_ 24
654
D
o
p
re
f.......................
100 16 M ayio
*6
*0
6%
61- * 0
6%
61 *6
Last Sale 5%
Jan
’l
l
4%
JT y 28
B
oston
L
a
n
d
.
10
*1451.1 148 *140 147% *146 147% *146% 147% 140 146 *145*, 146%
10 C urnb T clep A T eleg* 100 138% JT y 2b
7% *7% 71
71- 71 *7
7i.i 778 73, 8
7*, 7% 1,235 E a st B oston L and
7%
A p r 14
288 290 290 290 290 290 290 290 1288 283 287% 288
152 E dison E lec Iliu m . 1*100 /;239 Ja ;: 20
1503.1 1521- 151 151 151 152 152 152% 151 151% 152 152% 388
E lectric
100
135 JT y .6
9H - 913.r 91% 913, 9 1 9 3 1 x9134 92% 92% 93% 93% 94 10,713 GMeneral
assachusettsG asC os" 1 0 0 76% Fob 8
901,1 963, 96% 96-8 96% 9031 90 90% 90% 97
90
96
615 Do p re t.......................100 89 M ay lb
*213 215 *213 215
♦ 2131- 215
Last Sale 213% Jan ’11
M
erg
en th aler L ino___100 2 1 2 % D eo 27
* 4 .% 5
*4’s 5 '*4% ” 5" *4% 5
Last Sale 4%
Jan ’11
exican T e le p h o n e .. 10
2*, J a n 3
112 *112 113
112
1121.1 112
113 113 113 113 113% 113% 164 M
N E C o tto n Y a rn ____ 100 107 S ep 22
1071- 1071­ *1071- 110 107% 1071 *107% 110 107% 107% *107% 110
11
Do p re f____________ 1 0 0 99% A ug 3
137 13 7%
137 1371
137% 138 138 138
472 N E T ele p h o n e _______100 129% A ug 17
*96
*96
*96
*96
Last Sale
Jan’ 11
Pacific C o ast P o w e r. 100
N 0V 2 j
159% 160 160 160 160 160 160 160 1593, 160% 160 1603, '321 P u llm a n Co___________ 1 0 0 193%
53
J ’neao
123, 123, * 1 2 13
*12
13
13 13 *127g 13
12 %
43 R eece B u tto n -H o le ” 10 11% J a u 15
12 %
100*, 1003, A1 0 0 % 1003, 100-g 1003, 100% 1003, 100% 1003, 100% 100% 653 S w ift A C o_________ 100 100 J a u 24
*34 35
35 35
35 35
35 35
35 35 x31
31
197 T o rrln g to n ...................... 25 28 M ch 30
283, 29 *28% 20 *28% 29 *28
*281, 29 *2S3, 29
34 Do p re f_____________25 27 J a n lb
29
186% 187 186 187 186 186% 1861- 190 190 192% 190% 192 1.016 U nited F r u it__________ 1 0 0 105% J a n 15
543, 55
55 55
55 551, 56 56
553, 55*4 553, 653, 897 Un Shoe M ach C o r p .. 25 463, JT y 2
28% 28% 28% 281- 28% 29
29 29
29 29
29
349 D o p re f_____________25 25% JT y 9­
29
76% 77% 757s 763g, 76% 77% 773,8 78
70*, 771 77
77% 17,595 U S Steel C o rp ________ 100 013S J T y 20
118% 1181- 1187g 118% 1187s 119 119% 1193k 118% 118% 118% 1187g
246 Do p re f____________100 111 J T y 26
17 17 *163, 18
16% 18
18 19% 19% 19% *18
19% 437 TVest T elep A T e le g ..1 0 0 14 F e b H
91% 91% *91 92% 92% 92% 92 92% 92% 92% * 8 8‘
403 Do p re f___________ 100 81 A ug 15
90
. ,
M ining
* 6 % 63* 6 % 63, 6 % 6 % * 6 % 7
6%
7
47* O c t
A d v e n tu re C on_______25
10 F eb
6%
6%
235
73, 73, 7% 77g
73,
143, S ep 15
8
180 Aigomab Mining ............... 25
36 36% 361- 3612 367% 36 *35 35% *35' 36%
A
ilouez_____________
25
35
63
F
e
b
2t
35
205
61% 643, 63% 64
637g 643, 64 643, 63% 64"g 637g 65% 7,229 A m a lg a m a te d C opper*100
90*, j a n
25% 25% 25 25 *25% 253, 25% 251- *25%
25
4u% J a n
25% 705 A m Z inc L ead A S i n .. 25
14 14 *133, 141, 14 141- 14 14% 14 2534
14%
14
14%
503,
Jan
1,095
A
rizona
C
o
m
m
ercial25
41- *4
*1
5
*4
5
*4
41- *4
41
4
25
4
12 % J a n 14
200 A t l a n t i c _____
► .50 .55 *.50 .55 *.50 .55 .50 .50
.50 .50 *.50
B
o
nanza
D
ev
Co
10
350
.55
70
M ch 2s
1 2 % 1 2 % *113, 1 2 % * 1 2
12 % * 1 2
- 12% 12% * 1 2
12%
140 Bos A C orbC op ASM Mg 5
241 , J a n 13
63g 63* 6 % 6 % 6 121
6%
612 173,
6%
6%
6%
6%
755
6%
-B a la lc la v a C o p . 10
18% M ay25
173p 173, 173, *173, 18%
18 18
18% 18% 18-% 18% 585 BB uu tte
tte C o alitio n ____ _ 15
28% J a u
463, 47
47 47% 47 47
46% 47
46 47
40*, 48% 708 C a lu m et A A riz o n a .. 10
103 J a n
515 515 510 512 515 517 518 518 515 620 515 516
53 C a lu m et A lle c la ___ 25
085 J a n
*12
13 * 12 % 13
12
12 % 12%
12
12
121 12%
12%
C
e
n
te
n
n
ia
l____________
25
195
38 J a n
.05 .06 * .05 .06 .05 .05 *.05 .06
*.05 .06 .05 .05 950 Cons M ercur G o ld .
1
.10 J a n 10
68
681,* 6 8 68
673, 68
67% 67% 67%
*67% 6 8
319 D pPPer R ange Con Co 100
85 J a n
*3% 33g *3% 3»s *3% 33g *3% 3% 3% 67%
3
3
3%
90
D a ly -W e st_______ . 2 0
9 5sM ch28
123a 12 1 2 % 1 2 % 1 2 % 12 % 13
12
12% 12 %
12 %
123, 8,588 E ast B u tte C op M in .. 10
14 N o v 141
Last Sale .2 0
J a n ’11
E lm R iv e r____________ 12
2%
F eb ,8
8%
9
9
9
8%
8%
8
8%
7%
7*4
7% 7% 4*404 F r a n k lin _______
25
22% M ch 9
63, *61- 63, 6 % 6 5g 0 % 61- 0 % 6 %
6%
6%
6 % 1,255 G iroux C o n so lid a te d .
12% j a n lo
*37 38 *36 371* 36 36 *37 38
38 38
38
38
77
G
ra
n
b
y
C
o
n
s
o
lid
a
te
d
.100
111% J a n
6%
6%
613 63g
6 9-16
6%
6 7-16
6% 6 11-16 3,638 G reene C a n a n ea _____ 20
1178 J a n
21
2034 2 1 % 21 2165,s 2 0 *, 2161 21
22
21
*21
21
525 H ancock C o n so lid ated 25
36 J a n 12
1%
*1
1*4 U t 1*4 *1
1%
T% *1
1
1<4
435
H
e
lv
etia
C
o
p
p
er____
_
25
1%
5% J a n
1 2 % 12%
1238 121- 1 2 % 123, 1 2 % 1 2 % 12
12
12%
12
520 In d ia n a M ining_______25
4434 M ch
321- 32% 32% 32% 32% 321- *32 321 32% 32%
33 33
181 Islan d C reek C o a l ___
333 , O c t 29
88
88
88
88
88
881 88
88
88 % 88%
88%
883,
490 D o p re f_________ _ .
90 N ov 26
143, 143, 14% 143, 14% 143, 227
14% 143, 14% 141- 15 15
R o y ale C o p p e r.. 25
28% J a n
678 67g 6 78 7 0 15-16 7
7
73,s 7% 7% 7% 7% 2,628 Isle
K err l a k e ____________ 5
11 J a n
3% *3
31- *3
*3
3% *3
313
85
K
ew
eenaw
C
o
p
p
e
r___25
63, J a n 14
343, 35 *343, 35
343, 35% 34 31
34
34
343, 1,201 L ake C o pper C o_____ 25
94% J a n 22
4%
43, 43, 4% 34%
4^4 43« 43,
43,
43.
411,011
La
Salle
C
o
p
p
er_____
25
19 J a n 11
7%
73, 734 *7
7
71, 7% 71- 7% 7% 7% 71? 395 Mass C onsol_________ _ 25
10*3 O c t 13
.40 .60 *.35 .60- + .35 .50 *.35 .50
Last Sale .50
Jan ’11
M ayflow er __________ 26
l% J a n 13
.03 .10 .07 .15 3*450 M exico C ons M A S . . 10
6 Jan 7
*193S 19-8 *193g 193S 193g 193g 19% 19%
187S
19%
19%
187s
350
M
iami
C
o
p
p
e
r
.._____
5
29
J a n 4*
234
3
*234
*23, 3
3
3
23, 23, *23, 3
190 M ic h ig a n _______________25
81-J a n 2IT
*45 40 *44 45% 44% 441 *44 45
441­ 45 *45
84 M ohaw k_____________ 25
75
J
a n 22
187g 19 *183, 19 *183, 19
19
19
183, 18»4 18% 46
19
013 N evada C o n s o lid a te d . 5
2 7 % J a n 11
3% 3% 3% 31­ 31 1.530
3% 3% 3
3% 23, 3% 3
A rc a d ia n C o pper 25
10% J a n 12
1034 1034
103i 1034 1034 107g 10%
103, 11
103, 107i 652 NNew
lplsslng
M
ines_____
6
12 M a y 2 ‘
28
28% 27% 27% 28 28% 28% 285S 28 28
28% 29 2.531 N o rth B u tte ___________ 15
60
Jan 3
07g *6 % 7
7
63i 7
7% * 6 % 7'j
6 'g
0%
N o rth L ak e ____________ 25
257g M cll 7
*5
6
5
53, 53, 53, ♦ 5% 53, *5% 60 % 105
6
6
80
O
Jlbw
av
M
inina”
”
.
25
123, J a n 14
.50 .50 ■ .40 .60 * .45 .55 .50 .50
♦ .45 .60 *.50 .00 300 O ld C o l o n y . . . . . ; ; " 26
I*, F e b 1
41 41% *40
40% 40% 40% 40% 455 O ld D om inion C o____ 2 5
40% 401 *40% 41
55 J a n 3
110% 110% 1 1 0 fid
n o n o 1 10 1 10 1 1 0 1 1 0 1 10 112
48 O s c e o la _______
25
166 J a n 3
1134 113 , *113, 13
*1134 12
113, 113, 113, 113, 113, 113, 298
P a rro t S ilver A *CopI 10
213, J a n 3
6934 693,
70
70 71 *____ 70
70
70
70
54 Q u in c y ................... K 25
92 M ch 9
18% 183g 18% 18% *177g 18
17% 17% 17%
18 18
660 R ay Consol C o p p e r” 10
243, M ch b
* 1% 13, * 1% 1*4 * 1% 13g * 1% 1% 1 % 1% 1>4 17%
200 S a n ta h e G old A C op 10
1%
2*, J a n 3
1% N ov
11% 113,
11% 1 1 %
11 % 113,
111- n % 113, 113, 1,520 S h a n n o n _____
1 l*g 11%
10
18 J a n 3 13% F eb
.88
.80 .87 .80 .85 .80 .80
.88
.80
.80
.80
.80 2,195 S o u th U ta h M*A*S
5
33,
J
a
n
19
39 39 *38 39 *38% 39
383,
39
39
39
*38%
39
235 S u p erio r____ . . .
25
68% J a n 14 34 J a n
53.1 534
4% 47g 4
4% 4
4% 4.095
r A B o s to n 'ifln 1 0
137s 137g 145% 145% 1443, 145
18 J a n 12 13% N ov
14 14
14 14% 14% 14% 3.060 Ss uu pp eerio
rio
rA
P
ltts
C
o
p
p
.
10
16% J a n 10 1278 A pr
45 45 ♦ 43 45
45
45% *45
*45
46
45
45
35 T a m a r a c k ____
25
4% 4% 4% 4% *4% 4% 4% "4%
78 ,Jan l 62 JT y
4
4
4
960
4
T
rin
ity
...................................25
353, 353
4
11% J a n 3
353, 36
9% Dec
3.5-3,
353,
353,
36
353,
36
36
1,916
36%
U
S
S
m
elt
R
ef
A
M
ini
50
4634 47
55 J a n 2 39 F eb
403., 467$
40-34
463, 467S 47
463s 463, 1,205 ...D o . P ref..................... 50
*2 9-16 3
53% J a n 3 44 ja n
2%
234 * 2 % 4723, *40%
2%
23,
3
770
23,
2%
U
tah
-A
p
ex
M
in
in
g
..
2*8
123, 13
5% J a n 3
12 % 13%
4 O ct
123g 13
121- 1 2 % 103, 12% 93, 10% 2,312 U tah C o n s o lid a te d ... „
46% 46% 46% 46%
46 J a n 2 37% Feb
*453, 461, *45% 46
45% 457g *46
46% 125 g*®h C opper C o........... 10
♦2
21­
00% J a n 2 393, Feb
2
2
2
*13,
2
2
2%
490
2
2
V
i
c
t
o
r
i
a
____
26
2
53, J a n II
9% 9% 9
9
3 O ct
83,
9
*8% 9
8% 8% 305 W in o n a . . . . .
* ' 2 .'
*116
119 119 *116 11983, *1189
15 J a n 14
<*• A pr
120 *118 120
40 W olverine _” I
25
60 J a n 3 139 Mch
*13S 13, 1 % 1%' * 1% * I*, I 120
*138
115 W y a n d o t___” ”
♦1*3
1*,1
1%
1%
25
33, J a n 14
2
O ot
• H U a n d a sk ed prices, a N ew sto c k . « A w ’t p a id . 0 lix -sto o k d lv . h E x -rig h ts, a E x -d lV .'an d rights.




10

% M ay

27g J a u
177a J a n
*67 Deo"
18% M ay
18% JT y
90 F e b
17% J a n
59 Sop
54 O ct
6*, J a n
493, N ov
68 N ov
0 Deo
f 13% Deo
168 A ug
4

Jan

179

Boston Bond Record

J an . 21 1911.]
u u is u a
B O ST O N ST O C K ISXOH’O ii
W e e k E ndinu J a n 20

II
♦0 0

J'rice
fY i d a v
J a n 20

W eek 's
B a n g e or
L a st B a le

13
a;-0 !

B ange
Y ear
2910

lIO M ls

B O ST O N ST O C K E X C H ’G E
W e e k E n d ing J a n 20

H r ice
L Y ld a y
Jan 20

W tele’ s
B angs or
L a st B a le

B angs
Y ear
im o

B ia
a sic L ow
H ig h , B o L o w H i g h
A m A g rio u lO h o m 1 st 5 s ..10 2 8 A-O U iia
102 V 6. 100 '4 104=8 Illin o is S tee l debon 6 s ___1913 A -0 1 0 0 * 6 lOO^s 100*4 1003a 12 99H j 101
A m T ele p & T el coU tr 4s. 1020 j . j Uu l4 Sale *10214
0 0 's 904, 488' 89 03*4 l a F a llsA S io u x C is t 7 s .. 1017 A-O
117
A
p r’08
C o n v e rtib le 4 s ....................1936!M-S
lOGHi 107 >« 33! 00 Hi 106 K an O C lin A S p r 1 st o s ...1 9 2 5 A-O
03*s A lai ’ 1 0
03 ‘s 07
A m W rit T im or 1 st s 16a g lOlOi j . j 107 S ale 87=4 Sep ’ 10
8 7 34 K a n C F t 8 A G u lt e x t 6 a .. 1911 J -D 100
09 34 9934
99 F o b ’ 10
87*4
A m Z inc L A S deb 6 s .... 1015;J1-N
07 119 K a n C F t S c o tt A M 6 s ___1928 M-N 116
1 0 2 Hi J a n ’l l
116
116
3
1
1
1
3 118
A ria Com Coy 1st co n v (is 1920 J -D 84 80 84
80 | T o 87 94 K a n C M A B g e n 4 s ............1034 M-S
92
03 Hi
A te n T oy A a F o g e n g 4 s ..10O 5 a -O 0 9 Sale 09 Hi 09 Hi l 08 1 0 1 "s A sse n te d incom e 5 s ........1034M -S .......... 90 SO J a n92*11 . . 1J ! 02*2
00
02
A d ju s tm e n t g 4 s ....J 'l y 1000 N o r 01*4 92 U 91= r 91<V 11 ! 83*4 9 4 ‘h K a n C A M B y A H r 1 st 6 s 1020, a -0 102*« 1023., 102*8 1 0 2 * 4 6 102 103
S ta m p e d ..................J ’ly 1006 M-N 91*4 0 2 y 90=8 D e c ’lo
0 0 =8 943b M aine C en t cons 1st 7 s ...1 0 1 2 A-O
113=8 X o v ’06
102 y 10-2H,
60-year conv i s ..............1056 J-D
C ons 1st 4 s ......................... 1012 A-O
102 Hi J ’ly ’10
101*4 Sep ’05
10-year conv 5 s ..............1017 J-D
108*4 J a n ’l l 1 108 *8 117*4 Alaro H ough A O u t i s t 6 s. 1026 A-O
115 J ’n e ’ 0 8
A tl Q u it A W I 8 S L in e s 5 s .’60 j - J 71 Sale 60 Hi 71 Hi
63 73 M ass G as 4 H is....................... 1020 j . J 100 Solo 0 0 34 100
07 100
M ich T e le p ls t 5 s ..................1017!J - J
110 F e b ’04
B oston .E lect L consol 68.1024 M-S
97 Aug’ 10
07
00*6
A tinno G eu E lec con g 5s 1029! J - J
B oston A L ow ell 4 s............1010 J - J
1 0 0 14 M ar’OO
102 Ha Aug’04
N e w E n g C ot Y arn 5 s ___1029, F-A i b o " III"! 1003a 1 0 0 * 2
104 Hi O ct ’08
B oston a M aine 4 His..........1044 J - J
100*6 105
N ew E u g T e le p h 6 s ............1915 A-O
B oston T erm in a l l e t 3*aa.1947 F-A
112 Hi J a n ’03
100*8 100*6
1 0 0 * 6 D e c ’lo
B u r A M o ltiv cons 0 s ___1018 J - J
103 Hi J a n ’l l
6 s .............................................. 1016 A-O
1 0 0 * 2 so p ’08
B u tte eb B oston 1 st 0 s ....1 0 1 7 A-O
100 J ’n e ’01
N e w E n g la n d cons g 5 s ...l9 4 5 * J . J
B u tte E lec & T ow I s tg 5 s .l0 5 1 J-D
B oston T e rm 1 st 4 s ........ 1030 A-O
C edar B ap A M o It 1 st 7 s. 1010 M-N
113 Hi .May’10
1 13 '4 114 N e w Itiv e r (T he) c o n v 5 s. 1034 J . J
76 75 O ct ’10
75 73*2
C en t V e rw t 1 st g 4 » ..A la y l9 2 0 <<-b' 88 Sale 87 Hi 88
85 8 8 N Y N II A 11 con deb 3HiSl05() J -J
99*8 J a n ’l l
96*8 102
C B A <4 Io w a D iv 1st 6 s . 1010 A-O
C onv deb 6 s ( e t t s ) ..........1048 J - J
T]103 O ct ’07
131
135
131*6
134*8
Io w a D iv 1st 4 s .................1010 A-O
Old C olony gold 4 s ..............1024 F-A
101
08 Hi J ’n e ’10
A
p
r
’00
98Hi
98
S
D e b e n tu re 6 s .......................1013 M-N
101=4 M a r’10
101*4 10134 O reg B y A N a v con g 4 s ..1946 J-D
98*6 S ep ’09
D en v er E x to n 4 s...............1022 F-A
I K 3, J a n ’l l
99*s 100 O reg S h L in e 1 st g 6 s ........1022 F-A
00 y
09g
113*6 U63g
N e b ra sk a E x te n 4 s ........ 1027 M-N
00
M a r’10
99 09 **8 P o ro M a rq u e tte deb g 6 s .. 10 1 2 j - j
99 M ar’ 10
98*2 99
B A 8 W b t 4 s.....................1021 M-S
99 O ct ’09
B e p u b V alley 1 st s t 6 s ...1 0 1 9 J - J
103 J a n ’l l
103*8 103*8
Illin o is L iv 3 *28.................1040 J - J
88** J a n ’l l
B u tla n d 1 st con g en 4 Has. 1941 J - J
863g
833b
N
ov’06
107*2
Ohio J c B y A S tk Yds 5s . 10 i5 J -J 10 1*4 Sale 101
lO lg
100
1 0 l s4
B u tla n d -C an a d lan 1 st 4«1949 J • J
102 A ral ’ 0 2
Coll tr u s t re lo a d in g g 4S1040 A-O 00 01 9 0 34 J a n ’l l
80 9l134 S a v a n n a h E lec 1 st c o n s 6 s. 1052 J - J
70*4 78*2
70*4 D e c ’10
Oh MU A S t T D u b D 6S ..1920 J - J
114
114 10 113=8 I I 6 H1 Soat,tie E lec 1 s t g o s ..........1930 F-A 103 H,.......... 101*4 D e c ’lo
103 104*4
Oh M A 8 t 1’ W la V div tisl.020 J - J
120 F o b ’05
S h an n o n -A n il 1 st g Os___1919 M-N 93 96 97 N o v ’ 10
88 110
Ohio a N o M ien 1 s t gu os.1031 M-N
99 9 8 34 J a n ’l l
99 100 Hi T e rro H a u te E loc g o s ___1920 J -J
97
A p r’07
Ohio A W M ich g e n 6 s ___1921 J -D 1004
1 0 0 3, A lar’10
3i;10O 104 T o rrin g to n 1 s t g 6 a............1918 M-S
100=4 10 0*4
100*4
101
O oncord A M o n t cons 48..10 20 J-D
01 D e o ’07
10034 D e c ’lo
U n io n P ao B B A 1 g r g 4 s . 1947 J - J
99*8 101 Hi
OonD A P a ss I t 1st g 4 s ...1013 A-O
112*4 J a n ’03
20 -y ear c onv 4 s .................. 1927 J - J
104*s 109®8
104*8 O ct ’10
C udahy P a c k (T he) 1 st g 5s 1024 M-N
100*4 Aug’OU
U n ite d F r u it g e n s t 4 *4 8 . 1 9 2 3 J . J 96*6 9Qa4 96** 96*8
95*4 07*2
O u rro m tttv e r 1 st 6 s ..........1020 A-O
9’J A p r’10
U S C oal A O il 1 s t s f 6 s .. 1038 M-N
99 90
145 166
166 N o v ’10
D e tG r H ap A W 1st 4 s ... 104(1 A-O
83 D e o ’10
104*4
88
90 U S S tee l C orp 10-60 y r 6 s . 1063 M-N
101*2
105*2
104*4
D om inion C oal 1 st s 1 6 s ..1040 M-N
OOHi J a n ’l l
07 98*4
06*4 08*4 W est E n d S tre e t B y 4 s ___1016 F-A
98*4 J ’l y ’io
F ite n b u rg 4 s .......................... 1015 M-S
103 *8 A p t ’06
G old4H ss................................1914 M-S
100*4 J a n ’l l
4 s ............................................. 1027 M-S
96 A p r’03
G olu d e n o n tu ro 4 s ............1916 M-N
98H j A p r’io
98*2 09*6
F r e m tE lk A Alo V 1 st (is..1033 A-O
127*4 J a n ’l l
1(127*4 127*4 G old 4 s ....................................1917 F-A
07 09
98*6 J a n ’l l
U netam pou 1st (is............1033 A-O
140 A p r’05
W e ste rn T ele p h A T e l 6 s. 1032 J - J 97 Sale 90=4 97*2
94*2 99
G t N o r C 11 A (j coU tr 4s 1021 J - J 96 7b Sale 053, 96 28, 04*4 97*6 W isc o n sin C e n t 1 st geu 481940 J - J
013a 94H
93*4 J a n ’l l
B 8 g isto ro d 4 s...................... 1 0 2 1 q -J 95 Hi......... ’J o 3* J a n ’l l ,...* 94*4 06Ht
N o t e —B u y e r pays a c cru e d in te r e s t lu a d d itio n to th e p u rch a se price lo r a ll B oston B onds. * N o prico F r id a y ; la te s t bid a n d ask o d . ^ F la t p rice.
Low

H igh. H o \\]m w

H ig h

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
s h a r e P r ic e s —N ot P e r C e n tu m P r ic e s
T u esd a y
\W e iln e s d a y I T h u r s d a y

M onday
J a n 16

S a tu r d a y
J a n 14

90
22*6
*2

47
16*6

.......... <*64

90 j*-........
........1+122 Hi
24Hi
23*4
24
48*4 48*8 48E
16*8 17 17

I

17
43 ■ •a
44
+ 1238
60*4
*33*2
82
23*8
97*8
8 9 lia
63**8
61*4 61*2
61*8
16*4 1 6 ’b 1638
19=4
19*4 10*8
78 78H j 77**18
8*6
h 8 i« 8*4 45®«
46*2 45a4
U8 >a 8 8 H1 &7Hi

17 17
42*b 43
44*2 45
12*2 1 2 *.
♦ 6 0 60 H,
*33*2 33 *8
+81*2 82
* 8 *2
29 2 0
97*8 98
88 ®, S9*10
63°8 63*8

J a n 17

123 124

1

23*2 24*4
47Hi 48*4

*16=4..........

17 *17 ..........
43 ’ 2 44*2 44*2
44 | 44*2 44*4
1 2 "a 1 * 12**8 12=6
51
5(1 6 0 \
34
33Hi 33*2
82
81
82
2b Hi ’ 28=8 “ 20*1
97 H, 97*8
08
83=6 89*18 69*18
6! *8 03ui8 o j 3!
61*8 61*8 51*8
16 3b 16*4 16**8
20
203b
20
78
78*8 78*18
8*4 8=8
8*4
46 46*4
46
87* b 87*4 b 7 i

I’ll II-A DEI. 1*111A

in a c tiv e S lo c k *
A m al A sb e sto s C orp. 100
P r e f e r r e d .....................106
A m e rica n A im in g ........lu
A m ur P ipe Alfg..........100
B oll T e le p h o n e (P a).lO U
C am b ria ir o n ...................60
C o n tral Coal A C oke. 100
O onsol’i ’rao of N J ...1 0 0
E asto n C on E le c tric 6.50
F t W ayne A W V ........100
G erm au to w n P a s s ........60
In d ia n ap o lis S t............100
In d ia n a U nion T r ___ 106
In s u ra n c e u o of N A .. 16
I n te r Sm Pow A C hem .60
K ey sto n e T ele p h o n e ..0 0
l ’r e le r r e d .......................60
K eystouoW atcliC ase.lO U
L eli V ail T ra n v t o . . . 50
P re fe rre d v t c ............60
L it B ro th e rs .....................10
L ittle S c h u y lk ill............60
M iuetiU i A S ch u v l H ..5 0
N a t G as E loc L t A X’o 160
P r o .o ir e d .....................1 0 9
N liu v e u Iro n A s to o l.6
N o rth e rn C e n tra l..........66
N o rth P e n n s y lv a n ia ..56
P e n n sy lv a n ia S a lt........ 50
P e n n s y lv a n ia s te e l ..100
P r o te rr o d .....................100
P h tla Co ( P iu s ) p ro f...6 0
P h il G e rm an A N o rr is .60
P h ila T ra c tio n .................50
R a ilw a y s G e n e ra l........ 10
T id e w a io r S te e l............16
P r o u r t e d ....................... 1 0
U n io n T r of I n d ..........100
U n ite d Cos ot N J . . . . 100
U n it T ra c P itts p r e l..6 0
W arw ick Iro n A S te e l.10
W e lsb a c liC o ...................1 0 0
W e st J e rs e y A S e a S h .5 0
W e stm o relan d C o al....50
W ilkes G as A E le c ..100

B id

A sk

1

45 Hi 40
7 2 Hi .........
.......... ..........
Tug
8 H

”2

03b
9

0*4 6=4
19*2 19*4
10*4
17**4
67*4
61 01*4
14
56
122

i ’u " L1 2 "
1U5 1 0 0 * 2
4 4 14 44*2
80 87
9*2
..........
240
40
10
39
62

TT
10*4
41

..... .....

B a n g s f o r B r e o io u t
! -Sales
A C T IV E S T O C K S
B a n g e fo r
Y ea r(1 9 0 9 )
■— — --------- o f th e
Y ear 1910
F rid a y
I W e ek I ( h o r B o n d s a n d I n a c t iv e — -------------------------J a n IS
J a n 19
Jan 90
M a re s I
Btoc/cs see b e l o w )
1
L ow est
H ig h e s t
L ow est
H ig h e s t
B
a
ltim
o
r
e
+64 65
‘ 64 65 ..........Con. G as EL L. A P o w . 100 40 M ar21 61 *4 Deo 8 30 Alar 48 D ee
90 0 0
00
00
*80 0 0
I 6 0 J Do p re l....................... 1 0 0 80 A la ril 90 J ’ly J 4 76 Alar 99 M ay
122=4 1 2 2 *4
123 123 ‘123 123Hi 143 N o rth e rn C o n tr a !... 60 115
J u u 8 132 F e o 2 8
J a n 121*2 Deo
24 21
2 3 *8 23 *8 23=4 V4 3,564 S eab o ard (n e w )..................100 18=8 J ’ly 20 27*4 J a n 3 100
1 1=4 F eb 29*4 Deo
48= b 48=4 48*2 48 Hi 47Hi 47*2 2,643
Do 2d p ro f.................100 40 G et 17‘ 47 J a n 8 22=4 F eb 49 Deo
17 17 ♦ 16=4 17 *17 17*2 240 U n ite d B y A E le o trio .. 6 0 1 2 »8 Alay 3 16H iD eo29 9=4 F eb 14 *2 Deo
P h itiu le lp liin
17 17
17 17
*17 17*4 250 A m o n c a u C e m e n t.......... 50 17 D ec 22 28 J a n 3, 25 Dec 43 J a n
44*2 44*2 44*2 44*2 44= 4 46 *2 1,277 A m erican H a llw a y s .... t>u 41=, J * ly 2 i 60 J a n 6 4 4= 8 J ’ly 49 Deo
44* 4 1*1 5,81*i C am b ria S te e l.................. 50 40*4 J ’ly 20 53H; J a n 1 0 , 32 7s Feo 19=8 Deo
44 *2 14*6 44*u 45
+ 12=8 1-4=8 3 12**8 12 H. *12 1 2 *«
10 E leo trio Co ol A m e rica 10 1 1*4 J ’ly 2 0 1 2*2 J a n 14, x io 'e J a n
12 <* J ’ly
60=4 53=4 6 2 y 6 3 * 4 62=4 54*2 5,284 E leo S to ra g e B a tte ry .. 100 42 J ’ne30 Ol** A la rll 43 J a n 63 *2 J ’ly
33*4 33H. 33 33*4 33=8 33-8 2,035 G eu A sp h a lt tr o tts ....1 0 0 19*4 J ’ly 26 313b D ec 15! 15 Hi J a n 3 3 * 4 Deo
81=4 82
1,681
81*a 82
83
D o p re t t r c tfs ....1 0 0 64 J ’ly 26 84*4 J a n 10 53 J a n 9 4 * 2 Deo
*8*2
K e y sto n e T e le p h o n e ... 60 7 J ’ly 6 13 - a n 1 0 ! 9 Hi J a n 15 a pr
20*4 29=a ♦ 28 Hi 29*4 <‘28 *2 2 0*4
1,-ako S u p e rio r C o rp ___100 16*2 J ’no30 20*8 D e c 20 14=4 J a n 3 3 78 Alay
97 *J73« 07 *8 97 *2 97 07H,
L em gh C A N a v tr c tls. 60 8 6 J ’ne30 123 J a n 7 90 J a n 125 *2 Deo
89*^8 0 0
L eh ig h V a lle y .................. 60 6 2 *2 j ’ly 27 1 21 *4 M a rl 8 07 Feb 113 Sep
80 H-69**18 *89*4 8038
P e n n s y lv a n ia K B .......... 60 61H18 J ’ly 2 0 69318 M ar 9 63 *8 F eb 76=8 Sep
63*1843*3ia 63 *2 63=4 63*2 63*118
61=4 62
52 62
PUUadolp’aC o ( P itts b j. 60 42 J ’ne30 63 ‘4 J a n 8 40*2 Feb 5 1 78 D ee
61*8 6 2
16 1 0 * 8 16*8 16*4
10*8 10*8
P h ila d e lp h ia E lootno[|.. 25 113*6 Feu 3 IO*, M a rls 11 *4 F eb 14*8 Deo
20 = 2 0 * 8
P h ila lta p i d T r a n s i t ... 50 i 6 A p r 28 23 Hi J a n 3 2 4 ’b J a n 30 Hi A p r
2 0 = 8 21*4
2 0= 8 2 0 **
B e a d in g ............................. 60 65 Hi J ’ly 26 8 6 F eb lh 09*2 Fob 80», Sep
78*4 70*8 78*2 70
78«16 78=4
T o n o p ali'M iu in g .......... 1 6 H, J a n 2 - 9*18 Alayia 6=4 J a n 7*aie M ar
8*4 8*4 ♦ 8*8 8*4
8*4 8*4
47*2 48*8 47=4 49*2
U m oil T r a c tio n .............. 60 8 8 O ct 24 62=4 J a n 3 50 78 J a n 58 7g Alay
46*4 473,
U n ited G as lm p t............ 60 79 J ’ly 2o 95 *8 J a n 10 94=8 Ala) 95 Hi Deo
b73s 87*2 87 Ha 68=4 88*2 89
A sk j
1’m i.A D E I .T H I A I B i d I A s k
B id
P H IL A D E L P H IA
B A L T IM O R E
! B id A s k
P h A B ead 2d 5s '3 3 . A-O 114 ..........I C has B y G A E l 6 s ’99 M -S 95 9 5 4
B onds
J Y ic e s a r e a l l " a n d
C on Al 7s 1011 ........ J-D 101 101*8 C h ari C A A 2d 7 s’ lo A-O
in t e r e s t .“
E x Im p Al 4s g ’4 7 .A O
106**4 j C ity A S u b 1st 5 s ..’22 J-D 105’
A lt A L V E le c 4 His’33.F-A
T e rm in a l 6 s g 1 9 4 1 .q -F 116*2
O ily A S u b (W a s ) ls t5 s ’48 1 0 2 103
P W A 11 col tr 4s ’2 1 .J-J 99*2 100 C oal A 1 B y 1st 5 s ’ 2 0 F-A 1 0 1 * 2 1 02 *2
A m G as A E leo 6 s ’07. F-A 82 Hi 97
A m Itys conv 6 s 1 9 1 1 .J-D 00 100 P o rtla n d B y 1 st 6 s 1030.
Col A G ru v ls t0 s ,1 9 1 6 J -J 105 107
K och lty A L eo n 6 s ’5 1J-J "0*9" 100 C onsol G as 5 S ..1 9 3 9 J-1 ) 108», 109
A tl C ity 1 st 5s g '1 9 .M -N
S p au ish -A m l r 6 s ’27 J-J 101=4 102
B e rg A E B r w ls tC s ’21 J-J ibo*4
S ta u ’d G as A E 6 s ’26 Al-N 106*2 10(,‘=4 C ons G E A P 4 *2 8 ’3 5 .J -J 84=4 8 1 7§
B e tid e S tee l 6 s 1998.<4-F
U T ra c in d g e n o s’lO .J-J
C hoc A Ale 1 st 6 s 1949 J -J i b a "
F a irA Cl T r 1 st 5 s ’38. A-O 90*4 97
Cli O k A G g e n os ’19 J -J 103 103*2 U n B ys T r e lls 4 s’49J AJ 70 ' 76*2 G a A A la 1 st con 5s ’45J -J 104**4 105
U n ite d B y s I n v ls t c o l ltr
C o u T ra o o fN J 1 s t 6 s .’33 103*4
G a C a rA N J s t 6 s g ’29 J-J 104*2
s f 6 s 1026...................Al-N 81*4 85 G eorgia P 1 st 6 s . . . ’22 J-J 113=4 114*2
E A A 1 st Al 6 s 1920 M -N 107
103 G aSo A F la 1 st os 1945J-J 107
E lec A Too T r s tk tr c tfs 87 H, ’ 8 9 " U T ru e P it g en 6 s ’07 J -I
W olsbacli s t 5s 1 0 3 0 .J-D 98 89 G-B-S llre w 3-4s 1951 Al-S 44 45
Ktj 11 G as-1 .1 st g 6 s 1928 1 0 GH
W lks-B G A E c onos’Oo J-J 101
lm lia u a p o lis B y 4 s .1933
2 d incom e 6s 1951 Al-N
6
0
In te r s ta te 4s 1943 ..F -A 63 60
HALTLUOUK
K nox v T ra c 1 st 5 s ’29A-G 103
lim e liv e S to c k s
L a k e it E l l s tg u 5 s ’42M -S
K e y sto n e T el 6 s 1935.J-J 80 92H.
A la C ons C oalA Ir o n .100 26=4 23 A laconB yA L tls t5 s ’63 J-J 00
L em g U N a v 4His ’14.Q -J
rttt
P r o f ................................ 100
B B s 4s g ........ 1 9 1 4 .q -F
60 M em phis S t 1st 5 s’4o J -J 07
A tla n ta A C h a rlo tte .. 100
M e tS t(W a sb )l8 t5 s’2 5 F A
G e u M 4*gS g .l9 2 4 .U .F
no h. A tla n C oast L (C o n n )to o 228 231 M t V er C ot D u c k 1 st os. 74=, 76
Leli V C 1 st 5s g ’3 3 .. J -J
C a n to n C o.......................100
N p tN A O P l s t 5 s ’38 M-N
Lell V e x t 4s 1 s t 1948. J-D
C ons C ot D u c k C orp. . . 6 0
C onsol 6 s 1923........ J-D 117*4
6 H. 6H. N o r A T o rT r lstS.V JG J-J)
P r e f e r r e d ...................... 50 19 23
C onsol 4His 1 9 2 3 ...J -D 104
G eo rg ia S o u A F l a ...1 0 0 30 46 N o rth C e n t4 * 2 8 1925 A-O 106*2
A n n u ity 6 s ................J-D 149*8 140
S eries A 5s 1 9 2 6 ....J - J 110 - - -r»» <
G eu cons 4s 2 0 0 3 .M -N 97*2 0734
1 s t p ro f.................... . . 1 0 0
94 97
2 d p ro f.......................... 1 0 0
L eli V T ra n con 4s ’35J -D
S e rie s B 6s 19 2 6 ___J -J 110
G-B-S B re w in g ............ 100
1 st se rie s 13 5s 1935.M -S
1*4 P itt U 11 T ra o 6s 1967.J - I
i
N ew C on G as 6 s 1949 J-D
B onus
S av F la A W e st o s ’34 A-O 110 ...
B r ic e s a re a l l “ a n d
N e w a rk 1’a ss con os 1930
S cab A B oau 5s 1926. J-J 106 107*»
i n t e r e s t ."
N Y 1’h A N o 1 st 4s ’39 J-J
A n ao o stia A P o t 5 s............ 100*2 101 S o u th B o u n d 1 st 5s..A -O 108
In c o m e 4s 1 9 3 9 ...M -N ‘
U El L A P lst4H iS ’29 Al-N 91*2 9 ‘i
A tl C oast L (C t)ctfs 6 s J-D 103
N oO hio T ru c c ouos’19.J-J
U n B y A E l 1st 4 s ’49 M-S 84=, 85
C tfs of iu d e b t 4 s ....J - J
P e n u C ons os 1919 .. V ar
In co m e 4s 1949 ........ J-D 02=8 62*2
5-20 y r 4s 19 2 5 ..........J-J 9 0 S
P e n n A M d S tee l con 6 s.
F u n d in g 5s 1 9 3 6 ...J -D 86 85*4
B a lt C l’ass 1 s t5 s ’l l Al-N
P a A N Y C an 5s ’39. A-O
B a lt F u n d g 5 s. 1916 M-N 104 104*4 V a Alid 2d s e r 6s ’ll.A I-S 100*8
C on 4s 1939..............A-O
E x c h a n g e 3 His 1930 J-J 93 93*2 3d se rie s 6s 1 9 1 6 ..AI-S 104
P e n u S tee l 1st 5s ’17 M-N
P e o p le ’s T r t r c e rts 4s ’43 02 03H. B a lt A P 1 st 6 s m I ’l l A-O 100 106 3g 4tli s e r 3-4-5s 1 9 2 1 .M-S 103 _
P Co ls tA col tr Os’49 AI-S 102 103 l l S P A C 1st 4 HiS '63F -A 05 95*4 5 th s e n e s 6s 1 9 2 6 .AI-S 105
C onA c o ltr b s 1951M .N 96=4 07*4 B a lt T ra o l s t 6 s . . ’29 M -N 107*4 109 j V a (S tate) 3s uew ’3 2 .J-J 87
F u n d d e b t 2-3s 1991 .J -J 87 8 8 S
P h il E lec gold tr u s t c tfs. 103 103 ‘2 N o B a lt D iv 6 s 1942 J-D 109 Hi
T ru s t c e rtifs 4 s ................ 79*2 733, C o n t’l B y c o n 5 sl9 3 2 M-N
W esV a CA P 1 st 6 g * li J J 100 =» 100*8
P A E g e n Al 6 g ’20 . A-O 107H.
E x t A Im p 53.1932 Al-S
C h a s C ity lty ls t6 s '2 3 J-J .......... .......... 1 WU A W e ld 5 s ..1 9 3 5 .J-J 110 111
G en M 4s g 1 9 2 0 ..A A O 1 0 0 * 6 101

•Bid and asked; no sales on this day. T]Ex-riglita. ||$l5paid. t $12 *4 paid. t $13 'a paid, i $35 paid. aBeceipts. 6 $25 paid, c $30 paid. (i$42**paid4




THE CHRONICLE

180

[VOL. LXXXXII

imresiraewt and Railroad intelligence.
KAILKOAD GROSS EARNINGS.
T h o fo llo w in g ta b le s h o w s th e g ro ss e a rn in g s o f e v e r y S T E A M ra ilro a d fr o m w h ich reg u la r w e e k ly or m o n th ly retu rn s
ca n be o b ta in e d .
T h o first tw o c o lu m n s 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 eek o r m o n th , a n d th o la st tw o
c o lu m n s th e e a rn in g fo r th e p e r io d fr o m J u ly 1 to a n d in c lu d in g su ch la te s t 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
s ta t e m e n t to sh o w th o fiscal y e a r to ta ls o f th o se ro a d s w h o se fiscal y e a r 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
p e r io d

3

The returns of ths electric railways are brouyht toyelher separately on a subsequent pa/e.
Latest Gross E arnings.

R 0AD 3

W eek or
M onth.

Current
Year.

P revious
Y ear.

J u ly 1

W eek or
M onth.

P reviou s
Y ear.

?
$ '
$
$
A la X O A T x P a c N O & N or E a s t. D ecem ber
357,482 292,773 1,845,553 1,714,617
873,518
953,877
A la & V ic k sb u rg . D ecem ber
186,951 100,751
753,594
813,735
V icks S h re v A P_ D ecem ber
153,791 139,948
31,337
45,890
7,246
A la T c n n & N o r t h ..
11,659
40,018 1,098,589 1,025 ,203
A n n A rb o r_________
37,930
7,705
A tch T o u e k a & S F e
9,983 ,008 9,628,529 46.074,213 44,50
47,500 1,462,808 1,348,018
45,811
A tla n ta B lrm & A tl
2,780,896 2.746,292 11,808,739 11,080,800
A tla n tlo C o ast L ine.
g B a ltlm o ro & O hio)D ecem b er 6,841 ,826 0,984,581 46,99 6,377 45,027,781
682,5-13
514,720
130,038 111,807
B & O Ch T er KK N ovem ber
246,477 244,083 1,242,436 1,195,234
B a n g o r A A ro o sto o k
36,134
48,228
7,989
8,594
B e lle to n te C e n tr a l.. D ecem ber
20,001,218 19.319,829
B o sto n A M a in e ___ N o v e m b e r. 3,785,327 3,746,620
24,841)
22,005
3,424
4,370
B rid g e to n A S aco u, N o v e m b e r.
B uft K och A P I tts b . 2d w k J a r 177,633 161,979 5,347,485 5,064,414
995,803 1,085,002
B u lla lo A S u sq ____ N o v e m b e r. 193,756 201,186
C a n a d ia n N o rth e rn . 2d w k J a r 190,200 185,700 8,418,600 7,150 ,000
C a n a d ia n P a c ific ___ 2d w k J a r 1,154,000 1,342,000 58,188,368 52,479,754
C e n tra l of G e o rg ia . . 2d w k J r.r 241,200 223,500 7,202,994 6,721,019
C e n tra l o£ N ew J e r . N o v e m b e r. 2,415,139 2,450,186 12,060,883 11,632,545
C e n tra l V e rm o n t — N o v e m b e r. 337,686 323,147 1,731,828 1,693,612
2,047
2,055
45,103
39,574
C h a tta n o o g a S o u th .
614,878 536,793 18,041,326 16,733,344
Chc3 A O hio L ln e s.
247,788 252,075 8,309 ,478 7,066,911
C hlcago A A lto n . . .
8,050,976 7,952,211 40,81 0,246 38,849,130
C hic B url A Q uincy
190,659 169,641 6,738,954 6,095 ,875
p C hic G re a t W e st.
91,109
79,706 3,300,812 3,130,131
C hic In d A L o u isv .
C hlc In d A S o u th ern — See N ew Y ork Cen tra l.
C hic MU A S t P a u l. N o v e m b e r. 5,762,840 5,950,752 30,115,152 29,507,441
Ch Mil A P u g S d . N o v e m b e r. 1,492,208 1,044,787 6,287,381
C hto A N o rth W e st.
6,728,750 0,586,682 3,4479,078 33,824,726
1,527,212 1,427,237 7,515,062 6,688,090
C hlo S t P M A O . .
C in H a m A D a y to n N ovem ber. 802,435 898,53-1 4,246,134 4,234 ,784
C lev Cin C hic A S t L — See New Y ork Cen tr.il.
C o lo rad o M id la n d ..
195,472 255,2.-.3 953,634 1,122,728
C o lorado A S o u th ..
307,360 319,094 9,597,189 9,253 ,635
58,858
C o pper R a n g o -------- O c to b e r ...
64,101
256,545
274,098
C o r n w a ll__________ N ovem ber.
13,271
17,991
73,395
74,635
C ornw all A L c b a n ..
29,248
40,868
160,029
19 1,180
C u b a R a ilro a d _____
202,935 166,448 1,024,817
807,683
D e la w a re A Ilu flso 'i N ov em b er. 1,853,411 1,838,407 9,066 ,226 8,542 ,504
D el L ac k A W e s t. .
3,146,621 3,232,509 15,501,444 10.489.776
D env A R io G ran.;
378,200 361,900 13,632,018 12,995,940
D en v er N W A Pao_,
19,295
15,353
D e t T ol A Ir o n t S y s
2 7,645 24,351 1,070,164
850,229
D e tro it A M a ck lr ic
22,608 21,166
634,660
638,688
D ul A Iro n R a n g e .. N o v e m b e r. 419,143 852,569 4,936 ,070 6,330,974
D ul So S h A A tl___ 2d w k J r i! 47,876 49,443 1,816,208 1,8 L0.335
E l P a so A S o u VVest N o v e m b e r. 638,591 633,082 3,009,652 2,962 ,257
E r i e _______________ N o v e m b e r. 1,818,007 1,970,993 25,04 9,055 23,871,535
10,285
9,715
2,203
2,212
F a irc h ild A N or E . N o v e m b e r.
387,857
06,191
428,456
72,290
F o n d a J o h n s A Glov N o v e m b e r.
396,134 286,481 1,348,343 1,302,171
G eorgia R a ilro a d .
lim n Rail w ay.
G eorgia S o u' i A I it
795,371 725,025 21,583,199 24,147,009
G ra n d T m n k S y a t. .
G ra n d T rk W e st. l t h w k De;: 230,541 103,536 3,051 ,205 3,00 1,728
63,299 1,060,739 1,047,104
57,230
D e t G r H a v A MU 4 th w k Dec
909,410 1,090,533
54,033
39,623
C a n a d a A tla n tlo 4 th w k De<
G re a t N o rth e rn S y st D ecem ber.. 1,558,841 3,810,886 34,724,192 34,898,507
655,570
698,003
G ult A S h ip Is la n d . O c to b er . . 179,553 207,313
H o c k in g V a lle y ---- N o v e m b e r. 075,079 717,174 3,621,048 3,491,736
Illin o is C e n tra l------ D ecem ber 5,276,150 1,953,949 31,454,037 29,374,786
152,000 145,000 5,279,872 4,813 ,963
I n te r n a t A G t N o r.
151,240 167,975 4,578,937 4,386,183
a In te ro c e a n m M cx .
57,980 61,350 1,891,255 1,860,110
Io w a C e n tra l---------K a n a w h a A M ic h .. N ovem ber. 201,078 248,030 1,443,087 1,185,156
938,347 848,127 4,405,784 3,860 ,797
K a n sas C ity S o u th
37,200 28,900 t , 079,971
922,641
K C M ex A O r ie n t..
L eh ig h V alley --------- N ovem ber. 1,271,262 3,302,220 15,680,343 15,214,924
37,036 36,157
L ex in g to n A E a s t. N ovem ber.
211,230
187,549
I n c . 1 1,957
L o n g is la n d _______
I n c .2 75,195
L o u isia n a A A rk a n
123,123 108,997
600,509
536,817
L ouisv H e n d A S t L N ovem ber. 109,020 100,072
535,037
496,916
s L o u isv A N a s h v .. 2d w k J a r 1,062,4 10
978,115 29,948,179 27,807,893
M acon A B lrm ln g ’m D ecem ber
11,374
15,108
80,237
82,123
M aine C e n tra l______
745,687 755,177 4,074,473 4,031,469
M a ry la n d A l ’e n n a .
30,747
33,720
199,832
182,083
a M exican R ailw ays
244,800 212,100 4,211,900 3,902,000
a M exico N or W c st. N o vem ber
181,364 122,871
955,810
534,190
M lchlgan C entral — See N ew \ ork Cen tr a l.
12,831
M ineral R a n g e ___ 2d w k J a r
16,147 395,228
471,081
M ln n eap A S t L ouis
90,748
88,019 2,923,790 2,823,721
M inn S t P A S S Ml
346,001 357,629 12,534,760 13,320,711
C hicago D ivision /
M ississippi C e n tra l, N ovem ber.
78,538
78,819
380,515
350,852
u Mo K an A T exas.
497,203 435,359 16,819,461 14,981,468
Mo P a c A Iro n M tl
C e n tra l B r a n c h .j
972,000 917,000 29,458,502 28,793,355
N a sh v C h a tt A S t L
1,050,184 989,554 4,923 ,466 4,780 ,180
a N a t R y s of M e x .t.
1,19 1,053 1,085,914 3 1,208,531 30,354,331
N evad a-C al-O reg o n
4,364
5,281
209,008
271,369
N e v a d a C e n tra l-----7,900
7,573
34,344
32,888
N O G re a t N o rth e rn N ovem ber. 128,986 117,328
701,189
518,038
32,410
N O M obile A C hic W k J a n 1
32,842
930,648
837,143
760,571 677,327 4,243,232 3,812 ,308
N Y O n t A W estern

Ju ly 1

Latest Gross Earnings

to T.atest D ale

Current
Year.

Current
Year.

Previous
Year.

to L a '.slD a ie.

Current
Year.

Previous
Year.

N Y N II A H a r t f .. N ovem ber.. 5,285,897 5,161,870 27,332,310 26,131,441
N Y C A H u d RIv N ov em b er 8,5X1,068 8,520,957 44,482,133 12,585,637
L ak e S h o re A M S N ovem ber 4,010,487 4.002,940 21,002,740 20,880,420
« L ak e E A W est N o v e m b e r. 451,893 471,548 2,454,155 2,381,440
C hic In d A S o u th N o v c m b c r. 347,518 326,254 1,454,104 1,470,695
M ichigan C e n tra l. N o v e m b e r. 2,507,921 2,526,702 13,129,020
12,480,046
C leve C C A S t L N o v e m b e r. 2,634,239 2,584,504 13,492,699 12,711,103
P e o ria A E a ste rn N o v e m b e r. 292,887 280,748 1,610,211 1,407,093
C in c in n a ti N o rth . N o v e m b e r. 112,922 100,336
597,309
557,163
P itts A L ak e E rie N o v e m b e r. 1,371,686 1,622,72 7,076,91
N o v em b er 300,529 287,916 1,599,217 7,676,513
R u tla n d . .
1,491,075
N Y Chlo A S t L . N ovem ber 920,578 908,127 4,797,554
T oledo A O hio C . N o v e m b e r. 491,528 407,579 2,477,407 4,446,401
1,955,785
T o t all lines ab o v e N ovem ber 21958756 22130394 115374450 110049970
N Y Susq A W e st. N ovem ber 306,952 807,807 I ,553,088 1,430,179
N orfolk S o u th e r n .. N ov em b er 238,334 228,605 1,178,374 1,091,545
N orfolk A W e ste rn - N o v e m b e r. 2,967,714 2,990,353 15,559,089 14,543,358
N o rth e rn C e n tr a l.. N o v e m b e r. 1,172,537 1,158,437 5,573,914 5,519,414
N o rth e rn P a c ific ___ N ovem ber 5,972,746 6,090,435 31,404,703 35,081,803
Pacific C oast C o ___ N ovem ber 622,662 638,146 3,765,053 3,008,797
P e n n sy lv a n ia C o___ N o v e m b e r. 4,423,693 4,742,466 24,626,460 23,753,539
d P e n n — E of P A E N o v e m b e r. 13880417 11167717 70,480,124 69,546,024
D ec A on ,200
d W est of P A E . N o v e m b e r.
I n c . 1,37 8,000
P e rc M a rq u e tte ____ D ecem ber 1,401: ,323 1,320,495 8,510,184 8,207,144
P h lla B a lt A W a sh . N o v e m b e r. 1,582 ,459 1,509,459 8,429,435 7,675,035
P itts o in Ch A S t L . N o v em b er. 2,805 ,751 2,898,845 11,869,474 13,995,213
14,326
R aleigh A S o u th p 't N o v c m b e r.
65,507
63,861
13,419
R e ad in g C om pany
P h lla A R e a d in g . N o v e m b e r. 4,1 18,991 4.000.S48 10,041,129 18,344,232
C oal A Iro n C o .. N o v e m b e r. 3,871 ,049 3,532,035 12,553,088 12,392,035
T o ta l b o th c o s___ N o v e m b e r. 8,023 ,040 7,532,883 31,59 1,217 30,736,267
830,155
R ich F re d A P o to m N o v e m b e r. 177 ,166 178,927
905,.'55
380,323
R io G ra n d e J u n e . . O c to b er . .
95 ,567 112,708
382,926
R io G ran d e S o u th .. 2d w k J a n
12,277
8 ,109
341,090 270,443
R ook Isla n d L in e s .. N o v e m b e r. 6,192 ,388 5,873,960 30,475,548 29,051.036
753.373
S t Jo s A G ra n d Is l. N o v e m b e r. 130 ,492 137,400
782,520
S t L ouis A S a n F ra n N o v e m b e r. 1,033 ,038 3,792,527 13,K55t53 18,1.20,107
C hic A E a s t II I .. N o v e m b e r. 1,121: ,359 1,072,516 5,407,050 4,972 ,105
225 ,077 224,216 1,207,313 1,085,098
J E v an sv A T er U N o v e m b e r.
T o ta l of all lin e s. N o v em b er. 5,383 ,425 5,089,263 25,470,507 1 1,178,270
899,035
721.507
-St L R o ck y M tA P a c N o v e m b e r. 191 ,877 152,619
S t L ouis S o u th w e st. 2d w k J a n 230 ,370 200,982 6,872,426 6,179,345
S a n F ed L A A S L . N o v em b er. 708 ,717 641,198 3,350,374 3,469 ,240
S e a b o a rd A ir L in e .. 1st w k J a n 30 1,132 401,356 10,650,459 9,911,058
748,346
60 1,566
S o u th e rn I n d ia n a .. N o v e m b e r. 124 ,372 124,966
S o u th e rn P acitlo Co N o v em b er. 12193,642 12324,026 59,571,250 53,635,947
S o u th e rn R a ilw a y .. 2d w k J a n 1,002 ,731 1,002,505 33,071,010 21,259,222
.Mobile A O h io ___ 1st w k J a n 1/0 ,737 169,632 5,732,013, 5,390,944
Cin N O A T ex P . 1st w k J a n 152 ,993 146,974 1,966,105 4,589 ,506
66 ,646
66,739 2,386,417 2,090 ,694
A la G re a t S o u th . 1st w k J a n
46,003 1,263,470 1,232,119
G eorgia Sou A F la 1st w k J a n
42 ,963
T ex a s A P a c ific ____ 2 d w k J a n £81 ,486 208,048 0,445,853 8,852,388
3 1,873
6,008
6,880
T id e w a te r A W e st. N o v e m b e r.
32,945
720.834
T oledo P eo r A W est 2d w k J a n
24 ,905 23,599
039,955
50,310 73,59.! 2,118,049 2,110,898
T oledo S t L A W est 2d w k J a n
7 ,759
7,712
35,238
T o m b ig b ee V a lle y .. N o v e m b e r.
32,834
U nion Pacific S y s t. N o v e m b e r. 8,500 ,643 3,341,783 12.478,035 10,816,005
V a n d a lia __________ N o v e m b e r. 954,721 834,501 4,713,004 4,144,957
V irg in ia A Sou W est N o v e m b e r. 12( ,026 105,425
553,213
522,208
W a b a 3 h ____________ 2d w k J a n 569,460 513,182 10,910,338 15.920,067
W e stern .M aryland. N o v e m b e r. 007 ,451 569,810 3,220,674 2,910,553
W est Jerse y A Seash N o v e m b e r. 414,063 377,963 3,381,032 3,020,032
W heeling A L ak e E N o v e m b e r. 581 ,280 021,750 3,164,308 3,092,772
W rig h tsv illc A T e n n N ove m b e r.
21 ,601
29,932
135,601
140,498
Y azoo A M iss V a il. D ecem ber 1,251 ,544 1,017,070 5.598.432 5,290,332
Y o u n g st A O hio R Iv N o v e m b e r.
17,395
15,863
98,712.
80,309
e

)

V arious F iscal Years.

B ellefonto C e n tra l______________ J a n
D elaw are A H u d s o n ____________
a .M exican R a ilw a y _____________ J a n
a M exico N o rth W e ste rn ______ Jan
e NL akY eC Se nh tra
l A H u d so n R iv e r. J a n
o re A M ichigan S o u th J a n
n L ak e E ric A W e ste rn _____
C hicago In d ia n a A S o u th e rn . J a n
M ichigan C e n tra l_____________ Tan
C leve C in C hicago A S t L ouis J a n
P e o ria A E a s te rn _______
Jan
C in c in n a ti N o rth e rn ___
Jan
P itts b u rg h A L ak e E rie_____ J a n
R u t l a n d _______________ __ J a n
N ew Y ork C hicago A S i L ouis J a n
T oled o A O hio C e n tra l.
Jan
T o ta l all lin es__________
Jan
N o rth e rn C e n tra l_________ ___ J a n
d P e n n — E a s t of P Itts b A E r ic .. J a n
d W e st of P itts b u rg h A E rie . J a n
P h lla B altlm o ro A W a sh in g to n . J a n
P Ittsb C in C hicago A S t L o u is .. fa n
R io G ra n d e J u n c tio n ____________ Deo
T ex a s A P a cific_________________ J a n
W e st J e rse y A S ea sh o re ________ J a n

P eriod .

1
1
l
I
1
1
1
l
1
L
1
1
1
1
1
1
1
1
l
L
1
t
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Dec
D ec
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
lNov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
O ct
Jan
N ov

Current
Year.

Previous
Year.

31
$05,383
$87,502
31 8,320,100 7,022 ,900
30 2,02 1,701 1,151,039
30 91,452,932 85,159,403
30 45,315,875 41,131,528
30 5,025,035' 4,548,781
30 3,379,803 2,897,379
30 27,117,325 25,070,416
30 27,673,967 25,21 9,125
30 3,201,970 2.743 ,444
30 1,187,335 1,081,794
30 15,9 CO, 5G 5 13,459,150
30 3,075,501 2,861,732
30 10,247,076 9,117,873
30 4,043,004 3,585,322
30 238280598 216875958
30 11,704,308 11,230,408
30 150904073 139089773
fn c .l 1, 257,900
30
30 17,511,846 10,140,840
30 31,601,165 27,585,313
033,743
31
878.213
14 530,154
510,403
30 5,981,584 5,419,584

A G G R E G A T E S O F G R O S S E A R H I N G S — W e e k ly a n d M o n th ly .
Inc. or D ec.
%
turrenl Yd. Previous Yr Inc. or D ec.
M on th ly Sum m aries.
S
$
5
M ileage C u rr .Y r . P r e v .Y r .
+ 362,290 2.61 M a r c h .............235,925 230,841 237,533,005 201,916,997 +-32,616,003 15.92
1st w eek N ov (41 ro a d s )____ 14,198,335 13,838,045
+ 182,623 1.27 A p r i l ............... 237,569 232,463 235,225,599 108,595,911 +-28,829,685 14.50
2d w eek N ov (43 ro a d s )____ 14,555,983 14,373,360
+ 700,206 5.16 M a y ..................237 580 232,491 23 1,310,642 201,069,381 +-33,241,231 16.53
3d w eek N ov (40 ro a d s )____ 14,278,852 13,578,646
4 th w eek N ov (40 ro a d s )____ 17,439,211 10,978,284
+ 460.927 2.71 J u n e ................238,103 232,051 237,036,159 209,270,887 +-27,765,272 13.27
+ 539,890 5.63 J u l y ..................238,169 233,203 230,615,770 217,803,354 +-12,812,422 5.9(1
1st w eek D ec (3 4 ro a d s )____ 10,074,880 9,534,990
2d w eek Deo (42 ro a d s )____ 13.408,331 12,525,875
+ 882,474 7.11 A U i l S t _____ 238,493 239,404 254,005,072 235,720,00(1 +-18,279,972 7.7J
3d w eek D ec (41 ro a d s )____ 13,941,920 12,947,796
+ 994,124 7.68
p te m b e r ..240,078 237,809 256,047,702 216,335,586 +-10,312,110 4.19
4 th w eek Deo (18 ro a d s )____ 19,445,290 18,207,431 + 1,237,859 0.80 SO ecto
b er ___ 232,102 228,050 >56,585,392 253,922,807' + 2 .6 0 2 ,5 2 5 1.03
1 st w eek J a n (44 ro a d s )____ 11,577,755 11,021,419
+ 556,336 5.05 N o v e m b e r..2 3 7 ,5 9 6 233,340 240,050,774
245,051,203
+ 999,511
2d w eek J a n (33 ro a d s )____ 11,019,249 10,549,291
+ 4 2 4 ,9 5 8 4.08 D ecem ber . . 88,359 85,852 08,1 16,000 62,782,122 + 5,304,874 0.40
8.51
a M exican curren cy,
a C over: lines d irec tly o p e ra te d , e In c lu d es th e New Y ork A O tta w a , tho S t. L aw rence A A d iro n d ack a n d th e O tta w a ft
? £ w h lcil- being a C an ad ian ro a d , does n o t m ake re tu rn s to th e lu te r-S ta te C om m erce C om m ission f In o lu d es E v a n sv ille 4
rn a ia n a k k a In clu d es th e C leveland L orain A W heeling R y. In b o th y e a rs, n Inclu des th e N o rth e rn O hio R R . p In c lu d es e a rn in g s oC M asonO lty
, ,
a . VVhc M l,,n. A Pacific, s In c lu d es L ouisville A A tla n tic from July l lO J J a n d Mio F ra n k fo rt A C ln e lm n t from N ov 1 1309. I In*
eludes th e M exican In te rn a tio n a l from J u ly 1910. u In clu d es th e T ex a s C en tral In 1910.
W eekly Summaries.




C u r’ tit Year Prev's Year

THE CHRONICLE

L a t e s t G r o s s E a r n in g s b y W e e k s .— I n th e ta b le w h ich
fo llo w s w e su m u p s e p a r a te ly th e e a r n in g s f o r th e s e c o n d w e e k
o f J a n u a ry.
T h e ta b le c o v e r s 31 r o a d s a n d s h o w s 4 .0 8 %
in crea se in th e a g g r e g a t e o v e r th e s a m e w e e k la st y e a r .

A n n A rb o r_____________ _________
B u lla lo R o c h e ste r & P itts b u rg h
C a n a d ia n N o rth e rn _____________
C a n a d ia n P a c ific ________________
C e n tra l of G e o rg ia _____ _________
C h e sa p e a k e & O hio L in e s_______
C hicago & A lto n ________________
C olorado & .S o u th e rn __________
D enver & R io G ra n d e _________
D e tro it & M a ck in a c -----------------D u lu th S o u th S h o re & A tla n tic
G ra n d T ru n k of C a n a d a ---------G ra n d T ru n k W e ste rn ---------D e tro it G ra n d H a v e n & M U.
C a n a d a A tla n tic -------------------In te rn a tio n a l & G re a t N o rth e rn
In tc ro c c a n lc of M ex ico _________
Io w a C e n tr a l___________________
K a n sas C ity M exico & O r ie n t..
L ouisv ille & N a sh v ille _________
M ineral R a n g e __________________
M inneapolis & S t L o u is ________
M inneapolis S t P a u l <Ss S S M . . \
C hicago D iv is io n ____________}
M issouri K a n sas & T e x a s _______
M issouri P a c ific _________________
N a tio n a l R a ilw a y s of M e x ic o ..
R io G ra n d e S o u th e rn __________
S t L ouis S o u th w e ste rn _________
S o u th e rn R a ilw a y ______________
T ex a s & P a c ific _________ _______
T o led o P e o ria & W e s te rn -------T o le d o S t L ouis & W e stern —
W a b a s h -------- --------------- --------------T o ta l (31 ro a d s )---------------------N e t In crease (4 .0 8 % )----------------

1010.
1911.
$
$
40,018
37,936
161,979
177,033
185,700
190,200
1,154,000 1,342,000
223,500
241,200
536.793
614,878
252,075
247,788
319,098
307,360
361,900
378,200
21,166
22,608
49,443
47,876
725,025
795,371
145,000
152,000
167,975
154,240
01,350
57,980
28,900
37,200
978,115
1,062,440
16,147
12,831
88,019
90,748
357,629
346,001
435,359
497,203
917,000
972,000
1,194,053 1,085,914
12,277
8,169
200,982
230,370
1,062,731 1,002,505
268,048
281,486
23,599
24,965
73,593
50,316
513,182
560,466
11,019,249 10,594,291

In crea se. D ecrea se.

$
15,654
4,500
17,700
78,085
16,300
1,442

$
2,082
—

188,000
4,287
11,738
1,567

70,346
7,000
8,300
84,325
2,729
61,844
55,000
108,139
_
29,388
60,226
13,438
1,366
56,284
692,066
424,958

13,735
3,370
3,316
11,628
4,108
23,277
..............
267,108

F or th e tirst w e e k o f J a n u a r y o u r final s ta t e m e n t c o v e r s
44 r o a d s a n d s h o w s 5 .0 5 % 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 s t y e a r .
F ir s t

W eek o f J a n u a ry .

P re v io u sly re p o rte d (34 ro a d s ).
A la b a m a G re a t S o u th e r n .............
A tla n ta B irm in g h a m & A tla n tic
C h e sa p e a k e & O h io ...........................
C hicago G re a t W e s te r n ..... ............
C ine N ew O rl & T e x a s P a o lfic ..
D e tro lt T o led o & Ir o n to n _______
G eorgia S o u th e rn & F lo rid a ____
N ev ad a -C a llfo rn la -O reg o n ____
N ew O rleans M obile & C h ic a g o .
S e a b o a rd A ir L in e .............................
N e t Increase (5 .0 5 % ).....................

1911.
1910.
3
3
10,074,886 9,534 ,996
66,646
66,739
45,811
47,500
548,246
541,836
190,659
169,641
152,993
146,974
27,645
24,351
42,903
46,003
4,364
5,281
32,410
32,842
391,132
404,356
11,577,755 11,021,419

In crea se.

D ecrea se.

3
581,296

5 .
41,4(56
93
1,680

6,410
21,018
6,019
3,294

........
618,037
556,336

3,940
917
432
13,224
61,701

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— I n o u r “ R a ilw a y
E a r n in g s ” S e c t io n , w h ich a c c o m p a n ie s t o - d a y ’s issue o f th e
“ C h r o n ic le ” as a sp e cia l s u p p le m e n t, w e p r in t th e N o v e m b e r
r e tu r n s o f e a r n in g s a n d e x p e n s e s (o r in (h e a b s e n c e o f th e
N o v e m b e r fig u re s th o se fo r th e la te s t p r e v io u s m o n th ) o f
e v e r y s te a m -o p e r a tin g ra ilro a d in th e U n ite d S ta te s w h ich is
o b lig e d to m a k e m o n t h ly s ta te m e n ts to th e I n te r -S ta t e
C o m m e r c e C o m m is s io n a t W a s h in g t o n .
T h e I n te r -S ta t e C o m m issio n re tu rn s are all o n a u n ifo r m
b a s is, b o t h as t o r e v e n u e s a n d e x p e n d itu r e s , a n d p ossess
sp e cia l u t ilit y b y re a so n o f th a t fa c t .
In a n u m ber o f
in sta n c e s th e se fig u r e s d ilfe r fr o m th o se c o n ta in e d in th e
m o n t h ly s ta te m e n ts g iv e n o u t b y th e c o m p a n ie s th e m s e lv e s
f o r p u b lic a t io n , a n d in w h ich th e a c c o u n t s a r c p r e p a r e d in
a c c o r d a n c e w ith o ld m e t h o d s o f g r o u p in g a n d c la s s ific a tio n
p u r s u e d in m a n y in sta n ce s fo r y e a r s .
W e b r in g to g e th e r
h ere (1 ) all th e r o a d s w h ere th e re is a s u b s ta n tia l d iffe r e n c e
b e tw e e n th e tw o s e ts o f fig u re s, so th a t th o s e p e r so n s w h o
fo r a n y re a s o n m a y d e sire to tu rn to th e c o m p a n y s ta te m e n ts
will find th e m r e a d ily a v a ila b le .
W e a lso g iv e (2 ) th e r e ­
tu rn s o f s u ch r o a d s (e v e n w h e re th e figu res c o r r e s p o n d
e x a c t l y w ith th o s e in th e I n te r -S ta t e C o m m e r c e re p o r ts )
w h ich g o b e y o n d th e re q u ire m e n ts o f th e C o m m issio n a n d
p u b lis h th e ir fix e d ch a rg e s
to e a rn in g s a n d e x ­
p en se s, o r (8 ) w h ich h a v e a fiscal y e a r d iffe r e n t fr o m th a t o f
th e I n te r -S ta t e C o m m e r c e C o m m is s io n , in w h ich la tt e r ca se
w e in se rt th e r o a d so as to s h o w th e resu lts fo r th e c o m p a n y ’ s
ow n year.
W e lik e w is e in c lu d e (4 ) th e fe w r o a d s w h ich
o p e r a t e e n tir e ly w ith in S ta te b o u n d a r ie s , a n d th e r e fo r e d o
n o t r e p o r t to th e F e d e ra l C o m m is s io n , a n d (5 ) M e x ic a n a n d
C a n a d ia n c o m p a n ie s .
W e a d d (0 ) th e ro a d s w h ich h a v e
issu ed th e ir o w n s ta te m e n ts fo r N o v e m b e r , b u t h a v e n o t y e t
filed a n y re tu rn s f o r th a t m o n th w ith th e C o m m is s io n .
F in a lly (7 ) w e g iv e th e fig u res fo r a n y r o a d s th a t h a v e
a lr e a d y s u b m itt e d th e ir D e c e m b e r s ta t e m e n t.

in addition

------- G ro s s E a r n in g s - ------ ----------N e t E a r n in g s -------

R oads.

C u rren t
Y ear.

3

A tc h T op & S a n ta F c .b .N o v 9,083 ,068
J u ly 1 to N ov 3 0 ..............46,074,213
B a ltim o re & O h ld .b ____ D ec 6,841,826
J u ly 1 to Deo 3 1 _______ 46,99 6,377
B a n g o r & A ro o s to o k .b .N o v 246,477
J u ly 1 to N ov 3 0 _______ 1,242,436
B cllcfo n te C e n tra l.!} ____ D ec
8,091
J a n 1 to Deo 3 1 _______
87,502
B rid g eto n & S aco R Iv e r.N o v
4,370
J u ly 1 to N ov 3 0 ............
24,849
B u lla lo R ooli & P itts .b - N o v 783,016
J u ly 1 to N ov 3 0 _______ 4,152 ,863
C a n a d ia n N o rth e rn _____ N ov 1,565,400
J u ly 1 to N ov 3 0 .............. 6,791 ,200




P rev io u s
Y ea r.
$

9,628,529
44,507,765
0,984,581
45,027,781
244,683
1,105,234
7,989
65,386
3,424
22,005
770,664
4,002 ,876
1,517,500
5,629,100

------- G ro s s E a r n in g s ------- ------- N e t E a r n in g s ------C u rr e n t
Y ear.

R oad s.

$

P r e v io u s
Y ear.

$

C a n a d ia n P a c if lc .a ........... N ov 9,413 ,238 9,075 ,964
J u ly 1 to N o v 3 0 _______47,08 2,268 41,71 0,754
C e n tra l o t N ew J e r s e y . b .N o v 2,415 ,139 2,450 ,186
J u ly 1 to N ov 3 0 _______12,060,883 11,632,545
C h e sa p e a k e & O h i o . b . . . N ov 2 ,7 7 1 ,4 0 0 2,657 ,437
J u ly 1 to N o v 3 0 _______14,27 4,146 13,149,265
255,253
C o lorado M id la n d .a ____N ov 195,472
J u ly 1 to N o v 3 0 . .......... 953,634 1,122,728
C olorado & S o u th e r n .b .N o v 1,569,474 1,570,545
J u ly 1 to N ov 3 0 _______ 7,565 ,908 7,235 ,937
C o pper R a n g c .b --------------S e p t
6 0 ,1 8 0
69,518
209,997
J u ly 1 to S e p t 3 0 ______ 197,688
C u b a R R ........... .....................N ov 202,9 35
166,448
J u ly 1 to N o v 3 0 .............. 1,024 ,817
807,683
D elaw are & H u d s o n .b _ .N o v 1,853,411 1,838,467
J a n 1 to N o v 3 0 ..............18,701,478 17,839,871
D e n v e r & R io G ra n d e .a .N o v 2,2 1 0 ,0 5 2 2,117 ,056
J u ly 1 to N o v 3 0 ..............11,002,248 10,555,446
D u lu th So S h & A t l . b . -N o v 257,5 26
270,968
J u ly 1 to N o v 3 0 ........... .. 1,485 ,195 1,483,378
E r ie .a ................................N o v 4 ,8 1 8 ,0 0 7 4,976 ,993
J u ly 1 to N o v 3 0 _______2 5 ,0 4 9 ,6 5 5 23,871,535
G eorgia R R . b ____________N ov 306,134 286,481
J u ly 1 to N ov 3 0 _______ 1,348,343 1,302,171
G ra n d T ru n k o t C a n a d a —
G ra n d T ru n k R y _____ N ov 2,989,491 2,965 ,159
J u ly 1 to N ov 3 0 _______15,064,737 14,812,653
G ra n d T ru n k W e ste rn .N o v 476,917
492,490
J u ly 1 to N ov 3 0 _______ 2,441 ,523 2,586 ,058
D et G ra n d H a v & M il.N o v 201,959
172,760
J u ly 1 to N ov 3 0 _______ 866,723
860,397
C a n a d a A tla n tic _____ N ov
176,654
208,773
J u ly 1 to N ov
3 0 .. 845,311 940,207
Illinois C e n tra l a _______N ov 5,414 ,857 5,126,766
J u ly 1 to N ov
3 0 2 6,17 8,487 24,420,837
g In tc ro c c a n lc o t M ex ico .N o v
696,196
646,669
J a n 1 to N ov
3 0 3,55 6 ,3 0 2 3,315,688
K a n sa s C ity S o u th e rn .b .N o v 938,3 47
848,127
J u ly 1 to N o v 3 0 _______ 4,465 ,784 3,866 ,797
In c 14,957
L o n g Is la n d .................... N o v
J a n 1 to N ov 3 0 _______
In c 687,316
L ouis Ilc n d & S t L . a ____ N ov 109,026
100,072
J u ly 1 to N ov 3 0 _______ 535,637
496,916
(/M ex ico N o rth W e s t.a .N o v 181,364
122,871
J a n 1 to N ov 3 0 _______ 2,024,701 1,151,939
M ineral R a n g e b _________N o v
62,782
70,838
369,495
J u ly 1 to N ov 3 0 .............. 314,941
M inn S t P & S S M .a .- .N o v 1,209,892 1,613,666
J u ly 1 to N ov 3 0 ________ 6,161 ,760 7,517,708
720,135
C hicago D iv is io n .a ____N ov 769,205
J u ly 1 to N ov 3 0 _______ 3,996 ,690 3,703,605
78,819
M ississippi C e n tr a l.b ____N ov 78,538
356,852
J u ly 1 to N ov 3 0 .............. 386,515
M issouri K a n s & T e x .b .N o v 2,971 ,573 2,433,439
J u ly 1 to N ov 3 0 _______13,22 7,737 11,858,586
M issouri P a c ific .b _______N ov 4,741 ,139 4,659,078
J u ly 1 to N ov 3 0 _______ 23,23 5,502 22,82 1,355
g N a t R y s o t M c x lc i____ N ov 5,247 ,962
4,946 ,835
J u ly 1 to N ov 3 0 _______ 26,573,301 23,149,867
N e v a d a -C a l-O rc g o n .b ..N o v
27,907
37,405
J u ly 1 to N ov 3 0 _______ 179,619
233,460
N ew O rl G re a t N o r th .a .O c t 139,005
117,864
430,656
J u ly 1 to O ct 3 1 ............ 575,503
c N Y C en t & I I u d R I v .b .N o v 8,511 ,068 8,520 ,957
J a n 1 to N ov 3 0 _______91,45 2,932 85,159,408
L ak e S h & M ich S o .b .N o v 4,016 ,487 4,092,946
J a n 1 to N ov 3 0 _______ 45,31 5,875 41,131,528
e L ak e E ric & W e s t.b .N o v
451,393
471,548
J a n 1 to N ov 3 0 _______ 5,025 ,035 4.548,781
C hic In d & S o u th ’n .b .N o v 347,518
326,254
J a n l to N ov 3 0 _______ 3,379 ,863 2,897,379
M ichigan C e n tr a l.b ..N o v 2,507,921 2,526,762
J a n 1 to N ov 3 0 _______27,11 7,325 25,07 0,416
C lcv C ln C hic & S tL .b -N o v 2.684 ,239 2,584,504
J a n 1 to N ov 3 0 _______ 27,67 3,967 25,219,125
P e o ria & E a s te r n .b . -N o v 292,887
280,743
J a n 1 to N ov 3 0 ______ 3,201 ,970 2,743,444
C in c in n a ti N o rth ’n .b .N o v 112,922
106,336
J a n 1 to N ov 3 0 _______ 1,187,335 1,081,794
P ltts b & I,a k c E r ie .b .N o v 1,371,686 1,622,722
J a n 1 to N ov 3 0 _______ 15,960,565 13,459,156
R u tla n d .!} ........................N ov 300,529
287,916
J a n 1 to N ov 3 0 _______ 3,075,561 2,861,732
N Y C hic & S t L .b .- .N o v 920,578
908,127
J a n 1 to N ov 3 0 _______ 10,247,076 9,117,873
T oledo & O hio C e n t-b - N o v 491,528
407,579
J a n 1 to N ov 3 0 _______ 4,643 ,094 3,585,322
T o ta l all lin e s .b _____ N ov 21,95 8,756 22,136.391
J a n 1 to N ov 3 0 _______ 238,2 80,598 216875,958
N Y O n ta rio & W e s t.a .N o v 760,571
677,327
J u ly 1 to N ov 3 0 _______ 4,243 ,232 3,812,308
N Y S u sq & W e s t .a ____ N ov 306,952
307,807
J u ly 1 to N ov 3 0 _______ 1,553,088 1,436,179
N orfolk & W e s te r n .b - - - N o v 2,967 ,714 2,990,353
J u ly 1 to N ov 3 0 _______15,559,089 14,543,358
N o rth e rn C e n tra l.!} ____ N ov 1,172,537 1,158,437
J a n 1 to N ov 3 0 _______11,764,308 11,230,408
Pacific C o a s t.......................-N o v 622,662 638,146
J u ly 1 to N ov 3 0 _______ 3,765 ,053 3,668,797
P e n n s y lv a n ia L ines d ire c tly o p e ra te d —
E a s t of P itts & E r ie ..N o v 13,880,417 14,467,717
J a n 1 to N ov 3 0 _____ 150.904,073 139689,773
W e st of P itts & E r ie ..N o v D ec 406,200
J a n 1 to N ov 3 0 _______
In c 11,257,900
P e re M a r q u e ttc .b ________D ec 1,403,323 1,326,495
J u ly 1 to D ec 3 1 _______ 8,516 ,184 8,267,144
P h lla B a lto & W a s h ____ N ov 1,582,459 1,509,459
J a n 1 to N ov 3 0 _______17,511,846 16,140,846
P itts C ine C hic & S t L .a .N o v 2,805,751 2,898,845
J a il 1 to N ov 3 0 _______31,66 1,165 27,585,313
.

S e c o n d w eek, o f J a n u a r y .

181

_

J an . 21 1911.]

C u rr e n t
Y ea r.

P r e v io u s
Y ea r.

3

3

>3,772,170 >3,618,274
>17,271,005 >16,953,259
1,527,942 1,915,957
13,365,437 15,16 2,783
83,515
99,927
428,271
475,146
d e f.528
2,142
15,947
7,531
1,174
567
8,289
7,410
282,419
304,826
1,581,379 1,594,188
558,900
547,400
2,131 ,800 1,773,600

RCp hnI;f& R e a d in g , b . . . N ov 4,148 .991 4,000 ,848
J u ly 1 to N ov 3 0 ..............19,041,129 18,344,232
C oal & Iro n C o .b _____ N ov 3,874 ,049 3,532 ,035
J u ly 1 to N ov 3 0 _______12,553,088 12,392,035
T o ta l b o th c o s .b ______ N ov 8,0 2 3 ,0 4 0 7,532,883
J u ly 1 to N ov 3 0 ..............31,59 4,217 30,73 6,267
R e a d in g C o m p a n y ___N ov --------------- -------•------J u ly 1 to N ov 3 0 ---------- -------------- -------------T o ta l all c o s .....................N ov --------------- -------------J u ly 1 to N ov 3 0 ---------- -------------- --------------

C u rr e n t
Y ea r.

S
3,737 ,122
19,330,174
1,034,668
5,016 .210
935,049
5,087,782
24,842
147,100
626,816
2,747 ,266
23,081
76,220
76,035
422,489
796,871
7,534 ,442
681,997
3,434 ,047
80,189
526,113
1,346,290
7,309 ,459
90,526
339,718

P r e v io u s
Y ear.

$

3,692 ,338
10,95 4,454
1,149 ,960
5,282 ,780
1,082,026
5,427 ,083
80,90 4
241.392
651,1 04
2 ,8 3 1 ,8 5 7
55,194
116,422
55,488
252,0 84
927,0 25
7,2 9 8 ,9 1 7
616,3 64
3 ,3 8 1 ,8 2 5
77,780
498.392
1.677 ,879
7,148 ,093
92,77 0
367,881

649,191
756,2 54
4,0 8 3 ,4 8 0 4,21 3 ,4 1 6
49,152
99,76 4
411,949
687,1 49
66,184
49,63 8
107,400
217,7 74
37,959
65,698
95,627
159,621
1,448,994 1,398 ,706
6,324 ,383 4,841 ,321
231,405
189,073
1,292,904 1,043,110
364,270
333,044
1,711,240 1,353,281
Deo 89,008
D ec 182,049
21,61 5
32,98 0
129,183
130,645
60,082
08,029
1,126,273
411,9 38
d ef .2,587
11,132
61,307
d ef.3 ,1 0 7
822,9 25
450,190
2,350 ,834 3,658 ,202
182,486
171,362
1,070,741 1.213.302
29,977
27,445
148,170
150,300
722,451
1,132,455
4,348,541 4,313 ,093
1,254,830 1,601,632
5,874 ,247 7,549 ,414
2,205 ,967 1,870,881
11,012,685 8,788 ,819
7,224
18,301
79,429
135,203
47,311
39,482
224,603
141,111
2,276 .739 2.81 7 .5 3 9
24,19 8,838 26,28 6 ,2 4 0
1,028,898 1.635 .302
13,622,889 15,731,098
69,390
144,323
1,106,688 1 022,259
115,978
100,285
690,031
820,746
922,073
637,422
7,402 ,185 8,24 8 ,4 5 0
831,473
560,175
6,285,301 7,380 ,299
77,666
56,368
811,568
880,120
18,261
30,812
250,297
248,766
674,181 1,004,619
8,601,201 7,687 ,206
83,754
86,363
913,434
843,627
357,6
05
255,040
3,129 ,823 2,987 ,593
194,893
176,783
1,701,405 1,155 ,675
5,907,957 8,187 ,985
08,976,017 73,099,412
184,238
193,554
1,393,955 1,184,927
90,269
101,816
384,418
457,497
1.293.539
1,020,820
5,859 ,600 6,117 ,105
358,061
133,461
2,012 ,539 2,500 ,039
92,192
100,281
824,458
865,440
4,347,814 5,363 ,212
41.991,002 42,18 2,602
D ec 1,< 15,300
D ec ( 11,700
315,550
425,513
2,171 ,156 2 ,7 1 2 ,3 4 0
435,749
445,849
4.350.471 4,338 ,871
627,739 1,016 ,400
6,888,283 7,548 ,186
1,466,328 1,573,592
6,693 ,423 7,129 ,910
279,995
247,3 76
def73,808
272,3 55
1,746,323 1,820,968
6,619 ,015 7,40 2 ,2 6 5
151,024
150,985
739,390
732,850
1.897,347 1,971,953
7.352.471 8,1 4 1 ,6 5 5

THE CHRONICLE

183
------- G ro s s E a r n in g s —
no<\ds.

-------N e t E a r n in g s -------

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P rev io u s
Y ear.

Y ea r.

