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I V
o m m e r c in
I N
B a n k
&
R a ilw a y
C
L
U
D
I N
Q u o t a t io n
S e c tio n
R a ilw a y
E a r n in g s
S e c tio n
B a n k e r s ’
V O L .
S A T U
9 3 .
R D
G
&
I n d u s t r ia l
C o n v e n tio n
A Y ,
J U
^fxe C ltrm tic ls .
L Y
S e c tio n
E le c tr ic
S e c tio n
S ta te
2 2
1911.
il'or O n o Y e a r ............................................................................... 1..................................... $ 1 0 0 0
F o r S ix M o n t h s ......................................................................................................................
6 00
E u r o p e a n S u b s c r i p t i o n ( I n c l u d i n g p o s t a g e ) ....................................................... 1 3 0 0
E u r o p e a n S u b s c r ip t io n .six m o n t h s ( I n c l u d i n g j i o s t a g e i .............................
7 50
A n n u a l S u b s c r ip t io n in L o n d o n ( i n c l u d i n g p o s t a g e ) .................................. £ 2 1 4 s
31x M o n t h s S u b s c r ip t io n in L o n d o n ( i n c l u d i n g p o s t a g e ) .......................... * 1 1 } a
C a n a d ia n S u b s c r ip t io n ( i n c l u d i n g p o s t a g e ) ...................................................... $ 1 1 5 0
Subscription includes follow in g Supplements S t a t e a n d C i t y (s e m i-a n n u a lly )
B \n k a n d Q u o t a t i o n (m o n t h l y )
R a i l w a y a n d I n d u s t r i a l (q u a r t e r l y ) E l e c t r i c R a i l w a y (11 t im e s y e a r ly )
R a il w a y e a r n in g s (m o n th ly )
|B a n k e r s ’ C o n v e n t io n (y e a r ly )
Terms of Advertising— Per Inch Space
C 'ra n slcn t m a t t e r p e r in c h s p a c e ( 1 4 a g a t e l i n o s ) ............................................... $ 4 2 0
( T w o M o n th s
( s t i m e s ) ................................... 2 2 0 0
1.
n. »
) T h r o e M o n t h s (1 3 t i m e s ) ................................... 2 0 0 0
S t a n d i n g B u s in e s s C a r d s • .six M o n t h s
(2(5 t i m e s ) ................................... 5 0 0 0
(. T w e l v e M o n t h s (5 2 t i m e s ) ................................... 87 0 0
C H I C A G O O F F I C E — P l i n y B a r t l e t t , 513 M o n a d n o c k B l o c k : T e l. H a r r i s o n 4012
(L O N D O N O F F I C E — E d w a r d s * S m it h , 1 D r a p e r s ’ G a r d e n s , E . C.
W IL L IA M
CC. B A N A
l* . O . B o x 9 5 8 .
C O M P A N Y , P u b lis h e r s ,
F r o n t , l ’ in e a n d D e p e y e t e r S t s .,
N ew Y ork .
P u blish ed ev ery S a tu rd a y m orn in g b y W I L L I A M B . D A N A C O M P A N Y ,
J a cob S eibert J r.. P residen t a n d T rea s.; G eorg e S . D a n a a n d A rn old G . D a n a ,
V ice-P resid en ts; A rn old G . D a n a , S ec. A d dresses o f all, O ffice o f the C om p a n y
CLEARING-IIO USE RET URNS.
T h e f o l lo w i n g t a b l e , m a d e u p b y t e le g r a p h , A c . , I n d ic a t e s t h a t t h e t o t a l
b a n k c le a r in g s o f a ll c l e a r in g h o u s e s o f t h e U n it e d S t a t e s f o r w e e k e n d in g
J u ly 22 h a v e b e e n $ 3 ,1 1 7 ,0 3 0 ,6 5 4 a g a in s t $ 3 ,0 0 2 ,6 1 0 ,2 2 7 la s t w e e k a n d
$ 2 ,7 1 7 ,3 7 5 ,0 8 2 t h e c o r r e s p o n d i n g w e e k la s t y e a r .
Clearings—Returns bp Telegraph.
Week ending July 22.
Per
Cent.
1911.
1910.
N ew Y o r k -------B o s t o n ....................
P h ila d e lp h ia ____
B a ltim o re ...............
C h ica g o ....................
S t. L o u is ...............
N ew O rlean s____
$ 1,4 54 ,96 7,8 8 5
130,995,060
1 37,915.640
3 4 ,4 00 .58 1
2 4 6 ,58 2,1 12
02,8 12 ,68 8
14,443,477
S I ,2 51 ,02 1,3 06
129,052,609
115,018,073
23,3 47 ,73 3
228 ,71 2,4 92
02,9 18 ,95 4
15,256,485
+ 16.2
+ 5 .7
+ 19.9
+ 4 7 .4
+ 7 .8
— 0 .2
— 5.3
S even cities, 5 d a y s .
O ther cities, 5 d a y s ___
$ 2,0 88 ,12 3,4 4 3
5 0 3 ,48 8,9 47
$ 1 ,8 20 ,52 7,6 5 2
4 5 0 ,21 7,6 18
+ 14.3
+ 11.8
T o t a l all cities, 5 d a y s ......................
A - 1 cities, 1 d a y ______________________
$ 2 ,5 9 1 ,6 1 2 ,3 9 0
5 2 5 ,41 8,2 64
$ 2,2 76 ,77 5,2 7 0
4 7 0 ,59 9,8 12
+ 13.8
+ 11.0
*3 ,1 1 7 ,0 3 0 ,6 5 4
$ 2,7 47 ,37 5,0 8 2
+ 13.5
T o t a l a ll cities for w e e k ........ ..................
T h e fu ll d e t a ils f o r t h e w e e k c o v e r e d b y t h e a b o v e w ill b e g iv e n n e x t S a t
u rd a y.
VVc c a n n o t fu r n is h t h e m t o - d a y , c l e a r in g s b e in g m a d e u p b y t h e
c l e a r in g h o u s e s a t n o o n o n S a t u r d a y , a n d h e n c e in t h e a b o v e t h e la s t d a y o f
t h e w e e k h a s t o lie in a ll c a s e s e s t i m a t e d , a s w c g o t o p r e s s F r i d a y n i g h t . •
W e p r e s e n t b e lo w d e t a il e d fig u r e s f o r t h e w e e k e n d in g w it h S a t u r d a y ,
n o o n , J u ly 15, f o r f o u r y e a r s .
Week ending July
Clearings at—
1911.
1910.
Inc. or
Dec.
$
$
%
15.
1909.
1908.
S
S
N ew Y o r k ............. 1, 6 5 3 , 3 4 3 ,8 4 7 1, 7 2 3 , 7 5 9 ,2 1 0
P h ila d e lp h ia -----1 4 6 ,5 4 4 ,2 3 3
1 5 2 , 5 8 7 ,9 7 4
P ittsb u rg h .............
5 1 , 1 2 7 ,2 1 1
5 2 , 6 8 6 ,5 0 0
3 2 ,8 9 0 ,4 4 2
3 5 , 0 9 9 ,4 0 2
B a lt i m o r e .............
1 0 , 7 5 7 ,7 7 9
1 0 ,3 9 5 .0 8 1
B u f fa lo . - ...............
W a s h i n g t o n ------7 , 0 3 4 .6 0 9
6 , 0 4 6 ,4 8 4
5 ,8 5 3 .2 7 2
5 , 5 9 4 ,1 9 3
A lb a n y ....................
4 ,3 2 4 ,2 2 0
4 , 1 1 8 ,0 9 9
R o c h e s t e r ---------2 , 9 7 8 ,9 0 0
2 , 9 3 4 ,4 40
S cra n ton ...............
3 , 7 8 1 ,5 7 2
2 , 8 5 5 .6 8 9
S y ra cu so ...............
1, 4 5 9 ,1 3 9
1 , 6 2 2 ,6 9 3
W ilm in g t o n .-----1 , 6 1 6 ,4 5 5
1, 7 9 9 ,SOI
H e a d i n g .. .............
1 , 4 2 0 ,3 8 6
1 , 4 6 0 ,7 4 2
W ilk es -B a rre ____
1, 8 3 1 ,3 6 1
1 ,8 3 9 ,7 1 6
W h eelin g .............
1,2 5 0 , 1 0
1, 1 7 6 ,7 3 6
H a r r is b u r g ..........
1 , 5 0 0 ,0 0 0
1, 5 0 8 ,5 9 6
T re n to n ...............
8 5 8 ,6 3 9
0 5 5 ,3 2 8
Y o r k ......................
9 3 1 ,0 2 8
8 8 4 ,9 4 9
E r i e ................. ..
5 9 5 .6 7 0
5 1 4 .6 0 9
C h e s t e r -------------4 7 6 ,8 0 0
5 8 7 ,9 0 0
B in g h a m t o n ____
5 2 2 ,6 2 2
5 1 3 ,6 7 1
A l t o o n a ..................
6 0 2 ,3 4 1
5 9 6 ,2 0 3
G rcenshurg ...........
2 8 1 ,9 9 4
F r a n k l in ________
2 4 0 .0 0 0
8 7 3 ,2 4 6
8 8 8 ,2 6 0
L a n c a s t e r .............
— 4 .1 1, 7 8 2 . 9 8 8 ,5 4 5 1,4 8 1 .0 1 7 ,0 2 9
1 1 7 , 7 6 9 ,5 9 1
+ 4 .1
1 2 9 , 2 6 2 ,9 9 7
— 3 .0
3 8 , 1 0 2 ,5 8 0
4 7 , 5 8 2 ,8 7 1
2 5 , 3 9 0 ,2 1 1
+ 6 .7
3 0 , 5 2 2 ,2 6 9
7 , 9 9 8 ,6 6 3
+ 3 .5
9 , 3 8 3 ,1 2 7
7 , 1 2 8 ,7 6 8
5 ,5 8 3 ,9 9 8
+ 1.3
+ 4 .6
6 , 2 9 5 ,1 8 9
5 , 6 4 2 ,4 6 7
+ 5 .0
3 , 0 7 6 ,8 0 8
4 , 1 5 7 ,8 5 7
2 . 1 4 8 .7 3 2
+ 1.5
2 , 6 7 1 ,0 3 6
+ 3 2 .4
2 , 5 5 7 ,1 5 3
1 , 9 7 2 ,8 4 4
— 1 0 .0
1 ,5 1 8 ,0 4 5
1, 4 3 3 ,3 3 7
— 1 0 .2
1,2 7 1 ,3 8 6
1 , 5 8 8 ,0 5 5
1, 2 9 4 ,9 8 6
— 2 .8
1,0 6 9 ,7 7 6
1 , 8 5 6 ,2 9 9
1 , 6 0 2 ,8 7 0
— 0 .3
1 , 2 5 1 ,5 3 6
1 ,2 6 7 ,3 0 2
+ 0 .3
1, 5 3 9 ,9 0 2
— 1.4
1 , 4 6 9 ,0 3 9
8 7 5 ,4 6 2
8 9 9 ,8 3 3
— 1 0 .2
7 7 4 ,0 1 8
0 1 1 ,3 6 7
+ 5 .3
0 7 4 ,4 8 4
5 3 9 ,9 9 4
+ 1 5 .7
5 0 2 ,1 0 0
5 1 8 ,6 0 0
+ 2 3 .3
5 1 0 ,0 1 6
4 6 0 ,8 1 8
— 1 .7
4 5 7 ,1 1 3
4 2 0 ,3 5 1
— 1 .0
6 7 9 ,8 3 0
3 3 8 ,1 5 8
— 1 4 .9
+ 1 .7
T o t a l M i d d le .. 1 , 9 4 1 , 1 8 0 ,5 0 4 2 , 0 0 3 ,3 0 5 ,7 5 3
— 3 .1 2 , 0 3 5 , 4 0 3 ,0 7 7 1, 7 0 1 ,2 5 0 .4 9 4
X c w H a v e n _____
S p rin g field .............
P o r t la n d ...............
W o r c e s t e r .............
F all R iv e r .............
N ew B e d fo r d -----L o w e l l....................
H o ly o k e .................
1 7 9 ,9 8 3 ,2 8 3
8 . 4 8 6 ,7 0 0
5 ,2 6 5 ,8 9 8
3 , 6 3 3 ,1 1 7
2 ,2 8 7 ,3 9 3
1 , 9 2 6 ,5 2 4
2 , 6 2 2 .2 4 1
1 ,0 0 7 ,3 9 3
1, 0 3 7 ,7 4 2
6 6 7 ,4 1 8
5 8 5 ,0 0 0
1 7 0 ,5 6 0 ,0 3 1
8 , 2 0 9 ,5 0 0
4 , 6 6 1 .2 7 9
3 , 4 6 6 ,1 7 8
2 , 5 5 8 ,7 0 1
2 . 4 1 4 ,4 7 0
2 , 5 3 6 ,1 5 8
1,0 2 7 ,0 1 5
1 , 1 4 4 ,9 3 6
5 9 6 ,4 7 0
5 7 0 , 70.8
T o t a l N ew E n g .
2 0 7 , 5 0 2 ,7 0 9
1 9 7 , 7 8 1 ,4 8 0
B o s to n .................
P r o v id e n c e ...........
N ote
+ 5 .5
+ 3 .4
— 1 0 ,0
— 2 1 .2
+ 3 .4
— 1.9
— 9 .3
+ 1 1 .9
+ 1.4
1 7 2 , 5 3 2 ,8 3 0
.8 , 8 9 5 ,5 0 0
4 ,3 9 2 ,0 2 4
3 ;,3 5 0 , 110
2 , 4 0 0 ,0 0 6
2 , 0 0 2 ,9 9 2
1, 8 2 6 ,1 5 0
1, 5 3 7 ,4 5 8
1, 2 2 2 ,2 8 8
5 5 1 .4 1 7
5 1 6 ,3 5 0
1 5 9 , 8 4 9 ,7 7 6
0 , 6 9 8 ,4 0 0
4 , 1 5 1 ,1 0 9
3 , 2 0 8 .9 1 8
1 ,9 0 0 ,0 0 0
1 , 7 9 6 .1 2 2
1 , 7 3 4 .8 0 7
9 9 2 ,3 0 0
1 , 0 7 8 ,0 1 5
5 0 5 .7 5 3
4 6 3 ,5 8 0
+ 4 .9
1 9 9 , 2 2 7 ,1 2 5
1 8 2 ,3 8 7 ,7 8 6
+ 1 3.0
+ 4 .8
.—For Canadian clearings see “Commercial and Miscellaneous News."
C h i c a g o -------------C in c in n a t i_______
C lev ela n d ________
D e t r o it ___________
M ilw a u k ee.............
I n d ia n a p o lis ____
C o l u m b u s .............
T o l e d o ....................
P e o r i a ........ ...........
G rand R a p id s ___
D a y t o n _________
E v a n sv ille ...........
K a l a m a z o o ...........
S pringfield, 111__
F o rt W a y n e -----A k r o n ....................
R o c k fo r d _______
L e x i n g t o n .............
Y o u n g s t o w n ____
C a n to n ___________
S ou th B e n d _____
Springfield , O - - M ansfield...............
Q u in c y ....................
B lo o m in g t o n ____
D eca tu r ________
J a c k s o n _________
D a n v ille ..................
S a g in a w -------------L i m a -----------------J a ck son v ille, 111.
A nn A r b o r ---------A d rian _________
O w e n s b o r o _____
T o t . M id. W est.
San F ra n cisco ___
L o s A n g e le s .-----S ea ttle ............ ..
P ortla n d . _____
S a lt L ak e C i t y . .
S p o k a n e ..................
O a k l a n d . ..............
S a cra m e n to _____
San D ie g o .............
S to ck to n ________
San J o s e ............... N o r th Y a k i m a ..
T o t a l P a c i f i c ..
K an sas C it y ____
M in n ea p olis..........
O m a h a ................. S t. P a u l.............. D e n v e r ..................
S t. J o se p h .............
D cs M oin es____
D u lu th ..................
S io u x C it y -------W i c h i t a ...............
L in coln ________
T o p e k a ...............
D a v e n p o r t _____
C edar R a p id s ___
C olora d o Springs
F a rg o ....................
S iou x F a l l s ..
P u e b lo ..........
F r e m o n t ____
W a te rlo o ___
H elena ...........
A b e rd e e n ____
H a s t i n g s ____
B i l l i n g s _____
T o t . o th . W est.
S t. L o u is ____
N ew O r l e a n s - - - L o u i s v i l l e ___
H o u s t o n ____
G a l v e s t o n .............
R ich m o n d ____
F o rt W o r t h ____
M e m p h is _______
A t l a n t a ...............
N ashville ..........
Savannah _______
N o r f o l k _____
B ir m in g h a m -----M o b il e ___________
J ack son v ille —
K n o x v i l l e _____
C h a ttan oog a .
L ittle U o c k . . . .
C h a rlcsto n _____
O k la h o m a _____
A u g u s ta ...............
M a c o n _________
A u s t in ..................
V i c k s b u r g ..........
W ilm in g to n , N.C
J ackson ..........
M e r id ia n ____
T u l s a ...............
T o t a l S outhern
T o ta l a ll..........
C it y
S e c tio n
S e c tio n
NO. 2404.
Week ending July 15.
Clearings at—
Terms of Subscription— Payable in Advance
a n d
1 9 1 1 .
PUBLISHED WEEKLY.
R a ilw a y
S
2 7 2 ,9 5 7 ,9 2 6
2 6 ,6 8 8 ,4 5 0
2 4,2 1 3 ,0 4 8
2 0 ,4 28 ,59 3
13,8 54 ,45 0
11,2 54 ,62 5
5 ,9 9 3 ,4 0 0
6 ,1 9 7,9 82
2 ,6 1 0 .1 5 8
2 ,6 8 9,0 64
3 ,0 0 7,3 63
2 ,7 0 3,3 13
625,077
1 ,039,402
1 ,401,265
1,37 6,0 00
9 28,557
8 35,775
1 ,303,385
1,23 8,4 28
655,433
640,434
461,283
580 ,32 8
641,124
477 ,71 9
405 ,00 0
496 ,70 5
689,198
444,912
3 4 0 ,03 8
4 1 5 ,00 0
162,117
2 4 ,6 20
415 ,72 9
408 ,22 5.9 01
4 8,0 3 2 ,2 8 0
2 0,5 1 2 ,1 9 0
12,663,899
11,143,285
6,96 7,0 83
4 ,6 2 4 ,8 8 6
4 ,0 7 8 ,9 7 2
3 ,5 5 3 ,6 5 0
1 ,654,315
1,65 0,0 00
968,843
799 ,20 6
705 ,00 0
553 ,67 7
414,683
1 18,321,969
51,9 49 ,05 5
17.350,945
14,316,590
10,038,275
8 ,8 6 3 ,6 7 8
7.59 8,2 92
4 .1 5 0 .0 0 0
2 ,9 2 0 ,1 5 5
2 ,4 0 6 ,3 1 4
3 ,6 4 9 ,2 !9i
1,631,201
1 ,457,088
1,198,554
1 .600.000
749,365
860,563
* 739,464
782,575
428 ,02 7
1 ,153,445
1,019,681
377,431
194,586
119,841
1 35,554,974
1910.
S
% •
— 1.9
2 78 ,33 4,3 05
2 7 ,1 0 5 ,4 5 0
— 1.5
2 4 ,0 81 ,32 3
+ 0 .5
— 1.2
2 0.6S 1.123
13,1 57 ,54 6
+ 5 .3
11,609,064
— 3.1
5 ,9 9 3 ,7 0 0
— 0 .0
4 ,9 1 9 ,7 0 6 + 2 6 . 0
2 ,6 1 3 ,4 1 1
+ 1.0
2 ,6 9 1,9 21
— 0.1
2 ,6 1 6,4 58 + 14.9
2 ,6 3 9 ,0 1 2
+ 2 .4
671,216
— 6 .9
859 ,10 5 + 2 1 . 0
1,023,129 + 3 0 . 9
1,200,000 + 14.7
— 7 .2
1,000.707
786,546
+ 0.2
1,496,369 — 12.9
1,092,647 + 13.4
649,520
+ 0 .9
552,858 + 15.9
419,943
+ 9 .8
523,293 + 10.9
562,545 + 11.0
457 ,30 0
+ 4 .5
395 ,00 0
+ 2 .5
436,322 + 1 3 . 8
659,815
+ 4 .5
318,248 + 3 9 . 6
298,951 + 13.7
401 ,00 0
+ 3 .5
196.526 — 17.3
3 0,684 — 19.8
424,357
— 2 .0
4 10 ,8 9 9 ,1 2 6
— 0 .6
4 7 ,1 39 ,30 5
+ 1.9
15,895,127 + 2 9 . 0
12,923,897
— 2 .0
10,975,937
+ 1.5
6 ,4 9 5,1 19
+ 7 .3
— 8 .9
5 ,0 7 5,7 87
5 ,5 8 9,3 08 — 2 7.0
3 ,4 9 8 ,4 2 8
+ 1.0
1 ,468,665 + 12 .7
1,40 0,0 00 + 17.9
693,687 + 3 9 . 6
787,351
+ 1.5
696,533
+ 1.2
584.971
— 5.3
476 ,34 0 — 12.9
1 13,701,055
46.7 01 ,98 1
2 1 ,0 90 ,23 5
14,339,958
11,165.054
9,17 7,7 71
6,48 8,6 85
3 ,7 5 0 ,6 1 3
3 ,2 6 8 ,6 4 3
2 ,7 6 1,8 09
3 ,4 5 0.5 60
1.619.490
1,312.269
1,120,682
1.202.491
810,395
941,780
1 ,120,000
609,549
294,242
1,120,567
850,342
552 .94 6
175.000
2 3 0 .00 0
134,155,062
7 7 ,0 94 ,91 8
74,6 30 ,51 3
15,469,489
17,2 87 ,23 8
12,202,043
15,0 27 ,93 9
12,309,822
11,558,278
5 ,9 5 3 ,0 0 0
7 ,1 8 1 ,5 0 0
7 .6 0 8,3 70
7 ,6 4 5,6 27
5 ,2 7 5.9 15
4 ,9 8 7 ,7 9 0
5.03 8,0 42
5 ,5 0 7 ,0 9 0
8 ,9 4 0,5 87
10,3 60 .89 8
3 ,6 9 4,4 84
4 ,9 7 2 ,2 5 8
3 ,9 5 1,0 81
3 ,9 1 8 ,7 4 1
3 ,1 6 3,8 81
3 ,2 4 9 ,3 2 4
2 ,4 3 3 ,7 5 7
2 .3 4 5 .0 0 0
1 ,360,608
1.20S.261
2 ,9 1 1 ,0 9 2
2 ,5 0 0 ,9 6 5
1.80 0.0 00
1,77 0,8 47
2 ,0 7 5,9 41
1,610,112
2 ,4 5 1,1 72
1,596,771
1 ,686,709
1,540,442
1,96 3,7 70
2 ,4 1 1.6 00
1 ,356,358
2 ,0 3 1 ,0 5 6
2 ,6 7 6 ,3 4 9
8 35.000
1,26 0,7 96
750.288
231 ,12 1
2 55,449
560 .00 0
424,582
3 4 0 .0 0 0
465 .00 0
175.000
190.000
7 09,264 N o t Included
1 91 ,83 3,1 70
Inc. or
Dec.
178,363,684
3 ,0 0 2 .6 1 9 .2 2 7 3 ,0 3 8 ,2 0 6 ,1 0 0
+ 4.1
+ 11.2
— 17.7
— 0 .2
— 10.1
— 3 .4
+ 17.1
+ 9.3
— 10,6
— 12.9
+ 5 .8
+ 0 .7
+ 11.1
+ 7 .0
+ 3 3 .1
— 7.5
— 8 .6
— 3 4 .0
+ 28.3
+ 45.1
+ 2 .9
+ 19.9
— 31.7
+ 11.2
— 4 7.9
+ 1.0
+ 3 .3
+ 11.8
+ 23.1
— 6.1
+ 18.9
+ 0 .5
— 5 .5
+ 9.3
+ 15.9
+ 3 4 .6
— 0 .8
+ 2 .4
— 3 .6
— 11.2
+ 16.4
+ 1-6
+ 2 8 .9
+ 5 3.6
+ 9 .5
— 18.6
— 33.2
+ 2 2 0 .5
+ 66.5
— 9 .5
+ 3 1 .9
— 26.9
— 7 .9
In to ta l
+ 7 .5
1909.
$
2 8 1 ,7 7 4 ,0 2 6
3 1 ,4 6 3 ,3 5 0
19,3 31 ,99 3
16,220,027
13,159,455
9 ,4 1 4.6 60
6 ,1 7 3 ,9 0 0
4 ,5 3 1 ,2 7 2
2 ,3 6 3 ,6 3 4
2 ,5 7 7 ,3 3 6
2 ,0 8 5 .7 0 8
2 ,0 7 5,4 41
037,692
8 7 5 ,89 0
918 ,12 5
8 2 6 ,00 0
703,017
670 ,60 0
1,01 4,6 23
060,000
621,190
578 ,75 4
367 ,69 5
458 .97 3
4 2 5 ,16 7
425 ,26 7
3 6 4 ,98 0
3 7 0 ,25 5
574 ,89 8
304 ,80 9
228,777
1908.
S
2 3 8 ,3 8 7 ,7 1 4
2 7 ,0 1 1 ,4 0 0
15,933.592
1 3,0 09 ,35 4
10,2 43 ,56 9
9 ,0 2 6,3 63
5 ,1 2 7 ,7 0 0
3 ,9 7 6 ,6 4 9
2 ,0 2 3 ,1 9 9
2 ,0 5 8 ,3 5 4
1 ,7 3 9 ,8 1 0
2 ,4 4 0,6 24 5 38 ,74 6
8 0 5 ,2 6 6
9 10 ,22 5
7 0 0 .0 0 0
7 4 7 ,6 2 6
5 6 6 ,8 3 4
6 8 2 ,96 0
4 0 0 ,0 0 0
5 3 3 ,2 3 0
3 88 ,18 2
3 2 1 ,4 7 4
456 ,23 2
4 5 7 .9 1 6
447 ,68 3
3 5 0 .0 0 0
3 6 0 ,1 9 8
2 7 0 ,0 0 0
2 3 2 ,1 5 8
176,069
3 0,121
152,513
16,911
4 02 ,39 7,7 09
4 2 ,4 35 ,46 3
12,549,735
1 4 .3 00 ,30 0
8 ,6 2 6 ,8 5 8
8 ,1 2 3,0 83
3 ,7 6 8 .2 3 9
5 .4 1 8 ,0 5 8
2 ,1 0 0 ,0 0 0
1 ,245,951
1 ,1 3 9,0 00
3 4 0 ,3 1 6 ,4 8 2
622.684
531,663
4 58 ,63 9
3 2 9 ,4 8 6
5 3 5 .5 4 0
4 82 ,81 1
4 1 5 ,66 6
2 1 0 ,88 5
8 0.7 1 6 .6 9 3
3 2 ,9 4 1 .4 8 8
1 5,9 19 ,54 0
1 0 ,5 53 ,53 6
8 ,1 0 1 .3 4 1
8 ,2 5 9 ,5 1 6
4 ,4 0 7 ,9 9 8
2 .4 1 5 .0 1 6
3 8,3 9 4 ,0 2 8
17,660,189
13,0 16 ,44 0
8,77 2,1 61
8 ,0 4 1,7 61
5 ,1 8 9,4 95
3 ,4 9 0,4 03
3 ,0 6 1 ,7 2 5
2 ,6 7 8 ,6 5 5
2 ,6 9 4 .2 8 0
1,42 4,3 10
1 ,356.887
1,022,485
1 .045,449
786 ,27 0
7 6 9 ,90 6
6 50,000
577,037
2 65 ,19 9
966 ,57 0
___ 212 ,03 8
112 ,97 5,2 88
68,1 24 ,69 5
15,951,077
12,6 18 ,83 5
12,7 52 ,62 8
5 .4 0 9 .0 0 0
7 ,6 1 3 ,8 9 6
5 ,1 3 1 ,1 5 4
4 ,4 4 5 ,0 3 6
7,02 5,8 01
4 .2 8 5,7 59
3 ,1 3 9 ,8 3 6
2 ,6 9 7,0 78
1,90 8,7 66
1,47 1,1 75
1,84 2,2 59
1,46 3,7 30
1,46 8,6 46
1,44 6.9 94
1,201,581
1 .7 0 0.0 00
1 ,321,304
668.489
569,197
229 ,04 7
3 67 ,63 6
280 ,00 0
178,591
1 65,412,810
3 6,2 1 6 ,0 1 1
1 0,9 55 ,96 8
9 ,8 5 5 ,4 3 7
6 ,2 1 8 ,0 8 0
5 ,2 4 3 ,8 3 2
3 ,1 4 6 ,0 6 3
4 ,3 0 5 ,0 7 9
1 ,5 3 6,1 51
8 5 3 ,0 7 0
7 4 2 ,0 0 0
1,922*496
1 ,2 6 0.3 34
1 ,2 2 6,6 34
1 ,0 3 7,3 39
9 0 1 ,71 4
866 ,45 3
7 09 ,98 6
5 43 ,99 0
4 6 0 ,0 0 0
5 1 7 ,1 2 6
2 39 ,03 8
951 ,43 5
185,805
9 3 ,4 2 0 ,7 8 5
5 9 .6 7 1 ,0 3 7
12,2 79 ,82 2
11,9 01 ,20 8
7 .9 9 3 .7 0 5
4 ,8 8 0 ,5 0 0
5,S 9 4 ,4 6 8
4 ,3 3 0 ,5 9 0
3 ,6 6 4 ,4 9 1
3 .5 0 6 ,4 5 8
3 ,1 0 0 ,0 0 0
2 ,5 8 4 ,7 6 7
2 ,0 8 9 ,8 6 2
1,53 5,4 61
1 .620,043
1 ,4 2 6.3 86
1 ,2 4 1,8 98
1 ,2 6 3,5 11
1 ,2 1 5,0 99
1.20 1,6 13
943,061
867,863
5 07,169
3 83 ,38 9
3 0 0 .0 0 0
3 3 0 .0 0 0
3 5 0 .0 0 0
1 3 4 ,61 6,7 49
3 ,0 1 7 ,1 2 6 ,7 6 8 .2 ,5 3 3 ,4 3 8 ,9 8 9
Outside N. Y 1,349.275.380:1.314,440.004 + 2.5 17234.138.223'1.052,391,960
190
THE CHRONICLE
[VOL. LXXXXI1I.
c o n s id e r a tio n
OUR R A IL W A Y EARNINGS ISSUE.
W e
o f
sen d
ou r
tio n
o u r
“ R a ilw a y
s u b s c r ib e r s
E a r n in g s ”
to -d a y
th e
S e c tio n .
In
w e g iv e t h e fig u r e s o f e a r n in g s a n d
la te s t
m o n th
U n it e d
o f
m o n th ly
b ig
retu rn s
a t
o f
o p e r a tin g
a n d
w it h
little ,
th e
c o m p r is in g
is
n u m b e r
th is
p u b lic a
in
th e
son s
to
file
th is
o f
900
a b o u t
a p p e a r
co u n try
T h e re
h ig h
h a v e
h a s
m a t e r ia lly
b e e n
a
te m p e ra tu re s
sa m e
t im e
.s u p p ly in g
th e
o th e r
to
o f
cro p
a
b e
o f
b e
ca n n o t
s e c u r itie s
a t
fo u n d e d
in
y ie ld
a
as
p la in t.
p a rt
b e
is
in
th e
co u n try
in
O n
p o rtra y s
m o re
c o u n t r y ’s
sto ck s
la tio n .
stra n g e
to
re a so n .
th e
e n te r p r is e ,
in d u s tr y
th a t
in
p o lit ic ia n s
it
n o
p a st.
N o
a m o u n t
T h e
o f
m o st
d o
is
T o
w h a t
to
o n e
h o ld
th e ir
fra m e
is a p p a r e n t w h e n
o f
d o in g
to
o f
w h ic h
steel
r a ils
a
on e
b y
an
a g r i
sa m e
la c k
as b e fo r e .
o f
in
s p e c u la t iv e
e n e rg y .
n o w
w ill
to
W h a t
v a lu e
o f
th e
in
d is p a tc h e s
S ta te
m is s io n
a n d
o r
b o a rd
p la n s
fo r
s p r e a d in g
o f
a n y
o f
so
in
th e
d ir e c to r s
a n y
sy ste m
a g a in s t
c o m p e tin g
th is
le d
h as
in
th e
w a y .
h o p e
to
sy stem s.
tra d e
w o r ld
t u r n o u t 4 ,0 0 0 ,0 0 0
a g g re g a te
o rd ers
a s if t h e y
o f
ton s
a b o u t
b e to k e n e d
a m e n d m e n ts
to
s u b s e q u e n t ly
w ere p u t o n
th e
In te r -S ta te
y e a r
w h en
C o m m erce
th e sta tu te
th e
r a d ic a l
L a w , w h ic h
b o o k , w ere u n d er
I n te r -S ta te
a v a il
b e e n
N o t
o n ly
fo r
n o
th e
d id
it
a d v a n ce s
o f
to e x
w a g es—
s ta g g e r in g
fro m
th e
n o t
b r in g
d oes
in
o f
e n d o w e d
a d d it io n s
a
ra tes,
th e
b lo w
e ffe c ts
n ew s
th e
C o m
r e la tin g
n o t
c o m p a n ie s
a n d
ca se,
w e
w h ile
it
in
lik e
y e a r
h a v e
m a y
is
b e
c e r ta in
m a n n er
&
& c .,
w h y
a
tie s
k eep
s p ic u o u s
R e a d in g
th e
th e
la te
th e
ro a d
u p o n
C la u s e
p ress
o f
“ a
c ia tio n
m a y
it
s p r in g
$ 1 0 0 ,0 0 0 ,
is
sta te d ,
S .
th e
th e
r a ilr o a d s
w o n d e r
u p
fo r
is
is
th e
o f
F o r
O n e
b eca u se
fo r ty
lin k e d
o r
to
th e
th e
a c q u ir e d
th a t
in s ta n c e
to
th e
to
co m e
co m p e l
R a ilw a y
m in e s
a c tio n
fro m
a
secu re
to
th a t
a g a in s t
C o m m o d itie s
la w ,
o w n e r s h ip
fo r
d e p e n d e d
an
C o m p a n y .
h as
In d e e d ,
th e
th e
h a p
y ea rs
m in e s
so
C o m m e rce
R e a d in g
th ese
o f
h is
co n
c o a l m in e s
b e
u n d er
fo r b id d e n
s u it
to o ,
it
fifty
s a lv a t io n
b ro u g h t
c a r r ie r s
R e a d in g
its
p o s itio n ,
in t e llig e n c e
s e c u r i
d o in g
s e e th in g .
m e n t io n e d
h as b e e n
I n te r -S ta te
fit
ex p ressed
r a ilr o a d
W a s h in g to n
c a ld r o n
G o v e rn m e n t
p o in t
h as
E x ch a n g e .
a t
b e
th is
a n th r a c ite
to
C e n tra l
e n o r m o u s ly — th e
th in k
y e t
w eek .
le g a l
in
G o v e rn m e n t
o f
th a n
ro a d s,
to
a n d
S to ck
p a st
T h e
a g a in s t
h o w e v e r,
th a t
seem s
fe lt
th e
m ore
th e
$ 2 8 ,0 0 2 ,4 0 0 ,
h e
U .
a ll
$ 4 0 ,6 5 9 ,9 0 0 ,
b eca u se
seem ed
L o u is ,
to
G o w e n
th e
S t.
to
B .
o th e r
o f
u p
th e
th a t
$ 9 ,4 8 1 ,2 4 8
it s u c h a la r g e v o lu m e o f t r a f f i c .
th e m .
w h en
th e
v a lu a tio n
F r a n k lin
ro a d
&
fro m
o f
a n d
$ 7 ,4 0 0 ,0 0 0
n o t
R a ilw a y
v a lu a tio n
a ll
th a t
$ 7 ,0 1 7 ,0 0 0
p o lit ic a l
in s ta n c e
w it h in
in
is
fro m
Y o rk
th e
w h ic h fu r n is h
th e
d oes
r a ilr o a d
sta te m e n t
C h ic a g o
lin e ,
to ld
C o m
r e s u lt
$ 6 1 ,6 4 5 ,0 0 0
b o o ste d
fle e c e d ,
N ew
are
th is
o f
th e
th e
to
o th e r
A tto r n e y -G e n e ra l
to
p e n e d
th e
b e
W e
th a t
th e
a c tio n
fro m
E v e ry o n e
to
th e
O u r
p a rt
V a lle y
d e m a n d
o n
b e e n
W e ste rn
& c.
s u b je c ts
T h e
a d v a n ce d
o f
O h io .
th a t
r a is e d
th e
im p a ir
th e
v a lu a tio n s
a n d
C e n tra l
to
fro m
O h io ,
C in c in n a ti
a ssessm en t
H o c k in g
o f
$ 2 0 ,3 2 5 ,0 0 0
Y o r k
O h io
T h e
d ir e c tio n
e v id e n t
in c re a s e s .
C le v e la n d
in
is
t e n ta tiv e
n e w
fro m
N ew
a n o th e r
C o lu m b u s ,
fix e d
th e
e n o rm o u s
a n o th e r
m in e s
L a st
h a s
ex p ress
C o m m is s io n
fro m
fo r
S h ore
N o r fo lk
a n y e x te n s iv e
o u t
o f
in
C o m m is s io n e r s
L a k e
th e
e n jo y s
d e v e lo p m e n t
th e
It
to
th e
to
in q u ir ie s
to
p ro p e rty
T a x
h as
is
as
B u t
in d u s tr y ,
o r
cases
o n
b e e n
e n d e a v o r.
g rea t
g o in g
r a ilr o a d
h as
a . s tim u lu s
c o n fid e n c e
a re h e r a ld e d
sh o rt.
is
o f
lin e s
r a ilr o a d
o n e ’s ey es
t h a t in h o s t s o f in s t a n c e s lo w e r t a r iffs w ill b e o r d e r e d .
0 0 0 .
d is c o u r a g e
T h e y
c lo s e
F u rth e rm o re ,
b e tte r
fa r
so
o f n ew
lin e s .
re co v e r
o u tco m e
b r in g
s p e c ia l
d o u b t
T h e
T h e
to
th a t
w h y .
a n y
b e
b u t
b o d y
n ew
it
th a t
r a ilr o a d
la r g e
su ch
n u m e ro u s
r a ilr o a d s
g e t
s c h e d u le s
ra tes.
p la n n in g
th e
c a r r ie r s .
su re,
e la p s e s
in
a n d
m a n ip u
rea son
it.
th e
o n e o b s e r v e s t h a t , w h e r e a s in a n o r m a l
y e a r,
is
to
o th e r
d a y
r e d u c tio n
to
a
y e a r.
to
b y
s h o u ld
e n o rm o u s
t im e
p la y e d
c a p it a lis t s
p e r m is s io n
r a ilr o a d s
p e r
T h e y
fa ile d
h ig h e r
a lo n g
a
th e
b y
th e
la s t
g ra n t
p a rt
$ 4 1 ,1 8 6 ,1 0 0 ,
e x ce p t
sp u rts
h a v e
is
g e n e r a lly
w e re s u ch p o w e r fu l fa c to r s
co n tro l
b u r s tin g
w h a te v e r
sta te
e x is ts
th a t
in
to n s a m o n th
are
th e
th e
as
th e
fo r
1 0 0 ,0 0 0
M e m o rie s
co m
u n d e r t a k in g s
h u m a n
o r
o w n
cro p
fe lt in
su ch
e v e r y th in g
p r o lific
m in d
b e
w h ic h
p ro m o te
s t a t e o f a c t iv it y , o u r r a il-m a k e r s
o f
n ew
s h o u ld
m a n a g e m e n t
th o se
a
a s k in g
its e lf t o -d a y w it h
th a t
is
te m p o ra ry
p r o s p e r ity
w o rk
th e
re co m p en se d
th ere
in
s h a c k le d
n ew
th a t
m a y
E x ch a n g e ,
co m m a n d s
r a ilw a y
a lo n e
fo r
b u s in e s s w o r ld
th e
h a v e
its
c o n c e r n in g
th e
b y
b e
m is s io n
a g r ic u ltu r a l
rea son
h a r d ly
o f
to
p a rt
is t o
w h ic h
th e
sa m e
e n te r p r is e .
Y e t
n o t
e x
th e se
o r
o n .
h a s
w o r k in g
th ese
d e s ir e
a t titu d e
w it h
F e b ru a ry
in
a
crea te
g o in g
a m e n d m e n ts
d e a lin g
so m e
g r a in
p r o p itio u s
p ow ers
it w ill t a k e
— b u t
o f
is
o c c a s io n e d
th e re b y
th a t
o r
are
th e
w h y
in
e x te n s io n s
p ro p e r
w h a t
r a te s , t o o ffs e t
p en ses
th e re
to ta l
c o tto n
w h ic h
is
o f a c t io n
p r o m o t in g
h e lp
b ra n ch e s
lo n g e r
th e
in
p ro p e rty
o f
to
o th e r
a
so
th a n
d is tin c tio n
are
a ssu ra n ce
h e n ce ,
b y
s a y in g
s ta g n a tio n
n o th in g
a n d
e x p e r ie n c e d ,
a c c u r a te ly
a n y
W e
a n d
th e fre e d o m
is
th e
u sed
a c t iv it y
in
u tte r
E v e ry o n e
seem s
th e
le s s
r a in s ,
p a rt.
en g a g e
o c c a s io n a lly
e n jo y in g
to
g iv e ,
S to ck
or
tra d e ,
a s r e lie v e d
to
th e
th e
co rn
m ore
sca n t
m o re
th e
s h o u ld
I f,
b e in g
o f N a tu re
s p ir it in
a n d
e v e r y th in g
c o u n try ’s
fu r n is h
w ill b e
la s t
b y
co tto n
a v e ra g e ,
a n o th e r
d is in c lin a t io n
th a t
th e
th e
r e fu s e
o n
th a t
a n d
o f
in
N o w
fe a re d ,
c h e c k in g
a n o th e r
C o m m is s io n
e x tr a o r d in a r y
u n d er
th u s g iv in g
th e
n o w
b o u n tie s
s itu a tio n
m a rk e d .
o f
th e
ta n ta m o u n t
th e
o f a v e n tu re so m e
T h e
o f
n o tw ith s ta n d in g
c u ltu r a l
in
th e
in
p r ic e s
th e
m in d
e x t r e m e ly
sca ttered
d im e n s io n s .
w o u ld
o v e ra b u n d a n ce
B u t
ca se
c o u n te r b a la n c e d
w h o le
T h is
o f
th e
n o t
w eek .
J u n e
n eed ed
fu ll y ie ld ,
c o n d itio n s
ex cess
d e fic ie n c y
a
n o t w it h s t a n d in g
w o u ld
r u n n in g
In
th ose
o f
o v e r
d a m a g e , w h ile a t th e
w id e ly
m u ch
sh o rta g e
m e te o ro lo g ic a l
e ffe c t
b e e n
o f
th in k
la w
b e e n
th e ir
h e s it a t io n
r e s u lts .
u n d e rsta n d
r is in g
r e c o g n iz e d
n o
ig n o r a n c e
o n e
s e c u r itie s
to
h a d
in
o v e r
2 4 0 ,0 0 0
p a st
b e
a p p a r e n t ly
tu m b le
th e
e le m e n t
n o t
C o m m e rce
a ll
th e
p a rt
m u ch
so
u n u su a l
so m e
p r o d u c tio n ,
d u r in g
h a v e
fa v o r in g
a b sen ce
so
m o is t u r e
c e r e a ls .
seem s
s h o u ld
w h ic h
w o rk e d
th e re
th e
b r ig h te n e d
c o m p le t e
fir s t h a lf o f J u ly
g r a in s
to
h a d
b e co m e
w h ic h
d is t u r b in g
a n d
g r o w in g
h a v e
m a n y
a n d
to
C o m
THE FINANCIAL SITUATION.
o u r
as
m is c h ie f
seem
r e g a r d in g
fe a r s
roa d s
lin e .
P ro sp e cts
C on g ress,
ch a ra cte r
a m e n d m e n ts
v e ry
r a ilr o a d
n e a r ly
a g g re g a te
p r e s s in g
r e q u ir e d
C o m m erce
a lto g e th e r
a n
J u ly
e x p e n se s fo r th e
stea m
w h ic h
In te r -S ta te
W a s h in g to n —
sy ste m s,
m ile s
e v e ry
S ta te s,
m is s io n
o r
to
in
m is c h ie v o u s
it
o f
d id
th e
T h is
n o t
coa l
w eek ,
W a s h in g to n
b o n a
C o m p a n y
fid e
d is s o
fro m
th e
THE CHRONICLE
J u l y 2 2 1 9 1 1 .]
R e a d in g
C oa l
C ou rt
P h ila d e lp h ia .
a t
N o r
th e
b y
is
C o m p a n y ”
p o lit ic a l
r a ilr o a d s .
h a d
S ta n d a rd
h a v e
b e e n
O il
b e in g
h e a v y
C o .
d ir e c te d
h a n d
in
m a tte r
th e re
w it h
e n d e d
v ic to r y
c u t io n s
o f
th e
o f
in
o f
th e
m u c k r a k in g
h a v e
u n d e rta k e n
m u st
th in k in g
th e
o f
th e
ra k ers
th a t
a lo n e
th e la w
is b e i n g
a n d
a n d
n e v er
B u t
as
g r o w in g
la b o r ,
a g o
in
W e
th e
co u n try
tu rn
a
is
are
1 90 7,
a n d
W h ile
a
m a n y
B u t
is
th e se
is
as
fo r
e x e rte d
ou r
b y
r a ilr o a d
p r e s s io n
v ie w s .
P r e s id e n t
cro p
th e ir
o f
th e
s itu a tio n ,
p ro sp e ro u s,
m e n a ce
n er
a n d
w a s
b u t
m o st
J a m es
“ T im e s ”
h a v in g
J .
I
q u o te d
as
ch a n g e d
s a id :
m ore
sa n e
p r is e s ,
a n d
in
S t.
“ T h e
p e o p le
o f
to w a rd
la w s
m u st
o u r
&
to
th e
o f
C o ., ju s t r e tu r n e d
b o d y
’ th e y
in
d o
E u ro p e
n o t
lik e
c o r p o r a t io n s .”
ern m en t
m u ch
s t ill
in g
fu tu re
th e
m o n th
fro m
th in k s
is
th e
“ In
ra th e r fa v o r s
in te r e s t
in
th e
fir m
“ T h e
o f
th e
th e
lik e
th e
th e
m a n
Y o r k
M o n d a y
b u s in e s s
fo r
th e ir
n e a r ly
3 ,3 9 9 ,9 5 7
tru sts
as a
la r g e r
fin e
th a t
n e c e s s ity
o f
a n d
c o m b in a tio n s .
p e o p le .
o f
in
th e
n u m b e r
w a s
6 8 1 ,5 6 7
h o w e v e r,
th e
m in e s
fin e
s ix
o f
c o m
m o n th s
th e
T ra n s
o u n ce s
to
th e
c o n t r a s t in g
p e r io d
o f
o u n ce s
1910
in
w it h
(a
g a in
1909
a n d
1908.
h a v e
la w
b e e n
o n
o th e r
B r id g e
G a y n o r
c o lle c te d
th e
tw o
tw o
b y
n e w e st
c o lle c tin g
C o m m is s io n e r
p ro cu rre d
w a s
o r
p a ssa g e
it
th e
th a t
th e
o f
a n
th e
c la im
b e tw e e n
d o e s
h is
sta n d s
a c t io n
th a n
d iffe r e n c e
fe rr y -s tr e e t
c ry
ca n
p a rts
c a r r y in g
a w a itin g
h is
th a t
b e in g
th e
o w n
o w n
h im ,
e a s ily
b e
b e
o f
o f
th e
w in d
o n ly
d a te
b r id g e s
th e
a
a
O n
fe rr y
g lo s s e d
are
p u b lic
a
p h y s ic a l
h im
ren ew ed .
h a s
w ill
a ls o
c it y .
a cross
in
a n d
c o n tin u a
o f
fe r r ie s
o n
co st
N o th in g
o u t
ca rry
a ll
tra ck s
n ecessa ry
a n d
m u st
w ill c e r t a in ly
o f
s u n s h in e ,
“ fre e ”
th e
th e
ta x e s.
are
its
to
lo s s
fro m
are
h a s
b o o n
p o r tio n
to lls
b u t
a
m ea n s
b r id g e s
ro a d
c o n tin u a tio n s ,
o n e
th is
e x ce p t
th a t
to
it
T h is
as
th a t
gen era l
s p e c io u s n e s s ,
p la u s ib ilit y
w h ic h
th a t
a n o th e r
th e
fre e ,
a n d
c o m m u n ic a t io n s
o th e r
is
m a n y
e x ce p t
th ro w s
u p o n
a rg u m en t
stre e ts
m id n ig h t.
b y
b r id g e s
co m e s
stre e t
roa d
a t
h a ile d
d ra w b a ck
a n d
T h e
fu r n is h
is
th e
s e d u c tiv e
s till
.
T h e
o f
b r id g e ,
e v in c e s
th e
th e
T u e sd a y
a n d
w o r ld
o n ly
b ig
to lls
o n
M a y o r
fo r
th e m
t io n s
.
th a n
a g a in s t
F o r
fin e
s p e c ific
e ith e r
m a in te n a n c e
r a in .
G o v
.
in
th a t
b y
th a t
o n
rev en u e
re g u
th in g
n o t
a d v a n ta g e s
e n te r
o u r
“ th e
o u n ce s
d is c o v e r y
a n d
t o ll-fr e e
th is
“ e v e r y
o n ly
lik e
w a s
y e a r th e
m o n t h ’s y ie ld
a g g re g a te
th e
lo n g
o r d in a n c e a b o lis h in g t o lls a n d a ll t h e b r id g e s w e r e m a d e
a d o p t
H a llg a r te n
th e
in
th e
n o t
g rea ter
to ta l,
th e
3 ,6 3 6 ,6 5 3
) ,
th e
3 ,9 7 6 ,1 5 2
th is
ou n ces
%
th e
1910.
y e a r
m ore
a v era g e
M a y th is
o u n ce s
1911
in
c a le n d a r
s u p p ly ,
A ld e r m e n ,
on
as
o f th is c it y ,
o f
J u n e
6 2 5 ,1 8 1
n ew
c a r r ie d
ou n ces
to
fe a rs
a
c a r r y in g
w ill
th e
In
fin e
fin e
th e
set
o u n ce s
h a s
m a rk
n o w .
a g a in s t 3 0 ),
o f
g o ld ,
it
1910
G 92
(6 8 5 ,9 5 1
w as
n o w
o u n ce s — a n d , ju d g
th a t
o w in g
c o n t r ib u te d
n ew
fin e
J u n e
b y
b u t,
T h e
cu rren t
w o r ld ’s
p a st,
In
th e w o r ld ’s
s o lv in g ;
fin e
J u n e
its
e ls e
p r o b le m
T ra n sv a a l
4 4 9
in
2 2 ,8 1 9
le s s
(3 1
o n ly
h a v e
U p o n
e x
o f
N ew
o n
a d d s,
w as
or
N o w
w a s
lo o k
to
o f
o f
a p t
m o n th
fe a r
to
fa lla c io u s n e s s
th e
b y
o f
c o n d itio n s
In
h a r a s s in g
h e
w it h
8 %
fa r m e r
v ie w s
e ffe c t
b r in g in g
re a ch e d
la b o r
p ro ce ss
o u n ce s,
th e
c lo s e d ,
fin e
d is c u s s in g
E u ro p e , re p o rts
w e ll o f A m e r ic a ;
c o n t in u e d
ju s t
o f
R ip le y ,
co u n try m u st
la r g e
b y
o u n c e s ).
va a l
fin e
th e
p r o d u c tio n
o u n c e s le s s t h a n
w ith
m y
e ffe c t,
its
w h en
n e ce ssa ry
in
A p r il
d a ily
re co rd .
a n d
d e v is e d
G e r m a n y ,”
th e
o p tio n a l
to
b a n k in g
th e
3 ,6 5 9 ,5 0 5
g iv e
P .
w a s:
fin d in g
h a d
c o n tr ib u tio n s
th e
In
are
m o n th
w a s
b e
o r
h ig h e r — to
b r id g e s ,
E .
sa m e
h a v e
th e re b y
th ere
w a s w h en
M a rch .
a
p a rt
see
to
“ J ou rn a l o f C o m m e rce ”
B lu m e n th a l,
fo r
sh ow
th a t,
w o u ld
s o lv e d ,
2 2 ,2 5 7
a v era g e
a
A c c o r d in g
to
th a t
p a res
la t io n .”
H u g o
u p
th a n
fin e
re
T im e
a n x ie ty
a v e ra g e
c le a r ly
q u o te d
b e
it
in
p ro d u ct
s in c e
see
th e
P o litic a l
th is
re co rd
cu sto m
s a y in g :
d is p a tc h
w a s
a t t it u d e
w is e r
a
b e e n
d a ily
to
it
a p p a re n t.
p o lic y ,
b u s in e s s .”
P a u l,
h as
it
c le a r ly
p o litic a l
in
h a v e n ’t
o f
fin e
e b b in g .
is
c o u n t r ie s
a n sw er
th e
A fr ic a
m in in g
T h is
ca u se
w h ic h
F r id a y
sy ste m ,
to
o n
h e s ita te
c o n d itio n s .
a
in flu e n c e
fin a n c ie r s
n o t
L a st
d a n g erou s
H ill,
fro m
a n d
d o
A tc h is o n
o f u n d e r ly in g
c o n s id e r
r e c o g n itio n
m en
lie s
y e t
1 ,9 8 0
th ro u g h
g o ld *
a n n u a l s u p p ly .
g rea ter
fa c t
to
s h o u ld
r e c e iv e d
w h e r e fo r fu r th e r la r g e n e w
co v e re d
th e y
a ll
in
retu rn s
th a t
o f d a y s
w o u ld
d e p r e s s in g
a n d
s lig h t ly
b e ca u se
s h o r t-s ig h te d
w h e r e th e tr o u b le
a p o g e e ,
w ere
k e p t
o ff,
ju s t
a sk ed
u s a lo n e , b u s in e s s w ill
s e n tim e n t,
T r a n s v a a l.
th a t
o f
cu t
w e
th e
as
a d d itio n
e n c o u r a g in g
th e
o u r
o f
w as
E u ro p e a n
in v a r ia b le
so u rce s,
p u b lic
th e
im m ig r a n ts ,
is g r a d u a ll y
if
fro m
ex p re sse d
sta n d
m u ch
a n d
c a p a c ity
b e in g
th in g s
lit t le
o f
te ll
h e
C h a s.
a ls o
S t a t e s .”
p o s s ib ilit ie s
in
(w e
s u p p lie s
o f
or
R a il
n o w
th e y
n ew
so u rce
a p p lie d
A n
y e t
p u b lic
d o in g .
a c tiv e
o f
m u st
n e w im m ig r a n ts , a n d c o n s e
b e
t im e s .
w a n ts
a n d
la r g e
as
a rm y
g r a d u a lly
u p o n
to
b e
c o m p le te
c le a r in g s
w as
n e e d
th is
m u st
o f
m u ck -
e x p a n d in g ,
as
h a s
w h en
in
h is
te s t im o n y ,
d iffe r e n t
G o ld -m in in g
illu s t r a t io n
is
b e e n
U n it e d
w h o
th a t
co u n try
M r.
n e a r e r t h e d a y o f g e n u in e a n d la s tin g b u s in e s s r e c o v e r y .
th a t
n o t
b a n k
la r g e
stress
th e re
b e in g
if
m a n y
a ll d ir e c t io n s .
rev en u es)
co n sta n t
b ro u g h t
w a n ts
gen era l
h e lp
c o u ld
a
C o .,
p e o p le
h ere,
th is
b e in g .”
th e y
a rra n g em en t
to
th e
m a n y
&
p o litic ia n s le a v e
fo r e g o in g
so
t im e
sta tes
b u s in e s s
as th e
in
th e
L a n ie r
b u s in e s s
e n lig h t e n in g
in
c o u n tr y ’s c o n s u m p tiv e
g o o d
th o u g h
th e
som e
in
t o b u s in e s s , s o th a t
n o t
tra d e
re m e d y
o f
th e
fro m
is r e m a r k a b l e , a n d
fo r
E u ro p e ,
a n d
to
a ll r ig h t
T h e
n ew s
th e
a re la r g e
p r e v io u s ly
cases
fin d w o r k fo r t h e
la y
p ro se
ju s tic e
c o n s u m p tiv e
q u e n t ly th e im m ig r a t io n m o v e m e n t
w h ere
d a y
co m e
T h e
g ross
a c c r e tio n s .
ca n n o t
b e
th e
d e m a n d in g ,
m illio n s
th e
w as
th is
c o n s u m p tiv e
w e
w ill.
h a d
to
th ere
in c r e a s in g
th e se
th e
a g a in s t
in n o c u o u s
n o t
n in e ty
m a n y
s to ry .
a n d
if
reg a rd
flu s h e d
ca n n o t
p o e tic
th e
rep ressed
d o e s
th e
it
in
r e fe r e n c e
y ea rs
o f
in fin ite h a r m
is b e i n g
o f o v e r
a h e a d ,
sa m e
p e r fe c tly
b u s in e s s
e a r n in g s
th e
o f
im p e r io u s ly
is w o r k i n g
e n e rg y
s u p p lie d .
fo u r
so rt
fin a n c ia l
“ A s so o n
B u t t h e f a c t is t h a t a l l t h i s is e x t r e m e l y d i s
a p o p u la tio n
h a v e
a
fro m
th e
ca re
w h ic h
W in s lo w ,
b y
fo rs o o th ,
O n e
o f
in
(in c lu d in g
a t
la g g a r d
C o.
a tta ck e d
e n fo r ce m e n t
so
s ta n d s till,
g o in g
b e
w h o se
a g a in s t s o m e
co u rse ,
ro a d
p r ic e
h a v e
tu r b in g
b e
th e
m a g a z in e s .
b y
a b ro a d
o n ly
retu rn ed
s m a ll.
o th e r
e v e n
b e ca u se ,
u n d e r t a k in g s
b e e n
h a s
m a g a z in e s
w o u ld
la w ,
w o u ld
p r o s p e r ity
th e
L a n ie r ,
fe lt
T o b a c co
in it ia t in g
H e
n a m e
th e ir
o n e
is
in d u s tr ia l
m e r c a n tile
O f
ca ses,
m o n th ly
to
T h e
a g a in s t
A t t o r n e y -G e n e r a l,
m e r it .
th ere
o f th e ir o w n .
a
F ed era l
c o m b in a tio n s
N o
th e
p r o c liv it ie s ),
s e ll
A n ti-T r u s t
in v o k e d
I
th e
A m e r ic a n
ille g a l
la n d .
th e se
w ith
th e
as
b u t
d o u b tfu l
p u b lis h e r s
d e a le r s
a n d
co n d e m n e d
h ig h e s t C o u r t
is
in
in n u m e r a b le b u s in e s s u n d e r t a k in g s , la r g e a n d
T h e
is
file d
is
a c t iv it y
T h e
b e e n
191
so m e
a cro ss;
o v e r
a n d
T h e
th e
r e m o v a l o f t o lls w ill a ls o
fe rr y
h a v e
a
s itu a tio n
stro n g
fu r th e r
r e c e ip ts
I s la n d
th e ir
a n d
a
3 9 th
g r a tify in g ;
b u t
e x p e r ie n c e
to
S tre e t
b y
th e
r e m a in s
le a v e
th e
T h e
o f
in
p e r
is
o n
a n d
th u s
is
S ta te n
r e d u c in g
th e
th a t
p u b lic
a g re e m e n t,
v e ry
A s
a
c o r o lla r y
U n ite d
ese
a llia n c e
S ta te s
m ie s .
In
a n d
le s s o n
o f
o w n e r s h ip
co m m o n
fro m
th a t
w a r
th e
lis t
w o rd s,
th e
a n y
co u p
tre a ty
as
to
o f
a n d
J a p a n
stress
w o u ld
A u g .
e lim in a t e s
p r o v id e s
g a te d
to
tr a tio n
n e w
th a t
g o
th e
to
tre a ty
tre a ty
su ch
a
d a n g er
c o n tr a c tin g
a n y
h a s
fo rm e d .
b e e n
1905
w a g e
in
c r it ic s
th e
U n ite d
T h e n ew
th a t
it
T h e
a g ree
s p e c ific a lly
w ill
P o w e r w it h
o f
u n d e s ir a b le
w ere
p a r tie s
w a r w it h
12
th e
o c c u p y
en e
w o u ld
B r it is h
u p o n
th e
p o s s ib le
tre a ty
S ta te s a n d J a p a n t o d e c la r e h o s tilitie s .
m e n t
b e tw e e n
e x c lu d e
B r ita in ’s
e n e m y .
la id
B r ita in
so
o f
B r ita in
a g a in s t
w h ic h
p e a ce
m o d ifie d
G rea t
d ip lo m a tic
p o s itio n
p ro p o se d
n o t
w h o m
w h o
th o u g h
m e n t
h e
w a rn e d
w o u ld
in v o lv e
m o n s,
h a v e
o f
J a p a n ,
h a v e
c lu s io n
1 9 0 5 ,
o f
th e
a n d
in
B r ita in
v ie w
in
th e
th e
to
th a t
su ch
a
to
a n d
to
th e
o f
o v e rco m e
th e
a g reed
to
n o t
to
th e
co m e
to
o f
w o u ld
12
a g reem en t
a g reed
th e
co n
A u g .
c o n tr ib u te
h a v e
r e p la c e
th a t
th e
d o u b tle s s
p a ss
th e
o n ly
a
b e fo r e
th e
L o rd s
d ra w n
u p
b y
th e
T h e
U n io n is t
s u lta tio n s
d u r in g
le a d e r s
th e
la s t
d o
th e
H o u se ,
fin a l
M in s P eer
n o w
r e a d in g
w as
T h e
o r
p resen ted
C a b in e t, s t r ip p e d
h a v e
B ill
a cce p ta n ce
it w ill b e
b y
n o t
as
d e b a te .
fo r
to
c a r r ie d
L ib e r a l
th ir d
h o u rs ’
u n til n e x t T u e s d a y , w h e n
o r ig in a lly
m in d
n ew
T h e
th e
lik e
w id e -r e a c h in g
U p p e r
B ill.
fin a l
o f
o p e r a tio n
in
th e
C o m
a
w o u ld
r e a l,
h a d
th e
th re e
A s
a s o c ia l s h o c k — I
b u t
o f
o f
o f
r e fu s a l
“ I
H e
B ill
P a r lia
H o u se
p e o p le .
a d d e d :
th e
th e
r e a d in g
th e
sev era l h u n d re d
r e fu s a l
a fte r
o f
th ir d
fo llo w
h e
fro m
C h a m b er.
d is lo c a t io n
to
L o rd
m ea su re,
o f
P a r lia m e n ta r y
H e
th e
o f
th e
th e U p p e r C h a m
h e ld
fre q u e n t
fo r tn ig h t,
b u t
n o
h a s
m a d e .
co n
a n n o u n ce
ch a n g es
th e
o f
a
B ill w a s
b y
r e je c t io n
th e
sh o ck ,
crea te
o f
U p p e r
n o t
r e fo r m ,
in e v ita b le
c o n s titu te d ,
as
th a t
w o u ld
V e to
T h u rsd a y
G o v e rn m e n t
th e
ju d g m e n t
w h a t
s h o c k .”
r e je c t io n
th e
th e
b y
su rren d er,
th e
o f
p la n
a r b i
G o v e rn
s in c e
a g reem en t
re p o se ,
s t ip u la tio n s
th e
m a n ife s tin g
o f th e
o n
a d o p tio n
w h erea s
s u p e r fic ia l
a n
o f
th e
w it h o u t a n y t h in g lik e
a
w ill
im p o rta n t
r e v is io n
ch a n g es
a n d
s itu a t io n
A n g lo -J a p a n e s e
s ta b ility
fo llo w in g
G rea t
p la c e
b e lie v in g
r e s p o n d in g
gen era l
o f
a ls o
r e a d in g
L o rd s
v a r io u s a m e n d m e n ts in c o r p o r a te d
h a v in g
ta k e n
is
tre m e n d o u s
s a n c tio n
th ro u g h
s o c ia l
a
to
th is
m e a n
a
b e
b u t
to
o f
P eers
b u s in e s s ,
s u g g e s tio n
L o rd s
th ir d
in tr o d u c e d
fe llo w
w o u ld
tr y ’s
th e
H o u se
d is s o c ia te d
h is
o b li
rea d s:
G o v e rn m e n t
w h ic h
G e rm a n y
m o v e d
a m e n d m e n ts
b e
p r e a m b le
o n
th e
M o r le y ,
b e r.
T h e
in
m e n ta ry
in e ffe c tiv e n e s s a n d w a s te .
G re a t B r ita in , th e A n g lo -J a p a n -
b e e n
o th e r
s t ip u la te d
th e
a n d
h a s
U n ite d
th a t
to
S ta te s
w h ile
a ttitu d e .
d e b a te
o p e n e d
B ill
th e
fr ie n d ly
T h e
o f
o f
s u r p r is in g
a n d
la r
th u s
re p o rt
th e
la r g e
u n sh a k en
w ill
in c r e a s e
1 9 1 0 ,
ce n t,
s till
t e n d s a lm o s t ir r e s is tib ly t o
a n
m a k in g
tea m s
b o a ts
ex p e n se s
fe r r ie s
b y
o f
re ce n t
s h o w in g
2 1 )^
lo s s
th a t cry
ow n ers
e a r n in g s .
d ecrea se
d e fic it
a id
s in c e
T o m k in s ,
a n d
a n n u a l
w o rse ,
in d u c e m e n t
d e p le te
C o m m is s io n e r
th e
[VOL. LXXXXDI.
THE CHRONICLE
193
to
th e
u p o n
th e
a g reem en t
m e n t
fa ct
o f
th e ir
th a t
H o u s e
in t e n t io n s
M r.
o f
B a lfo u r ,
C o m m o n s,
ta k e
th e
cu re
d o e s
n o t
a n tic ip a te
h as
e a r ly
in
a
b e e n
le a d e r
o f
th e
a rra n g ed
A u g u s t,
it
d e a d lo c k .
F ro m
O p p o s itio n
to
g o
is
d e d u ce d
to
P r e m ie r
th e
in
th e
G a s te in
to
th a t
A s q u ith
h e
h as
a b o v e
p o stp o n e d
a
tr ip
h e
h a d
p la n n e d
to
S c o tla n d
in
o rd e r
m e n tio n e d .
th a t
T h e
g is t
c o n ta in e d
o f
in
th e
w h o le
a lte r a tio n
A r t ic le 4 , w h ic h
n o w
in
th e
a g reem en t
is
h e
m en ts
e ith e r
h ig h
r e a d s a s fo llo w s :
tre a ty
o f
a g re e d
th a t n o th in g
su ch
th e
gen era l
a r b itr a tio n
c o n tr a c tin g
P o w e r
w it h
c o n tr a c tin g
in
w it h
p a rty
a
c o n c lu d e
th ir d
P o w e r,
it
a
is
t h is a g r e e m e n t s h a ll e n t a il u p o n
p a rty
a n
w h o m
o b lig a tio n
su ch
tre a ty
to
o f
g o
to
w a r
a r b itr a tio n
b e tw e e n
M in o r
a ls o
b e e n
b e tw e e n
o f
a m e n d m e n ts
r e s u ltin g
th e
fro m
m a d e ,
w h ile
B r ita in
a r t ic le
a n d
in
re n d e re d
th e
th e
th e
frie n d ly
R u s s ia
o ld
n ecessa ry
R u s so -J a p a n e s e
is
h a v e
tre a ty
b y
W a r
r e la tio n s
le d
to
in
r e fe r r in g
to
th e
h a v e
e x is tin g
th e
o m is s io n
th e
In d ia n
T h e
life
o f
y e a rs.
b ro u g h t
p a r le r s
th e
th e
T h is
a b o u t
a n d
w it h
w ith
h is to r y
o f
c le a r e d
fo r
b e tw e e n
a
d ip lo m a c y .
to
o u r
I t
o w n
th a t
a n d
e x te n d e d
o f
ste p
th e
n e a r ly
h a s
p r e lim in a r y
s e ld o m
h as
o f th e
p o u r
n a tu r a lly
w a y
b e e n
p a r a lle le d
G o v e rn m e n t.
c o n s u m m a tio n
t h i s 'c o u n t r y
b e e n
im p o r ta n t
e x p e d itio n
in t im a t e d
th e
h as
m in im u m
a n
g r e a t s a tis fa c tio n
D e p a rtm e n t
a llia n c e
e x tr e m e ly
h a d
B r it a in , w h ile
th e
in
3 5 0 n a m es
h o n o rs
S ta te
th u s
b een
tre a ty
a d v o ca te s
N o
b ro u g h t
o b s ta c le s
h a v e
b e e n
e n co u n te re d
S ta te s
a n d
t ic a lly
a ssu red
G rea t
B r ita in .
th a t F ra n ce
tre a ty
th e
d r a w in g
b e t w e e n th e U n ite d
M o re o v e r,
w ill b e
in
re a d y
it
is
to
n o w
s ig n
b e
fo u n d
w o u ld
reg ret
d e v e lo p
w h en
e lig ib le
n ecessa ry
th e
assert
w ill
fe a tu r e
o f
w o u ld
B r it is h
th e
d ra g
h e
to
w ill
A c c o r d
u p
a lis t o f
fo r
P eera g e
sw a m p
A ll p a r tie s a n d
o f
e x tre m e
so
h is
P r im e
a
B a lfo u r ,
p r o m is e
le tte r
to
n e ce ssa ry
w as
th e
sh a d es
p a ss
re so rt
as
w h ic h
th a t
m a n y
th e
w e ll
V e to
a
M r.
th e
th a t
r e fu s e
to
m e e t in g
A s q u ith
h a d
P eers
as
it
a ren a ,
s u b m itte d
K in g
n ew
b e
p o litic a l
it b e
d is
o b n o x io u s
w o u ld
th e
n o t
in h e r e n t
c o m p r o m is e
p e c u lia r ly
I n d e e d ,a t
rea d
e x tr a o r d in a r y
th a t th e
to
in to
c o u ld
s ta t in g
crea te
to
la s t
c o u r s e s h o u ld
M in is t e r .
to
M r.
h e
a
te rd a y ,
O n e
G e o rg e
co u rse
o f so
fo u n d
p o lit ic ia n s
L ib e r a ls ’
e v e n
ta k in g
b e
its e lf.
K in g
th o u g h
T h e
p ra c
a s im i
F re n ch
h a v in g
b e e n
r e t u r n in g
fo llo w
to
h im
h e ld
y e s
h a d
sen t
g iv e n
h is
w o u ld
b e
B ill.
it,
cal o f th e
a fte r
g re a t
th e y
T h e
u n fr ie n d ly
F ra n ce ,
u n le s s
F re n ch
A g e n t
a
in
th e
A lc a z a r ,
c o u n t r y ,”
th a t th e
d is c o v e r e d
it
a t
w as
w as
w h ic h
w as
th e
w as
c a b le
cre a te d
S p a in
h a d
as
th e y
ty p i
a d o p te d
a n n o u n ce d
a p o lo g iz e d ,
w o u ld
in
r e fu s e d
m is ta k e
co n stru e d
G o v e rn m e n t
h e
as th e
S p a n ia r d s
u n o ffic ia lly
M a d r id
M o ro cco ,
p a t r o l w h ile
in d ig n a tio n
in c id e n t
S p a n is h
A m b a ssa d o r
th e
a ttitu d e
a n d
a t
S p a n is h
it w a s le a r n e d
c o m m itte d .
to w a rd s
b y
“ a r a m b le
p u t
w h e n
a p o lo g iz e
th a t
C o n s u la r
a rre ste d
fro m
d is p a tc h e s
h a d
c o n flic t .
o f th e g e n e ra l a r b itr a tio n
it
p u te s
to
u p
w it h
M o n d a y ,
c o n s id e r s
o f
a rm ed
b e
ca se
h e
d is p o s it io n
n u m b e r
p o s s ib ly
to u ch
P r im e M in is t e r h a s d r a w n
w h ic h
it w ill p r o b a b ly
th e
ca n
n e x t
a s te p , a n d
in to
w h ic h
in
o f o p in io n
F ra n ce
n a tio n s
a n d
c lo s e s t
p r e s e n t C o n s e r v a tiv e m a jo r it y .
o f u n iv e r s a l p e a c e w e lc o m e th e a r r a n g e m e n t a s lim it in g
o f
th e
g iv e n
T h e
a r b itr a tio n
n o w
re p o rt, th e
som e
b y
fr o n tie r .
s ix
in
w it h
fo rc e .
ch a n g es
r e m a in
m o v e th e e x c is io n o f th e L o r d s ’ a m e n d m e n ts .
in g t o
S h o u ld
m a y
b e
th e
r e c a lle d .
JULY 22 1911.1
T h is ,
o f
w h o le
co u rse ,
to
S p a in
h a s
te n d e d
to
M o ro cco .
re a ch e d
in
th e
N o
H o w e v e r,
as
is
a
as
P o litic a l
seek
c o n c e s s io n s
h a v e
s o m e th in g
in te re s ts .
F o r
fa c ts
b e
n e e d
g o s s ip
o f
sa y
b u t
p re se n t,
M o ro cca n
r io t s .
A t
b y
re tu rn
P o w e rs
n e w
h o w e v e r,
to w a rd s
fo r
th e
m e r c h a n d is e
e ffe c te d
a tta c h in g
m illio n
c o u ld
b u t
in
a ll
o f
fo r
o f
to
W h e th e r
a n n u m .
b e
a sk
g ra n ts
w h ic h
fro m
o ccu rre d
th e
a t
w o u ld
p a ssen g er
fa r e s
r e c e n t ly
th e
e m b a r k a tio n ,
in
fo r
th e
T h u rsd a y
in te re s t
it
s itu a tio n ,
J u ly
p la g u e
o f
o f
th ere
N a p le s ,
P a le r m o
W h y
166
15
a n d
a
in te re s ts
co u n try
is s u e
th e
te m p o ra ry
n o t
e n o u g h
c la im
th a t
a b le
n o t
to
to
h a v e
are
d o
p r e c a u tio n s
tio n
o f
so
T h e
th e
m o st
p le a s a n t
fo r b id
o f
a ll
N ew
in
th e
in
a
in
th e
in
to
fro m
p o s s ib ilit y
a n d
S ta te
sh a rp
b u t
to
H is
12
to
th e
th a t
h e
b e e n
c ia te d
o r d in a r y
h as b e e n
b e in g
a n
h a p p e n s,
th e
to
s a lo o n
$2
5 0
in
n ig h t
th e
fo r
th ese
b o n d s,
fa c t
lim it e d
is
is
in
w a s
h a s
th a t
a
as
fo r
h e
p a rt
th e
b o n d s,
in
in te n d e d
T h e
a n
th e
u p o n
u n d e rto o k
c o u ld
to
o f
th e
a
o th e r
th is
m a rk e t
p r ic e
o p e ra to r
th a n
a ls o
a sso
a n d
a cco u n te d
o f fu n d s
h e
h a v e
th ese
in
r e s u lt
c lo s e ly
w id e n
b re a k
o th e r
th e
co n se q u e n ce
to
s u ffic ie n tly
th a t
w it h
co u n te d
o f
to
h o ld in g s .
T h e re
h a d
w h e n
u n a b le
h is
o p e ra to rs
v a lu e
a llo w e d
a n d
k n o w n ,
h im ,
th e
p r o b a b ly
w a s
b e c o m in g
u p o n
w h y
h a d
o f
re c o v
e x p la n a
to
d e a le r
ca sh
o v e r
a
p r e v a ile d ,
w h ic h
h u r r ie d ly .
m e n tio n e d ,
b o n d s
d is p u te
m a x im u m
o v e r -e x te n d e d ,
p o litic ia n s
o b lig a t io n s .
th e
o n e
c e r ta in
S ta te ,
co m m a n d
o f
th e
V a r io u s
T h e
p o s itio n
th a t
h o w e v e r,
th e
or
h a v e
1 0 2 % , w h ic h
th e re
1 0 3 % .
d e m a n d s
le g is la t io n
a lr e a d y
lin e
a t
liq u id a te
as
fro m
fo r th c o m in g
th r o w in g
A lb a n y
w e ll
b o n d s ,
to
ir r e g u la r it y
h im
a p p r e c ia t io n
n ew
%
c e r tific a te s
o w in g
c lo s e d
th e n
u p o n
to
4 %
T u e sd a y to
p o in ts
b e co m e
m a d e
w ith
as
2
cre d e n ce
to
h a d
m a rk e d
h e r
g a tes
c h o le r a ?
th e
w h o le
th e y
th ere
a n d
fo rc e s
s h o u ld
w h ere
is
o v e r
n o t
fo r
th e
n o t
b e
re a so n
o f
fo r
th e
b y
w it h
ca rry
a
a
th e
v e ry
la r g e r
h a n d le .
b ills
n o t
n e c t io n s
w it h
L o n d o n ,
sta te m e n t,
tio n
eq u a l
s a tis fa c to r y
w it h
th e
th e
u n
b e tte r
tim e
to
b e in g
a n d
th u s
to
ta in e d
c lo s e
a t
2 %
a cce p t
g en era l
d is
to
v e r y
th e
B a n k
im p r o v e d .
o f
o f
its
a t
as
lo w
as
n in e ty -d a y
% ,
w ith
th is
w eek
a d v a n c in g
its n o t e
2 %
a n d
fu n d s
T h e
to
b y
m o re
$ 9 ,0 0 0 ,0 0 0
c ir c u la tio n
b y
fo r
o f
e x tr e m e ly
to
w ere
are
a ll
is
o b
a t
th e
q u o te d
sp o t
s till
F ra n ce
th a n
in s t it u
w h erea s
a r r iv e
a n d
B a n k
in
a reserv e
d is c o u n ts
n a m e d
w ith
2 % % .
p o s itio n
C e n tra l
g o ld
1 % % ,
b ills
T h is
E n g la n d ’s w e e k ly
T h e
w eek
co n
c lo s e .
lia b ilitie s — b o t h
L a st
fin a n c e
b ills .
re a d y
to
in c re a s e d
$ 3 6 ,0 0 0 ,0 0 0 ,
th e
T re a su ry
$ 1 5 ,0 0 0 ,0 0 0 .
in
a n d
B e r lin
is
% , b u t is d e m a n d in g 2 % %
th ere
fo r
T h e
“ o f
a g a in
s u p p lie d
a t
d is c o u n ts
a re
o f
w h ose
n e g o t ia t in g s p o t b ills a t 2 %
a s a r e s u lt o f th e s e a m e n ’s s tr ik e , b u t s c a t t e r e d
m a s s -m e e tin g
2 %
b ills
I a d d itio n
b y
fig u r e s .
w e ll
m a rk e t
m ea n s
b a n k ers
c a r r y in g $ 2 0 4 ,5 0 0 ,0 0 0
w e e k
to
is
b y
Y o r k
b e c o r r e c t , fo r th e b a n k in g
L o n d o n
th is
N ew
s to ck
5 3 % %
in
P a ris
its
m a y
h as
“ c h o le r a
a u th o r i
th e
is t o - d a y
b o r r o w in g
c e r ta in
a s r e fle c te d
im p o rta
d is tr ic ts
a
b y
e x p la n a tio n
c o n tin u e s
A t
u n w e lc o m e
d ra w n
n o
b e
s u ffe r e d
h a s r a is e d p r i v a t e d i s c o u n t r a t e s , o w i n g , i t is
to
th e
c o -o p e r a tin g
co p e
it
is
p ro
w it h
m u n ic ip a l
to
I t
L o n d o n
sta te d ,
tr o u b le
w it h
o f
d o ck s
o f
C ity
lis t,
E x ch a n g e
in tim a tio n s
o f
o f
p re v e n te d
in fe c te d
o ccu r.
o f
u n c o m fo r t a b le
lo c a tio n
to
th e
o ccu rre d .
m o st
in s t it u t io n s
o f
co p e
in s ta n c e
w o u ld
h as
th e
a s c o m p a r e d w it h th e p r e v io u s d a y .
la s t
a cco u n t
c it y ,
th e
d a n g e r?
tr a n s p o r ta tio n
o n
a n n o u n ce d .
Y o r k
im m e d ia te ly
d e c lin e
r e d u c in g
M a r in e
th e
tr a n s fe rr e d
r e c e ip t s — t h e
S in c e
c lo s e
d eserv es
h is
S to c k
w ere
C ity
m e d ic a l
a b le
m a n n er
th e
th e
y e a r’s
sa fe g u a rd e d .
d is e a s e ;
b r in g in g
o f
1 0 3 % .
to
P r o v in c e
w ith
m e d ic a l p r o fe s s io n , a re
th e
th e
e ry
o f
P r o v in c e
o p e n in g
Y o r k
s in g le
h a v e
B u t
B e fo r e
w h ose
in
th e
th e
o v e rru n
e x c e lle n t
o f
a d m ir a b le
a lto g e th e r
th u s
H a p p ily ,
p o s itio n .
im m ig r a n ts
a v o id
o u r
o f
b e e n
J u ly
to
S ic ily .
a b u n d a n tly
F e d e r a l,
tie s , a s w e ll a s t h e
in
o f
w ere
p o in ts
d ea th s
d ea th s
co n se n t
w o u ld
su sp e cts.
s c a r e .”
in
fro m
lo s s
w ith o u t
g r a v ity
21
d ea th s
19
c o n s id e r e d
in v a s io n
u p o n
19
d ea th s
p la c e s
o n ly
b e
a n d
cases
A m e r ic a
th e y
th re a te n e d
c a lle d
fe w
d a y s,
a
re sp o n d
I t
N ew
to
a n d a d e c lin e o f 1 %
p a sse n
G o v e rn m e n t,
th e
re p resen ted
c a lle d
th ere
o f
a d m itte d
b a n k ers
a u t h o r it ie s
th e
b e e n
h a v e
a d m itte d ly
fo u r
7
im m i
o ffic ia l r e p o r t is s u e d
cases
a n d
a d v is a
a n d
b e e n
o v e r th e e n g r a v in g — b r o k e o n
t io n s
d is e a s e .
a t
h as
A n
m a g n ify
a n d
a n d
fro m
m u st
in
6 4
cases
s h o u ld
to
ca ses
ca ses
im m ig r a n ts
T h e
th a t
th e
I ta lia n
n o t
w ere
N a p le s , 4 8
P a le r m o ,
to
th e
b e
sta tes
1 6 ,
C ity
b y
w o u ld
th e
c h o le r a
r a g in g in I t a ly fo r s o m e t im e .
o n
p o rts,
fro m
th e
d re a d e d
a m o n g
a d v a n ce
fir e m e n
v ic tim s
c o n c e s s io n
q u ic k ly
a n
h a v in g
w ith
u s u a lly
la r g e
p r o m p tly
tfr e
c o m p r o m is e
m a in
th e
a
o rd e re d
h a n d le d
a s
b e e n
la s t
w it h
d ea th s
h a s
p u b lic ,
T h e
U n it e d
th e
th e
b e
w it h
o c c u r r in g
b e
A n d ,
ra th er
E u ro p e
b r in g in g
Y o r k
th a t
o f
th is
T e n
I t a lia n
p le a d e d
b e
th e
c o n s id e r
fro m
N e w
fro m
e x is te n c e
w it h
a
q u e s tio n ,
n o t
in to
o f
p e n a lty
S o u th e rn
areas.
s u ffe r in g
c o u r s e ,b e
o f
a fflic te d
in fe c te d
a r r iv e d
o f
to
to
w o u ld
p o u r
s te a m s h ip s
p a tie n ts
ca n n o t, o f
ig n o r a n t
p a rt
p e n a lt ie s
th is
is
w h ile
n o t
fille d
w a s
o f
k n o w n
co u n try
o p e n
it
n a tiv e s
Q u a r a n tin e
o th e r
is
if
G o v e rn m e n t
p r o h ib itin g
th is
a v o id e d
to
v io le n tly
o u r
th e
im m ig r a tio n
fro m
b e co m e s
a m o n g
p er
p e r t in e n t
a rea
d is e a s e ,
are
are
p ru d e n ce , w h e n e v e r a
S ta tes
b ilit y
c h o le r a
in s ta n c e s
seem s
o th e r
gers
th e
fo r e ig n e r s
it
p a rt
or
to
o f
b u rd e n
th e
a re
it
s h ip -o w n e r s
fo r th w ith
b e e n
s p e a k in g , a
w a g es.
o f
re co rd e d .
cases
h a v e
ca n n o t
s h ip -o w n e r s ,
in
a d d itio n a l
n o t
S p o r a d ic
b y
a d v a n ce
c o u ld
r io tin g
G e n e r a lly
a n d
in te r fe r e n c e
T ro o p s
A n tw e rp
th e
p a r a ly z e d ,
a n d
o f
h o s p ita ls
s h o u ld e r s
a lig n m e n t
o n ly
a n d
th e
W e d n e sd a y
u n til
U n io n ,
fir e
b e ca u se
s t r ik e r s .
d is p a tc h .
p o r t
b e ca m e
ca u g h t
w ill
G e rm a n y
o th e r
a n y
as
th e
p o rt
to
a n d
a c tio n
in
a tte n d e d
C a r d iff o n
th e
S e a m e n ’s
th e
w a reh ou se
in
u p ”
th e
o f
scen e
a t A g a d ir.
w o rk e rs”
“ t ie
r e c o g n iz e
tra d e
193
o f
to
b e e n
B r ita in ,
ra sh
th a t,
e x
d e c id e d
b y
y e t
th e
M o ro cco ,
a b o u t
th a t
a ll c la s s e s
o v e r
o f .R u s s ia
a n y
sa y s
in
e ls e w h e r e ,
th e
s a id
h as
G rea t
a ttitu d e
co n tro l
to
is
n e g o tia tio n s
b y
p r e c lu d in g
S p a in
c o n s id e r a tio n
s t ill k e e p s a w a r s h ip
ta k e n
th e
b ou rses
re g re t fo r th e
I t
sca n t
s e t t le m e n t
sta n d
in
s o ld ie r s .
th e
d e la y ,
a rra n g em en t
s y m p a th e tic
F ra n ce
d a y s’
e x p r e s s in g
th e
fin a l
fir m
a g g ra v a te d
a n d
F ra n co -G e rm a n
re g a rd e d
G e rm a n y .
le a v in g
h er
b y
G e rm a n y
th e
th e
F ra n ce ,
sev era l
d e fin it e
r e g a r d in g
tr o u b le s , a n d
o f
s lig h t e d
h er
E u ro p e ,
a m en d s b y
a c t io n
fe lt
s e r io u s ly
in
A fte r
m a k e
u n w a rra n te d
h a v e
s itu a t io n
n e rv o u s.
co n se n te d
w e ll
w o u ld
p o litic a l
b e ca m e
THE CHRONICLE
b ills
to
o p e n
a r r iv e ;
m a rk e t
m o n e y
d is c o u n t
ra te
is
o b ta in a b le
a t
a t
2 % .
A m ste rd a m
h as
m o v e d
o f
u p
a n y
2 ^ g % .
B a n k
fo r th e
w a s
to
B r u s s e ls
C o n tin e n ta l
T h e
o f
n ew
b u llio n
on-
a b le
o f
th e
y e a r
o n
th e
a t
e x c e p tio n
th e
th e
m in im u m
to
G o v e rn m e n t
b o u g h t
(o f
in
a g o .
T h e
o f
b y
th e
B a n k
to
th e
fe ll
o ff
le s s
a d v is e s
u s
w h ic h
£ 6 ,0 0 0
o p e n
C o n s ta n tin o p le ,
o f
fro m
F ra n ce
m a r k e t);
a n d
o f
as
th e
£ 1 4 1 ,0 0 0
fro m
n et
is
A n tic ip a tin g
E x ch a n g e
c lo s e d
d ea rer
t r a n s a c t io n s
o v e r -th e -y e a r .
q u o ta tio n
a
tr ifle
lo a n s
h a s
th e
m a rk e t,
b a n k in g
m a in
to
th e
v e ry
ea sy
c id e n ta lly ,
it
fo r
cu rre n cy
fro m
m u st
b e
r y in g
th e
a fe w
b e
s u r p lu s
th e
o f
m a rk e d
Y o rk
c o n d itio n
G o ld
p a rt
o n
a
h a v e
lo c a l
re n t
h a v e
or
a sk e d ,
o f
s c a le
th is
th e y
fo r
tru st
c o m
$ 9 ,5 1 3 ,
a
a ls o
to ta l
b e
re
c o v e r in g
th e
in s te a d
o f
th e
as
a s
are
n o t
y e t
c a lc u la t e d
w it h in
th a t
in a u g u r a tio n
b e in g
cen tres
b ills
w e e k ,
h a d
fo r
th e
o f a
to
th e
a s s is ta n c e ;
h as
a n d
d ra w n
I f,
are
ju s tifie d
co n te n d
in
ta k e n
p la c e
d is c o u n ts
as
a
in
g rea ter
is
m a tte r
in s t it u t io n s
q u ie t,
th a t
th is
is
b e tte r
lo o k in g
b e tw e e n
r e q u ir e m e n ts
th e r e fo r e ,
a d m itte d ly
fo r
o f
fo u r
in
o f
fa c t,
q u a n tity
ca re
b e
it
to
th e
fo r
n o w
h a v e
w ill
a n d
m e r c a n tile
th a n
a b so rb
e ith e r
a t
p o s itio n
b e
a
a lr e a d y
u n r e a s o n a b le ,
ra tes
fo r
%
fo r
d o n e
a t
t h e m s e lv e s
4 %
to
r u lin g
T h e
s ix
@ 5 %
p la c e
a n y
h as
r e c e iv a b le
th e
w eek
fo r
fo r
M ost
90
fiv e
o f
th e
T h e
im p a r te d
fir m
3 %
@ 4 %
fo r
a n d
3 %
@ 4 /4 %
s in g le -n a m e
B ro k e rs
T h e
q u o ta tio n s .
n o w
q u o te d .
.
o f
w a s
.
@ 3 %
2 7
/ i
lo w
ra n g e
3 } 4 @ 3 } 4 %
p a p er
m o n th s’
as
T h u rsd a y
a t 2 ^ %
m o n th s.
is
2 % % ;
a t
th e
c lo s e
a sk ed
ra n g e
b ills
s ix
th e
d a ily
ra te
a n d
m a d e
d a y s,
th e
c o m m e r c ia l
to
a t
60
T h e
T u e sd a y
m o n th s,
in fr e q u e n t ly
a t
th e
on
m o n e y
fo u r
3 %
b e e n
L a st
h a v e
w eek
b e g u n
w e
to
b ills ,
T h ere
are
a ls o
h a v e
n o w
to
c o n s id e r a b le
re m a rk ed
d ra w
b e n e fits o f th e lo w
T h is
b o r r o w in g
b a n k ers
co u n t
to o k
ra te
1 %
fo r
ou r
b a n k ers
th a t
9 0 -d a y
a n d
is
lin e
o f
60
w ith
b ills
e x e rt
p a p e r.
fa v o r a b le
fir m
is
in
L o n d o n
c o u r a g in g
r e c e iv e d
b e e n
fro m
m er
fo r
cu r
w h en
it
is
o b ta in a b le
m ore
ers
a
o f
sto ck
a n y th in g
q u e s tio n a b ly
E x ch a n g e
w e e k ,
o f
w h ic h
q u a n tity
o f
u n u s u a lly
p o rk ”
its e lf— s o m e
u n
e s p e c ia lly
th e
b u y e rs.
th e
v a r ie ty
as
p r o c liv itie s .
a t
o f
th e
im p r e s s io n
.c a p it a lis ts
w h ic h
t im e
a fte r
th e
th e
s e c u r itie s .
th e
h as
are
su m
a g r ic u ltu r a l
C on gress
b a ck w a rd
d is
A d v ic e s
Y o r k
c a m p a ig n
w it h
a d v a n ce
e ffe c t
b o r r o w in g s .
c le a r e r ,
le s s
T h e
d e s ir e d
a n d
w ill
h a v e
th e
p u b lic
E u ro p e a n
b a n k
p e r io d ic
in
N ew
Y o r k ,
w ild
s p e c u la t io n ,
th o u g h
fo r
o n
p re v e n t
a n d
if
o u tb u rsts
th e y
th e y
ca n
w ill
d o
u n
so.
ra tes
s te r lin g
p e r io d
o n
th a t
m a rk e t
p u rch a se
h a v e
th e
h a d
b e e n
ch a n g e
s c a r c e ly p e r c e p t ib le .
m a n d
as
N ew
s y m p a th y
d o
d is
n e a r ly
s p e c u la t iv e
sta te
b e
L o n d o n
fin a n c e b ills , b u t la te r th e s e
th a t
m a y
u p
ca u se d ,
h a d
m u ch
g a m b lin g
to
p ig
its
th e
p r iv a te
T h e
fir m
b e e n
o v e r,
b e
to
th e
in t e r n a t io n a l
are
lit t le
th e
h as
s to ck
w ill
m a rk ed
“ th e
fo r
E u ro p e
in c lin e d
h a v e
h a s
th ere
v a c a tio n s
p ro sp e cts
o f
b y
b a n k ers
e n jo y
th a t
T h e
fa c ilitie s .
a p p e a re d
th e se
cre a te d
p la n n in g
are
d is c o u n ts
to
p r e v a ilin g a b r o a d .”
it.
b e in g
a ls o is s u e d
h a v e
o rd e r
in p a r t ic u la r h a s b e e n
k n o w n
C a n a d ia n b a n k s
in
p r o p o r tio n s
b e e n
th is
d ra w n
co m m e n t
in s titu tio n s
h as
fir m
th e y
w e ll
su ch
a s k in g
o n e
sa y ,
“ in t e r n a t io n a l
b ills
d is c o u r a g e
b ills ,
are
as
to
to
L o n d o n
b ills d r a w n b y
la r g e ,
a ssu m ed
step s
in
th a t
fin a n c e
m o n e y ra tes n o w
a d jo u r n e d , tr a d e
a c c o m m o d a tio n
m a te r ia lly ;
b e e n
S a tu rd a y
reg a rd ed
th e
fin a n c e
ca r
W e st
is
m o n e ta ry
o u t-o f-to w n
to
recou rse
n o t
7 la s t r e v e a le d
h a d
w itn e s s
it
J u n e
g e n e r a lly
b a n k ers
a ll
d is c lo s e d
re p o rt
o n
in
T h e n
o f
m ig h t
E u ro p e
C o m m e r c ia l
ra tes.
tra d e
I t
a
o f
t ig h t e n e d .
d e m a n d
b ro a d e n e d
th e
reserv e
M id d le
fro m
w o u ld
m ea n s
th in k
S e p te m b e r.
fro m
e x ce ss
b e e n
A lr e a d y
b y
B a n k ers
la r g e r
a p a rt
w ill
L a st
t im e
w h a te v e r
w eek .
fin a l lo a n
@ ,3 %
d a y s’ e n d o rse d
a v a ila b le
In
a b o u t
a rc
fo r
fa
fo r
m a rk ets.
Y e ste rd a y
2 %
o f
p re p a re d
ch a n g e
2 'y i % .
3 ^ @
n ° t
n o
w as
d is c o u n ts .
p r im e
b e e n
W e d n e sd a y
th e
B u t
t h a t , w it h
c o n t in u a n c e
M o n d a y ,
w ith
k een
b o u n d
o u t flo w
e a r ly .
b a n k s
fo r
re
in .
a re
in te r io r
a ll m e m b e r s
th e
c e r ta in
c o n s id e r a b le
L o n d o n
b ills
in
a re
90
are m a d e
la s t
m a d e
a
o v e r -th e -y e a r ,
o n
,
s u p p ly
to
4 /4 2 %
T h e
m a y
set
th e
re se rv e .
a n
fo r
h a d
E u ro p e a n
b o r r o w in g
cro p s
lo ca l
C o m p t r o lle r ’ s
o f J u ly
m o v e m e n t.
p r in c ip a l
th e
th e
b a n k s,
im p o r ts
s ig h t, w h e re a s
la tte r
th a t
s u r p lu s
lo a n s
th a t
ra tes
th a t
$ 1 1 ,7 1 2 ,8 0 0 .
th e
o f
c u r ta ilm e n t
su red .
to
o f th e n a tio n a l b a n k s
e x p a n s io n
th e
so
to
th e ir
p a p e r.
d e m a n d s
th a t
u s u a l,
fig u r e s
th a t
n ess
c o lla t e r a l
w e e k s lo n g e r , th e y
re p o rte d
o n ly
fo rce
o f
m o n e y
c o r r e s p o n d in g ly
a b n orm a l
2 5 0 , w h ile
fo rm
a n d
w e re
fo r
a
sh o w n
to g e th e r
m ea n
o f n e x t m o n th .
s e c u r it y
2 } /2 %
3 @ 3 } 4 %
h a s
th e
o f
ra n ge
a n d
in
T h is ,
en d
h a v e
th ose
b e e n
fo llo w s :
la r g e r
m a t u r it ie s .
to
c o m m e r c ia l
w h ile
n o te d
N ew
m e m b e rs,
th e
lo n g e r
th e
a g r ic u lt u r a l
th a n
b e g in
fo r
in
o f
th a t,
C le a r in g -H o u s e
p a n y
fo r
r a is e d
a c tio n
a g r i
cro p s
is s t ill n a r r o w .
a n d
w ill
w it h
h as
to 2 K %
b u s in e s s
w a y
h a v e
th o u g h
m on th s
a n d
u s u a lly
h as
r e lu c t a n c e
e ith e r
re m e m b e re d
a n
p a id
g rea ter
th e
m a y
e a r lie r
p r o b a b ility
b een
is
w h en
fo r tn ig h t
S to ck
m a rk e t
su m s,
d e m a n d
d is c o u n tin g
a t t it u d e
a d v a n ce
fu tu r e ,
th e
C on g ress
w h ic h
u p o n
m a r k e t in g
m a y
e x ce p t
S o u th
b a n k s,
o ff lo a n s .
th e
T h e
u rge
o f
sea son ,
ra tes
m in im u m
%
as
p a y
th e
th e
t r a n s a c t io n s
2 % ,
d a y s,
fo r s t r a ig h t s ix m o n t h s ’ lo a n s , w h ile
sh o w n
in
n ea r
la r g e
fre sh
h a v e
or
th e
en te re d
c o v e r in g
h ig h e r
o n
in
h a v e
T h is
to 3 % %
B a n k ers
fu n d s
m o n e y
b o rro w e rs
m o n e y
d e t a ile d
B r ita in .
to
fa c ilitie s b y
o f
a g g r e s s iv e
so m e
2 M
to
d e s ir a b ilit y
d is c o u n tin g
a rra n g em en ts
co u n try
lik e ly
b o r r o w in g ,
w ea th er,
co m p a re d
th e
T h e
are
o f
fo r
4 % .
p r e lim in a r y
fin a n c ia l c ir c le s s u g g e s t io n s
m a x im u m
to
to
lig h t, a s s p e c u la tio n
a d jo u r n m e n t
as
£ 4 0 4 ,0 0 0
a b le
E x ch a n g e
h ig h
as
b e
fo r E a s te rn
C a ll
m o v e
£ 3 0 0 ,0 0 0
to
ch a rg e
r a is e d
b y .
th e
e a r lin e s s
c o n t in u e d
m ore
O u r
th e
a n d
e x p o rts,
r e c e ip ts
G rea t
so
v o r a b le
o f
a n d
w it h
th e
in d u c e d
b y
e a r ly
£ 1 ,0 0 7 ,0 0 0 ,
th a t
u su a l
b e e n
t e r r ito r ie s ,
b o rro w e rs
in
w id e
ch a n g e .
T h e
h a s
c u ltu r a l
h as
m o n e y
e x te n t
on ?
p a p e r
th e se
S to ck
o f y ea rs
v a lu e
sh o w e d
a ls o
to ta l
a b o v e
m o n th s
d e p o s its
d e p o s its
a s e r ie s
la te r
a s s is ta n c e
in q u ir y
o u t o f th e B a n k w e re a s fo llo w s : I m p o r t s ,
th e
in te r io r
in
a t
a n y
T h e
m o n th s’
serv e
o u r
o f
m a rk e t
ch a rg e d
co rre sp o n d e n t
£ 4 1 0 ,0 0 0
191 0.
r e -p a y m e n ts
O r d in a r y
m e n ts in to a n d
th e
o p e n
ra te
m a k e
£ 1 ,1 4 0 ,0 0 0 .
s p e c ia l
tw e lv e
th e
d a te
fu n d s
s ix
fo r
in
sta n d s
th e a g g reg a te
b e s t s h o w in g
o f
b e tw e e n
b o rro w e rs
w h ile
th e
e x c e p tio n
d iffe r e n c e
a n d
a ls o
g a in
s to ck ,
n o w
th is
o f
a
fo r
a s w e ll a s t h e W e s t is m a k i n g
M o n d a y , a n d
to ta l
c a b le ,
fig u r e
ra te
c o m p e titio n
o n
T h u rsd a y
r e s e r v e in c r e a s e d £ 2 1 1 ,0 0 0 , r a is in g
£ 3 0 ,0 0 0 ,0 0 0 —
a n y
T h e
b y
lo w e s t
2 % .
m e e t
£ 2 5 0 ,9 4 1 .
u s
th e
o ffe r e d
re p o rt
la r g e s t
w it h
n o t
g o ld
to
in fo r m s
£ 4 0 ,9 0 7 ,6 3 7 ,
n a m es
n a m e ly
d id
A fr ic a n
h a n d
co rre sp o n d e n t
re ce n t
ce n tre ,
E n g la n d
S o u th
c o n s e q u e n tly
w it h
[V o l . L x x x x m .
THE CHRONICLE
194
s lig h tly
in
e a s ie r
d u r in g
q u o ta tio n s
h a s
th e
b e e n
U n t il y e s t e r d a y t h e r a n g e fo r d e
b e e n
4
861 5
to
4
8 6 2 5
a n d
fo r
c a b le
tr a n s fe rs
4
8G 40
so m e w h a t
4
to
tr a n s fe rs
th a t th e
is h a ft e r t h e J u ly
a n d
in
is
V e ry
fe w
g r a in
c o tto n
are
is
to
m u ch
o f
a lo o f
a
flu e n c e d
t io n s .
b e e n
th e
o n
d a y s,
to
8 6 4 5
4
c lo s e d
m a rk e t
sca rce
a
o f
n o t
on
T h e
L e g is la tu r e
a t
w h ic h
c o n s t it u t e s
p erh a p s
fa ir
a t
as
a n d
to
a
sea son
are
a n d
th o u g h
b ills
fa c t
fu r
s u p p ly .
a c c o r d in g
S e c u r ity
n o te s,
th e
m o m e n t,
in v e s to r s
e x
d e c lin e d
th is
q u a n t it y ,
fo r e ig n
b o n d s
a t
th e
fu lfille d
o f
to
are
s t ill
ar
n o t
h o ld in g
w h ic h
h as
in
w it h h o ld
im p o rta n t
flo t a
o v e r-se a
tr a n s a c tio n s
h a v e
m a rk e t
w it h
4
861 5
fo r
to
c a b le
u n ch a n g e d ,
o f
la s t
lo w e r
4
a t
8 6 2 0
w e e k ,
4
fo r
s te r lin g
8 4 5 0
to
d e m a n d
tra n s fe rs .
s ig h t
e v e r
ta k e n
o f
G o v e rn o r
A s s e m b ly
b ill
(w h ic h
th e
X V )
se cu re d
d e b t s .”
s ix ty
d a y s
lo w e r .
to
fo rw a rd
ch a n g e ,
fro m
4
ra tes
8 6 2 0
O n
d r a fts
O n
b e in g
to
4
w ere
T u e sd a y
4
8 6 2 5
e x
4
8 4 6 0
a n d
4
fo r
8 6 4 0
M o n d a y
c a b le s
5
h ig h e r
p o in ts
A s
w a s
8 6 4 5
fo r
c a b le
4
fo r
s ix ty
8 4 4 5
fo r
th e
to
4
ra n g e
845 5
d e m a n d
th e
F r id a y
m a rk e t
4
O n
8 6 2 0
lo w
c lo s e d
fo r
fo r
p a y m e n t
4
a n d
4
fo llo w in g
fro m
th e
4
w as
@ 4
g iv e s
th e
is
an
in te r io r
c lo s e
u p
b e lo w
a
little
O n
w ere re a ch e d .
T h e
60
m o rtg a g e s
in
th e
8 3 %
8 4 .
8 3 % ,
co m e
w it h in
I n
fo r
c a b le s .
a n
@ 4
84
a n d
C o tto n
fo r
g r a in
Y o r k
fo r
p a y
o f
a
Net Interior
Movement.
L a w ,
la s t
r e c o r d in g
su ch
th e
Banks of
England. .
Franco . .
Germany..
Russia a
Aus.-Hunft
Spain___
Italyd___
Noth lands
Nat.Belg.d
Sweden . .
Swltz’land
Norway . .
Silver.
£
40,907,637
127,443,160
44,186,300
145,062,000
55.934.000
16.586.000
40.091.000
11.676.000
6,635,333
4.710.000
6.380.000
2.229.000
£
33,995
16,582
7,727
12,692
31,069
3,604
1,598
3,317
Net Change In
Bank Holdings.
$36,869,000 Gain $5,978,000
“ o n
p a id
w ill
th e n ce
p ro p
th is
w h ic h
o f
n e w
ta x
e m b o d ie d
rea l
o n e -h a lf
a re
in
esta te
o f
1 %
r e lie v e d
p erson a l
p ro p e rty
o f
ta x .
b y
m o rtg a g e s
h a v e
fro m
o f
rea l
th e
fir s t
w ill
o f
e v e n
th e
to
la w .
T h e
n ew
in
b e co m e
le g a lly
p a rt
o f
th e
fro m
h a v in g
p ro p e rty
th e
a
th e
to
U n it e d
a n
sa y
th is ,
u p o n
th e
flo w
b y
o f
im p o s t
esca p e
m a jo r ity
m ea n s
o f
th e
it
o f
cases
is
a n d
o f
w h ic h
w h e n e v e r
esca p e
e v id e n c e
b y
w h ic h
g u a r a n te e in g
o p p o r tu n ity
fre e
m ea su re
w e
p r o te c tio n
fo rm
v a st
n ew
W h e n
h o ld e r to
o th e r
ta x
it
a p p ly in g
o f
b e a r in g
to
le g a l
o r
o n
n a tu re ,
a n y
its
a n d
a ffo r d s
b o n d
b e a r in g
c o u n tr ie s .
o f th e
n o
g e n
la w .
a n d
r e s t in g
its
ta x a tio n — a
w h ere
la w
in
in
th e
c h a n g in g
in v e s t m e n ts
w h ic h
e v e ry
in
to
S ta te
d e s ir e
s u r e ly .e v a d e d
b o n d s
im p o r ta n c e
b o th
o f
c h a r a c te r (it
a p p r e c ia te d .
lo c a l
th e
in
b r in g in g
b o n d s
sw eep
s ig n ific a n c e
lo ca l
to
s e c u r ity
a n d
a
th e
p o sse sse d ,
fo r e ig n
th e
r e fe r e n c e
a g a in s t
fo r
it
lo c a te d
in
sa m e
a r tic le ,
p r o v is io n
g en era l
g e n e r a lly
a ffo r d
w a y
o n e
n o t th in k
c a p ita l in to
T h is
to
c o n fin e d
to
th e
n ew
e x te n d
o r le s s
w h e re v e r
h a v e
th e
p r e v io u s ly
b e e n
S ta te)
y e t
w e
o f
m o re
o f
e n tir e ly
g iv e
n e v e r
as
is
a n
is
o p e n .
o p e n s
a
in d e b te d n e s s
m a k in g
1 % .
o f
A s
a
s in g le
in d ic a te d
b a n k s.
July 21 1910
Total.
£
40,907
800 161,438,
850! 60,769,
000152,789,
68,626,
47.655,
43,695,
13,274,
9,953,
4.710,
0,380,
2,229,
Gold.
£
198,125
,531.040
702,250
213.000
408.000
274.000
991.000
237.000
590,667
447.000
765.000
681.000
Silver.
Total.
£
£
,198,125
34,634 .880170 ,165,920
14,446, 250: 54 ,148,500
8,640 000149 ,853,000
13,124
,532,000
31,063
,337,000
3,820
,811,000
2,091
,328,500
2,298
,895,000
,447,000
,765,000
,681,000
41
Totalweck 501.840,430 110,580,317 612,426,747 494,044,082 110.117,963 604,162,045
Prev.wcek 499,683,839 110,394,517 610,078,356 491,361,007 110,466,760601,827,767
III
a The total of gold In tin; Rank of Russia Includes the balance held abroad —
that Is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the above statement. Is about
one-seventh of the total this year, against about one-sixth a year ago.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and Ileller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In
London. In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and sliver) given In our table of coin and bullion In
tho Banks of Italy and Belgium Is made from the best estimates we are able to
obtain; It Is not claimed to be accurate, as tho banks make no distinction In their
weekly returns, merely reporting the total gold and sliver; but we believe the
division wo make Is a close approximation ,,
a r tic le
ta x
p erson a l
w e e k ,
ta x
p r o v is io n s
o f
sco p e
i t is a l w a y s
$4,169,000 Gain $8,978,000
32,700,000 Loss 3,000,000
July 20 1911
Gold.
o n
in
a m e n d
n e w
w h en
p a y m e n t
S ta te
im m e n s e ly
it
it
d o
th e m
o p e r a tio n s .
th e
n o w
W e
to
E u ro p e a n
a
p r in c ip le
s m a ll in it ia l p a y m e n t o f o n e -h a lf o f
p r in c ip a l
S e n a te
e x e m p tio n
u n d e r
secu red
p ro p e rty
$4,169,000 Gain $8,978,000
m
th e
th e
w e e k ,
H a rte ’s
r e g is tr y
ta x
th e
b o n d s
th e
th is
313,147,000
542,847,000
a
w it h in
h e r e to fo r e
in
w ill
$13,147,000
29,700,000
u s
o f
a n n u a l
e n a ctm e n t
m o n e y
b a n k s.
Out of
Banks.
b y
th e
p o s s ib le
in
in
ta x
lo c a l
fro m
fa c t,
$3,000,000 Gain $8,020,000
Gain
958,000
Into
Banks.
Total gold and legal tenders..........
S e n a to r
a d d in g
fo r
c o m p le t e
fo r
w ill
8 6 1 0 @
m o v e m e n t
N ew
o u t
T a x
p a y
w ith in
e r a l,
$11,080,000
S u b -T r e a s u r y
Banks’ Interior movement, as above.
Sub-Treasury operations-----------------
b y
r e g is tr y
re tu rn
a d d itio n
w h ic h
d a y s, 4
864 5
a t 4
8 3 % @ 4
@ 4
b u t
ch a n g e.
Received by
Shipped by
N. Y. Banks. N. Y . Banks.
Week ending July 21 1911.
s p e c ia l
la s t
p r e v a ile d
th e
fo r
w e e k ’s
b y
Total gold and legal tenders_____
S ta te
e x te n s io n
R e c o r d in g
•S t a t e s , a n d
Currency..............................................
Gold ...................................................
w it h
4
to n e
m o v e d
8 6 3 5 @ 4
8 3 %
th e
th e
r e c o m m e n d a t io n )
p r o v id e s
a n n u a l
o f
to
8 4 .
Week ending July 21 1911.
R e s u lt
a t
w e e k
q u o te d
p a y m e n t
83 %
p a ssed
o f
s u g g e s tio n
s ix ty
8 6 4 0
W e d n e sd a y ,
w ith o u t
8 4 3 5
a n d
4
o n
m a rk e t
c lo s e d
fro m
b e e n
la w
ste p
sh ow ed
fo r
a n d
w ea k er
o ffe r e d
th e
8 4 2 5 @ 4
b a n k s
ra n g ed
m e n t fro m
n o t
fig u r e s f o r t h e
d e m a n d
d o cu m e n ts
A
d e m a n d
b u t
a t 4
o n
to
w ere
fo re n o o n
n ew
fo r
T h u rsd a y
C o m m e r c ia l
T h e
tr a n s fe rs .
a n d
tr a n s fe rs
8 6 % .
in
c a b le
d a y s
o n e
p a ssed
a
ta x a tio n
th e
L e g is la tu r e
w e e k
s e c u r it ie s
p o in te d
p r o v is io n
p ro p e rty
4
th e
T h is
th e
C o r p o r a tio n
d a y s,
o f
th e
w it h
in
th e
D ix ’s
w h ic h
su ch
lia b ility
n o
M r.
L a w
(A r t ic le
en su re
th is
a lr e a d y
w it h
T a x
to
e n a cte d
im p o r ta n t
reg a rd s
c o n ta in e d
sen t
h as
h a d
a cco rd a n ce
as
ju s t
m o st
a cco rd a n ce
as
h e
h a s
th e
S ta te
in
D ix ,
w h ic h
th e
in g
th is
A c tin g
m essa g es
a n d
a n d
in
s e c u r it ie s .
A lb a n y
e rty .
F r id a y
w as
EXEMPTING SECURITIES FROM TAXATION.
d im in
a cte d
w o u ld
h a s
h a v e
m a d e .
S a tu rd a y
s ix ty
w a s
in s ig n ific a n t.
C o m p a red
ch a n g e
th e
o ffe r e d
s to ck
a n d
D e a le r s
are
fa cto r,
In
m a rk e t
m in im u m
f o r b ills
b ills
u n d e r w r it e r s
fe w
8 6 % .
m ea g ren ess
a ls o
ou r
4
th e
a lr e a d y
fro m
a t
a t
to
b r in g
ra n g em en ts
a
q u o ta tio n s
m a in ly
b ills
A u g u st
th e
s e llin g
d e m a n d
re sp e ct
T h a t
d u e
Y e s te rd a y
1 5 th d is b u r s e m e n ts h a d b e e n p r o v id e d
th is
p e c ta tio n s .
th e r
8 6 5 0 .
d e m a n d
c a b le
a s s u m p tio n
fo r ,
4
e a s ie r ,
8 6 V-g a n d
th e
195
THE CHRONICLE
J u l y 2 2 1 9 1 1 .]
la s t
w e e k ,
n ew
c ity
e v e ry
y e a r
a n d
o n
th e se
p ro m o te rs
m a k in g
is s u e s
O n
th e
o th e r
w ill
th e
in itia l r e g is t r y
im m u n it y
h a v e
a
o n
o f
w ill
ta x e d
B y
w h ic h
to
fo r
b e
a t
th e
o n ce
a n d
ca se
th a t
b e co m e
m a k e
a n d
o f
in
th e
to
th e y
th e ir
th is
b e st
h o ld
b y
a d d
th e ir
a n d
to
p r ic e .
or
to
p a y
th e re b y
E v e n t u a lly
ch a ra cte r,
o f
th e
is s u e s o f b o n d s ,
1 %
S ta te
th is
b y
w ill
ta x a tio n .
o n e -h a lf
p r o te c tio n
w ill
o ld
o f
o r
th e
h a n d s
p a id
in d u c e m e n t
o n e -h a lf
fo rm
th e
o f
in
m illio n s ,
p a y m e n ts
e n h a n ce
e v e ry
in s id e
b e
su ch
o u t
o f
th e r e a fte r
a n n u a l
e v id e n c e
in
a s s u r in g
Y o r k
fro m
o f
w h a te v e r
sta m p
w h ic h
N ew
ta x
p ro p e rty
lo c a lly
th e
h a v e
b ro u g h t
h u n d red s
s in c e
b o n d s
in
a ls o
a re
o f
e x e m p t
th e
h a n d ,
h o ld e r s
r e s t in g
w ill
ta x
o f
th e
b o n d s
ta x
is s u e s
d e s ir a b ilit y
a ll
b o n d s
e x te n t
u n d e r w r it e r s ,
th e
g a in
o f
th e
th e
o r
th e
to
w h e th e
o u ts id e ,
1 %
ta x
ca n
n o
w ill
a tta ch e d
lo n g e r
b e
o w n ers.
w a y
fie ld
a g a in s t t a x a t io n ,
in
th e
w o r ld
in v e s tm e n ts , a n d
in
th e
r e s u lt
m u st
S ta te .
r is k
b e
it
b e in g
a lw a y s
e x ce ss
S ta te
a d d
h ig h ,
a t
lia b ility
fo r
in
c a p ita l
to
th e
r e fe r e n c e
ru n
th e
th ere
r a te s , w h ic h
3 %
a n d
e v e n
p r o v is io n s
b ro a d .
T h e
s h a ll b r in g
o f
w it h in
a n y
b y
b o n d s,
th e
in
th e
a
S ta te
t h e fr a n c h is e t a x
th e
to
ju r is d ic t io n
o r
w r itte n
s e r ie s
o f
o f
th e
tru st
o f
m o rtg a g e
sid e
o f
real
o r
th e
or
d e e d
S ta te
S ta te
o f
co v e r
m o rtg a g e
N ew
d e s c r ip tio n
v id e d
in g
sh a re
p r in te d
s a le s
a n d
w ill t h u s b e
seen
b e e n
fo r
is s e c u r e d
n o te s
b y
Y o r k
a n d
T h e se
tw o
N e w
in d e b te d n e s s
a n y
a
“ a n y
a n d
or d e e d
b o th ,
so m e
w h ic h
p la c e
o u t
in
d e s ig n a tio n s
B u t in
a ll
fo r m in g
re co rd e d
e v e ry
n o t
o b lig a tio n s ,
o r
in
in
a n d
a m o rtg a g e
n o t
o f
w h e re v e r lo c a te d .
in c u r
m a k e
re co rd e d
o r
p ro p e rty ,
o f t r u s t is r e c o r d e d
o f
le s s
d e b t
th e
w o u ld
ch a ra cte r
a d d itio n
a n d
it is p r o
w is e
p la in
g iv e n
th e
tw o
a n d
a ll
b r in g s in
d e b e n tu re
a n d
a
c la s s e s
fo r m in g
v a lu a b le
o f
a
p a y m e n t
d e e d
o f
are
su ch
o f
a n d
fo r m in g
p a rt
n o te s ,
(4 )
w h ic h
y e a r
fro m
b y
n o te s
o r
th e ir
d a te
d e p o s it
n o t
th e-
b y
o r
a
n o te s,
d e b e n tu re s,
p a y a b le
is s u e ,
a n y
a n d
w ith in
w h ic h
are
a n d
flo a t e d
d ig io u s
a n d
1 %
w ill
a n
case
to
o r
n o te ,
th e
a n d
d e p o s it
th e
o r
p a y m e n t
p le d g e
o f
o f
w h ic h
a n y
is
c o lla te r a l
.s e c u r it y .”
T h e
m e th o d
-p r o v id e d
o ffic e
o f th e
ce n t
o f
o n
C o m p tr o lle r
u p o n
s a id
th e re o n ,
th a t
th e
sa m e,
fa c e
to
to
a n d
is
a n
d e b t
th e
th e
sen d
a
o f
b u t
ta x
are
sta m p s
to
b e
are
to
th e
e v id e n c e
o f
in d e b te d n e s s
o r
ta x
a n d
to
b e
c a n c e le d
p r o p e r ly
a n d
to
th e
a
th e
th e
ta x
c e r tify in g
A d h e s iv e
p re p a re d
b e
b y
a ffix e d
r e c e ip t
a fte r
to
fo r
th e
b e in g
a t
T h e
ta x
b o n d s
fro m
o r
a ll
p a litie s
v id e d
a n d
in
o th e r
lo c a l
c e p tio n s
h ere
in
10
th e
a n d
in
w ill
S ta te
o f
2 4 ,1 8 7 ,1 8 8
n a m e d
p a id
d iv is io n s
S e c tio n s
A r t ic le s
b e e n
o b lig a tio n s
ta x a tio n
or
in
h a v in g
12
r e la te
o f
to
th e
w a y
p r o v id e d ,
th e
a n y
o f
S ta te ,
th e
m a d e
la w
u p o n
ta x ,
s a id
o w in g
th a t
a n
as
th e
“ th e
fo r
in
w h ic h
h e
secu red
h im
or
be
d ebt
a s
e lsew h ere
In
seem
h a v e
to
th e
th is
e a r ly
W e
b e lie v e
in te r e s ts ,
d e r iv e
o fte n
o f
as
b e e n
p ro p e rty
ta x
n ew
is
la w
o p e r a tio n
o f
p e r s o n a lty
a n d
189
C h a p t e r .”
th is
o f o th e r
p ro
C h a p ter,
T h e
k in d s
e x
a n d
b y
rea son
C orp o ra te
S ta te
o f
p erson a l
lis t .
in
th e
ta x
ca n
lik e
T h e
o f
o f
secu red
m a n n er
la w
b y
ju s t
m a te r ia l
w ill
I t
th e
T h is
d ir e c tio n .
re m o v e d
is
th e
b e in g
lit t le
fo r
ta x a
sev era l
y ea rs
p ro p e rty
r e c o r d in g
p ro p e rty
ta k e n
p a ssed
I n
fro m
n o w
assessed
fo r
h as
p erson a l
a lto g e th e r .
th e
b e e n
its
la w .
th a t
p erson a l
p a y m e n t
th e
in v e s to rs ,
th e re
h a v e
th e
a ll
ta x , th ro u g h
b e
th e
a lr e a d y
d u r in g
n ew
th a t
p ro p e rty
th a t
la w .
a n d
a b o lis h e d
w o u ld
U n d e r
s e c u r it ie s
a n d
fo rce ,
m o rtg a g e s
p a le
o f th is
ta x .
la r g e
th e
th e
le g a lly
th e
p o s s ib le
o n
s p e c ia l ta x e s , t h a t
th a t
o f su ch
C h a p ter,
o th er L a w
p a y
its e lf
m u ch
th is
su ch
o w in g
b o n d h o ld e r s
q u ite
o f
o f
d e b ts
v a lu e
o f
a n y
to
fro m
b e
th e ir
in
or
S ta te
w it h
m o rtg a g e s
h a v e
p r o v id e s
v a lu e
ju st
21
u n u s u a lly
p e rso n a l
th e
d e b ts
fo u n d
th e a s s e s s e d
b e e n
esta te
as
th e
n o w
R e a l
a n y
p ro p e rty
m a rk e t
fo r
th in g s h a v e
o u ts id e
is
p ro p e rty
p a id , s h a ll b e
in
b e e n
p a y m e n t.
a n a ssessm en t
b e e n
ste p
t io n .
th e
d o e s
in v ita tio n ,
e x p r e s s ly
c la u s e ,
b e n e fits
e x e m p t
fro m
r e a lly
co u n t
im p o r ta n t
to
la tte r
n o t
c a p ita lis ts
s h o u ld
th e
th a t
th e
a n
th e
S ec tio n
b u t
b e
as
le ft
in
o p e r a tio n
th e
s u b je c t
sta te d
in
w h ic h
ta x , b a se d
w e ll
d e e d , so m a n y
p r o
h e ld
d e b t, o n
fa ir
a p p ea rs
th a t
a n
h a s
th e
th is
it
th e
u rg e d ,
to
h o w e v e r,
a g a in st
n ew
im p o r ta n t
o f
p erson a l
a g a in s t
secu red
o p tio n
m a y
p e r io d
th e
a lr e a d y
co m p e l
th e
d e d u c tio n
o f
th is
o u ts ta n d in g ,
o f
a m a rk e t
e x e m p tio n
to
fo r
C h a p ter,
v ie w
fro m
n o
a m o u n ts
fo r
h a v e
e x te n d s
a llo w e d
p r o v id e d
c ir c u m s ta n c e s
rev en u e
b e
c o n s id e r a b le
h o w e v e r,
c lu b
A r tic le
n o
n o
a n
m a k e
ta x .
a llo w e d
in
S t a t e .”
secu re
la w ,
o ffs e t
u p o n
a n d
sh a ll
a n d
s e c u r e d d e b t in t h e t a x in g d is t r ic t in
r e s id e s ,
d e b t
as
ca n
a
h o ld e r s
sta n d s, w h e n
o f a n y
assessed u p o n su ch
o u t
sp e a k
n o w
th is
to
e x
Y o r k
W e
th e
o n ly
e n a ctm e n t,
ow n er
p r o v id e d
to
is
w ill
c o n t in u o u s
e n o rm o u s
a
p e rso n a l
n ew
to
n o t
a n
h e
o rd e r
a n d
T h e re
to
e v i
n e e d
C o m tp r o lle r
fo rw a rd
N e w
n o t
a n n u a l
o th e r
in
h e ld
o u t
it
a
th e r e g is tr y t a x o f o n e -h a lf o f
in d iv id u a l
h im
to
T h is
as
cts.
a y e a r
1 %
o f
1 % .
p a id .
as
I t
2
p r o v is io n
or
in d e b te d n e s s
T h e
in d iv id u a l
b y
lia b le
so
h o ld s
m u n ic i
th is
ta x e s
th a t.
a ls o
b e
1 0 r e la te s
o f
p r o v id e d
o f
w ill d e r iv e
y e a r,
a ls o
ta x .
b e
e x ce p t
o f
ta x
189
fro m
th a n
S ta te
s in c e
e x te n d e d
th e
“ th e r e a fte r
o r
th e
is
th e
th a n
it
m a d e
ta ch e d .
o f
b o n d e d
w h ic h
188
S e c tio n
ta x
b o n d
co m e
S ta te
e v e ry
o f
e v e n tu a lly
p a y
U n d e r
p a y m e n t
fo r
ta x a tio n .
