Full text of Commercial and Financial Chronicle : January 7, 1911, Vol. 92, No. 2376

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VOL. 92

JANUARY 7 1911

0 L F A R IN G S
Clearings at—

NO. 2376

o, S
iu? ! i.every
i / Saturday luwwnug
WiijJLjiAiU
A ilA
X.
. 2 L by
morning uy
by W
ILLIA M 13.
B. U
D AN
A L/UflirAn
COMPANY.
ilCOD SPlhPrt. .1r PrOQl/lont orwl T’ moo •
— ci i \ ......... i i „i.» ci r»___i
i » ^ , bH
ert/ r -.Pre? 'd« nt and Trcas-: George S. Dana and Arnold 0 . D a n a .*
^Vice-Presidents, Arnold G. Dana, Sec. Addresses of all, Office of the Company, i*

F O R D E C E M B E R , S IN C E J A N U A R Y 1, A N D F O R
December.

Twelve Months.

W E E K E N D I N G D E G . 31
Week ending December 31.

Inc. or
Dec.

1908.
1907.
%
$
$
103,588,738,321
— 6.1 1,527,146,352 1,980,440,417 J k o 1,780,143,393 1,335,387,844
7,021,756,889
+ 9 .5
134,574,721
146.622,036
— 8.2
129.505,632
117,181,485
2,361,076,457
+ 9.6
42,057,228
44,978,337
— 6.5
35,836,473
47,410,102
1,469,673,172 + 10.7
31,291,385
26,720,010 + 17.1
29,341,994
24,433,998
467,876,993
+ 7.5
7,326,655
7,914,527
— 7.4
6,716,576
6,772,569
+ 3.4
294.586.203
4,550,755
5,292,991 — 14.0
5,078,322
4,278,701
+ 8.5
337,010,188
5,949,922
— 2.2
6,096,833
5,125,018
4,689,377
199,589,938
+ 5.6
2,800,000
2,943,251
— 4.9
3,827,206
4,967,709r
129,037,845
+ 6.5
2.300.000
2,526,608
— 9.0
2,496,502
2,460,198
109,388,112 + 11.6
1,903,038
1,842,883
+ 4.7
1,855,998
2,163,796
76,895,617
+ 4.8
1,443,595
1,223,733 + 17.9
1,208,026
1,429,482
71,046,018 + 10.6
1.400.000
1,131,095 + 2 3 .8
1,087,461
1,228,475
66.314.785
+ 7.4
1,264,156
1,161,717
+ 8.8
1,108,229
1,028,063
83,890.087
+ 8 .3
1,401,947
1,324,986
+ 5.8
1,235,483
1,134,743
64,247,132
+ 0.5
1,052,986
910,340 + 15.7
941,544
1,165,078
+ 3 .2
78,475,203
1.609.001
1,511,071
+ 6.5
1,119,521
44.532.786 + 10.9
818,820
687.435 + 19.1
701,250
672,088
37,250,716 + 17.2
750,191
824,937
— 9.1
557,227
612,361
27,995,429
+ 2.9
465,278
476,817
— 2.4
407,898
500.000
23,176,700
+ 8.0
499,700
315,400 + 58.4
374,600
430,900
25,387,488 + 14 .5 :
521,984
437.436 + 19.3
434,466
556,640
20,924,748 + 12.7
400,749
363,830 + 10.1
333,033
354,526
13,419,858
250,000
235,000
+ 6.4
225.000
247,500
—0.5
13,054,127

New York......... ....... 8,024,804,888
Philadelphia .............
665,343,639
Pittsburgh...............
221,128,429
Baltimore.........
153,682,250
Buffalo......................
41,824,322
Albany......................
25,820,281
Washington........... .
33,774,832
Rochester_______
18,790,187
Scranton____ _____
11,909,413
Syracuse..................
9,637,633
Reading_____ _____
6,752,353
Wilmington..............
6,813,624
Wilkes-Barre______
6,508,644
Wheeling ......... .......
8,294,395
Harrisburg.......
5,465,240
Trenton . . . .
8,709,160
Y ork ___
4,468,378
E n e ...............
3,751,191
Greensburg.
2,347,464
Binghamton
2,188,507
Chester___
2,422,475
Altoona___
2,093,305
Eranklln__________
1,025,545
Frederick.................
1,052,328
Beaver County, Pa.*
2,145,862
Total Middle.........
B oston....................
Providence ...........
Hartford..................
New Haven .
Sprlnglleld................
Portland...............
Worcester................
Fall River...............
New Redford....... . _
Lowell......................
Holyoke....... ............
Total New England
Chicago....................
Cincinnati................
Cleveland................
Detroit.....................
Milwaukee____
Indianapolis .............
Columbus................
Toledo......................
Peoria ......................
Grand Rapids______
Dayton .............
Evansville ....... .......
Kalamazoo.........
Sprlnglleld, 111_____
Fort Wayne ............
Youngstown.............
Akron....................
Lexington................
Rockford ........... .
Canton ________ . . .
Bloomington.......
Quincy .................
Springfield, O...........
Decatur ________ _
South Bend...........
Jackson.............. .
Manstleld..... ........._.
Danville___ _______
Jacksonville, 111.......
Lima................
Ann Arbor__
Adrian ____
Saginaw____
Lansing...._
Bay City
Total Middle West. 1,739,113,885
202,893,957
San Francisco______
74,456,329
Los Angeles.............
45,265 070
Seattle ..................
20,369,633
Spokane..................
33,240,864
Salt Lake City...........
41,854,286
Portland..................
19,262,034
Tacoma....................
15,440,840
Oakland__________
4,365,474
Helena ....................
7,955,470
Sacramento..............
5,638,183
San Diego......... ......
3,541,427
Fresno.....................
3; 106,151
Stockton........... ......
2,103,842
San Jose___________
2,123,873
North Yakima_____
677,635
Billings...................
3,462,179
Pasadena*................
4,724,624
Boise.......................
Medford...................
R eno........... ............
Total Pacific.........
Kansas City_______
Minneapolis.............
Omaha
st. P a u l . : : : : : : : : : ; ;
Denver_____
st. Joseph_____ •; ; ;
Dos Moines______
Sioux City..............
Wichita___________
Lincoln ....................
Topeka ....................
Davenport................
Cedar Rapids...........
Fargo ______ _____
Sioux Falls...............
Colorado Springs___
Pueblo ....... ...........
Fremont..................
Duluth*........... .........
Hastings..................
Aberdeen_____ ____
4,664,524
Waterloo _________
Total other W e s t..
611,678,058
Details of Southern on page 42.
Total Southern..
927,932,791
1,000,826,924
Total a l l . . ................ 13,932,155,157 15,867,653,259
Outside New Y ork . 5,907,350,269 5,960,915,454

+ 4.2

111,513,706,062 1167625,344,812
20.8 2,009,654,190 1,559,813,547
— 4.4 1,771,778,463 2,235,987,690
8,299,320,162
8,4 10,3S2,263
133,787,177
— .17
186,145,610 — 28.1
146,852,410
168,195,616
415,201,500
398,818,600
7,005,800
+ 7.9
+ 4 .1
6,493,400
6,329,200
7,471,900
216,168,648
183,977,804 + 17.6
3,416,794
+ 4.9
3,255.791
3,917,726
3,135,636
143,079,624
140,136,776
2,132,337
— 1.8
+ 2+
2,173,044
2,686,771
2,282,614
113,840,293
107.142.203
1,557,930
+ 6.3
1.850.000 — 15.8
2,268,310
1,970,106
102,121,000
90,854,456 + 12.4
1,499,669
1,665,409 — 10.0
1,899,940
2,336,173
117,198,200
86,992,687 + 3 4 .7
1,704,107
1,959,923 — 13.1
1,622,357
1,586,134
59,015,422
61,927,058
955,887
— 4.7
1.087.001 — 12.1
1,228,163
1.069,905
56,936,704
52,063,662
991,152
+ 1.2
+ 9.4
978,930
892,105
638,829
25,827,114
24,447,896
491,005
+
13.4
+ 5.6
433,000
469,937
486,944
28,890,553
26,575,043
438,909
+ 8.7
518,189 — 15.3
507,280
533,650
9,577,602,220
9,613,318,448
153,980,767 206,560,297 — 25.5
—0.4
188,532,954
169,848,752
13,939,689,984 13.781,843,612
227,713,463 225,970,324
+ 0.8 227,763,731
+ 1.1
178,957,073
1,251,797,050
1. ,48,031,450
23,782,000
+ 4.9
— 7.1
22,679,500
22,479,800
23.853,500
1,000,857,953
876,816,091 + 14.1
17,521,096
15,558,621 + 12.6
13,597,654
14,458,511
924,835,008
767,738,122 + 2 0 .5
14,098,748
+ 8.5
12,997,962
11,185,851
12,498,747
658,002,572
602,880,459
11,430,166
9,515,258 + 2 0 .1
+ 9 .1
9,089,609
10,171,846
467,426,236
421,123,214 + 11.0
7,270,308
— 1.9
7,414,290
7,066,098
6,550,546
308,187,900
—
8.3
307,648,000
4,874,300
5,317,600
+ 0.2
4,275,400
4,150,300
221,316,808
3,600,151
— 3.7
208,494,949
3,739,857
+ 6.1
3,538,253
3,444,771
159,027,747
2,611,044
+ 7.0
147,509,462
2,440,158
+ 7 .8
2,415,141
2,159,569
137,738,061
1,903,224
123,782,904 + 11.3
— 7.2
2,051,301
1,864,919
1,897,584
112,418,637
1,650,964
— 1.2
98,913,603 + 13.7
1,670,680
1,445,454
1,225,078
114,586,440
105,452,084
1,817,819
2,100,054 — 13.4
1,812,555
+ 8.7
2,540,746
71,107,814
65,765,404
1,067,416
— 4.3
1,115,732
998,394
844,046
+ 8.1
52,796,879
50,827,373
+
9
.7
878,380
874,366
800,348
950.000
+ 3.9
52,463,223
937,153
— 1.4
47,771,555
694,572
900,832
950.000
+ 9.8
57,375,904
954,998
48,266,626 + 18.7
406,778
510,898
1,125,426 — 15.2
49,460,268
39,326,900 + 25.8
676,700
350.000
754,030 — 10.3
500.000
44.151.997
805,845
36,739,246 + 20.2
+ 7.6
733,712
748,814
568,358
41,105,471
34,925,135 + 17.7
791,068
478,687
632,061 + 25.2
570,831
51,325,221
38,494,451 + 33.3
738,816
— 1.5
472,263
565.000
750.000
32,223.857
530,770
26,949,148 + 19.6
470,981
479,536 + 10.7
409,386
32,396,850
28,912,510 + 12.1
575.000
—0.9
421,701
580,490
493,780
28,030,589
373,509
25,507,694
+ 0 .7
474,512
+ 9.9
370.785
500.000
24,463,573
317,884
22,293,141
290,272
+ 9 .7
481,651 — 34.0
267,962
27,633,971
370,839
24,880,145 + 11.0
381,294
417,926 — 11.3
306,844
21,969,935
340.000
18,025,322 + 21.9
+
9.6
258,315
310,102
275.000
21,107,022
18,715,500 + 12.8
344,322
193,885
302,832 + 13.7
226,680
23,069,148
345,224
19,491,779 + 18.4
+ 1.2
268,191
341,286
309,614
15,670,164
315,221
14,984,845
237,994 + 3 2 .4
+ 4.6i
241,660
217,072
17,740,633
302,774
16,097,270 + 10.2
+
26.8
250.000
238,800
245,734
9,748,255
9,846,324
215,390
— 1.0
191,370
146,915 + 46.6
183,427
1,818,112
47,254
1,434,991 + 26.8
35,438 + 33.3/
30,000
35,364
31,059,729
527,540
28,116,190 + 10.4
629.785 — 16.2
,
9,890,229
Not Included In total
Not Included In total
20,002,603.1)1 1 19,407,612,159
+ 3 .0
329,729,386 322,905,556
+ 3 .1
315,569,646 280,234,876
2,323,772,871
1,979,872,570 + 17.4
+ 3 .4
38,260,742
28,133,423
36,991,862
33,759,356
811,377,487
673,165,729 + 2 0 .5
13,507,862
9,244,341
7,256,000
11,550,000 + 16.9
590,093,305
586,096,855
8,553,388
+ 0.6
6,514,157
7,592,165
10,120,402 — 15.5
241,052,859
206,504,834 + 16.7
3.617,881
+
3
.4
2,359,238
2,883,570
3.500.000
327,968,175
337,493,363
— 2.8
5.800.000
— 2.4
2,608,177
4,7S6,178
5,942,345
517,171,868
391,029,091 + 3 2 .3
5,171,719
4,236,612
5,000,000
6.200.000 — 16.6
276,156,100
280,878,801
— 1.7
3,508,154
— 29.4
4,537,154
1,600,000
4,966,038
157,480,689
96,520,998 + 63.2
2,626,523
1,299,149
+
49.5
1,736,017
1,756,780
46,996,848
47,961,183
— 2.0
790,044
641,798
— 2.8
782,271
813,158
70.870.997
54,512,723 + 30.0
1,020,913 •
+ 7 .7
519,436
761,831
947,985
67,173,976
52,276,425 + 28.5
1.040.000
+ 5 '
750.000
956.000
37,930,473
29,108,946 + 3 0 .3
688,270
408,852
585,773 + 17.5
32,342,840
29,195,022 + 10.8
525,000
+
11.1
416,921
323,328
472,495
27,828,979
25,592,841
386,40^
+ 8.7
400.000
309,000
430.000 — 10.1
24,593,632
19,166,405 + 28.3
361,042
209,014
270.000 + 3 3 .7
8,586,769
10,981,350 — 21.8
101,259
174,104
179,277 — 13.5
40,570,319
14,943,476
581,016
500.000 + 16.2
43,153,249
36,041,594 + 19.7
Not Included In total
Not Included In total
86,540,220
4,857,001,730 + 15.4
+ 0 .4
73,507,620
86,211,888
58,737,472
46,065,368
2,395,530,983 + 10.0
+ 0 .9
45,659,619
37,677,248
27,188,393
18,449,986
1,029,914,855 + 12.0
21,241,780 — 13.1
16,284,440
19,774,247
12,375,950
735,225,568 + 13.3
+ 2.0
12,133,526
10,861,623
9,533,692
9,179,915
518,244,363 + 11.2
— 5.9
9,758,879
6,482,689
8,753,407
7.700.000
466,450,933
+ 5.7
8,200,000
— 6.3
6,600,000
6,702,828
5.300.000
309,709,949 + 12.3
5,134,744
+ 3 .2
5,627,021
3,798,170
3,112,218
184,503,623 + 12.2
3,065,943
+ 1.5
2,900,390
2,665,821
2,089,663
+ 9.0
137,972,575
2,157,027
— 1.1
1,799,546
2,325,177
2,785,689
128,399,860 + 24.8
2,309,181 + 20.7
992,745
1,326,480
1,221,575
75,049,041
+ 9.2
1,303,405
— 6.3
1,232,158
1,127,874
1,731,761
69,057,169
—0.3
1,059,612 + 63.4
1,220.264
805,644
1,452,169
67,110,645 + 2 0 .4
1,185,348 + 2 2 .5
1,111,948
977,843
1,114,496
55,953,679 + 17.5
1,023,932
851,201
+ 8.9
847,578
40,583,110
+ 8.6
632,033
538,452
650,103
— 2.8
396,886
750.000
35,878,893 + 42.0
762,735
650,000 + 15.4
495.000
35,500,692
+ 4.3
525.000
548,801
715,000
650.000
— 1.3
29,892,978
+ 6.8
554,503
471,251 + 17.7
482,048
464,356
17,862,579
+ 0.5
300.000
348,533 — 13.9
304,092
289,131
154,488,437
2,657.736
—
28.4
3,712,331
In
total
Not Included
164,495 Not Included In total
Not Included In total
Not Included In total
813.041
690,204 + 17.8
6,332,841,495 + 11.1
7,030,941,292
11S,811,103
121,304,219
87,602,014
9,986,339,919
9,002,022,686
163,721,7 44,284 165,838,141,330
66,447,744,1911 62,249,403,009

18f“lable Clearings by telegraph and Canadian Clearings on Page 41.



Inc. or
Dec.

+ 10.9
185.891.419
170.887.997
— 1.3 2,646,731,358 3,143.857.647
+ 6.7 .119,585,006 1.153,417.230

+ 8 .8
147,938.602
- 1 5 ,8 2,832,167,125
— 2.9 1,052,023,732

* Not Included for month and twelve months; comparison Incomplete.

145.731,137
,298,967,798
963,579,954

2 T-

THE CHRONICLE

On subsequent pages of the “ Chronicle” we print
to-day our usual annual review of the events and
incidents of the year, and also give elaborate tables
of prices of stocks and bonds by months.
On account of the pressure on our columns occasioned
by the large amount of extra matter, it has been found
necessary to contract the space devoted to our various
departments, notwithstanding a considerable addition
to the usual size of the paper.
C H R O N IC L E

.

IN D E X .

The index to Volume 91 of the “ Chronicle” — which
volume ended with the issue of Dec. 31— will be sent to
our subscribers with the number for Saturday, Jan. 14.
T H E F IN A N C IA L S IT U A T IO N .

[V ol .

l x x x x ii.

compared with the corresponding month last year,
$993,500, while at the same time there was an aug­
mentation in expenses in amount of $1,047,200, and
as a consequence there was a loss in net for this one
month of $2,040,700. For the eleven months to
Nov. 30 these Pennsylvania lines show an improve­
ment in gross in the large sum of $22,472,200, but more
than the whole of this was eaten up by increased ex­
penses, and accordingly net earnings fall $803,300
behind. On the lines comprised in the New York
Central System, gross earnings for November record
a loss of $177,638, and this was attended by an aug­
mentation in expenses of over $2,000,000, with the
result that the net earnings for the month have dimin­
ished no less than $2,220,028. In face of such results,
how can the Inter-State Commerce Commission refuse
to accede to the request for slightly higher freight

A feeling of greater confidence prevails in financial
circles at the opening of the new year, notwithstand­ rates?
ing the general quietude in industrial affairs. On the
Foreign discount rates have moved unevenly, there
Stock Exchange, liquidation, which was such a fea­
ture during a great part of 1910, has evidently been having been first weakness and then a recovery in
pretty well completed, and apparently it is much easier London, no change at Paris, a marked decline for spot
for room traders to establish a higher level of values bills at Berlin and easiness at Amsterdam and Brus­
than-to bring about declines. The market responds,
too, much more readily to favorable news than to any­
thing adverse in character. “ Scare” headlines in the
newspapers no longer suffice to break the market. An

sels. At all ’the principal centres the weekly bank
statements were unfavorable, the year-end settle­
ments having entailed enormous expansion in liabili­

excellent illustration of this was furnished on Tuesday,
when some of the newspapers published sensational

60 and 90-day bills, 3 ^ for 60-day and 3 % %
for 90-day bills to arrive. The quotation at Paris

reports saying that President Taft’s 1911 greeting was

remains at 2 % % . Berlin now is [willing to nego­
tiate all bills, spot and to arrive, at 3 3 ^ % . Amster­
dam names 334j% for commercial and 3 % % for five
months’ bills. Brussels has weakened .to 3 } 4 % .
The Bank of England secured £250,000 of the new
gold offered in London on Tuesday, Germany getting
a similar amount and Holland £100,000. The weekly
statement issued on Thursday disclosed a total gain
in bullion of £584,800, the result of the return of money
from internal circulation. The Bank’s liabilities, how­
ever, increased abnormally; loans expanded £ 3 ,7 5 1 ,­

“ Obey the laws.” These reports asserted that Mr.
Taft was determined to “ clinch” the work of the Roose­
velt Administration in the matter of the Anti-Trust
Act and other statutes, and that, while the President
was not asking for any further new legislation, the
law was going to be enforced “ as it is found on the
statute books, and business, as well as all others, must
obey, even if it does not respect, the law.”
The effect of this statement was nil as far as the
stock market was concerned. In fact, share prices

ties.

London now reports 3 7-16 to 3^ £% for spot

advanced in face of the announcement. Twelve 066, ordinary deposits £4,947,067, public deposits
months ago a violent break in prices would have been £838,027 and Government securities £1,500,032.
the result. In like manner the news later in the week These changes brought down the ratio of reserve to
that suit had been instituted in the U . S. Circuit Court liabilities from 3 7 .8 6 % last week to 3 5 .4 0 % this week,
under the Sherman Law against the Trans-Atlantic the latter figure being the lowest at this date since 1907.
steamship companies participating in the steerage Since these figures were compiled the Bank has been
business, as members o fjL e Atlantic Steamship Con­ called upon to ship £375,000 gold to India, £302,000
ference, was also treated with indifference on the to South Americajand £140,000 to the Continent, while
Stock Exchange. The general feeling seems to be its purchases in theJopcnSmarketHiave reached only
that the Supreme Court will sopn construe the Anti­ £210,000. It is understood’that £ 1 5 0 ,0 0 0 gold will be
Trust Law in a reasonable and sensible fashion, and forwarded to Egypt to-day. The Governors did not,
that as far as concerns further legislative assaults, the of course, reduce the 4 % % minimum discount rate.
November elections have doomed the radical policies Our special correspondent further advises us that the
which the politicians for so many years have been exports of gold for the Bank week were large, while the
inflow of bullion w’as limited almost entirely to the
pushing to the detriment of business.
purchases in the open market and the receipts from the
A matter of some concern is the unfavorable returns interior of Great Britain. The details of the move­
of net earnings which are now [coming in from the ment into and out of the Bank were as follows: Im ­
railroads month by month. But even these will not ports, £322,000 (of which £8,000 from Australia and
be without good if they shall influence the Inter-State £314,000 bought in the open market); exports, £ 8 2 5 ,­
Commerce Commission to grant the demands of the 000 (of which £350,000 to Egypt, £220,000 to India
carriers for slightly better rates. Some of the returns and £255,000 to Continental Europe), and receipts
received this week, coming from railroad systems in the of £1,088,000 net from the interior of Great Britain.
thickly settled manufacturing districts, have been con­
Local monetary movements have this week been of
spicuously unfavorable. On the Pennsylvania Rail­
road lines directly operated east and west of Pitts­ two kinds, namely an advance in' the ruling rate for
burgh gross earnings for November 1910 fell off, as call loans and weakness in time money and mercantile



J an . 7 1911.]

THE CHRONICLE

paper rates. The one can be regarded as purely tem­
porary, the other as reflecting the real conditions.
Until the closing days of December day-to-day facilities
were so abundant that a good many financial institu­
tions did not adequately prepare for the demands
which they knew would arise in connection with the
January disbursements, with the consequence that
when loans were called at the end of last week and
again at the opening of this week stiff rates had to be
paid for fresh accommodation. The down-town banks
refused to make renewals on Tuesday— Monday was a
holiday— under 6 % . A number of borrowers, con­
sidering this charge excessive, allowed their loans to
lapse, and did better later. On the following day the
prevailing rate was 4 % % , but those who held off in
the expectation of receiving lower terms in the after­
noon were disappointed, as the previous day's maxi­

3

balanced to some extent by sales of stock, London
having taken advantage of the rise in prices to cash
profits. There has been a falling off in the offerings of
cotton and grain bills, as was to be expected, and un­
less the European demand for American investments
broadens shortly, the upward tendency in sterling may"
become more pronounced. On Thursday cable trans­
fers advanced fully % cent and sight drafts almost as
much, while yesterday the undertone was again very
strong, the close being on the basis of 4 8575 for de­
mand. New York bankers did not bid for the South
African gold offered in London at the beginning of the
week, nor are they at all likely to be competitors on
Monday next. On Thursday one banking house sent
$485,000 to Hayti as a result, it is believed, of the
successful termination of negotiations here on the part

of the Haytian Government for a small loan. Yester­
mum of 6 % was reached before the close. This ex­ day's rise in sterling was thought to have some possible
perience induced brokers to seek renewals on Thurs­ connection with the proposal of a local banking house
day morning, and they paid 5 @ 5 3 4 % therefor; the to lend a large sum to Honduras.
demand relaxed later and a low figure of 4 % was re­
Compared with Friday of last week, sterling ex­
corded. Yesterday the range was 2 % % to % % , change on Saturday was firmer on the basis of 4 8 2 1 0 @
with the final loan made at 3 % . The average ruling 4 8215 for sixty days, 4 8 5 1 5 @ 4 8520 for demand and
rate has this week been 5 % , against less than 4 % 4 8 5 5 0 @ 4 8560 for cable transfers. On Tuesday de­
last week. Time money has been freely offered at mand eased to 4 8 5 1 0 @ 4 8515 and cable transfers to
3 % % without attracting extensive absorption. Very 4 8 5 5 0 @ 4 8555; sixty days advanced to 4 8 2 1 5 @
little business has been done either at 3 3 4 % or 4 % . 4 8225. On Wednesday demand moved up to 4 8520
The range may be given as 3 % % for 60 to 90 days @ 4 8525, cable transfers to 4 8555 @ 4 8560 and sixty
and 3 % to 4 % for four, five and six months. Com­ days to 4 8225 @ 4 8235. On Thursday the under­
mercial paper is in light supply and in fairly good de­ tone was much firmer and at the close demand was
mand, although normal conditions will not be re­ quoted at 4 8540 @ 4 8545, cable transfers at 4 8585 @
established until a little later— say, after the 15th of 4 8590 and sixty days at 4 8 2 3 0 @ 4 8235. On Friday*
the month. The weakness in time money has stimu­ the trend was distinctly upwards; demand closed at
lated the purchasing of exceptionally attractive four 4 8 5 % and cable transfers at 4 8 6 % .
to six months' single-name bills and 60 to 90-days'
Closing quotations Friday were at 4 S250 @ 4 8 2 6 0 for
endorsed bills receivable at 4 @ 4 % % for local account,
while transactions for out-of-town . customers have
been put through in less desirable paper at 4 % @ 5 % .

60 days, 4 8565 @ 4 8575 for demand and 4 8605 @
4 8615 for cables. Commercial on banks was quoted
at 4 8 1 % @ 4 82 and documents for payment 4 8 2 %

@ 4 8 2 % . Cotton for payment ranged from 4 8 1 % @
Foreign exchange rates were kept down early in the 4 8 1 % , grain for payment from 4 8 2 % @ 4 8 2 % .
week by the high quotations for call money. During
the last two days, however, the inquiry for sterling
The following gives the week’s movement of money
has been sufficient to cause a sharp rise, and according to and from the interior by the New York banks.
to bankers in close touch with international financial
Received by
Shipped by
Net Interior
affairs, quite a sum of money must be paid European
Week ending Jan. 6 1911.
N . Y . Banks. N . Y . Banks.
Movement.
investors between now and the middle of January. Currency__________________
$8,639,000
$5,273,000 Gain $3,366,000
Gold ..........................................

One interesting and perhaps portentous incident was
a fall in the Paris check on Thursday from 5 20 minus
5-64 to 5 2 0 % minus 1-64. This is taken as meaning
that certain influential underwriters have concluded
negotiations for placing large amounts of our bonds
in France, where money is worth less than 3 % .
Efforts have been made to learn just when New York
City will offer its impending loan, expected to total

2,600.000

Total gold and legal-tenders______

$11,239,000

674.000 Gain

1,926,000

$5,947,000 Gain $5,292,000

With the Sub-Treasury operations the result is as
follows.
.
Into
Banks.

Week ending Jan. 0 1911.
Banks’ Interior movement, as above
Sub-Treasury operations......... ............
Total gold and legal-tenders..

..

Out o f
Banks.

Net Change In
Bank Holdings.

$11,239,000
29,600.000

$5,947,000 Gain $5,292,000
28.500.000 Gain
1.100,000

$40,839,000

$34,447,000 Gain $6,392,000

$50,000,000, as exchange operators must take this
The following table indicates the amount of bullion
offering into consideration in making commitments for
in the principal European banks.
the near future; but the Comptroller is not yet ready
to announce either the date or the terms of the issue.
Jan. 5 1911.
Jan. 6 1910.
Banks of
Gold.
Silver. | Total.
Gold. | Silver.
Originally it had been thought probable that the loan
Total.
£
£
£
£
£
1 £
would make its appearance about the end of next E n gla n d.. 31,940,345
31.940.345 33.703.843
................ 33.703.843
France . . 130,148,760 3 2.868*080 163.016.840 139.520,920 34,959,400 174,480,320
week, but as the money market may not have receded Germany
33,051,850 12,850.900 45.902,750 34.052,8001 11,706,200 45.759.000
R u ssia ___
6.448.000 149.303,000 140,890.000 7.062.000 147,952,000
to normal by then, nothing may be done until nearer Aus.-Hun. 142,855,000
55.023.000 12,026,000 67.049.000 56.418.000 12.458.000 68.876.000
S p a in ____ 16.432.000 30,705,000 47.137.000 16.117.000 30,795.000 46.912.000
the end of the month, by which time the local bank Ita ly ......... 39.247.000 3.500.000 42.747.000 38.550.000 4,007,000 42.557.000
surplus should be materially swelled by money from
the interior and by the-return of the January disburse­
ments to bondholders and stockholders. This week
the foreign purchases of our bonds have been counter-1



Neth’lands 10.39.8.000
N at.B clg..
5,501,333
Sweden . .
4.404.000
Sw ltz’ land 0,225,000
Norway . .
1.785.000

2,104,900 12,502,900 10.081.000
2,750,667
8.252.000 4,239,333
4.464.000
4.468.000
6.225.000
4.958.000
1.777.000
1.785.000

3.039,200 13.120.200
2,119,667 6,359,(100
..............
4.468.000
................
4.955.000
................
1.777.000

Total week 477,071,288 103,253,547 580,324.835'484,775.896 106,146.467 590.922,363
Prev. week 486,520,645 103,978,350 590,498,995,487,277.862100.242.893 593.520.755
1
1

THE CHRONICLE

4

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

ishment for the enumerated offences, but to make
possible the punishment of crimes, when committed
on a Government reservation, in such manner as the
Last Tuesday’s unanimous decision against the Gov­
State in which that reservation was situated would
ernment by the United States Supreme Court in the have punished the same offence had it not occurred
libel suit instituted by the Federal authorities in 1908 on Government territory. The Chief Justice empha­
against the New York “ World” involves a somewhat sized strongly the fact that the particular purpose of
singular chapter in our public affairs, which appears Congress in framing these laws was to respect and not
to override the autonomy of the States, and on that
to us to have been happily closed. The suit, as most
ground concurred in the action of the justices on the
people are aware, was based upon certain highly un­
lower bench.
..
warrantable and objectionable allegations published
We do not see how any man of good judgment and
in that newspaper regarding Mr. Charles P. Taft and reasonable temper can dispute the soundness _of this
Mr. Douglas Robinson, concerning whom it was inti­ interpretation of the law. W e have already said that,
in our opinion, the accusations published by the
mated that they had been beneficiaries, through a
“ World” constituted a grave offense; but that fact had
syndicate in which they were interested, in the nego­ little or no bearing on the experiment in Federal
tiations to transfer the Panama Canal from its French prosecution which has now received its final quietus.
owners to the United States Government. The accu­ The bringing of such a suit must always be considered,
sation was easily of a character which might have pro­ not alone in the light of the immediate circumstances
but in the light of future possibilities, if such a prose­
voked suit for libel under the laws of the State where
cution were to be established as a precedent. Not
publication was made. It ought to have been thus only so, but it must be judged in the light of possi­
challenged. President Roosevelt, who was then still bilities which it would place in the hands of an un­
in office, chose to take a different view. In a very reasonable and unpatriotic Executive as well as in the
extraordinary special message of December 1908 he hands of one who is reasonable and patriotic.
In its essence, the full concession of power to a Chief
described the publication as a “ libel upon the United
Executive to institute penal suits for “ libel on the
States Government,” and denounced it particularly United States Government” because of criticism,
as “ blackening the good name of the American right or wrong, which had been published regarding
Government officers or their associates, would be a
people.”
Presumably under the advice of his Attorney- most dangerous stretch of Executive authority. Our
General, Mr. Bonaparte, the President caused suits people saw clearly and reasoned rightly when the
to be brought against the New York “ World” and electorate rose against the Alien and Sedition law
against the Indianapolis “ News,” which had repub­ passed at the hands of a hot-tempered President in
lished the article, by Federal district attorneys and the early days of our history, and for very similar pur­
under an Act of 1898 which had never been invoked poses. They recognized, as we believe the people
for any such purpose. The purpose of that law had of to-day recognize, that any shackling of legitimate
been sufficiently indicated to most people by its title, criticism concerning the motives and action of public
“ An Act to protect the harbor defenses and fortifica­ authorities must be regarded with the utmost mis­
tions . . . from malicious injury, and for other giving. The old Sedition Act of 1798 provided not
purposes.” Among the powers conferred by the Act only for fine and imprisonment, by Federal authority,
however, was the inflicting of a penalty for criminal of any one who should conspire to obstruct the laws
libel, and Mr. Roosevelt’s law department bused its of the United States, but for similar Federal punish­
contention, in the case of the “ World, on the fact ment of any person who, with intent to excite popular
that a certain number of copies of that issue had been hatred of the national authorities or bring them into
circulated at West Point and in the New York Post contempt and disrepute, “ shall write, print, utter
Office, both of which were Federal territory, and al­ or publish . . . any false, scandalous and ma­
leged that the purpose of the article was “ to stir up licious writing or writings against the Government of
the United States, or either House of Congress, or the
disorder among the people.”
_
The history of the Government’s suit has been in President of the United States.”
That celebrated statute had a provocation which
many ways peculiar. Although no objection was made
by District Attorney Stimson in this city against President Roosevelt could not have alleged for his
bringing the suit, the Federal District Attorney at attempt to use the Act of 1898. A really dangerous
Indianapolis refused to act and resigned his office on political situation existed when the Sedition Act was
the ground that he was “ not in accord with the Gov­ passed; for agents of foreign governments were noto­
ernment in its attempt to drag these defendants from riously at work in our young republic inciting hos­
their homes to the seat of Government to be tried tility to the Washington authorities, and they were
and punished,” and that the suit itself “ strikes at the probably getting aid and comfort from some discon­
very foundation of our Government.’
A hen the tented citizens of our own. Yet the people looked
Indianapolis suit had finally been brought by District deeper, judged clearly, and at the first electoral op­
Attorney Kealing’s successor, it was thrown out by portunity registered their opinion of the Act with^ so
Judge Anderson in the Indianapolis Circuit Court, unmistakable a voice that the Alien and Sedition
who pointed out that the protection against libel pro­ legislation became forever afterward the synonym
#
vided by the State law left no necessity for a Federal for a governmental blunder.
What our people recognized then, and recognize
suit, adding that “ to mv mir.d, the man had read the
history of our Constitution to little purpose who does now. is that, to suppress free speech and proper criti­
not look with grave apprehension upon the possibility cism of the acts of public men, it would, in a very
of the success of such a proceeding as this.’
In New large proportion of the possible eases, be suffi­
York last January Judge Hough similarly ruled against cient to threaten recourse to such a law; the threat
the Government’s contention, on the ground that the would be doubly formidable if one high-handed prose­
For this
machinery of New York State law gave such protection cution under the law had been successful
as to render recourse to Federal prosecution unwar­ reason, if for no other, we consider it altogether whole­
some that this latest experiment in forging a new wea­
ranted .
This week’s decision by the Supreme Court, in which pon for an Executive to use against critics has so
>
_
the new Chief Justice himself rendered the opinion, completely and conclusively failed.
W e can conceive of only one condition which might
begins by making careful study of the origin of the
law of 1898. In this it is clearly shown that the pur­ create even a plausible argument for the exercise of
pose, both of that Act and of the law of 1825 which any such powers by the Federal Government. If the
it was based upon, was not to duplicate means of pun­ States had failed notoriously to provide proper pro­

e n d

o f

a

g o v e r n m e n t




s u it

fo r

l ib e l

.

J an . 7 1911.]

THE CHRONICLE

tection for individuals grossly and maliciously libeled
by the press, then there would exist at any rate a
decent ground for advocating Federal action in the
matter of such offenses when extended into its own
domain. But the gist of all the judicial opinions
which we have reviewed is to the effect that, so far
is that imaginary state of things from being true,
that the very Act on which the prosecution of 1908
was based was framed with explicit care to recognize
the adequacy of State laws in the matter, and was in­
tended merely to supplement such laws by similar
provisions in the case of Government territory where
the libeler might use the technicality of Federal juris­
diction to shield him from the law of the State itself.
R E T R O S P E C T O F 1910.

The year 1910 was one of retrogression in business
and in security values, and the explanation is found
in the single word “ polities.” That, too, was the
source of the disturbances that brought on the panic
of 1907. But at that time some of the phenomena
noted here were duplicated abroad, and hence learned
financial doctors affected to believe that the trouble
must be ascribed to a “ strain on capital.” No one
can seriously contend that in 1910 there was at any
time any tension in the money market or in the finan­
cial world. It is true that early in the year the con­
tinued expansion in bank loans was referred to as a
situation that suggested caution, and some Western
institutions thought it prudent to curtail credits.
But the rising volume of loans and discounts reflected,
it would seem, ;jmerely the industrial awakening and
general development and extension of business which
came after the panic of 1907. There was not the
slightest evidence that the^banks'in any section'of the
country were in an over-extended state; and, indeed,
if such had been the case, monetary stringency, which
was entirely absent in 1910, would have been an in­
evitable concomitant.
The downward trend was due wholly to the fact
that confidence was deeply disturbed, and that the
causes responsible for thisjlaek of confidence kept mul­
tiplying as the year progressed. Legislative and Gov­
ernment activity lies at the bottom of the deep distrust
which developed in the industrial and financial world.
To the National Administration at Washington at­
taches much of the responsibility for the distrust
created.
The revival of industrial activity which
came in such large measure during 1909 was due en­
tirely to the widespread beli f that, with the close of
the Roosevelt Administration, the country had seen
the end of the destructive activity against the sta­
bility of enterprise which had marked that Adminis­
tration. It was felt that, though Mr. Taft was com­
mitted to the same doctrines as Mr. Roosevelt, he
would take pains not to .disturb enterprise orbusiness
development, but would proceed in a careful, cautious
manner, and do nothing rash or radical. The country’s
actual experience at Mr. Taft’s hands has been just
the reverse of this, and the bitter disappointment felt
as a result was in itself one of the strongest factors in
undermining confidence. It showed that, the revival
of 1909 had been based largely on erroneous assump­
tions and false hopes.
Mr. Roosevelt
himself, entered
the
political
arena in the last half of the year, and as usual managed
to occupy such an exclusive share of attention that
many observers have entirely lost sight of the circum­
stance that distrust had become very pronounced and
been attended by many disturbing phenomena longbefore Mr. Roosevelt returned home from his African
hunting trip. There was a recrudescence of activity
against trusts and large industrial undertakings, and
the Government sought to secure the enactment of new
legislation of a hostile and drastic sort.
With the reassembling of Congress after the Christ­
mas recess, Mr. Taft sent in his Special Message deal­
ing with the subject of trust legislation and the




5

amendment and revision of the Inter-State Commerce
Law. In both respects his recommendations were
radical in the extreme, and the effect in the business
world was damaging from the start. In the railroad
world, much anxiety had developed concerning the
new powers which it was known the President would
seek for the Inter-State Commerce Commission, and
the first business day of the year (Jan. 3) witnessed a
call of a delegation of railroad presidents upon Mr.
Taft at the instance of Mr. J. P. Morgan— that great
conservative force— with a view of dissuading the
President from his purpose, or at least to get him to
modify his proposals. They accomplished practically
nothing. In his recommendations to Congress Mr.
Taft asked^ for the Commission the right to initiate
rate reductions and to prevent advances in rates, be­
sides many other things that have since found their way
into the statute book under the new law, and many
other things which failed to get in. As far as the Anti­
Trust Law is concerned, the President, quite to the
surprise of the business world, declared that the law
should be left unchanged, though previously he had
been of opinion that it needed amending.
The President also made it plain that the same com­
prehensive Government activity which had been ar­
ranged for the transportation industry was contem­
plated with reference to the country’s great manufac­
turing corporations. Federal incorporation was sug­
gested with this idea in mind. It will be recalled,
too, that he made the following declaration, which
occasioned a deep feeling of alarm: “ It is the duty and
the 'purpose of the Executive to direct an investigation
by the Department of Justice, through the grand
juiy or otherwise, into the history, organization and
purposes of all the industrial companies with respect
to which there is any reasonable ground for suspicion
that they have been organized for a purpose, and are
conducting business on a plan which is in violation of
the Anti-Trust Law.” Later in the month it appeared
that the Department of Justice was inaugurating pro­
ceedings under the Anti-Trust Law against the so-called
“ Beef Trust.” It was also announced that the suit
against the Union Pacific for holding control of the
Southern Pacific was not to be discontinued, as had
at one time been hoped might be the case.
In February the President exasperated the business
world by his defence of the Anti-Trust Law and his
statement that “ if the enforcement of the law is not
consistent with the present methods of carrying on
business, then it does not speak well for the present
methods of conducting business, and they must be
changed to conform to the law.” This was very sug­
gestive of similar remarks made by Mr. Roosevelt in
1907. On Washington’s Birthday, Attorney-General
Wickersham gave expression to like views, and de­
clared that freedom was the issue in the fight on trusts,
and that it was imperative they should go. The
President and his advisers at this time followed the
Roosevelt example of., going about the country and
vowing what it was intended to do. In April," after
the Administration Railroad Bill, with its many revo­
lutionary propositions, had been favorably reported
in both branches of Congress, President Taft and A t­
torney-General Wickersham both made speeches tend­
ing to produce a feeling of disquietude, inasmuch as
they showed that the Administration was bent at all
hazards upon carrying out its radical policies. The
President said “ the time had come for doing, and vot­
ing, and passing the measures placed before this Con­
gress.” Mr. Wickersham went further, and said
“ treason has ever consisted in giving aid and comfort
to the enemy. If anyone wishes to join the Demo­
cratic Party, let him do so; but let him not claim to be
a Republican and work in and out of season to defeat
Republican measures and to subvert the influence of
the Republican President.” Mr. Wickersham also
announced then that the Department of Justice had
under preparation a proceeding against a combination
in the bituminous coal trade. It also transpired dur­
ing April that the Department had the Chicago

6

THE CHRONICLE

Board of Trade under investigation with the view
to seeing if its dealings were in violation of the Sher­
man Law.
A t the end of May came the most disturbing pro­
ceeding of all. The railroads had been obliged to make
very important and widespread advances in wages,
thereby enormously increasing operating cost, and
were now contemplating advances in rates in part
compensation. The Western roads had already given
proper notice to the Inter-State Commerce Commis­
sion and the higher rates were to have gone into effect
June 1. No one had any idea that the Government
contemplated any action against these proposed ad­
vances, and as a matter of fact the Government waited
until the very last moment, namely May 31, when
there would be no opportunity for the carriers to op­
pose the proceeding, and then, wholly without notice,
got a District Judge to issue an injunction order re­
straining the new rate schedules— the Sherman Law
being made to do duty to that end. In June the car­
riers were forced to yield acquiescence to this proceed­
ing and to consent to the withdrawal altogether of the
new rates, both East and W est; furthermore, to agree
not to put any higher rates in force until the Inter­
State Commerce Commission had been endowed with
authority to hold up contemplated advances. More­
over, in that month the Railroad Bill became a law
and one of its provisions gives the Commission au­
thority to suspend proposed advances in rates for a
period altogether of ten months.
In July the Inter-State Commerce Commission
showed its determination to avail of this new provision,
and announced its intention to suspend all the new
rate schedules for four months (120 days), both on
the trunk lines and on Western roads. Again the
roads thought it good policy to conciliate the Commis­
sion, so they did not force it to issue formal orders
or decrees interdicting the new rates, but agreed vol­
untarily to withdraw them. All the rest of the
year was spent in conducting investigations and
hearing testimony as to whether higher rates were
justified, and in no single instance was any general
advance in rates in any part of the country permitted.
And as far as special advances in particular commodi­
ties or on particular roads were concerned, announce­
ments came week after week that the Commission had
suspended the same. Furthermore, in some old cases
of long standing, dating back beyond the time of the
enactment of the new law, decisions were announced
actually reducing rates. A conspicuous illustration in
point was the ruling which came June 29 in the socalled Pacific Coast cases, involving the whole of the
territory from the Mississippi River to the Pacific
Coast. The effect of this was to create havoc in the
stock market, since the railroad world had been busy­
ing itself with proposed rate increases, and was wholly
unprepared for decreases.
Numerous new trust prosecutions were also an­
nounced from month to month. And the Adminis­
tration evidently took pride in its task and its record
in that respect, for at the end of June Attorney-Gen­
eral Wickersham gave out a statement reporting that
Mr. Roosevelt during his two administrations had
managed to initiate no more than 22 proceedings under
the Anti-Trust Law, while Mr. Wickersham, though
having been in office only about 15 months, had
started 13 such cases. And the record was kept up
during the remainder of the year. At the end of No­
vember, when the situation was looked upon as hav­
ing been so greatly improved as thejresult of the over­
whelming protest against the course of radicalism
furnished by the elections, the Government instituted
a new proceeding under the Sherman law by beginning
an action against the American Sugar Refining Co.
Furthermore, it was announced that preparation had
been nearly completed to prosecute the so-called Elec­
trical Combination, which the Department of Justice
characterized as “ the greatest trust in the world.” In
this case the allegation is that a conspiracy has been
formed to restrain trade under the cover of the patent
law.



[VOL. LXXXXII.

When, in the last half of the year, ex-President
Roosevelt, after his return in June from his long hunt
appeared on the scene and took active part in affairs,
the situation and uneasiness were greatly intensified.
But it will be seen from what has been said above that
this was simply the climax, not the beginning, of the
troubles to which the depression in trade and security
values must be ascribed. The actual harm, the real
havoc, was done by Congress and the authorities at
Washington. In particular, the enactment of the law
amending the Inter-State Commerce Act and endow­
ing the Commission with such extraordinary powers
over the affairs of the roads was the enduring cause of
mischief, and continued a dominant influence until
the end of the year. There can be no doubt that Mr.
Roosevelt by his acts added greatly to the feeling of
disquietude. For a time he continued quiescent, but
in August he began to take active part in his accus­
tomed vigorous way.
With the ex-President again assuming leadership,
the so-called Insurgent Republicans took new courage,
and demagogic appeals again became the fashion. For
instance, in the Iowa Republican State Convention,
Senator A . B. Cummins, in his speech as temporary
Chairman, said that wealth was fighting hard for an
undue share of the profits of labor. “ Great wealth,
combined wealth, corporate wealth is pressing small
wealth and individual wealth to the wall with weapons
that modern industrialism should no more tolerate
than modern warfare tolerates poisoned bullets.” Mr.
Roosevelt actively interested himself in Republican
politics in this State, and, after having stirred up con­
siderable friction, proceeded on a trip through the
country, making speeches cn route in characteristic
fashion. He renewed his assaults on corporations,
saying he would “ make the corporations come to
time,” criticised the U . S. Supreme Court and spoke
of judges “ fossilized of mind,” and then proclaimed
his New Nationalism.
But by his very violence and recklessness he was
laying the basis for his defeat. Conservative senti­
ment was now crystallizing, and business men all over
the country, tired of the attacks on business and the
radical policies of the Administration, were proceed­
ing to administer a rebuke to the disturbing forces at
work which would not readily be forgotten and could
not easily be misunderstood. Mr. Roosevelt proved
entirely successful in his effort to control the Repub­
lican Convention in this State, and dominated every
feature of its affairs. But his ticket was foredoomed
to defeat. Fortunately, too. the Democratic leaders
in different parts of the country seemed to have be­
come imbued with a proper sense of responsibility,
and were putting up candidates of character and
strength. The Maine election occurred Sept. 12, long
in advance of the holding of the New York State Re­
publican Convention, and the Democrats made a clean
sweep of the State for the first time in thirty years.
Previously, the Democrats had achieved notable suc­
cesses in two important Congressional elections. In
March Eugene N. Foss, running on the Democratic
ticket and taking a stand against a high tariff, and in
favor of reciprocity with Canada, had carried the 14th
Congressional District of Massachusetts by an enor­
mous plurality at a by-election, though two years be­
fore the Republican candidate had had a plurality of
over 14,000. In April there was a by-election for a
Congressman in this State, and it^ resulted in like
fashion— in the defeat of the Republican candidate.
Apparently Mr.' Roosevelt did not appreciate that
there was a popular revolt against the doctrines of
radicalism, and that the public meant to put a quietus
on further political agitation of a destructive type,
so he became more and more violent in his utterances
as the campaign progressed. When Election Day
came around in November, the extent of the actual
revolt proved a surprise even to many close observers
who were not unprepared for Republican defeat. The
Democrats elected their candidates for Governor in
Massachusetts, Connecticut, New York and New Jer­
sey, all Republican States, and they re-elected Gov-

Jan. 7 1911.)

T H E C H R O N IC L E

ernor Harmon of Ohio by a plurality of over 100.000.
They^carried the House of Representatives, where
they will have a majority of 63 votes, as against a Re­
publican majority in the old Congress of 47. The
most striking part of the election results was the fact
that wherever Mr. Roosevelt took an active part in
the canvass, or where the Republican candidate pro­
fessed special friendliness for him or his doctrines, the
vote against the candidate was increased. But the
voters not only registered their protests against Mr.
Roosevelt and his doctrines, and against the part he
had played in seeking to regain for himself the reins
of power, but in effect they expressed their dissatis­
faction with the whole course and conduct of Congress
and the Administration. Some of the voters registered
opposition because of the new Railroad Law, some
because of the Tariff Law of 1909, some because of
the Corporation T a x . President Taft in his annual
Message t® Congress in December seemed to appre­
ciate this fact, for we find him expressing the opinion
“ that the existing legislation with reference to the
regulation of corporations and the restraint of their
business ha* reached a point where we can stop for a
while.”
One cannot help thinking how different
would have been the course of business during 1910
had Mr. Taft adopted his attitude at the beginning of
the year instead of at the en d.
W ith the Federal authorities initiating new tru.st
prosecutions, and with the business community in a
state of anxiety as to the scope and bearing of the
Anti-Trust Law, it was an unfortunate circumstance
that the important cases before the U . S. Supreme
Court which involved interpretation of that law did
not come t® a decision. In January the Court heard
argument in the American Tobacco Company case
and in March it heard argument in the Standard Oil
Company case. But in April came the unexpected
announcement— at a time when everybody was look­
ing for an early determination of these cases and for a
luminous exposition of the provisions of the law—
that both cases had been restored to the docket for re­
hearing and re-argument. The work of the Court, too,
unfortunately was interfered with by death and resig­
nation. _ Justice Brewer died in March, Chief Justice
Fuller died in July and Justice Moody was sick through
the whole of the term of the Court, and finally resigned
in October. The vacancies were not all filled until
after the meeting of Congress in December. These
circumstances, of course, also delayed a determination
in the case of the Corporation T a x Law.
Inability to obtain an authoritative interpretation
of the Anti-Trust Law played its part in checking new
enterprise, but the most serious depressing influence
was the unfortunate plight in which the railroads
found themselves. They were obliged to make re­
peated advances in wages in order to avoid a contest
with their employees; and the cost of operation in­
creased in other respects, but they were not allowed
even a moderate increase* in rates. Shippers, the
U . S. Government and the Inter-State Commerce
Commission all united to thwart the effort to establish
higher rates. It would be wearisome to attem pt to
enumerate all the important advances in railroad
wages of one class or another which were made by the
different roads throughout the country, but as an in­
dication of the urgent character of the higher-wage
demands reference will not be out of place here to a
few general moves of that character. In January
the railroads running out of Chicago had a controversy
with their switchmen which was finally disposed of
by referring the matters in dispute to arbitration. In
March the arbitrators made their award and announced
an increase of 3 cents an hour in the case of the mem­
bers of the Switchmen’s Union, and also made a hori­
zontal advance in the case of the switchtendcrs and
towermen. Before this controversy had been settled,
however, the Brotherhood of Locomotive Firemen and
Enginemen unexpectedly announced, on March 14,
that a call had been issued to the firemen on forty-nine
Western roads to stop work the following week.
A




7

strike was averted by the Managers’ Committee in­
voking the aid of the Erdmann A c t. In June this
Federal Arbitration Board awarded veiy substantial
increases to the 2 7 ,000 men said to be affected, and
the increase was dated back to the 1st of January. In
July a strike occurred on the Grand Trunk Railway of
Canada because conductors, brakemen and yardmen
had failed to get what they had asked for in the way
of higher wages, and the strike lasted throughout the
month
Early the next m onth a compromise was
reached, the men accepting the 1 8 % increase offered
but getting a concession in the dating back of the ad­
vance to the 1st of M ay.
In June, also, 10,000 con­
ductors. brakemen and flagmen on 13 Southern roads
were granted a large advance through the mediation
of federal officials. In December the Brotherhood
of Locomotive Engineers, representing over 33 000
Locomotive Engineers on 61 W estern roads, threat­
ened to go on strike because the roads claimed they
could not afford to pay 1 7 % more for that class of
work. They offered an increase of 9 K % .
Again
the matter was compromised through the mediation
of the Labor Commissioner, Charles P . Neill. Tho
result of the compromise is that the engineers get an
advance of 10 1 -3 % , or approxim ately $192 additional
per annum. Then the conductors and trainmen on
the Western roads tried their hand at it and got 1 0 %
increase.
/0
On many of the leading roads the additions to oper­
ating expenses by reason of advances in wages reached
many million dollars per annum, and it has been esti­
mated that on the whole railroad system of the United
States the annual increase will aggregate $ 1 50 ,000 ,00 0.
As the year progressed the effect of the higher operat­
ing cost was disclosed in dwindling results as to net
earnings. In the early months of the year, before
wages had been advanced to any great extent, and
while gross earnings were still increasing in a very
substantial way, returns of net earnings continued
pretty generally satisfactory except in the case of
such roads as had very unfavorable operating condi­
tions to contend with, by reason of severe winter
weather. B ut, taking the roads as a whole, no actual
loss in net earnings as compared with 1909 was re­
corded until July. Beginning with that month,
however, the losses kept growing in magnitude, and
for the month of October the result was that a gain of
$ 2 ,662,525 in gross was attended by a diminution of
$11,029,095 in net earnings. Many large systems
fared a great deal worse than is indicated by these
general figures, the ratio of loss in many cases reach­
ing very large figures.
Naturally, the shrinkage in net at a time when the
roads were obliged to earn a return on a larger capital­
ization, and the doubt as to when and to what extent
advances in rates would ultimately be allowed, had
its effect in affecting the credit of the roads. Conse­
quently they could float new loans only with great
difficulty.
Fortunately it was found possible
to
place considerable amounts of new loans abroad dur­
ing the first half of the year. The sale of $50,000,000
4 % 15-year- debentures of the Chicago Milwaukee &
St. Paul R y . in France in May is an indication of this,
and in that and the succeeding months large amounts
of other new loans were floated in Europe, including
the larger part of $40,000,000 3-year 4 j ^ % notes of
the Baltimore & Ohio, $22,500,000 4
equipment
trusts of the New York Central lines, $19 ,0 0 0 ,0 0 0 bonds
of the Southern Pacific, & c., &c.
But after the end
of June even this foreign demand for railroad obliga­
tions died out. The reason was that the action of the
U . S. Government in furtively obtaining a court in­
junction against the advance in rates by Western roads
on the night before the higher schedules were to go into
effect dealt a blow at the credit of the roads; furthermore,
financial interests abroad, in view of this attitude of the
Government, became apprehensive of the working of
the new Railroad Law , under which the Commerce
Commission is given almost despotic powers over the
affairs of the carriers.

%%

8

T H E C H R O N IC L E

[V ol . l x x x x i i .

Roosevelt policies and doctrines, yet that his Administra­
tion would nevertheless be a cautious and conservative
one, and that hence there would be no recurrence of the
disturbance to industrial interests by reason of Government
meddling and Government attacks, that had pioved so
damaging during the regime of Mr. Roosevelt. It was this
belief that was responsible for the quick recovery after the
unparalleled business prostration which came m 1908, fol­
lowing the panic of 1907. As a consequence, business piosperity had fully returned in 1909, while in some lines, more
particularly the iron and steel industry, even the best of
previous records was surpassed. In the few months imme­
diately following his accession to office, Mr. 1 aft had in a
number of little ways encouraged the notion that his couise
would be different from that of his predecessor. I he devel­
opments, therefore, which came in such rapid succession
in this month, tending to show that these conclusions weie
erroneous, were,in the nature of an awakening and caused
great disquietude. In his annual message to Congress the
previous month, the President had avoided discussion of the
topics concerning which there was most anxiety , these being
reserved for special messages. During the Christmas recess
there had been many intimations that the President’s
recommendations on the subject of the amendment of the
Inter-State Commerce Act for the regulation of the railroads,
and on the modification of the Anti-Trust Law for the regu­
lation of business concerns generally, would be extremely
radical. Full confirmation of these reports came on Jan. 3,
the first business day. It then appeared that Mr. .1. P. Mor­
gan had the previous week arranged with Mr. Taft to see the
executives of the leading railroads and hear their views with
regard to proposed amendments before sending in his special
message to Congress. The railroad presidents who called
in a body on Mr. Taft were W. C. Brown of the N. Y. Cen­
tral, James McCrca of the Penn., R. S. Lovett of the Un. Pac
and So. Pac., George F. Baer of the Reading, Chas. S. Mellon
of the New Haven and W. W. Finley of the Southern. The
delegation was very courteously received but did not suc­
ceed in changing the President in his purpose, though noth­
ing was given out as to the result of the deliberations, the
conference being looked upon as more or less confidential.
Unfortunately, too, there came on the same day conspicuous
reminders of the part the Anti-Trust Law of 1890 was play­
ing in affairs in news reports from Washington, saying that
the U. S. Supreme Court was hearing argument on the Ameri­
can Tobacco Co. case, and that the Government had made a
motion to have the Standard Oil case advanced on the docket
of the Court. Both were cases of industrial combinations
which had been declared by the lower courts as in conflict
with the Anti-Trust Law, and decrees issued ordering a disso­
lution. The prayer to have the Standard Oil action ad­
vanced for hearing was subsequently granted. On the same
day (Jan. 3) call money on the Stock Exchange touched
1 2 % (though after the lapse of a few days it became evident
that this had no element of permanency in it), and renewed
weakness developed on the Stock Exchange in Rock Island
common, which had gone through such remarkable gyra. tions the previous week. Two clays subsequently the mar­
ket for these shares broke wide open, and it then appeared
that dividends on the pref. shares were not to be resumed
as expected. On Jan. 3, too, telegrams from Chicago and
other Western centres spoke of blizzards and continued
severe weather in the West, under which railroad operations
were being seriously crippled. A poor statement of net
earnings for the previous November by the No. Pac. Ry. also
proved disconcerting, being taken as suggestive of the influ­
ence of new competition and bad weather; while a heavy
loss in gross earnings for December by the Great Northern
showed the extent to which Western roads had suffered from
G EN ER AL SU M M ARY FO R TW O Y E A R S.
adverse weather and from the railway switchmen’s strike
in that month. The President’s special message was sent
to Congress on Friday, Jan. 7, and contained practically all
1910.
the things which the President and his predecessor had been
221,946
*3,426,
*3
,5
0
9
,3
5
6
,0
0
0
C oin an d c u rre n cy In U . S . D e c. 3 1 --------- $
so strenuously advocating— in some respects it went further
B ank clearings In U n ited S t a t e s ------------- 5 163,721 ,74 4,28 4 165,838, 141,330
than even Mr. Roosevelt had suggested. ‘ The Inter-btate
1 5 4 ,603,465
201 ,757 ,09 7
B u siness fa ilu res----------------------------------- — S
214, 632,194
164,150,061
Commerce Commission was to have the right to initiate rate
Sales a t N . Y . S t o c k E x c h a n g e ------ shares
1,336, 776,480
1 ,4 2 6,587,733
I m p o r ts o f m erch an dise (11 m o n t h s )-------$
reductions and to prevent advances in rates; the roads were
1,555 720,931
1,637,261,221
E x p o r ts o f m erch an dise (11 m o n t h s )-------S
80 298,323
3 ,198,536
no longer to be allowed to acquire stock in competing liucs,
N et e x p o r ts o f g o ld (11 m o n t h s )------------- 1
2 , 122 , 450,531
2 ,3 4 4 ,5 2 0 ,9 5 3
G ross earnings (10 m o n t h s )----------------preventing the community-of-interests arrangements which
3,475
c s t. 4,000
R a ilr o a d c o n s t r u c te d ----------------------- _m iies
737
6
9
5
,443
,00
0
189.000
had existed in the past; new capital issues were to be de­
W h e a t r a ised _______________________ bushels
2,772 376.000
3 .1 2 5 .7 1 3 .0 0 0
C orn ra is e d __________________________bushels
pendent upon the will of the Commission, and new stock v-as
1,007 ,353,000
1 .1 2 6.765.000
O ats r a is e d _________________________ bushels
10
not to be sold for less than its face value, etc., etc. I he
,650,961
o l 1,426,000
C o tto n ra is e d _________________________ bales
25 ,795,471
2 7 .3 0 0 .0 0 0
P ig Iron p ro d u ce d (ton s o f 2,2 4 0 l b s . ) - recommendations regarding the Anti-Trust Law were even
3 ,062,582
(?)
Steel rail p r o d u c tio n (gross t o n s ) --------more disturbing, though the first few days they did not
41 683,873
4 2 ,620,201
L a k e Su p erior ore sh ipm en ts (gross tons) 1,391 021,454
1 ,4 4 0 ,0 0 0 ,0 0 0
C o p p e r p r o d u ctio n In U . S ___________ lbs.
attract any great amount of attention. In the first place,
61 ,969,885
6 4 .5 0 0 .0 0 0
A n th ra cite s h ip m e n t s ..(t o n s o f 2,2 4 0 lbs.)
no little uneasiness was occasioned by the President s declara­
459 715,794
47 5 ,0 0 0 ,0 0 0
C oal o f all k in d s _______(ton s o f 2,240 lbs.)
175 , 0 0 0 ,0 0 0
(?)
P etroleu m p r o d u c tio n (w h ole U . S .) _ b b ls .
tion that he now believed the Anti-Trust Law should be left
957,105
d
l
,
074,000
Im m ig r a tio n Into U . S .l----------------------- N o
unchanged, though previously he had been of opinion that
it should be amended. Considering the harsh working of
* A revised estim a te o f s to c k o f g o ld c o in w as a d o p te d A u g . 1 1907, a
that statute, this attitude of the President caused general
r e d u c tio n o f $13 5 ,0 0 0 ,0 0 0 bein g m a d e , a A g ricu ltu ra l D e p a rtm e n t s e s ti­
consternation. The President also made it plain that ttic
m a te , w hich d oes n ot Include Unters. T h a t Item w o u ld be be tw e e n 3 0 0 ,0 0 0
same comprehensive Government activity which had been
a n d 400 ,000 bales, d D e ce m b e r p a r tly e s tim a te d .
arranged for the transportation industry was contemplated
JANUARY .— C u r r e n t E v e n t s .— Political influences again with reference to the country’s great manufacturing corpora­
began to exert a dominating influence upon affairs. Dis­ tions. Federal incorporation was suggested with tins ex­
closure came of the President’s purposes and plans which press purpose in mind, regulation of the activity ot these
proved a great shock to the business world, besides bring­ manufacturing and business corporations by the U. b. Gov­
ing about a tremendous collapse on the Stock Exchange. ernment being made a condition of Federal incorporation.
The general belief up to this time had been that, though What created, perhaps, the greatest amount of alarm was
Mr. Taft had over and over again declared adherence to the the President’s explicit statement that he contemplated ex-

The inability of the railroads to obtain new supplies
of capital on the old scale, and the necessity of practic­
ing retrenchment in their expenditures, owing to the
rise in operating cost, explain the great depression in
the iron and steel industry which developed in the
latter half of the year. The railroads undoubtedly are
the largest single consumer of iron and steel and their
products in the country, and now they had reached a
pass where their orders for new supplies had to be cut
down in all directions. In December the make of pigiron in the United States aggregated only 1,774,817
tons, being the smallest product of any month of 1910
and comparing with 2,635 ,6 8 0 tons in December of
1909. B ut a better idea of the shrinkage in the de­
mand for iron and steel is furnished in the record of
unfilled orders on the books of the U . S. Steel Corpora­
tion and its constituent properties. For N ov. 30 the
aggregate of these orders was only 2,760,413 tons,
against 2 ,8 7 1 ,9 4 9 tons Oct. 31 1910, 3,1 5 8 ,1 0 6 tons
Sept. 30, 4 ,2 5 7 ,7 9 4 tons June 30, 5,402 ,5 1 4 tons
March 31 and 5,927 ,0 3 1 tons Dec. 31 1909.
A s far as our agricultural products are concerned,
there was certainly no occasion for depression in busi­
ness. The harvests were exceedingly bounteous. E x ­
tremely hot and dry weather did great damage to
spring wheat during the growing season, and appieciably cut down the yield of that crop. The country’s
yield of cotton, too, fell below a full avciago, though
the crop was better than the previous year s vei)r shoit
yield. B ut with these exceptions, and some of minor
importance, the season’s agricultural results were very
satisfactory, and the corn crop and the oats ciop weie
in magnitude the best in the country s history.
In
cotton there was much manipulation of values all
through the year, and in August the effect of cornering
operations was that August contracts in this market
were rushed up to 20c. and spot cotton sold at 19.75c.,
the latter the highest figure reached since 1873. This
figure,* of course, ruled only temporarily, but a high
level of values was maintained even for the new crop,
and spot cotton in New York Dec. 31 was quoted at
15c. In the case of grain the tendency of prices was
downward, and the average price of wheat on the
farms (all over the United States) on Dec. 1 1910 was
only 89.4c. per bushel, as against 99c. in December
1909, 92.8c. in 1908, 87.4c. in 1907 and 66.7c. in 1906.
Prices of corn and other grains also declined. ^ _
Below we bring together some general statistics for
1910 anti 1909, affording an interesting contrast be­
tween the two years. The data for 1910 arc neces­
sarily largely estimates, as the year has only just
closed. The same table is incorporated in our annual
“ Financial Review” and there the 1910 figures will
appear in their final corrected form.




Jan . 7 m i . ]

T H E C H R O N IC LE

9

tensive prosecutions of industrial combinations if the U. S. the eastern half of the country. In cotton, the speculation
Supreme Court should uphold the Government’s contentions winch had boon maintained so long met with a severe reverse.
in the Tobacco and Oil cases. His declaration to that effect I'rom 16.10c. on Jan. 3, middling uplands in this market
was as_ follows: “ It is the duty and the purpose of the sold down to 13.85c. by Jan. 18. Some recovery left the
Executive to direct an investigation by the Department of price Jan. 31 at 14.60c. Print cloths at Fall River were
Justice, through the Grand Jury or otherwise, into the his­ marked up Jan. 7 from 4 % s . to 4% c . In wheat there was an
tory, organization and purposes of all the industrial com­ advance early in the month on poor reports from Argentina
panies with respect to which there is any reasonable ground but later the tendency was also sharply downward. The
for suspicion that they have been organized for a purpose, May option at Chicago, after rising from $1 1 2 % Jui 3 to
and are conducting business on a plan, which is in violation of $1 15 Jan. 7, dropped to $1 07% Jan. 19, with the close Jan.
the Anti-Trust Law.” This declaration appeared to have 31 $1 10 % . Corn and oats followed a closely similar course.
a rather sinister significance in view of the fact that a com­ Ihe high cost of living continued to excite complaint, and as
mittee of the American Federation of Labor, headed by a protest a boycott against meat was inaugurated in CleveSamuel Gompers, had just called upon the President and hind and rapidly spread through Ohio and into other States,
petitioned him to investigate the U. S. Steel Corporation, those taking part in it pledging themselves to abstain from
asserting that it was an illegal combination in violation of meat for some definite time, usually thirty or sixty days.
the Anti-Trust Law. Two weeks later added emphasis Investigation into the matter of high prices was thereupon
seemed to be given the President’s attitude by the announce­ started by Congressional committees and also by legislative
ment in the morning papers of Saturday, Jan. 22, that the committees m several of the States. In some of the States
Department of Justice had determined to bring proceedings the enactment of laws limiting the time in which food pro­
against the “ Beef Trust” before the new Federal Grand Jury ducts should be kept in storage was suggested, the object be­
in Chicago. Moreover, when this Grand Jury was im­ ing to force prices downward by throwing the products on
panelled, the following Monday (Jan. 24), it appeared that the market. The latter part of the month some small con­
it was to sit before Judge Landis, who had made himself so cessions in prices of meat, eggs and milk occurred, but the
notorious in imposing a fine of $29,240,000 on the Standard next month meat again advanced. Many demands for
Oil Co., which the higher courts subsequently found them­ higher wages were made by employees on different railroads
selves obliged to set aside. Furthermore, Judge Landis throughout the country, and in not a few instances were
actually went out of his way to announce that he also had granted. The Phila. & Read., for instance, gave notice, that
planned a Beef Trust inquiry, and had notified the U. S. Dis­ beginning Feb. 1, the wages of all engineers would be in­
trict Attorney that he would direct the attention of the jury creased. The N. Y. Cent, announced its willingness to grant
to the subject of such an investigation. Additional evi­ an increase to all train-men, but stated that the percentages
dence that the Administration did not intend to relent in its of increase had not yet'been settled. In the controversy be­
prosecution of railroad and other corporations appeared in a tween the Chicago railroads and their switchmen (this hav­
statement given out from Washington on Jan. 28 saying ing nothing to do with the troubles on the trans-continental
that President Taft had directed Attorney-General Wicker- lines running west to the Pacific Coast from St. Paul and
sham to proceed with the Government’s suit against the Duluth, where the switchmen went on strike the previous
Harriman combination of roads. This indicated failure of month), an agreement was reached to refer the matter to
the attempt of President Lovett of the Un. Pac. and So. Pac. arbitration. Monetary ease developed both in this country
to induce the Government to discontinue the suit. In that (after the spurt at the beginning of the year) and abroad.
suit the Government contends that control of the So. Pac. by The Bank of England reduced its discount rate from 4 %
the Un. Pac. constitutes an illegal combination, notwith­ to 4 Jan. 6 and to 5 % Jan. 20, on which latter day the Bank
standing that one of the lines owned by the So. Pac. is the of Germany reduced from 5 to 4j^%. The British Parlia­
Cent. Pac., which latter, in conjunction with the main line mentary elections resulted in a semi-defeat for the Liberal
of the Un. Pac., makes up what was the first through route Party,with its radical policies. The final result showed 275
to the Pacific Coast to be built on this continent. One of Liberals, 273 Conservatives, 82 Irish Nationalists and 40
the minor disturbing incidents of the month was a decision Laborites, with I non-partisan, the Speaker of the House.
by the U. S. Supreme Court on Jan. 10 holding that the This indicated that the Liberals could only carry on the
Inter-State Commerce Commission possesses powers to order Government with the aid of the Nationalists and the Labor­
a distribution of cars among different shippers in times of a ites. Nevertheless, Premier Asquith the next month as­
car shortage, and laid down the rule that, to provide a just sumed the responsibility of government under the new Par­
and equal distribution, the Commission can include even liament. At the election in 1906 the Liberals had 387 mem­
the cars reserved by a road for carrying its own fuel. On the bers as against only 158 Conservatives, 84 Irish Nationalists
Stock Exchange a highly unsettling event was the collapse and 41 Laborites and Socialists. In France floods of un­
of a pool which had been operating for about a year in Col. paralleled extent worked great havoc and inflicted enormous
& Hock. Coal & Iron Co. stock. This came Jan. 19, when property loss. The River Seine overflowed its banks to an
the shares, which had sold Jan. 4 at 92J/sj, dropped all of a extent never previously known, and the greater part of the
sudden from SSj/j to 25, resulting in the failure of three Stock City of Paris was inundated, gorging the sewers and sub­
Exchange houses, Lathrop, Haskins & Co., Roberts, Hall & ways and causing numerous buildings to collapse, and stop­
Criss and J. M. Fiske & Co. The pool had been managed by ping nearly all traffic, besides throwing the whole city into
James R. Keene. The stock later touched 12)^. The Ex­ a state of darkness and confusion. The electric light service
change made a thorough investigation and the next month was put out of business and telephone and telegraph com­
debarred Henry S. Haskins of Lathrop, Haskins & Co. from munication with the outside world was maintained only with
reinstatement in the Stock Exchange, besides condemning the greatest difficulty. It was estimated that the surface
the acts of certain Stock Exchange firms for having lent the inundated by the Seine covered 9 sq. miles, not counting the
use of their names to the pool undertaking. Clifford M. overflow in the_ back streets from sewers and subterranean
Washburn, the Stock Exchange member of J. M. Fiske & passages. Parliament voted a bill extending business notes
Co., was also declared “ ineligible for reinstatement,” the one month, but the calamity had no influence on the Euro­
Governors having determined that this failure, like the other, pean bourses. The U. S. Steel Corporation on Jan. 25 sub­
was caused by “ reckless and unbusinesslike dealing.” The mitted a very favorable income statement for the December
Hocking Coal & Iron Co. was put in the hands of receivers. quarter and showed unfilled orders Dec. 31 1909 of 5,927 021
The outcome of the Stock Exchange’s investigation of the re­ tons, against 4,796,833 tons Sept. 30 1909 and .'b542’595
markable fluctuations in Rock Island com. stock the pre­ tons March 31 1909. Besides the quarterly dividend of 1 %
vious month (Dec. 27), when the stock shot up suddenly 31 % of 1 % extra was declared on the com. stock, so as to
points, only to drop back with equal velocity, was the sus­ make 4% for the year. A slackening, "however, in the de­
pension of S. B. Chapin for 00 days and F. D. Countiss for mand for iron and steel was noted the latter part of the
30 days, they being the Exchange members of S. B. Chapin month, and reports also came of some falling off in business
& Co. The firm had received an order to purchase 40,000 in other lines of industry. Early in the month the II. C.
shares of said stock, with instructions to have twenty dif­ Frick Coke Co. announced a restoration of wages to the
ferent brokers buy 2,000 shares each, all at the opening. scale in force prior to the cut which came after the panic of
The Governing Committee held “ that the execution of said 1907. National bank circulation secured by bonds de­
order in said manner by said firm constituted a misuse by creased from $683,401,523 to $681,332,354. Money hold­
them of the facilities of the Exchange, and was an act detri­ ings in Sub-Treasuries- were reduced from $308,096,509 to
mental to the interest and welfare of the Exchange.” .. We $306,987,696, but Government deposits in the national
have referred above to the reports of blizzards and severe banks increased slightly— from $47,926,877 to $48,353,942.
weather which came from the West at the very beginning of The proposal of the U. S. Gov’t, made through Secretary of
the year. These weather conditions in some measure ex­ State Knox, for the neutralization of the Manchurian rail­
tended also to the eastern half of the country, impeding ways, was not favorably received by either Russia or Japan,
railroad operations here, too, and interfering more or less and therefore failed. Japan, however, reiterated its deter­
with the conduct of general trade. On Friday, Jan. 14, a mination to “adhere scrupulously to the policy of the open
severe snowstorm enveloped this city and vicinity. It lasted door and equal opportunity.” Our Government at Wash­
until the morning of the next day, the snowfall reaching 14.(5 ington in this and the succeeding month made official an­
inches, making it one of the noteworthy snowstorms (for nouncement of the countries which were entitled to the
this part of the country) on record. It compares with 10.1 minimum rates under the Tariff Act of 1909, that Act pre­
inches on Christmas Day the previous month; with 9.5 inches scribing maximum rates as well as minimum rates, the maxi­
at the time of the storm on Jan. 25 1905, with 1 5 % inches mum to apply to countries that discriminate against im­
at the time of the blizzard in February 1899 and with 20.9 portations from the United States. The early announcements
in the memorable blizzard of March 1888. The latter part did not contain Germany, France and Canada, and some
of the month the weather moderated considerably, but, anxiety developed as to the outcome in these instances.
speaking generally, heavy snowstorms and severe cold were a The negotiations with Germany, however, were soon brought
feature, both in the West and in the northern portions of to a satisfactory conclusion. Those with the other two coun


10

T H E C H R O N IC LE

[VOL. L X X X X I I .

tries were more prolonged. Among the events of the month to 183%and c l o s e d at l86%; Rock Island com. had perhaps the
were meetings at Washington of the National Civic federa­ most notorious drop, declining from 57% Jan. 3 to 38%
tion in discussion of uniform State laws and of the so-called Jan. 20, with the close Jan. 31 42%; Steel com., which was
House of Governors, composed of the Governors of the dif­ also conspicuously weak, sold at 91 Jan. 3, at 81% Jan. 25
ferent States, also having uniform or concurrent action in and closed at 82; while Amal. Cop. was 90% Jan. 3, 77%
view. Governor Hughes of this State sent a special message Jan. 25 and closed at 82. The injunction which had been
to the Legislature directing attention to the proposed amend­ previously obtained against the consolidation of the Utah
ment of the Federal Constitution intended to give Congress Cop. Co. with the Bost. Consol. Co. and the Nev. Consol. Cop.
authority to levy a general income tax He opposed the Co. was dissolved, and the latter two companies were accord­
amendment, but solely on the ground that the language was ingly merged in the former. Beyond this, nothing was done
so broad that it would permit Congress to tax incomes de­ towards carrying out the larger copper combination which
rived from State and municipal securities.,, Ihe joint board had been planned at the time when the Standard Oil decision
appointed in Massachusetts the previous year to con­ came the previous November and upset all arrangements.
sider the allegations contained in the annual report of the The Anaconda Cop. Min. Co., however, controlled by the
Attorney-General of that •Commonwealth that the N. Y. Amal. Cop. Co., gave notice that shareholders would be asked
N. H. & H. RR. had violated the laws of Massachusetts and to vote Mch. 23 on increasing its stock from $30,000,000 to
that its charter and franchises were subject to forfeiture, made $150,000,000. The Clev. Cin. Chic. & St. L., after a lapse
its report to the Legislature. It was notable in declaring of nearly two years, declared a div. of 2% on its com. stock;
unanimously against forfeiture. The first municipal elec­ the Pittsb. & L. E. declared the usual s.-a. div. of 5% and an
tion occurred in Boston under the Charter Amendment by extra div. of 40%; the N. Y. Chic. & St. L. declared an initial
which municipal nominations are made only upon petition div. of 3% on its com. stock and the Mahoning Coal RR. Co.
of 5 000 voters, thus eliminating party designations, and declared 50% extra along with the customary s.-a. div. of
the Mayor is elected for four years, subject to recall after 6 %; the Penn. C o m p a n y , the whole of whose stock is owned
two years The result was no different from that at ordi­ by the Penn. RR., declared a stock div. of 33 1-3%; the
nary party elections, and John F. Fitzgerald, Democratic Nashv. Chatt. & St. L. lty. increased its s-a. div. from 2%%
Mayor during 1906 and 1907, whose administration had been to 3%; the Pac. Coast Co. raised the quar. div. on com. and
sharply criticized, was elected by a fair plurality over James 2d pref. from 1% to 1%%; the Int. Harvester Co. announced
J. Storrow, an independent, his chief opponent. The U. S. a 33 1-3% stock div. on the com., together with the beginning
Supreme Court decided that the so-called Bush Law of Kan­ of cash dividends of 1% quar.; the Sears-Roebuck Co. in­
sas (under which that State sought to exact a charter fee creased the quar. div. on com. from 1% to 1% % . The Cam­
based on the entire capital stock of outside corporations as a bria Steel increased from 3% p. a. to 5%. Gen. Chem. in­
prerequisite to receiving permission to do business within the creased on com. from 4% p. a. to 5, and also declared 10%
State) was void asfar as the Western Union Telegraph Co. is extra in stock. Diamond Match reduced from 8% per year
concerned. A like decision was subsequently rendered in a to 6%. J. P. Morgan & Co., having purchased $10,000,000
5% 3-yr. gold notes of the Southern Ry., offered them
case involving a similar law of Arkansas. The U. S. Supreme new
exchange for the same amount of old notes maturing Feb. 1
Court also handed down a decree in the case of the Twin City in
Rapid Transit Co., affirming the decision of the lower Court, 1910. West. Elec. Co. issued $6,250,000 of its 1st mtge.
which had granted a permanent injunction prohibiting the bds. and used them as collateral for $5,000,000 2-yr. 4%%
West. Tel. & Tel. Co. placed $10,000,000 5% 2-yr.
City of Minneapolis from enforcing the six-tickets-for-a- notes.
notes. Shareholders of the Atlantic Coast Line Co. of Conn,
quarter ordinance. The decision was on the ground that authorized
new stock. Bankers offered for sale
the company had a contract with the city for 50 years from $6,000,000 $5,040,000
mtge. 5s of the Chic. Rys. Co. Pittsb. Cin.
July 1 1873 to charge 5c. per passenger. The N. Y. Court of Chic. & St. 1st
L. shareholders were allowed to subscribe at par
Appeals held unconstitutional that section of the Stock
Transfer Tax Law which permits the inspection of the books for $7,000,000 new com. stock and the company also sold
.
of brokers by a representative of the State Comptroller, hold­ $4,000,000 series “ G” consol. 4s.
T h e M o n e y M a r k e t . — There was a sharp upward spurt in
ing that the Legislature could not compel a person to submit
his books, papers and confidential business transactions to call money at the beginning of the month, but high rates
inspection with a hope of procuring incriminating evidence were not long maintained. On Jan. 3 (the first business day)
against him. Goldman, Sachs & Co. and Lehman Bros, call loans touched 12%, and the rate did not get below 6%
acquired from the Equitable Life Insurance Society , the until Jan. 6; but it never again touched 6 after Jan. 10 and
Mutual Life Insurance Co. and the U. S. Realty Co. their on Jan. 27 got down to 1% % , with the range Jan. 31 2%@3.
entire interest in the Lawyer’s Title Insurance & Trust Co. Time money was in limited supply the first half of the month,
but the last half offerings were adequate and even abundant,
of this city, aggregating 13,000 shares, or 32%%, of the and
rates sharply declined under the enormous increase in
entire capital of the Lawyers’ Title. Interests represented
money holdings and surplus reserves of the Clearing­
by Kuhn, Loeb & Co. acquired the remaining 5,000 shares the
House banks. Quotations Jan. 31 were 3%@4 for 60 days
of stock of the U. S. Mortgage & 1 rust Co. held by the Mu­ and
90 days; 4 for 4 and 5 months and 4@4% for 6 months.
tual Life Insurance Co. A consolidation of the Morton Commercial
then was 4%@5 for prime 4 to 6 months’
Trust Co., the Fifth Avenue Trust Co. and the Guaranty single namespaper
and 5@5% for good single names. Offerings
Trust Co. of this city was effected under the name of the of 60 to 90 days
endorsed bills receivable were small, with the
latter All legal means having been exhausted to avert quotation 4J4®5.
Money holdings of the Clearing-House
such an end, Charles W. Morse had to begin serving the 15 banks (according to the
actual figures of condition) increased
years’ imprisonment imposed upon him in Nov. 1908, after
$296 354,700 Dec. 31 1909 to $344,948,900 Jan. 29, and
his conviction on charges of misapplying funds of the failed from
reserves ran up from $3,489,100 to $32,677,200.
National Bank of North America of this city. John R. surplus
Walsh of Chicago, after a fight of nearly four years, was also Loans after, declining the first week,steadily increased and
obliged to begin the prison term imposed upon him in con­ were $1,225,397,300 Jan. 29, against $1,196,598,000 Dec. 31.
nection with transactions growing out of his connection with Deposits followed a similar course and were $1,249,086,800
the Chicago National Bank. D. O. Mills, banker and phil­ Jan. 29, against $1,171,462,400 Dec. 31. Loans of the trust
anthropist, died Jan. 3. It was announced that Mrs. E. II companies and State banks not in the Clearing House de­
Harriman had agreed to donate 10,000 acres of land situated creased, however, each week, bringing the aggregate dovvn
in Orange and Rockland counties and 81,000,000 in money Jan. 29 (the figures in this instance being averages for the
in development of the scheme of the Palisades Burk Ctom- week) to $1,150,962,400, against $1,206,946,800 Dec. 31.
mission, for the preservation of the west bank of the Hud­ Money holdings of these institutions increased the first week,
but then declined and were $143,525,700 Jan. 29, against
son River and the creation of a public park for all time.
Dec. 31.
_
,
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s ,
ihe course $144,849,000
F o r e i g n E x c h a n g e , S i l v e r , & c . — Foreign exchange condi­
of the stock market is indicated in the enumeration of ad­
were more or less confused during January because of
verse influences mentioned above. The market was de­ tions
speculative operations of certain brokers and bankers who
pressed week after week, and in each week there were one or the
two days when prices tumbled badly, giving it a semi-pamcky in December had misjudged the situation and were now seek­
appearance. Sharp rallies were effected on each occasion, ing to retrieve their position. Generally speaking, the tone
thus preventing utter demoralization. The net result for the was very strong the early part of the month, with the trend
month was large and general declines all through the list. downward the latter part. Thereduction in discount rates by
The Govt, prosecutions, the call of the railroad I residents on both the Bank of Englandand the Bank of Germany, as noted
Mr. Taft, the latter’s special message to Congress with its above, the lower open market discounts at all the European
announcement of radical policies, the Hocking Coal & Iron centres, the offering of cotton and also grain bills as the re­
collapse, the drop in cotton and in the grain markets, the sult of the decline in the prices of these commodities, com­
slackening of activity in the iron and steel trade were among bined to weaken exchange. There were also considerable
the chief disturbing influences. Rock Island com. stock, shipments of bonds and stocks to Europe, which had been
which had gone through such extraordinary performances the purchased on the drop in our Stock Exchange. The market
previous month, further upset the market the first week of was quick to rally, however, on occasions, owing to the fact
the month with a slump of 10 points, due presumably to the that supplies of commercial bills remained on the whole un­
failure to resume dividends on the pref. shares. Atchison seasonably light. Trading in francs the latter part of the
com. dropped from 124% Jan. 3 to 114% Jan. 25, with the month was disorganized by the crippling of cable communi­
close Jan. 31 at 116%; Mil. & St. P. com. fell from 158% to cation with Paris. About $3,000,000 gold was exported
145% and closed at 148%; Gt. Nor. from 143% to 130% ex. from this port during the month, it nearly all going to South
and closed at 135%; Nor. Pac. from 145% to 131% and closed America. Sight bills Jan. 3 were 4 8660@4 8665, from which
at 135%; N. Y. Cent, from 125% to 115% and closed at there was an advance to 4 8690@4 87 Jan. 5; this was the high
118%; Penn, from 137% to 130% and closed at 133%; Read­ point, though substantially the same figure was again reached
ing com. from 171 % to 154 ex. and closed at 159%; Sou. Pac. Jan. 15, after a decline to 4 8660@4 8670. The last half of
from 138% to 125% and closed at 127%; Un.Pac. from204% the month the tendency was strongly downward, though with



Jan. 7 1911.]

T H E C H R O N IC L E

sharp fluctuations; the low point was reached Jan. 29 at
4 8615@4 8620, with the close Jan. 31 4 8620@4 8625. The
Bank of England added considerably to its stock of bullion,
notwithstanding some heavy shipments to South America
and the Continent. The gain came chiefly from a large re­
turn flow of gold from internal circulation. Open market
discounts were lower all around,with the rates Jan. 31 2 9-16
at London, 2% at Paris and 3 at Berlin. The price of silver
at London Jan. 31 was 24d., against 24%d. Dec. 31 1909.

11

announced curtailment. Copper declined fractionally, not­
withstanding the monthly statement of the Copper Pro­
ducers Association showed for January a big reduction in
stocks, due to large deliveries both for home use and forexport. It was suggested, however, that these exceptional
deliveries followed from unusual purchases made the pre­
vious November and December, when there was talk of a
gigantic copper combination. Touching upon the high prices
prevailing for food products, pork for May delivery at Chi­
cago sold Feb. 28 at $24 70 per bbl., said to be the highest
FEBRUARY .— C u r r e n t E v e n t s .— Further adverse devel­ point ever reached at that centre, with the exception of a
opments came in the early part of this month, but sentiment shortperiodduringtheCivil War; lard and other products were
greatly improved the latter part, owing chiefly to the cir­ similarly high. The Hudson County (N. .1.) grand jury
cumstance that liquidation on the Stock Exchange, induced brought indictments against the National Packing Co., Mor­
by fears of the Government’s radical policies, had apparently ris & Co., Swift & Co., Armour & Co., the Hammond Pack­
been completed, and a recovery in security values ensued ing Co. and the G. H. Hammond Co., besides 21 directors,
after about the first ten days. After the close of business on constituting the so-called meat trust, charging the accused
Feb. 1 the community received a shock in the announcement with conspiracy and creating a monopoly, enhancing the
that a petition in bankruptcy had been filed against the price of meat and poultry, and creating a shortage in the
highly-respected banking house of Fisk & Robinson. The supply of articles of food. A grand jury in the ci’iminal
liabilities were estimated at 16,735,324, and the failure was branch of the Supreme Court in this city, in a proceeding
attributed to the shrinkage in the value of Buff. & Susq. R a i l ­ brought by the District Attorney of the county, handed down
w a y bonds, a road which the firm had been promoting, and
a joint indictment against 8 of the 17 directors of the Con­
in other securities not yet having an established market. solidated Milk Exchange for violation of the State (Donnelly)
The stock market Feb. 2 yielded comparatively little in face Anti-Trust Law, in creating a monopoly in restraint of trade
of this shock. On Feb. 3, however, the daily papers pub­ by “ fixing the value” (not price) “ of milk on June 28 1909 at
lished dispatches from Washington saying the leaders of the $1 41 for a 40-quart can.” A feature abroad was an outburst
dominant party in the two houses of Congress had agreed to of more or less reckless trading in rubber shares. The Fall
push all of President Taft’s bills, the “ insurgent” Republi­ River Cotton Mfrs.’ Association Feb. 22 decided to curtail
cans as well as the regulars having given promises to that output by shutting down each Saturday for 13 weeks, thus
end. The result was a renewed break in values, more vio­ reducing the running time from 56 hours per week to 51
lent than any previous one. The following Monday, Feb. 7, hours. The Borden mills, it was understood, would not
the bill for the Federal incorporation of manufacturing and join in the arrangement. In Europe, too, a similar course
other business concerns, as drafted by Attorney-General was pursued. At a meeting Feb. 15 of the American section
Wickersham, and embodying the views of the Administra­ of the Federation of Master Cotton Spinners, held at Man­
tion, was submitted simultaneously in the Senate and House. chester, Eng., it was decided to continue short-time running
The provisions of this measure served to intensify the feeling until April 26. Middling uplands cotton here rose from
of alarm. It had been supposed the proposed Act would be 14.60c. Jan. 31 to 15.25c. Feb. 10, and then moved sharply
so framed as to provide a means of escape from the operation downward, touching 14.10c. Feb. 23, but recovered to
of the Anti-Trust Law of 1890, a bait being thereby offered 14.95c. Feb. 28. Print cloths at Fall River remained at
to the big industrial combinations to induce them to adopt 4 j^c. After an early decline there was a sharp advance in
Federal incorporation and thus give the Federal Gov’t the wheat on reports of damage to the growing winter wheat
desired control over manufacturing and business concerns. in several of the States, the worst reports coming from Kan­
Instead, the bill expressly re-affirmed the provisions of the sas. May wheat at Chicago, after selling at $1 08% Feb. 7,
Anti-Trust Law, besides containing many other objectiona­ got up to $1 15% Feb. 28. A strike of motormen and con­
ble features. The result was a further severe decline in ductors of the Phila. Rap. Tran. Co. began Saturday, Feb.
prices on that and the next day (Feb. 7 and Feb. 8). After 19, and extended into the next month, paralyzing affairs in
this, security values improved, selling by scared holders hav­ Philadelphia. It was attended by scenes of rioting and
ing apparently terminated. Suggestions came, too, that bloodshed. The issue seemed to be simply unionism, the
the President in his address on Saturday, Feb. 12, at the leaders insisting that the company should treat only with
Lincoln Day dinner at the Waldorf-Astoria by the Republi­ the union and ignore about 2,000 men not members of the
can Club of this city, would make a statement “ to reassure union. A sudden drop in the price of silver at London on
business.” The speech proved a disappointment. The Feb. 25 from 24d. for 23%d. was due to the fact that the
President not only re-asserted his previously-expressed views, India Gov’t had quite unexpectedly increased the duty on
but made the following exasperating challenge to the busi­ silver imports, raising it from 5% to 4 annas per troy ounce,
ness world: “ If the enforcement of the law is not consistent equivalent to about 16%. The English Parliamentary situa­
with the present methods of carrying on business, then it tion attracted a great deal of attention, but no very important
does not speak well for. the present methods of conducting changes in the Ministry appeared when the Cabinet appoint­
business, and they must be changed to conform to the law.” ments wore announced, both Lloyd-George and Winston
The President, however, let fall a crumb of comfort in the Spencer Churchill being in the list. The new Parliament
statement that, inasmuch as the Republican platform on met for the swearing in of members Feb. 15, but the formal
which he had been elected had not specifically declared in opening by King Edward did not take place until Feb. 21.
favor of Federal incorporation, he “ did not feel justified in The Nationalists, or Irish members, objected to taking up
asking the adoption of such an Act as a party matter.” the Budget until the Premier had dealt with the reform of the
Thereafter the feeling began to spread, too, that the program House of Lords. On Feb. 28 Mr. Asquith announced that
of legislation mapped out by Mr. Taft would have to be Parliament would concern itself with Government business
greatly modified. Washington advices showed that nearly of immediate urgency up to March 24 and would then ad­
every feature of the President’s program was meeting with journ to March 29. When it reassembled, the Government
opposition in Congress. More reassuring views alsobcgan to be would introduce resolutions excluding the House of Lords
taken with regard to the pending suits under the Anti-Trust altogether from the domain of finance and providing that in
Law. The belief gained ground that there would be no early other legislation the power of veto should be so limited as to
decision by the U. S. Supreme Court in the American Tobacco secure a predominance for the Commons during the life­
case, it appearing unlikely that the Court would announce time of a single Parliament. The French floods rapidly sub­
its judgment in that case until it had also considered the sided at the beginning of February and it was found the
Standard Oil case, which was not to come up for argument property loss had been greatly exaggerated. A joint Geruntil the next month. Further disturbing announcements were man-Prussian loan for $120,000,000, carrying 4% interest
hence received with greater complacency. Thus dispatches instead of the previous 3%%, was brought out in Germany.
stated the Dept, of Justice intended to put “ new life” into The Premier of Egypt, Boutros Pacha Ghali, was killed by
the Commodities Clause of the Hepburn Railroad Law, a native student, who sought to avenge the various acts of
which a Supreme Court decision of the previous year had the Egyptian Government, for which the Prime Minister
rendered innocuous. In this purpose, however, the Attorney was held accountable. Government deposits in the banks
General was defeated, the Court ruling against him Feb. 25 increased from $48,353,942 to $48,618,090, but cash in Sub­
in the case of the Lehigh Valley RR. Co. Then, also, Attor­ Treasuries fell from $306,987,696 to $301,166,738. National
ney-General Wickersham delivered an address on Washing­ bank circulation secured by bonds decreased from $681,332,­
ton’s Birthday in which he declared that “ freedom was the” 354 to $679,387,520. Mississippi, South Carolina and Ken­
issue in the fight on “ trusts,” and it was imperative they tucky ratified the Income Tax Amendment to the Federal Con­
should go. Generally, the President and his advisers at this stitution, the next month Oklahoma and Illinois also ratified it.
time followed the Roosevelt example of going about the coun­ Congress enacted a law to correct a defect in the statute re­
try land vowing what it was intended to do. A petition* in garding the issue of Panama Canal bonds. This had provided
bankruptcy was filed Feb. 25 against Searing & Co. of this merely for the payment of the int. in gold. The new Act ex­
city and a receiver appointed, but this was an unimportant pressly provides that any bonds and certs, of indebt, of the
concern. It had been financing the Delaware & Eastern U. S. hereafter Issued shall be payable, p. & i., in gold, and
Rlt., receivers for which were appointed. There were fur­ also provides that the bonds may be of such denominations as
ther signs of a slackening in general trade. The iron and may be prescribed by the Sec. of the Treas. The Nat. Sugar
steel markets were dull, with reductions of about 50c. a ton Ref. Co. paid into the U. S. Treas. without suit $604,302 for
iiTmost grades of pig iron. The Central Foundry Co. of New duties claimed by reason of underweighing on sugar imported
York was placed in the hands of a receiver Feb. 12, its trou­ by that co. and its predecessors between 1898 and the end of
bles being ascribed to the lack of adequate working capital. 1907. Weather conditions in and around N. Y. greatly im­
The Reading RR. issued an order reducing the hours of la­ proved, but continued severe in the West and Northwest, with
bor in some of its departments, and the Mil. & St. Paul also heavy snow-falls; not all roads suffered alike, some being



12

T H E C H R O N IC LE

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

T h e M o n e y M a r k e t . — Continued ease ruled in money. With
comparatively little affected, while others reported that they
had had since the previous Dec. the worst operating condi­ collateral loan rates unremunerative, a good many institu­
tions experienced in 25 years. The snow-fall for the winter tions turned to high-grade mercantile bills as an outlet for
was also very heavy in Northern N. Y. and in New England. their funds. In call loans the range Feb. 28, viz.: 1%@3,
The U. S. Supreme Court affirmed the judgment of the Kan. was the range for the entire month. On time, quotations at
the close were 3% for 60 days, 3%@3% for 90 days, 3% for
Supreme Court directing the Mo. Pac. to obey the order of the 4
mos.and 3%@4 for 5 and 6 mos. Commercial paper at the
Kansas ItR. Comm. to install passenger service on its Madi­
son branch instead of mixed trains. The Court said that even close was 4@4% for double names, 4%@4% for prime single
if it be true that pass, trains could only be run at a loss as far names and 4%@5 for good single names. Money holdings of
as that particular branch was concerned, the co. could not the Clearing-House banks decreased from $344,948,900
escape the duty resting upon it through its charter of furnish­ Jan. 29 to $333,071,600 Feb. 26 and surplus reserves fell from
ing proper transportation facilities. In the celebrated Dan­ $32,677,200 to $20,815,450. Deposits, after falling to $1 ,­
bury hatters case where the firm of D. E. Loewc & Co.brought 223,193,100 Feb. 11 increased to $1,249,024,600 Feb. 26,
suit against Martin Lawler and 200 other members of the the latter figure being practically the same as on Jan. 29.
local Hatters' Union to recover $80,000 damages to the firm’s Loans were $1,232,034,500 Feb. 5, $1,210,350,500 Feb. 11
trade from the boycott inaugurated by the Union and the and $1,237,012,700 Feb. 26, against $1,225,397,300 Jan. 29.
Amer. Fed. of Labor (of which the local Union is a subordin­ The trust cos. 'find State banks not in the Clearing House
ate organization), and in which the U. S. Supreme Court in showed loans Feb. 26 $1,149,076,400, against $1,150,962,400
Feb. 1908 rendered a decision upholding the principle that the ’ Jan. 29. Money holdings of these institutions were $145,­
boycott came within tRe provisions of the 1890 Trust Law, a 121,900 Feb. 26, against $143,545,700 Jan. 29.
F o r e i g n E x c h a n g e , S i l v e r , cfee.— Foreign exchange was dull
jury in the Fed. Circuit Court at Hartford, Conn., fixed the
damages sustained at $74,000, which was trebled under a pro­ and lower the first half of the month; shipments of bonds,
vision of the Law. Judge Hough in the U. S. Circuit Court in short-term notes and N. Y.City revenue warrants to the other
this city on Feb. 7 imposed fines of $2,000 each on 27 corpora­ side and quiet purchases on foreign account of Amer. securi­
tions, members of the Paper Board Assn.,which had pleaded ties generally accounted for the weakness. rihe latter half of
guilty to violating the Anti-Trust Law. Justice Grecnbaum the month a complete change occurred and rates sharply ad­
in the N. Y. Supreme Court denied the order of reinstatement vanced and trading became active. The rise was explained
asked by Clarence M. Cohen who was expelled from the N. Y. as being due to the purchase of exchange to pay for the large
Stock Exch. in Jan. 1909 for having, as alleged by the Stock amount of short-term notes which would mature in March and
Exch. authorities, made a “ misstatement upon a material of which a considerable percentage was held abroad. Higher
point” at the time of his application for admission in 1900. discount rates at London and Berlin also played their part in
At a referendum election the electors of Cleveland approved the rise. The Bank of England was obliged to send large
the Tayler ordinance granting a new 25-year franchise to the amounts of the metal to the Continent and to South America,
Cleveland Ry., thus ending a contest in that city which had and reported losses in bullion in every week except one. The
been prolonged for years. Under the ordinance the city has shipments to Paris were in liquidation of London’s indebted­
the right to purchase the property at any time at 110% of the ness to France for English bills discounted in the later months
value, to be fixed in accordance with the terms of the ordin­ of 1909. The Bank reduced its discount rate Feb. 10 from
ance. Three-cent fares with lc. extra for transfers were to be 3% to 3% and the same day the Bank of Germany reduced
tried for 8 mos. to see if the yield would be 6% on the valua­ from 4% to 4%. Open market discounts at Berlin early in
tion, but maximum fare in any event not to be more than 4c. the month dropped to 2%% but the closing quotation Feb. 28
for a single fare, or 7 tickets for 25c., with lc. extra for trans­ was 3%. At Paris the open market rate Feb. 28 was 2% and
fers. The Knickerbocker Tr. Co. of this city increased its the decline was owing to an over-supply of funds at that point,
capital $1,200,000, the new stock being offered at $200 per due to some extent to the shipment of gold thither from Lon­
share to the holders of Series “ A” certs. In Boston there was don. From 4 8625@4 8630 Feb. I sight bills declined to 4 86
a consolidation of tlife City Tr. Co. with the OldColonyTr. Co., @4 8605 Feb. 11. The close Feb. 28 was 4 8710@4 8715,
forming the largest trust co. in New Eng. Mayor Gaynor of showing an advance the last two weeks of over a cent per £ ,
this city suggested the advisability of abolishing the personal and it was reported that contracts had been entered into for
delivery of exchange in March at a further rise of almost half a
property tax upon individuals.
cent. Gold exports were limited to about $1,500,000 shipped
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s . — In the early
part of Feb. the downward movement on the Stock Exch. to Argentina. At London open market discounts Feb. 28
continued in full force. The disturbing influences, as already were 2%@2%. We have referred above to the sharp break
pointed out, were chiefly political, the same as during Jan. in the price of silver and the cause of it; the quotation Feb. 28
The failure of Fisk & Robinson did not seem to exert any was 23 5-16d.
special depressing effect; nor did the vety poor returns of
MARCH— C u r r e n t E v e n t s . — Certain political developments
net earns, made by most of the Western roads in their state­
ments for Dec. have much influence. The Nor. Pac. for this this month appeared to have a far-reaching importance, and
single month lost $1,637,929 in net, the Atch. $1,166,068, the there was renewed anxiety concerning the cases before the
Mil. & St. P. $1,165,362, the Northw. $820,573, the B. & Q. Supreme Court. The Tobacco suit remained undecided, and
$764,381, &c. It was recognized, apparently, that these ex­ in the week beginning Mch. 14 the Court heard extended ar­
traordinary decreases were the result of special adverse cir­ guments on the Standard Oil case and also on the validity of
cumstances, in particular exceptionally severe weather condi­ the Corporation Tax Law. An entirely new factor was intro­
tions. The prodigious liquidation induced by fears of the duced by the sudden death from apoplexy on Mch. 28 of
Govt.'s radical policies culminated on Feb. 8. A sharp re- Justice David J. Brewer, admitted to be one of the staunchest
covery ensued the next few days and the rest of the month the defenders of Constitutional rights remaining on the bench.
tone very gradually but very considerably improved, with an In the House of Representatives an effort to curb the author­
enhancement of values throughout the list Mil. & St. P. ity of Speaker Cannon proved successful. On Saturday,
com. opened Feb. I at 147%, sold at 142% ex. Feb. 10 and Mch. 19, after a prolonged contest, the “insurgent” Repub­
closed at 145% Feb. 28. Un. Pac. com. opened at 185%, got licans, in combination with a solid Democratic vote, suc­
down to 178% Feb. 8, advanced to 1S8% Feb. 24 and closed ceeded in passing a resolution providing for a new Committee
Feb. 28 at 188; Reading com. w’as 159% Feb. 1, 155% Feb. 3, on Rules to be selected by the House itself instead of, as
172% Feb. 18 and closed at 167%; Penn, was 133% Feb. 1, theretofore, by the Speaker. It was expressly provided that
129% ex. Feb. 8, 134% Feb. 19 and closed at 134%; U. S. the Speaker should not be a member of the new committee.
Steel com. from 82% Feb. 1 got down to 75 Feb. 8 and closed Another event caused consternation in the dominant party.
at 81%. Amal. Cop. from 82% Feb. 1 dropped to 70% At a by-election in the 14th Congressional District of Mass,
Feb. 8 and closed at 76%. The Minn. St. P. & S. S. M. in­ to fill the vacancy caused by the death of W. C. Lovering, the
creased its s.-a. div. on com. from 3% to 3%%; the Midvale Republican candidate was overwhelmingly defeated. In
Steel Co. declared a stock div. of 1,200%, increasing the cap. 1908 Mr. Lovering had had a plurality of 14,250. Now
stock from $750,000 to $9,750,000; the Int. Smelt. & Refill. Eugene N. Foss, a former Republican who had fallen out
Co. increased its quar. div. from 1%% to 2%; the Amer. Coal with his party on tariff matters, received 14,980 votes, run­
Co. reduced its s.-a. div. from 5% to 3%; the P. C. C. & St. L ning on the Democratic ticket, as against 9,340 votes cast
offered to its shareholders $7,015,600 new com. stock at par; for William R. Buchanan, Republican. The contest was
Harvey Fisk & Sons offered $11,000,000 of 6% secured conv. fought on national issues, Mr. Foss taking a stand against a
notes of the Hudson Cos. (McAdoo tunnel system); the Re­ high tariff and in favor of reciprocity with Canada. It was
public Iron & Steel Co. sold to bankers $10,000,000 5% mtge. assumed this upheaval meant dissatisfaction with the tariff
bonds; the Lackaw. Steel Co. created $10,000,000 5% 1st policy of the Republican Party and with the high cost of
cons. mtge. conv. gold bonds, Ser. “ A” ,and$10,000,000 5-yr. living (food products keeping steadily rising), which was
5% conv. gold debs. The Kan. City Term. Ry. sold $10,­ ascribed in part at least to the tariff. In view of this election
000,000 of its 4% bonds to a syndicate. Speyer & Co. an­ it would obviously have been folly for President Taft to risk
nounced that they had sold the entire $12,000,000 of gen. lien a rupture with Canada in the pending controversy regarding
5s of the St. L. & S. Fran. RR. purchased by them some time our new tariff law, and the negotiations shortly thereafter
before; a large amount of the bonds was sold in England, took a favorable turn. The Dominion was accorded the
France and Germany; $7,103,000 1st M. 5s of the Amal. As­ benefit of our minimum tariff, notwithstanding she made
bestos Corp., a Canadian corp., were offered for sale by bank­ only minor concessions. It was evident, however, from the
ers in this country and in London. In the long-pending ous­ cordial communications exchanged between the two govern­
ter suits against the Int. Harvester Co., the Supreme Court of ments that the way had been paved for closer trade arrange­
Kansas, with the consent of the State and the company, ments later on. Earlier in the month an agreement had also
issued a modified order allowing the co. to continue to trans­ been reached with France, and therefore no need was found
act business in Kansas but under the control of the Court, and for enforcing our maximum tariff against any country in the
prohibiting the co. from making exclusive contracts with world. Disclosures of legislative graft in various parts of
agents, limiting territory,and otherwise violating the State’s the country were among the depressing incidents of the
month. At the trial of Jothain P. Allds, former leader of
anti-trust laws




Jan. 7 1911. j

T H E C H R O N IC LE

13

the Republican majority in the N. Y. Senate, Allds was There were reports several times of damage to the growing
found guilty by a vote of 40 to 9 of the charge made by Sen­ winter wheat— at first from winter killing and later from
ator Bonn Conger that Allds in 1901, while majority Leader continued dry weather in the Southwest; wheat prices, how­
in the Assembly, had taken a bribe of SI,000 to kill a bill ever, were not greatly changed, the May option at Chicago
inimical to bridge companies with which Conger and his rela­ Mch. 31 closing at $1 14%, against $1 15% Feb. 28, an early
tives were connected. An investigation was also begun by decline of 5c. being succeeded by recovery. The May op­
William H. Hotchkiss, New York Supt. of Insurance, of the tion for corn at Chicago sold down from 66%c. Mch. 1 to
legislative expenses of fire insurance companies. This 60% Mch. 22, with the close Mch. 31 62%c. May oats at
yielded many traces of legislative graft and attempts at legis­ Chicago declined from 47%c. Mch. 1 to 42%c. Mch. 22, with
lative bribery, not only in the case of lire insurance com­ the close Mch. 31 43%c. Copper weakened fractionally.
panies, but also in the case of the casualty companies. At The return for February revealed an increase again in stocks,
Pittsburgh there were wholesale confessions and disclosures with domestic deliveries reduced and foreign exports down to
of graft money paid to members of the local councils by banks small figures. The Amal. Copper Co. in a statement to the
in return for being designated depositories of city funds. N. Y. Stock Exchange showed only a little over 2% earned
Some new trust prosecutions were also a feature. On Mch.21 on its stock for the 8 months to Dec. 31 1909. The N. Y.
the Federal Grand Jury at Chicago, sitting before Judge Lan­ Cent. Rlt. increased its quar. div. from 1% to 1%%; this
dis, returned indictments against the National Packing Co. followed the declaration of 6% extra on Lake Shore stock
and ten subsidiary meat-packing corporations charging them and also extra or increased distributions by other subsidiary
with carrying on operations in restraint of trade. A de­ properties. The Bank of England Mch. 17 advanced its rate
murrer to these indictments was sustained in June, but a new of discount from 3 to 4%. It got considerable amounts of
grand jury investigation was ordered. In the criminal branch gold in the open market, but was obliged to meet large de­
of the Supreme Court in this city indictments were brought mands for gold from India and Egypt. Its bullion holdings
against 87 poultry dealers connected with the N. Y. Live between Feb. 17 and Mch. 31 declined £3,736,196. British
Poultry Commission Merchants’ Protective Association and finances were disturbed; as the Budget of the previous year
with two unincorporated organizations of the kosher poultry had failed to pass, and no substitute had been provided,
dealers in Harlem and on the East Side, charging conspiracy there was no obligation to pay most of the taxes and the
and monopoly in restraint of trade. The American Federa­ Government’s revenues fell very short. The income taxes
tion of Labor, which in January, through Samuel Gompers, are usually paid in the March quarter and the deficit now be­
had petitioned Mr. Taft to investigate the U. S. Steel Cor­ came very pronounced. Large new issues of Treasury bills
poration as an illegal combination, also again became active. had to be made and previous issues now maturing taken up;
On Mch. 22 documents were presented to Mr. Wickersham besides which a war loan of 1900 for £21,000,000 was to ma­
intended to show that the Steel Corporation was operating ture April 5. The House of Lords adopted resolutions in­
in contravention of the 1890 law. On Mch. 30 the union also troduced by Lord Rosebery (anticipatory of action by the
laid grievances with reference to the company’s operations in Government shearing it of power) expressing its views that
Gary, Ind., and other Indiana cities before Gov. Marshall of a strong second Chamber was a national necessity and assert­
Indiana. Among the grievances alleged were that peonage ing that the requirement could be met by a reconstruction of
was being practiced at Gary and that the Steel Corporation the present House and declaring also that “posssession of a
was operating in violation of the State statutes and in re­ peerage should no longer of itself give the right to sit and vote
straint of trade. The Phila. Rap. Transit strike passed in the House of Lords.” Premier Asquith, however, ignored
through harassing stages, owing to sympathetic action in this action by the Lords, and when the Commons re-assembled
other trades. On Saturday, Mch. 5, a general labor strike Mch. 29, after the Easter recess, introduced his own radical
vVas begun in Philadelphia in aid of the trolley employees, proposals. The Czar of Russia extended the authority of
and quite a number of laborers, particularly in the textile the Domna over Finland. A speech of Jacob II. Schiff on
trades, obeyed the order to quit work. Milkmen, bakers, Japanese and Manchurian affairs at the Republican Club in
grocery clerks and other dispensers of the necessaries of life this city Mch. 5 created a mild sensation. Mr. Schiff inti­
were exempted from this general strike order, but the fol­ mated that Japan had joined hands with “ Russia, the enemy
lowing Sunday, Mch. 13, the Central Labor Union ordered of all mankind,” and had succeeded in drawing “ perfidious
these classes of employees to stop work also. The Central Albion” into a scheme to prevent the enlightened develop­
Labor Union also adopted a resolution calling “ upon the ment of China—In other words, to prevent the carrying out
working men and women of America and their sympathetic of the “ open door” policy. He expressed the opinion that
friends as their first sympathetic act to withdraw all their such action was a menace to the world. Bank note circu­
funds that they have on deposit with the banks, thereby lation secured by Government bonds again increased, rising
teaching the bankers that without the money of the workers from $679,387,520 to $685,311,486. Government revenues
their institutions of finance must be a failure, as without the for the month exceeded the disbursements and Treasury cash
labor of the workers all industry must cease.” This latter holdings increased from $301,166,738 to $308,425,014; Gov­
action only excited ridicule. Senator Penrose of Penna. ernment deposits in the banks declined from $48,018,090 to
then obtained a proposition of settlement from the Rapid $47,603,386. The U. S. Supreme Court annulled some im­
Transit Co.,, involving noteworthy concessions; but this was portant orders of the Inter-State Commerce Commission.
rejected, and the leaders now talked of extending the general One was in the celebrated Portland Gateway case. The Com­
labor strike so as to cover the whole of Pennsylvania. The mission had sought to require the No. Pac. to join with the
refusal to accept this proposal alienated public sympathy, Un. Pac. and Chic. A No. Wes. in establishing a through
and no State-wide strike developed, while the general strike passenger route and joint rates from Puget Sound territory
within the city of Philadelphia underwent disintegration. via Portland, Ore., to St. Paul and Chicago, notwithstand­
The mill and factory operatives in the textile trades were the ing that the No. Pac. has a through route over its own lines.
first to abandon the general strike (the Textile Workers’ This would have obliged the No. Pac. to content itself, as
Union having on Mch. 22 recommended such a course) and far as this new route is concerned, with a haul of 140 miles
employees in other trades quickly followed. A labor con­ from Portland to Seattle (between which points it constitutes
flict on the roads in the western half of the United States was the only line) instead of the haul of 1,900 miles from Seattle
also at one time threatened, but was finally averted. On to St. Paul, or the haul of 2,500 miles (in connection with the
Mch. 14 at midnight W. S. Carter, President of the Brother­ Burl. A Quincy) to Chicago. The Supreme Court declared
hood of Locomotive Firemen and Enginemen, unexpectedly that, inasmuch as the No. Pac. itself maintains a “ satisfac­
announced that a call had been issued to the firemen on 49 tory or reasonable route” as provided in the statute, the Com­
Western roads to stop work the following week. This would mission could not require the company to join in creating
have involved half the railroad mileage of the country. The another route. “ The condition in the statute is not to be
Managers’ Committee, however, of the roads invoked the aid trified away,” said Justice Holmes. In another decision the
of the Erdmann Act and asked the Chairman of the Inter­ Supreme Court annulled thq order of the Commission re­
State Commerce Commission and the U. S. Commissioner quiring the Del. Lack. A West, to grant a physical connection
of Labor to intervene. This proved efficacious. On Mch. 22 with the Rahway Vallejr Ry. at Summit, N. j. On the other
the arbitrators announced their award in the case of the de­ hand, the Supreme Court affirmed the judgment of the North
mands of the switchmen on the railroads running out of Chi­ Dakota Supreme Court enjoining the No. Pac., the Gt. Nor.,
cago for higher pay; members of the Switchmen’s Union of Ac., from charging higher coal rates than prescribed by the
North America were granted an increase of 3c. an hour; no North Dakota law of 1907. Justice Holmes said there ap­
increase was awarded assistant yardmasters, but switch- peared to be so much uncertainty as to the rate actually
tenders and towermen were given a horizontal advance of being confiscatory, the Court did not feel justified in over­
$5 a month. The 111. Board of Arbitration had on Mch. 18 ruling the State Court. In a decision by the Appellate Di­
given the Brotherhood of Railroad Trainmen 2c. an hour in­ vision of the N. Y. Supreme Court (First Dept.) the dealings
crease, but, owing to the impracticability of having two rates on the N. Y. Cotton Exchange were held to bo legitimate
of wages for men engaged in the same yards, the railroads transactions. The Public Service Commission by a divided
later granted 3c. an hour increase in this case also. Besides vote after extensive hearings dismissed the complaints against
these general advances, agreements for increases in the pay the 10-cent fare to Coney Island. The N. Y. Stock Exchange
of one kind of labor or another were reached separately by announced a scheme of reforms to prevent reprehensible
many large railroad systems, notably on the Balt. & Ohio, practices on the Exchange. Under the new rules (which
the Penn., the Reading, the Leh. Valley, the N. Y. Central, went into effect Monday, April 4) those bidding for or making
the N. Y. N. II. A II., Ac., Ac. Middling upland cotton tenders of large blocks of stocks cannot refuse to accept or
in this market, after declining to 14.65c. Mch. 7, advanced to sell smaller blocks if in 100-share lots. Specialists and other
15.35c. Mch. 28, with the close Mch. 31 15.10c. Print cloths brokers are forbidden to trade with themselves, and the rule
at Fall River were nominally 4c. up to Mch. 3 and thereafter against the acceptance of speculative accounts of employees
4@4LL In cotton goods, owing to the lack of demand, sub­ was extended so that it would apply not merely to clerks or
stantial reductions were made, bringing prices in some in­ members of the Exchange, but also to those of banks and
stances much below the basis of cost of the raw material. other financial institutions. The unlisted department of



14

THE CHRONICLE

[VO L.

LXXXXII.

the Stock Exchange was abandoned with the close of March, Feb. 26.’t$Money holdings'of^these institutions rose from
in accordance with action taken the previous July. The $145,121,900 Feb. 26 to $148,314,300 Mch. 12, declined to
West. Un. Tel. Co. and also the Postal Tel. Co. on Mch. 7 $145,411,600 Mch. 26 and were $146,334,000 Apr. 2. Call
inaugurated a system for sending anywhere within the U.S. loans on the Stock Exchange during the month ranged from
50-word letters at night at the cost of 10 words during the 1% to 3%, with the rates Mch. 31 2%@3. Time money at
day, the messages, if filed any time up to midnight, to be de­ the close was 3%@4 for 60 days, 4 for 90 days and 4@4%
livered the next morning either by mail or messenger at the for 4, 5 and 6 mos., and 4% for over the year. Two names
option of the company. The Knickerbocker Trust Co. of commercial paper closed at 4%@4%, with the best single
this city effected its complete rehabilitation by providing for names 4%@4% and good single names 5@5%.
F o r e i g n E x c h a n g e , S i l v e r , & c . — Foreign exchange tended
the payment of the last outstanding claims of depositors ex­
isting at the time of its suspension in October 1907. Ex-U.S. strongly upward during March. About Mch. 7, how­
Senator Thomas C. Platt, and former Republican leader of ever, calculations of operators were completely upset by a
this State, died Mch. 5. N. Y. City Mch. 21 offered $50,­ sharp break and the abrupt withdrawal of inquiries for re­
000,000 50-year bonds with the interest raised to 4%%, but mittance. The weaknesswvas attributed to extensive for­
redeemable in 20 years; 440 bids were received for an aggre­ eign subscriptions for large new loan offerings by American
gate of $194,562,050. The price realized was not quite as railroads and industrial corporations and to expectations of
good as expected, the award being at an average of 101.28— considerable subscriptions for the $50,000,000 New York
a basis of 4.155%, assuming the bonds to be retired in 20 City loan. The advance Mch. 17 by the Bank of England of
years. It was estimated that $10,000,000 of the bonds its rate from 3% to 4% again sharply reversed the course of
exchange. On that day the market was thrown into a state
was placed abroad.
of demoralization and a sharp rise in demand sterling led to
R a il r o a d E v e n t s a n d S to c k E x c h a n g e M a t t e r s . — Renewed
weakness developed on the Exchange during March. In the fears that gold would have to be shipped forthwith. But
early part the recovery which occurred in February made bankers associated with important new financing projects
further progress and the tendency was upward with the in­ supplied bills with great freedom, preventing an outflow
dustrial stocks strong, led by U. S. Steel. A favorable in­ until the next month. Open market discounts at this time
fluence was the increase in the dividend rate on N. Y. Cent, showed advances in all the European centres. Sight bills
from 5% to 6%. After the first ten days, however, the were 4 8710@4 8715 Mch. 1, advanced to 4 8730@4 8735
course changed and prices fell off. Then the market.for a Mch. 5, declined to 4 8665®4 8670 Mch. 11, reached 4 8770
time became dull and narrow. The latter part of the month @4 8780 Mch. 30 and closed Mch. 31 4 8760@4 8770. We
there was pronounced depression, with large and general have alluded above to the diminution in the bullion holdings
declines. The series of sympathetic strikes in Philadelphia of the Bank of England each week. Open market discounts
did not appear to exert much adverse influence, but all at London Mch. 31 were 3% to arrive and 3% for spot; bills
through the month one labor controversy after another kept at Paris 2% (after having been 2%) and at Berlin 3%, after
looming up; and while these were all finally adjusted without having been 3%. Silver in London sharply recovered and
a strike, the effect was very disturbing, and furthermore closed at 24 3-16d.
adjustment invariably involved an increase in wages. Then
APRIL.— C u r r e n t E v e n t s . — An unexpected announcement
also ex-President Roosevelt, after his year’s hunt in Africa,
was now traveling through the civilized portions of the old from the U. S. Supreme Court concerning the anti-trust cases
world, homeward bound, and though he did not discuss served for a time to revive confidence. On Monday, April 11,
American politics, there were many indications going to show the Court announced that both the suit against the Amer.
that he was getting ready to take an active interest in affairs. Tobacco Co. and that against the Standard Oil Co. had been
The by-election in'Massachusetts seemed to present the possi­ restored to the docket for rehearing and reargument. The
bility of a change in the country’s tariff policy. Then,also, event was given a favorable interpretation, some contend­
the unfavorable condition of our foreign trade clearly fore­ ing it showed the Court was closely divided. In any event,
shadowed the gold exports which came the next month in it meant delay, and this, it was argued, would be helpful
large volume. Reading com. was 171% Mch.9, 162% Mch. in enabling the Court to find a way to construe the Anti­
30 and closed at 164%; U. P. com. fell from 193% Mch. 9 to Trust Law so as to bring it in accord with modern-day re­
181% Mch. 31, but closed the same day at 183%; Mil. & quirements in the industrial world. The previous Monday
St. P. com. was 149% Mch. 9, 139% Mch. 31, closing at (April 4) the U. S. Supreme Court had handed down three
140%; N. Y. Cent, opened Mch. 1 at 122, sold at 128 Mch. 9 decisions which were also looked upon as highly encouraging.
fell off to 120% ex. Mch. 31 and closed at 121%; U. S: Steel Three State laws were held invalid because they violated
com., opening at 81%, sold up to 89% Mch. 9, but got down Constitutional requirements. One grew out of a Nebraska
to 81% Mch. 31. with the close 82%; Amal. Cop. from 77 statute requiring railroads to build switches or spin’s to grain
Mch. 1 rose to 84 Mch. 9, then declined to 72% Mch. 31, with elevators along their tracks. The Missouri Pacific had re­
the close 74%. The Ches. & O. decided to issue $37,200,000 fused to run a spur alongside an elevator operated at Manley,
4%% conv. bonds and sold $31,390,000 to a syndicate, sub­ Neb., by the Manley Co-operative Grain Co. In upholding
ject to the right of the stockholders to subscribe at 93% the course of the road and reversing the judgment of the
and int. Bankers offered at 93% $15,000,000 Lake Shore State courts against the company, Justice Holmes pointed
4s, issued to take up a corresponding amount of 3-year out that “railroads, like other owners of property, have rights
notes which had fallen due Feb. 1. They also offered at 95 that arejprotected by the Constitution,” and declared that
$11,000,000 of Jamestown Franklin & Clcarf. 4s, guar, by property could not be taken without compensation. The
the Lake Shore. The Atch. authorized $43,680,000 new Nebraska statute had been amended subsequent to the time
50-yr. 4% conv. bonds and offered them to shareholders at when the case under consideration originated, and the
102%. Bankers offered $22,000,000 of Chic. City & Con­ amended law, according to Justice Holmes, affords proper
necting Rvs. (representing Chicago Street Rys.) 5s at 95. compensation. In another case, which involvod the dis­
The Chi. R. I. & Pac. sold $6,750,000 4%% equip, trusts. tribution of cars under the rules of the Amor. Ry. Assoc.,
It also sold $11,000,000 Rock Isl. Ark. & La. 1st 4%s. penalties imposed by order of the Arkansas RR. Commission
• Bankers offered at 97% $12,500,000 1st 4s of the Kan. City on the St. Louis Southwestern Ry. Co., for failure to furnish
Terminal Ry. under a guaranty of the proprietary companies 51 cars demanded by shippers, were declared void. As
using the terminals. Bankers offered at 91% $12,500,000 the activities of the Amer. Ry. Assoc, are so largely inter­
f.’in. Ham. & Day. 1st and ref. 4s guar, by the B. & O. state in character, the U. S. Supreme Court held it was be­
Norf. A West, offered to its shareholders at par $10,993,000 yond the power of the Arkansas Commission to interfere,
conv. 4s. Short-term obligations again became numerous. and that the proper forum to remedy any evil was the Inter­
Balt. & O. placed $10,000,000 1-yr. 4% notes; Chic. & Alt. State Commerce Commission. In the third case above re­
placed $2,500,000 3-yr. 5% secured notes; the St. L. & San ferred to, a judgment by the Kansas Supreme Court against
Fran, sold $8,000,000 3-yr. 5% notes to take up $7,500,000 of the International Text Book Co. was likewise reversed.
notes called for payment July 1 1910 and for other purposes; Kansas had sought to compel the company to file a statement
Pac. Tel. & Tel. Co. sold $7,000,000 of 4%% 2-yr. notes; of its condition precedent to its doing business in the State.
the Maine Cent. RR. placed $5,000,000 2-yr. 4%% notes. The U. S. Supreme Court held that in conducting its corre­
The syndicate formed the previous year to underwrite $41,­ spondence schools, the operations of the company are inter­
000,000 devel. and gen. mtge. 4s of the Southern Ry. to re­ state in character and the requirements which the State
tire $31,000,000 of maturing notes was dissolved, a “large sought to impose would put a burden upon inter-State com­
percentage” of the bonds being distributed to the partici­ merce; accordingly the Kansas statute was held invalid.
pants; the Pullman Co. announced a stock dividend of 20%, The postponement of the. trust cases vested with still greater
importance the appointment to the Supreme Court bench by
calling for $20,000,000 new stock.
President Taft of a successor to Justice Brewer. Towards
T h e M o n e y M a r k e t .- —The local money market about the
middle of March showed noteworthy firmness and rates for the close of the month it was definitely announced that the
time loans and commercial paper were distinctly higher, but position had been tendered to Gov. Charles E. Hughes of
the rise was not maintained. Surplus reserves, after declining this State and that Mr. Hughes had agreed to accept on the
from $20,815,450 Feb. 26 to $7,726,200 Mch. 12, increased understanding that he was not to take his seat until the fol­
again to $14,949,650 Mch. 19 and then dropped to $4,958,075 lowing October. Government and legislative activity con­
Apr. 2. Money holdings declined from $333,071,600 Feb. 26 tinued to cause disquietude. The Administration Railroad
to $320,252,200 Mch. 12, recovered to $325,559,100 Mch. 26 Bill, involving many radical and revolutionary propositions
and then fell off to $315,382,900 Apr. 2. Loans increased • as it then stood, was on April 1 favorably reported (with
from $1,237,012,700lFeb. 26 to $1,258,054,200M:ch. 26 and certain alterations and amendments) by the ilouse Committee
were $1,253,700,500 jfApr. 2. Deposits^fluctuated from on Inter-State and 'Foreign Commerce, just as it had the
week to week, but were $1,249,024,600 Feb. 26, $1,259,­ previous month been favorably reported (also with certain
013,500 Mch. 26 and $1,241,699,300 Apr. 2. Loans of alterations and amendments) Tin the upper branch of Con­
the trust companies^and State7,banksTnot in the Clearing gress by the Senate Committee on Inter-State Commerce.
House were $1,176,080,200];Apr. 2£against!$l,l49,076,400 On Saturday, April 9, President Taft and Afctor*ey-General



Jan.

7 m i .]