P rev io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

_

$
$
$
7133,812
n28,6 70
R io G ra n d e J u n c tio n ____ O c t
95,567
112,708
D ec 1 to O c t 3 1 _______ 038,743
878,212 7)281,023 71263,404
25,171
24,203
55,356
R io G ra n d e S o u th c rn .b .N o v
52,660
02,369
109,644
J u ly 1 to N ov 3 0 _______ 277,756
207,965
2,133 ,778 1,725,464
R o ck Is la n d L in e s .b _____N ov 6,19 2 ,8 8 8 5,8 7 3 ,0 6 6 9,23
1
,6
6
8
10,077,074
J u ly 1 to N ov 3 0 _______30,47 5 ,5 4 8 29,65 1,036
1,174 ,318
989,029
S t L ouis & S a n F r a n . b . . N ov 4 ,0 3 3 ,9 8 8 3 ,7 9 2 ,5 2 7 6,001
,334 5,419,684
J u ly 1 to N ov 30 ...............18,85 5,534 18,12 0,107
363,495
321,124
C hicago E a s te rn 111.b N ov 1,129 ,359 1,072 ,516 1,715,833 1,806,428
J u ly 1 to N ov 3 0 _______ 5,4 0 7 ,6 5 9 4 ,9 7 2 ,1 0 5
91,925
77,561
E v a n sv ille & T e r H b N ov 225,0 77
224,219
460,208
469,855
J u ly 1 to N ov 3 0 .............. 1,2 0 7 ,3 1 3 1,085 ,998
1,573,004 1,444,450
T o ta l all lln c s -b ______ N ov 5,38 8 ,4 2 5
J u ly 1 to N ov 3 0 _______ 2 5 ,4 7 0 ,5 0 7 24,17 8,270 8,183 ,370 7,695 ,967
78,512
4 7 ,3 8 3 '
S t L R o c k y M t & P a c .a .N o v
191,877 152,619
319,410
229,396
J u ly i to N ov 3 0 _______ 8 9 9,0 35
721,507
382,758
305,784
S t L ouis S o u th w e s t’n .a .N o v 1,209,701 1,082,448
J u ly 1 to N o v 3 0 _______ 5,288,721 4,856 ,608 1,466,883 1,490,412
4,465 ,140 4,971 ,032
S o u th e rn P a c illc .a N o v 12,198,642 12,324,026
J u ly 1 to N ov 3 0 _______59,57 1,259 58,635,947 21,749,055 23,400,221
665,249
630,369
T e x a s & P a c if ic .b ------------N ov 1,718,889 1,599,684
J a n 1 to N ov 3 0 _______ 14,612,636 13,305,483 3,450 ,314 3,381 ,125
T o le d o Peoria & W c s t.b .N o v
105,359
90,207
17,452
17,080
D e c e m b e r ......... ...............
113,560
103,761
25,346
21,973
597,061
158,009
153,636
J u ly 1 to D ec 3 1 ---------- 677,263
U n io n P a c lf lc .a --------------N ov 8,566 ,643 8.3 4 1 ,7 8 3 4,004 ,211 4,204 ,140
July 1 to N ov 30----------42,478,065 40,816,005 19,052,076
21,20 0,937
W e ste rn M a ry la n d .a .. . N o v
567,451 569,810 7-184,156 r21 2,989
J u ly 1 to N ov 3 0 . ........... 3,226 ,673 2,910 ,553 r l , 180,925 r l , 095,418
W e st J e rse y & S e a s h o re .N ov
414,063 377,963
77,710
79,910
J a n 1 to N ov 3 0 ---------- 5,981 ,584 5,419 ,584 1,400 ,705 1,464 ,605
W ic h ita F a lls & N W .b .N o v
156,972
62,87 5
108,581
50,919
J u ly 1 to N ov 3 0 .............. 465,814
238,787
301,155
173,243
Y azo o & M iss V a lle y .a .N o v 1,190,851 1,075 ,125
532,698
378,571
975,814
611,319
J u ly 1 to N ov 3 0 .............. 4,338 ,888 4,249 ,262
IN D U S T R IA L C O M P A N IE S .
------- G ro s s E a r n in g s ---------------- N e t E a r n in g s ------C o m p a n ie s .

231,024
A d a m s E x p re ss C o .b ___S e p t 1,379,325 1,274,366
249,613
J u ly 1 to S e p t 3 0 ..
417,084
3,815 ,826 3,525 ,461
465,293
A m T el& T el(A sso ciated ) Cos—
J a n 1 to N ov 3 0_.
150,244,013 135,1 51,170 45,99 6,234 43,92 1,986
26,866
14,686
29,204
13,837
A tla n tic C ity E lec C o___D ec
319,903
197,302
173,094
J a n 1 to D ec 31
374.5 85
25,425
17,628
15,015
C a n to n E le c tric C o___.D e c
30,794
234,372
147,352
120,717
• J a n 1 to D ec 3 1 _______ 282,0 74
366,427
244,066
190,939
K in g s Co E l L t & P o w ..D e c 427.679
J a n 1 to D ec 3 1 _______ 4,333 ,354 3,733 ,840 2,278 ,433 1,899,708
17,343
10,645
9,625
18,153
M a rlo n L ig h t & H e a t___D ec
160,510
96,898
92,156
■ J a n 1 to D ec 3 1 _______ 184,683
33,836
16,543
14,879
37,55 4
R o c k fo rd E le c tric C o___D ec
320,453
131,264
119,001
J a n 1 to D ec 3 1 _______ 357.783
66,756
40,580
32,950
68,351
S c ra n to n E le c tric C o ____ D ec
647,691
376,167
332,045
J a n 1 to D ec 3 1 _______ 692,476
148,608
119,865
U n ite d S ta te s E x p r e s s .b O ct 965,673 2 ,9827,296
1
2
,3
9
5
423,918
3,6
6
3
,0
1
5
127,448
J u ly 1 t o O ct 3 1 _______
a N e t e a rn in g s h e re g iv en a re a fte r d e d u c tin g ta x e s ,
b N et e a rn in g s h ere giv en a rc b efo re d e d u c tin g ta x e s,
c In c lu d es th e N ew Y o rk & O tta w a , th e S t. L aw re n ce & A d iro n d a c k and
th e O tta w a & N ew Y o rk R y ., th e la tte r of w h ic h , b e in g a C a n a d ia n ro a d
docs n o t m a k e re tu rn s to th e In te r -S ta te C om m erce C om m ission.
e In c lu d e s.ith o fiN o rth e rn O hio R R .
g T h ese re s u lts a re in M exican c u rre n c y .
j T h e c o m p a n y now In clu d es th e e a rn in g s of th e A tc h . T o p . & S a n ta F e
R y ., G ulf C olo. & S a n ta F c R y ., E a s te rn R y . of N ew M exico S y ste m ,
S a n ta F c P re s c o tt & P h o e n ix R y ., S o u th e rn K a n sa s R y . of T ex a s, T ex a s
A G ulf R y ., G . & I. R y . of T . a n d C. S. S . & L . V . R R . In b o th y e a rs.
F o r N o v e m b e r ta x e s a m o u n te d to 5241,835, a g a in s t 5327,620 In 1909; a fte r
d e d u c tin g w h ic h , n e t fo r N o v . 1910 w as 5 3 ,5 3 0 ,3 3 5 , a g a in s t 53.29 0,654 la s t
y e a r. F o r p e rio d from J u ly 1 to N o v . 30 ta x e s w ere $1,44 4,786 In 1910,
a g a in s t $1,49 8,589 In 1909.
n T h ese llgu res re p re s e n t 30% of gro ss e a rn in g s.
r A fte r allo w in g for m iscellan eo u s re c e ip ts a n il n e t fro m coal a n d o th e r
d e p a rtm e n ts , to ta l n e t e a rn in g s fo r N o v . 1910 w ere 5215,583, a g a in s t
$265,047 In 1909; a n d fro m J u ly 1 to N o v . 30 w ere $1,286,410 in 1910,
a g a in st $1,31 6 ,9 2 5 In 1909.
I n t e r e s t C h a r g e s a n d S u r p lu s .

.— — B a l.

R oad s.

I n t . , R e n ta ls , & c
C u rr e n t
P rev io u s
Y ear.
Y ear.

$

98,144
B a n g o r & A ro o sto o k ____ N ov
J u ly 1 to N o v 3 0 _______ 476,605
236
B ellcfo n te C e n tra l_______ D ec
2,832
J a n 1 to D ec 3 1 _______
640
B rid g e to n & S aco R Iv c r.N o v
3,075
J u ly 1 to N ov 3 0 ..............
B uff R o c h & P I tts b ____ N ov 175,754
J u ly 1 to N o v 3 0 _______ 883,439
C e n tra l of N ew J e r s e y ..N o v 531,042
J u ly 1 to N ov 3 0 _______ 2,645 ,804
C h e sa p e a k e & O h io ____ N ov a 6 01,779
J u ly 1 to N ov 3 0 ----------a 3 .225,953
C hicago G re a t W e s te rn .N o v 220,8 06
J u ly 1 to NOV 3 0 .............. 1,042 .332
C o lorado M id la n d ------------N o v 29,820
J u ly 1 to N o v 3 0 .............. 149,100
C olo rad o & S o u th e rn — N ov 269,100
J u ly 1 to N o v 3 0 ---------- 1,351,362
C o p p er R a n g e ___________ S e p t 15,712
J u ly 1 to S e p t 3 0 ..............
47,137
C u b a R R .................................. N o v 36,667
J u ly 1 to N o v 3 0 .............. 183,333
D e n v e r & R io G ra n d e ___N o v 524,630
J u ly 1 to N o v 3 0 .............. 2,524 ,839
D u lu th So S h & A tl_____ N ov 94,712
J u ly 1 to N ov 3 0 .............. 482,727
G eorgia R R ______________ N ov
62,588
J u ly 1 to N ov 3 0 .............. 389.131
L o u lsv H e n d & S t L _____ N ov 17,126
J u ly 1 to N ov 3 0 _______
85,523
M in eral R a n g e ____________N ov 12,816
J u ly 1 to N ov 3 0 _______
65.899
M o K a n & T e x a s --------------N ov 551,835
J u ly 1 to N ov 3 0 _______ 2,88 6 ,5 8 7
N e v a d a -C a l-O re g o n _____ N ov
4,274
J u ly 1 to N ov 3 0 _______
21,293
N ew O rl G re a t N o rth e rn .O c t
41,711
J u ly 1 to O c t 3 1 .............. 167,152
N Y O n ta rio & W e ste rn .N o v 124,689
J u ly 1 to N ov 3 0 .............. 591,789




$

86,417
416,653
243
2,916
593
3,053
169,240
832,5 06
347,278
2,336 ,337
__
<1540,057
a2,629!616
211,829
' -------1,209,799
29,820
149,100
256,529
1,274,653

[VOL. LXXXXII

.—

o f N et E 'n g s
C u rr e n t
P r e v io u s
Y ear.
Y ear.

$

4,145
43,994
d cf.76 4
13,115
534
5,214
£175,237
X \ , 053,3 20
503,626

5

32,256
133,281
1,899
4,615
def.26
4,357
£166,434
£892,508

802,682

2,370,406 2,046,443
333,270
541,969
1,861,829 2,797,467
£73,281
£154,702
£577,569
£357,105
edef 14,648
C35.453
cdcf51,536
C22.009
C345.869
C429.609
C l.415,722 Cl,705,161

11,957
7,369
43,237
35,812
29,083
80,609
36,667
39,368
18,821
178,544
239,150
73,540
457,581 (2235,253 d 192,728
2 ,1 6 8 ,4 5 0 (21,287.995 (21,500,908
101,720 £def.8 ,6 6 1 £ d e f.l9 .9 2 7
469,729
£79,2 59
£50,923
59,572
£ 4 2,4 55
£43,051
301,5 87 £def6,631 £111,231
13,652
£5,1 5 5
£19,656
78,05 3
£46,5 08
£55,6 58
13,035 £ d e f.l2 ,801 £ d e f 465
66,018 £ d e f,6 1 ,448 £dcf.3 ,1 7 8
550,001 £604,997 £200 717
2,7 2 9 ,4 5 6 £1,58 7,078 £1,62 5.541
3,721
£4,100
£15,844
18,081
£62,4 09 £122,084
45,398
11,692
7,280
184,948
73,664
15,822
98,119
59,549
95,435
479,271
802,166
705,656

--------- B a l.

- I n t . , R e n ta ls , & c .
C u rren t
P r e v io u s
Y ear.
Y ear.
$

R oads.

.—

o f N et E a rn s
C u rren t
P rev io u s
Y ear.
Y ea r.

$
5
5
N o rfo lk & W e ste rn ........... N ov 500,900
470,460
519,920
823,079
J u ly 1 to N ov 3 0 _______ 2,509 ,283 2,326
,189 3,350 ,317 3,790 ,916
P c re M a rq u e tte ________ .D e c 357,999
344,762 £dcf87 .249
£91,9 74
J u ly 1 to D ec 3 1 ..
2,168 ,467 2,0 8 7 ,3 7 l£ d c f2 6 1 ,458 £601,123
R e a d in g C o m p a n y ____ .N o v 885,000
899,971 1,012,347 1,071,982
J u ly 1 to N ov 3 0 .
4,42 5 ,0 0 0 4,4 9 9 ,8 5 5 2,927 ,471 3,64 1 ,8 0 0
R io G ra n d e J u n c tio n .....O c t
8,333
8,333
20,337
25,479
D ec 1 to O ct 3 1 .. ___
91,66 7
91,667
189,956
171,797
R io G ra n d e S o u th e r n .. .N o v
18,916
18,879
£5,32 0
£6,56 5
J u ly 1 to N ov 3 0 . .
96,326
94,453
£17,5 55 £(lf .25,836
S t L R o c k y M tn & P a c . .N o v
31,900
33,353
46,612
14,030
J u ly i to N ov 3 0 ..
163,093
167,575
156,317
61,821
S t L o u is S o u th w e ste rn . .N o v 179,384
172,862 £242,237 £180,218
J u ly 1 to N ov 3 0 ..
864,165 £763,951 £844,239
871,358
T o le d o P e o ria & W e stern N o v
24,117
23,678 £ d e f 4,405 £ def4,058
D e c e m b e r.............
24,173
24,641
£3,172 £ d ef 1,825
J u ly 1 to D ec 3 1 ..
149,221
144,288
£24,6 25
£19,9 85
IN D U S T R IA L C O M P A N IE S
A m T el& T el(A sso ciated )C o s—
J a n 1 to N ov 3 0 .._____ 10,513,012 9,670 ,296 35,483,222 34,25 1,690
6,041
A tla n tic C ity E lec C o .. .D e o
5,331
8,645
8,506
64,166
J a n 1 to Dec 3 1 ..
64,197
133,136
108,897
3,462
C a n to n E le c tric C o ------ .D e o
2,889
14,166
12,126
38,911
J a n l to D ec 3 1 ..
34,362
108,441
86.355
102,900
K in g s Co E le c t L t & P o w D ec 123,389
120,677
88,039
1,287,421 1,079,531
J a n 1 to D ec 3 1 ..
091,012
820,177
2,330
2,430
8,315
M arlo n L ig h t & H e a t . . .D e o
7,105
26,932
30,256
69,966
J a n 1 to Deo 3 1 ..
61,900
6,551
5,027
9,992
R o c k fo rd E le c tric C o .. .D e c
9,852
69,278
54,393
61,986
J a n 1 to D ec 3 1 ..
64,608
11,940
7,277
28,640 • 24,673
S c ra n to n E le c tric C o ___ .D e o
123,787
103,138
252,380
J a n 1 to Dec 31 _.
228,807
a T h ese figures a re a fte r d e d u c tin g o th e r in c o m e .
c A fte r allow in g fo r m iscellan eo u s c h a rg e s a n d c re d its to Incom e,
if T h ese llgu res a re a fte r allow in g fo r o th e r Incom e a n d fo r d is c o u n t a n d
e x c h a n g e . T h e su m of 510,000 is d e d u c te d e v e ry m o n th fro m su rp lu s
a n d p la c e d to th e c re d it of th e re n e w a l fu n d .
x A fte r allow in g fo r o th e r Incom e re c e iv e d .
E L E C T R IC

R A IL W A Y

AND

T R A C T IO N

L a te s t G ro s s E a r n in g s .
N am e o f
R oad.

W e e k or
M o n th .

! A m e rica n R y s C o ____ D e c em b e r..
i c A u E lg in & C hic R y N o v e m b e r.
! B a n g o r R y & E lec Co N o v e m b e r.
B a to n R ou g e E lcctC o N o v e m b e r.
! B in g h a m to n R y _____ N o v e m b e r.
& P ly m S t R y . N o v e m b c r.
. BB rock
k ly n R a p T ra n S y s. S e p tem b c r
| C ape
B
to n E lec C o . N o v e m b e r.
J C aro lin are Pow
& L t Co N o v e m b e r.
C en t P a rk N <& E ltlv S e p te m b e r
C e n tra l P e n n T ra c ___ D e c em b e r..
C h a tta n o o g a R y & L t N o v e m b e r.
C hicago R y s C o-------- O c to b e r___
C lev P a ln c sv & E a s t- N o v e m b e r.
C oney Isl & B ro o k ly n S e p tem b e r
D allas E le c t C o rn — N o v e m b e r.
D e tro it U n ite d R y _ . 1st w k J a n
D D E B & B a t (R cc) S e p te m b e r
D u lu th -S u p e rio r T ra c N o v e m b e r.
E a s t S t L ouis & S u b . N o v e m b e r.
E l P a so E le c tric -------- N o v c m b c r.
F a lrm & C lark s T r Co O c to b e r . .
F t W a y n e & W a b a sh
V alley T ra c tio n Co O c to b e r . .
42dS tM & SN A v (R ec) SNeopvtee mm bb ee rr.
G a lv -H o u st E le c t C o . N ovem ber
G ran d R a n ld s R v C o.
H a v a n a E le c tric R y . W k J a n 15
H o n o lu lu R a p id T ra n
& L a n d C o-------- - ­ N o v e m bb ee r.r.
H o u g h to n Co T ra c Co SNeopvtec m
m ber
H u d so n & M a n h a tta n
m b e r.
Illin o is T ra c tio n C o .. SNeopvtee m
In te rb o r R T (S u b )- - S e p te m bb ee rr
In te rb o r R T (E le v ).
J a c k so n v ille E le c t Co NN oo vv ee mm bb ee r.r.
K ans C ity R y * L t Co
e m b e r.
L ak e S h o re E lec R y . SNeopvtem
ber
L o n g Is la n d E le c tric .
M e tro p o lita n S t (R ec) S e p te m b e r
b e r.
M llw E l R y & L t C o. NN oo vv ee m
Mllvv L t H t & T r C o- N o v e mm bb ee r.r.
M o n trea l S tre e t R y - - N o vem ber
N ash v illc R y & L ig h t
e m b e r.
N ew O rlean s R y & L t SNeopvtem
ber
N Y C ity In tc rb o ro N
Y
& L o n g I s la n d ’ll- S e p tem b e r
j N Y & Q ueens C o u n ty S e p tem b e r
j N o rf & P o rts m T r Co D e c em b e r..
N o rth O hio T ra c & L t N o v e m b e r.
e m b c r.
i N o rth T e x a s E lec C o . ND oe cvem
N
, o rth w c st E lev C o .. S e p tem bbeer..
O ccan E le c tric — - - - N o v e m b e rr.
Paducah T r & L t C o.
P c n sa c o la E lec tric Co NN oo vv ee mm bb ee r.r.
P o rt (O re) R y .L & I’Co
P u g e t S o u n d E lec Co N o v e m b e r.
R ic h m o n d L t & R R - S e p tem b e r
R lo d e J a n e iro T ra m N o v e m b e r.
L ig h t & P o w er Co
S t Jo se p h (M o) R y L t N o v e m b e r.
H e a t & P o w er C o . S ao P a u lo T r L t & P - NN oo vv ee mm bb ee r.r.
S a v a n n a h E le c tric Co N o v e m b c r.
S e a ttle E le c tric C o .. S e p tctn b e r
S eco n d A v e n u e (R ec) S e p tem b e r
S o u th e rn B o u le v a rd . D e c em b e r..
S o u W isco n sin R y Co S e p tem b e r
S ta te n Isl M idland — N o v e m b e r.
T a m p a E le c tric C o .. S e p tem b e r
T h ird A v e n u e (R c c ). N o v c m b c r.
T oled o R y s & L t C o . O c to b e r .
T o ro n to U.v C o .
T w in C ity R a p T r a n . 1 st w k J a n
U n d e rg ro u n d E l R y
of L o n d o n —
k J a n 14
T h re e tu b e lin e s— W
M e tro p o lita n D ls t. W k J a n 14
U n lte d T ra m w a y s . W k J a n 14
U n io n (R c c )................... S e p te m b e r
U n io n R y .G & E C o d ll) N o v e m b e r.
U n ite d R R s of S an F r N o v e m b e r.
W e sto h es E lec (R e c ). S e p te m b e r
W h a to o m Co R y & LI N o v e m b e r.
Y o n k ers R R ( K e c ) .. S e p tem b e r
c

C O M P A N IE S .

Jan.

1 to

la test d a te.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

340,575
132,508
46,346
0,747
27,609
8,026
1882,376
29,043
21,379
56,001
73,791
70,480
1250,923
27,037
145,724
127,042
154,539
52,180
90,309
194,974
59,085
58,504
131,360
132,561
118,251
8 8 ..‘ 17 6
43.208
39,016
22,799
200,615
578,769
1023,183
1240,396
48,904
644,416
91,802
20.209
1188,973
407,173
79,8 18
366,098
158.739
543.640
21,392
39,621
106,981
179,111
189,705
119,263
196,840
11,772
21,523
24,427
498,953
150,274
32,423
946,006
87,644
259,390
56,863
469,334
82,267
11,437
15,453
26,950
43,248
293,945
261,010
379.721
133.739

$

316,867
122,789
45,427
9,904
25,911
8,628
1819,180
26,53 5
20,002
53,500
66,741
64,811
1109,640
25.900
137,157
121,215
140,004
50,588
85,509
177,712
56,069
41,433
122,806
136,618
109,058
80,327
37,594
34,966
24,915
159,436
479,820
1075,521
1210,714
45,611
607,167
90,705
17,825
1203,088
378,546
73,127
334,871
149,426
534,376
16,556
35,549
91,910
163,444
175,743
105,253
190,187
10,563
20,710
21,176
411,001
139,018
31,373
032,568
82,296
221,064
51,088
451 ,533
76,274
8,856
14,226
27,367
52.900
260,814
246,185
332.977
129,017

£ 1 4 ,8 2 0
£ 1 2,0 27
£ 5 ,3 5 8
203,076
265,668
633,618
50,407
37,165
58,744

£13 895 £ 2 9 ,6 5 0 £ 2 7 ,4 4 5
£11 017
£ 2 3,9 32 £ 2 1 ,7 2 9
£ 5 446 £ 1 0,7 72 £ 1 0 ,9 4 5
179 223; 1,691,849 1.534,949
251 3511 2,087 ,557 2,534 ,338
619 ,313 6,971,133 6,810 .118
44 816
333,611
402,857
30 ,850 372,075
367,718

$

T h ese figures a rc fo r c o n so lid a te d c o m p a n y .

C u rren t
Y ear.

P r e v io u s
Y ear.

5

3,638 ,465
1,418,857
490,096
89,59 0
122,783
15,526,685
241,692
200,611
445,343
754,488
707,165
9,298 ,394
297,573
1,162,578
1,200.354
140,004
471,233
896,346
1,850,565
541,291
387.874
1,161,156
996,332
1,105,677
938,868
77,526
376.9 55
293,883

3,927,108

1,548,353
518,122
99,172
111,953
16,455,852
276,001
223,050
478,481
831,167
799,419
10.205,252
328,235
1,172,947
1,330,026
154,539
463,212
990,315
2,161 ,328
575,489
504,497
1,260,086
1,062,470
1,197,863
1,036,304
84,957
412,691
286,441
1,856,794
5,597,634
10,173,112
11,310,081
520,685
6,833 ,950
1,110,541
101,081
10,574,199
4,270 ,808
975,856
4,078 ,895
1.662.093
5,706 ,423
167,754
282,728
849,741
2,235,453
1,314,838
2,218 ,452
100,254
247,541
5,108 ,927
1,757,308
200,833
9,945 ,040
942,007
2,665,591
578,840

$

4,859,145
437,765

6,304 ,216
1 ,020,021
148,740
10,359,378
3,871 ,780
856,952
3,628 ,643
1,565,102
5,507 ,225
127,491
262,366
748,281
1,994,729
1,151,009
2,076 ,978
97,542
226,253
4,385 ,356
1,720,104
262,067

6,885,258

887,466
2,202,481

553,524

641,170
67,923
161,809
209,350
208,115
545,707
539,913
2,672,762 2,268 ,980
2,695,194 2,406 ,996
3,575 ,659 3,190 ,268
129,017
133,739
632,734
83,677
179,348

JAN. 21 1911.]

THE CHRONICLE

Electric Railway Net Earnings.—The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Dec. 24 1910. I he
next will appear in the issue of Jan. 28 1911.
-------Gross E arnings--------------- N et E arnings
Current P revious Current Previous
R oads.
Year.
Y ear.
Year.
Year.
$
$
$
$
A m cr L ig h t & T rac C o ..D e o 427.080
391,822 417.131 382.259
La«- J a n 1 to Deo 31 ______ 3,832.552 3,345,441 3,712,803 3,239,170
73,791
00,741
C entral P en n a T r Co------ D ec
J a n 1 to D ec 31 .............. 831,107 754,488
239,000
195,070
N orf A P o rtsm T ra c . b -.D e o
179,111
103,444
84,233
08,051
Ju ly 1 to Dec 31 .............. 1,079,822 988,412
481,704
433,077
T oledo R y & L t C o .b — N ov 201,010
240,185
03,501
120,139
J a n 1 to N ov 30............. 2,095,194 2,400,996 1,000,239 1,077,181
a N et earnings here given are a fte r d ed u c tin g taxes,
b N et earnings here given are before d ed u ctin g taxes.

Interest Charges and Surplus.

— In t., R entals, & c.— — Hal. o f N et E 'ngs.
Current Previous Current I revious
R oads.
Year.
Year.
Year.
Year.
5
$
3
^
N orf & P o rtsm T ra c ____Deo
60,491
05,242
23,742
2-809
• Ju ly 1 to D ec 31 ............. 377,200
381,394 104.504
o2,^83
78,482
75,758 fl5 .7 5 0
*44,565
T oledo R y & L t CO...........N ov
J a n 1 to N ov 30 ______ 847,644
803,576 1159,229 £276,234
• x A fter allow ing for o th er Incom e received.

A N N U AL R E P ORTS,

IfAnnual Reports.—An index to annual reports of steam

railroads, street railways and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the “Chronicle” in which it is
published. The latest index will be found in the issue of
Dec. 31 1910. The next will appear in that of Jan. 28.
Albany Southern (Electric) Railroad.

12)^ M o ’s —S e p t. 14 1909 to S e p t. 30 1910.)
President It. A. C. Smith, 100 Broadway, N. Y., Jan. 3
1911, wrote in substance:
(R epo rt C overin g

O rganization.— T he com pany began op eration s S ep t. 14 1909, an d th e
follow ing rep o rt a n d financial sta te m e n t show s th e results for th e 12 H
m o nth s ended S ep t. 30 1910. A lm ost Im m ediately a fte r organ ization
J G. W h ite & Co. of New Y ork w ere engaged as o p erating m an ag ers a n d
engineers to supervise a n d direct th e con stru ctio n w ork a n d th e op eration
of Fvoinur
properties.
a n cia
l.— T he plan of organ ization (V. 89, p. 223) w as ap p ro v ed, ,by
th e P ublic Service Com m ission of N . Y . S ta te , w hich fu rth e r sanctio ned th e
Issue of $1,250,000 1 s t M. bonds o u t of a to ta l auth orized Issue of $1,500,000.
Of these bonds, $765,000 w eresold a n d th e proceeds thereof used to pu rchase
th e A lbany & G rccnbush B ridge, a m odern double-deck stru c tu re con nect­
ing th e cities of A lbany a n d R ensselaer, a n d over w hich th e cars of y o u r
com pany hav e en tran ce Into th e city of A lbany.
T he rem ain ing $485,000 of said $1,250,000 of bonds w ere sold a n d th e
proceeds used In th e building of a 2d trac k betw een R ensselaer a n d th e
com pany’s am u sem ent park a t K indcrhook L ak e, Involving th e co n stru c­
tion of 13 m iles of trac k w ith th e necessary third -rail Installation a n d th e re­
location of th e ro a d a t several p o in ts, elim in atin g dangerous curves. A t
th e sam e tim e th e existin g trac k w as placed In good condition a n d all con­
stru c tio n w ork w as com pleted pro m p tly a n d a t a cost considerably less th a n
th e estim ates. T he new track w as placed In service Ju ly 4 1910. Im ­
prov em ents w ere also m ade a t th e pow erhouse, resulting In g reater efficiency.
(Sec bond offering In V . 89, p . 1141, 1222.)
, .
T he directo rs h av e also expended $62,000 for th e follow ing <and o th e r
m iscellaneous Im provem ents, to w it: A new casino a t th e am u sem ent park;
a new w ater gas set w ith oil sto rage, A c., a t R ensselaer, cap acity 120,000
cu . ft. per day : new gas m ains a n d extensions In R ensselaer and H udson.
A pplication has been m ade to th e Com m ission for perm ission to Issue $52,000
ad d itional 1st M . bonds on acco u n t of such ex p en ditu res.
Extract fro m Report o f J .G . W hite & Co.— “ D uring th e p a st year th e roll­
ing equ ipm en t has nearly all been tho ro ug hly overhauled, a n d th e cost has
been included In th e op eratin g expenses. A ctive cam paigns for new busi­
ness In th e electric anil gas d e p artm e n ts hav e been carried on w ith sa tis­
factory results. T he entire p ro p erty has been ad eq u ately m ain tain ed and
Is in good op erating con dition . T he relation s of th e com pany w ith the
m unicipal auth o rities and th e public generally are. In our ju d g m en t, very
satisfacto ry . T he em ployees arc loyal to th e com pany a n d th eir personnel
Is of high g rad e.”
■ E A R N IN G S F O R 12 H M O N T H S E N D E D S E P T . 30 1910.
E arnin gs— R ailw ay, $321,345; electric, $112,852; gas, $42,540;
m iscellaneous, $3,325; to ta l--------------------------------------------------------T o tal op erating expenses---------------------------------------------------------------N et earnin gs_____ - --------------------------------------------------------------------$197,795
T axes, $26,562; bonds In t., ren tals a n d am o rtization, $ 0 8 ,0 0 4 .. 94,626
S u rplu s ___________________________________________________________$103,168
N ote.— T hc dfrcctors on J a n . 14 1911 declared [an Initial sem i-annu al
dividend of 1 K % on pref. sto ck , pay ab le F e b . 1. T his d iv id en d calls for
$30,435, a n d ft Is un derstoo d places th e pref. stock on a 3% basis.
B A LA N C E SH E E T SE P T. 30 1910.
Assets ($1,797,097)—
Liabilities (34,797,697)—
Cost of road, plant and franCommon stock...............................51,375,000
chisca ...................................... $4,656,705 Preferred sto c k ..................... — 2,029,000
Current assets—
First mtge. 5% bonds--------- 1,250,000
25,177
Accounts receivable. $26,958
Accounts p a y a b le ...................
Materials A supplies 29,737
Accrued bond Interest...............
5,208
Cash on hand A In bk. 65,645— 122,340 R eserv es....................................... 10,144
Deferred accounts___________
18,652 Surplus ____________________ 103,168
—V. 91, p. 1346. 1222. 1140.

Interborough-Metropolitan Co., New York City.

(R epo rt fo r F isc a l Y e a r en din g D ec. 31 1910.)
President Theodore P. Shonts, N. Y., Jan. 17 1911, wrote:

Street R ailw ay L itigation Settled by P aym ent o f $4,000,000.— O n F e b . 10
1909 a ju d g m en t w as ren dered ag a in st th e M etropolitan S ecurities C o., In
a su it of th e receiver of th e N . Y . C ity R y . Co., for the b alance alleged to
be due u n d er agreem en t of M ay 22 1907, am o u n tin g to $5,271,582, w hich
ju d g m en t w as su bsequ ently affirm ed by th e C ircuit C ourt of A ppeals.
V arious pay m ents upon this Ju dgm ent red uced th e am o u n t to Ju ly 1 1010,
w ith in terest, to app ro xim ately $4,495,000. In th e m eantim e th e receiver
ofltholN Y C ity R y . Co. had in stitu te d an actio n to collect th e a m o u n t of
th e ju d g m en t from th e stockholders of th e M etropolitan S ecurities Co. u p on
th e grou nd th a t 25% of th eir sto ck su bscription s rem ained u n p a id . Y our
com pany being th e ow ner of 293,920 shares o u t of a to ta l Issue of 300,000
shares, its liability for such un p aid balance would h av e am o u n te d to
*7Thcro\viV8 also In stitu ted b y th e receiver of tho N . Y . C ity R y . Co. a su it
ag ain st tho M etrop olitan Securities Co. a n d certain of its form er d irecto rs.




183

Individually, to recover th e discounts on $9,324,000 of 10-year 3 % deben­
tu re notes of th e N . Y . C ity R y . Co. Issued under agreem en t w ith the
M etropolitan S ecurities Co., d a te d F eb. 14 1902, a t 70% of p a r a n d subse­
q u en tly redeem ed a t th e ir face value, am o untin g, w ith Interest to Ju ly 1
1910, to app ro xim ately $4,000,000.
O ther suits w ere th reaten ed and In course of prep aratio n Involving Indi­
rectly th e Interb oroug h-M etrop olitan Co. throu gh Its ow nership of stock In
M etropolitan S t. R y . a n d M etropolitan Securities com panies,w hich,w hile
th ere did n o t a p p ea r to be any sound legal ground upon w hich th ey could
be m ain tain ed , nevertheless h ad th eir effect upon th e com pany’s cred it.
T he certa in ty also th a t th e com pany, In th e m ost favorable aspect of th e
case, w ould hav e to p ay o u t large sum s of m oney, a n d th e Im m ense a d v an ­
tage of rescuing lt from a m ass of vexatious and possibly dangerous litiga­
tion , im pelled yo ur directo rs to Join In a final a d ju stm e n t of all litig atio n .
U nd er th e term s of this settle m e n t agreem ents w ere entered Into and orders
filed In C ourt disposing, so far as possible, of all pending a n d th reaten ed
litigation, upon th e p ay m en t b y th e M etropolitan S ecurities Co., of $4,000,­
000, Its c o n trib u tio n tow ard s th e a m o u n t required to effect such settlem en t.
T his a m o u n t w as adv an ced by yo ur com pany u n d er an agreem ent by w hich
It will be credited up on Its un paid subscription to th e stock of th e M etro­
politan S ecurities Co. [C om pare V . 91, p. 38.— Ed.]
Franchise T a x .— T he franchise or cap ita l stock ta x assessed by th e S ta te
C om ptroller for th e year ended O ct. 31 1908 w as fixed a t $104,252. T he
com pany believed th e am o u n t and th e principle on w hich It w as assessed to
be Inequitable. T he cou rts upheld th e com pany’s con ten tion , a n d as a
result th e franchise ta x for th a t year w as reduced from $104,252 to $13,485.
A like basis of red uction w as applied In th e tax es assessed by th e S ta te for
1909 and 1910.
Reduction in A dm inistrative E xpenses.— T he a d m in istratio n expenses for
th e calendar y ear 1909 w ere $104,803 a n d for th e y ear 1910 $92,426, a
reduction of $12,377.
M etropolitan Street R y . R eorganization.— T he reo rg an izatio n of th e M etro­
politan S t. R y . Co. Is still u n der activ e consideration, no definite agreem en t
having y et been arrived a t betw een th e stockholders a n d th e Joint bond­
holders’ com m ittee. T he sale of th e prop erty has been po stpo ned to F eb . 16
1911 (com pare te n ta tiv e plan, V . 91, p . 1767.)
E arn ings.— T he surplus earnings of th e In terb oroug h R a p id T ra n sit Co.
after th e p ay m ent of the regular 9% div idend for th e fiscal y e a r ended
Ju n e 30 1910 w ere $2,932,147, an increase over th e previous fiscal year of
$1,492,324 (see V . 91, p. 713).
IN C O M E A C C O U N T F O R C A L E N D A R Y E A R S E N D IN G D EC . 31.
1908.
1909.
Receipts—
1910.
D iv. a t 9% per ann um on 339,128
shares of In te rb . R . T . Co. s to c k .. $3,052,152 $3,052,152 $3,052,152
295,892
290,429
In te re st on b an k balances, loans, &c_
118,325
R eduction In capital stock ta x paid to
N . Y . S ta te In 1908 (see rem arks
a b o v e ) ____________________________
90,706
T o ta l receip ts................................... . . $3,261,243 $3,342,581 $3,348,044
D isbursem ents—
I n t. on $07,825,000 In terb .-M etro p . $3,052,125
$3,052,125 $3,052,125
4 'A% collateral tru s t b o n d s---------92,426
215,839
190,642
E xpense a c c o u n t-------------------------------104,252
24,776
104,251
Claim agst.~N~. Y " C ." R y ."canceled by
36.405
agreem en ts of Ju n e 1910--------------T o ta l disb u rsem en ts---------------------- $3,205,733 $3,372,216 $3,347,017
su r .$1,027
n a la n c c ............................................................sur. $55,510 def .$29,035
766,916
767,943
S urplus beginning of y e a r___________
738,308 ____________
$767,943
T o tal su rp lu s____ . . . . . . . _________ $793,818
$738,308
B A L A N C E S H E E T D E C E M B E R 31.
1908.
1910.
1909.
$
A ssets—
$
$
In te rb . R a p . T ra n . Co. sto ck’a t cost.1 04,56 3,04 2 104,563,042 104,563,042
M etropolitan S t. R y . Co. stock a t cost 68,084,455 08,684,455 08,084,455
M etropolitan S ecur. Co. sto ck a t cost. 28,329,695 28,329,095 28,329,095
M et. Sec. Co. loans secured by 3-ycar
5% tm p ro v. n o tes, stocks A bonds
of su bsid iary cos. as c o llateral------ 5,124,469 8,281,204 9,422,891
A dvanced a g st. th e 25% un p aid sub­
...........
scription to sto ck of M et. Sec. C o .. 7,348,000
642,509
R eal e sta te ____________________- - - - - 36,773
36,773
36,773
M etrop. Securities Co. sto ck , full paid
6,487
G.902
6,902
Office fu rn itu re a n d fix tu res------------E ngineering In suspension (ad ditio nal
62,648
150,152
100,152
s u b w a y s )__________________________
811,428
870,242 1,099,882
Cash a n d accounts receivable________
T o t a l ............................................................ 215,113,730 211,102,105 212,559,928
L iabilities—
C om
m on sto c k _______________________ 93,262,192 93,202,192 93,202,192'
P referred sto c k ______________________ 45,740,000 45,740,000 45,740,000
C ollateral tru s t 4 }-£% b o n d s_________ 67,825,000 67,825,000 67,825,000
N otes p a y ab le ____________ __________ a 6 ,549,400
2,749,400 4,173,000
A ccounts p a y ab le ____________________
180,288
24,173
28,762
In te re st a c c o u n t_____ _______________ *763,031
763,031
703,031
Incom e a cc o u n t______________________
793,818
738,308
767,943
T o ta l................................. - ...........................215,113,730 211,102,105 212,559,928
a Includes $2,549,400 6% no tes, d a te d Ju n o 1 1910, a n d $4,000,000 5-year
6% notes, d a te d Ju ly 1 1910.
,
.. „ ,
_ .
* Includ es accrued Interest for 3 m o n th s to J a n . 1 n e x t follow ing on In tc rbo rough-M etropolitan 4 H % bonds (covered b y div id en d of In terb o ro u g h
R a p id T ra n sit Co. paid J a n . 3 1911.) — V . 91, p . 790.

New Orleans Great Northern Railroad.

30 1910.)
President Charles W. Goodyear, Buffalo, N. Y., Nov. 1
1910, wrote in substance:
(R epo rt fo r F isc a l Y e a r en din g J u n e

E a rn ings.— T he m ain trac k m ileage o p erated Ju n e 30 1910 w as 277.89
m iles, a n Increase of 184.54 m iles over th e m ileage op erated Ju n e 30 1909.
T he an n u al sta te m e n t show s an Increase In gross o p erating incom e of $884,­
201 and an Increase In op eratin g Incom e of $551,636. T he n e t corp o rate In­
com e w as $193,109, as com pared w ith a deficit of $77,752 for 1908-09.
F in a n cia l.— O n Ju n e 30 1910 th e o u tsta n d in g cap ital sto ck am o u n te d to
$7,500,000; th e funded d e b t consisted of $7,500,000 1st M . 5% gold bonds
an d $475,000 equ ipm en t tru s t bonds, series A.
P hysical P roperty.— O n Ju n e 30 1910 th e com pany ow ned 242.65 m iles
of stan d ard -g au g e m ain trac k . Of th is to ta l, 180.71 m iles, or 7 4 .47% , Is
laid w ith 85-lb. rails; 41.05 m iles, or 16.92% , is laid w ith 70-lb. rails, a n d
th e rem ain der, being 20.89 m iles, or 8 .6 1 % , Is laid w ith 00-lb. rails.
D uring th is fiscal year tw o freigh t locom otives, six passenger coaches,
th re e cabooses a n d one flat car hav e been add ed to th e eq u ip m en t, a n d
th ere w ere retired 11 freight cars, one plow car a n d five cam p cars.
T he average cost of m ain ten an ce of w ay an d stru c tu re s per m ile of m ain
tra c k w as $877, a red u ctio n of $332 below th e previous year. In clu d ed
In this am o u n t Is am ple provision for dep reciatio n a n d for rail a n d ties.
T he valu e of ties used for renew als w as $13,540.
E Q U IP M E N T O W N E D O N J U N E 30.
— Locomotives— P ass’ger - F r ’t E q u ip .- W ork
Year—
N o . Tract.Power E q u ip . N o . Cap.(tons) E quip
1909-10
25 580,260 lbs.
30
1,401 51,695 197
1 0 0 8 - 0 9 : : : : ............................ 2 3 5 2 4 , 2 7 4 ibs.
24
1 ,4 1 1
5 1 , 9 0 0 20 0
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 O F (T O N S ).
A gricul. A n im a ls. M in es. Forests. M an ufa cs. M iscel.
Y ear--------4,162
19,219
660,695
47,001
5,119
1909-10............46,768
4,934 18,367
242,257
30,785
5,979
1908-09............20,321
TR AF FIC S T A T IST IC S.
1909-10.
1908-09.
1909-10. 1908-09.
85.50
Av.miles pass, serv 275.60
91.50 Av. miles frt. serv. 269.60
Passengers carried 512,843 250,866 Rev. tons car’d(No) 782,964 322,643
Pass, car’d 1 mlle.19,044,586 10,017,406 do do 1 mile 59,932.045 13.245,548
Rate per pass, p.m 1.863 cts. 1.911 cts. Rate per ton p. m. 1.766 cts. 2.855 cts.
Gross earns, p. m . $5,434
$6,704 Av. rev. tr.-load(tons) 261.90 i 215.80

184

THE CHRONICLE

INCO M E ACCOUNT.
Revenues—
1909-10. 1908-09.
1908-09.
Freight.................--■ 51,061,474 5378,221 Total net revenue. 1909-10.
$37,113
P assenger----------- 354,709 191,427 Taxes accrued___ $589,964
14,400
13,185
Mail, exp. & raise. 78,465
43,800
Operating Inc.. $575,564 323,928
Tot. oper. revs.51,497,649 $013,448 Hire
of equipment 56,871
142,196
Expenses—
tacll.,&c.,rts. 51,984
10,273
Malnt. of way, Ac. S241.638 $103,345 Joint
11,386
Maint. of equip.. . 189,036 127,901 In t. on secure., Ac. 61,417
Traffic expenses.. 28,535
16,813 Gross corp. Inc. $745,836 $187,783
Transporta’n exp, 389,592 284,704 Deduct—
General expenses. 57,898
42,783 Joint facil’.s, ren t- $75,961 $69,822
Int. on fund, Ac.,
—
* Total expenses- 5906,699 $575,540 debt ................ 399,479 139,746
77,287
Net oper. revenue. $590,951 $37,902 Other interest___
55.967
789
Outside oper—netfdef.) 987
Total deduc’ns. $552,727 8265,535
Total net r e v ... $589,964 $37,113 B alance------------ sur$193,109 def$77,752
G EN ERAL R A L A N C E SH E E T JU N E 30 1910.
Assets (516,224,794)—
Liabilities ($16,224,794)—
Itoad anti equipm ent______«$15,171,49S Capital stock---------- -----------S7,500,000
Cash .
36,540 Mortgage bonds......... ............... 7,500,000
Traffic, Ac., balances..............
4,585 Equip. & trust obligations
Agents and conductors............
15,879 Loans and bills payable_____ 475.0 0
Miscellaneous accts. recelv..
91,026 Traffic, Ac., balances_______ 371.000
16,554
Materlals and supplies............
101,983 Vouchers and wages................
88,116
Unextlngulshcd discount on
Miscellaneous accts. payable
6,150
funded debt_____________
797,436 Unmatured Int., dlvs., A c.. I 171,966
Other deferred debit Item s. .
5,846 Taxes accrued ...........................
12,381
Operating reserves...............
52,592
Other deferred credit Items. .
30,378
Profit and loss
a After deducting reserve for accrued depreciation, $405,646.—'V\ Bo", 373. 057

American Smelting & Refining Co.

31 1910.)
President Daniel Guggenhiem, Jan. 12, says:
{R ep ort fo r the S ix M o n th s en din g O ct.

^ exp ecting to su b m it to th e stockholders In th e ann ual rep o rt covering
th e fiscal year ending A pril 30 1911 a m ore th a n usually extensive and com ­
prehensive rep o rt of th e business of th e com pany. I t does no t seem neces­
sary a t th e p re se n t tim e, therefore, to m ake fu rth e r reference to th e business
of y o u r com pany oth ers th a n to call your a tte n tio n to th e fact th a t bo th th e
eain ing s of th e S m elting Co. a n d those of th e Securities Co. (whose sta te m e n t
also enclosed) are show ing an Im provem ent as com pared w ith th e previous
yisear.
i
is encouraging to know th a t th e su pply of ores com ing to th e com pany
t'' TInhisprocess,
llas resulted
In na by
considerable
Increasc In th e arn ou nt mProvPtli
of m etalsleilheld
as show
th e enclosed
sta te m e n t, a n d th e com pany has been encouraged on this acco unt to In­
crease the exp en ditu res for Im provem ent and new co n stru ction, all of w hich
h av e been ded ucted from th e profits In lieu of depreciation.
R E S U L T S F O R S I X M O N T H S E N D IN G N O V . 30.
6 M os. TO. 6 M os. ’09. 6 M os. ’08.
N et earnings from operations
.$3,683,941 $3,442,193 $3,917,684
Deduct— C onstruction & lm p ro vcm ’ts . 380,027
48,774
75,923
$3,303,914 $3,393,419 $3,841,761
B alance for dividends
D ividends, preferred ( 3 ^ % ) ________ .$1,750,000 $1,750,000 $1,750,000
D ividends, com m on (2 % )___________ _ 1,000,000 1,000,000 1,000,000
$643,419 $1,091,761
B alance, su rp lu s___________________ . $553,914
R A L A N C E SH E ET.
Oct. 31 TO M ay 1 TO
Oct- 31 TO. M ay l TO.
Liabilities—
Assets—
$
$
3
S
P ro p e rty ............ 86,845,671 86,845,671 Common stock. 50,000,000 50.000.
Investm ents__ 2,091,584 2,058,388 Preferred stock. 50,000,000 50.000.
M etals________ 19,316,420 18,069,229 Bonds-------------- 121,000
121,000
Material ______ 1,325,551 1,278,098 Net curr. llabtl.
............
431,551
Unearned treat­
Net curr. assets.
33,985
Cash & demand
ment charges. 3,012,323 2,521,688
loans________ 10,871,573 11,620,400 Profit and loss.. 17,351,461 16,797,547
T otal________120,484,784 119,871,786 T otal......... ...... 120,484,784 119,871,786
-V . 92, p. 121, 60.

American Smelters Securities Co.

(.R epo rt fo r S ix M o n th s en din g N o v .

30 1910.)

6 MOS. ’10. 6 Mos. ’09
6 Mos. ’10. 6 M os.’09.
Net earns, from op.$3,099,015 $2,490,526 Net income.........-82,742,904 $2,303,527
Construe. A Impr. 356,111 186,999 D ividends........... 1,260,000 1,260,000
$2,742,904 $2,303,527 Balance, surp__Sl,482,904 $1,043,527
R A LA N C E SH E ET.
Nov. 30 ’10 June 1 ’10.
Assets—
Liabilities— Nov.SO$ TO. June s1 TO.
P ro p e rty ___ ..77,019,007 77,019,007 Common s to c k ...30,000,000 30,000,000
Investm ents.. . . 4,452,070
. . . . 4,452,070
________ Pref.
__ “A” ________
_____ .17,000,000
sto c k ..17,000,000
M etals--------------Pref. ’’B” sto ck ..30,000,000 fjoiooo’ooo
Material
................ 9,650,825
1,213,918 9,714,948
1,099,054 Net curr. liabilities 9,661,896 10,816’406
C ash......................... 899,746 938,000 Deferred liabilities 1,967,200 2,163,920
Unearned treat­
ment charg es... 1,435,369 1,554,555
Profit and loss----- 3.171,102 1,688,198
T o ta l...................93,235,567 93,223,079 T o ta l...................93,235,567 93,223,079
—V. 91, p. 1329.

Monongahela River Consolidated Coal & Coke Co.,
Pittsburgh, Pa.
{R ep ort fo r F isca l Y ea r en din g O ct. 31 1910.)
Pres. John A. Donaldson, Pittsburgh, Jan. 12, wrote:

P roduction.— O ur prod uction for th e ilsca-1 year w as the largest In th e his­
to ry of th e com pany , being 1,722,752 ton s g reater th a n th e past year n o t­
w ith stan d in g op eration s du rin g th e entire m o nth of A pril w ere suspended
pen ding the a d ju stm e n t of a m ining scale.
S a les.— T o tal sales for th e year were 7,925,009 tons, an increase of 1,651 767 to n s. W hile our sales In th e S o uthern riv er m arkets hav e suffered
g reatly because of th e conditions h erein after m entioned, our local river
sales an d th e rail a n d lake sales show a h ea lth y Increase.
C onditions.— O ur supplies of P ittsb u rg h coal In th e S o uthern river m ar­
kets, from C incinnati to New O rleans, w ere e n tirely exh au sted early In th e
fall, w hich m ade It necessary to secure supplies from the W est V irginia
K en tu ck y and A labam a llelds to serve our custo m ers. T his w as due to
th re e m ain causes, viz.: (a) T he loss of 335 coal boats and con ten ts in
th e hurrican e of S eptem b er 1909. iW T he to ta l suspension of m ining
op erations du rin g A pril, pending neg otiation s as to th e m ining scale. 'Phis
m a le It necessary early In M arch to su spend riv er shipm ents S outh and to
accu m ulate large stocks a t P ittsb u rg h to m eet ou r co n tract obligations
M ining operations did not becom e no rm al again un til a b o u t Alay 15. By
th a t tim e all our stocks In th e river a t P ittsb u rg h had been exhausted
leaving no coal for sh ipm en ts S o uth, (c) T he low -w ater period, extending
from early Ju n e 1910 u n til Ja n u a ry 1911, prev en ted sh ipm en ts to S o uthern
river m ark ets du rin g th a t period, and m ade It necessary to bu y from 250,­
000 to 300,000 ton s of coal for our S o u th ern m arkets, w hile we accu m ulated
ab o u t 550,000 ton s in the river a t P ittsb u rg h , now rea d y for shipping S o u th .
P rices.— Prices have In th e m ain been fairly well m ain tain ed du rin g th e
p a st year. C onditions a p p ear fav orab le for sta b ility du rin g th e com ing
y ear.
onds.—
D ec. 15 1910 th e sinking fund retire d 218 bonds, leavingb
o u Btsta
n d in gOn$7,538,000.
Coal Lands .— W e reduced our coal acreage du rin g th e year by 935 acres
P ittsb u rg h coal a n d 17 acres K entucky coal, leaving a t N ov. 1 1910 27,914
acres P ittsb u rg h coal a n d 2,475 acres K en tu ck y coal.




[VOL. LXXXXII.

E A R N IN G S . &C.. F O R Y E A R S E N D IN G OCT. 31.
1909-10.
1908-09.
1907-08.
Coal m ined (to n s)____ £7,637,553
5,947,826 5,985,486 1906-07.
7,321,961
E a r n in g s ____________
$2,117,960 $2,134,587 $2,320,860 $3,277,083
Less—•
M aln t. & rep . riv er c ra ft.
422,740
405,548
432,530
497,509
D epreciation charged off 2/937,426
834,927
824,009
353,678
R o y a lty on coal m ln cd .
497,407
In te rc st on bonds, & c ..
526,571
560,858
588,355
610,745
Loss by sto rm S ep t. 20 ’09
*709,410
T axes a cc ru e d __________
57,595
F ire Insu r. fund surplus
III
93,728
Coal sin k, fund, su rpius
"
103,365
D ividend on pref. sto ck (2 % )200,656 _________ __.(Z4
ik0475,000 (7)700,000
_____
T o ta l,----------------------- $2,086,737 $2,510,743 $2,319,891 ~$2 914 027
N et b a lance for y e a r __sur.$3i,223cief.$376,155 s u r .$ 9 6 6 su r.$ 3 6 3 , 0 5 5
t * Los?;,0!1 eoal, riv er c ra ft and h a rb o r equ ipm en t su nk d u rin g sto rm on
ssl®s.IPPl R iv er, x T he Ohio V alley Coal & M ining Co also m ined
117,o91 ton s In 1910, against 84,566 In 1909, 110 CM In 1908 and 1 V> tnr,
in 1907. // D epreciation, $937,426 in 190C 10, inctud"s depreclatlori on
m ine equ ipm en t, $255,087: dep reciatio n on liv e r c ra ft, &c., $402,446- dcp let Ion of coal acreage, $279,893. z D ividends in 1907-08 include V k °/
Va 85J plyi57 58 m ^ V ^ 8 5 i pPai465a n ' 1009- Sce a n a u a l re p o rt for 1906-07°.
R A LA N C E SH E E T OCTORER 31.
1910.
1909.
T,
1910.
1909.
Assets—
S
$
Liabilities—
$
«
Cash on hand, Ac. 444,022 411,496
Preferred sto ck ...10.000,000 10,000,000
Re-investment fund
Common
s
to
c
k
...20,000,000
20,000,000
with trustee___ 430,800 118,776 onds.. . . . .
7,756,000 7,923,000
Bond sinking fund 252,014 193,910 BCertificates
of in­
Bonds purchased. 258,772
83,789 debtedness.......... 1.170,000 1.305,000
Acc’tsAbllls rec.,Ac2,721,686 2,441,586 Car trust notes__ _______
Stks.Abds.oth.cor. 635,770 586,995 M ortgages.............. 161.758 242,000
165,818
Def.chgs.agst.oper.
5,451
20,016 Accounts and bills
Coal on han d____ 1,275,903 1,325,768 pay ab le---------- 2.506,260 1,961,223
Supplies on hand. 125,299
84,562 Fire Insur. fu n d ,. 95,239
95,239
Lumber, &c., sup. 538,626 505,177 Coal sinking fund. 101,761 104,761
Empty coal boats. 89,866 118,878 Undivided profits. 1,631,775 1,600,552
Investm ents-------36,647,553 37,500,640
T o ta l...................43.425,793 43.397,593 T o ta l...................43,425,793 43,397,593
N o te— I he Investm ents in stocks an d bonds of o th er corporations a re
carried a t cost prices, and Include bonds of th e C orona Coal & Iro n Co.,
gu aranteed as to principal and Interest. V. 78, p. 1277; V . 84, p. 161.
T here Is also the usual con tingen t liability for bills receivable endorsed
and discounted, b u t not m atu red a t the close of the liscal y ear, and a fur­
th e r con tingen t liability in respect of th e u n p aid balance on car tru s t notes
secured
a lien
600 Vrailw
peake & byOhio
R y . onCo.—
. 92, ayp . cars
61. sold du rin g th e y e a r to th e Chesa­

Republic Iron & Steel Co.

31 1910.)
1 he report of the executive committee says:
{R eport fo r the S ix M o n th s en din g D ec.

Tf‘n'Un5a
h chs L ?nn
^ n o^?°ioS
3 econrMn tnlSTf
m',rl,ng threferred
c sIx m °ton tlisin has
011 ° l }}usIn?ss
th e been
rep o rtd isap
for po
th einting
year.
V„n e ™
'Ya,s foll°w ed by a general liqu idation of Iron and steel
*C.XC'- ™ any prod ucts being below th e level of 1904; labo r costs, how ever,
ar° a t tb c m axim um , and th e m argin of prollts un satisfacto ry .
i le
o1- operations for the 6 m o nth s, on th e w hole, com pare favoral i
th e sam e period In 1909, n o tw ith stan d in g th e red uction in volum e
000
ot business, as Increased efficiency, econom y and earnings from tu b u la r
000
prod ucts p a rtly offset adverse op erating conditions. T he O pen H earth
Steel W orks c on stru ction ex p en ditu res, how ever, have su b sta n tia lly In­
creased the llxed charges, b u t have no t add ed to earnin gs, as th e new stcci
w orks will not be read y for op eration prior to A pril 1 1011.
Full allow ance for depreciation, m ain ten an ce an d all o th e r charges
hav ing been m ade, th e net prollts applicable to dividends arc $1,267 850
and th e am o u n t of n et assets $11,090,852.
U nfilled Orders fo r F inished and Sem i-F inished Product and P ig Iron.
_
F inished, & c.. P rod. P in Iron
Dec. 31 1 9 1 0 .--------293,734 tons
76,378 tons
Ju n e 30 1910--------341,887 tons
82,906 tons
p e c . 31 1909...................................
457,785 tons
39,995 tons
Ju n e 30 1909--------------392,420 tons
94,247 tons
89,934 tons
D ec. 31 1908-------------------------- --------------------391,040 ton s
Ju n e 30 1908------------------------------------------------283,743 tons
59,196 ton s
Ju n e 30 1907------------------------------------------------448,627 ton s
74,500 tonsR E S U L T S F O R S I X M O N T H S E N D IN G D EC . 31.
6 Mos. 6 Mos.
6 Mos. 6 Mos.
1910.
1909.
1910.
1909.
S
$
■S
Gross profits.............2,632,085 2,499,775 Provision for exhaus­ S
Maintenance and re­
tion
of
minerals__
133,511
127,6,84
pairs of plant___ 680,630 598,376 Interest on bonds. . 290,882 199,357
Balance............— 1,951,455 1,901,399 Net profits----- .1.267,850 1 ,3 3 4 ,3 9 2
Int. A dlv. received,
on pref. stock .
794,796
less Interest paid. . 40,956 72,212 Dlv.
do do per cent. 875,000
(3 'A%) (3 X % )
Total profit_____ 1,992,411 1,973,611
Deduct—
Dcpr.Arencw.of pl’ts 300,168 312,178 Balance, surplus.. 392,850 539,596.
B A L A N C E S H E E T D EC . 31.
1910.
1909.
1910.
1909.
Assets—
$
$
Liabilities—
$
$
Plant, Ac............... 58.212,415 54,558,375 Common
stock
...27,191,000
27,191,000
New construction. 2,688,493 776,648 Preferred stock. ..25,000,000 25,000,000
Invest. In other
ratge. bonds. 1,647,000 7,773,000
companies ___ 942,385 1.092,384 First
10-30-yr. s. f. 5 s .. 8,196,000 ________
Prepaid royalties
Has. prop. M. notes 1,475,000 ................
& expenditures. 894,524 983,366 Potter Ore bonds
Miscellaneous___
8,472
3,795 jointly guar___ 325,500 334,000
Haw and ilnlshed
Martin Coke Works
materials ........... 6,956,570 5,976,982 bonds and notes 373.382
Ore contract pay­
Accrued Interest.. 139,421
97,163
ments ...........
599,582 527,279 Ore con tracts___ 188,474 186,131
Advances to asso­
Accounts payable. 1,475,252 2,180 550
ciated cos............ ................ 317,700 Has’n St. Tube Co. ___
l ’230 086
Accounts and bills
Reserve funds----- »3,343,4612’54o’848
re c e iv a b le _____ 3,699,124 3,954,437 Accrued taxes___
93,587
’ 76,694
"
Cash ........................ 2,172,550 5,135,792 Dividend warrants 9381230 1,189,050
Dividends accrued 4 U) 246 440,246
Profit and loss___ 5,347'5io 5,081.990
T o ta l.................. 70,174,124 73,326,758 T o ta l...................76,174,124 73,326,758
* Includes fund for exh au stion of m inerals, $1,365,452: for denreeintm n
and renew als, $1,224,130: for rc-litiing furnaces, $208,091- for lire sm i -inoi
d en t Insurance, &c., $403,079; for contingencies, $142,709.__V . 91, p 1098

Harrison Bros. & Co., Inc., Philadelphia.
31 1910.)
Pres, and Gen. Man. Robert S. Perry, Dec. 20 1910, wrote:
{R eport fo r F isca l Y e a r en din g O ct.

T he profits for th e year show a su b sta n tia l gain, and a fte r m a k ln v a llo w
ancc for depreciation the directors have ap p ro p ria te d $75 00 0 to flv e m ia r
V;rly dividends on th e pref. stock as follows: 1% paid O ct’. 1 1 9 1 0 a n d four
dividends of 1% each Q .-J. in 1911.
u lu a n u roul
e q u ivs)alen
to o v etra
r’3%
on buildings a n5 dT aOb ™
o u t <w
0%blch
on on
m achinb00k
ery avalue
n d ap IS
p aratu
hast been
n s-

JAN. 21 1911.

THE CHRONICLE

ferred to d ep reciatio n fu n d . Of th is fund a b o u t $ 7 0 ,0 0 0 has been exp en ded
lti renew al a n d b e tte rm e n ts a n d th e balance of ab o u t $30,000, to g etn er w itn
special ap p ro p ria tio n of $75,000, Is being- expended on an Im p o rta n t new
a d d itio n to Increase our m an u factu rin g cap acity in one ° i otit «toic pioiir,
a b le lines. No change has been m ade In th e book value of th e p la n t, inese
Im prov em ents hav ing been provided for o u t of earnings.
hsldlarv
C ontrolling In terest has been acquired in one of th e Im p o rtan t subsld , y
com panies In w hich w e heretofore held a n.hn ority In telest.
•
a m o u n t now rep resented In Investm ents In subsidiary c i ^ o n i t l o n s s ., . ,
465 a n d th e n e t Incom e therefrom during th e p a st y ta i w as $„ 0 ,u i 8 .
S T A T E M E N T OF P R O F IT A N D L O S S F O R Y E A R S E N D IN G OC'l . 31.
1009-10. . 1908-09.
1007-08.
$172,880
$289,861
P rofit for y e a r..................- .......................... $ io o ’ooo
93,887
lo u ’uuu . 100,000
D e p re c ia tio n ..................................... ............
$78,993
$226,110
$189,861
$65,000
In te re st on llrst m ortgage b o n d s...........
M o-f«o’ooo
D
ivid
en
ds_________________________
(5
%
)™
’nnn
(4%
)60,
fnr new c o n stru ctio n .----------/O.UUU
---------AAnm-n»
p p ro p . for
$13,993
$64,861
S urplu s for y e a r........................................
$11,116
B A L A N C E S H E E T O CT. 31.
1909.
1910.
Liabilities—
Assets—
1910.
1909.
stock__ $1,500,000 S I,500,000
Heal ost., plant, &0$2,367,740 $2,367,740 Preferred
1,000,000
1,000,000
Common
stock__
Patent rights, tr.
marks, &c_____ 530,146 530,146 First mtge. bonds. 1,300,000 1,300,000
65,442
Stk. Inoth. cos.,&c 163,465 139,465 Accts. payable__ 71,294
11,856
13,159
In v en to ry _______ 406,112 409,738 Accrued w ages.-32,500
Hills & accts. rec. 464,978 496,036 Accr’d bonds, ln t. 32,500
Cash ___________ 212,734
69,441 Bal. of depr’n fund
appr. for con. &c. 97,496
Value of uncxplred
45,000
Insur., taxes,&c.
6,251
7,093 Dividend account. 60,000
64,861
Surplus .................. 75,977
Total ................$4,150,426 $4,019,659 Total ..................$4,150,426 $4,019,659
— V. 01, p . 1713.

Creamery Package Manufacturing Co., Chicago.
(R epo rt fo r F isc a l Y ea r en din g N o v .

30 1910.)

N et earnings for th e year ending N ov. 30 1910 w ere app ro xim ately
$333,000 (of w hich $74,366 w as charged off to su rplus acco u n t and $19,000
to profit anil loss), ag ain st $273,713 In 1908-09 anil $238,000 In 1907-08.
T he fac to ry a t lie s M oines an d th e tu b factories a t S t. P aul and K ansas
C ity h av e been closed an d a new tu b facto ry has been opened In A rk an sas.
B A LA N C E SH E ET NO VEM BER 30.
1910.
1909.
1910.
1909
Liabilities—
S
S
Resources—
S
>5
stock.............3,000,000 3,000,000
M erchandise..............1,233,392 1,121.169 Capital
and accounts
Accts. & bills rccclv. 810,382 7a9,480 Bills
p a y ab le _________ 984,620 621,065
Special Investm ents. 289,963 212,601 Surplus.........................
391,095 316,728
Cash on hand..........- 205,923 163,305
ltcal estate, machin­
ery, plants, &c__ 1,806,055 1,681,238
T otal................ ........ 4,375,715 3,937,794 T otal.........................4,375,715 3,937,794
—V. 89, p. 284.

American Brake Shoe & Foundry Co., New York.

185

m e n t an d econom ical d istrib u tio n of p ro d u c t, w ith o u t a n y d im inu tion of
agg regate profit proceeding therefrom .
IN C O M E A C C O U N T — Y E A R S E N D IN G S E P T . 30.
1909-10.
1908-09.
Gross Incom e from all so urces_____________________ N o t rep o rted $4,039,873
E xpen ses— O peratin g, &c., incl. de p re c iatio n ------N o t rep o rted 3,164,101
$875,772
B alance of in c o m e ______________________________ *$1,063,669
42,121
In te re st on b o n d s ..-------------40,985
$833,651
N et p r o f its _____________________
$1,022,684
$210,000
D ividends p a id — P referred (7 % )-------------------------- $245,000
Com m on _____________________________________ (7% ) 189,750 (5)116,000
E x tra div idend on com m on,
of 1 % -------------13,000
B alance o f'p ro fits_______________________________ $574,934
$507,651
•In clu des o th e r incom e, ro yalties, ren tals, In terest, &c., $57,752.
B A L A N C E S H E E T S E P T . 30.
1909.
1910.
1910.
1909.
Liabilities—
$
S
Assets—
Plants, patents, &c. 7.371,169 6,127,097 Preferred stock__ 4,000,000 3,000,000
Mlscel. securities. . 271,901 247,528 Common sto c k __ 3,600,000 2,500,000
First mtge. bonds. 806,000 832,000
American Malleable
539,308 412,831
Co. (capital stk.) 374,818 374,818 Reserve funds___
Accounts payable- 410,706 377,848
Edgar Allen Am.
Accrued bond la t.
3,358
3,467
Mang. Steel Co-- 550,000
6,269 S u rp lu s................... 2,490,614 2,021,680
7,971
Insur. not accrued.
Cash ......................... 353,909 111,534
Accts. & bills rcc’le 1,503,552 984,783
371
Acer. lnt. on Invest.
985,012
Inventory stores— 1,010,199 310,414
Manufactured stock 421,467
T o ta l.................11,864,986 9.147,826 T o ta l.....................11,864,986 9,147,826
— V. 92, p. 121.

G ENERAL INV E ST M E N T N E W S,
RAILROADS, INCLUDING ELECTRIC ROADS.
Albany Southern (Electric) RR.— F ir s t D iv id e n d — S e e

foot note to statement of earnings in annual report on a
preceding page.
B o n d s O ffered . —Rechnond & Co. are ofTering the 1st M. 5s.
—V. 89, p. 1364.
Athens (Ga.) Railway & Electric Co.— B o n d s O ffered .—
John W. Dickey, Augusta, Ga., has recently been placing
at 92Y i and int., yielding about
on the investment,
$225,000 “first and refunding M.” 5% bonds due 1950.
T his com pany , It is sta te d . Is earnin g 5M tim es th e In te re st charges on
all of Its o u tsta n d in g bo nd s. C om pare V . 90, p. 1423, 1101.

Austin (Tex.) Street Ry.— S u ccessor C o m p a n y — N ew S e ­

c u ritie s. —This company, incorporated in Texas on Jan. 3
30 1910.)
1911, as successor of the Austin Electric Ry., has made a
Pres. Otis II. Cutler, N. Y., Nov. 22, wrote in substance: mtge.
to the Equitable Trust Co. of N. Y., as trustee, to
E ar n in e s.— T he com pany has enjoyed th e m o st profitable year in ts secure an issue of 81,500,000 “first and refunding” M. 5%
h isto ry , th e n e t earnings being $1,022,684, after m aking th e usual libera gold
bonds of 81,000 each. The present issue of these bonds
provision for dep reciatio n and reserve acco unts. W hile th e Item of m elted
m etal show s a slight Increase per ton for th e year over th e preceding year, will be $250,000; $350,000 are reserved to retire at or before
th e shop cost of b rake shoes a t all p lan ts for 1910 w as su b sta n tia lly th e sam e maturity the $350,000 1st M. 5s of the old company and
aSNM .S?ocfc— A cavAsitions.— O n F eb. 24 1910 th e shareholders auth orized $900,000 for future extensions, additions, &c.
an Increase in th e cap ital stock from $3,000,000 pref. and $3,000,000 com ­
(R epo rt fo r F isca l Y ea r en din g S e p t.

0

m on sto ck to $5,000,000 of each class, Im m ediately follow ing w hich $1,000,­
000 of nref stock w as Issued and subscribed for by th e stockholders a t 105,
a n d *i 000.000 of com m on stock w as Issued for p ro p erty , m aking th e to ta l
o u tsta n d in g Issue on S ep t. 30 1910 $4,000,000 pref. and $3,000,000 com m on.
S u bsequ en tly th e com pany acquired th e p a te n ts and prop erties of th e
F e a th e rsto n e F o u n d ry & M achine Co. a n d th e N ational B rake Shop Co. of

ictlve cap a city in Drake snoes anu in in u m ta u c g m
.
Sale of Chicago Heights P la n t.— On Ju ly 2 1910 th e co m pany 's steel busi­
ness a n d w orks, situ ate d a t Chicago H eights, 111., w ere so d to th e E d g ar
A llen A m erican M anganese Steel Co. for $542,323, th e purchase price being
paid p a rtly In stock of th e new com pany anil p a rtly in cash.
iTho E d g ar A llen A m erican M anganese Steel Co. Is inco rp orated in M aine
w ith $ 3 , 0 0 0 ,0 0 0 of a u th . cap ital sto ck , and Chicago office a t 193 M ichigan
A ve T he com pany early In 1910 acquired th e steel casting foun dry of
th c T ro pcnas Steel Co. a t N ew castle, D el., w hich w as to be g reatly enlarged,
m ak ing, w ith th e Chicago H eights pro p erty , tw o p lan ts controlled, th e
directors, am ong w hom are rep resentativ es of B rake Shoe Co., arc. it.
O rtm an n Pres.- J . B. T crbcll, J . C. W ard , O tis H . C utler and Jo seph C.
G allagher. M r.’ W ard Is also a d irecto r of E dgar Allen & Co.. L td ., Shef­
field, and is G eneral M anager of Its A m erican business.— Ed.]
P lant Investm ent A ccount.— D uring th e year there was an Increase In
p la n t Investm en t as carried on our books of $234,559, th e sam e being a net
Increase after th e Inclusion of th e F eath ersto n e F o und ry & M achine C o.’s
p la n ts and expen ditu res for betterm en ts to our ow n p lan ts, less th e book
valu e of th e Chicago H eights pro p erty disposed of.
P lants.— On S ep t. 30 th e com pany 's p lan ts w ere as follows (com pare V.
9 1 p 212):
B uifalo, N . Y ., b rak e shoes; B urnside, 111., m iscellaneous Iron
castings; C h attan oog a, T cn n ., brake shoes, crucible steel; Chicago, 111.,
b rake shoes, mlso. Iron castings; M ahw ah, N . J ., b rake shoes, m lsc. Iron
castings, crucible steel; M elrose P a rk , 111., b rake shoes; M inneapolis, M inn.
(Tw in C ity p la n t), brake shoes, m lsc. iron castings; N orw ood, .Mass., brake
shoes- L an caster, N . Y . (A m erican M alleablcs C o.), m alleable Iron castings.
There' Is also a c o n tra c t w ith th e C anada Iro n C orporation (V. 90, p. 1427)
for th e m an u factu re of brake shoes a t th eir p la n ts a t F o rt W illiam , O nt.
L ond on derry, N ova Scotia; S t. T hom as, O nt.; T hree R ivers, Q ue.
T here w ere closed during th e year for purpose of con cen tratin g w ork a t
o th er po ints for m ore econom ical o p eration , th e com pany’s brake-shoe
p la n t a t U nlontow n, P a ., and the m alleable Iron castings p la n t of th e
Am M alleablcs Co. a t Bloom field, N . J .
N ew P lant — A new p lan t in th e Chicago d istric t is m ade necessary by
th e sale of our Chicago H eights brake shoe foun dry, and plans h av e been
w orked o u t w hich we believe rep resen t th e m o st com plete, efficient and
econom ical brake-shoe foun dry th a t It is possible to design a t this tim e.
A su itab le site has been purchased, anil w ith am ple cash resources available,
It Is purposed to erect this p la n t In season for th e revival of business In th e
railw ay w orld a t a to ta l expense for site, buildings and equ ipm en t of ap ­
p rox im ately $300,000, w ith a guaranteed o u tp u t of a t least 100 ton s of
b rak
shoes per
day . Co.— The p la
. n ,t a t L an caster, .N. . vY ., w as op erated
A me erican
M alleablcs
con tinuo usly except for a few weeks In D ecem ber and Ja n u a ry follow ing a
fire In w hich th e m ajor po rtio n of th e foun dry building prop er w as de­
stro y ed T he stru c tu re w as reb u ilt a t once, b u t th e con sequent Interfer­
ence w ith sales an d co n tracts alTcctcil adv ersely the financial results. T he
w hole p la n t has now been rem odeled and p u t In efficient con dition w ith a
pro d u ctiv e cap acity of app ro xim ately 12,000 tons per y ear. C ontracts
recently m ade for a sufficient ton nage, largely of d u plicate castings, to
m eet th e full cap acity of th e p lan t, leads yo ur m an ag em ent to hope th a t
profitable retu rn s will soon be a p p are n t.
....
F in a n c ia l.— T he treasu ry d e p artm en t has been able to m eet th e Increased
d em an ds due to an enlarged business w ith o u t recourse to borrow ing funds
e x cep t for brief periods w hen large purchases of m elting stock required
h e a v y cash disbursem ents, In order to avail ourselves of discounts a n d low
prices for sp ot cash. O n S ept. 30 th ere w ere no liabilities for borrow ed
m oney and good cash balances w ere being carried in our various depositories.
D uring th e year $26,000 general M. bonds w ere purchased throu gh the
sinking fund , leaving $806,000, of w hich $89,000 arc In th e treasu ry .
Prices.-— In th e p a st four years the averag e selling price of our pro d u ct
has been decreased over $8 per ton , b u t by reason of efficient sh op m anage­




T he new bonds are d a te d J a n . 2 1911 a n d du e Ja n . 1 1936, b u t su b ject to
call any tim e, any or all. a t 102 1$. I n t. J. & J . a t office of tru ste e . C api­
tal stock au th o rized , $750,000 com m on a n d $500,000 6% non-cum . pref.;
o u tsta n d in g , $500,000 com . and $250,000 pref.; par of shares, $100. P resi­
d en t W . If. F olts of A ustin: Sec., A . L . K elloch; T reas., E . P . W ilm ot.
Office, A ustin , T ex. R . C. S to ry of B oston organized th e new com pany .
T he shareholders are said to Include, along w ith E astern c ap ita lists, W illiam
G. Bell and W . II. F olts of A ustin, T ex.; O . G. Fu ller of M ilw aukee a n d F . II.
W atro u s of N ew Y o rk .— V . 81, p . 1847.

Bloomington Decatur & Champaign RR., Illinois Traction
Co. System . —B o n ds O ffered . —The Milwaukee Trust Co.,

Milwaukee, is offering at 95 and int., yielding 5.35% income,
“first and refunding” M. 5% gold bonds due Nov. 1 1940.
Denomination SI,000. Illinois Trust & Savings Bank,
Chicago, trustee. The first-named bankers say:

T he bonds arc an abso lute 1st M . a t th e ra te of $16,000 per m ile of m ain
trac k , of w hich over 81 m iles Is on p riv a te right-of-w ay, averaging 66 ft. in
w idth. T he rep lacem ent value of th e physical p ro p erty , w ith o u t Includ­
ing franchises and good will. Is $1,248,000 in excess of th e o u tsta n d in g
bonded d e b t. T he pro p erty Is an Integral p a rt of th e Illinois T ractio n
sy stem . P o pulation served, over 113,000, situ ate d In th e h e a rt of th e
corn belt of Illinois. T he net earnings are over 1 % tim es th e in te re s t
charge on th e o u tsta n d in g bonds.

Boston Railroad Holding Co — P re f. S to c k . —The company
on Jan. 17 applied to the Mass. RII. Commission for au­
thority to issue at par 70,424 shares of 4% cumulative pref.
stock (additional to $20,012,000 auth. Nov. 26 1910) to
provide for the payment of 63,445 shares of new Boston &
Maine stock, representing its pro rata share of the issue.
Compare V. 92, p. 117.
Carolina Power & Light Co,— B o n d s O ffered . —Ilambleton
& Co., who are offering a block of 1st M. 5s at 92)^ and int.,
report the outstanding securities as follows:
P referred sto ck . $240,000; com m on sto ck , $1,000,000, and llrst m o rtg age
5% bonds, $865,500.— V. 90. p. 1361.

Central of Georgia R y,— In terest P a ym e n t on In c o m es .—
Notice is given, by advertisement on another page, by the
protective committee (Charles Altschul, Chairman; Joseph S.
Dale, Secretary) to the holders of certificates of deposit issued
by the Central Trust Co. and Manhattan Trust Co. of New
York, under the protective agreement dated Sept. 6 1907,
for second and third preference income bonds, that the com­
pany, having satisfied the final judgments (V. 91, p. 1628)
rendered in the actions brought by the committee, holding
that full interest on both the said issues of income bonds was
earned for the fiscal year ending June 30 1907, and should
have been declared by the directors, the committee will pay
on Feb. 6 to holders of certificates of the Central Trust Co.
and Manhattan Trust Co., upon presentation thereof at the
office of said trust companies, respectively, as follows: The
sum of $12 71 for each second pref. in come bond represented
by such certificates (being the balance of the interest hereto­
fore unpaid) and $50 30 for each third pref. income bond

186

THE CHRONICLE

[VOL. LXXXXII.

(being the full interest), which payment will be stamped
on|the certificates of deposit.

1 y ln g lines un der their franchises wero a liability ra th e r th a n a n asset, de­
c lin in g to ta k e them ov er. T he new com pany, th e C ounty T raction Co.,
w as fo rm ed to w ork o u t th e destin y of these ou tlyin g lines *
^ H o ld e r s of C entral T ru st Co. certilloatcs are req u ired to m ake to It a
T h e original cap ital of $1,000 w as p u t a t th a t nom inal (lgure Dcndlng
d ep o sitary , a t th e tim e of receiving such p a y m e n t, for acco unt of th e com
con firm ation of the sale a n d th e delivery of th e properties to th e C o unt?
m ttteo , a th ird pay m ent of $2 50 per bond, a n d holders of M an h a tta n T r. C o T ra c tio n Co. As soon as th e properties w ere so delivered, th e cap ital w as
c e rtific a te s,ito th e la tte r as dep o sitary , a th ird p ay m en t o f$ 5 p e rb o n d . Increased to $300,000, a sum m ore com m ensurate w ith th eir values T he
H old ers of certificates m ay, how ever, present sam e a t a n y tim e prior to o rig in a l cost of the 52.6 m iles of p ro p erty (Including th e Cicero pow er house!
F e b . 6, a n d th e re will bo ded u cted from th e aforesaid sum s pay ab le a s w a s .about $2,000,000, an d th e scrap or Junk valuef w hich m ig h t b fre a lte e d
In te re st u p o n each certificate th e sum now called a n d req u ired to bo p a id f 11 becam e necessary to scrap th e properties, is placed a t a b o u t $500 000
th ereo n .
[U n d e r th e n ew arran g em en t, passengers w ere required to change can- a t
H olders of certificates m ay p re se n t th e sam e to th e S av a n n a h T ru st Co. th e city line a n d to pay an add itional fare. T his condition of air.alrs
w hich will a c t as agent for the C entral T ru st Co. a n d M a n h a tta n T ru st Co a r oused p o p u la r displeasure, w hich prevented an op eration of a nu m b er
of th e lines a n d h as been only p a rtly allayed by an a rb itra tio n truce
for th e abo ve purposes.— V . 91, p . 1628.
th a t extend s u n til M arch 28 a n d calls for th e old fare trac , tho ug h w ith still
Chambersburg Greencastle & Waynesboro Street Ry. change
of cars.]— V . 92, p. 117; V . 91, p . 1766.
.

D iv id e n d N o . 1.—The directors have declared an initial
Cumberland Railway & Coal Co.—New B o n d s.— The
dividend of 5% on the $300,000 preferred non-cumulative shareholders
will vote Feb. 15 on making a mortgage cover­
stock, payable on Jan. 10.
ing present and future property to secure an issue of $3,000,­
T*7Nothlng has been done ab o u t Increasing th e sto ck a n d bo nd ed d e b t, re ­ 000
bonds. Compare V. 91, p. 1766, 1629.
sp ectiv ely , to $2,500,000, as ru m o red In 1910. T o ta l sto ck a u th . a n d Is
su ed , $300,000 eadh of com m on a n d pref. P res., Geo. 13. B eaver, W aynes
Delaware & Hudson Co.—New B o n d s.— The P. S. Com­
boro. P a .— V. 90. d . 230.
Chicago Milwaukee & St. Paul R y.—F in a n c ia l R equ ire - mission at Albany on Jan, 16 authorized the company to
rnents. —The rumor that $50,000,000 new bonds will shortly issue $7,000,000 additional 4% “first and refunding” mtge.
makingpurposes:
the amount outstanding $27,704,000 for
be offered for sale is generally discredited; but it appears bonds,
probable that later in the year the company will raise from the(1) following
s to th e am o u n t of $
320 (Issued
$10,000,000 to $15,000,000 of new capital by the sale of on accoP ua ny tmofe nadt ofd itionontos aobn dligation
Im prov em ents) a n d (2) to provide $2 598 520
bonds or otherwise, in order to finance the purchase of new for
fu rth e r Im p ro v em en ts as follows- $1,691,975 for new shops a t Wa’tervllet, $200,000 fo r c o al-sto rag c facilities a t C arbondalc, $200,265 for a new
rolling stock and pay for the completion of construction roun
dh ouse a t C arb o n d ale, $59,000 for add itional pro p erty a t C arbondalc
work on certain of its branch lines. The “ Boston News $61,400
for a c o a l-tra n sfe r p la n t a t G lenvllle (transfer from coal cars to box
cars for W estern sh ip m e n ts), $389,880 In p ay m en t of G reenw ich & Jo hnBureau” on Jan. 14 said:
L ast sp rin g, w hen S t. P aul sold $50,000,000 d eb en tu res to th e P aris sy n­ sonvlllo bran ch , ru n n in g from Jo hnsonville to Salem .
B o n ds O ffered . —Kuhn, Loeb & Co. and the First National
dicate, It agreed n o t to sell a n y of th e P u g et S ound bonds In Its trea su ry
u n til a fte r J a n . 1 1911, In o rd c r.n o d o u b t, th a t un derw riters of th e deben­ Bank, both of N. Y. City, offered privately at 99 and interest
tu re s m ig h t dispose of th em w ith o u t co m petition of P u g et S ound securities
fo rd n v esto rs’ fav or. N ow rum o rs will com e up from tim e to tim e th a t St $6,000,000 of the 4% gold bonds authorized as above stated,
P a u l Intend s to sell som e of the bond3 or m ake th em collateral for an o th e r and on Thursday, it was announced, had sold the entire
In stru m en t. S uch a proceeding Is far from th e m inds of S t. P aul directo rs
a t th is tim e— in fact, S t. P aul does n o t con tem p late a n y financing of a n y block.
4 ,4 9 4

so rt. T h ere Is no thin g S t. P aul needs new m oney for. T he coast ex ten ­
sion m a n line Is com p eted , barrin g 150 or 160 m iles of ballastin g, som e
tu n n e l lining a n d a little trim m in g here a n d th e re. M ost of th e branches
a re In o p eratio n , and rem ain ing ones near com pletion, w ith th e m oney in
th e trea su ry to finish th e w ork. D ouble-tracking on S t. P a u l Itself Is fin­
ished a n d no Im provem ent w ork of a n y size Is con tem p lated .
• In th e opinion of som e S t. P au l Interests, P u g et S o und 1st 4s o u g h t to
com m and as good a price as S t. P a u l’s general m tge. 4s, a fractio n u n d er par,
a n d th ey will do so after P u g et S ound has given a tw o years’ d em o n stratio n .
S t. P a u ls last ann ual rep o rt show s $123,000,000 P u g et S ound bonds o u t­
stan d in g , b u t advances since Ju n e 30 hav e b rou gh t th e to ta l close to $140,­
a000,000.
m ile. A t this ra te o u tsta n d in g bonds figure a p p ro x im ately $70,000
■ T he “ W all S tree t Jo u rn a l” of J a n . 14 said: "T ho Chicago M ilw aukee &
P u g et S ound R y . Is expected to earn this fiscal year ab o u t $7,000,000 n e t.
All this m oney Is available for th e S t. P aul, for tho S t. P aul ow ns all th e
P u g e t S o u n d ’s sto ck s a n d bonds. T herefore a n Initial div idend will be de­
clared on th e P u g e t S o u n d ’s $100,000,000 sto ck In S t. P a u l’s trea su ry
before Ju n o 30. L ast year th e P u g et S ound earned a su rplus of $2,000,000,
w hich It re ta in e d ." — V . 91, p . 1710, 1095.

Chicago St. Paul Minneapolis & Omaha RR.— N eio T rea s­

u re r. —M.

B. Van Zandt, formerly Assistant Treasurer and
Assistant Secretary, has been appointed Treasurer, to suc­
ceed It. II. Williams, who retires on account of ill-health,
A. S. Pierce succeeding Mr. Van Zandt in his former posi­
tions. The same changes of officers have been made in the
Chicago & North Western Ry.—V. 91, p. 1100.
Chippewa Valley Railway, Light & Power Co., Eau Claire,
W is.— N ew S e c u ritie s. —The Wis. RR. Commission has au­
thorized the company to issue:

(1) $300,000 a dd itional com m on sto ck In o rder to acq uire the p ro p e rty of
th e C hippew a Falls W ater-W orks & L tg. Co. and to finance ad d itions a n d
extensions m ade a n d to bo m ade thereo n; (2) $250,000 1st M. 5% 20-ycar
gold bonds of 1907, for extensions a n d ad d itio n s a n d a d d itio n al eq u ip m en t.
T he C om m ission’s au th o riza tio n of F eb. 24 1910, so far as It relates to $100,OOOJcommon sto ck , has been canceled (V. 90, p . 697).— V . 91, p . 1327.

Colorado & Southern Ry. (Chicago Burlington & Quincy
RR. Control).— B on ds O ffered . —Procter & Borden, N. Y.

City, offered this week at the market price, to net 4.6%, the
unsold portion (about $1,800,000) of their block of $3,100,­
000 refunding and extension 4J^s, which included $1,400,000
referred to in President Miller’s letter (see below) and
$1,700,000 purchased in the open market. The bankers say:

T hese bonds, su bject to th e lien of th e 1st M ., arc a direct lien on 1,040 75
m iles of ro ad ow ned In fee by a n d th ro u g h th e deposit of all th e bonds, a n d
p ractically all th e stock of o th er com panies, th e bonds have th e eq u iv alen t
of a tlrst lien on a to ta l of 022.80 m iles; th e y are fu rth er scoured by a lien
on practically all the stock of su b sid iary com panies ow ning 555.65 a d d i­
tional m iles, m aking a to ta l of 2,219.2 m iles on w hich the bonds are secured
In clud ing o u tsta n d in g liens of railw ay com panies w hich arc controlled a n d
su b ject to th e "refu nd ing a n d extension m o rtg age” , th e funded d eb t for
2,219.2 m iles am o unts to $26,568 per m ile of ro a d . T he Col. & Sou. R y .
show ed n e t corpo rate Incom e for th e year ending Ju n e 30 1910 equal to
over tw ice fixed charges, Including ta x e s, ren tals, &c.
E x tr a c ts from L e tte r o f D a riu s M iller, P r e sid e n t o f C ol. & S o u . R y . an d
C. 13. & Q . R R ., J a n . 12 1 9 1 1 .

R eferring to sale to you of th is d a te of $1,400,000 4 \i% bonds, I desire
to sta te th a t th e proceeds of these bonds, to g e th e r w ith th e $3,000,000
bonds sold In Ju n e last, arc being used for th e c o n stru ction by this com pany
of Its ow n line betw een W alsenburg & P ueblo, enablin g It to discontinue tho
use of th e D. & R . G. road betw een these po ints, an d for th e c on stru ction
of Its lino from W ellington to C heyenne, th u s avo iding th e use of th e U nion
Pacific so u th of C heyenne. W e exp ect these links to be com pleted by
S eptem b er of th is year. T his w ould give th e Col. & S ou. Its ow n rails
from O rln Ju n c tio n , W yo., to D enver a n d from D enver to F t. W o rth , w here
It connects w ith tho T . & B. V ., w hich Is Jo in tly ow ned by th e Col. & Sou.
a n d C. R . I. & P . roads, w hich extends from F t. W o rth to G alveston via
H ou ston . T ho Col. & Sou. h a s a p erm anent arran g em en t for th e use of
th e A t. T . & S . F . tracks betw een P ueblo a n d D enver, w hich, on account
of the low gradc, It will un d o u b ted ly con tinue to use p e rm an en tly for Its
th ro u g h trac k . T he building of these links, how ever, will com plete th e
connection of th e entire Col. & S ou. line and should enable It to m aterially
decrease Its cost of op eration as well as Increase Its gross rev en ue.—
V.