C o m p t r o lle r
or
o n e -h a lf
o f
r e c e ip t
is
th e
w h e re u p o n
d e b t
fro m
I t
to
d e b ts ,
ta x
th e r e o f,
secu red
su ch
s im p le .
o r
se cu re d
th e
are
a n d
a n y
g iv e
e x e m p t
rep resen t
ta k e
e n d o rse m e n t
o r
s a id
is v e r y
p a y
v a lu e
m a k e
d e s c r ib in g
sa m e
ta x
m a y
C o m p t r o lle r
th e
is
th e
p e rso n
se cu re d
th e
' sta m p s
p a y in g
a n y
S ta te
d e s c r ip tio n
p e r
o f
th a t
u p o n
p ro p e rty
b o n d ,
b y
h ere
a
ta x e s
is s u e s a r e b r o u g h t t o
in v ita tio n
b y
d e b e n tu re
to
S e c tio n
S e c tio n
b ro a d
e x p r e s s ly
o n e -h a lf
a m o u n ts
h ere
secu red
se cu re d
is
h o ld e r
th a t
o f
th e
th a t
ta x e s.
sto ck .
in d u c e m e n t
s o u rce ,
fro m
b o n d
n o t is s u e d fo r a n a m o u n t e x c e e d in g $ 1 ,0 0 0 fo r e a c h s u c h
n ot
ta x a tio n
n ew
th e
o n e -h a lf
b y
re v e n u e
u n d er
h e ld
b o n d s,
are
o f
o f
or
fo r
o b lig a tio n s
d e b e n tu re s,
s im ila r
th e ir te r m s
n o te s
s e c u r ity
a g re e m e n t
b o n d s,
o f
o b lig a tio n s
o f
th e
m o re
“ a n y
T h is
fro m
o f
sh a res,
s e c u r itie s
a n n u a l
r e g is te r e d
p a y m e n t
to
o f
h o ld e r
d o u b t, e ith e r , th a t
d e fin i
(3 )
b o n d s ,
th e
c o lla te r a l
s e r ie s
b y
p r in te d
th e
12
r u n n in g lo n g e r
fo r
th e
o th e r
s a v in g s b a n k s , A r t ic le
p a y m e n t
to
in d ic a te
c o m p a n ie s ,
A r tic le
a ffix e d .
in v ita tio n
lo ca l
co m p re h e n d
n a m e ly
s im ila r
c o lla te r a l
a n y
a
to ,
sta m p
e m p tio n
tru st
N o
lia b ility
h is b o n d
lik e
a n d
is a t h i r d
p la in ly
o r
se cu re d
as
o r
o f
o f
b o n d s,
tru st
tru ste e ,
w r itte n
s e r ie s
w h ic h
w h ic h
r e fe r r e d
o r
s e c u r it ie s ,
F o r th e re
o n e
b o n d s
n o te s
p a rt
o b lig a tio n s ,
b o n d s.
fo u rth
o f
b o n d s,
c o lla te r a l t r u s t b o n d s
h a v e
S ta te .
s in g le
b a n k
th a t e x c e e d in g ly
“ secu red
o r
th is
as to
th ese
o n
r e lie v in g
o f in d e b te d n e s s
Y o r k
(2 )
m a d e
so
o f
lxxxxiii.
c o r p o r a tio n s ,
tr a n s fe rs
d e n ce
o b lig a tio n s
b o n d s,
p erson a l
Y o r k .”
a ls o
tio n
o n e
o r
Y o r k ;
o n
a n d
a ll fo r m s
n o te
N ew
h as
u p o n
ta x
a n y
ta x
o n
in
t h a t th e w o r d s “ s e c u r e d d e b t s ” s h a ll h a v e a m e a n
w h ic h
o r
b o n d ,
le g a c y
ta x
ta x e s
r u n n in g
w o rd s
fr a n c h is e
as
su ch
sta tu te
p ro p e rty
N e w
e x tr e m e ly
e x p r e s s ly
n o te s
th a n
s im ila r
are
th a t th e
rea l
o f
p a y m e n t o f w h ic h
o f
a
o f
th e
to
th e
a n y
o th e r
c o u n try
n o te s
o f
(1 )
to
in s u r a n c e
o n
to
p e rso n a l
p r o v id e d
r e la te s
ta x
s im ila r
are
o f
rep ea l
w ith o u t
sen t
s im p ly
to
o th e r
is
sta tu te
g iv e n
o n ly
is
in c lu d e
or
re co rd e d
n e w
th e
th e
is m a d e
in d e fin it e ly
th e
p u r v ie w
m o rtg a g e
S ta te
p a rt
I t
s h a ll
se cu re d
th e
sa v e
y e a r.
d e b ts ”
th e
d e fin it io n s
o b lig a tio n s
a
o f
th e m
in te n t
2 4
to
I t
T h e
to
n o
S e c tio n
187
S ta te .
th a n
is
to
it
o r
h ere
in to
w ill
th is
if
•b o n d s
w it h in
it
lo c a l
1 ^ %
w h erea s
r e m a in
ta x e s
o f
S ta te s
a n n u a l
fro m
fig u r e ,
ca n
flo w
o th e r
th e
in v e s te d
it
th e
in
r u n n in g
th a t
a n d
to
a b id e s
ta x e d
o f
o b lig a t io n s ,
a n y
to
W h ile
o f
a re
in
(Yol.
THE CHRONICLE
196
o u t
in
o f
e x te n d s
ta x
ta x .
th is
th e
th e
July 22 1911.]
THE CHRONICLE
exemption to indebtedness of practically every
description, whether secured or not. Stocks are not
taxable at all as personal property (the corporations
paying numerous other forms of taxes) and bank and
trust company shares pay certain specific yearly
taxes. About the only thing left, therefore, for the
local assessors to list as personal property would
appear to be household goods and money in bank.
It follows that there is now no reason lor retaining
the personal property tax. No one pays it anyway,
except the traditional “ widow and orphan,” who
cannot escape. Practically nothing would, hence,
be lost by repealing it, and it ought to be repealed in
a spirit of equity and justice. One distinct advantage
from such a course would be that by relieving money in
bank, the flow of capital this way would be stimulated
still further, thereby adding to the incentive for its
coming here afforded by the new law. New York
City would then become such an attractive field for
capital in all its varied forms that it would command
accumulated wealth from every portion of the
globe.
We give the full text of the law just enacted, exempt
ing “ secured debts” from taxation, on page 204. It
goes into effect September 1.
GO VERN MENTAL TENDENCIES.
In a recent letter in the Boston “ Transcript,”
called out by a bill in the Massachusetts House of
Representatives, Mr. Charles Francis Adams speaks of
himself as a “ back number” , and says that, as he
belongs “ to a generation which has now passed from
the stage, I can only look with some amazement, not
unmixcd with amusement, at the tendency to reaction
now going on.” At least some of the men of maturest
age and slow thinking who still survive must remember
that Mr. Adams was one of the original members and
for a number of years Chairman of the Railroad
Commission of Massachusetts, a supervising body
which possessed a character that now looks distinctive
and is worth while to contemplate.
It was founded, says Mr. Adams, 43 years ago, “ on
the principle of having no power and acting only
through the force of reason and public opinion.” It
had “ no power” , yet it did have power, because it had
influence by directing the public opinion which,
combined, had then and still has all power. “ In
former days (says this venerable man) recourse was
had to public opinion as sure in the end to produce
all necessary and desirable results; now, this is rele
gated to the museum of antiquities, and here, as 200
years ago in Europe, the constable and the posse are
called into play on every possible occasion.”
Looking back, Mr. Adams believes the Massa
chusetts Commission has generally been considered
the most efficient in the country; but, “ in conformity
with the tendency of modern thought, which recog
nizes no force in existence except the constable’s staff
supported by the bayonet of the soldier, and regards
appeal to reason as an archaic proposition, the in
closed bill (which called out his protesting letter)
proposes to substitute for intelligence and reason the
physical forces of the Commonwealth.”
The contrast and change cannot be better stated
than in his own strong words. But popular govern
ment rests upon public intelligence and reason not
197
upon the bayonets of an army; this difference is funda
mental, since it is the exact difference which dis
tinguishes popular from despotic government. What
the large majority of the people strongly and persist
ently want they will certainly get, provided it is
procurable by any human means; yet it is also ele
mentary that what they want will serve them better
and stay with them longer if they study to have
their opinion enlightened before they break out
with it.
One comment which the “ Chronicle” felt compelled
to make when the Public Service Commission scheme in
this State came into being was that advertising for
complaints (as by the order in the law to keep the
Commission’s office open for 15 hours of every day
in the year) would create complaints. To say to the
public that it can have what it “ wants” and ask it
what it would like to have does not tend to foster
reason, justice and patience, but their opposites.
A sound and genuinely wholesome public opinion is
not promoted by offering inducements to make
complaints and demands; it comes only by time,
reflection and observation. The real public opinion
which alone can be the firm foundation of a selfgoverned country grows slowly; it does not shoot
up in a night, gourd fashion.
Perhaps we should not use the word “ reaction” just
as Mr. Adams does. We might consider, instead, that
“ the tendency to reaction” is one whose coming every
thoughtful person ought to desire. But this is no
more than a matter of meanings of words susceptible
of several phases; we can still believe, as really we
must believe, that the “ reason and public opinion”
which was trusted and was potent in Mr. Adams’ day
will return after the present spasm has spent itself.
FOREIGN TRADE OF UNITED STATES
1910-11.
An outward flow of commodities exceeding in value
that for any previous similar period, an inward
movement of merchandise second only to that of
1909-10, and an aggregate trade (exports and imports
combined) that sets a new high record, sums up the
history of our commerce with foreign countries during
the fiscal year ending June 30 1911. The net result is
a much larger balance in our favor on the merchandise
movement than in either 1909-10 or 1908-09, although
conspicuously smaller than in 1907-08, when, as a
result of the depression here following the panic of
1907, the volume of our imports fell off sharply, while
exports continued of full dimensions.
The merchandise exports for the first time have
reached the 2,000 million mark, and the gain is well
distributed among the various commodities. It is
gratifying, to o ,to be able to record a further important
expansion in the outflow of manufactures. That is
a particularly satisfactory circumstance inasmuch as,
with the constantly increasing need at home for the
products of the soil, future extension of our export
trade must naturally be in manufactures themselves
or crude material for use in manufacturing. Imports
in 1910-11, as intimated above, record contraction
from 1909-10, but the falling off was of very moderate
proportions (29 millions of dollars) and explainable
wholly by decreases in a few articles (India rubber
and hides and skins for instance) the inflow of which
198
THE CHRONICLE
the previous year had been unusually large and much
above current needs.
The total foreign trade of the country for 1910-11, at
3,576% millions of dollars, shows, of course, a very
desired augmentation over either of the three preceding
years, and, moreover, exceeds the previous record
result of 1906-07 by 261% millions. To indicate
fully the changes in our foreign trade movement we
subjoin a compilation giving the imports, exports and
balances of merchandise, month by month, and
quarter by quarter, and quarterly returns for gold
and silver for the last two fiscal years, m
It will be observed that the aggregate value of
merchandise exports for the twelve months of 1910-11
was $2,048,691,392/against $1,744,984,720 for 1909-10,
and that imports for the corresponding periods were
$1,527,985,088 and $1,556,947,430, respectively, leav
ing a net balance of $520,706,304 in 1910-11, which
compares with only $188,037,290 in 1909-10 and the
record outflow of $666,431,554 in 1907-08, the latter
due to the abnormal conditions the panic of the fall
of 1907 and resultant depression produced.
Our shipments of breadstuffs were in the aggregate
Jess than in 1909-10, reaching only $123,900,000,
against $133,191,330; they were smaller, indeed, than
in any year since 1894-95, and only a little over onethird what they were in 1897-98. Increases in
quantity sent out in 1910-11 were in large measure
offset by lower prices obtained, the average value of
corn exports having been only 60c. per bushel, against
69.1c. a year ago, 70.3c. in 1908-09 and 64.7c. in
1907-08. Wheat was sent out less freely than in
1909-10, and at reduced value, the year’s average
price at 92.8c. comparing with $1 024 and $1 017
respectively in the two preceding years. Flour
also averaged lower, the 1910-11 export value per
barrel having keen $4 87% , as contrasted with $5 26%
in 1909-10 and $4 86% in 1908-09. Provisions
[V ol . Lxxxxm .
registered a pretty satisfactory gain, the increase being
mainly in lard. Cotton shipments recorded a heavy
augmentation in quantity as compared with the small
movement of 1909-10, and with higher prices the
value of the year’ s exports is heavier than ever before,
exceeding by 104 millions of dollars the total in 1906-07,
when some 900,000 bales more were sent out. The
four leading items of exports (breadstuffs, cotton,
provisions and petroleum) furnish a total value of
$956,600,000, or $143,238,432 more than the same
articles covered in 1909-10, leaving 1,092 millions of
dollars as a measure of the value of the exports
of all other commodities in the late fiscal year.
This is a gain of 161 millions over the preceding
year.
Returns for the other articles of export for the full
fiscal year will not be avaiilable until after the close
of July. Study, however, of the results for the eleven
months reveals gains in almost all articles and of
special magnitude in manufactures partly finished or
ready for use and in crude materials for use in manu
facturing. Iron and steel manufactures, for example,
show an augmentation of 48 millions of dollars,
copper and its manufactures 13% millions, wood and
manufactures 11 millions, cotton manufactures 6%
millions, naval stores 6 millions, passenger and freight
cars, 4 millions, automobiles 4 millions, with smaller
increases in coal, chemicals, fruits and nuts, vegetables,
oils, &c. The articles recording losses are so few in
number and the amounts so unimportant as to call for
no comment. The gain recorded in iron and steel
serves to recall the fact that whereas as late as 1894-95
our imports of those articles exceeded the exports, the
balance the other way for the eleven months of
1910-11 is 179 millions of dollars— a striking example
of development in at least one of our important
manufacturing industries.
Among articles of import the most noticeable,
contraction in 1910-11 is in crude materials for use
in manufacturing and especially of commodities the
inflow of which in 1909-10 largely exceeded that of
1908- 09. In hides and skins, for instance, a decline
of 41 millions of dollars is to be noted for the eleven
months and in India rubber 13 millions. Other
appreciable losses are 7% millions in diamonds and
other precious stones and 28 millions in wool and
manufactures. Leading items of importation showing
increases as compared with 1909-10 are copper 15%
millions, seeds 13% millions, tin 8 millions, cotton
(raw) 7% millions, silk (raw) 7% millions, oils 9
millions, chemicals 6% millions and fruits and nuts
4 millions.
Concurrent with the large increase in our merchan
dise balance the gold movement of the year was
largely in our favor, imports having reached $73,
607,013, or 30 millions more than in 1909-10. Against
this, exports were comparatively small, totaling only
22% millions, as contrasted with 118% millions in
1909- 10. There has been, therefore, a net gold inflow
of $51,097,360 in 1910-11, as against a net outflow
of 75% millions in 1909-10 and 47% millions in
1908-09. In 1907-08 we imported net approximately
76 millions.
We append a series of tables which have furnished
the basis of the figures and remarks contained in the
above discussion. They will be found useful for refer
ence and as a matter of record.
July 22 1911.]
THE CHRONICLE
V A L U E O E IM P O R T S A N D E X P O R T S O P M E R C H A N D I S E F R O M 1801 T O
1911. I N C L U S IV E .
Merchandise.
Year ending
June 3 0 .
Exports.
Excess of Exports
or
Imports.
Imports.
%
$
8 3 5 ,74 7,7 85
817 ,49 0,3 97
8 5 4 ,40 5.1 70
047 ,77 5.0 17
7 31 ,90 9,9 05
T o ta l 5 y e a r s.
A v e r a g o ________
1896
1897
1898
1899
1900
Total Imports
and
Exports.
Exp.
Exp.
Imp.
Exp.
Exp.
$
4 8,5 94 ,09 9
2 1 2 ,39 7,0 86
7,12 6,4 51
2 4 4 ,13 2,6 92
7 5 ,5 6 8 ,2 0 0
$
1 ,7 2 0,0 89 ,66 9
1,84 7,3 S 9,8 80
1,70 1,0 83 ,90 1
1 ,5 3 9 ,6 8 2 ,7 2 0
1 ,5 3 9,5 08 ,13 0
4 ,4 6 0 ,0 5 9 ,9 6 0 3 ,8 8 7 ,3 9 4 ,3 4 0
8 92 ,19 1,9 93
7 77 ,47 8,8 68
Exp.
Exp.
6 7 3 ,50 5,6 26
1 1 4 ,71 3,1 25
8 ,3 4 8 ,3 5 4 .3 0 6
1,66 9,6 70 ,86 1
8 8 2 ,60 6,0 38
1 ,0 5 0,9 93 ,55 6
1 ,2 3 1,4 82 ,33 0
1 ,2 2 7,0 23 ,30 2
1,39 4,4 83 ,08 2
Exp.
Exp.
Exp.
Exp.
Exp.
1 02 ,88 2,2 64
2 8 0 ,20 3,1 44
6 15 ,4 3 2 .6 7 6
529 ,87 4,8 13
5 4 4 ,54 1,8 98
1 ,6 6 2,3 31 ,01 2
1 ,8 1 5,7 23 ,90 8
1,84 7,5 31 ,98 4
1,92 4,1 71 ,79 1
2 ,2 4 4 ,4 2 4 ,2 0 6
T o t a l 5 y o a r s . . . 5 .7 8 0 ,5 8 9 .2 0 8 3 ,7 0 7 ,5 9 4 ,4 1 3
A v e r a g o __________ 1,16 7,3 17 ,84 2
7 4 1 ,51 8,8 83
Exp. 2 ,0 7 8 ,9 9 4 ,7 9 5
Exp. 4 1 5 ,79 8,9 59
9 ,4 9 4 ,1 8 3 ,6 2 1
1,89 8,8 30 ,72 4
1 9 0 1 ...........................
1002 ...........................
1903 ...........................
1904 .................... ..
1905 ...........................
Exp.
Exp.
Exp.
Exp.
Exp.
2 ,3 1 0 ,9 3 7 ,1 5 0
2 ,2 8 5 ,0 4 0 ,3 4 9
2 ,4 4 5 ,8 6 0 ,9 1 6
2 ,4 5 1,9 14 ,04 2
2 ,0 3 6,0 74 ,73 7
1891
1892 ____
1893 ____
1894 ____
1895 ____
______________
8 84 ,34 1,8 84
1,0 2 9,8 93 ,48 3
8 4 7 ,27 8,7 25
8 9 1 ,90 7,7 09
8 0 7 ,63 8,1 65
......................
......................
......................
......................
......................
779 ,72 4,6 74
704 ,73 0,4 12
610 ,04 9,6 54
6 9 7 ,14 8,4 89
8 4 9 ,94 1,1 84
1 ,487,704,991
8 23 ,1 7 2 ,1 6 5
1,38 1,7 19 ,40 1
9 03 ,32 0,9 48
1 ,4 2 0,1 41 ,67 9 1,0 2 5,7 19 ,23 7
1 .460,827,271
9 91 ,08 7,3 71
1 ,5 1 8,5 01 ,06 0 1,11 7.5 13 ,07 1
6 64 ,5 9 2 ,8 2 0
4 7 8 ,39 8,4 53
3 9 4 ,42 2,4 42
4 6 9 ,73 9,9 00
401 ,04 8,5 95
T o ta l 5 y e a r s . . . 7 .2 0 9 ,0 1 5 ,0 0 8 4 .8 6 0 .8 1 2 .7 9 2
A v e r a g o __________ 1 ,4 5 3,8 03 ,00 2
9 7 2 ,1 0 2 ,5 5 8
Exp. 2 ,4 0 8 ,2 0 2 ,2 1 0 12,129 ,82 7,8 0 0
Exp. 481 ,61 0,4 44 2 ,4 2 5 ,9 0 5 ,5 6 0
1906 ...........................
1907 ...........................
1908 ..........................
1909 ......................
1910
............
Exp.
Exp.
Exp.
Exp.
Exp.
1 ,7 4 3,8 04 ,50 0
1 ,8 8 0,8 51 ,07 8
1 .8 6 0,7 73 ,34 6
1,66 3.0 11 ,10 4
1 ,7 4 4,9 84 ,72 0
1 ,2 2 6,5 62 ,44 6
1 ,4 3 4,4 21 ,42 5
1 .1 9 4.3 41 .79 2
1 ,3 1 1,9 20 ,22 4
1,55 6,9 47 ,43 0
5 1 7 ,30 2,0 54
440 ,42 9,6 53
600 ,43 1,5 54
3 5 1 ,0 9 0 ,8 8 0
1 88,037,290
2 ,9 7 0 ,4 2 0 ,9 4 6
3 ,3 1 5,2 72 ,50 3
3 ,0 5 5 ,1 1 5 ,1 3 8
2 ,9 7 4 ,9 3 1 .3 2 8
3 ,3 0 1 .9 3 2 ,1 5 0
T o t a l 5 y e a r s .. . 8 .8 9 3 ,4 8 4 ,7 4 8 0 ,7 2 4 ,1 9 3 ,3 1 7
A v e r a g o ................... 1 ,7 7 8.0 90 ,95 0 1 .344,838,603
Exp. 2 ,1 0 9,2 91 ,43 1 15,617 ,07 8,0 6 5
Exp. 4 33 ,85 8,2 87 3 ,1 2 3 ,5 3 5 ,6 1 3
1911
Exp.
............ 2 .0 4 8,6 91 ,39 2 1 ,6 2 7,9 85 ,08 8
520 ,70 6,3 04
_
VALU E OF BREAD STU FFS E XPO RTS.
Fiscal Year
ended
June 3 0.
Wheat
‘ . .
1 8 9 1 ...........
1 8 9 2 ..........
1 8 9 3 _____
1894 _____
1 8 9 5 ..........
1 8 9 6 _____
1897 _____
1 8 9 8 _____
1 8 9 9 _____
1 9 0 0 ..........
1 9 0 1 _____
1 9 0 2 _____
1903 ..........
1904 ..........
1 9 0 5 ...........
1 9 0 6 ..........
1907 ..........
1 90 8 ______
1909 _____
1 9 1 0 ...........
1 9 1 1 a ____
$
51,4 20 ,27 2
1 61,399,132
9 3 ,5 34 ,97 0
59,4 07 ,04 1
43,8 05 ,60 3
3 0 ,7 0 9 ,8 6 8
60,9 20 ,17 8
1 46,684,659
1 04 .26 9,1 69
7 3 ,2 3 7 ,0 8 0
90,7 71 ,74 3
1 12.876,222
8 7,7 05 ,10 4
3 5 ,8 5 0 ,3 1 8
3 ,9 0 5 ,5 7 9
2 8 ,7 57 ,51 7
0 0,2 1 4 ,3 8 8
9 9 ,7 36 ,76 7
08,0 94 ,44 7
4 7.8 0 6 ,5 9 8
2 2 ,0 0 0 ,0 0 0
Total
Wheat
and Flour.
Whoat.
Flour.
.705,616
,362,283
,494,347
,271,770
.65 1 ,9 2 8
,025,217
,914,347
,203,718
,093,870
,760,886
,459,290
,061,974
.756,404
894,836
170,136
.106,869
175,397
,170,508
,157,366
621,467
400 ,00 0
$
100,125 ,888
230,761 415
169,029 ,317
128,678 ,811
95,457 ,591
91,7 35 ,085
115,834 .525
214.948 ,377
177,303 ,039
140,097 .900
100,231 ,039
178,537 .190
161,551 ,508
104,745 ,154
44,081 ,715
87,804 ,386
122,389 ,795
103,907 ,275
119,251 ,813
95,428 065
7 1,100 000|36
Corn.
Total Wheat
Corn
and Flour.
Total all
Breadstuffs.
$
652,687
590,400
,587,511
,211,154
,050,707
.830,802
,087,152
,196,850
,977,448
,500,400
,527,983
,185,073
,540,037
,071,334
,440,921
001,856
,201,810
,942,197
,194,400,
427,993
100,000
$
123 ,77 8,5 75
2 78 ,3 5 1 .8 7 5
1 93 ,01 0,8 28
158 ,88 9,9 65
1 10 ,10 8,3 58
1 29,571,947
169,921,077
2 8 9 ,14 5,2 27
2 4 6 .34 0.4 87
2 20 ,2 0 3 ,3 0 6
2 4 8 ,75 9,0 22
194 ,72 2.8 69
2 0 2 ,09 2.1 45
134 .81 6.4 88
9 1,5 2 8 ,6 3 0
149,920,242
106,051,611
1 97,849,472
1 44 ,44 0,2 79
1 20 ,85 0,0 58
1 07 ,50 0,0 00
1 28 ,12 1,0 56
2 9 9 ,30 3,1 17
200 ,31 2,0 54
1 66 ,77 7,2 29
1 14 ,60 4,7 80
1 41,350,993
1 97,857,219
3 3 3 ,8 9 7 ,1 1 9
2 73 ,9 9 9 ,0 9 9
2 0 2 ,74 4,0 78
2 7 5 ,59 4,0 18
2 1 3 ,13 4,3 44
2 2 1 ,24 2,2 85
1 49,050,378
1 07,732,910
186,468,901
184,120,702
2 1 5 ,20 0,5 88
159,929,221
133 ,19 1,3 30
123 ,90 0,0 00
a F igu res fo r 1911 are n o t final, and are su b je o t In all cases to slig h t co rrection s
w h en later returns are receiv ed .
_________ C O T T O N A N D P E T R O L E U M E X P O R T S B Y Q U A N T IT I E S .
Cotton Exports.
Year ending June 30.
Bales.
x Petroleum,
Gallons.
Pounds.
1 89 1
.....
5 ,8 2 0,7 79
1 89 2
.....
5,89 1,4 11
1 89 3
.....
4 ,4 3 1 ,2 2 0
1894
.....
5 ,3 9 7.5 09
1895
.....
0 ,9 0 5,3 58
1 89 6
.....
4 ,6 5 9,7 65
1 89 7
.....
0 ,1 7 6,3 05
1 89 8
.....
7 ,5 8 1,0 04
1899
.....
7 ,3 7 3,3 82
1 90 0
.....
0,09 0,1 44
1901
...
6 ,5 0 8 ,4 5 0
1 90 2
.....
0 ,8 7 3,6 92
1 90 3
.....
0 ,9 3 8,2 79
1 90 4
.....
6.00 9,1 94
1905
.....
8 ,3 3 7,9 64
1 9 0 0 ......................
7 ,0 5 0,8 50
1907
.....
8 ,7 0 8,4 09
1 90 8
.....
7 ,4 3 4,5 80
1 90 9
______________ ______________
8 ,5 7 7,7 28
1 91 0
.....
6 ,263,293
1 91 1
.....
7 ,8 3 0,7 00
2 ,9 0 7 ,3 5 8 ,7 9 5
2 ,9 3 5,2 19 ,81 1
2 ,2 1 2 .1 1 5 ,1 2 6
2 ,6 8 3 ,2 8 2 ,3 2 5
3 ,5 1 7 ,4 3 3 ,1 0 9
2 ,3 3 5 ,2 2 6 ,3 8 5
3 ,1 0 3 ,7 5 4 ,9 4 9
3 ,8 5 0 ,2 6 4 ,2 9 5
3 ,7 7 3 ,4 1 0 ,2 9 3
3 ,1 0 0 ,5 8 3 ,1 8 8
3 ,3 3 0 ,8 9 0 ,4 4 8
3 ,5 0 0 ,7 7 8 ,7 6 3
3 ,5 4 3 .0 4 3 ,0 2 2
3 ,0 6 3 .9 1 2 ,7 0 0
4 ,3 0 4 ,8 4 8 ,9 0 3
3 ,6 3 4 .0 4 5 ,1 7 0
4 ,5 1 8 ,2 1 7 ,2 2 0
3 ,8 1 0 ,9 9 8 ,6 9 3
4 ,4 4 7 ,9 8 5 ,2 0 2
3 .2 0 0 ,7 0 8 ,2 2 6
4 ,0 3 5 ,1 5 0 ,0 0 0
7 0 8 ,22 0,7 77
7 14 ,80 8,4 79
8 0 3 ,0 8 0 ,1 8 6
9 08 ,04 1,3 00
884 ,30 4,5 74
8 9 0 ,25 4,0 34
9 0 7 ,52 5.2 42
1 ,0 1 4,2 70 ,27 2
9 1 9 ,04 4,7 18
9 5 0 ,62 3,1 55
1,0 0 8,9 47 ,39 4
1 ,0 7 5,8 99 ,96 0
9 41 ,1 5 6 ,8 5 0
9 0 1 ,86 0,3 45
1,0 7 4,3 84 ,81 4
1.18 2,9 17 ,22 1
1 ,1 8 5,2 02 ,44 9
1,3 7 2,9 55 .74 6
1,4 5 8,4 83 ,30 3
1 ,422,012,721
1 ,4 9 0,0 00 ,00 0
a F igu res fo r 1911 are n o t final, a n d are s u b je ct In all cases to slig h t correction s
w hen la ter rctura s aro receiv ed ,
x In clu des b o th cru de and refined, b u t n o t resid uum , the e x p o r ts o f th e lattar
b ein g v e ry sm all
,
°
__________________ B R E A D S T U F F S E X P O R T S B Y Q U A N T I T I E S .
Year
ended
June 30.
Avge.
per
hush.
Bushels.
1891
1892 .............
1893 .............
1894 .............
1895
1896
1897 .............
1898
1899
1900
1901
1902 .............
1903 .............
1904 .............
1905
1 9 0 0 .............
1907 .............
1908
1909 _______
1910
1 9 1 1 a ..........
5 5 ,1 31 ,94 8
..........................
157,280,351
117,121,109
88,4 15 ,23 0
70,1 02 ,70 4
..........................
60,6 50 ,08 0
..........................
7 9 ,5 02 ,02 0
148,231,261
..........................
139,432,815
..........................
101,950,389
..........................
132,000,667
..........................
154,850,102
114,181,420
44,2 30 ,16 9
4,39 4,4 02
..........................
31,973,291
70,5 09 ,42 3
100,371.057
..........................
66,9 23 ,24 4
..........................
40,6 79 ,87 6
23,7 00 ,00 0
$
0 .933
1.026
0 .7 9 9
0 .672
0 .5 7 6
0 .655
0.753
0.983
0 .7 4 8
0 .718
0 .733
0 .729
0 .769
0.811
0.8 8 8
0.822
0.787
0.094
1.017
1.024
0.928
Flour.
Barrels.
11,344,304
15.1 96 ,76 9
16,020,339
16,859,533
15,208,892
14,620,864
14,569,545
1 5,349,943
18,4 85 ,09 0
18,699,194
18,650,079
17,759,203
19,716,484
16,999,432
8 ,8 3 6,3 35
13,9 19 ,04 8
15,584,607
13,9 27 ,24 7
10,521,101
9 ,0 4 0.9 87
1 0,130,0001
Avge.
Total
per
Wheat
bbl. and Flour.
S
4 .822
4 .959
4 .542
4.109
3.383
3 .5 5 8
3.8 4 9
4 .512
3.0 5 4
3.624
3.724
3.697
3 .7 4 8
4.053
4.547
4 .246
3.9 9 0
4.608
4.862
5 .207
4.8 7 6
Corn.
Bushels.
Bushels.
1 06,181,316
2 2 5 ,06 5,8 10
191,912,634
104,283,119
144,714,146
1 20,443,968
145,088,972
2 17 ,30 6,0 04
2 2 2 ,61 8,4 20
186,090,504
2 15 ,99 0,0 73
2 3 4 ,77 2,5 15
2 02 ,90 0,2 73
120,727,613
44.1 62 ,40 9
9 7 ,0 09 ,00 7
146,6-10,424
103,043,668
114,268 468
8 7 ,3 0 2 ,0 6 8
6 9,2 85 ,00 0
3 0,7 0 8 .2 1 3
7 5,4 5 1 ,8 4 9
4 6,0 37 ,27 4
05.3 24 ,84 1
2 7 ,6 91 ,13 7
9 9.9 9 2 ,8 3 5
170,916,365
208 ,74 4,9 39
174,089,094
209 .34 8,2 84
1 77,817,905
2 6,6 36 ,55 2
7 4 ,8 33 ,23 7
5 5 ,8 58 ,90 5
88,8 07 ,22 3
117,718,057
8 3 ,3 00 .70 8
5 2 ,4 45 ,80 0
3 5 .8 53 .41 2
36.S 0 2.3 74
60,2 00 ,00 0
Avge.
per
bush.
S
0 .5 7 0
0 .5 0 0
0.5 3 4
0.462
0.5 2 9
0 .3 7 8
0.3 0 6
0.3 5 5
0 .397
0 .407
0 .404
0.0 0 8
0.5 4 2
0 .5 3 8
0.534
0.527
0.531
0.647
0.703
0.691
0.6 0 0
a F i g u r e s f o r 1 911 a r e n o t f in a l, a n d a r e s u b j e c t In a ll o a s e s t o s li g h t - c o r r e c ti o n s
w h e n l a t e r r e t u r n s a ro r e c o lv e d .
8 c c o r r c c tl o u s
GOLD
Year
ending
June 3 0.
AND
S IL V E R
M OVEM EN T.
Gold.
Exports.
Imports.
Silver.
Excess of
Exports ( + )
or Imports (— )
%
$
8 0 ,3 62 ,86 3 1 8,4 47 ,37 0 + 6 7 ,9 15 ,49 3
5 0,2 08 ,33 1 4 9 .9 48 ,75 8
+ 259 ,57 3
1 08,697,451 2 2,0 6 9 ,3 8 0 + 86,6 28 .07 1
7 6 ,9 9 5 ,1 3 0 7 2 ,9 89 ,56 3
+ 4 .0 0 5,5 67
6 0,4 68 ,48 1 3 0,3 8 4 ,7 6 0 + 3 0 ,0 83 ,72 1
112 ,40 9,9 47 3 3 .5 25 .00 5 + 7 8 ,8 84 ,88 2
4 0 ,3 6 1 ,5 8 0 8 5.0 14 ,78 0 — 4 4 ,6 5 3 ,2 0 0
15,4 06 ,39 1 120.391,074 -1 0 4 .9 8 5 ,2 8 3
3 7 ,5 2 2 ,0 8 6 88,9 54 ,60 3 — 51.4 32 ,51 7
4 8.2 6 6 ,7 5 9 44.5 73 ,18 4
+ 3 ,6 9 3 ,5 7 5
5 3 ,1 85 ,17 7 66,0 51 ,18 7 — 12,8 66 ,01 0
4 8,5 6 8 ,9 5 0 5 2 ,0 21 ,25 4
— 3 ,4 5 2,3 04
4 7,0 9 0 ,5 9 5 44,9 82 ,02 7
+ 2 ,1 0 8 ,5 6 8
8 1,4 5 9 ,9 8 6 9 9 ,0 5 5 ,3 6 8 — 17,595,382
9 2 ,5 9 4 ,0 2 4 53,6 48 ,96 1 + 3 8 ,9 4 5 ,0 6 3
3 8 ,5 73 ,59 1 9 6 ,2 2 1 ,7 3 0 — 5 7 ,6 48 ,13 9
5 1 ,3 9 9 ,1 7 6 1 14 ,51 0,2 49 — 6 3 ,1 11 ,07 3
7 2 ,4 3 2 ,9 2 4 148,337,321 — 7 5 ,9 04 ,39 7
9 1 ,5 3 1 ,8 1 8 4 4 ,0 0 3 ,9 8 9 + 4 7 ,5 27 ,82 9
1 1 8 ,56 3,2 15 4 3.3 3 9 .0 0 5 + 7 5 ,2 2 3 ,3 1 0
1911 a . . 2 2 .5 0 9 ,6 5 3 7 3 ,6 07 ,01 3 — 5 1 ,0 9 7 ,3 6 0
1891
1892
1893
1894
1895
1890
1897
1898
1899
1900
1901
1902
1903
1904
1905
1900
1907
1908
1909
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
1910 ...
Exports.
Imports.
2 2,7 2 9 ,7 0 5
3 3,1 8 2 ,2 2 0
41,1 07 .18 1
5 0,6 67 ,05 9
2 4,2 9 5 ,2 8 6
6 0,5 4 1 ,6 7 0
6 1 ,9 46 ,63 8
5 5 ,1 05 ,23 9
5 6 ,3 1 9 ,0 5 5
5 6 ,7 12 ,27 5
6 4 .2 8 5 ,1 8 0
4 9 ,7 3 2 ,3 9 0
4 4 ,2 5 0 ,2 5 9
49,4 72 ,70 2
48,8 48 ,81 2
65,8 09 ,06 3
56,7 39 ,07 3
57,9 21 ,20 2
5 5.6 82 ,79 2
5o,286,801
04.7 49 ,95 8
$
26,980,
29,611,
34,293,
19,965,
20,211
28,777
30,533
30,927,
30,675,
35,256,
36,386,
28,232,
2 4 ,i6 3 ,
27,768,
27,484,
44,442,
42,946,
44,658,
43,954,
45,217,
45.937,
Excess
of
Exports.
$
2 50 ,78 3
,570,373
,813,182
,701,346
,084,107
764,484
413,411
,177,458
,643,999
,455,973
898,559
.500,136
086 ,76 8
,70 3 ,8 8 8
363,947
,42 6 ,5 2 3
,79 2 ,4 4 9
,26 3 ,1 0 5
.72 7 ,9 8 2
069 .66 7
812 ,70 9
silv er In o re, e x p o r te d o r Im p orted , are Included In th e a b o v e ,
. f * ’ in'tn A o t i . b o ' are
, fl? a l> and are s u b je c t In all cases to slig h t correction s
w hen la ter returns are re c e iv e d , b T h is Is a n ex cess o f Im ports.
EXPORTS
______
Fiscal
Year
ending
June 30.
3 ,5 7 6 ,6 7 6 ,4 8 0
Im p orted , w h ich w e Include In g old and silver
199
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
...
...
...
...
...
...
...
...
...
...
...
...
...
...
..
...
...
...
...
...
a ..
OF
L E A D IN G S T A P L E S — C O T TO N , B R E A D S T U F F S ,
P R O V I S IO N S A N D P E T R O L E U M .
Breadstuffs.
Cotton.
$
%
Provisions
and Dairy Petroleum
Products.
X
S
1 28,121,656 290,712,898^ 139,017,471
299 ,36 3,1 17 258,461,2411140,362,159
200 ,31 2,6 54 1 88 ,77 1,4 45 1 38 ,40 1 ,5 9 1
1 60,777,229 2 1 0 ,86 9,2 89 145,270,043
114,604,780' 2 0 4 ,9 0 0 ,0 9 0 1 3 3 ,6 3 4 ,3 7 9
141.356,993 190,056,4601131,503.590
197.857.21912 30.890,971 137,138,084
333,897,119* 2 3 0 ,4 4 2 ,2 1 5 1 6 7 ,3 4 0 .9 6 0
273 ,99 9,6 99 209 ,56 4,7 74 1 75,508,608
202 ,74 4,0 78 2 4 1 ,8 3 2 .7 3 7 1 8 4 ,4 5 3 ,0 5 5
275,594,6181 313 ,67 3,4 43 196.959,637
2 13,134,344 2 9 0 ,6 5 1 ,8 1 9 1 9 9 ,8 6 1 ,37S
221 ,24 2,2 85 3 16 ,1 8 0 ,4 2 9 1 7 9 ,8 3 9 ,7 1 4
1 49,050,378 3 7 0 ,8 1 0 ,2 4 0 1 7 6 ,0 2 7 ,5 8 6
1 07,732,910 3 79 ,96 5,0 14 1 09 ,99 9,6 85
186,468,901 401,005,9 21 ,2 10 ,99 0,0 65
1 84,120,702 481 .27 7.7 97 2 02 ,39 2,5 08
2 1 5 ,26 0,5 88 437 ,78 8,2 02 1 92,802,708
159,929,221 417,390,605) 106,521,949
1 33,191,330 450 ,44 7,2 43 130,032,783
1 23,900,000 5 85 ,50 0,0 00 149,100,000
%
Total
Four
Staples.
Total
AU
Exports.
%
$
5 2,0 2 6 ,7 3 4 6 0 9 ,87 8,7 59 8 8 4 ,34 1,8 84
4 4,8 05 ,99 2 742,992,509' 1 ,0 2 9 ,8 9 3 ,4 8 3
4 2,1 4 2 ,0 5 8 5 0 9 .6 2 7 ,7 4 8 8 47 ,2 7 8 ,7 2 5
4 1 ,4 99 ,80 6 584 ,41 0,9 64
8 91 ,9 0 7 ,7 0 9
4 6,6 6 0 ,0 8 2 499,800,231
8 07 ,5 3 8 ,1 6 5
62,383,4031 5 2 5 ,30 0,4 40 8 8 2 ,0 0 6 ,9 3 8
62,6 35 ,03 7 6 28,521,311 1 ,0 5 0 ,9 9 3 ,5 5 6
5 6 ,1 25 ,57 8 7 8 7 ,80 5,8 72 1 ,2 3 1 ,4 8 2 ,3 3 #
5 6,273,16S 715 .34 6.2 49 1 ,2 2 7,0 23 ,30 2
7 5 ,6 1 1 ,7 5 0 7 64 ,64 1,6 20 1 ,3 9 4,4 83 ,08 2
7 1 ,1 1 2 ,7 8 8 8 5 7 ,34 0,4 86 1 .4 8 7,7 64 ,99 1
7 2 ,3 02 ,82 2 775 ,95 0,3 63 1 ,3 8 1,7 19 ,40 1
67,2 53 ,53 3 7 84,515,901 1 .4 2 0,1 41 ,67 9
7 9 ,0 6 0 ,4 6 9 7 7 4 ,9 4 8 ,6 7 9 1 ,4 6 0,8 27 ,27 1
7 9 ,7 9 3 ,2 2 2 7 37 .49 0,8 31 1 .5 1 8 ,5 6 1 ,6 6 6
84,0 41 ,32 7 8 82 ,50 0,2 14 1 .7 4 3 ,8 6 4 .5 0 0
84,8 55 ,71 5 9 5 2 ,64 6.7 22 1 ,8 8 0 .8 5 1 ,0 7 8
1 04 ,11 6,4 40 9 4 9 .96 7,9 38 1 ,8 6 0 .7 7 3 ,3 4 6
105.999,037 3 4 9 ,8 4 1,472 1,0 0 3,0 11 ,10 4
99,0 90 ,21 2 813 .36 1,5 68 1 ,7 4 4,9 84 ,72 0
9 8 ,1 00 ,00 0 9 5 6 ,60 0,0 00 2 ,0 4 8 ,6 9 1 ,3 9 2
a Figures for 1911 are n o t fin a l,a n d are s u b je c t In all cases t o slig h t co r re c tio n s
w hon la ter returns are receiv ed .
x In clu d in g b o th cru de a n d reflr.ed. a n d a lso resid uum .
RAILROAD GROSS AND NET EARNINGS
FOR M A Y .
There is no great change in the character of the
returns of railway earnings. The gross is not quite
up to the total of last year, speaking of the roads
collectively, and though a part of the loss is being
offset by reductions in the expense accounts, the
amount of the net also continues to fall behind the
aggregates of last year. This last shows the trying
feature of the railroad situation, inasmuch as the rail
roads by reason of the additions that have been made
to their capitalization require increased amounts for
fixed .charges and dividends. In other words, to
maintain the prosperity of the carriers it is necessary
that their net earnings, instead of retrograding,
should expand enough to equal at least the larger
requirements for interest and dividends.
Our statement to-day covers the month of May
and shows a decrease in gross revenues of $4,024,078.
Considering the magnitude of the totals, they covering
nearly the entire railroad mileage of the country, this is
not a large shrinkage, it being in ratio only 1.99%.
In partial explanation, however, it should be said that
the present year in May the toads had the advantage
of an extra working day, the month last year having
contained five Sundays, whereas the month the
present year had only four Sundays. A further
circumstance that helped to maintain the level of
gross receipts was that in many sections of the bitumin
ous coal regions, and particularly in the Central West
and the South West, coal mining, by reason of dis
agreements between the mine owners and their men,
was to a considerable extent suspended last year—
300
THE CHRONICLE
[V O L . L X X X X I 1 I .
revenues in the year preceding, so the gain represented
simply a recovery of what had been lost in the previous
year.
Our compilation for May 1908 showed a contraction
in gross earnings in the enormous sum of $38,537,942
and a shrinkage in net of $12 845,751. This, though^
did not indicate the full extent of the shrinkage at that
time. Owing to the fact that the roads were doing so
poorly and comparisons were so extremely bad, some
important companies withheld their returns, and conse
quently our aggregate covered only 153,310 miles of
line. A supplementary table which dealt with the
gross alone gave a loss in gross of no less than $45,034,
243 on 185,897 miles of road. Careful compilation
made by us later in the year induced the opinion that
the loss in gross in May 1908, including all the roads in
the country, must have been, roughly, $55,000,000
and the loss in net $18,000,000. In the following we
show the May comparisons for each year back to 1896.
For 1910 and 1909 we use the Inter-State Commerce
totals, but for preceding years we give the results
just as registered by our own tables each year— a por
—Increase or Decrease—
tion of the railroad mileage of the country being always
Amount.
1910.
%
1911.
May <796 roads)—
1.60
3,7 2 7
In c.
232,503
2 3 6 ,2 3 0
M iles o f r o a d - - .......... .
unrepresented in the totals, owing to the refusal of
1.99
$ 23 1,0 06 ,89 6 D e c. $ 4,6 24 ,07 8
$ 2 2 6 ,4 4 2 ,8 1 8
1.83
1 60.198,251 D e c. 2 ,9 2 9,0 07
1 5 7 ,26 9,2 44
some of the roads to furnish monthly figures for pub
2 .3 9
$ 69 ,17 3,5 74
S 7 0.868.645 D ec. S I ,695,071
As bearing on the question whether it is possible lication.
Net Darnings.
within legitimate limits to cut down expenses without
Gross Earnings.
Year.
Increase or
Year
Year
Increase or
Year
Year
damage to the properties, it should be borne in mind
Preceding. Decrease.
Given.
Decrease.
Preceding.
Given.
that in previous years expenses had been steadily May.
S
S
S
S
S
+ 8 ,789 13.861,785 1 4,878,949 — 1 ,0 1 7,1 64
8 9 6 . - . 5 0 ,1 38 ,64 5 5 0 ,1 29 ,85 6
mounting up, leaving, therefore, it would seem, some 11897
. . . 5 7,4 20 ,30 9 5 5 ,5 68 ,91 6 + 1,851.393 16.795.849 14,015,804 + 2 ,1 8 0 ,0 4 5
67.6 59 ,82 8 5 9 ,0 34 ,14 4 -j-8 ,62 5,0 84 2 0 ,8 20 ,84 6 17,335.134 + 3 ,4 8 5 ,7 1 2
1898 . . .
margin to encroach upon within safe limits. For 1899
. . . 72,4 31 ,67 7 67,6 75 ,07 4 + 4 ,7 5 6 ,6 0 3 23.2X7,947 20.8 83 .31 4 + 2 ,4 0 4 ,6 3 3
1 9 0 0 . . . 81,0 58 ,53 2 7 2 ,8 85 .30 6 + 8 .1 7 3,2 26 2 4,808.411 2 3 ,3 10 ,28 6 + 1 ,49 8,1 25
instance, in reviewing the results for May 1910 we 1901 . . . 97,1 47 ,15 2 8 5,8 6 0 .1 7 0 + 11,286,982 3 1 ,0 8 3 .7 8 0 2 6 ,2 83 ,21 0 + 4 ,8 0 0 ,5 7 6
1902 . . . 95.8 60 ,90 7 9 0,0 9 1 ,1 2 8 + 5 ,7 6 9,7 79 2 9 ,7 79 ,42 8 2 8 ,0 40 ,03 8 + 1,13 9,3 90
took occasion to comment on the growth in expenses 1903 . . . 103,882,990 90,8 00 ,79 1 + 13,082,199 3 3 ,9 80 ,57 5 28,9 37 ,38 1 + 5 ,0 4 3 ,1 9 4
1904 . . . 108,565,266 111,028,554 — 2 .4 6 3,2 88 3 1 ,8 07 .80 0 34,8 01 ,07 4 — 2 ,9 9 3,8 68
+ 1 1,133,864 3 0 ,2 05 .11 9 3 2,0 9 1 ,9 3 0 + 3 .5 7 3 ,1 8 3
then disclosed. According to our own compilations, 1905 . . . 121,005,979 109,872,115
1906 . . . 115,304.506 105,787.062 + 9 ,5 1 7.4 44 34,4 14 ,21 3 3 0 ,9 40 ,84 8 + 3 ,4 6 7 ,3 6 5
+ 2 3 .1 9 2 ,7 7 6 4 3,7 65 ,83 6 3 7 ,3 19 ,29 0 + 0 ,4 4 6,5 46
121,074,984
144.267,760
...
covering 229,345 miles of road, it then appeared that 1907
1 9 0 8 ___ 133,680,555 172,218.497 — 3 8 ,5 37 ,94 2 38,0 76 .92 7 50,9 22 ,07 8 — 12,845,751
174,527.138 + 27.0 14 ,93 4 6 5 ,7 25 .77 0 5 0 ,5 9 1 ,5 0 9 + 1 5,131,201
2
01
,57
2.0
72
1909
.
.
.
there had been an increase in gross earnings in the 1910 . . . 2 35 ,13 4,3 53 201 ,59 6,6 97 + 3 3 ,5 3 7 ,6 5 0 71,7 72 ,52 2 05,7 17 ,29 9 + 6,05 5,2 23
09,1 73 ,57 4 70,8 08 .04 5 — 1,69 5,0 71
handsome sum of $31,983,394 (IG.25%) but that 1911 . . . 2 2 6 ,44 2,8 18 2 3 1 ,06 6,8 96 — 4,62 4,0 78
Nore. — In clu des lo r M ay 118 roa ds In 1896, 128 In 1897, 127 In 1898, 123 In 1899,
no less than $26,756,507 of the whole amount had been
128 In 1900, 116 In 1901, 109 In 1902, 101 In 1903, 103 In 1904, 100 In 1905, 96 In
1906 92 In 1907' In 190X th e returns were based on 153,310 m iles o f road; In 1909,
consumed by augmented expenses, leaving, therefore, 234
110- In 1910, 239 ,84 3; In 1911, 236 ,23 0.
N either the M exican roads n or the
a gain in net in amount of only $5,226,827, or 8.06% coal’-m ln in g op eration s o f the a n th ra cite coa l roads are Included In any o f these totals.
We have already indicated that in the case of some
The compilations of the Inter-State Commerce Com
leading
systems the reductions in expenses the present
mission, appearing somewhat later and covering
year
have
reached striking proportions. A conspicu
239,843 miles, showed substantially the same result,
ous
instance
is the Northern Pacific, which, while hav
an increase of $33,537,656 in gross having brought
ing
suffered
a loss of $1,467,529 in gross revenue, is
with it an addition of $27,482,433 to expenses, leav
obliged
to
report
a decrease of only $204,836 in net,
ing a gain in net of only $6,055,223. In the
owing
to
a
reduction
in expenses of $1,262,693. It is
case of many leading roads there was actually a heavy
to
be
noted,
however,
that this same system in May
loss in net at that time in face of tremendous gains in
last
year
recorded
only
$135,261 gain in net in face
gross and that gives, perhaps, a better idea than any
thing else of the way expenses were then running of an addition of $1,107,419 to gross. In many other
up. Some decline now from such a high level of cases, too, the changes this year, whether increases or
expenses might not necessarily imply any deterioration decreases and in both gross and net, are related to the
changes last year, or rather are in inverse proportion
of plant or impairment of condition.
Taking a long retrospect, it will appear that, save to the same. It happens that, notwithstanding
in 1908, at the time of the disastrous collapse following United States railroads collectively reveal a lower total
the panic of 1907, the tendency of gross revenues has of gross earnings than ast year, a number of separate
been almost continuously upward and that net earn systems are able to report increases nevertheless. The
ings have also tended higher in some measure; but that San Pedro Los Angeles & Salt Lake heads the list
in more recent years the gains in net have not been with an increase in gross of $548,707, and this road also
proportionate to the gains in gross. An exception has an increase of $399,418 in net. It is proper to
must be made of 1909, when managers were still econo point out that last year this road was distinguished for
mizing in view of the shrinkage in earnings experi heavy losses in gross and net alike, owing to the fact
enced in 1908. According to the compilations of the that a part of the line had been closed by floods. The
Inter-State Commerce Commission, there was in May Illinois Central has $399,645 gain in gross and $267,755
1909 an increase in gross of $27,044,934, of which $15, gain in net, in which presumably an improved com
131,201 was carried forward as a gain in net. This parison as to the coal traffic played an important part,
latter, however, followed a tremendous contraction in for the reason already explained; last year that com-
a drawback which existed the present year only to the
extent that diminished trade activity reduced the
demand for coal.
The loss of $4,624,078 in gross earnings was offset
to the extent of $2,929,007 by a decrease in operating
expenses, leaving a shrinkage in net in the sum of
$1,095,071. The reduction in expenses is widely
distributed, but is conspicuously in evidence on
certain large systems and in many of these instances it
happens that the reduction has been effected in large
measure through the cutting down of maintenance
outlays in a striking way. Whether such outlays last
year were above the normal, making a decrease the
present year natural, or whether the decrease means
merely the deferral until a future and more propitious
date of renewals that would be made now if conditions
were more favorable, only the future can tell. The
fact well established is that railroad managers are
pruning down their expense sheets in all directions,
being forced thereto by the contraction in the volume
of business and the fact that wage schedules are on a
higher scale.
July 22 1911.]
pany reported $254,050 gain in gross with $486,680
loss in net. The Duluth Missabc & Northern stands
near the top in the list of decreases, it reporting $924,
897 falling off in gross and $858,887 shrinkage in net.
These are large figures for a relatively small road, and
they reflect the depression in the steel trade with the
tremendous reduction in the shipments of iron ore.
The Milwaukee & St. Paul has managed to convert
a decrease of $264,171 in gross into an increase of $199,
050 in net, and the Baltimore & Ohio similarly has
turned $259,674 loss in gross into $417,274 net gain.
On the other hand, the Missouri Pacific with $35,621
gain in gross reports $732,000 loss in net, and the
change here possibly has some connection with the
contemplated rehabilitation of this property. The
Boston & Maine also has a decrease in net, with an increase in gross, and the New York New Haven & Hart
ford and the “ Soo” furnish instances where increases
in gross have been attended with an augmentation in
expenses, making the falling off in net still larger than
that in the gross. The Atchison has $322,215 loss in
gross but only $4,150 loss in net. Last year in May
the Atchison had $287,791 decrease in net, notwith
standing an increase of $1,021,542 in gross.
The Southern Pacific this time has $751,831 de
crease in gross and $398,049 decrease in net, and the
Union Pacific $725,270 loss in gross and $620,978 in
net; both systems showed large expansion the previous
year in gross and net alike. The New York Central
has $115,393 gain in gross and $278,188 gain in net.
This is for the Central proper. Including the various
auxiliary and controlled roads, the whole going to
make up the New York Central S y s te m , the result is a
loss of $202,772 in gross with a gain of $229,730 in net.
Last year the Central system showed $2,720,240 gain
in gross, with only $9,563 gain in net. The Pennsylvania
Railroad, on the lines directly operated east and west
of Pittsburgh, has $1,069,484 decrease in gross and
$158,633 decrease in net. In May 1910 these lines
reported $3,354,324 addition to gross but only $84,731
addition to net. In the following we show all changes
for the separate roads for amounts in excess of $100,000,
whether increases or decreases.
P R IN C IP A L
CHANGES
IN
Increases.
S a n P c .l L o s A n g & S L a k e
I ll in o i s C e n t r a l--------- ---------E r ie . . ____________________
L e h ig h V a l l e y _______________
l t o c k I s l a n d ________________
B o s t o n <Ss M a in e ____________
C h ie a g o & A l t o n __________
A t l a n t l o C o a s t 'L I n e ........... ..
C e n t r a l o f N e w J e r s e y _____
.S o u th e rn ___________________
V ir g in ia n ___________________
C h i c a g o B u rl & Q u i n c y ___
C h i c a g o & E a s t e r n I ll in o i s
S e a b o a r d A i r L i n e _________
S t L o u is & S a n F r a n c i s c o .
C le v e C in e C ld c & S t L _
N Y C ent & H u d son U lv .
S p o k a n e P o rt & S e a t t le ..
$ 5 4 8 ,7 0 7
3 9 9 ,0 4 5
3 4 4 ,5 2 9
3 3 9 ,2 1 4
3 1 7 ,5 6 5
2 6 8 ,9 8 9
2 3 0 ,5 4 8
1 7 1 ,6 2 !
1 6 5 ,5 9 0
1 0 3 ,5 2 5
1 5 2 ,3 0 1
1 3 8 ,0 19
1 3 4 ,5 9 7
1 3 4 ,0 1 0
1 3 0 ,9 2 8
1 2 3 ,7 9 0
a l 1 5 ,3 9 3
1 0 1 ,9 3 5
GROSS E A R N I N G S I N M A Y .
Decreases.
N o r t h e r n P a c i f i c ___________ $ 1 ,4 6 7 ,5 2 9
P e n n s y lv a n ia ........... .............; / i ,0 6 9 ,4 8 4
D u lu t h M I s s a b e & N o r ___
9 2 4 ,8 9 7
.S o u th e rn P a c i f i c __________
7 5 1 ,8 3 1
U n io n P a c i f i c .......................
7 2 5 ,2 7 0
G r e a t N o r t h e r n -----------------6 7 0 ,8 3 3
A tc h T o p e k a & S a n ta F e .
3 2 2 ,2 1 5
D u lu t h & I r o n R a n g e ------3 0 4 ,9 9 0
P it t s b u r g h & L a k e E r i e . .
2 9 0 ,0 8 1
C h ic a g o M ilw & S t P a u l . .
2 0 4 ,1 7 1
C o l o r a d o & S o u t h e r n ____
2 6 3 ,9 1 4
B a lt i m o r e & O h i o -------------2 5 9 ,6 7 4
L o u is v i ll e & N a s h v i l l e . . .
2 5 6 ,3 0 5
C h ie a g o M ilw & P u g e t S ’ d
2 2 0 ,0 8 1
M in n e a p S t P & S S M . _ .
2 2 0 ,1 0 0
N Y N ew H a ven & H a rtf.
2 1 1 ,5 9 5
L a k e S h o r e & M ic h S o . . .
1 2 0 ,0 9 3
C h ica g o & N o r th W e stern
1 2 1 ,4 6 5
H o c k i n g V a l l e y -----------------1 1 3 ,0 5 8
B u f fa lo R o c h e s t e r & 1’ Itts
1 0 4 ,3 5 5
N o r f o l k & W e s t e r n ----------1 0 1 ,4 4 3
R e p r e s e n t i n g 18 r o a d s
R e p r e s e n t i n g 21 r o a d s
in o u r c o m p i l a t i o n . . . $ 3 , 9 8 1 , 9 2 6
in o u r c o m p i l a t i o n . . $ 8 ,7 9 5 ,9 8 4
N ote .— A ll t h e fig u re s in t h e a b o v e a r e o n t h e b a s is o f t h e r e t u r n s file d
w it h t h e I n t e r - S t a t e C o m m e r c e C o m m i s s i o n .
W h e r e , h o w e v e r , th ese
re tu r n s d o n o t s h o w th e to ta l fo r a n y s y s te m , w e h a v e c o m b in e d th e
s e p a r a t e r o a d s s o a s t o m a k e t h e re s u lt s c o n f o r m a s n e a r ly as p o s s ib l e t o
t h o s e g iv e n In t h e s t a t e m e n t s fu r n is h e d b y t h e c o m p a n i e s t h e m s e l v e s .
a T h e s e fig u r e s c o v e r m e r e ly t h e o p e r a t i o n s o f t h e N e w Y o r k C e n t r a l
I t s e lf.
I n c l u d i n g t h e v a r io u s a u x i li a r y a n d c o n t r o l l e d r o a d s , lik e t h e M ic h i
g a n C e n t r a l, t h e L a k e S h o r e , t h e " B i g F o u r , ” t h e " N i c k e l P l a t e , ” & c . , t h e
w h o le g o in g t o f o r m t h e N e w Y o r k C e n t r a l System, t h e r e s u lt Is a lo s s
o f $ 2 0 2 ,7 7 2 .
y T h e s e fig u re s r e p r e s e n t t h e lin e s d i r e c t l y o p e r a t e d e a s t a n d w e s t o f
P it t s b u r g h , E a s t e r n lin e s s h o w i n g $ 1 7 0 ,0 3 3 d e c r e a s e a n d t h e W e s t e r n lin e s
$ 8 9 8 ,8 5 1 .
F o r a ll lin e s o w n e d , le a s e d , o p e r a t e d a n d controlled, t h e r e s u lt
f o r t h e m o n t h is a lo s s o f $ 1 ,1 7 9 ,6 3 3 .
P R IN C IP A L
CHANGES
IN
NET E A R N IN G S
IN
M AY.
Increases.
C h ica g o B u rl & Q u ln o y ..
B a lt i m o r e & O h i o ------------San P cd L os A n g f t S L . .
E r ie _________________________
N Y C en tra l & H u d R i v e r .
I llin o is C e n t r a l........................
R o c k I s la n d
_____________
C l e v e C in e O h io & S t L ___
201
THE CHRONICLE
$ 5 3 0 ,9 2 8
4 1 7 ,2 7 4
3 9 9 ,4 1 8
2 8 5 ,9 8 0
0 2 7 8 ,1 8 8
2 6 7 ,7 5 5
2 4 0 ,8 4 6
2 1 3 ,8 4 5
C h i c a g o M ilw & S t P a u l
L e h ig h V a l l e y ____
M is s o u ri K a n s a s & T c x a
C in e H a m il t o n & D a y t o
C en tra l o f N ew J e r s e y . .
C h ic a g o it A l t o n _____' I
S t L o u is S o u t h w e s t e r n !
S t L o u is & S a n F r a n c l s c
Increases.
$ 1 9 9 ,0 5 0
1 7 9 ,8 3 1
1 6 8 .9 1 7
1 6 6 ,5 0 5
1 6 3 ,4 9 9
1 5 8 ,3 0 0
1 2 2 ,5 9 1
1 1 0 .9 1 8
C h ic a g o & E a s t e r n I ll in o i s
A t l a n t i c C o a s t L i n e ______ 1
C e n t r a l o f G e o r g i a _________
1ULI OWM.
$ 1 1 3 ,5 3 8
lOSL-LlO
1 0 0 .2 2 1
R e p r e s e n t i n g 19 r o a d s
In o u r c o m p i l a t i o n . . $ 4 , 2 4 8 ,0 5 9
D u lu t h M I s s a b e & N o r . . . ^ 8 5 8 ^ 8 8 7
M is s o u r i P a c i f i c _________ .
7 3 2 ,0 0 0
U n io n P a c i f i c _______________
6 2 0 ,9 7 8
S o u t h e r n P a c i f i c _______ .
3 9 8 ,0 4 9
C h i c a g o M ilw & P u g e t S ’ d
3 2 9 ,5 8 8
G r e a t N o r t h e r n ____________
3 1 7 .0 5 9
N Y N ew H a v en & H a rtf.
2 7 7 ,0 6 1
Decreases.
P it t s b u r g h & L a k e E r i e . .
M in n S t P a u l & S S M . . .
D u lu t h & I r o n R a n g e ------N o r t h e r n P a c i f i c __________
P e r c M a r q u e t t e ____________
P e n n s y lv a n ia _____________
B o s t o n & M a in e ____________
C in e N e w O rl & T e x P a c .
D e la w a r e L a c k & W e s t e r n
P h il a d e lp h ia A R e a d i n g . .
L o u is v i ll e & N a s h v i ll e —
$ 2 4 5 ,6 3 9
2 4 3 ,8
2 3 6 ,7 8
2 0 1 ,8 3 6
1 8 3 ,3 1 6
j/1 5 8 ,6 3 3
1 5 8 ,5 0 4
1 2 9 ,7 7 5
1 1 8 ,2 9 6
1 0 9 ,2 2 0
1 0 5 ,3 7 6
R e p r e s e n t i n g 18 r o a d s
in o u r c o m p i l a t i o n . .$ 5 , 4 2 8 ,4 5 2
a I’ h e s c fig u r e s c o v e r m e r e l y t h e o p e r a t i o n s A f t h e N e w Y o r k C e n t r a l I t s e lf .
I n c l u d i n g t h e v a r io u s a u x i l i a r y a n d c o n t r o l l e d r o a d s , lik e t h e M ic h ig a n
C e n t r a l, t h e L a k e S h o r e , t h e “ B i g F o u r , ” t h e “ N i c k e l P l a t e , ” & c .. t h e w h o le
g 0 n r?„t o f OI'n i t ll e N . Y . C e n t r a l System, t h e r e s u lt is a g a in o f $ 2 2 9 ,7 3 0 .
y I h e s e fig u r e s r e p r e s e n t t h e lin e s d i r e c t l y o p e r a t e d e a s t a n d w e s t o f
l I t t s b u r g h , t h e E a s t e r n lin e s s h o w i n g $ 1 0 4 ,4 1 5 d e c r e a s e a n d t h e W e s t e r n
lin e s $ 54 ,2 1 8 d e c r e a s e .
F o r a ll lin e s o w n e d , le a s e d , o p e r a t e d a n d controlled,
t h e r e s u lt is a lo s s o f $ 1 8 8 ,1 9 2 .
When the roads are arranged in groups or geo
graphical divisions, it is found that in three of the in
stances the gross is better than a year ago, but that in
the net there is only one group recording an increase.
Our summary by groups is as follows:
SU M M ARY B Y G RO UPS.
— --------------------- Gross Earnings------------------------1911.
1910.
In c.{+ )or Dec. ( — )
Section or Group—
s
$
S
%
10,6 35 ,52 5
+ 1 2 0 ,5 7 1 1.13
G rou p 1 (27 roads) N ew E n g la n d ---------- 1 0,7 56 ,09 6
G rou p 2 (138 roa ds) E a st & M id d le -------58,'401,824
5 7 ,8 1 0 ,3 5 9
+ 5 9 1 ,4 6 5 1 .0 2
G rou p 3 (101 roa ds) M iddle W e s t ---------- 3 1 ,0 7 1 ,3 2 9
3 2 ,4 7 2 ,7 7 6 — 1 ,401,447 4 .3 1
G rou p s 4 & 5 (155 roads) S ou th ern ------ 2 7 ,8 15 ,29 9
2 7 ,2 1 2 ,6 1 3
+ 6 0 2 ,6 8 6 2 .21
G rou p s 6 & 7 (117 roads) N orthw estern 49,3 71 ,28 1 5 2 ,9 1 2 ,3 3 4 — 3 , 5 4 1 ,0 5 3 6 .6 9
G rou p s 8 & 9 (193 roads) Southw estern 3 4,9 7 3 ,6 6 4 3 5 ,0 5 9 ,3 7 0
— 8 5,7 00 0 .2 5
G rou p 10 (05 roads) P a cific C o a st.......... 1 4,053,325
14,9 03 ,91 9
— 9 1 0 ,5 9 4 6.09
May.
_
„
T o ta l (7 9 6 r o a d s ).......................................2 2 6 ,44 2.8 18 2 3 1 ,0 6 6 ,8 9 6 — 4 ,6 2 4 ,0 7 8
------- Mileage------1911.
1910.
G rou p N o. 1 . ...................
G rou p N o . 2 ....................
G rou p N o . 3 _____
G rou p s N os. 4 and 5 . . .
G rou p s N os. 6 and 7 . . .
G rou p s N os. 8 and 9 . . .
G rou p N o. 1 0 __________
7 ,274
26,742
2 5,731
3 9 ,0 12
64,968
55,9 05
16.598
7,193
20.741
25,645
3 8,6 00
63,4 20
55,0 58
15.846
1.99
------------------------ Net
Earnings-----------------------Increase ( + ) or
1910.
Decrease ( — ) .
1911.
s
s
2 ,9 3 4 ,8 6 5 3 ,3 3 9 ,8 7 2
19,622,007 18,860,552
8 ,5 5 0 ,1 9 6 8 ,8 4 4 ,3 5 6
8 ,2 1 8 ,0 5 9 8 ,2 3 3,4 81
15,3 54 ,42 6 16,2 20 .78 5
8 ,5 4 9,9 01 8 ,8 6 2 ,3 9 6
5 ,9 4 4,1 20 6 ,5 0 1,2 03
— 405 ,00 7 12.°12
+ 755 ,45 5 4 .0 0
— 2 94 ,16 0 3 .3 2
— 15.422 0 .1 9
— 8 6 6 ,35 9 5 .3 4
— 3 1 2 .49 5 3 .5 3
— 557 .08 3 8.57
T o t a l ................................2 36 .23 0 232,503 69,1 73 ,57 4 7 0 ,8 68 ,64 5 — 1,69 5.0 71
2 .3 9
N O T E .—Group I. Includes all o f the N ew E ng lan d States.
Group / / . Includes all o f N ew Y o r k and P en n sylva n ia e x ce p t th a t p o r tio n w est
o f P ittsb u rg h and B u ffa lo; also all o f N ew Jersey, D elaw are a n d M a rylan d , andythe
ex trem e northern p ortion o f W est V irginia.
Group i n . in clu des all o f O h io a n d Indiana: all o f M ichigan e x ce p t th e north ern
peninsula, and th a t p ortion o f N ew Y o r k a n d P en n sy lv a n ia w est o f B u ffa lo and
P ittsb u rg h .
Groups IV. and V. com b in ed Include th e Sou th ern S ta tes sou th o f th e O h io and
east o f th e Mississippi R iver.
Groups VI. and VII. com b in ed Include th e north ern pen insula o f M ich ig an , all o f
M innesota, W iscon sin , Io w a and Illinois; all o f S ou th D a k o ta and N orth D a k o ta ,
Mm Missouri n orth o f S t. L ou is and K ansas C ity; also all o f M on ta n a , M 'yom lng
and N ebrask a, tog eth er w ith C olora d o n orth o f a line parallel to th e S ta te line
passing th rou g h D en v er.
Groups VIII. and 7 X . com b in ed in clu de all o f K an sas, O k lah om a , A rkan sas and
In dian T erritory ; M issouri south o f S t. L ou is and K ansas C ity; C olora d o sou th o f
D enver; the w hole o f T ex a s and th e b u lk o f L ouisiana; and that p ortion o f N ew
M ex ico n orth o f a line running fr o m th e n orth w est corn er o f th e S ta te th rou g h
S a n ta F e and east o f a line run ning fr o m Santa F e to E l P aso.
Group X . Includes all o f W a sh in gton , O regon , I d a h o , C alifornia, N e v a d a , U ta h ;
a n d A rizon a , a n d the w esters pa rt o f New M ex ico.
It should be added that, as in previous months, our
compilations are based entirely upon the returns which
the roads are obliged to make to the Inter-State
Commerce Commission at Washington. Thi# gives
a uniform body of figures and we do not include? the
taxes with the expenses because that is the practice
pursued by the Commission. The latter calls for
statements according to a form where the taxes are
designated as a separate item. As has been pointed
out by us many times in the past, all the steam rail
roads of the United States, barring only those few
lines whose business is confined entirely within State
boundaries, are now obliged to file monthly returns
of their earnings and expenses with the Commission,
and these monthly statements, when rendered, are
placed upon the public records and are open for general
inspection and use. We have a transcript made of
each return as soon as it is placed upon the public files.
These transcripts come to us in large numbers from
day to day, and about the 20th of the month we bring
them all together in a special Supplement designated
our “ Railway Earnings Section.” One of the monthly
numbers of the “ Railway Earnings Section” accom
panies to-day’s issue of the “ Chronicle,” and in it the
reader will find the May figures in detail for every rail
road which had submitted its return for that month
up to yesterday morning. The summaries we present
in this article are the aggregates derived from the state
ments of these separate roads.
THE CHRONICLE
202
LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR THE HALF-YEAR.
The addition to the amount of securities listed on
the New York Stock Exchange during the first half of
the year 1911 was relatively small. Of bonds repre
senting new capital, for instance, the additions were
only half in aggregate amount what they were in the
first six months of 1909 and 1910 and only 40% of the
total for 1908.
The reason for this is well known. While for a good
many months speculative dealings in stocks have been
at a low ebb, the demand for new capital on account
of improvements, additions and extensions have been
fairly urgent, but, as at a former period, many com
panies have found it more advantageous to satisfy
their requirements temporarily through note issues
(which are seldom listed) than by the sale of long-term
bonds, or by new stock issues.
^
The new notes for which a market was sought during
the late half-year include, with others, the following
issues, representing a total of 218 millions, and embrac
ing no less than fifteen issues that range from five
millions to thirty millions each.
P R I N C I P A L N O T E IS S U E S S O L D D U R I N G F I R S T H A L F O F 1911.
Amount.
Maturity.
Date.
Int.
1 1913
M ay
1 1911 ♦May
June 1 1910 J u n e 1 1913
1912
June 15 1911
June 1 1911 J une 1 1914
1 1914
July
1 1911 ♦July
1 1914
Jan.
1 1911 ♦Jan.
A p r. 8 1911 ♦ A pr. 8 1914
1 1914
1 1911 F e b .
F eb.
F eb . 15 1911 ♦ F eb . 15 1913
1 1914
1 1911 A p r .
1 1915
1 1910 ♦ D ec.
D e c.
A p r. 29 1911 A p r. 29 1912
M ch. 4 1911 M ch . 4 1912
1 1912
1 1911 A p r.
A p r.
1 1912
1 1911 F e b .
F eb .
1 1913
1 1911 ‘ M ay
M ay
June 1 1911 ♦June 1 1914
4 1 4 % J une 1 1911 J uno 1 1913
4 1 4 % M ch. 1 1911 M eh. 1 1914
4 1 4 % F eb .-M cU .’ l l F e b .-M ch . 1912
2 o r 3 years
1911
6%
M ch. 1 1911 ♦M ch. 1 1916
6%
P ere M a rq u ette R R -----June 1 1911 ♦June 1 1913
P ittsb u rg h & S h a w m u t R R - 6 %
1 1912
F eb.
1 1911 F eb.
P u g e t S ou n d E le ctric R y ------- 5 %
June 1 1911 ♦June 1 1913
S t. L o u is A Sa n F ra n cis co ------ 5 %
N o v . 1 190E * N o v .’ l l - N o v . ’ 14
6%
J u ly 15 1911 ♦July 15 1914
5%
1-2 years
1911
0%
Y o r k (P a .) R a il w a y s --
A n n A r b o r R R -----------------------B a ltim ore <fc O h io R R .............
B o s t o n A M aine R R -------------C hesapeake A O h io R y .............
C hica g o E le v a te d R y s ...............
C on ey Isla n d & B k ly n . R R .- E r t e R R ............................................
F a lrm ou n t & C larksburg T ra c.
F ederal L t . & T ra ctio n C o -----G a lv e sto n -H o u sto n E le c . C o .
I d a h o & W a sh . N o r th . R R . - I n t e r b o r o .-R a p h l T ra n sit C o .
L a k e S h ore & M ich . S ou . R y .
M aln e C entral R R -----------------M innea polis & S t . L ou is R R . .
M issouri K an sas A T e x a s R y .
M issouri P a cific R y ---------------N a tio n a l R y s . o f M e x ic o ..........
N . Y . C en t. & H u d . R lv . R R .
N . Y . N . H . A H a rtfo rd R R . .
5%
414%
4%
414%
5%
6%
6%
5%
6%
6%
6%
414%
N on e
4%
6%
5%
—
T o t . R R . A S t . R y . n o te s,& c
5%
414%
5%
514%
5%
6%
C a m bria S teel C o .
C h lca g o S u b u rb an
D eere & C o -----------
E m p ire D is trict E lectric C o.,
6%
is»J oplin , M o ....................
6%
6%
S a yre E le ctric C o -----6%
S ou th ern T im b e r C o .
6%
T re m o n t L u m b e r C o .
6%
W a rw ic k I r o n & Steel
...............
$ 60 0,0 00
1 0 ,0 00 ,00 0
5 ,0 0 0 ,0 0 0
16,0 00 ,00 0
3 0,0 0 6 .0 0 0
5 00 ,00 0
1 2 ,5 00 ,00 0
1 ,0 0 0,0 00
2 ,0 0 0 ,0 0 0
600 ,00 0
1 ,2 0 0.0 00
10,0 00 ,00 0
12,0 00 ,00 0
1,5 0 0,0 00
2 ,1 0 0 ,0 0 0
10,0 00 ,00 0
2 0,0 00 ,00 0
1 0 . 0 0 0 .0 0 0
3 0 ,0 0 0 ,0 0 0
2 2 ,0 0 0 ,0 0 0
2 ,0 0 0 .0 0 0
8 ,0 0 0 .0 0 0
3 .2 5 0 .0 0 0
1.5 0 0,0 00
2 ,5 0 0 ,0 0 0
65,0 00
3 ,1 2 5 ,0 0 0
700 ,00 0
.................................. $ 2 1 8 ,1 40 ,00 0
1 1911
A p r.
M ch. 1 1911
1911
1 1911
F eb.
1 1911
M ay
1 1911
A p r.
A p r.
1 1913
M ch. 19 ’ 16-' 17
*1914
♦ F eb.
1 1916
♦Aug. ’ 12-’ 16
♦Apr. 1 1914
1 1911
M ay
June 15 1911
1 1 9 1(
O ct.
N o v . 17 191C
N o v . 1 191(
June 1 1911
♦May
♦June
♦ O ct.
♦May
♦May
Juno'
1 1912
15 1916
I 1915
’ 1 1 -N ov . ’ 13
’ 1 1 -N o v . ’ 15
1 1914
1 2,5 00 ,00 0
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
5 00 ,00 0
2 ,0 0 0 ,0 0 0
4 0 ,0 00
2 00 ,00 0
1 ,5 0 0 ,0 0 0
3 0 0 ,0 0 0
$ 3 0 ,5 4 0 ,0 0 0
$ 2 1 8 ,1 40 ,00 0
T o t .R R s .,S t .R y s . & ln du st’ l
This total of 218 millions contrasts with 187)^
millions for the entire year 1908, when the note issues
were a marked feature.
The usual comparative resume of the amounts of
securities listed during the six months ending June 30
in each of the last ten years is as follows:
S IX
M O N T H S ’ L IS T I N G S
B o n d s.
(Six Montlis.)
ON NEW
YORK
STOCK
EXCHANGE.
Replacing
Issues for New Old Issues
Capital, A c . Note Listed. Old Securities.
$ 17 0 ,0 6 2 ,5 0 0
1 9 1 1 ...............................
3 4 7 ,3 6 7 ,8 0 0
1910
.... - ..........
1909 ......... ............................ 3 45 .82 6,8 63
4 4 3 ,26 8,7 00
1908 ...............................
104,527,914
1907 ...............................
£ 1 5 2,0 15 ,00 0
1908 ...............................
2 07 ,80 0,0 00
1905 ..............................
1 93 ,144,500
1901
.................
115,57 7,1 50
1903 ...............................
157,261,313
1902 .....................................
Total.
5 3 5 ,12 2,0 00 S 118, ,291,600 § 3 2 3 ,4 7 6 .1 0 0
125, 064 ,00 0
4 2.3 78 ,30 0
5 1 4 ,81 0,1 00
287, 505,537
7 .9 7 9 .0 0 0
6 41 ,31 1,4 00
30, ,770,000
9 3 .9 5 3 .0 0 0
5 6 7 .99 1.7 00
56, ,934,086
7 2.3 62 .00 0
2 3 3 ,82 4,0 00
217 ,710,000 £ 37 1 ,3 7 5 .0 0 0
1 .6 5 0.0 00
279, ,515,650 1/507,315,650
2 0 .0 0 0 ,0 0 0
40 ,712,000
2 33 .85 0.5 00
193 ,790,650
" 12,798*000
3 22 .16 5.5 00
197 ,716,387
4 00 ,00 0
3 55 .37 7.7 00
S to ck s .
(Six Months.)
S176,350 ,50 0
1911
.................
2 34 ,26 8,9 90
1910
........................- .....................
2 17 .01 5,1 50
1909 ...............................
7 1,8 83 ,00 0
1908 ...............................
9 0 ,4 00 ,70 0
1907 ......................................
9 9 .0 65 .90 0
1006 ...............................
66,7 94 ,20 0
1905 ...............................
3 0 .3 3 6 .9 0 0
1904 ...............................
8 6,2 58 ,84 0
1903 ..............................
1 28 ,093,700
1902 ...............................
$ 3 8 ,0 0 0 ,0 0 0 $196, 443 ,96 0 §410, 7 94,460
438, 9 56,880 1,086, 8 69.270
4 1 2 ,6 4 3 ,4 0 0
314, 0 35 ,47 0
781, 55S.220
2 5 0 ,5 0 7 ,0 0 0
241, 8 07 ,00 0
11, 4 17,300
1 58 ,50 1,7 00
479, 3 00 ,85 0
80, 8 21,050
3 0 8 ,0 7 9 ,1 0 0
430, 121,500
314, 8 14.900
1 6,240,700
358, or, t,sr,o
191, 3 81 .40 0
9 9,8 89 ,20 0
11, 190.400
41, 527 ,30 0
906,995
290, 957 ,43 5
165,
" 38,'79‘l “ 600
315, 853 .89 0
176, 2 97,890
11,4 62 ,30 0
iV O L . L X X X X III.
Note . — A p p lica tion s fo r th e listing o f tru st co m p a n y receip ts an d o f securities
m a rk ed ‘ 'a ssented” (If prep a ra tory t o reorga n iza tion ), o r o f securities sta m p ed
“ assum ed” o r assessm ent p a id ” — th e securities them selves ha vin g been p rev iou sly
liste d — a re n o t Included In this ta ble.
x E x clu d e s $ 3 0 0 ,0 0 0 ,0 0 0 Japanese G overn m en t b on d s.
y E x clu d e s $ 6 0 ,0 0 0 ,0 0 0 Japanese G overn m en t, $ 3 5 ,0 0 0 ,0 0 0 R e p u b lic o f C ub a a n d
$ 4 0 ,0 0 0 ,0 0 0 U n ited S ta tes o f M ex ico b on ds.
STOCKS.
BONDS.
Half
Year.
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
—
...
...
...
...
...
...
...
...
...
Railroad.
Mis cell.
Street Ry.
S
S
1 72 .476.600 2 2 .8 9 9 .0 0 0
2 35 ,15 0,3 00 3 5 .7 7 0 .0 0 0
4 65 .12 3.6 00 12.0 40 .00 0
3 0 5 ,0 7 9 ,7 0 0 2 8 .7 2 4 .0 0 0
9 .7 4 1 .0 0 0
1 27 .388.000
2 02 .86 0.0 00 1 15 ,624,000
2 66 .18 5.0 00 1 8.214.000
9 .2 9 7 .0 0 0
1 60 ,057,500
1 83 .255.000 5 1.7 92 .00 0
2 7 8 .42 7.0 00
1 28,100,500
2 43 .88 9.8 00
164.147.800
2 34 ,18 8,0 00
9 0 .6 9 5 .0 0 0
n 5 2,8 91 ,00 0
6222916,650
6 4.5 02 .00 0
8 7 ,1 1 8 ,8 0 0
7 0 ,9 5 0 ,7 0 0
Railroad.
Street Ry.
Miscell.
S
$
S
131.730.700 1 33 ,726,600 1 45 ,33 7,1 60
2 55 ,15 7,4 00
9 .7 6 3 .5 0 0 8 2 0 ,9 4 8 ,3 7 0
4 1 5 ,18 8,3 00
9 .0 0 2 .5 0 0 3 5 7 ,3 6 7 ,4 2 0
7 3,1 70 ,60 0
2 ,4 1 7 ,6 0 0 1 66 ,21 8,8 00
102,522,750
1,1 0 4,1 00 3 7 5 .6 7 4 ,0 0 0
140.53 1.7 00 136,738,100 152 ,85 1,7 00
102,45 6,8 00 5 5,9 72 ,20 0 199 ,63 5,8 00
3 8 ,3 5 2 ,8 0 0
3 ,1 7 4 ,5 0 0
1 45 ,59 6.6 40
1 45 ,360,795
145 ,56 0,5 40 15’ ,978*850 1 54 ,314,500
a E x clu d in g $ 3 0 0 ,0 0 0 ,0 0 0 Japanese G overn m en t b on d s.
ft E x clu d in g $ 6 0 ,0 0 0 ,0 0 0 Japanese G overn m en t, $ 3 5 ,0 0 0 ,0 0 0 R e p u b lic o f C uba
a n d S 1 0,000,000 U n ited S tates o f M ex ico b on d s.
These tables show that the listing of stocks as well as
of bonds during the late half-year were on a decidedly
small scale as compared with 1910 and 1909, but it
should be remembered that in 1910 the aggregate of all
stocks listed, old and new combined, was extraordinar
ily heavy, owing to the abolition of the unlisted depart
ment. As a matter of fact, however, aside from two or
three large blocks of railroad stock and three electric
railway issues of unusual dimensions, the accessions in
the way of stock have thus far this year been chiefly
contributed by a few large industrial corporations.
The purposes on account of which the several blocks
of bonds listed during the half-year were issued are
seen from the following.
L IS T IN G S O F H A IL R O A D B O N D S .
Company and Title of Loan —
Am ount.
Purpose of Issue.
A t c li . T o p . & S . F . c o u v . 4 s, 191 0 $ 1 5 ,0 3 3 ,0 0 0 - . I m p t s . , e x te n s io n s , A c .
C e n t . N e w E n g . 1st 5 0 - y r . g u . 4 s . 1 1 , 9 6 7 , 0 0 0 . - R e f u n d , b o n d s a n d n o t e s .
C e n t . P a c .- T h r n u g h S h o r t L in e
,
,.
1 , 3 4 0 ,0 0 0 - - E q u l n m c n t a n d I m p r o v e t s .
1st g u a r . 4 s _______________________
2 .0 0 0 .
0 0 0 . - R e t i r e 6s d u e J a n . 1 1 9 1 1 .
C h e s . A O h io 1 st c o n s o l . 5 0 - y r . 5s
1 .5 0 0 .0 0 0 . . D o u b le -tr a c k .
do
g e n . 4 H s — * ---------3 3 9 ,0 0 0 . .A d d it io n s .
do
do
--------------------4 .4 0 8 .0 0 0 . - R c t ir o o ld b o n d 3 .
C h ic a g o B u r l. & Q u in . g e n . 4 s —
2 .2 7 7 .0 0 0 . .E q u ip m e n t & b e tte r m e n ts .
C h ic . & E . 111. r e f . & I m n t . 4 s ------C h i c . & N o r t h W e s t e r n g e n . 4 s . . . 1 8 , 5 0 0 , 0 0 0 . . R e t i r e o ld b o n d s .
4 .0 0 0 .
0 0 0 .. I m p t s . , a d d ’n s & c q u lp t.
do
do
do
______
8 9 .0 0 0 .
. E x c h . O. I t . I . & P . H y . s t k .
C h ic . R . I . & P a c .R R . 4 s _________
3 .5 0 0 .0 0 0 . -A d d it io n s a n d I m p r o v e m ’ t.
C h ic . R . I . A P a c . r e f . 4 s --------------1 .1 9 4 . 0 0 0 . . R e t i r e s e r . I c o l l . b d s . M a y l
do
do
do
______
7 3 .0 0 0 .
-C o n s t r u c t i o n o f r o a d .
C h ic. S t . P . M in n . & O m . c o n . 6s_
1 . 5 0 0 . 0 0 0 . - O l d b o n d s lu s t s o l d .
do
S u p . S h . L in e 1 s t 5s
5 .0 0 0 .
0 0 0 . -A d d it io n s & Im p ro v e m e n ts.
C h i c . & W e s t . I n d . c o n s . 5 0 - y r . 4s
l,4 0 7 ,0 0 0 - - I m p r o v ’ ts, c q u lp t .. A c .
C o l o . & S o u . r e f . A e x t . 4 H s ------1 1 2 , 0 0 0 - - E x t ’ s . , s t a . b ld g s . & e q u i p .
C u b a R R . 1st 5 0 - y r . 5 ? ........... ..........
2 . 0 3 9 .0 0 0 . - 0 1 d b o n d s e x t e n d e d .
D a y t o n & M i c h . e o n . 1 st g u . 4 > 4 s
7 .0 0 0 .
0 0 0 . .A d d it io n s & Itn p r o v ’ ts.
D e la . A H u d s o n 1 s t & r e f . 4 s ------2 6 .0 0 0 .
- E x c h a n g e o l d 0 s.
G t . N o r .-S t . P . M . & M . c o n . 4 s . .
I llin o is C e n t r a l r e f . 4 s . ___________
2 ,7 4 0 ,0 0 0 ..R e t ir e o ld b o n d s .
5 .0 0 0 .
0 0 0 . -I m p r o v e m e n t s & e q u lp m ’ t.
K a n s a s C it y S o u t h . 1 s t A r e f . 5 s . _
5 .0 0 0 .
0 0 0 . .A d d it io n s A Im p ro v e m e n ts .
K a n s a s C it y T e r m . R y . 1 st 4 s ------5 .7 4 5 .0 0 0 . -R e tir e 3 -y r . 5 % n o te s, F e b .
L a k e S h o r e A M i c h . S o . 2 5 - y r . 4 s..
1910.
1 . 6 0 0 . 0 0 0 . - R e t i r e o ld b o n d s .
•
L o n g I s la n d g u a r a n t e e d 4 s ..............
0 9 6 .0 0 0 .
.C o n s t r u c t io n o f r o a d .
M a n ila R R . - S o u . L in e s 1 st 4 s ------1 3 4 ,5 0 0 1 I m p r o v e m e n t s .
N a t . R y s . o f M e x i c o p r io r Hen 4 '4s
™s -. ..
7 3 ,1 0 0 /
, ,
do
do
1 st c o n s . 4
N e w O r le a n s T e r m . 1 st 4 s _________ 1 0 , 0 0 0 , 0 0 0 . - O l d b o n d s Just lis t e d .
do
do
.. .4 , 0 0 0 , 0 0 0 - - A d d i t i o n s a n d lm p r o v e m t s .
N . Y . O n t . A W e s t . g e n . 4 s _______
6 , 0 5 0 , 0 0 0 . - A d d i t i o n s A lm p r o v e m t s .
P h ll a . B a l t o . A W a s h . 1 st 4 s ------4 , 5 0 0 , 0 0 0 . - R e t i r e o ld b o n d s
R e a d i n g C o . g e n . 4 s ________________
1 , 5 3 2 , 0 0 0 - . I m p t s . A a c q u is i t io n s .
do
do
________________ 1 8 , 8 1 1 , 0 0 0 . - R e t i r e o ld c o n s o ls .
S t L R M A P . 1 st 5 0 - y r . 5 s . ..
7 ,5 0 0 ,0 0 0 ..A r q u l s ’ n s, Im p ts. A c o n s tr .
- n 5s
4 3 1 ,0 0 0 . - R e t i r e o ld b o n d s .
S t . L o u is A S a n F- r a n . g e n . lie
1 5 0 . 0 0 0 . - C o n s t r u c t 5 m ile s o f r o a d .
S c a b ’ d A i r L . - A t l . B l r m . 1 st 4 s . 5 7 7 5 , 0 0 0 - . R e t i r e $ 4 ,1 8 0 ,0 0 0 o l d 6s a n d
S o u t h . P a c ifi c n i l . 1 st r e f . 4 s ------$ 1 ,5 9 5 ,0 0 0 4 H s .
1 .5 0 0 . 0 0 0 . - R e t i r e o l d b o n d s .
S o u t h e r n R y . 1 st c o n s o l . 5 s -----------1 5 , 0 0 0 - - R e t l r c o l d s e c u r it ie s .
W a b a s h R R . 1st r e f . A e x t . I s . . .
W e a t h e r f o r d M in e r a l W e l ls A N o r .
1 6 0 ,0 0 0 . . C o n s t r u c t i o n o f r o a d .
W e s t 1 st g u a r . 5 s ------------------------W ln sto a -S a le m S o u th b o u n d g u a r.
5 ,0 0 0 ,0 0 0 .-C o n s tr u c tio n A c q u lp t .
1 st 5 0 - y e a r 4 s ------------------------------T o t a l ____________ _________________$ 1 7 2 ,4 7 6 ,6 0 0
L IS T IN G S O F S T R E E T R A I L W A Y
Company and Title of Loan—
'
D e t r o i t U n it e d R y . 1 st c o n s . 4 Hs
H a v a n a E l. R y . c o n s o l. 5 0 -y r . 5 s .
do
do
do
do
P o r t l. R y . ,L . A P .-G e n . E l. 1 st 4 3 do
do
do
—
P r o v . S e cu r. C o . 5 0 -y r . g u . d e b . 4s
P . S . C o r p . o f N . J . g e n . 5 0 - y r . 5s
do
do
do
—
Amount.
BONDS.
p u r p o s e of Issue.
7 0 0 ,0 0 0 -..G en era l p u rp os es.
1 . 1 4 7 . 0 0 0 . - R e t i r e 1st 5s A 2 d Os.
5 . 2 6 7 . 0 0 0 - . O ld b o n d s J u st lis t e d .
2 . 2 1 9 . 0 0 0 . . 1 . p ’ ts. c x t e n s ’ n s , A c .
1 .0 0 0 .
0 0 0 . .G e n e r a l p u rp o s e s.
8 . 8 6 0 . 0 0 0 - - E x t e n s i o n s , i m p r o v ’ ts , A c .
2 . 6 4 0 . 0 0 0 - . A c q u i r e N . .1. A I I . R . R y .
A F erry S to ck .
T o t a l ______ _____________________- - $ 2 2 , 8 9 0 , 0 0 0
L IS T IN G S
OF
M IS C E L L A N E O U S
BONDS.
Company and Title of Loan—
A w o w iJ L
Purpose of Issue.
A i n A g r l o . C h c m . 1 st c o n v . 5 s ------- $ 4 , 0 0 0 , 0 0 0 . . I m p r o v ’ t s , e x t e n ’ s . A c .
A m . C o t t o n O il C o . 2 0 - y r . d e b . 5 s . 5 ,0 0 0 , 0 0 0 . . I m p t s . . e x t e n s . A w k . c a p .
A in . I c e S e cu r . C o . 2 0 -y r . d e b . O s ._
3 3 0 , 9 0 0 . . S o ld fo r c a s h .
do
do
do
_____
1 4 ,1 0 0 ..A c c u n j. A m . I c e p r e f. d lv s .
A m . S m e lt . S e o . C o . 1 5 - y r . f . s . O s .1 5 ,0 0 0 , 0 0 0 . . R e p a y a d v . t o A m . S . A R . C o ,
A m . T e l . A T e l . C o . c o l l . t r . 4 s ------- P ll‘'p 0 .s<$ : . .
A m . W r i t i n g P a p e r C o . 1 st s . f . 5 3 . 1 5 , 4 2 9 , 0 0 0 . . O l d b o n d s Ju st lis t e d .
B a ld w in L o c o . W k s — 1 st 3 0 - y r . 5 3 - 1 0 , 0 0 0 , 0 0 0 . . E x t c n ’ u A g e n . p u r p o s e s .
C o n s o li d . C o a l 1st A r e f . 4 0 - y r . 5 s . 0 , 0 0 0 , 0 0 0 . - R e t i r e $ 0 ,6 3 0 ,0 0 0 u n d e r ly
in g b o n d s A I m p t s . t o
H lk h o r n H eld.
_____ 4 , 0 0 0 , 0 0 0 . . R e t i r e $ 4 ,0 0 0 ,0 0 0 u n d e r ly
do
do
do
in g t r e a s u r y b o n d s .
C u b a n -A m . S u g . C o . co ll. tr. O s . . .
4 8 0 , 0 0 0 . . A c q u i r e s u b s l d 'y b d s . , A c
D is t ille r s ’ S e c u r . C o r p . c o n v . 5 s . - 2 0 ,0 0 0 . A c q u ir e s c cu r s . s u b s ld . c o s .
July 22 1911
THE CHRONICLE
Company and Title of Loan —
Am ount.
Purpose oj Issue.
G e n . M o t o r s C o . l s t 1. <5% 5 - y r .n o t e s 1 5 , 0 0 0 , 0 0 0 . . P a y d e b t & f o r w o r k . c a p .
I n t e r n a t . S t . P u m p 1 st 1. 2 0 - y r . 5 s_ 1 , 5 0 0 , 0 0 0 - . A c q u i s i t i o n s , lm p t s . , & c .
K in g s C o . E l . L t . & P . c o n v . d e b . 0 s 1 , 2 0 9 , 0 0 0 . . S u b s c r i b e d a t p a r .
L a c le d e G a s L t . r e f . & e x t . 5 s _____ 2 ,1 8 2 , 0 0 0 . _ A d d I t I o n s & I m p r o v ’ t s .
M i c h . S t a t e T e l e p . C o . 2 0 - y r . 5 s ___ 1 , 3 3 4 , 0 0 0 . . E x t e n s i o n s & I m p r o v ’ t s .
N . Y . D o c k C o . 1 st 5 0 - y r . 4 s ________
7 5 0 ,0 0 0 ..Im p rov em en ts.
O n t a r io T r a n s m . 1st 4 0 - y r . 5 s ------- 1 ,8 0 4 , 0 0 0 . .A c q u l s l t l o a & I m p r t s .
R e p u b l i c I r . Sc S t . C o . 1 0 - 3 0 -y r . 5s 3 , 2 3 0 , 0 0 0 . . C o n s t r u c t i o n & l m p r o v t s .
do
do
do
______ 8 , 2 0 6 , 0 0 0 . . R e t i r e 1 st M . & c o l l , t r . b d s .
S t a n d a r d M illin g 1 st 5 s -------------------- 2 , 9 2 6 , 0 0 0 . . O ld b o n d s J u st lis t e d .
S y r a c .L t . * P .- S y r .L t g .c o l l.t r .5 s . . 5 ,5 0 6 ,5 0 0 ..A c q u ir e S y r .L t g . s c o u r ’s
U t i c a G a s & 101. r e f . & e x t . 5 0 - y r .5 s
5 0 0 , 0 0 0 . . E x te n s io n s & im p r o v e m ’ ts.
W e s t c h e s t e r L t g . C o . 1 st 5 0 - y r . 5 s . 2 , 3 8 6 , 0 0 0 . . A d d i t i o n s & e x t e n s io n s —
-------9 5 , 0 0 0 . . R e t i r e o ld b o n d s .
do
do
do
W e s t e r n E l e c t r i c C o . 1 st 5 s -------------- 5 , 0 2 5 , 0 0 0 . . R e t i r e $ 5 ,0 0 0 ,0 0 0 c o l l . t r .
4 H s J an . 1911.
do
do
do
------- 1 ,2 2 5 ,0 0 0 ..Improvements. '
W e s t e r n U n . T c l c g . C o .-M u t u a l U n .
T e l . g u a r . 3 0 - y r . e x t . 4 s ---------------- 1 , 8 5 8 , 0 0 0 . . O ld b o n d s e x t e n d e d .
T o t a l ......................................................$ 1 2 8 ,1 0 0 ,5 0 0
While the railroad bonds listed during the half-year
include several large issues for improvements and
additions, the largest of all the additions under this
head were the outcome of refunding operations. The
Chicago & North Western’s 22% millions of general 4s
embraced 18% millions to retire old bonds and the
Reading’s 20 1-3 millions of 4s cover 18% millions
issued to replace consols. The saving in annual
interest charges in these two cases is about 8325,000
and 8480,000, respectively. Next in point of size of
the listed railroad issues come the Atchison 1G millions
of convertible 4s, subscribed for at 102%, to finance
improvements, additions, &c., 14 millions New Orleans
Terminal bonds (of which 10 millions long outstand
ing), 12 millions 1st 4s of the re-financed Central New
England R y ., guaranteed by the New York New Haven
& Hartford RR. Co., 7 millions of Delaware & Hudson
1st and refunding 4s sold to provide for additions and
improvements, and 7% millions of the St. Louis Rocky
Mt. & Pacific R y., this last largely a coal proposition.
The Public Service Corporation of New Jersey,
whose field of operations embraces, with other
territory, the gas and electric lighting business and the
street railway service of the rapidly growing section of
New Jersey suburban to New York City, has listed
11% millions of its 5% bonds, now commanding a
wide market. The Railway Light & Power Company
of Portland, Oregon, is also down for 7% millions of
bonds.
•
Among the industrial securities which are conspicu
ous in the present half-yearly listings are (a) 15 millions
of 6% notes of the General Motors Co.— described in
the “ Chronicle” of July 1 (p. 53); (b) 15 millions of the
new 6s of the American Smelters Securities Co.; (c) 11%
millions of the Republic Iron & Steel Co. 10-30-year
5s for refunding, additions, &c.; (d) 10 millions of
American Telephone & Telegraph collateral 4s; (e) 10
millions Baldwin Locomotive 5s, (f) 13 millions also
of Consolidation Coal Co. of Maryland 5s. The Syra
cuse Light & Power Co. 5% millions bonds is another
of the new issues which have been fully described in
the columns of this paper.
The several stock issues and the objects of each are
embraced in the following compilation:
L IS T IN G S O F R A I L R O A D S T O C K S .
Company and Class of Stock —
Amount.
Purpose o) Issue.
A t c h . T o p . & S a n t a F e s t o c k ------- $ 2 , 9 3 3 , 0 0 0 . - E x c h . c o n v e r t , b o n d s .
M . S t . P . & S . S . M . le a s e d lin e c e r t s .
2 , 4 0 0 . . E x c h . f o r W I s . C e n t . p f .s t o c k .
M is s o u r i P a c i f i c s t o c k ----------------------1 8 ,0 0 0 ..E x c h . s tk s . c o s . a c q u ir e d .
N a t . R y s . o f M c x . 2 n d p r e f ----------1 3 0 ,6 0 0 .. E x c h . se cu rs. p r o p s , c o n s o l.
N . Y . N . I I . & H a r t f o r d s t o c k . . . . 2 8 , 8 7 4 , 8 0 0 . . S o l d & Issu e d l o r c o n v . b d s .
do
do
do
------- 3 3 , 5 0 0 ,0 0 0 . .S u b s c r i b e d a t 1 2 5 .
N o r f o l k S o u t h e r n R R . s t o c k -----------1 6 , 0 0 0 , 0 0 0 . . E x c h . o l d b d s . u n d e r p l a n .
N o r fo l k & W e s t e r n R y . c o m m o n . 4 ,3 2 1 , 0 0 0 . . E x c h . c o n v e r t , b o n d s .
P e n n s y lv a n ia R R . s t o c k --------------- 3 7 , 8 4 4 , 1 5 0 . . S u b s c r i b e d a t p a r .
do
do
do
_____
1 , 8 6 0 . . E x c h a n g e d lv . s c rip .
P e r c M a r q u e t t e c o m m o n .....................
3 6 .500]
do
do
1 st p r e f e r r e d ___
1 2 ,2 0 0 [ . I s s u e d u n d e r c o n s o l , p la n .
do
do
2 n d p r e f e r r e d ____
1 6 .3 0 0 J
P it t s . F t . W . & C h . g u . b e t t . s t k . . 3 , 3 3 8 , 3 0 0 . . l m p t s . & e q u i p m e n t .
R o c k I s la n d C o . c o m m o n ..............
8 9 ,5 0 0 1 E x c h . C h . R . I . & P a o . R y .
do
do
p r e f e r r e d _________
6 2 ,7 0 0 /
stock .
U n io n P a c ifi c R R . c o m m o n ..............
5 0 ,1 0 0 . E x c h . c o n v e r t , b o n d s .
W a b a s h R R . , c o m m o n -----------------I 1 ,0001 . E x c h a n g e d e b e n t u r e
"B ”
do
p r e f e r r e d _______________
1 1 ,0 0 0 / b o n d s .
W e s t c r n I M a r y la n d
c o m m o n . . 4 ,4 7 7 , 3 0 0 - . C o n s t r u c t lin e C u m b e r l a n d
• t o C o n n e lls v llle .
Ry.
T ota l __
$ 1 3 1 ,7 3 0 ,7 0 0 -
203
L IS T I N G S O F S T R E E T R A I L W A Y /S T O C K S .
Company and Class of Stock —
Am ount.
Purpose of Issue.
■ ■ ■
I n t e r .-M e t. c o m . v o t .
do
p r e f. v o t .
N . Y . S ta te R y s . 5 %
P h il a d e lp h ia C o . c o m
tr . c t f s .,e x t $ 6 0 ,4 1 9 ,5 0 0 ..O ld c c r t fs . e x t e n d e d .t r . c t f s ______ 2 8 , 7 8 4 , 1 0 0 . . E x c h a n g e p r e fe r r e d s t o c k .
c u m . p r e f ___ 3 ,8 6 2 , 5 0 0 _ _ E x c h . s t k . c o n t r o ll e d c o s .
m o n _________ 2 , 5 0 0 , 0 0 0 . - E x c h . c o n v . 5 % d e b s , is
su ed fo r Im p ro v e m e n ts.
P u b l ic S e r v i c e C o r p . o f N . J . s t o c k . 6 , 2 5 0 , 0 0 0 . . E x c h a n g e c o n v e r t , n o t e s .
do
do
do
------- 4 , 7 5 0 , 0 0 0 . - S u b s c r i b e d a t p a r .
■
do
do
do
_____ 1 4 , 0 0 0 , 0 0 0 . . O ld s t o c k j u s t li s t e d . •
U n it e d R y s . I n v . C o . s t o c k _________ 1 , 0 0 0 , 0 0 0 . . A c c ’ t p u r c h . S ie r r a & S . F .
P ow er C o. stock .
■
V i r g in i a R y . & P o w e r C o . , p r e f __ 4 ,4 5 6 ,5 0 0 1 I s s u e d f o r o l d s e c u r i t ie s . •
do
do
do
c o m __ 7 , 4 5 0 , 5 0 0 /
u n d e r p la n .
do
do
do
p r e f’d .
2 5 3 ,5 0 0 ..P u r c h . O ld D o m . Ir o n &
N a il W o r k s .
• • ■
T o t a l ......................... .. .....................- . $ 1 3 3 ,7 2 6 , 6 0 0 .................................................................
L IS T IN G S
O F M IS C E L L A N E O U S
STOCKS.
......................
Company and Class of Stock —
Am ount.
Purpose of Issue.
■
’
A m . A g r t c . C h c m . C o . p r e f ------------ $ 1 6 7 , 0 0 0 . . E x c h a n g e c o n v e r t , b o n d s .
A m . I c e S e c u r it ie s C o . s t o c k -----------3 ,9 0 0 ..E x c h . A m . Ice C o. stock .
A m . M a lt C o r p . , c o m m o n ---------------6 , 2 0 0 . . E x c h . s t o c k s A m . M a lt C o .
A m . T e l e p . & T e I e g . C o . p r e f --------- 1 2 , 1 6 0 , 1 0 0 . . E x c h a n g e c o n v e r t , b o n d s .
A m . W r i t . P a p e r C o . 7% c u m . p f d . 1 2 , 5 0 0 , 0 0 0 . . O l d s t o c k j u s t lis t e d .
A n a c o n d a C o p p e r M in . C o . s t o c k . . 2 , 8 1 2 , 5 0 0 . . A c c ’ t p u r c h . C la r k p r o p ’ s .
C e n t r a l L e a t h e r C o . c o m m o n _____
2 ,3 0 0 ] E x c h . U . S . L e a t h e r C o
do
do
p r e f e r r e d ___
2 ,8 0 0 f
stock .
C h a t h a m & P h o e n ix N a t . B a n k , ] 1 ,8 0 3 , 0 0 0 / P u r c h . P h o e n . N a t . B a n k
N . Y . , s t o c k ------------------------------- /
]
a n d n ew ca p ita l.
C h in o C o p p e r C o . s t o c k -------------------- 1 , 8 7 5 , 0 0 0 . . E x c h . S a n t a R i t a C o p . s t k .
do
do
----------------------- 1 , 6 2 5 , 0 0 0 . . S o l d f o r c a s h .
C r u c ib le S t e e l C o . o f A m . p r e f ------5 6 3 ,5 0 0 . _ A c ’ t p u r . H a lc o m b S t. C o .
C u b a n - A m . S u g a r C o . , 7 % c u m . p f . . 1 ,5 9 8 ,8 0 0 ] D e v e l o p S a n M ig u e l S u g a r
do
do
c o m m o n ____
6 3 9 ,5 0 0 /
C o. p rop erty
D e t r o i t E d is o n C o . s t o c k __________
2 9 4 ,0 0 0 ..E x c h . c o n v . b on d s.
D is t ille r s ’ S e c u r it ie s C o r p . s t o c k . .
2 , 6 0 0 . . A c q u i r e D Is. C o . o f A m . s t k .
G e n e r a l E l e c t r i c C o . s t o c k _________ 7 , 6 3 9 , 1 0 0 . . E x c h . c o n v e r t , b o n d s .
I n g c r s o l l - R a n d C o . c o m m o n ______ 2 , 2 7 4 , 5 0 0 . . E x c h . p r e f . s t o c k .
■
L a c le d e G a s L ig h t C o . c o m m o n
1 ,0 0 0 ,0 0 0 ..R e t i r e c e r t fs . o f I n d e b t.
_____ 1 ,2 0 0 , 0 0 0 . . 1 0 % s t o c k d i v i d e n d .
do
do
do
M a y D e p t . S t o r e s 7 % c u m . p r e f . . 5 ,0 0 0 , 0 0 0 ] A c q u i s i t i o n o f p r o p e r t i e s ,
do
do
c o m m o n ____1 5 , 0 0 0 , 0 0 0 /
M e r g e n th a lcr L in o t y p e C o . s t o c k .
1 0 , 5 0 0 . . C o n t r o l f o r e ig n c o m p a n i e s .
M ia m i C o p p e r C o . s t o c k _____________ 3 ,3 0 0 , 0 0 0 . .A c q u i s i t i o n s & s o l d f o r c a s h
do
do
_______________
2 7 , 6 0 0 . . E x c h . 1 st M . c o n v . 6 s.
N ia g a r a F a lls P o w e r C o . s t o c k _____ 1 , 5 1 1 , 1 0 0 . . S u b s c r ib e d a t p a r t o r e t i r e
C a n . c o ll. d e b s.
_____
4 9 ,1 0 0 ..E x c h a n g e T o n . P o w e r s t k .
do
do
do
P it t s b u r g h S t e e l C o . p r e f . s t o c k . . 7 , 0 0 0 , 0 0 0 . . R e t i r e $ 3 ,7 5 0 ,0 0 0 6 % b d s .
J a n . 1911 a n d i m p r o v ’ t s .
R a y C o n s o l. C o p p e r C o . s t o c k ------- 5 , 0 0 0 , 0 0 0 . . P r o p e r t y & b o n u s w it h b d s .
do
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--------- 3 , 0 0 0 , 0 0 0 . .C o n v e r s i o n o f b o n d s .
do
do
do
--------- 2 . 0 o 0 , 0 ') 0 - _ S o l d a t $ 1 5 p e r $ 1 0 s h a r e .
do
do
do
--------- 1 , 9 9 1 , 7 5 0 . . E x c h . G lia C o p p e r C o . s t k .
S e a r s - R o e b u c k & C o . c o m m o n ------- 1 0 ,0 0 0 ,0 0 0 . 3 3 1 -3 % , s t o c k d i v i d e n d .
S ou th P o rto R ic o S u g . C o. p ref . .
1 0 0 , 0 0 0 ] P u r c h . C e n t r a l R o m a n a st.
do
do
do
c o m ..
1 0 0 ,0 0 0 /
S t a n d a r d M illin g C o . c o m m o n ___ 4 ,6 0 0 , 0 0 0 ] O ld s t o c k j u s t li s t e d .
do
do
p r e f e r r e d ___ 6 ,9 0 0 , 0 0 0 /
U n d e r w ’ d T y p e w . C o . ( D e l . ) 7 % p f . 5 , 0 0 0 , 0 0 0 . . S o ld f o r c a s h .
do
do
do
c o m . 8 ,5 0 0 ,0 0 0 .-E x c h . s to c k N . J . C o.
U . S . I n d u s . A l c o h o l C o . , p f d . s t k . _ 6 ,0 0 0 ,0 0 0 ] F o r $ 2 ,5 0 0 ,0 0 0 c a s h a n d
c o m . s t k . 5 ,9 9 9 , 9 0 0 /
p r o p , c o n s t lt . c o s .
c o m . s t k . 6 ,0 0 0 ,1 0 0 .-D i s . C o . o f A m . fo r g u a r
a n t e e in g p r e f . d l v s .
U t a h C o p p e r C o . s t o c k _____________
6 6 ,5 0 0 ..P u r c h a s e p r o p e r t y .
W c s t ln g h o u s e E l . & M f g . C o . a s - ]
1 3 ,7 5 0 / P a y d e b ts a n d s u b s c r . u n d e r
s e n t i n g _____________________________ /
]
p la n .
T o t a l ...................................... ............... $ 1 4 5 ,3 3 7 ,1 6 0
The three large listings of railroad stocks to which
we have referred were (1) 62% millions of New York
New Haven & Hartford shares, namely 33% millions
subscribed for by stockholders or their assignees at
125 as long ago as December 1909, but only now
entirely full-paid; and 28% millions sold privately or
issued in exchange for convertible bonds; (2) 37%
million shares of Pennsylvania R R ,, offered at par to
its shareholders in May last and (3) 16 millions of
stock of the reorganized Norfolk Southern, issued
in the reorganization recently completed, in exchange
for bonds of the old company. No other steam road
listed mor-e than 5 millions of stock.
Under the heading of street railway stocks are the
share capital (25 millions) of the great Public Service
Corporation of New Jersey, some 12 millions of stock
(partly preferred) of the Virginia Railway & Power Co.,
the rehabilitated trolley and lighting company of
Richmond and Petersburg that has just absorbed the
Norfolk & Portsmouth Traction Co. (compare V. 92,
p. 1118), and finally voting trust certificates of New
York City’s Interborough-Metropolitan Company to
a total of 60% millions for the common extended cer
tificates and 28% for the trust certificates just issued
against deposited preferred shares.
Old-established companies have made considerable
contributions to the list of quoted industrial stocks,
notably the American Telephone & Telegraph Co., 12
millions (issued at 133% for conversion of bonds), and
General Electric Co., 7% millions, also for bond con
version, at par, under the privilege that recently be
came operative; also American Writing Paper, 12%
millions, and Pittsburgh Steel Co., 7 millions preferred.
JT
THE CHRONICLE
204
New incorporations of heretofore closely held enter
prises are seen in the listing of 133d> millions of Under
wood Typewriter shares and 20 millions of May Depart
ment Stores, 5 millions in each of these cases being pre
ferred. The U. S. Industrial Alcohol Co. also figures in
the total to the extent of 18 millions (one-third pre
ferred) and the 33 1-3% stock dividend of the SearsRoebuck (mail order) Co. of Chicago for 10 millions.
THE NEW L A W REGARDING THE TAX ON
SECURED DEBTS.
Owing to its extreme importance we print herewith the
full text of the law just enacted by the Legislature of this
State extending to bonds and other forms of obligations the
right of paying a registry or recording tax of one-half of one
per cent and in return getting exemption from the annual
local tax on personal property.
AN ACT TO AM END T H E
T E E N , R E L A T IN G
TO
T A X L A W B Y A D D IN G A R T IC L E F IF
T A X A T IO N
OF SECURED
DEBTS.
The People o f the State o f New York, represented in Senate and Assembly,
do enact as follows:
S e c t i o n 1 . C h a p t e r s i x t y - t w o o f t h e la w s o f n in e t e e n h u n d r e d a n d n in e ,
e n t it l e d " A n A c t in r e l a t i o n t o t a x a t i o n , c o n s t it u t i n g C h a p t e r S i x t y o f t h e
C o n s o li d a t e d L a w s , " is h e r e b y a m e n d e d b y a d d i n g t h e r e t o a n e w a r t ic le ,
t o re a d a s fo llo w s :
A R T IC L E X V .
Tax on Secured Debts.
S e c t i o n 3 3 0 . D e fi n it i o n s .
3 3 1 . P a y m e n t o f ta x o n secu red d e b t.
3 3 2 . S ta m p s, h o w p rep a red a n d u sed .
3 3 3 . N o e x e m p t i o n s u n le s s s t a m p s a r e a f f i x e d a n d c a n c e l e d .
33*1. C o n t r a c t s f o r d ie s : N e w Y o r k C it y o f f i c e ; e x p e n s e s , h o w p a i d .
3 3 5 . I lle g a l u s e o f s t a m p s ; p e n a l t y .
3 3 0 . N o d e d u c t i o n o f d e b t s a g a in s t t a x a b l e s e c u r e d d e b t .
3 3 7 . A p p lic a t io n o f ta x e s .
o l. l x x x x iii
v is i o n s o f t h is A r t ic l e s h a ll b e p a id t o h im b y t h e S t a t e T r e a s u r e r f r o m
m o n e y s a p p r o p r ia t e d f o r s u c h p u r p o s e .
any
S e c . 3 3 5 . I lle g a l u s e o f s t a m p s ; p e n a l t y .
A n y p e r s o n w h o s h a ll w il f u l ly
r e m o v e o r c a u s e t o b e r e m o v e d , a lt e r o r c a u s e t o b e a lt e r e d , t h e c a n c e l in g o r
d e f a c in g m a r k s o f a n y a d h e s i v e s t a m p p r o v id e d f o r b y t h is A r t i c l e w it h
i n t e n t t o u s e t h e s a m e , o r t o c a u s e t h e u s e o f t h e s a m e a f t e r it s h a ll h a v e
b e e n u s e d , o r s h a ll k n o w i n g l y o r w il fu l ly sell o r b u y a n y w a s h e d o r r e s t o r e d
s t a m p , o r o ff e r t h e s a m e f o r s a le , o r g iv e o r e x p o s e t h e s a m e t o a n y p e r s o n
f o r u s e , o r k n o w i n g l y u s e t h e s a m e o r p r e p a r e t h e s a m e w it h I n t e n t f o r t h e
fu r t h e r u s e t h e r e o f ; o r s h a ll w il fu l ly u s e a n y c o u n t e r f e i t s t a m p o r a n y f o r g e d
s t a m p w it h in t e n t t o d e f r a u d t h e S t a t e o f N e w Y o r k , s h a ll b e g u i l t y o f a
m is d e m e a n o r a n d o n c o n v i c t i o n t h e r e o f s h a ll b e lia b le t o a fin e o f n o t le s s
t h a n li v e h u n d r e d n o r m o r e t h a n o n e t h o u s a n d d o l la r s , o r b e I m p r i s o n e d
f o r n o t m o r e t h a n s i x m o n t h s , o r b y b o t h s u c h lin e a n d i m p r i s o n m e n t , a t
t h e d i s c r e t io n o f t h e c o u r t .
S e c . 3 3 6 . N o d e d u c t i o n o f d e b t s a g a in s t t a x a b l e s e c u r e d d e b t .
The
o w n e r o f a n y s e c u r e d d e b t , o n w h ic h t h e t a x p r o v i d e d f o r in t ills a r t ic le
h a s n o t b e e n p a i d , s h a ll b e a s s e s s e d u p o n s u c h s e c u r e d d e b t in t h e t a x
in g d i s t r ic t in w h ic h h e r e s id e s , u p o n t h e fa ir m a r k e t v a l u e o f s u c h se
c u r e d d e b t a n d n o d e d u c t i o n f o r t h e j u s t d e b t s o w in g b y h im s h a ll b e
a ll o w e d a g a in s t t h e a s s e s s e d v a l u e o f s u c h s e c u r e d d e b t , a s p r o v i d e d in
S e c t i o n T w e n t y - o n e o f t h is c h a p t e r o r e ls e w h e r e in t h is C h a p t e r o r In a n y
o t h e r la w o f t h is S t a t e .
S e c . 3 3 7 . A p p lic a t io n o f t a x e s .
T h e t a x e s I m p o s e d u n d e r t h is A r t i c l e
a n d t h e r e v e n u e s t h e r e o f s h a ll b e p a i d b y t h e S t a t e C o m p t r o ll e r in t o t h e
S t a t e T r e a s u r y a n d b e a p p l ic a b l e t o t h e g e n e r a l f u n d , a n d t o t h e p a y m e n t o f
a il c la im s a n d d e m a n d s w h ic h a r e a la w fu l c h a r g e t h e r e o n .
S e ctio n 2 .
a n d e le v e n .
T h is A c t s h a ll t a k e c it 'c c t S e p t e m b e r llr s t , n i n e t e e n h u n d r e d
ITEMS ABOUT BANKS, BANKERS AND TRUST GO’S.
— T h e p u b li c s a le s o f b a n k s t o c k s t h i s w e e k a g g r e g a t e 1 9 4
s h a r e s , o f w h ic h 1 9 0 s h a r e s w e r e s o ld a t t h e S t o c k E x c h a n g e
a n d 4 sh a res a t a u c tio n .
s to c k w a s s o ld .
O n ly o n e sh a re o f tr u st c o m p a n y
T h e t r a n s a c t i o n s in N a t i o n a l B a n k o f C o m
m e r c e s to c k a m o u n te d to 1 0 8 s h a r e s , a n d th e p ric e a d v a n c e d
5 p o in ts to 2 1 7 .
Shares.
B A N K S — New York.
Low. High.
*168 C o m m e rc e , N a t. B a n k o f . .
216
218
* 1 0 F o u r t h N a t i o n a l B a n k _____ 2 0 6
206
4 M a r k e t & F u lt o n N a t . B a n k 2 5 5 H 2 5 5 'A
S e c . 3 3 0 . D e fi n it i o n s .
T h e w o r d s “ s e c u r e d d e b t s , " a s u s e d In t h is
*1 2 M e c h a n ic s & M e t a ls N a t . B k 2 7 0
270
A r t i c l e , s h a ll I n c lu d e :
T R U S T C O M P A N Y — New York.
(1 )
. A n y b o n d , n o t e o r d e b t s e c u r e d b y . m o r t g a g e o f r e a l p r o p e r t y r e 1 H u d s o n T r u s t C o ___________ 1 50
150
c o r d e d In a n y S t a t e o r c o u n t r y o t h e r t h a n N e w Y o r k a n d n o t r e c o r d e d in
* S o ld a t th e S t o c k E x c h a n g e .
th e S ta te o f N e w Y o r k ;
Close.
Last previous sale.
217
J u ly
206
J u ly
255 % D e c.
270
J u ly
150
1911—
1911—
1910—
1911—
205
2 72
266
M a y 1911—
1 40
212
(2 )
. a n y a n d a ll b o n d s , n o t e s o r w r i t t e n o r p r in t e d o b l i g a t i o n s , f o r m in g — I n a n a m e n d e d f o r m , t h e U . S . S e n a t e o n t h e 1 7 t h i n s t .
p a r t o f a se r ie s o f s im ila r b o n d s , n o t e s o r o b l i g a t i o n s , t h e p a y m e n t o f w h ic h
p a s s e d t h e b ill a d o p t e d b y t h e H o u s e o n A p r i l 1 4 , i n t e n d e d
Is s e c u r e d b y a m o r t g a g e o r d e e d o f t r u s t o f r e a l o r p e r s o n a l p r o p e r t y , o r
t o a m e n d th e A c t o f J u n e 2 5 1 9 1 0 , p r o v id in g fo r th e p u b lic ity
b o t h , w h ic h m o r t g a g e o r d e e d o f t r u s t is r e c o r d e d in s o m e p l a c e o u t s i d e o f
t h e S t a t e o f N e w Y o r k a n d n o t r e c o r d e d in t h e S t a t e o f N e w Y o r k ;
o f c o n t r i b u t i o n s m a d e f o r t h e p u r p o s e o f i n f l u e n c i n g e le c
(3 )
. a n y a n d a ll b o n d s , n o t e s o r w r i t t e n o r p r in t e d o b l i g a t i o n s , f o r m in g
t i o n s a t w h ic h R e p r e s e n t a t i v e s in C o n g r e s s a r e e l e c t e d .
p a r t o f a se r ie s o f s im ila r b o n d s , n o t e s o r o b l i g a t i o n s , w h ic h a r c s e c u r e d b y
L a s t y e a r ’ s la w r e q u i r e s t h a t t h e s o u r c e o f c o n t r i b u t i o n s
t h e d e p o s i t o f a n y v a l u a b l e s e c u r i t ie s , a s c o l la t e r a l s e c u r i t y f o r t h e p a y
m e n t o f s u c h b o n d s , n o t e s o r o b l i g a t i o n s , u n d e r a d e e d o f t r u s t o r c o l la t e r a l
s h a ll b e m a d e p u b l i c
T h e m e a s u r e n o w in
after elections.
a g r e e m e n t h e ld b y a t r u s t e e ;
(4 )
. a n y b o n d s , d e b e n t u r e s o r n o t e s , f o r m i n g p a r t o f a se r ie s o f s im ilaCr o n g r e s s in a d d i t i o n c a ll s f o r t h e p u b l i c a t i o n o f c a m p a i g n
b o n d s , d e b e n t u r e s o r n o t e s , w h ic h b y t h e ir t e r m s a r e n o t p a y a b le w it h i n o n e
c o n tr ib u tio n s
A s a m e n d e d in t h e S e n a t e ,
y e a r f r o m t h e ir d a t e o f Issu e a n d w h ic h a r e n o t Is s u e d f o r a n a m o u n t e x
t h e b ill p r o v i d e s f o r t h e p u b l i c i t y o f c o n t r i b u t i o n s in p r i
c e e d in g o n e t h o u s a n d d o l la r s f o r e a c h s u c h b o n d , d e b e n t u r e o r n o t e , a n d
m a r y a s w e ll a s in g e n e r a l e l e c t i o n s , a n d it s p r o v i s i o n s h a v e
t h e p a y m e n t o f w h ic h is n o t s e c u r e d b y t h e d e p o s i t o r p le d g e o f a n y c o l
la t e r a l s e c u r i t y .
T h e t e r m " s e c u r e d d e b t s ” a s u s e d in t h is a r t ic le sh a ll n o t
b e e n m a d e to a p p ly to c a n d id a te s fo r th e U . S . S e n a te a s
I n c lu d e s e c u r it ie s h e ld a s c o l la t e r a l t o s e c u r e t h e p a y m e n t o f b o n d s t a x a b l e
w e ll a s t o n o m i n e e s f o r t h e H o u s e o f R e p r e s e n t a t i v e s .
The
u n d e r t h is A r t ic l e o r u n d e r A r t ic l e E l e v e n o f t h is c h a p t e r .
t i t le o f t h e b ill h a s a c c o r d i n g l y b e e n c h a n g e d s o a s t o r e a d ,
S e c. 3 3 1 . P a y m e n t o f ta x o n secu red d e b t.
A n y person m a y ta k e or
s e n d t o t h e o f f i c e o f t h e C o m p t r o ll e r o f t h is S t a t e a n y s e c u r e d d e b t o r a
“ A b ill t o a m e n d a n A c t e n t i t l e d ‘ A n A c t p r o v i d i n g f o r p u b
d e s c r i p t i o n o f t h e s a m e , a n d m a y p a y t o t h e S t a t e a t a x o f o n e -h a l f petl i c i t y o f c o n t r i b u t i o n s m a d e f o r t h e p u r p o s e o f in fl u e n c in g
c e n t u m o n t h e f a c e v a l u e t h e r e o f , u n d e r s u c h r e g u l a t i o n s a s t h e C o m p t r o ll e r
e l e c t i o n s a t w h ic h R e p r e s e n t a t i v e s in C o n g r e s s a r c e l e c t e d ,’
m a y p r e s c r ib e , a n d t h e C o m p t r o ll e r s h a ll t h e r e u p o n m a k e a n in d o r s e m e n t
u p o n s a id s e c u r e d d e b t o r sh a ll g i v e a r e c e ip t f o r t h e t a x t h e r e o n , d e s c r i b in g
a n d e x t e n d i n g t h e s a m e t o S e n a t o r s in C o n g r e s s a n d t o p r i
s a id s e c u r e d d e b t a n d c e r t i f y i n g t h a t t h e s a m e is e x e m p t f r o m t a x a t io n ,
m a r y e l e c t i o n s .”
U n d e r th e S e n a t e a m e n d m e n t s c a n d id a te s
w h ic h in d o r s e m e n t o r r e c e ip t s h a ll b e d u l y s ig n e d a n d d a t e d b y t h e C o m p
f o r t h e S e n a t e o r H o u s e a r e p r o h i b i t e d f r o m s p e n d i n g in e x
t r o l le r o r h is d u ly a u t h o r i z e d r e p r e s e n t a t i v e .