THE CHRONICLE

Wickersham^bothjraade speechesjand indulged in vigorous
talk aimed at those Republicans who were suspected of being
out of accord with the Administration policies. The Presi­
dent spoke at Washington before the League of Republican
Clubs of the District of Columbia, and though the language
he used was free from asperity, its meaning was unmistakable.
He took pains to state that “ to-night we are reading nobody
out of the Republican Party,” but declared that “ the time
had come for doing, and voting, and passing the measures
placed before this Congress.” Mr. Wickersham spoke at
Chicago at the Appomattox Day celebration of the Hamilton
Club and did not mince words. “ He that hath no stomach
for the fight, let him depart.” he said. “ The time of run­
ning with the hares and the hounds is over. Treason has
ever consisted in giving aid and' comfort to the enemy.
If any one wishes to join the Democratic Party, let him do
so; but let him not claim to be a Republican and work in and
out of season to defeat Republican measures and to subvert
the influence of the Republican President.” Mr. Wicker­
sham also pointed out that, besides the proceedings which
the Dept, of Justice had pending to break up a supposed
combination in the anthracite coal trade, “ the Department
has now under preparation a proceeding against a similar
combination affecting bituminous coal,” and he spoke of the
necessity “of clinching the reforms of the last eight years on
the lines so carefully and so wisely laid down in the platform
of 1908.” Under the depressing influence of these speeches,
the stock market Monday, April 11, opened in great gloom,
and recorded large and general declines in prices. When,
however, at noon, the news came from Washington that the
trust cases had been assigned for re-argument, the course of
the market was at once reversed and prices rapidly bounded
upwards. The improvement continued for more than a
week, but was lost again the latter part of the month under
further Government activity and political developments
which were considered unfavorable. April 19 inquiry was
begun in this city before the Federal Grand Jury into an al­
leged pool agreement in cotton. The Government’s action
was against Frank B. Haync and William P. Brown of
New Orleans, and had reference to cornering operations
which these parties, together with James A. Patten and
others, were supposed to be contemplating in the May and
July options in that staple. Early the next month the in­
quiry was extended by the institution of a new proceeding in
which James A. Patten was named as the principal defend­
ant. It also transpired during April that the Dept, of Jus­
tice had the Chicago Board of Trade under investigation to
see if its dealings were in violation of the Sherman Law. At
Elgin, 111., the Federal Government instituted a legal in­
quiry into the alleged fixing of the price of butter; at Chicago,
according to the news dispatches, it was undertaking an in­
vestigation of the egg trade. Even more disturbing were
the political developments. In Milwaukee on April 5 Emil
Seidel, the Socialist candidate for Mayor, was elected by a
plurality of 0,911 votes, notwithstanding that he was op­
posed by strong candidates in both Republican and Demo­
cratic parties. The so-called Social-Democrats also elected
the six Aldermen-at-Large and carried 14 wards out of 23,
giving them a large majority in the Council. In the 32d
Congressional District of this State George W. Aldridge, the
Republican candidate, was defeated, by a plurality of 5,842,
by James S. Havens, the Democratic candidate. The elec­
tion was to fill the vacancy caused by the death of James B.
Perkins, Republican, who in 1908 had a plurality of 10,167.
Mr. Aldridge was known as the Republican boss of Rochester,
and was opposed by many Republicans on that ground and
also because of certain disclosures at the insurance investiga­
tion conducted by the State Superintendent of Insurance.
The evidence showed that Mr. Aldridge had received a 81,000
check from Elijah J. Kennedy, an agent of the fire insurance
companies. Mr. Aldridge admitted the receipt of the check,
but said it was for campaign purposes and he denied having
benefited personally. Mr. Havens on his part made a fight
on the tariff issue and the high cost of living. As it happened,
too, Senator Nelson W. Aldrich of Rhode Island and Eugene
Hale of Maine both gave out letters saying that they would
not be candidates for re-election to the U. S. Senate. This
meant that their services in that body would end the follow­
ing March 4. Both had been in the Senate for nearly 30 years,
exercising during that period a tremendous influence upon
legislation, generally in a conservative direction— so much
so that they had become known as members of the so-called
“ Old Guard.” Necessarily, anxiety developed as to the con­
sequences to follow the absence of the restraining influence for­
merly exercised by these long-time leaders. Enormous gold
exports were also a depressing feature; they were attended by
high money rates here the latter part of the month; total
shipments from this port aggregated over 835,000,000, of
which 831,150,000 went to Great Britain and 83,000,000 to
Brazil This outflow was due in part to the unfavorable
state of our foreign trade (our merchandise imports for March
having exceeded the merchandise exports by 819,254,613)
and in part to the needs of the Bank of England. The
Bank’s reserve was low, while there seemed to be particular
need for the Bank to fortify its position on account of the
tremendous speculation which was still being carried on in
rubber and oil shares, and the further fact that Government
finances in the United Kingdom were completely disar­
ranged, owing to the holding up of the British Budget. To
attract the'metal, the Bank offered 2d.premium per oz. for




15

American double eagles, giving 76s. fid. It was also suc­
cessful in obtaining gold from other sources. By Apr. 21
its ratio of reserve had been raised to over 50%. After gold
had been procured in such large amounts here, the Bank
lowered its price for eagles Id. per ounce. With the help of
the Irish Nationalists, the Budget was finally passed in the
House of Commons and also received the approval of the
Lords. Receipts of taxes the next month were very heavy.
The speculation in rubber shares in London continued un­
abated and some of the Exchange firms were obliged to give
notice to their customers that they could not carry out new
orders for a whole fortnight, owing to inability to cope with
the mass of business. Some of the shares originally issued
at £1 sold at £10 to £20. The price of rubber advanced to
above 83 per lb., touching 12s. lOd. per lb., the highest
figure on record. The crop outlook was viewed with much
solicitude, and on frosts and cold weather a crop scare en­
sued. The Dept, of Agriculture Friday, April 8, reported
winter-wheat condition Apr. 1 only 80.8, against 95.8 the
previous December and comparing with 82.2 Apr. 1 1909
and 91.3 Apr. 1 1908. As the month progressed the crop
improved, but storms and frosts and severe cold weather,
extending over wide areas of the West and South, which .
came April 23 to April 25, seemed to deal a severe blow at the
agricultural promise generally. Fruit suffered severely in
some of the States from the frost, inasmuch as March had
been a warm month, and blossoming had come much earlier
than usual. Killing of young cotton plants in some of the
States east of the Mississippi was also reported, but ample
time remained to replant. Practically no injury appears to
have been done to winter wheat. Prices of wheat tended
downward, except that some recovery occurred on reports
of damage from the frosts. At Chicago the July option de­
clined from 81 0 8 % April 1 to 9 9 % c . Apr. 20, with a re­
covery to 81 0334 Apr. 30. The July option for corn at
Chicago declined from 64J4c. to 59%c., with the close
62*4c. In cotton, aside from the effect of frosts, interest
converged chiefly on the intentions of those supposed to be
manipulating prices of the May and July options. A large
short interest existed in the May option, and cotton was
rushed here in large amounts from the South, from Europe
and elsewhere, making it evident that those manipulating
prices would have to take large amounts of actual cotton.
On Friday, Apr. 29, notices of intention to deliver over
200,000 bales were given, and 173,900 bales were actually
delivered on Monday, May 2. Middling upland spot cotton
in this market declined from 15.10c. Mar. 31 to 14.55c. Apr. 5,
then advanced to 15.30c. Apr. 12, and after wide fluctua­
tions got down again to 14.85c. Apr. 28, with the close Apr. 30,
however, 15.25c. Print cloths at Fall River were quoted
at 4 @ 4 % c . up to Apr. 25, when 4c. nominal became the
quotation. Southern mill owners at a meeting at Greens­
boro, N. C., resolved to curtail the output of yarns and cloths
at least one-third between May 1 and Sept. 1 on account of
the unsatisfactory condition of the goods trade. A large
cotton concern in the South went into bankruptcy, namely
Knight, Yancey & Co. of Decatur, Ala. It developed that
this concern had spurious bills of lading out, and this occa­
sioned great anxiety in Europe. Steele, Miller & Co. of
Corinth, Miss., also went into receiver’s hands, with con­
siderable amounts owing to foreign creditors. The monthly
statement of the Copper Producers’ Assoc., issued Apr. 8,
again showed an increase in stocks, and the price of the
metal was depressed. Some slackening in the demand for
iron and steel and their products, with shading of prices, was
also noted as the month progressed. The U. S. Steel Corp.,
however, gave notice of an intention to raise wages, the in­
creases to become effective May 1; the quarterly dividend on
the com. stock was advanced from 1% to l % % . Unfilled
orders were reported 5,402,514 tons March 31, against
5,927,031 tons on Dec. 31 1909. Many railroads made ad­
vances in wages, thus averting labor troubles that at one
time appeared to threaten; likewise many industrial con­
cerns, in addition to the Steel Corporation, announced ad­
vances. In the bituminous coal regions in the Middle and
Middle Western States, however, mining was pretty gener­
ally suspended, owing to inability to come to an agreement
with reference to wages and other matters in controversy; in
some of the States an adjustment was reached before the close
of the month, this applying particularly to the soft-coal re­
gions in Central and Western Pennsylvania, where 40,000
miners returned to work. The strike of the Phila. Rapid
Transit employees, which had begun Feb. 19, and which
was for exclusive recognition of the Amalgamated Carmen’s
Association and for an increase in wages to 25c. an hour, was
formally declared off by the labor leaders on Apr. 18, al­
though a referendum vote by the men showed a small ma­
jority against accepting the company’s terms— see V. 90, p.
1102. A minor incident was a strike of the tugboat masters
and pilots at this port. The Union Bank of Brooklyn Bor­
ough, a reorganization of the old Mechanics’ & Traders’
Bank, which suspended business following the panic of 1907,
closed its doors April 5. On Apr. 7 the Borough Bank of
Brooklyn, which also had suspended during the 1907 panic,
and then resumed, likewise again shut down. Government
deposits in the national banks were reduced from $17,603,­
386 to $46,944,661, but cash in Sub-Treasuries increased
from 8308,425,014 to $310,152,785. National bank circu­
lation fell off from $685,311,4S6 to $683,254,858. Formal
announcement was made that normal dilpomatio relations

16

THE CHRONICLE

between Russia and Austria-Hungary, which had been dis­
rupted when the latter annexed Bosnia and Herzegovina,
had been restored. The Province of Quebec issued an order
prohibiting the exportation of unmanufactured timber cut
on Crown land, the order requiring that all such timber must
after May l 1910 be manufactured in Canada; “ that is to
say, converted into pulp or paper, into bales or boards, or
into any other articles of commerce or merchandise as dis­
tinguished from timber in its raw or unmanufactured state.”
In the Province of Ontario a similar prohibition had been in
effect for many years. The Appellate Division (First Dept.)
of the N. Y. Supreme Court, applying the decision the pre­
vious December of the Court of Appeals of this State, to the
effect that the Public Service Commission had not been
designated the financial managers of corporations, handed
down a decision holding that the Commission for this district
had exceeded its authority in denying in toto the application
of the Long Acre Elec. Light & Power Co. for permission to
issue stock and bonds. Renewed differences broke out with
reference to the differentials on West-bound rates on imports
at Boston, Philadelphia and Baltimore as compared with
New York, owing to the inability of the trades bodies of
Boston, New York, Philadelphia and Baltimore to agree upon
a schedule of differentials. Trouble, however, was averted
by all parties agreeing to accept a ruling made the next month
by the Inter-State Commerce Commission that, pending full
investigation, rates should be identical from Boston, Phila­
delphia and Baltimore and should not from these ports ex­
ceed the rates then in effect from Boston and Baltimore.
After the previous year’s war in this class of rates, Boston
and Baltimore had been given like rates, namely 67c. on
1st class freight to Chicago, while the rate from Philadel­
phia was left at 69c.; now Philadelphia was also given the
67c. rate. Formerly the rate from Boston by the standard
lines was 75c. and via the Canadian lines 70c., with the rate
from Philadelphia 69c. and from Baltimore 67c. In con­
tinuance of the reforms inaugurated by the N. Y. Stock Ex­
change, the Governing Committee proposed further amend­
ment to the constitution of the Exchange, to the end that the
law committee might be empowered, “ whenever the com­
mittee shall deem it to be for the interest of the Exchange,”
to examine into dealings of any member. Previously, the
power to inquire rested with the Governing Committee, a
much larger body, the investigations coming mainly after
failures. A Federal grand jury at Pittsburgh on Apr. 7, in
an action by the U. S. Govt., found an indictment against
the Imperial Window-Glass Co. of Pittsburgh and 16 officials
of the company, charging violation of the Sherman Anti­
Trust Law. The right of the N. Y. Stock Exchange to en­
force its resolution forbidding business intercourse between
its members and those of the Consolidated Exchange' was
upheld in the Appellate Division (2d Dept.) of the Supreme
Court, thus affirming the lower Court.
R a il r o a d E v e n t s a n d S to c k E x c h a n g e M a t t e r s . — The stock
market was dull but strong at the very beginning of April.
On the 7th it began to soften and on April 8 it was decidedly
weak on the unfavorable report of the Agricultural Dept, re­
garding winter wheat and the poor statement of the Copper
Producers’ Association. The speeches Saturday, Apr. 9, of
President Taft and Attorney-General Wickersham had a de­
cidedly depressing effect, and accordingly Monday, Apr. 11,
the market suffered further sharp declines. At the noon
hour there came the news from the U. S. Supreme Court that
the trust cases were to be re-argued. As a result, prices in
the afternoon rose several points and further gains were es­
tablished on subsequent days. The Republican defeat,
however, at the Congressional election in this State on Apr.
19. again produced weakness; and the last week of the month
the crop scare, the large gold exports and the rise in money
rates caused a sharp and general break in prices. The in­
crease in the dividend on Steel common had been looked for,
and the shares declined after the event with the rest of the
market. Mil. & St. Paul com. opened at 140)4 Apr. I,
sold at 144)4 Apr. 14, got down to 135)4 Apr. 28 and closed at
136)4 Apr. 30; Reading com. opened at 164%, touched
168% Apr. 14, dropped to 156% Apr. 28 and closed Apr. 30
at 156%; U. P. com. was 183% Apr. 1, 189% Apr. 14, 177%
Apr. 28 and closed at 177%; N. Y. Cent, declined from 126
Apr. 14 to 1 IS Apr. 28 and closed at 118%; Penn, was 135%
Apr. I, 137% Apr. 14 and 131% Apr. 30; Steel com. opened
at 82%, reached 88% Apr. 14, got down to 79% Apr. 28 and
closed at 80%; Amal. Cop. from 78% Apr. 16 fell off to 66%
Apr. 30. An issue of 830,000,000 4%% equipment trust cer­
tificates was announced for the various lines in theN. Y.Cent.
system. Atch. Top. & S. Fe created 843,686,000 50-yr. 4%
conv. bds. and gave shareholders the privilege to subscribe
at 102%. The L. S. & Mich. Sou. sold in Paris $8,500,000
4% notes running for less than a year, to finance its purchase
of the Tol. & O. Cent, and to pay for its part of the Kan. &
Mich, stock acquired. A syndicate took $6,000,000 of the
N. O. Tex. & Mex. Division 5% bonds of the St. L. & San
Fran. RR. Baldwin Loco. Works sold $10,000,000 of 5%
30-year bonds.
T h e M o n e y M a r k e t . — The large gold exports led to an ad­
vance in money rates all around. The call rate, however,
did not get above 4% until Apr. 28, when, .after shipments of
gold the preceding two days aggregating $14,500,000, the
banks began to call loans in preparation for the lst-of-May
settlements and for the extensive deliveries of cotton to be
made here at the beginning of May. Call loans then ad­



[ VOL.

LXXXXII.

vanced to 7% and Apr. 29 reached a maximum of 6%.
Time money advanced the first half of the month, but after
the large increase in surplus bank reserves Apr. 16, rates
sharply declined; the last week with the further large gold
exports and the calling of loans, there was a renewed rise
and quotations at the close were 4% for 60 days, 4@4% for
90 days to 4 mos., 4%@4% for 5 and 6 mos. and 4%@5 for
loans running over the year. Commercial paper at the close
was 4%@5 for double names and the best single names and
5%@6 for good single names. Surplus reserves of the
Clearing-House banks stood at only $4,958,075 Apr. 2, rose
to S6,490,875 Apr. 9 and then to $14,969,175 Apr. 16, after
which there was a decline to $12,387,900 Apr. 23 and to
$4,182,550 Apr. 30. Monoy holdings were $315,382,900
Apr. 2, $310,562,200 Apr. 9, then recovered to $314,763,800
Apr. 16, but, Apr. 30 got down to $300,610,200. Deposits de­
clined from $1,241,699,300 Apr. 2 to $1,199,178,500 Apr.
16, then increased to $1,206,555,200 Apr. 23, and were
$1,185,710,600 Apr. 30. Loans were reduced from'$1,253,700,500 Apr. 2 to $1,213,704,500 Apr. 16, then moved up to
$1,220,871,700 Apr. 23 and down again to $1,213,104,000
Apr. 30. Money holdings of the trust companies and State
banks not in the Clearing House increased, and were $149,­
514,800 Apr. 30, against $146,334,000 Apr. 2. Loans of
these institutions were $1,176,080,200 Apr. 2, $1,174,544,700
Apr. 16 and then rose to $1,189,727,900 Apr. 30.
F o r e i g n E x c h a n g e , S i l v e r , A c . — Gold exports began with
the opening of April and reached an enormous aggregate, as
noted above, the Bank of England advancing its price for
American eagles to attract the metal. Offerings of bills
against these gold shipments brought occasional recessions
in exchange, but did not tend materially to weaken the ex­
change market. The trade balance was running against the
United States. The placing of short-term notes abroad was
in part offset by the sales of American stocks here for Euro­
pean account. At the close the advance of call money to 7%
brought a sharp decline. Sight sterling Apr. 30 was 4 8760
@4 8770, which was the low figure for the month, but the
same quotation ruled on several other days during the month.
The maximum was 4 8790@4 88 Apr. 26. With the im­
provement in the position of the Bank of England, open
market discounts in London weakened the latter part of the
month, and, after having been up to 3 15-16, closed at 3%
to 3%. At Paris the rate declined to 2% and at Berlin to
3%. The Bank of the Netherlands, however, advanced
from 4 to 5%, and open market discounts at Amsterdam at
the close were 4%%. The tension at that point appears to
have been in part due to the large amount of treasury bills
that the Bank was called upon to accept, and in part also to
Dutch stock market operations in oil and rubber shares.
Silver further advanced, the price Apr. 30 being 24 15-16d.;
there was a continued demand from the Far East, particu­
larly India and China.
MAY.— C u r r e n t E v e n t s . — The sudden death of Edward
VII., King of Great Britain, gave the world a shock. The
King suffered an attack of bronchitis, and heart failure in­
tervened. The public did not even know he was sick until
Thursday evening, May 5, when an official bulletin an­
nounced there was “some anxiety” regarding his condition.
This appeared in the newspapers Friday morning, May 6, and
was followed by alarming accounts as the day progressed; he
died at 11:45 that night. The King’s death came when po­
litical and financial affairs alike in Great Britain were in a
state of tension. But apprehensions of ill effects were quick­
ly relieved. With the death of King Edward, the Prince of
Wales became King, taking the title of George V. As far as
the home political situation was concerned, the passing away
of King Edward had a temporary tranquilizing effect— the
trial of issues between the two political parties being deferred.
Occasion for financial apprehensions also quickly disap­
peared. Collection of the taxes in arrears reached very large
magnitude and public deposits of the Bank of England be­
tween April 28 and May 26 increased from £8,444,000 to £21,­
296,000. At the beginning of May some consternation was
caused by the failure of buyers to bid for the offerings of crude
rubber at the regular auction sales in London, even at sub­
stantial concessions in prices. This led to hurried liquidation
of rubber shares. The next week’s auction sale proved suc­
cessful in face of the King’s death. However, an attitude of
greater caution characterized speculation in rubber and oil
shares thenceforward, with prices tending steadily towards a
lower level. A flurry occurred in the London money market
on one or two occasions, but engagements of gold at Paris and
Berlin quickly produced a comfortable feeling. The bullion
in the Bank of England increased £2,742,721 in the week end­
ing May 5, but was diminished £566,359 the next week and
£475,523 the following week, and increased again £827,712 in
the week ending May 26. The King’s death elicited almost as
many expressions of regret in this country as in the United
Kingdom. The two Houses of Congress adjourned and the
Exchanges quite generally closed, both on the news of the
death and on the day of the funeral. In the financial district
flags were everywhere hung at half-mast and some buildings
also displayed mourning drapery. In New York the finan­
cial outlook was relieved of possible embarrassing features
through the placing of enormous blocks of American securities
abroad, more especially in France. As a consequence export
shipments of gold ceased. The most important single trans­
action was the closing of negotiations by Kuhn, Loeb & Co.

with a group of leading French banks for the sale of $50,000,­ the anti-trust law. The crop situation assumed an encourag­
000 4% 15-yr. debs, of the Chic. Mil. & St. P. Ry. The loan ing aspect. The Govt, report, issued May 9, showed that
was issued entirely in foreign denominations (francs) and with notwithstanding the storms and frost and cold weather during
the consent of the French Covt. the bonds were admitted to April, the condition of winter wheat had improved from 80.8
the official quotation of the French Bourse. Some other April 1 to 82.1 May 1. Furthermore, though much wheat
companies also succeeded in placing loans abroad. The Clev. had been winter-killed, the area remaining under cultivation
Cin. Chic. & St. L. negotiated $10,000,000 4% debs, in Paris was 714,000 acres above the area harvested in 1909. Favor­
through J. P. Morgan & Co. Speyer & Co. and Kuhn, Loeb able news also came concerning wheat prospects in other
& Co. purchased $40,000,000 3-yr. 4%% notes of the B. & O. countries. Prices sharply declined, and the latter part of the
RR. and it was stated these notes had been quickly re-sold, month James A. Patten, who had been holding large amounts
“ largely abroad.” St. L. & San Fran. RR. issued and had of wheat for higher prices, found himself obliged to liquidate.
listed on the Paris Bourse (but not in N. Y.) $7,500,000 gen. Values thereupon collapsed. July wheat in Chicago dropped
lien 5% bonds known as the French series. A block of $3,­ from $1 05% May 9 to 91 % May 31. Other grains also suffered,
049,500 1st M. 5s of the Mo. Okla. & Gulf was offered simul­ July corn at Chicago falling from 63%c. to 56 %c. and July
taneously in London, Paris and N. Y., and is believed to have oats from 41c. to 35%c. In cotton, likewise, the Patten in­
been chiefly taken on the other side. Subscriptions were re­ terest met with ill success in its attempts to bull prices. No
ceived in Paris for $4,000,000 1st 5s of the Fla. Ry. It was corner in the May option for that staple was attempted as had
stated the syndicate which had underwritten the $18,000,000 been feared. The tender of actual cotton on May contracts
adjustment bonds of the Seaboard Air Line had placed $6,­ reached enormous proportions— no less than 335,500 bales—
700,000 of them abroad. At the very close of the month and indeed it was claimed the Patten people were forced to let
$17,500,000 of N. Y. City revenue warrants were sold in go their wheat because of the enormous amounts of cotton
Paris. It is believed there were likewise sales of many small they were obliged to take. Middling upland cotton at N. Y.,
lots of bonds, but reaching a considerable aggregate. In the after rising from 15.25c. April 30 to 16.05c. May 13, closed
foreign political world a speech by ex-President Roosevelt in May 31 at 14.50c., 8-10c. of this decline having come the last
London created a sensation. Mr. Roosevelt was completing day. The suspension of mining in the bituminous coal fields
his tour through Europe and had been appointed to represent of the Middle and Middle Western States continued more or
the U. S. at the funeral of the King. On receiving May 31 the less of an influence in affairs, but mostly in Illinois and the
honorary freedom of the city of London, he made an address Southwest. Elsewhere there seemed to be a gradual resump­
in which he severely criticised British administration of tion of work. The strike at the mills of the Internat. Paper
Egypt— saying that in such a situation as that in Egypt Co., after lasting about 3 mos., ended on May 21. The men
“ weakness, timidity and sentimentality may cause even more gained recognition of the Union and were granted an advance
far-reaching harm than violence and injustice. Of all the in wages of 6%, to go into effect Aug. 1. The strike of the
broken reeds, sentimentality is the most broken reed on which employees of the Bethlehem Steel Corp., which had begun the
righteousness can lean.” A general move was made to ad­ previous Feb- 4, terminated May 18. Congressional action
vance railroad rates in this country and the attempt met with on the Railroad Bill continued to attract a great deal of atten­
much opposition from shippers, and, quite unexpectedly, too, tion. In the House the Bill was passed May 10 by a vote of
from the Federal Govt, acting towards the very close of the 200 to 126, after having been radically amended and a num­
month. These advances were to offset in part the great addi­ ber of important provisions completely eliminated. The Sen­
tion to railroad expenses caused by higher wage-schedules. ate on its part continued its consideration of the Bill through­
Western roads at the close of April had filed a new tariff with out the whole month, making equally radical amendments,
the Inter-State Comm. Comm, providing for higher schedules but not finishing work on it until early the next month, pass­
of charges to go into effect June 1. These advances covered ing it Friday night, June 3, by a vote of 50 to 12. Govt,
many classes of goods and commodities in the territory west of revenues again fell short of the disbursements and treasury
Chicago and seemed to average 10 to 15%, Following this cash was reduced from $310,152,785 to $302,579,906. This
action the Eastern trunk lines now gave notice of an intention followed in part from the increase of Govt, deposits with the
to raise their so-called class rates, the new schedules to bc- banks from $46,944,661 to $50,841,325. Nat. bank circula­
tion, secured by bonds, further decreased from $683,254,858
to $682,765,703. By an Act signed by President Taft May 16,
and which became effective July 1, Congress created a Bureau
from 35 to 40c., third-class from 50 to 60c., second-class from of Mines in the Dept, of the Interior. The N. Y. Legislature
65 to 78c. and first-class from 75c. to 90c. The Chicago-N. Y. adjourned May 27. Among the measures passed was one put­
rates arc basing rates for other points in trunk-line territory ting telegraph and telephone companies under the supervision
and these others wei’e to be raised proportionately. Opposi­ of the Pub. Serv. Comm, for the 2d Dist. and another relax­
tion at first seemed to be mainly to the advance between Chi­ ing the provision in the Armstrong Insurance Laws under
cago and the Atlantic seaboard. At a conference called by which life insurance companies had been prevented from
the Illinois Mfrs. Assn., and which convened at Chicago writing new insurance in excess of $150,000,000 a year. Of
May 17, it was docided to effect a permanent organization and four anti-race-track gambling bills recommended by Gov.
to raise $50,000 for the purpose of fighting the roads. In the Hughes, three were passed by the Legislature. The Gover­
rates west of Chicago the Federal Govt, took a hand, but kept nor’s primary reform bills were all defeated, however, and he
its intentions secret until the last moment. On May 30 a immediately issued a proclamation convening the Legislature
large delegation claiming to represent Western shippers, con­ in extra session June 20. Both Houses did pass a bill provid­
sumers and producers called on Attorney-General Wickers- ing for some reforms in primary methods, but ignoring the
ham and requested that the Federal Govt, enjoin the higher direct-nomination principle. This was unsatisfactory to Mr.
schedules. At that time the Govt.’s plans, as it subsequently Hughes and was vetoed by him after adjournment. Quite a
appeared, were already in process of being carried out, but number of municipalities failed to float 4% new bond issues,
even to this delegation the Attorney-General gave no intima­ including Philadelphia, Milwaukee, Portland, Ore., and Bal­
tion of his intention. Mr. Wickersham was acting with the timore (the latter only partially). The N. Y. Legislature
concurrence of the President and his purpose was to keep his passed a bill for the stricter supervision of the affairs of priv­
arrangements entirely secret and leave the roads without ate bankers; this was mainly with the view to protecting im­
notice of his contemplated action, so that they would not be migrants and did not involve the larger private banking con­
able to present objections to the granting of the injunction cerns. Some more savings banks in this city announced a re­
asked for. Even the name of the Judge before whom it was duction in the rate of interest to depositors from 4 to 3%%;'
intended to make application was carefully guarded. With this followed the action of the few banks which made reduc­
his machinery all ready for action, the Attorney-General tions the previous Jan. F. Augustus Heinze, the copper
waited until May 31 (the higher rates were to go into effect the man, charged with misapplying the funds of the Mercantile
next day) and then got Judge David P. Dyer in the U. S. Dist. Nat . Bank of this city during.his presidency of the institution
Court at Hannibal, Mo., to issue a restraining order. The in­ in 1907, was found not guilty by a jury. The N. Y. Stock
junction was granted on the allegation of the Govt, that the Exch. modified the stringent rules regarding the admission of
advances in rates had been agreed upon in violation of the visitors to its gallery which had been put in force in 1908, fol­
Sherman Anti-Trust Law. The news of this move of the lowing the panic period. Some more irregularities in the
Govt., an inkling of which leaked out about noon, May 31, issue of bills of lading came to light through the collapse of
caused a violent break in prices on the Stock Exch. in the Durant & Elmore, a grain firm at Albany, N. Y.; several
afternoon of that day, and was followed by complete demoral­ Albany banks suffered losses because of such irregularities.
ization on the Stock Exch. the early part of June. It so hap­ The Federal Income Tax Amendment failed of adoption in
pened, too, that on May 31 the announcement also came that N. Y. and was rejected by both Houses of the Massachusetts
the U. S. Supreme Court had decided against the roads in the Legislature; both Houses of the Rhode Island Legislature had
so-called Mo. River rate case, where the Inter-State Commis­ voted it down the previous month, and the House of Dele­
sion had undertaken to readjust rates between the Missis- gates in Virginia had rejected the proposition in March. A
special grand jury returned indictments against certain mem­
bers of the Illinois Legislature, charging the payment of bribes
in connection with the election in May 1909 of Win. Lorimer
down for re-argument before a full bench at the next term of as U. S. Senator. In Pittsburgh a number of bank officials
the Court. After he had obtained his injunction— entirely were convicted and sentenced to imprisonment on charges
without notice to the roads— the Attorney-General stole what growing out of the councilmanic bribery cases, in which pay­
he considered another march on the railroads promptly at the ments had been made to secure for the banks the deposit of
beginning of the next month. He filed a certificate for expe­ city funds. After long negotiations American bankers suc­
diting the suit under the provisions of the Elkins Law and ceeded through our State Dept, in obtaining equal privileges
carried the case at once to the U. S. Circuit Court of Appeals with Great Britain, Germany and France in financing the
for the 8th Circuit— the Court which had condemned the Hankow-Sze-Chuen Ry. and of tendering for supplies. The
Standard Oil Co. as a monopoly operation in contravention of agreement provided for a loan of $30,000,000 to the Chinese



18

THE CHRONICLE

Govt, for the construction of the road. An imperial edict
was issued in China summoning a national assembly to meet
Oct. 3 and urging the people to prepare for a Constitutional
Parliament. The Chinese Govt, published an edict establish­
ing a silver dollar currency throughout the empire. The Fin­
nish Diet protested against the proposed assumption of au­
thority over Finland by the Russian Parliament, but the next
month the Douma, by a vote of 164 to 23, passed the bill ex­
tending its authority over the Diet. The union of the South
African colonies (namely the four colonies of Cape of Good
Hope, Natal, the Transvaal and Orange River) was definitely
inaugurated May 31 with Viscount Gladstone as GovernorGeneral and Louis Botha as Premier. The U. S. Supreme
Court, in the case of the Atch. Top.& S. Fe., affirmed the
Lower Court in holding unconstitutional the Missouri Statute
of 1907, prohibiting foreign corporations from doing business
in Missouri if they seek the removal of cases from the State to
the Federal Courts. The U. S. Supreme Court also upheld
the appraisal of the plant of the Omaha Water Co. in a note­
worthy opinion by Justice Lurton in which he laid down the
rule that the appraisers, in fixing the compensation to be
awarded, were not limited to the “ bare bones” of the plant.
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s . — The stock
market was extremely dull, with the course of prices irregular,
though generally higher until the afternoon of the closing day,
May 31, when the news from Washington precipitated a
sharp downward plunge. There was some weakness at the
very opening of the month, but gradually sentiment became
more optimistic, owing to the return of ease in money, the
cessation of gold exports, the drop in foreign exchange and
news of the large new loan flotations in Europe. Accord­
ingly, a substantial recovery in stock values ensued. News
of the King’s sickness and death brought no material decline,
but did cause somewhat of a temporary halt. The next week
there was a further recovery, though on a small volume of
business, the copper stocks being strong on reports of large
sales of the metal. The rest of the month the market con­
tinued extremely dull. The Exchange was closed both on
Saturday, May 28, and Monday, May 30. When it re­
opened Tuesday, May 31, the same dulness at first prevailed,
but in the afternoon a severe break— reaching 4@5 points in
the case of the active stocks— occurred on the receipt of ad­
vices that the President had instructed Mr. Wickersham to
bring suits against the Western railroads to enjoin the ad­
vances in freight rates which were to have gone into effect
June 1. The tone at the close was utterly demoralized.
Atch. com., opening Monday, May 2, at 107%, sold down
the same day to 105%, then touched 111% May 21, with the
close May 31 106%; Reading com. opened at 156, touched
1 5 3 % May 3, got up to 166% May 21 and closed a t'157%;
U. P. com. was 178 at the opening, 175% May 3, 186 May 21
and closed at 179%; N. Y. Cent, was at its highest May 21
at 122% and got down to 116% May 31. Amal. Cop. moved
up from 63% May 3 to 72% May 21 and closed at 68%; Steel
com. opened and closed at 79%, but in the meantime was
78% May 2 and 85 May 21. We have referred above to the
numerous railroad loans floated in Europe during the month.
Comparatively few new issues were placed in this country.
The Pennsylvania RR. sold to Edward B. Smith & Co. $11,­
000,000 Penn. RR. general freight equip. 4% gold certfs.
A syndicate offered $12,500,000 of the new consol. 4s of the
Leh. & Wilkes-Barre Coal Co. to take up existing issues.
Another syndicate offered $5,843,000 Met. St. Ry. cons. 5s of
the Kan. City Ry. <k Light Co., issued to refund other bonds.
Buf. & Susq. Ry. defaulted May 1 on its $6,000,000 1st 4%s
and a receiver was appointed. Bklyn. Rap. Tran, increased
its quar. div. from 1% to 1% % . The Ches. & Ohio also
increased quar. from 1 to 1% % . Cal. & Hecla Min. reduced
its quar. div. from $8 per share (32%) to $7 per share (28%).
Quincy Min. reduced from $1 50 per share (6%) to $1 25
per share (5%).
• T h e M o n e y M a r k e t . — There was a gradual return to normal
rates with the cessation of gold exports and the.large in­
crease in the surplus reserves of the Clearing-House banks.
Some criticism of banking conditions in the West was made,
and a feature was the calling by banks in the West of loans
which had been made to farmers and land speculators. On
May 2 the range on call was 3@6% and on May 31 it was
3@3%%. Time loans at the close were 3%@3%^ for 60 and
90 days; 3%@4 for 4 mos.; 4@4% for five and six mos.,and
4% for over the year. Commercial paper was 4%@5 for
double names and the best single names and 5% for less de­
sirable names. Money holdings of the Clearing-House banks
increased from $300,610,200 Apr. 30 to $321,252,000 May 28;
surplus reserves rose from $4,182,550 Apr. 30 to $25,213,550
May 21 and then fell to $23,917,900 May 28. Loans further
declined from $1,213,104,000 Apr. 30 to $1,176,050,100
May 14 and then moved up again to $1,195,179,900 May 28.
Deposits fell from $1,185,710,600 Apr. 30 to $1,161,143,700
May 14 and then increased to $1,189,336,400 May 28.
Money holdings of the trust companies, &c., were practically
the same May 28 as April 30, though having been lower in
the interval. Loans of these institutions fell from $1,189,­
727,900 Apr. 30 to $1,176,467,400 May 28.
F o r e i g n E x c h a n g e , S i l v e r , cfee.— On news of the sale of large
blocks of American securities abroad, making likely con­
siderable supplies of exchange from that source, a sharp fall
in sterling occurred the early part of May. On Wednesday,
May 4, the market became demoralized from that cause and
so continued May 5; but this was followed May 6 and May^7



[VO L.

LXXXXII.

by an upward reaction on King’Edward’s illness and subse­
quent death. But the market soon weakened again. After
the 11th, however, it became evident that speculators had
oversold in anticipation of the exchange to come from the
new loans, and accordingly a sharp advance ensued, the
firmness of discounts abroad also 'playing its part to stiffen
exchange. The highest figures were reached May 23. After
that the tendency was downward,-(but closing rates were
nevertheless nearly one cent higher Than on May 11. Sight
bills May 2 were 4 8750@4 8755;: May 11 4 8640@4 8650;
May 23 4 8775@4 8780, and May 31 4 8730©4 8735. Open
market discounts at London at the close were 3%@3% for
spot bills and 3%@3% for bills to arrive; at Berlin they were
3% and at Paris 2%. Silver at London was fractionally
lower, with the close May 31 24%d.
JUNE— C u r r e n t E v e n t s . — The month of June may be said
to have begun in gloom and to have ended in gloom. Drought
and extremely high temperatures in the Northwest damaged
the growing crop of spring wheat, but what excited chief
uneasiness was the antagonistic policy of Government agen­
cies. The month opened under the depressing influence of
the action of the U. S. Govt, in having late on May 31 pro­
cured an injunction against the contemplated advances in
rates by Western roads. As it happened, apprehensions on
that score were relieved after a few days through an amicable
agreement. On Monday, June 6, E. P. Ripley, Pres, of the
Atchison; Walker D. Hines, Acting Chairman of the executive
committee of the same road; Frederic A. Delano, Pres, of the
Wabash, and S. M. Felton, Pres, of the Chicago Great West­
ern— constituting a committee of the Western roads— had a
conference at their own request with President Taft and
Attorney-General Wickersham. The result was that the
roads, at the President’s request, agreed to withdraw the
tariff enjoined and not to file any other tariffs involving in­
creases until the new railroad law giving the Commission
power to suspend advances should have gone into effect.
The President on his part agreed to discontinue the injunc­
tion suit. On Tuesday, June 7, there was another conference
at which were present representatives of the roads in the
eastern half of the country, including Jas. McCrea, Pres, of
the Penna., with Judge Massey, General Counsel; W. C.
Brown, Pres, of the N. Y. Cent., and W. W. Finley, Pres, of
the Southern Ry. No legal proceedings had yet been begun
by the Government against these roads, but a similar agree­
ment was reached, namely that all advances should be with­
held until the Inter-State Commerce Commission should have
opportunity to pass upon them. Earlier on that day Mr.
Taft had sent a special message to Congress urging that the
provision in the then pending railroad bill, which provided
that the new Act was not to become operative until after
the expiration of 60 days, should be so altered as to make the
law go into immediate effect as far as concerned authorizing
the Inter-State Commission to suspend advances. The
agreement with the Government was considered good policy,
as it meant the restoration of harmonious relations with the
Government. Much confidence was felt, too, that the Com­
mission would be forced to grant some increase. Accord­
ingly, considerable recovery ensued on the Stock Exchange
after the previous great collapse. There was some manifes­
tation, too, of public opinion in favor of fair treatment for
the roads. The Railway Business Association, the Chicago
Board of Trade and some other mercantile bodies urged a
conciliatory policy. Efforts were also put forth to get ship­
pers to consent to some advances. George W. Perkins, of
J. P. Morgan & Co., took a leading part in one movement
which was crowned with success. On Tuesday, June 21, it
was announced that representatives of the Eastern trunk
lines and the big meat-packing concerns had come to an un­
derstanding whereby the packers would assent to an increase
of about 11%— the dressed meat rate from Chicago to Nevr
York to be raised from 45c. to 50c. per 100 lbs., provisions
and packing-house products from 30 to 33c., cattle from 28
to 31c. and hogs and sheep from 30c. to 33c. It was stated
the increase equaled only one-twentieth of a cent per lb.,
but that on the enormous shipments of the packers it meant
additional payments a year to the roads of $1,800,000. While
this was going on the railroad bill in Congress was apparently
taking a less objectionable shape. The Senate passed the
bill on Friday night, June 3, after having grafted on it some
very radical amendments, leaving the measure in some re­
spects in a more disturbing shape than as it emerged from the
House. For a short while there seemed a possibility that the
House might vote to accept the Senate bill in place of its
own, but|this proposition was defeated Tuesday, June 7, by
a very narrow vote— 162 to 156— six Democrats voting'Swith
the majority. The bills of the two Houses then wentj’to
conference committees and, contrary to expectations,;v?a
speedy agreement was reached. The Senate adopted the re­
port by a vote of 50 to 11 June 17, and the House adopted it
the next day, June 18, and the measure became a law at 10:26
that night. The Act went into immediate effect as con­
cerns the section giving the Commission the right to veto pro­
posed advances in rates and also the section authorizing the
appointment'of a commission to investigate questions per­
taining to the issuance of stocks and bonds by railroad cor­
porations; the other sections did not become operative until
after 60 days. In conference some radical provisions were
eliminated, more particularly the sections conferring upon the
Commission power to£regulate future stock and bond; issues

Jan. 7 1911.]

THE CHRONICLE

and control the capitalization of properties upon reorgani­
zation after bankruptcy; also the provision for a physical
valuation of railroads. Some other radical provisions, while
retained, were modified for the better. In its final form the
new law has as its distinctive feature the establishment of a
Commerce Court to pass on cases coming from the Inter­
State Commerce Commission; from this new Court appeal
will lie direct to the U. S. Supreme Court. The authority
of the Commission is extended over telegraph, telephone and
cable companies, and in other respects it is vested with ex­
traordinary powers, responsibilities and duties. It is given
the right to initiate rate reductions upon its own motion and
without any complaint from shippers or travelers. It can
interdict advances in rates, suspending the same pending
investigation for a total of ten months, and is given power
over the classifications, practices and methods of the roads
as well as their rates. The long-and-short-haul clause of the
old law has been amended by striking out the words “ under
substantially similar circumstances and conditions” in the
prohibition forbidding carriers from charging any greater
compensation for a shorter than for a longer distance over
the same line in the same direction; but the change was not to
become effective until six months after the passage of the
Act, nor until determination of application to the Commis­
sion for permission to ignore the short-haul proviso. A few
more railroad loans were placed abroad. The N. Y. Central
Lines brought out $22,500,000 4j^% equip, trusts, a consid­
erable portion finding a market in Europe, and Kuhn, Loeb
& Co. offered $19,000,000 San Francisco Terminal 1st 4s of
the bo. Pac. at 93, the bulk going abroad; the St. L. & San
?™n^ ° £ cl,i ded negotiations for the sale in Paris of $10,­
000,000 N. O. Tex. & Mex. Div. 1st 4^s. The Kan. City
Mex. & Or. sold $5,000,000 1st 4s to English brokers. With
the railroad bill out of the way, Congress made haste in com­
pleting its unfinished work, and on Saturday, June 25, ad­
journed. President Taft’s proposition for the Federal incor­
poration of industrial corporations did not receive consid­
eration in either branch of Congress. The Attorney-General
and the Commerce Commission, however, kept up their ac­
tivities. At Birmingham, Ala., on June 9 the Department
of Justice filed a bill under the Anti-Trust law in the Circuit
Court for Northern Alabama against the Southern Wholesale
Grocers’ Association, praying for its dissolution. At Chicago
on June 13 similar action was begun against the Chicago But­
ter & Egg Board. The charge was that the Board arbitrarily
fixed prices through the medium of quotation committees
and that the attempt was to maintain an illegal monopoly of
the butter and egg market. Another suit was filed the same
day against the Chic. June. Rys. & Un. Stock Yards Co. (a
road operating wholly within State lines) to enjoin it from
engaging in inter-State commerce, and charging it with fail­
ure to comply with the Inter-State Commerce Act in not
filing a tariff of rates. On June 18 in the U. S. Circuit Court
at Cleveland the Federal Government began an action to
annul the charter of the Great Lakes Towing Co. on the alle­
gation that the company was operating in violation of the
Anti-Trust law. On June 29 Attorney-General Wickersham
gave out a statement showing a list of the prosecutions con­
ducted by the Federal Government under the Sherman Anti­
Trust Act. It was pointed out that Mr. Roosevelt during
his two administrations had managed to initiate no more
than 22 of such prosecutions, while Mr. Wickersham, though
having been in office only about fifteen months, had started
13 cases. Congress, while still in session, also did some work
of its own of the same character, the House of Representa­
tives on June 16 having passed a resolution calling upon the
Attorney-General for a report as to whether the U. S. Steel
Corporation was not operating in contravention of the Anti­
Trust law. It remained, however, for the Commerce Com­
mission to completely unsettle confidence. A minor indi­
cation of its animus and purpose appeared when AttorneyGeneral Wilson of New Jersey on June 23 requested the Com­
mission to avail of its new powers and order the suspension
of the proposed increases in commutation rates scheduled to
take effect on or before July 1. The Commission communi­
cated by telegraph with the different roads and asked them
to postpone until Aug. 1 the effective dates for the new rates.
All the roads agreed to some delay except the Erie, which
was unwilling voluntarily to consent to postponement— evi­
dently feeling too impoverished. The Commission thereupon
notified the road that unless it assented,a peremptory order
would be issued suspending the increases as far as it was con­
cerned until Oct. 15— almost four months. But this was
hardly a circumstance to the news which came Wednesday,
June 29, when the Commission announced its decision in
what are known as the Pacific Coast cases, involving rates in
the whole of the territory between the Mississippi River and
the Pacific Coast. These cases had been under consideration
for a long time. There were six altogether, and the Com­
mission announced sweeping reductions in freight rates, both
class and commodity, on all the trans-continental lines in­
volved, and made changes embodying a complete readjust-

mon. The effect of this action, decreasing rates at a tim
when so many of the roads were seeking to put into effec
higher rates, was in the last degree demoralizing, and in th
stock market an immediate and utter collapse of values oc
curred. The redeeming feature in the decisions was that i:



19

most instances, it was stated, no final order would be made
until it could be determined from experience what the effect
of this lowering of rates would be, and the roads were in­
structed in the meantime to take account of their earnings
under both the existing rates and the proposed rates during
July, Aug. and Sept. Among the measures passed by Con­
gress before adjournment was the Postal Savings Bank law
authorizing the establishment of postal savings banks bv
the Federal Government; the so-called Statehood bill pro­
viding for the admission of the Territories of Arizona and
New Mexico as separate States, and the so-called Campaign
Publicity bill, requiring the publication within 30 days after
election of campaign receipts and expenditures by com­
mittees or organizations influencing Congressional elections
in two or more States. A bill was also passed amending the
bankruptcy law, and another providing for the issuance of
$20,000,000 certificates of indebtedness for the completion
of existing irrigation projects. Congress likewise passed a
joint resolution authorizing the appointment by the Presi­
dent of a commission of five members for the promotion of
universal peace and to determine the expediency “ of con­
stituting the combined navies of the world an international
force for the preservation of universal peace.” The N. Y.
Legislature convened in special session on June 20, and Gov!
Hughes recommended three subjects for its consideration*:
(1) The enactment of a law for direct nominations of candi­
dates for public office at primaries; (2) the enlarging of the
functions of the committee appointed at the regular session
for the investigation of corrupt and improper practices, and
(3) the subject of the financial condition of the State and the
passage of a bill for a progressive inheritance tax free from
the objections which the Governor found in the bill passed at
the regular session and which he had vetoed because of such
objections. The Legislature took favorable action only on
one of the three subjects indicated, namely a new Inheritance
Tax law. This last proved a drastic measure, providing for
a system of graded taxes, the rate of taxation rising as the
size of the bequest increases, and the State is given the right
to take in some instances one-quarter of the entire bequest.
The Direct Primary bill was rejected in the Assembly by a
vote of 80 to 63, and also failed of passage in the Senate,
getting 25 favorable votes and 19 negative votes, when 26
votes were necessary to pass. This was the result, notwith­
standing ex-President Roosevelt had sent a telegram to the
Chairman of the Republican County Committee urging the
enactment of the bill favored by Mr. Hughes. Mr. Roose­
velt returned home on Saturday morning, June 18, after his
African hunting trip and long tour of the countries of the
Old World; he received a tremendous ovation on his way up
through the harbor and from lines of cheering crowds through
five miles of the city’s streets. Except for the drought in
the section of country northwest of Chicago, agricultural
developments were on the whole favorable. Vegetation had
been very much in need of hot forcing weather over the West
and South, and the successive warm waves which passed
over the country during the month were just what was re­
quired. Wheat suffered severely in the Dakotas and Minne­
sota and also in the State of Washington. The Department
of Agriculture June 8 made the condition of winter wheat
June 1 80, against 82.1 on May 1 and 80.7 in June of the pre­
vious year. The spring-wheat crop was put at 92.8, with the
acreage increased 7.3%, against 95.2 in June 1909. The
Sept, option at Chicago declined from 93 j/£c. June 2 to 8 8 % c
June 13; from this, however, there was a rise to $1 02^
June 28; the last two days on reports of needed rain there was
a sharp downward reaction, with the close June 30 at 97%e.
Corn and oats also made a sharp rise; from 57}^c. June 13
Sept, corn advanced at Chicago to 61)4c. June 24, with the
close June 30 59%c. Sept, oats at Chicago rose from 34^c.
to 40c. and closed at 38J^c. There was a further slackening
of activity in trade. The monthly statement of the Copper
Producers’ Association showed another addition to visible
stocks, with the deliveries for domestic consumption rela­
tively small. Curtailment of production in the cotton mills
of the United States, which had been practiced in greater or
smaller degree since the previous October, was materially
extended both in New England and in the South. Middling
upland cotton in this market fluctuated widely, advancing
from 14.50c. May 31 to 15.40c. June 9, getting down to
14.95c. June 28 and closing June 30 at 15.35c. An agree­
ment was reached between miners and operators ending the
suspension of coal mining in Southwestern territory with
July l and putting 35,000 miners back to work. In Illinois,
where 70,000 miners were idle, no progress was made towards
an adjustment; but elsewhere in the bituminous coal fields
there were no longer indications of trouble except in the case
of a few special collieries or mines. The Federal Arbitration
Board, which had been considering the demands of the Broth­
erhood of Locomotive Firemen and Enginemen for advances
in wages on 49 roads west of Chicago, on June 4 awarded very
substantial increases; 27,000 men are said to have been
affected and the increases were to date back to Jan. 1. The
Denver Reservoir Irrigation Co. was placed in the hands of a
receiver June 6. As an indication of the difficulty of float­
ing railroad bonds in this country (though in Europe, as al­
ready seen, considerable further amounts were placed), it
was announced that the managers of the syndicate which had
underwritten $43,686,000 4% conv. bonds, offered to the
stockholders of the Atch. Top. & Santa Fe Ry. in April, had
called on the members of the syndicate for a first installment

30

THE CHRONICLE

of the money; it appeared that the shareholders had taken
only about 10 to 15% of the issue. A jury in the criminal
branch of the U. S. Circuit Court in this city, after a trial
lasting several weeks, rendered a verdict of guilty against
Charles R. Heike, Sec. of the Amer. Sugar Refining Co., on
one of six indictments charging complicity in underweighing
frauds at the Williamsburgh docks in connection with cus­
toms duties on imported sugar. E. W. Gerbracht, former
Supt. at the refinery, was found guilty on all six counts. The
jury disagreed as to James B. Bendernagel.. On the collec­
tion of the Corporation Tax and the improvement in Govt,
revenues, Govt, holdings of cash increased from $302,579,90(5
to $313,824,405. Govt, deposits in the banks rose from
$50 841,325 to $51,685,340. National bank circulation se­
cured by bonds increased from $682,765,703 to $685,517,013.
Edwin S. Holmes Jr., formerly Asst. Statistician in the Bu­
reau of Statistics in the Department of Agriculture at Wash­
ington, charged with having furnished advance information
to°cotton speculators regarding one of the 1905 cotton reports
issued by the Department, pleaded guilty to a technical vio­
lation of the law, and was fined $5,000. Two other persons
also involved likewise pleaded guilty and were fined. The
indictments against Theodore H. Price were dismissed. In
Chicago the jury in the case of Representative Lee O'Neill
Browne of Ottawa, charged with bribery in connection with
the election of William Lorimer to the U. S. Senate from Illi­
nois, failed to agree. The Inter-State Commerce Commission
refused to suspend a new classification covering the territory
north of the Potomac and Ohio rivers and east of the Mis­
sissippi known as Official Classification No. 36, notwith­
standing the protest of shippers. It appeared that out of
6,000 items changes in rates were proposed in only 58 cases,
of which 28 were reductions. The voting trust in a majority
of the stock of the Equitable Life Assurance Society of this
city expired; Mr. J. P. Morgan, the new owner of the stock,
decided to continue the trust and to appoint new trustees.
An indictment returned in 1906 and charging misdemeanor
against Robert A. Granniss, former Vice-President of the
Mutual Life Insurance Co., and alleging the making of a false
report to the Insurance Department, was dismissed in the
N. Y. Supreme Court on the recommendation of the District
Attorney; two indictments against John R. Hegeman, Presi­
dent of the Metropolitan Life Insurance Co., were also dis­
missed. In the Missouri Supreme Court at Jefferson City the
State Attorney-General filed a suit against the Armour Pack­
ing Co. and various other packing concerns charging violation
oAhe State Anti-Trust law and asking that they be deprived
of their right to do business in Missouri. A consolidation of
the Continental Nat. Bank of Chicago with the Commercial
Nat. Bank of the same city under the name of the Continental
& Commercial Nat. Bank was arranged for, giving an insti­
tution with a capital of $20,000,000 and surplus and undi­
vided profits of $10,000,000. It was also arranged to con­
solidate two subsidiary companies controlled by these,
namely the Amer. Trust & Sav. Bank and the Commercial
Trust & Sav. Bank under the name of the Continental &
Commercial Trust & Savings Bank, with a capital of $3,000,­
000. The Federal authorities proceeded against the United
Wireless Tel. Co., and Pres. C. C. Wilson and Vice-Pres. S. S.
Bogart were arrested on the charge of “ using the mails to
promote a scheme of fraud.” An attempt was made in Ger­
many to inaugurate regular airship passenger service by
means of Count Zeppelin's monster airship, the Deutschland.
The first trip between Friedrichshafen and Dusseldorf, 300
miles, made with 20 passengers, was highly successful; but a
later attempt met with disaster, a wind and rain storm
wrecking the machine.
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s . — After hav­
ing at one time worn a decidedly promising aspect, the stock
market suffered an enormous decline the latter part of June,
particularly the last two days, on the announcement of the
decision of the Inter-State Commission proposing sweeping
reductions in rates between the Mississippi River and the
Pacific Coast. The first few days of the month, following the
action of the U. S. Government on May 31 in enjoining the
advances in freight rates which were to have gone into effect
June 1, the tone was decidedly weak and prices sharply de­
clined all around. Then came the arrangement with Presi­
dent Taft under which the advances in rates were to be held
in abeyance for the time being. As this meant the restora­
tion of harmonious relations with tlm Government, the mar­
ket enjoyed an advance of 3@10 points. About the 20th,
the many new suits being started by Attorney-General IVickersham under the Anti-Trust Law began to attract attention,
and at the same time accounts regarding the spring-wheat
crop became quite unfavorable. The market was weak and
had been declining from these causes, when on June 29 the
news was received regarding the cut in Pacific Coast rates.
Thon the bottom dropped out and a condition closely re­
sembling panic developed. The trans-continental lines
most immediately concerned sustained the greatest losses.
Atchison com. opened June l at 10534, got UP to 10634 -lone
22, touched 91% June 30, with a reaction to 95)4 before the
close on that day; Mil. & St. P. com. was 135% June 1 and
113% June 30, with the close 117%; Un. Pac. com. was
178% June 1, 15534 ex. June 30 and closed at 159%; Sou.
Pac. opened June 1 at 121%, advanced to 124% June 22,
dropped to 109 June 30 and closed at 113; Reading com.
opened at 157%, touched 158% June 21, dropped to 140%
June 30, with the close 144%. Amal. Cop. sold at 68%



[VO L.

LXXXXII.

June 1, at 57% June 30 and closed at 60%; Steel com. fol­
lowed the general trend and sold down from 79% June 2 to
68% ex. June 30, with the close 71%. We have referred
above to some of the noteworthy new loan negotiations,
mostly abroad. The Wcstinghousc Elec. & Mfg. Co. re­
newed for 3 years from Aug. 1 at 6% p. a. $4,000,000 of the
$6,000,000 6% notes maturing Aug. I 1910. Leh. Vail. RR.
offered its shareholders $20,220,550 of new stock at par.
The Texas Co. of Houston, after selling $2,000,000 of addi­
tional stock, declared a dividend of 50% in stock, raising the
outstanding stock from $18,000,000 to $27,000,000. Minn.
& St. Louis omitted the s.-a. div. on pref. Chic. & Alton
also passed its div.
T h e M o n e y M a r k e t . — Continued ease ruled in money and
even during the flurry in the stock market call loans did not
rise above 3%%. Time money, however, was firmer on
maturities extending beyond the year, and rates for com­
mercial paper also stiffened. At the close time loans were
3@3% for 60 days, 3%@3% for 90 days and 4 mos., 4@4%
for 5 mos., 4% for 6 mos. and 4% @4% for longer maturi­
ties. Commercial paper closed at 4% @5 for double names,
4%@5% for the best single names and 5%@6 for less at­
tractive names. Money holdings of the Clearing-House
banks fell off from $321,252,000 May 28 to $317,152,400
June 4, then increased to $327,828,700 June 25, only to drop
to $308,883,200 July 2. Surplus reserves fell from $23,917,­
900 May 28 to $21,096,100 June 4, increased to $28,552,525
June 18 and then fell to $8,699,309 July 2. Deposits were
$1,189,336,400 May 28, $1,184,225,200 June 4, $1,210,731,­
400 June 25 and $1,200,735,600 July 2. Loans declined
from $1,195,179,900 May 28 to $1,192,601,600 June 11 and
then rose to $1,220,662,800 July 2. Money holdings of the
trust companies and State banks not in the Clearing House
increased from $149,548,900 May 28 to $152,084,600 July 2;
loans first fell from $1,176,467,400 May 28 to $1,166,051,400
June 11 and then increased to $1,175,239,100 July 2.
F o r e i g n E x c h a n g e , S i l v e r , &:c . — Foreign exchange during
June was depressed most of the time, the principal influence
being the large amount of new loans placed abroad and the
sale in Europe early in the month of a considerable amount
of New York City revenue bonds. The sharp decline in dis­
count rates in London also contributed to weaken exchange.
The Bank of England June 2 reduced its minimum from 4 to
3%% and June 9 reduced further to 3%. Except in the case
of 60-day bills (due to the reduction in the Bank rate), ster­
ling rates June 30 were at the lowest figures of the month.
Sight bills closed June 30 at 4 8585@4 8590, against 4 8730@
4 8735 on May 31. Bullion holdings of the Bank of England
increased heavily each week except the last, mainly because
of the large amount of the metal secured in the open market .
Open market discounts at London at the close were 2% for
spot bills and 1%@1% for bills to arrive. The tendency at
Paris was upward, with the close 2% for spot bills and 2%
to arrive. Berlin also was firmer, with the rate at one time
3%, but with the close 3% for spot bills and 2% to arrive.
Silver in London fluctuated within a narrow limit with the
close June 30 24 ll-16d.
JULY.— C u r r e n t E v e n t s . — It became evident that the rail­
roads were not to get the needed higher freight rates except
after considerable delay and much struggle. This, together
with important damage to the spring-wheat crop and multi­
plying evidences of a slackening of trade, produced a feel­
ing of depression which was reflected in a further severe
break in prices on the Stock Exchange. The Inter-State
Commerce Commission decided not to suspend the advances
in commutation rates planned by the Jersey roads running
out of this city. In the case of the proposed advances in
freight rates, however, the Commission gave formal notice of
its intention to suspend the new schedules for four months
(120 days), this applying both to the contemplated increases
by the trunk lines in the territory between Chicago and New
York and to the increases by the Western lines, and likewise
to contemplated special increases, such as higher milk sched­
ules on the Boston & Maine. After having announced its
purpose to interdict all rate increases irrespective of merits,
the Commission did not have to issue formal orders to that
effect. To be conciliatory, railroad managers agreed to
hold all general freight advances in abeyance until Nov. 1.
As it unfortunately happened, in adjudication of some old
cases, the Commission actually announced decreases in rates.
One of these which attracted attention involved rates on
yellow pine lumber and its products from points in La., Tex.,
Ark. and Mo. to points in Neb., Colo, and Wyo. reached by
the lines of the Burl. & Quincy and other carriers. The
Commission held that rates should be reduced and it also
announced that reparation would be awarded. Some of the
State Commissions also manifested activity. The RIt. Com­
mission of Ohio rejected new freight schedules showing in­
creases in classified freight rates on local business which
were to have become effective Aug. 1. On the other hand,
additional wage increases were announced in various parts
of the country, and the roads were confronted with yet other
demands, backed up by threats to strike. In the case of
the Grand Trunk Ry. of Canada and its allied road, the
Central Vermont, a strike actually occurred, on Monday,
July 18, the conductors, brakemen and yardmen of that
system and of the Cent. Ver., involving about 5,000 men,
left off work, tying up completely for a time the lines of that
system from Portland, Me., to Chicago, 111., so far as freight

Jan. 7 1911. j

T H E C H R O N IC LE

traffic was concerned, though not as to passenger service.
Gradually, but very slowly, progress was made in the re­
sumption of freight service. The strike lasted until the 2d
of the next month (Aug.), when a compromise was reached
through the efforts of the Canadian Gov’t. Under the settle­
ment the men agreed to accept the wage advances offered by
the road, approximating 18%, but the increases were dated
back to May 1 1910, instead of beginning July 18. The com­
pany also agreed that standardization of pay and rules on
the basis then just conceded by the Can. Pac. should begin
Jan. 1 1912. The company’s original proposition was that
this further increase in pay was to go into effect a year later—
that is, Jan. I 1913. England wras likewise troubled with a
trying dislocation of transportation facilities for part of a
week. On July 18 several thousand men of various grades
quit work on the Northeastern Ry. The strike grew as the
week progressed, with the result that collieries and iron works
and other industries were seriously inconvenienced. But
the Amalgamated Society of Railway Servants refused to
countenance the strike, and on Friday, July 22, the men re­
turned to work. In the case of the Penna. RR., 90% of
about 30,000 conductors and trainmen on the lines cast and
west of Pittsburgh voted authority by ballot to call a strike
if their demands as to pay and rules for employment were
not granted. These demands were refused, as only three
months before (in April) the company had made a voluntary
horizontal increase of 6% in wages. Eventually the matter
was settled on terms that involved slight concessions to the
men without increasing the company’s wage account. In
the controversy affecting 10,000 conductors, brakemen and
flagmen, traveling baggagemasters, &c., on 13 Southern
roads, an adjustment was reached July 2 through the media­
tion of Chairman Knapp of the Inter-State Commission and
Charles P. Neill, Commissioner of Labor. A general and
large advance in wages to be made in two installments was
announced, the first effective July l 1910 and the second
April 1 1911. The two together represent increases of be­
tween 25 and 50%— see “ Chronicle” July 9, pages 00 and 01.
Some other roads on which wage increases of one kind or
another were announced were the Del. Lack. & West., the
Del. & Hud., the Can. Pac., the Reading, the New Haven and
the Mo. Pac. Absence of rain and the prevalence of ex­
tremely high temperatures in certain parts of the West
caused great anxiety; in the South, east of the Mississippi,
complaints were chiefly of too much rain. The Gov’t report
issued July 8 made spring-wheat condition July only 01.0, as
against 92.8 on June 1, with the average for winter wheat
slightly better at 81.5 July. I, against 80 June 1. In many
sections most seriously affected by drought relief came the lat­
ter part of the month with needed showers. Sept, wheat in
Chicago sold up from 97 %c. July lto81 09 July 18, but closed
at $1 03% July 30. Sept, corn at Chicago, after declining
from 61%c. July 0 to 58% July 12, jumped to 66%c. July25
and closed July 30 at 64c. Sept, oats, after touching 40c.,
dropped to 36%c. July 29 and closed July 30 at 37%c. In
cotton there was active manipulation of July contracts, and
prices were maintained at such a high parity that the
shorts rushed large quantities of the staple to New York
from all quarters. Special railroad trains were even hired
to get the cotton here on time. The deliveries for the month
on July contracts reached no less than 219,400 bales. Mid­
dling upland spot cotton in this market advanced from 15.35c.
June 30 to 16.45c. July 18, but closed July 30 at 15.25c. The
Gov’t crop report issued after the close of the month (on Aug.
2) made the general average for the whole South 75.5, against
SO.7 June 25 and 71.9 July 25 1909. Print cloths at Fall
River were reduced July 25 to 3%c. Drastic curtailment of
the output of cotton goods was practiced both in the North
and in the South—-some claimed the curtailment was rela­
tively the greatest since the Civil War. There was also radi­
cal curtailment in the woolen and worsted goods industry
even before 70,000 cloak makers went on strike in this city,
while in the domestic silk industry 40 to 50% of the looms
were said to be idle. Iron afid steel prices displayed a re­
ceding tendency. The latter part of the month the Amer.
Steel & Wire Co., a subsidiary of the Steel Corporation, an­
nounced an adjustment of prices for wire nails and plain wire
so as to bring the former to $1 70 and plain wire to $1 50
per 100 lbs. This was apparently a reduction of S3 per ton
from former prices, but the “ Iron Age” stated thatpriceshad
recently been within SI a ton of the new figures. The Steel
Corporation on July 26 gave out its earnings for the June
quarter, and they made an excellent showing. Orders on
hand June 30, however, were only 4,257,794 tons, against
5,402,514 tons March 31 and 5,927,031 tons Dec. 31 1909.
On the motion of Mr. J. P. Morgan, the directors of the Steel
Corporation adopted a resolution directing the publication of
monthly statements showing the aggregate of unfilled orders
on hand. There were numerous reports of an international
agreement for the restriction of the output of copper. One
such statement which seemed to have better authority than
the others came in a cable dispatch from London on July 28,
quoting Pres. John D. Ryan of the Amal. Cop. Co. as saying
that an understanding had been reached among copper pro­
ducers regarding the future output; and subsequent events
seemed to bear out this statement. One of the favorable
events towards the close of July was the news which came on
July 27 that Kuhn, Loeb & Co., in co-operation with Sir
Ernest Casscl of London,had formed an international syndi­
cate and taken over the greater part of the American stock



21

holdings of the syndicate of British and French capitalists
headed by Percival Farquhar and Dr. F. S. Pearson, who
had accumulated large amounts of stock of the Leh.Valley,
the Rock Island C o . , the Wabash and the Mo. Pac., and
other Gould pioperties. Ihese parties had been credited
with an intention to form a transcontinental system extend­
ing fiom ocean to ocean, though as a matter of fact they did
did not hold a controlling interest in any one of the properties
that were to make up the combination. The great decline
in prices on the Stock Exchange since the beginning of the
year had made the task of carrying such heavy lines of stock
very burdensome. The action of Kuhn, Loeb & Co. in tak­
ing over the stocks averted a catastrophe that might have
resulted had the Farquhar-Pearson people been forced to
dump their holdings on the market. Fallowing this action,
there was a sharp recovery in stocks, and this, and the low
level of values ruling, induced European purchases ofAmerican share properties on a very large scale— larger than at
any previous time during the year. Some favorable politiCiil occuncnees were also noted towards the close of the
month. In the Democratic State Convention in Nebraska
William J. Bryan sustained a signal defeat. The issue itself
was of no great concern, involving county option on the
liquor question, but the fact that he should have lost his
hold on the party and should have been overwhelmingly de­
feated— after having been allowed, too, to speak at length
with his usual eloquence on the floor of the Convention— was
considered as possessing high significance. Gov’t deposits
in the banks were reduced from 851,685,340 to 848,390,919,
but Gov’t money holdings increased slightly, rising from
8313,824,405 to 8314,734,558. Bank circulation secured by
bonds was reduced from 8685,517,013 to 8684,468,093.
Chief Justice Melville W. Fuller of the U. S. Supreme Court
died on July 4. One of the depressing events was the offerhy the State of New York ol 811,000,000 4% 50-yr. bonds
and the sale of only 88,757,000 of the same, the Comptroller
being obliged to take the remaining 82,243,000 as an invest­
ment for State funds. These 50-yr. 4s realized an average
price of only 100.70479. The next month the 82,243,000
bonds were again offered, this time with better results, as
noted below. Under the Act of Congress approved June 25
1910 President Taft withdrew large quantities of power-site,
phosphate and petroleum lands from public entry, and still
larger amounts of coal land, the aggregate of the with­
drawals in the latter case being given as 71,518,588 acres.
Secretary of the Treasury MacVeagh urged upon the national
banks throughout the country the establishment of national
currency associations, as provided for under the Emergency
Currency Law of May 1908. Mainly out of courtesy to the
Gov’t, such an association was formed by the national banks
of this city on July 29, and in August and succeeding months
similar associations were formed at other points. The House
of Commons modified the oath to be taken by the King of
England so as to remove the portions offensive to persons of
the Catholic faith. Efforts were made to surround the is­
suance of bills of lading for export cotton with propersafeguards in view of the losses sustained by foreign bankers
through the failure earlier in the year of Knight, Yancey &
Co. and other concerns, where it appeared the bills were
cither spurious or had had no actual cotton back of them.The
foreign bankers had demanded that the banks must guarantee
the bills, else they would refuse further advances. Southern
railroads eventually agreed that validation certificates should
be attached to the bills, the railroad in each case certifying
that the agent signing the bill was the company’s regularly
appointed agent at the point from which shipment was made,
and as such was authorzed to sign bills of lading, and that
the signature on the bill was the agent’s signature. An at­
tempt was made by the sensational press to create an im­
pression that there was danger of the relations between the
United States and Germany becoming strained, owing to the
fact that Emperor William, in acknowledging receipt of
President Madriz’s announcement of his election as the new
head of the Nicaraguan Gov’t had addressed Senor Madriz
as his “great .and good friend.” It quickly appeared this
was merely conventional diplomatic language and devoid of
significance. The terms of a new agreement between Japan
and Russia regarding Manchuria were made public, but it
was explained that this would mean no change in the “ opendoor” policy with reference to Manchuria and that no de­
signs upon the integrity of China were entertained. The
Niederdeutsche Bank, with liabilities of 812,500,000 and
branches in 20 industrial towns in Western Germany, closed
its doors. There were some unusually prominent cases of de­
falcations and breaches of trust: Erwin Wider, the Cashier of
the local branch of the Russo-Chinese Bank in this city, was
reported as having taken 8650,000 in securities belonging to
that institution; August Ropke, Assistant Secretary of the
Fidelity Trust Co. of Louisville, was reported a defaulter for
over 81,400,000. Lathrop, Haskins & Co., who failed the
previous January at the time of the collapse of the pool in
Col. & Hocking C. & I. stock, received a discharge from bank­
ruptcy. It was announced that the Bucks Stove & Range
Co., Which had figured so prominently in the courts in an­
tagonism to the boycott policy of labor unions,and which had
obtained prison sentences against the officers of the American
Federation of Labor for contempt in violating court orders,
had entered into an agreement with the Federation and now
consented to employ members of the labor unions. The
President of the company, James W. Van Cleave, who had

22

T H E CH R O N IC LE

[V®L. L X X X X II.

fought for the open shop for many years, had died the pre­ June 25, $1,175,239,100 July 2 and $1,114,491,200
vious May. The U. S. Gov’t on July 22 began an action in July 30.
F o r e i g n E x c h a n g e , S i l v e r , & c . — Sterling exchange was very
the Circuit Court at Baltimore against the Standard Sani­
tary Mfg.Co. and 15 other manufacturers of sanitary enam­ weak during July and rates dropped to the lowest level
eled ironware and against various individuals connected reached since the panic of 1907. Engagements of gold for
with these concerns, charging a conspiracy or combination import were announced each week, a good part of the offer­
in violation of the Sherman Anti-Trust Law, the combina­ ings of South African gold being purchased for American
account. Some gold was imported also from Mexico. The
tion being popularly known as the Bathtub Trust.
weakness of exchange was in part caused by drawings of
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s .— A further
tremendous break in prices occurred on the Stock Exchange. finance bills, induced by the fact that time money here was
After the double holiday (Saturday, July 2, and Monday, maintained at high figures, while abroad discounts were very
July 4), the market opened very weak Tuesday, July 5, the low. The latter part of the month there were also very ex­
death of Chief Justice Fuller being an element in the weak­ tensive purchases of American securities on foreign account.
ness. Later it improved on the announcement of engage­ These came[;after the great drop on the Stock Exchange and
ments of gold for import to the United States. Further im­ the announcement that Kuhn, Loeb & Co. had formed an
provement on succeeding days followed the news that estab­ international syndicate to take over the holdings of the
lished dividends on both Mil. & St. P. and Atchison stocks Farquhar-Pearson syndicate. Sterling closed at the lowest
would be maintained. But on Friday, July 8, renewed weak­ figures of the month, sight bills then being 4 8520@4 8525.
ness was caused by the Gov’t crop report, showing a very Open market discounts at the close were 2@2 1-16% for
low condition figure for spring wheat, and by the monthly spot bills in London and 2%@2%% for bills to arrive. The
statement of the Copper Producers’ Association, revealing a rate at Paris was 2% and at lierlin 3%%. Silver in London
further accumulation of copper. The next week copper at one time enjoyed a sharp rise on a speculative movement,
stocks were relatively weak, but the remainder of the list said to have been engineered by native Indian bankers, and
manifested improvement, beginning with Wednesday, not­ the quotation got up to 25 %d. July 18; but thore was a quick
withstanding the action of the Inter-State Commerce Com­ recession and the close was only 24 %d.
mission in declaring its intention to suspend all the contem­
AUGUST.— C u r r e n t E v e n t s . — Political developments con­
plated general advances in freight rates. The rest of the
month the market grew steadily weaker, evidently on a feel­ tinued more or less of a disquieting factor. In the Republi­
ing that the railroads would have hard sledding for some can Party the radical element gained ascendancy in many
months, with expenses mounting up and rate increases held different parts of the country. At the Kansas primaries six
in abeyance. There were also special adverse occurrences, so-called “ Insurgent” Republicans were nominated for Con­
such as the unexpected action of the Nat. Lead Co. in reduc­ gress and only two regular Republicans gained nominations.
ing its quar. div. on common on July 21 from 1 % % to % of The triumph of the insurgent element in that State was fur­
1% . In this last instance action on the dividend was taken ther emphasized at the State party council at Topeka, Kan­
at a much earlier date than usual, and a reduction not hav­ sas, on Aug. 30, where the insurgent faction was found in
ing been looked for, the effect was very disturbing. There complete control and adopted its own platform. This plat­
appear to have been fears, too, that the Farquhar-Pearson form commended Representatives Murdock and Madison
syndicate might have to liquidate its holdings in the open and Senator Bristow for their work in Congress, declared that
market. This fear caused a tremendous slump in the stocks “ we do not recognize the revision of the tariff of 1909 as a
more particularly concerned, namely Rock Island com. and satisfactory fulfillment of the tariff pledge of the Republican
pref., Mo. Pac., Wabash, &c. On Monday and Tuesday, platform” and concluded by sending “greeting to Theodore
July 25 and 26, the declines were of such proportions as to Roosevelt, the new world’s champion of the rights of man in
bring a reminder of the panic conditions of 1907. The next the world-old contest between rising humanity and the en­
day the announcement that Kuhn, Loeb & Co. had formed croachments of special privilege.” In the Republican State
a syndicate to take over the Pearson holdings worked a Convention at Des Moines, Iowa, the temporary Chairman,
great change in tone and led to a sharp upward turn. The Senator A. B. Cummins, omitted all mention of the name of
good quarterly statement of the Steel Corporation, issued President Taft and made a most demagogic appeal to his
after the close of business July 26, operated in the same di­ party associates, saying among other things: “ Wealth is
rection, while the copper stocks were helped by the belief fighting hard for an undue share of the profits of labor. Great
that there was to be genuine restriction of the copper output. wealth, combined wealth, corporate wealth, is pressing small
The improvement was well maintained for a few days, but wealth and individual wealth to the wall with weapons that
at the close the market again showed a declining tendency. modern industrialism should no more tolerate than modern
Rock Island pref. sold down from 79% July 1 to 54 July 27 warfare tolerates poisoned bullets.” But what occasioned
and closed at 58%; Mo. Pac., opening July 1 at 57%, got to chief anxiety was that Mr. Roosevelt began to take an active
60% July 8, then tumbled to 41 July 26 and closed July 30 part in political affairs. At a meeting of the New York State
at 49%; Reading com., opening at 145%, advanced to 147^ Republican Committee on Aug. 16 a proposition to let Mr.
July 14, sold July 26 at 1 3 0 % ex. and closed July 30 at 134%; Roosevelt act as temporary Chairman at the State Republi­
So. Pac. from 115 July 11 fell to 103% July 26 and closed can Convention on Sept. 27 was voted down and Vice-Pres.
at 109%; N. Y. Cent, fell from 115 July 14 to 105% July 26 James S. Sherman was selected instead. At first this was
and closed at 109%. Amal. Cop. was at its highest point looked upon as a hopeful sign, especially as there had been
July 28 at 64, after having been 55% July 13; it closed at intimations then that President Taft had been agreeable to
61%; U. S. Steel com. from 72% July 1 declined to 61% the selection of Mr. Sherman. But next week a letter from
July 26, with the close 66%. Speyer & Co. offered at 99 Mr. Taft appeared saying he had had no knowledge that Mr.
$10,000,000 1-year 5% notes of the Mo. Kan. & Tex.; the Sherman’s name was even under consideration; that he had
Buff. & Susq. RR. defaulted July 1 on its 1st ref. 4s; the actually sent a telegram to Mr. Sherman urging that Mr.
Middletown Unionv. & Water Gap RR. (a subsidiary of the Roosevelt should be consulted before action was taken in the
N. Y.Susq. &West.) defaulted on the principal of its 2d mtge. selection of a chairman. This brought Mr. Roosevelt again
to the top and he was not slow to take advantage of the fact.
bonds; the Chic. & Al. omitted the div. on its com. stock.
T h e M o n e y M a r k e t . — No trace of tightness in money ap­ Shortly thereafter he entered upon a previously announced
eared at the change of the half-year. The Clearing-House trip to the West, making many stops on the wiiy, beginning
anks for July 2 showed a reduction in surplus reserves from at Utica, the home of Mr. Sherman. He spoke in his charac­
$25,145,850 to $8,699,300, but each week thereafter there teristic manner, renewing his assaults on corporations and
was a great increase, and on July 30 the surplus was $47,­ proclaiming afresh his other policies. In a speech at Cleve­
226,900. Call money at no time got above 3%% and was land, Aug. 25, he was quoted as having said: “ I will make
as low as 1%. Time money, however, advanced. There the corporations come to time and I will make the mob come
seemed to be vague apprehensions of possible disturbances in to time whenever I have the power.” In a speech at Denver,
money later in the year; this on the one hand led financial Aug. 29, before the Colorado Legislature, he criticized the
institutions to keep their funds well in hand and on the U. S. Supreme Court and spoke of Judges “ who are perfectly
other hand induced borrowers to make preparation for such a honest but fossilized of mind.” He complained that the
possible contingency by undertaking to obtain long-time decisions of the Courts were in conflict with “ the spirit and
loans. A feature all through the month was the extensive needs of the times,” and he referred for illustration to the
inquiry for six-months’ accommodation. Time loans at the Knight Sugar Trust case. As it happened, the judgment in
close were 3%@3% for 60 days, 3%@4 for 90 days, 4@4% that case had the support of seven of the eight Justices of the
for 4 mos., 4%@5 for 5 mos. and 5@5% for 6 mos. Com­ Supreme Court, and so far from that decision furnishing “ a
mercial paper was not easily negotiated on terms agreeable to place of refuge for men who wish to act criminally” (as urged
drawers, owing to the aversion of bankers to locking up re­ by Mr. Roosevelt), it was a matter of record that, notwith­
sources through the fall. Quotations at the close were standing such decision, the Federal Government had been
5 % @ 5 % for double names, 5 % @ 5 % for the best single very successful in prosecuting officials of the Sugar company
names and 6@6% for less desirable grades of single names. criminally for violations of the customs laws and hadtalso
Money holdings of the Clearing-House banks, after having succeeded-in recovering several million dollars upon charges
been reduced from $327,828,700 June 25 to $308,883,200 of undervaluation of sugar imports. A second case to,which
July 2, rose to $351,801,700 July 30. Deposits fell from he referred for illustration was the so-called New York Bake$1,210,731,400 June 25 to $1,175,368,300 July 16, and then shop case. In this last, he asserted, the U. S. Supreme
increased to $1,218,299,200 July 30. Loans were increased Court had declared a New York statute unconstitutional
from $1,210,849,000 June 25 to $1,220,662,800 July 2, then “ because forsooth men must not be deprived of their liberty’
fell to $1,180,201,000 July 23 and were $1,200,559,900 July to work under unhygienic conditions.” Here again lie was
30. Money holdings of the trust companies and State banks found to have perverted the facts. What the Court actually
not in the Clearing House increased from $151,396,200 June did declare was that a New York law saying that “ no em­
2 5 to $152,084,600 July 2 and then fell to $143,947,300 ployee shall be required or permitted to work” in a bakeshop
July 30.
Loans of these institutions Jwere] [$1,173,114,100 more'than sixty hours a week “ prohibited and interfered with

E




Jan.

7 1911.1

T H E C H R O N IC LE

23

the freedom of master and employee to contract with each
money holdings decreased from
other in relation to their employment.’' Furthermore, the 8314,734,o58 to $.>12,40,.,661; Government deposits in the
Court based its decision expressly upon the proposition that banks increased from 848,390,919 to $48,765,121. National
the employment to which the statute related was not injurious
?n0oeooo9CUred
b°nd,s incrcased from 8684,468,093 to
to health. Justice Pcckham, who wrote the opinion in that 8687,132,323.
In the cloakmakers’ strike in this city Su­
case, said: “It is manifest to us that the limitation of the preme Court Justice John W. Goff not only restrained the strik­
hours of labor as provided for in this section of the statute ing employees of the International Ladies’ Garment Workers’
. . . has no such direct relation to and no such substan­ Union and of other unions from acts of violence, but also_
tial effect upon the health of the employee as to justify us in for the first time in labor disputes in this State, it was asserted
regarding the section as really a health law.” At Pueblo, — from what is generally known as “peaceful” picketing.
Colo., Aug. 30, Mr. Roosevelt, adverting to the prospective Justice Goff held that the object of the strike was to force a
admission of New Mexico and Arizona as States, argued “ closed shop” agreement; that this was unlawful, and that
against rigid State constitutions. In a speech at Ossawato- any act done to further the strike was therefore an unlawful
mie, Kans., Aug. 31, where a John Brown celebration was in act and could be restrained by a court of equity. This ruling
progress in commemoration of the fifty-fourth anniversary of seems to have played a prominent part in bringing the strike
the day when John Brown’s men withstood the Missouri to an end the beginning of the next month. On Aug. 9 an
guerillas in the woods at the edge of the town of Ossawatomie attempt was made to assassinate Mayor William J. Gaynor
— lie bunched all his theories and doctrines together and pro­ of this city on the deck of the North German Llojrd steamship
claimed a New Nationalism; he declared that wealth must be Kaiser Wilhelm derGrosse as she lay at her pier at Hoboken,
regulated and that the Federal Government must extend its and on which the Mayor was to take a vacation trip abroad.
power over every class of corporation. In one of his speeches Fortunately the attempt failed, and after staying at St.
he also declared that Government must regulate “ the terms Mary's Hospital, Hoboken, for nearly three weeks, he was
and conditions of labor.” In the agricultural world meteoro­ sufficiently recovered to be moved to his country home on
logical conditions changed very much for the better— barring Aug. 28. Japan formally annexed Korea, assuming the ad­
continued drought in certain parts of Texas— and the latter ministration of its affairs Aug. 29; it was given a new name,
art of August the tendency of grain prices was downward. namely Cho-Sen, meaning the Land of the Morning Calm.
Lot, dry weather during July, while causing a great shrinkage Prince Nicholas, the ruler of Montenegro, was on Aug. 28
in production, served to hasten maturity, making the crop crowned King Nicholas I. the principality having been ele­
earlier than usual Then, also, bankers were not inclined to vated to sovereign rank and made a kingdom. In Nica­
encourage speculative operations of the Patten type for ragua Gen. Juan Estrada, who had instituted the revolution
higher prices. The Dec. option for wheat at Chicago touched the previous October against the Govt, of Pres. Zelaya, cap­
SI 07 Aug. 6 and again (after an intervening decline) Aug. 13; tured Managua, the Nicaraguan capital, after prolonged
but from this there was a decline to SI 02)4 Aug. 22, with fighting, and succeeded in overthrowing the Govt, headed by
the close Aug. 31 SI 03%. Dec. corn at Chicago sold down Doctor Jose Madriz, whom Zelaya had installed in the Presi­
from 02% cts. Aug. 12 to 57% cts. Aug. 31. Dec. Oats at dential chair when he himself fled the country the previous
Chicago declined from 39% cts. Aug. 12 to 35% cts. Aug. 31. year. Gen. Estrada and his followers then assumed the
In cotton there was a sensational advance in August con­ reigns of government. The Spanish Govt, recalled its Am­
tracts on a squeeze of the. shorts. The staple was rushed bassador to the Vatican and a rupture of relations between
here in large quantities and tenders of actual cotton on the Spain and the Pope occurred. In Germany much political
N. Y. Cotton Exchange reached 113,100 bales during the ferment was occasioned by the re-assertion by Emperor
month; but this still left many short contracts to be covered William of his theory that the Hohenzollerns rule by divine
in the market. Spot cotton in this market, opening Aug. 1 right. Speaking at Koenigsberg on Aug. 26 he said: “ Con­
at 15.20 cts., reached 10.90 cts. Aug. 27 after numerous ups sidering myself as the instrument of the Master, regardless of
and downs, but exciting developments did not come until passing views and opinions I go my way, which is solely
Monday, Aug. 29, when August contracts were rushed up to devoted to the prosperity and peaceful development of our
20 cts. and spot cotton sold at 19.75 cts., the latter the high- l1atherland.” The British Parliament adjourned after
ost figure reached since 1873. At the 20-ct. level W. P. Lloyd-George’s second Budget had passed without incident.
Brown of New Orleans, one of the leaders in the rise, offered Important^progress in aviation was made and notable long­
100,000 bales, preventing any further jump. The spot pricedistance flights taken both in this country and in Europe.
again touched 19.75 cts. on Tuesday, Aug. 30. The August In Southern Russia an epidemic of cholera carried off thou­
option ran out Aug. 31 at 11 a. in. and after that the spot sands of peasants; the disease also extended into Italy, mak­
price dropped to 17.50 cts. The new-crop months at no ing serious inroads there. A fierce fire destroyed important
time shared in the speculative rise. On Aug. 10 there was portions of the World’s Fair or Exposition at Brussels, Bel­
a re-offering by the N. Y. State Comptroller of the $2,243,000 gium. Floods overwhelmed Tokio, Japan, destroying or
4% canal bonds (out of a total offering of 811,000,000) not damaging thousands of houses and causing the loss of nearly
taken in July, and this time there were|68 separate bids for an 1,000 lives, it was estimated, and damaging the rice crop to
aggregate of 825,000,000. The price, too, was better, the an enormous extent. The city of Tokio, it was stated, was at
award having been on a basis of 101.77, as against 100.70479. one time supporting 100,000 refugees. Texas ratified the pro­
Additional increases in wages of railroad employees of one posed Income Tax Amendment to the Federal Constitution.
grade or another were announced. Arbitrators under the
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s . — The stock
Erdmann Law on Aug. 17 awarded telegraph operators on market was very dull, and towards the close of the month
the Southern Ity. 8% increase and also 15 days’ vacation dealings came almost to a standstill. The tone, however,
each year, with pay, to employees in service more than two was strong and the upward reaction which came at the close
years, besides granting other concessions. The Pennsylvania of July was continued and made marked progress. The
RR. granted G% increase to telegraphers, dispatchers, agents latter part of the month, under the intense dulness prevailing,
and signal men, effective Sept. I, this being in addition to the a sagging tendency developed and some of the recovery was
general wage advance accorded April l to all the employees ,osJ; MM- & St. P. com. advanced from 118% Aug. 2 to
of the Pennsylvania system. The L. S. & Mich. So. gave an
AuSaufl closed at 120%; N. Y. Cent, rose from
increase said to aggregate 8150,000 annually to 1,300 en­ 108 Aug. 1 to 115% Aug. 17 and closed at 111%; Reading
gineers between Chicago and Buffalo. Examiners on behalf com. moved up from 132% Aug. 2 to 147% Aug. 17, with the
of the Inter-State Commerce Commission began hearings close 141%; Union Pac. com., after advancing from 157%
Aug. 29 on the proposed increases in freight rates on the roads Aug. 2 to 171 Aug. 17, closed at 166££; Steel com. went up
West of Chicago. Formal resolutions were adopted by em­ from 05^ Aug. 2 to 73% Aug. 17 and closed at 70y s , while
ployees representing all the lines of the Santa Fe and Rock Amal. Cop., after rising from 60 Aug. 2 to 68 Aug. 16,closed
Island systems, at a meeting in Topeka, asking Pres. Taft, the Aug. 31 at 65. The N. Y. Public Service Commission re­
Inter-State Commerce Commission and all law-making bodies jected for the second time the reorganization plan (the first
national or State, to unite to get permission for rate advances! plan having been modified to meet the supposed views of the
Signs of a slackening in trade were noted in a number of Commission) of the Third Ave. RR. of this city. Can. Pac.
directions. The Steel Corporation on the 10th made public increased its s.-a. div. from 3% to 3%%, this being in addi­
its first monthly report of unfilled orders and it showed con­ tion to the usual %% extra from land sales, thus placing the
tracts on hand July 31 of only 3,970,931 tons, as against stock on an 8% basis. The Chalmers Motor Co. of Detroit
4,257,794 tons June 30, 5,402,514 tons Mch. 31 and 5,927,031 declared a cash div. of 30% and a stock div. of 900%, this
tons Dec. 31 1909. The Copper Producers’ statement for last by increasing the stock from 8300,000 to 83,000,000.
July, issued Aug. 8, confirmed previous reports that the The Boston Wharf Co. made a stock div. of 400% by increas­
output of the metal was being restricted, production for July ing its outstanding stock from 81,200,000 to 86,000 000.
being given as 118,370,003 lbs., as against 127,219,188 lbs. Spang, Chalfant & Co., Inc., Pittsburgh, Pa., declared a
in June and 123,242,476 lbs. in May. It appeared, neverthe­ stock div. of 100%, and raised the authorized capital from
less, that there had been a further small increase in stocks. 8900,000 to 82,000,000. The Makaweli Sugar Co. of San
There was a break in the price of rubber and a collapse of the Francisco made a stock div. of 50% and increased its out­
boom abroad in Rubber shares. The decline in Rubber standing stock to 83,788,250. Conditions did not favor the
shares had become quite pronounced in July, but it was not negotiation of new loans and only a few small loans were
until the fortnightly auction sale in London on Aug. 9 that placed during the month.
a serious slump in the price of rubber attracted attention to
T h e M o n e y M a r k e t .— Day to day accommodation during
the weakened position of the raw material. On that day the August was far in excess of the requirements, but supplies
cables reported that lots had sold at from 3G to 44 cts: a lb. on time were restricted. The reluctance of N. Y. bankers
below the figures of two weeks before. Contrasted with the to release any substantial quantity of money on time loans
extreme quotations reached the previous April, prices re­ attracted a good deal of attention and created an impression
corded a big decline. On May 1 fine, new, up-river Para not altogether conducive to the preservation of confidence.
rubber had been quoted in N. Y. at 82 80 per lb.; at the end Money holdings of the Clearing-House banks further in­
of August the quotation was only 81 90 per lb., with the creased from $351,801,700 July 30 to 8373,519,000 Aug. 13,

g




24

T H E C H R O N IC LE

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

Harris M. Plaisted, the father of the successful Democratic
candidate in this instance, carried the State. Hie Demo­
crats also elected two of the four Congressmen together with
111 members of the Legislature, against 69 elected by the
Republicans, thereby insuring a Democratic successor to
U. S. Senator Eugene Hale. The 1909 Legislature of Maine
had consisted of only 59 Democrats, against 123 RcI)ublicans.
Ordinarily Democratic success in such a State as Maine wo ltd
have been hailed as an unfavorable influence, but in this in­
stance it was looked upon as a hopeful sign, indicating a
likelihood of a check upon the rampant radicalism of the Re­
publicans. In the contest in this State for control ot the
Republican.organization and the Republican State Conven­
tion, ex-President Roosevelt proved entirely victorious, the
so-called “ Old Guard” sustaining defeat at every point, the
convention began its sessions at Saratoga Sept. 27 and Mr.
Roosevelt was elected temporary Chairman by 567 to 445
over Vice-President Sherman, who had been proposed by
the Republican State Committee. The next day Henry L.
Stimson, formerly U. S. Attorney for the Southern District
of New York, and who had taken an active part in the suc­
cessful Federal prosecution of the Amer. Sugar Ref. Co. for
undervaluation of sugar imports, was nominated tor Gover­
nor after Mr. Roosevelt himself had placed Mr. Stimson in
nomination. Mr. Roosevelt also succeeded in having lus
primary plank incorporated in the platform of the convention.
On the other hand, the Democrats in their conventions in
New York and New Jersey nominated very acceptable men,
choosing as a candidate for Governor of New Jersey President
Woodrow Wilson of Princeton University, and in New York
John A. Dix, a successful business man with no radical lean­
ings. Crop developments were favorable and no frosts oc­
curred to cut short the production of corn. A sharp down­
ward turn occurred in grain prices. At Chicago the Dec. op­
tion for wheat declined from $1 04)4 Sept. 2 to 96c. Sept. 30;
the Dec. option for corn from 58c. to48j^c., and the Dec.
option for oats from 36%c. to 32FsC. In cotton, after the
culmination of the August corner there was naturally a big
drop. Middling upland in this market was quoted Sept. I
at 15 Uc , from which there was an uninterrupted decline to
13.75c. Sept. 14. The low figure was reached Sept. 26,
SEPTEMBER— C u r r e n t E v e n t s .— The tone improved namely 13.60c., and the close Sept. 30 was 13.75c. In trade
somewhat during this month. At the hearings in this<city there was a further slackening of activity. I here was also
on the proposed advance in freight rates in tho^ temtoiy shading of prices in iron and steel. The U. S. Steel Cor­
north of the Ohio River between Chicago, St. Louis and the poration in its statement issued Sept. 10 showed unfilled
Atlantic seaboard (including the New England States), sta­ orders Aug. 31 of only 3,537,128 tons, as against 3,970,931
tistics were presented by the railroads showing that with tons July 31 and 4,257,794 tons June 30. In copper, instead
freight revenues for 1909 reaching $742,323,785, the revenue of the decrease in production expected, there was an increase
in 1910 on the basis of the higher rates proposed would be to the largest monthly total ever reached, namely 127,803,618
yr.K 230 giving therefore an additional revenue of $_7,- lbs. (the return being that for the month of August), but
031,445, or less than 4%. The addition to expenses by tea- stocks were slightly reduced. The strike of the bituminous
son of the advances in wages, it was shown, would be $34,­ coal miners in Illinois and the Southwest (Mo., Kan., Okla.
756 519, making it clear there was adequate warrant for the and Ark.) was settled, and work at these mines was resumed
higher schedules. But at the hearings in Chicago Commis­ on Sept. 10 after many months’ idleness. There was a gen­
sioner Lane was reported as having blurted out during the eral rise in discounts in Europe. On Monday, Sept. 26, the
examination of one of the witnesses: I regard it as a senous Bank of Germany raised its rate from 4 to 5%, and on Ihurs­
menace to the Western country if the rates constantly are to day, Sept. 29, the Bank of England rate moved up from
be increased. We must work out this problem on lines 3% to 4 % : the Bank got some South African gold the
other than by the proposed method of raising the tanft. early part of the month, but none the latter part, the metal
This statement was made on ihursday, Sept.
Ihe pre­ going to the Continent or being taken for India and other
vious day however, the announcement had come that in the points. The Bank also had to meet large calls tor gold tor
U S Circuit Court at St. Paul the Special Master in Chancery Egypt Turkey, &c. Government money holdings increased
in the suits involving the Minnesota commodity freight rates from *312,403,661 to *313 844 384, but Govcrimioi.t <lcprescribed by the Minnesota Railroad & Warehouse Com­ posits in the banks were reduced from $48,765,121 to $48,­
mission had filed his findings, and held the rates to be uncon­ 047,442. National bank circulation secured by bonds in­
stitutional and confiscatory. This was only a referee s re­ creased from $687,132,323 to $688,157,577. In the bill of
port, subject to approval or disapproval by the Court, but lading controversy regarding export cotton, foreign bankers
was considered highly important, and no other event of the at a conference abroad declined to accept the validation ccimonth exercised such a genuinely stimulating influence tificate as being a satisfactory scheme of guaranty and con­
There was also further action by railroad employees in behalf firmed their action of July 20, declaring that they would
of the proposed rate increases. At a meeting in this city decline from Oct. 31 to accept drafts against bills of lading
Sept 25 of about 3,000 members and delegates representing unless guaranteed through exchange buyers in America.
the Brotherhood of Railroad Trainmen, Locomotive Engi­ Such a guaranty the American banks declared was abso utcly
neers Locomotive Firemen & Enginemen and the Ordei of out of the question. A sort of deadlock consequently in­
Railway Conductors— these being railway employees unions, sulted, which was not relieved until the next month, when
having a membership of about 350,000— resolutions were the foreign bankers decided to defer the elate for their ulti­
adopted approving a reasonable increase in rates and asking matum to go into effect from Oct. 31 to Dec. 31. the de­
the executive officials of the brotherhoods to appear before murrers to the indictments found in March against the Na­
the Inter-State Commerce Commission in support of tne tional Racking Co. and ten of its subsidiaries having been
proposition. There was also a revival in the demand for sustained, a special Grand Jury (which had been sitting since
!) on Sept. 12 found three new indictments against ten
bonds, albeit the inquiry fell away again m October. A few July
new bond negotiations were also reported, being the hist of officers of the so-called Beef Trust. On Sept. 16 a suit was
filed in the Circuit Court against Armour & Co., Swift &
aivy magnitude for some time. On Sent 26 it was announced also
the Union Pacific had placed with Kuhn, Loeb & Co. and Co., and others, charging them with raising the prices of poul­
Baring Brothers & Co., Ltd., for issue in London, £1,500,000 try, eggs, butter, and other products, and asking for a per­
1st lien and ref. mtge. 4s. This issue proved a complete manent dissolution of the Kansas City Fruit & Produce Ex­
success. It was also announced that the underwriting sy n­ change. Agents of the U. S. Govt, on Sept. 29 raided the
dicate, which the previous spring had purchased about $L 1,­ offices of B. II. Scheftels & Co., dealers in mining stocks at
000,000 of 4 Y z % conv. bonds of the dies. & O. not sub­ 44 Broad St., this city, and placed a number of persons con­
scribed for by the stockholders, had sold part of its holdings nected with the concern under arrest. The warrants charged
and given an option on the remainder. Political develop­ conspiracy to defraud and misuse of the mails. A National
Conservation Congress was held in St. Paul, at which both
ments were important. In the Maine State election on ex-President
Roosevelt and President Taft delivered ad­
Sept. 12 a political upheaval occurred. For the first time in dresses, attracting
attention. The former urged his
thirty years the Democrats made a clean sweep of the-State, well-known theorieswide
providing for Federal control of unde­
electing their candidate for Governor, Frederick M. Plaisted, veloped resources, water
powers, &c., while President laft
bv a plurality of 8,945 over the Republican candidate, Gov. leaned towards State control
water-power sites, &c., under
Bert M. Fernald, who when lie ran in 1908 had a plurality of Federal regulation, and tookofoccasion
to declare that “ the
7 653 which even then had been the smallest Republican time has come for a halt in general rhapsodies
conserva­
plurality in many years. The last previous time when a tions, making the word mean every knownover
good in the
Democratic Governor had been elected was in 1880, when

this being the maximum for the year; but fell off rapidly and
Sept. 3 were only $350,746,100. Surplus reserves similarly
reached their maximum Aug. 13 at $55,743,350, but de­
creased to $31,858,225 Sept. 3. Loans moved up from
$1 200,559,900 July 30 to $1,258,191,000 Sept. 3. Deposits
increased from $1,218,299,200 July 30 to $1,280,200,300
Aug. 20 and then fell to $1,275,551,500 Sept. 3. Money
holdings of the trust companies, &c., fell away from $143,­
947 300 July 30 to $141,193,600 Sept. 3. The loans of these
institutions declined from $1,114,491,200 July 30 to $1,097,­
573,700 Sept. 3. Call loans during the month ranged from
1 to' 2%. Time loans at the close were 3 ^ for 60 days; 4 for
90 days 4 Yz for 4 mos. and 4 % @ 4 J 4 for 5 and 6 mos.
There was very little inquiry for commercial paper from
local financial institutions, even at 5 lA @ 5 % % , and paper
was not nut out freely on account of the resulting congestion.
Rates at the close were 5)4@5M for double names; 53^©6 for
the best single names and 6 *4@6K for good single names.
F o v e i a n E x c h a n g e , S i l v e r , Ac.— Foreign exchange rates
after weakness the first two days sharply advanced during
August. Both on Aug. 1 and Aug. 8 N. Y. houses got the
"renter part of the South African offerings of gold in the Lon­
don market. With the advance in exchange, however, fur­
ther imports of gold became out of the question. One influ­
ence in the rise was the upward movement of discounts in
I ondon There was also selling here of American securities
on European account, representing purchases made the pre­
vious month at the time of the great slump on the Stock Exehamrc and which were now showing generous profits.
Drawings of finance bills on Paris, where money continued
easv kept the rise within bounds. The latter part of the
month there was some recession from the highest figures on
speculative sales. Sight bills touched 4 8525@4 8530 Aug. 2
and were at their highest Aug. 23 at 4 8680@4 868o, with
the close Aug. 31 at 4 8640@4 8645. Open market dis­
counts in London at the close were 3 1-16@3^ for 60 to 90day spot bills and 3%@3>£ for bills to arrive. At Berlin
the quotation was 3L for spot bills and 3% for bills to armc.
Paris continued to quote 2%. ■ Silver in London fluctuated
within a narrow range and closed at 24 5-16d.




Jan. 7 1911.]

T H E C H R O N IC LE

25

world.” The Conservation Congress, however, adopted the month. At first it moved quietly to a lower level under
resolutions reflecting the Roosevelt views. The Newfound­ an inflow of cotton and grain bills; then there was an up­
land fisheries dispute between Great Britain and the United ward reaction. Views, however, as to the future of the mar­
States was definitely settled by the International Court of ket were very divergent, and there was talk simultaneously
Arbitration at The Hague. Of the seven questions at issue, of the possibility of both gold imports and gold exports.
five were decided in favor of the U. S. and two in favor of PIic latter part of the month the rise in European discounts
England; but these last two were considered the most im­ caused a decided upward turn in exchange, foreclosing the
portant of the lot— one of these two being that the three- possibility of gold imports. At the very close higher money
mile line referred to in the British American Treaty of 1818 here served to bring about a downward reaction. Sight bills
is to be drawn from an imaginary line connecting the head­ were at their lowest Sept. 8 at 4 8595@4 8610; the high
lands of bays, and not, as the United States had contended, figure was 4 8665@4 8675 Sept. 28 and the close Sept. 30
from any point within a bay having a radius of more than was 4 8635@4 8645. The bullion holdings of the Bank of
three miles. General Juan J. Estrada was inaugurated as England were heavily reduced the last two weeks. Dis­
Provisional President of Nicaragua, and this provisional counts at the close were 3% for 60 and 90 days’ spot bills and
Government was later recognized by the U. S. The cholera 3%@3% for bills to arrive in London, while at Berlin the
epidemic continued to rage in Russia,, claiming for a time rate was 4% for both spot bills and bills to arrive. At Paris
upwards of 20,000 victims a week, and also made consider­ the open market rate advanced to 2%%. Silver continued
able inroads in Italy, with reports of sporadic cases at some to move within a narrow range, with the price at London
other points in Europe. In the second trial in Cook County, Sept. 30 fractionally higher at 24%d,
111 ., of Lee O'Neill Browne of Ottawa, on the charge of having
bribed a member of the State Legislature to vote for William
OCTOBER.— C u r r e n t E v e n t s . — There was a further de­
Lorimer for U. S. Senator, the jury brought in a verdict of velopment of hopefulness, based largely on favorable expecta­
“ not guilty.” U.S. Comptroller of the Currency Lawrence tions regarding the November elections. Ex-Pres. Roosevelt
O. Murray, in pursuance of his plans of reforms in banking continued to direct the campaign for the Republican candi­
practice, addressed a circular letter to national bank exam­ date for Gov., Henry L. Stimson, and spoke and acted in a
iners making known his intention hereafter personally to pass way which under ordinary circumstances would have been
upon all applications for designation as reserve agents before highly disturbing. He indulged in harangues against large
they are approved and to refuse the application where the financial interests, charged that these interests were in cor­
reserve bank is not in an entirely satisfactory condition. rupt alliance with Tammany Hall, and appealed everywhere
“ Long Island Day” was celebrated in Brooklyn, Thursday, to the baser passions of the masses. As the canvass pro­
Sept. 8, being the day when the Pennsylvania RR. opened gressed he became more and more reckless, until he took on
to regular public traffic its tunnel service to Long Island.
a character much like that assumed by William J. Bryan in
R a il r o a d E v e n t s a n d S to c k E x c h a n g e M a t t e r s . — There was his silver campaign in 1896, when he made such wholesale
general improvement in prices on the Stock Exchange dur­ accusations against Eastern financial and business interests
ing September. In the early part of the month the tone was and sought to make it appear that they were the defenders
still more or less depressed and the market opened weak on and apologists for corruption and all the crimes in the calen­
Tuesday, Sept. G, after the Labor holiday. Later a sharp dar. He did not confine'his speechmaking to this State but
break in the price of Amer. Hide & Leather pref. caused made occasional incursions into other States, arousing an­
further unsettlement. This stock had been boosted up on tagonism wherever he went because of his speeches and the
Sept. 6 from 30)4 to 32%, on intimations of a very good an­ offensive epithets and expressions he employed. He was
nual report, whereas the report proved decidedly unfavor­ vigorously opposed, however, by all the non-partisan news­
able, causing a break to 19. The next week the transfer papers of the best type, while many leading Republicans
of the large block of Rock Island Co. pref. which Kuhn, announced their determination to vote against the Republi­
Loeb & Co. had purchased from the Pearson-Farquhar syn­ can ticket on account of the revolutionary doctrines he was
dicate to the Phelps-Dodge copper interests in control of the advocating. Thus the conviction steadily grew that having
El Paso & Southwestern Ry., served to impart an improv­ a conservative opponent like Mr. Dix, Mr. Roosevelt and his
ing tendency to prices. The result of the Maine election was New Nationalism, along with his offensive personalities, were
also looked upon with favor. Unsatisfactory reports regard­ sure to go down to overwhelming defeat, just as actually
ing the iron and steel trade led to a portion of the advance happened. It was felt, too, that in other States the ex­
being lost, but the reaction proved only temporary, and with tremists in the dominant party would likewise meet with
the decision in the Minnesota rate cases adverse to the State rebuke— in other words, that at last radicalism, which had
authorities, a moderate further improvement occurred all been the bane of the business world so long, would receive a
around. Mil. & St. P. com. opened at 121 Sept. I, declined definite check. On this idea a noteworthy recovery in prices
to 117 Sept. 7, advanced to 123 Sept. 22 and closed Sept. 30 ensued on the Stock Exchange. At the close of the month
at 1 2 1 Reading com. opened at 142, declined to 136% the election bets showed odds in favor of Dix of 5 to 2 and
Sept. 7, rose to 147% Sept. 27 and closed 146%; U. P. com. these odds were further increased in November before Elec­
opened at 167, sold at 162% Sept. 6 and at 167% Sept. 30. tion Day, which occurred on the 8th. With the Dept, of
N. Y. Cent, opened at 110%, fell to 109% Sept. 6, sold at Agriculture reporting the largest corn and oats crops on rec­
114% Sept. 21 and closed at 113%; Steel com.,opening at ord, and the yield of spring wheat having turned out better
69% ex-div , sold up to 70% Sept. 14, then declined to 66% than expected, further sharp declines ensued in grain prices,
Sept. 20, with the close Sept. 30 68%; Amal. Cop. was at its though the first few days of the month the tendency was up­
highest Sept. 1 at 64%, from which there was a decline to ward. In Chicago the Dec. option for wheat, after rising
60% Sept. 23, but with the close Sept. 30 64%. The Pabst to 99% cts. on Oct. 6, declined to 89% cts. Oct. 31; Dec.
Brewing Co. of Milwaukee declared a stock div. of 20% in pref corn at Chicago, after getting up to 50% cts. Oct. 5, fell to
stock and 5% in com. stock for the distribution of accumu­ 44% cts. Oct. 24, with the close Oct. 31 46% cts.; Dec. oats
lated surplus.
at Chicago from 33% cts. Oct. 6 dropped to 29% cts. Oct. 18,
T h e M o n e y M a r k e t . — There was a further noteworthy re­ with the close 31% cts.
Accounts regarding the growing
duction in September in money holdings and surplus reserves, cotton crop were not so favorable and there was a fresh outbut this had no influence upon the local money market until burstof speculation; but the large exports combined with high
the last week. Rates for tune money tended strongly down­ prices operated to change the character of the country’s
ward about the middle of the month, especially for 1911 ma­ foreign trade. The September trade statement showed the
turities, fears of possible stringency having been largely dis­ largest merchandise exports ever reached in Sept, and indi­
sipated. Borrowers with the right kind of collateral could cated a balance on the merchandise movement of $51,587,000,
then secure facilities for 4 to 6 months at 4%%. There was, as against balances on the import side for most of the pre­
however, an oversupply of commercial paper, and the un­ ceding months. Two ginning reports came out during the
certain trade outlook militated against the free absorption month and neither was up to expectations, while the Govt,
of such paper, so that few drawers could have their bills dis­ condition report issued Oct. 3 made the condition of the
counted under 6%. The latter part of the month, under the plant Sept. 25 only 65.9, as against 72.1 a month earlier.
continued decline in surplus reserves, time rates again ad­ On Sept. 25 1909, however, the general average had been but
vanced, especially for the shorter maturities, while call loans 58.5. Middling uplands in N. Y. advanced from 13.75 cts.
were also appreciably firmer, though here the rate did not Sept. 30 to 14.90 cts. Oct. 13, then declined to 14.30 cts.
got above 3%. Rates at the close were 4% for 60 days, 4% Oct. 24, and after fluctuating considerably closed at 14.55
for 90 days and 4%@4% for 4 to 6 months. Commercial cts. Oct. 31. Print cloths at Fall River were 3% cts. up to
paper was r[uoted at 5%@5% for double names, at 5%@5% and including Oct. 17; thereafter nominally 3% cts. The
for the choicest single names and at 6@6% for less attractive lockout of the cotton operatives at Lancashire (Eng.) proved
bills. Money holdings of the Clearing-House banks declined of short duration. The Federation of Master Cotton Spinners
from $350,746,100 Sept. 3 to $320,702,400 Oct. 1, while sur­ began the enforcement of the lockout on Monday, Oct. 3, but
plus reserves fell from $31,858,225 to $4,981,350. Loans in­ the operatives finally agreed to arbitrate the case of the em­
creased from $1,258,191,600 Sept. 3 to $1,285,532,200 Sept. ployee whose discharge from the Fern mill at Oldham had
24, and then fell to $1,278,150,200 Oct. 1. Deposits were precipitated a strike in that factory. Accordingly, work was
$1,275,551,500 Sept. 3, $1,272,758,100 Sept. 10, $1,285,­ resumed on the following Monday, Oct. 10. The report of
703,100 Sept. 24 and $1^62,884,200 Oct. 1. Money hold­ the Copper Producers’ Assn, showed a decrease during Sept,
ings of the trust companies, &c., were $142,074,500 Oct. 1, of 20,087,531 lbs. in the stock of marketable copper in this
against $141,193,600 Sept. 3 and their loans $1,103,036,900, country. The Steel Corporation, however, reported for
against $1,097,573,700.
Sept. 30 unfilled orders on its books of only 3,158,106 tons,
F o r e i g n E x c h a n g e , S i l v e r , tfee.— Reference has been made
a further reduction of 379,022 tons. On the other hand, the
above to the rise in discount rates at the various European Steel Corporation’s statement of earnings for the Sept, quarter
centres— the Bank of Germany from 4% to 5% Sept. 26 isucdOct. 25 made a favorable exhibit. Labor troubles were
and the Bank of England from 3% to 4% Sept. 29. Our somewhat prominent abroad and there were some drawbacks
foreign exchange market pursued an irregular course during of the same nature in this country. In France an uprising



36

T H E C H R O N IC LE

[Vol. LXXXXII.

among the railroad employees began Oct. 11. At first the to $47,898,287; Govt, cash holdings were reduced from $313,­
trouble appeared to be merely a strike for higher wages and 844,384 to $312,908,182, while national bank circulation
not to have any political purposes in view. It quickly as­ secured by bonds increased from $688,157,577 to $691,335,­
sumed large dimensions, however, and was characterized by 845 A cyclone, accompanied by extremely heavy rains, did
Premier Briand, who before his accession to office had been great damage in Cuba, and later visited the southeastern
an ardent advocate of Socialism, as “ an insurrection purely, shores of the U. S., more particularly Florida, where torren­
built upon criminal foundations.” For a time the situation tial rains fell and considerable destruction of property was
appeared very grave, and as the railroads were prevented caused; many accidents to steamships and smaller craft were
from carrying normal amounts of foodstuffs into I aris, the reported. There were further aviation contests and on Oct.
effect was to send up the prices of provisions in the French 15 Walter Wellman with five assistants attempted to cross
capital The Premier acted with great firmness and suc­ the Atlantic in his dirigible balloon “ America.” He started
ceeded in quelling the movement. In a speech which he from Atlantic City and after having been in the air about 71 %
made subsequently in the French Chamber of Deputies he hours, during which he covered a distance of 1,000 miles, he
declared t f f t he had proof that “ there was a deliberate plot was rescued north of Bermuda by the steamship Trent. Italy
to ruin France by violence, anarchy and civil war.
In this suffered another disaster; th'e Island of Ischia, situated in the
country a strike of the drivers, helpers and other employees Mediterranean about 16 miles southwest of Naples, was swept
of the express companies, which arose in Jersey City the by a stonri, and at the same time Mount Vesuvius sent forth
latter part of the month, rapidly spread and extended into an avalanche of stones and mud. Doubts as to whether per­
New York and Brooklyn, assuming very large proportions mission would be granted to advance rates militated against
early in November and making necessary the putting on new loan negotiations on the part of the railroads. The Mich.
duty of the entire police force of the city in order to cope Cent., however, succeeded in placing 50,000,000 francs of
with the situation thus created. On the other hand, the 1-year notes in Paris through Morgan, Harjes & Co. No bids
strike of the street railway employees in Columbus, O., were received by the City of N. Y. on Oct. 20 for the con­
which had been in progress since July 24, and been accom­ struction, equipment and operation of the proposed tri­
panied by numerous acts of violence, and had practically borough subway by private capital. Bids for construction
paralyzed the business of that city, was terminated by the only and with municipal money alone without any risk to the
Strikers’ Association on Oct. 15, the company (the*Columbus contractor opened Oct. 27 were numerous. The N. Y. Stock
Rv & Light Co.) thereby gaining a victory. On Oct. 20 the Exchange house of Charles Minzesheimer & Co. made an
Bank of England further advanced its rate of discount from assignment Oct. 14 with estimated liabilities of $1,750,000.
4% to 5%. The Bank succeeded in getting each Monday Thomas G. Gaylord, trading under the firm name of Latham,
& Co., made an assignment on the same day.
the larger, or a good part, of the South African arrivals of Alexander
R a il r o a d E v e n t s a n d S to c k E x c h a n g e M a t t e r s . — There was a
gold in London, but the demand for the metal for Egypt was gradually
developing strength in the stock market, with an
on an enormous scale, and there were considerable shipments
to the interior of Great Britain. For the six weeks from all-around advance in prices. Little pressure to sell stocks
Sept 15 to Oct. 27 the bullion holdings of the Bank were was apparent, while relatively small purchases were effective
bringing about sharp advances. A most hopeful view was
reduced £8,390,637. The latter part of the month the Bank in
taken of the political situation, the belief prevailing that the
of France came to the aid of the English institution, as on radical
policies of Roosevelt and Taft would receive a setback
previous occasions, by sending gold in exchange for well- at the Nov.
elections, and much was also made of the change
secured bills held by the Bank of England, and also by for
the better in the country’s foreign trade and the fact that
forwarding gold direct to Egypt. English consols, which grain
crops of enormous proportions had been definitely
had been making new low records several times during the brought
to maturity. The advance in prices was not, how­
year on Oct. 26, touched 78%, the lowest point since 1847; ever, fully
maintained the latter part of the month. The
the following December a still lower figure was temporarily rise in the Bank
of England rato, with increasing firmness in
reached at 78%. Another important event of the month, money here, seemed
to give a new aspect to the monetary
but which did not have much influence upon affairs, was the
there was also selling to realize profits. Mil. &
overthrow of the monarchy in Portugal and the establish­ situation;
ment of a Republican form of Govt., withTheophile Braga as St. P. com. advanced from 121 Oct. 6 to 129% Oct. 21, with
Pres. The revolution was effected Monday night, Oct. 3, the close 124; Reading com. was 146 Oct. 5, 156% Oct. 21
and King Manuel and the royal family were compelled to flee and closed at 152%; U. P. com. from 166% Oct. 6 rose to 177
21, closing at 173%; N. Y. Cent, moved up from 113%
the country. The so-called Orinoco claim— involving the re­ Oct.
Oct. 1 to 120 Oct. 19, but closed at 116%; Steel com. ad­
pudiation by Pres. Castro of certain exclusive privileges vanced
from 68% Oct. 6 to 80% Oct. 28, closing at 78%, and
granted by the Govt, of Venezuela to the Orinoco Steamship Amal. Cop.,
after rising from 64 Oct. 1 to 71% Oct. 21,
Co. a N. J. corporation— and which covered a dispute of
long standing, was settled at The Hague by the International closed at 69%. We have referred above to the floating by
Court of Arbitration. The company had claimed damages the Mich. Cent, of 50,000,000 francs of 1-year notes in Paris.
of $1,400,000 and an umpire had awarded it $28,700. lhe Otherwise there were few new loan flotations of any conse­
Hacue Court awarded the company $46,867, with3% interest quence. The Amer. Smelters’ Secur. Co. authorized an issue
since June 16 1903 and $7,000 costs. Announcement was of $15,000,000 15-year 6% bonds, convertible for 7% years
made that negotiations were under way for a loan of $50,­ into the com. stock of the Amer. Smelt. & Refining Co., to
000 000 to the Chinese Govt, by local bankers, embracing the stockholders of which the bonds were subsequently
J P Morgan & Co., Kuhn, Loeb & Co., the Nat. City Bank offered at par. The General Motors Co. sold to a syndicate
and the First Nat. Bank. This loan was reported to be the $15,000,000 1st lien 6% 5-year gold notes and the syndicate
first of its kind undertaken by American bankers with the resold them at private subscription.
T h e M o n e y M a r k e t . — Firmness developed in money the
Chinese Govt. Later it was announced that English,
French and German banks would be allowed participation latter part of October. As the month progressed, a renewed
and the loan handled jointly. The proceeds were to be used inquiry came for currency for the West and South and gold
by China for currency reform and industrial development, had to be sent to Canada. Call loans were the first to feel the
including the building of State railroads. The State Dept, at increasing pressure, the rate gradually advancing until 4%
Washington intervened for the Standard Oil Co. in Austro- was reached. Time loans at the close were 4%@4% for 60
Hungary to secure fair treatment for its products. Under days; 4%@5 for 90 days and 4%@5 for four, five and six
date of Oct. 3 the Standard Oil Co. gave out a statement months. The market for commercial paper was over­
showing that during the previous three years the world’s supplied with names of questionable stability and brokers of
production of crude oil had been increasing at a rate far in recent origin resorted to various undesirable practices to
excess of the increase in consumption of refined oil. As a effect sales. This had an unpleasant influence upon the
result, it was pointed out, stocks were augmenting rapidly business of high-class commercial paper houses. Offerings of
and in the United States alone there was held in tankage.by 6% bills were so abundant that it was seldom possible to
the Standard Oil Co. and others over 115,000,000 bbls. obtain the 5%% rate that had formerly ruled for prime
Notwithstanding the enormous over-production of crude oil, names. A “ compromise” rate of 5%% was often agreed
there had been floated, it was stated, during the previous six upon. At the close quotations were nominally 5%@6 for
or seven months on English and European markets over 70 double names, 5%@6 for prime single names and 6%@6%
new oil companies, only a very few of which could ever be­ for paper of less desirable quality. Money holdings of the
come even small factors in the world’s petroleum business. banks continued to decrease, falling from $320,702,400 Oct. 1
In view of these conditions the Standard Oil Co. inaugurated to $307,672,700 Oct. 29, but surplus reserves improved,
a campaign to increase the world’s consumption of refined oil. owing to a diminution in the deposits. From $4,981,350
Prices for refined oil in this country were already lower than Oct. 1 the surplus increased to $11,170,275 Oct. 15 and then
for many years, leading to increased consumption here, but fell away to $9,543,425 Oct. 29. Deposits were reduced
it was felt that abroad unusual opportunity for augmenting from $1,262,884,200 Oct. 1 to $1,192,517,100 Oct. 29 and
consumption of refined oil existed and to accomplish this loans were diminished from $1,278,150,200 Oct. 1 to $1,226,­
considerable reductions in prices not only in the East but also 631,000 Oct. 29. Money holdings of the trust companies,
in Europe were made. Attorney-General Jackson of Kansas &c., increased from $142,074,500 Oct. 1 to $145,235,900
on Oct. 8 filed three suits in the State courts against the Oct. 29 and.loans from $1,103,036,900 to $1,132,540,600.
F o r e i g n E x c h a n g e , S i l v e r , & c . — We havo referred above to
Standard Oil Co. of N. J. and its subsidiaries (the Prairie Oil
& Gas Co. and the Standard Oil companies of Ind. and Kans.) the further advance in the Bank of England rate of discount
toT,collect fines for violation of the State Anti-Trust Law. on Oct. 20 from 4 to 5%. There was a slight relaxation in
These were said to be the first suits brought against the N. J. the open market rate at the close. Exchange went through
corporation by any State. Service, it was claimed, could be sharp changes during the month. The early part sterling
obtained through the three subsidiary companies, which was most of the time weak and lower, chiefly because of an
were made co-defendants in the several suits, on the ground extraordinary pressure to sell cotton bills. After the Colum­
that they were the agents and representatives of the parent bus holiday on Oct. 12 a firmer tone developed on a knowl­
company. Govt, deposits in the banks fell from $48,047,442 edge that the bill-of-lading controversy was inj process'of



Jan. 7 1911. j

T H E C H R O N IC LE

adjustment. A little later, exchange moved up with great
rapidity, owing to a combination of incidents and circum­
stances. The settlement of the bill-of-lading matter re­
moved the necessity for hurrying remittance against cotton
exports upon the market; private discounts at the European
centres displayed increasing firmness, and finally the Bank of
England’s rate was put up a full 1%’. With the rise in ex­
change, there came discussion of possible gold exports. At
the close, however, exchange again took a sharp downward
turn, chiefly because of the advent of firmness in money rates
here and somewhat easier rates abroad. Sight bills, after
touching 4 8570@4 8580 Oct. 11, advanced to 4 8665@
4 8080 Oct. 21 and closed at 4 86@4 8610 Oct. 31, this com­
paring with 4 8635@4 8640 Oct. 1. Open market discounts
at London at the close were 4 % for 60-day spot bills and 4 %
for bills to arrive and 4% for 90-day bills for both spot and to
arrive. At Berlin the open market rate was 4% and at Paris
2%. Silver in London sharply advanced and after getting
up to 26 %d. closed at 25 13-16d.
NOVEMBER.— C u r r e n t E v e n t s .— The elections more than
fulfilled expectation and resulted in the complete overthrow
of the dominant party. The Congressional vote showed that
the next House of Representatives would have a Democratic
majority of 63, as against a Republican majority of 47 in the
old Congress. The so-called pivotal States all elected Demo­
cratic Governors, thereby reversing political control. This
includes New York, New Jersey, Massachusetts and Connecti­
cut, where the occupants were all Republicans, while in Ohio
Judson Harmon was returned by a plurality of 100,377, as
against 19,372 in 1908, when Mr. Harmon first wrested the
State away from the Republicans. In many States pre­
viously Republican the Democrats also gained control of the
Legislature, insuring the election of Democrats to the U. S.
Senate, whore as a consequence the Republican majority
after March 4 1911 will bo reduced to small figures; New York
and Indiana are notable instances. The reversal of political
majorities all over the country was looked upon as a nation­
wide protest against the revolutionary doctrines to which
certain radical loaders in both parties had in a steadily in­
creasing degree beea committing the two parties. The re­
vulsion of public sentiment appeared to be particularly pro­
nounced wherevor Mr. Roosevelt had taken a prominent
part in the campaign or where the candidates had avowed
friendship for him or his doctrines. In New York State,
where Mr. Roosevelt carried on a personally conducted cam­
paign and engaged in much vituperation of the Democratic
candidate, John A. Dix, the latter got a plurality of 67,401.
In Connecticut, where ho assailed the Democratic candidate,
Simeon E. Baldwin, a Judge of high standing, Mr. Baldwin
was carried into office by 3,715 plurality, though all the rest
of the Democratic ticket, which was never supposed to have
any chance of success, was defeated. In Massachusetts,
where he came to the support of U. S. Senator Lodge, and
where he denounced the Democratic candidate, Eugene N.
Foss, as a stock-jobber, the latter received 35,179 more votes
than the Republican candidate, Eben S. Draper, who the
previous year had 7,934 votes plurality. In Indiana Mr.
Roosevelt's friend, Senator Beveridge, and a pronounced
radical for whom he made a special speech, was relegated to
private life, the Legislature having a Democratic majority of
30 on joint ballo-t. In Now York State Mr. Roosevelt’s per­
sonal spokesman, Congressman Cocks, went down to defeat
in the Oyster Bay district; not only that, but in Nassau
County (Mr. Roosevelt's county), Mr. Stimson, the Republi­
can candidate for Governor, was left in the minority. In­
deed, Mr. Stimson lost the town of Oyster Bay and even Mr.
Roosevelt’s own election district went against him on the
Governorship by 218 against 158. These results were nearly
everywhere regarded as an emphatic rebuke of the ex-Presi­
dent. After the election Mr. Roosevelt took refuge in silence
and refused to utter a word, in marked contrast with his
previous volubility. Of course, the elections meant con­
demnation also of the Federal Administration, and of Pres.
Taft as the most conspicuous exponent of the Roosevelt poli­
cies, which ho had sought to carry into effect through
legislative action by Congress. It was obvious that Mr.
Taft’s adherence to tha Roosevelt policies had availed him
nothing. Dissatisfaction with the Tariff Bill of 1909 and the
high cost of living undoubtedly alienated many voters from
the Republican ranks. But the President’s entire legislative
program served to drive many away from the party ranks.
Many voters all over the country disliked the Federal cor­
poration tax with its publicity features as applied to small
private State corporations, and many others, including nu­
merous small investors, voted against the party because of
the amendments made by Congress to the Inter-State Com­
merce Law vesting the Commission with autocratic and arbi­
trary powers. Not alono Mr. Roosevelt but those two other
shining lights of radicalism, William J. Bryan and William
R. Hearst, were sent to the rear by the popular verdict.
For the first time since 1896 the Demo3ratic party had cut
completely loose from Mr. Bryan, he having been re­
pudiated by his party associates in his own State. No
longer committed to Bryanism, and with an exceptional
array of personally strong candidates, like Woodrow Wilson
(who carried New Jersey by 49,056), Dix in New York, Foss
in Massachusetts, Baldwin in Connecticut and Harmon in
Ohio, they rode easily to victory. Mr. Bryan managed to do
a little “ damage in Nebraska by defeating the Democratic



37

candidate for Governor on the county-option question (Mayor
James C. Dahlman being beaten by his Republican op­
ponent, Chester H. Aldrich, by 15,361, though in 1908 the
Democrats elected a Governor by 11,884), but that was the
full extent of his power for mischief. In Ohio, where the
party at the Democratic Convention had refused to give any
quarter to the remnant of Bryanites left, and where as a con­
sequence Mr. Bryan had threatened dire vengeance, Judson
Harmon, as already noted, was re-elected Governor by a tre­
mendous plurality. William R. Hearst fared no better.
The Democrats had refused to parley with him in any way.
He consequently refused to support the Democratic ticket
headed by John A. Dix. John J. Hopper was nominated for
Governor as the Independence League candidate and Mr.
Hearst himself took second place, running for LieutenantGovernor. Only four years before, in 1906, Mr. Hearst had
been the Democratic candidate for Governor, and though
defeated had polled an exceedingly large vote. But Mr.
Hopper, as the League candidate, received only 48,470 votes
throughout the whole State, which was less even than the
vote cast for the Socialist candidate. Mr. Hearst himself
polled only 11,816 more votes (getting 60,286 votes alto­
gether) than the head of the ticket. The good effects of the
election were in considerable measure lost as the month pro­
gressed. The U. S. Government began suit against the
Amer. Sugar Refining Co. and against numerous subsidiary
and allied corporations under the Sherman Anti-Trust Law,
seeking to enjoin them all from a continuance of business.
This proceeding was peculiarly disturbing as it served to
bring to mind anew the fact (which the public was diligently
striving to forget) that the suits against the Standard Oil
and the American Tobacco companies were still pending in
the U. S. Supreme Court, and that the country’s highest
judicial tribunal had not yet determined the scope and opera­
tion of the Sherman Law. The prominence given to the
continued reaction in trade also served to dampen spirits.
In its issue of Nov. 28 the New York “ Time*” published an
interview with James J. Hill, of the Great Northern Ry., in
which Mr. Hill expressed the opinion that many thousands
of men would be thrown out of employment in 1911. The
railroads, he remarked, were curtailing their outlays in every
direction, and, concerning other business interests, he stated
that he happened to know that they were making no further
provision looking towards improvements or extensions than
were the railroads. “ It isn’t because they haven’t the
money, but because there are no inducements, considering
public sentiment and business outlook, for them to invest
it.” About the same time the result of inquiries sent out to
3,000 members of the National Assn, of Manufacturers was
made public in an article in the current issue of “ American
Industries,” the organ of the association, and also showed
conditions unsatisfactory. The monthly statement of the
U. S. Steel Corporation given out Nov. 10 reported unfilled
orders of only 2,871,949 tons Oct. 31, against 3,158,106 tons
on Sept. 30, 4,257,794 tons June 30 and 5,927,031 tons
Dec. 31 1909. In the case of copper, however, in face of the
largest refinery output in the history of the trade, unsold
stocks were during October further reduced from 148,793,714
lbs. to 139,261,914 lbs. What made the general trade out­
look dubious was the uncertainty as to whether the railroads
would be allowed to make their proposed advances in rates
so as to compensate for the rise in operating cost. Early in
the month a ruling was handed down by the Inter-State
Commerce Commission in a group of cases involving ad­
vances in railroad rates in the South made two years before.
In these instances the higher schedules had been in force in
the interval and the Commission now held that they were not
unjust, unreasonable or excessive. A speech by Chairman
Knapp of the Commission before the Railway Business Assn,
at a dinner Nov. 22 also afforded grounds for encouragement,
Mr. Knapp expressing his view in the following question:
“ Must we not in the larger public interests, whatever may be
thought by this or that shipper, make the business of fur­
nishing railroad transportation so desirable to the investor
that the necessary funds for betterments and extensions will
be forthcoming?” On the other hand, the Commission an­
nounced further suspensions from time to time of contem­
plated advances in rates by railroads in different parts of the
country. Moreover, at the hearings in the pending investi­
gations by the Commission, shippers continued vigorously to
oppose any increase at all in rates, and Louis D. Brandeis, as
their counsel, contended that by scientific management the
railroads could effect a saving of $300,000,000 a year in their
expenses. A striking incident following the election, though
of course not connected with it, was a noteworthy reduction
in wholesale prices of meats and provisions and in some other
articles of food. The event was ascribed to the large crops
raised and was of importance in view of the general com­
plaints about the high cost of living. Corn further declined,
the Dec. option at Chicago, after selling at 47% cts. Nov. 3,
falling to 43% cts. by Nov. 29, with a recovery to 44% cts.
by the close Nov. 30. The Dec. option for wheat, after de­
clining to 87 cts. Nov. 4, advanced to 92 cts. Nov. 16, but
closed at about the same figure as at the end of Oct., namely
90% cts. The strike of the express drivers in this city and
in Jersey City, after much parleying,was terminatedlNov. 12.
Treasury money holdings were reduced from $312,908,182jto
$311,099,459, ‘but Government deposits in the banks remained|substantially unchanged. National bank circulation
securedjby bonds increased from $691,335,845 to $693,695,-

28

T H E C H R O N IC L E

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

great financial strength, had got to the limit of its resources,
443. In Mexico quite an extensive uprising against the au­ and
was now obliged to let go some of its holdings. Ihe
thority of Pres. Diaz occurred and caused considerable appre­
closed quite weak N,ov. 30& kt- 1 . com.
hension for a time, but the Mexican Govt, eventually got the market
upper hand and vigorously suppressed the insurrection ex­ opened at 124 Nov. 1, got up to 126% Nov. 4, fell to 1 2 0 ) 4
Nov. 10 and closed Nov. 30 at 122Mi Reading com. opened
cept in a few mountain fastnesses. Prior to this, demonstra­ at
1 5 2 1 4 , advanced to 156 Nov. 4 and touched 147 % Nov. 30,
tions against Americans occurred at a number of points in Nor.
Pac. opened at 118%, sold up to 120 Nov. 4 and dropped
Mexico on account of the lynching Nov. 3 of Antoiiio Rod­ to 113%
Nov. 30; N. Y. Cent, declined from 117 .Nov. 4 to
riguez, a Mexican criminal,.at Rock Springs, lex. Quite an 110% Nov.
30; U. P. com. was at its lowest, 172, Nov. iu,
unexpected and unusual event was the ordering of a new from which there
w-as an advance to 179 Nov. 19, with the
parliamentary election in Great Britain, being the second
such election within the year, ihe conferences between close Nov. 30 174%; Steel com. advanced from 78% Nov. i
representatives of the Ribcrals and the Unionists with refer­ to 81% Nov. 4 and then got down to 75% Noy. 30; Amal.
ence to depriving the House of Lords of its veto power on Cop., after selling at 72 Nov. 3, touched 65% Nov. 30. ine
legislation unexpectedly came to naught, and Parliament was B. F. Goodrich Co. paid a 20% dividend in pref. stock, Mien.
dissolved. The elections the next month, however, showed Sugar Co. paid a stock div. of 35%% on its com. shares; t ie
practically no change in the position of the two parties. Nat. Carbon Co. paid a special div. of 15%; the Sloss-Shcilicla
The Liberals and the Unionists each elected 272 members Steel &Iron Co., on account of the depression in the iron and
and certain losses sustained, omitted thequar. div.
to the new Parliament, against 275 Liberals and 273 Union­ steelitstrade
com. stock; the directors of the Sears-Roebuck Co. of
ists in the old Parliament. The Laborites increased their on
voted to recommend a stock div. of 33 1-3% (or
representation from 40 to 42, the Nationalists from 71 to 70, Chicago
000,000) on the com. stock in 1911; the Rome Brass &
while the number of Independent Nationalists fell from 11 $10
declared a stock div. of 300% on its authorized
to 8. Altogether this gave a coalition vote of 398 in the new Copper Co.
of $300,000. The Quincy (copper) Mining Co.
Parliament, against 397 in the old and a coalition plurality capital
reduced its quar. div., this time to 4%, against 6%
of 120 against 124. The French Ministry under Aristide further
in Sept. There were offered in Paris $5,000,000 New
Briand tendered its resignation in consequence of the dis­ paid
Orl. Tex & Mex. Div. 1st 4%s of the St. L. & San Fran.;
sensions which had arisen among the Ministers over the bankers
offered $7,500,000 1st 4s of the Kan.City Tcrm. Ry
means adopted to put down the railway strike. President a simultaneous
offer also being made in London; the Chic. &
Fallieres at once asked M. Briand to form a new Ministry and
M. Briand then selected colleagues in sympathy with his own Northw. sold $15,000,000 gen. 4s to a banking syndicate;
views. Modifications were made in the proposed $50,0U0,UUU the N. Y. Cent. Lines placed an additional $7,500,000 equip,
Chinese loan by American bankers so as to admit English, tr. 4%s, this completing the whole $30,000,000; the Pitts­
French and German bankers to participation. luikey at burgh Steel Co. sold an issue of $7,000,000 7% pref. stock;
last succeeded in inducing a group of German bankers to the Consolidation Coal Co. placed $9,000,000 1st & ref. 5s.
T h e M o n e y M a r k e t .— With currency returning from the
float her loan for 7,000,000 Turkish pounds (about $31,500,­
000); the Deutsche Bank formed a syndicate of leading Ger­
man and Austrian banks, including the Rothschilds, to take surplus reserves of the Clearing-House banks, there was a
4% bonds at 84. Conferences were held at Ottawa between marked decline in money rates. Offerings on time were in
representatives of the U. S. and Canada to bring about im­ increased volume and rates for commercial paper also evinced
proved trade relations between the two countries. The agi­ a downward tendency. Call loans at the close were 2@2%%.
tation against the high price of meat in Germany led the On time the quotation was 3% for Dec. maturities and 4%
German Government, upon the solicitation of the South for all dates from 40 days to 6 months. Paper closed at 4%
German.Governments, to sanction a slight modification of @5% for double names and prime single names and5%@6
tariff regulation so as to permit the importation from France for less attractive single names. The money holdings of the
of a fixed number of cattle and swine weekly. A mutiny banks, after getting down to $301,125,100 Nov. 5, increased
occurred on Brazil's new battleships of the Dreadnought to $317,003,900 Nov. 26, but decreased again to $306,434,400
type and the mutineers opened fire on Rio de Janeiro when Dec. 3. Surplus reserves Nov. 5 were reported at $5,728,200,
their demands were not immediately complied with. Even­ from which there was an increase to $19,701,675 Nov. 19;
tually the Brazilian Congress capitulated by granting the but from this there was a drop to $5,048,500 Dec. 3. Loans
men increased pay, shorter hours of service, less work and were reduced from $1,226,631,000 Oct. 29 to $1,204,971,600
the abolition of corporal punishment. The next month this Nov 19 and then increased to $1,240,575,800 Dec. 3. De­
yielding of the Government had serious results in another out­ posits receded from $1,192,517,100 Oct. 29 to $1,169,565,700
burst of insubordination among the naval forces, a battalion, Nov. 12 and then rose to $1,205,543,600 Dec. 3. Money
numbering about 600 men, having mutinied in the garrison holdings of the trust companies &c., declined from $145,­
on Cobra Island. On this occasion the Government did not 235,900 Oct. 29 to $139,566,400 Dec. 3. The loans of these
quietly submit to dictation, but ordered land ba'tteries and institutions were $1,097,686,200 Dec. 3, against $1,132,540,­
,
,
warships to bombard the island, with the result that about 600 Oct. 29.
F o r e i g n E x c h a n g e , S i l v e r , & c .— Exchange sharply declined
200 were killed in the fortress and the mutiny quelled. Ihe
subway problem in this city entered upon a new phase with early in Nov., the principal influences then being easier dis­
the offer of President McAdoo of the Hudson Tunnel Co. to counts in London and firmer money here and the fact that
take over certain of the lines comprised in the contemplated the Bank of England was gaining gold and greatly strength­
tri-borough route. The next month the Interborough Rapid ening its position. The downward movement continued
Transit Co. made a very comprehensive offer for subway even after discount rates in London again advanced. Ibis
building, which appealed to the Public Service Commission, was due to the drawing of exchange against new securities
and the McAdoo offer was then withdrawn. A raid was made placed abroad and the seasonable increase in commodity
by the Federal Government on the offices of Burr Bros, in exports, together with renewed borrowing in Paris and Lon­
this city, promoters of mining and other ventures, and the don by our bankers. After the 11th the, course of exchange
members of the firm were taken into custody by Post Office was reversed and sterling advanced, notwithstanding the
inspectors. Judge Monger in the U. S. Circuit Court de­ placing of several blocks of new securities abroad. All other
clared unconstitutional the so-called Nebraska State Rating classes of remittance, however, were now in light supply and
Law, which sought to fix the price of surety premiums. In it was no longer possible to draw finance bills upon either
the U. S. District Court at Jackson, Tenn., Judge McCall on London or Paris, since money here had become as cheap as in
Nov. 17 instructed the jury in thefsuit of the Govt, against London, while attractive exchange arrangements could not
tlie Standard Oil Co. of Indiana to return a verdict of not be made to take advantage of the low open market discount
guilty of accepting rebates, holding the evidence insufficient. in Paris. Covering of outstanding short contracts was also
The Govt, had figured out possible penalties of $30,480,000. a factor. Sight sterling Nov. 1 was 4 8585(5),4 8590, from
Fines were imposed in the U. S. Circuit Court at Pittsburgh which there was a decline to 4 8540@4 8550 Nov. H- Ihe
against the Imperial WindowlGlass Co. of Pittsburgh and high point was 4 8615@4 8620 Nov. 25, with the close
certain individual defendants for violation of the Sherman Nov. 30 4 86@4 8605. Open market discounts in London
at the close were 4 7-16 for 60-day spot bills and 4% for bills
Anti-Trust Law, on indictments found the previous April.
R a il r o a d E v e n t s a n d S t o c k E x c h a n g e M a t t e r s .
Ihe course to arrive, while 90-day bills were quoted, respectively, at
ol values on the Stock Exchange during November was a 4 1-16and4%. AtParisthe open market rate was 2% and at
disappointment— at least after the election. From the low- Berlin 4%. Silver in London got up to 20d. again Nov. 7,
points reached the previous July, a substantial improvement but the close was only 25%d.
had been established and the recovery had in the main fol­
DECEMBER.— C u r r e n t E v e n t s .-T h e President’s Message
lowed as a result of the steadily growing conviction that the
radical political policies of the day would receive a check in contained a note of encouragement. Unexpressed the opinion
the defeat of the dominant party at the polls. The popular that “existing legislation with reference to the regulation of
verdict in that respect proved even more emphatic than had corporations and the restraint of their business had reached
been expected, but the market nevertheless sharply declined. a point where we can stop for a while and witness the effect
The reason was that those who had bought stocks in antici­ of the” laws already on the statute books. He also indicated
pation of the election results now sold to realize profits. his belief that it was “ in the interest of all the people of the
Hence after the election a general break occurred averaging country that for the time being the activities of Govern­
5@6 points. After a few days the market steadied and part ment, in addition to enforcing the existing law, lie directed
of the post-election losses were recovered. Thereafter, toward . . . the building up of home industries and the
business dwindled away, but with the tone fairly strong. strengthening of confidence of capital in domestic invest­
This continued until Monday, Nov. 28, when the interview ment.” Another favorable event was the decision on Dec. 8
with James J. Hill regarding the business situation w-as pub­ by the U. S. Circuit Court for the Eastern District of Penn­
lished and when the Govt, filed its suit under*the Anti-Trust sylvania in the cases against the Anthracite Coal Companies.
Law against the Atner. Sugar Ref. Co. Prices then declined This action had been begun in June 1907, during President
precipitately. It also appeared that a bull clique, with no Roosevelt’s Administration. The allegations of combina


Jan. 7 1911.!

