Full text of Commercial and Financial Chronicle : January 28, 1911, Vol. 92, No. 2379

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Railway & Industrial Section
Bankers’ Convention Section
SATURDAY, JANUARY 28 1911.

Bank <k Quotation Section
Railway Earnings Section
VOL. 92.

S it e (P tr m x id e .

Clearings at —

PUBLISHED WEEKLY.

1911.

Term s of Subscription—Payable in A dvance
F o r O n o Y e a r — ................................................................................... $ 1 0 0 0
F o r S i x M o n t h s ........................................................................................
0 00
E u r o p e a n S u b s c r i p t i o n ( i n c lu d in g p o s t a g e ) ......................................... 1 3 0 0
E u r o p e a n S u b s c r ip t io n s i x m o n t h s ( in c lu d in g p o s t a g e ! .....................
7 50
A n n u a l S u b s c r i p t i o n in L o n d o n ( i n c lu d i n g p o s t a g e ) ..........................£ 2 1 4 s .
S i x M o n t h s S u b s c r i p t i o n in L o n d o n ( i n c lu d i n g p o s t a g e ) ....................£ 1 11 s,
C a n a d ia n S u b s c r i p t i o n ( i n c l u d i n g p o s t a g e ) .........................................$ 1 1 50

S u b scriptio n in clu d es fo llo w in g S u p p le m e n ts—

B \ n k a n d Q u o t a t i o n ( m o n t h ly )
Is
K a i l w a y a n d I n d u s t r i a i . ( q u a r t e r ly ) E
R a i l w a y E a r n i n g s ( m o n t h ly )
|B

p a t h a n d C i t y ( s e m i- a n n u a lly )
l e c t r i c K a i l w a y (3 t im e s y e a r ly )
a n k e r s ’ C o n v e n t i o n ( y e a r ly )

Term s of A dvertising—Per Inclt Space

t r a n s i e n t m a t t e r p e r i n c h s p a c o (1 4 a g a t e l i n e s ) ................................... $ 4 2 0
Tw o M o n th s
' ' t" im e s ) .......................... 2 2 0 0
(3
T hre e M o n th s
(1 3 t i m e s ) ......................... 2!) 00
s t a n d in g B u s in e s s C a rd s
S ix M o n th s
(2(5 t im e s ) ......................... 5 0 00
T w o l v e M o n t h s (52 t im e s ) ...... ................... 8 7 00
C H I C A G O O F F I C E — P l i n y B a r t l e t t , 513 M o n a d n o c k B lo o k ; T e l. H a r r i s o n 4012
L O N D O N ' O F F I C E — E d w a r d s & S m i t h , 1 D r a p e r s ’ G a r d e n s , E . O.

W I 1 M A J I It. 15AIVA C O M P A N Y , ( P u b lis h e r s ,
l*. (>. Box J)5 8 . F ro n t, l ’ino am i D epeyw tor S ts., N ew Y o rk .

P u b lish e d every S a t u r d a y m o rn in g b y W I L L I A M B . D A N A C O M P A N Y .
Jacob Seibert Jr., P re sid e n t an d Treas.: George S. D a n a a n d A rn o ld G . D a n a ,
Vice-Presidents; A rn o ld G . D a n a , Sec. Addresses ot all, O ffice of the C o m p a n y .

CLEARING-HO USE IlET URNS.
T h e f o llo w in g t a b le , m a d e u p b y t e le g r a p h , & c ., In d ic a t e s t h a t t h e t o t a l
b a n k c le a r in g s o f a ll c le a r in g h o u s e s o f t h e U n i t e d S t a t e s Tor w e e k e n d in g
J a n . 28 h a v e be en $ 3 ,2 3 8 ,8 5 3 ,5 7 4 , a g a i n s t $ 3 ,3 7 7 ,1 8 7 ,9 0 0 la s t w e e k a n d
$ 3 ,7 1 5 ,2 4 9 ,8 7 0 t h e c o r r e s p o n d in g w e e k la s t y e a r .

Clearings — Returns by Telegraph.
Week ending Jan. 28.
N ew

St.

Y o r k .... ......................................

L o u i s ........................... - ...............

Seven cities, live d a y s ......................
O the r cities, five d a y s .................... —

T id a l all cities for w e ek....................

1911.
S I, 578.347,207
130,809,873
155,498,072
29,709,(554
225,189,380
64,582,426
18,940,972
82,163,077,584
521,084,716
$2,684,162,300
654,691,274
83,238,853,574

1910.
$2,019,413,777
150,903,518
124,783,262
26,197,523
232,090,989
57,706,765
18,529,067
$2,629,624,901
481,438,724
$3,121,063,625
594,186,245
S3,715,249,870

Per
Cent.
— 21.8
— 13.3
— 8.4
+ 13.4
— 3.0
+ 11.9
+ 2.2
— 17.7
+ 6.0
— 14.0
— 6.6
— 12.8

T h e f u ll d e t a ils fo r t h e w e e k c o v e r e d b y t h e a b o v e w ill b e g i v e n n e x t S a t ­
u rd ay .
W o c a n n o t fu r n is h t h e m t o - d a y , c le a r in g s b e in g m a d e u p b y th e
c le a r in g h o u s e s a t n o o n o n S a t u r d a y , a n d h e n c e In t h e a b o v e t h e la s t d a y o f
th e w e e k h a s to b e 111 a ll c a s e s e s t im a t e d , a s w e g o to p r e s s F r i d a y n ig h t .
W e p r e s e n t b e lo w d e ta ile d fig u r e s fo r t h e w e e k e n d in g w it h S a t u r d a y ,
n o o n , J a n . 2 1, fo r f o u r y e a r s.

Clearings at —
1911.

Week ending January 21.
Inc. or
1909.
Dec.
1910.
8
8
%

1908.

8
1.975,511,559 2,839,550,277
163,351,524
157.642,678
52,511,328
51,304,027
32,404,722
36,813,631
13,492,302
13.483,008
6,610,910
0,590,008
7,324,024
7,263,131
4,477,812
4,410,664
2,669,869
2,800,958
2,661,166
2,430,756
1,590,583
1,362,625
1,532.258
1,511,371
1,287,914
1,515,213
1,453,081
1,604,567
1,198,695
1,205,01)0
1,416,697
1,398,538
880,167
803,599
785,337
872,615
570,375
663,455
700,600
646,988
481,900
537,550
458,419
554,403
275,000
200,000

8
— 30.4 1,878,518,533 1,548,455,859
113.718,239
125,322,073
— 3.5
45,991,607
42,700,001
— 2.3
24,768,989
+ 13.4
27,715,133
7,540,924
11,863,622
— 0.07
4,605,483
5,456,241
+ 0 .3
4,762,000
0,176,942
— 0.8
3,255,297
3,576,562
— 1.5
2,171,917
+ 4.9
2,359,681
1,845,611
2,088,742
— 8.5
1,105,834
1,232,260
— 14.3
1,099,051
— 1.4
1,197,641
1,242,713
+ 17.6
1,184,163
1,137,402
1,403,754
— 9.4
818,010
1,073.883
+ 0 .5
1,311,033
+ 1.3
724,821
704,739
+ 9.5
521,033
624,605
— 9.9
471,821
465,003
— 14.0
455,714
446,348
466,300
450,000
— 10.4
503,664
356,182
+ 20.9
252,725
243,319
+ 5.8

T o ta l M id d le . . 2,270,989,091 3,137,948,213

— 27.6 2,116,486,480 1,765.966,374

P h ila d e lp h ia -----P it t s b u r g h --------B u ffa lo ..............
A l b a n y . - ...........
W a s h i n g t o n -----K o c h e s t c r .........
S c r a n t o n ...........
S y r a c u s e _______
H e a d i n g ........ W ilm in g t o n .......
W ilk e s-B a rre . . .
W h ee ling
.....
H a r r i s b u r g ____
T re n to n ____ .
Y o r k ................
E r i e ..................
C h e s t e r .............
G r c c n s h u r g ------B in g h a m t o n -----A l t o o n a .............
F r a n k l i n ...........

H o ly o k e .............

208,459,632
10,519,200
4,155,548
3,049,895
2,333,753
1,964,636
2,440,146
1,227,558
1,273,778
691,933
621,383

214,234,147
9,555,700
4,798,412
3,028,493
2,500,000
1,835,628
2,418,780
1,341,086
1,203,180
531,086
660,028

— 2.7
+ 10.1
— 13.4
+ 0 .7
— 6.6
+ 7 .0
+ 1.1
— 8.5
+ 5.9
+ 50.3
— 6.8

179,321,494
7,559,300
3,183,673
2,727,582
2,203,556
1,428,440
1.455,684
1,084,780
805,843
460,492
428,175

149,881,204
6,487,100
2.775,372
2,358,366
1,851,729
1,555,965
1,480,046
996,802
692,159
462,096
414,526

200,659,019
168,953,365
242,113,140' — 2.2
236,743,462
T o ta l N e w E n g .
.— F o r C a n a d ia n clearings see "C o m m e rc ia l an d M iscellane ous N e w s.”

Note




C h i c a g o .............
C in c in n a t i______
C l e v e l a n d ..........
D e t r o it . ...........
M ilw a u k e e ______
In d ia n a p o lis ___
C o lu m b u s ______
T o le d o ...............
P eo ria ............. .
G r a n d K a p ld s __
D a y t o n .............
E v a n s v ille _____
Y o u n g s t o w n -----K a la m a z o o _____
F o rt W a y n e -----Springfield, 111 - _
L e x in g t o n --------A k r o n _________
R o c k fo rd .........
C a n to n ________
Q u in cy .............
S o u th B e n d . ___
Springfield, O h io
M ansfield .........
B lo o m in g t o n -----D e ca tu r ........- Ja ck son — ........
J a c k s o n v ille -----D a n v ille .............
L i m a ........... —
A n n A r b o r ______
A d r ia n .............
S a g in a w .... .........
T o t. M id .W e st.
S a n F r a n c isc o __
L o s A n g e le s . -----Se attle ........—
P o r t l a n d ........- S p o k a n e ------------S a lt L a k e C i t y . - T a c o m a ......... - O a k la n d .............
S a c ra m e n t o ------S a n D i e g o ........F r e s n o ...............
Sto c k to n ...........
S a n Jo se.............
N o r th Y a k im a ._
K c n o .................
T o ta l P a c ific -K a n s a s C i t y -----M in n e a p o lis........
O m a h a .............
St. P a u l . - . ......D e n v e r ...............
S t. J o se p h .........
D e s M o i n e s ........
W i c h i t a ________
T o p e k a ------------D a v e n p o r t --------C e dar K a p ld s . . .
F a rg o . -----------S io u x F a lls .. —
C o lo rado S p r in g s
P ueblo
. --------F r e m o n t ......... H e le n a - ...........
B i l l i n g s .............
H a s t i n g s ...........
T o t. o th .W c st .
St. L o u is ...........
N e w O r le a n s-----Lo u isv ille --------H o u s t o n _____ G a l v e s t o n --------R ic h m o n d _____
M e m p h is --------A t l a n t a ......... F o rt W o r t h ........

L ittle H o c k ........

M o b i l e _________

A u s t i n ...............
W ilm in g to n , N .C .
Jack son .............
M e r i d ia n ...........
T o ta l South ern

S
265,915,072
25,981,900
20,152,497
I S , 778,631
13,952,165
8,529,872
6,354,300
4,957,611
3,445,433
2,654,995
2,125,404
2,473,836
1,321,078
1,232,268
999,561
1,015,329
1,147,673
998,865
725,700
991,197
642,297
531,974
600,054
451.887
630,435
405,338
470,000
316.256
393,872
396,098
151,380
27,349
738.115

Electric Railway Section
State and City Section
NO. 2379.
Week ending January 21.
Inc. or
1910.
Dec.
1909.
S
$
%

278,778,516
27,514,300
19,642,572
17,933,927
12,055,103
10,028.993
6,996,300
4,832,098
3.394,575
3,087,207
2,150,107
1,964,378
970,913
1,368,062
1,125,996
1,024,124
1,109,822
858,000
671,893
905,331
654,345
563,853
559,308
443,988
605,347
387,397
415,138
207,545
501,750
389,059
210,094
18,995
586,934
402,136,030
44,092,176
14,654,178
12,097,710
9,241,710
4,554,850
7.529.22S
5,708,721
2,236,676
1,166,342
1,021,000
830,000
665,101
577,108
460,695
463,031
289,125

— 4.6
— 5.6
+ 2.6
+ 4.7
+ 15.7
— 14.9
— 9.2
+ 2.6
+ 1.5
— 14.0
— 2.1
+ 25.9
+ 36 .1
— 10.0
— 11.2
— 0.9
— 1.9
+ 16.4
+ 8.0
+ 2.7
— 1.9
— 5.7
+ 7.3
+ 1.8

— \A

147,980,53/
83,216,520
74,757,677
23,153,009
29,338,147
16,337,281
15,722,207
15,162,277
14,865,484
7,618.000
8,883,500
7,501,699
8,230,311
8,706,366
7,788,148
11,930,429
13,663,217
7,065,725
7,387,731
4,227,701
5,615,220
4,137,401
4,230,311
2.863,842
2,789,746
2,852,122
2,053,748
2,749,944
2,331,366
1,939,401
1,735,001
2,713,275
2,306,57*
1,769,481
1,901,651
2,126,352
1,886,247
1,633,799
1,662,536
1,980,677
2,200,00(
2,086,795
2,400.00(
1,150,00(
2,500,001
1,056,896
1,562,790
621,223 N o t Included
355,257
520,425
736,884
605,181
470,000
600,000
340,191
375,000

+ 4.6
+ 13.2
+ 52.6
— 21.5
+ 1.8
— 28.1
+ 44.6
+ 25.9
— 3.1
+ 8.9
+ 19.3
— 24.8
+ 0.9
— 9.C
— 8.9
— 29.'
+ 7 2 .7
+ 21.3
+ 41.3
+ 1.3
+ 20.8
+ 14.0
— 2.7
— 2.4
— 27.8
+ 3.5
+ 6.6
— 9.9
— 9.3
— 3.8
— 1.8
— 39.2
+ 8.1
— 10.2
+ 19.0
+ 11.3
+ 3 .2
+ 55.1
+ 7.0
+ 7.5
— 27.2
+ 15.8
— 13.5
— 10.9
— 33.7
+ 3 0 .2
+ 23.0
— 20.9
+ 3 0 .7
— 0.1
+ 11.3
— 21.1
— 3.8
— 2.0
+ 16.6
— 8.8
+ 11.8
+ 14.5
+ 4.6
+ 32.8
+ 2.2
— 2.6
— 7.C
+ 17.9
+ 11.8
+ 17.6
+ 7.5
— 11.3
+ 1.8
+ 11.1
+ 15.C
+ 117.4
+ 47.9
in tota
+ 46.5
+ 21.8
+ 27.7
+ 10.2

212,256,644

+ 4.9

389,514,448
48.034.721
17,477,692
9,097,100
9,528,084
4,116,527
6,912,508
4,026,506
3,862,408
1,414,284
1,443,284
810,712
sooiooo
661,584
448,147
451,693
208,825
109,324,071
58,798,832
20,832,580
14,726,502
9,475,328
9,968,058
2,453 997
9,350,000
3,500,000
2,824.680
3,250,000
1,659,708
2,168,952
1,568,005
1,321,679
646,895
1,100,000
706,294
629,202
281,750
1,169,305
1,094,846
132,961
196,108
147,855,742

222,761,182

105,587,960
55,147,234
23,128,480
16,233,798
9,849,067
10,150,982
4,036,329
8,650,335
3,895,381
2,374,792
2,918,921
1,608,092
1,398,938
1,466,570
1,229,815
887,330
950,000
816,440
706,538
424,939
898,437
889,928
168,191
150,000

1908.

267,632,113
30,191,350
17,727,243
14,246,466
11,458,126
9,234,025
6,009,300
4.498.681
3,040,296
2,411,237
1,752,741
2,012,285
781,S43
1,097,634
813,207
988,952
686,374
840,000
603,177
787,942
519,307
429,246
488,124
33S.028
453,230
437,764
300,000
238,292
326,347
306,444
149,572
27,263

8
229,246,540
24,901,100
10,514.295
18,276,946
10,420,847
6,477,841
5,289,400
4,170,526
2,828,510
2,030,123
1,420,146
1,573,848
633,839
894,890
771,054
741,310
797,843
540,000
572,189
394,462
453,309
360,980
347,016
346,340
447,054
431,359
259,401
222,222
266.613
290,000
95,152
23,387

380.885,209
33,873,589
11,270,707
7,620,274
6,138,076
3,216.485
6,125,035
4,256,611
1,607,894
814,410
800,000

326,638,548
34,462,231
8,905.962
6,626,703
4,822,902
2.312,211
4,481,960
3,618.881
1,423,631
759,020
700,000

503,722
430,386
392,987
320,236
..........
77.370,472
44,179,511
15,638,537
14,460,597
10,687,811
9,450,441

...........
68,947,097
33,432,073
19,909,714
11,596,482
9,471,207
7,368,497

6.834,525
3,170,368
2,624,913
1,776,945
1,373,530
1,409,706
1,206,801
986,204
642,656
590,000
657,509
551,430
364,047

5,657,145
2,538,051
2,008,615
1,356.564
1,102,567
1.096,610
861,907
66S.6S0
519.040
445,000
023,944
054,649
291,699

856,875
148,028
...........
117,670,240
71,885,137
20,440,925
14,573,859
14,610,651
7,004,500
0,614,909
6,104,584
5,191,187
7,176,643
4,096,489
3,985,000
2,775,373
2,211,275
1,910,258
1,774,401
1,613,349
1,507,250
1,480,117
1,446,645
1.454.84C
1,216,957
915,997
760,516

(533.399
200,000
..........100,495.844
62,243,391
20,066,018
11,588,846
10,964,604
7.970,000
5.701,271
5,004,953
5,330,174
5,281,215
4,613,129
3.989,595
2,383,614
2,077 340
2,122,777
1,558,840
1.565,000
1,079,092
1,632,170
1,431.553
1,314,793
773,327
917,423
467,244

444,069
385,527

477,231
311,014

413,278
378,737
500,000

...........

182,843,937

162,264,614

T o ta l a l l......... 13.377.187.996 4,248,022,521 | — 20.513,075,914,363 2.592,975.842
O u tsid e N . Y .

4.401,676,437 1.408,472.217

— 0.5 1.197,395,832 1.043.519,983

216

THE CHRONICLE

[VoL. LXXXXU.

and are n o t to be accorded the protection w hich a
C entral B ank is supposed to offer, can it be m aintained
A now num ber of our “ R ailw ay and Industrial th a t our banking system as a w hole will be sufficien tly
80011011/ ' revised to date, is sent to our subscribers safeguarded and fortified against panicky conditions?
to-d ay. In th e editorial colum ns of th e sam e will be
found articles on the follow ing subjects: “ R ailw ay
T hough E dw ard II. H arrim an died less th an a year
O perating A ssociation s— H ow T h ey H ave D eveloped and a half ago, th e country is already beginning to
Scientific M ethods"; “T he P ooling of L ocom otives in appreciate m ore clearly than it did during his strenu­
O peration," and “ Car Interchange and D em urrage."
ous lifetim e w hat he accom plished and w hat he aim ed
to do for th e U nited S tates. D oubtless as tim e passes,
affording a truer perspective, bringing fresh facts to
THE FINANCIAL SITUATION.
light and brushing aw ay an im osity, the public ju d g­
W hile th e plan subm itted last w eek b y Senator m ent will crystallize so strongly in his favor th at he
A ldrich for banking and currency reform em bodies will be aw arded a high place am ong th e geniuses who
m any excellen t features, and w ill doubtless furnish a have done so m uch for the constructive developm ent
basis on w hich to construct a financial system for the of th e country.
coun try adeq uate to all requirem ents, it is w ell enough
A sym p a th etic, y et convincin g, interpretation o f
to recognize th at m any additions and m odifications Mr. H arrim an’s life-w ork and am bitions w as subm itted
w ill be necessary to adapt it com pletely to th e needs on W ednesday even in g to the Finance Forum by O tto
of our banking m echanism . T he plan leaves entirely II. K ah n , of K u h n , Loeb & C o., who m ore than any
ou t of consideration th e large and num erous body of other individual w as brought into intim ate contact
S tate banking in stitu tio n s. Is n ot th at a point th at w ith this great railroad m an and financier during th e
w ill h ave to be covered before it can be assum ed that later years, th a t were so full of ach ievem en t, so em ­
w e h ave advanced far to a solution of th e problem? bittered b y calum n y, y e t, finally, so fruitful of victory
W e know the difficulty in th e w ay of doing th is, arising and public recognition. Mr. K ahn not only brought
ou t of th e fact that th e Federal G overnm ent has no to light previously unknow n incidents in Mr. Harri­
au th ority or ju risdiction over S tate organizations, and m an’s career, bu t, in reply to questions from stu d en ts,
y e t th ese in stitu tion s form part of th e coun try’s m ade the statem en t th a t, had th e G overnm ent de­
ban k in g sy stem , and a very im portant part, to o .
cided not to build the P anam a Canal, Mr. H arrim an
A ccording to figures com piled by th e C om ptroller w ould him self have undertaken the project from patri­
of th e C urrency, there were on June 30 1910 no less otic m otives. It was also elicited from Mr. K ahn th a t
th an 12,166 S tate banks and 1,091 trust com panies the “ railroad w izard,” as Mr. H arrim an cam e to be
(n ot includ ing savings banks or private banks), and called, had conceived plans w hich did n o t end at th e
th e y had aggregate capital stock of $803,156,389 and seaboard of th is coun try, but em braced Sib eria, th us
aggregate resources of $ 7 ,911,808,827. T he num ber giving him a foothold in the E astern H em isphere.
of n ation al banks at th e sam e date w as 7,145, w ith
E very new revelation of Mr. H arrim an’s dream s—
capital of $989,567,114 and aggregate resources of dream s th a t, under his indom itable w ill, infinite energy
$ 9 ,8 9 6 ,6 2 4,6 9 6 . T hus in m agnitude th e S tate insti­ and alm ost superhum an perspicacity, were rapidly
tu tio n s do n ot rank far behind th e nation al institutions, being transform ed into accom plished realities— every
and if w e w ould com pletely provide for our banking new revelation , it strikes us forcibly, serves to estab
system as a w hole, th ey cannot be left out of th e pale. lish Mr. H arrim an as the Cecil R hodes of A m erica.
T here are certain provisions in th e Aldrich plan B oth m en “ thought in continents," both were im bued
th a t suggest a possible purpose to provide for the w ith the spirit of p atriotism , both were m uch m aligned
u ltim a te extin ction of S tate banking organizations and cruelly m isunderstood in life. The m an w ho,
altogether. B u t th a t is obviously an im possible task. w ith alm ost inconceivable daring, projected th e C apeIt is provided th at “there shall be established a new to-Cairo R ailw ay and by his unceasing enthusiasm
class of n ation al banks to be know n by a specifically set th e enterprise on its w ay to success, m ade m any
designated nam e. Such banks m ay have savings enem ies, encountered th e opposition of governm en ts
departm ents and m ay m ake properly secured loans on and pow erful individuals, w as derided as a vision ary,
real estate." It is furtherm ore, provided, th at “ an­ and died before ju stice w as done him . G reat as were
other class of n ational banks shall be authorized, w hich th e achievem ents of Cecil R hodes, his will revealed
shall be in effect n ational tru st com panies, to be th at he had conceived the form ation of noth ing short
designated b y som e appropriate nam e and to exercise of a zollverein of all th e E nglish-speaking nations of
all th e fu nctions and have all th e privileges, including th e earth. Edw ard II. H arrim an also w rought w on­
length of charter, w hich are given to trust com panies derful w orks, but th at he had far w ider am bitions is
by th e law s of th e various S tates." T he purpose here now com ing to ligh t. W ith his S ou th A frican proto­
is very plain. It is intended to provide a w ay for ty p e, Mr. H arrim an m ight have uttered at th e end
sup planting S tate organizations of th a t character. the touching plaint: “So little done; so m uch to do."
W e indicated last w eek our reasons for th in king th at W hat both m en achieved will be rem em bered for ages.
public opinion is n ot likely to favor federal authoriza­
tion of savings and tru st organizations— a body of in­ The proposed trade agreem ent betw een fh e U nited
stitu tion s w hose functions on th e w hole are distinc­ S tates and C anada was su b m itted to th e legislatures
tiv ely local. If th e sam e provision also harbors a in both countries at the sam e hour on T hursday. T he
purpose to elim inate S tate m ercantile banks, there readjustm ents form ulated are far-reaching, leaving
w ould be still further reason for opposing it. On th e doubts as to w hether a bill can be passed during th e
other hand, if th e S tate banks are to remain in e x ist­ present short session. The first im pression created
ence (and th ey u n d ou b ted ly will rem ain in existen ce), by a perusal of the new schedules is th at the negotia-

“RAILWAY ANI) INDUSTRIAL SECTION.




J a n . 28 1911.)

THE CHRONICLE

tors have perform ed their duties w ith a thoroughness
th at had not been generally expected . The revision
suggested em bodies real, not m ock, reductions' in
schedules. For th a t reason the difficulty of securing
th e consent of th e legislatures of both countries will
be not inconsiderable. President T aft, w ith rare
skill, has n ot presented the proposals in the form of a
trea ty , w hich w ould have called for a tw o-thirds vote
of th e Sen ate, but sim ply as a tariff bill.
The fundam ental principle of th e agreem ent is to
secure a reduction in th e cost of living. T his, it is
claim ed by all parties concerned in the drawing up
of th e new schedules, has been kept in m ind through­
ou t. A nd w hat has been accom plished in this respect
will appear w hen we say th at under the arrangem ent
proposed such indefensible duties as the tax of 25 cents
a bushel on Canadian w heat and potatoes will be entire­
ly rem oved. B riefly, th e agreem ent provides for the
m utual free entry of live stock , agricultural products,
fruits and fish, for m aking paper, wood pulp and pulp
w ood m utually free w henever the Canadian restric­
tions on exportation are w ithdraw n, lor concessions
on certain classes of agricultural im plem ents and a few
iron and steel products, an d forsu n d ry other reductions
in rates. The official estim ate is th at Canada’s re­
ductions of duties on goods im ported from the U nited
S tates will am ount to $2,560,579, w hile we surrender
a revenue of $4,849,933, based on the m erchandise
m ovem ents of the fiscal year 1910. From these and
other data the conclusion forced is th at the U nited
S tates has gone even more than half w ay to m eet
Canada, and there should certainly be little oppo­
sition at O ttaw a w hen the agreem ent com es to be
voted upon— provided, of course, W ashington does not
m utilate the ten tative schedules beyond all reason.
A s we rem arked last w eek, it is one thing to decide
upon reciprocity in principle and quite another m at­
ter to have genuine revision incorporated into law .
N evertheless we are hopeful of a favorable outcom e.
Mr. T aft’s zeal in the m atter deserves the highest
praise. If he had no other claim to the plaudits of his
countrym en, the rem oval of the tax of 25 cents a bushel
on w heat would alone, should Congress give its ap­
proval to the arrangem ent, entitle him to enduring fam e.
The U nited S tates and G erm any are still at variance
over the potash contracts w hich were affected by the
change in th e Germ an law relating to exports of th at
com m odity. There has ju st been issued a pam phlet
of forty pages settin g forth the contentions of the Ger­
m an potash syn d icate. The history of the controversy
is gone into very fully and, as w ould be expected , an
effort is m ade to show th at the attitu d e of the A m eri­
can buyers and of our S tate D epartm ent is unreason­
able. Som e idea of the tenor of the lengthy brief
subm itted on behalf of the Germ an syndicate m ay be
gathered from such captions as these: “ P rotest N ot
R epresentative of A m erican T rade,” “ Bare F act of
Loss to Som e Am ericans Im m aterial,” “ P otash Law
N ot on Its Face D iscrim inatory A gainst U nited
S ta tes,” “ Com plaining Buyers H ad Fair W arning,”
“ Com plaint Comes from Few P ersons.” We do not
purpose pointing out the fallacy of certain of the argu­
m ents adduced, nor are we prepared to contend th at
n oth in g can be said on the side of the German G overn­
m ent. B ut there are m any w ho believe th at G erm any
had the U nited S tates in m ind w hen it inaugurated the



217

legislation w hich has caused all the trouble. A t all
ev en ts, the course pursued does not seem quite in
harm ony w ith th at of a nation e n jo y in g our m inim um
tariff rates. B u t as to w hether th e fa cts w arrant the
declaration of a trade war again st the offending country
is open to question. A ccording to advices from W ash­
ington, pressure is being brou ght to bear upon Presi­
dent T aft to institute drastic reprisals. There is a d ­
m itted ly som e danger th a t, sh o u ld th e U nited States
subm it to G erm any’s action , other E uropean countries
m ay gather th e im pression th at th e m axim um clause
in our tariff law was never m eant to be brou ght into
use even under strong p rovocation , and th a t action
inim ical to this country ca n be taken w ith im p u n ity .
If such a notion should gain ground, our A dm inistra­
tion could not afford to qu ietly subm it to un frien dly
action; but the people as a w hole w ould prefer to pre­
sent an ultim atum only w hen no other step can be
taken w ithout injury to our nation al self-respect.
A change in the B ank of E n glan d ’s rate m ay not
alw ays be follow ed now adays by corresponding m ove­
m ents in other m onetary cen tres, y et there are tim es
w hen a reduction or an advance in the official rate at
the leading ban king centre of the world possesses m uch
significance. On T hursday last th e G overnors of the
B ank of E n glan d, apparently after m ature delibera­
tio n , decided to abandon th e 43/>% rate w hich had
been in force since D ec. 1 and to nam e a 4% m inim um ,
the sam e as p rev ailed from the end of Septem ber to
the third w eek in O ctober, w hen the abnorm al foreign
dem ands for gold brought about a 5% charge. In
January of last year there were tw o reductions, first
from 434% to 4% in th e first w eek of the year and
then to 33--2% a fortn igh t later. In January 1909,
after a period of extrem ely easy m oney, th e rate w as
m oved up from 234% to 3% ; in th e first m onth of
1908 there were three reductions of 1% each, from
7% dow n to 4% ; while in January 1907 a 5% rate was
declared after 6 % had ruled from th e m iddle of O cto­
ber. It will th us be seen th at it is custom ary for the
B ank of E ngland to reduce its m inim um rate ju st after
th e m onetary firm ness th a t usually precedes th e new
year. On th is occasion th e ind ications som e tim e ago
were th at the 434% figure w o u ld be lowered at the
opening of January, b u t th ere suddenly appeared a
dem and for m oney sim u ltan eou sly w ith com petition
for gold, w ith the result th a t discounts in the open
m arket rose m aterially u n til by W ednesday of th is
w eek 60-day bills could n o t be negotiated at 4% . This
led London and N ew Y ork bankers to believe th at no
change w ould be m ade w hen th e directors m et on the
follow ing m orning. T he opinion w as strengthened
by th e declaration on the p a rt of a very prom inent
London banker th a t m oney prom ised to rem ain fairly
dear for several m onths. The action taken, therefore,
is full of encouragem ent. I t im pels th e conclusion
th at the h eavy drain upon L on d on ’s stock of gold has
relaxed; th at the exchanges are confidently expected
to rem ain in L ondon’s favor, and th at the B ank au­
thorities are satisfied th a t t he general financial outlook
is satisfactory. A 434% B ank rate at the end of Janu­
ary w ould have been apt to 'act as a restraint upon the
very active trade w hich G reat Britain is now enjoying;
so high a m inim um has been only once recorded at this
season in recent years and the circum stances then
(in 1907) were exceptional.

318

THE CHRONICLE

Certain N ew Y ork bankers question th e propriety
of th e reduction in th e L ondon B ank rate. T hey re­
call th a t on a notab le occasion, som e fifteen m onths
ago, th e rate had to be rushed up three tim es w ithin
three w eeks— from 2 )4 % to 5% . The conditions to ­
day are different from w h at th ey were th en , y e t it is
contended th a t the in stitu tion is none too strongly
fortified again st possible w ithdraw als of gold. The
bullion on hand is still fu lly $2 0 ,000,000 below th e
$2 0 0 ,000,000 m ark and less than was carried either
last y ear or in 1908, and th e reserve of $135,880,000 is
also below last year and four years ago. India m ay
continue to call for specie, South Am erica m ay appear
as a com petitor for the m etal, and even N ew Y ork
m igh t draw upon London should the E uropean pur­
chases of our new securities reach very large pro­
portion s. A t th e m om en t, it is true, sterling exchange
here is w ell above th e gold-im port level and th e unusual
spectacle is w itnessed of higher m oney rates in London
th an in N ew Y ork. B u t th is position is unlikely to
last. A pplications for new capital are com ing forward
alm ost d aily, a m oderate revival in th e dem and for
bonds has set in and a continuance of very cheap
m oney m ay stim ulate speculation in stock s, w ith the
resultant tigh ten ing in call m oney rates. H ow ever,
th e London authorities m ay have gauged th e outlook
quite correctly, and certainly our own bankers hope
th e step ju st taken w ill prove to have been justified.
T his w eek th e B ank reported a gain of £ 1 ,3 1 5 ,9 7 8 in
its sup ply of bullion and th e ratio now stands at 51 J4% .
On th e C ontinent th e banks have again added to their
cash accounts and curtailed their liabilities. The
Im perial B ank of G erm any show ed early in th e w eek
an increase of $22,634,000 in gold and silver, decreases
of fully $28,000,000 in note circulation and the sam e
am ount in discounts and an increase in deposits of
nearly $9 ,000,0 0 0 . A s bills can now be placed in
B erlin at 3 )4 % , the retention of th e 5% official charge
w ould appear to be scarcely w arranted. The B ank of
France on T hursday recorded a nom inal im provem ent
in its sto ck of gold, a decrease of fully $ 11,000,000 in
discou n ts, a contraction of m ore than $18,000,000 in
n ote circulation and a gain of nearly $7,000,000 in
d eposits, so th at the value of m oney there rem ains at
only 2 )4 % . A t B russels there is a difference of 134%
betw een th e official and th e unofficial rates; hence a
reduction in the form er m ay shortly be announced.

[VOL. LXXXXII.

H ow any sober-m inded person can dispute so bare
and im m ovable a proposition in arithm etic is a m arvel.
T h at som e boldly affirm increases in gross earnings
and deny th at n et earnings decrease does not change
th e fact. T he hazy notion (w hich is th e m ore influ­
ential for m ischief because it m anages to avoid being
put into plain statem en t) th at bigness in a corporation
both disposes it to doing injustice and lifts it above
th e com m on n ecessity of having incom e as large as
outgoes, m ay succeed in befogging th e issue; but th at
does not dispose of it.
,

A n address delivered on T hursday by Mr. H ow ard
E llio tt, President of the N orthern Pacific R R ., before
th e annual convention of th e M innesota F ederation
of Com m ercial Clubs, m eeting in S t. P aul, covered
considerable ground in dealing w ith the sub ject of th e
advancem ent of all business interests in the S tate.
M innesota is a large S tate, w ith nearly 17,000 square
m iles of area m ore than all N ew England; it is nearly
n in e-ten ths as large as N ew Y ork and P enn sylvania
com bined, w ith “ m ore natural possibilities than N ew
E ngland and N ew York and m ore agricultural possi­
bilities than P en n sylvan ia.”
G rowth of population has not been in the rural por­
tions of the S tate. The total num ber of farm s has in­
creased less than one per cent in th e last ten years, and
w hile th e num ber of ten ant farm ers has increased
22% , th e num ber of farm ow ners has decreased 4 % .
N otw ithstand in g an increase of 88% in th e valu e
of farm lands and buildings in th is last C ensus period,
only 34% of th e arable land of th e S tate is cu ltivated ,
“ and w hat is needed is m ore farm s and m ore farm ers.”
T he reason w hy im m igration has m oved past M inne­
sota to th e farther W est, Mr. E lliott th in ks, is m ainly
th at there has been too little system atic and persistent
advertising of her advantages to th e right people. In
density of population she ranks 29th am ong th e
States; and she ranks low est of all th e S tates east of
th e M ississippi, w ith th e exception of M aine, and below
th e average for the entire U nited S tates. Y et, M inne­
sota is considered, by people in th e basin of th e M issis­
sippi and east of th e A lleghenies, as rather a “settled ”
S tate, th e supposition being th at th e northern portion
is too severe in clim ate to be fit for anyth in g but lu m ­
bering. On th e contrary, it is suited to grass, grain,
peas and clover, and m ight rival D enm ark as a dairy
region.
One of th e encouraging features of th e situation is
So Mr. E lliott urged th at m ore advertising m u st be
th e grow ing recognition on th e part of railroad em ­ done. In th e year ending June 30 1909 th e railroads
ployees th at their ow n w elfare is involved in the spent nearly a quarter-m illion on pu blicity for M inne­
pending application of th e roads to advance rates. sota, and he earnestly advocated an increase of th e
A t a m eeting of th e N ew E ngland m em bers of the S ta te’s appropriation for th e purpose (only $75,000 in
A m erican R ailroad E m p loyees’ and In vestors’ A sso­ four years) to $ 100,000 a year, as suggested by th e
ciation, held in W orcester a few days ago, Mr. P . II. G overnor. T he roads could and w ould co-operate,
M orrisey, President of th e A ssociation, said th at in but th e S tate should take a real hold of th e work as a
th e last tw en ty-five years th e changes in class rates business m atter.
P assing from this particular topic, Mr. E lliott de­
have been sligh t, w hile th e prices of com m odities have
risen and th e roads h ave been obliged to raise w ages clared that “ the efficiency engineer” can find a m uch
again and again. T he advances on som e rates, he wider field in review ing governm ental m ethods and
said, are so sm all as com pared w ith th e value of the costs th an in com m ercial and railroad business m an­
th in gs carried that th e consum er can hardly figure out aged by trained m en who are doing their best, and he
any difference to him self; but “if the railroads are not ventured a prophecy so rational and encouraging th at
allow ed to raise their rates, it cannot bu t be felt in w e cannot forbear quoting his own words:
other w a y s.” O ther speakers were less indirect in j “The tim e is com ing, and m ay be alm ost here, w hen
their expressions and openly argued th a t unless rates th e successful politician w ill not be th e m an who
are increased, th e w ages of em ployees m ust com e dow n. ' advocates great expenditures of th e people’s m oney,




J a n . 28 1911.

THE CHRONICLE

219

w ho encourages burdens on all kinds of business by
foolish and p etty restrictions, w ho builds up a great
arm y of office-holders and bureaucrats; bu t, rather,
th e m an w ho advoctaes sim p licity and m oderation in
his own expenditures and in those of th e city , coun ty
and S tate, and w ho exacts th e sam e accurate work for
th e S ta te’s dollar th at he exacts in his ow n business;
w ho, in stead of passing a lot of new law s at each
session of th e L egislature, will spend m ore tim e in
repealing and am ending som e law s th at never should
h ave been passed, or th at have outlived their useful­
ness, and w ho insists upon th e enforcem ent of existin g
law s in such a m anner th at there w ill be respect for
them and for th e courts.”

Since the w eekly statem en t w as com piled, the B ank
has bought £ 211,000 gold bays in the m arket, but has
shipped £ 3 0,0 0 0 in sovereigns to Ind ia. Our special
correspondent also furnishes th e follow ing details of th e
gold m ovem ent in and out of th e B ank for th e B ank
week: Im ports, £411,000 (of w hich £ 1 0 ,0 0 0 from
A ustralia and £ 4 01,000 bought in the open m arket);
exports, £ 2 95,000 (of w hich £ 1 0 0 ,0 0 0 to E g y p t,
£ 1 20 ,0 0 0 to India and £ 7 5 ,0 0 0 to South A m erica),
and receipts of £ 1,200,000 net from th e interior of
Great B ritain.

C om m issions and legislatures, said Mr. E llio tt, ought
to keep before them th e question, “ w hat is best for
all the people, including the ow ners and em ployees of
railroads,” and not th e question w hether th e roads can
stand another rate reduction w ithout com pelling th e
courts to intervene to prevent confiscation. T hen he
brought th e subject hom e to his auditors b y rem inding
them th at th ey represent “ business interests in th e
S ta te ,” and th at th e railroad is an indispensable one
of th ose interests. So he urged th em , unansw erably,
to “tak e a little tim e and patience in creating a m ore
tem p erate public opinion about the relations betw een
A m erican railroads and th ose th ey are trying hard to
serv e.”

N e w Y o rk h a s a n o v e rs u p p ly o f m o n e y fo r u s e o n
th e S to c k E x c h a n g e , w ith th e c o n se q u e n c e t h a t in te r e s t
r a te s h a v e f a lle n to le v e ls u n a t t r a c t i v e to b a n k e r s .
T h e f a c t t h a t s u b s c r i p t i o n s a g g r e g a t i n g $325,000,000
w e r e t e n d e r e d f o r t h e $60,000,000 N e w Y o r k C i t y l o a n
t h i s w e e k in d ic a te s t h a t th e r e is lik e w is e a n a b u n d a n c e
o f c a p ita l a v a ila b le fo r in v e s tm e n t, p ro v id e d th e r ig h t
k in d o f s e c u r ity b e o ffe re d a n d a y ie ld o f 4 3 4 % o r
b e tte r b e g u a ra n te e d . Y e t a n u m b e r o f in flu e n tia l
b a n k e r s a d h e r e t o t h e b e lie f t h a t t h e p r e s e n t lo w r a te s
f o r m o n e y w ill n o t c o n tin u e . S o s u re a r e th e s e le n d e r s
t h a t t h e t e n d e n c y w ill b e u p w a r d s t h a t t h e y h a v e
re s o rte d to a n u n c o m m o n m e th o d o f u tiliz in g p a r t
o f th e ir s u rp lu s fu n d s . I n s te a d o f m a k in g s ix -m o n th s
lo a n s a t 3 3 4 % , w h ic h is t h e b e s t q u o ta tio n n o w o b t a i n ­
a b le , th e y h a v e a g re e d to m a k e lo a n s fo r A u g u s tS e p te m b e r m a tu r ity o n th e b a s is o f th e a v e ra g e r a te
e a c h d a y f o r c a ll lo a n s , th e r a n g e , h o w e v e r , b e in g
lim ite d to 2 3 4 % a s a m in im u m a n d 6 % a s a m a x im u m .
T h u s , if t h e r u lin g r a t e f o r d a y - to - d a y f a c ilitie s s h o u ld
b e o n ly 3 % m o re o fte n th a n 5 % , th e p ric e p a id b y th e
b o r r o w e r w ill b e le s s t h a n 4 % f o r t h e lo a n ; b u t if , o n
th e o th e r h a n d , 5 % b e th e re n e w a l ra te o n a m a jo rity
o f d a y s , t h e le n d e r w ill f a r e v e r y w e ll.

F o re ig n d is c o u n t r a te s r e m a in e d v e r y firm u n til th e
B a n k o f E n g la n d lo w e re d its r a te o n T h u r s d a y , w h e n
th e q u o ta tio n in L o n d o n in th e o p e n m a r k e t d e c lin e d
to 3 % % fo r s ix ty a n d n in e ty d a y s s p o t b ills a n d b ills
to a rr iv e , a g a in s t a s h ig h a s 4 3 4 % fo r s ix ty d a y s a n d
4 % fo r n in e ty d a y s b ills o n th e p re v io u s d a y . A t
P a r is e a s in e s s h a s c o n tin u e d , th e d e m a n d fo r b ills
b e in g s till k e e n a t 2 3 4 % • B e rlin a g a in is s u e d a m u c h
s tro n g e r B a n k s ta te m e n t, b u t th e d is c o u n t c h a rg e
th e r e r e m a in s a t 3 3 4 % f o r s p o t b ills a n d 3 ^ 4 % fo r b ills
t o a rr iv e ; t h e R e ic h s b a n k s h o u ld so o n b e a b le to
r e d u c e its 5 % m in im u m . A t A m s te rd a m c o n d itio n s
a r e n o w q u ite c o m f o r ta b le ; t h e p r i v a t e r a t e is 3 3 4 %
a n d t h e B a n k r a t e 3 3 4 % - M o n e y is a ls o m a t e r i a l l y
c h e a p e r th is w e e k in B r u s s e ls th a n it w a s a w e e k a g o ;
t h e u s u a l q u o t a t i o n i s 3 3 4 % ^ 01‘ 1 ) 4 % b e l o w t h e B a n k
r a te . N o w th a t L o n d o n h a s ta k e n th e in itia tiv e , o th e r
c e n tr e s m a y s h o r t l y w itn e s s f a v o r a b le c h a n g e s in
o ffic ia l d is c o u n t r a te s .

T he B ank of E ngland again secured m ost of the new
gold offered in th e open m arket on M onday w ithout
com petition from any source save India, so th at only
th e M int price (77s. 9d. per ounce) had to be paid.
A s our special correspondent in London points out in
his cable desp atch, th e purchases m ade in the open
m arket were supplem ented by a heavy return flow of
gold from internal circulation. The net result, after
allow ing for exports to E g y p t, India and South
A m erica, was an increase in bullion on hand at the
close of th e w eek of £ 1 ,3 1 5 ,9 7 8 , w hile a sm all reduc­
tion in circulation brought th e to ta l gain in reserve
up to £ 1 ,4 8 1 ,0 0 7 . An increase of £ 7 74 ,0 8 9 in loans
w as accom panied b y a larger gain (£1,061,071) in
ordinary d eposits, w hile public deposits rose £ 1 ,1 9 1 ,­
024. T he proportion of reserve to liabilities increased
from 51.23% last w eek to 51.88% th is w eek. The
ratio of reserve as well as th e to ta l am ount of bullion
now carried, nam ely £ 3 5 ,9 7 7 ,2 4 2 , com pare favorably
w ith th e corresponding figures during the last decade.




Several large banks and trust com panies have in ­
vested very ex ten sively in high-grade com m ercial
paper running all the w ay from 60 days to 6 m onths.
U ntil the last day or tw o the m inim um rate had been
3 / 4 % , w hile a little earlier 4% w as m ost com m only
agreed upon. The dem and for bills having increased,
and collateral loan rates having fallen, th e ten d en cy
has been tow ard easier discoun ts, and transactions
have been recorded at 3 3 4 % , a very low figure for
m ercantile accom m odation. B u t out-of-tow n in stitu ­
tions arc now w ithdraw ing from this m arket. In th e
country it is so often easy to secure 6 % for loans th at
w hen paper cannot be purchased to yield 434 @ 5 % ,
th e absorption dim inishes, w hile 4% is regarded as
entirely inadequate. Ita tln r than do business on
these term s, requests have been m ade to sim ply lend
balances here from day to d ay. The offerings of in­
terior funds are at th is m om ent notab ly large; th ey
h ave, as a m atter of fact, been a p o ten t influence in
depressing th e general m oney m arket. A t such cities
as Philadelphia, B oston, Chicago and S t. Louis th e
accum ulation of cash has also in v o lv ed a low ering of
rates. The Canadian banks h ave reduced their bal­
ances in N ew Y ork, but th is is due probably less to th e
cheapness of m oney here th an to a m arked falling off in
deposits throughout the D om in ion .
C a ll m o n e y h a s n o t c o m m a n d e d m o re t h a n 2 3 4 %
s in c e M o n d a y , w h e n a fe w lo a n s w e re m a d e a t 2 3 4 % ,
w ith , h o w e v e r, th e re n e w a l ra te a t 2 3 4 % . M o st o f th e
b u s in e s s h a s b e e n d o n e e a c h d a y a t t h a t q u o ta tio n ,
I a lth o u g h 2 3 4 % h a s b e e n o c c a s io n a lly n a m e d . Y e s te r-

220

THE CHRONICLE

d ay th e range w a s2 % % to 2 % % and the final loan w as
m ade at 2% % . T he average ruling rate for the w eek
has been 2% % . T he dem and has been light both for
call and tim e facilities. T he range for the latter closes
th e w eek as follow s: 60 to 90 d a y s, 3% ; 4 to 5 m onths,
3% @ 3% % ; 6 m on th s, 3% @ 3% % ; 7 to 8 m onths,
3% @ 4% , and 12 m onth s, 4 @ 4 % % . A good deal of
bu sin ess could be done were rates to m ove either
n little low er or a little higher. Prim e 4 to 6 m onths'
sin gle-n am e bills and 60 to 90 d ays’ endorsed bills
receivable are now q u oted at 3% @ 4% , and less
desirable nam es a t 4 3 4 @ 4% % , although under present
cond ition s a bill th at cannot be sold under 434% is
closely scru tin ized.
H a d th e p r a c t i c e o f “ c a r r y in g ” A m e r ic a n s to c k s in
L o n d o n b e e n a s g e n e ra lly p r e v a le n t a t th is tim e a s it
h a s b e e n o n o th e r o c c a s io n s th e r e w o u ld h a v e b e e n a
v e r y k e e n in q u ir y t h i s w e e k f o r fo re ig n e x c h a n g e to
p a y o ff o b lig a tio n s , in a s m u c h a s it h a s b e e n c h e a p e r
to b o rr o w m o n e y h e r e t h a n in L o n d o n . A t th e f o r t­
n ig h tly s e ttle m e n t th e A m e ric a n c o n ta n g o r a te ra n g e d
f ro m 5 % to 5 3 4 % a n d S to c k E x c h a n g e lo a n s w e re
n o t o b t a i n a b l e u n d e r 4% % . T h e c h a r g e f o r d i s c o u n t ­
i n g 6 0 - d a y b i l l s a t t h e s a m e t i m e c r o s s e d 4% . I n N e w
Y o rk a n a b u n d a n c e o f a c c o m m o d a tio n h a s b e e n a v a il­
a b le a t 2 3 4 % o n c a ll, 3 @ 3 3 4 % f o r 9 0 d a y s to s ix
m o n t h s a n d 3 3 4 @ 4 % o n m e r c a n t i l e b i l l s . T h e w e e k ’s
m o v e m e n ts in s te r lin g , in fa c e o f t h i s , h a v e b e e n v e r y
m ild . D e m a n d c lo s e d o n S a t u r d a y o f la s t w e e k a t
4 8 5 3 4 , w e n t to 4 8 6 3 4 o n W e d n e s d a y , b u t re c e d e d b e ­
lo w 4 8 6 y e s t e r d a y , w h ile c a b le tr a n s f e r s ro s e fro m
4 8 6 3 4 to 4 8 6 7 0 , o n ly to f a ll b a c k b e lo w 4 8 6 % .
T ra d in g h a s b e e n q u ie t, s p e c u la tio n h a v in g fo r o n c e
p la y e d little p a r t in in f lu e n c in g f lu c tu a tio n s . E u r o ­
p e a n in v e s to rs a rc e s tim a te d to h a v e s u b s c rib e d fo r
b e t w e e n $ 10,000,000 a n d $15,000,000 o f t h e N e w
Y o rk C ity 4 3 4 % b o n d s , b u t a ll th e e x c h a n g e o p e ra ­
tio n s in c id e n ta l to th e s e p u rc h a s e s h a v e n o t y e t b e e n
c o n d u c te d , p a r tly b e c a u s e o f th e d e s ira b ility o f h a v in g
th e b o n d s c a rrie d h e r e fo r th e p r e s e n t.

Several A m erican railroad loans, including minor
issues from South A m erica, have been placed abroad,
though so far no huge flotation , such as the P ennsyl­
vania C om pany’s one of 250,000,000 francs in 1906,
has m ade its appearance. N ow th at B ank rates arc
declining abroad, th e absorption of new A m erican
securities m ay be stim u lated . For the present ex­
change bankers arc adhering to their policy of acting
cau tiou sly, a policy inspired by th e very erratic m ove­
m en ts of th e last few m onths, by the peculiar inter­
n ation al m onetary conditions now prevailing and by
th e u n certain ty concerning the ex ten t of th e over-sea
assim ilation of our im pending capitali ssues. C otton
bills of lading have again been taken up for discussion
by London bankers, but so far as N ew Y ork is con­
cerned th e w hole m atter has been arranged on a satis­
factory basis. The supply of cotton bills now com ing
on the m arket is ligh t. Grain exports have resulted
in m oderate offerings of bills, bu t, generally speaking,
com m ercial rem ittance has been som ew hat scarce.
Com pared w ith Friday of last w eek, exchange on
Satu rd ay w as firmer w ith dem and quoted at 4 8575 @
4 8580, cable transfers at 4 8625@ 4 8630 and 60 days
a t 4 8260@ 4 8265. On M onday dem and advanced
to 4 8590@ 4 8595, cable transfers to 4 8635@ 4 8645;
vrkUe 60 d ays w as quoted at 4 8255 @ 4 8265. D e­



[VOL.

l x x x x ii .

m and on T uesday m oved up to 4 86@ 4 8605, cable
transfers to 4 8650@ 4 8660 and 60 days to 4 82 60 @
4 8270. On W ednesday, after opening slightly lower,
rates again advanced and dem and w as quoted at
4 8605 @ 4 8610, cable transfers at 4 8665 @ 4 8670 and
60 days at 4 8265 @ 4 8275. On T hursday dem and
declined to 4 8590@ 4 8 6 , cable transfers to 4 8650@
4 8655 and 60 days to 4 8250@ 4 8260. On F riday
w eakness occurred in th e forenoon, bu t the final quo­
tations for dem and were unchanged, though cable
transfers finished 10 points lower.
T he m arket closed last night at 4 8280@ 4 8285 for
60 d ays, 4 8590 @ 4 86 for dem and and 4 8640 @
4 8650 for cables. Com m ercial on banks w as quoted
at 4 82% @ 4 82% and docum ents for paym en t 4 82%
@ 4 83. C otton for paym en t ranged from 4 82% @
4 82% and grain for paym ent from 4 82% @ 4 83.
T h e f o l l o w i n g g i v e s t h e w e e k ’s m o v e m e n t o f m o n e y
t o a n d f r o m t h e i n t e r i o r b y t h e .\ c w Y o r k b a n k s .
Received by Stripped by
Net Interior
A'. Y . Ranks. N. Y. Ranks. Movement.
*11,845,000 $3,666,000 Gain *8,179,000
3,079,000
Gain 2,385,000
Total gold and legal tenders_____ *14,921,000 *4,360,000 Gain *10,564,000
Week ending Jan. 27 1(111.

W i t h t h e S u b - T r e a s u r y o p e r a t i o n s t h e r e s u l t is a s
fo llo w s .
Into
Out o f
Week ending Jan. 27 1911.
Ranks.
Ranks.
Banks’ Interior movement as above.
*4,360,000
Sub-Treasury operations.................... $14,924,000
42,900,000 42,600,000
Total gold and legal tenders........... 557,824,000 *46,960,000

Net Change in
Rank Holdings.
Gain 510,564,000
Gain
300,000
Gain $10,864,000

T h e fo llo w in g ta b le in d ic a te s th e a m o u n t o f b u llio n
in th e p rin c ip a l E u ro p e a n b a n k s .
Jan. 23 1911.
Jan. 27 1910.
Silver.
Gold.
Total.
Total.
Silver.
Gold.
£
£
£
£
£
£
35,977,242 36,306,350
36,306,350
England. . 35,977,242
162,922,660 139,040,520 35,049,520 174,090,040
France . . 130,143,380 .32,779,280
56,307,350 41,772,050
54,893,750
Germany 42,159,350 14.148.000
6.448.000 149,303,000 141,088,000 13.121,700
Russia a .. 142,855,000 12/118,000
7.110.000 148,198,000
67.583.000 56.596.000 12.918.000 69.514.000
Aus. Hu nb 55.165.000 30.825.000
S p ain ___ 10.443.000 3.558.000 47.268.000 16.130.000 30.863.000 46.993.000
42.908.000 38.650.000 4.058.000 42.708.000
Italy d __ 39.350.000
Noth’lands 10.809.000 2,324,400 13,133,400 10.083.000 2,988,100 13,071,100
Natmelg.d 5,587,333 2,793,667 5.381.000 4,287,333 2,143,067 6.431.000
-1,468,000
4.402.000 4.468.000
Sweden .. 4.462.000
5.058.000
6.250.000 5.058.000
Swltz’land 0,250,000
1.704.000
1.919.000 1.704.000
Norway . . 1.919.000
Total week 491,120,305 105,294,347 596.414,652495.183,253 108,251,987'603,435,240
Prev. week 486,315,221 104,461.103 590,776,624 492.765.463 107,284,783 0)00,050,246
i
1
a The total of »;ol(l In the Bank of llussla Includes the balance held abroad—thet
is, the am ount held for Russian account In other Continental banks. The p rrrrrtlon so held and consequently duplicated In the above statem ent Is about one-sixth
of the total In each year.
b The Austro-Hungarian Bank statem ent Is now Issued In K rcntn and Heller
Instead of Holden and Krculzcr. The reduction of the former currency to s-Urllng
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspond! nt In f.cn
don, in order to reduce Kronen to Pounds, has altered the basis of conversion by
dividing the amount of Kronen by 21 Instead of 20.
d The division (between gold and sliver) given In our table of coin and bullion in
t ie Banks of Italy and Belgium Is made from the best <stlmates we are able to obtain:
It Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver: but we believe the division we
make Is a close approximation.
Ranks of

AS TO FORTIFYING THE PANAMA CANAL

The controversy, w hich has suddenly becom e active,
regarding th e fortification of our P anam a C anal, is
not in all respects a new phase of the d iscu sso n s. Such
a precaution w as undoubtedly in the m inds of m any
engineers and legislators w hen the Canal w as first
projected. It was kept in the background, how ever,
during the earlier controversy possibly because the
projectors of the enterprise were not th en w holly sure
of its advisab ility, perhaps because th ey were not
anxious to add to the estim ates of financial burdens,
w hich were grow ing rapidly enough in th e m ere cal­
culations of the cost of digging the Canal itself. The
tim e seem s now to have com e, how ever, w hea th is
other question m ust be settled .

J a n . 28 1911.]

THE CHRONICLE

Speaking to th e P ennsylvania Society last Saturday
ev en in g, P resident T aft gave a clear and strong argu­
m ent for th e fortification policy. F irst he discussed
our G overnm ent’s right to fortify th e C anal, and
asserted his belief th at no careful person “ will read
th e record of historical even ts, treaties, A cts of Con­
gress and diplom atic negotiations, w ithout conceding
th e full right of th e U nited States to fortify th e
C anal.” The C layton-B ulw er T reaty, we know , in
1850 pledged both parties against th e fortification
of an Isthm ian canal. B u t th at treaty becam e inoper­
ative, and th e correspondence betw een Lord Lansdow ne and Secretary H ay in regard to th e existin g
trea ty exp licitly recognized th at nothing in th a t treaty
w ould prevent th e U nited S tates from fortifying the
Canal or from closing the Canal to th e en em y’s shipping
in case of w ar. The Spooner A ct of 1902 directed th e
President to build th e Canal “ and to m ake proper
d efen ses.” The treaty w ith P anam a in 1900 expressly
gave th e U n ited S tates th e right of fortification. In
other w ords, an entirely convincing case w as m ade out
by th e President as to th e legal and diplom atic right
of th e U n ited S tates to proceed to fortification.
A s to the n ecessity of such a p olicy, th e President
argued th a t, even in case of neutralization of the
Canal by all n ation s, an en em y could use th e Canal for
th e purpose of attacking us on both oceans. Our ow n
guaran ty of th e Canal’s neutrality, Mr. T aft further
urged, requires us to put ourselves in a position to
enforce th at guaranty. A s for th e argum ent th at
th e n a v y can defend the Canal sufficien tly, Mr. T aft
holds th e ground th at in war the purpose of th e n avy is
offense, not defense, and th a t therefore it cannot
properly fulfil th e second task. Concluding, Mr. T aft
disputed som e prevalent estim ates of the cost of forti­
fication, declaring th at th e ou tlay will be, not $5 0,­
0 0 0 ,0 0 0 , but $ 12,0 0 0 ,0 0 0 , and th at th e annual expense
for m aintenance w ould be, not $5 ,0 0 0 ,0 0 0 , b u t only
half a m illion. The higher estim ates, how ever, it
m ust be observed , are based on explicit statem en ts
of th e Chairm an of the Foreign Affairs C om m ittee in
th e H ouse of R ep resentatives, and it m ust also be
adm itted th at th e w hole experience w ith th e C anal, as
w ith other schem es of national d efense, teaches th a t orig­
inal estim ates b y en thusiasts for such projects ar.; apt
to be doubled or trebled as the undertaking proceeds.
N everth eless, th e case as presented b y Mr. T aft is
plausible and in th e m ain convincing. Of our right
to fortify th e Canal there seem s to be no doubt; for
th e w isdom of it there are forcible argum ents. In ­
deed, it m ay be said th at fortification is an even
m ore logical precaution for the safety of th e U nited
S ta tes, in view of possible w ar, th an is a pow erful
n avy. It is highly probable th at these argum ents
will carry th e d ay in th e C ongressional discussion.
B u t w hile conceding th is, it still appears to us th at
th e public’s dislike to th e fortification proposition in
its initial stage results from a sound m en tal a ttitu d e.
In part th is public feeling has been sum m ed up b y a
statem en t signed b y m any em inent public m en pro­
testin g against th e fortification of th e Canal on th e
grounds, am ong others, th at the U nited States has
never been attack ed b y a foreign Pow er; th at even an
enem y w hich m ight break its pledge to us alone would
hardly yenture to break a neutralization pledge w ith
all the com bined Pow ers, and th at an unfortified
canal would be really safer than a fortified canal, be­



221

cause the H ague C onvention of 1907 form ally agreed
th at unfortified coast position s cannot be bom barded.
The other considerations urged by Mr. T aft w ill prob­
ably outw eigh these objections; y et a strong con­
viction is lik ely to rem ain in th e public m ind th a t frank
recognition of th e ex ten t to w hich international honor
can be relied on in th e case of international pledges is
a longer step tow ard international peace and arbitra­
tion th an th e quasi-belligerent a ttitu d e em bodied in
fortifications.
For ourselves, we cannot regret th is jealous scrutiny
on th e public’s part of all such propositions, and its in ­
sistent dem and, in every case where large appropria­
tions are dem anded, for clear and convincin g reasons.
Our people are n ot irrational in th e m atter, but th ey
are fully aware of th e ex ten t to w hich arm y and n a v y
circles, and th e statesm en w ho absorb th eir view s, are
apt to be carried aw ay b y professional enthusiasm ,
w hich, in th eir case, m ay be pardonable, b u t w hich is
apt to have dem oralizing results. If there w ere no
reasons based on our ow n experience for distrusting
such leadership, the recent experiences of E ngland
w ould be convincing. A nd th at even our ow n execu ­
tiv e officials cannot be relied on as a barrier to th e
extrem e propositions of th e m ilitary cliques, th e very
recent episode of Secretary D ickinson’s letter regarding
a new land arm am ent is sufficient w itness. T he case
dem ands, in other w ords, th a t every proposition of
th is sort should be subm itted to th e public as to an im ­
partial and som etim es hostile ju ry.
If, in response to th e strong reasons sub m itted by
Mr. T aft, th e Panam a Canal is to be fortified, th e
utm ost care on our G overnm ent’s part w ill be necessary
to prevent th at m easure from leading to international
provocation. N ot long ago rum or w as bu sy w ith
random talk of a disposition in certain Japanese circles
to stir up a fight w ith th e U nited States before w e had
strengthened our position through com pletion of th e
Canal. There w as no foundation for th is talk; it w as
m erely th e im agination of busybodies sim ilar to those
w ho have con stan tly urged E ngland to strike at
G erm any before th e German navy should have grown
uncom fortably large. B ut there is still an easy possi­
bility th at a policy of th is sort, w hich is in its essence
based on m istrust and doubt of friendly foreign
Pow ers, m ight becom e a cause of international irrita­
tion . The m oral is, th a t no m atter w hat w e do in
safeguarding the Isthm ian Canal, th e plan of honorable
neutralization should be constan tly kept in th e fore­
ground. Furtherm ore, it is reasonable to assum e
th at if th e dem and for fortification is conceded, there
w ill not bo so favorable a hearing, to th e n ex t applica­
tion by th e naval enthusiasts for an indefinite increase
in our floating arm am ent, on the ground— w hich th ey
are likely enough to urge— th at otherw ise th e Canal
w ill not be sufficiently protected.

UNIFORMITY IN THE LAW OF EXCHANGE.

Much of interest to international bankers and large
exporters and im porters w ill be found in th e report
of th e recent conference at T he H ague on international
bills of exchange w hich has been sub m itted to Congress
b y President T aft. T he conference w as called b y th e
G overnm ent of T he N etherlands for th e purpose of
discussing th e possibility of a uniform law of bills for
th e entire w orld. T his program , w hile an am bitious
one, cam e m uch nearer to realization than m igh t have

222

THE CHRONICLE

[VOL. LXXXXII.

been an ticip ated . T he th irty-n in e Pow ers partici­ for correspondence by cable or otherw ise, and th e ad ­
patin g in th e conference w ere represented b y about ju stm ent of possible m isunderstandings. T he degree
six ty delegates and a draft of a uniform law w as of progress tow ards the E nglish and A m erican concep­
adopted for consideration b y th e hom e governm ents. tion of the law m ay be judged by the fact reported
A s th e m otive pow er behind th e action of T he N eth ­ by th e A m eiican delegate— th at the three provisions
erlands G overnm ent cam e from Ita ly and G erm any, upon w hich A m erican bankers laid special stress in the
and th e proposed uniform law appears to be acceptable prelim inary conferences held at the Cham ber of Com­
to th em , a strong nucleus is th us established in favor m erce here are all em bodied in th e proposed law . One
of its ad op tion . France, A ustria and R ussia also of these recom m endations w ould do aw ay w ith the re­
voted for th e law , and are lik ely to adopt it w ith little m arkable decision of the Court of A ppeals in this S tate
or no change after it receives its final form at the
th at a bill drawn here, but payable in a foreign coun­
second conference, w hich w ill be held n ext autum n. try , should be protested there according to the form s
If th ese great Pow ers tak e th e lead, there is little and under the restrictions of th e law of N ew Y ork.
doubt th a t th e sm aller countries of th e C ontinent will
I he other tw o provisions adopted in accordance
fall prom ptly into line.
w ith the wishes of the A m erican delegate were those
A n ote of d issent w as struck by only tw o Pow ers, above 1clo n ed to th at the drawee of a bill presented
but th ey happen to be the tw o representing th e largest for acceptance shall have th e right to reserve his de­
volu m e of com m ercial and financial transactions— cision until the follow ing d ay, and th at protest m ay
G reat B ritain and A m erica. T he report of th e A m eri­ be m ade at least a day after the dishonor of a bill.
can d elegate, Mr. Charles A . C onant, of this city , indi­ These references to particular provisions of the uniform
cates th a t th e B ritish and A m erican delegates were law naturally give only a hint of its scope. The sub­
com pelled to stand practically together— not because ject is a highly technical one, but is at the sam e tim e
of any sen tim en tal considerations of race, but because of great im portance to everyone concerned in the
th e A nglo-Saxon system of law differs essentially from grow ing volum e of our international trade. If it ap­
either th e old R om an civil law or th e German code. pears, after the conference of n ext autu m n, th a t there
I he position of th e delegates of th e A nglo-Saxon are a num ber of im provem ents em bodied in the uniform
countries did n ot cause serious friction, because both law w hich w ould lie of advantage in the law s of Great
delegations expressed their cordial sym p ath y w ith th e Britain and A m erica, it m ay well repay th e banking
objects of th e conference and their desire to adopt such and legal elem ents in those countries to unite in en ­
of its recom m endations as w ould constitu te im prove­ deavoring to secure the adoption of such im provem ents
m en ts over existin g E nglish and A m erican law .
throughout Great B ritain and her dependencies and
E ven if th e delegates from Great B ritain and A m erica am ong th e forty-eight A m erican S tates.
had occupied sim ply a n egative position— th at th ey
A question of equal, if not of greater, im portance
w ould accept and recom m end no changes in A nglo- th an th at of th e international bill is th at of the inter­
Saxon law — th ey w ould still have been far from indif­ national cheque. The conference of n ext autum n has
ferent to th e recom m endations of the conference. set for itself n ot only the work of p u ttin g the final
On th e one hand, it w ill be a long step tow ards sim ­ touches upon the uniform law on bills but of takingplification of th e law of exchange if all th e countries up the subject of a uniform law of cheques. H ere, as
of C ontinental E urope and L atin A m erica have a in the case of bills, it is not to be expected th a t Great
single system w hile th e system of th e A nglo-Saxon Britain and Am erica will accept a law follow ing the
countries rem ains unchanged. On th e other hand, rigid lines of the C ontinental law s. If their delegates,
w hile th e proposed uniform law em bodies hardly any how ever, act w ith the sam e tact w ith w hich th ey seem
provision w hich is not found in som e one of th e C onti­ to have acted at the recent conference, th ey m ay be
n ental law s, y et any such provision w hich is peculiarly able to persuade the C ontinental countries to tak e
obnoxious to E ngland and A m erica w ill bear more steps tow ards the A nglo-Saxon system w hich will facili­
h eavily upon their bankers and exporters if it is adopted tate the free circulation of cheques under safe condi­
as a part of th e law of m any countries. It is highly tions. It is probably hopeless to urge upon th e Conti­
im portant, therefore, as suggested by the Am erican nental countries the system of identification of th e
delegate, th at th e proposed uniform law should be holder of a cheque which exists in this country. On
carefully scrutinized, in order th a t if there are features this point we are at odds even w ith G reat B ritain.
w hich are especially harm ful to A m erican practice and British bankers have found a w ay, how ever, to turn
interests th ey m ay be singled out for special criticism . the difficulty by the creation of the crossed ch eq u e,
V iew ed from th e C ontinental stan d p oin t, the pro­ w hich can be collected only through a banker. The
posed uniform law has m uch m erit. It cuts loose in advantages of the crossed cheque are ju st beginning
m any respects from the form alism and rigidity of the to com e hom e to Continental bankers. A lready the
old C ontinental law s. I t also adopts a num ber of B ank of Belgium has asked its branch m anagers to
provisions, likely to be acceptable in th is country, urge the m erits of the system upon its clients', and the
for prom oting greater certainty and convenience in Bank of France and several of the large joint-stock
dealing w ith bills. It does aw ay w ith days of grace. banks in Paris are em ploying the sy stem , even in th e
On the other hand, it gives a latitu de of a day to the absence ot definite legal sanction. It such a sanction
drawee of a tim e bill to decide w hether he w ill give his is given to the system of the crossed cheque by a uni­
acceptance. W hile com pelling the drawee to pay at form law , it will give an im petus to its use on the Conti­
m atu rity, if dem anded, it gives th e holder of a bill nent w hich will solve questions alw ays irritating, in
th e tw o follow ing business days on w hich to com plete case of loss, to A m erican bankers. On this subject
his protest. W hile these tim e allow ances do n ot im ­ the report of the A m erican delegate contains interesting
pair th e right of the holder to his m oney w ithout delay, d ata regarding recent developm ents and will well re­
th ey afford an interval, if the holder cares to grant it, pay careful reading.




J a n . 28 1911.

THE CHRONICLE

THE JUSTIFICATION FOR HIGHER
RAILROAD RATES.
One of th e gratifying features in connection w ith the
in vestigation w hich the Inter-State Com m erce Com­
m ission has been conducting into the proposed ad­
vances in railroad freight rates is the strong argum ents,
fortified b y a convincing array of figures, w hich th e
railroads have been able to adduce in justification of
th e higher schedules. The briefs subm itted b y counsel
for th e different carriers, it seem s no exaggeration to
say, are am ong the ablest docum ents ever presented
before any tribunal exercising functions of a judicial
nature. N o one can take up and exam ine these vari­
ous papers w ithout reaching the conclusion th at the
railroads have com pletely m ade out their case, and
th at as a m atter of eq uity and justice th ey are entitled
to th e advances asked for. E ven the laym an can
readily see th at th e proposed increases are both
necessary and ju st.
There is m uch in these various briefs th at deserves
to be placed before th e public eye for general perusal,
and we w ish we could find room to print a large part
of th e sam e. W e shall have to content ourselves,
how ever, by reference to one or tw o particularly
striking illustrations to be found in these printed argu­
m ents in support of th e higher schedules. It is one of
th e anom alous features of th e C om m ission’s in vesti­
gation , show ing th e m edley of functions w ith w hich
th e Com m ission is endow ed, th at the board, now
sittin g as judges to pass on the determ ination of the
questions at issue, should feel called upon to have an
attorn ey of its ow n to tell it w hy it should not decide
in favor of th e claim of th e carriers. A brief b y Frank
L yon, “A ttorn ey for Inter-State Commerce C om m is­
sion ,” form s one of the docum ents in th e case, and it
illustrates th e im portance attached by th e carriers to
th is docum ent th at counsel representing the railroads
have addressed th em selves w ith special force to m eeting
th e statem en ts and statistics contained in th is paper
rather th an to th e rem arks and statem en ts m ade on
behalf of th e shippers who are contesting the contem ­
plated advances.
Mr. L yon’s brief is sim ply th e plea of a special advo­
cate arguing th e side of the shippers. One cannot re­
frain from saying th at th e shippers m ight w ell have
been left to argue their own side, just as the railroads
are supposed to need no aid to present their side.
H ow ever, th e brief of Mr. Frank Lyon is on record,
and th e railroads are w ise in controverting his sta te­
m en ts and the decidedly m isleading deductions and
inferences w hich it encourages. Ilis argum ent against
authorizing advances in O fficial Classification T erritory
— m eaning th e territory north of the Ohio Itiver be­
tw een th e A tlantic seaboard and the M ississippi R iver
— is tersely sum m arized in the follow ing paragraph,
where he seeks to indicate th at the railroads are w ell
prepared to m eet th e increase in operating cost arising
from higher w ages and other causes oven w ithout the
aid of any advance in rates.
C o lu m n 1 0 s h o w s t h a t f o r t h e f o u r m o n t h s o f J u l y , A u g u s t ,
S e p t e m b e r a n d O c t o b e r 1 9 1 0 , d u r i n g w h ic h t h e i n c r e a s e d
w a g e s w e r e e f f e c t i v e , t h e c a r r i e r s h a v e e a r n e d n e t $ 1 0 ,0 0 0 ,0 0 0
le s s t h a n f o r t h e s a m e f o u r m o n t h s o f t h e y e a r 1 9 0 9 . W i t h o u t
h e re a tte m p tin g to a n a ly z e th e a c c o u n ts to d e te rm in e
w h e th e r u n u s u a l a m o u n ts h a v e b e e n c h a rg e d to e x p e n se
a c c o u n t s , n o t t h e r e s u l t o f a n i n c r e a s e in w a g e s , a n d a s s u m i n g
t h a t t h e s a m e r a t i o o f lo s s w ill c o n t i n u e f o r t h e b a l a n c e o f




223

t h e tw e lv e m o n t h s , t h e t o t a l n e t r e v e n u e f o r t h e y e a r e n d in g
J u n e 3 0 1 9 1 1 w ill b e s u b s t a n t i a l l y $ 3 0 ,0 0 0 ,0 0 0 le s s t h a n
f o r t h e y e a r e n d i n g J u n e 3 0 1 9 1 0 . I f t h a t s h o u l d b e th e
r e s u l t o f t h e y e a r ’s o p e r a t i o n s , th e s e c a r r i e r s w ill o n J u n e 3 0
1 9 1 1 h a v e c o lle c te d $ 2 7 ,0 0 0 ,0 0 0 m o r e n e t o p e r a t i n g r e v e n u e
f o r t h e fis c a l y e a r 1 9 1 1 t h a n t h e y d id f o r t h e fis c a l y e a r 1 9 0 9 ,
n o t w i t h s t a n d i n g t h e y w ill h a v e p a i d $ 3 4 ,0 0 0 ,0 0 0 a d d i t i o n a l
c a u s e d b y i n c r e a s e in t h e r a t e o f w a g e s . T w e n t y - s e v e n
m illio n d o l l a r s is 4 % u p o n $ 6 7 5 ,0 0 0 ,0 0 0 .

A m om ent’s consideration w ill show th a t the fore­
going is not a fair w ay to present th e facts, and th at
the facts th em selves, so far as th ey are n ot founded
on error, are stated in such a fashion as to m ake th em
decidedly m isleading. It w ill be observed th a t counsel
for th e C om m ission attem p ts to show th a t even after
allow ing for the w age increases and other additions
to expenses (w hich latter he im plies m ay be due to
th e charging of unusual am ounts to th e expense
accoun ts), and allow ing also for losses in n et earnings
throughout the fiscal year 1910-11, th e roads w ill find
them selves w ith 827,000,000 m ore net earnings for
th e fiscal year 1911 than for th e fiscal year 1909. In
reply to th is statem en t, it is to be said in th e first place
th at if such should be the outcom e it w ould show
noth ing, because in m aking th e fiscal year 1908­
09 a starting point, Mr. Lyon is selecting an u n ­
usually poor period, both for com parison and for
results. In th at year th e railroads had n o t y e t
recovered from the effects of th e panic, and th e
carriers, in order to m ake both ends m eet, were
forced to practice th e m ost rigid econom y. In
th e second place, it is hardly perm issible to as­
sum e th at the average loss in n et earnings for th e
period from Ju ly to O ctober m ay fairly be taken as
indicative of th e loss to be sustained during th e other
eight m onths of the year. The m onth ly tabu lation s
of earnings, as m ade up m onth b y m onth , have show n
th a t the decreases in n et earnings have been proceed­
ing at a progressive rate— th a t is, have been proving
heavier w ith each succeeding m onth. To arrive at
correct results the losses for th e last eight m onths
of the fiscal year should be com puted on th e basis of
the losses experienced, say, during O ctober and
N ovem ber. The v alid ity of th is contention w ill ap­
pear w hen we say th at for Ju ly th e loss in net (speak­
ing of th e railroads of th e w hole country) w as only
$4,485,759, or 5.77% , for A ugust but $059,863, or
less th an 1% , and for Septem ber no m ore than $ 3 ,86 9 ,­
083, or 4.05% , w hile for O ctober, on th e other hand,
th e loss w as $10,489,004, or 10.70% , and for N ovem ­
ber $10,488,886, or 11.02% .
Mr. Lyon in his com putations also ignores the in­
creases in th e ta x es of the railroads, w hich are each
year growing heavier and m ore burdensom e. F in ally,
he m akes no allow ance for the fact th at in the interval
of tw o years the roads have been obliged greatly to
add to their capitalization in order to provide th e
facilities to m eet th e enlarged volum e of traffic and
th e public dem and for im proved service.
W e have been particularly im pressed b y certain
statem en ts and statistics filed b y George F . B row nell,
V ice-P resident and General Solicitor of th e Erie R ail­
road C o., in refutation of th e contention of Mr. L yon.
W e purpose citin g so m eo f Mr. B row nell’s com putation s,
not alone because th ey indicate th a t Mr. L yon’s
statem en ts are w ide of th e m ark, but also because th ey
are absolutely conclusive as to th e need for higher
freight rates. Mr. Brow nell m akes up his com pu tation s

224

THE CHRONICLE

in tw o different w ays: first, so as to em brace all th e
roads in O fficial C lassification T erritory, and, secondly,
so as to show th e results for th e 23 roads w hich have
m ain concern in th e rate advances. T hese 23 com pan­
ies operate 43,592 m iles of road ou t of th e 52,053 m iles
of road altogeth er in t rested and to th em w ould accrue
$25,629,308 of th e $27,177,444 increase in revenues
w hich it is estim ated w ill follow from th e advances in
rates.
A t th e o u tset, how ever, it seem s desirable to refer
to th e analysis of th e expense accounts for th e five
' m on th s ending N o v . 30 1910 w hich Mr. Brow nell
m akes w ith th e view to dem onstrating th at no undue
am oun ts h ave been charged for m aintenance ou tlays.
I t is, of course, ou t of th e question to pad expenses
under th e other leading head s, such as “transporta­
tio n ” and “traffic.” Mr. B row nell gives th e figures
for each road separately, so there can be no question
as to th e accuracy of th e results. H e finds th a t, as
com pared w ith th e five m onths of th e preceding year,
th e m ain ten an ce of w ay expenditures increased only
$4,57 3 ,9 1 7, or 9.4% , and th e m aintenance of equip­
m en t expend itu res $5,46 8 ,4 7 3, or 9% . On th e other
han d , th e tran sp ortation expenses, w hich can v a iy
on ly as does th e volum e of traffic and th e cost of
m ovin g it, increased no less th an $19,434,203, or
15.6% . T he traffic expenses increased $901,890, or
11.9% . In addition there w as an increase of $ 1 ,1 9 6 ,­
8 8 8 , or 15.6% , in th e general expenses. It is obviously
possible to spend m ore upon m aintenance account in
one year th a n in another. In th is case, how ever, as
th e reader w ill see, th e percentage of addition in th e
m ain ten an ce groups is act ually sm aller th an under th e
other groups.
A ltogeth er, operating expenses under all th e various
head s on th e 23 roads increased $31,575,371. A s th e
addition to gross earnings in th e sam e five m onths
w as only $15,827,220, th is left a loss in n et earnings on
th e 23 roads of no less th an $15,748,151, to w hich
should b e added $1,007,370 for increase in ta x es,
m aking th e to ta l falling off in n et earnings $16,755,521.
I t th u s appears th a t th ese roads have com e to a pass
where th e augm entation in expenses largely outruns
th e addition to gross receipts, so th at th e carriers are
called upon to endure large losses in net at a tim e w hen
th e need is for additional n et in order to pay interest
and dividend charges on th e new capital outlays th ey
have been obliged to m ake.
B efore proceeding further, it seem s desirable to point
ou t th at higher w age schedules are n ot th e only elem ent
serving to increase th e expense accounts. A t th e
hearings before th e C om m ission figures w ere presented
to show th a t th e higher w age schedule w ould add
$34,338,358 to th e annual expenses of the roads in
O fficial C lassification T erritory, w hile th e additional
revenues to be derived from th e proposed increase in
rates, based on th e traffic of 1909, w as com puted at
$27,171,444. T hus these roads w ould fall short over
$7 ,000,000 of getting enough to m eet th e increase in
expenses due to th e advances in w ages. B u t m any
other circum stances also contribute to sw ell th e
expense accounts of th e roads. O wing to num erous
different requirem ents of S tate L egislatures, of Con­
gress, of labor unions, & c., th e roads are now forced, in
m an y in stan ces, to em ploy larger train crews, to work
their em p loyees shorter hours, and to do various other
th in gs, all ten d ing to enlarge operating expenses,



[VOL. LXXXXII.

though th e exact exten t of th e additions cannot bo
estim a ted .
Com ing now to Mr. B row nell's m ain figures, he tak es
the $57,032,888 increase in n et earnings for th e year
ending June 30 1910 over 1909, as given in th e tabular
presentation of Mr. Frank L yon, the attorney for th e
Inter-State Commerce C om m ission, and show s how
th is increase w ill be converted into an actual large loss
under the falling off in n et earnings and proper allow ­
ance for th e item s om itted b y Mr. L yon. H e finds in
the first place th at $5,719,546 m ust be deducted for
increase in taxes in th e fiseal year 1909-10 over
1908-09, and th at $11,961,186 more w ill be w iped out
b y interest on new capitalization created in th e fiscal
year ending June 30 1910. T his additional interest
represents 4}4% on th e $265,804,140 of new stock and
bonds w hich has been issued b y the roads in official
classification territory. W ith these tw o item s deduc­
ted , th e increase in n et revenue over th e low figure
of tw o years ago is reduced to $39,352,156.
•
B u t w e have seen th at n et earnings are now falling
off largely each m o n th . Owing, to th e continued aug­
m entation in expenses these decreases m ust continue
through th e rem ainder of th e current fiscal year.
A ssum ing th a t th e loss for th e rem aining seven m onth s
w ill be no larger than the average for the five m onth s
from July to N ovem ber, inclusive, th is w ould in volve
a decline in n et earnings of $41,847,312 for th e year,
besides w hich $3,170,352 m ust be added to represent
th e m onth ly increase in taxes at current rates, m aking
altogether a decline in net of $45,017,664. This
exceeds b y $5,665,508 the $39,352,156 increase in net
earnings for 1910 over 1909 w hich, we have seen ,
would rem ain after allow ing for interest on new
capitalization and the higher ta x es of 1910 over
1909.
T hus the roads would be th at m uch ($5,665,508) to
the bad as com pared w ith th e sm all n et of 1909, even if
the shrinkage in n et earnings during th e rem aining
m onths of the fiscal year should be no heavier th an
during th e first five m onth s. B u t th at is obviously
too favorable an assum ption, for railroad gross earnings
are now recording only com paratively slight increases
or actual losses, w hile expenses keep rising in th e sam e
w ay as before. C om puting the loss in net during th e
rem aining seven m onths on th e basis of th e losses sus­
tained in O ctober and N ovem ber (1910), w hich seem s
m uch m ore reasonable, and allow ing for the increase in
tax es, Mr. Brow nell finds th at th e decrease in n et
revenue for the tw elve m onths of 1910-11, as com pared
w ith th e net of 1909-10, will reach $60,043,970. D e­
ducting now th e $39,352,156 increase in 1910 over
1909, it is found that at th e end of th e current fiscal
year th e roads in O fficial Classification T erritory w ill be
$20,691,751 worse off than for th e fiscal year 1909.
H ow different th is is from th e result in the above­
quoted excerpt from Mr. L yon's statem en t purporting
to show th at the carriers in O fficial C lassification
Territory w ill have $27,000,000 m ore net for th e fiscal
year 1911 th an th ey had for th e fiscal year 1909, after
allow ing for th e higher w age schedules. W e m ay add
th at for th e 23 roads w hich have th e bulk of th e
m ileage in O fficial Classification Territory th e loss, as
com pared w ith 1909, would be y et heavier, reaching
$26,619,713.
W ith such a large loss in prospect, and w ith new
stock and bond issues steadily increasing, ow ing to th e

,Ja n . 28 1911.|

THE CHRONICLE

augm ented facilities required, is not th e argum ent in
favor of th e higher rate schedules conclusive? Perhaps
it w ill be urged th at th e roads have had in th e past
a little leew ay, enabling th em , after providing for fixed
charges and dividends, to devote som e am ounts of n et
to th e m aking of im provem ents and betterm ents, and
th at th is is an appropriation of n et earnings th at can
henceforth be dispensed w ith . If anyone entertains
any such notion as th is, let him reckon w ell as to th e
consequences th a t w ould follow . It has long been th e
practice am ong th e railroads in Great B ritain to pay
for every item of im provem ent and b etterm en t by
th e issue of new capital. B u t it is now being recog­
n ized , even in th e U nited K ingdom , th at th is policy is
n ot a w ise or far-sighted one. A s indicating how the
m atter is now view ed on th e other side, we w ish to direct
atten tion to a rem ark contained in th e review of busi­
ness conditions in Great B ritain during th e late calen­
dar year b y our London correspondent, as given on
a subsequent page.
A fter n otin g th at th e traffic returns of British
railw ays during 1910 w ere, on th e w hole, satis­
factory, our correspondent has this to say as to past
conditions under w hich such a serious shrinkage in th e
valu e of th e secu rities of E nglish roads has occurred
w ithin recent periods.
“ U n til a few years ago th e railw ay com panies had
been doing rather bad ly, to no sm all ex ten t because
th e directors divided their profits up to th e h ilt, and,

abstaining from the American practice of betterments,
raised fresh capital for all necessary exp en d itu re.”
Are w e, in th is country, now to encourage a policy in
th e conduct of th e rail-carrying ind ustry— the largest
of all our industries— w hich it is adm itted on th e other
sid e, where th e policy has had a long, continuous trial,
has been attended b y serious ill results?

BUILDING OPERATIONS IN 1910.
F ollow ing th e unprecedented a ctiv ity in building
construction in 1909, operations, n o t unnaturally,
exhib ited a falling off in m any sections of th e U nited
S tates in 1910, but n o t to such an ex ten t as to suggest
serious or prolonged restriction. W hen tim es are
good there is, of course, alw ays m ore or less of specula­
tiv e or anticipatory building, and in som e localities
there w as m uch of it in 1910, as there had been in
1909. Speaking generally, how ever, our returns do
n ot ind icate th at th e practice w as w idespread in
th e late year. W ithin reasonable lim its, preparing for
a dem and th at is expected to arise seem s justifiable,
but no such excuse w ould appear to cover recent
operations in outlying portions of Greater N ew Y ork.
In B rooklyn B orough, for exam ple, there has appar­
en tly been over-building in certain sections, and th e
result is seen in th e num ber of dw ellings th a t aw ait
occu pants. T his naturally induces a disposition on
th e part of builders to go slow before adding m uch
further to th e supply of new buildings.
T h ose w ho h ave kept in touch w ith affairs in th e
building trades w ill recall th at for quite som e tim e
previous to th e financial disturbances of 1907 opera­
tion s w ere noticeably brisk, but w ith th e occurrence
of th e panic a m arked decline w as w itnessed and com ­
parative slackness w as th e feature un til late in 1908.
Ind ications of a revival of a ctiv ity were apparent in
Septem ber, concurrent w ith im proving business con­



225

ditions, and operations in th e last quarter of 1908
w ere of very large proportions for th e season of th e
year. T he year 1909, of course, m ade history in th e .
building ind ustry, a ctiv ity in construction work being
general throughout th e coun try, w ith th e contem ­
plated expenditure w ell in excess of th e aggregate for
any earlier year.
,
B u t tow ard th e close of 1909 th ere w as som e evidence
of declining a ctiv ity , and w ith th e opening m onth of
1910 operations began to show decreases as com pared
w ith th e corresponding period of th e previous y ea r. T his
continued through alm ost every m onth of 1910, as con­
trasted w ith th e full figures of 1909; com pared w ith
earlier years, how ever, gains were usu ally show n. F o r
exam ple, th e result for th e first quarter of th e year at106 cities w as a loss of 5.2% as com pared w ith 1909,
w ith th e gains over 1908 and 1907 reaching 81.8%
and 16.5% , resp ectively. D uring th e n ext quarter
(April to June, inclusive) there w as a decrease of
2.2% from 1909, and gains of 41.8% and 7% , w ith th e
half-year’s result at 106 cities a decline of 3 .5 % from
1909, and increases of 56.2% and 10.8% as contrasted
w ith th e earlier tw o years. T he succeeding quarters
m ade relatively th e sam e kind of exh ib it, and conse­
qu en tly it is un necessaiy to com m ent further upon
this feature.
W e h ave m ade special efforts to include in our com ­
pilation th is year every city from w hich com plete
reports could be procured, and h ave been able to
obtain returns from 200 m unicipalities located in all
sections of th e country. In fact th e only States n ot
represented in our tab le are V erm ont, M ontana, W y­
om ing, N orth D akota, Idaho, A rizona and N ew M exico,
th e om issions being due to th e absence of law s for collect
ing th e inform ation b y local authorities of any of th e
cities contained in th ose com m onw ealths. T he ou tlay
contem plated under th e perm its issued in 1910 in th e
200 cities reached $911,718,777, w hich com pares w ith
$995,533,907 in 1909, or a decrease of 5.4% ; com ­
pared w ith 1908, how ever, th e gain is 30.4% , th e
aggregate then having been $721,936,596, and th e
excess over th e 1907 to ta l ($802,290,451) is 17.4% .
W e have not th e space to go fully into th e details of th e
annual com pilation, bu t there are som e facts to w hich it
w ould seem to be desirable to direct a tten tion . T he
result for Greater N ew Y ork naturally possesses
prim ary interest, covering, as it does, over 2 2 %
of th e w hole aggregate given in th e tab le. For th e
com bined boroughs th e building operations entered
into in 1910 covered an estim ated expenditure of
$208,077,032 and show ed a falling off of 22.4% from
1909, M anhattan recording a loss of 24.8% , B rooklyn
42.1% and Q ueens 16.5% . T he B ronx, on th e other
hand, exhibited an increase of 8.9 % , and R ichm ond
22.5% . Com pared w ith 1908 every borough records
gains, but contrasted w ith 1907 only M anhattan and
th e B ronx are in that category.
O utside of Greater N ew Y ork our returns for th e
M iddle States em brace a total of 43 cities, and am ong
-them increases and decreases are qu ite equally dis­
tributed. Im portant cities show ing losses include
B uffalo, Schenectady, Y onkers, T roy, N ew ark, T ren­
ton , Paterson, P assaic, th e O ranges, Philadelphia,
P ittsburgh, Scranton, W ilkes-B arre, Harrisburg and
W ashington. On th e other hand, R ochester, Syra­
cuse, A lbany, B ayonn e, A llentow n, E rie, R eadin g,
W ilm ington and B altim ore record gains. T he tota l for

226

THE CHRONICLE

th e 48 cities (other th an N ew Y ork) in th at section
w hich our com pilation covers exhib its a decrease of
11 .6% , from 1909 and gains of 34.7% and 16.4% , re­
sp ectiv ely , over 1908 and 1907.
. In N ew E ngland there are som e fair-sized gains,
n o ta b ly at B oston , F all R iver, L ow ell, N ew B edford,
.Springfield, H artford and N ew H aven , and losses
ap p ear at W orcester, H olyoke, Law rence, L ynn, Chel­
s e a , P ortlan d, M anchester, P rovidence and Bridgeport.
T h e aggregate for th e 35 m unicipalities from
w hich w e h ave reports falls below 1909 by 3.7% ,
w hile exceeding 1908 and 1907 by 43.4% and 26.7% ,
resp ectively. T he M iddle W est has done rather better
th an th e sections already referred to , gains being m ore
num erous at larger cities. A m ong th ose reporting
greater a ctiv ity in 1910 than in 1909 m ay be m en­
tion ed C hicago, C leveland, C olum bus, Indianap olis,
D etroit, T oledo and Louisville; losses are to be noted
a t C incinnati, M ilwaukee and Y oun gstow n . T he 42
cities th at h ave reported to us for 1910 reveal in their
to ta ls excesses of 6.9% , 35.5% and 32.3% , re­
sp ectiv ely , com pared w ith th e three preceding
years.
On th e Pacific Slope th e exhib it is one of decided
contrasts. A m ong leading cities Los A ngeles, P ort­
land and O akland record large gains, and San Fran­
cisco, S eattle, Spokane and T acom a losses. Com­
bin ed, th e 15 returns w e have from th e S tates of
C alifornia, W ashington and Oregon disclose an excess
over 1909 of 4 .1 % , a gain over 1908 of 19.5% , but
a loss from 1907 of 8 .6 % , th e extrem e a ctiv ity at San
Francisco in th at year explaining th e decline. T he
“ O ther W estern” S tates com prising th e territory w est
of th e M ississippi R iver to (the Pacific Slope in th e
m ain in d icate a let-up in building a ctiv ity in 1910.
T h e to ta l for th e w hole section displays a gain over
1910, b u t th is is due entirely to th e exceptional opera­
tion s at D u lu th , w here plans were filed by th e U nited
S tates Steel Corporation for a new plant to be erected
in volvin g an ou tlay of 10 m illion dollars. A side from
th e large gain at D ulu th, increases are show n at such
cities as K ansas C ity, M inneapolis, Cedar R apids, F ort
D odge and W aterloo, and losses of greater or less
ex ten t at S t. P au l, S t. L ouis, O m aha, Salt Lake,
T op eka and D es M oines. T he average addition for th e
31 cities m aking returns is 1 .8 % as com pared w ith
1909 and 35.1% and 27.4% , respectively, as com pared
w ith 1908 and 1907.
T he Sou th and Southw est are represented in our
tab le b y 30 m un icipalities, and of these, leading ones
recording gains are A tlan ta, R ichm ond, B irm ingham ,
D allas, Jack son ville, M em phis, H ouston and C hat­
tanooga; dim inution in a ctiv ity is seen at N ew
O rleans, N orfolk, N ash ville, F ort W orth, Oklahom a
and San A n ton io. In th e to ta l of all there is an aug­
m en tation of 10.1% over 1909 and increases
of 41.2% and 3 7 .9 % com pared w ith th e tw o earlier
years.
F in ally, for th e w hole country outside of N ew Y ork
th e increase as contrasted w ith 1909 is 0.8% , w hile,
com pared w ith 1908 and 1907 there are gains of
34.1% and 21.3% . W e subjoin a table covering th e
results for four years for som e of th e leading cities in
each section , together w ith th e to ta ls for rem aining
cities in each S tate, and th e aggregate for th e w hole

municipalities.




New York City—
M anhattan______
Other Boroughs..
T o ta l.......................
Portland, Me............
Manchester, N. I I ..
Boston.........................
Mass, other, 21 cities
H a rtfo rd ....... ...........
New H aven..............
Conn, other, 6 cities
Rhode Isl., 3 cities..
Rochester...................
B uffalo.......................
N. Y. State other.
10 cities...................
Newark .....................
N. J. other, 12 cities
Philadelphia..............
P ittsb u rg h ................
Penn, other, 13 cities
Wilmington, Del__
Baltimore ................Md. other, 2 cities..
Washington, D. C ..
Wheeling, W. Va —
Cincinnati_________
Columbus_________
Ohio other, 7 cities.
Indianapolis ............
Ind. other, 7 cities..
Chicago .....................
III. other, 10 cities. D e tro it___________
Mich, other, 5 cities.
M ilwaukee________
WIs. other, 2 cities..
St. Louis....... ...........Kansas City..............
Mo. other, 4 cities..
Louisville ..................
Ky. other, 3 cities. M inneapolis..............
St. Paul....... ...............
Minn, other, 2 cities
Omaha ....................
Neb. other, 2 cities.
Kansas, 4 cities___
Iowa, 7 cities............
D enver___________
Colo, other, 2 cities.
Sioux Falls. S. D . . .
Reno, Nev________
Salt Lake City, Utah
Ogden, U tah..............
San Francisco______
Los Angeles..............
O akland......... ...........
Cal. other, 7 cities..
Portland, Ore______
Seattle____________
Spokane .....................
Wash, other, 2 cities
Richmond, V a..........
Norfolk, V a_______
Nor. Caro., 3 cities.
So. Car., 2 cities . . .
A tlanta.......................
Ga. other, 4 cities..
Jacksonville, Fla__
Alabama, 2 cities__
Meridian, Miss____
Little Rock, A rk ....
Oklahoma C ity ----Memphis ..................
Tenn. other, 3 cities
Total, 200 cities..
Outside N. Y ----* Estimated.

[VOL. LXXXXII
BUILD ING O PERATIO N S.
Inc. or
1910.
1909.
Dec.
1908.
1907.
S
S
$
%
$
108,643,095 144.332.212 —24.7 95,516.177 91,723,799
99,433,937 123,682,969 —19.6
208,077,032 268,015,181 —22.4 174,757.619 197,618,715
3,000,000 —50.4 1,020,000 1.500.300
1,438,595
809,450
1,321,980
1,797,518 — 26.5
719,015
16,061,365 14,078.646 + 14.1 11,253,712 15,071,419
41,589,520 42,387,846 — 1.9 28,612,985 28,530.208
3,440.925 + 32.0 3,107,348 4,054,335
4,541,979
4,226,322 + 3.8 3,091,465 2,824,941
4,386,065
7,279,430 10,241,520 —28.9 5,569,341 7,355,048
6,838,850 —7.1 4,277,331 5.300.000
6,350,725
9,272,132 + 8.7 4,973,317 6,752,615
10.082,528
9,232,000 10,077,365 —8.4 7,030.126 8,567.328
17,753,081 17.479,150 + 1.6 13,234,519 15,609,922
13,394,812 14,177,159 —5.5 7,161,668 9.546.725
20,593,160 23,722,317 — 13.2 15,819,381 14,857,842
37,874,230 42,881,370 — 11.7 28,408,580 36,352,075
13,656,213 10,549,526 — 17.5 13,244,147 14,807,586
14,012,668 17,014,632 — 17.6 10,643,357 13,789,888
2.024,092
1,968,257 + 2.8 1.354,301 1,350,423
7,913,290 + 18.0 6,374,653 6,439,580
9,384,740
1,284,785 —40.0
771,277
684,313
576,810
13,731,756 15,887,478 — 13.6 11.425,374 10,289,916
532,374
673,871 +31.4
662,717
885,330
13,948,413 13,028.294 + 7.1 9,896,869 15,888,407
7,806,309 — 14.8 0.428,988 7,737,062
6,651,475
3,598,601 + 42.7 3,400,273 4,188,295
5,133,591
8.088,225
6,847,529 + 18.1 5,628,248 6,169,120
7,156,560 + 14.5 5,905,929 5.953.726
8,194,311
4,172,538 +30.1 4,361,541 4,795 070
5,428,438
96,932,700 90,559,580 + 5.9 68,204,080 59,093,080.
11,140,318 11,101,936 + 0.3 9,449,319 7,650,269
17,624,540 14,301,450 + 23.2 10,682,170 14.223.300
3,740,661
4,719,654 —20.3 3,549,810 3,682,485
9,797,580 11,587,551 — 15.4 10,065,606 11,795,620
848,610
1,517,197
1,235,480 + 22.8 1.074.650
21,893,167
19,600,063 23,783,272 — 17-3 21,190,369
9,611,928
13,783,196 13,368,738 + 3.1 10.562,041
2,182,563
3,121,920 —32.5 2.231,351
2,106,525
3,096,876 + 23.1 2,688,304 3,032,548
3,811,838
699,353
436,635
849.275
660,270 + 28.6 10,093.915
14,363,830 13,092,410 + 9.7 7.625,635 10,006,485
10,053,011 12,089,453 — 16.8 2,839,530 9.750.000
2,582,735
3,810,227 + 252.4
13,426,765
4,536,643
7,204,140 — 13.2 4.590.650
6,250,988
1,655,280 1,865,995
1,976,191 —21.9 3,782,289
1,544,210
4,185,464
6,738.886 —7.1
6,257.243
7,166,579 6,877,861
12,587,167 10,845,669 +—16.1
2.0 10,098,020 6,349,604
11,319,955 11,553.983 + 9.5
966,542
1,141.299
1.341,485
1,469,239
440,775
494,286
445,830 + 1131
949,850
175,000
104,350
274,215 + 32.0 4,728,380
361,865
4,183,800
8,077,820 — 14.8
4,461,600
542,352
407,445
752.100 + 86.3 31,673,341
1,400,970
22,016,756 29,692,668 — 25.9 9.975.000 56,578.844
21,684,100 13,260,703 -f- 03.5 0,320,562 13.851.154
8,243,983
5,318,512 + 30.0
6,913,643
12.388.340 10,783,044 + 14.9 10.111.193 9.439,103
9,446.982
20,886,202 13,481,380 + 54.9 10,405,151
13.572,770
17,418,078 19,044,335 —8.5 13,777,329
5,778.876
5,883,484
8,766,226 —32.9 5,927,538
4,285,425
5,942.764 —41.4 4,455,513 *2,500,000
3,481,448
4,012,822
3,574,812 + 12.3 3,169,431
1,325,830
1,631,309
2,456,953 —33.6 ♦ 2,100,861
1,400,000 *1,600,000
2,101,541
1,733.428 + 21.2
497,999 *500,000
529,731 + 115.1 4,833,941
1,139,167
5,551,951 +33.4 2,044,447 4,554,771
7,405,950
1,856,590
2,355,073 + 10.1 2,075,500 3,068.370
2,594,692
2,310,025 + 37.9 3,272,481
3,184,940
3,264,191
+
49.3
2,888,777
4,313,806
249.450 + 18.3 *200,000 *250,000
295,108
5,165,512 — 13.2 5.744,311 4,710,523
4,483.730
2,248,070
3,393,683 + 23.7 2,306.098 7,458,037
4,199,040
+ 1.2 8,378,958
11,836.959 11,696.168 —9.6
1,024,890 1.063,055
1,531,097
1,384,423
2,616,650
5,903,270 —6.9 1,734,938 4,957,999
5,493,203
4.321,377 + 45.3 3,300,608 4,769,159
6,282,553
3.142.001
—
15.3
4,302,795
3,643,866
941,718.777 995,533,907 —5.4
733,641,745 727,518,726 + 0.8

In addition to returns from th e U n ited S tates, w e
have also secured building-construction data from a
num ber of Canadian cities. H ere in m any cases
exceptional a ctivity is displayed. In fact in m ost lo ­
calities m ore w as done in 1910 than in 1909, as th e large
gains at M ontreal, Calgary, V ancouver, R egina, W inni­
peg, B randon, P ort A rthur, S yd ney and Prince A lbert
fully dem onstrate. D eclines of im portance, how ever,
are to be found at som e points, notab ly F ernie and
Fort W illiam . For th e 22 cities included in our com ­
pilation, w hich is appended, th e ou tlay arranged for in
1910 totaled $67,398,050, as against $42,008,876 in
1909, or an increase of 60.4% , and there is a gain
of 150.5% as com pared w ith 1908. T he table follow s:

C A N A D IA N BU ILD IN G O PERATIONS.
Inc. or
1910.
1909.
Dec.
1908.
1907.
M ontreal.......................... $15,815,859 $7,785,621 + 1 0 0 .6 $5,062,226 $8,406,829
Winnipeg.......................... 15,106,450 9.226,825 +63.7 5,444,650 6.309,950
C algary............................ 5,589,594 2,420,452 +131.0
830,950 1,745,220
Regina _____________ 2,351,288
744,479 +215.9
516,646
-------Vancouver.
______ 13,150,365 7,258,505 +95.0 5,950,923 5,622,744
V ictoria............................ 2,196,095 1,673.420 +31.3 1,130,740
...........
Edm onton........................ 2,159,106 2 , 1 2 8 ,1 6 6
+ 1.4 2,549,847 2,280,210
L ethbridge...................... 1,210,810 1,268,015
—4.6
365,495
............
Moose Jaw ....................... 1,035,290 1,107,500
—4.5
431,525
...........
F e rn ie .............................. 325,000 1,374.700 —76.3
250,000
-------Fort William.................. 2,381,125 2,970,365 — 19.8 1,560,835, 748,733
Other 11 cities............... 6,077,668 4.050,228 +50.0 2,814,671 *3.312.165
Total, 22 cities..........$67,398,650 $42,008,876 +60.4 $26,908,508 $28,425,851

* Partly estimated.

J an . 28 1911.]

THE CHRONICLE

CHICAGO STOCK EXCHANGE RECORD OF
PRICES FOR 1910.

227

T he foregoing explains sufficien tly w hy th e volu m e
of business on th e Chicago E xchange w as very m uch
reduced as com pared w ith th e year im m ediately
preceding, w hich had been, a period of large tran s­
actions. Stated in brief, sales of stocks for th e tw elv e
m onths of 1910 aggregated only 894,362 shares, again st
1,623,495 shares in th e tw elve m onths of 1909 and
833,943 shares in th e tw elve m onths of 1908. T h e
bond transactions show a sim ilar falling off, th e valu e
of the bond sales for 1910 having been only 87,34 7 ,0 0 0,
against $14,800,500 in 1909 and $15,261,000 in 1908.
It w ill be observed th at w hile th e bond sales were th e
sm allest of th e three years, th e shares sales on th e
other han d, notw ith stan ding th e great dim inu tion
from 1909, were nevertheless larger th an for 1908. W e
m ay add th at in 1907 th e share sales on th e C hicago
E xchange reached only 817,164 shares. In 1907,
likew ise, th e bond sales were m uch below th ose for
1910, having then been only $4,566,100, as again st
$7,347,000 in th e late year. Of course, th ese are
all sm all figures alongside the dealings on th e N ew
Y ork Stock E xch ange, where m oneyed people from
all parts of th e country carry on their transactions;
but the significant feature is th at allow ing for tem por­
ary depressing influences, such as existed during 1910,
the volum e of trading on the Chicago E xch an ge
appears to be on the increase.

On a subsequent page we print a record of the range
of prices on th e Chicago Stock E xchange for each
m onth of th e calendar year 1910. The table occupies
th e whole page and covers both stocks and bonds.
A lthough th e year w as one of in a ctiv ity on the stock
exchanges all over th e coun try, th is com pilation
furnishes an interesting index to the course of prices
at th e Chicago E xchange, and should be u sefu l,b o th
for present stu d y and for future reference. W hile
dealings on th e Chicago E xchange are m uch sm aller
th an on m any of th e stock exchanges in the E a st,
Chicago is th e second city in the U nited S tates in point
of population, and quite a few of th e securities dealt in
on its Stock E xchange are not found on the exchange
lists at other centres, not even at N ew Y ork
w here it is th e custom to seek a m arket for m any
securities th a t are d istin ctively local to other parts of
th e country.
A s already stated , th e year w as n ot w hat m ight be
called an active one on the Chicago Stock E xch ange,
any m ore th an on th e Stock E xchange at N ew Y ork,
or B oston, or P hiladelphia, or P ittsburgh , &c. The
reasons are obvious. C ircum stances conspired to
m ake 1910 a period of depression in security values—
actually a prodigious shrinkage in prices occurred—
and at such a tim e and under such conditions investors
and speculators alike arc loath to m ake purchases or to
BUSINESS IN ENGLAND IN 1910.
venture in th e m arket. The trust prosecutions of the
(C om m u n ic ated b y our L o n d o n corresp on d en t.)
Federal G overnm ent; the uncertainty regarding the
London, Jan. 14 1911.
interpretation to be given to the Sherm an A nti-T rust
D om estic politics have exercised a greater influence
Law of 1890 b y the U nited States Suprem e Court; the
radical am endm ents m ade by Congress to the Inter­ in the year 1910 than th ey have done perhaps since
S tate Com m erce Law for the regulation of th e railroads; th e first great reform agitation. T he disappointm ents
th e prodigious extension of the pow ers of the Inter­ of th e South African war and th e failure of th e
State Com m erce Com m ission provided b y th is am end­ G overnm ent after th e conclusion of th e sam e to re­
m ent; th e action of th e A dm inistration at W ashington organize the arm y m ade an unfavorable im pression
on th e n ight of M ay 31 in gettin g a court order enjoining upon th e people of th e U nited K ingdom , so th a t even
th e proposed advances in the rates of W estern roads the supporters of the G overnm ent of th a t day becam e
w hich were to have gone into effect the n ext day dissatisfied, and Mr. B alfour’s C abinet had to resign.
(June 1); th e repeated suspensions (som e volu ntary, In the election w hich then follow ed, Sir H . Cam pbellsom e com pulsory) of proposed advances in rates, both Bannerm an obtained the largest m ajority ever given
on E astern roads and those in th e W est; th e long to a party leader in m odern tim es— a m ajority exceed­
hearings of th e Inter-State Com m erce Com m ission on ing anything th at even Mr. G ladstone had been ac­
th e propriety of allow ing the contem plated advances corded at the very height of his popularity. The vote
to go into effect— these were a few of the adverse w as apparently a condem nation of the B alfour Cabi­
developm ents of the year w hich served to im pair the net; not a declaration of confidence in th e new M inistry;
confidence of capitalists and investors in the security and if the U nionist leaders had understood the feel­
and stab ility of railroad properties as revenue pro­ ing of the country and had skilfully availed th em selves
of their authority over the H ouse of Lords, th ey m ight
ducers.
D oubts in th at particular were still further engen­ have exercised great control over the policy of their
dered by th e num erous advances in w ages in all grades opponents, for in th e H ouse of Lords there is an over­
and departm ents of the service w hich the railroads were w helm ing C onservative m ajority, and at th at tim e
obliged to m ake. The result altogether was a great the popular feeling against the Lords w as by no m eans
depreciation in th e value of railroad shares; and the strong. T he U nionist leaders, how ever, entirely m is­
decline in th ese, tgocther w ith the depression in trade apprehended th e tem per of the country, and th ey pro­
w hich occurred during th e last six m onths, carried ceeded at once to use the H ouse of Lords to prevent
down likew ise th e prices of shares of industrial com - th e new G overnm ent from carrying out its program .
panics. Som e recovery ensued during th e closing To m ention only a few of the bills rejected, th e H ouse
m onths, w hen it becam e apparent from the trend of the of Lords threw out tw o education bills in succession,
elections adverse to the dom inant party th at popular a bill for the regulation of th e sale of intoxicatin g
feeling w as setting strongly against th e tide of radical­ liquors, a Scotch land bill, and, encouraged by th e
ism w hich had so long disturbed business. B u t th is apparent tim id ity of the G overnm ent, th ey proceeded
did not suffice to relieve the year of its gloom y char­ then to throw out the B u dget, although such a th in g
had n ot been done for tw o centuries.
acteristics.



338

THE CHRONICLE

T h e G o v e r n m e n t s e iz e d th e o p p o r t u n i t y t o d is s o lv e th e
H o u s e o f C o m m o n s , a n d in J a n . 1910 th e e n su in g e le c t io n
t o o k p la c e .
I t g a v e th e G o v e r n m e n t a r e d u c e d m a jo r it y ,
in d e e d , b u t still a c o a lit io n m a jo r it y — n o less th a n 124.
T h e G o v e r n m e n t th e n in t r o d u c e d re s o lu tio n s u p o n w h ich
a b ill w a s s u b s e q u e n t ly b a s e d f o r lim itin g th e v e t o o f th e
L ords.
T h e U n io n is t lo a d e r s , still a p p a r e n t ly m is ta k in g
th e fe e lin g o f th e c o u n t r y , a d m it t e d th a t th e e le c t io n ju s t
o v e r c o m p e lle d th e m t o p a ss th e B u d g e t ; b u t th e y m a in ­
ta in e d th a t it d id n o t in a n y w a y c o n d e m n th e a c tio n o f th e
H ouse o f L ord s.
T h e d e a t h o f K in g E d w a r d V I I . le d t o th e
a p p o in t m e n t o f a c o n fe r e n c e o f th e le a d e rs o f b o th p a r tie s
f o r th e p u r p o s e o f a r r iv in g , if p o s s ib le , a t a fr ie n d ly s e tt le ­
m e n t o f th e d iffe r e n c e s b e tw e e n th e tw o H o u s e s o f P a r lia ­
m en t.
T h e c o n fe r e n c e , h o w e v e r , b r o k e d o w n , a n d th e
G o v e r n m e n t im m e d ia t e ly d e c id e d to d is s o lv e P a r lia m e n t
on ce m ore.
T h e e le c t io n s h a v e re s u lte d in a m a jo r it y o f
12G f o r th e G o v e r n m e n t , w h ich is tw o m o r e th a n th e m a ­
jo r i t y g iv e n a t th e p r e c e d in g e le c t io n a n d fo u r m o r e th a n
th e m a jo r i t y a s it e x is t e d a t th e tim e o f th e d is s o lu tio n .
W h ile th e e le c t io n s w e re g o in g o n , O p p o s itio n sp e a k e rs a n d
O p p o s it io n jo u r n a ls a r g u e d t h a t , as th e re w a s n o c h a n g e
w o r t h s p e a k in g o f in th e n u m b e r s o f th e tw o p a r tie s , th e
G o v e r n m e n t h a d r e c e iv e d a m o ra l d e fe a t .
B u t n o w th a t
th e h e a t o f th e c o n flic t is o v e r e v e r y b o d y is b e g in n in g t o a d ­
m it th a t th e L o r d s ’ v e t o m u s t b e r e s t r ic t e d .
T h e r e are still
d o u b t s , h o w e v e r , w h e t h e r th e L o r d s w ill fig h t to th e la s t o r
w h e t h e r th e c h a n g e w ill b e m a d e b y c o m p r o m is e .
I t is r e ­
m a r k a b le h o w r a p id ly e v e n th e b itt e r e s t m e m b e r s o f th e
O p p o s it io n h a v e r e c o n c ile d th e m s e lv e s to th e im p e n d in g
ch a n ge.
In th e c i t y , w h e re C o n s e r v a tiv e fe e lin g is e x c e e d irig ly s tr o n g , th e re is a v e r y h o p e fu l fe e lin g , a n d e v e r y b o d y
is lo o k in g fo r w a r d to a p r o s p e r o u s n e w y e a r .
T h e s p o k e s m e n o f th e U n io n is t P a r t y , a n d m o r e p a r t ic u ­
la r ly th o s e h a v in g in flu e n c e in th e C it y , h a v e b e e n d e c la r in g
e v e r s in c e th e n e w G o v e r n m e n t w a s f o r m e d th a t th e c o u n t r y
w a s a la r m e d b y its fin a n cia l p o l i c y , a n d , in c o n s e q u e n c e , th a t
B ritish c a p ita l w a s b e in g s e n t a b r o a d in la rg e a m o u n t s .
It
is p o s s ib le , o f c o u r s e , t h a t s o m e p e o p le a c c e p t e d th is s ta t e ­
m e n t in g o o d fa ith a n d th a t p u r e ly B ritish s e c u r itie s h a v e to
s o m e e x t e n t b e e n s o ld f o r th e p u r p o s e o f in v e s tin g th e p r o ­
c e e d s in fo r e ig n s e c u r itie s .
B u t all th e e v id e n c e g o e s to
s h o w th a t if th is h a s o c c u r r e d , it c a n h a v e b e e n d o n e o n ly
o n a sm a ll s c a le .
T h e r e is n o d o u b t th a t in v e s tm e n t a b r o a d
h a s b e e n g o in g o n o n a n e x t r a o r d in a r y s c a le .
B u t th e c h ie f
r e a s o n is th a t fo r e ig n se c u r itie s y ie ld a h ig h e r ra te o f in te r e s t
th a n B ritish s e c u r itie s , a lt h o u g h th e p r ic e s o f B ritish s e c u r i­
ties h a v e fa lle n c o n s id e r a b ly in r e c e n t y e a r s .
F o r e x a m p le ,
e v e n n o w B ritis h r a ilw a y o r d in a r y s t o c k s y ie ld o n ly fr o m
4 to 5 % , w h ile th e c o m m o n s t o c k s o f m a n y A m e r ic a n ra il­
w a y c o m p a n ie s a n d o f m o s t o th e r r a ilw a y c o m p a n ie s y ie ld
b e tw e e n 5 a n d 6 % a n d in s o m e ca se s b e tw e e n G a n d 7 % .
N a tu r a lly la rg e n u m b e r s o f p e o p le h a v e b e e n se llin g B ritish
s e c u r itie s in o r d e r to s e cu r e th e h ig h e r ra te s o f re tu rn g iv e n
b y fo r e ig n se c u r itie s .
A s e c o n d re a so n w h y in v e s t m e n t a b r o a d h a s b e e n o n su ch
a n e n la r g e d sca le is th a t in r e c e n t y e a r s fo r e ig n c o u n tr ie s
h a v e in a m a rk e d m a n n e r b e e n g a in in g in p r o s p e r it y .
The
r e v o lu t io n in B razil a t th e e n d o f th e e ig h tie s o f th e la st c e n ­
t u r y , th e r e v o lt o f th e C h ilia n fle e t, th e risin g o f th e U n io n
Ciivica in B u e n o s A y r e s a n d th e s ilv e r crisis in th e U n ite d
S ta te s all c a u se d so m u c h lo ss to B ritish in v e s to r s th a t f o r a
tim e th ere w a s a n a b s o lu t e c e s s a tio n o f B r it is h in v e s tm e n t
a b r o a d a n d a c o n s e q u e n t ru sh to b u y h o m e se c u r itie s , w h ich
led to a n e x t r a v a g a n t rise in B ritis h s e c u r itie s .
F or exam ­
p le , B ritis h c o n s o ls , th e in te r e s t o n w h ic h w a s th e n o n ly
2 % % , a n d w h ic h , in a c c o r d a n c e w ith th e la w , m u st in a
fe w y e a r s g o d o w n to 2
w e re ru sh e d u p to as h ig h a s 114,
T h e s p e c u la tio n in B ritis h se c u r itie s le d n a t u r a lly to a b r e a k ­
d o w n , a n d w h a t b e tw e e n th e tr o u b le s o f B ritish r a ilw a y
c o m p a n ie s , th e c o s t o f th e S o u th A fr ic a n w a r a n d th e p a rtia l
s to p p a g e o f to w n b u ild in g , th e re h as s in c e th e n e w c e n tu r y
se t in b ee n a c o m p le t e c h a n g e in th e fe e lin g o f B ritish in ­
v e s to r s , w ith th e re su lt th a t n o w th e y a re a v o id in g B ritish
a n d a re e a g e rly b u y in g fo r e ig n s e c u r itie s .
I n a d d it io n to
th is , th e g re a t in crea se in th e p r o d u c t io n o f g o ld , th e r e c o v ­
e r y fr o m th e crisis o f 1890 a n d th e g e n e ra l in cre a se o f w e a lth
h a v e so im p r o v e d fo r e ig n s e c u r itie s a n d a u g m e n te d fo r e ig n
w e a lth th a t fo r e ig n c o u n tr ie s a re n o w a b le t o b o r r o w in th e
L o n d o n m a r k e t o n an e n o r m o u s s c a le , a n d th e rise in th eir
c r e d it h a s n a tu r a lly a d d e d to th e a tt r a c tiv e n e s s o f th eir
s e c u r itie s .
D u r in g th e y e a r ju s t c o n c lu d e d th e n ew issues in L o n d o n
h a v e e x c e e d e d a n y th in g e v e r p r e v io u s ly k n o w n .
T hey have




[VOL. LXXXXII.

a m o u n t e d a lt o g e t h e r to £ 2 3 1 ,8 0 4 ,1 3 8 .
F a r th e g r e a t e r
p a r t o f th ese n e w issu es w a s m a d e in th e first h a lf o f th e y e a r .
T h e r e is n o d o u b t th a t th e c r e a t io n o f n ew c a p it a l issu es w a s
e n tir e ly o v e r d o n e .
L a r g e as a re th e s a v in g s o f th e c o u n t r y ,
th e y w e re n o t g r e a t e n o u g h to p a y f o r s u ch a n im m e n se m ass
o f fo r e ig n se c u r itie s a n d to c o n tin u e all th e e n te rp ris e s p r e ­
v io u s ly e x is t in g .
T h e r e fo r e , a b o u t th e m id d le o f th e y e a r
th ere c a m e to b e a c o n g e s tio n in th e m a r k e t , a n d as th ere
h a p p e n e d t o b e a b r e a k d o w n a t th e sa m e tim e in N e w Y o r k ,
P a ris, B erlin a n d A m s t e r d a m , f o r a c o u p le o f m o n th s
th e re w a s n o t o n ly a v e r y g re a t fall in th e s t o c k m a r k e ts , b u t
a n e x c e e d in g ly a n x io u s fe e lin g .
W h e n , h o w e v e r , th e liq u i­
d a t io n a b r o a d c a m e to a n e n d , th ere w a s a r a p id r e c o v e r y in
th e L o n d o n m a r k e t , a n d e v e r y th in g s e e m e d t o in d ic a t e th a t
if th e C o n stitu tio n a l c o n fe r e n c e h a d s u c c e e d e d , th ere w o u ld
h a v e b e e n in th e a u t u m n a v e r y r a p id rise in se cu r itie s g e n ­
e r a lly .
W h e n th e c o n fe r e n c e b r o k e d o w n th e t e n d e n c y
to w a r d s a n im p r o v e m e n t e n d e d , a n d th e k n o w le d g e th a t th e
g en era l e le c t io n s w e re im p e n d in g p r e v e n t e d p e o p le fr o m e n ­
g a g in g in n e w risk s.
I t m a y b e n o te d in p a ssin g , a s p r o o f th a t th e la rg e ta k in g s
o f n ew issu es w ere n o t d u e to p o litic a l a p p r e h e n s io n s a t h o m e ,
b u t w ere in sp ire d b y th e b e lie f th a t it w a s m o r e p r o fit a b le
to e m p lo y m o n e y a b r o a d th a n a t h o m e , th a t th e n ew ta k in g s
w ere v e r y e x t e n s iv e a t o th e r fin a n cia l c e n tr e s a s w ell as in
L o n d o n ; p a r t ic u la r ly th e n ew issues in P a ris in th e first h a lf
o f th e y e a r e x c e e d e d th o se o f a n y o th e r y e a r o n r e c o r d .
The
b r e a k d o w n in th e m id d le o f th e y e a r w o u ld h a v e c o m e in a n y
ca se b e c a u s e th e n ew issues w ere a lt o g e t h e r e x c e s s iv e .
But
n o d o u b t it w a s p r e c ip it a te d b y th e d e a th o f K in g E d w a r d .
N o t o n ly w a s h e th e m o s t p o p u la r S o v e r e ig n th a t p e r h a p s
e v e r s a t u p o n th e E n g lish th r o n e , b u t h e w a s lo o k e d u p o n as
o n e o f th e b u lw a r k s o f th e p e a c e o f th e w o r ld .
W h ile h e
liv e d it w a s g e n e r a lly fe lt th a t h e w o u ld b e a b le to p u t p r e s ­
su re u p o n b o t h th e g r e a t p o litic a l p a r tie s t o s e ttle th e d is p u t e
b e tw e e n th e tw o H o u s e s o f P a r lia m e n t in a n a m ic a b le m a n ­
n er; a n d , fu r t h e r m o r e , th ere w a s u n e n d in g c o n fid e n c e in his
ju d g m e n t a n d c a p a c it y to p r e v e n t fo r e ig n c o m p lic a t io n s .
W h e n , th e r e fo r e , h e d ie d so u n e x p e c t e d ly th e c o u n t r y re­
c e iv e d a s h o c k w h ich is n o t e a s ily u n d e r s t o o d a b r o a d , a n d
th ere w a s a k in d o f fe a r th a t n o t o n ly w o u ld in tern a l q u a rr e ls
b e c o m e m o r e b it t e r , b u t th a t a ls o th e fo r e ig n p o lic y h e h a d
fa v o r e d m ig h t b e e n d a n g e r e d . T h e r e a p p e a r s to b e n o d o u b t ,
th e n , th a t th e b r e a k in m a rk e ts in th e m id d le o f th e y e a r ,
th o u g h it w a s b o u n d to c o m e , w a s s e n s ib ly a g g r a v a t e d b y
th e K in g ’ s d e a t h .
T h e e x t r a o r d in a r y p r o s p e r it y o f th e c o u n t r y is e x h ib it e d
in a r e m a r k a b le d e g re e b y th e r e v e n u e r e tu rn s issu ed o n
M on d a y, Jan. 2.
F o r th e n in e m o n th s e n d e d w ith th e p r e ­
c e d in g S a t u r d a y th e to ta l re v e n u e r e c e iv e d a m o u n t e d to
£ 1 3 7 ,9 4 0 ,0 3 2 , s h o w in g th e e n o r m o u s in cre a s e o v e r th e c o r ­
r e s p o n d in g p e r io d o f th e p r e c e d in g y e a r o f £ 4 3 ,6 4 5 ,0 8 5 .
It
is, o f c o u r s e , to b e b o r n e in m in d th a t in th e p r e c e d in g y e a r
a n u m b e r o f n ew ta x e s w ere in t r o d u c e d , w h ile g r e a t a d d i­
tio n s w e re m a d e to th e in c o m e ta x ; th a t th e B u d g e t w a s
u n d e r d is c u s s io n till q u it e la te in th e a u t u m n , a n d th a t it
w a s th e n th r o w n o u t b y th e H o u s e o f L o r d s , a n d th a t c o n ­
s e q u e n tly th e n ew ta x e s a n d th e in cre a se d in c o m e ta x w ere
n o t g o t in .
B u t w h ile all th is m u s t b e a llo w e d f o r w h en c o n ­
sid e rin g th e e x t r a o r d in a r y in cre a se o f r e v e n u e , it is a t th e
sa m e tim e n o t to b e o v e r lo o k e d th a t in th e r e tu rn s re ferred
to th ere a re n o fe w e r th a n fo u r t e e n ite m s u n d e r w h ic h th e
re v e n u e is s p lit u p , a n d th a t n o t o n e o f th ese fo u r t e e n s h o w s
a d e c r e a se .
W ith a sin g le e x c e p t io n — la n d s b e lo n g in g to th e
C ro w n — e v e r y o n e r e c o r d s a n in cre a se , a n d in n o t a fe w ca ses
a v e r y la rg e in c r e a s e .
L e a v in g th e p r o p e r t y a n d in c o m e ta x
o u t o f a c c o u n t as a lto g e th e r e x c e p t io n a l, th e in cre a se s in th e
th irteen ite m s v a r y fr o m £ 4 5 ,0 0 0 to £ 6 ,9 7 5 ,0 0 0 .
I t seem s
sa fe to in fe r fr o m th e figu res th a t w h en th e fin a n cia l y e a r
c o m e s to a n e n d o n M a rch 31 n e x t th ere w ill b e a la rg e su r­
p lu s o v e r th e e s tim a te s o f th e C h a n c e llo r o f th e E x c h e q u e r .
T h e e x t r a o r d in a r y issu es o f th e e a r ly p a r t o f th e y e a r c o n ­
tr ib u te d p o w e r fu lly to s tim u la te tr a d e , f o r th e p r o c e e d s o f
th o se issues f o r th e m o s t p a r t w ere ta k e n in m e r c h a n d is e .
M o r e o v e r , th e fo r e ig n c u s to m e r s o f th e c o u n t r y a lm o s t w ith .o u t e x c e p t io n h a v e b e e n e x t r e m e ly p r o s p e r o u s , a n d th e r e fo r e
h a v e b e e n a b le to b u y m o r e fr e e ly th a n in p r e c e d in g y e a r s .
I n d ia , fo r e x a m p le , h a d in 1909 a n e x c e e d in g ly g o o d m o n ­
s o o n , a n d in c o n s e q u e n c e th e h a r v e s ts a t th e e n d o f th a t y e a r
a n d in th e e a r ly p a r t o f 1910 w ere v e r y a b u n d a n t .
In 1910
th e m o n s o o n w a s a g a in g o o d , a n d th e in cre a se th u s g iv e n to
th e p u r c h a s in g p o w e r o f I n d ia e n a b le d h er to b u y m u c h m o r e
o f B ritish g o o d s th a n sh e h a d b o u g h t f o r s o m e y e a r s p r e v i­
o u s ly .
A g a in , b o t h 1909 a n d 1910 h a v e b e e n e x c e e d in g ly

229

THE CHRONICLE

J an . 28 1911.]

f a v o r a b l e y e a r s in A u s t r a lia .
I t is sa id th a t 1910 w ill p r o b ­
a b ly p r o v e to h a v e b e e n th e m o s t p r o s p e r o u s y e a r th a t A u s ­
tr a lia h a s e v e r k n o w n .
T h e ra in s h a v e c o m e a t th e r e a lly
d e s ir a b le tim e , a n d th e y h a v e b e e n n e ith e r v e r y e x c e s s iv e
n o r v e r y s h o r t in a n y im p o r t a n t d is t r ic t .
A u str a lia , th e n ,
h a s b e e n a b le t o b u y u p o n a g r e a t ly in cre a se d s ca le ,
ih c
s a m e is tr u e o f m o s t o f th e o th e r la rg e cu s to m e r s o f th e
cou n try .
B r a z il, f o r in s ta n c e , h a s b e e n e x c e p t io n a lly p r o s ­
p e r o u s b e c a u s e o f a g o o d c o ffe e c r o p , a n d still m o r e b e c a u s e
o f th e u r g e n t d e m a n d f o r r u b b e r a n d th e h ig h p r ic e s it

Exports —
J a n u a r y ...................................................
F e b ru a ry .................................................
M arch .....................................................
April .......................................................
M a y .........................................................
J u n e ..........................................................
J u ly ............................................................
A ugust.....................................................
Septem ber..............................................
O c to b e r...................................................
N o v e m b e r..............................................
D ecem ber................................................

1910.
£

34.803.115
31,691,870
34,391,558
35,292,215
33,607,311
34,799,654 ,
38,388,177
38,638,883
36,964,261
37,691.232
36,897,425
37,424,110

1909.
£

28,803.048
28.024.452
31,904,673
28,958,458
29,525,746
29,717,975
35,487,240
32,114,700
32,801,024
33,930,778
33,321,455
33,789,897

Difference.
£

+ 6,000,069
+3,667,418
+ 2,486,885
+6,333,757
+ 4,081,565
+ 5.081,679
+ 2,900,937
+6,524,183
+4,163,237
+ 3,760,454
+ 3,575,970
+3,634,213

Per
Cent

+ 20.8
+ 1 3 .0
+ 8 .9
+ 2 1 .9
+ 1 3 .8
+ 1 7 .1
+ 8 .1
+ 2 0 .3
+ 1 2 .7
+ 1 1 .1
+ 1 0 .7
+ 1 0 .8

com m a n d ed .
.
.
Y e a r ......................................................430,589.811 378,180,347 + 5 2 ,4 0 9 ,4 6 4 + 1 3 . 8
A lt o g e t h e r th e re su lt h as b e e n a v e r y g r e a t in cre a se in th e
T h e r e -e x p o r t s o f fo r e ig n a n d c o lo n ia l p r o d u c e b y m o n t h s
tr a d e o f G re a t B r it a in .
A ll th e m a n u fa c tu r in g d is t r ic t s h a v e
b e e n h ig h ly p r o s p e r o u s .
I t is tru e th a t th e a g r ic u lt u ia l d is ­ s h o w th e f o llo w in g c o n tr a s ts :
Difference
Per
1909.
1910.
tr ic ts h a v e b y n o m e a n s s h a re d in th e p r o s p e r it y ; a n d ,
Cent
£
£
£
Re-exports—
6,687,551 + 1,459,613 + 21.8
............. 8.147.164
o w in g p a r t ly to th e d e a th o f K in g E d w a r d , p a r t ly t o th e Jan uary ________
8,473,034 + 1,710,926 + 2 0 .0
............... 10.184.560
b r e a k d o w n in th e s t o c k m a r k e ts a b o u t m id s u m m e r , a n d February _______
+903,669 + 12.1
7,540,319
..................... 8.443.988
M arch ...................
p a r t ly to th e d e m a n d f o r m o n e y f o r th e m a n u fa c tu r in g d is ­ April ..................... ............................... 11,858,654
8,631,006 +3,227,648 + 3 7 .4
7.251,262 + 1,043,014 + 14.3
...................... 8,294.262
tr ic ts a n d th e w ith d r a w a ls fr o m th e s t o c k m a r k e ts o f th e la rg e M a y .....................
+ 418,038 + 5.2
7,965,605
........................ 8,383.643
m a n u fa c tu r in g ca p ita lis ts , L o n d o n b u sin e ss h a s b e e n b y n o J u n e ......................
+ 847,364 + 11.4
7.374,231
........................ 8,221,595
J u l y . . . .................
m ean s a ctiv e .
L o n d o n is th e s e a t o f m a n y m a n u fa c tu r e s ;
6,990,059 + 1,109,254 + 15.8
A u g u st................. ............................. 8,099,313
b u t in d iv id u a lly th ese m a n u fa c tu r e s a re sm a ll, th o u g h in th e S ep tem b er______ ............................... 6,808,109
+343,960 + 5.3
6,464,143
+398,538 + 5.3
7.601,053
a g g r e g a te th e y a re v e r y im p o r t a n t .
F u r t h e r m o r e , s o m e o f O c to b e r............... ............................... 7,999,591
+706.716 + 10.5
6,751,890
th e la r g e s t o f th e L o n d o n m a n u fa c tu r e s — fo r e x a m p le , s h ip ­ N o v em b er-------- .............................. 7,458,606
+ 241,698 + 2.5
9.634,921
D ecem ber............ ................... ........... 9.876.619
b u ild in g — h a v e fo r m a n y y e a r s b e e n d e c r e a sin g , th e in d u s t r y
Y e a r...............- ...............................103,776.104 91,344,819 + 12,431,285 + 13.6
m o v in g fr o m th e T h a m e s to th e N o r t h o f E n g la n d a n d th e
Note.__ The aggregate figures are official. They Indicate that slight adjustments
S o u th o f S c o t la n d .
L o n d o n , in tr u t h , is ra th e r th e c le a rin g have been made In the monthly returns as Issued.
T h e c o m p le t e tr a d e fig u res o f im p o r t s a n d e x p o r t s in t o
h o u se o f th e w o r ld a n d o n e o f th e w o r ld 's c h ie f b a n k in g c e n ­
tres th a n a n e x c e p t io n a lly g r e a t m a n u fa c tu r in g c e n tr e .
A n d a n d fr o m G r e a t B r ita in f o r th ree y e a r s a re a s fo llo w s :
E X PO R TS AND IM PO RTS.
th e o v e r -d o in g o f issu in g in th e first h a lf o f th e y e a r in flic te d
t e m p o r a r y e m b a r r a s s m e n ts u p o n la rg e n u m b e r s o f u n d e r ­
1908.
1909.
1910.
w rite rs a n d in v e s to r s w h ic h w e ig h e d u p o n th e m e t r o p o lis
£
£
£
Exports.
d u r in g th e s e c o n d s ix m o n th s .
T h e in flu e n ce o f th is w a s
37 7,103.824
378.180,347
H om e products.......... ...................................... 430,589,811
91,344.819
79,623.697
a g g r a v a t e d b y th e d e a th o f K in g E d w a r d a n d th e C o n s t itu ­ lto-shlpments of imports.............................. 103,776.104
456,727.521
469,525,166
tio n a l cris is .
F u r t h e r m o r e , th e in cre a se d c o s t o f liv in g ,
Total exports.............................................. 534,365.915
Imports.
592,953,487
th o u g h it w a s f e lt less in th e U n ite d K in g d o m th a n in th e Total merchandise....................
624.704.957
..................... 678.440,173
c o u n t r ie s o f h ig h p r o t e c t iv e d u tie s , a n d th e s h o r t c r o p s o f
136,225,966
155.179.791
144,074.258
Excess of Imports over exports-------c o t t o n a n d s o m e o th e r ra w m a te r ia ls , d id tell to s o m e e x t e n t
upon L on d on .
In s p ite o f d r a w b a c k s , h o w e v e r , th e tr a d e o f th e c o u n t iy
h a s b e e n m a r v e lo u s ly p r o s p e r o u s d u r in g th e y e a r .
The
B o a r d o f T r a d e r e tu rn s , in d e e d , s h o w th a t o u r fo r e ig n tra d e
w a s th e la rg e s t in o u r a n n a ls, g r e a te r e v e n th a n th e p r e v io u s ly
r e c o r d y e a r , 19 0 7.
T h e to ta l v a lu e o f th e im p o r t s a m o u n t e d
to £ 6 7 8 ,4 4 0 ,1 7 3 , a n in cre a se o v e r th e p r e c e d in g y e a r o f
£ 5 3 ,7 3 5 ,2 1 6 , o r 8 . 6 % .
T h e to ta l v a lu e o f th e e x p o r t s o f
B ritis h a n d Iris h p r o d u c e a n d m a n u fa c tu r e s w a s £ 4 3 0 ,5 8 9 ,­
8 1 1 , b e in g a n in cre a se o v e r th e p r e c e d in g y e a r o f £ 5 2 ,4 0 9 ,4 6 4 ,
o r 1 3 .8 % .
T h e v a lu e o f th e r e -e x p o r t s w a s £ 1 0 3 ,7 7 6 ,1 0 4 , an
in cre a se o f £ 1 2 ,4 3 1 ,2 8 5 , o r 1 3 .6 % .
I t w ill b e n o t ic e d th a t
th e v a lu e o f th e e x p o r t s in cre a s e d p r o p o r t io n a t e ly m u c h m o r e
la r g e ly th a n th e v a lu e o f th e im p o r t s .
S u b tr a c t in g th e e x ­
p o r ts fr o m th e im p o r t s , th e la tte r e x c e e d e d th e fo r m e r b y
£ 1 4 4 ,0 7 4 ,2 5 8 .
B u t th is is a m u c h sm a lle r su m th a n th e
e x c e s s o f im p o r t s o v e r e x p o r t s te n o r a d o z e n y e a r s a g o .
T h e v e r y la rg e issu es h a v e so s tim u la te d B ritish a n d Irish
e x p o r t s th a t fo r a series o f y e a r s th e in cre a se in th e e x p o r t s
h as b e e n m u c h m o r e r a p id th a n th a t in th e im p o r t s , a n d
c o n s e q u e n t ly th e d iffe r e n c e b e tw e e n th e tw o h as b e e n s te a d ily
d im in is h in g .
T o s o m e e x t e n t th e v a lu e b o t h o f th e im p o r t s
a n d o f th e e x p o r t s is d u e t o th e h ig h e r p r ic e s .
B u t a llo w in g
e v e n fo r h ig h e r p r ic e s , th e in cre a se in th e fo r e ig n tr a d e is
v e r y r e m a r k a b le .
T o s o m e e x t e n t , a ls o , th e in cre a se la st y e a r is d u e to b e t t e r
crop s ab roa d .
F o r e x a m p le , in 1909 b o t h th e A m e r ic a n a n d
th e E g y p t ia n c o t t o n c r o p s w e re s h o r t .
T h is y e a r th e y h a v e
b o t h b e e n b e t t e r , a n d c o n s e q u e n t ly th e im p o r t s o f c o t t o n
h a v e in cre a se d v e r y la r g e ly .
T h e p r ic e o f c o t t o n lik e w is e
h as b e e n h ig h e r , b u t in a d d itio n to th e in cre a se d u e t o p r ic e
th e re is a la rg e in cre a se d u e t o a u g m e n te d q u a n tit ie s .
T h e B ritish im p o r t s b y m o n th s h a v e b e e n as fo llo w s :
Imports—

1910.
£
55,921,154

January . . .

...

February . .

M a y ............

. . . 51,158,357
. . . 68,120,393
. . . 59,555,459
. . . 55,269,179

J u n e_______
July...............

...
...

54,636,758
49,384,462

...
...

52,030,617
51.600,395

M a rc h ____
A p r i l ..........

A u g u st____

September .
October . . .
Novem ber.
D e cem b er..
Y e a r ____

. . . 58,047,427
____ 64,091,443

1909.
£
53,500,364

£

50,468,143

+ 2,420,790
+ 690,214

52,013,465
49,173,762

+ 6,106,928
+ 10,381,697

44,854,548
51,711,874
50,316,493
48,411,204

+ 10,414.631
+ 2,924,884
— 932,031

49,476,275
52,641,491
61,611,542

69,133,150

60,781,168

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

624,704.173

...

Difference.