92, p. 117.

I t Is sta te d unofficially th a t a p o rtio n of th e proceeds will be used to
p a y for coal lands, b u t th a t th e larg er p a rt will be ap p lied to con stru ction
now In progress, Including extensions, building of tw o new hotels on L ake
George a n d L ake C ham pl. to replace those lost by fire, &c.— V. 92, p .1 1 8 .

Denver City Tramway Co.—B o n d s O ffered . —Clark, Dodge
Co., 51 Wall St., New York, and E. W. Clark & Co., 321
Chestnut St., Philadelphia, are offering, by advertisement
on another page, at 95 and int., yielding 5.38% income,
$1,653,000 “first and refunding” sinking fund mortgage
25-year 5% gold bonds, dated 1908 and due Nov. 1 1933, but
callable as a whole, but not in part, except for sinking fund,
at 105 and int., on any interest period from and including
May 1 1914 to and including Nov. 1 1923, and thereafter at
102^2 and int., upon 60 days’ notice.
&

A pplication for th e bonds m ay also be m ade to tho In te rn a tio n a l T ru st
Co., D enver, Col.
A b str a c t o f L e tte r to S a id B a n k e rs from P r e s .\V .(1 .E v a n s ,N .Y .,J a n . 11 ’l l .
Bonds and Security.— T hese bonds are secured by a m ortgage to th e M er­
c an tile T ru st Co. of N . Y ., as tru ste e , upon all the franchises a n d p ro p e rty
of th e com pany . Including th e en tire stre e t railw ay system of D enver, con19T mlles of tra c k , a n d serv in g a po pu latio n w hich am o u n ted to
213,3814by th e census of 1910. In ad d itio n , tn c bonds are secured by th e
pledge of $2,670,000 of a to ta l Issue of $3,837,000 D enver C onsolidated
T ram w ay Co. first consol. 5% bonds, w hich bonds are an ab so lute first
m o rtg age on th e Im p o rtan t and cen tral lines of th e D enver T ram w av Co
T he D enver C ity T ram w ay Co Is op erated as one sy stem w ith th e D enver &
N orthw estern R y. Co., w hich com pany ow ns 26 m iles of electric railw ay
betw een D enver and neighboring tow ns. T h e p resent m ileage of tho sys­
tem th u s aggregates 223 m iles.
B ond Issue L im ited to $25,000,000 [O utstanding $4,720,000; Reserved for 85%
of Cost of Im provem ents $9,368,200],- $10,911,800 Reserved to Retire
$10,543,000 (All) Prior B onds of System .
D enver Consol. T ram w ay Co. $1,167,000 1st consol. 5s duo 1933.$1,167,000
D enver C ity T ram w ay Co. $2,000,000 1st 5s, due 1919_________ 2,000,000
D enver T ram w ay Pow er Co. $1,376,000 1st 5s, due 1923______ 1,444,800
D env. & N ortlnv. R y. Co. $6,000,000 "first & col. tr. 5s,” due ’32 6,300,000
T he $1,653,000 bonds sold to you w ere Issued: $953,000 to retire an
equal am o u n t of M etropolitan R y . Co. 6s w hich m atu red J a n . 1 1911 and
$700,000 to replace a po rtio n of $825,000 In cash expended upon ad d itions
a n d perm an en t Im provem ents.
T he bonds unissued, I.e., $9,368,200, are to be certified by tho tru stee
for fu tu re ad d itio n s and perm an en t Im provem ents a t tho ra te of 85% of th e
actu a l cash cost a n d bonds can only be used for such purpose to th e principal
a m o u n t of $350,000 In an y one year un til the $6,000,000 D enver & N o rth ­
w estern bonds have been canceled, an d th e rea fter only w hen th e n e t earn ­
ings app licable to In te re st for th e 12 m o nth s preceding hav e been a t least
150% of th e an n u al In te re st upon all bonds th en ou tstan d in g , Including
those th en proposed to be Issued. A nn ual sinking fund 1 % of th o par valu e
of tho bonds o u tsta n d in g , beginning N ov. 1 1914, un til N ov. 1 1923, and
th ereafter 2% , In terest on bonds so retire d to be add ed to th e sinking fund .
E arnings of the System fo r the Cal. Year 1910 (D ec. P artly E stim ated).
Gross earn in g s___________ $3 ,596 ,7 211C harges, Inch taxes and
N et earnin gs______________$1,739,427| franchise pay m e n ts . . $1,063,023
S u rplu s_______ _______- ................................................................................... $676,404
Statem ent Show ing the Steady Increase in A n n u a l E arnings.
1902.
1904.
1908.
1908. TO ( Dec.est.)
Gross __________ $1,702,958 $2,040,146 $2,652,218 $3,152,567 $3,596,721
N e t ____________ 682,546
964,943 1,373,403 1,637,326 1,739,427
Denver C ity Tram w ay Term inals Co.— D uring the p a st year extensive and
valu ab le pro p erty w as pu rch ased a t and near tho cen tral tran sfe r loop
of th e tram w ay sy stem , In th e c en tral business p o rtio n of th e c ity, for
necessary add itional te rm in a l, car house a n d office facilities. T his p ro p e rty
will be used: (1) F or th e erection of a cen tral car house a n d bran ch of th e
m ain rep air shops. (2) For an In teru rb an loop a n d d ep ot, to w hich all of
th e In teru rb an lines en terin g th e city arc o p erated . (3) F o r th e erection of
a c en tral adm in istratio n building. (4) For tho erection of a w aiting room
a n d tran sfer dep ot a n d d isp atch er’s building. A considerable saving In
op eratin g expenses will resu lt from th e cen trally located car house and
ad m in istra tio n building. T he funds w hich will be necessary to c arry on
these Im provem ents are provided for w ith o u t Issue of fu rth e r "first and re­
fu n d in g ” bonds throu gh th e organ ization (In O ct. 1910; V. 91, p. 1160) of a
T erm in als C om pany [D enver T ram w ay T erm inals Co., sto ck a u th . $1,400,000— E d.], th e cap ital sto ck of w hich will be ow ned by th e T ram w ay Com­
p an y . Tho T erm inals C om pany will Issue serial bonds w hich, a fte r five
years, will m atu re to th e am o u n t of $60,000 per a n n ., and so be discharged.
Outlook for B usiness.— E leven Im p o rta n t railro ad lines ra d ia te from
D enver In all directions a n d bring tra d e a n d trav el from K ansas, N ebrask a,
W yom ing, U tah , T exas a n d New M exico, as well as from all p a rts of Colo­
rad o . T ho continued rap id grow th of D enver an d of th e business of this
com pany is assured. (Sec also V. 90, p. 109.)— V. 91, p. 870, 1710.

County Traction Co., Chicago.—S ta tu s .—This company,
heretofore referred to in this column as Cook County Trac­
tion Co., took over on Dec. 29 1910 the properties of the Detroit United Ry,—B o n d Issu e. —Montreal bankers, it is
Chicago Consolidated Traction Co. lying outside of the City understood,
have contracted to purchase $1,800,000
of Chicago, and has since been operating them as an inde­ first consol. 4^%
bonds which are sold to fund the floating
pendent system. President Blanchard says:
debt. Compare V. 92, p. 59, 118.
T he Chicago C onsolidated T raction Co. properties w ere bid In by A ndrew
Duluth-Superior Traction Co.—G u aran teed B o n d s. —A. E.
Cooke, as tru stee for th e bo ndholders' com m ittees. T h a t portion of
th e lines instdo th e city lim its w ere boug ht by th e Chicago R ailw ay s Co., Ames & Co., Ltd., Toronto, offered recently, at a price
In accord w ith the plan of reorganization last p rom ulg ated . T he lines o u t­ to yield 5.40%, a block of Duluth Street Ry. 5% general M.
side of th e C ity of Chicago w ere n o t bo ug ht by th e R ailw ays C o., b u t w ere
sold to th e C ounty T raction Co.— tho R ailw ays Co. believing th a t th e ou t-, sinking fund gold bonds due May 1 1930, guaranteed un


J an . 21 1911. j
THE CHRONICLE
187
G uaranty E ndorsed on N ew B onds.
conditionally by the Duluth-Superior Traction Co., redeem­
r valu e received th e B altim ore & O hio R R . C o., C hicago In dian ap olis
able as a whole or for sinking fund at 105 and int. on any & LF oouisville
R y . Co. and S o uthern R y . Co. do hereb y , p u rsu a n t to du e cor­
In th a t behalf by each com pany . Jointly and severally,
interest date. Par SI,000 (c*). Int. M. & N. at Central pg ou raa raten teproceedings
e th e du e a n d p u n ctu al p a y m en t of th e p rin cip al and In terest of
Trust Co. of N. Y., the trustee. A circular says:
th e w ith in b o nd , according to th e term s thereo f a n d of th e m ortgage or
T ills Issue Is lim ited to $300,000 of a to ta l auth orized Issue of $2,500,000,
w hich Is secured by a general m tge. on all pro p erty present a n d fu tu re , In­
cluding franchises of th e D uluth S tree t R y . Co., subject to th e fully-issued
1st M . bonds of th a t com pany, am o untin g to $2,500,000. T he deed of
tru s t fully safeguards th is Issue as to fu rth e r Issues. T he bonds are u n ­
condition ally gu aran teed by th e D uluth-S uperior T raction Co., bo th as to
princip al an d interest, such g u a ra n ty being endorsed u p on each bo nd .
T he U nited S ta te s Steel C orporation Is now expending a b o u t $10,000,000
on a new p la n t a t W est D ulu th, ab o u t 3 miles from th e city .

Galveston Harrisburg & San Antonio Ry .— D e c isio n .—
Press dispatches say that Judge Maxcy in the Federal Court
at San Antonio on Jan. 17 dismissed the suit brought several
years ago by Thomas H. Hubbard and the Crocker Estate in
behalf of themselves and others to foreclose the $0,354,000
Western Division second mortgage (income) bonds.

T he C ourt holds, It Is sta te d , th a t no cause of action exists a g ain st eithc
th e G alveston H arrisb u rg & S an A ntonio or th e S o uthern P a c .— V .9 1 ,p .3 8 r

International Transit Co., Sault Ste Marie.— G u aran teed

B o n d s. —A.

E. Ames & Co., Ltd., Toronto, has recently
been placing, at a price to yield 5M%, $280,000 5% IstM.
serial 15-year gold bonds, dated July 1 1910, due $20,000
annually on July 1 each year, to and including 1925. Inter­
est J. & J. at Toronto. Principal guaranteed by the Lake
Superior Power Co. Denomination $500(c*). Trustee,
National Trust Co., Ltd. A circular say :
T he com pany op erates th e stre et railw ay In S ault S te. M arie. O n t., an d
th e ferry service betw een th a t place a n d S a u lt S te. M arie, M ich. S a u lt
S te . M arie, O n t., Is th e h ead q u arters of th e L ake S uperior C o rp oratio n,
w hich op erates a steel p la n t, th e L ake S uperior Pow er Co., th e S a u lt S te.
M arie P ulp & P ap er C o., th e A lg. C ent. & H udson B ay Tty. Co. a n d th e
civic w ater-w orks an d electric ligh ting . T he L ake S uperior C orp.. w hich
ow ns su b sta n tia lly all of th e cap ital sto ck of th e L ake S uperior Pow er Co.
(see V. 91, p. 808; V . 77, p. 771. 193) Is now expending upw ards of $5,000,­
000 In a d d itio n s to Its p lan ts In th e C anadian S au lt. T he to ta l Issue Is
lim ited to $300,000, secured by a 1st i f . on th e franchises of th e com pany
a n d Its prop erties, consisting of th e stre e t railw ay systwm, real e sta te, rollingsto ck , steam b oats, docks, <Scc. T he T ra n sit Co. earns a su b sta n tia l su rplus
a fte r bond Interest req uirem ents. T he L ake S uperior Pow er Co. uncon­
d itio nally g u arantees rep ay m en t of th e principal, such g u a ra n ty being e n ­
dorsed upon each bond. V. 91, p. 1097.

Johnstown (Pa.) Traction Co.— I n itia l D iv id e n d .—A first
annual dividend of 3% has been announced on the $500,000
capital stock, which, it is said, is 40% paid up, making,
if this is true, the dividend equivalent to 7)^% on the
money invested. Evans M. du Pont is President.
D ire c to rs .—The board, it is stated, now includes:
G. N elson S m ith of F crndale, S . S . C rane of A ltoona, P res. E v an M .
du P ont; V .-P ., P ercy Allen Rose; Sec., S . E . Young; T reas., Jo sep h M cA neny; II. J . Crow ley of P h ilad elp hia.— V . 90, p. 849, 698.

Kansas City Viaduct & Terminal Ry. — T o P ool B o n d s .—
The period (July 1 1909 to Jan. 1 1911—V. 90, p. 1101)
during which the 1st M. coupons were funded into income
bonds having expired, and the earnings being still far from
meeting the fixed charges, a protective committee consisting
of Richard C. Story of Boston (Chairman), Benjamin
Graham, William C. Lane and R. Walter Levy of N. Y.
City and Lawrence E. Sands of Wheeling, W. Va., with
William G. Dooley as Secretary (25 Broad St., N. Y. City),
requests the holders of the $3,302,000 1st M. 4)^% gold
bonds and cumulative income bonds (say $290,000) to deposit
their holdings with the Standard Trust Co. of N. Y. (25
Broad St.), as depositary, under the terms of a pooling agree­
ment dated Sept. 14 1910. No deposits of the bonds, it is
announced, will be received after Jan. 21.
B y depositing th eir bonds ns aforesaid, th e depositors tran sfer to th e
com m ittee all rig h t to foreclose the m ortgage or to enforce th e p a y m en t of
the coupons. Ail m oneys collected by the com m ittee as In terest u p on th e
bonds shall be paid over to th e respective holders of th e certificates of
deposit rep resentin g th e bonds. T he com m ittee Is au th orized to sell or dis­
pose of th e first 4>^s deposited, Including all un paid coupons thereo n, a n d
all Incom e bonds Into w hich said coupons hav e been funded, for a price no t
less th a n 85% of th e p ar value of such m tge. bonds a n d accrued Interest
thereon from J a n . 1 1911. No lesser cash price, and no proposition con­
tem p latin g th e exchange of th e bonds for o th er securities, shall be accepted
by th e com m ittee w ith o u t th e vo te of 51% In Interest of th e depositors
a t a m eeting du ly called, w hich v o te shall be binding. O ver 75% of all
of the first 4 J$s having been dep osited, this agreem ent Is operative.
T he agreem en t will rem ain In force u n til J a n . 1 1916, unless sooner te r­
m in ated by th e com m ittee. I t Is provided, how ever, th a t th e agreem en t
m ay be term in ated a t a n y tim e after J a n . 1 1914 by w ritten direction signed
by th e holders of tw o-thirds In am o u n t of th e certfs. of dep osit. T he de­
positors agree to pay to th e com m ittee for th e purposes of tills agreem en t
an am o u n t equal to K of 1% of th e p ar value of th e first 4J^s deposited,
on m aking such deposit, a n d such p ay m en t shall co n stitu te a m axim um
charge w hich th e depositors shall be called upon to pay , unless a sale of
th e deposited bonds shall be m ade by th e com m ittee, or unless som e plan
of reorganization or exchange be con sum m ated, In w hich case th e com ­
m ittee shall be e n title d . In ad d itio n to th e M of 1% , to reasonable com ­
pensation and th eir expenses, w hich th e depositors shall p ay pro r a ta .—
V . 90, p . 1101.

deed of tru s t securing th e sam e, and In w itness th ereo f h av e severally caused
th is g u a ra n ty to be executed In th eir behalf respectiv ely as of J a n . 3 1911.
[Signed for B . & O ., Ch. In d . & L ouis. R y . a n d So. R v ., resp e ctiv e ly ,'b y
P resid en t or V ice-President.] See also V . 90, p. 1676;-V . 91, p. 2 1 4 , 589.
Description oj Bridge fro m "Engineering N ew s” o f N ew Y o rk.
T he new stru c tu re Is designed for C ooper’s E-65 loading. T he tw o long
sp an s will be 620 ft. long. I t will be a d o ub le-track stru c tu re (w ith ro a d ­
w ays ou tside of th e tru sses), su p p o rted on new con crete piers. T he old
bridge w as b u ilt In 1881-86. a n d consists of th ro u g h -tru ss sp an s, w ith a
single trac k a n d ro ad w ay s.— V . 62, p. 118.

Lancaster & York Furnace Street R y.— M e rg e r. —A syn­
dicate managed by George B. Atlee A Co. of Philadelphia
are effecting a reorganization and consolidation of the fol­
lowing trolley and power properties centering around Lan­
caster. (1) Lancaster A York Furnace Street Ry., extend­
ing from Millersville (where connection is made with the
Conestoga Traction Co. for Lancaster) to near York Furnace,
12Y i miles; (2) Lancaster A Southern Street Ry., extending
from Martic Forge, where it connects with the Lancaster A
York Road, to Buck, a distance of miles; and the Cole­
man Water A Power Co., which is located along the Lan­
caster A York line, and which sold power to the two trolley
roads. An authoritative statement from “Philadelphia
Press”
of Jan. IS says:
F o r th e p a st four years th e L an caster & Y ork an d th e L an caster &
S o uthern hav e been in stra iten ed circum stances and recen tly th e calling of
th eir loans p u t b o th roads In an em barrassing position. T he tw o trolley
roads a n d th e pow er p la n t w ere each controlled by se p a rate In terests.
U nder th e deal th e sy n d icate tak es over th e th re e p rop erties, pay ing th e
In terest on th e loans and assum ing th e liabilities a n d p ay ing th e ow ners a
Axed am o u n t for th e ir eq u ity In th e prop erties.
A n agreem en t has been m ade w ith th e C onestoga T ractio n Co. w hereby
It is to p ay o n e-th ird of th e fares of th e passengers delivered to It b y th e
L an caster & Y ork com pany to th a t ro ad . T he sy n d icate, w hich already
has $100,000 subscribed, plans to com bine th e tw o trolley roads an d th e
pow er house In one com pany a n d to m ake an Im p o rta n t change In th e ro u tes
of th e tw o com panies so as to m ake them one con tinuo us ro a d . O th er ex­
tensions are co n tem p la te d .— V . 86, p. 480.

Lehigh Valley Transit Co.—B o n ds O ffered . —Brown Broth­
ers A Co. and Edward B. Smith A Co. have recently been
placing, at 87^ and int., yielding about5%% income, 81,­
663,000 “refunding and improvement mortgage” 50-year 5%
gold bonds, dated June 1 1910 and due June 1 1960, but re­
deemable at 105 and int. on or before June 1 1920 and at 110
and int. thereafter. Int. J. A D. Par $1,000 and $500 c*.
Lehigh Valley Trust A Safe Deposit Co., Allentown, trustee.
Free of tax in Pennsylvania.
In fo rm a tio n from L e tte r o f P r e sid e n t R . P . S te v e n s , A lle n to w n , D e c . 1 1 9 1 0

T he com pany w as organized In 1905. I t op erates 146 m iles of electric
trac tio n lines throu gh a populous a n d grow ing section of E astern P enn syl­
v an ia a n d controls electric-light and pow er com panies o p eratin g in A llen­
tow n, B ethlehem , S lattng ton a n d o th er places. Its franchises a n d those
of Its controlled com panies are u n lim ited as to tim e a n d con tain no b u rd e n ­
som e restriction s.
T he com pany owns 167 cars, of w hich 135 are passenger cars, 4 are express
and freigh t cars a n d th e balance are snow plow s, sw eepers, c o n stru ction,
w ork a n d sp rin kling cars. T he pow er house, su b -statio n s a n d transm ission
lines co st app ro xim ately $1,257,000. T he pow er house, located a t A llen­
tow n, Is equipped w ith m odern steam tu rbin es hav ing a m axim um cap acity
of 11,625 k.w . To th is a new 6,700 k ilo w att u n it Is ab o u t to be ad d ed ,
w hich will m ake th e to ta l m axim um cap acity 18,325 k.w . U nder agree­
m en t w ith th e P h lla. R apid T ra n sit Co., freight is now tran sferred a t Chest­
n u t H ill, P hilad elp hia, w here th e tw o lines jo in . A n arran g em en t w ith th e
P h ilad elp hia & W estern R y . Co. is un d er con sideratio n, w hich (after th e
com pletion of th a t com pany’s line from V illa N ova, throu gh N orristow n,
to N orth W ales, w here connection Is m ade w ith Its line) will enable th e Le­
high V alley T ra n sit Co. to ru n its cars Into th e U nion T erm inal a t 69th and
M arket stre ets, P hilad elp hia, w here connections arc m ade w ith th e M arket
S tree t E lev ated P ass. R y . an d th e P h lla. & W est C hester T ractio n lines.
T he to ta l au th orized Issue of “ refunding a n d Im provem ent m o rtg age”
bonds Is $15,000,000, of w hich $5,000,000 are reserved to retire or acq uire
a like am o u n t of 1st M. bonds: $354,000 to retire or acquire a like am o u n t
of consol. M. bonds; $6,250,000 for a dd itional p ro p erty , b ette rm e n ts and
Im provem ents, un d er carefully gu arded restrictio n s, an d $125,000 for th e
general purposes of th e com pany . $3,056,000, w hich includes th e p resent
offering, hav e been Issued, p a rtly to retire $900,000 3-year 6% deb en tu re
bonds and p artly in th e acq uisition of $2,146,000 consol. M. bonds placed
un der th e lien of th e ref. a n d im p t. m o rtg ag e;an d $215,000 specIAcally re­
served for dealing w ith th e consol. M. bonds acquired w ere n o t needed
for th a t purpose. T he " re f.a n d lrap t. M .” b o n d sa re secured b y a m ortgage
covering su b sta n tia lly th e en tire p ro p e rty , su b ject to prior m ortgages
above referred to .
Net Incom e for Fiscal Year ended N ov. 30 1910 (November estim ated).
S urplus over Interest on 1st M. bonds, taxes, ren tals, & c________ $369,705
In te re st a t 4% on $354,000 consolidated m ortgage b o n d s________ 14,160
In te re st a t 5% on $3,056,000 "refu n d in g a n d im p t.” m tg e. b o n d s. - 152,800
$166,960
Surplus if above bonds had been o u tsta n d in g d u rin g Ascal year_$202,745
T he surplus above th e a ctu al in t. paid d u rin g th e year w as $210,350.—
V . 91, p. 1629.

Los Angeles Railway Corporation.— N ew B o n d s .—The
new mortgage, made to the Los Angeles Trust A Savings
Bank as trustee, secures an issue of 5% bonds of $1,000 each,
limited to $20,000,000 in amount, dated Dec. 1 1910 and
due in 1940. Int. J. A D. in N. Y. and Los Angeles. Of
the new bonds, $5,500,000 are reserved to retire an equal
Kentucky & Indiana Terminal RR.— G uaranteed B on ds amount
of underlying bonds that remain outstanding.
S o ld in L o n d o n .—The present issue of £1,031,000 1st M.
T he m ortgage, we are inform ed, covers th e pu rch ase of Los A ngeles R y .,
4 x/i% gold bonds of 1911 offered in London by Morgan Gra­ aA ngeles,
p o rtio n of Los A ngeles & R edondo R y . a n d narrow -gauge lines in Los
erly o p erated by PacIAc E lectric R y . P res., H . E . H u n tin g ­
ham & Co. were over-subscribed. The subscription list closed n (who form
owns th e $20,000,000 sto ck ); V .-P .. H ow ard H u n tin g to n ; Sec.Jan. 18. The bonds are guaranteed, principal and interest, Ttorcas.,
C. A . H enderson, Los A ngeles, C al.— V . 91, p . 1767, 1386, 1254.
by the B. A O., Ch. Ind. A Louisv. and So. Ry., as shown Meadville (Pa.) & Conneaut Lake Traction Co.—S a le .—
below, and they will be a first lien on the new bridge and also The property of the company, including the Meadville Street
on the property of the old company. The latter’s $1,009,000 Ry. was sold for $180,000 at receiver’s sale on Jan. 14 to a
1st consol. 4s, due April l 1950, have been bought in and
of the bondholders. Reorganization, it is
canceled and the $1,000,000 1st 5s, due March 1 1911, will representative
reported, will be effected on a basis of an issue of $450,000
be redeemed at maturity (see below).
bonds, which will provide for extensive improvements of the
T he m ortgage Is for £2 ,000,000, d ate d Ja n . 3 1911 and due J a n . 1 1961;
tru ste e , S ta n d ard T ru st Co., N . Y. In t. J . & J . In L ondon. P ayable, system.—V. 92, p. 118.
Minneapolis & St. Paul Suburban RR. —C a p ita liz a tio n .—
ith o u t ded uction for a n y ta x un der present or fu tu re law s of the
&.n.&aS.n!ts.or, thwany
m u nicipality thereof. P a r £100 o*&r. T he com pany cove­
a t sufficient of th e proceeds of th e first £1,031,000 bonds shall be This subsidiary of the Twin City Rapid Transit Co. (see
used only to pay th e $1,000,000 K entucky & In dian a B ridge & R R . 1st M. V. 90, p. 850) has filed a certificate of increase of authorized
5s,d ucM arch 11 1911. T h ercm aln ln g £969,000 IstM . 4 are reserved for
fu tu re a d d itions, acq uisitions and b ette rm e n ts, Including new rolling capital stock from $1,000,000 to $3,000,000 (par $100 a
stock and eq u ip m en t. T he m o rtg age covers th e old bridge across th e share) and of increase of limit of indebtedness to $10,000,000.
O hio R iver from Louisville to New A lbany, w ith real e sta te a n d equ ipm en t, Pres. C. G. Goodrich and Sec. E. S. Pattee of the Twin City
and also th e new d o ub le-track m odern steel bridge un der c on stru ction or R. T. Co. hold the same offices with this co.—V. 90, p. 850.
ab o u t to be bu ilt a t said place. V. 92, p. 118.




188

THE CHRONICLE

Missouri Kansas & Texas R y.— M r. F ish a D irec to r .—
Stuyvesant Fish has been elected a director to succeed James
Hagerman, who resigned.—V. 91, p. 1768, 1630.
Montreal Street Ry.— O ffer fo r S to c k . —Montreal share­
holders received on Wednesday a letter from the Toronto
General Trusts Corporation asking for a 60-day option on
their holdings at 235 a share, on behalf of a client who desires
a large block of the stock. The price offered was some 10
points above the market price.—V. 91, p. 1711.
New Brunswick Southern R y. —L ea se . —The lease made
Oct. 6 1910 to the Canadian Pacific Railway Co. has been
filed for record.—V. 91, p. 717.
New York Central & Hudson River RR.— T erm in a l B o n ds.
—The “Boston News Bureau” on Jan. 18 said:

[VOL. LXXXXII.

T he S h aw m u t sy stem possesses great strateg ic im p o rtan ce, as It will fu r­
nish th e E rie a n d th e L ackaw anna railroads w ith an entran ce to th e P itts­
burgh d istric t. A tru n k line un d o u b ted ly will aoqulro th e Sh aw m u t system
because th e la tte r originates a large volum e of coal a n d oth er traffic
T hese bonds are secured by p ro p e rty valued a t $14,000,000- (a) A first
lien on 37 miles of railro ad costing ov er $2,000,000: (b) first lien on ad d i­
tion al m ain line In course of c o n stru ction, 65 m iles to F reep o rt n e a r P itts ­
bu rg h, costing In excess of $4,000,000; (c) deposit of $11,953,000 of P itts­
burgh S h aw m u t & N o rth ern refun ding 4s, o u t of a to ta l issue of $14 4 9 1 000
and of $58,000 of P itts . Shaw . & N or. 5s, o u t of a to ta l Issue of $ l6 4 ’ooo’
w orth a t p resent m a rk e t qu o tatio n s over $4,000,000; (d) deposit of the
cap ital stock (36,072 shares) of th e A llegheny R iv er M ining Co., ow ning
free and clear over 22,000 acres of coal lands contiguous to the new line
and estim ated to be w orth a t p resent a b o u t $4,000,000. T he properties of
th e P itts. Shaw . & N or. proper rep resent an ex p en d itu re of over $20,000,000
and, in th e P resid e n t’s opinion, should earn In terest on this entire Invest­
m ent upon com pletion of th e P ittsb u rg h & S h aw m u t R R .
T he coal lands ow ned and controlled by th e S h aw m u t in terests consist o f
ab o u t 100,000 acres, hav ing a ton nage aggregating 1,000,000,000 ton s o f
bitum inous coal of superior q u a lity , p a rt of w hich Is m an u factu red in to
c o k e.a n d th e balance Is largely used for railroad fuel su pply . S h aw m u t
coal has a large m ark et In N . Y . S ta te , New E nglan d, C anada, and In N . Y .
h arbo r for th e coaling of steam sh ips. T hese holdings of coai lands, w hich
are to be add ed to from tim e to tim e, arc am ong th e larg est and m o st Im ­
p o rta n t In th e U nited S ta te s.
T he directors include these p rom inent railroad m en, ban kers, &c.:
E dw in H aw ley, T heodore P . S h onts, F ran k T ru m b u ll, T hom as H . H u b ­
b ard. H a rry B ronner, F ran k S ullivan S m ith an d H en ry E . H u n tin g to n .
th e proceeds of the present Issue arc being utilized tow ard s con stru ctin g
a line w ith easy grades betw een K noxdale and F reep ort, In accordance w ith
tiie m ost m odern sta n d a rd . A dditional bonds oan bo Issued onlv under
m ost carefully gu arded restrictio n s.
'

T here are good reasons for th e belief th a t th e C entral’s forthcom ing
financing will ta k e th e form of an issue of term inal bonds secured by a
m o rtg ag e on th e N . Y . term in al. I t Is un derstoo d th a t th e am o u n t of
b o nd s to Issue Is $50,000,000 a n d th a t th ey will c arry 4 >$%. It Is probable
th a t close to half th e Issue will go a b ro a d , as a result In p a rt a t least of
rec e n t neg otiation s of W illiam K . V an derbilt to th a t end . All of th e
m oney realized from th e sale of th e new bonds is to be used for purposes
d irectly connected w ith th e enorm ous term inal im p ro vem en t w ork In
N ew Y ork, a n d none Is for refunding.
[A t th e m eeting of th e bo ard on J a n . 18 the com p an y ’s financial require­
m en ts for th e com ing year w ere Inform ally discussed, b u t no definite actio n
w as ta k e n , th e finance com m ittee h av ing as y e t m ade no rep o rt on th e E x tr a c ts from L e tte r o f F ran k S u lliv a n S m ith , R e c eiv e r o f P ittsb u r g h
su b ject.]— V . 02. d . 119.
v
S h a w m u t & N orth ern R R ., N ew Y ork, N o v . 2 5 1910
com pletion of the line will greatly Increase th e earnings bv onenlnir
New York New Haven & Hartford RR.— S a le o f N otes, forThe
developm ent 60 m iles of te rrito ry u n derlaid w ith th e m ost valuable coals
In W estern P enn sylv an ia, su b sta n tia lly all of w hich lands are
& c .—The company early this week sold to N. Y.and Boston and clays by
Interests allied to th e railroad, a n d from w hich It Is exp ected
bankers 810,000,000 4)4% notes, dated Jan. 20 1911 and controlled
th a t a t least 5,000,000 tons of coal will be m ined a nn ually as soon as th e
due March 1 1912. These notes were offered by the bankers tn,w 1ith.n,f3.,C
c\ n Vc developed to th a t cap acity . T his tonnage alone, to g ether
th a t already being han dled by th e existin g line, will yield a rev en ue
on Jan. 17 on a 434% basis and re-sold practically at once. conservatively
e stim a te d , m ore th a n sufficient to m ake th e p ro p e rty a
one, while to this will be add ed th e revenues accruing from w hat
Par, .$5,000. Three coupons M. & S. 1911 and March 1912. profitable
will
pro
b
ab
ly
ap
p ro xim ate 2,000,000 ton s of m iscellaneous freight origi­
The bankers later purchased an additional amount of n a tin g on or m oving
to th e com pleted railroad, a n d from throu gh freig h t
ro u ted over th e line from and to th e P ittsb u rg h d istric t. T he com pleted
$2,000,000 notes. . A further block of $10,000,000 was sold system
will
afford
the
sh ortest m ileage and low est grade route of a n y cxistyesterday, making an aggregate of $22,000,000 sold by the Ing line betw een the I Ittsbu
rg h region a n d cen tral N ew Y ork S ta te a n d th e
company
this
week.
New E nglan d S ta te s, via tw o of th e principal tru n k lines, w ith w hich th e
T he g u aran teed preferred shares of th e B oston R R . H olding C o., offered op erated po rtio n of road already connects In New Y ork S ta te .
T he progress of th e pro p erty Is exem plified In th e show ing m ade by th e
la st w eek (V. 02, p. 117), com e o u t of th e trea su ry of th e N . Y. N . H . &
H . R R . a n d w hen entirely placed will h av e se t free a considerable ad d i­ P ittsb u rg h S h aw m u t & N orthern R R . a n d th a t po rtio n of th e P ittsb u rg h
tion al a m o u n t of cap ital av ailable for co rp o rate p u rp o ses.— V . 92, p. 119. & S h aw m u t R R . now in operation In th e results for eight m o nth s of th e
1910, d u rin g w hich the coal ton nage alone, origin ating on th e
Northern Electric R y., Scranton, Pa.—L ea se . —Dividends calen dar year
increased over th e sam e period of th e previous year 43% a n d th e
£on n?$c h a n dIecl; on the sam e relativ e com parison, show s an Increase
began to accrue Jan. 1 on the stock of the Northern Electric ofline,9 8 has
. Since these Increases su b sta n tia lly rep resen t "new business on a
Street Ry. under the lease of that property to the Syracuse going%line
th e rev en ue accruing yields a large prop ortion of n et from th e
Incom e. A s th e op erated p o rtio n of th e road com prises 240 m iles
& Binghamton Traction Co. (whose stock is all owned by the gross
out
of
a
co
n
plated .500 miles, parallel financial retu rn s m ay be a n tic i­
Syracuse & Binghamton RR. Co., which see below), and will p ate d , as to tem
th e old m ileage, takin g on th e above-described ton nage to bo
on th e new portion of th e ro ad com ing from connections Into th e
be paid directly to the holders of the $1,200,000 stock (in originated
u rg h region, several of w hich are now un d er consideration.
$50 shares) of the Northern Electric Ry. Co. as owner of the 1 Ittsb
The 1 Ittsb u rg h Sh aw m u t & N orthern R R . proper has been o p erated by
stock of said street railway company, in semi-annual install­ aimreceiver
for ab o u t five years. T he bulk of Its securities is ow ned by a few
t in terests, who m eantim e hav e furnish ed th e m oney for th e largo
ments
on June 30 and Dec. 31, beginning with June 30 1911. bodyp o rtaof ncoal
lands above referred to , an d p a rt of th e c ap ita l for th e con­
S aid dividends are pay ab le as follows: In 1911 $30,000 per an n u m , stru
ctio n of th e P ittsb u rg h extension. T hey hav e n o t proceeded w ith fore­
equal to 3% on th e $1,200,000 stock: in 1912, $42,000, or 3 H % ; in 1913, closing
th
e
m
ortgage, being desirous of up bu ilding th e p ro p e rty a n d de­
$48,000, or 4% ; In 1914, $54,000, or 4 J^ % ; In 1915, $60,000, or 5% ; In veloping th e traffic
of th e P ittsb u rg h extension before form ulatin g a re­
1916, $66,000, or 5 J^% ; In 1917 a n d each y e a r th ereafter, $72,000, or 6% . organization plan . See
also V . 90, p . 1102, 560.
T he lessee agrees to assum e as Its ow n d e b tth e $1,200,000 1st M. bonds
d a te d Ju n e 1 1907, to p ay all taxes, <Scc., a n d w ith in five years from Ju ly 1
Pittsburgh
Shawmut
Northern RR.— S ta tu s . —See
1910 to expend $200,000 on th e extension or Im provem ent of th e stre et Pittsburgh & Shawmut RR.&above.—V.
91, p. 1255, 1161.
railw ay com pany’s p ro p e rty . T h e lease ru n s for 900 years from Ju ly 1
1910 a n d th e perform ance of all th e cov en an ts of th e trac tio n com pany are
Puget Sound Electric Ry.— N ew N o tes— R efu n d in g M o rt­
g u aran teed by th e S y racuse & B in gham ton R R . Co.

E xch an ge o f B o n d s. —The holders of the 1st M. and collat­
eral trust 5s (auth. issue $1,200,000, outstanding at last
accounts $1,045,000) had the privilege until Jan. 1, but not
thereafter, of exchanging their bonds for the new Scranton &
Binghamton 6s with 75% stock bonus. About 50% were
exchanged. The “Manual of Northeastern Pennsylvania
Securities,”
published by Brooks & Co., Scranton, shows:
T he N o rthern E lectric S t. R y . Co. w as Incorporated In F eb . 1904 in'
3

P a. a n d ow ns In fee 2 m iles of trac k In S cran to n a n d all of th e cap ital
stock of th e D alton S t. R y . Co. (w hich In tu rn ow ns 17 miles of trac k be­
tw een S cran to n a n d F acto ry vitle an d L ak e W inola. T he N orthern E lectric
R y ., a N . Y . corporation w ith $1,200,000 sto ck . Is th e holding com pany
a n d ow ns all th e stock of th e N or. E lec. S t. R y . Co. T he funded d e b t con­
sists of said 1st M . an d collateral tru s t 5s, d ate d Ju n e 1 1907, due Ju n e 1
1957, b u t callable a t 105 a n d Interest. I n t. .1. & I), a t th e A nth racite
Savings B ank , tru stee, W ilkes-B arre. P a r $500 a n d $1,000 [U n der th e
aforesaid lease th e rem ain der of th e $1,20.0,000 bonds a u th . m ay be Issued.]
E arnings for the Year ending J u ly 1 1 9 1 0 .
Year—
Gross.
N et. Interest.
Taxes.
Sur
1909-10............................$169,130
$62,392
$58,976
$3,000
$416
1908-09______________ 151,921
60.457
54,679 2,700
3,078

Ohio Syndicate.—Drexel & Co. have placed privately
with leading financial institutions in Philadelphia an issue
of $7,000,000 6% notes of the “Ohio Syndicate.” organized
to finance certain Ohio public service properties with which
United Gas Improvement Co. interests are identified, among
them quite possibly the Ohio Electric Ry. system. The “Phila­
delphia Fnancial Bulletin” on Jan. 13 said:

gage —S a le o f A d d itio n a l P re f. S to c k . —The

company's plan
for refunding the $1,500,000 coupon notes due in 1911 and
1912 [$1,000,000 maturing Feb. 1 1911 and $500,000 Feb.
1 1912], and the payment of a floating debt of $1,100,000
incurred on account of improvements, is announced in Seattle
as follows: Sale of $1,700,000 new notes secured by pledge
of $2,429,000 consol 5s and new refunding bonds (presum­
ably the remaining SI,419,000 of the auth. issue of $5,500,000
consols and $1,010,000 of the new issue of $15,000,000 re­
funding bonds); also the sale of $500,000 unissued pref. stock
and a further amount of $116,700 pref., being part of the
$625,000 heretofore reported as outstanding, which has been
held in trust for the company.—V. 89, p. 349.
Quebec Railway, Light & Power Co.— T ra n sfe r of L in e s .—
The Canadian RR. Commission will on Feb. 6 be requested
to approve a deed transferring to the Quebec County Ry. Co.
a certain portion of the company’s railway lines.—V. 91,
p. 215.
Reading Company.—S a le o f B o n d s fo r R efu n d in g . —It was
announced yesterday that arrangements had been made with
J. P. Morgan & Co. of New York and Drexel & Co. of Phila­
delphia for the disposal of $20,000,000 of gen. mtge. 4%
bonds, the proceeds of which will be used in taking up the
$18,811,000 Phila. & Reading Ry, consol. 7s, due next June.
—V. 91, p. 1630.
Richmond Fredericksburg & Potomac RR.— D e c isio n .—
The Supreme Court of Appeals of Virginia on Jan. 12, re­
versing the Circuit Court of Richmond, held that the com­
pany is not exempt from the payment of a franchise tax to
the State.

T he details, such as th e tim e for w hich th e notes arc to ru n , the' price a t
w hich th e y were sold to th e in stitu tio n s, the nam es of th e m em bers of th e
sy ndicate, &c., are know n only to th e p a rticip a n ts In th e n eg otiation . I t
Is un d ersto o d , how ever, th a t som e of the leading Interests In the U nited
Gas Im p ro v em en t Co. are largely In terested in th e sy n d icate, th a t th e
neg otiation Is for th e purpose of financing th e fu rtl
' '
nu m b er of going gas, electric lighting a n d trolley prope
$4,000,000 of stock In th e enterp rise has also been sold to P h lla. Investors.
In general th e financing has been arranged on m uch th e sam e lines as
A tax w as levied in 1907 and w as resisted on th e grou nd th a t u n d er th e
was successful In th e case of th e ‘‘In d ia n a S y n d ic a te ,” In w hich th e sam e
provisions of Its ch a rte r, a n A ct o t G eneral A ssem bly of 1833-34, th e com ­
set of c ap italists w as Interested.
y was no t liable therefor. A n app eal Is expeoted to be tak e n to the
Pacific Electric Ry.- -M e rg e r .—The “Los Angeles Times” pan
U nited S tates Suprem e C ourt.
T heco m p an y w as ch artered F e b . 251834 as a tu rn p ik e road a n d w as ex em p t­
of Jan. 14 said:
ta x a tio n . T he new S ta te co n stitu tio n of 1002 provides th a t a n y
T he m erger of th e Pacific E lectric a n d th e Los A ngeles Pacific R y . com - ed from
pany accepting or effecting an am en d m en t or extension to Its c h a rte r
panles Is accom plished and will becom e effective F eb. 1 un d er th e nam e of com
be presum ed to h av e th ereb y su rren dered every exem ption from
v>acv).0 E*ectrIo. T he actu a l m erger of th e Los A ngeles & R edondo w ith shall
■ o n - I t Is claim ed th a t tho c h a rte r of th e com pany has been am end ed
th e Pacino E lectric Is, of course, decided upon, b u t as y e t has n o t been
ithin the m eaning of this provision. T he special franchise taxes assessed
accom plished, as far as th e a p p o in tm en t of o p eratin g officials Is concerned. wagainst
th e com pany since tho new co n stitu tio n w ent Into effect agg regate.
(C om pare Los Angeles R y . C orporation ab o v e).— V . 91, p . 1386.
It Is sta te d , a b o u t $205,000. If tho decision sta n d s, th e com pany w ill, of
course,
also
be su b ject to looal ta x a tio n .— V . 84, p. 1183.
Pittsburgh & Shawmut RR.—B o n ds O ffered— S ta tu s .—

F. J. Lisman & Co., N. Y., Phila., Hartford and Balt., are Rochester (N. Y.) Railway & Light Co.—B o n ds fo r R e­
offering at 94)4 and int. 1st M. 5% sinking fund gold bonds, fu n d in g . — Application has been made to the P. S. Commis­
due Dec. 1 1959,auth.$12,000,000,out.$4,000,000. Theroad sion for authority to issue mortgage bonds to refund obliga­
forms a southern extension of the Pittsburgh Shawmut & tions amounting to $810,000. Compare V. 90, p. 703, 628.
Northern RR., traversing extensive coal fields and extending Rock Island Improvement Co., Chicago.— M o rtg a g e.—
into the Pittsburgh district. A circular based on official This
subsidiary of the Ch. R. I. & Pac. Ry. has filed a deed of
data says in substance:
trust covering Chicago real estate to the Bankers’ Trust Co.



J an . 211911.]

THE CHRONICLE

189

d — E arnin gs of B altim o re S team P a c k e t C o., w hoso en tire
of N. Y ., as trustee, to secure an issue of $500,000 5% bonds A dcap
ital sto ck Is ow ned a n d dep osited, as a d d itio n a l security
to th e refun ding bo n d s, a b o u t_______________________________
158,141
due April 1 1934. Compare V. 84, p. 225.
T o ta l surplus Incom e a fte r all fixed c h a rg e s________________ $3,015,000
St. Joseph & Grand Island R y .— P rotective C om m ittee fo r Deduct
from this balance th e in t. on a d ju stm e n t Incom e b o n d s .. $1,250,000
P r e f. S to c k . — As foreshadowed in the “Chronicle” of Dec. 24
Incom e for year over all c h a rg e s____________________ $1,765,000
(V. 91, p. 1711), a committee has been formed to protect the —N etV .surplus
92, p . 120, 60.
interests of first and second pref. stock. Stockholders are
invited to deposit certificates with the depositary, the Colum­ Seattle Electric Co .— B o n d s O ffe r e d . — Harris, Forbes &
bia Trust Co., 135 Broadway, N. Y ., on or before Feb. 11 Co. (successors to N. W. Harris & Co.), N. Y ., and Lee,
Higginson & Co. and Estabrook & Co., Boston, N. Y. and
1911. The committee includes;
H e n rv H ofm ann 111 B roadw ay, N . Y .: J . A ugustus B arn ard , o fD o m l- Chicago, are offering at 98)^ and int. $2,721,000 “consoli­
nlok & D om lidck, N Y .; N eal R an to u l. of F . S . M oseley & Co. of B oston; dated and refunding mortgage” sinking fund 5% gold bonds,
W Blard V . K ing. P res. C olum bia T ru st Co.; George M . W illiam son a n d Sol.
A . G ulterm an, w ith E d g a r A . H ickm an, S ecretary , 37 W all S t., N . Y ., and dated 1907 and due Aug. 1 1929, but callable at 105% and
S am uel U nterm yer, C ounsel.— V. 92, p . 59.
int. on or after Aug. 1 1912 in blocks of not less than $500,000
St. Louis & San Francisco RR. — B o n ds A ll T a k e n .— or for the sinking fund. It was announced yesterday that
Speyer & Co. announce that the offering of $7,000,000 gen­ all the bonds had been resold.
eral lien bonds was a complete success, the entire amount A bstract of Letter to A bove-N am ed Bankers from Frederick S. P ratt.
allotted to N. Y. having been taken, the Berlin allotment Vice-Pres. Stone & W ebster M anagem ent A ssn ., B oston, Jan. 14 1911.
O rganization.— T h e com pany operates su b sta n tia lly all th e stre e t rail­
being oversubscribed, while in London the subscription lists w ays
a n d does th e g reater p a rt of th e clectrlo-llghtlng a n d pow er buslnes
closed early Jan. 15. See V. 92, p. 119.
of th e city , w hich has a p o pu latio n by Census of 1910 of 237,194.
P urpose of Issue.— T he proceeds of $1,000,000 of th e $2,721,000 bo nd
St. Louis Southwestern R y. —N ew E q u ip m en t N o te s. — An purch
by you will be app lied to th e re tire m e n t of th e $1,000,000 5-year
issue of $1,760,000 5% series B equipment notes has been notes ased
due F eb. 1 1911, for w hich a n equ al a m o u n t of these bonds w as re ­
an d th e rem ain ing $1,721,000 will be Issued for 80% of th e cash
made; par $1,000, dated Feb. 1; 1-20 of the issue to served,
of p erm an en t extensions, a d d itions a n d Im prov em ents. T h e c om pany
mature every 6 months; last installment Feb. 1 1921. Int. cost
will th e n be supplied w ith fund s sufficient to p ay off all Its presen t floating
a n d to provide for Its 1911 co n stru ctio n req u irem en ts. In clud ing
F. & A. Trustee, Bankers Trust Co., N. Y. The issue cov­ dtheisb t Issue
of $2,721,000 bonds an d a fte r th e retire m e n t of th e $1,000,000
ers 1,500 box, 500 furniture and 500 refrigerator cars.
notes, th e o u tsta n d in g fund ed d e b t a n d c ap ita l sto ck will be:

W illiam Salom on & Co. a n d R hoades & Co. announced yesterd ay th a t
Capitalization (In clu ding B o nd s
, A uthorRetired
Outth e y h a d sold th e new eq u ip m en t gold no tes. T he to ta l cost of th e equ ip­
G uaranteed)—
i^ed.
b y S .F d . standing.
m en t pu rchased w as $2,217,500, of w hich $457,500 was paid in cash by th e Com m on sto c k ___________________________ ----------------------------------com pany, th e no tes m en tioned above (callable a t par) being Issued for the P ref. sto ck , 6 % , n o n -cu m u latlv e------------- 5,000,000 ------------ 5,000,000
b alance.— V . 91, p . 1709, 1031.
Cons. & ref. M 5s, du e 1929____________ 25,000,000 $ 1 0 1 , 0 0 0 7,312,000
M. 5s, du e 1930 (callable a t n o ) ------ 6 ,ooo,ooo 5 7 4 ,0 0 0 4 , 4 2 6 ,0 0 0
Sao Paulo Tramway, Light & Power Co.—P e rp e tu a l D e­ S1ste a ttle
R y . Co. 5s, du e 1921 (callable 110)
500,000 44,000
456,000
bentu re S to c k . —The “Toronto Globe” on Jan. 14 said:
P u g e t S d P o w . Co. 5s, due 1933 (call.110) 4,000,000 161,000 3,152,000
1,600,000
T he com pany Is creating an Issue of 5% perp etu al consolidated d eb en ture S e a ttl^ E v e re tt 1 s t M . 5s, du e 1939........... 5,000,000
T he P u g e t Sound Pow er Co. 5s arc gu aran teed b y S ea ttle E lectrlo Co.
sto ck , lim ited to an a m o u n t n o t exceeding th e paid -u p cap ital. Of th is
a m o u n t th e re will be re ta in e d an am o u n t equ al to th e o u tstan d in g bonds, a n d are exchangeable, par for p a r, for its consol, an d ref. bo nd s.
Of th e o u tsta n d in g consol, a n d ref. bonds. $1,192,000 a re con vertib le
to be exchanged therefo r, if th e bondholders so desire, or to redeem th e
bonds w hen th e y m a tu re . T he com pany proposes to olTer a t llrst £300,000 Into com m on sto ck p rior to A ug. 1 1912 a t $110 per sh are. Of th e unissued
of th e ir d eb en ture sto ck In E nglan d, a t a convenient d a te .— V . 90, p . 1166. bonds, $8,034,000 a rc reserved to refun d all o th er fun d ed d e b t a uth orized,
d th e rem ain der for extensions, ad d lto n s an d im p ro v em en ts; b u t only
Scranton & Binghamton R y. —N ew C o m p a n y —L ease — awnhen
th e n e t earnin gs (after tax es, reasonable m a in ten an ce, &c.) are a t
E xchange o f B o n d s. — This company, referred to below under least 1 h tim es th e to ta l a n n u al in te rest charges, including th e bo nd s th e n
Issued. T he p a r valu e of bonds th u s issued c an n o t exceed 80% of
the caption of Northern Electric lty. Co. of Pennsylvania, toth e becash
of such extensions, ad d itio n s a n d Im provem ents.
was incorporated in Delaware on Oct. 15 1910, with $6,000,­ A cum ucost
lativ e sinking fund of 1 % per ann um on th e to ta l a m o u n t of th e
an d ref. bonds o u tsta n d in g becam e o p erativ e O ct. 1 1809.
000 of authorized capital stock (the Corporation Trust Co. consol,
T hese bonds, su b ject to th e 1st M. bonds of S eattle E lectrlo
of America being the Delaware representative), to operate Co.Security.—
a n d S e a ttle R y . Co., of w hich $4,882,000 a re o u tsta n d in g , cover:
T h e p rop erties, rig h ts a n d franchises now or h ereafter ow ned by th e
an electric railway from Binghamton, N. Y., to Scranton, S(1)ea ttle
Co. (2) T he en tire cap ital sto ck (excepting directors
Pa. 62 miles. Of this line, some 20 m iles,from Scranton to shares) ofE lectrlo
th e Puget S o un d Power Co., w hich ow ns an electric p la n t of
20,000 h .p . g en erated on th e P u y allu p R iv er, h av ing gts source in th e
Factoryville, heretofore operated by the Northern Electric glaciers
R ainier. T his pow er Is used, n o t on ly by th e S eattle Elec­
St, R v., is already built and operated under lease and the tric C o.,o fb uMt t.also
in T acom a a n d a t In term ed iate p o in ts betw een S eattle
and T acom a, for railw ay, ligh ting an d m an u factu rin g purposes. (3) T he
remainder has been surveyed. An issue of $10,000,000 6% en
d irecto rs’ shares) of th e Seattle-Everett Trac­
bonds has been authorized and some $500,000 have been tiontireCo.,capwitalhichstoowck ns(excepting
a n in te ru rb a n line of 29 m iles from S e a ttle n o rth to
issued in exchange for about 50% of the $1,045,000 5% EE vv ee rere tttt, Twractio
hich w as p u t Into full op eratio n M ay 2 1910. T he S eattloalso ow ns th e cap ital sto ck of th e Puget S o u n d Inter­
bonds of the Northern Electric St. Ry. on the basis above national R ailw ayn &Co.Power
Co., w hich operates u n der lease th e E v e re tt R y .,
noted. What amount, if any, has been issued for other pur­ Lanigdhat d&ja Wc enater
Co. T his la tte r com pany has 15.7 m iles of trac k In E v e re tt
t su b u rb s a n d operates u n der lease 6 .2 m iles ad d itio n al, besides
poses is not stated.
ow ning th e greater p a rt of th e electric-lighting an d pow er business a n d
T he new bonds are d a te d Ju n e 1 1910 a n d will m atu re Ju n e 1 1960, b u t supply ing w ater to th e com m un ity th rou gh over 60 m fies of m ain s.
callable on a n d a fte r 5 years a t 105 a n d Int.; In t. J . & D . a t A n th racite
T h e m ark et valu e of th e pref. an d com m on stocks of S eattle E lectric Co.
Savings B ank (the tru ste e ), W ilkes-B arre, P a . P a r $1,000, $500, $100(c*). show s th e e q u ity abo ve th e bonded d e b t to be ap p ro x im ately $ 1 2 , 0 0 0 ,0 0 0 .
T ax free In P a . T he m tg e. covers 100 shares, being th e en tire Issue, of th e
P roperty.— T he com pany ow ns an equ iv alen t of 186.3 m iles of single
c ap ita l sto ck of th e S cran to n & B ingham ton T raction Co. (lessee of th e tra c k , of w hich 13.5 m iles a re o p erated by cable a n d 172.8 m iles b y trolley.
N o rth ern E lectric S tre e t R y .); also a n y of th e 1st M . bonds of th e N o rth ern (A n ad d itio n al 50.9 m iles is controU ed th ro u g h sto ck ow nership.) T he
E l S t R y . d a te d Ju n e 1 1903 acquired, $1,200,000 of th e new bonds being greater p a rt is of " T ” rati co n stru ctio n , 80-lb. w eight. In p av ed stre ets a n d
set aside for th e pu rpose of th e exchange; also all lines of railw ay, &c., from 60 to 72-lb. elsew here, except for a very sm all a m o u n t of lig h ter rail.
h ereafter acq uired In th e counties of S u squ eh an na a n d W yom ing, P a . T he R olling sto ck : 463 passenger cars an d 78 m iscellaneous cars.
directors arc u n derstoo d to include P resident T . J . F o ster (P res, of In te rn a t.
T hroug h th e ow nership of th e sto ck of th e P u g et S ound Pow er Co., con­
C orrespondence Schools), Sec. W . L . Connell, F . W . W ollerton, T . A . trols a 2 0 ,0 0 0 h .p . hydro-elcctrlc pow er dev elo pm en t, over half of th e
Jam es, C. P au l H agenlochcr, J . IC. G riffiths an d C. II. C am pbell. M essrs. pow er being available to th e S ea ttle E lectric Co.; th e rem ain der is sold on
C onnell an d W ollerton are respectively P res, a n d V lce-Prcs. of th e U nion
N ational B ank of S c ra n to n .
° ”rh e % o m p a n y ahas four steam sta tio n s, tw o w ith cap a city o f -1,302 h .p ,,
n eratlng th e cable lines, tw o supply ing pow er for electric-lighting an d
Seaboard Air Line Ry.— P ro p o se d S ale o f $19,000,000 ostreet-railw
ay service, a cap acity a t presen t of 14,200 k .w ., or ab o u t
B o n ds w ith O p tio n on $4,000,000 A d d itio n a l. —The sharehold­ 19 000 h d T he com pany ow ns a coal m ine a t R e n to n , h av ing an o u tp u t
of 134,798 ton s, used in p a rt by th e com pany a n d th e balance sold
ers will meet Feb. 4 to vote on ratifying a contract executed inin S1909
e a ttle. Tw o p ark s located In th e city a re ow ned an d o p erated .
by the co. with Blair & Co., Ladenburg, Thalmann & Co.
E arnings of the System . Years ended Dec. 31.
and Middendorf, Williams & Co., whereby the firms named 1905 Gross
1906.
1907.
1908.
1909.
1910.
$4,119,792 $4,520,489 $5,854,175 $5,588,188
agree to use their best efforts to form a syndicate, of which $2,565,914 $3,101,386
fo r Calendar Years.
stockholders, officers and directors of the company may be [In 1009 th e earnin gs wRereesults
ab n orm ally high, due to A laska-Y u kon E xpo­
members, to buy from the railway company $19,000,000
sitio n Ju n e 1 to O ct. 16.]
1910.
1909. I
1910.
1909.
ref. M. gold bonds issued and issuable under ref. M. dated G ross c a m s . . -$5,588,189
I n t. c h a rg e s-. $808,441 $755,880
Oct. 1 1909 (auth. issue $125,000,000; none heretofore sold), N et (aft. taxes) 2,015,820 $5,854,175
2 ,lll,3 5 5 |B o n d skg. f d . 139,309
138,501
the syndicate to have the right to purchase at any time on
surp lus for y e a r--------------------------------------- $1,068,070 $1,216,974
or before Aug. 1 1911 $4,000,000 additional, or any part TB halance,
pany Is p ay ing dividends on com m on sto ck a t ra te of 7% per
thereof, provided not less than $500,000 be taken at any one an n u me com
a n d 6 % on p re f., an d up to N ov. 30 1910 h a d accu m ulated reserves
t back Into th e p rop erties), w hile th e sinking
time. The proceeds of the $19,000,000 bonds will be used a n d su rp lus of $2,803,734 (p ubonds.
chiefly to retire the $14,651,000 collateral trust 5% bonds fund s h ad retire d $880,000
P opulation o f Seattle.
due March 1 1911.
1880
1890.
1900.
. 1910.
3
535
42,837
80.671
237,194
The “Baltimore Sun” on Jan. 17 said:
’T he b a n k clearings hav e Increased from $206,913,000 In 1903 to $590,­
T h a t th e com pany will receive 80 for th e new Issue of refun ding 093,365 In 1910. (C om pare V . 8 8 . p . 1062.)— V . 89, p . 412.
m ortgagc4% bonds, of w hich $19,000,000, w ith a possible fu rth e r Issue of
Shelburne Falls (Mass.) & Colrain Street R y.— B o n d s
$4,000,000, has been app ro v ed by th e executive com m ittee an d will be su b­
m itte d to th e directo rs In New Y ork to -d ay , was announced y e ste rd a y .
a lle d .— T he $50,000 1st M. 6% bonds, dated 1896, have
T his will give th e com pany a balance of $549,000 after retirin g th e $10.­ Cbeen
called for payment at the Shelburne Falls Nat. Bank,
000,000 of refun ding collateral tru s t gold 5s a n d the $4,651,000 collateral
tru st and general loan gold 5s.
. , ,
Falls, Mass., on March 1 1911.
T he ban kers w ho will m a rk e t th e bonds hav e. It Is u n derstoo d, received Shelburne
N e w M o r tg a g e .— N new 1st M. was recently filed to the
orders from bonding houses over-subscribing th e Issue of bonds, so th a t If
it Is considered necessary to place th e oth er $ 4 ,0 0 0 ,0 0 0 of bonds on th e Federal Trust Co. of Boston, as trustee, to secure $100,000
m ark et, th ere will be no difficulty In placing them on th e orders received.
I n add itio n to th e $21,500,000 of S eaboard A ir Line R y . 1st M. 4s, B alti­ 20-year sinking fund 5s to refund the old bonds, fund floating
m ore S team P a c k e t Co. sto ck and oth er collateral back of th e 10-ycar an d debt &c. A 7^-m ile trolley road. Stock, $50,000; par,
3-ycar 5s, w hich will be retire d on M ay l , th e new bonds will be seoured by $100’ Pres., F. L. Davenport; Treas., Frank L. Reed.
a deposit of $9,000,000 of Seaboard A ir L ino 1st M. 4s now In th e trea su ry
of th e com pany . E v e n tu ally , It Is th o u g h t th a t th e 1st M. 4s will be entirely
Southern Pacific Co.— D e c is io n .— Press despatches state
redeem ed, so th a t th e unified an d refun ding 4s will th e n be a first m o rtgage that
Judge Bordwell in the Superior Court at Los Angeles
on th e en tire sy stem , su b je c t to th e underlying bonds.

E a rn in g s fo r C a len da r Y e a r . — Middendorf, Williams &Co.,
Baltimore, state the following, as also the foregoing quota­
tion, to be correct:

Statem ent o f Seaboard System for Calendar Year 1910 (Dec. E st.).
U ross earnings of S eaboard A ir Line R y . . ----------- --------------------$20,820,795
N et earnings (after ta x e s)............... . . . ............ . . -------. . . . $6,365,859
F ix ed charges, Inoludlng In t. on bonded d e b t, exclusive of ad­
ju stm e n t bonds, b u t lncl. In t. on oar tru sts a n d re n ta ls------ 3,509,000
S u r p lu s ea rn in g s a fte r a ll fix ed c h a r g e s------------------------------------$ 2 ,8 5 6 ,8 5 9




on Jan. 5, in a suit filed over a year ago by the Municipal
Harbor Commission, held that tide lands constituting about
15 miles of harbor frontage, and long held by the company
and other transportation companies, are public property.
The present value of the land, it is stated, is estimated at
more than $5,000,000. The Court held that the State is
trustee for the people and that the granting of patents to
tide lands was a violation of the trust.

190

THE CHRONICLE

[VOL. LXXXXII.

South Penn Railways & Light Co.—A m a lg a m a tio n . —This H arrison
B . R iley, P resid en t of Chicago T itle & T ru st Co • W A T lldcn
of F o rt D earborn N a t. B ank: G ranger Farw ell Pres of F a rw c llT ru st'
company was incorporated in New Jersey on Nov. 17 1910 CP res,
with $4,500,000 of auth. capital stock, the incorporators h lcaY o.-V V“ Bp f k k ’ Vlcc-P rc s’ ot S t a n d a r d W s ? * Savlngl* B ank,’
being V. A. Murray, I). Bellinger and J. R. Bradley, all of British Columbia Copper Co.—Secon d D iv id e n d — V quar­
Camden, N. J. “Pittsburgh Money” says:
terly dividend of 2^% (12 3^ cents per share) has been de­
T he p lan s of th e syndicate com prise th e m erging of all th e existin g electric clared on the $2,958,545 stock, payable March l to holders
railw ays a n d electric light a n d pow er p la n ts betw een C um berland, M d., of
record Feb. 24. The first dividend, 40 cents ner share
a n d G a rre tt, P a ., Including th e C um berland & VVesternport S tree t B y . Co.
[a 25-m ile line. S e e “ E le c .R y . S ec.” — E d.] a n d th e P en n sy lv an ia & M ary­ (8%) was paid in Sept. 1907.-V. 85, p. 1520.
P
lan d S tre e t R y . Co. [a 12-mlle line, V . 87, p . 1421], alread y In successful
Brunswick-Balke-Collender
Co.,
Chicago.
— S tock In crea se.
o p e ra tio n , an d th e co n stru ction of a new trolley line from F ro stb u rg , M d.,
to B o ynto n, P a ., to connect the tw o, th u s c o n stitu tin g a th ro u g h line from —This Delaware corporation filed on Jan. 18 a certificate
C u m berland a n d th e G eorge’s Creek m ining region to M eyersdale a n d as far
n o rth , for th e p resent, as G a rrett. I t Is probable th a t th e system will be increasing its capital stock from $1,500,000 to $12,000,000 —
e x ten d ed to S om erset a n d thence to Jo h n sto w n . T he m erger will als:> V. 75, p. 1402.
Include all th e principal electric light a n d pow er p la n ts In th e tow ns con­
nected by th e electric roads. M ost of th e pow er for th e com bined railw ays
Calumet & Arizona Mining Co.— M erger P la n . —Share­
a n d lig h t a n d pow er p lan ts will be supplied from one cen tral sta tio n .
A m ong th e c ap italists In terested are Jo h n H artsh o rn e, R o dm an W . H icks holders will meet Feb. 15 to authorize an increase in the
a n d G eorge K . P reston, all of N ew Y ork, to g eth er w ith largo E uropean capital stock from $2,500,000 ($2,000,000 outstanding) to
b a n k in g In terests.
(par of shares $10), with a view to absorbing the
Syracuse (N. Y.) Rapid Transit R y. —N e w S to c k . —The $6,500,000
Superior
&
Pittsburgh Copper Co. on the basis already an­
P. S. Commission at Albany on Jan. 14 authorized the pro­ nounced, namely
exchange of one share of the increased
posed issue of $1,750,000 additional pref. stock, chiefly to stocky for each 3 V2theshares
the present 1,500,000 shares
retire $1,060,000 promissory notes owned by the N. Y. State (par $10) of the Superior & ofPittsburgh,
if deposited with the
Railways. See V. 91, p. 1712.
State Street Trust Co., Boston. When the exchange has
Twin City Rapid Transit Co., Minneapolis, &c.— C a p ita li­ been completed the C. & A. will have outstanding $6,285,710
za tio n o f S u b -C o m p a n y . —See Minneapolis & St. Paul Sub­ of its $6,500,000 stock and will hold, it is said, some $3,500,­
urban HR. above.—V. 90, p. 850, 842.
000If 50%
in netof thquick
assets, including cash, copper and supplies.
e sto ck of th e S . & P . Co. is deposited for exchange prior to
Union Passenger Ry., Phila.— T im e E x te n d e d .— A h a stock­ A pril
1 1911, th e S uperior & P ittsb u rg h Co. will declare to Its stockholders
a dividend equal In th e aggregate to tw o and onc-scventli (2 1-7) tim es th e
holders on Jan. 9 last authorized the extension of the $500,­ aggregate
of all th e dividends C alum et & A rizona M ining Co. m ay p ay Its
000 1st M. bonds, due March 31 1911, for 50 years at 4% stockholders
betw een A ug. 15 1910 and A pril 1 1911.— V. 91, p . 1031, 274.
without option to call.
Canadian
Coal & Coke Co., Montreal.— M e rg e r .—This com­
A rrangem en ts hav e been m ade w ith D rexcl & Co. by th e P h ilad elp hia
R ap id T ra n sit Co. to purchase on an d a fte r M arch 1 1011 th e bonds above pany was incorp. under the Canadian Companies Act on
referred to (w ith coupon due A pril 1 1011 attach ed ) a t 102)3. C om pare Jan. 3 1911 with $15,000,000 capital stock in $100 shares,
V. 90, p . 1172.
and a proposed issue of $5,000,000 or $6,000,000 bonds, to
Wabash-Pittsburgh Terminal Ry.— S u it.— The receivers control or merge the J. W. McConnell coal properties, includ­
have filed in the Federal Court at Pittsburgh a suit to enforce ing, it is said, (he Western Coal & Coke Co., the Pacific Pass
the alleged stock liability of the Wabash RR. on account of Coal Fields Company. (V. 91, p. 341), the Lethbridge
its ownership of stock. Sec V. 91, p. 1255.—V. 92, p. 120. Collieries
and the St. Albert Collieries. Among the incor­
W ashington Water Power Co., Spokane.— In creased D iv i­ porators are Charles G. Greenshields and Edgar R. Parkins,
d e n d . —-A quarterly dividend of 2% has been declared on the of Montreal.
$9,245,800 stock, payable April 1 on stock of record March Central Foundry Co .— E a rn in g s, & c ., F ro m P la n .— The
15, comparing with l % % quarterly (7% yearly) paid plan of reorganization outlined Jan. 14 (page 60) shows:
,, , . „
.
P rincipal Properties.
previously since 1905.
2

60

C entral Io u m lry Co.: (1) M anufacturing plan ts a t N ew ark, N . J .; B altlD ividend Record (P er C ent).
A nniston, A la.; B essem er, A la.: .South P ittsb u rg h , T en n .,
1903. 1904. 1905 to 1910.
1911.
m
n<F*^m
«iulnn^
ir,MetC
’ ufacture th
(2)e FU.niversal
Jo int pipe p a te n t.
6
6
7 y early
J a n ., \ %\ A pril, 2
(3)
E
xclusive
license
toJ!nma an
& VV. Ilttings.
•
c e n tra l iro n & Coal Co. [whose en tire cap ital sto ck , except d irecto rs'
shares, ow ned by C entral F o und ry Co.]: B last furnace, nodullzlng p la n t,
coal m ine and ore properties, coke ovens, &c., a t and near H olt, A la.,
INDUSTRIAL, GAS AND MISCELLANEOUS.
wsupply
hich are
th e Iron.
source of a large portion of th e C entral F o u n d ry C o.’s
of pig
Allegheny Valley Water Co.— B o n ds fo r M u n ic ip a l P la n t C entral
R ad iato r Co. [whose entire c ap ital sto ck , ex cept d irecto rs' sh ares,
Is ow ned by C entral F o u n d ry Co.]: P la n t a t L ansdale, P a.
—See “Tarentum” in “State and City” department.
r_ , Capitalization and Indebtedness, Aggregating $18,644,185.
Edgar Allen American Manganese Steel Co.— S ta tu s. —See [Excl.
op erating an d Inter-co. acc’ts and cap. stock of su b. com panies.]
1. C entral F o u n d ry Co.: P ref. sto ck , $6,620,000; com m on
report of Am. Brake Shoe on a preceding page.
ck , $6,649,800— ---------------------------------------------------------------$13,269,800
American Ice Co.—B o n d s lie -p u rc h a se d . —The company sto
L oan secured by $134,000 C ent. F o u n d ry Co. d eb en tures and
$300,000 C ent. Iro n & Coal Co. 1st M. bonds an d endorsed
has, since the close of the fiscal year on Oct. 31 last, bought
by C entral Iro n & Coal C o--------:____________________________ £200,000
in $100,000 additional of the first and gen. mtge. bonds, D ebenture
bonds: Issued, $3,863,000; pledged as above,
$134,000, a n d In trea su ry , $2,000; rem ain der ou tstan d in g ,
leaving $2,246,000 of the issue outstanding.—V. 92, p. 58.
$3,727,000, w ith Interest, $65,851--------------------------------------- 3,792,851
American Telephone & Telegraph Co.— S a le o f B o n d s .— O ther general
c red ito rs’ claim s, fuel, in t., a p p ro x im a te ly ____
274,662
Iro n & Coal Co.: 1st M. bonds Issued, $1,095,000.
A syndicate headed by Kidder, Peabody & Co. and Harris, 2. C entral
D educt: O w ned by C entral F o u n d ry Co. a n d pledged to se­
Forbes & Co. have purchased $10,000,000 collateral trust
cure loan, as above, $300,000; trea su ry bonds pledged (see
below ), $79,000, a n d In h an d , $6,000: bal. (u n d istu rb e d )..
710,000
4% bonds, due July 1 1929. These bonds were offered to A dvance
by com m ittee, due F eb. 25 1911 (security Includes
the public at 9 0 and int., and have all been sold. With A dvance
$31,000 C entral Iro n & Coal Co. 1st M. b o n d s)___________ £268,872
m ade by com m ittee for re-linlng fu rn a ce .......................
£40,000
the bonds above purchased by the bankers, the present out­ L oan secured
£33,000
C entral I. & C. Co. 1st AI. b o n d s____
standing- issue of collateral trust 4s is $63,000,000. A 3. C entral R a d iabyto $48,000
r Co.: A dvance m ade by th e c o m m itte e ____
£55,000
£ These Item s, agg regating $596,872, are to be paid un d er plan .
circular
says
in
brief:
(1) T he bo nd s arc secured b y deposit of stocks of th e subsidiary com ­ Cash Requirem ents, Aggregating $1,000,000, to Be M el bg 8% A ssessm en
panies, th e value of w hich m u st alw ays be 33 1-3% In excess of th e bonds
on Stock, Jor which $1,000,000 New B onds w ill B e Issued.
o u tsta n d in g . (2) T he bonded d e b t of th e com pany has been reduced from F o r indebtedness to be p aid — sec ’’£ ” a b o v e ____
$596,872
$203,000,000 to $100,500,000 du rin g th e la st tw o years, ow ing to th e con­ F o r new equ ipm en t and necessary rep airs (C entral F o u n d ry Co.
version of con vertib le bonds Into sto ck . (3) T he balance sheet show s assets
and Its subsidiaries), and for all expenses of reo rg an izatio n,
of ap p ro x im ately $485,000,000, alm o st five tim es th e to ta l am o u n t of bonds
com pensation of receiver, com m ittee, A c., &e
403 127
o u tsta n d in g . (4) T he n e t earnings (Including associate holding and
In ad d itio n to th e reserve of $500,000 new 1st M. 6s provided un d er th e
o p eratin g com panies) for th e first eleven m o nth s of 1910 w ere alm o st $46 - plan, th e follow ing existin g bonds will upon th e com pletion of the reo rg an­
0 0 0 . 0 0 0 , or 4)3 tim es th e e n tire in te rest charge.
(Of the m ain ten an ce and ization be av ailable for fu tu re req uirem ents: (a) In trea su ry of new com ­
dep reciatio n charges, $ 1 6 , 8 0 2 , 0 0 0 rem ain as a reserve for fu tu re replace­ p an y, $300,000 C entral Iro n A Coal Co. 1st M. bonds a n d $14,000 C ity of
m en t.) (5) O n th e $264,400,000 sto ck dividends are p aid a t th e ra te of T allequ a, O kla., bonds. (6) In treasu ry of C entral Iron A Coal Co.,
8% per a n n u m .— V. 91, p . 872, 338.
available for purposes of th a t com pany, $85,000 of its ow n 1st M. bonds
there will be available a fu rth e r $903,000 thereof auth orized b u t u n ­
Atlantic Mutual Insurance Co.—R e p o rt. —The report of and
issued, the lim it of th e to ta l au th o rized Issue being $2,000,000.
the trustees for the year ending Dec. 31 1910 will be found in Capitalization
$9,910,000, after Reorganization and P rovision of $1,000,000
New M on ey, Contrasting with Present $18,644,185 as Above.
ourT headvertising
columns.
M. bonds. $1,000,000; pref. sto ck , n o t over $4,000,000;
com pany now has assets agg regating $13,274,497, of w hich $5,418,­ 1stcom
m on sto ck , no t over $ 3 ,6 0 0 ,0 0 0 .. . . _
_
$9,200,000
792 Is In U nited S tates and S ta te of N ew Y ork sto ck s, c ity , bank a n d o th e r
710,000
securities, $1,145,914 Is cash, $1,200,916 special deposits in b a n k s a n d tru st O u tstan ding IstM . 6s C entral Iron A Coal Co., to be u n d istu rb e d
com panies, $1,134,448 prem ium notes a n d bills recclv ab lean d $4,374,426 Present F ixed Charges, $273,395; after Reorganization and P rovision o f
In real e sta te a n d claim s due th e com pany .
$1,000,000 New M oneu, $102,600; R eduction, $170,795.
t Interest on (a) $3,567,000 deb en tu re bonds ($214,020),
In terest C ertificates C a lled . —Six per cent interest on the P resenfloating
d e b t ($14,363), (c) $710,000 C ent. I. A C. bonds
and C ent. R a d ia to r Co. floating d e b t ($2,3 12)____ $273,395
outstanding certificates of profits will be paid to the holders New(6)($42,600)
com pany: In te re st on (a) $1,000,000 6s ($60,000) a n d (b)
thereof Feb. 7. The outstanding certificates of the issue of $710,000
n o t lucl. $300,000
4 2 ,6 0 0 )......................................
102,600
1905 will be paid on Feb. 7 , from which date all interest ow ned byCCent.entralI. AF oC.undCo.ry 1stCo.M.($bonds,
Net E arnings, $312,000, against F ixed Charges after Reorganization
thereon will cease. A div. of 40% has been declared on the E stimofated$102,600
(see
above),
leaving
for
D
ividends
$209,400
(4%
on
earned premiums for the year ending Dec. 31 1910, for
$4,600,000 Preferred Calls fo r $184,000),
e of new co. prop er on basis of present earnings (since
which certificates will be issued on and after May 2. The N etth eIncom
pipe trad e has, d u rin g the receivership, been In very
total marine premiums for the year were $4,667,544, includ­ bad soil
condition, this e stim ate Is believed to be co n se rv a tiv e). _ $ 1 3 2 000
Incom e of C entral Iron & Coal Co. a n d C entral R ad iato r ' ’
ing $685,546 not marked off Jan. 1 1910.—V. 90, p. 305. N etCo.,
expend, proposed o u t of m oney provided under plan
180 000
Bent County Reservoir Co., Las Animas, Colo.— B o n d dills after
estim ate does not ta k e Into con sideratio n a n ticip ated results
from
im
provem
ents
w
hich
m
ay
be
m
ade
by
th
e
use
of
th
e
available
1st M
Issu e . —The stockholders have authorized an issue of $600,­
of C entral Iron A Coal Co. for th e c o n stru ction ot a second furnace
000 bonds (a 1st M. on land and water) for the purpose of anbonds
d a new b a tte ry of coke ovens a n d o th er developm ents.
completing the reservoir on Rule Creek, and to water about 0 weeks.
Net Income in 1910. During Receivership. Excluding Two Subsidiary Companies
-------------------------------- Eour weeks Ending------------------------- ' .
20,000
acres of land south of Las Animas, Colo.
22■ AfaV 21. June 18. July 16. Aug. 13. Sept. 10. Oct. 8. Nov. 5.
P roposed cap acity , 30,000 acre ft., 3 to 5 fillings a n n u a lly . D irectors: S ' ,078 813,678
$12,144 $13,210 $12,223 $10,508 $9,077 S12.617 $6,254
E v a n T hom as (P res.), R . c . B a n ta . F . W . F oote, J . C. K insley, S. F ly n n .
figures do not allow for compensation of receiver and Ills counsel.]
Big Lost River Irrigation Co.— C o m m ittee —D e p o sits .— N etI these
Incom e of Central Iron & Coal Co. P rior to Deduction o f Interest and
D
iscount,
but A fter Deductions fo r S in k in g F und and D epreciation,
Default having occurred as to the interest due Jan 1 1911
, as Shown by Books ) Co.— Cal. Y rs.— 10 M os. to Oct. 31 1 9 1 0
on the 1st M. bonds (V. 92, p . 60), the follow ng protective [D uring
tw o m onths of 1909 an d th ree m o nth s of 1910 th e b last furnace
In process ot being rellned.]
committee requests the holders to deposit their bonds with ,!9 ° 05 - w as 1906.
1907.
1908.
1909. 1910(10 mo.)
the Chicago Title & Trust Co., depositary:
$a0,817 $147,657
$220,305 $115,959
$09,329
$49 084
1900. 1901. 1902.
3
4
8
— V. 90, p . 621.




0

J an . 21 1911.]

THE CHRONICLE

T he com m ittee m ay In Its discretion except th e sto ck ot th e C entral
R a d ia to r Co. from the p ro p e rty delivered to the new com pany, and cause
th e sam e to be disposed ot for th e benefit of th e new com pany, on such term s
as th e com m ittee shall ap p ro v e. T he llrst b o ard of directors of th e new
com pany will be nam ed by th e com m ittee, a n d In order to Insure th e con­
tin u a tio n of such m an ag em ent for a reasonable tim e, it is proposea to
classify th e bo ard so th a t only a p a rt of th e m em bers shall be elected in
a n y one y e a r.— V . 02, p. 60.

Central Leather Co.—P ro x ies A sk e d . —J. S. Bache & Co.
arc requesting proxies for use at the annual meeting on
Feb. 23, with a view of securing adequate representation for
the common shareholders on the board of directors and con­
tinuing the efforts to obtain dividends thereon.
C u rta ilm e n t. —See “Financial Situation, p. 74, last week.
R em oval o f O ffice. —The company has leased the 18th floor
of the Whitehall Building, Battery Place and West St., and
will move its executive offices from 45-49 John St. on
April 1.—V. 91, p. 1449.
Chicago Suburban Light & Power Co ■— O fferin g o f 5 >4%
1st L ien C ollateral T ru st 5-F ear G old D eben tu res. —Russell,
Brewster & Co. and N. W. Halsey & Co., both of Chicago,
offered this week, at 98 and int., yielding practically 0%
income, the unsold portion of a total issue of $2,000,000
5j^% “first lien collateral trust 5-year gold debentures”
dated Feb.l 1911, guaranteed, principal and interest, by en­
dorsement by the North Shore Electric Co., of which Samuel
Insull is President (V. 89, p. 1481; V. 90, p. 1105; V. 91,
p 1516). These notes will mature Feb. 1 1916 if^not pre­
viously called at par and int. Denominations $500 and
$1,000 (c*). Trustee, Illinois Trust & Savings Bank,
Chicago. The company serves with electric light and power
a population estimated at 50,000, and located partly in
Chicago, but largely just west of the city in Oak Park, Austin,
&c., and also furnishes water and hot-water heating in
Oak Park. The net income available from the company
itself and the North Shore Fdectrie Co. for interest on these
debentures is stated as equal to three times the interest.
The bonds have all been placed, but the advertisement
appears as a matter of record on another page of this issue.

191

E . W ilson. T he chief assets are said to be th e liab ility of th e su bscribers
to th e bond Issue. T he com pany un d erto o k to acq uire co n tro l of th e N a­
tion al T cleph. C orp. of W . V a. (V. 91, p . 1776, 1326) a n d th e A m erican
U nion T cleph. Co. (V. 90, p . 1492), b o th now In receivers’ hands; th e In te r­
S ta te T cleph. & T clcg. Co. of N . J . (V. 83, p. 439); In d e p en d e n t T cleph.
Co., New E ngland P rin tin g T cleph . & T eleg. Co., th e R o ch ester T eleph. C o.,
th e L ong-D istance S y ndicate, a Chicago franchise, <5cc. T he com pany p u r­
chased. It Is sta te d , $533,650 1st M . bonds, $2,106,300 gen. M. bonds and
$541,990 of th e c ap ital sto ck of th e In te r-S ta te T cleph . & T eleg. Co. of
(T renton) N. J . See also V. 90, p . 1427, 1557.

Continental Wireless Telephone & Telegraph Co.— H eld on

C harge o f F ra u d . —The offices of this company at

56 Pine St.,
N. Y., were raided on Nov. 21 by direction of PostmasterGeneral Hitchcock, and on Jan. 11, Cameron L. Spear, al­
leged to be the chief promoter of the company, pleaded not
guilty before Judge Hand in the Criminal Branch of the
U. S. Circuit Court to the charge of using the mails for the
purpose of defrauding the public.
A circular Issued last M ay rep resented th e com pany as hav ing $5,000,000
of a u th . c ap ital sto ck In $100 shares, a n d said: "A rra n g e m e n ts hav e been
m ade for a controlling in terest In th e Collins W ireless T elephone C o., cap i­
talized a t $ 1 , 0 0 0 , 0 0 0 ; th e Clark W ireless T elegraph-T elephone C o., cap i­
talized a t $2,500,000; th e Pacific W ireless T elegraph C o., cap italized a t
$10,000,000, a n d th e M assle W ireless T elegraph C o., cap italized a t $300,­
00 0.” R ep resentatives of th e C lark a n d M assle com panies den y th a t th e ir
com panies w ere ever con tro lled . A p p aren tly som e o p tion s w ere o b tain ed ,
b u t w ere no t exercised. B u rr B ros, are alleged to h av e been selling a g en ts.

Eastern Kentucky Coal Lands Corporation.— D e c isio n .—
The United States Supreme Court on Jan. 3 affirmed the
decision of the Kentucky Court of Appeals holding Const
tutional the law of 1906 which forfeited the old grants
the State of Virginia (of which Kentucky formed a part pri
to 1792, when it was admitted to the Union), under whi
the company claimed to own about 500,000 acres in Pik
Floyd, Letcher and Knott counties.
T hese lands w ere n o t ta k e n possession of by th e original p a te n te e s und
th e V irginia g ra n ts or those claim ing un d er th e m , nor had th e tax es bee
paid thereo n to a n y e x te n t w hen th e A ct of 1906 w as passed. U nder til
ju d g m en t of th e Suprem e C ourt, th e V irginia gran ts held by th e com pany
sta n d forfeited to th e S ta te of K en tu ck y , w hich un d er th e provisions of th e
A ct has vested title in th e occup an ts of th e land w ho h av e c o n trib u te d to
th e su p p o rt of th e S ta te by p a y m en t of tax es. T his confirm s th e title of
th e N orthern Coal & Coke Co. to th e land s, w hich. It Is u n d erstoo d, hav e
been sold to th e C onsolidation Coal Co. C om pare V. 91, p. 1256.

Data Condensed fro m P resident's Reiter.
T he en tire Issue of th e com pany 's lstM .2 0 -y c a r 5% gold b o n d s,am o u ;tlng to $2,500,000, has been pledged w ith th e tru ste e as collateral for these
deb en tures, and as there are no prior liens un derlying said 1st M . bonds,
these deb en tures are equ ivalen t to a d irect closed 1st M. on th e e n tire
p roTphee rty
.
. . . p rio
. rity ,
collateral
tru s t deed secures to th e deb en tures a con tinued
a n d no fu tu re Indebtedness Is perm itted th a t shall be on a p a rity or tak e
precedence over th e d eb en tures. T he N orth Shore E lectric Co. also agrees
n o t to allow Its floating d eb t to exceed $500,000 during th e life of these de­
ben tu res, except for acquisitions of a d d itio n al p ro p erty .
T he n e t Incom e available from th e com pany a n d the N orth Shore E lectric
Co. for Interest charges on this Issue of d eb en tures Is three tim es th e re­
qu irem en t. T he com pany op erates In an excellent te rrito ry un der fav o ra­
ble franchises th a t ex tend over 20 years beyond th e d ate on w hich these de­
ben tu res m atu re. T he com pany will be o p erated In close harm o ny w ith
th e N orth Shore E lectric Co. a n d the C om m onw ealth E dison Co. of Chi­
cago, and will th u s have th e benefit of th eir efficient organ ization s. Com­
pare N orth Shore E lectric Co. In V. 91, p. 1516.

Eastern Sugar Co.—S u c ce sso r. —See Southwestern Sugar
& Land Co., V. 92, p. 122.—V. 86, p. 921.
Electric Storage Battery Co.— D e c isio n . —See Hopedale
Electric Co. below.—V. 90, p. 769.
Gainesville (Tex.) Water Co.— P ro p o se d P u rch a se by C ity .
—See Gainesville in “State and City” department.—V.
91, p. 1256.
Gas Traction Co., Minneapolis.—In d e b ted n ess. —A certifi­
cate was filed on Dec. 19 increasing the limit of the company’s
authorized debt from $250,000 to $750,000.—V. 89, p. 414.
Hartford (Conn.) City Gas Light Co.— N ew S to c k . —The
shareholders will vote Jan. 31 on increasing the common
stock from $750,000 to $1,250,000, the preferred to remain
at $750,000.

of the City Council of Chicago on gas, oil and electric light,

share for every th ree shares of th e ir present holdings, p ay m en t to be m ade
50% A pril 1 and 50% J u ly 1 — V. 90, p . 449.

Chicago Telephone Co.—R epo rt o f E x p e rt E m p lo y e d by
olders of record of th e present com . and pref. sto ck will be p e rm itted
S u b C om m ittee o f C ity C o u n cil. —The sub-committee of three to Hsubscribe
a t p ar ($25) for the $500,000 new com . to th e e x te n t of one

consisting of William J. Pringle, Chairman; Charles E.
Merriam and Theodore K. Long, submitted on Dec. 28
in pamphlet form the report and findings of the expert staff
engaged under its direction in the investigation of the Chicago
Telephone Co., under authority of city ordinances pertaining
thereto. This elaborate compilation, which is signed by
William J. Hagenah, in charge of the investigation, con­
cludes as follows:
F rom the Investig ation covering all features affecting th e reasonableness
of rate s, It app ears th a t th e existin g schedule of rate s yields sufficient
rev en ue to provide for th e p ay m en t of all o p erating expenses, taxes and
depreciation and a re tu rn of 10% on th e p resent valu e of the p la n t. I his
value is placed a t $19,053,169. E ven If It Is assum ed th a t th e present
valu e of th e p la n t Is equal to th e book cost of $23,403,126, th e ip’oss cor­
p o ra te Incom e is equal to over 8% on this valu atio n and sufficient to m eet
th e present div idend req uirem ents, w hich arc a t th a t ra te . W hile It Is
possible th a t th e existing schedule o t rate s Is Inequitable as betw een th e
different classes of subscribers, it produces sufficient revenue, w hen tak e n
as a w hole, to m ake any Increase in rate s u n w arra n ted a t tills tim e. On
th e basN of th e above surplus, a red uction of su b stan tially th a t a m o u n t
In the gross earnings is possible, b u t In w hat p articu lar classes of service
can n o t be determ ined un til th e d istrib u tio n of op erating expenses has been
m ade. [Pres. B. E . S u nny on Ja n . 5 replied to M r. H agenah, criticising
his rep o rt as based on th eo ry , an d p rotestin g th a t th ere can be no red u c­
tion in rate s, b u t th a t Instead certain of the rate s m u st be Increased If th e
c ity Is to have llrst-class service.— E d.]— V . 91, p . 36.