T h e C o m p t r o ll e r sh a ll k e e p
a r e c o r d o f s u c h I n d o r s e m e n t s a n d r e c e ip t s w it h a d e s c r i p t i o n o f s u c h s e
c e s s o f 1 0 c e n t s f o r ea ch - v o t e r in t h e i r d i s t r i c t o r S t a t e , o r in
c u r e d d e b t , t o g e t h e r w it h t h e n a m e a n d a d d r e s s o f t h e p e r s o n p r e s e n t in g
e x c e s s o f t h e a m o u n t a l lo w e d b y t h e la w s o f t h e i r S t a t e s .
t h e s a m e a n d t h e d a t e o f r e g i s t r a t io n .
A l l s e c u r e d d e b t s s o in d o r s e d o r
d e s c r i b e d In s u c h r e c e ip t sh a ll t h e r e a ft e r b e e x e m p t f r o m a ll t a x a t i o n In t h e
I t is a l s o p r o v i d e d t h a t n o c a n d i d a t e f o r t h e S e n a t e sh a ll
S t a t e o r a n y o f t h e m u n ic ip a lit ie s o r lo c a l d i v is i o n s o f t h e S t a t e e x c e p t as
s p e n d a s u m e x c e e d in g $ 1 0 ,0 0 0 a n d n o c a n d id a te fo r th e
p r o v i d e d in S e c t i o n s T w e n t y - f o u r , O n e H u n d r e d a n d E i g h t y - s e v e n , O n e
H o u s e a s u m e x c e e d i n g $ 5 , 0 0 0 in a n y c a m p a i g n f o r n o m i n a
H u n d r e d a n d E i g h t y - e i g h t , O n e H u n d r e d a n d E i g h t y - n i n e o f t ills c h a p t e r ,
a n d In A r t ic l e s T e n a n d T w e l v e o t t h is c h a p t e r .
tio n a n d e le c tio n .
T h e b ill w ill n o w b e t a k e n u p in c o n f e r
S e c . 3 3 2 . S t a m p s , h o w p r e p a r e d a n d U 3ed.
A d h e s iv e sta m p s fo r th e
ence.
p u r p o s e o f p a y in g t h e t a x p r o v i d e d f o r b y t ills A r t i c l e s h a ll b o p r e p a r e d b y
— T h e m a i n p o s t - o f f i c e s in N e w Y o r k , C h i c a g o , B o s t o n
t h e C o m p t r o ll e r , in s u c h f o r m , a n d o f s u c h d e n o m i n a t io n s a n d In s u c h
q u a n t i t ie s , a s lie m a y f r o m t i m e t o t im e p r e s c r ib e .
U poD th e p a y m e n t o f
a n d S t . L o u is w ere d e s ig n a te d a s p o sta l sa v in g s d e p o sito rie s
t h e t a x p r o v id e d b y t h is A r t i c l e u p o n a n y s e c u r e d d e b t t h e C o m p t r o ll e r
b y P o s t m a s t e r -G e n e r a l H it c h c o c k o n th e 1 0 th in s t .
T hey
s h a ll a f f i x 3 t a m p s o f t h e p r o p e r d e n o m i n a t io n s , e q u a l in f a c e v a l u e t o t h e
a m o u n t o f t a x p a id , t o t h e s e c u r e d d e b t o r t o t h e r e c e i p t f o r t h e t a x , a n d
w ill b e g in t o r e c e iv e d e p o s i t s o n A u g . 1 .
H e r e to fo r e th e
s h a ll c a n c e l t h e s a m e b y t h e s e a l o f h is o f f i c e o r b y s u c h o t h e r c a n c e lin g
d e p o s i t a r i e s h a v e b e e n c o n f in e d t o c it i e s o f t h e s e c o n d c l a s s .
d e v i c e a s h e m a y p r e s c r ib e .
I n e x t e n d i n g t h e s y s t e m t o f i r s t -c l a s s c i t i e s , t h e s e le c t io n o f
S e c . 3 3 3 . N o e x e m p t i o n u n le s s s t a m p s a r e a f f i x e d a n d c a n c e l e d .
The
p a y m e n t o f t h e t a x u p o n a n y s e c u r e d d e b t , a s p r o v i d e d In t h is A r t ic l e ,
t h e f o u r p la c e s n a m e d w a s d u e , it is s t a t e d , n o t o n l y t o t h e i r
s h a ll n o t e x e m p t s u c h s e c u r e d d e b t f r o m t a x a t i o n , a s p r o v i d e d in S e c t io n
p o p u la t io n a n d c o m m e r c ia l p r o m in e n c e , b u t a lso to th e fa c t
T h r e e H u n d r e d a n d T h i r t y - o n e , u n le s s s t a m p s t o t h e p r o p e r a m o u n t a r e
t h a t in e a c h t h e r e is a S u b - T r e a s u r y o f t h e U n i t e d S t a t e s ,
a f f i x e d a n d c a n c e l e d , a s p r o v i d e d In t h e p r e c e d in g s e c t io n .
S e e . 3 3 4 . C o n t r a c t s f o r d ie s ; N e w Y o r k C i t y o f f i c e ; e x p e n s e s , h o w p a i d .
w h ic h w ill f a c i l i t a t e t h e la r g e b a n k i n g t r a n s a c t i o n s w h ic h a r e
T h e S t a t e C o m p t r o ll e r is h e r e b y d i r e c t e d t o m a k e , e n t e r in t o a n d e x e c u t e
lo o k e d fo r a s a r e s u lt o f th e p o s ta l s a v in g s b u s in e s s .
I t is
f o r a n d in b e h a l f o f t h e S t a t e s u c h c o n t r a c t o r c o n t r a c t s f o r d ie s , p la te s a n d
e x p e c t e d t h a t t h e s y s t e m w ill p r o v e p o p u l a r in p a r t i c u l a r
p r in t i n g n e c e s s a r y f o r t h e m a n u f a c t u r e o f t h e s t a m p s p r o v id e d f o r b y t h is
A r t i c l e , a u d p r o v id e s u c h s t a t io n e r y a n d c l e r k litre , t o g e t h e r w it h s u c h
w i t h t h e f o r e i g n - b o r n p o p u l a t i o n , w h ic h in N e w Y o r k is
b o o k s a n d b la n k s , a s in Id s d i s c r e t io n m a y b e n e c e s s a r y f o r p u t t i n g in t o
r e p o r te d a s e x c e e d in g 1 ,5 0 0 ,0 0 0 .
I n C h ic a g o t h e r e s i d e n t s
o p e r a t i o n t h e p r o v is i o n s o f tills A r t i c l e ; h e s h a ll b o t h e c u s t o d i a n o f a ll
s t a m p s , d le 3 , p la te s o r o t h e r m a t e r ia l o r t il in g fu r n is h e d b y h im a n d u s e d
o f f o r e i g n b i r t h a r e s a i d t o n u m b e r 7 0 0 , 0 0 0 ; in S t . L o u i s
In t h e m a n u fa c t u r e o f s u c h S t a t e t a x s t a m p s .
I n a d d i t io n t o t h e r e c e ip t
1 5 0 ,0 0 0 ,
a n d in B o s t o n 2 0 0 , 0 0 0 .
P o s tm a s te r H itc h c o c k
o f t a x c 3 p a y a b le a s p r o v id e d in t ills A r t ic l e a t h is o f f i c e In t h e c i t y o f A l b a n y ,
t h e C o m p t r o ll e r s h a ll m a in t a in a n o f f i c e f o r t h e r e c e i p t o f s u c h t a x e s in t h e , a n n o u n c e s t h a t h e h a s d e c id e d t o d e l a y t h e n a m i n g o f t h e
C ity o f N e w Y o r k .
H e s h a ll a p p o i n t , a n d m a y a t p le a s u r e r e m o v e , s u c h
p o s t - o f f i c e a t P h i l a d e l p h i a a s a d e p o s i t a r y u n t il P o s t m a s t e r
a s s i s t a n t s , c le r k s a n d o t h e r p e r s o n s a s m a y b e n e c e s s a r y t o c a r r y o u t t h e
i S m it h a t t h a t p o in t h a s fa m ilia r iz e d h im s e lf w ith th e d e ta ils
p r o v is i o n s o f tills A r t ic l e a n d s h a ll fix a u d d e t e r m in e t h e ir s a la r ie s .
A ll
expenses in c u r r e d b y h im a n d u n d e r h is d i r e c t i o n In c a r r y i n g o u t t h e p r o ; o f t h e o f f i c e .
before elections.
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in g c o m m i t t e e , a n d t o a d o p t a p e r m a n e n t s y s t e m o f a p p r o v - .
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M arch 31
1 9 1 1 , a n d are s u m m a r iz e d a s fo llo w s :
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8 ,7 9 5 7 0
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2 9 ,7 9 1 82
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3 5 ,4 1 2 34
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a r e s a t i s f a c t o r y a n d a r e f o l l o w e d ; t h a t th e m a n a g e m e n t is s a fe ; t h a t t h e
b o o k s s h o w Its r e a l c o n d i t i o n a n d a r e s o k e p t t h a t t h e e x a m i n e r c a n r e a d i ly
m a k e a t h o r o u g h a n d c o m p le t e e x a m in a tio n o f th e b a n k .
I f y o u c a n n o t m a k e t h is c e r t il lc a t e u n q u a l if ie d ly , t h e n y o u w ill a d v is e
t h e o f f ic e r s a n d d i r e c t o r s t h a t t h e b a n k w ill n o t b e p a s s e d b y y o u u n le s s
t h e c o n d i t i o n s , w h ic h m a k e i t i m p o s s i b l e f o r y o u t o m a k e s u c h c e r t i f i c a t e ,
a r e r e m e d ie d .
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a s s u m e d o ffic e a b o u t th e m id d le o f J u n e , a c tu a l tr a n s fe r o f
th e fu n d s to h is c h a r g e w a s d e fe r r e d u n til th e ta s k o f c o u n t in g
d e le g a te d
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a b o u t a m o n t h a fte r b e g in n in g th e ir t a s k .
reserv e
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c i a t i o n s o f a ll t h e r e s e r v e c i t i e s , C o m p t r o l l e r o f t h e C u r r e n c y
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T o t a l ............................................................................................
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re q u ire m e n ts
1 9 0 8 a r e s e t o u t in a s t a t e m e n t t r a n s
The
d ir e c to r s o b j e c t , th e e x a m in e r s a r e a u th o r iz e d
I t h a s b e e n d e e m e d a d v is a b le t h a t a t t h e o u t s e t t h e P o s t O f f i c e D e p a r t
m e n t s h o u ld p r e s e n t t h e e v i d e n c e w h ic h It d e s ir e s t o s u b m i t , a n d o n a c c o u n t
o f t h e p e n d in g C o n g r e s s io n a l I n v e s t i g a t i o n , In w h ic h It Is I n t e r e s t e d , t h e
D e p a r t m e n t c a n n o t p r e s e n t t h is e v i d e n c e b e f o r e t h e a d j o u r n e d d a t e .
— T h e e x p e n d itu r e s o f th e N a tio n a l M o n e ta r y C o m m is s io n
d is c o u n ts .
c a ll e d u p o n t o s e e t o i t t h a t w h e r e a n i n s t i t u t i o n h a s f a i l e d
a n n o u n c e m e n t r e la tiv e to th e a d jo u r n m e n t t a k e n s a y s :
s in c e i t s c r e a t i o n in
205
THE CHRONICLE
July 22 1911.]
c o u ld
be
c o m p le te d .
fin i s h e d
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c i t i e s w h e r e t h e p l a n is n o t y e t in f o r c e , u r g i n g t h e i n a u g u r a
th a t on June
tio n o f th e m o v e m e n t .
I n M r . M u r r a y ’ s v ie w “ th e g r e a te s t
t h e t o t a l c a s h in t h e S u b - T r e a s u r y a m o u n t e d t o $ 1 3 3 , 4 7 1 , 0 1 7 .
f o r c e in t h i s c o u n t r y t o - d a y f o r s a f e a n d c o n s e r v a t i v e b a n k
S in c e t h e n t h e c a s h h o l d i n g s h a v e i n c r e a s e d , l a r g e l y t h r o u g h
in g
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w e ll-o r g a n iz e d
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c l e a r i n g - h o u s e e x a m i n e r .”
a sso c ia tio n
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H e p o in ts o u t t h a t th e
t o t a l a s s e t s o f all t h e b a n k s in t h e U n i t e d S t a t e s w ill a p p r o x i
m a te $ 2 2 ,5 0 0 ,0 0 0 ,0 0 0 , m a k in g
th e b a n k in g p o w e r (c a p ita l,
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in t h e c e n t r a l
r e s e r v e c it i e s a l o n e ,
v i z .:
N ew
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C h i c a g o a n d S t . L o u i s , a n d m o r e t h a n a n o t h e r o n e - f o u r t h is
rep rese n te d
by
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N o s t o n e o u g h t t o b e le f t u n t u r n e d t o s e c u r e l y s a fe g u a r d t h e h a n d l in g o f
th is g r e a t w e a l t h .
I f w e a r e t o h a v e s u p e r v is io n o f b a n k s a t a ll , le t u s h a v e
th e b est th a t ca n b e h a d .
A n d b y a ll m e a n s le t u s h a v e It In o u r r e s e r v e
c i t ie s .
T h a t s u p e r v is io n Is n o t th e S t a t e e x a m i n a t i o n a n d c o n t r o l : It Is n o t
t h e n a t io n a l e x a m i n a t i o n a n d c o n t r o l , b u t It Is t h e c o n t r o l o f a n e f f ic i e n t
c l e a r in g -h o u s e a s s o c ia t io n a n d a n e f f i c i e n t c l e a r in g -h o u s e e x a m i n e r , u n d e r
t h e a u t h o r i t y a n d w it h th e a d v i c e o f a c l e a r in g -h o u s e c o m m i t t e e c o m p o s e d
a lm o s t w i t h o u t e x c e p t i o n o f t h e a b l e s t a n d m o s t e x p e r ie n c e d b a n k e r s .
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S t.
L o u is— h a v e a d o p te d
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in
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to
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K a n s a s C i t y , M in n e a p o lis ,
S t . P a u l, S t . J o s e p h , L o s A n g e le s , S a n F r a n c is c o , M ilw a u k e e ,
P h ila d e lp h ia ,
O k la h o m a
C ity ,
N a s h v ille
and
C le v e la n d .
A t t h e in s t a n c e o f t h e C o m p t r o l l e r , t h e L o u i s v i l l e C l e a r in g
th e
17,
p a y m e n ts
th e d a te
on
th e
M r.
M illin g to n a s s u m e d
Panam a
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to
charge,
a p p r o x im a te ly
$ 1 8 0 ,0 0 0 ,0 0 0 .
— A r u lin g b y th e C o m m it t e e o n S e c u r itie s o f th e N e w Y o r k
S t o c k E x c h a n g e w it h r e g a r d t o t h e P a n a m a C a n a l b o n d s w a s
a d o p t e d o n J u ly 1 7 .
T h e c o m m i t t e e d e c id e s t h a t c o n t r a c t s
fo r th e s e b o n d s m a y b e s e ttle d b y th e d e liv e r y o f t e m p o r a r y
r e c e ip ts p u t o u t b y th e G o v e r n m e n t p e n d in g th e is s u a n c e o f
th e
bonds
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th e m s e lv e s .
th e
A n o th e r
c o m m itte e
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be
p a id
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To
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la tte r
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U n d e r t h e t e r m s o f s u b s c r i p t i o n i t is
p r o v id e d t h a t in te r e s t fr o m
w ill
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t o b e f o l l o w e d , a s in d i c a t e d in t h e r e g u l a t i o n s g i v e n
is
b e lo w :
J u ly 17 1 9 1 1 .
The Committee on Securities Rules:
T h a t c o n t r a c t s f o r U n it e d S t a t e s G o v e r n m e n t P a n a m a C a n a l 3 % L o a n
o f 1 9 1 1 , “ w h e n I s s u e d ,” m u s t b e s e t t l e d o n J u l y 2 5 1 9 1 1 b y d e l iv e r y o
t e m p o r a r y r e c e ip t s .
.
T h a t t h e a c c r u e d I n te r e s t o n s a i d c o n t r a c t s m u s t b e a d j u s t e d b y d e d u c t
In g f r o m t h e c o n t r a c t p r ic e t h e u n a c c r u e d I n t e r e s t f r o m J u l y 2 5 1 91 1 t o
S e p t . 1 1 9 1 1 , v i z . , 3 6 d a y s , $3 p e r $ 1 ,0 0 0 b o n d .
S e t t le m e n t o f c o n t r a c t s m a y b e e n f o r c e d “ u n d e r t h e r u l e . ”
G E O R G E W . E L Y , S ecreta ry .
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I t w ill d e c i d e o n c e f o r
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c a ll.
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is q u o t e d a s f o l l o w s :
in e x p l a n a t i o n o f t h e r e d u c t i o n
A t t h e t im e o l t h e a d m is s i o n o f t h e t r u s t c o m p a n y t o t h e C le a r in g H o u s e ,
t h e e x a m i n in g c o m m i t t e e r e p r e s e n t i n g t h e C le a r in g H o u s e f o u n d It im
p o s s ib l e , o w in g c h l e ll y t o l a c k o f t im e , t o c o m p l e t e t h e e x a m i n a t i o n o f c e r
t a in la r g e lo a n s o f t h e t r u s t c o m p a n y .
A m o n g t h e s e w e r o lo a n s t o t h e
W l ll la m s b u r g h T r u s t C o m p a n y , t h e B r o o k l y n B a n k a n d t h e U n io n B a n k
o f B r o o k l y n , w h ic h h a d o r i g in a ll y a m o u n t e d t o n e a r l y $ 3 ,0 0 0 ,0 0 0 , b u t
w h ic h h a d b e e n r e d u c e d t o a b o u t h a lf t h a t a m o u n t . T h e r e w e r o o t h e r lo a n s
o f s u c h a n a t u r e t h a t a m o r e e x t e n d e d t im e w a s r e q u i r e d f o r I n v e s t ig a t i o n
t h a n c o u l d b e g iv e n b y t h e c o m m i t t e e .
A l t h o u g h t h e lo a n s r e f e r r e d t o w e r e a d m it t e d b y a ll c o n c e r n e d t o b e g o o d ,
a n d n o t in d e f a u l t f o r I n t e r e s t , It w a s f e l t t h a t t h e C le a r in g H o u s e c o u l d n o t
b e e x p e c t e d t o s t a m p t h e m w it h Its a p p r o v a l w i t h o u t t h o r o u g h e x a m i n a
t i o n , a n d a t t h e s a m e t im e i t w a s a d m it t e d t h a t It w o u ld p r o b a b l y b e u n j u s t
a n d I n ju r io u s t o t h e t r u s t c o m p a n y t o d e l a y t h e e x a m i n a t i o n . C o n s e q u e n t l y
It w a s a g r e e d t h a t a g u a r a n t y f u n d o f $ 2 ,0 0 0 ,0 0 0 s h o u l d b o s e t a s id e In a
s p e c ia l a c c o u n t t o a w a i t t h e li q u i d a t i o n o f t h e lo a n s In q u e s t io n .
T h is -a c
t io n w a s t a k e n , a n d t h e t r u s t c o m p a n y w a s a d m i t t e d t o t h e C le a r in g H o u s e .
T h e l i q u id a t i o n Is p r o c e e d in g s a t i s f a c t o r i l y , a n d n e a r l y $ 1 ,0 0 0 ,0 0 0 h a s
b e e n a lr e a d y c r e d i t e d t o t h e a c c o u n t .
— T h e “ S t . L o u i s G l o b e - D e m o c r a t ” o f t h e 1 4 t h i n s t . in d i
T e r r ito r y
E xchange
in t h e s u r p lu s o f t h e
c o m p a n y ’ s r e p o r t o f la s t S a t u r d a y (J u ly
c o n se rv a tiv e
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ago
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g iv e n
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of
to 4 % .
T r u s t C o m p a n y o f t h i s c i t y , b u t s h o w n o n l y f o r t h e f ir s t t i m e
in c lu d e p r in c ip a lly th e y o u n g e r e le m e n t , th e o ld e r a n d m o r e
m em bers
t o r a is e i t s r a t e
— A n e x p la n a tio n a s to a r e d u c tio n a m o u n tin g to $ 2 ,0 0 0 ,
th a t
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B oard
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B oard
c o n tro v e rsy
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b e e n p r e se n te d a s a n a r g u m e n t a g a in s t th e c h o se n lo c a lit y .
b e c a u s e o f i t s r e f u s a l t o m e e t t h e a s s e s s m e n t l e v i e d in M a r c h .
T h e q u e s t i o n o f m o v i n g t h e E x c h a n g e w a s u n d e r d is c u s s i o n
The
tw o y e a r s a g o , b u t th e m a t t e r a t t h a t t im e d id n o t re a c h a
sto o d
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p a y its p a r t o f th e a s s e s s m e n t.
had
L a s t F e b r u a r y , h o w e v e r , a f t e r th e q u e s tio n
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— T h e p r o p o s a l t o m e r g e th e M e r c a n tile T r u s t C o . o f th is
a p p o in t m e n t o f a c o m m it t e e o f fiv e to c o n s id e r a n d in v e s ti
c ity
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d ir e c to r s o f th e fir s t-n a m e d in s t it u t io n o n W e d n e s d a y .
T h is c o m m itte e w a s n a m e d b y
P r e s i
w ith
th e
d e n t M ill e r in M a r c h , a n d c o n s i s t e d o f G o r d o n S . C a r r i g a n ,
c o n s o lid a tio n ,
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n e x t y e a r , w a s fo r e c a s t a m o n t h a g o w h e n n e g o tia tio n s w ere
S t.
its
Jam es
w as
a n n o u n c e d a s u n d e r w a y f o r t h e s a le b y t h e E q u i t a b l e L i f e
W a ln u t
In
B ean,
Co.
it re c o m
1 4 1 1 -1 4 1 9
G ran ge.
H .
T ru st
m e n d e d th e a c c e p ta n c e o f a p ro p o sa l o f W illia m F . D e a k y n e
erect a t
W .
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t w e lv e -s t o r y
b u ild in g
t o b e k n o w n a s th e P h ila d e lp h ia S t o c k E x c h a n g e B u ild in g .
S o c ie ty
of
it s
h o ld in g s
in
th e
M e r c a n t i le
U n d e r t h e a r r a n g e m e n t s e n t e r e d i n t o , t h e e n t i r e s e c o n d flo o r
B an k ers
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a n d p a r t o f t h e t h ir d f lo o r a r e t o b e l e a s e d t o t h e E x c h a n g e
000 and
th e B a n k e r s a c a p ita l o f $ 3 ,0 0 0 ,0 0 0 .
fo r
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t w e n ty -fiv e
years
at
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of
$ 1 8 ,0 0 0 , a n d th e E x c h a n g e h a s th e o p t io n o f p u r c h a s in g th e
T ru st
( a m o u n t i n g t o 1 2 ,9 4 1 s h a r e s ) t o i n t e r e s t s a s s o c i a t e d w it h t h e
T h e M e r c a n tile h a s a c a p ita l o f $ 2 ,0 0 0 ,
I t is u n d e r
t h a t u n d e r t h e t e r m s o f t h e c o n s o li d a t i o n
agreem en t
t h e s t o c k h o l d e r s o f t h e M e r c a n t i l e w ill r e c e iv e a c a s h d i v i d e n d
b u i l d i n g w i t h i n th r e e o r f o u r y e a r s f o r $ 1 , 5 5 0 , 0 0 0 .
The
o f - $ 5 0 a s h a r e o n t h e i r s t o c k , a n d w ill e x c h a n g e t h e i r h o l d i n g s ,
b u i l d i n g is t o c o s t $ 7 5 0 , 0 0 0 , w h il e t h e s it e is v a l u e d a t a li k e 1 s h a r e f o r s h a r e , f o r s t o c k in t h e
B a n k e r s T r u s t C o ., th e
22 1911.
Ju ly
THE CHRONICLE
l a t t e r in c r e a s in g i t s c a p i t a l f r o m
$ 3 ,0 0 0 ,0 0 0
T h e d ir e c t o r s o f t h e B a n k e r s T r u s t
th e p r o c e e d in g s , a n d
by
to $ 5 ,0 0 0 ,0 0 0 .
h a v e li k e w i s e a p p r o v e d
t h e m a t t e r w ill s h o r t l y b e a c t e d u p o n
th e r e s p e c tiv e s to c k h o ld e r s .
W illia m
C . P o i l l o n , P r e s i
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201
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P re sid e n t
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$ 6 8 ,7 5 6 ,0 0 0
w h ile
th o se
of
C l e a r in g
H ou se
th e B a n k e rs T r u s t
th e
M e r c a n t i le
w ere
$ 4 0 ,9 7 2 ,0 0 0 .
W e d n e s d a y ’s m e e tin g
O r i g i n a l l y M r . M i l l s ’ h o l d i n g s in t h e b a n k
a r e r e p o r te d t o h a v e a m o u n t e d to 1 7 5 s h a r e s , b u t h is in t e r e s t ,
a c c o r d in g
d e n t o f t h e M e r c a n t i l e , w i ll , i t is e x p e c t e d , b e c o m e a V i c e
s t a t e m e n t o f la s t S a t u r d a y th e d e p o s its o f
o f th e in s titu tio n a t
o f th e d ir e c to r s .
R e im e r s ,
700
a c q u ir e d
has
s h a r e s — a ll
s in c e
s in c e
over
F ebru ary.
sh a res o f th e b a n k ’s s to c k .
been
th e
in c r e a s e d
175
The
d ir e c to r s
I t is s t a t e d
to
sh a res h a v in g
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344
t h a t n o lo s s e s w ill
r e s u l t t o e i t h e r d e p o s i t o r s o r s t o c k h o l d e r s in t h e l i q u i d a t i o n ,
a s n o s h o r t a g e e x i s t s in t h e f u n d s o f t h e i n s t i t u t i o n .
F orm er
to th e s to c k h o ld e r s o f th e
P r e s i d e n t M i ll s w a s a r r e s t e d a t h i s h o m e o n T h u r s d a y , w h e r e
O r i e n t a l B a n k o f t h i s c i t y , w h ic h s u s p e n d e d in J a n u a r y 1 9 0 8 ,
h e w a s a llo w e d to r e m a in b e c a u s e o f im p a ir e d h e a lt h , f o llo w
— A
c o m m u n ic a tio n a d d r e sse d
in v it e s b id s b y th e m fo r c e r ta in o f th e a s s e ts o f th e in s t it u t io n ,
in g a n o p e r a t io n .
w h ic h i t p u r p o s e s t o c o n v e r t i n t o c a s h a t o n c e t o e n a b le i t t o
h im w ith m is a p p ly in g th e f u n d s o f th e b a n k .
liq u id a te
a t $ 2 5 ,0 0 0 , a n d cash to t h a t a m o u n t w a s fu r n is h e d .
S everal
its
in d e b te d n e s s
m o n th s
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to
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N a tio n a l
O rie n ta l
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R eserve
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Bank.
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de
p o s i t o r s w e r e p a i d in f u l l b y t h e M e t r o p o l i t a n T r u s t C o ., u n d e r
an
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w ith
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la tte r .
b a n k ’s
The
a ffa ir s
tru st
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— The
I t is s t a t e d
U n ite d
S ta tes
t h a t th e c o m p la in t c h a r g e d
T ru st
Co.
of
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Y ork
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its
s e m i - a n n u a l p e r i o d o f b u s i n e s s w i t h $ 6 9 , 9 8 4 , 8 4 8 d e p o s i t s in
tr u s t, $ 8 6 ,8 1 7 ,2 4 7 a g g re g a te
resou rces
t h e c r e d i t o f i t s s u r p lu s a n d
u n d iv id e d p r o fits o n J u ly
and
$ 1 3 ,8 0 0 ,2 7 9
to
1 st.
fo llo w in g y e a r ( 1 9 0 9 ) w h e n s o m e o f th e a s s e ts o f th e O r ie n ta l
T h e J u ly 1 s t d iv id e n d o f $ 5 0 0 ,0 0 0 w a s c h a r g e d to p r o fit a n d
w e r e t a k e n o v e r b y t h e C o n s o l i d a t e d N a t i o n a l B a n k , w h ic h
l o s s a n d n o t i n c l u d e d in t h e s t a t e m e n t .
h a s s in c e b e c o m e t h e N a t i o n a l R e s e r v e B a n k .
c h a r t e r e d in 1 8 5 3 a n d is o n e o f t h e c i t y ’ s r e p r e s e n t a t i v e t r u s t
th e la tte r lo a n e d
th e O rie n ta l $ 2 0 0 ,0 0 0
I n a d d itio n
to e n a b le it to d is
c h a r g e it s o b l i g a t i o n t o t h e M e t r o p o l i t a n T r u s t .
T h e lo a n
to
t h e O r i e n t a l h a s s in c e b e e n r e d u c e d t o $ 1 2 5 , 0 0 0 , a n d in o r d e r
c o m p a n ie s.
The
P r e sid e n t;
e x e c u tiv e
W illia m
M.
sta ff
is
K in g s le y ,
T he com pany w as
E d w ard
W .
H en ry
t h a t t h e d e b t m a y b e c a n c e le d b y A u g u s t 1 , i t is p la n n e d t o
C h a r le s A . E d w a r d s , S e c o n d A s s i s t a n t - S e c r e t a r y .
S t e w a r t is C h a i r m a n o f t h e b o a r d o f t r u s t e e s .
on ce
v a r io u s
s e c u r i t ie s
s t ill
h e ld .
The
o f f e r in g
is
p r e s e n t e d t o t h e s t o c k h o l d e r s in a c c o r d a n c e w it h t h e f o l l o w i n g
r e s o l u t i o n o f t h e d ir e c t o r s :
Whereas, I t Is d e e m e d t o b e t o t h e I n t e r e s t o f t h e O r ie n t a l B a n k t h a t It
c o n v e r t I n to c a s h a t o n c e c e r t a i n o f Its a s s e t s a n d s e c u r it ie s , f o r t h e p u r p o s o
o f e n a b l in g It t o l i q u id a t e Its I n d e b t e d n e s s t o t h e N a t i o n a l R e s e r v e B a n k ,
w h ic h h a s b e e n d e m a n d e d ; a n d , b e c a u s e o f t h e p o s s i b i l i t y t h a t t h e fu ll c a s h
v a l u e o f s u c h a s s e t s a n d s e c u r it ie s m a y n o t b e r e a liz e d u p o n a sa le m a d e a t
t h is t im e , It Is d e s ir a b le t h a t t h e s t o c k h o ld e r s o f t h e O r ie n t a l B a n k s h o u l d
h a v e t h e first o p p o r t u n i t y o f p u r c h a s i n g s u c h a s s e t s a n d s e c u r it ie s If t h e y
s o e l e c t , a n d t h u s o b t a i n t h e a d v a n t a g e . If a n y , w h ic h m a y a c c r u e f r o m a
p u r c h a s e m a d e a t t h is t im e ;
llesolved. T h a t t h e P r e s i d e n t b e a n d h e r e b y Is d i r e c t e d t o t r a n s m i t t o
e a c h o f t h e s t o c k h o ld e r s a li s t o f t h e a s s e t s a n d s e c u r it ie s s o t o b o s o l d , t o
t h e e n d t h a t s u c h o f t h e s t o c k h o ld e r s o f t h e b a n k a s m a y b e s o I n c lin e d m a y
s u b m it b id s t h e r e f o r In w h o lo o r in p a r t , a ll b id s t o b e r e c e iv e d s u b j e c t t o
p r e v io u s s a le , t h e b o a r d r e s e r v in g t h e r ig h t t o r e j e c t a n y a n d a ll b id s s o
r e c e i v e d , In w h o le o r In p a r t .
— A
d iv id e n d o f 2 ^ %
of A . O . B row n
T ow n sen d ,
t o t h e c r e d i t o r s o f t h e f a il e d fir m
& C o . o f t h i s c i t y w a s d e c la r e d b y J o h n J .
r e fe r e e in b a n k r u p t c y ,
th is w e e k .
o c c u r r e d in 1 9 0 8 ; a p r e v i o u s p a y m e n t o f 2 j ^ %
T h e f a il u r e
w a s d is t r ib u t e e !
— A
C o lu m b ia T r u s t C o . o f th is c it y o n T u e s d a y .
w eek.
to
S tre e t an d
p la c e
th e
B roadw ay,
Audubon
N a tio n a l
in v o l u n t a r y
b y t h e d ir e c t o r s o n W e d n e s d a y .
The
of
10%
w a s d is tr ib u te d
p a y m e n t is t h e f o u r t h
t h e i n s t i t u t i o n in N o v e m b e r
s in c e
1908 and
re tu r n to th e d e p o s ito r s u p to 5 0 % .
w ere 1 0 %
on M ay
on M ay 1 19 0 9 , 2 0 %
11
to
th e
M r . C la r k is a
liq u id a tio n
143rd
th e
T h e p r e v io u s p a y m e n t s
on O c to b e r 1 1 9 0 9
and 1 0 %
1910.
s t e a d y g r o w t h in b u s i n e s s a n d e a r n i n g s .
D e p o s its h a v e in
c re a se d fr o m $ 6 ,6 4 7 ,3 1 9 D e c . 31 1 9 1 0 to $ 7 , 3 5 0 ,5 9 7 , s u r p lu s
and
p r o fits
fro m
resou rces
fro m
m o n th s.
The
$ 1 ,4 1 5 ,7 1 5
$ 8 ,6 8 1 ,4 9 8
com pany
to
to
$ 1 ,4 6 1 ,5 4 9
$ 9 ,4 2 1 ,3 1 5
h a s p a id
in g
20%
a n n u a lly
in
d iv id e n d s
to
15
to rs o f
been
th e fa ile d
m ade.
in
ago;
of
s ix
to
1 8 9 2 , a n d is p a y
s to c k h o ld e r s ,
W ayn e, at
in it i a l d i v i d e n d
th e
sam e
in te r e st
w h il e
fo r th c o m in g
to th e d e p o s i
L yon s,
of 5 0 %
paym ent
N.
Y .,
w a s p a id
a m o u n ts
to
25% .
T h e b a n k s u sp e n d e d la s t N o v e m b e r .
— G eorge
H .
M c D o w e ll
has
been
e le c t e d
V ic e -P r e s id e n t
o f th e N a tio n a l B a n k o f C o h o e s a t C o h o e s , N . Y . , to su c c e e d
t h e la t e T h o m a s B r e s l i n .
of
th e
p u rch a se
by
a
bank
of
th e
its
n a tio n a l
ow n
sto c k
b a n k in g
is
la w
th e
p r o h ib it e d ,
and
have
several
o f t h e b a n k in 1 8 7 1 , b u t in 1 8 8 1 g a v e u p h i s c o n n e c t i o n
U nder
it s
33% .
Bank
An
a g g re g a te
th e
$ 1 ,9 9 9 ,0 4 8
d e p o s i t o r s s in c e i t s o r g a n i z a t i o n , D e c .
e a r n in g s h a v e a v e r a g e d
and
in
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b y f o r m e r P r e s i d e n t D a v i d S . M ill s in t h e p u r c h a s e o f s t o c k
th e
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— T h e J u n e 3 0 1 9 1 1 s t a t e m e n t o f th e M o r r is to w n T r u s t C o .
w ere ta k e n
T h e d e c is i o n r e s u l t s f r o m
d e p o sito r s
o f M o r r is to w n , N . J ., S a m u e l F r e e m a n , P r e s id e n t, sh o w s a
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— A r r a n g e m e n ts to p a y a se c o n d d iv id e n d
m e m b e r o f t h e b a n k i n g f ir m o f C l a r k , D o d g e & C o .
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se ll
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P r e s id e n t o f th e C o h o e s S a v in g s I n s t it u t io n a n d a m e m b e r
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T h e d i r e c t o r s o f t h e A u d u b o n N a t i o n a l B a n k d i s c o v e r e d s o m e t im e a g o
t h a t t h e fu n d s o f t h e b a n k h a d b e e n m a n ip u la t e d b y D . S . M ills , Its f o r m e r
P r e s i d e n t , a n d t o o k im m e d ia t e s t e p s t o s e c u r e t h e b a n k s ’ d e p o s i t o r s .
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m e e t in g o f t h e d i r e c t o r s h e ld o n J u ly 19 1 9 1 1 , it w a s v o t e d t o r e c o m m e n d
t o t h e s t o c k h o ld e r s t h a t t h e b a n k g o I n t o v o l u n t a r y l i q u id a t i o n .
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a r e r e q u e s t e d t o w it h d r a w t h e ir b a l a n c e s .
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c o n s u lt a t io n w it h C . A . H a n n a , N a t i o n a l B a n k E x a m i n e r , a n d t h e ir a c t i o n
h a s h is e n t ir e a p p r o v a l .
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t h e b a n k i n g a n d b r o k e r a g e f ir m o f N o r m a n M a c L e o d
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o f th e c r e d ito r s o n th e 1 1 t h in s t .
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t h e N a t i o n a l B a n k E x a m i n e r f o u n d t h a t o n J u n e 10 D a v i d S . M ills , w h o a t
t h a t t im e w a s P r e s i d e n t o f t h e b a n k , h a d u s e d $ 4 3 ,0 5 0 o f t h e b a n k ’ s fu n d s
t o b u y 3 4 4 s h a re s o f t h e b a n k ’ s o w n s t o c k .
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f r o m t h e b a n k ’ s lo a n s t o e n a b l e It t o l l u q ld a t e Its d e p o s i t s .
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b e e n a c c o m p l i s h e d , t h e d i r e c t o r s r e c o m m e n d e d t h a t t h e s t o c k h o ld e r s v o t e
t o g o I n t o v o l u n t a r y l i q u id a t i o n .
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e rs h a s b e e n c a ll e d f o r A w g . 2 2 .
T h e p a y m e n t o f d e p o s i t o r s b e g a n t o - d a y , a n d It Is e x p e c t e d t h a t a ll w ill
b e p a i d o u t t h is w e e k .
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a n d t h e b a n k h a s c a s h e n o u g h o n h a n d t o p a y o u t a s fa s t a s Its c h e c k s a r c
p resen ted .
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G . H . M c D o w e ll & C o .,
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R i c h a r d s , S e c o n d V i c e - P r e s i d e n t ; J o h n J . C o lli e r , T r e a s u r e r ,
a n d A lla n H u n t e r , A s s is t a n t T re a su r e r.
THE CHRONICLE
20 8
— T h e P e n n s y lv a n ia S t a t e B a n k o f P h ila d e lp h ia , o r g a n iz e d
in 1 9 0 9 b y i n t e r e s t s a s s o c i a t e d
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t h e o p e n i n g o f a b o n d d e p a r t m e n t f o r t h e b u y i n g a n d s e lli n g
o f G o v e r n m e n t , m u n i c i p a l , r a ilr o a d a n d
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g a in t o t h is b a n k o f o v e r $ 6 0 ,0 0 0 .
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o u t l a y o f c a s h , It h a d , u n d e r t h e la w , t o b e c h a r g e d o f f a s t h o u g h It c o n s t i
t u t e d a lo s s , a n d t h e e a r n in g s f o r t h e p a s t s ix m o n t h s , a s w e ll a s t h e u n d i
v i d e d p r o fit s a n d a p o r t i o n o f t h e s u r p l u s , h a d t o b e a b s o r b e d In t h e p r o c e s s .
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t h e p a s t s ix m o n t h s , t h o u g h e a r n e d , a s t h e la w w ill n o t p e r m it o f a n y a n t ic i
p a t io n o f p r o fi t s , a n d r e q u ir e s t h a t w h e n a n y lo s s e s a r e w r i t t e n o f f , th e
e a r n in g s f o r t h e c u r r e n t p e r io d m u s t fir s t b e d r a w n u p o n .
“ N o r w ill t h e la w a ll o w t h e p a y m e n t o f d i v i d e n d s f r o m t h e s u r p l u s .
“ W e h a v e ta k e n a d v a n ta g e o f th e s itu a tio n to ca r e fu lly re v is e th e
p o r t f o l i o a n d t o r e - v a l u e t h e s e c u r i t ie s c a r r ie d , a n d s u c h p r o v is i o n h a s b e e n
m a d e a s w ill e n a b le t h e b a n k t o d i s p o s e o f t h e s e a t a n y t im e s h o u l d It b e
f o u n d n e c e s s a r y t o d o s o , w it h o u t I n t e r fe r in g w it h t h e p a y m e n t o f t h e
r e g u la r d i v id e n d In t h e fu t u r e o r e n c r o a c h in g u p o n t h e s u r p l u s .
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o f t h e s u r p lu s w ill p r o v e d i s a p p o in t i n g , y e t w e fe e l t h a t y o u w ill u n d e r s t a n d
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a d d s t o t h e s t r e n g t h a n d s t a b i li t y o f t h e b a n k , b u t w ill fu r n is h t h e m e a n s
o f la r g e ly in c r e a s in g Its fu t u r e p r o f i t s .
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m a k e s , a s y o u w ill r e a d i ly r e a liz e , t h e e a r n in g p o w e r o f t h e b a n k g r e a t e r
a n d m o r e e f f e c t iv e t h a n It h a s e v e r b e e n , a n d a s s u r e s t o t h e s t o c k h o l d e r s a
s t e a d y a n d s a t i s f a c t o r y r e t u r n In t h e f u t u r e , o n t h e m o n e y I n v e s t e d In
sh a res o f th e b a n k .
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h o l d in g s a t p r e s e n t m a r k e t v a l u e , as th e r e w ill b e , w it h o u t d o u b t , g r e a t Im
p r o v e m e n t In t h e a ffa ir s o f t h e b a n k w it h i n t h e n e x t s i x m o n t h s . ”
— T h e S e c u r ity S a v in g s & T r u s t C o . o f P o r tla n d , O r e g o n ,
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a g o , a n d in w h ic h F r e n c h - C a n a d i a n c a p i t a l is i n t e r e s t e d , p e r
f e c t e d it s o r g a n i z a t i o n o n J u n c 2 6 .
q u a r t e r s in M o n t r e a l .
Thfe i n s t i t u t i o n h a s i t s h e a d
R o d o lp h e F o r g e t , M .P ., w h o u n d er
t o o k its fo r m a t io n , h a s b e e n c h o s e n P r e s id e n t o f th e b a n k ,
a n d R o b e r t B i c k e r d i k e M . P . h a s b e e n e le c t e d V i c e - P r e s i d e n t .
U p o n e n te r in g th e m a n a g e m e n t o f th e n e w b a n k , M r . B ic k e r -
— A l e t t e r is s u e d t o t h e s t o c k h o l d e r s o f t h e C a n a l - L o u i s i a n a
Bank
in s titu t io n
V ic e -P r e s id e n t.
— The
of
on th e 1 2 th in s t. to
S a v in g s B a n k
a
o f t h e d e t a i l s in
l a t t e r is f ix e d a t $ 5 0 , 0 0 0 .
— A
th e
a d ir e c to r
C o m m i t t e e o f t h e b a n k s in c e t h e f ir s t o f t h e y e a r , h a s b e e n
p o sit
T ru st
of
C r a w fo r d ,
c r e a te d u n d e r th e A c t , th e o ffic ia ls o f th e L in c o ln S a fe D e
&
[V o L . L x x x x m .
O r le a n s
in d ic a tin g
m anagem ent
reason s
d ’ H o c h e la g a .
th e
V ic e -P r e s id e n t a n d
The
d ir e c to r s o f
d ir e c to r o f th e
th e
Banque
Banque
In t e r n a tio n a le
p resen t
d u C a n a d a i n c l u d e M e s s r s . F o r g e t a n d B i c k e r d i k e , S ir G e o r g e
G a r n e a u , H o n . L . O . T a illo n a n d J . N . G r e e n s h ie ld s , K . C . ,
O r le a n s
r e p r e s e n t in g
The
a c tio n
pass
r e t ir e s a s
th e
s e m i - a n n u a l d i v i d e n d a p p e a r s in a r e c e n t e d i t i o n o f t h e N e w
“ T i m e s -D e m o c r a t .”
to
d ik e
r e s u lts
fro m
th e
th e
C a n a d ia n
p u r c h a s e b y t h e b a n k in M a y o f a la r g e a m o u n t o f t h e c i t y ’ s
L a m o t t e , G o v e r n o r o f th e
bon d s;
C o m m is s io n e r o f th e B a n k
w h il e
th is
tr a n s a c tio n
w ill
e v e n tu a lly
s tr e n g th o f th e in s t it u t io n , th e p r e m iu m
enhance
th e
s to c k h o ld e r s ,
and
B ank of F ran ce;
of
P a r is a n d
C hom erau
R aou l S a u tte r,
P a y s -B a s ;
G eorge
p a id o n th e b o n d s
M a r t in , P r e s id e n t o f th e c o n tr o llin g c o m m is s io n o f th e C o m p -
o c c a s i o n e d a n i m m e d i a t e o u t l a y o f c a s h , a n d in a c c o r d a n c e
to ir N a tio n a l D ’ E s c o m p t e d e P a r is , a n d S . B a d e l, b a n k e r , of
w i t h t h e l a w r e q u i r i n g t h a t t h i s b e c h a r g e d o f f a s t h o u g h it
P a r is .
c o n s t i t u t e d a l o s s , t h e e a r n i n g s f o r t h e s i x m o n t h s , a s w e ll a s
F r e n c h g r o u p h a s s u b s c r ib e d $ 7 ,6 7 5 ,0 0 0 , a n d
th e
u n d iv id e d
absorbed
in
p r o fits
th e
and
p ro cess.
a
p o r tio n
The
le t t e r
of
th e
s u r p lu s ,
e x p la in in g
w ere
in te re sts $ 2 ,3 2 5 ,0 0 0 , 1 0 %
p ro
eral
th e
c e e d in g s is a s f o l l o w s :
“ O n M a y 8 o f t h is y e a r t h e b a n k p u r c h a s e d f r o m t h e C i t y o f N e w O r le a n s
$ 4 ,0 0 0 ,0 0 0 o f t h e $ 7 ,0 0 0 ,0 0 0 n e w p u b l i c I m p r o v e m e n t b o n d s u p o n w h ic h
b id s h a d b e e n I n v it e d .
“ T h is p u r c h a s e c a r r ie d w it h It, f o r a p e r io d o f f r o m s ix t o s e v e n y e a r s a t
1% I n t e r e s t p e r a n n u m , fo u r - s e v e n t h s o f t h e d e p o s i t s b e lo n g in g t o a n d
c o n s titu tin g th e se w e ra g e a n d w a te r fu n d , a n d th e sa m e p r o p o r t io n o f th e
fis c a l a g e n c y o f t h e C it y o f N e w O r le a n s a t 2
In terest p e r a n n u m .
“ T o s e c u r e a c c o u n t s o f s u c h I m p o r t a n c e a n d v a l u e t h e b a n k fe l t w a r r a n t e d
In p a y in g a c o m m e n s u r a t e p r e m iu m , w h ic h p r e m iu m w a s r e p r e s e n t e d b y
t h e d i ff e r e n c e b e t w e e n t h e p r ic e p a id t o t h e c i t y f o r t h e b o n d s a n d t h e
p r ic e a t w h ic h t h e y w e r e s o l d b y t h e b a n k .
" U p o n t h e m o s t c o n s e r v a t i v e e s t i m a t e , t h e d i r e c t p r o fi t s w h ic h t h e b a n k
w ill d e r iv e f r o m t h is t r a n s a c t i o n w ill fa r e x c e e d t h e s u m o f t h is p r e m iu m .
" B u t t h e c o l la t e r a l a d v a n t a g e s a c c r u in g t o t h e b a n k f r o m t h is b o n d
d e a l w ill b e v e r y c o n s id e r a b l e a n d w ill p r o v e e q u a l l y . If n o t m o r e . I m p o r t a n t
a n d v a l u a b l e t h a n t h e d i r e c t r e s u lt s .
" R e p e a t e d a t t e m p t s t o d i s p o s e o f t h is Issu e o f n e w p u b l ic I m p r o v e m e n t
b o n d s h a d fa il e d , a n d th e s e fa ilu r e s e x e r c i s e d a c o n t i n u i n g d e p r e s s in g In flu
e n c e u p o n t h e m a r k e t v a l u e o f o u r m u n i c ip a l o b l i g a t i o n s , b u t m o r e e s p e c i a l ly
u p o n t h e fir s t Issu e o f p u b l i c I m p r o v e m e n t b o n d s , In w h ic h , a s y o u k n o w ,
t h is b a n k Is la r g e l y I n t e r e s t e d .
" W e f u l l y r e a liz e d t h a t t h is d e p r e s s io n w o u l d c o n t i n u e u n t i l t h e $ 7 ,0 0 0 ,
0 0 0 Issu e , o r a t le a s t t h e g r e a t b u lk o f I t, c o u l d b e p l a c e d In s t r o n g h a n d s fo r
p e r m a n e n t I n v e s t m e n t , a n d t h u s n o t o n l y li f t t h e b u r d e n o f f o f t h e m a r k e t ,
b u t fr e e It f r o m t h e a p p r e h e n s i o n t h a t a t s o m e t im e o r o t h e r It m ig h t b o
c a ll e d u p o n t o a s s u m e I t .
W e t h e r e f o r e s e t a c t i v e l y t o w o r k t o fin d a
m a r k e t f o r t h e s e b o n d s , a n d s u c c e e d e d In p l a c in g $ 5 ,2 5 0 ,0 0 0 w it h t h e
E q u it a b le L ife A s s u r a n c e S o c i e t y , t h e M u t u a l L if e I n s u r a n c e , a n d th e
M e t r o p o l it a n L ife I n s u r a n c e , t h e W h i t n e y - C e n t r a l N a t i o n a l B a n k t a k in g
o v e r t h e $ 1 ,7 5 0 ,0 0 0 r e m a in in g .
“ T h e life in s u r a n c e c o m p a n i e s p u r c h a s e d t h e s e b o n d s , n o t a s a s p e c u l a t i v e
v e n t u r e , b u t a s a p e r m a n e n t I n v e s t m e n t , a n d In a ll p r o b a b i l i t y t h e y w ill n o t
c o m e o u t o f t h e s t r o n g b o x e s o f t h e c o m p a n i e s u n t il t h e t im e o f t h e ir
m a t u r i t y . ................................................................................................................................ .....
O f t h e $ 1 0 , 0 0 0 , 0 0 0 c a p i t a l i t is a n n o u n c e d
nam es
w ere
t h a t th e
th e C a n a d ia n
o f w h ic h h a s b e e n p a i d i n .
proposed
fo r
th e
in s titu t io n
Sev
b e fo r e
th e
a d o p t i o n o f t h e o n e u n d e r w h ic h i t h a s b e e n o r g a n i z e d — L a
Banque
G e n e r a le
h a v in g b e e n
— C o l.
th e
C.
du
C anada, and
th e
Banque du
C anada
t i t l e s a t f ir s t s u g g e s t e d .
Sm art
has
been
ch osen
to
su cceed
R obert
B ic k e r d ik e , r e s ig n e d , a s a d ir e c to r o f th e B a n q u e d ’ H o c h e l
aga.
C o l . S m a r t is P r e s i d e n t o f t h e N a t i o n a l S e c u r i t i e s , L t d . ,
a n d P r e s i d e n t o f t h e S m a r t B a g C o . a n d t h e M a r i t i m e F is h
C o r p o r a tio n .
— V i c t o r I I . R o s s e t t i , A s s i s t a n t C a s h ie r o f t h e W e l l s F a r g o
N e v a d a N a t i o n a l B a n k o f S a n F r a n c i s c o , h a s b e c o m e C a s h ie r
o f th e F a r m e r s ’ & M e r c h a n ts ’ N a tio n a l B a n k o f L o s A n g e le s .
— T h e a r r a n g e m e n t s w it h r e g a r d t o t h e n e w c a p it a l o f th e
D o m i n i o n B a n k , h e a d o f f i c e T o r o n t o , p r o v i d e f o r it s is s u a n c e
to
s to c k h o ld e r s
p a id -in
c a p ita l
of
record
is
to
be
J u ly
15.
As
sta te d
in c r e a s e d
fro m
th e
of
1,
th e
$ 4 ,0 0 0 ,0 0 0
J u ly
to
$ 5 ,0 0 0 ,0 0 0 .
— It
is a n n o u n c e d
$ 1 ,6 0 0 ,0 0 0
of
$ 1 4 ,4 0 0 ,0 0 0
— It
fr o m
to
a lso
of
th a t
p roposes
new
$ 4 ,0 0 0 ,0 0 0
$ 1 0 ,0 0 0 ,0 0 0 .
th a t
c a p ita l,
Bank
in c r e a s i n g
M o n tre a l
th e
w ill
is s u e
am ount
fr o m
$ 1 6 ,0 0 0 ,0 0 0 .
is r e p o r t e d
T o ro n to )
0 0 0 ,0 0 0
new
sto c k ,
to
th e
to
Bank
of
in c r e a s e
th e re b y
$ 5 ,0 0 0 ,0 0 0 .
T o ro n to
its c a p it a l,
r a is in g
The
th e
(h e a d
o f f ic e
i s s u in g
p a id -in
a u th o r iz e d
$ 1 ,
am ount
c a p it a l| is
THE CHRONICLE
J u l y 2 2 191.1 ]
c
r
"
'" ♦ - - L r i E
t x g t i s l x 2 £ e w
s
English Financial Markets—Per Cable.
T h e d a i l y c lo s i n g q u o t a t i o n s f o r s e c u r i t i e s , & c . , a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :
London.
Mon.
Sat .
Week ending July 21.
24 H
Silver, p e r o z ----------------------d . . 2 i%
C onsols, new , 2 X per cents. . 78 15-16 79 1-16
7944
F o r a c c o u n t .......................... . 79
9 4.8 5
F ren ch R en tes (In P a r is ).fr . ______
A m a lg a m a ted C op p er C o ------. 705*
7044
A m erica n S m elt. & R e f. C o.. 82 Yi
8244
bA n a con d a C op p er C o ---------- . 3 ' A
844
A tch ison T op ek a ft S anta F e .l 10
116
P r e fe r r e d ................................. 106
106
B a ltim ore ft O h io ------------------ 1 1 2 ^
11244
P r e fe r r e d ..................... ........... . 93
93
C anadian P a c ific-------------------- 2 49 M
24944
C hesapeake ft O h io _________ ■ 84 X
85
C h ica g o G reat W e ste r n .......... . 23
22 44
C hicago M ilw . & S t. P a u l___ 130 X
13044
D en v er ft R io G ra n d e______ • 29 K
2944
P r e fe r r e d ....... ..................... . 59
59
E r i c ............................................... . 3 7 ^
38
F irst l ’ rcfi r r e d ....................... 6 0
60 J4
S econ d P re fe r re d _________ . 4 9
49
Illin ois C en tra l______________ 1 4 7 H
147
L ou isville ft N a sh v ille______ .159
15844
Missouri K ansas ft T e x a s ___. 38
3744
P r e fe r r e d ............ .................... . 69
69
Missouri P a c ific ................. ...... ■ 5044
5044
N a t. R R . o f M e x ., 1st P r e i . .. 67
67
S econ d P referred _________ 32 X
32
N . \ . Central ft H udson R lv .112
11144
N . Y . O n tario & W e s t e r n ... . 47
47
N o r fo lk ft W e ste r n _______ . .11244
112
P r e fe r r e d ................................. . 9244
92 44
N orth ern P a c ific .......... ............ .136
13544
((P ennsylvania ...................... ■ 6444
6444
((R ead in g C o m p a n y ................. . 8144
8044
((First P re fe r re d ................... . 47
47
a S cco n d P re fe r re d ............... . 5044
50 44
R o c k I s la n d ........................ ........ . 33
3244
126
Sou th ern P a c ific _____________ .126
Sou th ern R a ilw a y __________ . 33J4
33 44
P referred __________________ . 75
75 44
U n ion P a c ific ..... .....................
193 44
P referred . . ................. .......... 97 44
97 44
U . s . Steel C o r p o ra tio n _____ • 8144
8144
P r e f e r r e d ................................. .122
12144
W a b a sh ........................................ . 1644
1644
P r e fe r r e d .............. ................... 36
3644
E x te n d e d 13.......................... . 6844
6344
Tucs.
x
x
a P rice per share.
Wed.
24 44
24 44
7844
7844
78 15-16 7844
94.87 44 9 4 .7 7 4 4
7044
7134
SI 44
8234
844
8 44
11544
11644
106
106
112
112 44
93
93
253
25144
85
8444
23
22 44
13144
13044
2944
2044
60
59
3834
3744
6044
6044
49
4844
148
147
15944
15844
38
3744
70
69 44
5044
5144
67
6744
3144
3144
11244
n i4 4
47
47
112
1123-4
92 44
9244
13544
13644
6144
0444
8044
813-4
47
47
5044
5044
33
3344
12544
12744
33 44
3444
76
76
192 34
19544
97 44
9644
82
80J4
122
12144
1644
1644
36
3644
68
6844
Thurs.
24 5-10
7844
7844
94.7244
7044
8244
8
11644
100
11244
93
25244
8144
2:5
131
2944
59 34
37 44
6044
49
147 44
160
38
70
5044
67
3144
11244
47
112
92 44
13644
6144
8044
47
5044
33 44
12744
33 44
70
19544
96
82
122
1644
37
6844
Fri.
24 5-10
78 7-16
78 7-16
94.7244
7044
82
8
11644
106
11244
93
2.53 44
8434
2344
13144
2944
59 44
3744
0044
4944
14744
160
38
70
51
67
3144
112
47
112
92 44
137
64 44
8144
47
5044
33 44
12754
34
77
19534
9644
82
122
1044
37
6844
& £ sterling.
©011x111 cue till a n d
\s cjcllrnxiants Jl-CXUB
Canadian Bank Clearings.—
T h e c le a r i n g s f o r t h e w e e k e n d
i n g J u ly 1 5 a t C a n a d i a n c it i e s , in c o m p a r i s o n w it h t h e s a m e
w e e k o f 1 9 1 0 , s h o w s a n in c r e a s e in t h e a g g r e g a t e o f 1 3 . 6 % .
Week ending July 15.
Clearings at—
1910.
1911.
C anada—
M ontreal ...................... ..
T o r o n t o ..................................
W i n n ip e g ____ . _______
V a n c o u v e r ______________
O t t a w a ........................... .......
Q u e b e c ............... . . .
..
H a l i f a x __________________
H a m il t o n ________________
S t, J o h n _________________
L o n d o n ................. ..............
C algary -------------- --------- -V ic t o r ia ............... ..................
E d m o n to n ...........................
s
51.0 06 ,31 6
3 5 ,9 9 9 ,1 8 9
22,1 32 ,55 4
10,032,136
4 ,9 5 5,8 23
3 ,4 0 2,8 47
2,04 8,2 33
2 ,4 0 2,5 52
1,851,597
1.471,315
4 ,0 5 1,8 70
2 ,7 3 7,0 98
2 ,3 4 3,2 44
1,509,079
603,952
1 ,453,000
751.000
520 .00 0
503,000
8
45,0.87.331
3 3 .9 00 ,00 0
18,706,194
9,15 3,4 51
3 .6 9 4 ,0 2 5
2 ,5 7 2,1 62
2 ,1 5 4 ,1 2 2
1,917,750
1,760,228
1.391,291
2 ,9 4 8,3 37
2 ,3 0 6,9 92
1,404,676
1,514,582
403,519
N ot Include
N ot Include
N ot Include
N ot Include
B ran d on ...................... .........
S a sk a toon ...........................
M oose J a w . . . .......... .........
L e t h b r id g e .......... - ..............
B ra n tford _______ _____
t W W B B
T o ta l C a n a d a -------------- 146,547.805 1 28 .97 4,6 90
1
Inc. or
Dec.
• rrv -n 'ts?
1908. '■
1909.
a
4 0 ,9 64 ,11 9
2 9 ,2 90 ,48 7
10,946,174
5 ,1 3 3 ,1 0 5
3 ,2 9 5 ,7 5 6
2 ,3 0 3 ,8 1 9
2 ,621.821
1 ,710,935
1,511,430
1 ,323,377
1,829,547
1,432,20.8
9 87,157
%
+ 13.1
+ 0.2
+ 18.3
+ 9 .6
+ 3 4 .1
+ 3 2 .3
— 4 .9
+ 2 5 .3
+ 5 .2
+ 5.7
+ 3 7 .4
+ 18.7
+ 60.9
— 0 .4
+ 3 0 .3
d In tot
<1 In to t
d In to t
d In tot
$
2 8 ,7 0 7 ,4 (0
2 1,5 88 ,3 9
9 ,1 6 8 .2 9
3 ,5 7 6 ,7 1 0
3 ,1 6 8,2 41
2 ,1 0 5,8 . 0
1,997,438
1,446,939
1,220,251
1,053,299
1,1.80,546
1 ,269,399
0 95,916
il.
ll.
vl.
d.
+ 13.6 103,349,935
7 7 ,2 3 8 ,0 1 3
DIVIDENDS.
T h e f o l l o w i n g s h o w s a ll t h e d i v i d e n d s a n n o u n c e d
f u t u r e b y la r g e o r i m p o r t a n t c o r p o r a t i o n s :
fo r th e
Dividends announced this week are printed in italics.________
Name of Company.
R a ilroa ds (S tea m )
A lab a m a G rea t S ou th ern , p referred ...........
A t c h . T o p e k a & S anta Fu, c o m . ( q u a r . ) . .
P re fe r re d .........................................................
B a ltim ore ft O h io, c o m m o n _____
P referred
---------- ------------------- ------------B o s to n ft Maine c o m . (q u a r ,) _____
P referred ................ ...................................
Canada S o u th e rn -------- ------------- ------------- __
C entral H R . o f N ew Jersey (q u a r .)____
Chic.
S t.
Paul Minn, ft- Omaha, com.Apf.
C uba R a ilroa d , p r e fe rr e d ................................
Per
Cent
Books Closed.
Days Inclusive.
3X
2X
H i
A ug.
\'A
2X
2
1
3
IX
2
3
6
0
Vi Sept.
28 H old ers
1 H olders
1 H olders
1 H olders
1 H olders
2 H olders
1 H olders
1 H olders
1 H olders
21 H olders
1 H olders
of
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
July22a
July28(i
June30a
A u g . la
A u g . la
Sept, la
A u g .15 a
June30a
July20a
A u g . 4a
Junc30a
1
1 H olders o f rec. Ju ly 11a
H olders o f rec. A u g . 1
H olders o f r c c. Junc30a
July
H olders o f rcc. JuneSOa
A ug.
3 X A ug.
July 21
to
A u g . 10
So
H olders o f rcc. Julyl.5a
A ug.
3
H olders o f rec. June30a
July
3
Julv 22
to
A ug.
1
A ug.
2 A
SCDt.
1 H olders o f rc c. A u g . la
2
N . Y . N . l l . ft Hartford (quar.)..............
S ep t. 30 H olders o f rec. S ep t. 15a
2
A ug. 14 July 30
N ew Y o r k O n tario ft W estern ..................
to
A ug. 14
1
A ug. IS H olders o f rec. J u ly 3 1 a
N o r fo lk ft W estern, preferred ( q u a r . ) . . .
I X A ug.
N orth ern P acific (q u a r .) ...... .....................
1 H olders o f rec. Ju ly 6a
4 Vi A u g . 21 H olders o f r c c. A u g . 10a
Ostccgo A Syracuse, guaranteed--------------2 Yz A u g .
1 H olders o f r c c. J uly2 6a
Passaic A Delaware..........................................
Wx July 25 H olders o f r c c. J u ly 15a
P itts. Cln. C hic, ft St. L „ c o m .A p f. (q u .)
1 H olders o f rec. J uly2 2a
P ittsb u rg h ft L ak e E r ic .................................. $2 .5 0 A ug.
A ug.
3
1 H old ers o f r c c. J u lv lS a
R ea d in g C o m p a n y , c o m m o n . .........................
2
S ep t.
9 H olders o f rcc. A u g .2 3 a
Rome Watertown A Ogden guaranteed (qu.)
I X A u g . 15 H old ers o f rec. J uly3 1a
1
Aug.
1 H olders o f r c c. J u ly l7 a
S t. 1 m ils ft. San Fran . 1st p ref. ( q u a r . ) . .
A ug. 9
I X A u g . 10 A u g . 1 to
Utica Clinton A Binghamton...........................
Street a n d e le c t r ic R a ilw a y s.
A lb a n y S ou th ern I t R ., p re fe rr e d .............
C olu m bu s (O .) R y . f p r e f. (q u .) (N o . 4 7 ) .
C om m on w ea lth P o w ., R y . A L t ., p f .(q u .)
F ast St. L ouis A- S u b ., p r e f.(q u .)(N o .2 1 )
Fairmont ft: Clarksburg Trac., pref ________
G rand R a p id s R y ., p r e f. (q u a r.) (N o . 43)
Harrisburg (.Pa.) Traction. .......... ..................
H a v a n a E le ctric R y .,c o m . & p ref. (q u .)_
J a ck son v ille T r a c ., c o m . (q u a r.) (N o . 2)
P referred (q u a r .) (N o . 2 ) ...........................
Lewiston Aug. ft WalervtUe, pref. (quar.).
Lincoln Traction, pref. (quar.)......................
Manchester Trac., Light A Power (quar.)..
Mexico Tramways (quar.).......... .....................
M ilw aukee E l. R y . A L t ., pref ( q u a r . ) . .
M ontreal Street R y . (q u a r .) ...........................
P hilad elp hia C om p a n y , co m m o n (q u a r .) .
C om m on ( e x t r a )..............................................
P u b lic S erv ice I n v e s t ., c o m . (N o . 4 ) ____
P referred (q t n r .) (N o . 9 ) ........ ...................
R a ilw a y s C o. G eneral (q u a r .) ____________
R a ilw a y ft L ight Sec u rities, c o m . (N o . 4 ) .
P referred (N o . 1 3 ) ............................. ............
R io d o Janeiro T r ., L . ft P ., L t d ., (q u a r.)
S ea ttle E le ctric C o ., P re fe r re d ___________
S ou th S id e E le v a te d , C hica go (s p e c i a l)..
Union Street Ry., New Redlord (quar.)____
West PcnnRys., pref. (quar.) (No. 2 3 ) . . .
B a n k s.
Botocry (quar.)...................... ..............................
E xtra ...................................................................
Corn Exchange (quar.) ____________________
German American_____ ____________________
Lincoln National (quar.)__________________
Pacific (quar.)______________________ ______
Twenty-third Ward_________________________
T ru st C om p an ies.
B r o a d w a y (q u a r .)_________________________
Farmers’ Loan ft- Trust (quar.)____________
Hamilton, Brooklyn (quar.)________________
Kings County, Brooklyn (quar.)___________
Nassau, Brooklyn (q u a r.).. ............... ............
M iscellaneous.
Amalgamated Copper..........................................
American Chicle, common (monthly)_______
Common (extra)...................... .......1_________
A m er. D lst. T o lc g . o f N ew Jersey (q u a r.)
A m cr. G as & E le c. p ref. (q u a r .)....................
A m erican G lue, p re fe rr e d _________________
A m er. L ig h t & T r a c ., c o m . (q u a r .)_______
C om m on (p a y a b le In co m m o n s t o c k ) . .
P referred (q u a r .)................................ ...........
Brill, J. G., pref. (quar.)........................ .........
Butte Elec, it- Poiocr, pref. (quar.) (No. 40)
Cambria Steel__________ ______ ______ ______
C anada C em ent, L t d ., p ref. (q u a r .)(N o .6 )
C anadian Car ft F d y ., L t d ., p r e f.(q u a r .).
C hica go P n eu m atic T o o l (q u a r .) .................
Cities S erv ice, co m m o n (m o n t h ly ).............
P referred ( m o n t h l y ) . . ................................
Claflln, H . B ., first preferred (q u a r .)____
S econ d preferred (q u a r .)---------------------C om m on w ea lth E d ison (q u a r .)....................
Computing Scale (quar.) — ............. .............
C on solida tion Coal (q u a r .)............... ..............
R e c e ip ts fo r sto c k ca rryin g d iv id en d s
decla red a fter Jan. 31 1911..................
C u y a h oga T elep h on e, p ref. (q u a r .).............
Diamond Match (quar.).......... ..........................
D istillers’ S ecurities C orp. (q u .) (N o . 35)
D istillin g C o. o f A m erica , p r e f. ( q u a r . ) . .
Dominion Coal, Ltd., pref...............................
du P o n t d e N em ou rs P o w d ., p ref. (q u a r.)
Eastern Steamship (quar.)_________________
E a stm a n K o d a k , co m m o n ( e x t r a )_______
E d ison E lec. 111., B o s to n (q u .) (N o . 8 9 ) . .
E lectrical Securities C o r p ., p ref. (q u a r .).
E ire. B o n d & Share, p ref. (q u .) (N o . 25)
E lectric C om p an y o f A m e r ic a .....................
Federal Sugar Refining, pref. (quar.)____
G oldfield C on solida ted M ines (q u a r .) ____
E x tra ............................................. ..................
Gorham Mfg., com. (quar.).............................
G u an aju ato F o w .& E l.,p r e f.(q u .)(N o .l2 )
H om esta k e M ining (m o n th ly ) (N o . 4 4 0 ).
In tercon tin en ta l R u b b e r, com m on (q u a r.)
Intern a tion a l N ick el, co m m o n ( q u a r . ) . . .
P referred (q u a r .)............................................
Tnt.ernat. Steam P u m p , c r c f.( q u .)( N o .4 9 )
Kansas City Breweries, pref. (quar.)..........
Kansas' City Slock Yards ( quar. ) . ...............
Kayscr (Julius)ACo.,lst pf. (qu.) (No. 1)
Second preferred (quar.) (No. 1 ) ...............
L acled e O as L ig h t, c o m . ( o u a r .) .................
Lehigh Coal ft N o v lg . (q u a r .) (N o . 1 3 1 ) . .
M assachusetts G as C os ., c o m . (q u a r .)___
M ichigan S ta te T elep h on e, p r e f.. (q u a r.)
M ln n ca p . G en. E le c., co m . (q u .)(N o . 10)
P referred (N o . 2 5 ) ______________________
Montreal Lt.. III. A Pow. (qu.) (No. 4 1 ) . .
National Carbon, pref. (quar.) ......................
Per
Cent.
Aug.
A ug.
Aug.
i x Aug.
2X Aug.
Allg.
IX
3
A ug.
Atlg.
IX
1 X Aug.
I X Aug.
A llg.
IX
i x A ug.
2
July
A ug.
IX
July
i x
2 X Aug.
Aug.
IX
X I Aug.
31.50 A ug.
51.50
Aug.
1
Aug.
2
A ug
3
Allg.
IX
2 X Sept.
S o .90 July
A ug.
2
A ug.
IX
3
5
4
2X
2
3
IX
12 x
3
4
2
1
1
1
X
I X
4
2X
2X
IX
IX
IX
IX
IX
ix
1
X
X
IX
1X
IX
IX
IX
1
29
1
10
1
29
1
1
1
1
1
l
1
H olders o f r c c . J u ly 2 5a
H old ers o f rec. J u ly 15a
J u ly 22
to
A ug. 1
H olders o f rec. J u lv l5 a
Ju lv 27
to
A ug. 1
H olders o f rec. July 15a
1 Julv 1 to
J u ly 31
to
A u g . 12
12 Ju lv 23
1 H olders o f rec. J u ly l7 a
1 H olders o f rec. J u ly l7 a
1 H old ers o f rec. J u ly 2 0a
to
Aug. 1
1 Ju ly 21
15 H olders o f r c c. J u ly l a
to
J u ly 31
1 Ju ly IS
31 H old ers o f rec. Ju ly 2 0a
1 H olders o f rec. J u ly 13
1 H olders o f rec. July la
l H olders o f r c c . J u lv l a
1 H olders o f rec. J u ly lO a
l
1 Ju ly 22
to
J u ly 31
1 H old ers o f rec. J u ly l7 a
1 H old ers o f ro c . J u ly l7 a
1 H old ers o f rec. J u ly lO a
to
A u g . 31
1 A u g . 16
to
J u lv 2 6
26 J u ly 16
I H olders o f rec. J u ly 20
to
Aug. 1
1 J u ly 22
A ug.
A ug.
A ug.
A ug.
A ug.
A ug.
A ug.
1
1
1
1
1
1
1
J u ly 28
to
J u ly 31
J u ly 28
to
J u ly 31
H olders o f r c c. Ju ly 21
H olders o f rec. J u ly 2 8a
H old ers o f rec. J uly2 0a
Ju ly 20
to
Ju ly 31
July 26
to
J u ly +31
Aug.
Aug.
A ug.
Aug.
A ug.
1
1
1
1
1
J u ly 21
to
Ju ly 25
to
H olders o f rec.
July 26
to
Ju ly 28
to
A ug.
July
July
July
A ug.
A ug.
A ug.
A ug.
Aug.
A ug.
A ug.
A ug.
Aug.
July
July
A ug.
A ug.
Aug.
Aug.
Allg.
A ug.
July
31
31
15
31
29
1
25
1
1
1
1
1
.3
31
31
31
10
1
25
1
1
1
1
15
1
1
1
15
31
1
1
1
1
15
15
X Sept.
Sept.
IX
N ew Y o r k Air P.rake (q u a r .)_____________
I X July
North American (quar.)....................................
O ct.
Omaha Elec. Light ft Power, pref..................
A ug.
2X
O sceola C on solida ted M in in g _____ _______ S3.50 July
P a cific C oa st C o ., co m . (q a u r .) ....................
I X Aug.
F irst preferred (q u a r .) ................................
IX Aug.
S econ d preferred (q u a r .)..............................
Aug.
IX
Pacific Pow A Lt., pref. (quar.) (No. 4 ) . .
I X A ug.
People’s Gas Light ft- Coke (quar.).......... .......
A ug.
IX
P ittsb u rg h Coat, preferred (q u a r .)________
1 X July
July
P o p e M an u fa ctu rin g , p ref. (q u a r .)_______
I X.
Port!and(Orc.) Gas ft- Coke, pf. (qu.)(No.G)
I X Aug.
Aug.
Pullman Company (quar.) (No. 1 7 8 )..........
2
Aug.
Q u ak er O ats, preferred (q u a r .) ....................
IX
Scars, Roebuck A Co., com. (quar.)_______
X A ug.
Siegel S tores C orp., pref. (q u a r .) -----------I X Aug.
Allg.
Sierra P a c . E l. C o ., p r e f.(q u .) (N o . S ) . .
IX
A ug.
S ilv ersm ith ’ s C om p an y ( q u a r . ) . ..................
IX
4
Aug.
T o rrln g to n C o ., c o m m o n -------------------------1
July
Trenton Potteries, pref. (quar.)-------- --------1
A ug.
U n ited Cigar M frs., c o m . (q u a r .) -----------2
U n ited D ry G ood s C os ., co m m o n (q u a r.)
Aug.
U. S. Bobbin A Shuttle, pref. (quar.)-------A ug.
IX
U . S. R e a lty ft I m p t . (q u a r .)......................
A ug.
IX
2
U . S. R u b b er, 1st p n f 'q u a r . ) ....................
J u lv
S econ d nreferred (q u a r .) -----------------------July
IX
U. S. Telephone, pref. (quar.).......... ..............
Aug.
IX
Vlrgtnla-C arolln a C hem ical, c o m m o n -----\xh Aug.
Warner (Chas.) Co., 1*1 pref. (qu.) (N o .3
I X July
Washington (D. C.) Gas Light (quar.)..
51.2 0 [Aug.
Western Telephone A Telegraph, p r e f . ..
2 X A ug.
W h ite (.1 .0 .)& C o ., I n c ., p ref.
(p e a r
I X 'A u g .
30
15
2.S
2
IX
IX
IX
ix
1
J u lv 31
J u ly 31
J u ly 2 5 a
J u ly 31
Aug. 1
28 H olders o f rec. J u ly 2 9a
20 H olders o f r c c. Ju ly 14a
20 H olders o f rec. J u ly l4 a
to
J u ly 27
28 July 19
to
Aug. 1
1 Ju ly 21
to
A ug. 2
l July 11
to
Ju ly 31
1 July IS
to
Ju ly 31
1 July 18
to
Ju ly 31
1 Ju ly 18
1 J u ly 28
to
Ju ly « 3 1
1 H old ers o f rec. J u ly 2 0a
15 H old ers o f rec. J uly3 1a
1 to A u g .
10
16 A u g .
25 H old ers o f rec. .June30a
to
Ju ly 25
25 July 10
1 H olders o f rec. J u ly 20
1 H olders o f rec. J u ly 20
1 H o ld c r s o f rec. J u ly 2 4 a
1 H olders o f rec. July 2 4 a
1 H olders o f rec. J u ly l5 a
0
A u g u st 1
31 H olders o f r c c . Ju ly 2 2a
July
July
S e p t.
July
July
1
3 X A ug.
IX July
A ug.
IX
Sept.
5
A ug.
3
IX Aug.
Avg.
IX
3X Aug.
July
I'A
3 0 c. July
20c. July
2X A ug.
I X Aug.
50c. July
Aug.
1
Sept.
2X
A ug.
IX
A ll?.
I X A ug.
I X A ug.
A ug.
IX
I X Aug.
I X Sept.
Aug.
2
A ug.
1
1 X Aug.
I X Aug.
Aug.
3
A ug.
2
I X A ug.
Nat. Enamel A Stampin’/, pref. (quar.)..
National Lead, com. (quar.) (No. 3 1 ) _____
Preferred (quar.)_________________________
Books Closed.
Days Inclusive.
Wh e n
Payable.
X
IX
IX
ix
A ug.
S ep t.
A ug.
Sept.
Sept.
O ct.
Sent.
A ug.
A ug.
A llg.
A ug.
3
1
G rea t N orth ern (q u a r .) .....................................
Illinois Central (N o , 1 1 3 )...................... .........
L ak e Shore ft M ichigan S o u th e rn ...............
O u ar. stock (M ich , S o. & N o . I n d . ) . .
L ou isville & N a sh v ille.......................................
M ah on in g Coal R R . , c o m m o n ............... ..
M ichigan C e n t r a l.................................................
N a sh v ille C h a ttan oog a ft S t. L o u ts ..........
N Y . C hic, ft S t. Louis, 1st & 2d p r e f . . .
When
Payable.
Name o f Company.
209
H old ers o f r c c.
H olders o f rec
H olders Of r c c.
H olders o f r c c.
H olders o f rec.
H olders o f rec.
July 16
to
H olders o f rec.
H olders o f rc c.
H olders o f rec.
H olders o f rec.
Ju ly 21
to
July 23
to
H olders o f rcc.
H olders o f rec.
H olders o f rc c.
H olders o f rc c.
July 21
to
Ju ly 21
to
July 22
to
A ug. 13
to
July 13
to
H olders o f r c c.
H olders o f r c c.
H olders o f rec.
Ju ly 26
to
July 26
to
S ep t. 2
to
H olders o f r c c.
H old ers o f r c c.
July 16
to
H olders o f r c c.
H olders o f r c c.
H olders o f r c c.
A ug. 6
to
July22a
J u ly 16a
A u g .3 la
J u ly lO a
J u ly lO a
J u ly l9 a
July 25
J u ly l5 a
J u ly 31
J u ly 15
J u ly 27a
J u ly 31
Aug. 3
J u ly 2 8a
June30a
JuneSOa
A u g . Sa
Aug. 1
............. J u ly 31
S ep t. 1
Aug
1
J u lv 2 0 a
J u ly 31
J u ly 15a
Ju ly 31
J u lv 31
S ep t. 15
Ju lv 31
J u ly l5 a
A ug. 1
J u ly 18a
J u ly lS a
Ju ly 31
A u g . 15
S ep t. 9
to
S ep t. 13
A u g . 19
to
A u g . 22
H olders o f rec. J u ly 7a
H olders o f r c c. S ep t.1 5 a
1 H olders o f rcc. J uly2 0a
28 H older* o f rec. J u ly 8a
July 22
to
A ug. 1
to
A ug. 1
1 J u ly 22
to
A ug. 1
1 J u ly 22
to
J u ly 31
1 J u ly 21
25 H olders o f rec. A u g . 3 a
25 H olders o f rec. J u ly 12
31 H olders o f rec. J u n e 24
to
J u ly 31
1 July 21
15 H olders o f rec. J uly3 1a
31 H olders o f r e c . A ug. la
15 H olders o f r c c . Ju ly 31
1 H olders o f rec. J u ly lS a
1 H olders o f rec. J ulv2 0a
15 H old ers o f r c c. A u g . 10
1 Ju ly 21
to
J u ly 31
25 H olders o f r c c. J u ly 2 0a
1 H olders o f rcc. Julv2Ga
1 H olders < f rec. July26a
to
J u ly 31
1 J u ly 21
1 H olders o f rec. Ju ly 21
31 H olders o ( rec. J u ly ! 6a
31 H olders o f rec. J u ly l5 a
15 H olders o f r c c. Ju ly 29
to
A u g . 15
15 A u g . 5
27 H olders o f r c c. June 30
to
J u ly 31
1 J u ly 16
to
J u ly 31
1 J u ly 21
1 H olders o f rec. J u ly 2 0a
1
a T ra n sfer b o o k s n o t clo s e d . 6 L ess Incom e ta x . (/C o r re ctio n . / A l s o d ecla red
X % ex tra on co m m o n s to c k , p a y a b le N o v . 1 to holders o f record O c t . 2. h D e
clared 3 % . p a y a b le 1 X % A u g . 15 1911 and \X% F eb . 15 1912.
i D eclared 7 %
p a y a b le In qu arterly Installm ents.
THE CHRONICLE
210
D E T A IL E D
Auction Sales.
— A m o n g o th e r s e c u r itie s , th e f o llo w in g , n o t
r e g u l a r l y d e a l t in a t t h e B o a r d , w e r e r e c e n t l y s o l d a t a u c t i o n
in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a .
B y M e s s r s . A d r i a n H . M u lle r & S o n s , N e w Y o r k :
Per cent. Shares.
Shares.
700 " T h e D u n c a n ," N a sh v ille— 50c. to
S I per sh.
120 T h e B eekraan E sta te, I n c ..c o m . 90
12 H u d son C o. G as C o ............... — 1 36)£
5 F irst N a t. B a n k , Y o n k e r s _____ 130
25 T r o y T eleg . C on str. C o — 5 0 c . p er sh.
2 L ew is H om estea d C o r p ________100
10 B a n k o f L o n g I s la n d — ............ 2 10 M
4 M ark et & F u lton N a t. B a n k 25.5H
129 Q ueens E s ta te s .............- ..............510 lot
15 F irst N a t. B a n k o f J am a ica,
N . Y . C i t y . . - ................................. 175
400 B on a n za Creek G old M in. C o .,
I n c ., O n t a r i o . . 87 )3 c . t o $1 25 p er sh.
Per cent.
1 H u d son T ru st C o ........................... 150
Bonds.
Per cent.
5 7 5 .0 0 0 O h io C op p er C o. 1st 6s, 1917 20
8 3 5 .0 0 0 B in g h am C ent. R y . C o. 1st
6s, 1 9 4 8 ................................................... 10
5 1 0 0 .0 0 0 C o lo . R y . L t . & P o w . C o .,
1st 5s, s. f., 1950. F e b . 1 1911
co u p o n s a t ta c h e d ------------ $42,633 33 lo t
5 2 1 .0 0 0 C olo. R y . L t . & P o w . C o.
1st 5s, s. f .. 1950. F e b . 1 1911
c o u p o n s a t ta c h e d ------------ S17.785 60 lo t
B y M e ssr s. F ra n c is H e n s h a w
& C o ., B o s t o n :
S per sh.
5 ver sh. Shares.
16 W a lth a m W a tch C o ., c o m . . . 2 9 K
B o s to n & M aine R R . c o m — 105M
200 P r o v . & F all R lv e r .S t.R R .C o . 51
F ed eral T ru st C o ................... - . 1 3 8
M errim ack M fg. C o ., p r e f------ 1 02 )£
Bonds.
Per Cent.
A m osk eag M fg. C o . - ...............325
S500 K . C. M em . & B irm . R R . In c .
R ig h ts Q u in cy M ark et C old
5s, 1934 (a sse n te d )...................... .. 8914
S t o r a g e ;& W a reh ou se C o - - 13 ]4.
Shares.
2 ,2 7 3
16
28
30
2
B y M e s s r s . R . L . D a y & C o ., B o s t o n :
Shares.
5 per sh. \Bonds.
5 A m osk ea g M a n u fa ctu rin g C o ---------- 322 5 1,0 00 C ity o f
3 W ilto n R R . , N . H .................................. 2 2 5 1
Per cent.
B o s to n
3 )£ s , 1935,
9 3 % & in t.
B y M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
[VOL. L X X X X l i I .
T ru s t C os.
00s omitted.
RETURNS
§
$
5
M a n h a t t a n ___ 2 ,3 3 1 .4 2 1 ,8 2 1 ,0 2 ,4 2 5 ,0
B r o o k ly n ------ 2 ,3 9 7 ,2 16,6 04 ,0 1 ,7 1 9,0
B a n k ers -------- 7 .5 0 1 ,7 7 9 ,1 4 4 ,0 9 .8 5 2 ,0
U .S .M .& T r.C o 4 ,4 4 6 ,4 4 4 ,0 4 8 ,0 4 ,0 7 3 ,0
A s t o r .................. 1,043,1 16,4 22 ,0 1,8 0 2,0
T itle G u . & T r_ 11,429,9 3 4 ,2 6 6 ,0 2 ,1 4 4 ,0
G u a r a n t y - . . - - 2 2 ,9 7 7 ,9 1 50 ,06 1,0 14,2 83 .0
627 ,0
7 ,0 7 1 ,0
1 ,272,4
F i d e l i t y ---------M e r c a n t i l e ___ 7 ,6 2 0 ,0 7 1 ,4 5 2 ,0 0 .1 5 8 ,0
L a w y ers T I & T 6 ,4 5 3,8 2 0 ,2 0 6 ,0 1,632.0
C o lu m b ia -------1,813,1 10,3 30 ,0 1,7 5 7.0
1 ,426,3 16,449,0 2 ,2 0 3 ,0
S ta n da rd ..........
1 ,727,4 17,1 28 ,0 1,992,0
N ew Y o r k ____ 11,183,3 5 4 ,4 8 7 ,0 6 ,8 0 8 ,0
977 ,4 1 1,7 61 ,0 1,4 6 9,0
9 ,5 0 1 ,0 1 ,072,0
5 8 2 ,0
M e t r o p o lit a n .. 6 ,1 0 7 ,4 2 5 .3 0 8 ,0 3 ,1 0 0 ,0
T o ta ls , A v g e . . 9 3 ,2 9 0 ,7 6 1 2 ,1 1 9 .0 6 3 ,1 7 6 .0
A ctu a l fig u res
J u ly 1 5 - 6 14 ,06 9,0 0 2 ,1 3 2 ,0
B y M e s s r s . S a m u e l T . F r e e m a n & C o ., P h ila d e lp h ia :
6
2
3
100
$ persh. Bonds.
D ela w are R R . C o .........................4 7 )4
2d & 3 d Sts. P ass. R y - - - .......... 257
13th & 15th S ts. P ass. R y ____ 253
U n ited S ta tes L oa n S o c ie t y ___ 1 4)4
Percent.
5500 A lto o n a & L o g a n V a lley E le c
tric 1st 4 ) 4 s .........................- ..............9 2 )4
$400 N o . S prlngfleld W a ter 1st 5 s . 100
3700 S prlngfleld W a te r C ons. 5 s — 100
Statement of New York City Clearing-House Banks and
Trust Companies.— T h e d e t a i l e d s t a t e m e n t b e l o w s h o w s t h e
c o n d itio n o f th e N e w Y o r k C it y C le a r in g -H o u s e m e m b e r s
th e w e e k e n d in g J u ly 1 5 .
T h e f ig u r e s f o r t h e s e p a r a t e
b a n k s are th e a v e r a g e s o f th e d a ily re s u lts .
I n th e case o f
t h e t o t a l s , a c t u a l fig u r e s a t t h e e n d o f t h e w e e k a r e a l s o g i v e n .
for
Figures for the Nassau National Bank of Brooklyn, which
formerly reported as a non-member, are includedfor thefirst time
F o r d e f i n i t i o n s a n d r u l e s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,” V . 8 5 , p . 8 3 6 in t h e c a s e o f t h e
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h e c a s e o f t h e t r u s t c o m p a n i e s .
D E T A IL E D
RETU RN S OF BAN KS.
We omit two ciphers (0 0 ) In all cases.
B a n ks.
005 omitted.
Bank o f N . Y _
M a n h a ttan C o.
M erch a n ts’ ___
M c c h .A M etals
A m e r i c a ...........
C i t y ....................
C h e m ica l-------M erch a n ts’ E x
G a lla tin .............
B u tch . & D rov .
G r e e n w i c h ___
A m c r. E x c h —
C o m m e rc e ____
M e r c a n t il e ___
P a cific _______
C h a t h .& P h e n .
P e o p l e 's --------H a n o v e r -------G ltlzens’ C e n t.
N a s s a u ----------M a rk et & Fult.
M etrop olita n .
C orn E x ch a n g e
I m p .& T raders
P a r k ..................
E a st R iv e r , -
F o u r t h .............
S e c o n d .............
F i r s t ..................
I rv in g E x c h - B o w e ry ...........
N . Y . C ou n ty .
G erm a n -A m er.
C h a se ...............
F ift h A v e n u e .
G erm a n E x c h .
G e r m a n ia ------L in coln .............
G a rfield .............
F i f t h _________
M e t r o p o l is ___
W e st S id e ____
S e a b o a rd ..........
L ib e rty _______
N .Y .P r o d . E x .
S ta te _________
14th S t r e e t .. .
Coal & I r o n . .
U n ion E x c h —
N a ssau , B kly n
Capital.
Surplus.
S
S
3 ,6 8 0 ,6
2 ,0 0 0 ,0
4 .4 1 3 .4
2 .0 5 0 .0
1 .9 5 1.8
2 ,0 0 0 ,0
8 .2 3 0.1
6 ,0 0 0 ,0
6.134.4
1 .5 0 0.0
2 4 ,9
2 5 .0 0 0 .
0 6 9 ,9
6 .604 1 .0
3 .0 0 0 .
579 ,5
6 00 ,0
2 .500 6 .5
1 .0 0 0 .
156.4
3 00 .0
874.5
500.0
4 .4 1 6 .4
5 .0 0 0 .0
15.161.7
2 5 .0 0 0 .
0
2 .702 7 .2
3 .0 0 0 .
936.8
500 .0
1.1 0 5.4
2 .2 5 0 .0
2 0 0 .0
470 .9
12,6020 ,6
3 .0 0 0 .
1.8 4 7.8
2 .5 5 0 .0
564,1
500.0
1.7 8 8.8
1 .0 0 0 . 0
1 .572.3
2 ,0 0 0 ,0
5 .505 7 .8
3 .0 0 0 .
7 .7 3 5 .6
1 .5 0 0.0
1 2,9041 ,4
5 .0 0 0 .
101.4
250 .0
5 .6 7 5 .3
5 ,0 0 0 ,0
2 .2 4 4 .9
1,0 0 0,0
2 0 .9
1 0 .0 0 0 .
0 0 0 .7
1 .8 9 7.6
2 ,0 0 0 .0
794.9
2 5 0 .0
1.758.3
500 .0
717.7
750 .0
5 ,0 0 0 ,0
8 .4 4 0.1
2 .2 2 7.3
100.0
888.4
2 0 0 ,0
1.0 4 1.2
2 0 0 ,0
1 ,0 0 0,0
1.632.5
1.242.4
1 ,0 0 0,0
250 .0
532.8
2 .1 4 5 .7
1 ,0 0 0 ,0
1,0 6 4.0
2 0 0 .0
2 .0 4 9 .3
1,0 0 0,0
2 .7 1 7 .7
1 ,0 0 0 ,0
797.4
1 ,0 0 0,0
967.5
1 ,000,0
320 ,7
1,000,0
4 3 5 .0
1.000,0
951 .0
1,000,0
1 ,0 0 0,0
1,0 0 0,0
Loans.
Av rage.
2 0 .5 8 8 .0
3 7 .5 5 0 .0
2 1 .3 3 1 .0
5 6 .5 4 5 .0
2 9 .9 2 9 .0
1 94 .32 4.0
3 1 .8 8 6 .0
7 .1 6 3 .0
9 .0 3 5 .0
2 .1 7 7 .0
8 .1 4 3 .0
4 3 .1 1 5 .0
1 48 .93 0.0
1 5 .1 9 1 .0
4 .2 5 4 .0
1 5.5 93 .0
1.7 1 3.0
7 1 .8 7 2 .0
2 3 .1 7 3 .0
9 .2 0 5 .0
8 .7 5 0 .0
10.434.0
4 9 .0 9 7 .0
2 7 .1 4 4 .0
8 7 .7 7 1 .0
1.4 9 4.0
3 6 .3 9 8 .0
14.3 63 .0
1 22 .67 6.0
2 5 .7 4 5 .0
3 .5 1 0 .0
8 .2 0 7 .0
4 .0 3 4 .0
8 6 .7 2 2 .0
1 2 .8 5 2 .0
3 .6 6 0 .0
5 .7 1 3 .0
1 5 .3 0 2 .0
8 .9 5 0 .0
3 .3 7 0 .0
1 3.1 72 .0
4 .3 6 9 .0
2 2 .1 2 6 .0
1 8.2 57 .0
8 .8 4 8 .0
1 5.9 85 .0
5 .9 2 7 .0
6 .2 6 8 .0
9 .7 3 6 .0
7 .9 6 5 .0
Specie. Lcgals. Net Depos Re
Average. Average. its, Aver. serve.
$
3 .6 9 5 .0
9 .3 0 5 .0
4 .1 5 1 .0
1 1.9 27 .0
5 .5 5 0 .0
4 2 .5 1 8 .0
6 .2 4 1 .0
1.6 9 1.0
1.3 6 7.0
663.0
2 .0 5 3 .0
7 .1 0 4 .0
2 2 .9 7 7 .0
1 .9 6 1.0
547.0
2 .7 5 0 .0
544 .0
1 0.1 17 .0
5 .3 3 6 .0
1 .3 8 0.0
1.5 4 1.0
2 .4 5 1 .0
8 .6 0 6 .0
4 .8 9 6 .0
2 1 .6 4 4 .0
2 0 8 .0
7 .4 0 8 .0
.3,519,0
2 7 .5 3 4 .0
5 .3 6 2 .0
825.0
1.5 8 0.0
768.0
17.1 68 .0
2 .0 7 9 .0
3 1 8 .0
1.1 2 4.0
4 .6 9 7 .0
1.9 4 7.0
742 .0
1 .3 2 0.0
1 .0 2 3.0
4 .7 2 1 .0
3 .7 8 5 .0
2 .2 9 7 .0
4 .6 5 7 .0
1 .3 0 2.0
1 .1 6 5.0
8 1 2 .0
1 .2 1 0.0
S
1 .0 9 7.0
1 .6 0 1 .0
1.5 4 5.0
1 .8 4 8.0
2 .2 1 7 .0
5 .8 6 5 .0
1 .5 3 4.0
183.0
535 .0
7 7.0
175.0
3 .8 1 6 .0
8 .8 8 5 .0
1 .2 5 0.0
4 3 3 .0
1 .1 5 8 .0
153.0
4 .3 9 8 .0
623 .0
1 .1 0 7.0
9 9 5 .0
2 7 7 .0
5 .5 4 4 .0
1 .5 3 1 .0
1 .6 6 9 .0
116.0
2 .8 1 0 .0
124.0
3 .0 3 3 .0
2 .0 8 6 .0
64.0
7 9 0 .0
2 1 7 .0
6 .0 4 3 .0
1 .0 1 0 .0
661 .0
503 .0
1.3 0 9.0
661 .0
3 1 4 .0
2 .1 7 1 .0
2 3 6 .0
2 .0 7 0 .0
1.0 6 5.0
517 .0
3 3 2 .0
565.0
535 .0
1 .6 9 7.0
574 .0
•$
1 8.4 65 .0
4 3 .4 0 0 .0
2 2 .2 4 0 .0
5 5 .1 4 9 .0
3 1 .2 1 1 .0
1 92 .90 3.0
3 0 .3 4 6 .0
7 .4 2 5 .0
7 .3 6 0 .0
2 .5 3 9 .0
9 .1 2 8 .0
4 3 .0 7 6 .0
1 26 .98 1.0
1 2.3 39 .0
3 .7 5 8 .0
1 5.3 61 .0
2 .4 0 8 .0
8 0 .9 2 5 .0
2 2 .7 9 8 .0
10.5 14 .0
• 8 ,8 8 7 ,0
10.4 29 .0
5 7.9 04 .0
2 5 .1 4 1 .0
9 2.3 28 .0
1 .047.0
3 9 .6 9 0 .0
1 4.2 57 .0
1 18 .21 3.0
2 8 .4 3 5 .0
3 .6 3 8 .0
8 .5 5 7 .0
3 .8 1 8 .0
9 5 .6 8 3 .0
1 4.5 42 .0
3 .7 8 0 .0
6 .6 4 2 .0
1 8.1 43 .0
9 .3 9 5 .0
3 .9 7 1 .0
1 3.0 19 .0
5 .0 7 8 .0
2 6 .0 0 3 .0
18.877.0
10.658.0
2 0 .1 8 4 .0
7 .4 6 8.0
6 .5 3 8 .0
9 .9 9 4 .0
8.553-.0
%
25.9
25.1
2 5.6
2 5.0
2 4.8
2 5.0
25.6
25.2
25.8
2 9.0
24.3
2 5.4
2 5.0
2 6.0
2 6.0
25.4
2 8.9
25.3
26.1
2 3.6
2 8.4
26.1
2 4.4
25.5
25.2
23.3
25.7
25.5
2 5.8
26.1
24.4
2 7.6
25.8
24.2
25.3
2 5.8
24.4
33.1
27.7
26.5
2 5.6
24.7
26.1
2 5 .6
2 6.4
24.7
2 5.0
2 6.0
2 5.1
2 0.9
T ota ls, A v g e . . 135,150,0 190,141,3 1400,612,0 2 8 5 ,3 1 2 ,0 7 8 ,0 1 9 ,0 143 0,4 01 ,0
25.4
............. 139 4,2 62 ,0 2 8 0 .7 2 1 .0 7 9 ,5 9 9 ,0 142 7,2 27 ,0
2 5.7
A ctu a l fig u res Ju ly I 5 - -
Circulation. — On th e basis o f averages, circu la tion o f n a tional bank.s in the
Clearing H ou se a m ou n ted t o S 4 7.2 06 .00 0, and a cco r d in g to a ctu a l llgurcs th ey
w ere $ 47 ,6 7 6 ,0 0 0 .
.
.
S
$
4 2 ,0 2 ,0 1 1 ,0
4 3 0 ,0 2 ,8 3 5 ,0
5 16 ,0 7 ,7 0 9 ,0
7 35 ,0 3 ,6 8 1 ,0
2 5 ,0 1,787,0
1 .6 9 8,0 2 ,8 4 2 ,0
1 .3 5 8,0 16,853,0
2 3 1 ,0
7 25 .0
14,0 6 ,4 7 7 ,0
668 .0 1,7 4 6,0
9 0,0 1 ,424,0
2 3 .0 2 ,2 1 8 ,0
4 0 9 .0 2 ,0 7 2 ,0
3 0 5 .0 4 .3 2 7 .0
3 1 3 ,0 1 ,3 3 4,0
2 2 8 ,0 1 ,0 9 7,0
12,0 3 ,2 6 3 ,0
Reserve.
%
$
10,3 35 ,0
12,425,0
0 8 ,7 5 6 ,0
3 2 ,0 0 9 ,0
12,193,0
2 4 ,2 4 2 .0
9 7 ,2 1 9 ,0
5 ,5 5 1 .0
4 0 ,9 7 2 ,0
15,2 65 ,0
12,1 44 ,0
10,078,0
15,8 57 .0
3 8 ,3 8 7 ,0
10,8 33 ,0
8 ,6 3 7 ,0
18,8 04 ,0
15.1 + 10.9
17.2 + 17.4
1 5 .0 + 1 0 .0
15.0 + 10.1
15.4 + 10.6
15.8 + 10.4
16.0 + 14.7
15.4 + 10.8
1 5 .0 + 1 3 .6
15.0 + 10.2
15.2 + 10.4
13.8 + 12.1
15.1 + 11.4
18.5 + 10.1
16.4 + 10.9
1 5 .0 + 1 1 .2
16.5 + 14.7
7 .0 9 7 ,0 0 2 ,4 0 1 .0 4 4 5 .7 0 7 ,0 15.8 + 12.3
7 ,2 2 0 .0 0 3,2 84 ,0 4 4 7 ,6 8 3 ,0
________
T h e ca p ita l o f th e tru st com p a n ies Is as follow s: M a n h a ttan , 8 1 ,0 0 0 ,0 0 0 ; B r o o k ly n ,
SI 0 00 000; B ankers, $ 3 ,0 0 0 ,0 0 0 ; U . S. M tge. & T ru st. $ 2 ,0 0 0 ,0 0 0 ; A stor, S I ,2 5 0 .0 0 0 ’ T itle G uaran tee & T ru st, $4,3 75 ,00 0- G u a ra n ty , $ 5 ,0 0 0 ,0 0 0 : F id e lity . $ 1 ,
0 0 0 0 0 0 ’ M ercantile. $ 2 ,0 0 0 ,0 0 0 ; L a w y ers’ T it le In s. & T ru st, $ 4 ,0 0 0 ,0 0 0 : C olu m bia,
SI 0 0 0 ,00 0; S ta n d a rd , $ 1 ,0 0 0 ,0 0 0 ; P e o p le ’ s, $ 1 ,0 0 0 ,0 0 0 ; N ew Y o r k . $ 3 ,0 0 0 ,0 0 0 ;
F ra n k lin , $ 1 ,5 0 0 ,0 0 0 : L in c o ln , § 1 ,0 0 0 ,0 0 0 ; M etrop olita n , $ 2 ,0 0 0 ,0 0 0 ; to ta l, $ 3 5 ,
1 25.000.
S persh.
S per sh. Sliares.
S U M M A R Y C O V E R IN G
2 13th & 15th Sts. P ass. R y . C o . -2 5 5
M a n a yu n k N a t . B — ....................2 8 0 )4
4 W e st P h lla . P ass. R y . C o .............212
In su r. C o. o f N orth A m e r ica ___ 2 0 )4
R e a l E s ta te T ru st C o ., p r e f . . . 9 9 )4 10 P en n sy lv a n ia F ire In su r. C o . - - 4 0 5
Week
50 Spring G arden F iro In su r. C o — 90
F arm ers’ & M ech . N a t. B a n k . .1 4 4
Capital. Surplus.
ending
25 A m er. U n ion F ire In su r. C o — 40
P h ilad elp h ia N a tion a l B a n k ___ 415
July 15
10 P en n sy lv a n ia Steel C o ., p r c f — 105
P h lla . C o. fo r G uar. M o rtg a g es.1 5 3
G uaran tee T ru st & S . D . C o — 1 69)4 10 T h e J. G . B rill C o ., p r e f................94
A v e ra g e s.
S
S
10 L oa n S o cie ty o f P h ila d e lp h ia ..
0 )4
L o g a n T ru st C o ........... - ................. 1 36 )4
B a n k s ___ 135,150,0 190,141,3
P en n s. C o. fo r I n s ., & c ------------ 580
T ru st c o s . 3 5,1 25 ,0 9 3,2 90 ,7
Bonds.
Percent.
P r o v id e n t L ife A T ru st C o .......... 821
$ 1 ,0 0 0 M etrop olita n R R . C o. (B a l
M a n a yu n k T ru st C o .........................5 8 K
T o ta l . - 170,275,0 2 83 ,43 2,0
tim ore) 1st 5s, 1 9 2 5 ..................
105 J4 A ctu a l.
M u tu a l T ru st C o — ......................... 4 8 )4
5 1.0 00 S p rln g f. W a te r C o. 5s, 1 9 2 0 .1 0 0
In d ep en d en ce T ru st C o -------------- 6 0)4
B a n k s ___
L a n d T itle & T ru st C o .................... 401 >4 5 1 .0 0 0 N o . S p rln g f. W a t. C o. 5 s,’ 28 100
T ru st c o s .
.............
.............
Shares.
C O M P A N IE S .
Net
On Dep.
Surplus. Loans. Specie. Legals. uilhC.H Deposits.
Average. Average. Average. Banks. Average.
Shares.
5
54
3
22
34
10
5
5
5
3
50
5
2
8
OF TRUST
T ota l . .
.............
.............
B O T H B A N K S A N D T R U S T C O M P A N IE S .
Loans.
Specie.
On Dep.
Net
Legal with CM .
Deposits.
Tenders. Banks.
S
1 ,4 3 0 ,4 0 1 ,0
4 4 5 ,7 0 7 ,0
$
$
S
1,400.012,0 285,31 2,0
6 12 ,1 1 9 ,0 6 3,1 70 ,0
S
7 8 ,0 1 9 ,0
7 ,0 9 7 ,0
6 2,4 01 ,0
2 ,0 1 2 ,7 3 1 .0 3 4 8 ,4 8 8 ,0
8 5 ,1 1 6 ,0
0 2 ,4 0 1 ,0 1 ,8 7 6 ,1 0 8 ,0
1,39 4,2 62 ,0 280,721,0
6 14 ,06 9,0 6 2 ,1 3 2 ,0
7 9 ,5 9 9 ,0
7 ,2 2 0 ,0
_______ 1 ,4 2 7 ,2 2 7 .0
6 3,2 84 ,0 4 4 7 ,6 8 3 ,0
2 ,0 0 8 ,3 3 1 ,0 3 4 8 ,8 5 3 ,0
8 0 ,8 1 9 ,0
6 3,2 84 ,0 1 ,8 7 4 ,9 1 0 ,0
T h e S t a t e B a n k in g D e p a r t m e n t a ls o fu r n is h e s
w e e k ly
r e t u r n s o f t h e S t a t e b a n k s :m d t r u s t c o m p a n i e s u n d e r i t s
charge.
T h e s e r e t u r n s c o v e r a ll t h e i n s t i t u t i o n s o f t h i s c la s s
in t h e w h o le S t a t e , b u t t h e fig u r e s a r e c o m p i l e d s o a s t o
d is tin g u is h b e tw e e n th e r e s u lts fo r N e w Y o r k C ity (G r e a te r
N e w Y o r k ) a n d th o se fo r th e re st o f th e S t a t e , a s p er th e
fo llo w in g :
. ,
,
.
..
F o r d e f i n i t i o n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,” V . 8 0 , p . 8 1 0 .
S T A T E B A N K S A N D T R U S T C O M P A N IE S .
Week ended July 15.
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N . Y. Greater N. Y. Greater N. Y. Greater N. Y .
$
$
$
'
S
C apital as o f J une 7.
2 3 .2 7 5 ,0 0 0
6 2.2 0 6 ,0 0 0
* 9 ,5 2 8 .0 0 0
* 9 ,5 2 5 .0 0 0
S urp lus as o f June 7 _____
3 8 .9 1 2 ,1 0 0
178 ,69 7,6 00
*1 1,2 74 ,64 3
*1 1,3 28 ,96 3
L oa n s a n d I n v e stm e n ts-C hange fr o m last w e e k .
2 98 .03 5.2 00 1 ,1 6 8,8 35 ,00 0
— 868 ,10 0 + 1 1,4 76 ,10 0
9 7.0 1 4 ,6 0 0
— 3 87 ,80 0
150 ,63 8,2 00
+ 452 ,40 0
S pecle ------------------C hange from last w e e k .
5 1 ,5 7 7 ,2 0 0
— 5 ,2 0 3,9 00
123 ,03 0,7 00
+ 3 ,4 0 6 ,9 0 0
C hange fr o m last w e e k .
2 5 ,3 7 6 ,0 0 0
+ 569 ,70 0
11,5 47 ,40 0
— 3 8,7 00
D e p o sits ..............................
C hange fr o m la st w e e k .
3 56 .1 4 9 .2 0 0 1 ,2 8 5,2 96 ,10 0
+ 2 ,4 4 4 ,3 0 0
— 6 ,8 7 7,6 00
102 ,73 2,9 00
— 579,300
160 ,23 3,1 00
— 360 ,70 0
R eserv e on d e p o sits..........
Change fr o m last w e e k .
102 ,51 8,3 00
— 4 ,8 7 5 ,0 0 0
144 ,06 6,3 00
+ 2 ,9 8 5 ,4 0 0
2 2 .0 27 .00 0
+ 189,400
2 4 ,0 82 ,60 0
— 739,500
P . C . reserve to d e p o s i t s ..
P ercen ta g e last w e e k —
2 9 .0 %
2 9 .8 %
1 6 .5 %
1 6 .3 %
2 2 .3 %
2 2 .0 %
1 5 .8 %
1 6 .2 %
+ Increase ov e r last w eek . — D ecrease from last w eek . * A s o f F e b . 28.
Note.— “ S urp lus” Includes nil u n d iv id ed p roilts. "R e s e r v e on d ep osits’ ’ Includes,
fo r b o th trust com p an ies and S ta te ban k s, n o t o n ly cash Item s b u t a m ou n ts, du e
from reserve agen ts. T ru st com p a n ies In N ew Y o r k S ta te are required b y law to
k eep a reserve p rop ortion a te t o their d ep osits, th e ra tio v a ry in g a ccord in g to lo
ca tion as show n b elow . T h e p ercen ta g e o f reserve req u ired Is co m p u te d on th e
a ggregate o f d ep osits, ex clu siv e o f m on ey s held In trust and n o t pa y a b le w ithin
th irty d a y s, and also e x clu siv e o f tim e dep osits n o t pa y a b le w ithin th irty d a y s,
rep resen ted b y ce r t ific a t e s , and also ex clu siv e o f dep osits secured b y b o n d s or
ob liga tion s o f the Sta te o r C ity o f N ew Y o r k , and e x clu siv e o f an a m ou n t equal to
the m a rket v alu e (n o t ex ceed in g p a r) o f b o n d s o r ob lig a tio n s o f th e S ta te o r City
o f N ew Y o r k ow n ed b y th e b an k or held In tru st for It b y a n y p u b lic clepa r.m en t.
T h e S ta te bank s are likew ise required to keep a reserve v a ryin g a ccord in g to loca
tio n . th e reserve being com p u ted on the w h ole a m ou n t o f d ep osits ex clu siv e o f tim e
d ep osits n o t p a y a b le w ithin th irty d a y s, r e p re se n ts ! b y certifica tes (a cco rd in g
to th e a m en d m en t o f 1 91 0). and ex clu siv e o f dep osits secured (a ccord in g to a m en d
m en t o f 1911) b y b o n d s or o b liga tion s o f th e C ity or S ta te o f N ew l o r k . a n d e x
clu siv e o f an am ou n t equal to the m a rket v alu e (n o t ex cerd ln g pa r) o f b o n d s or
ob lig a tio n s o f th e S ta te o r C ity o f N ew Y o r k ow ned b v th e c o m p a n y o r held In trust
fo r ft b y a n y p u b lic dep a rtm en t.
—Trust Cos. —
—Slate Banks—
Reserve Required for Trust Companies
and State Banks
Location__
Total
Of
Total
Of
Reserve
which Reserve
which
Required, in Cash. Required, in Cash.
1 5%
M anhattan B o r o u g h ............................................................'•
)%
B r o o k ly n B orou gh (w ith o u t b ranches In M a n h a t.) 1 o5 %
1 5%
O th er B orou g h s (w ith ou t bran ch es In M an h a ttan ) l.>%
B r o o k ly n B orou gh , w ith bran ch es In M a n h a tta n —.1
15%
.15%
5%
O th er B oroughs, w ith b ra n ch es In M a n h a tta n -------1
E lsew here In S t a te _________________________________ 1
40
0%
%
1 5%
10%
1 0%
15%
15%
5%
30%
15%
20%
1 5%
15%
15%
10%
7 ))%
20%
1 5%
0%
T h e B u n k in g D e p a r t m e n t a ls o u n d e r ta k e s to p r e s e n t s e p a
r a t e f ig u r e s i n d i c a t i n g t h e t o t a l s f o r t h e S t a t e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k not in the Clearing
House. T h e s e f ig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e
a l s o t h e r e s u l t s ( b o t h a c t u a l a n d a v e r a g e ) f o r t h e C l e a r in g
H o u se b a n k s an d tru st c o m p a n ie s.
In a d d itio n , w e h a v e
c o m b i n e d e a c h c o r r e s p o n d i n g i t e m in t h e t w o s t a t e m e n t s ,
t h u s a f f o r d i n g a n a g g r e g a t e f o r t h e w h o le o f t h e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k .
J uly 22 1911
THE CHRONICLE
NEW YORK CITY BANKS AND TRUST COMPANIES.
Boston and Philadelphia Banks.—
Clear.-IIouse Slate Banks <(• Total of all
Members. Trust Cos. not Banks &Trust
Averaye.
in C'.-II. Aver. Cos. Average.
Clear.-House
Week ended July 15— Members.
ActualFigures
211
th e
w e e k ly
to ta ls
and
P h ila d e lp h ia .
of
th e
B e l o w is a s u m m a r y o f
C le a r in g -H o u s e
banks
of
B o sto n
We omit two ciphers (00) in all thesefigures.
Capital as ol June 7 . . .
MN
Surplus as of June 7
170.275.000
170.275.000
35.156.000
205,431,000
283.432.000
283.432.000
93,638,100
377,070,100
Loans and Investments 2,008,331,000 2,012,731,000
i Cliange from last week
—872,000
—2,070,000
N
1,874,910,000 1,876,108,000
D eposits................
t Change from last week + 12,902,000
—27,000
&»*»
348,853,000
Specie - ........................
348,488,000
(Change from last week +3,477,000
—4,920,000
%
86,819,000
Legal-tenders..............
85,116,000
^Change from last week +3,191,000
+2,183,000
636,162,600 2,648,893,600
+ 2,413,300
+4,483,300
a637,407,500 2,513,515,500
+4,271,800
+4,298,800
66.059.000
+ 552,400
414,547,000
—4,367,600
613,131,000
— 125,000
98.247,000
+2,058,000
Banks: cash In vault..
to deposits-----
366,320,000
25.7%
363,331,000
25.4%
14.890.000
14.8%
378,221,000
Trust Cos.: cash In vault
W
Aggr’ te money holdings
( Change from last week
BK
Money on deposit with
other bks. & trust cos.
Change from last week
69,352,000
70,273,000
64.300.000
134,573,000
435,672,000
+ 6,608,000
433.604,000
—2,737,000
79.190.000
+427,400
512,794,000
—2,309,600
63,284,000
—2,021,000
62,401,000
—6,502,000
24,194,300
— 1,117,700
86,595,300
—7,619,700
Total reserve________
Change from last week
Mu
Surplus CASH reserve:
Banks (above 2 5 % )..
Trust cos.(abovcl5%)
498,956,000
+4,647,000
496,005,000
—9,239,000
103,384,300
—690,300
599,389,300
—9,929,300
9,513,250
2,199,550
5,730,750
3,416,950
T o ta l..........................
Change from last week
11,712,800
+ 4,335,800
9,147,700
-1,776,550
kRatio
>»
% of cash reserves of tr ust cos.—
Cash In v a u lt.......... .
15.5%
Cash on dep. with bks.
11.4%
T o ta l..........................
26.9%
15.8%
12.3%
14.9%
1.4%
28.1%
16.3%
May
May
May
Juno
Juno
Juno
Junc
July
July
July
13.
20.
27.
3.
10.
17.
24.
1.
8.
15.
$
2,518,309.7
2,541,441,4
2,548,862,8
2,558,152,1
2,565,375,5
2,570,795,8
2,583,113,7
2,595,834,3
2,616,480.3
2,648,893,6
S
2,533,050,3
2,558,748,7
2,567,915,5
2,570,202,0
2.57.8.787,0
2.462,954.7
2.477.564,5
2,490,820,0
2,509,243,7
2,513,515.5
$
436,015,2
440,383.8
412,476,3
435,941,5
439.205,0
447,199,3
455,308,0
454,538,2
418,914,6
414,547,0
Tot. Money Enllre Res.
Holdings. on Deposit.
Legals,
$
94.377,0
94,383,3
95,268,6
94,155,1
94,311,3
94,366,0
95,(ISO,3
96,141,7
90,189,0
98,247,0
$
530,392,2
534,767,1
537,744,9
530,096.6
533,516,3
641,565.3
551,048,9
550,079.9
515,103,0
512,794,0
$
557,340.3
561,884,7
504,758,2
557,990,9
561,250,2
626,396,0
651,096,9
049,489,1
609,318,0
599,389,3
T h e f o l l o w i n g is
t h e s t a t e m e n t o f c o n d i t i o n o f t h e c le a r i n g n o n - m e r n b e r b a n k s
w e e k e n d in g J u ly 1 5 , b a s e d o n a v e r a g e d a ily r e s u lts :
for the
We omit two ciphers (00) In all these figures.
Capi
tal.
Sur
plus.
S
27,857,0
27,016,0
26,690,0
27,271,0
$
3,424,0
3,515,0
3,86.5,0
3,945,0
85.4C7,0
85,215,0
85.270,0
81,341,0
Yorkvlllc .....................
New Nctherland........
WU
Brooklyn.
National C ity..
North Side........
First National..
Jersey City
First National............
Hudson County Nat’l
Third National..........
Hoboken.
First National___
Second National..
S
100,0
250.0
400,0
300,0
200,0
600,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0
S
291,2
127,8
433,4
796,5
182,2
533,3
339,9
401,8
473,7
105,8
502,3
273.3
143,8
309,2
$
1,337,0
1,492,0
0,308,0
6,800,0
1,058,0
4,388,0
2,620,0
3,691,0
4,172,0
1,807,0
4,135,0
2,325,0
1,246,0
2,104,0
200,0
252,0
1,000,0
300,0
200,0
300,0
554,0
856,7
91S,6
598,0
161,7
641,2
3,031,0
5.024,0
11,024,0
4,025,0
1,927,0
3,586.0
S
S
52,0
161,0
215,0
160,0
477,0
800,0
630,0
822,0
113,0
170,0
495,0
333,0
52,0
482,0
624,0
406,0
431,0 1,186,0
105,0
273,0
876,0
573,0
83,0
238,0
288,0
219,0
34,0
107,0
281,0 317,0
307,0
773,0 355,0
772,0
320,0.2,277,0 1,536,0
553,0 339,0
883,0
239,0 148,0
354,0
80,0
383,0
413,0
297,0
209,0
81,0
220,0
125,0
632,4 3,587,0
277,9 3,057,0
202,0
179,0
s p e c ie ) f r o m
15,276,0
15,276,0
15,277,0
15,318,0
147,263,0
149,646,8
185,415.5
152,588,0
The
fo llo w in g
are
1911.
1910.
$2,552,404
14.717,842
1909.
$2,995,901
13,705,212
1908.
$3,141,674
12.449,406
$2,264,117
8,468,521
th e p o r t o f N e w
Y ork
373,0 2,297,0
65,0
230,0
153,0
457,0
53,0
52,0
310,0
357,0
Note.—The Clearing House has given out the following statement: "The decrease
in deposits Is due, in part, to the new method of reporting the Items by the clearing
non-members, In accordance with tho recent amendment to the Clearing-House
Constitution fixing tho character of reserve to be carried [sec “ Chronicle, V 92
p. 16761: arul also to the omission of the figures of the Nassau National Bank o f Brooklyn
from this week's statement, whlchbank reported for the first time as a Clearing-House
member. This also accounts for the large decrease In loans and discounts."
of
to fo r e ig n p o r ts fo r th e
w e e k e n d in g J u ly 15 a n d fr o m J a n . 1 to d a t e :
EXPORTS FROM NEW YORK.
1910.
1911
For the week____ _________
Previously reported________
1909.
1908.
$15,292,591 $12,043,363 S14,313,967 $10,167,249
405,166,063 336,458,381 323,445,386 350,193,381
Total 28 weeks__________ $420,458,654 $349,401,744 S337,759,353 $360,360,630
The
fo llo w in g
t a b le
a n d s in c e J a n . 1 1 9 1 1
sh o w s
th e
e x p o rts
and
im p o r ts
of
th e w e e k e n d in g J u ly 1 5
a n d f o r t h e c o r r e s p o n d i n g p e r i o d s in
1910 and 1909:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
Exports.
Quid.
Week,
Great Britain........
France __________
Germany ________
■West Indies...........
Mexico __________
South America___
All other countrles.
Imports,
Since Jan. 1
$200
Week.
3111,908 $2,762,441
22,400 44,300,363
2,748,000 66,187,802
$648,322 $24,988,053
1,498,000
53,000
74,149
84,464
200
Total 1911__________ _______
Total 1910.................. .........
Total 1909............................
20,401
5,608
8701,722 $26,070,675
839,947 $23,146,424
1,243,908 ‘ 5,692,929
Since Jan.l
$2,080
$3,500
1,653,130
466
20,371
46,254
32,519
933,561
172,250
Total 1911__________________
Total 1910.............................. .......
Total 1909......................................
$73,067
466,877
2,578
1,128,299
2,933,607
1,817,529
1,215,596
$101,750 $7,637,553
110,277 6,051,613
106,142
5,838,857
$9
310
153,971
4,960
14,030
S170.928
7,808
12,034
30,880
2,406,824
909,365
911,554
S173.280 $4,448,393
33,043 2,292,653
127,706 2,847,945
O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 1 , .................w e r e
A m e r i c a n g o ld c o in a n d 8 3 1 0 A m e r i c a n s i l v e r c o i n .
gauM txg muX ^iw inthih
Diversify Your Investments
W r it e f o r o u r c ir c u l a r e n t i t l e d
t r e a t s t h e a b o v e s u b j e c t In d e t a i l.
“ J u d ic i o u s
I n v e s t m e n t ."
w h ic h
Spencer Trask & Co.
43 E X C H A N G E P L A C E .- - - N E W Y O R K .
C h i c a g o , 111.
B oston . M ass.
A lb a n y , N . Y .
Members New York Stock Exchange.
Total July 15......... 6.747,0 12,028,6 89,825.0 7,716,0 8,087,0 13,864,0
Total July 8 ____ 7,497,0 13,089,9 96,942,0 7,634,0 9,179,0 10,081,0
Total July 1.
7,497,0 13,089,0|97,505,0|7,546,0 8,386,0 14,456,0
344.304.0
346,174,0
346,111,0
344,991,0
FOREIGN IMPORTS AT NEW YORK.
For week.
200
1,287,6 5,312,0
775,1 3,057,0
411,2 2,106,0
$
184,455,7
154,168.0
159,180,1
179,983,3
t o t a l s s in c e t h e b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y .
Silver.
400,0
250,0
200,0
S
7,128,0
7,116.0
7,149,0
7,124,0
Y o r k fo r th e w e e k e n d in g J u ly 1 5 ; a lso
Legal
On
Tender Deposit
Specie. and
with
Bank C.-H.
Notes. Banks.
$
146,0
37,0
838,0
671,0
53,0
231,0
519,0
19,0
328,0
282,0
48,0
249,0
282,0
496,0
$
274,644,0
27G,092,0
275,423,0
278,554,0
Imports and Exports for the Week.—
th e im p o r ts a t N e w
New York City.
Manhattan cfc Bronx.
Washington Heights.
Century ................ .
Colonial......................
Columbia....................
Fidelity ......................
Jefferson....................
Mount Morris............
Mutual........................
P laza........ ................
Twenty-third W ard..
Clearings.
a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to S3.089.000 on July 15, against S3.066,000 July 8.
s p e c ie a t t h e p o r t o f N e w Y o r k f o r
Reports of Clearing Non-Member Banks.—
Loans,
Disc’ls
and
Invest
ments.
Legals. Deposits, a Circu
lation.
T h e f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e
We omit tiro ciphers In all these figures.
Specie.
Boston.
5
S
June 2 4 .. 41.350.0 219,796,0
July 1 .. 41.350.0 223,741,0
July 8 .. 41.350.0 224,725.0
July 1 5 .. 41.350.0 223,782,0
Phila.
June 2 4 .. 60.105.0 277,960,0
July 1 .. 60.105.0 278,300,0
July 8 .. 60.105.0 277,506,0
July 15.. 60.105.0 282,627,0
Specie.
Total 28 weeks__________ $406,786,048 $509,938,192 $466,995,143 $330,406,386
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Deposits.
Loans.
Total ................ ................ $17,270,246 $16,701,203 $15,591,080 510,732,638
Since Jan. 1.
Dry Goods____ _____ ______ $74,763,821 $85,623,609 $92,392,912 S63.076,778
General Merchandise_______ 392,022,227 424,314,583 374,602,231 267,329,608
T h e a v e r a g e s o f th e N e w Y o r k C it y C le a r in g -H o u s e b a n k s
a n d t r u s t c o m p a n i e s combined w it h t h o s e f o r t h e S t a t e b a n k s
a n d t r u s t c o m p a n i e s in G r e a t e r N e w Y o r k o u t s i d e o f t h e
C l e a r i n g - H o u s e c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :
Loans and
Investments.
Capital
and
Surplus.
Dry Goods----------------- -------General Merchandise_______
+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York Cltv": with this Item Included,
deposits amounted to $734,829,400, an Increase of $823,400 over last week. In
tho case of Clearing House members, the deposits are “ net" both for the average
and the actual figures. 6 Includes bank notes.
Week
Ended.
Banks.
WHITE,
WELD
&
CO
Members New York Stock Exchange.
6 N ASSAU
STREET;
NEW YORK
THE
ROOKERY)
C H IC A G O
THE CHRONICLE
212
Wall Street, Friday Night, July 2 1 1 9 1 1 .
M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n .— i n S t o c k E x
c h a n g e c ir c le s i n t e r e s t h a s c e n t r e d in r a p i d t r a n s i t d e v e l o p
m e n t s th is w e e k .
I t w a s th o u g h t a t o n e t im e t h a t th e m a t
t e r o f n e w s u b w a y s h a d , a f t e r a p r o l o n g e d d e l a y , w i t h w h ic h
e v e r y o n e is f a m i l i a r , b e e n f i n a l l y s e t t l e d .
B u t in t h i s , a s it
s e e m s a t t h i s w r i t i n g , t h e p u b l i c is a g a i n d i s a p p o i n t e d
A l
m o s t t h e o n l y b u s in e s s in t h e s e c u r i t y m a r k e t s w o r t h m e n
t i o n i n g h a s b e e n in t h e is s u e s o f t h e t r a c t i o n c o m p a n i e s , e s p e c
ia lly th o s e w h ic h are c o m p e t in g fo r th e p r o p o s e d n e w s u b
w a y s , a n d a ll o f t h e s e h a v e b e e n a l t e r n a t e l y s t r o n g a n d w e a k .
I n a ll o t h e r d e p a r t m e n t s t h e m a r k e t h a s b e e n d u ll a n d n a r r o w .
C r o p n e w s is , o f c o u r s e , o f p a r a m o u n t i n t e r e s t , a s a l m o s t
e v e r y o n e is l o o k i n g f o r w a r d t o h a r v e s t t i m e a n d b e y o n d f o r
r e li e f f r o m t h e p r e s e n t b u s i n e s s s t a g n a t i o n .