T H E C H R O N IC LE

29

tion and conspiracy in restraint of intcr-State trade were dis­ to 15.25c. Print cloths remained at 3%c. In wheat, an in­
missed as to all the separate coal companies and anthracite- crease in the area planted was reported, but the condition
coal-carrying roads, and the charge that the Anti-Trust Law Dec. 1 was stated at only 82.5 as against 95.8 on Dec. 1 1909.
was being violated in the arrangement under which the 1 here was no very great change in grain prices during the
coal companies pay the independent operators for the coal month. Government money holdings increased from $311,­
at the mines 05% of the selling price at tidewater was also 099,459 to $320,o87,059 and Government deposits in the
found untenable. The one particular in which the conten­ banks decreased from $47,868,364 to $47,135,285. Na­
tions of the Government were upheld was in the allegation tional bank notes secured by bonds decreased from
that the Temple Iron Co. and the railroads controlling the $693,695,443 to $693,370,056. Owing to the operations of
same constituted a combination forbidden by the Sherman Joseph G. Robin, Chairman of the executive committee, the
Law. In this last instance it appeared there had been a Northern Bank of New York, an uptown institution with
specific violation of the law in the fact that, through the form­ nine branches, was on Dec. 27 closed by the State Superin­
ation of that company, there had resulted “ concerted action tendent of Banks. On Dec. 29 the Washington Savings
for the avowed purpose of bringing about an abandonment Bank, at 59th St. and Columbus Circle, of which Robin was
of the project” for the building of a new road for the carry­ President, was also closed. On Dec. 15 the U. S. Dept, of
ing of coal from the Wyoming region to tidewater. On Dec. Justice made a raid on the offices of the Capital Investment
12 there came a decision of the opposite nature by the U.S. Co. of Chicago and its branches in Aurora and Joliet, on the
Supreme Court. The Court reversed the ruling made by charge that the concern was a bucket shop and had been
Judge Holt in the U. S. Circuit Court in this city on Oct. 26 fraudulently using the mails. Andrew Carnegie created the
1909 in the cases brought under the Anti-Trust Law against Carnegie Peace Fund by donating $10,000,090 U. S. Steel
the directors and officers of the American Sugar Refining Corp. 5% bonds worth $11,500,000 to a Board of Trustees,
Co. Judge Holt had sustained the plea of the defendants headed by U. S. Senator Elihu Root, the fund to last for all
to the effect that the conspiracy charged (assisting in the time. The Stock Exchange firm of Fisk & Robinson re­
acquisition of the Pennsylvania Sugar Refining Co.) was not sumed business, having previously received a discharge in
continuous, and that the statute of limitations could be bankruptcy. It was announced that George W. Perkins
pleaded in bar. The Supreme Court laid down the rule that and Edward F. Whitney would retire from membership in
a conspiracy of the kind alleged might have continuance in the firm of J. P. Morgan & Co. on Jan. 1 1911 and be re­
time, and hence that the statute of limitations could not be placed by William II. Porter and Thomas W. Lainont. The
set up as a special plea. This decision was disturbing be­ Mauretania made a record trip as a “ Christmas ship;” leav­
cause its effect seemed to be not merely to open wide the ing Liverpool 5:43 p. in. Dec. 10, she reached this port early
doors to trust prosecutions, but to keep them open continu­ Dec. 16; she started back 6 p. m. Dec. 17 and at 10:22
ously. It was also announced that the Government con­
templated a suit against the General Electric and the WestE xch ange
inghouse Electric companies, said to lx; operating in agree­
ment with seventeen associations of smaller manufacturers values on the Stock Excli. was somewhat irregular during
of almost every article employed in the use of electricity. It Dec., but after some early weakness a good undertone devel­
was stated that this suit differed from all others in that a con­ oped. At the beginning of the month the downward reaction
spiracy to restrain trade under cover of the patent law was which had set in at the close of Nov. on the unfavorable views
alleged. Supplemental indictments were returned by the regarding the immediate future of trade expressed by James
Federal grand jury at Chicago on Dec. 16 against the Na­ J. Ilill, and the suit under the Anti-Trust Law against the
tional Packing Co. and the officers of the so-called Beef Am. Sug. Ref. Co., madefurther progress, but the tone of the
Trust, the civil suit being withdrawn so as to leave the Gov­ President’s Message and his attitude regarding new legislation
ernment unembarrassed by the pendency of the latter. served to revive confidence in values. The decision in the
In like manner, in addition to the civil suit previously anthracite coal cases also exerted a favorable influence. A
brought by the Federal Government at Baltimore against somewhat better demand for bonds was noted and it was evi­
the Standard Sanitary Manufacturing Co., a Federal dent that purchases of both bonds and of stocks were being
grand jury at Detroit on Dec. 6 returned indictments in made for the purpose of investing the proceeds of the Jan. int.
criminal proceedings against 16 companies forming the so- and div. payments. The latter part of the month Gen. Elec,
called “ Bathtub Trust,” and 32 of their officers, for alleged and Westingh. Elec, shares suffered somewhat because of the
violation of the Sherman Anti-Trust Law. President Taft prospective suit of the U. S. Govt, against the so-called elec­
promoted Associate Justice Edward D. White to the position trical trust. The net result for the month was small losses in
of Chief Justice of the U. S. Supreme Court made vacant by the case of a few stocks and advances in others. Mil. & St. P.
the death of Melville W. Fuller. He appointed Joseph R. com. closed at 122% Dec. 31 after having opened at 122%
Lamar of Georgia to take the place made vacant through Dec. 1, but in the meantime had sold at 119% Dec. 6 and
Justice White’s advancement and appointed Judge Willis 124% Dec. 30; N. Y. Cent, closed at 111% Dec. 31, against
Van Devanter of the U. S. Circuit Court to be Associate Jus­ 111% at the opening, after having been 109% Dec. 6 and
tice in place of Justice Moody, who had resigned. He also 113% Dec. 20; Reading com. after opening at 148 got.down
named the members of the new Commerce Court, making to 142% Dec. 7, then rose to 151% Dec. 30 and closed Dec. 31
Martin A. Knapp (then Chairman of the Inter-State Com­ at 150%; U. P. com. sold down from 172 Dec. 1 to 165%
merce Commission) the presiding Judge of that Court. Two Dec. 7 and closed at 170% Dec. 31. Several of the industrial
new nominations for the Inter-State Commerce Commission shares suffered a loss on account of the continued reaction in
were likewise made, namely C. C. McChord of Kentucky, to trade. Steel com. moved down from 75% Dec. 1 to 70 Dec. 8
fill the unexpired term of Commissioner Knapp, and B. II. and closed at 72%; Amal. Copper declined from 65% Dec. 1 to
Meyer of Wisconsin to replace ex-Sonator Francis M. Cock­ 60% Dec. 28 and closed at 61%. The Leh. Val. RR. in­
rell with the expiration of his term on Dec. 31. Further creased its div. from 6% p. a. to 10%; the St. Louis S. W. re­
important, advances in wages by the railroads were agreed to. duced on pref. from 2% s. a. to 2%; Bos. & Me. shareholders
The Brotherhood of Locomotive Engineers had asked for an were offered the right to subscribe at 110 for $10,663,700 new
increase of 17% on V estern roads, while the roads were will­ common stock; bankers offered $6,250,000 Western Electric
ing to grant only 9% % . The engineers threatened a strike. 1st 5s
T h e M o n e y M a r k e t .— Pronounced ease developed in money
Labor Commissioner Charles P. Neill intervened and ob­
tained for the engineers an average advance of 10 1-3%. during this month. The call-loan rate did not get above
•!%%
until Dec. 29, when, owing to the preparation for the
This, it was stated, would involve an aggregate increase per
year in the wages of the Western roads concerned of $3,899,­ large 1st of Jan. payments some loans were made at 5%,
000 and give each engineer on the average $192 more per while on Dec. 30 a few belated borrowers paid as high as 7 % .
annum. The Western roads also agreed to make a flat in­ This, however, was wholly without significance and in the
crease of 10' 'v in the wages of the members of the Brother­ case of time loans the close was 3%@3% for all periods from
hood of Railroad Trainmen and the Order of Railway Con­ 60 days to 6 mos. Rates for paper at the close were 4@4%
ductors. This, it was stated, would mean an added expense for double names and the best single names and 4%@5 for
of $5,000,000 a year to the Western roads. There were also ordinary single names. The money holdings of the Clearing­
many advances elsewhere by separate roads— for instance House banks fell to $302,568,500 Dec. 10 and then increased
the Lehigh Valley engineers, about 1,000 in number, were to $307,787,300 Dec. 31. Surp. reserves from $5,048,500
raised, passenger engineers from $3 75 to $4 per day, freight Dec. 3 increased to $9,895,725 Dec. 24 and then dropped to
engineers from $4 to $4 50 and yard engineers from $3 60 $6,185,725 Dec. 31. Deposits declined from $1,205,543,600
to $4_ per day. The lockout of the boilermakers in Great Dec. 3 to $1,179,S92,600 Dec. 17 and then moved up again
Britain, which had lasted since the previous Sept. 3, ended to $1,206,406,300 Dec. 31. Loans were $1,240,575,800
Dec. 15. There was a further decline in iron production in Dec. 3, $1,217,934,000 Dec. 17 and $1,238,174,600 Dec. 31.
the United States, the
pig iron for November be­ Money holdings of the trust companies and the State banks
ing reported by the “ I
^ only 1,909,780 tons, and not in the Clearing House declined from $139,566,400 Dec. 3
for December (after tli
he year) at but 1,774,817 to $138,716,800 Dec. 31. Loans of these institutions in­
tons, the smallest amo
y month of 1910 and com­ creased from $1,097,686,200 Dec.3 to $1,107,623,500 Dec. 31.
F o r e i g n E x c h a n g e , S i l v e r , & c .— In foreign exchange the un­
paring with 2,635,680
December 1909. The U. S.
Steel Corporation reported unfilled|orders on its books Nov. usual spectacle was witnessed of rates for sterling in Dec.down
30 of only 2,760,413 tons, against 2,871,949-tons Oct. 31. to a point where there was active discussion of the possibilities
Iron and steel prices were weak. In copper there was a fur­ of gold imports. This was in face of the fact that the Bank of
ther decrease in stocks, but prices failed to show strength England the last three weeks in the month suffered heavy loss­
nevertheless. The Dept, of Agriculture at Washington esti­ es in bullion, mainly on account of shipments to the interior of
mated the 1910 cotton crop at 11,426,000 bales, an increase Gt. Britain, but in part also owing to a considerable demand
of only about a million bales over the short yield of 1909. for gold for Egypt. However, monetary conditions abroad,
Middling upland cotton in this market closed Dec. 30 at 15c., no less than here, were verylcomfortable, considering it was
against 15.05c. Nov. 30, with the range for the month 14.80c. the closing month of the year. The Bank of England rate was
lowered Dec. 1 from 5 to 4%%. Our merchandise exports



30

T H E C H R O N IC L E

were on a large scale, but the weakness in sterling was not
easy to explain, seeing that ordinarily large sums have to be
remitted abroad at the close of the year in order to meet int.
and div. payments due in Jan. on Amer. securities held
abroad. Speculative operations, how'ever, were conspicuous
on the exchange market all through 1910 and in exchange cir­
cles a good deal of importance was attached to the liquidation
in this month of a huge quantity of bills accumulated by a cer­
tain trust co. whose directors thought that the money thus
locked up should be released. Rumor had it that the institu­
tion referred to had been carrying upwards of $25,000,000 of
exchange, and that the great bulk of this had now been
thrown on the market. The lack of inquiry for remittance

____ _[ V o l .

l x x x x ii.

during the last fortnight was also a feature that attracted at­
tention At the very beginning of the month exchange was a
trifle higher and on Dec. 3 sight bills were quoted at 4 8610©
4 8615. From this there was a steady decline and on Dec. 13
a sudden sharp break brought the price down to 4 84%, but
this was followed by a recovery before the close to 4 So20@
4 8530. On Dec. 30 the price got down to 4 84%@4 8510
and the close Dec. 31 was at 4 8515@4 8520. Open market
discounts at London Dec. 31 were 3% f°r SP0^I*111s and 3%©
3% for bills to arrive. At Berlin the rate was 4% tor spot
bills and 3% for bills to arrive. At Paris the quotation was
2%%. Silver in London got down to 24 15-16d. Dec. -8.
___
The close Dec. 34 was at 25 i-lOd.

PRICES IN 1910 AT TH E N E W Y O R K STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange of Railroad,
Industrial and Miscellaneous bonds and stocks, and also of Government and State securities, for each month of the past
year. The tables are all compiled from actual sales.
COURSE OF PRICES OF R A ILR O A D AN D MISCELLANEOUS BONDS FOR T H E Y E A R 1910.
BONDS

February
January
Low High Low High

November December
October
September
August
July
M ay
June
April
Low High Low High Low High Low High Low High Low High Low High Low High Low High

77

78

75

77

77

70

77

78

7912

77ls 79

771.2 79

77
78l8
77
83
A n n A rb o r— 1 st 1995 jr o ld .-4 77-2 70
977s 9878 98ls 9978
98is 993s 973.1 9 9 3s
9S12 981s 993.) 981,1100
9SU 991.1 983S 99
9978 1003.!
A t c h T o p & S F c g e n g 1 9 9 5 - 4 00~s 101
98's OS's
98 98
98
98
993
4 100
100
100
R e g i s t e r e d ............................... 4
9134
90U 911.1 90
9H
2
921-1
89*s
92i2
89l2
90i4
88
9012
89*8
901,1
89
91
91
92I8
9118 9412
A d j u s t m e n t g o l d 1 9 9 5 --------4 94h 95
92
R e g i s t e r e d ------------------------- 4 92
90
92
90
9H
2
9U
2
9212
89i.i
903S
897s
92190i2
89
897s
9012
89
91
891
4
920
93
94U
94's
94
*8
S t a m p e d ..................................4 94ls 913,
1073t l l l l 8 100 1071, 101 104 1033,1 107i2 105i4 107 105 lOS's 10514 10712 104 10512
5 0 = y e a r c o n v g o l d 1 9 5 5 . - - 4 11512 12278 114 11634 111L HS12 10S14 1141;
122 122
R e g i s t e r e d ...............
105 107 1051.11071-1 104*4 10512
100 100
117 117 10712 11312
C o n v e r t i b l e i s s u e o f 1 9 0 9 - - 4 llO lo 122
10210 103 102'a 103 101*1 10212
102*8 10414 10212 10234 10034 10318 9S12102*8 98 102*8
C o n v e r t i b l e 1 9 6 0 -------------------4
105 109 1043.1 10712 105 110 108 10912 10S18 110 108 109*4 1077s 1087a
1 0 - y e a r c o n v g o l d 1 9 1 V - - . 5 l i U 122*8 115 I I 8 I4 11302 1*1978 10912 11434 109 11314
D e b e n s c r ie s J 1 9 1 2 ------------ 4 9S73 9 8 ' s
9812 98'2
D e b e n s c r ie s K 1 9 1 3 ---------- 4
9S1S 9818
9Sl8 98l8 9S! 8 9818
D e b e n s e r ie s L 1 9 1 4 ------------ 4
953.1 9012
97
971,1 97
97
E a s t e r n O k la h o m a D i v l s t - 4
93
9-Hs
921,i 933i 93i2 93*i 923., 94
9414
943.1,
9312 92l2 92'8 9212 92*4 923.1 93
94
943,
93
941.1
94
943
4
T ra n scon S h ort L 1 st s — 4
109*2
10912
10712 1071
10938 10938 10912 10912
109
S a n ta F e P r c s & P h cn 1 s t g 5
108
108
108
108
C h ic a g o & S t L o u is l 6 t — 6
9534 9312 95
90i4 94
92
9334 9312 9018 90
9212 94
9512 9634 94l2 9678 933S 95i4 93l2 94i2 92i2 94
A t la n C o a s t L — 1 s t 1 9 5 2 g - - 4 9334 90
94*8 94*8
B ru n s & W e s t gu 1938 g - - 4
91*4
927s 91*1 93>s
893i
92
91
94
9212 931;
91
90
92i4 8914 9H2 89
L o u & N a s h c o ll 1 9 5 2 g — 4 911.1 955s 91U 9512 9234 9478 90'4 93
1241s 124 is
S a v F ia & W 1 s t g 1 9 3 4 - - 6
112 112 112 112
1 s t g 1 9 3 4 .....................
0
90
90
95
95
97l
2
971
Sil S O c a la & G g u a r g --------4
917S 9212 9 1 * i 9 3
9214 93
92
93
90*4 9012 92
89i4 907S 90
921 9 1 9234 90i4 91
90
91
92
9278
B & O — P r io r lie n g 1 9 2 5 - - 3
9912 98*8 9912 98*2 9938 97*4 083., 9 7 * i 991.1
99i 4 98
97l2 100i4 97i2 99t2 9714 981; 977S 9914 98
100
G o ld 1 9 4 8 - - ..................................4 98*1 100>4
90l2
90l2
903.1 9G34
997S
90
98l2
9914
R e g i s t e r e d ------------------------- 4 98
m i ’ s 11218
P itts J u n ctio n 1 s t 1 9 2 2 — 6
8734
873,
871,1 9 0
873i
8734
87*8 87*8 87*, 87*4
89's 89i8
P i t t s J u n e & M D i v ------- 3 E
OH 1 9 2 i2
91*2
90
923
4 911-1 9212 91
89
90l2
89
89-34
8
9
9012
90
903
4
91i2
923
4
901.,
91
92
02i
2
P i t t s L E & W V a S y s t c m - 4 9212 93
90
91
90
O
O
-'lg
89
90
90
9112
90's
9U
2
89ls 8912
90i8 903, 8912 9038 8914 9 0
90l2 91
90>8 9012 90'8 91
S o u th w e s te r n D iv 1 s t g - 3 M
891
2
891
R e g i s t e r e d ---------------------3 1 6 89l2 901
103 103
C e n O h io R e o r g 1 s t c o n s . 4 H
109*3 109*8 109 110
110l2 111
113 11312 112*s 113*2
C le v e L o r & W c o n s 1 s t g - 5
11012 11612
11378 I I 4 I4
B u f R o c h & P i t t s — G e n '3 7 - 5
108‘s 108*8
105 105
105
103
C o n s o l 1 9 5 7 . .............
4K 10918 109>8
90
90
A l l e g h & W e s t 1 s t g u %— 4 9918 9918
117
117
116'2
117
R o c h & P i t t s 1 s t 1 9 2 1 --------6
1101.1 11634
IIGI4 116U
C o n s o l 1 s t 1 9 2 2 -----------*72* 7*2*
B u ff a l o & S u s q — 1 s t r e f ------- 4
C a n ada S ou th ern —
105 10512 104 1043.1 104 10412 10212 10412 10212 104 103l4 104*8 103'2 104*8 1027g 104 10278 10314
1 s t e x t e n d e d 1 9 1 3 -----------------6 10434 105 10478 1051.1 1051.1105*8
10078 IOH4 lOHs 101's 100*1 IO H 4
100*2 10U 8 10012 100O
100l2 10H 100*8 1 0 1
2 d 1 9 1 3 ............................................ 5 10112 1013.! 101*8 101*8 LO iq 101*8 10118 10U 2
1 0 0 12 10 0 l 2
R e g i s t e r e d -------------------166*8 109*8
113l'2
1131
2 1131-t 11314
C e n t r a l o f G e o r g ia — 1 s t 1 9 4 5 .5
10012 16734
10012
107
1001
2
1077g
105*8 10 0 12 1081;
10S38 10S34 108 10S12 107*2 10S18 10334 105 104*2 105 10412 105
C o n s o l 1 9 4 5 g o l d ------------------- 5 1083s 109
OH 90 102
80
91' 0012 913.1 90
85
83
86I4 82 85
82
80
80
87
88
85
8712 8412 85
1 s t p r e f e r e n c e I n c o m e --------- 6 87
91 102
90
91's
901.1
90*4
90
90
87
84
85
85
88
S t a m p e d -----------------90
90
80
85
85 ................... 80
85
88
T r u s t r e c e i p t s -----------91
84
87
S t a m p e d ....................
87*| 8712 88 >2 87 101
871
2
771
2
80
81
80
811
79
80l2
8434
80's
2 d p r e f e r e n c e i n c o m e ---------- 6
88*s
87l2: 88
87
8712
79
79
8334 8334
S t a m p e d -----------------87!2 8*712
88
8712 88
79l2 79i2
80
81
81
T r u s t r e c e i p t s -----------9934 99*i
87i2
8 OI4 80'4
80
7S
S t a m p e d --------------------------80
8 6 I.1 83l2 81l2 84*4 85*8 83 100
70
77
80
81
8112
78*
*7
*8
*’
S018
3 d p r e fe r e n c e i n c o m e ---------- 5 80l2 82
8412 85*8
81
80
80i4
80i2 81
S t a m p e d ---------------------8512 S512
T r u s t r e c e i p t s -----------104% 104*8
M a c o n & N o r D iv 1 s t g
M o b ile D iv i s io n 1 s t ------------ 5 110 110
102*4 1023.,
102
102
C e n tr a l R R & B a n k i n g G a . - G 103 103
C e n tr a l o f N e w J e r s e y —
123*2 122*s 122*8 122 12212
12212 12212 120 121*1 1207s 121*8 122 124
G e n e r a l 1 9 3 7 g o l d -----------------5 12412 12538 12412 125l2 124 12434 123lo 12412 124 1241
122 121*8 1217S 12H.1 121*2
1237s 125 123 123 123 124 12212 1227s 1201., 12014 12078 1 2078 120*2 121 12212 1221
R e g i s t e r e d ------------------------- 5 124 125
108 108
109
109
109
109
107 107
A m e r D o c k & I m p t ------------ 6 103 1081 10812 10S12 IO8 I4 IO8 I4
100*2 100*2 100*2 100*2
10012
10012
10012
10012
10012
10012
IOH
4
101
lOlL,
101
10U
8
L e h ig h & W - B C o a l 1 9 1 2 . . 5
98
99*8
100 100 100
C o n s e x t 1 9 1 0 g u --------- 4 M io o is 10*0*l4 100 100 100 100
74

75

ii2i*2n*2i2

SG7g

87

8812 881

87*s 8834

85*3 85*4
85
80
S638 SGI
87
87
C e n tr a l V e r m o n t — g u 1 s t g - 4
C h e s a p e a k e & O h io —
100 100
100 100
100*2
100*4
10018 100's
101
101
10U
8
l
O
i
q
1
0
1
IOH
3
M o r t g a g e 1 9 1 1 g o l d ...............6 101iS lO H l
10334
103 10312
1037s 1037,8 104 104
102 1031o 102 10212 102 10:
G e n f u n d & i m p t 1 9 2 8 --------5 105 10512 10312 10512 1041.110512 1031a 10412
11312
l l i q 113 111 112 11034 11134 11012 112 110*1112V, 1 1 2 1 x 214 1118,11121,
11334
11434
112's
113
1131.1
114*8
1133,
114!4
1 s t c o n s o l 1 9 3 9 g o l d ------------ 5
R e g i s t e r e d ------------------------- 5 11212 11212
101
10112
101's
102
99 10U 2 993.1 101*8 99*i 10U2 100 100*i 10012 102 101'2 102*1
G e n e r a l 1 9 9 2 g o l d ----------- 4 'A 1021.1 10312 102 103l2 1 0 1 1 2 10314 101 101's
10178 1017s
R e g i s t e r e d --------------------4'A
9334
9412
93*i
95
921.1 91*1 9378 93U 94
89
9234 89
93*s 95 '4 9312 9514
C o n v e r t i b l e 1 9 3 0 ------------- 4 A
88
88
88*8 89
89
89
87
87
B ig S a n d y 1 s t 1 9 4 4 ------------4
85*4
85*4
S812 88*1
83
S3
85
851S
C o a l R i v R y 1 s t g u .............. 4
104 104 10U2 10412
C r a ig V a il 1 s t 1 9 4 0 g ------- 5
9G12 90*2 90
97
98
96*2
9412 95
97*8
97l2 971; 97
971 2 9834
98i2 99
R & A D iv 1 s t c o n s 1 9 3 9 g - 4 9712 98
91* *9*1
90i2 90l2
93
93
93
2 d c o n s 1 9 8 9 g ...... .............. . 4 93
95
95
87's 87ts
9H2 9U 2
G r e e n b r ie r R y 1 s t g u ........... 4
7312 7412 72*1 737a
72
70
711g 72
72
73
7312
74
741
74
713,
77
C h ic a g o & A l t o n — R e f ’ 4 9 g - 3 75
7034 09*2 71
7 l'
721 09
09
71
70
7034
08*4 72
723.1 74
71*4 6 SI4 70
C h ic & A l t R y 1 s t ’ 5 0 g . 3 A 73U 75
C h ic B u r l i n g t o n & Q u in c y —
99*4
99* 9 9 1 .1 1 0 0
99
991
99
99
9 9 q 991s 9918 99
99
9912 993., 987s 9912 99
D e n v e r D iv is io n 1 9 2 2 _____ 4 99's 100
87*4 883s 87*2 887g
8 8 I4 89
83
89
873.| S012 871
89
87
8714 8012 871., 87
871.1 883a 87
8 8 34 89l2 8 8 I4 89
I llin o is D iv i s io n 1 9 4 9 - - 3 H
8712 88
R e g i s t e r e d ....................... 3 A
993.1 100*8 997s 100*2
I llin o is D iv i s io n 1 9 4 9 --------4 100 100*s 10 0 IOOI4 99 100l2 9812 9934 987a 99U 9812 9913 9812 991s 987g 99*i 09l2 100*s 166*8 101
101*1 10434
I o w a D iv s f 1 9 1 9 ___
991.4 9934 99*8 99*8
99
99*8
99*2
99'2'
981*2
*
9
*
9
*
1
2
99
99
9812
931
99
100
1 9 1 9 s f ...................................... 4 99*8 9938 99q 993g
98*2 9S34
99
99*8
9933
99*s
983.,
983
4
9S12 98l2 99*s 991
93
98
9S-34 99's 98*4 9S3.i
N e b r a s k a E x t 1 9 2 7 -------------- 4 9912 IOOI4 9912 100
99
99
9712 9734
99
99
983., 99
99
S o u t h w e s t e r n D iv 1 9 2 1 — 4 99
1007s
IOH4
1007
3
1013
8
10078
1011.4
lOU.i
1011
I0 0 i2 100i2
D e b e n t u r e 1 9 1 3 ---------------------5 10U2 102 101l2 10178 101 102l8 101 101*8 101 lOH-i 10H s10U 2 10012 101
903.1
97*8
0738
97's 977g 97
98*s 97i 2 98l4 9718 981g 977s 98l.| 97i2 98
9834 99*8 98
99*8 97*8 9S3, 97
G e n e r a l 1 9 5 8 ------------------------- 4 98*8 100
9512 951
R e g i s t e r e d -------------10012
100*2
10012 100*2
H a n n ib a l & S t J o s c o n s — 6 IOH4IO2 101*8 10134 1013.1 10134 101 10H; IOH4 1013S 101*8 10138 100 * 1 10U s
C h ic a g o & E a s t e r n I llin o is —
83 ^ 83*2
85*i 83*2 84
83
851 83
82
83
83l2 83*4 81
82 8212 82
851; 827s 83
R e f u n d & i m p t 1 9 5 5 g ------- 4 85®4 S018 S412 85-3.1 83
121 121
127 127
1 s t c o n s o l 1 9 3 4 g ---------------- 6 127 127
110l2 111*4 110*a 112 110i« U 0 » 4 10912 lVo’i2
112 112*4 112 11258 109U112 110 110 109i2 110 10838 1083s
G e n e r a l c o n s 1 s t 1 9 3 7 ------- 5 ;1 1 2 i2 113
110 110*4
112 112
C h ic & I n d C o a l R y 1 s t - . - 5 ..................... 112 112




88

Jan. 7 1911. j

T H E C H R O N IC LE

31

1910— C o n t i n u e d .
BONDS

January
February
March
April
Low Jliijf Low Higl Low Higi 1 Low Hiy

June
M ay
July
Low Higl Low Hig 1 Low Hig

August
September
October
November December
Low Hig t Low Hig Low Hig 1 Low Hig 1 Low High

Chic (it West— 1st 1059___ 4
87% 871
86 873 84 851 85 867 85% 803
84% 85%
Chic Ind & Lou— Ref ’47 g. C 12814 128k 128% 1291 128 128 126 1271 126 126
124% 1241 125 125
■ Refunding Series C 1247- A
95 95 95 95
97
97
Ind & Louis 1st guar------- 4
Lou N A & Chic 1st 1910-.0
100 100 100 100
100%1001 100 100
Chic Ind & Sou— 19CG____ 4
93% 931 93% 94
94 94
92% 921
..............
Chic Mil & St P ’l term '14 g_l 103 103 1031; 1031 103 1031
103 103 103 103
Gen scries A 1989 gold— ( 100 1001; 9978 100% 99 100% 98% 99% 9S7s 99% 98% 993 93 983. 98% 99
987g 1001 99% 997 9S% 991 9S-3; 99 %
85% 80 86 86*3; 86% 873. 873; 881 §8 881 88 88% 87% 88%
Gen scries B 1989 gold .3 A
SS% 89
86% SGi- 87 87
8G3S 87
91% 92% 91% 92 91 92 913; 931 927g 94 927g 93% 923; 93
25-year debenture 193493% 93% 93% 93-3. 92 933. 913; 923S 92% 93
Chic ft Lake Sup Div------- 5
107%107% 107% 10S
107
107
Chic ft Mo River Div____ 5 110% 110%
10S38 1083g
108 108 108% 1081­
Chic & Pac West Div___ 6 108% 108% 108 10S% 108 108% 108% 108% ............... 100% 106% 106% 1061= 1053S 1053S 106% 106% 107% 1071 106% 107 106% 1-06%
Dakota ft Gt Southern__ 5
102% 102=g
1033S 10338
103% 103%
Dubuque Div 1920_______6
114% 114%
113% 113% 1131=114 1133; 1133; 1133; 114
Fargo & Sou assumed ’24.6
116-% 116%
La Crosse & Dav 1st 1919.5
106 106 1053; 106
104%104%
104% 101%
105% 105%
Mineral Point Division.-.5
100 100
100% 100%
Wise & Minn Division___ 5
105% 1051= 1053; 1053,
107% 103
100% 106%
Mil & Nor 1st A1 L 1910..6 100% 100% 100% 1001; 100% 100% 1001; 100% 100% 1005S ................ ...............
................ ................
Mil ft Nor 1st cons 1913--6 105% IO0 I.1 105% 105% 104% 101%
105 105
103% 104%
Wisconsin Val Div 1920-.6
114% 114%
114 114
Chic & North W est—1915--7 113 113 113 113 112%113 1111=111% 111% 113 ................ 110'g 111 111 111% 111 111 111 112 a n 1111* 110% 1103;
Extension 1886-1926.........4 99% 101
96% 100
99 99
95% 95%
Registered ................... .4
873S 88% 87 SS 877g 89% 88% 90
873; 89 S7 871= 871; 88
General 1987 gold...........3 'A 89 89% 88% 89
89 803; 88 8S34 87% 88
11U= m i. 111 111 1103s 11038
Sinking Fund 1379=1929 -6 111% 111%
1103; 1103;
Sinking fund.1879=1929__ 5
10S 1091- 107% 107% 106 100 100 10G 105 105
100% 106% 1055s 106
Registered - ___ _______ 5
106 108 "
Debenture 1921.................. 5
107 107
105 105
Registered ___ ________ 5
1061=1081=
Sinking fund deb 1933 ___ 5
110% 111% 109% 111 110 111 110 110
109 109
Frem Elk & Alo Vail 1933.6
Madison Ext 1st 1911___ 7
1013g 101%
100% 100.% ............... 100 '% 100 %
102% 10238
Menominee 1st ext 1911..7
117 117% 114% U458 114% 115% ___ ____ 111% 114%
Alilw L S & W 1st 1921 g.6 1lC*r>3 116*>8
316 116 115 115%
1123;
1123;
uxt ft inipt 1929 g ........ 5
...............
Alich Div 1924 g _______6
Incomes 1911 . . . . . . __ 6
Chic Rock Isi & Pacific Ry—
.Mortgage 1917.................. 6 111% 111 % 111% 112 111%112 110% 110%
109% 1091= *
110 110
R egistered-------------------6
109 109
98% 98% 96% 98% 95% 973; 95% 96% 95 96% 95% 96% 94% 96% 9534 98 97% 98 97 98 -j‘r os
General 1988 gold.............. 4 98% 99
983; 983;
Registered ........... ........ 4
Refunding 1934 gold.........4 90% 92 90% 913g
89 91% 87-% 89% 86 88 S6% 87"g 87% 89% 883; 90% 89 903; 883S 891= 89 89%
90 90 88 887s ................
Coll trust series J 1912.. .
97% 97%
Scries K ___________ 1913
96% 90l8
96% 901=
Scries L 1914-........ ........4
97% 97%
9412 94%
Series M 1 9 1 5 _______ 4
9-. Ju
Series O 1917— ----------- 4
94% 941;
76% 8138 75% 78
C R I ft P RR 2002.............4 79% 837s 78% 81% 80’; 83
73'; 77% 667g 733; 70% 74
72% 75-3; 74 75% 73% 717g 71% 731-!
80-% 8078
Registered — ................ 4
76-% 76-%
Coll trust 1913 gold........ 5 102%102%
R 1 Ark & L 1934____ 4 A
95% 96 913; 95% 95 95
93 93 93 93 93% 93% 93% 95% 95 95
94 94
Burl C R & Nor 1934 g ___ 5 i n ’ 114 % ii-i" h T 113% 114
1111=1111= 1*13%113% n o u f
CR 1 F & N W g n 19 2 1 ---.5
106 106
1063; 1053;
Choc 0 ft (i gen 1919 g ___ 5
104 104
Choc 0 ft G cons 1952 g __ 5
n o 110 108 108
108% 108%
1071= 108-%
Keok ft Des Aloines 1st__ 5
103% 104
100 1001=
Chic St P Alinn & Omaha__ 6 126% 127% 126% 1263; 1251= 126% 125 125%. 124 124
1253sl2638 ............... 1241= 124-3;
126%
125%
123
124%
................
...............
Chic St P ft Alinn 1st g ___ 6 126% 126% 1201= 127
123% 123%
123 123
124% 124%
North Wisonsin 1830____ 6
1121=112%
St Paul ft Sioux City 1st g.6
114% 114% 1143s 1143s 113 114 113 113 112%112%
1113; 1113;
112%112% U238 1123g
Chic ft West Indiana— 1932.6
111 111
108% 112
1081* 1081*
109 109 110'= 1101­
Consol 50-year 1952______4 92% 93
92% 933g 92% 93% 90% 92
90 91%
88 ' 89% 89% 92 9H* 921* 92 92 91% 92 913; 93
Cin Hamilton ft Dayton—
1st guaranteed 1959.......... 4
90*4 01
Cin Day ft Iron gu 1st g --5 1071= 1071= 10G%106% 1063; 103
101 101
101 101
105 105
105 105
Cin Ind ft W 1st gu 1903--4 87 871,1
85 85. 86 803;
ind Decatur ft W 1st g ..5 105 105% 105 105 107 107
101%102
Clev Cin Ciiic & St L— ’93 g-4 947g 96% 05% 96% 95% 96 94% 96 9338 93-3s 90% 93 92 93% 92% 923; 92 94% 94% 95 95 9512 92% 94%-:
Cairo Division 1939 g ------- 4
Cin Wab & Alich Div 1st. .4 94% 941=
91 91
90 90
92 93%
St Louis Div 1st 1990 g __ 4 94 94 94 95 95 953; 93% 93%
91% 91%
89-% 90 92% 94% 02% 95 92 93% 921= 95
W W Vail Div 1st g 1940.-4
90 90 *
91% 91%
105% 105‘;
C I St L ft C cons 1920___ 6
C I St L ft C 1st 1936 g------4 981.; 98% 98 98% ............... 98% 98% ................ 97 97 ............... 96% 96% ............... 973; 97% ................ 96% 93%
Registered____ _______ 4
98 98
90 98
Cin San ft C 1st 1928 g ...... 0
C C C ft I gen cons 1033 g.6
119 119
Peor ft East 1st cons 1940.4 92% 94
933; 9 4 % 93% 94% 9334 933; 00 9312 89 91
89 94 90 90
90 92 91 92 90 9H-. 903; 91
Incomes 1290........... ---4 65 67
55 57
62 60 64 65
55 57
53 54 53 53%
54 61
58% 00
53 581;
Colorado Midland— 1st g — 4 80 81% 73 79
77 78% 75% 77
73 76-% 68 72
65 68 0G% 091= 69 71
70 71% 70 70% 68 68
Colo ft South— 1st 1929 g — 4 90% 97
94% 96 9378 95 93 95-3g 95 96% 947s 96% 94"g 95% 95 9C7g
96% 97% 90 97% 95-% 96% 95 96
Refund ft exten 1935— 4 A 97% 98 97% 99 973; 99
97 98% 961= 97% 90 97% 95 9G% 94% 96% 95*g 98% 97% 983s 963; 9 7 % 97 075g
Ft Worth ft Den C’y 1st— C 112%114 113% 1133; 113% 114 1121=113 111%111% 111% 111%
112 112 1123; 113% 113 113 113 113
Cuba RR— 1st 1952 gold----- 5
100 100
Delaware Lack ft Western—
Morris ft Essex 1st 1914. .7 111 111% 111 111 110% 111
10958 111%
108% 103%
1st cons gn 1915..........-7 114 111% 113% 113%
112% 112%
112 112%
112% 112%
111% 111% 1113.; lll-38
Registered. - -------------7
116% 116% 113 115% 114% 115
N Y Lack ft West 1st ’21.-0
115 117
117 117 U5%115% 118% 11S% 115% 115%
Construction 1923------- .5 ___ ___ 110% 110%
107% 107%
106 106
101 101 100 1001= 9938 99% 97% 97% 98 98
Terminal ft impt 1923 — 4
98 98 ................ 99% 99% 9S% 99 99 99% 98% 98%
120 120
Del ft Hudson— Penn D iv.-7 126% 120 %
120 120
09%
102
993
‘;
101
100 101
99 100 9S 991= 97 983; 96% 98% 97 983; 97% 99 981; 99!; 98 09 98 98%
Convertible 1916............ --4
1st lien equip 1922........ 4 At 1017« 103 102 1021= 101'8 102% 101%102 100'g lOO's 101 10U= 100 101
100% 100% 1003; 1003; 101 1011= 100”s 101
99%
100%
99=8
lOO’s
9S% 100% 98 99
1st refunding 1943........ -4
97-% 98r>8 975S 98% 97% 98% 98 9S% 9S% 99 98% 99%. 98% 99 983; 100%
Alb ft Susq conv 1946 g-3 'A 97 100% 90 971= 94 971= 92% 941= 92% 93
91 93
91 923g 91% 92% 92 931= 93% 95 93 95 92%. 93 %
126-% 1301; 126% 1203s 1285s 128%
Rcnss ft Sara 1st 1921----- 7
123% 125
123% 123%
Denver ft Rio Grande—
1st consol 1936 gold_____ 4 95% 96% 96% 97% 98 97% 95% 90 93% 94% 93 94
9238 94% 923; 94
94 95% 93% 96 9334 95 93 94%
101% 1041=
Consol 1936 gold_______ 4 At 103% 104%
102%102% 01% 101%
Improvement 1928 gold__ G 102% 102% 104 105 1021= 102% 102% 102% 101%102
01 1013; 100% 103%
100 100 101 101 101 101
93 94
1st ft refunding 1955___ .5 93% 91% 923; 91
91 931= 91 921= "9l" 92" 90% 9138 90% 91% 91 92% 92% 93 90% 923g 89 90%
Rio G West 1st 1939 g ___ 4 93 94% 92% 93% 92% 93% 91% 93% <J0 911= 93 93
90% 90% 873; 89 88 92 92 92-3; 90 92% 90% 91
Altge ft coll tr A 1949 g ..4 83 84 83% 84% 83% 843; 83% 84% 83% 83% 83 84
84 85
83% 83%
83% 84%
Det & Alack 1st 1955 g o ld ..4 9778 977s
95 96 95 95
94 94 "94" 94"
Gold .1.995__________ _____ 4 91 91
89 89
88 88
89 89
88 89
89 89
90 90 91 91 89 89
Detroit Sou—Ohio Sou D iv. .4 72 73
74 74
74 74
74 74
Dul Missabe ft Nor 1941----- 5
105 105
Dul ft Iron Range— 1st 1937 0 111 111
109 109
108 100% 107% 1073;
108% 108%
Dul Sou Sh ft Atl— 1937___ 5
100% 106% 106% 107%
106% 106% 107% 107%
Elgin Joliet ft Eastern 1941.6
108% 108%
Erie— 1st cons 1920 gold----- 7 122 122% 120 1213; 120% 121%
118% 118%
119 119 .................. 118% 118% 119 120% 197g 120% 120% 121%
1st extended 1947 gold...... 4
166 100 ’
1 66 " 100 "
1063; 106%
2d exten 1919 gold_______5
101% 104%
3d extend 1923 gold___ 4 A
103% 103% 103 103
100% 100%
4th ext 1920 gold.............. 5 106% 100%
993; 993;
5th ext 1928 g o ld --.........-4
N Y I . E & W fund 1920. . . 7
118 118
1st con3 prior lien 1996 g-4 85 87% 84 85% 851; 8G38 82% 8378 81 82% 81% 823g 803; 82 81 82% 82 843, 85% 867j So% 853; 83% 853;
1st cons general 1998 g __ 4 75% 707s 74
Pcnn3ylv coll tr 1951 g --4 85% 88-% 85
Registered...... ................4
85




70
86
85

75 76% 73 7478 72% 73
70% 721= 67
84% 8538 83% 80 83% 84% 84% 86-% 85

71
85

67% 72
71
85 85% 87

75
87

75% 76% 74% 75
87 871= 8G% 88

74% 75%
86% 86%

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

T H E C H R O N IC LE

33

1910— C o n t i n u e d .
October
November December
September
August
March
April
June
M ay
July
January February
Low High Low High Low High
Low High Ta w High Low High Low High Low High Low High Low High Low High Low High

BONDS

E r ie — (Concl.)
75
79%
5 0 - y r c o n v s e r A 1 9 5 3 g - - 4 781s 82
72
71
73*2 63
5 0 -y r c o n v ser B 1953 g - - 4
B u f f N Y & E r ie 1 s t 1 9 1 6 - - 7
C h ic a g o & E r ie 1 s t 1 9 8 2 g - 5 Hi' 114” 113 115
L on g D ock c o n s 1935 g — 6
C oal & R R 1 s t cu rr 1 9 2 2 --6
N Y & G re e n L a k e g u g — 5
N Y S u s a & W 1 s t r e f g - - 5 104 10412 .....................
------- ------G e n e r a l 1 9 4 0 s o l d . ............5
T e r m in a l 1 s t 1 9 4 3 g ------- 5
M id o f N J 1 s t 1 9 1 0 g -------6
1 s t e x t e n d e d , I9 < tu ........... o
W i l k e s & E a s t 1 s t KUJBi- - - 5

79
83
7034 73*2
112% 115
126 127

77*2 79%
69
72%
112

113

114

114

75%
67
no

78
69%
no

67
75
61*2 66
110

111

68

66*4

62%

59

99

99

100*2 100*2

101

L o u D iv & T e r m 1953 g . S H
R e g is t e r e d .........................3 H
O m a h a D iv 1 9 5 1 g --------------3

100

74
6S34

10 0 % 100*2 1 0 1

108

101
88%

76*2
70*2

108*2 110

10 1

M
O M
O

101

101*2 101*2

84*2
97
96*2
99

9434

no
99% 101*2 100

104 104
92
92
99
99
’ 97% 9734 97*2 97%
85*2 85*2
9S% 98% 9934 9934 .....................
90

no
101% 100

90

9934 100

100 100
98*2 99% 9734 98

99*4 99*4
96*2 97*2

99*2 100%

99*2100

97%

8734 8734

92
99
96

114 % 11 4l2 114
12634 127
111% 111% 112 % 11 2% 11212
89
87
87
10034 10034 102*2 102 103% 101% 102*2 102
93
92
99
97

97*4 .....................

99*2 99%
9678 98*4

99*4 90*4
9838 99

98*4 98*2

99*2 99*2

9034 9034 89*2 91
99% 09% 97% 9938
97*2 98% 9634 98
99
96

99
96

87*8 87»4

95

98

95

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

117% 117%
99

99

no

11434 11634

i i o * ri'o"% 1 0 9 % n o
107*4 1101* 1 1 0
25
3 5 ' 3 5 '

109% 109% 109*2109*2 ..................... 108% 108% ..................... 107*2 107*2 107

Il0 3 4 111*2 111

------------97

97l8

C o lla t e r a l t r u s t 1 9 3 1 g ------- fj n o

110

98%
110

116

97

116

9938 98

1103411034 ..................-

9734

96

94%

94*2 97
94
94

114* 114
97% 98*2

94%

lb s’

124

107% 110%

95

95

96

96

9534
97*2

96*8 97

1073.1 107% 108
102 105
103
15*8
105*4 103% 103%
65
08
70
94% 9438 95
7378 73*4 73%
101*8 101 102
98
110% 166*2 109%
107
107 107%
105 105
105
94% 94*.|
98
113%

94
98

94
98

97%

96%

97

96*8 97

98*2

9634 98*4

103

..................... ..................... .....................
114

10 0

M in n e a p o lis & S t L o u is —
101
109

S o u t h w e s t e x t 1 s t ...................

101
109

913| 913
99% 100
98% 98%

99-% 99%
M St P & S S M — C on s ’38 g . <
M in n S S At & A t — 1 s t ’ 2 6 g - 4
A lis s is s ip p i C e n t — 1 s t 1 9 4 9 . -C
M is s o u r i K a n s a s & T e x a s —
1 s t 1 9 9 0 g o l d - ........................... 4 99% 100
98*2 99*2
867S
2 d 1 9 9 0 g o l d ..............................4 86% 873^ 8 6
103% 1037s
1 s t e x t e n s i o n 1 9 4 4 g o l d - - - E 104 105
843j
84
85*4 84
1 s t & r e fu n d i n g 2 0 0 4 --------8934 903. 88*2 90
G en s in k in g fu n d 1 9 3 6 -.4 ) 4
93%
113
1001,
105
1051,

109 % 11 0
106% 106%
104*2105
105*2105*2

97
104

114

131

99
86%

08%

88*2

9812

97*4 98

104*2 105

08

97% 98*3 96*2
82
83*2 85
lOHo 101
82
8334 81*2
87*2 88*2 85%

10 1

82%

95%
98*2
95
96

97

9434 95*2

94*2 95

90*2 903.i
1121*2112*2
110

98*4 98*2

88l-> 90
98*4 9834

90%
99

90*4
99

n o
112
94
95*4
103 103
88% 89*2

92
99

94_
99

110

.....................
99*4 99*2

99

09*4

79

79

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

132

132

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

107
108
733s 72

108
73

108
72

10 0

104
75

98*2 09*2 98*4
85%
86*2 87
102 103*2
83*2 84% '8 2 %
88*2 8934 83

91%
109

9434 96
102 102
102 102
9012 91% 89% 9038 9034 9034
106% 106*.i
97

109*» 109*"

131

9734 9834

97*2

i i o % 110*4

104% 105% 104
*791*2 *80*2 78% 78*2 75
9834 99%

96%
90
109

SOlo
98*4

95%
97%
94*2
95*4

9534 96
114 115%
..................... 11334 115 115*2115*2 .....................
111*2 111*2
112*2 112% 113 113
98
98%
9738 983g 97*4 98*2 97% 99'
96% 97*2 9678 98
9734 9734 ------ ------109 109
107*2107%
107 107
111*., 111%
115 115
112 112
10438 104*2 104*2104*2
105 105
121% 121% ____ ____
118*2 118*2 ____ ____
95*2 95*2
..................... ..................... ..................... .....................
105% 105*2
113 113

94%

1 s t c o n s o l 1 9 3 4 g o l d ........... _E

115

112% 11234 11234 113

124%

96% 96% 97
97
97
96
97*4 96
K e n t u c k y C e n tr a l 1 9 8 7 g - - 4 97
104
105% 105% 105*2105*2 104% 105%
L & N & M & M 1st 1945
90% 91
91*2
91*2
91% 92
L & N -S o u -M o n o n j o i n t - - . 4
110 110%
N a sh F & S h e f f 1 s t g u g — 5 111 111
P e n s & A t l 1 s t g u 1 9 2 1 g - - 6 ------- ------- 110*2110*2 1 1 0 % 1 1 0 %
111 114
112 112
S o & N o A la c o n s g u g ------- 5
89U
00% 97% 97% 97% 97*4 97*2 9734 98*4 98*4
M e x ic a n C e n t — C o n s 1 9 1 1 g -4
27%
31
1 s t c o n s i n c o m e 1 9 3 9 g ------- 3
T r u s t C o c e r t s d e p ...........- - - M e x I n t e r n a t — 1 s t c o n s '7 7 g 4

92
K a n C ity & P a c 1 s t ’90 g - ,4
A lo K & E 1 s t g u 1 9 4 2 g - - - E 113
106%
A lo K & O 1 s t g u 1 9 4 2 ------A1 K & T o f T e x a s 1 s t g u g-E 105
10533

98*2

96

10734 108*2
111% 111%
103

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

m

08

93
97
94%

107

106
105
98
113

114

96

1 1 2 % 11 3

11634
99

115% 114

96*2 97

9634

107

963s 9634

no

4H

P a d u c a h & M e in D i v , ’ 4 6 . A ....................
P e n s a c o la D iv 1 9 2 0 g --------- f —

115

106 111
103 106% 103
..................... 16% 18*8 15
103 104
104 104% 105*8
70
7334 70
Y i ' 9 4 " 94
9 4I- 94
72*2 7334 723t 74
73*4
101 101% 100
100-% 101
98
109%
108% 110*2

10534 106

115

97% 100

97*2 98

99% 100%




111

0738 97*2
115% 115% 115%’ 11534

L o u is ia n a & A r k
1 s t 1 9 Z /- D
L o u is v & N a s h — G e n *30 2 - - 6 ..................... 118

A t l K n o x & C in D i v ----------- 4

112 3 4 111

Ii0 3 4 112
112% 112% 111% 111% 112 112
106% 100*2 106% 107*2
108*2109
108*2
11012
110 112
107% 107%

-------------

95% 95*4
116 116

lie

75*2 75%
963g 96%

118 118
97% 97%

110
111*2
111
108*2110
112% 110% 111*2 n o
____ ____ 19% 19*8
19*s 22
25
30
23
25 ' 25
103
104
103
103*2
102
1
03
l2
104
104%
105*4
106
105*210578
6934 6934 '6 9 % 69%
77% 75*2 76
77% 76
74
76*4 76
91
91
72
72%
71% 73
72*2 73
72*2 72*4 73
72*2 73% 72
74
K a n s a s C S o u — 1 s t 1 9 5 0 g - - 3 72% 73% 73
100 101
99 100*2 99*2100
100*2
10134
102
102%
102
10234
i
o
i
*
2
1
0
2
%
102%
103
R e f u n d & i m p t 1 9 5 0 --------- 5

—

99*8 99*8
96
90

83*4 83*4 .....................

98

C a rb on & S h a w 1923 g — 4
C h ic a g o S t L & N O ’ 5 1 g - - 5 117% 117*4
R e g is t e r e d
........................... 5
M e in D iv 1 s t 1 9 5 1 g ------- 4
I n d I ll i n o i s & l a — 1 s t g ------- 4
I n t e r n a t & G t N o r— 1 s t '1 9 g 6 109% 11034
2 d 1 9 0 9 g o l d . - -------------------- G
10034 109
_________ 4
3 d 192 1 g o l d
I o w a C e n t r a l— 1 s t 1 9 3 8 g - - 5 106 10634
R e f u n d i n g 1 9 5 1 g ---------------- 4 74*2 76*2

e

112%
89
1027s
93

7734 7734

W e s t L in e s 1 s t 1 9 5 1 g ------- 4

L o u C in & L e x 1 9 3 1

111

125

------ -------

L a k e " E r ie & W — 1 s t 1 9 3 7 g - 5
_______ 5
1 9 4 1 (rnld
N o r t h O h io 1 s t g u 1 9 4 5 g - - 5
L e h ig h V a l (N Y ) — 1 s t g u 4 H
R e g is t e r e d -----------------------4 H
L e h ig h V a l ( P a ) — 2 0 0 3 g - - - 4
L e h ig h V a l T e r m — 1 s t g u g - 5
L e h ig h & N Y — 1 s t g u _’ 4 5 g - 4
E lm C & N 1 s t p r e f 1 9 1 4 — 6
L o n g Is i— 1 s t c o n s 1931 g - - - 5
G e n e r a l 1 9 3 8 g o l d ------------- - 4
F e r r y 1 9 2 2 ft---- ............
U n ifie d 1 9 4 9 g o l d ---------------- 4
G u a r r e fu n d 1 9 4 9 g ............- - 4

10 1

95% 97
94% 9534
94% 96
94% 96
95*2 96*.| 9538 953.1
96
95% 9038 95*2 9534 95% 95*2
94% 95*2 9434 95*2
95*4 9534 9434 95
99
99
98
98%
99*-» 99*2 98% 98%
126 128
125*2 125% 125% 125% 125*8 125*2
10534 10534 IO3 3 4 IO 534 10378 104
105 105 106*2 10634 106*8 106*8 105*8 100
104% 105
106
100*8 100*4 100 100
100 *2 1 0 0 % 100% 100%
97% 98%
98
98% 99*4 98
98*2
9638
9534
100

92
92
99*4 100%
9878 99*2

88%

16 1

110*2

92
84
9538
95*4
99

125

10 5 3 4 10 5 3 4

88%

99

101*2 101% 101*2 102%

1131g 1131s 11378 11378 113% 113%
89
90
87% 90
9478 94%
100*4 10234 100 10134
102 % 10 4
103*2 104
102 103
95
95
95*2 95*2
- -

9 9 3 4 10 0

77*.t
71%

11034 11034
98*2 10034
11178 111%

129

92
92
100% 10034
9878 99%

73

68*2

101*2 101%

E a s t R y 1 s t d i v , 1 s t 2 ------- 5
129

697S 7234
64*2 68

•I

108U IO 8 I0

101 101
101
101 101
1 s t g e n 1 9 4 2 g - - --------------- 5 -----F o rt St lln D e p o t 1 st E - - 4 H
86
87
86
86
F t W o r t h & R i o G r— 1 s t g - - 4
9634 95
G t N o r t h — C B & Q c o ll t r - - 4 9612 97% 9638 97% 95
R e g i s t e r e d -------------------------4 96*4 9678 95% 96% 0434 96*2 95
100
1 s t c o n s 1 9 3 3 g ---------------- 6 128% 128%
105
10578
10578
107%
107%
107*4
107%
R e d u c e d t o ...................... - 4 K
D a k o t a E x t c n 1 9 1 0 g ............6 101 101% 101% 101%
98
9 9 3 4 1 0 0 % 100 100
99
M o n t E x t 1 s t 1 9 3 7 g ----------4 98

M on t C en t 1 st gu 1937 g - - 6
1 s t g u 1 9 3 7 g ------- j - - - - - ?
G u lf & S h ip I s l d — 1 s t 1 9 5 2 - - 5
H o c k i n g V a il— 1 s t c o n s g - 4 K
C o l & H o c k V a il e x t g ------- 4
I ll i n o i s C e n t — 1 s t 1 9 5 1 g — 4
1 s t 1 9 5 1 g o l d -------------------- o
C o lla t e r a l t r u s t 1 9 5 2 2 ------- 4
1 s t r e f u n d i n g 1 9 5 5 ............- - 4
P u r c h a s e d l in e s 1 9 5 2 — ZVi
L N 0 & T 1 9 5 3 g ....................4

70
65*4

99*4 99%
KMI4 10414 10 1* 2 1 0 2 %

10312 104

71
74
68
6934
n o
110
n
i
%
i
i
i3 4
1
1
1
*
2
1
1
2
1113s
111%
1113s
1113
8
1 1 1 *8 1 1 1 % 1 1 1 % 1 1 1 %
123% 123% 124% 124*2
12 0
122*2 124% 124%
64
56

105
92
90
92% 92
108
109*2
110
111*2111*2 108*2 112%
106*2 107
107*2107% 106*2106*2 104
105*2 105*2 103 104% ------- ------- 100%
105 105*2

98

100*2 100*2
1023s 103
104

97%

9G34
98
83*2 82*4
101*2 100%
82*2
88 *83%

98

104

96*8 98

101*8 104*8 107
67*2 67*2 68
97*4 98

97"a 97*4 98% 97*2
823a 82
83*2 83
101% 100 100
10 0 %
78*2
85*’ 83% 84% 84%

98*2
85

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

82
87

97
84
102
S078
82
8684 85

97% 98*4
84*2 85*8

10334

'8 0 %
85%

96*2 96*2 ------

9838 97*8
85*8 82%
101%
103
81*4 79
85% 84
79*4

105
89% 89%
91
91
90
90
106 108 109*2 10934 109% 110%
109*2 106 108
1001*2106%
104% 103 103%
108*21081«
102*2 100*2100*: 1 0 2 ' 102% 104% 104% 104% 104% 102 104*8
105*2105*2
105 105

108
76
-------

98
83*2
102
80*2
85%
79*4

89% 90
111 i l l
107*8 107*8
104 104
105*2 105%

Jan. 7 1911.)

T H E C H R O N IC LE

33

1910—C o n t i n u e d .
BONDS

M ay
March
April
June
January February
July
August
September
October
November December
Low Higl Low High Low Higl Low High Low High Low High Low Higl Low Higl Low Higl Low Higl Low Hig 'j Low High
6 109 . 110 109-% 110% 110% 111
5 101% 1021, 101% 102% 101 102
9958 99-if
102 102-%
5 1021.1 1021. 102 102
8U.
4 SOli 81?S 80% 81% 80
95s;
95
95% 94
5 95
96
5 . . . ; -----4 94% 941"
94% 95
4 80
SO
4 100-l? 100% ...................
5 .................. 113 113

10933110 109% 1091­ 108% 1083, 10834 1083, 107
100% 101% 100% 1003. 100% 101 100 100iS 100
------ -----102 102
100 101 100
78
80
7734 79
77% 78
77% 773j 75
9334 94% 933S 94
91
94
89% 93% 91%
94% 94%
917S 92
S7% 87%
98% 98% 98
99

5 109% 110 109%110 109% 110 109% 10953
1 S-ll 2 85% 847s 86
84
86
84% 85
Riv & 0 Div 1933 gold 4 87 87% 8678 87% 8678 87% 85 S6%
Vcrd Val I & M 1st g----- 5 102% 102%
G 120% 121%
117% 117%
G ..................
4 S9
90
89% 90
5
........................10S% 108%
95
95
96
95
95
4 .................. 95
Nash Chatt & St L7 108% 110% 108% 10878 108% 10S7s 10S38 10S78
108% 110 11033 110% 109% 109%
5
........................
6
_____________ ___________

McM M W & A 1st 1917
National Rys of Mexico—

933.1 95
4 88% 90%

National of Alcxico...................
82
84

94
951­
88% 90%
83% 84

N Y Cent & Hud River91
92
90l.i 90l.i
943.1 9534
..................
80% 81%
79
79
793.1 80%

95
9534 94
95%
91% 92% 895s 91%
1013,( 102%
8434 85

84% 85

90
89
95

91
89% 9058 89
89
89
89
9534 94
9534 93%
93%
803] 82% 81
821-) 79%
80
80% 80
S0% 79
7978 81
81
82% 78
7933 7933 79% 791"
9834

.................. 98% 9S1108% 109% 10834 109% 1083.} 109% 110
1017s 1017s 102% 102%
91
91
91%
90%
94%
94%
94%

Mich Cent 1931.
1940................
N Y C & St L 1st 1937 g.

N Y C Lincs-

92%
90%
9534
9419534

99
99
88% 89%
91% 92%
997g 100%
90’ s 91%
10034 102%
9934100%

91

90

9178 91

95%
93%
81%
80
80

108
109

108
109

84

100% i o n

JI 2 J1
lln
HU

115

102
91
92
933.,

93% 04%
8S78 90%

83% 84% ...................

82% 83

873S 88
875s 88% 88
86% 873S
92
9334 92% 9438 95

80% 81
797s 81% 80% 81% 81
79
79%
78% 78% 78
78% 79 *79* *79* * 79% 80
79
791 ■> 791->
97% 97%

9973 997s
93% 93%

9878 987S

9234 9334 92% 93%

92

9158 92

----

iA / “ 11 *

1003S 100%
83% 84%

79% 82%
78% 79
79% 791.)

92% 93

92

93

89%

89

94% 943{
88
90

100% 100%
83% 84

8934

88

84%

89
873] 8734
9553 93^4 947$ 93
9434
92% 92%
8134 80% 82% 80
81
79
80% 80% 7S34 7834
SO
81
78% 8OI4
79
97

98

107

107

84%

88% 893}
93

93-34

7958
78%
79
80198%

8034
79
80
801­
9858

93

90
91
88
88
92% 93%

90% 91
90% 901­
88% 88% 88% SSI92
93
92
93

9238 93%

92

87%
91
90% 91% 90
98
99 *971*2 "9*9”
99% 9*9% 9878 100
90
90
90
90
9973101
100 101% 99% 101% 100% 102
993g 99% 99% 99% 9634 99
99 100
100% 100%

109% 10*9*1
94% 941­
106% 10634 106% 063 10638 10*0%
110 110 110_ 1101. 110 110
11578 1 15~f ------------r-

84% 85

9634 9634
1071- 107 107
104

93

1181-119
1141-115%
84
84

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

93% 9434 94-'>s 95% 94% 947g 94% 9434
87% 87% 88% 91
90
9134 8934 893

87% 89%
87% 87%
92% 93

90% 91

..V *
nu
------

96
96
107%108 107% 107%
1061-107
109% 109% 108% 109% ................... 110 110

107
104

100% 1013 101% 101%
77
777 1 757g 70
92% 933 9034 92

92% 93!

il71 2 H 8L

88% 89%
881- 88192% 93%

110

10934 110 108% 109%
101% 10134 101 1013}

110
io n

78
7S1 *78* *7*9*
92% 93
93
937

86% 861­
107 107

941.) 947s 9358 94%
89% 90-\s 89% 89%
84

1005
79
93

86% 86%

100
90
89
9533 93
91%

89% 89%
913S 92
99 100%
91
92
100 101%
99
9934

87

108 1101 110
100% 101 101

107 106% 107 105%107 105% 1073 107% 08 107% 1075 106%107%
83% 83
84% 81
83% 83
851. S434 851
84% 85
S3
84
85
83
84% 8234 8434 8434 853: 85
853 84% 847 84
85
115

87

9834

91%

943S 95% 93
94
94
937s 94% 923.} 94
89
90
9134 92
100 100%
91% 9134
101 102%
100 100%

897s

1065,3 109 106
S334 85
82
85
8534 84

103
1001

92% 93%

80% 85
100 100
9038 90%
88% S87g
923s 9433
9234 94

84

107

107

107%107%

8434

91* *92
89
S9193
945s
94
94
93
9458
110%110%

90
9078 S9% 90%
88% 8S34 88% 89
927g 9334 93
935s
9278 93%

9234 93%

87

89
98
90
100%
96%

89
99
90
10134
98

90
923S 91% 923S 913} 9134
98% 993S 99% 100
99% 100
90
90
90% 9H 100%102 101 10134 10038 101%
9938 9978 9958 100%
97% 100

913s 92
99 100
100% 1013g
100 . 00%

10is8 10158
106% 106%

Non-conv deben 1955__

95% 96
95
96%
.................. 95
95% 9453 95%
9138 9473 94% 947s
100% 1017S 100% 103% 100 102% 98* 1*0*0% 9734 99
96% 98%

1333413434
Non-conv deben 1954Housatonic RR 1937 g__
N Y Ont & W— ref 1st g__
Norfolk & Southern 1st___
New River 1st 1932 gold-.
N & W Ry 1st cons 1996..

116 110
96% 97%

133% 135 134 135% 131 134% 13034 133 131
13334 13334 13334 13434 132 133% 132 132
98
98
98% 981-1
84
84
83% 83% 81
9634 97% 97
101%101% 101

124% 12458 126
124 124 124% 124%
98
98% 99% 9834 100

9734 97
101 100
123
12G38
100

93%
923S 93
92
93% 92
99 102% 100% 104% 10278 108%

Pocahon C & C joint___

89
8938
1043.1 10434
95
95
101% 10238
1001- 101
Qcncral lien 2047 gold----- 3 7234 74

Scioto V & N E 1st gu E-.
Northern Pac prior licn’97 g.

Registered................ — 3
St Paul-Dili Div g 1996--.4
Duluth Short L 1st gu___ 5

2d 1917............................. 5
1st consol 1968 gold___ 4
Wash Cent 1948 g............. 4
Nor Pac Terminal 1st ’33 g--6
Pacific Coast Co 1st g______5 108 108's
Pennsylvania RR—
1st real estate 1923 gold..4
Consol 1913 gold_________ 4
10-yr conv 1912 g ______ 3 'A 100% 101%
Do do 1915 g ..........-3,1i 96 96-%
Registered------------------- 3 A
Cons 1948 gold---------------- 4 104%104%
Allcg Vail gu 1942 g______4
Phil Bal & W 1st g 1943--4
U N J RR & C 1944............. 4
Pennsyl Co— gu 1st g----- 4 'A 105 105
Registered ...............
\A
(iu coll ctfs A 1937___ 3 A
Gu coll ctfs B 1941_______ 3 A 90% 911­
Tr Co ctfs gu 1916 g___ 3 'A 973S 973,s
Gu coll tr ctfs C 1942__ 3 'A 90 90
15-25-yr guar g 1 9 3 1 --.-.4 98 9S38
Cin Leb & Nor gu 1942___4
Eric & Pitts gu B 1940.-3 'A
P Ft VV& Chic 1st 1912____7
2d 1912............................. 7 105% 105%
P Youngs & Ash 1st cons.5




893S 90
89
90%
106 106
96% 96% 95% 95%
100-38 10134 100 102
733g 74
72% 74
721 •> 7210
96% 97%
99
99
118% 118%
117 117

98
100
123

98% 99
97
97
91% 93%
101 105%
98% 104%
89% 90%
106 106
95
95%
993.} 1003.}
991 ■> 9917134 73 "

96
971­
100 I0 l "
126% 126%
123 123
98% 99

132% 131

132

81

95% 96%

131%132
81

95

97

98-34 97

99%

96% 96% 95
100 IOH4 100
99
99
7034 72% 70
70

95
94
10138 99
98%
71% 69%
70

116

105

103%
106
10078 10034 102 1001} 10134
96% 97% 9534 9634
97
96
95% 96%
1047s 1033} 1047S 1027s 1041"
10234 10234

.031- 103%
104%105 104% 106 164
1033.! 1033.1

125
96% 98

116

115% 115%
110

95
125

96%
125

99% •OS's 10058 93
99% 98% 99»8
99
99
92% 93
933s 9334 92% 9278 92% 937g
99
9973 995s 101% 9C5g 10058 99% 10134
98

86% 89

8834 883}
96%
101%
100
717s

88
105
96
99%
99
70%

88%
105
96
100%
9934
713s

88

88%

96% 9G%
99 101
70% 71
70
70

115%115% 116% 116% 116% 116%
103

031.} 1031] 102
99
95%
95%
L0278 103% 102

03% 104
105% 104% 104% 103

97% 97%
106

97% 9734

102

103

103

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

102

102

103

103

102

102
0234 1Q3
9S78 99% 9878 99% 98% 987s
9558 96% 95'8 97
95% 90
9534 90%
1017S 10234 10253 10334 103 10334
100 100

102% 1035s
98% 99%
9534 963s

103

104

103% 1037g

103% 105

104% 105

104% 104

104% 103% 104

103

104

90

89% 89%

88
9534 9534 97
87
87
96% 961.1 961} 96% 94% 96
96

88
97

88% 89%
97% 98% *97% *9*8*'

89% 89%
975g 97%

97

98

98% 98%

91

91

105% 105%
105% 10578
109

103

9934 981.) 99
98% 100%
957s 94"8 95-% 95
9534
95%
103% 10134 103% 10134 102%

106
109

116

92% 92% 91% 91%
110% 1101­
111% 111% 111% 11158 111% 111%
104% 104% 104% 104% 104 105 104% 104% 104 10478

104% 104% 102% 105

00 100*3}
95% 96%

116

110

90% 90% 89% 8938 895s 89r>$ 8958 893.}
9753 9758 97% 97% 97 97M 96% 96% ...................
98% 99

96% 97

125%

94
96
100% 98% 100-% 100% 101% 100
98% 997s 997s 98>4 99% 99%
71
70
71-% 71% 72
71
6 9 . 70

90

98%

83% 83%

96% 96%

105

98

13434 135% 133% 13478 13234 134%
133 133

1121-112% 1121-1121­
97% 97% 96
96
96% 97

12334 12334
98

132% 135

81

91% 9238 91
92% 91
92
91% 92
101 104
98% 102% 94% 99% 96% 99%
9834 1033S
88->3 87
88% 88% 88
88 ...................

10333 1033s
97% 97% 96% 961-

103%
108
100
96%
96
104%

9334 0334
9334 9334 9478 94*3 947S 94*3 94% 94%
9634 "9*734 9658 98% 9834 1005S 1001-102% 10038 101% 9812 10034

104-% 10458

98
*953} 0*534
923g 923g

104% 104%

104%104%
104% 104%

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

T H E C H R O N IC LE

34

1910—C o n t i n u e d .
October
November December
September
March
January February
April
August
M ay
June
July
Low High Low High Low High Low High Low High Low High Low High L010 H igh Low High Low High Low High Low High

BON DS

P en n sy lv a n ia C o — (C on cl.)
T o l W V & 0 ser B 1 9 3 3 -4 H
P C C & St L gu A 1 9 4 2 -4 H I07i3 107is
Series B gu ar 194 2-------414 107 10734 10758 107»8 107
Series C gu ar 1942 -------4 'A
98
94
94
94
Series E gu ar 1 9 4 9 -------3 M

100
107

78I4

C h ic & W e s t M ich 1 9 2 1 - - - 5

94

79

11134 11214

••

78-38 7712 7.8I4 7512 7 o12
7712 7712 761* 761*
102 102 10134 IO2I4
1U78 1117s 112U H 2I4 i n i 2111*2
78

105

105

99>8

R e a d in g — Gen 1997 g o l d — 4

96

J e rs e y C en t coil 1951 g o ld -4

100

99

9G78 97

100
971"

112 112

98
99
97*2 98
9734 9734
9734 9734 9512 97*2 95*4 9534

97
97
933s 92-34
S01->
78
79l 2 77l«
871i 88I4 8G34

8U2

-------5
O za rk & C C 1 s t g u
St L ou is S o u th w e s t— 1st g - 4

97
93

Con so! 1932 g o l d ---------------- 4
San A n t & Aran P— 1st gu g 4
Seaboard A ir L in e— 1950 g - 4
D o d o s ta m p e d ------ --------4
Coll tr refu nd 1911 g old — 5

83l2 84l2 "S258 8314
0912 99-34 99-38 99 >
8
85

A tl-B irm in g 1st 1933 g — 4

-6

9U 2 95

So P ac C o— C t P a c c oll ’ 49 g - 4

92

116
80-34 81*2 78

116 114 114
7934 7734 79

97
9314 92l2 9314
81
81
82
79 '8 78
78-3s
S8I4 87
S8I4

87

...................
104 104 104

1 1512 110-34

96l.i
SSI4
8D 4
76*2

91*4 91“8
81
81
77
78>8
863.) 87-34
83*2 8312
8334 85-34 84
85l8
9934100 9978 10018
7034 72
84
86
91
9U 2

86

961.4
9034
S ill
78
87

S2ii 8H 4
99*2 100
71
7334
80
83*2

97
95
89
105

101 101
1081" 10S1"
105

8912

83

90

93
90
90
92
9218 92
94
St J o s & Gr Isl— 1st g -----------4 94
120 120
St L & San Fr « y gen 1931 g -6 12234 12234 123 124
10S58 10S34 108 IOSI4
105 105
90
90
911o
R R -C o n s o l 199G g ---------------4 90
8 90 88 8S7s 875s 88I4
8912 88r>
Gen 1 6 -2 0 -y r 1 9 2 7 - .......... 5 87l2 89 " 88
100*4 100*4
8234 81-34 8U 2 8434 S158 83
8D 4 83
R e fu n d in g 1951 g o ld -------4 83*2 85
K C Ft S & M c o n s 1928 g-G 1171* 117N
R e fu n d in g 193G g o ld -------4 80-34 82-34 81

101 101

101 101

105

9712 100

71

100 101

90

105

106

1061"

88

88

105*2 107

77l2
961-t
89l4
8U 4
76
84-34

96i4
98-38 9S38
91
83
91
88 90
82I2
77*2 73*2 76*2 72l2 73l2
861" 8312 85i2 83*2 85

80

86

87-34 84

843s 87

82*4 83
SU 2
82l;> 83
99-38 09*4
99*4 99l 2 99
7312 6912
72
75*4 71
80
8334
91

1041* 1041*

9312 91
90

9338 90lt 9US 90
90
SG

91
90

90*8
79
73*4
85

9178
89*4 89*4
SG34
871; 8Gl8 8073 80
991.1
82*2 80*4 82*s 80*4 81*2
78-3s 77

90*2 913.i 8912
92
80
SO
80
79
74
77
7G34 76
8673 86
863., 86

82i2 8212 83-38
99-3)5 9934100
693.1 7034
70
82
83*s
91

84
9973
7011
8-134
92

90

9HS 89
90

90*2 89
90

90

SC's 86I4 853.1 841.t 85*4
9Q78 097s 100 100 10018
72*4 72
7812 7478 773,5
843.1 853.1
8-13.1 81
81
92

93
92*2 92
90>j 91

90

9078 98*2 983s

921;

96

97"s

103 105
IIOI4 110*2 U 0121101"

110 110

92

1031.1103li
1093.110934
92
92

92

110 110

90's 99

91*2 921.1

957,5 9758 97i 3 98*4 9684 97*2 9512 97
8934 8934 90
90*2 905(5 9034 903s 91
90
90
105*2 109
107*4 1071.,
1095s 110 109-5S 109-1.1
933.! 9334 ..............

115 115 U51S 115's ____
U 0ta 110*2

100 100

95

9934

92

92-34 973.1 96
99
99*2 lO l’ s 96 100
96*8 963s
96
9684 95"s 9612
9412 96-38 95l8 90*2
88 88 87*2 8712 87*2 87*2
8S 89
92
9U 8 o n 8 92
10378 106*4
106'" 1061;'

102 102
100*8 100*8

101 101
9412 95 ' 8

116 U 6's
76
78
70
76
971.1 97*2
9U 4 8912 90*2
80
82*2
80
70
73"8 77
86*2 86 87
78*4

104

—i

9412 95

101 101
102 102

106

IO.3I2 10312 104 104
105^3 10o->8
104-34 104-34 104

11914 11914

933.1 95

93 '>8 943 8

9412 93U 94-3s 93U 94
941S 95l 8 94
041* 941>
i6
7
i
2
logtg
104
”
1071"
107
1091.-5
IOH s 10512 10318 105
i6
7
I2
11134
IOU
2
IO
6
S ou th ern — 1 st 199 4 g o l d — 6
73
75
791.1 76-3.1 78
75>4 77
D e v e lo p & g e n See A ............4 701 1 S178 7914 80-34 7734 79"s 77
85 i2 87*3
87
87
8
934
90
89
8 UI4 89b| 9012 8 8
SSI4
M o b ile & O h io c o il tr g ------- 4
106 106
110
110
M e m p h i s D iv 1 s t e - - 4 H > 5 1 1 0 1 1 0
86
8 5 l2 80*2 S U 2 S l l 2 82
S 5 I4 861" 82
S t L o u is D iv 1 s t g o l d ............4 8G12 87
................... 8 6
Sou P a c R R 1 st re f 1 9 5 5 --4

69*4
7134 707s 713.i G7
70*i 71
102 102 101 01*3

1121,5 11218
9/34 975g 98*4 973,j 99 OS's 991.1 98 983., 97*8 9S1.|
98*2 97
98
98*4
977)5 98*4
95
96
9534 9578 9618 96U 96*4 971;, 975.1 9712 98*4 97
98
97*2 97
10U 2 1011"
88-53 891.1 89 89 87 87
89
917s
863S 87*2 805,5
99b
81~8 78*2 8038 7S-34 8II4 80
83
81*8
79
79
115 115
117 117
77*2 7S34 7734
78*4 76l2 78*2 76*2 78

SG

1073(5 1073s
____ ____
____ ____
98-'>s 9S-\s

95

100-34 100-3.1
104

C on v ertib le 1 9 2 9 .......... ......... 4 10178 IO6I4 101 10278 i o u 210334 9978 1027s
9734 96
9734 96
97
9712 97
Cen P a c 1st ref gu g .......... -4 97
97
97
891, 89
8912 88I2 8812 88I4 8938
AU gc gu ar g o ld ---------------3 M 89
921" 931T h ro u g h St L 1st gu g - - 4 92U 94
G 1 I & S A — M & P D iv 1st g5
H o u s to n E & W T e x a s —
1
1st gu a r r e d e e m a b le ------5 105 10518
109*2 109l2 1101.1 1101"
H o u s & T e x Cen 1 5 ^ 1 9 3 7 .-5 10934110
96
98*4
94
941ltx

94

11U-,1111" 11178 11178 11 l^s 11178

105

iiiorKiiil S Lu

107 107
107 107
100*2 ’ 071s
9S18 9S58
90l.t 91*2
98*2 99*2 9S1" 9914 9Slo 0834
112l2 112*2 1121;, 112*2
11212 112*2
107 107
106 100 IOC's 107
106*2 10612
97*4 07*4 98*2 9834

90*2 90*2 95

Perc M a rq u ette—

Fla C & P enin 1 s t 1918 g -

100

1031" 1061"

98
94

11U2 112
112 112

C St L & P 1 s t 1932 K.......... 5
P eor & P ek U n— 1st 1 9 2 1 . - . 6

10612 10612

95 “8

103*2 1057s 105
73*2
73*2 75
85
85*2 80
108
84
85
85
93

91 "8 951s

933.1 95

____

____ ____
..................
1015,5 1013s
93-1, 9433

107-1.1 108-5,5 107b; 10S
109
76
765,s 75*2 763s
70
77
86
83*2 84 l2
8012 8 6 l 2 85

1 0734 108

76
87
108
8512

85

85*8

931(5

85
87*8 85
1077s 107"8
____
89*4 93

____

853.1

____

____

82*2 82*2
1 0 0 i 2 106*2

E T V a — G a d i v 1 9 3 0 ------- 5 1 1 0
C o n s 1 s t 1 9 5 6 g o l d --------- 5 ,113

1*
101*4 1 10 *12 i i o "

IO6 I4 106*4
105-34 10534
105 105
1 9 2 7 s t a m p e d — 5 10(il8 1071" 16734 10734
1531.103*12
1021*2 1*0*212 10 2
103'a 1 0 3 '8 1033S 104
P iq.ai

5

1 s t c o n s 1 9 5 8 .......... ........... 5

108-34 10834
107*2 1071" 107->3 107-”'s 10714 107M

93

W e s t N o C a r o 1 9 1 4 g ---------6 i o o

9S>4
106

97

981*

97I 2

9838

97

9712

106

106

98

9S

T o l P e o r ia & W e s t — 1 s t g - .^
T o l S t L & W — P r io r l i e n . - 3 V»
5 0 - y e a r 1 9 5 0 g o l d ----------------4
C o lt tr 1 9 1 7 s e r A ................... 4
T o r o n t o H a n i & B u f f 1 s t ------- 4
U ls t e r & D e l— 1 s t c o n g ------Union P a c — R R & i g 1 9 4 7 - '
2 0 - y r c o n v 1 9 2 7 ------------------1 s t & r e fu n d i n g 2 0 0 8 --------O regon R R & N av con g - - '
O r e g o n Sh L in o 1 s t g -------- 1
1 s t c o n s 1 9 4 6 g o l d ----------G u a r r e f 1 9 2 9 g o l d ------------■
V a n d a lia — C o n s 1 9 5 7 Ser B - ‘
V era C ru z & P a— 1 st 1934 4




-

-

- - in

95-3-j

116

104-5,5 1043.5
113
11278 113
116 116

70
70
10712 11012 10778 1081; 108*2 10812 1083.11-09
99*2 104
911.J 94*4
96
991 963 j 981l
93
92
931; 9f2'2 021; 93
90
90
89
8912 8914 89-3.|
7878 801;
8038 81
80
81 *79* 8l “
85
86 85 86* S334 85
90*2 90-3.
91
91
90
90
106 106
10078 102 101 10Uj 9978 10U; 9034 100-3.
.................. 101 10U; 100 100
109i2 11634 10738 110*4 10314 111b 104"s 109
9678 98ia 967s 9S
90-34 977f 96*2 971­
95-3.
90s8 981" 9612 973, 95l2 071; 95
U 6l 8 117 11014 117 116 1161; 11412 115
113 1131" 113 1133, 1123.| 113'f 112*2 11232
9338 917s 9414 943 9278 913. 9213 93t.
9758 975 98
98
96
96

10*21 ;,

1-05 10S
94*2 95

105
103* 103 * io3».i 163*14 103

____

____ ____

1053|
1031*2 103*2
103

_.

...................
1053.1 1053-1 ____ ____
105*2 105*2 1051s 105*8 ...................

94*2 96

94

04

94

941 2 ...................

110

110

95

95

104-14 10434
101*2 103*4
104^4 10434

115
9 7-3.1 9 7 l 2 O8 I.1
109

111

110 110

109 1121" 103
10478 1*0478

108

98

98*2

109 109
97 l2 9712

108*2 109-34 108*2 109
106
99

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

106
99

96

98*s

110*8 1101.5
98
0S1|

97*2 98*8

10834

110*2 110*2 111*2

103

108

109* 10*9*

110*8 1103,5 1093.1 i l l

107*2 107*2 107-3s 1073.1 1073-1 109
IOOI2 IOU 2 101 101'2
97

9812 981-

88

1131s

105*2 1051"

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

___
105 105
105*2 1053s 105-38 1053s
95

1 1 1 * ilO i's U U 2 1095s 110*8

105*2 10512 I 0 6 I3 1 0 6 >8

107-38 10738
T e r m l A s s n S t L o u is — l s t - 4 M i 107*2 107l2 1073s 1073a 1073s 107-38
112
1 s t c o n s 1 9 4 4 g o l d .......... — 5 114*2 114l2 11512 11512 115 115's 115 115
9734
9758
98
9712 98
97*2
9734
97
971o
G en r e fu n d 1 9 5 3 g o l d ---------4
109 109
109i8 lOOi.s 109
in-3
8
1123
8
109
111
1121
j
II
U
4
1121
l
111
112
"
T e x a s & P a c i f ic — 1 s t g .......... 5
T o l e d o & O h io C e n t — 1 s t g - - f

1*1*01*2

11334 .1 1334
ILH.i 11334 11334 1 131a 1L3s4 1123., 112-34 ................... .................. ................... 1 1 U 8 1 1 U 2
114 114
116
“

G e o r g ia P a c 1 s t 1 9 2 2 g ------ 6,1

D cb en

110
110
HO
114t2 11258 1123s U 23 8 1*12 *12 m i 3 1*11*12 1 1 2 ’ 1 1 2 * 1 6 6 " 1 1 0

S8
79
791" ..................
83-3.3 8414

87
77*2 70
81

77l 2

93
93
87
72
7134 72
SI
S0'2 81

77
81

77*s
83

97

0112 02

75

761;

747s 76 !2
8212 83

1035s 101 105 106
-100 103
101*2
99<s 101r>
8 100*8 10138 100*4 101 100U 10078 100-3s 102 IOII3 10178 101 10U ; 100*2
100 1003. 100 100
100
100
9812 991. 9912 100
09
99 10038 99
102-14 104
104 106"8 IOU4 105 101 10U8 103 10578 102 105 10278 105*2 104 106
9G18 97
9538 071. 9G7S 97*2 9033 97
957; 0512 96
96
967a 95*2 961; 95
94
97
95
90*2 967$ 04
9434 9513 9434 953, 95
95
9578 05t2 97
90
114 115 1133s H IM 1131.1115 113121141; 1133(5 143. 115 115b 11433 115 114 115
111
112
111*4 1121,
lOSVt 110 109 109 U O U l i l ' : 1121.1112-1.
11012 H I
92
93'j 92
93*i
92
04tf 93*8 94
92
93ia *911*2 *9*314 91*2 93
915s 93
07-ls 973{
97-38 9 75) 90*8 063. 90*2 98
93
98
.

'

Jan. 7 1911.]

THE CHRONICLE

35

lO a O -C o n tin u c d o
BONDS

M ay
June
April
July
January February
March
August
September
October
November December
Low Hint Low Hig? Low Hig) Low Hig) Low H iyl Loto Hig? Low Illy) Low Hig) Law Ilig) Low Hig i Low Hig h Low High

111
W a b a s h — 1 s t 1 9 3 9 g o l d _____
2 d 1 9 3 9 g o l d _________ _______ S 10l7g
D e b e n t u r e s c r B 1 9 3 9 _____0
1 s t lie n e q u i p 1 9 2 1 g o l d ___ G 101
1 s t lie n te rm 1 9 6 4 g o l d _____4
1 s t & r e fu n d 1 9 5 6 g o l d -------4 72

1133, I l l 112 110
1031; 100% i o n . 101
101

77%
1073.J 10734

T o l & C h ic D iv 1 s t g ------- 3 M
W a b - P i t t s T e r m — 1 s t g --------- 4

R e f u n d in g 2 0 0 2 g o l d --------- 4
T ru st Co c t fs d ep stra p ed B w a y & 7 th A v e 1 s t g ------- 5
R e g i s t e r e d -------------------------5
C o l & 9 th A v 1 s t g u g ______ 5
L ex A v & P a v E y 1st gu g -5
3 d A v 1st gu 2000 g o l d - . - - 4
C e n t T r C o c t f s s ta in p e d . .
1 s t g o l d 1 9 3 7 - _ - ............- . 5
M il E l R y & L — R e f 1 9 3 1 . - 4 1 3
R e f u n d & e x t 1 9 3 1 ........... 4 1 3
N e w O r l R y & L i g h t ------------41 3
T r < -C ity R y & L t — 1 s t _______ 5
U n d e r g r o u n d o f L o n 1 9 3 8 .4 1 3
I n c o m e 1 9 4 8 ---------------------- 6
U n it e d R y s St L o u is — 1 s t g - 4
St L o u is T r a n s 1 9 2 4 ------------5
U n it e d R R s S a n F r a n ----------- 4
U n it e d R y s I n v — P i t t s i s s u e 5

102

70

73%

44
40

44
45

90
90
71% 74%
107%107%

4
4%

534
6

5
5
4% 5
4% 534
4% 5%
so
so
88% 88%
843,! 85% 84
85

85

99
81

99
81

94% 95
93% 95
93% 9334 93% 94

92
93

93% 90
93
90

92
90

103i8 103

87
99
85%
33
83
86%
72%

97%
66%
64%
107%
94

97%
67
67%
10878
94

87
97
84%
33
81%

87
99
85%
35
81%

71

71%

10734 107 107% 107
64^4
67
60% 66
101
101
100% 100% 100%
105%
10334 10334
K a n C it y (M o ) G a s 1 s t _____ 5
97 '

96%
97
64
63
105%

" i"

102
79

35%
35%

5
4%

” 5""

35
33

36
351

35
39
34% 40

6
6

"

65

681

82% 83%

82% 84%

63% 6658 62

—

6%
5%

6

8334 80

6%
7

Si*
8%

85% 863.

1001*101

96
97
83% 84%
35% 36%

70
85

67

70%
85

86

46
48%
4538 4834
45
48
6%
7%
6%
7%

63
71

863. *86*

*8*7"

110 110 11038 11034
86% 86%
88% 88%
104 105% 105 105% 105% 1051, ...................
103% 103%
------ -----78%

80% 82

82
98%
93
93

9278 92
94
9034 92% 94

85%
981"
94
93%

83

811*

82

92% 931'
92% 92-%

84

92% 937S
92% 93%

9134
102%
85
100
110
101%

100
92%
102
84

69

70

69%

96
98
98
63%
60% 60% 57*4 63
64
55” 60 ’ 59
61
56% 64%
105% 106*8 100*8 106% 100% 107 107%
103 104
91% 91%
S478 84~8
961,3 99
83
83% 83% 86% 8734 89
8734 88%
36
3834 37% 3S% 36% 38
32% 36
791.". 79% 80
80
65

67%

66% 70

67

67

6G% 08%

101
92%
102%
87

101 101
____ 110% 111

102% 102% 101% 102
9934 1001"
91
91
100% 10178 100%101
100 101
83
8438 83
84
84
85

110% 111% 110% 111
100% 100%

110% 110% ____

100
112

100
112

101
112

101
112

101

102

97
98
77
75%

9634 98
9734 9834
75% 78%
75
,9
48
48%
487S
' « % 4*5% 46
101 102 101% 102%
98% 99%
59
107
104%
92%

59
59%
62’." 58
60%
107 107% 10S
1041"
—
92%
‘ ................*

98% 98% 98% 981"
88
891" S934 901"
37
37% 37S8 38%
66% 675*! 65

110

91

92

110

111

91

91

107

100% 00%
100
00
102% 103%
100% 02
102%

100%10134 101% 102 101% 102%’ 101% 102%
83% 85% 843.4 85% 84
85% 83% 87%
110% 110%
9134 93

1161" 1161"
101%102
103% 103

103

100% 101%
1(>278 105
100 100

102

105

67

113% 114

102

102

..................... 104% 104% 102% 104

102

102

101% 10178 r o r

161 101
105

973S
9S34
78
77

101% 102% 102% 102% 102% 102%| U)2
99
99

100 100% 99% 101
80% 83
80
84

____ 110

114

79%

100% 10034 100% 100%
101% 103% 103 104

102
112

*84% *84%
S4% 85%
78
78
79

107% 1057g 100% 105% 107 106 107% 106 106% 105
05 1051* 1051* 105 105% 105% 106
G434 65% 60% 0434 66% 66
66%
61
61
60*3 GO*?
101 101
160 100%
101% 101%
9934 9934
100 100%
105%
10U " i o n 105% 105% 105 105
103% 103% 102% 102% 101% 101% 101% 101% 102 102
- „ IU~-_
....................
97
____

102% 103
98
98
101 101%

95% 9534
79% 8138 79% 80%

101%
100%

101% 101%

........ 102

647g

75% 75%
44% 463
44% 471

38% 49
383S 493

534

5
5

5% "534

102
79>8 7934 7934 77

97% 977g 96
97%
85
86
83% 85
35% 40
36
37
82
82

10Y

101 102%
102% 102%
’ ------

-------

.................. *

102% 102%

TELEGRAPH.
91
92
A m c r T e le p h & T e l c o ll t r — 4 9238 93
91
92
90% 9034
C o n v e r t ib le 1 9 3 6 g o l d ------- 4 101%105% 101 106% 10278 105% 100 103%
C o m m e r c ia l C a b le — 1 s t g - . - 4
92
92
R e g is t e r e d - - - ........... - — 4
M e t r o p T e le p & T e l— 1 9 1 8 . . 5
99
98% 99
M ic h S t a t e T e le p h 1 s t ----------- 5 99
98% 99
98% 99
N Y & N J T e l e p — 1 9 2 0 ______ G
101% 10334
97
973,
981 •> 98
9834 97% 99
N Y T e le p h o n e — 1 s t 1 9 3 9 .4 1 3 98
99% 97
98%
P a c i f ic T e l & T e l 1 s t __________ 5 987„ 99% 9S34 99% 98
W e s t U n io n T e l c g — 1 9 3 8 . - . 5 99% 1001" 991 •>100
99 100
99 100
97
95
96%
F u n d & rea l c s t 1 9 6 0 g - - 4 1 3 96% 97% 953„ 96% 95
C o n v 1 9 3 6 s e r ie s A --------------4 10134 10234 1013i 102% 102 102% 100%101
R e g i s t e r e d .........................- - 4
997s 997s
M u t u a l U n T e l 1 9 1 1 .............. 6 0934 9934




33
32

90
9034 90% 911. 9 1
90% 90% 90
9034 90

P e o p le ’ s G a s L & C o k e —
118 118 118% 118%
1 s t c o n s 1 9 4 3 g e l d --------------- 6 119 119
102% 103% 102% 102% 102% 102%
R e f u n d in g 1 9 4 7 g o l d . — 5 104 104
10278 10278 104 104% 103
C h ic G L & C o k e 1 s t ----------- 5 104%104% 103% 104% 104 104
I n d N a t G & O il ____________5
M u t u a l F u el ( i a s 1 s t ------0
P h i l a C o ( P i t t s ) — C o n v ’ 1 9 . - 6 ......
S y r a c u s e L i g h t i n g — 1 s t ____ 5
U n io n E le c t r ic L & P o w —
R e f & o x t 1 9 3 3 ......................5
U t ic a G a s & E le c t r ic — 1 9 G 7 .5
W e s t c h e s t e r L i g h t i n g — 1£G 0 5
W e s t e r n E l e c t r ic — 1 s t 1 9 2 2 - 5

6234 651

96% 96
96%
96
97
05
64
64
63
647<j 63
64% ’ e l " 6 4 " 60%
100% 10012106% 105% 10534 105%

K in g s C o E le c L & P o w — 1
1 s t 1 9 3 7 g o l d .......... ................ 5
P u r c h a s e m o n e y 1 9 9 7 ______6 ____ ____ 112 115 112% 1121s 112 113
E g El 111 B k ly n 1 s t ________ 4
87% 87% 89% 90
10258 103 102»8 103% 100% 103
L a c le d e G a s — 1 s t 1 9 1 9 g ____ 5 102% 105

101% 102

657

101% 102
98
98
101% 10234
101% 102%
8234 83
83
85%
77
78%

102% 103%
102% 103%

91»4
102
83
100
110
IO P 4 IOH 4 101%

60

104
103
102%
84
8334
8078

9733 98l4 9634 97%
98*4 9934 99% 99%
78U 7834 75% 75%
78
781 •>
51
54 “
51
54
50
50
101 102
101 101
101 102
9612 99
97% 97%
67
691" 64% 65%
65
68% 64
66%
108 108 107 107%