Hartford (Conn.) Gas Securities Co.—D isso lu tio n . —A
final certificate of dissolution was filed at Hartford on or
about Jgn. 3.—V. 91, p. 592.
Hopedale (Mass.) Electric Co.—L iq u id a tio n . —Eighty-four
stockholders interested in the company, which formerly
owned the Usher Storage Battery patents, late last month
received a circular letter from Edwin II. Abbot, Woodward
Emery and Eben S. Draper, trustees, announcing a final
dividend of $2 75 per share on their 15,000 shares of stock.
T he New Y ork C ourt of A ppeals In A pril 1910 affirm ed th e decision of th e
A ppellate D ivision, F irst D ep artm en t, affirm ing a ju d g m en t for $170,449
In favor of th e com pany ag ain st th e E lectric S to rage B a tte ry Co. for non­
fulfillm ent of a c o n tra c t un d er w hich th e S to rage B a tte ry Co. took over all
of th e com pany’s system of sto rage b a tte ry cars, p a te n ts and real e sta te, and
paid $150,000 In c a sh , a n d agreed to pay a fu rth e r sum of $100,000 If on a
com petitive te st to be m ade " fo rth w ith ” It should be show n th a t th e system
w as equal to th a t of th e S torage B a tte ry Co. In " d u ra b ility , efficiency,
econom y, speed and reliability of service.” T he p u rch aser refused to m ake
th e te st and destroy ed th e sy stem . T he ap p ella n t con ten ded th a t by de­
stro y in g the plaintiff’s system and refusing to m ake th e tests it had re­
lieved Itself from paying th e " fu rth e r su m " of $100,000. T he litigatio n,
it is sta te d , lasted a b o u t 12 years. T he a w ard w ith In terest a m o u n ted to
$189,728, b u t th e expenses of th e lltlg a to n , of course, w ere very h eavy .

Refining Co., Cincinnati.— C ar T ru sts O ffered . —
Cities Service Co., New York.—M o n th ly D iv id e n d s —E a rn ­ TheIndian
Cleveland Trust Co., Cleveland, is offering at prices to
directors have declared a regular monthly divi­

in g s . —The

dend of of 1% on the $115,468 pref. and of 1% on the
$34,311 common stock, both payable Feb. 1 to holders of
record of Jan. 20.
Reports for the Quarter ended Dec. .31 1910.
• • • ■ ■
N et earnings available for div id en d s---------------------------------------------- $250,139
D ividends (1}*% preferred a n d > 4 % com m on )......................................- 149,778
S urplus for 3 m o n th s__________________ ________ - ................................$100,361

net 6% income the unsold portion of $140,000 first car trust
5% bonds, a direct obligation of the company, dated July 1
1910; par $500; due $15,000 s.-a. from Jan. 1 1912 to July 1
1915 and $20,000 Jan. 1 1916. A circular says in brief:

• T his Issue ($140,000) Is secured b y car tru s t Inden ture to F irst T ru st &
Savings B ank, Chicago, tru stee; a first lien u p on 177 steel under-fram e
__
ta n k cars a t 70% of c o st.
C apitalization of com pany : P ref. sto ck , a u th ., $3,000,000, Issued $2,­
000,000; com m on sto ck , a u th . $4,500,000, Issued $3,000,000. T o tal
m a rk e t value of sto ck $7,480,000 (pref. 104, com m on 180). No bo nd ed
Compare V. 91, p. 656, 1255, 1330, 1632.
e b t o th e r th a n car tru sts. A u th . Issue of sinking fund notes du e in 1911,
Consolidated Gas Co. of New York.—S tock of N . Y . E d i­ d1912,
1913, $2,500,000. T he com pany ow ns 1,125 ta n k cars; one car tru s t
of $575,000 Is secured by 742 of these cars, a n d th e only o th e r issue,
son S u b sta n tia lly A ll O w n ed. —The company, we learn, now Issue
$140,000
ith offered, is secured by 177 ta n k cars. T o ta l Investm en t
owns all but a few shares of the $50,400,400 outstanding in business,herew
a b o u t $12,000,000, yielding a t p resent a n e t profit o t a p p ro x i­
m ately $1,800,000 per an n u m . T he cars a re a rev en ue-produ cin g a sse t,
stock of the New York Edison Co. The earnings in 1910 on receiving
th e railroads hau ling them H of a c en t per m ile, w h ether
this amount, it is said, aggregated 10%, while only 6% was loaded or from
em p ty, so th a t th e en tire equ ipm en t should yield ov er $112,500
a n n u a lly . See also V . 90, p. 376. 450; V . 91. p . 520.
paid in dividends.—V. 91, p. 1712.

Continental Telephone & Telegraph Co.—R e ce ive rsh ip .—
Judge Willson, in Common Pleas Court No. 4, at Philadelphia
appointed Charles E. Wilson receiver of the property on
application by John E. Stevenson, a stockholder and creditor,
on the ground of insolvency.

Incorp! In N. .1. In O ct. 1909 w ith $50,000,000 a u th . sto ck and m ad e a
$25,000,000 m tgo. to th e M et. T r. Oo. ot N. Y ., as tru stee. In acq uiring
In terests In o th e r telephone com panies, Is said to have Incurred obligations
am o untin g to m ore th a n $2,000,000. E ast Ju n e a com m ittee of th ree was
ap p o in ted to m anage th e com pany for tw o years, nam ely: W illiam O.
H an d la n , of W heeling ,W . V a.: A lfred S. H ayes, of B oston, an d Charles




International Cotton Mills Corporation.— B o n ds C a lle d . —

Seventy-eight ($78,000) 6% debenture bonds of the J.
Spencer Turner Co., dated Feb. 1 1906, have beendrawn for
payment on Feb. 1 at par, at the company’s office, Nos. 86
and 88 Worth St., N. Y. City, and the Continental Trust
Co., Baltimore, Md.—V. 92, p. 62.
International Mercantile Marine Co.— G overn m en t S u it. —
United States District Attorney Wise on Jan. 4 filed a bill of
complaint in the United States Circuit Court for the Southern

THE CHRONICLE

[VOL. LXXXXII.
District of New York against the company and other trans
Senator James F. Shaw, of Boston, has been
Atlantic steamship companies and their agents, alleging elected I resident,
and anis quoted:
entirely new board of directors will
violation of the Sherman Anti-Trust Act of 1890, by entering be elected. Mr. Shaw
into an agreement in London on Feb. 5 1908 for the division
syndicate will proceed Im m ediately w ith th e developm ent of th e com ­
of steerage business between them, each line receiving p a Mn yty’sleast
electric light and pow er p ro p e rty . W e co n tem plate th e exn en dm w e
$10,000,000 in th e in itial p la n t. [The app lication for a u th o rity
stated percentage of the total under penalty of £4 for every toof aissue
a large block of bonds is still pen ding .— E d.]— V . , p 1450, 875.
steerage passenger carried in excess of the allotment.
Massachusetts Coal & Power Co.—D e p o sits— A sse ssm en t.
T he d e fen d a n ts nam ed are th e A llan L ine S te a m sh ip C o., th e In te r
n a tio n a l M ercantile M arine C o., th e In te rn atio n a l N avigatio n Co., th e —The stockholders’ committee appointed Dec. 10 gives no­
A ncho r L ine (H enderson B ros., L td .), th e C anadian Pacific R y ., th e tice that all stock should be in the hands of the committee on
C u nard S team sh ip Co., th e B ritish a n d N o rth A tla n tic S team N avigatio n or before Feb. 1; also that an installment of 2 cents per share
C o., L td . (D om inion L ine), th e H am bu rg -A m erican L ine, th e H olland
A m erica L ine, th e N orth G erm an L loyd , th e R ed S ta r L ine, th e Russian- is now due at the Liberty Trust Co., Boston, depositary, beA m erican L ine, a n d th eir agents.
T h e lines m en tioned , it Is claim ed, con tro lled m ore th a n 00% of th e th ird lng a part of the total assessment of 8 1-3 cents per share.
class traffic betw een E urope a n d th e U nited S ta te s a t th e tim e of th e al­ Ihe remaining installments will be due, respectively, on the
leged a g reem en t, a n d th e p etitio n sta te s th a t m ore th a n 75% of this traffic
Is affected by th e agreem en t, th e rev en ue of th e w estbo und business av er­ first of each month to and including June 1 1911. The
aging $55,000,000 a year.
tentative plan was outlined as follows:
T h e p etitio n alleges th a t th e p a rties to th e c o n tra c t held a m eeting a t
193

91

w hich It w as decided to create a com m ittee of th ree agents of th e lines In
th e U nited S ta te s, w ith pow er to select steam sh ips know n as “ lighting
ste a m sh ip s,” an d to ad v ertise these for sailing a t th e sam e tim e and from the
sam e p o rt as steam sh ips of ind epend en t a n d com peting lines a n d a t low er
ra te s, th e loss on th e tran sactio n to be borne ra ta b ly by th e m em bers of the
pool. T hese m eth ods, It Is alleged, p u t th e R u ssian V olunteer F leet o u t of
business and as a result th e R u sslan-A m erlcan Line so ugh t a n d ob tained
m em bersh ip in th e association. T he sam e practices, It Is claim ed, are now
being pu rsued a g ain st th e U raniu m S team sh ip Co.
T h e C ourt Is asked to declare th e c o n tra c t illegal a n d a vio lation of th e
S h erm an A ct an d to cancel It a n d to restra in th e d efen dants from actin g
th e reu n d er a n d to enjoin each of th e lines from enterin g or clearing a n v
ships a t th e p o rt of New Y ork, or a n y o th er p o rt In th e U nited S ta te s so
trarestrain
c t rem ains
wlong
ith asfreeth ea ncdo nun
ed coInm effect,
p etitio na .n d from doing a n y th in gs to
w minterfrvp
im c re
V ice-P resid ent P . A . S. F ran k lin of th e In te rn atio n a l M ercantile M arine
Co. has Issued a sta te m e n t sayin g th a t la st spring th e G overnm ent began
a n in v estig atio n before th e G rand J u ry w ith reg ard to th e business of thp
steam sh ip lines, th e la tte r th e n sta tin g th a t if a n y of th e ir practices w ere
illegal th e y w ere w illing to disco ntin ue them a n d suggested th a t a su it be
b ro u g h t to determ in e th e question . H e m akes th e po int th a t ocean carriers
can n ev er h av e a m onopoly of th eir business “ because th e ocean Is free” to
c£To o ^ rM lJoads0- V .C 9 lT p ° 3 5 a n d
franch!sc !s req uired as in th e

International Steam Pump Co., New York,— C hange in

A n n u a l M e etin g , & c .—‘The stockholders

will vote Jan. 31 on
changing the date of the annual meeting from May to the
second 1uesday of December of each year, the present
directors to continue in office until next Dec. The end
ofTthe
fiscal year is to be changed from March 31 to Sept,. 30.
he shareholders of H e n ry R . W o rth in g to n will m eet F e b . 1 to vo te on

a sim ilar prop ositio n.— V . 91. p . 720, 278.

a ne,w c?rP oration be form ed w ith a cap italizatio n of 300,000 shares
? f existing 500,000 shares of $10 par; th e new com p n ay
$100,000 bonds. P resen t stockholders pay ing th e assessm ent
r,n« 7Xft, nse % eIr ,st;0<;k for new sto ck on th e basis of th re e old shares for one
r r „ ®v,a re ' S tockholders w ho do no t p ay th e assessm ent to be p e rm itte d
,,?m i la« ge °.n t *le basis of 20 shares of old sto ck for one of new . T he bonds
w m oe offered to stockholders a t par a n d c arry a bonus of 100 shares of sto ck
io r eacn $100- bond. T he present com pany has o u tsta n d in g 368,000
sh ares. A fter indebtedness of $40,000 is liq u idated, th e w orking c ap ita l
It w as said, w ould be ap p ro x im a te ly $90,000.— V. 91, p. 1264, 1163.

Massey-Harris Co., “Ltd.,” Toronto.—N ew S to c k . —A cer­
tificate has been filed under the Canadian Companies Act
increasing the capital stock from $12,000,000 to$15,000,000,
in shares of $100 each. Compare V. 92, p. 122.
Montreal (Can.) Light, Heat & Power Co.—O n 8% B a sis.
—A quarterly dividend of 2% has been declared on the $17,­
000,000 capital stock, payable Feb. 15, thus placing the
stock on an 8% basis, contrasting with 7% since Aug. 1909
and 6% previously since May 1906.
Dividend llecord (Per Cent).
1901 to 1905.
1906.
1907.
1908.
1909.
1910.
1911.
4 yearly
4
V . 91, p . 1450.

5>i

6

6 'A

7

F e b ., 3

Mt. Whitney Power & Electric Co., Visalia, Cal.—E a r n ­
year ending Sept. 30:

in g s . —For

Expenses.

l o n s n o .............................. ? 9?rt’onI **40,054
V . 90, p. 55.

Net.

B ondlnt. Surplus.

$184,943 $60,000 $124,943

Nashville (Tenn.) Gas.—S a le — N ew F ra n ch ise. —See Nash­
“Chicago Economist” reports earnings for ville Gas & Fuel Co. below.—V. 90, p. 917.
the 3 months ending Dec. 31 as follows:
Nashville Gas & Fuel Co.—N ew C o. a n d F ra n ch ise. —This
3 M os. end.
Total
Oper. and
B ond In Balance, new company, controlled by C. II. Geist of Philadelphia,
Dec. 31—
E arninos. M aintenance. Interest, &c.
S u r. or De). which
on June 28 applied for a charter with $100,000 capital
1910 ........................... $08,647
$45,848
$33,340
su r.$19,459
1909 ............................... 96,274
63,051
33,340
def.
117 stock, and arranged some months since to take over the
— V . 91, p. 1773,
Gas Co., Oct. 181ast accepted the ordinance passed
Inter-State Telephone & Telegraph Co. of New Jersey.— Nashville
the Council on Aug. 26 last and approved by the Mayor
See Continental Telephone & Teleg. Co. above.—V. 83, p.439. by
Oct. 14, granting a new 50-year franchise. The electors
Iroquois Iron Co., Chicago.— E x tra D iv id e n d B a sed on E n ­ were to vote on the matter on Nov. 8.
hanced V alu e o f Ore H o ld in g s. —Referring to the stock divi
T he franchise gives th e city a n option to pu rchase a t a n y tim e a fte r 30
on 12 m o n th s’ notice, a t a price to do fixed by a rb itra tio n . T he
dend of 60 2-3% on the $3,000,000 stock, increasing same to years,
proposition carries w ith It a bonus of $100,000 to th e city a n d 5% of th e
$5,000,000, an officer writes: “This dividend was made possi­ gross
receipts each year from th e sale of gas.
ble due to the enhanced values of the company's ore holdings,
Shore Electric Co., Evanston, 111.—G u aran teed D e­
which heretofore had not been capitalized.”—V. 91, p. 1773. benNorth
tu res. —See Chicago Suburban Light & Power Co. above
Johnstown (Pa.) Telephone Co.— E x tra D iv id e n d . —The
V. 91, p. 1516.
directors last month, in addition to the usual quarterly divi­ indOakcompare
Park
(111.)
Light, Heat & Power Co.—See Chicago
dend of 3%, declared an extra distribution of 1%.
Suburban
Light
&
Power Co. above—V. 91, p. 1516.
T he com pletion of a c o n tra c t betw een th e W lu dber T elephone Co. a n d th e
Parrot
Copper
&
Silver Mining Co.—S u it .—William E.
Bell com pany . It Is sta te d , gives tho local com pany an o p p o rtu n ity to en ter
th e coal te rrito ry w itho ut in fringem en t, a n d th e directo rs determ ined to
spend as m uoh as necessary to give direct service In th a t field. A n et gain Walt and Louis Foss, of Boston, owners of 1,210 shares of
of ov er 500 telephones w as rep o rted for th e eleven m onths recently elapsed stock, have brought suit in the Federal Court to set aside the
— V . 86, p . 339.
‘ sale of the company’s properties to the Anaconda Co. on the
Kern Incandescent Gas Light Co.— J u d g m e n t. —Judge ground of insufficient consideration and fraud.
Dyer in the United States Circuit Court recently, andI t thIs aalleged
th a t the properU es tu rn e d ov er have a valu e of $50,000,000,
t, un der th e alleged conspiracy, m ining a n d o th er p ro p e rty were
in the suit of the city of St. Louis to recover $200,000 from the sold
far
below
th
eir real valu e, and th a t tw o sm eltin g p la n ts were dism antled
company and the National Surety Co. of New York, in­
of **0.000,000, th e to ta l direct loss being ab o u t $100,000,000.
e sam e plaintiffs h av e a n actio n pending in the D istrict C ourt to hav e
structed the jury to return a verdict for the full amount tna te,SIhlr joss
sto ck app raised. B en R ichardso n, H . B. Jackso n, M ary K n ig h t a n d
against
both defendants.
Isaac B radford had sim ilar proceedings pending, b u t theso w ere dism issed
T he N ational S u re ty Co. a t once filed notice of app eal. T he K ern com ­ on J a n . 9, a se ttle m e n t hav ing been reached.— V. 90, p. 1043.
p an y w as aw arded a co n tract In 1901 to light th e residence distric t of the
Pennwood Coal Co., Rockwood, Pa.— A sse ssm en t to P a y
city , and d efau lted on its c o n tra c t, th e N ational S u re ty Co. furnishing a
bond for $200,000 to Indem nify th e c ity a g ain st loss on th e c o n tra c t. T he
C la im s .—Judge Francis J. Ivooser, at Somerset, Pa.,
c o n tra c t, It Is sta te d , was la ter given to th e W elsbach Co. a t a to ta l cost Lonabor
Dec. 29 held that Chas. J. Harrison and Chas. J. Uhl,
to tho c ity of $268.681.—-V. 81, p . 671.
...........
for 500 shares of stock ($50,000 par value,
Lackawanna Steel Co., Buffalo, N. Y .— G en eral O ffices as subscribers
which only 10% paid in), are liable for wage claims
M o ved to W o rk s N ea r B u ffa lo . —The company on Jan. 19
to $3,555. An appeal is likely to be taken.
moved its general offices, previously at 2 Rector St., N. Y. amounting
»c defen dants claim th a t th e sto ck Issued to them w as su rre n d e rc d 'to
City, to its works at Lackawanna, Erie Co., N. Y., where all tn e1 com
pany and th a t their in terest therein ceased before a n y of th e labor
communications for the President, Vice-Pres. and Gen. Mgr., claim
s w ere co n tra c ted . T he C ourt, It Is sta te d , did n o t pass on th e quesof th e d efen dants because of n o n -p ay m en to f n in e-ten th s
Secretary, Treasurer and general sales department should be orn o ntn ore pthear ofliability
th e stock subscribed for by them , reserving th a t qu cstlon jfo r
addressed. The office of the Assistant to the President re­ assessm
later consideration should it becom e necessary to pass thereo n. A n equal
ent per sh are is ordered to be paid on th e sto ck held by th e domains at 2 Rector St., N. Y. City.—V. 91, p. 948.
i end a n ts In an am o u n t sufficient to p ay th e labor claim s. T he dcclslonjls
e n to be of general app lication , as holding stockholders of b a n k ru p t
Laclede Gas Co., St. Louis. —S tock D iv id e n d , cfee.—“Finan­ tak
panies liable for p a y m e n t of labor claim s.— V. 71, p. 1776.
cial America” of N. Y. reported yesterday that the directors comPioneer
(Bell) Telephone & Telegraph Co., Oklahoma.—
had voted at St. Louis to increase the outstanding com. F avorable
D e cisio n . —-The Supremo Court of Oklahoma re­
stock from $8,500,000 (total auth. issue, $17,500,000) to cently denied
petition of a complainant against the al­
some $10,500,000 (or $8,350,000?) by the sale of new stock leged excessivethecharges
the company, which was brought
at 1to, and the distribution of a stock div. of 10%, calling for 111 best instance beforeof the
Corporation Commission.
$8o0,000. The proceeds from the sale of the new stock, it is Ihe decision apparently establishes
law governing the
understood, will be used chiefly to pay the $1,000,000 coupon regulation of rates by public service the
corporations in Okla­
gold notes due Feb. 1 next.—V. 91, p. 1331.
opinion following closely the decisions of the TJ. S.
Lake Superior Corporation.— B o n d s w ith P r in c ip a l G u a ra n ­ homa, theCourt
in the cases of the Consolidated Gas Co. of
teed by S u b sid ia ry P ow er C o . —See International Transit Co. Supreme
i , , an<^ Knoxville Water Co. The decision, it is stated,
under Railroads above and compare V. 91, p. 868.
should do much to clear up some uncertainties heretofore
Lake Superior Power Co.— B on ds w ith P r in c ip a l G u a ra n ­ existing in the minds of investors in public service corpora­
teed.— Sea International Transit Co. under “Railroads” tions in that State.
above; also see V. 91, p. 868.—V. 68, p. 1075.
1
Interstate Independent Telephone & Telegraph Co.

E a rn in g s .—The

Long Acre Electric Light & Power Co., New York City.__

C h an ge in C on trol.

A lloston syndicate having bought con-




T he opinion, w hich is leng thy, discusses chiefly th ree questions: (1) q'hc
valu atio n of th e p ro p erty ; (2) the rig h t a n d ob ligation to create a depreclation reserve fund and (3) the rate of rcturn.2
T he C ourt, ad o pting th e ruling of th e U . S . Suprem e C o u rt,th a t th o
p re se n t value of the p ro p erty of a public service corpo ration Is th e basis

JAN. 21 1911.]

THE CHRONICLE

193

u p on w hich to m easu re th e reasonableness of rate s, held th a t th e v alu atio n
Standard Gas & Electric Co. (o£ Delaware), Chicago.—
should n o t be lim ited to th e valu e of th e physical tang ible prop erties used In O fferin
g o f U n d e rw ritin g . —James N. Wright & Co., Denver,
th e service, b u t m u st include th e value of th e p ro p erty as a "going concern,
20% being allow ed therefo r In th is case. T he C ourt allow s a dep reciatio n announced on Jan. 8 that subscriptions would be received
fu n d to be created a n d charged ag ain st gross earnings to ta k e care of d ep re­ at par ($50) and accrued dividends from Dec. 1 1910, at 7%
ciatio n w hich c an n o t bo prov ided for by c u rre n t m ain ten an ce rep air.
W hile th e C ourt docs n o t u n d e rtak e to say w h a t a reaso nable ra te of per annum, for the underwriting offering of the unsubscribed
re tu rn is. It docs say practically th a t th e legal ra te of in te rest allow ed by portion of $1,100,000 of the present issue of $2,538,050 7%
th e law s of th e S ta te w ould bo th e m inim um ra te and th a t th e m axim um
ra te w ould depend u p o n th e ch aracter a n d location of th e e n te rp r^ e : Inti­ pref. stock,with40% bonus in common stock; present issue,
m atin g th a t such a m ax im um w ould be higher in th e cities a n d S ta te of $7,305,000. An advertisement said in substance:
O klahom a th a n in th e m ore settled p arts of th e co u n try . V . 91, p. 152.
Issu ed to com plete th e p u rch ase of th e H u m b o ld t G as & E lectric C o.;
E u rek a, C al.; S to ck to n G as & E lectric C o rp oratio n, A m erican R iv er E lec­
(Thomas G.) Plant Co., B oston— N ew O ffic e r s — See tric
Co., S to ck to n , C al., a n d R ichm ond (Cal.) L ig h t & Pow er C orp oratio n,
to g eth er serving a p o pu latio n of ap p ro x im a te ly 75,000, a n d show ing gross
United Shoo Machinery Corporation below.
for th e year ending S e p t. 30 1910 of $737,641 a n d n e t earnin gs of
Portsmouth (Va.) Gas Go— N ew S to c k .— This Virginia earnings
$406,884. [These prop erties w ere pu rch ased a n d are ow ned by th e W est­
S ta te s G as & E lectric Co. (V. 91, p. 1578), ev ery sh are of w hose stook
corporation filed on Dec. .30 a certificate increasing its maxi­ ern
has been acq uired by th e S ta n d ard G as & E lectrlo Co.]
mum capital stock from $150,000 to $320,000.
A s rep o rted to us by H . M . B yllesby & C o., th e n e t yearly Incom e of th e
d a rd Gas & E lectric Co. from Its holdings of th e securities of th e afo re­
A t last accounts th e re w ere o u tsta n d in g $80,000 sto ck (dividend ra te Smtaenntioned
com panies Is as follows: In te re st a n d div idend s on b o nd s,
ner annum ) a n d $30,000 5% bonds du e 1928. A nnual sales ot gas stocks an d no
$543,589; d ed u ct In te re st on $1,350,000 S ta n d a rd G as &
a b o u t 5 0 , 0 0 0 ,0 0 0 cu. It. P rice of gas ligh t, n e t, $1 15. P re s., R . C. E lec. Co. 6% tes,
bonds, $81,000, a n d pref. sto ck dividends of 7 % , $254,663,
M arshall; S co.-T reas., R . C. M arshall.
balance, su rp lus, $207,926. F o r th e oalendar year 1911 H . M . B yllesby
Pullman Co.—R edu ction o f R ates in N ew Y o r k . —The Public & Co. ethstim
a te th a t n e t earnings will rise to $800,000, w hich Is m ore th a n
e to ta l In terest a n d div idend charges on o u tsta n d in g bo nd s a n d
Service Comm., 2d Dist., on Jan. 4 granted permission to the double
pref. sto ck , Including th e sto ck now offered, leaving over 6% av ailab le for
company to revise its tariff of sleeping-car charges within the div
idend s on th e com m on sto ck . T he pref. 7% sto ck , p ay ing 1 H % q u a r­
te rly , Is cu m u lativ e a t 8% a fte r Ja n . 1 1912, a n d It Is exp ected th a t It will
State, effective Feb. 1.
be placed u p on a n 8% basis prior to th a t tim e. See fu rth e r p a rticu la rs In
W here th e low er b e rth ra te is $1 50 th e ra te for the up per b e rth betw een
th e sam e po ints will be $1 25, anil w here th e low er b erth r a te is $1 75 or V . 91, p . 1708.
Torrington (Conn.) Co.—S tock D iv id e n d . —The 10% stock
m ore, th e ra te for th e u p p er b erth betw een th e sam e po ints w ill be 80%
thereo f. No changes. It Is sta te d , are to be m ade In low er b e rth rate s, dividend, calling for $200,000, will be paid to holders of
except by w ay of red u ctio n .— V . 91, p. 1777, 1517.
record Jan. 20, the distribution to be made as soon as the

Rockford (111.) Electric Co.—B o n d s —E a rn in g s. —Wm. A.
Read & Co., N. Y., &c., recently offered at 96j^ and int.,
to yield 5)4%, a block of “first and refunding mortgage ” 5%
30-year gold bonds dated 1909, outstanding $1,223,000, with
a further $37,000 reserved to retire $37,000 Rockford Edison
5s, the only prior bonds outstanding.

T he com pany does th e entire electric ligh t an d pow er a n d steam -h eatin g
business, w ith o u t co m petition . In R ockford, 111., a prosperous m a n u ­
factu rin g c ity located a b o u t 85 m iles w est of Chicago; p o pu latio n, 45,400
(1910 U .S . C ensus), an Increase of 40% since 1900.
E arnings Jor 12 M onths to N ov. SO—
1910.
1909.
1908.
G ross earn in g s__________________________________ $350,177 $310,305 $279,082
N et earnings (after t a x e s ) - ......................................... $131,711 $114,174 $82,828
Bond In te re st_________________________________ 53,124
B a la n c e _____ _______________________________ $78,587
P res. R . E . B reed on Ja n . 2 1911 w rote In brief; "T h e grow th In dem an d
for service m ad e It Im perativ e th a t the producing cap acity of th e p la n t be
largely au g m ented In every d e p artm e n t. T he w ork Is being rap id ly car­
ried forw ard; ab o u t $850,000 has been expended and th e ex p en d itu re of
an ad d itio n al $105,000 Is co n tem plated. U pon com pletion, c ap a city will
hav e been Increased over 50 % , and th e com pany should rep o rt a m aterially
g re a te r grow th in earn in g s, b o th gross and n e t, th a n ever before. T he
rep lacem ent valu es of th e fiscal prop erties on O ct. 31 1910 are show n by
lu r engineers as In excess of $1,800,000, exclusive of franchise values.
T he en tire com m on sto ck , $1,500,000, has been ow ned since Ja n u a ry
1907 by th e A m erican G as & E lectric Co., w hich is controlled by th e Gen­
eral E lectric Co. In te re sts.” 0% pref: sto ck o u tsta n d in g , $150,000. (V.
90, p . 113, 703.)— V. 91. p . 42.

Sayre (Pa.) Electric Co.— N otes O ffered .—Meikleham &
Dinsinorc, engineers and bankers, 60 State St., Boston,
and 25 Broad St., N. Y. City, are offering at par and int. the
unsold portion of a block of $40,000 five-year 6% gold notes,
dated Oct. 1 1910 and due Oct. 1 1915, but redeemable at any
interest period at 101)4 and int. Int. Q.-J. A circular says:

P a rt of an a u th . $60,000 5% gold notes to provide for p a rt of th e cost
of Im provem ents a n d b e tte rm e n ts. So long as a n y of th e said notes are
o u tsta n d in g , th e com pany shall no t create a n y Indebtedness o th e r th a n
Its 1st M . bonds a n d c u rre n t bills p ay ab le for o p eratio n . T he notes arc
con vertib le Into th e 1st M. 5% 40-year gold bo nd s, as set fo rth in th e body
of th e note, and upon m aking such exchange th e no te ho lder shall be
e n title d to a prem ium of Z H % In cash.
E arnings fo r Year ending Oct. 31 1910.
Gross Incom e _____________$63,3301 In t. on $210,000 1st M. 5 s.-$ 1 0 ,5 0 0
N et (after ren tals.tax es,& o .) _$26,120 16% on abo ve $40,000 n o te s. $2,400
B alance, su rp lus (on basis of p resent In terest c h a rg e )------------------$13,229
W ith in th e p a st tw o years m ore th a n $220,000 has been expended for a
new pow er house, ov erhead sy stem , Ac. T his o u tlay has provided a large
oxccss ot p la n t a n d steam cap acity , th e p resent load req uiring only one-half
th e c ap a city . T he com pany Is incorp. In P a. and It ow ns all of th e clcctrlcllgh tlng franchises and prop erties In th e boroughs of A thens, S ayre and
S o uth W avcrly, P a ., and throu gh ow nership of all th e stock of th e W avcrly
E lectric E ight & Pow er C o., th e electrlo-llghtlng franchises and prop erties
In W avcrly, N . Y ., serving a population of nearly 20,000. T here Is a large
cash Investm en t in the stock abo ve th e no tes. T he pref. sto ck has p aid
dividends of 6% since Issuance. (Com m on sto ck , $150,000; preferred
sto ck , $100,000; 1st M. d ate d A pril 1 1907, a u th ., $750,000, tru ste e
People’s B ank , W ilkes-B arre. P res., T .M .R .M e ik le h am ; V .-P rcs., P . T .
G llddcn, B in g h am to n .— E d.]

new certificates are ready. The usual semi-annual cash
dividend of $1 per share (4%) will be paid Feb. 1.—V. 91,
p. 1715.
Tremont Lumber Co., Winnfield, La.— S h o rt-T erm B o n d s
O ffered. —The Inter-State Trust & Banking Co., New Orleans,
and Clark L. Poole & Co., George H. Burr & Co. and McCoy
& Co., all of Chicago, announced about Jan. 17th the sale of
all of the $1,500,000 1st M. 6% serial gold bonds, principal
and int. unconditionally guaranteed by William T. Joyce
Co., whose net assets, exclusive of any interests in the Tre­
mont Lumber Co., are stated to be over twice the amount
ofBthe
bond issue. A circular shows:
onds d a te d N o v . 1 1910 a n d du e $150,000 sem i-annually from M ay 1
1911 to N ov. 1 19 15, b o th incl., b u t callable on or after M ay 1 1911 a t 102
a n d Int. on 60 d a y s ’ notice. P a r $1,000c*. I n t . M . & N . P . & 1. p ay ab le
a t In te r-S ta te T ru s t & B anking Co., New O rleans, tru stee, or C o ntinen tal &
Com m ercial N ational B ank , Chicago.
A first lien on ab o u t 170,000 acres of virgin tim b er lands (70% ow ned In
fee), ex ception ally well grouped, heavily lim b ered, w ith long-leaf yellow
plnc'and h ardw oo ds, located in Jack so n , O uachita, Caldw ell, W inn, G ran t and
L a Salle parishes, L ouisiana, an d three m odern mill properties. Jam es D.
L acey & Co. estim ate th e pine a t 1,167,522,343 ft., th e hard w oods a t7 0 ,539.000 ft. T he th ree m ills a t E ros, Jo nesbo ro and R ochelle, on th e T re ­
m o n t & G ulf R y ., hav e an agg regate dally 10-hour c ap acity of a b o u t
375.000 ft., or a b o u t 150,000,000 ft. per y ear. M arket value of tim b er
Is estim ated a t upw ards of $6,000,000, of mill prop erties a t $1,500,000,
to ta l $7,500,000, w ith o u t ta k in g Into acco unt th e w orth of the land ow ned
In fee.
T he to ta l auth orized bond Issue Is $4,000,000, of w hich $2,500,000 are
presently to be Issued. T he rem ain der, $1,500,000, can only be Issued for
ad d itio n al tim b er lands or tim b er a t n o t exceeding $2 per 1,000 ft., b o ard
m easure, a t least 70% of w hich m u st be on lands ow ned In fee sim ple. Of
th e $2,500,000 bonds presently to be Issued, th e rem aining $1,000,000 are
held in escrow pending fu tu re req uirem ents. F rom th e proceeds of th e
sale of th e p resent Issue of bonds all th e floating d e b t will be retire d and
ad d itio n al w orking cap ital provided.
Before an y of said tim b er can be c u t th ere m u st be deposited w ith th e
tru ste e $3 per 1,000 ft. for p ay m en t of bonds.
T he com pany Is a consolidation of th e S o uth A rkansas L um ber C o., W inn
P arish L um ber Co. a n d th e L ouisiana L um ber C o., L td ., and u n til recently
w as pu rely a m an u fac tu rin g com pany . I t now directly ow ns ap p ro x i­
m ately 1,400,000,000 ft. of virgin pine tim b er In L ouisiana.
D irectors: S am uel J . C arpenter, P res., W Innfleld, L a.; D avid G. Jo yce,
Vice- P res., a n d Jam es S tanley Jo y ce, Sec. & T reas., Chicago; T hom as
H um e, M uskegon, M ich., and E ugene J . C arpenter, M inneapolis, M inn.

Union Typewriter Co.—N o tes O ffered . —Swartwout &
Appenzellar, NewYork, offered on Jan. 16, at 99)4 and int.,
yielding 5.20%, $200,000 5% notes dated Jan. 15 1910
(not 1911), due Jan. 15 1913,but. redeemable at 101 and int.
on any interest date after 30 days’ notice. Interest J. & J.15.
Auth. and issued $2,500,000. Denominations, $25,000,
$10,000 and $5,000. The company agrees not to place any
lien upon its property during the life of the notes and the
company has no bonded debt. The notes cannot be called
under 101 and int., but part of this issue has already been
bought in the open market by the company and canceled.
—V. 90, p. 855, 768.
United Dry Goods Companies.— P erso n a l P u rc h a se s .—
President John Claflin confirms the statement that he has
acquired a controlling interest in Scruggs, Vandervoort &
Barney Dry Goods Co. of St. Louis, and has also bought the
entire assets of the Jones Dry Goods Co. of Kansas City,
which recently failed. These purchases are made on his in­
dividual account and not for the account of United Dry
Goods
Companies.
[The Scruggs, V andervoo rt & B arney Co. is rep orted to have o u tsta n d in g

Seattle-Tacoma Power Co.—D e c isio n .—The Supreme
Court of Washington on Jan. 7 affirmed the decision of the
King County Superior Court, holding valid the purchase of
the Mutual Light & Heat Co. and Diamond Icc & Coal Stor­
age Co. of Seattle through a syndicate of officers and di­
rectors of the several companies.—V. 90, p. 1106.
Southern Timber Co.— B onds O ffered .—Lyon Gary & Co.,
lumbermen and bankers, Chicago, are offering the unsold
portion of $200,000 1st M. 6% serial gold bonds, dated Nov.
17 1910, maturing semi-annually May 15 1911 to Nov. 15 $2,500,000 com ., $1,250,000 first pref. and $1,500,000 2d pref. sto ck .— E d.]
1913 (5 installments of $33,000; 1, the last, $35,000), but — V. 91, p. 654, 158.
red. at 103 and int. in whole or in part, on any int. day. United Shoe Machinery Corporation.— R eported A c q u isi­
Par $1,000 (c*). Union Trust Co. of Chicago and John K. tio n . —The company, it is stated, lias purchased the shoeLyon, trustees. Principal and interest payable in Chicago machinery-manufacturing business of Maurice V. Bresnahan
M. & N. 15. Guar, by end. by Ernest V. Dunlevie of Buffalo & Co. of Lynn, Mass., which was associated with the Thomas
Condensed Statem ent fro m Circular.
G.W illiam
PlantL Co.
in manufacturing “Wonder Worker” machines.
. R atcllfle has been elected P resident of th e T hom as G. P la n t
A first m ortgage on («) 9,199 acres of land ow ned in fee, w ith 11,002
acres a dd itional held under leases (none of w hich epxlres un til la ter th a n
1913] all located In L iberty C ounty, G a.; (ft) 140,000,000 ft. of yellow pine
tim b er (on said 20,201 acres) valued a t $3 50 per 1,000 ft., or ap p ro x im ately
$500,000; (c) railroad and logging equ ipm en t costing over $90,000; (d) con­
tra c t of B yers-A lien L um ber Co. of A llenhu rst, G a., to ta k e a m inim um of
12,000,000 ft. per annum a t $8 50 per 1,000, a co n tra c t gu aranteed for the
L um b er Co. by its P resident, J . H enry C ochran, of W illiam sport, P a . T he
T im ber Co. rep o rts deliveries to th e B yers-A lien L um ber Co. a t a cost of
less th a n $3 per 1,000. E rn est V. D unlevie, th e ow ner and m an ag er of the
T im ber C o., is a successful and experienced lum berm an. T he loan is a t
rate of $1 40 per 1,000 on th e tim b er. T he com pany m u st p ay to tru ste e
$5 per 1,000 ft. for tim b er desired to be c u t, w hich should pay th e whole
loan before on e-tlilrd of th e tim b er pledged is c u t. T he g u a ra n to r. E . V.
D unlevie, Is rep uted to be w orth, outside of th is p ro p erty , considerably
m ore th a n the am o u n t of tills loan. T he p ro p erty lies w ithin 35 m iles of
S av a n n a h , G a.. and th e sea coast and has tw o tru n k lines a d ja c en t.




Co. in place of T hom as G. P la n t, w ho resigned, a n d th e board of directo rs
has been increased from 11 to 12 m em bers. S idney R . B lakely, W alter A .
B row n a n d George T . M cLeod S r. w ere chosen as directors, to succeed
T hom as G. P la n t, N . C. B ohr a n d J . H olden. T he la tte r. Is Is rep o rted ,
rep resen t Interests allied w ith th e U nited Shoe M achinery C orp., w ho are
said to control 60% of th e sto ck , th e U nited C orp. having pu rchased only
the p a te n ts of th e "W ond er W o rk er” m achin es.— V . 91, p. 1333.

United States Radiator Corporation, Dunkirk, N. Y.—

D iv id e n d s B eg u n . —The directors on Jan. 14 declared an initial

dividend of 3)4% on the pref. stock, payable Jan. 15, and
also a quarterly dividend of l % % on the same stock, paya­
ble April 15 for the quarter to end April 1. Comparo V. 90,
p. 1366; V. 91, p. 158,468.

194

Removal of Office

.— T h e c o m p a n y w ill m o v e its o ffic e fr o m
D u n k ir k t o D e tr o it in a b o u t 3 m o n t h s .— V . 9 1 , p . 4 6 8 .

—Earnings

U n it e d S t a te s R e a lt y & I m p r o v e m e n t C o
.—
T h e n et in c o m e fo r th e 8 m o n th s e n d in g D e c . 31 1910 w as
1 ,0 5 2 ,4 3 4 , a g a in st 8 1 ,0 7 7 ,7 4 9 fo r th e 8 m o n th s in 1909 a n d
182,092 in 1908; d iv id e n d s a t th e p r e se n t ra te o f 5 % p er
a n n u m ca ll fo r 8 2 6 9 ,3 8 0 (3 1 - 3 % ) fo r th e 8 m o n th s o f 1910,
le a v in g .8783,054.
T h e g r o s s p r o fit s fo r t h e 8 m o n t h s e n d in g D e c . 31 1910 w e re S I , 7 7 9 ,7 0 3
a n d t h e n e t p r o f it s $ 1 ,4 5 2 ,4 3 4 .— V . 9 1, p . 1098.

U n it e d W a t e r G a s & E le c t r ic C o ., H u t c h in s o n , K a n .—
B r o s . & C o ., B o s to n , r e c e n t ly o ffe re d
a t p a r a n d in t. 8 1 0 0 ,0 0 0 “ 1st a n d r e fu n d in g " M . 5 % b o n d s ,
d a t e d 1909 a n d D e c . 1 1939, b u t c a lla b le a t 1 0 2 o n a n y
in t.
d a te.
F a r 8 1 ,0 0 0 .
S e m i-a n n u a l
in t.
p a y a b le
at
A u g u s t a (M e .) T r u s t C o ., o r a t 1st N a t . B a n k , B o s to n .

Bonds— Status .— L e w is

A b s t r a c t o f L e t t e r fr o m V . - P r c s . Q u y P . Q a n n e t t , H u t c h in s o n , J a n . 2 0 ’10.
T h e f in a n c ia l s t a t e m e n t o f t h e c o m p a n y Is a s fo llo w s___
'
c , tnn
C o m m o n sto c lc a u t h o r iz e d ____

Prof,
stock authorized, $600,000; now Issued ’
B o n d s a u t h o r iz e d , $ 2 ,0 0 0 ,0 0 0 ; n o w Is s u e d .

V m 'nn I

.
.............”
‘too non
R e s e r v e d fo r o th e r b o n d s ( c o m p a r e V . 8 2, p . 6 3 9 ) .................
600 non
T h e c o m p a n y h a s a c q u ir e d b y p u r c h a s e t h e p r o p e r t y o Y t h e P e o p le 's
W a te r, L ig h t & P o w e r C o
a g a i n s t w h ic h t h is issu e o f b o n d s is a fir s t m o r t ­
g a g e , a n d t h e W a t e r , L i g h t & G a s C o . ( V . 8 2, p. 639; V
88 n 11391
T h e s e t w o c o m p a n ie s w e re c o m p e t it o r s in th e s u p p l y i n g o f e le e t d e c u r r e n t
ar) d a s a r e s u lt o f p r ic e - c u t t in g n e it h e r c o u ld o p e r a t e p r o f it a b l y
in
a d d it io n , t h e c o m p a n y a c q u ir e d f r o m t h o W a t e r . L i g h t & G a s C o t h e w i t o r w o r k s a n d a n a r t ific ia l g a s p la n t , a n d th e re is n o w n o c o m p e t it io n in c it h e r
w a t e r o r e le c t r ic it y
[ In c o r p o r a t e d , it is u n d e r s t o o d , in M a i n e la t e i n 1909

fc r a fe . r r . a x °

m

s

? # #

; f °£'
i
P
09, ,H \c vY a t c r ■ L i g h t & G a s C o . e a rn e d $ £ 0 ,0 0 0 n e t, o r
t h e e q u iv a le n t o f a ll t h e in t e r e st o n I t s b o n d e d d e b t.
M y e s t im a t e o f
f n n n m e 3 * 6 5 n n n ^ h n n ^ i >I c a r ' s a s t o ll° w s: G r o s s in c o m e , $ 1 2 5 ,0 0 0 ; n e t
In o o m e , $ 6 5 ,0 0 0 , b o n d In t e r e st , $ 4 2 ,8 5 0 ; b a la n c e , s u r p lu s , $ 2 2 ,1 5 0 .
A

gradual Increase may be anticipated.

* ’

^ ® ° P 1t° l 0 ?a 0l c.0 u ? se !,-t h e f r a n c h is e s a r c w i t h o u t r e s t r ic t io n a s t o tim e .
r S n t ? c P a 7 o w n e d b y w e ll- k n o w n N e w E n g l a n d m e n ,
a '?! V n ?* ,,„m %
S p r in g f ie ld , t h e G e n e r a l M a n a g e r f o r m e r ly a s s o c ia t e d
1,
C^ , k
C h u rc h , K e r r & C o.
H u t t b '. n s o n is a s t e a d il y g r o w ­
i n g a n d s u b s t a n t i a l c it y , p o p u l a t io n a b o u t 1 8 ,0 0 1 , lo c a t e d In o n e o f t h e
9 1 !u, v u ™ M o t i o n s In t h e S t a t e a n d e m b r a c i n g e x t e n s iv e s a l t p la n t s .
B o i i n t U id le a t e t h a t t h e s a l t b e d is a t le a s t 3 0 0 ft. in t h ic k n e s s .

r

i.

e!

.—Bonds Offered

U n it y S a fe D e p o s it C o ., C h ic a g o , 111
.—
T h e W in . R . C o m p to n C o ., S t . L o u is a n d C h ic a g o , o ffe r e d o n
o r a b o u t N o v . 20, a t p r ic e s t o y ie ld 5 ^ j % i n c o m e , 8 2 5 0 ,0 0 0
0 % b o n d s s e cu r e d b y 1st M . o n th e 16 s t o r y fir e -p r o o f o ffic e
b u ild in g , w ith 6 p a s s e n g e r e le v a t o r s a n d le a s e h o ld e s ta te a t
79 D e a r b o r n S t ., C h ic a g o .
A c ir c u la r sa id :
D a t e d N o v . 1 1910 a n d d u e s e r i a l ly o n J a n . 1 fr o m 1912 to 1928, v iz . :
$ 1 0 ,0 0 0 y e a r ly 1912 to 1 921; $ 1 2 ,0 0 0 y e a r ly 1922 to 1924; $ 1 4 ,0 0 0 In 1925;
$ 2 5 ,0 0 0 y e a r ly 1926 a n d 1927, a n d $ 5 0 ,0 0 0 In 1928, b u t r e d e e m a b le a t 103
a n d In t . o n a n y in t . d a t e fr o m J a n . 1 1914 to J a n . 1 1924, in c l., a n d t h e r e ­
a f t e r a t p a r a n d in t .
P a r $ 5 0 0 a n d $ 1 ,0 0 0 ( c * ) . I n t . J . & J . a t M e r c h a n t s ’
L o a n & T r u s t C o ., C h ic a g o , tru s te e s.
A n Il l i n o i s c o r p .
C a p i t a l s t o c k $ 6 5 0 ,0 0 0 .
O c c u p ie s th e b a s e m e n t o f
U s b u ild in g , w it h 4 ,0 0 0 s a fe d e p o s it b o x e s .
P r e s . , M . F . D u n l a p , a n d V lc e P r e s . , J u d g e O w e n P . T h o m p s o n , b o th o f J a c k s o n v ille , 111.; T r e a s . a n d
M g r . , W . I I . G ro w e r, C h ic a g o .
G r o u n d le a se h a s o v e r 78 y e a r s to r u n a n n u a l r e n t a l o n l y $ 1 8 ,0 0 0 ( w it h o u t r e - v a lu a t i o n ) , c o v e r i n g 9 ,6 0 0 s q ft ’
f r o n t a g e 80 ft ., d e p t h 120 ft.
A t e x p ir a t io n o f le a se t h o o w n e r o f th e fee
m u s t b u y t h e b u i l d in g a n d i m p r o v e m e n t s a t c a s h v a lu e , a s d e te r m in e d b y
a p p r a is e r s , o r fo r fe it t h e la n d .
E x p e r t s v a lu e t h e g r o u n d r e n t a l a t $ 2 2 400
a n in c r e a s e o f $ 4 ,4 0 0 p e r a n n . , w h ic h c a p it a liz e d a t 4 % g iv e s a n a d d e d
v a lu e o f $ 1 1 0 ,0 0 0 .
T h e b u i l d in g o r i g i n a l ly c o s t o v e r $ 8 0 0 ,0 0 0 ; it s p re se n t
v a lu e is p la c e d a t $ 6 4 8 ,5 0 0 , m a k i n g a t o t a l v a lu e o f $ 7 5 8 ,0 0 0 .
Eve rv
o ffic e Is o c c u p ie d a n d h a s be en p r a c t i c a l ly fo r r< y e a r s , la r g e ly b v la w y e r s
1.
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1 9 0 9 -1 0 . 1 90 8-0 9. 1 90 7-0 8. 1 90 6-0 7. 1905-06
G r o s s in c o m e ....................... $ 1 1 8 ,4 9 2 $ 1 1 7 ,7 6 7 $ 1 1 7,7 61 $ 1 1 7 ,6 7 2 $ 11 7 8 93
’ N e t ----------------------------------4 2 ,4 5 1
3 9 ,3 8 2
4 0 ,7 4 5
4 3 ,6 0 3
4 l ’, 163
* A f t e r d e d u c t i n g g r o u n d r e n t ($ 1 8 ,0 0 0 ), t a x e s ($ 1 2 ,5 58 to $ 1 3 369) a n d
o p e r . e x p . (le ss In 1 9 0 8-0 9 $ 6 ,8 8 5 a n d in 1 9 0 9-1 0 $ 5 ,7 0 0 fo r n e w b o ile r s ,& c .)

Incom e fo r Y ears ending M a y

Decision.

V ic k s b u r g (M is s .) W a t e r W o r k s C o .—
— J u cR e
N iles in th e F e d e r a l C o u rt a t V ic k s b u r g o n J a n . 5 d is s o lv e d
th e te m p o r a r y in ju n c t io n r e s tr a in in g th e c it y a u th o r itie s
fr o m fu r th e r p r o c e e d in g w ith th e su it b r o u g h t in th e S ta te
C ircu it C o u rt t o fo r fe it th e c h a r te r o f th e c o m p a n y .
T h e c a se Is e x p e c te d t o c o m e u p f o r a h e a r in g in th e W a iT e n G m m t v
C h a n c e r y C o u r t d u r i n g th e M a r c h t e r m .
T h e C o u r t r u le d t h a t n o F e d e r a l
p a r f V n 89 %

[VOL. LXXXXII.

THE CHRONICLE

n85°0 V e d

” t h ° CaS<3 a n d r c f u s c d t o t a k e J u r is d ic t io n

.—Financing

Com *

W a s h in g t o n (D . C .) G a s L ig h t G o
.— L e w is
John son
C o ., b a n k e r s , W a s h in g t o n , D . C ., in r e p ly to a
le tte r fr o m th e “ C h r o n ic le ” , w r o t e o n J a n . 17:

&

A t a m e e t in g o f th e s t o c k h o ld e r s h e ld O c t . 14 1910, t h e c o m p a n y w a s
a u t h o r iz e d to Is s u e $ 5 ,2 0 0 ,0 0 0 in 5 0 - y e a r 5 % g o ld b o n d s o f $ 50 0 e a ch
d a t e d N o v . 1 191 0 a n d d u e N o v . 1 1960, In t e r e s t p a y a b l e M .
N . a t A m e ri­
c a n S e c u r it y & T r u s t C o . o f W a s h i n g t o n , th e t ru s te e .
O f th e se b o n d s
$ 2 ,6 8 0 ,0 0 0 w e re a u t h o r iz e d to b e Is s u e d a t o n c e a n d s o ld t o t h e s t o c k h o l d ­
e rs a t p a r .
W i t h th e p r o c e e d s o f t h i s Is s u e o f b o n d s t h e $ 2 ,6 0 0 ,0 0 0 In
c e r t ific a t e s o f In d e b t e d n e s s w e re p a id o n D e c . 1 . T h e h o ld e r s o f t h e $ 60 0,­
0 0 0 4 % b o n d s w e re g iv e n t h e o p p o r t u n i t y o f c o n v e r t i n g t h e ir b o n d s in t o
n e w 5s o n J a n . 1, t h e s a i d o p t i o n to e x p ir e o n F e b . 1 . T h i s c o n v e r s io n
Is n o w g o in g o n.
A t t h e s a m e m e e t in g th e s t o c k h o ld e r s a u t h o r iz e d t h e d ir e c t o r s t o p a y t h e
e a r n in g s to t h e s t o c k h o ld e r s a t a r a t e n o t e x c e e d in g 6 % u p o n t h c « a p p r a !se d
v a lu a t io n o f lt h e p r o p e r t y .
T h i s v a lu a t io n h a s b e e n p la c e d a t $ 1 3 ,0 0 0 ,0 0 0
b y c o m p e t e n t a p p r a is e r s .
T h e d ir e c t o r s i m m e d i a t e l y a ft e r t h e m e e t in g o f
t h e s t o c k h o ld e r s d e c la r e d a d i v id e n d o f $ 1 20 p e r sh a r e , p a y a b l e N o v . 1 ,
a n d o n J a n . 1 0 1 9 1 1 d e c la r e d t h e u s u a l q u a r t e r l y d i v id e n d o f $1 20 p e r s h a re ,
p a y a b l e F e b . 1.
W e t h i n k t h is d i v id e n d w ill b e a s e tt le d q u a r t e r l y one.
I h e c o m p a n y w a s In c o r p o r a t e d b y A c t o f C o n g r e s s In 1854, a n d t h e c a p i t a l
s t o c k ($ 2 ,6 0 0 ,0 0 0 in $20 sh a r e s ) h a s n o t a n d c a n n o t b e in c r e a s e d e x c e p t
b y a u t h o r it y o f C o n g r e s s . — V . 9 2, p. 62.

&

Successor
C o .—Offer for Bonds.—

W a t e r , L ig h t & G a s C o ., H u t c h in s o n , K a n .—
.—
See U n ited W a t e r , G a s & E le c t r ic C o . a b o v e .— V . 8 8 , p . 1139.
W e s t c h e s t e r C o u n t y W a t e r -W o r k s
O w n ers o f first c o n s o ls are n o tifie d b y a d v e r tis e m e n t th a t
th e y ca n sell th e ir b o n d s if th e y a p p ly to C . D . P a r k e r A C o .,
78 D e v o n s h ir e S t ., B o s to n .
S ee d e c is io n in V . 9 1 , p . 87S.
W ich ita , ( K a n .) N a tu r a l G a s C o
• S m ith a n d H . R . M erritt h a v e b e e n e le c te d
d ir e c to r s to s u c c e e d J . I). S . N e e ly a n d W A Sin
L . G.
N e e ly s u c c e e d s J . I). S. N e e ly as P r e sid e n t
— F o r y e a r e n d in g D e c . 31:
C alendar
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$ 82 ,5 2 5
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t h r i ^ w h a y 1 191f°
Lif,eJ I n s u r a n c e C o . c o m p le t e d
t.ic fift ie th y e a i o f its h is t o r y .
P h is a n n iv e r s a r y h as b e e n
p r o p e r ly m a r k e d b y a r e c o r d o f g r o w t h in e v e r y d e p a r t m e n t .
I h e a ssets o n J a n . 1 1 9 1 1 a m o u n t e d t o 8 2 5 ,0 2 5 ,2 9 9 0 6 , a g a in
o f 8 1 ,3 9 9 ,2 8 0 43 fo r th e y e a r . In s u r a n c e in fo r c e w a s ’ $ 1 0 0 2 1 5 ,0 0 0 , a g a in fo r th e y e a r o f 8 7 ,6 8 2 ,4 3 5 — th e la r g e s t in th e
h is t o r y o f th e c o m p a n y .
T h e In su r a n c e D e p a r t m e n t o f th e
S ta te o f N ew Y o r k h as ju s t c o m p le t e d a n e x h a u s tiv e e x a m ­
in a t io n o f th e c o m p a n y ’s c o n d it io n .
I t c o n fir m s , it is s a id ,
th e c o m p a n y ’ s^ fig u res, a n d r e p o r ts th a t its b u sin e ss is b e in g
c o n d u c t e d “ fa ith fu lly a n d e c o n o m ic a lly " a n d “ w ith th e in ­
te n tio n o f d e a lin g w ith th e p o lic y -h o ld e r s j u s t l y . ”
D u r in g
th e la st y e a r R ic h a r d M . H o e a n d W illia m j . M a th e s o n w e re
a d d e d to th e b o a r d o f d ir e c to r s .
— T h e E n g in e e r in g S e c u r itie s C o r p o r a t io n , 43 E x c h a n g e
P la c e , N e w Y o r k , is p r e p a r e d , a t all tim e s , to d ea l in th e
s e cu r itie s o f J . G . W h it e & C o ., I n c ., N e w Y o r k , a n d J . G .
W h ite & C o ., L t d ., L o n d o n .
A n illu s tr a te d a r tic le in th e
“ B a n k e r ’ s M a g a z in e ” , e n tit le d “ A C o n t r ib u t o r t o O u r
In d u s tr ia l S u p r e m a c y ,” g iv e s c o m e id e a o f th e w o r ld -w id e
o p e r a t io n s o f J . G . W h it e
C o ., I n c ., a n d a s s o c ia te d c o m ­
p a n ie s ” . A m o n g th eir m a n y im p o r t a n t p ie c e s o f c o n s t r u c ­
tio n w o r k , illu stra te d in th e p u b lic a t io n n a m e d , are th e
L iv e r p o o l C o t t o n E x c h a n g e , a tu r b in e p la n t a t W a s h in g t o n ,
D . C ., u ltim a te c a p a c it y 2 0 ,0 0 0 k .w ., t r a m w a y a t B u e n o s
A y r e s , a r a ilr o a d in th e P h ilip p in e s , a d a m fo r ir r ig a tin g
1 5 0 ,0 0 0 a c r e s o f la n d , & e.

&

— T h e P r u d e n tia l L ife In s u r a n c e C o . o f A m e r ic a , h o m e
o tfic e N e w a r k , N . J ., has issu ed a s m a ll p o c k e t d ia r y f o r 1 9 1 1 .
I h e d ia r y is 2 x 4 in ch es in size a n d c o n ta in s a c o m p le t e d ia r y
fo r th e c o m in g y e a r , a d d itio n a l p a g e s f o r m e m o r a n d a a n d
m a n y in te r e s tin g item s o n m e n ta l h y g ie n e , first a id to th e
in ju r e d , a n t id o t e s fo r p o is o n s , le a d in g c itie s o f th e U n ite d
b ta t e s , a n d a v e ra g e le n g th o f liv e s ; a ls o th e v ie w s o f P r e si­
d e n t T a ft, e x P re sid e n t C le v e la n d , A n d r e w C a rn e g ie , C h arles
w -*!.
la m
G la d s t o n e , B e n ja m in F r a n k lin , D o
W itt l a m a g e a n d M a x O ’ R e ll, o n life in s u r a n c e .
A free
c o p y w ill b e s e n t o n in q u ir y to G e o r g e F . B a r ig h t, a d v e r ­
tisin g m a n a g e r o f th e P r u d e n tia l L ife In su ra n c e C o ., N e w ­
a r k , N . J.
-F re d e rick L. L u tz , s p e c ia lis t in N e w Y o r k C ity b a n k
a n d tr u s t c o m p a n y s t o c k s , w h o s e o f fic e is n o w w ith th e firm
o f C a llo w a y , F ish & C o ., 37 W a ll S t ., h a s r e c e n t ly issu ed a
q u o t a t io n c ir c u la r o n b a n k s t o c k s .
T h is o n e -p a g e c ir c u la r
g iv e s th e d a t e o f o r g a n iz a t io n , p a r v a lu e , c a p it a l, su rp lu s
a n d u n d iv id e d p r o fit s , a v e r a g e n e t d e p o s its , d iv id e n d ra te ,
d a t e w h en d iv id e n d s are p a y a b le , th e b o o k a n d m a r k e t v a lu e ,
a n d th e y ie ld to th e p u r c h a s e r o f e v e r y n a t io n a l a n d S ta te
b a n k s t o c k in th e C ity o f N e w Y o r k .
A fr e e c o p y m a y b e
h a d o n a p p lic a t io n .
— S p e n c e r T r a s k & C o ., 43 E x c h a n g e P la c e , N e w Y o r k ,
o ffe r 8 5 0 0 ,0 0 0 H y d r a u lic P o w e r C o . o f N ia g a r a F a lls first
a n d r e fu n d in g m o r tg a g e 5 % b o n d s , w h ic h a rc t a x -e x e m p t
in N e w Y o r k S ta te .
T h e firm s ta te s th a t “ fo r th e s ix m o n th s
e n d e d O c t . 31 1910 th e n e t e a rn in g s a p p lic a b le to in te re s t
o n th e first a n d r e fu n d in g m o r tg a g e 5 % b o n d s w ere eq u a l
t o o v e r s ix tim e s th e r e q u ir e m e n t .”
P r ic e a n d d e s c r ip t iv e
c ir c u la r u p o n
a p p lic a t io n .
See
t o - d a y ’ s a d v e r tis e m e n t
in th is issu e fo r p a r tic u la r s .
— T h e b a n k in g h ou se o f W m . A . R e a d & C o . is o ffe r in g
o n a n o th e r p a g e fo r in v e s tm e n t s e v e n v e r y c h o ic e issues o f
b o n d s , n e ttin g th e in v e s to r fr o m 4 .1 0 to 4
S ev era l o f
th e issues are legal fo r s a v in g s b a n k s in M a s s a c h u se tts .
F u ll
p a r tic u la r s w ill b e fu rn ish e d u p o n a p p lic a t io n a t th e o ffic e in
N ew Y o r k , o r a t th e fir m ’s o f fic e s in B o s t o n , B a lt im o r e ,
C h ic a g o a n d L o n d o n .

%%.

S a lo m o n & C o ., b a n k e r s , 25 B r o a d S t ., will s e n d to
A m e r ic a n a n d fo r e ig n in v e s to r s , o r o th e r p a rtie s in te r e s te d ,
ta e ir sp e cia l a n n u a l c ir c u la r a n a ly z in g p r e se n t fin a n cia l c o n ­
d it io n s , w ith p a r t ic u la r r e fe re n c e to th e in flu e n ce s th a t th e y
h a v e e x e r t e d u p o n th e in v e s tm e n t m a r k e t d u r in g th e p a st
y e a r a n d th e o u t lo o k fo r th e c u r r e n t y e a r .
T_ ^ P c n c e i T r a s k & C o ., o f N e w Y o r k , A lb a n y , B o s t o n a n d
C h ic a g o , h a v e g o t te n o u t th e ir J a n u a r y m a r k e t le t t e r .
I t is
r e t r o s p e c t iv e in s u b je c t , a b ly w r it te n a n d s e n s ib ly d iscu sse s
fu tu r e fin a n cia l c o n d it io n s a n d p r o s p e c t s .
C op ies w ill g la d ly
b e m a ile d u p o n r e q u e st t o S p e n c e r T r a s k & C o ., 43 E x c h a n g e
P la c e , N e w Y o r k .
— 1 in n e r , lu c k e r & C o ., 2 4 M ilk S t ., B o s t o n , h a v e issu ed
a 4 0 -p a g e J a n u a r y c ir c u la r d e s c r ib in g 4 9 E a s te r n m ill c o r ­
p o r a t io n s .
T h e in fo r m a t io n g iv e n in th is c ir c u la r c o v e r s a
class o f p r o p e rtie s th e fin a n cia l fa c t s r e la tin g to w h ic h are
n o t a lw a y s r e a d ily a t h a n d .
— O tt o I f. K a h n will s p e a k o n “ E d w a r d II. H a r r im a n ,”
a n d P au l I). C ra v a th o n “ M is c o n c e p t io n s a b o u t H ig h F in a L c e , b e fo r e th e “ F in a n c e F o r u m ” , W e s t S id e Y . M . C. A . ,
3 18 \\ est 5 7 th S tr e e t, W e d n e s d a y e n o v in g , J a n . 2 5 , a t 8 p . m
~ T h e p a m p h le t k n o w n as “ S t o c k F lu c t u a t io n s ,” c o m p ile d
b y 1 ran k A . R u g g le s , 53 S ta te S t ., B o s t o n , h as b e e n issu ed .
I t g iv e s th e ra n g e o f p r ice s fo r 1910 o n all cla sses o f se cu r itie s
s o ld in th e B o s t o n m a r k e t .

J an. 211911. |

THE CHRONICLE

3 P xjc

COTTON.

% im z s .

Friday Night, Jan.

2 0 1 9 1 1.
T H E M O V E M E N T O F T H E C R O P a s in d ic a t e d b y o u r
te le g ra 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
S ®
! llr;g th ls e v e n in g , th e to ta l r e c e ip ts h a v e re a c h e d
2 2 3 ,1 0 1 b a le s, a g a in st 2 3 9 ,3 3 5 b a le s la s t w e e k a n d 2 7 5 ,1 0 3

C O M M E R C IA L E P IT O M E .

Friday Night, Jan.

20 1 9 1 1.
P e r h a p s th e re is a s lig h t in cre a se in tr a d e , b u t c o n s e r v a ­
tism c o n tin u e s n e v e r th e le s s to b e th e d o m in a n t n o t e , d e s p ite
th e c o n tin u e d e a sin e ss o f th e m o n e y m a r k e t a n d a r a th e r
m o r e c h e e rfu l fe e lin g in th e ir o n a n d steel tr a d e .

w

R eceipts a t —

1 0 .3 0 c ., C ity , s te a m , 1 0 c.
R e fin e d h as b e e n in a c t iv e , w ith
a w eaker te n d en cy .
C o n tin e n t 1 0 .7 0 c ., S o u th A m e r ic a n
1 1 .0 5 c . a n d B ra zil in k e g s 1 2 .6 5 c .

T h e r e h a s b e e n lit tle life

P r ic e s g e n e r a lly s h o w

a s lig h t lo s s ,

m a in ly o w in g t o s o m e in cre a se in h o g r e c e ip ts a n d a r e d u c t io n
in c o s t .

DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
S a t.

T
, ,,
J a n u a r y d e l i v e r y . ........... 1 0 . GO
M a y d e l i v e r y ................... 1 0.3 5

M on .

1 0.4 5
1 0 .3 0

T u es.

10.4 0
10.2 5

W ed.

1 0 .3 5
1 0.2 0

T hurs.

1 0.2 5
1 0 .1 5

F r i.

10.2 0
1 0 .1 0

DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
S a t.

T
. „
J a n u a r y d c U v e r y ............. 1 0 .5 0
M a y d e li v e r y ................. 1 0 .0 5

M on .

1 0 .2 7 }*
0 .0 5

T u es.

1 0.3 5
10.0 5

W ed.

T hurs.

1 0.2 5
1 0 .2 0
9 .0 7 }* 1 0 .0 2 }*

F ri.

yi

lli / c

O I L .— L in se e d h a s b e e n q u ie t a t a n a d v a n c e .
C ity ra w
A m e r ic a n s e e d , 9 4 @ 9 5 c . ; b o ile d , 9 5 @ 9 6 c . ; C a lc u tt a ,’ ra w )
$1.
C o t t o n se e d e a sie r; w in te r 7 .7 0 @ 7 .9 9 c .; s u m m e r w h ite ,
7 . 7 0 @ 7 .9 9 c .
C o c o a n u t is s lig h tly h ig h e r; C o ch in 1 0 @ 1 0 3 4 c .)
C e y lo n
9 > £@ 9% c.
O liv e q u ie t a n d s t e a d y ; 9 0 @ 9 5 c .
C orn firm a t 7 @ 7 . 0 5 c .
L a r d h a s b e e n firm ; p r im e 9 5 c . @ $ 1 ;
N o. 1 extra 6 5 @ 7 0 c .
C o d h as b e e n s t r o n g ly h e ld ; d o m e s ­
tic 5 3 @ 5 5 c .; N e w fo u n d la n d 5 5 @ 5 8 c .
C O F F E E o n th e s p o t h as b e e n ea sie r b u t b u sin e ss h a s b e e n
s lo w .
R io N o . 7, 1 3 > £ @ 1 3 % c .; S a n to s N o . 4 , 1 4 @ 1 4 ^ c .
S p e c u la tio n h a s b e e n o n a fa ir ly la rg e sca le a n d th e m o v e ­
m e n t h as g e n e r a lly b e e n d o w n w a r d .
O n th e g r o u n d th a t
th e m a r k e t w a s h e a v ily o v e r - b o u g h t , m a n y h o ld e r s s h o w e d
a n x ie t y to u n lo a d .
U n d e r th is liq u id a tio n p r ic e s a t o n e
tim e s h o w e d a lo ss o f 2 0 to 3 5 p o in ts , b u t la te r le a d in g tr a d e
in terests a b s o r b e d all th e o ffe r in g s a n d th is s u p p o r t p u t a
s t o p to liq u id a tio n a n d c a u se d a p a rtia l r a lly .
T o w a r d th e
e n d th e re w a s a fu r t h e r b r e a k .
C losin g p r ic e s w e re a s fo llo w s :
J a n u a r y - _ 1 1 .1 0 @ 1 1 .2 0
1 -e b r u a r y _ 1 1 . 1 5 @ 1 1 . 2 0
M a r c h -------l l . 2 3 @ l l . 2 4
A p r i l -------- 1 1 . 2 2 @ 1 1 . 2 4

M a y _____ 1 1 . 2 2 @ 1 1 . 2 3 | S e p t e m b c r . l 0 . 0 0 @ l l 00
J u n e ---------1 1 . 2 0 @ 1 1 . 22 O c t o b e r . _ _ 1 0 . 8 7 @ 1 0 .0 0
J u l y -------- 1 1 . 1 7 @ 1 1 . 1 8 N o v e m b c r _ 1 0 . 8 5 @ 1 0 . 8 7
A u g u s t ___H . 0 8 @ 1 1 . 1 0 ! D c c c m b c r . . l0 . 8 4 @ 1 0 . 8 5

S U G A R .— -R a w h as b e e n m o r e a c t iv e a t a lo w e r p r ic e l e v e l.
C e n tr ifu g a l, 9 6 -d e g r e e s te s t, 3 .5 1 c .; m u s c o v a d o , 8 9 -d e g re e s
te st, 3 .0 1 c .; m o la s s e s , 8 9 -d e g r e e s te st, 2 .7 6 c .
R e fin e d h as
b e e n s lo w , w ith p r ic e s a little lo w e r .
G ra n u la te d 4 .7 0 c .
T e a s h a v e b e e n q u ie t a n d s te a d y , o w in g to sm all o ffe r in g s .
S p ic e s h a v e b e e n s te a d y w ith a b e t t e r d e m a n d fo r s o m e
cla sses.

PETROLEUM.—

-T h e m a r k e t is q u ie t a n d u n c h a n g e d .
R e fin e d , b a r r e ls , 7 .4 0 c .; b u lk , 3 .9 0 c .; ca se s, 8 .9 0 c .
G aso­
lin e , 86 d e g r e e s , in 1 0 0 -g a llo n d r u m s , 1 8 % c .; d r u m s , $ 8 50
ex tra .
N a p h th a , 7 3 @ 7 6 d e g re e s , in 1 0 0 -g a llo n d r u m s,
1 6 % e .; d r u m s $8 50 e x t r a .
S p irits o f tu rp e n tin e q u ie t a t
a n a d v a n c e to 8 5 3 4 @ 8 6 c .
R o s in w a s q u ie t a n d s lig h tly
lo w e r ; c o m m o n to g o o d stra in e d $ 6 5 0 .
T O B A C C O .— T h e m a r k e t h as b e e n q u ie t , w ith p r ice s g e n e r ­
a lly s te a d y f o r b in d e r t o b a c c o , a lth o u g h th ere a re p r e d ic t io n s
o f a r e d u c t io n in filler.
W h ile m a n u fa c tu r e r s are b u s y th e y
sh o w n o d is p o s itio n to a rra n g e fo r fu tu r e s u p p lie s .
Penn­
s y lv a n ia fa r m e r s a re h o ld in g th e b a la n c e o f th e 1910 c r o p fo r
h ig h e r p r ic e s , th e la rg e r p a r t o f th e g r o w t h h a v in g b e e n ta k en
b y p a c k e r s a n d m a n u fa c tu r e r s .
P a c k e r s seem d is p o se d to
ig n o r e fillers u n less p r ic e s are r e d u c e d , a n d th e r e fo r e th e O h io
g r o w t h is p r a c tic a lly n e g le c te d .
C O P P E R h as b e e n s t e a d y w ith b u sin e ss c o n fin e d t o sm a ll
jo b b in g lo t s .
L a k e 1 2 5 4 @ 1 3 c ., e le c t r o ly t ic 1 2 .4 0 @ 1 3 c .,
c a s tin g 1 2 > ^ @ 1 2 3 4 c .
L e a d h a s b e e n du ll a n d e a sie r a t
4 .4 0 @ 4 .5 0 .
S p e lte r d u ll a n d o ffe r e d s lig h tly lo w e r a t
5 . 4 5 @ 5 .5 5 c .
T in h a s b e e n o f la te firm e r a n d fa ir ly a c t iv e
a t 4 1 3 4 @ 4 1 .4 0 c .
I r o n h a s b e e n ra th e r m o r e a c t i v e , g e n e r ­
a lly b e c a u s e o f c o n c e s s io n s o n c o s t .
I t seem s q u it e g e n e r a lly
a g re e d th a t d e c id e d ly b e tt e r c o n d it io n s c a n n o t b e e x p e c t e d
fo r s o m e tim e .
N o . 1 N o rth e rn $ 1 5 2 5 @ $ 1 5 7 5 , N o . 2
S o u th e r n $ 1 5 2 5 @ $ 1 5 5 0 .
T h e fe e lin g re g a rd in g steel is
m o r e h o p e fu l.
B u y in g h as b e e n b e tt e r , p a r t ly fo r fo r e ig n
a c c o u n t , a n d p r e se n t p r ic e s a re to b e m a in ta in e d .




M on .

T ues.

8 ,2 4 4

1 2,0 72

1 8,8 45

9 ,9 0 8

1 0,7 33

10,881

11,210

1 2,3 43
6,812

9’,803

5*90 4

‘ 740

1~,475

713

"202

‘ 492

‘ 270
4 ,0 3 3

304
4,671

6",136

4 ,6 2 4

4‘ 961

2 ,8 4 8
1,8 2 3

2 ,6 4 9
2 ,3 6 7

144

3 0 ,4 1 6

W ed.

T h u rs.

F ri.

T otal.

9 ,5 0 9

7 0 ,2 1 1

2 2 ,228

9 ,8 8 5
10,431
3 ,6 2 9
852
198
4 ,8 1 2
7 ,0 8 3

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

'3 0 2

"7 9 1

666

"8 7 1
3 0 ,1 3 7
7 ,0 8 3
3 ,0 2 8

2 ,3 8 8

1,529
1,152

‘ 755
1,2 7 4

" ‘ 52
215

9", 9 40
1 0 ,8 5 7
328

489

158
161

"9 0 9
1,8 5 3
328

“ 40

" '9 3
3 ,8 7 4

“ 50

1,1 4 2
3 ,8 7 4
50

3 6 ,6 0 5

4 9,1 91

2 7 ,7 8 7

2 5 ,0 0 0

5 4 ,1 2 2 2 23 ,1 2 1

3 69

1 0 .0 7 J* T o t a l s t h is w e e k .
0 .8 7

P O R K o n th e s p o t h a s b e e n fir m , o w in g t o m e a g re s u p p lie s .
M ess $ 2 2 @ $ 2 2 5 0 , cle a r $ 2 0 @ $ 2 2 , fa m ily $ 2 2 @ $ 2 4 50.
B e e f h a s b e e n s t e a d y a n d q u ie t , w ith g o ffe r in g s m o d e r a te .
M ess $14 5 0 @ $ 1 5 , p a c k e t $ 1 G @ $ 1 6 5 0 , fa m ily $ 1 7 5 0 @
$ 1 8 50 a n d e x t r a I n d ia m e ss $ 3 0 .
C u t m e a ts are s te a d y ,jw ith
d e m a n d m o d e r a te .
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 e llie s, c le a r , 1 4 ^ @ 1 7 ^ c . ; p ic k le d ’ rib s, 1 3 M @
15>@ .
T a llo w du ll a n d s lig h tly ea sie r a t 7 7 -lG c . f o r C ity
S te a rin e s h a v e b e e n q u ie t a n d w e a k e r ; o le o 9 ^ c . , la rd
B u tt e r du ll a n d lo w e r ; c r e a m e r y e x tr a s 2 5 3 4 c
C h eese
irreg u la r; S t a te , w h o le m ilk , c o lo r e d o r w h ite , fa n c y , 1 5 @
1 5 3 4 c.
E g g s lo w e r ; W e s te rn firsts, 2 7 c .

S a t.

G a l v e s t o n _____
P o r t A r t h u r ____
T e x a s C i t y , & c_ _
N e w O r l e a n s ____
G u l f p o r t ________
M o b i l e ..............
P e n s a c o l a ______
J a c k s o n v i ll e , & c .
S a v a n n a h ...........
B r u n s w i c k _____
C h a r l e s t o n _____
G e o r g e t o w n ____
W i l m i n g t o n ____
N o r f o l k ________
N c w p ’t N e w s , & c
N e w Y o r k ______
B o s t o n ...............
B a lt i m o r e _____
P h i l a d e l p h i a ____

in th e lo c a l s p e c u la tiv e m a r k e t , a n d in th e W e s t b u sin e ss h as
so a c t i v e .

,making tho fcotal receiPts since

Sept
l 1910 6 ,7 3 1 ,1 2 7 b a le s , a g a in st 5 ,5 2 7 ,9 3 5 b a le s
f o r th e sa m e p e r io d o f 1 9 0 9 - ’ 10, s h o w in g a n in cre a s e s in c e
S e p t. 1 1910 o f 1 ,2 0 3 ,1 8 6 b a le s .

L A R D o n th e s p o t h as b e e n m o r e fr e e ly o ffe r e d a n d a t
lo w e r p r ic e s .
P r im e W e s te rn 1 0 .5 0 c ., M id d le W e s te r n

n o t been

195

"3 8 5

1,250

210

T h e fo llo w in g s h o w s th e w e e k ’ s to ta l r e c e ip ts , th e t o t a l
sin c e S e p t. 1 19 1 0, a n d th e s t o c k s t o -n ig h t , c o m p a r e d w ith
la st y e a r :
1 9 1 0 -1 1 .

R eceipts to
Ja n . 20.

1 9 0 9 -1 0 .

G a l v e s t o n ............
P o r t A r t h u r ........
T e x a s C it y , & c_ .
N e w O r l e a n s ____
G u l f p o r t _______
M o b i l e __________
P e n s a c o l a ________
J a c k s o n v ille , & c_
S a v a n n a h ________
B r u n s w i c k ______
C h a r l e s t o n ______
G e o r g e t o w n ____
W i l m i n g t o n ____
N o r f o l k __________
N ’p o r t N e w s , & c_
N e w Y o r k ______
B o s t o n __________
B a l t i m o r e . ______
P h i l a d e l p h i a ____

7 0,2 11 2 ,2 6 5 ,4 3 8
1 32 .39 4
2 2 ,2 2 8
2 5 6 ,1 7 3
5 5 ,0 5 0 1 ,1 2 8 ,9 1 8
3 ,6 2 0
2 2 ,3 4 6
4 ,4 8 3
2 0 5 .3 0 5
__
8 2 ,0 9 6
871
2 0 ,3 5 7
3 0 ,1 3 7 1 ,2 0 2 ,9 1 6
7 ,0 8 3
2 0 0 ,8 3 0
3 ,0 2 8
2 5 5 ,0 9 4
836
9 ,9 4 0
3 6 3 ,0 0 2
1 0 ,8 5 7
4 7 6 ,7 3 6
328
3 ,8 4 8
2 10
4 ,5 5 5
1,1 4 2
2 6 ,5 7 6
3 ,8 7 4
8 3 ,4 1 7
50
200

...

Stock.

|

T his Sin ce S ep T his Sin ce S ep
w eek. j 1 1910. | week. [ 1 1909.
6 9,1 16 1 ,9 9 2 ,2 8 0
88,271
*5 2 8
2 8 ,3 8 3
3 5 ,9 2 0
8 2 2 ,5 1 7
55
8 ,1 0 8
4 ,1 1 6
1 85 ,45 8
1,1 5 0
9 7,8 41
7 06
3 3 ,1 8 3
9 ,1 6 4 1 ,1 5 4 ,7 0 2
1,208
1 92 ,29 7
464
1 90 ,09 7
85
019
421
2 7 8 ,8 9 8
5,8 5 4
3 8 8 ,9 8 9
892
1 2 .0 5 0
3 ,7 4 2
*4 81
5 ,9 9 6
1,588
4 3 ,4 5 2
75
752

1911.

1 91 0.

2 2 5 ,4 3 9

204 ,37 5

2 1 7 ,8 8 5
1 4,2 05
3 0 ,0 2 6

2 1 5 ,9 0 7
850
3 7 ,1 4 4

1 29 ,48 5
9 ,9 5 4
3 0 ,2 9 5

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

1 2*8 0 5
2 9 ,2 9 2

1 2*237
3 5 ,8 1 7

3 1 4 ,8 0 3
2 ,6 2 4
7 .0 6 8
4 ,1 8 0

1 80 *7 73
6 ,4 0 0
1 1 ,3 5 3
3 ,0 6 6

T o t a l .............. .. 2 2 3 ,1 2 1 6 ,7 3 1 ,1 2 7 '1 3 1 ,0 1 3 5 .5 2 7 ,9 3 5 1,037.0611

In

8 5 5 .1 1 6

that comparison may be made with other years,

order
n friun Lnl Atir fit A f n f n 1o n f lnnrlirwv nAnfn

R eceipts at —

1911.

G a l v e s t o n ___
P t.A rth u r,& c .
N e w O r le a n s _
M o b i l e ______
S a v a n n a h ___
B r u n s w i c k ___
C h a r le s t o n , & c
W ilm in g t o n . _
N o r f o lk
____
N 'p o r t N ., & c
A l l o t h c r s ____
T o t a l t h is w k .

1910.

1 90 9.

1908.

7 0 ,2 1 1
2 2 ,2 2 8
5 5 , 0 )0
4 ,4 8 3
3 0 ,1 3 7
7 ,0 8 3
3 ,0 2 8
0 ,9 4 0
1 0,8 57
328
9 ,7 7 6

6 0 ,1 1 6
528
3 5 ,9 2 0
4 ,1 1 6
9,1 6 4
1,208
540
421
5 ,8 5 4
892
4 ,1 4 5

7 6 ,0 1 4
7 ,8 2 7
5 8 ,8 1 0
1 0,5 85
3 4 .1 4 4
1 2,1 36
3 ,5 2 0
1 0,0 30
1 6,8 90
398
11,504

6 1 ,1 8 6
13,362
6 9,7 42
7 ,0 3 3
3 3 ,3 5 3
15,4 82
4 ,5 8 6
2 3 ,8 3 0
1 6 ,3 1 5

2 23 ,1 2 1

1 3 1 ,91 3

2 4 1 ,8 5 8

190 T.
1 3 3 ,0 9 5

1 90 6.

8 ,9 0 2

7 6*6 5 3
8 ,0 0 2
4 0 ,6 3 0
2 .1 1 4
1,9 4 4
4,7 5 4
1 6 ,2 8 0
1,126
9 ,5 6 4

3 6 ,0 1 9
948
3 2 ,7 9 7
5 ,3 7 2
1 2 ,6 2 2
2 ,1 4 7
1 ,9 1 3
2 .8 9 4
7 ,5 4 6
1,0 4 9
7,5 9 1

2 5 3 ,8 9 1

2 9 4 .1 6 2

1 1 0 ,8 9 8

S in c e S e p t . 1 _ 6 ,7 3 1 ,1 2 7 5 ,5 2 7 ,9 3 5 7 ,0 4 5 ,9 1 6 ' 5 ,8 9 1 ,3 6 4 7 ,0 1 6 ,5 6 5 5 ,6 1 0 ,6 5 3

T h e e x p o r t s f o r th e w eek e n d in g th is e v e n in g rea ch a to ta l
o f 28.5,241 b a le s , o f w h ich 1 3 4 ,8 2 4 w ere t o G re a t B r it a in ,
4 8 ,0 5 8 t o F r a n c e a n d 1 0 2 ,3 5 9 t o th e rest o f th e C o n tin e n t .
B e lo w are th e e x p o r t s f o r th e w e e k a n d sin c e S e p t. 1 19 1 0.

ending J a - . 20
From Sept. I 1910 to Jan. 20 1911.
Exported to —
Exported to—
Great |
I ContiGreat |
ContiBritaln. Fr'nce. nent. Total. Britain. France, nent.
Total.
B 'e r *

Exports
from —

Galveston___
Port Arthur__
Texas Clty,&e.
New Orleans. .
Mobile............
Pensacola___
G u l f p o r t ........
Savannah ___
Brunswick___
Charleston___
Wilmington__
Norfolk_____
Newport News
New York___
Boston ..........
Baltimore___
P h ila d e lp h ia - .
Portland, Me. _
San Francisco.
Seattle ..........
Tacoma..........
Portland. Ore.
Pemblna____
Detroit............

25,566,21,465 27,073; 74,104
12,343' 7,788
60,618 7,497
....... 11,208

20,131
20,091j 88,106
10,378; 21,586

21,070
10,440

23,799

44,869
10,440

10,483! 10,483
2,874
2,013

2,649;
300
1,8441
229

5,623
2,313
1.844
229

4,660,
603!

4,660
603
250

797,027 244.956 694,905 1,736,888
31,583, 37.6371
63,174; 132,394
177,168 29,166!
15,805' 222,139
585,278! 83,908 225,1111 894,297
50,560! 29,959
45.674! 1 26,193
32,633 20.443
29,122j
82,198
4.516' 3,625
8,141
285,996 90,064 3*1*5*4571 691,517
90,925
68,040
158,965
15,549
b~o66 80,651 106,100
124,171 32,015 176,025 332,211
1,448
10,400’
11,848
191,354 54.793
80,610
13,851
6,178
33,077
56

109^995

6,202

48,028
3,157
52^674
26,150
7,585
500

1,000

..".".I

356*142
86,812
68,057
36,334
56
52,674
26,150
7,585
500

" 1*666

T o t a l ______ 134.82148,058102,359 285,241 2,525,754 G42,644|l,969,703 5.138,101
T o ta l 1909-10.

12,324 5,73p! 46,312 64,366 1,519,185739,866 1,750,265^4,009,316

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 t o -n ig h t a ls o
g iv e us 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 sim ila r fig u res fo r
N ew Y ork .

6,3 6 7

4 ,6 3 5

T o t a l 1 9 1 1 ..
T o t a l 1 9 1 0 ..
T o ta l 1 9 0 9 ..