I f th ere h a s
b e e n a n y c h a n g e in c r o p p r o s p e c t s d u r i n g t h e w e e k , i t is
f o r t h e b e t t e r , a n d t h e g e n e r a l f e e l i n g is a h o p e f u l o n e .
R e
p o r t s h a v e c o m e t o h a n d i n d i c a t i n g a f u r t h e r in c r e a s e in o r
d e r s b o o k e d f o r ir o n a n d s t e e l a n d a m o r e e x t e n d e d a c t i v i t y
The
in t h a t i n d u s t r y .
A n im p o r t a n t e v e n t o f th e w e e k , a n d o n e w h ic h m a y p e r
h a p s b e f a r - r e a c h i n g in i t s r e s u l t s , h a s b e e n a n u n u s u a l l y
s h a r p d r o p in t h e p r i c e o f c o t t o n .
T h i s d e c lin e is b a s e d o n
r e p o r t s o f p r e s e n t c r o p c o n d i t i o n s in t h e c o t t o n b e l t .
Spot
c o t t o n h a s s o l d t o - d a y lo w e r t h a n a t a n y t i m e s in c e S e p t .
1 9 0 9 , a n d f o r f u t u r e d e l i v e r y — t h a t i s , t h e n e w c r o p — t h e p r ic e
is m u c h l o w e r .
T h e B a n k o f E n g la n d ’ s w e e k ly s t a t e m e n t s h o w s a fu r th e r
i n c r e a s e in i t s p e r c e n t a g e o f r e s e r v e , t h e l a t t e r n o w b e i n g
la r g e r t h a n fo r s e v e r a l y e a r s p a s t a t th e c o r r e s p o n d in g d a t e .
L o c a l m o n e y -m a r k e t c o n d itio n s s h o w little a c tu a l c h a n g e ,
a l t h o u g h b u y e r s o f c o m m e r c i a l p a p e r a r e in s i s t i n g o n a h ig h e r
d i s c o u n t r a t e a n d t h e t e n d e n c y in a ll d e p a r t m e n t s is in t h a t
d ir e c tio n .
T h e c u r r e n t p r ic e o f N e w Y o r k e x c h a n g e a t
C h ic a g o p o in ts to th e b e g in n in g o f a c u r r e n c y m o v e m e n t
W e s t w a r d f r o m h e r e in t h e n e a r f u t u r e .
T h e o p e n m a r k e t r a t e f o r c a ll l o a n s a t t h e S t o c k E x c h a n g e
d u r in g th e w e e k o n s to c k a n d b o n d c o lla te r a ls h a s ra n g e d
fr o m 2 to 2 3 ^ % .
T o - d a y ' s r a t e s o n c a ll w e r e 2 3 4 @ 2 3 ^ % .
C o m m e r c ia l p a p e r q u o te d a t 3 % @ 4 % fo r 0 0 to 9 0 -d a y e n
d o rse m e n ts, 3 % @ 4 3 ^ %
f o r p r i m e 4 t o 6 m o n t h s ’ s in g le
n a m e s a n d 4 % @ 5 % f o r g o o d s in g le n a m e s .
T h e B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
sh o w re d a n in c r e a s e in b u l l i o n o f £ 2 5 0 , 9 4 1 , a n d t h e p e r c e n t a g e
o f r e s e r v e t o li a b i li t i e s w a s 5 3 . 3 8 , a g a i n s t 5 2 . 1 2 l a s t w e e k .
T h e r a te o f d is c o u n t r e m a in s u n c h a n g e d a t 3 % , a s fix e d
M arch 9 .
T h e B a n k o f F r a n c e s h o w s th e g o ld h o ld in g s u n
c h a n g e d a n d a d e c r e a s e o f 2 5 , 0 0 0 f r a n c s in s i l v e r .
NEW YORK CITY CLEARING-HOUSE BANKS.
(eVof including Trust Companies.)
_ _ _ _ _ _
1911.
Averages for
week ending
July 15.
Capital........................S u rp lu s........................
Loans and discounts.. .
Circulation...................
Net deposits------- -------Specie .............. - .........
Legal tenders— ..........
5
135.150.000
190,141,300
1,400,612,000
47.206.000
1,430,101,000
2,Hi.312,000
78.019.000
1910.
Averages for
week ending
July 16.
Differences
from
previous week.
s
Dec. "9,064560
Inc.
631.000
Dec. 9,564.000
Dec. 8,050,000
Inc. 1,996,000
1909.
Averages for
week ending
July 17.
S
S
132,350,000 126,350,000
189,131,400 174,450,100
1,188,473,400 1,345.586,500
48,460,700
49,259,200
1,177.110,200 1,423,472,800
252,621,700 309,242,700
68,798,500
81,194,700
Reserve held........ .......
25% of deposits............
363.331.000 Dec. 6,054,000
357,600,250 joee. 2,391,000
321,420,200
294,277,550
390.437,400
3.5,868,200
Surplus reserve........
5,730.750 Dec. 3.063,000
27,142,650
34,569,200
ag House now Issues n statement weekly showing the actual
condition of the banks on Saturday morning, as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on the
second page preceding.
F o r e i g n E x c h a n g e .— T h e to n e a t th e
m a n d h a v in g s o ld t o -d a y fo r th e fir s t
c lo s e is e a s i e r , d e
tim e th is w o ek a t
4 8 6 3 4 a n d c a b le tr a n s fe r s a t 4 8 6 3 4 -
T o -d a y ’s (Friday’s) nominal rates for sterling exchange were 4 85 for
six ty day and 4 87 for sight. T o-d a y’s actual rates for sterling exchange
were 4 842 5 @ 4 8435 for sixty days, 4 8610@ 4 8620 for cheques and 4 8,.35
6B4 fj645 for"cables. Commercial on banks 4 83 % @ 4 84 and documents
for paym ent 4 83 % @ 4 81. Cotton for paym ent 4 8 3% @ 4 83 % and grain
for paym ent 4 8 3 5 4 ® 4 84.
T o-d a y ’s (Fridav’3) actual rates for Paris bankers’ francs were .> 21 K less
1-16 @ 5 21 % for long and 5 10% less 3-32(.85 19% less 1-16 for short.
Germany bankers’ marks were 94% @ 94 13-18 for long and 9,> 1-16 less
1 -32 @ 95 1-16 for short. Amsterdam bankers’ guilders were 40 2 o @ 4 0 27
The posted rates for sterling as quoted b y a representative house re
mained dally at 4 85 for sixty days and 4 87 for sight.
E xchange at Paris on L ondon, 25f. 27c.; week’s range, 25f. 28c. high and
25Exch6amre at°Berlin on London 20m. 4 6 % p f.; week’s range, 20m. 46 3fpf.
high and 20m. 45 % pf. low .
,
, , „
The range of foreign exchange for the week follows.
Cheques.
Cables.
Sterling. Actual—
Sixty Days.
4
8635
4 8660
High for the w eek__ 4 84 %
4 8615
4 8635
L ow for the w eek__ 4 84 %
Paris Bankers’ Francs—
5 19 % less 1-32, 5 19 %
High for the week . , 5 21 %
5 1 9% less 3-32 5 19 % less 1-16
L ow for the week . . 5 21 %
Germany Bankers’ Marks—
95 % less 1-32
05 3-16 less 1-32
High for the week . . 94 13-16
05
95 1-16
L ow tor the week —
94 %
Amsterdam Bankers’ Guilders—
40 28
40 32
High for the w eek—
40 14
40 24
4<> 28
L ow for the week . . . 40 12
DOMESTIC EXCH AN G E.— The following are the rates for dom estic ex
change at the undermentioned cities at. the close of the week: Chicago, 5c.
per 51.000 discount. Boston, par. San Francisco, 30c. per 51,000 pre
m ium . Savannah, buying, 3-16% discount; selling, par. St. Louis. 10c.
per $1,000 premium. Charleston, buying, par; selling, 1-10% premium.
New Orleans, com m ercial, 50c. p er-$1,000 discount: bank, $1 per $1,000
prem ium . St. Paul, 60c. per $1,00.0-pr.emlum. Cincinnati, 20c. per $1,000
prem ium . Montreal, 4 6 % c. p<)r $1;000 discount.
_
[V O L . L X X X X I I I .
S t a t e a n d R a i l r o a d j r B o n d s .— S a l e s o f S t a t e b o n d s a t t h e
B o a r d $ 1 7 , 0 0 0 V i r g i n i a 6 s d e f e r r e d t r u s t r e c e ip t s a t 5 5 .
T h e m a r k e t f o r r a i l w a y a n d in d u s t r i a l b o n d s h a s b e e n
m a d e u n u s u a lly a c t iv e b y e n o r m o u s ly h e a v y tr a n s a c tio n s
in I n t e r b o r o - M e t r o p o l i t a n 4 ^ s .
O n W e d n e s d a y th e m o v e
m e n t o f t h i s is s u e a g g r e g a t e d o v e r $ 3 , 1 0 0 , 0 0 0 , o r a b o u t o n e h a lf t h e t o t a l o f t h e l a r g e s t b u s in e s s r e c o r d e d in o n e d a y in
a lo n g tim e p a s t .
T h e o o n d s t h e n s o l d a t 8 3 , a s a g a in s t 7 8 * % j
a t t h e c lo s e l a s t wre e k a n d 8 0 a t t h e c lo s e t o - d a y .
N e w Y o r k C i t y 4 3 4 s n e w ( “ w . i . ” ) w e r e d e p r e s s e d o n li b e r a l
o ffe r in g s , a c c o m p a n ie d b y r u m o r s o f a p r o p o s e d n e w c it y
lo a n .
S e a b o a r d A ir L in e a d j . 5 s h a v e b e e n u n u s u a lly a c t iv e
o n a d e m a n d w h ic h c a r r ie d t h e p r i c e u p 1 3 4 p o i n t s .
• U n it e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t th e
B o a r d in c l u d e o n l y $ 2 1 , 0 0 0 P a n a m a 3 s ( “ w . i . ” ) a t 1 0 2 3 4
to 1 0 2 % .
T h e fo llo w in g h a v e b e e n th e c lo s in g q u o t a t io n s ;
for yearly range see third page following.
Periods
July
15
Q—Jan
Q—Jan
Q—Feb
Q—Feb
Q—Feb
Q—Feb
Q—Feb
*100%
1*100%
*101%
*101%
*113%
*113%
*100
102%
I n te r e s t
2s,
2s.
3s,
3s,
4s,
4s,
2s,
3s,
1930 .................registered
1930____________ coupon
1908-18 .......... registered
1908-18 ................ coupon
1925 .................registered
1925...............
coupon
1936.Panama Canal regis
ran. Canal when Issued. .
July
17
July
18
*100% *100%
*100% *100%
*101% *101%
*101% *101%
*113% *113%
*113% *113%
*100 *100
*102%j 102%
July
19
July
20
July
21
*100%
*100%
*101%
*101%
*113%
*113%
*100
*102%
*100%
*100%
*101%
*101%
*113%
*113%
*100
*102%
*100%
*100%
*101%
*101%
*113%
*113%
*100
*102%
* This Is the price bid at the morning board: no sale was made.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e r e h a s b e e n a lit
t le m o r e a c t i v i t y in t h e s t o c k m a r k e t t h i s w e e k , o w i n g c h ie f ly
t o a n e w in t e r e s t in t h e lo c a l t r a c t i o n is s u e s , b u t t h e v o l u m e
o f b u s i n e s s is s till s m a l l .
I n t e r b o r o - M e t r o p o l i t a n le d in t h e
m o v e m e n t r e fe r r e d t o , t h e p r e f e r r e d h a v i n g b e e n in s u c h
r e q u e s t a s t o a d v a n c e t h e p r ic e 5 p o i n t s .
T h is a d v a n c e h a s
n o t b e e n m a i n t a i n e d , h o w e v e r , a n d t h e s t o c k c lo s e s o n l y
fr a c tio n a lly h ig h e r th a n la s t w e e k .
A t th e s a m e tim e M a n
h a t t a n E l e v a t e d , o n li m i t e d t r a n s a c t i o n s , s o ld 7 3 4 p o i n t s
h ig h e r th a n th e la s t sa le p r e v io u s to th is w e e k , a n d B r o o k ly n
R a p i d T r a n s i t w a s v e r y a c t i v e o n a d e m a n d w h ic h c a r r ie d
t h e p r i c e u p t o 8 4 5 4 , t h e h i g h e s t r e c o r d e d in r e c e n t y e a r s .
C a n a d ia n P a c ific a ls o a d v a n c e d 5 p o in ts t o a n e w h ig h r e c o r d ,
a n d s t o c k s t h a t w ill b e n e f i t b y t h e la r g e s p r i n g - w h e a t c r o p ,
w h ic h n o w l o o k s m o r e p r o m i s i n g , i n c l u d i n g S t . P a u l , G r e a t
N o r th e r n a n d N o r t h e r n P a c ific , h a v e b e e n n o t a b ly s t r o n g
fe a tu re s.
G re a t N o r th e rn h a s a d v a n c e d o v e r 3 p o in ts,
N o r t h e r n P a c i fi c 3 , S t . P a u l 2 3 4 , S o u t h e r n P a c ific 2 3 4 a n d
U n i o n P a c ific n e a r l y 5 .
O n th e o th e r h a n d , B a ltim o r e &
O h i o h a s l o s t a f r a c t i o n o f a p o i n t a n d s e v e r a l o t h e r is s u e s
h a v e b e e n b a r e ly s t e a d y .
For daily volume of business see page
222.
T h e fo llo w in g sa le s h a v e o c c u rr e d th is w e e k o f sh a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d lis t 0 11 th e p a g e s w h ich f o l l o w :
STOCKS.
Week ending July 21.
Sales
for
Week
Range for Week.
Lowest.
6%
Am Telep & Telcg rights39
74
Crex Carpet.......... .........
42
Cuban-Amcr Sugar____
120%
Detroit E dison..............
100! 74
Detroit United Rys----500 85
Evansv & Terre Haute-1651 86
Preferred .................. 100407%
General Chemical, prel..
800| 82%
May Department Stores.
100113%
Preferred....................
Quicksilver Mining........ 1 ,100! 2%
700 4%
Preferred ....................
100419%
Rome Water & Ogdensb
St L & S F—C & E 111
101 60%
new stock trust certfs.
30410
So Porto Rico Sug, prel.
100| 52
Standard Milling, pref..
60: 99%
U S Indus Alcohol, prefl
450 88
Virginia Iron, Coal & C.
loo; 80
Vlrglnla Ry & Pow, prel
100 16
Vulcan Detlnntng..........
July
July
July
July
July
July
July
July
July
July
July
July
July
Highest.
6 25-3 2Julyl5
74 July 19
42 Ju;y 20
120% July 21
74 July 19
88 July 17;
80 July 19
107% July 18
83% July 20
113% July 21
3% July 18
5% July 19
119% July 18
July 19 61%
July 17 110%
July 18 52
July 17 99%
July 17 91
July 18' 80
Julv 21 16
Range since Jan. 1.
Lowest.
6%
60
35
107%
67%
60
85
103%
70
112
2
2%
119%
July 1.9 59
July 17410
July 18 51.
July 17 91
July 19;! 52
July 1S| SO
July 21 is
| Highest.
July 7%
Jan1 74%
Feb 42
Jan 120%
Jan 74
Feb 88
May 87
Jan! 108
April 87
June!ll3%
April 3%
June’ 5%
Julyjl21
June
April
July
July
Feb
July
May
April
June
July
July
July
April
Feb! 62
Feb 113
May 52
May! 99%
Jail 97
July] 83
Feb
Jan
June
July
July
April
.June hi
.Inlv
O u t s i d e M a r k e t . — “ C u r b ” t r a d i n g t h i s w e e k w a s a li t t l e
m o r e a c t i v e f o r a t i m e , b u t w it h a fe w e x c e p t i o n s s o o n f e ll
b a c k t o t h e d u ll s t a t e w h i c h h a s m a r k e d t h e s e s s io n s f o r s o m e
tim e p a s t .
A m e r i c a n T o b a c c o , a f t e r a n e a r l y rise o f a b o u t 8
p o i n t s t o 4 0 0 , d r o p p e d t o 3 8 5 , a n e w lo w r e c o r d f o r t h e y e a r .
T h i s is s o m e 1 3 5 p o i n t s d o w n f r o m t h e h i g h e s t p o i n t e v e r
r e a c h e d , w h ic h w a s j u s t b e f o r e th e S u p r e m e C o u r t d e c is i o n
in " M a y l a s t .
T h e c lo s e t o - d a y w a s a t 3 9 2 .
T h e u n u su al
a c t i v i t y o f H o u s t o n O il s t o c k s w a s a f e a t u r e , t h e c o m m o n
a d v a n c in g fr o m 8 t o 8 % a n d th e p re fe rre d fr o m 5 9 3 4 to 6 5 ,
t h e c lo s e t o - d a y b e i n g 8 % a n d 6 4 , r e s p e c t i v e l y .
S ta n d a rd
O il s o l d u p f r o m 6 6 0 t o 6 6 4 a n d d o w n t o 6 5 8 .
S tu d e b a k e r
C o r p . c o m m o n im p r o v e d a b o u t a p o in t to 6 6 a n d s o ld t o -d a y
at 6534.
T h e p r e f e r r e d w a s t r a d e d in a t 1 0 7 .
T h e fe a tu re
o f t h e b o n d d e p a r t m e n t a n d o f th e “ c u r b ” m a r k e t in g e n e r a l
w a s c e n t r e d in t h e N . Y . S t a t e 4 s a n d t h e M u m p in N . Y . C i t y
4 3 4 s , t h e l a t t e r s e lli n g d o w n o n T u e s d a y t o 1 0 2 J 4 , a lo s s o f
1 3 4 , h u t w ith a r e c o v e r y to 1 0 3 34A w e a k s p e c u la t o r w a s
f o r c e d t o u r f lo a d .
N . V . S ta t e 4 s , “ w . i . , ” w ere h e a v ily
t r a d e d in u p f r o m 1 0 4 1 5 - 1 6 t o 1 0 5 a n d d o w n t o 1 0 3 5 - 1 6
fin a lly .
C h ic a g o E l e v a t e d 5 s a d v a n c e d fr o m 9 8 ? 4 t o 9 8 9 - 1 6 ,
b u t fe ll b a c k t o 9 8 ^ .
O r e g o n -W a s h in g to n l i l t . & N a v . 4 s
w e a k e n e d f r o m 9 2 1 3 - 1 6 t o 9 2 34 a n d f in is h e d t o - d a y a t 9 2 3 4 .
In c o p p e r sh a re s B r a d e n w a s c o n s p ic u o u s ly a c t i v e , m o v in g
d o w n f r o m 5 t o 4 3 4 ancJ UP a K » in t o 5 .
G ir o u x w e a k e n e d
fro m 6 3 4 to 6 3 4 .
G re e n e C a n a n e a a d v a n c e d fro m 7 to 7 3 4 N ip is s in g w a s a w e a k fe a t u r e , s in k in g fr o m 9 J 4 to 8 ) 4 O u t s i d e q u o t a t i o n s w ill b e f o u n d o n p a g e 2 2 2 .
New York Stook Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Monday Tuesday Wednesday Thursday Friday
Saturday
July 16
July 17 July 18 July 19 July20. July 21.
Sales of
the
Week
Shares.
TW O
PAGES
STOCKS
N EW Y O R K STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Range for Previous
year 1910.
Highest.
Highest.
Railroads
00*4 J ’iy 124% Jan
, 113% 11378 36,400 A tch Topeka & Santa Fe 100% Jan o 116% J ’ne 5
%
,
,
Do p r e f __________ 100% Jan 3 lOJi- J ’ne 12 xoj J ’ ly 104% Jan
600
S
, 103% 103%
102%
J ’ ly 137% Jan
1321-J’ly
19
117
Jan
3
Atlantic
Coast
Dine
R
R
__
1.550
1317g 131%
%
%
100% Sew 110% Jan
%
109 109% 6,715 Ija itlm ore Sc O hio______ 102 Feb 74 109% J ’ly 1
,
94 Jan
871.1 Sep
87 - Mch 21 91 Jan 4
510 * * Do p r e f __________
*891- 91
§90
90
82*3 May
08% Feb
7478 Jan 3 84% J ’ly 20
,i
83% 84% 45.202 Brooklyn Rapid Transit.
%
%
40,025 1 'anadlan P a c i f i c _____ 195% Jan 3 247 J ’lv 21 170*4 Feb 202*3 N ov
j
% 2'45% 247
70 jail
60% J ’ly
62 Mch 3 $00 M avis
' anada S o u t h e r n _____
% *66
72%
% *06
72t4
Central of New Jersey___ 270 Mch 10 285 Feb 21 24 s J ’ly 312 .’ an
■
*280 288 *280 288
02 Jan
05 Aug
77 Apr 24 8634 Feb S
8278 827g 11,200 Chesapeake & O hio_____
S
82% 83
%
0334 Jan
237s J ’ly
25 A pr 7 31% May23
Chicago & Aiton H R ____
*20
30
*20
30
*20
047
S
J
’ne
69 Apr
53
Jan
19
52
Mch
17
Do
pref_______________
*40
60
*40
65
oQ78 Jan
19 J ’lV
20% Apr 19 25% J ’ne 5
227,3 2278 22% 22% 1,250 Chic Gt West trust c t f s ..
%
2212
C4% Jan
40
J
’ly
49%
Feb
42
Apr
25
Do
pref
trust
ctfs
_____
625
*44146
441
%
44%
4412
11334
J
’ne
158*3
Jan
133%
Feb
117
A
pr
IS
Chicago
Mllw
&
St
P
aul.
.
%
s 1278S 128% 128 12S34 33,060
113• Sop 172% Jan
Do p r e f ..___________ _ 147 Jan 3 155% Feb
281
%
,
*153% 15514 *153 164
137% J ’ly 182% Jan
900 Chicago & North Western 142% Jan 10 150W J ’n o l
% 14812 14812 148 14818 14878 1487g
203 J ’ne 225 Jan
$200 Jan
$20u Jan
Do pref
>
*199 204 *200 205
Chic St P Minn & Omaha 130% Apr 20 144 J ’ne 12 140 Apr 102% Feb
*140 145 *138 140
$100
Apr 170% Feb
$100
Mch
152
Feb
18
Do
pref
*155
165
*155 105
2% Dec
5*s Jan
2 A pr 7
3% Feb
Chic Un Trac ctfs stmpd
3
2*4 *2
*214 234 *2
478 Sep
12% Jan
5 J ’ne 2
7% Feb
Do pref ctfs stm pd.
6
*5% 6% *5
%
* ,
61
Nov
92%
Mch
60
Jan
18
50%
A
pr
25
Clove
Cln
Chic
&
St
L
.
*58
59%
%
*58
59%
90 Sep 104 Jan
94% J ’ly 8 98 Feb 1
Do pref____________
*94% 100
*94% 100
* %
J ’ ly
G5*4 Feb
51 Apr 18 00 Jan 18
Colorado <fc S ou th ern ..
*54
65
*54
60
J ’ly
83 Mch
74% M ch27 82 J ‘ne30
Do 1st preferred___
83
*81*4 82% *82
* U
Aug
51 Jan
73% Jan 11 75% Mch
Do 2d preferred
*75
80
*75
80
s
172% 172% *171% 172% 1,300 D elaware & H udson___ 164% Jan 3 17478 J 'ne 8 j49% J ’ ly 185 Jan
,
l
510
Feb
0
490
J
’ly
620
Mch
500
J'ne
elaware
Lack
&
W
cat.
*536
648
100
*530 548
52 Jan
27% J ’n e 22 35 Feb 1
23% J ’ly
950 Denver & R io Grande___
,
28*4 28*4 28% 28%
Jan
65% J ’ne 22 74 Feb 21
02% J ’ly
Do pref
$57% 57% *571- 58% 1,339
53
%
1334 Jan
11 Jan 6 15% Mch 30
10 J ’ ly
Duluth So Shore & Atlan
*10
15
15
*10
*10
22 Jan 6 30% Meh30
24% Jan
17 J ly
Do pref
*22
27
200
25
*20
*20
191- J ’ly 34% Jan
27% Jan 11 38*3 J 'ly
36%
12,920
U
'ric
.
.
.
.
3G
7S
37%
37%
%
S
52*4
Mch
45%
Jan
12
61%
J
’ly
35
J
’ly
J-J
Do
1st
preferred___
59% 6,700
5914 58% 59% 59
%
42 Mch
26% J ’ly
35 Jan 9 49% J ’ly
Do 2d preferred___
1,235
48
4S*s 48% 48% $48
1437S Jan
11s
J
’ly
122
Feb
24
140
J'ne
S
Great
Northern
pref_____
137
1377s
30,125
% 135% 137%
80% Jan
45 J iy
66 Jan 5 63*4 Feb .2
Iron Ore properties___
00% 01%
997
6112 01% *60% 02
11 Aug
18% Mch
13% May 13 15% Jan 17
37 Green Ifay & W .deb otf B
%
*13% 13*4 13% 14
88%
Jan
Apr
90%
J
ne
19
95%
Feb
11
avana
Electric______
*93%
99%
%
% *95
H Do preferred_____ 93% Jau 12 08% J ’neJO 02 May- 97%
99 .'an
112
J
’ne
140
Oct
H ocking Valley_________ 128 Mch24 134 Anr 29
* ___ 135 *___ 135
145 J ’ly 21 124 J ’ly 147 Jan
900 I Ulnois Central________ 132 Jan
144% 145
144 144
14%
J
’ly
25%
Jan
17%
Apr
22
20%
Feb
to
IWl
10% 20
17% 1S7,
17% 18% 20,250 1 nterboro-.Metrop v t ctfs
41% J ’ly
6278 Jan
47% Apr 22
56% J ’ly 19
Do pref____________
71,850
“
61% 54% 50% 52
(VI,
49%
J
’ne26
55%
J’ly
19
Do
pref
v
o
t
tr
ctfs____
10,000
50%
%
60%
,
61% 63
J ’ ne
15 M ayl2
197a Feb 3
30 Jan
1,000 Iowa Central____________
% ♦
*18% 19
,
*18% 19
J ’ly
54% Jan
28 Apr 24 30% J’ne20
Do preferred
100
$387,
, *36% 37
*30% 37
70
May
4
Aug
74
A
pr
8
80 Feb
C
Ft
S
&
i
l
tr
ctfs.pref
80
*75
82
*75
K ansas City S outhern.. 32 May 3 37*3 J ’ne 13
J ’ly
44% j an
8684 35*4 35*g 35*4 2,540
%
35%
AUg
04% Jan 3 69*4 J'ne 13
71 Jan
Do
preferred______
*07% 68% *07% 60%
% *07% 69
J
’n«
16*4
J1
ne
16
25*4
Jan
147.3
May
19
ake
Erie
&
W
e
stern
..
16
*14
16
*14
*14
16
37% Dec
6234 Jan
31% J ’ly 21 40 Jan 13
D* preferred ______
300 L
31% 31%.
33
33
*31% 33
Apr 24 181% Feb 3 173% Dec 186 N o r
175 175% 174% 1746, 174% 175% 11,400 Lehigh V alley___________ 1G8%
00 J 'iy
70% Apr
55 J ’ly 17 03 Jan 10
400 Long Island____________
*54
55%
*55'
64
*55
58
152% 152*4 5,320 Louisville & N ashville. . 142% Jan 25 1561 ■>J’ly 19 131% J’ ly 159*4 Jan
165 1561, *152% 15.1
123 J ’ne 140 Oo»
142%
Jan
19
134
Mch
28
anhattan
E
le
v
a
te
d
..
2,740
$130
139
140
140
140% 142*2
53*4 Jan
J ’ly
21% Apr 26 32 J 'ly 10
31
31%
1,100 M Inneapoll* & St Louis
%
31% 31% * 3 1 % ___
Sen
80 Feb
Do preferred_________ 35 Mch 13 § 50 Feb 14
48
48
100
___ * 4 7 1 ,___ * 4 7 % ----J ’ly 145 Mob
143% 143
2,600 Minn St P & S S M a r ie ... 132% Jan 4 152% M ch30
142 142
142% 143
J ’ne 155% Mob
Do preferred_________ 147% Jan 6 100 Mch 30
15614 166%
535
___ 155*4 165*4 155 155
87% J ’ ly 5 90% Mch 15 zS6% Sep
92*4 Jaa
Do leased line ctfs___
89% *9%
201
88
a 89% 89% $88
31 Feb 24 38% J'ne 14
51% Jan
27 J ’ly
2,500 Mo Kansas & Texas_____
37
37% 3012 30% 36*4 37
63% Jan 16 09 J ’ n e 10
74% Jan
67 J ’ly
Do preferred________
*67% 69
300
*07% 80
% ♦67% 69
45% Apr 19 03 Feb 15
41 J ’ly
73% M ar
49% 50% 40% 40*4 495, 50% 7,630 Missouri Pacifio.
140% Jan 19 160 J ’ne 14 125 J ’ly 140 N o r
ash
Chatt
&
SifL
ouis,
■155 105 *150 165 *156 165
N at R ys of Mex 1st pref 63 May 24 72*3 Jan 26 60 Feb 72*3 N o r
*63
07
*63
67
*63
29% J'ne 8 38*8 Feb 15
37% N o r
23% j ’ly
Do 2d preferred___
*30*4 31*4
% *301, 321, *30% 31
109 109% 4,800 N Y Central & H u d s o n .. 10478 Apr IS 115% Feb 3 105% J ’ly 128 Mch
109 1(>9% 1081, 100
55% May
087g N o r
6 7 1 Apr 17 65 Jan 19
N Y Chic ic St Louis____
59%
% *57
59% *57
.69% *57
Do 1st preferred_____ 101% Feb 21 101% Mch 20 $101 J ’ly 109*4 fa n
■102 107 *103 107 *102 107
8234
Apr
98 Jan
00
Jau
27
83
Apr
7
Do
2d
preferred______
*85
00
90
*85
*86
90
too N Y N H 4 H artford____ 139% J ’n e23 161% Feb 23 140 Apr 162 Meb
138*, 139%
140 $140 140
Subscription receipts tf. 141 MaylO 1491- Feb 27 A143 J M 7(151 Mch
38% Aug
60 Jan
40% Apr 22 401-J ’nc27
46%, 46% 46% 2.700 N Y Ontario & W estern.
46% 46*4 46
88% J ’ly 108% Mch
109 109*4 2.700 Norfolk Sc W estern_____ 100% Jan 3 110% J'nc20
% 109 10912 109 109
88 Feo
91% Mcb
.'-5% Apr 18 91% J ’ne 8
Do adjustment p r e f..
200
91
*8(1
90*2 *80% 90%
*89
40% Dob
35 Feb
Northern Ohio Trac & Lt 39% J an 3 601-J’ ly 8
1 48%
*48% .
116 Jan 3 1377. J ’ne 8 111% Aug 145*8 Jan
* 132% 133% 132% 133% 133% 134% 42.320 Northern P aciilc____
100 Jan 11 102 Jan 10 100 Oct llS*4-Jan
acific
Coast
Co____
*95 105
*95 105
*96 105
P Do 1st preferred.
*85 110
*85 110
*0.5 n o
9934 Jfiy 5 162 Jan 11 105 Fab 118 Jan
Do 2d preferred___
*95 105
*95 105
*95 105
120% Mayl6 130% Feb 2 122% J ’ly 138% Mcb
% 125 1261, 124% 14!5% 1247, 136% 12,165 P enn sylvania__________
93%
May 13 100 Jan 17
so J ’ly 104% Mch
. 97
98% 98
08% *07% 98% 4,500 PitUb Cln Chic & St L _ .
111 May 20 112 Feb 17 110 Oct 116 Mch
Do preferred_____ _
■108 115 *108 115 *108 115
149% Apr 24 161*4 Feb 7 130% J ’ly 172% Feb
157% 15838 157 158% 157% 158% 127,300 T> ending . . . __________
92 j n y 14 z8o Aug
88 Mch
93% Fob
-L\> 1st preferred-_____
*90% 92
*90% 01% *90% 91%
10 i Mar 2 <-.87 J ’ly 110% Jan
94 Jan
2d preferred______
*95
98
*95
98
200
96% 901,
2274
J
’ly
3,4*3
J
’ne
14
57% Jan
27*4
Apr
21
R
ock
Island
C
om
p
a
n
y
..
32% 33
j
32*,
3.400
3tf%
32% 32%
64 J ’ly
6734 Apr 24. 68% J ’ ne 14
92% A pt
Do preferred_______
05% 05
6“
60
65
05
2,600
58 Aug
61 Apr 24 09 J ’ly 1j
73 Jan
68% 09
%
*68% 09% *57% 88% l,50tf S t L & San Fr. 1st p ref.
34%
Aug
49%
J
’ly
19
38
Apr
22
60 Jan
Do
2d
preferred____
49%
48%
48%
49
48%
12,170
481,
18% J ’ly
24 Jan 13 34 Feb
34% Jaa
*31
St Louis Southwestern.
32
33%
♦30
33
*32
72 J ’ne 26
61% J ’ly
77% Jaa
59*4 J an
•Do preferred_______
71
72
71
'" 3 6 6
*691 71
113% Apr 18 126*3 J’ n e26 103% J ’ly xl38% Jan
% 133% 124% 123% 124% 1237, 124% 47,860 Southern Pacific Co____
18 J ’ly
33*4 Jan
33** J’ ly 19
25% Mch
33*8 43.740 Southern v tr ctfs stmpd
33
33*, 327, 33% 33
%
75 Jan
43 J ’ly
61% Jan 11 75% J ’ly 20
74% 74*8 75% 74% 75
8,710
Do pref
do
74
22% J ’ly
36*4 Jan 1
30% Feb 21
25% Jan “
20% 20% 29S8 •291, 3.310 T exas & Pacific_______
S 287, 291j
19% Jan
6>- J ’ne
8*3 Mch 2 14% J ’ne 9
hlrd Avenue (N Y ) ___
11% 11% *10% 11% 10*, 10% 1,600
8% Jan 17
5% J ’ly
6*4 Mch 27
Jan
T oledo Railways & L t ___
*7
71
7%
% +7
7% *7
54*3 Jan
10 J ’ly
19 Apr 24 24*4 Feb
700 T oledo St L & W estern.
21%
21% *20
21% 21% *20
%
4234 J ’ly
45 Apr 11 637* Jan
72% Jan
Do preferred________
*44% 47.% 1,286
4"
47% 47% *46
111 Feb
103 J ’ly 117% Jan
1,050 Twin City Rapid Transit. 107 J ’ly
109% 100% 110 lid
% 110 n o
19134 J’ly 21 152% J ’ly 204*4 Jan
109*4 Jan
* 18912 190*4 189% 190% 189% 191% 193.950 U nion Pacifio______
88% J ’ly 103*4 Jan
907S Mch 6 9534 Apr ‘
Do preferred______
1,500
94% 947, 94% 94% 94*.i 95
49 Feb 20
23*4 J'ne '42% Jr.n
600 Unit R ys In v’ t of San Fr 31%Jan "
38
38
37% 37% 38
% *30
60*4 Jan
70*4 Mch 22
47 J ’ne
72% Jan
Do preferred_____
500
% ♦67
68% 69
09
69*4 69
41% Apr 13 45 Apr 24
Virginia Hy & P ow er..
♦381, 39% *38*2 39% *38% 40
16% Jan
13*8 Feb 23
12*8 J ’ly
27*4 Jan
200 YV/ a b a s h ----------------16% ♦16% 10%
16% 161 *16
32's Jan 11 40*3 Feb 23
78% J’ly
Do preferred . .
61 Jaa
800 t T
*35% 30
% 35%
*35% 30%
487S Apr 18 65% J ’ly
40 J ’ ly
£4*3 Mch
64
64% 04% 4,450 Western Maryland R y ___
64% 64
64
75
Jan
14
88
J’ly
21
67
A
t
lg
77
Deo
Do
preferred______
500
83
87
85
87
88
85
3 J ’ ne 28
'6% Feb
3 Apr
10 Jan
400 W heeling & Lake E rie.
3
*3
3
3
%
3%
S% J’ly 19 17% Feb
8 J ’ne
23 Jan
Do 1st preferred___
800
%
8% 8% *8% 0
8*4
4 J ’ne
8 Feb
4 J ’ly 15
13% Jan
Do 2d preferred____
200
*4
4% ♦4
4%
4*1 *4
44 J ’ly
72% May 1
67 Jan
04 N o r
% *ee
501 W isconsin Central-----68% $67% 671-1 69
00%!
112 1127S 112% 113 1131 1133 113 1137
103 103 * 102% 103 103 103 1031 1031
131% 132 131% 131 13173 132 132 132
9 109 1091 109*8 109 10012
106% 109*3 109
1 *80 91
*89 91 *8
82*4 29
831 83 8414 82 84
82*4 83*s 24
242% 243% 4 4534 2451 246*4 24
1*3245
*00 72% *00 72
*60 72
*280 2*8 *280 288 180 288
82% 82*4 82 82 8218 278
*20 30 *20 30
0
*40 05 *40 65 *40 3
05
22% 22% *22 22
44% 44*3 * 44% 45 4412 2234
126% 127% 120% 127 27121281
1537 15378
*153 154 153% 153 1
147% 147% 148 148
*199 204 *200 205 ■200 205
144 *138 144 *140 146 ‘140 145
165 *155 105 *155 105 ■155 165
3 2*3 3 * 2% 234
7 5% 7 * 5% 6 51 0
*58 691. *58 59 *58 5912
94% 100 * 94% 100 94 100
5-1 56 *54 56 4 56
81% 83 * 81% 82 *6
8 2 8212
*75 SO *75 80 *7
5 80
171% 171*4 1717o 1717 171
*535 548 *537 548 5437 5147323
28% 29 *28% 29 2812 287
67-% 734 5734 58 58
*13 5
15 *13 15
15
25 20 *20 27
27
36% 37 30% 37 371 3712
5812 587* 58% 59% 58% 59 9
*4612 4734 47 47 * 45% 48 5
48
114*4135 134*3 135% 1313413584 13
65,3130
$00% 60%
0
0
% 00%
6
1
6
1
13*4 13*4 * 13% 14% 13% 13 13*4 14
*95 99' *95 99% *95 9
9 *95 99
*98 100
*12212 135 ♦___ 135 * _ 135
*14212 144 143 143 * 1421- 145 143*4144
18 18 IS 18% 18*3
611S 5214 51% 61% 52% 55
5 6
___
6134 54 5
541 51
*18
*18 19 18% 18 181 6
10
97
*36
*36 37 $36% 363,4
3
*75
*75 82 *75 82 *75 82
* 34% 35% * 34% 35
♦67% 68% *67% 68
*14
*1
4% 17 *14 17
*82'
* 31% 33 *30 33
174
174% 174*4 17433175
*55
56 55% *55 50
1641!
154 154% 154 155
*135
*135 138 130% 140
'*31% ___
31% 31
*4
7*4 ___ *4713
*141
141% 142% 142% 143
*165 160 *154 1S6 *165
*87 891 *87 89% *87 891
36% 06% 6% 37
* 361» 37
*67 681 *07% 68% *3
67% 08
49 491 49 49% 49% 5
0
*1
5.5 160 *155 100 *153 165
07
*03
67
♦
0
5
6
7
♦
0
3
* 31% 32 *31
32 * 30% 31
108% 1088 107*4 IOR
84 10734109
*67 591 *57 59% *57 59
*102 107 *102 107 *102 107
*65 90 *S5 90 *85 90
*138 140 *139 140 *139 140
*4
5** 46 *45 46 45% 4534
•lOSlj
109 109% 109 109
00»4
* 89- 91 ♦SO
91
*1438117,j
*4
483* 50
132 138
1*%3 132% ♦13
134 1327
*05 105 *95 105 *95 105
*85 110 ♦85 110 *.85 110
*05 105 *95 105 *95 105
1247* 126 124*3 125% 12458125
*9
61, 97 97 97% *94 97
•103 115 *108 116 *108 115
3
167 1673 160% 19
57*3 153 153
*90 92 ♦90% 2 * 90% 9
8 *95 98
*95 98 *95 9
32% 32 321
317,
31
6
4*%3 04% 64 64
64%
08 6.7% 4
68
*
0
6
«7%
7 933
46
46% 47 40
33
*30
*31 33% **3
09 71 *69
*69
*001- 72
1217,
21<3123
13
22
1%% 13
23
2% 13
26S 33
6212
733,
7358 7371
7
3
*
3
7
3
*
4
*8
81*
287S 287
2
8
% 28%
*11
*1
0*%4 11% 101- 1138
*27
*6
7
4 *271% 21
13,
217**4
2
1
48
47*%4 47% 4
7
3
4
4
7
*4
*107
1
08% 09 109
10
876*%4 1
18712
188 1
187% 1897
I *9
412
9412 941- 94% 9434
;*___
! *30 371- *36 37
1*___
*08 62*4 *68 09
*37 40 *37 40
*37
*1
57,
018 * 167* 1634
*1
6% 317
*35
351,
5% 5
65 05 3
64% 35
65
*81 85 *81 0
*81
5
♦3 3% % 83
3
3%
*9 12% 3
8% 9
! *»%
*4 5 *4 5
4
2 67 07% *67 08
*65
112% 112%
*103*4 103
*13013 131*4 *
109% 109*4
00
00
83% 83%
24H2 242
*06
7212
*280 288
82% 82*s
*20
30
*4012 66
2212 221*44% 45*4
12612 12#>u
*153 154
*14714 148
*100 204
*138
*153
*2U
*
*
*5
5912
*58
*
*0112 100
*51
55
*
*8H2 83
*
*75
80
*17012 1717;j
*530 548
28*4 28*,| *
6734 577,
*13
15
*25
30% 36*2
15*4
9
BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS.
hid
Aik
180
America 11.. 000
Araer Exeb. 260
Audubon - jJattery Pk. 166
409
185
625
Banks
Ne ic York
UUi
415
Banks
Chat&Pheolx
Chelsea Exlj
Chemical __
Cl tl gens’ Ctl
C ity..............
Coal St Iron
Colonial *jl__
Bid
446
160
415
15b
400
Ask
175
Banks
Filth _____
First .
465 14th K t t ...
106 F o u r th ____
452% G a lla tin ___
100 G a rfield __
Germ-Am ij
RJO Commerce’ . m s 1213
WO
160 Cora Ex 1).. 325
326
S rrant Pfc *j 155
East R iver. 115
145
138
120
Fidelity 1|__ 105
175
Centary 0 .- 160
Fifth Avefl. 4100 [4350
575
Chase . . . . . MO
•Bid and asked prices; no sales wore made on this
13alo at Stock Exchange or at auction this week.
Hid
300
070
160
1206
335
140
Ask
360
090
100
340
295
145
Banks
Im p Ss Trad
Irving N Ex
Jcffersonil_
L iberty____
L incoln____
Maniiattanli
Mark’ t&Fu!
Bid
575
215
145
575
too
335
|255%
f 270
155
165
180
375
IDS
Ask
5S5
156
600
425
345
___
Banks
Mt Morris^.
Mutual H___
N a ssau ____
New Nettl'd
NewYorkCo
New Y ork.
19th W ard.
Pacific^____
H a rk ............
People’s U_
Plazas____
Bid
250
285
300
210
900
300
Ask
200
295
220
975
310
160
Banks
Prod Exch ii
R e s e rv e ___
S eab oa rd _
S e co n d ____
Sherman___
State H . . . .
12th W ard.
23d W a r d ..
Union E xc.
Wash H’ ts *
West Side ^
Y orkvllle
Bid
170
00
415
385
135
250
100
175
175
275
650
500
Ask
175
400
275
100
Mercantile .
270' 375
180
Germania H_ 659
575
___
Merch Exch
170
245
156
150
Merchants _
185
625
Greenwich
260
240
Metropolis 1!
299
Hanover___ 040
205
Harrlman
285
. . . . Metropol ’ nil
day. t Ex-rights. $Lobs than 100 shares. IS tate banks, a E x-dividend and rights.
& New
* First Installment paid. - n Sold at private salo at this prloe. 1 2d paid, y 2d paid.
New York Stock Record—Concluded— Page 2
214t
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
July 15
Monday
July 17
Tuesday
July 18
Thursday
July 20
Wednesday
July 19
Friday
July 21
Sole- of
the
Week
Shares
STOCKS
N E W Y O R K STOCK
EXCHANGE
[VOL. L X X X X lIi.
Range since January 1.
On basis of 100-share lots.
Lowest,
Range ferr Previous
Year 1910.
Highest.
Highest.
Industrial&Aliscellancous
{234 J ’ly
dams Express
35
{245 Apr 7
100 A Ufc-Ciialmers _
7% Apr 18
9% May31
Do pret____
25 Apr 21 34 Fell 3
16,000 Amalgamated Copper___
69% Apr 18 71% J ’ne 19
46 Jan
3,300 Amer Agricultural Ohein.
00 Mayi.101% Jan 27 103 Feb 7
Do pref
39% Jan 12 56% J ’ ne 10
9,910 American Beet Sugar____
<2% Jan
Do prcf
100% J ’ne 14
Amer Brake Shoe & E d y.
99 Jan
97 FeP 27
100
Do pref__________
12i>ig Jan
138 Feb 23
1,460 American Can______
8% Jan
12% May 9
Do p rcf______________
3,650
77 Jan
887s Ala> 23
10,210 American Car & Foundry
50% Apr 24 58% J'ly 19
100
Do pref______________ 114% M ch lf 120 May2B
13,450 American Cotton Oil____
491.1 May. 2 62% Feb 28
200
Do pref______________ 100 May26 105% Feb lo
10 American Express______ {224 Jan 11 {255 Jail 27
100 American Hide & Leather
3% Jan
5 J ’ne 14
Do pref______________
20 Jan 10 20% J ’ne 14
17% Jan 17 25% J 'ly 11
1,225 American Ice Securities.
10% Apr 21
60 American L in se e d ______
12% Feb 14
30 Apr 21 31 Feb 14
Do pref______________
60
35% Apr 21 43% May22
1,400 American L ocom otive___
104
Apr
18
Do pref______________
100
110% Jan 13
500 American Malt Corp____
3% Feb 1/
5% Jan 21
Do p ref______________
31% Moil 8 43% J ’ly 17
1,500
86
Mch
8
500 Amer Smelters Sec pref B
89% J 'ly 19
70% Apr 18 837* J'ne 15
22,750 Amer S m elting* Refining
Do pref______________ 103% Jan 3 108'2 J'ne 15
100
100 American Snulf__________ 250 J'ne 1 325 M « n2j
U7i» J ’ne 5 104 May h
Do pref______________
36 J ’ly 7 62% Feb !,
300 Amer Steel Found (new ).
605 American Sugar Refining 113 Jan 6 122% Feb 27
Do pref______________ 111 Jan 5 119% Feb 14
65
12,071 American Teleph & Teleg 136% J ’ly 21 153% J ’ne 8
10; May 18
600 A m ericanT obac (new), pf 93% Jan
30% Jan
3d% Med 21
400 American W oolen_______
Do pref
86% Mch 29 96% J ’ne 15
300
2, % Mch 17 24% Feb 15
Amer Writing Paper, prl
610 aAnacondaCopper PariZH 636% Apr IS S4l% J ’ne l.i
26% M oh 14 34% J'ne 19
700 jjethlehem Steel_____
69 J ail 3 64 % Apr 7
49 Aug
800 •> Do prel__________
600 Brooklyn Union Gas____ 135 Jan 3 145% J ’ne 8 125 J ’ly
Brunswick Terra & R y See
9 Jan 6 10% Feb lo
8 J ’ne
100 Butterlck C o____
28 Feb 16 31 Mch 30
28 J ’ne
1,620 ( icntral Leather
26 Apr 24 33'g Feb 2
25% J'ly
700 ’ ■> Do pref____________
98% Apr 22 105 Feb 10
99% J ’ly
2,950 dChlno Copper____Par 05 321% Apr 7 $25% Mayl9
4,450 Colorado Fuel & Iro n __
28% Apr 22 36% Feb 6
22% J'ly
3,360 Consolidated Gas (N Y ) . 135% Jan 3 148i-»J ne 6 122% J'ly
2,640 Corn Products R efin in g..
13% Jan lo
11% J ’ne
15% May 17
Do pref______________
350
74% Jan 10 85 May29
70% J ’ly
1,400 Distillers’ Securities Corp 32% Jan 11 38% Mch 1
25% J'ly
Federal Mining & Smelt'g
17% Jan 28 36 Feb 16
12 Oct
Do pref
48% Jnn 11 G6% May 19
37 Oct
600 General Electric______ d *145% Mch 3 168% May29 134 J ’ly
77* Jan 3
6% Jnn 14
$7% Oct
4,800 Goldfield Con M_ Par $ io
*83%Feb
2,650 t nt Harvester stk tr efts 109 Jan 3 129% May 5
Do pref stk tr c t f s .. 122%Jan 3 128% May 4 z ll7 Aug
600
57* Jan 39
4% Apr 2o
4% J ’ly
100 Int Mer Marine stk tr otfs
Do pref____________
16% Jan 17
lu% J ’ne 17
12% j ’ly
900
9% Apr 27
9 J ’ly
13% Jan 31
400 International Paper___
Do pref____________
41% J ’ly
44% May 15 56% J an 17
1,450
38% Apr 18 44 Feb 8
36% J ’ly
1,000 Internat Steam P u m p .
Do pref_______________
84% Jan 26 60% J ’ne 12
78% J'ly
800
93% J ’ly
3,600 Laclede Gas (St L) c o m .. 102 Apr 18 114% Jnn 20
80% J ’ly 21 95 Feb 2
79 J ’ly
360 Maokay Companies_____
7378 J ’ly
D o pref
71 J ’ly
77 Mcb 7
316
3,060 dV.laml Copper___Par $5 518% Apr IS J2278 J 'n e 26
117% Jan 16 141 Apr 4 100 Aug
200 N ational Biscuit
Do
pref______
12 I Jan 20 130 Feb 4 J.1834 J ’ly
10
16*i May29 20% J'nc30
14 Sep
3,325 Nat Enamel'g & Stam p’g
Do p r e f .. .
85 Jan
84 Oct
98 J ’ly 21
1,100
National
Lead
£0% Apr 25 59 Feb 2
46% J ’ly
700
Do pref
105% Mch 24 109% May22 101% J ’ly
200
1
Cons C opper.P ar $5 317% Apr 19 $21% J ’ne 14 317% J ’ly
Air
Bral
___. _ New York-H
U Crake____
68 Apr 27 76% J ’ne 19
59 J ’ne
700 North American Co (new)
64 Jan 10 76% May is
G0% Nov
4,425' "p acific Mall
23% Apr 24 297* J ’ly 21
227g J 'ly
44 Jan
7X0 A acific Telep &. T e le g ..
54% Jan 31
30 J ’ly
1,260 People’s G L & C (C hic). 103 Apr
109 Jan 19 103 J ’ly
Philadelphia C o(P lttsb’h) 100% Jan
84 J ’ly
118% J ’ne 3
20% 20% 20% 20% 203g 203; *20
20%
*19% 20% *1934 21
900 Pittsburgh Coal Co___
17% Jan
23% J’ne 6
13 J ’ly
Do pref______ . .
84
84
82% 82% *8234 84
*83% 84% *S3% 85% 84% 86
67% Jan
1,850
88% J'ne
60% J ’ly
*35% 36% 36% 36% *36% 37
37
37% *37
371
37% 37% 1,185 Pressed Steel Car............
30% Jan
37% J ’ne21
25 J ’ly
i-io prei .
102 102
102% 102% 102% 102%
•101 103 *101 103 *101% 103
92% Jan
300
102% J ’ne 16
90 J ’ly
*115 120 *115 120 *115 120 *115 120 *117 120 *115 120
Pub Service Corp ot’ N’ j
116% Jan 31 120 Feb 7
•160% 162 {161% 161% 161 161
161% 161% 162 162
160% 162
159 Jan 3 163 Jan 30 165 J ’ne
755 Pullman Company .
*35% 37
*35
37U *36
37
37
♦35% 37
37% 38
37%
allway Steel S p r in g ..!
31 Jan 11 39 J ’ne 14
320
28 J ’ly
T v p)o pref____________
•100 105 *100 103 *100 103 *100 103 *100 103 +100 103
92 Jan
103 J ’ ne 15 z00% Sep
*17% 17% 17
17% 17% 17% 17% 17% {17% 17% 1,004 dR ay ConsCopper Par $10 $15% Apr 19 $18% May 18
17% *17
*29% 30
29% 29% 29% 30
30
30% 301, 30% 30% 30% 1,950 Republic Iron & S te e l..
29% May31 35% Feb 0
27 J'ne
*937g 94% 2,640
D o pref........................
93% 93% 93% 93% 93% 93% 93% 93% 9378 94
8234 J ’ly
92% Apr 26 9'j38 Feb 1
142 142 *140 143 *142 1431; *140
•140 142 ♦140 142
100 S ears, R oebuck & Co___ 130% May20 192 Feb 6 150 J ’ ne
*49
60%
*48
49
49
49
49% *48
60
60
60
50
48% Dec
<00 loss-Sheffleld Steel & Ir 48% J ’ly 7 60% Feb 6
*41
41% 41% 41% *41% 41% 41% 41% 41% 41% 41% 42
1,600 ^Tennessee C opp.P a r 525 S32 Jan 11 $44 J ’ne 13 $19% J ’ly
114 114% 11134 115% 112% 113% 113% 11334 113% 113% *112 1157g 2,225 Texas Co (T he)_________
134 Oct
109 J’ly 13 136% Feb
94
93
97
98
63 Mch 29 111 J ’ne 26
97
97% 9734 9734 97% 99% 99% 100% 3,161 U nderwood Typewriter
•111% 112% 112% 113 *111% 113% 113 113
Do pref____________ 103 Mch 31 113% J ’ne 10
112% 113% 11234 112% 1,150
6% 6% *6
*6% 7%
7
0% J ’ly 17
*6
7
*6
7
0 J ’ly
0 Feb 9
*6
7
160 Union Bag & P aper____
*55
69
*65
59
66% Apr 29 59% Jan 30
*55
59
Do pref______________
*55
69
*55
69
62% Dec
*55
69
•105% 107 *105% 107 *1053.1 107 *10534 107 *100 107
106% 106%
96 Aug
200 United Dry Goods Cos.. 100% Jan 27 108 J ’neEO
•106% 1071 *105% 1071 *106% 107% 107% 107% *106% 107% 107% 107%
Do pret_____________ _ 102% Jan £ 107% J’ly 7
99% Aug
100
*15% 17
*16% 17
14% J ’ly
16 Jan 10 19 Feb 23
*15% 17
*16% 16%
16
10
*15% 17
100 U S Cast I Pipe & Foundr
: *55% 69
56% 66% 5612 66% 63% 5534 {61
60 Jan 16 xGl Feb 2;
Do pref_______________
564
49 J ’lie
61
64
857
*95
98
*95
95 Jan 7 {105 Jan 27 {93% Dec
*95
98
United States Express___
98
*95
*95
*95
98
98
98
75
*73-% 75
*73% 76
*75
75
76
78
*76
*75
77
64% J ’lv
100 U S Realty & Im provem ’t 65% Jan 25 79% May 29
80 Jan 6 477* Mch 1
41% 4134 41% 41% 4178 42
41% 41% 3,200 United States R ubber___
42
27 J ’ly
<2% 42%_ 42
113 113% ♦112% 113% *112% 113% *112% 114
113 113
Do 1st pref___________ 109% Jan 18 115% J'ly 7
99 J ’ly
113% 113%
676
*75% 77
78
76% 76% *76
59% J ’ly
79 Mch 1
72% Jan 31
Do 2d pref___________
♦76
77
76% 70% *76% 77%
300
71%Jan 3 82% Fob C
78% 79
78% 79% 78% 79% 79-% 80% 79% 80
79% 80% 274,350 United States Steel_____
01% J ’ly
118% 118% 118% 118% 118% 118% 118% 119
Do pref______________ 116% Jan 3 1207s Feb 4 110% J ’ly
118% 118-% 118% 118% 6,235
60
60
60% 49% 60
49
49% 49% 60% 60
49% 60
6,718 dUtah Copper___P ar 610 $42% Apr 19 $52% J ’ne 14 1539% J’ne
67
57% 67% 67% 67% 69
63% J ’ne 19 70% Feb 28
68
69% 67% 68
67% 58
47 Feb
17,950 Vlrglnla-Carollna C h e m ..
•125 126 *125 128 ♦125 128
125 125 *123 125 *120 123
122% Apr 22 128% Mcll 16 117 J ’ly
Do pref
200
•160 167 *160 165 *161 160 *101 167 *162 160 *161 167
T\TeUs Fargo & C o_____ {160 Jan 18 177 May26 144% Dec
81% 82% 81
81%
81%
80-% 81%
82
71% Apr 18 84% May24
81
81% 81% 81% 9,000
56 J ’ly
estern Union T e le g .75% 75% *76
647* Apr 19 79 May29
76% 76% 75% 757s *75>3 7534 76% 75% 1,190 W cstlngh’seEl&Mfg assen
76
49% J ’ly
110 120 *110 120 *110 120 *110 120 *110 120 *110 118
Do 1st pref___________ 110 Jan 14 123 Jan 6 n o May
*235 240 {235 235 *233 239 *233 239 *233 239 *233 239
8% *8
*8
81
*8
8%
9
8% 8% *8
*8
9
*29
30% *28% 31
*29
31
*28% 31
*28% 31
*28% 30
68% 6834 68% 68% 68% 6978 69% 69% 6878 69% 687„ 69
5812 5812 5834 5834 58% 59% 59% 59% *58-% 59% 59
69
*10114 ___ *101%
*101%
*1 0 1 % ___ * 1 0 1 % ----- *101%
53% 5312 53% 54“
53% 5-1%
63% 541., 54% 64-% 53% 54
*97 101
*95 101
*96 101
*9/ 101
*97 101
*95 101
*9212 94
*9378 94
*92% 94
*937s 94
*93
94
*93% 94
*132 13234 *132 132% 132 132% 132% 132% *132 133% *132 133%
10% 1U8 11
11
*10% 111
11% *10% 11% 11% 11% 11
8612 8612 8534 8634| 86% 86% 86% 86% *85% 86% 86% 86%
*56
57
56% 56% 57% 57% 68% 57% 57% 57% 67%
56
*11634 118 *116 118 *116 118
118 118 {117 117 *1177g n r
57% 57% 57
5o7g 66% 56% 56% 50-% 57% 57% 58
6.
*99 102
*99 104
100% 100%
101% 101% *99 102
*99 104
*230 236 ‘^230 236 *230 236 *230 236 {235 235 *230 236
*478 5
*47S 5
*478 5
*478
5
5
*478 5
26
27
*25
26% *25
*25
26
*25
26
*25
26% *25
23U 23l2 23% 23% 23
24
23% 23% 23% 23% 23% 24
{10% 107* *10% 11% *10
11% *10% 11% *10% 11%
111'- *10
*3034 32
31% *30
311" {31% 31% *30
31%
*29% 321 *29
42% 42% 42% *40% 42%
41
*40
42
40
40
40% 41
*105 108
108 108 *105 110 *106 110 *106 110 *100 110
5
5
*412 514 *4% 51
5% 5%
5% 5%
*4
5%
4234 43
42% 43% *42
43% 43
43
42
43% 43
43
*88
*89
89
89% 89% 89% 88% 89
89
89 " *89
7978 80
79% 80% 79% 80% 80% 80% 79% 80% 7vt-% 797g
*1061.1 107% *106 107 *106% 107% *107 108 *107 108
107 107
. . . *200 ___ 250 ___
*250 ___ 253 250 *200
___ *200
* 9 6 % ----- *96% . . .
*9612 ___ *96% . . .
* 9 6 % ___ * 9 0 % ___
3978 397s *39
*3812 3912 *39
39% 39% 40
40
*39
40
120 *118 120
*11778 120
119 119
119 119 *117
118 1187g
*117 120
117 120 *117 120 *117 120 *117 120 *117 120
138% 138% 137% 138% 13738 137% 137% 137% 137% 137% 136% 137%
90
96
9578 9578 95
96
96
95
*94
96
95% 95%
*31% 323s *31% 32% *31% 32% 32
3234 *31% 32% *31% 3234
—
' *91% 92% 91% 91% 91% 91% 91% 91% *91
92% *91% 92%
30% *29% 30% *29% 30
*29
30% *29
30% *29
*29% 30
39% 39% 39% 39% 39% 3‘ % *391.1 39%|
*39
39% 39
39
*33% 3334 32% 33% *32% 33% *32% 33-% 33
33
32% 32%
60% 61% 61% 62% 62% 62
*60% 6234 60
62% *61% 62%
*142 144 *142 144 *142 144
143 144 *143% 145 *142% 145
*9
10
*9
10
10
*9
10
*9
9% *9
*9
10
*29% 31
29% 29% *30
*29% 31
*29% 31
30% *29% 31
{30
30
30
30
*30
31
30% 30% 30
30% 30%
30
*100 1003.1 9978 9978 *99% 100% 100 100% 100 100% *100 100%
2334 2378 23% 23% 23% 23% 23% 23% 23% 23% 23% 23%
347s 35
*34% 35
3478 36
35% 30
35% 35% 35% 35%
*145% 140% 145% 1451 *145% 146% 146 14678 *145% 146-% 146% 147
*14% 15
14% 14% 14% 1478 14% 1478 14% 14% 14% 147g
*80% 81% 81% 81% *80% 82
*80% 82
*81
82
“
*81
82
367,5 36% 35% 36% 36% 36% 36% 36% 36
36% 36
36
*28
36
*28
35
*28
35
36
*28
*28
36
*28
36
*64% 68
*64% 67% *64% 67% *04% 67% *64% 67% *64% 67%
163% 163%
163 163
•161% 162% 161% 161% *161% 163% 162 162
5% 5%
5% 5%
6% 5%
5% 53.j
5% 5-%
5% 5%
124 124
*122 123
124 124
122 122% 122 122
123% 124
125 125
•123 124% ■123 125
124% 124% 124% 125 *12378 125
*4% 5%
*4% 6% *434 5% *4% 5%
*4% 5
4% 41
17
*17
"17%
"
17
17% 17% 17
17
17% 17%
17
17
*11% 12
♦11% 12
11% 11% *11% 12
11%
11% 11% ♦11
4934 49
4878 49% 48% 49
*49
48% 48% 48% 49
49
*4034 42
42% 42% 42% 42% 41% 42% 42
42
*41
42%
88% 8914. 89
89% 89% 89% 89% z88% 88% 88% 88%
89
107% 10778 10734 108
107% 107% 107% 10778 107% 10/78 107% 107%'
*87% 89
♦86
87% *86
87
87
87% {87% 87% 86% 86%
74% 74% 74% 741., 74% 74% *74
75
♦74
75
{74% 74%
21% 21% 21% 2134 21% 217S 217s 22
*21% 22
21% 217g
*135 137% 136 136 *136 138 *136 137% 130 136 *133% 136%
*127% 129% *127% 129% {129 129 ♦127% 129% *127% 129% *127% 129%
18
18
19% 20
19% 10% 19% 19% 19% 20% 20
20%
*94
96
07
90
96% *95
96% 96% 90% 97% 97% 98
5534 55-1, 56
*55% 56% 56% 66% *50
56
66% 66% 66%
*107 109% *107 109% 107% 108% *107 109%l*107 109% *107 109l,i
*19
19%
19
19% 19% 19% 1938 19% 19% 193g 19% 19%
*68% 75
"•
*68% 76
■"
*68% 75
*68% 76
68% 68?c ♦681; 75
73
74%
73
*73
73% *73
731-. *73
73% 73% 74% 74
*27% 28% 27% 27% 27% 277S 28
287s 29% 29% 297g
20
49
*46
49
47% 47% *46% 48
471 48l8
4/%
48% *40% 48% *47
105 106% 105% 105% 106 100% 106% 106%
•105% 106
100 106
SSL
BANKS
Banks
Brooklyn
Iroadway }
loney Isl'dT
fir s t ......... :
; SlltsldeU
lom esteadt
itanufac’rs’
Kechanica
d o n ta u k _
fa ss a u ____
Bid
Ask
Banks
385
400
165
310
125
90
430
245
160
225
Nat C i t y ...
North Side 1]
P eop le's ___
Prosp'ctPk’J
AND
Bid
Ask
285
150
158
135
300
170
165
145
B r o o k ly n
290
___
___
415
230
___
6210
hi
Trust Co’ s
■V Y C ity
As t o r _____ 350
Bankers' Tr 695
360
705
119% Deo
125 ja n
28% ja n
90% Jan
89% Jan
110% Jan
$22% Oot
95% ja n
84 j an
43% Jan
46% Jan
110% Jan
106% Jan
2734 ja n
So Jan
5178 ja n
107% Jan
200 ja n
5178 Jan
107 Jan
45'* ja n
104% ja n
100 Nov
80% ja n
$40%.) an
144 Oct
13% Jan
73 Jan
122 Jan
1137* ja n
32 Jan
84 Jan
145 Jan
84% Jan
62% Jan
116% Jan
84 Jan
91 Jan
12533 Jan
SG()% Jan
66% Oot
129% Jan
195 Jan
78% Mch
82% Jan
130 Feb
C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .
trust Co’ s Bid
N Y C ity
B’ vvay T r . . 142%
Central Tr._ 1000
Columbia . . 300
Commercial 105
Ask
tru st C o ’ s
GuaFty T r.
Guardian Tr
H u d s o n __
1040
310
Knlckerb'kr
Law T I&Tr
E m p i r e ___ 300
310
Lincoln Tr.
Eqult’ blc Tr 600 ,
_ Manhattan
Farm Lo&'l - __ 1525
Mercantile .
F id e lity ___ 220
225
Metropol’ t'n
F u lto n ____ 300
310
M utual____
Mut All nee
143
Bid
800
135
f 160
287%
260
125
390
735
475
132%
125
trust Co’ s
NY Llfe&Tr
N V Trust.
Savoy_____
Standard Tr
TlW oGu* Tr
265
Tr Co ot Am
132
Union T r__
410
US Mtg& Tr
750
<82% Unit States.
Washington
Westchester
X30
Windsor „
Ask
Bid
815
60 0
390
485
370
Ark
1070
610
405
495
375
1250
1230
482%
1150
1175
360
375
15)
160
100
—
t rust Co’ s Bid
Brooklyn
Brooklyn Xr
Citizens' _
Flatbush
Franklin . &280
L
1st L & Tr
P e o p le 's __
q uecn'i Co.
235
105
505
330
155
300
100
Ask
130
215
290
275
115
340"
105
310
115
{ L e s s t h a n 100 s h a r e s ,
t E x -r i g h t s . 6 N e w s t o c k , c E x - d l v . a n d r ig h t s , d N o w q u o t e d d o lla r s p e r s h a r e
s E x -s t o c k d iv id e n d .
i B a n k s m a r k e d w it h a p a r a g r a p h (1) a r c S t a t e b a n k s .
t o{ S a l e a t S t o c k E x c h a n g e o r a t a u c t i o n t h is w e e k ,
TRUST
60 Jan
160% Jan
23% .Jan
8038 Jan
3034 j« n
60 Moh
88 Jan
1607* Jan
$9% Sep
125 Jan
129 Jan
7% Jan
24% Jan
16 Jan
61% Jan
64% Jan
9034 j an
116% Jan
08 Oct
78% Oot
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 19 0 9 , the Exchange method ot quoting bonds was changed, and prises are now all—"a n d interest” —except lor income and defau lted bonds.
BONDS
N. Y . STOOK E X C H A N G E
W kkk E nding J uly 21
'
U.
t.ov ern u iciu
!
B S ‘2n consol registered.<(1930 q . j
U S 2s consol coupon___<11930 q . j
U S 3s registered............ &1918 Q-F
U 8 3s coupon.................. &1918 Q-F
U 8 3 b oou small bonds..fcl91 8 Q-F
U 8 4s registered................1925 q - f
U 8 4s cou p on .....................1925 Q- F
rrRPnnOan 10-30 yr 2s.kl93 0 Q-N
U S Pan Canal 3s g .......... 1961 Q.g
( F oreig n <*o veim nent
|
Argentine—Internal 5s ot 1909 M-S
Ohinoso (Hukuang) liy 5 b £ . . l . . . .
Imperial Japaneso Govonun'tl
Sterling loiin 4 4 , ........... 1925 f -a
> 2 d s e n e s 4 4 s ................ 1926 JT.J
Sterling loan 4 s .............1931 J .J
Repub ol Cuba 5s oxten debt.. M-s
External loan 4 4 s .........1949 f -a
SanPaulo(Braatl)trust5s 1919 j . j
U 8 ot M exloo b 1 g Ob ot 1899 q . j
i Goid 48 ot 1904................1964 J-D
i
112'
S tn to mid C ity S ecu rities !
N Y C l t y - l U s ...................1960 M-8
4 4 s roots int fro Jan 24 1960 M-S
4% Corporate Stock.......1609 M-N
4% Corporate S to c k ___1968 m -N
New 4 “a s ..........................1657 m -N
N ew 4 4 s ..........................1617 M-N
4*u% Corporate Stock ..1657 M-N
4 4 % assessmt bonds___1617 m -N
4% Corporate Stook___1667 M-N
N Y State—Canal lmpt48.1660 j . j
So Carolina 4 Hjs 2U-4U....... 1633, j . j
Xenn new settlement 3 s ..1613 j . j
Virginia tuna dent 2-3b...1 6 6 i j . j
j. 6a deterred Brown Bros octs.
Price
tru ia o
July 21
Week’s
Range or
Last Hale
Hid
Ask
100 4 100*4
1 00 % ........
1014 1024
1 0 1 4 .......
...................
113*4 116
113*4 115
100 100*4
1624 102*4
Low
H igh
101 % A pr 11
101 May’ l l
102 A p r’ l l
101% M a y'll
1014 J ’l y ’ io
114 4 J ’ne’ l l
114% J ’ne’ l l
100 4 J’ne’ l l
102 4 102%
1 97% Sale
X 98*4 Sale
97%
98 4
Range
Hince
January 1
Is!
No Low H igh
. . . . 101% 101%
101 101%
102 1034
... 101% 102*4
....
i i i iio
. . . . 114% 116%
1004 1004
21 1024 103
l
97%
98% 339
97% 99
9 7 4 98%
* 94% 94*4
1 94
94 4
) 88 4 8 s *4
1103 104
X 07
99
t 97*4 97%
1 96% Sale
........ 02%
hese a re pr
94%
94*« 21
1
64 4
644
3
87*4
884
6
103
103 4
09 J ’l y ’ l l
1
97*4
67*4
18
66%
07
00 J ’l y ’ l l . . . .
ices 0 n tru* b'cma
93%
03%
87*4
102%
67*4
97
954
90
o f $5
102*4 Sale
103% SaiB
100 Sale
100 1004
108% Sale
103 ........
108*4 Sale
102 4 ........
100 100*4
............
68 .......
66*4 68
87 ........
05
67
102% 102% 226
102% 104% 12(5
100
1004 119;
100
1004 28
108% 109 102;
103 J ’l y ’ l l
108% 108*4 38
5
102 4 102*4
100
1004 19
106 J ’l y ’ l l
103 4 J ’l y ’ io __
97 May’ l l . . .
•
8 6 4 J ’n e 'l l
55
65
17
100*« 103
100% 104%
98% 100%
984100 4
106% 109*,
101% 103
1064109%
102 103
98*4 1004
10441064
ttiiiii'om i
I * luoama Cent fl«* So liy
ajLlaba 51 nil nee A t Coast Bine
Albany He Suaa nee Bel & liud
Alleg <fc West Hee Bull il & P
Ann Arbor 1st g 4*........./1I666 q . j
:Atoll X & S F e—Gen g 4 s .1665 a-O
> Registered......................... 1996 a -O
Adjustment g 4s............A1995 Nov
R egistered .................. hl005 j^ov
Stamped....................... /il690 jj-N
East ukla D iv 1st g 4 s..1928
Short Bine 1st 4s g .........1958 j . j
8 Fe Pres So Ph 1st g 6s. 1642
Atl K nox & N ties B * N
Atlantic Coast 1st g 4s./tll'52 M-S
Bruns <4 VV 1st gu g 4s .. 1938: j . J
Charles <fe Bar 1st g 7e..l93U! j . j
8avF«S> W 1st gold 6 s ..1634
1st gold 6s..................... 1934
611 Sp Oca <&G gu g 4s ..1918 J-J
Atlantlo & i>auT Hee South Hy
Austin & N W Hee Sou Pacillo
¥>alt <&Ohio prior 1g 3 “as. 1026
D R egistered................A1626
V S old 4 s ........................... A1948
* K ogistered...................A1U48
1 Pitts Jim o 1st gold Os... 1922
' PJundfcM D i v ls t g 3 4sl0 2 5
P L E <fc W Va Sya ret 4slU 11
1 SouthW DIV 1st g 3 4 a ... 1626
■ K ogistered................. /U925
■ Gen Ohio K 1st o g 4 4 s . . 1030
, ui Bor He VV oon 1st g 6s 1633
' Mouou Klv 1st gu g 6 s..1619
( Ohio Ktvor K it 1st g 58.1930
General gold 6s.............1937
1 Pitts Olev He Xol 1st g Os 1622
' Pitts <1<) W est 1st g 4 s ... 1917
/ Btat is l Ky 1st g u g 4 “as 1643
Beech cr e e k Hee N 1' U <fc H
'Bellov<teCar flea Illinois Cent
jBrunB He West flee A tl Coast B
■Bullalo hi X do Brie Hee Brio
Bnttalo It He P g e u g 6 s ...1937
i Consol JHiS...................... 1657
> A l l * West Xstg 43 g u .. 1966
! 01 <16 Mull 1st gu g 6 s ....1943
ltooli & Pitts 1st g 6 s...1621
Consol 1st g 6s.............1622
Bull Hi Suaq 1st ret g 4s. <(1951
Bur C li <fc N flee C K 1 do P
lan So 1st ext 6 s ............1613
C/2d
6s................................ 1613
Kogistered.....................1613
Caro do Sliawn flee 111 Cent
Carolina Cent Hee Scab A ir 1,
Ced K la F <to hi .see B C K db X
Con Brancn Ky e>ee Mo Pao
Cent ot Ua K it 1st g 68..pl94D
Consol gold 6s................. 1646
■ Kogistered.....................1646
1
i lo t pret income g 6s___p l646
Stomped ................................
.
2uptoi income g 6 s....p l0 4 5
.
2d piot Income g 5s stamped
3u pret income g 6 s ....p l9 4 5
81
90
08
91*4
Sale
Sale
........
Sale
81
81
08%
99
68
68
61*4
91%
02 J a n ’ 10
01% Sale
91%
01%
114% J’ne’ l l
113 Sale 111% U 3 4
104 sale 103*4 194%
1134 Sale 112*4 113 4
98% J a u ’ 10
99 >« J ’l y ’ l l
9 6 4 974 6 6 4 J ’ne’ l l
02*4 63 4 9 34
93 4
1034 109 1084 J ’ne’ U
95% Sale
108 ........
66% 66*4
1384 ........
64 Sale
126*8 128
1104 -.......
97 100
l
106
1
12
08
___!
72
1126
67,
96
86
40
97
864
674
78%
98
074
90*.
85
99%
98*4
924
90% 92 4
105 1)4%
1054115%
1024105%
1084 1164
094
_ 064
2 024
1084
99*4
974
9 44
10U 4
95
96% 59 93% 90
108 M ai’ l l
108 108
65 4 Mar’ l l . . . . 0 5 4 9&]«
04
64 4 113 92*4 96%
120 J ’ne’ l l •••• 1244 126
110% M a y 'll
110% 111%
07 J ’l y ’ l l . . . . 07
974
01% 92 4 9 2 4
9 24 12
01 ........ 0 1 4 May’ 11 . . . .
9 3 4 Sale
034
934 75
07%
03%
3
. 98
1121<i ....... 112 % D eo’ 10
88 ‘ ........ 83*4 May’ 11
014 45
01
9 14 61
16
00*4 91
60%
91
89% A p r’ 10
8 8 4 92
08 ........ 103 Mar’ 10 ....
UO B e c ’ 1 0 . ...
102% ; v . . . 102% F ob ’ l l i ___
109*4 111 109 h*
11!___
106 107*4 109 4 M »y’ 11 . . . .
113 4 ........ 113 4 F eb ’ l l
9 7 % ........ 97% Feb 11'___
80 ......... 100 Not '04'
1 1 8 4 ---—
106% 108*4
08% 100
100 ........
1144
117 117*4
05*4
65%
»0
104
100
07*4
08
94 4
to £ .
91%
614
98
07
93
914
994
08%
.......
87*4 83*4
01
62%
834 914
lio2%
109 4
107
113%
97%
112*4 May’ l l
108% J’ ne’ l l
97 F eb’ ll L .
103 J ’l y ’08 . . . .
1 u s . J’no’ l l i
116% Mar’ l l
72 Mar’ lo
i ’0 2%
109 4
1094
113*4
97%
112% 113
108%108%
07
07
1144 114%
1164110%
102% 102% 1024 1024 1 5 1024 103%
1004 101 4 100% J ’ne’ li
100% 101%
100*4 J a n ’ l l ___ 100*4 100*4
112% ........
108% ........
105 108
07
69
07
69
06 100
66 100
95
08
1124 J'ne’ l l
11241144
1034 109®,' 15 1074 109%
107
107 1 1 107 107
96 J ’lF ’ i:
96 108
106 4 May’ l l
1004 106 4
96
66 1 3 | 95 1064
100 May’ ll
100 100
100 J ’ne’ l l . . . . , 85 102
nn5D i
N. Y. STOCK E X C H A N G E
W ekk Enthno J uly 2 1
3d pret income g os stamped.
Chatt i>iv pur mou g 48.1651
Mac tfe N or Div 1st g 6s. 1940
51Id u a de A tl D iv 6s__ 1947
Mobile B iv 1st g 5s....... 19*0
leu Kit cb B otU a col g 5s 1937
lent 01 N J geu’ l gold us. 1987
Kegistered................ a 1987
Am B ock He Imp gu 6 s ..1921
Be<fc Hud K g e n g u g S s 1926
Beh He W ilks B co a l 5 s ..1912
N Y <£> Bong B r gen g 4s 1941
lout Pacino Hee s o Pacino Co
Price
fb-tdav
July 21
Week’s
Range or
Last Sale
Range
Hince
January 1
H igh Ho Low H igh
Hid
Ask Low
85*, Oct ’ 10
95 lo o
873, 88*,
9 s q 60“* 8 8 “, J ’l y ’ l l
105 *4 106*,
106“, . . . . 1064) Mar’ l l
10S3* . .. 115 N ov’05
HI!*3, M.iv’ 11
109“s ...
108*4 ^«9S4
1014, 103
1023« 103 103 J ’ne’ t l
122 1234l
121®* 122 *♦ 122 J’n e ’11
122 123*a
1214,123®, 122 J ’ne’ 11
106*1108V,
....... 107“» 1064) J’ne’ 11
j . j 1 0 0 ^ ... .
1004)100*9
M-N 100 “a . . .. 100 4) A p r ’l l
993, 100 >* 90(^ D eo’ 10
M-S
J-i>
J-J
j .j
J.J
M-N
J-J
?:5
Q-F
A-u
Gen funding di im p t6 s.l6 2 6 j . j
1st consol g 6s................1939 IM-N
Kegistered....................1639KT v
General gold 4 “as............1692 m c
Kegistered.................... 1992 L o
Convertible 4 *ii8 ............ 1 9 3 0 ^F -A
Big sandy 1st 4 s ............1944 J-D
Coal K ir Ky 1st gu 4s ..1645 J-D
Craig Valley 1st g 6s___1946 J -J
Potts Creek Br 1st 4 s.. 1940 J -J
li de A UlV 1st con g 48.. 1689 J-J
2d consol g 48............... 1986 J.J
Warm s p r Vai 1st g 5S..1941 M -S
Greenbrier Ky l s t g u g 4s ’40 M-N
hue db A lt KK rel g 3 s ...1946 A-O
R ailw ay 1st lien 3 *as... 1666 J-J
Kegistered.................... 165b J-J
F-A
Illinois B iv 3*as.............. 1646 J-J
Kegistered.....................1646 J .J
IBs B iv 4 s ....................... 1649 J .J
Iowa B iv suik tund 6 s ..1616 A-O
Sinking lund 4a............ 1916 A-O
Nebraska Extension 4s. 1627 M -N
K ogistered.................... 1927 M-N
Southwestern B iv 4 s ....i6 2 1 M-S
Joint bonds &e« Great North
Bobenture 5s................... 1613
General 4 s........................ 1958 m - S
lined* K illre td e u n p g 48 1955 j . j
1st consol g 6s................. 1934 a -O
General consol 1st 5 s .... 1937 m -N
Kegistered.....................1937 jj-N
Clue d* iu u U liy 1st 6 s .1930 j . j
lliioago ds Erie flee Erie
iietuuding gold os.......... 16471 j . j
Refunding 4s Senes C..1017, j . j
Kornev K A He (Jn 1st O s .lo i 1 w *
j .j
General g 4s series A ..e l6 8 9 j . j
K egistered.................. el989
Generalg 3 “asseries B .e 16d6
25-yr deuen 4s ................1634 j . j
Chlc<fe B Su B iv g 5 s....1 62 1 j . j
0110 He Mo K iv B iv 5 s ...1620 j . j
Clued* P W 1 stg 5 s ....... 19211 j . j
Bak d* Gt So g 5s............1916 j . j
Dubuque Div 1st s t 6s. 1920 j . j
Far He s o u assu g 6s....... 19241j . J
BaCroaaediB 1st 6s..,.1919j j . j
Wisd* M in n B iv g d s ....19211 j . j
Mil <fe N o 1st cons 6 s . . . . 1913 j -d
Extended 4*as.............. 1913 J-D
C hiod*N orth w con s7s___1915 q -F
Extension 4s.........1886-1926 F-A
Kegistered.......... 1886-1920 F-A
General gold 3 “as............1987 m -N
K egistered.................p l9 8 7 Q-F
General 4 s ...................... 1987 Ji-N
ainkm g lund 6 s ...1879-1926. a -O
Kegistered.......... 187 9-1926;a -O
Sinking lund 5 s ... 1876-1626 A-O
Kegistered.......... 1879-1926 a -O
Debenture 6a........
1921 A-O
Kegistered.................... 1921 a -O
Sinking lund deb 5s....... 1933 M-N
Kesiatered.................... 1633'm -N
M il Lib He West 1st g 6s 192FM-S
E xt <& Imp sfund g 5s 1626; F-A
Ashland B iv 1st g 6 s..1926 M-S
Mich B iv l e t g 6 s ........1924 J-J
Ohio Hock isl He Pac 6 s ...1617 J - J
Kegistered................... 1617 jJ . J
General gold 4s.............. 1688 J-J
Kegistered................... 1988 J - J
Kelunding g 4 s .............1934 A-O
Coll trust Series J 4 s.. ..1912 M-N
M a s ...............................1915 M-N
N 4s...............................191(1 M-N
O 4s............................... 1917JM-N
P 4s...............................191S;M-N
Chto K id * Pac lilt 4s..2002iM-N
Kegistered.................. 2002, M N
111 A rk & Louis lst4 * is 1934 M-S
U u rO K d * N — l s t g 5&.163-PA-O
Kogistered................19341A-O
O K I E * N W 1st gu 58.19211 A-O
Mb* St L i s t gu g 7 s..1927! J -1)
GI100 Ok do G gen g 5s .olUlO; J -J
Consol gold 6s.............1952 M-N
Keokd* B es M l s t u s .. ..1923: A-O
Chic St L d* N O flee 111 Cent I
Clue St L He Pitts flee Penn Co
Ohio St P M <6 O co u 68.. .1630 J-D
Cons 6s retluced to 3 “us.19301J -B
tl
908,
874) 92*4
100 N ov’ 10
104 4) 105 105 J’ne’ 11
........ I l l 7* 1117, J’ l y ’ l l
........ 112“a 1 H 34 May’ 11
1027, 106>i
1118* 1134)
111*4 m a»
90
SO8,
9 0 “a
101
lOl-7,
lOO** ‘ 02
100 May’ l l
100 100
96
64
97*i
95 7* safe * 96*4
87 May’ l l
«7
89
85
87
83
86*. 88*4 J ’ne’ 11
85
884)
102*4 103
103 . ... 102*4 A p r ’ l 1
00 Jan ’00
SO3, 85
95*i 90
......... 064) 65 \ J ’l y ’ l l
90
9 2 “4 02*4 J’ne’ 11
604) £2*4
106 108“a 113*4 F eb’05
05 O e t ’ lO
724)
72S
72*4 72
72*4 73*4
67
67
6 5 “, 67
66*a 7l*a
75 Oct ’09
99>a'.i;ill 998s J ’ly ’ l l
9 9 " " 997*
884,
88*4
87*« 884)
88 “4 Sale
88 S e p ’ 10
99
99*8 78| 99 100*4
9 9 * , s a lb
1105*, 105*,
1U434 ....... 105*, J’ne’ 11
904i
99 4)
69*4 994)
994. Sale
99
96** 99*1
9434 994) 98*4
98 *, Mar’ l l
984) 98*,
99
99
9 9 “, ........ 00 F e b ’l l
l O l * , S a le
101 101*1
101“, 101 J’l y ’ l l
968s
97
sale
86*4 «8
814)
81*4
81
83
82
........ 1263, J ’l y ’ l l ..’.1 126*8 127
1107,
H
O
7
,
'109*4 1 U 4
11109*4
Sale
108*4 Mar 11
: 108*4 108*4
109 3» 119 109 7, May’ l l
!109*4 110*4
101
667,
21
1263,
110 7,
844)
84*4 27 8 4 * , 8 6 4 )
128 May’ l l
127
128*4
111 A p r’ l l
111 111
95®8 Apt ’ l l
05
0 5»,
100*4 May’ l l
100*4 100*4
62
934i
92
6 2 * , 92 J ’ne’ 11
1 0 2 * ,....... . 1 0 2 «,J ’l y ’ l l
102*4 1 0 2 7,
99® ,
98
084. 2 2 9 8
98** s a le
....... .......... 99** J a n ’ l l
9 9 * , »9 *»
87
874) 87 4) J ’l y ’ l l
864. 88*,
62*4
62*4
93*,
92*4 Sale
6 02
106*4 1078* 106®, May’ l l . . . . . 1 0 6 4 ) 1 0 7
1 0 9 * i.......: 108*4 A p r’ l l . .. .'1 0 8 * 4 109
107
1 '1 0 6 * , 1 0 7 * ,
107 107*4 107
1034)......... 1033, J ’ly ’ l l . . . . 103*4 103*4
1 )3*8 ........ 114*8 May’ l l . . . . 1 1 4 114*#
116®,........ 117*4 J a n ’ l l . . . . 117*4 117*4
105 4)........ 105 *» B e c ’ 10
106*8 107%
106*4......... 1U6:*« J ’l y ’ l l
103*4 103*4
103*»........ 103*4 F o b ’ l l
10U®,........ ........................
109*11104.100*4 109*4
109*4 11 2
98
99*4
97** 08*i 69»4 A p r ’ l l
<m..
py May’ l l
97
98*,
964)
87
87
8 6 * , 83*4
87 Halo
63*, A p r’09
98
98*, 6 7 ' 9 7 7* 9 9 4 )
*68 “i Safe
112
1 1 1 * 4 -------- 112 J a n ’ l l . . .1 1 2
110®,, ........ 1 11*4N ev’09
107*4 108*4 1076» J’ no’ l l : ; : : i o a “ ib '7 %
107*4 ........ 1107*4 ila y ’l l . .. 1 1 0 7 *4 107*4
......... 105*, 106 4) J’l y ’ l l . . . . 1 0 6 4) 1 0 6
I
....
...................il064) F e o ’ 10'
108*4........ i109 *•. J’ne’ 11 i
io s% lo g * ,
107*4 ......... 107*4 A p r’ l l ' . . . . 1107 »a 1 0 8 4 )
116 .........115*, J ’ne’ 111 , . . . ' 1 1 5 1 1 6 4 )
l lU *4.........I l l May’ l l 1 . . . . 1 0 9 4 )1 1 1
117’ , . . il42 4 »F eb ’02
1177, .........|118 J a n ’ l l : : : : i i 8 * ‘ i i s "
1 109% 110
110 H O ^'H O
110
l(l9*b ........ 100 Aug’ 10
964. 96*8' utala- -Uti7» * 2 4 |’ 9i*** ‘ 0 8 %
8 4^ 844)
127 12334
107 “4 .........
94 .........
____
07 4i
80*4 S a le
98*4 F e b ’ 10
89*8
80*4
07*8 J ’ly ’ io
*0*8% 97*i 96*4 J ’ne’ll
66
06*8 0 1 B e e ’ 0 9
95% ........ 94*4 May’ 10
94*4......... 94*4 J ’ne’ll
il3 1|‘ 88*i *90“
i‘ U6*4 ’ *07%
94*4 94s4
72% 77
74% 76%
93
94
92 4) 93
. . . 111*4 112%
111
110*4
120*a Jlar’03 ’ " I 'i .....................
105 ......... 1064)F eb’ U . . . . lO8*alO0»*
76*4 S als
76®, 757,
76>« J ’ly ’l l
03 J ’ly’ll
111*4 Jn e ’ll
91
1024)103 1102*4 May’ l l . . . 102 4) 102*4
108 108% 1 094)F eb’ l l ,...' 109% 1094)
101 102% 102
102 | 4 100 103
1244)125 124*4 124*4
1 124 125%
88*4....... .' 63 B e o ’ 03'___ 'I...................
lUlSCELIiANEOUM B ON DS—Continued on N ext P a ge .
S treet KaiU vay
Brooklyn Kap X'r g 6s....... 1045
1st refund cou v g 4s___2002
BkCity lstcon 6s.1 0 16 .lU 4 1
B k Q C o & S c o u g n g 68.1041
: B k Q Co <fc S 1st 5 s .......1641
Bklyu Cn -El 1st g 4-68.1950
Stamped guar 4-5s___ I960
Kings Co El l s t g 4 s ....1646
Stamped guar 4 s ........ 1646
Nassau Elec gu g 4 s -----1961
C o n n Ky<& l ) l 8 t c f e r o f g 4 4 , s ’ 51
Stamped guar 4 * ,s ......... 1951
Det United 1st con g 4 %s.l932
Havana E lec consol g 6s. 1952
Inter-M et coll 4 *,»............ I960
Inter B ap T 6s Her A — 1052
in term it Trac coll tr 4 s..1040
Manila Elec lstdts coll 5 s .1953
A-C
J-J
J .J
M-N
J .J
F-A
F-A
F-A
F-A
J-J
J-J
J-J
J-J
F-A
A-O
M-N
J-J
*4- a
6
104%105 1044 104%
87
88 546
87% Sale
2
........ 101*4 101*4 101.%
68 D eo’ lo
ion _____
33
........ 103 4 101% 103
102 May’ l l
i ........ 102
D eo’ lo
84% 36
34*. “ 4
85
85% 84*4
30
80
79% 80
11
102 4 102% 101*4 A p r’ l l . . . .
1 02 % ........ 1024 1024
J’
ue’
l
l
........ 82 4 82*4
. ...
07
68 4 07 Mar’ 11
78*4
83 7175
80 Sale
103*4 104 4 103 4 104 4 163
67 % M a r'10
........ 80
90 ........ 98 May’UO
102 104*4
82% 88%
L014103
100 4 1 0 2 4
100*4 103
...... ......
82 4 8*
78
81
101*4 101"*
101 1024
80 4 82%
9 4 4 6 74
77% 83
103% 1044
S treet Itn ilw a y
Met St Ky gen col tr g 68.1997
Kef g 4 s .f ........................ 2002
B w a y & 7 th A v l8 t o g o s 1943
Col He 9th A v 1st gu g ds.1993
L ex A v & P P 1st gu g 5s 1993
Third A ve lilt con gu 4s 2000
C en tT r Co certfs stnipd...
Third A ve B y 1st g 6 s ..1937
N Orl R y & Lt gen 44)S ..1935
St Jos liy Lt H He P 1st g Os ’37
St Paul City Cab con g 6s. 1937
Tri-City By <fc L t 1st s f 5s.l923
Underground ot Lou 6 s ...1020
4 4 s . : .................................193:
Incom e 6 s........................ 1046
Union E l (Clue) 1st g 5 s.. 1646
United Rys St L le t g 4s.lU34
United KBs San F r s f 48.1927
[, *No price Frhiuyi latest tins woek. VIFlat. abue Jan <1 Due Apr oBuoMay gUueJ’no /iD u ej’ly
F-A
A-O
J-D
11-S
U-S
J-J
_
J- J
J- J
AI-N
J-J
A-O
M-N
J- J
A-O
J- J
A-O
76 784
434 43
........102*4
994 .......
100 101
684 Salt
109% UO
84 ........
93
106%.......
08 984
'964 Safe'
....... 65 4
........ 85
76% 80
........ 68
fcDue Aug oDue Got
77*4 77*4 8 734 79
48 May’ll . 4.. 45 4 43
1014 J ’ly ’ll .... 1014102*,
100 Jau ’ll __ 100 101
100 J ’ne’ll ... 9 9 4 1 0 0
69 4 J ’ne’ll . . 69 704
68
68%
68% 70*4
109 111
110 J ’ne’ U
87
87
i 84 87
08 Nov’08
100 106*4
1064 Apr’U
984 984 i 07% 99
98 Apr’09
954 964 2 904 954
<35 J ’ne’U .... 384 66%
84 Oct ’08
80 Aug’10
6 67 4 72%
68
68
pBaeNov
sOption Hal# _
216
BONDS
I -j. a
H .T .3 T O O K B X O H A !f« K L £
Wreir.K lisn iN tt JlTLT 31
fVob.
New York Bond Record—Continued—Page 2
*1.
Ohio St P M JV O—<oim )
I Oh St P <fi> M iud 1st a 6$ HUS M-N
I Nor Wisconsin 1st 6 e...i9 X 0 j . j
! St P <*> S City 1st g «*...1 9 1 9 A-O
O h io* W eit Ind gen k 6s y l ’93‘2 Q-U
| (Jousoi 60-year 4a........... 1952 J . J
C lu e * VV Alicia net Pere Marq
Choc O * Gulf bet C tt l A P
Otn U A U ad gold 4 4 s ...1937 J . j
| Cin D A L 1st gu g 6 « ... 1941 M-N
O Find >6 Ft W 1st gu 4s u.’ aS M-N
! Cin l * VV 1st gu h 4*.1953 J-J
Ind Dec * W 1st g 6 s ... 1036 J . j
1st guar gold 5s............1936 j - j
0 l St L A 0 bee V U V A s t LI
CJln S A O bee O C O St r,
Olaarhold* Alah bee B H A P
OlevOin o & at L sen sc 4s 1993 j - o
! Cairo Dtv 1st sold 4s___1939 j . j
OUt W A M Uiv 1st g 4s. 1991 J . j
| St L Div 1st col tr g 4a.. 1990 M-N
:
Registered..................... 1990 M-N
Sprtfc Cot 111V 1st g 4a..1940 M S
W W Val Olv 1st g 4a.. .1940 J .J
0 1 St Life O consul 6 s..1920 M-N
1st gold -Is................... «1930 Q-F
R egistered.............. /cl93)! q .p
Oln S i£> Cl oon 1st g 5 s .. 1028 J.J
0 0 0 * 1 consol 7a.........1914 j-D
Cousolsink fun d7 h___ 1914 J-D
General consol gold Os. 1934 J.J
Registered..................1934 j . j
; lnu Bl & W 1st prel 4s. 1940 A-O
O Ind * VV 1st pf &«...(11938 Q.J
Peo di hast 1st con 4a...1940: A-O
Incom e4e...................... 1990 Apr
O le v * .Marietta bee Point 1th
Olev it Pitta bee Poun Co
Col Midland lat g 4s.........1947 J j
C olorado* Hou 1st g 4 s ...1929 F-A
• Reiuud & ext 4 4 a .........1935 M-N
Ft W * Don O 1st g 6 s..1921 J-D
Colum * Gxoonv bee So Uy
Ool * Dock Vul bee Mock Val
Col it Tol .Ses Mock Vai
Ool Conn * Term bee 24 A VV
Conn <t Pas Kivs 1st g 4a.1943 A-O
Cuba lilt 1st 60-yr 5 g ___1952 J .J
1 >,aK * Gt 8* bee O M As at P
ti. /a lias * vv aco bee M K * X
Del Lack * Western—
M o r ris* hssex I s t 7 s ...l9 1 4 M-N
1st consol guar 7s....... 1915 J-I)
Registered..................1916 J-D
1st ref gu g 3 ’a s..........2000 J-D
N V Lack <fc VV 1st 6 s ...1921 J-J
Construction 6s.......... 1923 F A
Term * improve 4a___1023 m -N
Warren 1st ret gu g 3 ‘a s.2000 F-A
Del * Hud 1st Pa Div 7 s .1917 M S
Registered.....................1917 M-S
, 10-yr conv deb 4s.......... 1916 J-D
I lat lieu cnjiup g 4 4 s ___1922 J-J
: 1st * r o f 4 s .......................1913 M-N
! Alb di Sue oouv 3 4 s ....... 1946 A-O
1 Utuis * f-arslOtfa 1st 7 a .1921 M-N
Del Rlv u it Bridge bee Pa it it
Denv * R Gr 1st oou g 4 s .1936 J-J
Oouaoi gold 4 4a.............. 1936 J-J
Improveuient gold 6 s...1923 J-l)
1st * remndrng os ........ 1956 F-A
: Kit) Or June 1st gu g os.1939 J-D
Hie Gr So 1st gold 4s. ..1940 J-J
Guaranteed................... 1940 J-J
R ioG r West 1st g 4s. ...1939 J -J
Mge and col trust 4SA.1949 A O
•Utah Cent 1st g u g is 01917 A-O
Des Moi * Ft L) bee M * tit u
Dos Mot Uu Ity 1st g 6 s ..1917 M-N
D o t * Mack lot lien g 4 s .1995 J-D
Gold 4 a ..:.......................... 1995 J-D
Dot Ho—U a Div 1st g 4s. 1941 M-S
Dui * Iron Kaugo 1st 6 s ..1937 A-O
Registered........................ 1937 A-O
2d 6s.................................. 1916 J-J
Dm abort Line bee N or Pao
Dui Ho Hltoro * Alt g 6 s..£937 J-J
i , ast of Al utn bee at P A1 * .VI
A oast Ten Va * Ga bee Ho Uy
ifilgin Jol * i'.asi 1st g 6s. 1941 M-N
Rltn Oort * N o bee Leh * M V
ICne 1st oonsol gold 7a___192(1 M-S
' N. Y * K ne 1st ext g 4s 194? M-N
2d ext gout 5s................1919 M-S
I
3d ext gold 4 Sja.............1923 M-S
4tli ext gold 6s.............. 1920 A-O
'
5th ext gold 4s.............. 1928 J-D
N Y L L A W 1st g fd 78.1920 M-S
Fne 1st con g 4s prior..1996 J-J
Registered..................1996 J .J
1st oonsol gen lien g 4sJ 996 J-J
Registered..................1996 J-J
Penn coll tr g 4a........ 1951 F-A
&0-year conv 4 » A ___1953 A-O
do
aeries B.1953 A-O
Bull XV Y * lin e 1st 7 s.. 1916 J-D
Clitc * Fine 1st gold 6 s ..1982 M-N
1 Olev * Mahon Vai g os. 1938 J-J
Long Dock consol g 6 s ..1935 A-O
C oa l* HU 1st cur gu 68.1922 M-N
Dock * Imp 1st our 6 s..1913 J .J
N Y * Green u gu g 6s. 1946:M-N
N Y bus * W 1st ref 6 s.1937! J-J
2d gold 4 ‘dS................... 1937 F-A
General gold 5s.............1940 F-A
Terminal 1st. gold 5 s .-.1943 M-N
. Mid of N J 1st ext Os ..1940 A O
Wuk * ha 1st gu g 6 s ...1942 J-D
JtYifclad ls t c o u gu g 6s.. 1926 J-J
Price
F r id a y
July 31
I ld M * ,'
. V. STOCK K X C H A N 9E
VVKith Kvdi Ni. Jt’ LY 21
Weetc*
Ranee nr
Lari bale :f5 e Jm
P r ic e
I riday
July U
L X X X X III.
iyeex't
[ ■j j
Range
Kan ye or |£ '
b in d
!.at> s«■> j • r January l
Bij s k Loir
(71// V iVo / .
Kite .v ritts bee Penn t;«
Jlitl
dele 1. 0 , 1
'i *1/0. A o l.ntr Hiafl
Kv.ui> Ji 1 tt 1st com* 6s. 1921 J j, i l ’l
... 1 9 4 May’ l I . . . 112 4 1 13
123*8........ 1124*» May’ 11 . . . . 124 I ' 5 4
tot general gold 5d.........1942 A O 109 bale 102
128S 125 129*, vUv’09 . ..
___
lo2
I 101
1034
■tit Vernon 1st gold 6a.. 1923 A O 107 4 ....... 114 Apt 05
112** 112*4 1124 J ’ne’ l l ...1 1 V I l<
Hun (Jo arHiteh 1st g 58.1930 A O ____ _____ 95 J’ne’08
to'ie,
108 ........ 1094 J’ne 1 1 ------ lo o
ax
go
aj
Ho
bee
<Jh
M
<
b
at
P|
91*4 9 2', 92*4 J’ ne’ l 1 . . . . 9 4 03 4
* tint A i’»r«- .VI bee I’ ere Mar|
Kin 1’ 1% Peiiin ice ‘-ea Air H ue
0 6 4 97*# 9 74
97a# 19 95
m i 4 FlorhU 111 Coast 1st 4 4a.. 1959 J.
........ i o m i o i 4 JMy ’ u ---- lo i
00
P6
02 Aus’ t o !...
...........
DIM I 1 ln 2 4 1’ '4 ’i e uu -H t D t;o ls l e 4 -jS. 1941 j
103
b a le 103
Fl W A Rio Gr 1st g 4 s... 1928 J
89
Mar’ l l 1---- 88
*8
1 87 tj 90
........ 83*# 83®»J’ne’ l 1 .. .
a 8 44
,
*4
liar
J
is
H
A
AssHoi’aCCo
88
May 11 ----- 98 89
88 Si . . . .
' Tai H A ii of 1882 1st 5 s.1913 A1 03
......... 105
May’ l l
103 105
Georgia 3S Ala bee aea A Line
107 4 Deo 02
Ga Car <fe Nor bee sea A Line
Georgia Paomo bee no Ry
Gila v G & Nor nee Ho Pao Co
G out d» uswegut bee N Y Cent
6 9 2 4 ns
02*4
92*
921* 93
Grand itapifc Ind e’rePeun UR
92
92
92 F eb’ l L
Gray’ * Pt Term bee 8t L 8 VV
93 4 l e e 10
91
Gt N or—C Bi& ycoU U-4s 1921
92 J’l y ’ l l
91*4
Registered, k ................... 1921 0
9 1 'Jet ’07
90
96 D ec’09
St Paul Al A Man 4S....1933 J
91 4 D ec’ 10
1st oonsol gold 6s........ 1933 J
BO1* .
UK!*, J'ne’ 11
Registered................. 1933 J
100*4 106*4
106 ,
96 J’ ue*l 1
Roduoed to gold 4 4s 1933 j
1 9«
97
96 ,
96 Ang’ ny
95 .
Registered.............. 1933 J
107 .
106*4 Jan’ l l
Mont ext 1st gold -Is.. 1937 j
106 106*4
Rejfiatercd.................19371J
107*4 J’ l y ’ l l
107 h .
107 4 1077,
K M luu N ocD ivlstg 4sl948 A
Stmn Union 1st g Os..1922 j
123
125 4 F sb’ l l . . . . 125 4 i'254
M outC lat gu g 6s___1987 J
■‘9 4 " j*’iy ’08
iteglstered................. 1937 J
1st gusr gold 5s.......1937
Will db 8 F 1st gold 5a 1938
91*4 92 V) 91 4 T’ l y ’ 1 1
93
48
50
47 J’l y ’ l l
6 14 Greenbrier By bee Chos ifi> O
G all J» a l i st ref a t g 5s 5 1952
bee N l ’ U H f
H oosatoiue
ock Vai 1st cons g4 4 1j
103 Sale 102 4 103
62
69
62
64*4 6 I 7, J’l y ’ l l
Reglstereu...............
.j j
................... T 004H ep ’ 08 . . . .
95 \ kale
94 4 9 74
95 4
(Jot A .‘ 1 V l s t e x t f
. ,.i»8 a
96 ........ 95 May’ l l ___ 94
97*# 98*4
98 q Sale
98 4
Col Jb Tol 1st ex 4 s .......1965 B1
01*8........ DC F eb ’ l II....; 98
112 4 1 1 3
111 112 1 1 2 4 J ’ l y ’ l l
fcioust h .fa W Tex bee bo Pac
)i oust A l oxOen bee 80 Pac Cel
Mous Belt A Term 1st 6s. 1937 J1 lliuots Ceuuat i a t g 4 s ..l9 5 i J.
1 Registered.....................1951 j .
1st gold 3 4 s .................... 1951 J.
100 May’10
Registered..............
1951 j .
121 tended 1st g 3 4 s .......19.51 A1st gold 3s sterling........ 1951 MCotl Trust gold 4a.......... 1962 A107*# 108*4
107*4 108 L 107*, J’ l y ’ l l
Rogistored.................... 1959 a 110 h 110*4 110*# J'ue’ l l ...|110*# 1H*4
1st ref 4 s ......................... 1965 jj.
111 :<# Deo ’ 10
70 9 6 4 y 8
91 J a n ’ l l
PurohJtsed dues 3 4 s ___ 1952 J .
90 ...
91
91
...
8 fi
87
Oou Tex gold 4s ...1953 M...
97 4 9 3 4
114*4 116>v 115 4 J ’ ua’ l 1 . . 1 1 1 5 4 1 1 8 4
Registered.....................1953 M...
94*# 91*4
107 . . . . 107*4 May’ l l
1 107 4 107 4
Cairo
Bridge
goltl
i
s
___I960
J39
4
J’
ne’
l
1
...
96
074
99
994
........ 99
LoutsvDirATercn g34s. 1963 J102 4 Feb’03
10 8 5 4 8 6*4
8 7 V -~
Middle D iv re g 5 s ___...1 92 1 F115^4 1 IT Vj 115 V J’ ae’ ll . . . life * # 116
149 Aug’ 01
Umalia Div lat g 3s.......1961 F8t Louis Div&terui g3s.l9 61 J 9 9 4 23 | 98 4 100
*M>i Halo 99*1
Registered.....................1061 J 5 101 102
1 0 l* » ...... 1BI4 l o i * ,
Gold 3 4 e........................1961 J98 *»
98*# 1 6 1 9 8 4 100 4
98*# Sale
Registered................. 1951 J»3 4 11 ! 93
........ 93*a 93
94 4
124 May’ l l
122># ...
123*4 124 4
western Lines 1st g 4aI.1951
Bellev
Cur 1st 6s.......1923 j 919, 92
91*4
91*4
91*4 94
101 4 D ec’ ll)
Garb A 3haw 1st g 4 s ...1932 M100*4
Cine at LiSi N O g 6 s ...1901 j .... 115 411 7
97 Hi 100 Vj 100*# May’ l 1 . . . KM)*# 101
Registered.....................1951 j .... 113 116
61 90
93S
90*4
y‘,3»
90*5 91
Gold 3 4 s ........................1961 j 104*4 Mar’ l l . . . 104% 104*4
0 1 4 A nr’ l i
Meiupli D ir 1st g 4 s ... 1951 j 6 14 6 1 4
85 Mar’ 08
Bt L Hou 1st gu u io ___1931 MV O * St L
89
80 4 12: 89 4 92*4 ind 151 4, West
SO Sale
83 4 85 4 Ind 111 A la l a t e 4s........ I960
964 004 964
964 11 95 964
83-2 8 4 4 J’n e 'll
97 Jan ’02
lutifc ureat Nor 1st g 6 s..1919
109 Sal*. 108*# 10')
11 107 4109
4owa Central 1st gold 6s.. 1938
1014 102*8 102*8 J ’l y ’ l l .... 101 103
110 Sep ’04
Gold 4 s........................... ..1961
67 4
87
63
81 63 09
100 . . . .
94
S e p ’ lo
James F A Cleai 1st i s . . . 1959
......... 0 4 4 9 4 4 J ’no’ i l
......... 98
044 054
95 J’ne’ l 1
* at a & y is bee L & re ai a
95 *% 96
' 88 4 95
71 O c t ’ 10
YViui da Mich nee Tol i&> (> C
65 ___
1 07 4 1 09 4 K C FT a sa .VI Nee at L A H F
107*4 10*7» 109 4 J’no’ 11
K G 9a Al R 9a B bee b f’L Ja H fc'
.........lObJg 106 4 lla r ’ 08
104 F eb’ l l .. .1 0 4 104
Kan C 9a Paciflo bee Al K & T
Kan City Hou 1st gold-3e..1960
744 744 744 J ’no’U .... 734 74,4
Itogistorod........................ 1960
106*4 199 108 Jam’ l l .. .1 0 8 108
....................... 6 3
o o l ’0 0
...........
Ref 9a impt 5 s ........ Apr I960
1004 1904 100*# 1 9 0 4 '1 4 100*« 102
Kansas c it y Terml 1st 4s 19o0
9 8 4 9 9 4 9 9 4 J T y ’ l l . . . . 0 6 4 09V*
Kentucky
Cent
bee
N
112 J ’ly’l l — 11 1 a 1 1 2
112
KeokdfcDeaM o bet C H I * P
118 1181* 118 V) J’ l y ’ n .... 118 4 120®# KuoxviUe a Ohio bee bo Ry
1014 J ’ uo’l l
1004 IOI*# t ake Kris * W 1st g 6 s ..1937
101
109 411 0 1094 1094
1 1034 1114
AJ 2d gold Os..................1 9 4 1
lOo7# M a y 'll . . . . 1 04 4 1 08
106 ‘a
1 0 4 -j 1054 1044 J’ l y ’ U ... 194 4 104 4
North Ohio IVt g iig 'o i” 1946; a
104 J ’ly ” 1 . . . . 1014 104
104
................... 110*4 May’ l l
... 1084 U 04
1064 107*4 1064 J’ue’ l l . . . . 106 1064 L Hho 9a Alich a bee N Y Cent:
99 4 J’no’ i l . . . . 99 4 99 4 Leh Val N Y 1st gu g 4 Vje.1940 J J 1004 105»# 1054 105 ‘.1! 1 105 4 1064
9 94
Registered....................... 19401J J 104 4 ........ l o t (4 J uji ’ l l 1 .. . 101 4 1044
....... 118 118 Gel ’ 1 0 ___
Lehigh Val (Pa) cons g 4 s.2003 wi N * ........ 9 7 4 0 04 May’ l l ... 0 6 4 97 4
89 *» 49 847» 90
89
8 9 4 S a le
Led V Ter Hy 1st, g U g 6S.1941 A O 113V, 113*# 113*4 J 'n e ’ U ... 113 1144
86 J’ne’ l l . . . . 82 4 86
Registered....................... 1941 A O I H 4 113 1 1 3 J ’ n e 11 ... U3 113
794 151 73 4 79*4
78 4
7 9 4 Side
Leh V Coal (Jo 1st gu g 6s. 1933 J J 107 v#........ 108 N ov’00
77
77 J’l y ' l l . . . . 77
Led da N Y 1st guar g 4 s..1945 M a
90
90 | 32 86
9 4 4 ....... 9 4 V, J ’ly ' 1 1 . . . . 0 3 4 9 4 4
89.4
90 Sato
Registered....................... 1945 At s
92
90 I 49 73
89
89
91
8 0 4 350 09
R1 C 88 N 1st pf 6 s .......1914 A o 103 ......... 1014 F eb ’ l 0
80 4
80 Halo
794
Gold guar 6s.................1014 A 0 1 0 0 4 ........ 1014 rfey ’ 0 0
........ I l l
H I J’n e '1 1 ___ 110*« 111 *8
Led Ja Mud R bet Cent 0/ N J
1104 112 1 U 4 J ’ l y ’ l l . . . . 1 1 1 4 1 1 *
A p r’ t 1 ___ 111 111*8 Leh A W ilkesb bte C sntof N J
1 1 0 4 ........ i n
Leroy da Cauey Val bee Mo P
1244 125 124*4 May’ l l . . . . 124*4 126
nong Dock bee h n o
114 Apr ’ 1 0 __
J 110 110*4 1107BJ’ n oT l .. . . 1 1 0 4 1 1 2 4
100“# Jan ’ l l .. . . 100*8 100*8 Long ls i’ d—1st con g 5s.dl031
101 4
1st consol gold 4s........ A.1931
101
J
06 ........ ........................ . . . .
9 94 Nov’ 10 . . . .
General gold i s ....... .......1938
103 103 4 103 J’ l y ’ n . . . . i o i 4 i o i 4
D 02*4 ........ 02*. J’ uo 11 . . . . 02*4 0 8 4
b erry gold 4 4 * ............... 1922 M B 97
80 ........ 100 4 Dso ’06 . . . .
100
0 8 4 A p r'1 1 ___ 0 8 4 0 8 4
Gold
4s..............................1932
j
83
2
83 Sale
83
D 01
07
00 4 c o t ’00
83
874
Unified gold 4 s ............... 1949.M- S ....... 05
1 1 0 4 1 1 1 HO May’ l l . . . . 110 110
03 May’ l l . . . . ; 0J
954
Debenture gold 5s.......... 1934' J . D *104 ........ 1014 Doe’08
110 .......... 1104 <1n.t’ l l . . . . 1104 U 0 4
Goar rel gold 4s............. 1049 M- ■Si 94 4 Sato
99 4 100 4 100 4 J’ l y ’ l l . . . . 99 4 1014
96>49646 j 0 64 07
J ’ne’ U .. . . 110 1104
................... 110
.1104INev’06
N A R 9b M B l o t c o n g o s 1 9 3 b !A ■O 101
MIMCKLi LANKOU n RONDS—C eutiauou on Next P age.
(Inn and K lcctrio Light
Atlanta G L Co l s t g &S...1047 J-D 103 ........
Bklyu U Gas 1st con g 5s. 1946 M-N 107 107 4 106^ 1074
3 ibs*4
Butlalo Gas l s t g 5s........... 1947 A-O
2 594
60 ........ 6014
604
Coiuuibas Gas 1st g 5 s .... 1932 j . j
Detroit City gum g o s ......... 1923 j . j 1(H)*#........ 101 J’l y ’ l l
foo
D ei Gas Co con 1st g 6s...101b F -A 1004 ........ 05*, Sep 'Ob
.....
lfi«l G c N Y 1st con g 6 s ..1032 M -b 105 1064 108 4 1064
2 iu5 4
Gas A hieo B ergC oc goa.1040 J-D 101 ........ 6 1 4 Oct ’01
Ur Rap G L. Co 1st g 6 s ...1016 F -A
99 101 100 Oct ’09
Hudson CO Gas lat g 6 s ..1940 M-N 103 4 ....... 1034 j ’ l y ’ l l ___ io3
Xau City 1AI0) Gas 1st g os 1022 A -O
977,
07 4 394 97Ti J’ ne’ l 1
Jtinga Co hi Lih P g 6 a ... 1037 A-O 105 ........ 106 May’ 11
014
i Parcluse money 6s......... rU97 A-O 115 117 1184 1164
6 113*4
1 Kd hi 11 Ban lstcou g 4s 103i* J-J
87 4
89 4 ........ 89 M sy'l 1
Lac Uus L of bt L 1st a 5 s .e l9 19 Vi-F 103*4 l»-4 103*4 m3*.
1 lo'J
: Kel and ext 1st * 6s....... 1034 A O 102 4 103 4 I01»i 101*,
2 100
Milwaukee Gas L 1st 4 s.. 19k, M-N
_
_
9
04
90 4 0O»#
J ’l y ’ ll
90
Newark Con G a u g e s ___104b J-D 104 ........ 101 J'ue’ l l .. . . 1004
1 • Dio price Friday; latest bid and asked this week, a Due Jan 6 Dae
tin s and K loctrio Light
N Y G K L H i S j P g o s ...1048 J-D 1044 Sale 1044 1044 16 102 1044
Purchase money g 4#...1049 F-A
89 4 Hale
88*4
89 4 30 87
89 4
Kd iil 111 1st 00113 g 6 s ..1096 J-J 1 12 4 ........ 112
113
3 111 112*«
N YdilJJKl L&P 1st con g 5*1030 F-A 102 4 ........ 101 4 M a y 'l;
100 101 4
io i
X Y ifc Rich Gas 1st g 5 s .1921 M-N
97 4 J ’ly ’00
Pacific G d» Klee Co Cal G A K
e-orp unifying A ref 5s 1037 M-N
95*4 Sale
ioe^i
0 54
95*. 10 01*4 9S\
Pco Gas da C ls l oou g 6s. 1943 A-O 116 4 118*# 1194 May') |
1 164 l l » 4
Refunding gold 6s.......... 1047 M S 101 4 ........ 101S 101s
2 10 IS 1824
104 4
Ch G -L A C k o lit g u g S s 1937 J-J 102 103 4 103'# 103 4 11 1024 1 0 «4
90-,
Con G Cool Ch 1st gu g 6s. ’38 J -D 10 I S 102 101 4 j ’ uo'l 1
101 1014
Ind Nat Gas <&Uii 30-yr 5s ’38 M-N . . . . . . . . . . . . 00 M a rl 1
106
JO
• IS
1164
Mu Fuel Gas 1st g u * 5 s.1047 M-N 100*4........ l o o s A p r’ l 1
1004 1004
00
Philadelphia Co oonv 5s .. 1910 F-A n o
114 116 J 'u e 'll . . . . 104 118
I04
Syracuse Lighting l s t g 6 s.’51 J-l) 100 ......... 98 Aug’ 10
IOI*. Union Klee LiSi P Istg 5 s .i9 3 2 vi a 1 0 0 4 ........ 08 Jan '08
91
Ref * ext 5 s.................... 1933 s-N
96
0 74 96 J ’l y ’ tl
93
034
104
Westchester Llght’ g g 6s. i960 J-D 1064 1054 1054 J’ no’ l l . . . . 184 10*4
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82 \
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N. Y . 8TOOK B Xi'H A M H B
WkKK Knuisi JOLT 21
217
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July 22 1911.]
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V
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100 May’ ll .. . 103S 106
196
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97*4
8*4 14 94'» 98 V
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99 09 V
9 8 V ........ 09 v Mar’ l l
Moll A Mai 1st gu g 4 s ..1991 M-S
114*4 114V J’l y ’ i l ... 113*1) l in's
Louis v <& Naaliv ueu « 6 s .1030 J-D
95V 100 1105
........ ..
N J inne K gu 1st 4 s ...1986 F- *
112 *0 J’ ne’ t 1 ... 112 *8 1 12 S
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9*0V 00*i
90
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g
3
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98*«
99V
99*11
99*« Oil*** 99 V
Unified gold 4s................1940 J-J
................. 108 Oct ’09
N V as North 1st g 5 s ...1927 A-O
08V 97», Not’ 10
Registered.............. ....1 0 4 0 J J
9*7V "97 'V
07 V Feb’l 1
N V A Hu ist cou g u g 4s 1993 a -O
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V
98
V
109*4
1092)
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V
o
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9
v
100
........
M-N
Coll trust gold 6s.............1031
Nor A Moat 1st gu g 6 s .1916 A ■()
3 111 112V
K H & Nash 1st a d »....1 0 1 0 .1 -D 112*4 116 112*4 H2*4
Fine Cteuk reg guards. 1932 J O 120 ........ 131V Jan ’09
104 V 105 *4
Ii Otu <fe Lex sold 4 SJ8...1331 M-N 106 *11........ 106 v May' 11
107
V 110
K IV A U cou lstext5s.A 1922 A -0 1 0 «V 3ale I 0 8 V 103V
118*4 122
N 'O A J I 1st gold 6 * ....1930 J J 122 ........ 122 J’ l y ’ l l
Gswe A K 2d gu g 5 s...e l9 1 6 K-A loo 1 0 6 V 105 J a n ’Os
118V lli-V
N O A M 2d gold ds. ...1030 J J 118 V 111*1, 1 i go* Fob’ * 1
104
J’
ne’
iO
rf VVdt G T R 1st gu g 68.1918 M-N 103 V .......
95V 96V
l ’ aduoali A Mom dlv 4s.. 1946 F A ........ Ob'* 96V J’ ne’ l 1
98V 93V
Kutlaud 1st cou g 4 V s..1941' J . J
90V ....... 3KV *’ 'v ’ l l
105 V 105 V
Pensacola l>it gold d a ... 1020 M-S 106*»g 100 105V Mar’ 11
89*4 90
85 V 90V
OgALOhain ls t g u 4 s gl948 J .J
89*4 J ’l y ’ l l
113 S o p ’ 10
i 8 t L l)iv 1st gold 6s.......1021 Wl-S ........ 115
92 J ue’U9
Rut-Ganad 1st gu g 4 s .1949 J.J
63
73V 71V F e n 'll
71V 71 V
'
2d gold 3s...................... 10HO M-S
JVlf’O
H
iii’s
"
i
V
6 ” 115
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Lsvr
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s
t
g
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s
.
1990
J
.J
92
«
3
V
93
93
M-N
1*2V 92 V
A tl Knox <& Gin dlv 4 s.. 1065
2d gold O s ..........
1990 A-O 110*6........ 125 Feb’08
112V H2V
A tl Knox * .Nor lal k 6«104' J O 112 >» 115 112*4 May’ 11
100 J ’ue’ll
Utica A Blk R iv g u g 4 s . 1922 j . j
*99V 100
99 V
106
106
Hemler B d g e ls ta fg 6 s .l0 3 1 M-8 105 V ........ 106 A nr’ U
8SV 90
90 89 J ’ l y 'H
Lake
Shore
gold
3
V
s....1997
j .11
94
93
»4*ii
04*g
94
**
Sale
Kentucky (Jent gold 4»..10 8 i J-J
K9 87 V J ’ l y ’ l l
Registered................. 1997 j . d
87 V 89
L A N A M & M 1st g 4 Vs 1045 M-8 104 ........ 103 D ec’ lo
93
98
94 91V B3V J ’iy n
Debenture g 4s............ 1928 M-S
88
01
89 m
J
S 9 V ........ 89 V
L & N -S ou tb M |oint 48.1052
03
V
93’,
93*4
sale
25-year
g
4
s
..................1931
m
-N
92V 943s
F-A
108V 112V
109 ........ 108*4 May 11
N JTla A » 1st gu « 6 s ...l0 3 i
Ka A A G it ls t g u 0 5s. 1938 J . J ’MOV.......
J 100*4........
N A G Bdgegen gu x 4 'a* 1045
lio v u i v
Mauou OT HR 1st Os.. 1934, J .J 1 1 2 V ........ i l l V Mar’ l l
no no
110 J a n ’ l l
Pans A A t l l s t gu g O s..1021 F-A 110*4
Pitts A L. Erie 2d g 5s.al028 A-O 107 V ........ 100 Deo’ 0 0
111 V J’ no’ l l
111 v 112 V
S A N Ala con gu g 6s.. 108(3 F-A 111*4
Pitts McK A Y lstg u Os.1932 J .J 123 V ........ 130 V Jan ’09
92
94
91*4 92V 92V May’ l l
Xj A Jell Bdge Go gu g 4 s.. 1045 M-8
2d guards...................... 1934 j . j 122 .........
L N A & Cll i ' M O l i U
McKees A B V 1st g Os 1918 J .J lo b **.......
iiA ou Goal tie* L S i£> M Ii
in in
Mioh Gent 5s.....................1031 M-S 110V 113 I l l A p r’ 1 1
M anhuttan
06
93V
By cousot 4 s .1000 A-0
97 V
97
07* 97
Registered................. 1031 Q-M 1O0»»........ 110 j 'iie'06
104 Apr 05
llegistered................. 100O A-0
99
99
J’ne'U
08
09
4s.....................................
1940
J
.
j
99
Stmpd tax exem pt.. 1000 A O
96V 98V
0 7 V 98
97V
08
90 ....... 98 Dec '09
Registered................. 1940 J.J
Manila ltR —Sou lines 4s. 103(3 M-N
J’ ue 08
J
L
A
H
1st
g
3
Vs.......1«51
M-S
........
8 8 V 90
DdoK’ p lA B V nee H 1 Gent
88
87
1st g 3 V s ...................... 1952 Wl-N 87 ........ 88 May’ l l
99V ICO
100 May’ l l
J
Mox Gent cons g 4s.......... 10 11
<i3*i
20-year deb 4s.............. 1929 A -0 ........ 92
91V 93
91V
3 1tg May' 10
1st cons l u o g 3s........ a 1030 J’ ly
Bat
G
A
Stur
istg
u
g
3
8
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9
8
9
J-D
20
V
A
p
r'09
2d cons ino g 3s trust recta..
9 9 V ........ 99*4 J ’ly ’ll
NY Chic A St i. lo t g 4 s 1937'A-O
99*» l " 1*
77 Mar’ 10
Mox luternat 1st con g 4s. 1077 M-8
100 Deii *09
Registered.....................1937 a -O
79 N er’ 10
Stamped guaranteed.. .1977 AI-S
90
V
Sale
6
*»0V
"V
Debentures
4s..............
1931
M-N
00
V
nov
M idi Gent tie* N 1 Gent
101
4 100V 1 9 IV
W est Shore 1st 4s g u ...2301 J.J 1 0 0 V 101 101
U td o t N J tie* Erie
Registered.................... 2301 J.J
98V Bale 98V 08V 21- 0 8 V 100V
Mil L S A W Hee Glue & N \\
N Y A Greenw Lake nee Erie
MU A North b'ee Gh M A St P
N Y A liar nee N Y G A Hud
130 130
130 J a n ’ U
M inn A St L 1st gold 7 s ..1027 J-D 129
N Y Lack A W nee D L A W
118 J a n '07
Puollle Kx 1st gold Os...1021 A-0 110
N Y L E A W nee Erie
105 100
1st eonsot gold 6s............1034 M-N 104 106V 106 J ’l y ’ l l
N Y A Long Br nee Gent ol N J
74
65
IstandreHund gold 4 s ..1040 M-S
66
71
70 V
71
N Y N il A H—Non con 4 s.’50 M-N ......... 04V 93V May’ll
93V S*1*
81V
80
80
A
p
e’
l
l
l)ea i l A Ft D 1st gu 4 s... ’30 J-J
92
6 04 V 100 V
94V Sale
Gout debeu 3 v s .............1950 j . j
94V
85
Minn A St 4. gu Sea 13GUA.N
Couv deben m ................1948 .1 J 132 *4 132V 132 V 133 V 21 132 124V
97 M ay'll
95V 98
M BtP A 8 S M cou g 4 int gu '38 J-J
97
Harlem -P tC lcs : 81 4sl864 M-N 9 9 V ........