+ 3 ,6 1 9 ,4 1 3
+ 2 ,1 2 4 ,1 2 0
+ 5,405,936
+ 2,479.901
+ 8 ,3 5 1 ,9 8 2
+ 53,735,216

T h e e x p o r t s b y m o n th s h a v e b e e n as fo llo w s :




Perl.
Cm
+ 4.5
+ 1.3
+ 11.7
+ 2 2 .0
+ 23.2
+ 5.6
— 1.8
+ 7 .5
+ 4.3
+ 10.3
+ 4 .0
+ 13.7
+ 8.6

T h e r a ilw a y t r a ffic re tu rn s f o r 1910 h a v e o n th e w h o le
been
s a t is fa c t o r y .
T h is w a s fo r t u n a t e .
U n til
a fe w
y e a r s a g o th e r a ilw a y c o m p a n ie s h a d b e e n d o in g ra th e r
b a d ly , to n o sm a ll e x t e n t b e c a u s e th e d ir e c t o r s d iv id e d
th eir p r o fit s u p t o th e h ilt, a n d , a b s ta in in g fr o m th e A m e r i­
c a n p r a c t ic e o f b e tt e r m e n ts , ra ised fresh c a p it a l f o r all
n e c e ss a r y e x p e n d it u r e .
A s a r e s u lt, th e c a p it a l g r e w v e r y
r a p id ly .
T o in su re s a fe t y , th e la w h a s r ig id ly r e q u ir e d im ­
p r o v e m e n t s o f e v e r y k in d , a n d th ese b e in g p a id f o r b y m e a n s
o f fresh ca p ita l e v e r y y e a r a d d e d m a te r ia lly t o th e c a p it a l.
F u r t h e r m o r e , u n til q u it e r e c e n t ly th e d ir e c to r s d id n o t
p r a c t ic e a s s tr ic t a n e c o n o m y a s w o u ld h a v e b e e n a d v is a b le .
N o d o u b t th e la w m a d e it im p o s s ib le f o r th e m t o w o r k t o ­
g e t h e r a s e c o n o m ic a lly a s t h e y m ig h t h a v e d o n e .
B u t w h a t­
e v e r th e c a u se , th e f a c t w a s u n d o u b t e d th a t t h e y d id n o t
e n fo r c e a s s tr ic t e c o n o m y a s w o u ld h a v e b e e n d e s ir a b le .
W h e n th e S o u th A fr ic a n W a r b r o k e o u t , th e c h a r te r in g o f
sh ip s b y th e G o v e r n m e n t a n d th e c o n s e q u e n t r a p id rise in
th e p r ic e o f c o a l led t o a n im m e n se in cre a se in r a ilw a y e x p e n ­
d it u r e a n d to a g r e a t fa llin g o ff in d iv id e n d s .
T h is in ju r e d
th e c r e d it o f th e r a ilw a y c o m p a n ie s , m a n y o f w h ic h w e re n o t
a b le to ra ise fre sh c a p ita l as e a s ily a s th e y h a d b e e n a c c u s ­
to m e d to p r e v io u s ly .
A n d it w a s, m o r e o v e r , o n e o f th e
ca u se s o f th e d is fa v o r in t o w h ic h h o m e s e cu r itie s h a v e fa lle n
d u r in g th e p a s t d o z e n y e a r s .
Q u ite r e c e n t ly , h o w e v e r , th e r a ilw a y c o m p a n ie s h a v e
a g r e e d a m o n g t h e m s e lv e s to r e d u c e c o m p e t it io n a s m u c h as
th e la w w o u ld a llo w , a n d th e y h a v e e x e r t e d th e m s e lv e s to
th e u t m o s t t o c u t d o w n u n n e c e ss a r y e x p e n d it u r e .
T h e im ­
p r o v e m e n t in t r a d e , t o w h ic h re fe r e n c e h a s b e e n m a d e , h a s
h e lp e d th e m g r e a t ly , a n d th ere is n o w m u c h m o r e in c lin a t io n
a m o n g s t in v e s to r s t o b u y B ritish r a ilw a y s t o c k s th a n fo r
sev era l y e a r s p a s t .
A t th e s a m e t im e , th e o r g a n iz a tio n o f
th e m a r k e t is o ld -fa s h io n e d , a n d th e p u b lic , in c o n s e q u e n c e ,
d o e s n o t b u y a s fr e e ly a s m ig h t h a v e b e e n e x p e c t e d .
P er­
h a p s th e h o ld in g b a c k o f b o t h in v e s to r s a n d o p e r a t o r s is d u e
still m o r e t o th e restlessn ess o f th e w o r k in g cla sses d u r in g th e
past y e a r.
T h e u n re s t h as n o t b e e n c o n fin e d t o th is c o u n t r y .
I t h a s b e e n still m o r e m a r k e d u p o n th e C o n tin e n t .
B u t b o th
in E n g la n d a n d in S c o t la n d it h a s b e e n v e r y g e n e r a l.
T h ere
w a s a la rg e lo c k o u t o f th e b o ile r -m a k e r s in th e N o r t h o f
E n g la n d a n d th e S o u th o f S c o t la n d b y th e s h ip b u ild e r s o n
th e g r o u n d th a t th e b o ile r -m a k e r s w e re c o n s t a n t ly g o in g o n
s trik e w it h o u t g iv in g n o t ic e .
T h e lo c k o u t la s te d f o r n e a r ly
fifte e n w e e k s , a n d d u r in g th a t tim e th re w a v e r y g r e a t in d u s y in t o d is tre s s . T h e r e h a v e b e e n a ls o s trik e s in th e c o a l

330

THE CHRONICLE

tr a d e in S o u th W a le s , w h ile fe a rs o f strik e s h a v e e x is te d in
o t h e r d is t r ic t s w h e r e th e y h a v e so fa r b e e n a v o id e d .
In
s p it e o f e v e r y t h in g , h o w e v e r , th e r a ilw a y tr a ffic r e tu rn s a re
h ig h ly s a t is f a c t o r y .
F o r th e w h o le y e a r th e y a m o u n t to
£ 1 0 0 ,4 3 0 ,0 0 0 , b e in g a n in cre a se o v e r th e p r e c e d in g y e a r o f
£ 2 ,5 8 1 ,0 0 0 , o r 2 . 6 % .
T h e C le a r in g -H o u s e re tu rn s lik e w ise t e s t ify to th e g r e a t
a c t i v i t y o f tr a d e d u r in g th e y e a r .
T h o s e f o r L o n d o n d u r in g
th e p a s t y e a r a m o u n t e d to £ 1 4 ,6 5 8 ,8 6 3 ,0 0 0 , a n in cre a se o v e r
th e p r e c e d in g y e a r o f £ 1 ,1 3 3 ,4 1 7 ,0 0 0 , o r 8 . 4 % .
B e lo w w e
g iv e th e r e tu r n s fo r L o n d o n a n d fo r ten o th e r to w n s .

£

£

£

%

B irm in g h a m .............................
61,549,636
58,737,437
+2,812,199 + 4 .8
B ris to l......................................... 31.689,000
30.438,100
+1,250,900 + 4 .1
D u b lin ........................................ 167,463,500
160.654,600
+6,808.900 + 4 .2
D e e d s...........................................
21,645,867
20,230,003
+1,415,864 + 7 .0
L eicester......................................
12,722,480
12,153,026
+569.454 + 4 .2
L iverpool.................................... 221,555,336
201,607,076
+19,948,260 + 9 .9
London—
T o w n .......................................12,697,679,000 11,744,120,000 +953,559,000 + 8 .1
687,133,000
+83,739,000 + 1 2 .2
M etropolitan ........................ 770,872,000
C o u n try ................................. 1,190,312,000 1,091,193,000
+96,119,000 + 8 .8
14,658,863,000 13,525,440,000 +1,133,417,000 + 8 .4
T o ta l------------------Stock E xch.— S ettl’g days 2,261,385,000 2,129,205.000 +132,180,000 + 6 2
Consols—Settling d a y s ... 733,430,000
677,847,000
+55,583,000 + 8 .2
F o urth of M onth................. 596,865,000
510,173,000
+86,692,000 + 1 6 .9
M an ch ester............................... 307,907,375
284,940,052
+22.967,323 + 8 .1
N ew castle...................................
48,154,548
46.962,405
+1,192,143 + 2 .5
N o ttin g h a m ..............................
15,942,435
15,864,828
+77,607 + 0 .4
Sheffield......................................
21,328,194
20,080,431
+1,247,763 + 6 .2
T otal..................................... 13,607,637,371 12 .595,787,958 + 1 ,0 1 1 .8 4 9 ,4 1 3

+ 8 .0

T h r o u g h o u t th e y e a r th e w e a th e r in W e s t e r n E u r o p e , a n d
fo r th e m o s t p a r t in S o u th e r n E u r o p e lik e w is e , w as e x c e e d ­
in g ly u n fa v o r a b le .
I n F r a n c e it w a s m o r e so th a n p e r h a p s
in a n y o th e r E u r o p e a n c o u n t r y .
G e r m a n y a lso su ffe re d
fr o m it c o n s i d e r a b ly .
D u r in g th e e a rlie r p a r t o f th e y e a r in
I r e la n d , S c o t la n d a n d th e n o r th e r n p a r t o f E n g la n d th e
w e a th e r w a s e x c e e d in g ly p r o m is in g , w h ile in C en tra l a n d
S o u th e r n E n g la n d it w a s u n fa v o r a b le .
B u t e v e n in Ir e la n d
a n d S c o t la n d it c h a n g e d f o r th e w o r s t a t h a r v e s t tim e .
S till, th e e s tim a te s o f th e b e s t ju d g e s are th a t, ta k in g th e
w o r ld a lt o g e t h e r , th e r e w ill b e v e r y little d iffe r e n c e b e tw e e n
th e c r o p s o f th is y e a r a n d th o se o f la st y e a r .
I n W este rn
E u r o p e , h o w e v e r , th e r e w ill b e a d e c id e d s h o r ta g e .
F or
e x a m p le , o n e r e c o g n iz e d a u t h o r it y e s tim a te s th a t th e y ie ld
o f w h e a t in F r a n c e w ill b e o n ly a b o u t
m illio n q u a rte rs
a g a in s t n e a r ly 4 5 m illio n q u a r te r s in th e p r e c e d in g y e a r , a n d
in I t a l y n o t m u c h m o r e th a n 19 m illio n q u a r t e r s , a g a in st 23
m illio n q u a r t e r s .
I t is fe a r e d b y e q u a lly g o o d a u t h o r itie s
t h a t th e a c tu a l o u ttu r n w ill b e w o rse th a n th e se e s tim a te s ,
fo r d u r in g b o t h N o v e m b e r a n d D e c e m b e r th e w e a th e r w a s
e x c e p t io n a lly b a d .
O n th e o th e r h a n d , th e R u s s ia n h a r v e s t
h as b e e n p r a c t ic a lly as la rg e as th a t o f th e y e a r b e fo r e .
The
H u n g a r ia n h as b e e n o v e r 2 3 )^ m illio n q u a r t e r s ,a g a in s t a b o u t
14 m illio n q u a r t e r s , a n d th e R o u m a n ia n
m illio n q u a r te r s ,
a g a in st a b o u t
m illio n q u a r te r s .

32 y

Gy

13}4

W e s te rn E u r o p e , th e r e fo r e , w ill re q u ir e t o im p o r t la rg er
q u a n tit ie s th a n in th e p r e c e d in g y e a r — itse lf a v e r y u n sa tis­
fa c to r y yea r.
N e v e r th e le s s , p r ice s are ea sie r th a n t h e y w ere
ea rlie r in th e y e a r b e c a u s e th e p r o s p e c ts in th e c o u n t r ie s w h ich
w ill h a r v e s t th e ir c r o p s fr o m n o w u n til M a y are all m o s t
p r o m is in g .
I n I n d ia th e c r o p g a th e r e d in la st M a y w a s
e x c e e d in g ly la rg e .
B u t th e n a tiv e s h e ld th e ir w h e a t b a c k
fr o m th e m a r k e t in th e h o p e th a t p r ice s w o u ld rise .
They
h a v e b e e n d is a p p o in t e d .
S till, th e y are h o ld in g b a c k .
M e a n tim e th e c r o p t h a t w ill b e g a th e r e d in n e x t M a y will
p r o b a b ly b e e x c e e d in g ly g o o d , t h o u g h , o f c o u r s e , it is t o o
e a r ly y e t t o fo r m a n y d e fin ite o p in io n .
A ll th a t ca n b e said
w ith c e r t a in t y is th a t th e a re a s o w n is la rg e , a n d th a t tw o
g o o d m o n s o o n s in s u c c e s s io n h a v e a lw a y s h ith e r to b e e n f o l­
lo w e d b y e x c e p t io n a lly fine c r o p s .
T h e A u s tr a lia n c r o p is
r e p o r te d t o b e v e r y fin e .
U n til a lm o s t th e e n d o f th e y e a r it
w a s h o p e d th a t th e A r g e n tin e c r o p w o u ld b e b o u n t ifu l.
The
a rea s o w n w a s la rg e r th a n in th e p r e c e d in g y e a r , a n d u n til
v e r y c lo s e t o h a r v e s t tim e th e w e a th e r w a s fa v o r a b le .
But
ju s t b e fo r e h a r v e s t fr o s t in s o m e d is t r ic t s , d r o u g h t in o th e r s ,
a n d lo c u s ts in o th e r s , w o r k e d g re a t d a m a g e , a n d as th e y e a r
clo s e d th e b e lie f w a s ge n e ra l th a t b o t h w h e a t a n d m a ize
w o u ld b e s h o r t .
T h e p r e v a ilin g e s tim a te is th a t th e su rp lu s
o f w h e a t a v a ila b le fo r e x p o r t w ill b e o n ly a b o u t t w o m illio n
to n s , a g a in st th ree m illio n to n s e s tim a te d f o r a lit tle w h ile
ago.
It is t o o s o o n y e t to e s tim a te r e g a r d in g m a iz e , b u t th e
d a m a g e seem s t o b e s e rio u s.
A t th e c lo s e o f th e y e a r th e
s t o c k s o f w h e a t in n e a r ly all E u r o p e a n c o u n t r ie s w e re d e ­
c id e d ly la rg e r th a n a t th e c o r r e s p o n d in g d a t e o f th e y e a r
b e fo r e , a lth o u g h th e c o n s u m p tio n h as b e e n e x c e p t io n a lly
heavy.
N e v e r th e le s s , th e re w a s s o m e r e c o v e r y in p r i c e ,b o t h
in L o n d o n a n d in L iv e r p o o l, d u r in g th e la s t w e e k o f th e y e a r ,
d u e , it is s a id , t o a fa llin g o ff in a rriv a ls d u r in g th e p r e c e d in g
w eek.
T o w a r d s th e clo s e o f th e w e e k , h o w e v e r , p r ic e s g a v e




[VOL. LXXXXII.

w a y s o m e w h a t, a n d th e o p in io n se e m s t o b e g a in in g g r o u n d
th a t, in s p ite o f th e la rg e d e m a n d fo r E u r o p e , th e s u p p lie s
e v e r y w h e r e are q u it e s u ffic ie n t to p r e v e n t a n u n d u e a d v a n c e
in q u o t a t io n s , th o u g h p r ice s are d e c id e d ly lo w e r th a n th e y
w ere t w e lv e m o n th s a g o .
T h e L o n d o n m o n e y m a r k e t w a s s u b je c t e d to u n p r e c e ­
d e n te d tria ls d u r in g th e y e a r 19 1 0.
T h e H o u s e o f L o r d s , it
w ill b e r e c o lle c t e d , la te in th e p r e c e d in g y e a r th re w o u t th e
B u d g e t , a n d th ere f o llo w e d a d is s o lu tio n o f P a r lia m e n t in
D e c e m b e r a n d a g en era l e le c t io n in J a n u a r y .
The G overn ­
m e n t d e c id e d th a t u n d e r th e la w as it th e n s t o o d it h a d n o
p o w e r to e n fo r c e th e c o lle c t io n e ith e r o f th e in c o m e t a x or
o f th e n ew ta x e s p r o p o s e d in th e B u d g e t , a lto g e th e r a m o u n t ­
in g t o a b o u t 30 m illion s s te r lin g .
T h e g en era l p u b lic , h o w ­
e v e r , d e s irin g th a t th e b u sin e ss o f th e c o u n t r y s h o u ld n o t b e
im p r o p e r ly d is t u r b e d , c o n tin u e d t o p a y ta x e s v o lu n t a r ily to
a s u r p r is in g ly la rg e a m o u n t . S till, n e a r ly 30 m illion s s te r lin g
th a t w o u ld h a v e b e e n c o lle c t e d b e fo r e th e e n d o f M a rch if th e
B u d g e t h a d p a ssed w a s , as a m a t t e r o f f a c t , n o t g o t in .
H e n c e , th e G o v e r n m e n t h a d t o b o r r o w v e r y la rg e a m o u n t s ,
a n d as a c o n s e q u e n c e n o b o d y k n e w fr o m d a y t o d a y w h a t th e
e f fe c t u p o n , n o t o n ly th e m o n e y m a r k e t ,b u t u p o n all k in d s
o f b u s in e s s m ig h t b e .
F o r all t h a t , th e c o u n t r y c a m e
th r o u g h th e trial w ith s u r p r is in g ly little d is t u r b a n c e .
W h e n th e y e a r b e g a n th e r a te o f d is c o u n t o f th e B a n k o f
E n g la n d w a s
O n th e 6 th o f J a n u a r y th e ra te w a s
p u t d o w n to 4 % ; o n th e 2 0 th o f J a n u a r y t o 3 > ^ % ; a n d o n
th e 10th o f F e b r u a r y t o 3 % .
T h e u n c e r ta in tie s o f th e p o s i­
t io n , th e la rg e d e m a n d fo r g o ld fo r I n d ia a n d s o m e o t h e r
c o u n t r ie s , a n d th e c o n tin u e d b o r r o w in g o f th e G o v e r n m e n t ,
g r a d u a lly a u g m e n te d th e d e m a n d fo r m o n e y , a n d o n th e
17th o f M a rch th e B a n k p u t u p its r a te a g a in , first to 3 %
a n d th e n t o 4 % .
G r a d u a lly th e g o ld d e m a n d fo r E g y p t ,
I n d ia , B ra zil a n d o th e r c o u n t r ie s ea sed o ff, a n d on J u n e 2
th e ra te w a s c u t a g a in to
A w e e k la te r it w a s r e d u c e d
to 3 % .
A t th e la tte r fig u re it r e m a in e d u n til th e 2 9 th o f
S e p te m b e r , w h en it w a s p u t u p t o 4 % , a n d o n th e 2 0 th o f
O c t o b e r it w a s ra ised t o 5 % .
A g a in it w as p u t d o w n t o
4 j ^ % o n th e 1st o f D e c e m b e r , a t w h ic h it re m a in e d till th e
e n d o f th e y e a r .
T h u s , d u r in g th e y e a r th ere w e re , in all,
n in e ch a n g e s .
T h e h ig h e s t lev el a tt a in e d w a s 5 % , w h ich
w a s a lso th e m a x im u m o f th e p r e c e d in g y e a r , w h ile th e lo w e s t
ra te w as 3 % , a g a in st
in th e p r e c e d in g y e a r .
The
a v e r a g e B a n k o f E n g la n d r a te fo r th e w h o le y e a r w as
£ 3 :1 4 :5 ^ 2 d ., w h ile th e a v e r a g e ra te o f th e o u ts id e m a r k e t
w as £ 3 :3 :3 d .
I n th e s e c o n d h a lf o f th e y e a r th e fo r e ig n d e m a n d fo r g o ld
w as m u c h s m a lle r th a n it h as b e e n fo r a lo n g w h ile in th e la st
h a lf o f a n y y e a r .
T h is w a s d u e to m a n y c a u se s .
O n e w as
th e s to p p a g e o f s p e c u la tio n b y th e b r e a k in m a rk e ts a t m id ­
su m m er.
A s e c o n d w a s th e e x c e e d in g ly b a d w e a th e r
t h r o u g h o u t C en tral a n d W e s te r n E u r o p e , w h ic h d id g r e a t
d a m a g e t o th e c r o p s , e s p e c ia lly t o th e w h e a t c r o p s , a n d
c o n s e q u e n t ly m a d e it n e ce ss a ry fo r th is c o u n t r y a n d G e r m a n y
to im p o r t m o r e th a n u su a l, a n d a ls o m a d e it n e ce ss a ry fo r
F r a n c e , w h ic h u su a lly raises e n o u g h w h e a t fo r its o w n
c o n s u m p t io n , to im p o r t a n e x c e p t io n a lly la rg e a m o u n t .
S o m e o f th e r ic h e s t E u r o p e a n c o u n tr ie s h a v e , th e r e fo r e , b e e n
c o m p e lle d t o b u y w h e a t a b r o a d o n a n e x c e p t io n a l s ca le .
On
th e o th e r h a n d , th e R u ss ia n h a r v e s t w a s v e r y a b u n d a n t , a n d
th e R u ss ia n I m p e r ia l B a n k la r g e ly in c r e a s e d its n o te c ir c u la ­
tio n to m o v e th e c r o p .
I n c o n s e q u e n c e , it in cre a s e d its g o ld
r e se rv e , a n d fo r s o m e tim e b id e a g e r ly fo r th e g o ld o ffe r in g in
th e o p e n m a r k e t in L o n d o n .
W h e n , h o w e v e r , th e B a n k o f
E n g la n d b e g a n t o raise its ra te o f d is c o u n t , th e I m p e r ia l
B a n k o f R u s s ia ce a se d t o c o m p e t e , a n d a ft e r th e E n g lis h
ra te w a s p u t u p to 5 % , th e B a n k o f E n g la n d w as a b le to
o b ta in a v e r y large p r o p o r t io n o f all th e g o ld o ffe r in g in th e
o p e n m a r k e t.
A r g e n tin a , u p to th e e n d o f th e y e a r , m o r e ­
o v e r , im p o r t e d v e r y little g o ld , w h ile d u r in g th e s e c o n d h a lf
o f th e y e a r th ere w a s n o d e m a n d fo r B r a z il.
T h e bill w h ich
is b e fo r e th e B ra z ilia n C h a m b e rs fo r ra isin g th e v a lu e o f th e
m ilreis h as p u t a s t o p t o s h ip m e n ts o f g o ld to B r a z il.
On
th e o th e r h a n d , th ere h a s b e e n a n e x c e p t io n a lly la rg e d e m a n d
fo r g o ld fo r E g y p t , £ 1 0 ,4 3 4 ,0 0 0 a lto g e th e r .
B u t a la rg e p a r t
o f th is is g o in g a n d w ill g o to I n d ia .
A t th is tim e la st y e a r
In d ia to o k fr o m E g y p t a n d fr o m L o n d o n a b o u t six m illio n s
ste rlin g o f th e m e t a l.
It is e s tim a te d th a t sh e will ta k e a t
lea st as m u c h in th e p r e se n t s e a so n , p o s s ib ly m o r e .
O f th is
a m o u n t it is e s tim a te d t h a t E g y p t w ill b e a b le to p r o v id e
h er w ith at least fiv e m illio n s s te rlin g .
T h e a p p e n d e d t a b le , m a d e u p fr o m th e o ffic ia l s ta te m e n ts
o f th e B a n k o f E n g la n d , s h o w s th e p o s it io n o f th e B a n k as
re g a rd s b u llio n , r e s e r v e , & c ., e a ch w eek o f th e y e a r :

4y% .

3]/2°/0.

2y%

THE CHRONICLE

.J AN. 28 1911.1

B A N K O F E N G L A N D IN 1910— (00,000s omitted).

Bullion

1910.

Note
Cir­
cula­
tion.

5 ___
12____
19____
26____
Feb. 2 ____
9 ___
16____
23____
M arch 2 ____
9 ___
16___
23___
30 ___
April 6 ___
13___
20____
27____
May 4 ___
11____
18___
25____
June 1____
8 ____
15____
22____
29___
July 6 ____
13___
20____
27____
Aug. 3 -----10____
17____
24____
31 ____
Sept. 7 ____
14____
21____
28____
12____
19____
26____
Nov. 2 ____
9 ____
16___
23___
3 0 ___
Dec. 7 ____
14___
21____
2 8 ....

28,9
28,3
28,0
27,7
28,1
27,8
27,5
27,7
28,3
28,0
27,9
28,8
28,7
28,9
28,6
28,5
28,2
28,6
28,3
28,0
28,1
28,4
28,0
27,7
27,6
28,7
28,9
28,6
28,4
28,6
29,1
28,7
28,4
28,3
28,6
28,2
27,6
27.6
27,9
28,2
27,9
27,6
27,7
28,6
28,2
28,5
28,1
28,4
28,2
28,0
28,6
28,6

Deposits.

De­
part­ Public. Other.
ments.

Gov­
ern ment.

£

17,5
14,7
14,7
14,6
14,0
14,0
14,0
14,0
14,0
14,0
14,0
14,0
14,0
18,5
18,5
14,8
13,8
13,8
13,8
13,8
13,9
14,9
17,2
17,9
18,0
18,0
18,0
18,0
17.4
17,4
17.4
17,4
16,0
16,0
15,9
15,9
15,6
15,3
15,3
15,0
15,0
15,0
15,0
14,3
14,0
14,6
14,6
14,6
15,6
15,9
15,9
15,9

£

£

.£

9,9
6,9
11,4
12.3
10,2
7,9
9,0
8,2
11,2
8.4
9,6
7,3
8,8
10,7
10,7
9,3
8,4
10,3
12,6
17,2
21,3
23,0
24,9
27,5
27,9
24,7
21,5
19,5
17,6
15,3
15.2
16,6
17,6
17,9
17.2
16,9
13,3
12,5
12,8
7,6
6,3
7,1
7,2
6,6
6,6
10,1
11,3
11,4
10,1
9,3
10,6
11,7

49,1
45,5
41,6
41,0
43,2
44,8
44,2
44,4
40,2
42,2
40,9
42,4
43,1
46,9
43,1
41,3
43,5
44,1
39,6
35,9
37,8
37,1
37,6
36,3
40,0
50,5
45,4
42,6
43,3
44,1
41,6
40,6
38,7
39,9
40,5
40,1
43,7
43,5
42,4
44,1
45,5
41,9
40.5
38,4
37,6
37,4
39,0
39,7
41,1
41,3
38,2
44,2

a Dec. 9 1909. b Jan. 6 1910.
0 June 9. h Sept. 29. lO c t . 20.

c Jan.

Jan.

33,7
34,7
36,9
36,7
36,6
37,3
36,6
35,9
35,2
34,4
33,9
33,6
33,2
33,8
35,7
36,1
38.9
38,3
37,8
38,7
40,4
41,5
42,4
43,0
42,4
41,5
41,4
41,2
40.7
39,0
39,4
39,9
40,3
39,9
39,4
39,7
39.1
37.3
34,4
33,8
31,9
31,3
32,2
32,7
35,0
35,6
35,6
35,6
35,1
32,9
31,4

Reserve
of
Notes Bank
and
Other.
Rate.
Coin.

Securities.

20.
/D e c . 1.

£

£

36,2
30,7
29,4
29,0
30,4
29,5
29,0
29,4
29,6
29,1
29,9
30,4
33,0
34,0
29,3
27,8
29,5
29,7
27,7
28,7
33,9
32.4
31,1
30,6
33,9
42,8
35,9
30,9
30,4
29,6
29,1
28,6
28,4
29,4
30,3
29,7
29,2
29,1
30,4
29,8
30,2
28,9
28,4
26,3
25,0
25,7
27,5
28,5
27,4
27,4
23,1
36,6

d Feb.

10.

£

23,3
24,9
26,9
27,6
27,0
27,2
28,2
27,3
26,1
25,7
24,9
23,6
23,3
22,8
23,6
25,6
26,4
28,7
28,4
28,3
29,0
30,5
31,9
33,1
33,9
32,1
31,1
31,3
31,2
30,5
28,4
29,2
29,9
30,5
29,7
28,4
30,5
29,9
27,8
24,7
24,4
22,8
22,0
22,1
23,0
24,9
25,9
25,7
25,9
25,5
22,7
21,2

£

4 Xa
46
____
3 'Ac
____

Market
Rate
3 Months'
Bank
Bills.

%
3 5-16
3H
2%
2H

2 9-16
2X
2 3-16
____ 2 H
____ 2 K
2 9-16
4e
3 3-16
3 11-16
. _ 3 11-16
3 13-16
3%
3 Vs
3d

3 )4 f

3(7

___
____
____
____
____
____
..
4h

51

3)4.

2V%

2 9-16
2Vs
2 1-16
2
2Vs
2 3-16
2 1-16
2 3-16
2 5-16

2%
3
3)4
3

2 13-16
2 13-16
3 11-16
3 11-16
3«
4
4 9-16
4%
4%

4M
_
—

e March

17.

4A
4 Ys
4
3 )4
3 Vs

3 7-16
3 7-16

/J u n e 2.

T h e s itu a tio n o f th e B a n k o f F r a n c e as t o its s t o c k o f g o ld
a n d s ilv e r , a c c o r d in g t o th e la st re tu rn s o f e a c h m o n th o f
19 0 8, 1909 a n d 19 1 0, w as as fo llo w s , s ta t e d in p o u n d s s te rlin g :
GO LD A N D S IL V E R IN B A N K O F F R A N C E — (00,000s omitted).

Gold) Silv'r Total
Jan.
Feb.
Mch.
April
May
June
July
Aug.
Sept.
Oct.
N ov.
Dec.

27 .
24 .
31.
28.
26.
30.
28.
25.
29.
27.
24.
29.

£ £

139.0
139.3
138.4
136.0
136.6
136.1
135.7
135,9
134.8
132.8
131.9
131.2

35,1
34.9
34.9
35.0

36,4
35.3
34.4

33.8
33.8
33.4

33.4
33.0

Gold SW rlTotal

£
Jan.
Feb.
Mch.
April
May
June
llJuly
7 Aug.
Sept.
Oct.
Nov.
Dec.

28.
25.
25.
29.
27.
24.
29.
26.
30.
28.
25.
30.

145.4
145,6
144.1
144.5
147,4
148,3
148,0
148.2
145.3
144.8
142.6
139.8

1908.

35,4|180,8
35 .5 181,1
35,61179,7
35 ,6 1 8 0 ,1
35 .6 183,0
36 .0 1 8 4 ,3
36,0,184,0
36, li 184,3
36,0 181.3
35.8 ISO.6
35,91178,51
35,0174,8'

Gold. Silv'r Total

£

£ I £
Jan.
Feb.
Mch.
April
May
June
July
Aug.
Sept.
Oct.
N ov.
Dec.

30.
27.
26.
30.
29.
25.
30.
27.
24.
29.
26.
31.

T h e to ta l im p o r t s o f s ilv e r d u r in g th e y e a r w e re £ 1 4 ,1 0 0 ,­
3 1 0 , b e in g £ 2 ,2 8 5 ,4 2 1 , o r 1 9 .4 % , in e x c e s s o f th e p r e c e d in g
year.
O f th e to ta l £ 1 1 ,3 3 2 ,7 0 7 c a m e fr o m th e U n ite d
S ta te s , o r 8 0 .9 % .
F r o m th e S tra its S e t tle m e n t s th e im p o r t s
a m o u n t e d to £ 1 ,1 0 0 ,6 5 2 .
T w e n t y - e ig h t o t h e r c o u n t r ie s c o n ­
t r ib u t e d th e re m a in d e r ; b u t in n o ca se d id th e r e c e ip ts e x c e e d
a m illio n s te r lin g .
T h e s ilv e r e x p o r t s w e re £ 1 3 ,4 7 0 ,9 6 8 ,
b e in g £ 6 8 5 ,7 8 6 in e x c e s s o f th e p r e c e d in g y e a r , o r 5 . 4 % .
T h e p r in c ip a l ta k e r w a s B ritis h I n d ia , to w h ic h £ 7 ,2 5 9 ,7 6 6
w a s s e n t.
C h in a c a m e s e c o n d , ta k in g £ 1 ,3 4 9 ,4 0 0 ; G e r m a n y
th ir d , ta k in g £ 1 ,2 6 1 ,1 3 5 ; a n d R u ssia fo u r t h , £ 1 ,1 1 0 ,0 0 0 .
T w e n t y -fiv e o t h e r c o u n t r ie s t o o k th e r e m a in d e r , n o s in g le
o n e ta k in g as m u c h as a m illio n s te r lin g .
T h e im p o r t s e x ­
c e e d e d th e e x p o r t s b y $ 6 2 9 ,3 4 2 , b u t a s th e s ilv e r b r o u g h t in to
a n d ta k e n o u t o f th e c o u n t r y in th e p o c k e t s o f tr a v e le r s is n o t
in c lu d e d , it d o e s n o t a t all f o llo w th a t th e n e t a m o u n t o f
s ilv e r r e ta in e d h ere w a s a s m u c h a s th e fig u r e ju s t s t a t e d .
P R IC E O F S IL V E R F O R T H R E E Y E A R S .

3%
3Ys

3 13-16
3 7-16
3 9-16

£

107.4 36,3

110,6
110,6
113,9
121.7
126,1
127.7
129,0
129.8
131.8
135,3
139.5

36.2
36.3
36.2
36.6
36,8
36.3

36.2
36,0
36.6
35.6
35.3

1910.

High.

Low.

d.

d.

24
Jan 24)4
Feb 24'A
23 5-16
Mch 24 3-16 23 3-16
Apr 24 15-16 24
May 24 15-16 24 Vs
24X
J’ ne 24 »A
July 25 Vs
24)4
24 3-16
Aug- 24 Vs
24 5-16
Sep 24 Vs
24 13-16
Oct 26 X
25 5-16
Nov 26
24 15-16
Dec 25 Vs
Y ’r|26M




1908.

1909.

Aver. | High.
d.

23 3-16

Low.

Aver.

Low.

High-

Aver.

d.
d.
d.
23 7-16 23 13-16 27
24 Vs
24)4
23 13-16 2414
23 9-16 23 11-16 25Vs
23 11-16 23 H
23 1-16 23 3-16 25 13-16
24 7-16 24 7-16 23 H
23 H
25)4
24 13-16 24 V,
24 5-16 24 13-16
24Vs
24 Vs
24 )4
23 15-16 24)4
25^
25
23 H
23 Vs
23 A
24Vs
24 7-16 24
23 7-16 23 9-16 24>/s
24 9-16 23 Vs
23^
23 11-16 24 3-16
25 9-16 23 13-16 23 1-16 23 A
\24
25 11-16J23 J4
23 Ys
23 5-16 ! 23 5-16
25)4
24 5-16 23 9-16 24
23 3-16

d.
25 11-16
25 13-16
25 7-16 25 9-16
24 5-16 25 )4
24
24 5-16
24 %
24 H
24 3-16 24)4
23 13-16
23 Vs
23 9-16 23 ^
23 1-16 23 11-16
22 Ys
22 15-16
22
22)4

24 11-16 24 %

22

d.

d.

24)4
25)4

23 1-16 23 11-16 27

24)4

T h e fo llo w in g a re th e b a n k a n d o p e n m a r k e t ra te s o f in ­
te r e st a t a n u m b e r o f th e p r in c ip a l C o n tin e n ta l c itie s o n th e
first d a y o f e a c h m o n t h d u r in g 1910 a n d o n th e c lo s in g d a y
o f th e y e a r .
1

1910.

Rates o f Interest at—
Paris—
Bank rate............
Open market___
Berlin—
Bank rate---------Open market___
Hamburg—
Bank rate_______
Open m a rk et.. .
Frankfort
Bank rate.............
Open market___
Amsterdam
Bank rate.............
Open market___
Brussels
Bank rate.............
Open market___
Vienna
Bank rate_______
Open market___
St. Petersburg—
Bank rate.............
Open market___
Madrid—
Bank rate---------Open market—
Copenhagen—

—

—

—

---------

Open market___

T h e to ta l im p o r t s o f g o ld , w h e th e r in b u llio n o r in c o in ,
d u r in g th e y e a r ju s t e n d e d a m o u n t e d t o £ 5 7 ,3 2 1 ,7 6 7 , b e in g
a n in cre a se o v e r th e p r e c e d in g y e a r o f £ 2 ,6 2 9 ,9 3 8 , o r 4 . 8 % .
T h e T r a n s v a a l se n t £ 3 1 ,0 7 5 ,1 8 3 , o r 5 4 . 2 % , o f th e to ta l
am ou n t.
F r o m th e U n ite d S ta te s th e re c a m e £ 6 ,6 7 2 ,7 9 3 ;
fr o m F r a n c e , £ 4 ,3 6 1 ,2 6 7 ; fr o m R h o d e s ia , £ 2 ,4 9 7 ,5 8 6 ; fr o m
A u str a lia , £ 2 ,3 1 7 ,5 2 8 , a n d fr o m I n d ia , £ 2 ,2 2 0 ,2 6 3 .
The
a m o u n t r e c e iv e d fr o m A u s tr a lia , it w ill b e se e n , is sm a ll.
T h is is d u e , p a r t ly to th e g r e a t p r o s p e r it y o f A u str a lia , o w in g
to w h ic h th e re is a n e x c e p t io n a l d e m a n d f o r b a n k in g a c c o m ­
m o d a t io n , n o t o n ly f o r o r d in a r y tr a d e p u r p o s e s , b u t a ls o f o r
th e p u r c h a s e o f la n d .
I t is d u e , a ls o , to s o m e e x t e n t , t o th e
f a c t th a t th e A u str a lia n b a n k s h a v e u n u su a l a m o u n t s o f
m o n e y e m p lo y e d h ere in L o n d o n .
T h e to ta l e x p o r t s o f g o ld
c o in a n d b u llio n re a c h e d £ 5 0 ,8 9 8 ,4 4 5 , e x c e e d in g th e e x p o r t s
o f th e p r e c e d in g y e a r b y £ 3 ,6 4 8 ,9 0 9 , o r 7 . 7 % .
E g y p t w as
th e la rg e st ta k e r o f th e m e ta l, g e t tin g a lto g e th e r £ 1 0 ,7 7 0 ,5 0 0 ,
o r 2 1 .1 % o f th e t o t a l.
B ritish In d ia t o o k n e a r ly as m u c h , o r
£ 1 0 ,2 9 3 ,1 0 3 .
I n f a c t , th e d e m a n d fo r E g y p t w a s v e r y
la r g e ly d u e to th e d e m a n d f o r I n d ia .
T h e E g y p t ia n c o t t o n
c r o p o f 1909 w a s v e r y s h o r t , o w in g to th e d a m a g e d o n e b o t h
b y th e w e a th e r a n d b y w o r m s .
I t w as b e lie v e d a t th e b e g in ­
n in g o f th e s e a so n th a t th e c r o p w o u ld b e a v e r y large o n e ,
a n d E g y p t t o o k m u c h m o r e g o ld th a n she n e e d e d .
B u t sh e
w a s r e lie v e d o f th e e x c e s s b y th e In d ia n d e m a n d .
A t th e
c lo s e o f 1910 th e E g y p tia n c o t t o n c r o p p r o v e d to b e e x c e l­
le n t, a n d a g a in E g y p t to o k a v e r y la rg e a m o u n t o f g o ld .
B u t a lr e a d y she is p a rt in g to I n d ia w ith a p o r tio n o f w h a t sh e
took .
T h e su m s e n t t o G e r m a n y , w h ich w as th e th ird
la rg e st ta k e r , w a s £ 8 ,9 3 8 ,5 8 4 ; to F r a n c e , £ 4 ,2 7 4 ,8 5 2 ; to
th e U n ite d S ta te s , £ 2 ,7 4 2 ,4 3 0 ; a n d to T u r k e y , £ 2 ,5 8 4 ,0 0 0 .
I t will b e se e n th a t th e im p o r t s e x c e e d e d th e e x p o r t s b y
£ 6 ,4 2 3 ,3 2 2 , in d ic a t in g th a t th e U n ite d K in g d o m g a in e d th a t
m u ch .
B u t it is to b e r e c o lle c te d th a t th e a m o u n t o f g o ld
b r o u g h t in to th e c o u n t r y a n d ta k e n o u t o f it in th e p o c k e t s
o f th e p u b lic is n o t in c lu d e d in th e o ffic ia l re tu rn s.

331

N — Nominal.

Jan. Feb.1Mch Apr. M ay Jne. July Aug Sep. Oct. Nov. Dec. Dec.
1

1 | 1

3
3
2 H 2)4

1

1 j

3

3

2H

1

3

3

1

1

3

3

2)4 2 Ys 2 ys 2)4 2

1

1
3

3
2

5
b
3
2A

4

3*

i4

4)4 4
d
*

4

3
2

4
5
5
3)4 4)4 3H

e

3

m

4

3)4 3 A

3

4
3

4

4

3)4

5

5

5

N

N

N

i ^

5 15
N

N

5

3

5

5

5

4
4
3 H 3)4

4
5
3Vs 4

5

4
4
3)4 3 H

4

3Vs 4

5
5
5
4)4 4)4 4)4

5

5

5

5
4

4)4 4)4 4)4 4

4
4
4
4
4
3)4 3Vs 3Vs 314 X

1N

3

31

4Vs 4 H 4 %

5
N

5

5

5

N

N

N

5

5

4Vs 4)4 4Vs

4
4

3)4 3)4
4)4 4)4 4)4 3)4 3)4 3)4 4)4 5
2 H 2Vs 2Vs 3Vs 3Vs 214 2M c
2Vs 3)4 4H
4
4
3)4 d

1

2Vs 2 14 2% 2)4

5
4
4
4
4
5
4)4 4
4
4
3)4 214 3 H 3)4 3 H \3 Ys 3)4 3 A 3Vs 4
4
4
5
4)4 4
3)4 2J4l 3)4 3 Ys 3 K

1

5

4
3H

4
3H

5
4

3%

5

5

4H

V

5
N

5

5
j 4H

|5
N |N

4)4 4)4 4)4 ! 4)4 l 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4)4 j 4)4
4
4
4
4
3)4 i 4 , 4 ; 4
4)4 4
4)4

5
5

5

5 5 I5
5 !5 5

Bank rate
5

5
4

5
14

5
4

5

5

4

6 3 5 -1 6 ; C 2 1 1 -1 6 ; d 3 1 -1 6 ; e 3 7 -1 6 ; * 3 9 - 1 6 ;

4

5
5

x3

15-16:

5
5

I5
i5

y 4 13-16

B A N K O F E N G L A N D R A T E O F IN T E R E S T .

Year.

1901.
Jan . 1 to Jan . 3 . . . . .
Jan 3 to Feb 7 ..........
Feb. 7 to Feb. 21..........
Feb. 21 to June 6 ..........
June 6 to June 13_____
June 13 to O ct. 31_____
O ct. 31 to Dec. 31 ..........
Y ear’s average...............
1902.
Jan . 1 to Jan . 23 ..........
Jan . 23 to Feb. 6 ..........
Feb. 6 to O ct. 2 ..........
O ct. 2 to Dec. 31..........
Y ear’s average_______
1903.
Jan . 1 to May 21..........
May 21 to June 18..........
June 18 to Sept. 3 ..........
Sept. 3 to Dec. 31 ..........
Y ear’s average..............
1904.
Jan . 1 to April 14..........
April 14 to April 21 ..........
April 21 to Dec. 31------Y ear’s average_______
1905.
Jan 1 to Mch. 8 _____
Mch. 9 to Sept 6 ..........
Sept. 7 to Sept. 27 ..........
Sept. 28 to Dec. 31..........
Y ear’s average..............
1906.
Jan . 1 to April 5 ..........
April 6 to May 3 ..........
May 4 to June 2 1 ------June 22 to Sept. 13..........
Sept. 14 to O ct. 11..........
O ct. 12 to O ct. 19..........
O ct. 20 to Dec. 31..........
Y ear’s average..............

Rale
%

4
5

Number
of days.
2 days

Jan.
1
Jan. 118
April 12
4)4
4
April 26
A ug. 16
3)4
3
Nov. 1
4
Nov. 5
8
: 365 days Nov

3.72

35
14
105
7
149
62

days
days
days
days
days
days

4
3)4
3
4
3.33
4
3)4
3
4
3.75i 365 days
4
3)4
3
3.29
3

2)4
3

1907.
to Jan.
to April
to April
to A ug.
to O ct.
to N ov.
to N ov.
to Dec,

%

17 .
11 .
25.
15.
31.
4.
7.
31.

Jan.
Jan.
Jan.
Jan.
Mch.
Mch.
May

1
3
17
24
6
20
29

1908.
to Jan.
to Jan.
to Jan.
to Mch.
to Mch.
to May
to Dec.

Jan.
Jan.
April
Oct.
Oct.
Oct.
Dec.

2.
16 .
23.
5.
19.
28.
31.

Jan.
Jan.
Jan.
Feb.
Meh.
June
June
Sept.
Oct.
Dec.

3
4

3)4
4
3)4
4
5
6
365 days!

2
14
7
42
14
70
217

1 to Jan.

to
to
to
to
to
to
29 to
20 to
1 to

6
20
10
17
2

9

Jan.
Feb.
Mch.
June
June
Sept.
Oct.
Nov.
Dec.

days
days
days
days
days
days
days

366 days

13.
31.
6.
13.
20.
8.
31.

Year’s average...............

1910.

days
days
days
days
days
days
days
days

365 days

Year’s average.
1909.
1to Jan.
14to Mch.
1to Oct.
7 to Oct.
14to O ct.
21 to Dec.
9 to Dec.

Number
of days.
17
81
14
112
77
4
3
54

Year’s average . .

4

4.27

Rate

Vear.

5 ...........
1 9 ..........
9 _____
1 6 _____

1..........

8 ____ t2 8 ..........
19..........
3 0 ..........
3 1 _____

Year’s average------------

13
77
189
7
7
49
23

days
days
days
days
days
days
days

3.1 0 365 days

4)4
4
3)4

3
4
3)4
3
4
5
4)4

5
14
21
35
77
7
112

days
days
days
days
days
days
days
21 days
42 days
31 days

3.7 2 365 days

232

THE CHRONICLE

W h ile th e m a n u fa c tu r in g in d u s t r ie s g e n e r a lly w e re e x ­
tr e m e ly p r o s p e r o u s d u r in g th e p a s t y e a r , th e c o t t o n g o o d s
tr a d e p r e s e n te d a m a r k e d c o n t r a s t t o th e m , f o r th e y e a r , f o r
i t , w a s e x t r e m e ly d is a p p o in t in g , o w in g t o th e s h o r t c r o p s in
th e U n ite d S t a te s a n d E g y p t .
L a n c a s h ir e , f o r th e m o s t
p a r t , u se s o n ly th e h ig h e r cla sse s o f r a w m a t e r ia l.
I t n eeds,
th e r e fo r e , a lo n g -s t a p le d c o t t o n , a n d c o n s e q u e n t ly it d r a w s
it s s u p p lie s a lm o s t e x c lu s iv e ly fr o m th e U n ite d S ta te s a n d
E g y p t.
T h e I n d ia n g r o w t h , w h ic h is la r g e , is c o n s u m e d in
I n d ia a n d J a p a n f o r th e m o s t p a r t .
W h e n th e s u p p ly is
s c a r c e , it is c o n s u m e d t o s o m e e x t e n t , lik e w is e , u p o n th e
C o n t in e n t .
B u t e v e n in s h o r t y e a r s it is n o t c o n s u m e d to
a n y a p p r e c ia b le e x t e n t in L a n c a s h ir e .
A s th e p r o d u c t io n
w a s s h o r t tw e lv e m o n t h s a g o b o t h in th e U n it e d S ta te s a n d
in E g y p t , L a n c a s h ir e s u ffe re d s e v e r e ly .
I n E g y p t th e c r o p
o f 1 909 p r o m is e d u p t o th e v e r y la s t m o m e n t t o b e e x c e p ­
t io n a lly fin e .
T h e E g y p t ia n G o v e r n m e n t h a s b e e n e x p e n d ­
in g v e r y la r g e s u m s o n ir r ig a tio n , w ith th e re s u lt th a t th e
a re a u n d e r c u lt iv a t io n h a s b e e n im m e n s e ly e x t e n d e d in r e c e n t
y e a r s , a n d t h a t , t h e r e fo r e , e v e r y y e a r s h o w s a la rg e a d d it io n
t o th e a re a u n d e r c o t t o n .
I n 1909 th e a re a s o w n w a s la r g e r
th a n e v e r b e fo r e , a n d t o th e e y e th e c r o p l o o k e d e x c e e d in g ly
g o o d t o th e v e r y la s t.
T h e e s tim a te s , th e r e fo r e , ra n u p to
s e v e n m illio n c a n ta r s , a n d p r e p a r a tio n s o n a g r e a t sca le w e r e
m a d e f o r a n e x c e p t io n a lly p r o s p e r o u s y e a r .
W h en, h ow ev er,
p ic k in g b e g a n , it w a s d is c o v e r e d th a t th e c r o p h a d s u ffe r e d
g r e a t d a m a g e b o t h fr o m f o g a n d w o r m s .
T h e A m e r ic a n c r o p
w a s a ls o s h o r t .
T h e c o n s e q u e n c e w a s th a t d u r in g th e fir s t
h a lf o f th e y e a r th e sp in n in g m ills h a d t o w o r k s h o r t t im e ,
a n d th e re w a s g r e a t d e p r e s s io n , lik e w is e , in th e w e a v in g
b r a n c h o f th e tr a d e .
H a p p ily , h o w e v e r , m a t te r s b e g a n to
im p r o v e in th e s e c o n d h a lf o f th e y e a r .
T h e in q u ir y fo r
C h in a c o n tin u e d d is a p p o in t in g .
B u t f o r o t h e r p a r t s o f th e
E a s t th e b u y in g w a s e x c e e d in g ly g o o d a n d , s p e a k in g b r o a d ly ,
th e d e m a n d w a s g o o d fr o m m o s t o f o u r la r g e c u s t o m e r s .
T h is w a s d u e t o th e in c r e a s e d p r o s p e r it y o f th e w o r ld a t la r g e .
I n d ia , w h ic h p r e v io u s ly h a d b e e n s u ffe r in g fr o m d r o u g h t ,
h a d a p le n tifu l ra in fa ll in th e s u m m e r o f 1 9 0 9 , le a d in g to
e x c e e d in g ly g o o d c r o p s d u r in g th e fo llo w in g w in te r a n d
s p r in g .
T h e r a in fa ll o f th e s u m m e r o f 1 9 1 0 w a s lik e w ise
m o s t f a v o r a b le .
I n d ia h a s r a p id ly r e c o v e r e d p r o s p e r it y ,
th e r e fo r e , a n d h a s b e e n a b le t o b u y o n a n e x t e n d e d s c a le .
O u r o t h e r fo r e ig n c u s t o m e r s , s p e a k in g g e n e r a lly , h a v e lik e ­
w ise b e e n p r o s p e r o u s , a n d th e s e c o n d h a lf o f th e y e a r tu rn e d
o u t t o b e m u c h b e t t e r th a n th e firs t h a lf, th e d e m a n d f o r
c o t t o n c l o t h n a t u r a lly s tim u la t in g th e s p in n in g b r a n c h .
As
th e^ y e a r d r e w t o a c lo s e th e o u t lo o k w a s fa v o r a b le .
T h ere
w a s d is a p p o in t m e n t , in d e e d , a t th e o ffic ia l e s tim a te s f o r th e
U n ite d S t a te s c r o p s .
B u t it is h o p e d fr o m th e g in n in g r e ­
tu r n s t h a t th e real o u ttu r n w ill c o n s id e r a b ly e x c e e d t h e e s ti
m a t e s o f th e W a s h in g t o n D e p a r t m e n t .
A s re g a rd s E g y p t
th e re is n o d o u b t th a t th e c r o p is a b u n d a n t.
T h e e s tim a te
o f th e C o t t o n A s s o c ia tio n o f A le x a n d r ia is f o r s e v e n m illio n
c a n ta r s .
I n E g y p t g e n e r a lly th e e s tim a te is lo o k e d u p o n a s
e x t r e m e ly c o n s e r v a t iv e , a n d th e g e n e ra l im p r e s s io n is t h a t
th e fin a l r e s u lt w ill tu r n o u t t o b e m u c h la r g e r .
In a n y case,
th e c r o p is a fin e o n e , g a t h e r e d in g o o d c o n d it io n a n d d is p o s e d
o f a t h ig h p r ic e s .
T h e I n d ia n g r o w in g c r o p p r o m is e s a ls o to
b e a b u n d a n t ; b u t L a n c a s h ir e , as a lr e a d y s ta t e d , d o e s n o t
u se I n d ia n ra w m a t e r ia l.
U n le s s, th e r e fo r e , th e A m e r ic a n
c r o p p r o v e s t o b e b e t t e r th a n th e o ffic ia l e s tim a te , th e re are
fe a r s t h a t i n s p ite o f th e g o o d c r o p in E g y p t th e re w ill n o t
b e a s u ffic ie n t s u p p ly f o r th e w h o le w o r ld .
T h e s h o r t n e s s o f th e s u p p ly o f r a w c o t t o n a n d th e c o n s e ­
q u e n t h ig h p r ic e o f th e m a n u fa c t u r e d a r tic le h a d a s tim u la t­
in g e ffe c t u p o n th e w o o l t r a d e , w h ic h w a s e x c e e d in g ly w ell
e m p lo y e d all th r o u g h th e y e a r a t r e m u n e r a tiv e p r ic e s .
P r ic e s
g a v e w a y s lig h t ly a t th e c lo s e ; b u t f o r fa r th e g r e a te r p a r t o f
th e t i m e t h e y w e re w ell m a in ta in e d — d u r in g th e first h a lf o f
th e y e a r , in d e e d , th e t e n d e n c y w a s c o n t in u a lly u p w a r d s .
M e r in o s w e r e in e x c e p t io n a l d e m a n d , a n d th e m e r in o tr a d e
w as v e ry a c tiv e .
T h e d e a lin g s in c r o s s -b r e d s w e re less s a tis ­
f a c t o r y , w h ic h is th e m o r e r e m a r k a b le b e c a u s e d r o u g h t in
A r g e n tin a in ju r e d th e c lip , w h ic h s h o w e d a d e c id e d fa llin g o f f.
A m e r ic a n b u y e r s , w h o h a d b e e n s o m u c h t o th e fr o n t in
1909 a n d a ls o b o u g h t a c t i v e ly a t th e first C o lo n ia l w o o l sa les
in L o n d o n in th e p a s t y e a r , ce a se d t o b u y a ft e r w a r d s , a n d
d u r in g th e s e c o n d h a lf o f th e y e a r h a r d ly m a d e a n y p u r ­
c h a se s .
T h e ir w ith d r a w a l fr o m c o m p e t i t io n , h o w e v e r , d id
n o t a ffe c t p r ic e s ; if it p r e v e n t e d p r ic e s fr o m g o in g h ig h e r , it
d id n o t , in a n y e v e n t , ca u se a n y fa ll b a c k u n til th e v e r y c lo s e
o f th e y e a r .
A re m a r k a b le c ir c u m s t a n c e , a s s h o w in g h o w
la r g e w a s th e d e m a n d f o r w o o l is th a t th e c lip in A u s t r a lia
e x c e e d e d t h a t o f th e p r e v io u s y e a r b y a b o u t 1 0 0 ,0 0 0 b a le s .




[VOL. LXXXXII.

T h e d e m a n d f o r w o o l a t th e C olon ia l w o o l sales in L o n d o n
w a s s tr o n g f o r th e C o n tin e n t a s w ell a s f o r h o m e m a n u fa c ­
tu rers, w h ile th e c o n s u m p tio n a t h o m e w a s e x c e p t io n a lly
la r g e .
I t is e s tim a te d th a t a b o u t 5 7 % o f th e w h o le o f th e
w o o l b o u g h t in L o n d o n w a s u sed a t h o m e , a n d th e d o m e s t ic
b u y in g o f s u ch g o o d s w a s a c t iv e to th e v e r y e n d .
A t th e
c lo s e o f th e y e a r th e re w a s a fe e lin g in m a n y q u a r te r s th a t
th e a c t i v it y c o u ld n o t b e m a in ta in e d .
T h a t w ill d e p e n d ,
h o w e v e r , la r g e ly u p o n th e c o u r s e o f e v e n t s in th e U n ite d
S ta te s .
I f th e A m e r ic a n d e m a n d c o n tin u e s a s sm a ll as it
w a s in th e y e a r ju s t e n d e d , th e re m u s t a lm o s t in e v it a b ly b e
a d e c lin e in th e p r ic e s o f th e ra w m a t e r ia l.
I f , o n th e o t h e r
h a n d , th e c h e c k t o tr a d e in th e U n ite d S t a te s is n e a r ly a t a n
e n d ,a n d a la rg e c o n s u m p t iv e d e m a n d s p r in g s u p , w e m a y see
a n in cre a s e d a c t i v it y in th e w o o l m a r k e t .
A t all e v e n t s so
fa r a s th e U n ite d K in g d o m a n d th e C o n tin e n t a re c o n ­
c e r n e d , n o tw ith s ta n d in g a fe a r th a t p r ic e s h a v e b e e n d r iv e n
t o o h ig h , th ere is n o in d ic a t io n o f a n y fa llin g o ff in th e a c tu a l
c o n s u m p t iv e d e m a n d .
T h e q u a n tit ie s a n d v a lu e s o f te x tile e x p o r t s fr o m G re a t
B rita in f o r th e la s t th ree y e a r s a re g iv e n in th e fo llo w in g ta b le :

E X PO R T S O F T E X T IL E FA B R IC S.
1909.
1910.

Year’s Exports.
Quantities.

Cotton y a rn _______________ ..lb s. 191.694,500
Piece goods_____________ .y d s. 6,018,454,400
58,954.800
Ju te y a rn --------- ------------------ ..lb s.
176,401,100
Piece goods_____________
18,564,600
Linen yarns------------------------ ..lb s.
Piece goods-------------------- .yds. 220.614,200
67,896,900
W oolen y arn ---------------------- ..lb s.
95,316,000
W oolen tissues.......................... .yds.
W orsted tissues........................
95,376,900
Values.
£
C otton yarn ...............................
13,344,345
Piece goods-------------------78,717,106
Ju te y a m ...................................
699,017
Piece goods..........................
2,064,022
Linen y a r n ..............................
1,197,244
Piece goods............ .............
6.115,153
W oolen yarn ............ ...............
6,548,911
W oolen tissu e s------------------12,545.890
W orsted tis s u e s.....................
7,874,014

215.223,400
5,722,158,100
54,318,700
188,024,700
15,532,900
223,934,800
58,261,100
78,698,700
85,131,200
£
11,822,145
68,279,389
654,869
2,106,022
952,864
6,726,908
5,004,357
10.206,696
6,577,916

1908.
214,762.200
5,530,808,500
50,075,200
167,011,300
13,705,900
151,893,000
50,911,900
75,659,700
74,180,500
£
12,844,700
70.231,486
713.291
2,024,540
903,467
4,265,080
4,608,556
9,644,812
5,932,074

A lt h o u g h th e lo c k o u t o f th e b o ile r m a k e r s f o r j o v e r th re e
m o n th s s t o p p e d t o so g r e a t an e x t e n t s h ip b u ild in g in b o t h
E n g la n d a n d S c o t la n d , th e c o n s t r u c t io n o f n e w v essels d u r in g
th e y e a r w a s e x c e e d in g ly la r g e , a n d p r ic e s h a v e rise n .
In
f a c t , b o t h w a g e s a n d m a te ria ls are c o n s id e r a b ly h ig h e r n o w
th a n t h e y w ere a t th is tim e la s t y e a r .
I t is n o t a b le , m o r e ­
o v e r , h o w r a p id ly B e lfa s t is c o m in g fo r w a r d as a s h ip b u ild in g
c e n tr e .
N o t o n ly d id M essrs. H a r la n d a n d W o lff tu r n o u t
n e a r ly 1 1 6 ,0 0 0 t o n s , th e la rg e s t o u t p u t o f a n y s in g le firm in
th e w o r ld , b u t th e to t a l c o n s t r u c t io n in B e lfa s t d u r in g th e
y e a r a m o u n t e d t o 1 6 7 ,1 0 2 t o n s , w ith 1 3 7 ,7 3 0 h o r s e -p o w e r .
I t is t o b e a d d e d t h a t M essrs. H a r la n d a n d W o lff n o t o n ly
p r o d u c e d th e g r e a te s t t o n n a g e in th e w o r ld in th e y e a r , b u t
th e y tu r n e d o u t a ls o th e la r g e s t vessel t h a t e v e r y e t h as b e e n
b u ilt , th e W h it e S ta r lin e r “ O ly m p ic .”
I t is s a id t h a t th e re
is a b o u t t o b e c o n s t r u c t e d f o r th e C u n a rd C o m p a n y a still
la rg e r vessel o n th e C ly d e , a n d t h a t th e size o f v essels g e n e r ­
a lly in th e im m e d ia te fu t u r e w ill b e la r g e ly a u g m e n te d .
In
E n g la n d th e to t a l n u m b e r o f v essels b u ilt w a s 6 9 2 , th e to t a l
to n n a g e 7 5 2 ,1 3 6 t o n s , a n d th e t o t a l h o r s e -p o w e r 8 6 1 ,0 3 1 .
I n S c o t la n d th e to t a l n u m b e r o f v essels c o n s t r u c t e d w a s 4 5 0 ,
th e t o t a l to n n a g e 4 2 0 ,2 5 0 t o n s , a n d th e t o t a l h o r s e -p o w e r
6 2 4 ,2 6 8 .
A t th e b e g in n in g o f th e y e a r h o p e s w ere h ig h th a t
th e d e p re s s io n in th e s h ip b u ild in g in d u s t r y w a s a t a n e n d ,
a n d th a t 1910 w o u ld p r o v e t o b e a v e r y p r o fit a b le y e a r .
V e r y s o o n , h o w e v e r , th e re w a s a n o t h e r fall in fr e ig h ts , a n d
n ew o r d e r s f o r sh ip s s u d d e n ly c e a s e d .
S t ill, th e y a r d s w e r e
fa ir ly w ell e m p lo y e d , fo r th e g r e a t s h ip p in g c o m p a n ie s t o o k
a d v a n ta g e o f th e fall in fr e ig h ts t o p la c e o r d e r s o n a c o n s id e r ­
a b le s c a le , a n d th e A d m ir a lt y a ls o p la c e d a la rg e n u m b e r o f
o r d e r s.
G r a d u a lly fr e ig h ts ro s e a g a in , a n d ju s t w h e n th e
lo c k o u t t o o k p la c e th e p r o s p e c ts f o r th e s h ip b u ild e r s w ere
g r o w in g m u c h b r ig h te r .
T h e lo c k o u t w a s d e c id e d u p o n b y
th e e m p lo y e r s b e c a u s e o f th e fr e q u e n t t e m p o r a r y strik es o f
th e b o ile r m a k e r s .
I t w a s t h o u g h t th a t it w o u ld n o t la s t
v e r y lo n g ; t h a t , in d e e d , th e g o o d sen se o f th e m e n w o u ld
le a d th e m t o see th a t re ck le ss s tr ik in g c o u ld b e g o o d n e ith e r
fo r th e m n o r f o r th e ir e m p lo y e r s .
I t la s te d , h o w e v e r , f o r
n e a r ly fifte e n w e e k s , a n d it c a u se d v e r y m u c h h a r d s h ip .
It
fo llo w s th a t m u c h o f th e n e w s h ip p in g tu r n e d o u t r e a lly h a d
b e e n o r d e r e d th e y e a r b e fo r e , a n d th a t th e n e w o rd e rs in
1910 w ere v e r y m u c h sm a lle r th a n u su a l.
A t p r e s e n t th e
p r o s p e c ts are b r ig h te r a n d a m o r e h o p e fu l fe e lin g is e n te r ­
ta in e d .
F r o m th e b e g in n in g t o th e v e r y e n d o f 1 910 th e c o a l tr a d e
w a s d is o r g a n iz e d b y strik es a n d fe a r s o f s tr ik e s .
T h ere w as
a d is p u te in S o u th W a le s a t th e b e g in n in g o f th e y e a r , b u t
a fte r m u c h h a g g lin g it w as a r r a n g e d .
S c a r c e ly , h o w e v e r ,

J a n . 28 1911.

h a d a n a g r e e m e n t b e e n a r r iv e d a t b e fo r e a n o t h e r d is p u te
s p r a n g u p as to its in t e r p r e t a t io n .
M o re o r less th e d is p u te
c o n tin u e d th r o u g h o u t th e s u m m e r , a n d e v e n tu a te d in a
n u m b e r o f s trik e s.
I n o t h e r p a r ts o f th e c o u n t r y la b o r
tr o u b le s d e v e lo p e d , a n d e v e r y w h e r e th e re -was u n re s t.
But
in S o u th W a le s a lo n e w a s th e r e s e rio u s d is t u r b a n c e .
S till
th e e ffe c t o f th e lo n g -c o n t in u e d str ik e in S o u th W a le s , w h ic h
u ltim a te ly in v o lv e d th e s to p p a g e o f a b o u t 3 0 ,0 0 0 m e n , w a s
sm a lle r th a n c o u ld h a v e b e e n e x p e c t e d .
A c c o r d in g t o th e
B o a r d o f T r a d e re tu rn s th e to t a l q u a n t it y o f c o a l e x p o r t e d
d u r in g th e y e a r w a s 6 4 ,5 2 0 ,3 2 0 to n s , a d e c r e a se c o m p a r e d
w ith th e p r e c e d in g y e a r o f 1 ,1 7 3 ,0 4 7 to n s , o r 1 . 8 % .
I t is
a lle g e d th a t it w as d is c o v e r e d th a t W e lsh s te a m c o a l c o u ld
b e d is p e n s e d w ith b y th e e m p lo y m e n t o f v a r io u s a p p lia n c e s ,
a n d th a t o n e o f th e e fle e ts w a s t o d r iv e th e d e m a n d fo r s u ch
c o a l fr o m S o u th W a le s t o G e r m a n y .
J u s t n o w th e re is so
m u c h d is a g r e e m e n t o f all k in d s b e tw e e n e m p lo y e r s a n d
e m p lo y e d th a t it is v e r y d iffic u l t t o m a k e o u t h o w fa r th e
a s se r tio n s o f c ith e r ca n b e tr u s te d .
O f co u r s e it is p o s s ib le
t h a t G e r m a n y m a y in th is w a y h a v e a c q u ir e d , a n d m a y
k e e p , a p o r t io n o f th e b u sin e ss th a t fo r m e r ly w e n t t o S o u th
W a le s .
B u t it is a ls o p o s s ib le t h a t S o u th W a le s m a y b e
a b le t o re g a in w h a t sh e h as te m p o r a r ily lo s t .
A t all e v e n ts ,
th e d im in u t io n in th e fo r e ig n e x p o r t s w a s m u c h less th a n
m o s t p e o p le a n t ic ip a t e d w h e n th e tr o u b le s w ere a t th eir
w o r s t in S o u th W a le s .
W ith r e g a r d to th e h o m e tr a d e , th e p r in c ip a l re su lt o f th e
strik e s a n d d is t u r b a n c e s in S o u th W a le s w as to d iv e r t ord e rs
t o th e N o r th o f E n g la n d , a n d s till m o r e t o S c o t la n d .
S co t­
la n d , p a r t ic u la r ly , h a s b e n e fit e d b y th e in te r r u p t io n o f w o r k ­
in g in S o u th W a le s ,
f t w ill b e u n d e r s t o o d th a t th e lo c k o u t
o f th e b o ile r m a k e r s , b y s t o p p in g s h ip b u ild in g in a g r e a t
m e a s u re , w o u ld n a t u r a lly le a d t o a la rg e fa llin g o ff in th e
c o n s u m p t io n o f c o a l b o t h in th e N o r t h o f E n g la n d a n d in
th e S o u th o f S c o t la n d .
T h e str ik e in S o u th W a le s , h o w e v e r ,
d iv e r te d o r d e r s th a t o th e r w is e w o u ld h a v e g o n e to S o u th
W a le s , to th e N o r th o f E n g la n d a n d t o S c o t la n d .
I t is
a lle g e d , th e r e fo r e , t h a t p r a c t ic a lly th e h o m e m a n u fa c tu r e r s
h a v e b e e n a b le t o s u p p ly th e m s e lv e s w ith all th e c o a l t h e y
r e q u ir e d fr o m th o se s o u r c e s .
O f c o u r s e th e losses t o S o u th
W a le s itse lf m u s t h a v e b e e n v e r y se rio u s.
B u t it is e v id e n t
fr o m th e B o a r d o f T r a d e r e tu r n s , th e r a ilw a y t r a ffic re tu r n s ,
th e r e v e n u e re tu rn s a n d th e C le a r in g -H o u s e re tu r n s , th a t
n e v e r w a s th e tr a d e o f th e c o u n t r y , w h e th e r d o m e s t ic o r
fo r e ig n , m o r e a c t i v e th a n d u r in g th e p a s t y e a r , a n d th e d e ­
m a n d fo r c o a l m u s t h a v e b e e n fu lly s u p p lie d .
O b v io u s ly , it
w a s n o t so s u p p lie d w it h o u t a d d itio n a l c o s t , a n d p r o b a b ly
a ls o th e c o a l w a s n o t as w ell s u ite d t o its p u r p o s e s as th e
S o u th W a le s c o a l.
T h e f a c t r e m a in s , h o w e v e r , t h a t v e r y
little s ta t is tic a l e v id e n c e ca n b e p r o d u c e d to s h o w t h a t th e
strik e s in S o u th W a le s h a v e h a d m u c h in ju r io u s e ffe c t u p o n
th e tr a d e o f th e c o u n t r y .
A t th e b e g in n in g o f th e y e a r h o p e s w e re h igh in th e iron
a n d steel tr a d e s th a t it w o u ld p r o v e o n e o f th e m o st p r o s p e r ­
ou s th e in d u s tr y h a d e v e r k n o w n .
T h e r e w ere e x p e c t a t io n s
t h a t th e A m e r ic a n d e m a n d fo r p ig iro n w o u ld m a k e itse lf
f e lt , a n d th e re w as e v e r y in d ic a t io n th a t fr e ig h ts w ere risin g ,
a n d , c o n s e q u e n t ly , th a t th e re w o u ld b e a n in cre a se d d e m a n d
f o r n e w s h ip s .
A s a m a t te r o f f a c t , th e e x p e c t e d A m e r ic a n
d e m a n d fo r p ig iro n d id n o t a rise .
O n th e c o n t r a r y , it is
a lle g e d th a t s o m e A m e r ic a n p ig iro n h as b e e n s o ld in th is
cou n try .
I t is e v e n sa id th a t in th e e a rly p a r t o f th e y e a r
G e rm a n p ig iro n w a s a lso s o ld h e r e .
W h e th e r th o s e s ta t e ­
m e n ts are q u it e tru e o r n o t , it is c e rta in th a t e a r ly in 1910
th e p r ic e o f C le v e la n d p ig w as as h ig h as 5 2 s. 4 d .; th a t it fell
o ff a t o n e tim e to 4 8 s. 9 d ., a n d th a t fo r th e g r e a te r p a r t o f
th e y e a r it ra n g e d b e tw e e n 4 9 s. Od. a n d 5 0 s. Od. T h e d is ­
a p p o in t m e n t r e g a r d in g th e A m e r ic a n d e m a n d fo r p ig iron
w o u ld p e r h a p s n o t h a v e h a d th e e ffe c t w h ich it is a lle g e d to
h a v e h a d , w ere it n o t fo r th e u n re st th a t p r e v a ile d a m o n g s t
th e w o r k in g classes a n d th e a p p r e h e n s io n s th u s e x c it e d th a t
la b o r d is p u te s w o u ld b e m o r e n u m e ro u s a n d m o r e b it t e r th a n
th e y h a d b e e n fo r a lo n g tim e .
T h e u n re s t m a d e itse lf fe lt
fr o m th e v e r y b e g in n in g o f th e y e a r , a n d , as a lr e a d y p o in te d
o u t , th e re w as an a c tu a l d is p u te in th e S o u th W a le s c o a l
tr a d e in th e e a r ly m o n th s o f 1910.
B u t it w a s n o t u n til
S e p te m b e r th a t se rio u s t r o u b le a r o s e .
T h e lo c k in g o u t o f th e
b o ile r m a k e r s b y th eir e m p lo y e r s a n d th e strik e in S o u th
W a le s b o t h d is o r g a n iz e d all th e ir o n a n d steel m a r k e ts .
S till, th e y e a r h as b e e n a fa ir ly s a t is fa c t o r y o n e .
P erhaps
it h as n o t b e e n q u ite so p r o s p e r o u s in th e p ig iron b r a n c h as
in th e m a n u fa c tu r in g b r a n c h e s .
I n th e la tte r , th o u g h th e
y e a r d id n o t a n sw er th e e x p e c t a t io n s o r ig in a lly fo r m e d re­
s p e c t in g it, n e v e rth e le ss th e re w a s fu ll e m p lo y m e n t a n d g o o d
p r o fit s .
T h e r e w as a d e c id e d r e v iv a l o f th e steel p la t e a n d
a n g le tr a d e s d u r in g th e first e ig h t m o n th s o f th e y e a r , b u t
th e lo c k o u t o f th e b o ile r m a k e r s s p o ile d th e b u s in e s s, a n d th e
la s t fo u r m o n th s o f th e y e a r w ere fa r fr o m s a t is fa c t o r y .
It




233

THE CHRONICLE

is e s tim a te d , h o w e v e r , th a t th e firm s c o n n e c t e d w ith th e
b o a r d s o f c o n c ilia tio n a n d a r b itr a t io n d e liv e r e d d u r in g th e
y e a r 4 3 ,0 0 0 to n s o f m a n u fa c tu r e d ir o n , a g a in s t o n ly 3 4 ,0 0 0
to n s th e y e a r b e fo r e .
A n d th e e x p o r t s o f m a n u fa c tu r e d ir o n
fr o m th e T e e s w ere th e la r g e s t e v e r r e p o r t e d .
I t is, fu r t h e r ,
s a t is fa c t o r y e v id e n c e o f th e c h a r a c t e r o f th e y e a r th a t in
n e a r ly all "branches o f th e fin ish e d ir o n a n d steel in d u strie s
th ere w a s im p r o v e m e n t in p r ic e s .
S in ce S e p te m b e r , t h o u g h ,
q u o t a t io n s fo r b a rs a n d a n g les h a v e r e m a in e d s t a t io n a r y .
S teel rails a t th e b e g in n in g o f th e y e a r w e re £ 5 5 s.
T hey
rose 2 s. 6 d . in F e b r u a r y , a n d a n o t h e r 2 s. Od. in A p r il.
S in ce
th e n t h e y h a v e r e m a in e d at £ 5 10s.
L a s t ly , in a lm o s t e v e r y
b r a n c h o f th e ir o n a n d steel tra d es w a g e s a d v a n c e d a n d th e re
w a s n o in sta n c e o f a r e d u c t io n o f w a g e s . T h e rise, h o w e v e r ,
w as m o d e r a t e —-fro m a b o u t 2
to 3 % .
T h e e x p o r t s o f iron a n d steel fr o m G re a t B rita in h a v e b e e n
as b e lo w e a ch y e a r s in c e 18 7 6, in c lu s iv e .

E X PO R T S O F IR O N AND ST EE L FROM G R EA T B R IT A IN .

1910 _________________
1908 .................................
1900 .............. ..........................
1905..........................................
1904 ........................................
1903 ..........................................
1902..........................................
1901..........................................
1900 ........................................
1899...............- .........................
1898 .....................................
1897 ........................................
1890..........................................
1895 ........................................
1894..........................................
1893..........................................
1892..........................................
1891..........................................
1890 ........................................
1889..........................................
1888 ........................................
1887..........................................
1880 ..................................... 1885 ...............- ....................1884 ......................- ...........
1883..........................................
1882 ........................................
1881..........................................
1880..........................................
1879..........................................
1878..........................................
1877..........................................
1870..........................................

PVj Iron.

Rails.

Other
Descriptions

Tons.

Tons.

Tons.

2,896,927
2,489,889
2,347.479
2.779,127
2,556,003
2,191,937
1,927,171
1,895,145
1,759,248
1,485.813
1,649,433
1,746,171
1,592,094
1,702,957
1,782,571
1,511,421
1,393,771
1,457,905
1,504,223
1,097,844
1,820,731
1,905,919
1,910,242
1,973,075
1,605,289
1,455,475
1,497,439
1,508,095
1,658,531
1,517,458
1,466,055
1,196,170
933,193
965,285
899,809

485,693
580,215
452,521
429,101
460,328
546,569
525,371
604,076
716,210
572,724
403.731
590,667
609,403
782,045
747,662
457,552
425,242
558,375
468,003
702,247
1,035,431
1,089,892
1,020,002
1,011,779
739,651
714,276
728,540
971,165
936,949
820,671
693,696
463.878
441,384
497,924
414,556

1,211,148
1,110,695
1,296,521
1.943,939
1,665,809
982,876
810,934
1,065,380
1,102,566
839,182
1,427,525
1,380,342
1,042,853
1,201,104
1,060,165
866,568
830,985
840,294
767,053
840,055
1,145,268
1,190,371
1,030,319
1,158,174
1,044,257
960,931
1,209,576
1,564,048
1,758,072
1,480,196
1,632,343
1,223,436
924,646
881,442
910,905

Total.
Tons.

4,593,768
4,210.799
4,096,521
5,152,227
4,682,200
3,721,382
3,262,842
3,564,601
3,579,104
2,897,719
3,540,689
3,717,180
3,244,350
3,686,106
3,550,398
2,835,541
2,649,998
2,850,574
2,739,279
3,240,146
4,011,430
4,186,182
3,966,563
4,143,028
3.385,197
3,130,682
3,495.991
4,043,308
4,353,552
3,820,315
3,792,993
2,883,484
2,296,860
2,346,370
2,224,47.0

IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
T h e C o lle c t o r o f C u sto m s a t S an F r a n c is c o h a s fu rn is h e d us
th is w eek w ith th e d e ta ils o f th 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 th r o u g h th a t p o r t fo r th e m o n th o f D e c e m b e r , a n d
th e y are g iv e n b e lo w in c o n ju n c t io n w ith th e fig u res fo r p r e ­
c e d in g m o n th s , th u s c o m p le t in g th e resu lts fo r th e tw e lv e
m o n th s o f th e y e a r 1910.
T h e im p o r t s o f g o ld in D e c e m b e r
w ere m o d e r a t e , re a c h in g $ 2 2 8 ,6 7 3 , m a in ly g o ld b u llio n o r in
ore.
O f s ilv e r th ere c a m e in $ 1 0 4 ,1 3 3 , m a in ly b u llio n .
D u r in g th e tw e lv e m o n th s th ere w as re c e iv e d a to ta l o f
$ 4 ,3 7 3 ,7 1 3 g o ld a n d $ 1 ,8 1 7 ,9 1 9 silv e r, w h ich c o m p a r e s w ith
$ 3 ,5 4 7 ,2 3 6 g o ld a n d $ 2 ,9 4 7 ,1 2 7 silv e r in 1909.
T h e s h ip ­
m e n ts o f g o ld d u r in g D e c e m b e r w e re
a n d th e e x p o r t s o f
s ilv e r w ere $ 9 7 0 ,8 6 2 , w h o lly b u llio n .
F o r th e tw e lv e m o n t h s
th e e x p o r t s o f g o ld r e a ch e d $ 1 ,9 8 0 ,2 0 8 , a g a in st $ 2 8 ,0 7 0 ,2 1 4
in 1909; a n d $ 7 ,4 8 2 ,2 5 9 silv e r w a s s e n t o u t , a g a in s t $ 7 ,9 1 5 ,­
237 in 1909.
T h e e x h ib it fo r D e c e m b e r a n d f o r th e tw e lv e
m o n th s is a s fo llo w s :

nil

IM PO RTS OF GOLD AND SIL V E R AT SAN FRANCISCO.
Silver.

Gold.
Coin.

1910.
Jan uary ------- ---------February ......................
M a rc h ------- -------------

$
12,000
4,068

Juno ..............................
J u ly .................................
A ugust............................
Septem ber......................
O cto b er..... ..................
Novem ber ...................
D ecem ber......................
T otal 12 m o n th s ...

250
81,064
274,004
622,500
252,088
697,200
. 2,180
1,945,354

Bullion.

Total.

$
183,913
76,160
167,670
147,884
155,833
296,377
288,734
285,281
239,006
167,345
193,663
226,493
2,428,359

J
183,913
88,160
171,738
147,884
155,833
296,627
369,798
559,285
861,506
419,433
890,863
228,673
4,373.713

Coin.

Bullion.

Total.

$
171,115
194,318
173,280
21,292
4,080
45,450
96,797
45,936
36,583
1,490
21,776
812,123

$
152,625
13,837
93,147
71,512
33,841
101,675
133,980
103,989
62,447
60,423
34,626
140,694
1.005,796

$
323,740
208,155
266,427
71.512
55,133
108,755
179.430
200,786
108,383
97,006
36,122
162.470
1,817,919

E X PO R T S O F GOLD AND SIL V E R FROM SAN FRANCISCO.
AI onths,
1910.
Jan u ary ..........

S

Septem ber------

10,000

T otal 12 mos

Silver.

Gold.
Coin.

Bullion.

Total.

$
s
1,970,208 1,970,208

10,000

$10,000 $1,970,208 $1,989,208|

Coin.

Bullion.

Total.

S
$
489,700 491,200
620,000 620,000
462,800 462,800
800,100 800,100
469.400 469.400
512,600 512,600
4.500 334.000 338,500
378.000 378,000
831.821 831 821
25,000 464.400 489.400
1,117,576 1,117,576
970,862 970,862
$31,000 $7,451,259 $7,482,259
$
1,500

234

THE CHRONICLE

[VOL. LXXXXII.

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR

1910.
C ontinuing the practice begun b y us six years ago, we furnish below a record of th e highest and low est
prices for each m onth of 1910 for all th e leading stocks and bonds dealt in at th e Chicago Stock E xch ange.
In th e com pilation of the figures, w hich are based entirely on sale transactions, we have used th e reports of
th e dealings as given in the Chicago S tock E xchange official list each day. For record of previous years,
see “ C hronicle” of January 29 1910, page 276; February 6 1909, page 348; January 25 1908, page 205; January 19
1907, page 138; January 20 1906, page 135, and January 21 1905, page 198.
BONDS AND STOCKS.

January
February
March
April
M ay
June
July
' A ugust
September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

RR. & M1SCEL. BONDS
9934 9934
Amer Strawboard 1st 6s 1911
1
V
Armour & Co 4 1 4 s -------------- 92l2 94l2 92% 93 9234 93 91% 9234 9134 92 913j 92% 91% 9134 9034 91*8 92% 92% 921. 94 9134 92% 92% 92%
90 90 88 90
Booth Pish Co Deb 5s— 1917
90% 91
Do
do
-.-1924
85 85
85 85
86% 86%
89 90
10 2% 103% 10278 103% 102 103 102 102% 10134 1023s 101 102 101 102% 102% 103 102% 102% 102% 102% 102
City Railway 5s----------- 1927 102%103U
8434 85 84% 86% 87% 8734 87 87% 87 87 86% 87 86 86 85% 86 85% 85% 80% 86% 80% 863., 88 102%
Chic Pneum Tool 1st 5s-1921 101
88
10H2 10034101 100-% 101% 100 % 10034 97% 100% 97% 99% 9734 98% 96% 9734 96% 97% 96r>s 985j 98
Chic Rys 5s--..............---1927
981., 97% 98
95% 95%
95 95%
Do 4-5s, Series “ A” -1927 85
9334 9334 88 88
87%
88
89*.,
86 84" 85% 83% 84% 82% 83 ‘ 76 82 77 7834 75 78 75% 76 75% 75% 75% 79% 7834 80% 7934 91
Do 4-5s, Series “B” -1927
83%
91 91 90% 90%
Do 4-5s, Series “C” -1927 ioi" ib 'f 10034
101% 101 101 100% 101 97% 100% 97% 99 9858 985s 98 98% 97% 97% 97% 99 98% 99 9834 9934
Do Collateral 6 s -----1913
Do Fund 6 s ----------- 1913
98 98
97% 97%
100% 10034 100*8 100*8 100% 100%
Chicago Ry Temp ctfs 1st 5s
103% 103 103% 103 103% 103 103%
10038 1017s 1007S 101% 101% 102% 101% 1021., 102% 102% 102 102
Chic Tel 5s----------------------- 103
Comm Ed 5 s -------------- 1943 1023(| 102% 102% 10234 102 % 10234 1023S 102% 102 102% 100% 102% 100% 10138 100*8
1003., 100*s 101% 101 101% 101% 101% 1007s 101%
1 nn7Q 1 nn7o
inni.i m nit
Chic Edison deb 6s ---1913 100 100% 100 100
100 100% 100 10038
Chic Edison 1st g 5s--1926 102% 10234 102% 102% 102
100 100%
m m . innii 1001,) 1001.1
1 no
% 102 % ____ ____ 10134 10 1 % 10134 102 100*8 100*s 100% 100%
Common weal tli Elect 5S-1943 99% 99%
10078 100% 1003., 1003., 100% 1005S
99% 99%
001 , 98% 98% 98% 99
Cudahy & Co 5s----------- 1924
' KansCity Ry & Lt Co 5s, 1913
9434 9434
951
0434
Knick Ice 1st 5 s----------1928
95 . 95
Lake St Elev 1st 5s.........1928 83 85 82 83%
80 80
77 77
MetropWSide Elev 1st 4s 1938 83% 84 82% 83% 82% 83 82 82% 80 81 80 82 80% 81 81 82% 82% 82% 81*8 82% 81% 82 81% 82
80 80
Extension gold 4s------ 1938
80 80 78 80
77 78
76
----------1939 92% 93% 92% 92% 92 9238 91%
Morris & Co
891? 89% 90% 905s
88 no 8938 8934 90-% 903., 90*4 91% 90% 907g
North West Elec 1st 4S--1911 95% 96% 95% 9534 95*>8 95'8 9334 91%
95% 9334 94% 94 96% 94 95% 94 947S 94% 95 951 96% 95 95*4 95% 9614
N W Gas Lt & C 5s------ 1928
99 99
Ogden Gas 5s-------------- 1945 92% 94% 92% 94% 94% 95 % 9478 96% 94 9434 94 94 93*8 94% 93 94 9234 92% 9234 93 92*4 93% 92% 9234
961 ^ 9619
Pcarson-Taft 5s 4.40s--------4.60s Series E-----------------97 97
1
4.80s Series F-----------------981' 9810
People’s G L&C ref g 5s -1947 103% 103% 103 103% 103 103% 103 103 10234 10234 1017S 102% 101% 101%'10034101% 100% 101% 101% 101% 101 101% 101% 101*8
103% 1033.1
Chic Gas L & C 1st 5S..1937 104 104%
103 103 102% 103 103 103%
103 103 ____
101% 101% 101 101
Consumers’ Gas 1st 5s. 1936 102% 102% 102% 102% 102 1023s 103 103
100% 1001.1
inn.1i
1003.1
.
.
.
!
Mutual Fuel Gas 1st 5s, 1947
92 92%
Sou til Side Elev 4H s-----1924 94 94 92% 93% 9234 93% .92 923., 92% 93is 92% 93% 92 93 92 92 91*4 92 " 91*. 92% 92 921., 9934
9934
Swift & Co 1st gold 5s— 1914 100% 100% 100 100% 100 1003g 100 1003s 100 100 100 100% 100 100 100 100 100% 100% 100% 100% 100 100
Union Elev (Loop) 5s__1945
88 88
....................|
.....................
70 70 70 70
United Box Board Coll 6 s___
1
m il
Gcn’l mtge 6s___________
IOO61 100U
99% 991 1 ____
993., 99*4
West Elect Co 1st M g 5s, 1922
RAILROAD STOCKS. Par
185 185
Chicago City Railway-----100 2% 3%
160 170
2
1% . . . .
2
Chicago & Oak P ark____ 100 7 7% 72% 37
Do preferred-------------100 107 109 106 108 105 106 98 100 675 985 755 75 41% 4 **
6*4 0*4
Chic Rys Part Ctf Scries 1—
70 70 65 70 60*s 70 64 79 70 92% 90 92%
35 31% 33% 28% 30% 14 2834 151- 20% 143, 17% 15% 1634 11% 10% 15 21% 20 27% 22 26*8
Do do Part Ctf Series 2— 29 36 28%
8 12
8 10
81' 10% 10 1 119 10 1 1
Do do Part Ctf Scries 3 — 15% 16 10 10 8 8%
8
9 9% 8
6% 8% 3
Do do Part Ctf Series 4— 334
4
6
6
5
6% 5
5
6% 6% 6 6%
5
3% 4
3
3% 3% 3% 2% 234 2 % 2% 2% 2% 2% 6% 4% 4*4 4
Chicago Subway...........--100 10%
4
5
5*s 4% 5
10% 10%
Chicago Union Tract Pr..l00 31 3910% 30 ~30~ 28%
30 2812 32 26 28%
Kansas City Ry & Light-100
25 23 25 23 23% 21 22 21% 22
20
69 70 7734 7734 77% 7734 76% 76%
71 75
Do preferred------------100
71 71% 73 75
70 70
16 16 16 17 16 19 17 25" 20 20 18 19 17 19 18 18 19% 20" 20 23
Metrop W Side Elev-----100
5 4 " 51 55 51% 56 55 58 52 72 58% 64 60 62 59 62 61 70 62 65 63 69
"Si"
Do preferred------------100
15 15% 15 18l» 15
Northwestern Elevated — 100
20 20
16 16
Do preferred------------ 100 53 55% 50% 53 52 5334
53 55 53 60
00 60 00 00
52 58 55% 58 55 72% 55% 70 57 00 57 58 57 65 GO 67% 65 70%
South Side Elevated------100 36
5433 29
36% 25% 31% 13% 2734 8% 16
Streets W Stable Car LincslOO 103 104
9*4 9% 14% 11 12% 107s 11%
8
9% 7
7 10
8*4
9*8
90 100 90 90 90 91 45 50 45 49 40 40 45 45 47 49 49% 56 54 56 50 50
Do preferred------------100
MISCELLANEOUS STOCKS.
10% 11% 11% 13
American Can----------------100 7511 8213% 72%
9 11% 9 10% 65s 934 7% 85g 73,1 87S 7% 8% 8'.l 10% 9% 11
8*4 9*8
77 74% 79% 72 76 71% 74% 671- 71% 62% 7078 65%
Do preferred------------ 100
0934 60% 68% 68
75% 74% 81% 753S 77&s
American Radiator--------100
240 245 250 250 250 250 — - - - - 240 245 248 250% 250 250 260 260% 260 260%
9
9%
Do rights------------132 135 1313, 135 1281, 130Io
Do preferred------------ 100 130 130
128%
128 130
American Shipbuilding— 100 77 783g 72 76 74 75% 74 80% 76% 84% 79 84 126
79 84 77 82 74 77 77 80 77% 80 75 78
112 110% 112 1101. 110% 109 111 110 111% 110% 110% 108 n o 107 109 108% 109 108 111 110% 111 n i% 111%
Do preferred------------ 100 111%
25 28%
American Strawboard-13534 1 4034 135 141% 139% 142% 135 1381., 1333s 137 133 137% 131% 133 13134 136 13434 138 137*4 1373., 141% 141% 14134 142%
American Tel & Tel Co­
35 3934 33 36 35 39 34 38 34 38 31 35 32% 35 32% 35 35 35 333., 35 33 36 3634 43
Booth Fisheries com —
31% 35
33 35%
Do
do Vot’gTrCtfs 69%
30 30 30 30 29 29
35 35 41
74 " go " "oY% 65 70 70 71 61 68 56 62 56 60 59 65 60 04 02% 64 0234 63% 64 73
Do
do pref---54
64 ____ ____ 50 50
50
55
50
5334
Cal & Chic Canal & Dock-100
47
46 50
47
1
1 __ _
1
1
1
Chic Brewing & Malting..
Do
do preferred 38% 43 ’56% 47” 44 46% 39% 45% 39%
44 37 40 25% 38 32 37% 35 37 38 43% 39% 42 40*s 42
Chicago Pneumatic T0 0 I--IOO 128 137 127% 131% 13UM 135 119 130% n o 120%
117 120 116 118 115 118% 118 120 119% 122% 121% 123% 120 123%
Chicago Telephone______ 100 142% 146 145 154 152 163 150 157 149
150 148 149 144 143 142 144 144 148 145 148 148 155 150 153%
Chicago Title & Trust-----100 115% 121% 113 117 115 116% 113 116% 112 11334
Commonwealth Edison_____ 1% 2
112% 116 108% 112% n o 111% n o 112% 112% 117% 1143., 117 113 115%
Do rig h ts-------------------16% 17% 15% 1634 1434 15% 13% 14*2 13*4 14% 13% 15% 15% 15% 17% 17% 143S 15%
Corn Prod Ref Co com_____ 20% 2234 8217% 8219 16% 19% 79%
79L
Do
do pref--------Diamond Match-------------100 104 127 102 108 98% 10334 9S78 10038 99% 101% 95 99 83 97 89 91% 82% 89% 83 98% 88% 97 89% 97
Do Rights..................
.02 .21
130 133
Elgin National Watch Co
58 621s 58% 65% 63% 74% 63% 68%
Illinois Brick----------------- 100 75 85% 76 83% 78% 91 71% 89 70 80% 71 783s 54 71 56 60% 96%
97% 99% 99% 114 115 110% 110%
International Harvester Co
947s 98%
25 25
Lindsay Light Co...............
45 45 43% 43%
45
Masonic Temple__________
40 57 51 58% 56% 6038 55 58% 55% 55% 50 55 55% 60 58 66 63 64 63 67%
McCrum-Howell Co........... 100
99% 101 99% 10234 99 100 93 93 95 96% 917S 98% 98 9934 98% 100 95 97.% 95 97
Preferred_______________
106 109% 103 107% 105 107% 102 105 101 114% 109% 114% 109 113 1103., 112 109 119
National Biscuit................. i00 110 115 105 112% 110 112% 121%
123% 122 123% 121 123% 118 122 119 124 120 [21 1203., 122% 1203., 122 121 124
Do preferred.................100 121%125 121%123 121 123%
National Carbon................. 100 107 112 104 103 107 115% 108% 113% 107 n o 107% 118
114 120 115 120 120 126 124 145 120 1443.. 115 123
Do preferred................. 100 118 121 112 118% 117 121 118 120 115 115% 118 120 115
115 117 119 118% 120 118% 119% 118*4 123 117% 117%
People’s Gas Lt & Cokc--100 109 11534 106% 111 109% 112% 107% 111% 107% 113 10334 10734 103 107
100% 106 1077s 107 n o 105%109 104 10534
Sears-Roebuck common..100 149% 165-34 148 165 158 16538 156% 166% 15534 162 149 15934 149 158% 104
1483s 157 155 158 157% 171% 168% 186*4 177% 183
Do preferred________ 100 120% 121% 1193g 121 120 122 120 121 119 121 118 122 118 119% 116%
118% 117 1193, 118% 121 119% 120 119 120
Swift & Company----------- 100 103% 109% 103%107 105 107% 104 10538 103% 106 10134 106% 10134 1033S 102 103% 101 104% 1013s 104% 10234 104 100 103%
The Ouaker Oats Co......... 100 162 165 16434 1S6 182 186 184 186 183 184% 173 175 155 172% 156 160 155 77 172 177 170 175 165 170
Trust Cts--------------------- 160 163 165 184 182 183 182 182
182 182 165 105
155 70 175 175
rights----------------------9
6 9
Do preferred-------------100 104 106 104% 106 104 105 104 105% 1037 104% 102 10438
101 103% 101% 103 101 103% 103 104% 102% 103% 102% 103%
Un Box Board & Paper Co 100 11 15% 10% t2
10S8 5% 9% 5% 7% a
7
6
7
61,s 71? 6*4 9% 6*4 9% 5*8 8% 6% 6*4
U S Steel common............. 100 82% 82% 75% 81% 828% 88
% 82% 88 79 84% 717S 79% 67% 71 6734 72% 66*4 08% 69 80 75»s 82%' 70% 74
Western Stone__________100 16% 22
18 20 19% 22% 17 17 15 15
15 26 22 26**



THE CHRONICLE

J a n . 28 1911.|

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— T h e p u b lic sales o f b a n k s t o c k s th is w e e k a g g r e g a te 572
sh a re s, o f w h ic h 570 sh a re s w e re s o ld a t th e S t o c k E x c h a n g e
a n d 2 sh a re s 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 to c k
w a s m o s t a c t i v e , th e sa les r e a c h in g a to t a l o f 3 02 sh ares a t
p r ic e s ra n g in g fr o m 2 04 to 210)42 a n d c lo s in g a t 2 0 9 , a s c o m ­
p a r e d w ith 2 0 4 la st w e e k .
O n e h u n d r e d a n d fifte e n sh a res
o f N a tio n a l C ity B a n k s t o c k w ere s o ld a t 390 to 4 0 0 , a n a d ­
v a n c e o f 0 to 10 p o in ts o v e r th e p r ic e p a id a t th e la st p r e v io u s
s a le .
T h e q u o t a t io n f o r F o u r t h N a tio n a l B a n k s t o c k is
p r a c t ic a lly u n c h a n g e d , 127 sh a re s h a v in g b e e n so ld a t 1 9 4
1953^ .
N o sales o f tr u s t c o m p a n y s to c k s w ere m a d e .

y2-

B A N K S — N ew Y o rk .
*115 C ity B a n k , N a tio n a l .......
•302 C om m erce, N a t. B a n k o f._
*10 F irs t N a tio n a l B a n k ---------*127 F o u rth N a tio n a l B a n k -----*10 H a n o v e r N a tio n a l B a n k ___
2 N ew Y o rk , N .B .A ., B a n k of
*6 P a rk B a n k , N a tio n a l_______
* S o ld a t th e S to c k E x c h a n g e .

Shares.

L ow .

H ig h . Close.

Last previou s sale.

— T h e q u e s t io n as to w h e t h e r th e b a n k s in th e N ew O rle a n s
C lea rin g H o u s e w e re g u ilt y o f v io la t in g th e S h e r m a n A n t i­
T r u s t la w in e n fo r c in g c o lle c t io n ch a r g e s f o r o u t - o f- t o w n b a n k
e x c h a n g e s w a s r e c e n tly p r e s e n te d f o r c o n s id e r a t io n to th e F e d ­
eral g r a n d ju r y .
T h e c o n c lu s io n in e f fe c t se e m s to h a v e
b e e n t h a t su ch p r o c e e d in g s a re n o t in c o n flic t w ith th e la w .
T h e a g r e e m e n ts u n d e r w h ich th e c h a r g e s a re im p o s e d w ere
h eld b y U n ite d S ta te s D is tr ic t A t t o r n e y C h a r lto n R . B e a t t ie
to b e a v io la t io n o f th e A c t , a n d h e h a d so a d v is e d th e ju r y *
A t t o r n e y -G e n e r a l W ic k e r s h a m , h o w e v e r , m a d e k n o w n t o
M r. B e a tt ie h is o p in io n th a t th e re w a s in th e a c t io n n o v i o ­
la tio n o f th e la w , a n d it w a s as a re su lt o f th e la t t e r ’ s v i e w s r
w h ic h w ere a ls o p la c e d b e fo r e th e ju r y , t h a t th e p r o c e e d in g s ;
w e re w it h o u t fr u it .
M r. B e a ttie is c r e d ite d w ith th e f o l­
lo w in g s ta t e m e n t in th e “ N ew O rlea n s P ic a y u n e ” c o n c e r n ­

1911— 390
1911— 204
1911— 852
1911— 195 H in g th e in v e s tig a t io n :
1911— 625
I a m u n a b le to m a k e a s ta te m e n t of th e p ro ce e d in g s In th e g ra n d J u ry
1910— 330
ro o m fo r th e re a s o n th a t th e ir p ro ceed in g s a rc , u n d e r th e law , se c re t; b u t
1911— 352 M as th e g ra n d ju r y h as re p o rte d th a t th e y h a d c o n c lu d e d n o t to r e tu r n
a n In d ic tm e n t a g a in s t th e b a n k s, I feel a t lib e rty to s a y th a t th e g ra n d ju r y
co n sid e re d th e fa c ts laid b efore th e m , a n d th e law of th e c a se , c a re fu lly ,
— J . P . M o rg a n sa ile d fo r E u r o p e o n W e d n e s d a y o n th e a n d h a v in g re c e iv e d from th e A tto rn e y -G e n e ra l h is o p in io n of th e S h e rm a n
C e ltic o f th e W h ite S ta r L in e .
M r. M o r g a n , it is u n d e r ­ A n ti-T ru s t law , th e ir co n clu sio n w as n o t to re tu r n a tr u e b ill.
306
204
865
194 H
645
320
360

400
210 H
875
195 M
645
320
360

398
209
875
194 Yx
645
320
360

Jan.
Jan.
Jan .
Jan .
Jan.
Jan.
Jan .

235

s t o o d , p la n s to b e a w a y fo r e ig h t o r n in e m o n th s .
— T h a t th e c o t t o n -b ill- o f -la d in g q u e s t io n still e x c it e s s o m e
in te r e s t a m o n g E u r o p e a n b a n k e r s is m a d e e v id e n t in th e re­
m a rk s a t t r ib u t e d to S ir E d w a r d I I . H o ld e n in c a b le d is ­
p a t c h e s w h ich a p p e a r e d in th e lo ca l m o r n in g p a p e r s o f y e s ­
terd a y .
A t th e a n n u a l m e e tin g o f th e L o n d o n C ity & M id ­
la n d B a n k o n T h u r s d a y , S ir E d w a r d , th e C h a irm a n a n d
M a n a g in g D ir e c t o r , is r e p o r te d to h a v e r e fe rre d to th e losses
o f th e p a s t y e a r th r o u g h fo r g e d b ills o f la d in g , a n d to h a v e
a sse r te d th a t th e v a lid a t io n c e r t ific a te s a re u n s a t is fa c t o r y .
H e is a lso sa id to h a v e s ta te d th a t “ fu r t h e r p r o p o s a ls w ill b e
m a d e to th e A m e r ic a n ra ilr o a d s , w h ic h , if a c c e p t e d , w ill p la c e
E u r o p e a n s in a m u ch s a fe r p o s it io n ; b u t w h e th e r th e ra il­
r o a d s w ill g r a n t th e c o n c e s s io n s a s k e d r e m a in s t o b e s e e n .”
A s fa r as o u r o w n b a n k e r s a re c o n c e r n e d , th e ge n era l im ­
p r e ssio n a p p e a r s to b e th a t th e m a t te r is t o b e q u ie t ly
d r o p p e d , a s th e v a lid a t io n c e r t ific a te s m e e t all r e a s o n a b le
re q u ir e m e n ts .
T h e B r e m e n C o t to n E x c h a n g e is a ls o se e k in g to k e e p th e
b ill-o f-la d in g s u b je c t a liv e .
R e s o lu t io n s w e re a d o p t e d b y it
e a r ly th is m o n th in w h ich it se e k s th e a id o f th e P r e s id e n t
to w a r d s e c u r in g th e e n a c t m e n t o f le g is la tio n c o v e r i n g b ills o f-la d in g .
C o p ie s o f th e p r e a m b le a n d re s o lu tio n s h a v e , w e
le a rn fr o m th e “ J o u r n a l o f C o m m e r c e ,” b e e n fo r w a r d e d to
th e P r e s id e n t a n d C o n g re s s , a n d w e q u o t e fr o m th a t p a p e r
th e se r e s o lu tio n s as fo llo w s :

N ow , th e re fo re , b e It re so lv e d . T h a t H is E x ce llen cy , th e P re sid e n t of th e
U n ite d S ta te s of A m e rica , re sp e c tfu lly be In v o k e d to le n d Ills effo rts to w a rd s
th e e n a c tm e n t of le g isla tio n b y th e U n ite d S ta te s In C ongress asse m b le d ,
(A) T h a t th e re be Im posed u p o n all c a rrie rs In th e U n ite d S ta te s a n o b li­
g a tio n to s a fe g u a rd bills of la d in g Issued b y su c h c a rrie rs so th a t a bill of
la d in g m a y b ecom e a n In s tru m e n t h a v in g In te g rity a n d m e rit;
(B) T h a t It be a crim e a g a in s t th e law s of th e U n ite d S ta te s fo r a n a g e n t
of a n y c a rrie r to sign o r Issue a b ill of la d in g u n less th e goods d e scrib e d
th e re in be th e n In th e a c tu a l p o ssession of th e c a rrie r fo r w hich th e said
a g e n t a c ts .
(C) T h a t It b e a crim e fo r a n y p e rso n to forge o r u tte r a forg ed or sp u rio u s
b ill of la d in g . T h e re b y so re sto rin g to a n o rm a l c o n d itio n th e now tro u b le d
s ta te of th e c o tto n tra d e , th a t u n d istu rb e d business re la tio n s b e tw e e n th e
tw o n a tio n s m a y b e re su m e d a n d c o n tin u e d : a n d
B e It fu rth e r re so lv e d . T h a t o ne o rig in a l s e t of th e se re so lu tio n s b e s e n t
to Ills E x cellen o y , th e P re sid e n t of th e U n ite d S ta te s , a n d a n o th e r to th e
U n ite d S ta te s In C ongress a sse m b le d .

— A N a tio n a l C u rre n c y A s s o c ia tio n , u n d e r th e p r o v is io n s
o f th e A ld r ic h -V r e c la n d la w , h a s b e e n fo r m e d in D a lla s , T e x .
T h e a s s o c ia tio n , it is s a id , c o m p r is e s in its m a k e -u p n a t io n a l
b a n k s in th e c o u n t ie s o f D a lla s , E llis , K a u fm a n a n d C o llin s .
T h e o ffic e r s a re : P r e s id e n t , R o y a l A . F e r r is , P r e s id e n t o f 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 a lla s; V ic e - P r e s id e n t ,
O . E . D u n la p , P r e s id e n t o f th e C itiz e n s ’ N a tio n a l B a n k o f
W a x a h a c h ie ; S e c r e t a r y , J o h n W . W r ig h t , P r e s id e n t o f theC o m m o n w e a lt h N a tio n a l B a n k o f D a lla s , a n d T r e a s u r e r ,
J . B . A d o u e , 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
o f D a lla s .
— A t a m e e t in g o f th e A d m in is t r a t iv e C o m m it te e o f t h e
A m e r ic a n B a n k e r s ’ A s s o c ia t io n , h eld in N e w Y o r k o n t h e
1 6th a n d 17th in s t ., it w a s d e c id e d to h o ld th e s p rin g m e e t ­
in g o f th e E x e c u t iv e C o u n cil in N a s h v ille a t th e H o te l H e r m it ­
age.
T h e c o m m it t e e m e e tin g s a re s c h e d u le d f o r M o n d a y
M a y 1 a n d th e c o u n c il m e e tin g s f o r T u e s d a y a n d W e d n e s d a y
M ay 2 and 3.
W h ile s o m e c o n s id e r a tio n w a s g iv e n t o th e
n e x t m e e t in g p la c e o f th e a s s o c ia tio n , in v it a t io n s h a v in g
b e e n r e c e iv e d fr o m S a n A n t o n io , T e x ., N e w O rle a n s, L a . ,
R ic h m o n d , V a ., a n d A t la n t ic C it y , th e c o m m it t e e h a s n o t
d e c id e d w h a t r e c o m m e n d a tio n it w ill m a k e to th e C o u n c il
in M a y .
— T h e p r o c e e d in g s o f th e 1910 a n n u a l m e e t in g o f t h e
A m e r ic a n B a n k e r s ’ A s s o c ia tio n h a v e b e e n issu ed b y th e
A s s o c ia tio n in th e sa m e c o m p le t e fo r m h e r e to fo r e f o llo w e d .
T h e m e e t in g t o o k p la c e a t L o s A n g e le s fr o m O c t o b e r 3 t o 7 .
A s w a s th e c a s e la s t y e a r , th e p r e s e n t v o lu m e , b e s id e s
fu r n is h in g a r e p o r t o f th e r e g u la r c o n v e n t io n , c o n ta in s a lso
th e d e ta ile d p r o c e e d in g s o f th e T r u s t C o m p a n y , S a v in g s B a n k
a n d C le a r in g -H o u s e S e c tio n s ; th e first t w o h a d in fo r m e r y e a r s
b e e n c o v e r e d in s e p a ra te v o lu m e s .
T h e b o o k is illu s tr a t e d
w ith p h o t o g r a p h s o f th o s e h o ld in g o ffic ia l p o s t s in th e
A s s o c ia t io n a n d its S e c t io n s .
T h e c o n s t it u t io n , b y -la w s , list
o f o ffic e r s a n d m e m b e r s , & c ., are all p a r t o f th e c o n t e n t s .
T h e w o r k is c o m p ile d b y th e S e c r e t a r y , F . E . F a r n s w o r th .

— I n h is a n n u a l r o p o r t p r e se n te d t o th e N e w Y o r k
L e g isla tu r e o n T u e s d a y , S ta te S u p e r in te n d e n t o f I n su r a n c e
W . I I . H o tc h k is s r e c o m m e n d s a n a m e n d m e n t t o th e A r m ­
s tr o n g L a w , u n d e r w h ic h life in su ra n c e c o m p a n ie s a rc
r e q u ir e d t o d is p o se o f th eir s t o c k h o ld in g s b y D e c e m b e r 31
1911.
H e a d v ise s th a t th e tim e lim it fo r th e d is p o sa l o f

— T h e a n n u a l m e e tin g o f th e P h e n ix N a tio n a l B a n k o f th is
c it y , w h ic h w a s a d jo u r n e d fr o m th e 10th t o th e 2 4 th in s t .,
w a s th is w e e k p o s t p o n e d to F e b . 7 .
I t is e x p e c t e d t h a t a t
th e p r o p o s e d m e e tin g th e p la n s fo r c o n s o lid a t in g w ith th e
C h a th a m N a t io n a l w ill b e p e r fe c t e d .
A s a s te p in th is d ir e c ­
tio n , th e b o a r d oft th e P h e n ix se v e ra l w e e k s a g o a d o p t e d a
r e s o lu t io n 'p r o v id in g f o r th e d is t r ib u t io n to its s to c k h o ld e r s
o f r e c o r d j a n , 9. of, 1 ,9 0 0 sh a res o f s t o c k o f th e P h e lp s -D o d g e

th e se s e cu r itie s b e e x t e n d e d th re e y e a r s .

C o m p a n y .h eld b y : th e in s t itu tio n .

— F r e d e r ic k J . S e a v e r r e sig n e d o n th e 2 0 th in s t. as S e c o n d
D e p u t y S u p e r in te n d e n t in th e N e w Y o r k B a n k in g D e p a r t ­
m e n t.
M r. S e a v e r h a d b e e n c o n n e c t e d w ith th e D e p a r t ­
m e n t f o r fifte e n years* a n d h a d b e e n S e c o n d D e p u t y sin c e

j — H e n r y D im sij, w h o h as b e e n V ic e -P r e s id e n t o f t h e
C e n tu r y l^ank o f 'this c it y sin c e D e c e m b e r 1 9 0 7, w ill retire
fr o m t h a t jp o s t o n ' F e b . 1 t o b e c o m e a V ic e -P r e s id e n t o f ;th e

D e c e m b e r 19 0 9.

— -JameB C . C o lg a te , o f th e S t o c k E x c h a n g e h o u s e o f J a m e s
B . C o lg a te
Co.,1 h as b e e n e le c t e d a tr u s te e o f th e M u tu a l

— T h e C h ic a g o C le a r in g -H o u s e A s s o c ia t io n th is w e e k a p ­
p r o v e d a n e w p la n fo r th e s e tt le m e n t o f b a la n c e s b e tw e e n
m e m b e r b a n k s , u n d e r w h ic h C le a r in g -H o u s e ce r tific a te s will
b e issu e d a g a in st g o ld a n d c u r r e n c y , to b e d e p o s ite d b y m e m ­
b e r s in v a u lts w h ich th e C le a rin g H o u s e w ill use f o r th e p u r ­
pose.
C e rtifica te s w ill b e issu e d t o e a c h o f th e b a n k s in a
su m e q u a l to th e a m o u n t o f g o ld w h ich e a c h h a s o n d e p o s it ,
a n d th e se w ill b e u sed in lieu o f a c tu a l ca sh in s e ttlin g th e
d iffe r e n c e s b e tw e e n b a n k s in th e ir d a ily e x c h a n g e s .
T h is
w ill d o a w a y w ith th e p r e se n t m e t h o d o f m a k in g d a ily tr a n s­
fers o f m o n e y to th e C le a rin g H o u s e b y th e b a n k s .
T h e n ew
p la n , it is s ta t e d , w ill g o in t o e ffe c t in a b o u t s ix t y d a y s .




G r e e n w ic h B a n k . ;

&

L ife I n s u r a n c e C o m p a n y .
— J o h n S . S h e p p a r d J r. w a s a p p o in t e d r e c e iv e r o n M o n d a y
f o r th e N e w Y o r k : S t o c k E x c h a n g e h o u s e o f S ig . H . R o s e n ­
b la t t & CO. o f 42 B r o a d w a y , f o llo w in g th e filin g o f a n in v o l­
u n t a r y p e t it io n in b a n k r u p t c y a g a in s t th e fir m .
A s ta te ­
m e n t c o n c e r n in g th e s u s p e n s io n e m a n a tin g f r o m th e o f fic e s
o f th e fin ii’ s a t t o r n e y s is p u b lis h e d a s fo llo w s :

I r a L eo B a m b e rg e r,'th e a tto r n e y fo r S lg . H . R o s e n b la tt & C o., b a n k e rs
a n d sto c k briokers a t N p. 42 B ro a d w a y , sa id th a t th e lia b ilitie s w ere $ 6 0 0 ,0 0 0
a n d t h a t th e a sse ts d e p e n d e d u p o n th e v a lu e of th e U n io n C o pper m in e s
a n d o n a c la jm fo r $50p,000 a g a in s t J a m e s P h illip s J r . a n d W a lte r G . N ew ­
m a n . M r. P h illip s Is th e P re sid e n t of th e T en n essee C opper C o. a n d P re s l

THE CHRONICLE

236

[VOL. LXXXXII.

d e n t of th e N e v a d a C o n so lid a te d C o. a n d a d ire c to r In th e B o sto n & M on­
ta n a C o p p e r C o. M r. B a m b e rg e r said th a t th e b a n k ru p t firm h a d b ro u g h t
a n a c tio n a g a in s t M r. P h illip s a n d M r. N e w m a n in th e S u p re m e C o u rt to
re c o v e r th e $50 0 ,0 0 0 . a n d t h a t th e fa ilu re w as p re c ip ita te d b e c a u se th e y
w ere n o t a b le to p ro c u re a n Im m e d ia te s e ttle m e n t of th e c la im .

8 .8 5 % ju s t d e c la r e d .
T h e in s t itu tio n c lo s e d its d o o r s o n
D e c . 18 1907 a n d th e la s t p r e v io u s d is t r ib u t io n to th e
c r e d ito r s w a s m a d e in D e c . 1908, w h en th e a g g r e g a te r e tu rn
w a s th e n b r o u g h t u p to 9 5 % .
T h e b a n k h a d a c a p ita l o f
S ig . H . R o s e n b l a t t h a s b e e n a m e m b e r o f th e E x c h a n g e $ 1 0 0 ,0 0 0 , a n d a n a sse ssm e n t o f 1 0 0 % w a s le v ie d u p o n th e
s in c e 1897; th e fir m o f w h ic h h e w a s th e h e a d w a s fo r m e d •s t o c k h o ld e r s s h o r t ly a ft e r th e s u s p e n s io n .
The proved
in 1 9 0 4 , th e p a r t n e r s in c lu d in g , b e s id e s h im s e lf,;h is b r o t h e r , c la im s , it is s t a t e d , a m o u n t e d to $ 6 5 6 ,5 4 6 .
M . I I . R o s e n b la t t , a n d h is s o n -in -la w , M a x H e ssle in .
— T h e s to c k h o ld e r s o f th e N a tio n a l B a n k o f B a lt im o r e ,
— S c h e d u le s in b a n k r u p t c y o f J u d s o n & J u d s o n , m e m b e r s a t B a lt im o r e , e n la r g e d th e b o a r d o f d ir e c to r s th is w eek fr o m
o f th e N e w Y o r k S t o c k E x c h a n g e ,w h ic h fa ile d o n D e c . 17 s e v e n to t w e n t y -fiv e m e m b e r s .
T w e lv e o f th e n ew m e m b e r s
1 9 1 0 , w e re file d o n th e 19th in st.
T h e y s h o w lia b ilit ie s o f w ere o n th e d ir e c to r a t e o f th e T h ir d N a tio n a l B a n k , w h ic h
$ 2 7 1 ,8 2 0 , o f w h ic h $ 1 3 2 ,5 8 2 a re s e c u r e d ; th e n o m in a l a ssets w a s c o n s o lid a t e d la s t m o n th w ith th e B a n k o f B a lt im o r e ,
a re g iv e n a s $ 2 2 4 ,6 3 4 , c o n s is t in g o f th e fo llo w in g it e m s : a n d s ix r e p re se n t n ew in te r e s ts.
T h e s e v e n w h o w ere a lr e a d y
s t o c k s a n d b o n d s p le d g e d t o b a n k s , $ 1 5 7 ,8 5 0 ; p le d g e d to d ir e c to r s o f th e B a n k o f B a lt im o r e a re T . R o w la n d T h o m a s ,
M . B o u v ie r & C o ., $ 8 ,3 0 0 ; u n p le d g e d , $ 1 ,7 0 0 ; a c o u n t s o f R . L a n c a s te r W illia m s , W illia m L a n a h a n , L o u is F . Y o u n g ,
d o u b t fu l v a lu e , $ 5 0 ,4 2 2 ; ca s h in b a n k , $ 4 ,2 1 3 ; ca s h o n h a n d , W . B . D u k e , J o h n H in c k le y a n d N a th a n R . G o r te r ; th e n ew
$ 3 1 5 ; n o te s , $ 1 ,4 7 5 ; s ta m p s , $ 1 5 9 , a n d o f fic e fu r n itu r e a n d m e m b e r s fr o m th e T h ir d N a tio n a l a re W illia m J . D o n n e lly ,
H . G . E v a n s , J o h n W . H a ll, J . A lb e r t H u g h e s , J o h n J . K e lly ,
lib r a r y , $ 2 0 0 .
— A first d iv id e n d in liq u id a tio n o f 1 0 % is b e in g p a id to J . W illia m M id d e n d o r f, J o h n S c h o e n e w o lf, R o b e r t I I . S m ith , '
th e s t o c k h o ld e r s o f th e N a tio n a l B a n k o f N o r th A m e r ic a o f R o b e r t M . S p e d d e n , P e t e r E . T o m e , M u rra y V a n d iv e r a n d
H o w a r d E . Y o u n g ; th e s ix a d d itio n a l m e m b e r s are J a m e s
th is c i t y b y J o h n W . M c K in n o n , s h a r e h o ld e r s ’ a g e n t.
The
fin a l d iv id e n d to d e p o s it o r s , u n d e r w h ic h fu ll re tu rn w ith C . B is h o p , T h o m a s H . B o w le s , A d a m D e u p e r t, C h arles I I .
D ic k e y , J . M o n r o e H o lla n d a n d W illia m P . J a c k s o n .
M r.
in t e r e s t w a s m a d e t o th e m , w a s p a id in S e p te m b e r 1908.
T h o m a s is P r e s id e n t o f th e e n la r g e d b a n k a n d W illia m J .
T h e b a n k s u s p e n d e d o n J a n . 27 1 9 0 8 .
— A d is c h a r g e fr o m b a n k r u p t c y w as g r a n te d o n th e 2 4 th
in s t. b y J u d g e H o lt to T h o m a s A . M c I n t y r e J r ., J o h n G .
M c I n t y r e a n d E d w a r d T . W h it e , th re e o f th e p a r tn e r s in
th e firm o f T . A . M c I n t y r e & C o ., w h ic h fa ile d in A p ril 19 0 8.
S c h e d u le s in b a n k r u p t c y file d in J u ly 1908 g a v e th e fir m 's
lia b ilit ie s a s $ 1 ,5 8 8 ,4 2 6 a n d th e n o m in a l a sse ts as $ 1 ,1 8 4 ,0 8 9 .
T h e s e n io r m e m b e r , T . A . M c I n t y r e , d ie d o n J u ly 29 1908.
— T h e v o lu n t a r y liq u id a tio n o f th e T e r m in a l 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
d ir e c t o r s o n T h u r s d a y .
T h e a c t i o n , it is s t a t e d , h a d b e e n
c o n t e m p la t e d f o r s o m e tim e , b u t it w a s d e c id e d to p o s t p o n e
th e s te p u n til s u ffic ie n t o f th e b a n k ’ s a sse ts h a d b e e n c o n ­
v e r t e d in to ca sh to e n a b le th e im m e d ia t e p a y m e n t o f d e p o s ­
it o r s w it h o u t r e s o r tin g to o u ts id e a id .
T h is , it is u n d e r ­
s to o d , has been arran ged.
T h e b a n k b e g a n b u sin e ss in
D e c e m b e r 1905.
I t w a s clo s e d f o r a b o u t a m o n t h d u r in g
th e d is t u r b a n c e s o f 1907— fr o m O c t . 26 t o N o v . 2 1 .
A t th e
d ir e c t o r s ’ m e e t in g o n T h u r s d a y W illa r d P . R e id a n d C h arles
F . F r o s t re tir e d a s P r e s id e n t a n d C a sh ie r, r e s p e c t iv e ly ,
J a c o b C . K lin c k a s su m in g th e p r e s id e n c y a n d T h o m a s H .
M c F a r la n d th e ca s h ie r s h ip .
M r. K lin c k is P r e s id e n t o f th e
W illia m s b u r g h T r u s t C o ., n o w a ls o in p r o c e s s o f liq u id a t io n .
T h e fo llo w in g s ta t e m e n t r e g a r d in g th e a c t i o n o f th e b a n k
lin s

issu e d :

D e lc h e r is C a sh ier.
— T h e N a tio n a l M e c h a n ic s ’ B a n k o f B a lt im o r e a t its r e c e n t
a n n u a l m e e tin g a m e n d e d its a rticle s o f in c o r p o r a t io n to
p r o v id e fo r a b o a r d o f t w e n t y -fiv e m e m b e r s .
S ix n ew
n a m e s w ere a d d e d at th e y e a r ly e le c t io n , t h e d ir e c to r a t e
th u s b e in g in cre a s e d to e ig h te e n m e m b e r s .
T h e a d d itio n a l
m e m b e r s are S u m m e r v ille B a ld w in J r ., J e re H . W h e e l­
w r ig h t , D a v id H u t z le r , S a m u el C . R o w la n d , F r a n k lin L .
B r o w n o f N e w Y o r k a n d E . W . L a n e o f J a c k s o n v ille , F la .
A s e c o n d d iv id e n d h a s la te ly b e e n p a id to th e d e p o s ito r s
o f th e P r u d e n tia l T r u s t C o . o f P it ts b u r g h b y th e C o lon ia l
T ru st C o.
A first d iv id e n d , o f 1 3 .1 7 % , w a s d is t r ib u t e d in
F e b r u a r y 1909; th e p r e se n t p a y m e n t a m o u n t s to a lit tle o v e r
1 2 % , th e to ta l th u s fa r re a liz e d r e p r e se n tin g a b o u t 2 5 % .
T h e P r u d e n tia l T r u s t m a d e a v o lu n t a r y a s sig n m e n t in J u n e
1904 to th e M e rca n tile T r u s t a n d th e la tt e r su s p e n d e d in th e
fo llo w in g S e p te m b e r .
— S te p h e n E . B r o o k s h as b e e n ch o s e n to s u c c e e d F . W .
G e h r in g , r e s ig n e d , a s P r e s id e n t o f th e F o r e s t C ity S a v in g s &
T r u s t C o . o f C le v e la n d .
C h arles R a u c h h a s b e c o m e a
V ic e -P r e s id e n t in M r. B r o o k s ’s p la c e .
— W . C . S a u n d e r s a n d E . E . C resw ell h a v e b e e n m a d e
A s s is ta n t C a sh iers o f th e U n io n N a tio n a l B a n k o f C le v e la n d .
— T h e S u p r e m e C o u r t o f O h io , a c c o r d in g t o th e T o le d o

A t a m e e tin g of th e b o a rd of d ire c to rs of th e T e rm in a l B a n k , it w as d e­
c id e d th a t s te p s s h o u ld be ta k e n to liq u id a te th e b a n k . 1 he d e p o sito rs c a n “ B la d e ,” h a s a ffir m e d th e d e c is io n o f th e lo w e r C o u r t u n d e r
be p a id Im m e d ia te ly , th e re b e in g su fficien t c a sh on h a n d to c o v e r th e a m o u n t w h ich H a r r y E . H a y e s , o f th e b r o k e r a g e firm o f W . J . H a y e s
d u o th e m a n d a n y c re d ito rs of th e In s titu tio n .
& S o n s , o f C le v e la n d , w a s c o n v ic t e d o f e m b e z z le m e n t o f
A s th e W illia m sb u rg h T ru s t C o. c o n tro ls m u c h o v e r a m a jo rity of th e
sh a re s of th e b a n k , J a c o b C . K lin c k w as e le c te d P re sid e n t a n d T h o m a s H . c e rta in b o n d s p la c e d in th e fir m ’ s c h a r g e , a n d s e n t e n c e d (in
M c F a rla n d C ash ier a t th e m e e tin g of th e b o a rd of d irec to rs to -d a y . T h e D e c . 1909) to fiv e y e a r s ’ im p r is o n m e n t.
m a tte r of closing th e b a n k h a s b e e n u n d e r c o n sid e ra tio n fo r a lo n g tim e ,
— T h e F ift h -T h ir d N a tio n a l B a n k o f C in c in n a ti h as e x p e r i­
a n d th e a sse ts of th e b a n k h a v e b een g ra d u a lly re d u c e d to c a sh fo r th a t
e n c e d c o n s id e r a b le g r o w t h in its b u sin e ss, a s w ill b e seen fr o m
p u rp o se .
D e p o sito rs a re re q u e s te d to sen d In th e ir p a ss-b o o k s so th a t th e y m a y b e th e f o llo w in g ta b le o f d e p o s its :
b a la n c e d , a n d w ith d ra w th e a m o u n t to th e ir c re d it as p ro m p tly as po ssib le. J a n . 7 1911...........................$17,432,0001 J u n e 1 1 9 0 9 .-...................... $ 13,5 11,000
T h e b a n k h as a c a p it a l o f $ 1 0 0 ,0 0 0 .
D e p o s it s o f $ 2 1 7 ,2 4 9 J u n e 1 1910_____________ 15,718,0001 J u n e 1 1908*------------------ 12,00 1,000
* D a te of m e rg er.
w ere r e p o r te d in th e N o v . 10 s t a t e m e n t , w h e n su rp lu s a n d
p r o fit s o f b u t $ 2 ,0 5 7 w e re s h o w n .
— F r a n k W . A ld e r m a n h as b e c o m e S e c r e t a r y o f th e
F id e lit y T r u s t C o . o f B u ffa lo , N . Y . , w h ic h r e c e n tly c a m e
u n d e r c o n tr o l o f in te r e s t s -in th e M a n u fa c tu r e r s ’ & T r a d e r s ’
N a tio n a l B a n k o f th a t c i t y .
M r. A ld e r m a n , p r io r to e n t e r ­
in g u p o n h is p r e se n t p o s t , h a d b e e n a n a tio n a l b a n k e x a m ­
in e r f o r th e B u ffa lo d is t r ic t .
R o b e r t L . F r y e r is P r e s id e n t
o f b o t h th e b a n k a n d tr u s t c o m p a n y .
— E x - G o v e r n o r E b e n S . D r a p e r h as b e e n e le c t e d a d ir e c ­
t o r 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 .
— T h e B o s t o n “ T r a n s c r ip t ” r e p o r ts th e c o m p le t io n o f
th e liq u id a t io n o f th e N a tio n a l S u ffo lk B a n k o f B o s t o n in
th e p a y m e n t o f th e s e v e n th a n d final d iv id e n d .
T h e sto ck ­
h o ld e r s , it is s ta t e d , o r ig in a lly p a id in $ 1 2 7 p e r s h a re a n d
h a v e r e c e iv e d in liq u id a tio n $13 6 6 2 .
T h e b a n k w as m erged
•with th e S e c o n d N a tio n a l in 1903.
-

— T h e N e w E n g la n d T r u s t C o . o f B o s t o n h as ra ised its
d iv id e n d r a te fr o m 15 to 1 8 % w ith th e d e c la r a t io n o f 9 % in its

p r e s e n t s e m i-a n n u a l d is b u r s e m e n t.
T h e 1 5 % ra te h a d b e e n
m a in ta in e d f o r th e p a s t th re e y e a r s .
T h e in s t itu tio n h a s a
! c a p it a l o f $ 1 ,0 0 0 ,0 0 0 .
;

— T h e p a y m e n t in fu ll o f th e cla im s o f th e c r e d ito r s o f th e
f a ile d J e w e le r s ’ N a tio n a l B a n k o f N o r th A t t le b o r o , M a ss.,
w ith in te r e s t to D e c . 31 1910, is p r o v id e d in a d iv id e n d o f




A s th e fo r e g o in g s h o w s , d e p o s its o f th e b a n k sin ce th e d a te
o f c o n s o lid a t io n o n J u n e 1 1908 h a v e in c r e a s e d o v e r fiv e
m illio n s o f d o lla r s .
T h is in s t itu tio n , o f w h ic h C h arles A .
I lin s c h is P r e s id e n t , h a s a c a p ita l a n d su r p lu s o f $ 4 ,5 6 5 ,2 8 7
a n d a g g r e g a te r e s o u r c e s o f $ 2 4 ,0 2 9 ,4 4 8 .
— T h e b o n d b u sin e ss o f S p itz e r & C o . o f T o le d o , O h io , is
to b e c o n tin u e d b y a n ew o r g a n iz a tio n to b e k n o w n as th e
S p itz e r -I t o r ic k T r u s t C o.
D iffe re n ce s w h ic h a rose b e tw e e n
so m e o f th e p a r t n e r s in th e firm re su lted in th e filin g o n th e
19th in st. o f tw o a p p lic a t io n s to o r g a n iz e a n ew c o m p a n y ,
th e n a m e c h o s e n in e a ch in sta n c e b e in g th e S p it z e r -llo r ic k
T r u s t C o .; b e c a u s e o f th e use o f th e sa m e n a m e b y th e tw o
fa c tio n s , th e S e c r e t a r y o f S ta te d e c id e d to w ith h o ld th e in ­
c o r p o r a t io n p a p e r s ; th ese d iffe re n c e s h a v e , h o w e v e r , s in c e
b e e n a d ju s t e d .
T h e s to c k h o ld e r s in th e n e w o r g a n iz a tio n
w ill b e : G e n . C . M . S p itz e r , A . L . S p itz e r , H o r t o n C . R o r ic k
a n d Carl B . S p itz e r .
S id n e y S p itz e r , a t p r e se n t a m e m b e r
o f th e firm , w ill, it is u n d e r s t o o d , re tire .
T he proposed
c o m p a n y , it is s t a t e d , w ill ta k e o v e r all th e s e c u r ity b u sin e ss
o f th e fir m , a n d w ill a lso c o n d u c t a tr u s t b u sin e ss.
I t is to
h a v e a c a p ita l o f $ 3 0 0 ,0 0 0 .

— J o h n L . C r a w fo r d h a s b e e n e le c t e d P r e sid e n t o f th e T e r re
H a u te N a tio n a l B a n k o f T e r re H a u te , I n d ., s u c c e e d in g
P r e s to n H u s s e y , r e s ig n e d .
M r. C ra w fo rd h a d h e r e to fo r e
b e e n V ic e -P r e s id e n t .
.