62,851
50,8 39
5 5,1 50

1 ,2 0 0
7 ,0 0 0

800

400
9 ,0 0 0

1 ,0 0 0

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

4 8 ,3 8 4
45,1 41
4 0 ,2 2 4

3 6,7 98
2 4 ,6 3 7
3 8 ,0 7 2

—

—

3 25,0 71
7 ,1 3 8 1 2 5 ,5 7 5
700
1,9 5 0
500
500
1 5,602
9 ,3 1 8
9 ,3 1 8
3 .4 0 0
1 6 ,0 0 0

1 9 2 ,81 4
9 9,8 64
1 2 7 ,5 3 5
2 9 ,7 9 5
2 3 ,4 2 4
19,974
3 1 1 ,4 0 3
3 4 ,8 3 6

17,659 1 9 7 ,4 1 6
3 2 ,8 2 7 177,102
17,611 1 7 1 ,9 1 6

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

—

S p e c u la t io n in c o t t o n fo r fu t u r e d e liv e r y h a s still k e p t
w ith in n a r ro w b o u n d s , a n d p r ic e s , th o u g h ir r e g u la r , h a v e
b e e n in th e m a in firm ; y e t ta lk o f c u r ta ilm e n t o f p r o d u c ­
t io n g r o w s lo u d e r d a y b y d a y .
S o u th C a ro lin a a n d G e o rg ia
m a n u fa c tu r e r s ’ a s s o c ia tio n s h a v e p a s s e d re s o lu tio n s lo o k in g
t o a c u r ta ilm e n t , w h ic h in S o u th C a ro lin a is to a m o u n t to
fiv e w e e k s b e tw e e n A p r il a n d S e p te m b e r .
T h e A r k w r ig h t
C lu b o f B o s t o n , r e p r e se n tin g , it is s a id , o v e r 1 0 ,0 0 0 ,0 0 0
s p in d le s in N e w E n g la n d , p a sse d o n W e d n e s d a y r e s o lu tio n s
lo o k in g t o a r e d u c t io n in th e o u t p u t in th a t s e c tio n o f 2 5 % .
A m e r ic a n s p in n e rs are sa id t o b e b u y in g th e a c tu a l c o t t o n
o n a v e r y sm all sca le fo r th e re a so n th a t o n m a n y k in d s o f
g o o d s th e y c a n n o t m a k e b o t h e n d s m e e t; th ere is a loss t o o
g r e a t t o b e ig n o r e d .
A n o t h e r th in g w h ic h p u z z le s m a n y
is th e s te a d y a c c u m u la t io n o f c o t t o n a t N e w Y o r k .
W hy
is th is , it is a s k e d , if th e d e m a n d f o r c o t t o n a t th e S o u th
is as g r e a t as it is r e p r e se n te d t o b e , e s p e c ia lly as N e w Y o r k
is c o n s id e r e d th e c h e a p e s t m a r k e t a n d th e q u a lit y o f th e b u lk
o f th e c o t t o n in th e N e w Y o r k s t o c k is u n d is p u t a b ly g o o d .
I t is in siste d , t o o , th a t th e c r o p , so fa r fr o m b e in g o n ly
1 1 ,0 0 0 ,0 0 0 b a le s , as o n e L iv e r p o o l e s tim a to r p u ts it, is re a lly
a t le a s t 1 2 ,0 0 0 ,0 0 0 b a le s , a n d n o t im p o s s ib ly 1 2 ,2 5 0 ,0 0 0 to
1 2 ,5 0 0 ,0 0 0 b a le s .
F o r se v e ra l d a y s , t o o , L i v e r p o o l’ s s p o t
sa le s s h o w e d a sh a rp fa llin g o ff, a n d th e r e p o r ts in re g a rd
t o L a n c a s h ir e ’ s tr a d e w e re less f a v o r a b le .
I f E a s t I n d ia ’ s
c r o p m o v e m e n t is r e la t iv e ly s m a ll, th a t o f E g y p t as w ell as
th a t o f th e U n ite d S ta te s is la rg e .
M o r e o v e r , th e e x p e c t a ­
t io n is g e n e ra l th a t d u r in g th e a p p r o a c h in g s e a so n th e S o u th
will p u t in a h ig h -re co rcl a c r e a g e .
M e a n tim e , w ith s p e c u ­
la tio n lifeless a n d A m e r ic a n tr a d e in a c o n d it io n fa r fr o m
s a t is fa c t o r y , th e m a r k e t is la r g e ly a p r o fe s s io n a l a ffa ir.
S p in n e r s h a v e b o u g h t fu tu re s t o s o m e e x t e n t . L a r g e s p o t
in te re s ts h a v e b o u g h t M a rch a n d s o ld M a y a n d J u ly . L iv e r p o o l
h as s e n t so m e b u y in g o r d e r s .
C h ic a g o d r y g o o d s h o u s e s , u n ­
d is m a y e d b y th e r e c e n t fa llin g o ff in p r in t c lo t h sales at
F a ll R iv e r , ta k e an o p t im is t ic v ie w o f th e o u t lo o k . _ E x ­
p o r ts h a v e b e e n la r g e .
I n th e m e a n tim e , th e w o r ld ’ s v isib le
s u p p ly is la rg e r, w ith o n e e x c e p t i o n , th a n fo r y e a r s p a s t,
w h ile th e p r ic e c o n tin u e s r e la t iv e ly h ig h .
T o - d a y p rices
s h o w e d little c h a n g e , c lo s in g , h o w e v e r , s lig h tly h ig h e r
d e s p ite th e fa c t th a t th e L iv e r p o o l s p o t sales w ere o n ly 0 ,0 0 0
b a le s a n d th a t th e r e p o r ts fr o m M a n c h e s te r in d ic a t e d th a t
tr a d e w a s a t la st b e g in n in g t o tire o f th e p a c e w h ich h ad b e e n
k e p t u p fo r s o m e little tim e .
S p e c u la t io n h ere o n F r id a y w a s,
if a n y t h in g , d u lle r th a n e v e r , b u t p r ice s in a n a r ro w m a r k e t
w e re su s ta in e d m a in ly b y b u llish
m a n ip u la tio n .
M any
“ lo n g s ” h a v e s o ld o u t in d is g u s t d u r in g th e w e e k .
Spot
c o t t o n has b e e n q u ie t .
A t o n e tim e 10 p o in ts lo w e r , it
clo s e d a t a r e c o v e r y to th e p r ic e o f a w e e k a g o — 1 4 .0 0 c . fo r
m id d lin g u p la n d s .
T h e c e r t ific a te d s t o c k h ere h as in cre a se d
s o m e w h a t d u r in g th e w e e k .
T h e ra te s o n a n d o ff m id d lin g , as e s ta b lis h e d N o v . 10 1910
b y th e R e v is io n C o m m it t e e , a t w h ich g r a d e s o t h e r th a n
m id d lin g m a y b e d e li v e ,e d o n c o n t r a c t , a re as fo llo w s :

Gnlot

mid

A Of?

F a i r ______________ c.1.50 onM i d d l i n g ........... c . B a s i s
S tric t m id. fa ir____ 1.30 on Strict low. m i d . . . .0.25 off
M id d lin g f a ir .......... 1.10 on L o w m id d lin g ------- 0.60 off
S tric t good m id ------ 0.08 on S tric t go od o r d ___ 1.05 off
G o od m id d lin g ____0.44 on G o od o r d i n a r y . . . . .1.76 off
S tric t m id d lin g ------ 0.22 on S tric t g ’d m id. tgd .0 .3 5 on

av.1,1 Hndnd

G ood m id. tinged
_ .c E v en
Strict m id. t in g e d . . 0.15 off
M id d lin g tin g e d __ 0.25 of!
S tric t lo w .m id .tin g .0.60 oft
Lo w m id. tin g e d __ 1.50 off
M id d lin g s t a in e d . . .0.75 off

T h e o ffic ia l q u o t a t io n fo r m id d lin g u p la n d c o t t o n in the
N e w 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 :

Jan.

to J a n .

14
20 —
Sa t.
M i d d l i n g u p l a n d s ....................... 1 4.9 0

M on.
1 4.8 0

T u e s.
1 4.8 0

W ed.
1 4.9 0

T h u rs.
1 4.9 0

F r i.
14.9 0

N E W Y O R K Q U O T A T I O N S F O R 32 Y E A R S .
T h e q u o t a t io n s o n m id d lin g u p la n d a t N e w Y o r k on
J a n . 2 0 fo r e a ch o f th e p a s t 32 y e a r s h a v e b e e n as fo llo w s :
1 9 1 1 .c . .
1 9 1 0 ____
1 9 0 9 ____
1 9 0 8 ____
1 9 0 7 ____
1 9 0 6 ____
1 9 0 5 ____
1 9 0 4 ____

...1 4 .9 0
...1 4 .1 5
. . . 9 .8 5
...1 2 .2 5
...1 0 .8 0
...1 2 .2 5
. . . 7 .2 5
...1 4 .5 0

1903 . c __
1 9 0 2 ____
1 9 0 1 ____
1 9 0 0 ____
1 8 9 9 ____
1 8 9 8 ____
1 8 9 7 ____
1 8 9 8 _____

..
_.
..
..
..
..
..
..

8 .9 5 1 8 9 5 . c . .
8.31 1 8 9 4 ____
10 .0 0 1 8 9 3 ____
7.8 8 1 8 9 2 ____
6 .1 2 1 8 9 1 ____
5.88 1 8 9 0 ____
7.31 1 8 8 9 ____
8 .1 9 1 8 8 8 ____

. . 5.7 5
. 7.91
. 9 .6 2
. 7 .6 2
. . 9 .3 8
..1 0 .6 9
. . 9 .9 4
. . 1 0 .1 2

1 8 8 7 . C _______ 9.50
1880
__9.31
1 8 8 5 ________ 11.0 6
1 8 8 4 ________ 10.69
1 8 8 3 ________ 10.12
1 8 8 2 ........... . 12 .0 0
1881
_11.81
1 8 8 0 ............. 12.69

M A R K E T AN D SALES AT N EW Y O R K .
T h e to ta l sales o f c o t t o n o n th e s p o t e a c h d a y d u r in g th e
w eek a t N ew Y o r k a re in d ic a t e d in th e f o llo w in g s ta t e m e n t.
F o r th e c o n v e n ie n c e o f th e r e a d e r w e a ls o a d d c o lu m n s w h ich
sh o w a t a g la n c e h o w th e m a r k e t fo r s p o t a n d fu t u r e s closed
o n sa m e d a y s .

S a tu rd a y ..
M o n d a y ___
T u e sday ..
W e d n e sd ay
T h u rsd a y .
F r i d a y ___
T o ta l

S pot M arket
Closed.

F utures
M arket
Closed.

Q u ie t .....................
Q u ie t , 10 p t s . d e o . .
Q u i e t .......................
Q u ie t , 10 p t s . a d v . .
Q u i e t .......................
Q u i e t ......................

S t e a d y ...........
S t e a d y ______
S t e a d y ..........
F i r m _____
B a r e ly s te a d y
V e ry ste a d y .

..




Sales of S p ot an d Contract.
Con- Con­
S p o t. su m ’n. tract. T otal.
1,0 4 5
2 ,4 7 5
3 00

3 ,8 2 0

1

2 ,3 0 0
■ 766
3 ,6 0 0

1,045
2 ,3 0 0
2 ,4 7 5
300
700
3 ,6 0 0

6 ,6 0 0 10,4 20

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4 ,6 0 0

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5,560
2 8 ,7 8 0

ne

4 ,2 1 5
1 9,092
1,250

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 f o llo w s :

iy

8 ,8 8 3
4 1,1 68

L eavin g
Stock.

n il

N e w O r le a n s . . .
G a l v e s t o n ------S a v a n n a h ------C h a r l e s t o n ------M o b i l e ...........
N o r f o l k ----------N e w Y o r k ------O t h e r p o r t s ___

T otal.

arch

On S h ipboard, N ot Oleared fo r —
Ger­ Other Coast­
Great
B rita in . F rance m a n y. Foreign w ise.

a t—

Range
C lo s in g
h __
Range
C lo s in g
—
Range
C lo s in g
—
Range
C lo s in g ;
—
Range j
C lo s in g
—
Range |
C lo s in g

20

n .—

Ja n .

[VOL. LXXXXII.

n iE CHRONICLE

196

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , as
m a d e u p b y ca b le a n d te le g r a p h , is a s fo llo w s .
F o r e ig n
s to c k s , a s w ell a s th e a flo a t , a re th is w e e k ’s re tu r n s , a n d
c o n s e q u e n t ly all fo re 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 ta l th e c o m p le t e figures
fo r t o -n ig h t ( F r id a y ), w e a d d th e ite m o f e x p o r t s fr o m the
U n ite d S ta 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 iily .

Ja n u a ry

20—
1 91 1.
S t o c k a t L i v e r p o o l . . .......... b a l e s . 1 ,1 6 0 .0 0 0
S t o c k a t L o n d o n ...................
6 .0 0 0
S t o c k a t M a n c h e s t e r _____________
7 4 ,0 0 0

1 91 0.
1009.
1 ,0 6 8 ,0 0 0 1 ,1 1 7 ,0 0 0
5 ,0 0 0
10,0 00
7 0 ,0 0 0
6 5 ,0 0 0

T o t a l G r e a t B r i t a i n s t o c k .........1 ,2 4 0 ,0 0 0 1 ,1 4 3 ,0 0 0
S t o c k a t H a m b u r g ______________
3 ,0 0 0
2 6 2 ,0 0 0
S t o c k a t B r e m e n ________________
S t o c k a t H a v r e __________________
2 2 3 ,0 0 0
S t o c k a t M a r s e i ll e s ..............
2 ,0 0 0
S t o c k a t B a r c e l o n a _____________
9 ,0 0 0
4 7 ,0 0 0
S t o c k a t G e n o a __________________
S t o c k a t T r i e s t e _________________
2 ,0 0 0
T o t a l C o n t i n e n t a l s t o o k s ...........

5 4 8 ,0 0 0

8 4 5 ,0 0 0

1 90 8.
9 8 0 ,0 0 0
1 3 ,0 0 0
6 4 ,0 0 0

1 ,1 9 2 ,0 0 0

1 ,0 5 7 ,0 0 0
18,0 00
3 1 8 .0 0 0
2 0 3 .0 0 0
4 ,0 0 0
2 9 .0 0 0
3 4 .0 0 0

8 5 0 ,0 0 0

6 2 7 ,0 0 0

21.000

T o t a l E u r o p e a n s t o c k s ............. 1 ,7 8 8 ,0 0 0 1 ,9 8 8 ,0 0 0 2 ,0 4 2 ,0 0 0 1 ,6 8 4 ,0 0 0
I n d i a c o t t o n a l lo a t fo r E u r o p e ___ 1 7 8 ,0 0 0
2 0 1 ,0 0 0
1 4 5 ,00 0
1 0 5 ,0 0 0
A m e r . c o t t o n a flo a t fo r E u r o p e . . 7 6 5 ,5 7 6
3 5 9 ,8 6 3
8 9 2 ,0 1 8
8 5 4 ,7 1 8
E g y p t . B r a z i l , & c .,a (lt.fo r E u r o p e .
7 2 ,0 0 0
4 5 ,0 0 0
5 2,0 00
5 8 ,0 0 0
S t o c k In A l e x a n d r ia , E g y p t ......... 2 9 3 ,0 0 0
2 2 9 ,0 0 0
2 9 7 ,0 0 0
2 3 8 ,0 0 0
S t o c k In B o m b a y , I n d i a ............... 4 0 8 ,0 0 0
5 6 7 .0 0 0
3 4 7 ,0 0 0
4 7 1 ,0 0 0
S t o c k In U . S . p o r t s .................. . . 1 ,0 3 7 ,0 6 1
8 5 5 ,1 1 6
9 2 4 ,4 1 8
9 0 9 ,2 5 7
S t o c k In U . S . in t e r io r t o w n s ____ 7 5 5,825
7 4 4 ,8 7 1
8 5 4 ,5 2 2
5 4 3 ,8 6 6
U . S . e x p o r t s t o - d a y _____________
6 3 ,2 6 3
4 ,4 8 5
3 9 ,5 6 6
5 3 ,6 4 o
T o t a l v is ib le s u p p l y ............... . .5 , 3 6 1 ,7 2 5 4 ,9 9 4 ,3 3 5 5 ,5 9 3 ,5 2 4 4 ,9 1 7 ,4 8 6
O f th e a b o v e , t o t a ls o f A m e r i c a n a n d o t h e r d e s c r ip t io n s a r c a s fo llo w s :

A m erican —

L i v e r p o o l s t o c k .............. ......b a l e s . 1 ,0 3 5 ,0 0 0
M a n c h e s t e r s t o c k _____ ___________
6 1 ,0 0 0
C o n t in e n t a l s t o c k .............. ............ 5 1 6 ,000
A m e r i c a n a flo a t f o r E u r o p e _____
7 6 5 ,5 7 6
U . S . p o r t s t o c k s .....................
1 ,0 3 7 ,0 6 1
U . S . In t e r io r s t o c k s _____________ 7 5 5,825
U . S . e x p o r t s t o - d a y --------------------6 3 ,2 6 3
T o t a l A m e r i c a n --------------

E ast In d ia n , B ra zil, &c.-

9 8 3 .0 0 0 1 ,0 1 6 ,0 0 0
5 8 ,0 0 0
5 1,0 00
7 9 2 .0 0 0
8 0 3 ,0 0 0
3 5 9 ,8 6 3
8 9 2 ,0 1 8
8 5 5 ,1 1 6
9 2 4 ,4 1 8
7 4 4 ,8 7 1
8 5 4 ,52 2
4 ,4 8 5
3 9 ,5 6 6

8 5 7 .0 0 0
5 1 ,0 0 0
5 5 0 .0 0 0
8 5 4 ,7 1 8
9 0 9 ,2 5 7
5 4 3 ,8 6 6
5 3,6 45

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

L i v e r p o o l s t o c k ___________________.
.
L o n d o n s t o c k ................ .....
.
M a n c h e s t e r s t o c k __________
.
C o n t in e n t a l s t o c k __________
I n d i a a flo a t fo r E u r o p e ..................
E g y p t , B r a z i l , <Scc., a l l o a t ________.
S t o c k In A l e x a n d r ia , E g y p t _____.
S t o c k in B o m b a y , I n d i a ................

125
1 2 5 ,00 0
"6 ,0
"0
" "0
1 3,0 00
3 2 ,0 0 0
178
1
7 8 ,00 0
7 2 ,0 0 0
2 9 3 ,0 0 0
4 0 8 ,0 0 0

8 5 ,0 0 0
5 ,0 0 0
1 2 ,0 0 0
5 3,0 00
2 0 1 ,0 0 0
4 5 ,0 0 0
2 2 9 ,0 0 0
5 6 7 ,0 0 0

1 0 1 ,0 0 0
10 ,0 0 0
1 4,0 00
4 7,0 00
1 45,000
52,0 00
2 9 7 ,0 0 0
3 47 ,0 0 0

1 2 3 ,0 0 0
1 3,0 00
1 3 ,0 0 0
7 7 ,0 0 0
1 0 5 ,0 0 0
5 8 ,0 0 0
2 3 8 ,0 0 0
4 7 1 ,0 0 0

.1 ,1 2 7 ,0 0 0 1 ,1 9 7 ,0 0 0 1 ,0 1 3,00 0 1 ,0 9 8 ,0 0 0
.4 ,2 3 4 ,7 2 5 3 ,7 9 7 ,3 3 5 4 ,5 8 0 ,5 2 4 3 ,8 1 9 ,4 8 6
T o t a l v is ib le s u p p l y ................ .5 ,3 6 1 ,7 2 5 4 .9 9 4 ,3 3 5 5 ,5 9 3 ,5 2 4 4 ,9 1 7 .4 8
M i d d l i n g U p l a n d , L i v e r p o o l ____
8 .0 5 d .
7 .5 6 d .
5 .3 0 d .
6.436
1 1.7 5c
1
10.000.
M i d d l i n g U p l a n d , N e w Y o r k ____
1 4 .9 0 o .
' 4‘ .4‘ 5 c .
10 Md
14 M d . 8 1 5 -1 0 d .
E g y p t, G ood
L iv e r p o o l..
1 1 ,25d
9.75d.
7.75d.
P e r u v ia n , R o u g h G o o d , L iv e r p o o l
1l. l5 d .
7 7 -1 0 d . 4 1 5 -1 6 d . 5 1 3 -1 6 d
B r o a c h , F in e ,
7
5>$d
7
4 1 5 -1 6 d .
T l n n c v c ll y , G o o d , L i v e r p o o l ____7 1 3 -1 0 d .

B row n,
11 7-10d.
L iverpool------------- 15-I6d.

'Ad.

C o n tin e n ta l im p o r t s fo r th e p a s t w e e k h a v e b e e n 1 7 7 ,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 d e c re a se fr o m la s t w eek
o f 4 5 ,8 0 6 b a le s , a g a in o f 3 6 7 ,3 9 9 b a le s o v e r 1910, a
d e c re a se o f 2 3 1 ,7 9 9 b a le s fr o m 1 9 0 8, a n d a g a in o f 4 4 4 ,2 3 9
b a le s o v e r 1907.

J a n . 21 1911.1

THE CHRONICLE

A 1 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. 1, 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 it e m s f o 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 .

M ? i V T 9 r m F ° n S, F 0 R M { D D L I N G C O T T O N A T O T H E R
M A h a M l . 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 t h e r p r in c ip a l c o t t o n m a r k e t s f o r
e a c h d a y o f th e w e e k .

Jan.

C losing Q uotations fo r M id d lin g Cotton on—
S a t'd a y , , M on day, T uesday, W ed’d a y . T hursd'y, F rid a y ,

20.

G a l v e s t o n _____
N e w O r le a n s . .
M o b i l e ...............
S a v a n n a h _____
C h a r l e s t o n ........
W i l m i n g t o n ____
N o r f o l k ________
R a l t l m o r e _____
P h i l a d e l p h i a ___
A u g u s t a ..........
M e m p h i s ______
S t . L o u i s ______
H o u s t o n ______
L i t t l e R o c k ____

© ^

MMQ Q»j Cj f*i m

u ,n

a

«0■*.! on

,-

5?SIrl
H c>00w 00tO^C-JOOCOOsCO^C^i-^OOOOHCO^OiOOCOfOM
>—
O
C*9toc^
^^^ICOOtOUtOt-iO^OO*—
JOOrf^^*^

Week
ending

00
.L*.COO IS505*■!C5^'?^^^^^o®oow^Vjoobtoo'Iuo>bo>ooto^
CO00■£*t\5JOto COMt\JOOl >t±05>t*COto CO^iMOCflQOOCJrt
C 4^coooooci^o«ooots>Q5^q>^ogSog^£?ei£?^^gagggg

Dec.
“
“
"
“
Ja n .
“
•'

^ 3 Co
v s ?

<OOrf5.OC^t0OC1O^^0C0(^»Q0C0C•»^S^goS^2o^gg,, to o ^ S S

COorMWMto >-»© to 00 £ 05osCOCDCO^ U p OiOt£j©££^©£oo?5c3 tsj^^
r1^ ° <CJ*W<*^ © ©*°°►-* ^ C*C*&»►"*07Li lo*00U COCOOlh i ‘rnh i ° 5 8
Mt^-10rvOC5COC0005C0^050005^0000505a>^t005^^0MCoSSSP *

co^coowo^^o<oco^co^-»o5c>ososcocsoooso^jS2cioooosc

S in ce
S e p t.

W eek.

W eek.

de­

Sin ce
S e p t.

1.
3 3 0 ,1 7 6
143 ,77 8
2 2 ,2 2 2
8 3,3 59
4 4 ,1 8 5
108,624
1 02,379

16,760
966
1,034
13,298
1,355
3,1 8 2
6,2 1 8

1.
256 ,88 1
120 ,26 2
1 3,4 75
5 6 ,7 0 3
2 8 ,0 7 4
7 7 ,4 7 7
105 ,83 1

8 3 4 ,7 2 3

4 2 ,8 1 3

6 5 9 ,3 0 3

1 14,748
19,552
25,9 93

2,1 4 4
1,024
1,546

53,9 42
1 9,8 15
2 5 ,2 1 0

160.2 93

4,7 1 4

9 8 ,9 6 7

L e a v i n g t o t a l n e t o v e r la n d * _ ............................4
0 99
6 71
4 ,6
,4 2
3 0 6 7 4 ,4338,0

5 6 0 ,3 3 6

T o t a l p ro a s o v e r la n d ..................4 9 ,5 6 1

Deduct shipm ent a —

O v e r l a n d t o N . Y . ( ll o s t o n , & c . .
R c t w e c n In t e r io r t o w n s __________
I n la n d , & o ., fr o m S o u t h ............ ..

5 ,2 7 6
1,386
1,2 79

T o t a l t o bo d e d u c t e d ................... 7,041

• I n c l u d i n g m o v e m e n t b y r a il t o C a n a d a .

T h e fo r e g o in g s h o w s th e w e e k ’s n et o v e r la n d m o v e m e n
h as b e e n 4 1 ,0 2 0 b a le s , a g a in s t 3 8 ,0 9 9 b a le s fo r th e w e e k las;
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 cre a se o v e r a y e a r a g o o f 1 1 4 ,0 9 4 b a le s .
.

In Sight an d Spin n ers'
T akin gs.

--------- 1 9 1 0 -1 1 ---------------------- 1 9 0 9 -1 0 ---------

wee.

R e c e ip t s a t p o r t s t o J a n . 2 0 ........ 223 ,12 1
N e t o v e r la n d t o J a n . 2 0 ______
4 1 ,6 2 0
S o u t h e r n c o n s u m p t i o n t o J a n . 2 0 . 5 1 .0 0 0
—
:— _
K T o t a l m a r k e t e d ........................... 3 1 5 ,74 1
In t e r i o r s t o c k s In e x c e s s ............... *3 8 ,5 2 0

Since
S ep t.

TVeefc

Since
S e p t. 1.

;.
l.
6,7 3 1,127
6 7 4 ,4 3 0
9 1 5 ,0 0 0

131,913
3 8,0 99
5 2,0 00

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

8 ,3 2 0 ,5 5 7
7 0 6 ,04 7

2 2 2 ,0 1 2
* 2 6 ,5 6 5

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

195 ,44 7
9 ,0 2 6 ,6 0 4
1,4 0 7.00 1

6 5,3 48

1 ,3 8 5 ,5 8 6

* D e cre a se d u r in g w eek.

nates.

I

Since se p t.

1—

n ates.

2 3 ........................ 3 0 3 ,53 5| 1 0 0 8 -0 9 — J o n . 2 3 .................9 ,5 8 4 ,9 4 1
} 3 2 2 — J a n . 2 4 ........................ .3 3 0 ,3 9 3 1 1 9 0 7 -0 8 — J a n . 2 4 ................ 7 ,7 9 0 ,7 5 1
— J a n . 2 5 ........ ............... 3 7 2 ,3 5 7 1 1 9 0 6 -0 7 — J a n . 2 5 ..................9 ,3 7 3 , 6 1 0
1 9 0 0 — J a n . 2 0 .......................... 1 8 0 ,9 0 7 1 1 9 0 5 -0 0 — J a n . 2 6 ................ 7 ,7 0 0 , 0 1 0




1 5 "
15.1 5
14 15-16
15%
15%
15
14 13-16

2
9
16
23
30
6
13
20

Receipts at Ports.

Stock at Interior Towns. Receipts from Planta’ns.

1910-11 1909-10 1908-09 1910-11 1909-10 190S-09 1910-11 190G-:0 1908-09
132,62)
400,59?
417,201
361.0 >9
298,664
275,103
239,335
223,121

216,389
190,910
204,324
208,499
170,789
167.337
159,414
131,913

457,544
100,266
403,352
351,736
266,772
295,374
236,829
241,858

777.378
8 )4 ,9 )2
831,361
857.255
863,440
835,221
795,345
756,825

736,416
759,261
778,623
790,287
799,068
794,207
771,436
744,871

816.344
861,451
883,158
914,653
935,102
904,644
882,872
854,522

498,128
428.8 7
4 3.570
386.961
104,849
246,844
199,459
184,601

255,046
213,755
223,6.86
220,163
179,570
162.476
136,643
105,348

183,178
421,373
425,059
383,231
287,221
264,826
215,057
226,541

J a n u a ry —
R a n g e ______
C l o s i n g ______

F ebruary —

R a n g e ______
C l o s i n g ______

M arch —

R a n g e ...........
C l o s i n g ______

A p r il —

R a n g e ______
C l o s i n g ______

A ta y —

R a n g e __
C l o s i n g ______

Ju ne—

R a n g e ______
C l o s i n g - ___

J u ly —

S a t'd a y, M on day, T uesday, W ed’d a y,
F rid a y ,
J a n . 14. J a n . 16. J a n . 17 .J a n . 18. JTahursd'y,
n . 19. J a n . 2 0.
. I
1 4 .8 1-.87 1 4 .7 7-.87 14 .74 -.7 7 14 .70-.93
1 4.8 5 -.8 7 1 4.7 7-.78 1 4.7 5 -.7 6 1 4.9 3 -.0 4
|
@ —
@ _
—
@ — —
@ — —
14 .90-.92 1 4.8 2-. 84 14 .80-.82 1 4 .0 5 -.9 7
i
1 4.9 7 -.0 5 1 4.9 1-.98 1 4 .8 5 -.9 0 1 4.9 0 -.0 6
15.00-.01 14 .91-.92 1 4.8 7-.88 1 5 .0 5-.06
I
@ — —
—
@ ~ —
@ — —
@ —
1 5 .1 0 -.1 3 1 5.0 1-.04 14 .97 -.0 0 1 5.1 5-. 17
1
1 5.1 7 -.2 6 1 5 .1 1-.18 1 5 . 0 5 - . il 1 5 .1 0 -.2 5
1 5.2 0-.2 1 1 5 . 1 0 - . il 1 5.0 7-.08 1 5 .2 4 -.2 5
1
_
@ — —
@ —
@ — — @ —
1 5.2 6-.28 1 5.1 6-. 18 1 5.1 3-. 15 1 5 .3 0-.32

R a n g e ..........
C lo s in g - . . _

15.2 6-.3 4 1 5 .2 0-.27 0 5 .1 4 -.2 0 1 5 .2 0 -.3 5
15.30-.31 1 5 .1 9 -.2 0 1 5.1 7 -.1 8 1 5 .3 4 -.3 5
I
R a n g e ______ —
@ — —
@ — 1 4.6 3 -,6 6 14.69 —
C l o s i n g ______ 1 4 .7 3 -.7 8 1 4 .6 5 -.6 7 1 4 .6 6 -.7 0 1 4 .7 8 -.8 0
—
R a n g e ...........
—
@ — —
® —
---- ---- ---C lo s in g . . 1 3 .7 0 -.7 3 --------------—
R a n g e ______
1 3.2 3-. 25 1 3 .3 3 - .41
C l o s i n g ........... 13.3 2 -.3 4 1 3.2 6 -.2 8 1 3 .2 8 -.3 0 0 3 .1 8 -.3 9
—
S p o t .............. S t e a d y .
E a s ie r .
E a s y . 1Ste a d y.
O p t i o n s _____
Q u ie t .
Q u ie t .
S te a d y . 1 F ir m .

A u g u st —

Septem ber

1 4 .8 7-.94 14 .8 8 -.9 3
14 .89-.90 1 4.9 2-.93
—
® — —
@ —
14 .91-.93 1 4.9 4-.96
14 .98 -.0 7 1 4.9 5-.06
1 5 .0 1-.02 1 5 .0 4 -.0 5

&

—
— -—
@ —
1 5.1 1 -.1 3 1 5 .1 4 -. 16
1 5 .1 8 -.2 7 1 5 .1 5 -.2 5
1 5.1 9 -.2 0 1 5 .2 3 -.2 4
—
<® — —
® —
1 5 .2 5 -.2 7 1 5 .2 9 -.3 2
1 5.2 8-.34 1 5 .2 5 -.3 4
1 5.2 9-.30 1 5 .3 3 - 34
—
14.79 1 4.7 1-.72
1 4.7 3-.74 1 4.7 5 -.7 7
— • ®

—

October
T one

—

@

—

1 3.4 0-.41 1 3.3 2 -.4 0
1 3.3 2-.34 1 3 .3 9 -.4 0
F ir m .
S te a d y .

F ir m .
S te a d y.

C O T T O N S U P P L Y A N D C O N S U M P T IO N IN E U R O P E .
— B y ca b le w e h a v e r e c e iv e d th e s u b s ta n c e o f M r. E llis o n ’s
first o f J a n u a r y c o t t o n r e v ie w , a n d in o u r e d ito r ia l c o lu m n s
g iv e th e resu lts.
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 .— T e le g r a p h ic
r e p o r ts to us th is e v e n in g fr o m th e S o u th in d ic a t e th a t th e
w e a th e r h as c o n t in u e d fa v o r a b le d u r in g th e w eek a n d th a t
(h e m o v e m e n t o f th e c r o p c o n tin u e s lib era l fo r th e s e a so n o f
th e y e a r .
P r e p a r a tio n s fo r fa r m
w a y in s o m e lo c a lit ie s .

Galveston, Texas

w o r k a re g e t t in g u n d e r

.— W e h a v e h a d lig h t ra in 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 b e in g o n e h u n d r e d th o f
a n in c h .
T h e th e r m o m e t e r has r a n g e d fr o m 56 to 6 2 .
.— W e h a v e h a d ra in o n o n e d a y d u r in g th e
w e e k , th e ra in fa ll r e a c h in g f o r t y h u n d r e d th s o f a n in c h .
The
th e r m o m e te r h as ra n g e d fr o m 34 t o 5 8 .
— T h e r e h as b e e n lig h t ra in o n th r e e d a y s
d u r in g th e w e e k , to th e e x t e n t o f fo u r h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s r a n g e d fr o m 42 to 6 0 .
— W e h a v e h a d lig h t rain o n o n e d a y
d u r in g th e w e e k , th e ra in fa ll b e in g o n e h u n d r e d th o f a n in c h .
H ig h e s t te m p e r a tu r e 64 a n d lo w e s t 4 6 .

Abilene, Texas

Palestine, Texas.

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 :

rr jy „ eekr~

14%
14%

15
14 15-1 6
14%
14 1 1-1 6
14%
14%
14%
15
15.1 5
15
15%
15%
15
14 13-1 6

?8s

---------1 0 1 0 -1 1 -------- -------------- 1 0 0 9 -1 0 ---------

S t . L o u i s .................................. 2 0 ,9 2 9
C a i r o ______________ _
a sr?
R o c k I s l a n d .....
487
L o u i s v i l l e ................
6 098
C i n c i n n a t i ______________________2 )3 2 8
V i r g i n i a p o i n t s ___" " " " "
5 )3 9 4
o th e r r o u t e s, & c __________ . . .
9 ,0 4 3

15
14 1 5-1 6
14%

N E W O R L E A N S O P 1 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 eek h a v e b e e n a s fo llo w s :

OVERLAN D M OVEM ENT FOR 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 t a 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 fo r th e w e e k a n d sin ce S e p t. 1, 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 re su lts fo r
th e w eek a n d s in c e S e p t. 1 in th e last tw o y e a r s a re a s fo llo w s :

V ia
V ia
V ia
V ia
V ia
V ia
V ia

14 15-1 6
14 15-1 6
14 1 1-1 6
14 11-16
14%
14%
14%
15
15.1 5
14 15-1 6
15%
15%
15
14 13-1 6

C5

l'h e a b o v e to t a ls sh o w th a t th e in t e r io r s to c k s h a v e
d u r in g th e w e e k 3 8 ,5 2 0 b a le s a n d are to -n ig h t 1 1 ,95 4
b a le s m o r e th a n a t th e sa m e tim e la st 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 9 ,4 4 2 b a le s m o r e th a n th e sa m e
w eek la st y e a r .

J.a n u a ry 2„ „0 —
S h ip p e d —

14 15-1 6
14 15-1 0
14 11-16
14 11-16
14%
14%
14%
14%
15.0 5
14 15-16
15%
15%
14%
14 13-16

3§g

*4Mto C*tO >-»<D>-*-4»-‘ OOCOCOt-*OWCHI'000
O>0° O H*CA*4>-»COMOS^COOSOOCOC^H^OSOSMOSi^Wh

OJOScnd M-4 Vo0000V| t-*L»^UCOVsC>COH*C105© cn© c

creased

15
15
14%
14 1 1-1 6
14%
14%
14%
14%
1 5.0 5
14 15-16
15%
15%
14%
14 13-16

T h e a b o v e s ta t e m e n t s h o w s : 1 .— T h a t th e to ta l r e c e ip ts
fr o m th e p la n ta t io n s s in c e S e p t. 1 1910 a re 7 ,4 3 7 ,1 7 4 b a le s;
in 190 9-1 0 w ere 6 ,1 8 9 ,0 4 3 b a les; in 1 9 0 8 -0 9 w ere 7 ,7 8 0 ,4 2 3
b a le s .
2 .— T h a t a lth o u g h th e r e c e ip ts a t th e o u t p o r t s th e p a st
w eek w ere 2 2 3 ,1 2 1 b a le s, th e a c tu a l m o v e m e n t fr o m p la n ta ­
tion s w as 181,001 b a le s , th e b a la n c e b e in g ta k e n fr o m s to c k s
a t in te r io r to w n s .
L a s t y e a r r e c e ip ts fr o m th e p la n ta t io n s
fo r th e w eek w ere 1 0 5 ,3 1 8 b a le s a n d fo r 1909 th e y w ere
2 2 6 ,5 4 1 b a les.

co^co^oco^-*^.a>ctco^rjo
ooH^cooot>-*oo>o
^ ^ OO^OC^M^O^COMHo5cooo^cnooitno>-‘
*OC3^^0SCOCO^Jgeo^i
5 2 2 o KMOffl

00*91
to ho t COM)
"'J0-C*O. to-i I too CO;i *vl 05
to to
05 *-i 00 to *vj 05 to I
t\9CO
t9Wl
o ^ l OW l _ O
_l<35>urs9
05
Ol ►-*05»vl►-* —
i C-oOtK
to COCto305o OOoI—
*I
CSCO"Il 04*1
©>-*i OOOC0C0
<OOOtMMQi«sm^o
*41
(-*5-*to to Ol C*J<k-iJ>v-»
05©*-*-4to CDCOcnCtoOCo
too£9 to >-»► -*»-*Oorotok-ict t005M**lOOOCOCnCO
OiCO^lOk^COtOtOrfkOCOCOH-iOOOlCOOtOCOtOCOCOOl OSCl 00O Cl Ol 00o CO00
OlCOCOO-sltO^COCOOOtOtOOO**JOlOCOC005tOOCOCOOOCOOlOS009COCSOO
k-*©tOOtOOQO»i(5»OOOtO»t*tOC5**4CO©*vlc>,'J©tOCO>t*k-i'COCO**4CS,*4CDCO*s|

15
15
14%
14 11-16
14%
14%
14 13-16
14%
15.1 5
14 15-16
15%
15%
15
14 13-1 6

R E C E I P T S F R O M T H E P L A N T A T I O N S .— T h e f o llo w ­
in g ta b le in d ic a te s th e a c tu a l m o v e m e n t e a c h w eek fr o m th e
p la n ta t io n s .
T h e figu res d o n o t in c lu d e o v e r la n d r e c e ip ts
n or S o u th e r n c o n s u m p tio n ; th e y a re s im p ly a s ta t e m e n t o f
th e w e e k ly m o v e m e n t fr o m th e p la n ta t io n s o f th a t p a r t o f th e
c r o p w h ich fin a lly rea ch es th e m a r k e t th r o u g h th e o u t p o r t s .

CJ»U>^OC»>‘^QOOOOO(UC«>C4e«>tUOO-s|tt>»Oa>tooiQogD4u,torooeoejiCT>

M t\5>-*t\3 »-*
rf^OOfOCO -sj 1-4►-*
O
OCJCOOO COtoa»t'OtOt-*COCDCS5COOOOOOiUO (OlCOOt0505I Or05OO«5<•»
COOOOOOO-vJCOOOOOOCJtOC005COC5CO*vtCOOCO-^OoS2SSi S S 2 S S

197

San Antonio. Texas.

Taylor, Texas.

— T h e r e h a s b e e n lig h t ra in o n tw o d a y s o f
th e w e e k , th e p r e c ip it a tio n r e a c h in g e ig h t 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 r a n g e d fr o m 38 to GO.
— W e h a v e h a d n o ra in d u r in g th e
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 04.
— W e h a v e h a d ra in o n o n e d a y
d u r in g th e w e e k , th e ra in fa ll b e in g fo u r h u n d r e d t h s o f a n in c h .
A v e r a g e t h e r m o m e t e r 59, h ig h e s t 7 7 , lo w e s t 4 1 .
— R a in h as fa lle n o n t w o d a y s o f
th e w e e k , to th e e x t e n t o f s e v e n 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 0 , th e h ig h e s t b e in g 73 a n d th e
lo w e s t 3 3 .
— P r e p a r a tio n s fo r fa r m in g a re u n d e r
w ay.
M a n y m u le s h a v e b e e n s o ld a n d m o r e a c r e a g e w ill be
p la n t e d .
R a in h as fa lle n 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 n in e 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 te r h as
a v e r a g e d 4 7 , ra n g in g fr o m 32 to 72.
— T h e r e h as b e e n ra in o n t w o d a y s o f
th e p a s t w e e k , th e ra in fa ll r e a c h in g f i ft y - t w o h u n d r e d t h s o f
a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 4 7 , ra n g in g fr o m
2 8 to 71.
— D r y all th e w e e k .
T h e th erm om eter
h a s a v e r a g e d 0 1 , th e h ig h e st b e in g 74 a n d th e lo w e s t 4 9 .
— I t has b e e n d r y all th e w e e k .
A v e r a g e t h e r m o m e t e r 57, h ig h e st 7 4 , lo w e s t 4 0 .
— I t has ra in e d o n o n e d a y o f th e w e e k ,
t o a n in a p p r e c ia b le e x t e n t .
T h e t h e r m o m e t e r h as a v e r a g e d
5 5 .5 , th e h ig h e st b e in g 70 a n d th e lo w e s t 4 5 .
— W e h a v e h a d n o rain d u r in g th e w e e k .
T h e t h e r m o m e t e r h as a v e r a g e d 5 5 , r a n g in g fr o m 47 t o 7 2 .
— W e h a v e h a d n o ra in d u r in g th e w e e k .
T h e th e r m o m e t e r h as a v e r a g e d 5 5 , th e h ig h e st b e in g 74 a n d
th e lo w e s t 3 9 .
— T h e r e h as b e e n n o ra in d u r in g
th e w e e k .
T h e h ig h e s t te m p e r a tu r e h as b e e n 74 a n d th e
lo w e s t 3 7 .
— T h e r e h as b e e n rain d u r in g th e
w e e k , th e ra in fa ll r e a c h in g t w e n t y -fo u r h u n d r e d t h s o f an
in c h .
A v e r a g e t h e r m o m e t e r 4 4 , h ig h e s t 7 2 , lo w e s t 2 8 .
T h e 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 tele­
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 a t
8 a . m . o f th e d a t e s g iv e n :

Neio Orleans, Louisiana.
Shreveport, Louisiana.

W O R L D ’ S S U P P L Y A N D T A K I N G S O F C O T T O N .—
T h e fo llo w in g b r ie f b u t c o m p r e h e n s iv e s ta t e m e n t in d ic a t e s
a t a g la n c e th e w o r ld ’s s u p p ly o f c o t t o n fo r th e w e e k a n d s in c e
S e p t. 1 f o r th e la st tw o se a so n s, fr o m a lls o u r c e s f r o m w h ic h
s ta t is tic s a re o b t a in a b le , a ls o th e ta k in g s , o r a m o u n t s g o n e
o u t o f s ig h t, f o r th e lik e p e r io d .

Cotton Takings.
Week and Season.

Vicksburg, Mississippi.

Helena, Arkansas.

Memphis, Tennessee.

Mobile, Alabama.
Montgomery, Alabama.
Selma, Alabama.

Madison, Florida.
Savannah, Georgia.

Charlotte, North Carolina.

Jan.

N e w O r l e a n s ___________ A b o v e
M e m p h i s _______________A b o v e
N a s h v i l l e _______________A b o v e
S h r e v e p o r t ______________B e lo w
V i c k s b u r g _____________ A b o v e

z e ro
z e ro
z e ro
z e ro
z e ro

ot
ot
ot
ot
ot

gauge.
gauge.
gauge.
gauge.
gauge.

20 1 01 1.

F eet.

IN D IA C O TT O N M O V E M E N T F R O M

January 19.
Receipts at —

21 1910.

F eet.
6.2
25.9
2 2 .8
2.1
2 5 .5

ALL PORTS.

1909-10.

1910-11.

Jan.

8 .2
15.0
1 0.0
4.1
2 5 .8

1908-09.

Since
Since
Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1

B o m b a y ________ ____ _____

86,000

904,000 128,000 1,321,000 102,000

734,000

Since September 1.
For the Week.
Great Conti- 1 Japan
Great Conti­ Japan
Britain. nent. tkChina Total. Britain. item. & China. Total.

T o ta l a ll—
1910-11..
1909-10..
1908-09..

3.000 33,000 34,000 72,000
6,000 31,000 36,000 76,000
3,000 37,000 25,000 65,000
__

2 ,00c
2,000

2,000

14,000
26,000
10,000

312,000
277,000;
2 20,OOOj

209,000
293,000
174,000

535,000
596,000
404,000

2,000
2,000
4,000

6 ,000'
13,000,
13,000

2 ,00(1
18,000

8,000
17,000
35,000

5
1,000
2,000

20,005
11,000
16,000

2',6 oo
4 ,000

" ffl
o o

Bom bay—
1910-11..
1 909-10-1908-09..
C a lc u t ta —
1910-11..
1909-10 .
1908-09..
M ad ras— 1910-11 .
1909-10
1908-0.) .
A ll others—
1910-11 .
1909-10 .
1908-09..

1,000
1,000
l.OOOl

1,000
1,000
1,000

3,000

13,000
6,000
11,000

4,000

4,000
___
1,000

15,000
16,000
6,000

46,000'
39,000,
60,000j

1,200
1,000
0,000

62,200
50,000
72,000

3,000 40,000 34,000 77,000
6,000 37,000 36,000 79,000
4,000 40,000 27,000 71,000

38,000
48,000
23,000

377,000;
335,000
304,000

210,205
297,000
200,000

625,205
680,000
527,000

__
.

1,000

—

___
—

A c c o r d in g to th e fo r e g o in g , B o m b a y a p p e a r s to s h o w
c o m p a r e d w ith la s t y e a r in th e w e e k 's r e c e ip ts
4 2 .0 0 0 b a le s .
E x p o r t s fr o m all I n d ia p o r ts r e c o r d a lo ss
2 .0 0 0 b a le s d u r in g th e w e e k a n d s in c e S e p t. 1 sh o w
o f 5 4 ,7 9 5 b a le s .

decrease
decrease

a
of
of
a

A L E X A N D R IA
R E C E IP T S
AND
S H IP M E N T S O F
C O T T O N .— T h r o u g h
a r r a n g e m e n ts m a d e
w ith
M essrs.
C h o r o m i, B e n a c h i & C o ., o f B o s t o n a n d A le x a n d r ia , w e
n o w r e c e iv e a w e e k ly c a b le o f th e m o v e m e n t s o f c o t t o n a t
A le x a n d r ia , E g y p t .
T h e fo llo w in g a r c th e r e c e ip ts a n d s h ip ­
m e n ts f o r th e p a s t w e e k a n d fo r th e c o r r e s p o n d in g w e e k o f
th e p r e v io u s tw o y e a r s :

A lexa n dria, E g yp t,
Ja n u a ry 18.
R eceipts ( c a n t a r s ) —

T h i s w e e k _____
S in c e S e p t . 1 ____________

E xports
To
To
To
To

( b a le s ) —

L i v e r p o o l ____________
M a n c h e s t e r __________
C o n t i n e n t ___________
A m e r i c a _____ ________

1 9 1 0 -1 1 .

1 90 9-1 0.

1 9 0 8 -0 9 .

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

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

2 2 0 ,0 0 0
4 ,8 5 4 ,2 2 5

T his S ince T h is S in ce T h is Sin ce
W eek. S e p t. 1. W eek. S e p t. 1. W eek. S ep t. 1.
8.2 5 0 1 4 1 ,80 4
6.2 5 0 1 3 8 ,26 5
1 3,000 2 0 7 ,6 9 7
5,5 0 0 7 0 ,8 1 0

2 ,2 5 0 9 7,5 22
7 ,0 0 0 8 5 ,8 3 4
13,000 1 7 7 ,24 7
2 ,5 0 0 4 5 ,5 2 5

10 ,0 0 0 1 0 6 ,75 2
1 0,2 50 9 9,3 31
8 ,7 5 0 1 6 0 ,91 3
2 ,2 5 0 3 2 ,1 7 0

T o t a l e x p o r t s . . . ......... 3 3 ,0 0 0 l5 5 8 ,6 7 5

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

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

N ote. —

A c a n t a r Is 99 lb s .




E g y p t i a n b a le s w e ig h a b o u t 7 5 0 lb s .

1 9 1 0 -1 1 .

W eek.

1 9 0 9 -1 0 .

Season.

W eek.

5 ,4 0 7 ,5 3 1
A m e r ic a n In s ig h t to J a n . 2 0 . .
B o m b a y r e c e ip t s t o J a n . 1 9 ____
O t h e r I n d i a s h l p ’t s t o J a n . 1 9 . .
A l e x a n d r ia r e c e ip t s to J a n . 1 8 . .
O t h e r . s u p p ly t o J a n . 18 • .........
T o t a l s u p p l y ________

______

Season.

4 ,9 9 9 ,4 1 8
1 ,4 9 5 ,5 1 4
9 ,0 2 6 ,6 0 4
9 0 4 .0 0 0
9 0 ,2 0 5
8 2 9 .0 0 0
1 4 5 .00 0

277 ,22 1
8 6 ,0 0 0
5 ,0 0 0
3 0 .0 0 0
1 0 .0 0 0

1 9 5 ,44 7
1 2 8 ,0 0 0
3 ,0 0 0
16,000
12 ,0 0 0

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

5 ,8 1 5 ,7 5 2 1 2 ,4 0 0 ,3 2 3 5 ,3 5 3 ,8 6 5 1 1,8 91 ,0 0 1

D educt —
V i s i b l e s u p p l y J a n . 2 0 _________ 5 ,3 6 1 ,7 2 5

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

4 ,0 9 4 ,3 3 5

T o t a l t a k i n g s t o J a n . 2 0 ________
O f w h ic h A m e r i c a n ................
O f w h ic h o t h e r ........................

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

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

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

3 5 9 .5 3 0
2 6 4 .5 3 0
9 5 ,0 0 0

* E m b r a c e s r e c e ip t s I n E u r o p e fr o m B r a z i l , S m y r n a , W e s t I n d i e s , & c .

M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b le
t o -n ig h t fr o m M a n c h e s te r s ta t e s th a t th e m a r k e t is q u ie t fo r
y a r n s a n d firm f o r s h ir tin g s .
S p in n e rs a re c o n s id e r e d to b e
w ell u n d e r c o n t r a c t .
W e g iv e th e p r ic e s f o r t o - d a y b e lo w
a n d le a v e th o s e f o r p r e v io u s w e e k s o f th is a n d la st y e a r fo r
c o m p a r is o n :
1909-10.

1910-11.

lbs. Shirt- Col’n
inns, common Mid.
U pi's
to finest.
8M

Cop
Twist.

32s

Charleston, South Carolina.

Exports
from —

[V o l . l x x x x ii .

THE CHRONICLE

19S

d.
Dec
2
9
10
23
30
Jan.
6
13
20

d s. d.
5

11 3-16 @
113- 16 (">
(<4
(5)
@

12 H
12 ‘4
5
12
5
5
12

H
m -i
H

U K
1114
11

12 M 5
12 q 5
5
12

9
9
9

m i
1154
11 U

'A

@
@
(">

'A

d.

s. d

8 @ 10
8 @ 11
8 VS@ 1 1
9 @11
9 @11

11
0
iv s
3
3

8.06
7 95
8 .1 1
8.16
8.07

d.

d.
10 54
10 hi
10 Vi
1054
10

%

@
@
@
@
@

(ft

@11 3
@ 113
@ 113

lbs. Shirt- Cot’n
ings, common M id.
U pl’s
to finest.

8)4

Cop
Twist.

32s

8.08 10 Vi
8.07 10 5- 1 6@
8.05 10
@

11
11 Vi
I1V4
n q
11)4

X
H

ll
n
io

3
6

d.

d.

s. d.

5
5
5
5

5 Vi @ 9 11
6 @ 10 0
6 ® 10 0
6 @ 10 0
6>4@ 10 1

7.72
7.94
8.03
8.26
8.50

5
5
5

0
5
4

8.18
7.84
7.56

@ 10 0
@ 9 lO V i
@9
9

D O M E S T IC E X P O R T S O F C O T T O N M A N U F A C T U R E S .
— 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 e x p o r t s o f d o m e s t ic
c o t t o n m a n u fa c tu r e s fo r N o v e m b e r a n d fo r th e e le v e n m o n th s
e n d e d N o v . 30 1910, a n d fo r p u r p o s e s o f c o m p a r is o n like
figu res fo r th e c o r r e s p o n d in g p e r io d s o f th e p r e v io u s y e a r
are a lso p r e se n te d :

Quantities of Manufactures of Colton Month ending N ov .30.
(colored and uncolored)
Exported to —
1909.
1910.
U n ite d K in g d o m ............. .......ya rds
C a n a d a ....................... ................
Ce ntral A m e rica n Sta te s an d B r it
Ish H o n d u r a s ........................... .
M exico .......................................
C u b a .... ................... ....................
O the r W e st In d ie s an d B e r m u d a , .
C h ile . ____ ________ _____ ________
C o l o m b i a ..................... ...............
O the r S o u th A m e ric a .....................
A d e n .... .......................................
Chinese E m p i r e ......... ........... ......
B ritish E a s t In d ie s .........................
B rit ish O c e a n i a . . . .........................
P h ilip p in e Is la n d s .... ..................
O th e r A s ia and O c e a n ia ___________
O th e r c o u n trie s............ ............. .
T o ta l y a rd s of ab o v e .
T o ta l valu es of above
V a lu e per y a r d .............

97,932
643,155

11

161,140
857,763

2,018,186
91,102
1,354,322
2,473,522
889,349
1,352,085
1,113,499
281,250
0,173,270.:
982,397
950,574
1,170,368
237,273
868,0021 1,374,551

2,328,676
140,700
1.072,910
4,499.996
970,451
1,223,499
1,832,277
790,750
1,018,400
152,093
1,070.0.80
4,260,288,
108,278

M os. ending Nov.

30

1909.

1910.
1,441,634
9,991,433

2,101,662
8,287,138

24,489,115 27,301,679
1,652,248
1,550,643
11,203,744 20,339,741
35,313,610 41,391.889
9,548,401
8,039,524
14,947,019 14,921,978
14,040,514 18,304,698
9.707,755 18,020,920
62,211.293 154,454,550
9,980,000
7,554,719
7,187,740
7,323,595
49.357,049 15,385,174
2,004,900
2,530,676
9,581,018 15,444,052

21,084,123 21,487,257 271,555,083 305.982,948
$1,561,782 $1 ,430,12 5 1$18,480,573 $22,043,784
$.0741
$.0666j
$.0081
$.0602

Value of Other Manufactures of Col­
ton Exported.

C lo th in g and other w e aring apparel:
K n i t go ods ................................
A ll o t h e r ______________________

$121,955
479,254

$92,475
347,095

$1,301,291
4,542,797

$852,663
3.713,529

T o ta l

$601,209

$439,570

$5,844,088

$4,506,192

W aste, co tto n .
Y a r n ________
A ll o t h e r ........

$338,630
42,928
420,866

$230,724
31,047
370,894

$3,272,290
529,932
4,245,039

$1,937,200
419,422
3,349,198

T o ta l m anufactures of.

$2,971,415 $2,502,360 $32,371,928 $32,315,856

C E N SU S B U R E A U ’S R E P O R T O N C O T T O N G IN N IN G .
— T h e D iv is io n o f M a n u fa c tu r e s in th e C en su s B u rea u c o m ­
p le t e d a n d issu ed o n J a n . 10 its r e p o r t o n c o t t o n g in n e d to
J a n . 1 as fo llo w s (c o u n tin g ro u n d as h a lf-b a le s a n d e x c lu d in g
lin te r s ):

—Ginned Prior to Jan.

-Crop-

P.C. of Crop
Ginned 1’rtor
lo Jan.

1.
1—
1910. 1909.
1911.
1910.
1909.
1909.
1908.
U nited S t a t c s . ll , 0S7 ,442 9,647,327 12,405,298 10,072,731 13,080,005 95.8 95.3
~
A l a b a m a ___ * ................1,017,460
1,302,338 '1,040,137
1,332,003 97.8 97.8
A rk a n sa s
910,423
697,603
996,093 94.2 91.4
725,378
657,357
F lo r id a _____
66,855
61,877
70.598 97.2 94.7
63,057
60,138
G e o r g i a ........
1,930,783
1,813,112
1,850,125 1,977,050 98.0 97.7
L o u isia n a . . .
240,225
453,210
252,188
258,459
466,543 97.6 97.1
M ississip p i__ ______ ____ 1,005,903 1,522,160 1.073,105 1,620,325 93.7 93.9
N o r th C aro lina '701,420
683,628 95.6 94.7
647.505
633,746
605,693
84.9
O k la h o m a . . .
890,355
552,678
585,010
689,345 95.1
525,610
S o u th C aro lin a 1,155,690 1,100,309
1,137,382
1,176,220
1,215,848 96.7 96.7
Tennessee . . .
291,317
210,757
334,084 94.2 94.9
317,010
226,791
T e x a s --------- 2.888,479 2,328.148 3,486,007 2,469,331 3,627,350 91.3 96.1
92.7
A ll other State s
71,151
______
_____
57,531
_____
___ 94.9
.
54,618
73,138
67,777
T h e statistics In this report Include 109,296 round bales from gro w th of 1910 prior
to Jan. 1. 143,949 from th a t o f 1909 a n d 230,572 for 1908. T h e num be r of Se a Isla n d
bales Included Is 82,422 from gro w th ot 1910 prior to Jan. 1, 89,611 from th at of
1909 an d 86,528 for 1908. T h e distrib u tio n of the S e a Is la n d cotton from gro w th of
1910 b y State s Is: Florid a, 27,636; G eorgia, 43,030, an d S o u th Caro lina, 11,150.
T h e statistics In th is report are subject to slig h t corrections when checked a ga in st
the in d ivid u a l returns of the glnners, being transm itted b y m all. T h e corrected
statistics of the n u a n tltv of cotton chined this season nrlor to Dec. 113 1 9 10 *arc
10,692,969 bales.
-----------

Slate—

J a n . 21 1911.'
S H IP P IN G

THE CHRONICLE

N E W S .—

e x p o rts o f c o tto n fro m
reach ed

2 8 5 ,2 4 1

up

m a il a n d

fro m

A s

th e

b a le s .

sh o w n

on

U n ite d

The

a

s h ip m e n t s

t e le g r a p h ic

p r e v io u s

page,

th e

S t a t e s th e p a s t w e e k h a v e

re tu rn s,

in

d e ta il,

as

m ade

a r e a s f o llo w s :

T otal bales.

N E W Y O R K — T o L i v e r p o o l — .Tan. 13— M c g a n t lc . 4 2 4 -------------------T o H u l l — J a n . 13— F r a n c is c o , 2 ,0 5 0 ---------- ------------- ------------------T o L o n d o n — J a n . 13— M in n e a p o lis , 4 00 ---------------------- - ----------T o M a r s e i ll e s — J a n . 18— S a n t ’ A n n a , 1 0 0 .......... ................. ........
T o H r c m c n — J a n . 13— F r ie d r ic h , 2 ,3 2 3 ........ ................. .............
T o A n t w e r p — J a n . 17— G o t h la n d , 2 2 6 . . - - - - ........ - ............. .
T o B a r c e l o n a — J a n . 18 — S a n t * A n n a , 1 0 0 ----------------------------------G A L V E S T O N — T o L i v e r p o o l— J a n . 13— I k b a l , 1 3 , 2 6 7 . - . J a n . 16—
C a s t a n o , 1 2 ,2 9 9 -------------- - - --------- ----------------------- 2 o .o 6 6
T o H a v r e — J a n . 13 — L o r d O r m o n d e , 1 0 , 4 2 3 - - - J a n . 19— D o m ln g o d e L a r r ln a g a , 11,042 ........................ ............... - ..........T o B r e m e n — J a n . 1 6 — F r a n k f u r t , 1 2 ,3 5 3 ------------------------------------T o H a m b u r g — J a n . 12— E lb e , 5 ,1 4 2 -------------------------------------------T o G e n o a — J a n . 1 3 — A g n e l lo C l a m p a , 9 , 5 7 8 -----------------------------T E X A S C I T Y — T o L i v e r p o o l— J a n . 14— M a g i c i a n , 1 2 ,3 4 3 --------------T o H a v r e — J a n . 19— C a y o D o m i n g o , 7 ,7 8 8 --------------------------------N E W O R L E A N S — T o L i v e r p o o l— J a n .' 16— A t l a n t l a n , 1 8 , 3 1 8 . . .
J a n . 2 0 — In v e n t o r , 1 8,0 00 ; M e c h a n i c i a n , 19,0 00 ; M e x ic a n ,
5 ,2 0 0 -------------------------------------- ----------------------------------------------------T o H a v r e — J a n . 17 — T e x a s , 7 , 4 9 7 ---------------------------- ----------- -------T o B r e m e n — J a n . 13— C r o w n o f C o r d o b a . . 9 , 4 1 0 . ....................
T o H a m b u r g — J a n . 19— M o n t a u k , 4 ,3 7 1 ______________________
T o R o t t e r d a m — J a n . 17— G r a n a r la , 9 1 1 ________________ ______T o T r ie s t e — J a n . 14— T e r e s a , 3 ,9 9 4 ---------------------------------------------T o V e n ic e — J a n . 14— T e r e s a , 1 ,1 0 2 ---------------------------------------------T o H a v a n a — J a n . 16— C h a lm e t t e , 3 -------------------------------------------T o H o n d u r a s — J a n . 2 0 — J o s e V a c c a r o , 3 0 0 __________ _________
M O B I L E — T o H a v r e — J a n . 18 — C a n n in g , 1 1 ,2 0 8 ___________________
T o B r e m e n — J a n . 17— R e lia n c e , 1 0 ,3 7 8 ________________________

4 24
2 .0 ^ 0
400
TOO
2 ’, , a
226
100

2 1 ,4 0 o
1 2.3 53
5 ,1 4 2
9 .5 7 8
1 2,3 43
7 ,7 8 8

62 ’5i §
7 ,4 9 7
9 ,4 1 0
4,371
911
3 ,9 9 4
1,102
3
300
1 1,0 28
1 0,3 78

S A V A N N A H — T o L i v e r p o o l— J a n . 14— E a s t P o i n t , 6 ,9 3 8 ; Q u e r n m o re , 4 , 4 8 4 - . . J a n . 18— M a n c h e s t e r E x c h a n g e , 5 ,5 5 7 ______ 1 6,9 79
T o M a n c h e s t e r — J a n . 18— M a n c h e s t e r E x c h a n g e , 4 ,0 9 1 ______
4,0 9 1
T o B r e m e n — J a n . 14— C l lv e g r o v c , 6 ,7 4 9; S t . B e d e , 9 , 2 0 0 ____ 1 5,9 49
T o R c v a l — J a n . 14— S t . B e d e , 1 0 0 ____________________ ________
100
T o R i g a — J a n . 14— S t . B e d e , 3 0 0 _____________________ _______ _
300
T o B a r c e l o n a — J a n . 18 — M a r ia n n e , 6 , 0 5 0 _____________________
6 ,0 5 0
T o T r ie s t e — J a n . 18— M a r ia n n e , 1 ,4 0 0 ____________________ _____
1,4 0 0
B R U N S W I C K — T o L i v e r p o o l— J a n . 17— S a c h e m . 1 0 ,4 4 0 _________
W I L M I N G T O N — T o B r e m e n — J a n . 19— S o u t r a . 1 0 ,4 8 3 ___________

1 0 ,4 4 0
1 0,4 83

B O S T O N — T o L i v e r p o o l — J a n . 16— I v c r n l a , 2 , 0 1 3 __________________
T o Y a r m o u t h — J a n . 16— B o s t o n , 3 0 0 __________________________

2 ,0 1 3
3 00

B A L T I M O R E — T o H a m b u r g — J a n . 12— B c t h a n la , 1 , 8 4 4 . . . .........
P H I L A D E L P H I A — T o A n t w e r p — J a n . 1 9 — M a r q u e t t e , 2 2 9 ______

1,8 4 4
229

SAN

F R A N C I S C O — T o J a p a n — J a n . 13— A m e r i c a M a r u , 2 , 3 9 7 ___
J a n . 19— T e n y o M a r u , 2 ,2 6 3 ___________________________ ______

4 ,6 0 0

S E A T T L E — T o J a p a n — J a n . 17— A w a M a r u . 6 0 3 ___________________

603

T A C O M A — T o J a p a n — J a n . 13 — A y m e r i o , 2 5 0 _____________________

250

T o ta l
The

______________________________________________ ________________2 85 ,24 1
p a r t ic u la r s

arran ge d

in

of

th e

f o r e g o in g

s h ip m e n t s

fo r

th e

w eek,

o u r u s u a l f o r m , a r e a s f o llo w s :

Oreat French Gcr- - —O th.E urope — M ex ., J a p a n .
B rita in . ports. m a n y. N orth. South. iSbc.
___
___

100
N e w Y o r k ____ . 2 ,8 7 4
G a l v e s t o n ____ . 2 5 ,5 6 6 2 1 ,4 6 5
7 ,7 8 8
T e x a s O l t y ____ .1 2 ,3 4 3
7 ,4 9 7
N e w O r l e a n s . . .6 0 ,5 1 8
11,208
M o b i l e ________
S a v a n n a h ------- .2 1 ,0 7 0
____
B r u n s w i c k — . 1 0 ,4 4 0
W i l m i n g t o n . . . „ ____
B o s t o n ______ . 2 ,0 1 3
B a l t i m o r e ------P h i la d e l p h i a . .
S a n F r a n c is c o .
S e a t t le .........
T a c o m a ........... ............
—

2,3 2 3
1 7,4 95

226
____

13,781
10,378
1 5,9 49
____
1 0,4 83
____
1,8 4 4

911
___
400
____
____

100
9 ,5 7 8
___„ ,
5,0 9 6
____
7 ,4 5 0
____
____
__

300

—
___
___
___
___
___
___
___

...

i__
4 ,6 6 0
603
2 50

—
___
3 03
___
___
___

229
• ..
—

—

T o t a l ........... 1 34 .8 2 4 4 8 ,0 5 8 7 2 ,2 5 3

—

1,7 6 6 2 2 ,2 2 4

T otal.

5,6 2 3
7 4 ,1 0 4
2 0,1 31
8 8 ,1 0 6
2 1 ,5 8 6
4 4 ,8 6 9
1 0,4 40
1 0,4 83
2 ,3 1 3
1,844
229
4 ,6 6 0
603
250

603 5 ,5 1 3 2 8 5 ,2 4 1

T h e e x p o r ts to J a p a n s in c e S e p t . 1 h a v e b e e n 8 6 .5 4 8 b a le s
fr o m P a c ific p o r ts .
C o tto n fr e ig h ts 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 , q u o t a tio n s b e in g in c e n ts p er 1 0 0 lb s.:
S a t.
M on .
T ues.
W ed. T hurs.
F ri.
15
15
15
15
15
15
L iverpool_________
M anchester_______ 15
15
15
15
15
15
Havre ____________ 23
23
23
23
23
23
Bremen........................ 25
25
25
25
25
25
25
25
25
25
25
H a m b u rg --............. 25
Antwerp __________ 20
20
20
20
20
20
Ghent, via Antwerp 26
26
26
26
26
26
R c v a l- ..................... 27 % 27%
27% 27 %
27%
27%
Gothenburg............
30
30
30
30
30
30
Barcelona............ ..
30
30
30
30
30
30
G e n o a ........................ 22
22
22
22
22
22
T rieste____________ 35
35
35
35
35
35
J ap a n _____________ 45
45
45
45
45
45
L I V E R P O O L .— B y c a b le fro m L iv e r p o o l w e h a v e th e fo l­
lo w in g s t a t e m e n t o f th e w e e k ’s s a le s , s to c k s . & c .t a t t h a t p o rt:
D ec. 30.
J a n . 6. J a n . 13. J a n . 20.
Sales of the w eek______bales. 31,000
59,000
79,000
48,000
Of which speculators to o k ..
900
1,000
2,000
2,000
700
3,000
2,000
1,000
Of which exporters took------Sales, A m e ric a n ........................ 28,000
52,000
72,000
43,000
Actual export . __________ 3,ooo
ii.o o o
14,000
li.o o o
Forwarded
.............. - 65.000
127,000
103,000
99,000
Total stock— Estim ated_______ 975.000 1,088,000 1,089,000 1,160,000
Of which American_________ 852,000
979,000
976,000 1,03.>,000
Total
Imports
of the week--------16?*922 Soo’SSS
^*2,000
S ’nnn 152,000
ItS ’nno
Of which
American---------------131,000
228,000
Amount afloat________________ 480,000
440,000
459,000 427,000
361,000
381,000 363,000
Of which American_________ 422,000
T iie to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu r e s
e a c h d a y o f th e p a s t w e e k arid th e d a ily c lo s in g p r ic e s o f
s p o t c o tto n h a v e b ee n a s fo llo w s:
Spot.
M arke t,
12:15
P. M .

}
)

Saturday.

M onday.

Tuesday. Wednesday. Thursday.

D u ll.

M oderate
dem and.

Q uieter.

J

Good
dem and.

G ood
1 dem and.

Friday.
Q uiet.

M ld . U p l’ds

8.05

8.04

8.00

8 .01

8.06

8.05

S a l e s .......
Sp e c.& c xp .

6,000
300

8,000
500

7,000
400

12,000
500

10,000
500

8,000
500

Futures.

Quiet,unch.
to 1 %
pt. adv.

M a rk e t
opened

\
j

M a rke t,
4
M.

1 S t e a d y at
103%
J pts. adv.

V.

Q u ie t at
1 0 2 pt*.
decline.

S te a d y a t
1 @ 2 pts.
decline.

S te a d y at
1 0 2 pts.
decline.

B ’rely s t ’y
at 2 0 3 pts.
advance.

Q uiet,
unch an ge d

Q u ie t at
1@ 3%
pts. dec.

Q uiet at
2 0 3 pts.
pts. dec.

Ste a d y a t
1 0 3 pts.
advance.

Q uiet a t
1% @ 2%
pts. ad v .

D u l l at
1% @ 2%
pts. dec.




199

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 a re p n th e b a sis o f u p la n d , g o o d o r d in a r y
c la u se , u n less o th e r w is e s t a t e d .

The prices are given in pence an d lOOths. T hus,

J a n .14
to
Jan. 20.

Sat.
12%
p .m .

12*
p .m .

January .
J a n .-F e b .
F e b .-M c h .
M c h .-A p r .
A p r .-M a y .
M a y -J u n e
J u n e - J u ly
J u ly -A u g . : : : :
A u g .-S e p .
S e p .-O c t .
O c t.-N o v .
N o v .-D e c .

7
7
7
7
7
7
7
7
7
7
7

86%
86%
87
88%
89
89
87%
85
65
27
09

Mon.

Tues.

7 .8 7

Wed.

m eans

7 .8 7 -1 0 0

Thurs.

d.

Fri.

12*
4
12*
4
12 *
4
4
12%
4
12%
p .m . p . m . p . m . p . m . p .m . p . m . p . m . p .m . p . m . p .m .
84
84
85
86
86
86%
85
82%
62%
26
08

83
83
84
85
85%
85%
84
81%
61%
26
08

80
80
81
i 82
82%
83
81%
79
59
24
06%

80
80
81
82
ff %
83
81%
79%
59%
24
06

81 %
81%
82%
83%
83%
84
82
80
60
24
06

83
86%
83
86%
8 3 % 87
84 % 88
8 4 % 88
85
8 8 ,%
8 3 % 87
81 % 85
61 % , 6 5
25
26%
07
09

86
86
86 %
87%
87%
88
87
84%
64%
26%
09

84%
84%
84 %
85%
86
86
85
82%
62%
24%
07

84
84
84
85
85%
86
84%
82
62
25
07

BREADSTUFFS.

Friday Night, Jan.

2 0 1911.
F lo u r h a s d e v e lo p e d n o str ik in g fe a t u r e s .
O n th e w’h o le ,
th e tr a d e h as b e e n o f b u t m o d e r a t e v o lu m e .
M o r e o v e r , th e
o u t lo o k lo o k s u n c e r t a in .
S o m e a re p r e d ic t in g a m u c h b e t t e r
b u sin ess in F e b r u a r y , b u t o th e r s a re n o t so su re o f it .
In ­
d e e d , s o m e a re q u it e th e re v e rse o f o p t im is t ic .
A c c o r d in g to
M ich ig a n a d v ic e s , m a n y la rg e b u y e r s a re a m p ly s u p p lie d u p
t o M a y a n d o th e r s u p to A u g u s t .
M e a n tim e th e b u y in g is
c a u tio u s a n d o f th e h a n d -t o -m o u t h o r d e r .
Y e t p r ice s a re in
th e m a in s te a d y a n d s o m e o f th e b u y in g e m a n a te s fr o m v e r y
g o o d s o u r c e s ,o r , in o th e r w o r d s , th e b e s t c la ss o f tr a d e .
No
sig n s, h o w e v e r , o f a p e r m a n e n t im p r o v e m e n t are as y e t
n o tic e a b le , a n d th is f a c t n a tu r a lly g iv e s rise to gen era l d is ­
a p p o in t m e n t .
T h e m a n ip u la tio n o f th e w h e a t m a r k e t h u r ts
tr a d e a t th e W e s t , a s it m a k e s b u y e r s , if a n y t h in g , m o r e
c a u tio u s th a n e v e r .
W h e a t h a s b e e n q u ie t a n d irre g u la r la t t e r ly , s h o w in g m o r e
o r less d e p r e s s io n , c o in c id e n t w ith s o m e d e c lin e in E u r o p e a n
m a r k e ts a n d r e p o r ts o f in cre a se d o ffe r in g s a b r o a d o f A r g e n ­
tin a , A u stra lia n a n d R u ss ia n w h e a t .
A ls o c r o p r e p o r ts fr o m
E u r o p e , n o t a b ly fr o m R u ss ia , h a v e b e e n m o r e fa v o r a b le , a n d
in o u r S o u th w e ste r n S ta te s th e p r o s p e c ts h a v e b e e n im ­
p r o v e d b y th e fall o f n e e d e d ra in s.
O n th e o th e r h a n d , p r i­
m a r y r e c e ip ts h a v e b e e n sm all a n d s o m e d a m a g e h a s b e e n
r e p o r te d in M issou ri.
T h e w o r ld ’s v is ib le s u p p ly h a s d e ­
cre a se d
4 ,1 6 2 ,0 0 0 b u s h e ls .
L e a d in g b u lls h a v e g iv e n
s u p p o r t t o p r ic e s , a n d th e re h as b e e n as a ru le n o g r e a t
p ressu re t o sell. T h e d u ln e ss o f th e ca sh tr a d e to s o m e
se e m s o ffs e t b y th e s m a lln ess o f th e r e c e ip ts , b u t tr a d e
a n d s p e c u la tio n a re b o t h so slu g g ish th a t th e re is n o g r e a t
e n th u s ia s m
on
th e
b u ll
s id e .
The
sto ck
at
C h icago, even
a ft e r a d e c r e a se f o r
th e
w eek
o f 8 7 ,­
0 0 0 b u s h e ls , is 8 ,5 3 4 ,0 0 0 b u s h e ls , a g a in st 4 ,8 3 1 ,0 0 0 b u s h ­
els a y e a r a g o .
T h e w o r ld 's s u p p lie s a re la rg e .
The
c o n d it io n o f th e flo u r tr a d e , m o r e o v e r , is n o t e n c o u r a g in g .
B u lls h a v e la id c o n sid e r a b le e m p h a s is o n r e p o r ts th a t w h e a t
m a y su ffer in K a n s a s a n d Illin o is fr o m fr e e z in g c o n d it io n s a n d
th e lig h t r e c e ip ts h a v e a lso b e e n d w e lt u p o n , b u t th e m a rk e t
h as n e v e r th e le s s m o v e d b u t s lu g g is h ly .
T o - d a y a ft e r an
e a r ly a d v a n c e , d u e t o L iv e r p o o l ca b le s r e p o r t in g a sh a rp
a d v a n c e th e r e , u n e x p e c t e d ly lig h t A r g e n tin a s h ip m e n ts a n d
a b e tt e r e x p o r t d e m a n d fo r M a n ito b a w h e a t in th is c o u n t r y ,
p r ic e s fe ll, o w in g t o m o r e f a v o r a b le c r o p r e p o r ts a n d ra th e r
h e a v y liq u id a tio n .

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
S a t. M on . T ues. W ed. T hurs. F r i.
No. 2 red winter________________ 1 0 0 % 9 9 % 100 1 0 0 % 100 100
M a y d e liv e r y In elevator---------------- 1 0 5 % 104 % 1 0 5 % 1 0 4 % 104 % 104 %
July delivery I n elevator---------------- 1 0 3 % 1 0 2 % 1 0 3 % 1 0 3 % 1 0 3 % 103
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
u a t. M o n . T u es. W ed. T h u rs. F ri
May delivery In elevator__________ 1 0 1 % 1 0 0 % 1 0 1 % 1 0 1 % 1 0 0 % 1 0 0 %
July delivery In elevator___________ 9 6 % 9 5 % 97
97%
9 6% *9 6 %
94% 95%
95%
94% 94%
September delivery In elevator----- 9 4 %
* Bid.
In d ia n c o r n , th o u g h firm e r a t tim e s , p a r t ly o w in g to b a d
c r o p n ew s fr o m A r g e n tin a , h as a t o th e r tim e s s h o w n s o m e
d e p r e s s io n .
T h e d o w n w a r d r e a c t io n h as b e e n d u e p a r t ly to
lo w e r q u o t a t io n s in L iv e r p o o l, w h ere th e o ffe r in g s o f A m e r i­
ca n c o r n h a v e n o tic e a b ly in c r e a s e d .
M o r e o v e r , th e w e a th e r
in th e A m e r ic a n c o r n b e lt h a s b e e n so fa v o r a b le th a t in ­
crea sed r e c e ip ts a t th e b ig W estern m a r k e ts are v e r y g e n ­
e ra lly e x p e c t e d .
T h e sellin g o f la te a tt r ib u t e d to w ellk n o w n “ b u ll” o p e r a t o r s h as a lso a c te d a s a d e t e r r e n t o n
b u y in g .
S h o rts h a v e b e e n th e le a d in g b u y e r s .
T h e te n d ­
e n c y o f la te h as b e e n to w a r d s in cre a se d o ffe r in g s fr o m th e
cou n try .
T h e ca sh d e m a n d h as b e e n as a ru le o n ly fa ir .
O n th e o th e r h a n d , a v e r y p r o m in e n t C h ic a g o o p e r a t o r is
c r e d ite d w ith h a v in g c o v e r e d o n e m illio n b u sh e ls a fe w d a y s
a g o , a n d la rg e c o m m is s io n in te re sts h a v e b e e n free b u y e r s
a t tim e s , e s p e c ia lly w h en M a y h a s fa lle n b e lo w 5 0 c . a t C h i­
cago.
I t is e s tim a te d in s o m e q u a r te r s th a t A r g e n tin a ’ s

200

e x p o r t a b le s u rp lu s th is y e a r w ill b e o n ly 4 0 ,0 0 0 ,0 0 0 b u s h e ls ,
a g a in s t 1 0 3 ,0 0 0 ,0 0 0 b u s h e ls la s t y e a r .
C h ic a g o 's s t o c k h a s
fa lle n t o 3 ,3 2 3 ,0 0 0 b u s h e ls , a g a in s t 5 ,9 1 5 ,0 0 0 b u s h e ls a y e a r
ago.
T h o u g h th e c r o p m o v e m e n t in th is c o u n t r y is r e la ­
t iv e ly la r g e , th e c o r n is b e in g a b s o r b e d in a m a n n e r th a t cn
c o u r a g e s th o b e lie v e r s in b e t t e r p r ic e s .
T o - d a y p r ic e s a d ­
v a n c e d , p a r t ly o w in g t o th e sm a lln e s s o f c o u n t r y o ffe r in g s
a n d th e a b s e n c e o f c o p io u s ra in s in A r g e n tin a ; b u t th e y re­
c e d e d la te r .
D A IL Y

C L O IS N G P R IC K S O F N O . 2 M IX E D

S a t.

C a s h c o r n ___________________________n o m .
M a y d e liv e r y l a e l e v a t o r __________ 58
D A IL Y

C L O S IN G

P R IC E S

OF

C O R N IN

NEW

YORK.

M o n . T u es. W ed. T hurs. F r i.
nom . nom .
5 7 % 57 u
5 7 % 5 8 % 58
58 %
58 %

CO RN

FU TU RES

IN

CHICAGO.

• B id .

O a ts , w h ile t h e y h a v e n o t g r e a t ly c h a n g e d in p r ic e , h a v e
la t t e r ly s h o w n s o m e t h in g o f a d o w n w a r d te n d e n c y , th o u g h
a t tim e s th e y h a v e b e e n u n d e r th e in flu e n c e o f firm e r q u o ­
ta t io n s f o r c o r n .
O n a n y b u lg e , h o w e v e r , it w a s n o tic e d
th a t c o m m is s io n h o u s e s w e re lib e r a l s e lle r s .
C ash tr a d e
in th e m e a n tim e h as b e e n e ith e r s lo w o r m o d e r a t e
T h e m a r k e t la c k s in d iv id u a lit y .
I t m e r e re fle cts fo r th e
m o s t p a r t th e c o n d it io n s in o th e r m a r k e ts .
T o - d a y p r ic e s
a d v a n c e d f o r a tim e a n d th e n r e a c t e d w ith o th e r g r a in .
D A IL T

C L O S IN G

P R IC E

O F O A T S IN

NEW

YORK.

S a t. M3o9 n . T39
u es. W ed. T h u rs. F rt.
8 8 % 38 % 38 %
% 3 9 % 39 % 39
% 39
39

,
,
S t a n d a r d s .........................................39
N o . 2 w h it e .......................................3 9
D A IL Y

C L O S IN G

P R IC E S

OF

OATS

FU TU RES

IN

CHICAGO.

S a t. M on . T u es. W ed. T hurs. F r i.
% 3 4 % 34 % 34 % 3 4 % 34 %
% 34
3 4 % 3 4 % 3 4 % *3 4 %
% 33 % 33 % 33 % 3 3 % *3 3%

M a y f d e l l v e r y In e le v a t o r ____________34
J u l y d e ll v r e y In e l e v a t o r ____________34
S e p t e m b e r d e liv e r y In e l e v a t o r ____ 33
• B id .

■

T h e fo llo w in g a re c lo s in g q u o t a t io n s :
FLOUR.
W i n t e r , lo w g r a d e s -------5 * 0 0 @ * 3 7 5 1 K a n s a s s t r a i g h t s , s a c k . 34 70(j
W i n t e r p a t e n t s __________ 5..............
00 5
5 30 K a n s a s c le a r s, s a c k s ___ 4 00 C
W i n t e r s t r a i g h t s _________ 4 40
4 05 C i t y p a t e n t s .................
5 75
W i n t e r c l e a r s __________ 3 80
4 10
R y e H o u r ______ _______
4 20
S p r i n g p a t e n t s _________ 5 50^>
5 90 G r a h a m f lo u r ____________3 8 5
S p r i n g s t r a i g h t s _________ 4 Sftiffl 5 15 C o r n m e a l, k iln d r i e d ___ 2 7 5 @
S p r i n g c le a r s ___________ 4 20 @ 4 601

2 85

G R A IN .
W h e a t , p e r b u s h e l—
C o r n , p e r b u s h e l* —
N . S p r i n g , N o . 1-----------------31 22
53
N o . 2 n e w ..........f.o .b .
N . S p r i n g , N o . 2 .................1 19
N o . 2 m i x e d ____ f . o . b .
N o m in a l
R e d w in t e r . N o . 2 _________ 1 00
N o . 2 w h it e _____ f. o . b .
N o m in a l
H a r d w in te r . N o . 2 ________ l 11
R y e . p e r b u s h e l—
O a t s , p e r b u sh e l, n e w —
N o . 2 W e s t e r n _________
88
S t a n d a r d s ___________________
38
S ta te a n d P e n n s y lv a n ia
88 @ 9 0
N o . 2 w h it e _________________
39
B a r l e y — M a l t i n g . . ...........1 0 0 @ l 10
N o . 3 w h it e _________________
38
F e e d in g , c .l.f., N . Y _ _
N o m in a l

C ents.
%

%
%

C ents.
%
%

E X P O R T S O P B R E A D S T U F F S , P R O V IS IO N S , C O T ­
T O N A N D P E T R O L E U M .— T h e e x p o r t s o f th e se a r tic le s
d u r in g th e m o n th o f D e c e m b e r , a n d th e tw e lv e m o n th s , fo r
th e p a s t th re e y e a r s h a v e b e e n a s fo llo w s :

Exports
1910.
1909.
1908.
from
U. S. December. 12 Months. December. 12 Months. December. |12 Months.
Quantities.
W h e at, bu
F lo u r bbls.

3,402.226 22,667,106
1,029,181
8,341,131

3,718,050
1,198,558

W h e a t*b u
C o m ..b u .

8,033,540 60.202,195
5,128,142 37,292,127

9,111,561 90,278,681
5,758,912 34,703,911

11.129,491 150.170,016
6.417,563 37,053.746

T o t. bu.

13,161,682 97,494,322
S
S
7.999,8381 64,643,609
2,835.847 25,053,205
28
13,945
135,007
1,370,676
700.366
4,022,643

14,870,473 124,982,592
$
$
10,038,126 98,686,855
4,046,452 25,765,098
290.777
135,362
1,281,764
3,167,426
252,275

17.545,054 187,223,762
$
$
11.670.146 152,606,938
4,425,632 25.966,389
43,696
2,403,327
116,416
1,202,859
663,612
4,592.491

B re a d st’fs 11,731.080 95,704,078 14,472,215
P ro v isio n s 10,403,100 107.933,357 10,013.189
C ’tle & h ’gs
1,480,682
2,071,220
9.090,029
C o t t o n __ 103,021,198 530,156,515 53,874,361
P etr’m .&c.
7,895,071
6,969,371 88.571,319
133,611,437J831,455,298

Wheat,
bush.
109.200
54,582
142,000
37,005
42.777
63,480

46,901,998
9,639,203

5.655,284
1,216,040

T o ta l week 1 9 1 1 ..
Since Jan. 1 1 9 1 1 ..
W e ek 1910...........
Sln c e J a n . 1 1 9 1 0 ..

344.709
656,099
319,725
748,271

129,191,920 16,919.502 186.832.204
131,392.367 15,523,868 160.190,958
16,064,773
1,720,652 24,204,252
461,394,052 72.258,156 438,556.422
99,876.190
8.133,613 105,281,603

88,326.056 837,919.302 114,555.791 915,065,439

T h e s ta te m e n t o f th e m o v e m e n t o f b r e a d s t u ffs to m a r k e t
in d ic a t e d beloyr a re p r e p a r e d b y u s fr o m fig u r e s 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 t e r n
la k e a n d riv e r p o r ts f o r th e w e e k e n d in g la s t S a t u r d a y a n d
sin c e A u g u s t 1 f o r e a ch o f th e la st th re e y e a r s h as b e e n :

T o ta l w k . ’ l l
S a m e w k . ’10
S a m e w k. '09

Flour.
Wheat.
Corn.
Barley.
Rye.
Oats.
bbls. 19616s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu .56 lbs.
87.821
34.825

8,110

6,308
863
50,150
47,890

166,800
83,620
362,846
1,435,830
105,000
20,333

1,020

292,005

11,000

338,200
234,967
313.693
283.434

2.816,654
4.114.348
2.264.684;

2,703,000
66,670
23.726
208,160
137,600
156,982
29,471
410.200
535,261
236,400

1,735,200
185.300
21,911
158,640
42,000
28,166
64,312
355.300
113,600
81,600

395,500
260,000
28,874
256,800

16,800

68,600
56,400

8,800
16,500

4,507.470
4,034,794
3.236.792

2,786,029
2.387.028
2.674,054

1,066,174
1,096,341
1,612,195

78,920
156,218
92,579

19,500
16,320

1.000

S in ce A u g . 1
1 9 1 0 -1 1 ... 8,277,836 146,243.496 93,804,388 108,928,355 42,109,380 3,363.018
1 9 0 9 -1 0 ... 10,907,291 165.677.483 79,632,541 10,071,993 45.800,505 4,374,435
I 1 9 0 8 -0 9 ... 10,731.072
168,607,3251 67,826,137 92,286,490 52,825,110 4,261,665

S

T o t a l r e c e ip ts o f flo u r a n d g ra in a t th e s e a b o a r d p o r t s fo r
th e w e e k e n d e d J a n ,. 14 1911 fo llo w :




Barley,
bush.
14,025
2,267
20,000

143*834
78.574
31.75*
35,50*

Rye:
bush
4,60(1
1,000
800
13,779
1,000

1,000
8,992
10,947

7(L798
217,000
40.000
806,842
1,596,368
1,310,517
2,716.745

3,081,637
6,242,086
1,749,873
4,069,390

13.903
38,00*

13.489

9 76.08*
1,871,366
758,077
1,433,781

49,781
238,821
00,590
169.208

21.179
48.476
33,567
69.180

th ro u gh o u t of ladt|ngClU<ie gfalD pas8lng through N e w O rleans for foreign ports on

1

I h e e x p o r t s fr o m th e se v e ra l s e a b o a r d p o r t s f o r th e w eek
mminfr In n 1,1 101 1
., . ------ •
,i
x
,
.