93t, J a a ’ lo
Ckl S 8 M A A 1st g 4 lilt gu 1020 J-J
93*4 93 V 93V
93 V 19 93V 03V
c e n N E ng 1st i u i s . . 1901 j . j
Minn Un nee s t P M AM
Huusatomc R COU g 5 s.. J937 :m - iT 113 V ........ 113V J ’ne'11 . . . . 118 V U 3 V
93 V 93 V
931* ila r’ l l
Mississippi Cent 1st 5 s ... 1919 J-J
95 .......
1 0 2 V...... .107
Aug’oO
N
ii
A
Derby
cou
cy
5s.l01rt
M-N
96 V 98
Mo uan oo 1'ex xsl g 4 s ...1900 J-D
07 V Bale 97 V j}7 V
85
87 | 87 Slay’ 11
Providence aeo deb 4 s.. 1957 M-N
84 V 87
83 V 88
84 V
84 V
2d gold 4s....................... p i900 F-A
84 V Sale
101 >4 193 V N Y A Nortn nee N Y G A U j
| 1st ext gold 6s................. 1044 11-N 102 102 V 103 J’ l y ’ i i
97
05
95
V 95 V
95 V
95
N
Y
O
A
W
rei
la
t
g
48..1/1992,M-S
78V 88
81
80V 807, 81
1st A rojtnnd 4s................2004 M-5
Regi* e5,ooo o n ly !.......01992 M-sl ................... 0 4 'r F e b ’ n
94V 94V
86V 88
87 V
87 v Sal© 87 V
Gen s 1 4 V »................... 1036 J -J
92V
........
v...........
1956
J.D
..........
02V
92V
92V
General
4
s
92
V
78
79V
8t L l)tv 1st ret g 4 s....2001 A-0
70 V ........ 79V J ’ly n
N Y A Hut nee N Y G A H
. Dal A VVa 1st gu g 5S...1040 M-N 105 ....... 10S J’ ue 10
89 V 89 V N Y A U B nee Long Island
Kan G A Pao 1st g 4 s ...1000 K-A
89 V 90 V $ 0 V J ’ n e ’ l l
N Y 8 A W nee Erie
110
8
n
o
v
108
I Mo K A It 1st gu g 5 s...1042 A O 108 Sals 108
N Y Tex A M nee 80 Pac Go
8 190V 198
Cl K A Ok 1st gu os....... 1042 M-N 1 06 V 107 10«V„ 168",
Nor A 8outh 1st g 5 s ........ 1941 m -N! 1 0 3 V .........103V J a n ’ l l . . . . ! 103 V 703 V
M K A T ot T 1st g u g 68.1042 M-S 104 V 105V 103 V J’ l y ’ i i ___1021*4105*& N
orl A West gen g 6s____1031 m - n 124 V .........124*4 J’ ue’ H .. .. 124 V 724V
103 •« May’ l l .. . . 103V 196V
BherSh A So 1st g u g 58.1043 J -0 104 ...
im proveni’ t A e x t g 0 s ..i9 3 4 g-A 127*4 ........ 127 J ’n e l * . . . . 126 127
Tex A Okla ls t g u g 68... 1043 M S 104 V 105 V 104V J’ no’ l l .. . 103 196 V
New River 1st g 6s....... 1032 A -0 124V 127V 126
126 j 2 124 V *‘25 •
27 103V H I
MoPaoitie 1st cou g 6s ...1020 M-N 108 V 109 108V 199
N
A W Ry 1st con g 43.1996 A-O
07*s 97V 97 V
«7V 14 97 V yyia
19 100 V 192 V
' Trust gold 6s stamped.al917 M-S 10078 -Sale IOOV 191
R egistered....................1906 A-O ......... 08V 98 J a n ’ l l . . . . 98
98
09 Mar’ 10
R egistered................. «1017 M-S
94
D it ’ 1 1st 1A g-eu g4 s..,19 4 4 J . J
92 *i »aie
92 V
02 V! 10 92
3
100*4
102
100V
190V
100V
101
F-A
1st coll gold 0s..................1020
15
100V
709V
109
Sale
109
109
10-25
year
conv
4
s
....
1932
j
.
d
83
77 v
77v
70 V
77 V 8als
40-year gold loan 4s....... 1040 M-S
90 bale
89 V
90 V 5 88V 00 V
P ocall G A G jo in t4 s ..1 9 4 1'J-D
90V May’ l l ___ 96 V 06 V
3d 7a extd at 4U»......... ‘ ..1038 M-N ........ 97
C G A T 1st gu g 6s.........1922 j . J 105 V ___7.105 N ov’ Ul!___
02*4
03 V 74 01V 96*8
92V Sale
1st A ret couv 5 s........... 1060 M S
94
97*4 97V J’ ne’ l l .. .. 9*6*4 9 7 V
Solo V A N E ls t g u g 4s 1989 M-N
93*4
92
92’, 92 J’ ho’ 11!___ 92
Com Br Ky 1st gu g 4s. 1919 F-A
North Illinois Nee Gill A N Wj
87 v May’ 10 . . . .
84
86
Gen Branch U P let g 4s. 10 is J-D
N orui Ohio nee L Erie A W
HO
Mar’05
.
Leroy A G V A L 1st g 5s 1926 J-J ........ 192
99V 78 99 vIOOV
96V J ’ l y ’ H .. . . 96V 98V Nor Pac—Prior lieu g 4 s ..1997’ j ; 00V Sale 99V
96V 97
Pac H ol Mo 1st ex g 4a. 1938 F-A
Registered.....................1907 •j ................... o s * ,J ’l y 'U
98 V 9*1V
8V
, 100*4 108 VM»y U .... 1U8V 108 V
2d extended gold O s ...1938 J-J 1083
General
Ueu
gold
3
s....a
2
0
4
r
7
-F
71V
7
1
V
71*4
7 1 VI 22 70V 71V
107V. 107 V J ’ly ,11--- 106 V 108**
_ _.
St L Ir MA 8gen con g 6al931 A-0 1977 *a
70 7oV 69 V Mar’ l l . . . . 69 V 69 V
R egistered................. «2047 (5-F
I l l bep ’ 0 0 ,
Gen con stamp gtd g 5s 1931 A-O
96V
97 07V 96V May 11 . . . . 96
St PatU-Dul DiV g 4 s ....1996 J -D
85 j
83 V 87 \
Untiled A ret gold 4 s ..1020 J-J
81V 86 I 85
K5V
84 V 8 8 V Dill Short L 1st gu 5 s.. 1916 M-S 9 9 V ........ 99 FebTO . . . .
itlV A G DlV 1st R 4 s..1033 M-N
85V 8 6 V 86V
G B A 14coll tr 4s SesG tN or
Verdi V 1 A \V 1st g os.1926 M-S ................. * 102 v Jan T o .. .
116V U6»«
81 P A N P geu g 6s___1023 f -A 116'* 117V U 6 V J’ n*’ n !
Moll A Ohio new gold 6 s..1927 J -D iifoN i2 2 " | ia o v J ’uo; u .. . 120 122.
...................
Registered certlhc’s ..l9 2 3 Q-F 1 1 5 V ........ 11/ FebTO
116 116*4 116*4 J ne 11 ... 115 V U 6 V
; 1st extension gold 6s../tl927
8t Paul A Du! 1st 6s___1931 F-A 1 0 7 V ........ HO J’ ue’ 10 . . .. .....................
87
1 86 V 87
Gouoi'Rl gold 4s...............19.1a
&3 87V 87
2d 6 s .............................. 1917 A-O 1 0 2 V ........ 102V J ’ ue'Jl . . . . i o ’2V 102*4
110 110*.
Montgom Div 1st g 6 s ..1947 F-A 109 V 110". n o Apr’ll
91 ........ 96 V A p r’ 1u ..... ...................
1st consol gold 4 s.........lyOS J-D
_
Mar’ l l . . . . 81
81
81
■ St l A Gallo coll if 4a..«103U
90 ......... 01 *» A p r’ l 1 .... 01V »1 V
Wash Gent 1st g 4 s .........1918 o-M
93 V Mail’ll .... 03 V 04 V Nor
!
Guaranteed g 4s.......... 1931
Pao
Ter
Go
1st
«
6
s..1033
J-J
1X1V
.........1 1 1 V J a u ’ 1‘1 : . . . l l i v l l l 8*
M A O coll 4s nee Southern
N or Ry Gat nee So Pao
Mohawk A AIM tied N V G A il
N or vvw
W u nee G 8t P M A O
Monongahola Uiv n'se B A G
Nor A Mont nee N Y Gent
Mont Cent nee St P ’M A A1
A W n*e C G G A St L
U lnd
Morgan’ s La A X nee s P Go
hio Riy RR nee oait A G
Morris A Essex Sm UoI I .A Vt
_ J
_ 105V106V 105 V 105V
106V 1<>01 Ore A Uai nee 80 Pao Go
ash Ghat A St L 1st /s.191.. J
Ore snort Line nee U11 Pao
109 V H I
t.1 1st consol gold 6s........19'«b A-G l l O V n i V l l O V J ’ ueT l
Oswego A Rome nee N Y (J
116 .........115T» jNov’ 10
i Jasper Branch 1st g 6 s..1923 J-J
105 1 0 3
Coast Go 1st g 6 s ....1 94 6 j-D 105 107V 105V J’ ne’ H . . . . 105
: MoSl M W A A1 1st 6 a ..l9 1 i J-Ji 1 0 0 V .......108 V D eo’ lU
IJac
sc ol Missouri nee Mo Pao
T A P Branch 1st 6s___1917 J -J , 1U6V....... U 3 J ’l y ’04
101
100V
J’l
y
’
u
L
.
.
101 1 02
Penn
RK
1st
real
eat
g
4
s.
1923
M-N
100
103
Nash li’lor A S lid n ’ee L A N
108
108'
U;8 J’ n e 'll
... 110
93 Sale I 03
93 !
91V 95 V Consol golU 6s................. 1919 M-S
Nat Kya ot A lexpr 14 Vs 1967 J .J
Consol gold 4 s . ...............1943 M-N
... li)3
103 V J’ ue’ l 1
103 V 1 0 3 V
84
89V
82V
87V
84
J’
l
y
’
l
l
A
O
Guar gen 4s......................1977
99 V
Convertible
g
3
Vs..........1912
M-N
09
Hale
0
8
V
09
V
99
V
100V IOOV
N atot Alex prior Hen 4*118.1926 J.J ........ 101 100V Feu’l l
9 6 V 97 V
97 sate 96 V
97
Gouvcrtiblo g 3 Vs.......... 1915 J-D
78V 83 V
80
81 I 80 J ’l y ’ l l
1st oousol 4s.....................1961 A O
103
Consol gold 4 s ................1948 M N 103V 103 V 103*4 11*3*5
104 V
Now tl A D nee N Y N i l A U
Alieg Vai gou gu g 4 s ... 1942 M-S
99V 100*4 99 V A p r’ l l
9 0 V 1 00 V
K J .luno iUl nee N V Gent
D R R R A B g O ls tg u 4 s g .’30 i'-A 100 .................................
N V Bkln A Man Bch nee L 1
102
102V
102
.........
102
102
.....
...........
PUUaBal
A
w
1st
g
4s..I*J4J
Jl.N
90
!
87
V
87
V
87
V
Y Gent A 11 1417x3*118.1997 J-J
87 V 87 V
Sod Bay A So 1st g 63...1024 J -J
.... 102 102 J a n '03
8 6 V 89 V
Registered.....................j 007 J-J
87 V 88 V 88 J'ne’ l l .
U N J RR A Can gen 43.1944 M-S100 V 102 V103 V May’ 10
U2V 94 V
Deben g 4s...................... 1034 M-N
93 V
,J1
93 °» Sale
i ‘0'3 V iCT4V
80 7i Pouu Go—Guar 1st g 4 Vs. 1021 J -J 1 0 3 V ........ I**4 J 'ly 'H
79
Lake Shore coll g 3*iis...1098 F-A
79 V bale
70*4
7dV
Registered.................... 1921 J .J ....................102V Mar’ l l
1 02 V 102 V
Registered.....................191*8 F-A
7 7 V J ’ne’ l i .... 77*a 70V
77 V 78
Guiu 3 Vs coll trust reg. 1937 M-S
8 7 V ........ 90 Aug’ U
79 V 3 78
70 V
I JiichC outcoU g 3 V s ___1008 F-A
79
79 V 79 V
80
88
Guar
3
V
»coll
tr
ser
B
...1941
F-A
88
........
8
8
V
J
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,
Registered.....................1908 F-A
78 A p r’ l l . . . . ; 76
78
78
07
07V
Tr Go oertil’s gu g 3 u s .l 9 i 6 M-N
07 V 07V 97 v J ’l y ’ l l .
; Beech Greek 1st g u g 4 s .1036 J-J
99 V ........ 08V D eo’ 10
87 V 90
87 Aug’ 10,
Gu 3 Vs tr CtfsO............. 1942 J -D
00
09
I
Registered.....................1936 J -J i 9 8 V ......... 99 May’ l l
88
89 V 91 D ec’09,
Gu 3 Vstr etis D..............1044 J-D
2d gu gold 6s................1936 J - J 1 107 V .................................
, 1UINCELL 4NEOU-S RONDJ8—Continued ou N ext P a g e
u
88*4
u
tJ
*4
Goal mid Iron
Bull A S u sq Iron s I 5 s ....1932 J-D
' Debenture us...............a 1026 M-S
Cot ti A 1 Go gen s l g 5 s ..1943 F-A
; Convertible deb g 5 s ....1911 F A
Col In d u ls tA coll os gu.,1084 F-A
Coutiu’ talO le ts 1 gu S a g .1952 F-A
Gr Riv Goal A G 1st g Os..1919 A-O
Jell A Clear G A 1 l a t g 6s. 1928 J-11
Kan A Ii G A G 1st s fg 6s. 1951 J-J
Pooali Gou Collier 1st* f 5s.’ 57 J-J
Bt L Rock Mt A P 1st 5s. 195* I - J
Sunday Greek Go g 6 s . . . . 1944 J J
SL'enn Goal geu i>h............. 1961 J-J
i Tenn Dlv 1st g 6s....... al017 A-O
i Blrm D ir 1st consol 6 s.. 191 J-J
! Call G i l Co 1st gu g 6s. 1922 J -D
V ictor Fuel 1st s t os ........ 1953 J -J
Vruuuu
airou VWftiWGViiiv
Goal A C o ls t gx vg.avii/
6s. 1940 M-S
"•■‘J
$
<J7 F ob ’ l l
00
00 J’ne’ l l
I02 V
10IV 102 v 61
lo o v J’l y ’ 11
100 V
f( GSi 77 V 76 V
76 V 48
00*8
i07 V Dee’ 04 . . . .
00
102V A p r’Oll
107 May’07
" o a " i o i v 105 V D ec’Oft
82 V 36 V S5 A p r’ ll
83
84 V J ’ ne’ U __
7 H F ob ’07
1
102*4 103 V 103 V
106 104V 194V
4
105 106 loo j ’ne 11
lo7 n o
87 V 87 V May’ 1 1
....
“07*4
* ■* 98 ‘4
* 08 J ’lVy T*•l •
•••
07 V
p r l o o F r id a y s la t e s t b id a n d a s k e d . a D u e J a n
.Hanulacturiiut <Sf industrial
76V
76V
70 Sale
Ailis-Ghklmers 1st 5s........ 1936 J -J
Am A g Ohem 1st 0 6s........ 1028 A-O 102 Sal© 10IV 192 V
97 V J’l y ’ l l
Am u o t u u ext 4 V s ........... 1916
07 V »8
........ 90V 96V 96V
Dobeu 6 s ......................... 193 1
90 Sale
99
00*,
Am Hide A L 1st s I g 6 s ..1019 M- 8
76V 77
77 J ’ l y ’ l l
Amer Ice -ecu r deb g 6 s.. 1925 A-0
Am Hmelt 8 curities s 16s.l92i> F-A 103 V kale 103 V 103 V
102
101 J’ ne’ l l
Am 8pm ta Mlg _lst g 6 s ..191. 4-ts
................... Am Thread 1st oot tr 4 s ..191 • J-J
9 3*»........ 93 V May’ ' 1
105\
Am Tobacco 40-yr g 6s----- 194i A-0 106 Halt 103
84
85
4s
......... ... ... ... ..1 9 5 1 F A
87 V S»u
87%
88l»
83
86
01V
Am W ritg Paper 1et s f 6s. 19 11 *- J »91 V ....... Hi V
3 V
103 V 104 V Halilw Loco Works tst 6s. 194 M-N 103 V ........ 103 V 1 005
•eth Stem 1st ext s i 6s..T.>.i
96 V
96 V S a lt
105 105
00A
00
90V
Aent
Leather
20-year
g
6s.l92i
99
V
104V 106
87 V
ons 1 tobacco g 4 s . ... ... 1951 F-A ........ 89
87 V
oru Proit Rel s t g 5s---- 103. A-N
97
97 V 07 J ’l y ’ 1 1
87
8H w.
9 6 \ Sals
06 V
08V
st 5s.............. 1034 M-N
98
-91V
---t 26-year
*
00v 97
89
90
97 V 102V
9 '*4 100*,
73 V 79 V
...................
6 D u e F e ll « D u e M a y
q
D uo j ' u*
x.i
h D ue
J 'ly J e D u e
Aug
eD oou cs
» P a s N ot
t ■Pj**
—
318
BONUS
N. Y. STOCK E X C H A N G E
W eek K ndiwu J uly 21
New York Bond Record—Concluded- -Page 4
Price
Friday
July 21
(VeelVs
Range or
Last Sale
So !
BOND*
Range
Since
January 1
[V O L . L X X X X I lI .
Price
Friday
July 21
N. Y. STOCK E X C H A N G E
W eek ending J uly 21
Week’ 3
Range or
Last Sale
Range 1
Since
January 1
Pennsylvania Co—(C on)
Sid
ash L 010
High j f 0 Low High
Sia
Ask Low
Higll
Low Hign
Guar 15-25 year g 4 s ....1931 A O
9 3 4 09 | 98l4 J ’ l y ’ l l ___ <973* 08% Southern—1st co n g 5s___1994 j . j 108 Sals 108
1083,
1063a 109*a
Cl <fe Mar 1st gu g 4 % s..l035 M-N 102*4 .........110 Jan ’ 05 . . . .
Registered.....................1994 j . j lb o .......... 110 May’09
Cl & P gen g u g 4 % ss o r A .’42 J-J 100'a .........11034 Jan ’09 . . . .
Develop & gen 4s Ser A . 1956 a -0
797gdais I 79*a 79\
76
8OV4
Series B..........................1942 A-O 106 >4.
10934 J ’l y ’OO ..
M ob <5s Ohio coll t r g 4 s .,1 9 3 8 M-s
fed78 88V 87
87*8
80
88
Sories C 3%s..................1948 M-N
90
93 Aug’09
Mem Div 1st g 4 >4-68...1 9 9 6 j . j 109
109
109
10834 1094
Series D 3 % s..................1950 F-A
90 May'08 ..
00
S t Douis div 1st g 4 s ....1 95 1 j . j
88 V, 89
88*4 88V,
86*9 89
E r i e * P it t s g u g 3%s B .l9 4 o )j j
90% A p r ’ l l ..
A la Cen E 1st g 6s.........1918 j . j
10734 110*5 1077« N ov’ lC
00% 91
Series C............................ 1940J j-J. j
A tl <fc Danv 1st g 4s....... 1948 j . j
98s4 A p r’04 .
88 ..
90*5 90V,
9 0 V; May’ l l
Gr 11 & I ex 1st gu g 4 Has 1941 J -J 104 ......... 104’4 Mar’ l l
2d 4 s .............................. 1948 J .J
i'oTC 104%
82 *< 823, 82*4 J ’l y ’ l l
8 2 ‘4 82>*
Pitts Ft W & C 1st 7 s ...1912 .T-J 10234 .........1103 J ’ no’ U
103 104
Atl<& Yad 1st g guar 4a.1949 a -0
80 *u.......
2 (17s.............................. .1912 J -J 10234 104 1103% F eb ’ l l
Col <6 Greenv 1st 6s....... 1910 j . j
106 107 107 A p r’ l
103 7e 1037s
106*5 107
30 7s............................ A1912 A-O 1 02 % ........ 1107 .............
Oct ’08
E X’ Va<& Ga Div g 6 s ..1930 j . j 107 ....... 108*4 J ’ne’ l l
107*% 108*4
Pitts Y<fc Ash 1st con 58.1927 M-N 107 .........1109 May’ 10 "**
Con 1st gold 5s............1950 m - n 111 Salo 111
111
1097, m « *
P C C & St L g u 4%s A ...1 9 4 0 A-O 106 1 0 0 ‘•ilOO
E Ten reor Ueu g 03....... 1938 M-S 106*4....... 106 J ’l y ’ l l
‘“
I 1 1 0 6 10734
105 108
Sories 13 guar............... 1942 A-O 106 106%106 J ’ ne 11 . . . . m g 1073,
Ga Midland 1st 3s.......... 1940 A-O ........ 72
65 N ov’ub
Series C guar............... 1942 M-N 106 .........106
Ga Pao Ry 1st g Os.........1922 j . j
J’n e ' l l ___106
113*a....... 113*5 118 S
108
113 114
Series D 4s guar.......... 1945 M-N
9 7 % ........ I 98Bg D ec’ 10
Knox & Ohio 1st g Os... 1925 J .J
116*5 May’ l l
116*5 116
Series E 3 Hi guar g ___1949 F-A
93
94
913, A p r’ l l
*l| 9134 93
Mob <fe S ir prior lieu g os 1945 J .J 106*9....... 105*aNov’ li>
Series G 4s gu ar........1957 M-N
973, 98%' 98*8May’ l 1 '*
Mortgage gold 4s........ 1945 J .J
73 .......
82 N ov’08
98% 99%
C St D <&P 1st con g os.1932 A-O 1 1 3 % .......................1118%J ’ly'11
Rich & Dan con g Os....1 91 5 j . j 105*4 Sale 105*4 105*4
113 113%
105 105*%
Pensacola <fc A tl See L & is'asii
Deb 5s stamped............ 1927 A-0 1047a ....... 105 Mar’ l l
104%105
Peo <vj East See 0 O O <& St D
Rich <fij Meek 1st g 4 s ...1948 M-N
71 Mar’ l l
71*5.......
71
71
Peo <fe Pek Un 1st g 6s___ 1921
107 110's 109 May’ l l
So Car <fe Ga 1st g 6s___1910 M-N 104 105 104*4 J’uo’ l 1
,. 109 109
103% 104*9
99
2(1 gold 4 V s.....................51921 9 3
93 *0 Jan ' l l
Virginia Mid sor C 08...1910 M-S 106®8 . . . . . 112 O c t ’Ob
..'! 93*4 93
Pero Marquette—Hel 4 s . .1955 j - j . . . . ” 7434 70
70
M-S
Series
D
4-5s................1921
10379 ....... 104*4 J’ue’ l 1
5 1 06
7 0 34
11)4*4 104%
Relunding guar 4 s ........iU55 j . j
O S ’s 6 9
09
70
Series E 5 s .....................1920 M-S 1 0 5 \ ....... 106 M a r'll
0314 7 0 3s
106 100
Oil Cb W At 5 a ................... 1921 J-D 100% ......... IOOI4 A p r’ l l . . . 9. 100'g
General 6s.....................1930 M-N 108 ....... 108
1007!,
108
107 108
Flint & p M g Os.............. 1920 ___
A-O109% ............. IO934 1 no’ l l . . . . 10934 11034
V a * So’ w’ t 1st gu 5 s.2003 j . j 108*4
108 110
108V>
J’
l
y
’
l
l
1st consol gold 5s.........1939 M-K' 100‘s 103 103 Mar’ l l . . . . too 103
1st cons 50-year o s .. 1958 a -0
95 *a 98*« 05*aJ’l y ’ l l
94*a 97*a
Pt Huron Div 1st g os. 1939 A-O! 10114 1023a 102 May’ l l . . . . x o it j 1033a
W O <fa W 1st oy gu 4 s ..1924 F-A
9)
91 F e b ’ l l
8agTus<& H l s t g u g 48.1931 F-A ......... 00
W est N C 1st con g 63..1914 j . j 104 1106 *, 104 °8 J ’ne’ l l
104*9
105
Phil B & \V See Penn lilt
S <& N Ala see D <5i N
Philippine Hy 1st 80-yr s 14s’37 J . j ____ 80
Spokane I n t c r n a t ls t g 5s 1955 j . j 103 105 102*5 A p r ’ l l
86
86
86
88
102 102*%
Pitts Cln <fc a t Li See Penn Co
' I er A ol St D 1st g 4 ■4S..1939 a -O lOo3* 1057g 10o°8 i05»*
105*8 105*%
Pitta Oleve & T ol s e e l i & O
-I 1st con gold 6s___1894-1044 F-A I l l ’ s .......... n o® , J ’i y ’ 11
110** 1123*
Pitts Ft W & C li See Penn Co
Gon refund s t g 4s.........1953 J .J
96*g 96-*s 963a J’l y ’ l l
95 Ba 98
Pitts ilo K e e s <52 Y See N Y Ceil
St D M llg o Ter gu g os. 1930 A-O 1 07’4 ........ 108*5 F e b ’l l
108
V* 108%
Pitts Sli & 1) E 1st g 5 s...1940 A-O 112*4....... 112% May’ l l . . . . 112*4 1 1 2 7a X’ex <fc N O see So Pao Co
1st consol gold 5s.............1943 J-J
T e x * Pao 1st gold 5s.......2000
93% J’l y ’ U7 . . . .
D 110 V, Sale 110*9 UOV.
110 111*%
Pitts & W est See 13 * O
2d gold iuc os..................72000 Mar
70 Mar’ 10
45
65
I ) eading Co g e n g 4s....... 1997 J-J
Da D iv D f, 1st g 6s.......1931 J .J 100*9102*4 99*5 A p r ’ l l
08 *4 Sale
98
08l4 114' 08*4 98%
09*9 89*9
EC Registered.....................1997 J-J
97 D A p r’ l l
W Min Wda N W ls t g u os ’ JO F-A
07*4 973t
96*5........ lOOVjNov’Ul
Jersey Cent coll g 4 s ...1951 A 0 '» 7 % *07‘*3 07 *a
T
ol
<
S
>
O
U
1st
g
os..............
1035
07 %
lu9
J-J 109 . . . . 109
07*a
96
IO834'
i ‘l‘6%
Rensselaer <52 Sar See D <52 H
Western D iv 1st g 5 s ...1935 A-O 107 116 112 S o p ’ 09
Rich <52 Dan See South Ity
General gold o s ................1935 J-D 103*4 10b34 103*4 I’ lie’ l l
101*5 103 4
Rich <52 Meek See Southern
Kan <Vj M 1st gu g 4s___1990 A -0
917a May’ l 1
90'*« 93
90
91%
Rio Gr W est See Den <fe Rio Gr
2d 20-year 6 s ................ i y ‘^7 J .J
97 Va 98*2 97a4 J ’l y ’ l l
96% 98
Koch & Pitta See li R <52 P
Tol P <fc W 1st gold 4s___1917 J-J
92*5 J ’n e 'll
92
96
90
92 %
Romo Wat<& Og See Li Y Cent
TolStD<b W prliong3*2S.1926 J -J
s9 J ’ne’ 11
89
89%
89
Rutland See N Y Cent
50-year gold 4s................ 1960 A-O
70
71*5
72
74%
68
O a g Tus & H See Pero Maro
CoU tr 43 g Sor A .......... 1917 F-A
77 J ’n o 'll
753a 76
81%
77
O t Jo <52 Gr isl 1st g 4 s...1947 J-J
88% 03
88*4 J ’ n o ’ l l
80 *4 88% Tor Ham di Butt 1st g 4 s ./i l 9 i 0 J-D
89*a J’ne’ l l
91*5
SO*,
87
90
8t D & Cairo See Mob <52 Oluo
j la te r* Del 1st cou g os 1928 J-D 106*9
105 V, J ’l y ’ l l
105*5 106
8t L & Iron Mount See M P
VD 1st rclund g 4s.......... 1952 A-O
84*e.......
85*a .85*5
85% 85%
8t li M Br See T UK A ol St L
Un Pao R E * 1 gr g 4s ...1 94 7 j . j 101*4 dait, 101
101*4
100 102%
8t Dorns & S F—Geng Os.1931 J -J 119 119*8 119 J’l y ’ l l
100
v,
Registered..................... 1947 j . j *100*5
118 119
100*5
99 V4 100*9
General gold 5a............... 1931 J -J 1077g Sale 107*4 1077
20-yr conv 4 s ...................1927 j - j 10934 Sals 108*4 1093,
, /- 12 107 108
103*910934
St L <53 S F it it cons g 4 s.. ’ 90 J -J
00
U2
90*4J ’l y ’ l l . . . . i l 90
9J
1st * rof 4s.................... 02008 M-S
97
U6»a
97 sale
96*4 9^*4
Gen 16-20 yr Os ..........1927 M-N
89 *« Sale
ure E y * N av cou g 4 s .1946 J-D
89
80*4 161 88*4 00
95
95
95
96*
96
U7V»
Southw Dtv 1st g 6 s ..1947 A-O
98 101 10034 Mar l 1 .. . 100*4 l o i v
Ore Short Dine la tg 6 s ..1922 F-A 11438 11434 1143a 114*5
2
114*8115%
;
Eelunding g 4s..........1951 J-J
81% 81*4 81*4
8134
1st consol gO s.............. 1940: J-J 112 1127s 112*5 112
0 80'« 83
2 111*9113*9
K O Ft S <52 M co n g Os.. 1928 M-N 110*4 H 6 34 110*4 110 *4 2 110 117 V;
U uarreiund 4 s............1929 j - d
94*5
94*8 dais
94*8
63 | 92s* 95
K O F tS <53 M R y rof g 4s 1930 A-O
80 *4 Sale 80 >4
80 >4 1! 77 % 81
R egistered.................1929 J-D
94 Jan ’09
KC&AL R<fc m s tg a 6 3 .1 9 2 9 A-O 100 % ..........100*4 D e c’ 09
U ta h * N or gold 6 s ..1926 J -J 109 100*a 108 May’l l
108 108
Oz’rk<53 CU C 1st gu 5s g.1913 A-O
99*4 ........ 00*a
99*4 10; 07*4 09*4 U11I N J E E <fc C Co See Pa HR
dt JLioms So See Illinois Cent
Utah Central See R io Gr Wes
8t D S W 1st g 4s bd otts.1989 M-N
02V, J’l y ’ l l 1
02*4.—
897a 92*8 U ta h * N orth See Un Pacilio
2d g 4s mo bond cUs...2>1989 J -J
79
81
Utica <fc Slack R see N Y Cent
82**J ’l y ’ l l **" 78
83
Consol gold 4s............... 1932 J-D
j andalia consol g 4 s __ 1955 F-A
79% 80% 80
80*4 60 76*8 81*4
07
08 N ov’08
Gray’ s P t T e r la t g u g 5 s 1947 J-D
101** A p r ’0 7 .
Ounsol 4s Seriea E ...1 9 5 7 M-N
07% ...
97% 97% May’ l l
97
U0»4 97%
dt Paul <52 Dul See Li or Paoitlo
V era CruaebP Ietgu4*a3.1934 J -J
90%
90 J ’n o’ l l
90
80
St P M inn <52 Man See Gt is or
Ver Val ln d * VV See Mo P
dt P JO Fior Pao See N or Pao
Virginia Mid See South Rv
St P & S’x City See U St P M <520
A y abash la tg o ld 6 s ...... 1939 M-N 108 108% 108
103
108 110
S A <52A Pass l s t g u g 4 s ... 1943
» » 2d gold 5s.................1939 F-A 100 dalo
87*4 Sale
9U34 100
87*4
88
17 86*« 88*4
9 8 'a 101
S P <52 N P 1st sink 1 g 58.1919
Debenture s e r ie s S ...... 1 9 3 9 'j - j
___ 105
100 ....... . 101 Oct ’ 09 .
98 A p r '11
98
98
Sav F * W est See A tl Coast L
1st Ron eoulp s fd g 5 s.. 1921 M-S 100
104 May’ l l
100
104
Scioto Val <52 i l E See N o r * W
1st lien 60 yr g term 4s. 1954 J - J
88
83 Dec ’ 10
8eaboord A L g 4s stamped ’ 50 A -O
87*« 87*% 17 8434 88
87 V, Sale
1st ref and e i t g 4s .. ..i 9 6 0 J -J
Sale
60%
66 %
60%
03% 71*%
Adjustment o s .............ol949 F-A
Dot * Ch Ext 1st g 6 s ..1941 J .J 107%
80*4 82
630 76
81% Sale
b2
loV3, May’ l l
1013* 108%
Atl-13lrm 30-yrlst g 4s.el933 M-S
D esM oln Div I s t g 4 s ..l9 3 9 J.J
86
86S1 86*4
86*4
1' 85 34 87
81*4
81% May’ l 1
81
81%
Car Cent 1st cou g 4 s ...1949 J-J
91*4 A p r’ 11 ....I 0134 913,
92*» 08
Cm D iv 1st g 3*aS..........1941 A-O
73% 75
70% J’no’ l l
70% 75:»4
F la C e n * Pen 1st g 5 s .1918 J -J 1 03 % ......... 103 May’ l l . . . . ! 102 103
T o l * Ch D iv 1st g 4 s ...1941 M-S
81V, 83 34 85 May’ l l
85
86
1st laud gr ext g 5 s ...1930 J-J 1 0 2 % ....
Wab Pitts Term 1st g 4s. 1954 J-D
48'5
J’no’
l
l
48»*
48*5
4L>4 4934
Consol gold 5s............. 1943 J-J 105 . . . .
05*4 A p r’ l l . . . . 10534 1063a
Cent <ft Old Col T r Co certts.
48%
4'J 159 39% r,()
48*9
Ga & A la Ey 1st con os 0 1945 J - J 105*4 . . . . 104Vt Mar’ l l
Columbia Tr Co ctfs ...............
104*4 104*4
48%
49
60
48*5 .
14 40
Ga Car <50 N o 1st gu g 6s 1929 J -J 106 . . . . 105 J’l y ’ l l
2d gold 4s..........................1954
104 106
2%J l y ’ l l
2%
7*9
Seab<53 ltoa 1st 5 s .„ ....1 9 2 0 J .J 106®* 110 109 May’ l l
Trust Co ce r tts....................
109 109
3
3% 16
” 234'
8
8her Slir &> So See Al K A X
Warren See Del Dao * West
Btl Sp Oca <52 U See A tl Coast L
Wash Cent See N or Pao
8outnern Pacilio Co—
Wash O * W See Southern
Gold 4s (Cent Pao coU)./cl949 J-D
028a 18 01*4 9 3 7a W ashTerm l ls t g u 3*28.. 1945 F-A
02*4 027» 92
83% Mar’ l l
88% 90
87*8 00
20-year conv 4s............01929 M-8
99*g Sale
987»
99% G 7l 9 6 * 4 1 0 0
West Maryland 1st g 4 s ...19 6 2 ___
A-O
88
88% 07 86
88*s Sale
S8%
Cent Pao 1st rel gu g 4a 1949 F-A
97
97*4 U 96
97 Sale
97»a West N Y <fe Pa 1st g 6s..l93 7 i J -J 109*4 10934 1003, J’n e'l 1
109%
110%
Registered.....................104U F-A
97 F eb ’ 1 0 ___
Gen gold 4s............................... 1943A-O88»a
88% J’no 11
88% bda4
Mort guar gold 3 *as../cl920 J-D
913*
incom
e
5s...............................
(U943
Nov
...
.
.
.
91%
91*4
6 0 01*4 92
3-i F ob ’07
91
Through Ml h 1st gu 4s ’04 A-O
I
90*8 93 ! 9 2 7» J’ ne’ 11
92
93*4 W est N o Car See South Ry
G H <&S A M <52P 1st 5 s.. 1931 M-N ....... 108*41107 A p r’ l l . . . . 106*4 108*4 Wheel’g <fc D E le t g 5 s ...1926 A-O 104% 104% 104% May’ 11
10334 105
Gila VG<S2N l s t g u g 53.1924 M-N *103
Wheel
D
iv
1st
gold
6
s..1928
J-J
103 May’ l l . . . . 103 103
102 103 104 May’ l l ...J
Hous E <52 W T 1st g os.1933 M-N ......... 104*4 105 J’ue’ l l . . . . 105 105 3,
E x t o n * im p gold O s...1930 F-A ........ 104*4 102 J’no’ lo ....I
1st guar 5s red.......... 1933 M-N 104*4 105 11014 101*4
E R 1st consol 4a............. 1949 M-S ____ 87
1 104*4105
85
85
66
60 82
H & l ’ O 1st g 5s intgu .,1937 J -J 109*8 ......... 11091*8 J ’l y ’ l l . . . . 109*4 11034
20-year equip s f 6s ...1 9 2 2 j . j
98% F e b ’ l l
98% 99*a
Consol g Os int g u a r...1912 A-O .........110*8 109*4 Mar’ ! 1 . . . . 109*4 109*4 W ilkes * East See Erie
Gen gold 4s int gu ar..1921 A-O
944»........ I 04*4 J ’n e 'll . . . . 933« 96*4 W il * Sioux F See St P M * M
W aco <52N W div 1 stgO s’30 M-N 116 .........1119*4 Mar’ 10 .. ..
Wis Cent 50-yr 1st gon 4s 1949 J .J
93*4 Sals
93%
93%
7 02% 9 3 V
A <52 N W 1st gu g 63___ 1941 J-J 104*4.........1107*4 Jan '09 . . . .
S u p * D u id iv * term 1st 4s’ 3U M-N
92*9 9234 92% J’l y ’ l l
92
93 *
Morgan’s Da <52 T 1st 7 s.1918 A O 114*4........ !116 V, Mar’ 11 . . . . 115 *3 1 1 5 *4
T e le g r a p h and T elep h on e
1st gold 8s.....................1920 J -J I l l .........I l l Mar’ l l . . . . 1 1 1 i l l
No of Cal guar g 6s.........1938 A-O 112*4 U4®» 112 F eb '07 . . . .
Am Telop * T el coll tr 4s 1929 J .J
91% Salo
91%
91% 47 80% 92%
Ore <52 Cal 1st guar g 63.1927 J .J 102*8..........102 J ’l y ’ n . . . . 102 102
Convertible 4s................1936 M- 8
108 Sale 108
109% 64 105 113%
So Pac of Cal—Os E.........1912 A-O 101*8.......... 101*4 May’ l l . . . . 101*4102*8 Conimer'1 Cable 1st g 4s ..2307 Q-J
83 .......
83 % May’ l ]
83% 83%
1st gold Os F ................ 1912 A-O 101*a......... i114*aDeo’04 .. .
M ich State Tolep lot 6 s . .1921 F-A 101 Sale 1U0
101
98 101
1st con guar g os.........1937 M-N 103V,..........116 May’ 07 .
N Y T olep Is t A g e n a t 4*2S.’30 M-N 100*4 Sals 100
100*4 91 98 % iuo*%
So Pac Coast ls t g u 4s g .1 93 7 ....T-J_
883a 90 I 90 J ’ly '0 9 '
Pac T e l * T el le t 6 s .........1937 J - J
993a dale
99%
99 % 123 97
99%
San Fran Ternil 1st 4 s ..1960 A-O
91*4 9 P 4 1 91*s
02
17 01*4 93*4 Weet Union col tr cur os.1938 J-J 101*8 103*9 102
102
1 99% 103%
Xex<52N U SabD ivlst gOs.1912 JM-S 101*8 10108 1017a May’ l l
Fd and real eat g 4*as...l9 50 M-N
96% yd
101°* 1017*
97
97
6
05
9
>3*4
Con gold 5s................... 1943 J -J 101
10l°e May’ l l . . . 101 «8 103
Conv 4e, S enes A ..........1936 M-N 104*% . . . . . 104% J’l y ’ l l . . . I 103 104*%
60 Pao E ll 1st ref 4s.........1966' J-J
95 Sale 1 95
95*4 Dill 94*4 96
M ut Un Tel gu oxt 5 s ...1941 M-N 103 *9 104% 104 J’no’ l l ...J 104 104
dlit.C E D J .A N E O US BONDS—C onclud ed .
\
dinniiluctiirliig *V Industrial
Cuban-Amer Sugar coll tr 6s ’ 18 A - 0
Distil s e c Cor conv 1st g 5 s.’27 A O
E I duP on t Powder 4 %‘3..i9 0 6 J-D
Gen Electric deb g 3 % s..l94 2 F-A
10-yr g deb Os.................. 1917 J-D
Gon’l Motors le t lion 6 s.. 1916 A-O
in t Payer c o 1st cou g Os.191 F-A
Consol conv s f g 6s....... 1035 J-J
Int St Pump 1st 3 f 5 s ....1929 M-S
Dackaw Steel 1st g 6 s . ...1923 A -0
l e t ocn 5s Sories A __ 1Oof. M-S
6-yoar con ver.lble 6 s.. (915 M-S
N at E n a in * stpg 1st 6s..l92'J J-D
iN Y A ir Drake 1st cou v Os ’ 28 M-N
illy Steel Spgs le t s f 5 s ... 1921 J -J
EepubI<fcS lst<fecoltr6s.l931 AO
10-30 year Os s f ............... 1910 A -0
U S Deatn Co s tdeb gUd.,1913 M-N
;
95 % J ’l y ’ l l
77%
78 iiio
1
86
86
82 J’no’ l l
161
161
li99
99 % 21
103% 104 % 2,
85%
85 % 6
94%
94% 23
08
98% 21
81%
82 19.
93% 38
93%
94% 10
94%
103
103%
7
98% J ’l y ’ l l ...
103% 1’ho'l 1 ....
95 J ’i y ’ l l
102% J’l y ’ l l . . . .
*No price Friday, latest bid and asked tills week. 6 Duo Fob
M anu factu ring dt in d u s tria l
U S R e a lty * ic o u v d o b g O s ’ 24
95% 97
U S Rubber 10-yr coil tr 6 s.’ 18
76% 80
82% 86% U S Steel Corp— ( coup .<11963
Si 10-60 yr 6s. <rog ..«T 0 63
81
82
Va-Car Ohem 1st 16-yr 6s 1923
145 167
99
99% West Electric 1st 6s D ec 1932
u n 104% Woatingliouso E 63 Ms 1 6a ’31
83% 87
.UlSCCillLUUOUM
Adams E x col tr g 4 s .........1948
91%
96% 99% Armour<&Co ls t fc a io s t 4 %s’30
31% 88*4 Rush Terminal 1st 4s. ...1952
90
96
Consol 6s.......................... 1955
94% 95% Int Moreau Marino 4 % s..l9 2 2
102 105
Int Navigation 1st s f 5s. 1929
97% 09
.M o rn s* Co 1st s f 4 % s..l03 9
U'27a 103% N Y Dock 50-yr 1st g 4 s ..1951
Oub Serv Corp N J gen 5s. 1959
94% 96
102 105
Wash Water t o w 1st Os.. 1939
d■
J .J
J -D
M-N
M-N
J -D
J-J
J-J
M-S
J-D
A-0
J-J
A-O
F-A
J .J
F-A
A-O
J-J
90
104%
106
105
100%
10234
95
90%
dale
bale
........
Sale
Sale.
Sale
86a4 Sale
02% -Sale
92% 03
98 hi 987a
68 Sale
82 % Sale
90% 91
81
87%
93% Sale
...... ......
—
90%
4
00%
104
105
71
10534 106 217
106% J ’l v ’ l 1
100% 100% 4C
102% 10234 4b
94%
05
26
8G34
92%
93
89
91
103 105
103*4 100%.
103*% 100%
100 103%
100% 10234
91% 05%
8 86% 91
1G 92% 93%
90
03%
97 100%
67%
6834
68
83 64
82%
82 % 27 78
82 %
9034
00% 10 6034 92
81 J’ne’ l l
84
00
03%
94
56 93% 96%.
102% 102%
102% Mar’ l l
87%
e2%
.Vug oDuo Oct pDuo Nov sOotiou 6al*r
C H IC A G O
S T O C K E X C H A N G E — S to c k R e c o r d - D a i l y , W e e k l y a n d Y e a r l y
s t o c k s —u i c e e s t
July 15
>185
Monday
July 17
ANO
Tuesday.
July 18
low est
sale
Wednesday
July 19
Bates
of the
Week
Shares
p r ic e s .
Thursday
July 20
Friday
July 21
Last Sale 190 A pr'll
190 *185 190 *185 190
/MSt Sale li2 Jlily'll
3
*1
3
3
Juno’ l l
Last Sale 3
5
*3
*3
5
6
*87% •JO +87% 90
*87% 90
*871* 90
no
27U 27% 2684 27%
28% 271.1 2313 2734 28
914
914
uij 9%,
JO
*9
9%
9*8 0%
6%
534 534
fit*
*5
6
*5
0
6
33.!
334
+37*
,
3%
4
8%
334
334
■»*
M ay'll
Last Sale 17
*17
19
+ 16
19
17
June’ 11
44
Last Sale 41
*40
*40
44
44
June’ 11
Last Sale 27
Last Sale 74% Juuo’ l l
—
. . . .
. . . .
. . . .
.................. —
Last Sale 2914 June’ 11
Last Sale 6812 June’ l l
Last Sale 79*2 Juiy’ n
9
9 *8%
*8%
83.i 83.| *8
8% *8% 9
834
Juno’ l l
Last Sale 42
*40
46
45
*40
45
*40
45
*185
♦1
*3
*87%
90
2810 23%
934 *9
*5
6
37*
37*
+16
17
*40,
44
190
28
*40
—
*40
11
86%
>272
>127
*57
>112
>138
*42%
1073
80
+272
*128
58
53
112% ♦111
138% 138
42% *42
*66
*50
*1
*5
51
123
>165
137%
+65
68
*50
61
H4 *1
*5
6
5u a 60%
123
123
170 *1G5
137% 137
11%
86%
145*
>105 105% 105
►102% 102% *102%
5534 64%
55
*50
*95
51
96
*50
*95
*135
129%
*113
. 119
; 1061*
137
129%
114
llfl
106%
137
127%
*11234
* L18
1057*
141% 141% *141
•119 120 *119
102 102
102
192 192
*107 1071?
2% 25g
: 79
79
!*23
24
Now.—Ol
137% *135
128 *126
ill
113 119
106% 105%
142
120
102
11%
86
137
128
113
lWa
86%
*272%
*127
*58
*11134
*137
42%
*135
*128
113
Nov'09
20
137
*135
*128
129%
137
130
113
118% 118%
106% 1061;
11-16 Mch'Ol
14234 14234
105% 105% 10578
142% 112% 142% 143
120% 120%
120% 121
1017* 1017* 1017* 102
102"
102
4
Feb'11
*180
190
107% 107%
2%
234
79% 7978
*23
23%
than 10 shorl
190 190 *185 190 + 180 190
*107 107b *107 108 +107 108
2%
*2% 23.
25s 25s
78% 78% 79'j
78% 79
23%
*22
24
23% 23% *22
flclal sheet n 0 longer rer orts transac
Interest
Period
Price
Friday
July 21
WceVs
Range or
Last Sale
12% May 9
88% J ne 2
265 Jan 9
130 Jan 14
7J Feb 6
113 May 18
152% J ’ne 12
59% Meta 4
5734 Mch 9
82 Mch 21
52 F eb 2
1% J ’ne 7
53i J ’no 9
55% Feb 23
124% J ’11^24
170 J'ne 9
13738 J ’ly 15
153s J'ne 15
78 Jan 18
105% J’ly 10
103% J ’ne 2
70 Jan 20
50 May 19
67 Jan 3
98 Feb 2
Range for Previous
Year 1910.
Loictst.
1 Highest.
ICO Oct 185 Mch
3% Jan
1% J’ly
7% Jan
4 J ’ly
C03j Sep 100 Jan
36 Jan
1114 Sep
16 Jan
8 Mav
9% Jan
3 May
0% Aug
2is J'ne
39 Jan
20 Aug
7734 Mch
G9 Feb
25 J'ne
16 Jan
72 J ’ne
51 Feb
23 J no
15 Apr
66 J ne
53 May
72i*> J'ne
i.5% J ’ly
543* Jan
7 J’ly
40 J ’ly 104 Jan
6% J’ne
62% J’ly
240 Apr
126 J ’ly
72 Feb
107 Aug
131% J ’ly
31 J ’ne
29 Aug
66 J ’no
46 Dec
1 Feb
3 Sep
25% J ’Jy
110 Mav
142 Aug
108% J’ ly
1% Jau
13% J ’ly
79% Apr
82% Sep
13% Jan
82 Jan
261 Dec
135 Apr
84% May
112 Jan
142% Mch
43 Dec
41 Deo
74 Jan
[5 Feb
Feb
Sep
47 Dec
137 Jan
103 Mch
121% Jan
2 Jan
2234 Jau
82 Feb
127 Jau
53 J’ly
43% Meta
40 Meta
03 J ’ne
91 Mch
46 Jan
67% Dec
10234 Apr
140 A pr 7
130 Mch31
120 Mch 14
120 Mch 23
108% Jan 19
101
118
104
112
103
Aug
J ’ly
Feb
Feb
J ’ly
119 Dec
125 Jan
145 Oct
123 NOV
11534 Jan
19234 Jan 31
122 Mch 11
104 J no 5
10 Jan 16
193 J ’nc 29
107% J’ ly 21
7 Jan “
817* Feb 6
25 Jan 27
148 Feb
116% Aug
100 Dec
18634 N ov
122 Mch
1095* Jan
155 J ’ly
101 J ’ly
6% Apr
186 Feb
106 Jan
15% Jan
15 J ’ne
26%Dco
C h icago B a n k s a n d T r u s t C o m p a n ie s
B ‘ds\
Sold
High
Oil
Ask L010
100% Jan’ l l
A
Am er Strawb'd 1st 6s_l9t1
92%
9234
D X 92'% Sale
Armour Sc Co 4
---- 1930
Mtah*11
100
Booth Ftsh Co D cb G 5s'17 J - J
Mch’ 11
100
Deb g 5s_________ 1924 J - J
98% Apr’ l l
• Sink Fd DebCs tr r c c _ . A - O
j ’uo’Uf
102
Cal Sc So GU Ry 1st 5s * V
101% Oct’09
Cass Av Sc F G (St L) Os 12 J - .1
100 May’07
Ohio Board of Trade 4sl927 j - n
102%
Chicago City Ry 5s___1927 p - a 1027a Sale 10234
Apr*04
103
Ohlc Consol Br & Mlt 6s— j - j
Apr* 09
50
Ohio Consol Trac 4
1939 J - D
9634 Jan’OG
Ohio Auditorium Ist5sl929 P - A
94% Dce’09
Ohio Jc R R 1st M g 5s. 1945 M - £5
87
Feb’Ofl
Chic No Shore Elec 6s.1912 A - O
89 Juno’ l l
Chic Pnc Tool 1st 5 3.al92l J - J
9934
9934
Ohio R y 5s_____ . . . . . 1 9 2 7 F - A ( 9934 Sale
9378
94%
Ohio Rys 4-5s series * A A - O 94 % Sale
87%
8S34
Chic Rys 4-5s series **B J - D 8834 Sale
90
90
87% 90
Clilo Rys 4-5s series “ C’ F - A
Chic Rys coll 6 s . . . 1913 P - A (1 0 0 % ___ 1007* June’ l l
100
Jan’ ll
Chic Rys Fund 6 s . . 1913 P - A
98% July'll
Chic Rys Tem Ctfs 1st 53
66% Aug’OS
Chic R I Sc P R R 4 s . . 2005 M - N
66% July*08
M
Oollat trust g 5s---- 1913
Ohlc Telephone 5s____ 1923 J - D (103 103% 103% iai%
103
Commonw-Edisou 53.1943 »\ - S 103 SalO 1025*
1007* Nov'10
Chic Edison deb 6s_10l;> J - J
100
Feta'll
1st g 5s____ July 1026 A - O
1005* Aug'09
Debenture 5s____ 1920 ,n - s
1025*
Conunonw Elect 5stal94:i ll - b 102% Sale 102%
10731
X10734 Sale 10734
Dla Match Con db 6s._ 1920
80
Deo’08
D
Illinois Tunnel 5s____ 1923
Kan City R y Sc Light
9734 M ay'll
Co 5s ______________1913 ,1 - N
100 May’ l l
Knlck’ b'kcr Tee 1st 5s 1928 A - O
89%
89%
•
/
.
X 84
89
Lake St El— 1st 5 s ...1 9 2 8
16 May’05
Feb
Income fi s ..______ 192
Metr W Side El—
857*
86%
1st 4s........................ 1038 P - A X 86% Sale
827*
X 8234 Salo
82 %
Extension g 4s____ 1938 J 0034 July’ l
t 90% 91
Morris Sc Co. 4 ^ ____ 1039 J 100
North West El 1st *ls. 1911 M - Si (100 Sale 100
99% M ay'll
No W G-L & Coke Co 5s'23 Q - M
Ogden Gas 5s_______ 1945 it - N {9 3"” Sale
93
93%
Pearsons-Taft 5s-------- 1916 J - 1) 98% . . . . 100% Mch’09
M
96% Mch'10
95 ___
4.40 s ......................
97 “ Feb TO
....
4.60s Series E------------- - \I - IS 96
981* Mch'lO
4.80s Series P__________ M - N 97% . . . .
12131 May'09
Pco Gas L Sc O 1st Cs_1943 A - O
Refunding g 5s------ 1047 M
(102% 102% 1023* July'll
1033*
1033*
X1023.4 1033s
Chic Gas L&C 1st 5sl937 J
101%
Consum Gas 1st 5 s .1936 r - 1> 101% Sale 1015*
Mut’ l Fuel Gas Ist5sl947 M - N (101% Salo 101%
101%
95%
X 95
95% 95%
South Side Elcv 4 ^ 3 -1 0 24 J
(1 0 0 % ------ 100% May’ l l
Swift Sc Co 1st g 5 s ...1 0 1 4 J
88
Apr’ ll)
.Union El (Loop) 5s 1045 A 0
70
Apr’ io
United B ox Board col 6i 26
60 Mch’ l l
General mtge 6 s .. . . . . . J” \")
102 J’ n e 'll
Western Elco Co 5 s ...1 9 2 2 J - J |
a ll Chicago b
N ote,.— Accrued Interest must l
Highest.
Miscellaneous
9 Jan 16
695 American Can________ 100
Do pref___________ 100
7678 Jau
675
American R adiator— 100 265 Jan 9
Do pref------------------100 126% Meta 9
57 J ’ ly 12
Amer Shipbuilding— 100
Do pref___________ ICO 110% Jan 6
50 Amer Telep & Teleg-------- 138 J ’ly 6
35 Apr 28
75 Booth Fisheries co m ____
38 J ’ne 14
Voting trust c t f___
62 J’ ne 20
Do pref--------------"42
49% Anr 24
70 Cal Sc Chic Canal Sc D.100
1 J’ly 20
20 Chic Brew’ g Sc Malt’ g ____
3% Meta 27
Do pref__________
41 Jan 3
"439 Chic Pneumatic T o o l. 100
48 Chicago Telephone___100 115 Jan 25
Chic Title Sc T rust___100 151% Jan
"975 Comm onw'th-Edlson.lOO 113 Jan 19
Do rights------------------1334 Jan 11
” 80 Corn P rod R ef Co co m ___
78 Jan 18
Do
do
pref-----92% Feb 10
'195 Diamond M atch------- 100
101% J ’n e 27
245 Hart Shaffner & Marx pf
52% J ’ne27
508 Illinois Brick-------------100
47 Jan 18
100 Masonic T em ple-----45 Mch 3
14 McCrum-Howell C o ._100
92 Mch 3
Do pref------ . -------535
MIlw & Chic Brewing
Do pref__________
150 National Biscuit-------- 100 117% Jen 17
Do pref___________ 100 123 Jan 3
160
115 National Carbon-------- 100 11234 J ’ly 7
Do pref___________ 100 118 Jan 18
80
481 People’s Gas L&Coke_100 103% Apr S
D© rights------------------’ 218 Sears-Roebuck co m . _ 100 cl36% May 26
Do pref___________ 100 119 Jan 11
361
600 Swift Sc C o.....................100 100% Mch 13
1 Feb 3
Do rights............
100 The Quaker Oats C o ..100 165 Mch 7
Do pref------------------100 102% Feb
10
2% J ’n e 26
650 Unit B ox Bd & P Oo.lOO
72% Jan 3
875 United States Steel co m .
19% A pr 12
70 Western Stone---------- 100
C h icago B o n d R e c o r d
BONDS
CHICAGO STOCK
E XC H AN G E
Week ending July 21.
Range since January 1
On basis of 100-share lots
Railroads
Chicago City R y _____ 100 185 Jan 11 190 Apr 28
1% J’ nel6
Chicago 6s Oak P a rk . 100
1% J ’ne 16
6 Meta 23
3 J 'n e l6
Do pref___________ 100
80 Apr 29 93 Jan 21
125 Chic R ys part ctf “ 1” ___
2034
May
13
29 J ’ly 14
1,554 Chic R ys part ctf “ 2” ._
10% J ’ly 1
8 May 13
250 Chic R ys part ctf “ 3” __
534 J ’ly 11
4% Meta 1
50 Chic Rys part ctf " 4 ,’ __
6 Mch
334 J ’ne27
605 Chicago Subway_____ 100
17 May 27 25 Feb 23
Kans City R y Sc Lt__100
72% Feb 25
Do pref___________ 100 40 J ’n cl3
19% Feb 1 27 J’ ne 30
Metropol W S E lcv___100
65 Feb 1 7412 J ’ne 30
Do pref___________ 100
20% Apr 27 29% J ’ne30
Northwestern E lev___100
GO Jan 11 69 J'ne 24
Do pref___________ 100
G8 Jan 9 80 J ’ne30
South Side Elevated.100
8% J’ne 1 13% Feb 23
Streets W Stable C L_100
40 J ’nc 1 50 Jan 9
Do pref------------------100
ns*
Ills 11*8 11% 11%
80% 86%
87
86% *80
Last Sale 265 Feb'11
_____
Last Sale 129 Apr’ l l
131
131
60
69
59
59
59
59
Last Sale 112 July’ 11
112
112
138
*137
*137
138
138
138
42% 44 44
45
Apr’ l l
Last Sale 51
*05
68
*65
08
68
68
65% 6534 *65
*51
52
*51
52
62
51
51
51
*51
*1
U4
1
1
+
1
*1
1%
114
1'4
Last Sale 534 Juno’ l l
0
*5
()
*5
6
51% 51l2 5112 5H2 01%
51
*51
51
51
123% 123% *12312 124 *12312 124
123 *123 121
Last Sale 166 July'll
166 *165 166 *165 166
137
136% 1367* 1367* 13678 130% 130% 13534 136%
Last Sale 1% Feb’ 11
1478 1478
14%
Jan'Ii
Last Sale 78
105
105 105% 105
105% 105 105 *105 106
10234 10234
102% 102% 102% 102% 102%
"55" 55 " ____
55% 543* 5434 647* 55
50
*48
50
*48
__
61
*50
51
61
51
*50% 51
”967* 967*
97
96
96% 98% 06
90
96
*11
SO-)* *85%
_____ *272%
* ___
58
*58
112 *110
138 *137
45
*42
STOCKS
CHICAGO STOCK
E XC H A N G E
Range
for
Year 1911
Low II ijh
100% 1001;
92% 933*
90% 100
90 100
98% 99
102% 1027*
87%
97%
93%
821*
90
995*
100
977*
91
100
9434
8834
90
1007*
100
995*
102 103%
100% 103
100
100
10034 1025*
103% 10734
96% 9734
9734100
77
89%
82%
78%
903.|
96%
99%
92
861*
827*
913*
100
100
94%
10134 1023*
102% 103%
101% 101%
101% 101%
93
953*
100 1017*
56
CO
10034 102
prices
NAME
Outstand
ing
Stock
r
Dividend Record
Surplus
Profits
t
In
1909
In
1910
Per
iod.
Last Paid
%\
An Jan *11, tt
6
6
$100,000 #$15,838
Calumet National
J-J July *11,6
10
271,322
10
600.000
Chicago C ity-------Q-J July ’ l l , 3 j .
Contl'tal & Comm N a t. 20,000,000 0,285.337
12
16
Q-J ruly '11, 4
Corn Exchange National 3.000.000 6,696,273
Q-J july 'l l , 1%
8
41,198
9
200,000
Drexol State----------------Q-J ruly ’ l l , 2%
10
443,233
10
600.000
Drovers’ Dep National.
Q-J July ’ l l . 1%
6
61,016
6
200,000
Englewood State_____
12s Q-M Jne 30’ ll,3 u
12s
10,000,000 Ll.276,436
First National_______
10 Q-M Jue30'll,2%
10
150,000 #187,559
First Nat E n glew ood._
563,476
Prlv ate Ba lii
1.000.000
Foreman Bros B’ k’ g C o
8
616,188
8
Q-J July ’ l l , 2
2,000.000
8 + 2 Q-J July ’ l l . 2
1,500,000 1.053,878
8
10+15
J-J July ’ l l . 5
200,000
193,557
10
Kaspar State B a n k ...
257,031 Beg. b us. Ma y ’ 10 V.90, p.1277
1.000,000
La Salle St N a tio n a l1.250,000
546,108
10
10 Q-M Jtie 30’ 11,2%
66,841
4
300,000
4
Q + Aug '11, 1
Q-J )ne30’ l l , 2
8
2.000,000 1,313,977
8
494,341
6
2.000,000
6
Q-J July ’ l l , 1%
4
90,390
3
250.000
Q-J July '11, 1%
National Produce .
74,633
200,000
OH Q-J July *11. 1%
am
6
34.290
0
50.000
Q-J July 'l l , 1%
4
Q-J July 'l l , 1%
30.403
200,000
North West State------Q-J July ’ l l , 2%
7
115,137
300.000
People’s Stk Y ds State
6 Q-M July ’ l l , 1%
0
62,711
500,000
4 H Q-J July ’ l l , 1%
300,000 £207,494
1H
S e c u r it y ---------------------6
94,500
7K Q-J July ’ l l . 2
200,000
South Chicago Savings
July '11. 1%
12,782
200,000
IX 120 Q-J
Q-J July '11.3
12
State Bank of Chicago. 1,500.000 1.965,670
196,488
8 Q-M lue 30'11, 2
8
250,000
Stock Yards S av in gs..,
49,864
6 M-N May ’ l l , 3
6
t’200.000
Union Bank o f Chicago
100.000
8,494 Sco V. 90, p. 159
50.000
211,015 None None Q-M Dec3r08.Hj
W endell S ta t e ...
977.674
Q-J July ' l l , 2
7
7X
Central Trust Co o f 111-. 2,000.000
G Q-J July '11, 1%
224.47S
6
Chicago Sav Bk Sc Tr_. 1.000.00c
Q-J July ’ l l , 2
5.000,000 t 1,849,676
6
7X
Q-J July '11. 2%
6
60.00C
12,104
4
8 + 2 Q-J July *11, 2%
475.687 8 + 2
600,00C
_____ . . . . . . . .
734,546
3,two,00c
8
140,920
8
Q-J July '11, 2
200.00c
6
3
Q-J July '11. 1%
1,500.000 5234.19C
12 Q-M Jne 30 ’ 11,4
16
2,500.000 3.648.69C
3,051 Beg. ta us.Apr 3’ 11 V. 92, p . 929
W 250,000
226,611 Incorp orated 1908 V.87,p.1133
200.00C
. r 1.250,000 1,918,43-5
<JX 11+5 Q-J July ’ l l , 3
s 5,000,001 8,850,825 16+4 16+4
<7 J u ly 'll, 4
62.03C
s
200.00C
o x 7 + 1 y. Q-J July ’ l l , 1%
49.6SC
Q-J July ’ l l . 1%
5
S
200,001.
bX
12
Q-J July T l , 4
0 3.000,001 6.273,210 12
y
750.001
248,851
6
6
Q-J Jnc30'll,l%
0V91, p.1221
60,057
200.001
Beg.
b
29'J
us.
Ocl
Michigan A ve T r C o—
58,372 Com. L us. Ap rio 11V92 plOOl
500,00C
Mid-City T r Sc Sav Bk
Q-J Jne30 T l , 2
8
8
Northern Trust C o— , 1,500.001 2,507.08-1
6
J-J July T l , 4
77,298
6
North-W estern Tr&Sa y x2OO,C0(
600,001
137,535 Beg. t us.Dec 1'10 V. 92. p. 96
People’ s T r & Sav B k .
8
300,001 UJ227.99.
8
Q-J June30’ l l , 2
Pullman Trust Sc Savgs.
s.
200.00C
220.97: Beg. t us. J’ly 12 T 9 V.89,p.141
- 1.000.00C
284,85J Comm enced bus. Sept 61910
v
200.001
43,46:
5
bX J-J July T l . 3
_ 1,200,00' 1,229,381 18+2 *8+2 Q-.N Jne 30T1.2T
Q-J July '11, 1%
0
0
3 1.250.00C
203,655
6 Q -i July '1 1 ,2
k
200,00 1 112,07 _____
6
*1 200.001
69.16
7M Q-J July '11. 2%
BO STON STO CK
E X C H A N G E !— S to c k R e c o r d , D a ily , W e e k l y a n d Y e a r ly
SHARK PR ICES—NOT PER CENTUM PR1CIIS
Saturday
July 15.
Monday
July 17.
Tuesday
July 18.
Wednesday 1 Thursday
July 19 1 July 26
Friday
July 21
Salts
of he
IWeek
\Shares
•••t o : k s
BOSTON STOCK
EXCH AN G E
Rant/e sine January 1,
On basis of OO-sluire lots.
Lowest.
Illybest.
Railroads
1
*1121.1 11233 *112 1123S 1127s 11314 113i2 1131? *1131, 113*2 1133? 1131;
70C Atch Top & Santa F e. IOC 1021,3 Jan
*102*4 10.')1,i *1021? 103 ♦10212 103U *10234 1031.
Last Side 1027o July’ ll
i Do prei__________lot
101 ig Jan :
222 222
222 222
222 222
222 2221,1 2213,, 222*4 22214 22214
32C Boston & A lbany____101 219 Apr 2
1231? 1281- 12S12 129 *12S12 120
129
122 Boston Elevated_____ 100 127 Apr 2t
1291.1
12314 12314 129 129
*215 217 *215 217
217
217 217 *216
216 210 *215 217
27 Boston & Lowell_____ 10( 207 Feb
101 AlavK
107 107
107
106 10012 1061? 10012 105 100
107 107
107
247 Boston & Maine......... 10(
297 297 *295
*295
___ *295
*295
J Boston & Providence. 10( 292 Mr h2
Last Salt 15
Bouton Suburban El C os.
*131o 15
*1312 15
*131? 15
June’ ll
13 J ’ne2<
*i;;i2 15
Do prcf_____________
72 Jan i
*75
Last Salt 16
*75
*75
*75
July’ l]
121? 121? *11
12
0 Feb IS
*11
121? 12
131? 12U I2I4 *11
13
146 Boston & Wore Elco Cos.
Do pref_____________
38*? Jan :
*57
53
58
56
56 *
*57
57
57
*57
53
57
2C
*157
Last Sale 158 June’ 1]
Chic June lty & USY.10C 156 Apr 29
*160
*160
*100
* ___ 114
Do pref_____________ 107 Aichir
114 111 *114 1141? *114 11-H2 11412 1141? *113
115
108
*271
Last Salt 272 June’ ll
*271
*271
Connecticut R iver__ 106 265 Jan 31
*271
*125 1251? 125 125
125 125"
123 125 *125 1251,1 125
125I4
243 Fitchburg, pref______ 10C 125 Apr li
*152 1531? 1531? 154 *152 155
155 155
15-1 154
155
155
54 Ga Fly & Electric____10C 1171? Jan ■/:
♦03
93
July'11
*130
*110
200 Mn.v’ 11
200 Alaj 2
231" 2314 2314 2,243 Muss Electric Cos____100
23I2 23Vi 2314 233.1 231S 233s 2314 231? *23
16 Apr 20
917S 951s 94
941,1 9!
94
91L 94
94
Do pref..................IOC
83*4 Jan 9
1,046
9-1vs 931? 94
130 1391; 139 140
13914
13973
139 1391. 1391s 1393? 1,015 N Y N H & Hartford.IOC 139 J ’ly M
1391J 13934
*111
*141
♦111
Last Sale 142 July’ ll
+141
Northern N I I _______ 100 139 Jan 12
___ *212
*212
212!.i 21214 *212
212 212 *212
10 Norwich & Wor pref.lOO 210 Jan 2t
__ 187 187
187 187
187 187
187 187 *187
18712 1S712
118 Okl Colony_________ 100 183 Mcb 16
42
*39
*39
40
42
40
*39
40
39
3914 *37
32 Jan 26
40
75 Rutlaud pref_________100
*1101, 1103.1 1101? 1101? n oi? n o i 2 ♦___ 11012 * ----- 1101?
not?
13 Seattle Electric______ 100 106'? Apr IS
*1021?
*1023.1 ___ *1023., ___
*1021?
Last Sale 1021? Julv’ li
Do pref..................100 z9712 Alchl i
1877S 187 At *1SG73 1871; 1877.8 188'>s 1893., 1909 1891? 190
I9O33 19 Ua
942 Union Pacific_______ 100 l i l .Jan 3
*9414 U412 *9453 95
Do pref__________100
90 Mch 9
*941? 95
95
16
*9458 951.8 _
95
*163
. . . . *163
*163
Vermont & Mass____100 150 Mch 21
*163
Last Sale 164 June’ 11
87 o ’ly 11
88
881? 881.
*S8«4 891,| *88
89
83
117 West End St___u ____ 50
8S1? 8812 *88
89
101i2 J ’ly 20
Do pref__________00
*10212 103
102% 1021? 10212 10212 ♦___ 1021? 1014? 102
10212 1021123
Miscellaneous
46i2 Jan 3
583.i 5S1? 59
581.1 581? 58
59
2,127 Amer Agrlcul Chcm.-lOO
59*8 593. *583, 591? 59
10331 101
99 Jan 6
1037S 101
1033., 101
D > pref_________ 100
104 104
1041s IO H4 10US 1041$
338
4i2 ,lan 4
434 43,t
4 >3 43g
*4»4 5
41?
*41? 5
412
146 Amer Pneu S erv ice .. 50
14 Jan 3
16
*15
16
151> 15
15
Do prei__________50
15
151,, *15
16
15
1513
187
119 11912 II9I4 11912 n o 1191? 119 1191? 11833 119
119
119
185 Amer Sugar R cfln___100 1133.1 Jan 5
118 119
Do p r e f ................100 111*., Jail 6
11314 119
*118 119
118 118
1181? 119
IISI4 119
79
1381s 1381.1 13712 138*8 1373S 1373( 1373S 1377s 137 13778 13G58 1371s 10,031 Amer Tc4ep & Tcleg.100 130.'s J ’ly 21
3214 32I4
50 American W oolen____100
92
92
92
Do pref_________ 100 xsa Alch 29
92
92
9214 92
424
9153 921s 913.8 92
921s
11
11
*10
1012 101? 101? 101? *10
*10
11
bi4 Jan 17
105 Atl Gulf & W I SS L.100
10*2 1012
Do pref_________ 100
19
118
*191? 2012 *1912 201? *1912 203S *101? 201? 1912 191? 19
19 J ’ly 21
♦__
8
♦ .
8 * __
8 * __
Last Sale 7
July’ 11
Boston Land________ 10
51? Jan 13
8*4
1 Cuinb Tclcp & Telcg.100 145I4 Jan 10
*15738 ___ *15712 158*4 *15733 158 *15733 15814 *157l2 ___ 1573s 1573s
1014 101.1 10
IOI4 IOI4 111? III4 113., Hl4 in..
!073
m , 4,790 East Boston Land______
7*4 Jan 18
282 282
2S112 2S112 28U2 282
282 282
282 282
282
282
9S Edison Elec Ilium __ 100 z27814 J ’ly 14
162l2 10212 162 162
16134 162
16112 16212 102 1625,3 1621,3 16234
445 General Iilectrlo......... 100 il45!g Mch 3
94
94
94I4 9434 9412 9434 9434 951? 95
951? 9512 9512 2,100 Massachusetts Gas C03IOO 87*4 J an 3
951.1 95U 9512 951? 9514 95% 9514 96
00
95I4 90
90
Do pref......... ........ 100
94i2 J ’ne27
477
*2251? 226 *22512 227 *225 227 *225 227
Last Sale 226 July’ ll
Mergenthaler L in o__ 100 211 Jan 4
458 43s
4
434 *114
433
43., *4
3*2 Mch 20
694 Mexican T elep hone.. 10
434 434
4*4 *4
112 112
113 113 *112 114 *108 112 *112 115 *112
115
10 N E Cotton Yarn____100 110 Jan 3
*107 n o *107 110 *107 n o *109 112
Do pref_________ 100 103 Jan 3
Last Sale 111 July’ 11
146 146
146 146
146 140
146 146
145 146
145
1451?
176 N E Telephone______ 100 137 Jan 14
___ *102
*103
96 Jan 9
*103
*103
Paclflo Coast P o w e r ..100
Last Sale 103 July’ ll
161*2 16112 161 102
I6U1 10134 161 162
1GI 16134 1617s 162
427 Pullman Co_________ 100 158 Alch 6
14
14
14
14
102 10214 102 102H 102 10214 1017a 102
10134 102
1017a 10218
455 Swift & Co___________100 109 Jan 26
32
30 Feb 1
32
32
32
32
3214 *30
*3U2 32
31
*30
31
270 Torrlngton___________ 25
*30
31
31
31
*30
Do pref_________ 25
27 Alch 23
31
*29
*29
30
*28
30
30
23
196 1971? 19612 197
100 180 Alch 13
1951? 197
196 196
196 196
196
196
709 United Fruit______
50
501? 50
50
5U4 511.3 511g 50*4 51
3,088 Un Shoe Mach C o r p .. 25 x493g J ’nc22
513s 613s 61
*2812 29
29
2/5s j ’no 2
29
28
Do pref__________25
281s 29
2S12 281? 2778 2812 28
261
79
783* 79
79
7934 8OI4 9,435 U S Steel Corp_____ 100
781? 793s 79U SOI., 793s 80
713gJan 3
11812 11812 118U II8I0 118 1181? 1185s 11884 11812 11834 II8I4 1185S
492
Do pref............. ..1 0 0 116*4 Jan 3
2012 201? 20
20-H 2012 2034 20
20
207s 21
16i2 Jan 17
21
2H2 1,942 West Telep & T e le g ..l0 0
96
9612 9612 961? 9712 9712 9S12 99
89 Jan 23
*97
9712 97% 971?
Do pref__________100
254
6
6*4
9*4 +834
311? *29
6834 6812
♦28
28
16
*1512
6
9
30*4
6934
281?
lGl.j
71?
7
7
834
878
834
___ *39
31l2
CD-Is 69
691s
2912 291s 2912
I6I.1 *153.1 10
6
.Tillv’ 11
.60 * .50 .60
.50 .50 * .50 .60 * .50 .00 *.50
*.50
.60
+___
137s
*133,1
MI4
*14
15
*1312 1412 13
1312 *123,
131?
434 43.,
43., 43,|
412 412 *412 478 *412
434 5
47s
is*4
18
18
1812 183.| 1812 1812 181* 18%
1812 1S12 *1.8
5734
58
581? 5734
57
57
5712 53
58
5812 5734 58
450 451
445 445
435 451
446 460 *450 455
448
455
*1112 13
Last Sale lU* July’ l l
*11% 121? *1112 121? *1112 13
*.04
.07 * .04 .07
.05 .05 * .05 .07 + .05 .10 *.05
.10
60
601? 60% 6012 60
6012 GOI4 601? 60
601? 61
61
*5T2
6
6
*6
6l2
6
6
6
*534 612 *57s 61?
13*, 133.t 1334 1334 1334 137S 1378 m>8 14' 1 1412 14l4 141.,
*113.1 1212 *1134 12
113. 1134 12
1214 I2I4
121,1 1134 121.,
63j 63? 6I4 0 7-10
0
63s
CI4
63,8 6 7-16
GI4 0**8
6*4
___
*39
39
391? 38?4 3834 38
381? 381.t 38*4 •- - »
7 3-16 7 3-16
07j
67g
7
7 7 5-16
71.1 7I4 7 1-16 7 1-16
7*4
*28
281? 28
28
28l4 2814 2812 2.334 *28
2PAi 28l2 2812
*1
1
1
1
US
1*8 *1
1*8
1*8 *1
l*s *1
*1312 14
131? 133., 1312 131? 131? 131? 1312 133,i *131? 14
85„ 83s
85g 858
85g
81*> 819
85s
81o 8tg
8&s
*38
381? 38
38
3712 38
38
38
*3758 38*2
8734 88
*88
89
88*4 8S
*88
883., 883a 8812
*88
88
17
17
*1012 171? 17
17
171? 17
17
*17
17
17
5I4
5
61? 5 1-16 51s
GI4 51,
51.3
^3
5
Sl8
6I3
3
*27j 3
3
27g 27s *23,
31?
31s *23, 3*s *234
*37
38
3714 30
37
37
3714 371? *361? 3712 36
361?
*:»2 4
*312 4
*312 4
Last Sale 312 July’ l l
*312 4
91?
*9
878 9
*9
+834 9
91?
0
9
*8
81?
8
8
8
8
*8
834
8
8
8
8
*13.i 2
*158 2
*134
2
17s 17s
2
1*4 134 *13.
2U2 2134 2134 213, *2132 213., 21% 2134
*2Ut 211? *2112 22
'*218 21? *218 21o *21g 21, *218 212
2>8 218 *218
21?
46
48
48
461? *46
50
+46
43
*46
48
*16
48
19
19
19
191s lOU 191? ini8 1912 1914 191,1 191S 191s
3
31?
31?
3
*3
31? *3
3
3°8 33s ♦3% 37s
634 93.|
8l2
97S 97?
9*8 10
87S
9 9 11-16
85s 9
3212 32l2 32
3214 33
333,s
32
337? 331s 3312 33
33
8
8
812
*8
*8
8
8
8*4
8
8
8
8
*53,} 6
6
0
6
6
53.,
512 6
*53,, 6
57,3
234 27S
234
234
3
3
2<s 27a
27S 3
278 27s
48
48
4/
461? 471? *4612 48
*17
48
*4612 473j 47
*100 102 *103
102 102
103 103
101 101 *1003, 102
123g 123S
*1214 127? *1214 131? I2I4 121.1 12
121.,
12
121.,
74
73
73
*731i 731? 731.1 73U 73
731.1 7314 74
73U
171.4
171?
17
1
,|
1714
1714
1712
171?
17*4
I7I4
1714
171.1
17|4
11, U2 ♦ID
l**s *11.1 134 *1*4
I**.,
*11,3 15g *1*8
1*5
1034
103.1
10?8
11
10*8
107?
10*4
1038
103.1
1034
10?3
. IS1*
*.75
.90 * .75 .90 *.75
.90 * .80 .89
Last Sale .75 July'li
*3134 321? *3112 321? *3112 321? *31
32
Last Sale 32l2 July’ l i
♦5
61?
51?
5
6I4 6I4
6*4 512
6l2
6*4
5*8 S?8
*6
9
*29
68*4
28
*153,1
61,8
6I4
*834
9
30% *29
69
6SI4
2,8
23
I6I4
1534
6
*884
30
693S
28I4
16
61s *7
834
9
30
*30
697X 69
283, 281?
161.1 *1512
525
175
12
3,013
5.8S9
350
Adventure Con
.
25
Algomah Mining.
, 2S
Allouea___________
35
Amalgamated Copper 100
Am Zinc Lead & S m . 25
Arizona Commercial. 25
4i? Apr
6 Jan
30 Apr
693.1 Apr
23 Jan
11*4 Apr
24
24
25
18
27
24
Lowest.
UORJ’ ne 6
9112 J’lV
105 J ’ ne:;C
<71? A HZ
226 Feb 15 213 J nc
1297a Feb 1 xl22 All?
217 J ’ne21 200 J'ly
1223a Feo 16 . 118 Dec
300 Alch 6 285 Oct
16 Mch 16
14 J ’ne
761.1 J ’ne2..
70 J'ly
13 J ’ly 13
8 Mill
5 1 J ’ly 1
35 Aug
101 Feb 27 139 Sep
11412 J ’ly 20 109 Oct
272 J no 0 260 Oct
130 Jan 4 1241.1 Sep
a.i
155 f l y 20 104
85 Apr
215 "J a n 18 202 Fen
24 J ’ne 3
IH4 J ’ly
75 J'ly
06*8 J 'ly 15
151->3 Feb 23 149 Apr
142 Alch 6 139 Deo
213 J ’ly 14 210 May
189 Jan 3 I8H4 Sep
25 May
43 Feb 21
112 Feb 27 103 Aug
103 .1 ue 13
983.1 A uv
19U8 J ’ly 21 i63i4 J ’ly
05iy Alav 12
891., J ’ly
164 J ’ n e 10 154 Oct
03 Men 22
S3 Hup
105 Jan 10
99 J'ly
Highest.
1231« .‘ an
10414 Jan
234 .An
136*4 Jan
227 Feb
152 Feb
3(H) N ov
16R N ov
76 Apr
10*? Sep
48 ,i a n
160 Deo
118 Jan
270 Mch
1331? Jan
123 Oct
1)0 Oct
118 Dec
2 llg N ov
8834 N ov
164*s Alch
141 Deo
212 Mch
200 Jn,l)
441? N ov
116 Jan
106 Alcti
2041? Jan
103*3 Jan
1C8 Jan .
9512 Mch
109 Feb
60t2 May 18
38 J ’ly
491? Oct
USl? Dec 105 Sep
IO51.1 Mch i
6*? Jail 20
4 Dec
87s Feb
19*4 Jan 31
1-33., Dec
24 Fob
122 Feb 27 111 Oct
127*3 Mch '
120*8 M aylo 11134 Oct
124 Mch
153*4 J ’no 8 12714 J ’ly 143's N ov
36*4 Mel) 20
3^10 \ieh
26 J ’ ly
90*? J-n« 15
901? Dec 1041.1 Alch
7 Alch
11 Alay 29
l l i 2 Jan
16 Al ay
26 Jan 31
28 Jan
41" J ’ly
8*4 Apr 29
81? -Ian
1591? j Tie 10 138i2 J ’ly 152% Mch
7l„ Apr
12 May 1
11?, ..an
2921? Feb 8 A239 J«
2921? N ov
1673,i May29 135 J iy 1691? .Ian
D5i2 J ’ly 19
76R Eeb
01% N ov
98 Atch 25
89 May
97 Men
226 J ’ly 14 2121". Dec 226 NOV
23., Jan
4*8 Jan 31
034 May
119 Mch 14 107 Sep 124 Jan
110l2 Mch 13
0012 Aug 115 Jan
150*j J ’no 10 1291? Aug 13834 Deo
105 J ’nc28
OSI4 N'ov 100 Jan
163 Jan So 153 J ’ne 200 Fob
15 May 1
IH4 Jail
14 Oct
104 J’no 5 100 ’ Jan loan Jan
28 Alch
30 Jan 3
37 Dec
31 J ’lv 17
27 Jan
31 May
1971? J ’ly 15 1051, Jan 200 Sep
58*8 Feb 18
4.M4 J'ly
71*4 Apr
29*4 Jan 31
31 Jan
25*4 J, y
821s Feb 6
013g J V
9034 Jan
120% Feb 2 i n J iy 1255S Jan
14 Feb
2M4 Feb 6
193.1 Sep
81 Aug
99 J ’ly 19
94 Jan
713 J’ ne 1G
11 J ’ ne 13
39 Jan 4
71% J ’nc 19
305fi J ’ nol4
1838 J ’ne 14
Bonanza Dov Co
. 1 0 .50 Jan 5 .75 May 22
Bos&CorbCop&SHAlg
5 111? Jan 13 161? Mav27
4*» Jan 30
Butte-Balaklava C op . 10
(ii? Jan 14
10*44 Apr 24 201? Alay24
Butte Coalition______ 15
•16 Jan 19 63 J ’no 6
Calumet & A rizo n a .. 10
435 J ’ly 17 545 Jan 4
Calumet & Hecla____ 25
111? Jan 30 151? Jan 4
Centennial___________ 25
150 Cons Mercur G old____ 1 .05 Jan 6 .15 J’n e l
68I4 Apr 22 693,1 Feb 2
379 Copper Range Con Co 100
3 Feb 8
6i2 J ’nc 21
75 Daly-W est___________ 20
1434 J ’ne24
3,093 East Butte Cop AUn._ 10 101? Apr 22
7 Jan 21
14 ,)’ne 8
544 F ra n klin ____________ 25
5*4 Mch 10
8ig Feb 6
1,773 Giroux Consolidated. 5
152 Granby Consolidated. 100 30 Jan 26 431? .) ’ne2l
65s Mch 10
7?s J ’ nc 1.9
612 Greene Cananca......... 20
18 Jan 24 301.1 J ’no To
105 Hancock Consolidated 25
.99 Apr 22
2 Feb 4
50 Helvetia Copper_____ 25
10*4 Apr 24 16 J ’no 2
370 Indiana Mining______ 25
7's Apr 27
9), Alay27
715
501 Island Creek Coal____ 1 29L Alay 9 40*8 J'no 3 Do pref__________ 1 87 Feb 3 91 J ’ no 3
318
121,? Apr 8 19*s J ’no 13
165 Isle R oyalc Copper_25
7*8 Jan 21
1,240 Kerr Lake___________ 5 4,5i« J ’ne 28
13.t May lu
334 J ’ nel5
160 Keweenaw Copper___25
261? Apr 22 40 J 'n o 13
350 Lake Copper Co_____ 25
31? May 5
6 Jan 3
La Salle Copper_____ 25
61? Apr 24
101., At ay 29
150
6 M aylo c lo J ’ ne 19
155 Mass Consol.’________ 25
.20 Feb 18
3 Alay 18
200 M ayflower___________ 25
5 181., Apr 6 22/8 •! ’ tie 21
356 Miami Copper_______
134 A pr 7
3i2 Jan 4
10 M ichigan____________ 25
36 A pr 18 63 J ’ n o 15
n o Mohawk____________ _ 25
930 Nevada Consolidated. 5 17*8 Apr 24 211.1 J ’nc 15
2*4 Apr 24
4R Am- 28
595 New Arcadian Copper 25
8t?J’ly 21 11% Feb 17
5,434 Nlplsslng Alines______
5
25‘2 Apr 24 30*4 J ’no 2
2,750 North Butte________ 15
934 J ’no 3
45s Apr 22
125 North Lake__________25
5 Jan 17
8*2 J ’no 6
142 djlbway Alining_____ 25
.60 Jan 6
3i3 J ’ly 10
1,755 did Colony__________25
35 Apr 22 49 J ’nc 13
480 did Dominion Co____25'
35 O s ce o la ____________ _ 25 95 Apr 24 124 Jan 3
11 Jan 26 13 Aliuy’J j
244 Parrot Silver & Cop.. 10
65 Jan 25 74 J ’ne 21
75 Juincy______________ 25
18*8 Jan 4
635 Ray Consol C o p p e r.. 10 16*2 Apr 21
*4 Apr 26
13., J ’ne 10
50 Santa Fe Gold & C op . 10
9*4 Apr 11 12-., Feb 2
474 S h a n n on ____________ 10
l lio May 18
South Utah M & S ___ 5 .70 J ’nc29
30 Apr 24 421? Jan a
Superior_____________ 25
8'4 J ’nel6
445 Superior & Boston Min 10 2l5ia Apr 7
200
200
470
430
838
189
Ranye for Previous
Year (1910).
4 J ’ly
731 Dec
3i J ’ly
5514J iy
191? J iy
1214 Ma>
10 Feb
1434 Sep
68 Fob
90*4 Jan ■
.50 Alch .70 Aloh
10 May
41, Nov
I8i.| May
1553 J ’no
28i2 Jan
443, J ’ly 103 ' Jan
500 J ’ly 08a Jan
131? J ’ly
.04 J’ly
68 Sod
85 Jan
31? Sep
95, Moh
6i.i J ’ly
14 N ov
0 Dec
22*2 Mofa
121? Jan
0 J ’ iy
20 J ’iy 111*4 Jan
03, Sep
lUg Jan
143., J'ly
36 Jan
134 Oct
57g j an
4434 Mch
10 J ’ly
0034 Dec
84i4 Nov
131? May
zG Sep
3 J ’ly
281? J ’ly
OI4 Deo
41? Alcti
.35 Oct
17 J'ly
314 Deo
43 J'ly
i75g Jdy
3i2 J ly
934 Ja«
18 J ’ne
OR Deo
5 Sep
.25 Aug
291? J’no
114 J ’ly
11 Deo
66 J’ly
16% J’ly
U4 Nov
834 J ’ly
1 Dec
30 J’ly
4>g Doe
3334 Oo»
90 N or
28t2 Jan
11 Jan
6*.| J an
0-4*2 Jan*
19 Jan j
103s Oot
Hg Jan
29 Jan
8*2 Jan
75 Jan
27i2 Jnn
105g J nn
12 Afar
60 Jan 1
25*8 Mch
123, Jan
1*4 Feb
106 Jan
21*4 Jan
02 Mob
243, M„h
334 Jan
18 " Jan
*34
37
*33
35
35
37
34
34 Apr 24 62 Jan 3
35
*33
*34
*34
35
6 Tam arack___________ 25
451? J’no
78 Jan
4
4
334 334
4
4
*4
3*? Apr 22
U4
5 J an 3
*4
4I4 *4
57 Trinity______________ 25
4i2 Dec
4*4
11% Jan
3S3j 3834 *38?s 39
39
*3S>8 39
39
39
39
38l2 387s
291 J S Smelt Ret & Alin. 00 33*4 Apr 7 4')i3 J ’nel4
30 Dec
483a 483g 4833 483g 4838 4834 4818 483., 481? 49
49
793
49
45*2 Apr 4 49*? J ’ne28
I) ) prof......... ........ 50
4534 J ly
63ig Jan
3
3
*27S 3
*27s
3
2 Alch 10
278 27s 23, 2 15-16 *27S 3
700 Jtah-Apex Mining___ 5
3i2J ’ no 15
2 ’ Dec
5*4 Jan
17
17
17
17
17
171?
171., 1712 l ‘ *2 171s 171? *17
93.1 Jan 20 20 J’ ne 14
285 Utah Consolidated___ 5
121? Dec
50
50
49lg 497g 40
50,
493,8 60
4973 49?s 4934 493j 1,175 * tab Copper C o_____ 10
42Sg Apr 18 52 J ’n e 14 639*4 j ’ nc
coij Jan
*134 2
1^3 13s
l ’>8 1*4
1»4 134
U2 Alch23
2t? Feb 7
1S8 15,8 15,? 1 11-16 1,105 V ictoria _____________ 25
81? ♦8
*8
81? *8
___
8
8
812
8I4 81? *8
150 Winona __
6 Apr 18
_ . 25
0i2 Feb C
5 J'ly
15 Jon
11012 112
113 113
109 109
111 111 *111 113 " *110
115
07 Wolverine
. 25 107 Apr 26 122 Feb 10 120 J'ly 160 Jaa
*11?
134 *llo
134
Wt
*1%
*!2 13,8
140 W yandot t ___________ 25
1*4 • ISs 134
1*4 Jan 25
2 Feb 0
1*4 J’ly 1 334 Jan
JJkt and asked price... ei New stociT t Ass's paid « Ex-stoc/t div] h Kx-rlgnta. a Ei-dlr. and rlgats.
21
Boston Bond Record
J u l y 2 2 1 91 1 .1
BOSTON STOCK c.XCU ’G k •£ £
1i ; -8
W kbk ENDIN'- JULY ’21
WeeH/s
Range or
Last sale
Jriaay
July 27
1>-*
mi-<rinN STOCK ISXOH’ UK
wkkk Kndinu J uly 21
Range
.Miice
*Q-0 J unuar i/
H luh No 7.oi* n i g h
HIn
A.VC 1a)V>
4 lo l l* •02 8
Am Agrloul Chem 1st 6 s.. 1928 A-O lu k '.^ a lo 1017» 102 8
" 66 80 8. 02
Am Teleu * Tei cod tr 4S.1929 J - J 01*4 sale 01’ 4
917t
Convertible 4s. .. . . . . . 1930 M- 8
108 109 108*4108*4
00
Am Writ 1‘auer 1st s i 6ag 1910 J J
. . . . . . . . . . . . 00 F eb’ l l .... 90
Am Zinc 1. Jfc 8 deb 6s___11) l >M-N . . . . . . . . . . . . 122 8 J’ne 11 .... 100 122 8
02 8
A n z Com Cop 1st couv 6s 1920 J-D ................... » 9 8
*9 8
2 M
00 s
08
AUMi Ton Jfc o b e geu g 4s.. 1005 A-O 08*4 09
98*4 J n* 11
0 i 78
3 01
Adjustment i: 4s____I’ly 1995 Nor 01 8 sal« 9 11*
01 -i
02
01
j S ta m p e d ..!.......... J ’ ly 1006 M-N U18 9 28 92 May’ l l
100*8 US
50-year conv 4s_______ 1055 J-D . . . . . . . . . . . . 1 1 3 J ’ l y ’ l l
108 8 110*8
10-year coiiv o s .............. 1017 J-D . . . . . . . . . . .1 1 0 l'g Mar’ 11
73 J
03
70
Atl Gull * W 1 88 L iu es5s.’ 59 j -J ................... I 70
Boston Elect L Consoi 6a.1924 M-8
........... 110 FeO’()4J.J.
Boston <to Cowell -is_____..1010 J -J . . . . . . . . . . . . 1008 Mar’09 .... ; ; ; ; ; ;
Boston
Maine 4 cjs.......... 1944 J-J
104 8 O c t ’08
...
Boston Terminal 1st 3 8 s .1947 F-A . . . . . . . . . . . . 112 Sj J a n ’03
Bur * Mo Hiv cons 6 s __ 1918 J -J
103 J a il’ l l .... .103 103 8
_
Butte <Ji Boston 1st O s.... 1017 A -0
. . . . . . . . . . . . 100J_
’ne’01
Butte ElccJfc Pow l s t g 5 s .1961 J-D ....................................................;
Cedar Kao Jfc Mo it 1st 7a. 1016 M-N
. . . . . . — .. . 113 8 May’ 10. . . .
Cent Verml 1st «4 s..M a y l0 2 0 y -F
00 ^ Sale
908
90'y 3) 87 8 90 8
O B Jfc W Iowa ln v 1st 6s. 1010 A-O ...................11103 O c t ’07
00 F eb ’ l l
Iowa 1)17 1st 4 * ..............1010 A-O
100*4 1018
Debenture 6s..............1 0 1 8 M-N . . . . . . . . . . . . 101*4 M a y'll .
00 8 100
Denver Exten 4s........... 1022 F-A
9 0 8 M ay ’ l l
98*g 00 8
90 8 May' 11
Nebraska Fixicd 4 s .......1027 M-N
90 8 99 8
I B Jfc S W 8 I 4«.................1021 M-S
90 8 fl'eb’ l l
.. 87 8 8 88
Illinois Div 3 8 8 . . . . ....... 1040' J - J87 8 J ’l y ’ l l
878 ■
1 100 102 8
102
lo2
Cbtc j o By <te Sts. Yds 6s .1016' j - J 102
80 8 90*4
Coll trust relunding g 481040 A-O
008 OOV 9 0 k J ’l y ’ l l 1...
Oh All! Jfc St B Dub 1) 6 s.. 1020 J - J ................... 114 J a n ’ l l . . . . 114 1 U
Cl! M cfe St B Win V div 681020.J -J ...................113*, F eb’ l l . . . . H3°g 1*38
Oh'lc <53 No Mien 1 s t j/u 5 s .i0 3 i M-N
00 100 llOOBJ’ n e l l ---- 1 9 8 8 101
Ohio A W Mich gen ns. ...1 92 1 J-D 1018 102 8 ! 101 8 J’ne 11 . — 100 101*4
Oonoord J* M oni cons 4 s.. 1020'J -D ................... 1 01 D c o ’07 .. ..] ’....................
Conn & Bass K 1st g 4a... 1043 A-O ................... 1128 Jan ’03
Cudahy PaeK(Tho)lstg& s 1024 M-N ................... JlOOk
Aug'OO....j
97
Ourrcm luver 1st 6 «......... 1020 A-O ................... I 07
A la i'il . . . . 07
87*8
D etG r Kftp Ja W 1st 4S...1946 A-O ................... 87*t J’ ue’ l 1 . . . . b7
Dominion Coal 1st s I 6 s.. 1040 ffl-N ...................j 09
J’ue’ l l .---. . . j 95*4 03
Fitcnburg 4 s .......................1016 M-S
1 0 J 8 A p i ’U5
4 s .......................................li»2? M-S ................... I 06
A o r’08
Fronit Elk Jfc Mo V 1st Os.,1933 A-O ................... 128 J ’l y ’ l l . . . .
Unstamped 1st Ob.......... L033 A-O .................... 140 A p r’ 06
7,| 06 8 98*4
B t N o r C B .8 W coll tr 4s 1021 J - J , 07 Snlo | 07
07
ttaiiuwwui............. . .
Q-J| 9o*». . .. ..I 00*4 J ’l y ’ l l . — L0638 ^
/m et
hndav
July 'l I
WeeiCs
Range or
fM S t
b a le
a
R ange
o
Since
"• J a n u a r y l
io /.oio High
R iu
a » x Row
H ign
6 100 102*8
1Dunlin ol-eel deDen 5s___1013 A-O 100 8 100*4 100 8 id.) 8
i la Falls Jfcsmux C is t 7 s.. 1017 A-O ............ 117 Apr'08
*1 0 4 8 9*48
s 4 8 Fob’ l l
' Kan C Clin * Spr 1st 6 s...1025 A O
lo o 100 8
100 May 11
Kau C Ft S dfc Cull ext 5 s.. 1011 J-D
Kan C f t Scott Jfc M 6 s ....1 9 2 8 M-N
H 6 8 J ’iy n . . . . 115 116*4
OS 8
02 May 11
Kau C M Jfc B gen 4s____..1034 1/1-S
00
88 A p r’ l l .... 88
| Asseuted income 5s....... 1034 Ml-S
102 M ai’ 11 .... 102 103
' Kan O Jfc M lly A Br 1st 5sl020 A-O
102*4 102*4
Maine Cent cons let 7 s ...1012 A-O
102 >4 Feb’ l l
101 8 sep '05
Cons 1st 4 s ....................... 1912 A-O
115 J’ ne’08
Maro Hough <fe Ont 1st 6s. 1025 A-O
py 8 mo**
Maas Uaa 4 8 * ............... ...1 0 2 0 J J
09 8 MO 8
90 8 00 8
Audi T eleplst 5 s . ............ 1017 J- J
00 81 May’ l l
Alnine lieu Elec eon g 6s 1020 J-J
102 8 Aug’ 04
2 100 103
New Eng Cot Yarn 6s____1020 F-A
102 8 102 8 102*4
101»« Alar’ l l ... 101*4 102
New Eng Teleph 6s............1016 A-O
100 8 s>ep ’08
5s......................................... 1016 A-O
New England cons g 6*... 1046 J - J
Boston Term 1st 4s....... 1030 A-O
76 Oct 101
N ew Itiver (.The) conv 5s. 1034 J - J
06*4 May’ l l
96*4 90 8
N Y N H Jfc 11 con deb 3 881066 J-J
132*4 134*4
Conv deb 6s (o t to ).......... 1048 J -J
133 8 M ay'll
101 A p r ’OOl
Old Colony gold 4 s ............. 1024 F-A
08 8 Sep ’00;
Ores By Js Nav con g 4 s ..1046 J-D
114*1 1147g
1147g FebT 1
Oreg Sh Dine 1st g 6s........ 1022 F-A
08
08*4
08 J’ne 11
Fere Marquette deb g 6 s.. 1012 J -J
103 103
103 J a n ’ l l
Kepub Valley 1st s I 6 s ...1010 J - J
Kutland 1st con gen 4 8a. 1041 J -J
107 8 ' . " ’OO
Butland-Canartlan 1st 4sl949 J - J
102 Mai ’02
Savannah Elec 1st cons 6S.1962 J-J
7 08 Dec TO
Beattie Elec 1st g 6s.........1030 F-A
1048 J’ tie’ l l .. . 104 105
Shannon-Anz 1st g 6 s .... 1010 M-N
o i 8 J ’l y ’ i l . . . 9 1 8 93
Terre ilau te Elec g o s ....1 0 2 0 J -J
97 a i * ’ u7
Xorrington 1st g 5s______ 1018 M-S
100’, Mar’ 10
Union Bac B it & 1 gr g 4S.19J7 J •j
1008 J ’l y ’ l l . . . 100*s 101
20-ycar conv 4s................ 1027 J -J
104*8 A p r ’ l l . . . 104*8 104*8
3 9 5 8 97 8
United Fruit ge n s 14 88.1023 J -J
07
06*4 967»
U S Coal Jfc Oil 1st s f 6 s.. 1038 M-N
166 N ov’ 10
U S Steel Oorp 10-6.0 yr 58.1963 M-N
106 8 J ’ l y ’ U .. . 104 8 Id**
West End Street By 4s___1016 F-A
00 May’ l l ... 08 8 90
Hold 4 8 a ........................... 1014 M-S
100 8 May’ l l .. . 1 00‘g 1008
Gold deoenture 4s.......... 1016 M-N
08 8 a pi ’ Id
08 8 08 8
08 8 Jan ’ l l
Gold 4*8.............................. 1017 F-A
06*4 100
00*4 Sale
00*g
90*4
Western Teleph & Tel 68.1032 J-J
038 938
W isconsin Cent 1st gen*4sl040! J - J
03 8 J a n ’ l l
18211
N oth—Buyer pays accrued Interest In addition to the purchase prioo tor all Boston Bonds.
" N o price Friday; latest bid and asked.
U Flat price.
P h ila d e lp h ia a n d B a ltim o r e S to c k E x c h a n g e s — S to c k R e c o r d , D a ily , W e e k ly ,
felinre B rices—Not B er Centum B rices
Saturday
July 16
M onday
July 17
♦92
♦00
••’127
*27
28
60*4
198
108
9 2 8 92 8
928
yo*4 008
00 8
120
27*4 ¥......... 27*4
00
60
60*4
108
198 108
44
44
45
46 8
128
128
64*4
648
31*4 ♦31
73 4 <•72 8
____
45 *g 468
128 128
64*4 64*4
31*4
♦31
73
73
. . . . . . .......
*2 78
♦10
Tuesday
July 13
Wednesday
July 10
Thursday
July JO
tY id a y
J u ly 01
. 60 12 M»y23
. 00 42 Jan 6
. 60 42 8 Jan 3
10 118 Jan 4
.100 4 8 8 Jan 3
.100 30 8 J’ly 10
Do pret tr ctfs . . . .100 72 Alar 10
7 8 J ’ly2 0
Keystone T elephone., . 60
bake Superior O orp... .100 25 J’no2V*
. 60 88 8 J’ neiS
84 8 Apr 24
. 50 f.08 Mayl6
. 50 «60 Jau 3
. 26 10 Jan 19
s 60 17 A pr u
74,6ia Apr24
. 1 6°( J’ne 1
Tonopah Alining
Umon T ra ctio n .......... .. 50 43 Jan 8
. 50 86 8 Jan 3
1 78 Jan 4 17 Dec
45 8 Jan 20 41*4 J ’ly
18*4 fe n IS 4 0 8 J ’i.r
12 8 Jan 14 118 J ’ly
6G8 J’nel5 12 J ’ne
34*4 Jan LO* 198 J ’ly
S37, Jan 30 01 J ’ly
9 8 Jan iu
7 J ’ly
32 Feb 6 15 *2 J ’B©
93 J a n l l 80 J ’ne
9 0 8 FeD 3 62 8 J ’ly
65 Feb 2 61l l ie J ‘iy
6 98 J’ne 6 42 J ’ne
18 J ’lylO U 3 8 Fee
22 8 JTy 10 16 Api
89*4 Feb 10 65 8 J iy
o'- Jan
8 8 Jau 17
6 2 8 J ’ly 14 38 Oct
89*8 Jau 9 79 J ’lj
P h ilad elp h ia
•43*4
46 8
*1 2 8
*6 48
•31
*72*4
44
46 8
128
64*4
31*4
73
2 f*8
27
27
20 8 2 l
26 8 20 8
88*a 88 'e
38*4 83*4 *83 8 SS8
W«*4
8 78 877s
87 *» ‘ 87
87*4
878 878
02S 02*4
62 8
U2*s 62*i, 62*14 02 8
50 $
*t)0
60
6 68 *65 8 60 *14 *66
17*4 17^4
17*4 17 8
1M
17 8 18
22
228
*2,2 Si 22 7»
22*8
•218 22 8
78Mia 7u 8
7S 8 70
78 8 78**
73*4
6"u 5*8
6*» 6*1,#
6*4 6 ’4
5 7s
5
28
52
62 8 62®e
62
8
62*4
61*4
6178
83
88
b 7 8 87 8
80*s 88*S b8 8 80*8
*20 8
*388
*b7 •»
62 8
*56
177i
228
7«*s
Lowest I Highest
94 May29, 40 Mar
1 0 0 8 J ’ne 71 80 Alar
1308 J’ne20 116 Jau
28*6 J’ne 9 )S*b j ’ly
02 J ’ne 3 40 Oct
19 76 J’ly 20 12*6 Alay
♦27
27*4
00 8 60 8
10*8 108
44
45*8
12 8
66 8
2
73
H ig h e st
Range /or lhrevtous
Year ( 1'JlO)
9
9
11
4
4
y
.100
.100
. 60
.100
100
. 50
93
03
2 08 09*g
44
46 8
*128
6 i 7§
+'dl
73
Range Since
Jan 1 1011
|Sales | A C T IV E S T O C K S
o/ the
| Week \( i o r Ronds and Inactive
Stocks see below)
Shares
Y e a r ly
64
89
121
21
4 38
10 8
Jan
Jan
Jau
Jan
Jan
Jan
6 18 D ««
00 J ’ly
32 Feb
27 8 Jan
47 Jan
168 Dee
28 Jan
50 Jan
53 8 Jan
12 8 Jan
04 8 Mar
3l*» Deo
8 4 8 Jan
13 «an
207» Deo
i23 Jan
1218 Mar
69*16 Mar
63 8 Jan
168 Mar
23 8 Jan
b6 Feb
9*18 May
52*4 Jan
05*s Jan
B A L T IM O R E
R id \ Ask
P H I L A D E L P H IA
I Rid |A sk'.
| Rid \ Ask
Rid Ask | P H I L A D E L P H IA
BUII>AI>ECBH IA
90
94
Chas B y G Jfc El 5s ’90 Al-S
1
Bh JJ Bead 2d 6s ’33. A-O
B ond.
.
lu n c iiv e rstocBs
E x Im p Al 4s g ’4 7 .A-O I00*g........ Chari U JJ A 2d 7s’ 10 A-O
I'rices are a ll “ and
18
18
American Aim ing.......10
106
107
City
J
fc
Sub
1st
6
s
..’22
J-D
Terminal
6
b
g
1941.t>-F
interest.*
44
Cambria Iron ................60
City Jb S u b (W a s)lst6 s’48 102*4 106
A lt& L V Eleo-i 8S’ 33.F-A _____ . . . . . . P W Jfc B col tr 4s ”21.J-J "99 8
78*4 80
Central Coal & Coke.100
Coal JJ 1 By 1st 6 s ’ 20 F-A 102 1028
86
A m Gas * Elec Os’07. F-A
808 Portland B y le t 6s 1030.
8(7
Broierred..................100
C
oi& G ruv 1st 68.1916 J-J 100 100*4
125
120
K
eadTrao
»st6s
1933
J-J
100 8
7 58
Consol Trac ot N J ...1 0 0
ltoch By Jo L con 6s ’ 6D -J 1008 ...... Consol Gas 6 s ..1939 J-D 109 1U9 8
95
94
Coll trn -t 6s 1917.A-O
‘F t Wayne & W V ....... 100
97»« 93
Gen 4 8s 1054.........A-O
Spanish-Am Ir 6s ’if7 J-J 1018
Atl
C
Eleo
ref
6s
’
38.
Al-S
Germantown Bass.......60
G E <fe B 4 8 s ’ 35.J-J
n 6 8 3 78
Berg<fcEBrw ls t 6 s ’21 J-J 101 ........ Stan’d Gas JfcK 6s ”25 Al-N 102 102 8 Cons
H untingdon & B T ....6 U
F a ir* C iT r i s t 5 s ’ 38.A-0 100 8 100*4
948
U Trac lu d gen 6s’ 10.J-J
____
Bethie
Steel
6s
1998.U-F
1178
14
B re fe rr e d ...................60
Ga JJ Ala 1st con 6s ’45J -J 106*4 100
778
U u Bys T r cits 4s’ 40J & J
Choc
<$
Mo
1st
6s
1949
J-J
Indianapolis St.......... 100
Ga Car JJ N 1st 5s g ’20 J-J 105 s 1058
United Bye ln v le t c o llt r
Cli Ok & G gen 5s T 9 J J 103 —
Indianu Union T r -----100
B 1st 6 s .. . ’ 22 J J 1 13 1148
84*4 85 G'eorgia
e l 6s 1026................Al-N
^Insurance Co ol N A .. 10 *2 08
GaSo JJ Fla 1st 5s 1045J-J 100 107
....... . . . . . . . Welebaoh s t 5s 1030.J-D ...... 90
JDel
C
’oBy
3
tr
otfs
4
s’
41)
J
J
Inter Sm Bow Jfe Cbem.60
44
G-B-S
Brew
0-4s 1061M-S
448
Wlks-B
GJbEcon5e’66J-J
E Jfc A 1st Al 6s 1920 Al-N . . . . . . . . . . . .
Keystone Telep v t O..60
2d income 6s 1051 M-N
York B ys 1st 6s 1037.J-D
90 •« 91
94 8
Elec Jfc Poo Tr atk tr ctfa
B reterrcd ....... .— .60
K noxv Trac 1st 5s ’ 23A.O 104 106
B A L T l A lO ltE
D5
U47,
Gen
Asphalt
6S1916.AI-8
Keystone W atcliCase. 100
ljakeB El 1st gu5s’ 42Al-S
lim c tlv e S lo ch a
82 hi . . . . . .
9 8 Indianapolis B y 4a.1933
98
Leh Vail 'ITau v t O...50
Macon ByJfcLitlst68’ 0SJ-J
Cons CooiJb Iron. 100
23 8 23*4 Interstate 4s 1943 ..F -A •■M4H 69 8 A la
Breterrcd v t o ..........00
Alennphis
St 1st 6s’ 45 J-J
988 * * » r
B
ro
t............................100
C
k
>
86
8
Kevstonc Tel 6s 1930.J-J
...... ...... AIetSt(Wa8h)lat5s‘25F
Lit BroUiors................. 10
A
Atlanta Jb C h a rlotte..loo
La£e But) Corp Inc Os’ g4 O
57
Little Schuylkill.......... 60
Alt Ver Cot Duck 1st 6s.
7 7 8 *778
Atlan coast D (Conn) lo o 263 266
.
.
.
.
.
.
lu
i
_
_
Lehigh
Nav
4
8
s
T4.ti-J
---tw
r.
Miuelilli Jfc Scliuyl H ..50
95
90
pt N&O B 1st 5a’33 M-.N
Gon M 4 8 s g.l9 2 4 .Q -F 104 . . . . . . Canton Co...................100 116 1*20 N
H at Gas Elec L t & P o IU0 20
Nor JJBorTr lst5 s’ 30J-D
8 8 8 88*4
70
Leh V O 1st 6s g ’3 3 ..J-J 109 10*8 Cone c o t Duck C orp ...5 0
B re.erred................. lo o
N orfolk St 1st 6 s ’4 4 ..J-J lUo
B referred...................60
103
8
N D avou iron & s te e l.5
"in" North Cent4 8 s 1925 A-O 102 8 ___
Consol 6s 1923....... J-I) 117*4 . . . . . . Georgia Sou JJ F la ...100
Northern Central........ 50
Series A 6s 1926....J-J 107
113 95
1st pret....... ............ 100
......
Consol 4 8 s 1923...J -D
Nortlv Benusyiviinla..60
S enes B 6s 1926___J-J 107
80
2d
pret......................
100
76
.
.
.
.
.
.
i
’
4
'7
A
nnuity
Os..............J
-D
Benusylvama Salt....... 60 112 8 113 8
Bltt
Uu Trac 5s 1997.J-J lu2
2
G-B-S
Brewing..........
100
1
97 8 97 8
Pennsylvania aieel.,1 00
Boto Val 1st 6s 1041.-J-J 10a 110
B onds
B relorred................. lo o 100 106*4 Leh V Tran oon 4s ’35J-I) . . . . . . ........
Sav Fla JfcW est 6s ’34 A-O 110 111
Prices
are
all
“
and
........
.
.
.
.
.
.
lsrt8enesB
6s
1935.
Al-S
44 8 44k
Phlla. Co (Blits) p ret...60
Scab Jfc lioan es 1926. J-J
interest.”
9 7 ‘4 100
NatLIlJfc B serB 6 s’ 19J-J
Phil Gorman & N orris.60
Bound 1st 6s..A-O 106
Anaoostia JJ B o t5 s ....
101 1018 South
•piiiia T raction.............. 50
93
94
U El LJfcB 1st 4 8 s’29 M-N
A
tl
Coast
L(Ct)ctts
os
J-D
.
.
.
.
.
.
N
Y
Ph
Jb
No
l
s
t
4
s
’39
J
J
97 8
Ballways General....... 10
Un
B
y
* El 1 st4 s ’40 Al-S
8 68 b7
C
’tfs
of
lndebt
4
s
.
...
J
J
Incom e 4s 1939...Al-N ........ . . . . . .
0*8
Tonopah Belmont D ev .l
Incom e 4s 1040....... J-D
618 648
6-2U
yr
4s
1025......J
-J
.
.
.
.
.
.
.
.
.
.
.
.
NoOhioTrao
conos'lU.J
-J
243
United COS 01 N J -----100 211
5s 1036...J-D
888 8 8 8
Penn Jfc Aid Steel con 6s. 108 8 . . . . . . Balt C l’ ass 1st 6s ’ l l M-N 100*8 ibo*i V Funding
Unit Trac Buts proL_.6U
» Alld 2d ser 6s ’ ll.A l-S
Pa Jfc N Y Can 6s ’39. A-O ____ ........ Balt Fundg 68.1916 M-N~ 104 1048
W arwick 1ron JJ steel. 10
U76 10
3d senes 0s 1016..M-K 104 ,ro«
93
Exchange
3
8
s
1930
J-J
93
8
101
P
e
n
u
S
te
o
lls
t6
s
T
7
M-N
W ashington-Va B y ., lo o
4 18 41*4
4th ser 3-4-5s 1021.Al-S 106 ___
People’s T r tr certs 4s ’ 43
9 38 03 8 Balt Jfc B 1st 6s m 1’ l l A-O
P refern d ................. 100
6th serios 6s 1326. Al-S 105
B S B JfcO 1st4 83 ’ 63F -A
97 8 98
p Co IstJfc col tr 6s’49 Al-S 102 8 103
YTelsbachCO............ --100
88
87
Va (State) 3s new ’82.J-J
107
107
8
Balt
Trao
1st
6
s
..’29
M-N
.
.
.
.
.
.
09*4
ConJfc
col
tr
os
1961
Al-N
66
W est Jersey Jfc SoaSh.50
88
87
Fund debt 2-Ss 1001.J J
109
No
Balt
DIV
6s
1942
J-D
109
8
Phil Elec gold trdst ctfs. 103 103 8
Wfestmoreland Coal....50
81
8 1 8 Cent’l By con6sl932 Al-N 107*« 1088 W est N G con 6s 1914 J -J 105 1058
Trust certifs 4s.............
W ilkes Gas iV E lec..100
Wes Va OdfcP 1st 6g’ l l J J
E xt Jj Imp 68.1932 Al S
........
.
.
.
.
.
.
P
d
fc
E
gou
M
6
g
’20.
A-O
T o r k Hallway...............60
Chas Uity By 1st 6s’23 J-J 102 103 ' W il & Weld 6s-.1935.J-J 110 111
1 p r e fe r r e d .................. oU .........
........ ........
............Geu At 4s g 1920.. A JfcO ........ ******
...........
'"• B id a n d a s k e d ] n o s a le s o n t h is d a y . 1j E x -d l y . Jb rights. « (115 paid. *J12 V pald. 1 $13 8 paid, i $35 p ald ^ sR eceip t3.^ $25 p a id c$30 paid. d $42 8 p a l* .
222
THE CHRONICLE
V o lu m e o f B u sin e ss a t S to c k E x c h a n g e s
—
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Week ending
July 21 1911.
Shares.
Saturday __________
Monday ___________
Tuesday.____ ______
Wednesday ________
Thursday___________
Friday_____________
Total.
:
Par value.
53,960
141,237
248,376
456,342
240,125
221,623
Railroad,
&c..
Bonds.
*5.011,500
13.205,200
23,514,350
43,058,450
22.967,500
21,244.800
State
Bonds.
*701,500
1.567.000
3.198.000
5.854.500
4.533.000
2.707.500
$231,000
237.000
716.000
540.500
182.000
318,000
1,361,663 $129,001,800 *18,561,500 S2,224,500
Salts at
New York Stock
Exchange.
Week ending July 21.
1911.
1910.
Jan. 1 to July 21.
1911.
1910.
T
SA
-in
JU
m
<X
Z
"
Total bonds_______ 820,807,000 $6,264,000
$510,466,5Q0l *392,165.200
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
—
Week ending
July 21 1911.
Philadelphia.
Listed.
shares.
Unlisted
shares.
Bond
sales.
Listed
shares.
Saturday__________
Monday___________
Tuesday__________
Wednesday________
Thursday________
Friday____________
4,560
10,920
12,796
22,818
10,493
12,004
1,386
2,497
5,215
6,190
6,053
4,048
$8,000
25.000
37.000
16,500
11.000
23,000
7,249
11,036
15,747
18,945
12.321
10,495
Total....................
73 ,62li
25,389
$120,500
75,793]
Bond
sales.
Bid
Electric Companies
Chicago Edison Co—See Cli eago
Gr’t West Pow 5s 1946..J- .1 87 a Kings Co El L A P Co. 11 0 127
Narragan (Prov) El C o.. 50 *84
N Y A Q El L A Pow Co 1C3 53
Preferred.................... lc ) 73
United Electric of N J .. 10 ) 90
1st g 4s 1949..............J-J J 78
Western Power com___ 10 0 u3
62
00
. . Telegraph and Telephon
00 * Amer Teleg A Cable.. Id
. . e Central A So Amer___ 10
Comm’l Un Tel (N Y)__ 2
. . Empire A Bay State Tel 10
jo
— Franklin..................
90 e Gold A Stock Teleg.. 10
a Northwestern Teleg___ 5
Pacific A Atlantic.. . 2
a Pac Telep & Teleg pref 10
Southern A Atlantic..
2
Stocks—No. shares__
1 361,663
2,442,615
57,901,925
Par value_________ *129,001,800 *215.834,000 $5,161,900,000
Bank shares, par.___
S10.400
SI,900
$1,266,100
Bonds.
Government bonds__
$3,000
*21,000
*1,721,500
State bonds_________
890,000
2,224.500
75.488,500
5,371,000
18,501,500
R R. and mlsc. bonds.
433,256,500
0
0
0
0
0
0
0
[V O L . L X X X X I1 I.
Ferry Companies
B A N Y 1st 6s 1911___ J-.
N Y A E R Ferry stk__ 10
1st 5s 1922............ Jl-A
N Y A Hob 5s May '46 J-L
Hob Fy 1st 5s 1946..Al-N
N Y A N J 5s 1946........ J-,
10th & 23d St3 F erry... 101
1st mtge 5s 1919___ J-f
a 1st 53 1920_______ M-N
78
1IS
105
65
40
no
108
65
95
90
93
....
50
991
1051
98
25
58
93
Ask
list
88
129
87
50
78
93
79
35
Bid
Ask
Industrial and All seel
312 4I4
Consol Rubber Tire___ 100
Preferred___________ 100
2812
Debenture 4s 1951..A-O "42" 441a
a Crucible Steel________ 100 1278
c Preferred______ ..100
82
82*4
Davls-Daly Copper C o ...10
1
e Diamond Match ( o__ 100 105 1051*
duPont (E I) de Nem Po 100 145 155
a Preferred........ .......... 100 90
99
a Gold 4 Ms 1030___ J-D
8512 88
Electric Boat__________ 100 nlo
15
Preferred...................I100 »40
50
7934 Empire Steel...................100 10
15
120
Preferred.................. 100 50
55
115
a General Chemical...IIlOO 125 133
IB
a Preferred__________ loti 106 1071+
45
Gold III1I Copper_____ ” . . l
*»;«
S8
116
Greene-Cananea _ _J_11120
*7ig 733
115
Guggenheim Explor'nlllOO 195 200
75
e Hackensack Water Co
100
Ref g 4s '52 op 1912 _.J-J
83
87
95
Hall Signal Co com........ 100
8
12
Havana Tobaoco Co___ 100
3
5
Preferred........ ............ 100 10
16
100
1st g 5s June 1 1922 _J-D 1 54
58
Heckcr-Jones-Jewcll Milling
00
1st 6s 1922.................Al-S 102 10312
100
Herring-Hall-Mar new..100
15
25
- - - - Hoboken Land A Im p.. 100
1st 6s Nov 1030.............. 104 ‘ IO5I4
35
Houston Oil.......... .......... 100
8*4 878
05
Preferred
. .........
100 62
64
99
Short-Term Notes
Amat Cop 5s Apr 1 1913.. 1003* 1005*
American Cigar—
fOo, 1001*
Ser B 4s Mch 15 Y2..A1-S
Balt A Ohio 4 Ms 1913. J-t 1001 1001Bethleh Steel Os 1914..M-N 1003* lOOi.-?
991. 9912
Ches A Ohio 412s 1914.J-D
Chic A Alton 5s 1913..M-S 99"’s 100
Cin Ham A D 4s 1913. J-,
19
99I4
Erie 8s Apr 8 1914.. ADS 100*4 101
99
eGeneral Motors 6s'16 AAO
991*
Hudson Companies—
6s Oct 15 1911_____ A-O
09h 1003g
6s Feb 1 1913.......... F-A
98'- 09
6s Oct 15 1913— AA015
9812 99
Int A Gt No 6s Tr Co etts
97*2 0812
K C Ry A Lt 6s T3___ M-S
95
97
Minn A St L g 5s 1913..P-A U4*i 95*4
Mo Kan A Tex 5s May 1*13 99l2 U9«4
MoPactfic 5s 1914 . . _.J-D
971- 98
981« 985*
Nat Rys of Alex 4 M s'13J-D
a N Y C Lines Eq 5s 'll-'22 54'2% 4U%
4 Ms Jan 1912-1925..
6Uj% 4l4%
N Y Cent 4Ms 1914. . . m T IOOI4 ll)0l2
N Y N II A H 5.1 Jan 1912 10012 101
4Ms Mch 1 1912___ A|-S __
PuoservCorpNJ 5s '13.A-O 1001- 101
St L A S F 0.4 1913___ M-S
99
993s
5s June 1 1913 op t..J -D
981- OUls
South Ry g 5s 1913... F-A 10012 10034
Tidewater 6s, 1913, guar
10H- 102
Wabash 4 Ms 1913___ Al-N
96
97
West Telep A T 5« '12 F-A 1001- 101
Westlngh’se El A M 6s 1913 10134 IO2I3
a5% notes Oct 1917.A-O 95
9? i2
ingersoll-Rand com ...100
a Preferred-.............. 10O
Intercontinental Rubber 100
Internat'l Banking C o.. 100
International Nickel___ 100
Preferred.......... .
100
1st g 5s 1932......... .“..A -O
1st g 5s 1951.......... A-O
aternatlonal Silver___ 100
Preferred...... ..............100
1st 6s 1948............. J-D
100
100
X25I4 261*
95
25o"" 255
100 102
99 101
5
7 / 48
53
80 100
Xl 15 120
111 112
125
300 350
112 116
Preferred................. I100
ones A Laughlln Steel Co
1st 3 f g 5s 1939........Al-N 102 10214
371 40
8H, 82
a 1st con 5s 1950___ Al-S
O u tsid e S ecu rities
a Deb 5s 1915............ M-S
94
93
9312 9414
AU b o n d p r ic e s a r e n o w “ a n d in t e r e s t ” e x c e p t w h e r e m a r k e d " t . "
........ 100 204 268
al___ 50 255
«
Bid
145
Street Railway*
Street Railways
55
00
2d 0s 1019................ M-N
New York City
95
Pub Serv Corp N J (Con)—
*3
Keeck St A Ful Fy stk.100
21
IB
31!*
New'k Pas Ry 5s '3 0 ..J-J 107
82
1st mtge 4s 1950.......... J-J
83
60
70
Rapid Tran St R y___ 100 235 240
112 1131*
■ 'y 4 7th Avo stk______ 100 120 140
1st 5s 1021............ A-O 102
e
Exch list
2d mtge 5s 1914...........J-J 69 101
J C Hob A Paterson—
A
*10
IOI4
Con os 1943—See Stock Exo Hat
4s g 1949..............M-N
76
Preferred ......................50 *3414 341
B’way Surface 1st 5s gu 1924 10112 103
So J Oas El A Trac__ 100 133
A
111 114
Cent’l Crosstown stock.. 100
Gu g 5s 1953....... M-S
90
0812
A
102 104 ,
1st mtge 6s 1922___ M-N / so" 85
No Ilud Co Ry 6s 1914 J^J 10134
2
«
215 225
Cen Pk N A E Rtv stock. 100 10
20
5s 1928.................... J-J 103
+11,
A
Chrlstoph’l A 10th St stk 100 90 no
Ext 5s 1924.......... Al-N 100
»4
e
30
60
Col A 9th Avo 5s—See Stock Exc list
Pat Ry con 6s 1931..J-D 115
25
Dry Dock E B A B—
2d 6s opt 1914___ A-O 101t2
Railroad
a Preferred _________100
lit gold 5s 1932...........J-D 69>2 10112 3o Side El (Ohio)—See Ch lcago
60
Chic Peor A St L—
A
215 219
Scrip 5s 1914...............F-A / 39
40
Syracuse R T 5s 1946 ..Al-S 102
Prior Hen g 4 Ms '30.M-S / 90 ____ A
♦3
Blghth Avenue stock__ 100 250 310
5
Trent P A II 5s 1943...J-D
96
Con
mtge
g
5s
1930..
J-J
j
.
50
A
92
Scrip 6s 1914.............F-A / 96 100
97
United Rys ot St L—
/___
Income
5s,
July
1930.