THE CHRONICLE

J an . 28 1911.)
&

— T h e C o n tin e n ta l
C o m m e r c ia l N a tio n a l B a n k o f C h ic a g o
h a s ju s t c lo s e d a n o p t io n o n p r o p e r t y o n th e b l o c k o n w h ich
s ta n d s th e o ld C o n tin e n ta l N a tio n a l B a n k b u ild in g , w h ich
w ill re su lt in th e e r e c t io n b y it o f o n e o f th e la r g e s t b a n k a n d
o f fic e b u ild in g s in th e w o r ld .
T h e p r o p o s e d s t r u c t u r e is to
c o v e r th e e n tir e b lo c k b o u n d e d b y L a S a lle , A d a m s a n d
Q u in c y S tre e ts a n d F ift h A v e n u e .
I t is s ta t e d th a t w ith th e
la n d th e p r o p e r t y w ill r e p r e se n t a n in v e s t m e n t o f a p p r o x im ­
a t e ly $ 1 0 ,0 0 0 ,0 0 0 . T h e g r o u n d a re a w h ic h th e b u ild in g
w ill c o v e r w ill c o n ta in 5 3 ,5 5 9 s q u a r e fe e t .
T h e s tr u c t u r e s
w h ich a re to g iv e p la c e t o th e in te n d e d b u ild in g c o m p r is e th e
C o n tin e n t a l N a tio n a l B a n k B u ild in g , h a v in g a fr o n t a g e o f
105 fe e t o n L a Salle S t r e e t a n d 60 fe e t o n A d a m s S tr e e t; th e
R a n d -M c N a lly B u ild in g , a t 1 6 2 -1 7 2 A d a m s S tr e e t a n d th e
M c C o r m ic k B u ild in g , o n F ift h A v e n u e , A d a m s a n d Q u in c y
S t r e e ts . T h e b a n k , it is u n d e r s t o o d , h a s n o p r e se n t in te n tio n
to b r in g its p la n s to im m e d ia t e c o n s u m m a t io n a n d it seem s
lik e ly th a t a y e a r o r t w o a t le a s t w ill e la p se b e fo r e it w ill
c a r r y o u t th e a r r a n g e m e n ts p la n n e d .
— J o h n L . H a m ilt o n h a s re sig n e d a s P r e s id e n t o f th e
H o o p e s t o n N a tio n a l B a n k o f H o o p e s t o n , 111. I s a a c B .
M erritt, h e r e t o fo r e C a sh ie r, h as b e e n ch o s e n as th e n ew h e a d
o f th e in s t it u t io n .
M r. H a m ilt o n is a n e x -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 .
B e fo r e b e c o m i n g a f e d ­
e ra l in s t itu tio n se v e ra l y e a r s a g o , th e b a n k w a s a p r iv a te
o n e , o p e r a t in g u n d e r th e n a m e o f H a m ilt o n & C u n n in g h a m .
__ A s ta t e m e n t r e s p e c t in g th e c o n d it io n o f th e n in e b a n k s
o f P e o r ia , 111., p u b lis h e d in th e P e o r ia “ J o u r n a l” o f th e
1 5th in s t ., s h o w s th e c o m b i n e d d e p o s its o f th e se in s t itu tio n s
to b e $ 1 9 ,7 0 2 ,5 8 0 .
I t is p o in t e d o u t t h a t , b a s e d o n th e
o ffic ia l C en su s o f th e G o v e r n m e n t , ta k e n in J u n e , r e p o r tin g
a p o p u la t io n o f 6 6 ,8 5 0 f o r P e o r ia , th e fig u re s a b o v e re p r e se n t
a p e r c a p it a d e p o s it o f a p p r o x im a t e ly $29 3 in th e c i t y ’ s
b a n k in g in s t itu tio n s .
T h e s h o w in g o f th e r e s p e c t iv e in stitu tio n s is a s fo llo w s :

C o m m ercial G e rm a n N a t.$ 4 ,7 2 1 ,3 5 3
F irs t N a tio n a l____________ 3,456 ,169
S a v in g s B a n k of P e o r ia .. 2,229 ,928
M e rc h a n ts’ N a t. B a n k ___ 2,005,361
C e n tra l N a tio n a l_________ 2,180 ,688

D lm c S a v in g s B a n k _______51,79 1,628
Illin o is N a tio n a l___________ 1,656 ,349
H o m e S a v in g s & S ta te
B a n k . ............................
1,304 ,507
In te r s ta te B a n k & T r. C o . 3 5 6,0 97

T h e F ir st N a tio n a l B a n k a n d th e S a v in g s B a n k o f P e o r ia ,
w h ic h a re a m o n g th e first in p o in t o f d e p o s its in th e lis t, are
a ffilia t e d in s t itu tio n s , a u n it y o f th e ir s t o c k a n d in te re s ts
h a v in g b e e n e ffe c t e d la s t A p r il.
T h e F ir s t N a tio n a l h a s a
c a p it a l o f $ 5 5 0 ,0 0 0 a n d to ta l re s o u r c e s o f $ 4 ,8 1 0 ,1 5 3 ; th e
S a v in g s B a n k o f P e o r ia a c a p ita l o f $ 1 5 0 ,0 0 0 a n d a g g r e g a te
re s o u r c e s o f $ 2 ,5 5 7 ,3 8 4 .
T h e ir c o m b i n e d d e p o s it s a m o u n t
to $ 5 ,6 8 6 ,0 9 7 .
A n e w b u ild in g is b e in g e r e c t e d b y th e
a ffilia t e d in s t itu tio n s , in w h ic h th e y w ill b e h o u s e d a b o u t th e
m id d le o f M a y .
— A n e w V ic e -P r e s id e n t w h o. h as b e e n a d d e d to th e
m a n a g e m e n t o f th e P e o p le ’s S t a te B a n k o f D e t r o it g iv e s
th a t in s t itu tio n fiv e s u ch o ffic e r s .
T h e n e w ly e le c t e d o ffic ia l,
B u r n h a m S . C o lb u r n , 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 fo r
s o m e tim e p a s t .
H e is a lso T h ir d V ic e -P r e s id e n t o f th e
U n io n T r u s t C o . o f D e t r o it .
— T h e b o n d d e p a r tm e n t o f th e F ir s t N a tio n a l B a n k o f
D e t r o it a n n o u n c e s th e a p p o in t m e n t o f Jess B rie g e l a s a ssist­
a n t m a n a g e r a n d W illia m G . L e r c h c n as sa les m a n a g e r .
— F r a n k N . B rig g s h as b e e n p r o m o t e d fr o m th e ca sh ie r sh ip
to th e p r e s id e n c y o f th e I n t e r -S t a t e S a v in g s B a n k o f D e n v e r ,
th e v a c a n c y in th e o f fic e o f P r e s id e n t h a v in g b e e n o c c a s io n e d
b y th e r e s ig n a tio n o f A lm o n E . H a r t , fo llo w in g th e d is p o sa l o f
h is in te r e s t to J . F o s te r S y m e s , a d ir e c t o r o f th e in s t itu tio n .
P a u l H a r d e y , a lso a m e m b e r o f th e b a n k ’ s d ir e c t o r a t e , h a s
b e e n e le c t e d C ash ier.
— T h e c o n s o lid a tio n p r o p o s e d b e tw e e n th e U n io n S t o c k
Y a r d s N a tio n a l B a n k o f S o u th O m a h a , N e b ., a n d th e S o u th
O m a h a N a tio n a l B a n k w a s ca r r ie d in t o e ffe c t o n th e 3 d in s t .,
w h e n th e r e m o v a l o f th e la tt e r to th e r e m o d e le d b u ild in g o f
th e U n io n S t o c k Y a r d s B a n k o c c u r r e d .
T h e c o n s o lid a t e d
in s t itu tio n ta k e s th e n a m e o f th e O m a h a S t o c k V a r d s N a ­
tio n a l B a n k .
I t h as a c a p ita l o f $ 7 5 0 ,0 0 0 , a su rp lu s o f
$ 2 5 0 ,0 0 0 a n d u n d iv id e d p r o fit s o f $ 1 2 5 ,0 0 0 .
I t s o ffic e r s a re:
H . C . B o s t w ic k , P r e s id e n t ; E . F . F o ld a a n d F . W . C la rk e,
V ic e -P r e s id e n t s ; J . C . F r e n c h , C a sh ier; I I . C . M iller, E p e s
C o r y a n d J a m e s B . O w e n , A s s is ta n t C a sh iers.
— R ic h a r d I I . S m ith , C a sh ier fo r s o m e y e a rs o f th e P la n te r s ’
N a tio n a l B a n k o f R i c h m o n d , V a ., 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 a n d C a sh ier o f th e in s t itu tio n .
— T h e A m e r ic a n N a tio n a l B a n k o f R ic h m o n d , V a ., re­
c e n t ly c o m p le t e d th e c o n s t r u c t io n o f a n e w b u ild in g w h ic h
fo r m s a n a d d itio n to th e s tr u c t u r e in w h ic h it h as h e r e to fo r e
b e e n h o u s e d , a n d w h ic h w a s b u ilt b y it s o m e s e v e n y e a rs
a g o , a n d as a re su lt th e b a n k n o w h as c o n s id e r a b ly e n la r g e d




337

a n d im p r o v e d q u a r te r s .
T h e site o n w h ic h th e n e w ly e r e c t e d
b u ild in g w a s e r e c t e d w a s a c q u ir e d a b o u t a y e a r a g o ; th e
b a n k u ses th e lo w e r p o r t io n , r e n tin g th e u p p e r n in e s to r ie s in
o f fic e s .
T h e e q u ip m e n t o f th e b a n k ’s r e m o d e le d q u a r t e r s is
n o t o n ly e x c e p t io n a lly o r n a te , b u t c o n s id e r a t io n o f th e
e m p lo y e e s a n d c u sto m e r s is a lik e s h o w n in th e fa c ilitie s in t r o ­
d u c e d fo r th e ir b e n e fit .
T h e in s t itu tio n w a s o r g a n iz e d in
1899 w ith a ca p ita l o f $ 2 0 0 ,0 0 0 .
I n 1902 w h e n th e S e c u r it y
B a n k w a s ta k e n o v e r , th e c a p ita l o f th e A m e r ic a n w a s in ­
cre a s e d t o $ 3 0 0 ,0 0 0 .
A fu r th e r in cre a se t o $ 4 0 0 ,0 0 0 w a s
m a d e in 19 0 3, a n d d u r in g th e p a s t y e a r t w o a d d it io n s o f
$ 1 0 0 ,0 0 0 e a c h w ere m a d e , ra isin g it first fr o m $ 4 0 0 ,0 0 0 t o
$ 5 0 0 ,0 0 0 , a n d la te r , in a c tio n ta k e n O c t . 3 1 , f r o m $ 5 0 0 ,0 0 0
t o $ 6 0 0 ,0 0 0 .
O liv e r J . S a n d s is P r e sid e n t o f th e in s t it u t io n .
__ T h e V ir g in ia S a fe D e p o s it & T r u s t C o r p o r a t io n o f
A le x a n d r ia , V a ., clo s e d its d o o r s o n D e c . 29 w ith th e a p ­
p o in t m e n t o f J o h n S . B a r b o u r a n d J u d g e J . K . M . N o r t o n as
re c e iv e r s .
M r. B a r b o u r h a s s in c e b e e n r e p la c e d b y H o w a r d
W . S m ith .
T h e r e q u e st f o r th e a p p o in t m e n t o f th e re c e iv e r s
is sa id to h a v e b e e n m a d e b y th e d ir e c to r s , w h e n it w a s fo u n d
t h e y w o u ld b e u n a b le to m e e t a n t ic ip a t e d w ith d r a w a ls o f la rg e
a m o u n t s , “ w ith o u t w h a t a p p e a r e d t o b e u n w a r r a n te d s a c r i­
fice s o f th e se cu r itie s o f th e b a n k .” T h e c o n t in u e d illn ess o f
C . J . R ix e y , P r e s id e n t o f th e in s t itu tio n , a n d h is in a b ilit y t o
g iv e th e b a n k his p e r so n a l a t t e n t io n , is a ls o s a id t o h a v e
in flu e n c e d th e d ir e c to r s in th e ir a c t i o n .
T h e R ic h m o n d
“ D is p a t c h ” o f th e 3 0 th u lt. c o n ta in s th e s t a t e m e n t t h a t th e
S t a te B u r e a u o f I n su r a n c e issu ed a n o r d e r o n D e c . 8 r e ­
v o k in g th e lice n s e o f th e c o r p o r a t io n t o d o b u s in e s s as a
tr u s t c o m p a n y in V ir g in ia .
T h e o r d e r ,i t is s a id , “ d ir e c te d
th e c o n c e r n t o w rite n o n e w b o n d s , t o re n e w n o fo r m e r b o n d s
a n d n o t t o q u a lify as e x e c u t o r o r a d m in is t r a to r o f e s t a t e s .”
T h e in s t itu tio n w a s o r g a n iz e d in 1 9 0 4 .
I n a d d it io n t o its
A le x a n d r ia o f fic e it h a d e ig h t b r a n c h e s , lo c a t e d as fo llo w s :
G o r d o n s v ille , D illw y n , L o v in g s t o n , R e m in g t o n , C u lp e p e r ,
C h a r lo tte s v ille , B a s ic C ity a n d H e r n d o n .
T h e c o r p o r a t io n
is r e p o r te d as h a v in g an a u t h o r iz e d c a p it a l o f $ 1 ,0 0 0 ,0 0 0 ,
w ith $ 3 0 0 ,0 0 0 p a id in .
I n a d d it io n t o th e o th e r a ssets o f
th e c o m p a n y , P r e sid e n t R ix e y is sa id t o h a v e r e c e n tly c o n ­
v e y e d to it real a n d p e r so n a l p r o p e r t y b e lie v e d t o b e w o r t h
a b o u t $ 2 0 0 ,0 0 0 , as a sp e cia l s e c u r ity fo r th e d e p o s it o r s a n d
c r e d ito r s .
— T h e A la b a m a B a n k e r s ’ A s s o c ia tio n , in a n n u a l session
o n th e 1 8th a n d 19th in s t. a t M o n t g o m e r y , a p p r o v e d a b ill
p r o v id in g fo r th e c r e a t io n o f a S ta te B a n k in g D e p a r t m e n t
u n d e r a S u p e r in te n d e n t.
T h e b ill w a s r e p o r te d t o th e
C o n v e n t io n b y th e L e g is la t iv e C o m m it te e o f th e A s s o c ia tio n
a n d w ill b e in tr o d u c e d in th e L e g isla tu r e fo r t h w it h .
I t w as
f o r th is p u r p o s e th a t th e A s s o c ia tio n h eld its a n n u a l m e e t in g
s ev era l m o n th s ea rlier th a n u su al a n d th e d is c u s s io n o f th e
in te n d e d la w o c c u p ie d th e c h ie f a tt e n t io n o f th e b a n k e r s .
A
r e s o lu tio n , e n d o r s in g N e w O rlea n s as th e lo g ic a l p la c e f o r th e
P a n a m a C an al C e le b r a tio n w a s a d o p t e d .
Fran k S. M o o d y ,
P r e s id e n t o f th e F ir st N a tio n a l B a n k o f T u s c a lo o s a , 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 A s s o c ia t io n .
M c L a n e T ilt o n o f
P ell C it y , h as b e e n r e -e le c te d S e c r e ta r y a n d T r e a s u r e r M ich a el C o d y , P r e sid e n t o f th e M o n tg o m e r y C lea rin g H o u s e
A s s o c ia t io n , h a s b e e n e le c t e d V ic e -P r e s id e n t fr o m A la b a m a
o f th e A m e r ic a n B a n k e r s ’ A s s o c ia tio n .
— T h e a n n u a l m e e t in g o f th e N e w O rlea n s C lea rin g H o u s e
A s s o c ia t io n t o o k p la c e J a n u a r y 1 7 th .
R . M . W a lm s le y ,
P r e sid e n t o f th e C a n a l-L o u is ia n a B a n k & T r u s t C o ., w a s
r e -e le c te d P r e s id e n t , a n d C h as. G o d c h a u x , P r e sid e n t o f th e
W h itn e y -C e n t r a l N a tio n a l B a n k w a s e le c t e d V ic e -P r e s id e n t .
T h e fo llo w in g C o m m it te e o f M a n a g e m e n t w a s e le c t e d t o
se r v e d u r in g th e c u r r e n t y e a r — J . J . G a n n o n , P r e sid e n t o f th e
H ib e r n ia B a n k & T r u s t C o .; J . I I . F u lt o n , P r e sid e n t o f th e
C o m m e r c ia l N a tio n a l B a n k , a n d A . B a ld w in , J r ., P r e sid e n t
o f th e N e w O rlea n s N a tio n a l B a n k .
T h e M a n a g e r, C . A .
M o r g a n , w a s also r e -e le c te d .
— W illia m A d le r , fo r m e r P r e sid e n t o f th e S ta te N a tio n a l
B a n k o f N e w O rlea n s, w a s c o n v ic t e d o n th e 19th in s t. o n all
b u t o n e o f e ig h ty c o u n t s in an in d ic t m e n t c h a r g in g th e
m is a p p lic a t io n o f th e fu n d s o f th e in s t itu tio n .
A sim ila r
v e r d ic t w a s r e tu r n e d a g a in st th e a c c u s e d in M a y 1909; th is
h o w e v e r , w a s re v e rs e d as t o m a n y c o u n t s b y th e U n ite d
S ta te s C ircu it C o u rt o f A p p e a ls a n d a n e w trial w a s g r a n te d .
A n o t h e r in d ic t m e n t w a s s u b s e q u e n tly r e tu r n e d o n w h ic h th e
p r e se n t c o n v ic t io n is b a s e d .
T h e b a n k w a s p la c e d in v o lu n ­
ta r y liq u id a t io n o n J a n u a r y 30 1908, f o llo w in g th e r e s ig n a tio n
o f M r. A d le r th e p r e c e d in g m o n t h .
H e w a s in d ic t e d in
M a rch 1908, his a rre st o c c u r r in g in N o v e m b e r 1908 u p o n
his re tu r n t o N e w O rlea n s fr o m H o n d u r a s , w h ere he h a d
g o n e a ft e r r e lin q u is h in g th e p r e s id e n c y o f th e b a n k . P e n d in g

238

T H E C H R O N IC L E

[ V O L . L X X X X I I.

a motion for another trial he has been released under his assets amounting to $28,455,734, being 63.85% of total
existing bond of $2 0 ,0 0 0 .
liabilities to the public, which amount to $14,567,063.
—The first annual meeting of the stockholders of the Deposits show a gain of $5,121,224, or 13.97% over last year.
Mercantile National Bank of San Francisco was held on the The bank has ninety-eight- branches, extending throughout
10 th inst. The bank was organized on March 5th 1910, to Canada, from the Atlantic to the Pacific, in the Islands of New­
take over the business of the banking department of the foundland, Jamaica, Cuba and Porto Rico, in Boston and Chi­
Mercantile Trust Co. of San Francisco, and the report cago, as well as an agency in the City of New York. II. A.
presented covered a period of ten months. Regular semi­ Richardson is General Manager and D. Waters, Assistant
annual dividends were paid by the Mercantile Trust Co. up General Manager, with executive offices at Toronto, Ontario.
to and including the dividend of October 1st 1910. On W. IT. Davies of 48 Wall Street is the New York Agent of
December 31st 1910 the Mercantile National Bank paid the institution.
dividend No. 1 ; amounting to $50,000. Dividends of the —The Forty-first Annual Statement of the Royal Bank
bank will be quarterly hereafter instead of semi-annually.
Canada (Head-Office, Montreal) shows that institution
The capital and surplus of the Mercantile National Bank is of
to
be
great prosperity. During the year the Union
$3,000,000 and the capital of the Mercantile Trust (which is Bank enjoying
of Halifax was purchased and while it had deposits
owned by the stockholders of Mercantile National Bank) of almost
yet the deposits of the Royal Bank
lb $1,000,000. The following are the officers of the bank: have aside$10,000,000,
from
this
increased nearly twelve millions of
W. C. Irwin, Chairman of the Executive Committee; Henry
there having been a net gain for the twelve months
T. Scott, President; John D. McKee, Vice-President and dollars,
$21,257,478, deposits being now reported at $72,079,607,
Cashier; W. F. Berry, Assistant Cashier and Assistant of
as
against $50,822,129 on December 31 1909. Aggregate
Secretary, and O.Ellinghouse, Assistant Cashier and Secre­ resources
have reached $92,510,346, as against $67,151,103
tary.
(before consolidation) on December 31 1909. Out of
-—The Farmers’ Bank of Canada (head office Toronto) $951,337 net profits for the year, $586,500 was paid in divi­
closed its doors on the 20 th ult. with its failure the previous dends (11 and 12 per cent) and $ 100,000 was transferred to
afternoon to meet some $20,000 of its paper in the Clearing the reserve fund, which, together with $1 ,200,000 secured
House. Geoffrey T. Clarkson has been appointed to serve from premium on new stock, makes this fund on January 1st
as Curator of the institution. Large investments in securi­ 1911 $7,000,000. The average paid-up capital for the year
ties of the Keeley mines, a projected concern, are understood was $5,200,000. The Royal Bank has about 170 branches
to have been partly responsible for the closing of the bank. throughout Canada, extending from the Atlantic to the
The announcement of its suspension is said to have come Pacific; it also has had noteworthy success in the West
simultaneously with the report of the failure of proceed­ Indian Islands, having eleven branches in Cuba, three in
ings which had been instituted by the bank against three Porto Rico, one in the Bahamas, at Nassau, one at Port of
of its former employees. The prosecutions, according Spain, Trinidad, and one at Kingston, Jamaica. The Great
to the “Toronto Globe,” “were based on the charge that Britain office is on Princes Street, London, E. C. II. S.
the three accused had, while still in the employe of the Holt is President of the bank, Edson L. Pease is Vice-Presi­
Farmers’ Bank, conspired to injure the credit of the Farm­ dent and General Manager. C. E. Neill and F. J. Sherman
ers’ Bank.” The institution was organized in 1906. It are Assistant General Managers and W. R. Torrance, Super­
has an authorized capital of $1 ,00 0,000 and the state­ intendent of Branches.
ment of November 30 1910 reports $567,579 as paid in. The New York Agency on Monday last removed to its
and the deposits as $1,314,016. The Province of Ontario handsome hew banking quarters at 68 William Street,
has a special account of $25,000 with the bank and a current corner of Cedar, and,takenas a whole, no finer quarters are
account of $1,400. W. R. Travers, Vice-President and occupied by any foreign institution in the city. A feature
General Manager of the institution, was sentenced on the is the magnificently furnished rooms set apart as meeting
16th inst. to six years in the Kingston Penitentiary. He and reception rooms for the benefit of the bank’s friends and
pleaded guilty on the 13th inst. to charges of theft (involving visitors to the city. The furniture and fixtures are entirely
$40,000), the making of false returns and the falsifying of the of solid mahogany on original designs. The counters are
books of the bank.
constructed of imported “Hauteville” French marble, while
the counter rails and screens are of solid bronze. In the
—Owing to the advancing years of the senior member of basement,
dining-rooms, kitchen, ice-chests, shower-baths,
the firm of B. Newgass & Co. of London, Eng., the business &c., are provided
for the benefit of the employees. S. II.
has been converted, as from the 1st, into a private limited Voorhees is the bank’s
agent in New York and R. E. Jones is
company, under the name of B. Newgass & Co., Ltd. The Assistant Agent.
company has been registered with a capital of £300,000, —Wade Gard’ner, New York agent for the Hong Kong &
of which £250,000 will be issued, divided equally into 5% Shanghai Banking Corporation, at 36 Wall Street, has re­
cumulative preferenceand ordinary shares, the whole of which ceived from the head office of the corporation at TIong Kong
will be held by the existing partners and their immediate the following advices: “Subject to audit, the bank dividend
for the half year ended Dec. 31 1910 will probably be 40
connections. The board will consist of the present partners, shillings
per share. Bank bonus of 5 shillings per share
—B. Newgass and Harry Kahn—together with Julian PI. in addition
to dividend. Added to silver reserve fund,
Simon, late Manager of the Anglo-Californian Bank, Ltd., $250,000. Carried
to next half-year, $2,000,000.”
Harmood Banner & Sons, Chartered Accountants, will be Mr. Gard’ner statesforward
that including the, above capital and
the auditors of the company. Mr. Newgass was originally reserve funds, the bank now stands as follows: Paid-up
Hong Kong currency, $15,000,000; reserve funds:
(in 1865) of the firm of Lehman, Newgass & Co. of New capital, reserve,
£1,500,000 at 2s., $15,000,000, silver re­
Orleans; in 1872 he became a partner in Newgass, Rosen­ sterling
$16,250,000; carried forward to next half-year, $2 ,­
heim & Co. in Liverpool; from 1875 to 1885 he conducted 0serve,
business as B. Newgass & Co. in Liverpool, and from that 0 0 ,00 0 ; reserve liability of proprietors, $15,000,000.
time until the present as B. Newgass & Co. in London.
T H E C O M M E R C IA L B A N K O F S C O T L A N D .
—The Bank of Nova Scotia (Head-Office, Halifax, N. S.) “The Story of the Commercial Bank of Scotland,” Ltd., is the
has just issued its seventy-ninth annual report, being for the title used for a little volume issued on the occurrence of
year ending December 31st 1910. The bank, which was the institution’s first centenary, in which an account is fur­
incorporated in 1832, has an authorized capital of $5,000,000, nished of facts which have had a bearing on the bank’s
of which $3,000,000 has been called and paid-up, also a development. The writer of the work has accomplished his
surplus of $5,650,000, the latter representing 188 1-3% of the purpose of imparting a personal element to the book rather
paid-up capital. Net earnings for 1910, after providing for than, as he puts it, “to display an unattractive assemblage
all bad and doubtful debts, amounted to $662,301, which is of figures,” and has brought forth an interesting summary, of
equivalent to 22.07% of the paid-up capital. This compares which general historic events which have more or less
with profits of $604,123 in 1909 and $559,578 in 1908. Out directly
concerned the bank form a part. Silhouettes of
of the earnings for 1910 the usual dividends of 12% per some of the
directors and photographs of others iden­
annum were paid, $150,000 was transferred to surplus tified with earlier
its management in the past and present are
account and $125,000 written off bank premises account. contained in the work, which is in cloth and leather binding,
Other distribution to officers’ pension fund, &c., left a with gilt-edged pages.
balance of $42,166 to be carried forward as undivided profits. It is interesting to learn in the first chapter, telling of “The
The total assets are $53,506,980, of which $11,037,674 are
Days—Their Difficulties and Their Successes,” that at
represented by cash, checks on and balances due by other Early
the
time
bank was established (in 1810) there were in Scot­
banks, and sterling exchange, and $17,418,060 by investment land but the
three
public banks: the Bank of Scotland, the Royal
bonds, and call loans secured by collateral, or a total of quick Bank of Sctoland
and the British Linen Co., which latter



JAN. 28 1911.]

T H E C H R O N IC L E

“arose out of a royal charter of July 6 1746 for the encourage­
ment of the linen trade, but, gradually changing its object,
came, in course of time, to acquire the character of a bank,
though it did not obtain its charter as such until March 19
1849.’' Scotland in 1810 was not, however, without its
complement of private bankers, ten of which were in Edin­
burgh, where the Commercial Banking Co. of Scotland
established its head office.
Although the articles of co-partnery declared that the
bank shall have been held to have commenced on March 25
1810, the actual business of banking, symbolized by the issu­
ing of the bank’s own notes, was begun by the institution on
Dec. 3 1810. Forgeries and the jealousies of older institu­
tions were some of the early diffculties encountered by the
bank. Both of these have long since been overcome, the
author showing this, as far as the latter incident is concerned,
in the following comment: “Now that complete amity
prevails among the banks in Scotland, they can afford
to look back with a shrug on the opposition and jealousies
which formerly existed.” The first year’s profits, it is
noted, after allowing for all expenses, amounted to £5
12 s. 6 d. per cent, and this, as the contract of co-partnery
provided, was applied as the nucleus of a reserve fund;
and the bank declai-ed its first dividend, 4% semi-annually,
in June 1812.
The depression which existed in Scotland and England
during the years 1814, 1815 and 1816 impressed upon the
directors the necessity of strengthening the reserve fund by
adding to it more of the bank’s profits and dividing less
among the shareholders, and accordingly, in Dec. 1815, it
was decided to pay 6 % yearly instead of 8 %, this policy
being continued until 1840, when the reserve fund had
reached an adequate figure. In 1824, however, in addition
to the usual 6 % payment, an extraordinary dividend or
bonus of 2 0 %, payable out of the reservejund, jwas declared.
The rate of dividend varied until 1S79, since which time it
has steadily increased, and an annual distribution of 2 0 %
has been maintained since 1900. In these present days
of electric light and of the development of science, it is inter­
esting to note that the first of the bank’s properties into
which the introduction of gas was provided for was the new
house erected by it in Glasgow, “where gas pipes were, on
Jan. 27 1825, agreed to be laid on, ‘that the premises may
be lighted in that way should it be found expedient.’ ”
Atthe outset a capital of £3,000,000 in 6,000 sharesof £500
each was provided for the bank; up to 1829 4,500 shares were
issued, on each of which £ 1 0 0 was paid, making the paid-up
capital £450,000. In April 1829 the 1,500 shares remaining
unissued until then were disposed of to the existing share­
holders at a premium of £50, making £600,000 paid up
of the subscribed capital of £3,000,000. Later on, in 1859,
£ 20 0,000 of the reserve fund was apportioned to the share­
holders by way of an increase in the paid-up capital, which
was thus raised to £800,000; in Dec. 1864 a similar course
was adopted, the paid-up capital being increased to £ 1 ,0 0 0 ,­
000 by a further transference from the reserve to the share­
holders of £200,000 in the proportion of £100 for every £400
held by them, a dividend of 10 % on the full £ 1 ,000,000
being also then paid. It is stated that “as the price of the
stock stood then at £270 per £100, the value of that gift
at the time may be reckoned at £540,000 and now at
£900,000.”
A Royal Charter of Incorporation was obtained in 1831,
this placing the institution on a level with the three older
chartered institutions in Scotland, and removing every dis­
ability, technical or practical, under which it had theretofore
abored. In a chapter on “Note Issue Legislation and Other
Matters,” reference is had to the request made in 1840 by a
specially appointed committee of the House of Commons, to
the Commercial Bank, in common with the other banks, for
a weekly return of its note circulation, which request, it
appears, proved to be the prelude to certain measures which
the Government had in view for regulating the issue of notes
by banks in the United Kingdom.
The writer of the book takes occasion to state that “it
would be beyond the scope of this volume to detail the
history either of the causes or of the objects of the legislation.
It will suffice to say that it was embodied in two Acts of
Parliament which were not the unnatural outcome held by
the Government and indicated by Sir Robert Peel in his
speech at the time on the proposed renewal of the charter of
the Bank of England: ‘Wethink that the privilege of issue is
one which may fairly and justly be controlled by the State.’ ”
Mergers, under which the Caithness Bank at Wick and the



239

Arbroath Bank were taken over by the Commercial, the
one in 1825 and the other in 1844, are a part of the facts
related in the book, in which is furnished also a reference to
the failure of the Western Bank of Scotland, the Baring
Brothers crisis and the suspension of the City of Glasgow
Bank, out of which latter circumstance arose the adoption
of the limited liability by the joint-stock banks.
We might likewise allude to various other interesting data
which the compiler of the work sets out if space permitted
their recounting.
In the concluding paragraph the author takes occasion to
state that in following the course of the history of the insti­
tution he has been impressed with the importance of a
resolute and steady pursuit of a strong and worthy policy
deliberately entered upon. Training and encouraging its own
men, the bank has attained the result, possibly unique,
that in no case whatsoever has it had to go beyond its walls
for a single one of the long line of officials at its head office,
after it was originally under way. At the present time the
management at the head office in Edinburgh consists cf
Alexander Bogie, General Manager; James L. Anderson,
Secretary; John Wilson, Cashier; L. M. Mackay, Account­
ant; Magnus Irvine, Assistant Secretary, and Andrew Scott,
Superintendent of Branches.

g f ito m ta r r iif f io tn iu e f c ia lg r ig lis T t^ jm r B
[From our own correspondent.] •

L ondon, S atu rd ay, J a n u a ry

21 1911.

New issues hive begun and are likely to become very
numerous in the early future. Most of those that have
already appeared, or that are known to be about to appear,
are excellent in character. They have been very freely
underwritten, and they have been taken up eagerly by the
public, all of which goes to prove, what the well-informed
have concluded to be the case for some time past, that the
new issues which were so unprecedented in the early half
of last year have now been placed.
Investment in the Stock Exchange, also, continues on a
large scale. The recovery in Consols which has been going
on now for about a month is due, to some extent, no doubt,
to investment by banks, insurance companies and other
great capitalistic institutions, who find it convenient in their
business to hold large amounts of Government securities;
but mainly it is due to the knowledge that the buying for
the Sinking Fund after the end of the current financial year—
that is after the 31st of March—will be on a very large scale.
In the last financial year, owing to the rejection of the
Budget by the House of Lords, about 30 millions sterling
which would have been collected if the Budget had been
passed, as a matter of fact, was not got in. This has been
collected in the present year and the final result of last year’s
Budget will show a very considerable surplus which must be
employed in redemption of debt. During the current year
also, the revenue is coming in so exceedingly well that it
seems quite safe to predict that there will also be a large
surplus. Therefore the redemption of debt during the
next three or four months will be on an exceptional scale.
Already the Government broker is buying, probably on
account of last year’s surplus. But as he acts for others
besides the Commissioners for the Redemption of the Debt,
itGovernment.
is, of course, impossible to say that he is buying for the
Apart from Consols, however, there is a large investment in
all first-class securities—in Irish land stock, local loans
stock, foreign securities guaranteed by the British Govern­
ment, colonial securities, debentures and preference stock
of British railways, and even ordinary British railway stocks.
Speculation is as yet rather timid, operators taking profits
as soon as they see any. Their timidity is due partly to
the delayin the reduction of the Bank of England rate of
discount. The Bank of England is becoming strong; both
coin and notes are returning in large amounts from the
internal circulation; and the Bank last Monday got about
two-thirds of the amount of gold offering in the open market.
Next Monday the amount to be offered will be very large
and it is expected that the greater part of it will go to the
Bank. Therefore, the general expectation was that on
Thursday last the rate would be put down. But everybody
was disappointed. Apparently, the demand for gold for
India is known by the directors of the Bank of England to
be exceedingly strong, and accordingly they anticipate that
a large amount of gold will be “earmarked” by the India
Council. However that may be, the delay in putting down
the rate has made operators nervous.
Perhaps, also, operators who pay attention to international
politics are made somewhat uneasy by the proposals of the
Dutch Government to spend a large amount of money on
the defences of the coast of Holland. Holland has allowed
both her sea defences and her land defences to fall into
disrepair. She is now proposing to spend a large amount
upon her sea defences, while doing nothing in regard to her
land defences. Everywhere it is assumed to prove that

T H E C H R O N IC L E

240

Holland has fallen completely under the influence of Germany,
and therefore must be regarded as a member of the Triple
Alliance; and, consequently, it is taken for granted that the
strengthening of the sea defences is directed against this
country.
Lastly, it is possible that operators are unwilling to commit
themselves very much to new risks until they see what the
House of Lords will do. It is almost universally assumed
that, the country having in two general elections, held so
close one after the other, given a coalition majority of over
120, the Lords will recognize that the country is against
them and will submit. But whether they will acknowledge
the obligation resting upon them to bow to the will of the
country at once, or whether they will first make a fight,
nobody knows. In any case, operators are still timid in their
action. The almost universal opinion is that this will not
last long, that markets will now rapidly broaden and
business will increase.
As far as can be judged at present there will be in the early
future not much demand for gold except for India and
possibly for the United States. Russia also can take gold
if it pleases. But Russia has an immense accumulation
af the metal, and probably will not in the early future add
very much to it. India has had two exceptionally good
monsoons in succession. The rains have been abundant
and have continued long. The vegetation is, therefore,
most luxuriant everywhere. The crops, both in the year
just closed and in the second half of the previous year, have
been exceedingly good, and the promise for the growing
crops is most excellent. Just now the rice season in Burma
is beginning; the cotton season in Bombay is also beginning;
and the wheat season will begin before long. The demand
for money to move the rice crop is large and, consequently,
it is expected that India will require a very considerable
amount of gold. It was assumed everywhere that she would
get most of'whatshc wanted from Egypt, which in the present
season has taken about 10H millions sterling from London.
Of that amount it has parted with between 2 and 2 3^
millions sterling to India, which is far less than India requires.
It appears that the growers of cotton in Egypt and the
middlemen are holding back a very large proportion of the
crop for better prices, apparently being encouraged by the
reports coming from the United States that mill-owners
there are already preparing to work short-time in the summer.
As the cotton is not being sold readily intending buyers
have to keep gold for the future purchases. Consequently,
the gold that was expected to return before now has not
returned. It is coming back slowly. For instance, last
week about £350,000 was sent from Egypt to India. But
that is only a small part of what India requires and the fear,
therefore, is that India may have either to “earmark" or
to take bodily from the Bank of England a good deal of
gold unless Egypt in the next few weeks is able^ to part with
several millions. Apart from that demand, it seems unlikelv at present that much gold will be taken from London.
The India Council offered for tender on Wednesday 120 lacs
of its bills and the applications amounted to 1,32834 lacs
at prices ranging from Is. 4 3-32d. to Is. 43'jjd- per rupee.
Applicants for bills at Is. 4 3-32d. per rupee were allotted
about 8 per cent, and above in full, while applicants foxtransfers at Is. 43^d. per rupee were allotted about 8 per
cent of the amounts applied for.
English Financial Markets—Per Cable.

The daily closing qxxotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
L ondon,
W e e k e n d in g J a n . 27.

.
% per c e n ts ...
French rentes (In P a r is ) ____ .
A m a lg a m a te d C opper C o ----- .
b A n a co n d a M in in g C o ......... .
Consols, new, 2

S a t.
2 4 )4

79 9-16
79
97.50

%

66%

%
14

8
A tch iso n T o n e k a A S a n ta F e 107
Preferred ______________ - 105)|
B a ltim o re A O h io ____ _____ . 1 1 0 %
93
C a n a d ia n P a c ific ...............- Chesapeake A O h i o . . ......... . 8 5 %
C h ica go G reat W e ste rn ....... ■ 23
C h ica go M llw . A St. P a u l . . . .132
D e n ve r A R io G r a n d e _____ . 3 1 %
Preferred ....................... ■ 7 2
E r i e ........... ...................... .. 2 6 %
F irst preferred____ _____ ■ 48
Se cond preferred............. 36
Illin o is C e n tr a l------------------- .139
Lo u isv ille A N a s h v ille ---------.152
M isso u ri K a n s a s A T e x a s . . . 36
Preferred ....................... . 6 6 %
N a t. R R . of M ex., 1st pref.. 7 2 %
Second preferred------------ 38
N . Y . Central A H u d . River. .1 1 4 %
N . Y . O n tario A W e ste r n ... 4 3 %
N o rfo lk A W e ste rn _______ . 1 0 0 %
Preferred ........... ......... .. 93
N o rth e rn P acific........... ...... . 1 2 2 %
a P e n n sy lv a n ia ..................
65%
R e a d in g C o ......... .
81
F irst preferred.... ........ .- 4 6 %
a Second preferred......... - 5 0 %
R o c k Is la n d ........... ......... - 3 2 %
So u th e rn P a c ific ................ - 1 2 1 %
So uth ern R y ...................... - 2 8 %
Preferred ...................... - 6 7 %
U n io n P a c i f i c - - ................. - 181H
Preferred ......... ............ . 96
U . S. Steel C o rp o ra tio n ------- - 7 0 %
Preferred ...................... - 1 2 2 %
W a b a s h ---------------------------- 17
Preferred — ......... ........- 3 6 %
67
E x te n d e d 4 s............... .

.

%

■

.
■
.
-

a

%
%
%
%

.

a

.
.

a

P rice per share.

b£




sterling,

M on.
24%
79%

T u es.

W ed .

24 9-16 24 9-16
79 7-16
79
79 11-■ 10 79 11-•10 7 0 %
97.55
97.35
97.40
66
65
66%
8
8
8
106%
106
107%
105%
105%
105
110
109
n o il
93
93
93
214
214%
213
86
35%
35%

%

%
%
%
%

%

23%
132%
32
72%
20%
40%
37%
130%

152
36%

66 %

72%

38
H IM
43%

109
93
122 H
65%

81
46%
50%
32%

122
23%
67%

1 8 l)£
96
30%
122%

17
36%

67

23%

131

%

31%
72%
20%
40
37%
130%

151
36
06)|
72%
37%

lit
43
109
93
122>|
65)|
30%
46%
50%
32%
121%
28%
67

1S0)|
96
7 9 )|
122

%

16%
36%

66 %

c E x -d lv ld e n d .

%

23%

132
31%
72%
20%

49
37
130%
151%
36

68
72%
37%

111
43
109
93
122%
65%
80%
46%
50%
32%
122%
28%
67

181
96
80)|

T h u rs.
F ri.
24%
2 4 7-16
70%
79 13-16
7 0 11-16 79)4

97.35
65%

8
107%
105%
100%

93
214%
85%

23)4
132
31

%

72%
20%
48%
36%
130%

151
35
68
74

%

37%
114%
42%

108
93
122%
65%
70%
46%
50%
32%
122%
23%

66)4
180)4
96

122%

80%
122%

16)|
36)4
66)1

16)4
36)|
66

97.25
c65
8
C1 06 H
106
cl0 7
c9l
215%

86
23 H
132%
31%

72
20%
48%

37
cl.16
14/
36
67

%

74%
37%

114
43
108>£
93)4
122)4
65%

80

%

46%
50%
32%
122%
23%
66%

180)4
96)4
80
122)4

%

16%
36

66

[ V O L . L X X X X I I.

Summer ctat and Jitxscetla m o ns

xos
National Banks. —The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C H A R T E R

IS S U E D

TO

N A T IO N A L

B A N K

JAN.

17.

9 ,9 1 9 — T h e F i r s t N a t i o n a l B a n k o f H y n e s , C a l .
C a p i t a l , $ 2 5 ,0 0 0 .
C. S.
T h o m p s o n , P r e s . ; O . L . C o k e , V l c e - P r e s . ; A . i l c G o v n e y , C a s h ie r .
L IQ U ID A T IO N S .
7 ,8 1 7 — T h e A m e r i c a n N a t i o n a l B a n k o f C h a t t a n o o g a , T e n n . , J a n . 3 1 91 1.
3 ,7 4 2 — T h e F i r s t N a t i o n a l B a n k o f C a l v e r t , T e x a s . J a n . 12 1 9 1 1 ._________

Canadian Bank Clearings.—The clearings for the week end­
ing Jan. 21 at Canadian cities, in comparison with the same
week of 1910, show an increase in the aggregate of 9.0%.
Clearings at —
1911.
$
M o n tre a l .................... . 42,877,932
33,633,033
T o r o n t o _______ ________
17,177,590
W i n n i p e g ....................
8,606,011
V a n c o u v e r .................. .
5,012,853
O t t a w a .... .......... ..........
2,409,446
Q u e b e c ..........................
1.749.381
H a l i f a x ..........................
2,000,938
H a m ilt o n ........... ..........
1.414,688
S t. J o h n _________ _____
2,080,443
C a l g a r y ----------- -------------1,501,262
L o n d o n ..........................
2,121,571
1,335,541
E d m o n t o n ....................
891,331
B ra n d o n ........................
487,894
L e t h b r id g e ..................
516,628
S a s k a to o n ........... ..........
757,547
B r a n t f o r d ......................
504,554
T o ta l C a n a d a . ...........

Week ending January 21.
Inc. or
Dec.
1909.
1910.
$
%
%

40.032.555
31,400,844
15,772,621
7,198,661
4,046.975
2,263,303
2,011,125
1,687,881
1,589,218
2,231,516
1.280,745
1,809,618
1.223.882
619,775
N o t Include
N o t Include
N o t Include
N o t Include

+ 7.1
+ 7 .1
+ 8.9
+ 19.5
+ 23.9
+ 6 .5
— 13.0
+ 18.5
— 11.0
+ 20.1
+ 16.7
+ 17.2
+ 9.1
+ 43.9
d In tot
d In tot
d In tot
d In tot

123,412.020 113,174,639

+ 9 .0

31.379,909
26,433,324
11,053,241
3,730,556
3,694,294
2,143.402
1,805,349
1,450,692
1.344.589
1,348,479
1,042,717
1,083,095
699,754

1908.
$
26,484,474
21,105,787
10,789,710
3,303,346
3,060,232
2,066.551
1,706,792
1.318,036
1,135,960
1,133,699
1,126,028
994,811
583,555

al
al
al
al
87,209,401

74,788,981

Auction Sales.—Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs.Stocks.
Adrian II. Muller & Son: Bonds.
24

2
25
1,000
10

N a t . S u r e ty Co. new s t o c k . .175
B a n k of N . Y ., N . B . A ------320
N ew Jersey Z in c C o .............
Chic. C ln . A L . U K . C o .5 0 c. pe rsh .
Sta n d a r d O il C o .................. 615

400%

Bonds.

$500 N . Y . A th le tic C lu b deb. 5s,
19X5___________ ___________88 & lnt.
31,000 W U k e s-B a rro & H a ze lto n
U R . T e rm 'l 5s. 1945, A . A O . .55 A lnt.
$55,000 D c t. T o l. A Iro n to n 5 %
notes, due 1908 (tru st ce rtf.)__ 36

$1,000 A u to m o b ile C lu b of A m e rica
2d 4s, 1 9 2 6 .........- ..................70 & lnt.

DIVIDENDS.

The following shows all the dividends announced for the
future by large or important corporations:
D ividen ds announced this week are 'printed in ita lics. ______
Per When
Cent. Payable.

Name of Company.

R a ilro a d s (Ste am ).
3
Peb.
A la b a m a G reat So u th e rn , p r e f ..............
A tc h T o p A S a Fe, com (q u a r.)
23)
M ch.
1
Feb.
2
Preferred (N o . 2 5 )___________________
B a lt. Chesapeake & A tla n tic, Dref______
3
M ch.
3
B a ltim o re A Ohio, c o m m o n ..................
M ch.
2
P re fe r r e d ____________________________
50c. Feb.
Bellefonte C e n tr a l.................................Jan.
3
B oston R e ve ie Beach A l. y n n ....... ..
..
Feb.
2
A
..
Feb.
3
.............................................
Feb.
Can a da S o u th e rn ....................................
1
Central of N ew Jersey (q u a r .).................
2
Feb.
M ch.
A
A
.
C h . S t. P . M in n . A O m ., com . a n d pref.
Feb.
M ch.
3
C in cin n ati N o r th e r n ................................
2
Feb.
C u b a R a ilro ad , preferred.......................
Feb.
G reat N o rth e rn (n u a r .)_ ........................
1
Feb.
------------------------------M ch.
Illin o is C e n tral (N o . 112)--------- -------------Jan.
L a ke Sho re A M ic h ig a n So u th e r n ...........
6
6
Feb.
G uar, sto ck (M ich . So. A N o . I n d . ) . .
Feb.
Lo u isv ille A N a sh v ille ............. ...............
Feb.
S5
M a h o n in g C o al U R . , c o m m o n __________
Jan.
3
M ic h iga n C e n tr a l-----------------------------------Feb.
N a sh v ille Ch a tt. A S t. L o u is ..................
3
M ch.
A
)
3
..................
2)1 M ch.
M ch.
A
........
1
Feb.
Preferred (q u a r .).................................
1
N o rfo lk So uth ern (N o . 1) ( q u a r . ) ...........
Feb.
Feb.
N orthern P acific (q u a r . ) ------------------------1
A
................
Feb.
A
...............
Feb.
2
P ittsb u r g h A L a k e E r i e . . .................. .
$2.50 Feb.
R e a d in g c o m p a n y , c o m m o n ..................
3
Feb.
H e a d in g Co. llrst p r e fe r re d ....................
2
M ch.
R o m e W a te rto w n A O gd., guar. (q u a r . ) .
Feb.
1
St. L o u is A S a n Fran., 1st pref. ( q u a r . ) .
1
Feb.
A
....................
2
Feb.
W r lgh tsv ille A Tennllle. com . A p re f___
Feb.
3

(.No.

Buffalo Rochester
Preferred

Pittsburgh, common

Chic. Milwaukee

St. Paul, com.

pref

Green Bay & Western

%
%

%
%
3%
3%

%
5
3%
3%

N . Y . Chic. St. Louis, common (annual
First and second preferred.
Norfolk Western, common (guar.)
Oswego Syracuse, guaranteed
Passaic Delaware, guaranteed

%
%
%
4%
%
%

Utica Clinton

Binghamton

Street a n d Electric R a ilw a y s.
A lb a n y South ern, preferred (N o . 1 ).......
B o st o n E le v a te d I t y ...............................
B oston A N orth ern Street R y . , pre f___
C o lu m b u s (O .) R y . , pref. (q u a r .).........
Co m m on w e alth Pow er, R y . A L t .,p f (qu)
Connecticut R v . A L tg ., com . A pref.(qu)

Duluth-Superior Traction, common (quar.)
Preferred (quar.) .................. ...............
E a s t S t. L o u is A Sub-,pref. (q u . ) (N o .l9 )
Fairmont A Clarksburg Traction, pref ___

G r a n d R a p id s R y -, pref. (quar.) (N o . 41)
H a rr isb u r g (P a .) T r a c t io n ......................
H a v a n a Ele ctric R y . , com . A pref. (q u .).
H e le na L ig h t A R y . , preferred ( q u a r . ) ..
Ja ck son v ille E le ctric Co., com . (N o . 13)
Preferred (N o . 1 7 ) . . ...........................
A
_____
___
d.Metrop. W e st Side E l., Chlc.,pref.(q uar.)
M exico T r a m w a y s (q u a r .)......................
M llw . E le c. R y . A L t., pf. (q u .) (N o . 44)
M o n tre al Street R y . ( q u a r .)....................
......................
O ld C o lo n y Street R y ., p re f...............P h ila d e lp h ia C o m p an y , co m m on (q u a r .).
.............

Kokomo Marlon West. Tract., com
Lincoln (Neb.) Traction, pref. (quar.)

Ohio Traction, ■ pref. (quar.)

Philadelnhla Company, preferred

1%

3
$3

1%
1%
1
1%
1
1%
2%
1%

3

1%
1%
3%
3
1%
1%
%
1%
1%
2%
1%
S3
1%
2%

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
A p ril
A p ril
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Fcd.
Feb.
Feb.
Feb.
Mch.
Feb.
Jan.
Feb.
Feb.
Peb.
Feb.
M ch.

Books Closed.
Days Inclusive.
H o ld e rs of rec.
H o ld ers of rec.
H o ld e rs or rec.
H o ld e rs of rec.
H o ld e rs of rec.
H o ld ers of rec.
H o ld e rs of rec.
H o ld ers of rec.
H o ld e rs of rec.
H o ld ers of rec.
H o ld e rs of rec.
H o ld e rs of rec.
H o ld ers of rec.
H o ld ers of rec.
H o ld e rs of rec.
H o ld ers of rec.
H o ld ers of rec.
H o ld ers of rec.
H o ld e rs o f rec.
H o ld e rs of rec.
H o ld e rs of rec.
Jan. 21
to
H o ld e rs of rec.
H o ld ers of rec.
Jan. 22
to
H o ld e rs of rec.
H o ld ers of rec.
H o ld e rs of rec.
H o ld ers of rec.
Jan. 15
to
H o ld e rs of rec.
H o ld e rs of rec.
H o ld e rs of rce.
H o ld ers of rec.
H o ld ers of rec.
H o ld e rs o f rec.
H o ld e rs of rec.
H o ld e rs of rec.
Feb.
1
to
H o ld ers of rec.

Feb. 4a
Jan. 31a
D ec.30a
Jan. 14a
F e b. l a
Feb. l a
Feb. l a
De c.15 a
Feb. 7
Feb. 7
D e c.30 a
Jan. 20a
Feb. 8a
Feb. 3a
Feb. 10
D e c.3 la
J a n .12a
Feb.
4
Feb. l a
D ec.30a
Dec.30a
Feb. 10
Jan.1 3a
D e c.30a
Feb.
1
Feb. 3
Feb. 3
Feb.28a
Jan.3 1a
Feb.
1
Jan.1 2a
Feb.10 a
Jan.2 6a
Jan. 25a
Jan.1 4a
Feb.20 a
J a n .3 l a
Jan.2 0a
Feb. 10
D e c. 16a

1 H o ld ers of rec.
15 Feb. 5
to
1 H o ld ers of rec.
1 H o ld ers of rec.
1 H o ld ers of rec.
1
to
15 Feb.
1 H o ld e rs of rec.
1 H o ld ers of rec.
1 H o ld e rs of rec.
to
1 Jan. 26
1 H o ld e rs of rec.
1 Jan.
3
to
to
11 Jan. 22
1 H o ld e rs of rec.
1 H o ld ers of rec.
1 H o ld ers of rec.
15 Feb. 11
to
to
1 Jan. 22
1 H o ld ers of rec.
to
1 Jan. 18
31 H o ld e rs of rec.
1 H o ld ers of rec.
1 H o ld ers of rec.
1 H o ld ers of rec.
1 H o ld e rs of rec.
1 H o ld e rs of rec.

Jan. 25
Feb. 15
Jan. 14
Jan. 16
Jan. 20a
Feb. 15
M ch . 15
M ch . 15
Jan.1 4a
Feb.
1
Jan. 14
Jan. 31
Feb. 12
J a n .2 4 a
Jan. 24a
J a n .2 4 a
Feb. 15
Jan. 31
Feb. 16a
Jan. 31
J a n .2 0 a
Jan. Id
Jan. 27a
Jan. 14
Jan. 3a
Feb. 10

25
1
1
31
1
1
15
31
15
15
1
1
1
20
1
1
1
6
1
28
l
10
1
28
1
1
1
18
17
1
1
21
1
1
1
10
15
1
10
1

N am e o f C om pany.

P er
C e n t.

Street & Ele ctric R a ilw a y s (Con clude d).
P u b lic Service In v e stm e n t, com . ( N o . 3 ).
Preferred (N o . 7) ( q u a r . ) ....................
H a llw a y s Co. General ( q u a r . ) . ...............
H a llw a y & L ig h t Securities, c o m .(N o . 3)
Preferred (N o . 1 2 ).................- ............
H lo de Janeiro T r a m .. L . & P . ( q u a r . ) ..
S u s q u e h a n n a ft//., L ig h t A l'o w c r , p r e f —
T a m p a li l e c t r i c C o . (q u a r .) ( N o . 2 3 )------ T o le d o H o w lin g G re en A S o u . T r . , p f . (q u .)
T w i n C i t y R a p id T r a n s it, c o m m o n ( q u a r . ) .
P r e f e r r e d ( q u a r . ) ............ ......... - ....... - - -

U n io n Street Ity ., N ew B e d fo rd ( q u a r .)..
W a sh in g t o n W a te r P ow ., Sp o k a n e (quar.)
W e s t P e n n R y s . , p r e f . (q u a r .) ( N o . 2 1 ) . -

B a n k s.
B o w e r y (q u a r .)-----------------------E x t r a .............- .......... .......
C o rn E x c h a n g e (q u a r .)...........
F o u r te e n th S tre et ( N o . 4 3 )........
G e rm a n -A m e r ic a n ..................
G r e e n w ic h ( q u a r . ) -----------------L in c o l n N a tio n a l ( q u a r . ) -------M e t r o p o l i s , B a n k o f th e ( q u a r . ) .

Pacific (q u a r .)........................
E x t r a ................................
T w e n ty -T h ir d W a r d ...............
T r u st C o m panie s.
A st o r (q u a r .)..........................
B ro a d w a y (q u a r .)........—
_
F arm ers' L oa n

A

T ru st (q u a r .).

H a m ilt o n (q u a r .)....................
N a ssa u , B ro o k ly n (q u a r .)------

IK

l1 lA
2
3
1
2K
2
IK
IK
IK

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

i Jan. 28 to Jan. 31
Jan. 31
i Jan. 28 to
i H o ld e rs of rcc. Jan. 21a

2
IK
12K
3
2

Fcl).
Feb.
Feb.
Feb.
Feb.

1

Fob.
Feb.

1

20

1

IK
IK
IK

IK
IK
IK
IK
IK

U. S. Motor, pref. (quar.)

Va.-Carolina Chemical, tom. (qu ar.)..
Warner (Chas.) Co., 1st pref. (qu.) (No. 32)

W a sh in g to n (I). C.) Ga3 L t . (q u a r . ) ..
W c stc rn Telcp. A Teleg., pre f...........
W h ite (J. G .) A Co., In c ., pref. (q u a r.).

Feb.
A p ril
A p ril

of rec. Jan.19a
of rec. Jan. 19a
to
Jan. 31
of rec. Jan. 14a
of rec. Jan. 14a
of rcc. Jan. 14
to
Feb. 28
of rec. Feb. 4a
to
Jan. 31
of rec. M ch. 11
of rec. M ch . 15

3
5
4
3
3
2K
2K
4
2
2
3

IK
IK
IK

United Bank Note Corp., common (quar.).

Feb.
Feb.
M ch.

H o ld ers
Holders
Jan. 22
Holders
holders
H olders
Feb. 10
H olders
i Jan. 22
i H o ld e rs
i H o ld e rs

1
1
1
1
1
1
1
15

i H o ld e rs of rcc. M ch . 15

K
1
IK
4
2
C o m m o n (p ay ab le In co m m on s t o c k ).. 2 K stk
Preferred ( q u a r .)...............................
IK
IK
A m e r . T e le g . & C a b le, g u a r . ( q u a r .) .
IK
3
B o n d A M o r tg a g e G u a r a n te e ( q u a r . ) .
B r i l l ( J . G - ) , p r e f . ( q u a r . ) ................
IK
B r it is h C o lu m b ia Co ppe r (quar.) —
2K
25c.
B u t te C o a liti o n ( q u a r . ) ............ .........
B u tt o Ele c. A P ow ., pref. (qu.) (N c
IK
C a m b ria Steel (q u a r .)....................
IK
IK
2
K
K
Preferred (m o n t h ly ).
IK
IK
Se cond preferred (q u a r .)------------C o m m o n w e a lth -E d lso n ( q u a r .)-----IK
IK
C o m p u tin g S ca le ( q u a r . ) .............. .
2
Co nsolidated C ar H e a t i n g . . ........- ­
C o n s o lid a te d G a s o f N . Y . ( q u a r . ) . . .
IK
C o n solidation Coal ( q u a r .).............
IK
C u y a h o g a Telephone, pref. (q u a r.).
l. K
K
1
D o m in io n Coal, L td . (pref.).
3K
E iistc rn Ste a m sh ip ( q u a r . ) .. .
IK
5
3
IK
3K
E le ctrlc Co. o f A m e rica IK
IK
IK
Preferred (extra) (N o . 2 ) .........
8K6
G e n e r a l C h e m ic a l, c o m m o n ( q u a r . ) .
IK
30e.
20c
2K
IK
1
IK
l
In te rn a tio n a l N ick el (q u a r.).
Co m m on , extra ( q u a r .)-----K
IK
Preferred (q u a r .)...............
•
IK
2K
IK
K a n s a s C it y Sto c k Y a r d s (q u ar.).
IK
)
2
1
M ic h ig a n Su ite Telephone, com . (quar.) IK
M ic h ig a n S ta te Telephone pref. (quar.)
IK
)
IK
.
3
Preferred (N o . 24).
.
2
2K
....................
Va.
N o r t h A m e rican Co. ( q u a r .)------- -----------IK
1
N o r t h Shore E le ctric ( q u a r . ) . .................
O m a h a E le c. L ig h t A POw., p re f.............
2K
P acific C o a st Co., co m m on ( q u a r .).........
F irst preferred ( q u a r .).................. —
Second preferred ( q u a r .)....................
P acific P ow er & L ig h t, pref. (qu.) (N o . 2)
IK
People’s G a s L ig h t & C o k e ( q u a r . ) .......
IK
P op e M an u factu rin g, pref. (q u a r .).........
P o r tla n d (O rc .)G a sA C o k e ,p f.(q u .) (N o . 4)
4 8 )-.
3
P rocter & G am b le, com . ( q u a r . ) . . . ........
2
P u llm a n C o m p a n y (qu ar.) (N o . 170)___
Q uak e r O ats, preferred ( q u a r . ) .............
S ca rs-R o e b u c k A Co., com . ( q u a r .)____
Siegel Store s Corp., pref. (quar.) (N o . 6)
Sierra Pacific Elec., pref. (qu.) (N o . 6 ) . .
Silv e rsm ith ’s C o m p a n y ( q u a r . ) ________
T o rrln g to n C o m p an y , c o m m o n ...............
4
C o m m o n (extra) (pay able In com . stk .) lOe

Pressed Steel Car, pref. (quar.) (No.

Feb.
Feb.

A p ril
Feb.

M iscellaneous.
A m a lg a m a te d Copper ( q u a r .)...............
A m cr. D lst. Tclcg. of N . J. ( q u a r .)........
A m e r. G a s & Elec., pref. ( q u a r . ) -------A m e rica n Glue, preferred...... ..............

National Lead, pref. (quar.)

B o o k s C losed .
D a y s I n clu siv e .

W h en
P a y a b le .

2
IK

Fire Insurance .
P eter C o o p er
W e s tc h e s te r

U n ite d a g a r M frs., com . ( q u a r .).........
U n ite d D r y G o od s Cos., com . (q u a r .)-----U . S. B o b b in & Shuttle , com . ( q u a r . ) . . .
Preferred (q u a r .)...............- ..........
..................
U . S. R a d ia to r Corp., pref. ( q u a r . ) . . .
U . S. R e a lty & Im p ro v e m e n t ( q u a r . ) . . .
U . S . Ru b b e r, first pref. ( q u a r . ) ........
Second preferred ( q u a r .)...............

1IK

2
1

IK
IK
IK
2IK
IK
IK
IK
02K
IK

i Jan. 20

to

Feb. 10

i H o ld e rs of rcc. Jan. 27

i H o ld ers of rec. Jan. 28a
i H o ld e rs of rcc. Jan.2 1a
H o ld e rs of rec. Jan.2 6a
Jan. 27
to
Jan. 31
Jan. 18
to
Jan. 31
Jan. 18
to
Jan. 31
Jan. 26
to
Jan. 31

i
i
i
i
i

i
i
i
i

Jan. 22
to
Jan. 20
to
H o ld e rs o f rec.
Jan. 28
to

i Jan. i s

to

Jan. 31
Jan. 31
Jan. 25a
Feb.
1

Jan. 31

27 H o ld e rs o f rec. Jan. 28a
to
Jan. 27
28 Jan. 19
to
Feb.
1
1 Jan. 22
to
Feb. 2
1 Jan. 20
to
Jan. 31
1 Jan. 15
to
Jan. 31
1 Jan. 15
to
Jan. 31
1 Jan. 15
1
to
Feb. 15
15 Feb.
to
M ch. 1
1 Feb. 16
15 H o ld e rs o f rec. Feb. 6a
to
Jan. 31
1 Jan. 28
1 H o ld e rs of rec. Feb.24 a
to
M ch . 1
1 Feb. 11
1 H o ld e rs of rcc. Jan. 14a
15 H o ld e rs of rcc. Ja n .3 la
1
to
Feb. 10
10 Feb.
1
to
Feb. 9
10 Feb.
1 H o ld e rs of rec. J a n . 20
1 H o ld e rs of rcc. Jan. 20
1 H o ld e rs of rec. Jan.2 3a
1 H o ld ers of rcc. Jan.2 3a
1 H o ld e rs of rcc. Jan. 14a
to
Jan. 31
1 Jan. 21
to
Feb.
1
1 Jan. 17
15 H o ld e rs of rcc. Feb. 15a
to
Jan. 31
31 Jan. 25
31 H o ld e rs of rcc. Jan.15a
31 H o ld e rs of rcc. Jan. 10a
30 H o ld ers of rcc. Jan. 10a
to
Jan. 31
1 Jan. 18
1 H o ld ers of rec. Jan. 10
1 H o ld e rs of rec. Jan. 31
1 H o ld e rs of rcc. Jan. 19
to
Jan. 31
1 Jan. 20
to
Feb. 3
a Jan. 21
i H o ld e rs of rec. Jan.31a
30 H o ld e rs of rec. Jan.27a
1 H o ld e rs of rec. Feb. l a
1 H o ld e rs of rec. I1eb. l a
1 H o ld e rs of rec. Feb.18a
31 H old ers of rcc. U c c . i la
31 H o ld ers of rec. Dec ! l a
10 H o ld e rs of rec. Feb.4cfa
to
Feb.
1
1 Jan. 21
1 H o ld ers of rec. Jan. 20
1 H o ld ers of rec. Feb. 10a
to
M ch. 1
1 Feb. 10
to
M ch. 1
I Feb. 10
to
Feb.
1
1 Jan. 13
1 H o ld e rs of rec. Jan. 20a
15 H o ld e rs of rec. Feb. 7
to
Feb. 15
15 Feb. 1
I H o ld e rs of rce. Jan. 14a
2) H o ld e rs of rec. Jan. 31
1 H o ld e rs of rec. Jan.1 8a
to
M ch . 1
1 Feb. 17
to
Feb.
1
1 Jan. 15
1 H o ld e rs of rcc. Jan. 18a
1 H o ld e rs of rec. Jan. 18a
15 H o ld ers of rcc. Jan. 31
to
Feb.
1
1 Jan. 20
Feb.
18 to
Feb. 22
H o ld e rs of rcc. M ch . 15a
Jan.
20 to
Jan. 31
H o ld ers of rcc. J a n .20a
Jan.
21 to
Feb.
1
Jan.
21 to
Feb.
1
Jan.
21 to
Feb.
1
Jan.
20 to
Jan. 31
25 H o ld ers of rcc. J a n .20a
H o ld e rs of rcc. J a n .21a
Jan.
24 to F e b.
I
Feb.
3 to Feb. 22
H o ld e rs of rec. Jan.3 1a
H o ld ers of rec. Ja n .31a
H old ers of rec. Feb. la
H o ld e rs of rec. Jan.3 1a
H o ld e rs of rcc. Jan. 14a
H o ld ers of rcc. J a n .23a
H o ld ers of rec. Feb. 10
Jan.
21 to Jan. 31
Jan.
21 to Jan. 31
Feb.
2 to Feb. 15
Feb.
Jan. 20
to
Feb
Feb.
H o ld ers of rec. Ja n .2 G a
Feb.
Jan.
21 to Jan. 31
Feb.
Jan.
21 to Jan. 31
Feb.
Feb.
1 to Feb.
5
Feb.
A p ril
H o ld e rs of rec J a n .21 a
Feb.
Jan.
. . H o ld e rs of rec . Ja n .1 0a
31 H o ld e rs of rcc . Jan. 10a
Jan.
Feb. 15
15 Feb. 5
to
Feb.
Jan.
26 H o ld e rs of rcc . D e c. 31
Feb.
Jan. 31
Jan. 21
to
Feb.
1 H o ld ers of rcc . Jan. 20
Feb.

Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
M ch.
Feb.
Feb.
M ch.
M ch.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
M ch .
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
M ch.
Feb.
Feb.
Feb.
Feb.
Jan.
M ch.
M ch.
M ch .
Jan.
Jan.
Feb.
Feb.
Feb.
M ch.
M ch.
M ch.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
M ch.
Feb.
Feb.
Feb.
Feb.
Feb.
M ch.
A p ril
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

.

11

a Tran sfe r books not closed,
b E x t r a d ivid en d Is In full of accum ulate d u n pa id
divid ends n u l Is payable In convertible 5 % debentures
d Correction,
e P a y a b le
In co m m on stock.




241

T H E C H R O N IC L E

J a n . 28 1911.j

Statement of New York City Clearing-House Banks. —The
detailed 'statement below shows the condition of the New
York Clearing-House banks for the week ending Jan. 21.
The figures for the separate banks are the averages for the
daily results. In the case of the totals the actual figures
at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 85, p. 836.
W e o m it tw o c ip h e r s
B an ks.

00s om itted .

C a p it a l.

S
2,000,0
B a n k of N . Y _ .
2,050,0
M an h attan C o .
2,000,0
M e rc h a n ts’ __
6,000,0
M cch . A M e ta ls
A m e r i c a .........
1,500,0
1,000,0
P h e n l x _______
C it y ........... .
25,000,0
C h e m ical _____
3,000,0
M e rc h a n ts’ E x .
600,0
G a lla t in _______
1,000,0
B u tc h . A D r o v .
300,0
Greenw ich . . .
500,0
A m e rica n E x c h .
5,000,0
C o m m erce_____ 25,000,0
M e r c a n t i le ___
3,000,0
Pacific ...........
500,0
C h a t h a m ........
450,0
200,0
P eople’s ______
Hanover ..
..
3,000,0
2,550,0
Citizens’ C e n t . .
500,0
N a s s a u _______
1,000,0
M a rk e t A F u lt ’n
M e tro p o litan . .
2,000,0
3,000,0
C o m Exchange
1,500,0
Im p . A T rad e rs’
5,000,0
P a r k ...............
250,0
E a s t R iv e r -----5,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
F i f t h ...... ........
1,000,0
200,0
W e st S id e ........
1,000.0
L ib e rty ..........
1,000,0
1,000,0
N . Y . P ro d . E x .
1,000,0
S ta te _________
1,000,0
14th S tre e t-----1,000,0
C o a l A Ir o n ___
1,000,0
U n io n E x c h __

S u r p lu s .

$
3,578,4
4,362,2
1,835,4
8,067,8
6,006,3
755,7
32,665,9
6,496,3
574,3
2,515,4
148,5
845,4
4,336,7
10,511,9
2,678,7
927,8
1,042,0
480,3
12,155,9
1,732,6
546,0
1.727.1
1,518,8
5,429,2
7,535,7
12,511,9
94,2
5,616,6
2,136,8
20,543,2
1,807,1
802,7
1,646,7
711,2
7.953,4
2,170,6
901,3
1.023,4
1,560,8
1,209,1
513,5
2,088,4
1,051,5
1,985,5
2,092,7
735,6
893,2
311,2
401,4
925,2

(00) i n a ll ca se s.

L oans.
A vera ge.

S p e c ie .
A vera ge.

L eg a ls.
A vera ge

$
S
$
955,0
20.577.0
3,879.0
32,200,0
8,063,0 1,754,0
20,084,0
3,725,0 1,547,0
52,829,5 11,338.4 1,558,0
20.744,1
4,768,6 1,925.2
1.592,0
245,0
6,695,0
156,318,5 50,674,2 6,166,0
5,785,6 1,559,7
29,656,5
280,5
1.433,9
6,899.0
536,5
1,292,6
8,420,2
68,9
714,9
2,220,2
1,872,4
230.0
7,489,5
35,738,9
4,900,7 3,965,1
146,853,7 23,470,4 9,277,1
1,723,4 1.152,6
14,267,1
460,7
3,681,8
451,8
1,092,2 1,204,1
8,144,8
147,4
1,628,0
490,8
63.662,9 13,109,2 6,658,3
322,5
22,591,8
5,738,8
749,9 1,639,7
7,162,5
8,792,3
1,719,0 1.058,6
11,111,4
233,6
2,710,7
7.814,0 4,790.0
40,852,0
4,503,0 1,776,0
26,614,0
82,067.0 20,144,0 1,521,0
167,2
1,447,9
314,5
29,980.0
6,897,0 2,133,0
13,001,0
3,175,0
153,0
97.920,1 26,062,5 2,366,3
4,471,2 1,912,5
23,360,6
3,330,0
835,0
50,0
7,843,1
1,459,1
729,5
858,1
4,013,1
215,7
74,115,0 17,597,0 4,613,0
2,775,9 1,011,9
12,906,2
425,6
513,9
3,500.0
957,0
503,6
4.927,4
2,859,4
913,7
13,809,6
489,2
1,965,5
8,705.1
301,9
660,1
3,263,1
1,258,8 1,828,4
12,347,6
248,0
881,0
4,059,0
5,028,0 1,594,0
21.342.0
735,6
4,506,9
18,527,3
217,5
2,269,4
8,014,3
4,486.0
320,0
15,177,0
674,9
5,579,6
962,6
600,0
5,544,0
928,0
1,259,3 1,126,0
9,189,8

fte-

D e p o s it s .
A vera ge.

9

s ’ v e.

18,601,0
37,100,0
20,552,0
50,846,0
27,140,2
5,905,0
157,226,3
28,173,0
6,962,9
6,717,7
2,543,7
8,393,9
34,863,2
125,431,6
10,866,8
3,293,5
8.673,0
2,151,2
72,405,2
22,498,3
8,513,0
9.181,7
11,359,3
48,048,0
24,509,0
85,973,0
1,693,4
31,103,0
12,992,0
92,330,5
24,368,3
3,461,0
8,182,3
3,975,3
81,884,0
14,564,8
3,675,8
5,697,4
14,516,7
9,060,9
»y
12,403,0
4,485,0
25,001,0
19,546,8
9,516,6
18,937,0
6,177,3
5,647,0
9,300,6

%
26.0
26.4
25.6
25.3
24.6
31.9
36.2
26.2
24.6
27.2
30.8
25.0
25.5
26.2
26.4
27.6
26.4
29.6
27.3
27.0
28.0
28.5
25.9
26.2
25.6
25.3
28.4
29.0
25.6
30.7
26.1
25.5
27.2
27.0
27.1
26.0
25.5
25.6
25.9
27.1
26.8
24.9
25.1
26.4
20.8
26.1
25.3
26.5
27.0
25.6

T o ta ls, average 133,350,0 196,761,5 1245,811,1 276,656,4 74,451,3 1260.036.1 27.8
1253,905,3 282,524,2 75,296,7 1274,153,8 28.1
A c tu a l figu re s Jan. 2 1 . .
O n the b asis o f averages, circulation am o u n ted to $47,419,900 an d U n ite d State s
de posits (included In deposits) to $1,699,200; actual figures January. 21.|circulatio n
$47,543,400; U n ite d Sta te s deposits, $1,678,600.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
. .items are
For definitions and rules under which the various
made up, see “Chronicle,” V. 8 6 , p. 316.
S T A T E B A N K S A N D T R U S T C O M P A N I E S _______________ _

W e e k en d ed J a n

21

S ta te B a n k s
in

T ru st C os.
in

T ru st C o t.
S ta te B a n k s
o u ts id e
o u ts id e o f
N . Y . G re a te r N . Y

Greater N . Y. Greater N . Y . G re a te r

C a p ita l a s of N o v . 10------

$
25,275,000

s
65,406.000

8,998,000

9,525,000

S u r p lu s a s of N o v . 10------

39,391,800

174,583,300

11,245,739

11,078,293

L o a n s an d In v e stm e n ts..
C h a n ge from la st week

286,744.800
+ 1,948,900

986,415.400
+ 3,216.400

94,558,900
— 128,100

143,291,500
— 168,100

S p e c i e ................. .........
C h a n ge from last w eek.

44,438,100
— 2.734,700

108,511,800
— 231,700

L e gal-te nders A bk. notes
C h a n ge from la st w eek.

24,734,600
— 643,900

12,749,100
+ 199,200

D e p o sits -------------C h a n ge fro m la st w eek.

331,703.800 1,035,603,700
+ 1,962,700 + 18,285,400

100,555,900
+ 20,400

152,124,800
— 288,700

R e serv e on deposits
C h a n ge from la st week.

89,870,900
— 3,957,900

126,577,000
— 46,000

20,667,400
— 103,000

22,923,500
— 144,800

p . C. reserve to d e p o s it s ..
Percentage la st w e e k ------

2 7 .4 %
2 9 .1 %

1 5 .8 %
1 5 .8 %

2 1 .4 %
2 1 .5 %

1 5 .7 %
1 5 .8 %

_l_ increase over last week. — D ecrease from last week.
N o t e . — ’’.Surplus” iucludes all und iv id ed profits.
“ Reserve on de posits” In ­
cludes, for bo th tru st co m panie s an d S ta te banks, no t o n ly cash Item s, but am o u n ts
due from reserve agents. T r u s t co m panie s In N ew Y o r k S ta te are required by
law to keep a reserve proportionate to their deposits, the ratio v a r y in g according
to location as show n below. T h e percentage of reserve required Is com puted on
the aggre gate of deposits, exclusive of m o neys held In trust an d not pa yab le w ithin
th irty days, and also exclusive o f tim e de posits not p a yab le w ithin 30 d ays, repre­
sented by certificates, an d also exclusive of deposits secured b y b o n d s of the State
of N e w Y o r k . T h e S ta te b an k s are likew ise required to keep a reserve v a r y in g
according to location, the reserve being com puted on the w hole am o u n t of de posits
exclusive of tim e de posits n o t p a yable w ith in 30 d ay s, represented b y certificate*
(according to the am e ndm ent of 1910) and exclusive of de posits secured b y bond*
of the S ta te of N ew Y o r k .
„
„
,
R e ser v e R e q u ir e d f o r T r u s t C o m p a n ie s
a n d S ta te B a n k s .
iM ca tlo n

— T r u s t C o s .—
— S ta te B a n k s —
T o ta l
Of
T o ta l
Of
R e ser v e
w h ic h R e s e r v e
trAfrt
R e q u ired i n C a s h .R e q u ir e d .
in C a sh .

M a n h a tta n B o r o u g h ............................................. 1 5 %
B ro o k ly n B o ro u gh (w ithou t branches In M a n h a t .).1 5 %
O ther B o ro u gh s (w ithou t branches n M a n lia tta n ). 1 5 %
B ro o k ly n B orou gh , w ith branches In M a n h a t t a n . . 1 5 %
O ther B o ro u gh s w ith branches In M a n lia t t a n ------1 5 %
Elsew here In B ta te ------------- . . . . . — ------------------- 1 0 %

15%
10%
10%
15%
15%
5%

2 5 % 15%
20%
15%
20%
15%
15%

I? ? "#
20%
15%
6%

T H E C H R O N IC L E

2 4 ,2

[ V O L . L X X X X II

The Banking Department also undertakes to present Boston and Philadelphia Banks.—Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York not in the C lea rin g and Philadelphia.
H ou se. These figures are shown in the table below, as are
We omit two ciphers
in all these figures
also the results (both actual and average) for the Clearing­
Capital
House banks. In addition, we have combined each corre­ Banks. Surplus.
and
Loans. Specie. Legals. Deposits, Circu­ Clearings.
lation.
sponding item in the two statements, thus affording an
$
S
aggregate for the whole of the banks and trust companies in
the Greater New York.
(00)

a

'N E W

YORK

Week ended Jan

C IT Y

BANKS

AND

TRU ST

C O M P A N IE S .

Clear .-House Clear .-House State Hanks & Total of all
Trust Cos. not HanksJb Trust
Hanks.
Hanks.
ActualFigures Average. In C.-H . Aver. Cos. Average.

21.

S

$
C a p ita l 1N a t . B a n k s,
1 Jan. 7 ___
S u r p lu s )Sta te B a n k s,
j N ov. 1 0 .--

$

133,350,000

133,350,000

196,761,500

196,761,500

L o a n s a n d In v e stm e n ts 1,253,905,300 1,245,811,100
C h a n g e Ir o m la st week + 20,088,800 ] + 25 ,8 8 6 ,3 0 0
D e p o s i t s -------------------- 1,274,153,800
C h a n g e fro m la st week + 32 ,93 9,9 00

s

8
202,615.0
204,301,0
204,251,0
206,216,0

55,465,0
55,465,0
55,465,0
55,465,0

251 826,0
254,824,0
258,072,0
257.988,0

s
3,676,0
3,660,0
3,557,0
3,506,0

70.8S17.0
70.949.0
72,754,0
75,834,0

S
243,419,0
252,937,0
257,658,0
262,512,0

$
7,816,0
7,885,0
7,840,0
7,796,0

$
133,787 2
204,868,9
198,963,2
208,459,6

306,529,0
311,386,0
310.691.0
312,829,O

15,789,0
15,674,0
15.735.0
^ , 708,0

134,574,7
169,461.6
154,013,6
157,642,7

.
a In c lu d e s G o ve rn m en t deposits an d the Item " d u e to other b a n k s.” A t B o sto n
am ounted to S3.057.000 on J a n u a r y 21, a g a in st $3,045,000

G o ve rn m en t deposits
nn
Tnniifirv 1A

183,170,000

379.747.100

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending Jan. 21; also
totals since the beginning of the first week in January.

1,068,430,700 2,314,241,800
+ 1,261,300 + 27,147.600

1,260,036,100 o l , 018,006,600 2,278,042.700
+ 45,082,700
+ 2,142,800 + 47,225,500
276,656,400
+ 18,852,300

114,396,000
— 512,200

391,052,400
+ 18,340,100

C h a n g e fro m la st week

75,296,700
+ 7 3 7 ,9 0 0

74,451,300
+ 1,118,800

620,648,400
+ 63,100

95,099,700
+ 1,181,900

A g g r ’te m o ney h o ld in gs
C h a n g e from la st week

357,820,900
+ 13,656,000

351,107,700
+ 19,971,100

cl35,044,400
— 449,100

486,152,100
+ 19,522,000

M o n e y on de posit w ith
o th er bks. & tru st cos.
C h a n g e fro m In st week

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

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

21,919,500
— 877,700

21,919,500
— 877,700

C h a n g e fro m la st week

357,820,900
+ 13,656,000

351,107,700
+ 19,971,100

156.963,900
— 1,326,800

+ 18,644,300

2 8 .1 2 %
2 7 ,7 6 %

2 7 .8 9 %
2 7 .2 8 %

1 7 .5 %
1 7 .5 %

39.282.450

36.098.675
— Decrease iru m la st week.
‘‘D u e Ir o m reserve depositories
a n d other b a n k s and tru st com panies In N e w Y o r k C it y ” : w ith th is Item Included,
deposits am o u n ted to S I . 137,270,900. an increase o f $15,224,800 o ver la st week.
I n the case o f the C le a rin g-H o u se banks, the deposits are “net” b o th for the average
a n d the actu al figures. . In clu d e s b a n k notes,
O f th is a m o u n t S ta te b a n k s held
$13,783,500 a n d trust co m panie s $121,260,900.1

F O R E IG N

For week.

1911.

YORK.

1910.

1909.

1908.

FO,t 777
III

$3,013,422
11,987,729

T o t a l ......................
1.
D r y G o o d s _________________
General M e rc h a n d ise ........—

$15,001,151

$23,217,107

$11,573,040

$7,376,896

S 9 ,797,420
36,307,924

$11,156,878
43,163,776

$10,232,169
32,389,388

$8,655,682
19,995,431

T o ta l 3 w e ek s___________

$46,105,344

$54,620,654

S42.621.557

$28,651,113

Since January

$4,877~498
18,339,609

«2 91
5.161,119

$2,873,085
8,699,955

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 21 and from Jan. 1 to date:

+ In crea se o ve r la st wees.

c

IM P O R T S A T N E W

D r y G o o d s ........................—
G eneral m erch an dise_______

a These are the deposits alte r e lim in atin g the Item
b

23,035,0
23,610.0
25,976,0
27,647,0

208,081,000

282,524,200
+ 12,918,100

S u r p lu s reserve_______

40,200.0
40,200,0
40,200,0
40,200,0

74,731,000

C h a n g e fro m la st week

P erce n tage to deposits
re q u irin g r e s e r v e ___
P erce ntage la st w e e k ..

B o sto n .
D e c 31 —
Jan. 7 —
Jan. 14 —
Jan. 21 —
P hila.
D ec. 31 —
Jan. 7 —
Jan. 14—
Jan. 2 1 ..

EXPO RTS FROM N EW YO RK.
1911.

1910.

1909.

1908.

F o r the w e ek ........................
P re v io u sly repo rte d____

$11,880,085
32,432,611

$13,970,974
24,853,758

$15,579,505
26,393,536

$16,699,808
35,375,549

T o ta l 3 w e eks..................

$44,312,696

$38,824,732

$41,973,041

$52,075,357

Tne averages of the New York Clearing-House banks
with those for the State banks and trust companies
In Greater New York outside of the Clearing-House compare The following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 21
as follows for a series of weeks past:
and since Jan. 1 1911 and for the corresponding periods in
1910 and 1909:
We omit two ciphers in all these figures.

com bin ed

C O M B IN E D

Week
Ended.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
D ec.
Jan.
Jan.
Jan.

RESU LTS OP B A N K S AN D
TRU ST
GREATER NEW YORK.

Loans and
Investments. Deposits.

19—
2 8 ..
3—
10 —
17 —
24 —
31 —
7—
14 —
21 —

S
2,309.880,1
2,309,843,3
2,326,766.7
2,337,587,5
2,327.051,6
2,330,147,6
2,341,817,9
2,328,080,2
2,287,094,2
2,314,241,8

S
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
2,278,042,7

Specie.
$
363,380,5
365,901,8
361,995,1
353.478,3
352,408.7
356,629,3
355,917,5
357,504,3
372,712,3
391,052,4

C O M P A N IE S

IN

Tot. Money Entire Res.
Holdings. on Deposit.

Legals.
S
88,339,0
89,829,6
89,282,8
88,161,3
89,306,6
89,257,5
91,038,5
92,086,4
93,917,8
95.099,7

$
451,719,5
455,731,4
451,277,9
441,639,6
441.715,3
445.886,8
446,956,0
449.590,7
466,630,1
486,152,1

S
474,847.4
478,744,6
475,117.2
465,636,4
465,650,6
469,142,3
468,777,8
472 423,2
489,427,3
508,071,6

Reports of Clearing Non-Member Banks.—The following

is the statement of condition of the clearing non-member
banks for the week ending January 21, based on average
daily results: We omit two ciphers in all these figures.
(00)

Banks.
C ity

W a sh . H g t s
C e n tu ry . . .
C o lo n i a l__
C o lu m b ia . .
F id e lity . . .
J e ffe rso n ...
M t . M o r r is.
M u t u a l ___
P l a z a ........
23rd W a r d .
Y o r k v ille . .
N e w N e t h ’d
B a tt . P k . N a t
A e tn a N a t .

Borough of
Brooklyn.

$

100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200.0
200,0
300,0

B ro a d w a y .
200,0
M fr s' N a t . .
252,0
M echantcs . 1,000,0
N a ssa u N at.
750,0
N a t. C it y . .
300,0
N o r t h S id e .
200,0
F ir s t N a t . .
300,0
Jersey C ity .
F ir s t N a t —
400,0
H u d .C o .N a t
250,0
T h ir d N a t . .
200,0
H o bo ke n.
F ir s t N a t —
220,0
125,0
Se cond N a t .

S

$
63,0
148,4
512,5
577,0
88,7
295,6
41,9
612,2
488,0
57,3
787,0
83,0
43,1
25,9

$
145,0
67,3
658,7
739,0
176,8
256,2
327,2
607,9
852,0
210,8
226,2
315,0
90,9
249,0

534,2 3,261,4
835,8 5,381,2
882,0 11,352,8
1,015,3 7,319,0
587.6 3.640.0
149,5 1,899,9
623,5 3,367,0

49,6
455,5
240.2
529,4
382,4 1,272,6
612,0
308,0
98,0
558,0
134,3
135,3
295,0
81,0

324,3
935,3
1,547,1
1,458,0
813,0
227,1
394,0

159,4 3.668,9
145,6 6,086,1
209,5 14,765,8
7.714,0
161,0 4,934,0
85,6 2,233,7
38,0 3,025,0

1,272,9
765,3
407,6

5,198,8
2.930,7
2,123,1

341,1
132,6
44,4

364,1
52.0
103,0

2,784,8
308,8
433,9

226,0
161,1
19,0

621,3
245,9

3,139,3
2,669,1

149,9
132,7

20,9
71,7

157,5
97,6

155.1
277.1

274,3
155,6
391,4
775.8
172,5
537,5
313,9
379.5
462,0
110,6
482,0
259,8
149,4
312,4

$
1,221.0
1,380,1
5,945,1
6,919,0
1,060,5
2,976,3
2,525,8
2,970,0
4,052,0
1,803,4
3,859,3
2,239,0
1,645,1
1,851,1

$
140,0
36,6
687,7
617,0
86,6
186,8
480,2
14,0
335,0
172,7
49,3
250,0
150,3
447,0

$
17,0
125,7
195,4
72,0
__
550,5
85,5
____
____
262,2
25,0
30,3

T o t. Jan. 21 7,497,0 12,717,6 92.730,0 6,654,6 7,485,9 14,403,4 3,001.0
T o t. Jan. 14 7,497,0 12,717,6 93.417.5 6,919,3 7,800,1 14,174,7 3.340*7
T o t. Ja n . 7 7,497,0 12,777,0 93,813,9 6,578,0 7.179,8 13.286,1 3.308.8




$
1.208,0
1,337,4
7.305,8
7,835,0
1.112,9
3,648,5
3,223,5
3,822,9
5,280,0
1,944,8
5,032,0
2,491,0
1,248,1
1,875,3

7,420,1
2,678,8
2,327,8
1
2,893,4
3,159,6

AND

IM P O R T S

OF

S P E C IE

AT

NEW

Exports.
Week. Since Jan. 1.

UUlUt

$15,573

$15,573
18,191

500

$541,245
________
50,000
24,875

501,015
1,105
1,308
13,589

583,138
4,172
152,900
157,021

$10,950
1,403,200
763,125

$616,120
2,709,700
6,693,125

$532,590
63,979
120.689

$930,995
227,656
536,830

$844,294
96,200

$108,053

$108,053
225

200

$2,850,028
250,300
16,493
952
_______
1,000
200

139
7,375
324
254

3+89
127,046
89,975
115,411

$940,694
1,403,901
974,780

$3,118,973
3,033,423
2,867.055

$116,145
25,417
68,104

$443,899
250,598
326,605

G re a t B r it a in ...... ..........................
Fran ce ........................
G e rm a n y
W e st In d ie s ______________________
M exico __________________________
S o u th A m e ric a . .
A ll other co untrie s___ _________ _

$10,450

T o ta l 1911..................................
T o ta l 1910..................................
T o ta l 1909.............
Silver.
G rea t B r it a in ___ _____ _ ________
F rance
G e rm a n y ______________
W e st In d ie s ______________________
M exico ..........................................
S o u th A m e ric a ______
A l l other co untrie s______ — ............
T o ta l 1911..................................
T o ta l 1910...................................
T o ta l 1909........................... .......

YORK.

Imports.
Week. Since Jan. 1

_ ”______

__

Of the above imports for the week in 1911, $519,686 were
American gold coin and $ ___American silver coin. Of
the exports during the same time, $ .......... were American
gold coin and $ ___ were American silver coin.

g*mltiu 0 and fin a n cia l.
Railroad and Industrial Stocks

Let us send you our circular describing 110 ISSUES ol listed Rail­
road and Industrial Stocks.

Spencer Trask & Co.
43 E X C H A N G E

Chicago. 111.,

P L A C E . --------N E W

Boston. Mass..

YORK.

Albany. N. Y.

M em bers N ew Y ork Stock E xchange.

ra

OOO
£2*3

Boroughs of
A/an.ifc Brx.

SO M
i 'UloTu.

Y.

Sur­
plus.

00(0 00

N.

C api­
tal.

Loans,
' Legal
T'a ptu
Ipt Deposit with
Dtsc’ts
enuer
and Specie and Clear­ Other
Net
Invest­
Bank
ing
Banks. Deposits.
ments.
Notes. Agent. &c.

EXPORTS

WHITE,
M e m b e rs N ew

5 NASSAU STREET.
NEW YORK

WELD
Y o rk

&

CO.

S to c k E x c h a n g e .

THE ROOKERY.'
CHICAGO

W & n liz x *

© a le tte .

W a ll S treet, F rid a y N iy lit, J a n . 27 1911.
The Money Market and Financial Situation.—Security
market conditions have changed very little within the week
now closing, although such developments as have occurred
are generally of a favorable character. The first of these,
and undoubtedly the most important, was the success which
characterized the offering of $60,000,000 New York City
4/4% bonds. This amount was several times oversub­
scribed and the bonds have been very active in the open
market all week at irregular prices. They close with a net
gain of Y%. Reports in regard to the iron and steel industry
are to the effect that there is a somewhat better demand for
several kinds of finished product, and the feeling among
prominent representatives of the industry is a hopeful one.
Latest railway traffic reports show in several important
eases, especially, as heretofore noted, those from the South
and Southwest, a substantial increase over those for the
corresponding period last year.
The Bank of England’s weekly statement shows nearly
52% of l’cserve held against liabilities and the Bank has
reduced its minimum discount rate from 4 x/ 2 to 4%. The
surplus reserve of the New York Clearing House banks con­
tinues to increase. It amounted to $39,282,450 last Satur­
day and the movement of funds this week, so far as known,
indicates that this amount has been enlarged.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2Lg to 2 % % . To-day’s rates on call were 2 } f @ 2 } 4 % .
Commercial paper quoted at 3%@4% for 60 to 90-day en­
dorsements, 3 j!<4 @4 % for prime 4 to 6 months single names
and 4 34 @43d>% for good single names.
The Bank of England weekly statement on Ilnirsday
showed an increase of bullion of £1,315,978 and the percent­
age of reserve to liabilities was 51.89, against 51.23 last week.
The rate of discount was reduced Jan. 26 from 434%, as
fixed Dec. 1, to 4%. The Bank of France shows an increase
of 2,425,000 francs gold and a decrease of 700,000 francs
silver.
NEW

YORK

C IT Y

C L E A R IN G -H O U S E

BAN KS.

1909.

1910.

1911.

Average-1 for Differences Averages for Averages for
week ending iceek ending
from,
week ending
Ja n . 23.
Ja n . 22.
previous week.
Jan 21.

S

133,350.000
C a p i t a l ........................
196,701,500
S u r p lu s ......................
L o a n s an d d isc o u n ts__ 1.245.811.100
47,419,900
C ircu la tio n .................
N e t d e posits. - ......... - - 1.260.036.100
1,699,200
U . S. dep. (lu c l. above)
276,656,400
Spe cie ........................
74,451,300
L e ga l tende rs...............
R e se rv e h e l d ------------2 5 % of d e p o sits.........

243

T H E C H R O N IC L E

,Ja n . 28 m i . |

126,350,000
127,350,000
165,447,700
180,024,400
25.886.300 1,200,990,700 1,335,045,900
49,113,000
51,772,300
104,000
45,082,700 1,213,707,400 1,417,776,200
6,219,300
1,695,600
18,800
302,852,100
259,726,800
18.852.300
81,979.400
74,098,700
1,118,800

351,107,700 In c. 19,971,100
315,009,025, Inc. 11,270,675

333,825,500
303,126,850

384,831,500
354,444,050

S u r p lu s reserve-------

36,098,675 In c .

8,700,425

30,398,650

30,387,450

S u rp lu s, cxcl. U .S . dep

36,523,475 In c .

8,705,125

30,822,550

31,942,275

Note.

1
— T h e Clearing H o u se now
co nditio n of the b a n k s on S a t u r d a y
figures, together w ith the returns of
S ta te B a n k in g De partm ent, g iv in g
panies not reporting to the C learing

Issues a statem ent w eekly sh o w in g the a c t u a l
m o rn in g as well as the abo v e averages. The se
separate b anks, also the su m m a ry Issued b y the
the condition of S ta te b a n k s a n d tru st co m ­
House, ap pea r on the second page preceding.

per $ 1,000 premium. Savannah, buying, 3-16c. per $1,000
discount; selling, par. Charleston, buying, par; selling,
l- 10 c. per $1,000 premium. St. Paul, 75c. per $ 1,000 prem­
ium. Montreal, 15^c. per $1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board include $19,000 New York Canal 4s at 104)4$ to 104J4
and $66,000 Virginia 6 s deferred trust receipts at 48 to 52.
The bond market at the Exchange has been given the
appearance of activity by enormously heavy transactions
in the new New York City 4J^s (when issued). Owing to
speculative operations in these bonds before the awards
were made, they sold at the highest prices of the week on
Tuesday, but they close to-day only )4 of a point lower.
United States Bends.—No sale of Government bonds have
been reported at the Board this week. The following are
the daily closing quotations; fo r y e a rly ran ge see th ird
2s,
2s.
3s.
3s,
4s,
4s
2s,

1930 _____ __ registered
1930______ ......... coupon
1 9 0 8 -1 8 ..- __ registered
1 9 0 8 -1 8 ... ......... coupon
1925 _____ __ registered
1925______ .........coupon
1 93 6.P a n a m a C a n a l regls

♦ T h is Is the price

bid

Q—
Q—
Q—
Q—
Q—
Q—
Q—

Jan
Jan
Feb
Feb
Feb
Feb
Feb

*1 0 0 %
*1 0 0 %
*1 02 %
*1 0 2 %
*1 15 %
♦ 115 %
♦ 100)4

Jan.

Jan.

Jan.

Jan.

23

24

25

26

27

*1 0 0 %
*1 0 0 %
*1 0 2 %
*102%
*1 15 )4
♦ 115 %
*1 00 )4

*1 0 0 %
*100 %
*1 02 )4
*1 02 )4
*1 15 )4
*1 15 )4
*1 00 )4

*1 0 0 %
*1 0 0 %
*1 02 )4
*102%
*115%
*115%
*100%

*100%
*1 0 0 %
*102%
*102%
*1 1 5 %
*115%
*1 00 %

*1 00 %
* 100 %
* 102
* lo 2 }/2
*1 1 5 %
*115%
* 100

Jan.

Interest Jan.
Periods 21

at the m o rn in g board; no

sale

w a s m ade.

Railroad and Miscellaneous Stocks.—On a reduced volume
of business the stock market has been irregular. The daily
transactions steadily diminished from an average of 521,000
shares last week to about half that number on Thursday
and in such a market the tendency was naturally towards
lower prices. To-day’s market has been more active,
however, and showed more strength than on any previous
day of the week. As a result of these movements, of a list
of 30 active stocks 16 are higher and 14 are lower than last
week.
Atchison has been notably strong on favorable traffic
reports. Canadian Pacific, St. Paul, Norfolk & Western
and Northern Pacific close with a net gain of a point or
more, and Baltimore & Ohio, Great Northern,Union Pacific
and Southern Pacific have been relatively strong. On the
other hand, Reading, Louisville & Nashville, Missouri Pacific.
Brooklyn Rapid Transit and the Inter-Met. issues are frac­
tionally lower.
Colorado Fuel & Iron has been more active than of late
on a demand which lifted it 2 )^ points. U. S. Steel shows
a net gain of points, the preferred )/g and International
Harvester 1. Otherwise the active industrial list is lower.
F o r d a ily volu m e o f bu sin ess see page 251.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STO CK S.

Week ending Jan.

27.

A m W r it in g P aper, pref.
B a to p lla s M in i n g ...........
B u ff R o c h & P i t t s . .......

Sales
for
Week.
200
200
890
600
100
200
173
100
2
216
510
1,450
75
600
200
200
100

Range since Jan. 1.
Highest.
Lowest.

Range for Week.
Lowest.
Highest.
92%
134
30
S2
108
89%
101%
105%
78
85
39%
1%
95
116%
18
40
113

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

25 93
21 1 3 4 %
27 3 0 %
26 S2 %
27 108
23 8 9 %
25 103
23 1 0 5 %
27 78
24 85
23 4 0 %
l %
23
24: 95
26117
26 21
26: 40
24 113
1

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

26
23
26
27
27
25
25
23
27
24
21
23
24
26
2.
26
24

90
128%
30
82
108
88%
100
103%
78
85
39%
1%
95
116%
18
40
113

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

93
134%
30%
S2%
108
89%
103
105%
78
85%
40 Hi
i Hi
95
117
21
40
113

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
N

Foreign Exchange.—Rates close firm after a week of quiet
trading.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 83 x/ 2 for 60-day and 4 87 for sight. To-day’s actual
rates for sterling exchange were l 8280(5 4 8285 for 60 days,
4 8590@4 86 for cheques and 4 8640@4 8650 for cables.
Commercial on banks 4 82j/£@4 82% and documents for Outside Market.—“Curb” trading was of insignificant vol­
payment 4 82%@4 83. Cotton for payment 4 82)4@4 82)4 ume this week. Prices showed an easier tendency, though
and grain for payment 4 82 %@4 83.
changes were extremely narrow. British Columbia weak­
ened from 6 % to 6 l/ 2 . Butte Coalition gained a point to
19)4 then foil to 18J4- Chino registered a loss of about a
to 20 y%. Giroux moved down from 6 )4$to 6)4- Greene
94 7-10@94H for long and 95 less l-32@95 for short. Am point
Cananea fell off from 6)4 to 6)4 and recovered to 6 )4$. In­
sterdam bankers' guilders were 40 3-16 plus l-32@40 3-16 spiration
rose from 8:5>$to 8 9-16 and fell to 8 )4 . Miami im­
plusThe1-16
for short.
from 19 to 19)4$ and weakened to 18)4- Ray Cen­
posted
rates for sterling, as quoted by a representative proved
fluctuated between l 13-16 and 1)4, finishing to-day at
house, were: 4 83 for 60 days and 4 8 6 )^ for sight on Mon­ tral
1) 4. Ray Consolidated, after a drop from 18)4 to 17% , suf­
day and Tuesday and 4 83 ^ for sixty days and 4 87 for sight fered
a further loss to-day to 16)4. The close was at 16% .
after
that. at Paris on London, 25f. 29)£c.; weeks range, Kerr Lake
advanced from 7 y 2 to 7 % , fell to 7)4 and ends
Exchange
the week at 7 5-16. La Rose Consolidated sold up from
25f.Exchange
313diC. high
and
25f.
27)^c.
low.
to 4 13-16. Nipissing advanced from 10)4 to 10J4at Berlin on London, 20m. 48pf.; week’s range, 4)4
Trading in miscellaneous securities was limited. American
20m. 48%T>f. high and 20m. 46%pf. low.
Tobacco
lost 3 points to 422 and finished to-day at 424)4.
The range of foreign exchange for the week follows:
American
Writing Paper common lost about half a point to
Sterling, Actual
Sixty Days.
Cheques.
Cables.
2) 4. The preferred stock and 5% bonds were this week
listed on the Stock Exchange. Intercontinental Rubber was
Paris Hankers' Francs—
erratic, breaking about 2 points to 31)4, then improving to
o 10%
32 and falling again to 30)4. To-day it reached 32)4, closing
Oermany Hankers' M arks—
at 31)4. Standard Oil opened the week at 626, lost a point
to 625, rose to 628 and dropped back to 625. Pennsylvania
Amsterdam Hankers' Guilders
“rights” were traded in between 2)4 and 2 5-32. In bonds,
Amor. Smelt. Sec. 6 s, “w. i.,” improved from 100)4 to 100)4,
to 100)4 and sold to-day at 100)4- Atlantic Gulf
The following are the rates for domestic exchange at the weakened
& W. I. SS. L. 5s sold up from 70)4 to 70)4. Southern Bell
under-mentioned cities at the close of the week: Chicago, Telep.
5s were traded in at 97. Western Pacific weakened
15c. per $1,000 premium. Boston, 10c. per $1,000 discount.
93)4
to 92J4San Francisco, $1 per $1,000 premium. New Orleans, com­ from
mercial, par; bank, $1 per $1,000 premium. St. Louis, 50c. Outside quotations will be found on page 251.
Green B a y & W est deb A

N o r t h O h io T ra c & Ligh t
O n ta rio Sliv e r M in i n g . . .
P acin o Te l & Tel, p re f..
P u b lic Service C o rp . . .

S o P o rto R ic o S u ga r, p f.

—
H i g h for the w e e k ................ 4 8 3 %
L o w for the w e e k ................. 4 8 2 %

4 8615
4 8580

H ig h for the w e e k ................ 5 217-S less 1-16 5 20 less 1-32
L o w for the w eek____ ______ 5 2 2 % less 1-16 5 2 0 %
H ig h for the w e e k .................
L o w for the w eek___________

H i g h for the week . . .............
L o w for the w e ek ..................




94%
94%
—
40 02
39 96

4 8680
4 86%

„ „„
less 3-32
5 20 less 5-64

9o
,
94 15-16 less 1-32 Jo less 1-340 21
40 17

40 25
40 21

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

STOC KS—HIGHEST A N D LOW EST SA L E PRICES.
Saturday
M onday
Friday
Tuesday Wednesday Thursday
Jan. 23
Jan 26
Jan 27
Jan. 24
Jan. 25
Jan. 21

TW O

NEW

Week
Shares

PAG ES
STO CKS
Y O R K STO CK
EXCH A N G E

A

Railroads

Range since January 1.
On basis of 100-s/wre lots.
Highest.

*2 5
45
*2 5
*2 5
45
45
*2 5
45
*2 5
45
*2 5
45
n n A r b o r _________
*6 5
70
*65
85
+65
70
*6 5
80
*6 5
90
*6 5
85
D o p r c t ___________
10378 1041j 10334 1043, 10378 104lg 103=8 10414 1041S 105
105's 1061. 45,425 A t c h T o p e k a & S a n t a Fe 100's J a n
103
103
103
§ 1021= 1026
1021; 1021; *102
103 *102
103
103If
850
D o p r c t ___________ ____ 10034 J a n
120
120
11978 120
119
119b
*1 1 9
1201, 120
1,200 A t la n t i c C o a s t L i n e U R . .
1195s 120 *119
117 J a n
10634 107 §1061; 107
§10714 IO 7 I4 10612 1073, 106*2 107
10673 1081.
6,882
a lt im o r e & O h i o _____
1043.; J a n
*90
*9 0
91
91
*9 0
91
*9 0
91
*9 0
91
*9 0
91
200
D o p r e t ___________
90 J a n
7612 771761= 77U
7034 77U 12,615 B r o o k l y n R a p id T r a n s 't
7638 77U
7718 771.
76/s 771fl
7473 J a n
2091. 20912 2097s 1 2 ,1 1 0 / C a n a d i a n P a c i f i c ______
207=8 2081; 20734 209
207=8 2081a 2075g 2081, 208
195% J a n
*62
*6 2
67
*6 2
67
67
*6 2
67
*6 2
67
*6 2
67
V ^ a n a d a S o u t h e r n _____
05 J a n 10
*268
280 *268
281
280 *268
*268
280 *268 280 *268
280
C e n t r a l o f N e w J e r s e y ___ 2701.1 J a n
8234 84
83
837g
83
8334
83
83's 8334
833s
8314 83?a 21,160 C h e s a p e a k e & O h i o ____
8 0 'a J a n
*2 5
30
30
30
*25
*24
30
*2 5
30
33
*2 5
33
A l t o n R R ___
100 '" i l c a g o
20 J a n
661= *52
66b *52
661= *5 2
*5 2
66I4 *5 2
661=
53
53
D o p r e f ______________
53 J a n 19
100
*2234 23
*223S 23
*2 2'= 23
*2 2
23
* 2212 2 3I4
22*2 2314
300 C h ic ( i t W e s : t r u s t c t f s _ .
2118 J a n
*4 6
47
*4 6
47
46
46
*451= 461=
46
46
47
471.1
D o p re f t r u s t c t f s ____
45 J a n
600
1273i 12834 127
129
1273S 128's 1273g 12838 1273S 12814 1281,1 I 29I4 31,750
123 J a n
153
153
1531= 153
152
1531= 153
153 *1 5 2 N 153U 1533.1 1543s
D o p r e f.
147 J a n
1,090
I I 534 146
146
14612 *1451= 146
145'.i M 5 I4 145*4 1451 =
1421= J a n 10
2,115 h lc a g o & I
2 10
*2 0 1
210 *2 0 1
*203
210 §201
201
*201
210
*200 210
D o p re f.
10
§200 J a n
145 *135
145 *135
*1 3 5
145 *135
145 *135
........
145 *135
1371= J a il 11
145
165 *150
165 *1 50
*1 5 0
165 *1 50
165 *150
165 *1 50
165
D o p r e f.
*234
3=s
*23.i
3 I4
*25S
31=
*21=
31=
* 214
334
*212
334
23.i J a n 20
*514
7
*51.[
7
*514
8
*5
7
*5
7
*5
7
D o p re f ct£s s t m p d ____
643., 65
*64
66
*64
66
64
64
63
63
*62
65
63 J a n 26
600 C le v e C ln C h ic & S t L __
*9738 100
* 9 73310 0
*973S 100
*973S 100
*973= 100
*973s 100
D o n r e f _______________
§973,8 J a n 11
5933 5934 ♦ 58*2 59*2 *5 8
59
*5834 59U *58
59
56~8 J a n 3
300
*76l.i 77
77
77
76=8 76=8
*77
78
*77
78
*761= 771 =
75 J a il 11
200
D o l i t p r c le r r e d ______
*731= 766 *731= 77
*73
77
*7312 77
*731= 77
*731= 77
D o 2d p r e fe r r e d ______
7 3 D J a n 11
167
1673s 167
16714 1671= 1671= 16712 1671 = *166
168
1671= 1071c
900 I Y e la w a r e & H u d s o n __
I 84I4 J a n 3
*5 25
540 *525
540 *515
540
535
535
535
535 *524
533
200 l A r a w a r c L a c k
VV e s t . 530 J a n 14
31
31
31
31
*30
31
31
31
*30
31
301= 30'=
600 le n v e r & R io G r a n d e . . .
2811 J a il 3
*691.1 71
*7 0
71
*69
71
*69
71
*69
70
70
70
225
D o p r e f _______________
68 J a n 5
*7 0
.
*70
72
*71
___
*71
*7 0
___ ......... D e t r o it U n i t e d ____ __
0784 J a n 7
* 1 U = 13
* 1 H = 1234
1212 1258
12 N 121? * 1 1 1 = 121= *1258 13's
400
11 J a n 6
2334 24
*2 3
241=
24
241= *2334 25
241;
*23
241c 241=
700
D o p r e t _________
22 J a n 6
281; 29
281.1 287g
28l4 281?
283s 28=8
2814 281=
28'= 281=
7,500 l l ' r l e ......................
27*4 J a n 11
471.1 481;
471.1 481.,
473s 471=
4 0% 40%
47
47
D o 1 st p r e f__
4714 471.J
2,800 l~r
45r>s J a n 12
361= 3(j.34 *3478 3634 *3 5
361= 37
D o 2d p r e f __
37i= *3 4 's 371= *34"s 37
800
35 J a n 9
1261.1 126ss 1257s 1265s 126
1261= 1257g 1261,1 12578 126
125*8 12634 10,242
z l2 3 J a n 12
598$ 60
59
601g
5914 593,
I r o n O r e p r o p e r t ie s ___
5914 59*8
5912 593.1
7,200
5914 591.,
56 J a n 5
+ 13/3 1513 *137g 1518 ♦ 137s 1518
15
151.1
145g 1458 *137S 1518
32
133.1 J a n 4
* ____
96
* ____ 96
a v a n a " E le c t r i c ______
«512 ♦ -----941 =
941= * ___
94*2 * -----941 = + ___
941= * D o p r e f ___________
9331 J a n 12
*1 23
134 *123
134 *123
134 *123
134
........
v a l l e y .... ...........
134 *123
134 *123
1351= 13584 13534 1365s § 1361s 136>s 136
136 *13534 13634
136
136
1,0 10
llin o is C e n t r a l_________
132 J a n 3
19's 101=
19
19
*1 9
193s
1834 193s
183g 1918
n t e r b o r o - A Ic t r o p o llt a n .
8,700
19's 19U
1833 J a n 23
53's 533.,
5213 531=
515,8 531=
53
53% 21,920
D o p r e f______________
50=8 53
52
5314
50f>8 J a n 23
♦ 18
181=
181= 18l2
181= 19
183t 187s
18'= 1834
187g 1878
1,300
18 J a n 3
3214 323s
32's 321,8
321g 3218
32'4 323s
D o p r e f _______________
32
321s
1,020
3214 3214
31*8 J a n 9
771 = *73
771=
*7 3
771= *73
7712 *74
7712 *74
O Ft S
M t r cfs, pret
771= *73
3234
3234 3234
3312 34
33*8
33
33
33
331g
a n sa s C it y S o u th e r n ..
33
33U
2,200
32 J a n 3
*6 5
67
*6512 67
66% 66%
66
66
*6 6
67
6 0% 66%
D o p r e f ____________
710
641= J a n 3
*1 5
18
*1 5
20
*1 5
18
*1 5
18
*1 5
18
*1 5
18
a k e E r ie <St W e . t e r n . . .
*3 7
45
*3 7
45
*3 7
45
39
39
*3 7
45
39
39
D o p r e t _____________
200 a
39 J a n 23
I 78 I4 1787s 1767s I7834 17714 1785g 17612 17812 1765S 177*8 177 1777s 43,700 :
17434 J a n 3
*61
*61
65
*61
65
65
*61
65
+62
65
63
63
601= J a n 12
100 1
1431= 143
144
142l2 14212 *143
14334
144*2 14412 14314 14412 144
1,600
1421= J a n 25
140 *137
140 *137
140 *137
§138
138
138
138 *138
140
925 M a n h a t t a n E le v a t e d ___ 138 J a n 23
27I2 2734
2712 27l2
28*4
27*4 2734
2734 28
28
2814 *2 7
2514 J a n 7
1,270 'M in n e a p o lis & S t L o u 's
*4 0
64
*4 0
*4 0
64
♦ 40
54
*4 0
54
54
*4 0
54
D o p r e f . . . ___________
138 *137
*1 3 7
13812 1375s 1375s 13734 13734 137
138
137*4 13814
132's J a n 4
1,450
149
1481= 149
150 *1 48
148
+1471= 149 *147
148 *147
1481=
14731 J a n 6
D o p r e f _______________
400
*8934 901s *8934 OO's *8934 901g *8934 90*8 *8 9 34 90's *8934 9018
8934 J a il 18
D o le ase d line c t f s ------35
353S
35
35
351S 3514 *3434 35's
35
35
35
35*2
3U=Jan 3
4,330
66
66
*6 4
66
*6 5
66
*64
66
*631= 66
*6512 66
631= J a n 16
280
D o p r e f_______________
497g 5134
501= 50*2
501= 605g 14,100 - lls s o u r l P a c i ll c _________
61
52
5014 51
S014 5114
453.4 J a n 11
145 *1 3 7
145 *137
145 +137
*1 4 0
145 *1 40
145 *137
145
VTash C h a t t & S t L o u i s ,
1401; J a n 19
*71
72
723S 723s *711= 721=
+70
72
717S 7178
*7012 72
70 J a n 5
’ a t R y s o f M e x 1 st prel
200
36
36
*3 6
3634
36
36
36ls 365S *351= 361=
3412 J a n 3
36
36*8
2,311
D o 2 d p r e f_________
1111? 111
I l l ' s 11158 11034 11134 11034 1113s 1107s H 1 3 4 1 1 1
111*4 12,052 i Y C e n tr a l & H u d s o n . . 10914 J a n 16
*64
66
*63
67
*6 5
68
*65
69
64
65
64
641;
64 J a n 26
2,200 I I Y C h ic & S t L o u i s ------*10 2
no
+102
110
*10 2
no
*10 2
no
*10 2
no
*10 2
no
D o 1 st p r e t -----------------*891= <J0
* 8 9 I2 90
*8912 90
* 8 9 I2 90
*891= 90
90
90
90 J a n 27
D o 2 d p r e t ____________
100
14812 14834 14812 14834 *149
150
150
150 *149
150
149*4 149*4
975 [ Y N H «5c H a r t f o r d ------- 1 4 8 l= Jan 23
147
147 *145
*14612 147'= *146
1461= 14612 146*2 147
S u b sc rip tio n receipts
146 J a n 17
147
1471s
520
417s 4l7g
417g 41=8 * 4 U 2 4214 *411S 42
4l7g 42's
4078J a n 11
*411= 42
800 r ’ Y O n t a r io & W e s t e r n .
1053s 10638 10512 10578 10334 10578 104*8 105's 105'4 10714 38,600 r
105r8 106
lO OU J a n 3
*83
93
§S7
87
*9 0
93
*8 7
93
*83
93
90 J a n 5
D o a d j u s t m e n t p r e f___
*901= 93
19
11834 11938 n s i 2 11933 n s s s i i 9 i s 119
119
11934 1 18N 120
116 J a n 3
11978 31,250 f
*9 8
105
*1 00
105
*98
105
*9 8
105
100 J a n 11
*98
105
.........
*9 8
105
*9 0
105
♦ 90
no
*9 0
105
*9 0
105
*9 0
no
D o 1 st p r c t .
*9 0
no
*9 8
105
*9 8
105
*1 00
105
*9 8
105
*98
101 J a n 11
105
D o 2 d p r e l.
*9 8
105
12634
1271s
1207s
1273
s
127
127's
1267g 1271.1 127
1253.4 J a n 12
1271S 1267g 1271s 16,929 l
981=
9734 9734
* 9 6 '2 981= *9734 991= *9 8
973S 9738
9738 J a n 26
9812 9834
400 1
♦ 100 1 1 2
*10 0
112
*10 0
1 12
*100
112
+ 100
112
*10 0
11 2
D o p r e f ___
1 577s 155U 1561? 154% 156% 1543,8 1557s 1551= 15718 494,400
157
1571= 155
150's J a n 3
l e a d i n g ____
9 0 '; 901= *9()12 91
*901= 907# *901= 907a *901=
89 J a n 7
* 0012 SO' s
100 •v 1 st p r e t .
98
98
*9733 99
♦ 98
09%
94 J a n 5
975s 9758 ♦ 975j 98
2d p r e f.
200
*97*8 98
3134 321s
3 D 2 3214
315S 321g
313g 32
3138 3134
29=8 J a n 7
31*8 32's 17,900 l
*6 2
621; ♦ 61
62%
62
62
613s 62
60 J a n 3
6 U 4 6134
D o p r e f _______________
61*8 62
2,000
+62
66
*61
66
*61
65
62 J a n 10
*61
65
*61
J t L & S a n F r . 1 st p r e f . .
65
♦ GO
60
42
42
40!2 42
40
401=
4014 41
381= J a n 3
4014 41I4
D o 2 d p r e f................
4U,i 4 U 4
2 6 '; 261= *261= 2 7 I4
26
26
24 J a n 13
*2 5
261= +25
261 =
2612 281=
1,10 0 i
6 3 % 63%
631= 633.1
62l2 621= *61
593,4 J a n 3
63
623.4 631.1
D o p r e f.
63
63*4
1.200
11734 1181 = 117<a 1187s 11734 1183g 1177s 11834 1177,3 119
z lH U Jan 3
1187s 119N 38,454 b
273.t 28
27»s 2778
271= 28
20is J a n 11
2712 28
2712 2734
27*4 277s
6,200 i
6 5 I4 65^3
64% 65%
65
65U
O U 4 J a n 11
0414 6412
6414 64*4
D o p re f
do
64I2 643',
3,600
2714 27*4 *2714 271= *267g 2714
2 5'2 J a n 3
27
2712
27
27
27
27
1,600 I ’e x a s & R a c in e --------------♦ 10
11
10
1014
* 91= 101=
10 J a n 3
10
10
*934 103.,
IO N 101=
700 t h i r d A v e n u e ( N Y ) . . .
*8
812
*8
81=
*8
83.1
*75s
834
*734
8 Jan 3
812
. 1
*734
81*
2 3 U 233,8 *2 2
227s
23 >4 233s
22 J a n 25
22
23l8
22
221 =
221= 2234
1,900 1
525g 52*4
527g 6278 *601= 5 1 1 ,
50 J a n 12
50
507s
5018 5 0 L
50
50*4
D o p r e f--------1,200
*109
no
no
no
*108
1091= * i o s i 2 n o
108 J a n 11
1109 109
140 T w in C i t y H a p l
175
176"
17414 1761» 1 7 4 1 4 1 7 5 1 = 1751= 1767s 184,180
176
17638 17434 177
1693.4 J a n 3
n lo n P a c t lie .
9334 *93
9334
9 3 U 9314 +93
♦ 9 3 14 933.1
931= 933.,
921= J a n n
93*4 93*4
600 1
D o p r e f ___
4 2% 43
4212 4312
42*2
43
42
4212 *4 0
43t2
31&8.Jan 3
43*4 44
2,975 1
68I4 6834
6 5 I2 68
68
6612
♦ 65
661= *6 5
60*4 J a n 3
6834 691?
68's
2,640
D o p r e t ____
157s 16
*1 6
16*4
16*4
16U I 6I4
1534 I 6I4
1 5 '2 J a n 6
*157S 16*2
1,000 ’
a b a s h .........
3434 35*8
35
3512
35
3514
3514 3512
3273 J a n 11
35*2 35%
35
35
3,400 i '
D o p r e f50*8 5034
507s 507s
SO N 5034
5014 5034 ♦ 5 0 U s o i2
601= 511?
50 J a n 3
2,900 1 /e s t M a r y la n d
76
7614 *7573 761.t *751= 78I4 *7412 7614 *7512 76U *7512 7614
75 J a n 14
200
D o p r e f ------*41=
6 l2
*412
* 4 I2
512
*41=
512
51=
*5
512
4I4
414
4 I4 J a n 27
100 1
14
♦ 1212 14*2 *13*2 14
*1 3
1'412 *1 3
14
*1212 1412 *1 2
12l2 J a n 11
D o 1 st p r e f.
6
6
*6
7
7
*6
712
*6
7
*51=
*5
0
5 Jan 5
100
D o 2d p re f_
*61
62
61
61
61*2 01t2
6I I 4 6II4
*61
62
♦ 60*4 62*8
57 J a n 3
300 \

B

&

25 F e b
4S'= F e b
IO 6I4 J a n
1031s J a n
120 J a n
IO S I4 J a n
91 J a n
7Si8 J a n
2107s J a n
65 J a n
27014 J a n
84=8 J a il
30 J a n
53 J a n
23l2 J a n
4714 J a n
1201.4 J a n
1543s J a n
140ss J a n
§209 J a n
13712 J a n

...

&

___ ___

H
I

_

C

&

..........

y ..

cs

cc
'

J

I6I4

XI

Hid

Ask

md

Banks

Ask

Bid

Ask

Banks

Bid

Ask

27
27
17
27
4
18
17
10
9
18
9
19
17
17
27
27
27
7
11

31.4 J a n

9

66 J a n
§9738 J a n
60 J a n
77 J a n
7312 J a n
I 68I 2 J a n
542>= J a n
31 J a n
72 J a n
(>734 J a n
123| J a n
2 U2 J a n
29 J a n
4812 J a n
37 J a n
1267s J a il
OOI4 J a n
1 5 I4 J a n

18
11
IS:
24
11
18
11
18
13
9
17
17
21
21
21
20
20
17

95

J a n 10

136=8 J a n 23
2018 J a n 5
553s J a n 4
l'J'4 Jfan 10
33=8 J a n 17
34 J a n 27
6673 J a n 24
40 J a n
180 J a n
63 J a n
14834 J a n
141 J a n
281.4 J a n

13
18
16
18
6
23

140 J a n
14934 J a n
90 J a n
357s J a n
66 J a n
52 J a n
H O I4 J a n
723S J a n
37i2 J a n
11212 J a n
65 J a n

17
18
17
13
24
21
19
26
6
3
19

90 J a n
151 J a n
11712 J a n
423s J a n
1081= J a n
901= J a n
120 J a n
102 J a n

27
3
4
18
18
is
23
10

102 J a n 11
129=4 J a n 4
100 J a n 17
158=8 J a n
9034 J a n
98 J a n
33i3 J a n
64 J a n
623.4 J a n
421.4 J a n
28'= J a n
6438 J a n
1191= J a n
28>4 J a n
6534 J a n
273.4 J a n
12 J a n
8I2 J a n
233s J a n
5378 J a n
110'= J a n
1773s J a n
94 J a n
45 J a n
70 J a n
163.4 J a n
35'8 J a n
5H = J a n
77 J a n
5i» J a n
1414 J a n
7i= J a n
6 2 = sJ a n

BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS.

H anks

Range forr Previous
Year 1910.
Lowest.
Highest.

Bid

18
17
18
18
18
9
18
27
19
27
17
20
21
5
17
6
6
17
19
7
9
7
4
18
27
6
18
17
17
17

903,1 J ’ly

297 J T y
1021= J T y
IOOI4 S e n
37 U S e p
68'= F e b
J76h F e b
60'= J T y
248 J T y
65 A u g
237s J ’ly
647s J ’ne
19 J T y
40 J T y
1133.1 J ’ne
143
Se p
13714 J T y
203 J lie
140 A p r
160 Apt218 D e c
4?s S e p
61 N o v
99 S e p
48 J ’ly
10 J ’l y
70 A u g
I4 9 U J ’l y
490 J ’ly
2J I4 J ’ly
62=8 J T y
45 J T y
10 J T y
17 J 'l y
191= J ly
35 J T y
26>4 J T y
118 J ’ly
45 J 'l y
11
Aug
381 • J a n
02 ’ M a y
112 J ’ne
124 J 'l y
1414 J ’ly
4 H 2 J ’ly
15 J 'n e
25 J ’l y
68 A u g
23 J T y
68 A u g
’ne
1 5 J
-----3714 D e c
173R U c c
60 J T y
13H= J T y
123 J ’ne
23 J T y
40 S e p
1 14 J ’l y
14 1
J ’ne
z 86l.| S e p
27 J ’l y

57

J’Jy

41 J l V
125 J ’ly
60 F e b
231= J T y
105's J T y
551= M a y
§101 J ’ly
8234 A p r
149 A p r
1143 J n e
381= A u g
881; J ’l y
88 F e b
1111= A u g
100 O c t

Ask

&

f




h

i

n

t

6,

105 F e b
118 j a n
1221= J ’ly
138i= M '-h
80 J T y
’0458 M c h
110 O c t
116 M c h
130=8 J T y
'7 2 U 1- eb
x85 A u g
9312 F e b
87 J T y
l ’ 0i= J a n
227s J ’l y
67*4 J a n
54 J T y
921; A p r
58 A u g
73 J a n
341= A u g
60 J a n
181= J T y
341; J a n
6 U = J ’ly
7/1; J a n
103>4 J T y r 1381., J a n
18 J T y
3334 j a n
43 J ’ly
75 J a n
221= J T y
3034 j a n
51= J ’ne
191; J a n
6i= J ’ly
153.| j a n
19 J T y
5433 J a n
4234 J ’ly
72*4 J a n
103 J T y
H 7 l= J a il
15214 J T y
7043J j a n
10334 j a n
88'4 J ’l y
233.1 J ’n e
42U J a n
47 J ’ne
723; j a n
12=s J ’l y
7734 J a n
28>8 J ’ly
61 J a n
40 J ’l y
543gM c h
Allg
77 ' D e o
Apr
10 J a n
J ’no
73 j a n
J ’ne
131= J a n
JTy
64 N o v

Banks
Banks
Banks
F ir t h ......... 300
360
C h a t h a m . . 350
350
.M u tu al 11__
210
285
I r v i n g N E x 200
295
R r o d E x c h 1,
A e tn a _____
F ir s t ______ 1865 t875
175
200
N
a
s
s a u 1|___ 25J
C h e lse a E x H 190
180
165
fe ir e r s o n H . . 160
R e s e r v e ___
A m e r ic a 11.. 5J212 600
1
4
th
S
t
H
.
.
.
425
C h e m ic a l . . 415
150
N e w N e t t l'd 210
155
L i b e r t y ____ 600
62')
220
S e a b o a r d __
A m e r K x c b . 235
F o u r t h ____ fl9 4 t2 11051c L i n c o l n ____
2421; C it iz e n s ' C t f 153
158
N e w Y o r k C o 900
425
400
S e c o n d ____
A u d u b o n . . ICO
G a l l a t i n ___ 325
C i t y ............ f396
115
MOO
N e w Y o r k . f320
335
M a n h n t t a n D 325
335
S h e r m a n ___
f la t t e r y JPk. 1321?
G
a
r
f
i
e
l
d
___
Coal
Ir o n
290
160
300
150
N ’h t A D a y l
250
M a r k ’t & F u l 250
200
S t a t e 1 1 ____
B o w e r y l) __ 31>0
410
C o lo n ia l H . . 400
19th W a r d . 250
•- -- G o rm -A m J HO
145
M
e
c
h
&
M
e
t
’s
260
250
12th W a r d .
B r o n x B o r o 1, 300
G e r m ’n E x l] 485
C o lu m b ia
400
375
M e r c a n t ile . 1521= 1571; P a c I fl cl)____ 230
240
2 3d W a r d . .
r o m N a t . 198
205
C o m m e r c e . f 204 f 310'£ G e r m a n ia 1). 550
575
P a r k ---------- 358
M e r c h E x c h 160
170
362
U n io n K x c .
r y a n t R if 1; 155
160
C o r n E x 1]..
312 '; G o t h a m ___ 150
1571= M e r c h a n t s '.
P e o p le ’s H ._ 245
182
173
W a s h H ’ts 1|
B u t c h 3c D r 138
146
G r e e n w ic h D 245
blast R i v e r .
125
250
P h e n i x ____ 175
M e t r o p o lis li 390
410
185
W e s t S id e
ife n t u r y H_. I/O
*75
H a n o v e r ___ t645
F id e lit y 1|__ 165
175
P la z a l) _____ 625
M e t r o p o l ’nil 200
205
Y o r k v l ll e if.
C h a s e _____ 6 0 )
F ift h A v e il. 4000 4250
I m p & T r a d 550
565
M t M o r r l s l i . 250
260
T ” 1:1 a n a * a ? a i,r c®s:
sates w ere macro o n th is d a y . 1 E x -r ig u c s .
ue as th. • w o aitiuos. 1|3IhU U U4UK3. «* u A - m v i u g n u dQ d r ig h t s .
Now
T S a le a t 5 to c.: E x c h a n g e o r a t a u c t io n t h is w e ek
F ir s t In s t a llm e n t p a id
S o ld a t p r iv a t e sa le a t t h is p rice,
2d p a id .
i/3 d p a id .

New York

36 M c h
52' 2 M c h
124is J a n
1041,. J a n
1371; J a n
H O 's J a n
94 J a n
823,s M a y
2023s N o v
70 j a n
312 , a n
92 J a n
00*4 J a n
69 A p r
307.S J a il
641,\ J a n
155= J a n
I / 21.1 J a n
1821 - Jan
22a J a n
1621; F e b
il/ o i j F e b
5as J a n
121.■ J a n
92 U M c h
104 J a n
v5'; F e b
M ch
51 j u n
15<5 J a n
'.20 M c h
Jan
54
Jan
68 D e o
133.1 j a n
■ 4=i J a n
34=8 J a n
323, M e n
<2 M c h
1137s J a n
50i: J a n
18ls M c h
571. A p r
99 J a n
140 O c t
14/ „ a n
-61= J a n
627x J a n
30 J a n
54>4 J a n
80 F e b
44U J a n
71 J a n
253j J a n ’
623., J a n
186 N o v
/0I4 A p r
1 593j J a n
146 O c t
5334 J a n
80 F e b
145 M c h
15512 M c h
9234 j a n
f 1*8 J a n
7T58 J a n
735s M a y
140 N o v
72’s N o v
3 7 '; N o v
128 M c h
687s N O V
10934 j a n
98 J a n
162 M c h
6151 M c h
50 J a n
198=8 M c h
■ 9 1 14 M c h
M5=s J n n
1183J J a n

t>

Hid

Ask

165

172i|
1121|

400"
385
135
275
140
1*40 "
17212
275
660
500
stock .

is & i

245

N e w Y o r k S t o c k R e c o r d — C o n c lu d e d — P a g e 2

J a n . 28 1911.|

STO C K S—HIGHEST A N D LOW EST SA LE PRICES
Friday
Saturday
Tuesday Wednesday Thursday
Monday
Jan 27
Jan 26
Jan. 23
Jan. 21
Jan. 24
Jan. 25

Week
Shares

N tW

STOCKS

YORK. STO CK
EXCH A N G E

Range for Previous
Year (1910).

Range Since January 1.
On basis of 100-share lots.
Highest.

Highest.

n i i i u s t r i r k ; i i i s c c ll a n c c u .
. iO J a n
d a m s E x p r e s s ________ 235 J a n 20 §236 J a n 25 §235 D e c
58
245 *230 240
236 *230
*230 240
► 230 240
*230
§235
15 J a n
7 % J ’ly
8% J a n 6
ll l s - O h a l m e r j _________
7 % J a n 27
600
7%
8
8%
*7 %
8%
778
778
*8
*77S
8%
+778
8*2
54*4 J a n
.7
Aug
27% J a n 6
30 J a n 27
D o p r e i ____________
800
297s 30
29%
*29
*27
30
*27>4 30
*271.1 30
29
29
90S.' J a n
55' J ’ly
6538 J a n 7
61 J a n 3
A m a lg a m a t e d C o p p e r ___
54,400
*6
2
%
6338
64
03%
63% 64*8
63% 6434
6 3 % 64%
6 4 % 65
4 t% O c t
35 J ’ly
49 J a n 26
46 J a n 3
2,820 A m e r A g r i c u l t u r a l C lie m .
4 S% 4878
48“8 49
48% 49
4834
48
48% *4 8
*4818 48%
103 j a n
99% A p r
H o p r c t _______________ 10134 J a n 27 101*4 J a n 27
100
101*4 1013.,
102
*90
102
*84
102
101% *84
*84
101% *9 0
47% J a n
24 J 'l y
39*4 J a n 12
43% J a n 4
A m e r ic a n lle e t S u g a r ____
3,900
4
1%
41%
4078
41%
41
4078 41%
40*4
4 U 2 4184
4012 41%
65% J ’n c
59 j ’l y
9 2% Jan 9
9 4% J a n 26
D o p r c t _______________
300
95
94% *9 4
04
94%
*93
94% *93
94
94
*93
97
13% J a n
67}, J ne
8"8 J a n 6
10% J a n 25
934 934 4,000 A m e r ic a n C a n ___________
978 10 %
9 % 10 %
9 '%
9%
9%
9%
9%
9%
8 2% N O V
77 J a n 5
62 J T y
8 2 % J a n 27
H o p r e t _______________
16,450
8
1
%
82%
803.4
81*4
793.1
81%
80
79%
7 8% 7934
79
79%
7278 J a n
5
0
%
J
a
n
3
55
J
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25
39
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A
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543,
5,100
54%
541.4
5334 55
53% 54%_
5234 53*8
53
53
lio
A lc h
109 J n ;
D o p r e t _______________ 115 J a n 3 118 J a il 14
31
117
116 *1 1 5 % 117 *110
118 §11712 H 7 % §116
118 + 110
► 110
M ch
55*4 J a n 11
5 9% J a n 19
»2 % J ’ly
2,200 A m e r ic a n C o t t o n o i l ____
58
58%
5 S% 58%
59
59
*57
59
59
59
59
59
m
o
D
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c
105
J
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107
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105
J
a
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6
D
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!
_______________
*104
108
108
* 10 1
333 A m e r ic a n E x p r e s s ______ §224 J a n 11 §255 J a n 27 §230 D e c §320 J a n
«250
250 §255 255
241
§240
240
*230
235
§235
240
► 230
3% Se p
4 % J a il 3
334 J a n 25
8 is J a n
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4
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23 % J a n 27
20 J a n 10
47'8 ua n
19 " S e p
D o p r e t _______________
223, 23%
1,900
2234 2234
22% 22%
223, 2234
22% 2:
2238 22-%
1S34 J a n 4
10 % D e c
1734 J a n 17
.9 % A lc h
575 A m e r ic a n I c e S e c u r it ie s . .
1 8% 181;
'
18
IS
18% 18%
1778 177s *173, 18%
18%
*18
11% Jan 9
1 0% J a n 13
10% J ’ly
17*4 J a n
A
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1 1 I4 *1 0 %
*1 0
251. J ’ne
3 1 % Jan 3
4078 J a n
3 0 % J a n 16
D o p r e t _______________
200
*3 0 % 31
3038 30% *3 0 % 32
32
*30
*301i 32
3
*30
62%
Jan
4
1%
J
a
n
26
29
‘
J
’ly
38% J a n 3
40*4 41%
2.400 A m e r ic a n L o c o m o t i v e ___
41%
41
40% 40%
40% 4078
41
40% 40% *40
102% A u g
115 J a n
D o p r e t_______________ 108 J a n 3 110% J a il 13
200
111
11038 11038 *1 1 0 % I I W 4 * 11 0 % 1 1 0 % 110 1.4 1 1 0 % *1 10
► 110 111
3
%
D
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J
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18
8
Feb
334
J
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____
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5
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5%
Lhi. J 'n e
48 A lc h
3 6 % J a n 25
3 5% J a n 3
D o p r e t _______________
1,050
37
30
3 6%
3 6% 36% *3 6
*36
37%
3 5 % 35% *3 5 % 38
907s J a n
82 ‘ J ’ly
8 8% J a n 5
86% J a n 3
A
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B
873,
88%
500
88%
*88
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8
8
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89
*8 7 % 88% * 88)4 88%
104 J a n
7 9% J a n 20
72*4 J a n 3
6 1 % J '} /
7 7 % 78% 31,300 A m e r S m e l t m g & H e llo in g
77% 78%
773, 783s
77% 7S78
7 7% 7834
78% 79
112“ J a n
68% J IV
103% J a n 3 105% J a n 23
D o p r e t __________
3,550
105 105%
105
105
105
105% 1053s 105 105%' 105% 105% 105
Apr
245 N o v
.85
A m e r ic a n S n u t t _____
+260
300
300
300
*260
*2(50
►
260
300
300
*260
► 260 300
li.2 D e c
101
J
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_________
______
100%
J
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25
100
102
102 *100
100% 1001. *100
102
102 *100
► 100
102 *100
38 “ J ’l y
66 J a n
4 6 % J a n 20
4334 J a n 3
*453, 46%
600 A m e r S te e l F o u n d ( n e w ).
40
*46
40
47
46
46
461;
46
4612 461
111% O ct
11638 J a n 23
127% F e b
113 J a n
300 A m e r ic a n S u g a r K e lln in
116
1163, 115% 116% 11o78 115% + 115-2 116 *114
► 1151 ■> 116% 116
124 F e b
116 J a n 18
D o p r e t _______________ 111 J a n
200
1 1 1 % V.?0
116
116
120
120 * i 1 5
120 *115
120 *115
► 11534 120 *115
J ly
144% J a n 18
143% F e b
11,200 A m e r ic a n T e ie p h & T e le g 140% J a n
144
144%
1433,
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143%
144%
143%
144%
14
338
1
44
143% 143%
957s J a n 20
9 j *4 A lc h
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94
94
9 4 % 94%
9 5% 9534
3 2% J a n 6
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30% J a n
25% - n y
32
1,200 A m e r ic a n W o o le n ____
32
313, :ji3.t
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3 1 % 32
32
32
*3 0 % 32
9
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9 4 % J a n 23
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D o p r e t _______________
900
9 3 % 9 3%
9 3 % 93-%
9334 933,
- ■
9 3% 94
933l 94%
*93
94
{54
".II
40 J a n 4
3 8 % J a n 25
J25
331 J ’ly
4,950 .7A n a c o n d a C c p p e r
38% 39
38% 39
3 8 % 39
39% 39%
39% 3934
39% 39%
34 7S O c t
3 3 % J a n 27
21 J no
29 J a n 12
e t h le h e m S t e e l_______
9,550
3 2% 33%
2 0% 2934
3 0 % 32'%
30
293t 303i §30
30%
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Aug
62-4 J a n 27
o„ j a i i
59 J a n 3
49
D o p r e t . ___________
2,000
62%.
61*4
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61
61
59%
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60
60%
6634
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1641; J a n
125 J ’ly
135 J a n 3 142% J a n 9
400 B r o o k l y n U n io n G a s ____
139% 140% 1405S|
142 *13934 141 *139
139
142
► 139
141
141
151,1 J a n
1 0% J a n 23
8 J 'n c
9 Jan
200 B r u n s w ic k T e r m & R y Sec
*1 0
11
*10'% 11
10
11
10% 101
10% 10% *1 0 % 11
33 J a n
2 9 % J a n 23
28 J ’* e
29 J a n 5
B u t t c r i c k C o ____________
100
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9
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9
29%
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29%
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9
291
291­
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J 'l y
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3234 J a n 4
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100 J a n 11 104*8 J a n 4
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D o p r e t____________
200 V /
104
103% 104 *1 0 3 % 104 *1021., 101 *103
104
► 103
104
► 103
tu J a n
36 J a n 24
31 J a n 3
22% . n y
9,425 C o lo r a d o Fue; & i r o n ___
35
35’%
3 4 % 3478
3 4 % 36
3 4 % 35%
34% 35%
333i 341
3 Sep
9 2% J a n
4 Jan 6
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Jan
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J
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143*4
J
a
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21
135*4
J
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14258 3l",700 C o n s o lid a t e d G a s (N Y ) .
142% 141% 14238 141% 14134 112
14278 1433.1 141 ~8 113% 142
X U , J ne
23% J n n
15 J a n 6
1 3 % J a n 10
1,350 C o r n P r o d u c t s R e f in i n g . .
143,
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1438 141
14% 14%
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*1 4 % l-l'S
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79
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78
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79% *78
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55 A p r
65 N o v
62 J a n 6
60 J a n 26
100 C r e x C a r n e t ______________
____
65
67 *
60
60
67
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67
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67
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30*4 J n n
25% J i y
34*8 J a n 26
3238 J a n 11
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52 J a n 20
4 8 % J a n 11
D o p r e l_______________
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*5 0
55
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55
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55
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52
55
52
55
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1607s J a n
153% J a n 4
134 J’ ly
149%
J
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126% J a n
163 % F < *
116 J a n 27
n t H a r v e s t e r s t k t r ctfs 109 J a n
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11434 115% 113% 11434 I I 333 113% 113% 1133, 113% 114% 114% 116
129 J a n
Aug
123*4
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► 123
123?s *123
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534 J a n 25
l i l t M e r A la r ln e s t k tr etts 4 % J a n 18
53.1
2.750
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534
♦ 5V,
53.,
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5
538
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18 J a n 24
12 % J ’l y
D o p r e t _________
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17-%
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17% 18
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16 J a n
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56*8 J a n 17
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D o p r e t ____ __________
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600
55% 55%
55% 55%
56
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56
56
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54% J a n
4 1 % J a n 17
39*4 J a n 26
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410 I n t e r n a t S t e a m P u m p ___
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90*4 J a n
85‘8 J a n 14
D o p r e t . ______________
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85
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9 2 % J a n 18
93 J a n 19
M a c k a y C o m p a n ie s
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9 2%
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7434 J a n 18
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124 J a n 20 127 J a n
iis - % J ’l y
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D o p r e t _____
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126
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14 S e p
18 J a n 18
28% J a n
17 J a n 10
N a t E n a m e l g & S t a m p ’g
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* 1 6 % 18
*1 6 % 18
*1 6 % 18
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18
84 O c t
85 J a n 6
9 6% J a n
Jan
D o p r e t _________
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94
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93
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93
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93
94
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94
8 9% J a n
58 J a n 21
J a n 12
4 « % J ’iy
N a t io n a l L e a d _____
3,900
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5
6
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59
5
6
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56*8
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5
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67% 5778
5 7% 58
10134 J iy
108% J a n 16
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_________
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108% 108% *1 0 7 % 108%
109 *1 0 8 % 109
110 *108
109 *108
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$22
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n
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171J
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n
1,850 d N c v C o n s C o p p e r . P a r $ 5
1 8% 18%
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1834 1878
. 1878 1878
9 5% J a n
7 2% J a n 27
70% J a n 3
w ' J ’“ s
200 N e w Y o r k A i r B r a k e ____
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72
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25 J a n 25
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1,760
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25
2 6 % 2634; 2578 26%
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106
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69 J a n 14
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68
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3 3% 33%
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97 J a n 27
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3% A p r
2 % J a n 14
2 % J a n 13
Q u i c k s i lv e r A l i n i n g ______
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27S A u g
678
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3434 J a n 19
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1,710 R e p u b l ic I r o n & S t e e l___
33
3 3%
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94
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D o p r e t _______________
250
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32 J a n
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D o p r e t ______________
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6 2% J a n
39*4 J a n 27
36 J a n
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6,400 U n it e d S t a t e s R u b b e r —
3 8 % 3934
3 7% 3 S%
37% 37% *36*4 37%
3 7% 3 7%
3 7 % 373s_
UQ % Jan
109% J a n 18 11178 J a n 14
99 J ’ly
D o 1 st p r c t _____
900
109% 109% 110% 110% 110% 111% 10978 10978 110% 110% 110*4 11034
84 J a n
74 J a n 14
72?8 J a n 26
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D o 2 d p r c t _____
400
7 3 % 73%
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7 7% 78%
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125-%
Jan
119% J a n 27
110 % J ’l y
116% J a n
D o p r e t _________
5,530
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D o p r e t ______________
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A

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54

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W

BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS.

Banks

Brooklyn
ir o a d w a y 1
Ir o o k ly u
o n e y I s l ’d ?

hrst______
lllls ld e H . . .
Iomesteadl
*anufacTs'
HechanlcsTi
Ilontauk . .
tassau —

ma
385
290
415
230
245

Ask
400
100
155
310
125
115
_
245
150
270

Banks

Brooklyn

Hid

Ask

N at C it y ...
N o r t h S lu e §!

285
15)

P r o s p ’c t P k ij

159

300
180
169
160

320
620

330
030

People's__
I r u s t C o ’s

N Y C ity

A s t o r _____
B a n k e rs’ Tr

t r u s t C o 's

N Y C ity

IV w a y T r . .
C e n tr a l l ’r__
C o lu m b i a . .
C o m m e r c ia l
E m p i r e ___
E q u i t ’ble T r
F a r m L o & ’l
F id e lit y . . .
F u l t o n ____

Hid

Ask

T r u s t C o 's
G u a F ty T r.
G
u a r d ia n T r
148
145
H u d s o n ___
1015 1025
K n lc k e r b 'k i
285
280
L a w T 1& T r
120
110
L in c o ln T r
315
301
M an h attan
460
445
M e r c a n t ile .
1000
213% 217% M e t r o p o l't 'u
___ M u t u a l ____
290
M u t A l 'n c t

Hid

Ask

800
150
160
165
175
295
305
255
259
122%
400
375
690
050
445
460
130
125
130

Hid

t r u s t C o 's
N Y L i f e & T r 1100
N Y T r u s t . 600
S a v o y ______ . 95
S t a n d a r d I r 400
T l t l e G u * T r 495
T r C o o t A m 320
U n io n T r . . . 1250
U S A l t g & T r 470
U n i t S t a t e s . 1150
W a s h i n g t o n 360
W e stc h e s te r 15)
W i n d s o r . . 100

Ask
1125
625
105
410
500
330
1275
1170
375
160
110

t r u s t C o 's

Brooklyn

B r o o k ly n Tt
C i t i z e n s ' ___
Ftatb u sh . .
F r a n k l i n ___
H a m il t o n . .
H o m e _____
K in g s Co 1 .
L Is l L & T r
N a s s a u ____
P e o p le 's . .
Q ueens Co.
W l l l l a m s b ’e

Hid

A ik

415
125
200

__
132
220
210
280
110
520
310
165
310
125
100

270
100
505
300
158
295
110

• B i d a n d a sk e dl n r c e s- n o sa le s o n t h is d a y . 4 L e s s t h a n 100 sh a re s, t E x - r lg h t s . f> N e w s t o c k c E x - d l v a n d r ig h t s , d N o w q u o t e d d o lla r s pe r s h a re .
s H r - s t o c k divid end.
§|B a n k s m a r k e d w it h a p a r a g r a p h fl|) a r e S t a t e b a n k s .
1 S a le a t S t o c k E & o h a n g e o r a t a u c t io n t h is week,




.

Jan .

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

the l i t change m eth od ot qu otin g bonds w a s changed, a n d prices are now a ll—“ a n d in terest" —except /o r incom e a n d U e/a u lted bonds.