100% 100%
9134 92
102% 103%
83% 84%
100 100%
110 110

35% 361"
35
371

~~~**

"

56% 651
105 105

103 104
8338 84%
83% 83%
103 103%
100 10U"
101% 101% 101% 10134 101% 101%
97% 99 “
102 10234 100% 101% 100% 101 100 101
9934100% 99 101 100% 103 102 10278
10278 103 101 101 100% 101 100% 1007s 100 100
9978 100% 10034 10034 101% 102%
S4% 85
85
85
84%
84% 8478 84
81
81
81% 82
80
80
84
85
7678 76
76
77% *70* 77* 76
7S34 77% 78
78* 80% 77% 7734 77
78
102% 102%
'
101% 10134 101% 102 101%10158 100% 100%
10134 10134
82% 82-% 82
82% 81
81% 80% 81
80
80
98% 98%
98% 98%
94
94
94
94
95% 95%
80*8 823# 79
82
79% 81% 78
81% 77
8038 77% 79% 7834 82% 80% 81<8
81
81
102% 103% 102 10234 101% 102 101% 10178 100% 10134 100% 1007s 10034 103 10038 10234
102% 103 10134 102% 10134 102 101% 102 100 101% 100 10034 100% 102% 101%102
67% 07%
963.1 97% 97
97
95
96
94
96
9378 95
94
96
9534 97
97
9734
98
9934 97
08% 90
96% 95
96% 9478 95% 95
96% 96% 98% 98% 99%
76
771" 70% 82% 78
78
75
761" 76
76
7434 7434 75 75
75% 78 " 7534 82% 75% 75% 75% 77
75% 75% *78% 78% 73
SO
75
781"
48
4S
48
481"
471> 471" 46
46
47% 483S 48
4834
48% 49
47
49
47% 47% 47
47% 45
45
45
45
47% 4S78 47
48%
99 100 101% 101% 081" 981"
98% 9S34 9934 100 102 102%

G A S A N D E L E C T R IC .
B k ly n U n io n G a s — 1 s t --------- 5 107
B u ff a l o G a s — 1 s t g o l d ----------- 5 04
D e t r o it C it y G a s — 1 9 2 3 g - - - 5 101
D e t r o it E d is o n — 1 s t 1 9 3 8 ___ 5
E q u lt G a s I. o f N Y — 1 9 3 2 - - . 5

M ilw a u k e e G a s L — 1 s t ’ 2 7 - - 4
N Y G a s E l L t l i t & P _______ 5
P u r c h m c o ll tr g o l d ---------4
E d El III 1 s t 1 9 1 0 g o l d -------5
1 s t c o n s 1 9 9 5 g o l d .......... - 5
N Y & Q u e e n s E L & P .......... 5
P a c i f ic ( la s & IZI— C a l 0 & E

10834 1097 10834 109 10834 109%
99 1001 99% 9978 98% 9934

103% 10334 103% 104
82% 84
8134 83%

94
94
7834 82%

87
97
84% 8512 83%
3U 2 33i2 32
82% 8234 83
85
85
86%
72
74
71%

108 10S34 110
991 98% 1001

10438 102 10434 103 103% 112 103% 10278 103% 103 103% 10134 102% 102% 105
S434 7934 83
84
8134 84
83% 85
81% 83
82% 86% 82% 85(2 82

101% 10U"
82
82%

87

107
99

72% 77
38
39
37% 40

82

102
102
84l”«. 85*" 84
8412 8 5 I4 8334
81
82
80

87

5
5%

109
100
86

75
39
41%

8534 8534 84% 85

101%103

93
93
80
83li
8214 8214
103 104
103 10378

75

407s 421‘ 39
40
423.4 37

66% 723£ 64% 697*

S238 84%
84
86% 85
86%
71
71%
6934 71% 71% 74% 73lo 731110 110% ___
110 11034 109% 109% 110 110
92
92
10434 10434

10412 10478 104
82l2 87
82
103

6
6%

109% 107% 109 108% 1091; 107
10134 100 101% 99 100
98
86
1017s 1017* 100 100

66% 72%

76% 76%
90
90
45
52%
4478 54

C o l u m b i a T r u s t C o c t f s ------2 d g o l d 1 9 5 4 ________________ 4
414 11%
434 12%
T r u s t C o c t f s d e p o s i t --------W a s h i n g t o n T e r m g u ----------3 lA
901« 90‘ 2
W e s t M a r y l a n d — 1 s t g o l d ___ 4 8434 857g
O e n & c o n v 1 9 5 2 g o l d ______ 4 73
73
T r u s t C o c t f s d e p o s i t _____ CS12 73
W est N Y & P a — 1st 1937 g -5
G e n e r a l 1 9 4 3 g o l d - ..............4
OOU OOli
W h eel & L E — 1st 1926 g - _ .5
W h e e l D iv 1 s t 1 9 2 8 g --------- 5 104 104
E x t & i m p 1 9 3 0 g o l d _______ 6
1 s t c o n s 1 9 4 9 g o l d __________ 4 8612 8714
2 0 - y r e q u i p 1 9 2 2 g ___ _____ 5
W i s c o n s i n C e n t r a l — 1 s t g c n - 4 9334 94%
S u p & D u l d i v & te r m l s t - 4 9214 93
STREET R A IL W A Y .
B r o o k l y n R a p T r — 1E46 g ___ 5
1 s t r e fu n d c o n v 2 0 0 2 g _____4
R e g i s t e r e d -------------------------4
B r o o k l y n C it y 1 s t c o n s _____5
B Q u e e n s C o & S u b g u a r . -C
B r o o k ] y n - U n E l 1 s t g ___ 4 -6
S t a m p e d g u a r ............ ....... 4 -5
K i n g s C o E l 1 s t g o l d .............. 4
S t a m p e d g u a r .................... 4
N a s s a u E le c g u g o l d _______ 4
C o n n R y & L t g — l s t g - - -4 > $
S t a m p e d g u a r .......... ......... 4 M
D e t U n it e d — 1 s t c o n s '3 2 g 4 >4
G r a n d R a p id s — 1 s t 1 9 1 6 g - - 5
H a v a n a E le c t r ic — C o n s g ___ 5
I n t e r b o r o -M e t — C o l l ______413
R e g is t e r e d --------------------- 413
In terb oroR T 3 -y r c o n v 1911 G
4 5 - y e a r 1 9 5 2 S c r A --------------5
I n t e r n a t T r a c — C o ll t r --------- 4
M a n h a tta n R y — C o n s g o l d - -4
S t a m p e d t a x e x e m p t ............4
M e t r o p o li t a n S t — 1 9 9 7 g ------- 8

102

108
101

HU
102

100

100

100
98

101% 99
98

99

100
93

100

98
96%
96%
99
95
101%

100

93

100
—

90
100

9934 100

92
90
90%
10178 98% 101% 98

98

89% 8934 89% 91% 90% 91% 90% 91
93"S 9078
100% 99% 101% 100 104 103 105% 104 10638 03% 10513
..................

102% 102%
98% 98%

9534
9714 95%
991" 97
96% 93%
10138 1007s
9734

9738
97
99%
9878
101%

••• "4 104

*..................

103% 104%

021* 1021*;

96
95
97
93%
101

9C34
9G34
97%
94
101%

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

102% 1021" 03% 1031"!
96% 97% 97% 9S% 977S 9S% 98
981 "i 98%
9578 9678l 96
97%! 9678 9778l 97
97l»| 06%
97% 97% i 97% 99 i 99 109% 00 100% I 100
93
94%! 93
9434 953.1 94-% 951" 94
93
101% 10U"! 101%102 j l01% 102%! 101% 102 101%
01 jr-!
i

1

___ L

9834
97%
100
95%
10234

THE CHRONICLE

36

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

1 9 1 0 —C o n c lu d e d .
September
October
August
November December
July
June
A pril
M ay
Low High Low High Low High Low High Low High Low High Low H Igh Low High Low High

January February ! March
Low High

BONDS

M A N U F A C T U R IN G
AND
IN D U S T R IA L .
847S
A llis - C h a lm e r s 1 s t 1 9 3 S _____ 5 82
A m A g r i c u l C h e m 1 s t 1 9 2 8 - - 5 10112 102%
96l2 93
A m c r C o t t o n O il — d c b e n - - 4 H
A m e r H id e & L e a t h — 1 s t — 6 101%102
72%
A m e r I c e S e c u r it ie s — d e b — 6 72
96%
A m e r S p ir it s M f g — 1 s t ----------6 96
A m c r T h r e a d — 1 s t ------------------- 4
A m c r T o b a c c o — 4 0 - y e a r ------- 6 106 107%
e g i s t e r e d ------------------------------ 6 1061- 1061o ld 1 9 5 1 ....................................... 4 7612 783g
R e g i s t e r e d --------------------------4
B e t h le h e m S t e e l— 1 9 2 6 ---------- 5 871- 89
C e n tr a l L e a t h e r — 2 0 - y e a r . - - 5 99 100
C o n s o l T o b a c c o — 5 0 - y e a r - - - 4 7734 80
97
C o r n P r o d u c t s R e f g — s f ------- 5 97
1 s t 2 5 - y e a r s f 1 9 3 4 ---------------5 93% 9612
C u b a n -A m c r S u g a r— 1 0 -y r --6
D is t i ll e r s S e c u r it ie s — c o n v - - 5 72% 71%
E I d u P o n t P o w d e r ------------4 Y
% 871- 87%
82
G e n e r a l E l e c t r ic — 1 9 4 2 — 3)4 82
1 0 - y e a r d e b 1 9 1 7 -----------------5 M2 147%
n t e r n a t io n a l P a p e r — 1 s t — 6 104% 104%
89%
C o n s o l c o n v s f ..........................5 85
n t e r n a t S t e a m P u m p . - 1 9 2 9 5 9534 9678
L a c k a w a n n a S t e e l— 1 s t c o n - 6 99 100
1 s t c o n s 1 9 5 0 S er A ---------------5
5 - y e a r c o n v 1 9 1 5 ------------------- 5
97
N a t E n a m & S t a m p — 1 s t 5 - - - 97
N a t io n a l S t a r c h M f g — 1 s t 6 - N Y A ir B r a k e — C o n v ------------6 10934 U434
R a il w a y S te e l S p r i n g — 1 s t - - 5 9SI4 981
R e p u b l ic I r o n & S t e e l— 1 s t - - 5 103% 103%
96%
U n io n B a g & P a p e r — 1 s t — 5 95
S t a m p e d ---------------------------------- 6 90% 96%
10434
1
0434
U S L e a t h e r — d e b e n t u r e ------- 6
94%
U S R e a lt y & I m p — d e b c n - - 6 89
88
90
U S R e d u c & R e f i n i n g ----------- 6
U S R u b b e r — c o ll tr 1 9 1 8 - - - 6 103% 104%
R e g i s t e r e d --------- -------------------- 6 103% 103%
U S S t e e l— s f 1 0 - 6 0 - y e a r --------5 104 105%
R e g is t e r e d — ...............
5 104 105%
V a -C a r o lin a C h e m ic a l—
1 s t 1 5 - y e a r 1 9 2 3 - - .............- - 5 9734 99
93
V V estin g h E l & M f g — c o n v - - 5 91

78
827s 771- 80
771- 79
102 103 102 1021- 1003., 1017s
97% 97% 9734 9734 96% 9G’)8
100 10134 100 101 100 10034
721- 72% 70
72
73
73%
94
94
95
96
90
92% 92
92% 93
93
105% 109% 106 10734 105% lOO-g
105%105%
L05 105
77% 79%
76% 8534 8034 83% 7712 82
82
80% 813S 82
8678. 8834 87
87
88
88
86% 87%
9934 102
99
99"s
9834 100
99% 101
76% 83% 8034 82% 7934 7934 7S34 79
94
94% 94% 9434
95
95
96% 96% 96% 96
96 ' 94

7934 83
02 103
96% 97%
00% 101%
70
72
95
96
92% 92%

g

72
87

74
87%

138
104
84
95
98

144%
10134
85
96
100

73
88

74%
88

109 110
96% 9734
1033S 103%
1041- 10134
89
9234
102% 104%

137
102
84
94%
97

142%
103%
85
95
98

77
72
100% 1013g
93% 95
95% 96
67
68
94% 94%
90
90
104% 10578 105 106%
1667- 1043.
7S34
78 ” 79
78
•773s 781*
84% 86% 83% 847g
97
99% 97% 99%
78
7S% 7734 78%
93% 941933.1 94%
94
94
96
97
69
67
69% 67
85
85

78
741- 77
101% 100% 100'g
97
96% 96%
9634
99% 96
725g
73
70

91
91
105 106
105 105
78
79%
78% 78180
87%
9834 99%
____

94%
97
70
731- 68% 703g 07%
8734 88
88
88% 85%

136 141
101 102
8G
86
921- 94
95”g 973g
86
86
96
96
97
973S 9Glo 961o 95% 95%
75
75
109 110 108% 109 102 105
9Q1* 97%
97
9734 971o 98
104 104
94
95
93 93 93 93
98
03
104%104% 104% 104% 104% 104%
90
91% 89
89
91% 88
89
90% 8S1- 8811027s 10378 10234 103% 1023g 103%

139 146
103% 105
84
85%
9434 9634
97% 9S34

75
100
96
97
73

____

95
97
70
8734
140
101%
86
93
97%

100
97
104

105 102% 105
97% 96»4 97
104

92
97

73”g 73

69

75

135% 139% 136 140 139% 1493.1
100 101 100 1003i 101 103%
8234 84% 85
80
92
921- 91% 92%
92
92
93
963.1 97
973g 96
97
96
96
84
85
90
90% 917g 92% 91
92%
94
94
96
96

135
101
86
92%
97%

130
100

7734 7934
10134 102%
97% 98%
93% 94%
66%> 66%
95 101
93
93
1047g 10634
105
7834 82% 80% 803.i
so% 80%
84% 86%
84
85
98% 991- 99% 997g
79
80
80% 80%
93
93
941* 95
93”g 9434 94 ‘ 95

77%
76
1007g 101%
97%
96
92% 96
68
68
97
97
893,i
89
1047g I057g

135
101

100

104% 104% 104% m
90
87
87
87
86
86
102 102% 10134 1033g

102

104% 104%
85% 8634
87
87
10134 102%

101% 103

____

77% 78% 76
78%
102 103 102 102%
97% 981- 96% 97
933.1 94% 95
96%
66% 67
G5
(5612
97
97% 97
97
92% 92% 02% 92%
106 107 1043.1 106
105% 105-8 105 105%
793g 80% 7934 80%
80l,s
80
86% 85% 863.1
86
99% 9934 98% 99%
80-% ____ ____
80
97%
9G
9611 97
943.1 95%
94% 95
95
95
74% 773., 75% 78
84
84
83
83
80
81%
146% 1523g 145 151
103 104% 104 105
84
87% 841- 8G34
91% 921.1 91
92 '
96
96% 953.1 96%
85
85
91% 917g 91% 9134

103 105 103 104% 102 103
973g 9738 973.1 9734 971- 971102 ” 102"
9134 913.) 92
93

____ 104% 104% 104% 104% 104% 10434

863i 87% 87
88% 86% 91
873i 88% 87
87
88
88
1021- 103% 1023.1103 102% 103%

87
88
87
88
102%103

104 10538 104%105% 103% 10434 103 1043g 101% 104 10134 103% 102% 103% 103% 104% 10334 104% 103 104% 103% 104%
10378 105 10434 10534 10334 105 103% 104% 102 1037g 10l7g 103% 102 10334 10334 104% 103% 104% 103% 104% 103% 104%
9734 99
90
92%

98% 100
8834 93

92
92%
89
97

92%
9238
88%
97%

87% 90

983g 99%
887g 90

98
99
87% 89%

98
85

99
88%

98
86

99%
88%

9934100%

99% 100%
88% 01%

91% 93%

99% 100% 99% 100%
927g
01
92% 9 1

r t llS C E L L A N E O U S .
A d a m s E x p r e s s — c o ll t r ------- 4
A r m o u r & C o — 1 s t r e a l e s t 4 )4
B u s h T e rm in a l— 1 s t 1 9 5 2 — 4
C o n s o l 1 9 5 5 ----------------------------5
C h ic J u n e & U n S tk Y a r d s - - 5
D c t iM & M — 1 g i n c o m e s ------I n s t it u t i o n f o r I r r ig a W k s
& D e v cl o f A g ric 1 9 4 3 - - 4 H
I n t e r n a t M e r c M a r in e ------- 4)4
I n t e r n a t N a v i g a t io n — 1 s t - - - 5
M o r r i s & C o — 1 s t 1 9 3 9 s i.4)4
M o r t g a g e B o n d C o N Y --------- 4
N ew Y ork D o ck — 5 0 -y e a r— 4
P r o v i d e n c e S e c u r it ie s — 1 9 5 7 4
W a s h i n g t o n W a t e r P o w ------- 5
C O A L A N D IR O N .
B u ff & S u s a I r o n — 1 9 2 6
C ol F uel & Ir o n — s f 1 9 4 3 — 5
C o n v e r t d e b e n 1 9 1 1 -------------5
C o l F u e l — G en 1 9 1 9 ............... 6
C o lo r a d o In d u s tr ia l—
F ir s t & c o ll t r u s t 1 9 3 4 -------- 5
C o n s o l In d C o a l— 1 9 3 5 —
'
K an & H o ck C & C — 1951
P o ca h o n C o n s C o llie r ie s -T e n n C o a l I & R R — G e n ------- 5
B ir m in g h a m D i v i s i o n ----------6
T e n n e s s e e D i v i s i o n ---------------6
D e B a r d c le b e n C & I g u ------- 6
V a Iron C oal & C o k e — 1 s t — 5

92% 93
92
94%
96% 96%
40

9234
93
89
97%

93% 9234 93% 93
93%
0134 9278 91% 92%
93
88%
97% 98
98
io o " 100-

9234
91
8712
96 “

40

35

96% 96%
68% 71% 6678 691
81% 82
8234 83

97% 97%
67
69%
82
82

9334 94

90
90
93% 93%

93% 93%

63
82

67
>82

631.J 6634 60
80
SO
81

64
81%

35

35

35

56
62% 59% 63%
76%
80% 8OI4 76

96
96
62% 66
78
78
89

89

90

90

97%
65%
78%
91%

97% 96%
6634 64% 653.1 63% 64%
79
79
81% 78% 787g
91%
901- 90%
89
89
90% 90% 91
91%
84
8434

90% 91%
90

101

91
9134
91
90% 9134 90
9134 93% 91% 9238 91% 92%
89
89% 90
89
05% 951-

933g 93
93% 91% 93
93
93
92
90% 917g 90% 0234 92% 93%
8710
88
88
98'

90
103

101

103
t

80

97% 97%

96
93

78% 81

77% 81

82%

97%
93%

97% 97%
1081O IO8I0
78

79

96% 98
96% 96%
77
83

1037s
107
107
100
99

104% 103 104
107
107 105% l’oV
100
99% 9938 100

102% 103
108 106
98

102% 102%
106

106

96

97

100

— -

78%

97% 97%
061. 961- 9G
90
16737 1073.
76

78

74

98

98%

98% 101

70

75

74% 78

i
76

83

102 102 102% 102% 102 1021- 102
104% 105 104 104 1033s 1041. 104
103 103 104
— - 103% 103%

94% 957g

94%

96

96

98% 98%

96

97% 981-

102
104
104

99

78
94
100
____

79%
94
100%

90
90
98%
97
98% 98%

90
90
963., 98
99% 99%

78

75% 7734

____

99

76

____ 102

103
1043g 105

99

1027g 104
1047g l047g

1013g 104%

097g 99

99%

96

97

94% 95%

COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE Y EAR 1910.
(Complied from sales made at the New York Stock Exchange.]

2?.
cons.
1930.
January.
O pening____
H ig h e s t ____
L o w e s t_____
C losin g_____
February.
O p en in g____
H ig h e s t ____
L o w e s t.........
C losing.........
March.
O pening____
H ig h e s t __ _
L o w e s t_____
C losing.........
April.
O p en in g___
H ig h e s t -----L ow est.........
C losin g.........
May.
O p en in g___
Lowest Closing June.
Opening
Highest
Lowest Closing .

100%
100%
100%
100%

3s.
1918.

44.
1925.

2s.
cons.
1930.

101%
102
101%
102

115
115%
114%
115%

100%
100%
100 %
100%

102%
102%
102%
102%

115%
115%
115%
115%

100%
101%
100%
101%

101%
102%
101%
102%

115%
115%
115%
115%

102%
103
102%
103

114%
114%
114%
114%

101%
101%
101%
101%

102%
102%
102%
102%

114%
111%
114%
114%

3s,
1918.

4s.
1925
115%
115%
115%
115%

102%
102%
102%
102%

100%
100%
100%
100%




102%
102%
102%
102%

114%
114%
114%
114%

101%
101%
101%
101%

115
115
114%
114%

101
101
101
101

102%
102%
102%
102%

114%
114%
114%
114%

102%
102%
102%
102%

114%
114%
114%
114%

REGISTERED BONDS.

COUPON BONDS.

REGISTERED BONDS.

CO U PO N BONDS.

P an.
Pan.
Canal Canal
2s, '36. 2s. '38.

2s.
cons.
1930.
July.
O pening..........................
H ig h e st..........................
L ow est............................
C losing............................
Au gust.
O pening______________
H ig h e s t..... .......... ..........
L o w e s t............................
C losing............................
September.
O pening______________
H ig h e s t_______ ______
L o w e s t............. ..............
C losin g......... ...................
Oc tober.
O pen in g..........................
H ig h e s t______________
L o w e st_______________
C losin g...........................
November.
Opening ..........................
H ig h e s t ..........................
L o w e s t_______________
C losin g............................
December.
O pening---------------------H ig h e s t_____________ L ow est_______________
Closing------------------------

3s,
1918.

102
102
102
102

114,%
114%
114%
114%

100 %
100%
100%
100%

114%
111 %
114 %
114%

115
115
115
115

101%
101%
101
101

115%
115%
114%
114%

100%
100%
100%
400 %

115%
115%
115%
115%

100%
100%
100%
100%

102%
102%
102%
102%

3s,
1918.

115%
115%
115%
115%
100%
100%
100%
100%

101%
102
101%
102

Pan.
Pan.
Canal Canal
4s,
1925. 2s, '36. 2s, '38.

4s,
1925.

2s,
cons.
1930.

115%
115%
115%
115%

102
102
102
102
101%
101%
101%
101%

115%
115%
115%
115%

101%
101%
101%
101%

Jan. 7 1911.
D E A L IN G S I N

THE CHRONICLE

37

F O R E IG N G O V E R N M E N T S E C U R IT IE S A T

N E W Y O R K STOCK E X C H A N G E .

1910.
BONDS
A rg e n tin e — Internal 5 s o f l9 0 9
Im perial Jap anese G o v t —
Sterling loa n , 1 9 2 5 _____ 4 H
2d series, 1 9 2 5 ----------- 4J3
S terling lo a n , 1 9 3 1 ------------- 4
R e n . o f C u b a , 1904 lo a n ____ 5
E xternal lo a n , 1 9 4 9 ------ 4 H
San P a u lo (B r a z il), 1 9 0 8 -1 9 .5
U . S. o f M e x ico , 1899 £ lo a n -5
G old d eb t o f 1 9 0 4 -5 4 --------- 4

July
June
M ay
August
January February
March ' April
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
9534 9634 9612 97
943g 95®s
937g 95
88% 887g
1023g 104
97
98
963g 97
97*g 99
94U 9534

96% 967g 96

961- 9634 96ig 96*g 96

97

95
957g 9512 9614 95
9612
947g 95*g 95U 9534 95I4 957g
89l2 92fi 9134 923g 91% 92l2
103 IO.3I4 10134 103 101l2 102ig
98
9S1- 98I4 9834 98
98
97
9714 9634 9714 97 97U
9S*g 99l 2 99lg 99*g 987g 9934
9514 9612 96% 97ig 96ig 96i4

94l2 95ig
94i4 95
901- 91%
102 10234
981- 981­
97
97
97*g 987g
96i4 97

9634 96% 96*g 96*8 97

9414

96*4 97%

95l4 94U 95
94
94%
937g 9434 93l 2 94l 2 93l2 94%
8934 90i4 89i4 90
8912 90
102 103 10114 10314 102 103%
98l2 981­ 98
98%
95
96*4 96
96
97
97
9G3j 97
9G34 97%
96l2 98
961- 961- 941- 94l2 94*8 94%

9414 95
9414 947S
90
941­
1021- 103
98l2 98l2
97
9714
9712 97*8
96
96ig

97

9714

977g

98%

94% 9434
93*8 943g
8834 89%
101 103

94
943S 943g 95*4
9334 95
94
95%
88% 897g 8834 8934
101% 102% 102 1033a
_
97% 97%
97ig 97lg 97
97U '9634 W ig
96 '8 97i2 9512 97
957g 973s
—
—
921- 961- 92% 93

Note.— In case o f bonds of foreign governments Issued In pounds sterling, the usage o f the Stock Exchange Is to consider five dollars as the equivalent of one pound
sterling, and the above quotations are on that basis. W ith the exception of the Republic o f Cuba 5s and 4J^s and the U. S. o f Mexico 4s of 1904 (which are Issued In
the denomination of dollars), the bonds In the foregoing arc all sterling Issues.

C O U R S E O F P R IC E S O F R A IL R O A D A N D M IS C E L L A N E O U S S T O C K S F O R T H E Y E A R

1910.

The following compilation is on the basis of one-hundred-share lots except in the case of those few stocks
which sell almost entirely in small lots.

Following a rule adopted by the Stock Exchange in April 1896, sales

which are not for “ regular” delivery— that is, where the buyer or seller stipulates for three or more days’ time,
or where delivery is to-be made the same day (the sale in this last instance being for “ cash” ) — are disregarded.

1910.
STOCKS

June
January February
March
A pril
M ay
July
August
September
October
November December
Low Hig! Low Higl Low Higl Low Higl Low Higl Low Higl Low Higl Low High Low Higl Low Higl Low Hig 1 Low High

R A IL R O A D S .
A n n A r b o r ---------------- ---------------25
33
30
36
P r e fe r r e d -----------------------------69% 721
4S% 70
A tch ison T o p e k a & S an ta F c . 1147g 124% 110% 1167j 11138 119
P r e fe r r e d ................. . ................ 103 104% 102% 1037a 103 1037j
R ig h ts ------------------ ------------125*2 137*2 123% 133% 129 1333,
lld lo 1191s 10S*8113% 110% 1143j
91% 92%
90
94
927s 94
101 108
P r e fe r r e d ------------------------------ 133 133
26
35
27% 30
B u ffa lo & S u squehann a, p r e f.
17778 1S218 17634 183% 178 182
S u b scrip tion r e c e ip ts ............. al74 175 al74 174 a l77 177
978 10%
R i g h t s -------------------- ------------...................
70
70
C anada S ou th ern _____________
300 312 290 300 280 295
8334 8878
77% 85
80% 92
577s 66*4 54
58% 53% 60*8
P r e fe r r e d ---------------- ------------C h icago G reat W e s te rn ---------- c23% 24%
30
4 % preferred B -------------------- c30
3G7S
C h ic G reat W e s t tru st c e r t s . . 30
P referred trust c e r tific a t c s . 59*8 64% 52
5934 54
59%
C h ica g o Alihvaukee & St Paul 145% 1583s 14234 148 139% 14934
P r e fe r r e d ________________ . 165% 172% 161% 165% 158 163%
C h ica g o & N orth W e s t e r n .. . 1155% 82% 15258 158% 150 159%
P r e fe r r e d ..................................... 225 225 206 206 205 205%
R i g h t s ........ ................ ................ 131- 16% 13% 14%
C h ic a g o St P M inn & O m a h a . 145 150 150 162% 145 158
P r e fe r r e d ------------------------------ 170 170 170% 170%
2
4
C h ic a g o T erm inal T r a n s f e r .. .
C Icve Cincin C h ic & St L ou is - 77
82*8 77
81% 80
92%
103 104 100% 101 101 101
56
62% 54% 6534 58% 64
80
82% 80
82
81
83
81
2d p referred ------------ ------------- SO
79% 80*s 79% 81
171% 185 168% 178 170*81783s
D elaw are L a ck a w & W estern 590 'COO
590 620
39% 52 *3<r 4*234 39
44
79
84
76% 80% 79
80%
D es M oin es & Ft D o d g e ..........
D etroit & A la ck in a c............... ..
P r e f e r r e d ____ ______ _________
163S 147s 15%
D ulu th South Shore & A tla n . 1434 1834 14
26
34*8 24
29*8 27% 2912778 34*8 25% 30% 2834 3338
E r i c ____
46
521- 4134 47% 47% 5234
35% 413^ 32*8 37
37% 42
E v an sville & Terre H a u te —
53
58
P r e fe r r e d ---------------- ----------- -- 82% 82%
Great N orth ern , p r e fe r r e d .... 13034 1437s
70
80% 63% 72% G334 71*4
G reen B ay & W est c t f s B . . . 1434 18
14% 15% 15
18%

70
71
10738 115%
101% 103%
1-32 5-32
122%131%
106 112%
90
92%
125

33
33
7.0
70%
10534 U1%
1013g 1023a
1-16 1 -lf
120 123%
106% 11434
90
91
95
95

125

65
280
82%
50
69




10534 114

140 153
160 160
2
2
79% 89
100% 1007s
57*8 61%
75
79%
75
78*8
168% 175
570 595
3734 44%
76*8 81%

14
25
27
43*8
34
56

15%
2834
31%
49%
3834
56

26
28%
49% 53%
134% 140%
15534 159
147 154
20434 207

112

76%
30

188

80
85
103% 103%
5678 62%
75
76%
75
76
167 173
560 565
37% 42
77
80%

14
23%
26%
43
3334

75
82%
100 100
54
60
75
76%
74
76
157 1G834
530 560
27*8 38
66
79%

80

80

85

10

11%

10% 11%

35
42%
26% 32

19*4

172

172

69

75

5

6

6 Sec ond Install nent paid.

Ex-rlght

1153s 120

113

119

89% 91
107 107

104

104

105
127

285 272 280
8434 803s 85% *78*
36 ................... 30

80
85
90% 96%
10
11%

13034 126% 132% 127
18*8 16
353a 29

69

70
6%

17%
33

60

60

195%

8*1*34
30

23% 2678
46
51%
121 129*8
148 151%
14738 15034
204 207

21*8 2434
45
4834
120% 126*4
146 150
144 149
208 208

21
22%
43*4 45%
11918 124%
14438 1461­
141 144%
203 203

140

145

140

12
23%
22
26% 24*4 27% 2634
36% 45
41% 45*8 45%
29% 3 4 ' 33
35% 35

15
25

434

85

98*s 101*8

202*1 191

145

145

12
26%
31
51*8
40%

11%
22
27%
46
35

1234
2434
307S
4934
38

126% 121 12734 122*4 128 12578 13234 121% 128*8
50% 57
5334 57
56% 6138 57% 61*s
123} 11
14
12*8 14*8 14% 147g 13% 1634
—
120 140 131 139

140

6234 6534
*5534 58%
72
74
1607g 165%
526 526
25% 29%
64% 70%

11
21
26%
43
.12

11
21
23*4
47%
35

120 1243g
54
58
13% 15
125 125

132% 131% 135*4 1313.113.534 129% 131%

16% 173s 1C*4 2038 19
29% 32
31% 36*4 33

22% 17
37% 30

68
7434 71
75% 75
80
25% 31% 27% 29% 29% 34%
62% 643s 64
67%
6% 61-

75
75 -----29
30% 34
65
6678 64
434 434 6
37
17% 201­ *1734 *1*7*34
39
41% 39% 42
37%

18%
33
-----3.33s
66%
6
37
*3*7%

60% 651­
134 144
130% 131
23
25%
52
52
120% 132%
145 147*4
88
88
28% 34%
59% 63
47l2 55%

64% 69
140% 14434
131 143%
23% 24%
40
45
27% 13534
45 14834
86% 88%
3058 32%
61% 63
50
54*a

63
68%
144% 148*4
141%146
23% 3334
46. 54%
131 140%
147% 1493.4
88% 88%
32% 36*4
63% 69
53*4 59

63
67
141 1473s
140 143%
26
30
53% 53*4
130 141%
U 534 149%
8834 89
31% 35%
63
65
45% 547S

125 130 ..................
67
69
66% 69
23% 28% 27% 31%
105%115 108 115%

30 130
673s 70%
30% 32%
09% 114%

135 138
69% 71
31*4 34
113% 120

40 140
69
723g
33*4 37% 33% *3*5%
10*4 117 109% 113%

124% 130
23
28%
47
51
114 13078
144 149% 145% 147
88
89% 88
88%
29% 40% 27
33%
0/
Ot)
55% 69
41
603s

.................. 130 130
63
6734 64
68
27
29%
116*8 122% 11038 118*8

112 121

65
65
267
71% 79*a 79
27% 31
32

15% 1G34 1678 20
------ -----62
65
139% 149
123 136

100% 1053
10078 1013

70
75% 73
75
72% 72% 70
7734 61
70
100 100
99% 99% 98
98
*46
55~ 51
54%
| 56
6134 58
61%
70
75
70
72
73% 7634 76% 76%
74
74
70
71
74
74
149%160 154 166
1657S 172 164% 171
490 525
495 525 550 575 520 520
23% 31 *27* *3*2’% 28% 32% 31% 35
2734 3334
62*8 72
67
71% 70% 73
73
78% 6934 75%

15% 10% 14
30% 23
26
29-%
4 734
383s 30% 36 '

15

993sl06

1943) 193 200% 192
el93%l93%

142% 150

71
16

135%
6434
2834
126

108

23
27?4 19
24% 20% 251­ 22
23*4
45
50% 40
47
40
47
43% 47
113S4 135% 115 124% 118% 128% 117 123
146 155
13834 149 137%143 141 146 142% 148%
203 203 203 203

13034 137% 120% 1333S 118
61
64% 5134 62
14% 15% 12% 14
12
120 124
98% 101%
96 101*8
120 124
133% 141% 132 136% 125%135 124
61
14

96% 1001
99% 101

102
127

65% 67
67
60% 601298 275 275 260 285 248 270
90
813S 88% 70% 84% 6534 75% 65
44
4834 27
54
45
23% 28
25
69
6478 66

53
56
135% 144%
156 161
146% 15534
205 205

132 135 135
6334 65% 61%
27
28% 27
120% 128 118
ltd.

110 1223 102% 113
10434 1131
90
901
89
90
96
96
125 125

93% 1017a
97% 1001.

181 184% 181% 198% 184 1973)
6179 180 cl82% 193 c184341843 dl75cl82*a d 884189

P r e f e r r e d -------- ----------------- 90
90
86
90
90
99
J P A lorgan & C o , c o m r c c 100 11878 102 118 110 133
Illin ois C e n tr a l------------------------ 141% 147 138% 143% 183% 145
L ea sed line s t o c k ---------------19
2334 23
25*8 20
23%
44
54% 39
433a 4134 46
37
43*8 3734 403g
J oliet & C h ic a g o ---------------------55
K a n a w h a & Alich tru st r c c t s . 55
7134 91
52
52% 54
67
90
96
K C F S & M trust c e r ts , p r e f.
80
80
77
78
76
76% 75*2 78
*3634 44% 33% 3834 35
40*8 32
3S34
67
71
703S 64
67% 69*8 67
08
9
9
K cok u k & D es A loin es............
7% 7%
7% 8
7
7
P r e f e r r e d ____________________
41
41
22
2534 20
23% 21
24*8 15% 20%
60
62*4 55
62
60*8 61
57
60
Lake Shore & A lichigan South
350 375
L eh igh V a ll e y ._____ ________
62 -B834 65
65% 64
70% 6334 66
143% 15934 141% 1551­ 148% 155% 144% 152 142 148%
_______ 136% 138% 134 137 136 139 134 136% 132 136
A lanhattan E levated
45
5334 42
46
34% 44% 32
37
33% 35%
80
80
70
71
GG% 6834
M in n St Paul & S S At_______ 130*4 142*8 131% 144 138 145 134 140%
150 154 151 154% 150 155% 150 150%
L ea sed line c e r tific a te s ------ 9134 9234 91
91*8 89% 91% 88% 89% 86% 8834
41% 51% 38
M issouri K an sas & T e x a s —
44*8 3934 4538 39
44% 38% 43%
69% 745S 70
73% 72
73
68% 74
66
7238 65% 71*8 68% 73
66% 72
66
73*8
R i g h t s .......... ............................ .. 1-16 7-32
N ashville C liatt & St L o u i s . - 130 139 130 130
60
6234
N ational R y s o f A lex, 1st pref 61
64
243« 2858 2534 28%
N Y Central & H u d son R iv e r . 11534 125% L1478 122*8
5% 63g
R i g h t s .........................................
First Ins ailment p

70
70
9034 99%
97 100%

9134 1061
97% 1021

3.

c Third

Installme it paid.

4th paid.

62
66%
139% 14434
137%140
25% 27%
50% 50%
127 1313s
146 148%
89
90
29% 32%
62
63
44% 47%

e Full p lid

THE CHRONICLE

38

[VO L. L X X X X I I .

1910—C on tin ued .
ST O C K S

October
September
November December
March
August
April
M ay
June
July
January February
Law High Low High Loro High Low High Low High Low High Low High Low High Low High Low High Low High Low High

681* 6-1
687S 63
61
613.1 63
66
60 6 U2 56
60
601* 67
55i2 67
5918 621;
6512 5773 03
N Y C h ica g o & St L ottis.......... 58
108*4 IOSI4
101 101
1 s t p referred ------------------------- 1093.110934
90
90
823
4
8
o«4 85
86
90
86
93
93
951*2
97
85
86
98
98
2d preferred — . . ....................
123 123
N Y L a ck a w a n n a & W e s t e r n .
1533.1 155 1521.1156 1501.1 153
N Y N ew H aven A H a r tfo r d - 15412 158 15034 100”g 157 102 149 157 149 15512 150 153!,| 149 151 150 15012 15012 15278
al49 151 al45 149 al45l4 146 al43 144 614334 144 i>14312 146 b 1453.1 4 6-84 614712 49*4 5148*2 49*2 614634cl47l2
S u b scrip tion r e c e ip ts ----------- al45 1483i M 5I2 I 49I2
441S 4034 4212 4618 415s 48' s 4034 4 5
41*4 441.1 •ill* 44*2 39*s 4112
391.1
413.4
431.1
463
8
3812
4U
2
39
433*
43*8
50
N Y O ntario & W e s t e r n --------951g 1023.1 lOOli 108*s 99 10533 9S34 10 1"s 96 1013* 88I2 98>4 93
98>4 9512 9-773 97*2 10U2 97 100*8 90 101*4
N orfolk & W e s te rn ----------------- 95 10U
9-10
3., 3-16
38
R i g h t s ..........................................
90
9 H4 90
90
90
90
90
91
88
91
88 89 90 90 90 90 89 90 89 89 90 90
P r e fe r r e d ____________________ 88ig 90"s
3S
3g
R ig h t s --------------------------------13214 137 13218 1397s 1281*138 126 1331.1 113 127l2
11U2 118*2 11134 1173 4 1167g 12178 1137s 120 1 1 2 HG84
N orthern P a c ific ........................... 13H2 145»s
109 11134 10S 11212 11012 112 105 106
iou2 ion2
100 107
P a cific C oa st C o ----------------------- 1 1 0 1 1 S 3 .1 107 112
108
1123j
107
1091
o
1113.1
112
105 105
110 11312
2d p referred --------------------------- 110 118 105 105
12534 1307s 12&S iVoi* 12938 1331,1 1286S 132*4 12658 1295s
12612
1333*
1291.1
1343*
1341
8
13812
1221*
130
13H4
1377S
1297*
135&
S
1301.11371*
P en n sy lv a n ia R R --------------------613 41s 3'414
S u b s cr ip tio n re c e ip ts ............. <112933 3334 al31 13H2
24
2*4*" 20
22
20
20
2212 22
19
1918
18 2*o’i2
23
I8 I4 25
P eoria & E a stern --------------------- 22
30
30
35
35
P ere M a r q u e t t e -------------- --------55
55
50
53
61
'6212
1st p referred ------------------------40
40
2d p referred -------------------- - —
9253 96l2 927g 947g 94-81 981; 96
9S34 10134 93* 1*0*0*
983s
P itts Cine C h ic & St L o u is - - 9012 10012 95* 10*312 99 10458 991* 104
116 118 110 110 113 113
11512 1151;
114
116
P r e fe r r e d ..................................
1-10
R i g h t s ..........................................
15338 16634 1407s 158-38 ]303S 1471 1327g 1471; 1305s 1477s 146 1563s 147i8 150 1421* 1517s
R e a d in g ------------------------------------ 154 17U 155U 1721.1 16253 1 7 H2 1561s 1685s
9078 91
86
8878 85
85
903.! 921,| 90'4 91
86*2 881* 8012 8612 873,t 89 871* 90
92
93
903s 9312 91
1 s t p referred ------------------------- 91
97
993g 941* 9734 90
90
941- 92 102
98 1031 92-3.4 99
87
95
9512
9 SI4 104
102
106
993411012
10012
HOI
2
2d p referred ---------- -----------R en sselaer & S a ra to g a ----------- 200 200
30-34
415
8
307s
3534
297s
3414
227S
337
8
283S
31
2.37s
321.|
41
271
2
34
4112
493.4
46
441.J
513
4
39
50”s
R o ck Isla n d C o - ......................... 3838 5714
59
637g
665s 63
77
87
691* 62*2 68
54
7912 58*2 0934 62
8412 9212 8683 91
SU4 8 S1? 8512 92
8U
P r e fe r r e d ------------------------------- 81
122 122
120
120
12112
1211;
R o m e W a te rto w n & O g d en sb
28
28
2812 41
38
44
30 30
30
R u tla n d , p referred ------------------- 30
18
18
13
IS
18
18
19
1934
St J o se p h & G rand I s la n d -- - 19*2 19<2
45
45
50
50
47
47
50
55
55
55
1st p r e fe r r e d --......................... 55
38
38
39
39
39
39
40
38
38
40
40
391o
3912
2d p r e f e r r e d - - , ------------------ 62
671
2
61
631
6012
65
6
OI
4
63
61l2
687
8
713
4
687s
70*;
6833 70
73
St L ou is & San E ran , 1st pref 09
34l 2 42>4 3858 41
38*4 43*4
4934 37
401* 45
47
36
431
2
40
■it
45
521;
45
513s
4812
57I
2
51
00
2d p referred ........ ........... ............
53
53
593,i
53
55
623.J 6234 61
61
00
63
C & E III. n e w s to c k tr ce rts
125
125
C & E III, c o m stk tr c c r t s C & 0 III. p ref stk tr c e r t s . H 6I2 H 6I2
31
25
29*2 29
2314 281,t 223.1 26's
25
1812 303S 24
3 F 4 2 6 3 .4 3 2 !> s 291.1 331
St L ou is S o u th w e s te rn ............. 2734 3412 2112 303* 28I2 30l2 27
67
717s 58
64-83 555s 02
57
66
57
601
77
5612 73
71
751 7U 2 761 70
77<2 6934 743.1 7234 75
P r e fe r r e d ------------------------------- 72
241.1 231* 277s 25*3 28*4 231* 271*
23-38 2034 2412 22
2014
2078 18
24
271
2
25
29U
27l2
303s
253/
29l2
283.1
3334
S outhern v o t tr ce r ts s tp d e x t
501
2
5
5
1
,
59
055s
50
6378
54
62
54
62
43
56
48*2
551
0
59
G37g
621* 68 3s 591* 657s
60 67
75
Preferred
do
d o . 05
109 12478 10314 115 IO8I.1 11778 110*8 110*4 U418 1211* 11418 120 1107s 116-84
Southern P a cific C o ----------------- 1253s 13814 1197s 12818 125 13ll4 1191.41291,4 11734 1281s
60
00
T e x a s C en tral--------------------------31
221* 285* 25 28 2534 275S 26-8.1 297s 25 28 2434 20*4
3314 27
301s 333s 30
32
363,1 201o 3112 29
T e x a s & P a c i f i c - - ...................... 30
277s 201* *3.84
22
2378 2334 281 23
24
241.1 20
34
393S 20>4 333.1 19
44
543g 42
45's 4312 465S 3912 44
T o le d o St L ou is & W estern
61
51*2 55
4234 50
47
613
4
43*8 4978 49*4 5534 55'2 603s 56
63
6478
63
667g
653.4
695s
6212
67
P r e f e r r e d ------------------------------ 6512 721.1
1653.1 172
1621*1677s
1663s
177
172
119
15518
1783
4
152*4
16373
1571.1
171*4
U nion P a cific --------------------------- 1831.1 20434 178i2 1SS34 1817s 19312 17712 18938 1753S 180
917* 933a 91-8.1 93
91
94
90
92
89
94l 2 88I4 913.) 903* 94
9334
96
94
98
96
1
023g
96U
1005.8
98i2
10334
P r e fe r r e d ------------------------------185s 151* 167s
16
171.1 161* 1912 16
20-83 125* 171* 1512 19
273j ' 1834 221.1 2034 2314 18U 231,4 18 1.4 2 212 16
W a b a sh ----------------------------------- 20
40l2 33*2 39*2 32*4 35
3U 2 40*4 34*3 375S 30
4038 483s 35l 2 45
28iS 38
3934 483* 44 I4 505s 41U 50
P r e fe r r e d ____________________ 4034 61
W estern (Maryland—
4934^483.4 5433 <1451.4 4914 d4G7s 47
T ru s t C o d ep osit r e c e ip t s .- d4733 52*8 d45
YVarrants, n ew stk , 4th paid 50>4 521.4
423.1 *45*181 435* 47*2 471.1 4934 4 5 48S8 441,1 51*2
49*4 543S 44
W estern M arylan d R y .
68*8 671.1 68I4 683t 74 73 75 74 77
67*4 68i 2 67*4 68*2 67
70
70
6S1* 70 691* 71
P r c f e r r e d ---------------- . . .
5*2
5
534 5
61*
5
7
4-s
4
31* 478 4
3*8 5*8
4*8 6%
5i2 3
5
5
534 5
5
10
W h eelin g & Lake Erks10
1U* 10 12 1ll.l 18 1434 I 6I4 12 1378
11
8
9l
2
9-3
4
8
>
8
91
2
1134
8
I
4
11-8
4
8I4
9
23
912 12
l s t preferred--------------7-3.1 6
6
0*8
6
912 7 '4 Sl.t
4*8 612 6
4-83
4
5*8
718
414 6
51.4 13l2
5t2 6 I4 512 6*4
2d p referred ----------------5312 53
00
53
571*
57
64
44
50
4 712 537s 52
47>8 53
48
53
56
47*2 55
4512 5012 50
46*2 52
W isc o n s in C en tra l..........
EXPRESS.
A d a m s — ..........
A m erica n -----------------U nited S ta tes---------W e lls , F a rg o & C o_.
R i g h t s ------------------

250 270
27712 320 280 285
112 145 118 125
*177 *195 152 175
150 150

250 250
290 293
118 131
170 183

/t
270
107
170

287
118
178

250 250
104 106
172*8 175

249
240
100
100

250
245
105
175

95*4 98*

255
235
98

255
240
100

237
99
160

250
99
165

ocks Of V a r value of $25 o r l ess a re dol lars p er s hare,
Prices of
C O A L A N D M IN IN G P ar
31;
2
2 2.15
--5
z
f
A lice /M ining....................
66l2 783s 63is 7212 57*4 68-83 55*8 64 60 68 607s
A m a lg a m a te d C o p p e r-------100 7734 9034 70>4 823s 723S 84
-IPs 38*4
38
451* 35% 43
33*2 391* 37
40*4
5114 451* 52
A n a con d a C o p p e r ------------------- 25 49
o4 •45
2-84 3
2*4 27s
2-3i 3*8
214 27S 23g 2*s 2
3U
B a to p ila s M in in g ------------------- 20 8
412 3
2534 32-3.1 291.1
30
3 6-84 22l 2 33
3534
355S
3933
421*
32t2
401
C o lo r a d o Fuel & Iron --------- 100 36
50
110 115 —
P r e f e r r e d ------------------------- 100 I I 21.4I I 6 110 110 I I 3I2 HO 1133S 1141s 11433115 11238 114*8 110 110
3
5*8 6
4l2 5i8 3*8 61*
7
61s 10
13*2
C olu m b & H o ck Coal & I -1 0 0 Ill's 92i2 13l2 217s 1333 18
4
T ru s t C o c e r tfs o f d e p o s i t -25c. 25c. 29c. 23c.
25c.
28c.
23c.
27c.
30c.
35c.
30c.
26c.
35c
C o m s to c k T u n n e l------------------- 2 27c. 36c.
18
18
20 20 18 18
19l2 20
1st in com e 4 s ----------------------- 20
20
7's
G old field C on sol M in e*------------40
40
45
40
G ra n by C on s M in Siti & P .1 0 0 110>2 112i2
85
8C34 8634 86
86
851*
89
8012
86
I
2
85
89
H o m e s ta k c A lin in g--------------- 100 81
85
75c. 75c 70c. 85c
H orn S ilver------------------------- 2 5 ..................
20*8 215S 1753 2038 171* 19-84 185g 21*2 191.1
N evada C on sol C o p p e r -------- 5 ------- —
521* 52l8
N ew Central C o a l-----------------20 - - - - - - ­
H*
H 2 214
2
21
*
218 2*2 2*4 2*4 2
23
4
31
2
2*2
O ntario Silver A lin in g-------100
2*4 3
221.1 171* 20-8.1 141* 19*2 13 1634 14 18 15*8
s 18
P itts Coal o f N ew J e r s e y .-1 0 0 19*4 2 1 4 1834 22
O8I4 65-88
68
72-3.| G1
69-8.1 75
7012 OOI4 661* 65
601*
85
74*2
691*
P r e fe r r e d ------------------------- - - ­
21* 212 2
2*2 3
*
31* 378 31* 31*
2->s 3
3
3:\s 25s 3's
Q u ick silver A lin in g----------- 100
4.84 31* 3*2 27S 3*4 3
1 3*8 4-84 47g 573 4
3-8.1 4-8S 31* 3*2
P r e fe r r e d ------------------------- 100
S tand ard A l i n i n g -- ................ 10
4 *25* 32*1.1 *25* *281* 211** *2*61.’| 1934 *23 221*4 "2*6*14 25-8.1
T en n essee C o p p e r ----------------- 2o 331*2 40*8 "aoig *34*2
423.1 48
15
45
401-1 49*2 401* 4784 139-88 451S 40
U tah C o p p e r - . --------------------- 10 48*4 6OI4 42-84 513.1 43>8 53
1-64
% -64 3-3
R i g h t s ...................- - - - - - - - ­
50
58
58
58
59
63
63
63
G
2
73
V irginia Iro n , C oal & C ok e 100 66
V A R IO U S .
111*
15
lU s 13
A llis -C h a lm e r s ------------------------ 12
8 34 40
43
P r e fe r r e d ........ .................. ......... 451.1 51-84 30
8 4212 471*
49
40*2 473s
A m erican A g ricu ltu ra l C h cm - 43
99U 100
___ ____ 10034 103
P r c fe r r e d ------------------------------ 103 103
4U.
4714 317s 393.1 3612 4H;* 35-8s
A m erican B eet S u g a r------------- 34
92
95
931
2
95
94
89's
9
3
-8
4
93*4
P r e fe r r e d ------------------------------Anier Brake Shoe & F d y --------P r e fe r r e d ____________________
1178 1034 13
A m erican C a n __________________ 103.4 137* 10
74
“ 4 71's 7614
77
P r e fe r r e d _____________________
74 S l *2 72
S 563s 651.
615,
A m erican Car & F o u n d r y ____ 61*s 7278 561* 64
P r e fe r r e d -------------------------------- 110i2 1197s 115 119 1 1778 120 115 1171;
687a
)4
58
‘
6612 05
A m erican C o tto n O il___________ 60 G7i2
103 103 103 105 100
P r e f e r r e d - - - . ................. ......... 103 104
7-8;
*
6
*8
678
7
A m erican H ide & L eath er____
678 8>s
4078 38*3 42 " 291* 39
P r e fe r r e d _________
3Si2 477s
2734
1
23
143s
A m erican Ice S ecurities----------- 20*s 2084
1234 15
A m erican L in seed ------------------ 14*8 173.4 131S 1514 131*
321* 40l„
P r e fe r r e d -------------------------------- 38 467s 3412 397s 38
461* 535i
A m erica n L o c o m o t iv e -------------- 50 62i2 45-83 5212
110 11314 112 114 110 " 114
P r e f e r r e d .......................... .........112 115
7
6-83
5I2 8
A m erican M alt C o r p o r a tio n . 5*8 7
P r e fe r r e d --------------------------334U 351.1 46*4 421* 48 3 afilg 45
863.J 89
90
A m erican Sm elt S ec, pref B - . SSi2 907s 8634 80-84 89
7M m 801
751.1 913* 78’>s 90
A m erican Sm elt & R e f in in g - . 888.4104
P r e f e r r e d - - ..........................._|l07is 112*4 10412 109*4 105*4 111 102*8 1073
A m erican S n u ff.............................1- - - - - - ­
9fil» 98-3
951* 961* 951* 98
P r e f e r r e d ...............- ............- - - .......... 2 9oi
c 3 d Ins
nstallmcnt paid.
a First Installment paid. 16 Second




38-83

100 102

100 10012

361.1 24
321.|
951* 89
921*
90*8 851* 88
125 119 122*4
83
078 9 ‘8 7
62
69*4
71
7412 67*4 72
5512 62*2 4818 59*8 391* 5H ;
113 116 109 1151* 109 1141
59
67*8 57-84 63-84 52*8 60-3
1021a 104 101 1031* 101 102-3
5-34 6-84 5
6I4 414 51*
361* 20
31
31
401* 30
16*2 241
23
25l2 2U4 26
131.1 10*3 12-3.
1234 14-3a 11
251* 3434 25*2 31
32
37
29
40*.
457>s 501* 381* 46
10S12 110 1041* 103 104 107
5
5I2 53.
I 'l
51* 6
31
35*4 36ia 281* 35*j 29
86I4 871; 84 86 82 85L
783a 61-83 713
7234 8l7a 68
103 1053j 10034 104*4 9Sl4 102
93

271*
91
891*
124

9978 1001.1 100 101
981*101
d 4th instal
ailment pa Id.

251
255

160

170

101 110

24ft
240
95
145

251
255
100
105

235 245
230 230
931* 94
1441*155

othe rs p , c.
6434
40
21o
32
—
5
4
27c.
91.1

603t
04
7178 65lg 72
391* 44>s 391S 4338 37l 2
218 212 2't 2"’s 2
313.1 36*4 307g 36-38 2934
107 107 11U*2 JLIU‘2 —
4*2 7
•*‘2
412 <193.1
4
5
61o
18c
—
21c. 23c. —
73.1

10
812 8

86

85

85

20's

19*3 22«s

10
8%

851* 87
19*3

2U2

65-18
403.i
2-18
32
—
*a*934
25c

"*778 **8*34
....

....

I 8L1 191*

21* 212 2
18i« 2178 1610 18*2
0378
73l 2 60
70
3*4
2
21* 21; 3
2*2 2
5*8
4*3
3 ...................
°
331* 32SS 40*8 341S 383.1 331.1 307s
40-8
4534 51%
47
52
47

2U 3
2*4
17-8S 17
21-3.,
691.1 68I.1 72

50

50

59

50

60

561* 56*12

834
8
S73 9%
934
8'.i 81* 9 11
32's 3518 30!, 3 4*4 27*2 3 1
31
331; 30
473g
433.1 4912 42-3.1 487s 42
461* 423.1 45
—
—
—
____ ____ ____ —
1001*102
3978 35*2 393.1 351.1 4378
2734 28
40*8 37
35
93
94
91
90
93-84 94 91 921.1 94! 2 921*
9U* 88
91
80
80
881* 851* 80*2 821* 88
—
—
12312 125 ____ ____ 126'* 127 127 13112
9l 8 107s
8*2 9*8
7*3 9
7-8.1 8*2 8ls 10's
681* 7512 741.1 82l.i 7533 7734
69
64
697s 66
4 77g 51*8
4 538 501* 50
43
50*2 45t2 483S
109 112 1103.1 I13»i 113-88 116 114 115 112 1151s
627s 68'2 61
(53
61
07*8 55>s OH*
53*2 63
101 lOH 1 103 1031* 104 107 101 106 100 10412
41.1
4
‘H3 478 412 4»s
5
0
31* 6
23
20-3.1 243.1 21
32-3.1 203.i 25
25
31
19
177s 19-3.1 1713 22-8s 1773 20-3s 163s 18
181* 23
m i 13
H '8 1158
13-83 12 13
1118 138j 11
34-3. 301* 3412 30
29~8 35*8 32
30
35
34
3812
37
41*2
30-3,1
42
323.i 39
34l 2 38
1021* 105 1021* 106 103 1061a 105-8 106-1 105 108
3*8 414 3*4 35s
4
5
43t 5.84 4*4 434
32
3284 36
36i2
293.1 321; 301* 35
30*8 33
8634
85
8514 89
841* 85*. 841* 801; 863.1 88
823 7534 83-8; 707g 765s
081- 07
621.1 70lj 64
101 1041. 101 1037j IOH 2 IOOI 104 1061 102*4 105*8
245 245 275 275
101 1011 i o i 1011 10O 1001 io n * 102
t E x rights!
meat paid ♦Ex-dlv. 3 rights.

8
9*3 10*4
8
912 7'2 9
297S 33
32
35
303s 27
28
413.1 40
411* 47I4 38
43
35
35
93

251
250

Jan. 7 1911. i

THE CHRONICLE

39

1010—C o n clu d e d .
STOCKS.

March
January February
A p ril
M ay
June
July
August
October
November December
Low High Low High Low High Low High Low High\Low High Low High Low High September
Low High Low High Low High Low High

56
64
54% 62
60
66
A m erican Steel F o u n d rie s___
56*2 6 4
4 9 l8 5634 3 8
5 3 l3 5 9
53
43
45*o 41
44
42
49%
4 4 % 4 8 % 40*8 4 5
A m erican Sugar R e fin in g Co 1 1 8 % 1 2 3 * i I I 8 I 4 1 2 7 l 2 1 2 2 * 2 127*g 120*4 1267g 1 2 0 124*2 114*4 1 2 3 i_ 1 1 5 121 1 1 5 * 2 1 2 1
11234 1 1 9
111% 120 1 1 5 % 1 1 0 % 1 1 3 * 2 1 1 5 %
1201s 12212 1 1 9 1 » 1 2 4 1 2 3 * 2 1 2 4
P r e f e r r e d _____________
121
123*2 1 1 9
123*2 1 1 5
U 878 115
118
116
119
1
1
5
11
6
%
1
1
2
11
6% 1 15
77
77
117% 11 1 % 1 1 4 %
76
77
75
75
A m erican T el & C able Co
75
75
7 U 2 71*2 7 1 % 7 1 %
71
75
75
84
A m erican T elep & T eieg C o . 1 3 5 1-1134 134*2 14338 13712 1423s 133 *2 1 3 8 *4 133*8 137*8 1 3 1 137*4 12634 13 3 % 12934 1 3 6 %
80
80
1 3 4 % I397g 1 3 7
141
1 4 0 * 14*3% 1 3 9
9 5 I 2 91
9934 93*2 9 8
9412 9 4
143
A m crica n T o b a c c o (new ) pref 9 2
947g 96
91*8 9534 9012 9 2 % 9 1 % 9 3 % 9 2
9
4
9 3 % 95*4 9 4 % 9 6 % 9 2
3212 3734
38
9434
35*4 3 9 l2 31*2 3 9
A m erican W o o le n C o ________
3I34 36
26*8 33*2 25*8 28*2 2 6
2934 2 7 % 2 8 %
2 8 % 33*2 3134 3 6
102 1 0 0 % 1 0 4
99
1031S
29*2 3 3 %
P r e f e r r e d ................. - ..............
97*8 101
973S 1003g 92*2 1 0 0
91*8 9 4
93
97%
9 3 % 95% 9 4
96% 93
9738 90 *s 9 4
110 112
A s s o c M erch a n ts, 1 st p r e f—
108
10 8
A s s o c ia te d O il---------------------52*2
4
8
4
8
30*
34
2 6 l2 3 U 2 2 9 l2 3134 29*4 ¥ 2**4 277g 29*2
B eth leh em Steel C orp oration
27
22
25
23 % 29
26
28*2 2 7 % 347g 3 0 % 33*4 2 8 % 3 1 %
62
65
53
6U 2 59
P r e fe r r e d -------------------64
55
60*2 53
53
53
53
49
5934 5 6
59%
5838 641
59
63
7 0 % 8 0 l4 6 8*2 77
B rook ly n R a p id T ran sit
56% 61%
7412 79*4 7434 8 2
7334 8 2 %
71
80*4 70*8 7 8 % 7 3
777g 73
77*8 76*8 7 9%
150
1 6 4 io 1 4 3
B rook ly n U nion G as —
162
75
78 %
73*4 7 6 %
155
157
139
150*2 1 3 3
14934 1 3 0 * 2 1
125
137
127
13 6 % 1 3 3
135% 135
140
B ru n sw ick Term & R y Sec____ 15
32
1 3 7 % 13 0
1 8 iS 12*2 15
135%
13
14*g 12
12*2 11
12
8
834
834
8*2
9*
834 11% 10*8 12
B u ttcrick C o . . ..............
32
3034 3 3
33
10
10%
9
9*2
3034 3 2
307g 307s 3013 3058 2 8
29*2 30*4 29*2 3 1
29
29*2 3 0
30
Central L ea th er.......... .
4834 35*2 43*2 4 0
39
30*
28*4 2 9 %
4434 40*8 4638 373g 4234 29*4 3 8 %
25*4 3 3
29% 37
32% 35
34
37
P r e fe r r e d ___ , _______________ 1 0 6 1087g 105*4 1081 o 1 0 6 109*4 1 0 6 1083S 1057g 108*8 1 0 3 * 2 1 0 8
3234 3534 3 0
33
99*4105
101
105% 104% 106
10434 1 0 6
Cent & S ou th A m cr T e ie g ____ 115 120 1 1 8 11934 1 1 6 119*2 1 1 5 1 1 7 1 1 5 1 1 5
105% 106
10 3
105*2
115
115
110
116
116
118
118% 118% 119
C h ic a g o U n ion T ra ctio n —
119
T ru s t C o c t f s d e p o s it_______
4
538
4*4
434
434
4
2*2
2*2
3
3%
2*2
2%
3
2*4
P ref T r u s t C o c t fs d e p o s i t -.
012 12l4
7 % 10
2*8 2*8
11*2
8*2
7
5*4
.
5*2
4%
478
6%
C o n s o lid a te d G a s_____
140*4 16038 1 3 9
5*4 6
147*8 140*2 14934 133*4 1447g 1 3 0 * 8 1427g 1 2 9
141% 1 2 2 % 1 3 6
23
1333g 1 2 8
134*8 1 3 2 % 138*4 1 3 1
138
C orn P r o d u cts R efin in g
1834 23Li 17
130
137%
19*4 16*2 1934 145a 1712 1434 167g 11*2 15*2 1 2 % 14 %
1 3 % 14*2 13*8 16
15*2 18%
15*8 173g 1 4 % 1 5 %
8234 863s 7838 8 4 l 2 80*2 8 4 I 2 7 4
P r e f e r r e d ......................
79*2 74*8 7S34 72*8 7 6 %
7 0 % 74*2 7 1 % 76*2 7 3
76*2 7 6
80*2 7 7 % 8034 7 7
79
C rex C a rp et......................
60
60
62*2 6 2 l2 5 8
62
55
56
60
60
57
63
62
62
62
64
63
65
C u b a n -A m crica n Sugar
38
38
39
39
3 6 * *3*6**
P r e f e r r e d ____________________
90
90
90
90
D etroit F .d is o n _____________ I .
10 6
107
D etroit U nited R y ____________ 61
60
65
63
65
3 64
50*2 50*2 4 5
52%
4
7
%
53
51
51
62
55
68
D istillers’ S ecurities C o r p ____ 3178 3634
323g 31*g 3478
33*41 2 S % 31*4 2734 3034 2 5 % 28*2 2 7
29%
26% 30%
33% 31
3434
31
34%
D u lu th -S u p erior T raction
71
71
> 72*1 1 70*2 70*2
P r e f e r r e d ____________________
71
70
70
69% 69%
E I du P o n t P o w d e r , p r e f____ 86
88
85
86*2 85*2 8 7
! 87*2
8412 84*4 84*2 8 5
Federal M in in g & S m eltin g
83
84*2 82*2 8 3
_____
40
60
40
41
25
30
20
25
21
P r e fe r r e d ____________________ 83*4 8 8
15
15
1734 2 1 %
787g 82*2 67*2 8134 5 3
69
67
70%
6 5 % 6 2 % 6 0 * *6*2% 4 8 % 5 6
68*2 4 5 % 4 5 %
60*2 4 0
F ederal S u gar R e fin in g _______
38
G eneral C h em ica l_____________
30
30
110 1077g 10934
95"
9 5% 9 4 * *9*9** 0 3
95
9 3 * *9*4**
95
* 9 5 * *9*5*
100 100
P r e f e r r e d ............... ..
104
10534 10 5
105
10 4 % 103
107
103
104
101% 102% 101*4 10 3 % 10 3 10 3 1 0 3 1 0 5 102
102*8 1 0 3 % 1 0 3 % 1 0 3 % 103*2
G eneral F lc c tr ic .............
1607s 147*2 15612 149
15734 1 4 6
1 5 3 % 145*4 15*
138% 148
134
144
138% 145
1407g
145% 146
157% 1 5 1 % 1 6 0
H avan a E le c tr ic _______________ 8 8 t 2 9 6
149*2157
92
96
91
95
92
96
97*2 9 2
95
95*2
9 5 % 93*2 9 4 % 9 4
94
P r e fe r r e d _______________
94% 94% —
9 4 l2 9 0
...
96
96
96
96
95
H B Claflin C o ........ .......................
—
110
110
F irst p referred _______________ 9 0
98
OS” * 9 6 *
96~
Secon d p referred ......................
101
101
—
—
—
In g c r s o ll-R a n d _______________
1 0 5 * 1*0*5**
In terb oro-M et v o t trust c t f s . . 197g 25*2 * 1 8 * 2 3 % * 2 1 % *2*4*
23%
19
21%
16
19%
14 % 18% 15*8 183g 1 7 % 21*4 2 0 % 23*2
P r e fe r r e d _____ ______ _
1834 23*8 1 8 % 207g
5378 627g 45*8 5 7 % 54*8 6 0
60*8 5034 5 7
47*2 54
41*2 5 2% 4 2 % 49 %
47*2 5734 55*8 6038 6 1 % 5934 5 1 % 5 6 %
116*2 1 2578 7(83*8 1207g 89*2 95*8 9 0
In tern ation al H arvester
95*4 8934 1 0 1 % 9 3
100
8 6 % 9 o34 86*8 98*-. 9 4 % 9 8 % 9 8 % 11434
109% 115
1 0 8 % 112*2
P r e fe r r e d _____________ ______ 1 2 4 1 2 9 1 2 0 124 121 122l2 121 123
120*2 123
119
122% 118
121
117
1 1 9 % 119*2 12 3
121
1 2 4 % 120% 123% 121 12 2 %
6*4
7*2
0
67g
In tern at M erca n M ar stk tr c tf
534
678
5*4
5
57g
6%
4*2
5%
4*4
5*4
4*8
5
4%
5
5%
5*2
P referred ...................... .............. 197g 243g 18*4 2134 1834 22*4 16*; 21
4*4
5*4
4*2
5*8
1 6 % 193g 1 4 % 18 3j 12*8 18% 1 4 % 1 7
14*4 173S 1 7
1834 1 6
16
In tern a tion a l P a p e r .................... 13
1734 15*2 1 6 %
12*4 14*
12*8 15*4 12
137g 10*2 13
9 % 12
9
1 0%
103g 11 %
0
12
12
13*-> 1 2 % 14%
P r e fe r r e d ____________________ 54*8 61*2 53*2 50*2 48*2 58*2 50
1234 1 3 %
5 3% 4734 527s 4 7 % 5 1 % 41*2 49*2 4 7 % 5 0
4 2 % 5 1 % 5 0 % 567g 5334 6 7 % 5 4
Intern ation al Steam P u m p ___ 4 7 l2 5 4 % 43*2 49
56
42
49
42
47>% 4 2 % 49 %
42*4 4 6 % 3 6 % 44% 38*8 407s 3734 41%
41% 45
In tern a t Steam P u m p P ref - ­ 85*2 9 0 * i 82*2 8 8
42
45*8 39*2 4234
86
88
83
86
8 3 1 - 86*8 8 0
84%
78*2 8234 7934 82*4 8 1
843g 8 2
85% 82
K in g s C o u n ty E lec L t & P o w
86*8
83*2
8
5
—
12 5
125
K n ick e rb o ck e r le e , p referre d .
7 7 * ¥ l*
L a ck a w a n n a S teel. __________
44
45
40
42
40
41
38*2 38*2
34
40
39
40
L a clede G a s (St L o u is )............. 1 03*2116*2 9 7 105*4 100 10412 9934 103*2 9 9 * 2 1 0 5 *2
39
40
96*2 103*8 9334 100*4 9 4 * 4 1 0 3 *8 9 9
100*4 100 106*2 1 0 4 % 1 0 8
P r e fe r r e d .......... ..................... ..
103
106%
93
93
95
95
M a ck a y C o m p a n ie s ___________ 8 5
91*8 8034 9 0
89
91
*88% ¥ 0" 8 6
90
8534 8 3
88
86
93
98
92
9534 88
92 1 ­
P r e fe r r e d _________ ______
76*2 78*4 7 6
77% 76
78
7534 76*
75*2 7 8
75
72*2 74
73*2 7 5
78*4 7 4 % 7 5 % 74
76
M an h a ttan B each C o .................
3
3
3
3
3
3%
3*2
3*2
3*2
3*2
2*2
3
2*2
2%
M etrop olita n Street R y _______ 2 3
25
17
20
15
16
N ational B is c u it_____ _________ 1 0 9 l2 1 1 5
01
1105s 110 11234 105*8 1 1 0
105*4107% 103
104% 100
1 0 7 % 101
1 1 4 % 1 0 9 % 1 1 4 % 1 0 9 1 2113*2 no* Y *
P r e fe r r e d __________________
1
0
8
%
1*1*9%
123
12 5
123
12 4
123
122*2123% 122
123
123
123
118*4 1 2 0
120*2121*2 120 121*2 12134 12 2 12178 1 2 4 1217g 1 2 4
N at E n a m elin g & S ta m p in g 2212 28*2 20*4 24*8 207g 2 4
20*4 23*4 20*2 21
17
1 9%
15
16%
15*8 16*2 14
18
15*2 1 5
16
18
16
16
9434 96*2 90*2 94
P referred ___________________
05
95
9 U 2 91*2 85*2 85*
95
95
86%
86*
8412 841
84
84
N ational L ea d C o ____________
80
89% 74
8334 8 0
87%
723.t 79% 6734 75*8 46*2 7034 4 9
75*2 8 4
52*8 5 0
5234 5 2 % 63*2 55*2 61
5
0
57%
P r e fe r r e d ...................... ...........
107
110*2 10734 1 1 0
107% 110
107*4 1 0 9
106% 109
1 0 3 % 1 0 8 % 101*4 105% 103*4 10434 1 0 3
104
104
106
104
10734 1 0 5
1 0 6 78
N ew O rleans R y & L ig h t ___
24*4. 24*4
N ew Y ork A ir B r a k e .. ..........
76*
95*2
8U 4 ’ 7 7 "
88*2 7 3 ' ¥ 4 % * 7 1 *
74
65
6
9
74
7
1
7334
7
4
79% 6 9
78
69
71
N ew Y ork D o c k .........................
40*4 40*,;
30
29
P referred ..................................
82
83*4
83
84 *4 8 6
8 2 % 82*2
75
70
70
65
87*4
N orth A m erican C o , n ew stock 7 6
84
807g 7 5
81%
7 0 % 77*2 70*8 74*2 64*4 7 1
63
657g 6 9 % 63*4 68
66 69*8 60*8 6 6
6034 6 5
N orthern O h io T r a c & L i g h t . . 35*8 36*4
35
36%
3 8 % 38*2 3 9
39
38*4 3 9 % 3 9
40*8
P a cific Alall S team sh ip _______ 32*8 43*4
33*2 30*8 3 5 l 2
2 5 % *2*7% 2 3 % 2 7 % 2278 25*2 2 3 % 28*2
25*8 32*4 3 1
33*4 3 0
3 3 78 2 7
33
P a cific T elep h on e & T e i e g . . . 3 3
46*4
4U 2
40*4 3 7
33
35%
31% 35
30
31
30*2 35*4 3 2 % 3 7 % 3 7 % 45*2 4134 4 6
42% 45
P r e fe r r e d ________ _______ ___ 9 5
95
98
98
94
95
P e o p le ’ s G as L t & C ok e, Chic 1087g 11638 1 0 5 * 2 1 1 1
10 9
112*4 10734112
10534 1 0 9 % 1 0 3 % 1 0 8
103
10634 103*4 1 0 6 % 1 0 6 % 1 0 7 % 0 7
1097g 1 0 5 % 1 0 9
1 0 3 % 10534
P h iladelph ia C o (P itts b u rg h ) - 9934 106*2 9 7 104% 101 10334 9 9 1 0 2 % 9 7
98
87
97
84
89
87
88
87*2 8 8
90
93*2 9 2
92% 9 2
P ressed Steel C a r.............
102*2
42
517s 35*4 4 4
36
4 4 % 3 6 % 40*s 30*4 3634
40*2 47
25
3 2 % 29*2 3 7 % 3 3
35
3 3 % 367g 3 1
SU35*2 2 8
P r e fe r r e d .........................
103
107*2 1 0 0 * 2 1 0 3
101*2 10334 99*2 1023g 97*2 10 0
93% 98
90
96*8 9 3 % 9 5 % 93*8 9 5
OS
94
95*2 9 7
94*2 9 7
P u llm an C o (T h e )_____
188*4 19934 188*2 2 0 0
191
197*4 15678 1 9 3
160% 162
155
161
1
5
5
%
1
5
8
1
5
8
1
6
0
1
6
0
1
6
2
1
5
8
%
1
63
162*4
16
9
164
*2
1
6
7
*2
R a ilw a y S t e e l-S p r in g ...
40*4 517g 3 5
43
39*8 46*2 37*2 4 3 * - 37*2 4 0%
30
39*2 2 8
32*2 3 0
3 4 % 30*4 33*4 337g 38*2 33*2 3 6
30
32%
P r e fe r r e d _____________
1047g 1 0 7
103
10 7
101
105
100*4 1 0 4 % 102*2 103
100 101*2 9 5 1 0 0
91
91
9 0 % 9 1 % 9334 93*4 96*2 977g 9 1 % 9 6
R ep u b lic Iron & S t e e l..

1

12

P r e fe r r e d ............... .........
Sears, R o e b u c k & C o . .
P r e fe r r e d --------------------S loss-S h cffield Steel & Iron
P r e fe r r e d .........................
South P o r to R ic o Sugar
P r e fe r r e d _________________
T e x a s C o m p a n y (T h e )________
T ex a s P a cific L and T r u s t-----T h ird A v e n u e _________________
T o led o R a ilw a y s & L ig h t____
T w in C ity R a p id T r a n sit____
P r e fe r r e d -------------------------U nion B a g & P a p e r___________
P r e fe r r e d _________________
U nited C igar M fr s , preferred .
U nited D ry G o o d s ...........
P r e fe r r e d ____________________
U nited R y s In v o f San F r a n ..
P r e fe r r e d ____________________
U S C a st Iron P ip e & F ou n d ry
P referred ................................. ..
U S R ea lty & I m p r o v e m e n t-.
U S R e d u c tio n & R e fin in g ___
P r e fe r r e d .................................. ..
U S R u b b e r C o ________________
1st p referred _____ __________
2d preferred_________________
R i g h t s ---------------- ----------------U S Steel C o r p o r a tio n ________
P r e fe r r e d ....................................
V irginia -C arolina C h em ical___
P referred ...................... ..............
V ulcan D ctln n in g _____________
P r e f e r r e d _____________ ______
W estern U n ion T ele g r a p h ____
W e s t ’h ou s o El & M fg , a s s e n t.
1st p referred ________________




36*2 4578
99
104*4

3 3 % 41
987s 1027g

39% 3 2
35*2 41*2 3 2
35
27
99
104% 9 7
1 0 1 % 9 6 % 98*2 9 0
15 9
163
155*4 166*2 1 5 7
162
150

121*2 121%
76
86*2 7 1 i2 78*41 7 4
84
115
118*2 116*8 11834 117*2 1 1 8
81*2 8 5
81% 84
84
4
113
113
111*2112 111 1 1 4

72
119

120

807g

110

113

34%
27
3134 28*8 34*4 2 9
3 2 % 3 1 % 3 5 % 32*4 3 6
29*2 3 2 %
97*2 8234 9 2
88*2 9 5 * - 9 1 % 9 4 % 9 3
9 8 % 95*2 991­ 92*4 9 5
159% 158
158
...................... 1 5 5
155
158
1717g 1 6 9
190
179
181%

121% 121%

71*

*7*5*

6334 71*2 48*2 651­ 4 9
621
54
57*4
11734 1173.1 11 4
1 1 4 * 1 1 6 % 11 6 % 1 1 4 % 114%
8 1 % 81*2 8 1
81
90
90

8734 89*2 8 3 *
9*0*
861s ¥ 8 % 8 6 % 9 5
88*2 9 2
1 2 l2 19*2
8
12*2
6
934
6
7*2
6
7*4
10*4 1534 1 0% 12*2 10*2 1134
9
10 %
9
938
111
117*2 111
11438 113*4 115% 1 1 2
114% 111
11 3
145
145
145
14
87s 13*4
9 % IU 4
9
10*4
7%
9*2
8*4
8%
0 9 % 73
69
70
6578 72*
60
6534 55*2 6 2
10734 109*2 109
10 9
108*2109
106
106
11 9
12 2
1 1 8 % 12 0
11 7 % 12 0 % 1041*211*6% 1 0 6
107
111
1137g 108*2111*2 10838 1 1 0 % 1 0 8 % 1 0 9 %
1 0 6 % 10 9
39*2 3 6
33
42*4 3 5
39
34 % 37
33
34
69% 65.
56*2 7238 57
6834 6 4 % 6534 6 2
64%
27
32
27
23
21
2634 20*8 2 4 14 20*8 23
7034 8 4
75
79*2 7 2 % 7 8 % 69*2 75*8 70*4 7434
74
84%
72
75*2 7378 7834 7 2 % 8 1
72% 77
9
11
5*8
7
8*4
7*4
5
7
5*2
534
2912 29*2
21
21
17
17
142% 5 2 l2 3 5
¥ 6 % 4 2 % 4834 3 7 % 4 5
* 3 8 * *4*6*4
*1 1 0 *2 16*2 108
115*4 11334 1 1 6 % 1 0 8
116«8 109*8 H 4
78
84
80*2 7934 8 1 % 7 6
76
81
7 5 78 8 0
1-04
81*s 91
75
82*2 81*8 8 9 % 793g 8 8 % 78*2 8 5
121*4 1 2 5 % 1 1 6 % 12 3 % 1 1 9 % 1223g 11534122% 116*4 1 1 9
50
577g 4 7
5534 5 5 % 6 1% 55*4 60*2 5 5 % 62*2
122
129*4 121 1 2 4
12434 1 28
122
124*2 1 2 2 *2123*4
20
25
15
157g 1 8 % 2 0
18
18
18
18
74% 80
60
74
70*4 6 7
69*4 6 9 % 6 2
63
69*2 7 7
69
7 6 % 73*8 78*2 6 7 % 74*4 6 7
68*g
68
8 2 l2 6 2
71
61
68*4 61
62
76
65*2
120
128% 121 1 3 0
123
125
110 110
E x r ig h t s .
* E x d i v i d e n d a n I rights.
h E x stock

135
1371
87
90
8 7 * *8*9*
84
86
90
90
5*2
8*2
7
11%
6% 10*4
8*8 10%
6%
9*4
5*2
7*8
6%
81
8
8*4
1 0 6 % 1 1 1 % 10 3
109
106*2109
108
1111

111

111*2111%

8
6
59*8 . 5 5
104
103
106
97%
1 0 5 % 99*2
2334 3 2
24%
47
00
48
15
21
14%
49
70
53
70
76
64*4
4
6
4
15
18
13
36
42% 27
107
111
99
74
77
59%

7*2
9
56
55
103
102
10 3
96
97
104
99% 105
31% 26
31*4
61%
50
60
163S 14*8 16*9
60
55
5734
71 %
72
4
13
38*4 32*2 3 5 %
10 9
109*2 104
75
65% 70

68

111

120
50*2

120
58*4

120

121

48*4 5 3
4 8 % *50%
1 1 4 * 211412 1 1 4 % 11 4 %
88 9 1

13
113
34
144
136% 141
134% 137
90*8 9 2
90*8 9 1
90
90
9
1 4%
1038 14
9 % 11%
7%
8%
7*8
7*8
7*4
8

109 1111

8*s
8
9
8*2
7
8%
8*2
8*4
55
56
57*2 5 7 % 57*4 57*4 5 2 % 547g
100
102
100*8 101*2
102
102
102*2 106*2 101
105
1021100
102% 104
104*2 106*2 10 5
106*4 1 0 1 % 1 0 2 l 29
317g 2 7
26% 29
30
24% 31%
54
607s 5 4
57% 57
58
51*2 GO*!
15
16% 16
18% 16
17*4 15 3 j 1 6 %
56
58
56
60
55
58*4 5 0 % 5 6
69
71*2 69*4 72
67
69*2 7 2
69
5*4
6
6*2
77g
4%
4*2
5*2
4*2
18
1934 _____
15
15
33*2 3 6 % 3 5 % 38*4 3 2 % ¥7’% 3 2
38
105% 109
10 9
1 121- 109
112 1 0 9 111
65
71
71
7 5 * - 72
73
7078 74

68*8 7 9 % 61*8 72*4 65*8 7334 66*8 70*4 6834 80*4 75*2
8134 7 0
75*2
113*8 1 1 7 % 1 1 0 % 116*2 1234 117% 1 1 5 3 8 1 1 7
11 7
11678 120*8 1 1 6 % 118*4 1 1 5
54
60%
5 4 % 60*8 58*2 59*2 5 7
5 9% 5 9
66*8 597g 65^4 59*8 G27g
119*2 1 2 4
117
12 0
117
120
124
1 2 4 1 - 122% 12 6
121 1 2 4 %
1 2 2 % 12 3
15
15
15
15
12 12
an
60
01
67
56
6234 6 0
65% 63
76
71
76% 7 0 % 74
69*2 7434
68 % 67% 49% 62
52*2 62*2 5 9
6434 6434 7 5% 6 7
74% 6 5
68*2
111
12 3
120 1 2 7 * - 12 4 12S34 122% 1 2 4 120 122
cl v t d e n d .

[VO L. L X X X X I I

THE CHRONICLE

40

COUUSE OF PRICES OF STATE SECURITIES DURING THE YEAR 1910.
BONDS.

October
September
November December
August
July
June
M ay
April
March
January
February
Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High

New York City—
Corporate Stock—

88*4 88*4

8734 88 " 86* 8'738
8734 87*4 8734 8734 85U 8514
8812 883g 8838 883S
3 K s ...................... .M ay 1954
88 88
3J^s registered___May 1954
*98% *9*9*34
99
9312 " k
9934 99
9938 9878 99q 98i8 99i 8 96
4 s . .......................... May 1959 '99l's 1005s 9912 10038 99 100t8 99
98*2 9812
99
99
9914 9914
99i 8 99i8
*981*2 09*34
98*2
993.1
"
991.1
9934
98l2
99l
2
96!i
98*4
98
99i
8
99
993s
99U 9938 99
9912
4 s _______________ N ov. 1958 993s 10012 993S 100U 98l8 100
96H 9S18 98*3 99l 2 99*4 99"s 98*2 995s 98*2 9934
9958 99
99q 9838 99
4 s _______________ May 1957 993S 10012 9934 100*2 99 10038 99i8 9934 99
9958 9958
4s registered_____ May 1957
9478 94 ”8
99l 8 99l8
4a ________ _____ .N ov . 1956
9478 9478 " 97I2 98*12 *9S5*3 *99*14
99l 8 9918 ’ 9812 9 9 " 9814 98i'2 96l”s 98 ’ ’ 97’ "97”
4s registered_____ N ov. l 9"?9
97i 2 9734
9734 98
96I4 9812 97i2 97i 2 9S!t 98*4 98*8 9838
101 10158 101 IOU4 101 IOU4 10034 IOD4 166” ioo 78 100l8 10078 1005s lO iq 10078 101*4 100i8 101 i6038101*4
4Wa
_______ Mch. 1960
IOU4 101*4
4>£s registered ...M ch . 196 i
IO8I2 IOOI4 107*4 106 107 10514 10612 10fi*8 108 107*2 108*2 106 10734 IO6I.1 10753
4j^a ...................... May 1957 108 110 IOSI2 1093s 108 109 108 10834 108
108*2 107
10778 10778 100*>8106*4 107 107 105*4 105*4 IO7I4 107q
4 Ms registered..-M ay 1957
107 105l8 10634 106 107 10734 1081" 106*4 10778 1063s 107*2
4 j ^ s ................... .. N o v . 1957 10734 1097s 10S12 10912 108 109 108 10858 108 108*4 IOOI4 10718 106
107 107 1063.1 107
4>^s registered___N ov. 1957
Assessment Bonds—
991o 9912
104 1023810318 10212 10278 10212 1033s 10214 10212 102*8 103 102 102*4 102 102 102 102*2
4^ 8 ........................ May 1917 103iS 103iS 10212103 1023810318 103
10234 10234
102*4 102*2
102*2 10212 103 103
103q 10314 103U10312
4^3
..................N ov. 1917
New York State—
IOU4 102 10134 103 10238105 10458 10518 10478 1047s 1015810434
10618 IO6I4 IO6I4 IO6I4
Canal Impt. 4s......... July 1960
10312 10312
South Carolina— 4 14s............1933
96 ................... 95?3 957S
9558 96
9512 9512 9558 95»s 96
9434 9434
Tennessee— 3 s -------------------- 19 li
9512 951;
3s small......... ....................... 1913
87
88

6s

deferred. Brown Bros. &
Co. certlllcates........................

49

56

1 43

53

50

55

45

51

—

— -

40

45 - - - - -

--r -

40

42

45

46

41

43

36

45

QUOTATIONS OF STERLING EXCHANGE FOR EVERY DAY OF THE YE A R 1910.
(Compiled from posted rates of leading bankers.)________________________________________________
September.
November.
December.
August.
October.
July.
M ay.
\
June.
April.
February. \ March.
January.
Sight. 80 d.
SiglU.
Sight. 60 d.
Sight. 60 d. Sight. 60 d.
Sight. 60 d.
Sight.pO d.
Sight 50 d.
Sight. 60 d.
Sight. 30 d.
Sight. 60 d.
60 d. Sight. 60 d.
Sunday
! $4*2-5 87*2-8' 1 85 4 86*2-7 1 S4-*2 86-7 4 84-5 87-*2 1 84-12 87-*2 4 83-*2 86*2-7 52- V 3 86*2-7
a
1 84*2 87-*2 84*2-5*2 87-8 a
Holiday.
1—
Sunday
1 83-12 86*2-7 8234-3 86*2-7
87-*2
a 4 85 4 88-12 34*2-5 8712-8 1 85 4 86*2-7 4 84-*2 86-7 ff 84-5
4 84*2 87-*2 412-5*2 87*2-8 a
Sunday
2 ...
4 84-*2 86-7 84-5 87-*2 1 S4-*2 87-*2 82*2-3 86*2-7 8234-3 86*2-7
Sunday
1 84*2 87-*2! 85-*2 87*2-8 Sunday 4 85 4 88- i2 34*2-5 87*2-8 Holiday
3 . . 84*2-5 87*2-8
.
Sunday
1 84-12 87-*2 82*2-3 86*2-7 Sunday
1 84-l2 86-7
1 84*2 87-*2j 85-*2 87*2-8 3412-5*4 88-*24*2-5 87*2-8*2 34*2-5 87*2-8
4 . . 84*2-5 87*2-8
.
*2
Holiday
l 84-*2 87-*2 82*2-3 86*2-7 534 84*2-5 86-7 4 84-*2 86-12
Sunday
1 84*2 87-12, 85-*2 87*2-8 34*2-5*4 88-l 24*2-5 87*2-8*2
5 . . 84*->-5 87*->-8
.
1 84-*2 86*2-7 1 81-*2 87-*2 Sunday 83-12 86*2-7
Sunday
: 34*2-5*4 88-12 1*2-5 87*2-8*2; 34*2-5 87*2-8 4 8412-5 86-7 4 84-12 86-*2 1 84-12 86*2-7 1 84-U 87-l2 4 82-l2 86-7 S3-*2 86*4-7
Sunday
6. . 84*2-5 87*2-8
.
Sunday
1
84*2-5
86-7
34*2-5
87*2-8
412-5
87*2-8*2!
84*2-5
88-1
2
4
85-*2
8712-8!
1 84*2 87**2
7 . . 84*2-5 87*2-8
.
83-10 86*4-7
Holiday
34*2-5 87*2-8 4 84*2-5 86-7 4 84-12 86-*2 4 84-l2 86i2-7 1 81-12 87-*2
1 84*2 87-*2 4 85 *2 7*2- 8, 1 84*2-5 8S-*2 Sunday
8. . 8412-5 87*2-8
.
1 84-12 86*2-7 Sunday 4 82-*o 86-7 82*2-3*2 86-7
1 84*2 87-* 24 85-12 87*2-8! 1 8412-5 88-l 2 U2-5 87*2-8*2 84*2-5 8712-' 4 84*2-5 86-7 4 84-*2 86- 12 f 84-*2 86*2-7 4 84
Sunday
9 ...
4 87 f 82-12 86-7 82*2-3*2 86-7
4
84-*2
86-*2
Sunday
84*2-5
87*2-8
4
84-5
87-8
Sunday
4
85-12
87*2-81
1 0 . . . 4 84*2-5 87*2 4 8412 87-12
Sunday
4 84
4 87 4 82-1; 86-7
87-8 4 85 4 87*2-8 4 8U2-5 86-7 4 81-*2 86-*2 Sunday
1 1 . . . 1 84*2 4 8712 1 84*2 87-l2 1 85-12 87*2-8! 1 84*2-5 88-124 84-5
4 82-*2 86-7 82*2-3*2 86-*2
Holiday
1 84*2-5 86-7 4 84-l2 86-*2 1 84-*2 86*2-7
Sunday
4 85-* 2 87*2-8 1 8412-5 88-124 84-5 87-l2
1 2 . . . 4 84*2 4 8712 Holiday
Sunday
8234- 3*2 86-*2
1
8 1-*2 ‘1 37 83*2-4 86*2-7
1
84-5
86-7
4
84-*2
86-1
2
4
85
4
8712-8
4
84-5
87-l2
4
84*2-5
88-1
2
Sunday
Sunday
1 3 . . 1 84*2 . 4 8712
f 8 I-I2 4 87 83*2-4 86*2-7 4 82-*2 86-*2 8234-3*2 86-*2
4 87*2 4 84-12 86-*2 Sunday
1 4 . . 4 84*2 . 4 87*2 4 84*2 87-*2 84-5*2 87*2-8 1 84*2-5 S8-*2 4 84-5 87-l2 1 85
Sunday
1 85
4 87'2 4 84-12 86-12 4 84-*2 86-*2 1 84-i2 4 87 83*2-4 86*2-7 4 82*2 4 86*2 8234-3*2 86-*2
1 5 . . 4 84*2 . 4 87*2 4 84*2 87-* 284-512 87*2-8 1 81*2-5 88-*2
4 82. 2 4 86*2 8234-3 *2 86-*2
Sunday
4
81-12 4 87
4
84-12
86-7
4
84-*2
86-*2
1
85
4
871
2
4
84*2
4
87*2
1
84*2-5
88-*2
4 84*2-5 87-*2 84-512 87*2-8
Sunday
1 6 ..
.
4 84-*2 86*2-7 4 84-12 4 87 83*2-4 86*2-7 4 82*2 4 86*28234-3*2 86-*2
Sunday
4 87*2
4 84*2 4 87*2 4 85
Sunday
1 7 . . 4 84*2 . 4 87*2 4 8 II0-5 87-8 84-5*2 8712-8
Sunday
83*2-4 86*2-7 4 82*2 4 86*2
Sunday
4 84-12 86*2-7
4
84-*2
86-*2
4
85
4
87*2
84*2-5
8712-8
4
84*2-5
88-*2
84-5*2
87*2-8
4
8412-5
87-8
4
84*2
4
871
2
18 . .
4 84-12 86-*2 4 84-l2 86*2-7 4 84-12 86*2-7 83*2-4 4 87 4 82*2 4 86*2 823(-3 *2 86-*2
Sunday
1 9 . . 4 84*2 . 4 87*2 4 8 U2-5 87-ls 84-5*2 8712-8 4 8412-5 88-1284*2-5 87*2-8
823
4-3*2 86-*2
Sunday
4
84-l2
86*2-7
83*2-4
87-*2
4
84-*2
86*2-7
4 84*2-5 88-1; 8412-5 8712-8 4 85-*2 87-*2 4 84-l2 86-7
Sunday
Sunday
2 0 . . . 4 84*2 4 87*2
4 84-12 86*2-7 83*2-4 87-1282*2-3 86*2-7 83-l2
86-*2
Sunday
87*2-8 4 85-12 87-*2 4 84-12 86-7
2 1 . . . 4 84*2 4 87*2 84*2-5*4 87-*2 4 84-5 8712-8 4 84*2-5 88-1; 8412-5
4
84-l2
86*2-7
S3‘2-4
87-1;
4
84*2-5
87-*2
83-*2
86-*2
8212-3
86*2-7
4
84-*2
86-7
Sunday
4
85-l2
87-*2
4
84*2-5
88-*2
4 84-5 87*2-8
2 2 . - ­ 4 84*2 4 87*2 Holiday
Sunday
82*2-3 86*2-7 83-*2
8412-5 87-1; 4 84-12 86*2-7
86-I2
4 84*2-5 87-124 84-5 8712-8 4 8412-5 88-1; 412-5 8712-8*2 4 85-l2 87-*2 4 84-*2 86-7 4
Sunday
2 3 ...
Holiday
83-*2
86-*2
4 84*2-5 87-124 84-*2 86*2-7 4 83*2-4 87-*;
Sunday
4
85
4
88-*2
Sunday
4
85-*2
87-1
2
4
84-5
87*2-8
4
84*2-5
87-*2
2 4 . . 4 84*2 . 87-*2
Sunday
4 83*2-4 87-*2 8212-3 86*2-7
Sunday
4 85 4 8S-*. 4 85 4 88-l 24 85-12 87-124 84-12 86-124 84*2-5 87**2
2 5 - ­ 4 84*2 87-124 84*2-5 87-1; 4 84-5 8712-8 4 85 4 88-1 4 85 4 88-*2 Sunday
Holiday
4 84-*2 86-124 8412-0 87-1; 4 84-12 86*2-7 4 83*2-4 87-*2 82*2-3 8612-7
2 6 . . . 4 84*2 87 -*2 4 85-*2 87*2-8 4 84-5 87*2-8 4 85 4 88-1 >4 84*2-5 88-*24 85
83-l2
86-*2
4 87 4 84-12 86-1; 4 84*2-5 87-*2 4 84-*2 87-1; 4 8312-4 87-* 2 Sunday
Sunday
Sunday
2 7 . . 4 84*2 . 87**2
Sunday
4 8 I-I2 87-*2 4 83-4 87-1282*2-3 86*2-7 82U-3 85*2-6*2
4 85
4 87 4 84-12 86-*2
Holiday
85 4-88-1
2 8 - ­ 4 84*2 87-*2 4 85-*2 87*2-8 4 84-5 87*2-8 4
4 85 86*2-7*- 4 81-*2 86-12 4 84-5 87-124 84-l2 87-*2 4 83-4 87-1; 82*2-3 86*2-7 82*2-3 85*2-6*2
Sunday
4
85
4
88-1
4
84-5
8712-8
4
84*2
87-1;
2 9 .—
82*2-3 86*2-7 82*2-3 8>l2-0l2
Sunday
4 85 4 86*2-7 4 84-12 86-* 24 84-5 87-124 81-*2 87-1;
Holiday
a
a 4 85 4 88-1
Sunday
3 0 ...
82*2-3 85*2-6*2
4 83-*2 8612-7
4 84-5 87-lj
Sunday
l84l2-5 7*2-8*2
a
a
31 — - 4 84l2 87**2
Range
l 85
4 871; 4 84*2 4 87*; 4 83*2 4 87 4 83*2 4 87
4
85
4
87
4
85
4
87*2
4
85*2
4
88
2
4
85
4
8
8*2
4
85*4
4
88
*
4
85*2
4
8
8
*2
4 88 4 85*2 4 88
High 4 85
4 86 4 82*2 4 85*2
4 86*. 4 82
4 86*j |4 83
4 86 4 84
4 86 4 84
4 87 4 84*2 4 86*2 4 84
4 87 4 84*2 4 871 24 84
Low 4 84*2 4 87 4 84*2 4 87 |1 84
a 4 8412-5*4

4 8712-812*

IT E M S A B O U T B A N K S , B A N K E R S A N D T R U S T CO’S.
— T h e p u b lic sa les o f b a n k s t o c k s th is w eek a g g r e g a te 49
sh a re s a n d w e re all m a d e a t th e S t o c k E x c h a n g e .
O n e lo t
o f 10 sh a res o f tr u s t c o m p a n y s t o c k w a s s o ld a t a u c t io n .
T h e ta b le b e lo w , g iv e n in o u r u sual fo r m , s h o w s th e a ctu a l
sa les o f N e w Y o r k C ity b a n k s to c k s m a d e d u r in g th e w eek
a t th e S t o c k E x c h a n g e .
E x t e n s iv e ta b le s s h o w in g th e
b id a n d a s k e d q u o t a t io n s , d e p o s its , s u rp lu s, & c ., o f b a n k s
a n d tr u s t c o m p a n ie s in all im p o r t a n t c itie s in th e U n ite d
S ta te s a re p u b lis h e d m o n t h ly in th e “ B a n k a n d Q u o t a t io n ”
S e c t io n , th e J a n u a r y issu e o f w h ich a c c o m p a n ie s t o - d a y ’ s
“ C h r o n ic le .”
B id a n d a s k e d q u o t a t io n s f o r all N e w Y o r k
C ity b a n k a n d tru st c o m p a n y s t o c k s a re a ls o p u b lis h e d
w e e k ly in a n o t h e r d e p a r tm e n t o f th e p a p e r , a n d w ill b e fo u n d
to -d a y o n pages 46 an d 47.
S h ares. B A N K S — N ew Y o r k .
L o w . H ig h . Close.
191
191
*10 C om m erce, N a t. B a n k o f -------191
*8 F irst N a tion a l B a n k . . ............. 870
875
875
*31 F ou rth N ation a l B a n k ................ 192 M 194
194
T R U S T C O M P A N Y — N ew Y o rk .
10 N ew Y o r k T ru st C o .................... 600
600
600

Last
D e c.
M ch .
D e c.

p reviou s sale.
1910— 193 ^
191 0— 922 M
1910— 196

D e c . 1910—

612

* S old at th e S to c k E x ch a n g e .

— T h e b a n k -d e p o s it -g u a r a n t e e la w s o f O k la h o m a , K a n ­
sas a n d N e b r a s k a h a v e b e e n d e c la r e d c o n s t it u t io n a l b y th e
U n ite d S ta te s S u p re m e C o u r t, w h ic h h a n d e d d o w n its c o n ­
clu s io n s in th e m a tte r o n th e 3 d in st.
T h e ru lin g w a s th a t
o f s e v e n m e m b e r s o f th e C o u rt (J u s tic e s W illis V a n D e v a n t e r
a n d J o se p h R . L a m a r n o t h a v in g b e e n s w o r n in u n til th e 3 d .)
a n d w a s a n n o u n c e d b y J u s tic e H o lm e s .
T h e p r o c e e d in g s
in v o lv in g th e O k la h o m a la w w ere b r o u g h t to th e U n ite d
S ta te s S u p r e m e C o u r t b y tn e iNooie S ta te B a n k o f N o b le ,
O k la ., f o llo w in g th e a c tio n o f th e O k la h o m a S u p r e m e C o u r t
in u p h o ld in g th e c o n s t it u t io n a lit y o f th e A c t in a n o p in io n
r e n d e re d S e p t. 10 190S.
T h e K a n s a s s u it w as in s t itu te d b y
e rta in S ta te b a n k s , h e a d e d b y th e A ssa ria S ta te B a n k o f




A ssa ria , K a n .
A n u n su cc e ssfu l e ffo r t h a d b e e n m a d e in
th is in sta n c e t o re stra in th e S ta te o ffic ia ls f r o m e n fo r c in g th e
la w , J u d g e J . C . P o llo c k o f th e U n ite d S ta te s C ir c u it C o u r t
o f K a n s a s h a v in g o n D e c . 24 1909 d ism isse d th e c a s e .
Ih e
b a n k s r e p r e se n te d in th e a c t io n d id n o t d esire to p a r t ic ip a t e
in th e g u a r a n t y s y s te m a n d c o n t e n d e d t h a t , w h ile th e la w
w as n o t c o m p u ls o r y in le tte r , it w a s in s p ir it, a n d th a t t h e y
w ere p r a c tic a lly fo r c e d to p a r t ic ip a t e or lose b u sin e ss b e c a u s e
o f d is c r im in a tio n . J u d g e P o llo c k , h o w e v e r , h e ld th a t th e la w
w as n o t c o m p u ls o r y in a n y w a y , a n d th a t th e p la in tiffs c o u ld
a v a il o f it o r n o t as th e y c h o s e .
T h e N e b r a s k a la w h a v in g
b e e n d e c la r e d in v a lid o n O c t . 16 1909 in th e F e d e r a l C o u r t
a t L in c o ln , b y D is tr ic t J u d g e T h o m a s C . M u n g c r a n d C ir­
c u it J u d g e W illis V a n D e v a n te r , an a p p e a l fr o m th a t d e c is io n
w as e n te r e d in th e U n ited S ta te s S u p r e m e C o u r t in J a n u a r y
1910.
A lt h o u g h th e F e d e ra l C o u r t in its fin d in g s th is w e e k
i s s a i d t o h a v e p a sse d o n th e th ree ca ses s e p a r a t e ly , e x t e n d e d
o p in io n , a c c o r d in g to th e N e w Y o r k “ T im e s ,” w as g iv e n
o n ly in th e O k la h o m a c a s e , th e o th e r tw o b e in g b a s e d o n
th a t o f O k la h o m a .
T h e N o b le B a n k , p la in tiff in th e la tte r
c a s e , h a d re fu se d t o p a y in to th e g u a r a n t y fu n d th e a s se s s ­
m e n t o f 1 % o r ig in a lly r e q u ir e d u n d e r th e la w (a n d la te r in ­
cre a s e d to 5 % ) , o n th e g r o u n d th a t it w as u n ju s t a n d u n c o n ­
s tit u t io n a l as t a x in g o n e p e r so n fo r th e b e n e fit o f a n o t h e r ,
b e s id e s ta k in g a w a y p r o p e r t y w it h o u t d u e p r o c e s s o f la w .
T h e C o u r t, w h ile a c k n o w le d g in g th a t u n d e r th e la w a p o r ­
tio n o f th e b a n k ’s p r o p e r t y m ig h t b e ta k e n w it h o u t retu rn
to p a y th e d e b t s o f a fa ilin g riv a l in b u s in e s s, p o in t s o u t
th a t, n o tw ith s ta n d in g th e lega l fo r c e o f th is o b je c i o n , th ere
are m o r e p o w e r fu l c o n s id e r a tio n s to b e ta k e n in to a c c o u n t .
I n its c it a t io n o f th ese fu r th e r q u e s t io n s to b o c o n s id e r e d , the
C o u r t s a id :
In th e first p la ce , It Is e stablish ed b y a scries o f cases th a t an u lterior
p u b lic ad v a n ta g e m a y ju s tify a co m p a r a tiv e ly Insignificant ta k in g o f prld

86*2-7

Jan. 7 1911.]

THE CHRONICLE

v a t c p r o p e r ty fo r w h a t In Its Im m e d ia te p u rp o se Is a p riv a te use. A n d
In th e n e x t place It w ou ld seem th a t there m a y be o th e r cases besides the
c v e r y -d a y on e o f ta x a tio n In w h ich th e share o f each p a r ty In th e ben efit
o f a sch em e o f m u tu a l p r o te c tio n Is s u fficie n t co m p e n s a tio n fo r the c o lle c ­
tiv e bu rd en th a t It Is c o m p e lle d t o assum e.
In a general w a y the p o lic e p o w e r e x te n d s t o all great p u b lic needs. It
m a y be p u t forth In aid o f w h at Is sa n ctio n e d b y usage or held b y the p re ­
v a ilin g m o r a lity o r s tro n g a n d p r e p o n d e ra tin g o p in io n t o be gre a tly a n d
Im m ed ia tely necessary to the p u b lic w elfare. A m o n g m atters o f th a t s o r t ,
p r o b a b ly fe w w ou ld d o u b t th a t b o th usage an d p re p o n d e ra n t o p in io n g iv e
th eir s a n ctio n to en fo rce th e prim a ry co n s id e ra tio n s o f su co cssfu l c o m m e r c e .
O ne o f these con d ition s at the present tim e Is th e p o s s ib ility o f p a y m e n t
b y ch eck s draw n a g ain st ban k d e p o sits, t o such an e x te n t d o ch e ck s re­
p la ce c u rre n cy In d a lly business. I f th e L egislatu re o f th e S ta te th in k s
th a t th e p u b lic w elfare requires th e m ore m o d e rn condition-, a n a lo g y and
p rin cip le are In fa v o r o f th e p o w e r t o e n a ct It. E v e n the p r im a ry o b je c t
o f the assessm ent Is n o t a p riv a te be n e fit, b u t it Is t o m a k e th e c u rre n cy
o f ch eck s secure, a n d b y the sam e stro k e t o m ake safe th e a lm o st c o m p u l­
s o r y resort o f d ep ositors t o ba n k s as th e o n ly a v a ila b le m eans fo r k eep in g
m o n e y on h an d.
T h e p r io rity o f cla im given t o d e p o s ito rs Is Incid ental t o th e sam e o b je c t
an d Is ju stified In th e sam e w a y . T h e p o w e r t o restrict lib e rty b y fix in g a
m in im u m o f ca p ita l requ ired o f those w h o w o u ld en gag e in b a n k in g Is n o t
d e n ie d . T h e p ow er to restrict In vestm en ts t o secu rities rega rd ed as rela­
tiv e ly safe seem s e q u a lly p lain.
I t has been h eld, w e d o n o t d o u b t r ig h tly ,
th a t In spection s m a y be h ad a n d th e c o s t th ro w n o n th e b a n k .
T h e p ow er to c o m p e l, b e fo r e h a n d , c o -o p e r a tio n , an d th u s, It Is b e lie v e d ,
m ak e failure u n lik ely, an d a general p a n ic a lm o st Im possible, m u st be r e c o g ­
n ized , If G ov ern m en t Is t o d o Its p r o p e r w o rk , unless w e ca n s a y th a t th e
m eans has no reason able r ela tio n t o th e e n d . S o fa r Is th a t fro m b ein g the
oase, th a t the d e v ic e Is a fam iliar o n e .
It was a cc e p te d b y so m e S tates
th e b e tte r p art o f a c e n tu r y a g o , and seem s n e v e r t o h a v e been qu e stio n e d
u n til n ow .

I n its c o n c lu s io n s th e C o u r t a lso sa id : “ YVc c a n n o t s a y
th a t th e p u b lic in te re s ts t o w h ic h w e h a v e a d v e r t e d , a n d
o th e r s , are n o t s u ffic ie n t t o w a r r a n t th e S ta te in ta k in g th e
w h o le b u sin e ss o f b a n k in g u n d e r its c o n t r o l.
O n th e c o n ­
t r a r y , w e are o f th e o p in io n th a t it m a y g o o n fr o m r e g u la ­
tio n to p r o h ib it io n e x c e p t u n d e r s u ch c o n d it io n s as it m a y
p r e s c r ib e .
I n s h o r t , w h e r e th e O k la h o m a L e g isla tu r e d e ­
cla re s b y im p lic a t io n th a t fre e b a n k in g is a p u b lic d a n g e r ,
a n d th a t in c o r p o r a t io n , in s p e c tio n a n d th e a b o v e -d e s c r ib e d
c o -o p e r a t io n are n e c e ss a r y s a fe g u a r d s , th is C o u r t c e r t a in ly
o a n n o t see w h e re it is w r o n g .”
T h e O k la h o m a la w w a s
p a sse d in 1907 a n d th e K a n s a s a n d N e b r a s k a la w s in 19 0 9.
— J o h n It. M o r r o n , P r e s id e n t o f th e A tla s C e m e n t C o ., h as
b e e n e le c te d a d ir e c t o r o f th e G u a r a n ty T r u s t C o . o f th is c it y .
— F r a n k L . I l i l t o n , C h a rle s E . M itch e ll a n d F r a n k W .
B la c k w ill re lin q u ish th e ir r e s p e c t iv e p o s it io n s in th e T r u s t
C o . o f A m e r ic a , th is c i t y , o n F e b . I , to fo r m a n ew p a r tn e r sh ip
f o r th e h a n d lin g o f in v e s tm e n t s e c u r itie s .
M r. H ilto n is
S e c r e t a r y o f th e c o m p a n y , M r. M itch e ll is A s s is ta n t to th e
P r e s id e n t o f th e T r u s t C o . a n d M r. B la c k is A u d it o r .
M r.
H ilto n h as b e e n in th e c o m p a n y ’s s e r v ic e fo u r t e e n y e a r s ,
M r. M itch e ll s e v e n y e a r s a n d M r. B la c k s ix te e n y e a r s .
— A c h a n g e o f n a m e in th e w e ll-k n o w n b a n k in g firm o f
N . W . H a r ris & C o ., o f N e w Y o r k a n d B o s to n will s h o r t ly
o c c u r w h e n th e firm b e c o m e s H a r ris, F o r b e s & C o . A lle n B .
F o r b e s , w h o se n a m e is to a p p e a r in th e c o m p a n y ’s title ,
h a s b e e n th e m a n a g in g p a r tn e r o f th e N e w Y o r k o f fi c e fo r
th e la st ten y e a r s .
N . W . H a r ris a n d all th e p r e se n t p a r t ­
n ers c o n tin u e as m e m b e r s o f th e firm , a n d th ere w ill n o t b e
a n y c h a n g e in th e p o li c y o f th e c o n c e r n .
T h e o th e r re sid e n t
N e w Y o r k p a r tn e r s a re A r t h u r M . H a r r is , L lo y d Y\r. S m ith ,
E v e r e t t B . S w e e z y a n d C h arle s \\r. B e a ll.
— C o rn e liu s N . B liss J r . h as b e e n m a d e a tr u s te e o f th e
U n ited S ta te s T r u s t C o . o f th is c it y .
— G e o rg e B . C ase, o f th e la w firm o f W h ite & C a se, h as
b e e n e le c t e d a d ir e c t o r o f th 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 th is c i t y .
M r. C ase w a s a ls o th is w e e k e le c t e d to th e d ir e c t o r a t e o f
th e L ib e r t y N a tio n a l B a n k .
— K u h n , L o e b & C o . o f th is c i t y a n n o u n c e s th a t it h as
g r a n te d sin g le p o w e r o f a t t o r n e y to J e r o m e J . H a n a u e r , w h o
h as h e r e to fo r e h e ld th e fir m 's jo i n t p o w e r o f a t t o r n e y .
— A t th e m o n t h ly m e e t in g o f th e C h a m b e r o f C o m m e r c e
th is w e e k , J a m e s G . C a n n o n , P r e s id e n t o f th e F o u r t h N a ­
tio n a l B a n k , w a s e le c t e d C h a irm a n o f th e E x e c u t iv e ' C o m ­
m itt e e to s u c c e e d th e la te G e o rg e F . S e w a r d ; F r a n k A . V a n d e r lip , P r e s id e n t o f th e N a tio n a l C ity B a n k , w a s ch o se n
C h a ir m a n o f th e C o m m it te e o n F in a n c e a n d C u r r e n c y to re­
p la c e M r. C a n n o n , a n d P au l M . W a r b u r g w a s m a d e a m e m ­
b e r o f th is la tte r c o m m it t e e .
— J . & W . S e lig m a n & C o . o f th is c it y w ere th is w e e k a d v is e d
b y c a b le o f th e s u d d e n d e a th in P a r is o f M a x H e ilm a n ,
s e n io r m e m b e r o f th e P a ris b a n k in g firm o f S e lig m a n F reres
e t C ie.
M r. H e ilm a n w a s in his s e v e n t y -fo u r t h y e a r .
The
P a r is b r a n c h o f th e S e lig m a n s w a s e s ta b lis h e d in 1864 b y
M r. H e ilm a n a n d W illia m S e lig m a n , w h o d ie d ju s t a y e a r a g o .
— 11. I f . G ile s h a s b e e n e le c t e d A s s is ta n t T r e a s u r e r o f th e
B a n k e r s ’ T r u s t C o . o f th is c i t y .




41

— E . E lm e r F o y e a n d C h e ste r B . H u m p h r e y h a v e b e e n
e le c t e d V ic e -P r e s id e n t s o f th e O ld C o lo n y T r u s t C o . o f
B o sto n .
M r. F o y e h as b e e n M a n a g e r o f th e c r e d it d e p a r t ­
m e n t o f th e in s t it u t io n , w h ile M r. H u m p h r e y h a d s e r v e d in
th e o f fic e o f S e c r e t a r y , in w h ic h p o s t h e is s u c c e e d e d b y
S . P a r k m a n S h a w J r.
— T h e a n n u a l s ta t e m e n t o f th e C o lu m b ia T r u s t C o . o f
th is c it y re v e a ls s a t is fa c t o r y g r o w t h a n d p r o fit s d u r in g th e
past y e a r.
T h e d e p o s its h a v e in c r e a s e d o v e r 8 1 ,5 0 0 ,0 0 0
a n d th e u n d iv id e d p r o fit s o v e r 8 1 5 0 ,'0 0 0 , n o w a m o u n t in g to
8 6 9 1 ,1 0 8 .
T h is in c r e a s e , a d d e d t o d iv id e n d s , s h o w s e a r n ­
in gs o f 2 3 % fo r th e y e a r .
I ts P r e s id e n t is W illa r d V . K in g ,
w h o w a s a m e m b e r o f th e H u g h e s c o m m it t e e fo r in v e s t ig a t ­
in g s p e c u la tio n o n e x c h a n g e s .
H o w a r d B a y n e , V ic e -P r e s i­
d e n t , is a s o n o f S . G . B a y n e , P r e sid e n t o f th e S e a b o a r d N a ­
tio n a l B a n k , a n d L . W . YViggin, a b r o t h e r o f th e V ic e -P r e s i­
d e n t o f th e C h ase N a tio n a l B a n k , is S e c r e t a r y .
— N e t p r o fit s f o r th e y e a r o f 8 1 ,8 2 3 ,1 7 2 a re s h o w n b y th e.
F ir s t N a tio n a l B a n k o f C h ic a g o in its f o r t y - s e v e n t h a n n u a l
s ta t e m e n t issu ed u n d e r d a t e o f J a n . 3 .
O f th is 8 1 ,1 4 0 ,0 0 0
w a s a p p lie d in d iv id e n d s (a t 1 2 % ) , th u s le a v in g 8 6 8 3 ,1 7 2
t o b e a d d e d to th e b a la n c e o f 8 2 4 1 ,9 0 5 s ta n d in g t o th e
c r e d it o f th e p r o fit a n d lo s s a c c o u n t th e p r e v io u s y e a r a n d
e n a b lin g th e b a n k t o c a r r y fo r w a r d a s u n d iv id e d p r o fit s
8 9 2 5 ,0 7 7 .
T h e r e p o r t s h o w s d e p o s its o f 8 1 0 7 ,5 2 6 ,0 3 9 a n d
to ta l a ssets o f 8 1 3 3 ,0 4 3 ,0 1 7 .
P r e s id e n t J a m e s B . F o r g a n
a n n o u n c e s th a t s in c e th e la s t r e p o r t t w o d iv id e n d s o f 1 0 %
e a c h h a v e b e e n r e c e iv e d o n th e F ir st N a t io n a l’ s p a r t ic ip a t io n
in th e liq u id a t io n o f th e C h ic a g o N a tio n a l B a n k , th e E q u i­
ta b le T r u s t C o . a n d th e H o m e S a v in g s B a n k , w h ic h , w ith p r e ­
v io u s a m o u n t s c h a r g e d o ff, r e d u c e d its b o o k v a lu e to a c o m ­
p a r a t iv e ly sm a ll a m o u n t , w h ic h th e d ir e c t o r s h a v e c h a r g e d
to c o n t in g e n t a c c o u n t , th u s e lim in a t in g it e n t ir e ly fr o m th e
c u r r e n t a sse ts o f th e b a n k .
T h e F ir s t T r u s t & S a v in g s
B a n k ’ s p a r t ic ip a t io n w a s s im ila r ly e lim in a te d fr o m its c u r ­
re n t a sse ts in 1 9 0 8.
T h e n e t p r o fit s o f th e la tt e r f o r th e p a s t
y e a r w e re 8 9 4 0 ,6 0 5 , w h ic h , a ft e r th e p a y m e n t o f th e u su a l
d iv id e n d s (a t 1 6 % ) a d d e d 8 5 6 0 ,6 0 5 to th e p r o fit a n d lo s s
a c c o u n t , in c r e a s in g it t o 8 1 ,1 5 0 ,2 3 0 .
F r o m th is th e re h as
b e e n tr a n s fe r r e d 8 5 0 0 ,0 0 0 t o th e ca p ita l a c c o u n t a n d 8 5 0 0 ,­
0 0 0 t o th e su r p lu s a c c o u n t d u r in g th e y e a r , le a v in g a b a la n c e
to b e c a r r ie d fo r w a r d o f 8 1 5 0 ,2 3 0 .
T h e F ir s t T r u s t & S a v ­
in g s B a n k h as a c a p ita l o f 8 2 ,5 0 0 ,0 0 0 a n d a su r p lu s o f 8 3 ,­
0 0 0 ,0 0 0 .
I t s a ssets a g g r e g a t e 8 5 5 ,8 3 5 ,8 3 5 .
T h e F ir s t N a ­
tion a l h as a ca p ita l a n d su rp lu s o f $ 1 0 ,0 0 0 ,0 0 0 e a c h .
C a n a d ia n B a n k C le a r in g s .— T h e cle a rin g s o f t h e C a n a d ia n
b a n k s fo r th e m o n th o f D e c e m b e r 1910 s h o w a n in c r e a s e o v e r
th e s a m e m o n th o f 1909 o f 4 . 2 % a n d fo r th e t w e lv e m o n th s
th e g a in rea ch e s 1 6 ,8 % .____________________________________
Twelve Months.

Clearings at 1910.
Canada—
M on treal___
T o r o n t o ___
Winnipeg___
V a n cou ver..
O tt a w a ____
Q uebec.........
H a lifa x ____
Ham ilton___
C a lg a ry ____
St. John____
London ____
V i c t o r i a ___
E d m o n to n ..
Ueglna * ___
Ilr a n d o n ___
Lethbridge .
Saskatoon . .

Inc. or
Dec.

1909.

Inc. or
Dec.

S
196, 736.721
140. 506,631
95, 477,412
31. 139,716
15. 578,734
12. 395,134
8. 451,102
8, 415.954
12. 498,822
7, 007,940
5 901,317
8, 099,579
5, 569,136
5, 214,964
Not includ.
Not lnclud.
4,189,574 Not includ.

$
%
S
%
— 8.5 2.088 558,288 1,866,648 829 + 11.9
+ 9.7 1,593 954,254 1.437.700.477 + 10.9
+ 6.0 953 515,281 770,649,322 + 23.7
+ 3 7 .2
444 988,818
287.529,944 + 54.8
+ 2.5
193 714,890
173,181,978 + 11.9
— 1.6 »123 710,055
118.803,773 + 4.1
— 13.2
95, 855,310
95,278,468 + 0 .6
+ 13.8 101, 226.496
84.803,936 + 19.4
+ 24.5
150, 677,031
98,754,389 + 52.6
— 3.6
77, 843,546
72,404,500 + 7 .5
+ 12.3
67, 174,567
62,093,337 + 8.2
101, 567,074
+ 25.7
70,695,882 + 43.7
+ 48.8
71. 635.126
51,767,111 + 3 8 .4
+ 11.6
50, 739,160
14.153.238
In tot.
Not Included In tot.
In tot.
N ot Included In tot.
In tot.
9,004,823 N ot Included In tot.

Total Canada 570,548,407 547,778,198

+ 4 .2 6,064,420,736 5,190,311,946 + 1 6 .8

T h e cle a rin g s f o r th e w eek e n d in g D e c e m b e r 31 in c o m ­
p a r is o n w ith th e sa m e w e e k o f 1909 s h o w a n in cre a s e in th e
aggreg ate o f 3 .0 % .
Week ending December 31.
Clearings at—
1910.
Canada—
Montreal _______ _______
T oron to...............................
W in n ip e g ..........................
V a n c o u v e r ....................
Ottawa ......... .. ................
Q u e b e c ____ ___________
H a lifa x ................... ..........
Hamilton ..........................
Calgary .............................
St. John............................
London .............................
Victoria........... ........ ..........
E d m o n to n ......... ...............
U e g ln a ...............................
B ran d on ............................
Lethbridge......... ...............
Saskatoon ........................

$
34.360,452
27,540,518
17,459,936
8,123,827
3,011,807
1,989.974
1,501,791
1,947.093
3,163,340
1,242,480
1,247,676
1,850,641
1,390,109
1,131,785
678,605
532,108
777,720

1909.
$
37,036,028
25,657,095
17,700,682
5,782,847
2.733,074
2,428,428
1,649,453
1,773,708
2,219,813
1,367,306
1,149,107
1,675.846
1.264,494
882,518
Not Include
Not Include
Not Include

Total Canada................ 105,961,429 102,320,399

Inc. or
Dec.

1908.

%
S
— 7.2 23.961,172
+ 7.3 25,485.875
+ 4.5 12.268,727
+ 40.5
3,206,105
+ 10.2
2,159,764
— 18.1
1,997,301
— 9.0
1,402,700
+ 9 .8
1,242,548
+ 42.5
1.426,502
— 9.1
1,223,953
+ 8.5
971,017
+ 10.4
855,303
+ 10.0
672,000
+ 28.2
d In tot al.
d In tot al.
d In tot al.
+ 3 .6

76,872,867

1907.
S
27,526,300
21.437,400
10,747,118
2,752,758
2.323,726
2,024,341
1,566,571
1,533,989
1,099,767
1,100,530
1,451,041
791,897
574,649

74,931,167

THE CHRONICLE

42

Clearings b y T elegraph — Sales of S tock s, B on d s, & c .—

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

gtXmxetavu\l©o uvm e v d a l

The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
E n glish Financial M arkets— Per Cable.
The daily closing quotations for securities, &c., at London,
of the length of the other tables is crowded out once a month.
by cable, have been as follows the past week:
The figures are received by telegraph from other leading cities. as reported
London.
M on.
T u cs.
W ed .
Thurs.
F r i.
W eek ending J a n . 6.
Sal.
It will be observed that, as compared with the corresponding Silver,
per oz-------------------d . 25 1-16 25 %
25 %
25%
25 3-10 25 3-16
79 9-16 79 9-16 79 7-16 79 5-16
week of 1910, there is a decrease in the aggregate of 31.4%.
79%
79%
. . . 79 7-16
79 7-10
79%
New Year's holiday fell in the week this year, therefore com­
fr. 97.35
97.40
97.52%
97.32% 97.30
64%
65%
65%
65%
Amalgamated Copper Co.
63)4
parison is between five days this year and six days in 1910.
...
8
8
8%
8%
8%
C learings— R eturns by T elegraph,
w eek ending J a n . 7.

P er
C ent.

1911.

1910.

New Y o r k ------------ ----------------------B oston--------------------------------------Philadelphia....................................
Baltimore-----------------------------------C hicago--------------- ----------- --------St. L ou is------------------- ----------- —
New Orleans - ................ - ...............

$1,695,877,326
175,425,990
140,886,679
30.414,458
214,238,307
71,552,178
18,319,467

$2,852,918,987
183,860,832
178,582,589
34.747,363
250.497,852
70,657,836
23,509,316

— 40.6
— 4.6
— 21.1
— 12.5
— 14.5
+ 1.3
— 22.1

* Seven cities, 5 days----------------Other cities, 5 days........................

$2,346,714,405
440,879.768

$3,594,774,775
575,418,926

—34.7
— 23.4

o Total all cities, 5 days................
All.cltlcs, 1 day...................... .........

$2,787,594,173
555,462,418

$4,170,193,701
704,626.061

—33.2
— 21.2

Total all cities for week------- —

$3,343,056,591

$4,874,819,762

—31.4

St

Southern Clearings

brought forward from first page.

D ecem ber.

Twelve M onths.

Clearings a l —

In c. or
D ec.

1909.

1910.

S
$
St. Louis........ 337,787 220 323 268,086
New Orleans. - 108,573 586'107 453.260
,129,013
Louisville----- 60,679 286
,393.200
60.0/8 760
Houston
,531.500
Galveston------ 41,941 000
,630,331
Richmond - ­ 32.492 866
360,641
69.006 557
A tlanta........
121,093
42,151 535
Memphis----,515,017
Fort Worth. - 35,300 163
,552,641
Savannah ----- 35.351 409
,343,755
N ashville----- 18.608. 602
149.214
Norfolk .......... 16.665, 485
,239,062
Birmingham . . 11.733. 665
133,473
Augusta_____ 15,669. 172
,458,611
Little Rock__ 10,143. 054
,785.543
Jacksonville . . 12.499, 048
101,570
Chattanooga . 9.929, 319
,709,809
Charleston___ 10,029 089
,838,770
7,581, 165
M obile_____
,408.704
7.417 935
Knoxville —
876,760
Oklahoma----- 10.320 ,830
,931,719
16,389 .464
Macon . . .
530.036
5.083 ,924
Columbia____
251.727
8,669 ,138
Austin........ .
481,464
2,639 ,221
B eau m on t__
,983,437
2,167 ,251
Vicksburg----,578,024
Wtlmlng'n.N.C. 3,950 .490
869.584
2.379 463
Columbus, Ga
,507.390
1,612 .540
Guthrie_____
939.262
1,000,"00 ,830,098
Valdosta____
2,876 ,687
Jackson
,759.137
1,761 990
Meridian*___

%

In c. or
D ec.

1909.

$

$

+ 4.5 .727.949.379 3 ,442,439.002

+ 1.0

%

+8.3

Atch. Topeka A Santa Fe. .104)15
__ 103)4
__ 108)5
. . . 93
---200%
. . . 83
- - - 22%
-.-127
- - - . 29%
. . . 70
Second preferred

Nat. RR. of Mcx.

— 47)4
- - - 35)4
..-13 6
...1 4 9
- - - 32%
. . . 65
A . . 71
. . . 35%
v--114%

H
O
>

*1

N. Y. Ontario A Western... 42
Norfolk A Western---------- 104
Preferred______________ 91
Northern Pacific--------------- 119%
Rock Island...................— 80 %
a Pennsylvania----------------- 66,
a Reading .......................— 77%
a First preferred............. 47%
a Second preferred--------- 4814
Southern Pacific---------------117%
Southern Railway________ 2711
Preferred______________
Union Pacific..................... 175 m
Preferred..........................95)4
U. S. Steel Corporation........74%
Preferred.... ................ — 120%
Wabash ................................16J4
Preferred _____________ 85
Extended 4s----------------- 60
aPrice per share. 6 £ sterling.

104%
103%
108%
93
201%
82%
22%
127
29)4
70
28%
47%
35%
136
148%
32%
05
71
35%
115
42%
103)4
91
120
___
66%
77%
47%
48%
117%
27%
64
175%
95%
74
120%
16%
35
66

105%
104
108%
93
202%
84%
22
128
29
70%
28%
47%
36%
130%
149%
33%
66
71
35%
116
42%
105
91
121%
30
60%
79
47%
48%
120
28
65
178%
96%
75%
121
17
36%
67

105%
104%
108%
93%
202%
84
23
128%
30%
70%
28%
48
36%
137
149
33%
66
71
36
115%
42%
104)4
91
121%
31%
66%
78%
47%
48%
119%
27%
65
178%
90
76%
121
17%
36%
67

105%
105
108%
93%
204%
84%
23%
128%
30 %
71
28%
47%
30
137%
149
33%
66
72%
38%
115%
42%
105)4
92
121%
31%
66%
79
48
49%
120%
27%
64%
179%
90%
70%
121%
16%
36
60%

904 231,769 +9.2
— 10.9
653,849,219 +3.3
+ 6.5
039.882.064 + 5.2
+ 25.1
331.777,500 + 15.4
—13.6
361,207,117 +3.8
+ 12.5
400.049.539 + 41.2
+31.2
286.665.540 + 16.9
+ 2.5
337.782,875 + 1.5
+33.1
210,127,830 + 13.1
191,341,462 + 6.7
+7.3
147,279,269 + 7.7
+ 10.0
108,788,161 + 19.7
—4.1
D IV ID E N D S .
108.538,295 + 8.7
+ 19.3
86,772.373 +6.0
+ 19.9
The
following
shows
all the dividends announced for tho
92,228,428
+35.2
+ 27.7
77.320,043 + 19.9 future by large or important corporations:
+22.6
79,021,518 + 12.3
+ 15.21
D i v i d e n d s a n n o u n c e d th is w e e k a r e p r i n t e d i n i t a l i c s . ____
69,927,680 +8.0
+ 10.9
80.925.872 + 5.3
+0.1
B ook s Closed.
93,526,863 + 31.3
+ 4.5
Cent
D ays Inclu sive.
Payable.
N am e o f Com pany.
48,482.189 +35.4
+ 176.3,
39,541,135 + 17.0
+ 12.21
Railroads (SfennO.
38,894,123 + 110.0
+ 103.9
Feb. 25 Holders of rec. Feb. 4a
3
32,361,191 —2.5 Alabama Great Southern, pref..............
— 24.2
1 Holders of rec. Jan. 31
<fc
1% Mch.
16.340.683 +2.0
+ 9.3
1 Holders of rec. Dee.30a
2% Feb.
Atch.
Top.
A
Santa
Fe,
pref.
(No.
25)---+
40.1
22,391,527
+ 53.2
2
Jan.
Holders of rec. Dec.20a
3
Wesf
.............................
18.649.873 +8.8
+ 27.3;
Ian, 10 Dec. 17 to Jan. 10
\tlantlo C list Line HR., c mmon........ 3
16,408,092 + 3.5
+ 7.0
Jan. 31 Holders of rec. Jan.14a
3
Balt.
Chesapeake
&
Atlantic,
pref..........
+
15.9
7.968,456
+ 6.5
L
21,296,992 + 19.9
+ 1.6
i
1
.............................................
11.529.684
+0.2
Jan. 31 Holders of rec. Dec. 15a
3
Boston Revere Beach A Lynn_________
1 Holders of rec. Dec.30a
1% Feb.
I Tot. Southern 1000826924 927.932.794 + 7 .9 9.986.339.919 9.002,022,6861 +10.9 Canada Southern.................... ......... —
1 Holders of rec. Jan.20a
Feb.
2
Central of New Jersey (quar.)........... —
Jan. 16 Holders of rec. Dec.3 la
2
Chicago A Alton, preferred____________
Jan. 16 Holders of rec. Dec.31a
2
Prior lien and participating stock____
* Not Included for month and twelve months; comparison Incomplete.
Cleve. Cln. Chic. A St. L., pref. (quar.)..
1% Jan. 20 Holders of rec. Dec.30a
1 Holders of rec. Dec.31a
Feb.
2
Cuba Railroad, preferred---------------2% Jan. 20 Holders of rec. Jan. 3a
Delaware Lack. A Western (quar.)----W eek ending D ecem ber 31.
8
i»> ' > e 25 to Jan
2%
Denver * Rio Grind , preferred........
Jan. 17 Holders of rec. Jan. 7a
Clearings at —
3
East Pennsylvania.............................
In c. or
2% Jan. 16 Jan. 1 to Jan. 15
Georgia Railroad & Banking (quar.).
D
ec.
1907.
1908.
1909.
1910.
Jan. 14 Holders of rec. Jan. 5
2
75).........................
1 Holders of rec. Jan.12a
1% Feb.
Great Northern (quar.).................
$
$
$
$
%
Jan. 10 Jan. 1 to Jan. 9
1
-----------------------58,235,634
60,098.874
61,544,682
+
6.5
65.575.S39
Jan. 10 Dec. 21 to Jan. 2
St. Louis...........
3%
Harris!).
Portsm.
Mt.
J.
A
Lancaster----20,372,986
20.874.894 —3.6
15,106,275
20,122,128
New Orleans----Jan. 16 Holders of rcG. Dec.19a
2
Hocking Valley, common..................
9,178,942
11.422,653
—6.7
12,398,317
10,657.165
Louisville..........
Jan. 16 Holders of rec. Dec.31a
1
Kansas City Southern, pref. (quar.)........
9,018,569
13,000.000 —0.4
13,509,325
12,952,312
Houston...........
Jan.
28 Holders of rec. Dec.30a
6
4,827.000
6,591,000 Lake Shore A Michigan Southern...........
8,309,000 * 6,097.000 +36.3
Galveston-------1 Holders of rec. Dec.30a
Feb.
Guar, stock (Mich. So. & No. Ind.).. 6
6,519.544 —9.2
5,257.033
5,597,709
5,920,257
Richmond ........
Jan.
14 Holders of rec. Dcc.3ia
5
Lehigh
Valley,
common........................
9.913,054 + 21.2
4,290,888
3,895,703
12,013,065
Atlanta.............
Jan. 14 Holders of rec. Dec.3 la
5
Preferred --------- -----------------------5,268,104
+30.0
4,300.476
4,943,950
6,839,772
Memphis______
$1.25 Jan. 14 Dec. 17 to Jan. 15
5,800.000
+3.0
4,500.000
3,817,998 Little Schuylkill Nav. RR. & Coal-----5.974,000
Feb. 10
Fort Worth____
3% Feb. 10 Jan. 21 to
4,774,572 +33.3
3,239,286
3,971,719 Louisville A Nashville----------------------6,362,346
Savannah _____
1 Holders of rec. Jan.13a
Feb.
$5
Mahoning
Coal
RR..
common...............
3,234,755
3,710.520
—
11.6
3,660.171
3,279,990
Nashville-------Jan. 28 Holders of rec. Dec.30a
3
Michigan
Central....................
..............
1,967.776
2,844.529 + 18.1
2.154,098
3,358,012
Norfolk----------14 Dec. 20 to Jan. 13
2%
1,712,222
1,855,069 Mine Hill A Schuylkill Haven...............
2,146,476 — 2.6
2,089.587
Birmingham----1% Jan. 16 Holders of rec. Dee. 22a
2,300.000 N. Y. Central A Hudson River (quar.)...
+0.3
1,338,986
2,700,446
2,708,209
Augusta----------1
17 Holders of rec- Jan.3 la
Norfolk
&
Western,
pref.
(quar.)-----+ 0.6
1,220,386
1,331,627
1,552,932
1,543,204
14 Holders of rec. Dec.3 la
Little Rock........
§2
1,245,612
1,278,971 Northern Central (No. 92)-------------1,749,329 +37.7
2,409,438
1 Holders of rec. Jan,12a
Jacksonville----Feb.
IH
916,255 Northern Pacific (quar.)....................
1,158.326
1,517.274
1,700,698 — 10.8
10 Dec. 29 to Jan. 10
Chattanooga —
4
Northern
Securities--------------------1,375,000
900,000
1,598,004
1,310,492 + 21.9
Jan. 1 to Jan. 10
10
Jan.
Charleston..........
2%
1,438,942 Philadelphia A Trenton (quar.)..........
1,290,000
1,259,182
+ 8.2
1,362,918
Mobile...............
1% Jan. 25 Holders of rec. Jan. 16a
1,351,595 Pitts. Cln. Ch. & St. L.,com.Apref.(qu.)
1,246,373 + 19.7
1,308,406
1,491,167
1 Holders of rec. Jan.14a
Knoxville-------3
Reading,
common.......
...........
........
1,809,964
+ 0.2
584,500
1,170,265
1,814,412
16 Holders of rec. Dec.3 la
2
Oklahoma_____
536,349 St. Louis Southwestern, preferred----900,000 +344.4
539,379
4,000,000
16 Holders of rec. Dec.31a
Macon......... —
Toledo St. Louis & Western, nref. (quar.) 1
2% Jan. 10 Dec. 21 to Jan. 2
Columbia______
United
N.
J.
RR.
A
Canal
Co.,
gll.
(qu.)
500,000
550,666
770,000 + 94.8
1,600,000
Jan. 20 Holders of rec. Jan.14a
1
Austin________
328,000
352.683
498,129 — 1.6
475,000
2 Holders of rec. Dec. 20a
2% Jan.
Beaumont ____
-----------420,594
617,498
390.092 + 11.6
2 to lan. 14
Jan. 14 Ian
435,471
61
Vicksburg.........
white
Pass
A
Yukon--------------------460,000
400,000
449,262 + 45.6
1 Holders of rec. Dec. 16a
654,149
Feb.
3
Wilmington,N.C.
Wrlghtsvllle A Tennllle, com. A pref----987.491.2351
675,417.932
673.374,007
382.860.500
374,794,873
574,164,917
335,200,561
342,899,564
271,994,832
204,219,664
158.618.952
130,248,529
117,975.166
91,995.248
124,057.072
92,685,985
90,769,607
75.494.722
85,243.835
122,823,588
65,690.681
46,513.475
81,601,551
31.554,379
16.678,814
31.368.351
20.291.684
16,991.212
9,235,833
25,534,371
16,559,500

©ommcrcial anti fKtiBceXlanentts^et»rs

Atch. Top. SantaFe, common(quar.)..
Atlanta &
Point

BeltRR. &StockYards, Indlanap., com..
Preferred

Granite Ry. (No.
GulfAShipIsland

WesternMaryland, preferred(quar.)..
WesternRailwayofAlabama

Columbus, Ga__
Guthrie_______
Valdosta______
Jackson _______
Meridian...........

635,000
293,700

T klooo

+ 53.8

360,000

Total Southern

185,891,419

170,887.997

+ 8.8

147,938,602

............
145,731,137

A uction Sales. — Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.

Stocks.

10 Twisted Wire Box Strap Co,
25 Cosmopolitan Land C o ..51,500 lot
of New York.......... ............. 20
250 Hay Ridge Park Im. Co.SI,600 lo
700 E. Georgia Saw Mill Co _S25 per sh.
B onds.
50 M. A. Udell Spec. Co., com 1
20 M. A. Udell Spec. Co., pfd 181,025 817,000 U. S. A Porto Rico Nav.
Co. 1st 5s. 1921, M. A S . -.9 1 % & lnt.
4,102 The Udell Mfg. Co., com., | lot
$30,000 Highland Paper Mills Co. 5s
$25 each........................J
1920, M. A N., Nov. 1910 coup­
25 National Surety Co................ 191
ons attached..........................$5,000 lot
10 New York Trust Co.............. 600




Street and Electric Railways.
Auburn A Syracuse El. RR., pref. (qu.)
Aurora Elgin A Chic. RR., com. (quar.)
Preferred (quar.)...........................
BostonElevatedRy...........................
Boston A Northern Street Ry., pref----Boston Suburban El. Cos., pref. (quar.)..
Brazil Railway, preferred (quar.)----BrooklynCityRR. (quar.)__________
Consolidated Traction of New Jersey.
Denver A Northwestern Ry. (quar.)___
El Paso Co.. Electric pref. (No. 17)____
Ft. Smith Light A Trae., pref. (quar.).
GaryA InlerurbanRy. (quar.)...............
Manchester (N. II.) Trac., L. A P. (qu.)
Milw. Elec. Ry. A Lt., pf. (qu.) (No. 44)
New Orleans City RR., common__
Preferred ......................................
New Orleans Railway A Light, pref..
Norfolk A Portsmouth Trac., pref. (No.l)
North western Elev. RR., Chic. pref. (qu.)
Old Colony Street Ry., pref.............
Ottumwa Rv. A Light , nref. (tuiar.)

1%
%
1%
3
$3
$1
t%
2
2
2
3
i%
1
2
i%
1
2 Yi
2%
1%
1
$3
1M

Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.

Jan.
Jan.
Jan.
Jan.
Jan.
|Jan.
[Feb.
(f »n,

16 Holders of rec.
10 Holders of rec.
10 Holders of rec.
15 Feb. 5 to
l Holders of rec.
16 Holders of rec.
5 Jan. 1 to
16 Jan. 4 to
15 Jan. 1 to
10 Holders of rec.
0 Holders of rec.
15 Holders of rec.
16 Jan. 1 to
16 Holders of rec.
31 1loldcrs of rec.
10 Jan. 1 to
16 Jan. 1 to
It Jan. 1 to
1C Dec. 29 to
18 Jan. 8 to
1|Holders of rec
1 1Mnlcion* of roo

Dec.31a
Dec. 23d
Dec.23d
Feb. 15
Jan. 14
Jan.3da
Jan. 5
Jan. 10
Jan. 14
Jan. la
Dec.29a
Dec. 31
Jan. 9
Jan. 2a
Jan.20a
Jan. 9
Jan. 9
Jan 15
Jan. 9
Jan. 18
Jan. 11
M"P. u

THE CHRONICLE

J an. 7 1911.]
NameofCompany.

When
Per
Cent. Payable.

Pacific Coast Power, common(No. 6 ).
Common(extra)................................
Preferred (No. 1)..........- ...............

2 X Jan.
14 Jan.
Jan.
3
$3.75 Jan.
Philadelphia City Passenger Ry.........
1)4 Feb.
Feb.
2
Feb.
Preferred (No. 12)..........- ................. . 3 Feb.
Rio de Janeiro Tram., L. A P. (guar.).. 114 Jan.
SeattleElectricCo., com.(guar.) (No. 9)-. 1IX
Jan.
UnitonTractionof Indiana, common---- 11-5 Jan.
Wheeling Traction__________________
Trust Companies.
Union (quar.)............. - ..............- .......... 1214 Jan.
Miscellaneous.
Jan.
Alliance Realty (quar.)-............ ............ 2
Amer. Gas & Elec., pref. (quar.).........
114 Feb.