Exports from —

N e w Y o r k ______
P o rtla n d , M e ___
P h i la d e l p h i a ____
B a ltim o r e _______
N e w O r l e a n s ___
N e w p o rt N e w s __
G a lv e sto n _______
M o b ile __________
N o r fo lk _________
St. John. N . B _ .
H a lif a x ................

Wheat,
bush.

26,910
142,000
70.782
______
__ ___
______
______
..........
______
217.000
40.000

Com, Flour,
bush.
bbls.

Oats,
bush.

539,028
154,000
270.489
338,000
259,789
51,500
177,143

50,158
11,214
12,104
19,100
4,881
11,693
6,266
275
8,992
6,310
214
3,000
.......................

Rye,
bush.

Barley, Peas,
bush. bush.

....................
----- 20,000

500

2,1*1
........

2,500

38.000

T o ta l w eek------- 496,692 1,798,941 125,215
W e ek 1910...........1,394.295 1,206,911 130,949

41,000
40,362

-----

20,000

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

2,101
9,144

T h e d e s t in a t io n o f th ese e x p o r t s f o r th e w ook a n d sin c e
J u ly 1 1910 is a s b e lo w :

Flour ----------------------- wheat ------------Corn- Since
Since
Since
Week July 1
Week
July
1
Week
July 1
Exports for week and Jan. 14.
1910.
14.
191*. Jan. 14.
1910.
since July 1 to —
bbls.
bbls Jan.bush.
bush.
bush.
bush.
U n ite d K i n g d o m . . . 52,587 2,406.821
----------

457.817 19,774,731
35.855 11,810,604
3,020
186,395
.........
4.33*

966,464
796,005
2,730
29,742
4,000

7.00*

6.043.891
7,099,335
1,562,552
805,455
13,574
19,777

T o ta l*1909" 10 --------- 180 949 5 S V t ’Sve , o ^ ’i!92 31 -7 83.063 1,798,941 15,544,584
lo U U lJ O J -1 0 ......... 130,949 5,853,476 1,394,295 57,183,630 1.206,911 12,626,531

T h e w o r ld 's s h ip m e n ts o f w h e a t a n d c o r n f o r th e ’ w eek
e n d in g J a n . 14 1911 a n d sin c e J u ly 1 1910 a n d 1909 a re
sh o w n in th e fo llo w in g :
.

Exports.

N o r t h A m e r.
R u s s i a _____
D a n u b e ___
A rge n tin a . .
A u s t r a lia __

Wheat.

1910-11.

Week
Jan. 14.
Bushels.

Since
Ju ly 1.
Bushels.

Com .
1909-10.

1910-11.

Since
July 1.
Bushels.

Week
Jan. 14.
Bushels.

2.192.000 69.427.000 92.046.000 1.982.000
2.440.000 136,248.000 130,200,000
843.000
1.912.000 66.152.000 12.936.000
493.000
560.000 26.440.000 15.088.000 1.930.000
1.024.000 18.920.000
7.852,000
1.064.000 27.014.000
/
Oth. co u n tr’s
184.000
5,408,000 130,952,000

1909-10.

Since
July 1.
Bushels.

Since
Ju ly -1.
Bushels.

14.501.000
6,836,000
51.855.000
53.808.000

12.638.000
10.530.000
12.956.000
57.837.000

T o t a l........ 9.376,000 349,609,000 289,074.000 5,248.000 127.000,000

03,961,000

m e n tio n e d w a s a s f o llo w s :

Jan.
Jan.
Jan.
Jan.
Jan.

14
7
15
16
18

1 91 1..
1 91 1..
1 91 0..
1 90 9..
1 90 8..

Wheat.
Com.
United
United
Kinydorn. Continent. Total. Kinydom. Continent. Total.
Bushels. Bushels, i Bushels. Bushels. Bushels. Bushels.

12.912.000 17.976.000 30,888,000
12.288.000 17.064.000 29,352,000
21,080,000 6.720.000 28,400,000
15.760.000 6.160.000 21.920,000
25.080.000 8.880.000 33,960,000

5.908.000 12.283.000 18.191.000
6.647.000 13.796.000 20.443.000
5.695.000 5.100.000 10.795.000
4.250.000 3.485.000 7.735.000
3.520.000 3.800.000 7.320.000

T h e v is ib le s u p p ly o f g r a in , c o m p r is in g th e s t o c k s in
g r a n a r y a t p r in cip a l p o in ts o f a c c u m u la t io n a t la k e a n d
s e a b o a r d p o r ts J a n . 14 1911, w a s as f o llo w s :
A M E R IC A N

Note

C h i c a g o ___
M ilw a u k e e ..
D u l u t h _____
M in n e a p o lis.
T o le d o _____
D e tr o it ____
Cleveland . .
S t. L o u is __
P e o r i a ........
K a n s a s C ity .

Oats,
bush
524,604
109.928

91,904,129
12.947,975

* In c lu d in g flour reduced to bushels.
.— A ll the abo v e figures are based o n the m o n th ly p re lim in ary returns Issued
b y the B u re a u o f Statistics, a n d cover a b o u t 9 6 % o f the to tal exports.

Receipts at —

Corn,
bush.

.

940,500
327,754
154,000
367.879
578,284
37,438
477.700
177,143

30.000

C o n tin e n t ............... 31,909 1.077,645
Sou. & Cent. A m c r .
6,714
583,702
W e st In d ie s ........... 30,694
697,100
B rit. N o r. A m . C o ls. 3,000
63,621
O the r C o u n trie s____
311
101,210

<S

W h ’t & fl’r.
C o ru & m ’l.
I t y e ___
O a t s & m ’l
B a r le y ..

Flour,
bbls.

Receipts at

—
N e w Y o r k ...........
150,547
B o s t o n .................
39,559
P o rtlan d , M e _____
11,214
P h ila d e lp h ia ........
58,398
B a lt im o r e - ...........
33,137
R i c h m o n d ...........
3,743
N e w O rle an s * ____
28,073
N e w p o rt N e w s ____
6,266
N o r fo lk ...... ..........
214
G a lv e sto n ________
______
M o b ile ...................
6,310
M o n tr e a l...... .........
6,248
St. J o h n ...............
3,000
H a lif a x ................................

nom .

S a t. M o n . T ues. W ed. T hurs. F ri
M a y d e li v e r y In e l e v a t o r — ..........49 %
4 9 % 5 0 % 50 % 5 0 % * 5 0
J u l y d e li v e r y I n e l e v a t o r ................5 0 %
50 %
51 3^ 51 %
51 %
51u
51
52 % 51 % 52
52
S e p t e m b e r d e li v e r y I n e l e v a t o r -------51 %

Values.

[VOL. LXXXXII

TH E CHRONICLE

Wheat,
bush.

N e w Y o r k .................. 2,158,000
“
aflo a t..........
176,000
B o s t o n . . . ......... .........
431,000
P h ila d e lp h ia ..............
532.000
B a ltim o re ....................
531,000
N ew O r le a n s .........
3,000
G a lv e sto n ________________121,000
B u f f a lo ........................ 2,284,000
“
afloa t........... 4,624,000
T o le d o ...................
1,456.000
D e t r o i t ..............
404,000
“
afloa t...........
106.000
C h ic a g o ........................ 5,180,000
M ilw a u k e e .........
124,000
D u l u t h ........................ 3,891,000
M in n e a p o lis............... 14,230.000
S t, L o u i s ..............
1,908,000
K a n s a s C i t y ...............
4,710,000
P e o ria..........................
4,000
I n d i a n a p o l i s ...........
420,000
T o ta l
T o ta l
T o ta l
T o ta l

G R A IN

Com,
bush.

STO CK S.

Oats,
bush.

997.000

941,000

332*666
320.000
1,400,000
956.000

81,000
231.000

6,000

13,000
216,000
289.000

Rye,
bush.

Balrey,
bush.

28,000

33,000

84.000

188,000
400,000

110.000

640",66)6
311.000
209.000
141.000

" m oo
32.000

" 2,666

3,000

5.684.000
412.000
948.000
3.059.000
392.000
258.000
1.627.000
95,000

24.000

110,000

115,000

6,000

410.000
242.000
34,000

Jan. 14 1911 .43,287,000
6.895,000 15,145,000
Jan. 7 1911. .43,920.000
6,527,000
15,593,000
Jan. 15 1910. .26,248,000 10,642,000
9,542,000
Jan. 16 1909. .48.704,000
7,210,000
10,353,000
C A N A D IA N G R A IN S T O C K S .

426.000
482.000
819.000
028.000

1,453,000
1,758.000
2,474,000
4,443,000

Rye,
bush.

Barley,
bush.

M o n t r e a l. . .........
F o rt W illia m .........
“
afloat___
P o r t A r t h u r ...........
O the r C a n a d ia n ___

Wheat,
bush.

..
285,000
. . 3,752,000
..
318.000
. . 3,166.000
. . 3.476,000

T o ta l Jan. 14 19I I . . 10,997.000
T o ta l Jan. 7 1911.-11.722.000
T o ta l Jan. 15 1 0 1 0 .. 12.727,000

8 5 L 666
131.000
81,000
229.000

211.000
445.000
77,000
341.000

Corn,
bush.

Oats,
bush.

8,000

1.072,000

8,000
6,000

1.072.000
1.151.000
378,000

32,000

8,000

90,000

90.000

88.000

55,000

J a n . 21 1911.)

TH E CHRONICLE
Wheat,
bush.

SU M M ARY.

Am erloan .................. 43.287.000
C a n a d ia n ....................10.907.000
T o ta l
T o ta l
T o ta l
T o ta l
T o ta l
T o ta l
T o ta l

Ja n .
Ja n .
Ja n .
Ja n .
Ja n .
Jan.
Jan.

14
7
15
16
18
11
19

1911.-54.284.000
1911_.55.642.000
1910..38,976,000
1909..55.046.000
1908..47,226.000
1908..47,881.006
1907--45.459.000

Bariev.
bush.

Com .
bush.

Oats,
bush.

Rye,
bush.

6.895.000
8.000

15.145.000
1,072.000

426.000
..........

1,453,000
90,000

426.000
482,000
819,000
928.000
768,000
897,000
1,726,000

1.543.000
1.846.000
302.400
4.523.000
6.541.000
5.780.000
2.922.000

6.903.000
6.632.000
10.494.000
7.240.000
4.923.000
4.771.000
7.272.000

16.217.000
17.744.000
9.920.000
10.534.000
8.898.000
8.498.000
12.231.000

THE DRY GOODS TRADE.

New York, Friday Night, Jan. 2 0

1911.

T h e m o s t im p o r t a n t d e v e lo p m e n t in th e c o t t o n g o o d s s itu ­
a tio n th is w eek' w a s th e a c t i o n b y m ill in te r e s ts, b o t h N o r t h ­
ern a n d S o u th e r n , r e c o m m e n d in g an e x t e n s iv e cu r ta ilm e n t
o f p r o d u c t io n .
A t a m e e t in g o f th e S o u th C a ro lin a C o t to n
M a n u fa c tu r e r s ' A s s o c ia t io n , th o s e p r e s e n t re p r e se n tin g a b o u t
4 ,0 0 0 ,0 0 0 s p in d le s w o n t o n r e c o r d a s f a v o r in g a c u r ta ilm e n t
e q u a l to fiv e w e e k s b e tw e e n A p r il a n d S e p te m b e r , o r e a rlier
th a n A p r il if in d iv id u a l m a n u fa c tu r e r s d e e m su ch a c o u r s e
d e s ir a b le .
S im ila r a c t io n h a d p r e v io u s ly b e e n ta k e n b y
re p r e s e n ta tiv e s o f o v e r 1 ,0 0 0 ,0 0 0 s p in d le s in G e o r g ia .

L a te r

th e A r k w r ig h t C lu b o f B o s t o n , w h o s e m e m b e r s h ip re p re se n ts
m o r e th a n

1 0 ,0 0 0 ,0 0 0 s p in d le s in N e w

E n g la n d , s tr o n g ly

r e c o m m e n d e d c u r ta ilm e n t o f p r o d u c t io n o f a t le a s t 2 5 % , to
b e g in im m e d ia t e ly a n d to c o n tin u e u n til m a r k e t c o n d it io n s
im p r o v e .
T h is w id e s p re a d m o v e m e n t o c c a s io n e d n o su r­
p r ise in th e tr a d e , s in c e f o r se v e ra l w e e k s it h a d b e e n e x ­
p e c t e d th a t m ills, u n a b le t o s e cu r e a s a t is fa c t o r y v o lu m e o f
n ew b u s in e s s a t p r ic e s c o m m e n s u r a te w ith th e s u sta in ed
h ig h c o s t o f c o t t o n , w o u ld lim it th e ir o u t p u t a s a p o s s ib le
r e m e d y fo r th e u n fa v o r a b le c o n d it io n s a n d t o p r e v e n t an
a c c u m u la tio n o f g o o d s m a d e fr o m h ig h c o s t s ta p le .
B u yers
as a ru le are a lso d is p o s e d t o a v o id a c c u m u la tin g h ig h c o s t
m e r c h a n d is e , a n d a re a p p a r e n t ly n o t in c lin e d to a n t ic ip a t e
o n s ta p le s in a su b s ta n tia l w a y u n til th e y a re a ssu red o f
a n in cre a s e in c o n s u m in g d e m a n d , n o tw ith s ta n d in g the
p r o s p e c t o f m o r e lim ite d su p p lie s a s a re su lt o f c u r ta ilm e n t
a n d th e p o s s ib ilit y o f firm e r p r ic e s la te r o n .
In o t h e r w o r d s ,
th e q u e s tio n o f a s u cc e ssfu l d is t r ib u t io n se e m s to b e p a r a ­
m o u n t w ith b u y e r s .
In th e c o t t o n g o o d s m a r k e t s o m e lin es
s h o w e d in cre a s e d a c t i v it y w ith a fa ir ly la rg e a m o u n t o f b u s i­
n ess d o n e , w h ile o th e r s c o n tin u e d q u ie t .
T h e m a rk et as a
w h o le , h o w e v e r , d is p la y e d m o r e life th a n in re ce n t w e e k s,
o w in g t o th e p r e se n ce o f m a n y b u y e r s r e p re se n tin g la rg e
jo b b in g firm s in d iffe r e n t s e c tio n s o f th e c o u n t r y , w h o w ere
h e re p a r t ly f o r th e p u r p o s e o f a tt e n d in g th e a n n u a l m e e tin g
o f th e N a tio n a l W h o le s a le D r y G o o d s A s s o c ia tio n .
T h e ir
p u r c h a se s w e re n o t h e a v y , b u t th e y s h o w e d m u c h in te re st
in n e w lin es a n d u rg e d d e liv e rie s o f g o o d s u n d e r o r d e r .
P r ic e s w e re n a m e d d u r in g th e w e e k o n c o t t o n s fo r th e fall
s e a so n ; o n c o t t o n b la n k e ts m o d e r a te a d v a n c e s ra n g in g fr o m
2
to 5 % w e re a n n o u n c e d b y s o m e h o u s e s , w h ile o th e rs
m a d e n o c h a n g e fr o m la st y e a r .
E v e n a t th e h ig h e r le v e ls
th e p r ic e s d o n ot le a v e m u c h r o o m fo r p r o fit to m a n u fa c tu r e r s ,
b u t th e la tte r a p p a r e n t ly w ish to e n c o u r a g e a n o t h e r large
d is t r ib u t io n o f th ese g o o d s .
P r ic e s w e re a lso n a m e d b y the
le a d in g fa c t o r o n p e r ca le s a n d p r in te d n a p p e d c o t t o n s fo r
fa ll, o n ly s lig h t a d v a n c e s b e in g m a d e .
T h e b e t t e r q u a litie s
o f s ilk -p ie c e g o o d s c o n tin u e in a c t iv e d e m a n d fo r s p r in g ,
m a n y d u p lic a t e o r d e r s b e in g r e c e iv e d fr o m jo b b e r s a n d re­
ta ilers; a n in cre a s e d call w a s n o te d f o r fo u la r d s , m essa lin es
a n d s o ft s a tin s .
In m e n ’ s w e a r th e lo w v a lu e s o n fall f a b ­
rics h a v e m e t w ith a g o o d re s p o n s e fr o m b u y e r s , b u t th e v e r y
c lo s e p r ic e s n a m e d b y th e le a d in g in te r e s t is c a u sin g stiff
c o m p e t it io n fo r b u sin e ss.
I n d re ss g o o d s in te re st ce n tre s
in n ew fall lin e s w h ic h h a v e b e e n o p e n e d , w ith irre g u la r
c h a n g e s in p r ic e s .

Yi

D O M E S T I C C O T T O N G O O D S .— T h e e x p o r t s o f c o t t o n
g o o d s fr o m th is p o r t fo r th e w e e k e n d in g J a n . 14 w e re 6 ,9 9 3
p a c k a g e s , v a lu e d a t $ 6 5 1 ,8 7 5 .

N ew Y ork to J a n .

----- ion-----Since

W eek. J a n .

14—
G r e a t B r i t a i n ___________________ ............
22
31
O t h e r E u r o p e a n .......................... ............
C h i n a .......... ................................. .............1,6 9 4
I n d i a ___________________________ ............. 303
A r a b i a _____ _____________________ ............ 1,0 9 7
A f r i c a __________________________ ............. 208
W e s t I n d i e s ______
........ ..
8 84
M e x i c o ........ .........
.............
13
C e n t r a l A m e r i c a ______
________ 407
S o u t h A m e r i c a ____________
............. 718
O t h e r C o u n t r i e s _____ ___________
T o t a l ........................................

l.
42
52
1,694
303
1,0 9 7
238
1,589
46
969
2,4 2 2
1,018

1 0,3 70

4

19

18
614
11
124
560
414

13G
175
1,0 2 7
46
228
1,531
657

1,772

3 ,9 5 2

T h e v a lu e o f th ese N e w Y o r k e x p o r t s s in c e J a n . 1 h as
b e e n $ 9 1 9 ,3 3 1 in 1 9 1 1 , a g a in s t $ 2 8 9 ,4 0 5 in 1910.
T h e n a m in g o f p r ice s o n c o t t o n b la n k e ts w as fo llo w e d b y
a r a th e r lib e ra l c o n fir m a tio n o f o r d e r s p la c e d t e n t a t iv e ly
s o m e tim e a g o b y la rg e b u y e r s , a n d in s o m e q u a r te r s i t is
r e p o r te d th a t p r o d u c t io n f o r th e fall se a so n is a lr e a d y w ell
u nder ord er.
A m o d e r a te a m o u n t o f n ew b u sin e ss has b e e n
d o n e o n p r in t s , a n d r e q u e sts f o r p r o m p t s h ip m e n ts o f old
o r d e r s are n u m e r o u s .
T h e n ew p r ic e s o n p e r ca le s h a v e
p r o v e d a t t r a c t iv e t o b u y e r s ; in te re st in th is d iv is io n w as in ­
c r e a s e d b y th e a n n o u n c e m e n t o f M . C . D . B o r d e n & S on s
t h a t a v a r ie t y o f n o w s ty le s o f p r in ts w ill b e a d d e d t o th e




lin es o f th e A m e r ic a n P r in t in g C o .’s fa b r ic s ; th is e x p la in s
th e r e c e n t c h a n g e in th e la t t e r ’s p u r c h a se s fr o m re g u la rs t o
v a r io u s s ty le s o f g r a y g o o d s , w id e , m e d iu m w id e a n d n a r r o w ,
a n d it is e v id e n t th a t th e c o m p a n y 's fa b r ic s a re t o b e m a d e
a v a ila b le f o r c u tt e r s as w ell as jo b b e r s a n d r e ta ile r s in p o p u la r
w id t h s , p a t te r n s , & c .
B le a c h e d d o m e s t ic c o t t o n s h a v e
ru le d s t e a d y , w ith a s o m e w h a t b r o a d e r a p p lic a t io n o n lo w e r
lin es; s o m e o f th e b e s t -k n o w n lin es o f w id e sh e e tin g s a re re­
p o r t e d w ell s o ld u p .
C e rta in u n t ic k e t e d d rills a n d sh e e tin g s
s h o w a n ea sier t o n e .
S om e p rodu cers o f b ra n d ed b row n
d o m e s tic s are c o m fo r t a b ly s itu a te d fo r th e p r e s e n t, b u t
c o u ld h a n d le m o r e b u s in e s s .
W a s h fa b r ic s f o r s p r in g a re in
fa ir r e q u e s t , a n d s o m e m ills m a k in g fa n c y lin es are w ell s o ld
ahead.
F a ir a c t i v it y is n o te d in c o lo r e d c o t t o n s o f c o a r s e
q u a lit y , b u t m e d iu m a n d fin e c o u n t s a re m o v in g s lo w ly .
G in g h a m s c o n t in u e in g o o d d e m a n d a n d m ills p r o d u c in g
th e b e s t d e s c r ip tio n s are in a s t r o n g p o s it io n .
O u ts id e o f
s a t is fa c t o r y sa les o f p r in ts t o C o lu m b ia , e x p o r t tr a d e g e n ­
e r a lly h a s b e e n 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 h a v e
ru le d s t e a d y , a n d q u o t a b ly u n c h a n g e d , w ith a m o d e r a te
dem and.
W O O L E N G O O D S .— I n th e m e n ’s w ea r m a r k e t a d d itio n a l
lin es o f h e a v y w e ig h t fa b r ic s w ere o p e n e d b y a g e n ts o f w e llk n o w n m ills.
S o m e serg es w ere p r ic e d fr o m 1 5 c . t o 2 5 c . a
y a r d lo w e r th a n a y e a r a g o , a n d o th e r lin es s h o w e d s h a r p
r e d u c t io n s , e s p e c ia lly th o s e m a d e fr o m d o m e s t ic w o o ls w h ic h
h a v e d e c lin e d d u r in g th e y e a r , a n d th e r e fo r e e n a b le m ills t o
o ffe r g o o d s a t m o r e a t t r a c t iv e le v e ls ; a d esire o n th e p a r t o f
m a n u fa c tu r e r s t o s ecu r e b u lk b u sin e ss t o k e e p th eir p la n ts
o c c u p ie d , e v e n a t v e r y c lo s e p r ic e s , h as a ls o b e e n a f a c t o r .
T h e p r ic e s n a m e d b y th e le a d in g c o r p o r a t io n o n n ow fall lin es
a re e x c e p t io n a lly lo w a n d m a k e it d iffic u lt f o r sm a lle r m a n u ­
fa c tu r e r s t o c o m p e t e .
O v e r c o a t in g s c o n t in u e d in s t e a d y d e ­
m a n d , p a r t ic u la r ly S c o t c h e ffe c t s a n d ch in c h illa s .
F all d r e ss
g o o d s h a v e a lso b e e n o p e n e d , w ith irre g u la r p r ic e c h a n g e s ;
s o m e c o r p o r a t io n g o o d s h a v e b e e n a d v a n c e d , a n d c o t t o n -w a r p
fa b r ic s a n d lu s t r e -w o o l g o o d s are a lso h ig h e r , b u t a s o m e w h a t
lo w e r le v e l h a s b e e n n a m e d o n c o lo r e d serg es.
F O R E I G N D R Y G O O D S .— L e a d in g lin es o f fo r e ig n dress
g o o d s fo r fall w e re a lso o p e n e d a t p r ice s a b o u t th e sa m e as
th o se p r e v a ilin g fo r s p r in g d e liv e r y , a n d o r d e r s p la c e d
r e a c h e d fa ir p r o p o r t io n s ; b u t s o m e o f th e p r ic e lists h a v e b e e n
r e v is e d , w h ic h is c a u s in g so m e u n s e ttle m e n t a n d h e s it a n c y
am on g buyers.
H o u s e h o ld lin e n s fo r s p o t d e liv e r y t o fill o u t
r e ta ile r s ’ “ w h ite s a le s ” a re in u r g e n t re q u e s t a n d s c a r c e , a n d
a g o o d d e m a n d is a lso in e v id e n c e f o r all d e s c r ip tio n s fo r
s p r in g ; im p o r t e r s ’ s t o c k s are b a d ly b r o k e n , a n d a s s h ip m e n t s
fr o m a b r o a d a re a r r iv in g s lo w ly , t h e y a re c a u tio u s in g u a r­
a n te e in g d is t a n t d e liv e r ie s .
B u r la p s w e re firm a n d u n ­
c h a n g e d , w ith a fa ir b u s in e s s d o n e .
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 s .
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
a t th is p o r t f o r th e w c o k e n d in g J a n . 14 1911 a n d sin ce
J a n . I 1911, a n d fo r th e c o r r e s p o n d in g p e r io d s o l la st y e a r :
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202

[VOL. LXXXXII.

THE CHRONICLE
State Highway Act.

San Diego Seawall Act.

N ew s Item s.

Population in

A t la n t ic C it y , N . J . —
1 9 1 0 .— A s a lr e a d y
n o te d in th ese c o lu m n s , th e p o p u la t io n o f th is c it y in 1910
a s a n n o u n c e d b y th e B u re a u o f th e C en su s a ft e r a s e c o n d
c o u n t in th a t y e a r , w a s 4 6 ,1 5 0 .
W e m e n tio n th is fa c t a g a in
a t th e r e q u e st o f a s u b s c r ib e r w h o p o in ts o u t th a t th e c it y in
q u e s tio n n o w m e e ts th e r e q u ir e m e n t o f th a t p a r t o f th e N ew
l o r k la w g o v e r n in g s a v in g s b a n k in v e s tm e n ts w h ich p r o ­
v id e s th a t a c it y , in o r d e r th a t its b o n d s shall b e legal in ­
v e s tm e n ts , shall h a v e n o t less th a n 4 5 ,0 0 0 in h a b ita n ts , a c ­
c o r d in g to th e last U . S . C en su s.
T h e la w re fe rre d to c o n ­
ta in s, o f c o u r s e , a n u m b e r o f o th e r r e q u ir e m e n ts o th e r th a n
th a t re la tin g to p o p u la t io n , a n d fo r th e se w e w o u ld refer o u r
rea d ers to th e la st issu e o f th e “ S ta te a n d C ity S e c t io n ,”
w h ere th e law is g iv e n in fu ll.
B e n b o w C it y — E a s t W o o d R iv e r , 111. —
.— A v o t e will b e ta k e n in B e n b o w C ity o n J a n . 2 8 , it is
s a id , o n a p r o p o s it io n to m e r g e t h a t v illa g e w ith E a s t W o o d
R iv e r .
•

ation

Election on Annex­

U. S. Supreme Court Sustains Law to Establish
and Quiet Titles .— S o m e o f th e n e w s p a p e r s h a v e re fe rre d to a
C a lifo r n ia .—

d e c is io n b y th e (J. S . S u p re m e C o u r t h a n d e d d o w n J a n . 3 la st
as s u s ta in in g th e rig h t o f a S t a te (in th is ca se th e S ta te o f
C a lifo r n ia ) to p a ss la w s a d o p t in g th e “ T o r r e n s s y s t e m ” fo r
re g is te r in g a n d v a lid a t in g r e a lty title s .
I t w a s p o in te d o u t
th a t th e r u lin g o f th e S u p re m e C o u r t w a s o f u n u su a l in te re s t
in v ie w o f th e p e n d in g litig a tio n o v e r th e c o n s t it u t io n a lit y
o f th e “ T o r r e n s L a w ” a d o p t e d b y N e w Y o r k S ta te (C h a p te r
4 4 4 o f L a w s o f 1 9 0 8).
I t w o u ld a p p e a r , h o w e v e r , fr o m th e o p in io n o f C h ief J u s­
tic e W h ite , th a t th e ca se b e fo r e th e C o u r t, e n tit le d th e
A m e r ic a n L a n d C o . v s . L e w is Z eiss, w a s o n th e q u e s t io n o f
th e c o n s t it u t io n a lit y o f th e “ M c E n e r n e y A c t ” p a sse d b y th e
C a lifo rn ia L e g isla tu r e (C h a p te r 59, L a w s o f 1906) s h o r t ly
a ft e r th e e a r th q u a k e in 1906, a n d w h ich p e r m it te d a c tio n s
to e s ta b lis h a n d q u ie t title to real p r o p e r t y in th e ca se o f
loss o f p u b lic r e c o r d s b y f lo o d , fire o r e a r th q u a k e .
U nder
th is a c t th e o w n e r o f real p r o p e r t y in S a n F r a n c is c o , o r in
a n y c o u n t y in w h ich th e r e c o r d s h a d b e e n d e s t r o y e d , c o u ld
b r in g a n a c t io n to e s ta b lis h h is o w n e r s h ip a g a in s t all a d v e r se
c la im a n t s , a n d to a g a in m a k e it a m a t te r o f p u b lic r e c o r d .
T h e d e c r e e is r e n d e r e d o n ly a ft e r p u b lic a tio n o f n o tic e to all
in te r e s te d in th e m a n n e r p r e sc r ib e d in th e A c t , a n d is in ­
te n d e d to b e in e ffe c t a n ew s ta r tin g p o in t fr o m w h ich th e
title o f p r o p e r t y c a n b e d e d u c e d o f r e c o r d .
T h e la n d c o m p a n y in th e ca se in q u e s tio n b r o u g h t s u it in
th e U n ite d S ta te s C ircu it C o u r t to h a v e th e M c E n e r n e y
d e c r e e o f Z eiss d e c la r e d v o id .
T h e C ircu it C o u rt u p h e ld th e
A c t a n d s u s ta in e d th e d e c r e e o b t a in e d b y Z eiss. T h e la n d
c o m p a n y a p p e a le d to th e C ircu it C o u rt o f A p p e a ls , w h ic h ,
as it e x p r e s s e d it, “ in v ie w o f th e fa c t th a t th e in te re sts o f
v e r y m a n y p e r so n s in real e s ta te in th e c it y o f S a n F r a n c is c o
a re a ffe c t e d b y th e A c t o f th e L e g isla tu r e a b o v o re fe rred to ,
a n d it is o f th e u t m o s t im p o r t a n c e th a t th e q u e s t io n o f the
v a lid it y o f th a t A c t b e s p e e d ily a n d a u t h o r it a t iv e ly d e t e r ­
m i n e d ,” c e rtifie d tw o q u e s tio n s to th e U n ite d S ta te s S u ­
p r e m e C o u r t.
T h e s e w ere (1 ) w h e th e r th e A c t v io la t e d
th e F o u r t e e n t h A m e n d m e n t a n d (2 ) w h e th e r th e la n d c o m ­
p a n y h a d b e e n d e p r iv e d o f its p r o p e r t y w it h o u t d u o p r o c e ss
o f la w .”
T h e S u p re m e C o u rt a n sw e re d b o t h q u e s t io n s in
th e n e g a tiv e , th u s a ffir m in g th e v a lid it y o f th e A c t .
T h e U . S . S u p re m e C o u rt uses s tr o n g la n g u a g e in its
o p in io n u p h o ld in g th e gen era l rig h t o f a S ta te to p a ss la w s
to p r o t e c t th e titles o f h o ld e r s o f real e s ta te , b u t d o e s n o t,
it s e e m s, p a ss u p o n th e v a lid it y o f th e T o r r e n s s y s te m , th a t
q u e s t io n n o t b e in g b e fo r e th e C o u rt.
T h e c o n fu s io n in th e m in d s o f th e re p o r te r s fo r th e d a ily
p a p e rs w h ich led to th e s ta t e m e n t th a t th e d e c is io n is o f
in te re s t in its b e a r in g o n th e c o n s t it u t io n a lit y o f th e N ew
Y o r k T o r r e n s s ta tu te a ro se a p p a r e n t ly m e r e ly fr o m th e fa c t
th a t th e 1906 C a lifo rn ia A c t c o n ta in s s o m e p r o v is io n s v e r y
sim ila r to th o se o f C h a p te r 110, L a w s o f 1897 o f th a t S ta te ,
th e la tt e r o f w h ich e m b o d ie s fe a tu r e s u su a lly fo u n d in law s
p u tt in g in to e ffe c t th e T o r r e n s s y s te m .
.—
F o llo w in g a re th e o ffic ia l re tu rn s o f th e v o t e c a s t N o v e m ­
b e r 8 1910 o n th e e ig h t p r o p o s e d c o n s t it u t io n a l a m e n d ­
m e n ts a n d fo u r b o n d p r o p o s itio n s , all o f w h ic h c a rrie d on
th a t d a y , as p r e v io u s ly s ta te d :

Official Vote on Amendments and Bond Propositions

Senate Constitutional Amendment No.

1.— P r o v i d i n g fo r t h e s e p a r a t io n o f
S t a t e a n d lo c a l t a x a t i o n a n d p r o v i d i n g fo r th e t a x a t i o n o f p u b lic se r v ic e
a n d o th e r c o r p o r a t io n s fo r th e b e n e fit o f t h e S t a t e .
V o t e 111 ,31 2 ‘‘f o r ”
to 0 6,4 93 “ a g a i n s t . ”
11.— P r o v i d i n g t h a t a m o r t g a g e ,
d e e d o f t r u s t, & o ., t o g e t h e r w it h th e m o n e y r e p r e s e n t e d b y s u c h d e b t,
s h a ll be e x e m p t fr o m t a x a t io n .
V o t e 1 18,927 “ f o r ” to 7 9 ,4 3 5 “ a g a i n s t . ”
3 6 . — R e l a t i n g to J u d g e s o f t h e
S u p e r io r C o u r t .
V o t e 1 21,997 “ f o r ” to 4 4 ,1 3 8 “ a g a i n s t . ”
3 8 .— R e l a t i n g to t h e f o r m a t i o n o f
n e w c o u n t ie s a n d a lt e r in g th e b o u n d a r y lin e s o f e x i s t i n g c o u n t ie s .
V o te
9 6 ,6 0 7 " f o r ” to 7 8,8 08 “ a g a i n s t . ”
4 4 .— P r o v i d i n g fo r t h e c la s s ific a ­
t io n b y th e L e g is la t u r e o f c itie s a n d t o w n s b y p o p u l a t io n fo r th e p u r p o s e o f
r e g u l a t i n g th e b u s in e s s o f b a n k i n g .
V o t e 1 18,970 “ f o r ” to 4 8 ,5 8 3 " a g a i n s t . ”
5 2 .— R e l a t i n g to h o w m o n e y m a y
b e a p p r o p r i a t e d a n d d r a w n fr o m S t a t e T r e a s u r y , a n d p r o v i d i n g fo r r a i s i n g
$ 5 ,0 0 0 ,0 0 0 fo r P a n a m a - P a c i f i c I n t e r n a t io n a l E x p o s i t io n .
V o t e 1 74,513
" f o r ” to 5 0 ,8 5 7 “ a g a i n s t . ”
14.— R e l a t i n g to t h e r i g h t o f th e
p e o p le to fish .
V o t e 1 6 7 ,86 9 “ f o r ” to 2 7 ,5 7 7 " a g a i n s t . "
•
3 3 .— A u t h o r i z i n g th e C i t y a n d
C o u n t y o f S a n F r a n c is c o to a m e n d I t s c h a r t e r In a i d o f P a n a m a - P a c i f i c
I n t e r n a t io n a l E x p o s i t io n .
V o t e 1 80,043 " f o r ” to 3 4 ,7 2 3 " a g a i n s t . ”

Senate Constitutional Amendment No.

Senate Constitutional Amendment No.
Senate Constitutional Amendment No.

Senate Constitutional Amendment No.

— P r o v i d i n g fo r th o is s u a n c e o f n o t e x c e e d in g $18 0 0 0 ,0 0 0 4 % g o ld c o u p o n b o n d s fo r t h e c o n s t r u c t io n o r a c q u i s i t i o n o f a
s y s te m o f S t a t e h ig h w a y s .
V o t e 9 3 ,2 9 7 “ f o r ” to 8 0 ,5 0 9 “ a g a i n s t ”
— F o r th e is s u a n c e o f n o t e x c e e d in g $ 1 500 000
4 % g o ld c o u p o n b o n d s fo r t h e p u r p o s e o f p r o v i d i n g th e B o a r d o f S t a t e
H a r b o r C o m m is s io n e r s fo r S a n D i e g o B a y w it h f u n d s to c o n s t r u c t a s e a ­
w a ll, w h a r v e s , p ie rs. S t a t e r a ilr o a d , s p u r s , b e tt e r m e n ts a n d a p p u r t e n a n c e s
In S a n D i e g o C o u n t y .
V o t e 1 1 7 ,81 4 “ f o r ” to 6 4,6 49 “ a g a i n s t . ”
— P r o v i d i n g fo r t h e is s u a n c e o f n o t e x c e e d in g $ 1 ,0 0 0 ,0 0 0
4 % g o ld c o u p o n b o n d s fo r t h e a c q u i s i t i o n b y t h e B o a r d o f S t a t e H a r b o r
C o m m is s io n e r s o f a n e c e s s a r y a r e a fo r a t id a l b a s in , f o r w h a r v e s , d o c k s ,
p ie rs, h a r b o r s a n d a p p u r t e n a n c e s In th e c i t y a n d c o u n t y o f S a n F r a n c is c o .
V o t e 103,051 “ f o r ” to 6 5 ,8 9 7 “ a g a i n s t . ”
1 90 9.— P r o v i d i n g fo r t h e is s u ­
a n c e o f n o t e x c e e d in g $ 9 ,0 0 0 ,0 0 0 4 % g o ld c o u p o n b o n d s f o r t h e e r e c tio n
o f w h a r v e s , p ie rs, s e a w a ll, S t a t e r a ilr o a d , s p u r s , b e tt e r m e n ts a n d a p p u r ­
t e n a n c e s, a n d n e c e s s a r y d r e d g in g a n t i l i n i n g In c o n n e c t io n t h e r e w ith In th e
c i t y a n d c o u n t y o f S a n F r a n c is c o .
V o t e 1 0 3 ,1 1 5 “ f o r ” to 41,8 31 " a g a i n s t . '

India Basin Act.

San Francisco Harbor improvement Act of

D eta ils o f th e b o n d s m e n tio n e d a b o v e w ill b e fo u n d in
V . 8 9 , p . 1553.
F o r d e ta ils o f th e c o n s t it u t io n a l a m e n d ­
m e n ts , see V . 9 1 , p . 1398 a n d 9 7 4 .
C h a m p a ig n ,

Commission Plan

C h a m p a ig n

C o u n t y , 111.—
p r o p o s it io n to a d o p t th e c o m ­
m ission p la n or g o v e r n m e n t w as d e fe a te d , a c c o r d in g to C h i­
c a g o p a p e r s , a t an e le c t io n h eld J a n . 18. T h e v o t e is g iv e n
a t 1 ,0 9 5 “ f o r ” to 1 ,1 1 6 “ a g a in s t .”

of Government Defeated.— A

Official Vote on Constitutional Amendments

C o lo r a d o .
.—
W e g iv e b e lo w th e o ffic ia l v o t e c a s t N o v . 8 1910 o n th e five
p r o p o s e d C o n stitu tio n a l a m e n d m e n t s a d o p t e d on th a t d a y
as p r e v io u s ly r e p o r te d in V . 9 1 , p . 1525.

Amendment to Sec.

Art.

V o t e 89,1 41 " f o r ” t o 2 8 ,6 9 8 “ a g a i n s t . ” ”
6,
5.— R e l a t i n g to p a y o f m e m b e r s o f th e G e n ­
V o t e 3 9 ,2 4 5 “ fo r ” to 3 1 ,0 4 7 " a g a i n s t . ”
8 -— R e l a t i n g to S t a t e In s t it u t i o n s .
V o te
5 9 ,2 9 o
fo r ’ to 15.105 “ a g a i n s t . ”
9,
9 .— R e l a t i n g to S t a t e B o a r d s o f L a n d C o m ­
m is s io n e r s .
V o t e 4 2.1 28 " f o r ” to 2 1 ,3 0 0 " a g a i n s t . ”
3,
1 1 .— P r o v i d i n g fo r th o p a y m e n t o f t h e p r in a a “ a c c r u e d In t e r e s t o n a ll th e o u t s t a n d i n g w a r r a n t s is s u e d b y
i
b o r i n g a n d fo r th e y e a r s 1887, 1888, 1889, 1892, 1893, 1894
a n d 1897.
V o t e 4 0.0 54 " f o r ” to 3 9,4 41 " a g a i n s t . ”
e ra l A s s e m b l y .

K n v n - n.li'ne.?t t0

ec■

A r l-

Amendment to Sec.
Amendment to Sec.

Art.
Art.

Commission Plan of Govern­

D e c a t u r , M a c o n C o u n t y , 111.—
e le c tio n h eld J a n . 17 is r e p o r te d to h a v e
re su lted in a v o t e o f 2 ,2 6 8 “ f o r ” to 1,369 “ a g a in s t” a p r o ­
p o s it io n to a d o p t th e c o m m is s io n fo r m o f g o v e r n m e n t .

ment Adopted.— A n

Commission Plan of Government

D ix o n , L e e C o u n t y , 111.—
W e see it r e p o r te d th a t a p r o p o s it io n t o a d o p t 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 c a rrie d a t a n e le c t io n h eld
J a n . 17 b y a m a jo r it y o f 129 v o t e s .

Adopted^

Senate Ratifies Income Tax Amendment.

I n d ia n a .—
— On
J a n . 17 th e S t a te S e n a te , b y a v o t e o f 4 8 to 1, ra tifie d th e p r o ­
p o s e d a m e n d m e n t to th e U . S . C o n s t itu tio n g iv in g C on g ress
p o w e r to c o lle c t ta x e s o n in c o m e s fr o m w h a te v e r s o u r c e d e ­
r iv e d , w ith o u t a p p o r t io n m e n t a m o n g th e S ta te s a n d w ith ­
o u t reg a rd to p o p u la t io n .

Income Tax Amendment Ratified by Legislature.

K a n s a s .—
— T h e p r o p o s e d a m e n d m e n t to th e F ed era l C o n s titu tio n
g iv in g to C on g ress th o p o w e r to le v y a n in c o m e ta x w a s r a ti­
fied b y th e L eg isla tu r e o n J a n . 19, a c c o r d in g to p ress d is ­
p a tc h e s .
N e w Y o r k C it y .—
1 9 1 1 .— T h e to ta l o f th e te n ta t iv e p er so n a l ta x
list o r 1911 is $ 8 5 3 ,8 5 7 ,3 8 6 , o r $ 4 1 2 ,6 8 8 ,7 7 3 less th a n th e
te n ta t iv e figu res fo r la st y e a r .
In o r d e r to sh o w th e e n o r ­
m o u s r e d u c t io n s u su a lly m a d e in th ese figu res b y th e “ s w e a r ­
in g o f f ” p r o c e s s , a c o m p a r is o n m a y be m a d e o f la st y e a r 's
to t a ls , w h e n th e e s tim a te d fig u res w ere $ 1 ,2 6 6 ,5 4 6 ,1 5 9
a n d th e final o n ly $ 3 7 2 ,6 4 4 ,8 2 5 , a r e d u c t io n o f a lm o s t
900 m illio n s.
T h e fo llo w in g ta b le s h o w s th e a m o u n t s fo r th e v a r io u s
cla sses o f p erson a l p r o p e r t y o n th is y e a r ’ s list c o m p a r e d
w ith th e te n ta t iv e a n d final lists fo r 1910, th e final fig u res
fo r 1910 b e in g d e s ig n a te d b y m ea n s o f an a ste risk ( * ) :

Tentative Values of Personal Property for

the Year

Ordinary
Boroughs.
Personal
M an h attan —
$

1911------ 299,400.491
1910------ 407.801,322
*1 91 0 ------ 116.656,801
B ro n x —
1 9 1 1 ... . 5,601.875
1 9 1 0 ... - 16.473,749
* 1 9 1 0 ... - 5,453,315
B ro o k ly n 1 9 1 1 ... -106,877,750
1 9 1 0 ... -196,402,730
♦ 1 9 1 0 ... - 43,614,020
Queens—
1 9 1 1 ... - 17.138,700
1 9 1 0 ... - 22.530,275
* 1 9 1 0 ... - 4,129,150
R ich m o n d
1 9 1 1 ... - 2,000,740
1 9 1 0 ... - 3,719,000
♦ 1 9 1 0 ... 1.257,995

Personal of -Corporation Personal Non-lies. Personal
Estates
Resident. $ Non-Res.
Ordinary.
Saxe L a w .
$
$
$
$
---------

178.148.450 117,917,100
282,887,810 127,801,800
60.441,747 71,527,200

30,270,100 27,385,215 4,270,295
47,218,600 86,024,015 7,252,895
26,601,950 18,900,990 3,841,795

4,457,435
4.086,398
863,935

2,523,700
2,382,860
1,309,740

96,500
143,410
89,500

38,903,305
39,100,115
8,380,455

10,427,700
13,439,750
0,741,000

811,500
1,001,250
537,850

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

52,500
153,500
52,500

3,085,880
4.298,500
432,380

1,482,200
1,464,950
793,950

129,000
23.000
3,000

_______
______

______
______

2,207,450
1.645,500
522,092

549,500
498,700
417,400

00,000
10,000
10,000

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

T o ta l 1911.431.079,550 220,802,520 132,900,200 31.367,100 27,385,215 4,322,795
T o ta l 1910.046,987,070* 332,084,323 145.588,000 48,450,260 80,024,045 7.106.395
T o ta l 1910*171.111.281
70,640,609 80,789,290 27,302,360 18,900,990 3,894,295

GRAND TOTALS BY BOROUOIIS.
Manhattan. The Bronx. Brooklyn. Queens. Richmond.

Totals.

1911 ...657,391,651 12,739S,510 157,072,755 21.835,780 4,817,090
853,857,386
1910 ------ 958.986.472 231086^417 250 ,283,345 28.310,725 5.873,200 1.266,546,159
1910 ...*2 9 8.03 0 ,4 8 3 7,710,550 59 .331.825 5.358.480 2,207.487
372,044,825

O h io .— Legislature Takes Favorable Action on Income Tax
Amendment.— O n J a n . 19 th e H o u s e o f R e p r e s e n ta t iv e s is

Senate Constitutional Amendment No.

sa id to h a v e c o n c u r r e d in th e a c t io n o f th e S en a te in a d o p t in g
the re s o lu tio n p r o v id in g fo r th e a p p r o v a l o f th e I n c o m e T a x
A m e n d m e n t to th e U . S . C o n s t itu tio n .

Assembly Constitutional Amendment No.
Assembly Constitutional Amendment No.

O r e g o n .—
— D is p a t c h e s s ta te th a t b o t h H o u s e s o f th e L e g isla tu r e h a v e
p a ssed a re s o lu tio n r a t ify in g th e p r o p o s e d I n c o m e T a x
A m e n d m e n t to th e F e d era l C o n s t itu tio n .




Income Tax Amendment Ratified by Legislature.

J a n . 21 1911.

THE CHRONICLE

203

Ottawa, La Salle County, 111.—Commission Plan of Govern­ Ashland School District No. 5 (P. O. Ashland), Jackson
ment Adopted.— T h e c o m m is s io n fo r m o f g o v e r n m e n t w a s County, Ore.— Bond Offering.— P r o p o s a ls w ill b e r e c e iv e d
a d o p t e d b y a v o t e o f 1 ,2 2 9 t o 4 4 2 , a c c o r d in g to lo ca l p a p e r s , u n til 3 p . m . F e b . l O b y T h o s . H . S im p s o n , D is t r ic t C le rk , for
$ 7 5 ,0 0 0 5 % h ig h -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 .
a t a n e le c t io n h e ld J a n . 17.
Seattle, Wash.—Suit to Enjoin Recall Election to be Heard
by Court of Appeals.— O n J a n . 9 J u d g e G ilb e r t o f th e U . S .
C ircu it C o u r t o f A p p e a ls o v e r r u le d th e o r d e r o f J u d g e H a n ­
fo r d m a d e o n J a n . 6 e n jo in in g th e c i t y fr o m issu in g w a rra n ts
to p a y th e e x p e n s e o f th e p r o p o s e d reca ll e le c t io n F e b . 7.
S ee V . 9 1 , p . 132.
J u d g e G ilb e r t g r a n ts a s ta y o f in ju n c t io n
p e n d in g th e s e tt le m e n t o f th e ca se b y th e C ircu it C o u r t o f
A p p e a ls o n p le a d in g s .
I t is sa id th a t th e ca s e w ill b e
h ea rd J a n . 30 a t a s p e c ia l s e ssio n o f th e U . S . C o u r t o f
A p p e a ls in S a n F r a n c is c o .
V e r m o n t .—
.—
T h e p r o p o s e d I n c o m e T a x A m e n d m e n t to th e U . S . C o n s ti­
tu tio n w a s r e je c t e d b y th e L e g isla tu r e o f th is S ta te o n J a n . 17,
th e v o t e in th e S e n a te b e in g 14 to 10 a n d in th e H o u s e
143 to 4 5 .

Legislature Rejects Income Tax Amendment

Bond C alls and R edem ptions.

Denver, Colo.— Bond Call.— Call

is m a d e

fo r

paym ent

J a n . 31 o f th e fo llo w in g b o n d s :

Storm Sew er B o n d s.

A r l i n g t o n P a r k S t o r m S e w e r D i s t r ic t B o n d s N o s .
S u b . D l s t r l o t N o . 2 o f th e N o r t h D e n v e r S t o r m
B o n d s N o s . 1 to 4 , In c lu s iv e .
S u b . D i s t r ic t N o . 3 o f th e N o r t h D e n v e r S t o r m
B o n d N o . 3.
S u b . D i s t r ic t N o . 4 o f th e N o r t h D e n v e r S t o r m
B o n d s N o s . 4 to 7, I n c lu s iv e .

1 t o 3, In c l u s i v e .
S e w e r D i s t r ic t N o .

1,

Se w er D is t r ic t N o .

1,

S e w e r D i s t r ic t

1,

No.

S a n ita ry Sew er B o n ds.

E a s t S i d e S a n i t a r y S e w e r D is t r ic t N o . 1, B o n d s N o s . 189 to 191 , I n c l u s i v e .
S u b . D i s t r ic t N o . 8 o f th e E a s t S i d e S a n i t a r y S e w e r D is t r ic t N o . 1, B o n d s
N o s . 71 to 73, In c lu s iv e .
H a r m a n S p e c i a l S a n i t a r y S e w e r D i s t r i c t N o . 1, B o n d N o . 34.
H i g h l a n d s S p e c i a l S a n i t a r y S e w e r D i s t r i c t N o . 7, B o n d s N o s . 66 t o 6 8 ,
In c lu s iv e .
H i g h l a n d s S p e c i a l S a n i t a r y S e w e r D i s t r ic t N o . 8 , B o n d N o . 23.

Im provem ent B on ds.

C h e r r y C r e e k I m p r o v e m e n t D i s t r ic t N o . 1, B o n d s N o s . 34 to 3 6, I n c l u s i v e .
E a s t D e n v e r I m p r o v e m e n t D i s t r i c t N o . 2, B o n d s N o s . 2 1 7 to 2 2 9 , In o lu s lv e .
E a s t D e n v e r I m p r o v e m e n t D i s t r i c t N o . 3, B o n d s N o s . 51 to 54, I n c l u s i v e .
E a s t D e n v e r Im p r o v e m e n t D i s t r i c t N o . 4, B o n d s N o s . 43 to 46, I n c l u s i v e .
E a s t S i d e I m p r o v e m e n t D i s t r i c t N o . 1, B o n d s N o s . 34 a n d 35.
E v a n s I m p r o v e m e n t D i s t r ic t , B o n d s N o s . 40 to 4 2 , In c lu s iv e .
N o r t h S i d e Im p r o v e m e n t D i s t r ic t N o . 1, B o n d s N o s . 71 t o 74, In c lu s iv e .
N o r t h S i d e I m p r o v e m e n t D i s t r ic t N o . 2, B o n d N o . 2 9.
N o r t h S i d e Im p r o v e m e n t D i s t r ic t N o . 3, B o n d s N o s . 86 t o 91, In c lu s iv e .
N o r t h S i d e I m p r o v e m e n t D i s t r ic t N o . 5, B o n d s N o s . 5 to 7, In c lu s iv e .
S h e r m a n S t . I m p r o v e m e n t D i s t r ic t N o . 1, B o n d s N o s . 16 to 18, In c lu s iv e .
S o u t h B r o a d w a y I m p r o v e m e n t D i s t r ic t N o . 2, B o n d s N o s . 66 t o 70,
in c lu s iv e .
S o u t h C a p i t o l III11 Im p r o v e m e n t D i s t r i c t N o . 1, B o n d s N o s . 87 t o 8 9,
n c lu s lv c .
S o u t h S i d e Im p r o v e m e n t D i s t r i c t N o . 1, B o n d s N o s . 76 to 78, In c l u s i v e .

P a vin g B o n ds.

A l l e y P a v i n g D i s t r ic t N o . 7, B o n d N o . 15.
A l l e y P a v i n g D i s t r ic t N o . 8 , B o n d N o . 16.
A i l c y P a v i n g D i s t r i c t N o . 16, B o n d s N o s . 1 t o 3, I n c lu s iv e .
B r o a d w a y P a v i n g D i s t r ic t N o . 3 , B o n d s N o s . 31 t o 3 3 , in c lu s iv e .
F ift e e n t h S t r e e t P a v i n g D is t r ic t N o . 2, B o n d N o . 18.
W c l t o n S t r e e t P a v i n g D l s t r l o t N o . 1, B o n d N o . 3 8 .

C urbing B o n ds.

S o u t h S i d e C u r b i n g D i s t r ic t N o . 3, B o n d s N o s . 1 to 10, in c lu s iv e .

New Castle, Lawrence County, Pa.— Bond Call.— P a y ­

m e n t will b e m a d e o n F e b . 1, a c c o r d i n g to lo c a l p a p e r s , o f
t w e n t y -s ix $ 5 0 0 s tr e e t -im p r o v e m e n t b o n d s is s u e d in 1896
an d n u m b e r e d fr o m 1 to 10 in c lu s iv e a n d 18 to 33 in c lu s iv e .

A u t h o r i t y v o t e o f 59 t o 28 a t a n e le c tio n h e ld J u n e 14 1 9 1 0 .
D e n o m in a ­
t io n $ 1 ,0 0 0 .
D a t e J a n . 1 1 91 1.
In t e r e s t s e m i - a n n u a ll y a t A s h l a n d o r In
N e w Y o r k C it y , a t th e o p tio n o f th e b u y e r .
M a t u r i t y J a n . 1 1 931, s u b j e c t
t o c a ll, h o w e v e r , $ 2 5 ,0 0 0 I n 10 y e a r s a n d $ 2 5 ,0 0 0 I n 15 y e a r s .
C e r t ifie d
o h e c k fo r $ 2 ,5 0 0 Is r e q u ir e d .

"Ashtabula School District (P. O. Ashtabula), Ohio.—Bond
Sale.— T h e $ 1 0 ,0 0 0 4 ^ % c o u p o n s c h o o l-a d d it io n b o n d s
d e s c r ib e d in V . 9 2 , p . 132, w e re s o ld o n J a n . 16 t o O tis &
H o u g h o f C le v e la n d a t
r e c e iv e d :

1 0 3 .5 3 .

T h e f o llo w in g b id s w ere

O t i s & I l o u g h , C l e v e l a n d . $ 1 0 ,3 5 3 0 0 1W e ll , R o t h & C o ., C l n ____ $ 1 0 ,3 3 8 00
N e w F i r s t N . D k . , C o l u m b . a l O , 3 5 4 00 I S e a s o n g o o d & M a y e r , C l n . 1 0 ,3 0 4 50
F i r s t N a t . B a n k , C le v e la n d 1 0 ,3 5 0 7 5 [ N a t l o n a l B a n k , A s h t a b u l a 1 0,1 51 00

a

B id s a id to be c o n d itio n a l.

M a t u r i t y $50 0 y e a r ly o n O c t . 1 f r o m 1912 t o 1931 In c l u s i v e .

Athens, Athens County, Ohio. Bonds Not Sold.

—
— A c­
c o r d in g t o r e p o r ts , n o b id s w ere r e c e iv e d o n D e c . 28 1910 fo r
th ree issu es o f 5 % c o u p o n s t r e e t -im p r o v e m e n t a ssessm en t
b o n d s a g g r e g a t in g $ 7 ,6 1 0 , d e s c r ib e d in V . 9 1 , p . 1 7 2 3.

Auburn School District (P. O. Auburn), Nemaha County,
Neb.— Bond Election Proposed.— A c c o r d in g t o n e w s p a p e r
r e p o r t s , th is d is t r ic t is c o n s id e r in g th e a d v is a b ilit y o f h o ld in g
a n e le c t io n f o r th e p u r p o s e o f s u b m it t in g t o th e v o t e r s a
p r o p o s it io n t o issu e $ 4 0 ,0 0 0 s c h o o l-b u ild in g b o n d s .

Bard School District, Imperial County, Cal.—Bonds
Voted.— A c c o r d in g to r e p o r ts , a n e le c t io n h e ld r e c e n t ly r e ­
su lte d in f a v o r o f a p r o p o s it io n t o issu e $ 5 ,0 0 0 b o n d s .
Basil and Baltimore (Towns) Joint School District, Ohio.—
Bonds Defeated.— A n e le c t io n h eld J a n . 7 is sa id to h a v e
re s u lte d in th e d e fe a t o f a p r o p o s it io n to issu e $ 2 5 ,0 0 0 h ig h 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 .

Battle Creek, Madison County, Neb. Bonds Voted.

—
— R e­
p o r t s s t a t e th a t th e e le c t io n h eld J a n . 15 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 th e $ 1 0 ,0 0 0 5 ^ j % 5 -2 0 -y e a r ( o p t io n a l)
w a t e r -w o r k s b o n d s m e n tio n e d in V . 9 2 , p . 1 32.
T h e v ote
w a s 141 “ f o r ” to 10 “ a g a in s t .”

Beaver Falls, Beaver County, Pa. Bonds Proposed.

—
— A
b o n d issu e o f $ 1 2 ,0 0 0 w ill b e flo a te d b y th e C o u n c il, a c c o r d ­
in g to r e p o r t s , to tid e o v e r its fin a n cia l a ffa irs u n til M a rch 1.

Belle Center, Logan County, Ohio. Bond Offering.

—
— P ro­
p o s a ls w ill b e r e c e iv e d u n til 12 m . F e b . 6 b y H . A . S ick le s ,
V illa g e C le r k , fo r $ 2 ,5 0 0 5 % c o u p o n s tr e e t -c r o s s in g b o n d s .
A u t h o r i t y , S e c t io n 2 8 3 5 , R e v i s e d S t a t u t e s .
D e n o m in a t io n $ 500. D a t e
J a n . 1 1911.
In t e r e s t a n n u a l l y a t t h e V i l l a g e T r e a s u r e r ’s o ffic e .
M a tu r it y
$ 5 0 0 y e a r ly o n J a n . 1 f r o m 1912 t o 1916 in c lu s iv e .
P u rc h a se rAto p a y
a c c r u e d in t e r e s t .

Beliefontaine, Logan County, Ohio. Bond Offering.

—
— P ro­
p o s a ls w ill b e r e c e iv e d u n til 12 m . J a n . 30 b y U . L . K e n n e d y ,
C it y A u d it o r , fo r $ 7 5 ,3 0 0 5 % s e w e r -c o n s tr u c t io n assessm en t
bonds.
A u t h o r i t y , S e c t io n 3 9 1 4 , G e n e r a l C o d e .
D e n o m i n a t i o n s : 70 b o n d s o l
$ 1 ,0 0 0 e a c h , 10 b o n d s o f $ 5 0 0 e a c h a n d 1 b o n d o f $ 30 0.
D a t e S e p t . 1 1910.
I n t e r e s t s e m i - a n n u a ll y .
M a t u r i t y $ 4 ,3 0 0 S e p t . 1 1911, $ 4 ,0 0 0 y e a r ly o n
S e p t . 1 fr o m 1912 t o 1920 In c l u s i v e a n d $ 3 ,5 0 0 y e a r ly o n M a r c h 1 fr o m 1912
t o 1921, in c lu s iv e .
C e r t ifie d c h e c k fo r 5 % o f b o n d s b id fo r, p a y a b l e t o th e
C i t y T r e a s u r e r , is r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d in t e r e s t .
B id d e r s
to s a t i s f y t h e m s e lv e s a s t o l e g a l i t y o f b o n d s b e fo re m a k i n g o ffe rs.

Beloit Union School District No. 2 (P. O. Beloit), Rock

Wis.— Bond Sale.— T h e B e lo it S a v in g s B a n k
Bond Proposals and N egotiations this week County,
B e lo it , o ffe r in g 1 0 0 .7 5 , w a s th e su cc e ss fu l b id d e r o n J a n .

have been

as follows:

Aberdeen, Brown County, So. Dak.—Bonds Voted.

— I t is
sta te d th a t th e e le c t io n h e ld J a n . 10 re su lte d in f a v o r o f th e
p r o p o s itio n t o issue th e $ 1 0 0 ,0 0 0 s e w e r -s y s t e m -e x t e n s io n
b o n d s m e n tio n e d in V . 9 1 , p . 1 7 8 8 .
T h e v o t e w a s 332 “ f o r ”
to 155 “ a g a i n s t .”
— On
J a n . 13 $ 7 ,0 0 0 5 % 1 5 -y e a r w a t e r -w o r k s b o n d s w e re re g iste red
b y th e S ta te C o m p t r o lle r .

Abilene, Taylor County, Tex.—Bonds Registered.

Allegheny County (P. O. Pittsburgh), Pa.—Bonds Au­
thorized.— T h e C o u n t y C o m m is s io n e r s , a c c o r d in g to lo ca l
p a p e rs , h a v e a u t h o r iz e d th e is s u a n c e o f $ 3 0 0 ,0 0 0 b u ild in g
bonds.

Anadarko School District (P. O. Anadarko), Caddo
County, Okla.—Bonds Not Sold.— N o sale has y e t b e e n m a d e

of
16
fo r th e $ 1 2 ,0 0 0 4
1 -6 -y e a r (se r ia l) c o u p o n r e fu n d in g
b u ild in g b o n d s d e s c r ib e d in V . 9 2 , p . 132.
B id s w ere a lso
r e c e iv e d fr o m th e B e lo it S ta te B a n k o f B e lo it , E m e r y , P e c k
& R o c k w o o d , R o b t . A . K e e n e , th e H a r ris T r u s t & S a v in g s
B a n k , S . A . K e a n & C o ., F a r s o n S o n & C o . a n d N . W .
H a ls e y & C o ., all o f C h ic a g o .

]ft%

Belton, Bell County, Tex. Bonds Registered.

—
— O n J a n . 12
th e $ 1 1 ,0 0 0 5 % 1 0 -4 0 -y e a r ( o p t i o n a l) w a te r -w o r k s b o n d s
v o t e d o n O c t . 18 1910 ( V . 9 1 , p . 1 1 95) w e re r e g iste re d b y
th e S ta te C o m p t r o lle r .

Berkeley School District (P. 0. Berkeley), Los Angeles
County, Cal.— No Bond Election at Present.— T h e C lerk o

B o a r d o f E d u c a t io n in fo r m s us th a t it is n o t p r o b a b le th e
p r o p o s e d b o n d e le c t io n ( V . 9 1 , p . 4 7 6 ) w ill b e c a lle d b e fo r e
A p r il.

Bessemer, Gogebic County, Mich.—Bonds Not to be Offered
at
— W e a r c in fo r m e d th a t n o th in g will b e d o n e u n til
Andrews County (P. 0. Andrews), Texas.—Bonds Voted. F e bPresent.
r u a r y lo o k in g to w a r d s th e issu a n ce o f th e $ 1 5 ,0 0 0 s e w e r -

o f th e $ 1 6 ,5 0 0 b o n d s , p r o p o s a ls fo r w h ich w ere a sk e d ( V . 9 1 ,
p . 1526) u n t il D e c . 5 1 9 1 0 .

— T h e e le c t io n h e ld D e c . 31 1 9 1 0 re s u lte d in fa v o r o f th e
p r o p o s it io n t o issu e th e $ 8 ,0 0 0 5 % 1 0 -2 0 -y e a r ( o p t i o n a l)
c o u r t -h o u s e b o n d s m e n tio n e d in V . 9 1 , p . 1788. T h e v o t e
w a s 66 “ f o r ” to 4 8 “ a g a in s t .”

Ardmore, Fall River County, So. Dak.—Bonds Not Sold.

— N o b id s w ere re c e iv e d o n J a n . 15 fo r th e $ 4 ,0 0 0 5 % 2 0 y e a r c o u p o n w a te r -w o r k s b o n d s o ffe r e d , d e s c r ib e d in V . 9 1 ,
p . 1788.

Artesia School District, Los Angeles County, Cal.—Bond
Sale.— A c c o r d in g to r e p o r ts , th e $ 2 0 ,0 0 0 5 % s c h o o l-b u ild in g

a n d 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 2 , p . 6 8 , w ere
a w a r d e d o n J a n . 9 to J a m e s I I . A d a m s & C o . o f L o s A n g e le s
a t 1 0 2 .7 8 .
—
— The
e le c t io n Held D e c . 14 1910 re s u lte d in th e d e fe a t o f th e
p r o p o s it io n to issu e th e $ 1 7 0 ,0 0 0 w a te r -w o r k s -s y s t e m 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 . 1526.
T h e v ote
w asJ210 “ f o r ” to 3 92 “ a g a in s t .”

Ashland, Jackson County, Ore. Bonds Defeated.




c o n s t r u c t io n b o n d s ( V . 9 1 , p . 152 6) r e c e n t ly v o t e d .

Bettendorf,' Scott County, la. Bonds Proposed.

—
— R e­
p o r t s s ta te th a t th is p la c e is c o n t e m p la t in g issu in g $ 2 1 ,5 0 0
b o n d s f o r sew ers a n d o t h e r im p r o v e m e n t s .

Binghamton, Broome County, N. Y.—Bond Election Pro­
posed.— A le tte r r e c e iv e d b y us o n J a n . 3 s ta t e d th a t n o d a t e

h a d y e t b e e n d e t e r m in e d u p o n f o r th e p r o p o s e d e le c t io n to
v o t e o n th e p r o p o s it io n to issu e th e $ 1 5 8 ,2 0 0 lig h t b o n d s .
S ee V . 9 1 , p . 10 5 9.

Blaine School District, Whatcom County, Wash.—Bond
Sale.— T h e f o llo w in g b id s w ere r e c e iv e d , it is s ta t e d , fo r
$ 3 0 ,0 0 0 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 . 22 1910:

F o ls o m B o n d C o ., C h i c a g o (fo r 6s ) -------------------------------------------------------1 03 .33
S t a t e o f W a s h i n g t o n ( fo r 5 } $ s ) -------------------------------- ----------------- ------------1 0 0 .^ 0

Green, Wood County, Ohio. Bonds Voted

B o w lin g
—
.—
T h e e le c t io n h e ld J a n . 10 r e s u lte d in fa v o r o f th e p r o p o s i­
tio n to issue th e $ 5 0 ,0 0 0 p a r k -s ite b o n d s m e n tio n e d in
V . 9 1 , p . 6 8 . T h e v o t e w a s 947 “ f o r ” t o 11 “ a g a in s t .”

204

[VOL. LXXXXII.

THE CHRONICLE

Bonds Authorized.

Chehalis County School District No. 28, Wash.—Bond:
Offering .— P r o p o s a ls w ill b e r e c e iv e d u n til 1 p . m . t o - d a y

Bremen, Fairfield County, Ohio.—No Action Yet Taken.—

(J a n . 2 1 ) b y G . J . T a y l o r , C o u n t y T r e a s u r e r ( P . O . M o n te s a n o ) , f o r $ 6 0 ,0 0 0 w a r r a n t fu n d in g b o n d s a t n o t e x c e e d in g
6 % in te r e s t .

— R e p o r t s s ta te t h a t th e C ity C ou n cil
h a s p a s s e d an o r d in a n c e p r o v id in g fo r th e issu a n ce o f $ 8 ,5 0 0
4 % b o n d s t o p u r c h a se a n o r m a l s c h o o l s ite .
N o a c t i o n h as y e t 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 $ 2 0 ,0 0 0 w a te r -w o r k s b o n d s v o t e d o n N o v . 8 1 9 1 0.
( V . 9 1 , p . 1 4 6 0.)

D e n o m i n a t i o n $ 1 ,0 0 0 .
je c t t o c a ll a ft e r 2 y e a r s .

In t e r e s t s e m i- a n n u a l.
C e r t ifie d c h e c k fo r 2 %

M a t u r it y 20 v e a r s s u b ­
o f b o n d s Is r e q u ir e d

County, Kan.—Bonds Offered
Brookline, Mass.—Bonds Sold and Temporary Loans Cherryvale,T hMontgomery
e $ 1 0 5 ,0 0 0 o]/z% 2 0 -y e a r w a te r -w o r k s b o n d s
Negotiated in 1 9 1 0 .— D u r in g 1910 th is to w n s o ld $ 1 8 0 ,8 8 0 vbyo tBankers.—
e d o n D e c . 2 0 1910 ( V . 9 1 , p . 1 7 89) a re b e in g o ffe r e d to

b o n d s a n d n e g o tia t e d $ 6 0 0 ,0 0 0 t e m p o r a r y lo a n s in a n t ic ip a ­
tio n o f ta x e s .
T h e la tte r w e re all p a id o ff b e tw e e n N o v . 1
a n d N o v . 10 1910.
T h e b o n d s s o ld w e re as fo llo w s :

A m ou n t.
$ 6 4 ,9 8 0
1 1 5 ,9 0 0

P u rpose.

M a tu rity .

P la y g r o u n d J a n .
L ib r a r y

H ate o f
In terest.

1 ’ l l - ’29 3 . 4 5 %
do
3 .8 0 %

P rice
P a id .

P urchaser.

B o s t o n In s t i t u t i o n
Par
E s t a b r o o k & C o ., D o s t , d o

Brown County (P. O. Brownwood), Tex.—Bonds Regis­
tered.— O n J a n . 6 th e $ 5 0 ,0 0 0 5 % 2 0 -4 0 -y e a r (o p t io n a l)
P r e c in c t N o . 1 r o a d -im p r o v e m e n t b o n d s r e c e n tly d is p o s e d o f
( V . 9 1 , p . 1 7 23) w e re re g iste re d b y th e S ta te C o m p tr o lle r .

Brunswick, Frederick County, Md.—Bonds to be Re­
Offered Shortly.— W e are in fo r m e d , u n d e r d a te o f J a n . 18,
th a t th is c i t y is c o n t e m p la t in g r e -o ffe r in g in th e n ear fu t u r e
th e $ 5 ,0 0 0 4 ) ^ %
1 0 -2 5 -y e a r (o p t io n a l) c o u p o n s tr e e t im p r o v e m e n t b o n d s , w h ich fa ile d t o a t t r a c t a n y b id d e r s o n
D e c . 6 19 1 0.
( V . 9 1 , p . 1 6 5 9 .)

Buffalo, N. Y.—Bonds Authorized.—

O r d in a n c e s h a v e b e e n
p a sse d p r o v id in g fo r th e issu a n ce o f th e fo llo w in g 4 % 2 0 -y e a r
b o n d s : $ 5 0 ,0 0 0 to p u rch a se la n d s fo r p la y g r o u n d s , $ 2 0 0 ,0 0 0
t o e r e c t b u ild in g s fo r th e t r e a t m e n t o f tu b e r c u lo s is a n d
$ 1 0 0 ,0 0 0 to b u ild s c h o o ls , all d a t e d A p r il 1 19 1 1, a n d $ 7 5 ,0 0 0
to e lim in a te g ra d e cro ssin g s d a t e d M a rch 1 1 9 1 1 .
I n te r e s t
s e m i-a n n u a lly a t th e C ity C o m p t r o lle r ’ s o f fic e o r a t th e
G a lla tin N a tio n a l B a n k in N e w Y o r k C it y , as th e p u r c h a se r
m a y e le c t .

Caldwell, Noble County, Ohio.—Bond Offering.

— P ro­
p o s a ls w ill b e re c e iv e d u n til 12 m . F e b . 3 b y H u g h F . N e u h a r t, V illa g e C le rk , fo r $ 5 ,3 0 4 43 5 % C u m b e r la n d S treet
im p r o v e m e n t a sse ssm e n t b o n d s .
A u t h o r i t y , S e c t io n 3 9 1 4 , G e n e r a l C o d e .
D e n o m i n a t i o n $ 53 0 44, o r 10
b o n d s o f $ 5 0 0 e a ch a n d 10 o f $30 44 e a c h .
D a t e D e c . 27 1910.
In te r e st
a n n u a l.
M a t u r i t y $ 53 0 44 y e a r ly o n D e c . 27 fr o m 1911 to 1920 In c lu s iv e .
C e rt ifie d c h e c k fo r $ 3 0 0 , p a y a b l e t o t h e V i l l a g e T r e a s u r e r , is r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d In t e r e s t .

Calhoun County (P. O. Port Lavaca), Te x . — Bond Sale.—

O n J a n . 2 th e $ 4 4 ,0 0 0 5 % c o u r t -h o u s e -b u ild in g b o n d s
d e s c r ib e d in V . 9 1 , p . 1789, w e re s o ld to th e G r e a t S o u th e rn
L ife In s u r a n c e C o . o f H o u s to n a t p a r a n d a c c r u e d in te re s t.
D e n o m in a t io n $ 1 ,0 0 0 .
D a te O c t . 15 1 9 1 0.
I n te r e s t s e m i­
annual .
— T h e fo llo w in g
a w a r d w a s m a d e o n J a n . 16 o f fo u r issu es o f 4 * ^ % sew er
b o n d s o ffe r e d o n th a t d a y : $ 5 ,4 0 0 T h ir d S t. b o n d s a w a r d e d
t o J o s . M . B la k e o f C a n to n a t 1 0 0 .5 6 ; $ 1 ,9 0 0 C a m d en a n d
C e d a r S t ., $ 9 0 0 A lle n S t . a n d $ 1 ,2 0 0 E a s t F o u r t h a n d W a rn e r
A v e . b o n d s s o ld to th e T r u s te e s o f th e F ir e m e n ’ s P e n s io n
F u n d a t p a r . T h e fo llo w in g b id s w e re a ls o r e c e iv e d :

Canton, Stark County, Ohio.—Bond Sale.

$ 5 ,4 0 0

bonds.

B re e d & H a r r is o n , C in c in n a t i—
$ 5 ,4 2 9
W e i l, R o t h & C o ., C i n c i n n a t i . . .
5 ,4 1 5
S e a s o n g o o d & M a y e r, C in c in n a t i
5,4 1 4
a S t a c y & B r a u n , T o l e d o ............
5,4 0 2

a

$ 1 ,9 0 0

bonds.

$ 90 0

bonds,

$ 1,2 00

bonds.

.............................................. ..
70
00
........._
................... ..........
00
------------------------------70 $ 1,9 00 98
$ 90 0 48 $ 1 ,2 0 0 64

F o r " a l l o r n o n e .”
D e n o m i n a t i o n s $200 t o $ 1 ,0 0 0 . D a t e S e p t . 1 1910. I n t e r e s t s e m i- a n n u a l.

Cascade County School District No. 30 (P. O. Great Falls),
Mont.— Bond Sale.— T h e S ta te o f M o n ta n a w a s a w a r d e d a t
par on
B o n d s.

J a n . 9 $ 1 ,4 0 0

6%

s c h o o l-b u ild in g a n d fu rn is h in g

D e n o m in a tio n
$ 10 0.
D a te
Aug.
23
1910.
In t e r e s t
M a t u r i t y A u g . 23 1930, s u b j e c t t o c a l l a ft e r A u g . 23 1920.

s e m i- a n n u a l.

Cassopolis, Cass County, Mich.— Bonds Defeated.— T h is

v illa g e o n J a n . I I d e fe a te d a p r o p o s it io n to issu e $ 3 0 ,0 0 0
s e w e r -s y s te m b o n d s .

Champlain (P. O. Champlain), Clinton County, N. Y.—
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 .
26 b y J o h n I I . C r o o k , T o w n S u p e r v is o r , f o r th e fo llo w in g
5 % cou p on bonds:

$ 4 ,0 0 0 b r i d g e b o n d s .
M a t u r i t y $ 1 ,0 0 0 y e a r ly o n F e b . 1 fr o m 1913 t o 1916
•
In c lu s iv e .
6 000 h i g h w a y b o n d s .
M a t u r i t y $ 1 ,0 0 0 y e a r ly o n F e b . 1 f r o m 1916 to
’
1921 in c lu s iv e .
„ .
„
_
• D e n o m i n a t i o n $ 1 ,0 0 0 .
D a t e F e b . 1 1 91 1.
In t e r e s t a n n u a lly a t th e
F i r s t N a t i o n a l B a n k i n C h a m p la i n .
C e r t llle d c h e c k fo r 5 % , p a y a b l e to
t h e S u p e r v i s o r , o r t h e F i r s t N a t i o n a l B a n k in C h a m p la i n , Is r e q u ir e d .
N o d e b t a t pre se n t.
A s s e s s e d v a l u a t i o n In 1910, $ 1 ,0 7 8 ,9 5 2 .

Chanute, Neosho County, Kans.—Bond Sale.

— A n issue
o f $35 000 5 i^ %
- - y e a r (se r ia l) s tr e e t -im p r o v e m e n t
b o n d s d a t e d J a n . 1 1911 h a s b e e n d is p o s e d o f t o lo ca l in ­
v esto rs.

1 10

Chase City, Mecklenburg County, Va.—Bond Offering.—

P r o p o s a ls w ill b e r e c e iv e d u n til 7 :3 0 p . m . F e b . 6 b y W . J .
G r e g o r y , C lerk o f C o u n c il, f o r $ 1 5 ,0 0 0 6 % g o ld c o u p o n b o n d s .
T h e to w n re se rv e s th e p r iv ile g e o f r e d u c in g th e a m o u n t o f
b o n d s to b e so ld if it fin d s th a t th e p r o p o s e d im p r o v e m e n t s
c a n b e m a d e fo r less.
• D e n o m in a t io n $500.
D a t e J a n . 1 1 90 4.
In t e r e s t s e m i - a n n u a ll y In
C h a se C it y .
M a t u r i t y 20 y e a r s .
B o n d s a r e e x e m p t fr o m t a x a t i o n .
Ce r­
t ifie d c h e c k fo r $ 50 0, p a y a b l e to t h e T o w n T r e a s u r e r , Is r e q u ir e d .
Bonded
d e b t, I n c l u d i n g t h is issu e , $ 2 3 ,0 0 0 .
N o f lo a t i n g d e b t .
A s s e s s e d v a lu a t io n
1 910, $ 4 0 0 ,0 0 0 .

Chattanooga, Tenn. Bond Offering.

—
— P r o p o s a ls w ill b e
r e c e iv e d u n til 10 a . m . J a n . 2 6 b y T . C . T h o m p s o n . M a y o r ,
fo r $ 2 ,9 4 0 3 6 6 % D is tr ic t N o . 82 p a v in g b o n d s .
D a t e N o v . 26 1 91 0.
I n t e r e s t a n n u a ll y a t t h e F i r s t N a t i o n a l B a n k In
C h a tta n o o g a .
M a t u r i t y fr o m 1 t o 4 y e a r s .
C e r t ifie d c h e c k f o r 5 % o f
b o n d s b id fo r, p a y a b l o t o t h e C i t y T r e a s u r e r , Is r e q u ir e d .




in v e s to r s , a t a p r ic e y ie ld in g 4 . 8 0 % , b y W e il, R o t h & C o . o f
C h ic a g o .
D e n o m in a t io n $ 1 ,0 0 0 .
D a te J a n . 1 19 1 1. I n t e r ­
est s e m i-a n n u a lly a t th e S ta te fisca l a g e n c y in T o p e k a .

Cheviot (P. O. Cincinnati), Ohio.—Bond Sale

.— O n J a n . 3th e $ 8 ,2 0 0 5 % T r e v o r A v e n u e im p r o v e m e n t a sse ssm e n t
b o n d s d e s c r ib e d in V . 9 1 , p . 1 7 8 9 , w ere a w a r d e d to th e
W e s te r n G e rm a n B a n k o f C in c in n a ti fo r $ 8 ,4 6 8 25 (1 0 3 .2 7 1 )
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 :

&

S e a s o n g o o d & M a y e r , C i n ------$ 8 ,428 |W e il. R o t h
C o ., C i n c i n n a t i $ 8,4 28
i U a t u r i t y $ 82 0 y e a r ly fr o m 1912 t o 1921 in c lu s iv e .

Cincinnati, Ohio. Bond Sales in Year

—
1 9 1 0 .— D u r in g th e
y e a r 1910 th e c it y o fC in c in n a t i s o ld $ 6 ,4 0 8 ,8 8 5 g e n e ra l b o n d s
a n d $ 2 1 4 ,1 9 9 a s se s s m e n t b o n d s , o r a to ta l o f $ 6 ,6 2 3 ,0 8 4 n ew
s e c u r itie s .
T h e d e ta ils o f th e g e n era l b o n d s d is p o s e d o f,
in c lu d in g th o s e issu es th e sale o f w h ic h w e h a v e p r e v io u s ly
r e p o r te d in o u r c o lu m n s , a re a s fo llo w s :

A m ou n t.
A m ou n t.

D ate of B o n ds.
D ate of B o n ds.

P u rpo se.
P u rpose.

M a tu r ity .
M a tu rity .

‘ S t r e e t - I m p r o v e m e n t ___ _____ J a n .
1 1910
Jan.
$ 4 ,5 0 0
1
1 93 0
‘ B a t h - h o u s e . _ --------------- _____ J a n .
1 1910
3 0 ,0 0 0
Jan.
1 1 93 0
1 191 0
Jan.
12 ,0 0 0
‘ S t r e e t - I m p r o v e m e n t ___ _____ J a n .
1 193 0
1 1910
Jan.
1 ,0 0 0
‘ S t r e e t - I m p r o v e m e n t ___ _____ J a n .
1 1930
‘ P o l i c e - S t a t io n __________ _____ F e b .
1 1910
Feb.
2 0 ,0 0 0
1 1950
Feb.
• R e t a l n l n g - w a l l _________ .........F e b .
15 1910
15 1920
2 ,2 0 0
15 1910
Feb.
1,0 0 0
• S t r e e t - I m p r o v e m e n t ___ .........F e b .
15 1920
___ _____ M c h .
15 1910
M ch.
W a te r-w o rk s ext . .
15 1930
2 0 0 ,0 0 0
15 1910
M ch.
15 1030
1 5,0 00
• B a th -h o u se _________ _____ M c h .
15 1910
M ch.
5 ,5 0 0
• R e t a ln l n g - w a ll s
______ _____ M c h .
15 1920
M ch.
15 1910
15 1950
10 ,0 0 0
• P a r k - I m p r o v e m e n t ____ ____ M c h .
M ch.
15 1910
15 1930
15,5 00
‘ S t r e e t - I m p r o v e m e n t ___ _____ M c h .
M ch.
2 9 ,0 0 0
15 1930
15 1910
‘ S t r e e t - I m p r o v e m e n t ___ ____ M c h .
10 0 ,0 0 0
R e f u n d i n g -----------------------A p r . I d ’4 0 -’60
1 1910
15 1910
A p r i l 15 1920
6 ,0 0 0
• S t r e e t - I m p r o v e m e n t ___ ____ A p r i l
6 ,3 0 0
A p r i l 15 1920
• S t r e e t - I m p r o v e m e n t ___ ........ A p r i l
15 1910
1,0 0 0
A p r i l 15 1920
• S t r e e t - I m p r o v e m e n t ___ ........ A p r i l
15 1910
4 ,7 0 0
• S t r e e t - I m p r o v e m e n t ___ _____ A p r i l
15 1910
A p r i l 15 1920
5 ,0 0 0
A p r i l 15 1920
• S t r e e t - I m p r o v e m e n t ___ ........ A p r i l
15 1910
2 ,3 0 0
• S t r e e t - I m p r o v e m e n t ___ ____ A p r i l
15 1910
A p r i l 15 1920
3 .0 0 0
15 1910
A p r i l 15 1920
• S t r e e t - I m p r o v e m e n t ___ _____ A p r i l
7 ,5 0 0
• S tr e e t a n d p a r k ________ ____ A p r i l
15 1910
A p r i l 15 1050
10 ,0 0 0
A p r i l 15 1925
• S t r e e t - Im p r o v e m e n t ____ _ . . A p r i l 15 1910
2 8 8 .0 0 0
S t r e e t ( c i t y ’s p o r t i o n ) ......................_ . M o h . 15 1910
15 193 0
M ch. M ch.
2 4 .5 0 0
‘ S t r e e t ( c i t y ’s p o r t io n ) - ............A p r i l
15 1910 AApprriill
15 1930
7 5 .0 0 0
‘ P o l i c e - s t a t i o n _________________ A p r i l 15 1910 AA pp rriill
15 1950
2 8 3 .0 0 0
‘ V i a d u c t c o n s t r u c t i o n _________ A p r i l 15 191 0 AA pprriill
15 1950
A p r i l A p r i l 15 1930
7 .5 0 0
‘ B r i d g e - c o n s t r u c t io n _________________A p r i l 15 1910
2 0 .0 0 0
‘ L o d g i n g - h o u s e ___________
A p r i l 15 1 91 0 A p r i l
15 1920
M ay M ay
6 .2 0 0
‘ B r i d g e - c o n s t r u c t io n _________________ M a y
1 1910
11040
5 .0 0 0
‘ P a r k - I m p r o v e m e n t _________________ M a y
15 1 M
91a0y M a y
15 193 0
1940
M ay
4 .5 0 0
‘ S e w e r - c o n s t r u c t i o n ............... . M a y
15 1910
1910
1 1950
M ay
3 ,7 0 0 ‘ S t r e e t - I m p r o v e m e n t __________ M a y
1 1910
1 1930
M ay
1 5 .0 0 0
* B r i d g e - c o n s t r u c t io n . .......... . M a y
1 1910
M ay
1 1930
5 .0 0 0
‘ P a r k - I m p r o v e m e n t __________ M a y
M ay
1 1910
1 1920
7 0 0 ‘ S t r e e t - I m p r o v e m e n t __________ M a y
M ay
1 191 0
1 193()
9 .5 0 0
‘ S t r e e t - I m p r o v e m e n t ............... M a y
15 1910
M ay
15 1930
5 .0 0 0
‘ P a r k - i m p r o v e m e n t ................. M a y
1 1910
A p r il
1 1950
5 0 .0 0 0
P a r k - I m p r o v e m e n t ............
A p r il
A p r i l 15 1940
4 1 .0 0 0
S e w e r ( c i t y ’s p o r t i o n ) --------------- A p r i l 15 1910
1 1910
June
1 1950
16.0 00
‘ L i b r a r y ...............- ................... J u n e
1 1910
June
1 1950
2 0 .5 0 0
‘ S t r e e t - I m p r o v e m e n t ............... J u n o
1 1910
1 1925
June
2 0 .3 7 0 ‘ S t r e e t - i m p r o v e m e n t ----------------J u n e
15 1910
15 1930
Juno
2 8 ,2 5 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ------------- J u n e
1 1910
June
1 1930
10.0 00
‘ S t r e e t ( c i t y ’s p o r t i o n ) ------------- J u n e
1 1910
1 1920
June
3 ,4 2 0 ‘ S e w e r - c o n s t r u c t i o n ------------------J u n e
1 1910
1 1925
June
1 0 .0 0 0
‘ S t r e e t - I m p r o v e m e n t --------------- J u n e
15 1910
15 1920
June
1.0 0 0
‘ S t r e e t - I m p r o v e m e n t _________ J u n e
15 1910
15 192 0
June
5 .5 0 0
‘ S e w e r - c o n s t r u c t io n .................J u n e
15 1910
15 192 0
June
1.0 0 0
‘ S t r e e t - I m p r o v e m e n t _________ J u n e
15 1910
15 1911
June
2 5 .0 0 0
‘ S t r e e t - r e p a i r ............................ J u n e
4 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. J u l y
1 1910
J u ly
1 1930
1 1910
Aug.
2 0 0 .0 0 0
H o s p i t a l ....................................... A u g .
1 1960
7 5 .0 0 0
‘ S t r e e t - r e p a i r ...... ......................J u n e
15 1910
15 1911
June
1 1910
5 0 .0 0 0
H o s p i t a l ....................................... A u g .
1 1960
Aug.
12 .0 0 0
* C l t y - h a l I- e q u I p m e n t ................. A u g .
15 1910
15 1930
Aug.
1 1960
1 1910
2 5 0 .0 0 0
H o s p i t a l ..................................... A u g .
Aug.
5 .0 0 0
‘ P a r k P u r p o s e s ......................... S e p t . 15 1910
S e p t . 15 1950
4 6 .0 0 0
‘ S t r e e t - im p r o v e m e n t ............... S e p t . 15 1910
S e p t . 15 1950
1 .4 0 0
‘ S e w e r ( c i t y ’s p o r t i o n ) ............. S e p t . 15 1910
S e p t . 15 1920
8 .2 0 0
‘ S t r e e t - i m p r o v e m e n t ............... S e p t . 15 1910
S e p t . 15 1930
5 .5 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. S e p t . 15 1910
S e p t . 15 1930
2 .4 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. S e p t . 15 1910
S e p t . 15 1 93 0
1 193 0
5 .0 0 0
‘ B a t h - h o u s e ............................
O ct.
1 1910
O ct
1 1930
O ct.
4 .0 0 0
‘ C i t y - h a l l e q u i p m e n t ................. O c t .
1 1910
15 193 0
O ct.
1 2 .5 0 0
‘ S e w e r ( c i t y ’s p o r t i o n ) ............. O c t .
15 1910
15 193 0
O ct.
15 1910
1 0 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. O c t .
15 1930
O ct.
3 5 .0 0 0
‘ S t r e e t ( c it y s p o r t i o n ) ............. O c t .
15 1910
15 1930
O ct.
1 2 ,6 8 5
‘ S t r e e t ( c it y s p o r t i o n ) ________ O c t .
15 1910
15 1930
O ct.
15 1910
6 .0 0 0
‘ S t r e e t ( c it y s p o r t i o n ) ............. O c t .
15 1930
15 1910
O ct.
6 .5 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. O c t .
15 1930
15 1910
O ct.
9 ,3 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. O c t .
15 1930
15 1910
O ct.
2 ,8 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. O c t .
15 1920
15 1910
O ct.
1.0 0 0
‘ S t r e e t - Im p r o v e m e n t ...............O c t .
15 1950
O ct.
15 1910
1 1 ,1 0 0
‘ S t r e e t - I m p r o v e m e n t ............... O c t .
15 1940
O ct.
15 1910
8 .5 0 0
‘ S t r e e t - i m p r o v e m e n t _________ O c t .
S e p t . l 5 d '3 0 - ’50
1 5 0 .0 0 0
W a t e r - w o r k s , e x t e n s i o n ........... S e p t . 15 1910
15 1910
O ct.
15 1930
8 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ------------- O c t .
15 1910
O ct.
15 1925
4 .5 0 0
‘ S t r e e t - I m p r o v e m e n t ...............O c t .
15 1910
O ct.
15 193 0
6 ,5 6 0
‘ S t r e e t - I m p r o v e m e n t ............... O c t .
15 1910
O ct.
15 1925
6 ;000
‘ S t r e e t - i m p r o v e m e n t ...............O c t .
15 1910
15 1920
O ct.
2 .0 0 0
• S t r e e t - I m p r o v e m e n t ............... O c t .
15 1910
15 1930
O ct.
6 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. O e t.
1 1910
Nov.
1930
3 3 .5 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. N o v .
1 1910
Nov.
1950
2 5 .0 0 0
‘ S t r e e t - i m p r o v e m e n t ............... N o v .
1 1910
3 .5 0 0
‘ S e w e r - c o n s t r u c t io n ................. N o v .
Nov.
1930
1 1910
1930
6 .0 0 0
‘ S t r e e t - Im p r o v e m e n t ............... N o v .
Nov.
1 1910
1020
300
‘ S t r e e t - I m p r o v e m e n t ............... D e c .
Deo.
1 1910
1930
7 .5 0 0
• s t r e e t - i m p r o v e m e n t ............... D e c .
Deo.
1 1910
1 1930
9 .5 0 0
• S t r e e t - I m p r o v e m e n t ............... D e o .
Deo.
1 1910
192 5
2 .0 0 0
• S t r e e t - I m p r o v e m e n t ............... D e c .
Deo.
1 1910
1 1920
1 .5 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. D e o .
Deo.
1 1930
1 1910
2 2 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. D e o .
Deo.
1 1030
1 1910
9 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. D e o .
Deo.
1 1930
1 1910
6 .0 0 0
‘ S t r e e t ( c i t y ’s p o r t i o n ) ............. D e c .
Dec.
15 1940
15 1910
2 5 .0 0 0
‘ F i r e - d e p a r t m e n t ....................... D e o .
Dec.
15 1030
15 1910
Deo.
7 .5 0 0
‘ S e w e r ( c i t y 's p o r t i o n ) ............. D e o .
1 1930
1 1910
Deo.
7 .5 0 0
‘ S e w e r ( c i t y ’s p o r t i o n ) ............. D e o .
15 1950
15 1910
Deo.
8 0 0 .0 0 0
G r a d e - c r o s s i n g _________________ D e o .
15 1950
15 1910
Deo.
1 .0 0 0 .
0 0 0 P a r k a n d B o u l e v a r d ------------------ D e c .
15 1960
15 1910
Dec.
1 .0 0 0 .
0 0 0 H o s p i t a l .....................................D e o .
‘ P u rc h ase d b y S in k in g F u n d ,
S u b j e o t to c a ll in a n d a ft e r t h e e a rlie r
y e a r a n d m a t u r o In t h e la t e r y e a r .

d

T h e a b o v e b o n d s all c a r r y 4 % in te r e s t.