1 lO O i),

BO N U S
N . Y. S T O C K E X C H A N G E
W e e k e n i u n g J a n 27
II. S . G o v e r im ie n i
U S 2a c o n s o l r e g is t e r e d . (11930
q a s t o o o n s o l • o n p o n . . . .<11930
U 8 3a r e g i s t e r e d ........... /c lO lb
U S 3 s c o u p o n ..................f c lO ls
U 8 3 s c o n s m a l l b o n d s../c lU lfe
U 8 4a r e g is t e r e d ...............1925
U 8 4 s c o i ip o u ................... 1925
U 8 T a n C a n 10-30 y r 2 s.fc l9 3 U
F o r e ig n G o v e rn m e n t
A r g e n t i n e — I n t e r n a l 5 s o t 1909
im p e r ia l J a p a n e se G o v e r u u r i
S t e r l i n g lo a n 4 *53.......... 1925
2 d s e n e s 4 4 s ...............u»25
S t e r l i n g lo a n 4 s ............1931
R e p u b o i C u b a 5 s e x te n d e b t..
S a n P a u lo ( B r a z il; t r u s t 5 s 1919
U 8 ot M e x i c o s 1 g 5 s ot 1899
G o ld 4 s ot 1 9 0 4 ...............1954

(i-J
y -J

P rice
W eek’s
F rid a y
Ranya or
J a n a?
J.ast Sale
SUl A sic Low H iyh
100»4
1004
102 4
1024

y -If
y -E
Si-P
Q -F
Q -N

10 14
1014
103
1034

1 1 5 4 110
1 1 5 4 ___
1 0 0 4 ......

v t-s f 9 7 4

99

R ange
Since
J a n u a ry 1
Low Jdigh

12

Wo

1 0 0 4 O c t ’10
1 0 0 4 J ’n e ’ 10
1 0 1 4 N o v ’10
102 4 D e o ’10
1 0 1 4 J ’l y ’i o
1 1 5 4 D e o ’lO
l l 5 4 N o v ’ lo
1 0 0 4 A u g ’10
974

984

974

99

BU N D S
N. Y. S T O C K E 1 X C H A N G E
W e e k e n d i n g J a n 27

(C on)

C e n to ! G a R R —
3d p r e t in c o m e g 6 s s t a m p o il.
C h a tt D i v p u r m e n g 4 s. 1 95 1 J -D
M a c * N o r D i v 1 s t g 5 s . 1940 J
A l ld G a * A t ! D i v 6 s ___ 1947 J - J
M o b i l e D l v 1 s t g 5 s ...... 1040 J - J
C e u R R * B o t G a c o l g 6 s 1937 wi- n
C e n t o l N J g e n ' l g o l d 6 s . 1987 j - j
R e g i s t e r e d ................ /U 9 8 7
A m D o c k * I m p g u 6 s . .19 2 1 j * j
B e & H u d H g e n g u g o s 192 0 j - j
B e ll * W i l k s B C o a l 6 s . .1 9 1 2 M -N
N Y * B o n g B r g e n g 4 s 1941 VI-'S
C e n t P a c it io
S o P a c it io C o
C e n t V e r m o n t 1 s t g a g 4 s . e l ‘J 20 Q - F
Chas * sa v
A l l C o a s t B in e
d i e s * O h io g o ld O s........ a l0 1 1 A - O
G e n f u n d i n g * iin p t 5 s . l9 2 9 J -J
1 s t c o n s o l g u s ................ 193 9 M -N
R e g i s t e r e d ................... 1939 IVI-N
G e n e r a l g o ld 4 4 s ........... 1992 M - S
R e g i s t e r e d ................... 1992 M - S
C o n v e r t ib le 4 4 s ........... 1930 F - A
t s ig s a n d y 1 s t 4 s ............1941 J - D
C o a l R i v R y 1 s t g u 4 s ..1 9 4 a J - D
C r a i g V a l le y 1 s t g 5 s ___ 1940 J
P o t t s C r e e k B r 1 st 4 s .. 1940 J - J
R * A D I V I s t o o u g 4 S . .1 9 3 9 J -J
2 d c o n s o l g 4 s .............. 1980 J -J
W a r m S p r V a l 1 s t g 5 s . .19 4 1 M - S
G r e e n b r ie r R y l s t g u g 4 s ’4U M -N
C in e * A H R R r e l g 3 s . ..1 9 4 9 A - O
1 s t lie u 3 4 » . . . I9 6 0 J
R e g i s t e r e d ................... i9 6 0 J - J
O h io B u r l * y - b e u v o i s 10 2 2 F - A
I l l i n o i s D i v 3 4 s ...........1949
J -J
R e g i s t e r e d .................i » 4 o J - J
I l l s D i v 4 s ..................... 1949 J . J
t o w n D i v s i n k fu n d 6 s . .19 1 0 A - O
S i n k i n g t u u d 4 s ......... 1 U10 A - O
N e b r a s k a i n t e n s i o n 4 s . 1021 M -N
R e g i s t e r e d ................... 10 2 7 M -N
S o u t h w e s t e r n D i v 4 s . . . . t 0 2 1 V l-S
J o in t bo nus
G re a t N orth
D e b e u c u r t 6 s ..................1010 Vl-N
G e n e r a l 4 » ...................... l o o s M - S
•Han * S t J o s c o n s o l O s . . i o n « - s
C h i c * e l h r e t * i m p g a s 1055 J - J
1 s t c o u s o i g o s ................ 10 3 4 A - U
G e n e r a l c o n s o l i s t o s . . . . n>3<
R e g i s t e r e d ................... 4 0 a , Vl-N
C h ic
i n u c R y 1 st 6 s . i 0 3 u
C h i c a g o * to.rie
E r ic
C h i o G t W e s t e r n 1 st 4 s . ..1 9 5 9 M - S
G u ic i n re j.u u ia v r e t 0a . . . l 9 4 i
R o l u i i d i n g g o ld O s ......... 1947 J - J
B o u is r
A * C li 1 st O s. 191o J - J
C h i c l u d * S o u 5 0 -y r 4 s . .1 9 5 0 J - J
c h i c A i n ce o t
t e r m g o s 19X4 J -J
G e n e r a l g 4 a s e r ie s A . . S 1 9 8 9 j j
R e g i s t e r e d ................. s.1989
J
J
G e n e r a l g 3 4 s s e r ie s B . e lu d 9
2 5 -y r d e o e n 4 s .............. 1 9 3 1 J - J
C h ic * B s u D i v g u s ___ 1921 J - J
C h i c * M o R i v D i v 6 s . . .1 9 2 0 J - J
C lu e * P W 1 s t g 5 s ...... 1921 J - J
D a k * G C B o g u s ............1910 J - J
to'ar * S o u a a s u g O s...... 1924 J - J
J
E a c r o s s e * D 1 s t 6 s . ...1 9 1 9
J
W i s * M i n n D i v g 5 s . . . . 1921
M U * W o 1 st c o n s Os___ 191 3 J - D
E x t e n d e u 4 4 s .............1913 J - D
C h i c A: N o r t h w c o n s 7 s . . . . 1916 (J-F
E x t e n s i o n 4 s ........1 88 0-1 92 0 F - A
R e g i s t e r e d ......... 1880-1 92 0 to’-A
G e n e r a l g o ld 3 4 s ........... 1987 M -N
R e g i s t e r e d ................« 1 9 8 7
G e n e r a l 4 s ................... 198 <
s u l k i n g m u d O s . ..1 8 7 9 -1 0 2 0
R e g i s t e r e d ......... 1 87 9-1 02 0 A - O
S i n k i n g l u n d u u . . . 1 87 9-1 02 0 A - O
R e g i s t e r e d ..........1879-1020 A - O
D e b e n t u r e 5 s ................. 1921 A - U
R e g i s t e r e d ................... 1921 A - O
S i n k i n g l u n d d e b 6 s ...... 1933 ivl-N
R e g i s t e r e d ................... 1933 M -N
M U B S & W e s t 1 st g Os 1921 M - S
E x t * i m p s lu n d g 5 s 192 9 F - A
A s h l a n d D i v 1 s t g O s ..1 9 2 6 M - S
M i c h D i v 1 s t g O s........1924 J -J
i n c o m e s ...................... 1911 M -N
O h io R o c k 1st * P a c O s...1 9 1 7 J - J
R e g i s t e r e d ................... 1917 J - J
G e n e r a l g o ld 4 s .............. 1988 J - J
R e g i s t e r e d ................... 1988 J - J
R e f u n d i n g g 4 s ............. 193 4 A - O
C o U t r u s t S e r ie s J 4 s . . ..1 9 1 2 M -N
M a s ............................. 1916 M -N
N 4 s ..............................1910 M -N
0 48.............................. 1917 .Vl-N
P 4 s ..............................1 918 M -N
O h io I t I * P a o R R 4s . .2 0 9 2 M - N
R e g i s t e r e d .................. 200 2 Vl-N
R i A r k & B o u i s 1 st 4 4 s 103 4 M - S
s u r U R * N — 1 s t g 6 s. 1931 A - O
R e g i s t e r e d ................ 1934 A - O
C R l t o ' * N W l s t g u 68.1 92 1 A - O
M * S t B 1 s t g u g 7 s .. 1927 J - D
O h o o O k * G g e n g 6 s .0 1 9 1 9 J - J
C o u s o i g o ld 6 s ............. 1952 M -N
K e o k * D e s M 1 s t 5 s . ...1 9 2 3 A - O
O h io s t
* N O
1U C e n t
O h io S t B * P i t t s
P e n n Co
O h io S t P M * O c o n O s . . .1 9 3 0 J - D
C o n s Os r e d u c e d to 3 4 S . 1 9 3 0 1J - D '

see
944 954
944 954
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10 2 4 1034
97 97 4
97 974
93
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ices 0 n the 0 a su 0/ $54 to94&.4
.S ta te n m l C i t y S e c u r i t i e s
N Y C i t y — 4 1 * 3 ................. 19 3 0 M - S 1 0 0 4 s a le 1 0 0 4
1 0 1 4 303 J004 1014
4 l, s r e c t s i n t fro J a n 2 4 1990 M - S
1 0 1 4 S a le 10U7» 10134 0275 1007a 1014
9 9 4 39 984 997,
9 9 4 S a le
4 % C o r p o r a t e B t o c K ...... 1959 M -N
99
4 % C o r p o r a t e s t o c k ___1958 VI-N
4i
9 8 4 99 4 9 8 7s
99
98 4 994
N e w 4 4 s ....................... i o 5 7 VI-N 1 0 0 4 1 0 7 4 1 0 0 4
107
18 10 0 4 1074
N e w 4 4 s .................... ” l9 1 7 VJ-N 1 0 2 4 ..
102 4 D e o '1 0
107
4 4 % C o r p o r a t e S t o c k ..1 9 57 M -N 1 0 0 4 1 0 / 4 1 0 0 4
22 Loo 4 i '074
4 4 ln a s s e s s t n t b o n d s ___1917 iVt-N 102 4 ...... 102
102
1 102 103
99
S a lt
4 % C o r p o r a t e S t o c k . ...1 9 5 7 M -N
984
9 9 4 21 984 99 4
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1 0 1 4 19 1044 1044
R Y S t a t e — C a n a l I m p t 4 s . l 9 i i 0 J - J 6 1 0 4 4 108
80 C a r o li n a 4 4 3 2 0 -4 0 .. .1 9 3 3 J -J
103 4 J ’l y ' 10
R a ilw a y
90 J a i l ' l l
T e u u n e w s e tt le m e n t 3 s . . 1913 J - J * 9 5 4 "o ’f "
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8 8 N o v ’l o
V i r g i n i a fu n d d e b t 2 - 3 s . . . l 9 9 t J -J
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Os d e te rr e d B r o w n B r o s o t t s ........
U u ilr o n d
1 la o a n ia C e n t See S o H y
A - lu b a M id i
A t C o a s t C lu e
A l b a n y Jb S u s a
Del<S> H u u
A l le g h e n y V a l le y N a e P e u n B K
A l l e g <te W e s t
B u l l it
p
A u n A r b o r 1 s t g 4 s ........ A1 9 9 6 14- J
A t o ll T<& s F e — G e n g 4 8 .1 9 9 5 A - O
R e g i s t e r e d ...................... 1995 A - O
A d j u s t m e n t g 4 s ......... ftlO O u N o v
R e g i s t e r e d ................ A lU O u N ov
S t a in p o d .................... A1 9 9 5 M -N
C o n v 4 s is s u e ot 1 9 0 9 ...1 9 5 5 J - D
C o n v g 4 s ....................... 1955 J - D
C o n v 4 s ( is s u e o f 1 9 1 0 ). i9 6 0 J - D
1 0 -ye ar c o n v g 6 s ........1917 J - u
D e b e n t u r e s 4 s S e r i e s J . 1912 F - A
S e r i e s K .......................1913 F - A
E a s t O k l a D l v 1 s t g 4 s . .1 9 2 8 M - S
S h o r t B in e 1 s t 4 s g ........195» J - J
s too P r e s <to P it l s t g u s . 1 9 4 2 v l- S
A ti K n o x
N
B
N
A t la n t i c C o a s t 1 st ir 4 s . / t l9 6 2 VI s
A l a M i d l s t g u g o ld 5 s ..1 9 2 8 M -N
B r u n s <& W 1 st g u g 4 s .. 1938 J - J
C h a r l e s <& S a v 1 st g 7 s .. 1930 J - J
B ifc N c o il g 4 s ............ 01952 M -N
S a v t o '* W 1 s t g o ld O s.. 1934 A
1 s t g o ld 5 s ................... 1934 A - O
S l l B p o c a * G g u g 4 s . . 1 9 1 s J •J
A t la n t ic * D a u v
S o u th R y
A u s t in * N W
S o u P a c ilic
4 > a l t & O h io p r io r l g 3 4 8 .1 9 2 6 J - J
»> R e g i s t e r e d ...............A 1 9 2 6 14- J
G o ld 4 s ......................... / U 9 4 S A - O
R e g i s t e r e d ................ /4194S 4 -J
P i t t s J u u o 1 s t g o ld O s ... 1922 J - 0
P J u n * M D i v 1 s t g 3 4 8 1 9 2 5 M -N
P B E * \V V a S y s r e f 4 s l9 4 1 M -N
S o u th w D . v 1 s t g 3 4 s . . . 1920 J - J
R e g i s ' e r e a ................ A 1 9 2 5 4 -J
C e u O h io R 1 s t C g 4 4 s . . 1 93 0 A l-S
C l B o r * VV c o n 1st g 5 s 1 933 A - O
v lo u o u u t v 1 s t g u g 6 s . . 1 919 F - A
O h io R i v e r R R I s t g 6 s . l 9 3 0 J - D
G e n e r a l g o ld 5 s .......... 1937 A - u
P u t s C l e v * T o l 1 st g Os 1 92 2 A - O
P i t t s * W e s t 1 st g 4 s . . .1 9 1 7 J - J
8 t a t I s l R y 1 s t g u g 4 4 s 1943 J -D
Beech C ree k
y c * 11
B e ll e v * C a r
Illin o is Q em
B k ly u * M o u ta u k
B o iig 1
B ru u s * W e st
A t i C oast B
B u d a lo N y * E r i e
E r ie
B u tta lo R * P g e n g 5 s . . . 1 9 3 7 A l-s
C o n s o l 4 4 s ....................1 9 5 7 M - N
A l l * W e s t 1 s t g 4 s g u . . 1998 A - O
C l * M a l i 1 s t g u g 5 s . . . .19 4 3 J - J
R 00I1 & P i t t s 1 s t g O s . . .19 2 1 F - A
C o n s o l 1 s t g O s...........1922 J -D
B u ll * S u s q 1 s t re t g 4 s . d l 9 S l J -J
Bur C R * N
O R I * P
tan S o 1 s t e x t O s ........... 1913 j j
'2 d o s ............................. 1913 M - S
R e g i s t e r e d .................. 1913 M - S
J a ro & S h a w n
III cent
C a r o lin a C e n t N e e S e a b A i r B
Ja rth a g e * A d
Y C * H
Jed R l a to * N
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G a R R 1 st g 6 s ..p l9 4 5 F - A
C o n s o l g o ld 5 s ................1 9 4 5 ;M -N
R e g i s t e r e d ...................194 5 M - N
l s t p r e t l n c o m o g 6 s . . . . p l 9 4 5 'O o t
S t a m p e d ............................. I . . . .
2u p r e i in c o m e g 0 s . . . . p l 9 4 5 O c t
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l» 180 E l iliANKO (i8 BONDS—Continued on Noxt Page.
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4OV5U5t/ Q. XVI/UM-S
Bex AV&PF lstg u g5s 1993 M-S
T h i r d A v e R R o o u g u 4 s 2 0 0 0 J-J
C e n t T r C o c e r t fs s t m p d . ..
T h i r d A v e R y 1 s t g 5 s . . 1931 J**-*J*
N O r l R y * B t g e n 4 4 s ..1 9 3 6 J.J
S t J o s R y B t H * P l s t g 6 s ’37 M-N
S t P a u l C i t y C a b c o n g 6 s .l0 3 7 J-J
i r l - C l t y R y * E t 1 st s f 58.1923 A-O
U n d e r g r o u n d ot B o n 6 s .. . 1 9 2 b Vl-N
.................................193.' J.J
In c o m e 6 s ...................... 1948
U n io n E l ( C h lo ) 1 s t g o s . . l U 4 u A-O
U n it e d R y s S t B 1 s t g 4 s . 1934 J-J
U n it e d R R s S a n F r s t 4 s . 1027 A-O

a Due May y Dne J'ne flDue j ’ly

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75
40
100
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C h ic S t P i t A O — ( G
O il SO P & M l u u l s t g 6a 1918 M -N
N o r W i s c o n s i n 1 s t 6 s . ..199(1 J - J
S t P A S C i t y 1 st g 6 s . ..1 9 1 9 A - 0
C lu e A W e s t I n d g e n g 6 s <>1932 <i-M
C o n s o l 5 0 -y e a r 4 s ...........1952 J . J
C in e A W M i d i
P ore M arq
C lio o O A G u l f
C lil& P
O ln 11 & D 2 d g o ld 4 % s . . . l 0 3 7 J - J
C i n D A 1 1 st g u g 6 s . ..1941 M -N
C F i n d * F t W l s t g u 4 s g . ’23 M -N
C i n t A W 1 s t g u g 4 8 .1 9 5 3 J - J
I n d D e c & W 1 s t g 5 s . . .19 3 6 J - J
1 s t g u a r g o ld 6 s ...........1935 J - J
U 1 St £ A C
O O U A St L
C in S A C
C O C St L
O le a rlie ld A M a l i
11 R A P
O le v C i n C A s t L g e n g 4 s 1 993
C a ir o D l v 1 s t g o ld 4 s ___ 1939
C i n W A M D i v 1 s t g 48.1991
8 t £ D l v 1 s t c o l tr g 4 s . .19 9 0
R e g i s t e r e d ................... 1990
S p r A C o l D l v 1 s t g 4 s . .1 9 4 0
W W V a l D i v 1 st g 4 s . . . 1940
C 1 S t £ & C c o n s o l 6 s .. 1920
1 s t g o ld 4 s ..................£ 1 9 3 0
R e g i s t e r e d ............. A 1 9 30
C i n S A C l c o n 1 st g 5s. .19 2 8
0 C 0 * 1 c o n s o l 7 s ........ 1914
C o n s o l s i n k t u n d 7 s ___ 1914
G e n e r a l c o n s o l g o ld 6 s . 1934
R e g is t e r e d ................ 1934
i n d B l & \ V 1 st p ro t 4 s . 1940
0 I n d A W 1 st pt 5 s . . . i il 9 3 8
P e o A E a s t 1 st co n 4 s . ..1 9 4 0
I n c o m e 4 s .................... 1990
O le v A M a r ie t t a N e t!P e n n R l t
O le v A P i t t s
P en n Co
C o l M id l a n d 1 s t g 4 s ........ 1947
C o lo r a d o <fc S o u 1 st g 4 s . ..1 9 2 9
R o t u n d A e x t 4 % s .........1935
F t W A D e n 0 1 s t g 6 s . .19 2 1
O o lu n i A G r e e n v
So R y
Col
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Col A To!
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Col C o n n A T e rm
N <S> W
0
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P a s U t v s 1 st g 4 8 .1 94 3
C u b a R l t 1 st 6 0 -y r 5 g -----1952 J - J
ak A G t So
O M A St P
a l ia s db W a c o
M K db T
D e l £ a c k db W e s t o r n —
M o r r i s db E s s e x l s t 7 s . . . 1014 M -N
1 st c o n s o l g u a r 7 s ...... 1916 J - D
R e g is t e r e d ................ 1915 J - D
1 st re f g u g 3 % s ......... 200U J - D
N Y L a c k db W 1 st O s . . .1921 J - J
C o u s t r u c t lo u 6 s ......... 1923 F - A
T e r m db i m p r o v o 4 s ___ 1923 M -N
W a r r e n 1 s t r e f g u g 3 ‘u s . 2 00 0 F - A
D e l db H u d 1 st P a D l v 7 s . l d l 7 M - S
R e g i s t e r e d ................... 1917 A l-S
1 0 - y r c o n v d e b 4 s ......... 1016 J - D
1 st lie u e q u ip g 4 Sis ....1 9 2 2 J - J
1 st dbref 4 s .....................1943 M -N
A l b db S u s c o n v 3 Sis...... 1046 A -O
R o n s db S a r a t o g a 1 st 7 s. 1921 M -N
D e l R iv R l t B rid g e
Pa R R
D o u v db R G r 1 st c o n g 48 .1 9 3 6
C o n s u l g o ld 4 S is . . . . . . . . . 1 9 3 6
im p r o v e m e n t g o ld 5 s . ..1 9 2 8
1 st * r o l u n d i n g 6 s ........1956
R io G r J u n o 1 s t g u g 6 8 .1 93 9
R io G r S o 1 s t g o ld 4 s. ..1 9 4 0 J
G u a r a n t e e d ................. 1940 J
R io G r W e s t 1 s t g 4 s ___ 1939 J
M g e an d col tru st 4 sA .1 9 4 0 A - 0
U t a h C e n t l s t g u g 4 s i»1917 A - 0
Des M oi
Ft D
11* b tL
D e s M o i U n R y 1 s t g 6 s . .1917
D o t db M a c k 1 st lie n g 4 s. 1996 J - D
G o ld 4 s ............................ 1996 J - D
D e t S o — O S D l v 1 st g 48.1941 M - S
D u l A Ir o n R a n g e 1 s t 5 s .. 1937
H e g is t o r e d ...................... 1937
2d O s............................... 1916 J - J
D u l S h o r t L in o
N o r 1’a c
J-J
D u l S o S h o r e db A t l g 6 s . .1 9 3
L 'O f i t o t M i m i
S t P M db M
l-la s t T e n V a
Ga
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E l g i n J o ld b E a s t 1 st g 5 s . 1941 M -N
E lm C u r t
No
Loti db N V
E r i e 1st c o n s o l g o ld 7 s ___ 1926 41-8
N Y db E r i e 1 st o x t g 4 s 1947 M -N
2d e x t g o ld 6 s .............. 1919 41-S
3d o x t g o ld 4 % s ........... 1923 M - S
4 th o x t g o ld 5 s ............. 1926 A - O
5 th o x t g o ld 4 s ............. 192b J - D
N Y £ E A W 1st g fd 7 8 .1 92 6 41-S
E r i c 1 st c o u g 4 s p r i o r . . 1996 J -J
R e g i s t e r e d ................ 1996 J -J
1 st c o n s o l g e n lie n g 4 s lU 9 c J -J
R e g i s t e r e d ................ 1996 J - J
P e n n c o ll tr g 4 s ........1901 F - A
5 0 -y e a r c o n v 4 i A . .. . 1 9 6 3 A - U
do
S e r ie s B . 19 63 A - 0
B u tt N Y A E r i c 1 st 7 s . . 1916 J - D
U lilc db E r ie 1 s t g o ld 6 s . . 1982 M -N
C le v db M a h o n V a l g 6 s.1 9 3 b J - J
L o n g D o c k c o n s o l g 6 s . .19 3 6 A - O
C o a l db H R 1 st c u r g u d s.1 9 2 2 M -N
D o c k db I m p 1 s t c u r 6 s . .19 1 3 J - J
N Y db G r e e n L g u g 6 s . 1946 M -N
N Y S u s db W 1 s t re t 6 s. 1937 J - J
2 d g o ld 4 % s ................. 1937 F - A
G e n e r a l g o ld 6 s ........... 1946 F - A
T e r m i n a l 1 st g o ld 6 s . ..1 9 4 3 M -N
M i d o f N J 1 st o x t 58 ..1 9 1 0 A 0
W lik d b E li 1 s t g u g o s . . . 1942 J - D
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U a o a n d E le c t r ic L ig h t
A t la n t a G L C o l s t g 5 s . ..1 9 47
B k l y n U G a s 1 st c o u g 6 s. 1946
BuU ttlo G a s l s t g O s......... 1047
U o lu w b u s G a s 1 st g 6 s ___1932
D e t r o it C i t y G a s g 6 s ........1928
D e t G a s C o co u 1 s t g O s...1 9 1 b
E q G L N Y 1 s t c o n g 5 s . .1932
G a s A E l e c B e r g C o C g 5 s. 1946
G r R a p G L C o 1 s t g o s . . . 1910
H u d s o n C o G a s 1 s t g 6 s . . 1949
K a u C i t y ( M o ) G a s l s t g 6 s 1922
K i n g s C o E l L A P g 6 s . . . 1037
P u r c h a s e m o n e y 0 s . . . . . .1007
E d E l 11 B k n 1 st co n g 4 s 1039
L a c U n s L o t S t L ls t g O s . e ld lu
» R e f a n d e x t 1 s t g 6 s ...... 1034
M il w a u k e e G a s £ 1 st 4 s .. 1027
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106**4

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110

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92 *9 93*9
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E r i e db P i t t a
Penn Co
Evans
T H 1 s t c o n s 6 8.1921 J - J
- .1 1 2 * 8 1 1 2 * 8
1 1 2 % ........1 1 2 % J a n ’ i l
1 s t g e n e r a l g o ld 5 s ........ 1842 A - O JOO'g 101
101
J a n ’l l
101
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M t V e r n o n 1 st g o ld 6 s .. 1923 A - 0 104*9 112
114
A p r ’05
05
.......
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F o r t S t U D C o 1 s t g 4 *9 S .1 9 4 l J - J
84
84*9 84 % J a n ’l l
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F t W A R i o G r 1 st g 4 s . . .1 9 2 8 J - J
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H o f 1 8 8 2 1 s t 5 s . 1913 A - 0
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G e o r g i a P a o it io
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96
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G t N o r — C B A Q c o l l t r 4 s 1921
95%
96
9538
06
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R e g is t e r e d . A .................1921
09
D e c ’ 10
98
S t P a u l M A M a u 4 s ___ 1933
126 % ....... 1 2 6 % J a n ' l l : : : : j i i v r 1 2 0 %
1 st o o u 8 o l g o ld O s ........1933
132 A p r ’ 00
R e g i s t e r e d ............... 1933
2 i ‘0’5 % i u t T *
1 06
106
R e d u c e d to g o ld 4*98 1933
105*8 l o o
1 0 8 % J ’n e ’09
R e g i s t e r e d ............ 1933
96
98%
98
98%
07
M o u t o x t 1 s t g o ld 4 s . .19 3 7
100*4 O c t ’06
R e g i s t e r e d ............... 1937
00% J a n ’l u
02%
E M m u N o r D l v l s t g 431948
111
D e c ’iu
114
U l u n U n io n 1 s t g 6 s .. 1922
127 J a n ’l l
127
127
127
M o u t C 1 s t g u g o s. ...1 9 3 7
136 *4 M a y '0 6
125
R e g i s t e r e d ............... 1937
1 1 2 % 1 13 % 112 * 9 D o o ' i u
1 s t g u a r g o ld 5 s ...... 1937
116 J ’n o ’oO
113
W i l l A S F 1 st g o ld 5 s 193 8
G r e o n b r le r R y
d ie s A O
9 1 % J a n ’l l
01% 91%
05
G u l f A S l l s t r e t A t g 6 s 619 52 J - J
au A S t J o
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102% 102%
1 0 1 % 1 0 2 % 102*4
193%
H o o k V a l l s t c o n s o lg 4 * 9 3 . 1 9 J
9 -9J
1 0 0 % S e p ’08
R e g i s t e r e d ..................... 1999 J - J
9 4 % 0 6 % 03 D e o ’ l u
C o l A H V 1 st e x t g 4 s . . 1948 A - O
00*4 b e O ’OO
90
C o l A T o l 1 st e x 4 s .......1955 F - A
H o u st E A W Tex
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H o u s B c l t A T e r m 1 st 5 s . 1037
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100
1 0 2 % 1 0 7 % A p : ’07
JL R e g i s t e r e d .................. 1951
91
D e o 'l o
89%
1 s t g o ld 3*98.................. 1951
94
S e p ’09
R e g i s t e r e d .................. 1951
87 % ....... 93*9 M a y ’U9
E x t e n d e d 1 st g 3 *93...... 1 9 5 l| A - 0
8
0
J
’l y ’09
1 st g o ld 3 s s t e r l i n g ........1 9 5 1 iM -S
98 J a n ’i l
98
03
97*9
C o ll T r u s t g o ld 4 s ......... 106 2 A - 0
09 J ’n e ’uo
06
____
R e g i s t e r e d .................. 1 9 5 2 A - 0
97
07
98
07*8 07*9 9 7 %
1 st r e f 4 s .......................1955 M - N
98% 98%
98
0 8 % 98 % J a n ’l l
L N O A T e x g o ld 4 s . . . 1 9 5 3 !M -N
0 4 % J a n 11
9 4 % 94*4
06
....
R e g i s t e r e d .................. 1963 M -N
96
J
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90
90
95
100
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8 7 *8 M u y ’i o
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L o u i s v D i v A T e r m g 3 *9 3 .1 9 6 3 J - J
123 A la y ’90
102
....
M id d l e D i v r e g 6 s ......... 1921 F - A
773< M a r ’lu
74 . . . .
O m a h a D l v 1 st g 3 s ...... 1951 F - A
75*9 J a n ’l l
76% 76%
75
...
S t L o u is D iv A t e r u i g 3 s-1 9 6 1 J - J
R e g i s t e r o u ................... 1951 J - J
7 3 *s .
89
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85
G o ld 3 *as.................... 1951 J - J
89
101 % G e t ’99
R e g i s t e r e d ................ 1051 J - J
100
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8/
...
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06*9 ...
117 % M a y ’ 10
R o ll o v A C a r 1 st 6 s ...... 1923 J - D 117
...
6 5 % G e t ’10
94
...
C a r b A S l ia w 1 s t g 4 s . -.1 9 3 2 M - S
D e c ’ iu
C h i c S t L A N O g 6 s . . .19 5 1 J - D 1 1 6 % 116*9 115
11a
M a r 'i o
111
116
R e g i s t e r e d ................... 1051 J - D
00
G e t ’09
8 1 % . .. .
G o ld 3 % a ...................... 1051 J - D
9 / % M a r ’i o
93
....
M o w p l i D i v 1 s t g 4 s . . . 1061 J - D
9 a J ’l y ’08
0 5 % ....
S t L S o u 1 s t g u g 4 s ___ 1031 M - S
Im l B l A W e st
C A St L
96%
96*4
96% 90%
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9 6 % ......
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L n t A G r e a t N o r l s t g 0 s . . l U 1 0 M-N 107 *9 108
2 d g o ld o s ....................... 1000 M - S
106
...... 110 M a y ’10
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s a l6 107
15 N o v ’ 10
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14*8 15
103 103
I o w a C e n t r a l 1 st g o ld 6 s . .1 0 3 8 J - D ........102*9 103 J a u ’ l l
68
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05
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101
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105% ,
R e g i s t e r e d ...................... 10 4 0 J - J
1 0 4 % J a u ’l l
104% 1 04 %
104% .
L e h i g h V a l ( P a ) C0113 g I s . 2003 M -N
9 4 % D e c 'i o
L o h V T e r R y 1 s t g u g 5 s . 1941 A - O
114
114
1 1 4 % 114
1 1 3 % 114
R e g i s t e r e d ...................... 1941 A - O
1 1 1 % 1 1 3 % 1 0 9 % O c t ’99
L e h V C o a l C o 1 s t g u g o s . 1933 J - J
108 N o v ’OO
1 6 7 % ..
L o ll A N Y 1 s t g u a r g 4 s . .1 9 4 5 M - S
9334 M a r ’10
93
..
R e g i s t e r e d ...................... 1045 M - S
E l C A N 1 st p t 6 s ...... 1914 A - 0
1 0 1 % F c b ’10
102
.
1 0 1 % S e p '0 9
G o ld g u a r 6 s ................ 1914 A - 0
100%.
L^h A H u d R
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L o U A W ilk e a b Nee c e n t o f N J
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L o n g I s l ’d — 1 st co u g 5 S.A 1 9 3 1 Q - J
1 1 2 % J a n ’l l
112 % 1 1 2 %
109%
1 st c o n s o l g o ld 4 s ........E 1 9 3 1
96
G e n e r a l g o ld 4 s ...............1938
9 0 % J a n ’l l .... 9 0 % 9 0 %
90
B6
F e r r y g o ld 4*98.............. 192 2 M - S
9 8 % J a n ’l l .
0 8 % 100
G o ld 4 s ............................1932 J - D
9 9 % O c t ’00 ,
91
07
U u ll le d g o ld 4 s ..............1 0 4 9 'M - S
94%
0 4% ;
8 94% 05%
0 4 % S a le
1 0 4 % D e c ’Oal
D e b e n t u r e g o l d 6 s .........1 9 3 4 1 J - D *1 0 3
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BO N DS
N. Y. S T O C K E X C H A N G E
W k b k E n d i n g J a n 27

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BONDS
N . Y. S T O C K E X C H A N G E
WKK.K E N D IN G J A N 27

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N Y G E G H A P g 6 s . ..1 9 4 8
P u r c h a s e m o n e y g 4 s . ..1 9 4 9
E d E l i l l 1 s t c o n s g o s . .1 9 9 5
N Y A C J E 1 L A P ls t c o n g 5 s l9 3 U
N Y A R i c h G a s 1 s t g 6 s . 1921
i’ a c llio G A E le o C o C a l G A E
C o r p u n i f y i n g A r e l o s 1937
P e o G a s A c 1 s t c o u g O s . 1943
R o l u n d i n g g o ld o s ......... 1947
C U G - R A C k e l s t g u g S a 1937
C o n G C o o£ C h 1 s t g u g 5 s . ’36
I n d N a t G a s A O i l 3 0 -y v 5 s ’36
M u F u e lG a s Is t g u g 6 s . l 9 4 7
P h ila d e lp h ia C o c o u v 6a ..1 9 1 9
S y r a c u s e L i g h t i n g 1 st g 5 s , ’51
T r e n t o n G A E l 1 s t g 6 s . . l 9 4 ‘.
U n i o n E le c L A P I s t g 6 s . l 0 3 2
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s Option Sale

New York Bond Record—Continued—Page 3

348
BO N D S
N. Y. ST O C K E X C H A N G E
W e e k e n d i n g J a n 27

(C on)

L o n g Is la n d —
G u a r r e f g o ld 4 s ............. 1949 M - S
B k l y n * M o n t 1 s t g O s . . 1911 M - S
1 s t 5 s ............................ 1911 M - S
N ¥ B * M B 1 st c o n g 5 s 1 935 A - O
N Y' * B B 1 st g 5 s ...... 1927 M - S
N o r S U B 1 s t c o n g g u o s o l9 3 2 Q -J
L o u i s i a n a * A r k 1 s t g 5 s . 1927 M - S
L o u i s v * N a s l i v g e n g 0 s . l9 3 U J - D
G o ld 5 s ............................ 1937 M -N
U n if ie d g o ld 4 s .............. 1910 J - J
ii e g i s t e r e d ................... 1940 J - J
S i n k l u n d g o ld O s...........1910 A - 0
C o ll t r u s t g o ld o s ........... 1931 M -N
E H & N a s h 1 st g O s . . . .19 1 9 J - D
L G in * L e x g o ld 4 4 s . . .19 3 1 M -N
N O * M 1 s t g o ld O s___ 1930 J . J
N O * M 2 d g o ld O s...... 1930 J - J
P e n s a c o la D i v g o ld Os. ..1 9 2 0 M - S
S t L D i v 1 st g o ld O s...... 1921 M - S
2 d g o ld 3 s .................... 198 0 M - S
A t l K n o x * C m d i v 4 s . .19 5 5 M - N
A t! K n o x * N o r ls t g o s l9 4 0 J -D
H e n d e r B d g e 1 st s I g Os. 1931 M - S
K o n t u c k y C e n t g o ld 4 s . . 1987 J - J
L * N & M * M 1 s t g 4 4 s 1945 M - S
Life N - S o u t h M jo in t 4 s . 1952 J - J
N F i a * a 1 s t g n g o s . . . 1937 F - A
N & C B d g e g e n g u g 4 4 s 194? J - J
P e n s * A t l 1 s t g u g O s . .19 2 1 F - A
8 & N A l a c o n g u g 5 s .. 1930 F - A
L * J e ll B d g e C o g u g 4 s . . 1945 M - S
L N A * CU
C 1A L
a h o n CoaL
L S * M S
a n h a t t a u U y c o u s o l4 s . l 9 9 0 A - 0
B e g l s t e r e d ................ 1990 A -O
S t m p d t a x e x e m p t . . 1090 A - 0
M c K ’p t * B V
N Y Cent
M o x C e n t c o n s g 4 s ......... 1911 J - J
1 st c o n s i n o g 3 s ........a l 9 3 9 J ’ly
2d c o u s m o g 3 s t ru s t re c ts..
M o x i n t e r n a l 1 s t c o n g 4 s. 1977 M - S
S t a m p e d g u a r a n t e e d ___ 1977 M - S
A le x N o r t h 1 s t g o ld O s . ...1 9 1 0 J
M id i Cent
N Y Cent
M id o l N J
E r ie
M i l L S & VV
C h ic * N W
M U A N o rth
O il M A S t P
M i n n A S t L 1 s t g o ld 7 s . . 1927 J - D
P a o iiio E x 1 s t g o ld O s ...1 9 2 1 A - 0
S o u t h W e s t E x 1 s t g 7 s. 1910 J - D
1 s t c o n s o l g o ld 5 s ...........1931 M -N
1 s t a n d r e f u n d g o ld 4 s . .1 9 4 9 M - S
l i e s M * F t D 1 s t g u 4 s . . . ’35 J - J
M ln n A S t L g u
B 0 it A N
M S t P A S S A l c o n g 4 in t g u ’38 J - J
M 8 S M A A 1 st g 4 ln t g u 1920 J - J
M in n U u
S t P A1 A M
M o K a n A T e x 1 st g 4 s . ..1 9 9 0 J - D
2 d g o ld 4 s ......................pi.090 F - A
1 st e x t g o ld 5 s ................1944 M -N
1 s t A r e f u n d 4 s .............. 200 4 M - S
G e n s f 4*128................. 1930 J - J
S t L D i v 1 s t r e f g 4 s ___2001 A - 0
D a l A W a 1 s t g u g 6 s . ..1 9 4 0 M -N
K a n C A P a o 1 s t g 4 s. ..1 9 9 0 F - A
M o K A E 1 st g u g 5 a . ..1 9 4 2 A - 0
M K A O k 1 st g u 6 s ...... 1942 M -N
M K A T o t T Is t g u g 5 s . l9 4 2 M -S
S l ie r S h A S o 1 s t g u g 5 s. 1943 J -D
T e x A O k l a 1 st g u g 5 s . . .19 4 3 M - S
M o P a c if ic 1 st c o n g O s ... 1 9 2 0 M -N
T r u s t g o ld 5 s s t a m p e d . a l9 1 7 M - S
I i e g i s t e r e d ................a l 9 1 7 M - S
I s t c o U g o ld 6 s ................ 1920 F - A
4 0 -y e a r g o ld lo a n 4 s ...... 1945 M - S
3 d 7 s e x t d a t 4 % ............. 1938 M -N
1 s t A r e f c o n v 5 s ...........1959 M S
C e n t B r B y 1 s t g u g 4 s . 1 9 19 l: - A
C e u B r a n c h U P 1 s t g 4 s . 1948 J - D
L e r o y A C V A L i s t g 5 s 192 0 J - J
P a o B o f M o 1 s t e x g 4 s. 1938 F - A
2 d e x te n d e d g o ld 5 s . ..1 9 3 8 J - J
S t L I r M A S g e n c o u g 5 s l9 3 1 A -O
G e n co n sta m p g t d g o s 1 9 3 1 A -O
U n i ll e d A r e f g o ld 4 s . .19 2 9 J - J
l t i v A G D i v 1 s t g 4 s . . 1933 M -N
V e r d i V X A W l s t g 5 s . 1920 M - S
M o b J A K C i s t c o n s g 5 s . l9 5 3 J - J
M o b A O h io n o w g o ld O s ..1927 J - D
1 st e x t e n s io n g o ld 0 s . . / il9 2 7 y - J
' G e n e r a l g o ld 4 s ............. 1 9 3 s M - S
M o n t g o n i D i v 1 s t g 6 s . .19 4 7 F - A
S t L A C a ir o co U g 4 s . . e l9 3 0
G u a r a n t e e d g 4 s ......... 1931
M A C c o ll 4 s
S o u th e rn
M ohaw k A M a i
Y 0 A li
M o n o u g a h o la B l v
B A O
M ont Cent
St P M A M
M o r g a n ’s L a A T
S P Co
M o r r is A E s s e x
D e l L & V\
a s h C h a t A S t L 1 s t 7 s . 1913 J - J
1 s t c o n s o l g o ld 6 s ........1928 A - O
J a s p e r B r a n c h 1 s t g Os. .19 2 3 J .J
M o M M W A A 1 1 s t O s . . 1917 J - J
T A P B r a n c h 1 st O s___ 1917 J - J
N a sh F lo r A Sh o t
L A N
N a t B y s o f M e x p r 1 4 4 s 1957 J - J
G u a r g e n 4 s ....................1977 A - O
N a t o f M o x p r io r lie n 4 4 s . 1926 J - J
1 s t c o n s o l 4 s ................... 1951 A O
New H A D
N Y N H A H
N J Juno B B
N Y Cent
N Y B k ln A M a n B c h
L 1
N Y C e n t A 11 B i v g 3 4 s . l 9 9 7 J . J
B e g l s t e r o d ................... 1997 J - J
D e h e n g 4 s .................... 1934 M -N
L a k e S h o r e c o l l g 3 4 a . . . 1998 F - A
B e g l s t e r e d ................... 199 8 F - A

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p a o C o a s t C o 1 s t g 5 s ___ 19A0
A ao of M i s s o u r i
M o Pao
P e n n l i l t 1 st real est g 4 8 .1 0 2 3 ,C o n s o l g o ld 6 s ............... 1 91 0 MC o n s o l g o ld A s ............... 1 94 3 M
C o n v e r t ib le g 3 4 s .........1 9 1 2 'M
C o n v e r t ib le g 3 4 a .........1916! J
C o n s o l g o ld 4 s ............. 1 94 8 M
A L lo g V a l g e u g u g A s . . . 1942 M
D it I t i t * B g e l s t g u A s g . ’30 F
P h i l a B a l * W 1 s t g A s . .1 9 4 3 M
S o d B a y * S o 1 s t g 6 s . . .1 9 2 1 J
U N J B B * C a u g e n I s . 194 4 M
P e n u C o — G u a r l s t g 4 4 8 .1 9 2 1 J
B e g i s t e r e d .................. 1921 J
G u fti 3 4 a c o ll t r u s t r e g . 1937 M
G u a r 3 4 « c o ll tr se r B .. . 1 U 4 1 F
T r C o c e r t it ’s g u g 3 4 3 . 1 9 1 0 M
G u 3 4 s t r c t f s C ............ 1912 J
G u 3 4 a t r c t f s D ............. 1 9 4 4 'j '

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93**» S a le
934
1 1 0 4 ......
110
...... 10*9
100
...... 100
122 4 ...... 130 4
120
......
107
......
H O 4
109*4 H o
108 4 ...... 110
00
97
99
08
93
......
00
8 0 4 90
87
8 8 4 87
dl*»« 92
92

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99 4
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91
8 00°8 91
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5 101
1014
1014
1 0 1 4 s u i * 1101
4 9 9 4 100 4
100 4
100 100 4 100

90*4 S a le

134*4 S a le

......
112
1 0 1 * 4 ......
90

S a le

1 0 0 4 103
1 2 4 * 4 ...... .
1 2 4 4 ------123
125
98*4 sa le
02*4 93 4
1 0 0 4 Sa le
88
90 4
104
........
UB4 9 74

134*4 1944
09 4
112
4 Octosjai
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107 A u g ’09

133 4 1 3 4 4
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1 26
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93
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894
105
97 4

96

90

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1034103 4
D e o ’lO
i l a r ’l u
125
120
125
99*4 2U 9 o 4 99 4
98
J a n ’11 .....
98
J a n ’l l
924 934
1 0 0 4 iv 2 i 190 4 1 0 8 4
9 0 4 15 8 8 4 90 4
N o v ’i o
2 90 4 97 4
U7 4

1004
1 0 0 4 S a le 100
99
9 8 4 9 9 4 99
7 0 47 0 4 S a le
Vo 4
D e o ’ lO
........ 7 0 4 7 0
0
0
J
a
n
’11
90
........
00
F o b ’10

85
1
25

994100 4
9 8 4 99
70 4 7 0 4
90

90

1104 1164

H 0 4 ........H 0 4 * r a l1 ’11
........ 1 1 5 4 1 1 /
F o b 10
1 0 0 4 ........110 J ’u e ’l o

1024.......102 Deo’lo

* 0 2 4 ........! 9 0 4 A p r ’ l o
91
........* 9 2 4 N o v ’l o
111
........ 1 1 1 4 D e o ’i o

108

1034
934
904
1034

S a le

108

108

2 1 0 6 4 108

103
102 A u g ’10 ,
110
i o 9 4 J a u ’09
........103**8 D e o ’ 10 . . . . ...................
984 984
'JS4| 12 9 8 4 9 9 4
-Sale ! 9 0 4
00 4 149 b 0 ‘» 00 4
1 04
103 4
1 0 A 4 1 0 103 4 1 0 A 4
1004 1004
1094
2 1004 1904

"9 A 4
1014
100

1014
102
103 4
1044 1044
10A
1034
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90
87
90 | 8 9 4
88
97 4 9 3 4 07
87
8 7 4 89
01

D o o ’ lU
J a n ’03
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10341044
J a n ’ 11
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A u g ' 10
D e o ’ lO
J a n ’l l ’. . . . 97
97
A u g ’i o 1. . . . . . . .
D e o ’0 9 . . . . ' ___

B O N D S — C o n t i n u e d 011 N e x t P a g e

"3 3 i '0 3 4 1 0 4 4
1 0 5 4 105 4
" i 1044 1054
3

95 4

78

*9*8^8 ■
9 8 3a
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80 4 .

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100 102
......
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-A
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-J
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M
F
M
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u w VV-- V.UUY u a . . it i 1*0 J
C o u v d e b e n 3 4 s ........... 195 0 J
H o u s a t o n ic B c o n g 5 s . .1 9 3 7 MN H * D e r b y c o n c y 6 s. 191 8 M
N Y * N o rth
N Y C * H
45 97 4 98
N Y O * W ret l s t g 4a..*/10 02 M5 83 4 85
B e g i s 8 5 ,0 0 0 o n l y ........</l992 M19141014 N Y * Put
N Y C * H
‘ 20 7 9 4 80
N Y * B B
L o n g is la n d
9 8 6 4 80*11 N Y S * W
E r ie
N ¥ Tex * M
80 P a o Co
N o r * S o u t h 1 st g 5 s ........1941 M
90 4 9 o V N o r f * W e s t g e n g O s...... 1931 M
1 1 0 4 H O i,
I m p r o v e m ’t * e x t g O s . . 193 4 F
.107 107
N e w B l v o r l s t g O s...... 1932 A
::: 1 0 2 4 103
N * W B y 1 st co u g 4 S .1 9 9 0 1AB o g i s t e r e d ................... 109 0 A
1 105
i ’u5
D i v ’l 1 s t 1 * g e n g A s... 1 9A A !J ■
8 109
1094
19-25 y e a r c o u v 4 s . . . . 1932 J2 10 0 4 10 1
P o c a li C * C J o m t 4 s . . l 9 4 1 l J ■
C C * T 1 s t g u g 5 s ........19 ‘2 ‘j J 2 100 4 1 1 ) 1 4
S c i o V & N E 1 s t g u g A s 1939 M69 70 4 7 / 4
N o r t h Illin o is
Chi * N W
N o r t h O h io
L E r ie * W
33 9 1 4 93
N o r P a o — P r i o r h e n g A s . .19 9 7 Q
3 92
92 4
B e g l s t e r e d ...................iy<J7 <J.
G e n e r a l lie n g o ld 3 s ___ a 2 0 1 7 QB e g i s t e r e d ................a 2 0 A 7
984 984
S t P a u l - D u l D i v g As
1990 J •
D u l s h o r t L 1 st g u o s . . 1 9 10 i l
32 100 4 1 9 7
O B * (4 c o il tr A s
u t N or;
S t P & N P g e u g O s___1923 F
4 83 4 85
B o g is t e r e iT c e r t iflc ’s . . l 9 2 3 Q
17 84 4 85
S t P a u l & D u l 1 s t 5 s ___ 1 9 3 1 IF '
2 d 6 s ............................ 1017 A
1 st c o n s o l g o ld A s ........1 0 0 8 1 J
7 12 0 4 12 2
W a s h C e n t 1 st g A s ........1 9A 8 1Q
1 1 5 4 1 1 5 4 N o r P a o T e r C o 1 s t g O s ..1 9 3 3 J
80 4 8 0 4 N o r B y C a l
So Pao
N o r W is
C S t P Al * O
N or * M ont
N ¥ Cent
lu d & W
C O C * St L
h lo B i v B B
B a lt * o
5

90

♦ N o p r ic e F r id a y ; la t e a t b lii a n d a sk e d , a D u e J a n




130

884
8 9 4 232 8 9 4 90
89
J a n ’l l . . . .
88
894
. v* 993344 94
94
934
9w3 4 „
1 1v 1
Dm
m80*4
is* iu69
i
o80
n
wnn.
80*4
804
79 I 11 7 8 4 79
784

9 0 4 ......
92 4 ......
0 7 4 ......
774

094

(C on)

N Y Cent * H B —
M i d i C e n t c o ll g 3 4 a ___ 1998
B e g l s t e r e d ................... 1998
B e e c h C r e e k 1 s t g u g 4 s . 1930
B e g l s t e r e d ................... 1930
2 d g u g o ld 6 s .............. 1930
B e e c h C r E x t 1 s t g 3 4 s 61**6]
C a r t * A d 1 s t g u g 4 s . ..1 9 81
G o u v & O s w o l s t g u g S s 1942
M o l l & M a i 1 s t g u g 4 s . .1991
N J J u n o B g u 1 s t 4 s .. . 1980
N X * H a r l e m g 3 4 s . . . 200 0
N Y * N o r t h 1 s t g 5 s . ..1 9 2 7
N Y * P u 1 st eo n g u g 4 s 1993
N o r * M o n t 1 s t g u g 5 s. 1910
P i n e C r e e k r e g g u a r Os. 1932
B W * O c o n ls t e x t5 8 .A 1 9 2 2
O s w e * B 2 d g u g 5 s . . . e l9 1 5
B W * O T B 1 s t g u g 5 s. 1918
B u t l a n d 1 s t c o n g 4 4 s . . 1941
O g * L C l i a m l s t g u 4 s g l9 4 8
B u t - C a n a d 1 s t g u g 43 .1 9 4 9
S t L a w * A d l r l s t g 5 s . 1990
2 d g o ld O s.....................1990
U t i c a * B l k B l v g u g 4 s . 1922
L a k e S h o r e g o ld 3 4 s ___ 1997
B o g i s t e r e d ................ 1997
D e b e n t u r e g 4 s ............1928
2 5 -y o a r g 4 s ................ 1931
K a A * G I t 1 s t g u o 5 s . 193 8
M a h o n O ’l B B 1 s t 5 s . . 1934
P i t t s * L E r ie 2 d g 5 s.« 1 9 2 8
P i t t s M o K * Y 1 s t g u O s . 1932
2 d g u a r d s .................... 1934
M c K e e s * B V l s t g Os 191 8
M i c h C e n t o s ...................1931
B e g l s t e r e d ................ 1931
4 s ..................................1 94 9
B e g l s t e r o d ................1 94 0
J L * S 1 s t g 3 4 s .......1951
l s t g 3 4 s .................... 1952
2 0 -y e a r d e b 4 s ............. l y n y
B a t C * S t a r l s t g u g 3 s . 198 9
N Y O h i o * S t L 1 st g 4 s 1937
B o g i s t e r e d ...................1 9 3 7
D e b e n t u r e s 4 s .............1931
W e s t S h o r e 1 s t A s g u . . . 2301
B e g l s t e r e d ...................230 1
N Y * G re e u w L a k e
E r ie

R ange
S ince
J a n u a ry 1
Low Jn g/i

tr ic e
Week’s
R ange or
F rid a y
L a st sa le
J a n 27
A sk Low H ii/ti
ilia

BO NDS
N. Y. S T O C K E X C H A N G E
W e e k E n d i n g J a n 27

1 0 7 4 107 4
74
74

iU D s C E L l. V N IiO U S
C o a l n m l Ir o n
B a K A S u s q I r o n s t o s . ...1 9 3 2
D e b e n t u r e 5 s ............ 1920
3 ol D * 1 C o g e n s t g 5 s .. 1043
C o n v e r t ib le d e b g 6 s . . . . 1 9 1 1
o o l l n d n l s t * c o ll 5 s g u ., 1 0 3 4
3 o n t in t a l c l e t s t g u 5 s g . l 9 52
a r B l v C oal * 0 1 s t g Os.. 1 9 1 9
Teff
C le a r C & 1 1 s t g 5 s. 1920
K a n * H C * c 1st s t g S s . lO o l
fo c a l* C o n C o llie r 1 st a f 5 s . ’ 5 7
S U p d a y C r e o k C'o g 6 s ___1944
C o n n c o a l g e n 5 s ........ ".".1051
’ T e n n D i v l s t g O s ...... 0 1 0 1 7
B l r u i D i v l a t c o n s o l O s ..1917
C a li O M C o 1 st g u g 0 8.1922
D e B a r C & 1 C o g u g O s .1910
f l o t o r F u e l 1 s t s t o s ........1953
f a l r o n C o a l & C o l s t g 5 s . 1049

904

N o v ’lO
A llt j ’l o

074
o s ^ d a n ’ie

109

....

9

0 9 *4 ,
77
79
100

TVo
10

R ange
Since
J a n u a ry
Low Higtx,

[V O L . L X X X X 1I.

8 7*.
90

Jlnnulncturing <V Industrial
A l li s - C l ia lm e r s 1 st 5 s ...... 1 9 3 0
A m A g G h e n t 1 st c 5 s ...... 1928
A m C o t O U e x t 4 4 a ......... 1915
A m H i d e * L 1 st s t g O s . . 1919
A m e r I c e S e c u r d e b g 6 s.. 1925
A m S p i r i t s M f g 1 s t g O s . . 1915
A m T h r e a d l& t c o l t r A s . .1 9 1 9
A m T o b a c c o 4 0 -y r g O s___ 19 4 4
4 a.................................... ..
B e th S t e e l l a t e x t a t 5 s .. 1920
J e u t L e a t h e r 2 0 -y e a r g 58.1926
C o n s o l T o b a c c o g 4 s ......... 1 9 5 1
C o r u P r o d B c f a f g 6 s . . . . 1931
1 st 2 5 - y e a r s t 5 s ............. 1934
C u b a n - A m e r S u g a r c o ll t r Oa ’18
D i s t i l s e o C o r c o n v 1 s t g 5 s . '2 7
E I d u P o n t P o w d e r 4 4 s . . 1930

fr D n e i< ’ol> e D u e .\Iajr f / D u e . j ’no

h Duo

U y A;Due

aujc

o

J -J
S a le
77
764
A -O
1 0 2 4 S a le 1 0 2 4
974
4 -F
9 7 4 98
M -S
98 4
9 8 4 S a le
A -0
0 0 4 Sale
004
100
101
M -S
HU
J -J
92 4
934
A -O
103 4 S a le I 0 o 4
F -A
83 4
8 3 4 S a le
*J
88
So lb
87 4
A -0
994
OiiOs S a le
834
F -A
8 3 4 S a le
9 0 4 00
M -N
90
M -N
9 0 4 S a le
904
A -O
05
904 9 04
A -0
77
7 7 4 S a le
J -D
8 3 4 S a le
83 4
D a e Oot u D u e N o v

J

16
77
1 0 2 4 2b
98
12
9 8 4 13
00 4 13
J a u ’ 11
I a n ’l l
1 0 5 4 120
83 4 341
88
29
9 9 4 102
1
834
J a n ’l l
9 0 4 30
J a n ’ 11 __
7 7 4 65
8 3 4 19
D a e Deo

q

704
102
97 4
904
06
100
024
IU 4 4
794
804
994
814
90
964
tutu

/F la t

77
102*^
98
084
004
101
93
1004
844
884
100
834
97
OO**
»7

J an . 28 1911.1

249

New York Bond Record—Concluded—Page 4

BO N D S
Price
Week's
Range
3 Range
\Veek?s
N. Y. STOCK E X C H A N G E
bY idav
Range or ® © | Since
g I Since
Range or
J a n 27
Last Bale
J a n u a ry l
| J a n u a ry 1
W eek E nding J an 27
Last Bale
asic Low
JJigfi No Loto JiifffV
Low H igh N o Low H igh 8 0 Pac R H 1st ref 4 s............1955 J - J B id95 4 Sale
P e n n s y l v a n i a C o —(C on )
Nld
1 95
965% 413 94*3 OO3*
G u a r 16-26 y e a r g 4 s . ...1 9 3 1 A O
98*4 8 3 4 9 8 4 Ja n ’l l __ ;| us** 93%
107%
bale
S
o
u
th
ern
—1st
con
g
o
s___
1994;
J
•
J
107
aa
108 26 107*3 108
110
J
a
n
’05
C l A A l a r 1 s t g u g 4 ‘a s . . 1935 M - N 1 01 4
R egistered.........................1094 J - J
110 M ay’0 9 ...............................
110% Ja n ’09
C l A P g e n g u g 4 4 e s o r A . '4 2 J - J
1064
”7*7'4
Sal’s
*
|
D evelop A gen 4s Ser A . 1956] A-0
77
77*3361 76 77*3
109% J ’ly ’09
10b
S e r ie s B ....................... 194 2 A - o
87*4 8 8 *3 ' 87
M ob A Ohio coll tr g 4 s ..l9 3 S M-S 107
87*3 9 86 87*a
96 A ug’09
S e r i e s C 3 *a s................ 194 8 M -N
90
108 Sep ’io
......................
M em B iv 1st. g 4*3-5s... 1996 J - J 86*3 110
90 M ay’08
S e n e s D 3 4 s ................ 1950
8
8
|
S
t
L
ouis
div
1st
g
4
s
..
.
.
1951
’
*
87*4 J a n ’ l l ...J j 86*3 87*4
92%
N
ov’l
0
E r i e A P i t t s g u g 3 4 s B . 1940
107*4..........
11077%Nov ’ 1 0 ....'I ......................
A
la
Oen
K
1st
g
6
s...........1918
98%
A
p
r’04
S e r ie s C ....................... 1940
89*3 90 ‘3 93 N ov’lO ...............................
0 * 1 4 Oct ’09
A tl A B anv 1 st g 4 s........1948
102 lo o 4 1101
G r U A I o x 1 s t g u g 4 4 s 1941
82*4 82V 82*3 Cot ’10 ...J l ......................
n ’l l ....1 0 4 104
2d 4 s ...................................1948
103*4
— 104*4 JNaov’10
P i t t s F t W A O 1 s t 7 s . ..1 9 1 2
8 0 * 2 ......... i
A
tl
A
Yad
1st
g
gu
ar
4s.
1949
103%
...
2 d 7 e ............................ .1912
106*3.......... 106*3 N ov’lO
Col A G reeny 1 st 6s.........1916
103Hi. .. 107 Oct ’08
3 d 7 s .......................... A 1 9 12
107*2 100 | 110 i'e b ’lu
E T Va A G a B iv g o s.. 1930
107 ... 109 May* 10
P i t t s Y A A s h 1 s t c o n 6 s . 1927
1 1 0 % sale 11 m
110 V
8 1097*11034
Con 1st gold 6s..............1956
107*8 107*8
P C C & S t B g u 4 4 s A . . . 194 0
1013* ......... 105*3 J a n ’l l .. 105*3 105**
10 74 108 107% Ja n ’l l . . . . 107 107% E T en reo r lien g 6 s........1938
S e r i e s B g u a r .............. 1942
N
ov’uO
.
.
.
.
65
.........
67
I
1
0
7
4
Dee*
10
G
a
M
idland
1
st
3s............1946
1
0
7
4
..........
S e r i e s U g u a r .............. 1942
113
1114 J a n ’l l ___
Ga P ao Uy 1 st g 6 s...........1922
98 ' ......... 9 8 % B eo' 10
S e r ie s 1) 4 s g u a r ......... 1940
1 16*4......... 116 N ov’lu 1___i
K nox A Ohio 1 st g 6 s ...1925
93 93
0 1 % .......... 93 J a n ’l l
S e r ie s E 3 4 g u a r g . . . , 1 9 4 9
105*3
. .. . . . i105*3 N ov’lO ___
Mob A B ir p rior lien g 5s 1945
a e r io s F 4 s g u a r ........1963
......................
82 N ov’08 ....!
M ortgage gold 4s...........1945
112 .......... i 13 J a n 'l l . ... 113 i l 3
C S t L A P 1 s t c o n g 6 8.1 93 2
105*3 106 105«b J a n ’l l .... io s o a io e ^
R ich A D an con g 6a___1915
P e n s a c o la A A t l Bee L A A 'a s h
IOI^ b .........! 10534 N ov’lO ---D eb 5s stam ped.............. 1927
P e o A E a s t Bee O (J C & 8 t L
71 .......... 75 Oct ’0 8 ___
Bich. A M eek 1st g 4 s ...1948
109 .......... 1 1 2 F o b’10
P e o A P e k U u 1 s t g 6 s ___ 1921
103*8.......... 1
B cc ’ 1 0 .... ___
9 0 4 97 9 3 4 J a n ’l l .... 03 4 93 4 So C ar A Ga 1st g 5 s ....1 919
2 d g o ld 4 4 s .................. 61921
l0 5 a4 ...........!103*3
112 Oct ’0 6 ___'I___
.......... 07 6 9 4 B e o ’io
V irginia M id ser C 6 s ... 1916
F e r e M a r q u e t t e — U e f 4 s .. 1955
103"*a.........
B
e c ’0 6 '. . . . ___
100%
1014
100%
Ja
n
’l
l
108*2
Series
B
4-5s..................1921
.
...'
10034
100%
C li A W M 6 s ................. 1921
1U53* .......... 107a4 D ec’U J___1____
Series E 5s........................1926
1 1 0 4 .......... 110 J a n ’l l ___‘|I 1 0
110
F l i n t A P M g 6 s ............. 1920
107
1107 J a n ’l l . .. . lu7
G eneral 5a........................1936
101 102% 1024 iU 3 4 1 0 1 0 1 4 1 0 2 4
1 s t c o n s o l g o ld 5 s ........ 1939
106 *g........ 105 *g N ut 1 0 '....!!___
G uar stam ped............1936
..........106 102 D ec ’ 1 0
P t H u r o n D i v 1 s t g 5 s . 1939
86**........ 91 F e b '10
W O A W 1st cy gu 4 s ..1924
S a g T u s A 11 l s t g u g 4 8.1 93 1
104*3........
106
W
est
N
C
1
st
con
g
6
s
..1914
105 105
P h il B A W
Bee P e n n U K
S
A
N
A
la
Bee
L
A
N
86
89
P h i li p p in e l t y 1 st 3 0 -y r s 148*37 J • J
10 2 4 1 0 4
Spokane In te rn a l 1st g 5s 1955
102 102%
P itt s C m A S t L See P e n n Co
1U5 *s 106 104 *4 O ct ’10
ot S t L 1 st g 4 4 s ..1939
P i t t s C l e v e A T o l Bee B A G
l l l * a ........ 1 10 *8 Doo’10
1G'e1stenr Acon
gold 5 s ....1894-1944
P i t t s F t W A C l i Bee P e n n C o
98 B e c ’lO1
..........100
refun d s I g a s ..........1953
P itt s M o K e e s A Y S e e N X Con
107*3 109 109 N
1121, 112V,
112*3112*3 S t L M B ge T er gu g 5s. 1930
112*9 .
P i t t s S h A L E 1 s t g 6 a . . . 1940
Tox
A
N
O
Bee
So
Pao
Co
US’s J ’J r ’97
1 s t c o n s o l g o ld 5 s ........... 1943
1105% 111 *4 111*8 J a n ’l l 1..... 11 1 4 111%
T o x A P a o 1st gold 6s........2000
P i t t s A W e s t Bee B A O
.......... 80 I 70 ja a r’iO!.
08*4 Sale 08
081* 74 9 7 4 08*4 2d gold ino os....................o2 0 0 0
l j e a d ln g C o g e n g 4 s ...... 1997
98°8......... '1U3 Sep ’09 .
98
N
ov’10
L a B iv B L 1st g 5 s........1931
07% 98*4
I V R e g i s t e r e d ................... 1997
......................106*3 N ov’041. |
W M in W A N W ls t g u 5 s ’JO
.......... 97 9 7 J a n ’l l
9 7 4 *97*3
J e r s e y C e n t c o ll g 4 s . ..1 9 5 1
10834
109 V 109 109
iu 9 n o '»
Tol
A
O
C
1st
g
5
s...............
1935
tte n sse iu e r A S a r Bee D A 1J
103»4.........!ll2 S e p ’09].
W estern B iv 1 st g 5 s ... 1935
U ic li A B a n Bee S o u t h U y
101
'102
103*3
102 103 4
G eneral goLd Ds................. 1935
B ic h A A le c k Bee S o u t lie r n
90*8 ......... 90 J a n ’l l
90 91
K an A M 1 st g u g 4 s___1990
B io G r W e s t See B e n A R i o Gx
90 0 1* 3 0 1 * 3 Beo To! .... 97 4 97%
T ol P A W 1 st gold 4 s ....1917
B o o h A P i t t s Bee B U A P
89 Sale 89
39
89 89
T ol S t L A W p rlie n g 3 *as. 1925
B o rn e W a t A O g B ee N Y C e n t
.......... 74 74 J a n ’l l
74 74%
60-year gold 4 s................. 1950
B u t l a m l Bee iN Y C o n t
8 1 * 3 83
82*a B ec’lO ” ”
C o litr 4a g Sor A ............1917
ag T us A H
Bee P o r e M a i n
8
6
34
........
89
J
’n
e
’
10
....
T
or
H
am
A
B
ull
1
st
g
4
s./il9
4
0
86*3
8
6
4
87
89
86*3 87 4
t J o A O r l a l 1 s t g 4 s . . .19 4 7
105*3 107 TOG 106
105 4 106
r A B el 1st cou g 5s 1928
S t L A C a ir o Bee M o b A O h io
84*8 85*3 8 6 O c t’09 ...6 ......................
Un lste
1st refun d g 4 s............1952
8 t L A I r o n M o u n t Bee M P
10 0 * 3 bale | 1 U0*3
1004,
U
Pao
UU
A
1
gr
g
4s
...1
947
S t L M B r Bee T U K A or S t L
100 .......... 9 9 j 4 J a n ’l l ...J | 99*2 100*4
U egiatered.......................1947
118*3 120** [20 A p r’10
8 t L o u i s A S F — G e n g U s . 1931
105 Sale 104°* 105*8. 201 10378 105\
lO f 107*3 20-yr conv 4 s .....................1927
107 108 107 107
G e n e r a l g o ld 5 s .............. 1931
97 97*8 07
97*8 44 967g 97*4
1st
A
re
t
4s.......................
y2008
00**
90*!
90*a
90
4
89
90*3
S t L A S F U U c o n s g 4 s . .'9 6
95 96*3' 963a 903a i.i \ 96*4 97
O re Uy A N av con g 4s. 1946
86*3 88
87 *3 Sale 87*4 87 *•
G e n 16-2 0 y r 5 s .........1927
11478 Sale 1 l4 7a 1.5*8 14 L1478 115*8
O
re
S
hort
L
ino
lstg
O
s.,1
9
2
2
99*4
Oci
'10
101*3
1U3
S o u t h w B i v 1 s t g O s . .19 1 7
112*3 sale 112*3 113
1st consol g 5s................ 1946
9 111*3113*2
82 bale iU>4 82 *4 234 8 0 4 82*4
U e f u n d m g g 4 s ...... 1951
03 bale 93
03% 25 92% 93 4
G uar ro tu n d 4 s............. 1929
116 .......... 1 1 6 4 J a n 'l l ... 116 1164
K C F t S A M co n g 6 s . . 1928
U
egiatered...................1U29
87
77*8
7
8
4
78
^
7
a
4
78
4
78
4
K O F t S A M R y r e f g 4 s 193 6
106 .......... 107 4 B e e ’09 ....
l) tali A N o r gold 5 s .. 1926
1U0 ... 100*4 Deo'Ou
K C A M U A B 1 s t g l i 5 3.1 92 9
N J UU A C Co See P a U li
97*3 98 UU ni
98*4 98% 08
0*
O z ’r k A O h C 1 s t g u 5 s g. 191 3
tah
C
entral
Bee
Rio
G
r
Wos
SD L o u i s S o Bee I l l i n o i s C e n t
tah A N o rth Bee U n Pacific
00*4 00*3 89%
8 9 4 89 4 UU tica
S t L S W 1 s t g 4 s bd ctra .1 9 8 9
A B lack U Bee N Y C ent
78 78
.......... «l*4 7 fi J a n ’l l
2 d g 4 s m o b o n d C t £ s . . . p l9 3 9
and aiia consol g 4 s ___1955
76*8
704
76
76*4
75%
7
6
‘s
C o n s o l g o ld 4 s ...........1932
90 A p r’10 |
V
era C rua A P la tg u 4 4 s l9 3 4
97 .......... 101 *8 A pr ’07
G r a y ’s P t T o r l s t g u g 6 s 1947
V er Val In d A W Bee Mo P
S t P a u l A B u i Bee N o r P a o itlc
V
irg
inia
M
id
Bee
South
Uy
S t P M i n n A A la n Bee G t N o r
n o 1 1 2 110 J a n ’l l . . . . n o 1 1 0
Va A S outhw ’t 1 st gu 5 s .2003
d t P A N o r P a c See N o r P a c
95 97 90 J a n 'l l
940; 99
1st cons 50-year 6 s..........1958
S t P A S ’x C i t y Bee C S t P A1 A O
109
78 Sale 109 lo9% 63 1U87,
abash
1st
gold
5s........
1939
8
7
4
36
8 0 4 8 7 4 W 2d gold 6a...................1939
8 6 % 87 4 86*4
3 A A A P a s s l s t g u g 4 s . . . 1943
0 e a4 bale 08*3 0 0 *4 ' 15,1 98*-.
loo
.10 4 Oct ’09
8 F A N 1* 1 s t s i n k I g 5 8 .1 9 1 9
..........luU
86 J ’l y ’lo
D ebenture series B ........1939
9 a v F A W e s t See A t l C o a s t L
..........ioO
1st lien equip s Id g o s .. 1921
S c io to V a l A N E Bee N o r A W
.......... 85 83 B e c ’lO ** 1
8 7 4 84 8 4 4 8 7 4 1st lien 60 y r g term 4 s .1964
8 7 4 Sale 87*4 100
S e a b o a r d A L g 4 s s t a m p e d ’5u
63a4 sale 63% 0 4 J» 391 04 65 *4
1 st ref and e x t g 4s ....I9 6 0
2 ioo 1 0 0
1U0 ‘100*8• 100
C o l l t r r o t u n d g 5 s ........1011
’l l .... 108*4 108*4
107a4 loa*4 Lo8% BJ aeen ’io
e t A Oh E x t 1 st g 6 s.. 1941
7 7 42 bale 7 7 4 _ 77% 60 76*3 774 BB es
A d j u s t m e n t 6 s ............<>1949
__
80
1 st g 4 s ..1939
8 5 4 86’, Cm BMivoin1stB iv
86
......... ,i 8uy6 4 JaO uct '10
11
A t l - B i r m 3 0 - y r l s t g 4 s .e l0 3 3
’
V
i”
*75*
wan
11
74
74 74
g
3*s3............1941
92
O a r C e n t 1 s t c o n g 4 a ... 1949
..........
86
T
ol
A
Cli
B
iv
1st
g
4
s
...
1941
1024 ::::::iio 3 a p ^ io
F la C o n A P e n 1 st g 6 s . l 9 l s
44 Sale 44
44 10 44 47%
W ub P itts T erm 1st g 4 s .1954
10 2 4
1 s t la n d g r e x t g 5 s ...1 9 3 0
44% 13 44 47%
44 46 44
T r u s te e c o rtts..........................
104 io o ” ib T " Ve c !i?
C o n ao L g o ld 6 s ............. 1943
64 7 6
.......... 6% 6
64
2d gold 4 s............................. 1954
104*3 104*3
104*3 106 [1014
G a A A l a U y 1 s t c o n 5 s o 10«1_
64 7 0
6*
7
T ru s t Co co rtts.......................
Bll
104 104*3
106 ...JlU 4*3 J ftU*’l l
G a C a r A N o 1 s t g u g 5 s 1929
W
arren
Bee
B
el
Lao
A
W
est
1044
”
11..1106
A
p
r’10
S e a b A U o a 1 s t 6 s .......... 1926
W ash C ent Bee N or Pao
S h e r S h r A S o Bee M K A T
W ash o A W Bee S outhern
S U a p O c a A U Bee A t l C o a s t L
.......... 90 8 8 4 J a n ’l l .... 8 8 4 8 8 4
W
ash T erm ! 1st g u 8 *us.. 1945
S o u t h e r n P a c i ll o C o —
M aryland 1st g 4 s ... 1962
8 6 a4 Sale
8 6 4 86 V 15 51 80 4 87
26 91*4 0 2 4 WGest
^ U13*
91 4 Sale 90 11 % Oct
G o ld 4 s ( C e n t P a o c o ll). £1 9 4 8
en
A
conv
g
4
s
...............1U52
7 i* 3 F e b T o :....J
’lu
92
R e g i s t e r e d ............... /cl 949
T
ru
st
Co
co
rtts..................
73*3A p r'iO ...J
98*s
98
y8
4
”9*8*4 Sale
97
2 0 -y e a r c o n v 4 s ....... <j 1929
100%
...
W
Va
C
ent
A
P
1
st
g
6s
1911
100%
1 0 0 %'
4 100% 100%
96 90 V 90*4
9 6 4 97*3 W estN Y A P a 1st g 6 s ..1937
C e n t P a c 1 s t r o t g u g 4 s 1949
110*8
L10%
110%
B eo’lu ... !
0
7
F
e
b
’lu
96
4
96
4
U e g l s t c r e u ................... 1949
8
8
%
Gon
gold
4a.........................
1943
..........
8
8
4
J
a
n
H
1___I
0
1
B
eo
’lu
91 03 I
A lo r t g u a r g o ld 3 4 s . . £1 9 2 0
e 5 s..........................<11943
34
F e b ’o 7 |....| '8 8 4 ”8*8 4
92*3 93 0 3 *4 J a i l ’l l
02
93 4 WIncom
T h r o u g h a t L 1 s t g u 4 s *64
ost
N
o
Car
Bee
South
Uy
108*4
108*4
♦
1074
10
84
11
10 84
G H A a A M A P ls t 6 a . . l9 3 1
105 .......... 105 105
5 ' 101
W heel’g A L E 1 st g o s ...1920
105
10 44
’09
G i l a V O A N l s t g u g 6 8.1924
100 103 103 4 N ov’lO '___1
W heel B iv 1st gold o s ..1928
ioo ib*54 106 *4 M ay '0 0
H o u s E A W T 1 s t g 6 8 .1 9 3 3
E
x
te
n
A
Im
p
gold
6
s
...1930
100
102%
10 2
J
'u
e
’1
0
___
100
4
103*4
Aug*
10
1 s t g u a r 6 a r e d .......... 193 3
85 86 80 J a n ’l l ....
1094 i i o ” 1094 J a n 'l l ;;; io 9 4 io # a UU 1st consol 4a................1949
H A T C 1 s t g o s H it g u . . 1937
90 ..........
20-yoar equip s f os ...1 9 2 2
108*3 110*8 109 *3 N ov'oy ...................
C o n s o l g 6 a i n t g u a r . . .19 1 2
W
ilkes
A
E
a
st
Bee
E
rie
95*3J
n
u
’ll!
i|
96*a
9
0
4
94*4 95 I
G e n g o ld 4 s i n t g u a r . . 1921
W ii A Sioux F Bee S t P M A M
116
1 l y e M ar’l o
II.
W a c o A N W ill V 1 s t g 6 s '3 0
no
W is C ent 60-yr 1st gen 4s 1949 J - J 92 %
9 3 4 15 9 3 4 9 3 4
107*3 Ja■—n 09
1024
A. A N W 1 s t g u g 5 s . ...1 9 4 1
93
Sup A B u i divA term 1st 4s’30 M-N 92 J4 03*8
6 93 03
. 116 116 4 ^ o v ’l(j)
M o r g a n ’s L a A T 1 s t 7 a . 191 8
i ’1‘6 4 1
110 4 Oct ’10; j L
1 s t g o ld 6 s ................... 1920
T
e
le
g
ra
p
h
a
n
d
T
ele
p
h
o
n
e
1
1
2
F
e
b
’07!
N o ot C a l g u a r g 6 s ........ 1938
90% 70 90 91
90*4 Sale 0 0 4
elop A T el coll tr 4s 1929
iu3 * ioI 0o2 JJ ’na ne ’l'iol ” 102 102*8 AmC oTnvertible
O r e A C a l 1 s t g u a r g 6 s . 1927
4s.................... 1936
107*4 sale 106% 107% 450 105 107 4
B o P a o o ! C a l — 6 s E ........ 1 9 1 2 i « * v ( 102
98
03
99%
98
M
ich
S
tate
T
elep
1st
6a
..
1024
98
1 98
102
114*3
Beo
’04'
1 s t g o ld 6 s F ............... 191 2 A -O .
N Y T elop ls tA g o n s 14*33.’39 M-N 09 Sale 98% 9 9 4 197 9 8 4 U91*
110
Muy’07 j 1..........
107*4
1 s t c o n g u a r g o s .1 9 3 7 IM -N
97% bolt 97% 97°, 202 97 97-»
Pac T ol A T el 1st 6 s ..........1937
84 93 , 90 J ’ly '09 . . . . I.........
S o P a o C o a s t l s t g u 4a g . 1 9 3 7 'J - J
est U nion col tr c u r 5 s .l9 3 s
09% 99% 99% 90% 6 99% 1 0 0
92*3 9 2 4 9 2 4 J a n ’l l . . . . ‘I 924 9 2 4 W Fd
S a u F r a u T o r m l 1st 4 s .. 1900 A - 0
an d rea l e st g 4 *3 8 . .. 1950
00% 33 95 95%
96 S alt 95
T e x A N U S a b D i v l a t g O s . 1 9 1 2 M - S 101*3 102*3 10 1 4 D eo’io ....'I ..........
Conv 4s, S eries A ............1936
103% Sale 103% 1U3»» 0 2 103 103 ^
101
102 N ov'09 . . . . ! ..........
C o n g o ld 6 a................ 1 9 4 3 ' J • J
HON 1)8
N. Y. STOCK E X C H A N G E
W eek ending J a n 27

Price
bY idav
J a n 27

1

*1

S

lUlMCKLliANBOlIS BONDS—Concluded.

M a n u fa c tu rin g & In d u stria l
G en E lectric dob g 3 4 s .. 1942
10-yr g dob 5 s.....................1917
I n t P ap er Co le t con g os.191a
Consol conv s t g 5 s........1035
I n t S t Pum p 1 st s f O s....1 929
Lack aw Steel 1st g 5 s ....1 923
N a t E n a m A S tpg 1st 5 s.. 1929
N Y A ir B rake is t conv 6s ’28
R y ste e l Spgs 1st s f 6 s ... 1921
'R epub I A S 1st A coltr 5s. 1934
U nion Bag A P 1 st st 5 s.. 1930
S ta m p ed .........................................
U 8 L oath Co e f deb g 6 s .. 1913
V S R ealty A I conv deb g 5 s '24
U S lied A R ef 1st s f g 6s. 1931
U S R ubber 10-yr coll trO s .’lB
U 8 S teel Corp— j coup .rfl003
SI 10-60 y r 6s. t reg ..<11903

14 74 sale
104 bale
86% 86%
92 92 4
97% Sale
95 07%
102 4 104 4
0 7 4 97*-.
00 92
....... 9 4
1044 106
89 90
85 86
103% Sale
104% Sale

81%
L46% 147% 56
101
1044 12
864
87 26
02 4 92% 16
07% 93
96
103 Ja n ’l l
97 4 97 % i
O ct ’10
93 Ja n ’l l ....
03 May* 10
1U4 4 104 4 1
90
2
90
86
85
1
m ain 103% 2 0
104% 104% 104
1044 104% 6

♦ No price Friday; latest bid and asked this week. 6 Due Feb

tiz e d for
fo r FRASER
FRA SER
Digitized
://fra s e r.s tlo u is fe d .


d

a i 1. a n .
Uli>4 U 8
m l X04H,
84 «7
01% 02%
0 0 4 98
io3 106
•jl'* a7"»
ua a 2
11)4 4 i 04 *3
89 90
85 88
luj iu a 7s
lU2a< 1U4:i4
103% 101%

M a n u fa c tu rin g I n d u s tr ia l
Va-Car Ohem 1st 15-yr 5s 1923
W ost E lectric 1st 5s Beo 1922
W estm ghouse e a M s i 5 s ’31
lU isceliau eo us
A dam s E x col tr g 4 s.........104s
A rm our A Co 1st real e st 4 48’39
B ush T erm in al 1st 4a__..1952
Consol 5 s..............................1035
Chic Jo A M Yard coig os.19 16
BotM A M ld g r incom es.. 1011
In a tit for I rr ig W ks .4 4 s 1943
In tM e rc a n M arino 4 4 s ..1922
In t N avigatio n l e t s t 6 s .1929
M orris A Co 1st s I 4 4 8 .. 1939
N Y Bock 60-yr 1st g 4 s.. 1961
Providence se c deb 4 s ....1957
P rovid ent Loan Soo 4 4 s . 1921
W ash W ater P o w 1st 6 s.. 1939

1 0 1 4 «ale
% sale
92 4 Sale
90 91%
0 3 4 Sale
89 4 ..........
95 4 98%
05 4 105
.......... 40
96 ........
67% Sale
79 4 8 1 4
B1 91%
.......... 01

1014 63
1 0 0 % 12
92% 21
89% 9 0 4 29
93
03 % 80
9 0 4 90% 5
95 4 Oct ’16
100 M ay’lc
35 A ug’10
90 4 N o v ’10
05% 68 4 321
79
79
6
91
91% ....
91 Nor* 10
80 4 J a n '11
1 0 1 4 ........ 103 A ug’10 ....

10 0

101

%

10 0
024

10 04
10 0 4
M 3,
89%
924
90

1014
10 1
92 4
004
93 4
91

64
78
91
81*.
..........

68 4
79
91%
864

Due Apr « Duo May g Due J ’ne b Due J ’ly fcDue Aug oDue Oct p Due Nov aOntton Sale

CHICAGO STOCK EXCHANGE-Stock: Record—Daily, Weekly and Yearly
STOCKS--H IG H E ST A N D LO W EST SA LE PRICES
Tuesday Wednesday Thursday
Friday
Monday
Saturday
Jan. 25
Jan. 26
Jan. 27
Jan. 24
Jan. 23
Jan. 21

Sales
} the
Week
Shares
0

R ailroads
Chicago City R y _____ 100
Last Sale 185 Jan’l 1
200 *175 200 *175 200 *175 200
♦ 175
*llo 2<2 *U2 21* *11* 21* *1>2 212 Last Sale li2 July’10
Chicago & Oak P a rk . .100
Do pret _________100
*6
Last Sale 6^4 D ec'10
*6
*6
♦6
93
167 Chic Rys p art ctf "1” ___
93 93 *911* 93 *9U* 93 *92 93 *92
93 93
2478 25
544 Chic Rys p art ctf ’ 2 " ___
24 2514 247s 25 *241* 25 241* 2434 *24 25
* 8 ?i 9 *87S 9 *812 912 *812 91* 1 1 0 Chic Rys p a rt ctf '’3 ''___
*812 69 I4 *68 ?s 0 *6
Chic Rys p art ctf " 4 " ___
6*4
Last Sale 6
Dec’10
*6
6 I4
6*4 *6
41,1
*4
414 105 Chicago S ubw ay_____ 100
4 4
4's 4*8 *4
4M 4's 4>s *4
22
22
Last Sale 2 0 12 dan’ll
Kans City Ry & L t-,1 0 0
22
* 20
*20
22
*20
*20
Last Sale 71 Dcc’10
Do p r e f __________ 100
71 *68 71 *68 71 *68 71
* 68
22
10 Vletropol W S Kiev— 100
* 2 U 2 2 2 12 2 1 2 1 * 21* 2 2 2 1 ? *2 U 2 2 2 1 2 * 2 0 2 2 * 2 0
25 Do p re f__________ 100
*67 6812 *67 6812 67 67 *67 681? 67 67 *67
6 8 l2
22
Last Sale 20 Sep’10
22
22
*20
22
*20
N orthw estern E lev___1 0 0
*20
*20
Last Sale 00 J a n 'll
Do p r e l__________ 100
*60 65 *60 65 *60 65 *60 05
70 *661* 70
Last Sale 72 Ja n ’l l
South Side E le v a te d ..100
*6612 70 ♦ 66*2 70 *6612
*9
9 I4
9's 91* 93.1 934 10 10 * 1 0 IOI2 Id s 101.1 115 S treets W S table C L .100
Last Sale 50 Jan’l l —
*45 50 *45 50 *45 50 *45 50
Do pref__________100
1
Aliscellaneous
934 934 1.495 A m erican C an________100
10 10
9*2 01? 93S 93* 93S 91* 91* 10
79 7938 78&s 7914 7812 791* 7938 8 R 4 8Us 8134 811* 82 2.350 Do p ref__________ 100
A m erican R adiato r._1 00
*268
*268
Last Sale 205 Jan’ll
**268 130 *268
130 130 **
130 **
130 *125 135 *125 135
5 Do pref__________ 100
*74 761* *
75
75
75
75 75
75
75
150 A iner S hipbuilding___100
pref__________ 100
* n o i 8 1 1 U4 IIU 4 IIU 4 * 1 1 1 1 4 1 1 R* 11U* HU? * 1 1 1 1 4 1 1 U 2 *11114 11U2
35 mDoer Tclep
& T eieg_____
*1431-. 144 1431* 1431? *1431* 144 ♦ 143*2 144 *143 144 144 144
75 ABooth
Fisheries com ____
*40 4212 40*2 41 *4034 421* *403.j 4212 4212 421* 43t4 43l,i
90
T ru st c tf______
*39 40 **39>2 40
40 40 **391* 40
40 41
41
4U2 861 VDooting
pref________________
6934 7238 72
356
69 69
72
70
69
70
Cal & Chic Canal & D .100
Last Sale 50 Dec’10
*49 51 *49 51 *49 51 *49 51
Chic Brew ’g & M alt’g -----1
Nov’10
*1
*1
Us *1
U8 *1
1>8
1>8
Do pret_______________
3
Oct’10
3
*2
3 *2
3
*2
3
*2
P n eu m atic T o o l.100
433,i 441* 1.150 Chic
42 42*4 43 44
*4U* 42 *4R2 42
42 42
T elep h o n e__ 100
680 Chicago
118 119
118 " 118 118 118 115 H 8 I4 116 115 11734 118 *152
10 Chic lltle & T ru st___100
15212
15212
15212 152'2
*152 15212 *152 1521* *152 1521* *152 1131*
m onw 'th- E diso n. 100
113 113 113 11338 234 C om
113 113 " 113 113 *113 1131* *113
Do r ig h ts ___________
Last Sale 138 Feb’10
25 Corn Prod Ref Co coin___
15
*14 15 *14
14*2 1412
Do do
pref____
iMst Sale 78 Jan’ll ___
9312 9334 943g 840 D iam ond M atch_____ 100
92 92
9212 921* 9212 9212 9212 925S 9212
Do rig h ts__________
Last Sale .0U2 Jan’ll
68
08
046 Illinois B rick_________100
68 68 ♦ 67 69
1 6 8 I2 69 *68 69Q *68 6914 *46
Last Sale 47 Jan’ll ___ Masonic 'ie m p ie _________
*46
*46
*46
Last Sale 63 J a n 'll
55
M cCrum-Howell C o .. 100
55 *___ 55 *
55 *
Sale 97 Dec’10
Do pref_____________
; *95 9612 *95 9612 *95 9612 *95 9612 Last
Mllw & Chic Brew ing____
Last Sale 2's June’07
Do p ret_______________
i*
21 *
21 *
21
Last Sale 20 Nov’09
21 *
259 N ational B iscuit_____ 100
12R4 121 121
; 1 2 2 1 2 2 * 1 2 1 1 2 1 2 2 1213.1 121«4 *12U2 122 12U4
351 Do pref_________ 100
*125 127
*124 126 *124 126 *125 127 *125 127 125Last 125
117
Jan’l
l
N ational C arbon_____ 100
Sale
|
Do pref__________ 1 0 0
Last Sale 118 Jan’ l l
1065S 10714 257 People’s Gas L&Coke.lOO
1071* 1073* 107 10714 *107 1071* 107 107 1085s 10658 11-16
Mch'09
Do rights.......................
Last Sale
907 Sears-R ocbuck c o m .. 100
189 189 18914 190 189>2 190
: 188 189 *18712 189 1891,1 18912 *120
43 Do pref............... ..l o o
121 *1191* 120 *1U)12 120
♦ 119U 120 1193,( 120 120 120
1003s
10 0 1 * 1003S 10012 10038 10012 1003s 10 0 1 * 1,959 Sw ift & Co___________ 100
1001* 1001* IOOI2 100l2
7
5
14,250 Do rig h ts ................... .
6
4
5
170
10 The Q uaker O ats C o .. 100
*165 170 *165 170 *165 170 160 166 *160 170 *160 ____
164 Do pref__________100
*1033. 104 101 104 104 104 104 104 104612 1046'2 ___
*0l2 7
175 U nit Box Bd & P C o. 100
612 6»8 *61* 7 *612 7
Last Sale 734 Apr’09
Do p re l__________ 10 0
'2334 25
225 W estern S tone______ 100
2412 2434 *24 25 *24 25
2312 24t2 24 24

Chicago Bond Record

Range for Year 1910

STOC KS

CH ICAGO STOCK
EXCHANGE

Lowest

Highest

Range for Previous Tam
Lowest

Highest

O ct 24
U2 J ’ly 28
4 j ’ly 28
6038 Sep .8
1114 Sep 13
8
-May2 b
3
May24
21 * J ne29
20 A ug 18
69 Feb 17
16 Ja n 1 1
51 F eb 7
15 A pr 1
53 May31
5 5 U J ’ly 5
7 J ’ly 28
40 J ’ly 26

185 Mch 7
31* Ja n 26
7*2 Ja n 7
109 Ja n 3
30 Ja n 3
16 Ja n 10
9i8 Jan 6
6I4 A ug 16
39 .’ an 5
773, Mch 30
25 J ’n c 2 1
72 J ’n o 22
23 J ’ne 24
66 J 'n e 2 l
72i2 J ne22
641*3 Ja n 3
101 Ja n 6

180 Mch 190 Feb
lt2 Oct
4 Ja n
5 O ct 15 Ja n
97% Dec U0i 2 J ’lr
30 Dec 4534 Ja n
101* Dec 30 Ja n
8 Doc
13i2 Ja n
2914 Ja n
314 Dec
30 Dec 52 J ’ly
78 Dec 80i2 M ay
15*8 Sep 19>? Dec
47 Jan 59 Dec
17 Nov 25 M ay
03 Ja n 73 May
50 Ja u 61 M ay
2yi4 A pr 541* Deo
97 Feb 108 Deo

65, J'n e so
62*2 J ’W 26
240 A pr 25
T.6 J ’ly 19
72 Feb 7
107 A ug 0
1 3 U4 J ’ly 30
31
J ’ne 6
29 A ug22
56 J ’uo 6
46 D ec 17
1 F eb 4
3 Sep 23
251* J ’ly 26
110 M avl7
142 A ug 26
10 8 '* J ’ly 27
U 4 Ja n 26
131* J ’ly 9
7914 A pr 7
82i2 Sep 30
.02 Dec 31
63 J ’ly2 6
4312 Meh 9
40 Mch 17
93 J ’ne28

13% Ja n 10
82 Ja n 4
261 Dec 5
135 A pr 4
84% M ay 16
112 Ja n 11
142% Mch 9
43 Dec 31
41 Dec 31
74 Ja n 4
55 Feb 17
1 F’cb 4
3 Sep 23
47 F eb 11
137 Ja n 3
103 Mch 10
1211* Ja n 11
2 Ja n 13
2234 Ja n 8
82 Feb 28
127 .’an 6
.21 Dec 19
91 Mch 28
40 Ja n 7
67>* Dec 27
10234 A pr 20

77s Ja n
7 H 4 Ja n
100 Ja n
120 Ja n
54i8 Apr
101 Feb
139 Aug
10 M ay
20 O ct
48 J ’ne
51>4 Ja n
1 A pr
2% A pr
20 Mch
127 Jan
117 Ja n
107 Ja n
17"i8 Feb
70U Mch
117 Ja n
38 Ja u
43 Jan

101 A ug 3
118 J ’ly 19
112 F eb 10
10 3
J ’ly 26
Its F eb 7
1 Hit* Aug 8
100 Dec 27
155 J ’ly 27
101 J ’ly 16
6 '.) A pr 28
15 J u c 3 o

119 Deo 27 9778 Ja n
125 Ja n 18 U 8 I.1 Feb
145 O ct 31
123 N ov 1
1153.1 Ja n 3 102 Jan
i* Feb
180*4 Nov 12 55 van
122 Mcll 8 10 1 Ja n
109>s Ja n 8 10 0 1 * Ja n
iso Feb 19 n o Ja n
100 Jan 0 U8i2 Ja n
*8 Feb
153g Jail 3
334 Mch
2038 Dec 15 15 Feb

16 0

I5U N ov
80 J ’no
O ct
132 J ’ly
Sli8 Dec
112 Sep
145 N ov
40 Dec
35 D ec
;6i2 Dec
58 A pr
1 A pr
2*2 Nov
42 Dec
140 Sep
152 O ct
121*2 J ’ly
25% Aug
88i2 M ay
13034 Aug
S8i2 Deo
47 Sep

22514

Sep
130 Sep
1081" Dec
124 N ov
11978 Aug
1 Mch
10 9 1 * Dec
121**4 o c t
111G Aug
102 Dec
1)5 Dec
1>8 Mch
9i2 Ja n
25 Mch

119 14

Chicago Banks and Trust Companies

Dividend Record
Outstand­ Surplus
Week’s
Price
B ’ds Range
Inter­
ing
Uh l
NAM E
In Per­ Last Paid
Range or Sold
Friday
In
est
Fro/Us
for
Stock
Last Sale
Period Jan. 27
1909 1910 iod.
%
Year 1910
t
t
Did
6 An Jan ’11,6
Ask Low
High No. Low High C alum et N ational_____ $100,000 2546.478 0
10 j -j Jan ’11,5
9934 Mch’10
A rner S traw b’d 1st 6?.1 9 1 1 1* - A
9934 9934 Chicago C ity----------------- 500,000 t/245,210 10 ___
A rm our & Co 4 V$s---- 1939 1 1) 93 Sale 93
Q-J Jan ’11. 2%
93
9034 04l2 C ontl’tal <5: Comm N at 20,000.000 9.722,053 12
92ti 92U 91
16 Q-J Jan ’11,4
3,000,000 5,569,320
B ooth F ish Co D eb G 5s’17 ,r - J 192 93
Corn
E
xchange
N
ational
8 Q-J Jan ’l l , llj
31,317 9
, B o oth F ish Co D eb G 5s’24 j - J ;9 i Sale 91 Jan’ll" 1
Droxel S ta te ----------------- 200,000 414,934
10 Q-J Jan ’l l , 2i2
10
Cal & So Chic Ity Co
D rovors’ Dep N ational. 600,000
102 ’ne’09
0 Q-J Jan ’11. 1%
1st M 5s........................ 1927 F - A ___ ___
Englew ood S ta te ---------- 200,000 y 10,916 6
___ IOD4 JOct'09
12» 12/ Q-M Dec 31’10,3u
Cass Av & F G (St L) 5s T2 j.1 -- .1 ----11,011,772
10.000.000
First
N
ational_________
D ___ ___ 100 May’07
Q-M Dec31’10,2t2
' Ohio Board of T rade 4sl927
10
150,000
181,967
10
First
N
at
Englew
ood___
Chicago C ity Ry 5s___1927 F - A 110234 Sale 10234 10234 8 10 18 8 10314 Forem an Bros B 'k’g Co. 1,000,000 608,578 I’rlv ate Ba nk
Chic Consol 13r & Mlt 6s___ J - .1 — — 103 Apr’04
8
8
1,500,000
423,046
Fort
D
earborn
N
ational'
Q-J Jan ’l l , 2
Chic Consol T rac 4 V$s 1939 J - L> ----- . . . . 50 Apr’09
H ibernian B’k’g Ass’n . . 1,500,000 1,003,633 8 8 + 2 Q-J Jau ’l l . 2*
Chic A uditorium Ist5sl9 29 F - A — . . . . 9034 Jan’00
J-J Jan ’l l , 5
200,000
10
K
aspar
S
ta
te
B
ank
____
j/102,240
10
+
15
Ohio Jc UU 1st il g 53.1945 M - s __ - ___ 9H* Dec’09
V.90, p.1277
La Salle St N ational . . 1,000.000 263,102 Beg. b us. Ma y ’10 Dee31T0,2%
Chic No Shore Klee 6 s.1912 A - 0 __ - . . . - 87 Fob’06
Q-M
10
Live
Stock
E
xch'ge
N
at
1,250,000
511.617
10
Chic Pne Tool 1st 5s.al9 21 1 - J t 88 ___ 88 Dcc'10
Q-F Nov '10, 1
M
onroe
N
ational______
4
4
300,000
84
14 88
65,714
Chic Ry 5s____________1927 I-A -- A 9818 Sale 9778 9S12 117 96 1013g N at Bank of R e p u b lic .. 2,000,000 1,278,766 8
8 Q-J Dec31’10,2
0 t ----- 95
Chic Rys 4-5s series "A ”
Dec’10
6 Q-J Jan ’l’l ll ,, U2
87*2 95>8 N ational C ity __________ T1.500.00U 418,761 6
1) 83>4 Sale 91
U2
Chic Uys 4-5s series “ B" J - A
8 2 14
250,000
84,695 3
4 Q-J Jan
83
14
48
N
ational
Produce______
75
86
’l l . 1*4
Chic Uys 4-5s series “C” f: - t 86 90 901* Mch’10
9012 91 N orth A venue S ta te ___ 200,000 1/70.952 5}* 0M Q-J Jan
4 Sale
Jan ’l l , 1*2
Chic Rys coll 6s___1913 F - A IOOI
0
6
16
50,000
N
orth
Side
S
ta
te
S
av’gs
2/29,191
Q-J
100
9714 lORg
iooi
4
4 Q-J Jan ’ll. 1U
Chic R ys F und 6 s ..1913 F - A ___ ___ 10 0
2
10 0
97U 98 N orth W est S ta te _____ 200,000 1/22,228 ___
— ....
" Chic Rys Tern Ctfs 1st 5s
7 Q-M
Q-J Dec31’10,2
1001« 10034 People's S tk Yds S ta to . 300,000 103.992
0 l8 Apr’08 ___
Dec30’10,l%
0
0
Chic R I & P R R 4 s .. 2002 i f - "in __ _ ___ 1 0661*
___
Aug’08
Pralrle
S
ta
te
___________
500,000
19,255
Jan '08, 2
Collat tru st g 5s— 1913 JVI -- s __ _ ___ 661* July’OS ___
34.450 None None ___
Railw ay E xchange____ 250,000
Jan ’l l , U2
1:
; Chic T elephone 5s------ 1923
Ja n ’l 1
1003s 10314 S e c u rity _______________ 300,000 2/194,357 1M 4M Q-J
10 2
Q-J Jan ’11,2
C om m onw -Edison 5s. 1943 H - s 10034 Sale 1 0 1
19 100's 10278 South Chicago Savings. 200,000
92.000 0
10 11s
7M Q-J
Jan ’l l , llj
Chic Edison deb 6s. 1913 J - J
1007s Nov ’ 10
ioot4 100'a S outh Side S ta te ______
200,000 2/10.439 121H 126 Q-J
Jan '1 1,3
10 0
Jan’l l
1st g 5s____ Ju ly 1026 A - 0 Uoo
1,868.350
100
10012
S
ta
te
B
ank
of
C
h
icag
o..
1,500,000
8 Q-M l)ec3l’10,2
8
1003s
Aug’09
180.970
D ebenture 5s____1920 VI - s ___ 1___
Stock
Y
ards
Savings___
250,000
6 MN Nov '10, 3
166“ 10234 Union B ank of C hicago- 200,000
Com m onw Elect 5st>!943 VI - s tio o i2 0 1 IOO34 J a n 'll
41,261 0
1023S Sale 1 0 1
10238 ioi
27.877 SCO V. 90, p. 159
D la M atch Con d b 6 s T rc ts
W ashington P ark N a t’l 100,000
80 Dec’08 —
None Q-M Dec31’08,Ui
Illinois T unnel 5s____ 1923 J - L> — —
W endell S ta te _________
60,000 2/10,044 None
Q-J Jan ’11,2
C entral T ru st Co of 111.. 2,000,000 963,350 7
K an City R y & L ight
7M
6 Q-J Jan '11, U |
9434 9 5 I4 Chicago Sav Uk & T r___
9514 Oct’10
Co 5 s .............................1913 H - N
»500,000 110,331 00
9434 95
95 Dec’10
Jan ’11,2
U
.027,998
Q-J
Chicago
T
itle
&
T
r
u
s
t..
6,000,000
K nlck’b’ker Ice 1st 5s 1923 A - 0 I 9d4 97
7H
80 Jan ’ll ___ 75 85 Citizens 'Trust * Savings
6 A-O Oct 9’10, 3
2/8.622 4
L ake S t E l— 1st 5s___1928 J - J t 75 80
50,000
8 + 2 8 + 2 Q-J Jan ’l l , 2%
16 May’05 —
Colonial T ru st & Savings 600,000 447.918 ___
Incom e 5s_________ 1925 Feb
—
___ ___
Cont & Comm Tr & S av . 3,000,000 431.527
M etr VV Side El—
26 80
8 Q-J Jan ’11,2
1st 4s.............................1938 F - A 8218 Sale 8214 Ja n82%
D ro v ers'T ru st* Savings
200,000 131,870 8
’ll ___ 76 84
6 Q-J Jan ’l l , U*
781*
80 Farwcll T ru st Co______ 1,500,000 2/173.728 3
E xtension g 4s____ 1938 J - J t 781.1 80
12 Q-M Occ31’10,4
Sale 9U*
29 88 9314 First T ru st & S a v in g s.. 2,500,000 3.154,586 16
915S
M orris & Co. 4 K ____ 1939 J - Jk. t 91*2 Sale
9634 985,s 12 0 93*4 96*4 G uarantee T ru st & S av. 200,000 2/19,621 Incorp orated 1908 V.87, p.1138
N orth W est El 1st 4 s. 1911 vf981*
99 99 H arris T ru st & Savings. 1,250,000 1,502,268 9M 11 + 5 Q-J Jan ’11,3
99 Apr’10 ___
No W G-L & Coke Co 5s 23 y - M t 9234
Ogden Gas 5 s . . . ____ 1945 VI - N 93 Sale 92>2 9314 ___59 9212 96% Illinois 'Trust Sc Savings 5,000,000 8.887.214 16 + 4 16 + 4 q Jan '11,4
K enw ood T ru st & Savgs 200,00J 2/59,499 ti’A 7 + 1 H Q J Dc3T10,l%</
Pearsons-T aft 53_____ 1916 j - D 9812
10 0 % Mcii’09
4.40 s ...................................... M - S 95
9612 Mch'10 ___ "96l’2 96% Lake View 'Trust& Savgs 200,000 2/41.792 1 25
Q-J Jan ’l l , ll*
97 97 M erchants' L oan& T rC o 3,000,000 6,084.164
126M Q-J
97 Feb’10
N 96
4.60s Series E _______. . .
Jan ’11,3
6 Q-J Jan ’l l , U2
981* Mch’10 ___ 98% 9812 M etro politanT rust& Sav 750.000 237.004 6
4.80s Series F__________ M - N 971*
12134 May’09 ___
60.665 Beg. b us. Oct 29 T 0V91,p.1221
M ichigan Ave T r Co___ 200.000
Peo Gas L & C 1st 6S.1943 A - O
8
R efunding g 5s____1947 M - h 1013s Sale 1015s 1017s 15 lOO-Xi 1*0314 N orthern 'T rust Co_____ 1,500,000 2,455,651 8
Dcc3i’10,2
10412 N orth-W estern Tr& Sav
0 Q-J
Chic Gas L&C 1st 5sl937 J - J 10314
200,000 1/69,040 0
Sale 103*4 103*4 16 103
l-J
’l l , 4
Dec’10 . . . . 100t4 1021" People’s T r 8s Sav B k . 500,000 156,159 Beg. b us. Dec l ’lO Jan
Consum Gas 1st 5s. 1936 J - 1)
10 1
V. 92. p. 93
10034 101R Pullm an T ru st & Savgs. 300,000 1/233,900 8
M ut’l Fuel Gas Ist5sl947 M - N
8 Q-J Dcc3T10.2
1 0 1 1 ? 1003.1 Oct '10 ___
9134
94
Bog.
b
S outh Side Kiev 4 M 3.1924 J - J I ----2/21,630
1
Sheridan
T
r
&
Sav
Bank
200,000
us.
J'ly
12’0 9 V.89,p.l41
9312 Sale 9312 9312
Sw ift & Co 1st g 5s___1914 J - J t 907S
Jan ’l l . . . 9934 10078 ///Standard T r & Sav......... 1,000,000 262,630 Comm enced bus. Sept 6 1910
U nion El (Loop) 5s .1945 A - O __ _ ___ 10880 Apr’10 .___
88 88 Stookm en's T ru st & Sav 200,000 2/39,003 5
J-J July '10. 3
5M
U nited Box Board col 6T26
Union
T
ru
st
Co_____
_
__
70
70
70 Apr’10
1,200,000 1,215,487 *8+2 8 + 2 Q-M Dec31’10.2
61
G eneral m tge 6s .
W est’n T rust & Savings 1,250,000 148,248 6
J
Jan ’l l , U*
6 R 4 65
5812
60
6 U4 Oct’10 ___
J
0
Q-J
W estern Stone Co 5 s.Iiu 0 9 A O
W est Side Tr& Sav Bank 200,000 121,938
0 Q-M Dcc31’10,2
2 July’OS __
N ote.— Accrued interest m ust be added to all851
W oodlawn T r& sav lisn c 200.000 2/50.122 6
Chicago b ond prices.
7M O 1 Jan ’H .2
it No prlco Friday; latest price this week, o Due Dec. 31. 6 Duo June, k Also 20% In stock, n Capital and surplus to bo Increased, a Dividends are paid Q-J,
w ith extra payments Q-F. r Proposition to Increase capital to J2.000.000 ratified Jan. 10. See V. 92, p. 96. s In addition the equivalent of 1% more came from
; JTlrat Trust & Savings Bank. (D ec. 311910. u In addition the equivalent of 1% came from First Trust & Savings Bank. t> An extra payment of IH % was madl
Dec 14 1910. to See V. 91. p. 1551. 72. 17. *N ov. 10 1910. j/Nov. 11 1910. (A n extra dividend of 2% was paid Dec. 20 1910.
BONDS

CH ICAGO STOCK
EXCHANGE
W eek ending J a n . 27




J an . 28 1911.]

THE CHRONICLE

251

Bid ASk
E lectric C om panies
Bid Asfc
In d u strial and M iscel
Chicago Edison Co—See Ch caeo list
1 2 1 4 12*2
Gr’t West Pow 5s 1946..J-J 84U 86 e Crucible Steel------------100 755*
7E34
e Preferred.....................100
e Kings Co El L A P Co. 100 12812 130
1*4
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Narragan (Prov) El Co— 50 *93 95L Davls-Daly Copper C o ... 10 *15*
94
93*2
DAILY. W EEKLY AND YEARLY.
N Y A Q El L A Pow Co. 100 40 50 e Diamond Match Co— 100 145 150
P referred______________100 70 80 duPont (E I) de Nem Po 100 8 H 2 8312
e Preferred..................... 100
United Electric of N J . . . 100 80 ____
Railroad,
Stocks.
1st g 4s 1949__________ J-D 7812 7 9 I2 e Gold 4 Ms 1936____J-D 83 S4' 2
V. S. Western
Slats
etc..
Electric
Boat__________ 100
Week ending
Power
com______100
38
40
Bonds.
Bonds.
Bonds.
To'
Shares. Par value.
P referred___________ 100 35
Jan. 27 1911.
Preferred . . . __________ 100 63 65
15
10
Empire
Steel__________100
$81,000
§1,971,000
55 62
174,055 $16,437,750 2,181,000 1.097.000
100
P
referred___________
Saturday -----T
elegraph
and
Telephone
110
10 2
538,232 46,163,950 2.139.500 3.859.000
e
General
Chemical____
100
e
Amer
releg
A
Cable__
100
82
Monday ----------------- 306,048
26.832.600
> 106
e Preferred__________ 100 10*6ie
e Central A So Amer----- 100 116
Tuesday--------4,260,500
7ie
449,876 39.210,100 2.021.500
Gold Hill Copper_____
Comm’l Un Tel (N Y) — 25 105
Wednesday ...
593.000
2.307.000
19,751.000
*d*
6*4
224,210
Greene-Cananea
............
..2
0
Empire
A
Bay
State
Tel.
100
65
Thursday-------189.000
426,661 37.473.600 2.735.000
Guggenheim Explor’n.-lOO 200 205
Franklin _____________ 100 40
F riday----------e
Hackensack
W
ater
Co—
e
Gold
A
Stock
Teleg—
100
110
§13,955,000 $10,079,500
Ref g 4s ’52 op 1912 ..J -J 85
e Northwestern Teleg— ’-50 110
Total
Hall Signal Co com____ 100 15 ‘30*
Pacific A A tlantic------------- 25 60
Jan.
1
to
Jan.
27.
Havana
Tobacco Co___ 100 5 158
e
Pac
Telep
A
Teleg
pref
100
90
94'4
Week
ending
Jan.
27.
Sales at
P referred____________100 1 2 68
Southern A A tlantic--------- 25 90 100
New York Slock
1910.
1st g 5s June 1 1922 .J-D 63
1910.
1911.
Exchange.
Heckcr-Jones-JeweU Milling 103 105
C om panies
23,207,208 B A FNerry
1st 6 s 1922.................M -S
9,218.187 $2,135,101,175
2,119,082 6,050,006 $SOO,704,975
Y 1st 6s 1911----- J-J 90
Stacks—No. shares— $185,875,000
Herring-Hall-Mar new. .100 15 .30
$549,077,900
N
Y
A
E
R
Ferry
s
tk
...
100
20
Par v a lu e ------------$46,800
Hoboken
Land A Im p .. 100 105 " . . .
$154,300
$1,900
1st
5s
1022......................
M-N
50
$57,000
Bank shares, par------1st 5s Nov 1930...
Y A Hob 5s May '46.J-D 98
Bonds.
Y*
$34,500 N Hob
Houston OH___________ 100 47734 *47*2
$1,000
Fy
1st
5s
1946..M-N
106
82,000
Government bonds... $10,079,500 $1,077,000
3,744,000 N Y A N J 53 1946..........J-J 96
Preferred__ _________100 1 1 0 . . . .
15 ,G23 , 50 q
State b o nd s________ 13,955,000 17,526,500
78,676,500
Hudson
Realty.....
...........
100
64,039.000
10th A 23d Sts F e rry ... 100 20
RR. and mlsc. bonds..
....
e Ingersoll-ltand com__ 10 0 95
1st mtge 5s 1919------- J-D 95
94 __ _
$82,455,000 e Union
e Preferred..................... 100 32
$79,063.500
Ferry stock------- 100 24i2
Total bo nd s............ $24,034,500 $18,605,500
3212
Intercontinental
Rubber
100
c 1st 5s 1920....................M-N 94
90 10 0
Xnternat’l Banking C o .. 100 190
EXCHANGES.
International Nickel___ 100 91>2 20930
Short-T erm N otes
100
Am Clg scr A 4s 1 9 1 1 - -M-S 09's 100*4 P1streferred___________
951*
g 5s 1932.................A-O 93*4
99*4 International
Ser B 4s Mch 15 T2..M -S 99'2 100
Philadelphia.
4 8
Salt______100
Balt
A
Ohio
4
Ms
1913.J-D
99*4
51
/
47
Week ending
1st
g
5s
1951-----------A-O
Bethleh Steel 6s 1914..M-N 97 97i2
Listed Unlisted Bond
Listed Unlisted Bond
Jan. 27 1911.
Silver----- 100 1 1501 1 1653 ;
sales.
Chic A Alton 5s 1913..M-S 985* 991* International
shares. shares.
sales.
shares. shares.
Preferred___________
100
985*
Cln Ham A D 4s 191 3 ...J-J 98*4
110 112
1st 6 s 1948_________ J-D 120
7,906 16,211 $37,500 C C C A St L 5s, June 1911.. 100'* 10012 Internat
6,317 $02,000
8,600
130
Baturday--------Smelt A Refg-.IOO 185 200
37,800 Hudson Companies—
8,074 172,500 22,489 26,353
18,433
Monday---------Internat
Time
R
ecord..100
1003*
79,200 6s Oct 15 1911.............. A-O 997* 99
38.000 11,256 15,591
9,503
12,090
n
o
116
T uesday--------.....................100
Preferred
55,380 6s Feb 1 1913................F-A 98*4 101 Jones A Laughlln Steel Co
9,387 135.000 14,318 11,659 111,405
14,256
W ednesday.—
Inter!) R T g 6s 1911..M-N 10012
4,417
102*4
9,130 124.000 13,800
18,663
10 2
Thursday . . —
1
st
s
f
g
5s
1939-------Al-N
6,933 230.000 K C Ry A Lt 6s '12------- M-S 99 99*4
44.000 15.300
7,638
14.816
Friday..........—
Steel----- 100 36 .39. . .
Minn A St L g 5s 1913--F-A 97U 97*4 e Lackawanna
1st con 5s 1950----- M-S 85
Y C Lines Eq 5s 'l l - ’22 M '2% 4>4% ee Deb
923* 93
86.864 50.049 *575,500 85,069 81,164 $551,285 e N4 Ms
T otal.
5s
1915_______M-S
Jan 1911-1925............bit 2 % 414%
90 98
Lanston Monotype-------100 245
IOH2 Lawyers’
N Y N H A H 6a Jan 1912 100*4 10012
248
Mtge
Co---------100
4Ms
Mch
1
1912----M-S
1001*
Outside Securities
275
250
50
Leh
A
WUkes-B
Coal----99*8
St L A S F 4M 9'12 op.F-A 991g
145
135
e Lortllard (P) pret..........100
6s Mch 1 1913.............M-S 96*4 971*
60
All bond prices nre now “ and in terest” except w here m arked
991* Madison Sq Garden-------100 30
South Ry g 5s 1913------F-A 1016* 102
....
85
2d
6
s
1919...................M-N
Tidewater
6s,
1913,
g
u
a
r...
*D8
D4
M anhattan Transit---------20 62 631*
Bid Ask W abash 4 Ms 1913------M-N
S treet R ailw ays
Bid A rt
S treet R ailw ays
100% May Dept Stores-----------100 107
West Telep A T 5s '1 2 .F-A 100*4
108
Preferred------------------100
101'?
Westlngh’so El A M 0s 1913 101
New York City
R Coal------- 50 * ___ 2 2n t
107
*5% notes Oct 1917.A-O ___ 9612 Monongahela
New’k Pas Ry 5s '3 0 ..J-J 235
Blecok St A Ful Fy stk.100 12 20
Preferred-------------------50 *21
Rapid Tran St Ry----- 100 100 245"
65
117 ;
1st mtge 4s 1950---------J-J 58 142
—
Mortgage Bond Co-------100 114
1st 5s 1921...............A-O
R ailroad
99 101
B’y A 7th Ave stk............100 124 101
Nat Bank of Cuba-------- 100 175
J O Hob A Paterson—
Chto Peor A St L—
99
185
2d mtgo 5s 1914---------J-J Exc
70
77
National
S
u
re
ty
_______
100
Prior
lien
g
4
Ms
'30.M-S
/
85
4s g 1 9 4 1 ---.--—M-N
1st
Con 5s 1913— See Stock
e NevadaCons’dCopper. See Stk E x list
Con mtge g 5s 1930__ J-J / —
So J Gas El A Trac.-.IOO 128
B'way Surface 1st 8a gu 1924 103 . 104
♦ l'le 601*«
98
97
Nev-Utah
Min
&
Sm_____10
Income
5s,
July
1930----/
------Gu
g
5s
1953.___
M-S
90
Cent‘1 Crosstown sto ck .. 100 80 85
30
101
Central Coal______20 Exc
Chicago Subway-----------100 4 list434 eNNew
No Hud Co Ry 0s 1914 J^I 103
1st mtgo 6s 1922— -M*N 15 20
Brake 6 s—See Stock 100 list
at ltys of Mexico—See S Exc 05 N YY Air
5s 1928.......................J-J 06 105 NNorthern
Den Pk N A E Rlv stock. 100 85
....
Biscuit
63 1911___ M-S
101
Securities
Stubs.
E
xt
5s
1924............M-N
100
Dhrlstoph’l A 10th S tstk 100 Exc list
. . . 35
110 Pitts Bess A L E .................50 *30 35 t New York Dock______100 .65
P at Ry oon 6s 1931—J-D 114
Dol A 9th Ave 5s—See Stock
.
7212
e
Preferred
_________
100
101
99
Preferred____________ 50 *62'2
2d 0s opt 1914----- A-O tcago list
. .. .. ..
Dry Dock E B A B—
N Y Mtge A Security__ 100 215
e Railroad Securities Co
100
*4
5
1st gold 5s 1932---------3-D 05
N
Y
Transportation____
20
90
85
100
103
111
C
stk
tr
ctfs
ser
A__
52
Scrip 5s 1 9 1 4 ..---— P-A 30 40
95 98
Nlles-Bem-Pond com__ 100 *101j
97 99 Seaboard Company—
107*
Eighth Avenue stock— luu 250 325
Nlplsslng
Mines----------------5
84
85
1st
preferred.............1
0
0
100
Scrip 6s 1914-----------F-A 95
*134 17*
11
Com A 2d pref—See Bal t Exc list
Com vet tr ctfs---------100 10*4
(2d A Or St F ’y sto ck .. 100 250 300
1*2 21*
40 40'4 Seaboard AJr Line—
e Preferred _________ 100 Exc
12d St M A St N Ave--.100
Otis Elevator com............100 49 50
100'4
1001*
list
Coll
5s
ext
May
1911.M-S
Gen
4s
1934—See
Stock
1st mtge 6s 1910----- M-S
P
referred.......................100
96';
97 *
927*
93'*
list
Exc
West Pao 1st 5s 1933..M-S
ltys San Fran—See Stk
2d Income 6s 1915....J - J /T o” To”" Unit
Pittsburgh Brewing------50 *24
24j*
40
Wash lty A El Co............100 37';
Inter-Met—See Stock Excli itige list
P
referred.......................
50
*421*
42'*
91
891;
P referred-----------------100 86'2 87*2 In d u strial and Allscel ! 89 90 Pittsburgh Coal— See Stock Exc list
Lex Av A Pav F 5s—See Stk Exc list
Adams Exp g 4s 1947.-J-D
4s 1951............................J-D
Metropol St Ry—See Stk Exc list
Pope
Mfg
Co
com______100
54
58 ;
180
*165
Ahmeek
Mining--------------26
180
155
Ninth Avenue stock----- 100 10 16
P referred.......................100 74 76
130
Alliance Realty-------------100 120
Q as Securities
Beoond Avenue stock— 100 / 52 57
160 Pratt A Whitney pref. .100 100 105
American Book-------------100 155
Consol 5s 1948-----------F-A
Oil__________ 100 142 140
American Brass________ 100 123 126 Producers
New York
r Sixth Avenue stock— 100 120 130
Assoc (Bklyn) — 100 100 110 1
103 American Chicle com ...100 230 232 Realty
Cent Un Gas 5s 1927----- J-J 17101'?.
Bou Boulev 5s 1945----- J-J 75 85
Royal Bak Powd com— 100 130 185 ,
xc 1st
Preferred___________ 100 1007 103
Gas (N Y)—See Stock 105
88 92 Con
Bo Fer 1st 5s 1919............A-O Exc
P referred________ ...1 0 0 IOOI2 108 j
10
175 Am Graphophone com .. 100
list e Mutual Gas----------------100
Third Avenue RR —See Stk
Safety Car Heat A L t__ 100 124 125 j
P referred___________ 100 23 ____
Amsterdam Qas—
Tarry W P A M 5s 1928.. / 69 80 New
____ Seneca Mining_________ 25 * ------ 60 j
102 Amer Hardware...............100 130 102
1st consol 5s 1948----- J-J 101
Y ’kers St RR 5s 1916 A-O 78 85
Singer Mfg Co_________100 3i0 330 1
105 Ain Malting 6s 1914------J-D 100
26 N Y A E R Gas 1st 6s '44 J^l 103
»3th A 29th Sts 5s '0 6 ..A-O / 18 215
Iron A S com___ 100 3 6 1
Amer Press Assoc'n----- 100 95 100 South
5s 1915_______J-J 99 10L
Twenty-third St stock.. 100 190 102I2 N Consol
Preferred___________ 100 7 12
50 Am St Found new—See S tk Ex list Standard
A Richmond G as.. 100 35
Union Ry 1st 5s 1942...F-A 101 75 NorY Un
Cordage______100 ------ *4
101'2
101
101
99
6s
1935..........................A-O
1st
5s
1927___
M-N
Westchester 1st 5s '43 J-J 65
1st M g 5s ’31 red___ A-O / 16 18
-- - - Deb 4s 1923...................F-A 235
68'2 69*2 Adjust
e Standard Gas com___ 100 61)
M
5s Apr 1 1931-. / 2
3
242
90
American
Surety-----------50
e
P
refe
rre
d
_________
100
Brooklyn.
Coupler com .. 100 33 38
*4*2 5 Standard
1st 5s 1930...................M-N 102 106 American Thread pref___ 5 422
Atlan Avenue RR—
P
referred___________100
100
.
.
..
424*4
Am Tobacco Co com___ 100
102
Con 5s g 1931-----------A-O 100
Milling Co----- 100 16 18
46*2 Standard
Amer Typef’ders com— 100 44 100
Other Cities.
97 102
B B A W E 5s 1933----- A-O 165
Preferred----------------100
o0
54
62
98*2
♦
51
P
referred___________
100
Am
Gas
A
Eleo
com_____50
170
Brooklyn City Stock..........10 ange list
1st 5s 1930................. M-N 85 88
*40 41' 2 Deb g 6s 1939............M-N 98 100 Standard
P referred____________ 50 284
Con 5s—See Stock Exch
OH of N J ____ 100 62. 627
Amer Writing Paper___ 100 2*2 313 Swift A Co—See
Light A T ract___ 100 10312 288
Bklyn llgta 1st 5s 1941 A-O 98 102 Amer
Boston Stk Exc list
105
29*2
ePref
erred___________100
P referred___________ 100
Bklyn Queens Co A Sub—
1st 5s. See Chicago Stk Exc 1st ;
90'*
*2 *4 e lst s I g 5s ’19red 105J-J 90 410
100 Bay 8tate Gas.....................50
e 1st g 5s '41 op 1910 !-■ 98
Texas Company— See Stock Exc list
A W I S3 Linos.. 100
97 98 Ulngh’ton (N Y) Gas Wks 95 100 AllP Gif
0 1st oon 5a '41 op 16 M-N
25 26 e Texas A Pacific C oal.. 100 95 100
referred___________ 100 70*4
list
1st g 5s 1938.................A-O
Bklyn Rap T ran—See Stock EXC
71*4 n tle Ins Co of N Y..........100 135 140
Col tr g 5s 1969---------J-J 20
75 Brooklyn Un Gas—See Stk Exc3 list5
Doney isl A Bklyn..........100 60
oO Tonopah Min (Nevada) — 1 8
8*4
83 Buffalo City Gas sto ck .. 100 Exc list
1st cons g 4s 1948----- J-J 78
Trenton Potteries com .. 100
4 8
90
85
1st
5s
1947—See
Stock
80
Oon g 4s 19 55 -----— J-J 75
Preferred new _______100 50 56
Bethl'm Steel Corp—See tk Ex list
100 Cities Service Co_______ 100 66 07
Brk O A N 5s 1939— J-J 95 list
Directory________100 30 ----123 127 Trow
P referred___________ 100 77*2 78
Kings Co El 4s—See Stock Exc
Typew riter. 100 62 63
123 127 Underwood
Con Gas of N J 5s 1930 .J-J 90 96
Nassau Eleo p re t............100
Preferred___________100 100'; 101'*
246 250 Union
105 ' Consumers’ L 11 A Pow— 100
6s 1944..........................A-O 103” list
Typewriter com .. 100 46 47
124 124*2
5s 1938..........................J-D 190
la t 4s 1961—See Stock Exc
1st preferred________100 104 108
107 108
210
Gas A Eleo_____ 100
tf W’b'g A Flat 1st ex 4 Ms 87 92 Denver
*6'2 6*4 2d preferred_________ 100 103 62107;
Gen g 5s 1949 op___ M-N 90 92
Steinway 1st 0s 1 9 2 2 ...J-J 101 104 Elizabeth
*18'2 19*4 United Bk Note Corp__ 50 *51
Butte Coalition Mining.
Gas Lt Co____100 300
2'i.t 3'2 P referred___________ 60 *511; 53
Essex A Hudson Gas— 100 134 136
Other Cities
50 55 United Cigar Mfrs_____100 63i4 661*
81
Gas A El Bergen Co------100 79
Buffalo Street Ry—
e Preferred__________100 100 103 14
140
125
98
101
e
Gr
Rap
1st
5s
1915
—
F-A
106 107 Hudson Co Gas-------------100 134 130
4*4
126 130 United Copper--------------100 4
103 106
r --------------- 100 6 16
1 2 U Preferred
36
Columbus (O) St Ry--------100 94*.| 9534 Indiana Lighting Co------100 34
S
Casualty...................100
215
--------------20
10
6312
05
4s 1958 op__________ F-A
Preferred____________ 100 100*4
U S Envelope com_____100 60 62 j
Indianapolis Gas------------ 50 121? 25
Dolmn Ry con 5s—See Phi la list
Preferred___________ 100 110 113 .
___
83
Crosst’n 1st 6s 1933..J-D 10034 101l2 1st g 5s 1952.................A-O / 78
S Finishing__________100 92 97
/ 31 35 U Preferred___
88 92*2
I Conn lty A L tgcom —.100 7512 7614 Jackson Gas 5s g 1937.-A-O 1121?
. .. . . .. 1 0 0 105 110
1 700
1127*
Gas__________ 100
ePreferred . . . --------- 100 79 81 e Laclede
*20'j 20*4 1 st g 5s 1919................J-J 100 105
e Preferred__________ 100 80
let A rot 4 H s—See Stock Exc list
Con
g
5s
1929.................J-J
95 100 ;
67
)
60
103
108
85 Madison Gas 6s 1920___A-O
Brand Rapids Ry pref-10 0 82 106
) 98 100 U S Steel Corporation—
130
Newark Gas 6s 1944____Q-J 128
I Loutsv St 5s 1930_____ J-J 10412 100 Newark
Col
tr
s
f
5s
1951
opt
’l
l
.
11334
114**
106
102
90
98
ConsoLGas_____
100
Lynn A Bos 1st 6s 1924.J-D 104 25*2 e Con g 5s 1948______J-D 104 105
Col Vr s f 5s '51 not o p t.. 113*4 1141*
93 96
I New Orl Rya A Lgt— 100 26 05 No Hudson L H A Pow—
) 93 97 U S T it Gu A Indem___ 100 ------ 921*
< Preferred----------------100 641* list
e Utah Copper Co— See Stk Exc list ■
5s 1938..........................A-O 100
Gen M g 4 Ms 1935—See 8 tk Ex
Westchester A Bronx Title
J 1 45 ___
Gas A E, com___100 69' 09*4
(Pub Sorv Corp of N J..1 0 0 116*2 117 Pacific
A Mtge Guar.................100 160 16$
'/ 45 ___
100 88 89
Tr ctfs 2% to 0% perpet 100 101 PatPreferred___________
Westlngn’ee Air Brake_ 60 *140 140**
)
65
95
90
A
Pas
Gas
A
E
leo..
100
North Jersey St Ry-.lOO 60
West
Eh A Mfg 6 s—See Stk Exc list
0
1*
eCon g 6s 1949..........M-S 102 103
1st 4s 1948.............. M-N 70
) . . . 26 Worthingt*n Pump pref. 100 106 10#f
St Joseph Gas 5a 1937—JW 90 94
Cons Tract of N 3____100 72
41
3
37
1st fe 1933............... J-D 104

Volume of Business at Stock Exchanges

* Pec sh are. 0 Basts. e Soils on S tock E xchange, b u t n o t vory a ctiv e . / F la t price, n N om inal, s Sale price. {N ew sto ck , x E x-dlv. p E x -rlg h i




BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
Saturday
Jan 21

SH A RE PRICES—NOT PER C EN TU M PRICES
Monday
Tuesday Wednesday Thursday . Friday
Jan 23
Jan 24
Jan 25
Jan 26
Jan 27

Sales
of tile
Week
Shares

STOCKS
B O STO N STOCK
EXCHANGE

Range Since January 1.
On basts o f 100-sfiare lots.
Lowest.
Highest.

Range for Previous
Year (1910).
Highest.