American Glue, preferred.....................
4
Feb.
Amcr. Light A Trac., com. (quar.)......... 2 Feb.
Common(payableincommonstock)___ 214stk Feb.
Preferred(quar.)_____ ;_____________ 114 Feb.
American Locomotive, preferred (ouar.).
1X Jan.
American Seeding Machine, common___
X Jan.
Preferred (quar.)...............................
IX Jan.
IX Jan.
1 Jan.
Jan.
Amer. Telep. A Teleg. (quar.).
2
Jan.
American Type Founders, com
1
Preferred (quar.).................
IX Jan.
IX Jan.
50c. Jan.
IX Jan.
1X Jan.
First preferred (extra)............
X Jan.
Second preferred (quar.)_____
IX Jan.
Second preferred (extra).........
X Jan.
Jan.
Hell Telephone of Canada (quar.).
2
IX Jan.
IX Jan.
Extra........... ........ .............................
Jan.
1
Central Coal A Coke, common (quar.)...
IX Jan.
Preferred (quar.)............................... .
IX Jan.
Central & S. A. Telegraph (quar.)_____
IX Jan.
Chicago Pneumatic Tool (quar.).........
1 Jan.
Claflln (II. H.), common (quar.)____ ... 2 Jan.
CommonwealthCanA Elec. Cos. (quar.). IX Jan.
Jan.
ConsolidatedIcc, Pittsburgh, pref. (quar.). IX
Jan.
Corn Products Refining, pref. (quar.)...
1
Delaware Lack. A Western Coal (quar.;
2X Jan.
Detroit Edison (ouar.).............. ............
IX Jan.
Distillers' Securities Corp. (qu.)(No. 33!
X Jan.
Jan.
Distilling Co. of Amer., pref. (quar.)___
1
IX fan.
Feb,
IX Jan.
Elec. Utilities Corp., prof, (qu.) (No. 3).
IX
Jan.
General Electric (quar.).... .....................
2
Coldfield Consolidated Mines (quar.)___ 30c. Jan.
Extra ................................ .............. 20c. Jan.
Illinois Brick (quar.)........... .................. 2 Jan.
Feb.
1
Jan.
1
Internat. Harvester, com. (qu.) (No. 4).
Ian.
l
International Nickel (quar.).................
Mch.
1
Common, extra (quar.)_____ ______
X Mch.
Preferred (quar.)________ ____ ____
IX Feb.
International Paper, preferred (quar.).
X Jan.
Feb.
ix Jan.
2
1
Feb.
IX Jan.
Jlcxlcan Telegraph (quar.)..................
2X Jan.
'Jenlgun state 'telephone pref. (ouar.)
IX Feb.
Inneap. Gen. Elec., com. (qu.) (No. 11
Feb.
ix Feb.
Preferred (No. 24)________________
3
Jan.
tonongahela ltlv. Cons. Coal & Coke, pf SI
National Biscuit, com. (quar.) (No 49)
ix Jan.
•National Carbon, common (quar.).........
Jan.
ix
Jan.
National Flreproollng, pref. (quar.)___
I
National Licorice, common(No. 17)____ 2X Jan.
New York Air Brake (quar.)____
Jan.
ix
New York Mutual Gas Light........
4
Jan.
Niagara, Falls Power (No. 4)____
Tan.
2
Jan.
Nlplsslng Mines (quar.).................
5
Extra..................................................
2 X Jan.
Nothcrn States Power, pref. (quar.)___
IX Jan.
Nova Scotia Steel A Coal, com. (quar.)..
ix Jan.
Jan.
Preferred (quar.)............................. __
Oklahoma Gas A Elec., pref. (quar.)___
IX Jan.
Jan.
Osceola Consolidated Mining................
S4
Otis Elevator, preferred (quar.)..........
ix Jan.
Jan,
PacificCoast Poirrr, common(No. 6)__ 2X
Preferred (No. 1)..... ........................ 3 Tan.
Paclllc Tcleph. A Teleg., pref. (quar.)..
IX Jan.
Pay-as-You-Enter Car Corp., pref. (qu.).
IX Jan.
Pittsburgh Coal, pref. (quar.)................
ix Jan.
Procter & Gamble, pref. (quar.)........... . 2
Jan.
Quaker Oats, com. (quar.)______
Jan.
2
Common (extra).........................
X Jan.
Feb.
Preferred (quar.)......................
ix Jan.
Realty Associates (No. 10) -----3
Reece Buttonhole Mach, (qu.) (No. 99) 2
Jan.
RhodeIsi. PerkinsHorseshoe, pref. (quar.) \ Jan.
San Diego Cons. Gas &El., pref. (quar.) IX Jan.
Securities Company............................. .
2X Jan.
1 Jan.
Shawlnlgan Water APower (quar.)........
Jan.
Shelby Iron .................- ..........................
SouthernNewEnglandTelephone (quar.). 62X Ja.n
StandardUndergroundCable (quar.)........ 3 Ian.
Extra ................................................ 3 Jan.
Spceiil __________ __________ 1____ 5 Jan.
Tennessee Copper________ ___________ SI.50 Jan.
1
Jan.
Union Bag A Paper, pref. (qu.) (No. 47).
Jan.
Union Switch & Signal, com. <Sspf. (qu.)_ 3
Com. & pf. (special) payable In com.stk 60e Jan.
UnitedCigar Mfrs., common(quar.)------ IX Feb.
United Cigar Stores, Corp. of (qu.) (No. 6) IX Jan.
Extra ......... .....................................
X Jan.
2
Jan.
United Fruit (quar.) (No. 46)................
United Gas A Elec, of New Jersey, pref.. 2X' Jan.
Jan.
United Gas Improvement (quar.)......... . 2
UnitedLight ARailways, first preferred.. IX Doc.
Second preferred................ ............. .
X Dec.
Jan.
U. S. Light &Heating, preferred____
U. S. Rubber, first pref. (quar.)............... 2■.ix Jan.
Secondpreferred(quar.) ........................ IX Jan.
Jan.
U. S. Smelt., ltefg. A Mining, com. (qu.) 1
Preferred (quar.)........................... .....
IX Jan.
Jan.
Va.-Carolina Cliem., pref. (qu.) (No. 01) 2
Vulcan Detinnlng, pref. (quar.).............
IX Jan.
Jan.
Wells, Fargo &Co.................................
5
Western Union Telegraph (qu.) (No. 167)
X Ian.
Westlnghouse Air Brake (quar.).............
2X Jan.
Ian.
Extra ................................................
ix
Special ......................... .....................
1
Jan.
Westlnghouse El. & Mfg., pref. (quar,)..
Jan.
ix
Preferred ...........................................
Jan.
White (./. <}.) ,6 Co.. Inc., pref. (quar.).. 2Xt
ix Feb.

Books Closed.
Days Inclusive.

16 Holders of rec.
16 Holders of rec.
16 Holders of rec.
10 Dec. 28 to
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
16 Holders of rec.
10 Jan. 5 to
16 Holders of rec.

Jan. 6a
Jan. 6a
Jan. 6a
Jan. 10
Jan. 3a
Jan. 14
Jan. 14
Jan. 14
Jan. 6a
Jan. 10
Dec.24a

10 Jan.

Jan.

6

to

9

16 Holders of rec. Jan. 5
1 Jan. 22 to Feb. 1
1 Jan. 20 to Feb. 2
1 Jan. 15 to Jan. 31
1 Jan. 15 to Jan. 31
1 Jan. 15 to Jan. 31
21 Jan. 5 to Jan. 23
15 Holders of rcc. Dec.31a
15 Holders of rec. Dec.3 la
16 Jan. 4 to Jan. 16
16 Dec. 16 to Jan. 5
16 Holders of rec. Dcc.3la
16 Holders of rec. Jan. 10a
16 Holders of rec. Jan. 10a
16 Dec. 22 to Jan. 4
18 Holders of ric. Jan. 7a
15 Holders of rec. Dec. 31
16 Holders of rec. Jan. 7a
16 Holders of rec. Jan. 7a
16 Holders of rcc. Jan. 7a
16 Holders of rcc. Jan. 7a
14 Holders of rec. Dec.23a
16 Jan. 6 to Jan. 16
11) Jan. 1 to Jan. 9
10 Jan. 1 to Jan. 9
14 Jan. 1 to Jan. 15
14 Jan. 1 to Jan. 15
9 Holders of rcc. Dec.3la
Jan. 15 to Jan. 25
16 Holders of rec. Jan. 13
16 Holders of rec. Jan. 2
20 Jan. 10 to Jan. 20
10 Holders of rcc. Dec.31a
10 Holders of rec. Dec.31a
16 Holders of rec. Jan. 3a
31 Holders of rec. Jan. 10a
30 Ifolders of rec. Jan. 10a
25 Jan. 15 to Jan. 25
i Holders of rec. Jan.31a
16 Holders of rec. Dec.31a
14 Holders of rec. Dec. 3a
31 Holders of rec. Dec.31a
31 Holders of rec. Dec.31a
14 Jan. 5 to Jan. 15
1 Holders of rec. Jan. 20
16 Holders of rec. Jan. 5
14 Holders of rec. I)cc.24'j
1 Feb. 10 to Mch. 1
1 Feb. 10 to Mch. 1
1 Jan. 13 to Feb. 1
16 Holders of rec. Jan. 5a
1 Holders of rec. Jan. 20
20 Jan. 1 to Jan. 17
1 Holders of rcc. Jan.18a
16 Holders of rec. Dec.3 la
16 Holders of rec. Dec.3 la
1 Jan. 15 to Feb. 1
1 Holders of rec. Jan. 18a
1 Holders of rec. Jan. 18a
25 Jan. 13 to Jan, 24
14 Holders of rcc. Dec.28a
14 Jan. 5 to Jan. 15
16 Holders of rcc. Jan. 1
6 Holders of rec. Jan. 3
27 Holders of rec. Jan. 5a
10 Holders of rcc. Dec. 28
Hi Holders of rec. Jan. 2a
20 Jan. 1 to Jan. 17
20 Jan. 1 to Jan. 17
15 Holders of rec. Dec. 31
14 Jan. 1 to Jan. 15
14 Jan. 1 to Jan. 15
15 Holders of rcc. Dec. 31
26 Holders of rec. Dcc.Sla
16 Holders of rec. Dec. 31
16 Holders of rec. Jan. 6a
16 Holders of rcc. Jan. 6a
15 Jan. 1 to Jan. 15
14 Holders of rec. Dec. 31
25 Holders of rcc. Jan. 14
14 Holders of rec. Dec. 31
16 Holders of rec. Jan. 3a
16 Holders of rcc. Jan. 3a
28 Holders of rec. Feb. la
14 Holders of rec. Jan. 5
16 Holders of rcc. Jan. 5
14 Holders of rcc. Jan. 3
15 Holders of rcc. Dec. 31
14 Jan. 1 to Jan. 15
20 Holders of rec. Jan, 7
10 Dec. 28 to Jan. 10
11 fan. 1 to Jan. 15
11 Holders of roc. Jan. 5
11 Holders of rec. Jan. 5
11 Holders of rec. Jan. 5
26 Holders of rec. Jan.10a
16 Holders of rec. Dec.31a
10 Dee. 31 to Jan. 10
10 Dec. 31 to Jan. 10
1 Holders of rec. Jan. 26
16 Jan. 4 to Jan. 16
16 Jan. 4 to Jan. 16
14 Holders of rcc. Dec. 24
14 Jan. 1 to Jan. 13
14 Holders of rec. Dee. 31
31 Doc. 22 to Jan. 2
31 Doc. 22 to Jan. 2
16 Holders of rcc. Dec.31a
31 Holders of roc. Jan. 16a
31 Holders of rec. Jan. 16a
16 Holders of rec. Dec. 31
16 Holders of rec. Dec. 31
16 Jan. 1 to Jan. 15
20 Holders of rcc. Jan. 10a
16 Jan. 0 to Jan. 16
16 Holders of rec. Dec.20a
10 Dec. 31 to Jan. 10
10 Dec. 31 to Jan. 10
10 Dec. 31 to Jan. 10
16 Jan. 7 to Jan, 16
16 Jan. 7 to Jan. 16
1 Holders of rec. Jan. 20

a Transfer books not closed, ft Less Income tax. ((Correction, cPayable In
common stock to holders of record Dec. 31 1910. /O n account of accumulated
dividends.




43

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 Dec. 31.
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.

Banks.
00s om
itted.

We omit two ciphers (00) in all cases.
ans. Specie. Legals. Deposits. ReCapital. Surplus. ALvoera
ge. Average. Average. Average. s've.
S
S
s
$
%
S
$
2,000,0 3,624,1

Bank of N. Y._
20,007,0 3,577,0
932,0 17,636,0 25.5
Manhattan Co. 2,050,0 4,362,2 31,300,0 7,012,0 1,833,0 35,000,0 25.2
Merchants’ ___
2,000,0 1,832,1 18,128,0 3.371,0 1,231,0 17,840,0 25.7
Mech. & Metals 6,000,0 8,049,5 49,858,8 9,611,3 1,357,0 45,838,2 23.8
America_____
1,500,0 6,006,3 23,401,6 4,430,5 1,781,9 23,132,6 26.8
Phenlx______
1,000,0
759.6
7,934,0 2,414,0
270,0
7,908,0 34.3
City ........... . 25,000,0 31,588,3 172.700,0 33,647.3 5,014,0 156,174,8 24.7
Chemical ____
3,000,0 6,577,7 28,353,2 5,007,2 1,772,9 25,966,0 26.2
602,6
Merchants’ Ex.
600,0
7,006,6 1,485,2
223,1
7,042,7 24.2
Gallatin______
1,000,0 2,517,2
8,481,3 1,093,4
6,510,6 24.8
526,0
162,0
Butch. A Drov
300,0
2,470,7
593,8
74,9
2,622,7 25.5
Greenwich----845,4
500,0
7,762,9 1,897,9
230,0
8,630,8 24.6
American Exch. 5,000,0 4,252,9 33,350,8 0,296,3 2.125,4 31,942,4 26,5
Commerce____ 25,000,0 16,601,4 139,733,3 21,196,7 8,796,1 114.865.4 26.2
3,000,0 2,723,8 13,999,5 1,639,7
Mercantile___
99S.2 10,358.7 25.4
Pacific ______
500,0
3,484,0
369,1
927,8
483,8
2,981,6 28.6
8,231,1 1,032,4 1,206,8
450,0 1,012,4
Chatham........
8.659,3 25.8
People’s .........
200,0
500,1
147,0
480,3
1,649,5
2,240,2 31.5
Hanover.........
3,000,0 12,069,9 63,978,6 11,655,0 6,659,7 71 218.4 25.7
Citizens’ Cent..
2,550,0 1,713,2 21,816,2 5.149,2
224.5 20,944,2 25.8
Nassau...........
500,0
445,4 1,505,4
7,792,2 28.0
546,0
7,030,0
Market & Fult’n 1,000,0 1,749,1
907,7
8,216,2 25.5
8,511,7 1,189,4
Metropolitan _. 2,000,0 1,518,8 11,375,1 2,804,9
253,6 11,699,9 26.1
Corn Exchange. 3,000,0 5,429,2 40,828,0 7,093,0 4,505,0 47,056,0 24.6
Imp. & Traders’ 1,500,0 7,675,1 25,545,0 3,927,0 1,805,0 22,655,0 25.3
P ark________
5,000,0 12,550,1 70,954,0 18,958,0 1,372,0 78,684,0 25.8
East River___
250,0
1,455,5
1,705,5 30.3
354,7
103,0
111,9
Eourth ...........
5,000,0 5,635,0 29,320,0 4,608,0 2,400,0 28,422,0 24.6
Second______
1,000,0 2,116,1 12,631,0 2,833,0
188,0 11,952,0 25.2
First ............... 10,000,0 20,913,1 99,558,9 21,409,0 1,742,0 87,974,6 26.3
Irvlng-Kxch__
2,000,0 1,741,1 22,725.2 4,695,1 1,069,3 23,272,1 24.7
Bowery .........
3,388,0
819,0
3,527.0 24.8
58,0
250,0
802,7
645,0
7,576,6 26.0
N Y. County..
7,613,0 1,289,7
500,0 1,726,0
3,744,8 27.0
791,3
220,7
German-Amer .
711,2
3,933,7
750,0
Chase............... 5,000,0 8,108,3 74,146,9 14,678,3 5,977,0 79,733,2 25.9
Fifth Avenue..
100,0 2,170,6 12,135,2 2,364,1 1,161,8 13,461,4 26.1
470,6
530.2
3,010,0
4,000,8 25.0
German Exch. .
200,0
901,3
5,678.4 24.0
5,002,1
858,9
508,0
200,0 1,023,4
Germania........
Lincoln _____
1,000,0 1,563,1 14,627,3 3,192,1 1,000,3 15,762,1 26.5
8,590,0 29.0
522,9
8,222,1 1.972,0
1,000,0 1,208,7
Garfield .........
023,0
284,9
3,552,8 25.5
3,359,8
250,0
610,4
Fifth________
Metropolis___
1,000,0 2,088,4 12,040,7 1,356,6 1,842,8 12,246,8 26.1
4,502,0 25.7
4,071,0
927,0
234,0
200,0 1,051,5
West Bide____
Seaboard_____
1,000,0 1,977,2 21,083,0 4,942,0 1,554,0 24,578,0 26.4
1.000,0 2,719,9 17,044,7 3,674,9
693,5 17,130,6 25.4
Liberty...........
187,6
735,6
9,217,5 24.7
N. Y. Prod. Ex. 1,000,0
7,838,8 2,095,6
893,2 15,415,0 4,606,0
328.0 19,167,0 25.7
State ________
1,000,0
311,2
6,033.9 1,085,5
6,898.7 26.8
14th Street___
1,000,0
765,7
408,9
5,852,0
782,0
736,0
5,933,0 25.5
Coal A Iron___
1,000,0
9,271,0 24.8
Union Exch__
860,0
1,000,0
970,7
9,295,7 1.444,5
Totals, average 133,350,0 196,577,1 1234,194,4 238,330,3 69,908.9 1201,586,4 25.6
1238,174,6 236,711,5 71,075,8 1206,406,3 25.5
Actual figures Dec. 31..
On the basis of averages, circulation amounted to $47,728,300 and United States
deposits (Included In deposits) to $1,600,800: actual figures December 31, circula­
tion, S47.680.800: United States deposits. SI.676.800.

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, hut the figures are compiled so as to
distinguish between the results for New YorkCity (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended Dec. 31.

SlateBanks TrustinCos. StaleBanks TrustCos.
outsideof outside
in
GreaterN. Y. GreaterN. Y. GreaterN. Y. GreaterN. Y
*9,075,000

Capital as of Nov. 10___

25,275.000

65,406,000

*8,998,000

Surplus as of Nov. 10___

39,391,800

174,583,300

*10,891,650

*9,817,991

285.766,300 1,022,156,700
—4.706,800 + 6,118,800

94,543,600
—597,600

143,100,900
+53,800

Loans and Investments..
Change from last week.
Specie ...........................
Change from last week.

45,944,000
+ 121,400

l i t ,616.000
+ 1,094,700

Legal-tenders A bk. notes
Change from last week.

24,945,400
+ 290,500

12,830,700
—223,600

Deposits ........................
Change from last week.

326,915,500 1,048,255,600
—5,087,900 + 6,661,500

98,894,900
—1,081,300

149,543,300
+ 516,500

Reserve on deposits____
Change from last week.

91,545,000
—1,191,900

129,950,800
+ 892,000

19,876,200
—270,100

21,157,000
+ 165,500

P. C. reserve to deposits.
Percentage last week..

28.6%
28.5%

15.5%
15.5%

20.8%
21.1%

14.8%
15.1%

+ Increase over last week. — Decrease from last week. * As of Aug. 31.
Hole.—"Surplus” Includes all undivided profits. "Reserve on deposits” in­
cludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State arc required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre­
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
TrustCos.— —SlateBanks—

ReserveRequiredfor Trust Companies
andSlate Banks.
Location—

Total Of Total
Of
Reserve which Reserve w hich
mired inCash.Required. inCash.
.15%
.15%
15%
.15%
15%
10%

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

25%
20%
15%
20%
15%
15%

15%
10%
7H%
20%
15%
0%

THE CHRONICLE

44

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

Boston and Philadelphia B a n k s. — Below is a summary of
The Banking Department also undertakes to present
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 n ot i n the C le a r in g and Philadelphia.
Weomit twociphers (00) inall thesefigures
H ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
Capital
Circu­ Clearings.
House banks. In addition, we have combined each corre­ Banks.
and Loans. Specie. Legals. Deposits, a la
tion.
S
urplus.
sponding item in the two statements, thus affording an
$
$
$
$
S
$
$
aggregate for the whole of the banks and trust companies in Dec. 10-. 40,200.0 199,846.0 22,056,0 3,810,0 237,157.0 7,993.0
162,071,0
239.530,0 7,777,0 161,021,8
Dec.
17..
3,635,0
40,200.0
22,353,0
200,128,0
the Greater New York.
Dec. 24.. 40,200,0 201,022,0 21,994,0 3.359.0 238,996,0 7,786,0 158,674,5
NEW YORK CITY BANKS AND TRUST COMPANIES.

tate Banks & Total of all
Clear.-House Clear.-House ST
rustCos. not Banks&Trust
Banks.
Banks.
Week ended Dec. 31. Actu
alFigurcs Average. inC.-H. Aver. Cos. Average.
Capital as ol Nov. 10

133,350.000

133,350,000

74,731,000

208,081,000

Surplus as of Nov. 10..

190,577,100

196,577,100

183,170,000

379.747,100

Loans and Investments 1,238.174,600 1,234,194,400 1,107,623,500 2.341.817,900
+ 1,219,100 + 11,670,300
Change from last week + 13.993,800 + 10.451,200
Deposits.................... 1,206.406,300 1,201,586,400 al,054,977,600 2,256,564,000
—84,000 + 12,435,800
Change from last week + 17,066,400 + 12,519,800
Specie........................
Change from last week

236,711,500
—2,490,400

238,330,300
—1,164,700

117,587,200
+ 452,900

355,917,500
—711,800

Legal-tenders.............
Change from last week

71,075,800
+3,047,000

69,908,900
+ 2,069,300

621,129,600
—288,300

91,038,500
+ 1,781,000

Aggr’te money holdings
Change from last week

307,787,300
+ 556,600

308,239,200
+ 904,600

Cl38.716.800
+ 164,600

446,956,000
+ 1,069,200

307,787,300
+ 556,600

Percentage to deposits
requiring reserve----Percentage last week.

25.54 %
25.86%

308,239,200
+ 904,600

133*787.2

15,743,0
15,739.0
15,760,0
15,789,0

146,165,5
147,914,8
143,912,0
134,574,7

55.465,0
55.465.0
55,465,0
55,465,0

253,075.0
253.030,0
252,716,0
251.826,0

300,158.0
299,712,0
299,615,0
306,529,0

68.372,0
67,212,0
67,215,0
70,897,0

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $3,033,000 on December 31, against $3,074,000
on December 24.
Im p o rts and E xp orts for the W e e k . — The following are
the imports at New York for the week ending Dec. 31: also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.

For week.

1910.

Dry goods.......... ...............
General merchandise______

1909.

$3,514,220
14,790,851

1908.

$3,345,951
11,667,840

1907.

S3,710.104
11.657.492

S3,591.357
9,081,842

Total.... ..........................
515,013,791 $15,367,596 $12,673,199
SinceJanuary 1.
Dry goods.......................... $159,500,892 $170,509,631 S1S0,073,897 $185,173,366
General merchandise.......... 750,257,908 716,710,153 518,319,176 648.274.617

160,538,600
—1,269,100

Total 52 weeks................. $909,758,800 $887,219,784 $648,393,073 $833,447,983
1

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 31 and from Jan. I to date:

17.0%
17.1%

25.68%
25.88%
7,842,600

0,185,725

Surplus reserve...........

40,200.0 202,615,0 23,035,0 3,676,0 243,419,0 7,816,0

21,821.800
—1,433,700

Money on deposit with
other bks. & trust cos.
Change from last week
Total reserve............
Change from last week

Dec 31..
Phila.
Dec. 10..
Dec. 17. .
Dec. 24..
Dec. 31....

+ Increase over last week. — Decrease from last week.
aThese are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies In New York City;” with this Item Included,
deposits amounted to *1,153,178,200, a decrease of $124,100 from last week. In
the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual-figures. 6 Includes bank notes, c Of this amount State banks held
$14,270,100 and trust companies $124,446,700'

EXPORTS FROM NEW YORK.
1910.

1908.

1909.

1907.

For the week ................. .. $14,429,506 $11,027,838 SO,054,628 $10,451,853
Previously reported............. 676,818,121 619,355,150 627,542.57$ 641,477,379
Total 52 weeks_________ $691,247,627 $630,382,988 $636,597,206 $651 929,232

The averages of the New York Clearing-House banks
with those for the State banks and trust companies
The following table shows the exports and imports o:
in Greater New York outside of the Clearing-House compare
specie at the port of New York for the week ending Dec. 3
as follows for a series of weeks past:
and since Jan. 1 1910 and for the corresponding periods
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
1909 and 1908:
Weomit twociphers inall thesefigures.

c o m b in ed

-----------r—

Week Loans and
Ended. Investments. Deposits.
Oct.
Nov.
Nov.
Nov.
Nov.
Dcc.
Dec.
Dec.
Dec.
Dec.

29..
5 ..
12..
19-26..
3 ..
10..
17..
24..
31..

$
2.358.583.6
2.361.563.2
2.340.467.7
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

$
2.273.641.0
2.271.515.7
2.248.637.7
2.227.664.7
2.232.760.3
2,245,922,5
2.246.876.1
2.237.094.3
2.244.128.2
2,256,564,0

Specie.

Tot. Money EntireRes.
LegcUs. Holdings. onDeposit.

$
361.544.7
357.466.7
355.905.1
363.380.5
365.901.8
361.995.1
353.478.3
352,408,7
356.629.3
355.917.5

S
89.325.5
88.230.4
87.892.2
88,339,0
89.829.6
89,282.8
88.161.3
89.306.6
89.257.5
91.038.5

S
453.870.2
445,697,1
443.797.3
451.719.5
455.731.4
451,277,9
441.639.6
441.715,3
445,886,8
446,956,0

S
477.425.5
470,422,9
467.943.4
474.847.4
478.744.6
475.117.2
465.636.4
465.650.6
469.142.3
468,777,8

R eports of Clearing N on -M em ber B a n k s . — The

following
is the statement of condition of the clearing non-member
banks for the week ending December 31, based on average
daily results:

Banks.

Weomittwociphers(00) inallthesefigures.
Legal Deposit with
Loans,
Tender
Disc'ts
ur­ and Specie. and Clear­ Other Net
Capi­ pSlu
Bank ing Banks,
s. Invest­
tal.
ments.
Notes. Agent. &c. Deposits.

N. Y. City

Boroughs of
Man.A:Brx.

%

S
274,3
155,6
391,4
775.8
172,5
537,5
313,9
379,5
462,0
110,6
482,0
259,8
164,0
315,7

S
1,202,0
1,371,6
5,629,4
6,608,0
1,005,5
3,068,1
2,567,8
3,153,0
4,260,0
1,834,6
4,068,3
2,433,0
1,651,9
2,022,1

$
143,0
31,3
771,8
644,0
80,3
173,1
437,8
26,9
332,0
183,1
67,2
242,0
128,1
434,7

$
63,0
176,2
488.4
593,0
97,1
325,4
53,7
546,8
429,0
68,0
714,5
81,0
51,0
33,0

118,0
72,1
723,7
745,0
118,0
337,1
357,5
449,8
398,0
177,7
203,7
267.0
45,5
144,8

Broadway . 200,0
534,2
Mfrs.’ Nat. 252,0
838,4
Mechanics'.. 1,000,0
882.0
Nassau Nat 750,0 1,018,1
Nat. City.. 300,0
614,9
North Side. 200,0
149,5
First Nat.. 300,0
623,9
Jersey City.
F’lrst Nat.. 400,0 1 264,0
763,1
Hud.Co.Nat 250,0
400.9
Third Nat. . 200,0
Hoboken.
626,0
First Nat.. 220,0
267,1
Second Nat. 125,0

3,271,5
5,452,7
11.273,4
6,893,0
3,754,0
2,072.9
3,460,0

55,1 464,9
514,3 196,3
352,3 1,291,5
581,0 307,0
95,0 533,0
139.4 113,6
321,0
71,0

348,3
735,4
1,353,9
1,101.0
577,0
191,7
445,0

Wash. Hgts
Century . . .
Fidelity . . .
Mutual___

23rd Ward.
Yorkville _.
New Ncth’d
Batt.Pk.Nat
Aetna Nat.

Boroughof
Brooklyn.

S
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

5,245,9
3,093,3
2,212,1

316.3
147.5
48,2

3,057,3
2,770,0

132,8
85,4

$
18,0
137,7
234,8
64,0
___
730,5
86,2
___
___

$
1,168,0
1,444,4
7.147,8
7,512,0
1,040,9
3,960,6
3,254,9
3,776,7
4,803,0
1,964,5
261,4 5,132.6
24,0 2.621,0
1.257,1
20,3 1,934,3
193,7
130.0
216.5
___
188,0
88,2
38,0

144.0 7,080,1
113,1 2,693,3
24,9 2,340,8

143,2
114,3

87,7 2,697,7
243,1 3,068,7

Tot. Dec. 31 7,497,0 12,777,0 93,431,4 6.483,6 7.102,0 12,160,7 3,044,1 106066,7
Tot. Dec. 24 7,497,0 12,777.0 93,271,9 6,585,2 7,057,6 14,158,2 3,040,8 107862,6
Tot. Dec. 17 7,497,0 12,777,0 93,219,3 6,693,6 7,064.5 14,858,5 3,061,1 108534.5




EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Exports.
Imports.
Week. SinceJan.\. Week. SinceJan.l
Great Britain......................
France ...............................
Germany ...........................
West Indies................ ........
Mexico ..............._..............
South America..................All other countries...............
Total 1910........................
Total 1909.......................
Total 1908........................
Silver.
Great Britain......................
France .............. — ...........
Germany ........... - ..............
West Indies..........................
Mexico -------------------------South America....................
All other countries...............
Total 1910........................
Total 1909........................
Total 1908......................-

4,455
3,587,227
3,000
9,833,766
41,900

$24,333 S13,494,148
1,749 3,620,642
314
540.748 1,654,540
5,132
304,252
145,841 2,408,642
114,460 1,835,305

$175,900 $45,620,848
260,200 95,299,867
31,250 54,936,620

$832,263 $23,317,843
198,659 9,094,719
77,612 20,305,868

$500 $32,150,500
35,400
140,000

$1,300,976 $40,558,874
54,000 2,315,700
720,456
138,412
63,470

S5
3,076
64,171
11,068
51,852

92,825
16,381
$1,418,446 $43,872,648
743,525 43.924,748
723,796 42.830,058

$42,836
7,184
16,386
83,515
1,827.572
1,352,146
1,680,513

$130,172 $5,010,152
206,959 5,535,495
90,761 6,928,274

Of the above imports for the week in 1910, $146,978were
American gold coin and 82,760 American silver coin. Of
the exports fluring the same time, 8175,900 were American
gold coin and 859,000 were American silver coin.

Saul;iiui and ffinancial.

3,733,6
5,867.1
14,392,1
6,881,0
4,780,0
2,356.5
3,158.0

431,4 2,374,7
270,5
49,5
344,8
119,0
27,2
77,5

.

WHITE,

WELD

&

CO.

Members New York Stock Exchange.
6 NASSAU STREET.
NEW YORK

THE RO O K ERY.
CHICAGO

45

THE CHRONICLE

JAN. 7 1911.]
iB a u l c e r s '

(S a z e tte .

W a l l S t r e e t , F r i d a y N i g h t , J a n . 6 1911.
The Money Market and Financial Situation.— Except for
an investment demand for bonds, which has increased day
by day and which absorbed this class of securities to the ex­
tent of nearly $4,000,000, par value, on at least two days of
the week, business at the Stock Exchange has been dull and
uninteresting. There is practically no outside demand for
railway shares, and this neglect on the part of capitalists
and investors is perfectly logical under existing conditions.
These conditions, as is well known, have greatly reduced the
net earnings of practically every railroad in the country until
the matter of future dividends is becoming a more and more
interesting one. Nearly all the traffic reports given out this
week make an unfavorable showing and net results are enor­
mously decreased. This state of affairs must, apparently,
continue until the railroads find some way to offset their
largely increased operating expenses. Among other inci­
dents of the week which attracted attention was the report
of a greatly reduced pig-iron output for December, a sharp
advance in the price of wheat on the Chicago Board of Trade
and what appears to be an effort to artificially hold up the
price of cotton in this market.
The money markets at home and abroad are undergoing
the process of year-end settlements, and are therefore in a
more or less abnormal condition. The Bank of England re­
ports a percentage of reserve amounting to fractionally less
than 3G, and the Bank of France shows a largely increased
outstanding note account, with a reduced amount of gold re­
serve. All these matters will, of course, speedily right them­
selves. The local money market has been much less dis­
turbed than usual at this season. The maximum call loan
. rate has been 6%, which compares with 7% last week and
12% a year ago. The highest rate to-day was 4%%.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 to 6%. To-day’s rates on call were 2%@4%%.
Commercial paper quoted at 4@4%% tor (10 to 90-day en­
dorsements, 4@4%% tor prime 4 to 6 months’ single names
and 4%@5% tor good single names.
The Bank of England weekly statement on Thursday
1Showed ah increase of bullion of £584,800 and the percentage
of reserve to liabilities was 35.40, against 37.80 last week.
The rate of discount remains unchanged at 4%%, as fixed
<Dee. 1. The Bank of France shows a decrease of 25,700,000
francs gold and 4,400,000 francs silver.

The following are.the quotations for domestic exchange
at the under-mentioned cities at the close of the week:
Chicago, 10c. per $1,000 premium. Boston, par. New
Orleans, commercial, 25c. per $1,000 discount; bank, $1 per
$1,000 premium. St. Paul, 70c. per $1,000 premium.
Savannah, buying, 3-lGc. per $1,000 discount; selling, par.
St. Louis, 15c. per $1,000 premium. Charleston, buying,
par; selling, l-10c. per $1,000 premium. San Francisco, 80c.
per $1,000 premium. Montreal, 46%c. per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $1,000 New York State 4s at 104%.
The market for railway and industrial bonds has, as noted
above, been increasingly active, the transactions to-day
amounting to nearly $4,000,000, par value, the largest
amount in one day for many months, and throughout the
week the business has been broadly distributed.
The tendency of prices has been upward, but in most cases
the actual advance is fractional and in at least 5 cases the
change is to a lower level. American Tobacco 4s, Bethlehem
Steel 5s, Denver & Rio Grande 1st & ref. 5s, Norfolk &
Western con. 4s and Third Ave. con. 4s have been the strong
features, showing a gain of 1 to 1% points. U. S. Steel 5s,
Northern Pacific 4s, New York New Haven & Hartford conv.
3%s, Baltimore & Ohio gold 4s and Atchison 4s are, on the
other hand, fractionally lower.
United States Bonds.— No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; f o r y e a r l y r a n g e s e e th ird

Interest Dec. Ja2n. Jan. Ja4n. Ja5n. Ja6n.
3
Periods 31
3s,
3s.
4s,
4s,
2s,

1930 ___ ........registered
1930___ ........... coupon
1908-18..
1908-18.. ......... .coupon
1925 ___ ........registered
1925___ ........... coupon
1936.Panama Canal regls

Q—Jan
Q—Jan
Q—Feb
<1—Feb
Q—Feb
Q—Feb
Q—Feb

♦1005*
♦100 5*
♦100 5*
♦100 5*
*102 HOLI- *102
♦102 DAY. *102
♦11554
♦1155*
*11554
*1155*
*10054
♦1005*

* This is the price bid at the morning board; no

*100 5* ♦100 5*
*100 5* *100 5*
*102 *102
*102 *102
*11554 *11554
♦11554 *11554
*100 54 *10054

*1005*
♦100 5*
*102
*102
*11554
*11554
*100 54

sale was made.

Railroad and Miscellaneous Stocks.— The market for
stocks has been somewhat more active than for some time
past and the tone strong throughout the week. The trans­
actions have averaged only about 450,000 shares per day,
however, and are therefore unusually limited for the season.
During the corresponding period last year, and also in 1909,
the transactions averaged over 1,000,000 shares per day.
There have been few exceptional features, those of the
railway list including only Union Pacific, Canadian Pacific,
St. Paul and Reading, which are up from 2 to 4 points, while
NEW YORK CITY CLEARING-HOUSE BANKS.
the list as a whole shows a much more limited advance.
Of the industrial list, Consolidated Gas and Brooklyn
1908.
1909.
1910.
veragesfor Union Gas are conspicuous for an advance of 4% and 3%
Averagesfor Differences Averages for A
w
eek
en
d
in
g
weekending
from
toeekending
points, respectively. Amalgamated Copper is 2% points
Jan. 2.
Dee. 31. previousweek. Dec. 31.
higher than last week and Steel common and Steel preferred
each 1% points higher. Other changes are unimportant.
S
S
$
$
127,350,000 126.350,000
133,350,000
F o r d a i l y v o lu m e o f b u s i n e s s s e e p a g e 53.
180,024 400 165,447,700
196,577,100
The following sales have occurred this week of shares not
Loans and discounts__ 1.234,194.400 Inc. 10.451,200 1,194,610,700 1,273.220,700

50,360,900
52,497,400
47,728,300 Dec.
650,100
Circulation------ --------Net deposits-------------- 1,201,586,400 Inc. 12,519,800 1,171,732.400 1,320,867,600
8,772.000
107,000
1,612,300
1,660,800 Dec.
U. S. dcp. (incl. above)
Specie ....................... 238,330,300 Dec. 1.104,700 231,390,400 271.626,100
67,730,900
79,548,100
69,908.900 Inc. 2,069,300
Legal tenders...............
904,600
3,129,950

299,121,300
292,933,100

351.174,200
330,216,900

7,842,600 Dec. 2,225,350

6,188,200

20,957,300

308,239,200 Inc.
300,396,600 Inc.

STOCKS.

Week ending Jan. 6.

Am Brake Shoe & Fdy..
Preferred ...................
Amer Teleg & Cable----Surplus reserve........
Batopllas Mining..........
6,591,275
8,267.800 Dec. 2,252,100
23,150,300 Col * Hock C A I 1st pd
Surplus, excl. U. S. dep
Cuban-Amer Sugar, pref
Detroit Edison_______
Note.—The Clearing House now Issues a statement weekly showing the actual General
Chemical, pref..
condition ot the banks on Saturday morning as well as the above averages. These Itomestake Mining____
llgures, together with the returns of separate banks, also the summary Issued by the North Ohio Trac A Light
State Banking Department, giving the condition of State banks and trust com­ Sears, Roebuck & Co,pf.
panies not reporting to the Clearing House, appear on the second page preceding.
Vulcan Dotinning, pref.
25% of deposits...........

Foreign Exchange.— On animated dealings, rates ad­
vanced sharply to-day and, after erratic fluctuations, closed
at the top, on the basis of 4 85% for demand and 4 80% for
cable transfers.
'
To-day's (Friday’s) nominal rates for sterling exchange
were 4 83 for 00-day and 4 80 for sight. To-day's actual
rates for sterling exchange were.4 8250@4 8200 for 00 days,
4 85G5@4 8575 for cheques and 4 8605@4 8015 for cables.
Commercial on banks 4 81%®4 82 and documents for pay­
ment 4 82%@4 82%. Cotton for payment 4 81%@4 81 %
and grain for payment 4 82 %@4 82%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 22% less 1-16@5 22% for long and 5 20 less 3-32®
5 20 less 1-10 for short. Germany bankers’ marks were
94%@94 7-10 for long and 94 15-10 less l-32@94 15-10 for
short. Amsterdam bankers’ guilders were 40.23@40.25
for short.
Exchange at Paris on London, 25f. 29%c.; week’s range,
25f. 29%c. high and 25f. 25c. low.
Exchange at Berlin on London, 20m. 40%pf.; week’s
range, 20m. 47pf. high and 20m. 44%pf. low.
The range of foreign exchange for the week follows:

Sterility Actual—

Sixty Days.

H igh for the w e e k ......................
’ L ow for th e w e e k .........................

4 825*
82J*
4
4 825*
825*
4

H ig h for th e w e e k . . ............... ..
L o w for the week...............

5 2254
2254
5

'

Paris Hankers' Francs—

GermanyHankers’ Marks

5 20 less 1-32
5
" 22 54' less 1-16 5 205*

High for the week_______

L ow fo r the w e e k ....................

AmsterdamHankers' Guilders—

High

for the week.........
L ow for the w e e k ..............




Cheques.

4 855*
4 85

Cables.
4 8615
4 8535

5 19 5* less 1-16
5 20 less 1-16

04 y«j
94 H

94 15-16
95
94 5* less 1-64 94 15-16

40 08
40

40 25
40 20

40 30
40 25

Sales
for
Week.

Rangefor Year 1910.
Lowest. Highest.

Rangefor Week.
Highest.
Lowest.

600 90 Jan
100 12854 Jan
600 825* Jan
425 $2 Dec
100 85* Jan
100 89 Jan
100 1075* Jan
300 104 Jan
200 85 54 Jan
300 39 54 Jan
10 119 54 Jan
10 50 Jan

6 9054 Jan
5 128 54 Jan
4 83 54 Jan
31 S254 Dec
5 8 5* Jan
5 89 Jan
5 1075* Jan
5 105 Jan
6 87 Jan
3 40 Jan
5 119 54 Jan
5 50 Jan

3
5
4
31
5
5
5
6
5
6
5
5

83 5*
119
71
*2
95*
90
106
10154
81
35
120
60

OctJ 9154 Nov
July 13154 Nov
Oct
Sept 88
Sept S3 54 Jan
Dec 9 3/£ Dec
June 90 June
Dec;i07
Dec
Mch
June; 107
Jan 89
Feb
Feb 40 54 Dec
Octl2154 Mch
Jan
Feb! 80

Outside Market.— Quiet conditions ruled at the opening o1
the new year in “ curb” stocks, price changes during the week
being without significance. British Columbia Copper fell
from 7% to 7 and recovered to 7%. Chino went down from
21 % to 21 % and up to 22%. Giroux advanced from 0% to
0 15-10 and eased off finally to 0 13-10. Greene Cananea
fluctuated between 7 and 0 11-16. Inspiration receded from
8% to 8% and improved to 9. Miami fell off from 19% to
19%, sold up to 19%, reacting subsequently to 19%. Ray
Central ranged between 2 1-10 and 2%, with business reported
to-day at 2 3-16. Ray Consolidated declined from 18% to
18, sold up to 18%, and reacted to 18%. La Rose Consoli­
dated from 4%, ex-dividend, moved up to 4 9-10 and eased
off to 4%. Nipissing rose from 10% to 10%. Among
miscellaneous securities American Tobacco was a strong fea­
ture. At first it lost about 5 points to 407, but later ad­
vanced to 422. Intercontinental Rubber was also active,
selling up from 33% to 34%, back to 34 and to-day up to
35%. It reacted later to 34%. Standard Oil at the begin­
ning lost about a point to 617 but advanced to 022 and to-day
sold at 024 to 023%. Sulzberger & Sons pref. moved up from
100% to 100% and eased off to 100%. United Cigar com­
mon advanced 4 points to 67 to-day. The usual quarterly
dividend of 1 %% was declared. Business in bonds was well
diversified. Amer. Smelt. Securities 0s, “ w. i.,” went up
from 101 to 101% and down to 100%. Southern Bell Telep.
5s were traded in between 97 and 96%. Western Electric
sold up from 100 to 100%. Western Pacific 5s improved
from 92% to 92% and to-day weakened to 92%.
Outside quotations will be found on page 53.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING T W O

STOCKS—HIGHESTANDLOWESTSALEPRICES.
Sales ol
the
Monday Tuesday Wednesday Thursday Erlday ■ W
eek
Jan. 4.
Jan. 2
Jan. 3
Jan 5.
Jan. 6. Shares.
*25
35
*85
70
10078 101 %

STOCKS
NEW YORK STOCK
EXCHANGE

Rangefor Year 1910.
Onbasis of lou-share tots
Lowest
Hig/iest

Rangefor Previous
Year (1909)
Highest

Uail.'oa'd's
*25
35 *25 35
25 Feb 26 36 Mch 2
20 Mch
A nn A rbor___________
25 Mch
<65
70 *65
70
. <*- Do pref_______ ____ 48% Feb 25 72% Mch 8
102 % 102 % 102%102*4 23,150 Atch Topeka & Santa Fe
90*4 J 'ly 2u 124 % Jan 3
97 <8 Jftb 125% Oct
101 % 102
1Q2%102% 1,480 Uo pref_____________ *97 J’ly 1 104% Jan 10 100% Jan 106*4 J’ni
117*8 11734 117*4 118
2,255 Atlantic Coast Line R K .. 102% J’ly 26 137% Jan 5 107 % Jan 143% Aug
105% 105% 105 105% 3,350 Oaltlmore &Ohio______ 100% Sen 6 119% Jan 8 103% Feb 122 % J’ly
*89 - 91% 90 90
Id Nov
200
Uo pret....................
87% Sep 10 94 Jail 7
96 Apr
75*4 76% 75*4 76% 8,170 Brooklyn Rapid Trans't.
68% Feb / 8 2 % May2i
827s J 'ns
67 Jan
1967s 19738 198% 199
13,475 / 'anadlan Pacific_______ 17t)., Feb 8 202*8 NOV 1 *165 Moll 189*8 Oct
*62- 07 *62 67
V/anada Southern........... 60% J’ly 20 70 Jan 4
70 % Nov
60 % Jan
*280 280 *260 280
Central of New Jersey__ 248 j ’ly 26 312 Jan 7 2 :5 Feb 323% Sep
81% 82% 81% 82% 16,400 Chesapeake &Ohio____
65 Aug 2 92 Jan 3
91 % Deo
55% Jan
*24
30
*24
—
30
20 Chicago & Alton HR___
2 3 % J’ly 26
7434 Apr
577S Feo
06*4 Jail 3
*__
66 % *54
Uo pref___ _________
59
64 % J'ne27
70 Nov
09 Apr l
78% Meh
*22
22 %
22% 22% 1,100 Ohio Ot Wes', trust ctfs__ 19 j ’ly 2b 307s Jan 3 31% Dec 37*8
*44% 48 *45% 46
200 Uo pref trust ctfs___ 40 J’ly 26 64% Jan 10 58*4 Dec 64*i Dec
Deo
124*8 125*8 12434 125% 18,350 Chicago M!lw & St Paul.. 113*4 J’ne30 158*8 Jan 3 141 Feb 165% vSep
148% 148% 149% 149%
450 Uo pref_____________ 143 Sep 2 172% Jan 3 158% Mch 181 Aug
142% 142*4 142% 14234 2,100 Chicago &North Western TJ7% J’ly 26 182% Jan 3 173%Feb 198%
Aug
*190 210
55 Uo pref___________
190 210
203 J’11627 225 Jan 6 208 M.CO §230 Aug
*135 145 §140 140
25 Chic St P Minn & Omaha 140 Apr 28 162% Feb 23 148 Apr 167 Aug
Uo pref______
*160 170 *160 175
§160 Apr 25 §170% Feb 18 I66 I2 Jan 0 8 0 J’ly
Ohio Un Trac ctfs stmpd
*234 3*s *3
4
2% Dec 23
3 U Dec
5*8 Jan 4
7 Jan
*5% 7
Uo pref ctfs stmpd___
4% Sep 28 12% Jan 4
*5% 7
73 . Dec
18% Jan
Cleve Cln Chic & st L­
65
65
05
65
61 Nov 1 02% Mch 18
68 Jan
83% Deo
Uo
pref.
*97*8 100 *97*s 100
99 Sep 14
Jan 15 100 Jan 105 Mch
*57% 59 *57
1,200 Colorado & Southern___ 48 J’ly 26 104
59
51 Dot
0534 Feb 25
68% Jan
650 Uo l :t preferred______
75% 75% 75*4 76
70 j ’ly 27 83 Men 4
7 (jW Jan
86 May
Uo 2d preferred______ 70 Aug 1 81 Jan 6
*73
76
*73
76
7 3 % Jan
84% Jan
166 166*8 166 166%
825 [Delaware & H udson... 149% J’ly 26 185 Jan 3 IB734 Feb 200 May
534 534
600 650
150 lAe awaro Lack & West. 490 J’ly 26 02 0 Mob 21 535 Feb 080 Apr
29
29% 29% 2934 2,100 Ucnver & Rio Orande.
23% J’ly 26 62 Jan 3
61 Apr
37% Jan
68
68*4
411 Uo pret__________
68% 69%
~
62% J’ly 26 84 Jan 3
79% Jan
90 F’eb
Uetrolt United___
"
*65
70 *65
71
45 J’ly 11 68 Deo lo
60 Jan
71*4 Aug
*10% 12 *10% 12 §11 11
11
11
125 Duluth So Shore & Atiau 10 J’ly 1 18*,| jau 3
14% Nov 21 Jan
}22 22 *21*j 23 *21 23 22
22
125 Do pref_____________
17 J’lVLO 34% Jan 4
28 Feb
36% Jan
2734 28
28
28% 27*8 2734 27% 28
4,900
19% J ly 26 34% Jan 5
22 % Mch
39 J’n#
46% 46%
*45
46% 46% 46% 46%
400 E rV
1st p r e f ! I I " I ”
35 j ’iy 27 52*4 Mch 8
36% Mch
66*4 Aug
*34
_ 35%
35%
*33
35L *32% 36
Uo 2d pref__
2
0
0
26 % J’ly 27
42
Mch
8
Mch
28%
40 Aug
123% 124*4
12434 125% 124% 125% 8,310 Great Northern pref_____ 118 J’ly .o l437s jan 3 136% Feb 15778
Aug
56% 56%
56
57
57 57%
900 Iron Ore properties...
45 J’ly 6 80%Jan 4
65% Mch 88% Aug
*13% 15
*13% 15 *13% 14
35 Green Bay & W, deb ctfB
If Aug 10 18% Mch 22
Nov
13%
21 Deo
*88 ...
*88 . . .
avana
Electric
SSLJau
20
97% Apr 14
39 Feb 103 Deo
*___ 94% 94% 94% *----- 96
*93*4 96
200 H Uo pref____
92 ‘ May 4
99 Jan 4
83% Feb 100 D*0
*123 134 *123 130 *123 134 *123 134
Hocking valley___
112 J’ne 3
Oct 4
132 133
133 133*4 132% 132% 132% 132?8 1,600 I llinois Central...___ __ i2i J'iy2u 140
14/
Jan
5
137
""Feb 162% Aug
19% 19*4 19% 20
19% 20% 19% 20
9,100 nterboro-Metropolltan .
14% J’ly 26 25% Jan 11
"
11% Mch
2578 Deo
63% 54% 64
65*8 54% 553S
"
Do pref.....................
5434 5434 9,850
41% J’ly 26 0278 Jan 12
36*4
Mch 63% Deo
18
18
18
19
18% 18*4
18% 18%
15 J'ne30
900 towa Central
30 Jan 3
2634 NOV 38 Apr
32 32
32
32*4 32% 32*4 32*4 32*4 1,300 Do pref
25 J’ly 26
54%
Jan
3
48
Sep
62 Apr
*73
77% *73
77 *73
77% *73
77%
O Ft S & M tr cfs, pret 68 Aug 2 80 Feb 18
74*4 Feb
82 Sop
K ansas
32
33
32% 33% 32% 32*4 32% 33
City Southern..
3,300
23 J’ly 26 44%Jan 3
37 Feb
£0% Aug
64% 64% *64% 66 *6334 66 §66
Do pref....................
66
150
58
Aug
2
71
Jan
4
077*
Feb
75 % Aug
*14
20 *14 20 *16 20 *16 20
ake Erie & W estern...
15 J'neoO
2534 Jan 5
19%
Feb
29% Aug
I
*37
47 *39
47 *37
47 *39
2
Do pref.............. .
45
37% Dec 3 j2*4 Jan 3
6478 J’n#
48 Jan
174'% 177*8 176% 177% 176 176% 176% 177 48.620 Lehigh V alley............
173 % Dec 7 186 Nov28
♦62 66 *62 67 *62 67
*62
67'
Long Island___ ________
6i, Jan 'n % Deo
60 J ’ly 1 /o% Apr 14
144*4 145% 145 145% 145 145
145 145% 1,800 Louisville & Nashville... 131% J'ly 26 159*4 Jan 6 £121 Jan 162% AUg
*138 140
139 140
140 140% 141 141
anhattan Elevated__ 123 J’noao 146 Oct 0 137 Dec 153 % Jan
1,100
M
25% 2o% *24
26
2534 2534 *24
-luneapolls &St Lou's 23 J’ly 26 3334 Jan 4
26
400
61 Sep
65 Jan
*35
60 *35
52 *35
Do p r e f ...__ _______
52
*35
52
40 Sep 21 80 Feb 24
81
Mch 90 Jan
*130 131% 132% 133 *132 133
133 134
1,050 Minn St P & S S M ario... 114 J’ly 26 115 Mch 3 132% Jan 149
% Jan
*145 149 *146 148 *146 149
200 Do p r e f . . . . . . . . __ _ 141 j ’ne 6 156% Mch 2 147 Apr 164%
147*4 148%
Aug
*89*4 90% *89*4 90%I *89*4 90% *89% 90%
Uo leased line ctfs___ *80 % Sep 20 9234 Jan 3
89 J'ly
94 Deo
31% 32% 32% 32% 32%
—
—
33
27 J’ly 26 11%Jan 6
32*4 327s 3,000 Mo Kansas & Texas...
35 U Feb
60%
Oo*
*63
68
*64
66
Uo
p
r
e
f
...__________
*63
65
+62% 66
67 J ’ly -6
74% Jan 6
78% Dot
47% 49*8 47% 49% 48 48*4 47% 48
71
E6?
6,400 Missouri Pacific________
41 J’lV 26 73% May23
05 Feb
77% Aug
*136 143 *136 143 *136 143 *136 143
IVTash Chatt & St Louis, 125 J’ly 26 140 Nov 3 122% Jan 142
Deo
*68
71% *69
i
s
at
Rys
ot
Mex
1st
pref
72
70
70 *69% 71%
100
00 Feb 3
72*8 Nov 3
44% Apr
64 Deo
Uo 2d pret________
34% 34*8 34% 34% 35*4 37% 37 37% 9,500
23% J’ly 26 37% Nov 14
21 Dec
26*8 May
111 112% 111% 112% 111*4 112% 111% 112 12,547 N Y Central &Hudson.. 105% J’ly 26 128
Mch 9 120% F'eb 147*4 Aug
*63
68
N Y Chic &St Louis___
*63
68 +63
68
*63
68
5 5 % May 4
0S7g Nov 3
48% Mcb
69 Nog
*104
n o *104 110 *104 110 *104 110
Do 1st pref__________ §101 J’ly 8 10U
*4 Jan 21 100 F'eb 100 Feb
*87
93
*87
93
Do 2d pref___________
*87
93 +87 93
82 % Apr 28
98 Jan 19
76% Apr
95
Nov
150% 151 §150% 150% 150% 150%
150 151
917 N Y N H &Hartford___ 149 Apr 28 162 Mch 14 f 154 Nov 174% J’n*
147% 147% *146% 148% *146% 148
*145 148
200 Subscription receipts y.. 1143 J n eio 1151 Mch 11 1147% Dec 1149*4 Deo
41% 41% *41
*40% 42
43
*41% 43
300 N Y Ontario &Western. 38% Aug 2 50 Jan 5
421.1 Feb
65% J'no
100%101*4 101% 10l78 101% 102 101*4 102 18,400 Norfolk & W estern___ 88% J'ly 26 108% Mch 21 84%
Jan 102 Deo
90 90
150 Do adjustment pret.
88 Feb 2 91% Mch 16
85% Mch 92 % J'ly
116 118 117% 118% 117*4 US
117*4 118% 17,130 Northern Paciilc___
llH - Aug
145>8Jan 3 133% F'eb 159% Aug
*98 105 *98 108
*98 105
+98 105
Coast Co............ 100 " Oct 13 II 834 Jan 21
76 Meh 110 % Deo
P acific
*90 110 *90 110
*90 110
*90 110
Do 1st pref________
100 Mch §106 Sep
*98 105
*98 105 *98 105
*98 105
Do 2d prei............. 105 Feb 14 118 Jan 3
88 Mch 115 Dog
128% 129% 129% 129*4 128% 129*8 129 129% 17,950 Pennsylvania_________
122 % J’ly 20 138% Mch 9 126% F’eb
151% Sep
*96 99
*96% 99
98% 98% 98
99
1,228 Plttsb Cln Chic & St L._ so J’ly 2 t .’ 04*8 Mch 22
86% Jan
997s Do#
*105 112 *105 112 *105 112 *105 112
Uo pref_____________ n o Oct 25 116 Mch 1 104 Feb 116%
Sep ;
1601s 15234 152% 153% 152% 153% 163% 154% 402,900
R eading______________
130*8 J’ly 30 1721., Feb 18 118 Feb 173*8 Sep
♦87% 91
90
90
90 90% *8734 91
400
1st
pref___________
xS5 Aug24 93% Feb 17
89
Meh
9
(1
Aug
*92
96 *92 96
94
96
96% 98%
2d pref___________
900
87 J’ly 26 110% Jan 3
90 F'eb 117% Deo
29% 30% 30% 30*4 30% 3034 30% 30% 13,500 Rock Island Company__
227s J’ly 26 57% Jan 3
207g Feb
81 Deo
60
60*4 60*4 60*4 61
61
60% 61*8 2,010 Do pref.............
54 J’ly 27
62% Apr 9
67% Fob
94*4 Deo
65 *62
*60
66 *62
68
+62
65
t L <5: San Fr. 1st pret.. 58 Aug 11
Jan 6
65% Mch 74 Deo
38% 39% 39% 39% 39
39
39*8 40
2,200 S Do 2d p re f.._______ 34% Aug 2 73
60 Jan 5
36 Feb
6034 Sep
*25
26
26
28 *25
26 *25
26
200 St Louis Southwestern... 18 % j ’ly 26 34%Jnn 3 20% Feb 36*8
Deo
6934 61% 61% 6134 6 U4 62
60*g 62% 1,900 Do pref_____________
51% j ’ly 26 77% Jan 3
82 Deo
47% Jan
*114% 116% 115*4 116% 11534 116% 116% 116% 37,200
Southern Pacific C o ___ 103% J’ly 26 x138i.( Jan 4 114%
Feb 139% Aug
26% 27% 26% 27% 26% 26*4 26% 26% 4,750 Southern v tr cfs stmpd 18 J’ly 26 33*4 Jan 3
34 AUg
22 Feb
62
62*4 62*4 63
62% 62% 62% 62% 1,700 Do pret
do
43 j ’ly 26 75 Jan 3
75% Deo
60 Jan
25% 25% 26% 26% 26% 26*8 *26
700 'I'exas & Pacific________
26*8
2 2 % J’ly 26
36% Jan 3
40% Aug
30 Feb
10% 10% 10% 10% 12
10
10
%
11*4 3.450 I-hlrd Avenue (N Y )__
6%
J’ne
1
12i.|
Dec
42 % Jan
19%
Jan
7
8
8
8% 8% *8
9
*8
200 Toledo Railways & Light 5*2 J’ly 6 15*4 Jan 12
8%
7 May
15*3 Jan
23% 23% 23% 23% *23
23% 23% 23% 1.000 Toledo St L & Western..
19 J'ly 26 643s Jan 4
647s Out
43 Feb
63
63*8 63*4 53*4 53*4 637s 53*4 63*4 1.300 Do pref_____________
4234
j
’ly
28
64*4
Feb
74%
Jan
721.1
Jan
4
*107 108% *108% 110
108% 108% 109 109
•00 Twin City Rapid Transit
j ’ly 26 117% Jan 3
97 Jan 116 % Deo
172*4 173% 172*4 173*4 178% 174% 239,300 I Tnlon Pacltlc_________ 103
169*4 173
152% j ’ly 26 201 *., Jan 3 172% Feb 219 Aug
93 93% 93% 93*4 93% 93*4 §93 93
1.610
Uo pref___________
88% J’ly 26 103*4 Jan 7 i94 Mch 118% Aug
31% 31% 31*4 34
37
87
40
4,210 Unit Rys ln v’t of San Fr
J’ne30 42% Jan 3
30 Feb
47 Sep
61
61% 63%
66 68% •3,975 Do pret_____________ 23*4
47 J’ne30 72% Jan 8
50% Feb
77 Sep
+157* 16% 16*8 16*4 16
10*4 15% 16% 4,200 W a b a s h _____________
277, Deo
27*4 Jan 3
15
Feb
12*8
J’ly
26
35
35% 36
35*4 34% 35
34*8 35% 6.400 ’ '
Do pref_________
61 Jan 3
41 Deb
28 % J’ly 26
61*4 J’no
50
51
5014 61
60% 60% 5.660 West Maryland R y _____
50*8 51
40 J’ly 26 64*sMch 12
+75
♦76
77
77 +75
77
77
200 Do pref__________ __ 67 Allg 16 77 Dec 27
*4% 0
*4% 0
+4
6
5
100 Wheeling & Lake Erie_ 3 Apr 28 10 Jan 3 5 J ly 12/3 Jan
13% 13% 13
13% 13
13 *12% 13*4
900 Do 1st pret__________
8 J'ne30 23 Jan 3
15% J’ly
257* Jan
5
+5
7
*5%
5*8 6*4
6%
600 Do 2d pref__ . . . . ____
6%
J’ne 30 13% Jan 3
6% J'ly
15% Jan
57
68 1 68% 58% 58
58% 59
<wG 3.030 Wisconsin Central...........
44 J'ly 26 64 Nov 2
357, Jan
637, Apr
35
*25
30 *25
75
*65
70 *65
10034 102*8 102% 103
100*4 100% 101% 1011
117 117% 11778 118
10434 105% 1055S 1055,
*89 91
91
91
74% 75*4 75% 76*
195% 196% 196 1967;
*62 70% *62 701;
♦260 280 *260 280
80% 81% 81*8
*24
30 *24
30
*___ 66%
21% 21% 22
45% 45% 45*8
123 124*8
147 147
148 148
142*4 14234 142*4 1431
*180 210 §200 200
*135 145 *135 145
*160 175 *160 175
*3
3% *2*4 31
*6 8 •*5 8
65% 65% 65% 65%
*97% 100 *97*8 100
567g 67% 57% 58
76 76
76 76
*73
76 *73
77
164% 164%
*500 575 *500 635
28% 28% 29
*67
69% *68
*67
70 *66

100'4 10014

i n 117
105% 105%
*89
01
75% 75%
195% 195%
*82
70%
*260 280
80% 80%
30
*30
*___ 66%

*21% 22

*44% 45%
*122% 122%
*146 147
*14112 142%
•180 210
*135 145
*160 175
*2*4 5
*5
8
*65% 69%
*97% 100
*58% 57
♦75 76
*72
78
165% 165%
*500 670
*27% 28%
♦67 69
*___ 70

*10% 12
*20% 22

*27% 2734
4534 4534
•34
35*s
1233g 123%
66% 56%
*13% 15
*93% ___
*94
94%
•123 135
*131 133
19% 19%
63% 63%
*17
—
17%
♦30 31
♦73% 77%
*31% 33
♦64% 67
*14
*37
176% 175*4
•62
66
•144% 14434
•138 139
26*4 25*4
•35
62
fl30 132
•145 148
♦89*4 90%
31% 32
*82% 68
*46
48
*136 143
*6 6
72
34*4 34*4
111 % 111 %
*63
68
•104 110
*88 93
*160 151
*146 148%
•4012 41%

*100 100%

*90 90
116% 116%
*98 105
♦90 110
*98 105
128*8 128%
*96 99
•105 112
160% 151%
•87% 91
•92 96
295S 2978
*58% 60
*60
65
88% 38%
♦25 26
; 68% 58%
1 1 5 .3 1 1 0 %
*26% 26%
62
62
•25
26

10 10%

*7% 8*4
•23
23*4
5234 5234
*107 109
170% 17034
*92 93
31% 31%
60 6034
•15*4 16%
*33% 35
49 50%
*7514 77%
*4
6
1234 1234
*4% 7
*65 57

PAGES

!
{
•
1
»
1

!

7l

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

Rta Ask

Bid Ask
Bid Ask
Banks
Banks
Banks
Bid Ask
Bid Ask
Banks
Banks
New York
Chatham . .
330 F i l t h ......... 300 350 trvlng N Ex 200 210 Mutual A ... 285 295 Prod Exch 1
Act i x ____ 175 180 Chelsea Exit 320
first
.
.
.
.
_
f870 f 876 •felfersonfl..
190 200
180
_
_
Nassau
l|
Reserve_
250
Am..... a 11.. 585
Chemical . .
425 14th S tfl... 150 155 L ib e r ty .... 675
.... New Neth'd 210 2*2*0** Seaboard _. .
Ainer Exch. 235 2*42% Citizens’ Cti 415
150 155 fo u r t h ___ tl92% f 19 4 Lincoln___ 400 425 NewYorkCo 900
Second___
Audunon _ 116 125 City_______ 380
334 Gallatin__ 325 335 Manhattan^
330 New York. 300 3*15** Slier man__
Battery Pk_ 132%
Coal &Iron 150 161) Garlleid . . . 290 300 Mark’ t&Ful 325
250 200 N’ ht <Ssl)ay1' 210 250 State 11-----"BoweryD... 37a
....
Colonial 1).. 40.)
Germ-Am
J
150
140
Mech&Met’s 215 250 19th Ward. 250 260 12th Ward.
Bronx Boroli 300
Columbia H. 375 40*0* Germ’ n Exit 485
Mercantile . 150 155 PacMcH___ 230 240 23d W ard..
Bronx Nat . 198 205'" Commerce . 1191
1|. 550 5*0*5" Uerch Exch 160 170 P ark.......... 352%
Union Kxc.
Iryant Pk §| 153 160 Corn Ex n_. 308 3*1*)“ Germania
Merchants'. 178 132 People’s 1) ..
. . . 155
Jutch * Dr 133 145 East River. 115 125 Gotham
2*4*6*’ Wash H’ ts I
Greenwich
1
|
255
2
*
6
*
5
’
*
Metropolis
I
390
West
Side 11
410
PUenlx
.
.
.
.
22*0*
Bentury 1|_. 170 175 fidelity 11. . 165 175 H anover... 610 620 Metropol 'nl
. . . . Yorkvlllo 1|.
P hase____ 430 450 Fifth AveH. 4000 4250 Imp & Trad 550 505 Mt Morrislt. 200 205 Plazall_____ 625
250 260
*om ana a aeu pr.ccs; no sales were made on tins uay. t Ex-rights, i Less th; i 1uj snares, ustate oanns. a Ex-dividend and rlgnts. 0 Now
fSale at Stoei Exchange or at auction this week. /« First Installment paid
n Sold at private sale at this price, s 2d paid. ;/3d paid.
Hanks




Bid Ask
100 1G71|
112%
__ „
400
400 425
135
275
140
14*0
172% i*8*ij
275
650
600
-II
stock,

jan .

7 i9io.]

New York Stock Record— Concluded— Page 2

Sales 0)
STOCKS—HIGHESTANDLOWESTSALEDEICES.
the
eek
Friday SW
Saturday Monday Tuesday Wednesday Thursday J
an 6 hares
Jan 5
Dec31
Jan. 2
Jan4
Jan3
>220 245
*3
8%
29
29
8153 023g
*48
40%
*9014
*42% 43%
*91
95 ’
85a 9 %
77% 77 %
3031

1
1

69
§69
*104 100
....
*225 240
*4%
♦221J 221$
17% 17%
*11
1212
32
*31
.
38% 38%
*103 108%
*3% 5%
*343.1 36%
*8012 80%
73% 733.,
*103 10334
♦200
*100 iol
*43i.i 43%
*1141.1 n o
*11212 112 %
1401a 1401?
♦9212 94
31%
31
01% 91%
*38
39
♦2734 31%
59
69
*134% 130
*!<3, 10
*28
30
31% 31%
*103 104%
31% 31%
+4
6
1355.1 1357a
♦14% 16
79
♦74
07
*57
34
*33
*12
20
V
*45% 55
<
*151 153
Q
7% 8
109 109
0
1122% 122%
w
*438 5
*143.1 10112% 12%
M
55
65
40%
*40
*84
85
100% 103%
*90
93
*7434 75%
*117 11884
*124 125
♦10
17%
*80
80
*54
50
*104% 10734
181# 183#
♦09
71
♦05% 07
♦27
281?
43% 43%
*105 105%
*101% 102%
18%
*17
68% 68%
30
30
♦02% 93%
*168 159
*1% 3%
*3>4 5
♦32
33
013.1 9184
♦2934 3031
♦91% 93
♦182 185
51
*40
*___ 112%
34%
34
1343.1 13434
___
*8
9
5!)
♦63
*101 102%
►
102 102%
17
*10
63
*51
99
♦93
JC8% 08%
*4% 7
*14
17
♦36% 371*110 111
*71% 75
72% 72%
110% 110%
44% 4434
02-% 02%
►122 124
►150 159
721.1 72%
*05% 00%
►
120 124

STOCKS
NEW YORK STOCK
EXCHANGE

47

Rangefor Year 1910
Onbasis of loo-share lo'.s
Lowest
Highest

Rangefor Previous
Year (1909
Lowest Highest

industrials Miscellaneous
33 A dams Express_______ §235 Dec 19 i-70 Jan 5
245 *220 245 §235% 235% *220 240
. ,
520 Ia llis-Cbalmer.r .
8% 8%
8
7% JTy 2 V lo Jan 3
§8
+7% 9
8
400
.Do prei__________
L7 Aug 5 64% Jan fi
30
27% 28%
29 *20
29
29
55% JTy 13 90-%Jan 3
03% 635« 03% 64'8 52.700 Amalgamated Copper ._
04
61
63% 63
920 Amer Agricultural Chem. 35 JTy 20 42% Oct 21
46% 40% 40% *45% 47% 46% 40%
46
Do pret__ .
*84
*34
24 J’iy 20 47 % Jan 10
42% 43U 42% 43% 42^4 43% 9,050 American iieet Sugar___
42% 43
♦02
92
931?
60
§92
„
Do p r e f ......................
95
*92
80 JTy 27
95
V5*2 J’no 15
*91%
8% 8% 3.940 American Can_
9
9%
9% 9%
6% J'nedO 13%Jan 3
9%
9
77
77% 77
2,400 Go prel___
62 JTy 26
77% 771? 77% 78% 77
62% Nov22
61% 51% 52% 0,400 American Car <Sj Foundry 39% J’ ly 26 72%Jan 3
50% 51% 61% 5134 51
240 Do pref_______
109 J Tie 30 120 Mch 9
115 115 *110 115 *110 115 +110 115
6884 59
5S% 59
62% JTy 26 09% Mch 9
59
59
3,160 American Cotton o il___
58% 59
105 105
100 Deo 1 107 Oct 13
*104 106
105 105
300 Do pref____________
16 American E xpress...__ {230 Dec 23 .2 0 Jail 4
+220 240 +220 240 *220 240 §230 230
3% Sep 13
4%
4
*4
4% ♦4
COO Amerloen Hide &Leather
4
4
4%
19 Sep 8 4/%Jan 3
22% 22% *22% 23% *22
23% *22
23%
100 Do pret_____________
lo% Deo 7 29% Mch 9
18% *18
700 American lc» Securities..
19
*17% 181? 17% 183,| 13
American Linseed _
IL’ ♦11
10% JTy 27
13
12% *11
♦11
12% ♦11
25% J’ nego 46% Jau 3
450 Do p r a f...__________
31
31% 31% 31% 31%
31% 31% §31
29 JTy 20 02 % Jan 3
39% 30% 39% 397g 39% 39% 1,700 American Locomotive__
38% 3ft
Do p r e f...................... 102% Aug 0 115 Jan 7
216
108 10S% 5100% 106% *100% 110 *100 110
3 % Dee 1
884
*384
4*4 +334 5%
100 American Malt Corp__
8 Feb 18
*3% 5%
l)o pref____________ _ ib% J'ne.iu 48 Mch 21
650
35% 35% *35% 30% *35% 30% 30% 36%
88%
300 Amer Smelters Sec pref B 82 JTy 23 99% jan 3
80% 87% *80% 8734 88% 88% *86
61%
J'ly
2b
Amer
Smelt.ng<Ss
Henning
I
7484
75% 20,900
104 jail 3
723., 74% 71% 75
74% 76%
os 4 J
112% Jan 3
408 Do pref_____________
103% 103% 1033a 103% §104 104 §101 104
American Snulf_________ 245 Nov25
300 ♦260 300 *260 300
Voi?3an
13
Do
pref_____________
H.2 Dec 8
101
*100 102
100
101
*100 ioi *100 101
44 % 45
46% 1,200 Amer Steel Found (new). 38 J’ly 20 60 can 10
433. 44
44
45
44
113 114
1143. 115
115% 115% 115 115
1.8G0 Unerican Sugar Rolinlng 111% Oct 3 127% Feb 28
Do pref,____________ 111% De<» 7 1-4 Feb 28
111% 111% 1,609
*112 115
1137* 118% 111 111
140% 141% 1403. 141% 141 1413* 141% 141% 7.250 American Telcpii &Teleg 120% JTy 20 143% Feb 24
1,200 American Tobac (new) ,pl 601? JTy 26 99% Mcbl4
94
*93
93% 93 % 933., 9334 94% 95
32% 1,200 American Woolen_______ 2 0 % JTy 6 30% Men :8
32
31% 32
30% 31
*30
32
90% Deo 7 104 Mch 7
94
92
400 Do pref______
92
92 +91
91% 91% 92
39% 39% z39% 393s 1,425 dAnacondaCopper Dari26 £33% JTy 20 $54 Jan 3
3S% 38% 39% 40
303.,
500 Oethlehcm Steel_______ 21 J 11C30 34 % Oct : 1
*29
29% 29% 30% 30% 30% *29
40 AUg10 05 Jan 19
59
60% 60
60
600 l-> Do pref___________
59
59
60% *58
2,253 Brooklyn Union Gas___ 120 J'ly 26 104% Jan 3
135 13034 137 1371.1 137% 1397* 139 139
3 J’uc^y
1S% Jan 3
*834 10
+8% 10
9
*8% 10
9
00 Brunswick Term & Ry Sen.
2.3 J’ne 8
33 Jan 4
30
29
29 +27% 30
*28
30 *28
100 Butterick C o . . . . . . _. . .
323.1 3134 32
25% J|]Y j-6 48^4 J(IQ
31% 32% 9.100 1 ’ cntral Leather_______
31% 32% 32
Do pref___________
99% J, y 37 109% Mch 8
104 104% 101 104% 104 104
101 101
025 v
22% J ly 20 60 Jan 3
31
31% 31% 31% *30% 3134 31% 31%
900 Colorado t-uci A iron__
3 Sep 12 92 % Jan 4
4
♦4
5
4
*3
4
5
*4
100 Col &Dock Coal & Iron
1353,. 13784 137% 13S3S 138% 140% 13934 1403., 54,025 Consolidated Gas (N Y ). 122 % J'ly 2C 100% Jan 3
111.. J 11039 23 %Jan 0
14% 15 *14% 15% 1,700 Corn Products Henning..
♦14% 15 *14% 15
§77% 77% *75
79 *77
70% J’ly lj 80 % Jan 3
78
78
79
125 Do pref_____________
08 +57
07 *58
07
_ .
*57
02
35 Apr .0
02
100 Crex Carpet____
65 Nov 22
*33
34
33% 33% 3334 3384 *33% 34%
200 Distillers’ Securities Corp 2'5% J'ly 20 30% Jan 10
20 *12
18 *12
*12
20 *12
18
Federal Mining <Se Smelt'jr )2 Oct 20 00 Mch 8
37 Oct 27
Do pret.____________
+451? 55 *45% 55 *45% 55
*45% 65
104 J'ly 20 100% Jan 6
151 15U? 162% 153% 152% 152% 151 151
2,300 General Klectrlo__ __
734
7% 7% 22,300 dGoldfleld Con M.Par 510 87% Oct 14 $91.1 Sep 26
7% 7%
7%
71.1 7%
III 84 112 % §111 111
109 111
111% 111% 3.050 |at Harvester stir tr ctfs ,331.1 Feb 8 120% Jan 10
815 A Do pret stir tr ctfs__ zi 17 A u en 129 Jan 4
1221.1 122% 122% 122% 122% 122% 123 123
4% 434 ♦4*2 6
*4% 43.|
400 Int Mer Marine stk tr ctfs
4”8 4&s
41.1 JTy 2o
7% Jan 5
12 % J y 26
10
15% 15% *15% 10 % *15% 101? 16
200 Do pref_____________
2438 jan 5
12% 12'% 12% 12% 1,100 International Paper_____
9 J ly 1
12% 12% *12% 13
It) Jan 3
411 - J’ly 26
54
64 *54
65 X54% 54% 64'., 5434
850 Do pref_____________
oil? Jan 3
40% 40'% 403, 41
30% J'ly 26 64% Jau 7
40*4 40% 40% 41% 3,100 Internet Steam Pump__
781? J’ly 26 90-%Jan 17
85% 85% 853a 853a *84% 858a 85% 85%
345 Do pref__________ . . .
10734 108% 108% 108% 6,000 Laclede Gas (St L) coni.. 93% J'ly 29 110% Jan 10
100 107
107% 108
79 J'ly 20 98 Qct 10
0278 92%
*89
93 *90
10!) Mackay Companies____
93 *90
93
71 J’ly 2 / 78% Oet 10
*74% 75% 753S 76% 70
70 *7434 75%
400 Do pref_____________
190 Aug 3 119% Dec 17
118% 118% 119 119% *118 119
118 118% 1,000 \] atlonal Biscuit
Do p ret__________ 118 % J’ly 0 128 jau 17
12G3.1 127 +124 127
125 125
127 127
429 H
Nat Enamel'g & Stamp’g 14 Sep 17 28 % Jan 3
*10
17% *10
171? *10
171? *10
17%
84 Oct 17 90% Jan 18
§83
83
85
85
*80
80 ♦SO 80
111) Do pref_____________
56
*54
50
56% 6 OI.1 501., 56% 56
500 National Lead__________
40%J.ly 29 39j8 Jan 8
Do pref_____________ 1013, JTy 2 s 110% Jan 17
108 108
108% 108%
200
*104 108 *107 109
18% 18% 18% 2,825 diYev Cons Copper.Par 55 S171- J’ly 0
IS*.* 181? 18% 18%
71 +70 ' 73
70% 70% +71 " 74 §z71
250 New York Air Brake___ ~69 ‘ J'ne 0 96% Jau 3
(16 60
05% 6534 65% 053., *63% 00
700 North American Co new 09% A'OV-3 84 Jan 3
23.5 J ly 2
2884 29%
+27% 29
29% 29% *28% 29%
000 IJacUlc Mall________
•13%Jan 4
44
44
44% 45% 44% 44% 443j 45% 2,000 JL acltlc Telep &’leleg .. 00 JTy 20 40% Jan 4
105% 105% 105% 105% 100 100% +106% 106% 2,300 People's G L A C (Chic). 133 JTy 20 llo% Jan 3
2100% 100% 101 101% 1013.1 101
103% 104
3.800 Philadelphia Co (Plttsh’h) 84 J’ly (j HK>*2 Jan 8
13 J’ly 26
17% 18 *1734 185* 1734 1734 18
18%
600 Pittsburgh Coal Co____
27%Jan 5
673., 6734 *60% 08 *00% 08
01)% J'ly 26
+00% 70
200 Do pret_____________
85 Jan 3
31% 31
31% 1.900 Pressed Steei Car_______ 25 J’ly.O
30% 3034 30% 31% 31
61%Jan 3
Ho pref____ ________
92% 93
<
jo JTy 27 lu/%Jan 5
93
93% 93% 03
740
*92% 93%
100 100% 160 100
159 100
ICO too
045 Pullman company__ . . . 155 J nett 200 Jan 11
2 Sep 26
gulciisnver Mining______
*1% 3% *1% 3% *1% 3% *1% 3%
■JsAug 2
Do prel_____________
*3% 5
*3% 5
*3%
*3% 5
33
32 +32
*32
§32
33
+32
33
50 |> ail way Steel Spring.. 28 ” J'ly 20 61%Jan 3
02
92
*91% 90 *91% 00 +91% 90
200 LL Do pre:___________ x::0% Sep 7 1U7 Jan 17
313., 32
•7 J'ne 4 45-sJan 3
+30 31
31% 32*4 *31% 32
1,900 Republic Iron <?c steel__
93% §93% 9334 93'., 93% 1,100
93
Do pret_____________
*01% 93
82 % J Ty 20 lull j.Ian 3
1881? 188% *185 189 §188 188
185 183
675
*49 % 60 +4J 51 *49% 51
*49% 61
Oloss-'ShefUeld Steel & Ir 43 % Dec 8
♦___ 112%
112% ♦___ 112% ♦ - 112%
111 JTy 6 1JL834 Feb 1
3334 34%
34% 35% 34% 35% 3,300 (iTcnnesseeCopper Dar$20 $19% J’ly 26
34% 35
131 1361? 131 134% 133% 134
133 133
1,410 1 exas Co (The)_________ 134 Oct 7 144 Oct 18
*88
91% *88
91% *88
91% *88
91%
Texas Pacille Land Trust 83 Feb 8 Do May 13
9
*8
9
*8
9
*8
*8
9
1 [ uloii Liaj <5c Paper___
6 JTy 5
*53
59
*54% 69
§64% 54% *51
69
14 D
do pref___________
62% Dec 9 73 Jan 17
+100 102% *101 102% *101 102% *101 102%
United Dry Goods C os.. 93 Aug 2
*102 102% *102% 102% 102% 102% 102% 102%>
Do
pref_____________
350
99% Aug 2
*10
17 *10
17 +15
17 *15
10 %
U S Cast 1 Pipe & Foundr 14 % J’ly 21
52
62
523., §52% 52%
§52
62
51
Do pref_____________
545
49 J'ne 2 t 34 Jail 10
*93 100 +93
99 *93
98 *93
98
United States Express.. 5031? Deo 14 145 Jan 10
+09
70% 69% 09% *69
71
+69
71
110 U S Realty & Improvcm't 04% J ly . 0
84% Jan 4
*4% 7
♦412 7
*4% 7
U S Reduction <k Rellnlug
4 J’ne 07
*4% 7
11 Jan 14
*14
17 *14
17 *14
17 +14
17
291? Jan 3
37% 37% 37% *36% 37% 30
*37
30%
27 J’ly 26 62%Jan 3
600 United States R ubber...
111 111% 111% 111% 111% 111% ♦111 111%
670 Do 1st pref__________
99 J'ly 20 110% Jan 10
74% *71% 75 *71% 75 *723., 74
*72
Do 2d pref........ .........
59 ■ J'ly 27
713S 73% 73% 745* 73% 74% 73% 74% 399,550 United States Steel____
oi% JTy 26 91 Jan 3
117% 117% 117% 1175S 117% 118
116% 117
Do pref____ _____ ___ ii:>i- JTy 20 125-%Jan 3
6.74C
4534
401., 45% 45'# 45% 4<>-"
44% 40
8,210 flUtab Copper__ Par $10 t$39% J’ne30 $00)4 Jan 6
631.4 6233 02% 62% 02 % 6.70C Virgin a-Caro ina Cbem_ 47 Feb 3 00 % Oct 21
62% 63^ 03
123% 125 124% 124% *122 125 *122 125
40C Do prel_____________ 117 JTy 21: 129 % Jan 4
62
62
155 155 *147 154 *147 154
*152 160
100 \A/ells Fargo <Sc Co____ 144% Deo 1 al95 Jan 4
74
74% 74
74% 74% 75% 8,065 > * estem Union Teleg..
73
73
56 JTy 26 78*2 Mch 4
66% 6684 +60
08
60
00
00% 001?
8flC Westlngh’seEt&Mfg assen 49% JTy 20 82% Jan 3
*120 123 *122 •123 123 123 *108 1183.,
Do 1st Dref__________ 110 May £ 130 Feb 24
10C
♦220
8

190 Jan
12% Feb
38 F'eb
05 Feb
33% Jan

250 Nov
16% Aug
671? Nov
96% N’ OV
SO Aug

20% Jau
82 Jan
7 % Feb
7U? Feb
44% Feb
107% Feb
42% Jan
93 Jan
1205 Feb
’ o% Feb
34 Feb
1S?« Jan

491? Aug
98 Oct
15'1 NOV
80 J’ne
76i? Nov
124% AUg
79% Nov
107% Nov
300 Deo
10 Sep
61% Aug
42% Apr

29 Jan
49 Feb
109% Feb
5% JTy
38 N’ ov
80 Jan
77% Feb
101 Jan

47J, J’ne
69% Aug
122 AUg
11% J’ne
69 Sep
92% Aug
105 % tyov
110 % Aug

95 Mch 105 May
34% Feb
66-% NOV
115% Nov 130% Sep
118 Nov 131 Apr
125 F'eb 145% Sep
001? F'eb 104 May
20 Feb
40% Aug
93% Jau 107-% J’11*
$37% F’eb $54% Deo
1834 Mch 36% Sep
47 Feb
09% Sep
U8 Jan 104% Deo
17% Dec
191? Deo
23% Jan
37 Nov
25% Mch 5134 Oct
99% Apr 111 Sep
29 Feb
63 Deo
21 % Feb
91% Deo
l i d , Feb 165% Jan
161? F'eb
20i? J'ne
93% J'n#
73% Feb
^5 Jau
63 Deo
41% Jan
32% Fob
55 Meb 95% May
80 F'eb
94 AUg
150% F'eb 172% A u*
62 8an 118% Deo”
109% J? u 128 Deo
9 Oct
183., JTy
27% Jan
91? Mch
19% Jan
47 % Mch
6934 Aug
33i? Feb
541? NOV
82 % Jan
91 Sep
104 J ’ne 113% Deo
70 Jan
95% Nov
69% Jan
77% Dec
901? Jan 120 Sep
1181? Jan
130 Sep
12 % F'eb
30% Deo
82 Jan
99% Sep
71% F'eb
94 AUg
102% Apr
11334 AUg
80

F'eb
72 Jan
29% Feb
45% Nov
10M,Jau
99% Dec
10 Apr
40 Feb
30% F'eb
90 F'eb
169 Jan
15g jan

97% N'OV
87% J’n#
481? Nov
64 Oot
120 AUg
103 Deo
29% NOV
87% D#o
60 Aug
1113, Aug
20U AUg
9% J Tr

321? Mch
977* Feb
16% F'eb
67% F'eb

541 - Aug
109 AUg
49% Sep
110 % J'ly

68 Feb

94% Oct

*33% Oct

$49 Jau

80i? F'eb
93'* J ly
9 i4 F'eb
15% J’n*
66 Jan
81% J’n#
116 Oct 125% Deo
rl09 Sep 114 Deo
35% J'n#
24% Feb
70 Mch 87% AUg
82 F’eb §111 Dee
04 Feb
87 Sep
10 Aleh
17% J ne
27 F’eb
98 Jan

57% Aug
123% Aug

4l%Feb
107 Feb
*39% Feb
40% F'eb
114 Jan

947* Oct
131 Oot
667% Nov
50% Dee
128 Dec

300
04
74
110

Jan )07o Dee
Feb
85% Nov
Feb
90 Aug
Mch 145 Sep

BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS.
Banks

Brooklyn

Did Ask

Broadway § 385 400
Brooklyn §|. . . . . 100
155
3oney lsl’ dl _.
First ______ 200 305
•125
HillsldeH__
Uomesteadli
115
Munufac’rs' 415
Mechanics '1; 230 245
Uoutauk . . \ ___ 150
Nassau____ 245 270

Banks

Brooklyn

Nat City__
North Side 11
Feoplo’s . . .
Prosp’ctPkn
Terminal TJ.

Bid

AsA

285
15)
152
160

300
180
100
100
00

Iru st C o’ s

N YCUy
B’ way T r ..
Uarnegie . .
Central i’r.
Columbia . .
Commercial
E m p iro __
EquTt’blo Tr
Farm Lo&'l
Fidelity . . .
Fultou___

Bid Ask
145 118
107% n o
1015 1025
280 285
120
130
300 310
460
1625 1U50
213% 217%
___
290

I rust Co’ s
Guar ty Tr.
Guardian Tr
H udson__
Knickerb'ki
Law T l&Tr
Lincoln Tr
Madison__
Manhattan
Mercantile .
MctropoEt'u
Mutual___
Mut All nee

Bid Ask
800
150
105
295
252%
127%
195
375
700

810
160
175
305
257%
132%
205
400
740
500

Irust Go’ s
NY Life&Tr
N Y Trust.
-Savoy.........
Standard Tr
ritieGu* Tr
Tr Co of Am
Union T r ...
US Mtg& Tr
Unit States.
Washington
Westchester
Windsor . .

But Ask
1120 1130
1600
100 110
400 410
500
320 330
1276 1300
475 485
1160 1190
300 375
150
100
118 120

1r u s t

C o 's

Brooklyn

Brooklyn Tr
Citizens'__
Flatbush . .
Franklin__
Hamilton _.
Hom e____
K in g s Co . .
L Isl L &TY

Bid

44)

415
125
200

423
135
220
210
280

270
103 i i o
500
300 310
As t o r ____ 310 315
N a s s a u _____ 160
170
Bankers’ Tr 020 630
130
People's . . 296 310
125 130
queens Co. 110 128
Wllltamsb'e
100
*Bid and asked prices; no sales on tins day. 4 Less than 100 shares. t Ex-rlghts. ;> New stock a Ux-dlv in 1 rights. d Now quoted dollars per share.
tBalo at Stock Exchange or at auction this week, s He- stock dividend HBanks .narked with a paragraph (§]> are State banks.




T ru st

Co's

N YCity

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. I 1901), the Exchange methodot quoting bonds ions changed, and prises are novo all—"and interest”—oxetpi lor into naand del.lulled bonds.
BONDS

N. Y. STOCK EXCHANGE
W eek endow jan 6

«0 .

Briee
Week’s
Range
Friday Range or e 3
year
Bast bale
Jan6'
1910
Bid Asic Low High TVo Low High
Q. J 1003* 101*4 1 0 0 a4 Oct ’ 10
A

11. » . Government
U 8 2e consol registered.<71930
.... 100*4 101*4
U 3 2s consol coupon....<11930 Q..T 10034 I01*a loo*, J’ ue’ lo
100*4 10034
10134 10234
U 8 8 s registered...........&1918 l)-F 102 I0 2 a4 10134 Nov’ 10
U 8 3s coupon................. &1918 O-F 102 1023, 102‘<. Doc’ 10 .... 101*4 103
101*4 J’ly ’ 10
U S 3s cou small bonds../cl018 Q-F
102*2 102*2
U 8 4s registered...............1926 y-F 116*2 110 *4 115*4 P eo’ 10
114^ 115*2
U 8 48 coupon................... 1926 Q-F 116*2 110*2 116 *2 Nov’ 10
114*2 11534
0 8 Pan Can 10-30 yr 2s.*1930 y-N 100*2....... 100»8 Aug’ 10 .... 100<*b I00»8
Foreign Government
19 9534 98*8
98
Argentine—Internal 5s of 1909 M-S t 08 Sale 97*4
Imperial Japanese Governin't
9534 9 94
Sterling loan 4 His......... 1925 FA t 05*4 Sale 95*4
90*2
95*8 5 93*2 957e
2d series 4 *as...............1925 J- J l 9514 06*2 95*8
90*4 90 • 00
2 88*4 92*2
Sterling loan 4 s ............1931 J-J ♦ 00
Repub ol Cuba 5s exten debt.. M-S 1102*2 103*4 10234 103*e 7 101 104
9 7*4 8 1195 97*4
San Paulo (Brazil) trust 6 s 1919 J-J t 97 ....... 97*8
U 8 ot Mexico s t g 6 s ot 1899 Q-.l * 07*» Sait 97 *» 9734 3 1 95*2 9934
94*2 Sale
93*2
94*2 72 92*8 97 *2
Gold 4s ot 1904...............1964 J-D
IThese are pr ices 0 n the b 0 / $5 to &.
State mid City Securities
101*8 Sale 1 0 1
1013b 1716 100 101 **8
N Y City—4 * 0 ................. I960
9U78 Sale 99*2
9*J78
90 100»8
4% Corporate Stock...... 1969 M-N
9934 83 90*4 100*^
4% Corporate stock ....1958 •M-N 0934 99 7a 903s
New 4*23........................1957 M-N 107 *a 107*2 107*4 107*2 11 105 *b 1097s
New 4 >23 ....................... 1917 il-N 102*2 103 102*2 103*2 5 102*4 103 **
10 73fc 1.4 105*4 n o
4 *2 % Corporate Stook ..1957 M-N 107 8ale 107
3 102 104
103
4 *2% assessmt bon ds....1917 M-N 102*2........ 103
99
'a
Sale
09
“s
997t
90*4 100*2
M-N
4% Corporate Stock....1957
N Y State—Canal Impt4a.l9ii0 J-J 1013b 1047s 1046b 101 "a 1 101 *4 105*8
!03*2J’ly ’ lo .... 103><j 103*2
So Carolina 4 Hae2 0 - 4 9 ....... 1933 J-J
95 7» Deo’ 10
917a 07
94*4 90
Tenn new settlement 3 s ..1913 J-J
88 Nov’10 .... 87
9078
Virginia fund debt 2-3s...l99l J-J
42
45
48 Doo’ 10
30
50
Us deterred Brown Bros ctfs.

itullroad
* lauauia Cent bee So By
ZXlaba Midi tS
eeAt Coast E
Albany Jb Susa bee L)el <6 Hud
Allegheny Valley beePenn Bit
Alleg db West bee Bull R <&P
Ann Arbor 1st g 4s........A1996 Q-J
Atoll T<& S Fe—Gon g 4S.1U95 A-0
Registered...................... 1996 A-0
Adjustment g 4s......... A1995 Nov
Registered................ /t.1996 Nov
Btamped.................... A1995 M-N
Conv4s issueof 1909...1966 J-D
Conv g 4s....................... 1966 J-D
Conv 4s (issu ed 1910).1960 J-D
10-year conv g 6 s ........1917 J-D
Debentures 4s Series J . 1912 F-A
Series K.......................1913 F-A
East Okla Dlv 1st g 4s..1928 M-S
Short Bine 1st 4s g ........1968 J-J
M-S
3
B’e Pres <fc i'll 1st g 6s.1942
Atl Knox & N bee E J
oN
Atlantic Coast 1st g 4s./tl952 M-8
Ala Mid 1st gu gold 6 s ..1928
Bruns & VV1st gu g 4s ..1938 J-J
Charles <fc Sav 1st g 7s..1930 J ..I
E &N coll g 4s.............ol952 M-N
8 avE’ «Sb W 1st gold Us.. 1934 A-O
1st gold 5s................... 1934 A-0
Sliap OcadbG gug4s ..191b J-J
Atlantlo 3b Dan v bee South By
Austin 3b N W *V«eSou Paoillc
&Ohio prior 1g 3 ><33.1925 J-J
B altBeglstered..............
A1926 y-J
Gold 4 s ......................... /11948 A-0
Registered................ A104S y -j
Pitts J uuo 1st gold Us... 1922 J - J
PJ uu 3b 31 Div 1st g 3 *281926 M-N
P E E <SbW Va ays ref 4slU41 M-N
South W DIV 1st g 3 ><28...1925 J-J
Registered................ A1925
M-S
A-O
Morion Rlv 1st gu g 6s..1911 F-A
J-D
A-0
A-O
J -J
J -1)
Seech Crook bee N V C 3b li
Belle v 3b Car bee Illinois Coni
Bklyu 3b Montauk bee Eoug 1
Bruns 3b West bee AtL Coast
Buffalo N V 3b Erie bee Erie
Buffalo R 3b Pgou g 6 s...1937 M-S
Consol 4*23 ............... 1957 M-N
A-O
J-J
Rooh 3b Pitts 1st g Us...1921 F-A
Consol 1st g Us........... 1922 J -D
Bull 3b Susq 1st ret g 48.(71951 J-J
Bur C R 3b N bee O R 1 3b P
J-J
( lan So 1st ext Us...........1913 M-S
Registered................... 1913 M-S
Curb <&Shawn bee HI Cent
Carolina Cent AeeSeab Air E
OArtliage 3b Ad bee N V C 3b il
Oed R la 1' db N bee B c R 3bN
Gen Branch Ry beeMo Pac
Cent ot Ua RU 1st g 6s..pl945 F-A
Consol gdd 5s................1945 M-N
Registered................... 1 94 5
1st pret income g 6 s___ p1946 Oct
Stamped ...................
2u prei income g 6s....pl945 Oct
2 d pi el income g 6 s stamped
8 a prei income g 0s....pl946
8 d pret Income g 6 s stamped.

77*4 79
99*2 Sale
97‘s .......
01 "a Sale

78 7a 787g 8
99*8
09 78 240
1
98
98
91*8
tU->4 7
92 Jan’ 10
91»a Doo’ 10 80
91*2 02
..... lOUa4 106 *4 106*4 1
106 *4 sale 105
106j4 ib
1 0 1 J4 103
0
102*2 103
I 0 8 3^ sale 108*4 1087b 0
99 ..... oa7* Jail ’ io
08*« ..... 98 *2 Fob ’ 10 __
00 *2 _____ yOHa-DOO’ lt
03
03 *2 93
93 *8 3
100*4........ 109 *2 Doo’ l 0 ....
913g sale 94*4
04*2 22
lU7%........ 109 Sep ’ 09
01l* ...... 94ogNov’ 10 ....

74
83>a
07*2 101
98 100
88
95
92
92
89
943,
104«4 U7
101 122 7b
98 104*4
10434 1223b
0878 987s
98*2 98*2
96’4 97*4
92*4 0434
107 *a 109*2

93 ‘s Sale 92«8
03*8 131
123*2 ..... 124** Deo’lu
n o * .......... 1 12 Mar’io
05 *2 ....... 06 J’ly ’ io ....

89
05*2
124'e 121*8
112 112
05
97 *a

02 »» Sale
*00
01»4
08*2 Sale
90>« 07*8
1 i i a4 ........
b i°4 ..... .
01 <8 02*4
00*2 00»4
88 *4........
100*4........
108 ........
10 1**8........
1093b ........
103 ........
113*2 116
90*2........
80 ........

023a
6!j*2 18
011 . Oct ’09 ....
47
98*2
09
PUyNov’ lO
112*» Doo’l'*
87 ‘4 Dec’ l l
91 b4
9238 13
90*2
0034 43
89*2 Apr’ lu
103 Mar’ io
110 Deu’ 10 __
I.057 ,, Eob’ 01
112 Doc’03 -T-112 Nov’09
liO y Mar’04
98*<i Sep ’09
100 Nov’04

89*4 03
.................
97*4 100*4
00
99 \
112*8 112 *8
87*4 90
89
93
89
91*2
89>a 90*2
103 103
109 113*2
____

111**11578 n o >2 J’ly ’ io
107 109 1 0 8 *81)170’ to
00 *2....... 90 Aug’ 1(J
108*8....... 103 J’ly ’08
116 118 115 J’iio‘ 10
no
110*4 Sep ’ 10
........ 7^8 7 2 Mar’ io ....

1137e 110 *2
105 109*8
90
U9*b

92

067s

94»» 04®»

115 117
110*4 110'J4
72
72

103 Sale 103
103*8 44 102*2 105 °8
10078 10l>4 101*8 101*8 U 1003b 10134
..... . 101 >B100*2 Doo’ io .... 100 Hi 100*2

1 1 1 3 4 .......
107°b Sale

108
102*2 Sale
101*2 102*2
100 Sale
90
0934
08 Sale
98
09

lOO^Out ’ 10
i09®a 113*2
107*4 107*2 13 lo o 3* 109
102*2 89
D cc’ lo
99*2 100 212
883a Nov’ 10 __
93
98
83
85 *e Oct ’ 18 ....

101
102

82
84
75
75
76
80

102
102
101
88<*
100
80

BONDS

N. Y. STOCK EXCHANGE
W eek Ending J an u

3
-*o7O
g t:

Brice
Week’s
ange
fridau Range or ®O Ryear
Jan6 Last bale S <L 1910
Hid Ask Low High Ho Low High

Oentof Ga It B—( (Jon)
90°e Sop ’09
Chatt Div pur men g 4s.1951 J-D 8 u 90
iUac 36 Nor Div 1st g 5s. 1940 j - j 105 Hi Sale 105Hi 105 *2 2 104**8 104a8
Mid Ga 3b Atl Div 6 s .... 1947 j-.l 1U5 Hk........
no no
Mobile Div 1st g 5s...... lUaU j - j 108 >*....... 110 Jan’ 10
102 1U3
Ceu ltU <£> Uol Ga col g 6 s 1937 M-N 102 105 1 0 2 34 Nov’ 10
1-5*2
122 °8 11 120
CeutotN J geu’ l gold o s .1987 J-J 12 2 *2 Sale 122
Begistered................ h.1987 y - j 122*8 Salt 122*8 122*8 0 120*4 125
Am Dock 3b imp gu 6 3 ..1921 j - j 108*8....... 108*« 193*8 2 107 109
101
.......
Ee 3b Hud B gen gu g os 1920
Eeh 3b Wilks B Coal 6 s.. 1912 M-N 1 0 0 * 2 ........ 100*2 b e o ’ 10 __ 100*2 191*4
100
100*4
Cou ext guar 4Has....j/1910 y-.M
1 0 0 May’ 10
N Y <& Eong Br gen g 4s 1941 M-S 99*4....... 99ss Deo ’ 10 .... 98
09°g
Cent Pacitlo bee So Pacilio Co
Ceut Vermont 1st gu g 4s.«1920 Q-F 87*2 90
8 8 a*
8738 Nov’ 10 .... 85
Chas3bSav beeAtl Coast Line
Cites 3b Ohio gold Us........01911 A-O ........100*4 1 0 0 Nov’ 10
1 00
101*4
Gen funding 3fc uupt5s.l929 J-J 102H,103‘4 103*4 103*4 2 102 105*2
1st consol g os.............1939 M-N 113 Sale 113
113H- 8 110*2 11434
Begistered................... L939 M-N
112 Hi Jan ’ 10
112*2 112*2
General gold 4H»a........... 1992 M-S 101 *a sule 1 0 1 *. 101**8 *3u 99 i 03 *2
Begistered................... 1992 M-S * ........loo
10i7t J’no'1 0
1U1 7a n i l ’s
F-A U4°b Hale 94
94°h440 89
95*4
Dig Sandy 1st 4 s............1944 J-D ........ 80**8 8 8 Deo’ lo
87
89
8634
87
Coal ltlv By 1st gu Is ..1946 J-D
8 o34 Nov ’ 10
83
88*2
C'raig Valley lutg 6 a__ 1940 J-J 103 ........ 104*2 Sep -lo
101 104*2
84
90
Potts Creek Br 1st 4S..1U4U J-J
90 Jau’09
953* 98*2 90 Dec’ io
B 3b A DIV 1st COUg 4a..1989 J-J
94 Hi U9
2d consol g 4 s...............1989 J - J
90
92 7a 91 Sep '1 0
00 Hi 93
Warm spr Val 1st g 5s..1941 M-S 102 ......
Greenbrier By lstg u g 4s ’40 M-N 85 ....... 95 Oct ’ 10
87*» 96
Clue 3b Alt BB rel g 3s...1949 A-O 723* 7 3 gj 7234 Doc ’ lti
70
77
Railway 1st lieu 3 Hj3 . . . 1U5 U J-J 70j4 Sale 7o*i 7 o >4 9 08*4
75
Begistered................... 1 96 0 J-J
75
Oct ’ou
Chic Buridb y —DeuvD4a 1 0 2 2 F-A 993b ........ 99*2
1 0878 1 00
99H)
Illinois Div 3 Has.............1049 J-J
83 Sale 8 8
88*2 42 8 OH1 8**2
8Ua4 ........ 8 8 Sop ’ 10
Begistered...................1949 J-J
87Hi 8 8
ills Div 4 s ..................... 1949 J-J loo Shu U934 100*6 12 98*2 101
lowu Div uuuc fund 6s..l91U A-0 104*2........ 104*4 Deo’ lo
1043, 1043*
Sinking lund 4s........... 1919 A-O 99**8 9934 90 *8 Doo’ io
98 Hi 190
Nebraska Extension 4a. 1927 M-N 9a°s 99
98a*
983* 15 98 100*4
Begistered................... 1927 M-N 98**........
Southwestern Div 4s__ 1921 M-S 99 ....... 99 Deo’ lo .... 97 Hi 99
Joint bonds bee Great North
Debenture 5s................. 1913 M-N 1013b Sale 101*8 1913» n 100*2 1 0 2 *.
General 4s...................... 1968 M-S 9 l**8 Halo 97**8 98
81 993* 100
Han 3b St Jos consol Os..1911 M-S 1003b 1 U0°8 100*2 Doo’ lO
100*2 102
82
82 *2 83 Deo’lo
Ohio 3b E HI ret 3c imp g 4s 1965 J-J
1st consol g Us................1934 A-0 123j4 129 L21 J 'iy ’ 10
121 127
Uoneral consol ls t 6 s .... 1937 M-N 109°b 1 10*2 110*2 n o Hi 2 lU83s 113
114 May’oU
Begistered................... 1937 Al-N
Chlo 3b inilU By 1st 6 3 .1 0 3 0 j -j 109 *8 ........ 1 10 G et ’ 10 .... ill) 1 12
Chicago 3b Erie bee Erie
85
51 84
87*2
Chio Gt Western 1st 4s...1959 M-S 85 Sale 843*
1253*........ 133 D ec’lt)
Chic In 3c coinsv rei Os...1947
124*8 129*2
107*8........ 114 Dec’09
Belundiug gold5s......... 1947
100 J’ne’lu
1 00
100*4
Eouisv N A 3b Ch 1st Os. 1910 J-J
92
94
9 lJ4 95
92 Deo’ lo
Ohio lud & Sou 60-yr 4a..I960 J - J
Clue Mil Jb st P term g 6 a 1914 J-J 102**8 Halo 102**8 192*2 lo 10238 103*2
093b Huie 09 *4
99 ‘a 32 98 100*2
General g 4s series A..M980 J -J
Begistered................. HOSO Q-J
103*2 UCt '08
87 Hj 8 8 *8 88*8 Deu’ 10
Generalg 3 Has series B.el'JdO j -j
86 °g 89
93 Salt 927a 93
25-yr douen 4 s ................ 1931 j - j
30 91
94
Cine 3b E S u D iv g oa __ 1921 j - j lUoJ4 ...... 1 0 Ua4 loua,
1 107*4 108
Chlo 3c Mo Biv Div 6a...1920 j -j 1083b ....... 108 HiOct ’ 10
107 HU1*
Chic 3c P W la tg oa ...... 1921 j . j LOV *4 Hale 107*4 197*4 1 105**8 108a4
Dak 3b Gt So g 6 s........... 1910 j -j 103*8 101‘*b 103 *8 Oct ’ lu
102*2 10338
n o 3, n U»4
Ear 3b Sou asau g Os...... 1924 j - j 1 1 0 * 2 ....... 110**4 May’ 10
EaCrosse &D 1st O
n__ 1919 j - j 105*4........ 105‘s Deo’ lU 104 Hi 100
Wls 3b Minn Div g 5s__ 1921 j - j 1 0 0 * 2 ........ lo o 6* 10 Ua4 2 105*2 lUrt
MU 3b No 1st cons Os__ 1913 J-D 1037a 101 H) 1OS'S, Aug* lu
I03°e 106*2
Extended 4 Has.............1913 J -1) loo *4 ........
Chlo 3c North weens 7a.... 1910 y-F n o j 4 n a i l 6 *2 Deo ’ 10 .... 110 Hi 113
Extension 4s........1880-1920 F-A 1 0 0 ........ 99a4 Dec’ 10 ... 90*2 101
95‘b J 'iy ’ 10
95*8 95>«
Begistered......... 1880-1920 F-A
83
88
21 87
9U
General gold 3*23 ........... iog 7 M-N 87*2 88
.............. . _
93*8 Apr’00
Begistered............... p1987 y-F
112
........
1103
*
sep
’
lu
11038
t t 13*
Sinking tuna Os...1879-1929 A-O
n o ....... U ih Nov’UD
Begistered......... 1 8 7 9 -1 9 2 9
1 105
109*2
Sinking tund 6 s ...1879-1929 A-O 105°a........ 100 ’ 1 0 U
IUU 10U
Registered......... 1879-1929 A-O 104-2........ 1 00 Mar’10
too
id 105 107
Debenture 6 s................. 1921 A-0 105*4 100*2 100
ItHi *2 100*2
Registered...................1921 A-O 105*4 105*4 1 0 U*s Feb’ lu
109 Sup’ 10
109
1 a *2
Sinking luna dub 6 s...... 1933 M-N
Registered................... 1933
115*4 2 114*8 117*4
MU E S 3b West 1st g Os 1921 M-S 115 bulb 115
Ext 3b Imp s tund g 5s 1929 F-A 109*8....... 109 Nov’ lu __ 109 ll'J3*
AslUand Div 1st g Os.. 1926 M-S 1 1734 ........ 142*2 Eeb’02
118*4 118*4
Midi Div 1st g Os........1924 j - j 118 ........ 118*4 Nov’ 10
1003, 10 Ua*
Incom es......................1911 M-N 1 0 0 * 2 ....... 1 0 0 a4 Deo’ lo
LOU*2 112
Ohio Rock 1st 3b Pac Us... 1917 J-J 1093* 110*2 10U°8 Deo’ lo
1U9 1U9
Registered................... 1917 J-J 103 110*8 109 Aug’ lo
97*2 97*4 97 *4
98
General gold 4s.............. 1988 J-J
29 91*2 99
98 3* 933,
98**4 Fob ’ 1 0
Registered................... 1988 J-J
92
Refunding g 4 s ............. 1934 A-O 89 'a Halo 89*2
8 J 7b h *6 80
97>s 97**
Coll trust Series J 4s__ 1912 M-N 93*2....... 97 *b J’ly 'lb
94Hi 90
M is ............................. 1916 M-N 9oj4 ........ 90 D eo'lo
X 4»............................. 1910 M-N 95 .......
91*4 94*2
0 4s..............................1917 M-N 94 ........ 94*4 May’ lo
.................
93 >2 Aug’ OO
P 4s............................. 1918 M-N 9J34 95
Chlo It 1 3b Pao RR 4s . .2 0 0 2 M-N 73fc8 Halo 72*8
V38b 283 0 0 'a 83 '»
70J* HO'*
7 Ua4 Muy’ lo
Registered.................. 2 0 0 2 M N
90
It 1 Ark 3b Louis 1st 4 >28 1934 M-S ........ 93*4 94 Nov’ 10 .... 93
Uur O it ac N— 1st g 6a.1931 A-0 i l l 112*8 111 Deo’ lu .... HU 114 Hi
Registered................ 1934
OR IE 3b N W 1st gu 5s. 1921 A-O 105 ....... lUSlT Got ’ 10 .... 1063* ibb
M 3b St E 1st gu g 7s..1927
104 104
Choo Ok 3c G gen g 6 s .01919 j -j 1 0 2 H)........ 1U4 May’ Iti
107*2 n o
Consol gold os............. 1952 M-N ....... n o Hi 10b°8 Deo’lo
Keok 3c Des M Ist6s....l923 A-O 100*1 103 100*2 Doo’ 10 .... 100 104
Chic st c 3c N u bee 1U Cent
Jhio St E 3j Pitts jbee PeunOo
5 123 127*4
124
12368 124*u 124
dhlo St P M 3b O cou Os...1930
Cons Us reduced to 3Has.l93U J-D 0
........

IAI.NXJKEEAN'EOIJS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tr g 6 s...... 1945
1 st refund conv g 4 s___2 0 0 2
RkCity 1st con 6s.191U.194l
Bk y Co 3b S con gu g 6 a. 1941
Bklyn Un El 1st g 5-6s.l9o0
Stamped guar 4-5a....lf>50
Kings Co El 1st g 4s__ 1949
Stamped guar 4 s ........1 9 4 9
Nassau Eleo gu g 4 s__ 1961
Conn Ry3b L i s t * ref g 4 Has’51
Stamped guar 4 Has........1961
Det United 1st cou g 4 *2 8.1 93 2
Havana Elec consol g 6 s. 1952
Inter-Met coll 4*28 ............I960
Inter Rap T 3-yr conv Us. 1911
43-year 5s Series A ...... 1962
Internat Trac coll tr 4a..1949
ManUa Eleo 1st &coll 5s.1953




8
103*4 104
H3 Sale 82 7a 83 y 07
3
103
103 Sale 103
98 Deo’ 10
93
101 Sale 101
101*8 ii
101 102 101*2 Nov’ 10
85
84*4 Deo’ lt
8434 84
84 H Yd
78*4 78 1)00’ 10 ....
1027b 102*8 Mar’ ll
100°8 101*8 io n . Aug’ It
793 b Dec‘ 10
81
94 H. 953, Nov’ lt*
793 , Salb
7!) *6 79*4 )2t;
100<--6Sale I00»a 100*8 14
10334 Hale 103B
g 103a, 12 0
..... ..... 07*8 Mar’ ll
........ 98 May’Ot
1033, Sale

1013, 105
793* 87
100*2 104
07*2 90
99 103
99 7« 103
823* 85
80
86 H,
82
70
102 *6 102*t
100*2 102
79
821*6
93
96 Hi
83*4
77
l Ou ‘4 104
100 104
07 *a 07*8

Street Railw ay
Mot St Ry gen col tr g 5s. 1997
Kef g 4s ....................... 2 0 0 2
BwayiSs 7th Av 1st eg 5s 1943
Col 3b 9th A v lstg u g os.1993
Eex Av3b PE’ lstg u g 6 s 1993
Third Ave HR con gu 4s 2000
CentT’r Co certfs stmpd.
Third Ave Ry 1st g 5s..1937
N Orl Ry <fc Et gen 4*28 ..1930
St J 03 R yL tH 3b P 1stg o s ’ 37
St Paul City Cab con g 6 0 .1937
Tri-City Ry <fc Et lets f 5s.1923
0 nderground of Eon 6s... 1920
4*23................................ 1933
income Us......................U)4 y
Union El (Chlo) 1st g 6s..1946
United Rys St L 1st g 48.1931
United BKs San Ersf 48.1927
r (7 Due.I’ne ADue j ’ly fcDno

78*4
78*2 4 743* 82*4
48 Deo’ lo
64
40
102
102*2 29 98*2 102*2
100
100
8 90 102
93>a Nov’ 10
90*2 99
69
69
79 50
09*2
08’*
111*4 120 55
GO*2 Sale 58*4
111
2 105*2 1<J87«
109 110 >8 111
84 7» 87
8 47s O ct’ 10
........ 85
98 Nov’08
........ 09
107*8 Deo’09
98*4 V 00
00
93*4 98Hi 98*4
95
0934 98 Apr’09
90*,
00*f
c 83
90
90H) 90
373,
8 31*2 40
38 ....... 3734
84 Oct ’08
...... 1 0 0
........ 80 78 80 Aug’ 10
79*2 83
GO3* 03*4 07 Doo’ 10 .... 05
74
oDiie Got pDue Xov sOption Sal*
78*2 3ale
43
60
101 1023,
98*2........
98 100

J an . 7 1910.1
BONUS
N. Y. STOCK EXCHANGE
W ekk Kndino J an 0
Ohio s t P M A o —(Con)
Oh 8t P <6 Minn 1st g Us 1918
Nor Wisconsin 1st 6s...1030
St P A S City 1st g Us...1919
ChloA West Ind gong Os ol932
Consol 50-year i s ...........1952
Ohio A W Mioh de*Pere Marq
Ohoo O A Gulf dee O R I A P
Ola H A D 2cl gold 4 ‘as...1937
Cln 1) A 1 1st gu g 6s. ..1941
C Find A Ft W 1st gu 4s g.”23
Cln 1 A W 1st gu g 48.1953
Ind Deo A W 1st g 6s...1935
1st guar gold 5s.......... 1935
O I S tH A O deeC O C A S t l
Oln s A O deeC O C S tL
Olearlield A Mali dee 11 U A P
Clov Cm C A st B gen g 4s 1993
Cairo Div 1st gold 4s....1939
Cln W A M Dfv 1st g 48.1991
St R Div 1st col tr g 4s.. 1990
Registered.................. 1 9 9 0
. ftpr A Col Div 1st g 4s..1940
1 W W Val Div 1st g 4 s... 1940
0 1 St R A C consol Us..1920
1st gold 4s...........„...A;1930
Registered.............fcl03U
Oln 8 A Cl con 1st g 6s. .1928
0 C C A 1 oonsol7s........1914
Consol sink fund 7s__ 1914
General consol gold 6s. 1934
Registered................1934
ind III A W let prof 4s.1940
O Ind A W 1st pf 5s...t<1038
Poo A East 1st con 4s... 1940
Incomo4s.................... 1090
Olev A Marietta deePenn Hit
Olov A Pitta dee Penn Co
Col Midland 1st g 4s........1947
Colorado A Sou 1st g 4s...1029
Retund A 0x141*8.........1935
Ft W A Den O 1st g Us..1921
Ooluni A Groeuv dee So Ry
Col A ilock Val dee Hook Val
Col A Tol dee Hock Val
Col Conn A Term dee N A W
Conn A Fas Rivs 1st g 4s.1943 A-o
Cuba RR 1st 60-yr 5 g __ 1952 J-J
A Gt So deeO M A St P
D ak
alias A Waco dee M 1CA X
Del Rack A W esternMorris A Essex 1st 7s...1914 M-N
1st consol guar 7s...... 1915 J-D
Registered................1916 J-D
1st ref gu g 3 *«ss......... 2000 J -D
N Y Rack A W 1st Us...1921 J-J
Construction 5s......... 1923 P-A
Term A Improve 4 s.... 1923 M-N
Warren 1st ref gug 3 *2 8 .2 0 0 0 P-A
Del A lluil 1st Pa Div 7s.1917 M-S
Registered...................1917 M-S
10-yrconv (lob 4s......... 1910 J-D
1st lion equip g 4*28 ....1922 J - J
1st Aret 4 s .................... 1913 M-N
Alb A bus conv 3*as...... 1940 A-0
Rons A Saratoga 1st 7s.1921 M-N
Del Rlv RR Bridge deePa RR
Denv A R Gr 1st con g 48.1930 J-J
Consol gold 4*as........... 1930 J-J
Improvement gold 6s...1928 J-l>
1st A refunding 6s........1965 F-A
Rio Gr Juno 1st gu g 5s.1939 J -D
Rio Gr So 1st gold 4s. ..1940 J - J
Guaranteed................. 1940 J - J
Rio Gr West 1st g 4s___1939 J - J
Mgeandcol trust 4sA .1949 A-0
UtaliContlstgug4s alOlY A-O
es M0 1 A Ft D deeM A st R
g esMoi
Un Ry 1st g 5s..1017 M-N
Dot A Muck 1st lieu g 4s.1995 J-D
Gold 4s............................1996 J-D
So—O S DlV 1st g 48.1941 M-S
get
ul A Iron Range 1st 6s..1937 A-O
Registered...................... 1 9 3 7 A-O
2d Us...............................1910 J-J
Dal Short Dine dee Nor Pao
Dal So Shore A Atl g 6s..1937 J-J
l/a s t or Minn deeSt P M A M
Xliaat Ten Va A Ga dee So By
Elgin Jol A East 1st g 6 s. 1941 M-N
Elm Oort A No dee Roll A N Y
Erlo 1st consol gold 7s....1920 M-S
N Y A Eno 1st ext g 4s 1947 m -N
2d ext gold 6 s.............. 1U19 M-S
3d ext gold 4*as........... 1923 M-S
4tli ext gold 6 s.............1920 A-O
6 th oxt gold 4s.............1928 J -D
N Y R E A W ls t g fd 78.1920 M-S
Eno 1st con g 4s prior..1990 J-J
Registered................1990 J-J
1 st consol gon lion g 4sl99U J-J
Registered................1990 J-J
Ponn coll tr g 4s........1961 F-A
60-year conv 4s A ....1963 A-0
do
Senes B.1963 A-0
BnllN YA Erlo 1st7s..1910 J-D
Ohio A Erlo lstgoldOs.. 1982 M-N
Olov A Mahon Val g6s.l938 J-J
Long Dock consol g Us..1935 A-0
Coal A RR 1st cur gu Us.1922 M-N
Dock A Imp 1st cur Us..1913 J - J
N Y A Groen R gu g 6s.1940 M-N
N Y Bus A W 1st ret 68.1937 J-J
2d gold 4*28 ................. 1937 F-A
General gold 6 s...........1940 F-A
Termlnallst gold 6s...1943 M-N
Mid of N J 1st oxt 5s ..1940 A O
Wllk A Ea lstg u g 6 s ...1942 J-D
E v A ln d lstc o n gugUs.,1920 J-J

New York Bond- -Continued—Record Page 2
Weehfs
Price
Friday Kanqe or
Jan 0 Last dale
But Ask Low High
124
124
123V
123V 120 120Bg May’09
112V .... 112;*8 Deo*10
109 110 V 110*4 Deo’ 10
0 2 *4 Deo ’ 10
92*8 93

113
103*2 106H, 106
83

Oct *00
D eo'ic

Hang*
Year
iyw
Low High

123

127

l l l a4 114 V
108*4 112
88
93*4

101

108

Oct *10
102 Sep’ 10
107 >2 Dec ’02

85
87 *4
10 l s4 107

Dco’ 10
Deo’ 10
93*8 Deo’ 10
95 Deo’ 10
91 O ct’07
90 Dec’09
9l*a Dec’ 10
105*4 Fob’ 10
90*u Dco’ 10
90 Aug’ 10

00*4 00*4
02*4 03*4
00
04*2
8 0 34 053,

8 0 34

930s 04\
*93*2 ....
33*a ....
94
95
90
93
90 100 V
92‘a
105*9
97*2
93 V 97**,
loo
107

109*4 Dec’09

126*4 120

125 *aDeo’ 10

94*2
93*4

1 00

94

100

90
01 *4
105*4 105*4
90*4 08*4
00
08
108 108
110

126*4

J 'ly ’08

01*4 91*a
69
00

04*4
07

GO 09
68
08
UG*aSale 90
90*4
98 >4 Sale 97 “a 9834
112 V ...... 113 Dcc'lO

05
81V
03
97 7e
94*4 00
111*4114

09 V .

100 Muy'1 0

100

108*4.

108 *4 Oct ’ lo
111 Deo ’ 10
1 IIV Dco’ 10
91
91
115*4 H o 3,
100 O ct’ 10
98 *4 Deo '1 0
102 *8 8 ob’03
120 O ct’ 10
149 Aug’Ul
98‘s
98 ‘4
1 0 l 34 102
100*8 100*2
94
93
12334 123

103*4 111*4
111V H4*e
1107hl l l V

lm

.

91 Sale
115*2 LlO
107*4......
98 Hi......
85 ......
115 120
1 1 0 3, ......
98 ‘s 98 ‘4
10058 102
lOO -i, sale
93 *2 Sale
123 V ......
94
lot

Sale 03 7«
04
104 *4 101 *BD cc’ lO
1 0 1 * 103 *4 Deo’ lo
91 Hale 89 \ 91
105
98 Feb’Ob
06
78 Dec’OO
76
85 Mar’08
91 Sale 00 V
91
83V 83V 83*4
83*4
97 Jan ’ 02

1 02

n o Sep ’04
93 ......
Sop ’ lu
94
88*4 90
89 Doo ’ 10
........ 76
74 Oct ’ 10
108*a...... 108V 1 0 h°8
1 0 0 *aMar’ 0 s
100*2 100V 108
1087g ......

108*4

119*4120
98 ......
104*4 Sale
1 U1 * 2 ......
103*4......
93 .......
........110*8
85“a sale
....... 83 V
73 *a Sale
........ 76
80 >4 Sale
7334 74*4
09 Sale

120*4
1 00

100

113 118°b
100 110*4
97V 101
126"

i ‘io 7a

90*4 102
100 103
97V 100 V
91 100>*
123*4 130*4
92V 9734
101*8 104*4
106
89
94*4

100

94*4
85
94
88
72
100

97 7a
91
74
111

100*4 108*4

Nov’ 10

Doo ’ 10
J’no’ lu
104*4 104*,
100*4 Deo’ lu
100*4 Jan’ 10
09*4 Feb’ io
118 Oct *10
86*4
853<
S3 V
«3°,
73*4
74 V
85*a Fob’07
80*4 80*4
73
74
09
09
1 0 0 34 1 11
1 10
Dec’ 10
111*4 11134 m v n i 34
111*4 ........ 1 21 Dec’08
1 2 2 34 ........ 124 *a Deo’ lo
104*8 108 114 A pr’ 10
lU0 ° 8 ........ 103'•JOct ’09
93*4....... 99*4 Nov’ 10
101*4 103 1 01 V 1 0 1 V
100*4 Dco’Oo
SO 87*4 89 J’ne’ 10
HOVNov’ lO
110»4 Imo’10
110*2.
lOOV Doo’lO .
U9 *2 •
114 O ot’OOl.
no .

108*4 108*4
118*4 132*4
1 00

100

104*4 1007s
100*4 103 *<j
100*4 100*4
90V 9934
118 118
8U34 87 V
83 V 83 V
07
7078
*83*4 8 8 **
04
83
60
73*4
1 10
113*8
110
116
120
114

127
114

99 V 103 *2
99 101*2
89
108

93
110*4

1 10 3, 1 lOV

98*4 101*a

BONDS
N. Y. STOCK EXCHANGE
Wkkk Ending J an 8

Price
Week's
tndav
Hanye or
Jan 0 L
ast dale
Sid AsicLow High

49
Hange
Year
jyio

Erie A Pitts dee Penn Co
Evans A T H 1st cons Os.1921 J-J 112*8....... 112*8 112*8
I l l ’ s 1117,
lstgeneral gold 6 s........1942 A-O 101 I 0 l*i 101*4 101*2
101 102*4
Mt Vernon 1 st gold Os.. 1923 A-O 100 112 114 Apr’05
Sul! Co Branch 1st g 6 s. 1030 A-O 06 ....
06 J’ne’03
R'argo A 8 0 deeOil M A St P
A lint A Pere M dee Pere Mar
Fla C A Pemn Seesea Air Dine
80
Fort St U D Co 1st g 4 *4 8 .1 9 4 1 J-J
92 Aug’ 10
88*4 93
80
Ft W A Rio Gr 1st g 48...1928 J-J
82
84 Sep’ 10
84
67
/ 1al Har A S A deeSo Pac Co
V 7alH A H ofl88 2 1st 5 8 .1 9 1 3 A- 0
07 J ’l y ’ 09
97*4 09
Georgia A Ala dee Sea A Dine
Ga Car A Nor dee Sea A Dine
Georgia Paciiio dee so Ry
Glia V G A Nor dee 8 0 Pao Co
Gonv A Oswegat deeN Y Cent
Grand Rap A Ind bsePenn RR
Gray’s Pt Term deest R S W
95V Sale 95*4
GtNor—OBAQcoU tr4s 1021 J-J
0534
94*4 07*8
Registered./!................. 1921 Q-J ........ 05 V 95 V 95 V
04 V 9b7»
90 ...
90 Dec’ io
St Paul 51 A Man 4 s ....1933 J-J
93 100
120
Deo’ lo
1st consol gold Os........1033 J-J 125 V —
125 *e 126V
132 Apr’09
Registered................1933 J-J
Reduced to gold 4 Vs 1933 J-J 106 7# 1 0 0 106 V 1063,
103 V 107 V
108V J’ne’OO
Registered.............1933 J-J
00
Mont oxt 1st gold 4s..1037 J-D *05»4 *07* 90
07*4100*4
1 0 0 *4 Oct ’ 06
Registered................1937 J-D
E Minn NorDivlstg4al048 A-0 \ ) 5 V ........ 0934 Jan ’lo
00V 99V
114
Deo’
lo
114
........
Minn Union 1st g Os..1022 J-J
113 114 *4
125 1 20
Mont O 1st gu g 8s....1037
J 120*4........ 120*4 Nov’ 10
Registered................1037
J 126 ........ 130*4 .Uuy’oO
1st guar gold 6 s...... 1937 J-J I l l *4 1 1 2 V 112*4 Deo’ lo
110 113 V
Will A S F 1st gold 5a 1938 J-D 112V........ 110 J’ne’09
Greenbrier Ry dee Ches A O
01
08*4 80 Doo’ lO
87 04 7«
Gulf A S l i s t ref A t g 6 s 61952 J-J
ail A St Jo dee 0 B A 14
H ousatonlo
Seen Y N H A H
Hock Vallstconsolg 4 *2 8 .1 9 9 9 J-J 102*a 10276 102*4 102 7s GG 99 7a 104
100 *4 Sep ’Ub
Registered......................1999! J - J
93
06 *4
Col A l i V 1st ext g 4 s..1948 A-O 04*4 05 V 03 Deo ’ 10
06V
Col A Tol 1st ox 4 s ...... 1955 F-A
Houst E A W Tex dee So Pac
Houst A Tex Cen deeSo Pac Co
104 J’ne’ io
104 105V
Central 1st g 4 s ..1951 J-J
i lllnois
102V 107 V a p i’07
Registered.:................ 1951 J-J
91 Deo’ lo
8 0 V 92
89 V
1st gold 3*as................... 1951 J-J
04 Sep ’09
Registered................... 1951 J-J
Extended 1st g 3 >48....... 1951 A-0 87 V ....... 93 *aMay’ 00
8 U J’ly ’ 09
1st gold 3s sterling.........1951 M-S
07V Dec’ io .... 07V100V
Coll Trust gold 4s.......... 1952 A-O 97 V
Registered................... 1952 A-O 07*8 07 V 09 J’ne’uy
07 *4 2 0 , 90
00V
1st rof 4 s ........................i'J66 M-N 07 V UV°8 97
R N O A Tex gold 4s ...1953!M-N
97 *4 10UV
0b v Ob3, 99*8 Dec’ !u
00
96
Registered................... 1 0 5 3 M-N *........ 07 V 0 G Doo’ lO
96
00
Cairo Brulgo gold 4s__ 1950 J -D
06 V 100
87 V Muy’10
RoutsvDlvATerm g3*23.1953 J-J I 84V 87
”87 V *8 8 **a
123 Aluy’09
Middle D ivrog5s...........1921 F-A 102
Omaha Div 1st g 3s........1051 F-A- 74
77V Mar’lo
77V 77V
74
St Rouis DlvAterm g 38.1951 J -J
75 V
76
75 V 75 V
Registered...................1951
73 V
85
89
Gold 3*48 .................... 1061
F o b ’ io
8 b V 80
1 0 1 V c o t ’ 99
Registered................ 1951
1 0 O N o v ’ OO
87
Spring Div 1st g 3*as...1961
0 6 V D e o ’ lu
06
0g
Western Dines 1 st g 4s..1951 F-A 0oV
117 V M a y ’ 10
Believ A Car 1st Os...... 1 9 2 3 J-D 101
____
06*4 O c t ’ 10
Garb A Shaw 1st g 4s...1932 M-S 94
96*4 09
O liicS tB A N O g 6 s...1961 J-D l u v n u v 1 1 6 D e c ’ i o
114V 119
Registered................... 1 0 6 I J-D 111 116 1 1 8 M a r '10 : : :« 1 18 n s
00
U c t ’ 09
Gold 3*as..................... 1951 J-D 84 V
97 V M a r ’ l o
Meinpli Div 1st g 4 s... 1951 J-D 03
97V 07 V
06 J ’l y ’ ob
05
St R Sou 1st gu g 4s__ 1931 M-S
Ind B1A West deeUU C A St R
05
04
lud 111 A la 1 st g 4s........1960 J - J
Deo’ lO
107
lilt A Great Nor 1st g Os..1919 M-N 107 V 108 V
May’ 10
2d gold 5s...................... 1 0 0 0 M-S 104V
10U3
102
Trust Co certfs................... I ___ 1 104 106 V lu5*a i05*a
3d gold 4s...................... 1 9 2 1 'M-S
16 Nov’ 10
15
14*8 10
103
102
Iowa Central 1st gold 6 s. .1938 'J-D 103 bale 103
Gold 4s...........................1 051 M-S 65
67
67 V Doc’ 10
65
James F A Clear 1st 4s... 1959 J-D 04 78&Ale 94V
94
05
ai A A G r dee R a at a
un A Mich deeTol A G O
K O F tS A M deeSt R A S F
Jt U A M R A B deest R A S F
Kan C A Paciiio dee M K A T
Kan City Sou 1st gold 3s..1050 A-0
74
73V
73V
71V 74
63 Oct ’00
Registered.....................i960 A-O
1 0 1 V 1 02
Rof A Impt 6 s Apr 1950........A-O 1 0 1 V
09V 1 0 3
Kansas City Term! let 4s I960 J-J
07
98
0UV
90V
93
08
ReutucKy Cent s e « B A N
Kook A Des Mo dee C li 1AP
Know ole A Ohio dee So Ry
j^ako Erle A W 1stg 6 s.. 1937 J-J 109 110V109V 109 V
108
i 2d gold 6s.................... 1041 j . j ........ 100 106 V Mar’lo
100
North Ohio 1st gu g 5s..1045 A-O 108*8........ 100 Mar’lo
108
R Sho A Mich S dee N V Cent
Roll Val N Y lstgug4V s.l04O J-J 106V 107 V 107*4 Dec’10
Registered......................1040 J-J 103 7s ........'105
105 Doc
Dec’’ 10
io
Rohigli Val (Pa) cons g 4 s.2003 M-N
04V Dec’ 10
Roll V Ter Ry 1st gu g 68.1041 A-O
113 *4 113 V
Registered...................... 104 1 A-O
109 V Oct ’90
Bell V Coal Co 1st gu g 6s.1033 J-J
10b Nov’OO
Reh A N Y1st guarg4s.. 1946 M-S
U3V Mar’10
Registered...................... 1 0 4 5 M-S
El C A N 1st p fU s...... 1014 A-0 102 .
101V Feb’ 10
101v io iv
Gold guar 6 s................ 1 0 1 4 A-0 100 V101*4 oep ’09
Reh A Hud R dee Cent of N J
Reh A Wllkesb 8 'eecentofN J
Boroy A Cauey Val dee Mo P
Roug Dock dee Erie
Doug Isl’d—1st con g 5s./il931 q.j 109 V .... 110 Deo’ lo
no 112
1st consol gold 4s........ A1 03 1
98 V 100
General gold 4s.............. 1938 u
96*4 06V 00V
03
07V
06V
Ferry gold 4 Vs.............. 1922 M-S 0 b 100*4 98 V
97
100*1
98 V1
Gold 4s............................1032 J-D 04
05
0 U*4 Oct ’OBJ....I
Unilled gold 4 s.............. 1 0 4 9 M-S
UO 06
04 V
04 V1 4 03 V
Dohonturo gold 6 s.......... 1034 ; - d 90
967» 104V Dec’Obl....'

MISOliliRAfiKOUh BONDS—Continued oil Next Page.
G a s a n d E le c t r ic R ig h t

Gas and Electric Right
102 ......
N Y G E R H A P g 5s...194k. J-D 102 V S*!6 102V 102V 60 99 V 103V
106 V Sai.» 106V 10GV 14 105 107 V
Purchase money g 4 s...1949 F-A 87 »Kle 87
88
111 80
87 V
Ed El 111 1st cons g os.. 1005 J-J
....... 01V 60 V Sep ’ lo
60V 67
n o H IV
HOVOct ’ 10
lOi 100*4
N YAQE1BAP 1st con g6sl03o F-A
Mar’ lo
100*4
101*4
100
100*8 Deo’ 1C
101 V N Y A Rich Gas 1st g 6 s. 1921 M-N
97 V J’ly ’OU .... ....... ........
100
Pacific G A Eloo Co Cal G A E
96*8 Sep 'Ob
106
105 Get ’ to
lOIV 105 V
Corp unifying A ref 5s 1937 M-N 0 2 , 0 2 V 02 D cc’ lO
01
93
0 1 V Oct ’ 01
Pco Gus A C 1st con g 08.1943 A-O 116V117 116 V Aug’ lo
110 V 119
98 101 100 Oct ’oy
Refunding gold 5s......... 1947 M-S 101V 10'«* 101V 101V 4 101 104
101
V
103
102 V ........ 103
1
1033,
ChG-R A Cko 1st gu gos 1937 J-J 10'2V 194V 103
103
2 102 V 104*4
07 ........ 97 Mar’ lo
97
97
Con G Coof Cli lstg u g 6 s.’30 J -D 1 0 0 V 103 101 Nov’ 10
100*4 102
........102
13 ,0 0 102
Iml Nat Gas A Oil 30-yr 5s’30 M-N 90 Safe 0 0
101 V lo 2
00
90
90
112V 116 111 Oct ’ 10
110 V 115
.Mu Fuel Gus lstgu gos. 194) .i-rv 1 00 lo o v 101 Mai’ 10 6 101 1 0 1
80*,....... b8 Nov’ 10
s 6 -V 90
Philadelphia Co conv 6 s ..1919 F-A 104V 105** 105
106 V 30 90 105
102
1 0 2 3, 102
Doo ’ 10
100 V 105
Syracuse Righting 1st g os.’51 J-D 9b ........ 08 Aug’ lo
08 1 0 0
1 0 0 *4 1 0 IV 100*4 100*4
6 90 101*4 Trenton G A El 1st g 6s..1049
110 Alay’05
00*4 Hale
U0*4
UO*, 26 89 78 92*, Union Elec R A P lstgus.1932 MS
09 V 100
96 Jan’ 08
Westchester Right’g g 5s.l95o J -D 103V 104 103V Deo’ 10 .... 100 104
* No price Friday! latest bid and asked this week, a Due Jan 6 DueFeb <7Duo Apr eDueMay /iDueJTy KcDuoAu* gDue Deo t Option Sale

Atlanta G R Co 1st g 6s...1047
Uklyn U Gas 1st con g 6s.1946
Bultulo Gas 1st g 5s..........1047
Uolumbus Gas 1st g 5s___ 1932
Detroit city Gas g os........ 1028
Det Gus Co con 1st g os...1018
Kq G R A Y1st con g 5s..1932
Uaa A Dice Berg Co e g 68.1040
9r Rap U R Co let g 6s...1916
Hudson Co Gas 1st g 6 s.. 1949
Kan City (Mo) Gas 1st g 6 s 1 02 2
Kings Co El 1, A P g 6 s ... 103)
Purchase money Os.........1 0 0 )
Ed El 11 Bkn 1st con g 4s 1039
Bao Gas Rof St R 1st g6s.sl9l0
Rof and ext 1st g 6 s...... 1934
Milwaukee Gas R 1st 4 s.. 102',
KewarkUon Gas g u s .... 1946




New York Bond Record— Continued— Page 3

50 m

Price

BONDS
N. Y. STOCK EXCHANGE
W eek ending jan 8

WseUs

I'ridav
Danye or
Last Sale
Jan (1
Ask Lois Jligft
Did

Long Island—(Con)
rot gold 4s.... ........ 1949 M-S
g uar
klyn <&Mont 1st g <>s.. 1911 M-S
1st 6 a............................1911 M-S
N Y 1J& M B 1 st cong5s 193& A-O
N Y A> R B 1st g 5s...... 1927 M-S
Nor Sh B 1st con g guos ol932
Louisiana* Ark 1st g 5s.1927 n
Louisv <6 Nasliv gen g 6 s. 1930 J-D
Gold 6 s............................ 1837 M-N
Unified gold 4s.............. 1940 J-J
Registered................... 1941) J-J
Sink tund gold Os........... }910 A-0
Coll trust gold 5s........... 1931 M-N
E H &Nash 1st g 6 s---- 1919 J-D
LClnAj Lex gold4*28 ...1931 M-N
N O A M 1 st gold O s....1930 J.J
N O & AC 2d gold 6 s...... 1930 J-J
Pensacola Div gold6s...1920 M-S
St L Dlv 1st gold Os.......1921 M-S
2(1 gold 3s.................... 1980 M-S
Atl Knox &Cm dlv 4s.. 1965 M-N
At! K n o x * Nor 1st g 5sl940 J
Hender Bilge 1st s fgOs. 1931 M-S
Kentucky Ceutgold 4a..1087 J-J
LAN & M & M 1st g4 Va 1945 M-S
L& N-South M joint 48.1952 J-J
N ii'la* S 1 st gu g 6 s... 1937 E-A
N& C Bdgo gen gu g 4 48 1945 J-J
Pens * All 1st gu g Os..1921 E-A
A
S A N Ala con gu g 6 s.. 1930
Edge Co g u g 4s..1945 M-S
t *N Jell
A & Cli SeeC 1 & L
11/1 ahon Coal SeeL S * M S
l»-i-anhattan Ry consol 4s. 1990 A-0
Registered................1990 A-0
Sttnpd tax exempt..1990 A-0
MoK'pt A B V SeeN IT Cent
Slex Cent Cons g 4s......... 1911 J-J
1 st cons lno g 3s........»1939 J’ly
2d cons ino g 3s trust rects..
Mox Interuat 1st con g 4s. 1977 M-S
Stamped guaranteed— 1977 M-S
D
Mex North 1st gold Os__ 1910

Danye
Year
lino

BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING JAN 6

Low Hiyh. N Y Cent <&H It—(Con)

[V O L . L X X X X II.

Price
Week’s
Danya
lYiday Danye ur
Year
Janii Last Sate
1910
ASk Low Hiyti Do Low JJiy/\
79*2 79 Deo TO

ylich Cent coll g3*2S...-1993 F-A
78
82*4
79*2 80*2 Deo’ tO
7938 80>*
Registered.................. 199S| F-A
085(, Deo ’ 10
97
9834
Boecli Creek ls tg u g 4 s. 193b J - J OS3, .
98*2 Nov’ lo
98 *2 .
98*2 98*3
Registered.................. 1930 J-J
105 *2 .
2 d gu gold Os..............103013-J
80*2 .
Beech Cr Ex t 1st e 3 *28 619511A-0
101*4 104
97*2 Apr’ 09
Cart Jfc Ad 1st «u g 4s...1981; J -D
95**4 96
G ouv& O sw olstgug5s 1942; J-I)
112*4 110**4
987s 99 \
99*2 987* J’ne’ lO
Moh A Mai 1st gri g 4s.. 1991 M-S
11 1 *2 114
105 Oct '0 2
N J J uno R gu 1st 4s...1980 F-A 93
90*» 100*2
93 "98*3
53
Aug’
10
N
Y
*
Harlem
g
3
Vs.-.2000
M-N
973, 97*>4
103 Oct ’09
N Y & North 1st g 5s...1927 A-O
95*4 "9*8*3
567s Nov’ 10
N Y * Pu lstcou g u g 4s 1993 A-O 97*4 98
U)7 110
N o r * Mont ls tg u g 68.1910 A-O
111*4 115
131 *2 Jau MU
Pino Creek reg guar Os.193,2 J-D
103 100
107 n o
R W * O con lstextS s.61922 A-0 107 *4 n o 107*8 107
121 125 *4
Oswe & R 2d gu g 5 s. .elOlo P-A ------ lo ­ 156 Jau’03
118*2118*2
104 104
194 J’no’ iO
ll W * O T R 1 st gug 58.1918 M-N 193
105*4 110*4
95 ......... 102 *®Pob'lb
lO l7^ 102*4
Rutland 1st con g 4VS..1941 J-J
113 114
8 2 * 2 ..........
34 Out TO
80*» 91*3
Og*LCham*lstgn4s gl048 J-J
92 J'uo’09
Rut-Canad 1st gug 43.1949 J-J
95 *2
91
loo
n
o
J’ne’09
1
1
5
St
Law
*
Adlr
ls
t
g
6
s.
1990
J
•
J
110 1 12
125 Peb’o 8
2d gold Os....................1990 A-O
100 102
U tica* Blk Rtvgug4s.l922 J-J 1 0 0 ...... . 1 00 Nov’ iO
94
97*a
89J,
8 J3, Salt,
893.,
89*2 92 *4
Lake
Shore
gold
3
Vs.—
1997
J-D
102 105 *2
88*2 3ale
88
88*2
92
Registered............... 1997 J-D
83*2 92
93 *2 Sale 93 ‘4
93*2
05*4
Debenture g 4s...........1928 M-S
100*4 112*2
93 *, Sale 93 *a 93”!,
95*4
25-year g I s ............... .1931 M-N
K a A * G Rlstguo58.1938 J-J 110*2......
-{°
110*4 110*2
109 net M i
HR
1st
os..1934
J-J
Mahon
C
l
RR
5
s
..1934
J
J
........
109*2 111
T its * L Erie 2d g 6s.al928 A-0 {oo ........ 150 Deo’09
Pitts
8 8 *u 94
’ ittsM cK * Y 1 st gu Os.1932 J-J {'“{ *........ 130*2 JauM9
Pitts
2 dguar
d EuarOs....................1934
J-J
........
0 s....................—
- M cK ees* B V IstgOs 1918 J-J {97
97 *s 98 \
*97°8 .
03 V 98*4
n o *2 Oct To
110*2 no**
M lchCent 6 s......... ........1931 M-S 100 4 llo
104 Apr'05
119 J’ne’OO
Registered............... 1931 Q-M 108 *».
98*4 Sale 98*2- 98*2
04 V 997g
99
99
)
99
97
99
4s................................1910 J-J
j Dec’09
93 ,
Registered............... 1940 J-J
9y®i Sale 99V
99**8 12 9C34 99 *s
)
j
’
uoM
8
80
*«
90
J
L
*
S
1st
g
3*28
......
1961
M-S
3 l Ta May’ lo
27*2 317s
1 Deo’ io
85
90
88*2
1st g 3*28 ...................1952 M-N
25 *2 Apr’09
t 92
92
02*2
92>|
20-year deb 4s............ 1929 A-0
77
Mar’ iO
75
77
Bat
U
*
Stur
lstg
u
g
3
s.
1989,
J-D
79 N oy’ 10
79
79
99 *u 109*8
97‘a 100*t
N Y C hic* St L 1st g4s 1937 A-O 99*2 100
100 May To
100
190
08,38 .... 199 Doe Mo
Registered.................. 1937 A-O
90
52
Debentures 4s...........1931 M-N 90T 91 *2 91 *2 Oct TO
m m
10138
99*4 102*4
1013* Salto 101
West Shore 1 st 4 s g u ...2301
M il L S A VY See Chlo A N W
1 00
sale 99*2 100*4
90*4 100*3
Registered...................2301
Mil A North /6'« C h M A S t P
,
132 Nov’ l'
N Y * Greenw Lake See Erie
131 132
Minn A St L 1st gold Ts.,1927 J-D 130