J a n . 21 1911.
Chicago,

THE CHRONICLE

W est Park District. Bond Sales in

111.—
—
1 0 1 0 .—
O n ly o n e b o n d issue o f $ 2 5 ,0 0 0 w a s p u t o u t b y th is d is t r ic t
la s t y e a r .
T h e b o n d s w e re issu e d fo r h ig h w a y i m p r o v e ­
m e n ts a n d c a r r y 4 % in te r e s t.
T h e y a re 1 -2 0 -y e a r (seria l)
b o n d s d a t e d J a n . 1 1910 a n d w e re so ld t o th e H a r ris ir u s t
& S a v in g s B a n k o f C h ic a g o a t 9 8 % a n d a c c r u e d in te r e s t.
— N o a c tio n h as y e t b e e n ta k e n lo o k ­
in g t o w a r d s th e issu a n ce o f th e $ 1 ,0 0 0 ,0 0 0 p a r k -im p r o v e ­
m e n t b o n d s v o t e d o n N o v . 8 1910 ( V . 9 1 , p . 1*142).

No Action Yet Taken.

Claremore School District No. 14 (P. O. Claremore),
Rogers County, Okla.— Bond Offering. I r o p o s a ls w ill b e

r e c e iv e d a t a n y tim e b y H . J e n n in g s , C lerk B o a r d o f E d u c a ­
t io n , fo r $ 9 ,5 0 0 5 % g o ld c o u p o n s c h o o l-b u ild in g , sites
a n d e q u ip m e n t b o n d s .
D e n o m in a t io n to s u it p u rc h a se r.
I n t e r e s t s e m i- a n n u a l.
M a t u r i t y 25
vparq
B o n d e d d e b t, n o t i n c l u d i n g t h is Is s u e , $ 2 0 ,0 0 0 .
N o i lo a t ln g d e b t.
A s s e s s e d v a lu a t io n I n 1910, $ 1 ,9 2 8 ,5 2 0 .

Clark County (P. O. Springfield), Ohio.— Bond Offering.—

P r o p o s a ls will b e r e c e iv e d u n til 2 p . m . F e b . 1 b y th e C o u n t y
C o m m is s io n e r s, H . G . W r a ig h t , J . E . L o w r y a n d N . M .
C a r tm e ll, f o r $ 4 ,7 6 1 24 5 %
c o u p o n c h a n n e l-im p r o v e m e n t
bonds.
A u t h o r i t y S e c t io n s 6 4 8 0 , 6492 a n d 6 49 3, G e n e r a l C o d e .
D e n o m in a t io n
$ 50 0, e x c e p t o n e b o n d or $261 24.
D a t e F e b . 1 1911.
I n t e r e s t s e m i­
a n n u a l l y a t t h e C o u n t y T r e a s u r e r ’s o ffic e .
M a t u r i t y $261 24 A u g . 1 1911
a n i l $ 5 0 0 e a c h s i x m o n t h s fr o m F e b . 1 1912 t o F e b . 1 1916 In c lu s iv e .
Bonds
a rc ta x -e x e m p t.
C e r t ifie d c h e c k fo r $ 50 0, p a y a b l e t o t h e C o u n t y C o m m is ­
s io n e r s , Is r e q u ir e d .

205

Crown Point School District (P. O. Crown Point), Lake
County, Ind. — Bond Sale.— O n J a n . 16 th e $ 2 1 ,0 0 0 5%
s c h o o l-h o u s e b o n d s d e s c r ib e d in V . 9 2 , p . 133, w ere p u r ­
ch a se d b y J o h n B r o w n , P r e s id e n t o f th e F ir s t N a tio n a l B a n k
o f C ro w n P o in t , a t 1 0 6 .5 0 a n d a c c r u e d in te r e s t .
A list o f th e
b id d e r s fo llo w s :
J o h n B ro w n , C ro w n P t..a $ 2 2 ,3 6 5
J o s e p h T . E l l i o t t & S . n s,
I n d i a n a p o l i s ___________ a 2 2 ,3 0 3
F le t c h e r - A m e r lc a n
N at.
B a n k , I n d i a n a p o l i s ___
2 2 ,2 8 1
G a v i n L . P a y n e & C o .,
I n d i a n a p o l i s ___________ a 2 2 ,2 7 5
C h a s . C . W e d d i n g & C o .,
I n d i a n a p o l i s __________
2 2,2 71
H a r r i s T r . & S a v . B k . , C h I c . 2 2 ,2 3 0

00 J. F . W l l d & C o ., I n d 'p o lls . a $ 2 2 , 2 0 0 90
B r e e d & H a r r i s o n , C ln _ _ a 2 2 ,1 8 6 50
35 E . M . C a m p b e l l & C o .,
I n d i a n a p o l i s ___________ a 2 2 ,0 5 6 00
50 P e o p le ’s S t a t e
Bank,
| I n d i a n a p o l i s __________
2 1 ,8 4 1 33
00 S . A . K e a n & C o ., O h i o - .
2 1 ,7 1 4 00
R o b t . A . K e e n e , C h ic a g o
2 1 ,6 7 2 00
50 J . I I . Y o u c h e _____ _______ a 2 1 ,6 0 1 00
50

a

A n d a c c r u e d In t e r e s t .
M a t u r i t y p a r t e a c h s i x m o n t h s fr o m J u l y 16 1912 t o J a n . 16 1921 In c l u s i v e .

Custer County (P. O. Miles City), Mont.— 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 . F e b . 7 b y O . C .
H a y n e s , C o u n t y C lerk a n d R e c o r d e r , fo r $ 2 5 ,0 0 0 5 % c o u p o n
P o w d e r R iv e r w a g o n -b r id g e -c o n s t r u c t io n b o n d s .
A u t h o r i t y , v o t e o f 1,0 1 6 “ f o r ” t o 963 “ a g a i n s t ” a t e le c tio n h e ld o n N o v . 8
1910
D a t e J a n . 1 1911.
I n t e r e s t s e m i - a n n u a ll y a t t h e C o u n t y T r e a s ­
u r e r ’s o ffic e .
M a t u r i t y J a n . 1 1931, s u b j e c t t o c a l l a ft e r 10 y e a r s.

Custer County (P. O. Broken Bow), Neb.— Bonds Voted

.—
R e p o r t s sta te th a t a fa v o r a b le v o t e w a s c a s t o n J a n . 9 o n th e
p r o p o s itio n to issue th e $ 5 0 ,0 0 0 c o u r t-h o u s e b o n d s m e n ­
tio n e d in V . 9 1 , p . 15 2 7.
-R ond
— P r o p o s a ls w ill b e r e c e iv e d u n til 1 1 a . m . I e b . 1 b y th e
B o a r d o f C o u n t y C o m m is s io n e r s, J . F . G o ld e n b o g e n , C le rk ,
fo r th e fo llo w in g 4 % % c o u p o n r o a d -im p r o v e m e n t b o n d s :

Cleveland Heights, Cuyahoga County, Ohio.— Bond Sale. ing.Cuyahoga County (P. O. Cleveland), Ohio.—
— R e p o r t s sta te th a t o n J a n . 3 th e $ 1 2 ,2 7 6 4 % % c o u p o n
E u c lid H e ig h ts B o u le v a r d im p r o v e m e n t a sse ssm e n t b o n d s
d e s c r ib e d in V . 9 1 , p . 15 2 6, w e re a w a r d e d t o T h e T illo t s o n
& W o lc o t t C o . o f C le v e la n d fo r $ 1 2 ,5 1 6 6 1 , th e p r ic e th u s
b e in g 1 0 1 .9 6 .
M a tu r it y $27 6 O c t . 1 1 9 1 2, $ 1 ,0 0 0 y e a r ly o n
O c t . 1 fr o m 1913 t o 1918 in c lu s iv e a n d $ 2 ,0 0 0 o n O c t . 1 in
e a c h o f th e y e a rs 1919, 1920 a n d 1921.
—
— R e p o rts
s ta te th a t $ 4 0 ,0 0 0 s e w e r -s y s te m a n d s e p t ic -ta n k b o n d s w ere
fa v o r a b ly v o t e d o n a t a n e le c t io n h e ld r e c e n tly .
T he vote
w a s 301 “ f o r ” to 21 “ a g a in s t .”
—
— T h is
c it y is still a d v e r tis in g f o r sale th e $ 2 0 ,0 0 0 5 % 5 -4 0 -y e a r
( o p t i o n a l)
e le c t r ic -lig h t -p la n t -im p r o v e m e n t
bonds
d a te d
J u ly 1 1910 a n d m e n tio n e d in V . 9 1 , p . 1467.
T h e s e b o n d s w e re r e g is te re d b y th e S ta te C o m p tr o lle r on
J a n . 11.

Coalinga, Fresno County, Cal. Bonds Voted.

Coleman, Coleman County, Tex. Bond Offering.

College Hill, Hamilton 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 . F e b . 13 b y F . R .
S t r o n g , V illa g e C le rk , fo r $ 4 ,0 0 0 4 % c o u p o n C a ry A v e .
e x t e n s io n b o n d s .
D e n o m i n a t i o n $ 50 0 o r $ 1 0 0 , t o s u i t p u r c h a s e r .
D a t e M a r c h 1 1911.
In t e r e s t s e m i- a n n u a l.
M a t u r i t y M a r c h 1 1931.
C e r t ifie d c h e c k f o r 5 %
o f b id , p a y a b l e t o t h e V i l l a g e T r e a s u r e r , Is r e q u ir e d .
P u rc h a se r to p a y
a c c r u e d In t e r e s t .

Colonial Beach, Westmoreland County, V a .—Bonds Voted.

— A p r o p o s it io n t o issue $ 3 7 ,0 0 0 se w e r a n d im p r o v e m e n t
b o n d s c a rrie d b y a v o t e o f 55 t o 9 , it is s ta t e d , a t a n e le c t io n
h eld J a n . 12.
.—
O n D e c . 3 1910 $ 1 6 ,0 0 0 6 % w a r r a n t -fu n d in g b o n d s w ere
a w a r d e d to th e C o lu m b ia N a tio n a l B a n k in D a y t o n a t p a r

Columbia County (P. O. Dayton), W ash.— Bond Sale

D e n o m in a t io n $ 500.
D a t e J a n . 3 191 1.
In t e r e s t J a n . 1 a n d J u l y
M a t u r i t y J a n . 1 1 91 7, s u b j e c t t o c a ll a ft e r 2 y e a r s .

1.

Columbus, Cherokee County, Kans.— Bond Election

Proposed.—We

a re in fo r m e d th a t n o th in g w ill b e d o n e
lo o k in g to w a r d s th e h o ld in g o f th e p r o p o s e d b o n d e le c t io n
( V . 9 1 , p . 1343) u n til th e re g u la r s p rin g e le c t io n is h e ld n e x t
A p r il.
T h e C ity C lerk w r ite s us th a t it is p r o p o s e d to v o t e
o n b o n d s f o r a c o m p le t e s e w e r s y s te m a n d a lso p o s s ib ly fo r
s c h o o l-b u ild in g a d d it io n s .

Cook County (P. O. Chicago), 111.— No Action Yet Taken.

— N o t h in g h a s y e t b e e n d o n e in re g a r d to issu in g th e $ 3 ,0 0 0 ,­
0 0 0 4 % g o ld h o s p it a l-r e c o n s t r u c t io n a n d e x t e n s io n b o n d s
v o t e d ( V . 9 1 , p . 1526) o n N o v . 8 1910.

Copiah County (P. O. Hazlehurst), Miss.— 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 . F e b . 6 b y th e B o a r d
o f C o u n t y S u p e r v is o r s fo r th e $ 7 5 ,0 0 0 5 % c o u p o n R o a d D is­
tr ic t N o . 1 b o n d s v o t e d D e c . 3 1 9 1 0.
V . 9 1 , p . 1660.
A u t h o r i t y , C h a p t e r 149, L a w s o f 1 91 0.
D e n o m in a t io n $500.
D a te
F e b . 1 1911.
I n t e r e s t a n n u a ll y a t t h e C o u n t y T r e a s u r e r 's o ffic e .
M a­
t u r i t y $ 50 0 y e a r ly fr o m 1922 to 1935 In c l u s i v e a n d $ 6 8 ,0 0 0 In 1 93 6.
Bonds
a r e e x e m p t fr o m a ll t a x e s .
C e r t ifie d c h e c k fo r 5 % o f b o n d s b i d fo r, p a y ­
a b le t o t h e P r e s id e n t B o a r d o f S u p e r v i s o r s , is r e q u ir e d .
J . 11. L o n g is
C h a n c e r y C le r k .

Corpus Ohristi, Nueces County, Tex.— Bond Election.-

I t is s ta t e d th a t th e C ity C o u n cil h as ca lle d a n e le c t io n to
v o t e o n th e q u e s t io n o f issu in g $ 5 0 ,0 0 0 m u n ic ip a l w h a r f
bonds.

Crawford County (P. O. Denison), Iowa.— Bonds Not to be

Issued at Present.

— W e a re a d v is e d th a t n o a c t io n w ill b e
ta k e n u n til A p ril o r la te r lo o k in g to w a r d s th e is s u a n ce o f th e
c o u n t y -p o o r - fa r m b o n d s v o t e d ( V . 9 1 , p - 1467) o n N o v . 8
19 1 0.

Crooksville School District (P. O. Crooksville), Perry
County, Ohio .— Bond Offering.— P r o p o s a ls w ill b e re c e iv e d

u n til 12 m . F e b . 18 b y J . C . D u n n , C lerk , f o r $ 1 0 ,0 0 0 5 %
c o u p o n s c h o o l-b u ild in g b o n d s .
D e n o m i n a t i o n $ 50 0.
D a t e M a r c h 1 1 91 1.
I n t e r e s t s e m i - a n n u a ll y a t t h e
C r o o k s v i lle B a n k C o .
M a t u r i t y $ 50 0 e a c h s i x m o n t h s fr o m M a r c h 1 1912
t o S e p t . 1 1921 in c lu s iv e .
B o n d s a r c e x e m p t fr o m t a x a t i o n .
C e r t ifie d
c h e c k fo r $ 10 0, p a y a b l e to th e C le r k , Is r e q u ir e d .
B o n d e d d e b t, n o t In c l u d ­
i n g t h i s Issu e , $ 2 8 ,0 0 0 .
F l o a t i n g d e b t $ 4 ,5 0 0 .
A s s e s s e d v a lu a t io n $ 1 ,­
5 0 0 , 0 0 0 . ....................................................................
'




Offer­

$ 1 0 ,9 8 0 G a r d n e r R o a d a s s e s s m e n t b o n d s .
D e n o m i n a t i o n s $ 50 0, e x c e p t
one b o n d fo r $480.
M a t u r i t y $ 48 0 o n O c t . 1 1911, $500 e a c h s i x
m o n t h s fr o m A p r i l 1 1912 to A p r i l 1 1920 In c lu s iv e , $ 1 ,0 0 0 o n
O c t . 1 1920 a n d $ 1 ,0 0 0 o n A p r i l 1 1921.
2 2 ,6 6 0 G a r d n e r R o a d ( c o u n t y ’s p o r t io n ) b o n d s .
D e n o m i n a t i o n $ 1 ,0 0 0 ,
e x c e p t o n e b o n d fo r $ 66 0.
M a t u r i t y $66 0 o n O c t . 1 1911, $ 1 ,0 0 0
e a c h s i x m o n t h s f r o m A p r i l 1 1912 t o O c t . 1 1919 In c lu s iv e a n d
$ 2 ,0 0 0 e a c h s i x m o n t h s f r o m A p r i l 1 1920 to A p r i l 1 1921 In c lu s iv e .
11,340 U n i o n R o a d a s s e s s m e n t b o n d s .
D e n o m in a t io n s $500, e x ce p t one
b o n d fo r $340.
M a t u r i t y $ 3 4 0 o n O c t . 1 1 911, $50 0 e a c h s i x
m o n t h s fr o m A p r i l 1 1912 to O c t . 1 1919 In c l u s i v e a n d $ 1 ,0 0 0 e a c h
s ix m o n t h s fr o m A p r i l 1 1920 t o A p r i l 1 1921 In c lu s iv e .
2 3 ,5 1 0 U n i o n R o a d ( c o u n t y 's p o r t io n ) b o n d s .
D e n o m i n a t i o n s $ 1 ,0 0 0 ,
e x c e p t o n e b o n d fo r $ 5 1 0 .
M a t u r i t y $ 5 1 0 O c t . 1 1911, $ 1,0 00 e a c h
s i x m o n t h s fr o m A p r i l 1 1912 to A p r i l 1 1919 In c lu s iv e , $ 2 ,0 0 0 e a c h
s i x m o n t h s fr o m O c t . 1 1919 t o A p r i l 1 1921.
3 9 ,2 8 8 F a ir m o n t R o a d a s s e s s m e n t b o n d s .
D e n o m i n a t i o n s $ 1 ,0 0 0 , e x c e p t
o n e b o n d fo r $ 2 8 8 .
M a t u r i t y $ 1 ,2 8 8 o n O c t . 1 1911, $ 2 ,0 0 0 e a c h
s i x m o n t h s f r o m A p r i l 1 1912 to A p r i l 1 1 921.
11,480 F a ir m o n t R o a d ( c o u n t y ’s p o r t io n ) b o n d s .
D e n o m i n a t i o n $ 1 ,0 0 0 ,
e x ce p t on e b o n d fo r $480.
M a t u r i t y $ 4 8 0 o n O c t . 1 1911, $ 1 ,0 0 0
y e a r ly o n O c t . 1 f r o m 1912 t o 1918 i n c lu s iv e a n d $ 2 ,0 0 0 o n O c t . 1
In e a c h o f t h e y e a r s 1919 a n d 1920.
A u t h o r i t y S e c t io n s 2 29 4, 2 2 9 5 , 6 91 2, 6 91 2-1 a n d 6 9 1 3 , G e n e r a l C o d e .
D a t e F e b . 1 1911.
I n t e r e s t A p r i l 1 a n d O c t . 1 a t t h e C o u n t y T r e a s u r e r ’s
o ffic e .
C e r t llle d c h e c k o n a b a n k , o t h e r t h a n t h e o n e m a k i n g b ld s . f o r 1 %
o f b o n d s b id fo r, p a y a b l e t o t h e C o u n t y T r e a s u r e r , Is r e q u ir e d .
C o n d itio n a l
b i d s w ill n o t b e r e c e iv e d .
P u r c h a s e r t o p a y a c c r u e d in t e r e s t .
Se p arate
b id s a r e r e q u ir e d fo r e a c h Is s u e .

Dallas County (P. O. Dallas), Tex.— Bonds Authorized.—

I t is s ta te d t h a t th e C o m m is s io n e r s h a v e a u t h o r iz e d
issu a n ce o f $ 2 3 ,0 0 0 b o n d s fo r th e re p a ir o f b r id g e s .

th e

Dawson County School District No. 56 (P. O. Sidney),
Mont.— 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 . F e b . 25 b y th e S c h o o l T r u s te e s fo r $ 1 ,0 0 0 b o n d s , a t
n ot 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 .
M in a H . S e v e r a n c e is D is tr ic t C lerk .

Dawson Springs, Hopkins County, K y.— Bonds Not to be

Offered at Present.— N o

a c t io n w ill b e ta k e n , w e a re a d v is e d ,
in th e m a t te r o f issu in g th e sew er b o n d s r e c e n tly v o t e d
( V . 9 1 , p . 1399) u n til th e ir v a lid it y h a s b e e n p a sse d u p o n
b y th e c o u r t s .

Delphos, Allen and Van Wert Counties, Ohio.— Bond Sale.

— T h 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
w a s th e su cc e ss fu l b id d e r o n J a n . 10 f o r th e $ 1 3 ,0 0 0 5 %
s t r e e t -im p r o v e m e n t ( v illa g e ’ s p o r t io n ) b o n d s d e s c r ib e d in
V . 92, p . 69.
T h e ir o ffe r w a s $ 1 3 ,9 3 9 2 5 — th e p r ic e th u s
b e in g 1 0 7 .2 2 5 .
—
—
W e a re a d v is e d u n d e r d a t e o f J a n . 13 th a t th e $ 5 0 ,0 0 0 5 %
1 -2 5 -y e a r (se r ia l) w a te r -w o r k s -e x te n s io n b o n d s v o t e d o n
O c t . 8 1910 a n d re g is te re d o n N o v . 10 1910 b y th e S ta te
C o m p tr o lle r ( V . 9 1 , p . 1 4 00) h a v e n o t y e t b e e n a d v e r tis e d
fo r sa le .
—
— P r o p o s a ls w ill b e re­
c e iv e d u n til 11 a . m . J a n . 31 b y D a v id E . H e in e m a n , C ity
C o m p tr o lle r , fo r $ 3 0 0 ,0 0 0 p u b lic -s c h o o l a n d $ 1 3 0 ,0 0 0 p u b lic sew er 3
c o u p o n (w ith p r iv ile g e o f r e g is tr a tio n ) b o n d s .

Denison, Grayson County, T ex. Bonds Not Yet Offered.

Detroit, Mich. Bond Offering.

y2%

D e n o m i n a t i o n $ 1 ,0 0 0 .
D a t e F e b . 1 1 91 1.
I n t e r e s t s e m i - a n n u a ll y a t
t h e o f f ic ia l b a n k o f t h e c i t y o f D e t r o i t In N e w Y o r k C i t y o r a t th e o ffic e o f
t h e C i t y T r e a s u r e r , a t t h e o p t io n o f t h e h o ld e r .
B o n d s are ex e m p t fro m
a ll t a x a t i o n In M ic h i g a n .
A d e p o s it In c a s h o r c e rt ifie d c h e c k o n a n y n a ­
t io n a l b a n k In t h e U n i t e d S t a t e s , o r a n y S t a t e b a n k In D e t r o it , f o r 2 % o f
b o n d s b ill fo r. Is r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d In t e r e s t .

Doerun, Colquitt County, Ga.— Vote.

— W e are a d v ise d
th a t th e v o t e c a s t a t th e e le c t io n h e ld la s t m o n t h , w h ich
re s u lte d in f a v o r o f th e p r o p o s itio n s t o issu e th e $ 8 ,5 0 0
s c h o o l-b u ild in g a n d $ 6 ,5 0 0 w a te r -w o r k s 6 % b o n d s ( V . 9 1 ,
p . 1 7 2 3 ), w a s 61 “ f o r ” t o 2 5 “ a g a in s t .”
M a tu r ity p a r t
y e a r ly o n F e b . 1 fo r 30 y e a r s .

Donnelly, Stevens County, Minn.— Bond Offering.—

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 . F e b . 15 fo r $ 4 ,2 0 0
w a te r -w o r k s b o n d s a t n o t e x c e e d in g 6 % in te r e s t.

Authority vote of 28 to 8 at election held Jan. 19. Maturity $600
yearly on July 1 from 1911 to 1917 Inclusive.

Douglasville, Douglas County, Ga.— Bond Offering.
by J.%R.

— P ro­
p o sa ls w ere a sk e d f o r u n til y e s t e r d a y (J a n . 2 0 )
H u t c h e s o n , M a y o r , f o r th e $ 2 0 ,0 0 0 5 % g o ld c o u p o n o r re g is-

206

THE CHRONICLE

terecl w a te r -w o r k s b o n d s v o t e d
p . 1527.

on

N o v . 28

19 1 0. V . 9 1 ,

A u t h o r i t y , S e c t i o n s 3 7 7 -3 8 1 , C o d e o t 1 89 8, V o l . 1.
D e n o m i n a t i o n $ 1 ,­
000.
D a t e M a r c h 1 1911.
I n t e r e s t a n n u a l l y a t p la c e s u it a b le to p u r c h a s e r .
M a t u r i t y M a r c h 1 1 94 1.
B o n d s a r e e x e m p t f r o m a ll m u n i c i p a l t a x e s .
B o n d e d d e b t, In c l u d i n g t h is Issu e , $ 3 0 ,0 0 0 .
F l o a t i n g d e b t, $ 4 ,0 0 0 .
A s s e s s e d v a lu a t io n In 1910, $ 5 0 2 ,1 5 1 .
T h e r e s u lt o t t h is o ffe r in g w a s n o t
k n o w n t o u s a t t h e h o u r o t g o i n g to p r e s s.

[V o l . l x x x x i i .

H.

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 .
T h e r e w ere n in e b id s
r e c e iv e d , a m o n g th e m b e in g E .
R o llin s
S o n s o f C h ic a g o
w h o b id 1 0 2 .4 1 7 a n d a c c r u e d in te r e s t.

&

Flint, Genesee County, Mich.— No Action Yet Taken.

Dublin, Laurens County, Ga.— Bond Sale—

— No
s te p s h a v e y e t 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 $ 4 0 0 ,0 0 0 w a te r -w o r k s -e x te n s io n a n d im p r o v e m e n t b o n d s
m e n tio n e d in V . 9 1 , p . 1 4 6 7 .
W e are in fo r m e d t h a t th e
c it y is w a itin g t o r e c e iv e th e p la n s fr o m th e e n g in e e r b e fo r e
ta k in g a n y a c t io n .

Duluth, St. Louis County, Minn.—Bonds Authorized.—

— The
v o t e r s w ill d e c id e o n F e b . 7 w h e t h e r o r n o t $ 1 5 ,0 0 0 5 % 20y e a r N o r m a l S c h o o l b o n d s shall b e is s u e d .

O n J a n . 17
th e $ 3 0 ,0 0 0 5 % 2 9 -y e a r 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 d e s c r ib e d in V . 92,
p . 133, w e re a w a r d e d t o J . H . H ils m a n & C o . o f A t la n t a
a t 1 0 3 .1 4 a n d a c c r u e d in te r e s t.
A c c o r d in g to lo ca l p a p e r s , th e C ity C o u n cil o n D e c . 29 1910
p a ssed a n o r d in a n c e a u t h o r iz in g th e issu a n ce o f $ 3 0 0 ,0 0 0
4 34)% w a te r a n d lig h t b o n d s .
T h e p r o p o s it io n w ill n o w b e
s u b m itt e d to th e v o t e r s a t th e g e n e ra l e le c t io n in F e b r u a r y .

Duncan, Stephens County, Okla .—Bonds Voted and Sold.

— P r o p o s it io n s to issu e .$12,000 w a te r -w o r k s a n d $ 3 8 ,0 0 0
sew er b o n d s w ere f a v o r a b ly v o t e d o n J a n . 10, it is s ta t e d .
It is fu r th e r r e p o r te d th a t a r r a n g e m e n ts h a v e b e e n m a d e
w ith O k la h o m a C ity in v e s to r s fo r th e d is p o sa l o f th e b o n d s .

East Palestine, Columbiana County, Ohio.—Bonds

Awarded in Part.— O f

th e $ 2 0 ,0 0 0 434j% c o u p o n -w a t e r w o r k s -im p r o v e m e n t b o n d s o ffe r e d o n D e c . 31 1910 a n d
d e s c r ib e d in V . 9 1 , p . 1790, $ 5 ,5 0 0 w e re p u r c h a se d 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 cin n a ti a t 1 0 2 .1 1 4
a n d a c c r u e d in te r e s t.
A list o f th e b id d e r s fo llo w s :
P r o v i d e n t S a v i n g s B a n k & T r u s t C o ., C i n c i n n a t i ______________
F i r s t N a t i o n a l B a n k , E a s t P a le s t in e ......................................... ..
F i r s t N a t i o n a l B a n k , C l e v e l a n d ..................................................
S e a s o n g o o d & M a y e r , C i n c i n n a t i . . .......................................... ..

$ 5 ,6 1 6
5,5 7 5
5 ,5 6 7
5,5 5 9

27
00
00
00

El Dorado County (P. O. Placerville), Cal.— Bond Offering.

— P r o p o s a ls w ill be r e c e iv e d u n til 10 a . m . M a y 2 b y T e d C .
A t w o o d , C o u n t y C le rk , fo r $ 1 2 0 ,0 0 0 5 % c o u r t -h o u s e -b u ild in g
bonds.

Denomination $500. Interest annual. M aturity 1-30-yearly, after
the fifth year. Certllled check for 2 % of bid Is required. The county
no bonded debt at present.

has

El Dorado Paving Improvement Districts Nos. 2 and 3
(P. O. El Dorado), Ark.— Bond Sale.— W e are a d v is e d th a t

th e $ 9 ,0 0 0 b o n d s o ffe r e d o n M a y 5 1910 ( V . 9 0 , p . 1 1 91) w ere
a w a r d e d t o th e A m e r ic a n B a n k & T r u s t C o . in E l D o r a d o .
.—
A n e le c t io n is to b e h e ld in th is c o u n t y F e b . 13, it is s ta t e d ,
to v o t e o n th e q u e s t io n o f issu in g $ 1 7 0 ,0 0 0 5 % g o ld c o u p o n
r o a d -im p r o v e m e n t b o n d s .

Elmore County (P. O. Wetumpka), Ala.— Bond Election

T h e s e b o n d s w e re a d v e r t is e d t o b e s o ld J a n . 23 ( V . 91, p . 1 7 9 0 ). b u t It
Is f u r t h e r s t a t e d t h a t In s u b m i t t i n g t h e p r o p o s i t i o n a t th e g e n e r a l e le c tio n
In N o v e m b e r 1910 t w o w o r d s , “ b o n d Is s u e , ” w e re m is p la c e d .
.

El Reno, Okla. Bond Sale.

—
— R e p o r t s s ta te th a t $ 2 5 0 ,0 0 0
5 % 2 5 -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 N o v . 1 1910 h a v e
b een a w a r d e d t o A . J . M c M a h o n o f O k la h o m a C ity a t p a r .
.—
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 a w a r d e d o n D e c . 17
1910 to th e S ta te B o a r d o f L a n d C o m m is s io n e r s ( V . 9 2 ,
p . 133) are d a t e d F e b . 1 1911 a n d b e a r in te re s t a t 5 % .
D e­
n o m in a tio n $ 1 ,0 0 0 .
I n te r e s t s e m i-a n n u a l.

Ephraim, Sanpete County, Utah.— Description of Bonds

Essex County (P. O. Newark), N. J.— Bond Offering.—

P r o p o s a ls w ill b e r e c e iv e d u n til 2 p . m . F e b . 8 b y th e F in a n c e
C o m m itte e o f th e B o a r d o f C h o se n F r e e h o ld e r s, A m o s W .
H a r riso n , C h a irm a n , f o r th e fo llo w in g 4 3 ^ %

c o u p o n g o ld

b o n d s m e n tio n e d in V . 9 2 , p . 133:
$ 1 0 0 ,0 0 0 h o s p i t a l b o n d s , d u e F e b . 1 1951.
1 5 0 ,0 0 0 p l a n k - r o a d b o n d s , d u e F e b . 1 1951.
5 0 .0 0 0 fs o la t lo n - h o s p lt a l b o n d s , d u e F e b . 1 1951.
5 0 .0 0 0 P a s s a i c R i v e r B r i d g e b o n d s , d u e F e b . 1 1931.
D e n o m in a t io n
$ 1 ,0 0 0 .
D a te
Feb.
I
1911.
In t e r e s t , c o m m e n c in g
F e b . 1 1911, p a y a b l e s e m i - a n n u a ll y .
B i d m u s t b e u n c o n d i t i o n a l a n d be
m a d e o n e a c h Is s u e s e p a r a t e ly .
C e r t llle d c h e c k fo r 1 % o f e a c h Is s u e b id
fo r Is r e q u ir e d .
P u r c h a s e r to p a y a c c r u e d in t e r e s t .
T h e g e n u in e n e s s o f th e
b o n d s w ill b e c e rtifie d to b y th e U n i t e d S t a t e s M o r t g a g e & T r u s t C o . o f
N e w Y o r k C ity .
T h e y w ill b e r e a d y . fo r . d e llv c r y ^ o n F e b . 15 1911.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Fall River, M ass.— Loans Negotiated in 19 1 0.— D u r in g
th e y e a r e n d in g D e c . 31 1910 th is c it y b o r r o w e d in a n t ic ip a ­
tion o f th e c o lle c t io n o f ta x e s , $ 3 5 0 ,0 0 0 .
T h e lo a n s w ere
m a d e a s fo llo w s :
A m o u n t.
$ 1 0 0 ,0 0 0
1 0 0 ,0 0 0
5 0 .0 0 0
7 5 .0 0 0
2 5 .0 0 0

W ith W hom N egotiated.

R ate o f D iscount. M a tu rity o f L o a n .

E s t a b r o o k & C o ., B o s t o n
3 . 5 3 % & $2 p r e m iu m N o v . 21 1910
F . S . M o s e le y & C o ., B o s t o n 3 . 3 9 %
$225 p rem .
N o v . 15 1910
U n io n M ills
4%
J u ly 15 19 10
F ir s t N a t . B a n k , B o s to n
4%
O c t . 18 1910
E s t a b r o o k & C o ., B o s t o n
3 .5 3 %
O c t . 31 1910

&

C erta in o f th e se lo a n s w ere p r e v io u s ly r e p o r te d in th e
“ C h r o n ic le "
T h e y are in c lu d e d a b o v e , h o w e v e r , in o r d e r
th a t w e m a y h a v e a c o m p le t e r e c o r d o f all th e te m p o r a r y
lo a n s n e g o tia t e d .
T h e p e r m a n e n t b o n d issu es s o ld la st
y e a r , a m o u n t in g to $ 1 ,1 9 9 ,5 0 0 , w e re all r e p o r te d in th ese
c o lu m n s .

Bond Offering.

Falls City, Polk County,

O r e .—
— P r o p o s a ls
w ill b e r e c e iv e d u n til 7 :3 0 p . m . F e b . 7 fo r $ 2 5 0 0 0 w a te r ­
w o r k s b o n d s m e n tio n e d in V . 9 1 , p . 1790.
A u t h o r i t y v o t e o f 148 t o 2 1 a t e le c tio n h e ld J a n . 2.
exceed 6 % .
M a t u r i t y F e b . 15 1 9 3 1 .

I n t e r e s t n o t to

Ferndale, Bucks County, Pa.— Bond Election.

— A c c o r d in g
to r e p o r ts , a p r o p o s it io n to issue $ 1 0 ,0 0 0 s c h o o l-h o u s e b o n d s
w ill b e s u b m itt e d to a v o t e o f th e p e o p le o n M a rch 4 .

Florence, Lauderdale County, Ala.— Bond Election.

Forrest County (P. O. H attiesburg),M iss.— Bond Sale .—

O n J a n . 6 th e $ 1 0 0 ,0 0 0 5 %
w ere a w a r d e d to W e il, R o t h

3 0 -y e a r

n o r m a l-c o lle g e b o n d s
1 0 0 .1 0 .

& C o . o f C in c in n a ti a t

D e n o m i n a t i o n s $ 5 0 0 a n d $ 1 ,0 0 0 .
D a te D e c . 1 1010.
I n t e r e s t s e m i­
a n n u a lly In N e w Y o r k .
S e e It e m u n d e r h e a d o f M is s i s s i p p i I n V . 9 1 , p . 1737.

Fort Valley, Houston County, Ga.— Bond Election —

P a p e r s s ta te th a t th e C ity C ou n cil h a s p a s s e d a r e s o lu tio n
p r o v id in g fo r an e le c t io n to v o t e o n th e q u e s t io n o f issu in e
$ 3 0 ,0 0 0 s c h o o l-b u ild in g b o n d s .

Fort Worth, Tarrant County, Tex.—

Voted.—

R oads
The
e le c t io n h eld J a n . 13 is r e p o r te d t o h a v e re s u lte d in fa v o r o f
th e p r o p o s it io n s t o issue th e fo llo w in g b o n d s : $ 9 5 ,0 0 0 to
c o n s t r u c t fire -h a lls, $ 1 2 0 ,0 0 0 t o c o n s t r u c t p o lic e -s t a t io n s
$ 5 0 ,0 0 0 fo r s tr e e t -e x te n s io n s , $ 1 5 ,0 0 0 t o c o n s t r u c t a c it y ’
w a r e h o u s e , $ 2 0 ,0 0 0 to b u ild a h o s p ita l, $ 1 5 0 ,0 0 0 to fu n d
d e b t in c u r r e d b y th e c it y fo r th e im p r o v e m e n t o f th e w a te r ­
w o rk s a n d $ 1 ,3 5 0 ,0 0 0 fo r th e e x t e n s io n o f th e w a te r -w o r k s .

Fostoria, Seneca County, Ohio.— Bonds Not Sold.—No

b id s w ere r e c e iv e d o n J a n . 14 f o r th e s ix issu es o f 4 * ^ %
c o u p o n s e w e r -c o n s tr u c t io n a sse ssm e n t b o n d s , a g g reffa tim i
$ 4 ,1 1 0 , d e s c r ib e d in V . 9 2 , p . 133.
66 *
8

Franklin County (P. O. Brookville), Ind .—Bond Sale.—

O n J a n . 12 th e $ 8 9 ,0 0 0 4 % l l j ^ - y e a r (a v e r a g e ) t a x -fr e e
c o u p o n c o u r t-h o u s e -r e p a ir a n d r e m o d e lin g b o n d s d e s c r ib e d
in V . 9 1 , p . 1790, w ere a w a rd e d to G a v in L . P a y n e & C o o f
I n d ia n a p o lis fo r $ 9 1 ,6 9 6 55 (1 0 3 .0 2 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 5 % .

Franklin County Common School Districts (P. O. Mt
Vernon), Texas.— Bond Offering.— G . E . C o w a n , C o u n ty

J u d g e , is o ffe r in g a t p a r th e fo llo w in g 5 % 1 0 -2 0 -y e a r ( o p ­
tio n a l) s c h o o l d is t r ic t b o n d s : $ 1 ,2 0 0 o f D is tr ic t N o . 18, $800
D is tr ic t N o . 17 a n d $70 0 D is tr ic t N o . 20 b o n d s .
T h e $ 1 ,2 0 0
issu e w a 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 . 14
1910 a n d th e o t h e r tw o issues o n N o v . 3 19 1 0.
S ee V . 91,
p . 1343 a n d 14 6 7.
A ll th e b o n d s are in d e n o m in a t io n o f
$100 ea ch .

Franklinton Township (P. O. Franklinton), Franklin
County, No. Car. Bond Offering.— P r o p o s a ls w ere a sk e d fo r

u n til 12 m . y e s t e r d a y (J a n . 2 0 ) b y B . T . G re e n , S e c r e t a r y o f
B o a r d o f R o a d T r u s te e s , fo r $ 3 0 ,0 0 0 5 % c o u p o n r o a d b o n d s
d a t e d J a n . 1 1911.
In t e r e s t J a n u a r y a n d J u l y a t t h e H a n o v e r N a t i o n a l B a n k In N e w Y o r k
C i t y . - M a t u r i t y .30 y e a r s.
T o t a l d e b t. I n c l u d i n g t h is Is s u e , $ 4 0 ,0 0 0 .
A s s e s s e d v a lu a t io n , $ 1 ,6 0 0 ,0 0 0 .
T h e s e b o n d s w e re p r e v i o u s ly o ffe r e d o n
A u g . 2 1 91 0.
S e e V . 9 1, p . 290 .

Gainesville, Cooke County, Tex.— Bond Sale.

— A f a v o r a b le
v o t e w a s c a s t o n J a n . 10 ( V . 9 1 , p . 179 0) o n th e p r o p o s itio n
to issue th e $ 1 5 0 ,0 0 0 5 % 1 0 -4 0 -y e a r b o n d s t o p u rch a se
th e p la n t o f th e G a in e sv ille W a te r C o .
T h e p r o p e r t y w as
s o ld u n d e r fo r e c lo s u r e o n O c t . 26 1910 t o r e p r e s e n ta t iv e s o f
th e b o n d h o ld e r s , fr o m w h o m , p r e s u m a b ly , th e p u r c h a se
will b e m a d e .
W e are a d v is e d th a t th e a b o v e b o n d s w e re b o u g h t on
-Jan. 18 b y th e T h o s . J . B o lg e r C o . o f C h ic a g o .

Galva, Henry County, 111.—Bonds Voted.

— A n 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 , in fa v o r o f a p r o ­
p o s it io n t o issu e $ 9 ,0 0 0 s e w e r a g e -d is p o s a l-p la n t a n d s tr e e t im p r o v e m e n t b o n d s .

Garfield, Bergen County, N. J.— No Action Yet Taken.—

U p to D e c . 31 n o fu r th e r a c tio n h a d y e t 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 2 ,5 0 0 s e w e r a g e -s y s t e m a n d
th e $ 2 5 ,0 0 0 e le c t r ic -lig h t -p la n t b o n d s v o t e d ( V . 9 1 , p . 1467)
o n N o v . 15 19 1 0.

Giles County (P. O. Pearisburg), Va. Bond Sale.

—
— On
Jan . 2 th e $ 3 0 ,0 0 0 5 % c o u p o n b r id g e -c o n s t r u c t io n b o n d s
d e s c r ib e d in V . 9 1 , p . 1277, w ere s o ld to A . J . H o o d & C o . o f
D e t r o it a t 1 0 0 .0 6 .
T h e o th e r b id d e r s w e re :
S . A . K e a n <Ss C o ., C h i c a g o — P a r , le ss $ 2 5 0 c o m m is s io n .
U n i o n S a v i n g s B a n k & T r u s t C o ., C i n c i n n a t i — P a r , le ss $ 4 5 0 c o m m is s io n .
M cCoy
C o ., C h i c a g o — P a r . le ss $50 0 c o m m is s io n .
C . I I . C o ffin , C h i c a g o — $ 3 0 ,0 1 1 , le ss $ 9 0 0 c o m m is s io n .
M a t u r i t y fr o m 1915 t o 1920 In c lu s iv e .

&

Girard, Macoupin County, 111,— Bonds Authorized—

I t is
s ta t e d th a t th e C ity C ou n cil has v o t e d to issue $ 5 ,0 0 0 fire e n g in e b o n d s .

Glendale, Maricopa County, Ariz .—Bonds Voted.—

An
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 , in f a v o r o f
p r o p o s itio n s to issue $ 8 ,0 0 0 s t r e e t -im p r o v e m e n t a n d $ 2 ,0 0 0
fir e -a p p a r a tu s b o n d s .
T h e v o t e w as 39 “ f o r ” t o 11 “ a g a in s t ."

Granite County (P. O. Philipsburg), Mont.— Bond Offer­

ing.— P r o p o s a ls

Flathead County (P. O. Kalispell), Mont.—Road Sale.__

will b e r e c e iv e d u n til 10 a . m . F e b . 21 b y
F . E . W ile m a n , C o u n t y C lerk a n d R e c o r d e r , f o r $ 5 0 ,0 0 0
4 } ^ % c o u p o n b o n d s v o t e d o n N o v . 8 19 1 0.

O n J a n . 10 th e $ 5 2 ,5 0 0 5 % 1 0 -2 0 -y e a r (o p t io n a l) c o u p o n
b r id g e -c o n s t r u c t io n b o n d s d e s c r ib e d in V . 9 1 , p . 1790 w ere
a w a r d e d to N . W . H a ls e y
C o . o f C h ic a g o a t 1 0 3 .1 6 a n d

I n t e r e s t M a r c h 1 a n d S e p t . 1 a t t h e C o u n t y T r e a s u r e r 's o ffic e o r a t th e
C h a s e N a t i o n a l B a n k In N e w Y o r k C i t y .
M a t u r i t y , $ 5 ,0 0 0 y e a r ly b e g in ­
n in g ten ye a rs fro m d ate.
C e r t llle d c h e c k fo r $ 1 ,5 0 0 , p a y a b l e to W m . D i n g ­
w a ll, C h a i r m a n B o a r d o f C o u n t y C o m m is s io n e r s , Is r e q u ir e d .




&

THE CHRONICLE

J a n . 21 1911.)

Grants Pass, Josephine County, Ore.— Bond Sale.

— On
J a n . 11 $ 1 9 ,9 7 2 02 6 % s tre e t b o n d s w ere a w a r d e d to th e
W a r r e n C o n s t r u c tio n C o . a t p a r a n d a c c r u e d in te r e s t.

Greenburgh (Town) Union Free School District No. 4
(P. O. Hastings-on-Hudson), Westchester County, N. Y .—

Bond Sale.—On

J a n . 18 th e $ 5 5 ,0 0 0 4 j / j % c o u p o n b o n d s
d e s c r ib e d in V . 9 2 , p . 134, w ere a w a r d e d to K o u n t z e B r o s ,
o f N e w Y o r k C ity a t 1 0 2 .8 8 3 .
M a t u r i t y $ 1 ,0 0 0 o n J a n . 1 1913 a n d $ 2 ,0 0 0 y e a r ly o n J a n . 1 fr o m 1914
t o 1940 In c lu s iv e .

Haddon H eights, Camden County, N. J .—Bond Offering —

P r o p o s a ls w ill b e re c e iv e d u n til 8 p . m . F e b . / b y F r e d e r ic k
F ries, M a y o r , fo r $ 4 0 ,0 0 0 4 ^ % s e w e r a g e -s y s t e m -c o n s t r u c ­
tio n b o n d s .
B o n d s t o b e c o u p o n o r r e g is t e r e d a t t h e o p t i o n o f p u r c h a s e r .
In t e r e s t
s e m i- a n n u a l.
M a t u r i t y 30 y e a r s.
C e r t ifie d c h e c k o n a n a t io n a l b a n k fo r
5 % o f b id , p a y a b l e t o t h e B o r o u g h T r e a s u r e r , is r e q u ire d .

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Haddonfield, Camden County, N. J.— No Action Yet Taken.
— W e a re a d v is e d u n d e r d a t e o f Jo.n. 6 th a t n o a c t i o n h as
y e t 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 5 0 ,0 0 0
s t r e e t -im p r o v e m e n t b o n d s v o t e d ( V . 9 1 , p . 8 1 9 ) o n S e p t. 20
1910.

Hamilton County (P. O. Chattanooga), Tenn.— Bonds

Proposed.— I t

is r e p o r te d th a t th is c o u n t y is c o n s id e r in g th e
issu a n ce o f c o u r t -h o u s e , b r id g e a n d r o a d b o n d s a m o u n t in g
to $ 1 ,7 4 0 ,0 0 0 .
.—
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 . 23 b y E lm e r J .
C a r e y , C o u n t y A u d it o r , fo r $ 2 7 ,2 4 0 5 % d it c h -c o n s t r u c t io n
bonds.

Hardin County (P. O. Kenton), Ohio.— Bond Offering

A u t h o r i t y , S e c t io n s 3 48 9, 0492 a n d 6 49 3, G e n e r a l C o d e .
D e n o m in a ­
tio n s: 3 b o n d s o f $ 1 ,1 7 0 e a c h , 3 b o n d s o f $ 27 0 e a c h , 3 b o n d s o f $ 68 0 e a ch ,
4 b o n d s o f $ 1 ,2 9 0 e a c h , 4 b o n d s o f $ 1 ,7 2 0 e a c h , 2 b o n d s o f $ 2 4 0 e a c h , 2
b o n d s o f $ 22 0 e a c h , 4 b o n d s o f $ 1 ,2 7 0 e a c h , 4 b o n d s o f $30 0 e a c h a n d 4
b o n d s o f $410 each.
D a t e D e c . 1 1910.
I n t e r e s t s e m i- a n n u a l.
M a­
t u r i t y $ 7 ,5 7 0 In 1911 a n d In 1912, $ 7 ,1 1 0 In 1913 a n d $ 4 ,9 9 0 In 1914.
C e rtllle d c h e c k o n s o m e K e n t o n b a n k (o r c a s h ) fo r $ 50 0, p a y a b l e t o t h e C o u n t y
A u d i t o r , is r e q u ir e d .

Bond Sale.— O n J a n . 3 th e $ 3 7 ,1 0 7 89 4

c o u p o n r e fu n d ­
ing 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 , it is
s ta t e d , to th e W e s t e r n -G e r m a n B a n k in C in cin n a ti fo r $ 3 7 ,­
870 8 9 , th e p r ic e th u s b e in g 1 0 1 .8 9 . B o n d s a re t a x -e x e m p t .
In te r e s t a t th e C o u n t y T r e a s u r e r ’s o f fic e . M a tu r ity $ 1 2 ,1 0 7 89
S e p t . 1 1915, $ 1 2 ,0 0 0 S e p t. I 1910 a n d $ 1 3 ,0 0 0 S e p t. 1 1917.

Harris County (P. O. Houston), Tox.— Bonds Voted.—

E a rly re tu rn s in d ic a te th a t a fa v o r a b le v o t e w a s c a s t o n
J a n . 10 o n th e p r o p o s it io n to issue th e $ 1 ,2 5 0 ,0 0 0 b o n d s to
d e e p e n th e H o u s t o n sh ip c h a n n e l.
S ee V . 9 1 , p . 1791.

Heavener, Le Flore County, Okla.— Bond Sale.

— On
J a n . 4 th e $ 5 0 ,0 0 0 6 % 2 5 -y e a r 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 . 1791, w e re a w a r d e d t o R . J . E d w a r d s
o f O k la h o m a C ity a t p a r a n d a c c r u e d in te r e s t .
A b id o f p a r
w as a lso r e c e iv e d fr o m S . A . K e a n & C o . o f C h ic a g o .

Hecla, Brown County, So. Dak.— Bond Offering.

— P ro­
p osa ls w ill b e r e c e iv e d u n til 8 p . m . J a n . 23 b y C . E . N o r t h ,
V illa g e C le rk , fo r $ 8 ,0 0 0 5 % c o u p o n w a te r -w o r k s b o n d s .
D e n o m i n a t i o n $ 25 0.
In t e r e s t a n n u a l l y In I l c c l a .
M a t u r i t y 15 y e a r s ,
s u b j e c t t o c a ll a ft e r 5 y e a r s .
B o n d s a r e e x e m p t fr o m t a x a t i o n .
C e rt ifie d
c h e c k f o r 2 % , p a y a b l e t o t h e V i l l a g e C le r k , Is r e q u ir e d .
A s s e s s e d v a lu a t io n

$100,000.

Helen i , Mont.— Vote.— A s

s ta te d in V . 9 2 , p . 134, th e
p r o p o s itio n to issue th e $ 0 5 0 ,0 0 0 5 % m u n ic ip a l-w a te r -p la n t
b o n d s ca r r ie d o n J a n . 9 . W e a re n o w a d v is e d th a t th e v o t e
w as 8 14 “ f o r ” to 491 “ a g a in s t” . T h e b o n d s w ill m a tu re
$ 1 5 0 ,0 0 0 J a n . 1 1921, $ 1 5 0 ,0 0 0 J a n . 1 1920 a n d $ 3 5 0 ,0 0 0
J a n . 1 1931, th e first tw o p a y m e n t s b e in g s u b je c t to call
a ft e r 3 y e a r s a n d th e la st p a y m e n t a ft e r 5 y e a r s .
U p to
J a n . 12 n o d a t e h a d b e e n fix e d fo r th e sale o f th e b o n d s .

Hidalgo County Common School Districts, Texas.— Bonds

Registered.— T h e

S ta te C o m p tr o lle r o n J a n . 2 re g iste re d
$ 1 0 ,0 0 0 D is t r ic t N o . 4 a n d $ 9 ,0 0 0 D is tr ic t N o . 10 5 % 1 0 -2 0 y e a r ( o p t i o n a l) b o n d s ; also $ 6 ,0 0 0 5 % 4 0 -y e a r b o n d s o f
D is trict N o . 5.
.— O n
J a n . 16 th e $ 5 ,0 0 0 5 % 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 2 , p . 134, w e re p u r c h a se d b y th e F ir st N a tio n a l B a n k o f
H ig g in s p o r t a t 1 0 3 .1 2 a n d a c c r u e d in te re s t.
M a tu r it y p a r t
e a c h s ix m o n th s fr o m S e p t. 1 1920 t o S e p t. 1 1929 in c lu s iv e .

Higginsport, Brown County, Ohio.—Bond Sale

Holland and Olive Townships School District No. 5,
Ottawa County, Mich.—Bond Offering.— T h is d is t r ic t is

o ffe r in g a t p r iv a te
b u ild in g b o n d s .

sale

$ 6 ,0 0 0

site -p u r c h a se

and

s c h o o l­

A u t h o r i t y , e le c tio n h e ld N o v . 8 1910 p u r s u a n t t o S e c t io n s 4 7 1 7 t o 4 7 2 0 ,
C o m p li e d L a w s o f 1897, a s a m e n d e d p a r t i c u la r l y b y A c t N o . 3 o 6 o f 1907,
p a ge 327.
M a t u r i t y $ 50 0 y e a r ly , o n o r a b o u t F e b . 1.
N o d e b t a t pre se n t.
A s s e s s e d v a lu a t io n , $ 2 0 0 ,0 0 0 .
E s t im a t e d v a lu e $ 5 0 0 ,0 0 0 .
D r. J. W .
V a n d e n B e r g Is S e c r e t a r y o f th e B o a r d o f E d u c a t i o n .

Homer, Claiborne Parish, La. —Bond Offering.— P r o p o s a ls

will b e r e c e iv e d u n til 8 p . m . F e b . 7 b y A . R . J o h n s o n ,
M a y o r , fo r $ 4 0 ,0 0 0 5 % c o u p o n w a te r b o n d s .
D e n o m i n a t i o n $ 1 ,0 0 0 .
D a t e J a n . 1 1910.
I n t e r e s t s e m i - a n n u a ll y a t
th e T o w n T r e a s u r e r ’s o ffic e o r t h e H a n o v e r N a t i o n a l B a n k In N e w Y o r k
C i t y , a t o p t io n o f h o ld e r .
In t e r e s t to J a n . 1 1911 c a n c e le d .
M a tu r it y
J a n . 1 1950, s u b j e c t to c a ll a fte r 20 y e a r s .
C e rtifie d c h e c k fo r - % o f b o n d s
b ill fo r, p a y a b l e to t h e T o w n T r e a s u r e r , Is re q u ire d ,
l h e b o n d s w ill b e
c e rtifie d a s to t h e ir g e n u in e n e s s b y th e U n it e d S t a t e s M o r t g a g e & I r u s t C o .
o f N e w Y o r k C i t y a n d t h e ir le g a l i t y w ill b e a p p r o v e d b y M e s s r s . C a ld w e ll &
H e e d o f N e w Y o r k C i t y , w h o s e o p in io n w ill b e d e liv e r e d to th e p u r c h a s e r .
D e li v e r y o f b o n d s to b e m a d e o n o r a b o u t F e b . 15 1911.
P u r c h a s e r to p a y
a c c r u e d In t e r e s t fr o m J a n . 1 1911.
B i d s to b e m a d e o n b l a n k f o r m s f u r ­
n is h e d b y t h e t o w n .
A s s e s s e d v a lu a t io n 1909, $ 5 6 6 ,1 8 0 .
A sse sse d v a lu a ­
t io n 1910, $ 6 0 0 ,0 2 0 .
A c t u a l v a lu e ( e s t im a t e d ) , $ 1 ,0 0 0 ,0 0 0 .
G . G . G i ll
Is T o w n C le r k .




207

Houston, Harris County, T ex.— Bonds Voted.

— W e see it
r e p o r te d in lo ca l p a p e r s th a t th e e le c t io n h e ld J a n . 10 re­
su lte d in f a v o r o f th e p r o p o s it io n t o issu e th e $ 5 0 0 ,0 0 0 4 j ^ %
1 0 -3 0 -y e a r (o p t io n a l) v ia d u c t b o jid s m e n tio n e d in V . 9 1 ,
p . 16 6 2.

Ingham County (P. O. Mason), Mich.— Loan Election

.—
A n e le c t io n w ill b e h e ld A p r il 3 to v o t e o n p r o p o s it io n s to
b o r r o w th e f o llo w in g a m o u n t s : $ 1 4 ,0 0 0 to b u ild a n a d d itio n
to th e c o u n t y p o o r h o u s e o r $ 3 ,0 0 0 to in sta ll h e a t , lig h tin g ,
s a n ita r y p lu m b in g a n d fire p r o t e c t io n fo r th e sa id p o o r h o u s e .

Ionia, Ionia County, Mich.— No Bonds Proposed.

— W e are
in fo r m e d th a t th e r e p o r ts w h ic h a p p e a r e d in s o m e o f th e
n e w s p a p e r s th a t th is c it y p r o p o s e d t o issue $ 7 5 ,0 0 0 f a c t o r y b o n u s b o n d s a re e r r o n e o u s .
.—
T h e $ 2 5 ,0 0 0 F o u r t h A v e n u e b r id g e a n d th e $ 1 7 ,0 0 0 R a c in e
S tr e e t 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 . 8 1910
( V . 9 1 , p . 1 3 43) are c o u p o n in fo r m a n d c a r r y s e m i-a n n u a l
in te r e s t a t th e r a te o f 5 % .
D e n o m in a t io n $ 5 0 0 .
J a n . 1 19 1 1.
D a te o f o ffe r in g n o t y e t d e t e r m in e d .

Janesville, Rock County, W is.— Description of Bonds

Date
Jefferson School District (P. O. W est Jefferson), Madison
County, Ohio.— Bond Offering.— P r o p o s a ls w ill b e re c e iv e d
u n til 12 m . F e b . 1 b y th e B o a r d o f E d u c a t io n , J o h n M . G illiv a n , C lerk , f o r $ 2 5 ,0 0 0 4
c o u p o n h ig h -s c h o o l-b u ild in g
a n d fu r n is h in g b o n d s .
D a t e “ d a y o f s a le . ”
I n t e r e s t M c h . 1 a n d S e p t . 1 a t t h e C o m m e r c ia l B a n k
In W e s t J e lle r s o n .
M a t u r i t y $50 0 o n M c h . 1 fr o m 1912 t o 1916 in c lu s iv e ,
$30 0 e a c h s i f Z n t h s f r o m S e p t . 1 1916 to M c h 1 1918 I n c lu s iv e $ 4 0 0 e a c h
s i x m o n t h s f r o m S e p t . 1 1918 t o M c h . 1 1921 In c lu s iv e , $ 50 0 e a c h
m o n t h s fr o m S e p t . 1 1921 t o M c h . 1 1921 In c lu s iv e , $ 60 0 e a c h s i x m o n t h s
fr o m S e p t . 1 1926 t o M c h . 1 1929 in c lu s iv e , $ 70 0 e a c h s i x m o n t h s fr o m
S e p t . 1 1929 to S e p t . 1 1931 in c lu s iv e , $80 0 y e a r ly ° n f^
’ 11p A ro t1)?
t o 1936 In c l u s i v e a n d $70 0 d u e y e a r ly o n S e p t . 1 fr o m 1932 t o 1035
In c lu s iv e .
C e r t ifie d c h e c k fo r 3 %
o f b o n d s b id fo r is
I urc h a s e r t o p a y a c c r u e d In t e r e s t .
N o d e b t a t p re s e n t.
A s s e s s e d v a lu a t io n ,
$ 7 2 0 ,0 0 0 .

six

Jersey City, N. J. Bond Sales in

—
1910.
T h e fo llo w in g
4 % b o n d s w ere s o ld b y th is c it y d u r in g th e y e a r 1910:
$ 3 0 ,0 0 0 5 0 - y c a r p a r k b o n d s d a t e d N o v . 1 1 910.
1 0 0 ,0 0 0 5 0 - y e a r s c h o o l b o n d s d a t e d A p r i l 1 191 0.

B o t h issu es w ere ta k e n b y th e S in k in g F u n d .

Jones County (P. O. Anson), Tex.— Bond Sale.— T h e
$ 6 ,8 3 8 5 % 5 -1 0 -y e a r (o p t io n a l) r e fu n d in g b o n d s reg istered
b y th e S ta te C o m p tr o lle r o n N o v . 23 1910 ( V . 9 1 , p . 1 5 28)
a re b e in g h eld b y fu n d s o f M a ta g o r d a C o u n t y .
—
W e a re in fo r m e d th a t n o a c t io n w ill b e ta k e n u n til J a n . 23
o n th e f o llo w in g b id s , w h ic h w ere r e c e iv e d o n J a n . 16 fo r
$ 9 ,5 0 0 r e a l-e s ta tc -p u r c h a s e b o n d s o ffe r e d o n th a t d a y :

Kenmore, Erie County, N. Y. Bond Award Postponed.—

A d a m s & C o . , N . Y . (4 .6 0 s)$ 9 ,5 0 9 O O lG e o . M . H a h n , N . Y . ( 4 . 9 0 s ) $ 9 , 5 1 2 35
S . A . K e a n & C o ., C h ic .( 5 s ) . 9 ,6 9 9 50
D o u g l a s F e n w i c k & C o .,
N e w Y o r k ( 4 . 7 0 s ) ............. 9 ,5 0 2 8 5 1F a r s o n , S o n & C o . , N . Y . ( 5 s ) . 9 ,6 0 0 00

Kenmore School District (P. O. Kenmore), Summit
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 . F e b . 2 b y J . W . H o r n e r , C lerk , B o a r d o f E d u c a ­
t io n , fo r $ 7 ,5 0 0 5 % c o u p o n s c h o o l-e n la r g e m e n t b o n d s .
A u t h o r i t y , S e c t io n s 7 6 2 5 , 7 6 2 6 a n d 7 6 2 7 , G e n e r a l C o d e .
D e n o m in a t io n
$ 50 0.
D a t e M a r c h 1 1911.
In t e r e s t s e m i - a n n u a ll y a t t h e o ffic e o f B o a r d
of E d u c a t io n .
M a t u r i t y $ 1 ,5 0 0 y e a r ly o n S e p t . 1 f r o m 191 7 t o 1921
In c lu s iv e .
B o n d s a r e t a x -fr e e .
N o d e p o s it r e q u ir e d .
B o n d e d d e b t, i n ­
c l u d i n g t h is issu e , $ 1 5 ,5 0 0 .
N o l l o a t l n g d e b t.
A s s e s s e d v a lu a t io n 1911.

$2,000,000.

Koochiching County (P. O. International Falls), Minn.—

Bond Sale.— W c

h a v e ju s t b e e n a d v ise d th a t $ 2 5 ,0 0 0 4 %
2 0 -y e a r ja il-b u ild in g b o n d s w ere so ld o n J u ly 1 1910 to th e
S ta te o f M in n e s o ta .
I n te r e s t a n n u a lly in J u ly .
— A propo­
s itio n to issue $ 3 0 ,0 0 0 w a te r a n d lig h t b o n d s w ill b e v o t e d
u p o n A p ril 4 .

La Cygne, Linn County, Kans.— Bond Election.

Lafayette, Chambers County, Ala.— Bonds Not Yet Sold.

— N o a w a r d h as y e t b e e n m a d e o f th e $ 4 0 ,0 0 0 5 % w a te r ­
w ork s and
e le c t r ic -lig h t -im p r o v e m e n t b o n d s v o t e d
on
M arch 7 1910 ( V . 9 0 , p . 9 2 7 ) a n d o ffe r e d o n M a y 2 1910.
M a tu r it y J u ly 1 19 4 0.
— O n D e c . 19
1910 th e $ 7 ,0 0 0 5 % le v e e -im p r o v e m e n t b o n d s m e n tio n e d in
V . 9 1 , p . 1661, w ere a w a r d e d to D a n iel C . H o ld e n .

Lake Borgno Levee District, La.— Bond Sale.

D e n o m i n a t i o n $ 1 ,0 0 0 .
In t e r e s t J u n e a n d D e c e m b e r .
B o n d s are d a te d
in 1902 a n d m a t u r e in 1952, s u b j e c t to c a ll, h o w e v e r , a ft e r 40 y e a r s .

Bond Sale.

L a k e w o o d , C u y a h o g a C o u n t y , O h io .—
— I t is
s ta t e d th a t o n J a n . 16 th e fo u r issues o f 5 % a ssessm en t im ­
p r o v e m e n t b o n d s a g g r e g a tin g $ 5 2 ,4 3 0 a n d d e s c r ib e d in
V . 9 2 , p . 134, w ere a w a r d e d t o th e M an sfield S a v in g s B a n k
in M a n sfield f o r $ 5 4 ,8 7 1 , th e p r ic e th u s b e in g 1 0 4 .6 5 5 .
—
— P ro­
p o s a ls w ill b e r e c e iv e d u n til 12 in . F e b . 1 b y F ra n k B . M c­
C la in , M a y o r , a t th e o ffic e o f J . l i . R a t h fo n , C ity C o m p ­
tr o lle r, fo r $ 7 5 ,0 0 0 4 % c o u p o n (w ith p r iv ile g e o f r e g is tra ­
tio n ) w a t e r -s y s t e m -im p r o v e m e n t b o n d s .

Lancaster, Lancaster County, Pa. Bond Offering.

D e n o m i n a t i o n $ 10 0, $50 0 o r $ 1 ,0 0 0 e a c h , t o s u it p u r c h a s e r .
D a te A p r il 1
1911.
I n t e r e s t s e m i - a n n u a ll y a t t h e C i t y T r e a s u r e r ’s o ffic e .
M a tu r it y
30 y e a r s s u b j e c t t o c a ll a ft e r 20 y e a r s .
C it y agre es to p a y S t a t e t a x on
b o n d s.
C e r t ifie d c h e c k fo r 2 % o f b o n d s b i d fo r, p a y a b l e to th e C i t y C o m p ­
t ro lle r , Is r e q u ir e d .

Leamington School District No. 7, Millard County, Utah.

Bond Sale.

—
— T h e S ta te o f U ta h w a s a w a r d e d a t p a r in
D e c e m b e r $ 5 ,0 0 0 5 % im p r o v e m e n t b o n d s o f th is d is t r ic t .
D a te D e c . I 1910.
M a tu r ity D e c . 1 1930.

Leflore County (P. O. Greenwood), M iss.— 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 . F e b . 6 f o r $ 6 0 ,0 0 0
5 % b r id g e b o n d s .
T h e s e se cu r itie s a re th e u n s o ld p o r tio n
o f a n issu e o f $ 1 0 0 ,0 0 0 b o n d s , th e sale o f $ 4 0 ,0 0 0 o f w h ich
w a s r e p o r te d in V . 9 0 , p . 1628.

208

THE CHRONICLE

D a t e J a n . 3 1910.
In t e r e s t s e m i - a n n u a ll y a t t h e F i r s t N a t i o n a l B a n k In
G ree nw o od.
M a t u r it y th irty ye ars.
C e r t ifie d c h e c k o r c a s h f o r 2 % o f b id
I s r e q u ir e d .
W . T . C h a p m a n is C o u n t y T r e a s u r e r .

Bonds Offered by
&

L e F lo r e C o u n t y ( P . O . P o t e a u ) , O k la .—
— A n issue o f § 5 0 ,0 0 0 6 % 2 5 -y e a r fu n d in g b o n d s
is b e in g o ffe r e d to in v e s to r s b y W e il, R o t h
C o . o f C h ic a g o .
D e n o m in a t io n § 1 ,0 0 0 .
D a t e J a n . 2 19 1 1.
I n t e r e s t s e m i­
a n n u a lly in N e w Y o r k .

Bankers.

L ib e r t y C e n tre S c h o o l D i s t r i c t ( P . O . L i b e r t y C e n tr e ),
H e n ry C o u n ty , O h io .
— O n J a n . 18 th e § 3 ,0 0 0
5 % c o u p o n s c h o o l b o n d s d e s c r ib e d in V . 9 2 , p . 134, w ere
a w a r d e d to S t a c y & B r a u n o f T o le d o f o r § 3 ,1 6 2 80 (1 0 5 .4 2 6 )
a n d a c c r u e d in te r e s t.
A b id o f § 3 ,1 5 5 70 w a s a lso r e c e iv e d
fr o m M . R e is e r J r. o f N a p o le o n .
M a tu r ity § 5 0 0 y e a r ly o n
J a n . 18 fr o m 1924 t o 1929 in c lu s iv e .

—Bond Sale.

L o c k n e y I n d e p e n d e n t S c h o o l D is t r i c t ( P . O . L o c k n e y ) ,
F lo y d C o u n ty , T e x .—
— W e are a d v is e d ,
u n d e r d a t e o f J a n . 2 , t h a t n o sa le h as y e t b e e n m a d e o f th e
§ 1 3 ,5 0 0 5 % 2 0 -4 0 -y e a r ( o p t i o n a l) b u ild in g b o n d s m e n tio n e d
in V . 9 1 , p . 1115.
T h e y w ere r e g iste re d b y th e S ta te C o m p ­
tr o lle r o n D e c . 29 1910.

Bonds Not Yet Sold.

—Bonds Voted.

L o d g e p o le , C h eyen n e C o u n ty , N e b .
— An
e le c t io n h e ld J a n . 10 re s u lte d in f a v o r o f a p r o p o s it io n to
issu e § 1 0 ,0 0 0 5 -2 0 -y e a r (o p t i o n a l) w a te r -w o r k s b o n d s .
The
v o t e w a s 4 2 “ f o r ” to 19 “ a g a in s t .”

—Bonds Registered.

L o n g v ie w , G re g g C ou n ty , T e x .
— 'T h e
S t a te C o m p tr o lle r o n J a n . 9 re g is te re d § 7 ,0 0 0 w a te r -w o r k s
a n d § 1 ,9 9 6 b r id g e -r e p a ir 5 % 2 0 -4 0 -y e a r (o p t io n a l) b o n d s .

Additional Sales of Owens River Bonds.

L o s A n g e le s , C a l.—
— O n J a n . 11 th e c i t y p u rch a se d a t 1 0 0 .5 0 , w ith m o n e y
tr a n s fe r r e d fr o m th e S in k in g F u n d , § 4 7 6 ,0 0 0 o f th e § 8 ,2 6 4 ,­
400 4
b o n d s , th e u n s o ld p o r t io n o f th e § 2 3 ,0 0 0 ,0 0 0 b o n d s
is s u e d f o r th e O w e n s R iv e r A q u e d u c t s y s te m .
The bonds
a re h e ld s u b je c t to th e o p t io n o f K o u n t z e B r o s , a n d A B
L e a c h & C o . o f N e w Y o r k C it y .
S ee Y . 9 1 , p . 1 1 1 5 .

y2%

L os

Bond

A n g e le s

C o u n t y ( P . O . L o s A n g e l e s ), C a l.—
w ill b e r e c e iv e d u n til 2 p . m . F e b 6
a c c o r d in g to r e p o r ts , f o r § 5 2 5 ,0 0 0 4 j ^ % h ig h w a y b o n d s !
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.
T h ese b o n d s
a re p a r t o f th e issue o f § 3 ,5 0 0 ,0 0 0 b o n d s , § 1 ,0 5 0 ,0 0 0 o f w h ich
w ere s o ld o n N o v . 23 1908 to E . I I . R o llin s
S o n s o f San
F r a n c is c o a t 1 0 4 .7 7 5 a n d § 5 2 5 ,0 0 0 o n O c t . 17 1910 to th e
H a r ris T r u s t & S a v in g s B a n k o f C h ic a g o . S e e ,V . 9 1 , p . 1115.

Offering.— P r o p o s a ls

&

Bonds to be Offered Shortly

L o u is v ille , K y . —
.— A c c o r d in g
to r e p o r ts , § 2 5 0 ,0 0 0 o f th e § 1 ,0 0 0 ,0 0 0 4 ^ % 4 0 -y e a r h o sp ita l
b o n d s m e n tio n e d in V . 9 2 , p . 131, w ill b e o ffe r e d f o r sale in
th e n e ar fu t u r e .

Bond Sales in

[VOL. LXXXXII.

—Temporary Loan

M a r lb o r o , M id d le s e x C o u n t y , M a s s .
.— •
A lo a n o f § 3 0 ,0 0 0 , d u e O c t . 10 1911, w a s n e g o t ia t e d , o n
Jcin. 1 / , w ith E s t a b r o o k & C o . o f I3oston a t 3 .3 4 % d is c o u n t .

—Bonds Authorized

M a r y s v ille , U n io n C o u n t y , O h io .
.—
i,
h a s b cen , P assed p r o v id in g fo r th e issu a n ce o f
§ 1 ,3 0 0 4 ^ 2 % c o u p o n b o n d s t o r e d e e m o u t s t a n d in g b r id g e
c e r t ific a te s .

°

,r

aa

to ^ M a rc h V

fr v 200, except one b o n d

o f $ 10 0.

I n t e r e s t s e m i- a n n u a l

1 9 15^'Ynclusive * ^ a a t i '’2 0 ° eacl1 s l x m o n t , ls fr o m S e p t . 1 1912

Bonds Not Sold.—

M a s o n C it y , C u s te r C o u n t y , N e b —
No
sale h as y e t b e e n m a d e o f th e § 2 ,0 0 0 6 % p a r k b o n d s m e n ­
tio n e d m V . 9 1 , p . 1528.

Bond Offering.

M a s s a c h u s e t t s .—
— 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 . 30 b y E lm e r A . S t e v e n s , T r e a s u r e r
a n d R e c e iv e r G en eral a t B o s t o n , fo r th e f o llo w in g 3 ) 4 % g o ld
r e g iste re d b o n d s a g g r e g a t in g § 2 ,2 4 1 ,0 0 0 , m e n tio n o f w h ich
w a s m a d e in V . 9 2 , p . 135:
$500,000 g r a d e - c r o s s ln g - a b o llt lo n b o n d s , d u e $17,000 v c a r l v o n Nov

f e

3 0 0 .0 0 0 C h a r le s R i v e r B a s i n b o n d s , d u e $ 8 ,0 0 0 y e a r ly o n J a n

1 fr o m

\ 0\2

d e l u s i v e ™ ' 1131™ ^
5 0 ,0 0 0 y c a r ly
1 f r o m 194 5 t o 1950
5 0 .0 0 0 M e t r o p o li t a n P a r k b o n d s , d u e $ 2 ,0 0 0 y e a r ly o n J a n 1 fr o m m i 1*
I n c l u s i v e n °1US*V e U" d 5 I , °°° y c " ly ® n J » n . 1 f r o m 1022 t o 1951

5 6 .0 0 0 M e tr o p o lita n sew er b o n d s, d u e $ 2 ,0 0 0 y e a r ly on J a n . 1 from 1912
to 1939 In c lu siv e .

2 0 0 .0 0 0 M e t r o p o li t a n w a te r b o n d s , d u e $ 5 ,0 0 0 y e a r ly o n J a n 1 fr o m 1 9 1 2
t o 1951 In c lu s iv e .
3 5 8 .0 0 0 p r i s o n a n d h o s p it a l b o n d s , d u e $ 1 2 ,0 0 0 y e a r ly o n N o v 1 f r o m
)0 1 1 t o 1938 In c l u s i v e a n d $ 1 1 ,0 0 0 o n N o v . 1 i n e a c h o f t h e y e a r s
19«>9 a n d 1940.
4 3 5 .0 0 0 S t a t e h i g h w a y b o n d s , d u e $ 1 5 ,0 0 0 y e a r ly o n O c t . 1 fr o m 1 9 1 1 t o
1935 I n c lu s iv e a n d $ 1 2 ,0 0 0 y e a r ly o n O o t . 1 fr o m 1930 t o 1 9 4 0
In c lu s iv e .
4 6 .0 0 0 S u f f o lk C o u n t y c o u r t - h o u s e b o n d s , d u e $ 2 ,0 0 0 y e a r ly o n S e p t . 1
fr o m 1911 t o 1933 In c lu s iv e .
C e r t ifle d c h e c k fo r 2 % o f b id , d r a w n o n a n a t i o n a l b a n k o r t r u s t c o m ­
p a n y d o in g b u s in e s s In M a s s a c h u s e t t s o r N e w Y o r k C i t y , a n d m a d e p a y a b l e
to t h e T r e a s u r e r a n d R e c e iv e r - G e n e r a l, Is r e q u ir e d .
T h e b o n d s are ta x e x e m p t In M a s s a c h u s e t t s .

M a t t o o n T o w n s h ip ( P . O . M a t t o o n C it y ), C o le s C o u n t y ,
.— P r o p o s a ls will be r e c e iv e d u n til 2 p . m .
F e b . 15 b y F r a n k B e r r y , T o w n C lerk , fo r § 4 6 ,0 0 0 4 %
r e fu n d in g r a ilr o a d -a id b o n d s .

—Bond Offering

A u t h o r i t y C h a p t e r 113. R e v is e d S t a t u t e s .
D e n o m i n a t i o n $ 1 ,0 0 0 .
D a te
J u ly 1 1 9 1 1 .
I n t e r e s t a n n u a l.
M a t u r i t y J u l y 1 1 9 3 1 . C e r t ifie d c h e c k f o r
$ 5 0 0 , p a y a b l e to VV. A . H o o t s , S u p e r v is o r , Is re q u ire d .
O f f ic ia l c ir c u la r
s t a t e s t h a t th e r e h a s n e v e r be en a n y d e fa u lt In th e p a y m e n t o f p r in c ip a l
o r In t e r e s t o n a n y o f t h e t o w n s h i p ’s o b li g a t i o n s a n d t h a t th e re Is n o c o n ­
t r o v e r s y o r li t i g a t i o n p e n d i n g t h r e a t e n in g th e c o r p o r a t e e x is te n c e o r t h e
b o u n d a r ie s o f t h e m u n i c i p a l i t y o r th e t it le o f It s p r e s e n t o ff ic ia ls to th e ir
r e s p e c t iv e o ffic e s o r t h e v a l i d i t y o f th e se o r a n y o th e r o u t s t a n d i n g b o n d s .
T h i s issu e w a s to h a v e b e e n s o ld O c t . 4 1 91 0, b u t, a s s t a t e d in V . 9 1, p. 898
th e s a le w a s p o s t p o n e d .

L o w e ll, M a s s .—
1 9 1 0 .— T h is c it y s o ld six
issu es o f 4 % b o n d s , a g g r e g a t in g § 2 4 1 ,0 0 0 , d u rin g la st y e a r .
W h ile p r a c t ic a lly all o f th ese sa les w e re r e p o r te d b y u s, w e
a re r e p r in t in g th e list o f lo a n s b e lo w 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 :

—Bond Offering.— P r o p o s a ls

A m o u n t. P u rpose.

M e n o m in e e S c h o o l D is t r ic t ( P . O . M e n o m in e e ), M e n o m i­
n ee C o u n t y , M ic h .—
— A p r o p o s it io n to issue
§ 3 5 ,0 0 0 b o n d s w as d e fe a te d a t a n e le c t io n h eld D e c . 19 b y
a v o t e o f 4 “ f o r ” to 2 40 “ a g a in s t .”

$ 5 0 ,0 0 0
6 8 .0 0 0
2 0 .0 0 0
6 0 .0 0 0
4 0 ,4 0 0
2 ,6 0 0

D ate.

S e w e r ____ M a y 1 ’ 10
S t r e e t ------do
M u n ic ip a l. D e c . 1 '1 0
W a t e r ------do
B r i d g e s — S e p t . 1 ’ 10
P o l i c e ____ D e c . 1 ’ 10

M a tu rity .
M a y 1 ’l l do
Dec. 1 ’l l do
S e p t. 1 ' l l Dec. 1 ’l l -

P urchaser.
’20 I M e r r i l l , O l d h a m
J & C o .. B o s t o n
’20 A B . L e a c h & C o .
A d a m s & Co.
’20 l O l d C o lo n y
’20 / T r u s t C o .

P a id
100 549
1 0 4 .05 9
102 064
100

L u x o r a S c h o o l D is t r i c t ( P . O . L u x o r a ) , M is s is s ip p i C o u n t y ,
A rk .
— A n issue o f § 1 2 ,5 0 0 6 % s c h o o l b o n d s
w a s d is p o s e d o f d u r in g D e c . 1910 to th e W m . It. C o m p to n
C o . o f S t. L o u is a t p a r .

—Bond Sale.

D e n o m i n a t i o n $ 50 0.
D a t e J u l y 1 1 910.
f r o m 1911 to 1923 In c lu s iv e .

I n t e r e s t s e m i- a n n u a l. M a t u r l t v
y

—Bond Offer­

M a h o n in g C o u n t y R o a d D is t r i c t N o . 1, O h io .
b e r e c e iv e d u n til 11 a : m . F e b . 13 (d a te
c h a n g e d fr o m J a n . 3 0 ) b y F r a n k A g n e w , S e c r e ta r y R o a d
C o m m is s io n e r s, R o o m N o . 4 2 0 , D o lla r B a n k B ld g ., Y o u n g s ­
t o w n , fo r § 1 2 5 ,0 0 0 4 J ^ % r o a d -b u ild in g a n d im p r o v e m e n t
bonds.

ing .— P r o p o s a ls w ill

.. D c n o m I n a t lo n $ 1 ,0 0 0 .
D a t o F e b . 15 1911.
I n t e r e s t s e m i - a n n u a ll y a t
t h e C o u n t y T r e a s u r e r ’s o riie e .
M a t u r i t y $ 2 ,0 0 0 o n F e b . 15 a n d $ 3 ,0 0 0 ,o n
A u g . 15 e a c h y e a r f r o m 1912 t o 1936 In c lu s iv e .
C e rt ifie d c h e c k o n a
Y o u n g s t o w n b a n k fo r $ 5 ,0 0 0 Is r e q u ir e d .
P u r c h a s e r m u s t b e p r e p a r e d to
t a k e t h e b o n d s b y F e b . i s 1911: if la te r, w it h a c c r u e d in t e r e s t .

Malden, M ass.— Loans Issued in

M e d ia S c h o o l D is t r i c t ( P . O . M e d ia ), D e la w a r e C o u n t y , P a .
w ill b e r e c e iv e d u n til 12 m .
F e b . 4 b y H e n r y C . S n o w d e n J r . fo r § 2 6 ,0 0 0 4 % c o u p o n
sch ool b o n d s.
I n te r e s t s e m i-a n n u a l.
M a tu r it y 25 y e a r s ,
s u b je c t to ca ll a ft e r ten y e a r s .

Bonds Defeated.

Bonds Proposed

M e r id ia n , L a u d e r d a le C o u n t y , M is s .—
.—
L o c a l p a p e rs sta te th is c it y is c o n s id e r in g th e is s u a n c e o f
§ 1 0 0 ,0 0 0 s c h o o l b o n d s .
M ifflin T o w n s h ip S c h o o l D is t r ic t ( P . O . E a s t C o lu m b u s ),
F r a n k lin C o u n t y , O h io .
— A n e le c t io n h eld
J a n . 14 re su lte d in fa v o r o f a p r o p o s it io n to issu e § 2 0 ,0 0 0
b u ild in g b o n d s .
T h e v o t e w a s 158 “ f o r ” to 113 “ a g a in s t .”
M ilfo r d C e n tr e , U n io n C o u n t y , O h io .—
— R e p o rts
sta te th a t th e th ree issues o f 5 % c o u p o n b o n d s d e s c r ib e d in
V . 9 2 , p . 6 9 , w ere d is p o s e d o f o n J a n . 10 as fo llo w s : § 6 ,5 0 0
L a s t S ta te S t . a n d § 9 ,0 0 0 W e s t S ta te S tr e e t s p e c ia l-a s se s s ­
m e n t b o n d s s o ld to th e C itiz e n s’ N a tio n a l B a n k o f W o o s t e r
fo r § 6 ,7 5 7 50 (1 0 3 .9 6 1 ) a n d § 9 ,3 3 8 50 (1 0 3 .7 6 1 ) r e s p e c t iv e ly
a n d § 7 ,5 0 0 E a s t a n d W e st S ta te S t. (v illa g e ’s p o r t io n ) b o n d s
a w a r d e d to th e W e s t e r n -G e r m a n B a n k o f C in c in n a ti a t
1 0 3 .2 6 8 .
M a tu r it y fr o m o n e to ten y e a r s .

—Bonds Voted.

Bond Sale.

e.—Bond Election.—

1 9 1 0 .— D u r in g th e y e a r
1910 th is c it y p u t o u t § 7 0 ,0 0 0 lo n g -t e r m b o n d s a n d n e g o ­
tia te d § 6 0 0 ,000_ t e m p o r a r y o r sh o r t-t^ r m lo a n s . All o f th ese
w ere r e p o r te d in th e “ C h r o n ic le ” a t v a r io u s tim e s d u rin g
th e y e a r b u t th e list o f t e m p o r a r y lo a n s fu rn is h e d b y th e c it y
a u t h o r itie s d iffe rs s lig h tly fr o m th a t c o m p ile d fr o m o u r
r e c o r d s a n d f o r th is re a so n w « p r in t th e c i t y ’s fig u re s b e lo w .

M ilw a u k e e , C la c k a m a s C o u n t y , O r
A n e le c t io n w ill b e h eld F e b . 13 to v o t e u p o n a m e n d m e n t s
to th e c h a r te r p r o v id in g fo r th e issu a n ce o f § 5 ,0 0 0 6 % sew er
a n d str e e t b o n d s .
M a tu r ity in 10 y e a r s .