10
A
*8l2 SH
*2d A Gr St F'y stock.. 100 200 225
103S
Com vot tr etts______100
Chicago Subway............ 100
(
3*2 4
*15jj l u ia
42d St M A St N Ave__ 100
413s
e Preferred................100
2 Northern Securities Stubs.
100 103
C
2d Income 6s 1915__ J-J / T o " 60
Gen 4s 1934—See Stock Exc
Pitts Bess A L E _______ 50 +34
36
1st g 5s 1943 op t___ F-A
0634 9714
Inter-Met—See Stock Exch ango list
Unit Rys San Fran—See Stk Exc
Preferred.............. ....... 50 *06
70
e
Lex Av A Pav I ’ 5s—See Stk Exc list
1>4 214
Wash lty A El Co.......... 100
441e Railroad Securities Co—
C
69
Metropol St Ry—See Stk Exc list
71
Preferred___________ 100 9U2
1
1
1
C
stk
tr
ctfs
ser
A
..
S2
90
95
Preferred....................100
1UJ 104
Ninth Avenue stock___ 100 150 175
4s 1951_____________ J-D 81*4
Seaboard Company—
r
*2034 307*
13
9
Second Avenue stock__ 100
1st
preferred..............
100
87
Preferred
.
8712
50
.50
*43
/
44
Consol 5s 1948______.F-A
Gas Securities
Com A 2d pref—See Bal t Exc list e
1031 - 1051*
I Sixth Avenue stock__ 100 120 126
West Pao 1st 5s 1933..Al-S 9212 93
1
50
75
65
8ou Boulev 5s 1945___ J-J
New York
55
Preferred....................100
90
70
75
So Fer 1st 5s 1919.......... A-O
Cent Un Oas 5s 1927___ J-J 10134
77
P
Industrial and Aliscel
Third Avenue RR—See Stk Exc list
102I2 105
Con Gas (N Y) —See Stock Exc
Adams Exp g 4s 1947..J-D
85
87
P
80
Tarry W P A M 5s 1928.. / 60
90 100
a Mutual Gas.......... ........ 100 17912
Ahmeek
Alining.
25
*175
185
r
Y ’kers St RR 5s 1946 A-O 80
83
tk Ex list
New Amsterdam Gas—
Alliance Realty.............. 166 125 135
1
2Sth A 29th Sts 5s '9 6 ..A-O / 15
21
112 114
1st consol 5s 1948___ J-J 10112
Amer Bank Note com— 60 *50'4 5H4 l
Twenty-third St stock.. 100 190 215
195 200
N Y A E R Gas 1st 5s '44 J-J 10412
Preferred....................50
*5212
5312
Preferred
____
II1
100
Union Ry 1st 5s 1942__ F-A 10212 104
xl06>2 103
Consol 5s 1915_______ J-J 102
American
Book—
101)
163
170
3
Westchester 1st 5s '43 J-J 65
119 11934
75
N Y A Richmond Gas.. 100 40
9
American Brass.............. ioo 121 124
49
Nor Un 1st 5s 1927___ Al-N 100
American Chicle com —100 270 280
S
2C0 265
Brooklyn.
e Standard Gas com___ 100
70
Preferred.................... 100 108 110
S
2
6
Atlan Avenue RR—
e l'refe-red _________ 100
93
10
Graphophone com ..100
Preferred.............. Ill 100
6
10
Con os g 1931............. A-O 1021S 10312
1st 5s 1930.................Al-N 105 106l2 Am
20
3
Preferred___________ 100
B B A W E 5s 1933___ A-O
98 102
Amer Hardware______ 100 138
1st M g 5s '31 red___ A-O / To" 10‘<
Brooklyn City Stock____ 10 165 170
Other Cities.
Am Afaltlng 6s 1914.. J-D 101 102
Adjust M 5s Apr 1 1931. / x
3
Con 5s—See Stock Exch ange list
Am Gas A Elcc coni____ 50 *57
90 100
Amer Press Assoc'n___ 100
S
42
46
Bklyn Hgts 1st 5s 1941 A-O 98 102
45
Preferred____________ 60 *x43
Am St Found new—See S tk Ex 1st
Preferred....................100 105 115 ;
Bklyn Queens Co A Sub
Amer Light A Tract___ 100 x302 305
e
6s 1935......................A-O 100 105
I6I4 18
« 1st g 5s '41 op 1916 .J-J
98 101
Preferred____ ______ 100 a:105 100
Deb 4s 1923................ F-A
601- 68l2
« Preferred........ ......... 100
61
* 1st con 5s '41 op '16 M-N 97
53
99
Amer Power A Lt com . 100 73
76
American Surety_______ 60 280 285
a 1st 5s 1930.............. M-N
88
Bklyn Rap Tran—See Stock Exc list
90
Preferred___________ 100 83
85
*5
American Thread pref___ 5
61- S
657 e60
Coney Isl A Bklyn____ 100
♦3,
£0
Bay State Gas...................50
05
390
Am
Tobacco
Co
com___
100
193
S
65
1st cons g 4s 1948___ J-J
83
73
651*
Blngb'ton (N Y) Gas Wks
52
Amer Type!’dors com__ 100
55
Preferred_________11100 106 107
: Con g 4s 1955________J-J
80
75
1st g 5s 1938________ A-O 95 100
S
Preferred.............. ..... 100 100 .02
10034 101Ij
Brk C A N 5s 193 9 ...J-J 98 101
Brooklyn Un Gas—See Stk Exc list
Deb
g
6s
1939..........
M-N
0013
991Kings Co El 4s—See Stock Exc list
Ere 'list
Buffalo City Gas stock.. 100
3*8 31 Amer Writing Paper___ 100
U2 21-j
1st 5s. See Chicago Stk Exc list
Nassau Elec pref_______100
1st 5s 1947—See Stock Exc list
^Preferred—See Stock Ex ■h’go 12-t
T sxas Company—Sen Stocks Exc list
5s 1914.......................A-O 103
Cities Service Co_______ 100 74
76
____
G
elst
a
f
g
6a
'D
red
105J-J
1’exas A Pacific Coal. 100 98 102
1st 4s 1951—See Stock Exc
Preferred___________ 100 81
83
Gif A W I SB Lines..lob
10
11
T itle Ins Co of N Y____ 100 125 136
H W ’b'g A Flat 1st ex 4Ms 90
Con Gas ot N J 5a 1936 .J-J
93
aa AtlPreferred............
....... 100
1012 20*i T
*5uie 6Ml*
Btelnway 1st 6s 1922__ J-J 100
Consumers' L II A Pow—■
Col tr g 5s 1959.......... J-J
09
70
T
4
8
5s 1938.......................J-D 100
Barney A Smith Car___ 100 «20
30
Preferred new ........ 1 .100
50
55
Other Cities
Denver Gas A Elec____ 100 190
Preferred
....................100
95
____
T
25
35
Buffalo Street Ry—•
Gen g 5s 1919 op___ Al-N
92l2
Bliss
Company
com___
50
85
05
el
Stk. x list
1st consol 5s 1931___ F-A 104
Elizabeth Gas Lt Co___ 100 300
Preferred............ ....... 50
124
26
U
40
, Deb 6s 1917...............A-O 104
Essex A Hudson Gas__ 100 138 143
Bond A AItge Guar____ 100 245
50
1st preferred________100 108 113
Columbus (O) St R y___ 100
821
Gas A El Bergen Co___ 100
83
85
Borden’s Cond Milk___ 100 120*2 28
2d preferred_________ 100 103 105
Preferred...... ..............100 9434
e Or Rap 1st 5s 1915 ...F -A
99 101
Preferred....................loo fiooi- 081- U
5612 58
Colum Ry eon 6s—See Phi la list
Hudson Co Gas............... 100 135 139
British Col Copper.
£
5
e Preferred__________100 104 106
Crosst’n 1st 5s 1933..J-D 10134 1021 Indiana Lighting Co___ 100
33
36
Butte Coalition Mining 15 ♦18
19
U
2
»Conn Ry A Ltg com__ 100
76
3
4s 1958 op...................F-A 6812 70
74
Casein Co ot Am com .. 100
2
212
Preferred___________ 100
10
e Preferred _________ 100 79
81
16
Indianapolis Gas............ 50
Preferred....................10O
40
53
U
unity__________ 100 215
1st A ref 4 Ms—See Stock Exc list
1st g 5s 1952...............A-O 80
91
Casualty Co of Amer.. 100 125
40
U
72
Orand Rapids Ry prof.. 100 82
75
85
Jackson Gas 5s g 1937..A-O J 96 100
Celluloid Co....................100 132
33
Preferred___________ 100 113 116
Loulsv St 5s 1930........ J-J 10578 IO6I3 a Lacledo Gas—See Stock E xch II St
t ynn
Cent Fireworks com___ 100
5
10
;;
02
A Bos 1st 5s 1924 .J-D 106 107
97
100
e Preferred..........
Preferred....................10U
15
40
Preferred___________ 100 105 n o
I New Orl Rys A Lgt__ 100
Madison Gas 0s 1926—’ "A-O 103
3214
Che3ebrough Affg Co___ 100 700
00
1st g 5s 1 9 1 9 ........... j . j 100 105
* Preferred.............
100 7 H2
Newark Gas 6s 1944...'.Q-J 128
eChlno
Copper
Co—See
Stoc
Exc
Con g 5s 1929...............j . j 95 100
list
Gen M g 4 Ms 1935—-See S tk Ex list Newark Consol Gas___ 100
97
City Investing Co_____ 100
65
___ e lU S Indust Alcohol
100 23
28
» Pub Scrv Corp of N J—See Stk E XI 1st
e Con g 5s 1018......... _"j-D 104
Preferred....................100
98
e Preferred_________ ^100 93
00
997*
Tr ctfs 2% to 6% perpet 106 107
No Hudson L H A Pow—•
e
Clallln
(II
B)
c
o
m
___
100
95
00
uI S Steel Corporation_"
t- Col tr g 6% notes '13 A-O 100l2 101
5s 1938— .................A-O 100
e 1st preferred_______100
90
95
Col tr s f 5s 1951 opt '11 . 113*4 1141*
f North Jersey St Ry_.10O 70
Pacific Oas A E, com__ lot)
02
63
e
2d
preferred...........
100
92
Col
tr
s
f
5s
'51
not
op
t..
11334 1141*
:
1st 4s 1948.............Al-N 77
Preferred...... .............. 100 3712 89
Col A Hock Coal A I pf.100
IIII Ur “ 'r,f Gu A Indcra___ 166 100
I Cons Tract of N J___ 100
Pat A Pas Gas A E lcc.. 100 92
73
94
l3t g 5s 1917.............. J-J
45
75
W
ster A Bronx Title
’
1st 5s 1933.............J-D 104
e Con g 5s 1949___ Al-S
10U2 IO2I4
Col
tr
64
Oct
1950___
J-J
45
75
A
Mtge
Guar___
100
160 160
St Joseph Gas 5s 1937..J-J
92
Consol Car Heating___ 100
64
66
W' “ h’ee Air Brake.. 50 *150
W
106
r * Psr share, b Basis. « Sells on Stock Exchange, but not very active. / F iat'prlce. n NouUuai.
i Sale price. ; New stock. * E x-dlv. * Ex-right*,
20,218
THE CHRONICLE
J u l y 22 1911. J
im r e s tm e u t
;
am i
^ a ilr c r a d
RAILRO AD
GROSS
223
lu te llig e m x *
EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
pan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
tolumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
July 1
L a test G r o s s E a r n in g s .
R O A D S
W e e k or
M o n th .
C u rren t
Y ear.
A la N O & T ex P a c$
S
N O & Nor E ast. June .
263, 211
283,159
1 Ala A V icksburg. June .
123 ,346 140,462
Vicks Shrev A P . June
119,601
102 ,274
Ala Tenn A N orth. M a y _____
8,911
10 330
Ann A rbor-------1st wk July
37,559
40 ,628
Atch Topeka & S Fe M a y _____ 8.783 ,037 ,091,484
Atlanta Birm & Atl 1st wk July
48,076
54 ,226
Atlantic Coast Line M a y ____ _ 2,588 ,314 ,416,092
a Baltimore A Ohio. M a y _____ 7.518 ,036 ,777,710
B & O Ch Ter K B May ,_____
106 ,591 112,613
Bangor A A roostook M a y _____
257 ,118 231,980
Boston A Maine___ M a y _____ 3,879 ,814 ,610,825
Bridgeton A S a c o .. May
4,390
3 ,907
Burr Koch A P lttsb . 2d wk July 202 ,165 190,311
Bullalo A Susq____ M a y _____
214 ,538 191,771
Canadian N orthern. 2d wk July 364 ,700 291,900
Canadian Pacific___ 2d wk July 2.170 ,000 ,928,000
Central o f G eorgia.. 2d wk July 212 ,900 238.000
Central of New J er. M a y _____ 2,540 ,160 ,409,531
Central V erm ont___ <\Dril..........
321 ,173 311,111
Ches A Ohio Lines. 2d wk July 610 317 567,808
Chicago A A lton ___ 2d wk July 326 ,287 278,548
Chic Burl A Quincy M a y _____ 6.056 ,602 ,817,653
p Chic Great W c s t .. 1st wk July 224 ,569 219,760
121 ,047 111,622
Chlc Ind & L ou lsv. 2d wk July
Chic Mllw A St Paul May _____ 5,040 ,679 ,304,851
Ch MU A Pug S d . M a y _____ 1.170 ,731 ,397,412
Chlc A North W est. M a y _____ 5,055 ,840 ,077,305
Chic St Paul M & O May _____ 1,185 ,300 .188,593
137 ,524 173,352
Chic T II A South E M a y _____
Cln Ham A Dayton May
810 ,203 783,171
Colorado M id lan d .. May _____
150 ,457
185,105
Colorado A S o u th .. 2d wk July 249 ,336 297,425
Copper R an ge. .
53 ,721
May
61,148
C o rn w a ll...........
May
15,673
16 ,929
Cornwall ALebanon May ._____
25 ,337
35,336
Cuba R ailroad_____ M a y .......... 267 ,507 232,401
Delaware & Hudson M a y _____ 1,821 ,045 ,736,557
Del Lack & W est.. M a y ......... 3,110 ,664 ,079,225
' Denv A R io Grande 2d wk July 437 ,100 446,100
Denver N W A Pac 4th wkMay
22,520
23 ,248
Detroit T ol A Iront 2d wk July
38 ,112
32,670
22 ,377
23,190
Detroit A Mackinac 2d wk July
696 ,032 001,923
ui A Iron R a n g e .. M a y _____
Bul
65 ,862
69,727
Sou Sh & A t l .. 2d wk July
617 ,865 698,064
El Paso & Sou West May
Erie ............. ............ M a y _____ 4,834 ,975 ,506,138
1,770
1 ,848
Fairchild & N E . . . May
89 ,308
79,911
1Fonda Johns A Glov May
238 ,020 221,249
Georgia Railroad . . May
■Grand Trunk S y s t.. 2d wk July 094 ,800 021,045
Grand Trk W est. 4th wk Jun 161 ,206 151,835
50,110
59 ,605
Det Gr H A Mllw 4th wk Jun
65,576
Canada A tlantic. 4th wk Jun
68 ,365
Great Northern Syst J u n e _____ 5.518 ,223 ,039,486
159,844
166 ,218
Gulf & Ship Island. M a y _____
567 ,446 680,503
H ocking Valley____ M a y _____
Illinois Central____ J u n e _____ 4,845 387 ,646,852
154.000
135 000
Internat A Gt N or. 2d wk July
a Interoceanlc M ex. 2d wk July 149 752 144,419
58,434
59 635
Iow a Central___
2d wk July
Kanawha A M ich .. M a y .......... 268 721 243,887
Kansas City South. J u n o _____
771 842 860,684
K C Mex A O rien t.. June
129 043 141,518
Lehigh V alley......... M a y _____ 3.519 ,574 ,180,360
Lexington A E a s t .. M a y _____
55,825
54 ,547
Louisiana A A rkan. M a y _____
125 ,139 114,881
Loulsv Hend A St L May
88,006
101 ,479
s Loulsv A N a sh v .. 2d wk July 062 ,185 965,525
Macon A Blrm'ham June
0 ,010
9,805
May
Maine C en tra l..
762 ,842 745,491
39 ,417
Maryland A Penna. May
33,805
195 ,300 207,700
a Mexican R ailw ay. 4th wk Jun
2d wk July
13 ,422
Mineral R a n g e ..
13,355
86 ,247 108,234
MInncap A St Loul3 2d wk July
Minn St P A S S._\ 2d wk July 456 ,114 444,010
Chicago Division]
74 ,808
74 ,164
Mississippi Central. M a y _____
« M o Kan A T exas. 2d wk July 454 ,134 463 950
Missouri Pacific____ 2d wk July 1,018 ,000 914 ,000
Nashv Chatt A St I. M a y _____ 1.057 ,748 1,006 ,508
a Nat R ys of M e x .l. 2d wk July 1,235 ,142 1,273 ,320
8 ,426
6 ,324
Nevada-Cal-Oregon 1st wk July
3 ,850
6 ,643
N evada Central____ M a y _____
146 ,028 153 ,871
N O Great Northern May
29 ,685
32 ,863
N O Mobile & Chic, Wk July 1
e N Y C A Hud R lv M a y ......... 8,446 ,205 8,332, ,291
Lake Shore A M S M a y _____ 3,911, ,375 4,037, ,468
435 ,702 415, 140
n Lake Erie A W . May _____
315, 992 273, 213
Clilc Ind & South M a y _____
Michigan Central. May ......... 2,337, 910 2,354, 760
Cleve C C & St L . M a y _____ 2,444, 884 2,321, 003
Peoria & Eastern lay .........
269, 257 282, 087
98, 515
92, 195
Cincinnati North. M a y _____
Pitts A Lake Eric M a y _____ 1,235, 078 1,525, 159
877, 445 808, 878
N Y Chic A St L . M a y _____
373, 434 430, 366
T ol A Ohio C cnt. May .........
T ot all lines above M a y _____ 20739 483 20968 970
N Y N II A H a rtf.. M a y ......... 5,170, ,669 5,391 ,264
to L a te st
C u rren t
Y ear.
P re v io u s
Y ear.
,595.917
,773,831
,487,367
110,613
40,628
,223,696
54,226
,290,326
,083,295
,333.891
,890,065
,952,054
47,178
354,812
,170,144
711,250
,266,000
441.000
,705,373
,271,978
,104,776
583,972
,284,819
224,569
238,157
,793,730
,252,515
,516,340
,874,405
,802,712
,733,701
,772,164
477,455
631,693
152,702
301,178
,796.096
,205,433
,737,063
872,600
955.556
64,414
46,024
,502,451
133,718
,634,539
,740,311
21,528
864,420
,000,474
,937,895
,249,329
,067,765
,968,319
,215,090
,851,228
,589,161
,474,767
261.000
306,90«
111,753
,835,634
,125,583
,852,231
,999,731
481,832
,334,320
,119,037
,910,200
152,211
,233,137
404,736
,510,300
26,323
179,980
914,966
844 ,177
903 ,790
1,910 ,000
11.371 ,805
2,385 ,608
6 ,324
77 ,320
1,555 345
1,801 ,214
92,900 ,904
44,500 ,157
5,059 ,901
3,394 233
27.372 037
28,218, 330
3,266, 375
1,140, 100
14,383, 923
10,226, 567
4.606 ,887
187386, 825
56,580 ,574
D a te.
P re v io u s
Y ear.
S
,502,904
,704,019
,452,857
79,339
37,559
,534,165
48,076
,615,290
,812,497
,160,031
,763,501
,692,973
46,985
380,623
,011,490
586,700
,950,000
460,600
,724,464
,144,156
,057,647
527,625
,769,043
219,760
231,756
,279,555
,598’,873
,810,686
,678,089
,615,502
,153,807
580,903
676,643
186,318
400,091
333,138
322,737
,811,824
868,300
882.815
62,686
48,160
237,221
132,889
,769,955
,197,290
23,207
825,460
822,503
,800,407
,190,854
,001,871
,044,776
,446,018
,041,120
,053.780
,346,975
300,000
807,508
113,321
,522 356
,723,878
,747,940
,015,051
430,228
,209,022
,080,450
,846,915
148,088
,146,916
376,707
,132,600
24.471
200,712
002,192
811,965
010,852
1,730 000
10,610,055
2,415,035
8,426
54,080
1,352,791
1,669,405
80,174,797
44,385,222
5,024,577
3,482,572
26,419,574
26,032,303
3,003,171
1,137,473
15,733,288
10,035,316
3,071,073
231423 076
55,265.485
July 1
L a te st G r o s s E a r n in g s .
R O A D S .
W e e k or
M o n th .
N Y Ont A Western May
N Y Susq A W e s t .. May
N orfolk S o u th e rn .. May
Norfolk A W estern. May
Northern P acific___ May
Pacific Coast C o___ MayPennsylvania R R __ May
Balt Ches A A tl. May
Cumberland V ail. May
L ong Island_____ May
Maryl’d Del A Vu May
N Y Phlla A Norf May
Northern Central. May
Phlla Balt A W __ May
W Jersey A Seash May
Pennsylvania C o ___ May
Grand Rap A Ind May
Pitts Cln o n A S tL May
V a n d a lla _______ May
Total lines...........
East PItw A E . May
W est Pitts A E May
All East A Wes May
Pere Marquette____ May
Raleigh A Southport May
Reading Company
Phlla A R eading. May
Coal A Iron C o .. May
Total both cos___ May
Rich Fred A Potom May
R io Grande June___ April .
R io Grande South_ 2d wk July
R ock Island L ines. _ May .
R u t l a n d __________ May _
St Jos A Grand Isl. May .
St Louis A San Fran May _
Chic A East 111.. May _
/ Evansv A Ter H May .
Total all lines___ May .
St L R ock y Mt A P . May .
St Louis Southwest. 2d wk July
San Ped L A A S L . May .
Seaboard Air L ine. . 1st wk July
Southern Pacific Co May .
Southern Railw ay__ 2d wk July
Mobile A O h i o . .. 2d wk July
Cln N O A T P a c. 1st wk July
Ala Great South. 1st wk July
Georgia Sou A Fla 1st wk July
Tenn Ala A Georgia 1st wk July
Texas A Pacific____ 2d wk July
Tidewater A W e st. April .
T oledo Peor A W est 2d wk
T oledo St L A W est 2d wk
Tom blgbee V a lle y .. May _
Union Pacific S y st. May .
Virginia A So W est. May .
W a b a s h ___________ 2d wk July
Western M aryland. May .
Wheeling A Lake E May .
W ichita Falls A NW April _
W rlghtsv A T e n n .. May .
Y azoo A Miss V a lle y 'J u n e _____
w
V a rio u s F is c a l
D a te.
P r e v io u s
Year.
C u rra n t
Y ear.
P re v io u s
Year.
791 ,108
340 ,481
257, ,812
2,951, ,246
5,091, ,858
596 ,065
13240, ,683
21 ,621
234, ,597
951, ,670
9 764
297 098
1,102, 313
1,655, ,820
511, ,221!
4,120, 104
358, 706
3,106, 190
771, 29.;
S
752,985
280,241
228.264
3,052,690
6,559,387
638,623
13411.310
27,487
273,358
897,380
10,740
317,122
1,035,916
1.711.310
477,069
4,816.621
412,010
3,308,530
825.265
S
8,497 ,466
3,556 ,859
2,697, ,260
32,661, ,912
59,852, ,579
7.120, ,582
144312, ,118
244, ,944
2.781, 896
9.120, 542
110, 676
3,073, 788
11,862, 495
17,440, 118
5,582, 434
46,613, ,606
4,695, 003
35,824, ,313
9,626, ,155
7,785,924
3,186,068
2,444,977
32,061,947
67.750,744
7,182,884
146.536218
238,535
2.704,766
8,488,788
115,808
3,007,427
11,716,579
16,510,159
0,077,964
48,315,89b
4,686,260
36,293,416
8,960,144
19208,372
8,722,673
£7931,045
1,281,126
15,900
19418.060
9,717,272
29135.331
1,322,130
12,000
14,696,030
146,181
4,061,254 4,025,723
2,956,714 2.983.331
7,017,968 7,009,054
241,110 245,850
75,144
81,177
0,336
13,125
5,155,627 4,931,411
292,352
294,953
142,758
125,925
3,301,176 3.170.249
013,898 779.301
194,411
200,852
4,409,485 4,150,401
160,782
182,858
197,870
181,419
851,916 303,209
411,0561 391,506
10610 022 11459127
1,014,559 1,064,662
197,058
187,652
162,951
160,162
75,790
73,503
43,567
43,864
2,272
1,889
239,404 252,934
8,578
7,218
18,956
20,767
77,508
71,293
7,738
7,048
6,963,095 7.535.249
126,386
87,678
521,478
524,760
607,345 647,823
579,446 593,702
21,149
69,477
17,682
18,670
725,765 726,336
41,488,367
31,239,235
72,727,602
2,101,475
881,019
23,382
60,179,709
2,929,147
1,497,987
38,020,133
10,809,617
2,259,233
51,088,983
1,793,248
398,504
5,603,893
391,506
123728194
2,175,358
366,662
162,951
73,503
43.864
1.889
489,454
67,443
38,025
135,249
77,886
82,719,139
1.105.607
1,048,013
6,492,179
6,305,246
221,748
287,069
10,181,454
P er io d .
P r e v io u s
Y ear.
Y ea rs.
D e la w a r e A H u d s o n _____________
N Y C e n tr a l A H u d s o n R i v e r e .
L a k e S h o r e A M ic h ig a n S o u t h
L a k e E r ie A W e s t e r n n ______
C h ic a g o I n d i a n a A S o u t h e r n .
M ic h ig a n C e n t r a l_______________
C le v e C ln C ffic a g o A S t L o u is
P e o r i a A E a s t e r n ______________
C in c in n a t i N o r t h e r n __________
P i t t s b u r g h A L a k e E r i e ______
N e w Y o r k C h ic a g o A S t L o u is
T o l e d o A O h io C e n t r a l_______
T o t a l a ll l i n e s . . ______ _________
P e n n s y lv a n ia Railroad________
B a lt i m o r e C h e s a p A A t l a n t i c .
C u m b e r la n d V a l l e y ____________
L o n g I s l a n d . . ..............................
M a r y l ’ d D e la w a r e A V i r g i n ia .
N Y P h ila d e lp h ia A N o r f o l k . .
N o r t h e r n C e n t r a l _______ ;______
P h il a d e l p h i a B a lt A W a s h . . .
W e s t J e r s e y A S e a s h o r e ______
P e n n s y lv a n ia Company________
G r a n d R a p i d s A I n d i a n a _____
P i t t s C ln c in C h ic A S t L o u i s . .
V a n d a l l a ________________________
T o t a l lin e s — E a s t P it t s A E r ie
W e s t P i t t s A E r ie
A ll lin e s E A W .
R i o G r a n d e J u n c t i o n _____________
R u t l a n d ___________________________
T e x a s A P a c i f i c ___________________
to L a te st
C u rren t
Y ear.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Jan
to
to
1 to
to
to
to
to
1 to
to
to
to
to
to
to
to
to
to
to
1 to
1 to
1 to
_ to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
April
May
July 14
S8.443, ,368
39,963, 315
18,793, ,076
2.117, 546
1,580, ,324
11,664, ,628
11,976, ,595
1,322, ,067
441, ,790
5.614, ,845
4,437, 214
1,682, 589
99,593, 989
62,403, 693
80, ,200
1,145, ,382
3,659, ,428
38, ,018
1,299, ,740
5,202, ,138
7,480, ,980
2,025, 255
18,210, 577
1,960, 032
14,951, 611
3,973, 710
87,917, 544
40,881, 427
128798 071
345, 393
1,266, 009
7,392, 010
58,021,554
33,576,707
19,519,334
2,147,930
1,685,944
11,594,479
11,782,675
1,312,668
484,415
6,676,983
4,630,583
1,660,055
100071,773
65,124,287
84,531
1,228,353
3,408,400
37,738
1,332,358
5,122,168
7 412,157
1,909,670
20,547.550
2,018,196
16,432,930
4,004,894
90,427,277
44,073,716
135100 993
389,794
1,196,773
7,920,129
AGGREGATES OF GROSS EAR N IN G S— W eekly and Monthly.
"W e e k ly S u m m a r ie s .
st
d
d
th
st
d
d
th
st
d
week
week
week
week
week
week
week
week
week
week
May
May
May
May
June
Juno
June
June
July
July
(45
(44
(42
(47
(43
(43
(41
(40
(43
(34
road s)____
roads)____
roads)
roads)____
roads)
road s)____
r o a d s ).,
roads)
road3)___
roads)____
C u r 'n t
Y e a r P r e v 's
5
12,740,745
12,801,714
12,714,017
19,008,495
12,949,540
13,444,268
13,605,015
18,934,412
13,136,803
12,045,163
Y ea r
13,095,725
13,105,414
13,222,359
19,029,243
13,155,850
13,775,015
13,716,230
18,396,034
12,834,623
12,266,860
In c . or D ec.
%
S
— 354,080 2.71
— 300,700 2.29
— 508,342 3.84
+ 39.252 0.21
— 206,301 1.57
— 330,747 2.40
— 111,215 0.81
+538,378 2.04
+ 302,180 2.36
+ 379,303 1 3.09
M o n th ly S u m m a r ie s.
M ile a g e C u r r. Y r .
S e p te m b e r..240,678
O c to b e r____ 241,215
N ovem ber. .241,272
December ..24 1 ,3 3 4
J a n u a r y ___242,479
F eb ru a ry___242,640
March______ 242,685
A p r i l ............ 236,793
M a y .............. 236,230
J u n e ______ 88,198
P rev. Y r.
237,809
237^35
237,545
238,080
238,866
238,603
238,941
233,082
232,503
86,262
C u r’ nt
Y e a r 'P r e v 's
Year
S
1
S
258,647,702 246,335,586
263,464,605!260,821,540
248,553,120,247,564.470
23'C,835,304 220,870,151
215,057,0171210.808,247
199,035,257,202,492,120
226,99 7,481'238,336,609
215,799,0791223,245,128
226,442.8181231,066,896
64,144,4861 63,787,090
In c. or D ec.
S
+ 10,312,116
+ 2,643,059
+ 994,650
+ 15,965,153
+4,248,770
— 3,456,803
— 11,339,128
— 7,446,049
— 1,624,078
+357,396
%
4.49
1.01
0.50
7.23
2.01
1.78
4.76
3.33
1.99
0.56
tolng a Canadian road, does not make returns to the Inter-State Commerce Commission. / Includes Evansville A Indiana R R . a Includes the C leve>nd Lorain A Wheeling R y. in both years, n Includes the Northern Ohio R R . P Includes earnings of Mason City A F t. D odge and W isconsin M lnnepta A Paclflo. s Includes Louisville A Atlantto from July 1 1909 and the Frankfort A Cincinnati from N ov. 1 1903. 1 Includes the M exloaa Inter*
ktlonal from July 1910. u Inoludes the Texas Central In 1911.
THE CHRONICLE
224
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second week
of July. The table covers 34 roads and shows 3.09% in
crease in the aggregate over the same week las tyear.
Second week o) July.
Buffalo Rochester & Pittsburgh
Canadian N orthern____________
Canadian P a c ific --........... ...........
Central of Georgia_____________
Chesapeake & O hio____________
Chicago & A lton _______________
Chicago Ind & Louisville______
Colorado & Southern___________
Denver & R io Grande__________
Detroit & M ackliyic....... .......... .. .
Detroit T oledo & Ironton______
Duluth South Shore & Atlantic
Grand Trunk of Canada______
Grand Trunk W estern _____
Det Grand Haven & Milw_ Canada A tla n tic___________
International & Great Northern
Interoccanlc of M exico_________
Iow a Central _____ ____________
Louisville & Nashville__________
Mineral R an ge_________________
Minneapolis & St Louis------------Minn St Paul & S S M ------------- 1
Chicago D ivision___________/
Missouri Kansas & T exa s---------Missouri Pacific------------------------Mobile & O h io ..........................
National Railways of M exico___
R io Grande Southern — ......... ..
St Louis Southwestern..............
Southern R ailw ay_____________
Texas & P acific. _____________
T oledo Peoria & W estern______
Toledo St Louis & W estern____
W abash________________________
Total (3-4 roa d s)---------------
1911.
1910.
Increase.
3
202,165
364,700
2,170,000
212,000
610,317
326,287
121,047
249,336
437,100
22,377
38,112
65,862
s
190,311
291,900
1,928,000
238,000
567,808
278,548
111,622
297,425
446,100
23,196
32,670
69,727
$
11,854
72,800
242,000
994,800
921,045
73,755
135,000
149,752
59,035
062,185
13,422
86,247
456,114
154,000
144,419
58,434
905,525
13,353
108,234
444,019
454,134
1,018,000
197,058
1,235,142
9,336
181,419
1,014,559
239,404
20,767
77,508
521,478
463,950
914,000
187,652
1,273,320
13,125
197,870
1,06 1,662
252,034
18.956
71,293
524,700
12,646,163 12,260,860
42,509
47,739
9,425
5,442
5,333
1,201
67
12,095
104,000
9,400
1.811
6,215
$
2 5,i66
48,089
9,000
819
3,340
21,987
38.178
3,789
16,451
50,103
13,530
3,282
645,652
379,303
266,349
For the first week of July our final statement covers 43
roads and shows 2.36% increase in the aggregate over the
same week last year.
Elrst week o) July.
1911.
1910.
Increase. Decrease.
$
8
12,357,098 12,074,392
73,503
75,796
48,070
5 ',226
162,951
160;i02
30,016
26,302
43,864
43,567
8.420
6,324
391,500
411,056
1,889
2,272
3
434,045
2,293
6,150
Total (43 ro a d s)........................ 13,136,803 12,834,023
Net Increase (2 .3 6 % )__________
462,421
302,180
Previously reported (35 roa d s).
Alabam a Great Southern__
.
___
A tlanta Birm & A tlantic.
Cine New Orl & Texas PacUlc__
Georgia Southern & Florida____
N cvada-Callfornia-Orcgon ____
Seaboard Air Line. __ _______
Tennessee A labam a & G eorgia ..
19,550
383
$
151,339
2,789
3,714
297
2,102
100,241
Net Earnings Monthly to Latest Dates.— In our “ Railway
Earnings” Section, which accompanies to-day’s issue of the
“ Chronicle” as a special supplement, we print the May
returns of earnings and expenses (or in the absence of the
May figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of
instances these figures differ from those contained in the
monthly .statements given out by the companies themselves
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. We bring together
here (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re
turns of such roads (even where the figures correspond exactly
with those in the Inter-State Commerce reports) which go
beyond the requirements of the Commission and publish
their fixed charges in addition to earnings and expenses, or
(3) which have a fiscal year different from that of the Inter
State Commerce Commission, in which latter case we insert
the road so as to show the results for the company’s own year.
We likewise include (4) the few roads which operate entirely
within State boundaries, and therefore do not report to the
Federal Commission, and (5) Mexican and Canadian com
panies. We add (6) the roads which have issued their own
statements for May, but have not yet filed any returns
for that month with the Commission. Finally (7) we give
the figures for any roads that have already submitted their
June statement.
------ -Gross Earnings--------- Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
8
S
S
A tch Top & Santa P e.b -M a y 8,783,037 9,091,484 72,769,343
.....................................
72,754.581
July 1 to May 3 1 ______ 99.223,696 96,534,165,733,881,149431,790,71 5
231,980
106,422
Bangor & A r o o s t o o k ...M a y
257.118
80,807
1,038,900 1.127,635
July 1 to May 31______ 2,896.065 2,703,501
8,004
2,658
Bellcfonte C e n tra L b .-.J u n e
6,753
2,166
5,682
39,274
Jan 1 to June 3 0 ______
34,966
6,460
929
Bridgeton & Saco River.M ay
3,907
4,390
1.155
July 1 to May 31______
47,178
13,146
46,985
13,225
136.981
B ull Roeh & Ptttsb. I). .M ay
706,217
810,572
204,641
July 1 to May 31______ 8.372,250 8,097,301 2,819,647 2,798,966
Canadian N orthern--------May 1,445,600
403,200
1,224,900
368,600
July 1 to May 31-----------13,733,900 11,592,000 3,487,000 3,334,100
Canadian P a cillc .a ------- May 9,312,057
8,378,1 14 2,944,085 2,556.264
July 1 to May 31........ ..94 ,6 8 8 ,1 5 8 86,181,671 33,675,160 31,122,040
1,147,193 1,024,161
Central ot New Jersey b .M a y 2,540,160 2,409,531
July 1 to May 31_______26,705,373 25,724,464 11,453,179 11,677,135
Chesapeake & O h lo .b -.M a y 2,575,507 2,549,711
814,908
891,833
July 1 to May 31............ 29,888,864 28,721,609 9,940,965 11,470,304
Hoads.
[VOL. LXXXXI1I.
-------Gross Earnings
Current
Year.
Year.
$
$
Chicago Gt W e ste rn .b .-M a y 1,055,215 1,052,760
July 1 to May 3 1 ........... 11,580,705 11.071,703
Colorado & S ou th ern .b .M a y 1,104,879 1,370,480
July 1 to May 31_______14,763,706 15,424,743
267,507
Cuba R R ...........................May
232,401
July 1 to May 31............ 2,796,696 2,333,138
Delaware & H udson. b .M a y 1,821,045 1,736,557
Jan 1 to May 31______ 8,443,368 8,021,554
Denver & R io G ran d e.a .M a y 1,914,805 1,922,198
July 1 to May 31______ 21,494,138 21,560,651
Duluth So Sh & A t l.b - .M a y
262,615
298,112
2,999,160
July 1 to May 3 1 .. 2,853,120
E rie .a ___________________ May 8,434,975 4,506,138
July 1 to May 31______ 51,740,311 50,197,299
221,249
Georgia R R . b -----------------May 238,629
July 1 to May 31______ 3,000,474 2,822,503
Grand Trunk of Canada—•
Graud Trunk R y ______ May 3,060,055 2,850,149
July 1 to May 31----------31,785,534 30,742,705
Grand Trunk Western May
528,258
532,881
July 1 to May 31______ 5,806,453 5,71 1,054
Det Gr H av & MIlw__May
167,894
165,947
July 1 to May 31______ 1,866.065 1,848,190
Canada A tlan tic______ May 185,413
176,167
July 1 to May 31______ 1,760,885 1,878,487
Illinois C entral.a . ........... May 5,062,271 4,058,337
July 1 to May 31_56,629,380
53,700,123
553,867
g Intoroceanlc of M ex__ May
725,281
July 1 to May 31______ 8,078,648 7,807,181
Kansas City S o u t h .b __ June
771,842
860,684
July 1 to June 30______ 10,125,583
0,723,878
Loulsv Ilend & St L .a .- M a y
101,479
88,006
July 1 to May 31______ 1,119,037
1,080,450
Mineral R a n g e .b ______ May
63,132
63,900
July 1 to May 31............
686,617
763,702
Minn St Paul & S S M .a .M a y 1,075,621
1,196,040
July 1 to May 3 1 ______ 12,034,211 14,068,812
Chicago Division--------May
700.058
798,061
July 1 to May 3 1 . ____ 8,142,306 8,132,603
Missouri Kan & T c x a . - M o v 2,003,127 1,903,990
July 1 to May 3 1 _____‘.26,879,126 24,593,195
Missouri P a cific.!)______ May 4,345,859
4,310,238
July 1 to May 3 1 ______ 48,647,497 48,795,127
0 National R ys of M e x ..M a y 3,631,581
5,690,016
July 1 to May 3 1 _____.56,502,565 55,453,667
33,064
N cv ad a -C al-O regon .b-. May
31,832
306,641
July 1 to May 3 1 _
414,030
C N Y Cent & Hud R iv .b M a y 8,446,205 8.332.291
Jan 1 to May 31______ 39,963,315 38,576,707
Lake Shore & M S .b .M a y 3,911 375 4,037,468
Jan 1 to May 31______ 18.793 076 19,519,334
415,140
e Lake Eric & W cs t.b May
435,702
Jan 1 to May 3 1 ______ 2,1 17 546 2,147,930
273,213
Chic Ind & S o u th -b .-M a y
315.992
1,685,944
Jan 1 to May 31______ 1,580,324
Michigan C e n tra l.b .-M a y 2,337,916 2,354,760
Jan l to May 31_____ .11,664.628 11,594,479
Cleve Cln Chic & St LbM ay 2.444,884 2.321,093
Jan 1 to May 31______ 11,976,595 11,782,675
282,087
Peoria & E a s te rn .b .-M a y
269 257
Jan 1 to May 31______ 1,322,067 1,312,068
98,515
Cine N orth e rn .b ......... May
92,195
484,415
Jan 1 to May 31______
441,790
Pitts & Lake E r ie .b .-M a y 1,235.078 1.525,159
Jan 1 to May 31________5,614,845 0,676,083
898,878
N Y Chic & St L .b .- . M a y
877,445
Jan 1 to May 3 1 ......... .. 4,437,214 4,630,583
430,366
Toledo & Ohio C e n .b -M a y
373,434
Jan 1 to May 31______ 1,682,589 1,660,055
Total all lln e s.b --------May20,739,483 20,968,970
Jan 1 to May 31______ 99 593 989 100071,773
N Y Ontario & W cS t.a.M a y
791,108
752,985
July 1 to May 3 1 ______ 3,497,468 7,785,92 1
N Y Susq & Western a .M a y
3 10,481
280,241
July 1 to May 31 --------- 3,556,859 3 186,068
Norfolk & W estern -b .-M a y 2,951,246 3,052,690
July 1 to May 3 1 ........... 32,661,912 32,061,947
038,623
Pacific C o a s t ............— May
596,065
July 1 to May 31---------- 7,120,582 7,182,884
Pennsylvania Lines—
13.411,316
65,124,287
21,487
Balt Clics & A tla n .a .-M a y
21,621
84,531
Jan 1 to May 31---------80,200
273,358
Cumberland V a lley.a -M ay
234,597
Jan 1 to May 31---------- 1,145,382 1,228,353
897,380
Long Island.a _______ May
951,670
Jan 1 to May 31---------- 3,659,428 3,408,400
10,740
Maryland Del & V a.a.M ay
9,764
37,738
Jan 1 to Alay 31---------38,018
317,122
N Y Pill la & N o r f-a .-M a y
297,098
Jan l to May 31______ 1,299,740 1,332,358
Northern C entral.a .-M a y 1,102,313 1,035,916
Jan 1 to Alay 31---------- 5,202,138 5,122.168
Pbila Balt & W a s h .a .M a y 1,655,820 1,711,310
Jan 1 to May 31---------- 7,480,980 7,412,157
W Jersey & S e a s h .a .-M a y
511,229
477,960
Jan 1 to Alay 31---------- 2,025,255 1,909,670
Pennsylvania Co. a ____ May 4,120,104
4,816,621
Jan 1 to May 31______ 18,210,577 20,547,550
412,010
Grand Rap & Ind a . -Alay
358,706
Jan 1 to May 3 1 --------- 1,969,032 2,018,196
Pitts Cln Ch & St L .a -M a y 3,106,106 3,308,530
Jan l to Alay 3 1 _____ 14,951,611 16,432.930
825,265
V andalla.a ... _____ Alay
771,293
Jan I to May 31........... 3.973,710 4,004,894
T ot East of P & E .a Maylfi.208,372 19,418,060
Jan t to May 3 1 ______ 87,917,544 90,427,277
Tot West of P <* E a Alay 8,722,673 9,717,272
Jan l to Alay 31 --------- 40 881,427 44,073,716
Grand tot all l!n es.a Alay27,931,045 29,135,331
Jan 1 to May 3 1 _____128,798,971 135100,993
1,322,130
Pcre .Marquette, b ........... Alay 1,281,126
July 1 to Alay 3 1 .......... 14,644,094 14,696,030
Reading Company—
Phlla * R e a d in g .b .._ A la y 4,061,254 4,025,723
July 1 to Alay 3 1 ______ 41,841,579 41,488,367
2,983,331
Coal & Iron C o . b __ M ay 2,056,714
July 1 to May 3 1 ______ 32,212,420 31,239,235
T otal both c o s .b ........ Alay 7,017,968
7,009.051
72,727,602
Hoads.
— Net EarningsYear.
Year.
S
S
239,435
197,680
2,930,188 2,706,421
393,751
382,444
5,104,807 5,497,969
115,068
118,792
996,715
1,252,330
705,854
729,799
3,042,004 3,120,907
624,775
553,155
5,997,662 0,235,314
74,112
59,990
799,789
933,548
1,544,530 1,274,477
14,557,086 14,178,670
40,327
32,756
750,706
744,448
1,019,045
8,090,151
43,068
1,116,324
8,030
241,281
8,273
148,310
908,206
13,320,121
120,026
2,908,431
283,294
3,623,154
18,091
215,336
4,394
30,674
207,624
3.619,450
124,829
1,701,185
485,396
0,963,722
462,609
11,289,321
598,625
20,840,803
11,697
93,935
2.550,774
9,254,562
1.113.777
5,089,094
65,571
293,306
72,773
358,302
640,404
2.483 206
573.179
2,463.202
50,685
192,221
5,742
28,365
595,525
2,642,815
208,911
1,013,143
98,621
357,594
5,975,902
24,175,810
246,712
2,293,344
122,605
1.222,728
1,043,025
11,712,633
11 1,464
1,211,736
1,028,778
7,801,548
88,083
1,393,717
14,113
408,357
18,980
299,406
680,155
11,101,265
256,972
2,797,051
281,235
3,340,972
3,539
277,636
def2,525
82,788
401,643
5,893,340
231,286
2,451,827
299,899
6,122,275
1,194,009
14,194,012
2,541,489
22,193,952
13,408
213,230
2,297,872
8,919,013
1,042,478
5,930,258
40,393
460,909
04,547
504,930
647,105
3.357.807
359,333
2,751.757
73,065
305,804
d e f.2.298
88,701
841,103
3,534,005
282,509
1,552,826
100,254
472,399
5,806,541
27.938.409
240 387
2,234,852
97,763
952,859
1,098,921
12,938,990
04,986
1,396,650
3,193,682 3,411,646
13,519,653 15,697,401
4,076
8,321
1,850
8,241
49.944
93,901
279,102
412,464
244,436
263,393
225.291
360,015
def. 1,973
d e f.671
d e f.l 1,308
d ef.8,556
64,245
101,289
235,288
305,980
194,409
127,826
506.256
697,098
376,157
401,180
1,281,678 1,314,309
135,340
99,508
203,590
107,370
1,202,948 1,508,932
4 055,245 4,744,259
30,720
25,789
195,941
214,530
842,307
028,194
3,371,203 3,615,441
110,112
133,144
638.062
650,005
4.370,884 4,653,312
10,297,165 19,078,849
2,339.460 2,367,557
8,629,320 9,572,422
6,710,344 7,020,868
24,920,491 28,651,271
206,112
389.429
2,848,826 4,444,460
1,511,195 1,660,791
14,977,834 16,312,079
40,100
150,470
499,897 1,230,369
1,551,355 1,811,201
15,477,732 17,542,448
-------Net Earnings-----Current
Previous
Year.
Year.
$
$
150,397
148,484
1,606,645 1,600,967
1,699,839 1,961,658
17,084,377 19,143,415
n22,543
«24,353
n i l 6,938
nl03,618
14,915
16,187
140,807
184,882
842,580
1,046,287
s??
17,017,944 lo ,748,8-2
73,048
77,061
302,833
250,900
949,455
1,066,392
12:522,560 11.530,345
335,803
222,265
3 ,607|925 3,433,115
77,385
62,127
868,503
*.188551 867,376
1,464,321 1,249,105
----- Gross Earnings----Current
Previous
Year.
Roads.
Year.
Reading Com pany (Cancl.)—
$
Reading C om p a n y ...M a y
------July 1 to May 31-------- --------------Total all com panies. .M ay
-----July 1 to May 31----------------------81,177
75,144
R io Grande Junction------ Apr
389,794
345,393
D ec 1 to Apr 3 0 ---------48,760
43,133
R io Grande S ou th ern .b -M ay
490,081
516,841
July 1 to M ay 31---------4,931,411
R ockk Island L
in e s .b ._..-M
ay 5,155,627
Lines. May
d. u o . h.w
July 1 to May 31______ 62,347,073 60,179,709
204,953
R u tla n d .b ---------------------May
292,352
Jan 1 to May 31______ 1,266,909 1,196,773
3.170.249
St Louis &
F ra n .b .M ay on3,301,176
^ San
July *1
tO ^ la y ^<
s l " :.---3 9 ,8u4a2O:115 4 iS fiS O M i
Chic & Eastern I ll.b -M a y
013.898 779.301
July 1 to May 3 1 ______ 11,375,883 10,809,617
0
225
THE CHRONICLE
J u l y 22 1911.]
St L ROOky Mt & P M ..- M W
1W .W J .
“ •52«
C0'» 20
609.179
658,788
July 1 to May 31______ 1.938.8o4 1,793,248
61,063
185,569
St Louis S ou th w est-a --M ay
«27,047
311-348
.317,985
2,674,038
July 1 to May 31 --------- 11,040,985 10,119 600
Southern P a c in c .a -----M a y l0 .6 1 0 .0 2 2 11,459,127 3,385,505 3,908,600
9,022,837 43,601,283
July 1 to May 3 1 _____ 122,139.802123,728,104
136,276
97,996
Texas & P a clllc -b ----------M ay
1.095,336 1,188,363
680,691 1,274,841
Jan 1 to May 3 1 ---------- 5,860,643 6,270,392
0,348
13,300
96,149
Toledo Peoria & W est b-June
101.095
247,705
242,419
1,173,420
July 1 to June 3 0 ----------1 ,*-83,433
Union P a clflc-a --------------May 9,693,095 7,535,249 2,664,282 i a3,237,777
’Spr ’Aio
July 1 to May 31
___81,855,506 82,719,139 32,750,895 36,828,81.1
Wcs^e^r}i M aryhind.a^ - -M ay
# 647,823 ^ 2 1 4 ,8 1 8 ^ 2 6 6 .7 0 0
— In f., Rentals, & c.— — Ral. 0 / N el E arn.—
Previouss
Current
Previous
Current
Year.
& Year.
Year.
Year.
s
S
$
S
20,678 *de!2,669 *def5,468
19,110
Rto Grande Southern___May
217,053 *dcfl7 ,1 21 *def64,200
211,247
July 1 to May 31______
34.340
16,954
32,486
33,372
St L R o ck y Mt & P a c .-M a y
240,585
301,441
368,594
357,347
July 1 to May 3 1 ............
*71,358 zdef.65,196
176,870
175,812
St Louis S outhw estern.. May
*920,971
July 1 to May 3 1 --------- 1,940,138 1,898.266 *1,187,487
25,078 *def7,043 *def9,448
23,342
Toledo Peoria & W e st. .June
*
d
efl2,90 5
*def5,403
296,113
293,955
July 1 to June 30______
Roads.
IN D U S T R IA L COM PANIES
— Int., Rentals, & c.—
Current
Previous
Year.
Year.
S
3
7,092
5,897
A tlantic City El C o ......... June
70,270
65,155
July 1 to June 30---------3,262
3,008
Canton Elec C o------------- June
40,712
36,560
July 1 to June 30---------115,931
103,673
Kings Co. El Lt & P ow .Ju ne
674,823
610,698
Jan 1 to June 3 0 . . —
6,077
4,302
Muncle El Lt C o------------June
62,564
37,985
July 1 to June 30............
6,867
6,194
R ockford Elec C o----------June
77,654
61,595
July 1 to Jupe 30---------12,114
10,337
Scranton Elec C o . . . ..J u n e
136,410
108,538
July 1 to June 30---------Companies.
c A fter allowing for miscellaneous charges and credits to Income.
d These figures arc after allowing for other Income and for discount and
exchange. The sum of $10,000 is deducted every m onth from surplus and
placed to the credit of the renewal fund.
* A fter allowing for other incom e received.
y After allowing for outside operations, hire o f equipm ent and other
Income.
ELECTRIC
YaZ°J°uly “ to Maye3 i a: M---1 0 .0 8 7 :0 0 8 9 ,455)118
* 32*432 2,824,029
137*°37 1,790,219
1 M *87#
IN D U S T R IA L COM PANIES
-Gross Earnings
-N et EarnlngsPrevious
Previous
Current
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
17,205
17,150
34,078
31,138
182,955
396,871
209,894
341,199
9,807
20,784
19,912
10,032
Canton Elect C o------------ June
136,405
295,302
260,575
159,873
July 1 to June 30---------213,415
196,900
398,022
350,697
Edison El 111 Co (Boston) June
July 1 to June 3 0 ---------- 5,257,913 4,700,456 3,014,570 2,602,228
177,997
370,142
352,907
180,195
Kings Co El Lt & I F . -June
Jan 1 to June 30---------- 2,342,062 2,107,061 1,176,515 1,109,949
7,159
6,368
20,215
20,168
Muncle Elec L t C o..........June
80,558
236,054
112,839
290,222
July 1 to June 30---------7,107
24,945
11,809
20,504
R ockford Elec C o---------- June
127,678
152,328
340,026
376,372
July 1 to June 3 0 ---------28,386
50,344
26,420
53,271
Scranton Elec C o---------- June
401,055
345,040
680,019
711,255
711,255
July 1 to June 30---------a Net earnings lie. .given are after deducting tacxs.
h Not earnings here given are before deducting taxes.
,
c Includes the New York & Ottawa, the St. Lawrence & Adirondack
and the Ottawa & New York R y ., the latter of which, being a Canadian
road, docs not make returns to the Inter-State Commerce Commission.
e Includes the Northern Ohio HR.
g These results are In Mexican currency.
R A IL W A Y
May _____
May _____
May _____
May .........
M a y _____
May _____
May _____
May _____
February .
May _____
J u n e _____
iFebruary _
'J u n e _____
May .........
1M a y _____
Cleve Southvv Sc C o l.. May _____
Columbus (Ga) El Co1May _____
Coney Isl Sc B klyn__ February .
Dallas Elect C o r p ... May _____
Dctrolt United R y ___ 3d wk June
D I) E B & Bat (Rec) February .
Duluth-Superior Traci May _____
East St Louis & S u b . May _____
May _____
1May _____
42dStM&SNAv (Rec) February May _____
May
..
W k July 16
1
Anrll .
.
Sc Land C o.
Roads.
W eek or
M o n th .
American R ys C o-----Atlantic Shore R y —
cAur Elgin Sc Chic R y
Bangor R y & Elec Co
Baton R ouge El C o ..
Binghamton Railway
Birin R y . Lt Sc P o w .
Brock & Plym St R y .
Bklyn Rap Tran S ys.
Cape BretonEleo C o.
Carolina Pow & Lt Co
Interest Charges and Surplus.
— m i., Rentals, <£c.— — Bal. of Net E a rns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
*12,573
84.034
*25,137
93,988
Bangor Sc A ro o sto o k ---M a y
927,295
*351.197
*137,050
July 1 to May 31............ 1,064,034
1,930
230
2,408
250
Bellefontc C en tra l...........June
5,044
1,416
4,182
1,500
Jan 1 to June 3 0 ---------562
503
294
635
Bridgeton & Saco River .May
6,612
0,013
6,898
6,248
July 1 to May 3 1 ...........
*82,085
173,715
*20,373
174,034
Buffalo R och & P lttsb .-M a y
July 1 to May 31---------- 1,943.049 1,858,205 *1,658,480 *1,417,194
492,026
532,135
615,655
531,538
Central of New J ersey.-M ay
July 1 to May 31______ 5,742,652 5,555,700 5,710,527 6,121,429
318,112
573,721
188,910
625,098
Chesapeake & O h io_____ May
July 1 to May 31............ 7,003,428 5,700,681 2,037,537 5,769,623
219,631
*17,472
*30,171
215,578
Chicago Great W estern.M ay
*693,391
*289,353
July 1 to Mav 31---------- 2.334,028 2,545,307
C118.484
C142.790
259,624
275,518
Colorado Sc S ou th ern .. .M ay
July 1 to May 31---------- 3,000.440 2,809,406 C2,105,805 c2 ,847,632
36,667
58,607
78,401
60,125
Cuba R R _______________ May
398,543
733,155
598,172
519,175
July 1 to .May 31---------405,491
(2219,729
(22 13,4 9 2
483,883
Denver & R io G ran d e..M a y
July 1 to May 3 1 .......... 5,434,916 4,926,848 (21,931,040 <22,424,266
97.656 *de!33,920 *d efl9,83 0
96,743
Duluth So Sh Sc A tl-------May
July 1 to May 3 1 ---------- 1,055,926 l,060,600*def200,266 *def70,468
62,228 *defl8,579 *def20,873
67,982
Georgia I I R ------------------- May
676,379
*44,605
*170,262
805,240
July l to May 31---------17,543
*2,658
*13,613
16,240
Louisville Ilend & St L .M a y
*20,447
183,222
*99,950
193,414
July 1 to May 81---------13,327 *def 5,619 *def 13,260
12,057
Mineral R an ge----------------May
*de!93,230
155,814
*dcf04,338
140,204
July 1 to May 31---------457,126
*8,569 * d f.!2 0 ,975
515,563
Missouri Kans Sc T exa s.M a y
July 1 to May 31............ 5,586,531 5,462,422 *1,754,944 *1,104,721
3,612
*7,106
*10,923
N evada-Cftl-O regon-------May
5,404
*44,273
48,920
*176,106
58,387
July 1 to May 3 1 . .........
101,134
137,713
139,253
108,099
N Y O ntailo Sc W e s t .. .M ay
989,701 1,105,600
July 1 to May 3 1 . ......... 1,303,043 1,060,192
*610,017
407.447
*068,412
488,143
Norfolk & W estern..........May
July 1 to May 31---------- 5,611,710 5,132.302 *7,232,884 *8,312,090
383,746
384,098t/def225,540
f/8,328
Pcrc M arquette-------------- May
July 1 to May 31............ 4,074,825 3 ,0 0 7 ,123j/dfl770,693 t/440,040
885,000
899,971
814,839
1,001,087
Reading C o m p a n y .------ May
9,899.081 7,340,377 0,243,734
July 1 to May 3 1 ------ - 9,735,000
8,333
8,333
14,210
16,020
R io Grande Junction — Apr
41,607
41,067
61,051
75,271
•
Dec 1 to A pr 3 0 ----------
AND
TRACTION
Latest Gross Earnings.
Name o f
Road.
1
1
- C
For May taxes amounted to 5300,299, against 5325.832 in iu iu : a u cr
deducting which, net for May 1911 was 52,469,044, against 52,428,749 last
year. For period from July 1 to May 31 taxes were 53,191,700 In 1911,
against $3,442,551 In 1910.
n These figures represent 30% 0 gross earnings.
r After allowing for miscellaneous receipts and net from coal and other
department:'., total net earnings for May 1911 were $259,316, against
$297,413 In 1910: and from July 1 to May 31 were $2,716,015 In 1911,
against $3,035,152 In 1910.
—Bal. o! Net E arns.—
Current
Previous
Year.
Year.
S
$
11,262
10,203
117,800
139,624
6,545
7,024
99,845
119,161
76,522
62,066
499,251
501,692
2,857
291
42,573
50,275
913
4,942
74,674
66,083
18,049
14,306
236,511
267,645
N Y Sc Long
Underground El
of London—
C urren t
Y ea r.
Jan. 1 to latest date.
C urren t
Y ear.
P r e v io u s
Y ear.
P r e v io u s
Year.
$
$
$
$
354,618 335,208 1,583,336 1,504,740
111,339
103,365
25,357
26,660
586,919
639,835
152,751 142,644
209,599
215.009
42,875
41,750
43,139
46,303
8,936
10,110
135,282
140,440
28,624
33,677
224,986 218,255 1,134,227 1,069,376
38,541
39,021
9,524
10,070
1501,045 1492,851 3,3,30,407 3,122,029
124,708
121,793
26,030
27,051
132,884
18,297
115,531
20,420
92,214
87,936
43,280
41,778
413,874
393,747
73,952
76,324
368,045
335,715
70,811
77,738
120,317
127,952
30,255
33,138
382,819
89,467
420,530
96,484
275,636
37,227
196,030
40,417
181,437
86,364
100,590
90,656
567,768
646,839
132,585 115,592
201,014 189,320 4,455,619 4,055,778
94,398
95,162
45,739
44,852
416,301
90,289
438,851
98,007
905,984
918,799
193,181 183,478
281,565
264,014
51,148
54,161
218,718
271,813
54.091
63,201
219,444
198,687
96,321
102,991
577,358
500,047
128,831 103,823
430,871
451,713
93,207
98,137
43,642 1,273,031 1,149,432
47,201
36,129
39,332
25,472
24,107
375,870 324,169
535.213 472,255
2622,791 2571,716
46,720
47.625
656,061 622,555
105,321 100,424
10,691
11,789
975,696 976,326
406,604 380,060
85,071
86,669
431,689 370,234
163.174 148,694
538,179 534,281
13,579
19,495
19,894
22,044
66,001
76,610
171,813 160,492
14,505
15,185
223,693 207,323
136,227 117,760
176,820 181,760
3,065
2,952
53,861
53.030
19,330
21.350
21,805
23,843
527,931 400,436
148,828 169,190
22,563
22,902
156,115
117,528
2,290,153
2,714,140
13,117,583
245,427
1,912,ero
444,635
24,819
2,070,561
1,982,490
385,493
1,876,852
794,548
2,242,064
40,493
47,637
160,146
826.450
63,791
977,578
638,943
1,101,680
6.265
244,102
105,835
114,107
2,560.045
712,456
07,060
145,263
124,244
1,967,378
2,365,773
12,741,758
237,059
1,788,017
423,194
21,239
2,010,421
1,861,299
301,022
1.080,793
730,527
2,129,580
28,594
38,375
134,499
765,667
916,476
5,035,809
4,097,283
79,587
237,698
52,379
467,961
57,195
6,464
16,240
13,390
50,421
2761854
31,016
328,785
196,038
103,317
435,301
1,401,695
270,337
2,265.911
120,880
15,583
93,381
30.095
277,972
550,851
408,014
1,145,567
246,904
2,288,514
114,167
13,571
85,290
27,336
262,489
550,987
_ ____
1,303,049
993,840
3,738,106
May _____
. M a y _____
. M a y .........
> M a rch ____
. May _____
. February 1 February Mav _____
May .........
. M a y _____
t May _____
t A p r il_____
. February .
r February .
February .
> May .........
/ M a y _____
t May _____
.M a y _____
. J u n e _____
. February .
. May .........
. May i ____
j May .........
. May .........
. M a y .........
. M a rch ____
i
. May _____ 1096,947
88,759
. May .........
. May _____ 276.579
56,777
0 M a y .........
. May ......... 1 447,989
. February .
55,285
. February _
7,351
□ J u n e _____
18,318
. February .
14,203
. M a y _____
55,301
. February . 259,807
. W k M ay 14 1 34.229
. A p r il_____ ' 364.458
.M a y _____ 207,213
_ 1st wk July 183,360
y
.
.
.
.
)
.
r
.
,t
.
.
COMPANIES
W k July 15, £13,000
W k July 15, £11,693
W k July 151 £7,831
February . 150,858
May ......... 256,574
June -------- 1030,294:
A p r il_____ 652,866I
February .
36,196i
29,852!
May ..........
44,438 1
February ..
10,8421
May .........
£12,190'
£10,6261
£7,338
137,2251
228,955.
996,2631
648,015i
29,276 i
35,4041
1,432,421
1,101,456
3,950,776
£398,670
£336,424
£180,229
318.6351
1,281,049
5.825,2391
2,525.9351
76,6791
155,234l
93.77C1
88,324 1
16,6351
c These figures are foi consolidated com pany.
865,662
556,656
1,096,218
6,043
227,916
99,630
106,024
2,166,734
761,475
03.028
£368,059
£308,969
£173,290
280,473
1,211,883
5,602,064
2,404,866
62,450
169,920
_________
76,047
226
THE CHRONICLE
Electric Railway Net Earnings.— The following table gives
the returns of ELE C T R IC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of June 10.
Roads.
uJunc
Jan 1 to June 30.
ollna Power & Lip tvS.June
Jan 1 to June 30.
tral Penn Trac Co. -June
Jan 1 to June 30.
Ison & M a n h a t.a .. -June
Jan 1 to June 30.
. .June
—
Iross EarningsCurrent
Previous
Year.
Year.
$
%
313,662
286,209
2,010,310 1,800,030
18,297
20,420
132,884
115,531
73,952
76,324
393,747
413,874
324,169
375,870
1,967,378
2,290,153
1,030,294
996,2G3
5,825,239 5,602,064
-N et EarningsCurrent
Previous
Year.
Year.
S
s
304,772
274,162
1,954,364 1,742,354
6,135
7,015
51,586
45,751
23,288
22,841
115,077
105,615
213,368
190,700
1,261,398 1,155,770
328,287
320,158
1,788,466 1,666,534
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
Interest Charges and Surplus.
-I n t., Rentals, & c.— — Rat. oj Net E arns.—
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.Year.
$
$
$
$
Hudson & M anh attan ..Jun e
212,293
191,357
1,075
def.657
Jan 1 to June 30______ 1,274,484 1,137,422
13,086
18,348
United R ys of St LouIs.June
226,805
232,459
£105,292
£90,913
Jan 1 to June 30______ 1,377,248 1,399,315
£434,722
£288,053
£ After allowing for other income received.
AN N U AL REPORTS^
. . Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. The index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of June 24. The next will appear in that of July 29.
Philadelphia Rapid Transit Co.
{Report for Fiscal Year ending June 30 1911.)
A report presented to the directors on July 17 has been
ordered put in pamphlet form for distribution among the
shareholders. The text is in part substantially the state
ment made by Chairman E . T . Stotesbury on June G (V . 92,
p. 1566). Extracts on other matters follow:
General Results.— The gross earnings show an Increase of 14.76% over
the previous year. This abnormal Increase Is occasioned b v the reduced
gross earnings of the ilsoal year ended June 30 1910, due to the strike
conditions which then prevailed. The normal Increase in gross earnings is
estimated to be slightly in excess of 4% per annum, this based upon the
actual average Increase of 4.2% per annum for the years 1902 to 1909
during which period the population Increase approxim ated 2% per annum
The appropriation for maintenance and renewals during the year was
15% of the gross, in accord with the Stotesbury requirem ent.' Of the
total appropriation o f 1 5% , an amount of $604,728 remained unexpended
to Juno 30 1911. This will be entirely consum ed in the replacement of
property now being undertaken.
Reserve Fund Jot Renewals.— The reserve fund for renewals shows opera
tions for the year ended June 30 1911 as follows: Special appropriation In
accordance with Stotcsl/ury requirement, $1,500,000; unexpended balance
of appropriation of 15% o f gross earnings for year ended June 30 1911
$604,728: total, $2,104,728. Deduct deficit for year, representing that
proportion of total appropriation of 15% of gross earnings which is to tic
obtained from this renewal reserve fund, $415,559. Balance of fund
June 30 1911, $1,689,168.
>.-This sum of $1,689,168 is made up as follows: Securities from fire in
surance, $1,200,000; cash appropriated from current funds as at Dec. 31
.1910, to make total reserve of $1,500,000 required b y Stotesbury manage
m ent, $300,000; unexpended balance of appropriation for maintenance and
renewals for year 1910-11, $189,168. The last tw o Items, aggregating
$489,168, have been advanced tem porarily from the reserve fund for
renewals, to meet construction expenditures and the refunding of capital
obligations. When renewal expenditures make it necessary, the reserve
fund for renewals will be reimbursed to the am ount of these advances for
capital requirements from the proceeds of the new $10,000,000 bond Issue.
Capital Expenditures.— The capital expenditures to June 30 1911 were
as follows: Construction expenditures, $474,026: refunding capital obliga
tions. 5191,000; total, $665,026. Of tills am ount, $489,168 has, as stated,
been advanced from the reserve fund for renewals, the remaining $175,858
„£®n, taI{en from current working capital. Bonds of the new
$10,000,000 issue will later be used to finance the capital expenditures.
Surplus Account.— Summarized, the transactions in the surplus account
for the six months ended June 30 1911 are as follows: Surplus as at Dec 31
1910, $607,0 99 ;ced u ct oper’g loss forO m os.to JuncSO 1911, occasioned b y
onarging against earnings a sum sufficient to make the appropriation for
maintenance and renewals 15% gross for 12 m os. to June 30 1911, $200 745
and miscellaneous charges to surplus, $48,103; balance surplus, at June 30
1911, $358,250.
F ixed Assets.— The fixed assets as at Deo. 31 1910 included an amount of
$934,346, whlchyrepresented the unabsorbed portion of the costs of the
1910 strike. • This amount will be written oil to surplus at the rate of 10%
perinnnum. The initial charge of 5% for the six months to June 30 1911,
am ounting to $46,717, Is contained In the above mlscell. charges to surplus.
B onds.— The auth. 510,000,000 bond issue would, if marketed at an avge.
price of 96, produce $9,600,000, o f which approxim ately $1,600,000 will be
required to pay present outstanding capital obligations which mature dur
ing the next live years, leaving an amount approxim ately $8,000,000 availa
ble for the_capital requirements of the com p a n y."
J U N E 30 • • • •
1910-11. ■ 1909-10.
s
.?
Pass, earnings------ 20.612.687 17,901,100 Taxes -.
Other receipts-----916.782
770,047
1910-11.
S
. 1,155.491
1909-10.
S
1,194,635
.13,149,060 11,456,616
Total . . ............ 21.529,469118.761,147
. 8,380,409 7.304.531
Expenses—
. 7
. 1,469,749 1.337,468
Malnt. & rer>ewals*3,229,420'*’ 2,420,221
. 7,326,220 7,296.786
Oper. of now. pl’ts 1,427,022 1,460,677
Oper. offcars-------- 5,348,479 4,527,960 T o ta l.................. 8,795,909^8,634.251
General...................-.1,988,648 1,853,123 D eilclt..................^1415.560*1,329,723
---------• • •
■ .
. r
r
•
'
.
■ • .vialntenance7andfrenewals in 1910-11 include amount expended, $2 624,692,!.andiunexpcnded£balance,S$604,728.
.’
[VOL. LXXXXIJI.
B A L A N C E SHEET.
(Compare Co’s report, V . 91, p. 789, showing assets of $36,409,999.— E d.)
Assets—
June 30 1011. Dec. 31 1010.
Leases, franchise, construction, equipment, ad
vances to leased lines, sinking fund, &c (see z) $99,588,100 $09,107,715
Cash ------------------------------------------------------------------414,900
861,403
R es. fo r renewals (inci. securities from Arc In
surance f u n d ----------------------------------- . ---------1,200,000
1,200,000
Supplies, material, prepaid items & a cc’ts receiv.
1,089,534
1,069,071
T otal
..............................
-$102,292,543 $102 238,189
Liabilities—
Bonds, m ortgages, ground rents, & c ___________ y$67,064.008 $67, 064,008
A ccounts payable, pay-roll, accrued taxes, & c__
749 G97
507,125
Accrued fixed charges_________________
1,142,303
1 149,233
_
1,311 99(3
Accident reserves________________________
1, 433,603
Renewal reserve-------------x l (689,168
1, 500,000
Capital stock paid In___________________________ 29,977,120
29, 977,120
S u rp lu s--------------------358,251
607.100
T otal ................ . ......................................................$102,292,543 $102,238,189
x Renewal reserve includes special appropriation in accordance with
tlie Stotesbury requirement, $1,500,000, and unexpended balance of ap
propriation of 15% of gross earnings for the year ending June 30 1911,
$604,728; total, $2,104,728, less deficit for year as above, $415,560, leav
ing balance of $1,689,168.
y F or details sec V . 92, p. 596.
z Details oj P rop. Acct. Dec. 31 1910] rom Report oj Accountants (V .92,p.596)
7. This Item, amounting Dee. 31 1910 to $99,107,715, includes: (a) Fran
chise account, $577,820; (ft) leases, &c. (equities in properties acquired under
lease, A c.), $12,673,066: (c) construction and equipment, $37,321,639
(Union Traction construction, $8,580,854, [including H estonvllle Mantua &
Falrmount D iv., $101,491; People's Division, $910,524, and Phlla. A W il
low Grove St. R y ., $1,014,233]; Market St. subway and elevated con
struction, $17,286,561; other railway, conduit. A c., construction, $2,376,
297; building construction, $047,091; power house and high-potential cable
construction, $4,842,264; car house, freight house and park construc
tion, $352,342, and car and other equipment accounts. $2,930,228, (d)
Advances to leased lines, $996,176 (chiefly Phlla. Trac. Co., $530,108, and
Union Traction C o., $454,631. (e) Stock owned, $4,721,025 (chiefly Mar
ket St. Elev. Pass. R y . C o., 56,000 shares listed at $4,200,000, and
Doylestown & W illow Grove R y ., 10.000 shares, $500,000). (/) stocks oj
leased companies, $39,952,200 (including People’s 'fraction Co. stock (par
$6,000,000), $15,200,000; People’s Pass. R y . Co. stock (par $2,250,000),
$5,7 19,000; Electric Trac. Co. stock (par $8,750,000), $14,534,750; Union
Traction Co. stock ownership, S I,865,000, (em bracing, with 24 other items,
$1,000,000 Lehigh A ve. R y. stock at par, also $239,000 Hestonvllle M. A F.
prof, and $14,700 com m on at par]: and Union Traction Co. lessee stock,
$2,603,450, [notably $1,000,000 22d & Allegheny A v e .P a ss. R y ., $100,000
falrm ou nt Park Pass. R y .. $400,000 Catherine & Bainhridgc Sts. Pass. R y ..
$282,800 E m olrc Pass. R y ., $392,950 West Phlla. Pass. R y . and $302,300
Union I'ass. R y ., all at par ($250,000 of said W est Phlla. and $100,000 of
said union Pass, stock being held by trustees for Phlla. T rac. Co. 4%
collateral loan)], (g) Real Estate (14 parcels, A c.), $1,017,040; (li)Sinking
Jund payments, $766,935 (for Phlla. T rac. Co. coll. tr. 4s, $303,316- for
People’s Pass. R y . 4 % stock trust, $2 00,000: for Union Traction eoll. gold
trust bonds, $93,619, and equip, trust, $75,090; paym ent on Market St.
Elev. leased equip., $95,000). (i) Unamortized debt, $1,081,814 fcom m lssion onsaleof bonds, $147,467; strike account, $034,346) .— V. 93,p . 106.
Mexico Tramways Co.
{Report for Fiscal Year ending Dec. 31 1010.)
Secretary W . E . Davidson, Toronto, July 1911, wrote:
General Results.— The net revenue in gold for 1910, after paying all ex
penses and fixed charges, amounted to $1,417,303, which added to 3416,
344, the balance brought forward from 1909, makes a total of $1,833,647.
During the year tw o quarterly dividends of 6% per annum and two
quarterly dividends ?.t the rate of 7 % per annum were paid to the share
holders, absorbing $939,581, thereby leaving a balance of .$894,006, out of
which $250,000 has been added to the reserve account, which now amounts
to $2,513,087, and $644,066 has been carried forward.
For convenience, the com pany lias adopted the following rates of con
verting currencies: the Mexican dollar, equivalent to 50 cts. American
currency, and the pound sterling to $4 80 2-3 American currency.
The ratio of operating expenses to gross incom e was 40.66?,',, as com
pared with 50.02 for 1909. The physical condition of the property lias
been not only well maintained, but in m any respects im proved, nearly
$700,000 having been expended during the year on maintenance.
New Stock.— For the purpose of providing funds for general purposes,
including carrying out extensions and making advances to the Mexican
Light & Power C o., Ltd. (which sec below ), In connection with the con
struction of its additional hydro-electric installations, the com pany during
the year issued ami sold a further 50,000 shares of its capital stock.
P roperty.— On Dec. 31 1910 the system consisted of 179.93 miles of single
track, of which 158.62 miles were operated b y electricity and 2t.31m llcs by
mules, the electric track mileage having been Increased by 13.375 miles
and the mule track having been reduced by 5.345 miles.
Besides Increasing the track mileage, as above stated, the com pany
during the year built additional cars and finished the construction of car
barns, sub-stations and shops, erected additional storehouses and passenger
stations and also com pleted the installation of fire-protection appliances
throughout the buildings. The operation of the new suburban line to
Lake X ochom llco and of the new city lines and extensions, put in opera
tion during the year, has given very satisfactory results. The com pany
proposes, in the near future, to extend its lines in various outlying dis
tricts, ns Indicated on the annexed maps.
RESULTS FOR Y E A R S E N D IN G DEC. 31 (M E X IC A N C U R R E N C Y ).
1907.
Car Earnings—
1908.
1909.
1910.
Passengers_____________ $4,026,132 $4,347,561 $4,420,690 $4,772,856
41 1,616
458,455
T ickets_____ ____________
486,962
504,550
212,618
219,319
216,146
Freight . - ___________
276,020
219,78 1
254,881
Miscellaneous ..................
259,217
281,313
T otal _ ______ ____ $4,870,147
53,927
Othci In co m e __________
$5,280,216
48,357
$5,383,015
57,272
$5,834,739
47,795
Total Incom e_________ $4,924,074
Oper. e xp ., inci. t a x e s ,. 2,760,584
$5,328,573
2,705,092
$5,440,287
2,721,457
$5,882,534
2,885,925
Net earnings________ $2,163,490
$2,533,481 $2,718,830
D ed u ct—Rentais & fixed charges, payable to sub.
cos. under leases, less am t. rec’d back as int. and
499,091
divs. on securities held_________________________
Sundry debits________ ____________________________ (net) 21,209
$2,996,609
548,158
9,307
Balance, transferred to head office, T oron to,
profit and loss accou nt------------------------------------ $2,198,530 $2,439,145
P R O F IT A N D LOSS AC C O U N T FOR YEAR E N D IN G DEC 31.
H E A D O FFICE, TORONTO (A M E R IC A N C U R R E N C Y ).
1910.
1909.
$416,344
Balance at beginning o f year----------------- $371,350
Front from oper. after providing for lease rentals
($2,439,145 Mexican currency in 1910, against
32,198,530 In 1909)---------- ------- - - --------------1,219,572
1,093,540
Int. and divs. on loans to and scour, of other cos.
owned or controlled and in 1910 balance of prem.
on stock Issued b y this c o -------------------------------1,183,970
Difference in exchange------------------------------------------15,302
T otal ______ __________________________- ............... $2,835,198 $2,189,077
Toronto and London office expenses Uriel, rent,
salaries, printing and stationery, telegrams and
cablegrams, rates, taxes, & c .)-------------------------$38 ,427
$36 ,321
Interest on loans......... .................................. .................
150 229
31 ,100
Difference In exchange_____________ ____________
10 .192
Int. on 5% gen. consol. 1st M. b o n d s . . ___ ______
450 ,000
450 000
Int. on 6% 50-year debenture bonds--------------- . _
365 ,000
365 250
Dividends........................ .................................. ...... ( 6 ^ % )939 581(6! o)577 464
Balance carried to balance s h e e t -..................... ..
$894,067
$716,344
(.AMERICAN CURRENCY).
1910.
BALANCE SHEET DEC. 31
1910.
1909.
Assets—
S
3
Properties, securi
ties & contracts
__■
A
acquired______21,071.815 20,880,240
Stores on hand,&c. 000,045
840,009
Mules and horses.
18,094
17,oJ3
4,559
Office fur. & flxt’s ......... -350,916
Accts. receivable.
425,910
Adv. to sub. & otli.
,„
cos controlled.. 14,368,057 10,695,940
Cash '....................
729,936
529,802
Liabilities—
8
1909.
8
Capital stock........ 16,487,400 11.487.400
1st M. 5% bonds-- 9,000,000 9,000,000
% deben. bonds. 6,083,333 6,087,500
335,636
Accr’d lnt. on bds. 332,500
6
Unclaimed dlvs. &
10,466
unpaid coupons
Current loans and
accts. payable.. 2,127,605 3,717,186
Reserve account.. 2,513,087 2,274,994
Profit and loss___ *644,067 *416,344
T o ta l................ 37,204,458 33,319,061
T o t a l.................37.204,458 33,319.061
_ * After deducting 8250,000 transferred to reserve account for depreciation in
10, against S300.000 In 1909.—V. 91, p. 397.
Mexican Light & Power Co., Ltd.
{Report for Fiscal Year ending Dec. 31 1910.)
Secretary W . E . Davidson, Toronto, writes in substance:
General Results.— The com p any’s business has shown constant and satis
factory Increases, well warranting the extension work which was authorized
and com m enced In 1909. Most of this work has already been com pleted,
and the remainder, v iz., the construction of the Tenango and the N cxapa
reservoirs. Is well advanced.
.
The net revenue In gold for the year 1910, after paying all expenses and
fixed charges, amounts to $1,456,612, which, together with $149,381, tne
balance brought forward from 1909, and $163,004 set aside from the profits
o f 1909 to provide for the accrued portion of the quarterly dividend on tne
ordinary shares paid Jan. 15 1910 and the accrued portion of the naiiycarly dividend on the pref. shares paid May 1 1910, makes a total credit
balance of $1,769,003. Out of this sum the directors have paid during
the year to the shareholders $860,150, being 7% on the pref. shares and 4%
on the ordinary shares. The balance carried forward to profit ana loss
account Is $745,848. The reserve account remains at $377,884.
,
.
Extension.— In view of the constant Increase in the demand f° r electric
power, and other additional business which will bo avidlable for the com
pany in the near future, it has been decided to extend the system or canals
and tunnels so as to divert some of the other rivers Included in tne com
pany's concessions into the N ccaxa water shed. This work will piobam y
be com pleted towards the end of 1912 and in time to meet the demand for
power which it Is anticipated the com pany will be called upon to supply.
Pachuca Light & Power Co.— 'The purchase of tho business and under
taking of the Companla Electrica e Irrlgadora enel Estado d c Hidalgo.
S. A ., was com pleted during 1910. For the convenience ofw oH d n ,, the
business and the undertaking were vested in the Pachuca E ght & 1 o w u
Co. (Companla dc Luz y Fuerza de Pachuca, S. A .), all the capital stock of
which is owned by your com pany. The earnings of the property are muen
larger than were estimated In last year's report. A transmission line nas
been constructed from the Hue of the Mexican Light & Power C o., L td .,
to the lines of the Pachuca Light & Power Co. at Pachuca. A t the present
time the Pachuca Company Is taking 9,500 h .p ., which it is selling In addi
tion to the regular output from Its own plants. Compare V . 91, p. lo d i,
'Capacity of Generating Plants.— N ccaxa, 94,000 h .p .; San lldefon so and
other small plants, 9,530 h .p .; Pachuca Light & Power C o.. 12,140 h.p .,
total, 115,670 h .p .; reserve steam plants In Mexico City, including Mexico
Tram ways Co. plant, 14,250 h .p .; grand total, 129.020 lu p ^
1on)|
1908.
1909.
Installations Connected—
rn «o
3,310
3,691
A rc lamps. N o ......................................................
305,400
331,945
Incandescent lamps N o . . . ------------------------ aua.uui
28,720
30,898
Incandescent lamps Ilorso-pow er......... ........
50,353
52,291
M otors, horse-power------------------- ---------- —
84,6.10
83,189
79,073
T otal horse-pow er________________________ 121,306
R E SU LT S FOR C A L E N D A R Y E A R S (U . S. C U R R E N C Y ).
1910.
1909.
1908.
Gross e a rn in g s ........................................ $3,495,199 $3,004,153 $2,938,474
Other Incom e________________________
49,337
10,172
-------------. $3,544,536
_ 1,006,035
$3,014,325
1,126,235
$2,938,474
1,080,570
_ $2,538,501
$1,888,090
$1,857,904
.
$586,994
291,145
Interest on bonds M. B . L. C o -------- .
186,754
ln t. on curr. loans & mlsc. adjust’s .
120,000
Sinking fund M. L . & P ----------------- .
60,000
Sinking fund M. E . L . C o ------------- .
(4 % ) 543,400
.
316,750
Preferred dividends (7% ) —
$594,375
293,287
$600,000
300,000
Deduct—
118,875
110,000
58,657
60,000
(4)543,400(3 J^)475,475
168,000
119,627
T otal deductions..................
Balance, surplus------------------GENERAL BALANCE SHEET
1909.
1910.
$
A s se ts—
S
Prop, concessions,
& c .................... 36,398,109 31 ,633.809
12,277
Apparatus rented.
17,407
shares In subsldl„
ary cos. (cost)-V ,167,284
Materials _______ l,0o8,183 1,049,593
Accounts recclv262,760
a b le __________
003,046
30,594
Covt. deposits—
18,389
Unexplrcd Insur
4,018
ance __________
4,752
293,902
Cash ..................... 1,082,194
$2,105,043 $1,776,594 $1,665,102
$433,458
$111,496
$192,801
DEC. 31 (GOLD CURRENCY).
1910.
1909.
Liabilities—
S
$
Ord. shares Issued. 13,585,000 13,585,000
Pref. sliares Issued 6,000,000 2,400,000
B o n d s ---------------- 11,728,500 11.865.000
Loan account___ 10,821,227 7,024,188
Sundry accts. pay.
314,689
254,399
Employees’ &■ con
sumers’ deposits
129,737
108,478
Accrued bond lnt.
389,041
390,311
30,000
Sk. fd. M .E.L.Co.
28,314
do M.L.&P.Co.
110,000
108,272
Dlvs. accrued----163,005
Reserve account-- 37 L 884
377,884
149,386
Profit & loss acct. *745,848
T o ta l................ 44,231,926 30,454,237
T o ta l................ 44,231,920 30.454,237
* After adding $163,005 reserved for accrued dividends In 1909 and now charged
111NNe'—The company also guarantees as to principal and lnt $5,787,600 Mexican
El. Lt. Co. bonds and £800.000 Pachuca Lt. & Row. Co. bonds.—V. 91, p. 1577.
Virginia-Carolina Chemical Company.
{President’s Annual Statement.)
The comparative figures for the year ending May 31 were
given last week (p. 161). A t the annual meeting on Wednes
day President S. T . Morgan, as reported by “ Financial
America” , said in part:
The general business of the com pany, aside from that o f Its principal sub
sidiary companies and the Southern Cotton Oil C o., has been satisfactory
under the conditions, tho fertilizer and mining department showing a
slightly larger profit than last year. Our fertilizer department has about
reached the normal output capacity of the plant, but we hope to Increase
In the ensuing year b y making further improvements on the plant and
further construction where our trade has oxcccded our capacity.
■ The earnings of the com pany this year are the worst that thov have been
for some time, caused entirely by the disastrous year of the Southern Cotton
Oil Co
Owing to the supposedly short crop of cotton last fall and the very
high price for all edible fats, cotton seed was at an extrem ely high price
higher than ever known for any appreciable time. The high prices of cotton
oil and all edible fats in the early fall, when the seeds were being m arketed,
caused exceptionally high prices to be paid for seed, and at these high prices
the farmers marketed their seed very rapidly: but the mills could not crush
and market the products as rapidly as they bought the seed.
Before these products could be gotten to the market, the decline In edible
fats particularly lard, which largely influences the price of oil, caused heavy
losses to the mills. All edible fats continued to decline, oil going from 60c.
In the early fall to 38c. In April, and there was a decline In the hog lard
market In Chicago almost equal to the percentage of the decline In cotton
221
THE CHRONICLE
July 22 1911.]
oil. The Southern Cotton Oil Co. sold its products about as rapidly as it
could, but the heavy losses this year of m ore than $600,000 were almost
entirely accounted for b y the tremendous decline In the price o f cotton
seed products between the tim e of the purchasing of the seed and the mar
keting of the products.
. „
The quick assets of the Virginia-Carolina Chemical Co. In excess of lia
bilities, excluding bonds. Is, In round figures, $19,000,000, without consid
ering the reserve. The reserve, under the head of doubtful debt, trebates
and Interest, has been Increased b y $243,991, making tho reserve now staed
at $818,358. This additional reserve is caused by the increased business
done by the com pany this year, as It Is the rule of your com pany to set up
a certain percentage on the fertilizer business for this reserve account.
There has been retired $300,000 of tho 1st M. 5% bonds. For the past
tw o years there has been spent for new plants and additions to plants, phos
phate properties, & c., and added to plant account the sum of $1,258,288.
This, together with the $600,000 bonds which have been retired since the
issue, materially Im proved the position of the bonds. Y our plants or all
descriptions have been fully maintained In efficiency, as is clearly evident
b y the amount charged oil to repairs and maintenance of $1,285,147, which
Is the largest amount ever charged olT In any previous year. The com pany
has done the largest business In its history, and, while the plants are now
taxed to about their capacity, still the m ethod of continuing Improvements
and betterments with each year adds to the productive capacity of the plant
at the lowest possible cost price of production.
The com pany shows a gratifying Increase in its sales, the total amount
of business last year being $50,582,916 and this year $56,356,659. The
German potash properties are in good con dition.— V . 93, p. 101.
Detroit Mackinac & Marquette R R . Land Grant Bonds.
{Statement of Trustees Jan. 1 1910 to Jan. 1 1911.)
R E C E IP T S
Receipts—
1910.
Credit Jan. 1_________ $1,239
On contracts&deeds 25,825
On tim ber sales____ 16,374
ln t . on con tracts___ 1,350
3,247
Other interest______
Land leases_________
46
Applications pend
ing adjustm ent___ _____
Mining leases______ 10,071
Canceled applic’n s ..
70
A N D D ISB U R SEM EN TS.
Offsets—
1910.
1909.
1909.
$10,199 Paid— Land d e p t . . -$19.721 $21,031
.
• ••
24,125 A pplications pend12,225
lug adjustm ent___•
10
13,900
2,215 Interest on b o n d s. .
21,8*2
3,479 T a x a ccou n t_______ 19.971
2 Treasurer D . M &
M. H R . bonds can
celed ....... .......... .. 12,000
60
1,239
5,728 Cash in bank Jan. 1 . 6,520
______
T otal .....................$58,222 $58,033
Total ..................... $58,222 $58,033
A C R E A G E SOLD F E B . 1879 TO J A N . 1 1911 A N D ON H A N D
Num ber of acres In original grant, after deducting 20,017 acres
to construction com p a n y_______________________________
..1 ,3 0 7 ,1 2 9
Deduct—
Number o f acres deeded (consideration $1,932,989) * _____________ 1,125,776
Number of acres under contract (consideration $40,573)_________
4,631
Number of acres applied for, part paid____________________________
4*
T otal deductions_________________________________________________1,130,447
Number of acres on hand---------------------------------------------------------------- 176,682
* Mineral rights are reserved on 98,720 acres^sold in MarquetteJCounty.
— V . 90, p. 1489.
GENERAL INVESTMENT NEWSR A IL R O A D S, IN C LU D IN G ELECTRIC RO AD S.
Alaska Central R y .— Control.— In the purchase now ar
ranged of the assets of the defundt SovereignBank of Toronto
by “ International Assets, L td .,” just organized, the control of
the Alaska Central R y . (now the Alaska Northern Ity .),
which, with the Chicago & Milwaukee Electric R y . , forms the
chief assets of the bank, representing $3,000,000 of invest
ments, will, it is announced, be retained.— V . 89, p. 1140.
Algoma Eastern Ry .—Offering of First Mortgage 5s Guar
anteed by Lake Superior Corporation.— In London until
July 14 the Bank of Montreal was authorized by the contrac
tors for the issue to receive applications at £ 9 3 per £ 1 00 bond
for £5 13 ,6 00 5 % 1st M. 50-year gold bonds, due 1961, being
the approximate equivalent,at parof exchange, of $2,500,000.
Prin. and int. unconditionally guaranteed by the Lake Su
perior Corporation, per plan in V . 92, p. 396, 462, 527. The
road, until May 19 1911, was known as the Manitoulin &
North Shore R y. (see V . 92, p. 1032).
Mortgage trustees, U. S. Mtge. & Trust C o., N. Y . Denominations £500
and £100 (c * ). Int. M. & S. at the Bank of Montreal. L ondon , Montreal or
New York, at $4 86 2-3 to the £ . The $2,500,000 bonds now Issued repre
sent approxim ately a bonded debt o f $30,000 per mile In respect of 86 miles
of railway already authorized. The balance of the bonds authorized m ay
be Issued at the same rate In respect of future construction.
Provisions arc contained In the trust deed whereby the com pany Is en
titled to have any moneys received in respect of its m oney subsidies or of
any sale o f land forming part of its land grants applied in the purchase of
bonds at or under 105% , or In their redem ption by drawings at 105% , on
giving 6 m onths’ notice to the holders, or in making good any deficiency in
bond interest until March 1916. The com pany Is also entitled to redeem
the whole of the bonds at par and int. on any lnt. date, on 6 m onths notice.
Summary of Information Furnished in Prospectus by Pres.T. J. Drummond.
Authorized under charter granted b y the Dominion of Canada to con
struct a railway from Sudbury, Ont., to Little Current. 86 miles, connecting
at Sudbury with the Can. P ac. R y . and the Can. N or. Ontario R y ., and
crossing the Can. Pacific R y . at Nairn Station.
'Pile railway Is now In operation for some 22 miles, and Is the only line
serving the nickel mines of the Canadian Copper Co. and the Mond Nickle
Co. at Creighton and Crcan H ill, respectively. The line is now being
extended to a point about 45 miles west of Sudbury and thence south to
Little Current, on Manitoulin Island, which has a population of about 15,000
people, mainly engaged in agriculture, and is without railway facilities. It
is expected that the whole of the line will be com pleted b y July 1912.
The Dominion of Canada has granted to the com pany a cash subsidy of
$6,400 (£1,280) per mile for the total 86 miles, and the Province of Ontario
has granted a cash subsidy of $5,000 (£1,000) per mile for 53 miles north
from Little Current. The Prevlnce of Ontario has also granted a valuable
land grant, which will am ount, on com pletion of the line, to about 688,000
acres, granted in freehold, and carrying all minerals and timber free of
charges, excepting as to pine, on which the Governm ent stumpage charges
have to be paid. The com pany m ay select lands from any unallotted crown
lands along its line of railway, or any of Its connecting lines, which includes
the famous Sudbury district, that supplies, it is estimated, fully 50% of the
w orld’s requirements In nickel. T he district also contains iron ore and
other minerals, from which a large freight traffic will be derived, and the
developm ent of this territory will also greatly enhance value o f land grant.
Part of the proceeds of the bonds will be used to pay for $250,000 bonds
of the Lake Superior Corporation, which have been canceled in order to free
the railway from all encumbrances other than that of the 1st M. bonds now
being Issued, and the balance of the proceeds, together with cash to be
received b y way of subsidy, will be sufficient to cover the com pletion and
equipment of the line.
The net earnings from the existing 22 miles of line for the cal. year 1910
were £7,083, but the extension to Crcan Hill was only com pleted about
A ug. 1 1910, and the net earnings for the year ending June 30 1911 from
this section alone arc expected to am ount to £12,000. The estimated net
earnings of the railway, when com pleted, should amount to £29,000, while
the amount required to pay the Interest on $2,500,000 1st M. bonds Is
£25,000. The above estimates take no account of the com p a n y’s lands.
The following figures show the net earnings of the Lake Superior Corpora
tion through Its subsidiary companies during the past three years, available
to meet the Interest on its 1st M. bonds form erly amounting to $10,000,000
228
THE CHRONICLE
but reduced since June 30 1910 to $5,800,000, to provide for depreciation
and Improvements and to care for any liability It m ay Incur under the
guaranty of the bonds of this railway (years ending June 30): 1907-08,
£214,400; 1908-09, £218,674; 1909-10, £238,947.
The recent Im provem ents and extensions to the steel plant and other
subsidiary properties have Interfered with the normal operations of the
Corporation, but now that these have been com p letcd .lt Is estimated that
from the year com m encing July 1 1911 the net earnings should amount to
£400,000 per annum In the future.— V . 92, p. 259.
American Cities Co., New Y o rk . — Advance Offering.—
Bertron, Griscom & Jenks, New York and Philadelphia, are
making an offering,at par (8100 a share) and accrued divi
dend, of this company's 6% cumulative preferred stock,
with 5 0 % of common stock as bonus. Preferred dividend
dates J. & J. The preferred stock is subject to redemp
tion at any time at option of company at 110 and accumu
lated dividend, and in event of liquidation is preferred to the
extent of payment at par and accrued dividends.
Incorp. (June 21 1911) in N . J ., and through Its holdings of about 93% ol
the stock of the New Orleans B y . & Light C o., and about 87% of the stocks
of the other subsidiary com panies hereinafter named which were owned
b y the American Cities B y . & Light Co. (see V . 92, p. 1373, 1434, 1102),
controls the follow ing subsidiary properties, all of whose franchises are
without burdensome restrictions and whose physical properties are In excel
lent physical condition [com pare “ E lec. R y . S ection " of June 24 1911— Ed.
1. New Orleans (La.) R y. * Light Co. (V. 92, p. 1103, 1500).
Operates and controls the entire street railway business of New Orleans
(200 miles of track), the entire gas business of the city, and also the entire
electric-light and power business of the city, except that furnished by one
smaller electric com pany (sec Consumers’ El. Lt. & Power C o., V .92, p. 465)
from which It has contracted to purchase a large percentage of the power
generated by the smaller com pany. During the last six years about $7,
000,000 has been spent on construction and Improvements, Including about
$1,300,000 from net earnings. Population served is about 350,000. Franchises either perpetual or extend for long terms of years, with tne
exception of tw o unim portant ones, which will expire In 1917 and 1918.
The franchises of the New Orleans Gas Light Co. and the New Orleans
Lighting Co. arc perpetual, while that of the gas com pany Is exclusive until
1925, Its exclusive feature having been affirm ed by a decision of the Su
preme Court of the United States.
2. Birmingham (A la.) R y ., Light &. Power Co. (V . 91, p. 37; V . 87, p. 1603).
Owns and operates the entire street railways (134 miles of track), Includ
ing a package express service and also the electric-light, power and gas
business, in the city of Birmingham, A la., and all o f the principal cities and
towns In the Birmingham district, except the gas business In Bessemer and
the electric lighting In North Birmingham. It also operates a steam-heating
plant In the city of Birmingham. Within the past 10 years has expended
$9,500,000 on rehabilitation and extensions, of which $1,200,000 from
earnings. Franchises unlimited In time except those covering certain
com paratively unim portant sections.
Estimated population of Birmingham district, 150,000. The population
of the city of Birmingham has Increased over 300% during the last 10 years.
3. The Memphis Street Railway C o., M em phis, Tenn. (V . 92, p. 118)
Owns and operates the entire street railway system , consisting of 110
miles of track in Memphis, Tcnn. Population, with the suburban sections
served. Is at present estimated at 150,000. Has expended over $ 1,000,000
within the last six years In Improvements and Increasing capacity. Op
erates under franchises running until N ov. 1945, confirmed In all their terms
by recent decision of the Supreme Court of Tennessee. The city has more
than doubled In population during the last 20 years.
4. Little Rock (Ark.) R y. & Electric Co. (V . 92, p. 1701; V. 87, p. 414).
Owns and operates all the street railway, consisting of 35.21 miles of
track, and the com m ercial electric-light anti power business In Little R ock,
A rk ., and the electric-lighting In a portion of Argenta, A rk. W ithin the
past eight years has expended more than $2,100,000 on Its property, Inc.
over $500,000 from earnings. Lighting franchise unlimited In time; rail
way franchises extend till Sept. 28 1951.
The population of the tw o cities and their suburbs Is estimated at 60,000.
5. Knoxville (Tenn.) R y. & Light Co. (V . 88, p. 1620; V . 85, p. 405, 345).
Owns and operates all of the street railways, consisting of 43.94 miles of
track, and also the municipal and com m ercial electric-light business In
K noxville, Tenn. Within the past seven years has expended over $1,600,
000 on reconstruction and extensions, Including a substantial amount from
earnings. Franchises unlimited In time except those covering 1 y2 miles
of track; these on tw o unim portant streets run till N ov. 28 1946.
K noxville, including the suburbs served by the com pany, has a popula
tion estimated at 80,000, having m ore than doubled within last 10 years.
6. Houston (Tex.) Lighting & Power Co., 1905 (V. 90, p. 112; V . 82, p. 283).
Owns and operates the entire municipal and com m ercial electric-lighting
and power business In Houston, T ex. Has expended over $500,000 on Its
system within the last six years. Franchises perpetual.
The growtli of the city In recent years has been phenomenal; population
27,557 In 1890; 78,800 in 1910. Total population served b y the com pany
Is estimated at about 90,000.
The American Cities Co. owns (V . 92, p. 1434) about 87% of the total
capital stock of the subsidiary com panies hereinbefore named, with the
exception of the Now Orleans Railway & Light C o., and of the total stock
of that com pany the Am erican Cities Co. owns over 9 2 % .
■
Capitalization of Am erican Cities Co.
[In case entire stock of New Orl. R y . & Light Co. Is deposited.]
Collateral trust bonds: A uthorized, $11,000,000; reserved for
the acquisition of the additional property referred to In the
agreement, $1,000,000; outstanding (V. 92, p. 1434)_______ $10,000,000
(Dated July 1 1911 and due July 1 1919, but $2,500,000 to be
selected by lot must be paid off at par and Int. In 1916. Int.
rate 5% per ann. for first 6 years, 6% per ann. thereafter. R e
deemable as a whole at op t. of co . at 100 and int. on any Int. date.)
6% cum . pref. stock (cum . from July 1 1011), auth., $35,000,
000; outstanding_____________________________________________ 20,513,700
Common stock, auth., $25,000,000; outstanding______________ 16,250,100
The above-nam ed outstandln c securities provide the treasury of the com
pany with a cash working capital of about $1,500,000, out of which certain
organization expenses are to be paid. No additional stock can be Issued
except for cash or additional property, and then only upon authorization
b y the board of directors.
Earnings o) Subsidiary Properties Jor Years 1908 to 1910, Showing Growth.
■ Years ended Dec. 31—
1908.
1909.
lo io .
Gross e a r n in g s --.......................... -..$ 1 1 ,4 2 5 ,8 4 2 $11,864,735 $12,794,758
Net earnings___________
4,312,506
4,680,176
5,176,334
Surplus after all fixed charges____
1,497,525
1,849,224
2,285,741
Estimated Earnings 1911 to 1914, Assum ing Entire Stock o] New Orleans
Railway & Light Co. is Acquired.
[Figures for year 1910-11 are actual, with only last 2 months estimated].
Year ending June 30— 1910-11.
1911-12.
1912-13.
1913-14.
Gross earns, all sources.$13.019,282 $13,583,445 $14,683,110 $15,843,168
Net earns., after ta x e s ..
5,340,252 5,655,826
6,188,657
6,641,781
All charges and prop.
surp. to minority st’ ks
3,116,533 3,218,215
3,428,207
3,617,142
Applic. to new co’sscc. $2,223,719
A m . Cit. Co. deduc’ns—
Interest on $10,000,000
coll, trust bonds at 5%
500,000
Dividend on $20,513,700
pref. stock at 6 % ____ 1,230.822
$2,437,611
$2,760,450
$3,024,639
500.000
500,000
500.000
1,230,822
1,230,822
1,230,822
Surp'us for $16,250,100 com m on stock .
$492,897
$706,789 $1,029,628 $1,293,817
Special Features.— (a) All operations will be under the direction and
supervision of experts, (b) All supplies will be purchased In large quan
tities. (c) Not being dependent upon any one city or locality for Its busi
ness, should have great stability In Income, (d) Broad market for secu2
ties; application to list on several stock exchanges In U. S. and abroad j
contem plated, (e) The opening of the Panama Canal should greatly In
crease the growth and Im portance o f these representative Southern cities
— V . 92, p. 1702.)
[VOL. LXXXXlrl.
American Ice Securities Co., New York.— Investigation—
Official Statement.— A hearing lias been in progress this week
before Police Magistrate Appleton, N . Y . City, on the charge
that the Knickerbocker Ice Co., the subsidiary concern which
conducts all the business of the Am . Ice Co. in N . Y . State,
put up prices and refused to sell to independent companies
during the recent hot weather.
S ta tem en t
by
W e s le y
Al
O lc r , P r e s id e n t o f
N ew Y o r k , J u ly 19.
K n ic k e r b o c k e r
Ice
C o .,
The Knickerbocker Ice Co. docs about 38% of the business in Greater
New Y ork. The other 62% Is supplied by manufacturers of lee and
natural ice dealers who bring their Ice from the Hudson R iver. Of the
manufacturers, there Is in Manhattan a dally capacity of 3,515 tons, of
which the com pany directly and Indirectly operates 38 5-10% ; In B rooklyn
with a dally capacity of 3,210 tons, the Knickerbocker Ice Co. directly
and Indirectly operates 2 4 % ; In the Bronx, Queens and R ichm ond, with a
dally capacity of 2,115 tons, the Knickerbocker Ice Co. directly and Indi
rectly operates none.
In the natural ice business there are 43 unloading bridges In Manhattan
and Bronx, of which the com pany directly and Indirectly operates 16; In
Brooklyn there are 20 unloading berths, of which the com pany directly and
Indirectly operates 11.
During more than half the year manufactured ice supplies fully 80% of
the regular demand. The capacity of all these m anufacturing plants Is
8,870 tons a day, or a capacity of 2,661,000 tons, of which the Knicker
bocker Ice Co. handles directly and indirectly but 25 6 -10 % . Natural lee
Is largely a supplement to the manufactured Ice In the heated season.
On July 4 we had 28,000 tons of natural lee melting In our barges, as
com pared to 20,000 tons the same day last year. The heavy demand
thrown upon us exhausted not only the dally production of our plants— our
daily shipments from the Hudson R iver, but also this reserve supply.
During the first 15 days of July this year we supplied the public with
22,000 tons more Ice than during the same period of 1907, 15,000 tons
more than the same period of 1908, 26,000 tons more than the same period
of 1909, 15,000 tons more than the same period of 1910, and in doing this
more than half of tills amount was given to com petitive retailers. The
only advance made has been a half dollar a ton at the bridge, to offset the
extraordinary efforts and expenditure we have made to get the Ice here.
In 1907 this com pany paid nothing on Its $15,000,000 cumulative pref.
stock, which represents actual cash Invested. In 1908 lt paid not one cent;
in 1909 it paid 1 H % ; in 1910 It paid 1 M % ; In 1911 A of 1 % .— V. 92,
p. 1180, 877.
Arkansas Midland R R .— Bonds Paid.— The $176,000 6%
bonds due July 20 are being paid off, as presented, at the
Mercantile Trust Co., this city.— V. 89, p. 1541.
Atlantic W aycross & Northern R R .— Securities Authorized.
— The stockholders on April 13 authorized an issue of $ 4 ,
800,000 bonds and 81,500,000 stock to construct the line
projected from St. Mary's, Ga., on the Atlantic Ocean,
through Nichols, Broxton and Abbeville, to either Perry or
Fort Valley, thence to Atlanta, a distance of 222 miles.
Of the road, 10 miles from St. Marys to Kingsland have been
built. The estimated cost of the remainder of the proposed
line is $5,000,000. The Railroad Commissioners of Georgia
on June 9 granted permission to issue the securities as re
quired for construction. President, L. Johnson.
Baltimore & Ohio R R .— Purchase of New Coal Road.— See
Consol. Coal Co. under “ Industrials” below.— V . 9 3 ,p. 161.
Boonville St. Louis & Southern R y .— Bonds Due Aug. 1.—
The $400,000 1st M. 6% bonds of 1881, due Aug. 1 1911, will
be paid at maturity, prin. and int., at the American Exchange
N at. Bank, 128 Broadway, New York.
New Bonds Sold.— The company has sold to Spitzer,
Rorick & Co. of New York and Toledo an issue of $500,000
1st M. 5 s ,dated Aug. 1 1911, due Aug. 1 1951, but callable
on 60 days' notice at 107
and int.; int. Feb. and Aug. 1 in
New York; denomination $1,000 each. The bonds are guar
anteed, prin. and int., by endorsement by the Missouri Pa
cific R y ., which recently purchased the road, B. F. Bush,
President of the Missouri Pacific, being also elected President
of the company. The Trust Co. of America is the mortgage
trustee.
This is a closed m tge. Of the Issue, $400,000 will be used to refund
the $400,000 1st 6s due A ug. 1 1911 and the remaining $100,000 for better
ments and Improvements. A pplication will be made to list the bonds on
the New York Stock E xchange.— V . 92, p. 1700.
Boston Elevated R y .— Passage of Tunnels and West End
Merger Acts.— The Massachusetts Legislature passed this
week the measures previously approved by Gov. Foss, au
thorizing (1) the building by the city of Boston of additional
tunnels and subways and the leasing of the same to the Bos
ton Elevated R y. and (2) the consolidation of the Boston
Elev. R y . Co.'and the West End Street R y. at the expiration
of the present lease, on June 10 1922, provided the share
holders of each formally approve the plan before Oct. 1 1911.
The West End common shareholders will be allowed to de
termine whether they will accept a 7 % cumulative 2d pref.
stock or will leave the dividend rate to be determined in
1922 by a board of arbitration, but not, we understand, to
exceed 8% in any case.— V . 92, p. 115.
Boston & Maine R R .— Stock Sold at Auction.— The $227,
300 common stock not subscribed for by stockholders under
the option of December last was sold on July 19 at auction
in one lot to Kidder, Peabody & Co. of Boston at 10514.—
V. 92, p. 1700.
Brooklyn Rapid Transit Co.— Additional Lines Awarded.—
See Rapid Transit in New York City below.— V . 93; p . 93.
Buffalo & Susquehanna R R .— Receiver’s Certificates to he
Paid Off.— Receiver H . I. Miller, Buffalo, writes:
It Is now expected that the $255,000 Buffalo & Susquehanna R R . re
ceiver’s certificates will be paid off when they mature on the first proxim o,
and that It will not be necessary to reissue any part of them. Compare
V . 92, p. 1558. 1635.
Central Arkansas & Eastern R R .— Offering of Bonds Guar
anteed by St. Louis Southwestern Ry.— The Guaranty Trust
Co., New York and London, and Rhoades & Co., New York
and Hartford, offered this week at 98 and int., paying about
5 .1 2 % income, the unsold portion of the present issue of
$730,000 1st M. 5 % gold bonds, guaranteed, prin. and int.,
by endorsement by the St. Louis Southwestern R y. Co.
These bonds, fully described in our issue of July 8 (p. 104)
July 22 1911.
THIS CHRONICLE
cover, at about $18,000 a mile, 45 miles of road, including
(1) the important cut-off between Stuttgart, Ark., and Eng
land, on the main line of the St. Louis Southwestern; and
(2) the branch to Hazen. It was announced on Wednesday
that the bonds had all been sold, but the advertisement
which serves as a record of the offering appears on another
page of this issue. Compare V . 93, p. 104. .
229
The management Is In able hands. J. G. W hite & Co. will act as con
sulting engineers with respect to im provem ents. The President of the com
pany and principal stockholder Is Edward W . R obertson, the m ost Influ
ential citizen of Columbia and a director of the Equitable Life Assur. S ociety.
Associated with him are wealthy people in Columbia and N .Y .— V .92,p.l374.
Chicago & Eastern Illinois R R .— Increase of Stock .—
Merger.— The shareholders voted on July 19 to increase the
Columbus & Southern R y .— Option.— An Eastern syndi
cate has, it is reported, secured an option on the road.
The Eastern people have an engineering corps at work surveying an
extension of the line to the newly discovered coal lields of Vinton C ounty,
thence via Altensvlllc to Itam den.— V . 83, p. 1290.
Connecting R y ., Philadelphia.— New Mortgage.— The com
authorized stock from $25,000,000 to $30,000,000 by pany has made a mortgage to the Girard Trust Co. of Phila
authorizing an additional $ 5, 000,000 pref. stock, of which delphia, as trustee, to secure an issue of $15,000,000 bonds.
The com pany owns 36 miles of road in and about Philadelphia, Its $3,
not exceeding $4,500,000 may be issued to acquire the 613,650
stock being owned by the Pennsylvania R R ., which operates the
properties and franchises of the Evansville & Terre Haute road under lease. There are now outstanding $2,059,000 refunding M.
i£ % 30-year guaranteed gold bonds due March 15 1932 and $1,000,000
R R . and Evansville Belt Ity. (which are to be consolidated 3Philadelphia
Germantown & Chestnut Hill 1st M. 30-year guaranteed 1st
with the Chic. & E . I.) and the outstanding stock of the l 4 Hs due May 1 1913. The filing of the m ortgage is reported to be a pre
liminary step In the plans o f the Pennsylvania R R . to electrify Its Phila
Evansville & Indianap. R R . Compare V. 92, p. 1435, 1374.
delphia and suburban lines.— V . 75, p. 1354.
Chicago Elevated R y s.— Deposits until July 2 9 .— The time
for depositing stocks of the South Side, Metropolitan and
Northwestern companies under the merger agreement has
been extended until 3 p. m. July 29, after which time no de
posits will be received except from those who for physical
reasons have been unable to respond promptly.
Altogether, about 95% of all the stocks, It is stated, have been turned In
for the merger, the holders In most eases choosing payment in cash, which,
it is said, has been largely re-invested in the 3-year 5% notes. One account
says that the syndicate’s payments for the shares of the old companies will
involve the distribution of not more than 6% of the 510,000,000 new pref.
and about 2 ) 4 % of the $25,000,000 new common stock. Payment for the
stocks will probably begin next week. See Commonwealth Edison Co.
under "Industrials” below.
All Sold.— The $30,000,000 3-year 5 % gold notes offered
recently by the National City Bank of New York, it is an
nounced, were quickly disposed of, subscription books
closing July 10. Compare V. 93, p. 104.
Chicago Peoria & St. Loui3 R y .— Favorable Decision.—
Walter McClelland Allen, Master in Chancery, appointed by
the United States District Court on July 19, submitted a
report holding unconstitutional the 2-cent-passengcr-rate
law fixed by the State of Illinois so far as the company is
concerned, on the ground that it is confiscatory. Compare
V . 90, p. 1075; V. 90, p. 1410.— V . 92, p. 113.
Chicago Railways Co.— Bonds Sold.— The $5,000,000
1st M. 5 % bonds offered last week by Harris, Forbes & Co.
and the National City Bank at 9 9 % and interest have all
been sold.— V . 93, p. 162.
Cincinnati Georgetown & Portsmouth R R .— Reported Sale
of Control.— A syndicate of St. Louis and Cincinnati capital
ists has, it is reported, purchased control of the road.—■
Y . 87, p. 543.
Columbia (S. C.) Railway, Ga3 & Electric Co.— Bonds
Offered.— E . H . Rollins & Sons and Redmond & Co., are
placing, at 94 and int., yielding 5 .4 5 % income, $1,238,000
1st M. 5 % gold bonds, dated July 1 1911 and due July 1 1936,
but redeemable on any interest date at 105 and int. Interest
J. & J. in N . Y . City. Trustee, Knickerbocker Trust Co.,
N. Y .
Denomination $1,000 and $500 (c*). A direct first
lien on the hydro-electric and steam-power plants, the dis
tributing system and the railway, a lien on the Columbia
Canal, subject only to $200,000 6% bonds and a first lien
on the gas property through the deposit of all the bonds and
stock of the gas company, (leased). A circular shows:
Evansville & Terre Haute R R .— Merger Ratified— Refund
ing Mortgage.— The stockholders on July 20 ratified the
merger with the Chicago & Eastern Illinois R R . under a plan
which provides that the Chicago & Eastern Illinois R R . shall
issue to the holders of the company’s pref. stock (par $50)
five-twelfths of one share (par $100) of Chicago & Eastern
Illinois R R . pref. stock for each share of E . & T . H . ex
changed, or, at the option of the holders (to be exercised on
or prior to Jan. 1 1912), the C. & E . I. R R . shall deliver to
such holders in exchange for E . & T . II. pref. stock surren
dered by them 4 % refunding bonds of the E . & T . H . R R .
equal in amount to the par value of the pref. stock so sur
rendered. The new mortgage has been filed to the New
York Trust Co. as trustee.
Such refunding bonds will be part of an Issue limited to $1,284,000, dated
July 1 1911; interest payable semi-annually, maturing In 20 years, but re
deemable at par and accrued Interest at any time on 60 days' notice, and
will be secured b y mortgage of the E . & T . II. R R ., covering all of its prop
erty and franchises. Compare V . 92, p. 1374.
Interborough Rapid Transit Co., New York .— New Offer
Rejected by C ity. — See Rapid Transit in New York City below.
— V. 92, p. 44.
Lake Superior & Ispheming R y .— Bonds— Status, &c .—
The Cleveland-Cliffs Iron Co. of Cleveland recently offered
to its shareholders for subscription at par and int. the $994,
000 1st M. 6% serial gold bonds, subscribed for it out of a
total issue of $1,400,000.
Dated Feb. 1 1911 and payable
$70,000 yearly each Feb. 1 from 1912 to 1931, incl., but re
deemable, all or any, on any int. date in reverse of numeri
cal order at 101 and int. Par $1,000, $500 and $100 (c*);
prin. & int. (F . & A .) payable at Citizens’ Savings & Trust
Co., trustee, Cleveland. A circular says in substance:
These bonds, which are Issued for the purpose of providing said railway
com pany with funds for the construction and com pletion of a new and mod
ern steel and concrete ore dock and approaches at Presque Isle Harbor,
M ich., with a capacity for handling about 2,000,000 tons of iron ore per
season of lake navigation, and which Is now under construction and expected
to be com pleted on or about the opening o f navigation of the year 1912,
arc secured by a first m ortgage upon all property of the railway com pany;
Including its railway extending from Presque Isle Harbor at Marquette,
Mich., to and through the city of Ishpeining to Jopling, M ich., and to Iron
mines In the Marquette district, consisting of about 31 miles of main line
and about 23 miles of branches and sidings; also, its equipm ent, consisting
of 250 55-ton and 90 50-ton steel ore cars and 377 30-ton wooden ore cars
19 locom otives, 5 cabooses, 1 com bination passenger and baggage car,
3 passenger cars and 20 flat cars, together with the rights of way, real estate
and merchandise and ore docks and all other property now owned or here
after acquired.
•
Valuation of Security ($3,833,195).
R R . property & equip’ t - -$ 1 ,983,592 INew ore dock & im p ro v e .$1,400,000
30,166 Material and supplies-----103,775
Merchandise d o ck _______
Issued.
Capitalization.—
Authorized.
Old ore dock ____________
268,093 (Cash and cash assets, n e t.
47,568
Common s to c k ______________________________________ $2,000,000 $2,000,000
Tills railroad has been In operation since 1896, during which time it has
Preferred stock, 6% cu m u lative.._____________
1,000,000
800,000
handled 21,361,960 tons of iron ore. It is estimated that the traffic con
Columbia Canal Co. 6s, due $100,000 Jan. 1 1918,
$100,000 .Tan. 1 1019------------------------------------------200,000
200,000 tracts hereinafter mentioned will furnish It during the next 20 years (the
life of these bonds) at least 35,000,000 tons, and that the average profit
1st M. 5% bonds ($60,000 deposited to guarantee
interest on Canal Co. 6 s)---------------------------------------- 7,500,000
2,451,000 in handling same will be 9 cents per ton, or $3,150,000.
The railway com pany has entered Into traffic contracts, running for the
The $5,046,000 unissued bonds arc reserved (a) $200,000 to retire the
Canal Co bonds; (b) $1,500,000 for Improvements and additions to the term of these bonds, with the Cleveland-Cliffs Iron Co. and the Pittsburgh
& Lake Angclinc Iron C o., providing for the shipment by said two iron com
hydro-electric plants to Increase the capacity 10.000 h .p .; (c) 53,346,000
for the construction or acquisition of hydro-electric plants at not to exceed panies, over the railway com pany’s line and docks at Presque Isle H arbor,
either $125 In bonds per horse power of installed capacity or, In par value, of all Iron ore mined from all th mines of said tw o companies In the Mar
90% of the actual cost thereof, or for betterments, improvem ents and ex quette district and destined for lake shipment to ports other than those on
Lake Michigan, the Lake Michigan business being a com paratively small
tensions to an am ount. In par value, equal to 80% of the actual cost thereof,
but only when the net earnings arc twice the Interest charge, Including bonds item; which contracts provide for a minimum rate of 25 cents per ton of Iron
ore so shipped over the railway and handled over the docks Into vessels.
t,o be certified.
„
.
„
. ,
These traffic contracts have been assigned to the trustee of the m ortgage
On July 1 1912 and annually thereafter an amount equal to 1% of the
as additional security.
.
, .
outstanding bonds must be expended for improvements and additions,
As a sinking fund for the bonds, there will be deposited with the trustee
against which no bonds may thereafter be Issued, and, beginning Dec. 15
annually,
beginning
on
or
before
Jan.
5
1912,5
cents
a
ton
on
all Iron in
1015, a further 1% for the retirement of bonds of this Issue.
excess of 1,500,000 tons shipped over the line and docks during the pre
Earntnns for Cal. Years 1908 to 1910 and the 12 M os. ended M ay 31 1911 ceding cal. year. The annual shipment of 1,500,000 tons ore over the rail
MJ
1008.
1909.
1910.
1910-11.
way and docks Is estimated to provide ample net earnings to meet Interest
Gross earnings___________________$422,878 $440,631
$486,307 $511,440 and principal at or before m aturity. It Is expected that such shipments
Net earnings (after tax es)---------- 215,850
233,151
261,345
281,894 will at all times exceed 1,500,000 tons per ann., thus making the sinking
Int on the $2,594,000 bonds outstanding calls fo r------------------------ $131,700
fund operative.
The proceeds of $600,000 of these $2,594,000 bonds are yet to be ex
Officers.— Pres.. W m . G. Mather; Vicc-Pres., James B . Laughlin; Sec.,
pended for additions and Improvements, which should largely Increase earns. James H . H oyt; Treas., W . G. Pollock.— V . 92, p. 1636.
The com pany operates without burdensome restrictions (a) under rights
Maine Central R R .— New Stock.— The official circular,
granted by the State (which owns the streets of the city) expiring Dec. 16
1941, and without time limit under (b) franchise rights for gas granted by dated July 7, says in brief:
the State and (c) under city franchises covering all departments.
A t a meeting o f the stockholders, held at Portland on July 1 1911, the
The population served, Including the outlying sections. Is at least 42,000;
the city population was 21.108 In 1900 and 26,319 In 1910. Columbia owes capital stock was fixed at $10,000,000, this providing for an additional Issue
Its Industrial Importance chiefly to Its excellent railroad facilities and to the of 50,043 shares In order to secure means for making additions to the equip
developm ent within Its limits of hydro-electric power, which has caused the ment, for permanent improvements to the property, and for other necessary
establishment there of seven cotton mills with 240,000 spindles, three cotton - purposes. It was voted that each stockholder be given the privilege of
oil mills, tw o fertilizer factories, &c., &c. As the Stato capital, It Is the scat subscribing on or before A ug. 7 1911 tor one new share at $100 for each
share held by him and standing in his name. Rights m ay be assigned.
of the University of So Caro, and other State Institutions.
The com pany docs, without com petition, all of the railway, gas, electric- The right to subscribe will cease at 2 p. m. A ug. 7 1911 and paym ent must
light and steam and hydro-electric power business In Columbia and environs. be made $25 O ct. 2 1911. $25 Jan. 1 1912 and $50 March 1 1912. Dividends
The street railway consists of 23.162 miles of track (of which 1.79 miles, on the Installments paid in will be paid pro rata on the same basis as divi
to a residence suburb, is leased), with 50 cars, car barns and repair shops. dends paid on stock fully paid for. All subscriptions and paym ents will be
The gas plant has a generating capacity of 600,000 cu. ft. dally; 24.24 miles made to George W . Y ork, Treasurer. Portland — V . 93, p. 164.
of mains, 1,600 consumers and a holder of 300,000 cu. ft. capacity. The
Missouri Pacific R y .— Guaranteed Bonds.— See Boonville
modern steam power plant has a capacity of 4,000 h.p . In turbine units.
The water-power developm ent Includes a dam across the llroad River, St. Louis & Southern R y. above.— V . 92, p. 1701.
the Columbia Canal, 3 miles In length and 110 ft. wide at the bottom , and
Montreal Tramways Co.— Securities.— The statement is
a generating station within the city limits having a capacity of 6,700 h.p.
From the steam and water-power plants the requirements of the street made unofficially at Montreal that an issue of $9,000,000 5 %
railway are met and 2,267 customers arc supplied, among them the principal
mills and factories. The various customers require In the aggregate 11,000 bonds of the company will be made to provide cash for the
h.p . From the proceeds of $600,000 bonds of this ottering additions will payment on shares of the Montreal St. Ity.,am ounting, it is
be made to the steam -power plant of 3,350 h .p .; also additions and Im
It is also reported that the Tramways
provements to the distributing systems (now 100 miles In length) and to the said, to 8 7 % a share.
street railway. It Is also In contem plation to make possible the Increase of Co. will issue $16,000,000 5 % debenture stock to be ex
the output capacity of the water-power plant b y about 12,000 h.p . through
changed for Montreal St. R y . shares, and a block of common
the construction of a concrete dam on the Congarce R iver.
£30
THE CHRONICLE
[VOL. LXXXX1I1.
stock, possibly $ 20, 000, 000, of which \]/2 shares will be given
for each share of Canadian Power stock.— V . 92, p. 659, 527
being designated as Sections 6, 7, 8, 10 and
tracts call for a total of $16,139,429.
New York Central & Hudson River R R .—Eleventh Avenue
Bill Accepted .— Mayor Gaynor on July 18 accepted on behalf
^*10 e x t r a c t s approved are based on a unlt-prlcc system , the bids
will have to be adjusted to conform to the amounts required for the smaller
boro adopted (equivalent to that of the present subway operated b y the
Interborough Company) since the bids were submitted on O ct. 27 1910.
The successful bidders were: Bradley Contracting C o., Sections 6, 8, 10
and 11, am ounts, $3,634,213, $3,369,484, $3,253,072 and $3,132,195
$T6P139V4C27’ ftnd SeCtI° U 7 ‘ Cflarlcs 11 • P eck worth, $2,750,463; total!
t
i10 ? sectIons arc part of 15 sections that make up the B roadwayLexlngton A ve. line to extend from the Battery to 151st St via Broadwav
Irving Place and Lexington A ve. There Were 52 bids subm itted for the 15
sections, the lowest calling for a total of $59,746,656.___ V . 93, p . 46.
of the city the McClellan-Walker Bill passed by the Legisla
ture providing for the. removal of the company's tracks from
the surface of lentil and Eleventh avenues and placing them
underground or overhead according to locality at the exponse
of the company.
.
bIU directs the com pany to submit to the Board of Estimate not
later than N ov. 1 next a plan for the rem oval of the trades from thosurface
or tne streets. If the plan Is not acceptable to the city the latter m ay
present Its own plan to the Legislature next year. The plan as at present
contem plated by the com pany would, it is reported, call for an expenditure
o f possibly $40,000,000 to $50,000,000. Compare V . 92, p. 1430.—
V . 93, p. 164, 45.
Ohio Electric R y .— Equipment Notes Offered.— The bond
department of the Fifth-Third N at. Bank, Cincinnati, is
placing at par and int. a total issue of $130,000 equipment
notes, Series B, dated June 15 1911 and due in semi-annual
installments ($7,000 Jan. 1, $6,000 July 1 from Jan. 1 1912
to July 1 1921 incl.) Prin. and int. (J. & J.) payable at
Fidelity Trust Co. of Philadelphia, trustee. Par $100.