R ailroads
104 104 104 104% 104% 104*8 103l2 104 104*8 105 106 106
T op & S anta F e. 109 102*8 J a n 5 106 J a n 27 91*2 J ’ly 123*8 Ja n
103 * 10 2 103 * 10 2 103 102 102 *102 103 *1027)5 10312 7405 A tch
Do
p
100 101*8 J a n : 10234 J a n 19 97*2 Aug 104*4 Ja n
224 224% 224*2 225 224% 225 22412 22412 22414 224*2 224*2 22412 270 Boston &reAl__________
223*2 J a n ■ 225 J a n 14 218 J ’nc 234 Ja n
129 129*2 129% 129*2 * 129% 129*2 *129 12912 129*4 12934 12934 12934 160 Boston E lev lbany____100
128*2 J a n ■ 12934 J a n
a: 122 A ug 13634 Ja n
ated
_____
109
216 * 2 1 2 214
* 2 11
212
212
*___
Last
Sale
200 J ’ly 227 F eb
216
Jan’11
210
J a n I 216 J a n
----Boston
&
L
o
w
e
ll..____
100
118 118 117% 118 118 118% 11814 11814 117% 118*4 118 118
11534
J a n 11 11834 J a n
5118 D ec 152 Feb
771
Boston
&
.Maine...........100
*295 305 *295
*295
*295
.
.
.
295
295
295 295
295 J a n 10 295 J a n 11 285 O ct 3*0 Nov
12
Boston
&
P
rovid
ence.
100
*15 16 *15 16 *15 16 *15 16
14 J'n e 16% Nov
----- Boston S u burban El Cos.
*71 ____ 72
*71
*71 . . . *71Last Sale 15*71 Dec’10
.
Do prof______________ 72 J a n 6 72 J a n 26 708 J ’ly 76 A pr
*____ 10*2 *___ 1720 *o *___
10
*____ 10
Last Sale 10*4 oct’io -----5Boston
Mch lu% Sep
&
W
ore
Elec
Cos.
*__ 39%
*
*
39*o
39*2
------ 39l2 39 39*2 38*2 38*2
ug 48 .Jan
65 Do pref____
. . 38*2 Ja n
39*2 J a n 16 35 ASep
*_ _ 160 *
160 * - 160 *157i2
157%
*----160
160 Deo
139
;-----160
1
Chic
Ju
n
e
R
y
&
U
SV
.100
158
J
a
n
16
157
Ja
n
112
* 110
* 110
112
* 110
112
11112 111% 112 112
112 112
O ct .118 Ja n
109
100
42
Do
pref_________
112
J
a
n
16
10
J
a
n
*__ 265 *__
265 *
265
Last
Sale
270
Dec’10
270
Mcb
O
ct
260
----C
onnecticut
R
iv
e
r..
1
0
0
128% 12834 128% 12834 128*8 12834 12834 12834 12834 12834 128 12834 275 F itchburg, pref_____ 100 128 J a n 3 130 J a n
133% Ja n
124*4 Sep
*118 118*2 117% 117% *118
*119 11912 *119*4 119*2 119 119*4 120 Ua R y & E lectric___100 117l2 J a n 23 119*1 J a n 27 104
123
O
ct
Ja
n
*87*2 ____ 88 88 *88
. . . *------ 88*2 *88 . . .
90 O ct
10 0
10 Do p ref______
87*2 J a n 18 88*2 J a n 6 85 A pr 218
*215 218 *213 218 *213 218 **88
----- 215
215 215 *213 215
Dec
21 Maine C e n tra l.. _ 100 215 J a n 18 215
20 2
Feb
J
a
n
18
18 18*4 18 18 1734 177, *1712
17*4
1734
18
18
18
475 Mass Electric C o s ... 100 1734 J a n 24 18*4 J a n 21 14i4 J 'ly 2 1 U N ov
85 8534 85% 86 8519 85*9 85*2 86
8512 8512 86
328 Do pref____
10 0
83®4 J a n 9 8 6 J a n 21 75 J ’ly 8834 N ov
150*8 150*4 148% 150*4 14878 14919 149 14912 85*2 1497g
14912 14934 1,482 N Y N 11 & H a rtfo rd '100 148*2
J a n 23 151 J a n 3 149 A pr 16 2 % Mch
*139 141 *139 141 *139 141 *139 141 149*4
Last
Sale
140
Jan’11
------N
orthern
N
H
_____
1 0 0 139 J a n 13 140 J a n 6
139 Deo 141 Deo
* 210
* 2 10
* 210
*210 . . . 210 210 *210 . . .
2
Norwich
&
W
or
pretllOO
210
J
210 J a n 26 210 May 212 Mch
*182 189 *182 18!)" 188 188 *182 189 *____189 *182 189
1 Old C olony__________ 1 0 0 187*2 J aa nn 26
20
181*4 Sep :oo Ja n
189
J
a
n
3
33 33 *33 35 33 33*2 33 33
32
33
*30
35
'1 0 0
164 R utland pref___
32 Ja n 26 33*2 J a n 18 25 May 44*2 N ov
♦ ____ 1 1 0 *
110
110
* ____110
Last
Sale
110
Jan
’11
----S
eattle
E
le
c
tr
ic
...
' 1 0 0 zl06 J a n 6 110 J a n 17
103
Aug 116 Ja n
10 1
10 1
10 1
10 1
10 2
10 2
*101 103
101*2 *100 10U 2 185 Do pref______ 10 0
1 0 1 J a n 21 10 23 4 J a n 9
98'1| Auv 100 Mch
*176 176*4 175 1767, 175 17534 17458 1 757s *100
174*4 175*4 17534 17678 1,063 Union Pacific_____ ' 1 0 0 171
J
a
n
3
Ja n
1767s
J
a
n
23
153*4
J
’W 204*2
*93 93*2 9334 9334 *93 93*2 *93 931 *93*4
9334 *93*2 94
4 Do pref...................... 10 0 92% J a n 12 9334 J a n 23 89*4 J ’ly
1033g J/in
*157
*157*2 9134 *157*2
* 15 7
...;
157*2 Dec’10 ------V erm ont & M ass_____ 10 0
168
J
an
151
O
ct
91*9 91 91% 91 9H4 91Last Sale
*91*4
91*4
91*4
91
91
432 W est End S t_____
50 907„ Ja n
927g Jnn 11
Sep 96*2 Mch
104% 104% 104 104*2 *104 104*2 104 101 103 103 *103
104
186 Do pref______ _ " 50 103 Ja n
J ’ly 109 F eb
105 J a n 10
iscellaneous
48*2 48*2 48 48% 48 48 4812 49 48*2 49 48*8 48*2 2,230 A m er M
A gricul
Chem__100 4612 Ja n
49 ' J a n 25
36 J ’ly 49*2 O ct
10 0 % 10 1
100*2 1 0 1
10 1
101*4 101 10114 101 101*2 101 101*2 526 Do pref_________ 100 99
Jan
102 J a n 17 98*2 Dec 10 6 Sep
63g 6*2 6*4 6 % 6*8 6% 6
6%
57s
6
57
8
6
2,146
A
m
er
Pneu
S e rv ic e ... 50 4*2 J a n
87s F eb
4 Dec
6*2 J a n 20
1634 17*4 16*2 17 16*4 16*4 16 1612 16*2 165g 17
17*8 938 Do pref_____________ 50 14 J a n
17*4 J a n 21 1334 Dec 24 Feb
*116 117 116 1161? 116 116% 116 116 11534 116 115*2 116
407 A m er Sugar U efln___IlOO 11334 J a n
11634 J a n 17 111 O ct 12/3S M ch
116 116% 116 116% 116% 116*2 116*8 116*4 116 116l2 116*2 116*2 331
Do
pref_____________
10 0
Ja n
117 J a n 19 11134 O ct 124 M ch
143% 143% 143% 144 143*2 144% 143*8 1443g 1435g 144*1 1437S 144*8 5,692 A m er Telep & T eleg._100 111**!
140 Ja n
1443S J a n 18 127*4 J ’ly 1437s N ov
32 32
erican W oolen___ 100 31 Ja n
32 J a n 21 26 J ’ly 39i2 Mch
93 93% 93% 94 93% 94 9312 937g 93*4 937g 93*2 9312 5731 A mDo
pref_____________ 1009134 Ja n
94 J a n 23 90*2 D ec 104*4 M ch
*9% 1 0
10
10
10
103, 10 1012 10 10
10
10
732
Atl
G
ulf
&
W
I
S
S
L
.1
00
8*4 J a n 17
l l i 2 Ja n
10l2 J a n 25 167 Mch
2334 24% 24 24
24 24% 2412 25*4 2434 25*4' 25
25 2,414 Do p ref__________ 1 0 0 22 J a n 4 25*4
May 28 Ja n
J a n 25
*6
6%
6
6
♦6
6*9 *6 6*2 6*2 6*2 *6
450
Boston
L
an
d
.
10
7
5*2 Ja n 13
4 i 2 J ’ly
8 i 2 J a n •'
6*2
J
a
n
26
146% 146*2 *145*4 147% 146*2 146% 146*2 146*2 146% 146*2 *14634 1473« 182 Cum b Telep & TelegllOO 145*4 Ja n 10 150 J a n 4 138*2 J 'ly 162%
M ch
7
8
7%
7*2 734
7*8 712 712 7% 734 1,056 E ast B oston L an d .
7*4 Ja n 18
11% Jan
7*8
A
pr
8 Jan 4
•287*2 288 2887% 288 28734 288 2887% 288*2
288*2
290
290
290
439
Edison
Elec
Iliu
m
.
'lo
o
5239
Jar.
28734
J
a
n
24
292*2
N ov
291
J
a
n
12
152 152 151 152 151 152 16U2 152 *150 151*2 *151 152
233 U eneral E lectric_____ 1 0 0 150*8 J a n 12 153*2 J a n 4 135 J ’ly 160% Ja
n
9334 9334 927S 9334 92% 92% 93 93 *4 9234 93 93
93*8 2,493 M assachusettsG asCos 1 0 0
8734 J a n 3 94 J a n 20 76*4 Feb 91% N ov
96 96
96
96*4
95%
95*2
96
96
10 0
441
Do
pref__________
95*2
96
95*2
95
J
a
n
3
95*2
89
May
97
Mch
97
J
a
n
19
214 214 214 215 215 215 215% 220 216 216 *216 220
39 M crgcnthaler L ino___100
J a n 4 216 J a n 26 2 12 * 2 Dec 2 2 O N ov
*4% 5 *43g 419 *4% 4*2 4 438 4 4
J a n 25 438 J a n 7
* 4*4 4*2 782 M exican T ele p h o n e.. 10
2*4 Ja n
034 M ay
113% 113% 113 1 1 1 114*4 114% 113 11412 *113 11412 11412
11412 120 N E C otton Y arn____100
J
a n 3 114*2 J a n 2 7 107 Sep 124 Ja n
108 108 109 109 1 1 0 1 1 0 110 110 *11012 112 111 111
211 Do pref__________ 1 0 0
J
a
n
3
99*2 Aug
112
J
a
n
5
115
n
153 N E T elephone______ 100
*2 138*2 13812 *137*2 138
*13712 138 13712 13812 138 138 138*2 138
J a n 14 13812 J a n 11 129*2 Aug 13834 Ja
Deo
*96 . . . *98 ____ *98 ___ *98 ____ Last Sale 96 Ja n ’l l ___ Pacific Coast P ow er. 100
Ja
n
9
93*4
NOV
96
J
a
n
9
100
Ja
n
I 6 H 2 I 6 U 2 1617g 162 I 6 U 4 162
401 Pullm an C o ..
'10 0
161 16H2 161 162 162 162 *12
J a n 3 162 J a n 23 153 J ’ne 20 0 F e b
1234 1234 230 Reece B u tto n -H o 'icI' 1 0
13 *12*2 13
1212 1234
*12 13 *12 13
J a n 5 13 J a n 18 11*4 Ja n 14 O ct
10012 10034 IOOI2 10034 10012 10034 10012 100% 100 100*2 100 10038 768 Sw ift & Co_______ 1 0 0
J
26 101 J a n 4 10 0 Ja n 109*4 Ja n
183 T o rrlng ton____
31 3114 *30*2 31 *30*2 31 30*2 30*2 31
25 30*2 J aa nn 26
31
*30!2 31
Mch 37 Dec
J a n 3 28
29 29 *28*2 29 *2812 29 29
29
30 Do pref____I . . . ” 25 28 J a n 4 36
27 Ja n 31
*28l2
29 *2812 29 19014
M ay
29 J a n 17 165*2
191 190 191 191 19U2 19012 191
190 19034
190 191*2
.IlO O 186 J a n 16 192*2
351
U
nited
F
ru
it_____
Ja
n
Sep
J
a
n
19
5512 55S4 5578 557s 55 557s 55*2 5584 55*2 5512 745 Un Shoe M ach C orp._ 25 54*4 J a n 13 56*2 J a n 9 40*4 J ’ly 290
56 56
7
i 34 A pr
29 .29Ig 29*8 2918 29*8 291g 29
29 29
29 29
29
254 Do pref________ 25
' 31 Ja n
J a n 24 25*4 JJ ’ly
7834 20,945 U S Steel C orp______ IlOO 28*48 JJ aa nn 33 29*8
77% 7712 7678 7814 7714 78 77*2 7812 77*2 78*8 78
’ly 9034 Ja n
7834 J a n 27 H0l3g
118*2 119*4 1187s 119*8 119 119*8 1.084 Do pref____I _ 11 IlOO 11713
118% 11918 11878 11912 11812 119*8 *1812
i
J
’ly
% Ja n
6 3 4 J a n 3 119*2 J a n 23
1912 *18*2 19*2
1912
F eb 1 215j 34
*18 19l2 1812 1812 *18*2
60 W est Telep & T eleg. 10C 16*2 J a n 17 19i2 J a n 18
Sep
19*2
90 “90
89 89 *89 90
Aug 94 Ja n
89*2 89*2 •$F 92
*88 90
145 Do pref__________100 89 J a n 23 92*2
J a n 17
.
M
ining
6
6
6
6
6
6
6
*6
4 J ’ly
6l 2
5*2
25 6 l 2 J a n 27 7 J a n 5
727 A dventure Con___
6*2
10 Feb
6
6*4 6 76
784 Dec
8
712 Vs 356 357
*7
1,390 Algomah Mining . .
25 6 J a n 24 8*4 J a n 9
1434 Sep
36 34*2 3412 3 5
35 35 35 35
31
398
A
llouez________________
25
35
68 F eb
34i
2 J a n 26
39
J
a
n
4
6312 64% 6334 64*4
6414 63*4 64 *62% 63*8 6,183 A m algam ated C opper' 1 0 0 61 J a n 3 65*4 J a n 20 65*4 JJ 'ly
64% 65
903
4 Jan
’ly
24*4 24*2 23*8 24*4 23
*25 253s 25 2514 23*2 25
19*2 J ’ly 40% Ja n
23% 2,895 Am Zinc L ead & S in .. 25 23 J a n 27 2534 J a n
141< 14l4 14 14*4 14*4 1414 1334 14 13*2
1 2 ‘4 May
503
4 Ja n
131
2
1334
13*2
885
A
rizona
C
om
m
ercial.
25
1434
J
a
n
13
J
a
n
12
4
5
4*8 *4
*4
5 *4
412 4 4
5 J ’no
895 A tla n tic ______________ 25 4 J a n
12*4 Ja n
4
4
5 Jan
.50'*.50
.55 *.50
.66
*.60
.65 .50
5o
Mch
200
B
onanza
D
ev
C
o
__10
.70
Mch
.50
J
a
n
.
.00
.50
J
a
n
18
12
1 2 % ♦ 11*4 12* 2 * 1 1 % 1 2 % *
* 12
10 May 24*4 Ja n
Last Sale 12% Jan ’l l
Bos&CorbCop&SIlM g _ 1 1 * 2 J a n 13 I2i 2 J a n
534 6
6
6
6 *g
6*8
6*8
6*8
4*2 N ov
5
5%
5
18*4
M ay
5
J
a
n
26
815
B
u
tte-B
alaklava
C
o
p.
10
5*4
6*2 J a n 14
19 19 187g 19% 19 19% 1834 19 19
19 19
15% J ’ne 28% Ja n
19 1.600 B u tte C oalition____ _ 15 1734 J a n 16 19*8 J a n 24 4434
47% 48% 4734 48 47*4 49*8 48 49*4 48% 49 48*4 49*4
J ’ly 103 Ja n
1,295 C alum et & A riz o n a .. 10 46 J a n 19 49*4 J a n 25
518 518 515 515 *____ 515 512 613 510 510 501 605
60 C alum et & H e c ia .. 25 500 J a n 12
500 J ’ly 685 Ja n
Jan
’ 12 * 12 12 % 12 12
12
13 13 ♦ 1 2 13
12
12
118 C entennial_____________25 12 J a n 24 545
IJ*" J ’ly 38 Ja n
15*2 J a n
.06 ♦ .05
.06 Last Sale .05 Jan ’l l . . . . Cons M ercur G old____ 1 .05 J a n 6 .05
*.05
.06 *.05
.06 *.05
04 J ’ly 16 Ja n
J
a
n
17
*67
67% 67 67
67% 68
67*2 67% 67% 67*2
67
290
Copper
R
ange
Con
Co
100
66 %
58
Feb 85 Ja n
66*2 J a n 3
68*2 J a n
*3
3%
3*4 3*4 3% 3% 3
334 *3
3% 167 D aly-W est_____________ 20 3*4 J a n 20 3i2 J a n
3% Sep
9 %Mch
1234 12* 2 . 1 2 % 1 2 % 1 23*4
% 123S 1 2 % 1 23*8
1 2 % 4,977 E ast B u tte Cop M ln._ 10
12%
12
%
6*4 J ’ly
14 N ov
11%
J
a
n
11
13
J
a
n
18
m1 2 %
* .1 0
.2 0 *.13
.15 *.15
.20
Last Sale .20 Jan’l l ----- Elm R iv er______________ 1 2 .20 J a n 6 .20 J a n
.05
O
ct
2% Feb
7
7% 7
7% 7
7*4 7*8 73g 7
7% 7
7% 3.277 F r a n k lin .............................25 7 J a n 21 10 J a n
9 Deo
22% Mch
63g 63j 6*2
6*2
6 « , a 6 l l t« 6 9-16
6*2
6%
5
6%
6%
6% 1,425 G iroux C onsolidated.
63&
J
a
n
19
6
j
’ly
12%
Ja n
6'g Ja n
36
37%
36
*37 38
36 33 35 30 33% 30
32
932 G ranby C onsolidated. 100 30 J a n 26 40*2 Ja n
20 J ’ly
111*4 Ja n
l 6*4 6*4 6199-16 634 *186*2 6 % 6 % 6 11-16 6 % 6*2 * 6 % 6 % 1.937
Greene C ananea_____ 20
0% Sep 117g J a n
0i8 J a n 26 7 J a n
18
18% 18*2 18% 18*2 18
20%
20*2 20*2
18
950
H
ancock
Consolidated
25
18 J a n 24 22i4 J a n
1434 J iy
36 Ja n
1
1
1
1
1
1
1*8
1
1
1
1
1*8
1,935 H elvetia C opper_____ 25
134 O ct
1 J a n 20 l 78 Ja n
578 J a n
1134 1 2
12
12
12
12*8
12 % 12 %
11%
11%
1 1 % 12
675 In d ia n a M ining______ 25
4434 Mch
1 0 J'ly
1 1* 2 J a n 3
13% J a n
*32 32*2 32 32 *3134 32% 32 32
32 32*8 32% 32% 180 island C reek C o a l___ 1 32
J
a
n
3
30J4
D
ec
3334 O ct
34
Ja
n
88
%
88
%
89
88
88*4
88*2 *88
88
88
89 89
332 Do p ref__________ 1 88 J a n 3 90 J a n
8414 N ov 90 N ov
13% 14
13% 1334 13% 88*2
14 14
14 14
13% 13% 14 1.090
Isle R oyale C o p p e r.. 25 13ig Ja n 26 16*2 J a n
13*2 May 28% Ja n
734 734 734 7 13-16 7% 7% 7*8 7*2 73g 73, 5.625
K
err
L
ake___________
5
7*2
63
4 Jan 4
z6
Sep 11 Ja n
778 J a n 21
*23
4
3
234 2*2 34234 2*2 2*2 2*2 2*2 885 K eweenaw C o pper__ 25
2*2
2*2
2*2
634 J a n
2*2 J a n 21
3 J ’ly
3%
J
a
n
3
34
33% 3334 33% 33% 1,194 Lake Copper Co_____25
34 34% 3334 34
) *34% 35
2 8 Io J ’ly
94*2 Ja n
33*4 J a n 27
35*4 J a n 4
8
43g 4% 2,005 La Salle C opper_____ 25
43g _ ___
4*2 4*2 4*2 4*2 43g 434 743j 43g 43
4*4 J a n 5
19
Ja n
6 I4 Deo
6 Jan 3
7
7
7
7*4
7*2 7
425 Mass Consol____________25 7 J a n 17 8 J a n 3
7*2 7*2 *7
10% O ct
.52 .60 1
.80 " 9 0 5,500
.50 *.35
.50 .50
.37
.37 *.35
M ayflower ___________ 25 .37 J a n 21 1 J a n 26 .354*2 Mch
O ct
Rs Ja n
.19 .2 0 .2 0
.25 *.15
.19 .19
.15
.2 0 .19
2,550
Mexico
Cons
M
&
S
.
.
10
J a n 19 .25 J a n 16 . 0 1 N ov
5 Ja n
18% 1878 *18% 19% 1834 1834 *18% 19*4 1834 18% 1834 19" 250 Miami C opper________ 5 .03
J a n 24 1934 J a n 5 1 7 J ’ly 29 Ja n
*234 3
234 234 * 2 % 234 2*2 2*2 2*2 2*2 2*2 2*2 250 M ichigan______________25 1834
2
*2J
a
n
26
3*4 Dec
8%
Ja n
3i
2 Ja n
443
4
*44%
45
45
44
44%
45
447g
46
45
45
149
M
ohawk______________
25
*44*2
J a n 27 45i2 J a n
43 J ’ly 75 J a n
18% 532 N evada C onsolidated. 5 44
19 19 1834 1834 *18*8 18% 18% 18% 18% 18*2 *18*2
8 Ja n 5
17% J ’ly 2 7 % Ja n
19*4 J a n
2%
3
3
3
3*2 290 New A rcadian Copper 25 183
3
*3
3
3
3
3
3%
10%
Ja
n
234 J a n 17
3*2 J ’ly
107g 107g 1034 1 1
1034 1 0 % 1 0 % 1 0 % 107g 1 0 % 466 Ntplsslng M ines_____ 5 10*2 J a n 3 113*2 JJ aa nn 19
10*2 1 0 %
n 1 2 M ay
283,j 2834 28 2834 28
27*4 2,563 N orth B u tte __________ 1 5 27 J a n 27 29*2 J a n 4 18934 Ja
28% 27% 28 27*4 27% 27
50
Ja
n
J
’ne
6%
*6*2 7
6%
7
7
* 6*2 7
7
7 * 6*2 7
170 N orth L ak e______
25
6*2 J a n 20
0 % Dec
734 J a n 9
25% Mch
534 810
6
534
634 634 6
6
^4
5*2 6*2 *5*2 6
O
llbw
av
M
in
in
g
...1
25
5
Sep
1234
J
a
n
5
J
a
n
17
6 i2 J a n 4
.80 .90
.60 +.45
.55 *.45
*.45
.60 .65 1
Old C olony........................25
.55 +.45
134 F eb
Ja n 5 1 J a n 26 .25 A ug
3934 3934 2,050
400 Old D om inion Co__ 25 .50
40*2 40% 40 1 1402 *39*2 40*4 40 40 3934 1 3934
3934 J a n 26
29i2
J
’ne
55
Ja
n
42
J
a
n
13
107
1
1
0
1
1
*108
1
1
0
1
1
1
* 110
111
110
48 O sc eo la __________
25
110
110 * 2
J a n 13 124 J a n 3 114 J ’ly 166 Ja n
11
12%
*1134 1 2
12
12
209 P arro t Silver & Cop 10 107
* 1 U 2 13 * 1 1 1 2 % 1 1 1 1 * 65
11 J a n 26 12 J a n 23 11 Dec 2134 Ja n
*____ 70 #
66
145 Q uincy.......................... 2 5 65
70 70 70 65 68
65 66
Ja
25 71 J a n 3 66 J ’ly 92 M ch
16
17*2
16
1734
*17% 18 "l77s 18 ♦ 17%
1,067 Ray Consol Copper 10 16 J a nn 27
17*2 17% 17%
J a n 4 15*4 J ’ly 2434 Mch
* 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % * 1 % 13g 1 11 % 1 11 % 720 S anta Fe Gold & C o p ' 10 1*8 J a n 27 18%
1*4 N ov 234 Ja n
Jan 5
11
927 S h a n n o n ____________ 2 10 11 J a n 12 1 11*2
11%
„*.80
1 1 % 11 * 2
11* 8 1 1 %
1 1 % 113g
11% 11%
8% J ’ly 18 Ja n
3 4 J a n 14
.85
.85 .80
.80 *.80
*.80
.85 *.80 .85 .85
.85
200
S
o
uth
U
tah
M
&
S
'
5 .80
334 Ja n
J
a
n
16
1 Dec
.88
J
a
n
14
38*2 38 39 37 37 37
37*2 381 Superior________
25
36%
26 42*2 J a n 3 30 J ’ly O8 I4 Ja n
4*4 , 1 ! 4 4*8 4*8 4% 4*4 4% 374% 364% 4% 37*2
43g
S u p e rio r* Boston Min 10 364 JJ aa nn 19
18
Ja n
4%
Dec
6 Jan 7
14%
14% 14% 143g 14% 14% 14% 1438 14 14% 144% 14 2,247
6 .6 0 1 Superlor& Pltta C odd
10
9 J ’ly 16% Ja n ,
13*2 Ja n 3 14*2 J a n 24
45*2 46% 45*8 45% *45 47 *45 47 45 45
45
234 T a m a ra c k _______ * 2 5 40
44
J a n 5 52 J a n 3 45*2 J ’ne 78 Ja n
*4
4% *4
131
T
r
i
n
i
t
y
................
■
25
4%
4%
4*4
4
4
4
*4
4%
4
4 J a n 19 5 J a n
4*i Dec 113g Ja n
‘ *35*2 36 5 s ? 4 35% ♦ 35% 36 35*2 3578 35*2 36 36
36
313 U S Sm elt R ef & Min* 50 353g
J a n 11 36*4 J a n
30 Deo 55 Ja n
4634 4634 46*2 46% ! 2 ?4 463., 46*2 46*2 4G34 4634 4634 47
765 Do pref____
50
46*2
J
a
n
3
45*4
J 'ly 63% Ja n
47
J
a
n
*
212
2%
3
23
4
*212
23
4
2
%
2
%
390
U
tah-A
pex
M
in
in
g
'"
5
2
%
2*2
2*2
6*4 Ja n
2*2 J a n 3
2 Deo
3 Jan
: 1, 02 ?8 1 2
1134 1 1 1 1
11
1 1 % 12
10
10
3,011
U
tah
C
o
n
so
lid
a
te
d
."
5
10 %
10
934
J
a
n
20
13%
J
a
n
12*2
Deo G460 % JJaa nn
4578 45% 46 46 *46*8 453g 4534 4534 45% 45% 45% 45*1 120 U tah Copper Co " 10 45*4 Ja n 26 4618 J a n
53934 J ’ne
2%
2*4
2*4
*
1>2
*
1*2
2*4
___
V
ictoria
______
25
*134
Last
Sale
2
Ja
n
'11
* £ 34
2 J a n 16 2*8 J a n
2 Dec 1 5534 JJaa nn
*8
8*4
8
9
8
8
8%
325 W in o n a _____
8%
+7% X * 8
8%
5 J ’ly :60 Ja n
♦ 118 ____ ♦ 117 1 2 0 1 2 0 1 2 0 *118
♦ 118 125 118
118
13 W o lverin e____
25 8 J a n 21 914 J a n 14
* 1 % 134 *13g 1*2 1 % 13s 1 % "T% 1 % 1 % 1 % 1 % 575 W y a n d o t_____
25 1141*4 JJ aa nn l25l 120134 JJ aa nn 193 1 0 21*4 JJ ’ly
334 Ja n
’ly
• Bid an d asked prices, d New stock. « Ass’t paid, b Ex-stook dlv.
* 10 2

v8




JAN. 28 1911.1
BOSTON STOCK E X O H 'S S
W kek E nding J an 27

Bange
Week’s
J^rice
S in c e
Bange or
F riday
Ja n ua ry 1
Last Bale
J a n 27
ow H ig h
Ask: L o w
_ , B10o L102
V 102 V
102 V 102 V 111'
90 V 90V
90>s 90'*
00 V Sale 107
105 V 107 V
a i l ’l l
106 V 1071. 87 v JSep
’10 6
100 102 V
100 102
85 , 2 84 87
84 V 85 85
99 V 99 V
99 99 V 99 V Ja n ’l l
’l l
91V 91V
91 V 93 V 0901 V\ J Ba ne e ’10'
91 V 93 V
102 Si J ’ly ’loi ::::
108 V Ja n ’l l . . . j ib 'sv ib s v
68 72V
71 V Sale 70V 72 V '210;
110 F e b ’04 ...J
100 v M ar’09 __ II I________
104'V Oct ’08:
112 V Ja n ’03!
103 103 , 1 103 103 V
100 J ’ne’01'

| Bonds
| S o ld

f iO M IS

253

Boston Bond Record

A m A grioul Chom 1 st Os..1928 A-O
Am T eleu A T el coll tr 4s. 1929 J - J
C onvertible 4 s....................1936
Am W rit P aner l e t s t6 s g 1919 M-S
J-J
A m Zinc L A S deb 6s___19 lo M-N
A riz Com Cop 1st conv 6s 1920 J-D
A ten Top A 8 F e gen g 4 s .. 1995 A O
A dju stm ent g 4s....... J'ly 1995 Nov
S ta m p e d .................J ’ly 1995 M-N
50-year conv 4s............. 1955 J-B
10;year conv 5 s.............. 1017 J-B
A tl C ult A W 1 88 Lanes o s .’69 j- J
B oston E lect 1. consol 6 s .1924 M-S
B oston & Low ell 4s_____ 1916 J - J
Boston A M aine 4 Has..........1944 J - J
Boston T erm inal ls t3 V s .l9 4 / F-A
B ur A Mo B iv eons 6 s ---- 1918 J - J
B u tte A Boston 1st 6 s ....1917 A-O
....
B u tto E lec & Tow lstg o s.1 9 5 1 J-B
Cedar Kap A Mo It 1st 7s. 1916 M-N
2 87 V 88
C ent V orm t 1st g 4 s..M a y l9 2 0 Q-F 88
87 V
11103 Oct ’0?
O B <& <4 Iow a JJrv 1st 68.1919 A-O
!ow/» B iv 1st 4 s .................1919 A-O
98 V J ’ne’10
D ebenture 6s......................1913 M-N
100V 100V 3 l o o v lo o v
D enyer E x ten 4 s.............. 1922 F-A 99 V ■
99 V J
99 V 99 V
N ebraska E x ten 4 s ........1927 M-N
99 A
B A S W s 1 4s....................1921 M-S
99 C
Illinois D iv 3 Vs................1949 J - J
e8V 88V
88V J
O b lo jo Ky A S tk Vos 6 s . 1915 j- J 10 0V 1 0 IV •101V
1 0 l‘4 *4 101 101V
Coll tr u s t retu n d in g g 481940 A-O 90 V 91 90V J
90V 90V
114 114
Oh MU * 8 t T B ub U 6 s.. 1920 J - J
114 J
Oh M A 8 t T W is V fliv 681920 J - J
126 1
10 98 V 99
9 8 ' 98 V
Cilices No Alien 1st gu 5s. 1931 M-N
9 lo o v io i
Ohio A W M ich gen 6 s ....1921 J D
toov
Concord A Aiont cone 4 s.. 1920 J-B
91 J
Conn A P ass It 1st g 4 s ... 1913 A O
....
....
Cudahy P a c k (T h e )lst g 5s 1924 M-N
99 1
C u rren t itlv e r 1st 6 s..........1926 A-O
B et G r Kap A W 1st 4 s ...1946 A-O
88 1
Dom inion Coal le t s t 5 s ..1910 M-N 96 V 98 96 V Ja n ’l l .... 96 96 V
F ito n b u rg 4 s ..........................1916 M-S
II
4 s ............................................1927 M-8
F ro in tE lk A Mo V 1st 6 s ..1933 A-O
....1 2 7 V 127 V
140 „
U nstam ped 1st 6s........t .l9 3 3 A-O
G t N or O B & <4 ooU tr 4s 1921 J - J 95a. 96 95 V 96 701 95 V 96
.R egistered 4s......................1921 q - j 95 V ........ 06V 95V 38, 96V 95V
N ote —Buyer pays aoorued in te re st In addition to the purchase price tor all

HOIS U S
BOSTON STOCK E X C H ’G E
W eek E nding J a n 27

B r v fe
Week’s
Range
F riday
Bange or
Since
J a n 27
Last Bale
J a n u a ry 2
Hi a
a s k Low
H ig h
Low H igh
100 100V
loo V io o v \o o v lo o t,
117 A p r’08
93V M ai’10
99V F e b ’10
n o ....... 116V 116 V 6 116 116V
102 V 102 V 92 J a n ’l l
92 93 s,
.......... 89 89 J a n ’l l
89 89
102 V Ja n ’l l
102 102V
1 13 V N ov’OO
101V Sep ’05
115 J ’ne’08
100 100V 100 10 0 V
o T v io o v
97 A ag’10
102 V A ug’04
100V 13 100 101
lo o " i o i " 100
102
102
1 102 102
100V Sep ’08

Illin o is Steel deben 5s. ...1 913 A-O
la F allsA S io u x C is t 7 s .. 1917 A-O
K an C Clin & Bur 1st 53...1926 A-O
K an O F t 8 & G ull e x t 5 s.. 1911 J-B
K an C F t S cott A M 6 s .. . . 1928 M-N
K an C M & B gen 4 s............1934 M-S
A ssented incom e 5 s........1934 M-S
K an C & M l i y * B r 1st 681929 A-O
M aine C ent cons 1st 7 s ...1912 A-O
Cons 1st 4 s ..........................1912 A-O
M ara H ough * O nt 1 s t 68.1925 A-O
Alass G as 4 V s ....................... 1929 J - J
M ich T o le p lst 5 s ..................1917 J - J
M inne Geu E lec con g 6s 1929 J - J
N ew E n g Cot Varn 5s. ...1 9 2 9 F-A
N ew E n g T e lep h os............1915 A-O
5s..............................................1916 A-O
N ow E n glan d cons g 58... 1945 J - J
B oston T erm 1st 4 s........1939 A-O
75 O ct ’10
N ew ltiv c r (The) conv 5 s .1934 J . J
N Y N H J i l l con dob 3V81956 J-J 99 V 3ale 99 V 99 V
99 V 99 V
134V J a n ’l l
Conv deb 6s ( c tf s ) ..........1948 J - J
133V 134V
101 A p r’09
Old Colony gold 4 s ..............1924 F-A
98V Sep ’09
O reg lty A N av con g 4 s ..1946 J-B
114V Ja n ’l l
O reg Sh Bine 1st g 6 s........1922 F-A
114V 114V
99 M ar’lu
P eru M arq u ette deb g 6 s ..1912 J . J
103 J a n ’l l
103 103
itep u b V alley 1st s t 6 s ...1919 J - J
ltu tla n d 1st con gen 4 V s.1941 J - J
107 V Nov’06
102 M ai’02
liutlan d-C anadlan 1st 4sl949 J - J
S avannah Elec 1st cons os.1952 J - J
70V B e c ’10
Soattle E lec 1st g 6 s...........1930 F-A 103 v
104 V D e c ’ 1 0
S hannou-A nz 1st g 6 s____1919 M-N
97 N ov’10
T erre ila n te E lec g o s____1929 J -J
97 A p r’07
T orring ton 1st g 6s.............1918 M-S
100V M ar’10
U nion Pao It It A 1 g r g 4s. 1947 J - J
100V lo o v 2 I lu o v lo o v
20-year conv 4«...................1927 J - J
104 V O ct ’HI
U nited F ru it gen a I 4 V 8.1923 J - J 96 V Sal fa 96
96 V 6
U S Coal A OU 1st 8 f 6 s.. 1938 M-N
165 N ov'10 ....1 96 97 V
U S Steel Corp 10-60 y r 58.1963 M-N 104 V sale 104 V 1U4 V
W est E n d S tre e t By 4s____1916 F-A
98V J ’l y ’io ..^1 104 V 104 V
100 V J a n ’l l ...II 100V 100V
Gold 4 V s................................1914 M-S
Golu deo en turo 4 s............. 1916 M-N
98 V A p r’10 . .. J
98 V Ja n ’l l
Gold 4 s................................... 1917 F-A
V 9b V
W estern Telepli & T el 68.1932 J - J 97 V Sale 97
97 V 13 98
96V 97V
93V J a n ’l l
W isconsin C ent 1st gen 4sl949 J - J
93V 93V
Boston Bonds. » N o price F rid a y ; la te st bid and asked. H F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
sh are Prices—Not Per Centum Prices
S a turd ay
J a n 21
64 V
90
♦ 2tt
47 V
*16V

M onday
J a n 23

Tuesday I W ednesday
J a n 2d
J a n 25

! Bales

T h ursd ay
J a n 26

— -------- ,0/ th e
iY id a v
Week
J a n 2 7 'S h a r e s

74 74
73 77
71 72
69 70
64 V *66
92 94 2,106
91 92 V 91 91
91V 93
90
96 91
123 V 123 V * 124 124 * 124 V 126V 126 126
*123 V
24 24 V
24 V 24 V
21V
48 V 49 * ____ 49 *48V 48V 1,7231
48
48 48V 48 49
17 17
17 17 *17 17 V
17 * ie v 17 * 16V 17

17
45 46 V 46 V 45 V
*44 V 45
44 V
41 V 44V 44V 44 V 41V
12V l 2 ‘4
Kl2 12 V 12 V 12 V 62
V 62 V
64 64 V 53 64 V
33 V 33 V
33V 34
l 83 V 34
83 V
" 83V 83 V 83 83V 83V
9
9
2b *2b V 29
[ 28 V 28 V 28 98
95 V 97 V
97 v 97 V 97 V
i 89 V 897ia 88 V 8Da,„ 88 V68l3ia
63V 03 V 637ia
63V
62
62 V 62 62 Hi 63 63 V
16 16V 16 V 16V
16V
16
V
20 V 2 1 20 V 20 V 20 2UV
78 V 78lVn 7 7 i‘ia 78V, 771Ve 783i«
8V
8V
83ifll 8
47V 88V
48 V 4 7 v 47'** 47 V 47 V
88
b7
88
V
88
V
L as34
P H IL A D E L P H IA
in a c tiv e S tocK a
▲ mal A sbestos Corp. 100
. P r e f e rr e d ................... 100
A m erican .M illing........10
A rner Pipe M fg..........100
B ell T elephone (P a). 100
C am bria ir o n ..................60 45
C en tral Coal & Coke. 100
C o n so lT rao o l N J ...1 0 0 "72a,
E aston Con E lectric 6.50
F t W ayne A W V........100
G erm an tow n P a ss........60
Indian ap olis S t............100
In d ia n a Union T r___100
In su ra n c e Co ot N A ..10 20 20 V
:In te r Sm Pow & Cliem.50
.....
K eystone T elephone ..5 0 " 8 V
P re fe rre d ......................60
iKoystonoW atchCase.lO O
7
7V
L eli V ail T ra n v tc ...G 0
P referred v t c ........... 50 19 V 10 V
L it B ro th ers....................10 16V 17V
L ittle S chuylkill............50 57
M lneliill & S chuyl H ..5 0 61 V
N a t Gas E lec L t A P o 100
P re fe rre d ....................lo o
N H av en iro n A s te e l.5
N o rth e rn C en tral..........60 123
N o rth P e n n sy lv a n ia ..50
P en n sy lv an ia S a lt........50
P en n sy lv an ia siecL .1 0 0
P re fe rre d ....................100 106
P h ila Co (P itts) p ro f...50 44 44 V
P h il G erm an A N o rris .60
"86 V
PhUa T ractio n ................60
H allw ays G eneral........10
T idew ater S te e l............19
P re te rro d ......................10
U nio n T r ot In ti..........100
U m tod (Jos ot N J ___100
U n it T rae P itts p ro f..00
W arw ick Iro n A S te e l.10
9a<
w e lsb a c liC o ..................100 38
W est Je rsey A S eaS h.50
W estm oreland C oal....60
WUkes G as A E le c ..100
•B id and asked; no sales on th is day.




ACTIVE .STOCKS
Blocks see below)
Bo

Baltimore

Bo

Philadelphia

100
60
100
100
60

Bange /or B revious
Year (1-910)
Lowest | H ighest

B ange Since
J a n 1 1911
H ighest
Lowest
64 Ja n
89 Ja n
121 Ja n
21 J a n
43 V Ja n
16 V Ja n

y 77 Jan
9 94 Ja n
11 126 V Jan
4 24V Ja n
4 49 Ja n
'J 17V Ja n

26
27
26
16
24
12

46 Alar
bO Alar
115 Ja n
lb V J ’ly
40 O ct
12 V May

64 V Ceo
90 J ’ly
132 Feb
27 V J a n
47 J a n
16 V Deo

30’A inerican C em en t.......... 50 17 Ja n 14 17V Jau 4 17 Dec 28 J a n
17 V
336|A m erioan K ail w ays___ 60 42 Ja n 6 45 V Ja n 20 4 iv J ’ly 50 J a n
45
60 42 V Ja n 3 45 V Ja n 9 40 V J ’ly 53 V J a n
40V 2,67 7 C am bria S te e l.
12 V 467 E lectric Co ot A m erica 10 11 V Ja n 4 12 V Ja n 14 11 v J ’ly 12 V J a n
63 V 1,968 E leo Storage B a tte ry ..]100 48 v Ja n 3 64V Ja n 20 42 J ’ne 64 V M ar
33 Ja n 9 34 V Ja n 10 19 V J ’ly 34V Deo
'
33 V 2,035 G en A sphalt tr e tts ... 100
Ja n 20 64 J ’ly 8 4 V J an
Bo pret tr etts ....I100 80 Ja n 3
83 V 821
60 K eystone T eleph on e... 60 8 V Ja n .2 839 VV Ja n 10 7 J ’ly 13 J a n
9
28V 1,026 Bake S uperior C orp___1100 2H Ja n 23 29V Ja n 3 15 V J ’no 29 V Deo
95 V 1,759 Cenigli C & N av tre tts . 60 93 V Ja n 3 98 Ja n 14 86 J ’ne 123 J a n
b8V 3,081 L ehigh V alley............... 60 87 V Jan b 90 Ja u lb 62 V J ’ly 121V M ar
Ja n 4 61u ie J ’ly 69aie Alar
63 V 1,999 P enn sylv an ia U K .......... 50 63 V Ja n 0
52 V 6,300 PhU adelp’a C o (P ittso ). 60 *50 Ja n 3 63 V Ja n 24 42 J ’ne 63 v Jan
16 V 2,679 P hiladelphia E lectricj|. 25 16 Ja n 9 16 V Ja n 6 113 V o eo 16v M ar
20 V 5,886 Pliila ltapid T r a n s it... 60 18 V Ja n 3 21 V Ja n 20 15 A pr 28 V J a n
13,380 H e ad in g .................
60 75 V Ja n 3 79 V Jan lb 66 V J ’ly 86 Feb
78V«
8 1,371 Tonopah Alining
7Va Jan 4 8 V Ja u 17 6 V Ja n 91ie May
47 V 4,030 U nion T raction ..
60 43 Ja n 3 48V Ja n 20 38 Oct 62V Ja n
87 V 7,169 U nited G as lm p t.
50 85 V Ja n 3 89V Jan 9 79 J ’ly 95 V J a n
B id | A sk
l ’l l i L A D E L P H I A
B A L T IM O R E
B id A sk
P H IL A D E L P H IA
P h A B ead 2d 6s '3 3. A-O _____1_____ Chas Ky G A E l 6s ’99 M-S 95 V 97
B o nds
Cou M 7s 1911........J-B 101
C hari C A A 2d 7s’10 A-O
Brices are a ll “ and
E x Im p M 4s g '4 7 .A-O
City A Sub 1st 5 s .. ’22 J-B 105
interest
T erm in al 5s g 1941. U-F 116V 100V
A lt A L V E leo 1 Vs’33.F-A
City A S u b (W a s)lst6 s’48 102 V
117V
A m G as A Elec 5 s’07. F-A
87 V P W A B col tr 4s '2 1 .J-J 100 101 Coal A 1 Ky 1st o s ’20F-A 101 V 102 V
100 P o rtla n d Ky 1st 5s 1930.
Col A G ru v 1st 63.1916 J-J 105 107
Am Kys conv 6s 1911. J-B
Koch
ltyA
L
con
6s
’5
1J-J
Consol G as 5S ..1939J-1)
A tl City 1st 6s g ’19.AI-N
99V
Spam sh-A m I r 6s ’27 J-J 102 V i'02V C tfs ind ebt 4V s........J-J 108 V 109
B ergA E B rw ls t 6 s ’21 J-J 100V
S ta n ’dG as A E 6 s ’25 M-N 10 L
Cons G E A 1’ 4 *28 ’35 .J-J 86 V 86V
B ethle S teel 6s 1998.U-F
U T rac lu d gen 5s’19.J -J
F airA C iT r l s t 5 s ’38.A-G 96V 97
Choc A M e 1st 6s 1949 J -J 108
U n K ys T r c its 4s’49J AJ 76
G a A A la 1st con 5 s ’45 J-J 104V 105
Ch Ok A G gon 5 s ’19 J-J 102 V
U n ited K ys Inv Istc o U ti
C onT raoof N J l s t 5 s . ’33 103 V
G a C arA N l s t 5 s g ’29 J-J 105 V 106
s f 5s 1926..................M-N 81V 84V G eorgia P 1 st 6 s .. . ’22 J-J 113V 115
E A A 1st M 6s 1920 Al-N 107
GaSo A F la 1st 6s 1945J-J lu7
E lec A Peo T r stk tr ctfs 87 V 87V U T rac P it gen 6s ’97 J -J
W elsbaoh s f 6s 1930.J-B 88 89 G-B-S B rew 3-4s 1951M-S 44 46
E q II Gas-L 1st g 6s 1928 106 V
WLks-B G A E con 5s’55J-J 101
2d incom e 6s 1961 M-N
lud lanapo lis Ky 4s. 1933
B A L T IM O R E
K nox v T rac 1st 5s ’28A-G 103 V
In te rs ta te 4s 1943 ..F -A 57 V 68
L akeK E l 1st gu 6s’42M-S 109 i o i
In a c tiv e S to c k s
K oystone T el 6s 1936.J-J 83
A la Cons CoalA Iro n. 100 27
M aco nK yA L tlst5s'63 J-J 96
L en ig h N a v 4 Vs ’14.CJ-J
P r e t ............................... 100 57 60 M em phis S t 1st 6s’45 J-J 97 i)7 Hi
100
K U s 4 s g ........1914.q -F
G en A1 4 Vs g,1924.Q -F
A tla n ta A C h arlo tte.. 100
M etS t(W ash)l8t58’25 F A
Loll V C 1st 6s g ’3 3 ..J -7 1L0 110 V A tlan C oast L (Coun)lOO 225 230 M t V er Cot B u ck 1st os. 74 V 74 H
Loll V ex t 4s 1st 1 9 4 8 . J-B
C anton Co......................100 110 120 N ptN A O P 1st 5s’38 M-N 92
Consol 6s 1923........J-B 117 V 119 Cons Cot B uck U orp...5tl 4 V 6 V N o rA P o rT r lst5 » ’36 J-D 81 82 V
P re fe rre d ..................... 50 18 21 N orloik S t 1 st 5s ’4 4 ..J-J 102 V
Consol 4 Vs 1923...J -B
A n n u ity Os................J-B
G eorgia Sou A F la ...100
N o rth C ent 4 Vs 1926 A-O 165 V
1st p rof........................100
Series A 5s 1926....J -J 109 V
Gon cous 4s 2003. AI-N 97 V 97V
Series B 6s 19 26 ....J - J 109
2d p re f..........................100
Leh V T ra n cou 4 s ’35J -B
P itt Uu T rac 5s 1997.J-J
101 G-B-S B rew in g ............100
1st series B 5s 1935.M-S
Poto Val 1 st 5s 1941.. J J 107
Now Con G as 5s 1948 J -B
B o nds
Brices are a ll " and
N ew ark P a ss con 5s 1930
Sav F la A W est 5 s ’34 A-O
Scab A Koan 6s 1926. J-J 105
interest."
N Y P h A N o 1st 4s ’39 J-J
V S outh B ound 1 st 5 s ..A-O 108
Incom e 4s 1939...M -N
A uacostia A P o t 5 s ....
100V 100
A tl Coast L( C tjctfs 6s J-B 103 105 U E l L A P 1st 4 V s’29 M-N 91V 9 2 -a
N oO hioTrac conos’lO .J-J
Ctfs of iu d e b t 4 s ....J -J
P en n Cons 6s 1919 .. V ar
U n Ky A E i 1st 4s ’49 M-S 84V 85
P enn A M d S teel con 6s.
0-20 y r 4s 1925..........J-J 90V 92 V Incom e 4s 1949........J-B 62 V 62 V
B a ltC P a ss 1 st 6s ’l l M-N 100 100 V F u n d in g 5s 1936...J -B 86
P a A N Y Can 6s ’39.A-O
Con 4s 1939............. A-O
B alt F u n d g 5 s .1910 M-N 103 V 104 V a M id 2d ser 6s ’l l . M-S 100 lo86o vs,
E xchang e 3 Vs 1930 J-J 93 93 V 3d series 6s 1916.-M-S 1U6
P e n u Steel 1st 6 s ’17 M-N
Peoplo’s T r tr c erts 4s ’43
A P 1st 6s m 1’11 A-O 100 V
4th ser 3-4-5s 1921.M-S 105
93 V BB alt
p Co IstA col tr 5s’49 M-S
S P A C 1st 4 Vs ’53F-A 90 96V 6 th series 5s 1926.M-S
192
V
ConA c o ltr 6s 1951M-N 96V 97 B alt T rao 1st 5 s ..’29 M-N 107 108 Va (State) 3s new ’32.J-J 106V
86
PhU Eleo gold tru s t ctfs. 103 V
N o B alt B iv 5s 1942 J-B 110 110 V F u nd deb t 2 -3 sl9 9 1 .J-J 87
T ru st certlfs 4s............... 78V 78V C ent’l Ky con5sl932 M-N 107 V
W e stN C con 6s 1914 J-J 105
P A E gon M 6 g ’20. A-O
E x t A im p 5s. 1932 M S 107 V
W es Va C A P 1st O s 'll J-J 100V 100V
G en M 4s g 1920..AA O
C lias C ity lty 1 st 6s’23 J-J 100
WU A W eld 6S ..1935.J-J l i o v 112
U E x-rights. Q$15 paid, t $12 V paid. 1 $13 V paid. {$35 paid, a R eceipts, b $25 paid, c $30 paid. d $ 4 2 V paid.
17 17
14V 46
44 V 44V
12 V 12 V
63 53
V
33V 33 V
83 V 83 V
9
9
28V 28 V
96V
94V 893
88 V iq
Uba6 6b11io
53 53V
16 V 16 V
20 2oV
7 77ia 78-4
8
8V
47 47 V
87 b7V

46
44 V
♦ 12 V
53
33V
83
*3 V
28 V
93 V
8b V
63 v
52V
16
1'J78
77 v
8V
46 V
87

45
44 V
12 V
63
33V
83
29
94 V
88V
03 V
53 V
16V
20
77 V
8 l4
4 7V
b7

♦ 16V
46
44 V
*12 V
53 V
33 V
vo2V
■‘•bV
28V
96 V
88V
637ia
62 v
16 V
20
77iVe
b
47
so v

254:

THE CHRONICLE
Im re s tra e ix t

a m i H L a iltn ra d

[VOL. LXXXXII

In te llig e n c e .

H A lL k O A D GROSS EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
Oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplem entary
statem ent to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e re tu rn s o f the electric r a ilw a y s a re brou gh t togeth er s e p a r a te ly on a su b seq u en t p a g e .
Latest Gross E arnings.
Ju ly 1 to Latest Date
Week or Current Previous Current Previous
M onth.
Year.
Year.
Year.
Year.
A la N O A T e x P ao N O A N or E ast D ecem ber
357,482 292,773 1,845 ,553 ,714,617
A la A V icksburg D ecem ber
186,951 160,751 953 ,877 873,518
V icks S hrev A P . D ecem ber
153,791 139,948 813 ,735 753,594
A la T enn A N o r th .. N ovem ber.
11,659
7,246
45 ,890
31,337
A nn A rb o r___
3d wk Ja n 35,546 40,322 1,134 ,135
A tch T opeka & S Fe D ecem ber 9,602,113 8,389,776 55,676 ,326 ,065,525
,897,541
A tla n ta Blrm A Atl 2d wk Ja n 52,275 47,500 1,515 ,083 ,395,518
A tlan tic Coast Line. N ovem ber 2,786,896 2.746,292 11.808 ,739 ,080,800
B altim ore A Ohio D ecem ber 6,841,826 6,984,581 46.996 ,377 027,781
B A O Ch T er R R D ecem ber
115,436 105,810 797 ,979 620,536
B ang or A A roostook N ovem ber 246,477
244,683 1,242 ,436 195,234
B ellefonte,C en tral. . D ecem ber
8,594
7,989
48 ,228
36,134
B oston A M aine___ N ovem ber 3,785,327
3,746,626
20,001 ,218 319,829
B ridgeton A Saco R N ovem ber
3,424
22,605
24
4,370
,849
BufTRoch & P lttsb w k Jan 186,029 161,979 5,466 ,785 190,647
Buffalo A S u sq ____ 3d
N ovem ber. 193,756 201,186 995 ,803 085.602
C anadian N o rth e rn . 3d wk Ja n 191,400 185,100 8,610 ,000 335,100
C anadian P acific___ 3d wk Ja n 1,263,000 1,377,000 59,451 ,368 856,754
C entral of G e o rg ia .. 3d w k Ja n 260,300 219,200 7,488 ,883 940,251
C entral of New J e r . N ovem ber. 2,415,139 2,450,186 12,060 ,883 632,545
C entral V erm o n t___ N ovem ber 337.686 323,147 1,731 ,828 693,612
47 ,724
2,761
42,336
C h attan oog a S outh 4 th w k Dec
2,621
Ches A Ohio L ines. 3d w k Ja n 662,530 581,225 18,703 ,856 314,569
Chicago A A lto n ___ 3d wk Ja n 273,255 263,837 8,582 ,733 930.748
Chic Burl A Q uincy N ovem ber. 8,050,976 7,952,241 40,810 ,246 849,136
p Chic G reat W est 2d w k Ja n 226.94C 225,759 6,965 ,900 321,634
Chic In d A L oulsv. 3d w k Ja n 92,904 92,693 3,484 ,107 317,296
Chic In d A Southern —See New Y ork Cen tral.
Chic MU & S t P a u l. N ov em ber. 5,762,846 5,956,752 30,115,152 29,567,441
Ch MU & P ug Sd_ N ovem ber. 1,492,268 1,044,787 6,287,381
Chlc A N orth W est N ovem ber. 6,728,750 6,586,682 3,4470,078 33,824,726
Chic S t P M A O . . . N ovem ber. 1,527,21 * 1,427,237 7,515,062 6,688,690
CIn H am & D ayton D ecem ber
758,752 743,159 5,004,886 4,977,943
Clev CIn Chic & S t L — See New York Cen tral.
C olorado M id la n d .. N ov em ber. 195,472 255,253 953 ,634 1,122,728
Colorado & S o u th .. 3d w k Ja n 327,222 326,800 10,020 ,199 0,580,435
O ctober___ 58,858 64,101 256 545 274,098
C opper R ange
74,635
73 395
C o rn w a ll____
N ov em ber.
13,271 17,991
29,248 40,868 160 929 194,180
Cornw all A L e b a n .. N ovem ber.
1,024 817 807,683
C uba R ailroad
N ovem ber. 202,935 166,448 9,066
,226 8,542,504
D elaw are A H udson N ov em ber. 1,853,411 1,838,467
Del L ack A W e s t.. N ovem ber 3,146,621 3,232,599 15,501 ,444 5,480,776
D env A R io G rand c3d wk Jan 387,200 395,300 14,019 .248 13,391,246
D enver N W A P a c . 2d wk Ja n
19,501 16,642 659 ,203 588,254
34,138 25,371 1,104 ,302 881,600
D ot Tol A Iro n t Sys 2d wk Ja n
22,346 21,527 658 ,349 660,590
D etroit A M ackinac 3d wk Ja n
D ul A Iro n R an g e. N ovem ber. 419,143 852,569 4,936 070 6,336,974
49,417 49,199 1,865 625 1,859,534
D ul So Sh A A tl___ 3d wk Ja n
E l P aso A Sou W est N ov em ber. 638.591 633,682 3,009 652 2,962,257
N ovem ber. 1,818,007 4,976,993 25,049 655 13,871,535
E r i e _________
2,084
12 136
1,851
11,799
F airch ild A N or E . . D ecem ber
72,290 66,191 428 456 387,857
F o n d a Jo hns A Glov N ovem ber.
G eorgia R ailroad N ovem ber. 306,134 286,481 1,348 343 302,171
Georgia S outh A Fla — See Sout hern Rail way.
G rand T ru n k S y st- . 3d wk Jan 812,861 764,825 25,396,060 ,911,834
G rand T rk W est- 1st wk Ja n 114,747 99,525 3,169,012 .161,253
D ot Gr H av A MU 1st wk Ja n 35,808 34,265 1,096,547 ,081,369
C anada A tlan tic- 1st wk Jan 31,710 27,987 1,001,120 ,127,520
G reat N o rthern S yst D ecem ber 1,558,841 3,819,886 34,724,192 ,808,507
Gulf A Ship Island O ctober _. 179,553 207,313 655,570 698,603
H ocking V alley____ N ovem ber. 675,079 717,174 3,621,048 .491,736
Illinois C entral____ D ecem ber 5,276,150 4,953,949 31,454,637 ,374,786
In te rn a t A G t N o r. 3d wk Ja n 156.000 154,000 5,435,872 ,967,963
162.592 160,249 4,741,579 ,546,432
a Intcro ceanlc M ox. 3d wk Ja n
Iow a C entral_____ 3d w k Ja n 80,237 63,469 1,971,492 ,923,579
K anaw h a A M ich. N ovem ber 261,078 248,030 1,443,087 185,156
K ansas C ity S outh N ovem ber 938,347 848,127 4,465,784 866,797
K C Mex A O rie n t. . 3d w k Ja n 33,200 30,400 1,113,171 953,041
L ehigh Valley
D ecem ber 3.033,692 3,022,795 18,714,036
L ex ing ton A E a s t.. N ovem ber. 37,636 36,157 211,230 18,237,720
187,540
L ong Isla n d ________ N ovem ber.
In c . 14,957
In c . 2 75,
L ouisiana A A rk an . N ovcm ber. 123,123 108,997 600,509
536,817
L oulsv H end A S t L N ovcm ber. 109,026 100,072 535,637 496.910
3 L oulsv A N a s h v .. 3d wk Ja n
1,042,985 31,012,964 28,910,878
M acon A BIrm Ing’m D ecem ber 1,064,785
15,108
82,123
14,374
80,237
M aine C entral_____ N ovem ber. 745.687 755,177 4,074,473 4,031,469
M aryland A P e n n a . N ovem ber. 36,747 33,720 199,832
182,683
a M exican R ailw ays 1st w k Ja n 143.000 142,600 4,354,900 4,044,600
a M exico N or W est. N ovem ber. 181,364 122,871 055,810 534,190
■ Sce New York Cen tral.
M ichigan C entral
M ineral R an g e-------- 3d w k Jan
14,684 15,629 409,912 486,710
M Inneap A S t Louis 3d w k Ja n 105,510 75,591
3,034,300 2,899,312
M inn S t P A S S Ml 3d w k Ja n 377,627 382,799 12,912,388 13,903,687
Chicago D ivision/
78,538 78,819 386,515 356,852
M ississippi C en tral. N ovem ber
u Mo K an A T ex as. 3d w k Jan
15,428,544
Mo P ac A Iro n M tl
C entral B ra n c h ./ 3d w k Ja n 1,028,000 992,000 30,486,502 29,785,355
N ashv C h att A S t L N ov em ber. 1,050,184 989,554 4,923,466 4,780,180
a N a t R ys of M ex t . 3d w k Ja n 1,229,610 1,169,317 35,498,141 31,523,648
2,818
6,175 211,826 277,544
N cvada-C al-O rcgon 2d w k Ja n
7,573
7,900
34,344
32,888
N evada C entral____ N ovem ber.
N O G reat N orthern N ovem ber. 128,986 117,328 704,489 548,038
N O M obile A C hic. W k Ja n 14 38,833 36,619 975,481 873,762
N Y O nt A W estern N ovem ber. 760,571 677,327 4,243,232 3,812,308
0

July 1 to LatestDate.
Latest Gross Earnings.
Week or Current Previous Current Previous
Year.
M onth.
Year.
Year.
Year.
$
N Y N H A H a r tf .. N ovem bcr. 5,285,897 5,161,870 27,332,310 26,131,441
e N Y C A H ud RIv N ovem ber. 8,511,068 8,520,957 44,482,133 42,585,037
L ake Shore A M S N ovem ber. 4,016,487 4,092,946 21,002,746 20,880,420
n L ake E A W est N ovem ber. 451,393 471,548 2,454,155 2,381,440
Chic In d A S outh N ovem ber. 347,518 326,254 1,454,104 1,470,695
M ichigan C entral. N ovem ber. 2,507,921 2,526,762 13,129,920 12,480,040
Cleve C C A S t L N ovem ber. 2,634,239 2,584,504 13,492,699 12,711,103
Peoria A E astern N ovem ber. 292,887 280,743 1,010,211 1,407,092
C incinnati N o rth . N ov em ber. 112,922 106,336 597,309 557,163
P itts A L ake E rie N ovem ber. 1,371,686 1,622,72 7,076,945 7,670,513
R u tlan d ______ N ovem ber. 300,529 287,916 1,599,217 1,491,675
N Y Chic A S t L N ovem ber. 920,578 908,127 4,797,554 4,446.401
T oledo A Ohio C N ovem ber. 491,528 407,579 2,477,407 1,955,785
T o t all lines above N ovem ber. 21958756 22136394 115374459 110049970
N Y S u sq A W e st-. N ovem ber. 306.952 307,807 1,553,088 1,430,179
253,978 216,436 1,432,352 1,307,981
N orfolk S o u th e rn .. D ecem ber
N orfolk A W estern N ov em ber. 2,967,714 2,990,353 15,559,089 14,543,358
N orthern C e n tra l.. N ov em ber. 1,172,537 1,158,437 5,573,914 5,519,414
N orthern Pacific___ N ovem ber. 5,972,746 6,690,435 31,464,703 35,681,802
Pactllc Coast C o. N ov em bcr. 622,662 638,146 3,765,053 3,068,797
P enn sylv an ia C o___ N ovem ber. 4,423,693 4,742,466 24,620,460 23,753,539
d P e n n — E of P A E N ovem ber. 13880417 14467717 70,480,124 09,540,924
<1 W est of P A E . N ovem ber. Dec .406 .200
Inc. 1,87 8,000
Pere M arq u ette ____ D ecem ber 1,403,323
1,326,495 8,516,184 8,207,144
Ph lla B alt A W ash . N ovem ber. 1,582,459 1,509,459 8,429,435 7,075,035
P itts Cin Ch A S t L . D ecem ber 2,772,812 2,774,370 17,042,286 16,709,583
Raleigh A S o u th p ’t D ecem ber
14,641 14,230
78,096
80,208
R eading C om pany
P h lla A R eading D ecem ber 4,012,167 3,930,286 23,053
,280,517
Coal A Iro n C o ..
ber 1.213,084 3,497,748 16,760
,889,784
T o tal b o th cos___ DD ecem
ecem ber
7,434,034 39,819
,170,301
R ich F red A Potom N ovem ber. 8,225,251
178,927 905
830,156
R io G rande J u n e ___ N ovem ber 177,166
110.902 478.
491,225
R io G rande S o u th .. 2d wk Ja n 95,204
8,169
12,277
341,
270,448
R ock Island Lines
ovem ber. 6,192,888 5,873,906 30,475,
,651,030
S t Jo s A G rand Isl. NN ovcm
bcr. 138,454 137,009 782,
753,570
S t Louis A San F ran N ovcm ber. 4,033,988 3,792,527 18,855
,120,167
Chic A E ast III.. N ovem ber. 1,129,359 1,072,510
,972,105
/ E vansv A T er H N ovem ber. 225,077 224,219 5,407
1,207,
,085,998
T otal of all lines. N ovem ber. 5,388,425 5,089,263 5,470
,178,270
S t L R ocky M t A Pac N ovem ber. 191,877 152,619 899,
721,507
S t Louis S o uthw est. 3d wk Ja n 253,557 215,420 7,125
,394,765
San Ped L A A S L . N ovem ber. 708,717 041,198 3,350,
,469,240
S eaboard A ir L in e .. 2d wk Ja n 402,722 382,565 11,053,
,294,223
S outhern I n d ia n a .. N ovem ber. 124,372 124,960 748,
004,566
S outhern Pacific Co N ovem ber. 12198.642 12324,020 59,571
035,947
S outhern R a ilw a y .. 3d w k Ja n 1,119,896 1,079,200 34,298
,338,427
M obile A O h io ... 2d w k Ja n 204,436 201,080 5,937,
592,024
Cin N O A T ex P . 2d wk Ja n 179,055 175.456 5,142,
765,023
108,913
A la G reat S o u th . 2d w k Jan 82,802 78,220 2,468,
46,903
1,308,
2d
wk
Ja
n
45,425
,279,353
G eorgia Sou A Fla
,139,912
T exas A Pacific____ 3d w k Ja n 290,733 287,024 9,730,
34,
6,880
6,608
32,945
T idew ater A W e st. N ovem ber.
720,
639,955
Toledo Peor A W est 2d w k Ja n 24,965 23,599
180,885
Toledo S t L A W est 3d w k Ja n 63,419 69,987 2,182,
35,
7,712
32,834
7,759
T om blgbce V a lle y .. N ovem ber.
810,005
U nion Pacific S y st. N ovem ber. 8.566.643 8,341,783 42,478,
144,957
V a n d a lla __________ N ovem ber. 954,721 834,501 4,713,
522,206
V irginia A Sou W est N ovem ber. 126,626 105,425 553,
432,545
W a b a s h ___________ 3d w k Ja n 534.953 511,878 17,445,
910,553
W estern M aryland . N ovem ber. 567,451 509,810 3,220,
020,032
W est Jersey A Seash N ovem ber. 414,063 377.903 3,381,
092,772
W heeling A L ake E N ovem ber. 584,280 621,750 3,104,
107,177
W rlghtsvllle A T enn D ecem ber
33.701 20,679 169,
290,332
Y azoo A Miss V ail. D ecem ber 1,259,544 1,047,070 5,598,
Y oungst A Ohio Riv N ovem ber.
86,369
17,395 15,803
98,
R O A D S.

V arious Fiscal Years.
B ellefonte C en tral_____________
D elaw are A H u d so n ___________
a M exican R ailw ay____________
a M exico N orth W estern______
e N Y C entral A H udson R iv er.
L ake Shore A M ichigan S outh
n L ake E ric A W estern_____
Chicago In d ian a A S o u th e rn .
M ichigan C en tral____________
Cleve Cin Chicago A St Louis
P eoria A E a s te rn ____________
C incinnati N o rth e rn _________
P ittsb u rg h A L ake E rie_____
R u tla n d _____________________
New Y ork Chicago A S t Louis
T oledo A Ohio C entral______
T otal all lines________________
N orthern C en tral_______________
d P en n — E ast of P lttsb A E ric ..
d W est of P ittsb urgh A E ric .
Phlla B altim ore A W ash ingto n.
P lttsb Cin Chicago A S t L o u is ..
Rio G rande Ju n c tio n ___________
T exas A Pacific___________ .
W est Jersey A Seashore_____ .

Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Deo
Ja n

Period.
1 to Deo
1 to N ov
1 to Ja n
1 to Nov
1 to Nov
1 to N ov
1 to Nov
1 to Nov
1 to Nov
1 to N ov
1 to Nov
1 to Nov
1 to Nov
1 to Nov
I to Nov
1 to Nov
1 to Nov
1 to Nov
1 to Nov
11 to Nov
to Nov
1 to Deo
1 to Nov
1 to Ja n
1 to N ov

Current Previous
Year.
Year.
31 $87,502 $65,380
30 18,701,478 17,839,871
7 143,000 142,600
30 2,024,701
1,151,939
30 11,452,932 85.159.408
30 15,315,875 41,131,528
30 5,025,035 4,548,781
30 3,379,863 2,897,379
30 27,1 17,325 25,070,416
30 27,673,067 25,219,125
30 3,201,970 2,743,444
30 1,187,335 1,081,794
30 15,960,565 13,459,150
30 3,075,561 2,861,733
30 10,247,076 9,117,873
30 4,643,094 3,585,323
30 238280598 210875958
30 11,764,308 11.230.408
30 150904073 139689773
30
In c. 11. 257,900
30 17,511,846 10,140,846
31 34,433,977 30,359,083
30 1,033.948
21 820,887 989,114
797.437
30 5,981,584 5,419,584

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
C ur’nl Year Prev’s Year Inc. or Dec. %
Current Y d . Previous Yr. Inc. or Dec.
M on thly Sum m aries.
S
$
$
M
tleage
Curr.
Y
r.
Prev.
Y
r.
+ 182,623 1.27 M a r c h ______235,925 230.841 237.533.005 204,910,997 + 32,610,008 15.02
2d week N ov (43 ro a d s)____ 14,555,983 14,373,360
+ 700,206 5.10 A p r il ...............237,569 232,403 225,225,590 190,595,911 + 28,629,685 14.50
3d week Nov (40 ro a d s)____ 14,278,852 13,578,646
4 th week Nov (40 r o a d s ) ..__ 17,439,211 16,978,284
+ 460,927 2.71 M a y ________ 237,560 232,494 234.310,642 201,069,381
10.53
1st week Deo (34 ro a d s). . . . 10,074,886 9,534,996
+ 539,890 5.63 Ju no ..............238,108 232,054 237.030,159 209,270,887 ++ 33,241,261
13.27
2d w eek Deo (42 ro a d s)____ 13,408,331 12,525,875
+ 882,474 7.11 J u l y -------------238,109 233,203 230,615,770 217,803,354 + 27,765,272
12,812,422
5.90
3d week Deo (41 r o a d s ) .._ 13,941,920 12,947,796
+ 094,124 7.68 A u g u s t -------238,493 239,404 254,005,972 235,726,000 + 18,279,972 7.75
4 th w eek Deo (48 ro a d s)____ 19,445,290 18,207,431 + 1,237,859 6.80 S e p te m b e r..240,678 237,809 256,047,702 240,335,580 + 10,312,116 4.10
1st week Ja n (44 ro a d s)____ 11,577,755 11,021,419
5.05 O c to b e r------241,215 237,835 203.464.005 260,821,546 + 2,043,059 1.01
+
556,336
2d w eek Ja n (43 ro a d s)____ 12,398,591 11,925,053
+ 473,538 3.97 N o v em b e r..237,596 233,340 246,050,774 245,651,203
+ 999,511 0.40
3d w eek Jan (33 ro a d s)____ 11,596,822 11,176,037
+ 420,785 3.77 D ecem ber . . 88,359 85,852 68,140,996 62,783,122 + 5,304,874
8.55
Jf Covers lines directly op erated, e Includes the New Y ork A O ttaw a, the S t. Law renco A A dirondack a n d tho O tta w a *
t . i ” w£ l°h , belni? a C anadian road, does no t m ake retu rn s to the In te r-S ta te Commorco Com m ission, f Inoludes E vansv ille A
1®
d ™ aand
Cli Aveoan,
(!l L orains Includes
A W heeling
R y In bAo th
y e a rs, from
n Inoludes the N o rthern Ohio R R . V Includes earnings of M aw nO U y,
A w.
F t Dn oodge
n d W ise M inn.
Paolflo.
Louisville
A tlantlo
Ju ly 1 1909 a n d the F ran k fo rt A C incinnati from Nov. 1 1909. f n»«
eludes th e M exloan In tern atio n al from Ju ly 1910. u Includes tho T exas C entral In 1910.
i
W eekly Sum m aries.




Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the third week
of January. The table covers 32 roads and shows 3.77%
increase in the aggregate over the same week last year.
Third week o f J a n u a r y .
A nn A rb o r_____________________
Buffalo R o ch ester & P ittsb u rg h
C anadian N o rth e rn .........................
C anadian P acific_______________
C entral of G eorgia______________
C hesapeake & Ohio L ines---------Chicago & A lto n ----------------------Chicago In d & L ouisville---------C olorado & S o u th e rn --------------D enver & R io G rand e------------D etro it & M ack inac------. -------D ulu th S o uth Shore & A tl-------G rand T ru n k of C an ad a---------G rand T ru n k W estern ---------D e tro it G rand H aven &Mllw
C anada A tla n tic ------------------In te rn a tio n a l & G reat N orthern
Intero ceanic of M exico_________
Iow a C e n tra l__________________
K ansas C ity M exico & O rie n t,.
Louisville & N ashv ille_________
M ineral R a n g e _________________
M inneapolis & S t L o u is_________
M inneapolis S t P aul & S S M ..1
Chicago D ivision___________ /
M issouri K ansas & T ex as............
M issouri P acifio________________
N ational R ailw ays of M ex ic o ..
S t Louis S o u th w e ste rn _________
S o u th ern R ailw ay ............................
T ex as & P acific_______ ________
T oledo S t L ouis <So W e ste rn ____
W a b a sh .................. ................................
T otal (32 r o a d s ) ..........................
N et Increase (3 .7 7 % )---------------

255

TI-IE CHRONICLE

,Jan . 28 1911.]

Increase. Decrease.
1910.
1911.
$
$
$
$
4,776
40,322
35,546
186,029 161,979 24,050
6,300
191,400 185,100
114,000
1.263.000 1,377,000
260,300 219,200 41,100
602,530 581,225 81,305
9,118
273,255 263,837
92,693
211
92,904
422
327,222 326,800
8,100
387,200 395,300
21,527
819
22,346
49,417
49,199
218
812,861
764,825 48,036
156,000
162,592
80.237
33,200
1,061,785
14,081
105,510
377,627
518,009
1,028,000
1,229,610
253,557
1,119,896
290,733
63,419
534,953
11,596,822

154,000
2,000
2,343
160,249
63,469 16,768
2,800
30,400
1,042,985 21,800
15,629
29,919
75,591
382,799
447,076 70,933
992,000 36,000
1,169,317 60,293
215,420 38,137
1,079,206 40,090
287,02 1
3,709
69,987
511,878 23,075
11,170,037 560,346
420.785

045
5,172

IN D U S T R IA L C O M PA N IE S.
-------Gross E arnings------- ------N et E arnings------Current Previous
Current P revious
Com panies.
Year.
Year.
Y ear.
Year.
5
$
$
5
A tla n tic , Gulf & W est Indies SS L ines—
S u bsid iary co s_______ Nov 1,490,880
349,978
J a n 1 to N ov 3 0 ............. 14,926,803
3,149,371
g M exican L t & Pow C o .D ec 736,260
563,040
535,488
443,961
J a n 1 to D ec 3 1 ______ 7,234.308 6,039,710 5,163,442
3,047,883
P en n sy lv an ia L ightin g C o .b —
Ju ly 1 to D ec 3 1 ______
52,691
45,803
34,138
g M exican Tel & Tel C o .N o v
49,254
41,889
24,754
21,908
Mcli 1 to N ov 3 0 ______ 423,763
350,473
226,243
179,806
a N et earnings here given are a fte r d ed ucting ta x e s.
b N et earnings here given are before d ed ucting ta x e s.
d In D ec. 1910 n e t from outside o p eration s w as $6,369, ag a in st $5,588 last
year, an d from Ju ly 1 to D ec. 31 w as $40,646 th is y e a r, ag a in st $38,411.
g T hese results are In M exican currency .
ft F o r D ecem ber 1910 ad d itio n al Incom e Is given as show ing a deficit of
$10,481, against a deficit of $6,609 In 1909, a n d for period from Ju ly 1 to
D ec. 31 w as a cred it of $1,147 in 1909, against a d e fic lt of $7,387 last year.
J T he com pany now Includes th e earnin gs of th e A tch . T op. & S a n ta F e
R y ., Gulf Colo. & S a n ta Fe R y ., E astern R y . of N ew M exico S y stem ,
S a n ta Fe P resco tt & P h oenix R y ., S o u th ern K ansas R y . of T ex as, T ex as
& G ulf R y ., G. & I. R y . of T . a n d C. S. S. & L . V. R R . in b o th years.
F o r D ecem ber taxes a m o u n ted to $226,861, against $337,883 in 1909; a fte r
d ed ucting w hich, n e t for D ec. 1910 was $2,977,328, ag ain st $2,026,527 last
y e a r. F o r period from Ju ly 1 to D ec. 31 tax es w ere $1,671,647 in 1910,
against $1,836,472 in 1909.
k F o r D ecem ber 1910 ad d itio n al Incom e w as $7,389, ag ain st $1,416 in
1909, and for period from Ju ly 1 to D ec. 31 w as $51,260 in 1910, ag ain st
$83,878 last year.
n T hese figures rep resen t 30% of gross earnin gs.
0 Includes $120 oth er Incom e for D ec. 1910, ag ain st $130 in 1909, a n d for
period from Ju ly 1 to D ec. 31 Includes $557 in 1910, ag ain st $682 last y e a r.

Interest Charges and Surplus.

6,568
.............
139,561

-

_

_ _

_

— In t., R entals, & c.— — B al. o f N et E ’ngs.—
Current Previous Current Previous
R oads.
Year.
Year.
Year.
Year.
$
S
168,185 £189,311 £129,466
Buffalo R och & P i t t s . ..D e c 174,321
Ju ly 1 to Dec 3 1 ______ 1,057,760 1,000,691 £1,242,631 £1,021,974
For the second week of January our final statem ent covers Chicago
203,666
£80,745 £ d efl7 ,8 5 5
G reat W e ste rn . . Deo 215,767
Ju ly 1 to D ec 3 1 ______ 1,258,100 1,413,464 £658,315 £339,251
43 roads and shows 3.97% increase in the aggregate over the
C olorado & S o u th e rn ___D ec 271,565
247,022 C331.063 C308.651
same week last year.
Ju ly 1 to D ec 3 1 ............ 1,622,927 1,521,675 cl,7 46 ,7‘35 c2,013,812
C opper R a n g e __________ O ct
15,713
13,212
4,374
13,945
Ju ly 1 to O ct 3 1
62,850
49,025
33,456
94,553
Second W eek o f Ja n u a ry.
1911.
1010.
Increase. Decrease. Genesee
& W yom ing—
O ct 1 to Dec 3 1
9,190
7,810 defl,1 51
3,251
$
$
$
$
Ju ly 1 to Dec 3 1
17,134
15,639
14,220
18,505
P rev iou sly rep o rted (31 ro a d s). 11,019,249 10,594,291
602,060 207,108
82,802
A labam a G reat S o u th e rn ______
78,220
4,582
899,971 1,123,568 1,096,916
R eadin g C o m p an y ______ D ec 885,000
52,275
A tla n ta B irm ingham & A tlantic
47,500
4,775
Ju ly 1 to D ec 3 1 5,310,000
5,399,826 4,051,040 4,738,716
1,187
Chicago G reat W estern _________ 226,940 225,750
R
io
G
rande
J
u
n
c
tio
n
___
N
ov
8,333
8,333
20,228
24,937
90,391
88,472
1,919
Chicago In d ia n ap & L ouisville.
D ec 1 to N ov 3 0 100,000
100,000
210,184 196,734
3,599
Cine New Orl & T exas P acific. . 179,055 175,450
19,501
10,642
2,859
D enver N orthw & P acific...........
34,138
25,371
8,767
D etro it T oledo & Iro n to n ---------— In t., R entals, & c.— — B al. o f N et E ’ngs.—
45,425
46,903
1,478
G eorgia S o u th ern & F lo rid a-----Current P revious Current Previous
204,430 201,080
3,356
M obile & O hio................................
Com panies.
Y ear.
Year.
Year.
Year.
2,818
0,175
3,357
N evada-C alifornia-O regon-------$
38,833
2,214
N ew O rleans M obile & C hicago.
30,019
A tlan tic, G ulf & W est Indies SS L ines—
S eaboard A ir L in e--------------------- 402,722 382,565 20,157
S ubsid iary co s------------N ov 157,639
192,339
J a n 1 to N ov 30______ 1,802,101
1,347,270
T o tal (43 ro a d s)........................... 12,398,591 11,925,053 745,481 271,943
N et Increase (3 .9 7 % )__________ ................ ...........473,538
P en n sy lv an ia L ightin g Co—
Ju ly 1 to Dec 31______
19,725
14,413
allow ing for m iscellaneous charges a n d credits to incom e.
■
Net Earnings Monthly to Latest Dates.—The table fol­ £c AA fter
fter allow ing for oth er Incom e received.

lowing shows the gross and net earnings of STEAM railroads ELECTRIC RAILWAY AND TRACTION COMPANIES.
and industrial corporations reported this week:

-------Gross E arnings-----------— N et E arnings------Current Previous Current
Previous
Year.
Year.
Year.
Year.
S
$
5
$
i.D ec 9,602,113 8,389,776 J3 ,204,189 J2 ,364,410
_____55,076,326 52,897,541 J20.475.194 J19.317.669
701,834
287,096
Buffalo R och & P itts .b >-D
.D cecc 784,377
261,905
Ju ly 1 to Dec
.......... 4,937,240 4,704,710 1,869,375 1,856,093
C anadian N ortlicri
334,400
.D e c 1,255,400 1,160,300
359,200
Ju ly 1 to Dec
_____ 8,046,000 0,780,400 2,401,000 2,108,000
C entral of G eorgia
.D eo 1,277,289 1,110,031 (1416,345 (1387,168
Ju ly 1 to Dec
_____ 0,763,783 6,290,951 d 1,075,259 (11,982,749
Chicago G reat Wcf
185,266
>.Dcc 1,046,171
887,517
288,000
Ju ly 1 to Dec
_____ 0,584,735 5,926,234 1,854,548 1,736,901
C olorado & S outh
553,517
i-D cc 1,558,233 1,421,575
626,710
Ju ly 1 to Dec
_____ 9,124,141 8,657,512 3,373,976 3,385,373
27,157
ct
58,858
C opper R a n g e .b _______ OOot
64,101
20,087
143,578
Ju ly 1 to O ct 31
00,306
256,545
274,098
D e tro it & M a c k tn a c .a .-D
.D eeoo
88,715
80,040
14,753 def6,061
Ju ly 1 to Dec 3 1 ______
_____ 597,414
133,566
601,010
166,132
962
F airch ild & N o rth e a st.b>_Dcc
.D c c
1,851
2,084
428
Ju ly 1 to Dec 31
12,136
11,799 def7,625 def3,184
G enesee & W y o m in g .b —•
O ct 1 to Dec 31 .............
11,061
20,091
20,130
8,039
Ju ly 1 to Dec 31
55,900
34,144
31,354
54,689
300,320
.D
eo
Iow a C e n tr a l.a -------------Deo
ft42,734
ft68,002
267,027
—
1,800,507 1,743,477 1(389,407 ft410,116
-D ec 3,033,692 3,022,795
933,787 1,175,292
18,714,036 18,237,720 6,755,889 7,394,149
..D e c 414,844
M lnncap & S t L o u is .a ..D
347,215
£90,278
£51,192
2,779,922 2,665,052 £792,521 £869,084
i.D e c 2,772,812 2,774,370
498,242
811,608
_____ 34,433,977 30,359,683 7,386,525 8,350,704
14,641
14,236
R aleigh & S o u th p o rt-b i.D
-D eeco
0,296
5,607
80,208
78,090
Ju ly 1 to D ec 31
27,464
31,096
R eading C o m p a n y ..D e c 4,012,167 3,936,286 1,575,007 1,617,438
_____ 23,053,296 22,280,517 8,269,330 8,747,347
282,931
..D e c 4,213,084 3,407,748
233,915
_____ 16,766,172 15,889,784
209,123
506,270
..D e c 8.225,251 7,434,034 1,858,838 1,851,353
_____ 39,810,468 38,170,301 8,478,453 0,253,617
.............
R eading C o m pan y____Dec
..D e c
149,730
145,534
882,587
Ju ly 1 to Dei " ' _____ ________
884,924
_______ 2,008,568 1,996,886
T o tal all C o m p an ies..D
.D eo
_____ _______
Ju ly 1 to Deo 3 1 .............
0,361,040 10,138,542
110,902
R io G rande Ju n c tio n ____N
95,204
..N ov
ov
7128,561
7(33,270
989,114 71310,184 7(296,734
_____ 1,033,948
D ec 1 to N ov 3 0 ............
S o u th ern R a ilw ay , b ____D
_
..D ec
e o 5,433,221 5,028,480 1,892,326 1,758,307
Ju ly 1 to Deo 3 1 _______31,090,350 20,284,292 10,534,977 10,127,014
W rlg h tsv IlIc& T en n lllcb D cc
33,701
26,079
015,218
09,732
Ju ly 1 to D ec 3 1 ______ 100,303
167,177
0GO.16O
069,33i
Roads.




Latest Gross E arnings.
Week or Current Previous
M onth.
Year.
Year.
$
$
A m erican R ys C o------ D ecem ber.. 340,575 316,867
c A u E lgin & Chic R y N ov em ber. 132,508 122,789
B angor R y & E lec Co N ov em ber. 46,346 45,427
9,747
9,904
B aton R ouge ElectCo N ov em ber.
B ingham ton R y _____ N ovem ber. 27,609 25,911
8,026
8,628
B rock & P lym S t I ty . N ov em ber.
B klyn R ap T ra n S y s. Septem ber 1882,376 1819.180
Cape B reton E lec C o. N ov em ber. 29,043 26,535
C arolina Pow & L t Co D ecem ber.. 24,876 19,082
C ent P a rk N & E R lv S eptem ber 56,001 53.500
C entral P enn T ra c ___ D ecem ber.. 73,791 66,741
C h attan oog a R y & L t N ov em ber. 70,480 64.811
Chicago R ys C o_____ O c to b e r__ 1250.923 1109,640
C levPalnesv & E ast . D ecem ber
27,234 23,600
Coney Isl & B rooklyn Septem ber 145,724 137,157
D allas E lect C o n)___ N ov em ber. 127,042 121.215
D etro it U nited R y . . 2d w k Ja n 151,507 133,624
D D E I) & B at (ltcc) Septem ber
52,189 50,588
D uluth-S uperior T rac N ov em ber. 90,309 85,509
E ast St Louis & S u b . N ovem ber. 194.974 177.712
E l P aso E le c tric _____ N ov em ber. 59,985 56,069
F alrin & C larks T r Co D ecem ber
54,460 42,261
F t W ayne & W abash
V alley T raction Co N ov em ber. 123,554 123,651
4 2 dS t.\l&SNAv (ltcc) Septem ber 132,561 136,648
G alv-H oust E lect Co. N ovcm ber. 118,251 109.058
G rand R apid s R y . Co D ccem bcr.. 96,274 90,144
H av a n a E lectric R y . W k J a n 22 41,751 37,408
H onolulu R apid T ran
& L an d C o .............. N ov em ber. 39,016 34,966
H ou ghto n Co T rac Co N ovem ber. 22,799 24,915
H udson & M an h a tta n S eptem ber 200,615 159,436
Illinois T raction C o_. N ovem ber. 578,769 479,820
In tc rb o r R T (S u b ). . S eptem ber 1023,183 1075.521
In te rb o r It T (E le v ). S eptem ber 1240,396 1210.714
55,396 49,012
JaeksonvIU e E lect Co D ecem ber
K an C ity ltp & L t Co D ecem ber.. 684,385 622,049
L ake Shore Elec R y . N ovem ber. 91,802 90,705
Long Island E lec tric. S eptem ber 20,209 17,825
M etrop olitan S t (Rec) Septem ber 1188,973 1203,088
MIlw El R y & L t C o. N ovem ber. 407,173 378,546
MIlw L t H t & T r Co. N ovcm ber. 79,848 73.127
M ontreal S tree t I t y . . D ecem ber.. 377,274 337,563
N ashvtlle R y & L ight D ecem ber.. 170,372 159,277
New O rleans R y & L t N ov em ber. 543,640 534,376
N Y City In te rb o ro .. Septem ber 21,392 16,556
N Y & L ong Island Tr Septem ber 39,621 35,549
N Y & Q ueens C ounty Septem ber 106,981 91,910
N orf & P o rtsm T r Co D ecem ber.. 179,111 163,444
N orth O hio T rac & L t D ecem ber.. 201,973 182,912
N orth T exas Elcc Co. N ov em bcr. 119,263 105,253
N orthw est E lev C o_. D ccem ber.. 196,840 190,187
11,772 10,563
O cean E lectric______ Septem ber
P adu cah T r & L t C o. N ov em ber. 21.523 20.710
Nam e of
R oad.

J a n . 1 to latest date.
Current Previous
Year.
Year.

3,927,108
1,548,353
518,122
99,172
111,
16,455,
276,
247,
478,
831,
799,
10,265,
355,
1.172,
1,330,
306
463
996,
2,161,
575,
611,
1,389,
1,062,
1.197,
1,132
126
412,691
286,441
1,856,794
5,597,634
10,173,112
11,310.081
576.081
7,518,335
1,110,541
161.081
10,574,199
4,270,868
975.856
4,456,1G9
1,832,465
5,706,423
167,754
282,728
849,744
2,437,426
1,314,838
2,218,452
100,254

3,638,465
1,418,857
490,096
89,590
122,783
15, 520,685
241.692
219.693
445,343
754,488
707,165
298,394
321,173
162,578
200,354
273,628
471,233
896,346
850.565
541,291
472,251
m m
284,806
996.332
105,677
029,011
114,934
376,955
293,883
4,859,145
486,777
6,926,265
1,020,021
148,746
10,359,378
3,871,786
856,952
3,966,206
1,724,380
5,507,225
127,491
262,366
748,281
2,177’, 642
1,151.069
2,076,978
97,542

THE CHRONICLE

25G
Latest Gross E arn ings.
W eek or C urrent Previous
Y ear.
Y ear.
M onth.
$
$
■ Pensacola E lectric Co N ov em ber. 24,427 21,176
P o rt(O re) Ry,L<ScPCo N ov em ber. 498,953 411,001
P u g e t S o und E lec Co N ovem ber- 150,274 139,018
R ichm ond L t & R R . S eptem ber 32,423 31,373
Rio de Ja n e iro .T ra m
h t & P ow er C o­ D ecem ber.. 997,007 642,302
st HLJoigeseph
(Mo) R y L t
at & Pow er Co N ovem ber. 87,644 8 2 ,29f
S ao P aulo T r L t & P . D ecem ber.. 285,003 225,636
S a v an n ah E lectric Co N ovem ber. 56,863 51,088
469,334 451,533
S e a ttle E lectric C o ..
Second A venue (Rec) S eptem ber 82,267 76,274
S o u th ern B o u lev ard . S eptem ber
11,437
8.856
Sou W isconsin R y Co D ecem ber.. 15,453 14,226
S ta te n Isl M id lan d __ S eptem ber 26,950 27.367
T am p a E lectric C o .. N ovem ber. 43,248 52,900
T h ird A venue (R ec). S eptem ber 293,945 260,814
T o led o R y s & L t C o. N ov em ber. 261,010 246,185
T o ro n to u y < o . .
ictob er . . 379.721 332.977
T w in C ity R a p T ra n . 2d wk Ja n 138,720 130,748
U nd ergrou nd El R y
o! L ond on—
T hree tu b e lin e s__ W k J a n 21 £14,285 £13,650
M etrop olitan D ist. W k J a n 21 £11,762 £10,832
(Jnltcd T ra m w a y s. W k J a n 21 £5,023 £5 ,136
U nion (R e c)_________ S eptem ber 203,076 170,223
U nIonR v,G & E C o(Ill) N ov em ber. 265,668 251,351
U n ited R R s of S an F r D ecem ber 682,356 645,847
W estches E lec (R e c ). S eptem ber 50,407 4 4,816
W h atcom Co R y & Lt N ov em ber. 37,165 36,856
Y onkers R R ( R e c ) .. S eptem ber 58,744
Nam e of
R oad.

J a n . 1 to latest date.
Current P revious
Year.
Year.
$
$
247,541 226,253
5,108,927 4.385.356
1,757,308 1,720,104
266,833 262,067
10,942,047 7,527,560
942,007 887,466
2,950,594 2,428,117
578,840 553,524
632,734 641,170
83,677
67,923
179,348 161,809
209,350 208,115
545,707 539,913
2,672,762 2,268,980
2,695,194 2,466,996
3,57 .>.659 3,1 00,26*
272,459 259,763
£43,935 £41,095
£35,694 £32,561
£15,795 £16,101
1.691,849 1,534,949
2,687,557 2,534,338
7,653,489 7,455,065
402,857 333,611
372,075 367,718

[VOL. LXXXXII.

-------Gross E arnings----- ------ N et E arnings------Current
Previous Current Previous
R oads.
Year.
5
N ashville R y & L lg h t.a .D e c 170,372
159,277
99,422
64,898
J a n 1 to D ec 3 1 ______ 1,832,465 1,724,380
802,439
710,497
New O rl R y & L t C o .a .N o v 543,640
534,376
216,578
207,554
J a n 1 to N ov 3 0 ______ 5,706,423 5,507,225 2,151,700
2,007,663
N orf & P o rtsm T ra c .b .-D e o 179,111
163,444
84.233
68,051
Ju ly 1 to Dec 31 ............. 1,079,822
088,412
481,764
433,677
N o rth ’n O hio T r & L t.a .D e c 201,973
182,912
86 957
81,358
J a n 1 to Dec 31 ______ 2,437,426 2,177,042 1,088,463
987,585
N or T exas E l C o .b _____ N ov 119,263
105,253
55,954
48,1 56
J a n 1 to N ov .30________ 1,314,838 1,151,069
615,786
510,365
20,710
9,873
P ad u cah T r & L t C o .b ._ N ov
21,523
9,391
P ensacola E lect C o .b ___N ov
24,427
21,176
10,099
8,814
Ja n 1 to N ov 3 0 ______ 247,541
226,253
101,813
96,641
980,580
P h ilad elp hia Co (P itts) a D ec 2,004,437 1,870,802
905,689
A pr 1 to Dec 3 1 ............15,195,903 14,066,002
14,066,002 6,562,464 5,742,180
236,731
276,372
P o rtla u d (O r)R y ,L t& P b N ov 498,953
411,001
J a n 1 to N ov 3 0 ______ 5,108,927 4,385,356 2,893,959 2,371,137
41,510
44,237
P u get Sd E l R y .b .............N ov 150,274
139,018
577,915
Ja n 1 to N ov 30______ 1,757,308 1,720,104
608,591
265,081
R io de Ja n c Iro T r.L t&P a Dec 997,007
642,302
494,859
J a n 1 to Dec 3 1 .............. 10,942,047 7,527,560 5,392,915 3,046,772
S tJo s(M o )R y ,L t,H t& P b N ov 87,644
82,296
43,683
39,962
J a n l to N ov 3 0 ______ 942,007
887,466
439,150
427,435
Sao P aulo T ram L & P .a .D e c 285,003
185,480
144,365
225,636
J a n 1 to Dec 3 1 . . : . . . 2,950,594 2,428,117 1,891,086 1,515,273
56,863
S avan n ah E l C o .b _____ Nov
51,088
17,517
17,572
J a n 1 to N ov 30______ 578,840
553,524
103,856
198,622
S ea ttle E lect C o .b _____ N ov 469,334
451,533
186,445
212,716
43,248
T am pa E lect C o .b _____ N ov
52,900
20,268
24,316
J a n 1 to N ov 30______ 545,707
539,913
243,960
226,303
T oledo R y & L t C o .b ___ N ov 261,010
246,185
93,561
120,139
J a n 1 to N ov 3 0 ______ 2,695,194 2,460,996 1,000,239 1,077,181
T o ro n to R a ilw ay _________O ct 379,721
332.977
191,153
164,319
J a n 1 to O ct 3 1 ______ 3,575,659 3,190,268 1,734,324
1,571,888
T w in C ity R ap T ra n Co bN ov 619,149
580,795
299,417
307,751
J a n 1 to N ov 3 0 ............ 6,884,875 6,354,177 3,568,294 3,371,391
U ndergrou nd E l R ys L ondon—
M etrop olitan D lstrlc t.N o v £61,911
£55.874
£33.777
£27,384
L ondon E lectric R y__N ov £63,918
£61,692
£32,305 £29,278
L ond on U nited T ra m .N o v £21,965 £22,311
£2,803
£4,409
U nion R y,G as& E l(Ill) b N ov 265,668
251,351
126,828
116,639
J a n 1 to N ov 30 ______ 2,687,557 2,534,338
1,211,986 1,232,689
U nited R ys of S t L .a .. O ot 1,041,837 1,035,624
370,492
407,656
Ja n 1 to O ct 3 1 ______ 9,601,041 9,230,939 3,160,870
3,385,267
U nited R R s of San Fr__D ec 682 356
645,847
326,530
265,644
J a n 1 to Dec 3 1 ______ 7,653,489 7,455,965 2,961,218 2,857,217
V irginia R y & Pow C o ..D ec 1 9 7 7 9 4
175,247
86,340
102,672
Ju ly 1 to Deo 3 1 ------------ 1.13E 892 1,020,520
571,304
484,823
W hatcom Co R y & L t.b .N o v
37,165
36,856
19,680
17,093
J a n 1 to N ov 3 0 ..'____ 372,075
367,718
156,159
160,659
a N et earnings here given arc a fte r d ed ucting ta x e s,
b ‘Net earnings here given are before ded u ctin g tax es,
c T hese figures rep resent gross earnings from all sources.
n These figures rep resent 30% of gross earnings.

_

c T hese figures a re for consolidated com pany.
E l e c t r i c R a i l w a y N e t E a r n i n g s . — I n t h e f o llo w in g w e s h o w
b o t h t h e g r o s s a n d t h e n e t e a r n i n g s t o l a t e s t d a t e s o f a ll
E L E C T R I C r a i l w a y s f r o m w h i c h w e h a v e b e e n a b l e to p r o o u re m o n th ly r e tu rn s . T h e r e tu rn s o f th e d iffe re n t ro a d s
a re p u b lis h e d b y u s e a c h w e e k a s so o n a s re c e iv e d , a n d o n c e
a m o n t h w e b r i n g t o g e t h e r a ll t h e r o a d s r e p o r t i n g , a s is
d o n e to -d a y .
-------Gross E arnings----------------N et E arnings------Current
P revious
Current Previous
R oads.
Year.
Y ear.
Year.
Year.
s
s
s
s
A m er L ig h t & T rac C o ..D e o 427,089 391,822
417,131 382,259
J a n 1 to Dec 3 1 3,832,552
3,345,441 3,712,863 3,239,179
A u ro ra E lgin & C hic. b .-N o v 132,508
122,789
58,086
53,263
Ju ly 1 to N ov 30 ______ 809,583
740,805
391,112
368,696
B angor R y & E lec C o .b -N o v
46,346
45,427
27,759
27,091
Ju ly 1 to N ov 30______ 262.817
255,477
156,692
152,249
B aton R ouge E l C o .b -.N o v
9,747
9,904
4,066
3,296
J a n l to N ov 30 _______
09,172
89,590
35,627
20,631
27,609
25,911
10,137
10,002
B in gham ton R y ________N ov
Ju ly 1 to N ov 3 0 ______ 161,217
152,487
72,020
67,960
B o ston & W o rcester—
., _
Ju ly 1 to Dec 3 1 ______ 347,023
324,076
161,Sol 148,732
B rockto n & P ly m o u th .b N ov
8,020
8,028
L 554
2,178
J a n 1 to N ov 3 0 ______ 111,953
122,783
33,852
36,688
— In t., R entals, A c .— — D al. of N et E 'n g s.—
C ape B reton E l C o .b ___N ov
29,043
26,535
14,764
12,759
Current Previous
Current Previous
241,692
130,552
98,477
J a n 1 to NOV 3 0 _______ 276,601
R oads.
Year.
S
C arolina P ow & L t C o ..D e c
24,876
19,082
10,036
5,919
S
$
5
23,483
23,677
J a n l to D ec 3 1 _______ 247,927
219,693
99,734
79,182 A urora E lgin & C hlcago.N ov
29,586
34,603
224,069
222,034
Ju ly 1 to N ov 30 ______ 107,044
146,663
73,791
66,741
22,718
17,449
C entral P en n a T r C o____D ec
13,831
14,112
J a n 1 to Dec 3 1 ______ 831,167
754.488
239,666 195,676 B angor R y & Elec C o___Nov
12,979
13,928
88,118
86,820
65,429
Ju ly 1 to N ov 3 0 .............
68,574
C h atta n o o g a R y & L t.b .N o v
70,480
64,811
34,154
28,469
1,576
2,009
297,981
Jan 1
to
N ov
30 _________ 799,419 707,165 391,985
1,720
B aton
R ouge E lect C o ..N o v
1,967
1,071
1,001
8,931
Chloago R a ilw ay s______ O ct 1,250,923 1,109.610 «375,277 M332.892 B ingham ton R y . . ...........N ov
9,136
22,060
26,320
45,000
J a n 1 to O ct 3 1 ______ 10,265,252 9,298,394 n3 ,079,575 7)2,789,518
45,691
Ju ly 1 to N ov 3 0 ______
Clev P aln sv & E 'n .a - .- N o v
27,037
25,900
11,925
9,950 B oston & W orcester—
79,832
59,529
89,203
J a n 1 to N ov 3 0 _______ 328,235
297,573
157,680 136,193
Ju ly 1 to D ec 31______
82,019
422
1,756
def 17
C olum bus E lect C o .b .- - N o v
46,241
36.078
30,112
18,757 B rockton & P ly m o u th ..N o v
1,571
19,859
15,268
16,829
J a n 1 to N ov 3 0 ______
18,584
C leveland S o u th w & C ol-D ec
82.659
73,577
31,280
26,230
8,698
6,175
6,584
J a n 1 to Dec 3 1 ______ 1,015,627
900,944
434,188 345,814 Cape B reton E lect C o___N ov
6,066
69,415
37,189
61,288
Ja n 1 to N ov 30______
61,137
D allas E lect C o rp .b ____N ov
127,042
121,215
52,214
52,435
10,034
6,232
22,237
J a n 1 to N ov 3 0 ______ 1,330,026 1,200,354
455,092 453,969 C h attan o o g a R y & L t Co N ov
24,120
60,462
133,263
J a n 1 to N ov 30............. 258,722
237,510
D etro it U nited R y .b - .- N o v 739,982
676,482
261,678 235,732
2,423
7,527
3,077
J a n 1 to N ov 3 0 ______ 8,577,416 7,351,390 3.090,629 2,736,607 Cleve P alnesv & E a st’n .N o v
7,948
53,237
82,956
00,042
88,638
J a n 1 to N ov 3 0 ______
D ulu th -S u p erio r T r C o .b N ov
90,309
85,509
42,581
38,085
5,757
Jan 1
to
N ov
3 0 _________ 996,315 896,346 437,476
Colum
367,435
bus E lect C o............N ov
17,357
13,000
12,755
E a s t S t I, & S u b .b _____ N ov 194,974
29,658
177,712
93,313
87,873 Cleveland S o u th w & Col .D ec
26,412
1,622
def 182
44,930
J a n 1 to N ov 3 0 ............ 2,161,328 1,850,565 1,027,149 849,515
J a n 1 to D ec 3 1 ............. 338,274
300,884
00,574
24,064
E l P aso E lect C o .b _____ N ov
59,985
56,069
26,548
24,767 D allas E lect C orp_______ N ov 24,028
27,471
28,186
Ja n 1 to N ov 3 0 _______ 575,489
541,291
243,456 213,817
147,160
J a n 1 to N ov 3 0 ______ 281,959
306,803
173,133
F airm o n t & C la rk s b .b ..D e o
54,460
42,261
34,720
26,242 D etro it U nited R y ---------N ov 174,312
£88,424
157,919 £102,308
Ja n 1
to
Dec
3 1 _________ 611,644 472,251 396,254 306,819
J a n 1 to N ov 3 0 ............ 1,863,862 1,723,399 £1,367,365 £1,145,342
F t W & W ab V T r C o .b -N o v 123,554
123,651
56,888
53,880 D uluth-S uperior T r C o ..N o v c24,066
17,328
C20.757
18,515
J a n 1 to N ov 31______ 1,389,640 1,284,806
610,694 536,111
157,832
J a n 1 to N ov 30 ______ C226.715 C209.603
210,761
G alv-H o ust E lect C o .b -.N o v 118,251
109,058
48,328
47,812 E ast S t Louis & S u b -------N ov 50,347
49,941
37,032
42,966
J a n 1 to N ov 30............. 1,197,863 1,105,677 470,105 455,124
Ja n 1 to N ov 3 0 --------- 551,402
304,971
544,544
475,747
G rand R apid s R y C o .b .-D e c
96,274
90,144
41,301
44,958 E l Paso E lect C o-------------N ov
8,224
16,370
8,397
18,324
Ja n 1 to D ec 3 1 ______ 1,132,578 1,029.011 569,313 536,156
125,003
J a n 1 to N ov 3 0 ______
91,506
88,814
151,950
H onolulu R T & L ’d Co bN ov
39,016
34,966
21,672
18,358 F airm o n t & C larksb urg.D ec
12,793
13,939
12,303
21,927
J a n 1 to N ov 3 0 ______ 412,691
376,955 202,240
186,913
J a n 1 to D ec 3 1 ---------- 149,131
163,883
142,936
247,123
H o u g h to n Co T r C o .b -.N o v
22,790
24,915
9,771
11,367 F t W & W ab V T r C o___ N ov 45,387
45,213
8,667
11,504
J a n 1 to N ov 3 0 ______ 286,441
293,883 135,035
135,565
Ja n 1 to N ov 3 0 ______ 496,767
468,943
67,168
119,927
H ud son & M a n h a tta n ___ D ec c387,659
204,967
-------G alvest-H oust Elec C o ..N o v
26,026
22,985
24,827
22,302
Ju ly 1 to Dec 31_c 2.036.370
1,111,218
--------------Ja n 1 to N ov 30 ______ 261,831
237,695
217,429
208,274
Illinois T ra c tio n C o .a . -N o v 578,769
479,820
243,514 226,142 G rand R apid s R y C o .. .D ec
19,248
18,382
26,576
22,053
J a n 1 to N ov 3 0 ______ 5,597,634 4,859,145 2,296,333 2,084,905
J a n l to D ec 3 1 ............. 237,653
227,056
309,100
331,660
In te rb o ro u g h R ap T r.a .D e c 2,760,390 2,621,052 1,389,267 1,474,037 H onolulu R ap T r& L C o .N ov
0,378
6,973
£12,666
£15,294
J u ly 1 to Dec 3 1 ---------- 14,286,689 14,924.810 7,436,651 7,711,223
68,513 £135,708 £125,458
Ja n 1 to N ov 3 0 ______
72,765
Jackso nv ille E lcc C o .b - -N o v
48,904
45,611
21,943
22,558
6,215
Co T ra c t C o. .N o v
6,637
3,134
5,152
J a n 1 to N ov 3 0 ______ 520,685
437,765
236,855
190,678 H oughton
66,218
Ja n 1 to N ov 30______
70,635
04,400
09,347
K ansas C ity R y & L t.b .D e c 684,385
622.049
266,703
244,478 H udson & M a n h a tta n ...D e c 193,300
11,667
Ju n e 1 to Dec 3 1 ............. 4,513 591 4,173,697 1,812,413 1,777,492
________
Ju ly 1 to D ec 3 1 ________1,151,460
def40,242
K ing ston Consol R y .a —
h R ap T ra n .D e c 889,452
883,840 £527,136 £621,473
O ct 1 to Dec 31
-.
36,072
34,763
19,153
13,796 InterbJuoroug
ly
1
to
Dec
3
1
______
5,333,866
5,272,932 £2,277,232 £2,660,287
Ju ly 1 to Deo 3 1 ______
89,271
84,835
50,848
38,903 Jacksonville E lect C o ...N o v
9,498
13,077
9,481
12,445
L ake Shore El R y .a . . .N o v
91,802
90,705
41,010
41,721
Ja
n
1
to
N
ov
3
0
______
102,000
88,135
102,543
134,855
J a n 1 to N ov 3 0 ______ 1,110,541 1,020,201
530,648 481,592 K ansas C ity R y & L t...D e c 191,070
72,416
172,062
75,633
L ew iston A ug & W a t.b .D c c
37,694
36,417
12,988
11,492
Ju n e 1 to D ec 31______ 1,323,245 1,209,122
568,370
489,168
Ju ly 1 to D ec 3 1 ............. 292,985
293,088
126,368
134,843 K ingston
Consol
R
y
—
M assach usetts E lectric C o s.b —
O ct 1 to D ec 31 ..............
13,074
3,987
9,727
0,079
O ct 1 to Dec 3 1 ______ 2,015,771 1,921,073
554,167
592,172
Ju ly 1 to Dec 31 ______
25,407
18,866
19,055
25,441
Ju ly 1 to Dec 31---------- 4,757,536 4,548,951 1,861,305 1,929,150 L ake Shore E lect R y ...N o v
6.328
34,669
35,393
6,341
MIlw E l R y & L t .b ____N ov 407,173
378,546
193,001
190,060
101.653
J a n 1 to N ov 3 0 ______ 382,347
379,939
148,301
J a n 1 to N ov 3 0 ______ 4,270,868 3,871,786 1,972.588 1,957,232 L ew iston A ug & W a te rv .D e c
«T«f3.694
13,735
15,186
def 747
45,254
MIlw L t, H t & T r C o .b . -N o v
79,848
73,127
43,322
40,520
Ju ly 1 to Deo 31.............
82,413
41,955
80,589
J a n 1 to N ov 3 0 ______ 975,856
856,952
547.837 499,443 M assachusetts E lectrlo Cos—
M ontreal S tre e t R y .b ...D e o 377,274
337,563
142,065
125,557
147,518
O ct 1 to Dec 3 1 ............. 456,829
97,338
444,654
O ot 1 to D ec 3 1 ______ 1,130,060 1,026,441
461,659
439,562
944.964 1,953.122
Ju ly 1 to Dec 3 1 ______ 916,341
877,028




Interest Charges and Surplus.

THE CHRONICLE

J A.N. L'8 1911.

_

_

_

— In l., R entals, & c.—
Current Previous
R oads.
Year.
Year.
$
$
M llw E lect R y & L t ____N ov
110,403 112,913
J a n 1 to N ov 3 0 ______ 1,242,264 1,178,518
MUw L t H t A T r C o____N ov
68,957
65,476
J a n 1 to N ov 3 0 ______ 774,140
711,712
M ontreal S tree t R y _____ Dec
37.642
34,481
O ct 1 to Dec 3 1 ______ 101,653
90,345
N ashville R y & L ig h t— Dec
33,390
33,023
Ja il 1 to Dee 3 1 ______ 402,427 394,353
N orf & P o rtsm T ra c ------Dec
°2’
Ju ly 1 to Dee 3 1 ............. 377,280
381,394
N o rth e rn O hio T r * L t--D e o
44.175
43,210
524,060
J a n 1 to Dec 3 1 ______ 521,069
N orthern T exas Elec C o .N o v
23,878 .o S ’i? ?
J a n 1 to Nov 3 0 ______ 218,623
187,062
P ad u cah T rac & L t C o .-N o v
7.840
6,621
Pensacola E lect Co
-N o v
5.067
4,509
Ja n 1 to Nov 3 0 ---------5o,412
48,036
P o rtla n d (Or) R y .L t & P -N o v
151,217 125.019
J a n 1 to N ov 3 0 ______ 1,550,411 1,363,227
P u get S ound E l Ry — N ov
49,699
48,929
J a n 1 to Nov 3 0 ............. 558,012
520,966
StJos(M o) R y .L t ,H t& P .N o v
23,308
21,608
Ja n 1 to N ov 3 0 ._____ 250,364
235,210
S av an n ah E lectric C o ..N o v
17,435
17,555
190,426
J a n 1 to N ov 30 ______ 195,862
S eattle E lectric C o_____ N ov
106,026 104,184
T am p a E lectric C o...........Nov
6,212
4,594
Ja n 1 to N ov 3 0 ______
57,641
o0,401
T oledo R y & L t C o...........N ov
78,482
75,758
Ja n 1 to N ov 3 0 ............. 847,644
803,570
T w in C ity R ap T ra n ____N ov el37,912 cl40,251
Ja n 1 to Nov 3 0 .c l . 539,886
e l , 529,012
U nion R y, tias & E l (111) N ov
07,762
65,026
Ja n 1 to N ov 3 0 728,063
708,344
U nited R vs of S t L o u ts.-O c t 232,054 232,267
J a n 1 to O ct 31 ______ 2,333,364 2,333,899
V irginia R y & Pow er C o .D ec
55,345
56,793
Ju ly 1 to Dec 3 1 327,772
322,786
W hatcom Co R y & L t -N ov 10,732
8,517
98,068
91,275
Ja n 1 to Nov 3 0
c Includes div idend on preferred sto ck .
x A fter allow ing for o th er Incom e received.

— R at. o f N et E 'n g s.—
Current Previous
Year.
Year.
$
$
£81,757
£82,560 £826,581
£788,692
£19,918
£19,604
£285,005 £283,789
91,070
104,423
343,217
360,006
31,875
66,032
316,144
400,012
2,809
23,742
52,283
104.504
38,148
42,782
463,519
567,394
31,967
32,076
332,303
397,163
2,770
2,033
4,305
5,032
48,605
46,401
11 1,712
125,155
1,343,548 1,007,910
dcf5,402 def7,419
56,949
50,579
18,354
20,375
192,225
188,786
17
82
3,430
2,760
82,261
100,690
19,722
14,056
175,902
186,319
£44,565
£15,750
£159,229 £276,234
167,500
161.505
2,028,408 1,842,379
51,613
59,066
524,345
483,833
£141,563 £179,032
£801,879 £1,086,081
50,013
31,858
257,954
177,506
8,957
8,570
57,491
09,384

ANNUAL REPORTS,

Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding m onth will be
given on the last Saturday of each m onth. 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 Feb. A 1911.
Consolidated Gas Company of New York.

{A bstract of R ep o rt S u bm itted at A n n u a l M eeting J a n . 23

1911)

Increase in D ividend R ate.— Ow ing to econom ics In th e cost of m an ufac­
tu rin g and d istrib u tin g gas, th e Im provem ent In earnings from Investm en ts,
th e red u ctio n In “ fixed c h arg es.” resulting from th e conversion of $20,000,­
000 of 6% deb en tures Into cap ital sto ck , th e p ay m ent by th e city of a large
percentage of the accrued Interest on th e city lighting bills, w hich w as ad ­
ju sted last A pril In connection w ith th e settlem en t of th e c o m p an y ’s special
franchise taxes, tho b e tte r price th e com pany o b tained for Its residual
p rod ucts, an d th e grow th of th e fuel app lian ce business, th e bo ard of tru s­
tees felt justllled In Increasing th e last q u a rte rly div idend from 1 % to 1 'A % ,
m aking 4J^% for th e y ear. (V. 91, p. 1162.)
A lthough tills last q u a rte rly div idend w as a t th e ra te of 6% per an n u m
on tho com pany’s cap ital sto ck , th e earnings from Its gas business did n o t
really am o u n t to th a t ra te of retu rn upon th e value of Its gas p ro p e rty as
determ ined by th e U. S . S uprem e C o urt. T he value th u s establish ed, as
previously sta te d , w as g reatly In excess of th a t po rtio n of th e p ar v alu e of
th e com p an y ’s cap ital sto ck a n d obligations w hich represented Its Invest­
m ent In th e gas business. A 6% retu rn on this value of th e p ro p erty em ­
ployed In th e gas business w ould, w hen add ed to the earnings from Its In­
v estm ents, be equ ivalen t to 8% upon th e to ta l o u tsta n d in g c ap ital sto ck
of th e com pany .
, , ,
Sales.— T he com bined sales of gas of th e various com panies d u rin g th e
year w ere 27,217,105,473 cu. ft. T he sales of electric c u rren t am o unted to
291,173,794 kilo w att hours.
,
lialance Sheet.— T he acco unts receivable show a large decrease by reason
of tho a m o u n t received from the city on acco unt of Its lighting bills and the
accounts payable and accrued charges show a large decrease by reason of the
se ttle m e n t of special franchise taxes.
P rofit and Loss.— T his acco unt show s (In add ition to th e Increase In th e
su rp lu s earnings) th e Interest received upon p ast-d u e city lighting bills,
th e profits realized from th e sale of real e sta te over a n d above Its book valu e
and th e am o u n t of special franchise taxes, as carried on th e books D ec. 31
1909, over a n d above the a m o u n t paid In se ttle m e n t thereof.
Collateral L o a n .— T he $5,000,000 12 m o n th s’ collateral tru st loan, w hich
m atu red A ug. 10 1910, w as renew ed for a corresponding period. (V .91 ,p.398)
New Stock o f N . Y . E dison Co.— Ihm ds R etired.— In A pril 1910 th e P u b lic
Service Com m ission auth orized th e N . Y . E dison Co. to Issue (a) $4,312,000
cap ital stock for th e purpose of retiring $4,312,000 E dison E lectric Illu m i­
natin g Co. 1st M . bo nd s, w hich m atu red M arch 1 1910; (b) $790,400 cap ital
stock for th e purpose of retiring $988,000 1st M . bonds of M t. M orris Elec.
L ig h t & Pow er Co. T he C onsolidated G as Co. subscribed a t p ar for both
of th ese Issues. T he cancellation of th e abo ve bond Issue leaves th e $2,­
188,000 consol, m tg e. bonds of th e E dison E lectric 111. Co. the only liens
prior to th e d irect m ortgages of th e N . Y . E dison Co., d ate d M ay 22 1901
a n d D ec. 16 1902, respectiv ely.
Settlem ent with C ity.— N egotiations w ere b ro u g h t to a successful te rm in a ­
tion on A pril 19 1910 covering th e special franchise taxes and th e city ligh t­
ing bills In each case for a period of seven years of all of th e gas a n d electric
com panies w ith w hich th e C onsolidated Gas Co. Is affiliated . T he se ttle ­
m en t resulted In the p ay m en t by the com panies of special franchise tax es
aggregating $7,428,085, an d th e pay m ent by th e city on account of claim s
a g a in st it for gas a n d electric service of $6,999,687, Including Interest, leav­
ing a balance of principal and interest du e from th e c ity, su b ject to final
a d ju stm e n t, of ab o u t $500,000. T he nu m b er of actio ns relatin g to gas
a n d electric franchises pending In the co u rts a t th e tim e of th e foregoing
se ttle m e n t w as 74, a n d th e nu m b er relatin g to gas a n d electric bills w as 54,
all te rm in a te d by th e se ttle m e n t.
,
Condem nation o f Property by C ity.— P a y m en t w as m ade by th e city on
A pril 1 1910 of th e am o u n t aw arded to th e com pany in condem nation pro­
ceedings for tw o plots of land and a gas-holder, situ ate d In th e blocks
bounded b y 18th and 20th streets, betw een 10th a n d 11th av enu es. T he
am o u n t of th e aw ard w as $535,350 a n d th e Interest from O ct. 1 1902 to
A pril 1 1910 am o u n ted to $239,480, m aking th e to ta l p ay m en t b y th e city
$774 829. T he rem ain der of th e p rop erty, hav ing been rendered useless
for th e com p an y ’s purposes, w as sold on A ug. 15 1910 for $240,000. T he
cltyralso too k title to such of our p rop erty bounded by lo th and 18th stre ets,
betw een 10th A ve. and the N orth R iver, as w as w ithin th e bo un daries of
th e new M arginal S t., th u s practically c u ttin g tho gas p la n t In tw o a n d re­
su ltin g In Its being perm an en tly closed dow n. T he sta tu s of the rem aining
p ro n w tjf In w ese blocks has been m a in tain ed , pen ding th e conclusion of




251

th e proceedings for con dem n atio n a n d th e recovery of consequential dam ages.
T u nnels.— T he sh afts for a new tun nel w hich will connect th e gas m ain
sy stem In A storia, L . 1., w ith th a t In th e B orough of th e B ronx arc In
process of excav atio n . T he con dem n atio n proceedings for th e term inal
rights for th is tu n n el are still pending, b u t It w as th o u g h t advisable to a d ­
vance th e com pletion of this great public Im prov em ent by proceeding w ith
th e excavation of th e necessary tu n n e l sh afts a t each end of th e line.
A t th e present tim e th ere Is only one com pleted tu n n el th ro u g h w hich th e
gas m an ufactured a t th e R avensw ood a n d A storia p la n ts can be conveyed
to th e B orough of M a n h a tta n . T he present d ally c ap acity of these plan ts
— 27,000,000 a n d 20,000,000 cu. ft. respectiv ely— rep resents n early onehalf of th e to ta l cap acity of th e plan ts w hich now su pply gas to consum ers
In th e city . W ith th e com pletion of th e second u n it a t A storia, now In
course of co n stru ction, hav ing an u ltim a te cap acity of 40 m illion cu . ft.,
th e percentage of gas delivered In N . Y . C ity from L ong Island will be very
greatly Increased. N ot only Is th e one existin g tu n n el entirely in ad eq u ate,
b u t th e hazard of hav ing b u t a single tu n n e l to convey this enorm ous
volum e of gas Is very g re at. A ny In te rru p tio n w ould be a tten d e d w ith
th e g ravest consequences. T his h azard should be rem oved w ith o u t delay
by th e con stru ction of th is ad d itio n al tu n n e l. T he proposed tu n n e l will
h av e a m ean average d e p th , th ro u g h solid rock, of nearly 200 ft. below th e
bed of th e river.
Proposed P lants, & c.— Plans for a w ater-gas p la n t of 40,000,000 cu. ft.
cap acity a t A storia hav e been p repared , a n d th e con stru ctio n of half of th e
u n it, of 20,000,000 cu. ft. c ap acity , has been beg un. ‘I t will p rob ably be
com pleted so as to be available d u rin g th e w inter of 1911-12.
N otw ith stan d in g th e relatively sm all increase In th e o u tp u t of gas since
1907, th e com pany realizes th a t th e resum p tion of business a c tiv ity , a fte r
so long a period of c om parative sta g n a tio n , Is likely to be a tten d e d w ith a
su b sta n tia l increase In th e d em an d, a n d th a t lt should be prepared to m eet
a m uch g reater dem an d w hich m ay a t a n y tim e be m ade upon It.
W e arc now erecting a new gas holder of a cap acity of 10,000,000 cu . ft.
a t F o rdh am R oad an d H arlem R iv er T errace, K ingsbridgc. I t should be
com pleted a b o u t Ju ly 1911.
New Turbines.— C o ntracts have been m ade by th e N . Y . E dison Co. for
th ree 27,000 li.p . steam tu rb in es, w hich will be th e largest and m ost effi­
cient steam -generatin g u n its y e t con stru cted . T he Installation of these
enorm ous gen erators, capable of su pply ing c u rre n t for lighting over 1,200,­
000 sta n d a rd lam ps, a n d w hich will Increase th e c ap acity an d efficiency
of th e w aterside gen erating sta tio n by over 55,000 h .p ., w ill involve th e dis­
placem ent of four 5,500 h .p . steam engines. T he now u n its will occupy
less space a n d Increase th e econom y of operation .
A dditions and Im provem ents.— T here was expended d u rin g th e year for
ad d itio n s to and b etterm en ts of gas and electric prod uction and d istrib u tin g
p lan ts of th e various com panies th e sum of $8,445,437.
M ains hav e been laid for conveying gas to an d from th e new K ingsbridgc
holder (sec above) as follows: A 30-lnch m ain to th e holder sta tio n a t
W est 132d H t., a 30-iuch m ain to th e pu m p ing sta tio n a t Inw ood, a 36-Inch
m ain to th e d istrib u tin g system of th e N orthern U nion Gas Co. a t F o rdh am
R o ad and D ecatur A ve. a n d a 36-lnch m ain to th e pu m p ing m ain of th e Cen­
tra l U nion Gas Co. a t th e Junction of M ohegan A ve. a n d S o uthern B oulev’d .
T he 20-Inch m ain of th e S ta n d ard Gas L ight Co. u n d er th e H arlem R iver,
w hich form erly connected 2d A ve. in M an h a tta n w ith Lincoln A ve. In th e
B ronx has been rclaid w ith a 48-Inch m ain, w hich. In ad d itio n to being
connected w ith th e S ta n d ard gas m ain system In b o th th e boroughs of M an­
h a tta n a n d th e B ronx, is also connected w ith a 48-lnch m ain In th e form er
borough, ru n n in g th ro u g h 2d A ve. to th e 111th S t. holder sta tio n of the
Consol. Gas Co. and w ith a 48-lnch m ain In th e B orough of th e B ronx,
ru n n in g th ro u g h 134th S t. to L ocust A ve. to a p o in t a d jacen t to th e sh aft
of th e proposed tun nel and then ce to th e sta tio n of C entral U nion Gas Co.
T he foregoing connections will, w ith th e com pletion of the tun nel con­
necting th e m ains In th e B ronx w ith th e m ains In A storia, Insure an u n in­
te rru p ted supply of gas in th e th ree boroughs.
L a m p s.— T he m unicipal stre et lam ps on th e lines of th e Consol. G as Co.
a n d Its affiliated gas a n d electric com panies on Dec. 31 1910 consisted of
25,347 incandescent gas lam ps, 671 open llam e lam ps, 8,188 electric arc
lam ps and 9,528 electric Incandescent lam p s, a to ta l of 43,734 stre e t lam ps.
D uring th e year a new electric su b-statio n of large cap acity w as Installed
a t 314-316 W est 41st S t. A new building w as add ed to th e su b-statio n a t
W est 84th S t. T he su b -statio n a t W est 107th S t. w as rem odeled an d a
su b-statio n w as Installed In th e new G im bel building on 6 th A ve. A dditions
to th e equ ipm en t in th e su b -statio n s w ere m ade by th e installatio n of 16,500
k.w . of add itio n al ro ta ry co n verter cap acity a n d tw o new storage b atteries
w ere add ed , increasing by 29,320 am peres th e b a tte ry cap a city on th e basis
of a onc-hour discharge.
. . .
,
T he to ta l nu m b er of gas m eters in use a t th e end of 1910 w as 826,916 a n d
of electric m eters 159,405. D uring 1910 th e com panies installed 103,067
gas app lian ces. E xtensio ns to th e electric-supply m ains am o u n ted to
64.88 m iles, and th ere w ere also add ed 65.22 miles of feeders a n d prim ary
m ains a n d 55.46 m iles of high-tension transm ission lines.
Tungsten L a m p s.— T here has been a large increase In th e use of th e high
efficient T ung sten lam ps by consum ers of electric c u rre n t. M ore th a n
50,000 of these arc now being supplied per m o n th to consum ers. T hese
m etal filam ent lam ps consum e only 40% of th e c u rren t required by th e old
carbon filam ent lam ps to give th e sam e Illum ination a n d th e q u a lity of th e
light Is m uch superior.
New Office liu ild in g s, & c.— T o relieve the m ain office in Irv in g Place,
th e erection of a 12-story extension on 15th S t. on land ow ned adjo ining
th e present building w as begun in D ecem ber 1910 a n d will be com pleted
a b o u t Ju n e 1911— frontage ab o u t 62 ft., d ep th ab o u t 84 ft. As th e old
office of th e C entral U nion G as Co. a t A lexander A ve. an d 140th S t. had
proved In adequ ate, a plot of ground has been purchased on the n.w . corner
of C o rtla n d t A ve. and 148th S t. for a new office a n d shop building, five
stories high, fro ntage 106 ft. on th e avenu e a n d 70 ft. on the stre et.
D isplay R oom s.— O ur gas app lian ce display room s a t 29 E ast 21st S t.
h av e a ttra c te d num erous v isito rs.
Q uality o f (la s.— D uring th e year th e qu ality of gas supplied has been
uniform ly of a higher sta n d a rd of candle pow er th a n requfred by law .
IN C O M E A C C O U N T F O R Y E A R .
1910.
1909.
...........—
C om bined sales of gas (1,000 cubic fe e t)___________ 27,217,105
Sales of electric c u rre n t (1,000 k. w .)____-_________ 291,174
_________
N et earnings from gas business (after d ed ucting th e
reserve for renew als a n d c o n tin g e n c ie s)._______ $2,151,422 $1,894,253
A dd for th e purpose of d eterm inin g th e earnings a p ­
plicable to th e valu e, based upon th e decision of
th e U . S . S uprem e C ourt, of the tang ible an d In­
tang ible pro p erty em ployed In Its gas business,
viz.; $74,355,846 In 1910, against $73,697,800 In
1 9 0 9 , th e su rp lus earnings of A storia L . II. & P.C o
261,044
230,513
A nd th e In t. received on th e Investm en t in th a t C o .. 633,983
624,802
T o tal earnings from gas business for the y e a r---- *$3,046,449 *$2,749,568
D ividends a n d Interest received on stocks an d bonds
ow ned and on adv an ces m ade to affiliated gas a n d
electric com panies (excluding Interest on th e in­
v estm en t In A storia L ig h t, Ilc a t & Pow er C o .) .. 4,804,998 4,455,313
T o tal n e t Incom e_________________________________ $7,851,447 $7,204,881
D ividends paid on sto c k _____________________(4 J-J % )$4,491,633(4) $3,987 565
In te re st on funded a n d o th e r d e b t_________________ 434,967
473,998
............................$2,924,847 $2,743,318
B alance, su rp lu s.........................
* E q u iv a len t to a b o u t 4.10% in 1910 and 3.73% In 1909 on th e value of
th e tang ible and Intangible pro p erty em ployed In th e m an u factu re a n d
d istrib u tio n of th e gas sold uy th e com pany .
B A LA N C E SH E ET DECEM BER 31.
1909.
1910.
1910.
1909.
Liabilities—
$
S
$
$
Plant&property. 50,536,519 48.948,075 Capital s to c k ... 99,816,500 99.784.000
Bonds and notes 8,802,100 8,834,600
Stocks & bonds
of other cos-­ 69,576,836 64,174,436 Accts. payable*
accr’d charges 5,004,029 7.899,428
Bonds & mtges. 205,000
Stock and bond
Advances to otli.
companies. . . 18.519,422 19,721,422 premiums___ 13,951,397 13,951,397
C ash..................... 1,185,535 1,856.877 Renewal and re­
serve fu n d s .. 7.081,177 5,980,912
Accts. receivable 4,277.887 6,811,525 Profit
and loss.. 10,631,272 0,933,317
871,319
Material A supp. 985,276
T o ta l..............145,286,47$ 142,383.654 T o ta l..............145,286,475 14*.383,654
— V. 02, p. 191.

THE CHRONICLE

258

The New York Air Brake Co.
31 1910.)
President C. A. Starbuck, N. Y., Jan. 27 1911, said:
(R eport fo r F iscal Y ear ending D ec.

G eneral co n dition s ol business du rin g th e p a st year w ere a com plete re­
versal of th e preced ing y e a r. T h a t is, in th e year 1909 th e prolits of th e
c om pany w ere m ad e du rin g th e last four m o nth s of th a t year, w hereas in
th e y e a r 1910 th e profits w ere derived largely from th e first six m o n th s
of 1910.
If orders h a d c on tinued to com e In as th e y did up to M ay, th e business
for th e y e a r w ould hav e been m ost satisfacto ry ; b u t as th e results of th e
a g ita tio n on railro a d ra te s a n d th e con tinued deference of a decision of th a t
m a tte r, th e railro a d s w ere com pelled to im m ediately ad o p t a policy of re­
tren ch m e n t, w hich resu lted in th e cancellation or suspension of orders
a lre a d y placed a n d w ithholding all c on tem plated orders.
D uring th e p a st year th e com pany has b u ilt a n d com pleted on its E a s t
p la n t a t W aterto w n a tho ro ug hly fireproof new m achine shop, 200x360 ft.
in size, an d add ed considerable new m achin ery, w hich will resu lt in an
a n n u al savin g of a large am o u n t of m oney.
T he c om pany has also m ade great im p ro vem en ts In its engineering de­
p a rtm e n t; has brou gh t o u t m an y new devices an d ta k e n valu ab le p a te n ts
on sam e in th is c o u n try an d In E urope, and is now in fine physical con dition
to han d le a g re atly increased volum e of business.
C O N S O L ID A T E D IN C O M E A C C O U N T Y E A R S E N D IN G D E C . 31.
1910.
1909.
1908.
Sales ------------------------------------------------ $2,568,3641 $2,115,116 $1,601,606
R ects. from in v ests., ln t. & disc, bills
121,834/
T otal inco m e....................... ..................... $2,690,198
$2,115,116 $1,601,606
Deduct—■
Cost of m an u factu rin g , & c_________ $1,836,6291
A d m in istratio n exp en ses_______________
210,205}
$1,660,244
$1,237,507
T a x e s -----------------------------------------------13,503 J
In te re st on b o n d s____________________
181,800
181,800
120,000
D epreciation (less reserv e )_____ ____
______
3,988
D ividends ( 3 % ) __________________
299,772 ____
T o tal d ed u c tio n s___________________$2,541,909 $1,846,022 $1,357,507
B alance, su rp lu s_____________________ $148,289
$269,084
$244,099
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31.
1909.
1910.
1910.
1909.
Liabilities—
S
3
Assets—
$
3
Capital stock.........10,000,000 10 ,000,000
Factories,pat’s,w ater
1
power, land, &e. 9,278,465 }l 1,472,170 First M.conv. bds. 3,000,000 3 ,000,000
Accounts payable. 26,701 221,128
Stock investments 416.260J
Acer. lnt. on bonds 30,000
30.000
Cash ....................
658,6651
Accts.&bills ree’ie 1,615,741 ) 1,806,576 Real est. M. (other
20.000
than factories). 10,000
In v en to ry _______ 1,253,477J
7,618
Profit and loss___ 155,907
T o ta l_________ 13,222,608 13,278,746 T o ta l...................13,222,608 13,278,746
— V . 91, p . 41.

Niagara Falls Power Co.

31 1910.)
The report, signed by Pres. Edward A. Wickes and Sec.
F. L. Lovelace, New York, Jan. 24 1911, says in substance:
(R eport fo r F isca l Y ea r ending D ec.

D epreciation, & c., Reserve.— T he reserve for dep reciatio n an d e x trao r­
d in a ry casualties, am o u n tin g to $796,005 D ec. 31 1909, w as Increased, as
for som e years p a st, b y $100,000 charged ag a in st th e year s earnings.
A dditio ns, & c.— T he perform ance of th e Im proved tu rb in e having ful­
filled e xp ectation s, th e w ork of su b stitu tin g turbin es of the sam e design
for
th e suu nb its
o. 1pleted
has been
th e all
en tire
stituintiownheclplt
will be Ncom
early begun.
in 1913. I t is estim ated th a t
T he In stallation an d housing of a six th un it In the C anadian p lan t, of
an Im proved design an d of a gen erating c ap acity 25% g reater th a n th e
o th er u n its, w as com pleted, a n d th e u n it w as placed in com m ercial service.
Controlled C om panies.— T he C a ta ra c t Pow er & C onduit Co. in Buffalo has
increased Its con nected m o tor load by 7,598 h. p., m ak ing th e to ta l Dec. 31
86,332 h . p . M axim um peak delivered, 60,723 h. p. T he T onaw anda
Pow er Co. h as add ed a connected load equ ivalen t of 568 h. p ., m aking
th e to ta l D ec. 31 5,401 h. p. M axim um peak delivered, 3,436 h. p. A con­
tra c t w as renew ed w ith th e C ity of N orth T onaw anda for m unicipal ligh t­
ing for th ree years, a n d one w ith th e C ity of T onaw anda for five years.
N iagara Ju n c tio n R y . Co. sw itched for the ind ustries on Its lines 10,996
cars, being a n increase of 2,009.
Need for A m endm ent o f B urton A c t.— Since Ju ly 1906, continuously, th e
lim itatio n s of th e B u rto n A ct h av e com pelled th is com pany to restric t Its
o u tp u t of electric energy to an am o u n t less th a n th e c ap acity of its p la n t,
an d less th a n th e dem an ds of its custom ers, a n d to w ithhold installatio n of
th e rem aining u n its in th e C anadian p la n t, although hcadw orks, w heelpit
a n d tu n n el designed th erefor had been com pleted before the en ac tm e n t of
th e law , an d a m ark et h a d been found for a considerable p a rt of th e ir o u tp u t.
T he tre a ty betw een the U nited S ta te s an d G reat B ritain , having been
ratified by ‘b o th parties, w as p rom ulg ated M ay 13 1910; by an article
thereof th e U nited S tates agrees to lim it diversion from th e N iagara R iv er
w ithin N . Y. S ta te for pow er purposes to a daily rate of 20,000 cu. ft. p er
second, being 4,400 cu. ft. per second in excess of th e present lim itatio n .
A m easure know n as th e A lexander Bill, am ending th e present B u rto n
A ct to conform w ith th e tre a ty an d extend ing the term of th a t law d u rin g
th e life of th e tre a ty , has been introduced In th e H ouse of R epresenta­
tives an d th ere referred to the C om m ittee on R ivers and H arbo rs, w here It Is
now being considered. In th e fo.'tn introd uced, follow ing th e provisions of
th e tre a ty , th e m easure rem oves all restriction s on th e tran sm ission of elec­
tric pow er from C anada into the U nited S tates, a n d fixes th e lim it of a u th o r­
ized daily diversion In N . Y . S ta te for pow er purposes a t th e ra te of 20,000
cu. ft. of w ater per second.
„
'
,
. ,
R efu nd ing.— P u rsu an t to th e refun ding plan m entioned in last y e a r’s
rep o rt an offer w as m ade un d er d ate of F eb. 26 1910 to th e holders o ftlie
6% deb en tures of all issues, th e n o u tsta n d in g in a n aggregate am o u n t of
$9,076,000, to exchange th e ir holdings for a like principal am o u n t of th e
“ refun ding an d gen. M .” bonds due Ja n . 1 1932, w ith a d ju stm e n t of in te rest
in cash A sm all percentage only of th e holders of deb en tures neglected
to avail them selves of th e offer. A fu rth e r am o u n t of $686,000 Issued to
stockholders a t p ar to p ay for certain p la n t add itions a n d Im provem ents
w as p rom ptly su bscribed for In full, an d th ereafter bonds of th a t issue
com m anded a prem ium in th e open m a rk e t.
, .
,,
All th e $3,000,000 deb en tures due A pril 1 1910 w ere refun ded or p aid .
C anadian collateral deb en tures aggregating $1,534,000 are now left o u t­
stan d in g as follows: Series A, due O ct. 1 1911, $614,000; Series I), due N ov.
1 1914, $815,000; Series C, due N ov. 1 1914, $105,000. Scries A will be
paid w hen d u e — O ct. 1. Series B a n d Series C m ay be called for p ay m en t
a t par an d In te re st N ov. 1 n e x t.
C O M B IN E D IN C O M E A C C O U N T F O R Y E A R S E N D E D D E C E M B E R 31.
1910.
1909.
1909.
1910.
3
3
S
$
.2,203,134 1,952,349 ln t. on 6% debs.
. 338,733 331,298 (Can. coll.), Ser. B 66,375 118,800
Operating exp
on 6% debs.
♦ Reserve (sec below)) 100,000 100,000 ln t.(Can.
coll.), Ser. C 21,165 65,760
.1,764,401 1,521,051 ln t. on 6% debs. 1,200
1,200
ln t. & dlsc’t receivedl 42,228 24,388 (Can.'NIa. P. Co.)
55
Div. on stocks owned1 110,277 109,690 Int. on 6% deb.scrip
135
lnt. and discount. . .
112,150
.1,916,906 1,655,129 Taxes ............- ........... 135,684
4,782
ln t. on 1st M. 5s----- . 500,000 500,000 Insurance ................... 5,448
ln t. on 6% debs------ 45,000 180,000 Park rental..........— 41,045 37,753
is 363,298 ............ Dividends (4% )___ 335,800
ln t. on ref.&ge
ln t. on 6% debs.
(Can. coll.). Ser. Ai 72,630 180,000 Fixed charges, &C--1.587.645 1,200,635
Surplus for year___ 329,261 454,494
’ C harged in resp ect of obsolescence, inadequacy a n d as a reserve a g a in st
rao rd ln a ry casualties.
— . . . ___ , .. J 1 .. .<j .j . es4




[VOL. LXXXXII.

C A T A R A C T P O W E R A C O N D U IT CO.
(Stock; $2,000,000; $1,005,000 owned by N iagara F alls Power Co.)
Calendar
Gross
N et
Other
F ixed
B alance,
Year—
E arnings.
E arnings. Incom e. Clioes.,
&c. S u rp lu s.
1 9 1 0 _______ $1,407,171
$410,088
$6,793
$122,121
$294,760
1909 _______ 1,211,930
263,039
2,248
105,340
159,938
D ividends a t 6% call for $120,000 yearly .
B onds o u tsta n d in g , $1,384,000 D ec. 31 1910, ag ain st $1,108 000 in lnonto ta l c u rre n t liabilities, $176,019, ag ain st $145,963; accu m ulated surplus,'
$546,022, ag ain st $416,820.
’
T O N A W A N D A P O W E R CO.
(Stock $250,000; $200,900 owned by N iagara F alls Power C o .).
Calendar
Gross
N et
Other
F ixed
D ies. B alance,
Year—
E arns. E arns. Incom e. C h gs.,& c. (6 /4 % ). Surplu s
1 9 1 0 ----------------$138,600 $65,287 $1,417 $25,530 $16,250 $24,924
1909 ----------------- 118,954 57,747
964 24,830
*
33,881
* D ividend N o. 3 for th e 8 m os. en d . D ec. 31 1909, $3,750, w as paid o u t
of accu m ulated surplus as of D ec. 31 1909; div . N o. 2, $11,250, o u t of ac­
cum ulated surplus as of D ec. 31 1908.
F irst m tg e. bonds, $150,000; 6% d eb en tures, $60,000; to ta l c u rre n t
liabilities, D ec. 31 1910, $22,379; accu m ulated su rp lus, $138,871.
C O M B IN E D C O N D E N S E D B A L A N C E S H E E T D E C E M B E R 31.
1910.
1909.
1910.
1909.
s
Liabilities—
S
$
$
Capital stock_____ 4,197,500 4,197,500
5% 1st M. bonds. 10,000,000 10,000,000
.22,982,324 22,741,188 Ref. & gen. M. 6s. 8,226,000 _______
. 1,000,000
1,000,000
. .
. .
6% deb en tures... 1,534,000 9,076,000
Cash ___________ . 1,456,143 772,722 Debs.mat’red.& c.
22,500
22,500
Divs. on lnvestm’t
Acc’ts payable__
66,675 114,955
securities---------. 19,093 .............. Unpaid coup, and
Securities, bills &
accr’d int., &c. 412,327 393,527
acc’ts rec., & c..' 416,582 355,178 Div. pay. Jan. 16.
83,950
Material & suppl’sJ 194,245 189,950 Accr’d tax. & r’ts.
39,288 "35", 208
3 18,847
16,987
.
.
. Res’ve for accr’d
Cash for renewal,
amortization of
&c., fund............! 102,595 100,000 capital, &c___ 6860,341 6798,309Surplus -------------- 6747,248 6538,027
.26,189,829 25,176,025
6
V ariously applied or Invested.— E d . Surplus as above in 1910, $747,­
248, Is arrived a t a fte r deducting m ortgage ta x on ref. an d gen. M. ($50,000)
an d expenses of Issuing sam e ($18,166), an d o th e r deduction s and disb u rse­
m en ts am o untin g to $51,874; to ta l, $120,040.
N ote.— 'T he results for th e C ataract Pow er & C onduit Co. a n d T on aw an d a
I ow er Co. arc given above. T he earnings of th e N iagara Ju n c tio n R y .,
jyh??® $294,oOO o u tstan d in g sto ck is all ow ned, h av in g o u tsta n d in g $175,000
ag ain stagainst
$58,835$23,622.—
In 1909; nVe .t Incom
against $36,842; b a1i0,
l., $06>9°0su r., $24,840,
91, p . e,1 7$38,054,
13 .

(The) Goldfield (Nev.) Consolidated Mines Company.
(R eport fo r F iscal Y ear ending Oct. 31 1910.)
President Geo. Wingfield, Goldfield, Nev., Oct. 31 1910,
wrote in substance:

General R esults.— T he pro p erty pro d u ced w ith in th e year 266,867 ton s
of ore of an average value of $40 72 per to n , or $10,866,752 gross. M etal­
lurgical losses of $2 22 per to n , or $592,818, left th e values realized from the
y e a r’s p rod uction $10,273,934, or $38 50 per to n .
T he gross expenses. Including m ining, m illing, tran sp o rta tio n , general
expense, resto ratio n of mill follow ing a disastro us Die, in stallatio n of a com ­
plete system of fire p rotection , ta x a tio n , an d , in fa c t, all expense of every
kind app ertain in g to th e op erations, w ere $2,926,242, leaving a n e t op­
era tin g profit of $7,347,692, an increase of m ore th a n $2,250,000 over th e
previous year. F o ur div idend s a t 50 cen ts per sh are each, or $2 per sh are ,
w ere disbursed w ithin th e year, agg regating $7,118,271.
T he com pany com m enced th e fiscal year w ith cash balances of $1,365,324
an d closed th e year w ith cash balances of $1,549,134 a n d bullion in tra n sit
and by -p ro du ct settlem en ts o u tsta n d in g of S494.044.
A dditio ns— Reconstruction, & c.— E arly in th e year th e cap a city of th e
miii w as Increased from 650 to 850 ton s per d ay by th e In stallation of six
Chilean m ills a t a cost of $75,000.
In A pril 1910 a fire d estroy ed th e refinery a t th e m ill and oth er a d ja c en t
outbuildings, including th e conveyor a n d tw o sta m p batteries. W ith in
seven day s 70%, of th e mill resum ed o p eration s a n d b y Ju ly 1 th e m ill re­
sum ed full o p eration . T he accid en t dim inished th e ore m illed for th e y e a r
by 25,000 ton s, b u t this w as offset by high g ra d e ore shipped to sm elters.
In add itio n to mil! reco n stru ctio n , o th er co n stru ctio n has been un d er­
tak e n and com pleted durin g th e year, n am ely , fire-protection In stallatio n ,
a new refinery, assay office, electric sto ra g e -b a tte ry p la n t an d a new ho ist
a n d accessories a t th e L ag un a sh aft, a t a to tal cost of $ 145,864, all of w hich
has been w ritten off. I t is estim ated th a t th e new refinery and th e sto rageb a tte ry p la n t will lead to a saving In op eratin g costs of $7,500 per m o nth .
D evelopm ent w ork perform ed on th e p ro p erty d u rin g th e year equ aled
43,236 ft. (including 1,298 ft. done b y leasers).
D ividend P olicy.— W hile no predictions can be m ade as to how long e x tra
dividends will be m ain tain ed , th e com pany will con tinue its policy of dis­
bursing to stockholders In dividends th e n et earnin gs as th e y accu m ulate;
alw ays, how ever, retain in g a reserve of n o t less th a n $1,000,000.
E x tra c ts from R eport of G eneral A lanager J . R. F inlay.
M illing results have show n no decrease of op eratin g costs coincident w ith
Increased ton nage a t th e 100-stam p m ill. T his Is acco unted for w holly by
Increased cyanide con sum ption caused b y th e c o n sta n tly dim inishing pro­
po rtio n of oxidized ores a n d increase of sulphides from tho low er levels.
L eaving th is factor o u t of con sideratio n th e p la n t has w orked exceedingly
w ell. In crushing efficiency, cost of op eratin g a n d recovery of gold. It has
fully m et all ex p ectation s. M ining costs h av e tend ed to dim inish. T he
highest m o nth w as N ovem ber 1909, w hen th e m ining a n d developm ent cost
w as $4 64 per ton; th e low est m o nth w as O ct. 1910, w hen th e cost w as $3 34.
Production Year ending Oct. 31.
—— - 1 9 0 9 - 1 0 ---------- ---------- 1908-09---------M ine—
Tons. Gross V alue. Tons. Gross V alue.
C o m b in a tio n ................................ 60,132
$1,528,241 64,537 $3,371,613
M ohaw k . . . ________
84,156
1,958,517 78,520 2,373,182
R ed T o p ........................................... 57,473
1,978,722 48,894 1,391.751
65,105
5,401,272
2,528
249,899
J u m b o -------------All m in e s___________________ 266,866 $10,866,752 194,479 $7,386,451
A verage assay of ore per ton from developm ent ore, 1.21 ounces; from
stopes, 2.08 ounces; from to ta l ore prod uced, 1.07 ounces.
R em em bering th e w ell-know n fact th a t th e ore bodies a re Irregular in
size, shape a n d grade, and th a t th e ore Is valu ab le enough to w a rran t careful
han dling , th e m an ag em ent has never strain ed a fte r low m ining costs
Special effort Is m ade to m ine th e ore cleanly, and since m uch barren vein
m a tte r looks ex actly like th e ore, It is possible to p re v e n t m ixing only by
incessant sam pling an d assaying. O ne foot of developm ent w ork w as done
for every 6 1-3 tons m ined; tills com pares w ith 1 foot for a trifle over 7 tonsm ined durin g 1909.
Ore Reserves— h'xtra D ividends.- -E stim ates of ore In sight h av e been m ad e
q u a rte rly , b u t these estim ates are a t b est In accu rate and un satisfacto ry .
A t th e end of th e fiscal y e a r 1909 a very high-grade ore body had Ju st
been exposed In the C lerm ont sh aft. A fter developm ents had proceeded
on this ore for several m o nth s, it w as decided to e x tra c t tills high-grade ore
as rap idly as good m ining w ould perm it, so as to let th e shareholders h av e
their profits a t once ra th e r th a n to sp read them o u t over a longer period.
T his policy w as ann oun ced in F e b ru a ry . I t w as no t th e In ten tio n of th e
com pany to convey th e Im pression th a t th e grade of ore m ain tain ed u n d e r
this decision w as the average g rade of th e m ine. T he e x tra 20 cen ts divi­
dend per q u a rte r w as in each case declared as an e x tra . Five of these e x tra
dividends h av e been declared, am o u n tin g In all to $1 per sh are. W hile
these e x trao rd in ary profits hav e th u s far exceeded ex p ectation s, an d m ay
still do so, it Is no t reaso nable to exp ect them to co n tin u e indefinitely.
T here is reason to believe th a t tho m ine can prod uce from th e ore now
exposed a ton nage equal to ab o u t tw ice th a t of th e y e a r ju s t closed. T his
docs n o t m easure th e possibilities, for th e p rospect for fu rth e r developm ent
is good and th ere is as y e t no logical grou nd for fixing a n y term as th e
prob able life of th e m ine, k .................................................................■ ■ jl-.’ . j .'

J an . 28 1911.1

THE CHRONICLE

1909-10. 1908-09.
1909-10. 1908-09.
$
S
8
S
______ 189,636\ *373,543
935.258 734,494 Depreciation
1 13,021 239,524 Accts. charged o ft.. 93,487/
8,620,724 5,191 276 T o ta l....................2,366,689 1,945,794
252,386 Balance............... 7,583,296 4,653,077
250,983 181,191 Bal.brought forward 3,893,854 2,442,016
Total .................... 11,477,150 7,095,093
.9,949,985 6,598.871 Construction,
&c__ 445,864 ..............
Expenses—
Income ta x . 72,864 ----------.1,032,059 839,178 Federal
Dividends. ..(2 0 % )7 ,118,271(9)3,201239
562,881 460,646
130,808 117,463
__________
357.818 154,964 UndIv.prof.Oct.31 3,840,151 3,893.854
*Thls Item covers a period of 3 yrs., no depr’n having been charged off heretofore.
B A LA N C E SH E ET OF GOLDFIELD CONSOLIDATED M IN E S CO. OCT. 31.
1910.
1909.
Liabilities—
S
S
1910.
1909. Capital
stock.........35,591,480
35,588,480
Assets—
S
S
94,94,
p a y a b le .. . 84.156
Property. &c___ o35,658,693 35,820,867 Accts.
34,472
Acer, bullion ta x ............ ........
Stocks ow ned___ 1,430,291 1,445,084 Reserves
............ 676,498
Supplies on hand. 119,123
92,144
O resett'm ’tso utst. ------------ 476,983 Undivided profits. 2,635,682 2,888.268
Accts. receivable. 135,6G3 113,150
Unexplrcd ln su r..
753
655
Cash ....................... 1,043,288 657,281
T o ta l.................. 38,387,816 38,606,165 T o ta l..................38,387,816 38,606,165
a Property, &c.. In 1910 Includes: Mine properties, $35,367,787: mine buildings,
machinery and equipment, $153,677: office building and furniture, $23,094; com­
pressor plant, $48,368: power station and pole line, $14,372; miscellaneous real
estate, buildings and equipment, $51,400.
.,
, . C1 no,
6 Reserves Include bullion tax, $24,002; Income tax, $44,679; property tax, $1,985,
and damage fund. $5,832.
m
_
The balance sheet of the Goldfleld Consolidated Milling & Transportation Co.
Oct. 31 1910 shows total assets (Incl. cash $505,846), $1,724,348; offset by capital
stock, $400,000; accounts payable, &c., $119,879; undivided profits, $1,204,469.
[The “ E ng. & M ining Jo u rn a l" of J a n . 14 1911 con tain s a n article on th e
dev elo pm en t of th e m ines.— E d .]— V . 92, p . 122.
Receipts—

Union Knitting Mills (Lessee of New Eng. Cotton Yarn Co.).
(.R eport fo r F iscal Y ea r ending N ov. 26 1910.)
The report of this company, the lessee of the New England
Cotton Yarn Co. (the latter not having made any report :n
1910) follows:

259

A b stract of L etter to N. W . H alsey & Co. from P res. W . B. M cK inley,
P eoria, III., J a n . 13 1911.
A n Illinois corp., organized N ov. 29 1910. H as acquired a n d consolidated
(N ov. 29) th e follow ing railroads, w hich have been In successful op eration
for a nu m b er of years: Chicago B loom ington & D ecatur R y . Co. and
S t. Louis D ecatur & C ham paign R y . Co. [see p. 36 of " E l. R y . S ec.”— E d.],
form ing an electrically op erated railroad w ith over 89 m iles of m ain line
extend ing from B loom ington (population, Incl. N orm al, over 30,000), so u th ­
erly to D ecatur (population over 31,000; on edge of coal belt); then ce
easterly to C ham paign and U rb an a (com bined po pu latio n over 20,000);
of this m ileage over 81 m . Is ow ned In fee (p rivate rig h t of w a y ), op erated
u n der railroad law of Illinois.
O utstanding C apitalization.
S tock, com ., a u th . a n d Issued, $3,000,000; pref. Issued, $5 25 ,0 00 .$ 3,525,000
F irst and ref. 5s, to ta l a u th ., $15,000,000; o u tst’g (this Issue)___ 1,500,000
R eserved for various purposes, as o u tlined below _$13,500,000
G en. M. 5% bonds, 1940, secured b y lien ju n io r to " 1 st & re f." 5s 954,000
Of th e $13,500,000 “ first an d ref.” 5s reserved, all ex cep t $500,000
(issuable for 80% of th e cost of ad d itio n s a n d b etterm en ts) c a n be issued
only w hen for th e preceding 12 m o n th s gross earnings h a v e equ aled five
tim es an d n e t earnings 1 K tim es th e in t. charges on all bo nd s o u tsta n d in g
a n d those proposed to be Issued. T h e bo nd s are issuable as follow s:
(a) $7,614,000 for 80% only of actu al cost of fu tu re extensions a n d Im prove­
m en ts to th e lines now ow ned or h ereafter acq uired; (b) $4,432,000 on ly In
th e ev en t of th e acquisition of tw o connecting in te ru rb a n ro ads [the
D anville U rb an a & C ham paign R y .— V . 83, p . 435; V . 88, p . 563— an d
Illinois C entral T ractio n C o — V . 82, p . 804; V . 84, p . 33 9.— E d.] b o th be­
longing to th e Illinois T ractio n system as described in th e tru s t deed.
T hese bonds are reserved to retire a n equal a m o u n t of th e bonds of th e roads
acq uired. T he lines for w hich th is provision is m ad e com prise 115 m iles of
trac k a n d h av e gross earnings of over $700,000 per a n n u m , (c) $954,000
to redeem a like a m o u n t of general m o rtgage bonds
T he "first an d ref.” 5% bonds, du e 1940, a re secured b y a first m o rtgage
up on all p ro p erty a n d equ ipm en t of th e B loom ington D ecatu r & C ham paign
R R ., nam ely: (a) O ver 89 m iles of stan d ard -g au g e m ain line railro ad (81
m iles, Incl. en tran ce Into C ham paign, ow ned in fee, on p riv a te rig h t of
w ay) an d 8 m iles of sidings. A ver, w idth of rig h t of w ay 66 ft. C onstruc­
tion m o st su b sta n tia l; 2,700 ties to th e m ile; 81 m iles has 70-lb. rails an d
11 m iles 60-lb. T rails, liberally b allasted, gravel or c h a ts. F av o rab le con­
tra c t for pow er from Illinois T ractio n S y stem a n d its su b . cos. extend s
beyond 1940. (b) 12 m o to r passenger cars, 2 m o tor a n d 7 traile r express
cars 4 box cars, 103 gondola cars, 3 cars for co n stru ctio n , A c., 10 flat cars.
1 sleeping car, 3 p o rtab le su b -statio n cars an d 2 electric locom otives; to ta l
145 cars a n d 2 locom otives, (c) E xtensiv e m odern car shops In D ecatu r,
am ple for needs of entire Illinois T ra c tio n S y stem . T o ta l cost of th e m o rt­
gaged p ro p erty over $3,000,000. R eplacem ent valu e, n o t Including
franchises an d good-w ill. Is estim ated by Independent engineers a t $2,750,­
000, or $1,250,000 in excess of th e en tire o u tstan d in g “ first an d ret. bonds.
Serves a po pu latio n estim ated b y y o u r engineers a t over 113,000. E n tire
section consists of exceptionally fine ag ricu ltu ral land s, situ a te d In th e corn
b e lt of Illinois. T he road is controlled a n d o p erated by th e Illinois Ira c tlo n
Co., w hich ow ns a com prehensive sy stem of in te ru rb a n a n d local lines
[ab ou t 400 m iles of m ain track] an d operates as a carrier n o t only of passen­
gers b u t of freigh t, hav ing a b o u t 466 freigh t an d express cars an d 12 electric
locom otives, an d agreem en ts for th e Interchange of freigh t w ith th e Ch. &
E astern 111. a n d th e Chicago R ock Isl. & P ac. railroads. I t Is exp ected th a t
th e lines from D ecatur to Springfield a n d from U rb an a to D anville w ill
ev en tu ally be acquired by th e B loom ington D ecatur & C h am paign R R .
! T he Illinois T raction Co. has ju s t com pleted th e co n stru ctio n of a bridge
across th e M ississippi R iv er, betw een V enice an d S t. L ouis, w hich Is re­
garded as being the finest stru c tu re sp an nin g th e riv er a t th is p o in t. T he
bridge is connected w ith a term inal located In th e h e a rt of S t. L ouis, a d ­
join ing th e w holesale d istrict by a line of d o u b le-track road th ro u g h th e
streets of th e c ity. T his bridge an d extension rep resen t a n Investm en t of
considerably over $6,000,000, a n d has ju s t been com pleted (N ov. 10 1910)
a n d throw n open to traffic.
E arnings o fB . D . & C. R R . (as certified by Barrow, W ade G uthrie &. C o .).
Year ending Year ending 12 M os. to
Dec. 31 ’08. Dec. 31 ’09. Oct. 31 ’10.
...................
? is
fi’l78
Gross
e
a
r
n
in
g
s
.......................
N et e a rn in g s ------------------------------------- .AS8:840,
128,321
136,178
7 5 -uuu
I n t. on $1,500,000 “ first a n d refun ding 5% b o n d s ....................
B alance, su rp lus, on basis of p resent Interest c h arg e-----------$61,178
G uaranty.— The "first an d re f." 5% bonds a rc g u a ran teed by endorse­
m en t on each bond, uncond ition ally as to princip al a n d Interest, b y th e
Illinois T raction Co.— V . 92, p . 185.