113*2 .
118 Jau’O
N Y * Har See N Y C * Hud
Paoillo Ex 1st gold Os...1921 A-0
100*2 J’ ly TO
N Y Lack * W See D L * W
D
100*2 101
South West Ex 1st g 7s.1910
108 Deo’ to
N Y L E * W See Erie
102®g 109
1st consol gold 6 s...........1934 M-N 100 107*4
74 Deo TO
74
07*2 81*2 N Y * L o n g B r S'eeCentofNJ
1st and rotund gold 4s.. 1949 M-S
52 130*4 133*8
87 Mar'lo
92
, , 13334 134 V 133*2 134
87
9 1 1 N YN H & H —Couv Os.. 1948 J-J
Des M A Ft D 1st gu 4s... ’35 J-J "b‘6 *
1003s 180 | 90*8 103*6
Conv deben 3*<js........... 1950 J-J JOO** sale 100
Minn A St L gu SeaB O R A N
112
........
112 >aOct To
1 1 2 * 2 116
97
97
90’s
97
Housalonic
R
con
g
5s..1.037
M-N
90
V
10
0
M StP A S S M co u g 4 lu tg u ’38 J-J
107 Aug’OO
08*3 Jan’ lo
N H * Derby con oy 6 s. 1 9 1 8 ,M-N lOl-’g
98*2 98*2
M 8 S M A A 1st g 4 int gu 1920 J-J
N
Y
*
North
S
ee
N
Y
C
*
11
Minu Uu S'ecStPAlAM
95
98
93
95 34
Sale 97*2
N Y O * Wret ls t g 4a..ol992 M-S ........ 90
98
90*2 1 0 0
Mo Kau A Tex 1st g 4s...1990 J-D 97**i
101 *a J’neMo
83**s sale s:»<i
Regia 85,000 only........ y1992 M-S
82
87 34
2d gold 4s..................... p 1.990 E-A lot
191
*2
*2 sale 101*2
N
Y
*
Put
S
ee
N
Y
C
&
il
100
105
M-N
1st ext gold 5s..t............1944
7aV 79*>4 7 0 Deo’ io
78*2 85*4 N Y * R B SeeLong island
1 st A rotund 4s.............. 2004 M-S
8634
89
85*8 8 6
83*2 9034 N Y S * W SeaErio
Gen s t 4 >23................. 1930 J.J ........
7 0 D ee TO
70
V
79*4 79*4 N Y Tex * M see So Pao Co
A-0
St L Div 1st ret g 4s__ 2001
100
101*8
May TO
101
........ 105 J ’n o ’ lO
Nor * South lat g6a........1941 M-N 1 0 0 3»
lod 105
Dal A Wa 1st gu g 5s...1940 M-N 101
123 I 2 0 *a
M-N 125
80 *2 D e o ’ l o
90
125 Doo ’ 10
89*2 93*2
Kan U A Pao lBt g 4s. ..1990 P-A .........
ilur
To
F-A
120 V 126
l
’
J
lV
120*^8
110*2
4
10*2
110*2
Sale
124*2
100
113
A-0
Mo K A E 1st gu g 6s...1942
123 124*4
107
A-0 122 V 125 123 MuyTO
10 .103 108*2
......... 107*2 107
New River lat g Oa...... 1932 A-0
M K A Ok 1st gu 6 s...... 1942 M-N 102*4
99
103
403
29 96*2 100
N * W Ry lat con g 4a.1990 A-O 09 ’« sale 90
1 0 0 ‘t, 105*2
M K A T ot T 1st gu g 68.1942 M-S 104 105
0 7 99
9/ Apr TO
Regiatoreil...................1990 A-O
109 110 *4 A p r ’ 09
Slier Sh A bo 1st gu g 5s.1943 J-D 104**4 109
OJ1, 93
93
LO 91
93V
105 *2 D eo T o
Div’l l a t l * gen g 4 a ...1944 J --JJ 93
105 105 V
T exA Okla 1st g u g o s ...1943 M-S
J-D 1 0 2 *ii ^alb 100*3 10 2 38 15! 94*2 108*8
4 o 9*2
10-25 year couv 4a__ 1932 J-D
Sale 109
107 111
Mo Paoillo Istcou gO s ...1920 M-N 109*2
J -D 88*2 89*4 8 8 *2 Deo’ lu .. 80L 90*4
101 Salto 101 , 191
Pocah
C
*
C
Joint
4s..
1941
100
102*4
M-S
Trust gold 5s stamped.al917
59
M a r’ 10
105 Nov’ to .. IOP’4 106
C C * T lat gu g 5s........1922 JJ-J
•J 104
09®» 99<fe
Registered................ai917 M-S
94
90*2
96^
lU (»J ‘ i o i *4 D e o ’ i o . . . . 100 1 0 2 (’ll
90*2
Scio V * N E la t g u g ia 1989 M-N 90*4
1st coll gold 6 s................ 1920 P-A, 101
77 *2 Sale 70 *2
77 *2 30 75
North
iUrnoia
see
Chi
*
N
W
1
1
81V
M
-S
1
40-year gold loau 4s...... 1945
05*«
N
o
v
’09
98
*
2
North
Ohio
S
ee
L
Erie
*
W
3d 7s extd at 4%............. 1938 M-N 91
1003fc
98*2 1 0 2 \
89
94*2 91*4 _ »?,•»
Nor Pac—Prior lieu g 4a..1997!M
<1 J 90 V 100*2 1 00
90
1st A ret couv 5s...........1969 M S
OS 's] 30 98*4 101
D e c TO
99 1 00
98 V
Q-J
Registered...................1097 tj-J
9 1 * 2 95
Cent Ur Ry 1st gu g 4s.1919 I*-A 1 91**4 92*2 87 v M
70V 26 0 ')*a 7 ^
H-E 70V ^ale 70V
ay’ 10
General hen gold 3s___«2047 •J-E
80
87*2
Ceu Branch U P l8tg4 s.l94 8 J -1) 85
70 D ecTo1.... OJ
72*,
71
115 M u i’06
Registered................a2047 V-E
Leroy A C V A L ls t g o s 1920 J-J
90 | 1 90*a 97*8
‘JO
93*2 Sale
St Paui-Dul DlV g 4s....1990 J -D 0 0
58*2
98*),
90*« lUO*^
Pae R ot Mo 1st ex g 4s. 1938 P-A lU9
FobTO1.... 99
99
LlO 1 1 0 D e c 'l o
Dul Short L tstgu 5s.. 1910 M-B
110 113
2 d extended gold 5s...1938 J-J
io o 34 Sale 10034 197
C U * 0 coil tr 4a
105*2110
8 t L Ir M A Sgou con g 6sl931 A-0
Deo
lo
....
116*8
F-A
n
o
118*4
H
I
S
e
p
’
09
1923
110V
Gen con stamp gtd g 5s 1931 A-0
Pob’ lO .... 117 11 V
1923 U-F H........ ll b J4 m
83*2 84
*8*i” "so’
83 *2
8&
Unllled A ret gold 4s.. 1929 J-J
n o J’no’ lo __ 1 10 n o
1931 E-A 100*2
8 2 34 87 \
8434 «134
RlV A G Div 1st g 4s.. 1933 M-N! 8 4 3i s a l e
0 102
103
tu3
A-O
102
103 V
101
1017
10 2 T Jan T e
102*2 102*2
Verdi V I A W 1st g os.1920 M-S
90*2 97 V
96V 90*2 Apr TO
08
D e c ’ oO
1908 J-D 0 2
Mob J A K C 1st cons g 6s.1953 J-J ................. 115
Nov’
iu
....
91*2
0
-r
v
i
92*4
0
2
‘4
91
D
e
o
’ 10
1948
J-D
119*4
120'8
115 121*2
Mob A Ohio new gold Os..1927
111*9 Deo’ 10 . .. HO *2 l l l Bt
1933 J .j 111*4
116*4 115*2 115*4 O e o ’ lU
114*2 117*8
1 st extension gold 0s../tl927
8
4
D
e
c
’
l
o
N
or
Ry
Cal
S
ee
So
Pao
83
*2
........
81
90
u
General gold 4a..............193a
i.j N o v ’ 10
107 109 H
; N or Wla SeeC st P M Ja O
Montgom Div 1st g 6s..1947 F-A 109V ....... 105
75
M ay’08
Nor Ai Mont see N Y Cent
St L A Cairo coll g 4s. .6 1 9 3 0
lna As W see C C C Ast L
5
1
N o v ’ lU
93
94
94
90
U mo
Guaranteed g 4s..........1931
Riv UK See halt As o
M A O colt 4s SeeSouthern
Ore
A Car SeeSo Pao Oo
Mohawk A Mai SeeN Y c A 11
Ore Short Line see Uu Pao
Mouougahela Riv See B A G
Oawego As Rome see N Y O
Mont Cent SeeSt P M A M
102*2 10878
L>ao Couat (Jo lat g 5a....1940 J-D 105*4 SMe 105*4 106*4
Morgan’ s La A T SeaS P Co
X ao ot Missouri SeeMo Pao
I
Morris A Essex SeeDel LAW
102 103*8
Penn UU lat real eat g 48.1923 M-N ........ 103 102 Aug’ 10
1 0 0 3*
lOOV107
4
108s#
110*4
J.J
1003
»
ash
Chat
A
St
L
1st
78.1913
N 1st consol gold 5s........1928 A-O 109*2 110*2 110
n o TuoiaJuuMj
110
Consol gold 5s................ 1919 m- s
2 108*2 1 1 0 _
M-N
103*4........L03;*
8
Deo
TO,___
103*108
Consol
gold
4s.............1943
..
1157s
1
1
5
',
Jasper Branch 1st g Os..1923 J-J 116*2........i l 6 78 Nov’ 10
99*» 10
102
Convertible g 3 *28.......... 1912 M-N 90 sale I 99
M oil M W A A11st Os.. 1917 J-J 1 0 6 34 ........... 108*2 Dec’ lo ... 108*2 103
90V 162
97*8
Convertible g 3 *28..........1015! J -D OO*^ Sale I 90*4
T A P Branch 1st Os__ 1917 J-J 1 0 0 -2 ........ 113 J’ly ’04,
103*8 —
103*2
103*to
Consol gold 4 s ..............1948 M X ____
-----„ 103*2 4 { 9l * 1047t
1!
Nash Elor A Shot See L A N
................
1 0 0 *4 j 10 100
102 *4
Alleg Vat gen gu g 4S...1942 M-S ____ 100*4
100*4
94«g Sale 94Bg 9434 63 93*2 9634
Nat Rys ot Moxpr 14 Vs 1957 J-J
D R R R As B gelst gu 4sg.’30 P-A
941 , .................
87*2 92 *s
88
Deo’10,
Guar gen 4s................. 1977 A-O 87*2 90
1 0 13., ........ ioLV
i o i 34 ioi%
PhUaUalAs W Ia tg 4 s..l9 4 3 m
*’ -n
...........
“ Deo’Vo
100*4 102*4
100*4 Nov’ 10
Natot Mex prior lien 4'us.1920 J-J ........101
Sod Bay As So lat g 6a...l924 J-J 100 ........10J Jan M 3___ ....
82
85
83
84*4 84*a Dec’ lo
1st consol 4s...................1951 AO
M-S ................. 103 *8 MayTOj.... 103
193 i'uT*
U
N
J
RR
A
s
Can
geu
43.1944
New H A D SeeN Y N 11A it
!
||
n 103*8 106
Penn Co—Guar lat g 4 *2 3 .1 9 2 1 J-J 103*2 lOJV 103*a
N J June UR SeeN Y Cent
10534 ]03»4
J-J
102
*2 ......... 10334 E*
Registered...................
1921
N Y Bklu A Man Bell See L 1
90
50
87
BOV 90 Aug’ lO!...
Guaj 3 *23 colt trust reg. 1937 M-S
90
14 87s* 92
8934
8 9 34 Sale
N Y Cent A H R lvg 3 Vs. 1907 J-J
90 I 89*4 Deo TO .
88
(j 1 v
Guar3 *2 seoU tr aer B...1941 F-A 8 8
88
n SO8® 90*4
88
8*Ue 88
Registered................... 1997 J-J
M-N
98*4
97®
a
Deo’10
97
_
0 o34 98*4
Tr
Co
certll’a
gu
g
3
*
2
8
.1
9
1
0
92
0
6
34
94
18
9
3
3
4
93*s
9334
M-N
Debeu g 4s.....................1934
J-D
87
Aug’
lol
87*a
89
V
87
O
U
Uu
3*23
tr
ctfs
C.............1942
80*2 48 79*2 82*2
Lake Shore collg 3 *2 8 ...1998 F-A Uuag sale 80*4
90*4 91 Dee *09
79
70 1 4 78
80*4 Gu 3*u8tr ctls D............. 1944 J-D
Registered...................1998 F-A
78*4 7 9
*90

97 >2 90<*a

06 V

94*4 100

101®8 Dee’08
103’4 ....... 110*4 Nov’OO
1 0 1 ’4 ........ 105 Apr’07
103 104*4 101*4 Dec’ 10
95*4 y5 s, 95**4 Deo'tO
116*2 San. 115
115*2
111*2....... 111*1 Dec’ lU
98 *2 Sale
98*2
'J834
97**4 Nov’ 10
100*2 Deo’09
103 ___ 109
109
110
.. . 111*4 U R
104*2100 104*2 Deo ’ 10
122*4- — 121 \ Nor ’ 10
117*2 .... 118*2 Nov’ 10
100 109 105 *2 Nor’ lO
113 .... 113 Sop ’ 10
71*2 —
71 May’09
92
95*2 93*2 Sep ’ IQ
112*2115 112 Deo’ 10
103 ........ u o Jan’09
95*2
95 *2 Sale 95*4
1 0 2 * 2 ...... 103. Dec ’ 10
88*2 89*2 t 8*2 Deo’ 10
107*2 112*2 112 *2 Nov’ 10
98*2 —
110*2 —
110*4 Oct To
112 114 110 Nov'10
92 ....
94 Oct TO

w

dllSCELL 1NJKOUS BONDS—Continued on Next Page
Coal and Ivon
J l a n u t i i c t i i r i u g Jk i n d u s t r i a l
Pull As Susq Iron a t os. . . .1 9 3 2 J-D 90 ........ 09 V Nov’09
70*a Sale 76*2
77
00
AUis-Chalmers lat oa...... 1930 J-J
90 Deo TO .... 0 0
•' Debenture 5s............. a1920 M-S
Am Ag Ohem 1st 0 5s...... 1928 A-O 103 102*2 102*4 102V
90 101
Cot a As i Co gen 3 t g os. .1043 F-A *05** 98
08
08
0-E
97*4
98
Convertible deb g 6 s__ i o n P A
09
V
Deo’
10
Am
Cot
Oil
ext
4*23
..........1916
97*4
08
03
09
V
09V 199
OO3,
82*4 Am Hide As L 1st s t g Os..1919 M-S 9 0 34 Salto 90*4
Uol IndulstAs coll os gu.,1934 P-A 77 V 8 Ale 70 V
77 V " * 8 70
04
00*2 05
05
pontln’ talO lstsI gu5sg,1952 F-A
Amer Ice Seour deb g0a..l926 A-0
107 V Dee’ 04
98
97 Dco’ 10
»r Riv Coal As C ls t g Os..1919 A-O 0 0 ........ 102V Apr’Oli
Am Spirits Mfg 1st g Os.. 1915 M-S 90
92V 93
fed AClear U As 1 1st g os.1920 J-D
Am Turead lat col tr 4s..1919 J-J
92*4 Deo’ 10
107 May’97
Kan As H C As C 1st s Ig5s.l951 J.J 1 0 0 ........ 105 V Deo MO
Am Tobacco 40-yr g Os__ 1944 A-O 106 Sate 105*4 106*,
81*2 Sale 79 V 82*4
Pocah Con Collier lata 1 5s.’57 J-J ........ 85
4s.....................................1951 E-A
"83” *83"
83 J’ne’ lt)
Sunday CreeK Co g 5S....1944 J-J
8 8 *,
73 Eob’07
Beth Sleet 1st ext st 6 s.. 1929 J -J 88*4 Salt 86*2
9U°8 Sale 99 V 093,
Penn Coal geu 6 s.............1961 J-J i03V Sale 10334 101
45 102 104V Jent Leather 20-year g 5s. 1926 A**
Tenn Div IstgO s...... al917 A-0 103 100 105 Deo TO
103 107
Consol Tobacco g 4a......... 1951 E-A 70‘a SO’, 80 No v’ 10
97 *2 07 >2 Deo TO
Birm Dlv 1st consol Os..1917 J-J 10434 100 104 V 104 7t
103*8 107
Corn Prod Ret a t g 5s__ 1931 K-N 97
Call O 51 Co 1st gu g Os. 1922 J-D 107 ....... 110 Jan Mi
96*4 D e o ’ 10
1st 26-year al 6 s............. 1934 -N 94 *4 96
De BarC As I Co gu g Os.1919 F-A
90*2
too 1 0 0
too Jan 1
Cubau-Amer Sugar coll tr Os T 8 A-O ........ 00*2 90*2
76*a 77L 77 V
Victor Ettel 1st s t 6 s........1953 J-J
77»,
37 Aug’Ob
Distil bee Cor couv 1st g os.'27 A-0
Vairon Coal AsColst g 6 a. 1949 M-S 94 V 96*- 95V
83
E I duPont Powder 4 *<,8 .. 1930 J-D 83 Sale 83
95 V 1 04 V 10U
•No prico Friday; latest bid and asked. aDue.lan 6 Duo peli e Duo May y Due J’ne hDue I’ly fcDue Aug
Duo oct v Due Nov ? Due D*o




72
8478
100 103
93*4 98**
92*2 102
06
73*8
94 101
80
93
101*4 1001,1
70*2 8 5 j?

83 V 80^
07 102
70*2 83n
03
072
031*8 9GC
95
07 ^
07
78
|83
8 8 ,,
/Flat.

JAN. 7 1911.]

Peunsylvauia Co—
(Con)

P

AO
M-N
J-J
A-O
M-N
F-A
J J
J-J
Or KA le x 1stgug4% s11)41 J-J
J-J
J-J
A-O
M-N
A-O
A-O
M-N
M-N
F-A
Series F 4s g u a r........ 1953 J -D
C St L * P 1st cou g 03.11)32 A-O
Pensacola A Atl See L A Nash
Peo A East See CO C A St L
Peo A. Pek Uu 1st g Os....1921 Q-F
2u gold 4 ‘as...................011)21 M-N
Poro Marquette—Hot 4s.. 1905 J-J
Ch A VV M o s ................. 11)21 J -D
f l i n t * P JHg Os............. 11)20 A-O
1st consol gold 6 s........ 1031) M-N
Pt Huron l>iv 1st g 5s. 11)31) A-O
SagTua A 11 lstgu g 48.11*31 F-A
Phil 15 * VV See Penn Hit
Philippine lty 1st 30-yr s 14s’37 J-J
Pitts Oin * St L See Penn Co
Pitts Clove A To! see 15 * O
Pitts f t VV * Cli See Penn <
Pitts McKees * Y SeeN Y Ceu
Pitts Sli * I. E 1st g 6s...11)40 A-O
1st consol gold os........... 11)43 J-J
P itts* West SeenAO
1> eading Co gen g 4s.......1907 J-J
t v itegistered................... 1 90 7 J-J
Jersey Cent coll g4s...1061
Rensselaer * Sar SeeH * 11
Rich * Han SeeSouth lty
Rich A Meek See Southern
Rio Ur West SeeDon A Itio Gr
Uooli A Pitts See14 U * P
Itomo W a t* Og SeeJS’ Y Cent
Hutland SeeN Y Cent
g a g Tus & 11 SeePoro Marrj^
7t Jo A Ur isl 1st g 4s...1047 J-J
Bt L A Cairo SeeMob A Ohio
8 t L A lrou Mount S
eeM P
B t U l i i r SeeT Hit A of St L
StHorns* S If—Gong Os.1031 J-J
General gold 6 s..............1031 J-J
Bt L A S F Hit eons g 4s.. ’90 J-J
Gen 16-20 yr 5s .........1927 M-N
Southw Div 1st g 5s..1047 A-O
Refunding g 4s........... 1051 J-J
K C Ft S A M cou g Os. .1028 M-N
K C Pt S * M lty rot g 4s 1930 AO
K C A M I t* H lstg u 68.1020 A-0
Oz’rk A Oil C l8tgu5a g.1913 A-O
dt Houia So See Illinois Cent
8 t H S VV 1st g 4s bd ctfs.1980 M-N
2d g 4s ino bond otfs...pl080 J-J
Consol gold 4s................ 1932 JH
Gray’sPtTer IstgugSa 1047 J-D
3t Paul * Hul SeeNor Paoltlo
BtP M in n * Man .See Ut Nor
St P * Nor Pac SeeNor Pao
8 tP A S ’xOity A’eeCSt P M * 0
8 A * A Pass 1stg u g 4 s...1043
B F A N P 1st sink i g 6 8 .1 0 1 0
Bav P * West .See Atl Coast L
Solo to Val * N Pi SeeN o r* VV
Seaboard A L g 4s stamped ’ 6 o A-O
•Coll tr refund g 6 s ........ 1 01 1 M-N
Adjustment 6 s ............01940 b'-A
Atl-Birm 30-yrl«t g 4s.el933 M-S
Car Cent 1st con g 4s...1040 J-J
Pla Ceu * Pen 1st g 5s.191a
1 st land gr ext g 6 s ...1930
Consol gold 6 s.............1043
Ga * Ala lty lstcon 5sol945
Ga Car * N o ls t g u g 6 s l9 2 0
S cab* Hoa 1st 6 s .......1020
Slier Shr * So SeeM K A X
811 Sp coa * U SeeAtl Coast L
Southern Pacillo Co—
Gold 4 s (Cent Pao coll).&1049 J-D
Registered................ fcl04U J-H
20-ycar couv 4s........j/1020 M- 8
Cent Pao 1st ref gu g 4s 1940 P-A
Registered................. .1040 P’-A
Mort guar gold 3 %a..«102U J-H
Through St 1.1st gu 4s ’54 A-O
Q 11* S A M * P ls t 6 s.. 1931 M-N
Glia V G * N lstgu g6s,1924 M-N
Hous E * W T 1st g 68.1033 M-N
1st guar 5s red......... 1033 M-N
J
H & TC lstgO slntgu..l037
Consol g Os int guar...1012 A-O
Gen gold 4s lnt guar..1921 A-O
Waco * N W dlv 1st g Os ’30 M-N
A * N W 1st gu g 6 s__ 1941 ‘ J
Morgan’s La * T 1st 7s.H>18 AO
1 st gold O s....,,.......... 1 0 2 0 J-J
No of Cal guar g 6 s ...,..1938 A-O
Ore * Cal 1st guar g 5s. 1027 J-J
Bo Pao of Cal—(is E * P.1912 A-O
1 st gold Os................... 1912 A
M-i\
lstcon guar g 6 s........1937 m
n
So Pao Coast 1st gu 4 s g.i937| J- J
Nnn
li’ron 'I’nrml
lat 4
Aa
1U
fill A-O
A. A
San Fran
Terrnl ist
s..1960
Xex&NUSabHlvlstgOs.l012!M-a
Cou gold 6s.................1043 J-J 1
Hmiiilnctiii'iug & Industrial
Sen Electric deb g 3 Hjs..1942
10 -yrg deb 5s.................1917
.hi 1 1uer Co 1st con g 68.1018
> hiisol conv s t g 5s...... 1935

........ 08%
100%.......
100 ........
106 ........
00 .......
90
05
00
03
00
1)3
104 106**
104 ........
104 ........
103*4....... 107 <
107 ........ 100 :
107 107% 107
107 107S 107 <
107 ........ 107 ‘a
98 *a.......
00*4 03
113

Low High.

80

.... iiri % i‘06
.... 104*4 1057*
....
.... 109 109
0 107 107**
17 103% 107*4
5 106% 107%
.... 97% 08%
.... 90% 04

....
....
....
4
DO7,
....
....
....

112

1 12

00% 95
67
70

100
102%
108% 1 1 2 %
101 104
101
106

89*9 J’ly ’ 10 ....

88

....
....

112

112%

116 07
.... 05
3 95

100
08%
08%

98*8 Bale 07%,
07% ........ 08 i
07 ‘a 97*4

88

04% 09

....
__ .................
>....
....
.... 91
02%
....

1 1 2 % .......

87

A0
....

2 1 1 1 %1 1 2 %

110 ........ 113
93% 07
96
........ 68
1 0 0 *4 1 0 0 % I007a
n o ........
101 103 101
........106
102
86

is
§0

Bale

87

Doo ’ 10 ....

87

90

94

118% 1 2 0 % 120
... 120 124
lo7 107 %
21 106 108*4
89
01
.... 8 8
9 1\
87 ‘a Sale 86*
b7*4 00 84
90
__ 00% 100*4
00*9......
81 “a Sale 80%
n
o
8- VS l*j So
115%...... 110*s Hec’ lU
114 117%
77% Sale 77 *a 78
i i 76
82*4
100 ......
U74 08
0 li% ”98%
90% Sale 00
79
81%
70 Bale 70
96 *9......

86
yy

36 8 8
03%
__ 79
82%
4 72% 70%

80‘s 80*4 Deo TO
....... 194 Got ’09

85% Sale 84*4
85*4
;oo% 100 Heo’ l
77 Hi Sale 70 Hi 77
84 Hi 80*4 85 *4 BO
92 O ct'10
01 ......
102*4...... 103 Apr’ 10
102 >4......
101 Hi...... )04 HCC’ l
104 Hi Sale 104*9 104
104
104*4...... l o i
104*4...... loo Apr’ io

100

83%

88%

29 81% 8 6 %
90 1 0 0 %
40 09% 78%
5 80
87
.... 01
02
.... 103 104

—

2
1

100*4 104
104 105%
104 104*4
106 106

BONDS
N. Y. STOCK EXCHANGE
W eek Ending J an <3

01%

01

8 0 Pac Rlt 1st ref 4s........1955 J-J
Southern—lstcon g 6 s__ 1994 J-J
Registered................... 1 99 4 J.J
Develop * gen4s Ser A .I960 A-O
M ob * Ohio coll tr g 4 s ..1938 M-S
Mem Div 1st g 4Hi-5s... 1990 J-J
St Louis dlv 1st g 4s__ 1951 J-J
Ala Cen It 1st g 6 s........1918 J-J
Atl & Danv 1st g 4s...... 1948 J-J
2d 4 s ............................1948 J-J
A t l* Yad 1st g guar 48.1949 A-O
Col * Greenv 1st Os...... 1910 J-J
E T Va * Ga Div g 6 s.. 1930 J-J
Con 1st gold 5s...........1950 M-N
E Ten reor lien g 6 3 ....... 1938 M-S
Ga Midland 1st 8 s......... 1940 A-O
Ga Pac lty 1st g Os........1922 J-J
Knox & Ohio 1st g Os...1925 J-J
M ob* 15ir prior lien g5s 1945 J-J
Mortgage gold 4s....... 1045 J-J
Rioli A Han con g Os__ 1915 J-J
Deb 6 s stamped............1027 A-O
Rich & Meek 1st g 4s...1948 M-N
So Car * Ga 1st g 6 s__ 1919 M-N
Virginia Mid ser C Os... 1910 M-S
Series H 4-5s...............1921 M-S
Series E 5s...................1920 M-S
General 5s................... 1930 M-N
Guar stamped......... 1930 M-N
W O * W 1st cy gu 4s..1024 F-A
West N O 1st con g Os..1014 J-J
S * N Ala See L A N
Spokane Internal ls tg 6 s 1956 J-J
' f'er A of Bt L 1st g 4 *28 ..1939 A-O
A 1st con gold 6s....1804-1944 F-A
Gen refund s t g « s ........1953 J-J
St L M lige Ter gu g 68.1930 A-O
Tex * N O See So Pao Co
T e x * Pao 1st gold 6 s...... 2000 J-H
2 d gold luo 6 s................o2 0 U0 Mar
La Hiv 15 L 1st g 6 s...... 1031 J-J
W Miu W * N W 1st gu 6 s ’ 30 P-A
Tol * O U 1st g 6 s_______ 1035 J-J
Western Dlv 1st g 6s...1035 A-O
General gold 6 s.............. 1036 J-H
Kan * M 1st gu g 4s___1900 A-O
l'ol P * W 1st gold 4 s....1917 J-J
T o lS tL * Wprlleng3%8.1926 J-J
60-year gold 4s...............1060 A-O
Coll tr 4s g Ser A ......... 1917 F-A
Tor iiain * Bull 1st g 4s.A104G J-H
Del 1st con g 6 s 1028 J-H
U lster*
1st refund g 4s......... 1062 A-O
U n P a o H R * 1gr g 4 s ...1947 J-J
Registered................... 1 0 4 7 J-J
20-yr conv 4s................. 1027 J-J
1st * ref 4s...................p2008 M-S
ore lty * Nav eon g 4s.1940 J-H
Cm Short Line Istg6s..l922 F-A
1 st consol g 6 s............. 1940 J-J
Guar refund 4s...........1929 J-D
Registered................ 1929
Utah* Nor gold 6s..1920
Cui N J ltlt * C Co SeePa It R
ULUi Oeutral See Rio Gr Wes
Utah* North see Uu Pacific
U tica* Black R SeeN Y Cent
consol g 4 s __ 1955 F-A
V andalla
era Cruz APlBtgu4%sl034 J-J
Vor Val Ind * VV See Mo P
Virginia Mid SeeSouth iiv
Va * Southw’ t 1st gu 58.2003 J-J
1 st cous 50-year 5s........1958 A-O
lstg o ld o s...... 1939 M-N
W‘ ‘abash
2d gold 5s............... 1939 F-A
Debenture series 15...... 1939 J-J
let lieu equip s fdg 5s. . 102 1 M-S
1st lien 50 yr g term 4s. 1964 J-J
1st ref and ext g 4s __ I960 J-J
Het * Cli Ext 1st g 6s..1941 J-J
Hes Mom Hiv ls t g 4s..1930 J-J
Cm Hiv 1st g 3%a..........1041 A-O
Tol & Ch Hiv 1st g 4s...1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-H
Trust Co certts.....................
2d gold 4s....................... 1 0 5 4
Trust Co certfs....................
Warren See Del Lac * West
Wash Cent SeeN or Pao
Wash (J * VV SeeSouthern
WashTernU 1st gu 3%s..l045 F-A
Wost Maryland ls t g 4 »... 1962 A-O
Geu & couv g 4 s ............1052 A-O
Trust Co certfs..............
WVa Cent * P 1st g 6 s 1011 J-J
WestN Y * Pa ls t g 6 s ..108? J-J
Geu gold 4s.................... 1043 a . q
Income 6 s.................... ifl943 Nov
West No Car See South lty
Whout’g * L E ls t g 6s...1926 A-O
Wheel Hiv 1st gold 6 a.. 1928 J-J
Exten A Imp gold os...1930 F-A
HR 1st consol 4 s . . . , ___1949 M-S
20-year equip s f os ...1922~ J-J
Wilkes * East SeeErie
Wil * Sioux F See St P M A M
WisCentSO-yr lstgen4s 1040 J.J
Sup* Huldiv* term ls t ls ’JO M-N
Telegraph and Telephone I
uu Telep * Tel coll tr 4s 1929 J - J
Convertible 4 s...............1930 M- s
Jlch State Tolep 1st 5 s ..1024 F-A
Ji x Telep 1st* gens f 4%».’39 M-N
■tVo T e l* Tel 1st 6 s ........ 1037 J.J
Wost Union col tr our 6s. 1938 J-J
Fd and real est g 4Hi»... 1060 M-N
Conv 4«, Series A .........1936 M-N

M a n u fa c t u r in g & I n d u s t r ia l
V a -O ar O h o m 1 s t 1 5 -y r 6 s 1 9 2 3
W e s t E l e o t n o 1 s t S b H e o 1 02 2
W estm g h o u a e E A M a t 6 3 ’31
M is c e lla n e o u s
A d a m s E x c o l t r g 4 s .........,1 9 4 8
A r m o u r A C o 1 s t r e a l ea t 4 *s*'B 0
H u eli T e r m in a l l e t 4 s .........1 9 5 2

Price
eek’s
nge
Friday RW
ange or 1OO RYaear
Jan6
Last Sale
VJW
Bid AsicSow Riga' A’o Low HiqS
’

02*4 60 80
05
Oot To
AO » l
43'/ 02*4 106%
07
37 94% 98%
06 Hi
97
Pob’ io
07
91
91 Heo’ 10 .... 87% 91
90 Dec To
00
04
107*4 Nov’ 10 .... 103%100
104*4 sop ’ot*
*106' io£»i 106 *4 May’09 ....
106
103*4 AWfTO
1 0 3 i'0 6 %
i i o " 1O0\ 100% 3! 1 0 0 % 1 1 0 %
1 8 ft 110 >8 lOOViNer’ OO
03 Hi 03*t Nov’ 10 “ “ T f * *98%
. f f t 118 ll0% Mar’ iQ
1 1 0 % 119%
102
107*9 J»u 00 " i i
1 115 115%
i 14 % 110*9 1 1 6 1* Nor’ 10
110 Hi
no% uo%
110*9 Oot'10
112 Peb’07 ::::!
100*4
... 1 0 0 J’ne’lO V I ib'o ibo
102 ........*102 Nov’ 10 ...J 1 02 102
102 ........114*9 Deo’04 . 1)
__ l!________ 1 .
107*4 --..-illO Mey’07 —
84
08 I 00 J’ly-00
02»a 02V 02®a 02V ” 2 ‘ 1)2 ^ " 0 2 %
101*9 10 2% l01% »«eT 0
101% 1 0 2 %
101 ........T02 Nov'00 v ..t1 .............
MISCELLANEOUS) BONDS—Couctuded.
01% Sale
92
7 ^ Bale
06*4 Bale
05%
02
01
UO 94
10(5Ta 108%

F-A ........ 81*4
J-D 147 148»«
F-A 104*2 104 V
J-J
84
85
1 1 .. ■« . u m p l s t s f o s ___ 1 92 9 M -S
0 1 7a Sale
Luc •nv .steel 1st g 6 s___1023 A-O ........ 06
Nat e.uani &Stpg 1st 6 s ..1929 J-D
98­
N 1 Air i.ralco ipt conv Os ’ 28 M-N
V S a ls
lty Steel Spgs 1st s f 58...192 I J-J
V sa le
Repub i<& S lstife coltr6s,1934 A-O
*2...,.
Union Hag <&P 1st st 5a., 1930 J-J
91
S t a m p e d ...........................................
02
04
U a l.eath Co s f deb gOs.,1913 M-N 104*2 Bale
U S Realty * 1 conv deb g5S ’24 J-J
01) Bale
U 8 Red A Ref lHt s fg 68.1031 J.J
87
Bale
U S Rubber lO-yrcoll t r 6 3 ,'1 8 J-D 1 0 3 Bale
U Teel Corp— ( coup .(111)03 M-N 1 03 % Sale
T 10-60 yr 6 a. (rog ..<71968 M-N 103 % Sale
1U4TT J
* v *>erica Frfofljft latest’Bid a n d b a k e d l i d s w e e k .




51

!

Week’s
Range or
Last Sale

Price
Friday
Jan0
Bid

0

•>3

33a
3^1

bond*
N. Y. STOCK EXCHANGE
VVKKK ENDING J an' 0

New York Bond Record—Concluded— Page 4

J .O
J .J
J .J
M -s
J -H
A -O

Consol5s,..................,..1056 J-J

94*8 Sale 94Ha
04*4 186 03*4 95 74
107*4 Bale 107*8 107*4' 10 103*8 111*4
110 May’Ou!__ 1
76*4 Sale 75*8
76*8 213 7 3 " ' 8*178
84
90
84 *2 Dec 1 01.... 83Hj 0O*a
108 1 10 108 Sep ’ 1 0 __ 1 106 1 1 0
86*a 87
85 Hee’ lO.....! 80*2 87
107 ...... 1077e Nov’ JO__ I I07's 107 74
89 Hi 90 Hi 93 Nov’ 10'.... 89*4 93*4
82*4 8
82H; Get TO .... 82Hi 82Hi
75 ....
100*2__ 106Hi N ovT 0 __ 106*2 106*2
107*2 1 0 J 1 1 0 Peb ’ 10
106 1 10
1U0*4 110*2 110
no
109 114*2
101*4 106*2 104*%NovT0
101*8 106
....... 67
66
Nov’09
1L4 Sale 114
114
111*8 113*4
1 10*4...... 116 Nov’ tG
114 116
105Hi........ 106*2 Nov ’ 10
105H. 105*2
82 Nov’08
104*2 108 105*2 Get TO
ib’i'H i08’*4
104*8 .... 105*4 Nov’ 10
105 107*4
71 ....
76 G et’08
103 % .... 103*2 Heo’ 10
102 104
105*«___ 112 G et’06
103*2........ IO8 H2 Hee’U6
105% ..
107*4 Heo’09
107 ..
105*4 Nov 10
105*2 107**
105 *» ..
105*8 MoVlO
105*4 105*2
86 ..
91 Feb TO
91
91
104% ..
104*4 Hoc TO
104*4 100*4
102*4 103*4
105 *».......
110 ....
........100
107*2 1 00

103*4 Hec’ 10
104*4 Oot TO
110*4 Uco’ 10
98
08
109 NovlO

IOIHj 103*4
104*4 107 *2
109 115*2
06
98*2
.. 100 109**

110*8 111»4 111*2 Deo’ lO
. .... . 80
70 MarlO
08«s .... 103 Sep ’09
106 Hi Nov’U4
110 saib 109*2 UO
100*2 110 112 Sep *09
100*4........ 1 01 Heo’ io
80*2 01*2 04*4 Mur’lu
00
U2 Hi 01*2 HeolO
89*6 ....
87 AugTO
........ 76
75 DeO’ lO
81
82
82Hl Hec'10
8 6 * 2 ____ 89 J’ne’ 10
106 106*s 1 0 () HeoTO
84*, 86*2 8 6 cot ’ 00
1U0*)4 Bale IOOHj 101
loo*i Sale 100*4 100*4
104 *« baii- 1037s 104*4
07 *s Bale 9674 07*4
06 hi Sale 00*2
06
114*4 116 114*4 114*4
111*4 112*6 111*2 111“«
03 sale 92*4
03*8
04 Jan ’O
il
106
107 *4 Hee’U9

108*2 112*2
70
70

08
06

Nov’08
Apr’ 10

108 110 Hi 110 Deo TO
03*2 95
04Hj
91*2
1087g Sale 1087g 109
08 *2 sale 08 *2 90
........UiO
80 J’l y ’io
07 Hi 100
09 Deo’lU
83 Heo ’ 10
04*8 sale. 64
65*8
107*4 103*4 108*4 108*4
80 Heo’ lu
74
76
70*4 Geo TO
........ 86
83 Sep TO
........ 47
47*4
47 '4
46 *4 Bale
45*4
47*4
........ 7
6 *. Deo To
7
7

106

112*2

09 10472
90*2 94*4
91*2 93*2
87
90
70
81
80*2 80*2
87*4 91
1 00
106
90*4 102
98*2101*2
101 110*4
96
08*2
94
98*3
113*4 117
108*4 113 U
01
947|

00

06

105 UO
04
03*2
107 113*4
98 103*2
86
86
00 102
83
00
66*4 77%
106 108*4
80
80
75
77
83
00
33
52*2
82
54
4
n>2
4
12*2

........ 88*2 89*2 Nov’ 10
83*2 90%
86 7s sale 86*2
87 263 82*4 87
71*2 Peb’ 10
71
73
73*2 Apr’ 10
68H
a 74%
100*8 .... 100 HiNov’ 00
110*4 111 110*4 Dee To
100*4 110*4
88*4 80*2 88*4 HeoTO
86*2 02
34 b ob’07
105*4 Nov’ 10
103HiNov’ i.U
102 J’ne’ 10
84
84
98 *aOot TO

104 105*2
103*2 104
80 102
77
87*4
93*a 08*2

Sale 93*4
03*4 17
92*4 k>3*4 93*4 Heo’ 10

93*4

01 Sale 90*4
91
10574 sale 106
1067i
99
9B *4 06 AugTO
087s Sale 98*4
00
9 7 *4 sa le
97
97*a
09*a 00 7e 90*4 100
96*4 Sale
05
05*4
102*4 108*9 102*4 102*4

89*2 93
08 106%
05
00
06*4 00
05
00%
07 100*3
03
07*4
106*2102*4

1 0 0 % 101
100*2 101
100*2 100*2 100*2 1 0 0 %
91*4 S a le
91%
02%

92% 100
100 1 0 0
66
08

90

91*2 91 % Deo’ lO

02*4 B a le
6 8 >2 0 0
98%

02*9

02*4

00
90%
96 *2 Oct To
100 May110

80
93%
9 0 % 04>S
87% 90
0 6 % 98
1 00 101

Q h lo J o A » t Y a rd c o lg o s .1 9 1 6 J -J
95% 105
O e t M J b M l d g r i n c o m e s . . 1 0 1 1 A -O
35
40
35
AugTO
36
l a a t i t f o r I r r l g W k s 4 * 2 2 1 9 4 3 M-N
96*4....... 96 %Nov ’ 10
I n t M e r o a n M a r in e 4 * a s . .l 9 3 3 A -O
64*2 Sale
04%
65
t u t N a v i g a t io n 1 s t e f 5 8 . 1 9 2 9 F - a
78
78% 7 8 % D e o ’ 1 0
N e w p N o S h ip A H D 6 s * 1 9 9 0 J - J
95 Heo’ 09
N Y H o o k 6 Q -yr 1 s t g 4 s . . 1 * 6 1 F -A
00
'V i s 0 1 N o v ’ 10
P r o v i d e n c e S 2e d e b 4 s , . . . 1 9 6 7 m . n
84%
84*4 27 ' s F s
8 4 *4 B a le
P r o v i d e n t I x m w S oo 4H»e. 19 2 1 M - 9
96 J’ly ’00
VVash VVater Yoxr 1 s t 5 s . . 1 9 8 9 J . J
Aug'10, . . „ u i o j “
____ • “ U
'
Li
I W T , ........................—103 -----------6 D u e F e b d l i n e A p r a D u e M a y ^ J i d o j ’ n o A H u e J ’ l y fcD a e A u g o D a e O o t p D a e N o v * O p t io n

im

4( .

8 3 ',
iO

C H IC A G O

S T O C K

E X C H A N G E — S tock

STOCKS—HIGHESTANDLOWESTSALEPRICES
Saturday Monday Tuesday Wednesday Thursday Friday
Dec. 31 Jan. 2.
Jan. 5
Jan. 6
Jan. 3
Jan. 4
*165 190
*1% 2%
*6
*94
99
25% 25%
*10
11
*6
6%
4% 4*g
*21% 22%
70
*65
23
*22
G9 69
22
*18
60
*58
70% 701.1
10% 107S
*50% 54
9%
9
77% 77%
+260
*___ 131
75% 75%
*112
*140 141
391" 43
3934 41
65
73
50
60
*1
1%
3
*2
41% 417s
120 120
1M ifti
+1131" 114

1
1
1
1
•
1
1
1

Last Sale 170
*165 190 *170 200
Last Sale 1%
*1% 2% *1% 2%
*6
Last Sale 634
*G
*91
99 *94
Last Sale 92%
99
251, 24% 241- 25
*25
25
*10
Last Sale 11
11 *10
11
*0
Last Sale 8
6%
0 % *6
4% 41° *4% 4’s *4% 4%
*2112 22% *21% 221,,
Last Sale 22
*05
70 *65
70
Last S
ale 71
22
22
22 *21
22
22 *31
70 *69
*05
70 *67
70 *69
22 *18
22
20
*18
*58
Last Sale 00
60 *58
60
70% *68
*69
72 *69
72 *68
*10% 11
10% 101" 10% 10%
Last Sale 50
*50% 54
49

•
1
1
1
1
1
1
1
1
1
1
1

■92 %
.05
66%
67
Qftlo

118 118
*122 124'
+117 119
*___ 118
105% 105%
182 183
*119 119%
100% 1003j
*167 170
♦103 101
6% 634
25

25

Dec’ 10
Dec’ 10
Dec’ 10
Dec’ 10
.. 22
70
Sep’ 10
Nov’ 10
70%
Dcc’10

STOCKS
CHICAGO STOCK
EXCHANGE

>4

<
a
O
H

P
<S
s
£
1
1
1
•
1
1
1
i
1
1
1
1
1
1
1
1
1
1
1
•
1

* -*117
123
*117
*___
105%

21
21 *
20
Nnv'00
119% 120 *118 113
119
118
113
123
125 125 *126 128 *120
128
119 *115% 119
Last Sale 110 Dec’
10
*
118
118
L
a
st
S
a
le
117% Dec’ 10
105% 106 100 106% 100% 1063., 10G34

BONDS

CHICAGO STOCK
EXCHANGE
Week ending Jan. 0

B on d

Rangefor Year 1910

13% Jan io
32 Jail 4
261 Dec 6
135 Apr 4
841s Mayio
112 Jan 11
142% Mch 9
43 Dec 31
41 Dec 31
74 Jan 4
55 Feb 17
1 Feb 4
3 Sep 23
47 Feb ji
137 J*n 3
103 Mchlu
121% Jan 11
2 Jan 13
2234 Jan 8
82 Feb 28
127 .'an 6
.21 Deo 18
91 Mch 28
40 Jan 7
07% Dee 27
10234 Apr 20

83 National Biscuit.........100 101 Aug 3
112 Do pref_________ 100 118 j ’ly it
National Carbon____ 100 104 Feb 24
Do pref................ 100 112 Feb 10
246 People’s Gas LACoke.100 103 J’ly 20

119 Dec 27
125 Jan m
145 Oct 31
123 Nov 1
I 1534 Jan 3

R ecord

Week's B‘ds Range
rice
Inter- FP
for
Rangeor Sold
riday L
JSt
ast Sale
Year 1910
Period Jan. 6
skLOU) High .N
o. Low High
Did .A
...
...

C h ic a g o

NAAIE

Y e a r ly

Rangefor Previous Yea
(1909)

Highest

6S« J’ne3L
62>2 J’ly 2 t
240 Apr 26
litl J’ly 19
72 Feb 7
107 Aug 0
13111 J’ly 30
31 J’no 0
29 Aug 22
50 J'ne 0
40 Deo 17
l Feb 4
3 Sep 23
25% J’ly 20
HO Mavl7
142 Aug 20
108'i J’ly 27
1'4 Jail 20
13% J’ly 0
701.1 Apr 7
82l2 Sep 30
.02 Deo 31
53 J’ly 26
43l2 Mob 9
40 Mch 17
93 J’ne 28

184 188% 18734 189% 187 188 18738 1873s 2,875 Sears-Rocbuck c o m ..100
Do pret................ 100
119% 119% 119% 119% 119% 119% 110% 119%
302
100% 1003, 100% 101
470 Swift A Co.................. 100
100% 10034 100% 100%
The Quaker Oats C o..100
*167 170 +167 170
Last Sale 170 Deo’ 10
Do rights.......... .. . . .
Last Sale 634 June’10
Do pref_________ 100
103 103 103% 103% 103% 103% 104
113
104
506 Unit Box Bd A P C o.100
634 7
634 7
7
7
Do pref_________ IOO
73j
Apr*09
110 Western Stone______10C
23% 23%
*23
26 *23’ 25 +24
25

C h ic a g o

and

Uafroads
Chicago City Ry_____100 130 Oct 24 185 Mch 7
Oio Jail 26
112 J’ly 28
___ Chicago 3c Oak Park..100
7% Jan 7
4 J’ly 28
Do pret ________ 100
Chic Rys part ctf "1" —
G0*8 Sep -8 109 Jan 3
il% Sep 13 30 Jan 3
246 Chic Rys part ctf ’ 2 " . . .
8 May26 10 Jan 10
Chic Rys part ctf ”3 " __
9is Jan 0
8 May24
Chic Rys part ctf " 4 " __
oi,i Aug 11;
:% J ne29
185 Chicago. Subway_____100
Kans City Ry A Lt--100 20 Aug 18 39 Jan 5
77b Mch 30
« 1 Feb 17
l)o p fe f_________ 100
60 Jetropol W S Elev— 100 10 Jan 14 25 J'ne:i
Do pref_________ 100
Feb 7 72 J’n c ::
. 25
Northwestern Kiev__ 100
Apr 1 23 J ne 24
Do pret_________ 100
63
„
Mayai 66 J’ne^l
4 South Side Elevated-. 100 65% J'ly 8 72% J ne22
7 J’ly 28 64% Jan 3
166 Streets W Stable C L.100
Do pret_________ ion
40 J’ly
104 Jan c
—

Miscellaneous
83., 01"
825 American Can_______100
9% 9%
9% 91"
9%
9%
Do pref................ 100
77%, 77% 77% 78
77% 771" 77% 773, 1,335
American Radiator..100
+260
Last Sale 200 Dcc’10
*260
*
Do pref_________ 100
Last Sale 130 Dec’10 •. . . Amur
130
131 *
Shipbuilding__ 100
76 *75
76
95
70% 713.1 72 *75
*75
90 Do p r e t .............100
*112
*110% 112% 1103, 1103., 110% 110%
Atner Telep & Telcg_____
Last Sale 1113., Dec’ 10
*140 141 *141 1411"
43
42
43% 43
43
1,561 Booth Fisheries com___
43 *42
42
42
42
1,474 Voting Trust ctf..........
42
42
41
42
40
*39
Do pref_________ __
70
72
2,263
70
72
71
71
71% 72
51 *50
*41
43 *50
51
72 Cal & Chio Canal A D.100
*49
51
Nov’10 ___ Chic Urew'g A Malt’g ___
*1
1% Last Sale 1
1% *1
Do pref______________
Last Sale 3
3
*2
Oct’ 10
*2
3
413., 4134 42% 42% 43
43
43% 1,085 Chic Pneumatic Tool.100
41
121 121
120 121
121
121
419 Chicago ielepbone__ 100
120 121
151% 152
*150 153 *150 153 *150 151
97 Chic Title & Trust...100
114% 114%
Common w’th-Edison. 100
*113 115 *113% 115 *113 111
Last Sale 13s Feb’ 10 55
143g Dec’10
79% Apr’10
93
93% 91
93
931? 93
03% 94
379 Diamond Match/___ 100
.01 .03
.01 .02%
.02 .04
18.386 Do rights................
64
63% 64
0334 641"
Illinois Brick.............. 100
65% 65% 64
*40 ___
Last Sale 40 Dec’10 480 .Masonic 'lempic________
*46
07
67 *66
67
67
67
132 McCruin-Howell C o ..100
65
67
*___ 96% *___ 96%
97
Dcc’ 10

m
m
m
m
"9212
.02
0534
*10
*60

Oct’ 10
July’ 10
Deu’ 10
Dec’ 10

Sales
ofthe
Week
Shares

R e c o r d — D a ily , W e e k ly

148 Feb 7
8
100 Dec 27
155 j ’ly 27
o J’ne 22
101 J’ly 10
5% Apr 28

I8034 Nov 12
122 Mch 8
109% Jan 8
180 Feb 19
9 May26
100 Jan 0
15*8 Jan 3

15 J’ ue30

263s Dec 15

11 U12 Aug

B anks

an d

T rust

lus
Outstand­ Suarp
mt
ing
Stock Profits
t

T

In

1909

180 Mch
1% Oct
5 Oct
0/?8 Dec
3) Dec
10% Dec
8 Dec
3% Dee
30 Dec
78 Dec
15% vSep
47 Jan
17 Nov
03 Jan
50 Jan
29*4 Apr
97 Feb

190 Feb
4 Jan
15 Jan
119 % J'ly
453.1 Jan
30 1an
13% Jan
29% Jau
62 j ’ly
80% May
19% Dec
69 Deo
25 May
73 May
01 May
64! Deo
108 Deo

7% Jan
7134 Jan
200 Jan
120 Jan
64% Apr
101 Feb
139 Aug
10 May
20 Oct
48 J’ne
61% Jan
1 Apr
2% Apr
20 Mch
127 Jan
117 Jan
107 Jan

15% Nov
80 J’no
226% Oct
132 J’ly
81 is Deo
112 Sep
145 Nov
-io Deo
35 Deo
<6% Deo
68 Apt
I Apt
2% Noy
42 Deo
140 Sep ;
152 (lot
121% J'ly

" 17"% Feb
70% Mch
117 Jan

25% Aug
88% May
13034 Aug

38 Jun
43 Jan

88% Deo
47 Sep

20 Nov
977s Jan
118% Feb
82 Jan
110 Jan
102 Jan
% Feb
65 Jan
101 Jan
100% Jan
119 Jan
08% Jan
% Feb
3«4 Mcb
15 Feb

21 J’na

119 % Sep

130 Sep
108 % Deo
124 Nov
1197s Aug
1 Mch
109% Deo
12134 oot
114% Aug
162 Deo
106 Deo
1% Mch
9% Jan
25 Mob

C o m p a n ie s

DividendRecord
In Per­ Last Paid
1910 iod.
%

846,478
6
0
An Jan '11,6
Calumet National------- moo,uoo
245,216 10
10
J-J Jan 'l l , 5
500,000
Chicago City..................
. . . . Q-J Jan '11,21*
Contl’tal & Comm Nat 20,000,000 9,764,961 . . . .
Q-J Jan '11,4
10
Corn Exchange National 3,000,000 5,497,543 12
30,707
0
200,000
8 Q-J Jan '11,11 •
Drexel State..................
402,510 10
10 Q-J Jan 'l l , 21*
600,000
Drovers’ Dep National.
40,916
200,000
6
0 Q-J Jan ’ l l , 11*
Englewood State--------12s Q-M Deo 31*10,3u
First National.............. 10,000,000 10,903,894 12s
193,486 10
150,000
10 Q-M Dec31’ 10,2li
First Nat Englewood...
552,446 Prlv ate Ba nk
Foreman Bros B'k’g Co. 1,000,000
417,082
8
8 Q-J Jan ’ 11,2
Fort Dearborn National 1.500,000
981,005
8 8+2
Hibernian B’k’g Ass’ n .. 1,500,000
Q-J Jan ’l l , 24
102,240 10 10+15 J-J Jan '11, 5
200,000
(Caspar State Bank-----258,839 Beg. b us. Ma y ’10 V.90, p.1277
La Salle St National . . 1,000,000
525,597 10
Q-M Dee31'10.2%
Live Stock Exoh’ge Nat 1,250,000
300,005
66,795
4
4
Monroe N a t io n a l......
Q-F Nov '10,1
8
Nat Bank of Republic.. 2,000,000 1,255,625
8 QM Dec31’ 10,2
405,878
0
6 Q-J Jan '11.1%
National City................ 1,600,000
250,000
81,807
3
National Produce..-----4 Q-J Jan 'l l , U|
200 ,Ooo
70,952
North Avenue S ta te...
5J4
8H Q-J Jan '11,144
6O.0OO
29,191
6
North Side State Sav’gs
6 Q-J Jan '11. U*
200,000
22,228
4 Q-J Jan ’ ll, 1%
North West State........
300,000
109,876
7 Q-t Dcc31’ 10,2
People’s Stk Yds State.
600,Ooo
80,405 " o '
0 Q-M Dce30'10,Uj
Prafrle State--------------250,000
33,452 Nono None
Jan '08, 2
Railway Exchange----300,000
194,357
4H Q-" Jan *11,11*
Security _____ . . . . —
200,000
89,000
6
South Chicago Savings.
7H QM Jan '11,2
Jan ’ll, 1%
200,000
10,439
iyi 120 Q-J
South Side State--------Q-J Jan '11,3
State Bank of Chicago.. 1,500,000 1,782,614 12
8 Q-M Dec31’10,2
250,000
200,198
8
Stock Yards Savings...
200,000
37,006
0 M-N Nov '10,3
6
Union Bank of Chicago
7,877 See V. 90. P. 159
Washington Park Nat 1 100,000
10,044 Nono Nono Q-M Dcc31’08,l%
50,000
Wendell State. . . . . - - 938,013
7
7H Q-J Jan '11,2
Central Trust Co of III-. 2,000,000
112,944
n500,000
0 Q-J Jan '11, l%
6
Chicago Sav Bk * Tr—
0
7H Q-J Jan '11,2
Chicago Title & Trust.. 6,000,000 tl,543,802
8,622
4
60,000
6 A-O Oct 9’ 10, 3
dttzens'Trust &Savings
600,000
459,306 8+2 8+2 Q-J Jan '11,2%
Colonial Trust &Savings
444.155 . . . .
....
Cont & CommTr & Sav. 3,000.000
123,963
200,000
8
8 QM Jan’ "’ll" 2
Drovers’Trust 3cSavings
173,728
3
0 Q-J Jan '11,1%
Farwell Trust Co— . . . 1,500,000
12 Q-M Dec3 l’ lo.l
First Trust & Savings.. 2,600,000 3,105,060 10
19,621 Incorp orated 1908 V.87, p.1138
200,000
Guarantee Trust &Sav.
0H 11+5 Q-J Jan '11,3
Harris Trust &Savlngs. 1,250,000 1,471,103
q Jan '11,4
Illlnols Trust & Savings 6,000,000 8,609,829 10+4 10+4
200,000
59,499
7+1H QM Dc31’10,1*4*
Kenwood Trust 3o Savgs
200,000
41,792
5
Lake View Trust&Savgs
5H Q-J Jan '11. 1%
12 Q-J Jan '11,3
Merchants’ Loan&Tr Co 3,000,000 0,012,401 12
750,000
220,783
0
0 Q-J Jan '11, 1%
MotropolltanTrust&Sav
200.000
1/50,000 Beg. b us. Oct 29’1 0V91, p.1221
Michigan Ave Tr Co—
8 Q-J Dec31'10,2
8
Northern Trust Co......... 1,500,000 2,382,905
200,000
69,040
0
0
J-J Jan ’ ll, 4
North-Western Tr&Sav
300,000
233,900
8
8 Q-J Dec31’ 10,2
Pullman Trust 3c Savgs.
200,000
21,530 Beg. b us. J’ly 12’0 9 V.89,p.141
Sheridan Tr & Sav Bank
200,075 Comm enced bus. Sept 0 1910
[//Standard Tr ic Sav.-__ 1,000,000
39,003
200,000
6
5H J-J July '10, 3
Stockmen’s Trust & Sav
Union Trust Co_______ 1,200,000 1,161,140 *8+2 8+2 Q-M Dec31'10,2
148,374
0
6 Q-J Jan ’ll, 1%
West’n Trust it Savings 1,250,000
0 Q-M Deo31’10,2
119,050 . . . .
200,000
West Side Tr&SavBank
50,122
0
200,000
7H Q-J Jan '11,2
Woodlawn Tr&SavBanii

9934 9934
99*4 Mch’ 10
Araer Straw b'd 1st 6s.1911 F - A
9034 94%
92% Deo’10
Armour <5» Co 4>4s— 1930 J - D
*--IIII
Aurora ElglQihOhlc 5.1941 A - O
Cal & So Ohio Ry Co
102 J’ne’09
1st M 6s................... 1927 F . A
101% Oot’09 ___
Cass Av it F G (St L) 6s '12 J * A
.... ....
- Ohio Board o£ Trado 4sl927 J - D __ m ___ 100 May’07 ___
Chicago City Ry 5s__ 1927 F - A 1102% Sale 102% 102%
3 101% 103%
103 Apr’04
Ohio Consol Br it Mlt 6s__ J - J
....
Ohio Consol Trao 4 H s 1939 J - D
50 Apr’09 . . . .
.... ....
....
9634 Jan’06 . . . .
.... ....
Chio Auditorium Ist5sl929 F - A
. . . . ___
___ . . . .
Ohio Dock Co 1st 4 s .. 1929 A - O
.... ....
94% Dec’09 ___
OWo Jo RR lit M g 5S. 1948 M - S . . . . . . . .
.... ....
___
87 Feb’06
Qhtc No Shore Elec 6s.1912 A - O . . . . . . . .
. . .
Ohio Pue foot 1st 6s.al921 J - J t 87 . . . .
83 Dec'10
84% 88
Ohio Ry 5s................... 1927 F - A 07% Sale
96 10138
98% 25
07%
92
Chio Rys 4-6s series "A ” A - O X01
91 Deo’ 10
87% 95%
827S ' 7
82%
4-5s series "11" J - D 82% Sale
75
86
8hh 00 Rys
90% Mch’10
90% 91
Rys 4-5s series “ C" F - A t 80 90
99%
3
Chic Rys coll 6s__ 1913 F - A 1 99 100
99%
97% 101%
97% Sep’ 10 ....
Ch c Rys Fund 6 s..1913 F - A . . . . . . . .
97% 98
' Ch c Rys Tem Ctfs 1st 5s _____ - - - - . . . . 100% Apr'08 ___
100% 100*4
....
Chio R I it P RR 4 s ..2002 M - N
66% Aug’08 ___
.... ....
___
60% July’08
Collat trust g 5s— 1913 M - S
102% * 7 1003s 103%
Chio Telephone 5 s .._1923 J - D 102% Sale 102
101
14 100% 102%
Commonw-Edison 5 s.1943 U - S 101 Sale 101
1007s Nov’10
100% 1007s
Chic Edison deb Os.1913 J - J
100
100
5 100 100%
' 1st g 5s___ July 1926 A - O UOO*
Debenture 5s____1920 M - S ___ ___ 100% Aug’09 ___
10034 100*4
4 106 10234
Common™ Elect 5sM943 M - S t - ~ - 101
—
80 Dec’Ot —
----- —
Illinois Tunnel 5s____1928 J - D
Kan City Ry it Light
95% Oct’ 10
94*4 95%
Co 5 s ....................... 1913 n - n
9434 05
Knlck’ b'ker Ice 1st 5s. 1928 A - O t 0 7 ' 88% 95 Deo’ 10
77
77 ‘ “3
75 85
Lake St El—-1st 5 s ...1928 J - J t 77 Sale
16 May'05 —
—
Income 5 s ..______ 1925 Feb
Metr W Side El—
82%
2
82%
80 84
1st 4s....................... 1938 F - A 82% Sale
78%
1
78%
78 80
Extension g 4s____1938 J - J t — - 79
90*4
9Q% 11
83 93%
Morris & Co. 4H ____1939 J - J 9034 Sale
96%
96% 11
03*4 96%
North West El 1st 43.1911 M - S t 90% Sale
Apr’ 10 ___
99
09
99
No W G-L &Coke Co 5s'28 Q - M ___ ___
9234
7
92%
92% 96%
Ogden Gas 5s_______ 1945 ,H - N 923, Salo
.... .
PearsQns-Talt 5s.........1010 J - D 98% ___ 100% Mch'09 ___
4 .4 0 s_______________ M - S 95 . . . .
96% Mch’ 10 ___
96% 96%
4.00s Series E_______
97 97
97 Fcb’10 . . . .
M - N 96
4.80s Series F___ __ " M - N 07%
98% 98%
98% Mch’ 10 ...1
___ ___
Peo Gas L 8s O 1st 0s.1943 A - O
II-- 1 :i3., May’09 ___
Refunding g 5s___ 1947 M - S U0l% III- 101% Deo‘ 10 . . . . 100*4 103%
4 103 104%
Chio Gas L&O 1st 5sl937 J - J 1103% Sale 103% 103%
Consum Gas 1st 5s. 1930 J - D
Dec’ 10 ___
100% 102%
101
Mut’ l Fuel Gas Ist5sl947 M - N t i l l ! 10V12 10034 Oct’ 10 ___
10034 101%
13
South Side Elev 4HS-1924 J - J 94 Sale
91*4 94
04
93
Swift &Co 1st g 5s...1914 J - J 1 99 100
99*4 1007a
99*4 Deo’ 10 . . . .
Union El (Loop) 5s_1945 A - O __ _
83
88
Apr’ 10 __. .
88
__ ____ _
Union Pacltlcconv 4 s.1911 iH-N _ *
- 114 Nov’04 . . . .
United Box Board col 6s’ 26 _____
70
70
e i'
70 Apr* 10 . . . .
General mtgo 6s..
J - J 58% 60* 61% Oct’ 10 . . . .
61% 65
A O . . . . __ „
85% July’08 . . . . . . . . ___
Note.— Accrued
must be added to all Chicago b ond prices.
* Did and asked prices; no sales were mado on this day. t Nov. 10 (close of business) for national banks and Nov. 11 (opening of business) for State Institutions,
} No prloe Friday; latest price this week, aDue D.eo. 31. 6 Duo June, kAlso 20% In stock, nCapital and surplus to bo Inoreasod. qDividends aro paid Q-J,
vlth eitra payments Q-F. j In addition the equivalent of 4% moro came from First Trust & Savings Bank, t July 311910. uIn addition the oqulvalont of 1% com*
bom First Trust 3c Savings Bank.
t>An extra payment of
% was made Deo 14 1910. to See V. 01, p. 1551, 72, 17, VSept. 2 1910.
z An extra dividend w
1 % was paid Dec. 20 1910.




JAN .

THE CHRONICLE

7 1911.]

V o lu m e o f B u s in e s s a t S t o c k

E xch an ges

TRANSACTIONS AT THIS NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Weekending
Jan. 0 1011.
Saturday _________
Monday___________
Tuesday___________
Wednesday________
Thursday__________
Friday ......... ..........
Total....................

Stocks.
Shares. Barvalue.

Railroad,
&c..
Bonds.

$8,092,500l
$919,500
HOLI DAY.
34,869,325!
2.949,000
47,103,300
3,346,000
30,128,1501 3,040,500
25,552.750
3,215,000

95,140
392,387
623,948
408,769
300,125

U.S.
Bonds.

5135,000

....

314.500
316.000
570.000
536.500

1,720,369 $151,746,025 $13,470,000 $1,872,000

Salesat
NewYorkStock
Exchange.

Weekending Jan. 6 .
1911.

Jan. 1 toJan. 6 .

Bonds.

$20,000
902,500
21,194.500

$1,872,000
13,470,000

1910.

1911.

1910.

Stocks—No. shares...
1,720,369
5.200,763
Par value.............. §151,745,025 S485,539.550
Bank shares, par........
$4,900
$20,700
Government bonds__
State bonds..............
UR. and mJsc. bonds. -

Slate
Bonds.

1,625,229
$143,653,525
34.900

5,200,703
$485,539,550
$20,700

$1,737,000
12,550.500

$20,000
962,500
21,194,500

Total bonds........... $15,342,000 $22,177,000
$14,287,500
$22,177,000
DAILY TRANSACTIONS AT THE QOSTON AND PHILADELPHIA
EXCHANGES.

Week ending
Jan. 0 1911.

Boston.
Listed Unlisted Bond
shares. shares. sales.

Philadelphia.
Bond
Listed Unlisted sa
les.
shares. shares.

Saturday...__ ___ _
Monday___________
Tuesday__________
Wednesday________
Thursday_________
Friday____ ____ __

4,859

2.167

13,873
14,225
13,383
12,184

5,545
10,049
5,745
8.694

Total....................

58,524

32,190l $345,100

5,046
$14,500
HOLI DAY.
85,500
27,343
19,980
107,600
07.500
18,140
70,000
23,824
94,333

3,985
8.271
13,994
13,397
10,698
50.345

$49,100
45,400
113,900
212,000

142,800

$563,200

O u t s id e S e c u r it ie s
All bond prices are now “ and interest' excc.it wliero marked “ f.’
S I r c c t R a ilw a y s

Neto YorkCity

Bid Ask

Blccck St A Fill Fy stk. 100 12
1st mtge 4s 1950---------l-J 58
B’y A 7th Ave stk......... 10U 120
98
2 d mtge 53 1914--------J-J
Con 01 1913—See Stook Exc
B'way Surface 1st 5s gu 1021 102
Cent’l Crosstown stock.. 100 ___
1st mtge 6s 1922-----M-N / 80
Cen Pk N A E Rlv stook. 100 14
Christoph'l A 10th St stk 100 82
Col A 9th Avo 5s—
SeeStock Exo
Dry Dook E B A B—
1st gold 5s 1932......... J-1) 95
Sorip 5s 1914.............F-A / 30
Eighth Avenue stock__ 100 250
Sorlp 0s 1914........... F-A / 95
42d A Gr St F’y stock.. 100 250
42d St M A St N A ve... 100 ___
1st mtge 6 s 1910___ M-S ___
2d Incomo 6 s 1915___ J-J /40
Intor-Met—
See Stock Exeh ange
Lo$ Av A Pav F 5s—
SeeStk Exo
Metropol St lty—See Stk Exc
Ninth Avenuo stock___ 100 155
Socond Avenuo stook__ 100 10
Consol 6s 1918........... F-A / 54
eSixth Avenuo stook__ 100 110
Sou Boulev 6s 1945___ J-J 60
SoFer 1st 6s 1919......... A-O 88
T h ird Avenue Hit—
See Stk Exc
T a rry W P A M 5s 1928.. / 59
Y'kers St Rlt 5s 1940 A-O 80
23th A 29th Sts 5s ’96 ..A-O fn. . .
Twenty-third St stock.. 100 190
Union Ry 1st 5s 1912__ F-A 101
Westchester 1st 5s '43 J-J 05

20

p5
140
100

list
104
90
85
20

92
(1st
100

40
325
100

325
___
___
60
list
Hat

list
180
10

60
120

85
92
list
80
85

S t r e e t R a il w a y s

Bid Ask

Pub Sorv Corp N J (Con)—
New’k Pas Ry 5s '30 .J-J 107 . _ __
Rapid Tran St R y ... .1 0 0 235 245
1st 5s 1921_____ A-O 102 ___
J C llob A Paterson4s g 1941_______ M-N 73*2 74
So J Gas El A Trac.. .1 0 0 126 135
G11 g 5s 1953___ M-S 97 98
No Hud Co lty 0s 1914 J-J 10 212 104
5s 1928.............. .J-J 102*2 1030
Ext 5s 1924_____ M-N 98
Pat Ry con 63 1931. .J-D 112i2 1150
2d 63 opt 1914... .A-O 09 101
So Side El (Chic)—Nee Ch Icago list
Syracuse R T 5s 1916 . M-S 100 1 020
Trent P A II 5s 1943.. .J-D 05 __
United Rys 0 1 St L—•
834 90
Com vot tr otls....... .1 0 0
370
e Preferred ............. .1 0 0 , 3 7
Exo list
Gen 43 1934—
See Stock Exo
list
Unit Rys San Fran—Nee Stk
Wash lty A El Co........ .1 0 0 33
Preferred................ .1 0 0 850 86*
83 830
4s 1951.................... .J-D
(In s S e c u r it ie s

Neto York

Cent Un Gas 5s 1927__ .J-J 101*2 1 0 2 0
Con Gas (N Y)—
See Stock Exo list
e Mutual Gas......... ..... .1 0 0 105 175
New Amsterdam Gas—
1st consol 5s 1948— .J-d 100*4 10 Ho
20
N Y A E R Gas 1st 5s '44 J-J 103 105
215
Consol 5s 1945_____ J-J 100 102
1630 N Y A Richmond Gas. .1 0 0 35 50
75 Nor U11 1st 5s 1927___ M-N 99 101
e Standard Gas 00 m__ .1 0 0 60
Brooklyn.
e Preferred _______ . 100 90
Atlan Avonuo RR—
1st 5s 1930............... M-N 102 100
Con 5s g 1931........... A-O 10 U2 103
B B A W E 5s 1933-----A-O 97 102
OtherCities,
Brooklyn City Stock........10 107 175 Am Gas A Elco com ... ..50 ♦50 50*2
Con 5s—
See Stook Exeh ango list
*41
Preferred ................
420
Bklyn Ilgts 1st 5s 1911 A-O 98 102
Amor Light A Tract... .1 0 0 294 296
Bklyn Queens Co A Sub—
Preferred_________ .1 0 0 104 105
e 1st g 5s '41 op 1910 .J-J ___ 100
Bay State Gas............. ..50
6g
e 1st con 5s '41 op '16 M-N 95 98 Bingh’ton (N Y) Gas Wks
Bklyn Rap Tran—Nee Stock Exc list
1st g 5s 1938______ A-O 95 100
60
75 Brooklyn Un Gas—
Coney Isl A Bklyn------ 100
See Stk Exc list
1st cons g Is 1948-----J-J 78 83 Buffalo City Gas stock. .1 0 0
5
0
Con g 4s 1955.............J-J 75 80
1st 5s 1947—
S
ee
Stook Exc list
Brk C A N 5s 1939...J-J 95 100 Cities Service Co_____ .1 0 0 63 6334
Kings Co El 4s—Nee Stock Exc list
Preferred................ .1 0 0 77
80
90 05
5s 1944.. T...............A-O 103 105 Consumers’ L II A Pow
1st Is 1951—Nee Stock Exc list
6s 1938.................. .J-D 100
N W'b'g A Flat 1st ex 4Ms 87 92
Denver Gas A Klee___ .1 0 0 190 210
Steinway 1st 6s 1922__ J-J 103 105 ■ Gen g 5s 1949 op___ M-N 90 93
Elizabeth Gas Lt C o... .1 0 0 300
Otherelites
Essex A Hudson Gas.. .1 0 0 133 135
Buffalo Street Ry—
Gas A 141 Bergen Co__ .1 0 0 79
1st consol 5s 1931___ F-A 105 100*2 eGr Rap 1st 5s 1915 . . .F-A 98 101
Deb 0s 1917.............A-O 104 105
Hudson Co Gas....... . .too 1330 1350
Columbus (O) St Ry___ 100 03 95*2 Indiana Lighting Co__ .1 0 0 33 35
Preferred .................. 100 100 101
4s 1958 op________ F-A G30 05
Colura Ry con 5s—
See Phi la list
Indianapolis Gas......... ..50 1 2 0 25
Crosst'u 1st 6s 1933..J-D IOO34 101*2
1st g 5s 1952...........
78 83
1 Conn Ry A Ltg com__ 100
7412 751? Jackson Gas 5s g 1937. A-O / 83 920
e Preferred ...............100
79 81 eLaclede Gas...............
108*4 1080
1st A ref 4As—Nee Stock Exo list
e Preferred.............. .1 0 0 94 100
Grand Rapids Ry pref.. 100 82 85 Madison Gas 6s 1926.. A-O 103 108
1 LouDv St 5s 1930------ J-J 104*4 105
Newark Gas Gs 1044... -Q-J 123 130
Lynn A Bos 1st 5s 1924.J-D 104 106 Newark Consol Gas___ .too 90 98
t New Orl llys A Lgt__ 100 25 25*8 eCon g 6s 1948....... .J-D 104 105
e Preferred..... ........ .100
G7*8 07*2 No Hudson L II A Pow
Gen M g4As 1935—
SeeStk Ex list
5s 1938.................. .A-O 100
Pub Serv Corp of N J__ 100 113 115 Pacific Gas A E, com.. .100 660 670
Tr ctfs 2% to 0% perpet 9912 100<2
Preferred................ .1 0 0 87*2 89
North Jersey St Ry.,100 00 ___ Pat A Pas Gas A Elec. .100 85
90
75
1st 4s 1918.......... M-N 74
e
Con g 5s 1949___ M-S 100 102
Cons Tract of N J___ 100
72 73 St Joseph
Gas 5s 1937 .J-J 90 94
1st 5s 1933........... J-D 103 10334
* Per share.

0 Basis,




53

Bid A»*
Bid Ask
Electric Companies
Chicago EUI3011 Co—
See Ch cago list
Industrial and Aliscel
Gr’t West Pow os 1916..J-J 84
86
e
Crucible Steel..............10C 12*s 12U
e Kings Co El L A P Co. 100 128 130
e Preferred_________ 100 74*8 74*4
Narragan (Prov) El Co__ 50 *91 93
134
Davls-Daly Copper Co__ 10 *1*'
N Y A Q El L & Pow Co. 100 40 50
e
Diamond Match C o...100 93*4 94
Preferred__________ 100 70 80
duPont (E I) de Nem Po 100 145 150
United Electric of N J...100 80
e Preferred________ 100 81 83
1st g is 1919............. J-D 77 *78*
85
e Gold 4As 1936___ J-D S212
Glo 12
Western Power com___ 100 4012 4U2 Electric Boat................. 100
Preferred__________ 100 C312 04l2
Preferred............
100 25 35
15
Empire Steel................. 100 10
Preferred.............
100 55 62
and Telephone
97
eTelegraph
Ainer Teleg & Cable__ 100 83
e
General Chemical........100
eCentral A So Amer___ 100 116
e Preferred................. 100 104 i05*
Comm’l Un Tel (N Y )__ 25 105
*2
Gold Hill Copper...............1 *7ie
Empire A Bay State Tel. 100 65
Grecne-Cananea............. 20 *6*4 67*
Franklin ____________ 100 40
Guggenheim Explor’n.-lOO 195 200
eGold A Stock Teleg__ 100 110
eHackensack Water Co—
80
eNorthwestern Teleg___ 50 110
Ref g 4s ’52 op 1912 ..J-J
35
Paclflc A Atlantic............25 60
Hall Signal Co com____ 100
ePac Telep A Teleg pref 100 90
Havana Tobacoo Co___ 100
5*2
Southern A Atlantic____25 00
Preferred__________ 100 11 *1*3*’
1st g 5s Juno 1 1922 .J-D 5012 591*
Hecker-Joues-JeweU Milling
Parry Companies
07
B A N Y 1st 8s 1911___ J-J 00
1st 6s 1922............... M-S 103 105
N Y A E It Ferry stk.,.100 20 28
Herring-Hall-Mar new.. 100 30 35
1st 5s 1922............... M-N 60 60
Hoboken Land A Imp.. 100
1*0*3**
1st 5s Nov 1930...........
N Y A Hob 5s Stay '46.J-D 08
Houston Oil.... .............. 100
Hob Fy 1st 5s 1946..M-N 106
8*8 8*4
Preferred__________ 100 48*4 49
N Y A N J 5s 1946........J-J 06
10th & 23d Sts Ferry... 100 20 30* Hudson Realty............. 100 103 108
eIngersoll-Rand com ... 100 95
1st mtge 5s 1919___ J-D 65 75
23 25
e Preferred................. 100 94
eUnion Ferry stock___ 100 95
Intercontinental Rubber 100 34*4 35
93
e1st 5s 1920............. M-N
Internnt’l Banking Co.. 100 90 100
International Nickel___ 100 170
Short-Term Notes
Preferred__________ 100 01 9 3 *
Am Clg sor A 4s 1911..M-S 097S 100*4
05
1st g 5s 1932............. A-O 93
Ser B 4s Mch 15 ,12..M-S 9834 99*4
3
6
International
Salt_____ 100
991
2
Balt A Ohio 4 Ms 1913.J-D
9934
1st g 5s 1951______ A-O / 47 61
Bethleh Steel 0s 1914..M-N 9634 O/I4
,Chlc A Alton 5s 1913..M-S 981 091g International Sliver___ 100 50
Cln Ham A D 4s 1913 ...J-J 98 S8 *g
Preferred__________ 100 109 i f f "
1st 0s 1948...............J-D 110 112
C C C A St L 5s. Juno 1911.. 100U 10034
Hudson Companies—
Internat 8melt A Refg..l00 128 135
6s Oet 16 1911.......... A-O 9934 100*2 Intermit Time Record..100 160 185
6s Feb 1 1913............F-A 98*8 0S5g
Preferred__________ 100 105 n o
Interb R T g 6s 1911..M-N 1005g 101
Jones A Laughlln Steel Co
IC C Ry A Lt 6s '12___ M-S 9834 99*4
1st s f g 5s 1939........M-N 102 1021*
40
Minn A St L g 5s 1911..F-A 9334 1001s e Lackawanna Steel___ 100 35
( N Y C Lines Eq 63 'l l - ’22 645* 4*4%
e
1st con 5s i960___ M-S 85
64^ 4*4%
4 Ms Jan 1911-1925__
e
Deb 5s 1915............M-6 91*2 92*2
N Y N H A H 5s '11-’ 12.. 100 l2 101
Lanston Monotype____ 100 92*4 93*2
St L A S F 4MS '12 op.F-A 9814 98*3 Lawyers' Mtge Co_____ 100 244 248
5s Mch 1 1913..........M-S 960 96*4 Leh A WUkos-B Coal___ 50 230 265
South Ry g 5s 1913___ F-A 98L 9834 eLorlllard (P) pref........100 135 145
45
Tidewater Os, 1913, guar__ IOH4 10134 Madison Sq Garden____ 100 35
Wabash 4'As 1913___ M-N
2d 6s 1919---......... M-N 85
*1 "lU
We3t Telep A T 5s '12.P-A 997S IOOI4 Manhattan Transit.........20
Wostlngh'se El A M 6s 1913 1003* 100*4 May Dept Stores______ 100 69 61
«5% notes Oct 1917.A-0
100 1021r 104
Preferred.... .........
93*2
Monongahela R Coal____ 50 *8
Prelerred___________ 50 ♦21L 22*
Railroad
Chic Peor A St L—■
Mortgage Bond Co____ 100 1130 1151*
Prior lien g 4As '30.M-S f 85
Nat Bank of Cuba_____ 100 XlOJ 102
Con mtge g 53 1930__ J-J / - - 50
National Surety__ ____ 100 190 195
Income 5s, July 1930__ { .... 5 e NevadaCons’dCopper. See Stk E x list
434 Ncv-Utnta Min A Sm........10 *l3ie
4 I4
Chicago Subway............100
Vs
60
Kan A Col Pac 6s 1938.F-A 107*2 109
eNew Central Coal......... 20 30 list
Nat Rys of Mexico—
See S t Exc list N Y Air Brake 6s—SeeStock Exc
Northern Securities Stubs.. 105 115
N Y Biscuit 6s 1911___ M-S 100
Pitts Bess A L E............. 60 *30 35
eNew York Dock.........100 65 35*
Preferred .................... 50 *6212 72i2
ePreferred.... ...........100
eRailroad Securities Co—
N Y Mtge A Security... 100 200
5
III C stk tr ctls ser A__ 52 85 90
N Y 'Transportation....... 20 *4
Seaboard Company—
Nlles-Bem-Pond com__ 100 95 98
1st preferred_______ 100 79
Nlplsslng Mines_________ 5 *1()12 HU*
Com A 2d pref—
See Bal Exc Hat Ohio Copper Co________ 10 *l7ie Vie
Seaboard Air Line—
« Ontario Silver..............100
1*2 2*4
Coll 5s ext May 1911.M-S 100
Otis Elevator com_____ 100 48 50
West Pac 1st 5s 1933..M-S 02*0 92*4
98
Preferred__________ 100 97
231*
Pittsburgh Brewing____ 60 *23
Preferred___________ 50 * 41
Industrial and Aliscel
list"
See Stock Exc
Adams Exp g 4s 1947..J-D f 89*2 90*2 Pittsburgh Coal—
53
Ahmeek Mining________ 25
180
56
Pope Mtg Co com......... 100
78
Alliance Realty..............100 il7*o 12212
Preferred...................100 74
American Dook_______ 100 155 160
Pratt A Whitney pref.-lOO 100 105
American Brass..............100 1120 125
Producers Oil............. ..100 142 146
1121*
American Chicle oom.,.100 220 223
Realty Assoc (Bklyn)__ 100
Preferred................... 100 100 103
Royal Bak Powd com__ 100 1*80 * 190
5 10
Am Graphophone com.. 100
Preferred__________ 100 107 108
Preferred__________ 100 23
Safety Car Heat A Lt__ 100 123*2 125
65
Amer Hardware______ 100 126 130* Seneca Mining_________ 25 *64
Am Malting 6s 1914___ J-D 100 102 Singer Mfg Co.... ...........100 320 330
3
Amer Press Assoo'n___ 100 95 100
0
South Iron & S com___ 100
12
Am St Found new—See S tk Ex list
Preferred__________ 1001 7
6s 1935.....................A-O 101 10 U2 Standard Cordage_____ 100
>4
Deb 4s 1923............... F-A 0812 6912
1st M g 5s '31 red___ A-O / *1*6** 18
American Surety_______ 60 235
4
Adjust M 5s Apr 1 1931.. ’ 3
American Thread pref___ 5 *434 '*5*1*4 Standard Coupler com.. 100
40
Am Tobacco Co com___ 100 415 422
Preferred__________ 100 100 *
16 18*
Amer Typef'ders com__ 100 40 42
Standard Milling Co___ 100
Preferred......... ......... 100 98 101
Preferred__________ 100 50 54
Deb g 6s 1939___ ..M-N 97 100
1st 5s 1930...............M-N 86 88
Amer Writing Paper. J.. 100
3*2 3*2 Standard Oil of N J........100 625 635
Preferred__________ 100 29*2 31
Swift A Co—
See Boston Stk Exc list
1st s f g 5s '19red 105.J-J 89*2 90>2
1st 5s. See Chicago Stk Exc list
Atl Gif A W I S3 Lines..100
Texas Company—
See Stock Exo list
Preferred......... ......... 100
eTexas A Pacific Coal..100 95 100
Col tr g 5s 1959....... .J-J
67*2 68*2 Title Ins Co of N Y........100 135 140
22
Barney A Smith Car___ 100
Tonopah Min (Nevada)__ 1
7*2 75*
4
Preferred__________ 100 *8*5* 90
Trenton Potteries com. .100
8
Bethl'm Steel Corp—
See S tk Ex list
Preferred new______ 100 45 65
Bliss Company com___ 50 121 121
Trow Directory.............100 30
Preferred__________ 50 121 124
Underwood Typewriter. 100 61
6*3*’
Bond A Mtge Guar..__ 100 243 255
Preferred__________ 100 99*2 1001a
Borden’s Cond Milk___ 100 119 121
Union Typewriter com.. 100 48 51
Preferred......... .....1 0 0 105 106
1st preferred_______ 100 104 108
British Col Copper........ 5 *7*g 7*4
2d preferred________ 100 103 107
Butte Coalition Mining. 15 *18
19
United Bk Note Corp__ 50 *49
52
Casein Co of Am com__ 100
2*4 31
52
Preferred___________ 60 *50
Preferred_______ ...100 60 55
United Cigar Mfrs_____ 100 65*2 66**
Casualty Co of Amer__ 100 125 140
e Preferred_________ 100 101 103
Celluloid Co................... 100 125 128
United Copper________ 100
4i2 5
1
Cent Fireworks com___ 100
2
Preferred . . . _______ 100
8 15
Preferred .............
100 10 20
U S Casualty_________ 100 215
Central Foundry______ 100
U 8 Envelope com____ 100 50
Preferred..................100
Prelerred_______ ...100 110 113
Deb0s '19 redat 105.M-N / 31
35
U 8 Finishing_________ 100 92 97
Chesebrough Mfg Co___ 100 700
Prelerred__________ 100 105 n o
Chino Copper Co........... 5 *22Sg *22*2
1st g 5s 1919............. J-J 100 105
City Investing Co_____ 100 68
62
Con g 5s 1929_______ J-J 95 100
Preferred .............
100 103 108
U S Steel CorporatloneClallln (H B) com........100 102 100
Col tr s f 5s 1951 opt '11 . 114 114*3
e1st preferred______ 100 93 90
s f 5s '51 not opt. 114 114*8
e2d preferred............100 93 07 USColTittrGu
AIndem___ 100
92*3
Col A Ilook Coal A I pf.100
e
Utah Copper Co—
See Stk Exc list
1st g 53 1917............. J-J / "«*
Westchester A Bronx Title
Col tr 6s Oct 1956___ J-J / 45
A Mtge Guar_______ 100 160 ICO
Consol Car Heating___ 100 60
Westlngh’se Air Brake.. 50 *138
Consol Rubber Tire___ 100
212 3*2 West El A Mlg 5s—Nee Stk Exo list*"
Preferred................... 100 22
Worthlngt’n Pump pref.100 104 107
Debenture 4s 1951..A-O / 40 *4*1

c Sells on Stock Exchange, but not very active. / Flat price.

nNominal, sSale price.

(New stock,

x Ex-dlv. vEx-right*

BOSTON STOCK E X C H A N G E — Stock Record, Daily, Weekly and Yearly

'Saturday
Dec. 31

Sales
SHAREPRICES—NOT PERCENTUMPRICES
the
ay Friday of
nesday ThJuarsd
Week
Monday Tuesday Wed
n6
Jan <} Shares
Jan. 4
Jan. 3
Jan. 2

STOCKS.
BOSTON STOCK
EXCHANGE

Rangefor Year li)I0

Railroads
71 Atch Top &Santa Fc. JOo 01*2 JTy 2U
*102*8 102*8 102*2 102*8 102*8 102*8
♦100*4 101*4
1023s
Do pref_________ 100 97*2 Aug 2
205
*99*4 100*4
101*8 101*8 *100*4 101*4 *101*2 102*2
224 224 224
223*2 224
218 Boston &Albany___ 100 218 J’ne 10
224 224
224*2
224*2 224*2
314 Boston elevated_____100 1122 Aug 2
12812 128*4 129 129
129 1291
128*4 129
120 129*i
*___ 216
215 210
21512 215*2
11 Boston &Lowell.........100 20J JTy 7
216
*___ 210
&Maine____ 100 1118 Dec 31
117*4 118*4 IIOI2 117*2 116*2 117*4 116*2 1167g
118 119*8
Last Sale 296*2 Dec'10 305 Boston
*294 299 *294 299
Boston & Providence. 100 285 Oct 4
*___ 299
10
Last Sale 15 Dec’10
11 J’ne hi
*15
16 *15
Boston Suburban El Cos.
*15
10
72 *70
72
72 *70
72
7H JTy 21
*70
Do prel___
. ..
*70
72
*___ 10 K__
S Mch
Last Sale 10*4 Oct72’ 10
10*2
!
Boston & Wore Elec Ccs.
39*2 *39 ___ *39
35 Aug 20
38*2 38*2 *39
Do prel___ __ . . .
*___ 39
*156 160 *156 160 *156 100
157
157”
Chic June lty & USY.100 130 Sep 16
*156 160
+109 112*2 *100 112*2 110 110 *109
Do prel................. 100 109 Oct 3
112*2
i
♦109 112*2
1
270 Dcc’ 10
Connecticut liiver__ 100 260 Oct 13
1
130 130 *129 130
128 129
124*4 Sep 21
1
68 Fitchburg-, pref______loo
1 3 0 " fifo"
129 12912
1
___
___
*117*4
117*4 11734 *11734 ___
10 Ua lty & Electric___ 100 104 Jau 0
*117*4
♦117*2___
1
85 Apr t.
15 Do pref______..100
*87*4 ___ *87*4 ___ *87*2 88*2 88 I2 8 SI2
*87*4 88
*211
219 *213 216 • Last Sale 211i2 Dec’lO
Maine Central.. . . . 100 202 FeD 10
♦211
210
I4 I4 JT y 26
19
*18
18
18 *18
18l2 “ 35 Mass Electric Cos___ 100
18
18
j
85
85
85
85
841.4 8438 84
208 Do pref_________ 100 76 JTy 1
•84
85
80
j
150 151
1501* 15034
150*2 151
715 N Y N H & Hartford. 100 149 Apr 2 S
150*4 151
160*4 151
140 140 140
*140 141 *140 141
1 U0 139 Deo 6
6 Northern N 11 ’
*140 141
140
___ ___ --wLast Sale 210 Juno’10
Norwich &VVor pretllOO 210 M ayn
l
Old Colony________ 100 I8 II4 Sep 14
180 189 +180 ___ 1S9 189
180
189
♦189 ----26 May o
35
Last Sale 35 Dec’10
*34
37 *34
Rutland pref_____ '1 0 0
*33
35
»
56 Seattle Electric__
IO6 I4
*1 0 0 103 Aug 18
106*2 106*2 106*4 106*4 *107 ___ *106
♦106 103
Auv 2
___
*102
2
98*4
Do
pref.................
101*2
101*2
100
*
101*2
*102
.
.
.
102*2
♦101
___
1
172'8 173*2 172*4 173*4 17333 174
476 Union Pacific.. .
171 172
100 153t| J’ly 20
17078 1707s
93
20 Do pref________ 100 S0I4 J’ly 26
03
*93*4 94*4 *9312 94
*93*2 94
*92*2 93
Last Sale 157l2 Deo'lO
*157*2 160 *15712 160
Vermont & Mass.. . 100 15 i Oct 15
♦157*2 160
83 Sep 26
91
50
91
91
91*2 915s 0L34 '791 West End St__
907S 01
*90*8 9078
99 J’ly 6
103
103
Do pref___ 50
92
103
104
104
103
103*8
*
101*2
♦1 0 1 * 2 ___
i
Miscellaneous
46*2 46*2 *45*4 46*2 461j 4«i2
203 Amcr Agricul Chem_.100 36 J’ly 27
46*2 47
46
4012
!
Do pref_________ 100 08 l2 Deo 22
09*4 99*2 9912 09*4 90*8 99*2 69
0 O12 1.140
09*2 99*2
4 Deo 7
434
434
457 Amer Pnou Service__ 50
4*2 4*4 *4*4 5
5
5
*412 4*4
1434 1434
14
15
240 Do pref________ 50 13)4 Deo 8
14*4 11*4 15 *11
♦14
15
115 116*2 113*4 115*2 114
630 Amer Sugar Uefln___ 100 111 Oct 3
*114*2 115
114*2 115
114
1
113 113*2 11334 114*2 11134 1 1 H2 1121* 113
063 Do pref................. 100 HHt Oct 3
113*2 113*2
:
110
111*2 14078 141*2 141 14U2 1413s 14112 5,735 Amer Telep &Teleg_ _ 1 0 0 127*4 J’ly 20
140 140*2
20 J’ly 7
31
31
65 American Woolen____100
31*2
30*2 30*2
*30*2
i
614 Do pref________ 100 90*2 Deo 7
01*4 92*4 02
02*2
9N8 92*2 ’ 0 2 * *0212
01*4 91*4
7 Meh 18
Atl Gulf &W I S S L.IOO
9l2
Dec'10
^__ ___
22
22
‘ 427 Do pref_________ 100 16 May 10
22
22
23
23
4*2 J’ly 28
Boston Land_________ 10
*5
0
*5
6
*5
6
Last Sale 6 Nov’ 10
150 150 *145*4 149*2 *14514 14012 "1 6 Cumb Telep * Teleg.100 138‘2 J’ly 28
♦145*4 152
*145*4 152
7*3 Apr 14
220 East Boston Land__ __
♦7*2 8
7*2 7*2 *7l2
7*2 8
8
7*2 7*2
26
887 289
288 290
289 290 28934 200 200
200i2 349 Edison E’ec Il'um__ 100 /j23 9 Jan
612 General Electric.. ..100 135 J’ly .6
162*2 152*2
151*8 151*2 152*4 153*2 152 153*4 151
152
Feb
8
70*4
87*4 87*2
8734 88
88*2 89*4
89*2 89*8 8934 0O34 2,174 MassachusettsGasCos 100
05
05
95*4 05*4 05*2 06
665 Do pref_________ 100 89 May 10
95
95*4
06'4 9012
Deo
27
212*2
211
212*2 212*2
211
♦310 212*4
211
211
103 Mergenthaler Lino...100
214
2*4 Jan 3
*4
434 *4
*4
434
4*4
Last Sale 21212 Deo'lO
Mexican Telephone.. 10
110
112
*109 112
♦109 112
112
112
'*30 N E Cotton Yarn___ 100 107 Sep 22
112
Aug 3
99'2
100
*104 100
106 +108 107
112
112 *105
10 Do pref_________ 100
107
138 13812
138 138
138 138
138 138
160 N E Telephone______ 100 129*2 Aug 17
138
138
__ ♦98
*95
L
a
st
S
a
le
*95 ----Pacific Coast P ow er..100 03 I4 N o v ij
96
Deo'lO
1
159 159 159*2 160 159*2 100
♦168 169
100 163 J’nc30
274 Pullman Co._
160
160
♦12
13
12*4 12*.| * 12- 13 Zl 2
12
*12
15 Reece Button-Ho’le.I 10 U*4 Jan 15
13
1
100*4 100's 100*4 101
100*2 101
100*4 100*8
1001» 101
496 Swift & Co________ ..1 00 100 Jan 24
35*4 30
1
357g 35
♦36
35*4
35*2 3678 36
1,877 l’orrlngton___________ 25 28 Mch3o
35
28
*27
28 *28
25 27 Jan 18
♦27
28
28
29
100 Do pref_______
28*4 28*4
h
101
101
190 191
190 191
191 191
2S7 United Fruit________ 100 105*2 Jan 15
1!
190
190
9
56
56
66
66*8
50
66*4
60*2 60*4
56
56 1,408 Un Shoo Mach Corp._ 25 46*4 J’ly
9
287s 20
28*4 2834 28*8 28*4 28*4 283) 28l4 2812 353 Do pref__________ 25 25*4 J’ly 9
9
26
72*8 7212
71*s 73*4 73*8 74*8 73*8 74*8 737g 7438 13.607 U S Steel Corp_______ 100 01*3 J’ly
c
550 Do pref_________ 100 111 J’ly 26
116*4 117*4 U718 118 117*4 117*4 11712 1177g
)X6s4 11634
w
14 Feb 11
*10
19 *17
10
10 West Telep & Teleg.,100
*17
19
*17
10
18
18
25 Do pref_________ 100 81 Aug 15
*01*2 —
01
en 2
*91*2 95
91*8 91*8 +91*2 93
Mining
4 J’ly 13
s
190 Adventure C o n ..__ _ 25
634
7
7
0*4 6*4
6 **
6*8
*0*2 7*?
6*4
7*4 Deo 29
290 Algomah Mining__ ____ 25
8
8
8
8
8
8
8
•___
9
25 31 J’ly 13
435 Ailouez_________ “
39
40
39
37
37
37
37
*89
40
*39
63
63*4 03*4 6312 63*2 63*8 6434 7,115 Amalgamated Copp'eVlOO 65*4 J’ly 12
61
61*4 62*3
606 Am Zinc Lead &S in.. 25 19*2 J’ly 20
26*8 25*4 25*2 2512 2512
25*8 25*8 25
25*2 25*3
14*8 14U 14U
005 Arizona Commercial. 25 12*4 May 4
*14*4 14*2 14*4 14*4 *14
1
*14
14*2
5 J’noSO
25
4
4
0
*5
414
4?8 47g
412 1.515 A tla n tic______
6l2
6i2
.50 Alch 9
*.50
.65
.65
*.50
.60
.60
Bonanza Dev Co "
10
200
*.60
.65
*.60 .65
10 May 4
12
♦12
12*4 12*4 12*4 12
240 Bos&CorbCop&SllMg
5
1214
1214
12U 12*4
4*2 Nov 5
6*4
6*2
+6
6*2
170 Butte-Balaklava Cop. 10
*5*2 0
6
6
*18
18*2 18l2 1812 ♦18
18*4
30 Butte Coalition__ __ 15
16->S J’ne3U
•18 18*4
48*2 47
48
4734 48*4 48
412 Calumet &Arizona.. 10 44*4 J’ly 12
47
47
4712 471*
540 645 610 635
600 J’ly 0
♦540 575
635 535
515
65 Calumet &Hecla___ 25
620
15*2 16*2 14
15*2 16
14*2 1312 14
16
16
270 Centennial___________ 25 13*2 J’ly 16
♦ .05 .07 *.05 .07 * .05 .00
• M ,00
200 Cons Mercur G old.. _ 1 .04 J’ly 0
.05
.05
0712 08*4 07*4 68*4 68
66*2 07*2
67
07
697 Ooppor Range Con Co 100 68 Feo 17
68 I4
3*2 Sep 28
3i2 3*2
20
3*2 3*2
3*2 3l2
420 Daly-West__ __
3<2
3*2 6*2
312
12*4 12*4 12*4 12*2 12
12
6*4 J’ly 13
1134 12 1,275 East Butte Cop Alin.. 10
12*4 12*4
.20
100 Elm River____________12 .05 Oct 11
.20
9*2
9 Deo 19
0*2 10
9
9U 10
*9
0*2
845 Franklin_____________25
Olj
J’ly 20
0
0*4 6*4 613-10 0’8
6*4
6*4
5
6*4 6 iaSi 2,650 Giroux Consolidated.
40
40
40*2 *----- 39
39
*39i2 40
89
39
110 Granby Consolidated.100 20 J’ly 0
07g 078
6*4
6*4
6*4 078
6*8 Sep 29
7
7
030 Greene Cananea_____20
*6*4
67S
22
22
22
22
21
21*2
210 Hancock Consolidated 25 14*4 J iy 19
2134
21
21
21*4
134
1*4 Ns +1*4 Ns
17S Ns
1*4 Oct 27
482 Helvetia Copper_____25
♦1*4 17s
1*4
10 J’ly is
11*2 11*4 * 1112 . . . . * 11*4 12*4
160 Indiana Mining______25
♦1 1 * 2 ___
11*4
n*4
30*4 Deo 8
32
32*4 32*4 32*2 3212 32*2 *32U 3234
♦31*4 32
1
670 Island Creek C oa l__
88*2 88*4
88
88*2 88*4
88
88
88*2
400 Do pref_________ 1 84R Nov 7
8812 88*4
16*4 1012 15
15*2 15
16*4 16*4
16*8 10
15 1,202 Isle Uoyale Copper.. 25 13*2 May 0
6^4 678
7
7
5 10 Sep 1
♦6*4 678
6 7S
678 6 13-16 16-16 1,105 Kerr Lake__________
3 J’ly 7
3*4 3*4
3*2 3*2 *3*4 3*2
100 Keweenaw Copper__ 25
3*4 3*4
3>2
313
34l2 36*4 33*4 34*4 34
34*4 34*2
34*4 35
34>2 2,596 Lake Copper Co___ _ 26 2812 JTy 15
6*8
5
412 2,855 La Salle Copper_____25
5
0
014 Deo 30
0
0
4*4 47g
4i2
8
8
*7*8 8*8 *7*a
8
8
80 Mass Consol._________ 25
8
4*2 Alch 8
7~8 77S
.50 .50 *.40
♦ .50 .75
. 2 5 ,35 Oct 21
*.60
♦ .40 .50
100 Mayflower ._
.60
Alexlco Cons M & S._ 10 .01 Nov 15
.03 Nov’ 10
19*8 19*« 19*8 19*2 19*4 19*4 *1012 1934 "485 Miami C op p er...____ 6 17 JTy 18
♦19*2 19*4
3*4 3*4 ♦3 I4
3*4 Deo 3
*3*2 3*4
312 335 Michigan....................... 25
312 3*2
3*2 3*2
♦45
47 ♦45
47
5 Mohawk____________ 26 43 JTy 20
45
45
*45
♦45
40
4514
18*2 18*2 18l2 18*2 18*8 18*2 183s 181S 1,317 Nevada Consolidated. 6 17*8 JTy 6
18*4 18*4
JTy 13
3*2
31,
*3
*3*2 4
3*2 3*2
»Z 125 New Arcadian Connor 25 3*2 Jan
♦312 4
17
10*8 10*8
10*2 10*4 106* 10*4 1,225 N1pissing Mines_____ 6
9*4
10*2 10*8
10*2 10*8
28*4 28*2 X
2,400 North Butte_________ 16 18 J’neoO
20
20
20*2
28
28*s 28*4
28*2 2812
08*
200 North Lake__________ 26
6*4
6*2
6*2
6*8
6*8
6*8
6*2
6*1
6*4 Deo 9
6*2
1
75 OJlbway Mining.........25
5 Sep 7
6
0*8
6
0
(5*2 6*2
*0*2 8
*6*2
1
♦ .50 ,G0
.50 .60
200 Old Colony________ 25 225 Aug 9
.60
.SO
*.50 .60 + .60 .53
♦37*4___
Old Dominion Co__ _ 25 20*2 J’no 15
Last Sale 37*4 Deo’lO
*37*2 38*2 *37*2 38*2
1
25 114 JTy 27
♦121 127
124 124
124 124
"362 Osceola_________
113
116
116 116
♦11*2 11*4
* 11*2 12
45 Parrot Silver &Cop" 10 11 Deo 28
* 11*2 12*4 *11*4 12*4 11*4 11*4
j
♦70
70*.i
70
70*1 70
6 d JTy 6
70
68 Q u in cy......................... 25
70
71
70
70
18*4 1834
600 Ray Consol Copper.. 10 16*4 JTy l
*18*8 18*4 18*8 18*s 18*8 18*8 *181* 183*
1
*1*4 1*4
175 Santa Fe Gold &Cop 10
1*4 NOV20
*1*4 1*4 *ll4 1*4
1*2
1*2
lh
11*
11*4 11*8
JTy 6
11*4 11*8
11*2 11*2
925 Shannon__________ Z 10
11*2 11*8
111*
*_
___ . . . .
South Utah M & S__ 6
1 *__
Deo 28
1
1
L
a
st
S
a
le
l
Dec"ft
J
♦41*2 43
42
42*2 42
420 38
36 JTy 19
39*j 38l2 38*4 1*257 Superior.. ________ 2 5
*5*2 5*4
[
6*2
385 Superior & Boston Min 10
5*2
5*4 6^4
4*8 Deo 2
5*4
6*4
6*4
6*4
14
14
440 Supenor&Pltts Copp. 10
9 JTy 6
1312 13‘2 1334 13*4 1334 14
13*4 13*4
1
51
♦40*2 52
62
50
223 Tamarack___________ 25 45*2 J’no 22
61
40
45
47
48
4*4 5
♦4*2 434
5
6
827 Trinity_______________26
412
4*2 Deo 9
412
35*8 35*8
35*8 30
35*2 35*4 35*8 36
357, 36 3,172 U S Smelt Ref & Alin. 50 30 Deo 7
-1
46*2 46^2 46*2 47
♦46*2 47
40*2 47
1
750 Do pref__________ 60 45*4 JTy 20
407s 467g
5
2*2
2*g
2 Deo 13
2*8
2*s
2*2
2*4
2*4
3
2*4
278 1,890 Utah-Apex M ining...
13*2 13*2 13*2 1312 13*2 13*2 13*2 13*2
13*3 13*4
205 Utah Consolidated__ C 12*2 Deo 2
l
*45*4 45*4 46
♦44*4 44*4
46*8 ♦45*8 40*8 46
140 Utah Copper Co_____ 10 2)39*4 J’ no30
1
40
*2
*2
21z
2 ? eo 1
* 2*8 2*8
100 Victoria _____________26
2*8
2*8
♦2 i8
2*8
? !2
0
0
8*2
8*2
6
0
0
8*4
J
ly 13
♦834 . . . .
125 Winona____________ 23
8 l2
118 118 +118 120 *116 120 ♦116
•
♦110
120
10 Wolverine____________25 102 JTy 12
120
}
1*4 1*4 * 1*2 1*4
___ . . . . 25
1*2
1*2
210 Wyandot
1*4 JTy 26
♦1*2 178
11*
1*2
* u Bland asked price.), dNew stock, s Ass’t paid. Is Ex-stock mv. /» Ex-nghts. a Kx-dlv. ana rights.
;
!
!
{
J
t




*10214
102^3

10234

Rangefor Previous Yoat
(1009)

Highest

Highest

0 98 Jan
123*8 Jau •
104*4 Jan i 100*4 'la**
231 Jan 10 225 Jan
130*4 Jan 6 124*4 Jan
22/ Feb L4
223*2 Dec
152 Feb : 132*2 Jan
3 0 Nov 3 295 " Sep
11*4 Jan
ldg Novl8
00*2 Jan
70 Apr 7
10 May
lv *2 Sep 30
4.
40l2 Dec
Jau ,1
160 Dec 9 113 Jail
111 Jan
115 Nov
270 Alch 10 267 Jan
128*2 Nov
133*2 Jau
123 Oct -’7
/5 Jan
90 Oct 14
79 Jan
218 Dec 21 195 Oct
22 <* Nov 16
11*4 Jan
08*4 Nov 1/ 68i2 Jan
162;>g Mch *4 8153 Nov
141 Deo 19 146 Feb
212
Mch 10 2U0 Apr
190 Dec
200 Jan 7
26 Apr
410 Nov 1
90*4 Mch
n o Jan 0
100 Men !)7*'> Apr
2U4*2 Jan 3 rl72?8 Deb
03*2 Meh
103*3 Jan 3
108 Jan 1/ 165 Jan
88 Jan
96i2 Mch «
109 Feb lu 102 Oct

125*8 Oot
100 J’n*
239*4 Apr
135 Deo
235 Alch
163 Nov
301 Jan
22 Feb
77*2 Nov
14*2 Mch
56*4 Oct
] 62 J 'no
123 J’ly
275 Mch
136 Feb
103 Deo
88*" SeD
195*4 Jan
19 Oct
84 Nov
174)8 J’ne
149 Aug
215 Sep
2U0*s Jan
40 J’ne
117*2 Aug
107 Aug
218*4 Aug
117*4 Aug
176 Apr
0 8 *s Apr
112 Apr

Jan
U4 Jan
5*s Jari
13 Jan
1114 Nov
ill 7 Nov
126*4 Feb
27i2 Feb
1)3*2 Jan
4i2 Apr
16*4
3*4 Apr
126 Jan
7 Jan
245 Jan
150*8 Deb
60 Jau
89 Jan
202*2 Men
2 Jan
G3 Apr
93 Jan
120*4 Jan
75 Deb
168 Jan
1)34 Jan
100 Jau
20*2 May
24*4 Jan
126*2 Jan
ar54 Mch
28*2 Jan
41*4 Feb
107 Eeb
0*8 Jan
70 Mch

60*4 Aug
JTy
9)8 Fob
22*2 Nov
136 Apr
131 Apr
145*8 Sop
40*8 Aug
108 J’ne
1212 Sep
0 H2 Aug
8*4 Oct
147*2 Nov
137s J’no
200 Apr
173 Aug
83*4 Deo
97 Apr
220*4 Deo
314 Oct
125 Oct
118 Oot
139 Sep
108 Oct
100 Aug
12 Sep
114*2 Aug
34 Deo
35 Nov
170 Deo
71 Oct
31*4 Sep
947g Oot
131 Oct
19 Deo
96 Deo

49i2 Oct 20
105 Sep 20
87g Feb il
24 Feb 11
127*8 Mch 2
124 Mch .
14378 Nov 4
39t2 Mch 19
104*4 Mch23
11*2 Jan 7
28 Jan 0
8 i2 Jan 11
15212 Mch 3
l l *>8 Jan 3
292*2 Nov 10
100*2 Jan 0
9l*s Nov 16
07 Meh 18
220 Nov 14
6*4 Mayiu
124 Jan 3
115 Jan 11
138*4 Dec 14
100 Jan 6
200 Feb 11
14 Oct 3
10934 Jan 10
37 Dec 12 .
31 May 6
200 Sep 10
71*4 Apr 18
31 Jan 4
0034 Jan 3
125*,gJan 0
1j*4 Sep 30
91 Jan 3

33*4

105

47g Oct
10i2 May
10 Feb 1
14*4 Sep 15
34 Jau
62 Oct
53 Feb 20
65 Feb
96*2 Nov
00*4 Jan 3
23 Mch 40i2 Deo
40*2 Jan 3
5134 Deo
30 Feb
60*4 Jan 3
8 J iy
18 Jan
1214 Jan 14
.70 Mch 2s .45 Feb .80 May
24 Deo
17*s JTy
24R Jan 13
8 Sep
11*4 Deo
1.8*4 May25
33&i Nov
21*s Feb
28*2 Jan 3
90*4 Alay 119 Jan
103 Jan 3
695 Aug
085 Jan 3 685 Feb
29 Feb
44*2 Sep
38 Jan 3
10 J'ne .35 Jan
.10 Jan 10
86*4 Nov
68*2 Fob
85 Jan 3
7*2 May 12 Alch
9 3$Mch28
7*2 Fob
11 Nov 14
I 6»s Apr
1 Oct
2*2 Jan
2i2 Feb 18
19 Aug
13 Feb
22i2 Mch 0
7 38 J’no
12*4 Nov
12 i2Jan 10
00 Fob llOij Deo
111*4 Jan 3
9 Feb
14*g Nov
IDs Jan 3
38 Deo
8*4 Sep
36 Jan 12
5*2 Deo
67fl Jan 4
7*2 Aug
44*4 Mch 0
33*4 Oct 29
00 Nov26
33*4Feb
22*8 Apr
28*2 Jan 3
9*8 Aug
7*2 Apr
11 Jan 6
«7*4 Doo
2*2 May
6*4 Jan 14
10 Jan
74*4 Deo
94*2 Jan 22
19** Doo
10*4 J’ly
10 Jan 14
18U May
4*4 Mch
10*g Oct 13
1 Deo
HgJau 13 .30 Apr
6 Nov
3*2 Apr
6 Jan 7
12*4 Feb
28*8 Deo
20 Jan 4
6*4 Oct
13*4 Mch
8*2 Jan 21
70*8 Jan
75 Jan 22 *57*2 J'ly
30 Nov
16*2 Feb
27*-> Jan 11
3ii Nov
8*s DoO
10*8 Jan 12
13 Sep
9?8 Oot
12 May26
47 Deo
60 Jan 3
85*4 Jan
4*2 Mch 117s Aug
257g Mch 7
5*4 Nov
14i2 Deo
12*4 Jan 14
132 Fob 1 ,40 J'ne .90 Deo
66 Jan 3
69 Aug
47*4 Feb
ICO Jan 3 122 Feb 170 Deo
19 Deo
36*4 J’no
21*4 Jan 3
S3 Dec
99 Jan
92 Mch 9
24*4 Mch 8
27g Jan
li 2 Nov
2*4 Jan 8
177g Jan
13*2 Feb
18 Jan 3
3*4 Jan 10
34 Jan
G8 I4 Jan 14
13is Nov
18 Jan 12
12?i Apr
10*8 Jan 10
62 JTy
78 Jan 6
9*4 Deo
INjJan 3
56 Jan 3 30 Feb
44 Jan
63is Jan 3
4 Oot
6*4 Jan 3
87*4 Feb
46 Jan 3
80*4 Feb
G0*2 Jan 8
3 Oot
6*4 Jan 14
4*4 Apr
16 Jan 14
160 Jan 3 139 Mch
2 Oot
3*4 Jan 14

JAN

55

Boston Bond Record

7 1911.1

■MI NI/.—
BOSTON STOCK EXUH'Ok
W kkk Knmnu jam 0

Week's •sol'
Year
Raas/
ngesale
or i'oj-§
TYidav L
1910
Jan6
Uuja .\o i.ua mg
Bti.
■V L o u
J ia n g *

Uta Ask IjOW
Illinois Steel deben 5s__ 1013 A-O 100 % Sale i 1 0 0 *8 100's 7 00 Hi 101
i Bt 6 s ..1028 A-O. ................. 102
la Falls ASioux Cist 7s.. 1017 A-O
117 Apr ’08,
90% Sale I 99%
Im ielei> A i'ei coll tr 4S.1929 j - j
Kan C Clin A Sur 1st 5s... 1026 a O i 03 Bale 1 3*s Mat MO:. ... 1*3 *« i*7
Convertible 4s. .......... 1930 m -S 105 % ....... '104%
Kan C Ft S A Gull ext 5s.. 1011 j .])
00’t Feb’ 1J.. ... 9934 9;I3«
Am Writ Tuner 1st s I5s« 1919] j - J 1 ................1 87%
Kan C Ft Scelt A Al Os___1028 M-N 110% 'Sale 110
1 Hi\ 0 113 118
km Zinc 1,& S cioL> 6 s ....l9 i >AI-N 102 Si sal<* lo2 %
Kan O Al A B gen 4s......... 1034 M- S
03 Hi* 1| : 2 *3 93Hi
03 Hi
Aria Coin Cop 1st couv Os 1920 J 1) 87 Sale 87
Assented income os...... 1034 M- S ........ 00
02
oo Dec ’ 1o . ..Jl 00
Atea Toy A s Fe geu g 4s.. 1995 a -O] 0 0 1* Sale 99%
Kan U <fc Al lty<te Br 1st 5sl!»20 A-O 102% Salt 102 M 102U
1 102 103
Adjustment it4a......r iy l995iK’ov: <J1 % 02 % 91%
Maine
Cent
cons
1st
7s...1012
A-O
113 *« Nov’Od .
Stamped ..............J’ly 1905M-N| 111Hi 1)2Hi 90%
Cons l«t 4 s .................... 1012 A-O
101'4 >ep ’05 .
50-yearcouv -is...........jy oo; j - d ................. 102 Hi
Main Hougli A Onl ist Os.1925 A-O
115 JTie’i'8 ,
10-year couv o s.......... 1911, J-L) 108 m Salt |10«%
Mass Gas 4 % s..................1020 j J
00*41 13 07 100
99% Sale I 00
Atl Gull A W i s s bines 5s.’59 j -J Os % Sale 08 M
Al ich Teleplsl 58............. 1017 J. J
00 *»
I 07 Aug' 1I);. ... 07
Boston iiileoi b ooliaoi 68.1924.M.S ................. 1110
MinneUeu F.lec con g 5s 1020 J.J
1102*3 A u g ’ 0 4 1,
Boston A ljowell 4s......... lOlOjJ-J ..................'loot,
New
Eng
Col
Yarn
5s.
...1020
F-A
0 100‘s i05
ib o aj io i" 1100*3 10034
Boston <» Alaine4%s........1944 J-J ................. 104 Hi
New KugTeleph os......... 1015 A-O
llOO’e Dec ’ 10 ... 1U07b 1007»
Boston Terminal 1st 3%s.l947| F-A ................. 1112 Hi
fis.....................................lolti A-O
100*3 Aep ’08 ,
Bur A Alo Riv cons '.is .. .1018. J - J ................. 1103
New England tarns g 6s... 1045 J . J
Butte A Boston 1st 0s....1917 A-O ................. !loo
boston Term 1st 4s...... 1030 A-O
Uutto Klee A Tow Istg-Bs.lOol J-L)
75 Oct 10 . .. 76
7 i *»
113 s, .May’ 10
113 *-4114 I Now ltiver (Tlio) eonv os. 1034 j . j
jeuar Hap oc Mu it 1st 7s. 1910 M-N
0n7s
007g 1 90 7s 102
88
! N I’ N I! A H con deb 3%al950j J-J
Jent Venut 1st g4s..Mayl920 %-F 8 8 ____ 87*3 Dec’ ll' ....1
Cunv den Us (etis)........1048! j -J 133 134 lJa-is Dee’ •()'. ..1 3 1 135
0 B A w Iowa l>iv 1st 6s. 1010 A-O
11103 Out ’ 07 ....j ........ ........
101 A p r’001.
98 *3 SB*. Old Colony gold 4 s ........... 1024 F-A
Iowa Uiv ist 4 s........ . 1919 A-O
98*2 J’ne’ 10
0 s7hSep ’00i.
Debenture 6 s ...............lUbvM-N
lot *4 Alar'to ...J 101 Hi u n a4 Greg liy A Nav con g 4 s..1940' J-I)
Oreg
Sh
bine
1st
g
ds......
1022
F-A
. .. 1137b 110»»
I
l l Dec'l
i
09
I
Nov
’
10
99*8
Denver Kxcen4a...........1022 F-A
99*3
100
99*,
00 M ar'll ... 08*3 00
99 <t! Tere Marquette deb g Os.. 1012 j . j
99
99 Al al’ 10
Nebraska Extern 4 s...... 1027 M-N
f
KopuU Valley 1st s I Os. ..1010 J .J
103*8 Sop ’ 10 ... 103*8 103 **
8 it S W # r 4s..............1021 M-S
99 Oct ’09
107 Hi ■' ■ ’05
8 S:*» Rutland 1st eon gen 4 His. 10411J - J
Illinois Uiv 3%s............. 1040 J-J
38*4 2
88*4
liutlaud-Cauailian Ist4sl040| J.J
102 Mai’02
8 109 1 0 l »4
10 1 *a
Ohic.io Hy A Stk V«ts 6s .1016 J-J 101 * Sale 101
0*4 Dec 10 ... 7*1*4 78*3
9t">4 Savannah Klee 1st eons 5s. 1052] J-J
90*4 3 89
Colt trust reiumlmg gisl940 A-O 90
t)0*>4 90Ji
D ec’ ll) ... 103 104*4
Oh MU <S>at 1* Hub D Os.. 1020 J-J
113 V DCO 10
1131*8 115*3 Seattle Klee 1st g 5s........1030 F-A 103 *4....... 104*4
0/ Nov’ if ... 3 8 110
04
00
Oh M A St T Wls V 'llv 0*1020 J-J
126 Feo’05 ... »»•••« ....... Bhaunon-Auz 1st g Os__ 1010 M-N
97 A pr’07
100*3 Terre iliuite Klee - 5a....1020 J-J
99
2 99
99
OhtCtfs No Alien 1st gu 5s.10.ti M-N
lo o ’, Alar'lo ... 100 >« K)0 S4
Torriugion 1st g 6s......... 1018 M-S
104
101
2 loo
Ohio A \V Alien gen 6s....l021 J -D 101 sale 101
10034 Dec MO ... 00 78 101 *3
Oonoorit & Mont eons 4s..l02o) J -D ...... .......... 91 Dee’07 . .4. ........ ........ Union Tao HR A I gr g 4s.1047 J-J
104-e Oct ’ ’.0 ... l*)47s 109°*
2
0
-year
couv
4s..............
1027
J-J
Oonn A Bass It lsl g 4a... it) i3; A-O
United Fruit geu s t 4 **8.1023 J.J
07 Hi Bale 07 *3 1*7 *3 1 05 *4 07 Hi
Cudahy I'acKCrhejlstgOa 11)24 M-N
lu5 Nov 10 ... 145 160
U S Coal A Oil 1st s f Os.. 1038 M-N
90
00
Ourroui ttiver 1 st 6 s........1020 A-O
104*8 D eo'10 ... 101*3 105*8
U S steel Corp 10-00 yr 5s. 1003 M-N
00
DetGr H a p* W lst4s...U )40 A-O
88
08*«
08*» J’ly ’ . u .... 07
Ooinmiou Coal 1st s l 6s..1940 M-N 00
Out 98% West Unit Street Hy 4s__ 1015 F-A
07
100*4 100*4
Cold 4 His..............
1014 M-S
Fitchburg 4 s.....................1P16.M-S
08
H
i
00*«
08*a
Apr’
l
M-N
Gold
debenture
4s.........
101
o
4 s ................................... 1027IM-S
07
00
08*8
18*6
Gold 4m............................1017 F-A
Froiut Elk A Mo V 1st Os.. 1032 A-O
... 127*» 127%
94*8 00
Ob"*4 07
07
08
Western Telepli A Tel 5s. 103V J-J
Unsuuupeu 1st Os......... man a -o
0l3»
04*i
0438
Jau’
li
Wisconsin
Cent
lsl
geu
lsl949
J-J
130 04 Hi 07**
S tN orU U A <4 ooll Ur4s 19211J - J 95% salt
2 04 Hi 00 Hi
Registered 4b................. 192i|y-J
95% Sale
N otk—Buyer pays acoruetl interest In adiUtlou to the purchase prloo for all Bostou Bonds. * No price Friday; latest bid and asked. 7 Flat price.
KmAgrioulChoni

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
sh are I'ricea—Not IVr Centum Prices

Saturday
Dto SI

Tuesday |Wednesday Thursday
Jan4
Jan5
Tan3

Monday
Jan 'i

11
«63Hi

C4Hi 64*3
90
90 =K........ 00
122*3 123
*123*4 127
*19
21
21
21
‘ 16*4 10*3

*63 Ha 64H,
00
*89
00
122 122 •‘122 l22Ha
A__ 21Ha ♦20*3
44
16'*» 10**4 *.'16*3 163« ♦Ill's 16a4

*4,2
4‘i*3
42*3 42 *3
11°8 U»k
48M 49
33»a 33 7s
89
81 Hi

17 H
a
42*4
42 Hi
11 Hi
49
33*3
81*4

23*8 29**b
93*3 93 *-i
87*3 8 8 7s
64*4 64*8
«5 0
10*8 16*4
18 Hj 18^
76*4 76*4
7*8 V°H
4 i *4
43
b5 Hi 85*4
lMlICAUKI.l’ HIA
tuuclivu Blochs
Aina! Asbestos Corp. 100
Trelenoil ................ 1 0 U
Auieman 51llilug...... 10
Amer Tipo Altg........100
Bell Toletmoue (Ta).lOO
Jambria Iron.............. oO
(Jentral Coal ifc Coke. 100
JousolTracof N J . . . 1 0 0
Kastou Con bleotric 0 .6 O
Ft Wayne «&W V...... 100
tlerinununvn IHiss...... 60
Indianapolis St......... loo
Indiana Union T r .... 100
lusutauco Co ot N A ..10
Inter Sin Tow & Cbeiu.OO
Koyetouo Telephone ..50
Troterred................. 60j
Key si one Watch Case. 100;
Le!i YaU Tran v t O...00,
TtcfcrnKt v t c ......... 00
bit Brotuei's................10
Liittlo schuyllcili..........50
UiuoluU Sohuyl H..60
N Haven iron A, steeL.5
Noitheru Central...... .50
North Teiinsyivania..5U
t’ enuuy 1 1U'. teceipls.
Pennsylvania salt...... 60
Pennsylvania .-'icol..l00
Troterred................loo
Phllu Co (Pitts) nrof...50
Phil German <feN orris.ou
PhUa TTaction.............6 U
Railways G euerai.....lo
Susquon Iron
Steel
L'ulowater Steel......... 10
Trvdtcced ..........
10
Union Tr ot I hiI........1011
United N J KH <&C „ 100
Unit Trac Tims pref..60
Warwick lio n 33 steel. 10
WetiApuh Co.............. 10U
West j ersoy Ji SeaMluftU
Westmoreland Coat....60
Wilkes Gas iu Klec„10U

*B id

17*3
42*4
437*
H**4
49**6
33**4
82*4

*17
42
42
437b 43H
U 78 - 11*8
49
49 *3 4.) Ha
33’. 337» 33 \
62 *3
82*4 b3

29*4 2 0 s,
93*3 o:o>4
8 8 7*
61‘3641&,a
50*4 6 Uai
10*4 16^
18 Hi 18*3

<"29
29
93 H
a 93a4 *93
83*8
88*4
88
64 *3 64j4 64 Ha
52
50*>4 52
,
1 0 :*8 16 H
16*4
18 Ha 18*8 lh 7.
7658 7li ''g
7Bs
7-8
44
43 Ha 437»
8 6 *3
b5a4 80s,

88

'I**18 7-3,
43 “8
85a4 80 *s

42
43

Range for
Year <9.0

Range tor Previous
Yearr191J9j
Lowest I 11 m'test

i^ailimore
1
169 Con. Ga« KL b. ,e Tow. 100 40 Alar21 64H. Doo 8 30 Alai
10
Do prel................. 100 80 Marti 90 J’ly 14 76 Alar
U7 Nortliern Centrai........ 60115 Jan 8)32 Feu28 100 Jan
155 Seaboard (new)............ 100 18% J’ly 29 27 % Jan 0 : 11% Feb
Do 2d prof........... 1U0 40 Get 17
860 United Hy & Klectric.. 50 12% Alay 3 10 H.Deo 29
u% Feb

l'liilmielpliia
35 American Cement....... 50 17 Deo 22 28 Jan 3 25 Dec
574 Auiericau Hallways__ oU 41», J’ly 21 60 Jan 0 44% J’ly
1,000 Cambria Steel.............. 60 40% J’ly 26 53*3 Jan id 32% Feu
l,3Uo Klectric Co ol America 10 It MJ’iy 29 12 Hi-Ian 14 xW-g Jan
973 Klee Storage Battery.. 1U0 42 j ’neJu 64 ‘4 Jlarll 43 Jan
3,780 uon Asphalt tr c u s __ 100 19 *4 J’ly 26 34% u e c 15 15 s, Jan
3,950
Do prel tr c tfs__ 100 64 J’iy26 84% Jan to 53 Jan
0 Si ^HU
Keystone Telephone... 60 7 J’ly 6 13 uan in
10
1fi Jitli
2 d '4 2,547 bake Superior Corp.... 100 laHiJ’neio 29% Dec 29
J’ne3o 123 Jan 7 96 Jan
94
22 b bomgh C A Nav tr ctfs 60 8 6
F**b
8 8 *3 4,4u4 belugh Valley.............. 60 02*3 J’iy -7 12 1 ‘4 marls' 6 /
61% 1 , 0 1 Fouiisyivnina KH........ 60 (Ul»ia.)’iy 2 b (i'J-'ls Alar 9 63% Feb
62
2,769 ThUadelp’aCo(Tlttso). 60 42 J’neJu o 3 ‘4 Jau a 40 Hi i’ ©u
16*3 16,242 Philadelphia Kl60 tric|| 26 |l.i7a peo .5 16‘4 AtarlS 1 1% Fob
19*4 0,217 Phi la ltapnl Transit... 60 16 Apr28 2 3 Si Jau 3 24 Jan
*3 J’ly 26 8 6
b ou In] 69 s^ beb
'll 8,431 Heading...................... 501 656 H
, Jan 2 - Jt 18 Alay 13
6 % jau
1 ,‘J-U Tonopali Alining ......
Jiill O 60% Jan
41*4 6 ,i;n Union Traction......... 60 38 Get 24 6
6 0 79 J’ly2o 9 5 % Jan 10 84% .day
8 6 % 10,792 United Gas Irnpt........

20
42
44
U 78
49Hi
33%
82*3

ItA U 'i.ld lK K
1*111liAD E lil’ U IA I Bid |Ask!
Cbas Hy G A K1 OH’99 Al-S
I’ll «b Beau 2 d 6s ‘33. A-O --TTChan C A A 2(1 Vs’ lU A-G
Cou Al 7s 1911...... J-D
I’ricesareall and
Kx Imp Al 4s g ’47.A-O
1 0 0 % City A Sub lsl Os.. ’22 J -D
■ interest."
Terminal 5s g 194i.(J-F 116% U7% City A sub( Was)lstus’48
Alt <SsLV Klee 1 '-ja’33.F-A
1
Coal A 1 i;y 1st o s ’JUb-A
T W &B col U' 4s'21.J-J
Am Gas &Klee 5s’07. F-A 82V 39
...... ;
CoiAGrnv lst6s.l916J-J
Tortland Hy 1st 63 U'30.
Am Uyscouv 6s IU11-J -D
Consol Curas 6 d..iyd‘J J-L>
"4434 45 H
ltoeh Hy* boon 6a’51J-J
i Atl City 1st 6s g ’ lO.Al-N
Spanisn Am Ir bs ’ 27 J-J 1 0 1 % 102
Borgifc KBrw 1st Os’21 J -J
■7234'
Bethle Steel Os 1098.y-F
Stun’d Gas i&K Os ’26 Al-N
FairA CiTr .al 5s ’38. A-O
U Trac Did g e u uh’ I vi.J -J
ChoOiHs Ale 1st 6s 1949 J -J
CiatV: Aia lal cou us -iuJ-J
UUOkdiiU geu 6s ’ 19 J -J
Uu ltys Tr oils 4s’49J&J
70
GaCarAN l s l 6 s g ’29 J-J
CouTracoI N J 1st 5s.’33
United Hys luvlstcuUtr
K ikA 1st M 5s 1920 Al-N 10?
8168 1926.............. M-N 8 6
85 Hi Georgia T 1st 6 s ...’22 J-J
Klee (to Teo Tr stk tr otta 88
88*4 U Trac Tit geu 6s ’97 J -J
U-B-S Brew 3-4s 1951A1-S
Welsbaeh a t 5s 1930.J-D . 87
20*3 20*4 Kq U Gas-lj 1st g 5s 1928 106*4
2d income 6 s 1951 Al-N
Indianapolis lly 4s.lU33
Wlks-B (ie*Kcon5s’55J J 1 0 1 ........
KnoxvXrao lst6 a ’ 28A.O
l i A M 'i n m n .
8*3 To" I Interstate 4s 1943 ..F-A "6 6 " 66 k
Ixikolt Kl 1st guos’42Ai-S
Keystone Tel 6s 1935.J-J
80*4
lnuclive .Blochs
Macon HyA ul 1slas’OeJ-J
40
Ala Cous Coal* liou.100
benign Nav 4 ‘as ’14.(^-J
20
60 Memphis nt 1st 5s’ 15 J-J
40
Hits 4s g ...... 1914.ti-F
Tret......................... loo
0*4 6a4
Atlantaee Cliarlolte..loo
13
Geu M 4 His g-1924.HJ-F
Alt Vei Cot Due a 1st 5s.
V C 1st os g ’33.. J -J
Atlan Coast b (Conu)lUO 226 230
no
16
Yf»4 beli
bell V ext 4s 1st 1948.J -D
Canton Co................. 100
Consol 6s 1923...... j-l)
Cons Cot Duck Corp...50
6
7*3 NorATorTr istG»’J0J-D
Treterred................. 60 23
24 Nulloik St ist o s ’44..J-J
Consol 4*33 1923...J-D
North Cent 4 %s 1925 A-O
Annuity 6s............ J-D 148*4 149
Georgia sou & F la...loo
Series A 6 s 1926....J-J
Gen eons 4s 2003. Al-N 97** 97=H>
1st prut...................loo
96
94
Series B os 1926__ J-J
bell V Tran eon 4 s’35J-D
2d pref.................... loo
Titt Uu Trac 5s 1997.J-J
(j.B-S Brewing......... loo
Ist series B 5s 1935. AL-S
110 110 Hi
Toto Val 1st 6 s 1941..J-J
Bonds
New Cou Gas 6s 1948 J -D
Sav Fla A West 6 s ’34 A-G
Pricesareall “ and
N owark Tass eon 5s 1930
104*
Seal, A Roan 5s 1926.J -J
interest."
N Y Th & No 1st 4s ’39 J -J
43*4
South Bound 1st 6s..A-O
Auacosua Jb Tot 5 s....
100% 101
Income 4s 1939...Al-N
U Kl bAT 1st 4 %s’29 Al-N
Atl Coast b(Ct)cUs 5s J-D 10J
’feT
N oUhioTrao con5s’ 19.J -J
Un Hy A Kl 1st 4s ’49 Al-S
Ctts ot indeot -is......I-J
Tenu Cons oh L919 .. Var 107Hi
Income 4s 1949...... J-D
6-20 yr 4s 1925........J-j
90
Teuu <fc Aid Steel eon 6s.
Funding 5s 1936...J-D
Balt Crass 1st 6 s ’ l l Al-N 100 ioo%
i ’a <
bN Y Can 6s ’39. A-O
Balt Fumlg 5s.1916 Al-N 104 101% Va Alnl 2 d ser 6s Ml.M-S
Con 4a 1939...........A-O
3d senes 6s 1916..Al-8
Kxcliaugo 3His 1930 J-J
93
94
Teuu Steel 1st 6s’ 17 Al-N
4th ser 3-4-5a 1921.M-S
93% DalidS T 1st 6 s m I’ l l A-O
........>241
Touple’a Tr tr certs 4s ’43
6th senes 6s 1926.Al-S
96
94
T Co lstAj col tr 6s’49 Al-S 102 102 *3 BS T&O ist4 *38 ’63F-A
T o " * V o *4 Come col tr 6s 1961 Al-N UOHi 9/ Balt Trao 1st 5b. . ’29 Al-N 107% 107% Va (State) 3s new ’32.J-J
40
No Balt Div 6 s 1942J-D 109% 1lu % Fund debt 2-3s 1991. J-J
Tlnl Klee gold trust etis. 102% .02%
West N C cou 6s 1914 J -J
78% 73% Cout’l Hy co:i5sl932 Al-N 105
Trust cerjils 4s............
Kxt& Imp os.1932 M 8 106 lo8% Wes Va CAT 1st tig*11 J-J
T <la Kgel) Al o g *20. A-O 10 7 *3
Chas City By 1st 6s’ 23 J-J 100 ........ Wild) Weld6s..l936.J-J
Gen M 4s g 1920.. A&O 100%

a m i a s k e d ; n o s a le s o n t h i s d a y .




: Sales j A C T I V E S T O C K S
0 / the
onds and Inactive
ii-idav \Week \(TorSB
tockssee oeiow)
Jan 6 Shares

r m iiA I M ’M.IMllA

Bid I Ask

jioillls

H K x -r lg lita .

||*#16 p a id ,

t $ 12 *4 p a id .

$ $ 1 3 H a p a td .

j ij)35 p a id ,

48 Deo
80 Alay
12lHi Deo
28*4 Dec
48 Deo
14*3 Deo
43
48

Jan
Deo

1 0 °# ueo
1 2 -6 J’iy
63 *3 J ’iy

33*4 Doo
84*3 Deo
r5 Apr
33 -e Alay
125*8 Deo
113 sep
76-\, sop
517hDeo
14*8 Deo
3b *3 Apr
to ■, Sop
7 *3 ,„ Mar
68*8 Alay
05 Hi Deo

Bid I Ask
93
..... .
106

108
% 102
107
108*3 .U9%

102
101
101

84% 84%
96% 0 6 %
lu5 105 %
106 *3 1u6 %
114 116
107 110
<3
44
6
7
103
1 06

93
97

95
97%

74% 75%
82
103
103
lo9
109

82%
105%
105

102

io i
no

108

1 o9

111

103 1 1 0
106 109
91 % 92%
85
83 %
62
02%
84% 85
100
105
1U4
106 lu7
87
88%
67
88%
106 1UT
11)0%
110 u i

a R e c e i p t s . 6 £ 2 3 p a id , a $ 3 0 p a id , <t$43*a p a k t.

56

T H E C H R O N IC LE
lu u e s t m e r it

and

r l A l L H O A D

R a ilr o a d
G r t O S S

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

In te llig e n c e .

E A R N I N G S .

I ho following table shows tho gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give tho gross earnings for tho latest week or month, and the last t w o
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whoso fiscal year does not begin with July, but covers some other
period T h o r e tu r n s o f tho elec tric r a ilw a y s are b r o u yh t together s e p a r a t e ly o n a s u b s eq u en t p a q e .
Latest Gross E arn ings.
W eek or
M onth.

Current
Year.

July 1 to Latest D ate

P revious
Year.

A la N O & T< x P a c 75.000
N O & N or B ast 1st w k D ec
30.000
A la & V tc k s b u rg . 1st w k D ec
20.000
V lck s S h rev A P . 1st w k D ec
11,050
A la T e n n A N o r t h . . N o v e m b e r .
A tc h T o p e k a A S I'Y N o v e m b e r . 9,083,068
0 1,357
A tla n ta I31rm A A tl 3d w k D ee
A tla n tic Coast Bine. N o v e m b e r , 2,780,890
g B a ltim ore A O hio •.ovem ber. 7,470,100
130,038
U A O Ch T er U R N ovem ber
B a n g or & A r o o s to o k N o v e m b e r 240,377
8,500
B e llc fo n te C e n tr a l.. ;N ovem berB o s to n A M a in e___ ^N ovem ber. 3,785,327
B rid g e to n & S a co R N o v e m b e r .
4,370
283,979
BuU R o c h & P ltts b 3th w k Dec
202,422
B u ffalo A S u s q ___ S ep tern her
348,400
C a nadian N orth ern ,3th w k D ec
C a nadian P a c illc ___ 3 th w k D ec 2,066,000
288,900
Central o f G eorg ia . 3d w k D ec
Central o f N ew Jer N o v e m b e r . 2,415,130
393 ,70
Central V e r m o n t .. O cto b c r . .
2,03
C h a tta n oog a S ou th Pel w k D ec
598,543
Chcs A O h io Bines Pd w k D ec
C h icago & A l t o n . .
1th w k Dec 327,813
Ohio B u rl A Q uin cy N ovem b e r 8,050,970
p C h ic G reat W e s t .. ;id w k D ec
280,027
Ohio In d & B o u ls v . 3d w k D ec
105,051
103,242
C h ic Ind A Southcri
See N ew Y ork Cen tral.
Chic MU A St P a u l. N o v e m b e r . 5.702.840 5,950,752
Ch Mil A P u g S d . N o v e m b e r . 1,492,208 1,044,787
Chlo A N orth W e s t . N o v e m b e r . 0,728,750 0,586,682
Chlo S t P M & O . . . N o v e m b e r. 1,527,212 1,427,237
Cln H am A D a y ton N ovem ber.
802,435
898,534
Clev Cln Chic & St B
See Now Y o rk Cen tral.
C olora d o A lld la n d .. N ovem b er.
195,472
255,253
C olora d o A S o u t h . . 3 th w k D ec
472,609
373,679
C op per R a n ge
00,180
S eptem ber
09,518
C o r n w a l l ____
13,271
N ovem ber.
17,991
Cornw all & R e b a n .. N o v e m b e r .
29,248
40,868
C u ba R a ilroa d
N o v em b cr.
202,935
166,448
D elaw are A H u dson O cto b e r . 1,948,931 1,830
D el B a ck A W e s t .. N o v e m b e r . 3,146,621 3,232,599
D en y & R io Grande, 3th w k D ec
597,200
577,300
D en ver N W & P a c 3d wk D ec
19,727
15,913
D et T o l & Iron t Sys 3d w k D ec
33,885
28,971
A nn A rbor
62,639
3th w k D ec
57,360
D etroit A M ackin ac 3 th w k D ec
30,582
30,058
419,143
D ul A Iron R a n ge
N ovem ber.
852,569
69,087
D ul S o Sh & A t l ___. 4 th w k D ec
79,112
638,591
633,082
E l P a so A S ou W es t [N ovem ber
N ov em b e r 4,818,007 1,976,993
E r i e ...............
2,209
2,212
F a irch ild A N or E . N o v e m b e r .
72,290
66,191
F o n d a John s A G lov N o v e m b e r .
• N ovem ber.
300,134
286,381
G eorgia R a ilroa d
G eorgia South A Fla — See Soul hern Rail w ay.
G rand T ru n k S y s t - - 4th w k D ec 1,315,394
131.347
G rand T rk W e s t. 3 d w k D ec
48,938
D c t Gr H a v A Alii 3d w k D ec
C anada A tla n tic 3d w k D ec
28,888
G reat N orth ern S yst D ecem b er.. 4.558.841
179.553
G u lf A Ship Is la n d . O cto b e r _ .
H o ck in g V a lle y ____ O cto b e r .
759,509
782,298
Illin ois C e n t r a l____ N ovem ber 5,414,857
200,000
In tern at & G rt N o r . 1th w k D ec
230,421
240,789
a In terocea n io A lex . 4 th w k D ec
68,082
82,024
Io w a C en tral_______ 4 th wk D ec
290,685
255,536
K an a w h a A A llc h .. O cto b e r . .
938.347
848,127
K ansas C ity S o u t h . N o v e m b e r ,
K C Alex A O r ie n t .. ith w k D ec
47,400
50,000
Rehtgh V a lle y .......... N o v e m b e r . 1,271,262 3,302,220
36,157
L e x in g to n A E a s t . . N o v e m b e r .
37,636
L o n g Is la n d ________ N o v e m b e r .
I n c . 14,957
L ou isian a A A r k a n . O cto b e r . .
111,357
113,838
L ou ls v H end & S t B O cto b e r . .
108,944
104.591
s L ou ls v A N a s h v .. 1th w k D ec 1,472,700 1,345,659
M a con & B Irm ing’m N ov em b e r .
14,079
14,456
M aine C en tral_____ N o v e m b e r .
745,087
755,177
A larylaud A P e n n a . N o v e m b e r .
30,747
33,720
a Alexlcan R a ilw a y , 2d w k D ec
153,000
167,300
a M exico N or W e s t. O ctob er . .
218,090
122,973
AUchlgan Central
— Sec New Y ork Cen tral.
M ineral R a n g e _____ 4th w k D ec
25,845
15,068
M Inneap & St L ouis 1th w k D ec
90,056
111,040
M inn St P & S S Ml 3d w k D ec
378,574
402,249
C h icago D iv is io n /
M ississippi C en tral, O ctob er . .
77,541
82,042
u AIo K an A T e x a s . N o v e m b e r . 2,971,572 2,433,439
M o P a c & Iron Altl
Central B r a n c h ./ 1th w k D ec 1,441,000 1,434,000
N ashv C hatt A S t L N o v e m b e r . 1,050,184
989,554
a N at R y s o f M c x .f . 1th wk D ec 1,097,029 1,073,435
N eva d a -C a l-O rcgon 3d w k D ec
5,802
7,150
N eva d a C en tral____ N o v e m b e r .
7,900
7,573
N O G reat N orthern O ctob er ._
139,005
117,804
N O M obile A C h ic . W k D ec 24
40,875
33,285
N Y O nt & W estern N o v e m b e r .
760,571
677,327

Current
Year.

P reviou s
Year.

$

$

1,563,071
796,920
085,94-1
45.89C
16,074,215
1,341,904
11,808,739
10,154,559
082,543
1,242,436
39,634
20,001,218
24,841:
5,003,909
593.853
8,046,001
55,085,308
0,332,851
12,060,883
1,394,142

1,470,844
745,707
039,040
31,337
44,507,765
1,220,760
l 1,080,800
iS, 0.(8.200
514,720
1,105,234
’ 28,145
19,319,829
22,605
4,7 4 0 ,4 5 6
063,083
6 ,THO,400
40,022,754
5,920,402
11,032,545
1,370,465

10,004,127 14,918^531
7,785,578 7,199,953
40,810,240 38,849,130
0,290,501 5,091,020
3,052,911 2,807,009
30,115,152 29,507,441
0,287,381
3,4479,078 3 3 ,824,720
7,515,062 6,688,090
4,240,134 4 ,234,784
953,634 1,122,728
9,028,354 8,657,512
197,688
209,997
73,395
74,635
100,920
194,180
1,024,817
807,683
7 ,212,815 6,704,037
15,501,444 15,489,776
12,915,248 12,315,140
996,181
703,725
1,037,842
955,322
590,071
000,630
4,930,070 6,336.974
1,718,387 1,718,458
3,009,052 2,962,257
25,049,055 23,871,535
10,285
9,715
428,456
387,857
1,348,343 1,302,171
23,070,401
2,823,724
1,003,500
929,787
34,724,192
655,570
2 ,945,970
20,178,487
4,983,837
4,267,653
1,777,523
1,182,009
4,405,784
1,011,971
15,680,348
211,230
In c. 2
477,380
420,011
27,956,284
05,803
4,074,473
199,832
3,792,100
7 7 4 ,4 4 t

22,767,099
2,901,192
983,805
1,045,500
34,898,507
098,003
2,774,502
24,420,837
4,510,290
4,079,617
1,743,477
937,125
3,860,797
872,341
15,214,924
187,549
75,195
427,821
396.844
25,949,258
67,015
4,031,409
182,083
3 ,528,300
411,319

370,952
441,979
2,703,270 2,605,952
11,398,321 12,140,958
307,977
278,033
13,227,737 11,858,586
27,075,502 2 7,009,355
4,923,400 4,7 8 0 ,1 8 0
31,923,349 28,271,670
197,045
250,891
34,344
32,888
575,503
430,050
809,238
774 ,425
4,243,232 3 ,812,308

Latest Gross Earnings'.'
HOADS.

W eek or
M onth.

N Y N II * H a r t f . .
c N Y C A H u d Riv N ovem ber.
B ake Shore A AI S N ovem ber.
it B ake E A W est N ovem b er.
Chic In d A South
AUchlgan Central.
C lcve C C & St B
P eoria A Eastern
C incinnati N o rth . N ovem ber
P itts & Bake Erie N ovem ber
R u tla n d ________
N Y C ldc & St B
T o le d o A O hio C .
T o t all lines a b o v e
N Y Susq A W e s t ..
N orfolk S o u t h e r n ..
N o rfo lk A W estern
N orth ern C e n tr a l..
N orthern P a c ific ___ N ovem ber
P a cillc Coast C o ___ O cto b e r .
P e n n sylva n ia C o ___ N o v e m b e r .
it P en n — E o f P & E N ovem ber
d W e st o f P & E . N o v e m b e r .
P e rc A la rq u ctte____ N ovctn ber
Phila B alt & W a s h . N ovem ber
Pitts Cln Ch A St B . N ovem ber
R a le ig h A S o u th p ’ t N o vem ber
R e a d in g C om pa n y
P h ila A R e a d in g . N o v e m b e r .
Coal A Iro n C o . . N ovem ber
T o ta l b o th c o s ___ N o v e m b e r .
R ich F red A I’ o to m N o v e m b e r .
R io G rande June . . O cto b e r . .
R io G rande S o u t h . . 2d w k D ec
R o c k Island L i n e s .. N o v e m b e r .
St Jos & G rand I s l. O cto b e r . .
S t L ou is & San F ran N o v e m b e r .
Chlo A E ast 111.. N o v e m b e r .
/ E v a n sv A T e r 11 N o v e m b e r .
T o ta l o f all lin es. N o v e m b e r .
St L R o c k y M t A P a c N o v e m b e r .
S t L ou is S o u th w e s t. 4th w k D ec
San P e d L A & S L . O ctober . .
S eab oard A ir B ln o .l
A tla n ta A B lrrn . 1 3d w k D ec
F lorid a W S horej
S ou th ern I n d ia n a .. O ctober . .
, S ou th ern P a cillc Co N o ve m b e r .
Sou th ern R a il w a y .. 4th w k D ec
M obile A O h i o . . . 3d wit D ec
Cln N O A T e x P . 3d w k D ec
A la G reat S o u t h . 3d w k D ec
G eorgia Sou A Fla 3d w k D ec
T e x a s A P a c illc ____ 4 th w k D ec
T id ew ater <5; W est . O ctob er . .
T o le d o I ’ eor A W est 3d w k D ec
T o le d o St L & W est 4tli w k D ec
T o m b lg b c e V a ll e y .. N o v e m b e r .
U nion P a cillc S y s t . N o v e m b e r .
V a n d a i la ___________ N ovem ber .
V irgin ia A Sou W est N o v e m b e r .
W a b a s h ____________ 4tli wk D ec
W estern M a ry la n d . O ctober ._
W est J ersey & Scash N o v e m b e r .
W heelin g A L ake E N o v e in b e r .
W rlgh tsville A T enn N o v e m b e r .
Y a z o o A AUss V a il. N o v e m b e r .

July 1 to Latest D ate.

Currem
Year.

Previous
Year.

Current
Year.

P revious
Year.

S
5,285,897
8,511,068
4,016,487
451,303
347,513
2,607,021
i,
.
292,887
112,922
1,371,080
300,520
920,578
491,528
21058756
300,952
233,334
2,907,714
1,172,537
5,972,740
804,850
4,423,003
13880417
D e c.406
1,396,486
1,582,459
2,805,751
13,419

£
5,161,870
8,520,957
4,092,946
471,548
326,254
2,526,702
2,584,501
280,745
100,336
1,022,722
287,910
908,127
407,579
22130394
307,807
228,005
2,990,353
1,158,437
0,090,43.
758,920
4,742,400
14407717

g
20,151 , ! ; 1
42,585,03 ?
20,880,020
2,381,140
1,470,695
12,480 j)4 0
12,711,103
1,407,092
557,163.
7.070,513
1,491,675
4,446,401
1 ,955,785
110049870
1.430,179
1,091,5 15
14,515,353
5,510,41 1
3 0 ,0 8 t , 802
3.0 3 0 ,0 5 0
23,753,539
09,540,921

1,390,740
1,509,459
2,898,846
14,320

O
27,332,310
44,482,130
21,002,746
2,45-1,155
1 ,4 5 :, UK
18,129,92(1
13,192,091'
1, 010,211
597,309
7,076,945
1,599,217
4,797,551
2,477,407
115374159
1,553,088
1,178,374
15,559,089
5,573,914
81,404,703
3.142,392
24,020,400
70,480,124
I n c . 1,87
7,112,801
8,429,435
14,869,474
05,507

4,148,991
3,874,049
8 ,023,040
177,166
95,507
10,297
6,192,888
185,079
4.033,988
1,129,359
225,077
5,388,425
191,877
344,538
743,496

4,000,848
3,532,035
7,532,888
178,927
112,708
10,097
5,873,900
172,227
3,702,527
1,072,510
224,219
5,089,268
152,619
281,607
709,205

19,041,129 18,344,232
12,553,088 12,392,035
31,594,217 .30,730,207
905,455
830,150
382,926
380,323
299,84 1
232,980
30,475,548 29,051,036
044,028
015.907
18,855,531 18,120,167
5,407,059 4 ,972,105
1,207,313 1,085,998
25,470,507 124,178,270
899,035
721,507
6.433,045 5,793,229
2 ,011,050 2,828,047

440,503

405,763

9,680,217

9.037,327

149,478
12198,042
1,708,998
250,805
179,747
80,000
51,170
666,205
0,643
25,000
83,010
7,759
3,560,043
954,721
120,620
803,000
051,860
414,003
584,280
29,091
1,190,851

133,243
12324,026
1,597,727
231,700
173,732
83,472
51,022
00 5 ,38G
8,176
22,720
78,973
7,712
8,341,783
834,501
105,425
700,824
6 0 7 ,0 9 ;
377,903
621,750
20,982
1,075,125

023,974
59,571,250
30,091,296
5,239,377
4,522,024
2,149,080
1,141,470
8,883,851
28,206
628,675
1,991,238
35,238
42,478,005
4,713,004
553.213
15,810,478

4 7 9 ,GOO
,58,035,947
29,281,292
4 ,944,060
4,187,038
1,881,738
1,110,781
8,342,484
20,065
559,500
1,075,870
32,834
40,8 1 0 ,0 0 5
4 ,144,957
522,200
14,930,740
2 ,340,743
3,020,032
3 ,092,772
140,408
4 ,249,202

,200

Current
Year.

Period.

V arious F iscal Y ears.
B clle fo n te C en tral______________
D elaw are A H u d s o n ......................
a Alexlcan R a ilw a y _____________
<t M e x ico N ortn W e s t e r n ._____
e N Y Central & H u dson R iv e r .
L a ke Shore A AUchlgan South
n Bake Erie & W e s te rn ..........
C h icago Indian a A S o u th e rn .
AUchlgan C en tral..... ..................
C lcve Cln C h icago A St Louis
P eoria A E a ste rn _______
C incinnati N o rth e r n ___
P ittsb u rg h A L ake E ric
R u tla n d
N ew Y o r k C h icago A St Louis
T o le d o & O h io C en tral_______
T o ta l all lin es_________________
N orthern C en tral_____ __________
d P en n — E ast o f P ltts b & E r i e ..
d W est o f P ittsbu rgh A E r ie .
P h ila B a ltim ore A W a s h in g to n .
P lttsb Cln C h icago & S t L o u is ..
R io G rande J u n ctio n ____________
T exa s A P a c i l lc ..............................
W est Jersey & Seash ore________

Jan 1 to
Jan 1 to
Jan 1 to
Jan
Jan
•Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian
Deo
Jan
Jan

1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

N ov
D ot
Deo
oct
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
D ot
D eo
N ov

3,381,632
3,104,868
135,601
4,838,888

30
31
14
;w
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
31
31
30

8,000

6,940,048
7,0 7 5 ,6 3 5
13,995,2 13
03,801

P revious
Y ear.

$78,908
$57,397
16,848,067 16,001,404
7 ,009,400 7 ,249,200
91,452^932
45,315,875
5,025,035
3,379,803
27,117,325
27,673,907
3,201,970
1,187,335
15,900,505
3,075,561
10,247,076
4,643,094
238280598
11,764,308
150904073
I nc A 1,
17,511,816
31,661,165
938,743
16,314,526
5,981,584

85,159,408
41,131,528
4,548,781
2,879,379
2 5,070,410
2 5 ,219,125
2,7 4 3 ,4 4 4
1,081,794
13,450,150
2 ,801,733
0 ,117,873
3 ,585,322
210876958
11,230,408
139689773
257,000
16,1 10,840
27,585,313
878,212
14,960,652
5,410,584

A G G R E G A T E S OF GROSS E A R N IN G S — W eek ly and M onthly.
W eekly Sum m aries■

C u r’ nt Year Prev’s Year In c. or D ec.
$
15,114,753
20,827,036
14,198,833
14,555,983
14,278,832
17,439,211
13.426,554
13.408,331
13.941.020
15,146,003

s
+ 002,475
+ 623,798
+ 362,290
+ 182,623
+ 7 0 0 ,2 0 6
+ 460,927
+ 7 6 1 .2 7 8
+ 882,474
+ 994,124
+ 791,913

%

M on th ly Sum m aries.

Current Y d . Previous Yr. In c. or D ec.

M ilea ge C urr. Yr. P r e v .Y r .
S
$
$
4.15
F eb ru a ry ..2 3 6 ,8 5 2