$ 1 5 0 ,0 0 0
1 0 0 .0 0 0
1 0 0 .00 0
1 0 0 .0 0 0
5 0 ,0 0 0
1 0 0 .0 0 0

4%
cou p on
bonds.

A m ou n t.

M a tu rity .

W ith W hom N egotiated.
&

R ate o j D iscount.
& $ 3.5 0 p r e m .
& 60 c t s. p r e m .

O c t . 18 1 9 1 0 . . F . S . M o s e le y
C o ., B o s t . 3 . 9 9 %
N o v . 13 1 9 1 0 . . B o n d & G o o d w in , B o s t o n . 4 . 0 9 %
D e c . 21 1 9 1 0 . . B l a k e B r o s . & C o .. B o s t o n . 3 . 9 4 %
J a n . 14 1 9 1 1 _ _ E s t a b r o o k
C o ., B o s t o n . 4 . 3 5 %
A p r i l 10 1 9 1 1 . . B o n d & G o o d w in , B o s t o n . 3 . 7 1 %
A p r i l 10 1911 . . B l a k e B r o s . & C o ., B o s t o n . 3 . 6 4 %

&

Manchester, Coffee County, Tenn.— Bond Election Pro­

posed .—-Stop* a re b

in g ta k e n lo o k in g to w a r d s th e h o ld in g o f
a n e *e c tio n to v o t e o n th e q u e s t io n o f is s u in g b o n d s .

—Bond Offering.

M in n e a p o lis , M in n .
— 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 th e C o m m it te e o n W a y s a n d
M ea n s, ca re o f D a n . C. B r o w n , C ity C o m p tr o lle r , fo r § 5 0 0 ,0 0 0
w a te r -w o r k s -im p r o v e m e n t

and

c o n s t r u c t io n

a
n ,o n V n a t lo n s : 5 5 0 , 5 1 UO. 5 5 0 0 a n d $ 1 ,0 0 0 , t o b e n a m e d In b id .
D a te
A p r i l 1 , 1911.
I n t e r e s t s e m i - a n n u a ll y a t th e ll s c a l a g e n c y o f th e c i t y o f
M in n e a p o li s In N e w Y o r k C i t y .
M a t u r i t y A p r i l 1 1941.
C e r t ifie d c h e c k
fo r 2 % o f b o n d s b id fo r. p a y a b l e to C . A . B Io o m q u L s t , C i t y T r e a s u r e r , is
r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d In t e r e s t .
O f f i c i a l c l r c u la r s t a t e s t h a t
c i t y h a s n e v e r d e fa u lt e d In p a y m e n t o f p r in c ip a l o r In t e r e s t .

The offi ial notice of this bond offering toill be found among

Maple Rapids School District No. 4 (P. O. Maple Rapids), the advertisements elsewhere in this Department.
Clinton County, Mich.— Bond Offering.— P r o p o s a ls w ill b e M in n e h a h a C o u n t y ( P . O. S io u x F a lls ) , S . D a k .—Bond Of­

r e c e iv e d u n til 4 p . m . F e b . 9 b y O . M . S n y d e r , C lerk B o a r d
o f E d u c a t i o n , fo r § 9 ,9 0 0 4
D is tr ic t N o . 4 b o n d s .

y2%

exoet,.*; °,n.c b o n d o f $ 90 0.
In t e r e s t a n n u a l l y a t
y)®,
H e w i t t & G r o o m In M a p l e ’ R a p id s . M a t u r i t y $ 9 0 0 In 2 y e a r s
a n d $ 1 ,0 0 0 y e a r ly th e r e a fte r .
C e r t ifie d c h e c k fo r $ 10 0 Is r e q u ir e d .

z.—Bonds Defeated.

M a r ic o p a C o u n t y ( P . O . P h o e n i x ) , A r i
— A p r o p o s it io n to issu e § 1 5 0 ,0 0 0 S p e cia l R o a d D is tr ic t
N o . 3 b o n d s w as d e fe a te d a t a n e le c t io n h eld J a n . 3 .




1

S V o fS ?nclusl|ve'USlVC “ J

fering.— P r o p o s a ls

w ill b e re c e iv e d u n til 2 p . in . F e b . 8 b y
th e B o a r d o f C o u n t y C o m m is s io n e r s, T h o m a s M c K in n o n ,
C h a irm a n , fo r th e § 5 0 ,0 0 0 c o u p o n ja il b o n d s v o t e d o n N o v . 8
1910.
V . 9 1 , p . 1401.

'A

nnn.?.?ff!yl,na\tr,0.n ,S ")0 2 i - i ™ e,rC3.t „ ( n o t to e x c c o d 4
% ) p a y a b l e s e m i­
a n n u a ll y
M a t u r i t y $ 2 5 ,0 0 0 In 10 y e a r s a n d $ 2 5 ,0 0 0 In 15 y e a r s , a ll o f th e
b o n d s be n g s u b j e c t to c a ll, h o w e v e r , a t a n y 5 -y e a r p e rio d .
S u c c e ssfu l
b id d e r w ill be a llo w e d $ 50 fo r t h e p r i n t i n g , e n g r a v i n g a n d li t h o g r a p h in g o f
s a id b o n d s.

M o d e s t o I r r ig a t io n D is t r i c t ( P . O . M o d e s t o ), S ta n is la u s
C o u n t y , C a l.—
— P r o p o s a ls w ill b o r e c e iv e d
u n til 10 a . m . t o - d a y (J a n . 2 1 ), it is s ta t e d , f o r $ 5 0 ,0 0 0 5 %
bonds.
M o n t c la ir , E s s e x C o u n t y , N . J .—
T h e $ 0 0 ,0 0 0 4 % 3 0 -y e a r g o ld r e fu n d in g b o n d s
o ffe r e d w it h o u t s u cc e ss o n D e c . 12 1910 ( V . 9 1 , p . 1002)
h a v e b e e n w ith d r a w n fr o m th e m a r k e t.
M o n t e z u m a V a lle y I r r ig a t io n D is t r i c t ( P . O . C o r t e z ),
M o n t e z u m a C o u n t y , C o lo .—
— O n D e c . 0 1910
$ 1 2 5 ,0 0 0 0 % c a n a l-s y s t e m -c o m p le t io n b o n d s w ere d is p o se d
o f t o th e E m p ir e C o n s t r u c tio n C o . a t 9 7 .5 0 .
T h e se se cu r itie s
w ere o ffe r e d ( V . 9 1 , p . 8 9 8 ) b u t n o t s o ld o n O c t . l b 1910.

Bond Offering.

Bonds Withdrawn from

the Market.—

Bond Sale.

D e n om in ation $ 5 0 0 .
D a te D e c. 1 1 9 1 0 .
In terest se m i-a n n u a l.
tu r ity p art yearly from eleven to tw e n ty years Inclusive.

M a­

Bond Election.

M o n tp e lie r , W illia m s C o u n t y , O h io .—
T h is p la ce has d e c id e d to p r e se n t t o th e v o te r s o n J a n . 31 a
p r o p o s it io n p r o v id in g fo r th e issu a n ce o f s tr e e t -p a v in g b o n d s .
M t . P le a s a n t (T o w n ) S c h o o l D is t r i c t N o . 7 ( P . O . H a w ­
t h o r n e ), W e s t c h e s t e r C o u n t y , N . Y
On
J a n . 14 th e $ 6 ,0 0 0 5 % 1 5 -2 0 -y e a r (seria l) 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 . 1792, w ere a w a r d e d to A d a m s
C o o f N e w Y o r k C ity a t 1 07.02 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 4 . 4 2 % .
T h e fo llo w in g b id s w ere r e c e iv e d :

—Bond Sale.—

&

A d a m s & Co
N ew Y o r k
$ 6,421 20 S p ltzer & C o .. N e w Y o r k . . § 0 ,1 8 4 44
(leo M H a h n N e w Y o r k
6 3 6 5 10 S . A . K e a n & C o ., C h ic a g o . 0,181 20
ou'a-Ks Fenw ick *
C o.
R u d olp h
K le y b o lte
C o .,
N cw Y o r k
6 ,2 8 8 00
I n c ., N e w Y o r k . ............. . 6 ,1 2 3 00

—Bond Sale.—

lVIt 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
O n J a n . 16 th e $ 1 0 9 ,0 0 0 4 ^ % 4 6 -5 0 -y e a r (se ria l) re g istered
s c h o o l-lo a n b o n d s d e s c r ib e d in V . 9 2 , p . 136, w ere a w a r d e d
to It. L . D a y & C o . o f N e w Y o r k C ity a t 107.311 a n d a c c r u e d
in te r e s t.
T h e fo llo w in g b id s w e re r e c e iv e d .
R . L . D a y & C o ., N . Y . .§ 1 0 7 ,3 1 1
13 . I I . R o l l i n s & S o n s ,N .Y . 1 0 7 ,2 8 8
N .V V . Ila lse y & C o . , N . Y . 1 0 6,19 1
A . 13. Leach & C o .. N . Y . 1 0 6 ,0 6 5
O 'C o n n o r
&
K a h le r.
N ew Y o r k _______________ 1 0 6 ,0 5 0
E sta b rook & C o ., N . Y . 1 0 5 ,7 7 5
P ark inson & B urr, N . Y . 1 0 5 ,7 1 3
B lo d g et & C o ., N . Y ____ 1 0 5 ,6 5 0
K o u n tz e B r o s ., N . Y _____ 1 0 5 ,5 8 0
W .
N.
Color
& C o .,
N ew Y o r k ............................ 1 0 5 ,5 7 5

11 N . W . H arris & C o ., N . Y .§ 1 0 5 ,4 1 9
00 W m . A . R ead & C o .. N .Y . 1 0 5 ,2 6 1
00 M organ , L iverm ore & Co.,
N ew Y o r k ______________ 1 0 5 ,2 2 7
00
F irst N a t . B k ., M t .V e r n . 1 0 5 ,1 3 0
00 D om inick & D o m in ic k ,
N ew Y o r k ______________ 1 0 5 ,0 3 0
00
29 J . D . E v e r ltt & C o .. N . Y . 1 0 5 ,0 2 5
00 J a s . R . M agoffin , N . Y . _ 1 0 5 ,0 0 0
00 R h oad es & C o ., N . Y . _ . 1 0 4 ,9 8 3
Ferris & W h ite , N . Y . . . 1 0 4 ,9 0 7
00 A d a m s & C o ., N . Y _____ 1 0 4 ,7 1 1

10
00
59
00
00
50
00
00
00
00

N e b r a s k a C ity S c h o o l D is t r i c t ( P . O . N e b r a s k a C it y ), O to e
C o u n t y , N e b .—
— A r r a n g e m e n ts h a v e
a b o u t b e e n c o n c lu d e d w ith th e S ta te o f N e b r a s k a , w e a re in ­
fo r m e d , u n d e r d a t e o f J a n . I , fo r th e sale o f th e $ 8 0 ,0 0 0 h ig h s c h o o l b o n d s o ffe r e d w it h o u t su c c e ss ( V . 9 1 , p . 146 9) o n
J u ly l 19 1 0.
N e d e r la n d S c h o o l D is t r i c t N o . 7 ( P . O. N e d e r la n d ), J e f­
fe r s o n C o u n t y , T e x . —
— A n e le c t io n w ill b e
h e ld F e b . 4 , it is s t a t e d , to v o t e o n th e q u e s t io n o f issu in g
$ 2 0 ,0 0 0 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 .
N e w b e r g , Y a m h ill C o u n t y , O r e .—
.—
T h is p la ce is n e g o tia t in g w ith M o rris B r o s , o f P o r tla n d fo r
th e sale o f $ 8 0 ,0 0 0 b o n d s .
N e w b e r r y T o w n s h ip , M ia m i C o u n t y , O h io .—
— P r o p o s a ls will b e r e c e iv e d u n til 12 m . F e b . 7 b y G e o rg e
O ’ D o n n e ll, T o w n s h ip C lerk ( P . O . C o v in g t o n ), fo r $ 1 7 ,0 0 0
5 % c o u p o n p u b lic -b u ild in g -c o n s t r u c t io n b o n d s .

Bond Sale Proposed.

Bond Election.

Bond Sale Pending

Bond Offer­

ing.

A u th o r ity , S ection s 2 8 3 5 -3 5 b , 2 8 3 6 and 2 8 3 7 , R e vised S ta tu te s .
D e­
n o m in ation 5 5 0 0 .
D ate M arch 1 19 1 1 .
In terest sem i-a n n u a l.
M a tu rity
§ 1 ,0 0 0 yearly on M arch 1 from 1921 to 1921 Inclusive. § 3 ,0 0 0 yearly on
M arch 1 from 1925 to 1927 Inclusive and § 4 ,0 0 0 on M arch l 1 9 2 8 .
C crtltlcd check for 5 % of bond s bid for, p ayab le to the Tow n sh ip Treasurer, is
req u ired .
P urchaser to p a y accrued In terest.

Bond Sale.

N e w b u r g h H e ig h t s , C u y a h o g a C o u n t y , O h io .—
— O n J a n . 14 th e $ 2 2 ,6 6 2 74 5 % c o u p o n C u y a h o g a S tre e t
sew er a s se s s m e n t b o n d s d e s c r ib e d in V . 91, p . 1792, w ere
a w a r d e d to O tis & H o u g h o f C le v e la n d fo r $ 2 3 ,5 9 2 74
(1 0 4 .1 0 3 ) a n d a c c r u e d in te re st.
O th e r b id s r e c e iv e d w ere
as fo llo w s :
F irst N a t . B k ., C levcl’ d . .$ 2 3 ,5 2 0 3 4 1H a y d e n , Miller & C o ., C lc v $ 2 3 ,3 8 2 74
M a tu r ity ye arly on J a n . 15 as follow s: § 1 ,6 6 2 74 In 1 9 1 2 , § 2 ,0 0 0 each
ye ar from 1913 to 10 1 8 , In clusive, and $ 3 ,0 0 0 In each o f th e years 1 9 1 9 ,
1920 and 19 21 .

N e w C a stle S c h o o l D is t r i c t ( P . O . N o w C a s tle ), L a w r e n c e
C o u n t y , P a .—
— O n N o v . 21 1910 $ 1 8 0 ,0 0 0 4 j ^ %
1 0 -3 0 -y e a r (o p t io n a l) h ig h -s c h o o l-c o m p le t io n b o n d s w ere
p u r c h a se d b y O tis & H o u g h o f C le v e la n d a t p a r a n d a c c r u e d
in te re s t.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J a n . 2 1911.
In t­
e r e s t s e m i-a n n u a l.
'
_
N e w O rle a n s, L a .—
im p r o v e m e n t
5%
1 0 -1 3 -y e a r (o p t io n a l)
c e r tific a te s ,
a m o u n t in g to $ 1 0 0 ,0 0 0 , are b e in g o ffe re d to in v e s to r s b y
W e il, lt o tn & C o . o f C h ic a g o .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te
O c t . 1 1910.
I n te r e s t s e m i-a n n u a lly in N e w O rle a n s.

Bond Sale.

lic

Certificates Offered bg Bankers .—Pub­
.—Bond Sale.

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
T h e $ 4 0 ,0 0 0 4 jA % r e g is te re d p a r k b o n d s d e s c r ib e d in V . 9 2 ,
p . 136, w ere s o ld o n J a n . 17 to C h is h o lm & C h a p m a n o f N ew
Y o r k C ity a t 1 0 3 .8 4 2 a n d a c c r u e d in te re st— a b a sis o f a b o u t
4 . 1 6 2 % / A list o f th e b id d e r s fo llo w s :
C hish olm A C h a p m a n , N .Y . $ 4 1 ,536
13. H . Rollins & S o n s ,N .Y . 4 1 ,4 2 4
N . W . H a lse y & C o . ,N . Y . 4 1 ,4 0 4
lia r r ls , F orb es & C o . .N . Y . 4 1 ,3 8 8
F a r so n , S o n & C o ., N . Y . 4 1 ,3 8 1
K o u n tz e B r o s., N . Y ______ 4 1 ,3 6 5
R h oad es & C o ., N . Y ____ 4 1 ,3 0 4
S p ltzer & C o ., N ew Y o r k . 4 1 ,2 3 4
O ’ Connor & K a h le r , N . Y . 4 1 ,1 5 8

80
00
00
00
00
28
00
80
00

IL iM aturlty § 2 ,0 0 0 ye arly on M a y 1

R . M . G ran t & C o ., N . Y . § 4 1 ,1 5 2 00
A d a m s & C o .. N ew Y o r k . 4 1 ,1 2 7 00
Parkinson & B urr, N . Y _ _ 4 1 ,1 2 5 20
A . B . Leach & C o ., N . Y . 4 1 ,0 4 0 00
Ferris & W h ite , N . Y ------- 4 1 ,0 1 2 00
B lo d g et & C o ., N . Y --------- 4 1 ,0 1 2 00
M organ , L iverm ore & C o .,
N ew Y o r k .............................. 4 0 ,9 6 3 35
W . N . Coler & C o ., N . Y . _ 4 0 ,9 3 2 00
J as. R . M a g o ffin __________ 4 0 ,4 0 0 00
rom 1917 to 1936 in clu sive.

Bond Sale.

N e w to n , Jaspor C ou n ty , I o w a .—
— O n J a n . 16
th e $ 4 0 ,0 0 0 5 - 1 5 -y e a r ( o p t i o n a l) g a s -w o r k s -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 so ld to G e o . M .




209

THE CHRONICLE

.Ja n . 21 1911.]

B e c h te l & C o . o f D a v e n p o r t a t 1 0 0 .2 5 f o r 4 J ^ s.
P u r c h a se r s
to p a y a c c r u e d in te r e s t a n d fu rn ish b la n k b o n d s .
A list o f
th e b id d e r s fo llo w s :
•
G e o . M . B ech tel & C o ., D a v e n p o r t ( 4 > 4 ) s ______________________________§ 4 0 ,1 0 0 00
F a rso n , S on & C o ., C hicago (4 >^s)______________________________________ 4 0 ,0 2 7 50
S . A . K e a n & C o ., C hicago ( 5 s ) ___________________________________________ 4 0 ,8 0 0 00
J a y C lark , N e w to n ( 5 s ) _______________________________________________________ 4 0 ,8 0 0 00
E . H . R o llin s & S o n s, C hicago ( 5 s ) ______________________________________ 4 0 ,5 0 4 00
In v esto r s Securities C o ., D es M oin es ( 5 s ) _______________________________ 4 0 ,4 6 0 0 0
C . I I . C offin , C h lc a g o fS s _______________________________________________________ 4 0 ,4 1 1 0 0
( 6 s _______________________________________
4 0 ,8 0 1 0 0
W e ll, R o th & C o ., C incinnati ( 5 s ) ________________________________________ 4 0 ,0 5 5 00
R o b t . A . K e e n e , C hicago (5 4Ss)------------------------------------------------------------------ 4 0 ,1 0 2 50
W m . R . C o m p to n C o ., S t . L ou is ( 6 s ) ______________________________________ 4 0 ,9 6 3 0 0
S u th erlan d & C o ., K a n sa s C ity , M o . ( 6 s ) ----------------------------------------------- 4 0 ,2 8 0 0 0

N e w t o n C o u n t y ( P . O . K e n t la n d ), I n d . — Purchaser of
Bonds.— W e a re in fo r m e d th a t th e F le t c h e r -A m e r ic a n
N a tio n a l B a n k o f I n d ia n a p o lis w a s th e p u r c h a s e r o f $ 6 3 ,5 0 0
4 V2 % W a s h in g t o n T o w n s h ip r o a d b o n d s , th e sale o f w h ich
w a s m e n tio n e d in V . 9 2 , p . 136.
D a te M a y 23 1 9 1 0 .

T h e p r ic e p a id w a s p a r .

In te rest se m i-a n n u a l.

N e w Y o r k C it y .—

M a tu r ity 2 0 y e a rs.

Stock Offering.— A t t e n t io n

is c a lle d t o

th e o ffic ia l a d v e r tis e m e n t e ls ew h ere in th is D e p a r t m e n t , o f
th e o ffe r in g o n J a n . 24 o f th e $ 6 0 ,0 0 0 ,0 0 0 4 J 4 % g o ld r e g is ­
tered o r c o u p o n c o r p o r a t e s t o c k .
F o r o t h e r d e t a ils o f s t o c k
a n d term s o f o ffe r in g see V . 9 2 , p . 136.
N o r d h o ff U n io n H ig h S c h o o l D is t r i c t , V e n t u r a C o u n t y ,
C a l.—
— O n J a n . 5 th e $ 2 0 ,0 0 0 5 % 1-2 0 -y e a r
(seria l) g o ld b o n d s m e n tio n e d in V . 9 1 , p . 1 7 9 2, w ere a w a r d e d
to J a m e s H . A d a m s & C o . o f L o s A n g e le s a t 1 0 3 .3 0 7 5 . O th e r
b id s r e c e iv e d w ere a s fo llo w s .
N. W .
H a ls e y
& C o .,
C . E . W o o d sld c & C o .,

Bond Sale.

S an F r a n cisc o ____________$ 2 0 ,4 3 7 50
• L o s A n g e l e s _____________ $ 2 0 ,6 0 7 00
W m . R . S ta a ts C o., P a s a d . 2 0 ,5 1 2 00 G .G .B ly m y e r & C o ., S an F . 2 0 ,4 3 2 50
B arroll & C o ., L os A n geles 2 0 ,4 5 4 00 13. H . R o llin s & S o n s, S a u F .2 0 ,4 2 8 0 0
D e­
A u th o r ity , A rticle 2 1 , C hap ter 3 , T it le 2 , P art 3 , P o litica l C o d e .
n om in ation § 5 0 0 .
D a te J a n . 2 0 1 9 1 1 .
In te rest se m i-a n n u a lly a t th e
C o u n ty Treasurer’s o ffic e .
T o t a l d e b t, this Issue.
A ssesse d v a lu a tio n
$ 1 ,0 9 3 ,1 1 1 .

Bonds Offered bg Bankers

N o r m a l, M c L e a n C o u n t y , 111.—
.—
W e il, ll o t h & C o . o f C h ic a g o a re o ffe r in g to in v e s to r s , a t a
p r ic e to n et 4 . 3 5 % , $ 2 7 ,0 0 0 5 % g e n e r a l-im p r o v e m e n t b o n d s .
D e n om in ation § 1 .0 0 0 . D a t e J a n . 2 1 9 1 1 . In te rest a n n u a lly on M arch 31
a t th e C ity Treasurer's offic e.
M a tu rity § 9 ,0 0 0 on M arch 31 in each of th e
years 1 9 1 2 , 1913 and 1 9 1 4 .
N e t d e b t. Including this Issue, $ 3 6 ,0 0 0 .
A ssessed v a lu a tio n , § 1 ,2 7 5 ,4 9 9 .

N o rw o o d (P .
Pa
th e issu a n ce o f
s e w e r a g e -s y s te m
h as b een , p a ssed
in fo r m e d th a t it

O. N orw ood

S t a t io n ), D e la w a r e C o u n t y ,
o r d in a n c e p r o v id in g fo r
th e $ 5 0 ,0 0 0 5 % s t r e e t -im p r o v e m e n t a n d
b o n d s v o t e d o n N o v . / 1910 ( V . 9 1 , p . 1 3 4 4)
o n its first a n d s e c o n d r e a d in g .
W e a re
w ill c o m e u p fo r final a c t io n n e x t m o n t h .

—Bond Ordinance Passed.— A n

N u e c e s C o u n t y C o m m o n S c h o o l D is t r ic t N o . 2 9 , T e x . S ta te C o m p tr o lle r re g iste re d $ 1 0 ,0 0 0
5 % 1 0 -4 0 -y e a r ( o p t io n a l) b o n d s o n D e c . 29 1910.
O a k la n d C it y , G ib s o n C o u n t y , I n d . —
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 . 23 b y Carl S p ill­
m a n , T o w n C lerk a n d T r e a s u re r, fo r $ 3 ,5 5 0 4 % c o u p o n
to w n -h a ll b o n d s .

Bonds Registered.— T h e

Bond Offering —

D en om in ation § 5 0 0 , ex ce p t one bon d for $ 5 5 0 .
D a te J a n . 23 1 9 1 1 .
In terest sem i-a n n u a lly a t th e F irst N ation al B an k In O a k la n d C it y .
M a­
turity 10 ye ars.
B ond s are ex e m p t from ta x a tio n .
N o d ep o sit r eq u ir ed .
B ond ed d e b t, n ot Including this Issue, § 4 ,0 0 0 .
N e t ta x a b le s § 6 7 7 ,1 1 5 .

Bond Offer-

O k tib b e h a C o u n t y ( P . O . S t a r k v ille ), M is s .—
will b e r e c e iv e d , a c c o r d in g to d is p a t c h e s ,
u n til 12 m . F e b . 6 b y E . O . M c lllw a in , C h a n c e r y C lerk , fo r
$ 2 0 ,0 0 0 5 % 1 1 -2 0 -y e a r (seria l) r o a d -im p r o v e m e n t b o n d s .

ing.— P r o p o s a ls

• In te rest se m i-a n n u a l.

Certified check for § 1 ,0 0 0 Is req u ired .

Bonds Proposed.

O m aha,
N e b .—
— T h is
to issue th e fo llo w in g 4 j ^ % c o u p o n b o n d s :

c it y

proposes

$ 1 0 0 ,0 0 0 intersection b o n d s.
D en om in ation § 1 ,0 0 0 .
D a tc IF e b . 1 19 11 .
M a tu rity F e b . 1 1 9 3 1 .
In terest se m i-a n n u a l.
1 0 0 .0 0 0 sewer
b on d s.
D en om in ation
$ 1 ,0 0 0 .
D a te
Feb.
1
1911.
• •
• M a tu r ity F e b . 1 19 3 1 .
In terest sem i-an n u al.
2 5 0 .0 0 0 stre et-im p ro v e m en t b on d s.
D en om in ation $ 5 0 0 .
D a te M arch 1 .
19 1 1 .
M a tu r ity p art yearly on M arch 1 from 1912 to 1 9 2 0
In clusive.
In terest an n u al.
In terest Is p a y a b le a t K o u n tz e B ros. In N ew Y o r k C ity .

No Action

O m a h a S c h o o l D is t r ic t ( P . O . O m a h a ), N e b .—
d a te h as y e t b e e n d e t e r m in e d u p o n f o r th e
o ffe r in g o f th e $ 7 5 0 ,0 0 0 4 ^ % 2 0 -y e a r b o n d s v o t e d o n N o v . 8
1910.
S ee V . 9 1 , p . 1344.
O s m o n d S c h o o l D is t r ic t ( P . O . O s m o n d ), N e b .—
— T h e P r e sid e n t o f th e B o a r d h as ju s t a d v is e d us th a t th e
$ 1 2 ,0 0 0 5 % b o n d s d e s c r ib e d in V . 9 1 , p . 2 3 1 , h a v e b een
a w a r d e d to th e P e te rs T r u s t C o. in O m a h a .
M a tu r it y $ 4 ,0 0 0
o n A p r il 1 in e a ch o f th e y e a r s 1915, 1920 a n d 1925.
O w a to n n a , S te e le C o u n t y , M in n .—
P ro­
p o s a ls w ill b e r e c e iv e d u n til 7 :30 p . m . F e b . 21 b y C . J .
S e r v a tiu s , C ity C lerk , fo r th e $ 1 0 ,0 0 0 5 % w a te r -w o r k s
(s e c o n d issue) b o n d s v o t e d o n N o v . 8 1910.
V . 9 1 , p . 1401.

Yet Taken.— N o

Bond Sale.

Bond Offering.—

D a te M arch 1 1 9 1 1 .
In terest an n u ally a t O w a to n n a .
y e a rs.
Ccrtlllcd check for 5 % o f b id is requ ired.

M a tu r ity

10

P a s a d e n a S c h o o l D is t r ic t ( P . O. P a s a d e n a ), L o s A n g e le s
C ou n ty ,
C a l.—
— A c c o r d in g
to
r e p o r ts , a n e le c t io n w ill b e h eld to v o t e o n a p r o p o s it io n to
issue b o n d s fo r th e p u r c h a se o f s c h o o l-s it e s a n d a d d itio n a l
s c h o o l-b u ild in g s .
P a t e r s o n , P a s s a ic C o u n t y , N . J
O n J a n . 19
th e $ 1 8 0 ,0 0 0 4
h ig h -s c h o o l b o n d s o ffe r e d o n th a t d a y
( V . 9 2 , p i 136) w ere a w a r d e d to F erris & W h ite o f N e w Y o r k
C ity a t 1 0 6 .2 9 .
O th e r b id s r e c e iv e d w ere as fo llo w s :

Bond Election Proposed.

}///0

N W H a lse v & C o
N . Y . $ 1 9 0 ,9 6 5
W C L a n g le y & Co
N . Y . 1 9 0 ,3 8 5
A B L e ach & C o ! N . Y . 1 8 9 ,8 6 4
Harris F o r b e s & C o .,N .Y . 1 8 9 ,7 3 6
W m A .R e a d & C o , N . Y . 1 8 9 ,4 4 2
D e n o m in a tio n § 1 ,0 0 0 .
D a te
M a tu r ity Jun e 1 1 9 4 0 .

—Bond Sale.—

001 E sta b ro o k & C o ., N . Y - . $ 1 8 9 , 0 3 6 0 0
00 O 'C o n n o r & K a h lc r , N . Y . 1 8 8 ,6 4 0 0 0
0 0 K o u n tz e B r o s ., N . Y _____ 1 8 8 ,2 1 5 0 0
80 I R h oad es & C o ., N . Y . . . 1 8 7 ,7 1 5 0 0
80 |R .M .G r a n t & C o .. N . Y _ . 1 8 7 ,3 2 7 8 0
Jun e
1 1910.
In terest se m i-a n n u a l,

210

THE CHRONICLE

Peabody, Marion County, Kan.— Bond Offering

.
.— T h is
c i t y is o ffe r in g f o r sale th e $ 7 ,0 0 0 5 % c o u p o n w a te r -w o r k s e x t e n s io n b o n d s v o t e d ( V . 9 1 , p . 9 7 9 ) o n A u g . 19 1910.

[VOL. LXXXXII.

T h e f o llo w in g b id s w e r e r e c e iv e d :

D e n o m i n a t i o n $ 50 0.
D a t e J a n . 6 191 1.
I n t e r e s t s e m i - a n n u a ll y a t t h e
S t a t e T r e a s u r e r ’s o ffic e I n T o p e k a .
M a t u r i t y J a n . 1 1921.

C o lu m b ia B k & S a v .C o ^ C In .$ 2 ,175 O O lP rovIdent S a v in g s B a n k &
S eason good & M a y e r , Cln
2 ,1 6 8 00 ]
T r u st Co
C incinnati
«;? 1^1
F irst N a t . B k .. L o c k la n d _ _ 2 ,1 6 2 6 5 [R e a d in g Bank.
00

Recovery (P. O. Fort Recovery), Mercer County, Ohio.—
Pecos, Reeves County, Tex. — Bond Election.— R e p o r t s Bond Offering.— P r o p o s a ls w ill b e r e c e iv e d u n til 12 m F e b 4

s ta t e th a t th e p r o p o s it io n to issu e th e $ 2 5 ,0 0 0 se w e ra g e b o n d s
w ill b e s u b m it t e d t o a v o t e o n J a n . 3 0 .
T h e s e b o n d s w e re
t o h a v e b e e n v o t e d u p o n D e c . 3 19 1 0, b u t th e e le c t io n w a s
s u b s e q u e n t ly p o s t p o n e d .
S ee V . 9 1 , p . 15 8 8.

Pendleton School District (P. O. Pendleton), Umatilla
County, Ore.— Bond Election Proposed.— T h e S c h o o l B o a r d

is ta k in g s te p s , a c c o r d in g t o r e p o r ts , lo o k in g to w a r d s th e
h o ld in g o f a n e le c t io n e a r ly in F e b r u a r y t o a llo w th e v o t e r s
to d e t e r m in e w h e th e r o r n o t b o n d s shall b e issu ed to e r e c t a
$ 1 0 0 ,0 0 0 h ig h -s c h o o l b u ild in g .

Penn Township, Jay County, Ind.— Bond Sale.—An

issue
o f $ 2 4 ,0 0 0 1 -1 5 -y e a r (se r ia l) s c h o o l-b u ild in g b o n d s h a s b e e n
s o ld , a c c o r d in g t o r e p o r ts , to th e J . F . W ild
S ta te
B a n k o f I n d ia n a p o lis a t 1 0 3 .3 4 .
P u r c h a s e r to p a y f o r th e
lit h o g r a p h in g o f th e b o n d s .
D e n o m in a t io n s $ 5 0 0 a n d $ 6 0 0 .
A ccord ­
in g to r e p o r t s , a n e le c t io n h e ld r e c e n tly r e s u lte d in f a v o r o f a
p r o p o s it io n t o issu e $ 2 0 ,0 0 0 b o n d s fo r th e p u r c h a se o f
K e n ilw o r th P a r k .

& Co.

Petaluma, Sonoma County, Cal.— Bonds Voted.—

Phoenixville School District (P. O. Phoenixville), Chester
County, P a. —Bonds Not Yet Sold .— W e a re a d v is e d u n d e r
d a t e o f J a n . 10 th a t n o sa le h as y e t b e e n m a d e o f th e $ 4 0 ,0 0 0
b o n d s — th e u n s o ld p o r t io n o f th e issu e o f $ 1 0 0 ,0 0 0 4 % re g is ­
te r e d s c h o o l -b u ild in g b o n d s m e n tio n e d in V . 9 1 , p . 15 2 9.
— The
p r o p o s it io n t o issu e $ 1 ,0 0 0 b r id g e b o n d s fa ile d t o c a r r y o n
J a n . 3 , th e v o t e b e in g a tie — 26 t o 2 6 .

Pine River, Cass County, Minn .—Bonds Defeated.

Pineville, Rapides Parish, La.— Bond Offering.

— P r o p o s a ls
will b e r e c e iv e d u n til 7 p . m . F e b . 7 b y J . E . W a lk e r ,
M a y o r , fo r th e $ 9 ,0 0 0 5 % p u b lic -im p r o v e m e n t b o n d s v o t e d
o n N o v . 15 19 1 0.
In te r e st se m i-a n n u a l.
Certified check for $ 1 0 0 , p a y a b le to th e t o w n . Is
req u ired . T h e se bonds w ere offered ( V . 9 1 , p . 1 7 9 2 ) , b u t n o t so ld , on J a n . 3 .

Pittsburgh, Pa.— W est Liberty Sub-School District.—-

Bond Sale.— A n

issue o f $ 2 5 ,0 0 0 5 % 1 5 -y e a r s c h o o l -b u ild in g
b o n d s w as d is p o s e d o f o n J a n . 12 t o J . S . & W . S . K u h n , I n c .,
o f P it t s b u r g h .
D e n o m in a t io n $ 1 ,0 0 0 . D a te F e b . 1 19 1 1.
In te r e s t s e m i-a n n u a l.

Pittsburgh, Pa. — Nineteenth Sub-School District.— Bond

Sale.

— W e see it s ta t e d th a t $ 2 5 ,0 0 0 5 % 1 5 -y e a r t a x -e x e m p t
s c h o o l b o n d s d a t e d F e b . 1 1911 w e re s o ld o n J a n . 13 t o
J . S . & W . S . K u h n , I n c ., o f P it t s b u r g h .

Plainview, Pierce County, Neb. Bond Sale.

—
— W e have
ju s t b e e n a d v is e d th a t th e $ 8 ,9 0 0 6 % e le c t r ic -lig h t b o n d s
o ffe r e d o n A p r il 2 5 1910 a n d d e s c r ib e d in V . 9 0 , p . 1119,
w ere s o ld a b o u t J u ly 1 1910 to th e F ir st N a tio n a l B a n k o f
P la in v ie w a t p a r a n d a c c r u e d in te r e s t.
M a tu r ity A p ril 1
1930, s u b je c t t o ca ll a ft e r A p r il 1 1915.

Plainville, Rooks County, Kan.— N o Bond Election Pro­

posed.— No

are a d v is e d th a t th e r e p o r ts w h ic h a p p e a r e d in
s o m e o f th e lo c a l p a p e r s t o th e e ffe c t th a t th is c i t y w a s c o n ­
s id e r in g th e a d v is a b ilit y o f c a llin g a n e le c t io n t o v o t e o n th e
q u e s t io n o f issu in g $ 1 0 ,0 0 0 c it y -h a ll b o n d s are e r r o n e o u s .
S ee V . 9 1 , p . 15 2 9.

b y R o ll a P a u s c h , V illa g e C le rk , f o r th e fo llo w in g 5 % B o u n d ­
a r y S tre e t im p r o v e m e n t b o n d s :
$ 5 ,5 0 0 v illage's p ortion b o n d s.
M a tu r ity $ 5 0 0 y e a rly o n J a n . 1 fr o m 1 9 1 2
to 1022 In clusive.
1 4 .0 0 0 assessm en t b on d s.
M a tu r ity $ 1 ,0 0 0 y e arly on J a n . 1 from 1 9 12
to 1914 in clu sive, $ 1 ,5 0 0 y e arly on J a n . 1 fro m 1 9 15 to 19 20 In­
elusive an d $ 2 ,0 0 0 on J a n . 1 1 9 2 1 .
D e n om in ation $ 5 0 0 .
D a te J a n . 1 1 9 1 1 .
In te rest a n n u a lly a t th e V illa g e
Treasurer s office.
B ond s are n o n -ta x a b le .
Certified check for $ 1 0 0 , p a y ­
ab le to the V illage Treasurer, Is required w ith bids for each issu e.
Pur­
chaser to p a y accrued Interest an d furnish b lan k bond s a t his ow n e x p e n se .
B on d ed d e b t, Including these Issues, $ 4 0 ,3 0 0 .
N o (lo a tln g d e b t.
A ssessed
valu ation 1 9 1 0 , $ 5 4 5 ,0 0 0 .

Bond Sale.

R ic h la n d C e n tr e , R ic h la n d C o u n t y , W i s . —
—
O n J a n . 14 th e $ 2 5 ,0 0 0 4 % 2 0 -y e a r c it y -h a ll b o n d s m e n ­
tio n e d in V . 9 1 , p . 1663, w ere a w a r d e d to P a r s o n , S o n & C o .
o f C h ic a g o a t 1 0 3 .6 5 .

J. Bonds to be Of­

R id g e fie ld P a r k , B e r g e n C o u n t y , N .
—
are a d v is e d u n d e r d a t e o f J a n . 19 th a t
a r r a n g e m e n ts are n o w b e in g m a d e f o r th e o ffe r in g o f th e
$ 5 0 ,0 0 0 fu n d in g s t r e e t -im p r o v e m e n t a n d p a r k b o n d s m e n ­
tio n e d in V . 9 1 , p . 1 6 6 3 .

fered Shortly.— W e

Bonds Voted.

R iv e r t o n , F r e m o n t C o u n t y , W y o . —
— T h is
to w n v o t e d o n D e c . 31 1910 to issu e $ 1 5 ,0 0 0 6 % 1 5 -3 0 -y e a r
( o p t io n a l)
w a te r -w o r k s -e x te n s io n b o n d s .
I n te r e s t s e m i­
a n n u a l.

Russell County (P. O. Scale), Ala.— Bonds Voted.—'

The
v o t e r s o n J a n . 3 fa v o r e d p r o p o s itio n s t o issu e $ 1 0 0 ,0 0 0 r o a d c o n s t r u c t io n a n d $ 2 0 ,0 0 0 ja il a n d c o u r t -h o u s e 3 0 -y e a r 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.
I n te r e s t s e m i-a n n u a l.

Ruston School District (P. O. Ruston), Lincoln Parish,

Bond Offering.

La.
— P r o p o s a ls w ill b e r e c e iv e d u n til 10
a . m F e b . 7 b y R . B . K n o t t , M a y o r , fo r th e $ 6 5 ,0 0 0 5 %
b o n d s v o t e d o n D e c . 31 1910.
C ertified c h e c k fo r $ 1 ,0 0 0 is
r e q u ir e d .

Sacramento, Cal.— No Action Yet Taken.

— U p to J a n . 4
?!?
^a k en lo o k in g to w a r d s th e is s u a n ce o f
th e $ 7 5 ,0 0 0
r iv e r -im p r o v e m e n t b o n d s v o t e d ( V . 91
p . 1 469) o n N o v . 17 1910.

Saginaw, Mich.— Bonds Sold during

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 f o llo w in g 4 % b o n d s , a g g r e g a t­
in g $ 1 4 7 ,0 0 0 , w ere d is p o se d o f a t p a r to lo c a l in v e s to r s :
f n ’ SnS ? ewer b on d s d ated J an . 2 1 9 1 0 an d d u e p art y e a rly from 1 to 10 years.
k
sew er b ond s d ated A p ril 1 1 9 1 0 and d ue p art y e a rly from 1 to 10 years
5 .0 0 0 server b ond s d ate d June 1 19 10 an d d u e part y e a rly from 5 to 10
1 0 .0 0 0 sew er bonds d ated J u ly 1 1910 an d due p art y e a rly from
years.
5 0 .0 0 0 p a v in g bonds d ate d J u ly 15 1 9 1 0 and due p art y e a r ;y fro m
years Inclusive.
2 0 .0 0 0 sidew alk b ond s d ate d A u g . 1 19 10 an d d u e p a r t y e a rly fro m
years.
4 5 .0 0 0 p a v in g b ond s d ate d S e p t. 1 19 10 an d due p art y e a r ly from
years.
5 .0 0 0 sidew alk b ond s d ated D e c . 1 19 10 an d d u e p art ye a rly from
years.

1 to 10
1 to 10
1 to 10
1 to 10
1 to 10

St. Cloud, Stearns County, Minn.— Bonds Proposed.

— We
see it s ta te d in lo ca l p a p e r s th a t th e F in a n c e a n d T a x C o m ­
m itte e h a s b een in s t r u c te d t o r e p o r t to th e C o u n c il a d v is in g
th e is su a n ce o f $ 2 0 ,0 0 0 p e r m a n e n t -im p r o v e m e n t -fu n d b o n d s .

San Bernardino County (P. O. San Bernardino), Cal.—
Polk County (P. O. Des Moines), la .—Bond Offering.— Bonds
Proposed.— R e p o r t s s ta te th a t th is c o u n t y p r o p o s e s t o
P r o p o s a ls a r e b e in g a sk e d f o r $ 1 7 5 ,0 0 0 c o u p o n re fu n d in g issue $ 2 2 5 ,0 0 0 b o n d s f o r c o u n t y b u ild in g s .
bonds.
I n te r e s t p a y a b le a t C o u n ty . T r e a s u r e r ’ s o f fic e .
San Francisco, Cal.— Bond Offering.— A d d itio n a l d e t a ils
G e o r g e L . D o b s o n is C o u n t y T r e a s u r e r .
a t h a n d r e la tiv e to th e o ffe r in g o n J a n . 30 o f th e $ 1 ,1 2 5 ,­
Pottawatomie County (P. O. Tesumseh), Okla.— Bond are
000 4 J ^ % c o u p o n 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 m e n ­

Sftle.— 1T h e

$ 2 1 3 ,4 7 4 16 6 % c o u p o n L ittle R iv e r D ra in g e
D is tr ic t N o . 1 b o n d s o ffe r e d o n D e c . 31 1910 ( V . 9 1 , p . 1663)
w e re s o ld , a c c o r d in g to r e p o r ts , t o R . H . & G . A . M c W illia m s
C h ic a g o a t p a r .
-

of

T h e b on d s are d ate d on th e d a y o f Issuance an d m a tu r e $ 2 1 ,3 4 7 42
y e arly on J u ly 1 from 19 14 to 1923 In clu sive.
In te r e st Is p a y a b le a t th e
S ta te fiscal a g e n c y o f N e w Y o r k C it y .

Quanah Independent School District (P. O. Quanah),
Hardeman County, Tex.— R o n d Sale.— O n J a n . 3 th e $ 1 5 ,0 0 0
5 % 2 0 -4 0 -y e a r ( o p t i o n a l) s c h o o l-b u ild in g b o n d s m e n tio n e d
in V . 9 1 , p . 16 6 3, w e re a w a r d e d to A . J . H o o d & C o . o f
D e tr o it fo r $ 1 5 ,0 2 5 , th e p r ic e th u s b e in g 1 0 0 .1 6 6 .

D e n o m in a tio n $ 1 ,0 0 0 .
D a te J a n . 1 1 9 1 1 .
In te rest a n n u a l.
b ond s w ere registered b y th e S ta te C om p troller on J a n . 6 .

T h ese

Queen Anne’s County (P. O. Centreville), Md.— Bond Of­

fering.— P r o p o s a ls

w ill b e r e c e iv e d u n til J a n . 31 b y th e
B o a rd o f C o u n t y C o m m is s io n e r s, M . B . B o r d le y , C le rk , fo r
$ 1 5 ,0 0 0 5 % r o a d -e q u ip m e n t b o n d s .

A u th o r ity C h ap ter 5 8 2 , L oc al L a w s o f 1 9 1 0 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J a n . 1 1 9 1 1 .
In te rest s e m i-a n n u a l.
M a tu r ity $ 1 ,0 0 0 y e a rly on
J u ly 1 from 1911 to 1 9 2 5 Inclusive.

tio n e d in V . 9 2 , p . 137.
P r o p o s a ls f o r th ese b o n d s w ill b e
r e c e iv e d u n til 3 p . m . o n th a t d a y b y W . R . H a g e r t y , C lerk o f
th e B o a r d o f S u p e r v iso r s .
T h e s e s e c u r itie s a re th e first in ­
s ta llm e n t o f th e $ 4 5 ,0 0 0 ,0 0 0 b o n d s v o t e d o n J a n . 14 1910.
u , D n?.omi n atlon
D a t0 J u ly 1 1 9 1 ° In te rest se m i-a n n u a lly a t
th e C ity Treasurer’s office or a t the fiscal a g e n c y o f S an F ran cisco In N ew
Y o rk C ity a t the op tion of th e h older.
.M aturity $ 2 5 ,0 0 0 y e a rly fro m 19 20
to 1964 In clusive.
B id m u st be m a d e on a blank form furn ished b y the
J ! * / - ™ be a c com p an ied b y a cash d ep osit or a certified c h e ck , p a y a b le t o
th e Clerk B oard o f S u p ervisors, for 5 % o f b id ; said d e p o sit, h ow ever, need
i . Ti.?KKedi 19 ,9 ? 0 ’
le gality o f th e bon d s will be certified to b y D illon
& H u b b a rd o f N e w Y o r k C ity , a c o p y o f w hose o p in ion will b e delivered
to th e p urchaser.
. . . b y* t.ih e s u c c e s s f..................
!h M?e£ ' .AA ®c r u e d In t e------r e s t t■o •
be p a id
u l b id d e r ,
T h e bonds
y y u y a W ill b e d e liv e r e d : $ 7 5 0 ,0 0 0 p r io r t o M a r c h 1 1911 a n d $ 3 7 5 ,0 0 0
p r io r t o J u n e 1 191 1, a s m a y b e m u t u a l l y a g r e e d u p o n .

.—Bond Sale

S a r a n a c , C lin to n C o u n t y , N . Y
.— A n issu e o f
$ 7 ,0 0 0 5 % b r id g e b o n d s w a s d is p o s e d o f o n J a n . 2 t o R . T .
M a ce fo r $ 7 ,0 6 0 19— th e p r ic e th u s b e in g 1 0 0 .8 5 9 .
In te r e s t
a n n u a lly o n A p ril 1.
M a tu r ity $ 1 ,0 0 0 in e a c h o f th e y e a r s
1913 a n d 1914 a n d $ 2 ,5 0 0 in e a c h o f th e y e a r s 1915 a n d 1916.

—Bonds Proposed

Racine, W is. Bonds Not to be Issued at Present.

S c r a n to n , P a .
.— T h e C it y C o m p tr o lle r
w rites u s, u n d e r d a t e o f J a n . 5 , th a t th e le g is la tio n a u t h o r iz v m 6 lss,u a n c e . ° f th e $ 2 1 0 ,0 0 0 fu n d in g b o n d s m e n t io n e d in
V. J l , p . 15 3 0, is still in th e h a n d s o f th e C ity C o u n c ils .

Bond Election.

S e a t tle , W a s h .
.— I t is s ta t e d th a t
an o r d in a n c e s u b m itt in g t o th e v o t e r s th e q u e s t io n o f issu ln g $ _ 2 0 ,0 0 0
lib r a r y -s ite -p u r c h a s in g b o n d s w a s in tr o d u c e d
in C ity C ou n cil o n D e c . 27 1910.

—
— The
C ity C lerk w r ite s us t h a t th e $ 5 0 ,0 0 0 s c h o o l a n d th e $ 3 0 ,0 0 0
g a r b a g e -p la n t b o n d s v o t e d o n N o v . 8 1 910 ( V . 9 1 , p . 1401)
will n o t b e issu e d u n til M a rch o r A p r il.
.
— T h e q u e s t io n o f issu in g $ 6 0 ,0 0 0 c it y -h a ll
im p r o v e m e n t b o n d s w ill b e v o t e d u p o n a t th e s p r in g e le c ­
t io n .

Bond Sale—

R e a d in g ( P . O . C in c in n a ti), O h io .—
R e p o rts
s ta te th a t o n J a n . 9 th e $ 2 ,1 2 5 5 % c o u p o n s t r e e t -im p r o v e ­
m e n t ( v illa g e ’ s p o r t io n ) b o n d s d e s c r ib e d in V . 9 1 , p . 1 7 9 3 ,
w ere a w a r d e d t o th e C o lu m b ia B a n k & S a v in g s C o . in C in ­
c in n a t i f o r $ 2 ,1 7 5 , th e p r ic e th u s b e in g 1 0 2 .3 5 7 .
M a tu r ity
$21 2 50 y e a r ly o n D e c . 10 fr o m 1911 t o 1920 in c lu s iv e .




—Bond Election Proposed

S e a ttie S c h o o l D is t r ic t N o . 1 (P . O. S e a t t le ), K in g C o u n t y ,
W ash .
— P r o p o s a ls w ill b e r e c e iv e d u n til
i a* In ‘
^ h y M a tt I I . G o r m le y , C o u n t y T r e a s u r e r , f o r
th e fo llo w in g c o u p o n b o n d s a t n o t e x c e e d in g 6 % in t e r e s t :

Bond Offering.

$ 6 0 0 ,0 0 0
.
1 50 .00 0
1 0 0 .0 0 0

rn n n n

s c h o o l- h o u s e - c o n s t r u c t io n a n d s t t e - p u r c h a s o b o n d s .
$ 3 0 ,0 0 0 y e a r ly f r o m 1912 to 1931 in c lu s iv e .
w a rr a n t fu n d in g b o n d s.
M a t u r i t y 1931.
s c h o o l- s it e b o n d s .
M a tu r it y 1 9 3 1 .

M a tu r it y

THE CHRONICLE

J a n . 21 1y 1.1.

D e n o m i n a t i o n $ 1 ,0 0 0 .
D a t e M a r c h 1 1 911.
In t e r e s t s e m i - a n n u a ll y a t
th e C o u n t y T r e a s u r e r ’s o ffic e o r t h e fis c a l a g e n c y o f th e S t a t e o f W a s h i n g ­
t o n In N e w Y o r k C i t y , a t t h e o p t i o n o f p u r c h a s e r , s u c h o p t io n to be s t a t e d
I n b id .
C e r t ifie d c h e c k (o r c e r t ific a t e o f d e p o s it ) fo r 1 % o f b o n d s o ffe re d Is
r e q u ir e d .
B i d s fo r t h e $ 6 0 0 ,0 0 0 is s u e to b e b a s e d o n th e f o ll o w in g d e liv e r ie s
(1) 8 2 0 0 ,0 0 0 M a r c h 1 1011, 8 2 0 0 ,0 0 0 J u n e 1 1911 a n d $ 2 0 0 ,0 0 0 S e p t . 1 1 91 1;
(2) $ 4 0 0 ,0 0 0 M a r c h 1 1911 a n d $ 2 0 0 ,0 0 0 S e p t . 1 1911, a n d (3) $ 6 0 0 ,0 0 0 o n
M a r c h 1 1911.

Sedgwick Irrigation District, Logan and Sedgwick Coun­
ties, Colo.— Bonds Not Sold.— N o b id s w ere r e c e iv e d o n

211

Stratton, Hitchcock County, Neb. — Bonds Voted.— I t
r e p o r te d th a t th is v illa g e v o t e d o n
e le c t r ic -lig h t -p la n t b o n d s .

D e c . 27

is
1910 t o issue

Strongsville Township (P. O. Strongsville), 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 til 2 p . m . F e b . 14 b y I t. G ib b o n s , T o w n s h ip C le rk , fo r
$ 4 ,0 0 0
c o u p o n r o a d -im p r o v e m e n t b o n d s .

i ]A %

D e c . 27 1910 fo r th e $ 6 7 0 ,0 0 0 b o n d s o ffe r e d o n th a t d a y .
S ee V . 9 1 , p . 1664.

A u t h o r i t y S e c t i o n 329 5, G e n e r a l C o d e .
D e n o m in a tio n $500.
D a te
F e b . 1 1911.
I n t e r e s t A p r i l 1 a n d O c t . 1 a t t h e S u p e r io r S a v i n g s & T r u s t
C o . in C le v e la n d .
M a t u r i t y $ 50 0 y e a r ly o n O c t . 1 f r o m 1912 t o 1 91 9,
In c lu s iv e .
C e r t ifie d c h e c k o n a b a n k o t h e r t h a n t h a t m a k l n g t h e b id , fo r
1 0 % o f b o n d s b id fo r, p a y a b le t o t h e T o w n s h ip T r e a s u r e r , Is r e q u ir e d .
P u r c h a s e r to p a y a c c r u e d In t e r e s t .

b u ild in g b o n d s m e n tio n e d in V . 9 0 , p . 169b, It. C. O .
M a th e w s o f S p rin g fie ld , 111., h as b e e n a w a r d e d $ 1 0 ,0 0 0 a t
100 20 a n d th e S ta te N a tio n a l B a n k in S h a w n e e $ 1 0 ,0 0 0 a t
p a r.
D e n o m in a t io n $ 1 ,0 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.
M a tu r it y J u ly 1 1935.
—
— On
D e c. 31 1910 $ 1 3 ,5 0 0 4 ^ % d it c h -im p r o v e m e n t b o n d s w ere
a w a r d e d to th e C itiz e n s ’ N a tio n a l B a n k in S id n e y a t p a r .

.—
W c are in fo r m e d th a t th e $ 5 0 ,0 0 0 b o n d s m e n tio n e d in V . 9 2 ,
p . 137, a s h a v in g b e e n p u r c h a se d b y N . W . H a ls e y
C o. of
P h ila d e lp h ia , a re n o t n ew se c u r itie s , b u t p a r t o f a n issu e o f
$ 8 0 ,0 0 0 b o n d s p u t o u t in F e b . 1910.
.—
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 . 30 b y W . A . H a h n ,
V illa g e C lerk , f o r th e $ 1 2 ,5 0 0 4 J ^ % c o u p o n w a te r -w o r k s 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 . 8 1910 ( V . 9 1 , p . 1 3 4 5 .)

Shawnee School District (P. O. Shawnee), Pottawatomie
County, Okla.— Bonds Awarded in Part.— O f th e $ 5 0 ,0 0 0 5 %

Shelby County (P. O. Sidney), Ohio. Bond Sale.

. D e n o m in a t io n s $ 5 0 to $ 50 0.
D a t e J a n . 1 1 91 1.
M a t u r i t y p a r t y e a r ly fr o m 1911 t o 1 9 1 5 In c lu s iv e .

In t e r e s t s e m i- a n n u a l.

Shick3hinny, Luzerne County, Pa.— No Action Yet Taken.

— W e a re in fo r m e d u n d e r d a t e o f J a n . 9 th a t n o a c t io n h as
y e t b e e n ta k e n lo o k in g to w a r d s th e is su a n ce o f th e $ 6 ,0 0 0
b o n d s m e n tio n e d in V . 9 1 , p . 1530.

Sturgis, St. Joseph County, Mich.— No Netv Bond Issue

&

Sugarcreek, Tuscarawas County, Ohio.— Bond Offering

A u t h o r i t y , S e c t io n 2 83 5, R e v i s e d S t a t u t e s .
D e n o m in a t io n $500.
D a te
A p r i l 1 1911.
I n t e r e s t s e m i - a n n u a ll y a t t h e V i l l a g e T r e a s u r e r ’s o ffic e .
M a t u r i t y $ 5 0 0 y e a r ly o n A p r i l 1 fr o m 1914 t o 1938 in c lu s iv e .
C e r t ifie d
c h e c k fo r 3 % o f b o n d s b id fo r, p a y a b l e t o t h e V i l l a g e T r e a s u r e r , Is r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d In t e r e s t

Sullivan County (P. O. Blountville), Tenn.— Bonds Pro­
Shoshone County School District No. 1, Idaho.— Bond posed.
— A c c o r d in g to r e p o r ts , th is c o u n t y h as p e t it io n e d th e
s ta te th a t $ 3 ,0 0 0 5 % b o n d s , o ffe r e d o n
L e g isla tu r e f o r a u t h o r it y t o issue r o a d b o n d s .
D ec. 24 1910, w e re a w a r d e d to th e S ta te o f I d a h o a t p a r .
Sullivan County (P. O. Monticello), N. Y.— Bond Offering.
Shreveport, Caddo Parish, La.— Bonds Proposed.—

Sale.— R e p o r t s

A c c o r d in g to lo ca l p a p e r s , th e re is ta lk o f issu in g $ 2 5 0 ,0 0 0
4
1 -4 0 -y e a r (se r ia l) b o n d s .
.—
A n e le c t io n h e ld D e c . 13 1910 re s u lte d in fa v o r o f th e q u e s ­
tio n o f issu in g $ 4 0 ,0 0 0 w a te r b o n d s .
T h e v o t e w a s 123
“ f o r ” to 20 “ a g a in s t .”

y%%

Sierra Madre, Los Angeles County, Cal.— Bonds Voted
Sigourney, Keokuk County, Iow a. Bond Sale.

—
— The
$ 3 5 ,0 0 0 4
1 8 -2 0 -y e a r ( o p t i o n a l) c o u p o n s e w e r -s y s t e m c o n s t r u c tio n b o n d s d e s c r ib e d in V . 9 2 , p . 69, w e re s o ld o n
J a n . 11 to th e 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 fo r
$ 3 5 ,5 5 0 (1 0 1 .5 7 1 ) a n d a c c r u e d in te r e s t.
P u rch a ser to
ju rn ish b la n k b o n d s .
E . H . R o llin s & S on s o f C h ic a g o o f ­
fered $ 3 5 ,1 0 0 a n d b la n k b o n d s .
E ig h t b id s w e re r e c e iv e d
in a ll.

XA %

Sigourney Independent School District No. 1 (P. O.
Sigourney), Keokuk County, Iowa. — Bond Sale.— W e h a v e

ju s t b e e n a d v is e d th a t o n M a y 2 1910 $ 1 0 ,0 0 0 4 } ^ % r e fu n d in g
s c h o o l-h o u s e b o n d s w ere p u r c h a s e d b y G e o . M . B e c h te l & C o .
o f D a v e n p o r t a t p a r.
D e n o m in a t io n
$ 1 ,0 0 0 .
D a te
M ay
2
1 91 0.
In t e r e s t s e m i - a n n u a l.
M a t u r i t y $ 2 ,0 0 0 o n M a y 1 1911 a n d $ 1 ,0 0 0 y e a r ly o n M a y 1 fr o m 1912
to 1919 in c lu s iv e .
•

Bond Sale.

Somerset, Somerset County,

P a .—
— H en ry F .
B a rro n p u r c h a se d $ 1 0 ,0 0 0 o f an issu e o f $ 2 5 ,0 0 0 4
w a t e r -w o r k s -im p r o v e m e n t b o n d s o n J a n . 3 a t 101.
D e n o m i n a t i o n $ 50 0.
D a t e J a n . 1 1 91 1.
I n t e r e s t s e m i- a n n u a l.
t u r i t y $50 0 y e a r ly fr o m 1913 to 1932 in c lu s iv e .

M a­

South Amboy, Middlesex County, N. J. Correction.

—
— The
sale o f $ 7 5 ,0 0 0 b o n d s o f th is c i t y w a s in a d v e r t e n t ly r e p o r te d
in la st w e e k ’ s “ C h r o n ic le ” u n d e r th e h e a d o f

South Amboy,

N. Y.

South Omaha, Neb. Bond Sale.

—
— C. M . R ic h p u r c h a s e d
$ 1 ,2 0 0 5 ^ % 5 -1 0 -y e a r ( o p t i o n a l) se w e r b o n d s o n D e c . 19
1910 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 $ 4 0 0 .
D a te N o v . 1 19 1 0.
—
On
J a n . 16 th e $ 1 1 1 ,0 0 0 5 % 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 2 , p . 137, w ere a w a r d e d , it is s ta t e d , t o C u tt e r , M a y
& C o. o f C h ic a g o fo r $ 1 1 2 ,1 5 0 , th e p r ic e th u s b e in g 1 0 1 .0 3 6 .
M a tu rity D e c . 1 1930.

South St. Paul, Dakota County, Minn. Bond Sale.—

South Williamsport School District (P. O. Williamsport,)
Pa. — 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 . 2 5 b y C h arles II. H a n d , C h a irm a n F in a n c e C o m m it te e ,
fo r th e $ 2 5 ,0 0 0 4 % s ite -p u r c h a s e a n d s c h o o l-b u ild in g b o n d s
v o t e d o n N o v . 8 1910.
V . 9 1 , p . 1345.
D e n o m in a t io n s : 45 b o n d s o f $ 50 0 e a c h a n d 25 b o n d s o f $ 10 0 e a c h .
In ­
te re st F e b . 1 a n d A u g . 1.
M a t u r i t y F e b . 1 1941, s u b j e c t to c a ll a ft e r F e b . 1
1915.
B o n d s a r e e x e m p t fr o m S t a t e t a x .
D e b t o f d is t r ic t a t pre se n t,
$ 9 ,6 5 0 .
A s s e s s e d v a lu a t io n , $ 6 0 0 ,3 4 4 .

Springfield, Mass. Loans Negotiated in

—
1 9 1 0 .— T h is c it y
b o r r o w e d $ 2 5 0 ,0 0 0 o n te m p o r a r y lo a n n o te s d u r in g th e y e a r
1910.
A $ 1 5 0 ,0 0 0 lo a n w a s n e g o tia t e d J u ly 27 1910 w ith
M org a n
B a r t le tt o f B o s to n a t 4 j ^ % d is c o u n t a n d on
S e p t. 7 1910 $ 1 0 0 ,0 0 0 w a s b o r r o w e d fr o m J a c k s o n & C u r tis
o f B o s to n a t 3 % % d is c o u n t .
T h e fo r m e r lo a n w a s p a id
N o v . 9 1910 a n d th e la tte r N o v . 2 1910. T h e p e r m a n e n t
loa n s issu ed last y e a r , a g g r e g a t in g $ 1 ,1 1 8 ,0 0 0 , w e re all
r e p o r te d in th e “ C h r o n ic le ” fr o m tim e to tim e .

&

Springfield Township, Montgomery County, P a.— Bond

Sale.— O n J a n .

<k

4 D ic k B r o s .
C o . o f P h ila d e lp h ia w e r e
a w a r d e d a t 1 0 1 .0 6 2 5 th e $ 2 0 ,0 0 0 4
r e g iste re d g o ld r o a d im p r o v e m e n t b o n d s d e s c r ib e d in V . 9 1 , p . 1793.
O th e r
b id s r e c e iv e d w e re as fo llo w s :

]/2%

G i r a r d T r u s t C o ., P h l l a ____ $ 2 0 , 2 0 0 1F i r s t N a t . B a n k , A m b l e r . _ .$ 2 0 ,0 0 0
( A b id w a s a ls o re c e iv e d fr o m N e w b u r g e r , H e n d e r s o n & L o e b o f P h i l a ­
d e lp h ia , b u t w e a r e a d v is e d t h a t t h is o ile r d i d n o t c o n f o r m to t h e r e q u ir e ­
m e n t s o f th e a d v e r t is e m e n t . )
M a t u r i t y $ 2 ,0 0 0 y e a r ly o n A u g . 1 fr o m 1912 t o 1921 i n c lu s iv e .

Stoughton, Dane County, W is.— Bond Election.—An
in

e le c t io n will b e h e ld J a n . 31 to v o t e o n a p r o p o s itio n to issue
$ 1 8 ,7 0 0 3 5 % w a te r -p o w e r b o n d s m a tu r in g
1928.




— A . A . C a lk in , C o u n t y T r e a s u r e r , w ill o ffe r a t p u b lic a u c tio n
a t 2 p . m . J a n . 24 $ 2 9 ,0 0 0 4 % b o n d s .

D e n o m i n a t i o n $ 1 ,0 0 0 .
D a t e J a n . 1 1 91 1.
I n t e r e s t s e m i - a n n u a ll y a t
t h e T r e a s u r e r ’s o ffic e .
M a t u r i t y $ 2 ,0 0 0 y e a r ly o n J a n . 1 fr o m 1916 to 1929
i n c lu s iv e a n d $ 1 ,0 0 0 J a n . 1 1930.
C e r t ifie d c h e c k fo r 2 % o f b o n d s b id
fo r, p a y a b l e t o t h e T r e a s u r e r , Is r e q u ir e d .
B o n d s t o b e d e liv e r e d F e b . 1
1911.
T h e g e n u in e n e s s o f th e se b o n d s w i l l b c N e r t lfie d to b y t h e C o lu m b i a T r u s t
C o . o f N e w Y o r k C it y .

Superior, Nuckolls County, Neb.— Bonds Awarked in Part.

— O f th e issu e o f $ 2 0 ,0 0 0 5 % 5 -2 0 -y e a r ( o p t io n a l) w a te r ­
w o r k s b o n d s v o t e d o n S e p t. 12 1910 ( V . 9 1 , p . 8 2 3 ),^ $ 1 6 ,0 0 0
w ere d is p o s e d o f o n J a n . 14 a t p a r as fo ilo w s : $ 5 ,0 0 0 to
fa r m e rs n e a r S u p e r io r a n d $ 1 1 ,0 0 0 t o th e N a tio n a l C o . o f
S o u th B e n d , I n d .
D e n o m in a t io n s $ 5 0 0 a n d $ 1 0 0 .
D a te
O c t . 1 1910.
I n te r e s t s e m i-a n n u a l.
—
— P itts b u r g h
p a p e r s s ta te th a t b id s w ill b e a sk e d fo r $ 1 0 0 ,0 0 0 b o n d s to
c o n s t r u c t a m u n ic ip a l w a te r p la n t.
T h e S t a te S u p re m e C o u r t r e c e n tly su s ta in e d th e d e c r e e o f
th e A lle g h e n y C o u n t y C o u r t o f C o m m o n P lea s d is m is sin g th e
bill o f th e T a r e n tu m W a t e r C o . a n d A lle g h e n y V a lle y W a t e r
C o ., r e q u e s tin g a n in ju n c t io n a g a in s t th e e r e c t io n o f a m u ­
n icip a l p la n t.

Tarentum, Pa. Bonds to Be Offered Shortly.

Taunton, M ass.— Bonds Sold and Temporary Loans

Negotiated in

19 1 0. T h e c it y o f T a u n t o n d u r in g th e y e a r
e n d in g D e c . 31 1910 s o ld $ 7 8 ,8 0 0 b o n d s a n d b o r r o w e d
$ 4 2 7 ,0 0 0 in a n t ic ip a t io n o f ta x e s .
T h e t e m p o r a r y lo a n s
w ere p a id N o v . 9 19 1 0.
T h e b o n d s s o ld a n s w e r to th e
f o llo w in g d e s c r ip tio n :

A m ou n t. P u rpo se.
$ 2 0 ,0 0 0
2 0 .0 0 0
2 5 .0 0 0
2 ,4 0 0
3 .5 0 0
2 .5 0 0
2 ,9 0 0
2^500

R ate 0}
In t.

4%
S e w e r ............
W a t e r _______
4%
S t r e e t _______
4%
F ir e D e p t - - 4%
S t r e e t ........._ 4 %
S t r e e t .............4 > ^ %
S t r e e t ............ 4 H %
G r a d e -C r o s s ~ .~ 4 H %

D ate.

M a iu riy .

D e c . 1 ’09
D e c . 1 ’39
J a n . 1 '1 0 ’1 4 -'3 3 (ser.)
J u n e 1 '1 0
J u n e 1 20
do
J u n e 1 ’l l
do
do
do
do
do
do
do
do

P u rchaser.

P rice
P a id .

B la k e B ro s.
& Co.
1 02 .15
B o sto n
L o c a l p a r t ie s
and
■ s in k in g
1 0 0 .0 0
Fund

Taylor County Common School District No. 1, Tex.—

Bonds Registered.— A n

issu e o f $ 1 5 0 ,0 0 0 5 % 2 0 -4 0 -y e a r
( o p t io n a l) b o n d s w a s re g is te r e d b y th e S ta te C o m p tr o lle r
o n J a n . 11.
—
— A c c o r d in g
to r e p o r ts , an e le c t io n w ill b e h e ld to v o t e o n th e q u e s tio n o f
issu in g 5 ,0 0 0 c it y -h a ll-c o n s t r u c t io n a n d s ite -p u r c h a se b o n d s .
—
— O rd in a n c e s h a v e b een
p a ssed p r o v id in g f o r th e is su a n ce o f th e fo llo w in g 5 % c o u p o n
a sse ssm e n t b o n d s :

Thayer, Neosho County, Kan. Bond Election.

Toledo, Ohio. Bonds Authorized.

$ 26 5 12 W h i t e S t . N o . 4 Im p r o v e m e n t b o n d s .
D e n o m i n a t i o n $70 , e x c e p t
■
o n e b o n d o f $55 12.
D a t e N o v . 20 1910.
M a t u r i t y $55 12 o n
•
M a r c h 12 1912 a n d $ 70 e a c h s i x m o n t h s f r o m S e p t . 20 1912 to
•
S e p t . 20 1913 In c lu s iv e .
3 ,3 4 0 08 B a s s e t t S t . N o . 1 im p r o v e m e n t b o n d s .
D e n o m i n a t i o n $ 33 5,
e x c e p t o n e b o n d o f $ 32 5 0 8.
D a t e N o v . 21 1910.
M a tu rit y
$ 32 5 08 o n M a r c h 21 1912 a n d $33 5 e a c h s i x m o n t h s fr o m S e p t . 21
1912 to S e p t . 21 1916 in c lu s iv e .
3 ,9 2 9 91 M o o r e S t . N o . 1 I m p r o v e m e n t b o n d s .
D e n o m i n a t i o n $ 40 0, e x c e p t
'
o n e b o n d fo r $329 91.
D a t e O c t . 24 1 91 0.
M a t u r i t y $32 9 91 o n
M a r c h 24 1912 a n d $40 0 e a c h s i x m o n t h s fr o m S e p t . 24 1912 to
S e p t . 24 1916 In c lu s iv e .
7 9 4 58 B u c k e y e S t . N o . 3 Im p r o v e m e n t b o n d s .
D e n o m i n a t i o n $ 80 , e x ­
c e p t o n e b o n d o f $74 58.
D a t e N o v . 15 1 91 0.
M a t u r i t y $74 58
M a r c h 15 1912 a n d $80 e a c h s i x m o n t h s f r o m S e p t . 15 1912 to
S e p t . 15 1916 in c lu s iv e .
.
.
_
,
„„„„
2 ,7 5 3 32 C o lu m b u s S t . N o . 1 Im p r o v e m e n t b o n d s .
D e n o m i n a t i o n $ 28 0,
e x c e p t o n e b o n d o f $233 32.
D a t e N o v . 18 1910.
M a tu r it y
$23 3 32 M a r c h 18 1912 a n d $ 28 0 e a c h s i x m o n t h s fr o m N o v . 18
1912 t o N o v . 18 1916, In c lu s iv e .
4 ,5 7 7 97 S e w e r
N o . 1098 c o n s t r u c t io n
b o n d s.
D e n o m i n a t i o n $ 1 ,1 5 0 ,
e x c e p t o n e b o n d o f $ 1 ,1 2 7 9 7 .
D a t e J a n . 7 1 91 1.
M a tu r lt7
$ 1 ,1 2 7 97 M a r c h 7 1 9 1 2 a n d $ 1 ,1 5 0 e a c h s i x m o n t h s fr o m N o v . y
1912 t o N o v . 7 1913 in c lu s iv e .
I n t e r e s t s e m i - a n n u a ll y a t t h e N o r t h e r n N a t i o n a l B a n k in T o le d o .

Bond Sale.

— O n J a n . 18 th e $ 3 0 0 ,0 0 0 4 % c o u p o n c it y - h a lls ite -p u r c h a s e b o n d s d e s c r ib e d in V . 9 1 , p . 1664, w ere a w a r d e d
t o a s y n d ic a t e c o m p o s e d o f S t a c y & B r a u n o f T o le d o , C le v e ­
la n d T r u s t C o . in C le v e la n d , 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 . in C in cin n a ti^ a n d W e il, R o t h t & C o . o f C in c in n a ti,

THE CHRONICLE

212

f o r $ 3 0 1 ,0 1 6 (1 0 0 .3 3 8 ) a n d a c c r u e d in te r e s t .
A b id w as a lso
r e c e iv e d fr o m a s y n d ic a t e c o m p o s e d o f O tis & H o u g h o f
C le v e la n d a n d S e a s o n g o o d & M a y e r a n d B r e e d & H a r ris o n
o f C in c in n a ti.
M a tu r it y D e c . 1 1 9 3 5 .
T o p p e n is h , Y a k i m a C o u n t y , W a s h .
.— O n
D e c . 21 1910 $ 3 5 ,0 0 0 6 % 1 -2 0 -y e a r (o p t i o n a l) se w e ra g e
b o n d s w e re a w a r d e d t o th e S t a te o f W a s h in g t o n a t p a r . D e ­
n o m in a t io n $ 5 0 0 . D a te F e b . 1 1 9 1 1. I n te r e s t s e m i-a n n u a l.

—Bond Sale

—Bonds Regis­

T r in it y C o u n t y S c h o o l C o r p o r a t io n , T e x .
.— W e a r c a d v is e d th a t th e S ta te C o m p tr o lle r re g iste re d
$ 1 3 ,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 o n J a n . 14.
T roy, N . Y
J a n . 14 $ 1 0 0 ,0 0 0 5 %
r e v e n u e b o n d s d a t e d J a n . 14 1911 a n d d u e S e p t. 14 1911
w e re a w a r d e d 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
1 0 0 .6 8 .
T h e fo llo w in g b id s w e re r e c e iv e d :

tered

.—Bond Sale.—On

B o n d & G o o d w in , N e w Y o r k _______________________________
T r o y S a v i n g s B a n k , T r o y ___________________ _______ _________
M o r g a n , L i v e r m o r e & C o ., N e w Y o r k .....................................
A l b a n y S a v i n g s B a n k , A l b a n y ...............................................

$ 1 0 0 ,6 8 0
1 0 0 ,49 8
100 ,48 8
1 0 0 ,4 0 5

Bond Election

00
08
92
60

U p s o n C o u n t y ( P . O . T h o m a s t o n ) , G a .—
.—
P a p e r s s ta t e th a t a n e le c t io n w ill b e h e ld F e b . 13 t o v o t e o n
th e q u e s t io n o f issu in g $ 1 0 0 ,0 0 0 5 % 3 0 -y e a r g o o d -r o a d b o n d s
in d e n o m in a t io n s o f $ 1 ,0 0 0 e a c h .

—Bond Sale

U r b a n a , O h io .
.— O n J a n . 9 th e 4 issu es o f
6 % T a f t A v e . 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 $ 4 ,7 1 6 ,a n d
d e s c r ib e d in V . 9 2 , p . 7 0 , w e re a w a r d e d t o S e a s o n g o o d &
M a y e r o f C in c in n a ti f o r $ 4 ,9 3 2 — th e p r ic e th u s b e in g 1 0 4 .5 8 .
M a t u r i t y $ 2 ,2 1 6 o n J a n . 1 1913, $ 6 0 0 o n J a n . 1 i n e a c h o f t h e y e a r s 1914,
1915 a n d 1916 a n d $ 7 0 0 o n J a n . 1 1917.

—Bond Offering

U t ic a , O n e id a 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 12 m . J a n . 24 b y F r e d . G . R e u s s w ig ,
C it y C o m p tr o lle r , fo r th e fo llo w in g 4 > £ % r e g iste re d p a v in g
bonds:
$ 1 ,5 0 7 58 b o n d s .
D a t e N o v . 18 1 91 0.
M a t u r i t y p a r t y e a r ly o n N o v . 18
fr o m 1911 to 1916 in c lu s iv e .
9 ,2 9 7 60 b o n d s .
D a t e D e c . 16 191 0.
M a t u r i t y p a r t y e a r ly o n D e c . 16
f r o m 1911 to 1916 In c lu s iv e .
A u t h o r i t y , C h a p t e r 224 , L a w s o f 1 91 0.
D e n o m in a t io n to su it p u rc h a se r.
In t e r e s t a n n u a l l y In N e w Y o r k e x c h a n g e .
C e r t ifie d c h e c k fo r 1 % o f b o n d s
b i d fo r, p a y a b l e to th e C i t y T r e a s u r e r , I s r e q u ir e d .

Registered

,0
454

E x e m p t

T o

S ta te o f M in n e s o ta f o r
r e c e n tly v o t e d .

B e

0 0

,

a ll

T a x a tio n ,

e x ce p t

fo r

W ashington County (P. O. Jonesboro), Tenn.— Bond

Election Proposed.— A c c o r d in g

to r e p o r ts , th ere is ta lk o f
p r e s e n tin g a p e t itio n to th e L e g isla tu r e r e q u e s t in g a u t h o r it y
to ca ll a n e le c t io n to v o t e o n th e q u e s t io n o f issu in g $ 5 0 0 ,0 0 0
roa d b on d s.

W ashington County (P. O. Brenham), Tex.— B on d s Au­

thorized.— I t

is r e p o r te d th a t th e C o m m is s io n e r s ’ C o u r t o n
J a n . 11 a u t h o r iz e d th e issu a n ce o f $ 5 7 ,0 0 0 b o n d s to p r e ­
v e n t th e o v e r flo w s o f th e B r a z o s R iv e r .

Webb City, Jasper County, Mo.— Bonds Defeated.

— The
p r o p o s it io n t o issu e th e $ 2 5 ,0 0 0 c e m e te r y -s ite b o n d s m e n ­
tio n e d in V . 9 1 , p . 1 5 3 0, w a s d e fe a te d a t a n e le c t io n h eld
J a n . 10.

Weld County (P. O. Greeley), Colo.— Bonds Proposed.—

P a p e r s sta te th a t a p r o p o s it io n to issu e $ 1 ,0 0 0 ,0 0 0 g o o d r o a d s b o n d s is b e in g ta lk e d o f th r o u g h o u t th e c o u n t y .

Wellsville, Columbiana 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 . F e b . 2 b y J . F . M .
Q u e e n , C ity A u d it o r , f o r $ 1 0 ,0 0 0 4 ) ^ % r e fu n d in g b o n d s .
A u t h o r i t y S e c t io n 2701 R e v i s e d S t a t u t e s .
D e n o m in a t io n $500.
D a te
J a n . 1 1911.
I n t e r e s t a n n u a ll y a t t h e C i t y T r e a s u r e r 's o ffic e .
M a tu r it y
J a n . 1 1931.
C e r t ifie d c h e c k fo r 3 % o f b o n d s b id fo r, p a y a b l e to t h e C i t y
T r e a s u r e r , Is r e q u ir e d .
T h e b o n d s are e x e m p t fro m a ll ta x e s.
P u rc h a se r
to p a y a c c r u e d In t e r e s t .

O. St. Francisville), La.— Bond

W est Feliciana Parish

(P .
$ 2 2 ,5 0 0 6 % c o u p o n fu n d in g b o n d s m e n tio n e d in
V . 9 1 , p . 14 7 0, w ere s o ld o n J a n . 4 t o F . M . S ta ffo r d & C o . o f
C h a tta n o o g a , T en n .

NEW LOANS.

8 6 0 ,0 0 0
BOARD OF EDUCATION

T u e s d a y ,

2

O ’C L O C K

S ta te

J a n u a r y
I*.

P u rp o se s

2 4 ,

1911

M.

At the Office of the Comptroller of the City of New York.
COUPON IN T E R E ST PA YA BLE
A T OPTION OF H O L D E R

IN NEW Y O R K OR LONDON
A LEGAL INVESTMENT FOR TRUST FUNDS
S e n d b i d s In a s e a le d e n v e lo p e e n c lo s e d in a n o t h e r e n v e lo p e a d d r e s s e d to t h e C o m p ­
t r o lle r .
A D E P O S IT O F T W O P E R C E N T . O F P A R V A L U E M U S T A C C O M P A N Y B ID .
S u c h d e p o s i t m u s t b e In m o n e y o r c e r t if ie d c h e c k u p o n a N e w Y o r k S t a t e B a n k o r
T r u s t C o m p a n y , o r a n y N a t io n a l B a n k .
F o r f u l l e r i n f o r m a t i o n se e “ C i t y R e c o r d , ’’ p u b l i s h e d a t N o s . 96 a n d 98 R e a d e S t r e e t ,
N e w Y o r k , o r c o n s u lt a n y B a n k o r T r u s t C o m p a n y .
S e n d f o r d e s c r i p t i v e c i r c u l a r to

WILLIAM A. PRENDERGAST, Comptroller, City of New York,
280

BRO ADW AY.

N EW

YORK.

INVESTMENTS.

BOND CALL.

S p ecia lizin g in E x a m in a tio n of

Municipal and Corporation Bonds
,.

BLO D G ET & CO.
B O N D S

§0 S T A T E S T R E E T , B O STO N
90 P IN E S T R E E T , N E W YO RK.

STATE, CITY St RAILROAD BONDS



V27o G O L D

COUPON BONDS

F IN A N C IA L ST A T E M E N T
B o n d ed I n d e b te d n e ss , in clu d in g th is
is s u e ............................................................................ * 1 6 2 -gOO
7 ,1 0 7 ,5 3 0
A s se s se d V a lu a tio n --------------- -----------

$ 5 0 0 ,0 0 0

6 % F u n d in g E o n d s

LAW YER

f ir s t n a t io n a l b a n k b l o o
C H IC A G O , I L L .

4j

S c a le d p r o p o s a ls w ill b e r e c e iv e d a t t h e o ffic e
o f t h e C le r k o f th e B o a r d o f E d u c a t i o n o f th e
T o w n o f W e s t f ie ld in t h e W a s h i n g t o n S c h o o l
B u il d i n g , W e s t fie ld . N . J .. u n t il e ig h t o ’c lo c k p . m .
T U E S D A Y , F E B R U A R Y 7, 1 9 1 1 , fo r t h e p u r ­
c h a s e o f $ 6 0 ,0 0 0 4 H %
G o ld C o u p o n B o n d s o f
s a id B o a r d o f E d u c a t i o n , d a t e d M a r c h 1, 1 91 1,
a n d m a t u r in g t w o b o n d s a n n u a ll y M a r c h 1, 1912,
t o M a r c h 1, 1941, In c lu s iv e , p r in c ip a l a n d In t e r e s t
p a y a b l e a t t h e W e s t f ie ld T r u s t C o m p a n y , W e s t ­
fie ld , N . J .
S a i d b o n d s m a y b e r e g is t e r e d if so
d e sir e d b y th e p u r c h a s e r .
E a c h p r o p o s a l m u s t b e a c c o m p a n ie d b y a d u l y
c e rtifie d c h e c k fo r t w o p e r c e n t o f t h e a m o u n t o f
b o n d s b id fo r a n d in c a s e th e b id is fo r le ss t h a n
t h e t o t a l Issu e , t h e m a t u r it ie s d e s ir e d s h o u l d b e
sp e c ifie d .
.
, , .
N o b id fo r le ss t h a n p a r a n d a c c r u e d in t e r e s t ,
If a n y , w i l l b e a c c e p te d .
T h e b o n d s w ill lie p r e p a r e d u n d e r t h e s u p e r ­
v i s io n o f a n d c e rtifie d a s t o g e n u in e n e s s b y t h e
C o lu m b i a T r u s t C o m p a n y o f N e w Y o r k C i t y .
T h e b o n d s w ill b e d e liv e r e d a t t h e W e s t f ie ld
T r u s t C o m p a n y , W e s t f ie ld , N . J ., o r a t t h e
C o lu m b i a T r u s t C o m p a n y , 135 B r o a d w a y , N e w
Y o r k , a s th e p u r c h a s e r m a y elect, o n M a r c h l ,
1911
M A R K A . W E B S T E R , D i s t r i c t C le r k .

P o p u l a t i o n ...................... 6 ,4 2 0

North Yakima, Washington.

F. W M . K R A F T

OF T H E

TOWN OF WESTFIELD, N. J.

Issued In Coupon or Registered Form
Interchangeable at will after Purchase
S o ld

bonds

A u t h o r i t y , S e c t io n 3 9 3 9 , G e n e r a l C o d e .
D e n o m in a t io n $200.
D a te
J a n . 15 1 911.
I n t e r e s t s e m i- a n n u a l.
M a t u r i t y $ 2 0 0 y e a r ly o n J a n . 15
fr o m 1912 to 1917 in c lu s iv e .
C e r t ifie d c h e c k fo r 5 % o f b o n d s b ill fo r, p a y a ­
b le t o t h e C i t y T r e a s u r e r , Is r e q u ir e d .
P u r c h a s e r to p a y a c c r u e d in t e r e s t .

Payable September 1st, 1960

fr o m

$ 1 2 ,0 0 0 s c h o o l

W ashington C. H ., Ohio.— Bond Offering.

Per Cent. Gold Corporate Sto ck

AT

m *

th e sa le o f

— P r o p o s a ls w ill
b e r e c e iv e d u n til 12 m . F e b . 1 b y G len n M . P in e , C ity
A u d it o r , f o r $ 1 ,2 0 0 4 % e n g in e -h o u s e im p r o v e m e n t a n d
e q u ip m e n t b o n d s .

YORK CITY

NEW LOANS

6 0

Waseca School District (P. O. W aseca), Waseca County,
Minn.— Bond Sale.— A r r a n g e m e n ts h a v e b e e n m a d e w ith th e

—Bonds Sale.— T h e

W a rd C o u n ty C o m m o n S ch o o l D is tr ic t N o . 3 , T e x .
.— O n D e c . 29 1910 $ 3 ,0 0 0 5 % 2 0 -y o a r b o n d s w ere
re g iste re d b y th e S t a te C o m p tr o lle r .

$

[VOL. LXXXX1I.

P u t y lc N o t ic e Is H e r e b y G i v e n t h a t th e T h i r t y
T h o u s a n d D o ll a r s 6 % F u n d i n g B o n d s o f N o r t h
Y a k i m a , W a s h i n g t o n , n u m b e r e d fr o m 1 t o 60,
in c lu s iv e , d a t e d D e c e m b e r 1st. 1890, d u e D e c e m ­
b e r 1 st, 1915, r e d e e m a b le a ft e r D e c e m b e r 1st,
1905, a r e h e r e b y c a lle d fo r p a y m e n t o n F e b r u a r y
1 5 th , 1911.
S a i d b o n d s s h o u ld be p r e s e n te d fo r
p a y m e n t a t H a rr is , F o rb e s
C o m p a n y ( f o r m e r ly
N . W . H a r r i s & C o .) In t h e C i t y a n d S t a t e o f
N ew Yo rk.
D a t e d t h is 1 0 th d a y o f J a n u a r y , 1911.
C . R . D O N O V A N , C it y T re a su re r.

&

M U N IC IPA L B O N D S
Safe st Investm ent#
kn ow n . Y ie ld in g from

AGL

ULEN

BANKERS

■ /O

0 .0 /
yO

I** U

& C O.

W rite to.
c irc u la r

C H IC A G O

CITY OF MINNEAPOLIS,
4 % W A T E R W O R K S BONDS

«

S e a le d b i d s w ill b e r e c e iv e d b y t h e C o m m it t e e
o n W a y s a n d M e a n s o f t h e C i t y C o u n c il o f t h e
C i t y o f M in n e a p o li s , M in n e s o t a , a t th e o ffic e o f
th e u n d e r s ig n e d . T H U R S D A Y , F E B R U A R Y 2,
1911, a t 2 o ’c lo c k p. m . . fo r th e w h o le , o r a n y
p a r t , o f t h e $ 5 0 0 ,0 0 0 W a t e r - W o r k s B o n d s , d a t e d
A p r i l 1, 1911, a n d p a y a b l e A p r i l 1, 1941.
B o n d s t o b e a r In t e r e s t a t th e r a t e o f F o u r ( 4 % )
P e r C e n t p e r a n n u m , p a y a b l e s e m i- a n n u a lly .
T h e