Incom e Account fo r Year ending N o v. 26 1010.
N e t earnings _
_________________________________ ____ $1,208,997
N E C. Y . C o .r'ln te re st on bonds, $ 2 17,033; sinking fund , $57,­
810; pref. d iv . (6% ), $120,000; renew al acco unt, $231,240;
com m on divldned (7 H % ). $292,500; reserve for su sp ., $1,000. $949,583
U nion M ills: P ref. dlv . (6 % ), $60,000, a n d com . d lv s. (5% ),
$75,000 --------------------------------------------------------------- ------------ ------- I 3 5 . 0 0 0
T o ta l d e d u c tio n s------------- ------------------------------------------- ............
S urplu s
-------- ------------------------------------------------------------ ................. $124,414
B A L A N C E S H E E T N O V E M B E R 26 1910.
A ssets ($4,159,561).
R eal e sta te an d m ach in ery -----------------------------------$1,486,596
M erchandise, $2,743,407; a cc 'ts receivable, $1,870,355; cash,
$907,668; to ta l, $5,521,430; less p rop ortion of sam e belonging
to N . E . C. Y . Co.. lessor, $3,292,591; n e t------------------------------- 2,228,839
In v e stm en ts, $63,203; In terest, $4,387; tax es, $50,097; renew al
acco unt, $122,782; Insurance, $203,656 ----------------------------------- 444,12 j
L iabilities ($4,159,561).
„„ „ „ _
C apital sto c k _____________________________________________________ $2,500,000
Boston & Lowell RR.— Increase o f S tock. — The com pany
N otes pay ab le, $1,122,000; accounts pay ab le, $277,901; reserve for
suspense, $961............................- --------------------------------------------------- M 0 0 ,8 6 j. on Jan. 23 applied to the M assachusetts R R . Comm, for au­
P rofit and loss------------------------------2.d8,699
to issue $280,000 additional stock to be sold a t auction.
T he net quick assets consist of m erchandise, & c., N . E . G. \ . Co, thority
T he proceeds arc to be applied to w ard p a y m e n t of th e adv an ces by th e
$3,292,591; Investm ents N . E -C. Y. Co., $520,039; U nion Mills, n et quick
B
oston
&
M aine for add itions an d im p ro vem en ts un d er th e lease, am o u n tin g
assets, $1,222,907; to ta l, $5,035,597.— V. 89, p . 1286.
Ju n e 30 1910 to $724,613.— V . 92, p. 59.

Boston Railroad Holding C o.— S u bscription s fo r S to ck .—

It is stated th at the sales of the 4% pref. shares recently
offered by Lee, Higginson & Co. of Boston at about 98
(V. 92, [i. 117) have been so large th a t the bankers have
RAILROADS, INCLUDING ELECTRIC ROADS.
withdrawn from sale the small balance, expecting to offer it
Algoma Eastern Ry.— New N a m e .—See Lake Superior later at somewhat higher prices. The shares, it is said, were
largely taken by trustees.— V. 92, p. 185, 117.
Corporation under “Industrials” below.

GENERAL INVESTMENT NEWS

Aroostook Valley (Electric) RR.— P roposed E xten sion .—
Bills were introduced in the Maine Legislature on Jan. 23 to
allow the company, which operates a road from Presque Isle
to Washburn, Me., 14 miles, and whose bonds are guaran­
teed as to interest by the Canadian Pacific, to extend its line
as follows:

(1) T o acquire th e C anadian Pacific line betw een P resque Isle, M e., and
A roostook J e t., N. B .: (2) to build an extension from W ashburn w esterly
across th e S ta to of M aine to th e b o un dary of th e Province of Q uebec, a t a
p o in t In th e so u th ern half of th e line betw een Idslet Co., P . Q .. and A roos­
took Co., Me. T he last-nam ed po int Is a b o u t 70 m iles alm ost directly east
from Q uebec, an d should th e C anadian Pacillc build a connecton from
th a t city to th e M aine bo un dary . It w ould get a d irect line from Q uebec to
A roostook J e t., a b o u t 190 m iles in leng th. T ills, It Is sta te d , w ould be th e
m issing link In a sh ort line from th e B ay of F u n d y seaboard to Q uebec, and
therefore from th e A tlan tic O cean to C anadian N orthw est.— V. 9 0 ,p. 107.

Brooklyn Rapid Transit Co.— M r. W inter R etires— Other
N ew D irectors. —-The following new directors were elected at

the annual meeting yesterday: George YV. Davison, Colgate
Iloyt, N. F. B rady, to succeed E. W. YVinter, Norman B.
Ream , both of whom resigned, and the late David H. Valen­
tine. It was also announced th at Mr. W inter would tender
his resignation from the presidency at' the next board.
N either of th e resignations. It Is said, has a n y special significance, b o th
being due to a desire to escape th e duties of th e positions, now th a t th e
com pany has been placed In a com fortable position.

Mr. Winter issued a statement in which he says in part:

W hen I cam e in to the B rooklyn R apid T ra n sit Co. in J a n . 1903, It was
w ith th e un d erstan d in g th a t I should rem ain only long enough to p u t in to
effect som e reorganizing w ork of w hich th e system stood In need. T his, it
w as th o u g h t, m ig ht ta k e 6 m o n th s, or a year a t m ost, b u t In th e 8 years
w hich have elapsed since th en th ere has been no co n venient gettlng-off
place u n til now .— V. 92, p. 117.

Babylon (N. Y.) RR.—R eceiversh ip .—Judge Chatfield in
the Federal Court in Brooklyn on Jan. 20 appointed Paul T. Buffalo Creek RR.— P roposed N ew M ortgage. —The com­
Brady and Willard B. King receivers.
pany on Jan. 20 applied to the Public Service Commission,
T he sam e m en w ere recently app ointed receivers of th e S o uth Shore
T ractio n Co., of w hich this com pany Is a subsidiary.

Bloomington Docatur & Champaign (Electric) RR. (Illinois
Traction Co.).—C onsolidation— Guaranteed B onds O ffered .—
N. W. Halsey & Co., N. Y., Chic., Phila. and San Fr.,
recently offered at 97)3 and int., and have entirely sold,
the present issue of $1,500,000 “first and refunding” 5%
gold bonds. The Milwaukee Trust Co. has bought and
is offering a block of the bonds at the same price (not 95).
The bonds are dated Nov. 1 1910 and due Nov. 1 1940, but
redeemable at 105 on any int. date. Int. M. & N. at office
of trustee, 111. Tr. & Savings Bk., Chicago, or Chase Nat.
Bk., N. Y. Par $1,000 c*&r*. A first lien on all property
now owned; also guaranteed by endorsement, principal and
interest, by Illinois Traction Co. See advertisement pub­
lished for record on another page.




Second D istrict, for authority to make a new mtge. for $5,­
000,000, to provide for im provem ents. There is at present
a mortgage on the property securing $1,000,000 50-year 5%
bonds due Jan. 1 1941, all outstanding.

T he sum of $350,000, it Is sta te d , will be needed In reclam atio n of sea"
w all p ro p erty , an d a fu rth e r a m o u n t for filling In to a bu lk h ead line an d
building piers on Its w ater-fro nt prop erties opposite th e O hio S tree t bridge;
also $150,000 as th e c om pany’s p o rtio n of th e expense of Im proving th e
H am bu rg tu rn p ik e, th is w ork including a v ia d u c t c arry in g th e tu rn p ik e
over th e c om pany’s track s. New bridges arc also needed over th e ship
can al and th e Buffalo R iv er.— V . 84. p . 50.

Buffalo Rochester & Pittsburgh Ry . —D ivid en d on C om ­
mon Stock Increased. — The directors yesterday declared the

usual dividend on the $0,000,000 preferred shares and also a
dividend of 2 \ i % on the $10,500,000 common stock, the

latter comparing with 2 % semi-annually since Aug. 1 1908,
both payable Feb. 15 to holders of record Feb. 7.

THE CHRONICLE

260

[VOL. LXXXXII.

P revious A n n u a l D ividend Record.
Jor F iscal Year endive .Jan. 31, P anin E stim ated.
’97. ’98. *99. ’00. ’01. ’02. ’08. ’04-’06. ’07. '0 8. ’09. ’10. [IncludingE arnings
ap p ro x im ately one m o n th ’s earnings of th e Chicago ConsallP referred
2 2 6
6
6
6 6 y ’ly
6
6
ft 0
d
ated
T
ractio
n
p ro p e rty w ithin c ity lim its, recently acq uired 1
C o m m o n ------% ....................................... 4 4 5 ^ e y ’ly S « 4 I* 4 4 G ross earnings, $13,935,000;
oper. ex p ., Including taxes
— V. 91, p , 1445.
$9,754,500; n et e a r n in g s ...:
K LS|
”, 4 l s n '-.on
A nn ual In t. charge on $40,955,000 1st 5s, IncF. p re se n tT ssu e lII_ 2io47|750
C a n a d ia n N o r th e r n O n ta r io R y . — Revision—Statement as to
s, a lte r Int. on 1st M ., Inc! . t h e bonds ju s t sold- $? i s? 7 5 0
Ontario ifc Ottawa Ry. Acquisition Not Approved.— T h e r e ­ o f ™H al.,e9a su0t rp501lu0 lntCrO3t
paid ttmount<!d t0 0,lly 51,270.000, leavTng a 'b ala n c e
v is e d s ta t e m e n t f o r th e “ R a ilw a y & I n d u s t r ia l S e c t io n ” ,
Comparative Statem ent of Gross Receipts.
w h ic h c a m e to h a n d t o o la te f o r use in c o n n e c t io n w ith th e
1907-08.
1908-09.
1909-10. '
1910-11 (<?<?* )
p r e p a r a tio n o f th e c u r r e n t issue o f th a t p u b lic a t i o n , h as
$10,560,572
$11,037,071
$12,442,000
$13,935 009
s tr ic k e n fr o m th e b o n d t a b le th e th re e issu e s o f b o n d s u n d e r
In th e p a st ten years th c gross receipts of th e C onsolidated system have
h e a d in g “ B o n d s o f C o n tr o lle d P r o p e r t ie s .”
W ith r e fe r ­ show n an n u a l increases averag ing m ore th a n 9 % . I t is estim ated th a t
a fte r th e com pletion of th e re h ab ilita tio n w ork th e new ly-acq uired lines
e n c e to th e s t a t e m e n t ( V . 9 1 , p . 2 7 0 , 4 6 2 ) t h a t c o n t r o l w as w ill c o n trib u te ann ual gross earnings of betw een $2,500,000 an d $3,000,000.
P u rsu a n t tp a n ordinance passed O ct. 10 1910, th e com pany in D ecem ­
a c q u ir e d in A u g u s t 1910 o f p r a c t ic a lly all o f th e s t o c k o f th e
ber 1910 p u rch ased 128 m iles of single trac k form erly ow ned by th e Chi­
O n t a r io & O tt a w a R y . , th e c o m p a n y s a y s : “ W e d o n o t a u ­ cago C onsolidated T ractio n Co., located en tirely w ithin th c c ity lim its,
u h e acq uisition of this p ro p e rty has Increased th e m ileage of th e R ailw ays
t h o r iz e o r a p p r o v e o f a n y s u c h s t a t e m e n t .”
C om pany by m ore th a n 40 % , Including th c m ost valu ab le lines form erly
T he acq uisition of control of the O n tario & O ttaw a Ity ., 24,3 m iles [Includ­ op erated by th e Chicago C onsolidated T ractio n S y stem . (V. 90, p . 1613*;
ing BrockvIIle W estport & X . VV., 4.3 m ites; Iro n d ale B ancroft & O ttaw a V . 91, p . 214, 1025, 1385, 1629, 1765.) T he com pany now ow ns and oper­
Ity ., 48 miles; C entral O ntario K y., 140 m iles, an d M arm ora I ty .& M ining a tes, w ith o u t surface co m petition , 445 m iles of electric railw ay, m easured
C o., 10 m llesj, was rep orted in A ugust 1910 by th e "R ailw ay News of L on­ as single trac k , serving th e dow n-tow n as well as th e en tire N o rth an d W est
d o n ” as a n official an n o u n cem en t. (V. 91, p. 462).
sides of th e c ity , a n d u n dcr the term s of th e franchise of F eb. 1 1 1907,
Of th e g u aran teed 3 16% d eb en ture sto ck , th ere Is now o u tsta n d in g an
d th c su pplem en tal franchise of O ct. 10 1910, these pro p erties arc being
£1 ,342 ,1 40 , due in 1938, anti £269,540, due 1930. T he com pany now op­ reco
cted and equipped In a m an ner to give th e te rrito ry served (popu­
e ra te s 342 m iles, including branches an d sp urs. T he £800,000 4% deben­ latio nn stru
estim ated In excess of 1,600,000) th c finest service th a t m oney and
tu re sto ck is a 1 s t M . on th e lines alread y co n stru cted from H aw k esbu ry to engineering
a b ility can prov ide.
O ttaw a am i from O tta w a to N iagara, via T oronto an d H am ilto n — V 9 1
Consolidation Plans—Elevated Merger First.— A m e r g e r o f
p. 462.

.—Revision of Statement in “Ry. &

C a n a d ia n N o r t h e r n R y
c o m p a n y 's r e v is io n o f th e s ta t e m e n t
a p p e a r in g in th e c u r r e n t issue o f th e “ R a ilw a y & I n d u s tr ia l
S e c t io n ' r e a c h e d the e d it o r o n W e d n e s d a y a ft e r n o o n a ft e r
th e la s t p a g e o f th a t p u b lic a t io n h ad g o n e to p re ss.
The
c h a n g e s m a d e a re c h ie fly a s fo llo w s :

hid. Section.’’— T h e

(1) In bond table a t head of page (a) rem oval of Issue of $101,000 M anItoby, B ranch Lines 4s, duo Ju n e 1930; (b) change In am o u n ts o u tsta n d in g
of land g ra n ts 4s, due 1038, from 34,805,347 to $4,771,279 an d rolling stock
series Q from $301,400 to $219,000; (c) in t. on $291,000 equ ipm en t of 1910
Is p ay ab le a t G uar. T r. C o., N . V .— V .O l .p . 1511, 1322.

Lease —

C e n tra l N e w E n g la n d R y . - T h e r o a d , it is sa id ,
is t o b e o p e r a t e d u n d e r lea se b y th e N e w Y o r k N o w H a v e n &
H a r t fo r d R R . b e g in n in g F e b . 1 .— V . 9 2 , p . 5 9 .

-Listed.—

C e n tra l P a c ific R y .
The N ew Y ork S tock E x ­
c h a n g e h a s liste d $ 1 ,2 4 0 ,0 0 0 a d d itio n a l T h r o u g h S h o r t L in e
Is !
4 % g u a r a n te e d b o n d s , d u e 19 5 4, w ith a u t h o r it y to
a d d 8.160,000 a d d itio n a l o n n o t ic e o f sa le, m a k in g th e to ta l
a m o u n t a u t h o r iz e d to b e liste d $ 1 0 ,0 0 0 ,0 0 0 , th e to ta l issu e .

■ T he $1,340,000 bonds are Issued a g a in st th e cost of 28 locom otives (4 A t­
lantic ty p e, 10 heavy consolidation, 5 eight-w heel, r> Pacillc ty p e, 4 sw itch­
ing!, 29 cars for passenger service am i 250 box cars, agg regating $899,155,
a n d for Im provem ents a n d ad d itio n s $441,471, a to ta l of $1,340,626.

Earnings.— F o r

th e 5 m o n th s e n d in g N o v . ,'!0:

T o ta l re v e n u e s . .............$16,120,1111Fixed a n d o th e r ch arg es. .$3,030,419
N et e a rn in g s------------------ 7,385,641 B alance, s u rp lu s ________ 4,355,222
— V . 8 8 , p , 52.

Listed.

C h e s a p e a k e & O h io R y . —
— T h e N ew Y o rk S tock
E x c h a n g e h a s liste d $ 2 ,0 0 0 ,0 0 0 a d d itio n a l first c o n s o lid a t e d
M . 5 0 -y e a r
b o n d s d u e 1929, issu e d to re tir e th e $ 2 ,0 0 0 ,0 0 0
P e n in su la D iv is io n b o n d s d u o J a n . 1 1911, m a k in g th e tota l
a m o u n t liste d to d a t e $ 2 9 ,8 5 3 ,0 0 0 .
— F o r th e 4 m o n th s e n d in g O c t . 3 1 :

5%

Earnings.

F our
Operating N et (after
Other
F ixed
Balance,
M onths.
R evenues. T axes).
Incom e. Charges.
Su rp lu s.
1910_________ $10,945,061 $3,797,345 $482,746 $2,674,245 $1,605,846
1909_________ 10,491,827 4,075,046 ________
— V . 92, p . 117.

Chicago Bloomington & Decatur Ry .—Consolidation.— See

B lo o m in g t o n D e c a t u r & C h a m p a ig n R R . a b o v e . — V .8 1 ,p .5 5 8 .

Chicago Burlington & Quincy RR. -Ronds Called.—

F ift y s ix b o n d s o f 8 1 ,0 0 0 e a ch a n d 18 o f 3 1 0 0 e a c h , issu ed u n d e r th e
D e n v e r e x t e n s io n in tg e . d u e F o b . 1 1922, h a v e b e e n d ra w n
f o r r e d e m p t io n o n F e b . I a t p a r a t th e N e w E n g la n d T r u s t
C o ., B o s t o n , tr u s te e .— V . 9 2 , p . 5 9 .

Chicago

Milwaukee Electric RR. Plan

&
.— T h e “ C h i­
c a g o T r ib u n e ” u n d e r sta n d s th a t th e p la n o f r e o r g a n iz a tio n
n o w c o n t e m p la t e d ca lls fo r th e m a k in g b y a n e w c o m p a n y ,
a ft e r fo r e c lo s u r e , o f a n ew 1st M. f o r $ 3 ,5 0 0 ,0 0 0 a n d issues
o f c o m m o n s t o c k a n d 1 st a n d 2 d p r e f. s t o c k .

T he new bonds, It Is said, would ta k e u p th e $1,080,000 C. & M . E R y
1st 5s du e In 1919, th e W isconsin division receivers’ ccrtfs. an d equ ipm en t
an d o th e r obligations, an d provide for cost of foreclosure an d reorganiza­
tio n . T h e $4,000,000 R R . 5s due 1922, It Is sta te d , w ould be exchanged
for 1st pref. stock an d th e $5,000,000 W isconsin division 5s for 2d pref.
sto ck an d o n e-th ird of th e com m on sto ck . T he N orthw estern E lev ated
Interests, If Included, as suggested, w ould, It Is sakl, receive tw o-thirds of
th e com m on sto ck . T he “ T rib u n e ” sta te d on T uesday th a t th e m erger
plan w ould be finally a d o p te d y e ste rd a y .— V. 91, p. 1025.

Chicago Railways.—Bonds Offered.

— T h e c o m p a n y has
fin a n ce d its c a p ita l r e q u ir e m e n ts , in c lu d in g th e p u r c h a s e a n d
r e h a b ilita tio n o f th e c i t y lin es r e c e n tly a c q u ir e d fr o m th e
fo r m e r C h ic a g o C o n s o lid a te d T r a c t io n s y s t e m , b y th e sale
o f $ 1 5 ,0 0 0 ,0 0 0 1 st M . 2 0 -y e a r 5s o f 1907 to H a r ris, F o r b e s
C o . (s u c c e s s o r s o f N . W . H a r r is
C o .) a n d t h e N a tio n a l C ity
B a n k , b o t h o f N e w Y o r k , w h o a re o ffe r in g th e s a m e , b y a d ­
v e r t is e m e n t o n a n o t h e r p a g e , a t 9 8 a n d in t .
T h is m a k es
$ 4 0 ,9 5 5 ,0 0 0 o f th e issu e o u ts ta n d in g .

&

&

C o n d e n se d E x tr a c ts from L e tte r o f C h a irm an H e n ry A B la ir, C h ica g o ,
Jan . 24 1911.

Y our purchase of an ad d itio n al $15,000,000 1st M. bonds Issued for
# °a1of th c w ork of reco n stru ctin g an d equ ippin g th e com p an y 's
lines an d for th e acq uisition ond reh ab ilitation of th e c ity lines of th e ChlcfS?#iu2?« indnrt - <n,Aracl ion System ' m akes th e a m o u n t of this Issue o u t-5,000/ , U nd cr th e term s of th e 1st M „ no ad d itio n al bonds
/ or cxtc,n sIons and Im provem ents app ro ved by th c
SUonT« ^ihaKi?u!nf?ers’ n accordance w ith the ordin ance of F eb ru ary 1907.
n fT h o
Se p ractically com pleted w hen th e proceeds
firm
fhpe tru
fr Ss tUSoJ!)
- bonds
ded,fixed
a n dbvu nthd er
th e
term.?HPf
s of th
deed VjJ
th e wv alu
atio n have
or th ebeen
p ro pexp
e rtyenas
e cltv
?n«j Xsaid
iri1 $40,955,000
$4012 « e8 io ,l??fc*vr
i 8i75l,a
ln sta nw h,ch
e rc wl,l
u t s t a nOn
d­
ing
1st M. ,7hbonds
hav? ?ing
absothlutely
first^ o lien.
5^

mM

M

?4 5
at e»0anot! ? 7 W




lmum cflu,ty over ana ab° -

th e e le v a t e d r o a d s o f C h ic a g o a n d p o s s ib ly la te r th e c o n s o li­
d a t io n o f all th e t r a n s p o r t a tio n lin es o f th e c i t y , it s e e m s , is
r e c e iv in g , o r w ill s h o r t ly r e c e iv e , s e r io u s c o n s id e r a t io n . H e n r y
A . B la ir , C h a irm a n o f th e b o a r d o f th e C h ic a g o R a ilw a y s C o .,
w a s q u o t e d o n J a n . 2 5 a s s a y in g :

T he m erger of all th e tra n sp o rta tio n co m p an ies seem s desirable from
every p o in t of view . T h e consolidation of th e elev a ted lines pro b ab ly will
be th e first ste p , an d now th a t m y han d s are clear I ex p ect to ta k e th a t m a t­
te r up sh o rtly . T herc Is a g reat deal to he d o ne, how ever, before th c m er­
ger becom es an accom plished fact, b u t I still feel confident th a t m y plans
will go th ro u g h .— V. 92, p. 59.

y .— Mortgage Authorized.— The

C le v e la n d
(E le c t r ic )
R
s t o c k h o ld e r s o n J a n . 2 0 a u t h o r iz e d th e m a k in g o f a n ew
$ 3 5 ,0 0 0 ,0 0 0 m o r t g a g e .
B o n d s , it is s t a t e d , m a y b e issu ed
th e re u n d e r b e a r in g in te r e s t u p to
— -F o r th e y e a r e n d in g D e c . 3 1 , a s r e p o r te d in the
d a ily p a p ers:

(>%.

Earnings.

T o tal receipts for 10 m o nth s ending D ec. 31 1910, $5,196 472' all ex­
penses, $5,314,897; deficit for 10 m o n th s, $118,425. For th e 2 m o nth s
end ing F eb . 28 1910 operation s un d er th e receivership show ed a surplus
of $16,947, leaving a net deficit for th e year of $7 1,47 8.— V. 9 1 , p. 1710.

&

Increase in Slock,

C le v e la n d P a in e 3 v ille
E a s te r n R R . —
ifcc.— T h c s to c k h o ld e r s o n J a n . 25 v o t e d to in c r e a s e th e a u tli.
s t o c k fr o m 82.000,01)0 t o $ 3 ,5 0 0 ,0 0 0 .
I t is r e p o r t e d th a t
$ 5 0 0 ,0 0 0 a d d itio n a l b o n d s w ill b e issu ed p r e s e n tly f o r e x ­
te n s io n s a n d im p r o v e m e n t s a n d a lso $ 5 0 0 ,0 0 0 o f th e n ew
s t o c k to c o m p ly w ith s t a t u t o r y r e q u ir e m e n ts t h a t o u t s t a n d ­
in g b o n d s shall n o t e x c e e d o u t s t a n d in g s t o c k .
— F o r y e a r e n d in g D e c . 31:

Report.

Cal.
Gross
Year—
E arnings.
1910 _______$355,469
1909 _______ 321,173
— V . 90, p. 021.

O perating
E xp en ses.
$175,169
163,909

C le v e la n d S o u t h w e s t e r n

Cal.
Gross
Y ear—
E arnings.
1 9 1 0 ................ $1,015,627
1909 .................
900,9
— V. 90, p. 913.

Net
E arn ings.
$180,300
157,264

& C o lu m b u s

Net
Other
E arnings.
Incom e.
$434,188
$661
14345,815

C o lu m b u s ( 0 . ) R y . & L ig h t C o .

Interest
and Taxes.
$106,018
101,283

R y .—

Balance,
Su rp lu s.
$73,682
55,981

Report.-

D cductions.
$338,274
300,884

Balance,
S u rplu s.
$96,575
44,931

Report.— C a l. y e a r s :

Gross
N et
Other Chgs. &
D ividends
B a l.,S u r .
Cal.
E arn s.
E arn s. In c . Dcprec.
P a id .
or D ef.
Year.
$
$
$
$
$
$
1910 ------2,378,720 760,497 17,30s 1,055,95 1 (1 M) 75,000 def.3 5 3 ,146
1909 ------2,577,202 1,287,069 17,866 1,044,58 2 (2 11)125,000 sur.135,352
— V. 91. p. 1766.

Listed in

C o m m o n w e a lt h P o w e r , R a ilw a y & L ig h t C o .—
0 . — T h e c o m p a n y ’ s $ 1 2 ,0 0 0 ,0 0 0 c o m m o n a n d
$ 0 ,0 0 0 ,0 0 0 p r e f. s t o c k h a v e b e e n lis te d o n th e C o lu m b u s , O .,
S t o c k E x c h a n g e .— V . 9 1 , p . 2 1 4 , 3 8 .

Columbus,

D e t r o it T o le d o & X ro n to n R y . — Notice to Holders of De­
posited 5 % Collateral Trust Notes Due Dec. I 1908— Disposi­
tion of Collateral—New Ann Arbor Company.— T o m e e t in ­

d e b t e d n e s s , A c . , a g g r e g a t in g $ 1 ,3 2 5 ,1 8 5 , in c u r r e d b y th em
c h ie fly in o b t a in in g p o sse ssio n o f th e A n n A r b o r R R . s t o c k
re p re se n te d b y u n d e p o s ite d n o te s , th e p r o t e c t iv e c o m m it t e e ,
J o s e p h R a m s e y J r ., C h a ir m a n , r e p r e s e n tin g c o lla te r a l trust
5 % n o te s d u e D e c . 1 1908 ( t o t a l issue $ 5 ,5 0 0 ,0 0 0 ), h a s,
u n d e r d a t e o f J a n . 5, n o tifie d th e h o ld e r s o f c e r t ific a te s o f
d e p o s it o f th e E m p ir e T r u s t C o . a n d o f th e N . Y . T r u s t C o .,
r e p r e s e n tin g n o te s d e p o s ite d u n d c r th e a g r e e m e n t d a te d
F e b . 3 1908, a m e n d e d F e b . 20 1908, t o se n d sa id c e r t ific a te s ,
to g e th e r w ith $ 3 5 4 ,2 3 3 p er n o t e , in N . Y . fu n d s , to th e E m ­
p ire T r u st C o ., 42 B r o a d w a y , N . Y . C it y , o n or b e fo r e J a n . 3 1 ,
r e c e iv in g in retu rn th e ir p r o p o r t io n a t e sh are in A n n A r b o r
C o m p a n y s t o c k a n d a lso an in te r e s t in D . T .
1. c o n s o ls .
T h e s t o c k a lo n e , it is e s t im a t e d , s h o u ld b e w o r t h $ 1 ,0 1 4 59.

&

A b str a c t of S fa tc m c n t by C o m m itte e , D a te d J a o . 5 1911.
I he collateral of thc 5 ?; collateral tru st notes ol th c D ot. T ol. & Iro n to n
rsF o ™ ’ c"h3la'« l of S3.001.noo [3Q.0 1 0 shares] of pref. stock an d $ 2 , 1 9 0 ,0 0 0
,
sharPsl of com m on sto ck of th c A nn A rbor H R . anil $5,000,000
tho
? r D ,,t- T ol. & Iro nton R y . Co. U nder
tin* T>°r> vl r s 1 '1, of th e D. T . & I . R y . Co., th c a ctu a l control of th c A nn Ar’ rem ained practically as before— w ith l). T . & I. Interests.
. l n5 Ann A rbor R R . Co., w hen It w as acquired by th c D. T . & I. R y . Co..
I.Vtir„ a 111' r°x1 1nateIy $700,000 In cash as p a rt of Its accu m ulated surplus.
raw n an d deposited w ith th e Interests In con tro l ot thc
I TO ■ £“ ji'? s w ithdCo„’i
cash of th c A nn A rbor R R . Co. w as adv an ced
th ,e bcn,c nt of th e D . 1. & I. R y. Co., w itho ut proper a u th o rity or
•1
I I 1 *Se
was clearly Insolvent. N ecessary Im provem ents
ye“ . .thc Eross revenue a fte r a sh o rt tim e decreased am i th e
su rp lus earnings after charges stead ily declined from $430,705 In 1900.
r< -.c J;.rF Blm ost th e vanishing p o in t for th e y ear ending Ju n e 30 1909. T he
securities w ere steadily declining in value, th e Hooting debt was increasing
alarm ingly, anil a receivership seem ed Inevitable unless yo ur com m ittee
could he p u t in possession of th e pro p erty .
In this em ergency th e co m m ittee p u rch ased from II. Ti. H ollins & Co.
and th eir associates th eir in terest In th e A nn A rbor R R . Co. sto ck , repre-

JAN. 28 1911.]

THE CHRONICLE

sonted by $1,700,000 of the collateral tru s t notes held by them and n o t de­
posited w ith y o u r com m ittee, pay ing therefor $636 36 tors (
'i1,1,A 1bf f
U R stock rep resented by each $1,000 note, or a to ta l of $1,081,812.
f
th is am o u n t, $216,362 w as p aid in cash, w hich w as borrow ed, a n d th e
notes deposited w ith th e com m ittee w ere pledged as collateral, and th e bal­
ance $865,450, will be due, w ith in terest a t 5% per an n u m , on I c l.. 5 1911.
T he A nn A rbor Co sto ck rep resented by th e notes so pu rch ased w as $9„7,- s f i o V7 % s i 100 shares) of pref and $676,909 (6,709 9-100 shares) of com ­
mon^• * inasm uch0 as '^hc com d t ee vvould have bid th e A nn A rbor R R . Co.
"tocii a t a foreclosure sale up to $3,500,000 th e p riv a te purchase (on th e
samP en basis)
the burd
e noteholders.
r S did
to ntho ist increase
new agreem
en t,en thone threp
resen tativ es of th e form er
m an ag em ent w ererep laced by th e nom inees of your com m ittee on th e bo ard
o f T h c X n A rbor H it. Co., placing your rep resen tativ es In control 'Ih e
result w m th e resto ratio n of public confidence In th e p ro p e rty a n d im m e­
diate' adv an ce In the qu oted m a rk e t value of th e sto ck from ab o u t $36 to
$ 7 2 ncr share for th e pref. a n d from $16 to $30 per sh are for th e com m on
sto ck T he gross earnings are now show ing su b sta n tia l gains, w hile th e
increase In n e t Revenue hits p e rm itted of rap id red u ctio n s of floating d e b t
a n d th e acq uisition of add itional equ ipm en t, an d now prom ises early dlvideT he U 8 ° C irc u it<Com 't on S ept. 27 1910 entered a decree establishing
th e v alid ity of yo ur collateral f u s t no tes, a n d also of th e consolidated
bonds held as collateral th ereto , a n d p e rm ittin g th e sale of th e bonds and
sto ck collateral. A t foreclosure sale on N ov. 25 1910 your com m ittee
bid In th e collateral for $2,500,000, paying in cash on acco unt thereof, as
provided In th e decree, S.26,815 50 [the am o u n t of th e d istrib u tiv e share
accruing to the holders of $59,000 un depo slted notes] and $70,000 req uired
by th e C ourt for costs, Ac.; of tills $70,000, $4,829 has been retu rn ed .
T here w as deposited w ith y o ur com m ittee 3,741 notes, w hich, to g ether
w ith th e 1,700 notes pu rch ased as aforesaid, m ak e 5,441 no tes, leaving
un depo slted 59 no tes.
Indebtedness of Committee, Aggregating $1,278,645.
(a) T o E m pire T ru st Co. for loans (secured by pledge of th e A nn
A rbor R R . stock and th e D . 'I'. A I. R y . consols.), principal
(incl. cash paid to II. 11. H ollins & C o.), $370,000, an d in t.
to Feb. 6 1911, $ 2 ,4 4 7 ________________________ - - - - - - - - - - - - -- $372,447
(b) Due on certificates of indebtedness Issued to II. II. Ilolllns &
Co. a n d associates as above for principal, $865,450; In terest to
F eb. 6 1911, $ 4 0 ,7 4 8 --..................- - - ......................................................... 906,198
Cash Required from Deposition Noteholders, $354,233 per $1,000 Note.
T he E m pire T ru st Co., acting for Itself a n d as tru ste e un der th e
abo ve certificate of ind ebtedn ess, has called upon your com ­
m itte e for p a y m en t of the abo ve am o u n ts ow ing on bet). 5 1911,
w ith In terest to th a t d ate, w hich pay m en ts am o u n t for each
$1,000 note deposited t o ----- ----------------- - - -------- - - - ■ --f -- $441,793
T he__expenses
and «com
of th e com m ittee calls____________
for $46,o40, 1
I./__ .... ,.,.nii
i nnnpensatonflnnnslt.pd
$1,000
Note
Securities Represented by Each -A n n Arbor RDeposited.
R .- D .T .& I.R y .
Consols.
Comm on.
Pref.
$909.09
$398.1
P rim arily , 1-5500 of colkit. of to ta l notes $545.0
P ro p o rtlo n ate Int. in A nn A rbor stock
a cq ’d by pu rch . from H . B. Ilolllns A
Co. of 1,700 undeposited notes; also
stock anil bonds on acct of 59 other 256.5
9.80
187.3
notes n o t d e p o site d ......................................
$918.89
$585.4
T o ta l--------------- ------------------------------------ $802.1
New A n n Arbor Com panu— Exchange— Cash P aym ent.
T he stock of the A nn A rbor li l t . Co. purchased by th e com m ittee a t th e
sale has been sold to the A n n Arbor C om pany (see above and V 92, p. 116,
59) organized in D elaw are, w hich will issue, in p a y m e n t therefor. Its ow n
shares of pref. a n d com m on stock, share for share for each class. T he A nn
A rbor C om pany is no t perm itted to acq uire securities o th er th a n stocks of
the Ann A rbor R R . Co. or ex ten d Its op erations unless auth orized by th e
holders of a t least tw o-thirds In a m o u n t of each class of its sto ck , nor Is It
p e rm itte d to sell or dispose of th e A nn A rb or R R . Co. sto ck except as a
w hole, and th e n only on such term s as m ay be app ro ved by th e holders
of tw o th ird s in a m o u n t of each class of its o u tsta n d in g sto ck . As it Is
Im p o rta n t th a t th e A nn A rbor R R . Co. stock should be held as a u n it and
be disposed of as a w hole, th e A nn A rbor C om pany expects to use Its sto ck ,
preferred a n d com m on, in pu rch asin g a 'arge am o u n t of now o u tstan d in g
A nn A rbor R R . Co. stock, pref. and com m on, sh are for sh are, and all hold­
ers of th e A nn A rbor R R . Co. stock o u tsta n d in g will be afforded an oppor­
tu n ity to sell th eir shares to th e A nn A rbor C om pany, In tills w ay still fur­
th e r Increasing th e percentage of the to ta l stock of th e A nn A rboi R R . Co.
held by it, an d th ereb y enhancing th e valu e of Its holdings. A pplication
will be m ade to list th e shares of th e Ann A rb or Co. on th e N . Y . S tock E x ch .
H olders of certificates of deposit for deposited notes are req u ired to send
th e sam e’ a n d rem it $354,233 In N. Y . funds for each $1,000 no te rep re­
sented th ereb y to th e E m pire T ru st C o., N. Y . C ity, on or before J a n . 31
1911 and will th e n be entitled to receive In exchange; (a) $802.1 (8.021
shares) of pref sto ck , and $585:4 (5.854 shares) of com m on sto ck of the
A nn A rbor Co . and (0) a certificate of dep osit rep resentin g th e pro p o rtio n ­
a te in terest in 3741-5441 of $5,000,000 consols of D . T . & I. R y . Co., viz.,
$919.89 par value for each such note.
W ith the exception of th e cash p aid for expenses of th e com m ittee and
ts com pensation ($25,850). a n d In litig atio n , this call rep resen ts th e afore­
said necessary pu rchase of a d d itio n al Interests in A nn A rbor R R . Co. sto ck .
All aforesaid tran sactio n s hav e had th e app ro val of holders of certificates
rep resentin g m ore th a n a m in ority of th e deposited notes.
T he com m ittee believes th a t th e A nn A rbor R R . Co. pref. stock, en titled
to 5/o dividends, w ith present prospects m ay be reaso nably expected to
soon reach a value betw een $90 a n d p ar per sh are, w hile th e com m on stock,
for purposes of con tro l, wholly Indep en dent of m ark et v a lu e ,l ™o.y be con­
sidered as w orth a t least $50 per sh are. T hese m inim um values le p resen t
an am o u n t of $1,014 59 for each $ l,0 0 0 n o te deposited, exclusive of the
value w hich m ay be realized for th e consols.
T h e Adesire
nn A rbIt,orarran
C omg epany
will.
a n y of ofth eth holders
°fI\\a?^nrSthp
deposit
a ioan
on Ifone-half
e collateral of one-half
of the
am o u n t req uired to be paid as above, being $177 11 on
for
a
period
of
six
m
o
nth
s,
a
t
6%
per
an
n
u
m
plus
a
,
r
com m ission, reserving to th e lenders th e rig h t of hy po thec at! o n , lea Lv Int,„
only $177,123 for each $1,000 n o te to be provided a t once b y th e d e p o slto r,
for w hich ho will receive forthw ith th e o th er half of his in terest In th e securi­
ties above m en tioned .
Option Given I f. Ii. H ollins & Co. on I). T . & l . Consols till Dec. 22 1912.
T he com m ittee, as p a rt of the term s of pu rchase abo ve m entioned, has
given II. IS. H ollins A Co. an option to pu rch ase all ($5,000,000) consoli­
d a te d m ortgage bonds or e q u iv alen t securities Issued In reo rg an izatio n,
belonging to th e com m ittee, good un til D ec. 22 1912, a t th e price or $1,­
020 245 52, w ith Interest a t 5% per ann um from N ov. 25 1910. m e com ­
m ittee will m eanw hile reta in control, of th e bonds, or their reorganization
e q u iv alen t securities, for th e purpose of th e o p tion and use In th e reo rg an­
izatio n of the D etroit T oledo & Iro n to n R y . Co.
[The com m ittee consists of Joseph R am sey J r ., C hairm an; N ew m an b rb ,
Charles II. G ilm an, H ugh 11. H arrison , E d m u n d Seym our and J . N. T hom p­
son. w ith W alter L. W orrall as S ecretary , 30 R road S t., N . Y. U ty .— E d .
I t w as announced on Ja n . 25 th a t th e holders of certfs. of deposit ?or over
*3,000,000 of th e $3,741,000 deposited notes had assented to th e foregoing
a rra n g e m e n t.—V. 91, p. 1511, 1446.
.

Fonda Johnstown & Gloversville RR .— P e rm issio n to Issu e
Public Service Commission on Jan. 20
authorized the company to issue $380,000 1st cons. M. 4j^%
50-year bonds. This will make $5,007,000 of the issue out­
standing.
N civ B o n d s. —The State

T he bonds are to be sold a t n o t less th a n 85 and th e proceeds used to p a y
ind ebtedn ess to th e am o u n t of $185,130, various notes m ade for pavem entsIn G loversville an d Jo h n sto w n , new cars, cost of new c arp e n ter shop a t
G loversville, new railroad sidings a t A m sterdam , ash trac k a t pow er ho u se
a t T ribes H ill and do ub le-trackin g M ain S tree t in A m sterd am . T he a u ­
th o rizatio n is m ade upon th e con dition th a t th e com pany shall cre d it to itscap ital acco unt a n d charge to su rplus th e sum of $22,000, th e a m o u n t of
rep lacem ent m ade in connection w ith the c on stru ction of th e new do ub le­
trac k in th e c ity of A m sterd am .— V . 91, p. 1324.

Green Bay & Western RR .— D istrib u tio n on C lass B D e­
directors have declared, along with
the usual annual dividends of 5% each on (he $2,500,000
stock and $000,000 “A” debentures, a distribution of 3^ of
1% on the $7,000,000 class “B” debentures (the same as in
1908), comparing with 54 of 1% paid in Feb. 1910 and % of
1% in Feb. 1909. All these dividends are payable out of the
net earnings for the year 1910 at 40 Wall St., New York, on
and after Feb. 0 1911 to holders of record Feb. 4 1911.

bentu res In c rea se d . —The

D iv.R ec. ’98.
" A ” deb s.% 2 K
S to c k ________
" II ” d e b s. -_
— V. 90, p. 812.

’99. ’00. ’01. ’02. ’03. ’04. ’05. ’06. ’07. ’08. ’09. ,10. ’l l .
2 ][2 H 3 4
4 4 5 5 5
5 o o o
IK . 2 ^ 3 4
4 4 5 5 5
5
5 o
■>
... - .........................- ................................... Yi
y% '4

Illinois Central RR.—B o n d s S o ld . —The company has^sold
to Kuhn, Loeb & Co., and the bankers have re-sold, $2,740,­
000 “first and refunding” 4% bonds due Nov. 1 1955. The
same bankers purchased the first block of the issue, $20,­
000,000, in Nov. 1908. Compare V. 87, p. 1357, 1420;
V. 88, p. 295; V. 91, p. 1710, 1160.
International Traction Co., Buffalo.— M o d ific a tio n o f P la n
■ Present 4s to be E xchanged, $ fo r $, fo r N ew 4s—J an .C ou pon s
to be C ashed on A sse n tin g B o n d s. —The committee, Robert L.
Fryer, Chairman, gives notice under date of Jan. 20 to owners
of the $18,335,000 50-year 4% collateral trust gold bonds
and depositors of the same, under agreement of June21 1910,
that more than two-thirds of said bonds have been deposited
with the depositary, J. P. Morgan & Co., and that a modifi­
cation has been made in the plan (V. 90, p. 1675), in com­
pliance with the expressed wishes of the owners of large
numbers of both deposited and non-deposited bonds. In
place of the alternative rights of bondholders under the
original plan, to receive cither 5% bonds of the new com­
pany to the amount of 80% of (lie par value of the deposited
bonds or cash to the amount of 70% of the par value thereof,
the m o d ified p la n offers the sin gle righ t to all holders of said
bonds deposited or hereafter deposited to receive new 4%
bonds of the sam e p a r valu e a s the depo sited bon ds, secured by
a direct mortgage upon the physical properties and the fran­
chises of the underlying and operating companies. A cir­
cular further says (see advertisement on another page, also
V.Such
90, mp.ortgage
1675);
will provide for th e issue of [$18,335,000] bonds to be used'
for th e abo ve req uirem ents, and for th e o th er purposes provided in th e
original b o nd hold ers’ agreem en t (V. 90, p. 1675). T he said bonds will
consist of tw o series, bo th being, in all respects, equally secured by said
m ortgage, (a) Series I. 4 % . T he bonds of one of said series will bear
Interest a t th e ra te of 4% per an n u m and will be lim ited to an am o u n t
sufficient to enable th e com m ittee to m ake delivery thereo f a t p a r to de­
positors of 50-year 4% collateral tru st gold bonds and coupons of th e T rac­
tion C om pany deposited under th e agreem en t, as abo ve set f o rth . (b) .Series
II 5% T he bonds of th e o th er of said scries shall bear In terest n o t exceed­
ing th e ra te of 5% per ann um a n d shall com prise all bonds secured by th e
said m ortgage th a t shall be req uired for th e o th er purposes of th e m odified
bondholders* p la n ” a n d of the said bond hold ers agreem en t. T his m odi­
fied plan will elim inate objections and harm onize differences of opinion
w hich have hereto fo re existed am ong certain of th e holders of trac tio n com ­
p a n y ’s said Ponds w ith o u t Interfering w ith th e m a rk e ta b ility of th e bonds
req uired to provide funds for th e fu tu re cap ital req uirem ents of th e eo.
No form al a ct of assent to th e "m odified bondholders plan is necessary
on th e p a rt of th e present dep osito rs. In case of dissent, w ith d raw als ot
deposited bonds m u st be m ade on or before F eb. 17 1911.
In connection w ith th e foregoing m odified plan , th e com m ittee also
ann oun ces th a t it has m ade a rran g em en ts for an ad v an ce to th e holders
of certificates of dep osit to be issued for said 50-year 4% collateral tru s t
gold bonds, w hich shall be deposited un der th e m odified plan , of th e Interest
due J a n . 1 1911 on the bonds rep resen ted th e reb y , a n d also to th e holders
of certificates of deposit heretofore issued of th e in te rest du e J a n . 1 1911
on th e bonds rep resented th e reb y , u p on presen tatio n of such certificates
a t the offices of J . 1>. M organ A C o., N o. 23 W all S tree t. New Y ork C ity;
the M an ufactu rers’ A T rad ers' N ational H ank, Buffalo, or the U n ited S ta te s
T ru st Co., L ouisville, for th e prop er end orsem ent of such a d v an ces a n d of
form al acceptan ce ot such m odified plan th e re o n .— V . 91, p. 945, 38.

Leases.

I n t e r s t a t e R a ilw a y s , P h ila d e lp h ia ,—
— 'T h e lea ses o f
th e se v e ra l c o n t r o lle d p r o p e r t ie s refe rre d to in \ . 9 1 , p . 1512,
a re m a d e t o th e fo llo w in g c o m p a n ie s a n d ru n as fo llo w s :

(<x) P ro p erties In a n d a ro u n d W ilkes-B arre (W ilkes-B arre A W yom ing
V alley T ra c tio n Co.) from J a n . 1 1910 for 800 years to th e W ilkes-B arre
Ry(0) T hose in a n d aro u n d N orristow n, R eading a n d L eb an o n (U nited
T ractio n Co. of R eadin g, Ac.) from A pril 1 1910 for 900 years to th e R ead10 R)T I'h o se hi*and aro un d T re n to n (T ren ton S tree t R y ., Ac.) to th e T re n ­
to n A M ercer C o unty T ractio n C o rp oratio n. (In co rp . in N . J . on O ct. 6
1910 w ith $10,000 stock in $100 sh ares. Inco rp o rato rs, Geo. W . M acP h erson , R ank in Jo hnson of N . Y . and O scar T . Crosby of W arren to n . V a.)
(if) 'I'hose in D elaw are C ounty, P a . (D ela. Co. A P h lla. b l. R y . Co.) w ere
D e t r o i t U n it e d Ry. — Note Sale.— W in . A. R e a d & C o . leased Ju ly 1 1910 for 999 years to th e S o uthern P enn sylv an ia T ra c tio n Co.
(In co rp . in P a . in Ju n e 1910 w ith $10,000 sto ck . In co rp o rato rs, Geo. R .
o f N . Y . b o u g h t a n d h a v e s o ld $ 1 ,5 0 0 ,0 0 0
5 % c o ll,
W ebb, B altim ore. M d.; O scar T . C rosby, W arren to n V a ; W m H enry
tr u s t g o ld n o te s o f $ 1 ,0 0 0 e a c h , d a t e d F e b . 15 1911 a n d d u e S n yder, C h estn u t H ill, I’a. T re a s., D .L . E v an s, 111 N o rth H an o v er S t.,
J a n . 1 1912.
P °(te?tT hoseIin D elaw are (W ilm ington A C hester T ractio n Co . Ac.) to th e
T he notes are secured by th e deposit w ith th e C entral T ru st Co., as tru s­ W
ilm ingto n A P h ilad elp hia T ra c tio n Co. from Ju ly 1910 for 999 years.
te e, of $1,880,000 of the com pany’s 1st consol. 4 H s, other
rpjjQ tw o lcssln ? com panies la st nam ed a rc un der tn c sam e m an ag em ent
system to a to ta l of $325,000 and $9 0 0 ,0 0 0 cap ital stock of 1the D e tro it P o rt an d executed th e leases sim ultaneou sly.— V . 91, p. 1446.
H u ro n A Shore Line R y . In t. pay ab le A ug. 15 1911 a n d Ja n . 1 1912 a t
J a c k s o n v ille E le c t r ic C o — Report.— F o r c a le n d a r y e a r s :
office of tru ste e . T he am o u n t of 1st consol. 4J4s w hich M ontreal b an kers
liave co n tracted to purchase Is $ 1 , 5 0 0 ,0 0 0 . 1 hese bonds are p a rt or th e
Cal
Gross
Alet Interest, P re f.D ies.
Common Balance
$25,000,000 Issue, and they have been In the treasu ry of th e com pany . Year—
E a r n i n g s . E arnings. T a xes,A c. (6% ).
D ividends. Su rp lu s.
T otal o u tsta n d in g , $14,313,000.” — V . 92, p. 1 8 6 .
^
1910
$576 081 $264,843 $112,998 $30,000 (6 K )S52,000 $69,845
217:582 112,866 30,000
(6) 35,604 39,112
D u lu t h M is s a b e & N o r t h e r n Ry. — Called Bonds,
h ir s t 1909 7 480.778
c o n s o lid a te d in tg e . b o n d s d a t e d J a n . 1 1895 t o th e a m o u n t — V. 91. p. 38.
o f $ 1 8 8 ,0 0 0 h a v e b e e n d r a w n a n d will b e p a id b y th e C en tra l
T r u s t C o ., N e w Y o r k , o n F e b . 1 1911 a t 105 a n d in terest
s a y $ 1 ,0 5 5 p e r b o n d .— V . 9 0 , p . 13 2 6, 2 3 6 .




Guaranteed Bonds

K e n t u c k y & I n d ia n a T e r m in a l R R . —
—
£ 1 ,0 3 1 ,0 0 0 1st M . 4 J ^ % 5 0 -y e a r g u a r ,
s te r lin g b o n d s r e c e n tly p la c e d in L o n d o n b y M o rg a n , G r e n -

Further Data.— T h e

262

THE CHRONICLE

[VOL. LXXXXII.

fell & C o . w ere o ffe r e d b y th e m a t 1 0 1 .
T o t a l a u t h . is s u e ,
£ 2 ,0 0 0 ,0 0 0 .
I n te r e s t is p a y a b le J . & J . a t th e o ffic e o f th e
a fo r e s a id b a n k e r s , N o . 22 O ld B r o a d S t ., L o n d o n .

th e r e o f7

C o n d e n se d E x tr a c ts from L e tte r o f P r e sid e n t F a ir fa x H a r r iso n , N ew Y ork
A
.
C ity . J a n . 3 1 9 1 1 .

iv T QC, notes, i ? P n ? a rt °,f th c 522,000.000 sold by th e com pany last w eek

As secu rity , th e re Is conveyed to th e S ta n d a rd T ru st Co. of N . Y ., tru ste e ,
all of th e p ro p e rty of th e com pany , con sisting of Its 13.96 miles of term inal
railro ad . Its yard s an d sw itching eq u ip m en t a n d Its o th er term inal facilities
In a n d a b o u t L ouisville, as w ell as its n o tab le new d o ub le-track bridge,
now u n d er con stru ctio n , crossing th e O hio IU ver betw een L ouisville, K y .,
a n d New A lbany , In d .; this bridge wiU be 4,100 feet In leng th a n d Is de­
signed for loading w ith th e heaviest m odern railw ay equ ipm en t.
T hese bonds are fu rth e r secured by en d orsem ent on each bond of a jo in t
an d several uncond ition al g u a ra n ty of p rincip al an d Interest by B altim ore
& O hio R R . Co., S o u th ern R y . Co. a n d Chicago In dian ap olis & L ouisville
R y . Co. (see form of g u a ra n ty In V. 92, p. 187).
T he e n tire cap ital sto ck w as acq u ired a n d Is ow ned In equal propor­
tions by th e said th ree railw ay com panies In order th a t th e p ro p e rty m ight
afford them term in al facilities In th e C ity of L ouisville a n d a crossing of th e
O hio R iver a t L ouisville, a n d to th a t end , a n d In consideration of th eir said
g u a ra n ty , th e y h av e agreed am ong them selves and w ith th e K en tu ck y &
In d ia n a T erm in al R R . C o .th a t d u rin g th e full term of flfty years from J a n 1
1911 th e y will each use th e prop erties of th e K y. & In d . T erm . R R Co
to r all passenger a n d freigh t traffic w lthin th clr control destined to cross th e
O hio R iver a t L ouisville, or destin ed to go th ro u g h , to or from L ouisville
T he th re e railw ay com panies hav e also agreed to pay , a t sta te d tim e s’
to th is c om pany , for th e use of Its p ro p e rty , such m oney as shall from tim e
to tim e be le q u irc d . In a d d itio n to o th e r revenues of th e K y . & In d . T erm ­
inal R R . C o., to m eet all expenses of o p eration a n d m ain ten an ce, a n d all
ob ligation s for taxes a n d In terest upon said 1st M. bonds as th e sam e m ay
be o u tsta n d in g from tim e to tim e. I t Is also agreed th a t no dividend from
profits shall be declared by th e K v. & In d . 'Perm . R R ., b u t th a t all its
su rp lu s Incom e from o p eratio n shall co n stitu te a reserve fund for ad d itions
to a n d Im provem ents and recon struction from tim e to tim e.
T he proceeds of sale of th e bonds now sold to you are to be applied to th e
re tire m e n t of all m tg e. bonds heretofore c reated for th e acq uisition or con­
stru c tio n of th e p ro p erty of this c o m p a n y to th e c on stru ction of its said
new bridge across th e O hio R iv er a n d to doub le-trackin g a n d otherw ise
enlarg ing and im p ro vin g Its term inal railroad a n d o th e r facilities in a n d
a b o u t Louisville; a n d so to prom ote th e In d u strial dev elo pm en t of th e c ity
a n d th e facilities of th e said th ree railw ay com panies for doing business
th e rc 'n . All of th e rem ain d er of said au th o rized issue of bonds n o t now
sold to you are reserved, to be Issued from tim e to tim e hereafter, un d er re­
strictio n s se t fo rth In th e m ortgage, b u t only for th e acq uisition or con­
stru c tio n of ad d itio n al enlarged or Im proved term inal facilities, c ith er
freigh t or passenger, in th e cities of Louisville, K y ., or New A lbany, In d .,
a n d for ad d itio n s, b e tte rm e n ts a n d Im pro v em en ts.— V. 92, p. 187.
L a k e S h o r e E le c t r ic R y . , C le v e la n d .

Cal.
Gross
Year—
E arnings.
1 9 1 0 ............$1,005,879
1909 -------- 919,613
— V. 91, p . 790.

N et (after
T a xes).
$469,783
422,282

Other
Incom e.
$25,000
25,000

-Report.—
Interest
P a id .
$352,550
350,450

Balance,
Su rp lu s.
$142,233
96,832

Protective Committee.

n o te s d a t e d l e b . 1 1911, d u e F e b . 1 1 9 1 2 , in t . p a y a b le s e m i* ’

&

A ’

D e n o m in a t i° n s

§ 5 ,0 0 0 a n d

m u ltip le s

from d T c ? ^ K o o . O O O ^ l f r t S ^ f E a ^ b e e T m T y e a r
oW yinmtCSf aJld ,'v 1}1
e xtend ed a t m a tu rity to M arch l 1 9 1 2 th e d a te

S f f l V S f ’S S S i . M i . 0'000'000 “I," cd «“ • — > w ero' origin ally

tfcftSSA S

c o u n try SlnHC ^?h»t°?h
y ’ 01‘ pof? ythobligations
incu rred
In manissioners
o th er S tawteould
or
a t th e r consent
e M assachusetts
Com
th eiefo ic no t be req uired for the n o te issue If th e sam e were m ade for one
y ear, since none of th e m oney Is to be used in th a t S ta te .
win * ^ 1
Jllc 522,000,000 notes, a b o u t $11,000,000, It is rep orted ,
n p l t ^ y n ^ T 1? f1?lcct obligations m atu rin g before th e first of F e b ru a ry of
y ?aR a a^ iso*h°flrcm
Is to be as
p u toccasion
o u t a t inmteayrestarise.
and
r*tj°n ai,nlbff
of th c 511,000,000
board of directors,
T he com pany has $6,700,000 of 5% notes w hich m a tu re In Ja n . 1912, w hich
will be provided for by th c sale of th e n o tes.
’
, , ^ k a a k®r d ir e c t ly c o n c e r n e d in th e p la c in g o f a p o r t io n o f
th e $ 2 2 ,0 0 0 ,0 0 0
1 -y e a r n o te s r e c e n tly s o ld b y th e
N e w H a v e n r o a d , is q u o t e d as s a y in g :
•

m o r^amMo teu n^t'^to^ hsoils fs ^ th
o f^« tc o u mnnn
e .^ lie
rg u ea
e d ^tnh a t $22,000,000
s s ^ ^ o o ^ o o notes
r?SV*ngiisa nany
odd
Xnne ifa
, arg
am o u n t™ / a m v e ^ f w ould ’c a silj0 su sta in th V ^ a c in ff^ o f11toe*larg“ r
despite several v e ry a ttra c tiv e ‘o ^ w ^ h i c ^ M r ? Me]ie 11 asSreceIved from
a nu m b er of b an ks. T he road got all of its $ 2 2 non non t ,, , ,,),. i 1 i0 n
& bcU^

Conversion of Debentures

y2%

.— O f th e § 3 0 ,0 0 0 ,0 0 0 3
deben­
tu re s o f 1900 w h ic h h a v e b e e n c o n v e r t ib le sin c e Jan 1 1911
in to s t o c k ta k e n a t 150, o v e r § 1 0 ,0 0 0 ,0 0 0 h a v e th u s fa r
been co n v e rte d .
— S ee C en tra l N e w E n g la n d R y . a b o v e
T h e A p p e lla te D iv is io n o f th e S u ­
p r e m e C o u r t in th is c it y o n J a n . 20 s u s ta in e d the
o f th e c o m p a n y in th e su it b r o u g h t b y E liz a b e t h F H o w e
o n b e h a lf o f h e rse lf a n d o th e r s to c k h o ld e r s o f th c B o s to n &
N e w Y o r k A ir L in e R R . , f o r a n a c c o u n t in g o f th c N ew H a v e n
c o m p a n y s u se o f th e p r o p e r t y .

Lease of Subsidiary.
Favorable Decision—

demurrer

T he C ourt says It is settled in this S ta te th a t In such a case thc direct
v ld ual 1 g ^ th e i r t r r p ° o nro?.no r h ^ * stockholder m ay no t sue in his VASlm a in taln a n actio n In
1 ?eascd to exist, tho plaintiff m ight
franchises* b u t since it Is
a resto ratio n of its p ro p e rty a n d
lawsCofSth e S ta te w here It w a sT rc ltcd PW J t ® ‘t h a t ' ^ ,t,h,°
S
ta
te
should
n
o
t
u
n
d
ertak
e
to
adm
inister
foreign
asso'u nf qCfh?o f S of 1 1 s
W illiam W ohlsen, F red erick T . T hom as, E . B . F ritz, A lbert W . M orton tlo n an y m ore th a n it w ould do th c E
G eorge D. A tlec.— V. 91, p . 945.
the defun ct corpo ration h ad a rig h t of actio n It tlevolved according to th e
L o s A n g e le s R a i l w a y C o r p o r a t io n .— Bonds Offered.—
K i i . M / S S R ’S V . T l M f
r . a r c „ W . T „ S , ‘h„!
L a n c a s t e r O x fo r d & S o u th e r n R R . — 7
In v ie w o f th e d e fa u lt in p a y m e n t o f th e O c t o b e r 1910 c o u ­
p o n s o n th e § 2 0 0 ,0 0 0 1st M . 5 % b o n d s , th e f o llo w in g b o n d ­
h o ld e r s ’ p r o t e c t iv e c o m m it t e e has b e e n fo r m e d :

J . H . A d a m s & C o ., L o s A n g e le s a n d S a n F r a n c is c o , a re o ffe r ­
in g a t p a r a n d in t . th e u n so ld p o r t io n o f § 2 ,5 0 0 ,0 0 0 o f th e
n ew “ firs t a n d r e f u n d i n g " m t g e . s in k in g fu n d
g o ld b o n d s ,
d a t e d D e c , 1 1910 a n d d u e D e c . I 19-10, w it h o u t o p t io n o f
p r io r r e d e m p t io n .
T a x free in C a l.
In t. J. & D . a t L os
A n g e le s T r u s t & S a v in g s B a n k , L o s A n g e le s ; B a n k e r s T r u s t
C o ., N . Y . C it y , a n d b y a r r a n g e m e n t, a t A n g lo
London
P a ris N a t. B a n k , S a n F r a n c is c o .
A n a d v e r t is e m e n t sa y s:

5%

&

T he co rp o ratio n has com bined under one m an ag em ent all th e stre e t rail­
w ay business of Los A ngeles a n d has acq uired th e franchises, trackag e and
eq u ip m en t of the Los A ngeles R y . Co.; all th e c ity narrow -gauge lines ow ned
by th e Pacific E lectric R y . a n d the Los A ngeies In te ru rb a n R y ., Including
th e p ro p ert es form erly ow ned by th e E ast 9 th S t. R y .. T em ple S t. C able
R y ., B rooklyn A ve. R y . a n d th e Los A ngeles T ractio n Co., a n d those p o r­
tion s of the Los A ngeles & R edondo R y . and th e C alifornia-Pacific R y . Co.
lying n o rth of an east-and -w est line ru n n in g throu gh H aw thorne and A th ­
ens. th e com bined prop erties are under the presidency of M r. II. E .
H u n tin g to n , a n d th e m an ag em ent is In the hands of th e able and experi­
enced m en he has gath ered aro u n d him in his successful up bu ilding of elec­
tric railroads In S o u th ern C alifornia.
T he bonds offered arc a po rtio n of a $20,000,000 Issue secured by a closed
m ortgage upon the e n tire p ro p e rty , su bject only to $5,500,000 of un derlying
bonds, to retire w hich there has been reserved an equal am o u n t of th e pres­
e n t Issue. T his Issue Is an abso lute first m tge. upon 85 m iles of trac k and
a. refund hi g m tgo. upon 259 miles of tra c k . T he present value of th e prop­
e rty of the corpo ration is officially estim ated a t 50% In excess of all o u t­
sta n d in g b o n d i. T he sinking fund will have retire d a t m a tu rity ap p ro x i­
m ately 40% of th e en tire bonded deb t.
Gross E arnings o f Form er Los A ngeles R y . Co. P roperties— Cal Years
„ „ „ 190G1907.
1908.
1909. 1910, 10 mos.
$2 a58 0,3°0 $3,129,941 $3,452,349 $3,402,972 $3,785,152 $3,475,197
l he gross earnings of th e com bined Los A ngeles R ailw ay C orporation
prop erties for N ovem ber 1910 w ere $450,000 a n d for D ecem ber $477,000.
I he gross earnings of th e corpo ration will be a p p ro x im ately $5,500,000 per
year, a n d th e n e t earnings will am p ly pro tect tho bo ndholders.— V. 92,p. 187.

&

Sale Confirmed.— See

L o u is v ille
E a s te r n (E le c tr ic ) R R . —
L o u is v ille & I n te r u r b a n R R . b e l o w .— V . 9 2 , p . 59.

Acquisition.

L o u is v ille T r a c t io n C o .—
— T h e F e d e ra l C o u rt
o n J a n . IS c o n fir m e d th e fo r e c lo s u r e sale o f th e L o u is v ille &
E a s te r n R R . o n J a n . 3 to T . J . M in a r y , P r e s id e n t o f th e
L o u is v ille R y . , a n d th e p r o p e r t y h as b e e n tu rn e d o v e r to th e
la t t e r ’s s u b s id ia r y , th e L o u is v ille & I n te r u r b a n R R .

Possible Merqer —

N o r t h w e s t e r n E le v a t e d R R . , C h ic a g o .—
See C h ic a g o & M ilw a u k e e E le c t r ic R R . a b o v e .— V . 91 p
1768.
'
’

Sale.

O ce a n S h o re R y . , C a lifo r n ia .—
— T h e road w as p u r­
c h a s e d a t r e c e iv e r 's sale o n J a n . 17 fo r § 1 ,0 3 5 ,0 0 0 , th e u p s e t
p r ic e , b y C h a s .C . M o o r e , on b e h a lf o f th e b o n d h o ld e r s ’ s y n d i­
c a t e , r e p r e s e n tin g a b o u t 93 o f th e § 5 ,0 0 0 ,0 0 0 o u t s t a n d in g
bond s.
T h e S a n F r a n c is c o “ N ew s B u r e a u ” sa y s:

T here w as add ed , how ever, $35,000, w hich th e C ourt estim ated as tho
expenses likely to be Incurred by th e receiver betw een th e d ate of th e o rder
of sale and th e a ctu a passing of thc p ro p e rty , and $166,433, w hich th e
C ourt ordered to be paid to th c receiver in cash in order to cover car ren tals
ren tals or rig h ts of w ay, con tin g en t expenses a n d fees to th c receiver th e
M ercantile T ru st C o., a n d th e ir respectiv e a tto rn e y s. T his $ 1 0 0 , 1 5 5 is all
th a t th e pu rchasers hav e had to p u t up in a ctu a l cash, tho ug h they wlil be
called upon to m ake good th eir pro r a ta of the purch ase price to those
bondholders w ho refused to com e into th e co m b in atio n .— V. 91, p . 1 4 4 7 .
P e n n s y lv a n ia R R . — Federal Court Decision Upholding New
Jersey Tax on Stored Coal.— J u d g e R e lls t a b in th o U n ite d

S ta te s C ircu it C o u r t a t l r e n t o n o n J a n . 2 1 , in th e a p p e a l o f
th e S u sq u e h a n n a C oal C o ., w h ich is c o n tr o lle d b y th c ra il­
r o a d , h eld v a lid th e ta x o f th e C ity o f S o u th A m b o y , N . J.
o n c o a l s to r e d w ith in its lim its.

T he ta x w as con tested on the ground th a t th e coal w as in course of tra n ­
sit and therefore a su bject of Inter-S tate com m erce a n d no t liable to ta x a ­
tion. D ecisions upholding this so rt of ta x hav e been m ade by the S ta te
co u rts, and th e m a tte r w as tak en to th c Federal co u rts in order to fu rth e r
— V 0? <1p <119 n ‘ C° m pare C entral R R . of New Jersey , &c., V. 8 6 . p. 667.

Listed—

P h ila d e lp h ia C o . o f P it t s b u r g h .—
T he N ew Y ork
S t o c k E x c h a n g e h as a u t h o r iz e d th e lis tin g o n a n d a ft e r
L e b . 1 1911 o f § 2 ,5 0 0 ,0 0 0 a d d itio n a l c o m m o n s to c k o n n o tic e
o f e x c h a n g e fo r o u ts ta n d in g c o n v e r t ib le 5 % ste rlin g d e b e n ­
tu res d u e 1920, m a k in g th e to ta l a m o u n t a u t h o r iz e d to b e
listed § 3 8 ,5 0 0 ,0 0 0 .
U n d e r d a t e o f J a n . 11 1911 th e c o m p a n y r e p o r ts to th e
N ew Y o r k S t o c k E x c h a n g e :

-on
^ R 'c L ouisville & In te ru rb a n Co., w hich Is now $1,U nder th e in d en tu re d a te d A ug. 2 1909 $2,500,000 o u t of an au th o rized
Louisville R y V.
., will,
Is exp ected, sh o rtly be In­ issue
of 55,000.000 of convertible 5% gold deb en tures o 1919 arc now ou tcreased to $2,500,000 orle $3,000,000.—
88, p.it 506.
stan d ng a n d h a v e been listed. In ou r app lication of J a n 19 1910 It w as
M e a d v ille ( P a .) T r a c t io n C o .— Sale Confirmed.— J u d g e sta te d th a t th c com pany had entered in to a c o n tra c t for th e sale of the re­
m aining $2,500,000 of said gold deb en tures
c
B u ffin g t o n in th e U. S. C ircu it C o u r t a t P it t s b u r g h , P a ., o n
A t a special m eeting of th e stockholders held Ju n e 27 1910 it w as v o ted
J a n . 2 4 c o n fir m e d th e sale o f th e p r o p e r t y , in c lu d in g th e n o t to Issue th e rem ain ing $2,500,000 of said gold deb en tures, b u t to Issuo
in lieu thereo f, u n d er a new in d e n tu re to be entered into betw een th e com ­
M e a d v ille S t . R y . , o n J a n . 14 la st to a r e p r e s e n ta t iv e o f th e pan y a n d th e New Y ork T ru st Co., £500.000 of convertible w
b o n d h o ld e r s ’ c o m m i t t e e .— V . 9 2 , p . 187.
d eb en tu res of 1920, con vertib le a t a n y tim e prior to tin m a tu rity ’uiereof
Into com m on sto ck on tho basis of $250 p ar valu e of such i w i i
N a s h v ille R y . & L ig h t C o .— Report.— F o r y e a r c n d .D e c .3 1 : £50 p ar value of sterling deb en tures presented for conversion u p o n p a y fn g
to the com pany, a t th e office of th c tru stee, $7 in U. S c o ld co in for overv
Cal.
Total
N et (after
In t. on Reserve P ref. D iv. Balance
p a r valu e of sterling deb en tures so presented for conversion a n d a
Year.
E arnings. T axes).
B ds.,& c. (incl.depr.) (5% )
S u rp lu s’. £50
fu
rth e r sum to be fixed by th e com pany to provide for th e difference’ if -inv
1910-------- $1,832,464 $802,438 $402,426 $54,860 $125 000 S290 151 betw
een th c accrued in terest on said deb en tures a t th e fixed ?ate of ex- v o i ; p ' m 4: 380 7 l0 ’497 394:353 6 i : « ® i2 s;o o o 'l i S i S ! changc of $4 8 6 to th e pound sterling, and th e div ldend earncd o f th e sto^k
Issued In exchange therefor, using for such calculation th e la s t'r m h r . fvi
N e w Y o r k A u b u r n & L a n s in g R R . — Proposed Third Rail. d en d declared. S aid sterlin g deb en tures are d ate d as of Ju ly i \ij m int
pay ab le J . & J . A t th e sam e m eeting it was vo ted th a t th e ^ n n n n .ii!?™
— S ee I t h a c a -A u b u r n P o w e r C o. b e lo w .
com m on sto ck previously reserved to be I s s u e d a g a in s tthe
N o p a rt of th e $2,000,000 bond Issue au th o rized In 1907 by th e Pu blic of
of
said S2.500.000 of gold d eb en tures of 1919 rem a ifing un issu ed slu m id b e
Service ^Com mission w as, we learn, ever issued. C om pare V.' 85, p. 160;
d X rn tu re s ro f ni 9 2 0 3U aSa
thC conversloa o ' « H d £500.000 of sterling
. All of said sterlin g d eb en tu res h av e been sold and will be nald for before
N e w Y o r k N e w H a v e n & H a r t fo r d R R . — Notes Offered.—
L e e , H ig g in s o n & C o . th is w e e k ofFered in B o s t o n a t lOOkt
a n d in t ., y ie ld in g a b o u t 4 .2 5 % , § 1 0 ,0 0 0 ,0 0 9 4
cou pon




y2%

Jan . 28 1911.]

THE CHRONICLE

$972,000 has been ad v an ced to th e com pany on acco unt of th e purchase
price of said sterling deb en tu res. T his a m o u n t has been loaned to tho
P ittsb u rg h H allw ays Co. a n d has been used by It for Im provem ents and
be tte rm e n ts. T he balance of tho proceeds of said sterling d eb en tures Is to
be used by th e com pany direct, or In adv an ces to o th er com panies controlled,
for Im provem ents and b ette rm e n ts a n d for new co n stru ction, eq u lp ’t, &c.
T he c ap ital stock as of F eb . 1 1911, a fte r conversion of said £500,000 of
sterling deb en tures, will be as follows: Com m on sto ck a u th o rized , $41,­
000,000; o u tsta n d in g , $38,500,000; pref. sto ck a u tli., $0,000,000; o u tsta n d ­
ing, $0,000,000. C om m on stock to the am o u n t of $2,500,000 Is reserved
for holders of con vertib le 5% deb en tures of 1919.

New Stock—Convertible Notes.

— T h e sh a re h o ld e rs w ill v o t e
A p r il 4 (1 ) o n in cre a s in g th e a u t h o r iz e d ca p ita l s t o c k fr o m
$ 4 7 ,0 0 0 ,0 0 0 to $ 4 8 ,4 0 0 ,0 0 0 , s u ch in cre a s e to b e in th e c o m ­
m o n sh ares a n d to b e u se d , w h e n is s u e d , e s p e c ia lly fo r th e
p u r p o s e o f e x c h a n g e fo r c o n v e r t ib le n o te s o f th e a g g re g a te
p a r v a lu e o f $ 1 ,4 0 0 ,0 0 0 ; (2 ) o n in c r e a s in g th e in d e b te d n e s s
b y th e issue o f $ 1 ,4 0 0 ,0 0 0 5 % n o te s m a t u r in g in t w o y e a rs
a n d c o n v e r t ib le , a t th e o p t io n o f th e h o ld e r s , in t o c o m m o n
sh ares $ f o r $; (3 ) o n a p p r o v in g th e a c t io n o f th e b o a r d in
a u t h o r iz in g th e sale o f sa id n o te s .
— F o r 8 m o s . e n d in g N o v . 30 1910:

Earnings.

T o ta l gross earn in g s...........$ 3 ,635 ,3 411F ix ed charges, &c............... $846,022
N et e a rn in g s. ....................... 2,090,671 Im p ro v e 'ts, extensions,& c 1,180,690
O ther Incom e------------------- 1 ,5 06,67 61B alance for div id en d s____ 1,570,535

Stock to Be Introduced on Paris Market.

— C a b le d is p a tc h e s
a n n o u n c e th a t a p r o m in e n t b a n k in g firm is in t r o d u c in g th e
c o m p a n y ’s s t o c k o n th e P a ris m a r k e t , b u t th a t it is n o t p r o ­
p o s e d to list th e sh a re s o n th e P a r q u e t .— V . 9 0 , p . 1554.

Earnings.

P it t s b u r g h H a r m o n y B u tle r & N e w C a s tle R y . —
-— D a rr & M o o r e , P it t s b u r g h , w h o are o ffe r in g a t 102
and
in t . 1st M . 5s o f 1900 (p r e s e n t issue $ 2 ,5 0 0 ,0 0 0 ), r e p o r t:

A first Hen on th e en tire p ro p e rty , consisting of 75 miles of th e highest
grade of railroad trac k , m odern pow er p lan ts, passenger coaches, freig h t
cars a n d ow nership In fee of all rig h ts of w ay, outside of the principal
m unicipalities; m inim um w idth 30 feet; $1,250,000 above th e bonded deb t
Is rep resented In the cost of this p ro p erty . N et earnings for 1910, a fte r pro­
vid ing for o p eratin g expenses, in terest charges a n d all o th er expenses, over
$70,000. (C om pare V. 83, p. 752.)— V. 90, p. 447.

Listed.

P u b lic S e r v ic e C o r p o r a tio n o f N e w J e r s e y .—
— The
N e w Y o r k S t o c k E x c h a n g e h as liste d th e $ 2 5 ,0 0 0 ,0 0 0 s t o c k .
— T h e re su lts fo r y e a r e n d . D e c . 31 1910 w ere:

Earnings.

Gross earnings of leased an d controlled com panies:
x R ailw ay, $13,308,726; y G as, $8,491,882; z E lectric
(Jan . 1 to Ju n e 30, $2,819,600; Ju ly 1 to Dec. 31, $3,052,638), $5,872,238----------- -------------------------------------------- . . . . ’. $27,672,846
P u b . Serv. Corp. of N . J . Incom e from securs. pledged & m !sc_. 1,532,347
T o ta l Incom e_______________________________
«29 205 194
O per. exp. a n d taxes of leased a n d controlled coY.— R ailw ay’ “ ' ’
$7,947,742; G as, $3,850,181; E lectric, $2,764,692; to ta l’
$14,562,615; add P ublic S ervice expense, $4 8,68 3_________14,611,298
N et earn in g s............. .........................................................
$ 1 4 5 9 3 896
Deduct— Bond In terest an d ren tals of leased an d controlled cos’—
’
H allw ay, $4,263,725; G as, $3,847,817; E lectric, $2 ,446 ,7 00 ..$ 10,5 58,24 2
In te re st charges of P u blic Service C orporation of N . J .—
P erp etu al In t.-b earln g c erts., $962,925; collateral notes,
$50,000; mIso. ob lig., $114,431; gen. M . bonds, $708,000 1,835,356
A m ount set aside as a reserve................................................................
125,000
B alance su rp lus for d iv id en d s........................................................ .. $2,075,298
D ividends paid d u rin g year by P u b. S erv. Corp. of N . J . (5% ) 1,250,000
Less su rplus of su bsd lary cos. (a) no t declared as dividends,
$179,120; (5) declared as dividends to m in ority stockhold­
ers and to holders of pref. stock of N . J . & H udson R iver
R y . & F e rry Co., $24,259; t o t a l . . _____ __________________
203,380
Balance surplus for year after dividends.
$621,918
x Includes Public Service R y . Co. for 12 m os. an d New Jersey & H udson
R iv er R y . 4c F erry Co. for 6 m os.
y Includes P ublic Service Gas Co. for 12 m os. and P rinceton E ight, H e at
& Pow er Co. gas earnings for 5 m os.
z O perated by Public Service C orp. of N . J . un der lease u n til Ju n e 30
1910. Ju ly 1 to Dec. 31 Includes P ublic S ervice E lec. Co. for th a t period,
a n d th e electric earnings of P rinceton I.Ight, H e at & Pow er Co. for 5 m os.
an d B urlington E leotric L ig h t & Pow er Co. for 1 m o nth .
t N ote.— In te re st charges an d ren tals paid by subsld iaryco m pan lcs to P u b .
Serv. Corp. of N. J . and ta k e n up on tiie books of th e C orporation as In­
com e, are offset In th is consolidated sta te m e n t.]
E arnings of Cos. Controlled through Stock Ownership— Calendar Year 1910.
[Including the earnings of the companies controlled by each.]
„
P .S .R y .C o . P .S.G asC o. *P .S .E l.C o .
Gross earnings ___________
$ 1 2 , 8 2 2 , 6 2 1 $8,480,731 $3,064,421
N et earn in g s................................................. $5,135,430 $1,641,600 $1,671,151
Deduct—
Bond Interest.................................................. $1,789,840
..............................................
210,604
.. _..........._
Miscellaneous Interest charges______
R e n ta ls---------------------------------886,595
2,703,986
908,085
1,738,828
647,791
Bond Interest of leased companies___ 1,418,718

Surplus of sub. cos. not declared In
dlvs. and not taken up In accts. of
operating company ________________

23,002
. . .
..................
D ividend paid Deo. 31 1910_________(2% )7 51 ,32612 ^> 162,500
(1)67,500
B alance, su rp lus over d iv id en d s___
$52,345
$36,295
$47,775
* F o r six m o nth s only, th e com pany com m enced operation s In Ju ly .—•

Dividends from Operating Companies.

— T h e c o m p a n y re­
p o r ts the d iv id e n d d is t r ib u t io n s b y th e c o m p a n ie s c o n t r o lle d
b y it th r o u g h s t o c k o w n e r sh ip as fo llo w s :

, t
C ap. Stock C ap. Stock Owned by B y D tControlled through Stock.
A uthorized.
Issued.
P ub.S.C or. rectors
P ublic Service E lectric C o------ $15,000,000 $6,750,000 $6,749,100 $900
P ublic Service Gas Co...................10,000,000
6,000,000 5,999,500 500
P ublic Service R ailw ay C o____ 38,000,000 37,698,900 37,694,800 __
T he surplus earnings of these com panies accrue to P u blic Service Corp)
throu gh the p a y m en t of dividends. O n Dec. 31 1909 P ublic Service R y . Co.
paid a 2% div idend on th e $37,487,300 cap ital sto ck th en o u tsta n d in g
covering th e y e a r’s operation s. O n th e sam e d a te Public Service G as Co.
paid a 2% div idend on o u tsta n d in g stock of $3,960,000, this covering a
period only since O ct. 1 1909, th e d a te th e com pany com m enced op eration s
P ublic Service E lec. Co. did no t com m ence op eration s un til Ju ly 1 191o!
D ividends for th e year 1910 w ere declared D ec. 27, pay ab le Dec. 31, as fol­
lows: Public Service R y . Co., 2% ; P ublic S ervice Gas Co., 2 H % I P ublic
Service E lectric Co., 1% .
Tiie stocks of these com panies ow ned by th e C orporation arc deposited
w ith th e tru ste e un d er th e gen. m tge. 5% bonds, the Public Service R y . Co.
stock being su b je c t,h o w e v e r, to a prior lien securing the C orp oratio n’s per­
p etu al Interest-bearin g certificates.
T he franchises of Public Service Corp. of N. J ., P ublic Service R y . Co.,
P u blic Service Gas Co. a n d P ublic Service Elec. Co. and tlielr un derlying
com panies, w ith certain m inor exceptions, arc p erpetual.

Acquisitions.— S in ce

co n tro l

of

J u ly 1 1910 th e c o m p a n y h as se cu r e d
th e f o llo w in g c o m p a n ie s b y p u r c h a se o f s lo c k :

A u th .
Issued. Purch.
P rin ceto n L ig h t, H e at 4c Pow er C o ...............$250,000 $122,500 $110,550
New Jersey & H udson R iver R y. & F erryC o.2,500,000 2,500,000 2,444,750
B urlington E lectric L ight & Pow er Co_____ 25,000
17,550
17,550




O n O ct 11910 th ere w ere purchased 24,447 U shares (par $100 each) of a
to ta l of 2o,000 shares of com m on sto ck of th e N . J . & H ud son R iver R y . A
leridCer 3ana ^so
ck of anfor
a u th
th e. issu«
of $7,)0,(.00] un
agreem en t d a te d$742,800
Ju ly 1 , wpref.
hichsto
provided
p ay ­
m en t for each sh are of stock of $108 In Public Service C orp. of N . ,T. gen i f .
os a n d $12 In cash, w ith In terest a t* 5% from Ju ly 1 to O ct. 1. All th e
shares p u rch ased , except 9 in nam e of directo rs, h av e been deposited w ith
tho tru ste e of th e general m o rtg age of th e C orporation
In ad d itio n to th e com panies previo usly rep o rted (V. 90, p. 1303) as
leased by P ub. S erv. R y ., P u b. S erv . G as Co. a n d P u b . Serv. E lec. Co. are:
W eehaw ken C o ntractin g Co., p re fe rre d ___'I a u S i o ' M $2^483-___'
C itizens’ Elec. L ight, H e at & Pow er C o .. . 41,400
4 1 4 0 -1 0 %
M orristow n Gas L ight C o--------------------------- 367,500
18;375— 5%

v lf l p lS lf C°"~------------------------ 100.000

2|000— 2%

.—Sale of New Notes

P u g e t S o u n d E le c tr ic R y . C o
.— T h e
$ 1 ,5 0 0 ,0 0 0 n ew n o te s d a te d F e b . 1 a r c s e c u r e d b y p le d g e o f
r e fu n d in g b o n d s a t 70.
T h e e n tire issue w a s p u r c h a s e d a n d
h as b e e n p la ce d b y L e e , Ilig g in s o n & C o .
O f th e a m o u n t
n a m e d , $ 1 ,0 0 0 ,0 0 0 is to retire $ 1 ,0 0 0 ,0 0 0 n o te s d a te d F e b . 1
a n d th e b a la n c e to p a y o ff flo a tin g d e b t in cu rr e d fo r n ew c o n ­
s tr u c tio n a n d im p r o v e m e n ts .
T h e c o m p a n y is m a n a g e d b y
S to n e & W e b s te r a n d in clu d e s th e in te r u r b a n lin e fr o m
S e a ttle to T a c o m a a n d all th e T a c o m a C ity lin es.

E x tr a c ts from L etter o f S to n e & W e b ste r . B o s to n , J a n . 6 1 9 1 1 .

T he proceeds of these notes and of $500,000 of th e com p an y ’s pref. stock
will be used In p a rt to retire th e $1,000,000 6-year 5% coupon notes m atu r­
ing Feb. 1 1911, an d In ad d itio n will be sufficient to retire all th e present
lloatlng d e b t an d provide for th e a n ticip ated req uirem ents for con stru ctio n
an d equ ipm en t d u rin g th e year 1911.
T hese notes will be In coupon form of $1,000 d en om in ation, d ated F eb. 1
1911, du e F eb. 1 1912, ln t. pay ab le A ug. 1 a n d Feb. 1, Issued u n d er a deed
of tru s t d ated Feb. 1 1911. T he to ta l a u th . Issue will be $1,700,000, to be
secured by th e deposit and pledge of ’’consolidated and refun ding m tg e.”
5% gold bonds of P u g et Sound Elec. R y . a t th e ra te of $10,000 bonds for
each $7,000 of notes.
T he "co nso lidated an d refun ding m tg e .” bonds will be d ated F eb. 1 1911.
secured by a m tg e. on all p ro p erty of th e com pany now ow ned or h ereafter
acq uired (except certain real e state n o t req uired in th e bu siness), Including
th e in te ru rb a n railw ay and certain securities of (1) th e T acom a R y . & Pow er
Co. [entire $2,000,000 cap tal sto ck , except d irecto rs’ sh ares, $264,000 o u t
of $1,500,000 1st M. 5s: also th e $2,482,687 o u tstan d in g notes]; an d (2) th e
Pacific T ractio n Co. [all th e $1,250,500 sto ck , except directo rs’ sh ares, and
all th e $61,893 o u tstan d in g notes]; su b ject to un derlying m ortgage bonds
o u tstan d in g aggregating $5,717,000 (as specllled below ), to retire which
an equal am o u n t of th e "conso lidated and refu n d in g ” bonds will be re ­
served. T he $500,000 o u tstan d in g 5-year 5% notes w hich m a tu re F eb. 1
1912 will also be secured un d er th is m ortgage. T he a u th . Issue will be
$15,000,000, of w hich th ere will be Issued forth w ith on ly th e am o u n t re­
q u ired as collateral for these 1-ycar notes a t th e ra te abo ve specllled. N ot
exceeding $6,432,000 will be reserved to retire th e un derlying issues an d th e
$500,000 5-year coupon notes due Feb. 1 1912. T he rem ain d er will be issu­
able for 80% of a ctu al cash exp en ditu res for p erm an en t ad d itio n s and
Im provem ents.
T he deed of tru st securing these $1,700,000 1-year notes will provide th a t
w hile a n y of these notes are o u tstan d in g th e to ta l issue of “ consolidated and
refun ding” m tg e. bonds will be restricted to th e am o u n t pledged to secure
these notes an d reserved for th e p ay m en t of th e $500,000 5-year coupon
notes du e Feb. 1 1912; also th a t w hile a n y of these 1-year notes are o u t­
stan d in g , th e com pany will n o t m ake a n y fu rth er m o rtg age or place any
fu rth e r Hen on Its properties, or Issue an y fu rth er bonds un der existing m tge.
U nderlying B onds $5,717,000 and Notes due Feb. 1 1912 (Including
$1,700,000 J u st Sold), $2,200,000.
P u g et Sd. E l.R y . co n s.5 s .$ 4,081,000 ! P u get S. E l. R y . N otes—
T ac. R y . & P. Co. 1st 5 s .. 1,236,000 j 5-yr. 5s con v. du e Feb. 1’12 $500,000
P ac. T rao. Co. 1st 5s-------- 4 0 0,00 011-yr. 6s, du e 1912 (new ). . 1,700,000
T he cap ital sto ck , Including th e $500,000 pref., referred to abo ve. Isp ref., 6% no n-cum ., $1,116,700; com ., $3,500,000; to ta l, $4,618,700.
In d e p en d e n t ap p raisal recen tly m ade gives a com bined valu e for the
prop erties of th e P u g et Sound Elec. R y . a n d th e T acom a R y . & Power Co.
w hich exceeds th e to ta l par value of o u tsta n d in g bonds a n d notes (including
those now to be Issued) by m ore th a n $2,500,000.
Gross E arnings jor Cal. Years 1905 to 1909 and 12 M os. ending N ov. 30 1910.
1905.
1906.
1907
1908.
1909.
1909-10.
$1,086,627 $1,364,574 $1,626,610 $1,639,131 $1,865,095 $1,906,301
T he n e t earnings hav e alw ays been sufficient to p a y In terest a n d sinking
funds a n d 6% each year on th e preferred sto ck .
Incom e A ccount fo r 12 M os. ending N ov. 30 1910 (A ctu al) and E stim ate for
Calendar Year 1911.
1909-10. 1911 (esL) I
1909-10. 1911(esf.
$
$
$
$
Gross e a rn in g s .. 1,906,301 2,004,000 In t. on m tg e.b d s 284,184 285,850N et (after taxes) 502,757 609,00 0! B ond sink. fu n d . 51,356 51,790
167,217 271,360
I n t. an d disco un t on coupon notes and floating d e b t
(Incl. In 1911 th e $1,700,000 one-year n o te s)............. 125,126 134,00»
B alan ce.......................................................................................... 42,091 137,360
S u b sta n tia l red uction s hav e been m ad e recently In th e cost of pow er
a n d In o th er tra n sp o rta tio n expenses.— V. 92, p . 188.

Quebec

New Brunswick Ry.—Application.

&
— The com ­
p a n y will a p p ly to th e P a r lia m e n t o f C a n a d a a t its p r e se n t
session fo r a n A c t e x t e n d in g th e tim e f o r th e c o m m e n c e m e n t
a n d c o m p le t io n o f th e ro a d ; a lso t o in cre a se th e c a p ita l s t o c k
a n d d e b e n tu r e s o f th o c o m p a n y .

Reading Co. Bond Sale.

—
— R e fe r r in g t o th e r e c e n t sale o f
$ 2 0 ,0 0 0 ,0 0 0 g e n . M . 4 s, th e p r o c e e d s o f w h ic h , it w a s re­
p o r t e d , w o u ld b e u sed t o ta k e u p th e $ 1 8 ,8 1 1 ,0 0 0 P h ila . &
R e a d in g R y . c o n s o l. 7s d u e J u n e 1911, P r e s id e n t B a e r s a y s:

T he com pany did n o t sell $20,000,000 bonds to ta k e up th e $18,811,00#
consolidated bo nd s. W e can only Issue gen. M. bonds to p ay prior liens
to th e ex a c t am o u n t of the m atu rin g bonds. I t has been arranged w ith
D rcxcl & Co. and J . I’. M organ & Co. to a ct as Its flscal agents to sell these
bonds a t a price w hich the com pany will nam e, and th a t price will conform
to a fair m a rk e t price, otherw ise th e bonds will n o t be sold. T he R eading’s
tlnances do n o t req uire It to sacrilice securities to m eet m atu rin g obligations.
W hen th e gen. M. bonds req uired to p ay oil th e consolidated bonds are
Issued, th e to ta l o u tstan d in g gen. M. bonds will be $100,155,000. No m ore
generals can be Issued un til th e m atu rin g of $5,768,252 prior liens In 1937.
w ith tire exception of a few bonds to retire real e sta te m ortgages, w hich ar«
sm all In a m o u n t.— V . 92, p . 188.

Rock Island Co. Changes in Officers.

—
— T h e fo llo w in g
ch a n g e s in o ffic e r s are a n n o u n c e d , e ffe c t iv e o n o r a b o u t F e b . l :

George T . Boggs has resigned as a V ice-P resident, S ecretary a n d T reas­
u re r of th e R ock Island Co. a n d as V ice-President, A ssistan t S ecretary and.
A ssistan t T reasurer of tho Chicago R ock Island 4c Pacific R y . J . J . Q uin­
lan, now a V ice-President, A ssistan t S ecretary an d A ssistan t T reasurer of
th e R ock Island Co., will retain his vice-presidency an d becom e S ecretary
an d T reasurer to succeed M r. Boggs. T he office of V ice-P resident of the
tw o com panies held by the la tte r will be abolished. T he office of R oberts
W alker, P resid en t a n d G eneral Counsel of th e R ock Islan d lines, will be
m oved to Chicago, II. M. Sloan, a t present a V ice-President, A ssistant
S ecretary a n d A ssistan t T reasurer of th e R ock Island Co., w ith office in
New Y ork, going to Chicago as A ssistan t to th e P resid en t. T hese changes
arc m ade In th e Interest of econom y, resulting In th e red uction of th e viceprcsldenclcs of th e R ock Island Co. a n d Chicago R ock Island 4c Pacific R y.
from three to one an d tw o to one respectiv ely.— V . 91, p. 1513.

St. Louis Decatur Champaign Ry.—Consolidation.— Sae

&
B lo o m in g t o n D e c a tu r & C h a m p a ig n R R . a b o v e .

THE CHRONICLE

264

[VOL. LXXXXII.

A m e r ic a n A g r ic u lt u r a l C h e m ica l C o .— Bonds Offered and
S a o P a u lo T r a m w a y , L i g h t & P o w e r C o ., L t d . — Offering
— T h e a d v e r tis e m e n t o f C la rk , D o d g e & C o ., N e w Y o r k ,
of Perpetual Consolidated Debenture Stock in London. S u b ­ Sold.
a n d L e e , H ig g in s o n & C o ., B o s t o n , C h ic a g o a n d N ew Y o r k ,
s c r ip tio n b o o k s w e re o p e n e d in L o n d o n fr o m J a n . 18 to 20
a t L l o y d s ’ B a n k , L t d ., B a n k o f S c o t la n d a n d th e C a n a d ia n
B a n k o f C o m m e r c e fo r £ 3 0 0 ,0 0 0 5 % p e r p e tu a l c o n s o lid a t e d
d e b e n tu r e s t o c k , o ffe r e d a t p a r .
T h e s t o c k w ill b e re g is­
ter e d in L o n d o n a n d T o r o n t o ; in te r e s t p a y a b le b y w a r r a n ts
M a rch 2 a n d S e p t. 2 in L o n d o n in s te r lin g a n d in T o r o n t o in
d o lla r s , a t $4 80 2 -3 to th e £ s te r lin g .
P r in . & m t . p a y a b le
free o f all ta x e s a n d d e d u c t io n s o t h e r th a n in c o m e ta x .
An
a d v e r t is e m e n t s a y s in s u b s ta n c e :
.

T he sto ck will be secured by a tru s t deed in fav o r of th e B rltish E m ptre
T ru st Co., L td ., of L ondon, and th e N ational T rust C o., L td ., of T o ronto ,
as tru ste e s, w hereb y th e w hole of th e p ro p e rty , a ^ e ts an d u n d e rtak in g will
be m o rtgaged by w ay of first floating charge, su b je c t only to th e existin g
Issue of $6,000,000 1st M . 5% gold bonds (redeem able Ju n e 1 19291. T he
tru s t deed will provide- th a t th e to ta l a m o u n t of th e perp etu al consolidated
d e b en tu re sto ck shall be lim ited to th e a m o u n t of th e sh are cap ital for th e
tim e being Issued and paid up; th a t no m o rtg age or charge shall be created
ran k in g In p rio rity to or pari passu w ith It; a n d th a t an am o u n t equ ivalen t
to th e abo ve-m en tion ed 1st M. 5% gold bonds for th e tim e being o u t­
sta n d in g shall be reta in e d un issu ed . W hen said bonds h av e been redeem ed,
th e sto ck will form one consolidated first charge on th e w hole p ro p erty .
T he tru st deed will provide th a t th e com pany m ay, on giving six m o n th s’
notice redeem th e w hole or p a rt of th e sto ck now Issued, or w hich m ay be
hereafter issued, a t 105, or a t such higher price, being th e average m iddle
price of th e sto ck on th e L ondon S tock E xchang e on th e six I.ondon Stock
Exchange. se ttle m e n t day s Im m ediately preceding th e notice to redeem .
"The com pany gen erates its electrical energy from a w ater-pow er w hich
It owns 26 miles d ista n t from Sao P aulo, and w hich Is capable of develop­
ing 2 1 , 5 0 0 c o n tinuo us electrical h. p. O ver 105 miles ol railw ay are oper­
a te d In th e city a n d su rrou ndin g d istrict: light Is supplied to over 5,200
custo m ers, using a b o u t 72,000 lam ps, and pow er is supplied to over 500
custo m ers, using nearly 15,000 h. p.
T he proceeds of th e p resent issue are req uired for th e general purposes of
th e com pany , to m eet cap ital ex p en d itu re occasioned by th e Increasing
business In every d e p artm e n t.
T he estim ated n et earnings for th e ten m o nth s ended O ct. 31 1910
a m o u n te d to £316.551, or a t th e ann ual ra te of £379,861. T he ann ual
a m o u n t required to pay th e interest on th e deb en tures, Including th e pres­
en t Issue of d eb en tu re sto ck , is £76,856, leaving a balance of £303,005
av ailable for renew als, tax es, dividends on share c ap ital, &c.— V . 92, p. 189.

Second Avenue HR., New York.— Receiver's New Certifi­
cates.— J u s tic e G o ff in th e S u p re m e C o u r t in th is c i t y th is

w e e k a u t h o r iz e d r e c e iv e r L in c h t o issue 8 5 0 0 ,0 0 0 r e c e iv e r ’s
c e r t ific a te s to re p a ir th e tr a c k s a n d e q u ip m e n t a n d p r o v id e
n ew r o llin g s t o c k a n d to sell th e s a m e to th e G u a r a n ty T r u s t
C o . o f N e w Y o r k a t p a r a n d a c c r u e d in te re s t less a c o m m is ­
sio n o f % o f 1 % .

T his Is p a rt of th e $3,000,000 certificates auth orized in O ctober last, a t
w hich tim e $2,500,000 w ere b rou gh t out; rem ain ing $500,000 being then
reserved for fu rth e r order of th e C o urt. C om pare V . 91, p . 746, 1255.

Southern Pacific Co. Reported Bond Sale.

—
— I t is r e p o r te d
t h a t a p r iv a t e c a b le fr o m P a ris a n n o u n c e s th e sale o f $ 2 5 ,­
0 0 0 ,0 0 0 o f th e c o m p a n y ’ s 4 % b o n d s in P a r is , w ith a n o p t io n
o n $ 2 5 ,0 0 0 ,0 0 0 a d d it io n a l.
N o c o n fir m a t io n o f th e r e p o r t
c a n b e o b t a in e d fr o m o ffic ia l s o u r c e s in th is c i t y .— V . 9 2 ,p .l8 9

Southern Pacific RR .— Listed.— T h e

N ew Y o rk S tock E x ­
c h a n g e h as lis te d th e $ 5 ,7 7 5 ,0 0 0 a d d itio n a l first r e fu n d in g M .
4 % b o n d s , d u e 1955, issu e d to re tire $ 5 ,7 7 5 ,0 0 0 u n d e r ly in g
b o n d s m a tu r in g J a n . 1 la s t, m a k in g th e to ta l a m o u n t listed
t o d a t e $ 1 2 2 ,7 7 7 ,0 0 0 .
.
— F o r th e 5 m o n th s e n d in g N o v . .50 1910:

Earnings.

Gross e a rn in g s--- _____ $21,618,8251 R evenues over e x p en se s.$10,348,346
In te re st, &c., re c e iv e d -.
921,162 C harges a n d n ix e s............. 4,055,387
T o ta l rev en u es.................... 22 ,539 ,9 871Ilalancc, su rp lu s............. 6,292,959

Bonds to be a Legal Investment on April

next.-—

1
W h ite & K e m b le , th e w e ll-k n o w n b o n d e x p e r t s , h a v e a d ­
v is e d a le a d in g b a n k in g h o u s e in th is c it y as th e re su lt o f a n
a n a ly sis th a t th e c o m p a n y ’ s first r e f. 4 % b o n d s , d u e J u n e 1
1 9 5 5 , o f w h ic h th e re are n o w $ 1 2 2 ,7 7 7 ,0 0 0 o u t s t a n d in g , will
b e c o m e a legal in v e s t m e n t f o r s a v in g s b a n k s in N . Y . S ta te
o n A p r il 1 in ste a d o f J u ly 1 n e x t , as g e n e r a lly u n d e r s t o o d .

T he record of gross earnings for 5 years m eets th e legal req uirem ents, and
if the div idend p ay m ents be considered as m ade for periods of 12 m o nth s,
from A pril 1 to the follow ing M arch 31, beginning in 1906, th e y also fultll
the necessities of th e case. D ividends on th e $160,000,000 stock, w hich is
all ow ned by the S o uthern P ac. C o., w ere paid as follows: Ju n e 28 1906,
1% ; D ec. 19 1906, 3% ; Ju n e 29 1907, 1% ; M arch 30 1908, 3% ; Ju n e 3
1908, 10% ; Ju n e 1 1909, 5% , an d M ay 26 1910, 6 % . For th e 5 years,
therefore, reckoning backw ard from A pril 1 1911, th e dividends paid were
6 % , 5 % , 10% , 4% and 4 % .resp ectiv ely , being a t least 4% per year for 5
successive y ea rs.— V. 91, p. 1027.

South Side Elevated RR., Chicago.— Report.—

Cal. Y r .— Gross.
N et.
Charges.
1910________ $2,457,488 $803,977 $453,080
1909________ 2,234,972 711,018
453,080
1908________ 2.241,690 670,624
436,620
— V . 90, p. 1426.

o ffe r in g a t 102 a n d in t. $ 4 ,0 0 0 ,0 0 0 1st i l . 5 % c o n v e r t ib le
g o ld b o n d s o f 19 0 8, is p u b lis h e d o n a n o t h e r p a g e o f th e c u r ­
re n t issu e o f th e “ C h r o n ic le ,” fo r th e p u r p o s e o f r e c o r d , th e
e n tir e b lo c k h a v in g b e e n s o ld .
T h e b o n d s a re th e final
in s t a llm e n t o f th e $ 1 2 ,0 0 0 ,0 0 0 issue a u t h o r iz e d in 1908 a n d
fu lly d e s c r ib e d in V . 8 7 , p . 7 4 1 , 8 1 4 , 8 7 4 .
O f th e to ta l
a u t h o r iz e d a m o u n t th ere a re n o w o u ts ta n d in g $ 1 1 ,4 3 5 ,0 0 0 .
T h e r e h a v e b e e n re tire d b y th e s in k in g fu n d (n o w $ 3 7 5 ,0 0 0
y e a r ly ) $ 3 4 8 ,0 0 0 a n d c o n v e r t e d in t o p r e fe r r e d s to c k s $ 2 1 7 ,­
000.
T h e re are $ 7 ,4 3 5 ,0 0 0 o f th ese b o n d s liste d on th e
N e w Y o r k a n d B o s to n S t o c k E x c h a n g e s a n d a p p lic a t io n
will b e m a d e to list th e p r e s e n t issu e.
T h e P r e sid e n t o f th e c o m p a n y ca lls a tt e n t io n to th e fa c t
th a t th e to ta l v a lu e o f the real e s ta te a n d p la n ts (in c lu d in g
th e p r o p e r t ie s o w n e d b y s u b s id ia r y c o m p a n ie s ) s u b je c t to
th is m o r tg a g e is u p w a r d s o f $ 1 3 ,0 0 0 ,0 0 0 ; th e n e t c u r r e n t
a ssets o n J u n e 30 1910 a g g r e g a te d $ 1 8 ,5 2 1 ,5 0 9 ; to ta l a sse ts,
$ 3 1 ,5 2 1 ,5 0 9 , o r m o r e th a n 2 * ^ tim es th is is s u e .
T h e earn ­
in g s a p p lic a b le to in te re s t fo r th e fiscal y e a r 1 9 0 9-1 0 w a s G
tim e s in terest ch a rg es o n th e p r e se n t $ 1 1 ,4 3 5 ,0 0 0 o f b o n d s .
T h e p h o s p h a t e d e p o s its c o v e r e d b y th e m o r t g a g e , it is
s ta t e d , a re s u ffic ie n t to la st GO y e a r s , a llo w in g fo r n orm a l
b u sin e ss g ro w d h .
T h e b o n d s are c o n v e r t ib le a t a n y tim e ,
p a r fo r p a r , in to G % c u m u la tiv e p r e f. s t o c k .— V . 9 1 , p . 1575.

Listed in London.

A m e r ic a n S m e ltin g & R e fin in g C o .—
—
T h e c o m p a n y ’ s c o m m o n s t o c k h a s b e e n a d m it t e d to q u o ­
t a t io n o n th e L o n d o n S t o c k E x c h a n g e .—- V . 9 2 , p . 184, 121.

Listed.
7%

A m e r ic a n W r it in g P a p e r C o .—
— T h e N ew Y o rk
S t o c k E x c h a n g e h a s liste d $ 1 2 ,5 0 0 ,0 0 0
c u m u la tiv e p r e ­
fe rre d s t o c k a n d $ 1 5 ,4 2 9 ,0 0 0 1st M . 5 % b o n d s , d u e 1919.
— F o r G m o n th s e n d in g J u ly 1 1910:

Earnings.

M fg. earnings, $842,832; in t. on b an k deposits, & c., $61,164;
to ta l Incom e_________________________________________
$903,996
D educt— G en. d e p t, and m an ag em ent e x p ., $139,700; lilt, on
bonds, $425,000; sinking fund, $50,000__________________________ 614,700
Preferred dividend N o. 4, paid A pril 1 1910, 1% (sem i-an n u al)___125,105
Ilalance, su rplus for h a lf-y ea r______________________________________ 164,191
— V . 91, p. 872.

Reported Sale of Bonds.— T h e

A s s o c ia t e d O il C o .—
A n g e le s F in a n c ie r ” o n J a n . 21 sa id :

“ Los

T here w as a good dem and for th e bonds of th e A ssociated OH Co., fostered
by the new s th a t th e new $20,000,000 Issue of 1st M. bonds had been
lloated. T he present Issue, of w hich betw een $4,000,000 and $5,000,000 Is
o u tsta n d in g , is to be retired . It Is sta te d , and as these bonds are callable a t
105 a n d in t., th e dem and for them w as qu ite stim u la te d . 'I’liey closed
stron g a t 97 H b id . None sold on th e lloor.— V. 91, p. 1027.

Annual Dividend Con­
4%>
V■
Bonds.

C o m p u t in g S ca le C o . o f A m e r ic a .—
d iv id e n d o f G % h as b e e n d e c la r e d o n th e
$ 1 ,5 0 9 ,0 0 0 s t o c k , p a y a b le q u a r t e r ly , l )
f ° r th e y em '
b e g in n in g N o v . 1, th e first in sta llm e n t d u e F e b . 1 1911.
The
sa m e ra te w as p a id in th e t w o p r e c e d in g y e a r s .—
8 9 , p .1 2 2 5 .
C o n s o lid a tio n C oa l C o ., B a lt im o r e .—
— T h e $ 9 ,0 0 0 ,­
0 00 o f b o n d s r e p o r te d as s o ld th is w eek is th e b lo c k re fe rre d
to in th e “ C h r o n ic le ” last D e c e m b e r ( V . 9 1 , p . 1514, 1 6 3 2 ).
— T h e $ 3 ,0 0 0 ,0 0 0 K e n t u c k y D iv . 5s,
w h ich a r c to be ca lle d a n d p a id J u n e 1, will n o w b e re d e e m e d
a t o p t io n o f h o ld e r a t 105 a n d in t. o n p r e s e n ta t io n to th e
G u a r a n ty T r u s t C o ., N e w Y o r k .

tinued at 6 % . — A

Payment of Bonds.

T he $3,585,000 S om erset Coal 5s will be called for p ay m en t a t 110 on
A ug. 1; no option of earlier red em ptio n, we are Inform ed, has as y e t been
offered to these bo nd s.— V . 91, p. 1632, 1514.

Purchase Bonds.
C o .— Listed.—-The N ew Y o r k

C r u c ib le S te e l C o . o f A m e r ic a .—
—
— S ee
P it ts b u r g h C ru cib le S teel C o . b e lo w .— V . 9 1 , p . 1712, 1449.
C u b a n -A m e r ic a n S u g a r
S t o c k E x c h a n g e h as a u t h o r iz e d t o b e liste d o n a n d a ft e r
M a rch 20 $ 1 ,5 9 8 ,8 0 0 a d d itio n a l p r e fe r r e d a n d $ 6 3 9 ,5 0 0 c o m ­
m o n s t o c k o n n o tic e o f is s u a n ce , m a k in g th e to t a l a m o u n t s
a u t h o r iz e d to b e listed $ 7 ,8 9 3 ,8 0 0 p r e fe r r e d a n d $ 7 ,1 3 5 ,GOO
co m m o n sto ck .

T he new stock Is Issuable on acco unt of th e dev elo pm en t of th e S an
•
M anuel S u gar Co. properties, as sta te d In V. 91, p. 1712. T he com pany
D ividends.
B a l., S u r. says th a t th e $10,000 cap ital stock of San M anuel S u gar Co. ‘‘rep resen ts an
(1 M % )$153,447 $197,450 equ ity over a n d above the purchase price and disbursem en ts for Im prove­
_____________
257,938 m ents of a t least $709,007. T he $639,500 com m on sto ck will bo Issued
(»A%) 76,722
157,281 against this excess v a lu e."— V. 91, p. 1709, 1712.

United Railways of St. Louis.— Preliminary Report.—

I t is a n n o u n c e d th a t s u b s c r ip tio n s h a v e b e e n r e c e iv e d fo r

C al.
Gross
N et (after Other
A ll
Preferred
Balance, th e en tire a m o u n t o f $ 1 ,5 9 8 ,0 0 0 p r e fe r r e d s t o c k .
T he first pay m en t, of 50% , w as to be m ade by Ja n . 15, a n d th e second
Year. E arnings. T axes,A c) Incom e. Interest.
D ividends. ,Surplu s.
1910.$11,537,774 $3,631,671 $43,067 $2,793,743 (2 'A) $409,580 $471,415 is due M arch 15. R eceipts, Issued as Installm en ts arc paid, will be ex?
1909. 11,111,431 4,083,253 ______ 2,798,182 (5) 849,160 435,911 changeable a fte r M arch 20 for stock ccrtfs.— V. 91, p. 1712.
T he sum of $1,500,000 w as, It is sta te d , d ed ucted from p ro p erty and
G e n e r a l C h e m ica l C o ., N e w Y o r k .— Dividend Again In­
p lan t acco unt and th e floating d eb t reduced to $1,050,000.— V . 91, p. 718.

Wabash RR .—Extension of Loan.— T h o

f o llo w in g is p r o ­

n o u n c e d s u b s ta n tia lly c o r r e c t :

creased.— T h e d ir e c to r s
den d of \ X
A % o n th e

y e s t e r d a y d e c la r e d a q u a r t e r ly d iv i­
$ 8 ,1 5 1 ,3 3 0 c o m m o n s t o c k , p a y a b le
M a rch 1 to h o ld e rs o f r e c o r d o f F e b . 18, a g a in st
f°r
th e q u a r t e r ly d is t r ib u t io n in 1910, ra is in g th e a n n u a l ra te
fr o m 5 % t o 6 % .

A n arran g em en t w ith th e b an kers for extension of th e loan m ade to the
W abash R R . on acco unt of th e purchase for Its acco unt of the W heeling &
L ake E ric $8,000,000 notes Is alm ost com pleted . It will be rem em bered
th a t In 1908, w hen th e W heeling no tes, w hich w ere gu aranteed by th e
W abash, cam e due, a sy ndicate boug ht these no tes, ta k in g therefor th e
Previous
W abash R R .’s agreem en t to tak e these off th e sy n d icate’s hands for
1900 to 1902.
$8,200,000, w ith 6% in te rest. Tills ob ligation of th e W abash R R ., Includ­
4
yearly
.
ing prin. and in t., now am o u n ts to a b o u t $9,380,000.— V . 91, p . 1770.
— V. 91, p. 1632.

Washington Westminster & Gettysburg RR.— Applica­
tion to Issue Securities.— T h e c o m p a n y o n J a n . 25 a p p lie d to

Dividend Itecord of Common Stock (Per Cent).
1903.
5

1906 to 1909.
4 yearly .

1910.
5 cash & 10 sto ck .

New Officers.

G e n e r a l M o t o r s C o ., D e t r o i t .—
— Thom as
N eal o f D e tr o it, a d ir e c to r o f se v e ra l b a n k s , has b e e n e le c t e d
th e M a ry la n d P u b lic S e r v ic e C o m m is s io n fo r p e r m is s io n to P r e sid e n t to s u cc e e d J a m es J . S t o r r o w o f L ee, H ig g in s o n &
b e g in c o n s t r u c tio n o f th e r o a d a n d issu e $ 3 ,1 0 0 ,0 0 0 5 % b o n d s , C o . o f B o s to n , w h o c o n s e n te d to a c t te m p o r a r ily u n til his
8 4 2 0 ,0 0 0 5 % p r o f, a n d $ 1 0 0 ,0 0 0 c o m . s t o c k .— V . 73, p . 1314. s u c c e s s o r s h o u ld be c h o s e n .
M r. S t o r r o w will c o n tin u e as
p e r m a n e n t h ea d o f th e fin a n ce c o m m it t e e w h ich u n d e r th e
b y -la w s h as full c h a rg e o f th e c o m p a n y ’s fiscal a ffa irs.
J a m es T . S h a w , o f J. S . L a p h a m
C o ., D e tr o it, h as b een
.— T h e d ir e c to r s , it is s t a t e d , h a v e a r r a n g e d w ith th e s e le c te d as T r e a su re r, e ffe c t iv e F e b . 1, a n d C. II. M cG ee o f
B a lt im o r e T r u s t C o . to ta k e u p th e $ 2 7 5 ,0 0 0 n o te s d u e F e b . 1 S t. L o u is , C o m p tr o lle r , e ffe c t iv e J a n . 1.— V . 9 1 , p . 157G.
a n d to c a r r y th e m u n til th e fin a n cia l p la n is c o m p le t e d .—
I n t e r n a t io n a l S te a m P u m p C o ., N e w Y o r k .—
•’C o m p a r e V . 9 1 , p . 1575.
—
— I t w as a n n o u n c e d o n J a n . 23 th a t th e

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Consolidated Coal & Iron Co.—Provision for
Notes




&

Bonds Acquisitions.

Sale of

■

J an . 28 1911.

TIIE CHRONICLE

• com p an y h a d c o m p le t e d n e g o tia t io n s w ith W illia m S a lo m o n
& C o . f o r th e sale o f a b lo c k o f its “ first lien 2 0 -y e a r 5 %
g o ld b o n d s , b e in g p a r t o f th e o r ig in a l b a la n c e o f $ 0 ,5 0 0 ,0 0 0
b o n d s r e s e r v e d fo r im p r o v e m e n t s a n d th e a c q u is it io n o f a d ­
d itio n a l p r o p e r t ie s , & c ., a t n o t e x c e e d in g 8 0 % o f co s t
( V . 8 9 , p . 1 0 7 0 , 1 6 7 1 .)
T h e to ta l a m o u n t o f th e issue n o w
o u t s t a n d in g , in c lu d in g th is sa le , is $ 9 ,3 8 4 ,0 0 0 .
T h e p r esen t
b lo c k is b e in g s o ld to c o v e r im p r o v e m e n t s to th e p r e se n t
p la n ts w h ic h w ill in cre a se th e c o m p a n y 's o u t p u t a n d fo r
th e p u r p o s e o f m a k in g final p a y m e n t s o n th e f o llo w in g r e ­
c e n t ly -a c q u i r e d p r o p e r t ie s , all o f w h ic h , it is s ta t e d , “ are
o p e r a t in g o n a v e r y p r o fit a b le ba sis a n d c o n t r ib u t e m a te r ia lly
to th e n e t e a rn in g s o f th e p a r e n t c o m p a n y .”

F M P resco tt S team P um p Co. a t M ilw aukee, W Is., w hich Is largely
■ engaged In th e m an ufacture of m ine pu m p s, d istrib u tin g Its p ro d u c t
th ro
u g h o u t thIro
e Wn est.
,
, , , ,Is p a rticu la
, rly
, en­
Jeansvllle
W orks Co., a t „H azleton
, _P a ., which
gaged in su pply ing [lum ping m achin ery to th e E astern coal m ines.
D enver R ock D rill & .M achinery Co. a t D enver. Colo., w hich specializes
In th e m an u factu re of drilling m achin ery o p erated by com pressed air.

Approximate Earnings

.— F o r n in e m o n th s e n d e d D e c . 31
1910 n e t p r o fits , a ft e r d e d u c t io n o f d e p r e c ia t io n , sh o w a n
in cre a s e o f 1 4 % as c o m p a r e d w ith th e sa m e p e r io d o f th e
p r e v io u s fiscal y e a r.

N e t profits from com bined
In t. on 1st lien 5% b o n d s. 5325,850
o p e ra tio n s....... ...................51,011,902 O th er In terest charg es___
37,750
D e p re c ia tio n ------------------ 371,210 P rct. dlvs. (tnol. sub-co.
preferred shares) _____ 644,850
N et a fte r d e p re c iatio n . .S I ,573,782
H al., su rp ., a fte r 0 m o s.’ pref. dlvs. (p aren t eo. fc subsidiaries) 5565,332
T otal orders ta k e n for the th ree m o nth s to D ec. 31 1910 show an Increase
23% over th e bookings for th e corresponding period in th e previous y ear.
— V. 02 d . 192.

Incorporated

K e n t u c k y E le c t r ic C o ., L o u i s v i l l e .—
.— T h is
c o m p a n y w as in c o r p o r a t e d in D e la w a r e o n o r a b o u t J a n . 17
w ith $ 3 ,0 0 0 ,0 0 0 o f a u t h o r iz e d c a p it a l s t o c k , th e in c o r p o r ­
a to r s b e in g L a w r e n c e J o n e s , i t . E . H u g h e s a n d A . J . C ar­
ro ll, to s u c c e e d to th e c o n tr o l o f th e p r o p e r t y o f th e K e n t u c k y
F le c tr ic C o . o f L o u is v ille , a K e n t u c k y c o r p o r a t io n w ith
$ 0 0 0 ,0 0 0 sh a re s c a p it a l s t o c k a n d s o m e $ 4 0 0 ,0 0 0 b o n d s
(c o m p a r e V . 9 0 , p . 5 6 2 ), a n d p o s s ib ly o th e r c o m p a n ie s ,
th o u g h n o d e ta ils o n th a t s c o r e are as y e t a v a ila b le .
Som e
$ 0 0 0 ,0 0 0 b o n d s , it is s a id , will b e s o ld fo r im p r o v e m e n t s a n d
a d d it io n s .
C om p a re V. 91, p . 97.

Laclede Gas Light Co., S t. Louis.—New Common Stock
Offered at 110 and Underwritten—Stock Dividend— 8 0 -Cent Gas
April 1 .— 'Phe d ir e c to r s o n M o n d a y v o t e d to o ffe r th e s t o c k ­

h o ld e rs o f b o t h cla sses o f r e c o r d M a rch 2 th e r ig h t t o s u b ­
s c r ib e fo r $ 1 ,0 0 0 ,0 0 0 n ew c o m m o n s t o c k a t $ 1 1 0 p e r sh a re ,
p a y a b le b e tw e e n M a rch 10 a n d M a rch 15, th e p r o c e e d s to b e
u sed c h ie fly to p a y o ff th e $ 1 ,0 0 0 ,0 0 0 5 % c o u p o n n o te s d u e
F e b . 1 1911.
T h e issu e , it is s t a t e d , h as b e e n u n d e r w r itt e n .
T h e d ir e c to r s a lso d e c id e d t o p a y a d iv id e n d o f 1 0 % in
c o m m o n s t o c k , to h o ld e r s o f b o t h p r e f. a n d c o m . (n e w a n d
o l d ) o f r e c o r d M a rch 2 7 , th e $ 1 ,2 0 0 ,0 0 0 n ew s t o c k so issu ed
to be d e liv e r e d A p r il fi. T h is w ill in cre a se th e o u ts ta n d in g
c o m m o n s t o c k to $ 1 0 ,7 0 0 ,0 0 0 , th e p r e f. s t o c k a m o u n t in g to
$ 2 ,5 0 0 ,0 0 0 .
V ic e -P r e s id e n t C . L . H o lm a n o n M o n d a y a u th o r iz e d th e
fo llo w in g s ta t e m e n t:

Since th e new m an ag em ent acquired con tro l, m an y econom ies have been
effected |n op eration s. A dv an tag eous c o n tra c ts hav e been en tered Into
w hich hav e reduced o p erating expenses and m aterially Increased th e com ­
p a n y 's earnin gs. I t Is e n tirely from th e savings In co n tra c ts so m ade th a t
the am o u n t necessary to pay dividends on this new stock Issue has been
saved to stockholders, a n d th e b o ard , a t Its m eeting to -d ay , decided to
give a portion of such earnings to Its stockholders
I t is th e policy of th is m an ag em ent from tim e to tim e to red uce th e price
of gas to th e public a n d a t th e sam e tim e do som ething for th e stockholders
of th e com pany . T he red uction In price to 80 cen ts per 1,000 feet to con­
sum ers, to ta k e effect on A pril 1, will result In a saving to th e public In th e
neighborhood of $350,000 per ann um .

New Tank.— T h e

c o m p a n y a n n o u n c e s its in te n tio n t o e r e c t
ils la rg e st steel ta n k a t N e w ste a d a n d C h o u te a u A v e s .,
S t . L o u is , at a co s t o f b e tw e e n $ 3 5 0 ,0 0 0 a n d $ 4 0 0 ,0 0 0 .—

V . 92 , p . 192.

Lake Superior Corporation.—Proposed Change of Name of
Subsidiary.— N o t ic e is g iv e n t h a t th e M a n ito iilin A N o r th
S h o re R y . , w h o s e s t o c k is all o w n e d b y th e L a k e S u p e r io r
C o r p o r a t io n , will a p p ly to th e P a r lia m e n t o f C a n a d a at th e
p r e se n t session to c h a n g e th e n a m e o f th e ro a d to th e A lg o in a
E a ste rn R y — V . 9 2 , p . 192.

Lehigh Coal & Navigation Co., Philadelphia.—Option to
Subscribe.— F o r th e p u r p o s e o f p r o v id in g in p a r t f o r th e
$ 2 ,4 7 0 ,7 5 0 c o n s o l. M . 7 % lo a n d u e J u n e 1 1911, o r o th e r
c o r p o r a t e p u r p o s e s , sh a re h o ld e rs o f r e c o r d a t 12 M . A p ril 29
are o ffe r e d , u n d e r d a t e o f J a n . 2 3 , th e righ t to s u b s c r ib e a t
p a r ($ 5 0 a sh a re ) fo r $ 2 ,4 1 4 ,6 5 0 n e w s t o c k to th e e x t e n t o f
1 0 % o f th e ir r e s p e c t iv e h o ld in g s .
S u b s c r ip t io n w a rra n ts
m u s t b e su rr e n d e re d to H . F. B a k e r , T r e a s u r e r , 437 C h e st­
n u t S t ., P h ila d e lp h ia , b e tw e e n M a y 15 a n d M a y 27 19 1 1,
in c lu s iv e , a c c o m p a n ie d b y p a y m e n t in fu ll.

T he new stock will c arry all dividends declared a n d pay ab le a fte r M ay 31
1911. A s directed In an order received from th e tru stees for th e sto ck­
holders, un der agreem ent of M arch 1 1910, th e rights accruing un d er the
abo ve allo tm en t held by th e tru stees hav e been assigned to holders of
tru ste e s' certificates, and accordingly su bscription w arran ts will be Issued
to holders of tru stees' certificates of record a t 12 M. A pril 29.
R eferring to th e above notice, th e trustees announce th a t they will re­
ceive a dd itional deposits of stock un der said agreem ent from Ju n e 5 to
Ju n e 30 1911, Incl., a t th e office of th e dep osito ry , the P ro v id en t IJfc A
T ru st Co., 409 C h estn u t S t.. P h iladelphia. Of the 524,146.950 stock
listed on th e P h ilad elp hia Stock E xchange, $16,031,750 has been deposited
un der said tru st agreem en t. T he tru stees arc: R . Dale B enson, E dw . W al­
te r C lark. Oeorge If. E arle J r ., (leorge If. F razier, E rsklne H ew itt and
Lew is A . R iley. (C om pare V. 90, p. 562; V. 89, p. 1180.)— V. 91, p. 1008,
1388.

Manitowoc (Wis.) Water Works Co.—Purchase Voted by
City.— 8 c e “ M a n ito w o c , W i s . , " in “ S ta te a n d C i t y " d e p a r t ­
m e n t .— V . 9 1 , p . 1774.




265
Bonds.—

M a n u fa c t u r e r s ' L ig h t ’ & H e a t C o ., P i t t s b u r g h .—
T h e sh a r e h o ld e r s w ill v o t e M a r c h 2 9 o n a u t h o r iz in g a n issu e
o f $ 8 ,5 0 0 ,0 0 0 6 % 1st M . serial b o n d s (d u e , it is s a id , $ 5 0 0 ,0 0 0
y e a r ly ) to liq u id a t e th e flo a t in g d e b t a n d to re tire o u t s t a n d ­
in g b o n d s .
C o m p a r e V . 9 1 , p . 1 6 3 3.

Sale.
S y n d ic a t e .•— Statement Unauthorized— D r e x e l

M id la n d S t e e l C o .—
— S ee P it t s b u r g h C r u c ib le S teel
C o . b e lo w .— V . 8 3 , p . 4 1 ; V . 9 1 , p . 1775.
O h io
o f P h ila d e lp h ia o n J a n . 2 0 w r o t e :

& C o.

W e hav e yo ur le tte r of J a n . 18 a n d w ould say th a t th e sta te m e n t referred
to therein w as b o th u n au th o rized an d Incorrect. W e h av e given o u t n o th ­
ing for pu blication w ith reg ard to th e O hio S y n d icate, as th e m a tte r did
n o t ap p ear to us to be of general In te re st.— V . 92, p. is s .

Purchase.

P it t s b u r g h C r u c ib le S te e l C o .—
— T h is c o m p a n y
is b e in g o r g a n iz e d u n d e r (h e la w s o f P a . a n d w ill ta k e o v e r
th e p la n t o f th e M id la n d S teel C o . o f M id la n d , P a . ( V . 8 3 ,
p . 4 1 ), in c lu d in g a b la s t fu r n a c e o f 5 0 0 to n s d a ily c a p a c it y
a n d 2 50 b e e h iv e c o k e o v e n s .
I t is p r o p o s e d t o b u ild o p e n h e a r th steel fu r n a c e s , b ille t m ills, & c .
T h e c o m p a n y w ill
b e c o n t r o lle d b y o r in th e in te r e s t o f th e C r u c ib le S teel C o .
o f A m e r ic a ( V . 9 1 , p . 1 0 2 3 ), w h ic h , it is s a id , m a y r e m o v e its
P itts b u r g h p la n ts to M id la n d .
— P ress a d v ic e s s ta te th a t th e U n io n T r u st
C o . o f P it ts b u r g h h as s o ld $ 6 ,0 0 0 ,0 0 0 o f a n issu e o f $ 7 ,5 0 0 ,­
0 00 1st M . 5 % 3 5 -y e a r b o n d s a t p a r a n d in te r e s t.

Sale of Bonds.

New Director—Payment of Notes

P r e s s e d S te e l C ar C o .—
.—
O . C . G a y le y h as b e e n e le c t e d a d ir e c t o r t o s u c c e e d F . G .
E ly .
T h e d ir e c to r s h a v e a u t h o r iz e d th e p a y m e n t o f th e la st
in s ta llm e n t o f 5 % g o ld n o te s o f 1901, o r ig in a lly $ 5 ,0 0 0 ,0 0 0 .
— V . 91, p . 948.
P u llm a n C o .—
— The com ­
p a n y a n n o u n c e s a r e d u c t io n o f u p p e r a n d lo w e r b e r th ra te s
o v e r all r o a d s in th e U n ite d S t a te s o n w h ich it o p e r a t e s ,
e ffe c t iv e F e b . 1.

Country-wide Reduction of Rates.

T he tariffs file-.I p ro v ld e th a t w here th e low er b e rth ra te Is $1 50 th e up per
b erth ra te will be $1 25 (these being th e m inim um ra te s ), and w here th e
low er berth ra te Is m ore th a n 51 50 th e up p er b e rth ra te will be 20% less.
New to u rist sleeping-car ra te s also hav e been filed. T here Is no change
in rate s for low er berths In these tariffs, b u t In u p p er b e rth s th ere Is a c u t
of 2 0 % , w ith a m inim um u p p er-b erth ra te of S I.
. ..
G.

S . F e r n a ld , th e c o m p a n y ’s g en era l a t t o r n e y , s a y s :

T he red uction s m ade a rc v o lu n tary ex cept In reg ard to 3 or 4 specific
rate s, w hich w ere passed on by th e In te r-S ta te C om m erce Com m ission in
th e E oftus cases. T he C om m ission hav ing establish ed th e principle of a
differential ra te In favor of th e up p er b e rth , an d th e public generally con­
sidering th e up per b erth w orth less for occupancy th a n th e low er, th e com ­
p an y has extend ed th e Idea of the differential ra te th ro u g h o u t th e c o u n try
an d has th ereb y saved th e necessity for fu rth e r c o m plaints or fu rth e r actio n
by th e Com m ission in ex tend ing It.
R ailroads o p eratin g th eir ow n sleeping cars w ill. It is sta te d , red uce
th e ir rate s to conform w ith th e new schedule a d o p ted by th e P u llm an Co.—
V . 92, p. 193.

New Chairman.

S o u th e r n I r o n & S te e l C o .—
— C ecil A .
G ren fell o f L o n d o n , a ft e r a c a re fu l e x a m in a tio n o f th e p r o p ­
e r t y , h a s a c c e p t e d th e c h a ir m a n sh ip o f th e b o a r d o f d ir e c ­
t o r s .— V . 9 2 , p . 6 1 .
U n it e d S t a te s S te e l C o r p o r a t io n .—
2 0 0 ,0 0 0
— T h e “ Iron T rad e R e ­
v i e w " o f J a n . 26 sa id :

of Rails Received During the Week.

Orders for

Tons

In ad d itio n to the N . Y . C entral rail order, am o untin g to 176,750 ton s,
of w hich 87,500 tons was placed w ith th e U . S. S teel C orp., ab o u t 56,000
tons of rails have been sold du rin g th e w eek by th e leading in te rest. T he
C arnegie Steel Co. will roll 12,000 ton s for th e Buff, lto c h . & P Ittsb . R y .
and a b o u t 10,000 ton s for the W estern M aryland.
T he T ennessee Coal, Iro n & R R . Co. has received orders for 22,400 tons
from th e S o u th ern R y . and 3,500 tons from m iscellaneous sources, and an
8,000-ton order has been ta k e n b y th e Illinois Steel Co. Includ ing th e
42,000 tons, w hich was rep o rted early in th e w eek as placed by th e L oulsv.
& N ashv. R R . w ith th e T ennessee Coal, Iro n & R R . C o., th e Steel C orp.
has booked close to 200,000 tons of rail business du rin g th e w eek. G eneral
sen tim en t has been g reatly helped by th e Im provem ent show n in som e
finished lines a n d con tinued Increase Is looked for.

Advance in Price of Wire Products.

— A n a d v a n c e o f $1
p e r to n o n w ire p r o d u c t s w a s m a d e e ffe c t iv e J a n . 2 0 , b e in g
th e first a d v a n c e o n fin ish ed p r o d u c t s in a c o n s id e r a b le
p e r io d .
J u d g e G a r y is q u o t e d a s s a y in g :

T he dem an d for w ire p rod ucts has been exception ally good, a n d this,
to g ether w ith th e fac t th a t a t previous prices a reasonable profit w as n o t
ob tain ed , precip itated th e adv an ce. T he recen t adv an ce will Insure a
reasonable b u t no t an u n fair m argin of profit. As to o th er classes of
prod ucts, I w ould no t care to say a n y th in g a t th is tim e. T he ou tloo k,
how ever. Is good. [W ire Is now qu oted $3 a ton above th e low price
reached In M ay 1909, b u t $6 a to n below th e high p o int of 1907. T he w ire
mills are said to be o p eratin g a b o u t 85% of c ap a city .— E d.J— V .92 .p.123,62.
W estch ester

—Permission to

L ig h t in g C o ., N e w Y o r k .
P u b lic S e r v ic e C o m m is s io n , S e c o n d D is ­
t r ic t , o n J a n . 20 a u t h o r iz e d th e c o m p a n y t o issu e $ 2 ,8 2 4 ,0 0 0
1st M . 5 0 -y e a r 5 % b o n d s , d u e D e c . 1 1950, o f w h ic h $ 5 ,9 1 6 ,­
0 0 0 are n o w o u t s t a n d in g .

Issue Bonds.— T h e

T he bonds arc to be sold for par and th e proceeds used to pay th e rem ain ­
ing $343,000 bonds of the N. Y. S u bu rb an Gas C o., w hich w as m erged Into
th e W estchester L ighting Co. on Dec. 1 1900, and to discharge notes to th e
C onsolidated Gas Co. F u rth e r p etitio n Is to be m ade la ter, a t w hich tim e
th e question of creditin g th e com pany’s cap ital acco u n t w ith th e replace­
m ents w hich have been m ade will be considered by th e C om m ission.— V. 92,
p. 123.

Bonds Called.

W e s t e r n S to n e C o ., C h ic a g o .—
— T h ir t e e n
b o n d s o f $ 1 ,0 0 0 e a ch a n d o n e o f $ 5 0 0 , issu ed u n d e r m t g e .
d a t e d S e p t. 1 1909, h a v e b e e n d r a w n fo r p a y m e n t o n A p ril 1
a t th e N o r th e r n T r u s t C o ., C h ic a g o , t r u s te e .— V . 8 9 , p . 1 0 1 4 .
— A c o m p r e h e n s iv e p a m p h le t e n tit le d “ T h e M o s t S a tis ­
fa c t o r y B o n d s ” has ju s t b e e n p u b lis h e d b y N . W . H a ls e y &
C o . o f N e w Y o r k , tr e a tin g o f th e in v e s t m e n t m e r its o f p u b ­
lic s e r v ic e c o r p o r a t io n b o n d s .
T h e p a m p h le t d iscu sse s th e
re a so n s fo r th e g r a d u a lly in c r e a s in g p o p u la r it y o f th ese b o n d s
d u r in g th e la st fifte e n y e a r s a n d th e resu lts o b t a in e d b y in ­
v e s to r s d u r in g th a t p e r io d .
G r a p h ic c o m p a r is o n s a re m a d e
o f th e m a r k e t te n d e n c ie s o f c o r p o r a t io n , ra ilro a d a n d m u n ic i­
pal b o n d s fo r six y e a r s , c o v e r in g th e la st fin a n cia l d e p r e s s io n ;
a n d *th e g ra d u a l g r o w th o f th e e a rn in g s o f p u b lic s e r v ic e c o r ­
p o r a t io n s t h r o u g h o u t g o o d a n d b a d tim e s is illu s tra te d b y

THE CHRONICLE

2G6

th e r e su lts o b t a in e d b y te n r e p r e s e n ta t iv e p u b lic s e r v ic e
c o r p o r a t io n s .
A n in te r e s t in g fe a t u r e o f th e p a m p h le t is
th e d is c u s s io n o f th e in flu e n c e o f p u b lic s e r v ic e c o m m is s io n s
in s tr e n g t h e n in g th e in v e s t m e n t p o s it io n o f p u b lic se r v ic e
c o r p o r a t io n b o n d s .
— T h e la w firm o f C a ld w e ll & R e e d a n n o u n c e th a t C h ester
B . M a sslich h a s b e e n a d m it t e d to th e fir m , w h ich w ill h e re ­
a ft e r b e k n o w n a s C a ld w e ll, M a sslich & R e e d .
T h e firm
o f H u b b a r d & M a sslich a t th e sa m e tim e a n n o u n c e th eir
d is s o lu t io n , H a r r y H u b b a r d (fo r m e r ly o f D illo n & H u b b a r d )
r e t ir in g fr o m th e p r a c t ic e o f la w .
T h e c o m b in in g o f M r.
M a s s lic h ’ s e x p e r ie n c e a n d r e p u t a t io n in C h ic a g o , w h e r e he
h a s lo n g b e e n a n a u t h o r it y o n m u n ic ip a l a n d c o r p o r a t io n
la w , w ith th e w e ll-e s ta b lis h e d p o s it io n o f C a ld w ell & R e e d in
th e E a s t w ill d o u b t le s s b r in g to th is firm e v e n w id e r r e c o g ­
n itio n t h r o u g h o u t th e c o u n t r y th a n it h as h e r e to fo r e e n jo y e d .
— A n e w C h ic a g o b o n d h o u s e , C . F . C h ild s & C o ., h as
o p e n e d its d o o r s a t 159 L a S a lle S t ., in th e N a tio n a l L ife
I n s u r a n c e B u ild in g .
T h e c o r p o r a t io n r e p o r ts a fu lly s u b ­
s c r ib e d c a p it a l o f $ 5 0 0 ,0 0 0 a n d n u m b e r s a m o n g its s t o c k ­
h o ld e r s s o m e o f th e le a d in g C h ic a g o b a n k e r s , b u sin e ss m en
a n d o t h e r c a p it a lis ts .
T h e P r e sid e n t a n d M a n a g e r o f th e
c o m p a n y , C . F r e d e r ic k C h ild s, w a s fo r m a n y y e a r s M a n a g er
o f th e W e s te r n o ffic e o f F isk & R o b in s o n , a n d d u r in g th e p a s t
y e a r o r g a n iz e d a n d m a n a g e d th e B o n d D e p a r t m e n t o f th e
C o m m e r c ia l T r u s t & S a v in g s B a n k o f C h ic a g o , w h ic h b y
c o n s o l id a t io n b e c a m e th e C o n tin e n ta l & C o m m e r c ia l T r u s t &
S a v in g s B a n k .
A . L . G o o d w illie (fo r m a n y y e a r s M r.
C h ild s 's a s sista n t) is sla te d to b e V ic e -P r e s id e n t o f th e n ew
com pan y.