231,652 202 ,258 ,49 0 174,159,723 + 28,098,767 10.15
3.00
•M arch_____ 235,925
230,841 237,533,005 201 ,916 ,99 7 + 32,6 1 6 .0 0 8 15.92
2.61
A p r i l .............237,509
232,463 225 ,225 ,59 6 196,595,911 + 28,020.085 14.56
1.27
A l a y ............... 237,500
232,494 234,310,642 201,009,381 + 33,241,201 10.53
J u n e _______ 2 3 8 ,103
5.16
232,051 237,036,159 209,270,887 4-27,765,272 13.27
2.71
J u l y ............... 238,169
233,203 230,015,770 217,803,354 + 1 2 .8 1 2 ,4 2 2 5.90
0.08
A u g u s t ____ 238,193
239,404 254,005,972 2 3 5 ,726 ,00 0 + 18,279,972 7.75
S e p te m b e r . .2 4 0 ,6 7 8
7.11
237,809 258 .617 ,70 2 246 ,335 ,58 0 + 10,312,110 3.19
O cto b e r ___ 232,102
228,050 256,585,392 253,922,867
7.08
+ 2 ,6 6 2 ,5 2 5 1.05
N o v e m b e r .. 87,809
85,221 69.828,418 68,138,393
5.70
+ 1,690,055 2.48
tm v a -Mexican °d c r e n c y .
d C o v e n lines d ire ctly o p e ra te d , e Inclu des tho N ew Y o rk A O ttaw a, the St. L aw rence A A d iro n d a ck and tho O tta w a A
latter o f w h ich , b ein g a Canadian ro a d , d o cs not m ake returns to the In te r-S ta te C om m erce C om m ission
r in clu d e s E v a n s v ille &
In dian a H R
ff H icludes the C leveland L orain A W heelin g R y in b o th years.
» In clu d e s tho N orth ern O hio H R.
p In clu d es earnings of M asonO lty
® ,
A?
a ? d W lso M inn. A P acillc.
s In clu d es L ou isville A A tla n tic fro m J u ly t 1999 a n d tho F ra n k fo rt A O ln clu n at 1 fro m N ov- 1 1999.
i In Uudes the M exica n In tern ation al Irom J u ly J j l j o .
u Inclu des th e T ex a s Central In 1919,
3d
4th
1st
2d
3d
4th
1st
3d
3d
4th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

O ct (42
O ct (46
N ov (41
N ov (43
N ov (40
N o v (40
Deo (4 1
Deo (42
Deo (41
D eo (27

r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s ). . . .




$
14,512,278
20,204,138
13,836,545
14,373,360
13,578,646
10,978,284
12,665,270
12,525,875
12,047,796
14,354,090

JAN. 7 1911.

T H E C H R O N IC LE

F ou rth W e ek o ] D ecem ber.
B u ffa lo R o c h e s te r & P ittsbu rgh
C a nadian N o rth e r n ________ >____
C anadian P a c ific ________________
C h ica go & A l t o n ________________
C olora d o & .Southern___________
D en ver & R io G ra n d e--------------D etroit & M a c k in a c ____________
D etroit T o le d o & Ir o n t o n —
A n n A r b o r ------------------------------D u lu th S ou th S hore & A t la n t ic G rand T ru n k o f C a n a d a ______ 1
G rand T ru n k W e s te r n _______
D etroit Gr I la v & M ih v____
C anada A t la n t ic _________ ____.
In tern a tion a l & G reat N orthern
In te r o cc a n ic o f M e x ic o _________
Io w a Central ___________________
K ansas C ity M e x ico & O rien t
L ou isville & N a s h v ille ________
M ineral R a n g e ___________
M in n eapolis & St L o u is . _
M issouri P a cific
N a tion a l R a ilw a y s o f M e x ic o . _
S t L ou is S o u th w e s te r n _________
S ou th ern R a ilw a y
T e x a s & P a c ific _________________
T o le d o S t L o u is & W e s te rn ____
W a b a s h .......... ................................... ..
T o ta l (27 r o a d s ) ____
^ f e t increase ( 5 .7 0 % ) .

1010.

1909.

$
28.1,979
.118,400
2 ,6 0 0 ,0 0 0
027,814
472,009
597,200
30,582

$
2.17,929
325 ,900
2,5 8 8 ,0 0 0
.116,300
474,070
577,300
30,058

02,639
09,087

57,300
79,112

5,279

1,315,394

1,140,943

174,451

200,000
230,421
82,024
50,000
1,472,700
15,068
111,040
1,441,000
1,097,029
344,538
1,708,998
600,205
8.1,010
803 ,000

270 ,000
240 789
68 082
47 400
1,345 659
25 845
90 056
1,434 000
1,073, 438
281, 607
1,597, 727
065, 380
78, 973
700, 24

15,140,003 14,354,090

In crea se.

5

40,050
22,500
78,000
11,448
2,010
19,900
76
10,025

10,000
10,368
14,542
8,000
127,011
20,984

7,000

24,194
62,871
111,271
819
4,043
90,170
835,169
791,91.1

43,256

For the month of December the returns of 24 roads show
as follows:
M on th o f D ecem ber.
G ross earnings (2 4 ' r o a d s ) ____

1910.

1909.

In crea se.

$
5
S
4 6 ,0 0 7 ,8 5 7 4 2 ,4 6 4 ,5 3 2 3 ,5 4 3 ,3 2 5

%
8.34

It will be seen that there is a gain on the roads reporting
in the amount of $3,543,325, or 8.34%.
N et E arnings M on th ly to L a te s t D a t e s .— The table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial corporations reported this week:
Kara in os------ ---------- N et E a rnings------Current
l ’ revtous
Current
P reviou s
Y ear.
Y ear.
Y ear.
Y ear.
S
S
S
8
A tla n ta B irm & A t l . b . - N o v
244,750>
2.19,702
68,029
77,939
J u ly 1 to N o v 3 0 _______ 1 ,154,346i 1,071,872
2 9 ! ,304
208 ,039
A tla n tic C oast Line a ___N o v 2,7 8 0 ,8 9 6 - 2,7 4 6 ,2 9 2
948 ,873
1,097,499
1 1 1 ,080,800 3 ,2 5 0 ,6 9 0 3,3 0 7 ,3 9 3
B angor & A r o o s t o o k .b -N o v
240,477’
244,683
83,5 1 5
99,927
J u ly 1 to N o v 3 0 _______ 1,242,436
1,195,234
428,271
475 ,1 4 6
B oston & M a i n e .b _____ N o v 3,7 8 5 ,3 2 7 ' 3 ,7 4 6 ,0 2 6
1,0.14,498
1 ,204,305
19,319,829
5 ,7 2 7 ,0 5 5
6 ,5 1 7 ,7 1 4
B rid g eton & S a c o R i v e r .N o v
4,370•
3,424
1,174
567
J u ly 1 to N o v 3 0 _______
24,849
22,605
8,289
7,410
Cen tral o f N ew J e r s e y .b -N o v
2 ,4 5 0 ,1 8 6
1,034,668
1 ,149,960
1 1,632,545
5 ,016,210
5 ,2 8 2 ,7 8 0
C h esapeake & O h i o . b . . . N o v 2 ,7 7 1 ,4 0 0
2,657,4.17
935,049
1,082,026
1 3 ,149,265
5 ,087,782
5 ,4 2 7 ,0 8 3
i 7,952,241
2,9 2 8 ,8 5 9
2 .4 9 9 ,4 1 1
i 3 8 ,8 4 0 ,1 3 6 14,529,958 12,128,625
Chic M llw & St P a u l . b . N o v 5 ,702,840i 5 ,956,752
1 ,341,320 2 ,085,381
J u ly 1 to N o v 3 0 _______ 30,115,152: 29,567,441
8,810,241 1 0,394,946
C ldc M il & P u g - S d .b . N o v 1,492,2081 1,044,787
734.294
608 ,515
J u ly 1 to N ov 3 0 _______ 0,287,381
3,092,521
T a c o m a E a s t e r n .a ___N o v
52,444
43,319
15,273
13,308
J u ly 1 to N o v 3 0 _______
274,177
20.1,088
94,924
85,092
C h icago N ortli W e s t .b - N o v 6 ,728,750l 0,586,082
2,1 5 0 ,8 3 6
2 ,059,913
J u ly 1 to N o v 3 0 _______ 3 4,479,078: 3 3 ,8 2 4 ,7 2 0 10,921,6.13 11,579,443
C h ic St P M inn & O .b - .N O v 1,527,212: 1,427,237
000,480
590,938
J u ly 1 to N o v 3 0 _________7 ,515,062
0,6 8 8 ,0 9 0
2,8 3 5 ,6 0 7
2 ,458,132
C o lo ra d o M id la n d .a ____N o v
195,472
255 ,253
24,842
80,904
J u ly 1 to N o v 30
953,034
1,122,728
147,100
241 ,392
C o r n w a ll.!)______________ N o v
13,271
17,991
5,875
10,14.1
J u ly 1 t o N o v 3 0 _______
73,395
74,635
34,771
38,883
C u b a R R ________________ N o v
___
____
202,935
100,448
76,035
55,488
J u ly 1 to N o v 3 0 _______ 1.0 2 R 8 1 7
807,683
422,489
252,084
D el L a ck & W c s t . b ____ N o v .1,146,021
1,328,209
3 ,232,599
1,627,424
6,332,241
15,489,770
7,4 0 9 ,2 5 4
D en ver & R io G r a n d e .a .N o v
681,997
2,1 1 7 .0 5 6
616,364
10,555,440 3 ,434,047
3,3 8 1 ,8 2 5
D u lu th So Sh & A t l . b . - N o v
257,520
80,189
270,968
77,780
J u ly 1 t o N o v 3 0 . ........... 1 ,485,195
1,483,378
520,113
498,396
G reat N orth ern !)_______N o v 5,023,009
2,671,768
0,1 3 5 ,4 0 5
3 ,159,568
J u ly 1 to N o v 3 0 .............30,105,351 31,078,621 1.1,729,958 1 5 ,2 4 0 ,18->
Illinois C entral a . . ___N o v 5 ,414,857
5,1 2 6 ,7 6 6
1,448,994
1,398,796
2 4 ,4 20,837
6,324,383
4,841,321
K an sas C ity S o u t h e r n .b .N o v
938,347
848 ,127
364 ,276
333 ,044
J u ly 1 to N o v 3 0 _______ 4 ,465,784
3 ,8 6 0 ,7 9 7
1,711,240
1,353,281
L e x in g to n & E a s t e r n .b - N o v
37,630
36,157
11,592
9,833
J u ly 1 to N o v 3 0 _______
211,230
187,549
71,890
47,775
L o n g Is la n d ______________ N o v
I n c :14,957
D e c 89,068
J an 1 to N o v 3 0 _______
I n c 0)17,316
D e c 182,049
L o u is v ille & N a s h v . I ) . .N o v - 4 ,871,173
4 ,5 4 0 ,6 9 7
1,027,769
1,838,465
J u ly 1 to N o v 3 0 _______23,173,174 21,4 6 5 ,4 1 4
7 ,170,28$
8,7 0 2 ,8 2 5
M ineral R a n g e , b ____ . . N o v
62,782
70,838
d e f.2,587
11,132
• • J u ly 1 to N o v .10_______
314,941
369 ,495
d e f .3,107
61,307
M issouri K a n s & T e x . b - N o v 2,971,573
2,433,4.19
1,132,455
722,451
J u ly 1 to N o v 3 0 _______13,227,737 11,858,580 4,348,541
4,313,093
M issou ri P a c ific , b ________ N o v 4,741,1.19 4,6 5 9 ,0 7 8
1,254,830
1.601,632
J u ly 1 to N o v 3 0 _______23,235,502 22,8 2 1 ,3 5 5
5,8 7 4 ,2 4 7
7 ,549,414
N a s h v C h att & S t L . b . - N o v 1,050,184
989,554
208,981
287,014
J u ly 1 t o N o v 3 0 _______ 4 ,923,400
4,7 8 0 ,1 8 0
1,209,984
1,284,843
N Y O n ta rio & W e s t .a . N o v
700,571
677,327
184,238
19.1,554
J u ly 1 to N o v 3 0 . ____ 4 ,243,232
3 ,812,308
1,393,955
1 ,184,927
N Y N ew I la v & H a r t . b - N o v 5,285,897
5,1 6 1 ,8 7 0
1,871,330
1,943,052
26,131,441 10,265,226 10,4 1 9 ,0 8 6
c N Y C ent & I I u d R i v . b - N o v 8,5 1 1 ,0 0 8
8 ,5 2 0 ,9 5 7
2 ,270,739
2,8 1 7 ,5 3 9
J a n 1 t o N o v 3 0 _______ 91,452,932 85,1 5 9 ,4 0 8 2 4 ,198,838 2 6 ,2 8 6 ,2 4 0
L a k e Sh & M ich S o . b . N o v 4,0 1 0 ,4 8 7
1,028,898
4 ,0 9 2 ,9 4 0
1 ,6 3 5 ,3 0 ?
41,1 3 1 ,5 2 8 13,622,889 1 5 ,7 3 1 ,Of 8
L a k e E ric & W e s t .b - N o v
451,393
471,548
69,390
144,323
Jan 1 to N o v 3 0 ............. 5,025,035
4,548,781
1 , 100,688 1 022 ,259
lloa d s.




----- G ross E a rn in g s-----Current
P revio u s
Y ea r.
Y ea r.
5
3

R oads.

------- N et E a rn in g s------C u rrent
P reviou s
Y ea r.
Y ea r.
$
3

N Y C ent & I lu d R l y (Con) —
C h ic In d & S o u th ’f i . b - N o v
347,518
326,254
100,285
115,978
Jan 1 to N o v 3 0 _______ 3,3 7 9 ,8 6 3
2 ,8 9 7 ,3 7 9
820 ,7 4 0
090,631
M ich igan C e n tr a l.!) . . N o v 2 ,507,921
_2,5 2 0 .7 0 2
6.17,4 22
922 ,0 7 3
Jan 1 t o N o v 3 0 -----------2 7 ,1 1 7 ,3 2 5 25,'676,’410
7 ,4 0 2 ,1 8 5 8 ,2 4 8 ,4 5 0
C lev Cin C h ic & S t L . b - N o v 2 ,6 3 4 ,2 3 9
2 ,5 8 4 ,5 0 4
560 ,1 7 5
831 ,473
Jan 1 t o N o v 3 0 _______ 2 7 ,6 7 3 ,9 0 7 25,2 1 9 ,1 2 5
0 ,285,391
7 ,3 8 0 ,2 9 9
P e o ria & E a s t e r n _ b .- N o v
292 ,887
280,74.1
56,308
7 7 ,606
J a n 1 t o N o v 3 0 _______ 3 ,2 0 1 ,9 7 0 2,7 4 3 ,4 4 4
8 8 0 ,1 2 0
811 ,568
C incinnati N o rth ’ n . b . N o v
112,922
106,336
30,812
18,261
Jan 1 t o N o v 3 0 _______ 1,1 8 7 ,3 3 5
1,081,794
250 ,2 9 7
248 ,7 6 6
P ltts b & L a k e E r i e .b - N o v 1 ,371,680 1,022,722
074,181
1.004,619
Jan 1 t o N o v 3 0 _______ 15.960,505 13,459,150
8 ,601,201
7 ,0 8 7 ,2 0 6
.100,529
R u t l a n d . b ____________ N o v
287,916
83,754
8 6 ,3 6 3
Jan 1 t o N o v 3 0 _______ 3,075,561
2 ,861,732
9 13 ,434
8 4 3 ,6 2 7
N Y C h ic & S t L . b . - . N O V
920,578
908,127
255 ,0 4 0
3 5 7 ,6 0 5
J a n 1 t o N o v 3 0 _______ 10,247,076
9 ,117,873
3 ,1 2 9 ,8 2 3
2 ,9 8 7 ,5 9 3
T o le d o & O h io C e n t .b - N o v
491,528
407,579
194,893
176 ,783
Jan 1 t o N o v 3 0 _______ 4 ,6 4 3 ,0 9 4
3 ,585,322
1,7 0 4 ,4 0 5
1 ,1 5 5 ,0 7 5
T o ta l all lin e s - b _____ N o v 2 1 ,9 5 8 ,7 5 0 2 2 , . 3 ) , 394
5 ,9 6 7 ,0 _5 7
8 ,1 8 7 ,9 8 5
Jail 1 t o N o v 3 0 -----------238 ,2 8 0 ,5 9 8 216 875,958 6 8 i9 7 o !o i7 7 3 !o 9 iM 1 2
N o rfo lk & W e s t e r n .b — N o v 2,9 6 7 ,7 1 4 2 ,990,353
1 ,0 2 0 ,3 2 0
1 29.1 *5.19
J u ly 1 to N o v 3 0 _______ 15,559,089 14.5431358
5 ,8 5 9 ,6 0 0
0 ,1 1 7 ,1 0 5
N o rth e rn C e n t r a l .b ____ N o v 1,172,537
1,158,437
133,461
353,061
Jan 1 to N o v .10-----------11,764,308 11,230,408
2 ,0 1 2 ,5 3 9
2 ,5 0 0 ,0 3 9
P e n n s y lv a n ia C om pa ny b N o v 4 ,4 2 3 ,0 9 3 4,7 4 2 ,4 6 0
1 ,329,742
1,9 0 0 ,8 4 5
J u ly 1 to N o v .10-----------2 4 ,0 2 0 ,4 6 0 2 3 ,753,539
8 ,8 0 8 ,1 1 1 1 0 ,049,060
P e n n sy lv a n ia L ines d ire ctly op e ra te d
E a st o f P itts & E r i e .. N o v 1 3 ,880,417 14,407,717 4 ,3 4 7 ,8 1 4
5.16.1 21?
Jan 1 to N o v 3 0 ---------150 ,901 ,07 3 139089,773 41,9 9 1 ,0 0 2 4 2 ,1 8 2 ,6 0 4
W e s t o f P itts & E r i c .. N o v
D ec
406 ,200
D e c 1,0 2 5 ,3 0 0
Jan 1 to N o v 3 0 _______
I n c 11,2 5 7 ,9 0 0
D ec
011 ,700
P h lla Iia lto & W a s h ____ N o v 1 ,582,459
1,509,459
435 ,749
445 ,849
Jan 1 t o N o v 3 0 ____ ..1 7 ,511,846 16,140,846
4,350,471
4,338,871
R ic lim F red & P o t o m _ _ N o v
177,166
178,927
68,128
60,217
J u ly 1 to N o v 3 0 _____
905 ,555
830,150
304,770
267 ,954
St L R o ck y M t & P a c .a .N o v
191,877
152,619
78,512
47,38.1
J u ly 1 t o N o v 3 0 _______
899 ,035
721,507
319 ,410
229,396
S t L o u is S o u tln v e s t’ n . a . N o v 1 .209,701
1,082,448
382,758
305 ,784
,288,721
4 ,856,608
1,400,883
1,496.412
S e a b o a rd A ir L in e .a . .
,893,461
1,734.707
602,306
567,927
J u ly 1 to N o v 3 0 .
,388,308
7 ,761,260
2 ,3 5 6 ,9 5 1
2 ,3 2 5 ,6 0 0
S o u th e rn R a ilw a y —
,003,175
924,340
3.16,300
290 ,034
,552,277
4,300,193
1 ,3 5 4 ,5 7 6
1,354,578
V a n d a l f a . b _____________ N o v
954,721
834,501
287,681
227,868
J u ly 1 to N o v 3 0 _______
,713,004
4 ,1 4 4 ,9 5 7
1 ,216,900
1,209,005
W e s t Jersey & S e a s h o r e .N o v
414,063
377,963
77,710
79,9 1 0
,981,584
5,419,584
1,400,705
1,4 6 4 ,6 0 5
,190,851
1,075,125
532,098
378,571
J u ly 1 to N o v 3 0 ,338,888
4,249,202
975,814
611,319
I N D U S T R I A L C O M P A N IE S .
Iross E a rn in g sCurrent
P r e c io u s
Current
C om i an ies.
Year.
Y ear.
Y ear.
$
$
$
A b ln g to n & R o c k la n d E lec
L ig h t & P o w e r C o . b . - N o v
9,539
9,143
3,032
J an 1 to N o v 3 0 _______
88,088
68,072
29,624
A t la n tic G u lf & W I SS L ines
; 1,333,702
268,994
Jan
13,435,923
2 ,799,393
B la ck st V a l G a s & E L b - .N o v
97,798
101,818
51,118
56,679
Jan 1 to N o v 3 0 _______
937 ,352
887 ,289
479,142
431 ,982
E d E l Co (B r o c k to n ) . b . - N o v r
31,899
28,288
16,712
15,345
Jan 1 to N o v 3 0 _______
276,951
243,283
127,070
108,800
F a ll R iv e r Gas W k s . b . - N o v
41,984
39,400
20,591
17,753
402,058
374,318
176,500
163,700
H o u g h to n C o E l L t C o . b N o v
29,018
26,082
10,250
16,460
Jan 1 to N o v 3 0 _______
246,658
233,129
122,550
114,628
L o w e ll El L t C orp . b . . .N o v
43,690
35,042
20,556
18,389
J a n 1 t o N o v 3 0 .......... ..
387 ,330
324,442
166,933
141,009
M inn G en E l C o . b _____ N o v
124,972
105.362
78,883
65,636
1,148,301
991,198
707,328
568,242
Sierra P a cific El C o . b . . - N o v
47,710
46,377
31,221
30,855
a N et earnings h ere jg lv e n are a fter d e d u ctin g taxes,
b N et earnings here given a rc b e fo re d e d u ctin g ta xes.
.i c D e lu d e s th e N e w Y o rk & O tta w a , th e S t. L a w ren ce & A d ir o n d a ck and
the O tta w a & N ew \ ork H y ., the latter o f w h ich , b ein g a C a nadian road
d o e s n o t m ak e returns to th e In te r-S ta te C om m erce C o m m ission .
e In clu d e s th cfcN orthern O h io R R .

In terest Charges and Surplus.
— I n t., R en tals, & c .— — D al. o f N et E 'n g s .—
Current
P reviou s
Current
P reviou s
Y ear.
Y ea r.
Y ea r.
Y ea r.
$
$
5
$
B a n go r & A r o o s t o o k _____ N o v
98,144
86,417
4,1 4 5
32,256
J u ly 1 to N o v 3 0 _______
47G.605
416,653
43,994
133,281
B rid g e to n & S a co R i v e r .N o v
640
593
634
d e f .26
J u ly 1 to N o v 3 0 _______
3,075 "
3,053
5,214
4,357
C entral o f N ew J e r s e y ..N o v
531,042
347 ,278
503 ,626
802 ,0 8 2
J u ly 1 to N o v 3 0 _______ 2,6 4 5 ,8 0 4
2 ,3 3 0 ,3 3 7 2 ,3 7 0 ,4 0 6 2 ,9 4 0 ,4 4 3
C h esapeake & O h io ____ N o v
« 6 0 1 ,7 7 9
«_5 4_0 ,0 5 7
333 ,270
541,969
J u ly 1 t o N o v 3 0 ______ a 3 ,225,953 a2,629,-610
1 ,861,829 2 ,7 9 7 ,4 6 7
C o lo ra d o M id la n d ________N o v
29,820
2 9 ,820 c d e fl4 ,6 4 8
c3 5,453
J u ly 1 to N o v 3 0 ______
149,100
149,100 c d e f5 1 ,5 3 6
c22,009
C u ba R R -------------------------- N o v
30,607
3 6 ,667
39.368
18,821
J u ly 1 t o N o v 3 0 ______
183,333
178,544
2 39 ,156
73,540
D e n ve r & R io G r a n d e .. . N o v
5 24 ,630
457,581
(2235,253
(2192,728
J u ly 1 to N o v 3 0 ______ 2,5 2 4 ,8 3 9
2 ,1 6 8 ,4 5 0 (21,287,995 (21,500,908
D u lu th S o Sh & A t l . . - . N o v
94,712
101,720 £ d c f.8 ,6 6 1 z d e f.1 9 ,9 2 7
J u ly 1 t o No\l 3 0 _______
482 ,727
469 ,729
£ 7 9 ,2 5 9
£ 5 0 ,9 2 3
12,816
M ineral R a n g e ____________ N o v
13,035 £ d e f .l2 ,801
£ d e f 465
J u ly 1 t o N o v 3 0 .......... ..
65,899
66,018 £ d e f.6 1 ,448 £ d e f.3 ,1 7 8
M o K a n & T e x a s _________ N o v
551,835
550,001
£60 4 ,9 9 7
£ 2 0 0 ,7 1 7
J u ly 1 to N o v 3 0 _______ 2,8 8 0 ,5 8 7
2 ,7 2 9 ,4 5 6 £ 1 ,5 8 7 ,0 7 8 £ 1 ,0 2 5 ,5 4 1
N Y O n ta rio & W e s t e r n .N o v
124,689
98,119
59,549
95,4 3 5
J u ly 1 to N o v 3 0 .......... ..
591,789
479,271
802 ,166
705 ,656
N o rfo lk & W e s te rn _______N o v
500,900
470 ,4 6 0
519 ,020
8 23 ,079
J u ly 1 to N o v 3 0 _______ 2 ,509,283
2,3 2 6 ,1 8 9
3,3 5 0 ,3 1 7
3 ,7 9 0 .9 1 6
St L R o c k y M tn & P a c . . N o v
31,900
33,353
46,612
14,030
J u ly 1 to N o v 3 0 _______
163,093
167 ,575
156,317
61,821
I N D U S T R I A L C O M P A N IE S .
A b ln g to n & R o c k fo r d E lec
L ig h t & P o w e r C o ______ N o v
536
801
2,496
3,0 7 4
Jan 1 t o N o v 3 0 .
8,047
5,433
21,577
20,080
A tla n tic G u lf & W I SS L ines—
(S u b sid ia ry C o s )________ O ct 150,768
112,220
J a n 1 to O ct 3 1 . .......... 1,044,462
_______
1.154,031
R oad s.

.

L a te st Gross Earnings by W e e k s . — In the table which fol­
lows we sum up separately the earnings for the fourth week
of December. The table covers 27 roads and shows 5.70%
increase in the aggregate over the same week last year.

57

T H E C H R O N IC LE

58
C om p a n ies.
B la ck st V a l G as & E l — N o v
J a n 1 t o N o v 3 0 ----------E d ison E l C o (B r o c k to n ) N o v
J a n 1 t o N o v 3 0 .............
Fall R iv e r G as W k s ------- N o v
J a n 1 t o N o v 3 0 .............
H o u g h to n C o El L t C o „ _ N o v
J a n 1 t o N o v 3 0 ----------L ow ell E l L t C o r p ----------- N o v
J a n 1 t o N o v 3 0 ----------M inn G en E l C o ---------- - . N o v
J a n 1 t o N o v 8 0 ----------Sierra P a cific El C o --------N o v

—m i . , R en tals, A c .— — D al. o f N et E 'n g s .Current
P reviou s
Current
P revio u s
Y ear.
Y ea r.
Y ea r.
Y ea r.
8
$
$
$
27,075
20,950
29,604
30,168
123,395
167,940
308 ,587
311 ,2 0 2
11,349
11,812
3,9 9 6
4,9 0 0
71,434
79,877
37,366
47,193
16,092
16,189
1,661
4,402
139,123
135,805
24,583
40,7 5 5
12,194
11,696
4,266
4,554
68,691
45,937
73,915
4 8 ,635
14,228
16,216
4,161
4,3 4 0
92,353
116,416
48,656
50,517
33,966
47,130
31,670
31,753
359 ,568
233,692
334 ,550
3 4 7 ,7 5 5
24,941
5,914
24,332
6,889

a T h e s e figu res aro a lte r d e d u ctin g o th e r In com e.
c A ft e r a llo w in g fo r m iscella n eou s ch a rges a n d cre d its to In com e.
, * T h e se flm ires a rc a fter a llo w in g fo r o th e r In com e and fo r d isco u n t and
ern h a n v e
T h e sum o f $10 ,000 is d e d u cte d e v e r y m o n th fro m surplus
an d p la c e d t o th e c r e d it o f th e renew al fu n d .
x A ft e r a llo w in g fo r o th e r In com e re ce iv e d .

Electric R a ilw a y N et E a rn in g s. — The

following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will bo found in the issue of Dec. 24 1910. The
next will appear in the issue of Jan. 28 1911.
R oa d s.
J a n 1 t o N o v 30
J u ly 1 t o N ov 30
B r o c k to n & P ly m o u th
J a n 1 t o N o v 30
O a p c B re to n E l G o . b — N o r
J a n 1 t o N o v 3 0 ----------O lcv P a ln sv & E ’ n . a — N o r
J a n 1 t o N o v 30
C olu m b u s E le c t C o . b - ...N o v

Jan 1 t o N o v 30
J a n 1 t o N o v 30
aolulu R T & L ’ d Cc
J a n 1 t o N o v 30

J ro ss E a rn in g sC u rrent
P revio u s
Y ea r.
Y ea r.
$
$
9,904
0,747
89,590
09,172
25,911
27,609
152,487
161,217
8,628
8,026
122,783
111,953
26,5 3 5
29,043
241 ,692
276,601
25,900
27,037
297 ,573
328 ,235
36,078
46,241
121,215
127,042
1,200,354
1,330,026
56,069
59,985
541,291
575,489
109,058
118,251
1 ,105,677
1,197,863
34,966
39,016
3 7 6 ,9 5 5
412,691
24,915
22,790
293,883
286,441

J u ly 1
..N o v
L a k e S h ore E l R y . a . .

N or T e x a s El C o . b .

_______
) ._ N o v

J a n 1 t o N ov 30 _______
.............
Jan 1 t o N o v 30 _______
___ N o v
.............
b N ov
.............
W h a tc o m C o R y & L t

> ............

48,904
520,685
91,802
1,110,541
484,962
5,370,584
119,263
1,314,838
21,523
24,427
247,541
150,274
1,757,308
56,863
578 ,840
469 ,334
43,248
545 ,707
2 65 ,668
2 ,6 8 7 ,5 5 7
3 7 ,165
3 7 2 ,0 7 5

45,611
4 37 ,765
90,7 0 5
1 , 020,201
453,801
4 ,967,961
105,253
1,151,069
2 0 ,710
21,176
226,253
139,018
1,720,104
51,088
553,524
451 ,533
52,900
539,913
251,351
2 ,5 3 4 ,3 3 8
36,856
367,718

-N e t E a rn in g s------Current
P reviou s
Y ear.
Y ear.
$
$
3,2 9 6
4,066
26,631
35,627
10,002
10,137
67,960
72,020
2,178
1,554
36,688
33,852
12,759
14,764
98,477
130,552
9,9 5 0
11,925
136,193
157,680
18,757
30,112
52,43 5
52,214
4 5 3 ,9 6 9
455 ,0 9 2
24,7 6 7
26,548
2 1 3 ,8 1 7
243,456
47,8 1 2
48,328
455 ,1 2 4
4 7 0 ,1 0 5
18,358
21,672
180,913
2 0 2 ,2 4 0
11,367
9,771
135,565
135 ,035
186,927
906 .249
2 2 ,558
21,943
190,678
236,855
41,721
41,010
481 ,5 9 2
530,648
229,152
247,271
2 ,7 3 5 ,4 6 3 '' 2 ,4 7 3 ,3 9 8
48,150
55,954
519 ,365
615,786
9,391
9,873
8,814
10,099
96,641
101,813
41,510
44,237
577 ,915
608,591
17,572
17,517
193,856
198,622
212 ,716
186 ,445
24,310
20,208
220 ,303
243 ,900
120,828
110,639
1,232,689
1,211,986
17,093
19,689
156,159
160,659

e gtvon aro a fter d e d u ctin g ta x e s.
O
c o m i n g **'-'*■~
--- —
c T h ese figures rep resen t gross earnings fro m all sources
f T h ese results are In M exica n c u r r e n c y .

H u d s o n & M a n h a tt a n ..N o v
J u ly 1 t o N ov 3 0 _______
J a c k s o n v ille E lect Co — N o v
Jan 1 t o N o v 3 0 _______
L a k e S h ore E le c t R y — N o v
J a n 1 t o N o v 3 0 ------ . . .
N orth ern T e x a s E lec C o - N o r
J an 1 to N o v 3 0 ----------P a d u oah T r a c & L t C o . . N o v




192,134
958 ,160
9,498
102,000
34,669
382,347
23,878
218,623
7,840

9,481
102,543
35,393
379 ,939
16,189
187,062
6,621

d c f5 ,2 0 6
d e f5 1 ,0 1 0
12,445
134,855
6,341
148,301
32,076
397,163
2,033

— I n t., R entals, A c . — — D al. o j N et E a rn s.—
C u rrent
P revio u s
Current
P reviou s
Y ea r.
Y ea r.
Y ear.
Y ear.
$
5
$
5
4 ,3 0 5
5,032
5,067
4,509
P e n sa co la E le c t C o _______ N o v
4 8 ,6 0 5
46,401
Jan 1 to N o v 3 0 . .........
55,412
48,036
d c f7 ,4 1 9
d cf5 ,4 6 2
P u g e t S o u n d El R y _____ N o v
49,699
48,929
56,949
50,579
J a n 1 t o N o v 3 0 ............
558,012
520,966
82
17
S a v a n n a h E le c tr ic C o . . N o v
17,435
. E ' j S!!
2,760
3,430
Jan 1 to N o v 3 0 _______
195,862
190,426
106,690
82,261
S e a ttle E le c tr ic C o _______ N o v
106,026
104,184
14,056
19,722
6,212
L 5 9 1}
T a m p a E le ctric C o -----------N o v
186,319
175,902
J an 1
t o N o v 3 0 . ...........
57,641
50,401
59,066
51,613
U n io n R y , Gas & E l (111) N o v
67,762
65,026
483,833
524 ,345
728 ,063
708 ,344
J an 1
t o N o v 3 0 _______
8,576
8,9 5 7
W h a tc o m C o R y & L t . - N o v
10,732
8i517
60,384
57,491
Jan 1
t o N o v 3 0 _______
98,668
9 1 ,.,7 o
£ A fte r allo w in g fo r o th e r in c o m e r e c e iv e d .

A N N U A L

R E P O R T S ,

A nnual R e p orts. — An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will bo given
on the last Saturday of each month. This index will n ot
include reports in the issue of the “ Chronicle” in which it is
published. The latest index will be found in tho issue of
Dec. 31 1910. The next will appear in that of Jan. 28.
Am erican Ice C o ., N ow Y o rk .

1909-10 a n d f o r 6 A Y e a r s 1904 to 1910.)
Pres. Wesley M. Olcr, N. Y., Dec. 21 1910, says in brief:

(R ep ort f o r

Year

T h e present m an agem en t ca m e Into o ffic e In M arch 1904. an d desires
n o w to render an a c c o u n t o f the progress m ade since th a t tim e.
F or lack o f w o rk in g ca p ita l, the previou s m an agem en t w as o b lig e d to
e c o n o m iz e on the u p k e e p , w ith th e result th at w o fo u n d m a n y o f th o p r o p ­
erties In a v e r y in e fficie n t co n d itio n , e specially in the great N ew Y o r k de­
p a rtm e n t, w here 60'% o f th e business w as c o n d u c t e d . T o p u t these p r o p ­
erties In sh a p e fo r e co n o m ica l w ork required a large a m o u n t o f m o n e y ,
w h ich had to be earned b efore It c o u ld be a p p lie d , the c o m p a n y 's cr e d it
b e in g e x h a u ste d a t th a t tim e.
A m ore serious co n d itio n w as th e great a d v a n c e th at w as then b ein g
m ad e In the p r o d u c tio n o f ice b y m a ch in e ry . A lre a d y m a n u fa ctu re d Ice
had d riv e n natural lee o u t o f the m arkets o f p r a ctica lly e v e ry c it y so u th o f
P h ila d elp h ia and B a ltim ore an d w as a lre a d y in p ra ctica l c o n tr o l o f the
tra d e o f th ose cities an d a large fa c to r In N ew Y o r k .
W e fo u n d th a t th e
N V d e p a rtm e n t, w ith an annual o u tp u t o f a b o u t 1,200,000 ton s, o w n ed
on'lv o n e Ice m ach in e o f a b o u t 200 tons d a lly c a p a c it y . T o m eet the d e­
m an d fo r m a n u fa ctu re d Ice. w e h a ve been o b lig e d to m ake h e a v y e x p e n d i­
tures In B a ltim o re , P h ilad elp h ia, N ew Y o r k and B o s to n , thus ren d erin g
th e c o m p a n y ’s su p p ly o f Ice less and less d e p e n d e n t u p o n the u n ce rta in ty
° f O u fe x p c C
n0d“ mrl°sn sin ce 1904 in a cq u irin g ^ a l c s ta te bulUlIngs an d
m a ch in e ry up to O ct. 31 1910. h a v e been $ 2 .7 0 o 39 1 . o f w h ich $ 4 5 1,77 0
rem ains o n m o rtg a g e . W e h a ve also sp en t $1,4 8 8 ,3 7 7 in m e upn eep a n a
im p r o v e m en t s , all o f w h ich has been ch a rged to o p e ra tin g e x p e n se
T h e a b o v e e x p e n d itu re gives an a d d itio n a l p r o d u c tio n o f 2 ,5 2 a to n s o f
m a n u fa ctu re d ice per d a y and no great e x p e n d itu re fo r th a t put pose w ill
b o necessary In the fu tu re .
A pla n t here or there w ill be re q u ire d , b u t It
ca n be ad d e d w ith o u t u n d u e e ffo rt. .
.
.
.
. . .
T h e years o f ou r adm in istra tion h a ve been largely c o n s tr u c tiv e .
I he
c o r p o r a tio n Is n o w in s o u n d co n d itio n : Its p rop erties in fine s ta te o f repair
am i e ffic ie n cy , and the earnings for th e fu tu re should be s te a d y , w ith a
fair return m ad e u p o n th e c a p ita l In vested.
E A R N I N G S F O R Y E A R E N D . O C T . 31, I N C L . S U D . C O S . IA r 1909-10.
N ote — D uring th e y ear 1909-10 a new system o f b o o k k e e p in g w as
a d o p te d c re a tin g tho Insurance fu n d and ch a rg in g accru in g b o n d interest
m o n th ly .
U nder th e o ld system th e net p ro fit fo r the y e a r, w hich Is sh ow n
as $47 9,79 0 b e lo w , w o u ld h a ve been $59 4 ,7 3 8 .
1907-08.
1906-07.
1908-09.
E a rn in g s A E x p en se s — 1909-10.
$ 7 ,9 4 1 ,5 2 5
$ 8,118,592
$8,7 1 0 ,9 2 8
G ross r e c e ip ts ----------------- $ 8,661,849
$2,709,851
$ 2 ,0 8 3 ,9 0 7
$2,6 8 4 ,1 7 6
L g33 c o s t o f m erch andise $2,034,141
3 ,8 9 7 ,3 3 9
3 ,9 3 1 ,3 3 8
3 ,8 9 9 ,8 6 2
Less o p e ra tin g e x p e n s e s . 4 .037,397
$6,5 8 4 ,0 3 8
$2,1 2 6 ,8 9 0
15,335

$ 0 ,5 8 1 ,2 4 0
$ 1 ,5 3 7 ,3 4 6
20,527

$ 6 ,6 4 1 ,1 8 9
$ 1 ,3 0 0 ,3 3 6
39,908

$2,1 4 2 ,2 2 5
G ross e a r n in g s ...........- $1,6 9 9 ,4 5 5
Distributed a sfo lltm s—
f
$24 0,96 0
$34
3,01
4
B o n d In terest_________ \
\
50,059
In t. on lloattng d c b t - .J
162,533
187,883
R e n ts _________ _________
104,120
127,702
T a x e s ________ _______ _
73,210
Z 128,711
In su ran ce ----------------------465,363
4 32 ,354
M aln t. an d Im p ro v e m ’ ts

$1,5 5 7 ,8 7 3

$ 1 ,3 4 0 ,2 4 4

$210,152
73,727
161,631
106,002
103,629
352 ,708

$21 1,27 0
110,670
109,570
98,1 7 5
102 ,124
497,078

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

$ 1 ,0 0 7 ,8 4 0
$55 0,02 4

$ 1 ,1 8 8 ,0 1 1
$15 1,33 3

T o t a l ................. ......... - $6,971,538
N et ___________________ $1,690,311
9,144
In c o m e fro m Invest’ s —

$1,2 1 9 ,6 6 5
•$479,790

N et p rofits o f sub c o s . in
excess o f d lv s . fro m sam e

■Dal. o f N et E ’n g s.—
Current
P reviou s
Y ea r.
Y ea r.
$
$
1,576
2,099
1,071
1,001
22,960
26,329
422
d e f 17
16,829
15,208
6,584
8,698
37,189
69,415
2,423
3,977
53,237
69,042
5,757
12,755
24,964
28,186
147,166
173,133
16,370
18,324
125,003
151,950
24,827
22,302
2 )7 ,4 2 9
208 ,274
£12 ,6 6 6
£15 ,2 9 4
£ 1 2 5,45 8
£ 1 3 5,76 8
5,152
3,1 3 4
69,347
64,400

13,077
88.1 3 5
6,328
101,653
31,967
332 ,303
2,7 7 0

LX X X X II.

R oads.

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

In terest Charges and Surplus.
— I n f ., R en tals, A c .—
C urrent
P reviou s
Y ea r.
Y ea r.
R oads.
5
$
1,720
1,967
Batem R o u g e E le c t C o . - N o v
8,931
0,136
B in gh a m ton R y ------------- N o r
45.000
45,691
J u ly 1 t o N o v 3 0 ----------1,756
1,571
B r o c k to n & P l y m o u t h - .N o r
19,859
18,584
J a n 1 to N o v 3 0 ----------6,175
6,066
C apo B reton E le c t C o — N o v
61,288
61,137
J an 1 to N o v 3 0 ----------7,527
7,948
C le re P a in esv & E a s t 'n .N o v
8 2 ,956
88,638
J a n 1 t o N o v 3 0 ----------13.000
17,357
C olu m bu s E le c t C o ........... N o v
27,471
24,028
D allas E le c t C o r p _______ N o v
306,803
281,959
Jan 1 to N ov 3 0 _______
8,3 9 7
8,2
2
4
El P a so E lect C o ................N o v
88,814
91,5 0 6
Jan 1 to N o v 3 0 _______
22,985
26,026
G a lr c s t-H o u s t E lec C o . . N o v
237 ,695
261,831
Jan 1 to N o v 3 0 _______
6,378
6,973
H on olu lu R a p T r & L C o .N o v
68,513
7 2 ,765
J a n 1 t o N ov 3 0 _______
6,215
H o u g h to n C o T r a c t C o . . N o v
6,637
66,218
Jan 1 to N ov 3 0 _______
70,6 3 5

[V O I,.

T o ta l net p r o fit -----------

•

53,374

61,308

34,032

£ $ 1 ,0 9 9 ,3 5 4

$611,332

jy$ 185,305

* T h e a b o v e figures Inclu de In 1909-10 $24 2,35 4 o f the net p rofits fo r th e
year o f su b sid ia ry c o s . w h o lly o w n e d a n d o p e r a te d w h ich h a v e n o t y e t been
p ald^ iito^ th c U easu ry ot^the^cOhP pr^ j erre(j s lo c k waH |,alcl O ct. 1 1909,
° a ‘ A * d Ivlctencf o t 9 % (§ R 3 50,(HHfi' on th e p re f. s to c k w as p a id D e c . 15
1906 (see V 83. p . 1058), e n ab lin g the A m e rica n Ice S e cu rities C o ,, as
o w n er o f a b o u t $1 4 ,3 0 0 ,0 0 0 o f th e p re f. s to c k , to im y th ree q u a rte rly (llvldon d s o f 1 % % each o n Its o w n $19 ,0 3 0 ,0 0 0 s t o c k .
1 he S ecu rities C o . has
paid no d iv id e n d since th e last o f these w as d is trib u te d
L ofU io R u stees
z T h e u n e x p e n d e d ba la n ce o f Insurance fu n d in th o han ds or tn o trustees
o n N o v . 1 1910 w as $ 69 ,141 .
D A L A N C E S H E E T O C T . 31.
1909.
1910.
1909.
1910.
Liabilities—
S
S
S
A ssets—
$
.022,227 Preferred s t o c k ... 11 ,920,200 14.920,200
G e n . prop’ ty acet-10,238,185
7.161,330
Common
s
t
o
c
k
..
.
7
,161,331)
Good-will, water A
110,726
273,751
patent rights__ 16.847.963 1 ,195,586 Bills payable.........
693,550
692,000
Invest, securltlcs.a3.650.062 2 ,625,312 Underlying bonds.
Coll,
trust
bonds
473,110
Cash and notes__
221,954
Amor. Ice C o__ 1 ,853,000 1.908.000
100,750
14,385
Bonds and mtges.
13,908 1st A gen. M. bds. 3 ,000,000 2.346.000
3.753
Insur. prem ium s..
261,020
077,730
52.8,770 Ileal estate m tges.
395.203
Inventory of mdse.
401,072
493,377
862,004 Current accounts.
754,456
Accts. receivable.
45,806
Accrued bond Int.
Profit & loss (sur.)*3 ,008,766 2,959,769
T otal ..................32,125,961 30,821,667

T o t a l .................. 32,125,961 30,821.667

— *” T h c a b o v e surplus. $3 ,0 0 8 ,7 6 6 , d o c s n o t Inclu de $24 2,35 4 p ro fits o f
s u b s i d i a r y co m p a n ie s n o t y e t p aid Into th e treasu ry.
a In v e stm e n ts in clu d e In 1910 s to ck s and b o n d s o f su b sid ia ry an d o th e r
co m p a n ie s $ 2 ,5 9 7 ,6 1 2 ; u n d erlyin g b o n d s o f s u b . c o s .. $393 450: A m . I c c C o
c o ll, trust b o u d s, $ 5 ,0 0 0 , an d 1st & g e u . M . b o n d s, $ 0 o 4 ,0 0 0 .— V . 9 1 , p . 718 .

JAN .

G E N E R A L

59

T H E C H R O N IC L E

7 1911.]
I N V E S T M

E N T

N E W S ^

R A I L R O A D S , IN C L U D IN G E L E C T R IC R O A D S .

This company
was incorporated at Dover, Del., on Jan. 5 with »7,2o0,00j
of authorized capital stock, to own railroad securities, &c.,
particularly the controlling interests in the Ann Arbor It It.
Co. consisting of $3,001,000 of its common and $2,190,000
of its pref. stock, and probably also $5,000,000 consol. M.
4 Us of the Detroit Toledo & Ironton.
A n n A rbor C om p an y.— H o l d i n g C o m p a n y . —

T h ese s tock s and b on d s fo rm in g th e co lla te ra l fo r $ 5 ,5 0 0 ,0 0 0 5 % n otes
o f D etroit T o le d o & Iro n to n w ere bk l at a u c tio n on N o v . 25 1910 b y
Toscnh R a m s e y J r. o f N . Y . , th e s to c k s fo r $ 2 ,0 0 0 ,0 0 0 and th e b o n d s fo r
$ 500, 000. See D . T . & I . l t y . In V . 91. p . 870 , 1025. 1446, 1511.

Detroit United Ry.— S a l e o f B o n d s . — Negotiations, it is
stated, are pending and expected to be closed shortly, for the
purchase or underwriting by a Montreal syndicate headed by
J. W. McConnell of Johnston, McConnell & Allison, of a
block of $1,500,000 first consolidated M. 4)^3, to provide for
the lloating debt and the resumption of dividends.— V.
91, p. 945, 870.
Forty-second Street Manhattanville & St. Nicholas Ave­
nue RR., New York.— S a l e A g a i n A d j o u r n e d . — The fore­
closure sale has been again adjourned to March 17.
N e g o tia tio n s , It Is s ta te d , arc n o w p e n d in g fo r th e se ttle m e n t o f a o o o u n ts
be tw e e n th e c o m p a n y an d th e T h ir d A v e n u e R R . — V . 91, p . 1766, 1385.

Georgia & Florida Ry.—

— Year ending June 30:

R ep o r t.
F isca l
G ross
N et
Other
Interest, B a la n ce.
Y ear—
E a rn in g s. E a rn in g s. In co m e. T a x e s ,A c . S u rp .
1909-10 ................................$ 5 1 6 ,8 8 6
$ 1 0 9 ,0 3 5
23,414
$43 ,4 4 4 $ 8 9 ,0 0 5
1908- 09 ___________________ 3 82 ,054
77,0 8 8
16,409
3 1 ,9 8 5
62,112
T h e Interest ch a rg e as a b o v e do e s n o t In clu de th e Interest o n th e 1st M .
5 % b o n d s, w h ich w as p r o v id e d fo r b y th e c o n s tr u c tio n o o m p a n y u n d er Its
c o n t r a c t w ith th e r a ilw a y .— V . 91, p . 1385.

A n n Arbor R R . — E q u i p m e n t N o t e s O f f e r e d . — Farson, Son
& Co., New York and Chicago,are offering,at prices to yield
534 % income, the unsold portion of $000,000 “ first lien 5%
equipment notes, series “ B,” dated Jan. 1 1911 and due
Georgia Railway & Electric Co.— B o n d s C a l l e d . — Twenty$30,000 semi-annually from July 1 1911 to Jan. 1 1921, but
redeemable at 102)4 and int. on 00 days’ notice. Par five first consolidated mortgage 5% bonds of the Atlanta
Consolidated Street Ry. have been drawn for redemption
$1,000c. Int. J. & J. Empire Trust Co., trustee.
T h e a b o v e n o te s are a d ir e ct o b lig a tio n o f th e oorap an y an d arei secu red
on Feb. 1 at 105 and interest at the Mercantile Trust A
b y a first Hen on eq u ip m e n t c o s tin g $ 85 3,00 0; p a id In cash , $ 2o 3,000, e q u ip ­
Deposit Co. of Baltimore, Md., trustee.— V. 91, p. 1385.
m en t n otes fo r b a la n ce, $60 0 ,0 0 0 .
liq u tp m e n t c o v e r e d : 13 lo co m o tiv e s ,
4 passenger cars, 2 c a fo parlor cars, 5 m o to r passenger cars, 1 steel oar-ictry
Indianapolis & Northwestern Traction Co.— O f f e r i n g o f
steam sh ip and 120 steel un d erfram o b o x and refrigerator oars.
Ih o new
5% C u m . P r e f . S to c k G u a r a n te e d u n d e r L e a s e . — A syndicate
steel oa r-ferry steam sh ip , w hich Is on e o f several car ferries used.In.the tia n s L a k e business, has a c a p a c ity o f 32 fifty -to n lo a d e d cars an d Is k c jn ? c o n ­ composed of the Fletcher American Nat. Bank, Joseph T.
s tr u c te d b y th e T o le d o S h ip b u ild in g C o . (T hese are the e q u ip m e n t n otes
Elliott & Sons, Gavin L. Payne & C o . and Newton Todd, all
w h ich w ere r e p orted last w eek as sold t o J .S .B a c h c & C o .J
of Indianapolis, have purchased $200,000 of the 5% cum.
C n n t r o l . — See Ann Arbor Co. above,— V. 91,p. 1765, 1710.
pref. stock, part of an outstanding issue of $450,000 with
B oston & L ow ell R R .—- I n c r e a s e o f S t o c k . — The stock­ dividend (1)4% Q-J) guaranteed under 999-year lease by
holders voted Jan. 4 to increase the capital stock from $7,­ Terre Haute Ind. & Eastern Traction Co., and are offering
119,400 to $7,399,400.— V. 91, p. 1710.
the same at 83)4%, to net investors 6%. Non-taxable
Carthage W a te rto w n & Sackets H arbor R R .— E x t r a D i v i ­
inG Indiana.
. . . , « ,
d e n d . — In addition to the 5% extra dividend paid Dec. 31
ross earnings o f N orth w estern last y e a r $42 6 ,3 2 5 ; net n o t s ta te d ; n xeu
1910 there was also an extra distribution of 10% in 1909, ch a rge s, $ 1 2 3 ,5 0 0 . C om pa re p . 54 o f " H I . R y . S e c .” — V . 88, p . 2 9 o .
Interstate Railways Co., Philadelphia.— D i s t r i b u t i o n o f
the regular dividend rate from 1900 to 1908 being 5% per
P r e f . S t o c k . — The. pref. stock issued for cash and coupons
annum.— V. 91, p. 1705.
Central N ew E n glan d R y . — B o n d s C a l l e d . — The $1,250,000 under the pref. stock financing plan was distributed this
1st M. 5s of 1899 have been called for redemption at 105 and week. The par of the new stock is $10. Dividends accrue
from Jan. 1 and the first distribution will be made July l.
int. on Feb. 1 at the Fidelity Trust Co. of Philadelphia.
— V. 91, p. 1711.
N e iv M o r t t j a q c . — The Pub. Serv. Comm., 2d Dist., on Dec.
Kanawha & Michigan Ry.— R e p o r t . — For year:
30 re-affirmed its authorization of the new $25,000,000 mtge.
30.
O perating N et O per.
T a xes
Other
F ix e d
B a la n ce,
and the issue thereunder at present of $12,317,000 bonds J uYneae r—
R even u e. R even u e.
B a ld .
In co m e.
Charges.
S u rp lu s.
for refunding existing obligations (V. 91, p. 654, 780, 1253), 1 9 0 9 - 10 $ 2,769,657 $836,374 $86 ,669 $18 6 ,3 9 3 $ 3 0 5,72 4 $63 0,37 4
1 9 0 8 -0 9 "
2,1 2 7 ,6 3 7
395,915
80,093
100,011
2 8 1 ,3 1 7
1 34 ,516
in accordance with the modified plan. See V. 91, p. 1765.
— V . 91. p . 1095.
Chicago Burlington & Quincy R R .— H a n n i b a l & S t . J o s e p h
Louisville & Eastern (Electric) RR.— S o l d . — At foreclosure
6s D u e M a r c h 1 1911.— The company will exchange these sale on Jan. 3 the property was bid in for $1,000,000 by T. J.
bonds for its gen. M. 4s of 1958 until Jan. 211911 at its offices, Minary, President of the Louisville Ry. Co., which some
Sears Building, Boston, and 32 Nassau St., New York.
months ago acquired all the bonds and debts.— V. 91,
U n til an d ln c l. J a n . 21 th e e x ch a n g e w ill b e o n th e fo llo w in g basis:
p. 1447, 463.
H old ers m a y retain th e c o u p o n d u e M arch 1 1911 till m a tu r ity , o r present
sam e w ith the b o n d , fo r d is co u n t o f th e c o u p o n to m a tu rity at 3 % , an d r e Louisville Railway.— P u r c h a s e . — See Louisvillo & Eastern
c c lv o fo r th e fa ce o f the b o n d an equa l a m o u n t o f O. 11. & Q . gen . M . 4s o f
1958, w ith th e co u p o n o f M arch 1 1911 a tta c h e d , and also a p rem iu m o f
Rlt. above and V. 90, p. 1101, 1102.
$5 o n each $1,000 b o n d .— V . 91, p . 1710, 1259.
Metropolitan Street Ry., New York.— S a l e A d j o u r n e d .
Chicago R ailw ays C o .— T e m p o r a r y T r a n s f e r A r r a n g e m e n t . Judge Lacombe on Dec. 31 adjourned the foreclosure sale
— Judgo°Grosscup having expressed strong disapproval of the from Jan. 5 to Feb. 16 on account of the pendency of the
extra charge to passengers transferring to and from the new reorganization plan before the Public Service Commission.
County Traction Co. at the city line, the company on Dec. 31
R o a d s O m itte d f r o m P l a n . — The reorganization plan given
agreed to restore temporarily until Feb. 12 a 5-cent fare to last week (V. 91, p. 1767) does not make any provision for
the western suburbs in order to enable the various parties the following roads formerly leased: Second Avenue RR.,
to confer and arrange a settlement of the matter.
Central Park North & East River RR., Twenty-eighth &
T h e agreem en t Is m ade on the u n d erstan d in g th a t the legal rights o f the
Twenty-ninth Streets Crosstown RR., no r for the Fulton
parties shall n o t be p re ju d ice d .
Persons b o a rd in g cars o u ts id e the c i t y
lim its will p a y their fares t o th e C o u n ty T r a c tio n C o. an d r e c e iv e a free
Street RR.— V. 91, p. 1767, 1711.
transfer e n titlin g th em t o a c o n tin u o u s rid e o n the lines o f th e C h ica go
H allw ays. S o far as th e c it y is co n c e r n e d , su ch passengers. It is s ta te d ,
National Railways of Mexico.— N e w T r e a s u r e r . — J. A.
will be co u n te d n-s " c a s h fares” o n th e lines o f the C h icago H allw ays, w h ich
Hendry, formerly Assistant Treasurer, has been appointed
will be com p e lle d t o d iv id e Its net re ce ip ts w ith the c it y .— V . 91, p. 1765, 1629
General Treasurer to succeed J. M. Frazier, deceased.—
Chicago Terre H aute &
Southeastern R y .— I n
D os
V. 91, p. 1452, 1441.
s e s s i o n . — On Dec. 30 deeds were filed transferring to this
New Jersey & Pennsylvania RR.— E a r n i n g s . — The earn­
Indiana corporation the property previously taken over by
the Illinois company of the same name, thus substantially ings of this 25-mile road, recently reorganized, for the 8
completing the reorganization of the Southern Indiana and months ending Oct. 31 1910 were: Gross, $38,773; net, $14,­
Chicago Southern railways. The new company formally 049; interest charges on the outstanding $200,000 5% bonds
began operations Jan. 2. Ownership has been acquired of call for $10,000 yearly, or $6,667 for the 8 months.-the $250,000 stock of theBedford Belt RR. subject to $350,­ V. 90, p. 772.
000 1st mort. bonds. Compare V. 91, p. 1766.
Pacific Coast Power Co.— D i v i d e n d I n c r e a s e d . — A semi­
Cincinnati B luffton & Chicago R R .— S a le M a r c h 15.— Re­ annual dividend of 2)4% and )4 of 1% extra has been de­
ceiver John C. Curtis announces by advertisement that he clared on the $7,422,100 common stock, along with the
will, under judgment and decree of sale entered in Hunting­ usual semi-annual distribution of 3)4% on the $674,800 pref.
ton County j Ind., sell the property at auction at his office in stock, both payable Jan. 16 to holders of record Jan. (i.
Huntington on March 15, excepting only claims in action This compares with 2)4% in July and Jan. 1910 and 2%
existing against W. J. Hayes & Sons. Upset price $800,000. semi-ann. theretofore from July 1908.— V. 90, p. 1425, 1102.
Rio de Janeiro Tramway, Light & Power Co., Ltd.Said Hale w ill be freed fro m the liens o f the m o rtg a g e b o n d s an d a n y a n d
all oth er liens and cla im s e x c e p t the fo llo w in g , t o w hlch the sale is s u b je c t:
O p t i o n to S u b s c r i b e . — Shareholders of record Doc. 21 1910
C urrent ta xes (n o t dclluriuont) an d threo c o n tr a c ts , on e w ith H u n tin g to n
are offered the right to subscribe at par, not later than Jan.20.
T ow n sh ip as t o sh ops an d term inals, on e w ith M arklo S to n e & L im e O o .
an d w ith the C h icago & B rie H R . u n d er ord e r o f o o u rt d a te d M ay 3 1910.
for the balance remaining unissued of the share capital of the
— V . 91, p . 1629, 1385.
company, namely 23,750 shares of $100 each, to the extont
Colum bus M arion & Bucyrus Electric R R .— N e w S t o c k . —
of one share for every 15 shares held by them, respectively.
The shareholders voted on Dec. 31 to increase the capital
S u b scrip tio n s arc p a y a b le 1 0 % on applIoaU on an d 9 0 % J a n . 31. c it h e r
In
C anadian c u rre n cy o r In fo re ign c u r r e n c y fo r caoh $10 as fo llo w s : £ 2 I s . I d .
stock to $660,000 by an issue of $100,000 pref. stock, with a
($4 86 2-3 t o £ 1 ) o r frs. 5 1 .8 0 .
F u lly -p a id shares rank fo r d iv id e n d fro m
view to lifting the receivership.—-V. 91, p. 1629.
F e b 1 1911. I n t. at 6 % t o be ch a rg e d o n o v e r d u e In stallm en ts. S u b ­
Coney Islan d & Brooklyn (Electric) R R .— N o t e I s s u e . — ■ scrip tio n s w ith ch eck s and assign m en ts m a y b e d eliv e re d a t N a t. T r . C o .,
L td .

T o r o n t o : C an. B k . o f C o m m .; B ank o f S c o tla n d ,

L ondon;

o ffic e o f

The Public Service Commission of New York, 1st District, c o m p a n y , R io d c Jan eiro, o r th e v a r io u s ba n k s In B russels, L iege, A n t ­
Basle an d G en eva . T h e new m o n e y w ill b e used fo r e x te n sio n w ork
has authorized the company to issue $500,000 6% notes, due w erp
R io .— V . 91. p . 464.
Jan. 1 1914, callable at 101, and secured by pledge of $625,­ in St.
Joseph & Grand Island Ry.— C o m m i t t e e f o r lsf a n d 2 d
000 4% consols of 1904. The Equitable Trust Co. is trustee P r e f . S h a r e s — D e p o s i t s C a l le d . — The following committee
for the note issue. The notes are offered by Kissel, Kinnicutt calls for deposit of the 1st and 2d pref. shares with the Co­
& Co. and the Mercantile Trust Co., both of New York.
lumbia Trust Co., 135 Broadway, N. Y., under agreement
T h e p roceed s arc to b e ap p lie d to v a rio u s Im p rovem en ts, & c.. Inclu din g
dated Dec. 31 1910, with a view to securing the resumption
an e x p en d itu re o f $355,000 on C on ey Island A v c ., under an arran gem en t
w ith the c it y fo r sh iftin g th e tra ck s to th e m id d le o f th e a v e n u e , fo r a dis­
of dividends on the pref. stock and otherwise safeguarding:
ta n ce o f 5 m iles, In c o n n e c tio n w ith the e stablish m en t o f a park b etw een
the interests of the depositors:
th e tr a c k s .— V . 91. p. 1629. 336.




60

T H E C H R O N IC LE

H e n r y H o fm a n n , J . A u g u s tu s B a rn ard , W illa rd V . K in g , G eorge M .
W illia m s on an d S o l. A . G u lte rm a n , w ith E d g a r A . H ick m a n as S ecre ta ry ,
3 7 .W a ll S t ., N . Y ., an d S am u el U n te rm y e r as Cou nsel.
'l t
I
E xtracts fr o m Statem ents by C om m ittee.
A lth o u g h the earnings d u rin g the p ast e ig h t years h a ve been su fficien t
t o p a y th e full d iv id e n d u p o n a t least th e 1st p re f. s to c k , n o d iv id e n d has
e v er been paid u p o n th e 2d p re f. s t o c k , an d n on e u p o n the 1st p re f. since
J u ly 1902.
It app ears t o be th e p o lic y o f th e m an agem en t t o d e v o te the
earnings to ex te n s iv e an d p e rm a n e n t Im p ro v e m e n ts w hich should p ro p e rly
be ch a rg ed to c a p ita l a c c o u n t; t o a ccu m u la te , fro m tim e to tim e, a large
su rplu s, afterw ards used fo r p a y m e n t o f such p e rm an en t Im provem en ts,
a n d gen era lly to a u g m en t th e v a lu e o f th e c o m m o n s to c k a t the e xp en se o f
th e h olders o f th e 1st a n d 2 d p re f. s t o c k .
In a d d itio n . It Is b eliev ed th a t
th e n a tu ral grow th o f th e business has be e n repressed an d Its properties
m an aged fo r the ben efit o f oth ers th a n its s to c k h o ld e r s.— V . 91, p . 1711,1707.

P

Seaboard Air Line R y .— F i n a n c i n g R e t ir e m e n t o f B o n d s
M a y 1 1911.— It is reported that a sale of Seaboard re­
funding 4 % bonds has been negotiated with a syndicate.
The proceeds will be used to retire .$14,651,000 5% "bonds
maturing May 1 1911.— V. 91, p. 1711, 1575.
South Shore Traction Co., Long Island, N. Y .— R e c e iv e r ­
s h i p .— Judge Chatfield in the U. S. Circuit Court at Brooklyn
on Dec. 31, upon application by Paul T. Brady, one of the
stockholders and a resident of New Jersey, appointed Mr.
Brady and Willard V. King as receivers for the company on
the ground of insolvency.
Due

J o s e p h G . R o b in , the in d icte d P residen t o f th e N o rth e rn B a n k o f N . Y . ,
w h ich last w eek c losed Its d o o rs (see V. 91, p . 1711, 1712), ow n s, a c c o r d in g
t o th e record s o f the P u b . S e rv . C o m m ission , 350 9,10 0 o f the 3 6 0 0,00 0
s to c k o f th e tra ctio n c o m p a n y .
N o te s o f 395 ,8 2 0 are d u e or a b o u t t o fall
d u e, an d th e c o m p a n y w as in d a n ger o f h a v in g its s u p p ly o f pow er c u t o ff.
T h e earnings are said to h a v e been at th e ra te o f 337 ,000 a y ear. C om pa re
V.J87, p . 543; V. 88, p . 1198, 1501; V. 89, p. 226 , 13 19.— V . 90, p . 54.

United Properties Co. of California, Oakland andean
Francisco, Cal.— P r o p o s e d M e r g e r .— This company, was in­
corporated at Wilmington, Del., on Dec. 30 with $200,000,­
000 of authorized capital stock and the right to equip, con­
struct and operate railroads, steamship lines, electric light,
power and traction lines, water for domestic purposes and
irrigation, to build and operate wharves, docks, etc. .
C u rrent rep orts s ta te th a t the n ew co r p o r a tio n w ill a m algam ate o r m erge
all the p u b lic u tilities com p a n ie s o f B erk eley an d O a k la n d , C a l., Inclu din g
ferry lines to San F ra n cisco ; also th e T c v is w ator an d p o w e r p rop erties.
T h e directors arc F . M . S m ith , W . S . T e v ls , R . G . H a n fo rd , G avin M cN a b a n d W . R . A lb e r g c r , o f San F ra n cisco ; C. B . Z a b rlsk lc (N . Y . M anager
o f P a cific Coast B ora x C o ., co n tr o lle d b y B o ra x C o n so lid a te d o f L o n d o n ),
N ew Y o r k ; D ennis S ca rlcs, o f O a k la n d , C a l., an d H a rry W . D avis, o f W il­
m in g to n , D el. M r. A lb erg e r Is 3d V Ice-P res. o f O ak lan d T r a c tio n C o. and
T raffic M anager o f San F ra n cisco O akland & S an J ose C on sol. R y . (“ K e y
R o u t e ” ) , b o th said t o be In clu ded In th e c o m b in e . See " E l . R y . S e c .”
Statem ents A ttributed to F . M . Sm ith.
T h e c o m p a n y w ill org a n iz e , llna nce and crea te m a n y n ew enterprises,
as w ell as d e v e lo p oth ers a lre a d y in e x is te n ce . M ost o f the a c t iv it y will be
01} th e O ak lan d side o f San F ran cisco B a y , an d Im m ense sum s o f m o n e y
will b e ex p e n d e d In th e e la b o ra tio n o f c a re fu lly w o rk e d o u t plans, o f w ide
s c o p e , fo r th e gradu a l d e v e lo p m e n t o f p u b lic u tilities, the co m p le tio n o f
w h ich w ill bo fu lly co n s u m m a te d as r a p id ly as p o ssib le . A m o n g the plans
so fa r d e cid e d on arc th ose fo r th e d e v e lo p m e n t o f the K e y R o u te basin, em ­
b ra cin g p r o je cts o f great v a lu e t o th e In du strial’ m a n u fa ctu rin g and c o m ­
m ercial Interests o f 'O a k l a n d .
W h ile th e n ew c o m p a n y Is s trictly Cali­
forn ia n , and th e m a n a g em e n t will be In th e han ds o f loca l m en , there is
a ssocia ted w ith th o m an agem en t v e r y large fo re ign Interests, w h ich insure
p r a c tic a lly u n lim ited ca p ita l t o e x e c u te Its great plans.

IN D U S T R IA L , G AS

A N D 7 M IS C E L L A N E O U S .

^

Allis-Chalmers Co.— N e w P r e s i d e n t . — Delmer W. Call,
(formerly assistant to the President of the American Steel
Foundries) has been elected President, to succeed Walter H.
Whiteside, who resigned. Mr. Call will reside in Milwaukee.
— V. 91, p. 1255, 1249. |’Vi
AiT, -d &u A M
fed
Amalgamated Copper Co.— A n a c o n d a ’ s S m e lt e r O u t p u t .—
Com parative F igu res o f A n a con d a Sm elter Output fo r
1 1 J j S eptem ber.
October.
N ovem ber.
W a sh oe
...........1 5 ,4 0 0 ,0 0 0 1 5 ,900,000 16,000,000
G reat F a l l s . ____G.8 00 ,000
6 ,2 0 0 ,0 0 0 5 ,9 0 0 ,0 0 0

\(j a

F o u r M onths (in L ib s .).
D ecem ber.
T ota l. 4
15,900,000 6 3 ,200,000
5 ,6 0 0 .0 0 0 2 4 .500.000

— —------- -------------- ---------------------------- --------------

f T o t a l -------------- 22,2 0 0 ,0 0 0 2 2 ,1 0 0 ,0 0 0 2 1 ,9 0 0 ,0 0 0 2 1 ,5 0 0 ,0 0 0 87,700 000
— V . 91, p . 1575.
•

American Smelting & Refining Co.— P l a n A p p r o v e d . — The
shareholders on Jan. 5 ratified the proposed financial ?plan,
without opposition— vote 800,870 shares, of which] 398,563
were common stock and 402,307 preferred.
r T$ 1 5 ,0 0 0 ,0 0 0 new c o m m o n s to c k w h ich w ill be d ep o site d In~trusr*to
p r o v id e fo r th o c o n v e r s io n o f 3 1 5 ,0 0 0 ,0 0 0 6 % 15-year g o ld d eben tu re b on d s
t o be issued b y A m erica n S m e lte rs’ Secu rities C o ., w ill, It Is a n n o u n ce d ,
c a rry no d iv id en d s until it Is a c tu a lly issued In e x ch a n g e , a n d to r 's to c k w hen
s o issu ed th e A m . S m eltin g & R e iin ln g C o . w ill re ce iv e in exch a n g e the
b on d s bearing 6 % until th e y are c a n c e le d . T h e d isp o sitio n o f the funds
t o be re ce iv e d und er the plan b y th e A m . S m e ltin g & R e f. C o ., It Is sta te d .
Is still t o be determ in ed . S ec V . 91, p . 1448.
, i .i
jj j
;j

::TBig Lost River Irrigation'Co., Idaho.— D e f a u l t '— Tho
interest due Jan. 1 on $1,355,030 1st M. 6s remains unpaid.
■ T h e c o m p le tio n o f the p r o je c t, it Is sa id , w ill requ ire o n ly a b o u t 5 2 5 6,d o o ,
and this. It Is said, loca l p arties are w illing t o p r o v id e .
A T r o w b r id g e &
N iver enterprise. C om p a re C on ra d L a n d <& W a te r C o. be lo w /a n d see
V . 89, p . 722; V . 90, p . 701 .
• <V s J ..................................
■ ■ ■

[V'OL. L X X X X I I .

New Company to have 310,000,000 Stock (in $25 Shares)— Present Issue
to be 38,431,825 (337,393 Shares), Full Paid.
-R atio o f E xchange------P resent
Allotm ent
a . C on solid ation —
N ew Stock
F o r Each N o . S hares. N ew S h .
1 share
20,000
S e n e c a __________________ 30-100 shares
6,000
A h m e e k _________________ 80-100 shares
1 share
50,000
40.0 0 0
A l l o u c z ____________________ 17-100 shares
1 share
100,000
17.000
O s c e o l a ____________________50-100 shares
1 share
90,150
4 8 ,075
1 share
90,000
C e n t e n n ia l_________________ 6-100 shares
5,400
T a m a ra ck _______________ 22-100 shares
1 share
60,000
13,200
L a u r lu m ----------------10-100 shares
1 share
40,000
4 ,0 0 0
L a S a l le ___________________ 2-100 shares
1 share
302,977
6,059
S u p e r i o r ................................ .1 8 -1 0 0 shares
1 share
100,000
18.000
C a lu m e t ---------------------------2 2-5 shares
1 share
100,000
£ 1 7 0 ,8 3 4
b. P u rcha se—
Isle R o y a le ---------------------7-100 shares
1 share
150,0001
j/8 ,8 2 5
G r a t i o t ---------------------------- 1-200 shares
1 share
1 0 0 ,0 0 0 /
L e a v in g av a ila b le fo r fu tu re u s e . . .................... .......................................... 62,6 0 7
N o te — T h e o ld shares arc 525 par, e x c e p t G ra tio t, w hich Is 3 3 . S e n e ca and
A h m e e k are 310 05 and 317, r e s p e c tiv e ly , p aid in . S ee list o f C a lu m et <%
H e cla s to c k h old in gs in V . 91. p . 271 .
. J . T h e 170,834 shares represent th e va lu e o f C alum et & H e cla p r o p e r t y
i
e x clu siv e o f the v alu e o f its shares o f s to c k In th e o th e r co m p a n ie s
0£k bu,t Inclusive o f the valu e o f Its shares o f s t o c k
C*°l ^ u i v a l c n t to 250 nevr shares) and the Isle R o y a le
Shares H n
tt° V 9 S?i n,e w ?,hares) • In a d d itio n t o the 170,834
H e cla M in ing C o. will re ce ive 69,166 shares o f the
s to c k or the co n s o lid a te d c o m p a n y In exch an g e fo r Its b o ld in e s o f shares o f
s to c k In o th e r co m p a n ie s w h ich e n te r in to the c o n s o lid a tio n , so th a t ea ch
s to ck h o ld e r o f the C alum et & H e cla M ining C o. w ill re ce iv e In eV oharV e
th e C o n s o lid a te d c o m p a n y * HCC‘ a St° Ck 2 and '1° ' 100 sllarcs o f t,lc stook
1/ T h o to ta l a llo tm e n t fo r these tw o com p an ies is 11,000 shares, b u t from
this m u st be d e d u cte d on a c c o u n t o f the h oldin gs b y the n ew c o m p a n y o f
1S--ri?^°Xa1° Ia,,u r ,at i ° t . 2,175 shares; m akin g th e net a m o u n t 8,8 2 5 sh ares.
I he G ra tiot M ining C o. and the Isle R o y a le C op p er C o ., b ein g c o m p a n ie s
organ ized u nd er the law s o f M aine an d N ew Jersey, r e s p e c tiv ly , c a n n o t take
a d v a n ta g e o f th e M ichigan sta tu te und er w hich the fo re g o in g c o n s o lid a tio n
w ill be e ffe cte d ; b u t th e co n s o lid a te d c o r p o r a tio n shall, w hen and If th e
s to ck h o ld e rs o f these co m p a n ie s shall v o t e to take th e necessary ste p s , p u r­
chase th e properties o f sakl c o r p o r a tio n , o r cith e r o f th e m , fo r the n u m b er
o f shares set o u t in the ta b le .
’
C e n t r a l F o u n d r y C o . , N e w Y o r k .— P l a n D a t e d J a n . 3 1 9 1 1 .
L\e
o u t lin e d b e lo w h a s b e e n p r e p a r e d b y a c o m m it t e e :
J . N . W a lla ce , Ch airm an; C. D . S m lth crs, l>. J . G o o d h a r t, A u g u s t H cc k !v « n ih i n TrgCn
Na t b a n u - m il an d G u sta v E . K issel, w ith
i/J th a lin
i\ai JC0C‘\ .a/3' “ C crctary, 51 W all S t ., an d J o lin e , L a rk in &
R a th b o n e and B y rn e & C u tch e o n as Counsel
D e p o s ita ry : C entral T ru st C o. o f N ew Y o r k .
t

I .h e p l a n c o n t e m p l a t e s t h e o r g a n i z a t i o n o f a n e w c o m p a n y
w it h a c a p i t a li z a t i o n t h a t , w h ile p r o v i d i n g $ 1 ,0 0 0 ,0 0 0 o f n e w
m o n e y , w ill b e a b o u t h a l f t h e e x i s t i n g c a p i t a l i z a t i o n a n d
w il l r e d u c e t h e f i x e d c h a r g e s t o w e ll w i t h i n “ w h a t is b e l i e v e d
t o b e a c o n s e r v a t iv e e s t im a t e o f p r o b a b le e a r n in g s .”
The
n e w m o n e y w ill p a y t h e s e c u r e d d e b t o f t h e C e n t r a l F o u n d r y
C o . a n d th e flo a t in g d e b t o f its s u b s id ia r ie s , a n d p r o v i d e a
c o n s id e r a b le s u m fo r d e s ir a b le im p r o v e m e n ts .
A s y n d ic a te
h a s b e e n o r g a n iz e d t o g u a r a n te e th e r a is in g o f th e e s t im a t e d
c a s h r e q u ir e m e n ts ($ 1 ,0 0 0 ,0 0 0 ) b y u n d e r w r it in g th e s a le o f
th e $ 1 ,0 0 0 ,0 0 0 n e w 1st M . 6 s o ffe r e d t o th e s t o c k h o ld e r s .
T h e c o m p e n s a t i o n f o r s u c h u n d e r w r i t i n g w ill b e $ 3 5 0 ,0 0 0
o f n e w p r e fe rr e d s t o c k . S ee a d v e r tis e m e n t o n a n o t h e r p a g e ,
A ll d e p o sitin g d e b e n tu re b o n d h o ld e rs an d o th e r c re d ito rs w h o h a v e al­
r e a d y d e p o s ite d their d eben tu res and cla im s will be bo u n d b y th e p la n
unless th e y w ith d ra w an d p a y their p r o p o r tio n o f th o exp e n so s, & c ., o f th e
co m m itte e w ith in 30 d a y s .
C reditors w h o have n o t ye t d e p o s ite d their
b o n d s and cla im s, also all shareh olders, sh ou ld , In ord er to p a r ticip a te In
the re o rg a n iz a tio n , m ake de p o sit o f their holdin gs o n o r b e fo re F eb 1 1911
w ith th e C entral T ru st C o. o f N ew Y o rk .
. £ ^ & 7 T ^ e w , C ?Inp.a n y an d , t s S e c u r it ie s - T e r m s o f E x ch a n g e .
$ 1 ,5 0 0 ,0 0 0 F ir s t M ortgage 6 % S in k in g F u n d 20- Year (fold B on d s, par
3100 an d 51 , 000, ca lla b le on a n y Int. d a te u p o n 60 d a y s ’ n o tice at 105
an d Int. T o be secu red b y a first Hen on ail, or su b s ta n tia lly all, t h e
p rop erties ve ste d In the new c o m p a n y and all p r o p e r ty th ereafter a c ­
q u ire d , and b y a ple d ge o f th e en tire ca p ita l s to c k (e x c e p t d ir e cto r s ’
shares) o f Central Iro n & Coal C o. a n d , unless said s t o c k shall be dis­
po se d o f b y the c o m m itte e , the en tire ca p ita l s t o c k (e x c e p t d ir e cto r s '
shares) o f Central R a d ia to r C o. S in k in g fund a fte r three years, $20 ,0 00
ye a rly ; b on d s pu rch ased o r redeem ed therew ith to bo k e p t a liv e an d the
Interest th ereon to be ad d e d t o th e sin k in g fu n d in co m e .
T o w a r d s p ro v id in g the cash requ irem en ts [ I f all the s t o c k ­
h olders assen t, this w ill be Increased to $ 1 ,0 6 1 ,8 0 0 ]____ ._$ 1,0 0 0 ,0 0 0
T o be reserved u n d er carefu l re strictio n s to p r o v id e n o t c x ce cd tn g 7 5 % o f th e c o s t o f fu tu re im p ro v e m e n ts & c x t c n s ’ ns
500 ,000
$ 4 ,6 0 0 ,0 0 0 P referred S to ck .— E n titled to n o n -c u in u la tiv e p re fe re n ce d iv i­
den d s p a y a b le o u t o f surplus or net proiits as an d w h e n d e te rm in e d an d
d eclared b y the b o a r d , at th e rate o f 4 % per an n u m in the fiscal years
1911 and 1912 and at the rate o f 5 % per ann um t h e r e a fte r , and w hen
d iv id e n d s equal to 5 % per an n u m shall h ave been d e cla re d In a n y fiscal
y ear u p o n th e c o m m o n s to c k , shall be e n titled to sh are alik e w ith the
h old ers o f c o m m o n s to c k in all a d d itio n a l d iv id e n d s w h ich shall be d e ­
cla red In such year. Ite -p u rch a sa b le o r red eem able at 110 and a c c r u e d
d iv id e n d s , b u t o n ly w hen a u th o rize d b y v o te o f tw o -th ird s o f h olders
o f c o m m o n s to c k .
In case o f d isso lu tio n or liq u id a tio n , the pref. s took
w ill be en title d to re ce ive o u t o f assets Its fa ce v alu e b e fo re a n y p a y m e n t
shall be m ade u p o n the c o m m o n s to c k , a n d a fte r the h olders o f th e c o m ­
m on s to c k shall h a v e re ce iv e d p ar, the pref. s to c k shall share e q u a lly
, w ith th e c o m m o n s to c k In all rem ain in g assets.
$ 3 ,6 0 0 ,0 0 0 Com m on S to ck .— A s to d iv id e n d rig h ts, see “ P ro f, s t o c k ” a b o v e
Existing Securities, & c.—
New 1si 6s. — New Pfd. Stk— -N ew Com. StkDebentures (Including
365,851 Int.)........... 53,792,851
................ 100% *3,792,851 20%
5758,570
Gen. claims (InchInt.)
274.662
------------100%
274,662 20%
51,932
Pref. stock (paying
131,000,000*1
8% assessm ent).-. 6,620,0001 (par for |
24%
1,588,800
Com. stock (paying
) 8% assess-)
8% assessment)
6,649,800J ment.)
J
16% 1.063.968
For underwriting..................................................................
350,000
For contingencies, &c....................................... ..
I ___
182,487 ____
133,730
T o ta l.........................
$1,000,000
$1,600,000
33,000,000
* ff all the stockholders assent, this amount will be increased to 31,061,800.
P a ym e n ts o f assessm ents m ust be m a le at the C entral T ru s t C o . o f N . Y .
in fo u r Installm ents, to b e at least 14 d a y s a p a rt, w h en ca lle d fo r b y a d ­
v e r tis e m e n t.— V . 01, p . 398.

Calumet & Hecla Mining Co.— C o n s o li d a t i o n w ith S u b s i d i ­
.—The shareholders will meet March 7 to vote on merg­
ing the company and its Michigan subsidiaries (see “ a ” in
C i t i z e n s ’ G a s & F u e l C o . o f T e r r e H a u t e .— B o n d s O f f e r e d . —
table below) under the corporation laws of the^State of C u t l e r & C o . o f B o s t o n a r e o f f e r i n g a b l o c k o f t h e $ 4 7 7 , 0 0 0
Michigan, as the Calumet & Hecla Mining Co., or under such o u t s t a n d i n g 1 s t a n d r e f . M . 5 % b o n d s a t 9 5 a n d i n t e r e s t .
ending
G ross
Expenses~
Net
other name as shall be agreed upon. The capital stock of Year
F ix e d
B a la n ce,
Oct. 31—
E a rn in g s.
T a xes, Ac'.
E a rn in gs.
Charges.
S u rp lu s.
the consolidated company will be $10,009,000, in $25 shares, 1909-10
............. $193,114
$109 24 t
$8 1,170
$37 ,974
$ 16,196
108.096
of which $8,214,200_ will be issued for the aforesaid consoli­ 1908-09 ------------- 184.443
70,347
37,1 9 5
39,152
'
dation and $220,625 additional for the purchase of certain — V . 90, p . 1079.
Citizens’ Gas Light & Coke Co., Findlay, O. — B o n d s
other subsidiaries not incorporated under Michigan laws,
making the total immediate issue $8,434,825. A pamphlet C a l l e d .— Eleven ($500) 1st mtge. 5% bonds dated Aug. 1
gives full particulars regarding the several properties and 1900 (Nos. I ll to 124 inclusive) have been drawn for pay­
n connection therewith substantially the .’following data: 1 ment on Feb. 1 1911 at par and interest at the Cleveland
Trust Co., trustee.— V. 78, p . 990.
1
/ l n'Cr ia th oro u g h e x a m in a tio n o f th e w h ole s u b je c t, n o w
i c c o m m c n d tho fo llo w in g co n s o lid a tio n :
1
Conrad Land & Water Co., Montana.— D e f a u l t — R e c e iv e r ­
” T h o plan p rovid es for a M ichigan co r p o r a tio n w ith $ 10, 000,000 ca p ita l
s h i p .— Interest was defaulted Jan. 1 on the outstanding
th e m a x im u m p erm itted b y th e M ichigan sta tu te s ), d iv id e d Into 400 ,000
shares, par $2,> ea cn . T h e p ro p o se d a llotm en ts o f s to c k are as fo llo w s
$1,016,000 1st M. 6s.
a ries




Jan. 7 1911.]

T H E C H R O N IC LE

T h e c o m p a n y . It seem s, has been In rece iv e rs’ han ds fo r several m o n th s .
O ne o f th e enterprises u n d erw ritten b y T r o w b r id g e & N Iver an d e m ­
barrassed b y th e failu re o f th e D e n ve r R e s e rv o ir Irrig a tio n C o. .Som e
5210,000 t o $81 0,00 0 Is requ ired t o c o m p le te th e p r o je c t , a n d t h ls .lt is in ti­
m a ted , loca l interests are prep ared t o p r o v id e ; b u t w heth er w ith o r w ith o u t
reorg a n iza tion d oes n o t c e rta in ly a p p ear. C om p a re D ig L o s t R iv e r Irri­
g a tio n C o. a b o v e . S ee also V . 90, p . 170; V . 91, p . 278.

Consolidated G a s, Electric L ig h t & Pow er C o .— E a r n i n g s .

— Hambleton & Co. of Baltimore, who are offering a block
of the general 4J^s due 1935, report:
■ Y ear
Gross
E x p ..T a x e s
Interest
B a l., f o r
E n d in g —
In com e.
& R en tals.
Charges.
D ividends.
$ 2 ,540,852
$ 1 ,0 9 7 ,9 5 5
$1 ,0 9 1 ,0 9 7
A u g . 31 1 91 0____________$4,72 9 ,9 0 4
1,059,202
Ju n e 30 1 91 0____________ 4 ,6 9 9 ,0 9 8 ----------- $ 3 ,0 3 9 ,8 9 6 ---------- Ju n e 30 1 90 9____________ 4 ,4 4 9 ,2 7 6 — ------- 3 ,6 6 2 ,7 4 2 ----------7 86 ,534
D iv id en d s a t th e ra te o f 6 % o n th e p referred an d p rior lien s to c k an d
4 % o n th e c o m m o n ca ll fo r $42 3,60 3 an d $252,001 y e a r ly , r e s p e c tiv e lv , a
to ta l o f $ 67 5,60 4, le a v in g a surplus fo r th e y e a r e n d in g A u g . 31 1910 o f
$ 4 1 5 ,4 9 3 .— V . 91, p . 1032.

Co., Michigan.— P r e f . 6% S t o c k O f ­
.— Win. Hughes Clarke, Ford Bldg., Detroit,
is selling a block of the 6% pref. cumulative stock. Amount
outstanding, 83,750,000; par, 8100 per share.
Consum ers' Pow er

fe r e d — E a rn in g s

T h is c o m p a n y ow n s a n u m b e r o f h y d r o -e le ctr ic p o w e r plan ts across se v­
eral rivers in M ich igan , an d v a lu a b le w a te r-p o w e r sites on th e A u S a b le
R iv e r , & c.
T erritory s erved Inclu des G rand R a p id s , J a ck s o n , M u skegon ,
n « ? M a<n th v o s s o , L a n sin g , F lin t, K a la m a zo o , S ag in a w , D ig R a p id s ,
B a ttle C reek, B a y C ity an d m a n y sm aller tow n s.
O p e r a t in g R e s u l t s .—

For 12 months end. Nov. 30 1910
(stated to be official): Net profits to stockholders, 8525,923;
annual dividends on 83,750,000 pref. stock, 8225,000; surplus
for common capital stock, $300,923.— V. 91, p. 520.
Cooperstow n (N . Y .) G as C o .— E n t i r e C a p i t a l S t o c k to be

7 to C lo s e E s t a t e . — The executors of the
late George Brooks will sell the company's entire capital stock
at public auction to-day at Carr’s Hotel, Cooperstown.
S o ld at A u c tio n J a n .

Gas p la n t, real es ta te , a b o u t 3 H m iles o f gas m ains and fra n ch ises. Free
fro m all liens. A ll Indebtedn ess again st th e c o m p a n y w ill be c a n ce le d .

(John R .) D avi3 (Lum ber) Co. , Phillips, W i s .— B o n d s .—
The company has retired an additional $25,000 bonds.
A t th e present tim e there are o u tsta n d in g o n ly $600,000 bo n d s
T h is
Issue o f b on d s w as h a n d led b y F a rs o n .S o n & C o .— V . 88, p . 1004: V . 0 1 , p . 4 l .

D od ge M anufacturing C o ., M ish aw aka, In d . (M achinery
for Transm ission of P o w e r) . — O f fe r i n g o f 7 % C u m u la t i v e

1 1930.— Wollenberger & Co., Chi­
cago, and the Central Trust Co., Indianapolis, are offering
for subscription, by advertisement on another page, at par
(8100 a share) and accrued dividends, the unsold portion of
the authorized issue of 81,500,000 7% cumulative preferred
shares, which, like a debenture bond, must be redeemed at a
fixed date (Jan. 1 1930) at 110 and accrued dividend, if not
previously paid off by the sinking fund of at least 850,000
per annum on the basis stated below. Dividends Q.-J.
P r e fe r r e d S to ck D u e J a n .

S u b scrip tion s arc also b e in g re ce iv e d at th e C olon ial T ru st & S avin gs
B a n k , C h ica g o.
Abstract o f Letter from President M. VV. Mix, Mishawaka, Ind., Dec. 27 ’ 10
T h is c o m p a n y m a n u factu res e v e r y th in g fo r th e transm ission o f p o w e r,
such as w o o d an d iron sp lit p u lle y s, sh a ftin g, c lu tch e s , co u p lin g s, sh eave?,
Uoor stan d s, hangers a n d bearings, m a ch in e ry and e q u ip m e n t fo r ro llin g
m ills, glass w ork s, ce m e n t p lan ts, c o t to n a n d w oo le n m ills, sugar m ills,
llour m ills and grain a n d o th e r e le v a to rs; w a te r-so fte n in g and p u rify in g a p ­
paratu s fo r steam and in du stria l pu rposes; also m a ch in e ry fo r h an dlin g an d
tra n sp ortin g m aterials o f e v e r y k in d .
W e h a v e a b o u t 2 0 ,0 0 0 cu sto m e rs, in clu d in g th o U . S . S teel C o r p ., In tH a r v c stc r C o ., R e p u b lic Ir o n & Steel C o ., S tan d ard O il C o ., I’ itts b . P la te
Glass C o ., I n t . P a p er C o , B u lck M o to r C o ., C orn P ro d u cts R e f. C o ., & c.
The c o m p a n y o c c u p ie s w ith its fa cto rie s a b o u t 20 acres o f floor sp a ce an d
e m p lo y s m ore th a n 1,200 o p e ra tiv e s .
O ur p r o d u c ts are d istrib u te d
th rou gh ou r ow n bran ch es an d d istrict w arehouses at C h ica g o , I3ost(fn,
iV. Y ., P h ila ., P lt fs b ., C in cln ., A tla n ta , S t . L ou is and M in n eapolis.
We
also h a v e selling agen cies In L o n d o n , A u stra lia , C anada, C u ba, F ra n ce ,
S w itzerla n d , S w ed en , M e x ico , H aw a ii, H u n g a ry , D e n m a rk , Chill, B razil,
A rg en tin e, & c. T h e business has been u n d er m y su p ervision sin ce 1895.
P r e f. Stock..— T h is s to c k is preferred b o th as to prin cip a l an d a ccu m u ­
la tiv e d iv id e n d s . I t is red eem able as a w h o le , b u t n o t In p a rt, on a n y in t.
d a te p rior t o Jan . 1 1916 a t 105 an d accru e d d iv id e n d , an d a n y tim e a fter
th a t d a te as a w h olo o r in part a t 107
an d accru e d d iv id e n d u p o n 60 d a y s ’
n o tice .
O n J a n . 1 1030 all the p re f. s to c k rem ain in g m ust lie red eem ed at
$110 per share an d a c c r u e d d iv id e n d .
B egin n in g J a n . 1 1916 th e c o m p a n y
m u st redeem an d ca n cel an n u a lly at least $50 ,000 p re f. s to c k b y pu rch ase
in th e op en m arket o r b y lot at 107 lA , as p r o v id e d b y th o b y -la w s .
No
m ortg a g e in d ebted n ess c a n be p la ced on th e p r o p e r ty , n o r ca n fu rth e r p re f.
s to c k bo Issu ed ,'w ith ou t tho co n s e n t o f th e holders o f 7 5 % o f th e p re f. s to c k
o u ts ta n d in g .
I f d e fa u lt Is m ade in th o p a y m e n t o f fo u r co n s e c u tiv e qu a r­
te rly d iv id en d s on th e p r e f. s to c k , th e entire v o t in g p ow er Is t o b e v e s te d
th erein u n til d efa u lt is r e m e d ie d . D iv id e n d s o n th e c o m m o n s to c k arc
lim ited t o on e-h a lf o f th o net earnings o v e r a n d a b o v e the p re f. s to c k re­
qu irem en ts so lo n g as a n y p re f. s to c k Is ou tsta n d in g .
B a lan ce Sheet A ft e r G iving E ffect to this Issu e o f P referred S tock.
[B ased o n b a l. sheet o f J a n . 1 1910, a u d ite d try M arw ick, M itchell & C o .
and o n pla n t app ra isal N o v . 1 1910.]
A ssets ($ 4,154,709) —
L ia b ilities ($ 4,154,709) —
P la n t, lan d , A c ___________ $1,770,192 C o m m o n s t o c k ______ $ 1 ,0 0 0 ,0 0 0
M aterials llnished, r a w , & c 1 ,000,000 7 % c u m u la tiv e p re f. s to c k 1,50 0 ,0 0 0
A c c t s a n d bills re ce iv a b le
854 ,000 D e p re cia tio n re s e r v e ______
2 80 ,145
S e c u r it ie s _________________
77,174 S u r p lu s --------------------1,374,564
C a s h ............................................
453,343
C al. Year E a rn in gs A vailable f o r D ie s , on N ew P r e f. Slock (1910 partly est )
[A vera ge $ 33 0,00 0, equal to 2 2 % o n th o en tire $1,50 0 ,0 0 0 p re f. Issue l ’ ’
1905.
1906.
1007.
1908.
1909.
1910.
A verage
$29 3,74 7 $382,847 $36 4,26 9 $223,468 $354,149 $420,000 (cs t.) $330 000
T h e increased p rofits resu ltin g fro m th e a p p lica tio n o f the p ro ce e d s o f
this p ref. s to c k sh ou ld a m o u n t t o $100,000 p er ye a r. M y life Is Insured fo r

61

flOnriOTnfnrn?^,00mh W»1 C1^ls m ore th an su fficie n t t o c o v e r all ex p en ses,
„Ti).c *u0n ? s
secu red b y an a b s o lu te first m o r tg a g e
v a lu e o f ^ h e p r o p '-^ - — d'- _!l c 4 Julk!,n ^ , to b c e re cte d th e re o n a n d th e to ta l
000,0'“
“
to ta l
serially
E stim ated A n n u a l R esults o f O peration.
G ross I n c o m e ------------------------ $813,3371 In te re st o n b o n d s ___________ $20 0,00 0
N e t, a fter ta x e s , r e p a ir s ,& c _ $543,337 |A n n u a l s u r p lu s ________ _ "$ 343,337

International

C otton

M ills

Corporation,

N ew

Y o r k .—

— S t a t u s .— In connection with the announce­
ment made last week of an initial dividend of 1% % on the
pref. stock Jan. 3, the following statement is furnished-

F ir s t D iv id en d

T h is c o m p a n y has a cq u ire d large Interests In m a n y w e ll-k n o w n c o t t o n
m ill o rg a n iz a tio n s, a m o n g w h ich are th e C on so lid a te d C o tto n D u ck C o th e
M t. V ern on -V V ood bcrry C o tto n D u ck C o. and th e B a y S ta te C o t t o n ’ C orp o r a tlo n , and It also co n tro ls th e J . S p e n ce r T u rn e r C o. an d th e B o s to n Y a rn
C o. T h ro u g h c o n s titu e n t co m p a n ie s a n u m b e r o f w e ll-k n o w n c o t t o n m ills
are o p e r a te d , a m o n g th em th e M t. V e rn o n & W o o d b e r r y m ills a t B a ltim ore
the L ow ell W e a v in g C o. o f L ow ell, M ass., th e S tark m ills o f M a n c h e s te r ’
N . I I ., an d m a n y large S o u th e rn m ills, c h ie f a m o n g w h ich are th e T allassee
Falls (A la .) M fg . C o . and th e C olu m b ia (S . C.) m ills. M y r o n C. T a y lo r Is
P resid en t an d L o u is VV. M yers, S e cre ta ry , b o th a t 86 W o r th S t .. N Y C itv
— V . 91, p . 1773. 467 , 279.

S. Karpen Bros., Chicago.— O f fe r i n g o f G u a r a n te e d B o n d s
K a r p e n B u i l d i n g . — The Western Trust & Savings
Bank (the mortgage trustee) and Geo. H. Burr & Co., both
of Chicago, are offering, by advertisement on another page,
the unsold portion of $750,000 1st M. 5 % gold bonds. These
are (1) issued by an Illinois corporation, one of the largest
manufacturers of upholstered and special furniture in the
U. S., having, it is stated, net assets of over $2,500,000; (2)
secured upon the leasehold estate and the 12-story building
owned thereon, at S. W. corner Michigan Ave. and Eldredge
Place, Chicago, and (3) guaranteed, principal and interest, by
Solomon, Oscar," Adolph, Isaac, Michael, William and Leo­
pold Karpen. The bonds are offered at 99)^ and int. for
the first four maturities (1912 to 1914) and 99 and int. for
the remainder. See full particulars in our issue of
Dec. 31 1910, p. 1773.
C o v erin g

Minneapolis General Electric C o .— N e w S t o c k — O p t i o n .—

The shareholders will vote Jan. 16 1911 on increasing the
common stock from $2,500,000 to $3,375,000.
The $875,000 new common stock will be offered at par to
stockholders of record as of Jan. 16 to the extent of one share
for every four shares, either pref. or common, of their respec­
tive holdings.
T h e p ro ce e d s w ill b e a p p lie d t o fin a n cin g ex te n sio n s an d a d d itio n s m a d e
necessary to m eet th e d e m a n d s o f n ew business. F u rth e r fa cts w ill be
g iv e n o u t la te r. F ire fo llo w in g an e x p lo s io n y e s te r d a y w re ck e d th e east
side p ow er p la n t, le a v in g th e d o w n to w n s e c tio n fo r th e tim e be in g w ith o u t
e le ctr ic ity .— V . 9 1 , p . 98.

M ohaw k H yd ro-E lectric C o ., N ew Y o r k .— Bonds O f f e r e d .—

By advertisement on another page, Pingree, McKinney &
Co., Boston, are offering,at 101^ and int., netting 5%% in­
come, the unsold portion of the present issue of $500,000 1st
M. 6% sinking fund gold bonds,dated Nov. 1 1910, fully
described in last week’s “ Chronicle.” Int. M. & N. at Co­
lumbia Trust Co. (the trustee), N. Y. City. Par 81,000c*.
Tax-exempt in N. Y. State. The firm will send a special
circular with letter from President William Barclay Parsons.
T h e $ 1 0 0,00 0 p r e f. s to c k Is 5 % c u m . fro m and a fte r M ay 1913, full v o t in g
p o w e r, n o call fe a tu re . S e e ., A . J . N ich ols; T re a s ., G eo. G . B eals. O ffic e .
60 W all S t ., N . Y . — V . 91, p . 1775.
*

M onongahela River Consolidated Coal & Coke C o ., P itts­
b u rg h .— C h a n g e i n O f f i c e r s .— Treasurer W. Hamilton Brunt

has been elected Vice-President and Secretary; J. W. Barber
has been made Treas. as well as Sec’y.— V. 91, p. 1633, 592.
N iagara L ock port & Ontario Pow er C o ., N iagara F a lls .—

Pingree, McKinney & Co., Boston, are offer­
ing, at a price to net 5.40%, a block of the $4,910,000 1st M.
(closed M.) 5% gold bonds due Nov. 1 1954, tax-exempt in
N. Y. State. The firm says:

B o n d s O f f e r e d .—

C o m p a n y Is su p p ly in g N iag ara p ow er fo r tro lle y lines, p u b lic s e rv ice c o r ­
p o ra tio n s, m a n u fa ctu rin g co n ce rn s In N o rth w estern N . Y . S ta te as fa r east
as S yracu se an d s .w . t o c it y o f L a ck a w a n n a .
P ow er so ld In N o v e m b e r
w as o v e r 50,000 h .p .
N et earnings arc 1 H tim es interest o n b o n d s .
...
E a rn in g s.

— For 5 and 12 months ending Nov. 30:

P eriod —
G ross.
N et.
Y e a r e n din g N o v . 3 0 ------------------ $1 ,0 2 5 ,7 3 6 .. $34 1,75 6
5 m o s. e n din g N o v . 30 191 0---444 ,686
156,798
5 m o s . e n d in g N o y . 30 190 9-----409 ,501
135,666
S e c also V . 88, p . 131 7.— V . 90, p . 506.

B on d I n t.
$24 9,88 7
104,167
104,167

B a l.,
$91,869
52,631

31.499

Solvay Process C o. — S t o c k I n c r e a s e d .— A certificate has
been filed increasing the capital stock from 88,000,000 to
810,000,000 — V. 86, p. 1046, 232.
Southern Iron & Steel C o., N ew Y o r k .— C o m m i t t e e . — The
following committee has been organized, representing stock­
holders, bondholders, & c . , to examine into the company's
Insurance Exchange Building Trust, Chicago.— B o n d s affairs and possibly.later to ask all classes of security holders
to confer with them:
O f f e r e d .— The Continental & Commercial Trust &"Savings
in G . M errill, P resid en t o f th e U n io n T ru st C o ., C h airm an; H a rry
Bank and the First Trust & Savings Bank, both of Chicago, B rloidn nwcr,
o f H allgarten & C o.; M oritz R o se n th a l, o f L a d e n b u rg , T h a i,
are offering by advertisement on another page, at 1 0 2 and m an n & C o .; R o b e r t B . E . V a n C ortla n d t an d Cecil A . G ren fell, o f L o n d o n
C
om
pa
re
financial
r e p o r t in V . 91, p . 1573.
int., netting 4%% income, the unsold portion of 83,000,000
Sw ift & Co. , C h icago. — N e w S t o c k . — The shareholders
1st M. 5% gold bonds, dated Deo. 1 1910 and due Dec. 1 1925.
These bonds are part of an authorized issue of 84,000,000 voted Jan. 5 to increase the capital stock from $60,000,000
secured by a first mortgage on land in Chicago owned in fee to $75,000,000. The $15,000,000 new stock is offered at par
and also on the new 21-storv fire-proof building known as the to shareholders of record Jan. 16 in amounts equal to 25%
“ Insurance Exchange Building,” now being erected thereon. of present holdings, subscriptions to be made on or before
The property fronts 202 ft. on Jackson Boulevard by 202 ft. Fob. 4 and paid in full at once.
R e p o r t . — The report for the fiscal year ending Sept. 30 1910
on Sherman St. and Fifth Ave,
Statement by Harrison B. R iley. President o f Chicago Title & Trust Co. shows gross sales of about $250,000,000, or substantially the
same as in 1908-09. After paying 7% on the stock, calling
[Said c o m p a n y b ein g trustee u n d er th e real estate trust agreem en t
d a te d D e c. 1 1910.]
for $4,200,000, the accumulated surplus was increased from
T h is b u ildin g will bo th e largest o ffic e stru ctu re In C h ica g o , th e se co n d
$22,000,000 to $24,850,000.
largest and o n e o f th e finest o f the kind in th e w o rld .
It w ill b e largely,
■ n ? 1 .w llo lly , o c c u p ie d a b o v e th e se co n d s t o r y b y underw riters and the
loca l o ffices o f th e p rin cipa l insurance co m p a n ie s o f th e U n ited S tates an d
E u ro p e . A lr e a d y m ore th an tliree-flfth s o f th e o ffic e sp ace has been leased
to tenants o f this olass fo r a jp e r lo d jo f fr o m .t c n jt o th lrty jy c a r s . a t a q an n u a l




T h e b a la n ce sh e e t also show s an increase In bills p a y a b le o f a b o u t $10 500,000 ($ 1 3 ,8 8 2 ,2 0 0 to $ 2 4 ,4 0 4 ,7 5 0 ).
U nder assets cash Held, in crea sed
$2 ,0 0 0 ,0 0 0 (to $ 5 ,3 0 8 ,7 6 0 ), a c c o u n ts r e ce iv a b le $2 ,5 0 0 ,0 0 0 (to $38 99-> 182) and securities held $ 6 ,8 0 0 ,0 0 0 (to $ 3 3 ,7 9 5 ,4 8 8 ).— V .9 1 ,p . 1577, 1517

United States Steel Corporation— P r e s i d e n t R e t ir e s —
William E. Corey has tendered his resignation as President,
effective at the pleasure of the board.
I t is th e p resen t o p in io n o f th e fin a n ce c o m m itte e th a t there s h o u ld n o t
b e e le cte d a su ccessor as P resident In th e Im m ed ia te fu tu r e . If a t a ll, an d
th e y m a y r e c o m m e n d th e e le ctio n o f t w o v ice -p re s id e n ts t o tak e ch a rge o f
th e co m m e r c ia l a n d m a n u fa ctu rin g d e p a rtm e n ts .
O u tlo o k .

— “ N. Y. Sun” of Jan. 5 quotes Chairman Gary:

T h ere is n o th in g fu n d a m e n ta lly w ro n g in
business in in g ots an d rails fo r th e last y e a r has bect? f i r s
t
sK
T h a t reflects o f cou rse an e x tr a o r d in a r ily a c t iv e tra d e fo r th e first six
m on th s o f th e y e a r . S in ce th e n business has be e n p o o r . T h e railroads
w ill n o t b u y , a p p a r e n tly .
B u t o n th e w h o le th e ye a i has be e n fair a n d I
V h e tw n fe s tio n e ™ as*^to" m o re r e ce n t d e v e lo p m e n ts in sid e th e S teel C or­
p o r a tio n J u d g e G ary said th a t w hile D e ce m b e r b o o k in g s d id n o t c o m e u p
t o th ose fo r N o v e m b e r , th e y n e v erth eless m a d e a c re d ita b le sh o w in g .
W h e n ask ed fo r a rou g h estim a te o f th e q u a rte r s earnings he said th a t th e y
w ou ld p r o b a b ly n o t eq u a l $ 3 0 ,0 0 0 ,0 0 0 . T h e last r e p o r t w as aro u n d $ 3 7 ,0 0 0 ,0 0 0 .— V . 0 1 , p . 1778, 1636.
.— R e c e i v e r s h i p

Vicksburg (Miss.) Water Works Co
.—
Judge Niles in the United States District Court on appli­
cation of the mortgage trustee on Dec. 28 appointed W. A.
Henson receiver.

T h e ch arges a r c fix ed b y th e C o u rt a t 50 ce n ts per th o u sa n d g allon s, w ith
a m in im u m o f $2 p er m on th fo r resid en ces a n d $2 50 fo r c o m m e rcia l pur­
p oses w h ere m eters a r c u s e d .— V . 8 9 , p . 850.
.— E x c h a n g e o f B o n d s .—

Washington (D. 0.) Gas Light Co
The company offers for 30 days from Jan. 1 to exchange
its $600,000 1st M. 4s ($300,000 series “ A” issued in 1887
and due July 1 1927 and $300,000 “ B” issued in 1889, due
Jan 1 1929), when presented in amounts of $500 or multiples,
for a like amount of 50-year 5% gen. M. gold bonds dated
Nov 1 1910 and issued only in denominations of $500 each.
Interest will be adjusted to date of delivery for exchange.
Compare V. 91, p. 1333, 1098, 219.
— “ What the Investment Public Needs— Safety— High
Return.” This is the title of F.J.|Lisman & Co.'s page ad­
vertisement in to-day's issue of the “ Chronicle.” Under this
caption the New York Stock Exchange firm features two
5% first mortgage and one 6% first mortgage railroad bonds,
one 6% general mortgage railway and one first mortgage
6% convertible sinking fund bond of a railroad manufactur­
ing company, which answers, in the estimation of the firm,
to the above requirements. Three of these bonds will yield
the investor an income of 6%, one 5.50% and another 5.15%.
Full particulars appear in the advertisement. The N. Y.
address of the firm is 30 Broad St., with branches in the Land
Title Bldg., Philadelphia; American Bldg., Baltimore, and
39 Pearl St., Hartford.
— Henry C. Niese, who for three years has been manager
of the New York agency of the National Bank of Cuba, with
Samuel M. Jarvis as special partner, has for meda co-part­
nership under the firm name of H. C. Niese & Co., with offices
at 25 Broad Street. Mr. Niese, previous'to his connection
with the bank, was for many years identified with the old
established firm of G. Amsinck & Co. For two years before
the opening of the New York office of the National Bank of
Cuba he was Assistant Cashier of the institution at the head
office in Havana. Mr. Jarvis is a Vice-President of the
National Bank of Cuba. The firm will do a general business
in stocks and bonds, but will pay especial attention to LatinAmerican securities.
_We have been favored with an advance copy of the
“ Annual Financial Review” compiled by W. It. Houston of
Toronto, Canada, “ a carefully revised precis of facts regard­
ing Canadian securities.” The book contains a large amount
of valuable information in regard to banks, trust companies,
public service corporations, railroads, mining and industrial
corporations; also lists of officers and members of the Toronto
and Montreal Exchanges, with quotations for 1910 of the
various stocks and bonds listed thereon.
_Messrs. Potter, Choate & Prentice have issued an inter­
esting 32-pagc pamphlet on Railroad Bonds, containing
a brief desenption of the various classes of railroad bonds,
together with a summary of the essential points to be con­
sidered in selecting such bonds for investment. This
pamphlet will be of general intorest to investors and may be
had for the asking.
— Carter, Shimmin & Douglass, a new firm dealing in
stocks and bonds, investment securities, grain and pro­
visions, opened for business at 803 Rookery Bldg., Chicago,
on the 3d inst. They hold memberships in the Chicago
Stock Exchange and Chicago Board of Trade, and are all
young men well know in local financial and brokerage circles.
_N, W. Halsey Sc Co., bankers, are offering to investors
on another page a choice list of municipal, railroad and cor­
poration bonds. A number of the issues are legal for sav­
ings banks and trust funds in New York, New Jersey and
Connecticut. A complete circular will be furnished upon
application at any of the firm's offices.
— Salomon & Co., bankers, of 25 Broad Street, thi.? city,
own and offer, by advertisement elsewhere in to-day’s issue,
twelve selected railroad, short-time and industrial bonds, to
net the investor 4.05 to 5.67%. See advertisement for
details.
— Augustus F. Babcock, for many years connected with
the firm of Simon Borg & Co., died Dec. 27 after a long
"

[Vol. Lxxxxir.

T H E C H R O N IC LE

62

The

C o n im r m a i

C O M M E R C I A L

ja m e s .

E P I T O M E .

N i g h t , J a n . 6 1911.
The year opens with trade proceeding, so to speak, on
half steam, and it is believed that conservatism will continue
to be at the helm.
F r id a y

Jan. 1
1911.

D ec. 1
1910.

Jan. 1
1910.

2 ,2 9 7 .2 1 6 2 ,6 1 7 ,1 3 3 3,549,541
CofTce. B r a z il__________________________ _____
7 2 ,4 8 5
43,428
C oftce, J a v a ____________________ _
36,986
3 91 ,079
2 09 ,690
C oltee, o t h e r _______ ______ _______
261,841
3 8 ,0 0 0
4
2,340
S u g a r ______________________________
36,580
12,572
5,858
R i d e s . - - ...................... *-•..................................
48,900
158,473
200,374
C o tto n ................................................ .........
300,402
4,267
3,410
M anila h e m p _____________________________ .
2,580
1,863
2 ,265
Sisal hem n __
_________________ - ___ - ___
1,078
6 4 ,5 0 0
F lo u r , b b ls . an d s a c k s ------ ----------- ----------------7 5 ,0 0 0
68,300

LARD on the spot has been dull and easy, though with­
out important changes. Prime Western 10.90c., Middle
Western 10.85c. and City steam lOJ^c. Refined lard has
also been dull and easier. Refined Continent 11.20c., South
America 11.75c. and Brazil in kegs 12.75c. Tho speculation
in lard futures here has been quiet and featureloss. At the
West the market has been irregular within narrow limits.
Depressing factors at times have been dulness on the spot,
rather free arrivals of live hogs and liquidation by packers
and commission houses. On the other hand, market has
been strengthened at times by the advance in grain prices.
D A I L Y C L O S IN G P R I C E S O P L A R D F U T U R E S IN N E W YO RK .
S a t.
M on.
ru es.
W ed.
Tliurs.
F ri.
J a n u a ry d e liv e r y .......... .. 10.70
R o ll- 10.65
10.68
10.76
10.80
M ay d e liv e r y ___________ 10:50
d a y 10.50
10.40
10.50
10.55
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN CHICAGO.
S a t.
M on.
T u es.
V ied.
T h urs.
F r i.
J a n u a ry d e liv e r y ............10.45
R o ll10.42 >4 10.42 H 10.45
10.62 j-i
M ay d e liv e r y __________ 10.20
day
1 0 .1 7 ^ 1 0 . 1 2 1 0 . 1 5
10.2714

PORK Oil the spot has been dull but firm; offerings light .
Mess $22 50@$22; clear $20®$22 and family $23@$24 50.
Beef has been quiet and steady; mess $14 50@$15; packet
$16®$ 16 50, family $17 50@$18 50 and extra India moss
$30. Cut meats have ruled quiet and steady; pickled hams,
regular, ll><j@14c.; pickled bellies, clear, 14}^@17>^c.;
pickled ribs 13%@15Hc. Tallow has boon dull and steady;
city 7 l4 c . Stearines have been quiet and firm; oleo 9 y 2 (u
9 % c . and lard 12@12)^c.
Butter has been quiet and easier;
creamery extras, 28^@29c. Cheese has been quiet and
steady; State, whole milk, colored or white, Sept., fancy,
15>@. Eggs quiet and firmer; Western firsts 34@35e.
OIL.— Linseed has been firm, with a somewhat larger
trade. City, raw, American seed, 90@91c.; boiled, 91@92e.;
Calcutta, raw, $1. Cottonseed has been quiet and irregular;
winter 7.50@8.25c., summer white 7.40@8.25c. Cocoanut has been quiet and easier; Cochin lOfgilOJ/gc., Ceylon
9.30c. Olive has been quiet and steady at 90@95c. Corn
has been fairly active and steady at 6.85@6.90c. Lard has
been quiet and firm; prime 95c.@$1; No. 1 extra 65@7Qe.
Cod has been moderately active and stoady; domestic 53(a
55c., Newfoundland 55®58c.
COFFEE on the spot has been quiet but firmer. Rio No.
7, 13^@13%c.; Santos No. 4, 14@14^c. West India
growths have been quiet and firm. Fair to good Gueuta
14%@14Me. The speculation in future contracts has been
quiet much of the time, but latterly it has broadened. At
times the trend of prices has boen downward, owing to
weakness in the foreign markets, a report that valorization
coffee to the amount of 1,200,000 bags will be sold between
April 1 and April 30 and liquidation for local and outside ac­
count. Ot late, however, spot interests have purchased
freely and commission houses in many cases aro disposed to
buy on setbacks. There was a decrease in tho world’s visi­
ble during Dec. of 576,336 bags, leavinga total of 14,165,640,
against 16,669,273 a year ago. Closing prices were as follows:
J a n u a r y .......... .. .1 1 .4 8 c .
F e b r u a r y .......... . 1 1 . 55c.
M a r c h .....................11.64c.
A p r i l ____________ 11.57c.

M ay _____________11.50c.
Ju n e _____________11.45c.
J u ly ........................11.38c.
A u g u s t ------ --------11.33c.

S e p t e m b e r ..........
O cto b e r ..............-1 1 .1 7 c .
N o v e m b e r ----------- 11 .1 4 c.
D o cc m b e r --------- 11.12c.

SUGAR.— Raw has been dull and easier. Centrifugal,
96-degrees test, 3.86c.; muscovado, 89-degrees test, 3.36c.,
molasses, 89-degrees test, 3.11c. Refined has been quiet
and steady. Granulated 4.80c. Teas and spices quiet and firm.
PETROLEUM.— Domestic trade has been quiet and ex­
port business has been at a standstill. Prices have been
steady. Refined, barrels 7.40c., bulk 3.90c. and cases 8.90c.
Gasoline has been moderately active and firm; 86-degrees, in
100-gallon drums, 18%c.; drums $8 50 extra. Naphtha hasbeen in fair demand and steady; 73@76-dogroes, in 100gallon drums, 16%c.; drums $8 50 extra. Spirits of turpen­
tine has been quiet and firm at 81c. Rosin has been in
fair demand at an advance; common to good strained $6 30.
TOBACCO.— Trade in domestic leaf has boen of meagre
proportions as a rule during the week. Manufacturers are
believed to be carrying small supplies of leaf, however, and
an expansion in business is generally oxpocted in tho not
distant future. Sumatra and Havana have been quiet.
COPPER has been steady, with a moderate demand for
small lots for early delivery. Lake \ 2 % @ 1 2 % c . ; electro­
lytic 12.55@12.60c.; casting I 2 * 4 @ 1 2 % c . Load has been
quiet and steady at 4.45@4.55e. Speltor has been quiet
and firm at 5.50@5.65c. Tin has boon firmer and more
less.
—Frederick K. Pulsifer was admitted on Jan. 1 as a part- active; spot 39.55c. Iron steady and more active; No. I
Northern $15 25®$15 75; No. 2 Southern $15 25@$15 50.
r in the firm of S. B. Chapin & Co. of Chicago.




THE CHRONICLE

J an. 7 1911.]
C

O

T

T

O

N

On Sh ipboard, N o t Cleared f o r -

J a n . G a l-

.

(i 1011.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
275,103 bales, against 298,004 bales last week and 301,009
bales the previous week, making the total receipts since
Sept. 1 1910 0,268,071 bales, against 5,230,008 bales
for the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,032,003 bales.

Great
B ritain . F ra n ce

F r id a y N ig h t, J a n .

R eceip ts at—
G a lv e s t o n _______
I ’ o r t A r t h u r ------T e x a s C ity , & c _ .
N ew O rlean s------G u lf p o r t ------------.Mobile _________
P e n s a c o la ----------J a ck s on v ille, & c.
S a v a n n a h _______
B r u n s w i c k ______
C h a r le s t o n ______
G e o r g e t o w n ____
W i lm i n g t o n ____
N o r f o l k _________
N ’ p o r t N ew s, &o.
N ew Y o r k _______
B o s t o n _________
B a lt im o r e _______
P h ila d e lp h ia ____
T o t a ls this w e e k .

Th urs.

F r i.

Sat.

M on.

T u es.

W ed.

9,249

13,500

24,136

12,372
20,000

6,612

3,375
22,091

6.892

1,274

17,461

13,976

2,698

558

1,220

1,329

266

226
3,869

383
5,955

105
3,183

8,627

58
5,835

840
138
242
2,720

965

1,011

1,936
2,230

1,044
993

600
2,5 8 8

50
164
1,046

15C

278

—

—

79
1,923

50
196

3 0 ,4 8 6 3 3 ,3 8 4

48,7 9 9

296

446
—
—

—
—

—

63,9 7 5

Total.

9,950
641
14,020
8,787
2,788
266

75,819
20,641
17,395
70,481
2,788
6.337

1,607
31,528
19,209
3,060
138
______
6,168
2,267
3,150 13,604
587
587
115
45
1,298
61
3,698
1,752

835
4,059
19,209
548

—

29,491

68.968 275,103

The following Shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
1910-11.

R eceipts to
Jan. 6

This
meek.

G a lv eston _____
I’ ort A r t h u r ____
T ex a s C ity, &o .
N ew O rleans . . .
G u lfp ort ...............
M obile . .
.
P e n s a c o l a ............
Ja ck son v ille, &o.
S av an n ah ........ _
B run sw ick . . . . .
C harleston ____
G eorgetow n . . .
W ilm in g ton _ . .
N o r f o l k ____ _ . ..
N ’ p o r t N ew s, &o.
N ew Y o r k . ____
B oston ____ _____
B a lt i m o r e ............
P h iladelph ia ___
T o t a l .............. ..

1909-10.

S in ce Sep
1 1910.

75,819 2,1 3 5 ,2 0 8
20,641
115,562
17,395
218.271
70,481 1 ,017,915
2,788
15,113
6,337
195,223
68,649
18,258
1.607
31,528 1,142,598
19,209
188,659
250,332
3,660
836
138
339 ,807
6,168
455,528
13,604
3,371
587
145
4.345
1,298
23,800
3,-698
74,956
150

This
w eek.

S in ce S ep
1 1909.

80,100 1,860,343
80,453
27,257
1,486
744 ,065
38,070
7,981
176,458
7,115
91,141
049
29,664
180
23.332 1,127,481
580
190,189
188,023
1,177
50
834
4,386
275,049
377,309
8,015
241
10,760
3,578
305
4,7 G5
50
995
40,631
627
—

S to c k .
1911.

1910.

239,686

176,027

269,572
6,972
58,004

189.222
723
4 4 ,7 4 0

180,754
21,050
43,450

108,837
8,5 1 7
33,357
_______
11,515
39,492

14,194
33,747
_______
304,338
2,340
10,589
4,0 7 5

I 65,442
6,488
12,7 18
3,3 3 5

275,103 6,268,671 167,337 5 .236,608 1,188,771

800 ,413

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1909.

1908.

1907.

190G.

G a l v e s t o n ___
I’ t.A rth u r,& o .
N ew O rlea n s.
M o b i l e ___ . .
Sav an n ah ___
B r u n s w ic k __
C h a rleston ,& c
W ilm in g t o n . _
N orfolk .........
N ’ p o r t N ., &c
A ll o t h e r s ____

7 5 ,8 1 9
38,036
70,481
6.337
31.528
19,209
3,7 9 8
6,1 6 8
13,604
58T
9 ,5 3 6

80,1 0 0
1,486
38,070
7,115
23,332
580
1 ,227
4.386
8.615
241
2 ,1 8 5

108,349
40,537
61,242
11,390
28,585
23,262
1,237
3,557
12,114
1,186
3,9 1 5

111.779
7,581
79,788
14,216
30,547
7,228
3,106
7,380
12,815

125,316
498
91,616
7,900
46,589
5,286
1,25 1
5,785
17,991
875
9,826

42,188
7,003
40,337
0,540
16,086
5,157
1 ,893
3,731
10,163
1,187
25,822

T o t a l this w k .

275 ,103

167,377

295 ,374

284,01-7

R eceipts at—

1911.

1910.

9,557

312,936

160,116

S in ce S e p t. 1 . 6,2 6 8 ,6 7 1 5 ,2 3 6 ,6 0 8 6 ,5 4 9 ,5 2 9 5,3 9 5 ,3 3 7 6 ,382,924 5 ,3 6 0 ,9 5 6

The exports for the week ending this evening reach a total
of 221,378 bales, of which 128,711 were to Great Britain,
29,276 to France and 63,391 to the rest of the Continent.
Week ending J an . 6 1911.
lixporleA to—
Exports
from —

Port Arthur..
Texas City,Ac.
New Orleans..
Mobile...........
Pensacola . . . .
Gulfport____
Savannah ___
Wilmington__
Norfolk_____
Newport News
New York__.
Baltimore___
Portland, Mo. .
San Francisco.
Seattlo .........
T a c o m a ..
.
Portland, Ore.
P e m b i n a .......
Detroit...........
T o t a l .........

ContiGreat
Britain. Fr'ncc nent.

Total.

63

From Sept. 1 1910 to Jan . 6 1911.
Exported to —

| ContiGreat 1
nent.
Britain. France

Total.

43.30615.946 27,697 86.858 757,099223,491 643.467 1,024,057
26,619 25,789 63,174 115.562
0.681 20,641
11,06C
____ 14.020 164,825 13,262
9,825 187,912
14,020
11.420 32,020 484,048 72,034 178,865 735,547
20,600
9,534
47.544 18,751 35,290 101,591
9.634
32,633 20,44.3 15,075 68,751
........
4,51(> 3,625 .........
8,141
13.563 13,330 2.550 28,443 245,607 82,990 271,139 599,730
80,485
57,484 137,969
........
10,049 9,900 70,451
91,300
3,033 13,661 124,171 32,015 154,293 310,479
10,628
__ 10,400
1,418 11.848
_ ______ ___ _
____
__ __
___
1,132 4,127 185,900 51,303 103,093 310,296
2,695
73,870
5,313 70, IS!)
2,870
11,044 3,204 42,904
1.427
57,842
3.666 5,093
30,582
2,428 83,010
56
56
____
34,049 31,049
3,548 3,548
__
__
____
20,158
554
554
20,158
___ ___ ........
____
_ ____
7,335
7,335
......... ____
__ ___
500
500
___
____ '
____
_____
_____
1,000 .........
1,000

N cw O rle a n s.
G a lv e s t o n ___
S a v a n n a h ___
C h a rle sto n ___
M o b i l e _______
N o r f o l k _____
N ew Y o r k ___
O th er p o r t s . _

23,772
26,737
5.000
3.000
5,300
3.0 0 0
1.000
15,000

T o ta l 1 0 1 1 .
T o ta l 1 91 0.
T o ta l 1 90 9.

82,809
4 2 ,592
99,6 3 5

G erm any.

Other
F oreign

13,278
26,120
14,000
4.0 0 0
8,781

9.121
25,222

"300
7.000

1,000

3 9 ,790 73,4 7 9
12,049 24,347
29,773 78,654

3 5 ,3 4 3
22,844
2 9 ,503

4,736
18,748
3,500
12,306
"566

50,907
6,300 103,127
1,000 23,500
7,000
26,3 8 7
10,130 13,130
2,800
22,0 0 0

218 ,665
136,559
157,254
36,450
31.617
20.617
301,538
37,220

17,430 248,851
939 ,920
4 1 ,086 142,918
657,525
14,594 252808
,159
,697

F a i r _______________ c .1 .5 0 onM iddling_______ c . Basis
Strict mid. fair____ 1.30 on Strict low. m id____0.25 off
.Middling fair______ 1.10 on Bow m iddling_____ 0.60 off
Strict good m id____ 0.60 on Strict good o rd ____1.05 off
Good m iddling____ 0.44 on Good ordinary......... 1.75ofT
Strict middling____ 0.22 on Strict g'd mid. tgd_0.35 on

Good m id. tin ged.c Even
Strict mid. tin g e d ..0.15 off
Middling tinged__ 0.25 oIf
Strict low .m id.tin g.0.60 oft
Low mid. tinged. . . 1.50 off
Middling stain ed.. .0.75 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
D ec. 3 1 to J a n . 6 —
S a t.
M on.
M id d lin g u p l a n d s ....................... . - H o l i d a y s -

T u cs.

W ed.

T h u rs.

F r i.

15.00

14.90

10.00

15.00

N EW YORK QUOTATIONS FOR 32 YEARS,
The q uotations on middling upland at New York on
Jan. 6 for each of the past 32 years have been as follows:
1911 c ._
1910. . . .
19 09___
19 08.
.
I 9 07......
1 906___
1905. .
1904....

1 5 .0 0 1 1 9 0 3 _c
15.30 190 2 _______
9 .2 5 1901.
1 1.40 1 9 0 0 .
- ...
10:85 |1 89 9.
11.751 1898
7 .3 5 1 8 9 7 _______

8 .9 0
8.25
10.25
7.69
5.88
5.94
7.12