Issued to p ay in part for 26 cars contracted for by the com pany all o
m ost m odern type, v iz.: 9 interurban com bination passenger, smoking and
baggage parlor cars, 61 H feet long: 3 m otor excursion passenger cars 60
feet long; 2 trailer excursion passenger cars, 60 feet long; 12 freight trailer
cars, 40 feet long. Total cost price, $178,990, or which $48,990 will be
paid in cash. These notes arc issued by the Fidelity Trust Co. (the title
remains with the trustee until all these notes are paid), and they are guar
anteed by endorsem ent as to prln. and int. by The Ohio Electric R y Co.
outstanding: pref. stock, $8,000,000; com m on stock,
$8,000,000; bonds (1st refunding), S4,200,000. Total mileage, 617 miles.
(See page 37 o f "E lectric Railway Section” ) . — V . 92, p. 1500.
Philadelphia Company, Pittsburgh.— Exchange.— Holders
of the $500,000 Allegheny County Light Co. 1st M. 6s,
due Aug. 1 1911, have largely accepted the proposition to
exchange the same, $ for $, for Philadelphia Co. 1st M. and
collateral trust 5 % bonds, with an adjustment of interest.
Bonds not exchanged before Aug. 1 1911 will be paid.—
V . 92, p. 1701.
Quebec Oriental R y .— Installment Called.— See. E . S.
Elvey, London, Juno 29, gave notice that at a meeting of the
directorsjield at No. 87 Strand, London, it wa3 resolved that
a call of $10 per share be made on the holders of 1,250 shares
($ 10) paid, and that the said call be due and payable on
Aug. 14 1911, at the office of the company, 194 Temple
Chambers, Temple A v e., London, E .C .— V. 91, p. 464.
Rapid Transit in New York City. — Award of Additional
Lines to Brooklyn Rapid Transit Co .— 'The Board of Estimate
on Thursday, by a vote of 10 to 6, rejected the amended offer
by the Interborough Rapid Transit Co. made in a letter on
the previous day (as the result of renewed negotiations)
covering the operation of the lines allotted to it in the original
report of the McAneny committee, dated June 5, as amended
June 21 and 29 (V . 92,
1637).
The Board thereupon
_
. iy a vote of 11 to 5, voted to award
to the Brooklyn Rapid Transit Co., in addition to the 44
miles of new lines previously allotted to it, 21.9 miles of
additional lines of the 44.9 miles which had been offered to
the Interborough Company.
&
The Board yesterday again voted to make tho award to the Brooklyn
com pany by a vote of 14 to 2 (In M ayor G aynor’s absence) In order to
overcom e tho objection that, the m otion being a new one, It required a
three-fourths vote to carry on the first day It came up.
The 17.2 miles not Included In tho award to the B . R . T . arc logical
extensions of the present subway and Include tho proposed W est Side
downtow n subway, the Steinway tunnel, tho Bronx lines, &c.
M ayor Gaynor, who this week voted against the award to cither of the
tw o com panies, stated that tho proposed "preferential” of about $11,250,000
to the Interborough Co. on its capital Investment (old and new) and of
$3,500,000 to the B rooklyn Co. on Its old Investment In elevated lines
would. In his opinion, prevent the ready sale at least of city bonds, as
bankers would be unwilling to take the bonds until the question o f the
validity of the "preferential," which, he claims, Is In effect a guaranty, had
been passed upon by a court of last resort, thus tying up new subway
construction for, possibly, several years.
lie further stated that he would block tho deal with the B rooklyn Co. by
availing himself of tho right, under Sections 2 and 5 of the R apid Transit
A ct, to veto new routes essential to the same which havo not been already
approved (these aggregate, it Is said, 24.7 m iles), such as the 59th Street
line, crosstow n line, Battery tunnel to connection with the Fourth Avenue,
B rooklyn, subway, &c.
.
The Interborough com pany proposed that upon tho contribution b y the
city of a sum equal to ono-half the cost of construction the Interborough
com pany would contract to construct, equip and operate the proposed new
subways. The subway lines now under lease to the com pany and those pro
posed by the said report would. It Is stated. Involve an Initial capital ex
penditure on behalf of the Interborough com pany of approxim ately $125,
000,000. It was proposed that when the now subway lines are equipped
and In operation the gross receipts from operation of the existing subway
lines, and of tho new subway lines allotted to the Interborough,should be
pooled, and that the remainder, after operating expenses, provlstonfor de
preciation, renewals and obsolescence, taxes, Insurance and rental payments
to the city upon the existing subway, should be applied as follows:
(a) There should be retained by the com pany during the entire period
of the contract an am ount equivalent to 5% interest and 1% sinking fund
upon the capital contributed by the com pany to the proposed and existing
subways, and 3 % as com pensation to the com pany for the pooling of the
receipts of the oxistlng subway with those of the new subways, leveling of
the leases of tho existing subway, and exchango of the legs, and for services
in connection with tho operation of the property. It Is understood that
the amount of capital contributed by the Interborough com pany to the
existing subway for construction and equipment as of June 30 1911 (June
llgurcs partly estimated) is tile sum of $48,029,603. This return, not ex
ceeding 9 % , was to be upon all capital furnished b y the Interborough during
the entire period of the con tract, and to be cum ulative, and the deficits,
If any, to be adjusted on a yearly basis out of a fund to be provided
therefor by the com pany as a part of Its capital investment.
(b) Interest and sinking fund upon the capital provided b y the city
for the construction of new lines.
A fter the city has received all its Interest and sinking fund charges. It
should then receive out of the remaining receipts In any year a sum which
will bring the payments to It to an amount equal to 9% upon Its capital
investment In the new subways. The remainder shall be divided between
tho city and tho com pany, share and share alike.
Contracts Let .— The Board of Estimate yesterday approved
the contracts awarded by the Public Service Commission
for 5 sections of the tri-borough route, running under Lexing
ton Ave. from 25th to 62 Sts. and from 79th to 106th Sts.,
11.
The con
R i d i n g Company. Amended Complaint in Government
-Ihe Government on July 17 filed an amended com
plaint in the U. S. Circuit Court at Philadelphia, in the suit
brought under the Commodities Clause of the Hepburn Act
in accordance with the decision of the U . S. Supreme Court
handed down on April 3 last. Compare Lehigh Valley R R .
items, V. 93, p. 164; V . 92, p. 956.— V . 92, p. 1702.
St. Louis Southwastern Ry .—Guaranteed Bonds All Sold —
See Central Arkansas & Eastern R R . above.— V . 93, p. 106.
Sandy Valley & Elkhorn R j . — New Coal Road to Tap Con
solidation Coal F ield — See Consolidation Coal Co. under
“ Industrials" below.
ouit.
Sherbrooke Railway <& Power Co.— Purchase.— The share
holders on July 13 ratified the purchase of the assets of the
Stanstead Electric Co. and the Eastern Townships Electric Co.
The form er com pany, It Is said, furnishes electric lightand power to North
H atley and adjacent tow ns, and the latter to Stanstead, R ock Island
Beebe Plain, P . Q ., and D erby Line, Beebe and Derby Centre, V t.—’
V . 91, p. 95.
Southern Traction Co., Dallas, T o x.— Incorporated.— In
pursuance of the plan already indicated under this caption,
the Waco ( l e x .) Gas & Electric Co. has been incorporated
in Texas with $500,000 stock and the Waco Street R y . Co.
with a capital stock of $ 1, 000, 000, the incorporators in each
case being J. F. Strickland, O. Goodwin and M. B. Temple
ton, all of Dallas, Tex. See each of said companies below
or under Industrials" and compare V . 92, p. 46, 164.
Toledo A Indiana (Electric) R R .— Stock Increase— Acqui
sition .— This company, incorporated in Ohio some time ago,
filed on June 26 a certificate of increase of capital stock from
$10,000 to $1,040,000, and on June 28 took over the prop
erty of the Toledo & Indiana Traction Co., assuming all of
the latter’s liabilities, contracts, &c. S. C. Schenck is
Pres.; D . D . Schenck, Treas., and H . C. Warren, Gen. Mgr.
Office, Toledo. (Compare V . 92, p. 1244, 1375.)
Toronto (Can.) R y .— Increase of Stock— Stock Dividend—
Cash Dividend Rate to Be 8% . — The stockholders will vote
on Aug. 14 on increasing the auth. capital stock from $8 ,000 ,
000 to $12,000,000. Of the new stock, $1,000,000 is to be
distributed as a stock dividend, $ 2, 000,000 to be offered to
stockholders at par and $ 1, 000,000 held in the treasury.
The directors have also decided hereafter to pay dividends at
the rate of 8% annually instead of 7 % , as heretofore.—
V . 92, p. 1033.
Virginia Passenger & Power Co.— Listed.— The New York
Stock Exchange has authorized to be listed $3,000,000 pref.
and $4,500,000 common stock on notice of issuance in ex
change for pref. and common stocks of the Norfolk & Ports
mouth Traction Co., and also $300,000 pref. and $49,500
common stock additional on notice of sale, making the total
amounts to be listed $ 8, 000,000 pref. and $ 12, 000,000 com
mon stock.— V. 92, p. 1501.
Waco (Tex.) Street R y .— Incorporation.— See Southern
fraction Co. above.
Guaranteed Bonds Offered.— A . G. Edwards & Sons, St.
Louis, are placing, at a price to yield about 6% income,
$500,000 1st M. 0 % bonds, the entire auth. issue, dated
June 1 1911 and due June 1 1916. Prin. and int. (J. & D .)
payable at St. Louis Union Trust Co., St. Louis, trustee.
Par $ 1,000
” *'
'
...................................
notice at
dorsement
Templeton of Dallas, Tex. A circular says;
The com pany owns and operates an cleotrio street railway of 16 miles
by°tho vvlmo*Electric ^ G a s ' c o 1Ufurnl8hc3 al1 tllc electricity that Is used
Condensed Statement by Judson H. Houghton. Scc.-Treas National Light
& Improvement Co.. St. Louis. July 7
' U
The W aco St. R y . Co. owns 10 miles of well-constructed track, with
lplc rolling stock, all of the prepaym ent” type, a modern concrete car
shop and barn, and a power house recently com pleted, one of the largest In
the Southwest, and conservatively worth $400,000; also real estate in the
heart o f t.ie city valued at $7o,000. I he physical property, exclusive of
franchises and goodw ill, shows a replacement value of $800,000.
Capitalization, Authorized and Issued.
Stock (com m on, $300,000; preferred, $200,000)
$500 000
’ irst m ortgage 6% bonds, present Issue.
......................... 500 000
Earnings Jor Calendar Year (1911 Estimated)- Present Interest Charge.
1910. Est. 191 1 .1
1910. Est .1911.
Gross earnings. .$141,207 $148,7671Int. on 1st M. 6s_ $30,000 $30,000
Net (after tax es)_ 59,318
66,818(Surplus . .............. 29,318
36 818
The estimated Increase in earnings for 1911 Is based on a recent contract
by the W aco Electric & Gas Co. for use of the power plant
Increased
efficiency of the street-car service and power plant, due to recent Improve
ments, will add largely to the earning capacity. [See also W aco Gas &
Electric Co. under “ Industrials below.—-Ed.]
The street railway franchises extend to 1941 and 1976. The electric light
anil gas franchises extend to 1941 and 1971. No objectionable features arc
found In any of the franchises, Ih e bond Issues of both companies are
guaranteed, prin. and int., by endorsement b y j. F. Strickland Osce Good
win and M. B. Tem pleton, prominent business men of Dallas. Tex
W aco
s situated on the Brazos River, midway between Dallas and Austin, in the
heart of the most fertile part of Texas. Population of city [1910 Census],
26,743. W aco is now served by seven steam railroads, and the Federal
Government has provided for the adoption of the Brazos River to the
purposes o f navigation, thereby giving the city a direct water freight route
^ i !Cn,u f of Mexico.
1 he lex a s Cotton Palace Is located at W aco, where
annually a celebration is held that brings over 100,000 people to the city
from outside points.
THE CHRONICLE
July 22 1911.1
The guarantors have successfully operated similar enterprises for a number
of years. The writer, though no longer directly connected with cither of
these properties, was for four years prior to June 1 1011 active in the
management of both.
Washington Baltimore & Annapolis Electric R y .— New
Bonds Ready July 24 .— The reorganization committee of the
company and the Baltimore Terminal Co. (Geo. T . Bishop,
Chairman) gives notice to holders of certificates of deposit
and subscription allotment warrants that the new bonds
will be ready for delivery on and after July 24.
Holders of certificates o f deposit Issued by the Cleveland Trust Co. should
present the same on and after the above date at the main office of said
trust com oany, and holders of certificates of deposit issued b y th e Safe
Deposit & Trust Co. of Baltimore at the main office of said trust com pany
at Baltimore, Md. Holders of subscription allotm ent warrants should pre
sent the same at the main office of the Cleveland Trust Co. As stated in
notification under date of July 7 to underwriters, there will be delivered
stock deposit receipts representing the com m on stock (managing com m ittee,
Geo. T . Bishop, Geo. R . Sheldon and Frank H . Ginn), Instead of actual
certificates of com m on stock to such underwriters as have heretofore agreed
or m ay desire to becom e parties to the stock deposit agreem ent.— V. 92,
p. 1375.
IN D U S T R IA L , GAS A N D M ISCELLAN EO U S.
American Agricultural Chemical Co.— Potash Controversy
Ends—Litigation as to Contracts Probable.— The “ Oil, Paint
& Drug Journal,” of New York, on July 17 said:
So far as Its diplom atic aspect is concerned, the potash controversy
between Germany and tills country is at an end. It settled itself as soon
as it ceased to serve as political capital in both countries.
W hile the news that the controversy had been settled last June was
generally believed at the time (V . 92, p. 1525), it did not take definite
form until last W ednesday, when the board of directors of one of the large
fertilizer concerns [the American Agricultural Chemical C o.— E d. ' ‘Chroni
cle .” ] form ally ratified the potash contracts made by its officials with the
German potash producers.
American fertilizer Interests will hereafter pay about the price which
prevailed in 1909, before the so-called potash war broke out. Muriate of
potash will cost a great deal more than the figures named in the low-priced
contracts, which were subject to the excess production tax; but the buyers
will hereafter know the price they will have to pay in the end, and will get
their potash, according to the terms of their contracts. The uncertainty
which has prevailed for months has inflicted serious losses on some of the
leading fertilizer companies in a season when the volum e of trade was
greater than ever.
,
. . .
However, the dispute between those who contracted to buy and those who
agreed to sell potasli on the basis of $20 50 a ton and taxes is not settled.
The surtax collected on this potash is said to have been paid over to the
German Government, since It was found that the American customers
from whom it had been collected had made peace with the German potash
syndicate. The German potash law provides for a rebate of part of these
taxes, but those who paid them must petition humbly for their repaym ent.
No one has yet done this, so far as Is known, but close to $1,000,000 is at
stake and more will be heard of it before long.
Tills leaves the dispute between the parties to those contracts In a very
tangled state. The so-called independent potash mine owners (see Int.
A g Corp , V. 90, p. 030) on the one hand Insist that the Americans who
bought from them continue to take this potash and pay both the contract
price and the excess production tax for It, leaving the liability for the latter
to bo fought out in the courts.
...
,
,
^
On the other hand, the American fertilizer people who entered into these
contracts claim much In the way of damages and rights to cancel these con
tracts. They claim that the excess production tax, so-called, is not a tax
but a penalty, imposed on the owners of the mines for violating a German
law, and that it is not within the meaning of the contracts they signed.
T hey, of course, also demand the return of the excess taxes they have
heretofore paid under protest. They are refusing to petition for part of it
from the German Government, because, they claim, they are entitled to get
It all back from the independent mine owners. They further allege that
they were tillable to get all the potash their contracts called for, and that
this Inability to supply potash on specified dates has given them the right
to cancel their contracts.
,
Such litigation Is likely to be protracted and expensive for all concerned.
Meanwhile, the Imports of potash grow apace, and the faces of the local
representatives of the German potash syndicate wear an expression of perfco t satisfaction with things as they are.
_ ____
[Compare also editorial remarks, V . 90, p. 138; V . 91, p. 1290, 1672;
V . 92, p. 1525. Int. Agricultural Corp., V . 90, p. 030, 1557; V . 9 1 ,p .’’.41.]
— V . 92, p. 1438.
American Ice Securities.— See page 228.
■
American Smelting & Refining Co.— Report.— For the
year ending April 30:
Construe'n Pref. Dtv. Com .Div. Balance
Total
Net
(7 % ).
(4 % ).
Stir plus.
Fiscal
Earnings. Earnings. & Im pts.
Year—
$
$
750,000 3,500,000 2,000,000 1 ,166,115
1910-11____ 8,841,614 7,410,115
461,638 3,500,000 2,000,000 1,546,278
1909-10____ 8,751,681 7,507,916
Suit.— Special Assistant U S. Attorney-General D . B.
Townsend on July 20 filed a suit in the Federal Court at
Denver against the company for $2,500,000 damages, for
alleged conspiracy and fraud in acquiring 2,415 acresof coal
land in the Trinidad coal fields of the Pueblo land district.
The suit is for dam ages.and not to set aside the patents of the land,In
order that Innocent purchasers o f the lands m ay not sillier. rl he bill of
com plaint recites that the lands were acquired b y means or 16 dum m y
entrymen acting for the com pany. The lands were llled upon in July 19(L.
United States D istrict-Attorney W ise, under the direction of A ttorneyGeneral W lckersham, has been conducting an Investigation of the business
of the com pany In connection with certain charges before the r ederal Grand
Jury In this city . The latter. It Is stated, refused to pursue the Investiga
tion further and has practically dismissed the charges.— V . 9.-, p. lo6 7 .
American Smelters’ Securities Co.— Report.— For the year
ending May 31:
Net
Fiscal Year—
Income.
1 9 1 0 -1 1 .................. $6,920,926
1909-10 ..............
5,948,106
— V. 92, p. 1312.
Int. Discount
& Deprec'n.
$1,328,843
1,277,835
Preferred
Dividends.
$2,520,000
2,520,000
Balance,
Surplus.
$3,072,083
2,150,271
American Telephone & Telegraph Co.— New Conversion
Rale.— The Treasurer, after prolonged conference with the
Old Colony Trust Co., the trustee of the convertible bond
issue, has fixed the rate of conversion effective July 1 at
126.4391. This contrasts with 133.7374158, the old rate.
Shareholders of record June 30 were accorded the right to
subscribe for 2 0 % new stock. On that date the outstanding
stock, it is stated, amounted to $275,200,200, making the
20% increase on which the change in the conversion rate
depended, aggregate $55,080,040.— V . 93, p. 164, 47.
Barnhart Bros. & Spindler.— First Dividend.— An initial
dividend has been declared at the rate of 7 % per annum from
the date of the organization of the company, May 24 1911, to
Aug. 1 1911 on the $1,250,000 7 % cum. guar, stock. Divi
dends will be paid quarterly hereafter on N ov. 1, Feb. 1,
May 1 and Aug. 1.
Checks will be mailed to all stockholders who file suitable orders therefor
at tho office of the com pany, 300 Communlpaw A v c., Jersey C ity.— V .
3. p. 1502.
231
Belding Paul & Corticelli Silk Co., L td .— Change in Name.
— A certificate was filed July G changing the company’s name
to Belding Paul Corticelli, Ltd. Compare V . 93, p. 166.
Canadian Consolidated Mines Co., L td .— Sale.— The com
pany’s stock holdings in various coal companies and the
North Shore R y . of New Brunswick (V . 86, p. 421) were sold
at auction in this city on May 31 for $10,500 at a sale held
by order of receivers David Davis and Daniel P. Hays, act
ing pursuant to an order of the Supreme Court dated May 2
1911 in the suit of Von Hagen vs. Canadian Consolidated
Mines Co. See list under “ Auction Sales” in V . 92, p. 1480.
Chicago Suburban Edison Co.— Merger.— The proposed
merger under this title will include, Chicago advices say, the
Kankakee Gas & Electric Co. (see that company below; also
V . 91, p. 875, 1577). All the companies involved in the
merger plan are controlled by Samuel Insull (President of
Commonwealth Edison Co.) and associates.
The agreement for the consolidation of the North Shore Electric Co.
(V. 92, p. 192; V. 91, p. 1508, 1516), E conom y Eight & Power Co. (V. 93,
p. 39) and Illinois Valley Gas & Electric Co. (V . 93, p. 167; V . 91, p. 41),
Is dated July 1 1911 and it will be carried out b y a com m ittee consisting of
Samuel Insull, H enry A . Blair, Frank G. Logan, Charles I!. Randle and
H. M. Byilesby, with .1. H . Gulick as Secretary and the Illinois Trust &
Savings Bank of Chicago as depositary.
The plan provides that the resulting unified corporation shall have such
amount of capital stock, not less than $9,825,500, as the com m ittee shall
determine, of which not less than $9,062,500 should be com m on stock and
not less than $763,000 6 % cum . pref. stock for exchange, as follows:
Existing Sties. (Par S100). Outstand'g.
New Common.
New Preferred.
North Shore Electric C o .. $5,000,000 120% — $6,000,000 ________________
E conom y Lt. & Pow . C o . 3,000,000 7 5 % — 2,250,000 . .
. . _____
111. Val. G. & E. C o., com. 3,250,000 2 5 % —
812,500 .................... ........
do
do
pref.
763,000
.............................100% — $763,000
T o t a l _____ _____ _____ $12,013,000
$9,062,500
$763,000
If the com m ittee shall determine to have the capital stock m ore than
$9,825,500, the additional stock m ay be either com m on or 6% cum . pref.
stock, or of both classes, as the com m ittee shall think advisable, and the
right to increase the pref. stock at any time m ay be reserved, so that in
future Increases any portion of any such Increase m ay be made pref. stock
upon an equality with the pref. stock of the original Issue. Provision m ay
also be made for the ultimate retirement of the pref. stock. The com m ittee
m ay also cause the execution of bonds and of a new m ortgage to consolidate
and refund the indebtedness of the constituent companies and to provide as
to tiie com m ittee m ay seem advisable for the future bond and m ortgage
requirements of the Consolidated Corporation. [There is apparently
nothing to indicate that the new com pany will absorb suburban trolley
lines.— E d.]— V. 93, p. 166.
Cities Service Co.— Earnings.— For 9 mos. end. June 30:
Earns, on sub. eo’s. stock . .$659,287 I Net earnings_______________$668,538
Miscellaneous earnings_____
28,606
Deduct—
-------------- 1Preferred dividends_________ $371,155
Total gross earnings.........$687,893 Common dividends_________ 106,574
E x p e n se s_____ _____________
19,355
--------------------------T otal dividends.................. $477,729
Net earnings____________ $668,538) Surplus_____________
$190,809
Controlled Co.— See Denver Gas & El. L t. Co. below.—
V . 92, p. 1313.
Claflin (H . B .) Co.— Statement for Half-Year.— The earn
ings for the six months ending June 30 1911 compare:
6
Months to
Net
D ies, on
D ies, on
Balance,
Total
June SO—
Earns. P f. Stock.
Common.
S u r .o r D e f. Surplus.
1911....... ...............$207,672 $142,125 (3?$)S114,873 def.$49,326 $1,657,198
(4% )153,164 def.88,715 1,776,500
1 9 1 0 .. . . . ____ 206,574 142,125
1909_____________ 291,833 142,125
(4% ) 153,164
def.3,456 1,781,999
1908 ______ loss.
7,437 142,125 (4% ) 153,164 d e f.302,726 1,770,058
1907
. 454,275 142,125 (4% ) 153,164 sur.158,986 1,863,075
President Claflin says: “ A slight improvem ent in trade has recently ap
peared, but normal conditions cannot be expected while im portant tariff
changes are in p ro sp e ct."— V . 92, p. 958.
Columbus & Hocking Coal & Iron Co.— Sale Confirmed .—
Judge Sater in the Federal Court at Columbus, Ohio, on
July 15 confirmed the sale on July 1 under the mortgage of
1887. The properties of the Columbus & Hocking’ Clay &
Brick Mfg. Co. were purchased at Logan, O ., on July 7 by the
reorganization committee for $250,000.— V . 93, p. 167.
Commonwealth-Edison Co. — Relation to Chicago Elevated
Rys.— President Insull is quoted as saying:
The com pany has not put up a dollar to finance the elevated merger
nor has it taken any of the securities. There is a certain contingency which
might arise in a few years requiring us to put up some m oney, but I believe
it is remote. W e arc interested in the merger to the extent of furnishing
the power, and that is alt at the present time. As an operating econom y,
I expect our com pany will furnish all the m otive power because we can do
it cheaper than the railroad. See Chicago Elevated R ys. in V . 93, p. 104.
Merger of Allied Companies.— See Chicago Suburban Edi
son Co. above and V . 93, p. 166.— V . 92, p. 1704.
Consolidation Coal Co.— Arrangement Regarding New
Road.— An agreement has been signed by President Willard
of the Baltimore & Ohio and President Wheelwright of the
Consolidation Coal Co., giving the former the right to take
over at cost and interest the Sandy Valley & Elkhorn R y .,
under construction from Shelby, K y ., to the new coal tract of
the Consolidation Coal Co., about 28 or 30 miles. The esti
mated cost of the new line is between $1,500,000 and $2,000 ,
000. It is being built by the coal company, which will turn
it over to the Balto. & Ohio upon completion, the Consoli
dation Coal Co. financing the building of the line. The con
tract calls for the delivery of the road not later than Aug. 1912.
In addition to obligating Itself to take over the Sandy Valley & Elkhorn
R R ., the Baltimore & Ohio agrees to furnish equipment sufficient to handle
3.000. 000 tons of coal annually. The Kentucky tract of the Consolidation
Coal Co. comprises 100,000 acres of coal land. The Baltimore & Ohio will
tap the tract from the north in connection with the road now under con
struction. and the Louisville & Nashville will build an extension Into the
southern end of the field. The Consolidation Coal Co. will spend upward
of $10,000,000 developing the field.— V . 92, p. 264.
Creamery Package M fg. Co., Chicago.— New Stock .—
Holders of the $3,000,000 stock (all common) of record July 1
have the privilege on or before July 31 of subscribing at par
for $1,000,000 6 % cum. pref. stock to the extent of 1 share
for each 3 shares of present holdings. The regular quarterly
dividend, 2 % , was paid July 1.
. .
Condensed Official Circular Dated Chicago, July 10 1911.
•
The plan submitted In our letter of April 10, to convert the unissued por
tion of our authorized capital stock into 6% pref. stock,has been adopted
b y practically a unanimous vote of our stockholders, and this stock Is now
offered to tho present stockholders at $100 per share. A n y subscription
THE CHRONICLE
232
accom panied b y check for 25% o f the am ount subscribed will draw the full
dividend of 1 }$% for the quarter beginning July 1, provided paym ent of the
balance is made during July. Should the stock be over-subscribed, it will
then be issued to each subscriber in proportion to his present holdings.
The com pany is a heavy borrower o f m oney during the season of large
trade, and a constantly growing business precludes the possibility of our
being entirely out of debt at any time during the year. W e have had no
difficulty In borrowing from the local bank3 to meet our requirements, but
have felt that conservative management suggested some plan to invite
permanent capital Into the business, either in the form o f a preferred stock
or bond issue. For reasons beneficial to the com pany and Its stockholders,
preferred stock was decided upon. The proceeds from the sale o f this stock
will be used to pay oir notes at banks where we are borrowers.
This stock Is to be issued with a preferred 6?o cum ulative dividend and in
case of distribution o f assets must be taken up at par. It Is redeemable, at
the option of the com pany, July 1921, or at a n y time thereafter, at 5105 per
share.— V . 92, p. 1502.
D e n v e r G a s & E l e c t r i c L i g h t C o . — Consolidation.— T h e
s t o c k h o l d e r s o n J u l y 11 r a t if ie d t h e m e r g e r o f t h e D e n v e r G a s
& E le c tr ic C o . a n d L a c o m b e E le c tr ic C o . in to th e D e n v e r
G a s & E le c tr ic L ig h t C o .— V . 9 2 , p . 1 5 0 2 .
D e 3 M o i n e s ( l a . ) B r i d g e & I r o n C o . — Stock.— A c e r t if i c a t e
h a s b e e n file d i n c r e a s in g t h e s t o c k f r o m § 4 2 5 , 0 0 0 t o § 7 5 0 , 0 0 0 .
D i a m o n d M a t c h C o . — Earnings.— T h e e s t i m a t e d e a r n in g s
fo r 6 m o n th s e n d e d J u n e 3 0 w ere § 8 7 9 ,4 9 0 , a g a in s t § 7 7 9 ,4 7 4
in 1 9 1 0 . — V . 9 2 , p .
1497.
G e n e r a l B a k i n g C o . , N e w Y o r k . — Bonds, Status.— T h i s
n e w c o m p a n y h a s file d
its
1 st m o rtg a g e
s e c u r in g 6 %
g o ld b o n d s , d a t e d 1 9 1 1 a n d d u e J u n e 1 1 9 3 6 , b u t r e d e e m a b le
o n a n y in te r e s t d a t e a t 1 0 5 a n d in t .
T r u ste e s, S ta n d a rd
T r u s t C o . o f N . Y . an d T h o m a s H . W a g n e r o f S t. L o u is .
In t. J. & D .
T a x - e x e m p t in N . Y . S t a t e .
A m o u n t a u th o r
iz e d , § 5 ,0 0 0 ,0 0 0 ; p r e s e n t is s u e , § 2 ,9 0 0 ,0 0 0 .
o f L e t t e r fr o m P r e s . W . H . C o liir .s , New Y o r k . J u ly 1 5 1 9 1 1 .
[Addressed to H arvey Fisk & Sons, 02 Cedar S t., New York City.]
The com pany is incorporated in N. Y . State and unites the plants and
business heretofore belonging to the following 20 concerns, which have been
engaged in the successful m anufacture and sale of bread and other products
o f the baking business, among the best In their respective localities, viz.:
Flelschmann’s Vienna Model Bakery, Geo. G. F ox C o., Boston, Mass.
Inc New Y ork C ity.
Mnirinnn,,
* T.miia
M cKinney n™9H
Bread nr,
C o., sSt.
Louis, \i
Mo.
J G. & B. S. Ferguson C o., Boston. Boston Baking C o., W ashington,D.C.
Jucrgens Baking C o., W heeling and Ontario Biscuit C o., Buffalo, N. Y .
Collins Baking C o., Buffalo, N . Y .
W ellsburg, W . Va.
Deinlnger Bros.-Co., Rochester, N .Y .
Haller Bread C o., Pittsburgh, Pa.
__________
_ C o.,. Newark,. N. J.
United Baking C o., T oledo, O.
W
eber Baking
C. Martens C o., In c., Jersey C Ity.N .J. Morton Bkg. & Mfg. C o., Detroit.
Arnold-Althans C o., P roviden ce,R .I. Brunner B aking.C o.. Buffalo, N. Y .
Vories Baking C o., New Orleans, La.Canton Baking C o., Canton, O.
Cleveland Bread Co., Cleveland, O.
Rochester Bkg. C o., Rochester, N .Y .
In order to acquire the various properties free and clear and to furnish
adequate working capital and to provide for future requirements, the com
pany has authorized, issued and reserves the following securities:
Authorized.
Issued.
Reserved.
1st M. 6% gold b ond s....... .................
55,000,000 $2,900,000 52,100,000
Cumulative 7% pref. stock ------------------10,000,000
0,185,000
4,815,000
Common stock
10,000,000 2,400,000 7,600,000
The bonds arc secured by a first lien upon all property and assets except
merchandise and raw material, which pas3 under the mortgage in case of
default. Sinking fund of 5125.000 a year for gradual retirement o f bonds
will begin April 1 1914. The com pany further covenants to pay no divi
dends on its com m on shares unless Its balance sheet shall show an earned
surplus of $1,000,000 above the amount necessary to pay such dividends.
The remaining $2,100,000 bonds are reserved and can be issued only under
carefully drawn restrictions to the extent of 70% of the actual cost of further
additions or improvem ents.
.
Unofficial reports indicate that the earnings have been considerably in
creased since N ov. 30 1911 [the close of the year covered by the report of
A udit Co. of N. Y .], and it is believed that the earning capacity of the com
pany can be greatly Increased and the quality of Its products be materially
Improved b y the Introduction of the best methods throughout the whole
com pany and by the centralization of management with its attendant
econom ics. The former owners acquire large interests in the stocks in
part paym ent for their properties, and in almost every case remain as man
agers o f the various plants.
S U M M A R Y OF RE PO R T OF A U D IT CO. OF N . Y. J U N E 30 1911.
(1) Present worth o f the 20 Properties and Plants, Partin Estimated.
[Based on appraisals of 7 o f the largest properties, 65.79% of total.1
Real estate, bldgs., m achinery and equipment, present v a l u e . ..$3,631,796
Do
do
do
do
probable replacement v a l u e . .. 4,130,601
Net Profits tor Year ending Nov. 30 1011 (Present Int. Charge, $174,000).
[After salaries and depreciation, but before deducting interest.]
Net profits (actual for 17 cos., $453,712: est. for 3 cos. $88,000) — 5541,712
Directors (and officers): W . H . Collins (Pres.), F. R . Shepard and J. E.
M cK inney (V .-P s.), F. H. Frazier (S ec.), A . J. Arnold, W . Deinlnger,
M. F. Dirnberger Jr., B. S. Ferguson, Pliny Fisk, R . H . Flcischmann,
C. S. H irsch, G. L ay, H . II. Leary, J. L. Liggett, G. H . Martens, G. N.
Meissner, R . M orton, M. Oscher, W . H . Pratt, A . A . Tllney and J. U.
W eber. Treas. is G. E. Faw cett.— V .92, p. 1639.
D ig e s t
Illinois Steel Co.— Sale of Bonds.—
C o r p o r a tio n
b e l o w .— V .
S e e U n it e d S t a t e s S te e l
68, p, 282.
Kankakee (111.) G a s & Electric Co.— Change in Control.—
T h e e n t i r e , o r s u b s t a n t i a l l y t h e e n t i r e , c a p i t a l s t o c k o f th i s
c o m p a n y h a s b e e n p u r c h a s e d b y th e S a m u e l In s u ll in te r e s ts
o f C h i c a g o , w h ic h a l s o c o n t r o l t h e C o m m o n w e a l t h E d i s o n C o .
o f C h i c a g o , a n d h a v e la r g e i n t e r e s t s in o t h e r e le c t r i c p r o p e r
t i e s in th e M i d d le W e s t .
T h e s a m e i n t e r e s t s , it is r u m o r e d ,
h a v e p u r c h a s e d th e in te ru rb a n ro a d b e tw e e n K a n k a k e e a n d
C h i c a g o ( C h i c a g o & S o u t h S h o r e T r a c t i o n C o . ) , b u t th e r e is
n o i n t e n t i o n , i t is s t a t e d , t o in c l u d e i t in t h e l i g h t i n g m e r g e r .
S e e C h ic a g o S u b u r b a n E d is o n C o . a b o v e .
These acquisitions are In line with the policy of expansion which the Insull
Interests are at present working out. It Is considered significant that the
Kankakee purchase has followed so closely the announcement of the asso
ciation of the Chicago elecrtrlc railway lines with the Commonwealth Edison
Interests, whereby it Is probable that the latter com pany will furnish most
o f the power for all the electric railway systems o f the city of Chicago.
Compare V . 91, p. 1577.
(Julius) Kaysar & Co.— First Dividends on Preferred. —
I n i t i a l q u a r t e r l y d i v i d e n d s o f 1 % % h a v e b e e n d e c la r e d o n
th e § 3 , 0 0 0 , 0 0 0 fir s t a n d § 6 9 5 , 0 0 0 s e c o n d 7 %
c u m u la tiv e
p r e f . s t o c k , p a y a b l e A u g . 1 t o h o ld e r s o f r e c o r d J u l y 2 5 .
C h e c k s w ill b e m a i l e d o y S t a n d a r d T r u s t C o . , N , Y . —
Y . 92, p. 1639.
Lake Superior Corporation.— Offer of Guaranteed Bonds.—
S e e A lg o m a & E a s te r n R y . u n d e r “ R a ilr o a d s ” — V . 9 2 , p . 6 6 6 .
Latrobe-Connellsville Coal & Coke Co., Connellsville, Pa.
— Stock.— A c e r t if i c a t e w a s file d a t H a r r i s b u r g , P a . , a b o u t
J u n e 2 6 , i n c r e a s in g t h e a u t h o r i z e d c a p i t a l s t o c k f r o m § 9 9 7 , 0 0 0
to § 2 , 0 0 0 , 0 0 0 .
C o m p a re V . 9 2 , p . 7 2 9 , 1 3 1 4 .
Lawfence (Mas3.) Dye Work3 Co.— Pref. Stock Offered.—
T u r n e r , T u c k e r & C o ., B o s t o n , N e w Y o r k a n d B u ffa lo , a r e
[V o l . l x x x x d i
o f f e r in g a t 1 0 5 , n e t t i n g 6 . 6 7 % , t h e u n s o l d p o r t i o n o f a t o t a l
is s u e o f § 2 5 0 , 0 0 0 7 %
c u m u la tiv e p r e f. s t o c k , p a r § 1 0 0 ;
d iv id e n d s Q -J 1 5 .
A c ir c u l a r s a y s :
Established in 1884; Incorporated In 1900. From 1884 to 1900 over 100%
was paid from the profits; since then dividends have averaged about
19.20% upon the present outstanding com m on stock.
Is earning
over four times the preferred dividend. Plant consists o f six buildings,
having a com bined floor space of over live acres; machinery of the very
best. A perpetual water privilege supplies by gravity all the water
required at a cost o f $100 per year. Business Is dyeing and finishing
worsted and cotton yarns, slubbing and raw stock, worsted and men’s
woolen wear goods, dress goods, cotton , worsted, & c.; also re-dyeing and
re-flnlshlng worsteds and w oolens, all done entirely upon a commission basis.
Approximate Statement Based on Balance Sheet of Dec. 31 1910, after Adding
Proceeds of This Pref. Stock.
Liabilities ($847,610)—
Assets ($847,610)—
Real estate and m aohlnery.5636,633 Preferred s tock ____________ $250,000
Supplies & goods In process. 1 15,289 Comm on stock_____________ 250,000
Cash and bills receivable___ 95,688 Surplus ____________________0347,610
Compare V . 87, p. 228.
L e h i g h C o a l & N a v i g a t i o n C o . — Listed.— T h e P h i l a . S t o c k
E x c h a n g e li s t e d o n J u l y 1 7 a f u r t h e r § l , 2 6 4 , 9 5 0 o f v o t i n g t r u s t
c e r t i f s ., is s u e d b e t w e e n J u n e 5 a n d J u n e 3 0 1 9 1 1 u n d e r a g r e e
m e n t o f M a r c h 1 1 9 1 0 , m a k i n g t h e t o t a l a m o u n t li s t e d
§ 1 7 ,2 9 6 ,7 0 0 ;
a lso o n J u ly 7 § 2 ,4 1 1 ,0 0 0 a d d itio n a l s t o c k ,
m a k in g th e to ta l th e r e o f § 2 6 , 5 5 7 ,9 5 0 .— V . 9 2 , p . 7 2 9 , 7 2 3 .
L o u i s v i l l e ( K y . ) G a s C o . — Re-elected.— A t t h e a n n u a l m e e t
in g o n J u l y 3 t h e o l d m a n a g e m e n t w a s r e - e l e c t e d b y a v o t e o f
1 6 ,6 4 6 sh a r e s a g a in s t 9 ,6 4 5 c a s t b y th e o p p o s it io n , h e a d e d
b y J oh n S tite s.
Bonds.— S e e L o u i s v i l l e L i g h t i n g C o . b e l o w . ( C o m p a r e
V . 9 2 , p . 1 6 4 0 .)
L o u i s v i l l e ( K y . ) L i g h t i n g C o .— Payment to Bondholders.—
T h e c o m p a n y a n n o u n c e s , th r o u g h T re a su re r T . B . W ils o n ,
t h a t “ o n A u g . 1 1 9 1 1 i t w ill p a y t o t h e h o ld e r o f e a c h o f it s
b o n d s d a te d F e b . 1 1 9 1 0 th e s u m o f § 3 0 , t o b e a p p lie d u p o n
t h e § 2 7 0 5 0 m e n t i o n e d t h e r e i n ,” s u c h p a y m e n t t o b e m a d e
o n p r e s e n ta tio n o f s a id b o n d s a t th e C e n tr a l T r u s t C o ., N e w
Y o r k , fo r th e e n d o r s e m e n t th e r e o n o f su c h p a y m e n t .
[T h e
b o n d s in q u e s t i o n a r e t h e 6 % 3 0 - y e a r c o n v e r t i b l e b o n d s d u e
F e b . 1 1 9 4 0 , § 1 ,0 0 0 ,0 0 0 a u t h .] — V . 9 0 , p .3 0 6 ; V . 9 2 , p . 1 6 4 0 .
M a n u f a c t u r e r s ’ L i g h t & H e a t C o . , P i t t s b u r g h . — Financing.
— T h e fo llo w in g s t a t e m e n t w a s p u t o u t o n J u ly 1 9 :
“ G eorge
W . C r a w f o r d , S . Y . R a m a g e a n d A , C . W a r n e , t h e s p e c ia l
c o m m it t e e a p p o in t e d b y th e s to c k h o ld e r s a t th e ir m e e tin g
in M a r c h l a s t , h a v e s u b m i t t e d , a n d t h e b o a r d h a s a p p r o v e d ,
a p r o p o s i t i o n t o s e ll § 2 , 4 0 0 , 0 0 0 o f t h e b o n d s o f t h e c o m p a n y
is s u e d in 1 9 0 7 ( a n d u s e d h e r e t o f o r e a s c o l l a t e r a l ) a t p a r a n d
i n t ., s u b je c t to a b a n k e r ’ s c o m m is s io n , w h ic h , w h e n fin a lly
c o n s u m m a t e d o n A u g . 2 1 9 1 1 , w ill e n a b l e t h e c o m p a n y t o
d is c h a r g e i t s e n t i r e f l o a t i n g d e b t a n d m a t e r i a l l y r e d u c e i t s
a n n u a l b o n d p r i n c ip a l r e q u i r e m e n t s , w h e r e b y it is e x p e c t e d
t h a t a p a r t o f th e c o m p a n y ’ s fu tu r e e a r n in g s c a n b e d e v o t e d
to d iv id e n d s .
A n o t h e r f e a t u r e o f t h e t r a n s a c t i o n is t h a t i t
m a k e s § 1 ,0 5 0 ,0 0 0 o f ca sh im m e d ia t e ly a v a ila b le fo r a sse ts
s o ld t h a t w e r e i n t a n g i b l e , t o b e d e v o t e d t o t h e p a y m e n t o f
§ 8 7 1 ,0 0 0 o f W h e e lin g N a t u r a l G a s G o ’ s u n d e r ly in g b o n d s a n d
th e b a la n c e fo r im p r o v e m e n t o f th e p r o p e r t y .” — V . 9 3 , p . 1 0 8 .
M a s s a c h u s e t t s G a s C o m p a n i e s .— New Subsidiary.— T h i s
c o m p a n y 's s u b s i d i a r y , t h e N e w E n g l a n d C o a l & C o k e C o . ,
s o m e m o n t h s a g o p u r c h a s e d a 6 0 % s t o c k i n t e r e s t in t h e
J . B . B . C o a l C o ., w h ic h o w n s 3 ,5 0 0 a c r e s o f P o c a h o n ta s
c o a l l a n d s in W e s t V i r g i n i a .
T h e J . B . B . Coal C o . w as
o r g a n i z e d r e c e n t l y in W e s t V i r g i n i a w i t h § 5 0 0 , 0 0 0 o f a u t h .
c a p it a l s t o c k a n d a § 2 5 0 , 0 0 0 b o n d i s s u e .
T h e “ Coal T ra d e
J o u r n a l” o f N . Y . o n A p r il 1 2 sa id :
On April 1 the New England C. & C. Go. secured an interest In the W est
Virginia mines of Jewett, Bigelow & Brooks of Detroit. All the mines of
the latter com pany in the Rocahontas district have been consolidated b y
the form ation of the J. B . B. Coal C o., capitalized at $500,000. The
double ownership is represented in the official staff, as follows: Pres., II.
M. Jewett; V ice-Pres., Edward Pago; Treas., R obert Grant: See., W . R .
Ballanttne. The New England C. & C. Co. has been New England agent
for Jewett, Bigelow & Brooks for the past two years, and will continue to
handle that tonnage as heretofore. Steps will be taken at once to increase
the output [which now am ounts, it is said, to about 600,000 tons yearly
__Ed "Chronicle” ], and it is said that in the courso o f a few months pro
duction will be on the basis of 1,000,000 tons a year and upw ards.—
V . 02, p. 1113.
M o n o n g a h e l a R i v e r C o n s o l i d a t e d C o a l & C o k e C o .— Offer
P r e s u m a b ly a s a p r e lim in a r y to th e c a r r y in g
o u t o f th e r e c e n t a g r e e m e n t w ith th e U n ite d S ta t e s S te e l C o r
p o r a tio n ( V . 9 2 , p . 1 5 7 0 ) , th e P it ts b u r g h C o a l C o . h a s o ffe re d
t o p u r c h a s e th e m in o r it y sh a re s o f th is c o m p a n y o n th e fo l
l o w i n g b a s i s , p r o v i d e d t h a t o n o r b e fo r e S e p t . 1 9 0 % o f
t h e m i n o r i t y i n t e r e s t s h a ll b e d e p o s i t e d w i t h t h e U n i o n T r u s t
C o . o f P itts b u r g h :
of Exchange.—
Terms of Exchange fo r
— In Exchange Pittsb. Coal Co.—
M inority Stock—
Outstanding.
Common Stock. 5% Debentures.
C om m on......... .......... ............ .$5,000,000 100% -$5,000,000 _________ _______
P re fe rre d __________________ 7,500.000 _________________ 80% -$ 6 ,0 0 0,0 00
The debentures are to be 20-year 5% tax-free coupon debenture bonds
of the Pittsburgh Coal Co.; denominations $500 and $1,000, dated July 1
1911 and due July 1 1931, but callable in numerical order at par on any Int.
date. Interest payable M. & S. Pittsburgh Coal stock is $100 par,
Monongahela $50, but the above exohange Is $ for $.— V . 92, p. 1569, 730.
M o n tg o m e r y (A la .) L ig h t
Year ending
Gross
M ay 31.
Earnings.
1910-11
$363,450
1909-10
337,957
— V. 92, p. 1439.
& W a te r
P o w e r C o .—
Earnings.
Net
— Interest on Bonds—
Balance,
Earnings. Underlying. First Consols. Surplus.
$191,639
$38,640
$65,327 $87,672
174,179
40,620
62,700 70,859
( T e n n .) G a s & H e a t i n g C o . — New Application
T h i s c o m p a n y w a s i n c o r p o r a t e d in T e n n e s s e e
o n J u l y 5 w it h § 1 0 0 , 0 0 0 s t o c k , t h e i n c o r p o r a t o r s b e i n g G e n .
E d w in A . P r ic e o f N a s h v ille , a ls o J . H . F a ll, C . I I . B r a n d o n ,
T h o s . W . W r e n n e a n d J o h n M o o r e , w it h a v i e w t o b u y i n g
th e § 1 ,3 8 0 ,0 0 0 s to c k o f th e N a s h v ille G a s C o . a t § 1 0 5 a s h a r e ,
a n d h a s a p p l i e d f o r a 4 0 - y e a r f r a n c h i s e o n li n e s t h a t i t is
h o p e d a v o i d t h e o b j e c t i o n s r a is e d a g a i n s t t h e N a s h v i l l e G a s
& F u e l C o . o r d in a n c e w h ic h w a s v o t e d d o w n la s t N o v e m t *
N a s h v ille
for Franchise.—
J u l y 2 2 1 9 1 1 .1
233
THE CHRONICLE
“ I am satisfied that there Is reasonable ground for believing that a com
bine exists with regard to the m anufacture and sale of m achinery for manu
facturing boots and shoes which has operated to the detriment of consum
ers and producers, and that It Is In the public interest that an investigation
be held under the provisions o f the com bines Investigation A c t .”
The Minister o f L abor, W . L . Mackenzie King (the author o f the A c t),
proposes to form a board of investigation of three persons to Inquire Into the
operations of the subsidiary United Shoe Machinery Co. of Canada, one
nominated b y the applicant, one b y the com pany and the third b y the
N.
Y . & Q u e e n s E l e c t r i c L i g h t & P o w e r C o . — New Direc
two thus selected. Under the law the Governor-General, In council, m ay
tors.— G e o r g e B l a g d e n , o f C l a r k , D o d g e & C o . , a n d P h i lip on recom m endation of the board rem ove b y order the customs duties from
the articles whose cost Is found to be enhanced b y a com bine, In order to
A . S . F r a n k l i n , V i c e - P r c s . o f t h e I n t e r n a t i o n a l M e r c a n t i le
secure reasonable com petition, and further provision Is made for the revoca
M a r in e C o ., h a v e b e e n e le c t e d d ir e c to r s , to su c c e e d J . C .
tion If necessary of patents owned or controlled by the com bine. Severe
penalties are provided for failure to com p ly with the orders of the board.
H a v e m e y e r a n d J . F . E a g l e , r e s i g n e d .— V . 9 2 , p . 1 4 3 9 .
— V . 92, p. 1699.
The new franchise asked for would run 40 years, with the right to the city
to receive $100,000 cash at the outset and 5% o f the gross Income from all
sources and buy the property at anytim e after 30 years on one year’s notice,
at a price to be fixed by arbitration. Price for gas not to exceed $1.10 gross,
$1 net and to be subject to adjustment byarbitration every 10 years, com
pany to spend $500,000 on betterments a n d extensions within live years.
Cltv election to ratify the ordinance April 11 1912. See V. 02, p. 730, 530.
P a r k e r C o t t o n M i l l s C o . , G r e e n v i l l e , S . C . — New Stock—
T h e s h a r e h o ld e r s w e r e t o v o t e J u l y 2 0 o n i n
c r e a sin g th e s to c k fr o m 3 1 0 ,0 0 0 ,0 0 0 to $ 1 5 ,0 0 0 ,0 0 0 , th e a d
d it io n a l s t o c k to b e d iv id e d i n t o g u a r a n t e e d , p r e fe r r e d a n d
c o m m o n s t o c k , a s d e te r m in e d b y th e d ir e c to r s .
Acquisition.—
The com pany purposes to acquire the Pine Creek Mfg. Co. of Camden,
S. C., and the Ottaray Mills of Union, S. C ., which together have 40,448
spindles and 1,042 loom s. Compare V . 92, p. 885.
A circular dated June 19 stated that It was proposed that the additional
Issue of guaranteed stock should not exceed $1,000,000 and the additional
preferred should not exceed $2,500,000, the remainder of the $5,000,000
to be com m on. Only one share of guaranteed can be Issued to every three
shares of pref. The guaranteed Is to be Issued on ly for cash at par, for the
acquirement o f additional property, and the pref. and com m on shares for
such consideration as the directors shall determine. In addition to the
tw o properties above mentioned, In the acquirement of which “ only a very
small p roportion” of the authorized increase In stock Is to be used, there
are several other properties under consideration b y the board, the acqui
sition o f which m ay be acted upon later.
Dividends Begun.— T h e c o m p a n y p a i d o n J u l y 1 a q u a r
te r ly d iv id e n d o f 1 % % u p o n th e ( 3 1 ,5 9 2 ,0 0 0 ) g u a r a n te e d
s to c k a n d a q u a r te r ly d iv id e n d o f 1
o n th e ( $ 4 ,8 5 8 ,7 0 0 )
p re fe rre d s t o c k .
C o m m o n sto c k o u t, $ 3 ,5 3 3 ,4 0 0 .
P e o p l e 's G a s L i g h t & C o k e C o . ; C h i c a g o . — City Ordinance
M ayor
H a rriso n
of
C h i c a g o o n J u l y 1 9 s ig n e d t h e o r d i n a n c e p a s s e d o n t h e 1 8 t h
b y t h e C i t y C o u n c il r e d u c i n g t h e p r i c e f o r g a s in C h ic a g o
f r o m 8 5 c t s . ( n e t ) , t h e p r e s e n t r a t e , t o 7 5 c t s f o r t h e fir s t
y e a r , 7 0 c t s . fo r th e s e c o n d a n d th ir d y e a r s a n d 6 8 c t s . fo r
th e f o u r t h a n d fifth y e a r s .
T h e C o m p a n y c o n s id e r s th e
r a t e s c o n f i s c a t o r y a n d w ill c a r r y t h e m a t t e r t o t h e c o u r t s .
Reducing Price of Gas— Litigation.—
B y the terms of the ordinance the 75 ct. rate would becom e effective
after 10 days publication , v iz., early In August. The directors, however,
at their meeting next week are expected to order legal proceedings that will
delay if not prevent any reduction.
Under the preceding administration the CItyCouncIl Committee on Gas,
Oil and Electric Light em ployeed W . J. Hagcnah to Investigate the com
p a n y’s business and recomm end a reasonable rate. Mr. Hagenah reported
In favor o f 77-cents gas (V . 92, p. 1114) but Ills report was not satisfactory
to the new com m ittee, which em ployed Edward W . Bemls as a second
expert. Mr. Bemls recomm ended a sliding scale of 75 cts. for one year,
70 cts. for three years and 65 cts. for one year. A fter refusing to divulge
the data on which his rcoort was based, on the ground that they were
furnished him confidentially, Mr. Hagenah resigned from the service of the
com m ittee on July 7.
. . . . . .
Mr. Hagenah allowed $10,000,000 as the “ going value” of the property
to represent the amount paid In 1897 for the franchises of the constituent
com panies. Mr. Bemls om itted this Item. He also deducted (1) $143,000
a year, or 8 cts. a 1,000 ft.,o n a c co u n t of the saving which he calculated the
com pany could effect b y making all Its gas; (2) a deduction of 2 cts. per
1,000 ft. because he said the salaries and general expenses o f the com pany
are excessive, and (3) a reduction of the allowance for working capital from
$3,400,000 to $2,100,000 by the elimination of the discount on the com
pa n y’s securities. In this manner he arrived at the conclusion that the
rates proposed b y him would net the com pany on the actual value of the
property “ over 7 % for the next four years and over 6 'A % the fifth y ea r.”
Compare V . 92, p. 1114, 960.
P i t t s b u r g h C o a l C o . — Proposed Merger with Subsidiary.—
Debentures for Minority Shares.— S e e M o n o n g a h e l a C o n s o l i
d a t e d C o a l & C o k e C o . a b o v e .— V . 9 2 , p . 1 5 7 0 .
United States Smelting Refining & Mining Co.— Purchase.
— A r r a n g e m e n t s f o r th e p u r c h a s e o f th e G o ld R o a d s m in e
n e a r N e e d l e s , A r i z . , f o r $ 1 , 4 3 5 , 0 0 0 w e r e , i t is r e p o r t e d ,
c o m p le te d J u n e 7 a t P a r is a n d th e G o ld R o a d s s to c k h o ld e r s
w e r e t o a p p r o v e t h e s a le o n J u l y 1 7 .
The owners of the Gold R oad s mine were. It Is stated, William Bailey,
Los Angeles, Clarence McCornlclc, French Interests, and Col. O. P . Posey
of Los Angeles, tw o exam inations of the property having been m ade, one
by Sydney Jennings of the U . S . Smelting Co. and another b y Ferdinand
R obellaz, a well-known French engineer. The form er’s estim ate showed
approxim ately $2,700,000 gloss value with 5700,000 net In the developed
reserves, while the latter placed the net value at about $850,000.— V . 92,
p . 1308.
United
States
Steel Co.— Bonds
of Illinois Steel Co.
Sold.—
A s a le o f $ 9 , 7 5 3 , 0 0 0 ( a u t h o r i z e d $ 1 0 , 0 0 0 , 0 0 0 ) I l l i n o i s
S t e e l C o . d e b e n tu r e 4 ) ^ % g o ld b o n d s , d u e 1 9 4 0 , h a s b e e n
m a d e to a J . P . M o r g a n & C o . s y n d ic a t e .
T h e p ro ceed s are
to re im b u rse th e U n ite d S t a t e s S te e l C o . fo r a d v a n c e s .
The
I l l i n o i s S t e e l C o . h a s a l s o a n is s u e o f $ 6 , 9 0 0 , 0 0 0 d e b e n t u r e s
o u ts ta n d in g , d u e A p r il 1 1 9 1 3 .— V . 9 3 , p . 1 1 0 , 5 2 .
Virginia Anthracite Coal & Coke Co.— Not Sold.— T h e
p r o p e r t y w a s r e c e n tly o ffe r e d a t a u c t io n a t C h r is tia n s b u r g ,
V a . , b u t w a s n o t s o ld , a s n o b id w a s r e c e iv e d h ig h e r t h a n
$ 1 0 5 ,0 0 0 . (C o m p a r e V . 9 2 , p . 1 7 0 2 ; V . 9 3 , p . 1 0 6 .) —
V . 88, p. 629.
Virginia-Carolina Chemical Co.— President’s Remarks.—
See
“ Annual
R e p o r t s .”
S e e A m e r . A g r ic u ltu r a l C h e m ic a l C o ..
N . W a lla c e , P re sid e n t o f th e C e n tra l
T ru st C o . o f N . Y . C ity , T . S . Y o u n g an d J . A . L o n g h a v e
b e e n e le c te d d ir e c to r s to su c c e e d J . B . D u k e , R . J . R e y n o ld s
a n d W . N . R e y n o ld s , re tire d .
New Stock.— T h e s h a r e h o l d e r s o n W e d n e s d a y v o t e d t o
is s u e t h e r e m a i n i n g $ 2 , 0 0 0 ,0 0 0 p r e f . s t o c k o f t h e is s u e o f
$ 8 , 0 0 0 , 0 0 0 . a u t h o r i z e d in A p r i l 1 9 0 4 .
T h e i n c r e a s e w ill b e
o ffe r e d t o b o t h p r e f e r r e d a n d c o m m o n s h a r e h o ld e r s a t a
p r ic e t o b e s e t t l e d l a t e r i n a m o u n t s e q u a l t o a b o u t 4 > 6 % o f
th e ir p r e s e n t h o ld in g s .
T h e p r o c e e d s a r e to b e u se d to
Potash Situation.—
New Directors.— J .
p r o v id e
w o rk in g
c a p it a l
fo r
th e
in c r e a s e d b u s in e s s .
The directors consider that this m ethod of financing Is preferable to
the Issuing of the $3,000,000 bonds now In the treasury, which will becom e
available for sale on Dec .1, because It will give the stockholders an oppor
tunity to share In the benefits to be derived from the use o f the new capital.
— V. 92, p. 161.
Vulcan Detinning Co.— Decision.— V i c e - C h a n c e l l o r H o w e l l
o n . J u l y 1 7 c o n f ir m e d t h e r e p o r t o f S p e c ia l M a s t e r M a g i e
a w a r d in g th e c o m p a n y $ 6 7 7 ,3 5 2 fo r p r o fits r e c e iv e d b y th e
A m e r i c a n C a n C o . in c o n n e c t i o n w i t h i t s d e t i n n i n g f a c t o r i e s ,
n o w c lo s e d .
The Court overruled the exceptions o f both parties. A n appeal. It Is
expected, will be taken to the Court o f Errors and A ppeals.— V. 92, p. 1570
W aco
( T e x .)
G as
&
E le c tr ic
Co.—Incorporated.— S e e
S o u th e r n T r a c tio n C o . u n d e r “ R a ilr o a d s ” a b o v e .
Guaranteed Bonds Offered.— A. G . E d w a r d s & S o n s , S t .
L o u is , a r e p la c in g , a t a p ric e to y ie ld a b o u t 6 % , $ 2 5 0 ,0 0 0
The capital stock consists of $750,000 pref. and $750,000 com m on. In 1 s t M . 6 % b o n d s , t h e e n t i r e a u t h . i s s u e , d a t e d J u n e 1 1 9 1 1
$100 shares, all full-paid and non-assessablc. The former Is preferred as to a n d d u e J u n e 1 1 9 1 6 ; e n t i r e is s u e s u b j e c t t o r e d e m p t i o n o n
dividends and assets and is secured by the plant now being constructed at a
P r in . a n d in t . (J . & D .)
cost of $593,000 and 2,360 acres of San Luis Valley land under cultivation 3 0 d a y s ’ n o t i c e a t 1 0 0 a n d i n t .
and worth $75 per acre at a low valuation, besides all other net assets. p a y a b l e a t S t . L o u i s U n i o n T r u s t C o . , t r u s t e e , S t . L o u i s .
There arc no bonds. The factory will have a dally slicing capacity of 000 P a r $ 1 , 0 0 0 .
G u a r a n te e d , p r in . a n d i n t ., b y e n d o r s e m e n t b y
tons: It Is under contract to be com pleted O ct. 10 1911.
Directors (and officers): President, W . J. Gnlllgan of Denver: VIce-Pres., J . F . S t r i c k l a n d , O s c e G o o d w i n a n d M . B . T e m p l e t o n , o f
W . 1). H oover: Hec.-Treas., George McLean: John K. Osborne of W yom ing; D a l l a s , T e x .
S a n L u i s V a l l e y B e e t S u g a r C o . , M o n t e V i s t a , C o l . — Pref.
J o h n B u r n h a m & C o ., N e w Y o r k , B o s t o n
a n d C h i c a g o , r e c e n t l y o f f e r e d a t p a r , w it h a b o n u s o f 5 0 %
in c o m m o n s t o c k , 8 2 0 0 , 0 0 0 7 % c u m u l a t i v e p r e f e r r e d .
Stock Offered.—
J.
B. Cosgrlff, E. F. Dyer of Cleveland, and W . O. S tation.
Colorado people have taken over 70% o f the total pref. stock Issued.
S a n t a C e c ilia S u g a r C o . — Stock.— A c e r t i f i c a t e file d a t
A u g u s t a , M e . , J u l y 1 4 in c r e a s e s t h e a u t h . c a p i t a l s t o c k f r o m
$ 1 ,5 0 0 ,0 0 0 to $ 2 ,5 0 0 ,0 0 0 .
Owns sugar plantation at Guantanamo, Cuba. Indebtedness: 1st M.
20-year 0s, due Feb. 1 1925, of which $1,400,000 outstanding; 6% deben
tures, due A ug. 1 1916, $100,000; refunding notes (June 30 1910), 5154.-302;
coupons not funded, $2,580. Pres., M. H . Lewis, and Sco.-Trcas., R obert
L . Dean, 20 Broad S t.. N. Y .— V. 91, p. 876.
Data Furnished by Judson H. B oughton, Sec.-Treas. National Light &
Im provem ent C o ., S t . Louis. J u l y 7 1911.
T h e W a c o E l e c t r ic & G a s C o . s u p p l i e s t h e e n t ir e c i t y w it h g a s a n d e l e c t r i c
l ig h t .
T h e c o m p a n y h a s Ju st c o m p l e t e d a m o d e r n w a t e r g a s p l a n t w it h a
c a p a c i t y s u f fi c ie n t t o c a r e f o r f u t u r e g r o w t h .
T h e c o m p a n y p u r c h a s e s it s
e l e c t r i c i t y f r o m t h e W a c o S t . R y . C o . ( w h ic h s e e a b o v e ) u n d e r a c o n t r a c t
r e c e n t l y m a d e , a n d e x t e n d i n g b e y o n d t h e l if e o f t h e b o n d s .
T h e a ctu a l
r e p l a c e m e n t v a l u e o f t h e p h y s i c a l p r o p e r t ie s , e x c l u s i v e o f a ll I n t a n g ib le
a s s e t s , Is 5 4 0 0 ,0 0 0 .
Capitalization, Authorized and Issued.
S t o c k ( c o m m o n , $ 3 0 0 ,0 0 0 :
p r e f e r r e d , $ 2 0 0 ,0 0 0 ) --------------------------------- $ 5 0 0 ,0 0 0
F i r s t m o r t g a g e 6 % b o n d s , p r e s e n t Issu e ( c l o s e d m o r t g a g e ) ------------ 2 5 0 ,0 0 0
T a m p a ( F l a . ) G a s C o . — Sale of Control— New Officers.—
Warnings Jor Calendar Year 1 9 1 0 .
A . J . B o a r d m a n , E d w a r d M a n r a ra a n d F r a n k B r u e n , h a v in g
[ I n t . o n 6 s , $ 1 5 ,0 0 0 ; P r o R a t a I n t . C h a r g e o n P o w e r P l a n t $ 7 ,5 0 0 .]
r e c e n t l y s o ld t h e i r h o l d i n g s t o J o h n G r i b b e l a n d D a v i d J .
G r o s s e a r n i n g s ________________ $ 1 8 2 , 7 9 9 1P r e s e n t c h a r g e s _________________$ 2 2 ,5 0 0
C o llin s o f P h ila d e lp h ia , th e la s t -n a m e d tw o m e n a n d P e te r
N e t ( a ft e r t a x e s ) _____________
9 8 , 6 1 4 | S u r p lu s ---------------------------------------- 7 3 ,1 1 4
O . K n ig h t h a v e b e e n e le c te d d ir e c to r s .
M r . G rib b e l h a s b e e n
[S e e f u r t h e r p a r t ic u la r s u n d e r W a c o S t r e e t R y . a b o v e . ]
m a d e P r e s . , M r . C o lli n s V i c e - P r e s . a n d R o s c o e N e t t l e s , S e c .
W e s t i n g h o u s e E l e c t r i c & M f g . C o . , N . Y. C i t y a n d P i t t s
The plans of the new owners, It Is stated, are to Increase the present
capacity o f the plant 7 'A times, to Increase the gas mains from 33 miles to b u r g h . — Appeal for Proxies.— C h a r le s J . C a n d a o f N . Y . ,
75 miles, and to build up a system capable of furnishing lighting and fuel a m e m b e r o f t h e s t o c k h o l d e r s ’ c o m m i t t e e o f 1 9 0 8 , a n d t h e
for a city of 150,000 people. More than $400,000, it is said, will be spent In f o r m e r P r e s i d e n t , G e o r g e W e s t i n g h o u s e , h a v e u n i t e d in a n
developing the works and distributing system .— V . 85, p. 288.
a p p e a l fo r p r o x ie s to b e u se d a t th e a n n u a l m e e tin g o n J u ly 2 6
T e x a s C o m p a n y . — Pending Purchase.— I n s p i t e o f o f f i c i a l
in e l e c t i n g n e w d i r e c t o r s i n t h e p l a c e o f t h e f o u r w h o s e t e r m s
d e n i a l s , it a p p e a r s t h a t n e g o t i a t i o n s a r e w e ll a d v a n c e d f o r t h e
th en e x p ire .
I t is c l a i m e d t h a t t h e c o m p a n y h a s a c a s h f u n d
p u r c h a s e o f t h e P e a r s o n o il l a n d h o l d i n g s n e a r T a m p i c o ,
o f o v e r $ 6 , 7 0 0 , 0 0 0 o n d e p o s i t in t h e b a n k s a n d c o u ld s a f e l y
M c x . , i n c l u d i n g , it is u n d e r s t o o d , t h e M e x i c a n E a g l e p e t r o
re su m e 1 % q u a r te r ly d iv id e n d s o n th e a s s e n tin g s to c k .
l e u m f i e l d s .— V . 9 2 , p . 1 4 4 0 .
U n i t e d S h o e M a c h i n e r y C o r p o r a t i o n .— Canadian Investi
gation.— J u d g e C a n n o n in t h e S u p e r i o r C o u r t o f Q u e b e c
h a n d e d d o w n a ju d g m e n t u n d e r th e c o m b in e s in v e s tig a tio n
A c t ( t h e f ir s t t h e r e u n d e r ) .
T h e C o u r t h e ld :
Extracts from Statement by George W estinghouse (sec Advertisem ent
on another page).
I a m p r o fo u n d ly c o n v in c e d th a t th e r e ce n t p o lic y a n d m a n a g e m e n t o f
t h e c o m p a n y h a v e b e e n I ll- a d v is e d a n d d e t r im e n t a l , t h a t t h e r ig h t s a n d
J u st e x p e c t a t i o n s o f t h e s t o c k h o l d e r s h a v e b e e n d i s r e g a r d e d , a n d t h a t
a c h a n g e o f p o l i c y a n d m a n a g e m e n t Is I m p e r a t iv e .
A s I a m th e la rg e s t
I n d iv id u a l s t o c k h o l d e r , a n d m o r e l a r g e ly a n d v i t a l l y I n t e r e s t e d a s a s t o c k -
234
THE CHRONICLE
holder than any other individual or group of Individuals, It is not only
m y Interest, hut, I believe, m y du ty, to urge the stockholders, whether
of preferred or com m on stock, to send their proxies, as requested In Mr.
Canda’s circular, to the end that their interests m ay be adequately p ro
tected and safeguarded. The remedy is with the stockholders, and It is
fo r them to decide whether they will make the necessary changes.
Referring to the circular dated Pittsburgh, July 18 1911, and issued
In answer to the above, by Joseph W . Marsh and other members of the
Merchandise Creditors’ Committee of 1908, I now call attention to the
follow ing facts: On the reorganization in 1908, the com pany received,
principally contributed by stockholders, 817,736,975; the surplus profits
of the business for the year ending March 81 1910 were 53,060,664; the
surplus profits for the year ending March 31 1911 were §4,881,105; making
a total of $25,698,744 added to the cash resources taken over from the
receiver. In the meantime, the funded debt has been reduced by §3,626,064.
This week the com pany actually has on deposit In various banks the
sum of over §6,700,000, of which 33,150,000 is deposited in banks and
trust companies In the City of New Y ork . One per cent on the com m on
stock would require about §350,000, that is, about 5% of the cash on de
posit, and future payments of 1% quarterly can be made out of current
earnings, as pointed out in Mr. Canda's circular of July 15 1911.
C o n d e n s e d S t a t e m e n t b y R o b e r t M a t h e r , C h a ir m a n , N . Y . C i t y , J u l y 1 9 .
The Implications that the present directors are not “ representatives of
the stockholders,’ ’ and that they have “ other Interests to serve,” arc un
warranted and unjust. The 15 members of the board, aside from Mr.
W. stlnghouse, own in the aggregate, either personally or through corpora
tions whose ho.dings they represent, over 58,000 shares of the assenting
stock. It is true that m any of them were creditors of the com pany at the
time of the receivership. Indeed, it was through their forbearance in ac
cepting, through the readjustm ent plan, assenting stock at par in payment
of their claims, in whole or In part, that the old stockholders now have any
interest whatever in the com p any. As directors they serve no Interests,
directly or Indirectly, except those of the com pany, and their determination
that the best Interests of the com pany require for the present the postpone
ment of dividends is as directly a financial loss to themselves as to the other
stockholders. T hey are in fact stockholders, with precisely the same
Interest In the com p a n y’s welfare and entitled to the same rights as
other stockholders.
In an experience of m any years with m any kinds of corporations I have
never known a board the individual members of which devoted so much
time to the service of the corporation as have the members of this board.
E x t r a c t s f r o m S t a t e m e n t b y M e m b e r s o f M e r c h a n d is e C r e d i t o r s ’ C o m m i t t e e ,
P it t s b u r g h , J u ly 13 1 9 1 1 .
The undersigned were members of the merchandise creditors’ com m ittee,
whose plan for the rehabilitation of your com pany was adopted by creditors
and shareholders alike, and resulted in the discharge of the receivers.
The sole reason alleged for making this change is that the directors have
not as yet seen fit to declare a dividend on the assenting stock. The pay
ment of liberal dividends is not the only or the best evidence of good man
agem ent. One reason for the failure of the com pany in 1907 was the main
tenance of high dividends, while at the same time large investments were
being m ade in foreign manufacturing com panies, which have resulted In
heavy lc s;es
The present board has thought it wise. In view of these past
losses, of certain short-tim e obligations which will need to be provided for
when they mature, of the necessity of providing funds (which the com pany
cannot at present raise b y the sale of its obligations or Its shares) for needed
Immediate extensions to the plant, and of the present business conditions,
to defer to a later day the resumption of dividends upon the assenting stock.
That your directors in their annual report correctly forecasted the imme
diate future o f your business Is shown by the fact that the surplus resulting
from the operations o f the first three months of the present fiscal year Is
but one-half of that of the same period a year ago.
The annual report makes it clear that the directors have in contem plation
the paym ent of dividends as soon as a change in any of these conditions
gives promise that dividends, when resumed, can be maintained. See re
port V. 92, p. 1642, 1632.
[Signed: Joseph VV. Marsh, F. VV. R ocbling,
Charles It. Rem ington, A . Rournonville and George M. V erity.]— V . 92, p.
1642, 1632.
— T h e a n n u a l r e p o r t o f J . G . W h i t e & C o ., L t d ., o f L o n
d o n , E n g . , w h ic h c o m p a n y w a s f o r m e d s o m e t e n y e a r s a g o ,
to ta k e o v e r th e fo r e ig n b u s in e s s o f J . G . W h it e & C o . o f
N e w Y o r k , s h o w s n e t p r o fits fo r th e y e a r o f £ 9 1 , 4 0 6 , a s
a g a in s t £ 0 4 ,8 0 1 th e p r e v io u s y e a r .
T h e d ir e c to r s r e c o m
m e n d t h a t £ 1 5 , 0 0 0 b e a l l o c a t e d t o w r i t i n g o ff t h e b a la n c e
o f p u r c h a s e o f b u s in e s s a c c o u n t a n d a fu r th e r £ 1 5 ,0 0 0 b e
p la c e d t o t h e c r e d i t o f a n e w r e s e r v e a c c o u n t f o r t h e e q u a l i
z a tio n o f fu tu r e d iv id e n d s .
T h is to ta l su m
o f £ 3 0 ,0 0 0
h a v in g b e e n s e t a s id e , th e d ir e c to r s r e c o m m e n d a d iv id e n d
of 7 % fo r th e h a lf-y e a r o n b o t h th e p r e fe rre d a n d o r d in a r y
s h a r e s , m a k i n g , w it h t h e i n t e r i m d i v i d e n d o f 5 %
p a id
J a n . 1 , a to ta l d is tr ib u tio n o f 1 2 %
fo r th e y e a r .
They
fu r th e r r e c o m m e n d a n e x tr a d iv id e n d o f 1 0 s . p er sh a re , or
5 0 % , o n th e o r d in a r y s h a r e s , m a k in g a to ta l o f 6 2 % fo r th e
y e a r , l e a v i n g t h e b a l a n c e o f £ 1 9 , 8 1 2 t o b e c a r r ie d f o r w a r d
t o n e x t y e a r 's a c c o u n t s .
— G e o rg e P . S m ith & C o . a n n o u n c e th e o p e n in g o f n ew
o f f i c e s in t h e M a r q u e t t e B u i l d i n g , C h i c a g o , f o r t h e c o n d u c t o f
a g e n e r a l b o n d a n d in v e s t m e n t b u s in e s s .
T h e i r s p e c ia l lin e s
w ill b e p u b l i c u t i l i t i e s , m u n i c i p a l s e c u r i t i e s a n d p r e f e r r e d
sto c k s.
T h e s e n i o r p a r t n e r , G e o . P . S m i t h , is a w e l l - k n o w n
c a p it a lis t.
T h e o th e r m e m b e r s o f th e fir m a r e : R ic h a r d G .
P la t t , a n e x p e rie n c e d b o n d a n d s to c k b r o k e r , w h o h a s b een
a s s o c i a t e d w i t h H o r n b lo v v e r & W e e k s a n d B o n d & G o o d w i n ,
a n d C h a r le s H . A n t h o n y , w h o w a s f o r m e r l y a b o n d s a l e s m a n
fo r th e A m e r ic a n T r u s t & S a v in g s B a n k a n d m o r e r e c e n tly
c o n d u c t e d a b o n d a g e n c y in M a d i s o n , W i s .
— M r . F r e d e r ic k R . F e n t o n o f C h io a g o , w h o fo r th e p a s t
e ig h t y e a r s h a s b e e n sa le s m a n a g e r fo r E . I I . R o llin s & S o n s ,
s e v e r s h i s c o n n e c t i o n w i t h t h a t f ir m o n A u g . 1 t o b e c o m e
d ir e c to r o f sa le s fo r th e w e ll-k n o w n b o n d h o u s e o f D e v i t t ,
T r e m b le & C o . o f C h ic a g o , D e tr o it a n d P h ila d e lp h ia .
P r io r
t o c o m i n g t o C h i c a g o , M r . F e n t o n w a s in t h e b o n d b u s i n e s s in
D e t r o i t , a n d w a s a l s o a n a t t o r n e y in t h a t c i t y a n d h e ld p u b li c
o ffic e th e r e .
S in c e c o m i n g t o C h i c a g o , h e h a s t a k e n h is
p la c e a m o n g th e b a n k in g a n d b o n d fr a t e r n it y .
— E r n e s t W . L o v e j o y , C h a r le s E . M a t h e r a n d I I . H o u g h ,
w h o h a v e b e e n f o r m a n y y e a r s m a n a g e r s w i t h t h e f ir m o f
P r i c e , W a t e r h o u s e & C o . in N e w Y o r k , a n n o u n c e t h a t t h e y
h a v e fo r m e d a p a r tn e r s h ip fo r th e p r a c tic e o f p u b lic a c c o u n t
i n g u n d e r t h e f ir m n a m e o f L o v e j o y , M a t h e r & H o u g h , w it h
o ffic e s a t 15 W a ll S t ., N e w Y o r k C i t y .
— I I . K . T a y l o r & C o . , H a r t f o r d , C o n n ., h a v e is s u e d a l i t t le
b o o k l e t e n t i t l e d “ A F e w W o r d s o n I n v e s t m e n t s , ” w h ic h w ill
b e m a ile d o n r e q u e s t .
I t c o n ta in s a n u m b e r o f p ra c tic a l
s u g g e s tio n s .
§££— A t t e n t i o n is c a ll e d t o t h e o f f e r in g o f a l i s t o f s e c u r i t ie s
a d v e r tis e d o n a n o th e r p a g e b y J . S . & W . S . K u h n , I n c .,
P itts b u r g h .
: : . ;
.*.
..
. . . . . .
[V O L . L X X X X I1 I.
COMMERCIAL EPITOME.
_
Friday Night, July 2 1 1 9 1 1 .
S ig n s a r e n o t l a c k i n g t h a t b u s in e s s c o n d i t i o n s a r e e v i n c i n g
s o m e w h a t o f a n im p r o v in g t e n d e n c y , a n o ta b le in d ic a tio n
b e i n g t h e s u s t a i n e d i m p r o v e m e n t in t h e s t e e l a n d ir o n t r a d e .
M o r e o v e r , b a n k c le a r i n g s a r e r a t h e r e n c o u r a g i n g , g o o d a v e r
a g e c r o p s a r e i n d i c a t e d , o w i n g t o r e c e n t b e n e fi c ia l r a i n s , a n d
e x p o r t s a r e la r g e r t h a n a y e a r a g o .
L A R D h a s c o n tin u e d a b o u t s t e a d y ; p r im e W e s t e r n h ere
8 . 4 0 c . , C i t y 7 . 8 2 % c . , r e f in e d f o r t h e C o n t i n e n t 8 . 6 0 c . , S o u t h
A m e r i c a 9 . 5 5 c . , li r a z i l in k e g s 1 0 . 5 5 c .
F u tu re s h a v e b een
l o w e r a t t i m e s in r e s p o n s e t o s e lli n g b y W e s t e r n i n t e r e s t s .
d a i l y CLOSING PRICI3S
T ,
, „
Sat.
July delivery................... 8.25
September delivery . . . 8.40
D A IL Y CLOSING PR ICE S
_ ,
, „
Sat.
July
delivery--------------- 8 .2 7 ^
September delivery------ 8.35
OF L A R D F U T U R E S IN NEW YO RK .
M on .
Tues.
Wed.
Thnrs.
F ri.
8.20
8.20
8.20
8.10
8.20
8.35
8.34
8.32
8.30
8.35
OF L A R D F U T U R E S IN CHICAGO.
M on .
Tucs.
Wed.
Thurs.
F ri.
8 .1 2 ^ 8.15
8 .1 2 K
8 .1 7 K 8.17J*
8 .22>3 8 .2 7 ^
8 .224* 8 .2 7 )*
8.27J*
P O R K h a s c o n tin u e d s t e a d y , w ith p a c k e r s , a t t i m e s ,
b u y e r s ; m e s s h e r e 8 1 7 5 0 @ 8 1 8 , c le a r s S 1 6 @ 8 1 7 a n d f a m i l y
817 7 5 @ 8 1 8 50.
C u t m e a ts h a v e b e e n m o d e r a te ly a c tiv e
an d ste a d y .
P ic k le d h a m s 1 3 % t o 1 4 % c . , p i c k l e d b e l l i e s ,
c le a r , 1 2 % to 1 3 % c . , a n d p ic k le d r ib s 1 1 % to 1 2 % c .
B eef
a b o u t s t e a d y a t th e q u o ta tio n s ; m e s s 8 1 0 5 0 to 8 1 1 , p a c k e t
8 1 1 5 0 to 8 1 2 5 0 , fa m ily 8 1 2 to 8 1 3
a n d e x tr a In d ia m e ss
8 1 8 to 8 1 8 5 0 .
T a l l o w s t i ll 5 % c . f o r C i t y .
S te a r in e s 7 % c .
fo r o le o a n d 1 0 to 10 % c . fo r N e w Y o r k la r d .
B u t t e r f ir m e r ;
c r e a m e r y e x t r a s 2 5 c . , fir s t s 2 2 % t o 2 3 % c .
T h ere h ave been
d e f e c t s in q u a l i t y , o w i n g t o t h e h e a t e d s p e l l .
C h eese q u ie t;
S t a t e , w h o le , m ilk , c o lo r e d , f a n c y , 1 1 % to l l % c .
E ggs,
W e s t e r n fir s ts , 1 7 c .@ 1 8 c .
O I L . — D o m e s t i c lin s e e d h a s b e e n a b o u t s t e a d y ; t h e w e a t h e r
in t h e N o r t h w e s t h a s c o n t i n u e d f a v o r a b l e in t h e m a i n , b u t
m o r e r a in is n e e d e d .
C it y , r a w , A m e r ic a n s e e d , 8 7 to 8 8 c .;
b o il e d 8 8 t o 8 9 c . ; C a l c u t t a , r a w , 9 5 c . t o 8 1 .
C o tto n se e d
w e a k ; w in te r 5 .7 5 c ., s u m m e r w h ite 5 .7 5 c ., c r u d e n o m in a l.
C o c o a n u t s till s t e a d y ; C o c h in 9 t o 9 % c . , C e y l o n 8 % t o 9 c .
C o r n s t ill fir m a t 6 t o 6 . 0 5 c .
L a r d h a s b e e n q u ie t; p rim e
7 0 to 8 0 c ., N o . 1 e x tr a 5 5 to 6 4 c .
C o d s t e a d y ; t h e c a t c h is
sa id to b e lig h t .
N e w fo u n d la n d 5 7 to 5 8 c . a n d 5 5 to 5 7 c . fo r
d o m e s tic .
C O F F E E h a s b e e n s te a d y o n th e s p o t , a lth o u g h fu tu r e s
h a v e a t tim e s d e c lin e d .
R io N o . 7 , 1 3 % c .; N o . 4 S a n to s ,
13% @ 14c.
F u t u r e s h a v e d e c li n e d o n t h e l a t e r p o s i t i o n s ,
o w i n g t o l o n g li q u i d a t i o n a n d lo w e r f o r e i g n m a r k e t s , w h il e
t h e n e a r - b y o p t i o n s h a v e b e e n s u s t a i n e d b y b u ll s u p p o r t .
C l o s in g p r i c e s w e r e a s f o l l o w s :
J u ly ..............11.69@11.70
August ........ 11.48@11.50
September . . 11.30@11.31
October........ 10.96® 10.97
November
December
January .
February
.10.80@10.81
10.64@10.65
10.64®10.65
10.64® 10.65
March............ 10.65@10.66
April.............. 10.65@10.66
M a y .............. 10.66® 10.67
June ............ 10.67@10.68
S U G A R . — R a w h a s b e e n fir m a n d h i g h e r ; C u b a n s t o c k s
are lig h t.
C e n t r ifu g a l, 9 6 -d e g r e e s t e s t , 4 .3 6 c .; m u s c o v a d o ,
8 9 -d e g r e e s t e s t , 3 .8 6 c .; m o la s s e s , 8 9 -d e g r e e s t e s t , 3 .6 1 c .
R e fin e d , g r a n u la te d , 5 .2 5 c .
T e a s q u ie t , w ith s t o c k s s m a ll.
S p ic e s s t e a d y a t a b o u t fo r m e r p r ic e s .
P E T R O L E U M h a s c o n t i n u e d q u i e t , w it h t h e p r i n c ip a l
d e m a n d fro m a b r o a d .
R e fin e d , b b l s ., 7 .2 5 c .; b u lk 3 .7 5 c .
a n d cases 8 .7 5 c .
G a s o l i n e , in 1 0 0 - g a l l o n d r u m s , 1 8 % c . ;
d ru m s 88 50 e x tra .
N a p h t h a , 7 3 t o 7 6 d e g r e e s , in 1 0 0 - g a l l o n
d ru m s, 1 6 % c .; d ru m s 88 50 e x tra .
S p ir its o f tu r p e n tin e
53 % c .
R o s in 8 5 7 5 fo r s tr a in e d , c o m m o n to g o o d .
H ops
fir m , w ith s t o c k s s m a ll.
W h i t e m o l d is s t ill r e p o r t e d in
N e w Y o r k , a n d in G e r m a n y r a in is n e e d e d .
T O B A C C O . — T r a d e c o n t i n u e s v e r y q u i e t , b u t h o ld e r s a ro
f ir m in t h e i r v i e w s a s m a n u f a c t u r e r s ’ s u p p l i e s a r e b e l i e v e d
to b e s m a ll.
C ig a r m a n u fa c tu r e r s c o n tin u e to o p e r a te o n ly
o n a h a n d -t o -m o u t h b a s is , o w in g to th e m o d e r a te c o n s u m p
tio n o f c ig a r s .
o w in g to th e h ig h
p o s itio n to m a k e
b e e n b e n e fite d b y
S u m a t r a t o b a c c o s h o w s li t t l e a n i m a t i o n ,
p r i c e s a s k e d , a n d h o ld e r s e v i n c e li t t l e d is
p r ic e c o n c e s s i o n s .
T h e g r o w in g c ro p h a s
r a in s o f l a t e .
C O P P E R h a s b e e n q u ie t b u t s t e a d y .
The
im p r o v e d
d e m a n d f o r s t e e l p r o d u c t s h a s r a t h e r f a v o r a b l y in fl u e n c e d
th e in q u ir y fo r c o p p e r .
L a k e 1 2 % to 1 2 % c . , e le c tr o ly tic
1 2 % to 1 2 % c . , s ta n d a r d n o m in a lly 1 2 .2 5 c .
T in h a s b e e n
r a th e r w e a k e r ; s p o t here n o m in a lly 4 2 c ., J u ly 4 1 % c . @ 4 2 c .
S p e lte r 5 .7 0 t o 5 .7 5 c .
L e a d fir m a t 4 . 4 5 c .
P i g ir o n in
f a i r l y g o o d d e m a n d , a l t h o u g h t h e r e is r a t h e r le s s i n q u i r y
f r o m s o m e o f t h e in t e r io r p o i n t s .
N o . 1 N o r th e r n , 8 1 5 to
8 1 5 2 5 ; N o . 2 S o u th e rn 8 1 4 2 5 to 8 1 4 7 5 .
S te e l p r o d u c ts
h a v e c o n t i n u e d in f a ir d e m a n d f o r b o t h d o m e s t i c a n d e x p o r t
re q u ir e m e n ts.
R a i l r o a d s h a v e p la c e d s e v e r a l b r id g e o r d e r s
a n d s t r u c t u r a l s t e e l h a s b e e n in f a i r d e m a n d .
W h ile th e
i m p r o v e m e n t in t h e s t e e l t r a d e is n o t s t e a d y , b e i n g m a r k e d
b y o c c a s i o n a l s e t b a c k s , o n t h e w h o le t h e r e is g e n e r a l t r e n d
to w a rd s b e tte r m e n t.
A m e r ic a n r e p r e s e n ta tiv e s o f th e s te e l
in d u s tr y w h o h a v e ju s t r e tu r n e d fr o m th e I n t e r n a tio n a l
M e ta llu r g ic a l C o n g re ss a t B r u s s e ls a re o p tim is tic o n th e
s it u a t io n .
A la r g e B e t h l e h e m s t e e l p l a n t h a s r e c e iv e d a
c o n tr a c t to s u p p ly ste e l p la t e fo r se v e r a l I t a lia n w a r s h ip s .
O r d e r s h a v e b e e n p la c e d w i t h t h e I l l i n o i s S t e e l C o . d u r i n g
th e p a s t w e e k fo r a r o u n d 1 0 0 ,0 0 0 to n s o f ste e l a n d p r o d u c ts
f o r e a r l y s h i p m e n t , t h i s b e i n g p r a c t i c a l l y d o u b l e it s u s u a l
w e e k ly b o o k in g s .
...............................................................................................
On Shipboard, Not Cleared Jor—
€ OTTON.
1911.
T H E M O V E M E N T O F T H E C H O P a s in d i c a t e d b y o u r
t e l e g r a m s f r o m t h e S o u t h t o - n i g h t is g i v e n b e l o w .
F o r th e
w e e k e n d in g th is e v e n in g th e to ta l r e c e ip ts h a v e r e a c h e d
5 ,2 1 7
b a le s , a g a in s t 4 ,1 9 8
b a le s l a s t
w eek
and
8 ,5 G 1
b a l e s th e p r e v i o u s w e e k , m a k i n g t h e t o t a l r e c e i p t s s in c e
S e p t.
1
1910
8 ,3 8 7 ,7 0 5
b a le s ,
a g a in s t 7 ,2 1 6 ,3 0 5
b a le s
f o r t h e s a m e p e r i o d o f 1 9 0 9 - 1 0 , s h o w i n g a n in c r e a s e s in c e
1 1910 of
1 ,1 6 1 ,4 0 0
b a le s .
M on.
Tucs.
Sat.
Receipts at—
G a lveston ______
Fort A rth u r____
Texas City, & c . .
New Orleans____
G u lfp o r t _______
..o b lle _________
P e n s a co la ______
Jacksonville, £cc.
Savannah ______
B ru n sw ick _____
C h a rleston _____
G e o rgetow n ____
W ilm in g to n ------
27
____
122
57
50
____
___
350
____
2
____
208
____
____
1,355
____
1
926
____
7
100
58
44
2
62
55
____
____
4
8
____
____
____
1
....
1
37
25
1
____
____
31
85
18
4
25
—
Totals this w eek.
.
3
309
1,161
1,569
300
565
—
—
—
Total.
F r i.
Thurs.
164
____
N ’port News, &c
New Y o r k ______
B altim ore_____
Philadelphia____
Wed.
131
146
____
____
387
—
—
____
135
98
____
1
—
—
647
—
—
3,276
—
____
____
—
—
—
23b
319
—
----
486
—
50
486
....
1,253
5,217
T h e f o l l o w i n g s h o w s t h e w e e k 's t o t a l r e c e i p t s , t h e t o t a l
s in c e S e p t . 1 1 9 1 0 , a n d t h e s t o c k s t o - n i g h t , c o m p a r e d w it h
la s t y e a r :
__
Stock.
1909-10.
1910-11.
Receipts to
July 21.
Since Sep
1 1910.
This Since Sep
Week.
1 1009.
1,653 2,468,353
____
142,381
._ . _
72,058
9,525 1,208,699
____
8,992
3,237
250,027
20 1 138,104
3
39,493
11,779 1,342,024
229,426
223,284
2,854
1,576
31.8,468
" l5
535,212
19,443
18,789
6,618
38,905
14,110
44
80,508
927
1,890
—
5,946
______
______
33,305
______
672
______
______
15,238
651
4,084
4,241
______
______
52,914
162
3,048
186
8,208
P h ila d elp h ia ------
647 2,738,745
200,943
300,117
3,276 1,573,910
34,211
10 2 19,750
123.906
25,804
235
319 1,425,640
222,730
1 285,085
1,454
410,665
"6 1
132 558,745
3,924
14,483
38,505
50
112,651
486
365
—
04,036
7,313
1,399
1,024
158,6 i 6
1,979
1,200
946
T o ta l..................
5,217 8,387,705
56.422 7,216,305
106,878
230,651
This
Week.
G alveston.............
Port Arthur. ____
Texas City, <Scc .
New O rlea n s-----Gulfport _______
Mobile _________
Pensacola --------Jacksonville, & c.
.Savannah_____ _
Brunswick . . . . . .
Charleston . . . . . .
G eorgetow n -------W ilm in g ton .........
N orfolk__________
N ’port News, &e.
1910.
1911.
______
' 6,574
3,323
353
I n o r d e r t h a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
g iv e b d o w th e t o t a ls a t le a d in g p o r ts fo r s ix s e a s o n s :
Receipts at— !
S 1010.
1911.
647
1,053
3,276
10
319
9,525
3,237
11,779
1909.
6,967
246
5,549
1,416
2,618
G a lv e s to n __
Pt. Arthur, &c.
New Orleans.
M o b ile ______
S a v a n n a h ___1
Brunswick —
Charleston,&c
W ilm ington . _;
N o r fo lk _____ 1
N ’ port N ., &c
A ll others------
1
1
61
132
............1
771
2,854
15
19,443
7,916
5
19
338
28 4
655
T otal this wlc.
5,217
56,422
18,097
1908.
1906.
1907.
12,567
3,984
5,830
585
1,355
______
251
94
714
1,645
1,279
88
1,102
______
89
51
723
198
516
23,047
8,030
4,790
116
9,080
1,067
8,610
______
682
128
3,326
2,124
30,538
Since Sept. 1- 8,387,705 7.216.305 0.770.320'8,103.307 0,645,228 7.680,891
T h e e x p o r ts fo r th e w e e k e n d in g th is e v e n in g re a ch a to ta l
o f 1 2 ,3 1 0 b a l e s , o f w h ic h 5 , 5 9 7 j w e r e
to
G r e a t B r ita in ,
506
to
F ran ce
and
6 ,2 0 7
to th e r e s t o f th e C o n tin e n t.
B e l o w a r e t h e e x p o r t s f o r t h e w e e k a n d s in c e S e p t . 1 1 9 1 0 :
Week endin'] July 21 1911. ; From Sept. 1 1910 to July 21 1911.
Expor ted to—
Expor ed to—
Exports
from—
Conti
Great
Britain. Frnce. nent.
892
2,160
506
2,661
Mobile ............
647
400
__
Wilmington__
Norfolk . . ___
Newport News.
New York___
Boston ..........
Baltimore----Philadelphia . .
Portland, Me..
San Francisco.
Seattle --------Tacom a..........
Portland, Ore.
Pem bina........
Detroit............
T o ta l..........
Total 1909-10.
___
___
___
220
2,977
1,487
300
___
___
___
___
—
5,597|
___
—
506
8,550 4,166
—
1 Great
Total. ! Britain. France.
Conti
nent.
Y ork ,
9,333 22,0492,355.462 901,5152,714,627 5,971,604
' . ; . ' . '• '. • '. '•'. '• ' . ' . :
New O rleans..
Galveston _ .
Savannah ____
Charleston____
M o b ile _______
N o r fo lk ______
New York . .
Other ports__
800
150
Total 1 9 1 1 ..
T otal 1 9 1 0 ..
Total 1909 .
1,653
5,694
10,817
• . ■ '. • '. • '.
Ger
Other Coast
many. Foreign wise.
3,872
3,034
2,563
500
—
300
—
400
400
500
1,681
9.113
7,806
8,909
4,380
3,363
3,064
18,224
685
11
7,120
3,734
____ I
____ I
7
2,352
2,000
550
89
7
Leaving
Stock.
Total.
2,352
—
151,115
206,240
251,346
15,763
33,411
49.824
2.441
14,063
7,290
26,185
2,212
15,238
4,084
665
696
92,036
9,999
S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e e n m o r e
a c t i v e a t a c o n s i d e r a b l e d e c li n e in p r i c e s .
W e a th e r a n d crop
n e w s h a s b e e n g e n e r a l l y f a v o r a b l e in T e x a s , a n d e ls e w h e r e
t h e r a in f a ll h a s b e e n q u i t e g e n e r a l a n d b e n e f i c i a l , a n d t h e
d r o u g h t is c o n s i d e r e d t o h a v e b e e n b r o k e n .
A c c o r d in g to
o n e a u t h o r i t y , 9 5 % o f t h e c r o p is in e x c e l l e n t c o n d i t i o n w it h
s u ffic ie n t m o is t u r e .
T h e p r o m i s e in t h e E a s t e r n a n d C e n t r a l
S t a t e s is g e n e r a l l y g o o d , a n d in T e x a s t h e o u t l o o k h a s i m
p r o v e d ; in f a c t , t h e r e h a s b e e n s o m e t e n d e n c y t o in c r e a s e e s t i
m a t e s o f t h e c o t t o n c r o p in t h a t a n d o t h e r S t a t e s .
O ffe r in g s
o f n e w c o t t o n fo r d e liv e r y f . o . b . a t G a l v e s t o n h a v e b e e n
m a d e , it is s a i d , f o r O c t o b e r s h i p m e n t a t t h e p r ic e o f O c t o b e r
c o n t r a c t s in t h e N e w O r le a n s m a r k e t .
H e a v y liq u id a tio n
o f b o th n e w a n d o ld -c r o p c o n tr a c ts h a s b e e n a m o s t p r o
n o u n c e d f e a t u r e in t h e w e e k ’ s t r a d i n g .
A p r o m in e n t S o u th
w e s t e r n o p e r a t o r h a s b e e n c r e d it e d w i t h s e lli n g s o m e 2 5 0 , 0 0 0
b a l e s o f t h e n c w - c r o p d e li v e r i e s s in c e l a s t F r i d a y .
A ls o
la r g e m e t a l i n t e r e s t s , p r e s u m a b l y in v i e w o f t h e f a c t t h a t a n
u n u s u a l l y e a r l y m o v e m e n t o f n e w - c r o p c o t t o n is lo o k e d f o r ,
h a v e d i s p o s e d o f a la r g e lin e o f A u g u s t c o n t r a c t s .
Long
li q u i d a t i o n o f t h a t o p t i o n h a s in f a c t b e e n a m o s t s in is t e r
fe a tu re .
T o m a n y it w o u ld s e e m t h a t th e h e a v y liq u id a tio n
d u r in g th e w e e k h a s m a r k e d th e a b a n d o n m e n t o f th e b u ll
s i d e / f o r t h e t i m e b e i n g a t l e a s t , b y p o w e r f u l in t e r e s t s h i t h
e r t o id e n t if ie d w i t h t h e s p e c u l a t i o n f o r t h e r i s e .
M oreover,
a c u t o f M e - p e r y a r d w a s a n n o u n c e d in a l e a d i n g b r a n d o f
m u s lin s .
L iv e r p o o l s p o t s a l e s h a v e b e e n m o d e r a t e .
The
n e t r e s u lt o f th e w e e k h a s b e e n a d r o p o f s o m e 1 1 5 p o in t s o n
A u g u s t a n d o f a b o u t 7 5 p o in ts o n th e w in te r m o n t h s .
On
t h e o t h e r h a n d , s p in n e r s a n d la r g e s p o t i n t e r e s t s h a v e b e e n
b u y e r s o f t h e n e w -c r o p m o n t h s o n a s c a le d o w n ; a n d t h e s e
o p tio n s
have
a ls o
been
bought
by
tra d ers
who
fe e l
th a t
a fte r
th e
recen t
severe
r e c e s s io n
of
p r ic e s,
and
w it h
th e
c r it ic a l
p e r io d
of
th e
seaso n
yet
to
b e p a s s e d , a n u p t u r n in p r i c e s m a y b e lo g i c a l l y e x p e c t e d , in
a s m u c h a s th e o p p o r tu n itie s fo r c ro p “ s c a r e s ” m a y b e n u m e r
ou s.
T h e r e h a v e b e e n c o m p l a i n t s o f a r m y w o r m s in S o u t h
e r n T e x a s , o f t o o m u c h r a in iit p o r t i o n s o f t h e C e n t r a l a n d
E a s t e r n b e l t a n d o f s h e d d i n g a n d o f in c r e a s e d d e p r e d a t i o n s
b y t h e b o l l - w e e v i l in t h e M is s i s s ip p i V a l l e y .
T h e lo c a l s t o c k
c o n tin u e s to d im in is h , o w in g to e x p o r t s a le s .
A year ago
t h e s t o c k s in N e w Y o r k w e r e a c c u m u l a t i n g r a p i d l y .
T o -d a y
t h e n e a r m o n t h s d e c lin e d u n d e r e x p e c t a t i o n s o f a n e a r l y
m o v e m e n t , w h ile t h e f o r w a r d d e li v e r i e s a d v a n c e d s l i g h t l y o n
s c a t t e r e d t r a d e b u y i n g a n d s u p p o r t b y la r g e i n t e r e s t s , w h o
b e l i e v e t h a t a n u p t u r n is in o r d e r .
S p o t c o t t o n h a s d e c lin e d
t o 1 3 . 4 5 c . f o r m i d d l i n g u p l a n d s , a l o s s o f SO p o i n t s f o r t h e
w eek.
T h e r a t e s o n a n d o ff m i d d l i n g , a s e s t a b l i s h e d N o v . 1 6 1 9 1 0
b y t h e R e v i s i o n C o m m i t t e e , a t w h ic h g r a d e s o t h e r t h a n
m i d d l i n g m a y b e d e li v e r e d o n c o n t r a c t , a r e a s f o l l o w s :
Fair ___________ c . 1.50 on
Strict mlU. fair____1.30 on
Middling fair--------1.10 on
Strict good m id ------0.66 on
Good middling____0.44 on
Strlcf middling___ 0.22 on
Middling_______c . Basis
Strict low mid____ 0.25 off
Low middling____ 0.75 off
Strict good ord____ 1.20 off
Good ordinary____ 2.00 off
Strict g’d mid. tgd.0.35 on
Good mid. tinged.c Even
Strict mid. tinged..0.15 oft
Middling tlngwl.-.0.25 off
Strict low mid. ting.0.75 off
Low mid. tinged.. 1.75 off
Middling stained..1.00 off
T h e o f f ic ia l q u o t a t i o n f o r m i d d l i n g u p l a n d c o t t o n in t h e
N e w Y o r k m a r k e t e a c h d a y fo r th e p a s t w e e k h a s b e e n :
July 15 to Ju ly 21—
Sat.
Middling uplands_____________ 14.30
N E W
YO R K
Mon.
14.25
Q U O T A T IO N S
W ed. Thurs.
13.70 13.45
Tucs.
14.00
FOR
32
Fri.
13.45
YEAR S.
T h e q u o t a t io n s o n m id d lin g u p la n d a t N e w Y o r k o n
J u l y 21 f o r e a c h o f t h e p a s t 3 2 y e a r s h a v e b e e n a s f o l l o w s :
1911.C.......... 13.45
1910________ 16.00
1909________ 12.30
1908________ 11.00
1 9 0 7 ..
. 12.95
1906________ 11.00
1 9 0 5 ..
..11.00
1904________ 11.00
1903.C.......... 12.75
1902_________ 9.38
1901_________ 8.44
1900________ 10.00
1899_________ 6.19
1898_________ 6.12
1897_________ 7.94
1896_________ 7.12
M AR KET
AND
1895.c .............7.19
1894_________ 7.06
1893.............. 8.12
1892_________ 7.25
1891_________ 8.12
1890________ 12.44
1889________ 11.25
1888________ 10.69
SALES
AT
N E W
1887.C.......... 10.38
1886_________ 9.50
1885...............10.00
1881...............11.00
1883________ 10.00
1882________ 12.75
1881________ 11.69
1880________ 11.69
Y O R K .
T h e t o t a l s a le s o f c o t t o n o n t h e s p o t e a c h d a y d u r i n g t h e
w e e k a t N e w Y o r k a r e i n d i c a t e d in t h e f o l l o w i n g s t a t e m e n t .
F o r t h e c o n v e n i e n c e o f t h e r e a d e r wre a l s o a d d c o l u m n s w h ic h
s h o w a t a g l a n c e h o w t h e m a r k e t f o r s p o t a n d f u t u r e s c lo s e d
on
sam e
d ay s.
Spot Market
Closed.
6,207j 12,3103,294,996907,772 3,207,0177,409,785
I n a d d itio n to a b o v e e x p o r t s , o u r t e le g r a m s t o -n ig h t a ls o
g iv e u s th e fo llo w in g a m o u n t s o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r ts n a m e d .
W e a d d s i m i l a r fig u r e s f o r
New
July 21 at—
Total.
892 952.501300,933 1,077,007 2,330.441
___
44,898 54,969 107,076 206,943
33,424 303,173
___ 1 212,816 56,933
5,327 881,280 144.431 459,992 1,485,703
42,754
73.38S 184,857
___ 08,715
37,103 124,006
___
56,308 30,595
34,211
8,602
___
6,271 19,338
1,107 321,488 114,600 463,453 902,541
___
___ 104,133
78,323 182,458
___
18,832 9,900
97,351 126,083
___
137,871 32,015 213,226 383,112
___
___
10,801
15,871
5,070
___
______
___
_____
______
3,197 298,369 92,901 307,973 699,243
__ .
----- 100,992
8,768 109,760
1,487
22,362 8,403
78,346 109,111
300
51,063
16,014
67,077
___
_____
-----609
669
___
______
___
84,555
84,555
___
______
___
45,001
45,001
___
______
___
11,843
11,843
—
-------------500
500
------------___
_____
______
___
2,627
....
2,627
..........
Great
Britain. France
_
Friday Night, July 21
S e p t.
235
THE CHRONICLE
J u l y 22 1911.
S aturday—
. .o n d a y ____
T uesday —
W cd n esd ay .
Thursday . .
T o t a l____
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
5 pts. adv —
5 pts. d e c ___
25 pts. d e c . .
30 pts. d e c . .
25 pts. d e c . .
Futures
Market
Closed.
Steady................
E a s y __________
Steady_________
Very steady___
F ir m ____ _____
Stea y _______
SALES.
Spot.
—
‘ 165
"6 2
162
Contr’ct Total.
3'.906
100
3‘,900
200
'2 6 6
800
"262
800
5,0001
5.162
236
THE CHRONICLE
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1000.
097,000
16,000
68,000
1008.
400,000
10,000
61,000
663,000
11,000
81,000
131,000
2,000
19,000
19,000
9,000
508,000
14,000
137,000
119,000
3,000
13,000
20,000
9,000
12,000
263.000
214.000
3.000
27.000
25.000
7.000
561.000
24.000
289.000
140.000
5,000
34.000
17.000
20.000
T otal Continental stocks______
272,000
315,000
551,000
529,000
Total European stocks_______
India cotton afloat for E urope___
A m cr. cotton afloat for E u r o p e ..
E gypt,B razil,& c.,a(lt.for E urope.
Stock In Alexandria, E g y p t_____
Stock In B om bay, India................
Stock In U. S. ports ____ ________
Stock In U . S. Interior tow ns____
U . S. exports to-d a y ..............
935,000
117,000
51,085
19,000
79,000
510,000
166,878
104,287
892
823,000 1,632,000 1,090,000
103,000
64,000
86,000
74,568
100,634
70,939
16,000
7,000
19.000
85,000
62,000
90.000
318,000
590,000
402,000
301,170
239,051
232,414
123,465
78,570
141,017
______
2,173
Total visible supply.................... 1,986,142 1,977,789 2,640,269 2,133,543
Of the above, totals o f Am erican and other descriptions arc as follows:
Am erican—
L iverpool stock ...................... bales. 433,000
366.000
905.000
378.000
Manchester stock _________
49,000
34,000
54,000
49,000
Continental s tock ....... ..................... 224,000
255.000
504.000
445.000
Am erican afloat for E urope_____
54,085
74,508
100,634
70,939
U . S. port s to c k s .-----------166,878
239 651
301,170
232,414
104,287
U. S. interior s t o c k s ____________
78,570
123,465
141,017
U. S. exports to-d a y ____________
892
2,173
Total A m e r ic a n _______________ 1.032,142 1,047,789 1,988,269 1,318,543
East Indian, Brazil, & c.—
Liverpool stock .................................. 155,000
92.000
92.000
112,000
L ondon s to c k ......... ......................
13,000
16.000
8,000
10,000
Manchester s tock ..... ..............
13,000
14.000
8,000
12,000
Continental stock ____ .
_____
48,000
47.000
60.000
84.000
India afloat for E urope__________ 117,000
04.000
103.000
86.000
E gypt, Brazil, & c., afloat________
19,000
16.000
7,000
19.000
Stock in Alexandria, E g y p t_____
79,000
85,000
62,000
90.000
Stock in B om bay, India_________ 510,000
318,000
590.000
402,000
Total East India, & c.................
954,000
930,000
652,000
815,000
Total A m e r ic a n ............................1,032,142 1.047,789 1,988,269 1.318,543
Total visible supply....... ......... ..1 ,9 8 6 ,1 4 2 1,977,789 2,640,269 2,133,543
M iddling Upland L iverpool_____
7.39d.
7.97d.
6.48d.
5.98d.
Middling Upland, New Y ork____
13.45c.
16.00c.
12.35c.
10.80c.
E gy p t, Good Brown. L iv e r p o o l..
10 d.
12 m . 9 ll-1 6 d .
8«d .
Peruvian, Rough Good, Liverpool 11.00d.
ll.OOd.
8.25d.
9.15d.
Broach, Fine, Liverpool
7 !^ d .
7H d.
6 Xd.
5 7-16d.
T innevelly, Good, L iverpool____ 7 l-16 d .
7 l-16 d . 5 13-lCd.
5 l-16 d .
w eek
have
been
4 4 ,0 0 0
T h e a b o v e f ig u r e s f o r 1 9 1 1 s h o w a d e c r e a s e .f r o m l a s t w e e k
o f 1 2 4 ,1 1 5 b a le s , a g a in o f 8 ,3 5 3
b a le s
over 1910, a dec r e a s e o f 6 5 4 , 1 2 7 b a l e s f r o m 1 9 0 9 , a n d a l o s s o f 1 4 7 ,4 0 1
b a le s fr o m 1 9 0 8 .
i l l 55
P
1910.
1010.
458,000
8,000
42,000
C o n tin e n ta l im p o r ts fo r th e p a s t
b a le s .
,y .y
j s s 1538
;w §
>»cj a
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1911.
1011.
588,000
13,000
62,000
S tock at T rie s te .
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TH E
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COTTON
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F o re ig n
s t o c k s , a s w e ll a s t h e a f l o a t , a r e t h i s w e e k 's r e t u r n s , a n d
c o n s e q u e n t l y a ll f o r e i g n f ig u r e s a r e b r o u g h t d o w n t o T h u r s
d a y e v e n in g .
B u t t o m a k e ’ t h e t o t a l t h e c o m p l e t e f ig u r e s
f o r t o -n ig h t ( F r i d a y ) , w e a d d th e it e m o f e x p o r t s fr o m th e
U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y o n l y .
Stock at Marseilles.
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T T H E I N T E R I O R T O W N S th e m o v e m e n t— th a t is ,
r e c e i p t s f o r t h e w e e k a n d s in c e S e p t . 1 , t h e s h i p m e n t s
th e w eek a n d th e s to c k s to -n ig h t , a n d th e s a m e it e m s
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F U T U R E S . — T h e h ig h e s t , lo w e s t a n d c lo s in g
N e w Y o r k th e p a s t w e e k h a v e b e e n a s fo llo w s :
[V o l . l x x x x u i
O
;
:
s-
333
t o t a l s s h o w t h a t t h e i n t e r io r s t o c k s h a v e de
th e w e e k 8 ,3 8 6 b a le s a n d a r e t o -n ig h t 2 5 ,7 1 7
b a le s m o r e t h a n a t th e s a m e tim e la s t y e a r .
T h e r e c e ip ts
a t a ll t h e t o w n s h a v e b e e n 1 4 , 5 6 1 b a l e s le s s t h a n t h e s a m e
w eek la s t y e a r .
The above
creased d u r i n g
O VERLAND
M OVEM ENT
FOR
TH E
W E E K
AN D
S I N C E S E P T 1 .— W e g iv e b e lo w a s t a t e m e n t s h o w in g th e
o v e r l a n d m o v e m e n t f o r t h e w e e k a n d s in c e S e p t . 1 , a s m a d e
u p f r o m t e le g r a p h i c r e p o r t s F r i d a y n i g h t .
T h e r e s u lts fo r
t h e w e e k a n d s in c e S e p t . 1 in t h e l a s t t w o y e a r s a r e a s f o l l o w s :
Ju ly 21—
Shipped—
Via
Via
Via
Via
Via
-1910-11Since
Sepl. 1.
518,901
210,532
25,957
124
131,825
81
79,757
224
175,001
120
170,329
Week.
. 1,973
. 1,124
R ock Island____
L ou isville............
Cincinnati______
Virginia p o in ts ..
other routes, & c.
.
. 3,646 1,312,902
Deduct shipments—
Overland to N. Y ., Bostc
Between Interior tow ns.
536
137
727
166,004
62,073
50,630
Total to be d educted....... ...........1,400
- 1,400
284,713
.
.
.
. 2,240 1,028,249
-1909-10Since
Sept. 1.
449,532
181,498
19,915
9',380
131,055
713
47,840
1,042
136,494
216
154,246
W eek.
10,598
609
22,624 1,120,580
7,619
311
4,537
12,467
10,157
135,419
62,846
76,856
275,121
845,459
* Including m ovem ent b y rail to Canada.
T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h a s b e e n 2 ,2 4 6 b a le s , a g a in s t 1 0 ,1 5 7 b a le s fo r th e w e e k la s t
y e a r , a n d th a t fo r th e se a so n to d a te th e a g g re g a te n e t o v e r
l a n d e x h i b i t s a n i n c r e a s e o v e r a y e a r a g o o f 1 S 2 ,7 9 0 b a l e s .
In Sight and Spinners'
Takings.
Week.
. . 5,217
... 2,246
l - 45,000
Since
Sept. 1.
8,387,705
1,028,249
2,180,000
. . 52,463 11,604,954
53,509
.. *8,380
Total In sight July 2 1 . .
. . 44,077
N orth, spinners’ takings to July 21
* Decrease during week,
8,476
11,658,463
2,111,041
W eek.
50,422
10,157
31,000
Since
Sept. 1.
7,216,305
845,459
2,237,000
97,579 10,298,764
*24,308
a4,593
73,181
23,717
10,294,171
2 ,137,101
a Less than Sept. 1.
M o v e m e n t i n t o s i g h t in p r e v i o u s y e a r s :
Week—
1909— July
1908— July
1907— July
1906— July
Bales.
2 3________________ 58,286
2 5 ________________ 83,527
2 6 ________________ 40,564
27________________ 69,232
Since Sept, l —
Bales.
1008-00— July 2 3 . . . .......... 13,415,611
1007-08— July 2 5 _________ 11,202,511
1006-07— July 26_________ 13,229,879
1005-06— July 27_________ 10,834,325
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e l o w a r e t h e c lo s i n g q u o t a t i o n s o f m i d d l i n g
c o t t o n a t S o u t h e r n a n d o t h e r p r i n c ip a l c o t t o n m a r k e t s f o r
ea c h d a y o f th e w e e k .
. . . . . . .
Closing Quotations Jor Middling Cotton
Week, ending
July 21.
G a lv e s to n -------New Orleans___
M o b ile _________
Savannah _____
Charleston.........
W ilm ington____
N o r fo lk _______
B a ltim o r e .........
Philadelphia —
A ugu sta----------M em p h is...........
St. Louis______
H o u s t o n ---------Little R o ck -----N E W
M onday. Tuesday . Wed’day. Thursd.y. Friday
14 %
14%
14%
14%
14%
14 %
14 %
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14 %
14%
13%
14
14%
14 %
14 %
14%
14.55
15%
14%
14%
14%
14%
14 %
14%
14.50
15%
14 %
14 %
14 %
14%
14%
14%
14.25
15%
14%
14%
14 %
14%
14“
14%
13.95
15%
14%
14%
14%
14%
13%
13%
13.70
15%
14%
14%
13%
14%
13%
13 %
13.70
15%
14%
14 s
13 %
14
ORLEANS
O P T IO N
M A R K E T — The
h ig h e st,
l o w e s t a rid c lo s i n g q u o t a t i o n s f o r l e a d i n g o p t i o n s in t h e N e w
.
..
i
Sat’day,
July 15.
July—
Rang ------Closing.........
August—
R a n g e _____
Closing.........
September—
Range _____
Closing_____
October—
Range . 1 __
Closing_____
November—
R a n g e _____
Closing_____
December—
R a n g e ____
Closing____
January —
Range ____
Closing____
February—
Range ____
Closing____
March—
R a n g e ____
Closing____
M a y—
R a n g e ____
Closing____
Tone—
S p o t _______
O p t io n s ___
j
r
i.1~~
Lnxrn lionn r»cj ml Irw
xro•
Monday, Tuesday, Wed’day, Thursd’y, Friday,
July 17. July 18. July 19. July 20. July 12.
— 14.03 14.55-.56 14.40-.50 14.15-.30 13.55-.98 13.5014.00 — 14.55 — 14.39-.42 14.10-.15 13.64-.75 13.5013.68-.75 13.61-.74 13.15-.47 12.93-.17 12.71-.05 12.70-.79
13.75-.70 13.03-.64 13.19-.20 12.99-.00 12.78-. 79 12.77-. 71)
12.87-.88 12.08-.80 12.3312.89-.90 12.67-.69 12.34-
12.15-.37
.48
12.04-.09 12.13-.15
.35
12.22-.23
12.15 — 12.19.-21
12.08-.73 12.4G-.66 12.13-.28 11.98-. 18 11.88-.14 11.93-.08
12.72-.73 12.48-.40 12.18-. 19 12.07-.08 12.00-.01 12.04-.05
— @ — — © — 12.17 — — © — — © — — © —
12.71-.73 12.46-.48 12.15-.16 12.04-.06 11.97-.90 12.01-.03
12.60-.72 12.45-.65 12.11-.20 11.00-.16 l l . 8 5 - . i l 11.90-.05
12.71-.73 12.40-.47 12.15-.16 12.04-.05 11.97-.98 12.01-.02
12.72-.77 12.49-. 08 12.15-.31 11.98-.19 11.90-.12 11.94-.09
12.77-.78 12.51-.52 12.18-.19 12.09-.10 12.02-.03 12.05-.06
— © — — © — — © — — © — — © — — © —
12.81-.83 12.55-.57 12.23-.24 12.13-.15 12.07-.09 12.10-.12
12.85 — 12.00-.79 12.25-.40 12.12-.28 12.00-.24 12.04-.18
12.80-.88 12.60-.02 12.28-.29 12.18-.19 12.11-.12 12.14-.15
— © —
— © — — © — 12.15 — — © —
12.93-.94 12.61) — 12.39 — 12.28-.30 12.23-.24 12.23-.25
Steady.
Quiet.
Firm.
Steady.
Easy.
Easy.
Quiet.
Steady. V ’y st’y- Steady.
Dull.
Steady.
C O T T O N C O N S U M P T IO N
AND O VERLAND M OVE
M E N T T O J U L Y 1 .— B e lo w w e p r e s e n t a s y n o p s is o f th e
c ro p m o v e m e n t fo r th e m o n th o f J u n e a n d th e te n m o n t h s
e n d e d J u n e 3 0 fo r th r e e y e a r s :
Gross overland for June___________ bales.
Gross overland for 10 m onths................ - Net overland for 10 m onths........................
E xports In 10 m onths....................................
Northern spinners’ takings to July 1 ------
1910-11.
1909-10.
1908-09.
31,960
1,301.736
18,728
1,020,805
75,626
8,359,876
172,196
7,357,745
203,283
2,085,753
2,050,000
51,430
1,068,520
23,000
819,837
123,831
7,102,451
307,529
5,888,245
244,542
2,067,308
2,126,000
<54,129
1,571,829
53,319
1,333,002
181,710
9,094,320
208,587
8,182,502
370,394
2,003,050
2,114,000
Overland to Canada for 10 'months (ln-
117,598
104,345
128,591
1,915
22
10,034
10,478
19,050
345,035
249,431
231,379
11,513,550 10,127,288 13,203,982
024,804
523,673
10.050,961 13,828,840
513.49
506.05
510.45
489.49
482.05
480.45
Average net weight of bales---------------------
Burnt North and South In 10 m onths____
Stock at North. Interior markets July 1 ..
W E A T H E R R E P O R T S B Y T E L E G R A P H .— R e p o r ts to
u s b y t e le g r a p h f r o m t h e S o u t h t h i s e v e n i n g i n d i c a t e t h a t
r a in h a s b e e n g e n e r a l a n d o n t h e w h o le b e n e fi c ia l d u r i n g t h e
w eek.
I n T e x a s t h e d r o u g h t , is s t a t e d t o h a v e b e e n t h o r
o u g h ly b ro k e n a n d
t h e c r o p is d o i n g f i n e l y .
E ls e w h e r e ,
t o o , c o t t o n is d o i n g v e r y w e ll a s a r u l e , b u t t h e r e a r e a f e w
c o m p la in t s o f to o m u c h r a in .
Galveston, Tex— T h e d r o u g h t in T e x a s is n o w t h o r o u g h l y
b r o k e n a n d t h e c r o p is d o i n g f i n e l y .
T h e w e e k ’ s r a in f a ll h a s
b e e n o n e in c h a n d t h i r t y - e i g h t h u n d r e d t h s , o n f iv e d a y s .
A v e r a g e t h e r m o m e t e r 8 4 , h ig h e s t 8 8 a n d lo w e s t 8 0 .
Brenham, Tex— It h a s r a in e d o n f iv e d a y s o f t h e w e e k ,
t h e r a in f a ll b e i n g t w o in c h e s a n d f i f t y - n i n e h u n d r e d t h s .
1 he
t h e r m o m e te r h a s a v e r a g e d 8 2 , th e h ig h e s t b e in g 9 3 a n d th e
lo w e s t 7 1 .
Cuero, 'Tex.—
T h e r e h a s b e e n r a in o n t w o d a y s d u r i n g t h e
w e e k , to th e e x t e n t o f t w e n t y -f o u r h u n d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 0 , r a n g in g fro m 7 0 to 1 0 2 .
Dallas, Tex.— T h e r e h a s b e e n r a in o n f o u r d a y s t h e p a s t
w e e k , t h e r a in f a ll b e i n g t h r e e in c h e s a n d s i x t e e n h u n d r e d t h s .
T h e th e r m o m e te r h a s ra n g e d fr o m 0 9 to 9 7 , a v e ra g in g 8 3 .
Henrietta, Tex.— W e h a v e h a d r a in o n f iv e d a y s d u r i n g t h e
w e e k , t o t h e e x t e n t o f t w o in c h e s a n d f o u r h u n d r e d t h s .
A v e r a g e th e r m o m e te r 8 0 , h ig h e s t 9 5 , lo w e s t 0 4 .
Huntsville, Tex.— T h e r e h a s b e e n r a in o n o n e d a y o f t h e
w e e k , t h e r a in f a ll b e i n g s e v e n t y - e i g h t h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 3 , th e h ig h e s t b e in g 9 5 a n d
th e lo w e st 7 1 .
Kerrville, Tex.— W e h a v e h a d r a in o n t w o d a y s o f t h e p a s t
w e e k , t h e r a in f a ll b e i n g t w e n t y h u n d r e d t h s o f a n i n c h .
The
th e r m o m e te r h a s a v e ra g e d 8 4 , ra n g in g fr o m 0 9 to 9 8 .
•Lampasas, Tex.— W e h a v e h a d r a in o n t h r e e d a y s d u r i n g
t h e w e e k , t h e r a in f a ll r e a c h i n g t w o in c h e s a n d t w e n t y - t w o
h u n d re d th s.
T h e th e r m o m e te r h a s ra n g ed fr o m 0 0 to 9 7 ,
a v e ra g in g 8 2 .
231
THE CHRONICLE
J u l y 22 1 9 1 1 .1
Longview, Tex.— W e h a v e h a d r a in o n f o u r d a y s d u r i n g t h e
p a s t w e e k , t o t h e e x t e n t o f t w o in c h e s a n d t e n h u n d r e d t h s .
A v e r a g e t h e r m o m e t e r 8 7 , h ig h e s t 1 0 4 , lo w e s t 7 0 .
Luting, Tex.— T h e r e h a s b e e n r a in o n t h r e e d a y s o f t h e
w e e k , t o t h e e x t e n t o f o n e in c h a n d n i n e t y - s i x h u n d r e d t h s .
T h e th e r m o m e te r h a s a v e r a g e d 8 4 , th e h ig h e s t b e in g 9 7 a n d
th e lo w e s t 7 0 .
_
Nacogdoches, Tex.— I t h a s r a in e d o n f iv e d a y s d u r i n g t h e
w eek.
T h e p r e c i p i t a t i o n r e a c h e d f o u r in c h e s a n d t h r e e
h u n d re d th s.
T h e t h e r m o m e t e r h a s a v e r a g e d SO , r a n g in g
fro m
70 to S 9.
Palestine, Tex.—
R a i n h a s f a l l e n o n f iv e d a y s o f t h e w e e k ,
t h e r a in f a ll b e i n g o n e in c h a n d e i g h t y - f i v e h u n d r e d t h s .
The
th e r m o m e te r h a s ra n g e d fr o m 6 8 to 8 8 , a v e r a g in g 7 8 .
Paris, Tex.— R a i n h a s f a l l e n o n o n e d a y o f t h e w e e k , t h e
r a in f a ll b e i n g s i x t e e n h u n d r e d t h s o f a n i n c h .
A v e r a g e th e r
m o m e te r 8 2 , h ig h e s t 9 6 , lo w e s t 6 8 .
San Antonio, Tex.— T h e r e h a s b e e n r a in o n o n e d a y o f t h e
w e e k , th e p r e c ip ita tio n b e in g t h ir t y -t w o h u n d r e d th s o f a n
in c h .
T h e r m o m e te r hAs a v e r a g e d 8 5 , h ig h e s t b e in g 9 8 a n d
l.01
ow est 7 2 .
.60 Weatherford,
Tex.— R a i n h a s f a l l e n h e a v i l y o n t w o d a y s
d u r i n g t h e w e e k , t h e r a in f a ll r e a c h i n g t h r e e in c h e s a n d f i f t e e n
h u n d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 8 2 , ra n g in g
fr o m
6 9 to 9 5 .
.
Ardmore, Okla.— R a i n h a s f a lle n o n f o u r d a y s d u r i n g t h e
w e e k , t h e r a in f a ll b e i n g s i x t y - n i n e h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s ra n g e d fro m 6 0 to 9 7 , a v e r a g in g 7 9 .
Marlow, Okla.— I t h a s r a in e d o n f o u r d a y s o f t h e w e e k ,
t h e r a in f a ll b e i n g t h r e e in c h e s a n d t h i r t e e n h u n d r e d t h s .
A v e r a g e t h e r m o m e t e r 7 9 , h ig h e s t 9 4 a n d lo w e s t 6 4 .