&

— J . IC. R ic e J r.
C o ., 33 W a ll S t ., a re in te r e s te d in b u y ­
in g o r s e llin g a la rg e list o f m is c e lla n e o u s se c u r itie s , a fe w o f
w h ic h th e firm a d v e r tis e s t o - d a y a m o n g o u r “ C u rre n t B o n d
I n q u ir ie s ” a d v e r tis e m e n ts .
J . Iv. R ic e J r. & C o . are s p e c ­
ia lists a n d o n e o f th e la r g e s t a n d m o s t a c t i v e firm s o n W all
S t r e e t d e a lin g in th is cla ss o f s e c u r itie s .
A c o m p le t e list o f
th e m is c e lla n e o u s s e cu r itie s in w h ic h th e firm is d e s iro u s o f
q u o t in g a m a r k e t w ill b e s e n t to in q u ire rs u p o n r e q u e st.
— T h e s e m i-a n n u a l s ta t e m e n t o f th e N a tio n a l D is c o u n t
C o ., L o n d o n , w ill b e fo u n d in a n o t h e r c o lu m n .
T h e g ross
a ssets D e c . 31 1910 w e re $ 9 4 ,2 5 6 ,2 3 8 , d e p o s its a n d s u n d r y
b a la n c e s , $ 7 1 ,5 6 1 ,0 0 0 .
T h e c o m p a n y p a id a s ix m o n t h s '
d iv id e n d a t th e ra te o f 1 0 % p e r a n n u m , c a llin g f o r $ 2 1 1 ,6 6 7 ;
th e re w a s a d d e d $ 5 0 ,0 0 0 to th e r e s e rv e fu n d a n d a b a la n c e o f
$ 3 1 1 ,1 4 3 w a s c a r r ie d fo r w a r d t o th e n e x t a c c o u n t .
— I n o u r a d v e r tis in g c o lu m n s t o - d a y , H a r ris , F o r b e s &
C o . (s u c c e s s o r s t o N . W . H a r ris & C o .) a r c o ffe r in g jo i n t ly
w ith th e N a tio n a l C ity B a n k o f N e w Y o r k $ 1 5 ,0 0 0 ,0 0 0 C h i­
c a g o R a ilw a y s C o . first m o r tg a g e 5 % b o n d s , d u e 1927.
S ee o u r “ G e n e ra l I n v e s tm e n t N e w s ” d e p a r tm e n t fo r fa c t s
a b o u t th is p r o p e r t y a n d th e p a g e a d v e r tis e m e n t f o r o t h e r
d e t a ils o f th e s a le .
— G u y W ic k e s C o o k e h a s b e e n a p p o in t e d M a n a g e r o f th e
D e p a r t m e n t o f A d v e r t is in g a n d N e w B u sin e ss o f th e F ir st
N a tio n a l B a n k o f C h ic a g o , t o s u c c e e d L e ig h S a r g e n t, w h o
w a s p r o m o t e d t o M a n a g e r o f th e M ail D e p a r t m e n t o f th e
sam e b a n k .
M r. C o o k e h a s b e e n w ith th e F ir st N a tio n a l
B a n k f o r te n y e a r s a s M a n a g e r o f th e P r in t in g D e p a r t m e n t.
— P o r t e r , F is h b a c k & C o ., C h ic a g o , a d v e r tis e o n a n o th e r
p a g e a n o ffe r in g o f th e first m o r tg a g e 6 % b o n d s o f th e
Y u b a I r r ig a t io n C o ., Y u b a , A r iz .
T h e b a n k e r s u n r e s e r v e d ly
r e c o m m e n d th e se b o n d s as a sa fe in v e s tm e n t , y ie ld in g a h ig h
r a te o f in te r e s t.
F u ll in fo r m a t io n w ill b e fu r n is h e d o n
req u est.
— T h e b u s in e s s h e r e to fo r e c o n d u c t e d u n d e r th e n a m e o f
R e y n o ld s , W a t s o n & C o ., I n c . , w ill o n a n d a ft e r J a n . 28 b e
c a r r ie d o n u n d e r th e n a m e o f J o h n S t u a r t W a t s o n & C o .,
4 5 9 T h e R o o k e r y , C h ic a g o .
T h e in te r e s t a n d c o n n e c t io n o f
M r. W . R . R e y n o ld s in R e y n o l d s , W a t s o n & C o . ce a se d
S e p t. 6 19 1 0.
— A c k e r m a n n & C o le s, 20 B r o a d S t ., N . Y . C ity , h a v e issu ed
th e ir a n n u a l ca r d o f s ta t is tic s o f S ta n d a r d Oil s t o c k , th e
h a n d lin g o f w h ich th is firm h a s m a d e its s p e c ia lt y fo r th e
p a s t 12 y e a r s .
T h e ca r d is issu e d in ta ste fu l fo r m a n d g iv e s
a ra n g e o f p r ic e s a n d d iv id e n d s f o r a series o f y e a r s .
— T h e a tt e n t io n o f s a v in g s b a n k s a n d tru ste e s o f e sta tes
is d ir e c te d to th e a d v e r tis e m e n t o n a n o t h e r p a g e o f C la rk ,
D o d g e & C o ., 51 W a ll S t., w h o a re o ffe r in g e ig h t c h o ic e issues
o f b o n d s w h ic h a re lega l f o r th is cla ss o f in v e s tm e n t .
P r ice s
a n d fu ll p a r t ic u la r s w ill b e fu r n is h e d u p o n a p p lic a t io n .
— A . E . B u tle r & C o ., m e m b e r s C h ic a g o S t o c k E x c h a n g e
a n d d e a le rs in s t o c k s a n d b o n d s a n d o th e r in v e s t m e n t s e ­
c u r itie s , w ill r e m o v e F e b . 1 fr o m 2 3 8 L a S a lle S t . to 190
L a S alle S t ., C h ic a g o , o n th e g r o u n d flo o r o f th e W o m a n ’ s
T e m p le .
— M r. J . G ist S e a r c h , fo r 13 y e a r s w ith T r o w b r id g e &
N iv e r C o ., C h ic a g o , as b u y e r a n d seller o f b o n d s , a n d la tt e r ly
m a n a g e r o f th e m u n ic ip a l b o n d d e p t .,h a s b e c o m e a s so c ia te d
w ith th e firm o f T h o s . J . B o lg e r C o . o f th e sa m e c i t y .
— C o ls to n , B o y c e & C o . o f B a lt im o r e a re a d v e r tis in g
o n a n o t h e r p a g e a n a t t r a c t iv e o ffe r in g o f C o n s o lid a te d
G a s , E le c t r ic L ig h t & P o w e r C o . o f B a lt im o r e s e c u r itie s .
C ir c u la r u p o n re q u e st.
— M r. G o o . W . C la rk e, fo r se v e ra l y e a r s w ith T r o w b r id g e
C o ., is n o w a s s o c ia te d w ith C h as. S . K id d e r & C o .,
m u n ic ip a l a n d c o r p o r a t io n b o n d s , 184 L a S alle S t ., C h ic a g o .

& N iv e r




[VOL. LXXXXII.

T h e .(C oruiuercxai 'JT m cs.
C O M M E R C IA L E P IT O M E .

Friday Night, Jan.

1 he in d u stria l s itu a tio n s h o w s n o real c h a n g e .

27 19 1 1.
B u sin e ss

k e e p s c lo s e to s h o r e , c a u t io n is th e w o r d e v e r y w h e r e , p r ic e s
a r c p r e t t y w ell s u s ta in e d , th e fin a n cia l o u t lo o k is c o n sid e r e d
o n th e w h o le e n c o u r a g in g , th e p r o s p e c t fo r w in te r w h e a t is
fa v o r a b le a n d e v e r y t h in g p o in ts to a v e r y la rg e c o t t o n a c r e ­
a g e th is s p r in g .
L A R D o n th e s p o t h as b e e n in fa ir d e m a n d , w ith p r im e
W e s te rn d o w n to 1 0 .3 0 c ., M id d le W e s te r n 1 0 .2 0 c . a n d C ity
s te a m 9 % c .

R e fin e d q u ie t; C o n tin e n t 1 0 .7 0 c .; S o u th A m e r ­

ica 1 1 .7 5 c . a n d B ra zil
s trik in g fe a t u r e s .

in

k eg s

1 2 .7 5 c .

F u tu r e s w it h o u t

D A IL Y C L O SIN G P R IC E S O F L A R D F U T U R E S IN N E W Y O R K . ;
S a t.
M on . T ues. W ed. T hurs. F ri.
J a n u a ry d eliv ery -----------10.20 10.00 10.10
10.00 10.10
9.05
M ay d eliv ery ......................10.15 10.12 10.10
10.00 10.00 10.00
D A IL Y C L O SIN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
S a t.
M on . T ues.
W ed. Thurs. F ri.
J a n u a ry deliv ery ...............10.00
9.92 9.97
9.92
9.02
9.87 y.
M ay d eliv ery .....................9 .8 2 ^
9.80
9 .8 2 y3 9 .7 7 X 9 .7 7 y* 9.75 '
P O R K o n th e s p o t fir m ; m ess $22 5 0 @ $ 2 3 , cle a r $ 2 0 @ $ 2 2
a n d fa m ily $ 2 2 @ $ 2 4 5 0 .

C u t m e a ts in fa ir d e m a n d ; p ic k le d

h a m s l l j ^ @ 1 4 c . f o r re g u la r; p ic k le d b e llie s , c le a r ,
1 7 )/£ c ., a n d p ic k le d rib s 1 3 ^ @ 1 5 ) ^ c .
7 J ^ c.
fa ir

S te a rin e s d u ll; o le o 9 @ 9 ) 4 c . ; la rd l l j ^ c .
dem and;

crea m ery

extras

1 4 j^ @

T a llo w s t e a d y ; C ity

2 5 @ 2 5 j^ c .

S ta te , w h o le m ilk , c o lo r e d , S e p t , f a n c y ,
e a s y ; W e s te rn firsts

B u tt e r in

C h eese

q u ie t ;

15@ 15^c.

E ggs

21@21 %c.
— Linseed quiet b u t firm ; C it y , r a w , American seed,
9 4 @ 9 5 c .; b o ile d 9 5 @ 9 6 c .; Calcutta, r a w , $ 1 .
Cottonseed
q u ie t; winter 7 . 5 0 @ 8 c . , summer w h ite 7 . 4 0 @ 8 c . , c r u d e
6 @ 6 .2 0 c .
C o c o a n u t q u ie t ; Cochin 9 K @ 1 0 c . , C e y lo n 9

@ 9 % c . ; C orn in g o o d d e m a n d a t 7 .1 5 @ 7 .2 0 c .
O liv e q u ie t
a t 9 0 c .@ 9 5 c .
q u ie t; s o a p 7 @ 7 ^ c .
C h in a w o o d
7M @ 8c.
L a r d q u ie t ;
$1 0 5 @ $ 1 1 8 , N o . 1 e x t r a

Peanut

prime

6 5 @ 7 0 c ., N o . 1 6 1 @ 6 3 c ., N o. 2 5 9 @ 6 1 c .
d o m e s tic 5 3 @ 5 5 c . , N e w fo u n d la n d 5 7 @ 5 8 c .

C od

a ctiv e ;

C O F F E E o n th e s p o t has b e e n d u ll a n d w e a k e r; R io N o . 7
1 3 ^ @ 1 3 M c - ; S a n to s N o . 4 1 3 % @ 1 3 M c .
W e s t I n d ia
g r o w t h s q u ie t ; fa ir to g o o d C u c u ta 1 4 % @ 1 4 j ^ c .
S p e c u la ­
tio n h as b e e n a c t iv e a t a sh a rp b r e a k in p r ic e s o n lo w e r
c a b le s a n d h e a v y

lo n g liq u id a tio n , a n d a g g r e s s iv e s e llin g

fo r

by

sh ort

accou n t

som e

p r o m in e n t

co tto n

op erators.

B o t h E u r o p e a n a n d B r a z ilia n m a r k e ts h a v e fa lle n , th o u g h
la tt e r ly th e fo r e ig n q u o t a t io n s h a v e ra llie d .
C losin g p r ic e s w e re a s fo llo w s :

Ja n u a ry .1 0 .4 5 c .I A p ril_____ 10.5 7 c .I J u l y ______10.59c. I O ctober ..1 0 .3 0 c
F e b ru ary 10.45c. M a y _____ 10.Glc. A ugust .,1 0 .5 0 c . N ovem ber 10.28c
M arch____1 0 .5 3 c .|J u n e ____ 10.00c. | S eptem b er 10.42c. [ D ecem ber 10.24c
S U G A R .— R a w q u ie t a n d e a sie r.
C e n tr ifu g a l, 9 6 -d e g re e s
te st, 3 .4 5 c .;
m u s c o v a d o , 8 9 -d e g r e e s te s t , 2 .9 5 c .,
and
m o la sse s, 8 9 -d e g r c e s te st, 2 .7 0 c .
R e fin e d q u ie t .
G ran u ­
la te d 4 .6 5 @ 4 .7 0 c .
T e a s h o w s a ra th e r b e t t e r d e m a n d fo r
g reen , w ith a fa ir ly s a tis fa c to r y in q u ir y f o r o t h e r g r a d e s .
T h o u g h t r a d e is n o t a c t iv e p r ice s a re s t e a d y .
S p ic e s s t e a d y .
W o o l firm .
H o p s in g o o d d e m a n d a n d firm .
P E T R O L E U M q u ie t .
R e fin e d , b a r r e ls , 7 .4 0 c .;
b u lk ,
3 .9 0 c .; ca ses, 8 .9 0 c .
G a s o lin e , 86 d e g r e e s , in 1 0 0 -g a llo n
dru m s,
d r u m s $ 8 50 e x t r a .
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 % c .; d r u m s $8 50 e x t r a .
S p irits o f tu r p e n tin e q u ie t a t 8 6 3 ^ @ 8 7 c .
C o m m o n to g o o d
stra in e d ro s in q u ie t a t $6 75.
T O B A C C O .— P r ic e s h a v e b e e n s t e a d y , b u t it is q u it e tru e
th a t tr a d e h a s b e e n o f v e r y m o d e r a te p r o p o r t io n s , h a r d ly
m o r e , in d e e d , th a n o f th e h a n d -t o -m o u t h s o r t .
Y et m anu­
fa c tu r e r s ’ s u p p lie s , in th e e s tim a tio n o f p a c k e r s , h a v e
d w in d le d to a v e r y sm all to t a l, so m u c h so th a t th e y b e lie v e
m a n u fa c tu r e r s m u s t a t n o v e r y d is t a n t d a y re -e n te r th e m a r­
k e t f o r a d d itio n a l s u p p lie s .
I n s o m e p a r ts o f th e W e s t , n o ta ­
b ly in W is c o n s in , w a re h o u se s a re b e in g o p e n e d f o r s tr ip p in g
in o r d e r to h a v e th e t o b a c c o in r ea d in ess w h e n th e d e m a n d
im p r o v e s .
O f th e P e n n s y lv a n ia c r o p o f 1910, th e b u lk is
sa id to h a v e b e e n so ld a n d th e re s t, a b o u t 1 5 % , is h eld a t
s tr o n g p r ic e s .
V e r y little b u sin ess h a s b e e n d o n e in O h io le a f.
C O P P E R d u ll, w e a k a n d u n s e tt le d ; in d e p e n d e n t in te re s ts
are sa id t o b e c u t t in g A m a lg a m a te d q u o t a t io n s ; e le c t r o ­
ly t ic 1 2 * 4 t @ 1 2 % c ., s ta n d a r d M a rch a n d A p r il 1 1 .9 0 @ 1 2 .1 0 c .
T in firm e r; s p o t 4 2 .8 5 c .
L e a d q u ie t a n d s t e a d y a t 4 .4 5 c .
S p e lte r q u ie t a t 5 .3 5 @ 5 .4 5 c .
I r o n a n d steel seem t o b e
g r a d u a lly w o r k in g in to a s o m e w h a t b e t t e r p o s it io n , th o u g h
th e im p r o v e m e n t is la rg e ly s e n tim e n ta l.
N o . 1 N orth ern ,
ir o n , $ 15 2 5 @ $ 1 5 75, N o . 2 S o u th e r n , $ 1 5 2 5 @ $ 1 5 50.

18%c.;

THE CHRONICLE

Jim. 28 1911.j
C O T T O N .

Friday Night, Jan.

27 1911.

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 r a m s fr o m th e S o u th t o -n ig h t is g iv e n b e lo w .
F o r th e
w e e k e n d in g th is e v e n in g , th e to t a l r e c e ip ts h a v e r e a c h e d
2 0 7 ,8 0 0 b a le s , a g a in st 2 2 3 ,1 0 1 b a le s la st w eek a n d 2 3 9 ,3 3 5
b a le s th e p r e v io u s w e e k , m a k in g th e to ta l r e c e ip ts sin ce
S e p t . 1 1910 0 ,9 3 8 ,9 2 7 b a le s , a g a in st 5 ,6 3 6 ,7 9 8 b a le s
fo r th e sa m e p e r io d o f 1 9 0 9 -1 0 , s h o w in g a n in cre a s e s in c e
S e p t . 1 1910 o f 1 ,3 0 2 ,1 2 9 b a le s.

Receipts at— i
G alveston ..........
P o rt A rth u r____
T exas C ity. & c_.
New O rle a n s---G u lf p o rt----------M obile ..............- Jacksonville, Ac.
S a v a n n a li. _ -----B runsw ick _ .. .C harleston ...........
W ilm ington ___
N orfolk ----------N ew p’t News, Ao.
B o s to n _________
B altim ore __ __
P h ila d e lp h ia ___
T o tals this w eek .

Total.
S a t. M on. Tues. W ed. | Thurs. F ri.
7,806 5,406 12,303 8,758 5,761 8,223 48,317
__ 11,260 ____
10,500
2 21,768
___
. .1
11,213 22,773
1 1 560
6,769 4,609 7,170 5,518 1 14,582 6,368 45,082
____
____
____
____ 1,711 1,711
722 1,913 1,180 1 1,040 1,358 7,657
1.444
136
572
306
130
6.264 4,102 5,924 3,700 5,982 5,120 3 1,092
4,698 4,698
358
671 2,645
336
636
156
488
10
10
910 2,192
711
920 1,401 6,644
510
1,779 1,981 1,723 1,123 1,362 2,115 10,086
______ ______
........
170
50
1l 1
583 1,070
293
312
102
300
80
____ 2,784 2,784
115
26
37
52
—
207,800
40,383
40,978
21,438
30,307
43,195
25.409

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 to ta 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 s t y e a r :
___________ _____________________

Receipts to
P o rt A rth u r- . - N ew O rle a n s ____
P e n s a c o la -------C harleston .............
G eorgetow n ____
W ilm ington ____
N o rfo lk ...................
N ew p’t News, Ac.
B o s to n __________
B altim ore - . _____
P hiladelphia ____
T o tal - - ................

1910-11.
T his Since Sep
W eek. 1 1910.
48,317 2,313,755
21,768 154,162
22,773 278,946
45,082 1,174,000
1,711 24,057
7,657 213,052
_ _ 82,096
572 20,929
31,092 1,234,008
4,698 205,528
2,645 257,739
846
10
6,044 369,616
10,086 186,822
3,848
4,731
176
1,670 28.246
2,784 86,201
315
115
207,800 6,938,927

S to c k .
1909-10.
This Since Sep
1911.
1910.
W eek. 1 1909.
.49,014 2,041,894 237,438 164,419
______
8,009 96,280 ______
______
394 28,777 ______
26,238 848,755 197,442 208,710
9,239
850
8,108
2,270 187,728 44,534 30,559
—
____ 97,841 —
______
1,844 35,027 ______
0,446 1,104,148 133,076 107,449
6,834
300 192,597 13,461
715 190,812 29,762 31,197
—
944 ______
25
532 279,430 14,715 12,769
4,810 393,799 25,879 34,582
______
943 12,993
23
3,765, 313,891 176,807
6,801
6,320
3,873
324
5,214 14,090
3,341 46,793
4,5222
3,495
787
35
108,863 5,630,798 '1,032,022 799,589

In o r d e r th a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
w e g iv e b e lo w th e to ta ls a t le a d in g p o r t s f o r six s e a so n s :

Receipts at—
M obile . ___
C harleston, Ac
W ilm ington,
N ’po rt N ., Ac
Alt o th e rs____
T o tal this w k .
Since S ept. 1,

1908.
1007.
1906.
1909.
1910.
1911.
48,317 49,614 99,215 89,487 134,239 49,040
8,403
1,353
44.541
19,785 18,936
0,595
62,220 81,234 37,825
45.082 26,238 66,081
9,040
4,420
2,270
9,784
7,005
7,657
9,446 38,167 35,143 31,736 14,876
31,092
4,208
1,627
8,914
4.698
300
4,000
882
2,054
5,419
2,655
740
5,220
5,298
2,658
0,644
532 10,382 10,647 13,335
5,954
10,086
4,810
16,624 15,705
672
1,582
943
105
2,480
4,787 28,618 15,004
7,028
5,567
207,800 108,863 274,750 284,735 305,290 121,793
6,038,9 27i 5,03 6,79 8 7,320,672 6,170,009 7,274,551 5,732,446

T h e e x p o r t s fo r th e w e e k e n d in g th is e v e n in g re a ch a to t a l
o f 1 8 3 ,5 8 3 b a le s , o f w h ic h 9 4 ,7 3 6 w ere to G re a t B r it a in ,
4 0 ,9 8 5 to F r a n c e a n d 4 7 ,8 6 2 to th e re st 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 fo r th e w e e k a n d sin c e S e p t. 1 1910.

Week ending Jan. 27 1911. From Sept. 1 1910 to Jan. 27 1911.
Exported to—
Exported to—
Exports
ContiContiGreat
from —
Total.
liritain. Fr'ncc nent. Total. lirttain. France. nent.
8,942 1 1,069 23,011 797,027 254,363 708,974 1,760,364
G alveston----21,768 42,083 48,905 63,174 154,162
I’ort A rth u r.. . 10,500 11,268
21,773 188,728 39,379 15,805 243,912
Texas City. Ac 11,560 10,213 7,397 62,207
642,161 83,955 232,508 958,624
New O rleans.. 51,810
50,560 29,959 45,674 126,193
Mobile ..............
32,633 20,443 29,122 82,198
Pensacola___
95 14,818
4,516 10,207
95 0,077
Gulfport ____ . . . . 6,582
707,898
10,731 10,331 291,496 90,004 326,338
Savannah ___ 5,500
68,040 158,965
90,926
Brunswick___
15,549 9,900 80,651 106,100
Charleston___
336,711
4,500 4,500 124,171 32,015 180,525
W ilm ington...
2,020 12,420
462 462 10,400
N orfolk______ ___ ___
Newport News.
58,773 114,299 372,659
New York___ 8,233 3,980 4,304 10,517 199,587
6,202 89,045
2,233 82,483
Boston ........... 2,233
70,012
2,560 2,560 13,851 6,173 50.588
B altim ore___
3,157 38,134
1,900 34,977
Philadelphia .. 1,900
___
50
. 56
Portland, M e..
52,671 52,671
San Francisco.
29,891 29,894
3,74 1 3,714
Seattle ............
7,585 7,585
T acom a...........
500
500
.. — .......... —
Portland, Ore. ___
—
P em b ina......... I
— " Y,666 . ... : : : : : : " 1,000
D e tro it............ ; : : : :
T o ta l_____ t 91,730 40,985 47,802 183,583 2,622,563 684,136 2,017,825 5,324,524
Total 1909-10. 1 43,537i21,401 01,402 120,403 1,562,766 761,270 1,813,753 4,137,789
In a d d itio n to a b o v e e x p o r t s , o u r te le g ra m s to -n ig h t a lso
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 ts n a m e d .
W e a d d sim ila r fig u res f o r
N ew Y ork .




£07

On Shipboard, N ot Cleared fo r—
Ger­ Other Coast­
Great
J a n . 27 at— lirita in . F rance m an y. Foreign wise.
N ew O rlean s. . 12,577 7,699 12,186 7,697
588
G a lv e s to n ------ 58,189 1,728 37,511 36,604 3,400
2,530 3,600 5,100
S av an n ah ____
C h a r le s to n ___
1,000
9 ",666
8,744 5", 58 5
1,200
8,857
N o rfo lk ______
New Y o rk ____ 2 ",666 "566 "566 2 ",666
6,000
500
O ther p o rts ___ 8,000
89,766 21,001 65,382 52,501 15,045
T o tal 1911
T otal 1910_ _ 47,409 21,633 34,885 25,646 26,356
T o tal 19 09 -. 70,300 16,428 72,320 36,825 16,232

Leaving
Total. S to ck.
40,747 156.695
137,432 100,006
11,230 121,846
1,000 28,762
24,529 20,005
8,857
17,022
5,400 308.494
14,500 35,497
243,695 788,327
155,929 643,660
212,105 750,591

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 as c o n tin u e d
q u ie t a t irre g u la r p r ic e s , e n d in g w ith n o p r o n o u n c e d n et
c h a n g e fo r th e w e e k .
B u ll le a d e rs c o n tin u e t o s u p p o r t th e
m a r k e t o n a n y n o tic e a b le s e tb a c k s .
O n a n y n o te w o rth y
r a lly n o t a fe w w e ll-k n o w n o p e r a t o r s lo n g o f th e m a r k e t h a v e
b e e n q u ie t ly c lo s in g o u t th e ir a c c o u n t s , d is g u s te d a t th e
fa ilu r e o f p r ice s t o a d v a n c e m a t e r ia lly in fu lfilm e n t o f th e
p r e d ic t io n s w h ic h h a v e b e e n h ea r d e v e r sin c e la s t N o v e m b e r .
A s a m a t te r o f f a c t , th e m a rk e t is in a ru t fr o m w h ic h n o th in g
seem s t o b e a b le t o e x t r ic a t e it.
T h e L iv e r p o o l s p o t sales
h a v e b e e n lib e ra l a n d th e s p o t m a r k e ts a t th e S o u th h a v e
b e e n p e r s is t e n t ly r e p o r te d firm , w ith a s te a d y d e m a n d d e s p ite
th e n o to r io u s fa c t th a t th e s t o c k at N e w Y o r k , r e la t iv e ly th e
c h e a p e s t c o t t o n m a rk e t in th e w o r ld , a p p r o x im a t e s 2 8 5 ,0 0 0
b a le s o f u n u s u a lly g o o d q u a lit y , y e t w h ic h n o b o d y se e m s in ­
c lin e d t o b u y .
T h e m y s t e r y w h ich b a ffle s s o m a n y is w inc h e a p a n d e x c e lle n t c o t t o n is ig n o r e d in N e w Y o r k w h ile th e
c o u n t r y is d e lu g e d w ith r e p o r ts o f a s p le n d id d e m a n d fo r s p o t
c o t t o n a t th e S o u th a t p r ice s m u c h h ig h e r , e s p e c ia lly w h e n
th e c o s t o f tr a n s p o r t a tio n t o N e w E n g la n d is a d d e d , th a n
th o s e r u lin g a t N e w Y o r k .
M e a n tim e , h o w e v e r , th e e x p o r t s ,
it is tr u e , are la rg e , a n d s o m e slig h t in crea se is r e p o r te d here
in th e d e m a n d fo r c o t t o n g o o d s , w h ile th e sales o f p r in t c lo t h s
a t F a ll R iv e r la st w e e k w e re la rg er th a n in th e p r e v io u s w e e k .
M o r e o v e r , F all R iv e r h as n o t y e t set s e r io u sly a b o u t c u r ta il­
in g p r o d u c t io n .
In f a c t , a t a m e e tin g o f m a n u fa c tu r e r s
th ere th e o t h e r d a y , n o a c tio n w h a t e v e r w a s ta k e n .
But
o n th e o th e r h a n d , th e v is ib le s u p p ly in th e w o r ld is th e la rg ­
e s t fo r s o m e y e a r s p a s t , w ith a sin g le e x c e p t io n ; p r ic e s , are
u n u s u a lly h ig h , th e tim e is n ear at h a n d to b e g in p r e p a r a ­
tio n s fo r th e n e x t c r o p , a n d it fo llo w s , as a m a t te r o f c o u r s e ,
th a t if p r ice s re m a in a t a n y t h in g lik e th e p resen t le v e l, th e y
w ill p r o v e th e s tr o n g e s t k in d o f in c e n t iv e t o p la n t th e la rg est
a cre a g e th a t th e w o rld has e v e r k n o w n .
F u r t h e r m o r e , th e
r e p o r ts fr o m L a n ca sh ire are to th e e ffe c t t h a t tr a d e is b e g in ­
n in g t o fla g , b a r silv e r h as r e c e n tly d e c lin e d in L o n d o n ,
w h e r e b y th e p u r c h a sin g p o w e r o f th e O r ie n t h a s b e e n
c o r r e s p o n d in g ly c u r ta ile d , a n d th ere seem s t o b e s o m e fe a r
o f f a m i r c , a n d e v e n p la g u e , in p a rts o f C h in a .
T r a d e o n th e
C o n tin e n t o f E u r o p e h a r d ly e q u a ls e x p e c t a t io n s .
In d eed
s o m e r e p o r ts sta te th a t it is s ta g n a n t .
E c o n o m y is e v e r y ­
w h ere th e w o r d o f o rd e r in th is c o u n t r y , a n d it is b e lie v e d
th a t, s o o n e r o r la te r , w id e s p r e a d a n d r a d ic a l c u r ta ilm e n t o f
p r o d u c t io n b y th e m ills, b o t h in N e w E n g la n d a n d a t th e
S o u th , w ill b e re s o r te d t o , e s p e c ia lly if th e p la n tin g sea son
o p e n s p r o p it io u s ly e n o u g h to p r o m is e a b ig c r o p a n d m u ch
lo w e r p r ice s la te r in th e y e a r .
M ea n tim e s o m e v e r y e x p e r i­
e n c e d p e o p le refu se t o t o u c h th e s p e c u la tiv e m a r k e t h ere.
A c liq u e c o n t r o ls it a fte r a fa s h io n , b u t it is s u p p o s e d th a t if
it s h o u ld u n d e r ta k e t o liq u id a te its h o ld in g s , p r ic e s c o u ld
n o t b e s u s ta in e d , th o u g h o n th e o th e r h a n d th o s e w h o
e n te r ta in b e a ris h c o n v ic t io n s a re e x t r e m e ly c a u tio u s in
t r a d in g fo r fe a r o f m a n ip u la tio n o n th e b u ll s id e .
The
u p s h o t is a n a r r o w , p r o fe s s io n a l m a r k e t w ith m o s t p e o p le in
a w a itin g a t t it u d e .
I t m a y b e a d d e d th a t th e C en su s g in ­
n in g r e p o r t , w h ic h w as p u b lis h e d la s t M o n d a y , h a d p r a c t i­
c a lly n o e ffe c t .
T o - d a y th e m a r k e t w a s d u ll a t a s lig h t
d e c lin e , d u e to d is a p p o in tin g L iv e r p o o l c a b le s , d e c re a se d
s p o t sales th e re , a lib era l c r o p m o v e m e n t a n d liq u id a tio n .
S p o t c o t t o n h ere has b e e n q u ie t .
M id d lin g u p la n d s c lo s e d
at 1 4 .9 0 c ., s h o w in g n o c h a n g e fo r th e w e e k .
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 th e
N ew Y o r k m a r k e t ea ch d a y f o r th e p a s t w e e k h a s b e e n :

J a n . 21 to J a n . 27—
Sat. M on. T ucs. W ed. T liurs. F ri.'
M iddling u p la n d s_____________ 14.90 14.75 14.90 14.90 14.90 14.90
N E W Y O R K Q U O T A T IO N S

1 9 11 -C .. - ..1 4 ,9 0
1910____ ...1 4 .7 0
1009____ . . . 9.90
1908 ___ . . . 1 1.75
1907
11.00
1906____ . --1 1.70
1905____ . . . 7.00
1904____

1903.C____ _ 9.00
1902______ . 8.31
1901______ .10.38
1900______ _ 8,00
6.38
1899._
1898______ . 5.94
1897______ . 7.31
1896______ . 8.25

1895.C.
1 8 9 4 ...
1 8 9 3 ...
18 92 ._ .
1 8 9 1 ..1 8 9 0 ...
1 8 8 9 ...
1 8 8 8 ...

F O R 32 Y E A R S .

. . . 8.06
. . . 9.50
___ 9.38
____11.00
____9.88
____10.69

1887.C
1 8 8 6 ..
1885._
1 8 8 4 ..
1 8 8 3 ..
1 8 8 2 ..
1 8 81 ..
1880- .

9.50
9.19
11.19
10.69
10.19
12.00
11.81
12.75

M A R K E T AND 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 e e k a t N e w Y o r k are in d ic a te d in th e fo llo w in g s t a 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 re a d e r w e a lso 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 tu r e s c lo s e d
o n sa m e d a y s .

Sales o f Spot
ConSp ot. sum 'n.
S te a d y ._____ 829
S a tu r d a y ..
.............
M o n d ay __ D ull, 15 p ts. d e e — S teerya d yste
ady.
.in
T u esd ay . . D ull. 15 pts. a d v .. . VB arely
stead y
W ednesday Dull
______
S te a d y ______
830
T h u rsd ay _
500
F rid a y ____
2,159
T otal . .
Spot M arket
Closed.

F utures
M arket
Closed.

and Contract.
Con­
tract. Total.
829
1,700 1,700
600 1,430
1,200 1,700
3,500 5,659

THE CHRONICLE

268

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

11

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1909.
1910.
1911.
.1,221,000 1,072,000 1,198.000
11,000
.
6,000
3,000
. 90,000
72,000
70,000
.1,317,000 1,147,000 1,279,000
.
3,000
7,000
15,000
S to ck a t H a m b u rg -----------242,000 311,000 436,000
S to ck a t B re m e n ________________. 242.000
S to ck a t H a v r e ___________
258,000 479,000 328,000
.
2,000
3,000
4,000
S to ck a t M arseilles________
. 10,000
9,000
40,000
S to ck a t B a rc e lo n a _______
74,000
34,000
S to ck a t G enoa__________________ 47,000
.
2,000
1,000
3,000
S to ck a t T rie s te __________
. 564,000 884,000 860,000
T o tal E u ropean sto ck s_____ 1,881,000 2,031,000 2,139,000
In d ia c o tto n alloat for E u ro p e ___. 171,000 221,000 148,000
A m er. c o tto n afloat for E u ro p e ... 683,183 324,231 782,032
33,000
68,000
E g y p t.B razil, & c.,aflt.for E u ro p e . 61,000
S tock In A lexandria, E g y p t_____ . 290,000 225,000 304,000
S to ck In B om bay, In d ia _________ 455,000 550,000 389,000
S to ck In U . S . p o r t s ____________ 11,032,022 799,589 . 964,696
S to ck In U . S . Interio r to w n s____. 707,535 731,941 84 1,580
14,359
U . S . exp orts to -d a y ......................... . 54,258
72,877
5,334,998 4,930,220 5,707,185
Of the above, to ta ls of A m erican a n d oth er descriptions arc as
A m erican—
L iverpool sto c k _____b ales.1,083,000
.1,083,000 978,000 1,095,000
56,000
59,000
. 73,000
M anchester sto c k ________
C ontinen tal sto c k ________________. 533,000 826,000 813,000
324,331 782,032
A m erican afloat fro E u ro p e _______________
683,183 683,183
U . S. p o rt sto ck s_____ ______ .1,032,022
1,032,022 799,589 962,696
U . S . Interio r s to c k s ____________ . 707,535 731,941 841,580
72,877
U . S . ex p o rts to -d a y ______ ______. 54,258
14,859
4,165,998 3,733,220 4,623,185
E ast In d ia n , B ra zil, & c.—
L iverpool sto c k ___________________. 138,000
94,000 103,000
11,000
L ond on sto c k _________
6,000
.
3,000
M anchester sto c k __________
14,000
13,000
. 17,000
C o ntinen tal sto c k ................................. 31,000
47,000
58,000
In d ia afloat for E u ro p e __________. 171,000 221,000 148,000
68,000
E g y p t, B razil, &c., a flo at________. 61,000
33,000
S tock In A lexandria, E g y p t............ 200,000
290,000 225,000 304,000
S tock In B om bay, I n d ia .................. 455,000 550,000 389,000
.1,169,000 1,197,000 1,084,000
.4,165,998 3,733,220 4,623,185
*- mku vieuno o u pp iy__________.5,334,998 4,930,220 5,707.185
M iddling U pland , L iverpool_____. 8.02d.
5.29d.
7.80d.
M iddling U pland , N ew Y ork____. 14.90c. 14.75c.
9.85c.
E g y p t, Good B row n, L iv e rp o o l...11 5-16d. 14 5-16d.
8% d.
P eru vian, R ough G ood, L iverpool1 ll.lB d .
7.75d.
lO d.
B roach, Fine, L iverp ool_________. 7 ^ d . 7 7-16d.
5d.
T innev elly , Good, L iverp ool____. 7 « d . 7 3-16d. 4 15-16d.

1908.
972,000
11,000
67,000
1,050,000
18,000
360,000
210,000
4,000
31,000
34,000
21,000
678,000
1,728,000
106,000
859,476
45,000
232,000
500,000
844,665
546,655
116,546
4,978,342
follows:
849,000
51,000
596,000
859,476
844,665
546,655
116,546
3,863,342
123,000
11,000
16,000
82,000
106,000
45,000
232,000
500,000
1,115,000
3,863,242
4,978,342
6.39d.
11.65c.
10 Mil.
11.25d.
5 13-10d.
5 'Ad.

C o n tin e n ta l im p o r t s f o r th e p a s t w e e k h a v e b e e n 185 ,0 0 0
b a le s .
.
T h e a b o v e fig u r e s fo r 1911 s h o w a d e c re a se fr o m la st w eek
o f 2 6 ,7 2 7 b a le s , a g a in o f . 4 0 4 ,7 7 8 b a le s o v e r 1910, a
d e c r e a se o f 3 7 2 ,1 8 7 b a le s fr o m 1 9 0 9, a n d a g a in o f 3 5 6 ,6 5 6
b a le s o v e r 1 9 0 8.




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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 c a b le a n d te le g r a p h , is a s f o llo w s .
F o r e ig n
s t o c k s , a s w ell as 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 r e ig n fig u r e s a re b r o u g h t d o w n t o T h u r s ­
d a y e v e n in g .
B u t t o m a k e th e to t a l th e c o m p le t e fig u res
f o r t o -n ig h t ( F r i d a y ) , w e a d d th e ite m o f e x p o r t s fr o m th e
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 n ly .

J a n u a ry 27—
S tock a t L iv e rp o o l...............
S to ck a t L ondon — .............
S to ck a t M an c h e ste r______

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A T 1 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 fo r th e w eek a n d sin c e S e p t. 1, th e s h ip m e n t s
f o r th e w e e k a n d th e s to c k s t o -n ig h t , a n d th e sa m e ite m s f o r
th e c o r r e s p o n d in g p e r io d fo 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 .

^OTlMO{-5 0tN.OM^>.ooj©N
o H o©iOOMN©<35cOM«rHOrfiN
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hS ©
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© ©© © rf rf»n «005
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COCO

coco

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

de­

T h e a b o v e to t a ls s h o w th a t th e in te r io r s t o c k s h a v e
a n d a re t o -n ig h t 2 4 ,4 0 6
b a les less th a n a t th e sa m e tim e la s t y e a r .
T h e r e c e ip ts
a t all th e to w n s h a v e b e e n 3 8 ,8 6 5 b a le s m o r e th a n th e s a m e
w e e k la s t y e a r .

creased d u r in g th e w e e k 4 9 ,2 9 0 b a le s

O VERLAN 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 ta t e m e n t s h o w in g th e
o v e r la n d m o v e m e n t f o r th e w eek a n d s in c e S e p t. 1, as m a d e
u p fr o m te le g r a p h ic r e p o r ts F r id a y n ig h t.
T h e resu lts fo r
th e w e e k a n d sin c e S e p t. 1 in th e la st tw o y e a r s a re as fo llo w s :

-------191 0-11------Since
W eek. Sep t. l.
...1 5 ,5 6 7 345,743
. . . 2,742 146,520
. . . 661
22,883
. . . 4,629
87,988
. . . 1,935
46.120
111,635
. . . 7,987 110,366
...3 6 ,5 3 2 871,255
Deduct Sh ipm ents—
. . . 4,745 119,493
B etw een Interior to w n s..
. . . 947
20,499
In lan d , & c., from S o u th .
. . . 717
26,710
T o ta l to be d e d u c te d ............... . . 6,409 166,702
..3 0 ,1 2 3 704,553

Jan u a ry 27—
Sh ipp ed—
V ia S t. L o u is____________
V ia C a iro _______ ________
V ia R ock I s la n d ...............

-------190C1-10------Sin ce
W eek. Sep t. 1.
11,119 288,000
2.962 123,224
14,985
1,510
65,648
8,945
29,902
1,228
81,175
3,698
6,998 112,829
36,460 695,763
3,723
57,665
533
20,348
2,547
27,757
6,803 105,770
29,657 589,993

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 t
h as b e e n 3 0 ,1 2 3 b a le s , a g a in st 2 9 ,6 5 7 b a le s f o r th e w e e k la s t
y e a r , a n d th a t fo r th e s ea son to d a te 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 crea se o v e r a y e a r a g o o f 1 1 4 ,5 6 0 b a le s .

---------1UVJ 'V IV
In Sight and Sp inn ers’
Since
Since
T akings.
W eek.
Sep t. 1.
S e p t. l .
W eek.
R eceipts a t p o rts to Ja n . 27 ----------207,800
6,938,927 108,863 5,036,798
N et overland to Jan. 2 7 --------------.207,800
30,123
- 30,123
589,993
704,553 29,657
S o u th ’n con sum ption to Ja n . 27.. . 51,000
966,000 52,000 1,118,000
-.288,923 8,609,480 190,520 7,344,791
656,757 •12,930
648,778
-.239,633
177.590
7,993,569
9,266,237
N o rth ’n sp in n ers’ takings to J a n .27 73,125 1,480.129 75,582 1,401,168
* D ecrease d u rin g w eek.
M o v e m e n t in to s ig h t in p r e v io u s y e a rs :

W eek—
1909—J a n .
1908— J a n .
1907— Feb.
1906— F eb.

Bales.
29_______________ 361,990
3 1 ----------------------- 365,206
1..........
..3 8 7 ,0 1 2
2 . . . ........................190,694

Since Sep t. 1—
B ales.
1908-09—J a n . 2 9 __________ 9,940,931
1907-08— Ja n . 3 1 __________ 8,155,957
1906-07 — Feb. 1__________ 0,713,318
1905-06— F eb. 2 __________ 7,890,734

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

Week, endiny
Ja n u a ry 27.
G a lv e s to n -------New O rleans___
M o b ile _________
S a v an n ah _____
C h a r le s to n ____
W ilm in g to n ____
N o rfo lk ________
B a ltim o re _____
P h ila d e lp h ia ___
A u g u s t a ______
M em p h is______
S t. L o u is______
H o u s to n ---------L ittle K ock------

Closing Quotations fo r
S a t’da y. ' M onday. Tuesday.
15
15
15
14 15-16 14 15-16 14 15-16
14 53
14 14
14 H
14 11-16 14 11-16 14 11-16
14 53
14 53
14 54!
14H
14M
14H
1413
14 Vs
14 %
15
15
15
15.15
15.00
15.15
15
15
15
1514
1514
1514
1514
1514
15M
15
15
15
14 13-16 14 13-16 14 13-16

M iddling
W ed’day.
15
14 15-16
14 53
14 54
14 53
1413
1413
15
15.15
15
1514
1514
15
14 13-16

Cotton on—
T hursd’y. F rida y.
15
15
14 15-16 14 15-16
14 11-16 14 54
14 54
1454
14 53
1453
1413
14 13
14 7-3
14J3
15
15
15.15
15.15
15
15
1514
1514
1514
1514
15
15
14 13-16 14 13-16

N E W O R L E A N S O P T I O 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 e w
O rlea n s c o t t o n m a r k e t fo r th e p a s t w e e k h a v e b e e n a s fo llo w s :

S a t'd a y , M onday, Tuesday, W ed'day, Thursd’y, F rida y,
J a n . 21. J a n . 23. J a n . 24. J a n . 25. J a n . 26. J a n . 27.

—

J a n u a ry —
14.90-.95 14.80-.84 14.86- .94 14.80-.94 14.85-.90 14.83-.88
C losing---------- 14.93-.95 14.83-.85 14.92-.93 ll.8 5 -.8 7 14.80-.88 14.83-.84
February—
— (» — — @ — — @ — — <«> — — @ — — @ -TC losing. ------ 14 .95-.97 14.85-.87 14 .9 5-.9 7 14.88-.90 14.93-.95 14.85- .87
M arch—
15.04-.08 14 .93-.04 14 .98-.07 15.00-.12 14.98-.05 04.98-.02
C losing---------- 15.06-.07 14 .96-.97 15.06-.07 15.02-.03 15.02-.03 14 .98-.99
A p ril—
— @ —— @ —— @ —— @ —— @ — — @ —
C losing______ 15.16-.18 15.05-.08 15.16-. 18 15.12-.14 15.12-.14 15.08-.10
M ay— .
15.23-.27 15.12-.23 15.16-.26 15.20-.31 13.17-.24 15.17-.2 1
C losing---------- 15.25-.26 15.15-.16 15.25-.26 15.21-.22 15.22-.23 15.18-. 19
June—
— @ —— @ —— @ — — @ —— @ —— @ —
Closing---------- 15.31-.33 15.21-.23 15.31-.33 15.27-.29 15.27-.29 15.22-.24
15.33-.37 15.22-.33 15.26-.36 15.29-.41 15.27-.33 15.27-.30
C losing---------- 15.35-.36 15.25-.26 15.35-.37 15.31-.32 15.32-.3 3 15.2 8-.2 9
A ugu st—
R ange -------- — @ — 14.61 — — @ — — @ — 14.68 — — @ —
C losing______ 14.7 5-.77 14.60-.62 14.73-.75 14 .69-.72 14.68-.71 14.64-.66
October—
R ange ---------- 13.41-.42 13.31-.36 13.33-.42 13.37-.44 13.36 — 13.32-.35
C losing---------- 13.41-.42 13.35-.36 13.39-.40 13.34-.35 13.35-.37 13.33-.35
Tone—
F irm . F irm .
F irm .
S p ot ------------ F irm . S tead y . F irm .
O p tio n s ........... S te a d y . S te a d y . S te a d y . S tead y . D u ll. S te a d y .
W E A T H E R R E P O R T S B Y T E L E G R A P H .— R e p o r t s to
us b y te le g r a p h th is e v e n in g in d ic a te th a t w h e r e ra in h a s
fa lle n d u r in g th e w e e k ,t h e p r e c ip it a t io n h a s ,a s a r u le , b e e n
v e r y lig h t.

T h e r e are s o m e c o m p la in ts fr o m T e x a s o f la c k

o f w in te r r a in s.

T h e c r o p c o n tin u e s to m o v e q u it e fr e e ly .

Galveston, Texas.— I t

h a s r a in e d o n fo u r d a y s d u r in g th e
w e e k , th e p r e c ip it a t io n r e a c h in g tw e n t y -s ix 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 ra n g e d fr o m 68 to 6 4 .
.— T h e r e h a s b e e n rain o n tw o d a y s th e p a s t
w e e k to th e e x t e n t o f s ix t e e n h u n d r e d t h s o f a n in c h .
The
t h e r m o m e t e r h a s r a n g e d fr o m 36 to 64.
.— I t h as r a in e d o n fo u r d a y s o f th e w e e k ,
th e p r e c ip it a tio n b e in g s ix t y -s e v e n h u n d r e d t h s o f a n in c h .
M a x im u m t h e r m o m e t e r 6 4 , m in im u m 3 8 .
.— W e h a v e h a d rain o n th re e d a y s
o f th o w e e k , th e ra in fa ll r e a c h in g e ig h t h u n d r e d th s o f a n in c h .
T h e th e r m o m e t e r h as r a n g e d fr o m 42 to 64.
I t h as ra in e d o n t w o d a y s o f th e w e e k , th e
ra in fa ll r e a c h in g s e v e n h u n d r e d t h s o f a n in c h ,
m o m e te r h as r a n g e d fr o m 42 to 6 2 .
_
_
— T h e r e h as b e e n n o rain d u r in g
th e w e e k .
T h e th e r m o m e te r h as a v e r a g e d 64.
— W e h a v e h a d rain o n th re e d a y s o f
th e p a s t w e e k , th e ra in fa ll b e in g s ix t y h u n d r e d th s o f a n in c h .
M a x im u m te m p e r a tu r e 8 1 , m in im u m 3 9 .
— I t h as ra in e d 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 tio n r e a c h in g fift 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 t e r h as a v e r a g e d 5 6 , th e h ig h e s t
b e in g 75 a n d th e lo w e s t 3 8 .
.— 1
T h e re h a s b e e n rain o n o n e d a y d u r in g
!th s o f a n in c h ,
th e w e e k , to th e e x t e n t o f t h ir t y -fiv e h u m '
r a g in g 4 9 .3 .
T h e t h e r m o m e t e r h a s ra n g e d fr o m 30 to 72,
o n th ree d a y s
— T h e r e h as b e e n r
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 fo i , 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 t e r h as r a n g e d fr o m 27 to 6 7 .
— D r y all th e w e e k .
T h e th e r m o m e t e r
h as ra n g e d fr o m 48 to 73, a v e r a g in g 59.
h a v e h a d rain o n fo u r d a y s th e p a s t
w e e k , th e ra in fa ll b e in g fift y -fiv e h u n d r e d t h s o f a n in c h .
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 3 , ra n g in g fr o m 4 0 to 7 5 .
— T h e r e h as b e e n rain o n fo u r 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 t w e n t y -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 t e r h as a v e r a g e d 5 4 , ra n g in g fr o m
36 to 7 7 .
.— T h e r e h as b e e n ra in o n tw o
d a y s d u r in g th e w e e k , t o th e e x t e n t o f fiv e 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 34 to 70.
.— T h e r e h a s b e e n rain o n o n e d a y
d u r in g th e w e e k , t o th e e x t e n t o f n ine 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 6 , ra n g in g fr o m 2 8 to 6 7 .
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 te le ­
g r a p h , s h o w in g th e h e ig h t o f riv e r s a t th e p o in ts n a m e d a t
8 a . in . o f th e d a te s g iv e n :

Abilene, Texas

Palestine, Texas

San Antonio, Texas

Taylor, Texas.—

New Orleans, Louisiana.
Shreveport, Louisiana.
Vicksburg, Mississippi.

Helena, Arkansas

Memphis, Tennessee.

Mobile, Alabama.
Selma, Alabama.—Wo

2G9

THE CHRONICLE

J a n . 23 1911.J

W O R L D ’S S U P P L Y

C o tto n T a k in g s .
W eek a n d S e a so n .

AND

T A K IN G S

OF COTTON.

1909-10.
1910-11.
W eek. Season.
W eek. Sea son.
4,994,335
5,301,725
1,931,022
1,495,514
239,633 9,266,237 177,590 7,993,569
83.000 987,000 94.000 1,415,000
2,000
86,000
6,000
96,205
24.000 853,000 11.000 606,000
12.000 157,000 10,000 154,000
5,726,358 12,854,956 5,288,925 12,185,591

A m erican in sight to J a n . 2 7 ___
B om bay receipts to J a n . 2 6 ____
O ther In d ia sh ip ’ts to J a n . 2 6 -.
A lexandria receipts to Ja n . 2 5 ..
O ther supply to Ja n . 25*______
T o ta l su p p ly _________________
D educ—
V slble supply Ja n . 27 ------------- 5,334,998 5,334,998 4,930,220 4,930,220
T otal takin gs to Ja n . 2 7 _______ 391.360 7,519,958 358.705 7.255.371
Of vvhch A m erican__________ 298.360 5,883,753 241.705 5.714.371
Of w hich o th e r_______________ 93,000 1,636,205 117,000 1,541,000
* E m braces receipts In E urope from B razil, S m y rn a , W est Indies, &c.
CEN 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 e n su s B u re a u c o m ­
p le te d a n d issu ed o n J a n . 23 its r e p o r t o n c o t t o n g in n e d to
J a n . 16 as fo llo w s (c o u n t in g r o 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 ):

P. C. o f Crop
Ginned Prior
-Crop- to Jan. 16
sinned Prior to Jan. 1619101909.
1909.
1908. 1910. 1909.
Slate—
1911.
U. S .............11,254,115 9,787,592 12,666,203 10,072,731 13,086,005 97.2 96.8
A labam a__ 1,174,651 1,026,869 1,316,803 1,040,137 1,332,003 98.7 98.9
A rkansas__ 746,247 664,522 931,133 697,003 996,093 95.3 93.5
68,624
61.877
70,598 98.2 97.2
60,765
Florida____
64,770
1,850,125 1,977.050 98.8 98.7
G eorgia___ 1,779,906 1,827,923 1,952,113
258,459 466,543 98.2 98.3
L ouisiana... 242,612 253,927 458.762 1,073,105
1,620,325 95.8 95.8
Mississippi - . 1,158,267 1,028,418 1,551,792
633,746 683,628 97.1 96.8
No. Carolina 718.3S9 615,529 601,609
689,345 90.4 88.8
612,144
552,678
532,803
Oklahoma . . 906,186
1,215,848 98.0 98.1
So. Carolina. 1,178,895 1,114,533 1,192,723 1,137,382
240,757 334,084 95.1 96.3
Tennessee . . 297,610 228,915 321,727 2,469,331
3.027,350 96.3 97.3
T e x a s ..........2,912,244 2,377.894 3,528,981
73,138 96.5 95.3
69,732
57.531
55,454
Other States 74,278
The statistics in this report Include 110.815 round bales rrom growm oi taxu.
146 378 bales from that of 1909 and 232,510 for 1908. The number of Sea Island
bales Included Is 86,411 from growth of 1910, 92,191 from that of 1909 and 90.287
for 1908. The distribution of the Sea Island cotton from the growtli of 1910 by
States Is: Florida, 28,782; Georgia, 45.436: South Carolina, 12.193. The statistics
In this report are subject to slight corrections when checked against the individual
returns of the glnners being transm itted by mall.
The corrected statistics of the quantity of cotton ginned this season prior to
Jan. 1 1911 are 11,084,515 bales.
EXPORTS
OF
COTTON
GOODS
FROM
GREAT
B R I T A I N . — B e lo w w e g iv e th e e x p o r t s o f c o t t o n y a r n ,
g o o d s , & c ., fr o m G r e a t B r ita in fo r th e m o n th o f D e c e m b e r
a n d sin c e J a n . 1 1910 a n d 19 0 9, a s c o m p ile d b y us fr o m
th e B ritish B o a r d o f T r a d e r e tu r n s .
I t w ill b e n o t ic e d th a t
w e h a v e r e d u c e d th e m o v e m e n t all to p o u n d s .

Cloth.
Total o f Alt.
Yarn & Thread.
000s
1909.
1910.
1909.
omitted. 1910. I 1909. 1910. | 1909. | 1910.
Lbs.
Lbs.
Lbs.
Yds. ! Yds. ! Lbs.
Lbs. | Lbs. 497,747,
92,639 78,036 110.518 97,516
J a n __ 17,879 19,480 409.525 419,123
81,119
105,567
100.171
435.684;
87,386
Feb___ 18,181! 19,052
March . 18,553! 22,013 475.819: 492.867- 88,607 91,712 107,160 113,725
1st qr. 54,613 60.5451,443,091 1,347,674, 268,632 250,867 323,245 311.412
103,660 102.082
17.578; 19,605 402,261 443,149 86,082 82,477
April
S2.059 101,025 102,083
May - 17,159 20,024 450,303 440,902 83.866
16,924 20.184 508,441 430,730 94,082 80,100 111,600 100.350
June
2d qr. 51,001 59.S13 1.421.0684,311,781 264,630 244,702 316,291 304.515
575,206 104,796 107,055 122,802 129.417
July . . . 18,006 22,362 562,752!
August- 10,958 22,020 520,924! 543,871 97,044 101,223 114,002 123.243
Sept __ 17.173 20,392 492,179 478,984 91,653 89,147 108,826 109,539
297,425 345,030 362,199
3d qr. 52.137, 64,774 1,575.855 1,598,061 293,493
96,729 95,964 116,808 117,278
O c t __ 20,079 21,314 519,432 515,615
95,167 86,232 113,173 106,683
N o v __ 18,006 20,4511 511,017 463,326
Dec___ 19.595 18,068^ 547,961 482,872 102.041 89,870 121,636 107,938
4th qr 57.680! 59,833;1,578,440 1,461,813 293,937 272,066 351,617 331,899
Total yr 216,091 244,9656,018,454 5,722.329 1,120,692 1,065,060 1,336,783 1,310,025
1,234
1,020
Stocking s and socks_______________________________________ - 44,925
40,659
Sundry
Total exports of cotton manufactures....... ................................... 1,382,942 1,351.704
T h e fo r e g o in g s h o w s th a t th e re h a s b e e n e x p o r t e d fr o m
th e U n ite d K in g d o m d u r in g th e tw e lv e m o n th s 1 ,3 8 2 ,9 4 2 ,0 0 0
lb s . o f m a n u fa c tu r e d c o t t o n , a g a in s t 1 ,3 5 1 ,7 0 4 ,0 0 0 lb s . last
y e a r , o r a n in cre a se o f 3 1 ,2 3 8 ,0 0 0 lb s .
A fu r th e r m a t te r o f in te re s t is th e d e s t in a t io n o f th ese
e x p o r t s , a n d w e h a v e th e r e fo r e p r e p a r e d th e fo llo w in g s ta t e ­
m e n ts , s h o w in g th e a m o u n t s ta k e n b y th e p r in c ip a l c o u n t r ie s
d u r in g D e c e m b e r a n d sin ce J a n . 1 f o r e a ch o f th e la st th ree
yea rs.

Jan 1 to Dec- 31.
December
Piece Goods— Yards.
1908.
1909.
1910.
1909.
1908.
1910.
(000-s
omitted.)
Savannah, Georgia.
2,448.612
232,255 145,590 2,536.321 2,379,897
East Indies....... ...................... 223,065
1,103,473 1,007,327 951,565
Turkey, Egypt and Africa. 99,854 65,180 75,012
43,662 571,751 0S6.390 612.187
China and Ja p a n ............... 55,773 37,375
21,028 395.180 372,320 296.705
Europe (except T u rk e y )... 32.546 31,292 37,695
614,009 492,907 455.210
45,347
South America....................... 60,400 34,750
Charleston, South Carolina
321,157 352,590 325,334
North America....................... 34,342 36,673 30,470
34,316 470,503 430,897 441,195
All other co u n tries.............. 41,921
Total yards......................... 1547.961 482,872 388,373 0,018,454 5,722,328 5,530.808
Charlotte, North Carolina
Total value......................... 1 £7,389 £0,022 £4,858 £78,717 £68,280 £70,231
Yarns—Lbs.
(000s o m itt e d .)
44,083 39,313
3,370 2,987 39,302
Holland .................................. 3,650
3,233 49,844 41,974 42,460
Germany ..............- ............... 4,644 3,623
31,064 39,647 44,208
Oth. Europc(exceptTurkey) 2,687 2,431 3,027
2,032 27,896 37,434 40,254
Indies............................. 3,110 2,785
7,227
5,471
560
1,093
J a n . 27 1011. J a n . 28 1910. East
41
China and Japan------------1,297 10,514 16,308 15,512
F eet.
F eet.
652
863
Turkey and E gypt................
11.0
2,436 2,015 31,982 30,321 25,788
0.1
New O rlean s.................... .A b ov e zero of R ange.
2,613
All
other
countries................
29.8
M em phis
. ...A b o v e zero of g au ge.
17.8
15.8
215,238 214,762
17,644 15,338 15,151 191,695 £11,822*
N ashvlllo
_________ A bove zero of g au ge.
13.8
Total pounds....................... £1,278
£12,845
2.1
£968 £857 £13,344
S h rev ep o rt- .... . . ...Ile lo w zero of g au g e.
4.4
Total v a lu e .......................
33.7
V ic k s b u rg _____________ A bove zero of g a u g e .
18.4




THE CHRONICLE

210

[VOL. LXXXXII

bales.
G U L F P O R T — T o I la v r c ^ Ja n . 24— K ing George, 6 582
6,582
To A n tw e rp —J a n . 24— K ing George, 95
95
SA V A N N A H — T o L iverpool—Ja n . 26— G afsa, 5 500...........
5.500
T o B rem en— Ja n . 27— G oldenfcls, 8.466
8,466
T o R o tte rd a m — Ja n . 25— K n u tsfo rd ,201
201
T o A ntw erp— Ja n . 25— K n u tsfo rd , 384
_
384
To G hent—-Jan, 25— K nu tsfo rd , 950_________
1910-11.
1909-10.
January 26
1908-09.
950
T o R eval— Ja n . 27— G oldenfcls, 200__________
200
To
B
om
bay—
Ja
n
.
26—
G
afsa,
530__________
Since
Since
Receipts at—530
Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. W IL M IN G T O N — To T rie ste —Ja n . 2 5 —C lara, 4,500
4.500
N O R F O L K — To H am b u rg — Ja n . 17— B eth an la, 46 2 _____ X I I "
462
______
"
BO
STO
N
—
To
L
iverpool—
J
a
n
.
24—
A
rm
enian,
2
,2
3
3
Bombay.................................... 83,000 987,000 91,000 1,415,000 98,000 832,000 B A L T IM O R E — T o B rem en— Ja n . 20— K ohl, 2 ,5 6 0 _______ _
2,233
2,560
P H IL A D E L P H IA — To L iverpool— Ja n . 20— H averford, 400
400
For the Week.
Since September 1 .
To M anchester— Ja n . 19— M anchester S pinner, 1,500_________ 1.500
Exports
____
S
E
A
T
T
L
E
—
T
o
J
a
p
a
n
—
Ja
n
.
21—
P
an
am
a
M
arti,
3,7
41______
3,744
from — Great j Conti- ! Japan j
Great Conti­
liritain. nent. \A-CMna Total. liritain. nent. IA-Japan
China.
Tc>ta* ....................................................... - ...................................... .......................... 183,583
Bom bay—
T h e p a r t ic u la r s o f th e fo r e g o in g s h ip m e n ts f o r th e w e e k ,
1910-11­ 2.000 1.000 11,000 17,000 16,000 316,000, 221.000 552,000
1909-10. 7.000 50.000 26,000 89,000 33.000
319.000 685,000 a r r a n g e d in o u r u su a l fo r m , a re as fo llo w s :
1908- 09. 1.000 4,000 20,000 25,000 11.000 333,000;
224,000^ 194,000) 429,000
Great F rench Ger- — O th.Europe— Me.r..
Calcutta—
lirita in . P orts, m an y. N orth. S o u th . A c. J a p a n . Total.
1910-11.
2,000 6,000' ............I 8,000 N ew Y o rk ______
8,233 3,980
854
250
16,517
190910­ 1,000
1,000
2,000 14.000
2 ,0 0 0 ,
18,000
a lv e s to n _____
8,942 4,954 2,833 6,282 . . . 3.209 23,01
t
1,000 1,000 2,000
1908-09.
4.000 14.000 19.000;
37.000 TGexas
C ity _____ .11,560 10,213
21,773
Madras—P o rt A rth u r_____10.500 11,268
21,768
1,000
1,000 8.000 13.000
191011.
5 21,005
O rlean s___ 54,810 .. .
2,052
62,207
1,000
190910.
1,000, 4.000 7,000
1,000 12,000 New
G ulfport ______
6,582
95
6,677
1908- 093.000 11.000 2,0
00
16,000
S
a
v
a
n
n
a
h
___
.
5,500
____
8,466
1,735
530
16,231
All others—
W ilm ingto n........ ......................
4,500
4,500
2,000
191011.
5,000 18,000 48.000
1,200
67,200
N
orfolk_____
___
____
____
462
462
1909- 10­
16,000 39.000
1,000 56.000
_______ 2,233 ____
2,233
1908-09.
3 ,6 6 6 ;
3,000
6.000 63.000 6,000 75.000 BB oston
a ltim o re ........ .................... . . . . 2", 560
2,560
P hiladelphia _ 1,900 ____
1,900
Total all—
3,744
1910- 11­ 6,000 o.ooo: 1 1 ,0 0 0 23,000 4 1,000 383.000 221,205 648,205 S eattle _______ ____ ____
1909-10.. 7.000 58,000 26.009, 01,000 55.000 393.000 323.000 771.000
T
otal
.94,736 40,985 16,537 6,870 16.981 530 6,944 183,583
1908-09-. 1.000 8.000, 21,000 30.000 24.000 312.000 221.000 557.000
I N D I A C O T T O N M O V E M E N T F R O M A L L P O R T S .—
T h e r e c e ip ts o f c o t t o n fr o m B o m b a y a n d th e s h ip m e n ts fr o m
all I n d ia p o r ts f o r th e w e e k a n d fo r th e se a so n fr o m S e p t. 1
f o r th re e y e a r s h a v e b e e n as fo llo w s :

A L E X A N D R IA
R E C E IP T S
A N D S H IP M E N T S OF
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 ade
w ith
M essrs.
C h o r c m i, B e n a c h i & C o ., o f B o s to 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 ca 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 are 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 eek o f
th e p r e v io u s tw o y e a r s :

A lexan dria, E gypt,
J a n u a ry 25.
R eceipts (ca n ta rs)—
T his w eek _ ______________
Since S e p t. 1.........................

1910-11.

1909-10.

1908-09.

180,000
6,400,214

80,000
4,542,036

250,000
5,106,057

This Since T his Since
E xp orts (bales) —
W eek. Sep t. 1. W eek. Sep t. 1.
T o L iverp ool......................... 6.250 148,036
97,522
T o M a n c h e ste r__ _______ 8.250 146,407
85,834
T o C o n tin e n t___________ 13,750 221,526 4", 500 181,747
T o A m e ric a ...................... .. 3,750 74,529
45,525
T otal e x p o rts______ . 32,000 590,498 4,500 410,628
N o te.— A c a n ta r In 99 lbs. E g y p tia n bales w eigh ab o u t

T his Since
W eek. S e p t. 1.
4,250 111,092
17,500 116,930
8,500 169,364
4,000 36,325
34,250 433,711
750 lbs.

T h e s ta t e m e n t s h o w s th a t th e r e c e ip t s f o r th e w e e k w ere
1 8 0 ,0 0 0 c a n tars a n d th e fo r e ig n s h ip m e n ts 3 2 ,0 0 0 b a le s .
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 te s th a t th e m a r k e t c o n tin u e s
cp iiet fo r y a rn s a n d firm fo r s h ir tin g s .
M a n u fa c tu r e r s a rc
g e n e r a lly 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 fo r t o ­
d a y b e lo w a n d le a v e th o s e fo 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 :

Dec.
9
16
23
80
Jan.
6
13
20
27

1910-11.
84* lbs. Shirtlags, common
S2s Cop
to finest.
Twlit
d.
d: s. d.
s. d.
113-16© 124* 5 8 ©11 0
114* © 124* ■ 5 84*@11 14*
114* © 12 4, 5 9 ©11 3
1144 © 124* 5 9 @11 3
114* © 124* 5 9 @11 3
114* © 124* 5 9 ©11 3
U44 © 1 2 q 5 9 @11 3
114* <a\ 124* 5 9 @11 3

1909-10.
Col’n
84* lbs. Shirt32? Cop
Mid.
Ings, common
Upl’s
Twist
to finest.
d. d.
d. •S d.
s. d.
7.95 1 0 t* @ in * 5 6 @ 10 0
8 . 1 1 10 4* @
in * 5 6 @ 10 0
8.16 104* @ 1114 5 6 @ 10 0
8.07 104* @ 114* 5 64*@10 1
8.03 104* @ 114* 5 6 @ 10 0
8.07 10 5-10@ 1 1 5 5 @9 10 4*
@ 104* 5 ■1 @9 9
8.05 10
@ 104* 5 4 @9 9
8 .0 2 104*

Col’n
Mid.
Upl’s
d.
7.94
8.03
8.26
8.50
8.18
7.84
7.56
7.SO

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e ek h a v e
r e a c h e d 1 8 3 ,5 8 3 b a le s.
T h e s h ip m e n ts in d e t a il, as m a d e
u p fr o m m a il a n d te le g r a p h ic re tu r n s , a re as fo llo w s :

Total bales.
N E W 5 O H K — To L iverpool— Ja n . 24— B ohem ian, 3,336 upland,
160 Sea Isla n d _______________________________________ ________ 3,496
T o M anchester— Ja n . 20— C ervantes, 2 ,8 58____________________ 2,858
T o H ull—Ja n . 23— Galileo, 1,279_________
______________ 1,279
T o L ondon—Ja n . 20— M innehaha, 600_________________________
600
T o H av re— Ja n . 21— N iagara, 3,296 up lan d . 5 foreig n__ Ja n .
25— La B retagne, 67 9 ____________ _ .
___________ 3,980
T o A ntw erp—Ja n . 24— S am land, 2 5 0 ______
___________
250
T o N aples—Ja n . 20— D uca d ’A osta, 4; K oenigen L ulse, 8 5 0 ,. _ 854
To J a p a n —Ja n . 20—A fghan P rince, 1,200; M uncaster Castle,
2,000 --------------------------------------------------------3,200
G A LV ESTO N — To H avre— Ja n . 21— M ohaw k, 8 ,9 4 2 _ ____________ 8,942
To B rem en— Ja n . 21— M ohaw k, 2 29 7_________________________ 2,297
To H am bu rg— Ja n . 20— D ora, 2,657_______________________ ___ 2,657
To R o tterd am — Ja n . 21— Lord D uflerln, 183
___________
183
T o C hristiania—Ja n . 20— T exas, 2,650 ___
___________ 2,650
To B arcelona—Ja n . 24— Irene, 3,433 _____ . ___________ . 3,433
^il^.Trlefijte Ja n . 24— Irene, 2 ,8 49_____________________________ 2,849
1 L X A S C IT Y — To L iverpool—Ja n . 21— A lexandrian, 11,560____ 11,560
„ n n L°
27— H lllm ere, 10,213_________________________ 10,213
F O R T A R T H U R — T o H avre— Ja n . 23— R o ath , 1 1 , 2 6 8 ... ............ _ 11,268
-,
T--JA
1n • 25—Counsellor,
N E W O R L E A N S —To
L iverpool— Ja n . 10.500-----------------------------21— R adian ce 5 ,6 2 1 - .. 10,500
Ja n . 23— V ictorian, 18,749___ Ian . 27— Colonlan, 14,000;
Com m odore, 9,000..................................................
T o L ondon—J a n . 2 3 — E tonian , 1 , 2 6 6 _______________________ " L 200
1 ° M anchester— Ja n . 24— A lbanian, 6 ,2 4 0 _ .................... .
6,240
T o R o tterd a m — Jan- 26— F lodden, 250..................................... "
2 50
T o A ntw erp—Jail 23— E tonian , 3 4 5 . . _Ja n . 24— Chaucer, 1,457 1 ,8 0 2
T o O porto— Ja n . 20— Conde W lltrcdo, 541
541
To B arcelona— Ja n . 20— Conde W llfredo, 1 I 4 6 0 ....................
1 10 0
T o G enoa—Ja n . 27— F ert 3 ,4 0 4 ..
................................. 3 ’4 o t




T h e e x p o r t s to J a p a n sin ce S e p t. 1 h a v e b e e n 9 0 ,2 9 2 b a le s
fro m P a c ific p o r ts a n d 3 ,2 0 0 b a le s fr o m N ow Y o r k
C o t to n fr e ig h ts a t N e w Y o r k th e p a s t w eek h a v e b e e n as
fo llo w s , q u o t a t io n s b e in g in c e n ts p er 100 lb s .:

L iv e rp o o l__________
M a n c h e ste r________
H avre _____ _______
B re m e n .............. .........
H a m b u rg __________
A ntw erp __________
G hent, via A ntw erp
R e v a l______________
G o th e n b u rg ________
B arcelon a__________
G enoa ____________
T ric s to __________ _
Ja p a n ______________

S a t.
15
15
23
25
25
20
26
27 4*
30
30
22
35
45

M on.
18
15
23
25
25
20
26
27 4*
30
30
22
35
45

Tues.
18
15
23
25
25
20
26
27 4*
30
30
22
35
45

W ed. Tliurs.
18
18
15
15
23
23
25
25
25
25
20
20
26
26
27 4*
27 4*
30
30
30
30
22
22
35
35
45
45

F ri.
18
15
23
25
25
20
26
27 4*
30
30
22
35
45

L I V E R P O O L .— B y ca b le fr o m L iv e r p o o l w e h a v e th e f o llo w in g s ta t e m e n t o f th e w e e k ’s sa les, s to c k s , & c ., a t th a t p o r t :

Jan. 6 .
n . 13. J a n 20. J a n . 27.
Sales of the w eek----------b ales. 59,000 J a79.000
48 ,000
60,000
Of w hich specu lato rs to o k . .
l ,000
2,000
2 ,000
2,000
Of w hich ex p orters to o k ___
3,000
2,000
1 ,000
1,000
Sales, A m e ric a n ........................... 52,000
72.000
43 000
55.000
A ctual e x p o rt-----------11,000
14.000
11
000
10.000
F o rw a rd ed ____________________ 127,000
103.000
99 000
108,000
T o tal sto ck — E stim a te d _____ 1,088,000 1,089,000
1,160 ,000 1,221,000
Of w hich A m erican ............. 979,000
976.000
1,035
,000
1,083,000
T o tal Im ports of the w eek____ 249,000
116.000
180 ,000
178.000
Of w hich A m erican _______ 228,000
82.000
152 ,000
141.000
A m ount a llo a t_____________ _ 4 10,000
459.000
427
,000
3
76,000
Of w hich A m erican _______ 361,000
381.000
36 000
317.000
t h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o t s a n d fu tu r e s
e a ch d a y o f th e p a s t w eek a n d th e d a ily c lo s in g p r ice s o f
s p o t c o t t o n h a v e b een as fo llo w s :

Spot. Saturday. Monday. Tuesday.
Market, 1
12:15
Quiet.
Good
Good
T. M. J
demand. demand.
.Mid. Uplds
8.07
8.07
8 .0 2
S ales____
5,000
15,000
12 ,0 0 0
Spec.&exp.
300
1,0 0 0
500
Futures. Steady at Steady at Steady at
Market \ 2 points 1 4 * points 2@3 pts.
opened / advance. advance. decline.
Market, 1 Quiet at Quiet at Steady, 4*
24* points 2© 2 4* pts. ot. dec. to
4
P. M. j advance. decline. 2 pts. adv.
T h e p r ic e s
b e lo w .
P ri
cla u se , u nle

W ednesday. Thursday.
Steady.
8.09

Good
demand.
8 .0 1

Friday.
Moderate
demand.
8 .0 2

7,000
300
Steady at Quiet at Quiet at
24 * points 2@3 4* pts.
4* point
advance. decline.
decline.
Quiet at Quiet at Steady a t
24*@3 pts. 2 44 @3 4* 4* @2 4*
advance. pts. dec. pts. dec.
10 ,0 0 0
1,0 0 0

10 ,0 0 0
1,0 0 0

fu tu re s a t L iv e r p o o l fo r e a cli d a y are g iv e n
are o n th e basis o f u p la n d , g o o d o r d in a r y
Ih erw ise s ta t e d .

The prices are , een in pence ana lOQlhs. Thus, 7 8 6 m eans 7 8 6 -lOOrf.
S a t.
M on.
J a n . 21
T u es.
W ed.
T liu rs.
Fri.
to
Ja n . 27. 1 2 4* 124* 1244| 4 12 44 4 124*1 4 124* 4 124* 4
p.m
.
p.m .
p.m .jp .m . p.m . p.m p.m . p.m . p.m . p.m . p.m . p.m .
J a n u a r y .. ____7 86 4* 87 V, 84 4* 82 84 87 4* 87 83 4* 834* 82
J a n .-F e b . .. _. 77 86 4* 87 4* 84 4* 82 |84 874* 87 83 4* 83 44 82
86 4* 87 X 84 H 82 84 4* 88
Fcb.-M ch.
84 84 82>*
M ch.-A pr. . . . 7 87 4* 88 4* 85 4* 83 85 4* 89 87
84
8 8 4* 85 4* 85
88 86 83 4* 86 894* 89
A pr .-M ay. ___ 7 88 89
86 85 4*
M ay-June ... 7 88 4* 4* 86 4* 84 8 6 4* 90 89 4* 864* 86 8854 4*
.
.
.
7
87
88
85
82 4* 85 88 4* 88 85
Ju n c-Ju ly
4* 834*
Ju ly-A u g. ___ 7 84 4* 85 t* 82 4* 80 4* 83 864* 86 83 84
4* 814*
A ug.-Sep . ___ 7 04 4* 65 J* 62 4* 60 4* 63 66 66 63 82
614*
62
4*
27
4*
25
S ep.-O ct . ....... 7 27 M 09 I*
4* 264* 29 4* 29 4* 27 27 26
07 24
O ct.-N ov. ___ 7 09 4*
06 4* 09 12 i 12 09 4* 09 4* 08 4*

BREADSTUFFS.

Friday, Jan.

27 1911.
P r ice s fo r w h e a t flo u r h a v e g e n e r a lly w e a k e n e d d u r in g the
w eek , o w
4 7in
3 7g0 to d e p r e s s io n in w h e a t a n d th e p e r s is t e n t s ta g ­
n a tio n o f tr a d e , d e s p ite th e re c e n t p r e d ic t io n s o f a n e a r ly
a w a k e n in g o f b u sin e ss.
N o t o n ly h as th e lo c a l m a r k e t b een
e x t r e m e ly d u ll, b u t r e p o r ts fr o m v a r io u s p a r ts o f th e c o u n t r y
in d ic a t e th a t th e tr a d e in g en era l is in a s ta te o f le t h a r g y .
In a d d itio n to th e d u ln e ss o f n ew b u sin ess it is a lso n o te d in

J a n . 28 191 l.J

T H E C H R O N IC L E

m a n y r e p o r ts fr o m th e S o u th w e s t , th e W e s t a n d th e N o r t h ­
w e st th a t s h ip p in g d ir e c tio n s o n o ld c o n t r a c t s are b e in g
r e c e iv e d s lo w ly .
A t M in n e a p o lis tw o m ills r e c e n tly c lo s e d
dow n.
R y e flo u r a n d c o r n m e a l h a v e b e e n q u ie t a n d e a s y .
W h e a t u n d e r th e p r e ssu re , a m o n g o th e r th in g s , o f liq u i­
d a t io n a n d s h o r t se llin g a n d a m o r e fa v o r a b le c r o p o u t lo o k
h as d e c lin e d .
A t tim e s p r ic e s h a v e ra llie d o n th e liq u id a ­
tio n o f s h o r t a c c o u n t s .
Y e t N o r t h w e s te r n s to c k s h a v e b een
s t e a d ily in cre a s in g .
C ash q u o t a t io n s h a v e b e e n in c lin e d to
re c e d e a n d c o u n t r y e le v a t o r s r e p o r t th a t fa r m e rs are s e llin g
fr e e ly in th e N o r t h w e s t, p o in t i n g t o lib e ra l r e ce ip ts in th a t
s e c t io n fo r so m e little tim e to c o m e .
I t a p p e a r s , t o o , th a t
a t K a n s a s C ity ca sh w h e a t is b e in g o r d e r e d t o e le v a t o r s ,
o w in g to th e d u ln e ss o f tr a d e , a n d th a t r e c e ip ts a t c o u n t r y
p o in t s in th a t s e c tio n a re in c r e a s in g m a t e r ia lly .
L iv e r p o o l
h as r e p o r te d in c r e a s e d o ffe r in g s fr o m A u s t r a lia a n d R u s s ia .
A r g e n t in a ’s e s tim a te d w e e k ly s h ip m e n ts w e re n o less th a n
2 .8 0 0 .0 0 0 b u s h e ls , a g a in st 1 ,2 0 4 ,0 0 0 la st w e e k a n d 9 5 2 ,0 0 0
la s t y e a r , s h o w in g , r o u g h ly , a n in cre a se o f th r e e fo ld o v e r th e
c o r r e s p o n d in g w e e k o f 1910.
S o q u ie t is th e flo u r tr a d e a t
th e N o r t h w e s t th a t M in n e a p o lis r e p o r ts th e c lo s in g d o w n o f
t w o flou r m ills , a d d in g th a t s h ip p in g d ir e c tio n s are c o m in g
in b u t s lo w ly .
I t m a y b e a d d e d th a t in fiv e d a y s th e s t o c k
o f w h e a t a t M in n e a p o lis h as in cre a se d 4 0 0 ,0 0 0 b u s h e ls .
L a t t e r ly , t o o , L iv e r p o o l p r ic e s h a v e d e c lin e d u n d e r th e p r e s ­
s u re o f in cre a s e d A r g e n tin a s h ip m e n ts .
I t w o u ld a lso a p ­
p e a r th a t s o m e o f th e la rg e b u ll o p e r a t o r s h a v e b e e n s e llin g ,
t h o u g h b u y in g fr o m tim e t o tim e , p r e s u m a b ly w ith th e d e ­
s ig n o f s u p p o r t in g th e m a r k e t .
B u t th e w e a th e r a t th e
S o u th w e s t h as b e e n m o r e f a v o r a b le , r e c e ip ts th r o u g h th e
W e s t g e n e r a lly h a v e b e e n lib e r a l, a n d th e f a c t th a t th e ca sh
d e m a n d has b e e n s lo w a n d th a t th e flo u r tr a d e h as b e e n e x ­
c e p t io n a l ly d u ll h as c o m b in e d w ith b ig s h ip m e n ts fr o m A r ­
g e n tin a a n d free o ffe rin g s o f R u ss ia n w h e a t to d e p re ss p r ice s
n o t ic e a b ly .
I t is tr u e , o n th e o th e r h a n d , th a t p r ice s a t
W in n ip e g a n d s o m e o th e r fa r N o r t h w e s te r n m a rk e ts h a v e
n o w a n d th e n ra llie d te m p o r a r ily , o w in g to d e c r e a s in g C a n a ­
d ia n s to c k s a n d an id e a a m o n g C a n a d ia n s th a t th e A m e r i­
c a n d u t y o n w h e a t m a y b e r e d u c e d b y th e p r o p o s e d r e c i­
p r o c it y tr e a t y b e tw e e n C a n a d a a n d th e U n ite d S ta te s .
T o­
d a y p r ic e s d e c lin e d s h a r p ly o n th e a n n o u n c e m e n t o f th e p r o ­
p o s e d r e c ip r o c it y t r e a t y w ith C a n a d a p r o v id in g fo r th e
a d m it t a n c e o f C a n a d ia n w h e a t free o f d u t y , c o n tin u e d d u l­
n ess in ca sh w h e a t a n d flo u r , im p r o v in g c r o p r e p o r ts fr o m th e
w in te r -w h e a t b e lt , la rg e r s h ip m e n ts to E u r o p e fr o m A r g e n ­
tin a a n d I n d ia , lo n g liq u id a t io n , a t t r ib u t e d in p a r t t o le a d ­
in g C h ic a g o b u lls , h a m m e r in g b y p it tr a d e rs a n d a la c k o f
su p p ort.

D A IL Y CLO SIN G P R IC E S O P W H E A T F U T U R E S IN NEW Y O RK .
S a t. M on . T ues. W ed. T hurs. F ri.
N o. 2 red w in te r...................................... 99 % 98% 98 % 98 % 99% 98%
M ay delivery In e lev a to r....................104% 108% 102% 102% 102% 101%
-Tuly delivery in e lev a to r....................103
102 101 % 101% 101% 100%
D A IL Y CLO SIN G P R IC E S O F W H E A T F U T U R E S IN CH ICA GO .
..........................
S a t. M on . T ues. W ed. T hurs. F ri.
„
M ay de lvery In e e v a to r........................98% 99% 98% 98% 98% 96%
Ju ly delivery In e lev a to r--------------- 95% 95% 95
95% 105% 97%
S e p te m b e r delivery In e lev a to r____93% 93% 93% 9 3 % 93 % 92%

I n d ia n c o r n fu tu r e s h ere in N e w Y o r k h a v e b e e n n o m in a l.
A t th e W e s t th e tr e n d o f p r ic e s h as b e e n u p w a r d a t tim es,
o w in g to w e t w e a th e r in s o m e s e c tio n s , r e p o r ts o f a g o o d
d e m a n d fo r e x p o r t , a n a d v a n c e in th e L iv e r p o o l a n d B u e n o s
A y r e s m a r k e t s , c o m m is s io n -h o u s e b u y in g a n d c o v e r in g o f
s h o r ts .
O f la te , h o w e v e r , le a d in g e le v a t o r in te re sts h a v e
•sold h e a v ily a n d th e re h as b e e n s c a tte r e d liq u id a tio n .
The
‘d e p re s s io n in w h e a t h as a lso e n c o u r a g e d s e llin g fo r th e
■decline b y p it tr a d e rs .
T h e r e h as b e e n m o r e o r less h e d g e
s e llin g a n d c o u n t r y o ffe r in g s h a v e b e e n r e p o r te d s o m e w h a t
la r g e r .
T h e c r o p o f R o u m a n ia w a s o ffic ia lly p la c e d a t
1 0 8 .8 0 0 .0 0 0 b u s h e ls , a g a in s t a n e a rlie r e s tim a te o f 9 0 ,0 0 0 ,0 0 0
b u s h e ls a n d a y ie ld la s t y e a r o f 7 2 ,0 0 0 ,0 0 0 b u sh e ls. T o - d a y
p r ic e s d e c lin e d o n th e w e a k n e ss in w h e a t , se llin g b y large ca sh
in te r e s ts , ra th e r fre e s e llin g b y th e c o u n t r y a n d liq u id a tio n .

211

G R A IN .
W heat, per bushel—
per bushel—
Cents.
N . Spring. N o. 1....................*1 10% Corn,
5 3 %
N o. 2 n ew ---------f.o .b .
N . Spring, N o. 2 __________ 1 17%
N
o.
2 m ix e d ------f.o .b .
N
om
inal
R ed w inter. N o. 2 _________ 98 %
N
o.
2 w h ite --------f.o .b .
N
om
inal
H a rd w inter, N o. 2 ________ 1 07 % R ye, per bushel—
O ats, per bushel, new —
Cents. N o. 2 W estern_________
84
S ta n d a rd s___________________ 38% S ta te a n d P en n sy lv an ia 8 1 @ 8 1 %
N o. 2 w h ite_________________ 39
M alting.................. 92 @98
N o. 3 w hite_________________ 38 B arley—
Feeding, c j .f „ N. Y ._ N om inal

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

Flour.
Wheat.
Com.
bbls.lOGlbs. bush. 60 lbs. bush. 56 lbs.
Chlcago___
98,543
165,600 2,795,000
M ilwaukee..
52,244
90,400
168,370
D uluth____
15,065
192,533 > 33,618
Minneapolis.
2,175,360
275,580
T oledo..........
43,000
170,400
D etroit_____
26,979
1,400
105,474
Cleveland . .
98
18,419
14,290
St. Louis__
293,635
47,130
525,375
P e o ria _____
10,733
10,733
392,730
Kansas City.
432,000
343,200
Total wk. ’ll 225,213 3,448,659 4,824,037
Same wk. ’10 307,851 4,466,439 4,093,846
Same wk. ’09 291,294 2,442,736 4,678,105
Since Aug. 1
1910-11... 8,503,049 148,692,155 98,628,425
1909-10... 11,215,142 170,143,922 83,726,387
1908-09... 11,022,366 160,450,001 72,504,242

Oats.
Harley.
Rye.
bush. 32 lbs. bush.4$lbs. ftw.56 lbs.
2,050,510 484,500 15,000
265,200 382,200 32,640
15,025
9,751
201,840 505,540 22,820
43.500
1,000
56,168
39,210
81
427,500
83,622
8,800
78,400
61,100
1,000
102,000
3,279,343 1,526,794 81,260
2,828,222 1.343,748 104,164
2,860,153 1,816,955 135,083
112,207,698 43,636,174 3.444,278
12,900.215 47,144.253 4,478,599
95,146,643 54,642.065 4,396,748

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 21 1911 follow:

Flour,
Corn,
Wheat,
Oats, Barley,
Rye,
Receipts at—
bbls.
bush.
bush.
bush.
bush.
bush.
New Y o rk _______ 142,874 206,400 806,600 708,100 53,347
B oston................... 37,851
15,290 403,203
96,602
2,834
Portland, Me.......... 4,000 130.000
27,000
Philadelphia_____ 50,511
63,555 700,998 156,742
1,000
Baltimore________ 45,260
25,835 722,144
98,730
1,024 8,882
R ichm ond_______ 2,445
15,524
26,916
48,632
New Orleans *____ 28,075
1,200 542,500 107,500
Norfolk...............
2,071
Galveston________ ______
24~666
Mobile....................
2,900
5,994
M ontreal.................
6,189
4()', 180
10,200
26,213 14,921
St. John................... 23,000 293.000
4,000 28,000
Total week 1911.. 345,176 814,984 3,245,554 1,246.519 94,126 8,882
SlnceJan. 1 1911..1,001,275 2,411,352 9,487.640 3,117,885 332,947 57,358
Week 1940............ 358,602 886,976 1,109,421 746,643 77,230 22,693
SlnceJan. 1 1910..1.106.873 3.603,721 5,178,811 2.180.424
246,438 81,873
*
Receipts
do
not
Include
grain
passing
through
New
Orleans
for foreign
on through bills of lading.
6 vports

The exports from the several seaboard ports for the week
ending Jan. 21 1911 are shown in the annexed statement:

Wheat,
bush.
Exports from —
New Y o rk ............ 153,602
Portland, Me___ 130,000
B oston................
P hiladelphia___ 180,000
Baltimore.............. 214.800
New O rleans___
G alveston.............
Mobile.....................
N o rfo lk ...............
St. John, N. B . . . 293,000
Total week------ 971,402
Week 1910.............1,150,299

Corn,
bush.
385,779
27,000
265,714
499,000
350,571
442,000
5,994

Flour,
bbls.
71,685
4,000
15,020
25,000
6,026
15,785
357
2,900
2,071
23,000
1,976,058 165,844
849.724 267,685

Oats.
bush.
4,303

Rye, Barley,
bush. bush.
..........

Peas\
bush.
2,317

.......... 21,000
21.000
55.133

2,417
7,860

2,500
4,000
10,803
55,030

The destination of these exports for the week and since
July 1 1910 is---------Flour------------------------as below:
Wheat-

-CornSince
Since
Since
Week
Week July 1
July 1
Week
July 1
Exports for week and Jan. 21.
1910. Jan. 21.
1910. Jan. 21.
1910.
since July 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush.
United K ing dom ... 79,547 2,486,368 278,940 20.053,671
2.486.368
C ontinent_________ 20,893 1,098,538 672,907 12.482,511 1.004.718
898,510
1,098,538
Sou. & Cent. Amcr. 30,123 613,825 19,555 205,950 49,000 613,825
West In d ies........... . 34,988 732,088
4,333 21,800 732,088
Brit. Nor. Am. Cols............. .. 63,621
63,621
Other Countries___
293 101,503
7,000
2,030 101,503
D A IL Y CLO SIN G P R IC E S O F N O . 2 M IX E D C O R N IN N EW Y O RK . _
............165,844 5,095,943 971,402 32,754,465 1.976,058 5,095,943
_
S a t. M on . T ues. W ed. T hurs. F ri.
C a sh c o rn .....................................................53%
53 5.3
5 3 % 53%
53% Total 1909-10...........267,685 6,121,161 1,150,299 58,333,929 849,724 13,476,255
58 58 % 58% 58% 58%
M ay delivery In e le v a to r.................... 58
The world's shipments of wheat and corn for the week
D A IL Y CLO SIN G P R IC E S O F CO RN F U T U R E S IN CHICAGO.
ending Jan. 21 11)11 and since July 1 1910 and 1909 are
.
, ,,
S a l. M on . T ues. W ed. T hurs. F ri.
shown in the following:
M ay delivery In e lev a to r.....................49%
50 50%
50% 50% 50
J u ly delivery In e lev a to r.................... 50% 51 51
51% 51% 50%
S e p te m b e r delivery In e lev a to r____51 % 51 % 52
52 % 5 2 % 51 %
Wheat.
Com.
O a ts fo r fu tu r e d e liv e r y in th e W e s te r n m a r k e t h a v e m o v e d
Exports.
1910-11.
1909-10.
1910-11.
1909-10.
w ith in n a r ro w c o n fin e s , w ith th e tr a d in g q u ie t .
O f la te th e
Week
Since
Since
to n e h as b e e n s o m e w h a t e a sie r, o w in g to th e d e p re ssio n in
Week
Since
Since
Jan. 21. July 1.
July 1. Jan. 21. July 1.
July 1.
w h ea t.
T h e re h a s b e e n a c e r ta in a m o u n t o f h e d g e se llin g a n d
s c a tt e r e d liq u id a tio n fo r c o m m is s io n h o u se s h as a lso been
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
North Amer. 2.752.000 72.179.000 94.381.000 2,064,000 16.565.000
n o tic e a b le a t tim e s .
C ash p r ic e s , h o w e v e r , h a v e b e e n firm
R u ssia.......... 2.880.000 139,128,000 133,688,000 340.000 7,176,000 13.461.000
10.955.000
its a ru le a n d th ere h as b e e n a fa ir ca sh tr a d e a t th e W e s t a t Danube ___ 1.312.000 67.464.000 13.384.000 893.000 52.748.000 13.781.000
t im e s .
T o - d a y p r ic e s e n d e d a s h a d e e a s ie r, o w in g to th e Argentina . . 1.264.000 27.704.000 15.592.000 586.000 54.394.000 58.092.000
A ustralia__ 2.176.000 21.096.000 10.572.000
w e a k n e s s in w h e a t , s e llin g b y ca sh in te re sts a n d liq u id a t io n . I n d ia _____
552.000 27,566,000,1
/ ............
Oth. countr’s 136.000 5,544,000 /31,104,000 \ ............
D A ILY C L O SIN G P R IC E S O F OATS IN N EW Y O RK .
'
Tues. W' ed.' T hurs.
F ri.
SSnt..
a t. M on. Tue:
T otal_____ 11072000 joo . o s i .ooo^ os ,7 2 1 ,0 0 0 3,883,000 130.883,000 96.289,000
S ta n d a rd s ................................
. . . 38% 38% 38 % 38 % 38 % 38 %
N o. 2 w h ite ______ _______________ 39 39
39
39
39
39
39
The quantity of wheat and corn afloat for Europe on dates
D A IL Y CLO SIN G P R IC E S O Ff OATS F U T U R E S IN CHICAGO.
Sa t. M on. Tues. W ed. Thurs. F ri.
mentioned
was as follows:
M ay delivery In e lev a to r__________
34
%
-- 34%% 34 % 34% 34 % 34 % 34 %
J u ly delivery In e lev a to r__________
-- 34
34% 34 % 34 % 34% 34% 34%
Wheal.
Corn.
S e p te m b e r delivery In e lev a to r____33
% 33% 33 % 33 % 33 % 33 %
. . 33%
United
The following are closing quotations:
United
H I 1 1 Kingdom. Continent. Total. Kingdom. Continent. Total.
FLOUR.
W inter, low grades--------J2 75 © $3 501 K ansas stra ig h ts, sa c k .* ! 70® $4 95
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
W inter p a te n ts— ............ 5 00® 5 101 K ansas clears, s a c k s ... 4 00(5) 4 40 Jan. 21 1911.. 13.568.000
19.912.000 33.480.000 6.163.000 12.257.000 18.420.000
W inter stra ig h ts................. 4 35 ® 4 55 C ity p a t e n t s .................... 5 9 5 ® 6 00 Jan. 14 1911.. 12.912.000 17.976.000
30.888.000
12.283.000 18.191.000
W inter c le a rs.................... 3 65® 4 00 R ye Hour . ___________ 4 00® 4 40
22 1910.. 22.800.000 6.960.000 29.760.000 5.908.000
4.590.000 4.420.000 9.010.000
Spring p a te n ts ......................5 *5 ® 5 50 G raham d o u r.................... 3 90® 4 00 Jan.
Jan.
23
1909..
7.680.000
18/720,000
26.400.000
3.740.000
6.800.000
Spring stra ig h ts................. 4 80® 5 1 0 1Corn m eal, kiln d r i e d ... 2 05® 2 85 Jan. 25 1908.. 26,720,000 10.320.000 37.010.000 3.560.000 3.060.000
3.120.000 6.680.060
Spring clears----------------- 4 25® 4 4 0 |S | i
. *




[VOL. LXXXXII.

T H E C H R O N IC L E

212

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 c ip a l p o in t s o f a c c u m u la t io n a t la k e a n d
s e a b o a r d p o r t s J a n 2 1 19 1 1, w a s a s fo llo w s :

AMERICAN * GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
New Y o rk ......................... 2,115,000 1,177,000 1,103,000
“ afloat_______ 176,000
334.000
B o sto n _______________ 438,000
81,000
577.000
P hiladelphia................... 422,000
251.000
B altim ore.............. ......... 422,000 1,434,000
159,000
795.000
3,000
New O rleans_________
5,000
Galveston------------------- 195,000
602,000
13,000
Buffalo......................
2.152,000
311.000
•• afloat_______ 4,103,000
1 5 8.0 0 0
263.000
T o led o ---------------------- 1,432,000
139,000
266.000
D e tro it_______________ 377,000
“ afloat_______ 100,000
889', 666 5,961,000
5,162,000
Chicago...................
441,000
123.000
Milwaukee ....................... 131,000
934,000
138.000
D u lu th .............................. 4,050,000
257.000 2,951,000
Minneapolis ........... 13,981,000
410.000
224.000
St. L o u is____________ 1,820,000
230.000
473.000
Kansas C ity..................... 4,663,000
83,000 1,632,000
Peoria........................
4,000
97,000
363.000
Indianapolis..................... 355,000
Total Jan. 21 1911.-42,101.000 7.404.000 15,490,000
Total Jan. 14 1911.-43,287,000 6.895.000 15,145,000
Total Jan. 22 1910.-26,265,000 9.986.000 9,118,000
Total Jan. 23 1909.-46,875,000 6.549.000 10,099,000
CAN ADI ^ N GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
7,000 1,013,000
M ontreal______________ 281,000
Fort W illiam___ ______ 3,710,000
“ afloat............... 318,000
P ort A rthur__________ 3,145,000
Other C anad ian ..------- 3,258,000
7,000 1,013,000
Total Jan. 21 1911.-10,712,000
8,0 0 0
1,072,000
Total Jan. 14 1911.-10,997,000
153,000
30,000
Total Jan. 22 1910.-12,837,000
164,000
27,000
Total Jan. 23 1909.. 6,526,000
SUMMARY.
Oats,
Wheat,
Com,
bush.
bush.
bush.
A m e ric a n -----------------42,101,000 7,404,000 15,400.000
7,000 1,013,000
C anadian...................— 10,712,000
Total Jan. 21 1911.-52,813.000 7.411,000 16,503,000
Total Jan. 14 1911.-54.284,000 6,903,000 16.217,000
Total Jan. 22 1910.-39,102,000 10,016,000 9,271,000
Total Jan. 23 1909.-53,401,000 6.576,000 10,253,000

Rye,
bush.
16,000
1 2 0 ,0 0 0

81,000
2 ,0 0 0

34,000
2 ,0 0 0
6,0 0 0
8,0 0 0
1 1 1 ,0 0 0

5,000

1 0 1 ,0 0 0

417,000
280,000
39,000
1,346,000
1,453,000
2,485,000
4,266,000
Barley,
bush.
98,000

Rye,
bush.
385,000

98,000
90,000
55,000
81,000
Rarley,
bush.
1,346,000
98,000
1,444,000
1,543,000
2,540,000
4,347,000

T H E DRY GOODS T R A D E .

New York, Friday Night, Jan.

-------- 1!911-------Since
W eek. J a n . 1.
4
46
14
66
1,694
1
304
455
1,552
84
322
1,005
2,594
74
120
. 348
1,317
3,184
. 762
. 213
2,131
.2,960 13,330

Barley,
bush.
N ew York to J a n . 21.
29,000
G reat B rita in ----------------25,000
C h in a . _
7,000 In d ia ._
A ra b ia .
45,000
400,000
3,000
O ther

385,000
426,000
749,000
912,000
Rye,
bush.

385,000
426,000
749,000
912,000

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 f r o m th is p o r t f o r th e w e e k e n d in g J a n . 21 w e re 2 ,9 6 0
p a c k a g e s , v a lu e d a t $ 2 4 9 ,3 7 4 , th e ir d e s t in a t io n b e in g t o th e

1910-------Sin ce
W eek. J a n . 1.
36
169
25
44
35
35
6
G
814
950
367
542
938
1,965
26
72
274
502
3,052
4,583
2,844
3,501
8,417 12,369

T h e v a lu e o f th e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n
$ 1 ,1 6 8 ,7 0 5 in 1 9 1 1 , a g a in s t S 9 0 9 ,5 0 8 in 1 9 1 0 .
I n d o m e s t ic c o t t o n s , b le a c h e d g o o d s m o v e d in m o d e r a t e
v o lu m e , w it h t r a d in g c o n fin e d c h ie fly t o th e lo w e r c o u n t s .
M ore a c t i v it y d e v e lo p e d in s ta p le g in g h a m s , w it h in c r e a s e d
in te r e s t show m in lin es f o r fall d e liv e r y ; a lit tle ir r e g u la r it y
in p r ice s o n th e la t t e r is n o t e d , b u t th e m a r k e t g e n e r a lly h e ld
fir m .
C o n s id e r a b le b u s in e s s w a s r e p o r t e d d o n e in t ic k in g s ,
a n d p r o d u c e r s o f b e s t b r a n d s a re w e ll s o ld a h e a d .
P r in t s
w'ere in s t e a d y r e q u e s t , g o o d o r d e r s b e in g r e c e iv e d f r o m t h e
W e s t a n d o t h e r s e c t io n s .
C o lo r e d c o t t o n s w e re o r d e r e d in
fa ir v o lu m e in s o m e q u a r te r s fo r th e fall s e a s o n .
D e n im s ,
d rills a n d s h e e tin g s w e re q u ie t a n d fe a t u r e le s s .
O w in g
la r g e ly t o th e o b s e r v a n c e o f th e C h in ese N e w Y e a r , n o e x io r t b u s in e s s w a s d o n e f o r C h in a a c c o u n t ; tr a d e w it h m is c e la n e o u s p o r t s a ls o wra s q u ie t .
T h e p r in t c lo t h m a r k e t c o n ­
tin u e d d u ll, w 'ith tr a d e lim it e d ; s t a n d a r d g r a y g o o d s , 3 8 ^ in c h , r e m a in q u o t a b ly u n c h a n g e d .
W O O L E N G O O D S .— I n th e m e n ’s w e a r m a r k e t f a n c y
o v e r c o a t in g s a n d h e a v y -w e ig h t serg es are fir m e r , a n a d v a n c e
o f fr o m 2 J ^ c . t o 5 c . a y a r d h a v in g b e e n n a m e d b y th e la r g e s t
p r o d u c e r s o n t h e fo r m e r a n d o f 5 c . o n th e la t t e r , w h ic h seem s
t o in d ic a t e t h a t th e s e f a c t o r s h a v e a lr e a d y b o o k e d a s u b s ta n ­
tial a m o u n t o f b u s in e s s f o r fa ll d e liv e r y ; o t h e r p r o d u c e r s ,
h o u 'e v e r , a re n o t s o c o m f o r t a b ly s itu a te d a n d m u st p r o c u r e
m u c h m o r e in th e w a y o f a d d it io n a l b u s in e s s b e fo r e t h e y w ill
b e s o ld u p f o r th e s e a s o n .
F a n c y w o o l s u itin g s f o r fall w e r e
o p e n e d b y th e le a d in g in te r e s t s , m a n y n e w s ty le s b e in g
show m ; w h e r e c o m p a r is o n w it h la s t y e a r ’s v a lu e s is p o s s ib le ,
th e n e w p r ic e s a p p e a r t o b e in b u y e r s ’ f a v o r .
T r a d e in d ress
g o o d s sh ow 'ed a n e n c o u r a g in g e x p a n s io n , a g o o d d e m a n d
b e in g in e v id e n c e f r o m jo b b e r s a n d r e ta ile r s .
F O R E I G N D R Y G O O D S .— I m p o r t e d w o o le n s a n d w o r s t ­
e d s m o v e d in fa ir ly g o o d q u a n t it ie s f o r th e fa ll s e a s o n .
L in ­
en s w e re firm a n d in a c t iv e r e q u e s t , b o t h jo b b e r s a n d r e ­
ta ilers s e e k in g a d d it io n a l s u p p lie s o f s ta p le s f o r p r o m p t a n d
n e a r -b y s h ip m e n t , a n d s o m e b u s in e s s w a s d o n e o n d r e ss lin e n s
f o r fall d e liv e r y .
B u r la p s ru le d fir m , w it h a fa ir t r a d e ;
lig h t-w e ig h ts a re q u o t e d a t 3 .7 5 c . a n d 10 J jj-o u n c e a t 4 .6 5 c .

27 1 9 1 1 .
A lt h o u g h c o n d it io n s in th e c o t t o n g o o d s m a r k e t s h o w e d
c o n s id e r a b le ir r e g u la r it y , th e r e w a s a m a te r ia l in cre a s e in
a c t i v i t y in c e r t a in lin e s, p a r t ic u la r ly fa ll c o t t o n s , in w h ic h
th e v o lu m e o f b u s in e s s d o n e r e a c h e d s u b s ta n tia l p r o p o r t io n s .
N a p p e d fa b r i c s e s p e c ia lly w e r e in g o o d d e m a n d , p r ic e s f o r
th e n e w s e a s o n , w h ic h w e re k e p t o n th e s a m e b a s is as a y e a r
a g o o r w h e r e c h a n g e d s h o w e d o n l y s lig h t a d v a n c e s , p r o v in g
a t t r a c t i v e t o b u y e r s ; s o m e o f th e la t t e r , in c lu d in g le a d in g
jo b b e r s , p la c e d la rg e o r d e r s f o r th e b e t t e r q u a lit ie s , a n d in
s o m e s e llin g q u a r t e r s th e b u s in e s s p u t th r o u g h o n b la n k e t s
a n d o t h e r n a p p e d c o t t o n s c o m p a r e s v e r y f a v o r a b ly w it h t h a t
b o o k e d a t th e c o r r e s p o n d in g t im e la s t y e a r ; in c e r t a in h o u s e s
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 .
th e a g g r e g a t e p u r c h a s e s a re s a id t o s h o w a h e a v y in cre a s e
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J a n . 2 8 1911.1

T H E C H R O N IC L E

C it y
N ew s Item s.

A r k a n s a s .— House Adopts Resolution Ratifying Income Tax
Amendment.—The proposed Income Tax Am endm ent to the

Federal Constitution was approved by the lower bra ch of
the Legislature on Jan. 24, a resolution ratifying the same
receiving a vote of 80 “for” to 3 “against.” Press dispatches
state th at “ the large m ajority was secured on the theory
th at under the am endm ent Arkansas would have to pay
only $1 to every million dollars paid by New York, thereby
equalizing the taxation of the rich.”
J o lie t , W il l C o u n t y , 111 .—Commission Plan of Government
Defeated.— A m ajority of 674 votes was polled against a
proposition to adopt the commission plan of governm ent,
it is stated, at an election held Jan. 25.
K e w a n e e , H e n r y C o u n t y , 111.—

Commission Form of Gov­

ernment Adopted.— A special election held Jan. 24 resulted,
it is said, in favor of the commission plan of governm ent.
M a n it o w o c , M a n it o w o c C o u n t y , W i s . — City Votes to Pur­
chase Water Plant.— According to Milwaukee papers, a t a

273

G ran?c
„k,LcwIs
c ° u n tyfor
. 5%
$300, d ate d^ D ec.
1 1896,
w as called
p a y mE lectric
en t J a nL. ig15.h t B ond N o. 18. for
D ade C ounty 4% refun ding bonds N os. 81 to 90, b o th Inclusive, for $1,000
each, d ate d Ju ly 1 1899, w ere called for p a y m e n t J a n u a ry 16.
Halls C ounty 4% refun ding bo nd s N os. 178 to 300. Inclusive, for $1,000
each, d a te d I-eb. 1 1898, h av e been called a n d will be paid F eb 1

Bond Proposals and N egotiations this week

have been as follows:

Bonds Authorized.

A lb a n y , N . Y . —
— A n o r d in a n c e h as b e e n
p a ssed p r o v id in g fo r th e is s u a n ce o f S 5 0 0 ,0 0 0 4 % r e g iste re d
h ig h -s c h o o l-b u ild in g b o n d s .
T h e s e s e c u r itie s a re in a d d it io n
to th e 8 1 0 0 ,0 0 0 s c h o o l b o n d s s o ld o n J u n e 7 1910 ( V . 9 1 ,
p . 2 2 7 ) a n d w ill b e d a t e d as fo llo w s : $ 2 0 0 ,0 0 0 o n F e b . 1
1911, $ 2 0 0 ,0 0 0 o n J u n e 1 1911 a n d $ 1 0 0 ,0 0 0 o n D e c . 1 1 9 1 1 .

In te re st sem i-annu ally a t th e C ity T reasu rer’s office. M a tu rity onetw en tieth of each block yearly from 1 to 20 years inclusive.
A le x a n d r ia S c h o o l D is t r ic t N o . 2 ( P . O . A le x a n d r ia ) ,
D o u g la s C o u n t y , M in n .—
— A n e le c t io n w ill
b e h e ld J a n . 31 to v o t e o n th e q u e s t io n o f is s u in g $ 3 0 ,0 0 0
b u ild in g b o n d s .

Bond Election.

Description of Bonds

A lv o r d , L y o n C o u n t y , I o w a . —
.—
T h e $ 4 ,0 0 0 w a te r -w o r k s b o n d s v o t e d o n A u g . 12 1910 ( V . 9 1 ,
p . 1 1 95) b e a r in te r e s t a t 5 % a n d are d a t e d A p r il 1 1911.

special election on Jan. 17 the plan to condemn the property
of the Manitowoc W ater W orks Co. carried by a vote of 1,171 ^ D e n o m in a tio n $500. T he bonds are au th orized b y T itle V ., C h ap ter 4
to 424. The property is owned by C. E. Gray of W hite­ and am end m ents. Code of 1897. M atu rity 20 years, su b ject to call a fte r
10 years. No d eb t a t presen t. A ssessed valu atio n , $198,072. T ru e value
w ater, T. W. Gray of Manitowoc and W. G. Maxcy of Osh­ (estim
ated ), $220,000.
kosh. See V. 91, p. 1787.
A n d e r s o n 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 1 , T e x .—
M o n m o u t h , W a r r e n C o u n t y , 111.— Voters Defeat Commis­
Sale.— T h e A n d e r s o n C o u n t y P e r m a n e n t S c h o o l F u n d
sion Plan.— On Jan. 24 the voters defeated a proposition to Bond
h as b e e n a w a r d e d a t p a r th e $ 2 ,5 0 0 5 % 1 0 -2 0 -y e a r ( o p t io n a l)
adopt the commission plan of governm ent.
b o n d s re g iste re d o n O c t . 14 1910 ( V . 9 1 , p . 119 5) b y th e S ta te
N e w H a m p s h ir e . —House Resolves to Ratify Income Tax
Amendment.—A resolution ratifying the proposed am end­ C o m p tr o lle r . D e n o m in a t io n $ 5 0 0 . D a te S e p t. 1 19 1 0.
m ent to the Federal Constitution providing for an income I n te r e s t a n n u a lly o n A p r il 10.
tax was passed by the House on Jan. 25 by a viva-voce vote. A s b u r y P a r k , M o n m o u t h C o u n t y , N . J . — Bond Offering.—
N e w M e x ic o . — New Constitution Ratified by Voters.— The P r o p o s a ls w ill b e r e c e iv e d u n til 8 p . m . F e b . 13 f o r $ 7 5 ,0 0 0
election held Jan. 21 is said to have resulted in a m ajority 4b o/ inj d%s . c o u p o n (w ith p r iv ile g e o f r e g is t r a tio n ) im p r o v e m e n t
of about 18,000 votes in favor of the adoption of the Con­
rity C h ap ter 13, Law s of 1909. D enom ination $1,000. D ate
stitution drawn up by the convention which adjourned on Ja• nA. u thI o1011.
In te re st sem i-annually In New Y ork exchange. M atu rity
Nov. 22 last. See Y. 91, p. 1466.
Ja n . 1 1951. O fficial adv ertisem en t sta te s th a t th ere has never been a n y
d efau lt In th e p ay m en t of principal or Interest of a n y bonds; also th a t th e re
N e w Y o r k S t a t e . — Inheritance Tax Law Attacked.—The is no co n tro versy or litigatio n pending or th re ate n ed concerning th e v a lid ity
e bonds, th e co rp o rate existence, boundaries of th e m unicipality or
Central New York Farm ers’ Club, an organization composed ofth e thtitle
of th e p resent officers to th e ir respectiv e offices.
of representative Grangers from various counties, has
adopted a series of resolutions, according to a dispatch from A s h la n d S c h o o l D is t r ic t ( P . O . A s h l a n d ) , A s h la n d C o u n t y ,
Utica on Jan. 21 to “The Sun” of this city, attacking the O h io .— Bonds Not to Be Offered at Present.— W e a re a d v is e d
inheritance-tax law of this State. The club will send copies th a t th e $ 5 0 ,0 0 0 b u ild in g b o n d s v o t e d O c t . 20 1910 ( V . 9 1 ,
to Gov. Dix and various members of the Legislature. T h e p . 1 1 95) will n o t b e a d v e r tis e d f o r sale u n til a b o u t M a rch 1.
resolutions in part, it is stated, are as follows:
A t la n t ic , C a ss C o u n t y , I o w a . — Bonds to be Offered Shortly.

W hereas th e present In heritan ce-tax law of th is S ta te Is burdensom e
u p o n sm all properties, w hich arc alread y p ay ing taxes enough; be It
Resolved, T h a t the C entral New Y ork F arm ers’ Club Is In fav or of am end­
ing th e law so th a t no legatee w ho Is a n e x t of ldn shall be tax e d on an
Inheritan ce of $5,000 or less.
N o r t h C a r o lin a . —Income Tax Amendment Ratified in
Senate.— Press dispatches state th a t a resolution ratifying

the proposed Incom e Tax Am endm ent to the Federal Con­
stitution was adopted in the State Senate on Jan. 24 by a
vote of 42 to 1.
Q u in c y , A d a m s C o u n t y , 111.—Commission Plan Defeated.
— The question of adopting the commission form of govern­
m ent was defeated at a special election Jan. 24, according
to Chicago papers.
R e p u b lic o f C o s ta R i c a . — Settlement of Debt.— “The Stock
Exchange Weekly Official Intelligence” of London for Jan. 14
prints the following regarding the terms on which the debt
of this republic is to be refunded:

A co n tra c t for th e settlem en t of th e d e b t of th e R epublic of C osta R ica
w as signed In L ondon on Dec. 7 and accepted by the bondholders on Ja n . 12.
T he agreem en t provides th a t th e o u tstan d in g exterio r d eb t, consisting of
£525,000 “ A ” bonds, 3% ; £1,475,000 " B ” bonds, 2 J^% ; £80,000 certifi­
cates rep resentin g un paid coupons, an d £513,093 15 Interest to Dec. 31 1910
(unfunded); a n d the Interior d e b t, consisting of Coloncs 1,013,000 L im on
sa n ita ry 6% bonds, shall bo retired b y th e Issue of gold refunding bonds of
1911, w hich th e republic Is to create to th e to ta l nom inal value of £1,621,600
(or $7,880,976). T he exterio r d e b t Is to be exchanged as follows: for each
£100 of “ A ” bonds w ith Interest In arrear, £75 of new bonds; for each £100
of “ B” bonds w ith Interest In arrear, £65 of new bonds, an d for each £100
of a rre ar coupon certificates as Issued un d er th e arrangem en t of 1897, £100
of new bonds. T he new bonds will be p ay ab le on or before Ja n . 1 1958
th ro u g h th e op eration of a cum ulative sinking fund , and will c arry Interest
pay ab le sem i-annually a t th e ra te of 4% per ann um for th e llrst 10 years
and a t th e ra te of 5% per ann um th e rea fter. B oth principal and Interest
will be payable In pounds sterling or, a t th e op tion of th e holder, a t various
fixed exchanges, viz.: In gold coin of the U nited S ta te s of A m erica, a t
$4 80 to th e pound sterling; in guilders, a t 2 'A guilders to th e dollar; In
francs, a t 5.16 francs to th e dollar, or In reichsm arks, a t 4.20 m arks to th e
do llar. T he principal and Interest will be p ay ab le In New Y ork or, a t th e
o p tion of th e holder, In L ondon, or In various tow ns In E urope. T he first
coupon will be payable on Ju ly 1 1911. In ad d itio n to th e £1,621,600 (or
$7,880,976) refunding bonds, th e republic m ay create add itional bonds
to an am o u n t n o t exceeding £378,400 (or $1,839,024) refun ding bonds, en ­
title d to the sam e secu rity as the original Issue. T he republic Is to create
a sinking fund Into w hich It shall p ay an n u ally a sum of no t less th a n 1%
of th e to ta l nom inal am o u n t of all of th e bonds Issued un der th e co n tra c t;
pay m en ts are to begin on J a n . 1 1921, on w hich d a te will be paid one-half
ofithe ann ual a m o unt, and th ereafter sem i-annual p ay m ents arc to be m ade
on or before Ju ly 1 a n d J a n . 1. T he sinking fund Is to be Invested In th e
purchase of refunding bonds In th e open m ark et a t.p ric e s not exceeding
p ar an d accrued Interest, or by draw ings to be m ade In New Y ork on or be­
fore M ay 15 and N ov. 15, beginning In M ay 1921. T he republic will hav e
th e rig h t to Increase th e sinking fund w itho ut lim it cith er before or after
J a n . I 1921. T he refunding bonds will co n stitu te a first charge an d lien
on all th e custom s du ties and revenues receivable by th e republic from
ex p o rts a n d Im ports.

Bond C alls and R edem ptions.
Bond Calls.

M is s o u r i .—
— W h ita k e r & C o . o f S t. L o u is in
th e ir q u o t a t io n p a m p h le t d a t e d J a n . 16 g iv e th e fo llo w in g
lis t o f m u n icip a l b o n d s w h ich h a v e r e c e n tly b e e n c a lle d fo r
r e d e m p t io n :




— T h e M a y o r in fo r m s u s, u n d e r d a t e o f J a n . 19, th a t th e
$ 5 0 ,0 0 0 r e fu n d in g a n d w a te r b o n d s v o t e d la s t m o n th ( V . 9 1 ,
p . 1659) w ill b e p la c e d o n th e m a r k e t in a b o u t t w o w e e k s .
B e a u m o n t N a v ig a t io n D is t r ic t ( P . O . B e a u m o n t ) , J e ffe r s o n
C ou n ty , T e x .—
— W . S . D a v id s o n , C h a irm a n ,
is o ffe r in g a t p r iv a t e sale th e $ 4 9 3 ,0 0 0 5 % c o u p o n n a v ig a tio n
b o n d s w h ic h fa ile d to sell o n N o v . 1 1 9 1 0 . S ee V . 9 1 , p . 1659.

Bond Offering.

D enom ination $1,000. D ate N ov. 1 1909. In te re st sem i-annually a t
th e N ational C ity B ank In New Y ork or a t th e C ounty T reasurer's office in
B eaum ont, a t th e o p tion of th e holder. M atu rity fo rty years, su bject to
call a fte r te n years. No certified check is req uired . B onded d e b t, th is
Issue. No floating d e b t. A ssessed valu atio n for 1911 $31,000,000.

Bond Sale.

B ig H o r n C o u n t y S c h o o l D is t r ic t N o . 3 , W y o . —
— A n issu e o f $ 1 0 ,5 0 0 6 % 2 5 -y e a r s c h o o l-b u ild in g b o n d s w a s
d is p o se d o f o n J a n . 17 to J a m e s N . W r ig h t & C o . o f D e n v e r
a t 1 0 5 .2 3 8 .
A list o f th e b id d e r s fo llo w s :

J . N . W rig h t & Co., D e n v .$ ll,0 5 0 00
J . II. C ausey & Co., D env. 11,027 00
McCoy & Co., C hicago___ 11,025 00
W . H. Sw eet & Co., D env. 11,018 90
E . II. H ollins & Sons, D en 10,972 50
S utherltn & Co., K .C ., Mo 10,810 00
W yom ing T r.& S av.B k.,C he 10,750 00
D enom ination $500. D ate F eb. 1

FcderaIState& Sav.B k.,D en$10,673 25
Coffin & Co., C hicago____10,661 00
C. W . B urdes, C h ey enne. 10,550 00
F irst N a t. B ank , B arnesv. 10,560 00
C u tter, M ay & Co., C h ic .. 10,500 00
A m er. L t. & W ater C o.,C hi 10,500 00
Jo h n N uveen & Co., C h ic..10,103 00
1911. In te re st a n n u a l.

B la in e S c h o o l D is t r ic t N o . 2 5 ( P . O . B la in e ), W h a t c o m
C o u n t y , W a s h .—
— N o sale h as y e t b e e n m a d e
o f th e $ 1 2 ,0 0 0 c o u p o n r e fu n d in g b o n d s a n d th e $ 1 7 ,5 0 0
fu n d in g w a r r a n ts o ffe r e d o n D e c . 22 1910.
S ee V . 9 2 , p . 2 0 3 .

Bonds Not Sold.

A u th o rity , an election held N ov. 5 1910. In te re st (ra te n o t to exceed
5% ) pay ab le a n n u a lly . M atu rity 20 years, su bject to call a fte r one y e a r.

Bids Rejected.

B oon e, B oon e C ou n ty, I o w a .—
— A ll b id s
r e c e iv e d o n J a n . 18 f o r th e $ 1 5 0 ,0 0 0 4 % 2 0 -y e a r 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 d e s c r ib e d in V . 9 2 , p . 132, w ere r e je c t e d .
B r ia r c liff M a n o r , W e s t c h e s t e r C o u n t y , N . Y . —
— W e a re a d v is e d th a t th e $ 2 0 ,0 0 0 5 -2 4 y c a r (seria l) reg istered w a te r -w o r k s b o n d s w ill p r o b a b ly b e re­
o ffe re d f o r sale s o m e tim e n e x t M a r c h .
T h e s e b o n d s w ere to
h a v e b e e n s o ld o n O c t . 26 1910, b u t th e o ffe r in g 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 . 1195.
B r id g e w a t e r , O n e id a C o u n t y , N . Y
.—
P r o p o s a ls will b o r e c e iv e d u n til 2 p . m ." t o - d a y (J a n . 2 8 ) a t
th e T o w n C le rk ’s o ffic e fo r $ 1 ,6 0 0 4
h ig h w a y -c o n s t r u c ­
tio n b o n d s .

Bonds to be

Re-Offered Shortly.

.—Bond Offering

D enom ination $400. M atu rity $400 on A pril 1 In each of th e years 1913,
1915, 1917 and 1919. W m . W alsh Is T ow n Supervisor.

B r it to n S c h o o l D is t r ic t ( P . O . B r it t o n ), O k la h o m a C o u n t y ,
O k la .—
S e p t. 22 1910 $ 4 5 ,0 0 0 0 % s c h o o lh o u s e -c o n s tr u c t io n b o n d s w ere a w a r d e d to G e o . I . G ilb e r t
o f O k la h o m a C ity a t p a r a n d a c c u r e d in te r e s t.
D e n o m in a ­
tio n $ 5 0 0 .
I n te r e s t J a n . 1 a n d J u ly 1.

Bond Sale.--On

B r o w n ’ s C re e k S c h o o l D is t r ic t ( P . O . W e lc h ) , M c D o w e ll
C ou n ty , W . V a .—
— O n J a n . 14 th e $ 3 5 ,0 0 0 5 %

Bond Sale.

2 0 -3 0 -y e a r (o p t i o n a l) c o u p o n s c h o o l -b u ild in g b o n d s d e s c r ib e d
in V . 9 2 , p . 08, w e re p u r c h a s e d b y S e a s o n g o o d
M ayer of
C in c in n a ti a t 1 0 2 .1 3 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 .8 3 3 % t o th e o p t io n a l d a t e a n d a b o u t 4 .8 6 5 % to fu ll m a ­
t u r it y .
T h e fo llo w in g b id s w e re r e c e iv e d :

&

H . Coffin, C hicago____$35,056 00
Seasongood & Mayer.C ine.$35,74o .>0 C.
W m .R !C o m p to n C o .,S t.L . *36,593 00 U nion Savings H ank &
T ru st Co., C in c in n a ti.. 35,026 00
W oodln, M cN ear & M oore,
Chicago _______________ 35,58a 00 Jo h n N uvcen & Co., C hic. 35,017 50
A . J . H ood A Co., D e tro it 35,360 00
* C onditional th a t bo nd s be m ad e pay ab le in N ew Y ork

Bond Offering.

B u t le r , B u tle r C o u n t y , P a . —
— P r o p o s a ls
w ill b e r e c e iv e d u n til 5 p . m . F e b . 15 b y th e F in a n c e C o m ­
m itt e e o f th e T o w n C o u n c il, H . E . C o u lte r , S e c r e t a r y , fo r
th e $ 5 0 ,0 0 0 4 % fu n d in g b o n d s v o t e d o n N o v . 8 19 1 0. ( V . 9 1 ,
p . 1 4 6 6 .)

D ate J a n . 2 1011. In te re st sem i-annual. M atu rity 5 bonds on J a n . 2
fro m 1929 to 1938 inclusive, all bonds being su b ject to call, how ever, on or
a fte r 1926. B onds are ex em p t from S ta te ta x .

Bond Sale.

C a le x ic o , I m p e r ia l C o u n t y , C a l.—
— J a m es I I .
A d a m s & C o . o f L o s A n g e le s are r e p o r te d as h a v in g p u r ­
c h a s e d a t p r iv a t e sale th e $ 3 5 ,0 0 0 6 % 1 -3 5 -y e a r (se ria l) g o ld
s e w e r -s y s t e m b o n d s , b id s fo r w h ic h w e re r e je c t e d o n D o c . 20
1910.
S ee V . 9 1 , p . 1789.
C a m d e n C o u n t y ( P . O . C a m d e n ), 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 11 a . m . F e b . 8 b y J o h n
P r e n t ic e , D ir e c t o r B o a r d o f C h o se n F r e e h o ld e r s , f o r $ 3 0 ,0 0 0
4

xA°7o c o u p o n

[VOL. LXXXXII.

T H E C H R O N IC L E

274

o r re g iste re d a r m o r y -s it e b o n d s .

D enom ination s $500 or $1,000, a t th e o p tio n of th e pu rch aser. In te re st,
from F eb . 1 1911, pay ab le sem i-annu ally a t th e office of th e U n ited
S ta te s M ortgage & T ru st Co. in N ew Y ork C ity. M atu rity F eb. 1 1926.
B id m u st be m ade on a form furnished by th e co u n ty a n d be accom panied
b y a certified check on a n atio n al b an k for 5% of said bid, m ad e payable
to th e C o unty Collector. P u rchaser to pay accrued Interest. T he genuine­
ness of th e bonds will be certltled to by th e U nited S ta te s M ortgage & T ru st
Co. of N ew Y ork C ity.

The official notice of this bond offering loill be found among
the advertisements elsewhere in this Department.
C a n t o n , M c P h e r s o n C o u n t y , K a n .— Bonds Not 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 . 20 th a t n o b id s h a v e y e t
b e e n r e c e iv e d fo r th e t w o issu es o f 4 > £ % 5 -2 0 -y e a r ( o p t io n a l)
b o n d s a g g r e g a tin g 8 3 0 ,0 0 0 w h ic h a re b e in g o ffe r e d a t p a r .
S ee
9 1 , p . 1660.
C e n tra l I r r ig a t io n D is t r i c t ( P . O . G e r in g ), S c o t t s B lu ff
C o u n t y , N e b .—
— W e are
a d v is e d th a t th e $ 2 1 ,0 0 0 6 % r e fu n d in g b o n d s v o t e d o n
N o v . 2 6 1910 ( V . 9 1 , p . 1 6 6 0 ), w ill b e issu e d in e x c h a n g e
f o r th e o ld b o n d s .
C h a d b o u r n D r a in a g e D is t r i c t ( P . O . C h a d b o u r n ), C o lu m ­
b u s C o u n t y , N o . C a r o .—
— T h e $ 3 0 ,0 0 0 6 % 3 -1 2 year
(se ria l)
cou p on
d r a in a g e -c a n a l-c o n s t r u c t io n
bonds
o ffe r e d w ith o u t su c c e ss o n D e c . 6 1910 ( V . 9 1 , p . 1 6 6 0) h a v e
b e e n d is p o s e d o f t o th e B r e t t E n g in e e r in g C o ., w h ic h w a s
a w a r d e d th e c o n t r a c t f o r th e w o r k .
C h a ffe e , S c o t t C o u n t y , M o .—
A n issue o f $ 2 6 ,0 0 0 5 % w a te r -w o r k s a n d c it y -h a ll 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 F a r s o n , S o n & C o . o f C h ic a g o .

V.

Bonds Not to be Offered for Sale.
Bond Sale.

Bonds Offered by Bankers.—

D ('nom ination SI 000. D ate F eb. 1 1911. In te re st sem i-annu ally in
N ew Yo^k or Chicago M atu rity F eb . 1 1931, su b ject to call a fte r F eb . 1
1916. B onded d e b t, th is issue. A ssessed v a lu atio n $262,949. R eal
v a lu a tio n (estim ated) $657,372.
C h a m p la in ( P . O . C h a m p la in ), C lin to n C o u n t y , N . Y . —
J a n . 2 6 th e $ 4 ,0 0 0 2 -5 -y e a r (se ria l) b r id g e
a n d $ 6 ,0 0 0 5 -1 0 -y e a r (se r ia l) h ig h w a y 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 . 2 0 4 , w e re a w a r d e d t o th e F ir st N a tio n a l
B a n k in C h a m p la in a t 104.
T h e fo llo w in g b id s w ere re­
c e iv e d :

Bond Sale.— O n

. N . Color & Co., N . Y ____$10,156
F irst N at. B ank , C h am p la in .$10,400 AWdam
s & Co., New Y o rk ____10,145
F ra n k W hiteside____________ 10,170
E d m u n d Seym our& C o., N .Y . 10,167 Isaac W . Sherrill, P oughkeep. 10,089

C h e b o y g a n C o u n t y ( P . O . C h e b o y g a n ) , M ic h .— B o n d
A n e le c t io n w ill b e h e ld o n A p ril 3 to v o t e o n th e
q u e s t io n o f issu in g $ 2 5 ,0 0 0 5 % ja il b o n d s .
C in c in n a ti, O h i o .—
— O n J a n . 23 th e $ 1 2 5 ,0 0 0
4 % 2 0 -y e a r 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 d e ­
s c r ib e d in V . 9 2 , p . 133, w e re a w a r d e d to S e a s o n g o o d &
M a y e r o f C in cin n a ti a t 1 0 1 .1 6 — a b a s is o f a b o u t 3 .9 1 6 % .
A list o f th e b id d e r s fo llo w s :

■ Election.—

Bond Sale.

Bonds Voted.

C o lo n ia l B e a c h , W e s t m o r e la n d C o u n t y , V a .—
— T h is to w n h a s v o t e d to issue $ 3 7 ,0 0 0 6 % c o u p o n s e w e ra g e
bonds.

D enom ination $500. In te re st sem i-annually In C olonial B each. M a­
tu rity tw enty-fiv e y ears. T he bonds are ta x -ex e m p t. B onded d e b t a t
presen t, $10,000. F lo atin g d e b t $500.

Bond Sale.

C o lu m b u s , C o lu m b ia C o u n t y , W i s . —
— The
$ 1 6 ,0 0 0 c o u p o n e le c t r ic -lig h t -im p r o v e m e n t b o n d s d e s c r ib e d
in V . 9 2 , p . 133, h a v e b e e n so ld to th e M e r c h a n t s ’ L o a n &
T r u s t C o . o f C h ica g o a t p a r fo r 4 )^ s .
P u r c h a se r to p a y a c ­
cr u e d in te re s t a n d fu rn ish b la n k b o n d s .
S e v e n b id s in all
w ere r e c e iv e d .

M atu rity $1,000 yearly from 1912 to 1915 inclusive a n d $1,500 yearly
from 1916 to 1923 Inclusive.

Bond Sale.

C o n k lin , B r o o m e C o u n t y , N . Y . —
— O n D e c . 31
1910 $ 4 ,0 0 0 4 J ^ % b r id g e -c o n s t r u c t io n b o n d s w ere a w a r d e d
to M in er R o a c h a t 1 0 0 .2 5 .

D enom ination $500. D ate J a n . 4 1911. In te re st a n n u a lly In M arch.
M atu rity $1,000 yearly on M arch 1 from 1913 to 1916 Inclusive.
C o n r o e 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 . C o n r o e ), M o n t ­
g o m e r y C o u n t y , T e x a s .—
— T h e $ 2 5 ,0 0 0
5 % 1 0 -4 0 -y e a r ( o p t io n a l) b u ild in g b o n d s v o t e d o n O c t . 19
( V . 9 1 , p . 119 6) w e re r e g iste re d o n J a n . 2 0 b y th e S ta te
C o m p tr o lle r .
D a te J u ly 15 1911.
C o n w a y , F a u lk n e r C o u n t y , A r k .—
— A n issue
o f $ 6 8 ,0 0 0 W a t e r -W o r k s I m p r o v e m e n t D is tr ic t b o n d s h as
b e e n d is p o s e d o f , it is s ta t e d , to th e S o u th e r n T r u s t C o . o f
L it tle R o c k a t 9 9 .
D a y t o n , C o lu m b ia C o u n t y , W a s h .—
.—
W e a re a d v is e d th a t th is c it y p r o p o s e s to issu e $ 6 0 ,0 0 0 1-2 0 y e a r (seria l) r e fu n d in g w a te r -s y s te m b o n d s a n d n o t $ 2 0 ,0 0 0
s tr e e t -p a v in g b o n d s as r e p o r te d in V . 9 1 , p . 15 8 6.

Bonds Registered.

Bond Sale.

Bonds Proposed

Bond Offering.

D e m in g , L u n a C o u n t y , N . M e x .—
— P ro­
p o sa ls w ill b e r e c e iv e d u n til 8 p . m . J a n . 30 fo r $ 3 8 ,0 0 0 5 %
s e w e r -s y s t e m -c o n s t r u c tio n b o n d s m e n tio n e d in V . 9 1 , p .1 7 9 0 .

A u th o rity , v o te of 104 to 5 a t election held J a n . 14. M atu rity 30 years,
su bject to call a fte r 20 years.

D in n e r C re e k ( P . O . M a r g ie ), K o o c h ic h in g C o u n t y , M in n .
a w a rd has y e t b e e n m a d e o f $ 3 ,0 0 0
6 % b o n d s w h ic h w e re o ffe r e d fo r sale la st M a y .

—Bonds Not Sold.— N o

D o r r a n c e t o n S c h o o l D is t r ic t ( P . O . W ilk e s -B a r r e ), L u z e r n e
C o u n t y , P a .—
— T h e $ 4 5 ,0 0 0 5 % s c h o o l-e r e c t io n
a n d e q u ip m e n t b o n d s m e n tio n e d in V . 9 1 , p . 1790, w ere s o ld
o n D e c . 24 1910 fo r $ 4 5 ,7 1 0 , th e p r ic e th u s b e in g 1 0 1 .5 7 7 .
D e n o m in a t io n $ 5 0 0 .
D a te J a n . 1 19 1 1.
I n te r e s t F e b r u a r y
an d A u gu st.

Bond Sale.

E a s t B r a d y S c h o o l D is t r ic t ( P . O . E a s t B r a d y ), C la rion
C ou n ty , P a .—
— T h e S e c r e t a r y a d v is e s us th a t
th e $ 2 4 ,0 0 0 4 j / j %
2 -2 0 -y e a r ( o p t io n a l) b u ild in g b o n d s
o ffe r e d o n M a y 23 1910 w ere a w a r d e d o n J u n e 5 1910 to
J o se p h C olln er a t 1 0 0 .2 5 a n d a c c r u e d in te r e s t.
D e n o m in a ­
tio n $ 5 0 0 .
D a te J u n e 1 1910.
I n te r e s t s e m i-a n n u a l.

Bond Sale.

Bonds Proposed

E a s t o n , N o r t h a m p t o n C o u n t y , P a .—
.—
T h e F in a n c e C o m m it te e o f th e C ity C o u n cil h a s r e p o r te d
fa v o r a b ly a n o r d in a n c e p r o v id in g f o r th e issu a n ce o f $ 9 7 ,0 0 0
p e r m a n e n t-im p r o v e m e n t b o n d s .
E l R e n o , O k la .—
— T h e $ 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 s o ld o n J a n . 5 to 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 ( V . 9 2 , p . 2 0 6 ) are in d e n o m in a t io n s
o f $ 1 ,0 0 0 e a c h .
D a te S e p t. 15 1 9 1 0.
I n te r e s t s e m i-a n n u a l.

Description of Bonds.

Bond Sale.

E s c a n a b a , D e lt a C o u n t y , M ic h .—
— O n D e c . 30
1910 th e $ 3 0 ,0 0 0 4 j ^ % g a s -p la n t -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 . 1467) w ere a w a r d e d to S p itz e r &
C o. a t p a r.

D enom ination $1,000. D ate J a n . 1 1911. In te re st sem i-annu al. M a­
tu rity $2,000 yearly from 1916 to 1930 inclusive.

Bonds Voted.

F a ir b u r n , C a m p b e ll C o u n t y , G a .—
— A pro­
p o s it io n to issue $ 3 0 ,0 0 0 5 % 1 -3 0 -y e a r (se r ia l) w a te r a n d
lig h t b o n d s ca r r ie d b y a v o t e o f 79 to 6 a t a n e le c t io n h eld
J a n u a r y 19.
F it c h b u r g , W o r c e s t e r C o u n t y , M a s s .—
— On
J a n . 24 th e fo llo w in g 4 % re g iste re d b o n d s w ere a w a r d e d t o
E . I I . R o llin s & S o n s o f B o s t o n a t 1 0 2 .2 1 a n d a c c r u e d
in te re st.

Bond Sale.

$37,500 m unicipal bonds. D enom inations: 5 bonds of $4,000 each a n d
5 bonds of $3,500 each. M atu rity $4,000 on N ov. 1 from 1911 to
U nlonSav.Bk.& Tr.Co.,CIn$125,812 50
inclusive and $3,500 on N ov. 1 from 1916 to 1920 inclusive.
G erm an N a t. B ank , C ln . 125,807 00 17,000 1915
w ater loan of 1910 bon ds. D enom ination s: 4 bonds of $1,000 each
P rov.S av.B k.& T r.C o.,C !n 125,775 00 •
a n d 26 bonds of $500 each. M atu rity $1,000 on N ov. 1 from 1911
F ield, L ,onsgtreth& C o.,C lnl25,730 00
to 1914 Inclusive and $500 on N ov. 1 from 1915 to 1940 inclusive.
B reed & H arrison , C in .. 125,665 00
D ate N ov. 1 1910. In te re st sem i-annu al. B onds are ta x -ex e m p t
E . H . R ollins & S ons, Chi 125,387 50
C ent.T r.& S afeD .C o .,C ln . 125,350 00 In M assachusetts.
C ity H all B k ., C in .($25,000) - 25,140
F o llo w in g are th e b id d e r s f o r th e b o n d s :
II. R ollins & Sons, B o sto n .102.21 A dam s & Co., B o sto n _______ 101.47
Bond Ordinance Repealed.— O n J a n . 16 th e C ity C o u n cil E.K uhn,
isher & Co., B o sto n .102.133 M errill, O ldham & C o.. B o st.1 0 l.2 7 9
p a sse d a n o r d in a n c e r e p e a lin g o n e p a s s e d D e c . 12 1910 w h ich R . L. DFay
& C o., B o sto n ____101.789 P e rry , Coffin & B u rr, B o sto n .100.717
p r o v id e d fo r - th e issu a n ce o f $ 2 ,4 0 0 S t a tio n A v e n u e im ­ E stab ro o k & C o., B o ston----- 101.76
B lake B ros. & Co., B o sto n ___100.25
Blodgct & Co., B o sto n .............101.71
p r o v e m e n t ( c i t y ’ s p o r t io n ) b o n d s .

Seasongood& M aycr, C ln.$126,450
C incinnati T r. Oo., C ln .. 126,412
W eil, R o th & Co., C ln .. 126,093
W estern -G erm an B k.,C ln 125,976
B righton-G erm an B k.,C ln 125,952
A tlas N a t. B k ., C in cin .. 125,950
D avies-B ertram C o., C ln . 125,943
C itizens’ N a t. B ank , Cin. 125,851

00
50
75
25
50
00
75
25

C le v e la n d H e ig h t s , C u y a h o g a C o u n t y , O h io .— Bond Offer­
ing .—-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 . 28 b y
H . II . C a n field , V illa g e C lerk (3 0 9 B e c k m a n B ld g ., C le v e la n d )
f o r $ 1 8 ,4 4 3 \ y 2% c o u p o n M a y fie ld D is tr ic t N o . 1 se w e r

Bond Offering.

F lin t , G e n e s e e C o u n t y , M ic h .—
— 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 . 8 b y D . E . N e w c o m b e , C ity
C lerk , fo r th e $ 4 0 0 ,0 0 0 4 % 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 2 , p . 2 0 6 .

D enom ination $1,000. D ate M arch 1 1911. In te re st sem l-annuaily a t
place desired by pu rch aser. M atu rity M arch 1 1931. B onds are ta x A u th o rity Sections 3881, 3888 a n d 3914, G eneral Code. D enom ination ex em p t. Certified check for 1% of bonds bid for Is req uired .
$1,000, except one bond of $443. D ate ’“ d ay of sale." In te re st A pril 1
F o r r e s t o n I n d e p e n d e n t S c h o o l D is t r ic t ( P . O . F o r r e s t o n ) ,
a n d O ct. 1 a t the Village T reasu rer’s office. M atu rity $443 O ct. 1 1911
a n d ^$2,000 yearly* on O ct. 1 from 1912 to 1920, inclusive. C ertilled check
C o u n t y , T e x . — Bonds Not Sold.— U p t o J a n . 23 n o
fo rU 0 % of bonds bid for, pay ab le to th e V illage T reasu rer, is req u ired . Ea wllis
a rd h a d y e t b e e n m a d e o f th e $ 1 1 ,0 0 0 5 % 10-40-ye<ir
P u rc h a se r to pay accrued in te rest.
a sse ssm e n t b o n d s .

Bond Sale.

C o llb r a n , M e s a C o u n t y , C o lo .—
— O n D e c . 1 ( o p t io n a l) b o n d s m e n tio n e d in V . 9 1 , p . 1197.
F r a n k fo r t , H e r k im e r C o u n t y , N . Y . —
— I t is
1 9 1 0 $ 9 ,0 0 0 7 % w a te r -w o r k s b o n d s w ere a w a r d e d to J a m e s
N . W r ig h t & C o . o f D e n v e r a t 9 0 . D e n o m in a t io n $ 1 ,0 0 0 . D a te s ta t e d in lo ca l p a p e r s th a t a p r o p o s it io n to issue s e w e r -s y s te m
D e e .^ 1 v !9 1 0 . ^ I n te r e s t s e m i-a n n u a l. M a tu r ity D e c . 1 19 2 5. b o n d s ca r r ie d a t a n e le c t io n h e ld J a n . 2 4 .




Bonds Voted.

J a n . 2 8 1911.1

T H E C H R O N IC L E

—Bonds to be Re-offered

F r e d e r ic ,

P o lk C o u n t y , W i s .
$ 2 ,0 0 0 6 % c o u p o n w a te r -w o r k s b o n d s , th e b id
f o r w h ich w a s r e je c te d o n D e c . 5 1910 ( V . 9 1 , p . 1 6 0 1 ), m a y
b e r e -o ffe r e d f o r sa le , w e a re a d v is e d , a b o u t A p r il 15.
G a lla tin C o u n t y ( P . O . B o z e m a n ) , M o n t .
.—
T h e $ 3 5 ,0 0 0 4 J ^ % 2 0 -y e a r c o u p o n ja il b o n d s d e s c r ib e d in
V . 9 1 , p . 17 9 0, w e re s o ld o n J a n . 20 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 a t 1 0 0 .1 8 a n d a c c r u e d in te r e s t.
P u r c h a s e r to fu rn ish b la n k b o n d s .
T h e fo llo w in g b id s w ere
r e c e iv e d :

Shortly.— T h e

—Bond Sale

jPtir

le s s .