8.31

1 8 8 7 .C
1886 .
1 8 8 5 .. .
1884. ..
1883. ..
1882
1881. .
is s n

_
5.69
1 8 9 5 .c
.
8.06
1 8 9 4 ..
1 8 9 3 .. .
1 8 9 2 . . . . . ... 7.58
9.31
1891
. .1 0 .2 5
1890.
1 8 8 9 ..
9 .7 5
188 8.
.
10.50

. . 9.50
. . . . 9.19
.
.1 1 .1 2
____ 10.62
. .. 1 0 . 1 2
.1 1 .8 8
.
.1 2 .0 0

ARKET AND SAL ES AT NEW ^r O R I v .
S p ot M arket
Closed.

Total 1909-10. 49,073 16,891 75,849 141,413 1,453,566 733,617 1,658,3703,845,562




L eaving
Stock.

Total.

Speculation in cotton for future delivery has continued on
a very moderate scale and prices have shown no very decided
change. Late in the week there was something of a rally
in quotations, owing to covering of shorts, a momentary
falling off in the receipts at the ports and some manifest sup­
port from speculative interests. The Liverpool spot sales
have been liberal, Lancashire has sent cheerful reports and
some increase in sales of cotton goods is reported at New
York. The Bombay receipts have continued to run behind
those of last year, and certain interests in Liverpool insist
that the East India crop is smaller than that of last year, in
spite of the recent estimate by the East India Government
to the contrary. English spinners have been buying in
Liverpool, and spinners, it is stated, have also bought futures
to some extent in New York. Southern spot markets have
been generally reported firm. Exports have been liberal,
and the total thus far this season is well ahead of that for the
corresponding period last year. But speculation continues
listless, the outside public refusing to buy at the present
level of prices for a rise. In such circumstances the trading
is largely professional. Some have a suspicion that large
bull speculators,have been, in the popular phrase, "milking”
the market for some time past. Domestic trade in cotton
goods has continued in the main quiet. Now Orleans and
Liverpool interests have sold. The receipts at the ports and
interior towns have as a rule been largely in excess of the cor­
responding days last year, and the conviction is growing that
the real size of the crop is above 12,000,000 bales. It is
also believed by many that the next ginning report to be
issued by the Census Bureau on Jan. 10 will show a total
ginned from Dec. 12 to Dec. 31 larger than the trade has been
led to expect from recent predictions on this subject. Fur­
thermore, the stock in New York is rapidly increasing. What
will ultimately become of it is a matter of pure conjecture,
but there are those who think that it may later in the season
become more or less of a depressing factor. With trade
slow and speculation stagnant, not a few contend that the
general tendency of prices must be downward, particularly
if receipts continue liberal and stocks continue to accumulate.
The present price is so high that many consider that it more
than discounts anything at all bullish in the situation. In
fact, it is pointed out that the price is much higher than in
some recent years, when the world's visible supply was either
nearly the same as it is now or considerably smaller, notably
in 1908 and 1907. It is also believed that the high cost of
living, together with the present high price of raw cotton,
must operate to bring about a curtailment of production in
American mills, and must inevitably affect the consumption
in this country. To-day prices advanced slightly early on
bull support and buying by spot interests, but later there
was a decline. The crop movement continued free, Liver­
pool was disappointing, local traders hammered, andt here
was scattered liquidation. Spot cotton here has been dull.
Middling upland closed at 15c., showing no change for the
week.
The rates on and off middling, ns established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delive,ed on contract, are as follows:

Futures
M arket
Closed.

123,711 29,270 63.391 221,378 2,291,954 657.407|1,716.967 1,566,328

In a d d it io n t o a b o v e e x p o r t s , o u r te le g ra m s td -n ig h t a ls o
ve u s th e fo llo w in g a m o u n t s o f c o t t o n o n s h ip b o a r d , n ot
ea red , a t th e p o r ts n a m e d .
W e a d d sim ila r fig u res fo r
ew Y o r k .

Coastw ise.

Q u i e t ___ . --------------Q u iet, 10 p ts . d ec
S te a d y , 10 p ts . a d v .
D u l l . _____ _________
T o ta l.

H O L ID A Y .
H O L ID A Y .
S t e a d y _____
S t e a d y _____
F i r m _______
E a s y _______

Sales o f S p ot and Contract.
C on S p ot. su m ’ n.

—

504
—

504

—
__

C on ­
tract.

1
Total.

103400 103400
200
704
"6 6 6

"666

104200 104704

THE CHRONICLE

64

[V O L . L X X X X II

AT THE INTERIORJjTOWNS the movement— that is,
FUTURES.— The highest, lowest and closing prices at
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items for
Tf 1
W
fl 1 S I
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the corresponding period for the previous year— is set out
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io
in detail below.
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THE VISIBLE SUPPLY OP COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns, and
consequently all foreign figures are brought dofvn to Thurs­
OVERLAND MOVEMENT FOR THE WEEK AND
day evening. But to make the total the complete figures SINCE
1. -We give below a statement showing the
for to-night (Friday), we add the item of exports from the overlandSEPT.
movement for the week and since Sept. 1, as made
United States, including in it the exports of Friday only.
up from telegraphic reports Friday night. The results for
1910.
1909.
1908.
1911.

-

J a n u a ry 6—

.1 ,0 8 8 ,0 0 0 :1,052,000 1 ,0 2 4 ,0 0 0
8,000
5,000
10,000
96,000
7 0,000
48,000

855 ,000
14,000
55,000

T o t a l G rea t B ritain s t o c k -------- .1,1 9 2 ,0 0 0 1,127 ,0 0 0 1 ,082,000
3,000
7,000
15,000
S t o c k a t H a m b u r g ------ ----------------. 228 ,000
282 ,000
402 ,000
. 191,000
488 ,000
306 ,000
2 ,000
3,000
4 ,000
9,000
9 ,000
3 4,000
.
2 3,000
58,000
25,000
2 ,000
1,000
3,000
S t o c k a t T r i e s t e ---------------------------

9 2 4 ,0 0 0
18,00 2 81 ,000
197,000
4,000
25,000
32,000
25,000

S t o c k a t M a n c h e s t e r --------------- - -

T o t a l C on tin en ta l s t o c k s --------- .

458 ,000

T o t a l E u rop ea n s t o c k s ............. .1 ,6 5 0 ,0 0 0
In d ia c o t t o n a flo a t fo r E u r o p e .. . 136,000
A m e r ic a n c o t t o n a flo a t fo r E u ro p e 799,714
8 3,000
E g y p t ,B r a z il.& o .,a llt.fo r E u rop e
. 296 ,000
S t o c k In A le x a n d r ia , E g y p t —
S to c k In B o m b a y , I n d i a . . -------- . 3 55 ,000
.1 ,1 8 8 ,7 7 1
S to c k In U . S . Interior to w n s . . 835,221
3 5,704
U . S . e x p o r ts t o -d a y ____________

8 48 ,000

7 89 ,000

582,000

1,975,000 1 ,8 71,000 1 ,506,000
143,000
113,000
71,000
4 50 ,640
959 ,714
959,223
45,000
63,000
77,000
236,000
291 ,000
250,000
534,000
2 92 ,000
450 ,000
800 ,443 1,060,856 1,047,225
794 ,207
9 04 ,644
558,188
30,734
11,621
29,886

T o ta l v is ib le s u p p ly _____ _ - - .5 ,3 7 0 ,4 1 0 £5,009,024 5 ,5 6 6 ,8 5 5 4 ,9 48,522
th e a b o v e , totals or A m e rica n an d o th e r d e scrip tio n s a rc as tollow s:
A m e r ica n —•
960 ,000
918 ,000
738 ,000
L iv e r p o o l s t o c k _____________ bales. . 9 79 ,000
58,000
37,000
42,000
7 2 ,0 0 0
M an ch ester s t o c k ____ _____________
8 15 ,000
745 ,000
504,000
C on tin en ta l s t o c k . . -----------------------. 441 ,000
450 ,640
959 ,714
959,223
A m erica n a flo a t fo r E u r o p e _____ . 790 ,714
800 .443 1,060,856 1,047,225
,18 8,7 71
U . S . p o r t s t o c k s __________________.1
1,188.771
9 04 ,664
558,188
794 ,207
835,221
U . S . Interior s t o c k s ______
30,734
11,621
29,886
3 5,704
U . S . e x p o r ts t o -d a y ______

or

.4 ,3 4 2 ,4 1 0 3 ,9 0 9 ,0 2 4 4 ,6 3 6 ,8 5 5 3.878.522
E a st In d ia n , B ra zil, & c .—
L iv e r p o o l s t o c k . - .................... ..
L o n d o n s t o c k ________ ______—
M an ch ester s t o c k _______ ______
C on tin en tal s t o c k _____________

.

.
.
.

T o ta l E a s t In d ia , & c.
T o ta l A m e r i c a n _____

109,000
8,000
2 4,000
17,000
136,000
83.000
2 96 ,000
355 ,000

9 2,000
5,000
12,000
33,000
143,000
45,000
236 ,000
531 ,000

106,000
10,000
11,000
4 4,000
113,000
63,000
291 ,000
2 92 ,000

117,000
1 1,000
13,000
78,000
7 1 ,000
77,000
250 ,000
450 ,000

9 30 ,000 1 ,0 70,000
.1 ,0 2 8 ,0 0 0 1 ,0 1 0 ,0 0 0
.4 ,3 4 2 ,4 1 0 3 ,9 0 9 ,0 2 4 4 ,6 3 6 ,8 5 5 3 ,8 78,522

M id d lin g U p la n d , L iv e r p o o l_____
8 .0 8 d .
M id d lin g U p la n d , N ew Y o r k ____
15.00c.
E g y p t , G o o d B row n , L i v e r p o o l ..
ll^ d .
P eru v ia n , H ou gh G o o d , L iv e rp o o l
ll.O O d .
B r o a c h , F in e, L iv e r p o o l-------------- 7 l l - l 6 d .
T In n e v e lly , G o o d . L iv e r p o o l------7®6d.

5 ,0 0 9 ,0 2 4 5 ,5 6 6 ,8 5 5 4 ,9 4 8 ,5 2 2
6 .2 2 d .
5.07(1.
8 .1 8 d .
11.450.
9 .4 0 c .
15.00c.
87
/s d .
10 H d .
14 H d .
11.50d.
7.75(1.
9 .5 0 d .
7 % d.
4 « d . 5 11-16(1.
5*3(1.
4 %(X
7 3-1 Od.

Continental imports for the past week have been 157,000
bales.
The above figures for 1911 show an increase over 1ast week
of 7,449 bales, a gain of 351,386 bales over 1910, a
decrease of 196,445 bales from 1909, and a gain of 421,888
bales over 1908.




S in ce
S ep t. 1.
291 ,352
135,903
21,354
72,242
4 1 ,054
96,846
84,588

W eek .
12,110
6,390
1,506
1,537
1,671
1,246
3,486

S in ce
S ep t. l .
225 ,348
116,954
10,226
4 2,257
25,392
71,907
9 4,690

.4 0 ,6 6 7
D educt shipm en ts—
O v e rla n d to N . Y . , B o s to n , &o_ _ 5,141
473
.

743,339

27,952

586,814

2,112

103,341
17,398
23,964

1,350
2,739
1,267

49,601
17,843
22,494

_ ,726
7,726
T o t a l t o b e d e d u c t e d -------------------7

144,703

5,356

89,938

5 9 8 ,63G

22,596

4 96 ,876

Ja n 6
S h ipped
V ia C a i r o ________
V ia R o c k Is la n d .

W eek .
. 2,068
601
3,564
2,255
5,362
3 ,298

.
_
_
_

week’s not overland movement
has been 32,941 bales, against 22,596 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 101,760 bales.
------- 1 01 0-1 1
S in ce
I n Sight and S p in n ers'
W e ek . S e p t. 1.
T akin gs.
2 75 ,103 6,268,671
R e ce ip ts a t ports t o J a n . 6 —
598 ,636
N e t o v e rla n d to J a n . 6 ____________ 32,941
8 13 ,000
S o u th ’ n co n s u m p tio n to J a n . 6 ___ 51,000

1 90 0-1
--------- 0 -------S in c e
S ep t. 1.
5,236,608
196,876
962 ,000

W eek
1G7.337
2 2 ,596
5 2,000

T o ta l m a r k e te d _________ _______ 359,044
In te rio r s to c k s in e x c e s s
........... *28,219

7 .6 8 0 ,3 0 7
784 ,443

2 41 ,933
*4,861

C am e Into sigh t d u rin g w e e k ___3 30 ,825
T o ta l In sight J a n . 6 ______________
_____

--------------8 ,4 6 4 ,7 5 0

237,072
...........

N o rth ’ n spln n ’s takin gs to J a n . 6 . 66,261

1 ,2 9 5 ,0 2 6

51,474

6,695,484
711 ,044

1,252,327

WEATHER REPORTS BY TELEGRAPH.— Our tele­
graphic reports this evening from the South denote that the
temperature has been lower during most of the week, with
snow in some localities. Rain has fallen in most localities.
G a l v e s t o n , T e x a s . — Rain has fallen on two days of the
week, the precipitation reaching thirty-six hundredths of an
inch. The thermometer has averaged 36, ranging from
19 to 52.
A b i l e n e , T e x a s . — Dry ail the week.
The thermometer has
ranged from 20 to 34, averaging 27.
P a l e s t i n e , T e x a s .— We have had no rain the past week.
Average thermometer 23, highest 36, lowest 10.
S a n A n t o n i o , T e x a s . — It has been dry all the week.
The
thermometer has averaged 28, the highest being 40 and the
lowest. 16.
T a y l o r , T e x a s . — We have had no rain during the week.
The thermometer has averaged 28, the highest being 40 and
the lowest 16.

J an. 7 1011

THE CHRONICLE

N e w O r l e a n s , L o u i s i a n a .—There has been rain on two days
of the past week, the rainfall reaching one inch and ninetynine hundredths. The thermometer has averaged 44.
S h r e v e p o r t , L o u i s i a n a . — We have had rain on two days of
the week, the rainfall reaching three hundredths of an inch.
The thermometer has ranged from 12 to 08, averaging 40.
V i c k s b u r g , M i s s i s s i p p i . — There has been rain on four days
of the past week, the rainfall being four inches and forty
hundredths. There has also been light snow. The ther­
mometer has averaged 86, ranging from 14 to 62.
M o b i l e , A l a b a m a . — Weather unusually cold the last four
days. There has been rain on three days the past week, the
rainfall reaching two inches and thirty-five hundredths. The
thermometer has averaged 43, ranging from 18 to 68.
M o n t g o m e r y , A l a b a m a .— We have had rain on three days
of the week, the rainfall reaching three inches and fortythree hundredths. The thermometer has ranged from 14 to
62, averaging 39.
S e l m a , A l a b a m a .— We have had rain on two days of the
past week, the precipitation being four inches and thirty
hundredths. Average thermometer 35, highest 59, lowest 9.
M a d i s o n , F l o r i d a . — It has rained on three days during the
week, to the extent of two inches and twenty-five hundredths.
The thermometer has averaged 44, the highest being 73 and
the lowest 27.
C h a r le s t o n , S o u t h C a r o l i n a . — There has been rain on three
days during the week, to the extent of forty-nine hundredths
of an inch. The thermometer has ranged from 28 to 72,
averaging 50.
C h a r lo tte , N o r t h C a r o l i n a .— There has been rain during the
week, the precipitation reaching one inch and fifty hun­
dredths. Average thermometer 39, highest 59, lowest 22.
H e l e n a , A r k a n s a s . — Two stormy days during the week,
with inch ot snow and one inch rainfall. The thermometer
lias averaged 38, ranging from 5 to 52.
M e m p h i s , T e n n e s s e e . — We have had rain and snow on three
days during the week, the precipitation reaching sixty-seven
hundredths of an inch. The thermometer has ranged from
9 to 53, averaging 32.
S a v a n n a h , G e o r g i a . — It has rained on five days during the
week, the rainfall being ninety-three hundredths of aninch.
The thermometer has averaged 50, ranging from 26 to 75.
INDIA COTTON MOVEMENT FROM ALL PORTS.
J a n u a ry 6.

1910-11.

Receipts at—

Since
Sept. 1.

Week.
B om bay_____________ _____

1909-10.

97,000

Total all—•
1910-11..
1909-10-.
1908-09..

Since
Sept. 1.

Week.

732,000 115,000 1,077,000

95,000

547,000

Since September 1.

Great Conti- Japan
Britain. nent. & China Total.

Bom bay—
1910-11..
1909-10..
1908-09..
Calcutta—
1910-11
1909-10..
1908-09..
Madras—
1910-11..
1909-10..
1908-09..
All others—
1910-11..
1909-10..
1908-09..

Since
Sept. 1.

Week.

For the Week.

Exports
from —

1908-09.

Great
Britain.

15,000 28,000 43,000
2,000 27,000 29,000 58,000
1,000 3,200 24,000 57,000

Continent.

Japan
<fc China.

Total.

11,000
15,000
5,000

250,000
194,000
165,000

175,000
236,000
149,000

436,000
445,000
319,000

2,000
2,000
4,000

6,000
11,000
11,000

15,000

8,000
13.000
30.000

7.000
4.000
3.000

9.000
4.000
9.000

1,000
2,000

16,000
9,000
14,000

3,000

14.000
16.000
5,000

35,000
37.000
60.000

1,000
1,000
5,000

50.000
54.000
70.000

3,000 16,000 28,000 47,000
2,000 28,000 29,000 59,000
1,000 34,000 25,000 60,000

34,000
37,000
17,000

300,000
246,000
245,000

176,000
238,000
171.000

510,000
521,000
433,000

1,000
.........
1,000

1,000

1,000
1,000

.........

2,000

1,000

.........

2,000

2,000

1,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
A lex a n d ria , E g y p t,
J a n u a ry 4.

1910-11.

1909-10.

1908-09.

R eceipts (ca n ta rs )—
T h is w e e k ..........................
S in ce S ep t. 1 . ......................

300 ,0 0 0
5,689,031

165,000
4 ,2 2 9 ,9 2 0

240 ,000
4 ,4 3 3 ,9 2 0

This
S in ce
W eek . S ep t. 1 .

S in ce
This
W e ek . S ep t. 1.

This
S in ce
W eek. S ept. 1.

8.250 132,301
L iv e r p o o l . _______ —
M anch ester . ________ 9,000 123,920
C on tin en t _________ - - 17,750 174,986
A m e r ic a ______ . ___ 7.250 60,548

6.500 90,969
7.500 78,810
11,500 152,569
2.500 40,182

1.500 88,061
9,750 88,9 3 6
16,000 131,683
1.500 26,883

E xp orts (b a les )—
To
To
To
To

42,250 491 ,764 28,000 362 ,530 28,750 335 ,563

T o t a l e x p o r t s ________

MANCHESTER MARKET.— Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both yarn and
cloth is good. We give the prices for to-day below and leave
those for previous weeks of this and last year for comparison:
1910-11.
32.? Cap
Twist
Nov
18
25
Dec.
2
9
16
23
30
Jan.
6

(1.

1909-10.

8 4 lbs. Shirt- Cot’ n
Mid.
lugs, common
Upl's
to finest.
(1. s. d.

s. d.

d.

8 4 tbs. Shirtlags, common
to finest.

32 ? Cop
Twist.
d.

d. s d.

s. d.

11
12

5
5

7.85 1 0 4
7 ® 1 0 10
7 4 ® 10 10i2 8.10 10 4

@
@

114 5
11
5

6
5

11 3-16(31
1 13 -16®
11 <4 ©
11 % @
11 'A @

12K
12 H
12'4
1214

5
5
5
5
5

8 ® I 0 11
8 @110
84® 11 14
9 @ 11 3
9 @113

8.06
7 95
8.11
8.16
8.07

10 4
10 4
10 4
l<>4
104

@
@
@
@
©

11
114
114
11 4
114

54 @9
6 @1 0
6 @10
6 @ 10
04@ 10

11H

124 5

9

8.08 1 0 4

@

1 1 4 f)

11
11 H

@
@

®

124




@ 11 3

5
5
5
5
5

6

@ 9 11
@ 9 10

Cot'n
Mid.
Upl's
d.
7.72
7.02

11
0
0
0
1

7.72
7.94
8.03
8.26
8.50

@10 0

8.18

65

WORLD’S SUPPLY AND TAKINGS OF COTTON.
C o t t o n T a k in g s .
W eek an d S eason .

1910-11.
W eek .

V isible su p p ly D e c. 3 0 .......... ....... 5,362,961
V isible s u p p ly S ap t 1 _________
A m e rica n In sight to Jan . 6 ____
330’ 825
B o m b a y re ceip ts t o Jan . 5 ______
97.000
O th er In d ia sh ip ’ ts t o J a n . 5 ___
4,000
A le x a n d ria receip ts to J a n . 4 ___
40.000
O th er s u p p ly to J a n . 4* .
11.000

190 9-1 0.

S ea so n .

W eek .

1,495,514
8 ,4 6 4 ,7 5 0
732 .000
74,000
759 .000
128.000

S ea son .

5,0 1 7 ,7 0 9
237 ,072
115,000
1,000
2 2 ,0 0 0
9,000

1,9 3 1 ,0 2 2
7 ,4 0 6 ,5 2 8
1,0 7 7 ,0 0 0
76,000
564 .000
124 .000

T o ta l s u p p ly ___________________ 5,8 4 5 ,7 8 6 11,653,264 5,401,781 1 1 ,178,550
D educt—
V isib le s u p p ly J a n . 6 ___________ 5,3 7 0 ,4 1 0

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

T o ta l tak in gs t o J a n . 6 ________
O f w h ich A m e rica n
_ .
O f w h ich o t h e r ____
..
..

6.2 8 2 .8 5 4
4 .915.854
1,3 6 7 ,0 0 0

475.376
348 .376
127,000

5 ,0 0 9 ,0 2 4

392 .757 6 .1 6 9 .5 2 6
2 75 .757 4 .9 5 1 .5 2 6
117,000 1,2 1 8 ,0 0 0
* E m b ra ce s re ce ip ts In E u ro p e fro m B razil, S m y r n a , W e s t In d ie s. & c.

NEW ORLEANS OPTION MARKET.
S a l'd ay,
D ec. 31.
D ecem ber—
R a n g e _______
C lo s in g _______
J a n u a ry —
R a n ge _______
C lo sin g _____
F eb ru a ry—
Range . . . . .
C lo sin g _______
M a rch —
R a n g e . ____
C lo sin g _______
A p r il—
R ange.
•
C lo sin g . ____
M ay—
R a n g e .......... ..
C lo s in g _______
Ju n e—
R a n g e _______
C lo sin g . ____
J u ly —
R a n g e ______
C lo s in g . . . _
A u gu st—
R a n g e _______
C losing .. .
Septem ber—
R a n g e ____ .
C l o s i n g _____
October—
R a n g e _______
C losing
.
T on e—
.Spot ________
O p t io n s ______

M on d ay, Tuesday, W ed 'd a y , T h ursd’ y, F r id a y ,
J a n . 3.
J a n . 2.
J a n . 4.
J a n . 5.
J a n . 6.
—
—

@
@

— —
— —

@
@

—
—

—
—

@
@

—•
—-

14.92-.99 14 .7 7 -.8 6 14.73-.91 1 4.85-.9 3
14.91-.92 1 4.78-.7 9 14 .91-.92 1 4 .8 4 -.8 5
— @ — ---- ((U --- — @ — — © —
15.00-.0 3 14.88-.9 0 1 5 .0 1 -.0 3 1 4.92-.9 4
15.15-.2 3 14.9 6 -.1 0 1 4.93-. 13 1 5 .0 0 -.1 5
1 5 .1 4 -. 15 15.00-.01 15.12-.1 3 15 .0 2 -.0 3
— @ — — @ — — @ — — @ —
15.26-.2 8 15.12-.1 4 1 5.24-.2 6 1 5.13-. 14
H O L IDAY

H O L IDAY

15.36-. 44 15.18-.31 15.15-.33 1 5.20-.3 5
15.3 5-.30 1 5.21-.2 2 15.32-.3 3 1 5.22-.2 3
>
— @ — — @ — — @ — — @ —
15.40 * 15.26-.2 8 15.37-.3 8 15.29-.31
15.49-.5 5 15.30-.4 2 1 5.25-.4 4 15 .30-.44
15.47-.4 8 1 5.31-.3 2 15.44-.4 5 15.32-.3 3
— @ — — @ — — @ — — @ —
1 4.98-.9 9 14.85 —- 1 4.86-.8 7 1 4.84-.8 6
—
—

@
@

— —
—

(o> --- —
—

@ —
@ —

13.43 — — @ —
13.3 4 -.3 8
13.44-.4 5 13.35 — 13 .4 6 -.5 0 13.33-.34
V ’y st’d y
\Y e a k .

E asy.
S te a d y .

F ir m .
S te a d y .

F ir m .
E asy.

* N om in al.

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 221,378 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales
Y O R K — T o L iv e r p o o l— D e c. 31— C y m ric, 910 u p la n d , 50
S ea I s la n d ______________________ : _________________________________
960
T o M anch ester— D e c. 30— C a lderon , 1,000 u p la n d , 298 S ea I s l.
1,298
T o H u ll— J a n . 5— M aren go, 4 3 7 . _________________________ ______ _
437
T o B rem en — D e c . 31— G eorge W a s h in g to n , 4 9 9 ________________
499
T o G e n o a — J a n . 4 — C in cin n ati, 8 3 3 ______________________________
833
T o N aples— Ja n . 4 — C in cin n ati, 100_____________ _______ _______
100
G A L V E S T O N — T o L iv e r p o o l— D e c. 30— Ira k , 2 1 , 2 6 1 . . .J a n . 3—
F ran cis, 9,889 _____________________________________________________ 31,150
T o M anch ester— D e c. 30— M ercedes de L a rrln aga, 1 2 ,1 5 5 ____ 12,155
T o H a v r e — D e c. 30— M a sco n o m o , 10,787; M ld d leh am Castle,
5,159 _____________________________________________________________ 15,946
8,616
T o B rem en —J a n . 5— In k u m , 8 ,6 1 6 ______________________________
T o G h en t— D e c. 30— M lddleh am Castle, 6 , 7 9 1 _________________
6,791
1,093
T o R o tte r d a m — D e c. 31— L o rd Dovvnshlre, 1 ,0 9 3 .........................
T o B a rce lo n a — D e c. 31— I d a , 6 ,6 1 7 _______ ______ _________________
6,617
350
T o V en ice— D e c. 31— Id a , 3 5 0 ______________________ ____________
T o T rie ste — D e c. 31— Id a , 4 ,1 4 0 _________________________________
4,1 4 0
P O R T A R T H U R — T o L lv c r p o o l-^ J a n . 3— M ercian, 1 1 ,0 6 0 _________ 11,060
T o B rem en — J a n . 3— M eridian, 9 ,5 8 1 ____________________________
9,581
T E X A S C I T Y — T o L iv e r p o o l— J a n . 5— M em ph ian , 1 4 ,0 2 0 ________ 14.020
N E W O R L E A N S — -To L iv e r p o o l— J a n . 4 — A sla n , 9 ,1 0 0
J a n . 6—
A n tillia n , 1 1 , 5 0 0 . . . ................................................
T o C h ristiania— D e c. 31— D ro n n in g O lga, 100__________________
100
T o G en oa— D e c. 31— M o n v ls o , 6 ,3 3 7 ___ J a n . 5— E ra n ccsco
C lam pa, 5 ,0 8 3 ____________________________________________________ 11,320
M O B I L E — T o L iv e r p o o l— D e c. 31— C om ed ian , 9 ,5 3 4 _______________
9,534
S A V A N N A H — T o L iv e r p o o l— D e c. 31— M anchester S h ip p e r, 2,692 2,692
9,871
T o M anchester— D e c. 31— M anchester S h ip p e r, 9 ,8 7 1 _________
T o H a v r e — D e c. 31— F rld la n d , 1 3 .3 3 0 __________________________ 13,330
450
T o H a m b u rg — D e c. 31— I’ e n ch u rch , 4 5 0 ________________________
T o R e v a l— D e c. 31— F en ch u rch , 1 , 3 0 0 . . _________ ______________
1,300
600
T o A n tw e r p — D e c. 31— F e n ch u rch , 6 0 0 ________ ________________
T o S to c k h o lm — D e c. 31— F e n ch u rch , 2 0 0 ______________________
200
W I L M I N G T O N — T o L iv e r p o o l— D e c. 31— K a ta n g a , 1 0 ,6 2 8 _______ 10,628
T o T rieste— D e c. 31— V irgin ia , 3 ,0 3 3 _____________________________
3,033
B O S T O N — T o L iv e r p o o l— J a n . 3— L a n castrian , 448 ; S a g a m o re ,
2,431 ___________________________________________
B A L T I M O R E — T o L iv e r p o o l— D e c. 3 1 — V e d a m o rc, 1 ,4 2 7 ________
1,427
2,816
T o B rem en — D e c. 31— B ran d en bu rg, 2 ,8 1 6 _____________________
T o H a m b u rg — D e c. 30— P retoria , 8 5 0 __________________________
850
S A N F R A N C IS C O — T o J a p a n — D e c. 27— A sia , 3,548 ______________
3,548
S E A T T L E — T o J a p a n — D e c 31— K a m a k u ra M aru, 5 5 4 ____________
554
NEW

T o ta l

221,378

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &<>., at that port:
.................................
D ec. 16.
D ec. 23.
Sales o f th e w e e k _______b a le s . 51,000
52,000
O f w h ich sp e cu la to rs t o o k . .
3,000
1,400
O f w h ich e x p o rte rs t o o k _____________ 2,000
700
Sales, A m e r ic a n .......... ....... . . . . 45,000
48,0 0 0
A c tu a l e x p o r t _________
11,000
14,000
F o r w a r d e d ______________________ 106,000
90,000
T o ta l s t o c k — E stim ated . .
.7 6 1 ,0 0 0
882 ,0 0 0
O f w h ich A m erica n ..................650 ,000
771 ,000
T o ta l Im ports o f th e w eek .
172,000
223 ,000
O f w h ich A m e rica n .............. .1 3 5 ,0 0 0
191,000
A m o u n t a flo a t _____________ — 610 ,000
471 ,000
O f w h ich A m e r ic a n __________ 519 ,000
396 ,000

D ec. 3 0 .
31,0 0 0
900
700
28,000
3,0 0 0
65,000
975 ,0 0 0
852 ,0 0 0
160,000
134,000
480 ,000
422,000

J a n . 6.
59.000
1,000
3,000
52,000
11,000
127,000
1,088 ,000
9 79 ,000
249 ,000
228 ,000
440 ,000
361 ,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

20.6

2,8

THE CHRONICLE
Saturday.

**«■
Market,
12:16
P. U .

Tuesday.

Monday.

1

Steady.

j

Futures.
.Market
1
opened
)
Market,
4
P. U .

)
)
1

Good
demand.

Good
demand.

8.11

8.10

8.01

8.08

12 000
1,000

12,000
2,000

12,000
500

Quiet at
2 @ 3 pts.
advance.

Quiet at
3 0 4 pte.
decline.

Quiet at
3 @ 4 pts.
decline.

Steady at
6 points
advance.

Very sty.at
1 }$ @ 5 pts.
advance.

Quiet at
3 ® 7 pts.
deallno.

HOLTDAY.

H OLI­
DAY.

Good
demand.

Friday.

10,000
500

Mid. Vpt’ds
S a lo s .........
Spes.Aoxp.

Wednesday. Thursday.

Steady at Steady at
3 @ 4 1$ pts. 4 @ 8 pts.
decline.
advance.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
D ec. S I
to
Jan. 6.

M on.

S a t.

-J a n u a r y . _
Jan .-F e b .
F e b .- M o h .
. U o h .- A p r .
J u n o - J u ly
J u ly -A u g .

T u es.
12 }$
p .m .

4
12M U 2H 12K
p . m .I p . m . p . m . p a n .

H O L I­
DAY

H O L I­
DAY

SS3S:

O c t .-N o v .

7
7
7
7
7
7
7
7
7
7
7

91 }$
91
92
9 3 }$
9 3 }$
94
92
8 9 3$
69
32
13

W ed.

T h u rs.

F r i.

4
4
1 2 }$
4
4
12M
12 M
p . m . p .m . p . m . p . m . p .m . p . m . p .m .
9 3 }$ 90
93
90

s »

11

8 2 }$
9 5 }$ s ;g 8 9 } $ 84
93
96
90
8 4 }$
9 3 }$ 9 0 }$ 85
92
89
92
8 9 }$ 86
SB
65
72
09
61
3 4 } $ 32
28
35
16
12
16
0 9 }$

8 2 }$
8 2 }$
84
8 5 }$
86
8 6 }$
85
8 2 }$
62
2 7 }$
09

88
88
8 9 }$
91
9 1 }$
92
9 0 }$
88
68
31
13

8 7 }$
8 7 }$
89
9 0 }$
91
9 1 }$
90
8 8 }$
68
31
13

B R E A D S T U F F S .
F r i d a y , J a n . 6 1911.
Prioea for wheat flour have advanced on most grades, owing
largely to the upward tendency of wheat quotations of late.
Buyers, however, have shown greater interest in the mar­
ket, and though this has not led to any noteworthy in­
crease in transactions of late it has nevertheless created a
more hopeful feeling among many. There is belief among
some that the turn in the lane has been reached and that a
gradual broadening of business will be witnessed for a time.
Encouraging reports have been received from the large mill­
ing centres of the Northwest regarding trade prospects. Rye
flour has been quiet and firmer. Corn meal has been quiet
and steady.
*
Wheat shows a not unnatural rebound after a prolonged
period of depression. The rise of prices which, is quite sub-,
stantial for the week, is traceable to a variety of causes, in­
cluding decreased receipts at our primary markets and de­
creasing world stocks, extensive covering of shorts and bull
manipulation. For the week there was a falling off in the
world's available supply of close to 1,800,000 bushels, as
against an increase for the same time last year of about
040,000 bushels. Liverpool and Continental'' quotations
have risen sharply and some advance has also taken place
at Buenos Ayres. The European visible stock has fallen
off recently 8,874,000 bushels. River Plate offerings have
been at firm quotations, with a good demand at Liverpool.
The English demand for Australian wheat has also appar­
ently increased. The crop in the Punjab of India is
said to need rain. The recent cold wave in our Southwestern
States also stimulated buying, and according to current ru­
mor a pool of powerful speculators in Chicago has latterly
been formed for the purpose of putting up prices. It is said
to include some of the best-known men in the wheat business
of this country. On the other hand, within a few days bene­
ficial rains have been reported in, India and despite the fact
that receipts have fallen off, Northwestern stocks have con­
tinued to increase. It also appears that, notwithstanding
the reports of a better demand for flour, the Northwestern
flour mills have deemed it advisable to reduce their output .
Beneficial snows have accompanied the recent low tempera­
tures in our Western States, and further snows were pre­
dicted for the end of the week. Within a day or two Liver­
pool quotations have receded somewhat, and the same in a
more marked degree is true of those at Paris, Berlin, Buda
Pesth, Antwerp and Buenos Ayres. Argentina shipments,
though smaller than recently, are noticeably larger than
those for the same time last year. The Northwestern flour
output for the week was stated at 239,233 bbls., against
352,745 in the previous week and 315,510 for the same week
last year. To-day prices were irregular early but later there
was an upturn on bull support, reports of damage to winter
wheat by the recent cold wave, commission-house buying
and covering of shorts.
C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W Y O R K .
S a t. M o n . T u es. W e d . T h u rs. F r l .
98 H I I o ll- 99J4
99 }$ 100 }$ 101 }$
N o. 8 rod w in te r ..................................
M a y d e liv e ry In e le v a t o r .......... ......... 102 H d a y 104 }$ 103
105 H 106
.1 0 0 }$
1 0 1 }$ 1 0 1 }$ 102}$ 103
.In ly d e liv e ry In e le v a t o r _______
D A IL Y

D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN C H I C A G O .
S a t. M o n . T u es. W e d . Thurs. F r i.
M a y d e liv e ry In e le v a t o r ____ _
_ 9 6 }$ H o lt- 9 8 }$
98 'A 99 H 100 %
J u ly d e liv e ry In e le v a t o r ____ ______ 93 y. d a y
95 y,
9 4 }$
9 5 }$
96 M
S e p te m b e r d e liv e ry In e le v a t o r ........ ........
93 'A 9 3 }$
9 4 }$
9 4 }$

Indian corn futures here have been extremely dull. At
the West the speculation has been more active, and prices
hare risen, owing largely to the rise in wheat, though smaller
salos by the country have also been a bullish influence, de­
spite the belief among some that decreased marketing is
traceable mainly to a sharp drop in temperatures. Leading
wheat bulls have been good buyers, commission houses have
been purchasers and shorts have covered. Argentina news




[ V o l . L X X X X II.

has been conflicting, but in the main has been more favor­
able of late, needed rains having fallen. Export business
in this country, however, has increased and cash prices have
been stronger. To-day prices were firm in the main, though
no marked net change occurred. There was considerable
buying at the West, however, on reports of good export sales
and decreased receipts.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N I N N E W Y O R K .
S a t.
M o n . T u es. W e d . Thurs. F r i .
Cash c o m . __________________
5 2 }$ H o ll5 2 }$ 5 2 }$
53 53
M a y d e liv e ry ia e le v a t o r ____________ 5 6 }$ d a y
5 7 }$
57 X 5 7 }$
5 7 }$
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H I C A G O .
S a l. M o n . T u es. W e d . T h urs. F r i .
M a y d e liv e ry in e le v a t o r ___________ 4 8 }$ H o ll- 49
48?$ 4 9 }$
4 9 }$
J u ly d e liv e ry In e l e v a t o r . __________ 4 9 }$ clay 4 9 }$
4 9 }$ 50 }$
5 0 }$
S e p te m b e r d e liv e ry in e le v a t o r __________
5 0 }$
5 0 }$
5 1 }$
51M

Oats for future delivery in the Western market have been
stronger, though the speculation has been of small propor­
tions. The market, however, has been under the influence
of the strength in wheat and corn. The cash trade, more­
over, has increased somewhat of late at a rise in quotations.
There has been some commission-house buying, and shorts,
including certain elevator interests, have covered. To-day
the market was quiet with prices ending firm on the strength
of wheat, light offerings and covering of shorts.
D A I L Y C L O S IN G P R I C E S O F O A T S IN N E W Y O R K .
S a t. M o n . T u es. W e d . Thurs. F r i .
S t a n d a r d s ..._________________________ 3 8 }$ H o ll- 3 8 }$
3 8 }$ 39 ' 3 9 '
39
39
3 9 }$
3 9 }$
N o . 2 w h i t e . . ------------ ----------------------3 9 }$ d a y
D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S
M o n . T u es.
H o ll- 34 \l
day
34 }$
33 H

M ay d e liv e ry In e le v a t o r ____ ______ 34
J u ly d e liv e ry In o le v a t o r ___________ 33 }$
S e p te m b e r d e liv e ry In elevator.

IN C H I C A G O .
W ed . Th urs. F r i.
34 }$ 34 'A 34 ?$
34
34 }$ 3 4 }$
33 % 33 }$ 33 %

The following are closing quotations:
FLOU R.
W in ter, lo w g ra d e s------ 32 7 5 @ $ 3 50| K ansas stra igh ts, s a c k . 54 7 0 ® 3 4 95
W in ter p a te n ts .................. 4 8 0 ® 5 101 K ansas clears, s a c k s . - - 4 0 0 ® 4 40
W inter s tra ig h ts............... 4 3 5 @ 4 55 C ity p a te n ts .................. 6
00®
680
W in ter cle a rs.................... 3 7 5 ® 4 00 R y e flo u r .......................... 4
00®
455
S prin g p a te n ts .................. 5 3 5 ® 5 60 G raham flo u r __________ 4
15®
425
S prin g s tra ig h ts............... 4 8 0 ® 5 10 Corn m eal, kiln d r i e d . . . 2 7 5 ® 2 85
Spring c le a rs ....................... 4 2 5 ® 4 601
G R A IN .
C orn, per bushel—
W h e a t, per bushel—
Cents.
N o . 2 n o w ______ f .o .b .
N . S p rin g , N o . 1 ..................-5 1 24
53
N o . 2 m ix e d ____ f .o . b .
N . S p rin g, N o . 2 . . .............
1 21
N om in al
N o . 2 w h ite _____ f .o . b .
R e d w in te r. N o . 2 _________ 1 0 1 } $
N om in al
H ard w in ter. N o . 2 ________ 1 06 M R y e , per bushel—
N o . 2 W e ste rn _________
85
O ats, per bushel, n ew —
Cents.
81 @ 8 1 }$
S ta te and P e n n sy lv a n ia
S ta n d a r d s__________________
39
93 @ 9 7
N o. 2 w h lto ..............................
3 9 }$ B a rley— M a ltin g_________
N om inal
N o. 3 w h ite ________________
38 }$
F e e d in g , o .l.f ., N . Y . _

The statements of tho 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 at—
C h ica g o ____
M ilwaukee..
Duluth.........
Minneapolis
T o le d o .........
D etroit.........
Cleveland . .
St. Louis___
P e o r ia _____
Kansas City.
Total wk. '10
Same wk. '09
Same wk. ’08

Flour.

Wheat.

Corn.

|

Oats.

Barley.

Rye.

m s .i m b s . bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu.56 lbs.
588,300
113,208
2,728,800
172,900
2,986,250
33,000
463,900
54,950
301,600
247,470
188,710
19,380
65,354
49,071
8,235
336,652
31,719
371,920
310,879
326,620
1,606,320
42.050
............
48.000
119,600
47,000
121,365
326,981
9,676
74,955
62,410
" V.666
148,210
312
21,020
489,550
417,750
121,800
238,700
8,800
45,970
441,603
206,600
57,200
42,094
6,600
13,000
427,200
90,100
513,600
............
...........
274.445
318,203
321,187

Since Aug. 1
1910......... 7,829,814 140.403,500
1909......... 10,167,108 157,337,461
1908......... 10.182,824| 154,033,050

4,576,199
2,580,916
2,993,563

5,545,203
4,094,473
4.536,464

3.212,857
4,674,350
2.398,414

1,430,450
1,176,224
1,548,157

109,830
122,746
115,971

85,364,504 102,793.320 40,048,815 3,199,130
71,255,098 84,953,697 43,290,280 4,084,459
61,059,821 86,988,014 50.107,857 4,002,408

total receipts of flour and gram at the seaboard ports for
the week ended Dec. 31 1910 follow:
Flour.
Receipts at—
bbls.
New Y o r k ........... . 146.845
B o s to n ____ _____ .
43,715
Portland, M e___ .
6,901
Philadelphia____ .
47,347
Baltimore.............. .
42,290
R ich m on d ........... .
4,432
New Orleans * __ .
27,723
Newport N e w s ...
N orfolk.................. ’
’ 1,428
Galveston_______ _ ...........
Mobile_________ ..
1,994
Montreal............. ...
9,575
St. John________ ..
56.000

Wheat,
bush.
136,800
49,800
184,000
61.691
39,469
36,176
3,700
3i',666

Corn,
bush.
951.760
351,248
93,000
401.217
776,679
32.090
471,500
132,857

Oats,
bush.
343,125
78,005
133,843
65,260
16,509
68,500

Barley,
bush.
160,613
1,200
_____
1,000
2,995

.......

-----

28,239

30,505

Rye,
bush.
1,150
_____
800
10,367
1,000

......

"V.666
4,000
9.498

9,310
208.000

Total week 1910.. 388,256
733,472 202,313
13,317
759,946 3,224,839
Since Jan. 11910. .18.437.691 76,029,415 415,703.644 50,466,287 4130,025 962,692
Week 1909______ . 327,412 1.861.066 2,064,265
501,924
83,938
2,726
Since Jan. 1 1909. 17,805,785 101310.741 417,356,213 44,050,823 7406,015 1141,318
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Doc. 31 1910 are shown in the annexed statement:
Wheat.
Exports fro m - bush.
New Y o r k ......... 50.805
Portland, M e .. . - 181,001)
B o s to n ................ 45.777
Philadelphia . . 32.000
Baltimore........... 50.569
New O rlea n s... _ ______
...........
Newport New.s.. .
Galvcston........... _ ______
Mobile........... .. •- ______
St. John, N'. B . - 208,000

Corn,
bush.
573,109
93,000
154,361
346,000
518,572
242.000
132,857
4,666

Flour,
bbls.
64,308
6,901
3,755
25,500
23,590
12,000

______
. . .
200

b'o o o
1,994
56,000

______
—

Total w e e k ... . 571,151 2,063,899 201.476
Week 1909...........1.883,732 1,253,577 209.931

Oats,
bush.
7,178

7,378
24,370

Rye.
bush.

_____
_____
_____
____
____
_____
-----

Peas',
bush.
7.729
_____
463
_____
_____
. ..
'9 0
. ____
_____
..........

3i',iu 6

0,282
4,213

Harley.
bush.
_____

-----

THE CHRONICLE

J an. 7 1911. |

67

The destination of these exports for the week and since liveries are over. Many merchants now in the market to
replenish stocks express the opinion that it will be difficult
July 1 1910 is as below:
to effect a satisfactory distribution of cotton goods on price
----------Flow ---------- ---------- Wheat-------------------------- Corn------------Since
Since
levels much, if any, higher than those now current, and they
Since
IKecfc
July 1
Week
July 1
IPfcfc
July 1
are urging sellers to pursue a conservative course in this re­
1910. Dec. 31.
1910.
Exports fo r week and Dcc.'.ll.
1910. Dee. 31.
bush.
bush.
bush.
bush.
spect. The latter, naturally, arc disposed to do everything
since July 1 to—
bbls.
bbls.
465,904 18,761,070
732,026 4,128.214
United K in g d o m ... 70,980 2,204,049
possible to encourage a healthy expansion in business, but
103,647 11.228,612 1,250,405 5,409,514
C on tinent.....................37,037
982,019
contend that buyers do not fully appreciate actual condi­
1,006
144,375
54,000 1,558,482
Sou. * Cent. A m cr. 25,110
509,085
...
3,000
19,468
745,552
West In d ie s .............. 29,007
040,050
tions confronting mills or the extent of the reduction in stocks
2,000
9,374
................................
Brit. Nor. Am. ColH. 1,270
60,024
at first hands which has already taken place, and they are
______
7,000
............
17,899
Other Countries____ 35,000
100,459
convinced that unless demand for goods on a profitable basis
Total
204,476 4,618,089
571,151 30,144,657 2,063,899 11,869,035
improves shortly, mills will be forced to curtail still further.
Total lO O oIIII I I I -209,934 5,439,383 1,883,732 53,889,775 1,253,577 9,221,468
In cotton goods an important development that aroused
The world's shipments of wheat and corn for the week much interest was the announcement that Lonsdale 4-4
ending Dec. 31 1910 and since July 1 1910 and 1909 are bleached muslins had been modified in construction and low­
shown in the following:
ered in price from 8%c. to 8 } 4 c . , apparently for the purpose
of meeting market needs as to price and the demand for a
Wheat.
Corn.
lighter-weight material. The change puts this well-known
brand of sheetings in the 10c. retail class, and a fair business
Exports.
1910.
1909.
1910.
1909.
on them has already been done. This merchandising change
Week
Since
Since
Week
Since
Since
caused no little surprise in the trade, but no disturbance, since
Dec. 31.
July I.
July 1.
Dec. 31.
July 1.
July 1.
stocks now in distributers’ hands are protected. Pro­
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
ducers of Fruit of the Loom announced that they would make
North Amcr. 2,112,000 64.483.000 86.381.000 1,503,000 11,016,000
9.420.000
R u ssia _____ 2.704.000 130,888,000 123.784.000 315.000
no change in their construction. Jobbers have not done
5,585,000
9.586.000
D a n u b e ____ 1.720.000 62.370.000 11.752.000 612.000 50.512.000 11.647.000
much beyond ordering goods as they need them, and are not
Argentina . . 1.264.000 25.640.000 14.824.000 969,000 49.600.000 56.612.000
likely to until their own trade broadens. Aside from the
Australia . . .
768.000 16.792.000
6,356,000
I n d ia ______
664.000 25.184.000 I
Lonsdale revision, cotton goods prices continue firmly held.
Oth. countr’s 256.000
5,014,000 120.104.000
................
In silk piece goods, large quantities are being shipped on
T otal......... 9,488,000 330,377,000 269,201,000 3,399,000 116,713,000 87,265,000
contracts; re-orders on staples and fancies are coming for­
ward steadily, but new business is lighter in volume than in
The quantity of wheat and corn afloat for Europe on dates the early part of last month, and many mills are experienc­
mentioned was as follows:
ing difficulty in securing profitable prices, based upon cur­
rent costs of production. Underwear and hosiery showed
Wheat.
Corn.
an improving demand, owing to the presence of buyers in
search of spring goods. AVroolen and worsted dress fabrics
United
United
Kingdom. Continent.
Total.
Kingdom. Continent.
Total.
remained seasonably quiet, but in men’s wear a satisfactory
amount of business was reported done on staple and fancy
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
D ec. 31 191 0.. 13.864.000 16.632.000 30.496.000 6.876.000 12.597.000 19.473.000
overcoatings and staple wool suitings.
Dec. 24 1910.. 14.808.000 17.224.000 32.032.000 7.139.000 13.557.000 20.696.000
Jan. 1 191 0.. 17.992.000 8.880,000 26.872.000 5.882.000 6.443.000 12.325.000
DOMESTIC COTTON GOODS.— The exports of cotton
Jan. 2 1909.. 14.080.000 6,080,000 20.160.000 3.400.000 6.100.000 8.500.000
goods from this port for the week ending Dec. 31 were 4,263
Jan. 4 190 8.. 18.480.000 7,840,000 20,320,000 3.480.000 5,360,000 8.840.000
packages, valued at $353,485, their destination being to the
points specified in the tables below:
The visible supply of grain, comprising the stocks in
---------1910----------------- IB M ------—
granary at principal points of accumulation at lake and
S in e*
S in ce
Alew
York
to
D
ec.
31—
W
e
ek
.
J
a
n
.
1.
W eek . J a n . 1
seaboard ports Dec. 31 1910, was as follows:
G rea t B r ita in ____________
.
1
1,858
12
2,036
AM E RICA N G R A IN
Wheat,
Corn,
bush.
bush.
New Y o r k ____________ 2,335,000
516,000
"
afloat..............
288,000
Boston ............... .............
506.000
183.000
Philadelphia . . . ...........
545,000
227.000
Baltimore........... .............
603,000
847.000
New Orleans . . . .............
3,000
511.000
Galveston........... .............
131,000
6,000
B u ffalo________ _______ 2,555,000
13,000
"
afloat.............. 4,865,000
T o le d o ............... ----------- 1,435,000
184.000
D etroit............................
398,000
254.000
"
afloat. _______
100,000
Chicago............. ............. 5,512.000
1,108,000
M ilwaukee____ .............
132,000
118,000
D u lu th ............. .............. 3,398,000
42.000
Minneapolis . . ............. 14,285,000
155.000
St. B ou ts ______ ............. 2.066,000
221.000
Kansas City___ ............. 4.688,000
419.000
Peoria. . .
. . . _____ _
12,000
55.000
Indianapolis___ .............
425,000
240.000
Total
Total
Total
Total

Dec. 31 1910..44,282,000
Dec. 24 1910.-43,929,000
Jan. 1 1910 .27,736,000
Jan. 2 1909. .51,759,000

Montreal______ ...........
Fort W illia m ... .............
“
afloat..............
Port Arthur___ _______
Other Canadian._______
Total
Total
Total
Total

Dee. 31 1910. .12,098.000
Dec. 24 1910.-10,638,000
Jan. 1 191 0.. 8,903.000
Jan. 2 190 9.. 6,415.000

Dec. 31 1910.-50,380,000
Dec. 24 1910.-54,567,000
Jan. 1 1910 .30.699,000
Jan. 2 1909..58.174,000

47,666
223.000
172.000

5,099,000
3,300,000
8,465,000
7,165,000

4,000
7.000
35,000
26,000

liarlcy,
bush.
31,000

137,000

5,000

777.000
311.000
292.000
131.000

123,000

317.000
400.000

3,000
32,000

1,000

6.603.000
472.000
929.000
3.049.000
335.000
279.000
1.672.000
95,000

11,000
34,000
8,000
122,000
8,000

163.000
332.000
354.000
32,000

16,267,000
16,129,000
11,180,000
10,629,000

491,000
478,000
814,000
.1,022,000

1,660,000
1.555.000
2.655.000
5.082.000

Rye,
bush.

Harley,
bush.
94,000

1,201,000
1,251,000
434,000
219.000

SUM M ARY.
Corn,
Oats,
bush.
bush.
5,099,000 16,267,000
4,000
1,201,000
5,103,000
3,307,000
8,500,000
7,191,000

Rye,
bush.
13,000

25,000

C A N A D IA N G R A IN STOCKS
Wheat,
Corn,
Oals,
bush.
bush.
bush.
284,000
4,000
1,201,000
3,601.000
334,000
3,180,000
4,699,000

IKAfflf,
bush.
America* ____ ........... 44,282,000
C a nadian______ ______ 12,098,000
Total
Total
Total
Total

STOCKS.
Oats,
bush.
880,000

17.468.000
17,380,000
11,614.000
10.848.000

94.000
97.000
91.000
64.000
Rye,
bush.
491,000

Barley,
bush.
1,660,000
94,000

491,000
478,000
814,000
1,022,000

1.754.000
1.052.000
2.746.000
5.146.000

—

T H E

D R Y

G O O D S

T R A D E .

6 1911.
Textile markets generally began the new year in a quiet
way, but in certain quarters trading became somewhat more
activo and broader toward the week-end. The number of
buyers here from various sections is increasing, and while
they are not operating extensively they are steadily taking
goods to meet near-by needs, and are also displaying inter­
est in new lines of spring goods; in fact, there is reason to bclievo that the volume of business passing, though not as
heavy as sellers would like, is larger than appears on the sur­
face. A better demand is expected after retailers have
completed their inventories and the January sales and de­
N ew




Y o r k , F r id a y N ig h t, J a n .

O th er E u r o p e ____________
C h in a _____________________
In d ia ________ _______ ___
A r a b ia __________________
A f r i c a _____ _______ ______
W e s t In d ie s _____________
M e x i c o _____ _____________
C en tral A m e r ic a ________
Mouth A m e r ic a ___________
O th er C o u n trie s_________
T o ta l

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

.
15
.1 ,1 6 7

.
25
. 329
.
57
. 494
.1,058
. 217

075
60,562
14,899
15,249
6,662
34,073
2,054
14,051
52,147
49,011

488
14
281
422
262

1,104
169,851
17,200
25,512
16,036
40,011
1,733
14,064
54,277
23,898

4,263

251,541

1,696

363 ,812

2
207
8

The value of these New York exports since Jan. 1 has been
$18,058,943 in 1910, against $20,301,378 in 1909.
Bleached goods were in better demand in some houses,
though no large sales were noted; prices ruled firm, with talk
of advances on sheetings in the near future. Brown domes­
tics were quiet. Prints continued in steady request; per­
cales were more active and new lines are being shown. Re­
orders on wash goods were more numerous and trade in this
quarter showed signs of expanding, while duplicate orders
on ginghams came forward more freely, with frequent re­
quests to anticipate deliveries of goods under order. As in­
dicated, the change in construction and price of Lonsdale
sheetings met with a good response from buyers. Cotton
linings are quiet at present, but trade in goods of this de­
scription suitable for foundation purposes is expected to im­
prove shortly. No special feature developed in the export
market. Narrow print cloths wore in moderate request
only; the Borden interests have withdrawn their bid of
3 1-lOe. for 27-in. 50x52s, after fairly large purchases for
December and January deliveries. A little broader de­
mand was reported for wide cloths from converters and
printers, for near-by delivery; standard gray goods are now
quoted at 5 3-16c.
WOOLEN GOODS.— Although the holiday interrupted
trading in the men’s wear market, as in other quarters, a
fairly large volume of business was transacted on staple and
fancy overcoatings and staple woolen suitings recently
opened. Bookings by the leading interest on fancy over­
coatings are said to compare favorably with the heavy busi­
ness done at the corresponding time a year ago; the low val­
ues named this season undoubtedly account for the early
activity of buyers. Staple overcoatings and suitings were
also in good .demand, and the outlook is considered encour­
aging. Prices which will soon be named on staple worsteds
are awaited with interest . Outside of some additional orders
for spring, the dress goods market showed little activity.
FOREIGN DRY GOODS.— Imported woolens and wor­
steds were in moderate request, with some further orders
for fall deliveries. Linens ruled comparatively quiets with
demand more or less scattered; many lines have been ad­
vanced about 5% for future delivery, reflecting the firmer
market abroad, which some interests fear will restrict for­
ward business. The burlap market was quiet, with spot
prices slightly easier in tone but futures firm in sympathy
with Calcutta; light-weights and 10D;-ounee remain
bly unchanged.

TI1E CHRONICLE

6 8

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F ro n t, F in e anil D e p e y stcr S ts.,

M U N IC IP A L

BOND

SALES

IN

N ew Y o rk .

DECEM BER

1910.
During the month of December new issues of municipal
bonds aggregating 828,581,467 were marketed, making the
total output of this class of security for the year 1910
8308,651,829, which compares with 8339,424,560 for 1909
and 8313,797,549 for 1908. The total for the month just
ended is, with the exception of 1909, the largest ever reported
for December, while the aggregate for the twelve months of
1910 is exceeded only by those of 1909 and 1908. The fob
lowing table shows the aggregate for December as well as the
twelve months for a series of years:
AN D

M on th o f
D ecem ber.
1910
5 2 8 ,5 8 1 .4 6 7
1909 ____ 3 1 ,7 5 0 ,7 1 8
1908
. . . 28 ,0 5 0 ,2 9 9
1907
- 13,71 8 ,5 0 5
1906
2 1 ,2 6 0 .1 7 4
1905
8 ,2 5 4 ,5 9 3
1904
0 ,9 3 5 ,7 8 5
1903
_ 13,491,797
1902
11,567,812
1 90 111 - I . 15,456.958

TH E

F o r the
Twelve A t o s.
$ 3 0 8,65 1,8 29
3 39,424,550
313 ,797 ,54 9
2 2 7 ,6 4 3 ,2 0 8
2 0 1 ,743 ,34 6
183,080,023
2 5 0 ,7 5 4 ,9 4 6
152 ,281 ,05 0
1 5 2 ,846 ,33 5
149,498,689

YEAR

M onth o f
D ecem ber.
1 8 9 9 ... . .
4 .9 8 1 ,2 2 5
1 8 9 8 ... . .
7 ,3 0 6 ,3 4 3
1 8 9 7 .. . . . 17,855,473
1 8 9 6 ...
10,664,287
1 8 9 5 ... . .
8,54 5 ,8 0 4
1 8 9 4 . __ . . 13,486,374
1 8 9 3 . . . . . 17,306,564
1 8 9 2 .... ...
3,29 7 ,2 4 9

$145,73 3,0 62
118 ,113 ,00 5
103 ,084,793
137,984,004
106 ,496 ,06 0
114,021,633
117,176 ,22 5
77,42 1 ,2 7 3
8 3 ,823,515

The monthly output in each of the years 1910 and 1909 is
shown in the following table:
J a n u a ry . .
F e b ru a ry .
M arch —
A p ril ------M a y --------J u n e ---------

_
.
.
.
.
.

1909.
8
2 9 ,318,403
17.941,816
3 2 ,6 8 0 ,2 2 7
37 ,4 6 2 ,5 5 2
2 7 ,597,869
62.12 4 ,4 5 0

1910.
5
16,271.978
18.580,024
69 ,0 1 8 ,3 9 0
2 0 ,1 3 3 ,4 6 0
18,640,400
18,760,585

J u ly .......... A u g u s t ____
S e p te m b e r .
O c t o b e r ___
N ovem ber .
D e ce m b e r - .

1909.
$
2 0 ,1 2 0 ,6 4 7
2 2 ,1 4 1 ,7 1 6
23,001,771
16,377,836
18,906,555
31 ,7 5 0 ,7 1 8

1910.
$
3 5 ,3 7 1 ,0 6 8
14,218,723
18,042,621
26,854,062
24,179,051
2 8 ,5 8 1 ,4 6 7

T o t a l _______________________________________________3 3 9 ,4 2 4 ,5 6 0 3 08 ,651 ,82 9
A v e ra g e p er m o n t h __________________________________ 2 8 ,2 8 5 ,3 8 0 25,72 0 ,9 8 6

It should be borne in mind that the above totals represent
only new issues of long-term bonds put out by the States,
counties and minor civil divisions of the United States.
During the month of December we reported, in addition, the
$28,581,467 long-term bonds mentioned above, the negotia­
tion of $26,052,991temporary loans and the sale of $449,032
Canadian debentures, as well as $8,000,OOOgeneral fundjbonds
of New YorkjCity. For the year 1910 the total sales of these
various loans were as follows: Canadian debentures, $86,­
528,113, compared with $106,497,519 in 1909; temporary
loans, $248,945,542 in 1910, compared with $163,686,092 in
1909; and]JNew York City general fund bonds, $17,000,000,
against $16,750,000. Last year’s total of temporary loans
includes $214,037,277 revenue bonds of New York City. In
1909 only $127,560,940 of these bonds were issued. The
City of New York in 1910 also sold $63,021,295 tong-term
bonds or corporate stock and $1,000 assessment bonds, these
amounts being included in our total of municipal bond sales
above; in the preceding year the city disposed of $70,562,074
corporate stock and $2,004,000 assessment bonds. The city
made only one public sale of corporate stock last year, that
of $50,000,000 in March. In 1909 there were three public
sales, $10,000,000 in March, $40,000,000 in June and $12,­
500,000 in December, making the total sold to the public
that year $62,500,000.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will be given later.
N ew s

Ite m s.

[V O L . L X X X X II.

We are also advised that certain parties have threatened
to bring suit to enjoin the issuance of $850,000 drainage
bonds. It is claimed that the proceedings of the City Council
authorizing this issue are irregular.
King County (P. O. Seattle), Wash. - L i t i g a t i o n .— Suits
were filed Dec. 30 1910 in the Superior Court to enjoin the
issuance of the $1,750,000 harbor bond issue of King County
and $421,000 fire-station, docks, hospital and bridge bonds
of the city of Seattle, voted Nov. 8 1910.
Oklahoma.— S u i t to P r e v e n t R e m o v a l o f S ta te C a p i t a l .—
Suit was filed in the State Supreme Court on Dec. 24 to pre­
vent the removal of the State capital from Guthi-ie to Okla­
homa City, as provided in the Act recently passed at a special
session of the Legislature. V. 91, p. 1658. A companion
Act passed at this session confers upon the State Supreme
Court exclusive ’And original authority, as in county-seat
cases, to determine suits affecting removals of the State
capital or any educational or charitable institution, and
accords to any resident taxpayer the right to institute a suit
within ten days after the bill sought to be tested has been
approved by the Governor. The plaintiff in the action just
started is W. H. Coyle, who was also the plaintiff in the first
suit begun last summer in the Federal Court.
The bill providing for the capital removal referred to above
was not signed by the Governor until Dec. 29 1910, making it
necessary to re-file the suit mentioned. It is said that this
was done on Dec. 31 1910, and that argument was had be­
fore the U. S. Supreme Court on Jan. 3.
Republic of Panama.— S p e c i a l S e s s i o n o f L e g i s l a t u r e to
R a is e F u n d s .— It is reported that a special session of the
Legislature has been called to provide for an internal loan.
There is a large deficit, it is said, and all public works and
proposed improvements have been suspended, owing to a
lack of funds.
St. Louis, Mo. — C h a r ie r E l e c t i o n .— On Jan. 31 the citizens
will vote on a proposed new city charter.
Springfield, 111. — C o m m i s s i o n P l a n o f G o v e r n m e n t A d o p t e d .
— An election held Jan. 2 is said to have resulted in a vote
of 3,699 to 3,049 in favor of a proposition to adopt the
commission plan of government.
Wisconsin.— S u i t to T e s t I n h e r i t a n c e T a x L a w .— A test suit
was started Dec. 23 1910 by Attorney-General F. L. Gilbert
to determine the right of the State to collect inheritance taxe<
from the estates of deceased non-residents who held stock in
Wisconsin corporations. The defendants in the case brought
by the State are the administrators of the estate of the late
W. II. Tilford of New York, involving $2,000,000 stock in
the Milwaukee & St. Paul road, on which, it is estimated, the
tax would be $50,000. According to some of the newspapers,
it is believed that the administrators of the estate of J. Stew­
art Kennedy, who left $23,000,000 in Northern Pacific stock,
on which the tax will aggregate $1,500,000, will join with the
Tilford administration in fighting the test case.
B o n d P r o p o s a l s a n d N e g o t i a t i o n s this week
have been as fo llow s:

Amesbury, Essex County, Mass.— B o n d O f f e r i n g . — Pro­
posals will be received until 10 a. m. Jan. 9 by John J. Allen,
Town Treasurer, for $16,000 4% coupon bridge bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J a n . 2 1011.
In terest se m i-a n n u a lly a t
th e First N ational B a n k In B o s to n .
M atu rity $ 2 ,000 eaoli year fro m 1912
to 1919 in clu sive.
N o d e p o s it r e q u ire d .

Artesia School District, Los Angeles County, Cal.— B o n d
.— Proposals will be received until Jan. 9, according
to reports, for the $20,000 5 % 20-year (serial) school­
building and improvement bonds voted (V. 91, p. 1659) on
Dec. 2 1910.
Bowling Green, Wood County, Ohio.— B o n d E l e c t i o n .—
A proposition to issue $50,000 bonds will be submitted to a
vote of the people on Jan. 10.
Brookings County (P. O. Brookings), So. Dak.— B o n d
S a l e .—The $100,000 5% 5-20-year (optional) bonds dated
Dee. 27 1910 and described in V. 91, p. 1723, were sold on
Dec. 27 1910 to the Union Investment Co. of Minneapolis at
101.805 and accrued interest— a basis of about 4.593% to the
optional date and about 4.859% to full maturity. A list of
the bidders follows:

O ffe r in g

U n ion In v e s t. C o ., M ln n ca p .$ 1 0 1 ,8 0 5
M inn. L n . & T r . C o ., M in n . 101,526
H arris T r . & S a v . B k ., C lilc. 101,438
E . II. R ollin s & S o n s, C ld c . 101,357
U len & C o ., C h ic a g o ..... ......... 101,131

H . K lsliback, B r o o k in g s ------ $10 1,10 0
N. VV. H alsey & C o ., C h lc ._ 100,759
M cC o y & C o ., C h ic a g o -------- 100 ,750
K a n e & C o ., M in n e a p o lis... 100,350
W eil, R o t h & C o ., C h ic a g o . 100,310

Brown’s Creek School District (P. O. Welch), McDowell
County, W. Va . - B o n d O f f e r i n g . -Proposals will be received
until 12 m. Jan. 14 by F. C. Cook, Secretary, for $35,000 5%
coupon school-bailding improvement and construction bonds.
A u th o rity C h apter 27, A c ts o f 1908.
D e n o m in a tio n $ 1 ,0 0 0 . D ate
Jan . 1 1911. In terest s e m i-a n n u a lly at th e M cD o w e ll C o . N ation a l B ank
In W e lch . M atu rity J a n . 1 1941, s u b je c t t o call a fte r 20 years.
B on ds arc
ta x -e x e m p t. Certified ch e ck fo r $100, p a y a b le t o the B oa rd . Is re q u ired .
N o d e b t a t presen t. A ssessed v a lu a tio n 1910 Is $12 ,4 3 6 ,3 4 2 00.

Bruneau School District (P. O. Bruneau), Owyhee County,
Idaho.—Rond S a l e .— On Dec. 17 1910 $1,400 5% school­
building bonds were awarded to the State of Idaho at par.

D e n o m in a tio n $500, e x c e p t o n e b o n d o f $400.
D a te J a n . 1 1911.
In ­
Atlantic City, N. J.— L i t i g a t i o n .— Suit has been started to
prevent the issuance by the city of $242,000 park bonds on terest scin l-an n u al. M atu rity 1921, s u b je c t t o call a fter 1916.
Buffalo,
N.
Y
.
B
o
n
d
s
P
u
r
c
h
a
s
e
d
b
y
S
i
n
k
i
n
g
F
u
n
d
in
the ground that the Council has made no provision for the
payment of the interest on these bonds which would fall due D e c e m b e r .— The following 4% bonds were purchased at par
during December by the Sinking Fund:
on July 1 1911.




JAN. 7 1911.]

THE CHRONICLE

P u rp ose—
A m o u n t.
D a te.
M a tu rity .
M on th ly loca l w o r k ................
$18 ,288 37 D e c. 15 1910 D e c. 15 1911
W a t e r __________________
10,000 00 Ju n e 15 1910 Ju n e 15 1960
Turning basin r e fu n d in g _________ 150,000 00 J u ly 1 1910 J u ly 1 ’ l l - ’ 30
T["lie $15 0,00 0 refu n d in g b o n d s m e n tio n e d a b o v e w ere sold on S e p t. 23
,1910
„ , 0 to the C olu m bia N ation a l D ank In B u ffa lo . See V . 91, p . 89 5 . T h e
c it y agreed t o b u y b ack these b o n d s u p o n th e purch ase b y th e b an k o f the
$30 0,00 0 5 0 -y ca r w ater b on d s w hich the c it y h eld In Its sinking fu n d a t the
tim e and w hich th e ban k has since ta k e n .

Cuyahoga County (P. O. Cleveland), Ohio.— B o n d S a l e .—
On Dec. 31 the $300,000 4 y v% coupon court-house-con­
struction bonds described in V. 91, p. 1723, were awarded
to the Davios-Bcrtram Co. of Cincinnati for $305,285— the
price thus being 101.701. Other bids received were as fol­
lows:
T lllo ts o n & W o lc o t t C o .,
I First N a t. B a n k , C l o v e - .$ 3 0 4 ,4 1 1 00
C l e v e l a n d . _____ ______ $304,504 50 F irst T ru s t & Savings
O tis & H ou gh , C levelan d 3 04 ,477 0 0 1 B a n k , C h ic a g o ________ 3 0 2 ,2 5 0 00
M a tu rity $15 ,000 y e a rly on O ct. 1 fro m 1911 t o 1930 Inclu sive.

(>9

Methuen, Essex County, Mass.— B o n d S a l e . — On Jan. 5
$23,000 4% coupon water bonds were awarded, according to
despatches, to E. M. Farnsworth & Co. of Boston at 104.04.
A u th o r it y C h apter 418 , A c t s o f 191 0. D e n o m in a tio n $ 1 ,0 0 0 .
D ate
D e c . 1 1910.
In te re st s em i-an n u ally at th e F irs t N a tio n a l B a n k In B o s to n .
M a tu r ity $1,0 0 0 y e a rly on D e c. 1 fro m 1911 t o 1933 In clu s iv e . B o n d s are
ta x -e x e m p t In M assach u setts.
.

Michigan City School District (P. O. Michigan City),
Laporte County, Ind.— B o n d S a l e . — According to reports,
on Jan. 2 the $10,000 5% 10-year high-school bonds de­
scribed in V. 91, p. 1792, were awarded to the FletcherAmerican National Bank in Indianapolis at 108.25.
A u th o r it y S e c tio n 2835, R e v ise d S ta tu te s .
D e n o m in a tio n $ 3 0 0 , e x c e p t
o n e b o n d fo r $40 0.
D a te , ‘ ‘ d a y o f s a le .”
In te re st A p ril 1 a n d O c t . 1.
M a tu rity 6 years fro m d a te . P u rch a ser t o p a y a ccru e d Interest.
B on ded
d e b t, n o t In clu din g this Issue, $ 4 ,2 0 0 . N o flo a tin g d e b t . A ssessed
v a lu a tio n 1909, $ 19 3,00 0.

Milford Centre, Union County, Ohio.— B o n d O f f e r i n g .—
Delphos, Allen and Van Wert Counties, Ohio,— B o n d Proposals will be received until 12 m. Jan. 10 by F. C. Stil­
— Proposals will be received until 1 p. m. Jail. 10 lings, Village C erk, for the following 5% coupon bonds:
by A. E. Weger, Village Clerk, for $13,000 5% street- $9,000 W e st S ta te S t. special-assessm ent b o n d s. A u th o rity C h a p ter 6,
improvement (village's portion) bonds.
S ection s 3914 and 3916, G eneral C od e.
O ffe r in g .

A u th o rity S e c tio n 393 9, G eneral C od e.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate
D e c. 1 1910.
In terest sem i-an n u al.
M atu rity D e c. 1 1920. Certified
c h e c k for 5 % o f b o n d s bid fo r, p a y a b le to the V illa ge T reasurer, is re q u ire d .
P u rch a ser to p a y a ccru ed interest.
B o n d S a l e . — On Dec. 23 the Vinton Banking Co. in Vinton
was awarded, it is stated, two issues of 5% refunding streetimprovement bonds, aggregating $3,4(30 64, for $3,568 64—
the price thus being 102.94.
Delta County (P. O. Escanaba), Mich.— B o n d S a l e . — On
Dec. 31 1910 the $40,000 4% bridge-construction bonds
described in V. 91, p. 1723, were awarded to the Detroit
Trust Co. in Detroit for $40,011 (100.027) and accrued
interest. Maturity $5,000 on Jan. 1 1912 and each second
year thereafter from 1913 to 1925 inclusive.
Fort Lee, Bergen County, N. J.— B o n d S a l e . —The $50,000
5% coupon funding bonds offered but not sold on Nov. 23
(V. 91, p. 1467) have been awarded to Weil, Roth & Co. of
Cincinnati at 100.45 and accrued interest.
Galion, Crawford County, Ohio.— B o n d S a l e .— T h e, $27,000
4 V i % 5-13-year (serial) street-improvement (city’s portion)
bonds, dated Dec. I 1910 and described in V. 91, p. 1790,
were sold on Dec. 31 1910 to the Davies-Bertram Co. of
Cincinnati for $27,820 (103.037) and accrued interest— a ba­
sis of about 4.094%.
Georgetown, Williamson County, Texas.— B o n d S a l e .—
The $32,000 water-works and $13,000 light 5% coupon
bonds offered on Dec. 1 1910 and described in V. 91, p. 1277,
were delivered on Dec. 26 1910 to McCoy & Co. of Chicago.
The purchase price was par and accrued interest. Maturity
Dec.l 1950, subject to call after Dec. 1 1920.
Hastings, Adams County, Neb.— B o n d O f f e r i n g . — Local
papers state that proposals will be received until 5 p. m.
Jan. 9 for $10,000 District No. 9 and $2,000 District No. 10
paving bonds. Rate of interest to be named in bid. Ma­
turity 10 years, subject to call at any time. The $10,000
issue is in denomination of $200 each and the $2,000 issue
is in denomination of $100 each.
Kingsbury, Fresno County, Cal.— B o n d S a l e . — On Dec. 15
the $26,000 5% gold coupon water-system-construction
bonds described in V. 91, p. 1587, were awarded to James H.
Adams & Co., Los Angeles, at $26,254 (100.976) and blank
bonds.
M a tu rity $1,000 y e a rly o n D eo. 15 fro m 1920 to 1945 Inclu sive.

Kirkwood, De Kalb County, Ga.— P r i c e P a i d f o r B o n d s .—
The price paid for the $24,000 sewer and the $36,000 water
5% gold coupon bonds awarded on Dec. 20 1910, as stated
in V. 91, p. 1791, to Robinson-Humphrey Co. of Atlanta,
was $60,625 (101.041), accrued interest and blank bonds.
Lamar School District (P. O. Lamar), Prowers County,
Colo.— B o n d S a l e . The Central Savings Bank & Trust Co.
was awarded $29,000 5% 20-40-year (optional) high-school­
building bonds on Dec. 8 1910. Bonds will be dated about
March 1 1911.
Maryland.— B o n d O f f e r i n g . — Proposals will be received
until 12 m. Fob. I by Austin L. Crothers, Governor, W. B.
Clagett, Comptroller of the Treasury, and Murray Vandiver,
Treasurer, at Annapolis, for $1,000,000 3 % % coupon (with
privilege of registration as to principal) State Roads Loan
Scries “ D” bonds.
A u th o rity an A c t o f th e G eneral A s s e m b ly o f 1908, Ch apter 141.
D e­
n om in a tion $ 1 ,0 0 0 .
D ate F e b . 1 1911.
Interest sem i-an n u al. M a tu rity
F e b . 1 1026, s u b je c t to call a fter F e b . 1 1921. T h e b o n d s are e x e m p t fro m
S ta te, c o u n t y an d m u n icip a l ta x a t io n . C ertified ch e ck for 1 0 % o f b id Is
r e q u ir e d .
T h e o f fi c i a l n o tic e o f th is b o n d o f fe r i n g w ill be f o u n d a m o n g

6.500 E ast S ta te S t. special-assessm ent b o n d s. A u th o r it y C h apter 6,
S ection s 3914 and 3946, G eneral C od e.
7.500 E a st an d W est S tate S t. (v illa g e ’ s p o rtio n ) b o n d s.
A u th o rity
C h apter 6, S e ctio n 3939, G eneral C od e.
D e n o m in a tio n $500.
D ate Ja n . 1 1911.
In terest se m i-a n n u a l.
M a­
tu rity fro m 1 to 10 years. C ertillcd c h e ck fo r 1 0 % o f b o n d s b id fo r , p a y ­
ab le to th e V illa ge T reasu rer, Is requ ired .

Minneapolis, Minn.— T e m p o r a r y L o a n . — According to re­
ports, on Dec. 28 1910 the Board of Education sold to the
Minnesota Loan & Trust Co. in Minneapolis, at par and ac­
crued interest, $200,000 4 5-16% notes maturing June 30
1911.
New York City.— B o n d S a l e . — During the month of De­
cember 1910 the Sinking Fund of this city purchased the fol­
lowing bonds at par:
• P u rp o se —
I n t .R a t e .
V a riou s m u n icip a l p u r p o s e s .
_.
_
3
W a te r b o n d s ____
R a p id tran sit b o n d s ____
_______
.
4
G eneral fu n d b o n d s ............_______________
3

M a tu r ity .
1959
31959
1959
1930

T o ta l

A m o u n t.
$23 0,00 0
1 ,800,000
10,500
8 ,0 0 0 ,0 0 0
$10 ,0 4 0 ,5 0 0

The following revenue bonds (temporary securities) were
also issued during December:
R evenue
R evenue
R evenue
R evenue
R evenue
R evenue
R evenue
R evenue
R evenue
R evenue
Revenue

b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,
b o n d s,

cu rre n t e x p e n s e s .
_________ _______
cu rre n t e x p e n s e s . . ___ . ._
____
cu rre n t e x p e n s e s .. .
________ _
cu rre n t e x p e n s e s ___ ____ _________
cu rre n t e x p e n s e s ________
. . _____
cu rre n t e x p e n s e s . . ___
___ . . . .
s p e c ia l________________________ _____
s p e c ia l______________ _______
____
s p e c ia l ..................... ............
.. .. .
s p e c i a l.. . . . . .
. . _____________
s p e c ia l____ ______ _________ ____

In terest.
4M
4 y»
4.1
4.15
4
3 3i
4H
4 ft
4
3M
3

A m o u n t.
$ 4 ,0 5 0 ,0 0 0
3 ,9 2 1 ,1 0 3
500,000
8 ,2 0 0 ,0 0 0
7 ,0 0 0 ,0 0 0
5,1 5 0 ,0 0 0
150,000
245 ,100
150,000
100,000
75,000

T o t a l -------------------- --------------------------------------------------------------------------$ 24 ,541 ,20 3

North Braddock School District (P. O. Braddock), Alle­
gheny County, Pa.— B o n d S a l e . — On Dec. 30 1910 $33,000
4 ^ % 20-year (average) bonds were awardedj£to J. S. &
W. S. Kuhn Inc., of Pittsburgh.
D e n o m in a tio n $ 1 ,0 0 0 .

D a le D e c. 1 1910.

B o n d s a rc t a x -e x e m p t .

Norwood School District (P. O. Norwood), Hamilton
County, Ohio.— B o n d S a l e . — On Dec. 29 1910 the $75,000
4% 10-39-year (serial) coupon building and site-purchase
bonds described in V. 91, p. 1663, were awarded to the Provi­
dent Savings Bank & Trust Co. of Cincinnati at 100.13 and
accrued interest. A bid of $75,051 50 was also received
from the Western-German Bank of Cincinnati.
Pacific County (P. O. South Bend), Wash.— B o n d S a l e . —
An issue of $100,000 5% road and bridge bonds offered on
Jan. 2 was sold to the State of Washington at par as 1-15year (optional) bonds. The following bids were received for
straight 15-year bonds as advertised:
W o o d I n ,M e N e a r * M o o r c ,C liI c .l0 3 .7 6 IM cC oy & C o ., C h ic a g o ____
.1 0 1 .5 1
E . II. R ollin s & S on s, C h ic a g o .102.13 j H arris T ru s t & S a r . B k ., C h ic .101.42
W e ll, R o tli * C o ., C h ic a g o
1 0 1 .7 5 1
T h e a b o v e bidders all oflered accru e d Interest In a d d itio n t o t h c lr jb ld s .

Rochester, N. Y .— N o t e O f f e r i n g . — Proposals will be re­
ceived until 2 p. m. Jan. 9 at the office of Chas. F. Pond,
City Comptroller, for $302,000 notes in anticipation of city
taxes.
P rin cip a l an d Interest will be p a y a b le live m o n th s fro m J a n . 12 1911 at
th e U nion T ru st C o. In N ew Y o r k .
D e n o m in a tio n o f n otes and rate^ot
Interest desired Is t o be design ated b y th e bid d e r.
■ •

Salamanca, Cattaraugus County, N. Y .— B o n d S a l e . — On
Jan. 2 $17,000 4% grade-crossing-elimination bonds were
awarded to Douglas Fenwick & Co. of New York City at par,
less $360, for legal expenses, printing, &c. Other bids re­
ceived were as follows:
J o h n J . H a r t, A l b a n y . . ________
$ 17 ,000 less $444 50 fo r expen ses
A d a m s & C o ., N ew Y o r k _________________ 17,000 less $530 50 fo r e xp en ses
G eorge M . H a h n , N ew Y o r k _____________ 17,000 less $550 00 fo r expen ses
D e n o m in a tio n $ 1 ,0 0 0 .
Interest F e b . and A u g . M atu rity $1,0 0 0 ye a rly
o n A u g . 1 fro m 19.11 t o 1927 In clu sive.

he a d v e r tis e m e n ts els ew h er e i n th is D e p a r t m e n t .

Sheboygan, Sheboygan County, Wis.— B o n d S a l e . — The
— The three issues of coupon (with privilege of $96,000 4j/2% refunding bonds, bids for which were received
registration as to principal) bonds described in V. 91, p. 1528, on Dec. 15 1910 (V. 91, p. 1726), were awarded to Edmund
were disposed of on Jan. 2 as follows:
Bros, of Boston at their offer of 101.59 and interest. Ma­
$ 3 0 0,00 0 4 %
10 -1 5 -yea r (o p tio n a l) in sa n e-h osp ita l Series " A ” b o n d s,
turity $6,000 yearly on March 1 from 1914 to 1929 inclusive.
aw ard ed to th e S afe D e p o s it & T ru st C o. o f B a ltim o re at
100 .46.
Sigourney, Keokuk County, Iowa.— B on d . O f f e r i n g .— 'This
250 .0 0 0 4 %
10-15-year (o p tio n a l) p u b lic-h ig h w a y Scries “ A " b o n d s,
town will offer at public auction at 7:30 p. m. Jan. 11 the
sold as follow s: $20 0,00 0 t o the S afe D e p o sit & T r u s t C o.
o f B a ltim ore at 100 .46, and $50 ,000 t o T o w n se n d S c o t t *
$35,000 4 y > % sewer-svstem-construction bonds voted Oct.
C o. o f B a ltim o re — $10 ,000 a t 101 .07, $15,000 a t 100.76
17 1910 (V. 91, p. 1201).
and $25 ,000 at 100.61.
B o n d S a le.

100.000 3 y i % 15-year sa n atoriu m b o n d s a w a rd e d to B a ker, W a tts & C o.
o f B a ltim ore at 9 4 .4 5 2 .
Purchasers to p a y a ccru ed Interest.




D e n o m in a tio n $500.
D ate F e b . 1 1911.
In te re s t s em i-an n u ally at pla ce
n a m e d b y p u rch aser.
M atu rity F e b . 1 1931, s u b je c t to call a fte r 18 years.
T h e b o n d s arc e x e m p t fro m ta x a tio n In Io w a . Certtfled c h e ck fo r $ 1 ,0 0 0 ,

THE CHRONICLE

70

payable to C. C. Williamson, Town Treasurer, is required. Bonded debt,
$19,500. No floating debt. Assessed valuation in 1910, $1,581,364.
South A m b o y , M id d lesex C ou n ty, N . J . — Bond Offering.—
T h e v a lid it y o f th e $ 7 5 ,0 0 0 5 %

cou p on

U rb a n a , Cham paign C ou n ty, O hio.— Bond Offering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n til 12 m . J a n . 9 b y H o r a c e M . C r o w ,
C it y A u d it o r , fo r th e f o llo w in g 6 % T a f t A v e . b o n d s : $ 6 0 0
s e w e r ( c i t y ’s p o r t io n ) b o n d s , $ 1 ,1 0 0 g r a d in g a n d c u r b in g
( c i t y ’ s p o r t io n ) b o n d s , $ 9 1 6 s e w e r a s se s s m e n t b o n d s a n d
$ 2 ,1 0 0 g r a d in g a n d c u r b in g a s se s s m e n t b o n d s .
Date Jan. 1 1911. Interest semi-annual. Maturity $2,210 on Jan. I
1913, $600 on Jan. 1 in each of the years 1914, 1915 and 1916 and $700 on
Jan. 1 1917. Certified check for 1% of bonds bid for, payable to tho City
Treasurer, is required. Purchaser to pay accrued interest.
W a k ita , G rant C ou n ty, O kla.— Bond Sale.— T h e $ 1 6 ,0 0 0
6 % 2 0 -y e a r s c h o o l-b u ild in g b o n d s v o t e d o n O c t . 22 1910
( V . 9 1 , p . 1470) h a v e b e e n a w a r d e d to M r. S t o e d la n d o f
M e d fo r d .
W ild w o o d School D istrict (P . O. W ild w o o d ), Cape M ay
C ou n ty, 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 p . m . J a n . 9 b y C . G . E ld r id g e , D is tr ic t C le rk , fo r
$ 9 ,0 0 0 4 x
/ 2 % c o u p o n im p r o v e m e n t b o n d s .
Authority vote of 66 to 6 at election held June 6 1910. Denomination
$500. Date Aug. 1 1910. Interest semi-annually at the Marine Natlonal
Bank in Wildwood. Maturity $1,000 yearly on Aug. 1 from 1920 to 1928
inclusive. Official circular states that there Is no litigation pending or
threatened affecting this issue, nor has there been any default In payment of
cither principal or interest on any former Issues. Sohool debt at presen t
$10,000. Assessed valuation 1910, $2,081,533.
W o rce ste r, W orcester C ou n ty, M a s s .— Bond Sale.— A n
issue o f $ 7 5 ,0 0 0 4 % 1 0 -y e a r w a te r b o n d s w a s d is p o s e d of o n
D e c . 30 1910 t o P e r r y , C o ffin A B u r r o f B o s t o n a t 1 0 4 .2 7 2 a b a sis o f a b o u t 3 .4 9 1 % .
T h e f o llo w in g p r o p o s a ls w erea ls o s u b m it t e d :
Adams & C o__--------------- !_104.17 It. L. Day &Co____________ 103.859
Kuhn, Fisher & Co_________104.06
Blodgct & Co_______________103.8 21
G. A. Fernatd & Co________104.025 Blake Bros. A Co__________ 103.77
Hayden, Stone & Co_______104.029 Estabrook & Co___________ 103.719
E. II. Ilolllns A Sons_______ 103.656
F. S. Moseley & Co_________ 103.96
Merrill, Oldham & Co.......... 103.919 N. W. Harris A Co_________ 103.53
E. M. Farnsworth & Co_____103.90
The above bidders arc all oT Boston. Denomination to suit purchaser.
Date Oct. I 1910. Interest scml-anuual.
Temporary Loan.— I t is s ta t e d th a t a lo a n o f $ 1 0 0 ,0 0 0 d u e
O c t . 17 1911 h as b e e n n e g o tia t e d w ith E a ta b r o o k & C o . o f
B o s t o n ;it 3 .4 3 % d is c o u n t a n d 5 0 c e n ts p r e m iu m .

(w it h p r iv ile g e o f

r e g is t r a t io n ) s a n it a r y -s e w e r b o n d s , p r o p o s a ls fo r w h ic h w ill
b e r e c e iv e d u n til 8 p . m . J a n . 10, is b e in g in v e s tig a t e d b y
C a ld w e ll & R e e d o f N e w Y o r k C it y , w h o s e fa v o r a b le o p in io n
w ill b e d e liv e r e d

to

th e p u r c h a s e r .

F o r o th e r d e ta ils o f

b o n d s a n d te r m s o f o ffe r in g see V . 9 1 , p . 1720.

The official notiec of this bond offering will be found among
the advertisements elsewhere in this Department.
T a co m a , W a s h .— Bond or Warrant Offering.— P r o p o s a ls
w ill b e r e c e iv e d u n til 2 p . m . F e b . 11 a t th e o ffic e o f A . V .
F a w c e t t , M a y o r , f o r $ 1 ,5 0 0 ,0 0 0 G re e n R iv e r G r a v it y W a t e r
S y s t e m b o n d s o r w a r r a n ts a t n o t e x c e e d in g 6 % in te r e s t .
S a id b o n d s o r w a r r a n ts are p a y a b le o u t o f th e g ro ss e a rn in g s
o f th e c i t y ’ s w a te r s y s t e m t o th e e x t e n t o f $ 1 0 0 ,0 0 0 o f p r in ­
c ip a l a n d in te r e s t y e a r l y .
Authority election held April 5 1910. Denomination $500. Interest
semi-annually at the fiscal agency of the State of Washington in New York
City. The successful bidder will be required to furnish a bond of $100,000
of some surety company doing business In the State of Washington.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
T em p le, Bell C ou n ty, T e x . —Bonds Offered by Bankers.—
T h 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 is o ffe r in g to in ­
v e s to r s th e $ 1 0 0 ,0 0 0 5 % 2 0 -4 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 o n d s a n d r e g is te r e d o n J u ly 14 1910 b y th e S ta te C o m p ­
tr o lle r .
S ee V . 9 1 , p . 2 3 2 .
D e n o m in a t io n $ 1 ,0 0 0 .
D a te
A p r il 1 1 9 1 0.
I n te r e s t s e m i-a n n u a lly a t th e F o u r t h N a tio n a l
B a n k in N e w Y o r k C it y .
Turtle Creek, A llegh en y C ou n ty, P a .— Bond Sale.— O n
D e c . 19 th e $ 3 0 ,0 0 0 4 ) ^ % 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
d e s c r ib e d in V . 9 1 , p . 1589, w e re a w a r d e d t o th e M ellon
N a tio n a l B a n k in P it ts b u r g h f o r $ 3 0 ,5 8 0 — th e p r ic e th u s
b e in g 1 0 1 .9 3 3 — a b a s is o f a b o u t 4 . 3 5 % .
M a tu r it y $ 1 ,0 0 0
y e a r ly o n N o v . 1 fr o m 1915 t o 1936 in c lu s iv e a n d $ 2 ,0 0 0
y e a r ly o n N o v . 1 fr o m .1937 t o 1940 in c lu s iv e .

NEW LOANS.

R iver G ra vity W a te r
B on d s or W a r ra n ts .

S y stem

NOTICE IS H EREBY GIVEN That on
Saturday, February 11th, 1911, at two o’clock
p. m., at the office of the Mayor of the City of
Tacoma, Washington, In the City Hall, scaled
bids will be received for Green River Gravity
Water System Bonds or Warrants, of the par
vaiue of One million live hundred thousand
dollars, of the issue authorized by Ordinance
No. 3982 of said City, approved January 6th,
1910, and providing for tne construction of the
proposed Green River Gravity Water System.
Said Bonds or Warrants arc payable out of the
gross earnings of the water system of the City of
Tacoma to the extent of $100,000 per annum of
principal and Interest (which sum can be lawfully
increased before sale of bonds or warrants). The
rate of Interest is limited to six per cent, payable
semi-annually at the llscal agency of the State
of Washington In the City of New York.
Bids will be received based upon tho Interest
rate proposed by the bidder, or upon such other
plan as may be deemed expedient. Par and
accrued Interest must be paid at the time bonds
or warrants arc delivered. All warrants must
be taken and paid for as the construction of the
water system shall require; the Installments to
be as fixed by contract. The City reserves the
right to reject any and all bids. The successful
bidder will be required to enter Into a contract
with the City covering all points of the sale agree­
ment, and to furnish to the City a surety com­
pany bond in the sum of $100,000 for the faithful
performance of the contract; the surety company
to be one doing business In the State of Washing­
ton.
The City also reserves the right, should it be
necessary to avail itself of the highest and best
bid for said bonds or warrants, to amend the said
ordinance In any particular wherein It is amend­
able, without objection from any unsuccessful
bidder.
For all Information apply to John F. Meads,
City Comptroller.
Dated Tacoma, Washington, December 15th,
1910.
FUND

BO A R D OF
TACO M A.

TH E

C IT Y

A . V. FAWCETT.

OF

Mayor.

JOHN F. MEADS,
City Controller.
RAY FREEHAND,
Commissioner of Finance.

C h a r le s

M .

S m ith

&

C o .

CORPORATION AND
MUNICIPAL BONDS
F IR S T N A T IO N A L B A N K B U I L D I N G
C H IC A G O




bonds.

NEW LOANS.

8 1 .0 0 0 ,0 0 0

City of Tacoma, Wash.,

S IN K IN G

W y a n d o tte County (P . O. K a n sa s C ity ), K a n .— Bonds
Offered by Bankers.— T h e H . C . S p e e r A S o n s C o . o f C h ic a g o
is o ffe r in g to in v e s to r s $ 1 4 4 ,0 0 0 \ X
A % 2 0 -y e a r r e fu n d in g

NEW LOANS

$ 1 ,5 0 0 ,0 0 0

Green

[V O L . LXXXX1J.

S T A T E
n

O F

STATE

M A R Y L A N D ,

ROADS LOAN

Treasury Department,
Annapolis, January 2d, 1911.
The undersigned. Governor, Comptroller and
'rreasurer of the State of Maryland, In pursuance
of an Act of the General Assembly of Maryland of
1908, Chapter 141, will receive proposals for
$1,000,000 00, Scries “ D,” of the said loan.
"The State Roads Loan” will be dated Febru­
ary 1, 1911, bear Interest from said date at the
rate of three and one-half per centum per annum,
payable seini-annually on the first day of August
and February In each and every year, and the
principal will be redeemable at the pleasure of the
State after the first day of February in the year
1921, and the whole debt will be payable on the
first day of February, 1926. The debt is exempt
from State, County and Municipal taxation and
will be Issued In bond form with coupons at­
tached.
Said proposals must be delivered, sealed, to the
Treasurer of the State,at Annapolis, ON OR BE­
FORE 12 O’CLOCK NOON OF THE FIRST
DAY OF FEBRUARY, 1911, and have endorsed
on the back of the envelope "Proposals for the
State Roads Loan.” Each bid must be accom­
panied with a certified check on some responsible
banking Institution for ten per cent of the amount
of such bid, and the same will be opened in the
office of the State Treasurer, In the City of An­
napolis, at 12 o'clock noon, February 1st, 1911,
In the presence of the un.ierslgned.
On the opening of such proposals so many of
said coupon bonds as have been bid for, not ex­
ceeding, however, the amount for which pro­
posals are Invited, may be awarded by said
Governor, Comptroller of the Treasury and
Treasurer, or a majority of them, to the highest
responsible bidder or bidders for cash; and when
two or more bidders have made the same bid,
which bids are the highest, and If the amounts so
bid for by the highest responsible bidders are In
excess of the whole amount of the said bonds so
ollered for sale, then such bonds may be awarded
to such highest responsible bidders bidding the
same price In the proportion which the amount
each has bid for bears to the whole amount of
said bonds so olTercd for sale.
These bonds will be Issued in the denomination
of $1,000 and subject to registration as to prin­
cipal. The right is reserved to reject any and all
bids.
AUSTIN L. CROTHERS,
„
_
Governor.
W . B. CLAGETT,
,,£r\nAp,H'?11,ur. of the Treasury.
MURRAY VANDIVER,
.
Treasurer.

HOOENPYL, WALBR10GE & CO.
7 W a ll S t .,

N ew Y o r k

8 7 5 ,0 0 0
C IT Y

O F

SO U TH

A M B O Y ,

Middlesex County, New Jersey
S A N IT A R Y S E W E R BONDS
Sealed proposals will be received by the Finance
Committee of the Common Council of tho City of
South Amboy, Middlesex County, New Jersey,
at eight o ’clock I>. M. on TUESDAY, THE
TENTH DAY OF JANUARY, ONE THOUSAND
NINE HUNDRED AND ELEVEN, at the City
Hall in said City of South Amboy, for the purchase
of any or all of an Issue of bonds as follows:
S e v e n t y - F i v e Thousand ($ 7 5 ,0 0 0 ) Dollars of
Sanitary Sewer Bonds dated January 1st, 1911.
The bonds will bear Interest at the rate of F iv e
( 5 % ) P e r C e n t per annum.
They will be Issued
as coupon bonds, with the right of registration
as to principal, or principal and Interest, and will
be numbered from One to Seventy-Five, and will
be In the denomination of One Thousand ($1,000)
Dollars each. Bonds numbered One and Two
will run for the term of One (1) year from the date
aforesaid, and thereafter seriatim Two (2) bonds
per year for a period of Thirty (30) years, and
thereafter Three (3) bonds per year for Five
(5) years.
No bid will be accepted for less than par and
accrued interest. The Finance Committee, sub­
ject to the approval of the Common Council of
the City of South Amboy aforesaid, reserve the
right to allot to any bidder either the whole or any
part of the bonds bid for by said bidder, and to
select the bonds to be delivered to the bidder in
the event of his bid being accepted.
All particulars conoernlng tho Issue aforesaid
may be obtained from Joseph F. Fulton. City
Clerk. South Amboy. N. J.. or Frederic M. P.
Pcarsc, City Solicitor, 738 Broad St., Newark.
New Jersey.
___
JOSEPH F. FULTON,
City Clerk.
Note.— The validity of tho above bonds Is being
nvestigated by CaldwelJ A Rood of N o w YorkCity, whose favorable opinion will be delivered
to the successful bidder.

M U N IC IP A L A N D R A IL R O A D

BONDS
LIST ON APPLICATION

S E A S 0 N G 0 0 D

&

M A Y E R

M ercantile Library Building
C IN C IN N A T I

M c C O Y

&

C O M P A N Y

R ailroad, Street B y ., G as A E lec. L igh t

Municipal and
Corporation Bords

SECURITIES

181 Lm S a l l e S t r e e t , C h l e a « e

J an. 7 1911.

THE CHRONICLE

These securities are Issued to refund $44,000 refunding 5Ks, $40,000 Jail
5s and $00,000 bridge 5s. Denomination $1,000. Date Jan. 2 1011.
Interest semi-annually at the State Treasurer’s office In Topeka.
Y o r k , Y o r k C o u n t y , N e b . — Bonds Defeated.— T h e e le c t io n
h eld D e c . 27 re s u lte d in d e fe a t o f th e p r o p o s it io n to issue
$ 5 5 ,0 0 0 w a te r -w o r k s -p u r c h a s e b o n d s m e n tio n e d in V . 9 1 ,
p . 1727.
T h e v o t e w a s 301 “ f o r ” t o 4 27 “ a g a in s t .”

Canada, its Provinces and Municipalities.
B randon, M a n .— Debentures Voted.— T h e e le c t io n h eld
D e c . 20 re s u lte d in fa v o r o f th e q u e s t io n o f issu in g th e $ 5 0 ,0 0 0
5 % 3 0 -y e a r s c h o o l d e b e n tu r e s m e n tio n e d in V . 9 1 , p . 1 0 6 0 .
T h e v o t e w a s 077 “ f o r ” t o 189 “ a g a in s t .”
C astor, A lb e rta .— Debenture Sale.— R e p o r t s s ta te th a t
$ 1 2 ,5 0 0 5 % a n d $ 3 ,5 0 0 0 % 2 0 -y e a r d e b e n tu r e s h a v e b e e n
d is p o s e d o f to C . H . B u rg e ss & C o . o f T o r o n t o .
•
D u n d a s , O n t.— Debentures Voted.— A t th e e le c t io n h eld
J a n . 2 a m a jo r it y o f 2 93 v o t e s w a s c a s t in f a v o r o f th e p r o p o ­
s itio n to issu e th e $ 1 2 ,0 0 0 5 % h y d r o -e le c t r ic -d is t r i b u t io n p la n t d e b e n tu r e s m e n tio n e d in V . 9 1 , p . 17 2 7.
M a tu r it y
p a r t y e a r ly f o r th ir t y y e a r s .
D a te o f o ffe r in g n o t y e t d e ­
te r m in e d .
D u ndu rn , S a sk .— Loan Authorized.— A c c o r d in g to r e p o r ts ,
th is p la c e h as b e e n a u t h o r iz e d to issu e $ 1 4 ,0 0 0 d e b e n tu r e s
f o r p e r m a n e n t im p r o v e m e n t s .
G lenavon, S a sk .— Debenture Sale.— A n issue o f $ 2 ,0 0 0 7 %
d e b e n tu r e s o ffe r e d o n D e c . 14 1910 w a s a w a r d e d t o N a y &
J a m e s o f R e g in a a t 9 0 .7 5 a n d in te r e s t.
B id s w e re a lso re­
c e iv e d fr o m C. I I . B u rg e ss & C o ., R . C . M a tth e w s & C o . a n d
th e N a tio n a l F in a n c e C o ., all o f T o r o n t o .
M e n tio n
of
th ese d e b e n tu r e s w as m a d e in V . 9 1 , p . 1 6 0 6 .
F iN ew Liskeard, O n t.— Debenture Sale.— A n issue o f $ 4 ,2 5 0
5 % 2 9 -in s ta llm e n t w a te r w o r k s d e b e n tu r e s w a s s o ld in
D e c e m b e r to G . A . S t im s o n & C o . o f T o r o n t o .
N ok om is, S a sk .— Debenture Sale.— T h e $ 4 ,2 0 0 6 % d e ­
b e n tu r e s o ffe r e d o n D e c . 5 ( V . 9 1 , p . 1532) w e re s o ld t o th e
O n ta r io S e cu ritie s C o r p o r a t io n , L t d ., o f T o r o n t o , fo r $ 4 ,1 0 7
— t h e -.p r ic e t h u s j b e i n g 9 9 .2 1 4 .^ M a t u r i t y p a r t y e a r ly fo r
2 0 J y e a rs .

71

N orth T oronto, O n t.— Annexation Authorized.— W e see it
s ta t e d th a t th e c itiz e n s o f th is t o w n r e c e n tly c a s t a v o t e o f
594 “ f o r ” to 2 4 2 “ a g a in s t” a b y -la w a u t h o r iz in g a n n e x a t io n
to th e c it y o f T o r o n t o .
T h e m a t t e r is n o w b e fo r e th e T o r o n t o
C it y C o u n c il, w h o w ill d e c id e w h e t h e r o r n o t th e t o w n shall b e
ann exed.
N orth V an cou ver, B . 0 . — Debenture Sale.— T h e $ 1 3 ,0 0 0
2 0 -y c a r lo c a l-im p r o v e m e n t a n d th e $ 1 2 ,0 0 0 5 0 -y e a r w a t e r ­
w o r k s 5 % d e b e n tu r e s o ffe r e d o n D e c . 27 1910 ( V . 9 1 , p . 1 6 6 7)
w ere p u r c h a s e d b y B r o u s e , M itch e ll & C o . o f T o r o n t o .
Prince E dw ard County (P . O. P icton ), O n t.— Debenture
Sale.— B r e n t , N o x o n & C o . o f T o r o n t o h a v e p u r c h a s e d $ 3 5 ,­
0 0 0 4 ^2 % g o o d -r o a d -c o n s t r u c t io n d e b e n tu r e s , d u e p a r t
y e a r ly fo r 20 y e a r s . T h e s e se c u r itie s w e re o ffe r e d o n S e p t . 15
1910, b u t all b id s r e c e iv e d o n th a t d a y w ere r e je c t e d . V . 9 1 ,
p. 827,
Prince R upert, B . C .— Debenture Offering.— P r o p o s a ls
w ill b e r e c e iv e d u n til 12 m . M a rch 2 b y E r n e s t A . W o o d s ,
C ity C lerk , fo r 12 issues o f 5 % 4 -y e a r p la n k -r o a d d e b e n tu r e s
a g g r e g a t in g $ 7 9 ,5 6 0 ; a lso $ 4 0 ,0 0 0 4 j ^ % 2 0 -y e a r te le p h o n e
d e b e n tu r e s .
Interest semi-annually In Prince Rupert. Winnipeg, Vancouver, Mon­
treal, Toronto, London, England, and New York City.
S t. Catherine’s, O n t.— Debentures Voted.— T h e e le c t io n
h eld J a n . 3 re 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 issu e th e
$ 1 8 0 ,0 0 0 4 j ^ % 3 0 -y e a r w a te r -w o r k s d e b e n tu r e s m e n tio n e d
in V . 9 1 , p . 17 2 8.
T h e v o t e w a s 7 05 “ f o r ” t o 4 0 7 “ a g a in s t .’
South Q u’A p pelle, Q u e.— Debentures Defeated.— T h e e le c ­
tio n h e ld D e c . 17 re s u lte d in th e d e fe a t o f th e q u e s t io n o f
is s u in g th e $ 0 0 ,0 0 0 r o a d d e b e n tu r e s m e n tio n e d in V . 9 1 ,
p . 1 6 0 7.
T h e v o t e w a s 92 “ f o r ” t o 221 “ a g a in s t .”
V ictoria, B . C .— Debenture Sale.— G . A . S t im s o n & C o .
o f T o r o n t o h a v e b e e n a w a r d e d $ 8 ,0 0 0 4 % 1 0 -y e a r d e b e n t u r e s .
V irden , M an .— Debenture Offering.— P r o p o s a ls w ill b e re­
c e iv e d u n til F e b . 1 b y J . F . C . M e n lo v e , S e c r e t a r y -T r e a s u r e r ,
fo r $ 2 0 ,0 0 0 5 % lo c a l im p r o v e m e n t d e b e n tu r e s .
D a te D e c . 31
19 1 0.
A n n u a l p a y m e n t s o f p r in c ip a l a n d in te r e s t.
W arren Consolidated School D istrict N o . 7 4 0 , M a n .—
Loan Election.— R e p o r t s sta te th a t a b y -la w p r o v id in g fo r a
lo a n o f $ 1 0 ,0 0 0 w ill b e v o t e d u p o n J a n . 14.

MISCELLANEOUS.

NEW LOANS.

OFFICE OF THE
6 7 5 ,0 0 0
Union

C o u n t y .S o u t h

C a r o lin a ,

ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 21st, 1910.

COU RT HOUSE BONDS
Sealed bids will be received up to 12 o’clock
noon. JANUARY 19, 1911, for $75,000 Court
House Bonds, dated January 1, 1911, running
twenty years, and bearing Interest at 4 K % ,
Interest payable semi-annually.
Bonds, which are of denomination of $500, will
be payable, both principal and Interest, In New
York.
All bids must be directed to Emsllc Nicholson,
Chairman Court House Commission, Union, S. C.,
and marked “ Bid” , and accompanied by a
certified check for $1,000, payable to his order.
The right to reject any and all bids Is reserved.
EMSLIE NICHOLSON,
Chairman.

The Trustees, in conformity with the Charter of the Company, submit the following statementof its affairs
onthe 31st of December, 1909.
Premiums on Marine Risks from 1st January, 1909, to 31st December. 1909__________ $3,759,391 25
Premiums on Policies not marked on 1st January, 19C9___________________ 717,712 70
Total Marine Premiums_____________________________________________________________ $4,477,103 95
Premiums marked off from 1st January, 1909, to 31st December, 1909_________________♦3,791,557 05
Interest received during the year__________________________$322,040 46
Rent less Taxes and Expenses____________________________ 145,679 82

$467,726 28

Losses paid during tho year which were estimated In 1908
and previous years_____________________________________$829,378 19
Losses occurred, estimated and paid In 1909______________ 1,149,459 56 $1,978,837 75
Less Salvages______________________ $249,891 07
Re-Insurances______________________ 235,520 48

485,411 56
$1,493,426 20

R e y n o ld s ,

W a ts o n

&

C o .

M unicipal and C orporation Bonds
W e o ffe r a v e r y e x c e p tio n a l

DRAINAGE BOND
NETT1NQ

6 %
400 T he Rookery

CH ICAG O

Returns of Premiums_________________________________________________
Expenses, Including officers’ salaries and clerks’ compensation, stationery,
newspapers, advertisements, etc_____________________________________

ASSETS.

LIABILITIES.

United States & State of New York
Estimated Losses and Losses Un­
Stock, City, Bank and other Se­
settled ...................
$2,393,207 00
curities______________________ _ $5,461,042 00 Premiums on Unterminated Risks.
685,546 90
Special deposits In Banks ATrustCos. 1,000,000 00 Certificates of Profits and Interest
Real Estate cor. Wall & WilllamSts.,
Unpaid .........................................
263,468 95
&
Exchange Place.$4,299,426 04
Return Premiums Unpaid________
120,569 42
Other Real Estate &
Certificates of Profits Ordered Re­
claims due the com­
deemed, Withheld for Unpaid
pany .......................
75.000 00 4,374,426 04
Prem ium s____________________
22,363 49
Certificates of Profits Outstand­
Premium notes and Bills Receivable 1,213,069 68
ing..............................................
7,404,890 00
Cash In the hands of European
Real Estate Reserve Fund____
370,000 00
Bankers to pay losses under poli­
cies payable In foreign countries.
239,948 04
Cash In Bank____________________
633,405 13
Aggregating...................................$12,921,890 89

F .

W M .

K R A F T

LAWYER
S p ecializin g in E x a m in a tio n o f

Municipal and Corporation Bonds
l i l t FIRST NATIONAL BANK BLDO..
C H IC A G O , I L L .

B L O D G E T

&

C O .

BONDS
80 S T A T E S T R E E T , B O S T O N
90 P IN E S T R E E T , N E W Y O R K

S T A T E , C IT Y & R A I L R O A D BONDfi




$60,285 14
$356,913 94

Aggregating___________________ $11,260,125 76

. . A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
nolders thereof, or their legal representatives, on and after Tuesday the first of February next.
Tne outstanding certificates of the Issue of 1904 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the first of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
I. A d'YI(lend of Forty per cent Is declared on the net earned premiums or the Company for the year
ending 31st December, 1909, which aro entitled to participate In dividend, for which, upon appli­
cation, certificates will be Issued on and after Tuesday the third of May next.

By order of the Board,
FRANCIS M. BACON,
WALDRON P. BROWN.
VERNON H. BROWN,
JOHN N. BEACH,
JOHN CLAFLIN,
GEORGE C. CLARK,
CLEVELAND H. DODGE.
CORNELIUS ELDERT.
RICHARD H. EWART,
PHILIP A. S. FRANKLIN.
HERBERT L. GRIGGS.

TRVSTEES.

Q. STANTON FLOYD-JONES. Secretary.

CLEMENT A. GRISCOM,
DALLAS B. PRATT,
ANSON W . HARD.
GEORGE W. QUINTARD.
LEWIS CASS LED YARD,
A. A. RAVEN,
CHARLES D. LEVERICH.
JOHN J. RIKER.
LEANDER N. LOVELL,
DOUGLAS ROBINSON,
GEORGE H. MACY,
GUSTAV H. SCHWAB.
CHARLES H. MARSHALL,
WILLIAM SLOANE,
NICHOLAS F. PALMER.
ISAAC STERN,
HENRY PARISH.
WILLIAM A. STREET.
ADOLF PAVENSTEDT.
GEORGE E. TURNURE.
CHARLES M. PRATT,
A. A. RAVEN,. President.
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEW ART. 4th Vice-President.

THE CHRONICLE

72

[V O L . L X X X X II.

Q vn st C o m p a n i e s .

Q x ix st

unitefl slates M soapy or Sent W ,

M anhattan
Trust
Com pany

Chartered 1853

45 a n d 47

W ALL

STREET

C A P I T A L , ........................................................................................ $ 2 , 0 0 0 ,0 0 0 .0 0
SURPLUS AND UNDIVIDED PROFITS
$13,772,667.70
This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and In
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates,
corporations and individuals.
E D W A R D W . S H E L D O N , President.
W I L L I A M M . K I N G S L E Y , V .-P r e s .
H E N R Y E . A H E R N , Secretary.
W I L F R E D J . W O R C E S T E R , A s s t . Sec. C H A R L E S A . E D W A R D S , 2d A s s t.S e c .
TRUSTEES. ■
•
JOHN A. STEWART, Chairm
an of the Board.
W . BayardfCuttlng,
Frank Lyman, | ^
Payne Whitney,
William Stewart Tod,
Ogden Mills,
James Stillman, yj
Edward W. Sheldon,
William Rockefeller,
John Claflln, '
Chauncey Keep,
Egerton L. Winthrop
Alexander E. Orr,
Cornelius N. Bliss, Jr.
William H. Macy Jr.,
John J. Phelps,
£££ George L. Rives,
William D. Sloane,
Lewis Cass Ledyard,
E Arthur C. James,
Gustav H. Schwab,
Lyman J. Gage,
William M. Kingsley,

Temporary Offices
U

3

B R O A D W

WALL

F

T

id e l it y

N E W A R K ,

R esou rces

C

rust
O ver

N .

om pany

STREET

CO RN ER NASSAU

J.

$ 2 9 ,0 0 0 ,0 0 0
U N I T E D

C a p ita l,

S u r p lu s

and

A Y

Undivided

P r o fits ,

O ver

S T A T E S

$ 9 ,5 0 0 ,0 0 0

& T R U S T

M O R T G A G E
A c ts as E xecu tor, T ru stee, Adm inistrator and in all fiduciary capacities.

Takes entire charge of Real and Personal E s ta te s .

C O M P A N Y

Guarantees T itles of

NEW YORK

Beal E state throughout N ew Jersey.
General B anking and Savings D ep a rtm en ts.

Bond D epartm ent for

purchase and sale of m unicipal and public u tility securities.

Safe D eposit

D ep artm en t.

CAPITAL,

SURPLUS,

$ 2 ,0 0 0 ,0 0 0 .0 0

$ 4 ,0 0 0 ,0 0 0 .0 0

In v ites P erson a l and B u sin e s s
A c c o u n ts. A c ts as T ru stee , E x ­

CEN TRAL TRUST COM PANY

ecutor,
ian

A d m in is tr a to r , G ua rd ­

and

in

C a p a cities.

of N E W Y O R K

54 Wall Street

A u t h o r iz e d to a ct as E x e cu to r , T ru s te e , A d m in istra tor o r G u a r d ia n .

F id u c ia r y
M u n i­

cip al and C orp ora tion B o n d s .

Capital and Surplus, $18,000,000
( o f w h ic h $ 1 7 , 0 0 0 , 0 0 0 has b e e n e a r n e d )

all

C ertifies

IS

Cedar St.

B'way & 73rd St.

120th St.

ft

Sth Avo,

In d u s tr ia l T r u s t C o m p a n y

R e c e iv e s D e p o sits, su b je ct to c h e c k , an d a llow s Interest on D a ily B alan ces.

Providence, R. I.

A c t s as T r a n s fe r A g e n t , R e g istra r an d T r u s te e u n der M o rtg a g e s .

CAPITAL.............................................. 23,000,000
SURPLUS.............................................. 8,000,00*
OFFICERS.

C H A R T E R E D

186 4

Union Trust Company of NewYork
MAIN O F F IC E : 80 B RO AD W AY .
Uptown Office: 425 Fifth Avenue, corner 38th Street,

W ith Modern Safe Deposit Vaults

C a p it a l

Surplus (earned) $7.7 57, 0) )

$ 1 ,0 0 0 ,0 0 0

ALLOWS INTEREST ON DEPOSITS.
A cts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Indivldaals, Institutions or Corporations.

Gyrus P. Brown, President
Arthur L. Kelley, Vice-President
H. Martin Brown, Vice-President
Otis Everett, Vice-President
Joshua M. Addeman, Vice-President
Ward E. Smith, Treasurer
Chas. H. Manchester. Secretary
H. Howard Peoper. Asst.Trea#
Frederlok B". Wilcox,Audit*!
BOARD OF DIRECTORS.
Herbert N. Fenner
Samuel P. Colt
Olney T. Inman
J. Milton Payne
Richard A. Robertson Ebcn N. Littlefield
Otis Everett
Joshua M. Addeman
O. Prescott Knight
James M. Scott
Jesse H. Metcalf
William H. Perry
John J. Watson Jr.
Arthur L. Kelley
Charles If. Allen
H. Martin Brown
John B. Branoh
George F. Baker
William P. Chapin
George M. Thornton
Angus MoLeod
Cyrus P. Brown
Ezra Dixon
Chas. O. Harrington
Howard O. Sturgis
Louis H. Comstock
Edward D. Pearoe
Englehart O, Ostby
1010

18S0

m m o is T r u s t& S a v m g s B a n K
an d

S u r p lu s

$13,600,000




S ta te s

L ife

C o .

J O H N P . M U N N 7 M . D ., President.

Finance Committee

Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
C O R R E SP O N D E N C E

U n ite d

In s u r a n c e

IN THE CITY OF NEW YORK
Issues Guaranteed Contracts

C H IC A G O
C a p ita l

T h e

IN VIT E D .

JLARENCE H. KELSEY. Pres. TitleGu.&Tr.Co.
VM. H. PORTER, Pres. Chemical National Bank
“ID. TOWNSEND, Pres. Imp. & Traders Nat. Bk.
Good men, whether experienced In life Insurance
ar not, may make direct contracts with this Com­
pany, for a limited territory If desired, and seoure
for themselves, In addition to first year’s commlstlon. a renewal Interest Insuring an lncomo for the
future. Address the Company at Its Home Ofdoe
No. 277 Broadway. New York City