E . H . R ollins & Sons, C h ic .. §143 00
H arris T ru st & Savings
B ank, C hicago________«$35,063 00 VVoodin, M cN ear & M oore,
M cCoy & Co.. C h ica g o .. 35,045 50 C hicago__________________ 233 00
C. H . Coffin, C hicago____35,011 00 A . B. Leach & C o., C hicago. 325 00
F arso n , Son & Co., C h ic .. 35,000 00 Jo h n N uvcen & Co., Chicago 1,050 00
a A lso p a y accrued In terest and furnish b lan k bonds.
Bids were also received from N . W . H alsey & Co. a n d th e W m . R .
C om pton Co., both of Chicago.

Temporary Loan

G lo u c e s t e r , E s s e x C o u n t y , M a s s .—
.—
A lo a n o f $ 1 2 5 ,0 0 0 w a s n e g o tia t e d o n J a n . 25 w ith th e
G lo u c e s te r N a tio n a l B a n k o f G lo u c e s te r a t 3 .3 2 % d is c o u n t
a n d a p r e m iu m o f $ 1 . M a tu r it y O c t . 18 1911.
G r a n d R a p id s S c h o o l D is t r i c t ( P . O . G r a n d R a p i d s ), K e n t
C o u n t y , M ic h .—
— A c c o r d in g to th e “ M ich ig a n
I n v e s t o r ,” th e $ 5 0 ,0 0 0 4 %
c o u p o n h ig h -s c h o o l-b u ild in g
b o n d s r e c e n tly o ffe r e d a t 101 a n d a c c r u e d in te re s t ( V . 9 1 ,
p . 172 4) w e re o v e r s u b s c r ib e d .

Bond Sale.

G r e e n R iv e r I r r ig a t io n D is t r i c t ( P . O . G re e n R iv e r ),
E m e r y C o u n t y , U t a h .—
— N o b id s w ere re­
c e iv e d o n J a n . 16 fo r th e $ 2 0 1 ,0 0 0 6 % c o u p o n b o n d s o ffe re d
o n th a t d a y a n d d e s c r ib e d in V . 9 2 , p . 134.

Bonds Not Sold.

Bond Sale.

G r e e n v ille , H u n t C o u n t y , T e x . —
— W e see it
s ta t e d th a t th e $ 1 0 0 ,0 0 0 5 % s t r e e t -im p r o v e m e n t b o n d s
r e g iste re d b y th e S ta te C o m p tr o lle r o n D e c . 13 1910 ( V . 9 1 ,
p . 1724) h a v e b e e n s o ld .

—Bond Sale.

H a m ilt o n C o u n t y ( P . O . W e b s t e r C i t y ), I o w a
— O n J a n . 19 th e $ 0 7 ,8 7 5 53 6 % c o u p o n d r a in a g e 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 G e o . M . B e ch te l
A C o. o f D a v e n p o r t a t 101.61 a n d a c c r u e d in te r e s t .
The
f o llo w in g b id s w e re re c e iv e d :

Geo. M. B echtel & Co , D avenpo rt— §1,092 80 prem ium for §67,875 53
bonds.
F arson, Son & Co., Chicago— §1,090 prem ium for §67,875 53 bonds.
W m . R . C om pton Co., S t. L ouis— §671 prem ium for §51,758 77 bonds.
S ecurity Savings B ank & Safe D eposit Co., C incinnati— §531 80 prem ium
on §51,075 21 bonds.
F irst N ational B ank, B arnesvllle— §54 prem ium on §14,736 88 bonds.
Ilo eh ler & C um m ings, T oledo— §587 prem ium on §55,930 19 bonds.

Bond Sale.

H a r d in C o u n t y ( P . O . K e n t o n ) , O h io .—
— On
J a n . 23 th e $ 2 7 ,2 4 0 5 % d it c h -c o n s t r u c t io n b o n d s d e s c r ib e d
in V . 9 2 , p . 2 0 7 , w e re a w a r d e d to th e N e w F ir st N a tio n a l
B a n k in C o lu m b u s f o r $ 2 7 ,6 7 5 (1 0 1 .5 9 ) a n d a c c r u e d in te re s t.
T h e s e b o n d s w e re a w a r d e d to th e F ir st N a tio n a l B a n k in
C le v e la n d o n D e c . 19 1910 ( V . 9 1 , p . 1 7 2 4 ).
T h e first sale
w a s n o t c o n s u m m a t e d , h o w e v e r , b e c a u s e th e n o tic e w a s n o t
p u b lis h e d th ree tim e s w e e k ly as th e la w re q u ir e s .
M a tu r it 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.
H a r d in C o u n t y ( P . O . K o u n t z e ), T e x .—
— A
p r o p o s it io n to issu e $ 1 0 0 ,0 0 0 5 % 2 0 -y e a r R o a d D is t r ic t
N o . 3 im p r o v e m e n t b o n d s ca rrie d b y a v o t e o f 552 to 147 at
a n e le c t io n h e ld J a n . 14.
In te r e s t s e m i-a n n u a l.
The bonds
w ill b e o ffe r e d fo r sa le , w e are in fo r m e d , a b o u t F e b . 1.

Bonds Voted.

Bond Sale.

H a r t fo r d , V a n B u r e n C o u n t y , M ic h .—
— W . E.
M oss
C o . o f D e tr o it w ere a w a r d e d o n M a y 26 1910 th e
$ 7 ,4 5 4 5 % 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 v o t e d o n M a rch
14 ( V . 9 0 , p . 7 9 8 ) fo r $ 7 ,6 0 9 , th e p r ic e th u s b e in g 1 0 2 .0 7 9 .
D e n o m in a t io n $ 5 0 0 .
D a te S e p t. 1 1910.
I n te r e s t a n n u a l.

&

Bond Sale.

H a s t in g s , A d a m s C o u n t y , N e b .—
— O n J a n . 23
th e $ 5 0 ,0 0 0 5 % 5 -2 0 -y e a r (o p t i o n a l) c o u p o n p a v in g b o n d s
d e s c r ib e d in V . 9 1 , p . 1791, w ere a w a r d e d to I I . G . l l o l t z &
C o . o f C h ic a g o a t a sm all p r e m iu m .
B id s w e re a lso r e c e iv e d
fr o m W e il, R o t h & C o ., E . H . R o llin s & S o n s , N . W . H a ls e y
& C o . a n d S . A . K e a n & C o ., all o f C h ic a g o .
T h e $ 1 0 ,0 0 0 D is tr ic t N o . 9 a n d th e $ 2 ,0 0 0 D is tr ic t N o . 10
p a v in g b o n d s o ffe r e d o n J a n . 9 ( V . 9 2 , p . 6 9 ) h a v e b e e n s o ld
t o A . L . C la rk e , P r e sid e n t o f th e F ir s t N a tio n a l B a n k o f
H a s t in g s , as 7 s.
M a tu r ity 10 y e a r s , s u b je c t t o call a t
a n y tim e .

Temporary Loan

H a v e r h ill, E s s e x C o u n t y , M a s s .—
.—
R e p o r t s s ta te th a t o f a n a u t h o r iz e d lo a n o f $ 4 5 0 ,0 0 0 , $ 3 1 7 ,­
0 0 0 h as b e e n n e g o tia t e d w ith th e F ir st N a tio n a l B a n k o f
B o s t o n a t 3 .2 9 % d is c o u n t .
M a tu r it y $ 1 5 0 ,0 0 0 o n S e p t. 26
1911 a n d $ 1 6 7 ,0 0 0 o n O c t . 26 1911.

Bonds Pro­

H e n n e p in C o u n t y ( P . O . M in n e a p o lis ), M in n .—
— A c c o r d in g t o th e M in n e a p o lis “ J o u r n a l” o f J a n . 2 3 ,
th e C o u n t y C o m m is s io n e r s h a v e r e q u e ste d th e ir a t t o r n e y to
p r e p a r e a b ill, a s k in g th e L e g isla tu r e f o r a u t h o r it y to issue
$ 1 ,0 0 0 ,0 0 0 r o a d -im p r o v e m e n t b o n d s .
H e n r y ly n I r r ig a t io n D is t r i c t ( P . O . H u d s o n ), W e ld
C o u n t y , C o l o .—
— O n J a n . 17 $ 1 1 0 ,0 0 0 6 % 2 0 y e a r b o n d s w e re s o ld to W m . K e n e fe c k a t 9 5 .
D e n o m in a t io n
$500.
D a te F e b . 1 1 9 1 0.
I n te r e s t J u n e 1 a n d D e c . 1.
H e r r in , W illia m s o n C o u n t y , 111.—
— T h e C ity C o u n c il r e c e n t ly a p p r o p r ia t e d $ 1 0 ,0 0 0 fr o m
th e C ity T r e a s u r y to p u r c h a se th a t a m o u n t o f a n issue o f
$ 7 5 ,0 0 0 6 % c o u p o n w a te r -w o r k s -s y s t e m c e r t ific a te s .
P ro­
p o s a ls fo r th e r e m a in in g $ 6 5 ,0 0 0 c e r tific a te s w ill b e r e c e iv e d
a t a n y tim e .

posed.

Bond Sale.

Part.

Certificates Awarded in

D enom ination $1,000. D ate S ep t. 30 1910. In te re st Ju n e 30 a n d
D ec. 30 a t th e C ity T re a su re r’s office. M atu rity §3,000 yearly on D ec. 30
from 1911 to 1935 Inclusiv e.^
■
. ..
...




5

27

3.—Bond Sale

H ig h B r id g e , H u n t e r d o n C o u n t y , N .
.— T h e
$ 6 ,5 0 0 b o n d s (th e u n s o ld p o r t io n o f th e issue o f $ 3 5 ,0 0 0 4 %
3 5 -y e a r c o u p o n w a te r -w o r k s -e x te n s io n b o n d s m e n tio n e d in
V . 9 1 , p . 1661) h a v e b e e n a w a r d e d to th e F ir s t N a tio n a l
B a n k in H ig h B r id g e .

Offering.—Pro­

H u r o n , B e a d le C o u n t y , S o . D a k .— R o n d
b e r e c e iv e d u n til 8 p . m . J a n . 30 b y S . S . O v ia t t ,
C ity A u d it o r , f o r $ 4 0 ,0 0 0 5 % w a te r -w o r k s b o n d s .

posals w ill

D enom ination §1,000. In te re st sem i-annu al, M atu rity 20 y ears.
tilled check for $2,000 Is req u ired .

C e r-

I r e d e ll 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 . I r e d e ll),
B osq u e C ou n ty , T
T h e $ 7 ,0 0 0 5 % 1 0 -4 0 y e a r ( o p t io n a l) b o n d s m e n tio n e d in V . 9 1 , p . 11 9 8, h a v e
b e e n s o ld .

ex.—Bond Sale.—

Bond Offering.

I t h a c a , T o m p k in s C o u n t y , N . Y . —
— P ro­
p o sa ls w ill b e r e c e iv e d u n til 8 p . m . F e b . 8 b y th e B o a r d o f
P u b lic W o r k s f o r $ 1 5 7 ,0 0 0 4 J ^ % w a te r b o n d s .

A u th o rity , C h ap ter 503, Section 159, L aw s of 1908. D enom ination s
n o t less th a n §1,000. D ate J a n . 1 1911. In te re st sem i-annu al. M atu rity
1927, su b ject to call a fte r 1912.

J a m e s t o w n , C h a u ta u q u a C o u n t y , N . Y . —Bonds Voted—
Bond Offering.— A n e le c t io n h e ld J a n . 14 re s u lte d in f a v o r
o f p r o p o s it io n s t o issue $ 3 0 ,0 0 0 fir e -d e p a r t m e n t a n d $40,00(1
h o sp ita l 4 Y^% r e g iste re d b o n d s .
M e n tio n o f th e f o r m e r issu e
w a s m a d e in V . 9 2 , p . 134.
P r o p o s a ls fo r th ese b o n d s w ill
b e r e c e iv e d u n til 2 p . m . F e b . 4 b y th e B o a r d o f E s tim a te
a n d R e v ie w .
M a tu r ity o n e b o n d y e a r ly f o r 3 0 y e a r s .
No
d e p o s it is r e q u ir e d .

Bond Offering.

J e r s e y C it y , N . J . —
— P r o p o s a ls w ill b e r e ­
c e iv e d u n til 3 p . m . F e b . 3 b y th e B o a r d o f F in a n c e , R ic h a r d
J . V r e e la n d , C lerk , f o r $ 1 5 0 ,0 0 0 4 4 4 % g o ld c o u p o n (w ith
p r iv ile g e o f r e g is tr a tio n ) s c h o o l b o n d s .

D enom ination §1,000. D ate F eb. 1 1911. In te re st sem i-annu ally a t
th e C ity T re a su re r’s office. M atu rity F eb . 1 1961. B onds a re exem p t
from ta x a tio n . Certified check on an Incorporated b an k or tru s t com pany
for 2% of bonds bid for, pay ab le to Carl G. A . S chum an, C ity T reasu rer,
Is req u ired . P u rchaser to p a y accrued In terest. T he v a lid ity of th e bonds
will be app ro ved b y H aw kins, DelaOeld & Longfellow of New Y ork C ity,
w hose opinion will be furnish ed to th e pu rch aser.

Bond Sale Pending.

K e a r n e y , B u ffa lo C o u n t y , N e b .—
—
T h is c it y is n e g o tia t in g w ith th e S ta te T r e a s u re r f o r th e sale
o f th e $ 1 2 5 ,0 0 0 4 3 ^ % 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 m e n tio n e d in V . 9 1 , p . 1661.
K e n m o r e , E rie C o u n t y , N . Y . —
— On Jan. 23
th e $ 9 ,5 0 0 r e a l-e s ta te -p u r c h a s e b o n d s , b id s fo r w h ic h w ere
o p e n e d o n J a n . 16 ( V . 9 2 , p . 2 0 7 ), w e re a w a r d e d t o A d a m s
C o . o f N e w Y o r k C ity fo r $ 9 ,5 0 9 (1 0 0 .0 9 4 ) f o r 4 .6 0 s .
K e n t o n , H a r d in C o u n t y , O h io .—
— T h e W estern G e rm a n B a n k in C in c in n a ti h a s b e e n a w a r d e d $ 3 7 ,1 6 7 8 9
4 ^ % r e fu n d in g b o n d s a t 1 0 1 .S9.

Bond Sale.

<k

Bond Sale.

D enom ination §1,000, except one bond of $1,167 89. D ate J a n . 2 1911,
In te re st M arch 1 a n d S ept. 1. M atu rity §12,167 89 S ep t. 1 1915, $12,000
S e p t. 1 1916 a n d §13,000 S ep t. 1 1917.

Bond

K in g C o u n t y S c h o o l D is t r ic t N o . 7 , W a s h i n g t o n .—
J a n . 16 th e $ 6 5 ,0 0 0 1 -2 0 -y e a r (o p t io n a l) c o u ­
p o n s ite -p u r c h a s in g a n d b u ild in g b o n d s d e s c r ib e d in V . 9 1 ,
p . 1791, w ere a w a r d e d t o th e S ta te o f W a s h in g t o n a t p a r fo r
5 s.
A b id o f $ 6 5 ,0 6 5 f o r 6s w a s a ls o r e c e iv e d fr o m th e
D a v is & S tr u v e B o n d C o . in S e a ttle .
K io w a , P it t s b u r g h C o u n t y , O k la .—
— On Jan. 9
th e $ 1 8 ,0 0 0 6 % 2 5 -y e a r c o u p o n w a te r a n d lig h t-s y s te m b o n d s
m e n tio n e d in V . 9 1 , p . 16 6 1, w ere a w a r d e d to R . A . R e e s e
o f M u sk o g e e a t p a r .

Sale.— O n

Bond Sale.
Vote.

L e a v e n w o r t h , C h ela n C o u n t y , W a s h .—
— W e are a d ­
v is e d th a t th e v o t e ca st a t th e e le c t io n h eld D e c . 3 1910,
w h ich r e s u lte d in f a v o r o f th e p r o p o s it io n t o issue th e $ 4 5 ,­
0 00 w a t e r -s y s t e m -c o n s t r u c t io n b o n d s ( V . 9 2 , p . 1 3 4 ), w a s
112 “ f o r ” to 53 “ a g a in s t .”
In te r e s t n o t to e x c e e d 6 % .
L ib e r t y C e n tre S c h o o l D is t r ic t ( P . O . L ib e r t y C e n tr e ) ,
H e n r y C o u n t y , O h io .—
— W e a re ju s t a d v is e d th a t
o n M a y 2 6 1910 $ 6 ,0 0 0 5 % 1 -1 2 -y e a r (seria l) s c h o o l-h o u s e a d d it io n b o n d s w ere a w a r d e d to th e N e w F ir st N a tio n a l B a n k
in C o lu m b u s f o r $ 6 ,2 4 7 , th e p r ic e th u s b e in g 1 0 4 .1 1 6 .
D e­
n o m in a t io n $ 5 0 0 . D a te M a y 26 1910. I n te r e s t s e m i-a n n u a l.
L ib e r t y C o u n t y C o m m o n S c h o o l D is r ic t N o . 7 , T e x . —
— T h e $ 1 ,0 0 0 5 % b o n d s re g iste re d b y th e S t a t e
C o m p tr o lle r o n O c t o b e r 21 1910 ( V . 9 1 , p . 1 1 9 8 ), h a v e b e e n
s o ld to th e L ib e r t y C o u n t y P e r m a n e n t S c h o o l F u n d a t p a r
a n d a c c r u e d in te r e s t.

Bond Sale.

Bond Sale.

D enom ination §100. D ate O ct. 1 1910. In te re st a n n u ally In A pril 10.
M atu rity O ct. 1 1930, su b ject to call a fte r O ct. 1 1920.

L im e s t o n e C o u n t y C o m m o n S c h o o l D is t r ic t N o . 1 1 , T e x .
—
— T h e $ 3 ,0 0 0 5 % 2 0 -y e a r b o n d s r e g iste re d b y
th e S ta te C o m p tr o lle r o n A u g . 22 1910 ( V . 9 1 , p . 74 4 ) h a v e
b e e n s o ld .
L o r a in S c h o o l D is t r ic t ( P . O . L o r a in ), L o r a in C o u n t y ,
O h io .—
— P r o p o s a ls w ill b e r e c e iv e d u ntil;,12 m .
F e b . 8 b y E . B r u e ll, C lerk B o a r d o f E d u c a t io n , f o r th e
$ 9 5 ,0 0 0 4 }4 j% c o u p o n s c h o o l b o n d s v o t e d o n J a n . 3 ( V . 9 2 ,
p . 1 3 4 .)

Bond Sale.

Bond Offering.

A u th o rity S ections 7625, 7626, 7627 and 7628, School L aw s. D enom in­
a tio n §500. D ate “ d ay of sale.” In te re st sem i-annu al. M atu rity §5,000
each six m o nth s from F eb . 1 1925 to F eb. 1 1934 Inclusive. Certified check
(or cash) for §500 Is req u ired . P u rchaser to p ay accured In terest. B ids
to be m ade on b lan k form s furnished by th e B o ard.

Bond Sale.— T h e

M c L e a n s b o r o , H a m ilt o n C o u n t y , 111.—
$ 2 0 ,0 0 0 d a m a n d w a te r -w o r k s -e x te n s io n b o n d s
D e c . 1 1910 ( V . 9 1 , p . 1587) h a v e b e e n s o ld .

voted

on

Bond Election.

M a d is o n L a k e , B lu e E a r th C o u n t y , M in n .—
— L o c a l p a p e r s s ta te th a t a n e le c t io n w ill b e h eld F e b . 6 t a
v o t e o n a p r o p o s itio n to issue $ 6 ,0 0 0 w a te r -w o r k s b o n d s .

[VOL. LXXXXII.

T H E C H R O N IC L E

276

Bonds

M a h o n in g

C o u n t y ( P . 0 . Y o u n g s t o w n ) , O h i o .—
see it r e p o r te d in lo c a l p a p e r s th a t 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 r e c e n tly a u t h o r iz e d th e
is s u a n c e o f $ 1 7 6 ,0 0 0 4 % c o u r t-h o u s e b o n d s .

Authorized.— W e

Temporary Loan.

M a in e .—
— T h e S ta te o f M ain e is r e p o r te d
a s h a v in g b o r r o w e d $ 3 0 0 ,0 0 0 u n til J u ly 20 1911 fr o m th e
F ir s t N a tio n a l B a n k o f B o s t o n a t 3 ^ % .

Bond Sale.

M a n n in g , C la r e n d o n C o u n t y , S o . C a r o .—
— The
$ 5 ,0 0 0 r e fu n d in g b o n d s v o t e d o n D e c . 0 1910 ( V . 9 1 , p . 1 6 6 2)
h a v e b e e n d is p o s e d o f.
M a p le R a p id s S c h o o l D is t r i c t N o . 4 ( P . O . M a p le R a p id s ) ,
C lin t o n C o u n t y , M ic h .—
— F u r t h e r d e ta ils are
a t h a n d r e la tiv e to th e o ffe r in g o n F e b . 9 o f th e $ 9 ,9 0 0 4 j/£ %
cou pon
s c h o o l-h o u s e -c o n s t r u c t io n
bonds
m e n tio n e d
in
V . 92, p . 208.

Bond Offering.

A u th o rity , C hapter 6 , Sections 4717 a n d 4718, Law s of 1897. D enom i­
n a tio n S I,000, except one bond of $900. D ate M arch 1 1911. In te re st
a n n u a lly a t th e ban k of H ew itt & G room In M aple R ap id s. M atu rity $900
M arch 1 1913 and $1,000 on M arch l from 1914 to 1922 inclusive. B onds
are exem p t from all tax es. Certified check for $100, pay ab le to Nellie G.
H e w itt, T reasurer, Is req u ired . No d e b t a t p re se n t. A ssessed v a lu atio n
In 1910, $408,000.

Bonds Awarded in Part.

M a r io n , S m y t h C o u n t y , V a . —
— O f th e $ 1 1 ,5 0 0 b o n d s (th e u n s o ld p o r t io n o f th e issu e o f
$ 1 2 ,0 0 0 5 % r e g is te re d w a te r -im p r o v e m e n t b o n d s m e n tio n e d
in V . 9 1 , p . 1 6 6 2 ), $ 6 ,5 0 0 w e re d is p o s e d o f o n J a n . 7 to p r i­
v a t e in d iv id u a ls a t p a r a n d a c c r u e d in te r e s t.
M a r q u e tte C o u n t y ( P . O . M a r q u e t t e ), M ic h .—
— A c c o r d in g t o lo ca l p a p e r s W . E . M oss & C o . o f
D e t r o it h a v e r e fu s e d to a c c e p t th e $ 1 5 ,0 0 0 4 % h o sp ita l b o n d s
a w a r d e d t o th e m o n D e c . 20 19 1 0.
S ee V . 9 1 , p . 1725.

Bonds

Refused.

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 .
re la tiv e to th e
o ffe r in g o n F e b . 4 o f th e $ 2 6 ,0 0 0 4 % c o u p o n la n d -p u r c h a s e
b o n d s m e n tio n e d in V . 9 2 , p . 2 0 8 .
P r o p o s a ls fo r th ese
b o n d s w ill b e r e c e iv e d u n til 12 m . o f th a t d a y b y H e n r y C .
S n o w d e n , D is tr ic t T r e a s u r e r .

—Bond Offering.— F u rth e r d e ta ils a re a t h a n d

D enom ination $1,000. In te re st sem i-annu ally a t th e F irst N atio n al
B ank In M edia. M atu rity 25 years, su b je c t to call a fte r 10 years. Bonds
a re ex em p t from ta x a tio n . No deposit req uired . No d e b t a t presen t.
A ssessed valu atio n 1911, $2,500,000.

No Action Yet

M e n a r d C o u n t y ( P . O . P e t e r s b u r g ), 111.—
a c t io n h a s 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 s u a n ce o f th e $ 3 0 ,0 0 0 a lm s h o u s e b o n d s v o t e d o n N o v . 8
1910.
S ee V . 9 1 , p . 1662.
M e n d e n h a ll, S im p s o n C o u n t y , M is s .—
P r o p o s a ls w ill b e r e c e iv e d u n til 4 p . m . F e b . 7 b y H . A .
G e ig e r , M a y o r , f o r $ 8 ,0 0 0 6 % c o u p o n s c h o o l-b u ild in g b o n d s .

Taken.— N o

Bond Offering —

A u th o rity Sections 3415, 3416, 3419, 3420, Code of 1906. D enom ination
$400. D ate F eb. I 1911. In te re st a n n u ally In M endenhall. M atu rity
$400 y carlv on Feb. 1 from 1912 to 1931 Inclusive. T he bonds are tax e x e m p t. Certified check for $250, pay ab le to th e M ayor, Is req u ired .
B onded d e b t a t present, $2,000. No lloating d e b t. A ssessed v alu atio n
for 1910, $249,192 55. T hese securities ta k e th e place of the $7,000 5 ^
bonds offered D ec. 6 1910 (V. 91, p. 1528.)

Bond Sale.

cY ///0

M ila n , E rie C o u n t y , O h i o .—
— T h e $ 1 ,9 0 0
6 -y e a r e le c t r ic -lig h t a n d w a t e r -w o r k s -p la n t -im p r o v e m e n t
b o n d s d e s c r ib e d in V . 9 2 , p . 135, w ere s o ld on J a n . 17 to th e
A m e r ic a n B a n k in g & T r u s t C o . o f S a n d u s k y a t 1 0 0 .6 3 1 a n d
T h e fo llo w in g b id s w e re r e c e iv e d :
a c c r u e d in te r e s t.

I F a rm e rs’ & C itizens’ B ankA m erican B anking & T ru st
C o., S a n d u sk y __________ 81.012 00 Ing Co., M ilan___________ $1,904 75
N ew F irst N a t B it., C o lum .*1,923 80(M . S. P ond, S o m erset-------- 1,903 01
* “ C onditional u p o n ev e ry th in g being satisfacto ry to th eir a tto rn e y .”

Bond Sale.

M ilfo r d , S e w a r d C o u n t y , N e b .—
— O n J a n . 3 th e
$ 1 8 ,5 0 0 5 % 5 -2 0 -y e a r ( o p t i o n a l) g o ld c o u p o n w a te r -w o r k s
a n d e le c t r ic -lig h t -s y s t e m b o n d s o ffe r e d b u t n o t s o ld o n J u n e 1
191 0 ( V . 9 1 , p - 7 4 4 ) h a v e b e e n a w a r d e d to th e I n v e s to r s
S e c u r it ie s C o . in D es M o in e s a t p a r .
D e n o m in a t io n $ 1 0 0 .
d a t e M a rch 3 19 1 0.
I n te r e s t a n n u a l.

Bond Sale

(P.

M in g o C o u n t y
O . W il lia m s o n ) , W . V a .—
.—
O n J a n . 21 th e $ 4 0 ,0 0 0 5 % 1 0 -2 0 -y e a r (o p t io n a l) c o u p o n
c o u r t -h o u s e -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 . 1792,
w e re a w a r d e d to S e a s o n g o o d & M a y e r o f C in cin n a ti a t 101.53
a n d a c c r u e d in te r e s t .
O th e r b id s r e c e iv e d w ere a s fo llo w s :

C. H . Coffin, C hicago.............$ 4 0 ,5 1 1 F ield, L o n g strcth & Co.,
•John N uvecn & Co., C hicago. 40,508 C in c in n a ti_______________*$40,165
S. A . K ean & C o., C h ica g o .. 40,420 C u tter, M ay fic Co., C h icag o .*40,077
A . B. L each & Co., C h ic a g o ..*40,215 U nion Savings B ank & T ru st
M cCoy & C o., C hicago----------*40,213 C o., C in cin nati__________*40,075
♦ A nd In terest.

Bonds Awarded in Part.

M in n e a p o lis , M in n .—
— O f th e
$ 1 2 5 ,0 0 0 P e r m a n e n t I m p r o v e m e n t F u n d a n d th e $ 3 0 0 ,0 0 0
P e r m a n e n t I m p r o v e m e n t R e v o lv in g F u n d 4 %
bonds,
o ffe r e d o n N o v . 10 1910 a n d d e s c r ib e d in V . 9 1 , p . 1115,
$ 1 0 0 ,0 0 0 h a v e b e e n a w a r d e d t o th e S e c u r it y N a tio n a l B a n k
o f M in n e a p o lis a t p a r a n d a c c r u e d in te r e s t.
M is s is s ip p i C o u n t y
O . C h a r le s t o n ), M o .—
— 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 A . It.
B o o n e , C o u n t y T r e a s u r e r , fo r $ 2 8 ,0 0 0 6 % c o u p o n D ra in a g e
D is tr ic t N o . 25 b o n d s .

Bond Offer­

(P.

ing.

A u th o rity , A rticle 4, C h ap ter 41, D rainage Law s, R . S . of 1909 and
am end m ents th e reto . D enom ination S I,000. D ate M arch 1 1911.
In te re st sem i-annu ally a t th e C ounty T reasu rer’s office. M atu rity $1,000
yearly on M arch 1 from 1912 to 1923, Inclusive, a n d $2,000 yearly on M arch
1 from 1924 to 1931, Inclusive. Certified check for S I,000, payable to the
C o unty T reasurer, Is req uired . O fficial circular sta te s th a t th e re has never
been an y defau lt In th e p ay m en t of principal or Interest.

Bond Sale.

M it c h e ll, W h e e le r C o u n t y , O r e .—
— T h e $ 7 ,0 0 0
8 % w a te r -w o r k s b o n d s o ffe r e d o n M a y 10 1910 ( V . 9 0 , p .
1 2 5 5) w ere a w a r d e d o n J u n e 1 19 1 0, w e h a v e ju s t b e e n a d ­
v is e d , to S . A . K e a n & C o . o f C h ic a g o a t 101.

D enom ination $500. D ate .Tune 1 1910. In te re st a n n u a l. M atu rity
$3,000 Ju n e 1 1919 a n d $4,000 Ju n e 1 1929.

M o b ile , A l a .—
th e $ 1 1 7 ,0 0 0 5 %

Purchaser of Bonds.— W e

a re a d v is e d th a t
c o u p o n p u b lic -w o r k s b o n d s r e c e n tly so ld




( V . 9 1 , p . 1 6 6 2) w e re p u r c h a s e d b y th e E q u it a b le L ife A s ­
su r a n c e S o c ie t y o f N e w Y o r k C ity a t p a r a n d a c c r u e d in te r e s t.

Bond Election Pro­

M o n r o e C o u n t y ( P . O . F o r s y t h ) , G a .—
to r e p o r ts , th ere is ta lk o f ca llin g a n e le c ­
tio 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 r o a d -im p r o v e ­
m ent bonds.
M o u n d s v ille , M a r s h a ll C o u n t y , W . V a . —
— W e a re a d v is e d th a t th e $ 1 6 6 ,9 0 0 s e w e r -s y s t e m c o n s t r u c t io n b o n d s v o t e d o n O c t . 15 1910 ( V . 9 1 , p . 1 1 1 5 ),
c a r r y in te r e s t a t th e r a te o f 5 % , p a y a b le a n n u a lly a t th e
M e rca n tile B a n k in g & T r u s t C o . in M o u n d s v ille .
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 .

posed.— A c c o r d in g

Description of

Bonds.

D enom ination $1,000, except one bond of $900. D ate A pril 1 1911.
M atu rity “ on or before A pril 1 1921.” T o tal Indebtedness a t p resent,
$31,980 93. T o ta l assessed valu atio n , $0,831,881.

No Action Yet Taken

M t . C a rro ll, C a rro ll C o u n t y , 111.—
.—
U p t o J a n . 23 n o a c t io 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 $ 7 ,0 0 0 c it y -h a ll b o n d s v o t e d la s t O c t o ­
ber.
S ee V . 9 1 , p . 1199.
N a s s a u C o u n t y ( P . O . F e r n a n d in a ), F la .—
— U p t o J a n . 24 th e sale o f th e $ 4 9 ,3 0 0 6 % c o u p o n r o a d c o n s t r u c t io n c e r tific a te s o ffe r e d o n J a n . 11 a n d d e s c r ib e d in
V . 9 1 , p . 1 7 9 2, h a d n o t b e e n c o m p le t e d .
N ew a rk , E sse x C ou n ty , N . J .—
— 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 T y le r P a r m ly , C ity
C o m p tr o lle r , f o r th e fo llo w in g 4 % c o u p o n o r re g is te re d b o n d s :

Certificates Not

Sold.

Bond Offering.

$1 030,000 corp o rate bonds. D ate Ju ly 1 1910. M atu rity 20 years
100,000 dock bonds. D ate O ct. 1 1910. M atu rity 45 years.
D enom inations from $1,000 to $ 1 0 , 0 0 0 , to su it p u rch aser. In te re st p a y ­
able a t th e S inking F u n d C om m issioner’s office, b u t checks for in terest will
be m ailed to registered holders. B onds are ta x -ex e m p t in New Je rsey .
Certified check for 2 K % of bonds bid for is req u ired . P u rch aser to p ay
accrued in terest.

Bond Offer­

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 .—
a d d it io n to th e $ 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 t o b e o ffe r e d a t 12 m . F e b . 7 ( V . 9 2 , p .
2 0 9 ), p r o p o s a ls w ill a lso b e r e c e iv e d a t th e s a m e tim e b y
G e o r g 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
$ 7 ,0 0 0 5 % c o u p o n r e fu n d in g b o n d s .

ing.— I n

A u th o rity S ection 2834a R evised S ta tu te s. D enom ination $500. D ate
F eb. 15 1910. In te re st sem i-annual. M atu rity $3,500 on F eb. 15 In
each of th e years 1929 and 1930. B onds are exem p t from all tax es. C erti­
fied check for 5% of bonds bid for, p ay ab le to th e T ow nship T reasurer, Is
req uired . P urchaser to p ay accrued In terest. A ssessed valu atio n in 1909
$2,475,625.

Bonds Proposed

N e w C a s tle , L a w r e n c e C o u n t y , P a . —
.—
T h is c it y p r o p o s e s to issue $ 4 7 ,0 0 0 s tr e e t -r e p a v in g b o n d s .
N e w Y o r k C it y .— R o n d -Safe.— T h e $ 6 0 ,0 0 0 ,0 0 0 4 M % 5 0 y e a r g o ld c o r p o r a te s t o c k o ffe r e d b y C o m p tr o lle r P r e n d e r g a st la st T u e s d a y (J a n . 2 4 ) w a s o v e r s u b s c r ib e d m o r e th a n
fiv e tim e s, 571 b id s h a v in g b e e n r e c e iv e d , c a llin g fo r $ 3 2 4 ,­
93.3,030 -worth o f s t o c k .
T h e a llo t m e n t w a s m a d e t o 231
su b s c r ib e r s a t a n a v e r a g e p rice o f 1 0 0 .9 0 , a n in c o m e b a sis
o f a b o u t 4 .2 0 7 % . T h e to ta l su m r e c e iv e d b y th e c it y w a s $ 0 0 ,­
5 4 2 ,4 4 1 5 0 , or o n ly $ 4 ,2 4 1 50 m o r e th a n a b id o f $ 6 0 ,5 3 8 ,2 0 0
s u b m itt e d fo r “ all o r n o n e ” o f th e b o n d s b y a s y n d ic a t e c o m ­
p o s e d o f J . P . M o r g a n & C o ., th e N a tio n a l C ity B a n k a n d
th e F ir st N a tio n a l B a n k .
T h e la st p r e v io u s p u b lic sale o f c it y s t o c k w a s o n M a rch 21
1910, w h en $ 5 0 ,0 0 0 ,0 0 0 4
2 0 -5 0 -y e a r (o p t io n a l) c o r p o r a t e
s t o c k w a s d is p o s e d o f.
T h e a v e r a g e p r ic e re a liz e d a t th a t
sale w a s 1 0 1 .2 8 — a b a sis o f 4 .1 5 5 % , a s su m in g th a t th e c it y
w ill e x e r c ise its o p t io n to p a y th e b o n d s in 20 y e a r s .
T h ere
w ere 4 4 0 b id s , a g g r e g a tin g $ 1 9 4 ,5 6 2 ,6 5 0 , o f w h ic h 261 w ere
s u c c e s s fu l.
W e p r in t b e lo w th e su cc e ss fu l b id d e r s fo r th e b o n d s o ffe r e d
la s t T u e s d a y :

\i%

Ph. Adelson & Bro._ $20,000.-101.25
F. B. Harreus and/ Sl.000-.104
Brotherhood of Ma­
1.000.. 103
Max Rosenberg . . \
1 .0 0 0 .
.101.25.1
chinists .....................
Mrs. Joseph McNa­
2 .0 0 0 .
.101.25
9 0 0 ..
103
mara ____________
2.000.
-101.125
1.000.
-102.50
Alfred Johnson S r—
4.000. .101.01
.102.40
Henry G. Schneider.. 8.000.
20.000.
-100.91
1.000.
. 102
Geo. F. Higgs..............
-100.89
1 0 0 .. 102 Smith, Heck & C o .. 20.000.
Clifford do lloode----2.000.
. 100.88
1,000.. 102
Irving W ortm an----30.000.
.100.81
Alonzo B. Peck_____ 6,000.. 102
2 0 .0 0 0 .
. 100.77
500..102
Peter Messer________
1,200..100.70
20 .101.75
Win. D. Brown..........
J
1,000.101.2345
Henry Macdonald . . /
500..101.625 Josephine Rulffs___
\
500..101.25
10,000.-101.211
1 10,000.-101.161
1 10.000..101.50
10.000.
.101.111
1 500.000..101.076
1 0 .0 0 0 . .101.061
1 600.000..101.035
60,000.-101.011
Wm. Salomon &Co.,| 500,000..100.971 Foster & Adams—
20,000..101
New York..............11,100,000.-100.914
10.000.
.100.961
1 0 , 0 0 0 . . 100.875
20.000.
.100.911
11,000,000.-100.853
2 0 .0 0 0 .
.100.861
J 1,100,000..100.772
20,000..100.811
E. F. W old.............. 4,000..101.50
.101.16
Louisa Dyke_______ 1 .0 0 0 ..101.50
1 50.000.
Weed & G w y n n c ...) 50,000 ..100.96
Howard C. Leonard.
2 0 0 . . 101.50
30.000.
-100.76
J
1 500,000..101.279
50.101.1567
A. B. Leach & Co.,| 1,000,000.-101.179 Anton Horn
New York..............11,000,000.-101.079
-101.15
| 1,000,000.. 100.879 M. & II. C larkso n..)1 110.000.
0 .0 0 0 .
-101.06
J 1,000,000.-100,779
10.000.
. 100.875
J
50.000.
.101.251
-101.15
1 10.000.
-101.125
Emil Flschl................I 50.000.
10.000.
.101.14
50.000.
.101
I 50.000.
10.000.
-101.01
-100.875
J
10.000.
-100.98
Edward J. Lewis__ | 10.000.
-101.25
-100.95
Charles Berndt............ 18.000.
5.000.
-101.25
10.000.
.100.88
Warren A. Bedell__
10,000..100.78
.101.25
1 10.000.
J 6,000..100.76
25.000.
.101.19
1 50,000.101.1275
25.000.101.13
25.000.
-101.08
I 171,000..101.127
25.000.
-101.03
American Exchange! 250,000.101.1257
40.000.
-101 Nat. Bank, N. Y. ) l,500,000.101.0777
Herzog <fc Glazier, 25.000.
| 1,000,000.-101
-100.93
J 1,350,000..100.777
New Y ork.............. ) 25.000.100.88
25.000.
. 100.83
1 200,000.-101.125
-100.79
J 25.000.
Mlllett, Roe & Ha-1 2 0 0 ,0 0 0 ..101.016
0 0 ,0 0 0 . - 10 0 .8 8 8
Albert Isaacs............J 1.000.
.101.25gen. New Y o rk ...)J 3300,000.-100.777
.101
1 1.000.

J a n . 28 i o n .]

T H E C H R O N IC L E

Nassau N at. Bank,
1 S20.000- .101.01
B roo klyn................ S250.000 ..101.125 A. H. Johnson A Co. / 10,000. .100.95
I 10,000. .100.90
250,000
..101.125
J 10,000. .100.875
Crossman & Slclcken/f 250,000 ..101
l 250,000 ..100.875 E. A. Manlce A C o./ 100,000. .101.01
\ 01,000. .100.76
500 .101.125
Sartorlus AEInstein,!
New York........... . / 50,700 -.101
1 50.000. .101.01
J 25,000 ..100.875 Morris A Sm ith___ / 15.000. .100.91
J 10.000. .100.81
1 5,000 ..101.125
Hollister, Fish A Co.,
Guaranty Trust Co.,| 35,000 .101
New York____ 1 56,000 .100.88
New York................ 250.000. .101.01
30,000 ..100.875 Taylor, Auchlncloss/ 15.000. .101.007
50,000 .100.765 A Joost....................\ 20.000. .100.877
National Park Bank,! 200,000 .101.125 Chisholm A Chap-/ 25.000. .101.006
New York.............. / 200,000 .101
J 200,000 .100.875 man. New Y o rk ../ 50.000. .100.881
.101.002
J. S. Bache A Co.,/ 200,000 .101.13 Gude, Winmlll A Co. 25.000.
50.000. .101.001
New York.............. \ 31,000 .100.76 Newburger, Ilender-} 100.000.
.100.881
.101.13
20,000
1 100,000
.100.851
.101.075 son A Loeb, N. Y. / 100,000.
100,000. .100.791
10,000 .101.07
.100.761
100,000.
J
Ladcnburg, Thai- | 20,000 .101.02 Kuhn, Loeb A Co..
mann & Co., N.Y. 1 10,000 .100.92
New Y ork________ 198,000..101
50,000 .100.84
50,000 .100.79 A. G. Edwards A
3.000 .100.70
Sons, New Y ork.. 60,000. .101
2,000 .101.20 Hersfeld A Stern__ / 50.000. .101
Jacob Kruse.
25,000 .101.13
\ 50.000. .100.875
25,000 .101.10
M. McICclvey.. 1,000­ .101
Morgan & B artlett. 25,000 .101.05 Mary
.101
25,000 .101.01 Bamberger Bros___ /\ 200,000.
50.000. .100.77
25,000 .101.005
Albert
Flat
her............
.101
1,000.
100,000 .101.11
A. Fltzslm ons..
500. .101
Brooklyn Trust Co.,| 100,000 .101.01 John
Chas.
G.
S.
Need___
8,000.
.101
B roo klyn............../ 100,000 .100.91
.101
J ,200,000 .100.81 Sellgman Bros.,Lon-1' 32.500.
100.9375
1,000.
100,000 .101.11
..........................
/
d
o
n
.100.875
45.500.
100,000 .101.01
.100.77
Eugene Meyer, Jr. a | 100,000 .100.91 Burrlll A S titt........../ J 35.000.
5.000.
.101
C o ........................_ / 100,000 .100.86
1 5.000. .100.875
100,000 .100.81
3 os,000 .100.76 Samuel Well.............../ 10.000. .101
1 10,000. .100.875
1,000 .101.10
1,000 .101.05 First National Bank,! 10,000. .101.01
Earlvllle, N. Y . . j. 10,000. .100.91
1,000 .101
Julius II. Cohn.
1,000 .100.90
10,000. .100.81
1,000 .100.80 J. A W. Sellgman A1J 10,000. .101
5,000 .101.10
Co.. New Y ork__ / 21,000. .100.875
Mrs. Eleanor S. Tur-|
5,000 .101
200,000­.100.7825
5,000 .100.90 Ralph H. Parker___ J
n c y ........................./
300. .101
5,000 .100.80 Henry M. H erm an__
10. .101
Richard B. K ru n a ... 4,000 .101.09
100,000.
II. F. Bachman A! 50,000 101.0817 Adams A Co., N. Y . j 100,000. .101
.100.87
50,000 100.9217
100,000. .100.77
75,000 100.7617 McCormack A Co___J 20,000. .101
10,000
Hyman K orm lnsky..
1,000­ .101
Elllnger Bros. & Co. 10,000 .101.08
.101.06
York Savings
10,000 .101.02 New
Bank,
New
Y
ork..
100,000.
.101
10,000 .101.01 Emil ICulchllng_____ 5.000. .101
10,000 .101.08 Schwclzerlsche Nat.
R. L. Day A C o.,| 20,000. .101.06
Bank, Zurich, Swit­
New Y ork............... ^ 10,000. .100.89
zerland, per Nat.
300,000 .100.798 City
Bank, N. Y_. 100,000. .101
J 10,000. .100.79
The Homo Ins. Co.,/ 500,000. -101.07 Rothschild A Co___ 10,000. .101
New York_______ \ 250,000. .100.78
1 100,000. .101
A Domi-| 100,000 .100.95
Clark, Dodge & Co.,/ 500,000. .101.07 Dominick
nick,
New
Y
o
rk
../
100,000 .100.90
New York...............\ 500,000. .100.80
I 100,000 .100.85
250,000. 101.0625
J
Aslel & Co., N. Y ..1 250,000. 101.0325 Seaboard Nat. Bank 100,000. 100.80
250,000. .100.894 for account of State
250,000. .100.793 Bank of Norwood,
Gilbert Eliott .
10,000. .101.06
N. Y ____________
5.000. .101
25,000 .101.06 Wm. Hardrlch S r__
.101
25,000 .101.01 R. Wllmcr Sundelson 4.000.
5.000.
Stcrnberger, Sinn A 25,000. .100,06 Henry Itackenbrandt 5,500. .101
.101
Co., Baltimore, Md. 25,000. .100.88 Grcenwlck Bank, / 25.000. .101
35,000 .100.81
New York........... . \ 25.000. .100.875
25,000 .100.76
White, Weld A Co.,/ 60,000. .101.056 Frederick Sturgis___ 250.000. .101
New York_______\ 50,000 .101
Ilornblo wer A Weeks, 1 10.000. .101
.100.889
J 20,000 101.0487 New York_______ J/ 10,000.
10,000. .100.789
50.000 .101.01
E . Lowbcr Stokes . . / 20,000 100.9734 I). Schnakenberg___ 15,000 .101
50,000 .100.88 Jones A L an d m an ... 5.000. .101
25,000 .100.875 Louis A. Ripley___ / 20,000. .101
50,000. .101.041
20,000. 100.875
Hanover Nat. Bank, 50,000. .100.93 Zimmerman A For-11 6.000. 101
New York.............. 500,000. .100.88
shay,
New
Y
o
rk
..
/
100.85
10,000.
50,000. .100.83
.100.80
600,000. .100.78 James R uby................J 10,000.
101
100.
Yonkers Sav. Bank,
Yonkers, N. Y ___ 25,000. .101.04 Ferrell A S altsm an.' 5.000. 101
5.000. 100.95
100,000. 101.0355
5.000. 100.90
Emigrant Industrial' 100,000. 101.0025
5.000. 100.85
Sav. Bank, N. Y . / 100,000. 101.0005
5.000. 100.80
J 100,000. 100.7665 Kurzman B ros........... 20,000.
101
150,000. .101.03
N. Coler A Co.,/ 50.000. 100.97
P. J. Goodhart & 100,000. .100.93 W.New
Y
o
rk
.______\
50.000. 100.81
Co., New Y ork__ 100,000. .100.83
J 15,000. .100.76 Coal A Iron Na-/ 10.000. 100.951
Morton Lachenbruch 25,000. .101.022 tlonal Bank, N .Y .\ 10,000. 100.851
10,000. 100.95
50,000. .101.02
50.000. 100.927
2,000. .101
50.000. 100.907
Redmond A Co., 10,000. .100.951 Farson, Son A Co., 50.000.
New Y ork..............j. 10,000. .100.891 New York.............. 50.000. 100.877
.100.847
50,000. .100.887
50.000. .100.817
50,000. .100.765
50.000.
-100.797
Shearson, Ilammllll 500.000. .101.02
100.000. .100.767
A Co...................... /
200. .101
50.000. .100.95
J 500,000. .100.89
50.000. .100.93
50,000- .101.02 Murphy Bros. A[ 50.000.
.100.89
John II. Dewcs___ / 50.000- .100.89
M iles___________ / 50.000. .100.85
J 50,000. -100.77
.100.83
50,000­
Ilallgarten & Co.,
.100.77
New Y ork................ 250.000. .101.02 Kcech, Loew A Co.,1 50,000.
10.000.
.100.95
Folsom & Adams__ / 50,000. .101.013 New Y ork............../ 10,000. .100.877
1 60.000. -100.761
J 10,000. .100.763
Chas. F. Schafer A / 250,000. -101.012
.100.95
Bros.........................1 250,000. -100.778 Wm. A. Read A Co., | 500.000.
500.000. .100.92
New
York_______/I
,000,000.
.100.88
50,000.
.101.01
10,000. .100.83
Rhoades & C o.,N .Y .|1 100,000. -100.881
500.000. .100.81
100,000. .100.701
.100.76
.101.01 Wm. M. Vander/J 677.000.
122,500.000. .100.94
10,000...100.94
Kuhn, Loeb A Co.|2
,600,000.
K
le
ft.......................\
15,000.
.100.88
and Central Trust V2 ,500,000. .100.89
Co., New York__ |2 .500,000. .100.82
1 100.000. .100.94
J1 ,692,000. .100 76 Ileldelbach, Ickcl- / 250.000. .100.81
.
hclmerACo., N.Y.J 154.000. .100.70
.
20.000. .101.01
II. Content A C o.J 100,000. .101
100.000.
.
.100.94
New Y ork_______ / 15,000. .100.91 Scasongood A H aas. / 200.000.. .100.85
15,000. .100.81
136,000...100.76




O. A. Stern A Co.,
New Y ork..............
J
Leo Speyer, New /
Y o rk ____________/
Geo. B. Gibbons___
Seneca D. Eldredge./
\
Klllan Van Rensso- /
la e r _____________/
Union Trust Co.,/
New Y ork_______ \
J. Harold K u n k e l../1
I
J
Bank of Suffolk Co.,
Stony Brook, N.Y.
Vickers A Phelps__ 1
J
Proctor A Borden__
People’s Trust Co.,/
B roo klyn_______ 1
Citizens’ Central Na-/
tlonal Bk., N. Y .\
1
Brown Bros. A Co.,/
New Y ork...............j
Kidder, Peabody A/
Co., New York__ \
Hartshorn, Bogert A/
B a tte lle ................./
J
Rae Heller................./
\
Cleveland Trust Co.,|'
Cleveland, O h io ../
J
Day A H eaton............
Stout A Co., Now/
Y o rk .....................\
Harris, WInthrop A /
Co., New York__ \
Sutro Bros. A Co.,/
New Y ork..........
Werner Bros. A |1
Goldschmidt, New /
Y o rk ____________|
J
Raphael Pragcr___ /
\
E. M. Farnsworth A/
Co., B o ston____ \
Luke A. D alton_____
L. M. Prince A C o ../
J
K nauth, Nachod A/
Kuhnc, New Y ork/
J
Crawford, Dyer A /
C annon_________ /
Stewart Denning___
Chas. K. Phlpard__
Harris B. Dick............
Milton W atkins_____
Bigelow A Co_______
C. II. Boynton A Co.
Seaboard National
Bank, New Y ork..
Homans A Co_______
Mercantile Trust Co.,
New York________
Simons A Slade..........

211
S10.000 -.100.93 Walker Bros................ 510.000 .100.875
10,000 -.100.91
10,000 ..100.89 James R. M agoffin.. 5,000 ..100.875
10,000 ..100.87 Kissel, Klnnlcutt A
Co., New York___ 300.000 ..100.877
10,000 -.100.85
10,000 .100.83 Leander H. Crawl__
10,000 -100.81 Llbbey A Struthers, 5,090. .100.875
10,000 -100.79
New Y ork________ 10,000. .100.875
10,000 .100.77
New/ 500.000. .100.871
25,000. .100.93 II.YB.o rkHollins,
........................1 500.000. .100.771
25,000. .100.86
A Co., New/ 100.000. .100.87
25,000. .100.91 Coffin
Y o rk ____________J 200,000. .100.82
10,000. .100.91
10,000. .100.81 Howard J. Miller___ 15.000. .100.869
J. Lawrence A! 50.000. .100.862
5,000. 100.9062 Cyrus
.100.812
5,000. 100.7812 Sons, New Y o rk .. / 50.000.
250,000. .100.90 Swartwout A Appen-J 60.000. .100.761
250,000. .100.81
zellar, New Y o rk .. 50.000. .100.856
10,000. .100.90
10.000. .100.85
10,000. .100.85 Hess A Hess...............{ 10,000.
.100.825
15,000. .100.82
I 10,000. .100.80
15,000. .100.78
l 10.000. .100.775
Sav. Bk.
5,000. .100.90 Providence
A Tr. Co., Clnclnn.
10,000. .100.90 Equitable Life Assur­ 50.000..100.85
100,000. .100.89
ance Society, N. Y. 500.000. .100.83
100,000. .100.79
100,000. .100.90 Fidelity Trust Co____ 68,000. -100.83
100,000. .100.90 J. S. Farlee A Co___ 100.000. .100.8225
100,000. .100.80 F. W. K lein................ 25.000. .100.816
2,000. .100.90 Richter A Co. and
Post A Flagg_____ 100,000. 100.8124
2.000. .100.80
1,000. .100.81
150,000. .100.896 E. W. Newkirk___ /
820. .100.76
250,000. .100.886
1
274,000. .100.766 Wm. E. Lauer A Co. 50.000. .100.802
500,000. .100.89 Farmers’ Loan A Tr.
500,000. .100.79
Co., New Y ork___ 350,000. .100.80
50,000. .100.893 Judson A C o ...............
50,000. .100.846 Columbia Trust Co.. 4,000. .100.80
50,000 100.7751 New Y ork................ 50,000.-100.80
5,000. .100.89 W. E. Volk, for Far-1
5,000. .100.77
well Trust Co.,| 100,090. .100.80
50,000. .100.89
Chicago, and West- / 62,000. .100.76
50,000. .100.88
ern Trust A Sav. I
50,000. .100.80
Bank, Chicago__ J
50,000. .100.77 Long
Loan A
3,000. -100.895 TrustIsland
Co., N. Y -. 100,000. .100.80
25.000.
100.89 Berkeley School,N.Y. 15,000. .100.801
50.000.
100.78135
E. II. Shawde A C o .. 3.000. .100.80
63.000.
-100.888
Myron S. F alk______ 5.000. .100.80
67.000.
.100.766
Briggs C. K eck_____ 100,000. .100.79
50.000.
.100.887
.
ltuggles, Gray A / 50.000. 100.7812
150.000. .100.762
.
25.000.
-100.881W llm erdlng___ \ 50.000. 100.7656
.100.78
250.000.
Estabrook
A
Co.,N.Y.
25.000.
.100.852
25,000-.100.818 Bank of M anhattan
25.000.
. 100.79Co., New York___ 500,000.-100.78
25.000.
.100.762
Trask A Co.,
1,000.. 100.88 Spencer
New Y ork________ 200,000. .100.78
1.000.
.100.78
Watson A Presspricli 20,000. .100.78
50.000.
-100.88
Gilman A Clucas,/ 100,000. .100.775
31.000.
-100.76
New York_______ \ 100,000. .100-761
5.000.
.100.88
II. P. Goldschmidt A
50.000.
-100.88
C
o .............................. 50,000..100.77
75.000.
.100.80
Ilallgarten A Co.,
25.000.
.100.775
New
Y ork...............1, 500,000­ .100.77
37.000.
.100.76
II. C. O ppenhelm er.. 1,000. .100.761
100.000. .100.879
100.000. .100.819
Secor, Schalk A C o .. 100,000. .100.761
100.000. .100.779 Guarantee Co. of
15.000.
100.8751North America___ 62,000. .100.76
25.000.
100.8211
Thos. L. MansonACo. 31.000. .100.76
10.000.
-100.875
Bolssevaln A Co.,N.Y. 62.000. .100.76
40.000.
.100.875
T. II. W oodelton___
1,200. .100.76
20.000.
.100.875
Lansburgh Bros_____ 77.000. .100.76
1.000.
.100.875
Parkinson A Burr,
50.000.
-100.875
25.000.
.100.875New Y ork................ 7,200. .100.76
Isldor Wormser J r __ 92.000. .100.76
200.000. .100.875
Hebrew Technical
6,000. .100.76
50.000.
-100.875School for Girls__
Robert M. Lam m___
3.000. .100.76
10.000.
.100.875
R. Clarence D orsett. 6.000. .100.76.
50.000.
.100.875
Royal Bank of Canada 15.000. 100.76
.

T h e fo llo w in g g iv e s a fe w o f th e im p o r t a n t b id s r e c e iv e d
a t T u e s d a y ’s o ffe r in g , b u t w h ic h w ere u n s u c c e ss fu l:

J. P. Morgan A Co.,/"All or
Nat. Bank of Com-\5,000,000..100.051
First N at. B ank/ none” ..100.897 merce, New Y ork./5,000,000. .100.002
and National City | “All or any
S.
B. Chapin A Co.,
Bank, New Y ork.) part” ...100.127 New
Y ork............... 15,000.-100.375
Illcks Bros. A Co__ 400,000. .100.009 Sullivan Bros.............. 50,000.-100.26
.
to 100.399 Newburgh Savings! 200,000.-100
Bank, N ew burgh./
to 100.625
U. S. Mtge. A Trust
Co., New Y ork___ 1,000,000.-100.26 Callaway, Fish A Co. 200.000. . 100.05
to 100.51
Irving N at. B ank,\1,000,000. .100.25 Simons A Em anuel. 250.000.
.100.63
New Y ork.............../
to 100.470 L. Levy A Co............ 75,000..100.25
Fisk A Robinson,
to 100.50
New York________ 506.000. -100.01W. W. Cohen.............. 50,000..100.38
to 100.51
Stamford Sav. B ank. 100.000. .100.625
Hudson City Savings/ 600.000. -100.30Thos. Denny A Co.,\ 550.000. .100.125
Bank ....................../
to 100.41
to 100.70 New York_______/
Ladd A Wood............ 100,000.-100.282 Jefferson Bank, N. Y. 50,000.-100.25
to 100.532 Hamilton Trust C o .. 200.000. -100.375
Trust Co. of America,
to 100.50
New York________ 300,000..100.50 B ryant Park Bank,
Morgan, Llverm oreU,000,000. .100.09
New Y ork................ 25.000..100.50
A Co....................... /
to 100.51 Provost Bros. A C o .. 100.000. .100.25
Colonial AssuranceCo. 75,000..100.27 Taylor A R obinson.. 100.000. .100.50
Plympton, G ardlncrll. 100.000.. 100
to 100.625
A Co., New Y ork./
to 100.50 Chase N at Bank.l 1,000,000.-100.59
Windsor Trust Co.,
New York______ 12,000,000. .100.376
New York________ 500,000.. 100.51
J
to 100.626
Blodget A Co., New/1,000,0 0 0 .. 100.07 J. J. Danzig A C o ...1,100,000..100.38
Y o rk ....................../
to 100.51
to 100.65
F. St. Goar.................. 100,000.. 100.56 Kean, Taylor A C o .. 750,000..100.13
to 100.66
to 100.61
Fourth Nat. Bank, 11,000,000.. 100.25 Henry Clews A Co.,1 50,000.-100.63
New York............. /
to 100.28
New York............. / 500,000.-100.50
Albany Exch. Savings
L. Von Hoffman A1 125,000.. 100.626
Bank, New Y ork.. 50,000..100.50
C o ............................/ 198,000.-100.351
Bank of New York,l 100,000..100.29
J
to 100.451
N-B.A..NCW York/
to 100.65 Russell Sage E sta te ..1,000,000.-100.51

.—Bonds Voted

N o la n C o u n t y ( P . O . S w e e t w a t e r ), T e x
.—
R e p o r t s sta te th a t a n e le c t io n h e ld r e c e n tly , in S w e e tw a te r
P r e c in c t , re su lte d in fa v o r o f a p r o p o s it io n to issue § 1 0 0 ,0 0 0
g o o d -r o a d b o n d s .

[VOL. LXXXXII.

T H E C H R O N IC L E

278

Bonds Not Sold.

N o r t o n , W is e C o u n t y , V a . —
— U p to
J a n . 21 n o a w a r d h a d y e t b e e n m a d e o f th e th re e issu es o f
5 % 3 0 -y e a r g o ld 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 , a g g r e g a t in g $ 7 0 ,0 0 0 , o ffe r e d a t p u b lic sale o n M a y 10
la s t.
S ee V . 9 0 , p . 1 2 5 6 , f o r a d e s c r ip t io n o f th e se b o n d s .
N o r w o o d , H a m ilt o n C o u n t y , O h io .—
— F in a l
re tu rn s in d ic a t e t h a t a p r o p o s it io n to issue $ 1 8 ,0 0 0 str e e to ilin g b o n d s w a s f a v o r a b l y v o t e d u p o n a t a n e le c t io n h eld
J a n .° 2 4 .
T h e v o t e w a s 421 to 1 89, c a r r y in g b y 14 v o t e s .
— T h e re tu rn s fu r t h e r in d ic a te t h a t th e
q u e s t io n o f is s u in g $ 6 0 ,0 0 0 s tr e e t -im p r o v e m e n t b o n d s w a s
d e fe a t e d a t th e s a m e e le c t io n , th e v o t e b e in g 4 0 7 to 2 1 2 , o r
6 less th a n r e q u ir e d .
N o t t in g h a m , C u y a h o g a C o u n t y , O h io .— B o 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 . F e b . 17 b y J . C .
S t e in ic k e , V illa g e C le rk , f o r th e fo llo w in g 5 % w a te r -m a in c o n s t r u c t io n a s se s s m e n t b o n d s :

Bonds Voted.

Bonds Defeated.

Offering.

$283
2,743
■
•
3,012
1,801
292
2,529

30 D U leR oad bo nd . M a tu rity .Tuly 1 1921.
20 m ile R oad bonds. D enom ination $500, except one bond tor
$743 20. iM aturlty 2 bonds on Ju ly 1 1916 and 3 bonds on Ju ly 1
1921.
00 Dllle R oad bo nd s. D enom inations $500, except one bond for
$512. M atu rity 3 bonds on Ju ly 11916 a n d 3 bonds on Ju ly 1 1921.
20 M arshall A ve. bonds. D enom ination $500, except one bond for
$301 20. M atu rity Ju ly 1 1921.
80 O live S tree t bond. M atu rity Ju ly 1 1920.
60 M oses A ve. bonds. D enom ination $500, except one bond for
$529 60. M atu rity 2 bonds on Ju ly 1 1916 and 3 bonds on Ju ly 1
1921.
1,785 60 G ilbert A ve. bonds. D enom ination $500, except one bond for
$285 60. M atu rity Ju ly 1 1921.
432 00 P o rte r C ourt bond. M atu rity Ju ly 1 1920.
1,184 40 L am b A ve. bonds. D enom inations $500 and $681 40. M atu rity
•
Ju ly 1 1921.
529 20 P o p lar S tree t bo nd . M atu rity Ju ly 1 1921.
D ate F eb . 15 1911. In te re st J a n . 1 and Ju ly 1. Certified check for 5%
of bonds bid for. p ay ab le to th e V illage T reasurer, Is req uired . P u rchaser
to p a y accrued In terest.

Bond Sale.

O k m u lg e e C o u n t y ( P . O . O k m u lg e e ), O k la .—
—
I t is r e p o r te d th a t $ 2 5 ,0 0 0 fu n d in g b o n d s h a v e b e e n d is ­
p o s e d o f th r o u g h A . J . M cM a h o n o f O k la h o m a C ity a t 101.

No Action Yet Taken.

O le a n , C a tt a r a u g u s C o u n t y , N . Y . —
— T h e C ity C lerk w rite s u s, u n d e r d a t e o f J a n . 2 0 , th a t n o
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 h o ld in g o f 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 itio n s to issue th e
$ 5 0 ,0 0 0 m a r k e t -h o u s e a n d th e $ 2 ,0 0 0 b a n d -s t a n d b o n d s
m e n tio n e d in V . 9 1 , p . 1 1 9 9.
O u r in fo r m a n t fu r t h e r s ta te s
th a t it is n o t lik e ly th a t a n y a c t io n w ill b e ta k e n w ith in th e
n e x t n in e t y d a y s .
O n a g a , P o t t a w a t o m ie C o u n t y , K a n .—
— On
J a n . 1 th e $ 1 8 ,0 0 0 5 % 1 0 -3 0 -y e a r ( o p t i o n a l) w a tc r -w o r k s 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 . 1199, w e re a w a r d e d
to J. W . D unn o f O naga at p a r.
D a te N o v . 1 19 1 0.
In te r­
e s t J a n u a r y a n d J u ly .
O s c e o la T o w n s h ip , M ic h .—
— T h e “ M ich ig a n
I n v e s t o r ” s ta te s th a t a D e t r o it firm h a s p u r c h a se d $ 2 5 ,0 0 0
5 % 2 5 -y e a r r o a d -im p r o v e m e n t b o n d s .
O s w e g o , L a b e t t e C o u n t y , K a n s .—
— A propo­
s itio n to issu e $ 2 2 ,8 0 0 h ig h -s c h o o l-b u ild in g b o n d s w a s f a v o r ­
a b ly v o t e d u p o n , it is s ta t e d , a t a n e le c t io n h e ld J a n . 17.
P a le s t in e , A n d e r s o n C o u n t y , T e x . —
— T h e $ 1 7 ,­
0 0 0 p u b lic p a r k a n d $ 9 ,0 0 0 fir e -e q u ip m e n t 5 % 1 0 -4 0 -y e a r
(o p t i o n a l) b o n d s re g is te re d o n O c t . 28 1910 b y th e S ta te
C o m p tr o lle r ( V . 9 1 , p . 127 9) h a v e b e e n d is p o se d o f a t p a r
a n d a c c r u e d in te r e s t.
P a r k in s o n S p e c ia l S c h o o l D is t r i c t ( P . O. R . F . D . N o . 7 ,
Z a n e s v ille ) , M u s k in g u m C o u n t y , O h i o .
.— W e are
in fo r m e d b y th e C lerk th a t o n J u n e 10 1910 th e $ 5 ,0 0 0 4 %
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 . 90, p . 1509, w ere
a w a r d e d to th e F ir s t N a tio n a l B a n k in Z a n e s v ille 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 $ 1 ,0 0 0 o n J u n e 10 in e a ch o f
th e y e a r s 1915, 1920, 19 2 5, 1930 a n d 1935.
P a r m e r C o u n t y C o m m o n S c h o o l D is t r i c t N o . 5 , T e x . —
.— O n D e c . 19 1910 th e $ 1 2 ,0 0 0 5 % b o n d s reg is­
te r e d b y th e S ta te C o m p tr o lle r o n D e c . 5 1910 ( V . 9 1 , p . 1 6 63)
w ere a w a r d e d to C a rte r & C o x o f A m a r illo a t p a r a n d a c c r u e d
in te r e s t.

Bond Sale.

Bond Scde.

Bonds Voted.
Bond Sale.

—Bond Sale

Bond Sale

D enom ination $1,000. D ate A pril 10 1910. In te re st an n u al. M atu rity
40 years, su bject to call a fte r 20 years.

Sale

P e n s a c o la , E s c a m b ia C o u n t y , F l a .— B o n d
.— O n J a n .
16 th e $ 2 5 0 ,0 0 0 4
3 0 -y e a r g o ld c o u p o n im p r o v e m e n t
b o n d s d e s c r ib e d in V . 9 1 , p . 16 6 3, w ere a w a r d e d to th e
P r o v id e n t S a v in g s B a n k & T r u s t C o . o f C in c in n a ti an d
W o o d in , M cN e a r & M o o re o f C h ic a g o , a t th e ir jo i n t b id o f
$ 2 4 0 ,6 2 7 (9 6 .2 5 ) a n d a c c r u e d in te r e s t.
O th e r b id s r e c e iv e d
w ere a s fo llo w s :

y2%

A u th o rity S ection 1223, G eneral Code. D enom ination $500. D.ato
Miirch 1 1911. In te re st sem i-annually a t th e C ounty T reasu rer’s office.
M atu rity $18,000 on S ept. 1 1912, $7,000 on M arch 1 1913 and $2,500
y early on M arch 1 from 1914 to 1931 Inclusive. Certitied check for $380,
pay ab le to th e C ounty T reasurer. Is req uired B onds are tax-free.

—Bond Sale

P o r t la n d , O re .
.— O n J a n . 24 th e $ 5 0 0 ,0 0 0
B r o a d w a y b r id g e -c o n s t r u c t io n a n d th e
$ 5 0 0 ,0 0 0 w a te r e x t e n s io n 4 % g o ld b o n d s d e s c r ib e d in V . 9 1 , p . 17 9 3,
w e re s o ld , th e fo r m e r issue t o F a r s o n , S on & C o . o f
C h ic a g o a t 9 3 .8 0 a n d th e la tte r issue to a s y n d ic a t e h e a d e d
b y I t . L . D a y & C o . o f B o s t o n a t 9 6 .2 8 8 .
P o r t la n d S c h o o l D is t r ic t ( P . O . P o r t la n d ), M u ltn o m a h
C o u n ty , O re.
.— A c c o r d in g t o lo ca l p a p e r s ,
a p r o p o s it io n t o issue $ 1 5 0 ,0 0 0 L in c o ln H ig h S c h o o l c o m ­
p le t io n b o n d s will be s u b m itt e d t o a v o t e o f th e p e o p le o n
F e b . 14.

—Bond Election

—Bond Election.

P u t n a m C o u n t y (P . O . C o o k e v ille ), T e n n .
— A n e le c t io n will b e h eld F e b . 25 to 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 4 % 3 0 -y e a r p ik e b o n d s .
Q u een

A n n e 's

C ou n ty

(P .

Bond

O.

C e n t r e v ille ), M d .—
r e la tiv e to th e o ffe r in g
o n J a n . 31 o f th e $ 1 5 ,0 0 0 5 % c o u p o n r o a d -e q u ip m e n t bondsm e n tio n e d in V . 9 2 , p . 2 1 0 .
P r o p o s a ls will b e r e c e iv e d u n til
12 m . o n th a t d a y 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,
M . B . B o r d le y , C lerk .

Offering.— F u r th e r d e ta ils a re a t h a n d

A u th o rity C hapter 582, Local L aw s of 1910. D enom ination $1,000.
D ate J a n . 1 1911. In te re st sem i-annual. M atu rity $1,000 yearly on
Ju ly l from 1911 to 1925 inclusive. Bonds are exem p t from all tax es.
Certified check (or cash) for $250, payable to th e C ounty Com m issioners, is
req uired .

—Temporary Loan

Q u in c y , N o r fo lk C o u n t y , M a s s .
.— O n
J a n . 25 a lo a n o f $ 6 5 ,0 0 0 w a s n e g o t ia t e d , a c c o r d in g to re­
p o r t s , w ith P a r k in s o n & B u rr o f B o s to n a t 3 .3 3 % d is c o u n t .
M a tu r it y J a n . 25 1912.
R h o d e I s la n d .
.— O n J a n . 2 6 th e $ 5 0 0 ,0 0 0 4 %
g o ld c o u p o n (w ith p r iv ile g e o f r e g is t r a tio n ) P r o v id e n c e
H a r b o r -im p r o v e m e n t b o n d s d e s c r ib e d in V . 9 2 , p . 137, w e r e
a w a r d e d t o B lo d g e t & C o . a n d II. L . D a y & C o . o f B o s t o n
a t th e ir jo i n t b id o f 1 0 4 .1 9 a n d a c c r u e d in te r e s t .
O th e r b id s
r e c e iv e d w ere as fo llo w s :

—Bond Scde

A . B. L each & Co., B o sto n .. 104.039
E stab ro o k & Co., B o ston____103.65
P rovidence B kg. C o., Prov_ .103.467
Blake B ros. & Co. IN . Y .103.29
E ugene M eyer Jr.& C o.j

N .W .H arris & C o .In c ., Bos.) 103.14»
In d u st. T r. Co., P rovidence]
M errill. O ldham & Co., B o st.102 .649
W m . A . R ead & Co., B o ston .1 00 .8 19
E . H . Rollins & Sons, B o st.-1 0 0 .5 7 8

T h e fo llo w in g b id s w ere a lso r e c e iv e d fo r p a r t o f th e issu e.

($50,000,108.52 | B oard of G en. T rustees
Bodell & Co.,
50,000.108.02 of th e R . I. EplsP rovidence . . .{ 50,000.107.02 copal C o n v e n tlo n ..$ 7 5 ,0 0 0.10 2.75
I 50,000.106.52 T aylor & C arm ichael,
P r o v i d e n c e ..____ 2 ,5 00.10 1.00
B onds are tax -ex em p t In R hode Islan d . M atu rity A ug. 1 1960.

—Description o

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 .
c it y -h a ll b o n d s a w a r d e d o n J a n . 14
t o F a r s o n , S o n & C o . o f C h ic a g o ( V . 9 2 , p . 2 1 0 ) m a tu r e
$ 1 ,2 5 0 y e a r ly o n F e b . 1 fr o m 1912 to 1 9 3 1, in c lu s iv e .

Bonds.— T h e $ 2 5 ,0 0 0 4 %

T he bonds are In denom inations of 81,000 and $250 each a n d arc d a te d
F eb. 1 1911. In te re st ann ually in New Y ork or Chicago. T o tal bonded
d e b t. Including this Issue, $39,000. A ssessed v a lu atio n for 1910 $2,000,000
R eal value (estim ated) $2,500,000.

—Bond Offering

R o m e , F lo y d C o u n t y , G a .
.— P r o p o s a ls
will b e r e c e iv e d u ntil 12 m . M a rch l b y S . J . P o w e r s , C h air­
m a n F in a n c e C o m m it te e , fo r $ 2 0 0 ,0 0 0 4 % c o u p o n b o n d s ,
c o n s is t in g o f $ 2 5 ,0 0 0 o f th e $ 1 0 0 ,0 0 0 p u b lic s c h o o l, th e
$ 5 0 ,0 0 0 se w e r, th e $ 5 0 ,0 0 0 s t r e e t -p a v in g a n d th e $ 7 5 ,0 0 0
w a te r -w o r k s -im p r o v e m e n t b o n d s v o t e d o n D e c . 6 1910 a n d
r e e e n tlv v a lid a t e d .
V . 9 1 . p . 1793.

D enom ination S I,000. D ate A pril 1 1911. In te re st sem i-annually a t
th e city depository In New Y ork, or a t th e City T reasu rer’s office in R om e.
M atu rity p a rt yearly on A pril 1 from 1920 to 1941 Inclusive. B onds a rc
exem p t from taxes levied by city of R om e. Certified check for 2% of
bid, p ay ab le to th e C ity T reasurer, Is req uired . D elivery of bonds A pril I
1911.
R u s t o n S c h o o l D is t r ic t ( P . O . R u s t o n ) , L in c o ln P a r is h ,
La.
.— A d d it io n a l d e ta ils are a t h a n d r e la t iv e
to th e o ffe r in g o n F e b . 7 o f th e $ 6 5 ,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 m e n tio n e d in V . 9 2 , p . 2 1 0 .
P r o p o s a ls fo r
th ese b o n d s w ill b e r e c e iv e d u n til 10 a . m . o n th a t d a y b y
L. J . B e ll. P r e sid e n t o f S c h o o l B o a rd ( P . ( ) . C h o u d r a n t ).

—Bond Offering

D enom ination $500. D ate, Ju n e 12 1911. In te re st an n u ally In R u ston .
M atu rity p a rt yearly for 38 years, beginning Ju n e 12 1912, unpaid bonds
being su b ject to call after 12 years. Bonds are exem p t from ta x a tio n .
No d e b t a t present.
R u t h e r fo r d t o n , R u t h e r fo r d C o u n t y , N o . C a r o .— B on d
T . W a ld r o p , M a y o r , is o ffe r in g fo r sale th e
$ 3 5 ,0 0 0 c o u p o n e le c t r ic -lig h t a n d w a te r -w o r k s b o n d s v o t e d
o n A u g . 2 1910.
See V . 9 1 , p . 4 1 8 .

Offering.— O .

D enom ination $1,000. D ate M arch 7 1911. M atu rity M arch 7 1941.
Certified check for 3% of bid, pay ab le to the M ayor, Is req u ired . B onded
eb t a t present, $15,000. F lo atin g d e b t, $1,000. A ssessed v a lu atio n ,
U nion B ank & T ru st C o .,C in cin n a ti,a n d S easongood & M ay e r,C ln.$238,215 d$452,000.
.
E . H . R ollins & Sons, B oston, and W ell, R o th & C o., C in c in n a ti.-.2 3 6 ,9 2 5
S a g m o r e I n d e p e n d e n t S c h o o l D is t r ic t , T e x . —Bonds Regis­
A m erican N ational B ank, P en saco la_______________________________ 234,500
F irst N ational B ank , Pensacola (for $25,000)-------------------------------- 23,500 tered.— T h e S ta te C o m p tr o lle r re g is te r e d $ 3 ,0 0 0 5 % 2 0 -4 0 P e t t 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 . P e t t y ) , L a m a r
C ou n ty , T e x .
.— R e p o r t s sta te th a t an e le c t io n
h e ld J a n . 21 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 o r g a n iz e
an in d e p e n d e n t s c h o o l d is t r ic t fo r th e p u r p o s e o f issuing
b o n d s t o b u ild a s c h o o l.
P it t s fie ld , B e r k s h ir e C o u n t y , M a s s .
.—
R e p o r t s s ta te th a t th e C ity C o u n cil h as a u t h o r iz e d th e issu ­
a n ce o f $ 5 0 0 ,0 0 0 w a te r a n d $ 8 9 ,0 0 0 s e w e r -fu n d in g b o n d s .
P la q u e m in e s P a r is h ( P . O . P o i n t e - A - L a - H a c h e ) , L a . —
.— W e are a d v is e d t h a t th is p a rish
p r o p o s e s t o h o ld an e le c t io n o n th e q u e s t io n o f issu in g $ 4 0 ,0 0 0
road b o n d s.
P o r t a g e C o u n t y ( P . O . R a v e n n a ) , O h io .
.—
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 W . J .
D o d g e , C o u n t y A u d it o r , fo r $ 7 0 ,0 0 0 4 % c o u p o n R a v e n n a K e n t - S lo w r o a d -im p r o v e m e n t b o n d s .

—Bonds Voted

—Bonds Authorized

Bond Election Proposed




—Bond Offering

y e a r (o p t io n a l) b o n d s o n J a n . 21 1911.

D a te A u g . 1 1911.

—Bond Election Proposed

S t. L o u is , M o .
.— T h e M a y o r h a s
r e c o m m e n d e d th a t a n e le c t io n b e h eld s h o r t ly a ft e r A p ril 4 ,
th e d a t e o f th e reg u la r m u n ic ip a l e le c t io n , to v o t e on th e
q u e s t io n o f issu in g $ 2 ,2 5 0 ,0 0 0 b o n d s to c o m p le t e th e m u n ic i­
pal free b r id g e .
S a le m , M a s s .
.— A lo a n o f $ 2 0 0 ,0 0 0 d u e
O c t . 17 1911 w as n e g o tia te d o n J a n . 23 w ith th e N a u m k e a g
T r u s t C o . o f S a lem a t 3 .3 1 % d is c o u n t a n d a p r e m iu m o f $ 3 .
A b id o f 3 .3 1 % d is c o u n t a n d a p r e m iu m o f $2 w a s a lso re­
c e iv e d fr o m B la k e B r o s . & C o . o f B o s to n .
S a lin a , S a lin a C o u n t y , K a n .
.— J o h n R ic h ie ,
c o n t r a c t o r , o f T o p e k a , h as b e e n a w a r d e d th e $ 5 3 ,9 6 0 5 %
s t r e e t -p a v in g -im p r o v e m e n t b o n d s , b id s fo r w h ich w ere re­
je c t e d o n O c t . 17 1910 (V 9 1 , p . 1 2 0 0 ).

—Temporary Loan

—Bond Side

J a n . 2 8 1 911. j

THE

C H R O N IC L E

Bond Sale.

S an M a t e o , S a n M a te o C o u n t y , C a l.—
— On Jan.
16 th e $ 2 4 ,0 0 0 s e w e r a n d th e $ 3 2 ,0 0 0 ( n o t $ 3 0 ,0 0 0 as a t fir s t
r e p o r te d ) fir e -d e p a r t m e n t 4 % % 1 -4 0 -y e a r (se ria l) b o n d s 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 2 .6 4 0 .
T h e fo llo w in g b id s w e re r e c e iv e d :

Jas.H .A dam s& C o.,L osA n.$57,482 0 0 |E .H .R o llln s& S o n s,S a n F r.$ 5 7 ,0 l3 60
G .G .B Iym yer& C o.,S anF r. 57,270 0 0 N .W .H alsey& C o.,S anF rau 56,883 00
W m .R .S taatsC o .,P asadena 57,028 50] B ank of Ita ly , S an F r a n .. 56,750 00
D enom inations $800 a n d 5600. D ate a b o u t F eb. 1 1911. In te re st
J a n . a n d Ju ly .
S a n M a te o H ig h S c h o o l D is t r i c t , S a n M a te o C o u n t y , C a l.—
— T h e $ 5 0 ,0 0 0 5 % h ig h -s c h o o l-c o n s t r u c t io n b o n d s
v o t e d la st m o n th ( V . 9 1 , p . 1588) w e re a w a r d e d o n J a n . 16,
a c c o r d in g t o r e p o r ts , t o E . I I . R o llin s & S o n s o f S a n F r a n ­
c is c o a t 1 0 3 .7 0 .
S a n S a b a C o u n t y R o a d D is t r i c t N o . 1 , T e x a s .—
— T h e S ta te C o m p tr o lle r o n J a n . 19 r e g iste re d
$ 1 1 ,3 0 0 5 % 1 0 -3 0 -y e a r ( o p t i o n a l) b o n d s .
D a te A u g . 10
19 1 0.

Bond Sale.

Bonds

Registered.

Bond Election.—

S a n ta A n a , O ra n g e C o u n t y , C a l.—
R ep o rts
s ta te th a t th e p r o p o s it io n to issue th e $ 2 0 ,0 0 0 4 J ^ % r e s e r v o ir
b o n d s m e n tio n e d in V . 9 1 , p . 7 4 6 , w ill b e s u b m itt e d to a v o t e
o n F e b . 7.
S c r a n t o n S c h o o l D is t r i c t ( P . O . S c r a n t o n ), L a c k a w a n n a
C o u n t y , P a .—
— The
C h a irm a n o f th e F in a n c e C o m m it te e w rite s us u n d e r d a t e o f
J a n . 24 th a t it h as n o t y e t b e e n d e c id e d w h e n th e $ 5 0 ,0 0 0
4 % c o u p o n p e r m a n e n t -im p r o v e m e n t b o n d s o ffe r e d w ith o u t
s u c c e ss o n O c t . 24 1910 ( V . 9 1 , p . 1201) w ill b e p la c e d o n th e
m a r k e t a g a in .
S ea I s le C it y , C ap e M a y C o u n t y , N .
.— P r o p o s a ls will be r e c e iv e d u n til 9 p . m . F e b . 13 b y A . L c R o y
M iller, C h a irm a n F in a n c e C o m m it te e , fo r $ 3 5 ,0 0 0 5 % c o u S o n s e w e r b o n d s v o t e d o n A u g . 16 1 9 1 0. S ee V . 9 1 , p . 4 8 1 .
la t u r it y 30 y e a r s .

Bonds Not to Be Re-offered at Present.

3.—Bond Offering

Bonds Not to Be Re­

S e v e r y , G r e e n w o o d C o u n t y , K a n .—
are a d v is e d th a t th e $ 5 ,0 0 0 b o n d s
(th e u n so ld p o r t io n o f th e issu e o f $ 8 ,0 0 0 5 % 1 5 -y e a r c o u p o n
e le c t r ic -lig h t b o n d s m e n tio n e d in V . 9 1 , p . 1588) w ill n o t
b e r e -o ffe r e d fo r sale a t p r e s e n t.

offered at Present.— W e

Temporary Loan

S o m e r v ille , M id d le s e x C o u n t y , M a s s .—
.—
A lo a n o f $ 1 0 0 ,0 0 0 d u e N o v . 2 1911 w as n e g o tia t e d o n J a n . 24
w ith E s t a b r o o k & C o . o f B o s t o n at 3 .3 2 % d is c o u n t .

Bond Sale.

S o u th B o s t o n , H a lifa x C o u n t y , V a .—
— An
issu e o f $ 3 ,5 0 0 6 %
b o n d s h a s b e e n d is p o s e d o f t o lo c a l
in v e s to r s a t 1 0 0 .2 5 .
I n te r e s t J a n . a n d J u ly .
The bonds
a re s u b je c t t o ca ll a fte r th re e y e a r s .

Bonds Proposed.
C o u n t y , G a .— Bond Offering.— P r o p o s a ls

S o u th O m a h a , N e b .—
— T h e C ity C o u n cil
h a s d e c id e d , it is s t a t e d , t o issu e $ 1 5 ,0 0 0 p a r k b o n d s .
S p a rta , H a n co ck

w ill b e r e c e iv e d u n til 11 a . m . F e b . 2 b y W . H . S ta n s e ll, C ity
C le r k , fo r th e $ 4 0 ,0 0 0 5 % g o ld
M a y 3 1910.
V . 9 0 , p . 1381.

w a te r -w o r k s b o n d s v o t e d

A u th o rity S ection 377, Code of 1895. B onds w ere v alid ated Ju n e 3 1910
b y th e S uperior C ourt of th e O km ulgee C ircuit. D enom ination $500.
D ate J a n . 2 1911. In te re st sem i-annually a t th e office of th e C ity T reas­
u re r, or a t th e H anov er N ational B ank In New Y ork C ity. M atu rity 30
years. Certified cheek for $1,000, p ay ab le to th e C ity Clerk, is req uired .
O fficial circular sta te s th a t th e c ity has never defau lted in th e p a y m en t of
In terest on Its p resent bonded d e b t, nor lias a n y litigatio n ever arisen af­
fecting a n y bond Issue of S p a rta . It is also sta te d In th e official circular
th a t “ th e cou rts hav ing held th a t m unicipal bonds arc In strum en talities
of governm en t and therefore n o t su bject to be tax e d b y S ta te , c o u n ty or
m u nicipality , these bonds are n o n -ta x a b le ."

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
S p e n c e r I n d e p e n d e n t S c h o o l D is t r i c t N o . 20 ( P . O . S p e n ­
c e r ) , M c C o o k C o u n t y , S o . D a k .— Bond Sale.— T h e S ta te o f
S o u th D a k o t a w a s a w a rd e d at p a r o n J u n e 30 1910 th e $ 4 ,0 0 0
5 % c o n s t r u c t io n a n d im p r o v e m e n t b o n d s o ffe r e d o n M a y 27
1910 ( V . 9 0 , p . 1 3 8 1 ).

D enom ination $200. D ate Ju n e 30 1910. In te re st Ja n u a ry and Ju ly .
M atu rity $1,000 in each of th e years 1915, 1920, 1925 a n d 1930.

Bond Sales in Year

S p o k a n e , W a s h .—
y e a r 1910 th is c i t y s o ld
$ 2 ,6 8 3 ,3 9 0 :

1 9 1 0 .— D u r in g th e
th e fo llo w in g b o n d s , a g g r e g a tin g

Interest JPvtce
A m o u n t.
Purpose.
Date.
M a tu rity. R ate.
P a id .
$400,000 W a t e r .......................J a n . 1 1910 J a n . 1 1935 4 ^ % 102.57
1,147,480 'P a v in g ___________ V arious.
V arious.
6% 95 to 100
751,829 'G ra d e _______________
do
do
6%
do
23,580 'W a l k ...............................
do
do
6%
do
360,501 'Scw C r ______________
do
do
6%
do
' Special im p ro vem en t bonds issued to con tractors in p ay m en t for w ork
do ne In 1910; th eir d ates vary according to th e d a te of com pletion of w ork,
as do th e dates w hen th ey becom e due, e ith er 5 or 10 y ears; b u t w hen there
a rc sufficient fund s on h an d bonds m ay be called a t a n y Interest period.

N.

T h e first issue o f b o n d s m e n tio n e d a b o v e w a s p u r c h a se d b y
W . H a ls e y & C o . o f C h ic a g o .

S t a te s v ille T o w n s h ip ( P . O . S t a t e s v ille ), I r e d e ll C o u n t y ,
N o . C a r o .—
— T h e $ 5 0 ,0 0 0 5 % c o u p o n ra ilr o a d a id b o n d s , b id s fo r w h ich w e re r e je c te d o n M a y 16 1910
( V . 9 1 , p . 1 3 8 1 ), h a v e b e e n tu rn e d o v e r to th e r a ilr o a d in
p a y m e n t o f th e t o w n s h ip ’s s u b s c r ip tio n .
S t e p h e n , M a r s h a ll C o u n t y , M in n .—
P ro­
p o s a ls will b e r e c e iv e d u n til F e b . 14 f o r th e $ 1 0 ,0 0 0 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, m e n tio n e d in V . 9 2 , p . 137.

Bond Sale.

&

Bond Offering.—

379

A u th o rity S ection 283o, R evised S ta tu te s. D enom ination $500. D ate
A pril l 1911. In te re st sem i-annu al. M atu rity 10 years. C ertified check
on a b an k in M ahoning C ounty for $250, p a y ab le to th e V illage T reasu rer, is
req u ired . P u rc h a se r to p ay accrued In te re st.

No Action Yet Taken.

S u ffo lk , N a n s e m o n d C o u n t y , V a . —
— W e are in fo r m e d u n d e r d a t e o f J a n . 7 t h 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 r e -o ffe r in g o f th e $ 4 0 ,0 0 0
4
c o u p o n s c h o o l b o n d s w h ic h fa ile d t o sell ( V . 9 1 ,
p . 140 2) o n J u ly 1 1 9 1 0.

XA %

.—Bonds Awarded

S u lliv a n C o u n t y ( P . O . M o n t ic e ll o ), N . Y
J a n . 24 $ 6 ,0 0 0 o f th e $ 2 9 ,0 0 0 4 % b o n d s d e ­
s c r ib e d in V . 9 2 , p . 2 1 1 , w e re s o ld .
T h e b o n d s d is p o s e d o f
m a tu r e $ 1 ,0 0 0 in e a ch o f th e y e a r s 1 9 1 6 , 19 1 7, 1 9 1 9 , 1 9 2 0 ,
1929 a n d 19 3 0.
T h e re m a in in g $ 2 3 ,0 0 0 are t o b e o ffe r e d a t
p r iv a te sa le.

m P art— O n

Bond Offering

S u lly C o u n t y ( P . O . O n id a ), S o . D a k .—
.—
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 . 15 b y F . S .
B a r b e r , C o u n t y A u d it o r , fo r th e $ 3 0 ,0 0 0 5 % c o u r t -h o u s e c o n s t r u c t io n b o n d s m e n tio n e d in V . 9 1 , p . 1 2 0 1 .

A u th o rity , v o te of 346 to 218 a t election held Ju n e 7 1910. D enom ina­
tio n $500. In te re st sem i-annu al. M atu rity 20 y ears, su b ject to call in
10 or 15 y ears. C ertified check for $200 is req u ired .
S u m m it , U n io n C o u n t y , 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 8 :3 0 p . m . F e b . 7 b y th e C o m m o n C o u n ­
cil fo r $ 4 0 ,0 0 0 4 } ^ % p a r k b o n d s .

A u th o rity an A ct of th e L egislature app ro ved A pril 5 1910. D enom ina­
tio n $1,000. M atu rity th irty y ears. Certified check or cash for $250,
m ade pay ab le to th e “ C ity of S u m m it," is req uired . J . E d w . R ow e Is C ity
Clerk.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
S u m n e r C o u n t y ( P . O . W e ll in g t o n ) , K a n .— Bond Election.
— A c c o r d in g to T o p e k a p a p e r s , th e C o u n t y C o m m is s io n e r s
h a v e c a lle d a s p e cia l e le c t io n f o r F e b . 14 in th e to w n s h ip s o f
V a lv e r d e , O x f o r d , P a le s tin e a n d B e lle p la in e fo r th e p u r p o s e
o f v o t in g o n a p r o p o s it io n to issu e to w n s h ip b o n d s a t a r a te
o f $ 2 ,0 0 0 p e r m ile , in e x c h a n g e fo r s t o c k in th e W ic h it a M c ­
P h e r s o n & G u lf R R . , w h ic h p r o p o s e s t o b u ild th e e x t e n s io n
o f th e M id la n d V a lle y r o a d fr o m its p r e se n t te r m in u s a t
A r k a n sa s C ity t o W ic h it a , a n d fr o m th ere a c o n n e c t io n w ith
th e U n io n P a c ific a t M c P h e r s o n .

Bond Offering

S u m te r C o u n t y ( P . O . S u m t e r ), S o . C a r .—
.—
P r o p o s a ls w ill b e r e c e iv e d u n til 12 m . M a rch 7 b y J . R . S u m ­
te r , C lerk to C o u n t y C o m m is s io n e r s, f o r $ 1 0 ,0 0 0 4 j ^ % 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 .

D enom ination $1,000. In te re st a n n u a l. M atu rity 20 y ears. Certified
check for 2% of bonds bid for is req uired .

Bonds Defeated.

S w is s v a le , A lle g h e n y C o u n t y , P a .—
— P ro­
p o s it io n s to issu e $ 7 0 ,0 0 0 s t r e e t -im p r o v e m e n t a n d $ 3 0 ,0 0 0
s e w e ra g e b o n d s w ere d e fe a te d , a c c o r d in g to r e p o r ts , a t an
e le c t io n h e ld J a n . 3 .

Bonds Not Yet Re­

T a lb o t C o u n t y ( P . O . E a s t o n ), M d .—
th a t th e $ 8 ,0 0 0 4 % 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 , w h ic h fa ile d t o sell o n M a y 17
1910 ( V . 9 0 , p . 1 6 9 9 ), h a v e n o t y e t b e e n r e -o ffe r e d f o r s a le .
T h o m a s v iU e , C la rk e C o u n t y , A l 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 . 19 th a t th e $ 8 ,0 0 0 5 %
2 0 -y e a r c o u p o n s c h o o l-b u ild in g b o n d s , o ffe r e d w it h o u t s u c ­
cess o n J u ly 2 ( V . 9 1 , p . 7 4 7 ), a re still u n s o ld .

offered for Sale.— W e a re a d v is e d

Bonds Not Yet Sold

Bonds Authorized.

T o le d o , O h io .—
— O r d in a n c e s h a v e b e e n
p a ssed p r o v id in g f o r th e issu a n ce o f th e fo llo w in g c o u p o n
bonds:

$2,608 88 4% street-oilin g bonds d a te d F eb . 1 1911. M a tu rity F eb . 1
1912.
110,000 00 4% m arket-h ou se-con struction bonds d ate d Dec. 1 1910. D e­
n o m in atio n S I,000. M a tu rity Dec. 1 1927.
2,340 13 5% sew er N o. 1094 assessm ent bonds d a te d O ct. 2 1910. De­
n o m in atio n $600, except one bond of $540 13. M atu rity
one bond each six m o nth s from M arch 2 1911 to S e p t.2 1912
Inclusive.
In te re st sem i-annual.

Bond Election Proposed.

T o p e k a , S h a w n e e C o u n t y , K a n .—
— T h e r e is ta lk o f s u b m it t in g th e q u e s t io n o f issu in g $ 4 0 ,0 0 0
b r id g e -c o n s t r u c t io n b o n d s t o a v o t e a t th e s p r in g e le c t io n .
T r e n t o n , N . J .—
— T h e issu a n ce o f $ 5 5 ,­
0 0 0 c o u p o n o r re g is te r e d fu n d in g b o n d s a t n o t e x c e e d in g
4 )d i% in te r e s t h as b e e n a u t h o r iz e d .

Bonds Authorized.

D enom ination $100 or m ultiples thereo f. In te re st sem i-annu al. M a­
tu rity 10 years.

T r in it y C o u n t y C o m m o n S c h o o l D is t r ic t N o . 1 2 , T e x a s .—
S ta te C o m p tr o lle r o n J a n . 17 re g is­
te r e d $ 1 3 ,0 0 0 5 % 1 0 -4 0 -y e a r ( o p t io n a l) b o n d s d a t e d J u ly 1
1910.
T roy , N . Y .—
— O n J a n . 20 $ 2 0 ,0 0 0 4 j ^ %
1 -2 0 -y e a r (seria l) r e g iste re d w a te r -w o r k s b o n d s w ere a w a r d e d
to C . E . D e n iso n & C o . o f B o s t o n a t 1 0 3 .0 4 1 .
T h e fo llo w in g
b id s w ere r e c e iv e d :

Bonds Registered.— T h e

Bond Sale.

C. E . D enison & C o., B ost.$20,608 25JCh!sholm & C h ap m an,
W . N . Color & Co., N . Y . 20,535 00 N ew Y o rk ............................$20,485 00
Blodgot & Co., N . Y ____ 20,507 80 N . W . H alsey & C o.. N . Y . 20,482 00
A . B. L each & Co.. N . Y . 20,500 00 H arris, Forbes fc C o .,N .Y . 20,465 00
R . M. G rant & Co., N . Y - 20,487 40 R . I,. D ay & C o., N . Y ___ 20,442 50
D enom ination $1,000. D ate Ja n . 15 1911. In te re st sem i-annu al.

Bond Sale.

U n io n C o u n t y ( P . O . U n io n ) , S o . C a r o .—
— On
J a n . 19 th e $ 7 5 ,0 0 0 4 J ^ % 2 0 -y e a r c o u r t - h o u s e b o n d s
d e s c r ib e d in V . 9 1 , p . 1794, w ere p u r c h a se d b y th e S e c u r it y
T r u s t C o . o f S p a r ta n b u r g a t p a r a n d in te r e s t less a d is c o u n t
o f $ 1 ,9 7 5 .
T h e fo llo w in g b id s w e re r e c e iv e d :

Par Less—
A u th o rity v o te or 44 to 7 a t election held J a n . 16. D enom ination $500.
T r. Co., S p a rta n b u rg .$1,975 S u th erlin & C o., K an .C y.,M o .$ 3,05 0
In te re st sem i-annu al. M atu rity M arch 1 1931, su bject to call a fte r 10 years. SCecurity
u tter, M ay & Co., C h ic a g o .. 2,500 W oodin, M cN ear& M oorc.C hic. 3,140
pS 'S tru th ers, M a h o n in g C o u n t y , O h io .— Bond Offering.—
W eil, R otli & C o., C in cin n ati. 2,550 C. H . Coffin, C hicago_________3,800
Leach & C o., New Y o rk . 3,000 B reed & H arrison , C in cin n ati. 4,489
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 . 8 b y L . S . C reed , A . AB.bid
of $76,402 50 for 5s w as also received from Jo h n N uveen & Co. of
V illa g e C le rk , f o r $ 2 ,5 0 0 5 % fir e -s ta tio n b o n d s .
C hicago.



n

THE

280

[VOL. LXXXXII.

C H R O N IC L E

— -----------------------------------------------------------------------------------

Bond Of­

U n io n D r a in a g e D is t r i c t ( P . 0 . F a ir f ie ld ), 111.—
w ill b e r e c e iv e d u n til 10 a . in . F e b . 1 b y
J . J . F u n k h o u s e r , C o m m is s io n e r , f o r $ 7 8 ,0 0 0 5 % g o ld r e g is ­
t e r e d d it c h -c o n s t r u c t i o n b o n d s .

fering.— P r o p o s a ls

P a te M arch 15 1011. In te re st a n n u ally on Ju ly 15. M atu rity one
filth yearly on Ju ly 15 from 1922 to 1928 Inclusive. C ertified check for $500
p a y ab le to th e D istrict, Is req u ired . N o d e b t a t p re se n t.

U n it a C o u n t y S c h o o l D is t r i c t N o . 10 ( P . O . K e m m e r e r ),
W y o .—
— O n D e c . 31 1910 $ 6 ,0 0 0 6 % c o n s t r u c tio n
b o n d s w e re a w a r d e d t o K e e le r B r o s , o f D e n v e r fo r $ 6 ,1 3 0 ,
th e p r ic e th u s b e in g 1 0 2 .1 7 1 .

Bond Sale.

D en om ination $1,000. D ate N ov. 1 1910. In te re st sem i-annu al.
M a tu rity $1,000 y early on N ov. 1 from 1016 to 1921 Inclusive.

Bond Sale.

U t i c a , O n e id a C o u n t y , N . Y . —
— O n J a n . 24
th e t w o issues o f 4 j ^ % r e g is te re d p a v i n g b o n d s , a g g r e g a t in g
$ 1 0 ;8 0 5 18, a n d d e s c r ib e d in V .9 2 , p . 2 1 2 , w e re a w a r d e d t o
W . N . C o le r & C o . o f N e w Y o r k fo r $ 1 0 ,8 1 6 18 ( 1 0 0 .1 0 1 ) a n d
a c c r u e d in te r e s t.
N o o t h e r b id s w ere r e c e iv e d .
M a t u r it y
p a r t y e a r ly fr o m 1911 t o 1 9 1 6 in c lu s iv e .
— A n o r d in a n c e h a s b e e n a d o p t e d
p r o v id in g f o r th e is s u a n c e o f $ 1 5 0 ,0 0 0 fu n d in g c e r tific a te s .
— A n o r d in a n c e h as b e e n a p p r o v e d , it
is r e p o r t e d , p r o v id in g fo r th e is s u a n c e o f $ 1 0 ,5 4 1 97 p a v in g
bonds.

Certificates Authorized.
Bonds Authorized.

—Price Paid for

V e n t u r a C o u n t y ( P . O . V e n t u r a ), C a l.
p r ic e p a id fo r t h e $ 1 7 6 ,0 0 0 5 % b r id g e b o n d s ,
a w a r d e d to N . W . H a ls e y & C o . o f S a n F r a n c is c o o n J a n . 5
( V . 9 2 , p . 1 3 8 ), w a s 1 0 4 .8 7 .

Bonds.— T h e

No Action

V ir g in ia B e a c h ,| P r in c e s s A n n e C o u n t y , V a . —
M a y o r w rite s u s, u n d e r d a t e o f J a n . 2 1 ,
th a t th e p r o b a b ilit ie s a re th a t th e p r o p o s e d e le c t io n , w h ic h
w a s b e in g ta lk e d o f to v o t e o n th e q u e s t io n o f issu in g b o n d s
( V . 9 1 , p . 1 5 8 9 ), w ill n o t b e h e ld .
W a r r e n t o n , W a r r e n C o u n t y , M o .—
— No
a w a r d h a s y e t b e e n m a d e o f th e $ 1 0 ,0 0 0 w a te r b o n d s m e n ­
tio n e d in V . 9 1 , p . 1 6 6 4.
W a t e r t o w n a n d C u s t e r ( T o w n s h ip s ) a n d S a n d u s k y (C it y )
S c h o o l D is t r i c t N o . 7 , S a n ila c C o u n t y , M i c h —
— P r o 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 . 15 b y F r e d .
J . B e n e d ic t , S e c r e t a r y , f o r $ 1 2 ,0 0 0 5 % b o n d s .

Yet Taken.— T h e

Bonds Not Sold.

Bond Offering.

M atu rity 15 years. C ertified check for $600, p a y ab le to th e T reasu rer,
is req u ired . P u rch aser to furnish bonds rea d y for ex ecu tio n .

Bond Sale.

W e s t fie ld , U n io n C o u n t y , N . J . —
— On Jan. 3
th e $ 4 0 ,0 0 0 5 % 1 -1 0 -y e a r (se r ia l) s e w e r , s id e w a lk a n d r o a d
b o n d s a n d th e $ 1 6 ,0 0 0 4 ) ^ % 1 0 -y e a r N o r t h M a in se w e r
b o n d s d e s c r ib e d in V . 9 1 , p . 1 5 8 9, w e re p u r c h a s e d b y J o h n
D . E v e r it t & C o . o f N e w Y o r k C it y a t 1 0 0 .2 9 7 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 r e r e c e iv e d :

J . D . E v e ritt & Co., N . Y __ al0 0 2 9 7 |O u tw a te r & W ells, Jers.C Ity al0 0 .2 0
N . W . H arris & Co., N . Y _ .a l0 0 .2 7 8 N . W . H alsey & Co., N . Y __al00.179
W estfield T ru st C o.A W estf_al00.26 iF a rso n , Sou & Co., N . Y — £100.345
a F o r “ all or n o n e .” x F o r th e $40,000 5% bonds.
T he bonds are coupon In form , b u t th e holder has th e privilege of h a v in g
them reg istered a U a n y tim e.

Offering.

W h it e S a lm o n , K lic k it a t C o u n t y , W a s h — B o n d
— P r o p o s a ls w ill b e r e c e iv e d u n til 8 p . m . F e b . 11 f o r $ 7 ,5 0 0
fu n d in g b o n d s a t n o t e x c e e d in g
in te r e s t.

7%

A u th o rity vo te of 60 to 3 a t election held D ec. 31 1910 (not ■ Dec. 17 as
D enom ination $1,000. D ate F eb. 1 1911. In te re st se m i-a n n u a l. M a­ rep o rted In V . 91. p. 1470). M atu rity 20 years, su b ject to call a fte r 10
tu rity $5,000 F e b . 1 1912 a n d $9,000 on F eb. 1 from 19 13 to 1931 Inclusive. years. C. H . E stes Is T ow n Clerk.
V e r n o n ( P . O . L o s A n g e l e s ) , L o s A n g e l e s C o u n t y , C a l.—
w ill b e r e c e i v e d u n til 2 p . m .
F e b . 7 b y T . J . F u r lo n g , C ity C le rk , f o r $ 1 0 0 ,0 0 0 5 % g o ld
c o u p o n s t r e e t -im p r o v e m e n t b o n d s .

Bond Offering.— 'P r o p o s a ls

A u th o rity , vo te of 83 “ for” to 20 " a g a in st” a t electio n h e ld on N ov. 18
1910. D enom ination $500. D ate J a n . 1 1911. I n te re s t sem i-annually
a t th e C ity T reasu rer’s office. M atu rity $2,500 y e a r ly on J a n . 1 from 1912
to 1951 Inclusive. Certified check for 5% of b id , p a y ab le to th e C ity
T reasu rer, Is req uired . P u rchaser to p ay accrued In te re st. O fficial circu­
la r sta te s th a t th ere has never been a n y d efau lt In th e p a y m e n t of a n y of
th e c ity ’s ob ligations. T he expenses of deliv ery a n d cost of en g ravin g th e
bonds to be paid by th e pu rch aser. N o bonded d e b t. A ssessed v a lu atio n
over $1,500,000.”

W i l d w o o d S c h o o l D is t r ic t ( P . O . W i l d w o o d ) , C a p e M a y
C ou n ty , N . J
T h e $ 9 ,0 0 0 4 ^ % c o u p o n im ­
p r o v e m e n t b o n d s o ffe r e d w it h o u t su c c e ss o n J a n . 9 ( V . J 2 ,
p . 138) h a v e b e e n s o ld , it is r e p o r t e d , t o th e S w e d e s b o r o
N a tion a l.1B a n k 'o f S w e d e s b o r o .
W illia m s o n C o u n t y ( P . O . G e o r g e t o w n ) , T e x —
— P e t itio n s are b e in g c ir c u la t e d , it is s t a t e d ,
r e q u e s t in g th e C o m m is s io n e r s ’ C o u r t, a t its F ebruary^ te r m ,
to o r d e r /a n e le c t io r u t o v o t e o n th e q u e s t io n o f issu in gJU O O ,0 0 0 3J u s t ic e P recin ct*N o.F 4 r o a d b o n d s .

.—Bond Sale.—

Bond Elec-

tion^Proposed.

N E W LOANS.

N E W LO A N S.

N E W LOANS.

8 4 0 ,0 0 0
City of Summit, New Jersey,

8 3 0 ,0 0 0

8 6 0 ,0 0 0

PARK

BONDS

Sealed proposals will be received b y th e Com
m o n C ouncil of th e C ltyTot S u m m it, N . J ., from
8 TO 8:30 P . M. ON T U E S D A Y , F E B R U A R Y
7 T II. 1911, an d opened a t th e last-n am ed ho ur
a t a public m eeting of th e said C om m on Council
to be held a t th e said tim e a t th e M unicipal B uild­
ing In th e C ity of S u m m it, N . J .
,
„
F o r th e p u rch ase of tb e $40,000 00 Issue of
414% bonds of th e C ity of S u m m it, N . J ., of th e
den o m in atio n of $1,000 00 each p ay ab le In
th ir ty years, Issued In pu rsuance of an A ct of th e
L eg islatu re of th e S ta te of New Jersey , en titled
“ A n A ct to au th o rize cities of th is S ta te to acquire
lan d s for public p ark s by pu rch ase or condem na­
tio n , a n d to im p ro ve th e sam e, an d to Issue and
sell bonds for th e cost of such acq uisition an d Im­
pro v em en t, a n d to prov ide b y ta x for th e p ay ­
m e n t of th e p rincip al of an d in te rest on said
b o n d s,” ap p ro v e d A pril 5th , 1910, a n d also by
v irtu e of a R eso lution of th e Com m on Council
of th e said C ity of S u m m it passed a t a reg ular
m eeting of th e said Com m on Council held on the
th ird d a v of Ja n u a ry , N ineteen h u n d red and
eleven, an d d u ly ap p ro v ed b y th e A cting M ayor
of th e said C ity of S u m m it.
E ach proposal m u st be encolosed In a sealed
envelope p rop erly endorsed w ith th e nam e of
th e b id d er a n d desig nating th e su b ject m a tte r
of th e bid a n d d irected to th e Com m on Council
of th e C ity of S u m m it, N . J .
B idders will s ta te th e ir prices in w ritin g as
wellE ach
as figures.
, accom panied
, . .by a cer­
proposal m u st be
tified check or cash for th e sum of T w o H u n d red
F ifty D ollars ($250 00): If certified check Is fu r­
nished, It shall be m ad e p ay ab le to th e C ity of
S u m m it, N . J ., w ith o u t reserve.
T h e Com m on C ouncil of th e C ity of S u m m it,
N . J ., reserve to them selves th e rig h t to accept
or reje c t all proposals for th e above-m entioned
bonds as th e y m a y deem b e st for th e in terests
of th e C ity.
„
„ _
B y d irectio n of th e C om m on Council of th e
C ity of S u m m it, N . J .
„ ,
J . E D W . R O W E , C ity C lerk.
BOND CALL.

North Yakima, Washington.
6 % F u n d in g B on d3

C a m d e n C ounty,

&/4% A r m o r y

B onds

S E A L E D P R O PO SA L S F O R C O U N TY JB O N D S.
T he B oard of Chosen Freeholders of th e C ounty
of C am den, New Jersey , will receive sealed pro­
posals on W E D N E S D A Y , F E B R U A R Y 8T H ,
1911, Ad1 11 A . M ., a t th e Freeh olders’ room in
th e C am den C ounty C ourt H ouse, for th e pu rch ase
of all or p a rt of $30,000 of bonds for th e purchase
of a n A rm ory S ite In th e C ity a n d C ounty of
C am den a n d S ta te of New Jersey . B onds to be
of th e denom in ation of $500 or $1,000 each, a t the
op tion of th e purch aser, to bear In terest from
F e b ru a ry 1st, 1911, a t th e ra te of 4 ^ per cen t
per ann um , pay ab le sem i-annually on th e first
day s of F e b ru a ry an d A ugust In each a n d every
year, Interest pay ab le a t th e office of U nited
S tates M ortgage & T ru st C om pany, New Y ork,
a n d shall be redeem able on th e first d ay of F eb­
ru a ry , nin eteen h u n d red a n d tw en ty -six , a t th e
C ounty C ollector’s office, C am den, New Jersey .
S aid bonds to be registered or c o u p o n ,o r b o th , a t
th e op tion of th e purch aser.
,
,
T he bid der m u st enclose w ith each proposal a
certified check on a N ational B ank , p ay ab le to the
order of th e C ounty Collector of C am den C ounty,
New Jersey , In th e sum of a t least 5 per cen t of
th e am o u n t bid, as a g u a ra n ty to com ply w ith
th e proposals it aw arded th e bonds. All bids to be
m ade w ith th e u n d erstan d in g th a t accrued Interest
on th e bid to th e d a te of th e delivery of th e bond
shall be paid by th e buyer, an d se ttle m e n t to be
m ade a t th e C ounty C ollector’s office, C am den,
New Jersey . T he B oard reserves th e rig h t to
ro ject an y and all bids. Proposals to be addressed
to th e D irector of th e B oard of Chosen Free­
holders, C ounty Collector’s O ffice, C ourt H ouse,
C am den, New Jersey .
’Phe bonds will be engraved u n d er th e su per­
vision of, an d certified to as to genuineness by th e
U nited S ta te s M ortgage & T ru st C om pany.
N ew Y ork C ity.
JO H N P R E N T IC E ,
D irector.
G E O R G E J . B E R G E N , Solicitor. 428 M arket S t.,
C am den, N . J .
D ated Ja n u a ry 2 4 th, 1911.

O F E D U C A T IO N

OF THE

TOWN OF WESTFIELD, N .J.
g o l d

c o u po n

bo n d s

Sealed proposals will be received a t th e office
of th e Clerk of th e B oard of E d u catio n of th e
T ow n of W estfield in th e W as bin g to n S c h ool
B uilding, W estfield, N . J ., iuntil eight o'Clock p. m .
T U E S D A Y , F E B R U A R Y 7, 10i 1, for th e p u r
chase of $60,000 4
Gold C o u p o n B o n d s o f
said B oard of E du catio n , d a te d M arch 1, I 9 i i .
an d m atu rin g tw o bonds ann ually M arch 1,
to M arch l , 1941, inclusive, principal and Interest
pay ab le a t th e W estfield T ru st C om pany, W est­
field, N . J . Said bonds m ay be registered if so
desired by th e purch aser.
,,
, .
B ach proposal m u st be accom panied by a au iy
certified check for tw o per cen t of the a m o u n t or
bonds bid for an d In case th e bid Is for less tn a n
th e to ta l issue, th e m aturltlcs<,deslred should do
S^N < f Wd for less th a n lp a r an d accrued Interest,
11 T he bo n d s ’
pr epar ed un d er th e super­
vision of an d certified as to p n u tn e n c ss b y th e
C olum bia T ru st C om pany of Now Y ork C ity.
T he bonds will be delivered a t tlie W ostfleld
T ru st C om pany, W estfield, N . J .. or& a t th e
C olum bia T ru st C om pany, 135 B roadw ay, « e w
Y ork, as the p u rch aser m ay elect, on M arcn l.
1911'
M A R K A .iW E B S T E R , D istrict C lerk.

FINANCIAL7STATEMENT
Bonded Indebtedness,\ inclu d in g ; th is

nno

A ssessed V aluation---------------------P o p u la tio n ---------------------6,420

8 4 0 ,0 0 0
City of Sparta, Georgia,

C harles M. Smith & Co.

W a t e r -W o r k s B o n d s

CORPORATION AND
MUNICIPAL BONDS

F iv e per cen t, sem i-annu al, 30-year G old B onds,
w ith o u t op tion , will be s o ld ,a t S p a rta .F E B R U ­
A R Y 2N D , 1911. Sealed i bids. F o r , d etailed
inform atio n, add ress
..................................' ' '
W . H . ST A N S E L L , C lerk.

F IR S T N A T IO N A L B A N K B U IL D IN G

C H IC A G O
Public N otice is H ereby G iven th a t th e T h irty
T housand D ollars 6% F u n d in g Bonds of N o rth
Y akim a, W ashington, n u m b ere d from 1 to 60,
Inclusive, d ated D ecem ber 1st, 1890, du e D ecem ­
ber 1st, 1915, redeem able a fte r D ecem ber 1st, M U N IC IPA L B O N D S
1905, are hereby called for p a y m e n t on F e b ru a ry
15th, 1911. Said bonds sh ould be presented for
Investment®
A .Q U to R O f . Wrlui ,<v
p a y m e n t a t H arris, F orbes & C om pany (form erly safest
/U
w / U Circular
N . W . H arris & Co.) in th e C ity a n d S ta te of V’pwn. Yielding from
N ew Y ork.
D ated th is 10th d ay of J a n u a ry , 1911.
U L E N & CO.
C. R . D O N O V A N , C ity T reasurer,
BANKERS
CHICAGO




BOARD

BLO D G ET & CO.
BONDS

00 S T A T I C S T R E E T , B O S T O N
SO P I N E S T R E E T , N E W Y O R K
STATE,

C IT Y

& R A IL R O A D

BOND*

rH E CHRO NICLE

Jan. 28 1911. J

W in c h e s t e r S c h o o l D is t r i c t ( P . O . W in c h e s t e r ) , J e ffe r s o n
C o u n t y , K a n .—
— W e see it s ta t e d th a t a p r o p o ­
s itio n to issu e $ 1 5 ,0 0 0 s c h o o l-h o u s e b o n d s ca r r ie d b y a v o t e
o f 237 t o 9 a t a n e le c t io n h e ld J a n . 17.
W in fie ld S c h o o l D is t r i c t ( P . O . W i n f i e l d ) , T it u s C o u n t y ,
T e x .—
— A c c o r d in g t o r e p o r ts , a p e t i­
tio n is b e in g c ir c u la te d re q u e s tin g th e tr u ste e s to ca ll an
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 $ 8 ,0 0 0 s c h o o l­
b u ild in g b o n d s .
W ir t C o u n t y ( P . O . E liz a b e t h ) , W . V a . —
.—
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 . 10 f o r $ 4 0 ,0 0 0 5 %
c o u p o n c o u r t-h o u s e a n d ja il-c o n s t r u c t io n b o n d s .

Bonds Voted.

Bond Election Proposed.

Bond Offering

2 8 1

$17,400 6% lig h t bonds. D ated F eb . 1 1911. In te re st sem i-annual.
D enom ination $1,000, ex cep t one bo nd of $600 a n d one of $400. Ma­
tu rity 20 years, su bjept to call a fte r 5 years

Bonds to be Offered Shortly.

W y n o t , C e d a r C o u n t y , N e b .—
— W e are a d v is e d u n d e r d a t e o f J a n . 2 3 t h a t th e $ 8 ,0 0 0
w a te r b o n d s v o t e d o n O c t . 11 1910 ( V . 9 1 , p . 1 202) w ill b e
o ffe r e d in th e n e a r fu t u r e .

.—Bond Offering.—

Y o r k v ille , O n e id a C o u n t y , N . Y
P ropos­
als w ill b e r e c e iv e d u n til 4 p . m . F e b . 6 b y E d w a r d M . C o u g h ­
lin a n d M orris C . C o p e la n d , B o a r d o f T r u s te e s , f o r $ 2 2 ,0 0 0
r e g is te r e d s e w e r -c o n s t r u c t io n 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.

A u th o rity , Sections 128, 129, 260 and 261 V illage L aw a n d Sections
D enom inations 81,000, 8500, or to su it th e p u rch aser. In te re st an n u al. 6 an d 9 M unicipal L aw ; also election held O ct. 15 1910. D enom ination
M atu rity $10,000 in 5, 10, 15 a n d 20 y ears from d a te . C ertified cheek for $1,000. D ate Ja n . 2 1911. In te re st sem i-annu al. M atu rity $1,000 y early
$500 Is req uired . J . P . T h o m Is Clerk of th e C ounty C o urt. T hese bonds on J a n . 1 from 1916 to 1937, Inclusive. C ertified check fo r $500req uired .
w ere previously offered on J a n . 3 (V. 91, p . 1665).

Bond Sale.

W is e C o u n t y (P . O . W i s e ) , V a . —
— O n J a n . 24
th e $ 7 0 0 ,0 0 0 2 0 -3 0 -y e a r (o p t i o n a l) c o u p o n r o a d a n d b r id g e c o n s t r u c t io n b o n d s d e s c r ib e d in V . 9 2 , p . 1 3 8 , w e re a w a r d e d
t o J o h n L . W illia m s & S o n s o f R i c h m o n d a t 102 fo r 5s.
T h e fo llo w in g b id s w e re r e c e iv e d :

Jo h n L . W illiam s & Sons, R ichm on d ____________________________ a$714,000
W ell, R o th & C o., C incinnati; 15. II. R ollins & S ons, Chicago; W m .
R . C om pton C o., S t. L ouis...........................................................................a700,500
Seasongood & M ayer, C in cin nati__________ _______________________a700,000
D avlcs-B ertram C o., B reed & H arrison , G erm an N ational B ank ,
U nion S avings B ank & T ru st Co., all of C in cin nati____________ £707,500
a F o r 5s. x F o r 5 H s.

Temporary Loan

W o b u r n , M id d le s e x C o u n t y , M a s s .—
.—
O n J a n . 20 th is c it y b o r r o w e d $ 2 0 ,0 0 0 , u n til O c t . 15 1911,
a t 3 .3 0 % d is c o u n t .
W o o d C o u n t y ( P . O . P a r k e r s b u r g ), W . V a . —
— A n e le c t io n w ill b e h e ld in P a rk e r sb u rg M a g isteria l
D is tr ic t o n F e b . 21 to v o t e o n th e q u e s t io n o f is s u in g $ 1 8 0 ,0 0 0
2 0 -3 0 -y e a r ( o p t i o n a l) c o u p o n r o a d b o n d s a t n o t e x c e e d in g
4
in te r e s t.
D e n o m in a t io n s $ 1 0 0 , $ 5 0 0 a n d $ 1 ,0 0 0 .
I n te r e s t a n n u a lly a t th e o f fi c e o f th e C o u n t y C o u r t.

Bond Elec­

tion.

XA %

Bond Sale.

W y m o r e , G a g e C o u n t y ,N e b .—
— T h e In v estors’
S e cu ritie s C o . in D e s M o in e s w a s a w a r d e d a t p a r o n D e c . 30
1910 th e fo llo w in g b o n d s :

$25,000 5% w ater refu n d in g bo nd s. D ate Ju n e 1 1910. In te re st a n n u a l.
30,600 6% w ater ex te n slo n jb o n d s. • D a te iF e b . 1 1911. In te re st sem i­
an n u al.
N E W LOANS.

$ 4 0 ,0 0 0
B orou gh

o f H addon

H e ig h ts , N . I .,

SE W E R BONDS

T he M ayor an d Council of th e B orough of
H ad d o n H eights, in th e C ounty of C am den, New
Jersey , will receive sealed proposals on T U E S ­
D A Y , F E B R U A R Y 7 T H , 1911, a t 8 P . M ., a t
th e Council C ham ber, H ad d o n H eights, for th e
p u rch ase of all or p a rt of $40,000 4M per cent
30-year bonds, auth o rized b y a v o te of th e legal
vo ters of th e B orough, for th e con stru ction of a
sew erage sy stem In said B orough. In te re st to
be pay ab le sem i-annually.
Bonds to be reg istered or coupon, or b o th , at
th e op tion of th e p u rch aser.
T he bidder m u st enclose w ith each proposal a
certified check on a n atio nal b an k, pay ab le to the
order of th e B orough T reasurer, H addo n H eights,
In th e sum of a t least five per cen t of th e am o unt
bid , as a g u a ra n ty to com ply w ith th e proposal
If aw arded th e bonds. All bids to be m ade w ith
th e u n d erstan d in g th a t accrued Interest on th e
b id to th e d a te of deliv ery of th e bonds shall be
paid by th e b u yer. T he M ayor a n d Council
reserve th e rig h t to reject a n y a r all bids. P ro­
posals to be addressed to th e M ayor of H addon
h e w . O m ac
M ayor of H ad d o n H eights.
D ated Ja n u a ry 19th, 1911.
$ 5 0 0 ,0 0 0

CITY OF MINNEAPOLIS,
4 % W A T E R W O R K S BONDS

Sealed bids will be received by th e C om m ittee
on W ays a n d M eans of th e C ity Council of th e
C ity of M inneapolis, M innesota, a t th e office of
th e undersigned, T H U R S D A Y , F E B R U A R Y 2.
1011, a t 2 o ’clock p . m ., for th e w hole, or any
p a rt, of th e $500,000 W ater-W orks B onds, d ated
A pril 1, 1911, and p ay ab le A pril 1, 1941.
B onds to bear In terest a t th e ra te of F o ur (4% )
P e r C ent per an n u m , pay ab le sem i-annually.
T he rig h t to reje c t a n y or all bids Is reserved.
A certified check for Tw o (2% ) P er C ent of th e
p a r valu e of th e bonds bid for, m ade to C. A.
B loom quist, C ity T reasu rer, m u st accom pany
each bid.
C ircular c on tain ing fu lljp a rtic u la rs will be
m ailed upon ap p lication .
D A N . C. B R O W N ,
C ity C om ptroller.

F. WM. K R A F T
LAWYER
S p ecializin g in E x a m in a tio n o f

Canada, its P rovinces and M unicipalities.
Debenture Sale.

C a r b e r r y , M a n .—
— T h e $ 1 ,2 1 5 72 a n d th e
$ 1 ,3 7 6 4 4 5 % lo c a l-im p r o v e m e n t d e b e n tu r e s m e n tio n e d in
V . 9 1 , p . 1 5 3 1 , h a v e b e e n s o ld , it is s t a t e d , t o C . H . B u rg e s s &
C o. o f T o r o n to .
M a tu r it y p a r t y e a r ly f o r t w e n t y y e a r s .
C e n tra l S t. P a u l S c h o o l D is t r ic t , M a n .—
.—
A n issu e o f $ 6 ,0 0 0 5 % d e b e n tu r e s , d u e p a r t y e a r ly f o r t w e n t y
y e a r s , h a s b e e n d is p o s e d o f , a c c o r d in g t o r e p o r t s , t o B r e n t ,
N o x o n & C o. o f T o r o n to .

Debenture Sale

Debenture Sale.

C h illiw a c k , B . C .—
— O n J a n . 16 th e f o llo w ­
in g 5 % d e b e n tu r e s d e s c r ib e d in V . 9 1 , p . 17 9 4, w ere a w a r d e d ,
it is s t a t e d , t o th e O n ta r io S e cu ritie s C o ., L t d ., o f T o r o n t o :
$ 6 ,0 0 0 m u n ic ip a l-h a ll N o . 2 d e b e n tu r e s , d u e J a n . 2 1 9 3 1, a n d
$ 1 0 ,0 0 0 r o a d -m a c h in e r y , $ 1 0 ,0 0 0 d r a in a g e a n d $ 1 5 ,0 0 0
m u n ic ip a l h all d e b e n tu r e s , all d u e p a r t y e a r ly o n O c t . 1 fr o m
1911 t o 1930 in c lu s iv e .

Debentures Not Sold.

C r a n b r o o k , B . C .—
— N o sale h a s y e t
b e e n m a d e o f th e $ 1 5 ,0 0 0 5 % 3 5 -y e a r m u n ic ip a l-b u ild in g
d e b e n tu r e s o ffe r e d o n D e c . 24 19 1 0.
S ee V . 9 1 , p . 1 6 6 6.

Debenture Offering.

D u n d u r n , S a s k .—
— P r o p o s a ls w ill b e
r e c e iv e d u p t o a n d in c lu d in g F e b . 4 b y F . E . L iv in g s t o n e ,
S e c r e t a r y -T r e a s u r e r , f o r th e $ 1 4 ,0 0 0 8 % p e r m a n e n t -im p r o v e ­
m e n t d e b e n tu r e s r e c e n tly a u t h o r iz e d .
V . 92, p . 71.
M a­
tu r it y p a r t y e a r ly f o r 20 y e a r s .

N E W LOANS

N E W LOANS.

$ 1 ,0 0 0 ,0 0 0

STATE OF MARYLAND,
STATE

ROADS LOAN

T reasury D ep artm en t,
A nnapolis, Ja n u a ry 2d, 1911.
T he undersigned. G overnor, C om ptroller a n d
T reasurer of th e S ta te of M aryland, in pursuance
of an A ct of th e G eneral A ssem bly of M aryland of
1908, C h ap ter 141, will receive proposals for
$1,000,000 00, Scries “ D ,” of th e said loan.
“ T he S ta te R oads L oan” will be d a te d F eb ru ­
ary 1, 1911, bear Interest from said d a te a t the
rate of th ree a n d one-half per cen tum per an n u m ,
payable sem i-annually on th e first d a y of A ugust
and F eb ru ary In each an d every y e a r, an d th e
principal will be redeem able a t th e pleasure of th e
S ta te a fte r th e first d a y of F e b ru a ry In th e year
1921, and th e w hole d e b t will be p ay ab le on the
first d a y of F eb ru ary , 1926. T he d e b t Is exem pt
from S ta te , C ounty an d M unicipal ta x a tio n and
will be Issued In bond form w ith coupons a t­
tach ed.
Said proposals m u st be deliv ered, sealed , to the
T reasurer of th e S ta te .a t A nnapolis, ON O R B E ­
F O R E 12 O 'CLO CK NO ON O F T H E F IR S T
DAY O F F E B R U A R Y , 1911, an d h av e endorsed
on th e back of th e envelope "P ro p o sals for the
S ta te R onds L o a n .” E ach bid m u st be accom ­
panied w ith a certified check on som e responsible
banking In stitu tio n for te n per cen t of th e am o unt
of such bid, an d th e sam e will be opened In the
office of th e S ta te T reasurer, In th e C ity of A n­
napolis, a t 12 o ’clock noon, F e b ru a ry 1st, 1911.
In th e presence of th e undersigned '
On th e opening of such proposals so m an y of
said coupon bonds as have been bid for, n o t ex­
ceeding, how ever, th e am o u n t for w hich pro­
posals are in v ited , m ay be aw arded by said
G overnor, C om ptroller of th e T reasury and
T reasurer, or a m a jo rity of th em , to th e highest
responsible bidder or bidders for cash; an d w hen
tw o or m ore bidders h av e m ade th e sam e bid,
which bids are the hig hest, a n d If the a m o unts so
bid for by th e highest responsible bidders are in
excess of th e w hole am o u n t of th e said bonds so
offered for sale, th e n such bonds m ay be aw arded
to such highest responsible bidders bidding the
sam e price In th e prop ortion w hich th e am o unt
each has bid for bears to th e w hole am o u n t of
said bonds so offered for sale.
T hese bonds will be issued In th e den om in ation
of $1,000 a n d su bject to reg istratio n as to prin ­
cipal. T he rig h t Is reserved to reject a n y a n d all
bids
A U S T IN L . C R O T H E R S ,
G overnor.
W . B . C L A G E TT ,
C om ptroller of the T reasu ry .
M U R R A Y V A N D IV E R .
T reasurer.
H Q B E M PY L,

W ALBRKE

&

OS

7 W a ll S t., N aw Y o r k

Municipal and Corporation Bonds Railroad, Street R y., Gao & Elec. Light

1S1S FIRST NATIONAL BANK BLDU..
CHICAGO, IL L .




S E C U R IT IE S

$300,000 40 Y e a r s
$50,000 20 Y e a r s
E S S E X

C O U N T Y ,

N . J .

F o u r a n d O n e -H a lf P e r C t . (4 j ^ % ) B o n d s

Issued for Plank Road, County Hospital,
Isolation Hospital and Bridge Purposes.

T he B oard of Chosen Freeholders of th e C ounty
of E ssex, N ew Jersey , Invites proposals for th e
pu rch ase of E ssex C ounty bonds, all bearin g d a te
F e b ru a ry 1, 1911, as follows:
1. $100,000 E ssex C o unty H osp ital B onds,
In denom inations of $1,000 each, In terest coupons
a t 4 }$% per an n u m , p ay ab le A ug ust 1st an d
F e b ru a ry 1st, principal an d in terest p a y a b le jn
gold, bonds p ay ab le F e b ru a ry 1st, 1951.
2. $150,000 N ew ark P lan k R o ad B onds, In
denom inations of $1,000 each, In terest coupons
at 4
per an n u m , p ay ab le A ug ust 1st and
F eb ru ary 1st, principal a n d Inerest p ay ab le In
gold, bonds pay ab le F e b ru a ry 1st, 1951.
3. $50,000 Isolation H osp ital B onds, In d e ­
nom inations of $1,000 each, In terest coupons a t
\Y i% per ann um , p ay ab le A ug ust 1st a n d F ebru­
a ry 1st, princip al an d Interest p ay ab le In gold,
bonds pay ab le F e b ru a ry 1st, 1951.
4. $50,000 E ssex C ounty P assaic R iv er B ridge
B onds, In denom inations of $1,000 each, Interest
coupons a t 4 >•$% per ann um , pay ab le A ug ust 1st
and F eb ru ary 1st, principal an d Interest pay ab le
In gold, bonds pay ab le F e b ru a ry 1st, 1931.
T he bonds will bear Interest from F e b ru a ry 1st.
1911, a n d th e p u rch aser m u st p a y th e in te rest
accrued to d a te of delivery.
• ■
Sealed proposals will be received b y th e F inance
C om m ittee of th e B oard of Chosen F reeholders of
th e C ounty of E ssex a t a m eeting to be held b y
said C om m ittee a t th e F reeholders’ R oom In
th e C ourt H ouse a t N ew ark, N ew Je rsey , on
W E D N E S D A Y , F E B R U A R Y 8 T H , 1911, a t
tw o o’clock In th e a fternoo n.
• •
E ach proposal shall s ta te th e a m o u n t of th e
bid In w ords an d figures for each of th e said
sep arate Issues a n d m u st be accom panied by
certified check for a n a m o u n t equal to O ne P er
C ent (1% ) of th e am o u n t of each Issue bid for,
w hich will be applicable on acco u n t of th e pu r­
chase m oney of bonds, a n d forfeited by successful
bid der w ho afterw ards falls to ta k e th e bo nd s.
Copies of proceedings will be furnish ed to success­
ful bidders, b u t proposals m u st be u n cond ition al.
T he B oard of Chosen Freeholders of th e C ounty
of E ssex reserves th e rig h t to reject a n y an d all
proposals, if. In Its Ju dgm ent, th e Interest of th e
C ounty requires such a ctio n. B onds will be
engraved u n d er th e supervision of an d certified
as to th e ir genuineness by th e U nited S ta te s
M ortgage & T ru st C om pany In th e C ity of New
Y ork a n d will be read y for delivery on F e b ru a ry
15, 1911.
B y order of
FIN A N C E C O M M ITT E E,
AMOS W . H A R R IS O N , C h airm an . 1

R, T. Wilson & Co.
33 WALL STREET
NEW YORK

^ 2?D

THE CHRONICLE

282

[VOL. LXXXXII.

Fronka School D istrict No. 2471, Sask.— D e b e n tu re S a le .— debentures to pay for perm anent improvements to be made
Nay^& Jam es of Regina have been awarded a t 101.68 an issue during the coming season.
of D$2,500
6
school-building debentures.
N orth Vancouver, B. C.— D e b e n tu re S a le . — Brouse,
enom ination $125. D ate D ec. 2 1910. In te re st a n n u a l. M atu rity Mitchell
& Co. of Toronto were awarded a t 100.50 and
$125 on D ec. 2 from 1911 to 1930 Inclusive.
interest an issue of $80,000 5% 50-year ferry deben­
Frontenac County (P. O. K ingston), O nt.— D e b e n tu re S a le . accrued
—The $12,880 4>£% road debentures m entioned in V. 91, p. tures. Denom ination $1,000. Interest June and Dec.
1666, have been awarded to Wood, Gundy & Co. of Toronto
Orangeville, O nt.— D e b e n tu re S a le . — On Nov. 2 1910 the
$7,500 4^2% high-school debentures mentioned in V. 91,
a t par.
Guelph, Ontario.— D e b e n tu re O ffe r in g . —Proposals will be p. 1203, were awarded to the Dominion Securities Co. in
received until 1 p. m. Feb. 2 by T. J. Moore, City Clerk, for Toronto for $7,412, the price thus being '98.80.
Date Nov. 7 1910. Interest annual. Maturity part yearly for 30 y e a rs .
the following 4)^% debentures:
$16,750 00 20-year W in ter F air building debentures.^
Raym ond, A lberta.— D eb en tu re S a le . — The $40,000 5%
• 5.507 98 15-year P aisley S tree t p av em en t d eb en tu res.
coupon tax-exem pt water-works debentures offered without
14,033 82 15-year N orfolk S tree t p av em en t d eb en tures.
46,066 66 15-year W oolw ich S tree t p av em en t deb en tu res.
success on July 29 1910 (V. 91, p. 484) have been sold, it is
■ 4,509 41 20-year sidew alks deb en tu res.
stated, to Wood, Gundy & Co. of Toronto. M aturity part
■ 9,800 00 20-year w ater-w orks d eb en tu res.
^ I n t e r e s t on abo ve d eb en tures pay ab le Ju n e 30 a n d Deo. 31.
yearly from eleven to forty years, inclusive.
H am iota, M an.— D e b e n tu re O ffe rin g . — Proposals will be
Shellmouth School D istrict No. 292, M an.— D e b e n tu re
received until 8 p. m. Feb. 23 by Jos. Andrew, Secretary- S a le .— O n Jan. 13 the $2,000 6% school-building debentures
Treasurer, for $5,000 4% telephone debentures.
described in V. 92, p. 139, were awarded to J. G. Mackintosh
In te re st sem i-annu al. M atu rity 20 years from Ja n . 1 1911. T hese de­ of Winnipeg a t 100.10. The bids received were as follows:
ben tu res are g u aran teed b y th e P rovincial G ov ernm en t.
ackintosh, W in n ip e g .-$ 2 .0021 H . O ’H a ra & C o., W in n ip e g ..$1 ,9 65
Killarney, M an.— D e b e n tu re O ffe r in g . — Proposals will be JN. ayG. &M Jam
es, R eg in a_______ 1,9851O ntario S ecur. C o., T oronto 1.947
received until Feb. 13 by George B. M onteith, Secretary- D ate Dec. 15 1910. In te re st a n n u a l. M atu rity p a rt y early for 20 y ears.
Treasurer, for $9,000 5% local-improvement debentures.
Simcoe, O ntario.— D e b e n tu re O ffe rin g . — F urther details
are at hand relative to the offering on I'eb. 1 of the $3,000
D ate Dec. 31 1910.
coupon (with privilege of registration) consolidated
K inistino, Sask.— D e b e n tu re S a le . — On Jan. 10 Nay & 4
Jam es of Regina purchased $700 6% 10-year debentures for debt debentures mentioned in V. 92, p. 214. Proposals
for these debentures will be received until 1 p. m. on th a t
$650—the price thus being 92.857.
Frank Reid, Town Treasurer.
M agnolia School D istrict No. 2190, A lberta.— D e b e n tu re dayD atebyDec.
In te re st an n ually In Sim coe. M atu rity p a rt yearly
S a le .— On Jan. 3 $600 6 ^ % debentures were awarded to for 30 years. 15 N1910.
o deposit required. P urchaser to pay accrued In terest.
Nay & Jam es of Regina for $606 25, the price thus being D ebenture d e b t. Including
this Issue, $131,269 47. N o lloatlng d e b t. As­
sessed v alu atio n In 1910, $1,263,665.
101.041.
T
,
1 3 D ate J a n . 3 1911. In te re st a n n u a l. M atu rity p a rt y early on J a n . 3
Toronto, Ont.— D e b e n tu re s to be I s s u e d S h o r tly . — Accord­
from 1912 to 1922 Inclusive.
to the Toronto “ Globe” of Jan. 26, this city is soon to
M inneberry School D istrict No. 2217, A lberta.— D e b e n tu re ing
float an issue of $1,000,000 debentures to m eet the expenses
S a le .— An issue of $1,600 G }4 % 10-year debentures has been of installing the hydro-electric system . I t is said th a t the
sold, according to reports, to the National Finance Co., L td., money will probably be raised in London.
of ^Toronto.
Vonda, Sask.— D e b e n tu re S a le . — Nay & Jam es of Regina
^ M o n tre al, Que.— D e b e n tu re s A u th o r iz e d . — A by-law was were
the successful bidders, it is stated, for $1,200 6% 15-year
passed by the City Council on Jan. 23, according to local skating-rink
debentures.
papers, providing for the issuance of $4,500,000 4% 40-year

MISCELLANEOUS.
N A T IO N A L

L IG H T ,

H E A T &, P O W E R C O M P A N Y
GUARANTEED
B O N D S

A„ ,

,

A . H . B ic k m o r e & C o ,,
BANKERS
9 0 P in s S tr a s t,

N ew Y o rk

THE AMERICAN MFG. CO.

MISCELLANEOUS.

L, F. DOMMERIGH &
N E W

G e n e ra l O ffic e s , 5 7

S tre e t

Now Ready

C O R D A G E

New York R a n g e o f P r i c e s f o r S t o c k s a n d B o n d s
FROM
T elephone 2817 R ector

85 Wall Street

E stab lish ed 1864
IN S U R A N C E S T O C K S
F id e lity , P h o e n ix , H o m e ,
N i a g a r a , C o n t i n e n t a l , 4 .0 ,
B O U G H T A N D SO LD

B A IL E Y
NEW YORK

H . A M Y & CO .
44

G re e n e

SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years

M A N ILA . S IS A L A N D J U T E

E . S .
BROADW AY

Y O R K

BANKERS

and 4 6 Wall Street, New York

IN V E S T M E N T S E C U R IT IE S
B ills of E x ch an g e,
L e tte rs of C re d it.

1907

to January 1 ,

1911

Earnings, Fixed Charges and Dividends for Series of Years
H a n d B o o k o f S e c u ritie s
P r i c e o f S in g le C o p i e s ...........................................................................................................$ 1 0 0
T o S u b s c r i b e r s o f t h e C h r o n ic le
..........................................................................
75
T h e H a n d - B o o k is is s u e d t o B a n k e r s a n d B r o k e r s w i t h t h e i r c a r d s
l e t t e r e d in g i l t o n t h e o u t s i d e c o v e r ( n o t le s s t h a n 2 5 c o p ie s t o o n e a d ­
d r e s s ) a t s p e c ia l r a t e s .

G E O . B. E D W A R D S

Tribune Building, 154 Nassau Street,
Telephone 4218 B eckm an, NEW YORK. N. Y.

Negotiations,Investigations,Settlem ents,
In or out of New York City
Satisfactory References




C o m m e r c i a l &. F i n a n c i a l C h r o n i c l e
F r o n t P in e a n d D e p e y s te r S tr e e ts ,
NEW YORK.

i
i