Tidsa, Okla.— R a i n h a s f a l l e n o n t w o d a y s o f t h e p a s t w e e k ,
to th e e x t e n t o f tw o in c h e s a n d t h ir t y -fiv e h u n d r e d t h s .
The
th e r m o m e te r h a s a v e r a g e d 8 2 , th e h ig h e s t b e in g 1 0 1 a n d th e
lo w e st 6 4 .
Alexandria, La.— R a i n h a s f a lle n o n s i x d a y s o f t h e w e e k ,
t h e p r e c i p i t a t i o n b e i n g f o u r in c h e s a n d e i g h t y - t h r e e h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 8 0 , r a n g in g fr o m
69
to 9 3 .
New Orleans, La.—
W e h a v e h a d r a in o n s i x d a y s d u r i n g t h e
w e e k , t h e p r e c i p i t a t i o n r e a c h i n g t w o in c h e s a n d t w e n t y h u n
d re d th s.
T h e th e rm o m e te r h a s ra n ged fro m 7 0 to 8 7 , a v e r
a g in g
78.
Shreveport, La.—
W e h a v e h a d r a in o n f o u r d a y s t h e p a s t
w e e k , t h e r a in f a ll r e a c h i n g t w o in c h e s a n d t h i r t y h u n d r e d t h s .
A v e r a g e th e r m o m e te r 7 9 , h ig h e s t 9 1 , lo w e s t 6 7 .
Meridian, Miss.— T h e r e h a s b e e n r a in o n f iv e d a y s o f t h e
p a s t w e e k , t h e r a in f a ll b e i n g t h r e e in c h e s a n d f i f t y - t w o h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 6 , th e h ig h e st
b e in g 8 8 a n d th e lo w e s t 6 4 .
Vicksburg, Miss.— T h e r e h a s b e e n r a in o n f o u r d a y s o f t h e
p a s t w e e k , t h e r a in f a ll r e a c h i n g t h r e e in c h e s a n d t w e n t y sev en h u n d re d th s.
T h e th e rm o m e te r h a s a v e ra g e d 7 7 , ra n g
in g fr o m
6 4 to 8 8 .
.
e h a v e h a d r a in o n f o u r d a y s d u r i n g
th e w e e k .
T h e r a in f a ll r e a c h e d t w o in c h e s a n d f i f t e e n h u n
d re d th s.
T h e th e r m o m e te r h a s ra n ged fro m 6 5 to 9 2 , a v e r
Yazoo City, M iss— W
a g in g
78.
Fort Smith, Ark.—
T h e r e h a s b e e n r a in o n f o u r d a y s o f t h e
w e e k , t h e r a in f a ll b e i n g t w o in c h e s a n d s e v e n t y - t w o h u n
d re d th s.
A v e r a g e th e r m o m e te r 8 0 , h ig h e st 9 2 , lo w e s t 6 8 .
Helena, Ark.— C o t t o n is g r o w i n g r a p i d l y . I n d i c a t i o n s a r e
fo r m o r e r a in .
T h e w e e k ’ s r a in f a ll h a s b e e n s e v e n t y - e i g h t
h u n d r e d th s o f a n in c h , o n f o u r d a y s .
T h e th e rm o m e te r h as
a v e r a g e d 7 8 . 1 , t h e h i g h e s t b e i n g 9 0 a n d t h e lo w e s t 6 5 .
Little Rock, Ark.— T o o m u c h r a in f o r b o t t o m l a n d s , o t h e r
w is e c o t t o n is h o l d i n g i t s o w n .
T h e r e h a s b e e p r a in o n t w o
c la y s d u r i n g t h e w e e k , t o t h e e x t e n t o f t w e n t y -s b e ^ h u n d r e d t h s
o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 7 .5 , ra n g in g
66 to 8 9 .
Texarkana, Ark.— I t h a s r a in e d o n t h r e e d a y s o f t h e w e e k ,
th e p r e c ip ita tio n r e a c h in g s ix t y -e ig h t h u n d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 6 9 to 9 2 , a v e r a g in g 8 0 .
Chattanooga, Tenn.— I t h a s r a in e d 0 11 t w o d a y s d u r i n g t h e
w e e k , t h e r a in f a ll r e a c h i n g f o r t y - e i g h t h u n d r e d t h s o f a n i n c h .
A v e r a g e th e r m o m e te r 7 5 , h ig h e st 9 0 a n d lo w e st 6 0 .
Memphis, Tenn.— T h e c o t t o n c r o p is in e x c e l l e n t c o n d i
tio n .
W e h a v e h a d r a in o n o n e d a y d u r i n g t h e w e e k , t h e
p r e c ip ita tio n b e in g o n e in c h .
T h e th e rm o m e te r h as a v e r
fro m
a g e d 7 9 , th e h ig h e s t b e in g 9 2 a n d th e lo w e s t 6 6 .
Nashville, Tenn.— W e h a v e h a d r a in o n t w o d a y s o f t h e
p a s t w e e k , t h e r a in f a ll b e i n g t w o in c h e s a n d s i x t e e n h u n
d re d th s.
T h e th e r m o m e te r h a s a v e ra g e d 7 6 , ra n g in g fr o m
62 t0 9 0 -
„
,
, ,
.
Mobile, Ala.— C r o p r e p o r t s a r e g e n e r a l l y f a v o r a b l e , b u t
t h e r e a r e c o m p l a i n t s o f t o o m u c h r a in in s o m e s e c t i o n s .
T h e r e h a s b e e n r a in o n e v e r y d a y t h e p a s t w e e k , t h e r a in f a ll
b e i n g f o u r in c h e s a n d f i f t y - f i v e h u n d r e d t h s .
T h e th e rm o m
e te r h a s ra n g ed fro m 7 0 to 8 7 , a v e ra g in g 7 8 .
Rm
M ontgom ery , Ala.— C r o p r e p o r t s a r e s t i ll f a v o r a b l e , b u t
w e a r e h a v i n g t o o m u c h r a in in s p o t s .
T h e w e e k ’ s r a in f a ll
h a s b e e n tw o in c h e s a n d n in e ty -n in e h u n d r e d t h s , o n fiv e d a y s .
A v e r a g e th e r m o m e te r 7 9 , h ig h e s t 8 7 a n d lo w e s t 7 0 .
Selma, Ala.— I t h a s r a in e d o n f i v e d a y s o f t h e w e e k , t h e
r a in f a ll b e i n g t w o in c h e s a n d s e v e n t e e n h u n d r e d t h s .
The
th e r m o m e te r h a s a v e r a g e d 7 7 , th e h ig h e s t b e in g 8 8 a n d th e
lo w e s t 6 8 .
Madison, Fla.— W e h a v e h a d r a in o n f o u r d a y s o f t h e p a s t
w e e k , t h e r a in f a ll b e i n g t h r e e in c h e s a n d t w e n t y h u n d r e d t h s .
T h e th e r m o m e te r h a s ra n g ed fro m 71 to 8 9 , a v e ra g in g 7 9 .
238
THE CHRONICLE
Tallahassee, Fla.— W o h a v e h a d r a in o n e a c h d a y d u r i n g
t h e w e e k , t h e r a in f a ll r e a c h i n g t h r e e in c h e s a n d f i f t y - s i x h u n
d r e d th s . T h e th e r m o m e te r h a s ra n g ed fro m 6 7 to 8 9 , a v e r
a g in g 7 8 .
Atlanta, Ga.—
R a i n h a s f a lle n o n t h r e e d a y s o f t h e w e e k ,
t h e r a in f a ll b e i n g o n e in c h a n d t h i r t y - t w o h u n d r e d t h s .
The
t h e r m o m e te r h a s ra n g e d fr o m 6 4 to 8 4 , a v e r a g in g 7 4 .
Augusta, G a .— - W e h a v e h a d r a in o n t h r e e d a y s d u r i n g t h e
w e e k , t h e p r e c i p i t a t i o n r e a c h i n g t h r e e in c h e s a n d f o r t y - f i v e
h u n d re d th s.
T h e th e r m o m e te r h a s r a n g e d fr o m 6 6 to 8 8 ,
a v e ra g in g 7 7 .
Savannah, Ga. — I t h a s r a in e d o n f o u r d a y s o f t h e w e e k , t h e
p r e c i p i t a t i o n r e a c h i n g o n e in c h a n d t w e n t y - t h r e e h u n d r e d t h s .
T h e th e r m o m e te r h a s r a n g e d fr o m 6 9 to 8 8 , a v e r a g in g 7 8 .
Charleston, S. C .— W e h a v e h a d r a in o n t h r e e d a y s d u r in g
t h e p a s t w e e k , t o t h e e x t e n t o f o n e in c h a n d f i f t y - n i n e h u n
d r e d th s . A v e r a g e th e r m o m e te r 8 1 , h ig h e s t 9 1 , lo w e s t 7 1 .
Florence, S. C .— W e h a v e h a d l i g h t r a in o n t w o d a y s o f t h e
w e e k , th e p r e c ip ita tio n r e a c h in g e ig h t h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 0 , th e h ig h e s t b e in g 9 6 a n d
th e lo w e s t 6 4 .
Spartanburg, S. C .— R a i n h a s f a l l e n o n t h r e e d a y s o f t h e
w e e k , t h e p r e c i p i t a t i o n r e a c h i n g o n e in c h a n d t h i r t y - s i x h u n
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 6 , ra n g in g fr o m
6 0 to 9 1 .
Charlotte, N . C .— R a i n h a s f a lle n o n t h r e e d a y s d u r i n g t h e
w e e k , th e p r e c ip ita tio n r e a c h in g t h ir t y -t h r e e h u n d r e d th s o f
a n in c h .
T h e th e r m o m e te r h a s ra n g ed fro m 6 5 to 8 8 , a v e r
a g in g 7 6 .
Greensboro, N. C .— R a i n h a s f a lle n o n t w o d a y s o f t h e w e e k ,
t h e r a in f a ll b e i n g s i x t e e n h u n d r e d t h s o f a n i n c h .
A verage
t h e r m o m e t e r 7 6 , h ig h e s t 8 9 , lo w e s t 6 2 .
*
Raleigh, N . C . — T h e r e h a s b e e n r a in o n t w o d a y s o f t h e
p a s t w e e k , t h e r a in f a ll b e i n g o n e in c h a n d e i g h t h u n d r e d t h s .
T h e th e r m o m e t e r h a s a v e r a g e d 7 8 , th e h ig h e s t b e in g 8 8 a n d
th e lo w e st 6 8 .
A L E X A N D R IA
R E C E IP T S
L iverpool. _____ .
M anchester_____ .
C o n tin e n t____
Am erica______ .
j
1910-11.
Receipts (cantars)—
This w e e k _______
Since Sept. 1....... .......... ..
To
To
To
To
S H IP M E N T S .
/
Alexandria, Egypt,
July 19.
Exports (bales) —
AND
1909-10.
1908-09.
2,500
7,078,978
900
4,909.166
This
Since
week. Sept. 1.
This
Since
week. Sept. 1.
This
Since
week. Sept. 1 .
1,500
3,750
2.250
1.250
150,302
115,308
2,750 298,902
60,952
191,365
212,542
3,750 356,530
88,758
212,750
217,168
400,728
120,764
|
1
300
6,672,745
Total exp orts______
8,750 951,416 2,750 629,524 3,750 849,195
N ote.— A cantar is 99 lbs. E gyptian bales weigh about 750 lbs.
T h e s t a t e m e n t s h o w s t h a t t h e r e c e i p t s f o r t h e w e e k w e re
2 ,5 0 0 c a n ta r s a n d th e fo r e ig n s h ip m e n ts 8 ,7 5 0 b a le s .
M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b le
t o - n i g h t f r o m M a n c h e s t e r s t a t e s t h a t t h e m a r k e t is q u i e t f o r
b o t h y a r n s a n d sh ir tin g s .
T h e d e m a n d f o r C h i n a is i m
p r o v in g .
W e g iv e th e p r ic e s fo r t o -d a y b e lo w a n d le a v e
th o s e fo r p r e v io u s w e e k s o f th is a n d la s t y e a r fo r c o m p a r is o n .
1911.
8% lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upl’s
32.? Cop
Twist.
J’ne
2 11
@
9 11 1-16 @
16 11 l-16to
10%
30 10% @
July
7 10% fill
14 10 % @
21 10% @
IN D IA
d. s. d.
n%
ll %
n%
11 % 6
11% 6
11% 6 0%@>11 3
11% 6 0 («>H 1%
11% '5 11 @11 0
COTTON
July 20.
Total all—
1910-11..
;ar 1909-10..
1908-09..
32.s Cop
Twist.
d.
d.
10% @ 11%
10 15-16@ 11%
10% to 11%
10 9-16© 11 5 16
10% @ 11%
7.87 10%
7.76 10%
7.39110%
M OVEM ENT
@
@
@
11
11
11%
FROM
d.
5
6
0
5
4
7.94
8.29
8.03
8.05
7.86
5 @10 4
5 @10 4%
5% @ 10 6
ALL
d.
7.92
7.91
7.97
PORTS.
1908-09.
I Since
Week. 1 Sept. 1.
Since
Sept. 1.
Week.
20,000 2,440.000
| since
Week. \ Sept. 1.
9,000 3,126,000'
8,00012.083.000
SUPPLY
AND
T A K IN G S
Cotton Takings.
Week and Season.
OF
COTTON.
1910-11.
Week.
1909-10.
Season.
W eek.
Season.
Visible supply July 14______
2,110,257
2,099,838
Visible supply Sept. 1__________
1,495,514
1,931,022
American In sight to July 2 1 ___
44,077 11,685,463
76,181 10,299,171
B om bay receipts to July 2 0 ____
20,000 2,440,000
9.000 3,120,000
Other India ship’ ts to July 2 0 ..
20,000
434,300
8.000
474.000
Alexandria receipts to July 1 9 ..
600 1,010,400
100
654,600
Other supply to July 19 * . .
8,000
313,000
4,000
268.000
T otal supply___________
2,208,934 17,351,677 2,197,119 10,752,793
Deduct—
Visible supply July 21_________ 1,986,142 1,985,142 1,977,789 1,977,789
Total takings July 21__________
222,792 15,305,535 219,330 14,775,004
Of which A m e r ic a n ____
148,192 11,419,835
102,230 10,705,404
Of which o t h e r _________
74,000 3,945,700
57,100 4,069,600
* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
S H IP P IN G
N E W S . — A s sh o w n o n a p r e v io u s p a g e , th e
e x p o r ts o f c o tto n fr o m th e U n ite d S ta t e s th e p a s t w e e k h a v e
r e a c h e d 1 2 ,3 1 0 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p f r o m m a i l a n d t e le g r a p h i c r e t u r n s , a r e a s f o l l o w s :
N E W Y O R K — T o L iverpool— July 14— A rabic, 2,815
°42 balCS’
.
o 857
foreign -------------------------------------------------• T o Manchester— July 14— Thespis, 100 upland, 20 Sea is la n d .- ’ l 20
T o R otterdam — July 19— Volturno, 200
_
200
T o Barcelona— July 19— Sant’ Anna, 20
~
20
G A L V EST O N — T o H amburg— July 19—-Dora, 802
f,02
N EW O R L E A N S — T o L iverpool— July 18— Barrister, 2.160
•> 160
T o H avre— July 14— Guatemala, 500___________
' “ ’ nog
T o Antwerp— July 17— Horace, 6 3 3 . . . . .
«33
T o O porto— July 15— Catalina, 500000
T o Barcelona— July 15— Catallnc, 1,528
I 1 '",28
S A V A N N A H — T o M anchester—July 14— Pomaron, 460
‘400
T o A ntw erp— July 15— T hcm lsto, 247 _ . _
247
T o Gothenburg— T hcm lsto, 200
.
_
*
200
T o Malmo— T hcm lsto, 2 0 0 ..
_
200
To Bremen— July 19— Rhein, 1,487______ II I
1,487
P H IL A D E L P H IA — T o Genoa— July 17— A ncona, 300
300
Total
.12,31.0
T h e e x p o r t s t o J a p a n s in c e S e p t , l h a v c b e e n 1 3 9 , 8 3 6 b a l e s
f r o m P a c i fi c p o r t s a n d 9 , 2 8 3 b a l e s f r o m N e w Y o r k .
C o t t o n fr e ig h ts a t N e w Y o r k th e p a s t w e e k h a v e b e e n a s
f o l l o w s , q u o t a t i o n s b e i n g in c e n t s p e r 1 0 0 l b s . :
Sat.
15
15
25
25
25
20
_26
27%
27%
30
18
35
45
Liverpool _________
M a n ch ester..............
H avre____________ ?
B r e m e n ___________
H amburg __________
A ntw erp___________
Ghent, via Antwerp
R e v a l......... ...............
G o t h e n b u r g . .____
Barcelona..................
Genoa_____________
T r ie s te ____________
Japan _____________
L I V E R P O O L . -- B y
M on.
15
15
25
25
25
20
26
27%
27%
30
18
35
45
Tues.
15
15
25
25
25
20
26
27%
27%
30
18
35
45
Wed.
15
15
25
25
25
20
26
27 %
27%
30
18
35
45
Thurs.
15
15
25
25
25
20
26
27%
27%
30
18
35
45
F ri.
15
15
25
25
25
20
20
27%
27%
30
18
35
45
c a b le f r o m L i v e r p o o l w e h a v e t h e fol-
0 .
,
.
June 30.
Sales of the w eek........... bales. 35,000
Of which speculators t o o k ..
300
100
Of which exporters to o k _____
Sales, A m erican...................... .. 30 000
Actual e xp ort----------------------------- 7,000
fo r w a r d e d --------------------------------- 83,000
Total stock— E stim a te d ...-.705,000
O f which A m erican___________558,000
Iotal Imports of the w eek____ 40,000
Of which Am erican......... ..
17,000
Am ount a flo a t.......... ................. 68,000
Of which Am erican................ 19,000
July 7.
43,000
400
100
37,000
2,000
60,000
665,000
513,000
8,000
2,000
64,000
13,000
July 14.
42,000
1,000
2,000
37,000
5,000
54,000
622,000
466,000
13 000
1,000
57,000
21 000
July 21.
45.000
1,000
2,000
42.000
0,000
52.000
588.000
433.000
27.000
14.000
46.000
13.000
T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o t s a n d fu tu r e s
e a c h d a y o f t h e p a s t w e e k a n d t h e d a i ly c lo s i n g p r i c e s o f
s p o t c o t t o n h a v e b e e n a s fo llo w s :
Spot.
Market,
12:15
P. M.
Saturday.
)
)
J
Quiet.
Monday.
Tuesday.
Moderate
demand.
Wednesday. Thursday.
Fair
business
doing.
Moderate
demand.
Fair
business
doing.
Friday.
Fair
business
doing.
Mld.Upl’ds
7.81
7.81
7.59
7.58
7.45
7.39
Sales........
Spec.&exp.
4,000
300
G.000
500
6,000
1,000
10,000
600
8,000
500
8,000
2,000
Futures. 1 Steady at
Market
) 1% @ 4
opened
J pts. adv.
Market,
4
P .M .
Steady at
2@3 pts.
advance.
1 Quiet at 1 Quiet at
>pt. dec. to 2 @ 5%
J11 pt. adv. pts. dec.
Easy at
7 % @ 11
pts. dec.
Flrm.unch. Irreg. at
to 5% pts. % @ 2 pts.
advance.
advance.
decline.
Feverish at Irreg. at Steady at 2
4 to 10 pts. dec. to 9 to 11
17% @20
pts. dec.
pts. dec. 1 pt. adv. pts. dec.
T h e p r ic e s fo r fu t u r e s a t L iv e r p o o l fo r e a c h d a y a re g iv e n
b e lo w .
P r ic e s a r e o n th e b a s is o f u p la n d , g o o d o r o r d in a r y
c la u s e , u n le ss o th e r w is e s t a t e d .
The prices are given in pence and 100ths.
For the Week.
Thus, 7 47 means 7 47-100d.
Since September 1.
Great Conti- Janan
Britain. nent. AChlna Total.
_____
14,000 15 OOC 29,000
1,000 11,000 9,OOC 21,000
_____
3,000 15,OOC 18,000
Great 1 ContiBritain.
nent.
1
57,000
95,000
23,000,
|
3,000,
4,000
5,000
895,000
955,000
571,000
_____
_____
2,000
3,000
3,000
2,000
3,000
3,000
_____
_____
3,000
1,000
1,000
3,000
1,000
l ,000
6,000
5,000
1,000
4,000
8,000 10,000 23,000
3,000
. . .
4,000
7,000 2,000 13,000
8,000
22,000
4,000; 20,000
7,000
28,000
1
58,000 261,000
30,000 306,000
26,000 292,000
5,000 25,000 25,000 55,000
2,000 18,000 9,000 29,000
7,000 16,000 17,000 40,000
1
126,0001,218,000
133,0001,327.000
61,000 934,000
s. d.
8 @10
8 @10
7 tolO
6% @10
5 % @ 10
1910-11.
Bombay. . .......... .......
Bombay—
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..
d.
1M© 11 4% 8.33
i % @ u 4 % 8.31
l %t o l l 5
8.27
0% @11 4
8.21
1%@11 3
8.04
Receipts at-
Exports
from—
s. d.
8% lbs. Shirt- Cot’ n
ings, common Mid.
to finest.
Upl’s
W O R L D 'S
[V O L . L X X X X I1I
37,000
46,000
4.3,000
Japan 1
& China.'. Total.
i
599,0001,551,000
870,0001,920.000
653,0001,247,000
|
19,000
50,000
48,000
98,000
31,000
79,000
SCO
1,000
12,000
30,300
25,000
47,000
23,000
15,000
74,000
345,000
351,000
392,000
|
611,3001,985,300
931,0002,394,000
770,0001,765,000
July 15
to
July Gl.
sat.
July
July- \ u g.
Aug. -S cp .
Sep. Oct .
Oct.- N o v .
N ov. -D ec.
Dec. -Jan .
Jan. F e b .
Feb. M ch.
M ch.-A pr.
7
7
7
6
6
6
6
6
6
6
Alon.
Tucs.
W ed.
Thi
Fri.
12% 4 12% 4 12% 4 12%
p.m . p.m . p.m . p.m. p.m . p.m. p.m.
12%
p .m .
47
43 %
19%
83 %
74 %
69 %
08 %
69
70
71
48%
46
23
86%
77 %
72 %
71 %
72
73
74
4 L%
39
16
81
72%
67 %
66 %
67
68
09
27
24
01. %
68
59 %
54 %
53 %
54
55
56
22%
19
96 %
63 %
54
49
48
18 %
49 %
50 %
20
22
00
67%
58
53 %
52 %
53
54
55%
13
09
87
59
49 %
45
44
44 %
45 %
46%
12%
09
89
00%
51
16%
45 %
40
47
48 %
12% 4
p.m . p.m .
11
07 %
87%
59 %
50
45%
44 %
45
16
17%
06%
04
83%
57
48
43%
42%
43
44
15
00
l»5 %
75
50
41
36%
35%
36
37
38
BREADSTUFFS
Friday Night, July 2 1 1 9 1 1 .
F l o u r h a s b e e n q u i e t d u r i n g th e p a s t w e e k .
B u yers h ave
m tin u e d to o p e r a te o n ly o n a h a n d -t o -m o u t h b a s is .
On
ie c le a r g r a d e s , h o w e v e r , m i lls a s a r u le h a v e k e p t s o l d
J u l y 2 2 1 9 1 1 .]
a h e a d a n d s m a ll l o t s o f c le a r h a v e b e e n s o l d f o r e x p o r t t o
G re a t B r ita in .
T h e s t r e n g t h o f p r i c e s o f m ill f e e d h a s p r o v e d
a n i n d u c e m e n t , m o r e o v e r , t o m a n y m i lls t o k e e p in o p e r a
tio n .
T h e to ta l o u t p u t d u r in g th e w e e k a t M in n e a p o lis ,
D u l u t h a n d M il w a u k e e w a s 3 5 8 , 3 0 0 b a r r e l s , a g a i n s t 2 4 4 , 4 2 0
th e w e e k b e fo r e a n d 3 1 3 ,9 3 5 la s t y e a r .
L a t t e r ly th e r e h a s
b e e n s o m e in c r e a s e in t h e f lo u r b u s i n e s s a t M i n n e a p o l i s .
W h e a t h a s b e e n s t e a d y in t h e m a i n , e n d i n g s l i g h t l y h ig h e r
o n s o m e u n fa v o r a b le cro p re p o rts a n d a n im p r o v e d e x p o r t
dem and.
T h e r e w e re s m a lle r e s t im a t e s o f th e s p r in g -w h e a t
c r o p in t h e D a k o t a s a n d M i n n e s o t a , o n e b e i n g o f 1 4 0 , 0 0 0 , 0 0 0
b u s h e ls , a g a in s t 1 7 5 ,0 0 0 ,0 0 0 la s t y e a r .
C o m p la in ts , m a n y
o f t h e m i n s i s t e n t , h a v e b e e n r e c e i v e d o f b l a c k r u s t in t h e
N o r t h w e s t , a n d a f e w o f f r o s t in S o u t h e r n M a n i t o b a ; a ls o o f
u n f a v o r a b l e w e a t h e r c o n d i t i o n s in t h e V o l g a d i s t r i c t o f
R u s s ia .
S ig n ific a n tly e n o u g h , th e V o lg a re g io n h a s b e e n a
b u y e r o f w h e a t fr o m R o s t o f f , c a u s in g a n a d v a n c e a t th e
la t t e r p o in t .
S h i p m e n t s f r o m R u s s i a a r e e x p e c t e d t o f a ll o f f
d u r in g th e c o m in g w e e k .
I n d ia , m o r e o v e r , rep o rte d a n u n
s a t i s f a c t o r y o u t l o o k f o r t h e m o n s o o n , w h ile G e r m a n y a n d
th e U n it e d K in g d o m h a v e s e n t e s t im a t e s o f s m a lle r y ie ld s ,
o w i n g t o d a m a g e b y d r o u g h t , a n d in B u l g a r i a t h e r e h a s b e e n
d a m a g e b y e x c e s s iv e r a in s .
I t a l y , i t is s a i d , a n t i c i p a t e s a
s h o r t c r o p , a l t h o u g h o n e o f fin e q u a l i t y .
T h e l e a d i n g b u lli s h
f a c t o r , h o w e v e r , h a s b e e n th e d e v e lo p m e n t o f a b r o a d e x p o r t
d e m a n d ; d u r in g th e p a s t w e e k s o m e 1 ,5 0 0 ,0 0 0 b u s h e ls w e re
ta k e n fo r e x p o r t .
R e p o r ts fro m B a ltim o r e la tte r ly h a v e b e e n
th a t
P e n n s y lv a n ia a n d
M a r y la n d w h e a t h a d
m e t w ith
c o n s id e r a b le e x p o r t d e m a n d th e re a n d t h a t th e m a r k e t a t
t im e s w a s n e a r a n e x p o r t b a s is fo r C h ic a g o w h e a t .
M in
n e a p o lis a d v ic e s w e re t h a t th e r e w a s a n e x c e lle n t d e m a n d
fo r s p r in g w h e a t , w ith th e c h o ic e g r a d e s s c a r c e .
The
o r ld ’ s
s h ip m e n t s w e re s m a lle r th a n th o s e o f th e p r e v io u s w e e k , a l
t h o u g h la r g e r t h a n t h o s e in t h e s a m e w e e k l a s t y e a r — t h a t
is , t h e y w e re o n ly 9 ,3 9 3 ,0 0 0 b u ., a g a in s t 1 0 ,4 1 0 ,0 0 0 la s t
w e e k a n d 6 ,4 6 4 ,0 0 0 la s t y e a r .
T h e id e a o b t a i n s a m o n g
m a n y t h a t E u r o p e m a y y e t b e a la r g e b u y e r o f A m e r i c a n
w h e a t th a n fo r se v e ra l y e a r s p a s t .
O n th e o th e r h a n d , th e
in t e r i o r r e c e i p t s o f n e w w h e a t h a v e c o n t i n u e d l a r g e , r e c e ip t s
W e d n e s d a y , fo r in s ta n c e , b e in g
1 ,7 5 3 ,0 0 0
b u ., a g a in s t
7 0 2 . 0 0 0 t h e c o r r e s p o n d i n g d a y l a s t y e a r , a n d h e d g i n g s a le s
a t tim e s h a v e b e e n h e a v y .
T h e w o r ld ’ s a v a ila b le s u p p lie s
h a v e c o r r e s p o n d in g ly s h o w n s u b s ta n tia l in c r e a s e s , o w in g to
t h e la r g e r e c e i p t s .
I n th e N o r th w e s t th e w e a th e r h a s b e e n
c o o l a n d g e n e r a lly fa v o r a b le fo r tillin g .
Illin o is , In d ia n a ,
M i c h i g a n , M is s o u r i a n d o t h e r S t a t e s h a v e b e e n f r e e s e lle r s
a t t i m e s o f f u t u r e s in C h i c a g o a g a i n s t n e w w h e a t .
The
C a n a d ia n w e a th e r a n d c ro p n e w s h a s b e e n g e n e r a lly f a v o r a
b le .
F r a n c e a ls o h a s s e n t s o m e fa v o r a b le c ro p a c c o u n t s .
T h e o f f ic ia l e s t i m a t e o f t h e H u n g a r i a n c r o p w a s 1 6 9 , 6 0 0 , 0 0 0
b u ., a g a in s t 1 6 3 ,7 0 4 ,0 0 0 la s t y e a r .
B u d a p e st h a s b een te n d
in g lo w e r a s t o p r i c e , d e c li n i n g 1 4 c . s in c e J u n e 2 2 , b u t r e c o v
e r in g s o m e w h a t o f la t e .
T h e w o r l d ’ s v i s i b le s u p p l y g a in e d
5 0 5 .0 0 0 b u ., a g a in s t a d e c re a se o f 4 ,8 4 6 ,0 0 0 la s t w e e k a n d o f
6 .5 2 7 .0 0 0 a y e a r a g o .
T o - d a y p r i c e s e n d e d lo w e r u n d e r l o n g
liq u id a tio n a n d w e a k n e s s a t th e N o r t h w e s t .
D A IL Y CLOSING PR ICE S OF W H E A T FU TU R E S
Sat. M on. T ubs.
91%
N o. 2 r e d ............... .............................. 9 1 % 91 %
91 %
July delivery In elevator__________ 9 1 % 91%
IN NOW YORK.
Wed. Thurs. F ri.
90 % 92
91%
90 % 92
91 %
D A IL Y CLOSING PR ICE S OF W H E A T F U TU R E S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs. F ri.
July delivery In elevator__________80
86 %
80 % 8 5% 80 %
86%
September delivery In elev a tor___ 8 7%
88
8 7% 87
88%
88
December delivery In eleva tor___ 90%
91
9 0% 90% 9 1 %
91%
D A IL Y CLOSING PR IC E S OF OATS IN NEW YO RK .
Sat. M on . Tues. Wed. Thurs. F ri.
51
48
49
49
48%
S ta n d a rd s ........................... _ .......... 53%
N o. 2 w hite.......................................... 54
51 %
49
50
49%
49
D A IL Y CLOSIN G PR IC E S OF OATS FU T U R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
4 2%
42% 4 1%
42
40%
July delivery In elevator__________45%
September delivery In elevator____46%
4 3%
42% 41%
42%
4 1%
December delivery In elevator____ 48
45
44 ^ 43
44^6 4 3 ^
The following are closing quotations:
h o w e v e r , o f h i g h t e m p e r a t u r e s in K a n s a s a n d o f in s u f f i c i e n t
m o i s t u r e in o t h e r s e c t i o n s o f t h e b e l t , b u t , a s f a r a s c a n b e
g a t h e r e d , t h e c o r n c r o p is d o i n g f a i r l y w e l l .
T h e exp ort
t r a d e h a s b e e n q u i e t o f l a t e , t h e r e c e ip t s h a v e b e e n m o d e r a t e ,
a n d th e c a sh d e m a n d a t th e W e s t h a s im p r o v e d s o m e w h a t.
T h e v i s i b le s u p p l y d e c r e a s e d 1 , 2 2 8 , 0 0 0 , a g a i n s t a n in c r e a s e
th e p r e v io u s w e e k o f 2 3 2 ,0 0 0 b u s h , a n d a d e cre a se o f 8 0 5 ,0 0 0
la s t y e a r .
T o -d a y p r ic e s w e re h ig h e r fo r a tim e o n fu r th e r
b a d c r o p r e p o r t s , b u t e n d e d lo w e r u n d e r la r g e r c o u n t r y
o ffe r in g s .
D A IL Y CLOSING PR ICE S OF NO. 2 M IX E D CORN IN NOW Y O R K .
Sat. M on. Tues. Wed. Thurs. F ri.
Cash corn _____________________ ___ nom . noin. nom . nom . nom . nom .
September delivery In elevator____7 1%
69%
68% 68
69% 69
D A IL Y CLOSING PR ICE S OF CORN FU T U R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
July delivery In e le v a t o r ,________ 64% 63%
62% 61% 63% 63%
Septem ber delivery In elevator____60%
64%
63% 62% 64% 64%
December delivery In elevator____6 4%
61%
60% 59% 62
61 %
O a t s h a v e d e c li n e d u n d e r la r g e c o u n t r y o f f e r i n g s , g e n e r a l l y
fa v o r a b le w e a th e r c o n d it io n s , lo n g liq u id a tio n a n d s o m e
fe a r s a s to th e o u t c o m e o f th e r e c ip r o c ity t r e a t y .
T h e Cana
d i a n c r o p s o f b o t h h a y a n d o a t s a r e e x p e c t e d t o b e la r g e .
T h r e s h i n g r e t u r n s in t h i s c o u n t r y a r e c o n f l i c t i n g , b u t t h e
b u lk o f
a d v ic e s
r e la tin g th e r e to
s e e m to in d ic a te s o m e
e x c e ss o v e r recen t e s tim a te s .
A s tr a w , p e r h a p s , sh o w in g
w h ic h w a y t h e w in d b l o w s m a y p o s s i b l y b e t h e f a c t t h a t 1 5
c a r lo a d s o f C a n a d ia n h a y w e re im p o r te d in to th is c o u n t r y
d u r i n g t h e w e e k , p a y i n g $ 4 p e r t o n d u t y a n d s e lli n g in C h i
c a g o a t 8 2 5 p e r to n w h o le s a le .
T h e v i s i b le s u p p l y o f o a t s
lo s t 2 ,0 0 8 ,0 0 0 b u s h ., a g a in s t a d e cre a se o f 5 2 3 ,0 0 0 la s t w eek
a n d la s t y e a r o f 1 ,7 0 9 ,0 0 0 .
B o t h t h e o a t s a n d h a y c r o p s in
th is c o u n t r y are e x p e c te d to sh o w a s e v e re s h o r ta g e .
P r ic e s
t o - d a y d e c lin e d u n d e r r e n e w e d r e p o r t s o f f a v o r a b l e t h r e s h in g
re tu r n s.
25 Kansas straights, s a c k ,$4
4 75 Kansas clears, sacks___ 3
4 25 City patents___________ 5
3 70 R ye Hour_______________ 4
5 25 Graham flour__________ 3
4 60 Corn meal, kiln dried___ 3
4 35
G R A IN .
Corn, per bushel—
..$ 1 09
N o. 2 ____________ f.o .b .
. . 1 07
S t e a m e r ______ elevator
. . N o m . N o. 3 ________ eleva tor.
..
96
R ye, per bushel—
Cents.
N o. 2 W estern................
48%
State and Pennsylvania
..
49
Barley— M alting--------------..
48
W inter, low grades____ $27 5 © ?3
W inter patents_________ 4 6 0©
W inter straights________ 4 0 0 ©
W inter clears__________ 3 45©
Spring patents_________ 5 0 0 @
Spring straights________ 4 4 0 ©
Spring clears..... ............... 4 0 0 @
W heat, per bushel— f.o .b ,
N. Spring, N o. 1_______
N . Spring, N o. 2 _______
R ed winter, N o. 2 ______
Hal’d winter. N o. 2 ____
Oats, per bushel, new—
Standards______________
N o. 2 w hite____________
N o. 3 w hite____________
25© $ 4
45© 3
80@ 6
85© 5
90© 4
5 0@ 3
45
70
10
50
00
80
C e n ts .
70%
Nominal
Nominal
Nominal
Nominal
Nominal
The statements of the movement of breadstuff's to market
indicated below are prepared by us from figures collected b y
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—
Flour.
Wheat.
Barley.
Oats.
Com.
Rye.
bbls.l9&lbs. bush. 60 lbs. bush. 56 lbs. bmh. 32 lbs. bushASlbs. bu.56 lbs.
114,545 2,730.200
8,500
Chicago___
1,007,700
138,000
1,305,800
58,600
1,020
Milwaukee..
50.700
46,330
129,200
56,500
Duluth.........
2S
11,675
9,072
147,915
34,887
5,600
30,600
Minneapolis.
1,309,850
132^770
S9.620
707,000
30 400
36 000
5,092
61,426
57,753
20,100
398
3L620
1,125
11,64.0
81,920
Cleveland . .
481,100
5,590
537,600
49,040
1,344.526
St. Louis__
144,644
1,100
87,000
187,482
9,600
45,500
P eoria____
1,972,800
312,800
200,600
Kansas City.
Total wk. ’ l l
Same wk. ’ 10
Same wk. ’ 09
284,850
250,701
304.970
2,631,294
2,266,305
2,090,788
8,418,687
3,049,571
1,379,628
2,250,274
2,204,519
1,448,580
230,025
622,850
468,688
21,838
53,301
29,713
Since Aug. 1
1910-11... 15.338,542 219,902,392 371,843,971 185,850,389 63,011,981 5,137,686
1909-10... 19.551.620 242,950,079 178,887,469 80,998,127 79,905.527 6,767,506
1908-09... 19,723,362 213,096.771 146,907,436 160,369,832 81,290,175 6,272,092
Total receipts of flour and grain at the seaboard ports for
the week ended July 15 1911 follow:
Flour,
Receipts at—
bbls
New Y o r k ............ 143,400
B oston................... 25,985
Philadelphia____
32.6S2
Baltimore-............
30,716
New Orleans*___
26,196
Newport News-----2,857
Norfolk__________
3,500
Galveston........ .................... Mobile....................
1,535
Montreal................
62,221
Wheat,
bush.
275,700
36,921
245,951
623,541
______
--------17,000
750
448,071
Com,
bush.
120,475
14,005
13,823
42,966
97,301
--------5,000
10,500
344,509
Oats, Barley,
Rye,
bush.
bush.
bush.
561,000
5,100
1,150
91,435
..........................
112,359
..........................
80,237
.........
209
90,800
..........................
--------------------------------2,000
..........................
- .........
.........
.........
237,740
16,923
.........
Total week 1911.. 329,092
1,6-17,934
648,579 1,175,571
22,023
1.359
Since Jan. 1 1911--9,773,878 32,976,449 47.107,956 28,228,504 2621.609 357,576
Week 1910_______ 232,887
1,234,059
641,092
969,581
74,659
1,876
Since Jan. l’ 1916118,866i653 35I696J73 23,892,569 24,905,289 1911,269 417,177
* 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 July 15 1911 are shown in the annexed statement:
Exports from—
New Y o r k ...........
B oston_________
Philadelphia___
I n d i a n c o r n h a s d e c li n e d u n d e r g o o d r a in s in I o w a , K a n Baltimore............
s a s , N e b r a s k a ; a n d o t h e r s e c t i o n s o f t h e b e l t , lo w e r t e m p e r a
New Orleans___
t u r e s a n d l i q u i d a t i o n b y l e a d i n g b u ll o p e r a t o r s , t o g e t h e r w i t h ' Newport News.....
Mobile..................
s o m e s e lli n g f o r s h o r t a c c o u n t .
T h e r e h a v e b e e n c o m p la in ts ,
Montreal_________
239
THE CHRONICLE
U7ira(,
Corn, Flour,
bush. ■
bush.
bbls.
171,115 202,928 65.036
______
______
9,164
83,567
1,525
7.034
138,248
146,674
2,464
60,441
69,684 20,459
.............................
2,857
750
10,500
1,535
510.165 314,799 49,370
Total week___ 964,286
Week 1910______ 487,894
746,110 161.479
405,895 90,008
Oats,
R ye,
Barley, Peas,
bush.
bush.
bush.
bush
40,499
........................
531
1,250
-------------------...........
.......................................
60 .......................................
381 ------------------.........................
.........
.........
........................................................
324,170 ------------------366,360
127,655
........................
......... 31,000
531
9,369
The destination of these exports for the week and since
July 1 1911 is as below:
-------- Flour----------------------Wheat-------------------------Com-----------Since
Since
Since
Week
July 1
July 1
July 1
Week
Week
1911.
1911. July 15.
1911. July 15.
Exports for week and July 15.
bush.
bush.
bush.
Since July 1 to—
bbls.
bush.
bbls.
682,285
United Kingdom. . 75,295
160,241
432,060 1,018,305 269,857
581,164
Continent............ ... 31,589
46,922
676,392 381,518
467,285
71,068
56,568
72./16
Sou. & Cent. Amer. 30,175
37,838
64,191
56,003
,950
35,335
West Indies........ . 23,807
31,998
750
800
800
Brit. Nor. Am. Cols.
795
195
...........
...........
2,032
2,032
Other Countries___
418
418
Total.................... 161,479
Total 1910.............. 90,008
278,212
196,031
964,286
487,894
1,769,363
1,225,335
746,110
405,895
1,393,352
704,635
The world’s shipments of wheat and corn for the week
ending July 15 1911 and since July 1 1911 and 1910 are shown
in the following:_____ ________________________________
Com.
Exports.
1911.
Since
July 1.
Since
July 1.
I Bushels.
North Amer. 2,032,000
Russia____ 2,648,000
Danube----- ! 696,000
Argentina - - 1,544,000
Australia__ i 640,000
In d ia _____ 1,664,000
Oth. country 168,000
Bushels.
3.824.000
6.448.000
1.360.000
2.944.000
1.496.000
3.522.000
214,000
T o ta l___ 9,392,000
19,808,000
Week
I July 15.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
2.353.000 439,000
7.576.000 1,819,000
2.120.000 2,499,000
488.000
...........
800.000
...........
1.888.000
...........
160,000
______
Bushels.
1,268.000
3.987.000
4.947.000
Bushels.
754.000
400.000
4.251.000
1.522.000
15.385,000 4,757,000
10.202.000
6,927,000
Week
July 15.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
340
THE CHRONICLE
Wheat.
Com.
United
Kingdom. Continent.
July
July
July
July
July
July
15
8
16
17
18
20
1911-.
1911-.
1910-.
1909-.
190S-.
1907-.
Bushels.
22,188,000
24.696.000
20,560,090
18.880.000
14.960.000
22.120.000
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
16.360.000 38.848.000
19.136.000 43.832.000
8.320.000 28.880.000
13.680.000 32.560.000
9.760.000 24.720.000
9.840.000 31.960.000
Bushels.
4.828.000
5.703.000
6.035.000
8.840.000
5.780.000
8,000,000
Total.
Bushels.
Bushels.
6.943.000 11,771,000
6.925.000 12,688,000
10,200,000:16,235,000
12.410.000 21,250,000
7.820.000113.600.000
12.840.000120.840.000
T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t l a k e a n d
s e a b o a r d p o r t s J u ly 1 5 1 9 1 1 , w a s a s fo llo w s :
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
309,000
416,000
694,000
New Y o r k ....................
B oston..........................
224,000
37,000
______
Philadelphia_________
174,000
5,000
35,000
Baltimore......................
800,000
305,000
80,000
New Orleans_________
8,000
83,000
113,000
Galveston............ .........
56,000
8,000
--------Buffalo.......................... 1,503,000
699,000
1,460,000
T o le d o ..........................
402,000
128,000
91,000
Detroit.............
139,000
170,000
6,000
C hicago.............
10,704,000
5,981,000
6,606,000
Milwaukee-..................
17,000
193,000
418,000
S23.000
284,000
472,000
Duluth...............
Minneapolis.................. 7,417,000
220,000
536,000
St. Louis - .................... 2,743,000
294,000
133,000
Kansas City____ _____ 2,249,000
112,000
95,000
Peoria...........................
1,000
89,000
Indianapolis..................
339,000
385,000
90,000
O m aha.........................
343,000
177,000
380,000
On Lakes------------------604,000
910,000
560,000
On Canal and R iv e r ...
239,000
173,000
203,000
.29,153,000 10,581,000 12,061,000
.26,518,000 11,791,000 14,368,000
4,740,000
.10,834,000
3,549,000
. 7,233,000
2,704,000
5,618,000
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
. 569,000
672,000
540,000
. 2,680,000
1,702,000
. 1,791,000
2,112,000
. 879,000
815,000
Total
Total
Total
Total
July
July
July
July
15 1911- .
81911. .
16 1910. .
17 1909- .
Wheat,
bush.
.29,153,000
. 5,919,000
Amerlcan
Canadian .
Total
Total
Total
Total
Total
Total
Total
July
July
July
July
July
July
July
5,919,000
5,575,000
4,500,000
1,806,000
15
8
16
17
18
20
21
1911.
1911.
191019091908.
19071906.
THE
.35,072,000
.32,093.000
.15,334,000
. 9,099,000
.13,262,000
.46,030,000
.25,915,000
672,000
5,169,000
573,000
4,815,000
20,000
887,000
46,000
396,000
SUMMARY.
Com,
Oats,
bush.
bush.
10,581,000 12,061,000
672,000
5,169,000
11.253.000
12.364.000
4.700.000
2.750.000
2.901.000
8.999.000
5.867.000
17.230.000
19.183.000
4.430.000
6.014.000
1.499.000
4.051.000
5.351.000
Bye,
bush.
9,000
484,000
1,000
1,000
12,000
90,000
53.000
52.000
31.000
15.000
17,000
17,000
318,000
135,000
767,000
817,000
1,107,000
583,000
Rye,
bush.
Bariev,
bush.
35.000
35,000
39,000
188,000
100,000
Bye,
biish.
17,000
Berio/,
bush.
767,000
35,000
17.000
17.000
318.000
135.000
100.000
074,000
1.391,000
802,000
850.000
1.295.000
683.000
829.000
756.000
1.059.000
DR Y GOODS T R A D E .
New York, Friday Night, July 2 1
1911.
D e v e l o p m e n t s t h i s w e e k c a u s e d f u r t h e r u n s e t t l e m e n t in
t h e c o t t o n g o o d s t r a d e , p a r t i c u l a r l y in t h e p r ic e s i t u a t i o n .
A t th e b e g in n in g o f th e w e e k a d r a s tic c u t o f % c . a y a r d o n
“ F r u i t -o f -t h e -L o o m ” 4 - 4 b le a c h e d m u s lin s , to a b a s is o f 8 c .
n e t , w a s a n n o u n c e d b y t h e s e lli n g a g e n t o f t h a t w e l l - k n o w n
b r a n d ; t h e n e w p r i c e , w h ic h is o n t h e b a s i s o f J 0 c . c o t t o n , is
sa id to b e th e lo w e s t , c o m p a r e d w ith c o s t , e v e r n a m e d on
th is lin e .
O n l y a l i m i t e d q u a n t i t y o f t h e s e g o o d s w a s o ffe r e d
a n d n o o r d e r s fo r d is t a n t d e liv e r y w e re a c c e p te d a t th is
fig u r e .
M a r s h a ll F i e ld & C o . o f C h ic a g o a n n o u n c e d a s till
sh a rp e r c u t o n th ese g o o d s to 7 % c .
A f a i r l y a c t i v e b u s in e s s
o n t h e s p e c ia l li n e s a f f e c t e d w a s s t i m u l a t e d b y t h i s a c t i o n ,
t h e p u r p o s e o f w h i c h , s e e m i n g l y , w a s t o in c r e a s e d i s t r i b u t i o n
and
t o s e c u r e e n o u g h b u s i n e s s t o k e e p m ill m a c h i n e r y
r u n n in g .
A g e n t s h a n d lin g o th e r b le a c h e d g o o d s h a v e n o t
y e t f o l l o w e d s u i t , b u t m a y s h o r t l y a n n o u n c e p r ic e c h a n g e s .
W h i l e t h i s r a d ic a l r e v i s io n q u i c k e n e d t r a d e in “ F r u i t - o f - t h e L o o m ” g o o d s , i t s g e n e r a l e f f e c t w a s t o in c r e a s e h e s i t a t i o n
a m o n g b u y e r s , a n d in d i c a t i o n s w e r e n o t l a c k i n g t h a t o t h e r
l i n e s , d i s t i n c t f r o m t h o s e a f f e c t e d , w e r e f e e l i n g t h e in flu e n c e
o f th is r e d u c tio n .
T h e s e v e r e d e c lin e in r a w m a t e r i a l in
b o t h o l d a n d n e w -c r o p m o n t h s w a s a n a d d i t i o n a l f a c t o r in
d u c i n g m a r k e d c o n s e r v a t i s m a m o n g b u y e r s , e s p e c i a l l y in
m a k in g c o m m it m e n t s fa r a h e a d ; fo r th e y b e c a m e m o re
s t r o n g l y c o n v i n c e d t h a t g o o d s p r i c e s w ill b e lo w e r b e fo r e l o n g .
T h e r e m o v a l o f p ric e r e s tr ic tio n s , r e fe r r e d to la s t w e e k , c o n
t i n u e d t o a g i t a t e t h e t r a d e , a n d t h e r e is a w id e d if f e r e n c e o f
o p i n i o n a s t o w h a t r e a d j u s t m e n t s w ill b e m a d e in m e r c h a n
d i z i n g m e t h o d s a s a r e s u l t o f t h i s d e v e l o p m e n t , a n d i t is s t ill
u n c e r ta in w h e th e r s to c k p r o t e c t io n , g u a r a n tie s a n d o th e r
t r a d e “ e v i l s ” w ill b e e l i m i n a t e d .
I n v i e w o f a ll t h e s e d e v e l
o p m e n t s , t o w h ic h m u s t b e a d d e d t a r if f u n c e r t a i n t i e s , it is
n o t s u r p r is i n g t h a t b o t h b u y e r s a n d s e lle r s a r e m u c h u n s e t t le d
a n d a r e g e n e r a lly p u r s u in g a w a it in g p o lic y u n til th e s it u a tio n
c le a r s .
T h e j o b b e r s ' s p e c ia l s a le s t h i s w e e k w e r e
w e ll
a tte n d e d a n d th e a t t r a c t iv e p r ic e s o ffe r e d , e s p e c ia lly o n
s e a s o n a b l e c o t t o n s , r e s u l t e d in s a t i s f a c t o r y o r d e r s f r o m re
t a i le r s , b u t o n r e g u la r s t a p l e s t h e r e w a s l i t t l e a n t i c i p a t i n g in
e ith e r th e p r im a r y o r s e c o n d a r y m a r k e t s .
C o tto n y a rn s
w e r e g e n e r a l l y d u ll a n d e a s i e r in t o n e , o w i n g t o t h e b r e a k in
t h e s t a p l e ; a b o u t t h e o n l y n o t e w o r t h y f e a t u r e w a s a la r g e
s a le f o r e x p o r t b y a P h i l a d e l p h i a h o u s e a t a p r ic e s a id t o h a v e
been b ased on 1 1c. c o tto n .
N e w li n e s o f w o o l e n a n d w o r s t e d
m e n ’s w e a r a n d d re ss g o o d s w ere o p e n e d fo r sp r in g , 1 9 1 2 ;
r a t h e r s h a r p r e d u c t i o n s w e r e m a d e in p r i c e s o f m e n ’ s w e a r
f a b r i c s , c o m p a r e d w it h a y e a r a g o , b u t d r e s s g o o d s w e r e o n l y
s l i g h t l y lo w e r e d f r o m l a s t J a n u a r y ’ s b a s i s /
D O M E S T I C C O T T O N G O O D S .— T h e e x p o r t s o f c o tto n
g o o d s fr o m th is p o r t fo r th e w e e k e n d in g J u ly 15 w e re 5 ,4 6 8
p a c k a g e s , v a lu e d a t $ 3 3 9 ,1 5 3 , th e ir d e s tin a tio n b e in g to th e
p o i n t s s p e c if ie d in t h e t a b l e b e l o w :
—
1011-------Since
Jan. 1.
453
..
51
568
53,916
17,312
-50
11,788
- . 659
6,950
- - 684
21,945
..
53
1,296
. . 879
11,163
..2 ,0 9 0
34,037
. . 241
20,817
New York to July 15—
Great Britain____________
Week.
Arabia
A frica .
Mexico
Barley,
bush.
28,000
2,000
5.000
1.000
[VOL. L X X X X I I I .
-.5 ,4 0 8
1010-------Since
Jan. 1.
1,161
615
42,707
155
8,389
0,510
238
187
2,394
15,308
754
1,114
114
402
5,421
994
27,662
514
23,079
W eek.
41
28
180,245
3,427
134,480
T h e v a l u e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n
$ 1 2 , 8 3 1 , 2 0 3 in 1 9 1 1 , a g a i n s t $ 9 , 1 9 2 , 6 5 4 in 1 9 1 0 .
D o m e s t i c c o t t o n s r u l e d q u i e t , i r r e g u l a r a n d m o r e o r le s s
u n s e t t l e d , w i t h a n e a s i e r p r ic e t e n d e n c y n o t e d in m a n y d ir e c
tio n s.
I n b l e a c h e d g o o d s l i m i t e d o f f e r in g s o f c e r t a i n b r a n d s
a t t h e r e d u c e d p r i c e s w e r e w e ll t a k e n ; b u t e v e n o n t h e s e ,
a s w e ll a s o n o t h e r b l e a c h e d c o t t o n s , j o b b e r s h a v e n o t o p e r
a te d fr e e ly .
B r o w n c o t t o n s r u le d c o m p a r a t i v e l y s t e a d y ,
p r o b a b l y b e c a u s e s p o t c o t t o n h a s n o t d e c li n e d t o t h e s a m e
e x t e n t a s f u t u r e o p t i o n s , a n d t h e r e f o r e m ills a r e n o t m u c h
b e t t e r o f f in t h i s r e s p e c t t h a n t h e y w e r e p r i o r t o t h i s w e e k ’ s
b r e a k in t h e c o t t o n m a r k e t .
D u c k a n d h e a v y c o lo r e d c o t
t o n s a r e r e p o r t e d a v a i l a b l e in s m a l l q u a n t i t i e s f o r i m m e d i a t e
s h ip m e n t a t s lig h t r e d u c tio n s fr o m re c e n t p r ic e s.
T r a d e in
f a ll g i n g h a m s is r e p o r t e d a s b e l o w
e x p e c ta tio n s a n d th e
b e li e f in lo w e r p r i c e s is g r o w i n g .
E x p o r t t r a d e w i t h a ll p o r t s
w a s d u l l , b u y e r s h o l d i n g o f f in a n t i c i p a t i o n o f m o r e f a v o r a b l e
te r m s la te r .
D e m a n d f o r p r i n t c lo t h s a n d c o n v e r t i b l e s w a s
l i g h t a n d s c a t t e r e d , a n d t h e m a r k e t g e n e r a l l y r u le d e a s i e r ,
g r a y g o o d s , 3 8 j ^ - i n c h s t a n d a r d , n o w q u o t e d j ^ c . lo w e r a t 4 % c .
W O O L E N G O O D S .— I n w o o le n s a n d w o r s t e d s , in te r e s t
c e n t r e d c h ie f ly in n e w s t a p l e lin e s o f m e n ’ s w e a r f a b r i c s a n d
d re ss g o o d s o p e n e d fo r n e x t sp r in g s e a s o n .
O w in g to th e
s h a r p d o w n w a r d r e v i s io n m a d e l a s t J a n u a r y , p r i c e s n a m e d
fo r s p r in g o n s ta p le d ress g o o d s s h o w e d a r e d u c tio n o n th e
a v e r a g e o f o n l y a b o u t 2 o r 3 % ; in s o m e in s t a n c e s n o c h a n g e s
w e re m a d e fr o m th e J a n u a r y le v e ls .
In m e n ’s w e a r , h o w
e v e r , r a th e r m a r k e d r e d u c tio n s w ere a n n o u n c e d .
Som el e a d i n g lin e s o f s e r g e s , f o r i n s t a n c e , w e r e c u t 1 5 c . p e r y a r d ,
c o m p a r e d w i t h a y e a r a g o , w h ile o t h e r s w e r e r e d u c e d f r o m
5 to 1 7 J ^ c . a y a r d .
A s th e n e w p r ic e s w e re n o t a n n o u n c e d
u n t il l a t e in t h e w e e k , i t is t o o e a r l y t o j u d g e a s t o t h e r e s p o n s e
o f b u y e r s ; b u t s e lle r s a r e c o n f i d e n t t h a t t h e f ig u r e s n a m e d
w ill p r o v e a t t r a c t i v e .
F O R E IG N
D R Y
G O O D S .— N o p a r tic u la r fe a tu r e w a s
n o t e d in i m p o r t e d w o o l e n s a n d w o r s t e d s .
L i n e n s w e r e in
m o d e r a te r e q u e s t, c h ie fly fo r n e a r -b y d e li v e r y , p ric e u n c e r
t a i n t y s t ill r e s t r i c t i n g f o r w a r d b u s i n e s s .
B u r la p s w ere q u ie t ,
ste a d y an d u n ch a n g ed .
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J u la 22 1911. i
THE CHRONICLE
241
not exem pt b y law from taxation on real or personal property,] In the fol
lowing cases, subject to the exemptions and limitations hereinafter prescribed:
1. W hen the transfer Is b y will or b y the Intestate law's of this State of
any intangible property, or of tangible property within the State, from any
person dying seized or possessed thereof [of the property] while a resident of
the State.
News Item s.
2. W hen the transfer is b y will or intestate law, of tangible property
within the State, and the decedent was a non-resident of the State at the
C am eron
C o u n ty
(P .
0.
B r o w n s v i l l e ) , T e x a s . — Bond time o f his death.
3. W henever the property of a resident decedent, or the property of a
Election Held Void.— T h e C o m m i s s i o n e r s C o u r t o n J u l y 1 0 non-resident
decedent within this State, transferred b y will Is not specifically
h e ld t h a t t h e s p e c ia l e l e c t i o n i n R o a d D i s t r i c t N o . 1 o n
bequeathed or devised, such property shall, for the purposes of this article,
be deemed to be transferred proportionately to and divided pro rata among
J u n e 2 4 , a t w h ic h $ 2 0 0 , 0 0 0 b o n d s w e r e v o t e d , is v o i d a s t h e
all the general legatees and devisees named In said decedent’s will. Including
r e t u r n s , it is s t a t e d , w e r e f o u n d t o b e d e f e c t i v e .
all transfers under a residuary clause o f such will.
4. W hen the transfer if of intangible p roperty, or of tangible property
G r e e n v ille , G r e e n v ille
C o u n ty ,
S o . C a r o .— Bonds
De within
the State, m ade b y a resident, or of tangible property within the State
clared Valid.— T h e S t a t e S u p r e m e C o u r t o n J u l y 8 r e n d e r e d made by a non-resident [when such non-resident's property is vdthin this
State], by deed, grant, bargain, sate or gift made In contem plation of the
a d e c i s i o n u p h o l d i n g t h e v a l i d i t y o f a n is s u e o f $ 2 0 0 , 0 0 0
death of the grantor, vendor, or donor, or Intended to take effect in possession
b o n d s v o te d b y th is c it y o n A p ril 5 1 9 1 0 ( V . 9 0 , p . 1 1 1 6 ).
or enjoym ent lat or after such death.
5. W hen any such person or corporation becom es beneficially entitled
O f th e to ta l a m o u n t v o t e d , $ 1 0 0 ,0 0 0 w a s to b e u sed fo r
in possession or expectancy, to any property or the incom e thereof b y any
str e e t im p r o v e m e n ts .
T h e C i t y C o u n c il p r o p o s e d u s i n g
such transfer u'hether made before or after the passage o f this chapter.
0.
W henever any person or corporation shall exercise a power o f appoint
$ 2 0 ,0 0 0 o f th e se b o n d s fo r th e r e c o n s t r u c tio n o f a b r id g e ,
ment derived from any disposition of property made either before or after
b u t p r o c e e d i n g s w e r e i n s t i t u t e d b y D r . J . B . B r u c e , it is
the passage of this chapter, such appointm ent u'hen made shall be deemed
s t a t e d , t o e n j o i n t h e c i t y a u t h o r i t i e s f r o m c a r r y i n g o u t it s
a transfer taxable under tile provisions of this chapter in the same manner
as though the property to which such appointm ent relates belonged abso
p r o p o s it io n , th e c la im b e in g t h a t t h is w a s n o t a s tr e e t im
lutely to the donee of such power and had been bequeathed or devised b y
p r o v e m e n t w ith in th e m e a n in g o f th e A c t a u th o r iz in g th e
such donee by will [; and whenever any person or corporation possessing
such a power of appointm ent so derived shall om it or fall to exercise the
b on d s.
T h e C o u r t , h o w e v e r , h o l d s t h a t t h e b r id g e is a p a r t
same within the time provided therefor, In w'hole or in part, a transfer tax
o f th e s tr e e t im p r o v e m e n t , b u t s a y s th a t h a d th is s u m b e e n
able under the provisions of this chapter shall be deemed to take place to
the extent of such omission or failure. In the same manner as though the
u se d to b u ild a n e n tir e ly n e w b r id g e , w h e re th e r e w a s n o n e
persons or corporations thereby becom ing entitled to the possession or en
b e f o r e , t h e q u e s t i o n a s t o t h e l e g a l i t y o f th e b o n d s w o u ld
joym ent of the property to w’hich such power related had succeeded thereto
by a w'ill of the donee of the power failing to exercise such power, taking
h a v e b e e n m o re se rio u s.
T h e $ 1 0 0 , 0 0 0 s t r e e t b o n d is s u e w a s
effect at the tim e of such omission or failure.]
a w a r d e d o n M a y 9 to T h a c k s t o n & S o n o f G r e e n v ille a t
7.
The tax imposed hereby shall be [at the rate of five per centum] upon
1 0 4 .0 1
a n d in te r e st ( V . 9 2 , p . 1 3 9 1 ) .
T h e r e m a i n i n g $ 1 0 0 , the clear market value o f such property, [except as otherwise prescribed in
the next section,] at the rales hereinafter prescribed.
0 0 0 , o f w h ic h $ 4 0 , 0 0 0 w a s f o r s e w e r s a n d $ 6 0 , 0 0 0 t o p a y o ff
SEC. 2. Section 221 of said chapter, as amended b y chapters 600 and 706
of the laws of 1910, is hereby amended as follows:
a p a s t in d e b t e d n e s s , w a s s o ld d u r in g J u ly 1 9 1 0 .
SEC. 221. E xceptions and limitations. [When property, real or per
H a w t h o r n e , P a s s a i c C o u n t y , N . J . — Commission Plan of sonal, or any beneficial interest therein, o f the value of not m ore than $500,
b y any such transfer to or for the use of any father, m other, husband,
Government Adopted.— A t a s p e c ia l e l e c t i o n h e ld in t h i s passes
wife, child, brother, sister, wife or w idow of a son or the husband of a
m u n ic ip a lity o n J u ly 19 a c o m m is s io n fo r m o f g o v e r n m e n t
daughter, or any child or children adopted as such in conform ity with the
laws of this State, of the decedent, grantor, donor or vendor, or to any child
w a s a d o p t e d , i t is s t a t e d .
T h e v o t e is g i v e n a s 1 7 6 t o 1 3 5 .
to whom any such decedent, grantor, d onor or vendor for not less than ten
Jersey
C ity ,
N.
J . — Commission Plan of Government years prior to such transfer stood In the m utually acknowledged relation of
parent, provided, however, such relationship began at or before the child’s
Defeated by Voters.— A t t h e s p e c ia l e l e c t i o n h e ld i n t h i s c i t y afifteenth
birthday and was continuous for said ten years thereafter, and
J u ly 1 8 to v o t e o n th e a d o p tio n o f a c o m m is s io n fo r m o f
provided also that, except In the case of a stepchild, the parents of such
child shall have been deceased when such relationship com m enced, or to
g o v e r n m e n t ( V . 9 3 , p . 1 1 9 ) th e v o te r s r e je c te d th e p r o p o s e d
any lineal descendant of such decedent, grantor, donor or vendor born in
p la n b y a v o t e o f 1 1 ,5 8 5 “ f o r " to 1 3 ,0 6 8 “ a g a in s t ” .
The
lawful wedlock, such transfer of property shall not be taxable under this
article: If real or personal property, or any beneficial Interest therein, so
t o t a l v o t e c a s t w a s a b o u t 3 0 % o f t h e r e g u la r v o t e p o l l e d la s t
ransferred is of the value of m ore than $500, it shall be taxable under this
fa ll.
article at the rate of one per centum upon the clear market value o f such
nroperty except as herein provided. No such tax shall be assessed upon
M a s s a c h u s e t t s . — Senate Favors State Income Tax.— A
property, real or personal, or any beneficial Interest therein so transferred
to a father, mother, widow or minor child of the decedent, grantor, donor
p r o p o s e d a m e n d m e n t to th e S ta t e C o n s titu tio n a u th o r iz in g
or vendor, if the am ount so transferred to such father, m other, w idow or
th e L e g is la tu r e to im p o s e a t a x o n in c o m e s a n d a ls o p r o v id in g
minor child is the sum of $5,000 or less; but if the amount so transferred
t h a t p r o p e r t y t h e i n c o m e o f w h ic h is n o w s u b j e c t t o a t a x
to a father, m other, widow or a minor child Is over $5,000, theexccss shall
be taxable at the rate of one per centum upon the clear market value of
s h a ll b e e x e m p t f r o m o t h e r t a x a t i o n , w a s a d o p t e d b y t h e
such property as hereinbefore provided. The rates of taxation hereinbe
S e n a t e o n J u ly 19 b y a v o t e o f 3 1 “ f o r ” to n o n e “ a g a i n s t .”
fore prescribed In this and the preceding section are hereby designated as
‘ ‘ primary rates.” W henever any property, real or personal, or any beneficial
N e w O r l e a n s , L a . — Public Improvement Bonds Re-sold. —
interest therein which passes by any such transfer to or for the use of any
I n o u r is s u e o f J u l y S , o n p a g e 1 1 9 , w e s t a t e d t h a t a m o n g o u r
person or corporation, shall exceed the amount of $25,000 over and above
the exemptions hereinbefore provided, theratc of taxation shall be as follows:
it e m s a b o u t “ B a n k s , B a n k e r s , & c . , ” o n a p r e c e d in g p a g e
Upon all amounts in excess of the said 825,000 and up to and including
w o u l d b e f o u n d a c ir c u l a r l e t t e r t o t h e s t o c k h o l d e r s o f t h e
the sum of $100,000, twice the primary rates:
Upon all amounts In excess o f the said $100,000 and up to and including
C a n a l - L o u i s i a n a B a n k & T r u s t C o . in c o n n e c t i o n w i t h t h e
the sum of $500,000, three times the prim ary rates;
p u r c h a s e a n d r e -s a l e b y t h a t i n s t i t u t i o n o f $ 4 , 0 0 0 , 0 0 0 o f t h e
U pon all amounts in excess of the said $500,000 and up to and Including
the sum of $1,000,000, four times the prim ary rates;
$ 7 ,0 0 0 ,0 0 0 4 %
p u b l i c - i m p r o v e m e n t b o n d s o f f e r e d f o r s a le
Upon ail amounts in excess of the said $1,000,000, five times the prim ary
b y th is c it y o n M a y 8 .
A s it h a p p e n e d , o w in g to th e c r o w d e d
rates. But ] A ny property devised or bequeatchd for religious ceremonies,
observances
or com m em orative services of or for the deceased donor, or to
c o n d itio n o f o u r c o lu m n s , th e it e m
r e fe r r e d t o w a s n o t
any person who is a bishop or to any religious, educational, charitable
p u b l i s h e d in t h a t w e e k .
W e p r i n t it t o - d a y o n a p r e v i o u s
missionary, benevolent, hospital or infirmary corporation, wherever incor
porated, including corporations organized exclusively for bible or tract
p a g e a m o n g th e it e m s re g a rd in g b a n k s , & c .
purposes,shall be exem pted from and not subject to the provisions of this
N e w Y o r k C i t y . — Tax Rates.— T h e t a x r a t e s t o b e l e v i e d
article. There shall also be exem pted from and not subject to the Pro
visions of this article personal property other than m oney or securities be
in t h e f iv e b o r o u g h s f o r t h e y e a r 1 9 1 1 w e r e a p p r o v e d b y t h e
quethed to a corporation or association wherever incorporated or located,
B o a r d o f A ld e r m e n o n J u ly 1 8 .
T h e r a t e s , w h ic h a r e g i v e n
organized exclusively for the moral or mental Improvement of men or women
or for scientific, literary, library, patriotic, cem etery or historical purposes,
o n t h e $ 1 0 0 v a l u a t i o n , a r e a s f o l l o w s , 1 9 0 9 a n d 1 9 1 0 f ig u r e s
or for tlie enforcement of laws relating to children or animals, or for two or
b e in g g iv e n fo r c o m p a r is o n :
more of such purposes and used exclusively for carrying out one or m ore
of such purposes. But no such corporation or association shall be entitled
1911.
1910.
1909.
31.72248
Manhattan and The Bronx
$1.75790
$1.07804 to such exem ption if any officer, member or em ployee thereof shall receive
1.75502
B r o o k ly n _________________
1.81499
1.7,1780 or m ay be lawfully entitled to receive any pecuniary profit from the opera
1.73045
Q u e e n s___________ ________
1.81079
1.725.10 tions thereof except reasonable com pensation for services in effecting one
1.81057
1.77522 or more of such purposes or as proper beneficiaries of its strictly charitable
R ic h m o n d _______________
1.87501
purposes; or if the organization thereof for any such avow ed purpose be a
N e w Y o r k S t a t e . — Bill Providing for a 'Tax on Secured guise or pretense for directly or indirectly making any other pecuniary
for such corporation or association or for any of its members or em
Debts Passed by Assembly.— S e n a t o r H a r t e 's B i l l , r e c o m profit
ployees or if it be not in good faith organized or conducted exclusively for
m e n d e d b y t h e G o v e n o r in a s p e c ia l m e s s a g e t o t h e L e g i s
la tu r e , p r o v id in g fo r a t a x o f ^ o f 1 % o n b o n d s a n d o th e r
o b l i g a t i o n s s e c u r e d b y p r o p e r t y lo c a t e d o u t s i d e t h e S t a t e
(a n d a ls o o n u n se c u r e d d e b t ) ,a n d fo r e x e m p t io n o f th e s a m e
fr o m th e a n n u a l t a x o n p e rso n a l p r o p e r ty , w a s p a sse d b y th e
A s s e m b ly o n J u ly 19 b y a v o te o f 7 7 to 4 5 .
T h e S en a te on
J u ly 12 a d o p te d th is m e a s u r e b y a v o te o f 2 7 to 7 .
V . 93,
p . 1 8 0 . S e e fu ll t e x t o f b ill in o u r e d it o r ia l p a g e s , w h e r e a l s o
w ill b e f o u n d a n a r t ic le c o m m e n t i n g o n th e s a m e .
new section to be 221-a. and is to read as follows:
.
SEC. 221-a. Rates of lax. 1. Upon a transfer taxable under this arlic e
of property or any beneficial Interest therein, of an amount in excess of the value
of tire thousand dollars to any father, mother, husband, wife, child, brother,
sister, wife or widow of a son, or the husband of a daughter, or any child or chil
dren adopted as such in conformity with the laws of this State, of the decedent,
grantor, donor or vendor, or to any child to whom any such decedent, grantor,
donor or vendor fo r not less than ten years prior to such transfer stood in the
mutually acknowledged relation of a parent, provided, however, such relation
ship began at or before the child's fifteenth birthday and was continuous fo r said
ten years thereafter, or to ami lineal descendant of such decedent, grantor, donor
Assembl]/ Favors Amending Inheritance Tax Law.— B y or vendor born in lawful wedlock, the tax on such transfer shall be at the rate of
One per centum on any amount in excess of five thousand dollars up to the
a v o t e o f 8 0 t o 2 9 , t h e A s s e m b l y o n J u ly 1 9 p a s s e d S e n a t o r
sum of fifty thousand dollars.
Two per centum on any amount in excess of f ifty thousand dollars up to the
I l a r t e 's b ill c h a n g i n g t h e I n h e r i t a n c e T a x L a w s o a s t o r e d u c e
sum o< two hundred and fifty thousand dollars.
t h e t a x o n t a x a b l e t r a n s f e r s a n d in h e r i t a n c e s a n d e l i m i n a t i n g
Three per centum on any amount in excess of two hundred and fifty thousand
th e r e fr o m th e d o u b le -t a x a t io n fe a tu r e .
T h i s measure w a s
dollars up to the sum of one million dollars.
,
Four per centum on any amount in excess of one million dollars.
p a s s e d b y th e S e n a t e o n J u ly 1 1 w ith o n ly o n e d is s e n tin g i
2. Upon a transfer taxable under this article of property or any beneficial
v o te .
V . 9 3 , p . IS O .
G o v e n o r D i x in h i s s p e c ia l m e s s a g e
interest therein of tin amount in excess of the value of one thousand dollars to
any person or corporation other than those enumerated in paragraph one of this
t o t h e L e g i s l a t u r e o n J u l y 1 0 u r g i n g t h e p a s s a g e o f t h i s b ill
ection, the tax shall be at the rate of
s t a t e d t h a t t h e la w a s it n o w s t a n d s h a s b e e n t h e c a u s e o f
Five per centum on any amount in excess of one thousand dollars up to the
sum of f ifty thousand dollars.
s e n d in g a g r e a t a m o u n t o f c a p ita l o u t o f th e S t a t e o n a c c o u n t
S ix per centum on any amount in excess of fifty thousand dollars up to the
o f it s s m a ll e x e m p t i o n s a n d i t s h i g h - g r a d e d r a t e s , r is in g t o
sum of two hundred and f itly thousand dollars.
Seven per centum on any amount in excess of two hundred and fifty thousand
a m a x im u m o f 2 5 % .
T h e t e x t o f th e a m e n d e d I n h e r ita n c e
dollars up to the sum of one million dollars.
T a x L a w w e p r i n t b e l o w g i v i n g in b r a c k e t s t h e p o r t i o n s o f
Fight per centum on any amount in excess of one million dollars.
SEC. 4. Section 243 of said chapter as amended by chapter 706 of the
t h e o l d la w t h a t w ill b e o m i t t e d a n d i t a l i c i z i n g t h e n e w
laws of 1910 Is hereby amended to read as follows:
s e c tio n s :
SEC. 243. Definitions. The words "esta te” and “ property,” as used
SEC TION 1. Section 220 of chapter 02 of the laws of 1909, entitled in this article, shall be taken to mean the property or interest therein passing
or transferred to individual or corporate legatees, devisors, heirs, next o f
‘ ‘An A ct In relation to taxation, constituting chapter 00 of the consolidated
kin, grantees, donees or vendees, and r o t as the property or interest therein
laws,” as amended by chapter 700 of the laws of 1910, Is hereby amended
of the decedent, grantor, donor or vendor [passing or transferred,] and shall
to read as follows:
SEC. 220. Taxable transfers. A tax shall be and Is hereby Imposed Include all property or interest therein, whether situated within or without
upon the transfer of any tangible property [real or personal of the vaiue of this State. The words “ tangible property” as used in this article shall be taken
m ore than $100] vtithin the State amt of Intanalble property, or of any Interest to mean corporeal property such as real estate and goods, wares and mcrchandise
therein or Income therefrom, In trust or otherwise, to persons or corporations and shall not be taken to mean money, deposits in bank, shares of stock,bonds’
THE CHRONICLE
242
notes, credits or evidences of an interest in property and evidences of debt. The
words "intangible property" as used in this article shall be taken to mean in
corporeal property, including money, deposits in bank, shares of stock, bonds,
notes, credits, evidences oj an interest in property and evidences oj debt. The
word “ transfer,” as used In this article, shall be taken to include the passing
of property or any Interest therein in the possession or enjoym ent, present
or future, by Inheritance, descent, devise, bequest, grant, deed, bargain,
sale or gift, in the manner herein prescribed. The words "co u n ty treasurer”
and "d istrict attorn ey,” as used In this article, shall be taken to mean the
treasurer or the district attorney of the county of the surrogate having
jurisdiction as provided In section 228 of this article. The words "the intestate
laws of this State,” as used in this article, shall be taken to refer to all transfers
of property, or any beneficial interest therein, effected by the statute of descent
and distribution and the transfer of any property, or any beneficial interest
therein, effected by operation of law upon the death of a person omitting to make
a valid disposition thereof, including a husband's right as tenant by the courtesy
or the right of a husband to succeed to the personal property of his wife who dies
intestate leaving no descendants her surviving.
Assembly Passes Bill Changing Special Franchise Tax Law.
— T h e A s s e m b l y o n J u l y 1 8 p a s s e d A s s e m b l y m a n G o l d b e r g 's
b ill c o n c e r n i n g t h e t a x a t i o n o f s p e c ia l f r a n c h i s e s a s u r g e d
b y t h e G o v e n o r in a s p e c ia l m e s s a g e t o t h e L e g i s l a t u r e o n
J u ly 1 2 ,
T h e b ill p r o v i d e s t h a t t h e S t a t e B o a r d o f T a x
C o m m i s s i o n e r s m a y e q u a l i z e s p e c ia l f r a n c h i s e a s s e s s m e n t s
b e f o r e c e r t i f y i n g t h e m t o lo c a l a u t h o r i t i e s .
V . 93, p. 180.
Legislature Passes Bill Imposing a Direct Tax.— T h e L e g i s l a
t u r e J u l y 2 1 , o n r e c o m m e n d a t i o n o f t h e G o v e r n o r in a s p e c ia l
m e s s a g e t o t h a t b o d y t h e s a m e d a y , p a s s e d t h e b ill i n t r o d u c e d
b y S e n a t o r F r a w le y im p o s in g a d ir e c t t a x o f 6 -1 0 o f a m ill.
T h e G o v e r n o r , in u r g in g t h e p a s s a g e o f t h i s b i l l , s t a t e d t h a t
in o r d e r t o m e e t a d e f i c i t o f a b o u t 8 1 , 5 0 0 , 0 0 0 in t h e t r e a s u r y
o f t h e S t a t e a t t h e e n d o f t h e fis c a l y e a r , S e p t . 3 0 , it w o u ld
b e n e c e s s a r y t o i m p o s e a d i r e c t S t a t e t a x o f G -1 0 o f a m i l l .
T h e G o v e r n o r a l s o c a ll e d a t t e n t i o n t o t h e f a c t t h a t t h e
r e v e n u e fo r th e y e a r w o u ld a g g r e g a te 8 3 6 ,0 0 0 ,0 0 0 , a n d G o v .
H u g h e s p r o v id e d fo r a p p r o p r ia t io n s o f 8 4 2 ,9 7 5 ,0 0 0 .
The
u s i n g o f t h e s u r p lu s in t h e t r e a s u r y h a s t a k e n c a r e o f p a r t o f
th e d e fic ie n c y .
I n o r d e r t o p u t t h e S t a t e o n a s o u n d f in a n c ia l b a s i s , t h e
G o v e r n o r r e c o m m e n d e d th e p a s s a g e o f th e d ir e c t t a x b ill,
w h ic h w a s in tr o d u c e d b y M r . F r a w le y , C h a ir m a n o f th e
S e n a t e F in a n c e C o m m itte e .
Legislature Adjourns.—
te rd a y
T h e L e g is la tu r e
( J u l y 2 1 ) u n t il S e p t . 6 .
a d jo u r n e d
yes
O h i o .—Govenor Signs Bill Providing for Initiative and
Referendum by Municipalities.— T h e G o v e r n o r o n J u n e 1 4
a p p r o v e d a n A c t p a sse d b y th e L e g is la tu r e o n M a y 3 1
p r o v i d i n g f o r t h e i n i t i a t i v e a n d r e f e r e n d u m in a ll m u n i c i p a l
c o r p o r a tio n s th r o u g h o u t th e S t a t e .
T h e n e w la w d o e s n o t
i n c l u d e t h e r e c a ll p r i v i l e g e , b u t i t d o e s g i v e t h e v o t e r s
a u t h o r it y to in itia te m u n ic ip a l le g is la t io n a n d a ls o to c o m p e l
s u b m is s io n to a p o p u la r v o te fo r a p p r o v a l o r r e je c tio n o f
a n y o r d in a n c e p a s s e d b y C o u n c il.
T h e A c t , in p a r t , w e
g iv e b e lo w :
Section 1.— Ordinances providing for and declaratory o f any and all
powers of governm ent which the General A ssem bly has delegated or
m ay hereafter delegate to any municipal corporation, in accordance with
the provisions of the constitution, and also ordinances repealing other
ordinances, may be proposed to the Council of any municipal corpora
tion for passage by Initiative petition signed as hereafter provided by
thirty per cent of the qualified voters of such m unicipality, which peti
tion Is to be filed with the clerk of such municipal corporation within
120 days after the date of the first signature thereon. A ny proposed
ordinances so petitioned for, shall be subm itted b y said clerk to the
Council for Its action thereon at Its next m eeting.
If within sixty days
after Its first submission to the council, said ordinance Is not passed by
the council without change or amendment, It shall be the duty of the
clerk within ten days after the expiration of said sixty days to certify
said proposed ordinance to the officers having control o f the elections
In said municipal corporation, who shall cause the question of the
passage of such ordinance to be submitted to the vote of the electors
of such municipal corporation at the next regular election; provided,
how ever, that same shall not become operative until It shall have been
subm itted and receive the m ajority of the vote cast at such election.
The highest total vote cast for the office of m ayor at the regular municipal
election Immediately preceding the tiling of such petition shall be the
basis upon which the number of signatures o f qualified electors of such
municipal corporation required upon the aforesaid petitions, shall be
determ ined. If a m ajority of those voting on said ordinances vote In
favor of same. It shall become a valid ordinance of said municipal corpora
tion from the date of the determination of the vote, and shall not be subject
to the veto of the mayor; and said ordinance shall be recorded and published
In the same manner as other ordinances of said m unicipality.
Section 2.— A n y ordinance, resolution or other measure o f a muni
cipal corporation, granting a franchise creating a right, Involving the
expenditure of m oney or exercising any other power delegated to such
municipal corporation by the General Assem bly, shall be subm itted to
the qualified electors for their approval or rejection In the manner here
in provided, If within thirty days after the passage or adoption of such
ordinance, resolution or measure by the council, there be filed with the
clerk of such municipal corporation, a petition or petitions signed by
fifteen per cent of the qualified electors of such municipal corporation
as determined by the highest number of votes cast for the office of m ayor
o f such municipal election Immediately preceding, ordering the submis
sion of such ordinance, resolution or measure to the vote of the electors
o f such municipal corporation. W ithin ten days after the filing of such
petition or petitions with the clerk as aforesaid, such clerk shall certify
such ordinance, resolution or other measure to the officer or officers having
control of elections In such municipal corporation who shall submit such
ordinance, resolution or other measure to the vote of the electors of such
municipal corporation at the next general election.
N o resolution, ordinance, or measure of any municipal corporation,
creating a right. Involving the expenditure of m oney, granting a fran
chise, conferring, extending or renewing a right to use of the streets,
or regulating the use of the streets for water, gas, electricity, telephone,
telegraph, power or street railways, or other public or quasl-publlc utility
shall becom e effective In less than sixty days after Its passage, during
which time, If petitions signed by fifteen per cent of the qualified electors
of such municipal corporation as determined by the highest number of
votes cast for the office of m ayor of such municipal corporation at the
municipal election Immediately preceding, are Hied with the clerk of such
municipal corporation petitioning for the submission of any such ordinance
or resolution to a vote of the people, such clerk shall certify the fact of the
tiling of such petition to the officers having control of the elections In such
municipal corporation, who shall cause sakl resolution or ordinance to be
voted on at the next regular election; Provided, how ever, that at least
thirty days’ notice of the election upon such ordinance, resolution or
measure must be given, when such election Is to be held.
Section 3.— All other Acts of city council not Included among those
specified In Section 2 of this A ct, shall also remain Inoperative for sixty
days after passage and may be submitted to popular vote In the manner
herein provided, except that any A ct, not Included within those specified
In Section 2 of this A ct, as remaining inoperative for sixty days, and which
Is declared to be an em ergency measure, and receiving a three-fourths
m ajority In council of such municipal corporation m ay go Into eir3ct
Im m ediately and remain In eirect until repealed by city council or b y direct
vote o f the people as herein provided.
[V o l . L x x x x m
W a s h i n g t o n .— Commission Form of Government Law Up
T h e l a w a u t h o r i z i n g c it i e s w i t h a p o p u l a t i o n o f 2 , 5 0 0
to 2 0 ,0 0 0 to a d o p t th e c o m m is s io n fo r m o f g o v e r n m e n t w a s
h e ld c o n s t i t u t i o n a l b y t h e S t a t e S u p r e m e C o u r t o n J u l y 7 .
T h i s d e c is i o n a f f i r m s t h e o n e h a n d e d d o w n b y t h e W a l l a
W a l l a S u p e r i o r C o u r t , w h ic h q u a s h e d t h e d e m u r r e r o f t h e
M a y o r o f th e c it y o f W a ll a W a ll a to th e te m p o r a r y w r it o f
m a n d a t e d i r e c t i n g h i m t o c a ll a s p e c ia l e l e c t i o n f o r t h e p u r
p o s e o f p r e s e n tin g to th e v o t e r s th e q u e s tio n o f a d o p t in g a
c o m m is s io n fo r m of g o v e r n m e n t .
I t is s t a t e d t h a t t h e M a y o r
a p p e a le d th e c a se s o le ly o n th e q u e s tio n o f th e c o n s t it u t io n
a l it y o f th e la w .
T h e S e a ttle “ P o s t -I n t e llig e n c e r " o f J u ly 8
p u b li s h e d t h e f o l l o w i n g c o n c e r n i n g t h e C o u r t ’ s d e c i s i o n :
held.—
It Is said by the Supreme Court that the law merely creates a new
classlllcation of cities, that It does not change the municipal functions, but
merely affects the Instrumentalities through which such functions are to
be exercised.
The law Is held to be general, although cities have the option of adopting
It, as It applies to no one special town or any district, but to all alike, which
come within the certain range of population.
The Court also takes occasion to say that all laws passed b y the Legislature
are presumed to be constitutional and will be so held by the courts unless
they clearly violate some provision of the constitution.
The effect of the decision Is to allow any city In the State with a population
between 2,500 and 20,000 to adopt the commission form of governm ent It
the voters so desire.
W i c h i t a , S e d g w i c k C o u n t y , K a n .— Recall Election to be
A n e l e c t i o n is t o b e h e ld in t h i s c i t y , i t is s t a t e d , f o r
t h e p u r p o s e o f r e c a ll in g M a y o r J . H . G r a h a m , a n d C i t y
C o m m is s io n e r L e a c h a n d C a m p b e ll.
I t is f u r t h e r r e p o r t e d
t h a t t h e c h a r g e a g a i n s t t h e s e o f f i c i a l s is i n c o m p e t e n c y .
Held.—
W i s c o n s i n .— Governor Signs State Income Tax Measure.— •
G o v e n o r M c G o v e r n o n J u l y 1 3 s ig n e d t h e b ill p a s s e d b y t h e
L e g i s l a t u r e in J u n e ( V . 9 3 , p . 6 4 ) p r o v i d i n g f o r a g r a d u a t e d
ta x o n in c o m e s.
T h e m o r e i m p o r t a n t f e a t u r e s o f t h e b ill
w e p u b lis h b e lo w :
If an Income Is over $500, the recipient must make a return to the assessor.
If one Is unmarried the income will be taxed when It passes the $800 mark.
Married men are taxed on Incomes over $1,200.
The tax Is graduated, starting at 1% on Incomes of $1,000 or any part of
it and increasing one-fourth of 1% on each added $1,000 until $12,000 Is
reached, when the tax Is 5 ^ % . Over $12,000 the tax Is 0 % .
Corporations will be allowed exem ptions on sums paid for salaries and
wages If such corporations return to the assessor the amounts of such
salaries and the names of those receiving them.
In com puting the tax and exem ptions the Income of husbands, wife
and each child under 18 years of age Is added when all live together.
United States officials arc exem pt so far as their salaries are concerned,
as are pensions from the United States and salaries of members o f the
Legislature.
T h e G o v e r n o r in s ig n in g t h e b ill h a s t h e f o l l o w i n g t o s a y :
There has been so much m isconception concerning tills measure that In
signing It I feel Justified in making a brief statement In the hope of correcting
false Impressions and of directing attention from Inslgnlllcant details to the
main provisions of the bill.
T o begin with, It should be understood that practically every penny of
revenue raised by this bill over and above the cost of administration will
go to support local governm ent. It will be spent to pave streets, build
roads and bridges, maintain hospitals and Jails, provide fire and police
protection, and support the courts for those who pay the tax.
B y the terms of this law 10 per cent of the revenue raised under It will go
to the State, 20 per cent to the cou nty and 70 per cent to the town, city or
village In which It Is collected. But the entire expense of the administra
tion will be borne by the State.
This feature of the bill Is significant In tw o respects; In the first place. It
affords a com plete answer to the criticism frequently made that an Income
tax Is sound In principle, but should be administered by the N ational
Governm ent. It should never be forgotten that the prime object of taxation
Is revenue. Because personal property taxation has broken down and the
burden upon real estate Is dally Increasing, the prime desideratum at this
time Is Improvement in local taxation. This Improvement Is here attem pted
by providing an income tax.
■ In the second place, this feature renders utterly untenable the claim that
the taxation of Incomes will Injure business or drive capital from the State.
The expense of local government must be borne somehow. It Is now
raised by taxation of land and personal property. As soon as this law in
put Into operation it will be defrayed In part, at least, by the taxation of
Incomes. Hand In hand with this change will go the abolition of personal
property taxation and a reduction In the tax upon real estate. A fter this year
personal property taxation will practically cease; this bill specifically ex
empts m oney, credits, household furniture, wearing apparel, tools, farm ma
chinery and practicaly all stocks and bond.s, and permits those who pay taxes
on other forms of personal property to deduct tho am ount from their
Income tax. But the total amount of local taxes will not be either Increased
or diminished; It will only be more widely and equitably distributed.
An excellent feature of this law Is the liberal exem ptions allowed. N ot a
penny needed for the purchase of the necessaries of life will be taxed under
tills law. In this respect it differs from every species of property taxation
and still more from Impost and excise duties, which often bear heavily upon
the poor.
Another com m endable thing about tills plan Is Its com paratively low
rates of taxation. The man with a wife and three children and an Income
of $2,000 per year will pay a tax of only $2. A family consisting of tho
parents and live children with an Income of S3,000 will pay a tax of only $8.
A business house the Income of which Is 10 per cent of their Investment will
pay even at the maximum rate of 0 per cent only 0 mills on the dollar of
taxable property— a low rate Indeed com pared to our present property tax.
Many tlnd It difficult to understand why the “ estimated rental of residence
property occupied by the owner” should be taxed. Aside from exem ptions
which apply alike to those who live tri their own residences as well as to
others,the rental of all property Is taxed under this law. A n y other rule
would discriminate among persons similarly situated.
The estimated rental of one’s dwelling was Included ns an clement of
Income in the present law to meet a plain requirement of Justice and not, as
some have assumed to discriminate against those who own their homesteads
or from any desire unreasonably to extend the scope of Income taxation.
Great care has
been exercised In devising adequate administrative
machinery for the collection of the tax here proposed. Local admlnlstra
tlon is the cause of the failure of many a State Income tax law. This tax
will be assessed not by local officers but b y a centralized organization,
acting under the direction of the State T ax Commission, which will keep
secret under strict penalties all contLlentlal Information.
Finally, let It be said that in principle; Income taxation must appeal to
every one as eminently Just and fair. Those who formulated this measure
are not blind to the fact that In a number of States Income tax laws have
failed of practical enforcement; but they are not thereby dism ayed. On
the contrary, they have faith In high Ideals even In matters of taxation and
they know that the plan of adjusting public burdens according to ability
has been In successful operation for many years In .Switzerland, Austria,
Italy, France, England, N orway, Sweden, Dcnwark, Holland and the
German States.
Bond GalSs and Redem ptions.
D e n v e r , C o l o .— Bond Call.— T h e
c a ll e d f o r p a y m e n t J u l y 3 1 :
■
fo llo w in g
bonds
STORM S E W E R B ON DS.
North Denver Storm Sewer Dlst. N o. I, Bonds Nos. 233 and 234.
South Capitol Hill Storm Sewer Dlst. N o. 2, Bonds N os. 00 to 62, Inc
are
Ju ly
S A N IT A R Y S E W E R BO N D S.
_
, ,
T^nqf sMr* SAnltarv Sewer Dlst. N o. 1, Bonds N os. 234 to 237, lncl.
vSub-Dlst. N o. 5 of East Side San. Sewer Dlst. N o. 1. Bonds N os. 21 & 22.
Sub-D lst. N o. 8 of East Side Sau. Sewer Dlst. N o. 1, Bonds N os. 82 to 84,
' “ su b -D lst N o. 11 of East Side San. Sewer Dlst. N o. 1, Bonds N os. 37 & 38.
IM PR O V EM EN T B ON DS.
Capitol II111 Im provem ent Dlst. N o. 5, Bonds N os. 52 to 71, lncl.
Cherrv Crcelc Im prov. Dlst. No. 1, Bond No. 99.
East Denver Im prov. Dlst. N o. 3, Bonds N os. 57 and 08.
East Denver Im prov. Dlst. No. 4, Bonds
n °i97i n c l‘
East Side Im prov. Dlst N o. 1, Bonds Nos. 47 to oO, lncl.
East Side Im prov. Dlst. N o. 2, Bonds Nos. 34 to 38, lncl.
Evans ImpnDV. Dlst., Bonds N os. 46 to 66. lncl.
Montclair Im prov. Dlst. N o. 1, Bonds Nos. 1 to 18. lncl.
North Side Im prov. Dlst. N o. 2, Bonds Nos. 33 to 35, lncl.
North Side Im prov. Dlst. N o. 3. Bonds Nos. 108 to 120, lncl.
North Side Im prov. Dlst. N o. 4, Bond N o. 37.
North Side Im prov. Dlst. No. 6, Bonds N os. o3 to 3.), lncl.
North Side Im prov. Dlst. N o. 9, Bonds Nos 1 to 3. lncl.
South Broadway Im prov. Dlst N o. 2, Bond N o. 76.
South Capitol Hill Im prov. Dlst. N o. 1, Bonds Nos. 113 to 117, lncl.
W est Denver Im prov. Dlst. N o. 1, Bond N o. 126.
PA V IN G BON DS.
A lley Paving Dlst. N o. 14, Bond No. 13.
Alley Paving Dlst. No. 18. Bonds Nos. 4 to 10, Inc .
Alley Paving Dlst. N o. 19, Bonds N os. 1 to 5, lncl.
Alley Paving Dlst. N o. 22, Bonds Nos. 1 to 7, lncl.
Colfax A v c. Paving Dlst No 3, Bond N o. 5.
Fifteenth S t. Paving Dlst. N o. 2, Bond N o. 19.
P A R K BO N D S.
Montclair Park Dlst., Bonds N os. 376 to 379, lncl.
C U R B IN G BO N D S.
South Side Curbing Dlst. N o. 3, Bonds Nos 32 to 41, lncl.
Unon the request of the holders of any of the a bove bonds, received 10
days before the expiration of this call, the Treasurer will arrange for their
paym ent at the Mercantile Trust C o., New Y ork City, but n ot otherwise.
A U D IT O R IU M B ON DS.
Public Auditorium Bonds Nos. 113 to 138, lncl., mature July 2 1911. and
upon request of the holders will be paid at the Mercantile 1 lust C o., N . \ .
M is s o u r i .—
Bond Calls.—
W h ita k e r
& C o. of S t.
L o u i s , in
th e ir q u o t a t io n p a m p h le t d a te d J u ly 1 5 , in c lu d e th e fo llo w in g
l i s t o f m u n i c i p a l b o n d s w h ic h h a v e b e e n c a l l e d f o r r e d e m p
tio n :
Bethany School District, Harrison County, M o., 4% bonds for $1,000
dated August 1 1904 have been called and will be paid August 1 1911.
D c S oto. M o., School District 4 H % building bonds for $1,000, dated
M ay 1 1901, have been called and will be paid July 1 1011.
Douglas County, M o., School District N o. 44 8% building bonds for $200,
dated June 27 1905, has been called and will be paid on demand.
Lafayette County, M o., refunding railroad bonds for $1,000, dated
August 1 1905, have been called and will be paid August 1 1911.
Newton County, M o., 4% funding bonds for $500, dated July 2 1900,
have been called and will be paid August 1 1911.
Slater, Saline County, M o., 4 ^ % building bonds for $500, dated August 1
1005, have been called and will be paid August 1 1911.
SnI-a-bar Township, Lafayette C o., M o., 4% bonds, dated August 1
1905, have been called and will be paid August 1 1911.
„
*
Taney County, M o., School District N o .2 0 ,Township 24, Range 18 W est,
6 % bond for $400, dated October 20 1905, has been called and will be paid
Juno 20 1911.
•---------
Bond Proposals and Negotiations this week
have been as follows:
ADAM S COUNTY (P. O. W est Union), O h i o . — Bond 0//erfn(/.— Propos
als will be received until 12 m . A ug. 7 by C. S. Daulton, Co. A u d ., for $7,000
4% cou p, court-house bonds. A uth. Sec. 2434, Gen. Code, VoL 101, pages
135 and 136, Ohio Laws, enacted by Gen. Assembly April 26 1010. Denom . $500. Date March 1 1911. Int. M. & S. at Co. Treas. office. Due
$4,000 March 1 1915 and $3,000 March 1 1925. Cert, check for 10% of
b id . required.
_
ANDERSON COUNTY COMMON SCHOOL DISTRICT NO. 2 T ex.
Bonds Registered.— On July 3 $5,000 5 % 30-ycar building bonds were
registered by the State Com ptroller.
ANDERSON COUNTY COMMON SCHOOL DISTRIC T NO. 27. T e x .—
Bonds Registered.— On July 12 $12,000 5% 10-40-yr. (opt.) bldg, bonds
were registered by the State C om ptroller.
ANDERSON COUNTY COMMON SCHOOL DISTRICT NO. 28, T ex.
Bonds Registered.— An Issue of $2,500 5% 10-20-yr. (opt.) bldg, bonds was
registered on July 12 by the State Comptroller.
ANDERSON COUNTY COMMON SCHOOL DISTRICT NO. 41, T e x .—
Bonds Registered.— The State Comptroller registered on July 12 $1,000 5%
10-yr. bldg, bonds.
ANDERSON TO W N SH IP SCHOOL DISTRICT (P . O. Y ankcetow n),
Int|.— Bond Sale.— On June 2 an Issue of $8,750 5% bldg, bonds was
awarded to J. E lliott & Sons of Indianapolis at 104. Dcnoin. $600, except
one bond for $350. Date June 2 1911. In t. F. & A.
ANGIE SCHOOL DISTRICT (P . O. A ngie), W ashington Parish, La.—
Bonds Voted.— The proposition to Issue $3,000 bldg, bonds, reports state,
was favorably voted upon at an election held July 11.
ALCORN COUNTY (P. O. C orintii), M iss.— Bond Sale.— The $10,000
5% 10-20-yr. (opt.) road bonds (V . 92, p. 1327) were awarded on July 5
t o the ritlzen s’ Nat. Bank of Corinth at 100.85 and int. There were two
other bids received, one of which was 100.55 and Int., from E . H . Rollins
& Sons of Chicago.
ATHOL W orcester C ounty, M ass.— Temporary Loan.— Dispatches state
that a loan of $15,000, due O ct. 5 1911, has been negotiated with F. S
Moseley & Co. of Boston at 3.1 9 % discount. Date July 25 1911.
AU G U STA, Richm ond C ounty, Qa.— Bond Election Proposed.— An
election will probably be held In the near future, It Is stated, to deckle
whether or not $1,000,000 llood-protcctlon bonds shall be issued.
BACA COUNTY (P . O. Springfield), C o l o . — Bond., tfof S o /d — The
County Clerk advises us that all bids received on July 11 »
the $29,o00
4 ^ % 10-20-yr. (opt.) gold cou p. ref. bonds (V . 92, p. lo79) were unsat
isfa ctory .
BANGOR. Penobscot C ounty, IHc.— Bond Offering.— Proposals will be
received until 12 in. July 28 by II. O. Pierce, City Treas.. for $250,000 4%
20-yr. cou p, “ municipal purposes” bonds. Dcnom . $1,000. Date A ug. 1
1911. In t. F. & A . at the Merchants' Nat. Bank of B oston. Bonds are
tax-exem pt In Maine. Cert, check for $1,000, payable to the City Treas.
Is required. Bonds will be certified as to genuineness b y the First National
Bank of Boston and their legality approved by Storey, Tliorndyke, Palmer
& Dodge, whose opinion will be furnished to the purchaser.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
BARTLETT, W illiamson C ounty, T e x .— Bonds Registered and Sold.— An
issue of $1,000 5% 10-40-yr. (opt.) water bonds was awarded to the State
School Fund at par and Int. on Ju ly 10. These bonds were registered on
July 13 by the State Comptroller.
B A T A V IA . Claremont C ounty, Ohio.— Bond Offering.— Proposals will
be received until 6 p. m. A ug. 7 by G. H . Kntn, Vil. Clerk, for $1,600 5%
arm ory-sltc-purchase bonds. A uth. Ohio Laws No. 95, page 318, as
amended May 15 1911. D cnom . $200. Date A ug. 7 1911. Int. F. & A .
Due $200 yrly. from Aug. 7 1912 to 1919, lncl. Bonds to be delivered and
paid for within 10 days from time of award. Cert, check (or cash) for $50
payable to VII. Treas., Is required. Purch. to pay accrued Interest.
BAY TOW NSHIP (P . O. Port C linton), Ottawa C ounty, Ohio.— B ids.—
The other bids received on July 10 for the $3,450 5% 20-yr. (av.) coup, taxfree road bonds awarded on that day to local Investors for $3,665 (106.231)
and Int. (V . 03, p. 181) were as follows:
German-Amerlcan Bank, Port C linton_____ _____________________ $3,651 00
Security Savings Bank & Trust C o., T oled o...................................... 3,587 50
New First National Bank, Colum bus____________________________ 3,457 00
343
THE CHRONICLE
22 1911.]
BEAUMONT, Jefferson C ounty, T ex.— B o n d E l e c t i o n . — 'The City Council
has passed a resolution, it Is stated, calling for an election A u g. 11 to vote
on the question of Issuing the $25,000 school-bldg., $50,000 sewer, $15,000
Jail, $60,000 park, $25,000 paving and $25,000 city-abattoir bonds. (V . 93,
p. 64.)
BELDING SCHOOL DISTRICT NO. 9 (P . O. Belding), Ionia C ounty.
Mich.— B o n d O f f e r i n g . — Proposals will be received until 9 a. m . July 27 by
Z. W . Gooding, Dist. Sec , for $7,500 5% school bonds voted July 11.
D enom . $500. Date July 12 1911. Int. July at Belding. Due $500 yrly .
on July 12 from 1912 to 1926 lncl. Cert, check for $500 required.
B ELFALLS SCHOOL DISTRICT, Bell County, T ex.— B o n d s V o t e d . —
Reports state that the question of Issuing $12,500 bldg, bonds has been
favorably voted upon.
BELL COUNTY (P . O. B elton), T ex.— B o n d s D e f e a t e d . — An election held
July 1, It Is stated, resulted In the defeat of a proposition to Issue bonds In
R oad District N o. 1 by a vote of 708 to 782.
BELLE V U E. Huron C ountv, Ohio.— B o n d O f f e r i n g . — Proposals will be
received until 12 m. A ug. 11 by T . M. W eaver, City Clerk, for S10.000 5%
coup. Monroe St.-Im pt. (city’s portion) bonds. Denom. $500. Date
A ug. 1 1911. In t. M. & S. Due $500 each six months from Mch. 1 1919
to Sept. 1 1928 lncl. Bonds to be delivered and paid for within 10 days
from time of award. Cert, check for $200, payable to the City T reas.,
required. Purchaser to pay accrued Interest.
BELLEVUE INDEPENDENT SCHOOl. DISTRICT (P . O. Bellevue),
Jackson C ounty, Iow a.— B o n d S a l e . — On July 15 the $12,000 4 H % bldg,
bonds (V . 92, p. 1579) were awarded to the Harris Trust & Savings Bank of
Chicago at par. Denom . $500. Date A ug. 1 1911.
BELMONT, M iddlesex C ounty, M ass.— B o n d S a l e . — A ccording to re
p orts, G . A . Fernald & C o . of Boston were awarded the follow ing 4 %
coupon State tax-exem pt bonds:
$5,000 of an Issue of $10,000 sewer bonds at 107.34— a basis of about
3 .6 1 % . D enom . $1,000. Date June 1 1911. Int. J. & D . at the
Beacon Trust Co. of B oston. Due June 1 1941.
5.000 school bonds at 101.54— a basis of about 3 .6 8 8 % . Denom . $500.
Date July 1 1911. Int. J . & J . at the Beacon Trust Co of B oston.
Due $500 yearly July 1 from 1912 to 1921 lncl.
BERGEN COUNTY (P. O. H ackensack), N. J .— B o n d O f f e r i n g . — Pro
posals will be received until 2:30 p. m . July 26 by H . A . Shuart, Clerk B d .
of Freeholders, for the following 4 J^% cou p, (with prlv. of regls.) bonds:
$75,000 road bds. Due $15,000 yrly. July 1 1927 to 1931, lncl.
32.000 Rutherford A ve. bridge bonds. Due July 1 1931.
15.000 New Milford bridge bonds. Due July 1 1931.
11.000 Mahwah bridge bonds. Due July 1 1931.
14.000 hospital bonds. Due July 1 1941.
D enom . $1,000. Date July 1 1911. Int. J. & J. at the Columbia Trust
C o., N. Y . Cert, check for 5% of bonds bid for required. Bonds will be
certified b y the Columbia Trust C o., N. Y .
BOISE CITY INDEPENDENT SCHOOL DISTRICT (P. O. Boise C ity),
Ada Countv Ida — B o n d O f f e r i n g . — Proposals will be received until 10 a. m .
Aug 7 by the Board of Trustees, O. O. H aga, Prcst., for the $30,000
W ashington bldg, and $20,000 Park bldg. 5% gold cou p, bonds voted
June 26 (V . 93, p. 120). Denom. $500. Date July 1 1911. Int. J .& J .a t
Dlst. Treas. office or at any banking house In New Y ork. Due 20 years, op t.
after 10 years. Cert, check for 5% of bid, payable to School D lst.,required.
BOONEVILI.E. Prentiss C ounty. M is s — B o n d O f f e r i n g . — Proposals will
be received until 12 m . Aug. 8 by W . L. Newhouse, City Clerk, for $15,000
5% cou p, st.-im pt. bonds. A uth. Sec. 3415, 3416, 3419 and 3420, Miss.
Code of 1906. Denom. $500. Date July 1 1911. Int. J. & J. In Boonevlllc. Due 1931. Cash or cert, check for 10% , payable to the City Clerk,
required. Bonded debt at present, $12,500. Assess, val., $750,000.
BRAIN TREE (P. O. South Braintree), Norfolk C ounty. M ass.— Bond
S a l e . — On July 19 the $65,000 sch.-slte and bldg, and $5,000 1-10-yr. (ser.)
playground 4% cou p, bonds (V. 93. p. 181) were awarded to Estabrook &
Co. of Boston at 102.39 and Int. Other bids fo llo w
R . L . Day & C o., B oston____102.319IE. M. Farnsworth & C o .,B o s .102.07
E. H . Rollins & Sons, Boston 102.2771Adam s & C o., B oston.............. 101.571
A bid was also received from Blodget & C o . of Boston.
BRAZOS COUNTY (P . O. B ryan), T ex.— B o n d s P r o p o s e d . — Levee Im p t.
Dist. No. 1 of this county is preparing, according to reports, to issue $10,000
bonds.
BRIDGETON, Cumberland C ounty, N. J .— B o n d O f f e r i n g . — Proposals
will be received until 7 p. m. A ug. 1 by B. F. Sharp, City Comptroller, for
$75,000 water-system and $50,000 sewage-disposal 4 ^ % cou p, (with prlv.
of reg.) tax-free bonds. Denom. 50 bonds of $1,000 each and 150 bonds of
$500 each. Date July 1 1911. Int. J. & J . at City Treas. office. Due
June 1 1941. Cert, check for 1% of bonds bid for. payable to the “ City of
B ridgeton,” required.
BRIGHTON SCHOOL DISTRICT (P. O. B righton). W ashington C ounty,
Iowa — B o n d S a l e — On July 6 $2,000 5% school-repair bonds were awarded
to the W ashington N at. Bank of Washington at par. D enom . $500. Date
July 1 1911. Int. J. & J. Due July 1 1916, op t. after Jan. 1 1913.
B RY AN , Brazos C ounty. T ex.— Bond E l e c t i o n . — An election will be held
A ug. 21 to vote on the question of Issuing $20,000 5% 40-yr. water, light
and sewerage bonds, according to reports.
BUHL SCHOOL DISTRICT (P . O. B uhl), St. Louis C ountv. Minn.—
B o n d s V o t e d . — Papers state that the B d. of E d . of this district recently
decided to Issue $100,000 bldg, bonds.
BUTLER TOW NSH IP (P . O. Alansficld), Richland C ounty, Ohio.— B o n d
O f f e r i n g . — Proposals will be received until 12 m. July 28 by F. S. W hite,
T w o Clerk, for $40,000 4 K % road-im pt. bonds. A uth. Sec. 7004 et s e q .
of Gen. Code. Denom. $500. Date Aug. 1 1911. Int. M. & S. at T w p. Treas.
office Due $500 on Mch. 1 and $1,000 on Sept. 1 from 1912 to 1923, lncl.,
and.$l 000 each six months from Mch. 1 1924 to Sept. 1 1934, lncl. Bonds to
be delivered at Security Sav. & T r. Co. in Mansfield on A ug. 1 1911. These
bonds were previously ottered without success on June 24 (V. 92, p. 1580).
CABOOL, Texas C ounty. Mo.— B o n d O f f e r i n g . — 'This place: will offer for
sale A ug. 7 an issue of $9,000 6% 20-yr. water-works bonds. Denom. $500.
Date A ug. 1 1911. Int. annual. J. W . Patton is Mayor.
CANTON, Stark C ounty, O h io — B o n d S a l e . — On July 17 the eight issues
of 4 H % imp. bonds, aggregating $50,900 (V . 93. p. 181). were awarded to
Tlllotson & W olcott Co. of Cleveland at 101.205. The bids follow:
A m o u n t.
P re m iu m
$613 83
Tlllotson & W olcott Co., Cleveland___________________ $50,900
322 00
Seasongood & Mayer, Cincinnati______________________ 41,822
386 75
H ayden, Miller & C o., Cleveland______________________ 39.700
241 00
Provident Savings Bank & Trust C o., Cincinnati____ 36,000
202 40
W ell. R oth & C o., C incinnati.......... ........ .......................... 36,000
68 75
R udolph Kleybolte C o., In c., Cincinnati_____________
5,500
CARO, Tuscola C ounty, Alich.— B o n d s V o t e d . — An election held recently
It Is stated, resulted In favor o f Issuing $17,500 sewer bonds.
CASTILE (P . O. W arsa w ', W yom in g C ounty, N. Y.— B o n d S a l e . — On
July 6 the $1,000 4 H % cou p, road bonds (V. 93, p. 64) were awarded to
H . A . Pierce. Due Feb. 1 1918.
CEDAR R A P ID S, Linn C ounty, Iow a.— B o n d S a l e . — On July 10 the
$55,000 4 H % 1 5 ’4-yr. (av.) sewer bonds (V . 93. p. 120) were awarded to
the Harris Trust & Savings Bank of Chicago at 102.72. The bids follow:
Harris T r.& S a v.B k., C h ic ..$ 5 6 ,5 0 0 1E. II. Rollins & Sons. C h ic ..$56,100
Emery. Peck & R ockw ood.Ch 56,485 IContin. & Comm. B k ., C hic. 55.700
Denom. $1,000. Date July 1 1911. Int. J. & J. at the Continental &
Commercial National Bank In Chicago. Bonds are tax-exem pt In Iowa.
CHARLOTTE. Mecklenburg C ounty. No Caro.— B o n d o f f e r i n g . — Pro
posals will be received until 12 m. A ug. 14 at the M ayoi s office for the
$300,000 4 H % cou p, water bonds voted July 4 (V . 93, p. 120). D enom .
$1,000. Int. J. & J. In Charlotte or New York. Due 30 years.
Bonds
exem pt from city taxation. Cert, check for $1,000, payable to the "C ity
of Charlotte,” required.
CHATTANOOGA. Hamilton C ounty, Tenn.— B o n d S a l e . — On July 12
the $45,000 4 H % 30-yr. coup. pav. bonds (V . 93, p. 64) were awarded to
Breed & Harrison of Cincinnati at 100.30.
CHICAGO III — C i t y B u y s O w n Tax W a r r a n t s . — Dispatches from this
city say that the City Comptroller has invested $1,200,000 of the traction
fund In corporate-tax anticipation warrants. This. It Is stated. Is the first
Investment made under the new law passed by the Legislature, enabling
this city to use Its own special funds to purchase tax-anticipation warrants,
thereby saving the city approxim ately $250,000 annually in Interest m oney.
The traction fund will receive credit for the amount of interest Its $1,200,
000 would have earned on deposit In any bank at 2 H % .
■
2M
THE CHRONICLE
C L A Y C O U N I Y ( P . O . G r e e n C o v e S p r i n g s ) , F la . — Bonds Offered by
Bankers.— An issue of $9,000 0% sch.-bldg. bonds is being offered to in
vestors by Farson, Son & Co. of New Y ork and Chicago. D enom . $500.
Date July 1 1911. ln t. J. & J . Due from July 1 1912 to July 1 1920.
C L O V E R D A L E S C H O O L D I S T R I C T . C a la v e r a s C o u n t y . C a l — Bond
Sale.— On July 0 an issue of $1,000 6% school bonds was awarded to
D . Musclo at 101.
[VOL. LXXXXDI.
and $15,000 A ug. 1 1915 and 1916.
56.000 Harrisburg R oad bonds. Due $11,000 yrly. A ug. 1 1912 to 1015.
lncl., and $12,000 A ug. 1 1916.
50-000 A m ity R oad bonds. Due $10,000 yrly. A ug. 1 1912 to 1916, lncl.
28.000 Grove City Road bonds. Due $5,500 yrly. A ug. 1 1012 to 1915.
lncl., and $6,000 Aug. 1 1916.
8,500 Jones R oad bonds. Due $1,500 A ug. 1 1912, 1913 and 1914 and
$2,000 A ug. 1 101 ;> and 1916.
C O L U M B U S S C H O O L D I S T R I C T ( P . O . C o l u m b u s ) . F r a n k lin C o u n t y ,
O h io.— Bond Offering.— Proposals will be received until 12 m. A ug. 12, it is
stated, b y E. B. M cFadden, Clerk B d. of E d ., for S216.000 4% school
bonds. Int. semi-ann. Due 20 years. Cert, check for $3,000 required.
C O M O IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . C o m o ), H o p k in s
C o u n t y . T e x . — Bond Sale.— On July 10 the $4,000 5 % 20-40-yr. (opt.)
bldg, bonds registered b y the State Comptroller on May 2 (V . 92, p . 1328)
were awarded to the State School Fund at par and Interest.
C O N L E Y S C H O O L D I S T R I C T , C A L . — Bond Sale.— R eports state that
J . H . Adam s & Co. of Los Angeles have been awarded an Issue of $20,000
6 % school bonds for $20,732— making the price 103.60.
C O O K E C O U N T Y ( P . O . G a in e s v il l e ) , T e x . — Bond Election Proposed.—
I t is s t a t e d in l o c a l p a p e r s t h a t in a ll p r o b a b i l i t y a n e l e c t i o n w ill s h o r t l y b e
h e l d in t h is c o u n t y t o v o t e o n t h e q u e s t i o n o f is s u in g r o a d b o n d s .
CORNING UNION HIGH SCHOOL DISTRICT (P. O. Corning), Tehama
County, Cal.— Bond Election.— Ari election will be held, according to re
ports, to vote on the question of issuing $46,000 bldg, bonds.
CUBA, Sumter County, Ala.— Description o f Bonds.— The $10,000 5%
gold coup, school bonds voted May 27 (V. 92, p. 1582) are In the denom ina
tion of $100 and $1,000. Int. Oct. at the Bank of Cuba. Due 15 yrs.
Bonds are exem pt from all taxation. Cert, check for 5 % , payable to
L . Poole, M ayor, required. Bonded debt at present $700. Assess, val.,
$196,000.
CULDESAC SCHOOL DISTRICT No. 5 1 (P. O. Culdesac), Nez Perce
County. Idaho.— Bond Offering.— Proposals will be received until 5 p. m.
A ug. 1 for the $7,500 5% 20-yr. cou p, bonds (V . 93, p 65). Int. semi-ann.
DALLAS COUNTY ( P . O. Dallas). T e x — Bonds Registered.— 1The State
Comptroller registered the $5,000 4 )^ % 10-20-yr. (opt.) bridge bonds
(V . 92, p. 897) on July 15.
DAYTON, M ontgom ery C ounty, Ohio.— Bonds Authorized.— Ordinances
have been passed providing for the issuance of the following bonds:
$25,000 4% st.-Im pt. bonds. Denom. $1,000. Due $5,000 yrly. on S ep t.1
from 1920 to 1924. lncl.
7,200 4 J4% park bonds. Denom . $1,000, except one bond of $1,200.
■
Due Sept. 1 1919.
• A uth. Sec. 3939, Gen. Code. Date Sept. 1 1911. Int. M.& S.
DAYTONA BEACH, Volusia County, Fla.— Bonds Defeated.— The
question of Issuing $18,000 water bonds failed to carry at an election held
July 8. Tile vote was 11 “ for” to 8 “ against". A 2-3 m ajority being
necessary to authorize.
DEERFIELD FIRE DISTRICT, Franklin County, Mass.— Bond Sale.—
Lee, HIgginson & Co. of Boston were awarded at 103.75— a basis of about
3 .6 8 1% — an Issue of $28,000 4 % 2-29-year (ser.) bonds, dated July 1 1911,
It Is stated.
DELAWARE, Delaware County, Ohio.— Bond Offering.— Proposals will
be received until 12 m. A ug. 11 by I. E. Martin, City A u d ., for the following
5% cou p, st.-lm pt. bonds (V . 93, p. 120):
$2,500 Campbell St. bonds. D enom . $250. Due $250 yrly. Sept. 1
■
from 1912 to 1921 lncl.
2,000 Elizabeth St. and Central A ve. bonds. Denom. $200. Due $200
•
yrly. Sept. 1 from 1912 to 1921 lncl.
Date July 1 1911. Int. M. & S. at the depository of the Sinking Fund.
DEVILS LAKE, Ram sey County, No. Dak.— Bond Election.— On July 31
an election will be held, it Is reported, to vote on the question o f Issuing
flre-hall bonds.
DOUGLAS COUNTY (P. O. Omaha), Neb.— Bond Election.— A propo
sition to issue $200,000 4 )4 % 20-yr. court-house bonds will be submitted
to the voters on A ug. 15, It is stated. These bonds were reported defeated
In V . 93, p. 67, under the city of Omaha, Neb.—
DUVAL COUNTY (P. O. Jacksonville), Fla.— Bonds Offered by Bankers.
— Farson, Son & Co. of New Y ork and Chicago are offering to Investors
$100,000 5% funding school bonds. D enom . $1,000. Date May 1 1911.
In t. M. & N . Due from M ay 1 1917 to May 1 1926.
EARLY COUNTY ( P . O. Blakely), Ga.— Bond Election.— An election
will be held A ug. 10, it Is stated, to determine whether or not $100,000
5% road-im pt. bonds shall dc issued. D enom . $1,000.
EAST AURORA, Eric County, N. Y .— Bond Sale.— On July 18 the $111,
375 3-29-yr. (ser.) Series N o. 1 and $7,000 5-18-yr. (ser.) Series N o. 2
sewerage bonds (V. 92, p. 65) were awarded to Adams & Co. of New York
for $118,510— making the price 100.114 for 4.30s. Other bids follow:
100.07
A . B . Leach & C o., New York (for 4.30s) — ......... — ...................
Harris, Forbes & C o., New Y ork (for 4 .3 5 s)--------------- ---------------- 1*100.081.
1 100.319
Farson, Son & C o., New Y ork (for 4 .60s)............- ............................ 100.105
* For $7,000 issue.
E L I Z A B E T H . Union C ounty, N. J. — Bond Offering.— Proposals will be
received until 12 in. July 27 by J. S. Sauer, City Comptroller, for $24,000
4% school bonds. Denom. $1,000. Date July 1 1911. Int. J. & J. at
the Nat. State Bank in Elizabeth. Due July 1 1941. Bonds to be deliv
ered about A ug. 1 1911.
ELLENSBURG
SCH O OL
D IS T R IC T
(P .
0.
E lle n s b u r g ).
K it t it a s
to F. M. Sayre, Co. A ud ., required.
Bond Sale.— On June 12 the $36,000 4 M % 3-yr. (a v e r) Hilliard and
R om e road bonds (V . 92, p. 1583) were awarded to the New First National
Bonk in Columbus for $36,661, making the price 101.836— a basis of about
F R A N K L I N C O U N T Y S C H O O L D I S T R I C T N O . 3 0 . W a s h . — Rond Sale.
— On July 5 $o00 5J4% 5-20-yr. (opt.) bonds were awarded to the State of
W ashington at par. Denom. $500.
rK rt.^rvnii'i c u u r s I v acrlD D L D I M R I C ! NO. 36, W a s h — Bond Sale.
• V,1? ,„,y ° 51.200 5 K % 5-20-yr. (opt.) bonds were awarded to the State
of W ashington at par. Denom. $600.
F R E D E R I C K C I T Y , F r e d e r ic k C o u n t y , Md. — Bond Sale.— On July 1*>
the .*>30,000 4 )4 % 10-20-yr. (opt.) cou p, water bonds (V . 92, p. 1715) were
awarded to Estabrook & Co. of Baltimore at 101.08 and lnt., a basis of
about 4.366% to the opt. date and 4.421 % to tlie full m aturity. Other bids.
Granville Smith (for $ 1 ,5 0 0 ).. 101.001Baker, W atts & C o., B a lt o .. .100.51
1 ownsend Scott & Son, B a lt o .100.89 |Jen kin s,W h ed b cc& P oe.,Balto . 09.87
F R E M O N T , S s n d u s k y C o u n t y . Ohio.— Bond Offering.— Proposals will be
received until 12 m A ug. 7 by the Clerk of Council for $12,000 4 J.4% coup.
Lynn St. impt. assess, bonds. D enom . $600. Dale July 1 1911
Int
A . & O. at office of Sinking Fund Trustees. Due $000 each six m onths
from April 1 1913 to Oct. 1 1922 lncl. Cert, check for $200 required. B id s
must be unconditional. A smtlar Issue of bonds was offered on June 27
(V. 92, p. 1655).
Bonds Defeated.— The election held July 11 resulted in the defeat of the
proposition to issue the $54,000 water-main and lirc-apparatus bonds
(V . 92, p. 1715).
F R E E P O R T S C H O O L D I S T R I C T N O . .145 ( P . 0 . F r e e p o r t ) , S t e p h e n s o n
C o u n t y , 111.— Bonds Offered by Bankers.— An Issue o f $50,000 4% bonds Is
being offered to Investors by the Continental & Commercial Trust & Sav
ings Bank of Chicago. Denom. $500. Date July 13 1911. Int. M. & N.
In Freeport. Due $10,000 yrly. on May 1 from 1920 to 1924 lncl.
„
C 0 ,U N T V C O M M O N S C H O O L D I S T R I C T N O . 1 1 . T e x —
Bonds Kcyistered and Sold.— The State School Fund was awarded on July 1 0
an issue ol $1,200 5% 5-20-yr. (opt.) bldg, bonds at par and Int. These
bonds were registered by the State Comptroller on July 11.
N n ^ R.R l iS0N r I N D E P E N D E N T
SCH OOL
D IS T R IC T
(P .
O.
G a r ris o n ).
N a c o g d o c h e s C o u n t y , l e x .— Bonds Reyistcred and Sold.— The $10,000 5%
5-40-yr. (opt.) bldg, bonds voted Dec. 10 1910 (V . 91, p. 1724) were d is
posed of July 10 to the State School Fund at par and lnt. These b o n d s
were registered by the State Comptroller on July 10.
G L E N N C O U N T Y ( P . O . W i l l o w ) , C a l. — Bonds Proposed.— T h i s c o u n t y
t o reportsrlnB th° Issuancc ot $250,000 r o a d a n d bridge b o n d s , a c c o r d i n g
. G I R A R D , T r iu n b u l! C ounty, Ohio.— Bond Sale.— On June 15 the $4,000
5 /o 3-yr. (av.) sewer assess, bonds (V. 92, p. 1583) were awarded to the
First National Bank In Girard at 102.575— a basis of about 4 .0 8 1% .
G O N Z A L E S , G o n z a le s C o u n t y , T e x . — Bond Sale.— On July 10 $4,000
•>/o 10-40-yr. (opt.) school-bldg, bonds were purchased b y the State School
Fund at 100.97 and Interest.
GRAND
R A P ID S
SCH OOL
D IS T R IC T
(P .
O.
G ra n d . R a p id s ),
K ent
C o u n t y , M ic h . — Bonds Authorized.— T he City Council, according t o lo c a l
Papers, has authorized this district to Issue $35,000 school bonds.
„ G R E E N E C O U N T Y ( P . O . Springfield). M o.— Bond Sale.— Francis Bros.
& Co. of St. Louis were awarded on Juiv 11, It is stated, the $150,000 4 u %
7 K -year (av.) court-house bonds (V. 92, p. 1715) at 100.78 and lnt.— a
basis ot about 4 .3 7 7% .
G R E E N F I E L D , D a d e C o u n t y , M o . — Bonds Voted.— R e p o r t s s t a t e t h a t a
f a v o r a b l e v o t e w a s c a s t J u l y 11 o n a p r o p o s i t i o n t o Issu e w a t e r - w o r k s b o n d s .
G R IS V V q L D S C H O O L D IS T R IC T (P . O . G r is w o ld ), C a ss C o u n ty , Io w a .
— Bond Sale.— On July lo the $25,000 4 >4% 3-10-yr. (opt.) bldg, bonds
(V . 92, p. lo83) were awarded, It is stated, to Farson, Sou & Co. of Chicago
a^lOO.506— a basis of about 4.319% to op t. date and 4.439% to fullm aturG U T H R I E , L o g a n C o u n t y , O k la . — Bonds Voted.— At a recent election
the citizens voted to issue $40,000 viaduct bonds, It Is stated.
H A C I E N D A S C H O O L D I S T R I C T . S a n t a C la r a C o u n t y . C a l — Bond
Election.— On July 28 an election will lie held to vote on the questlou o f
Issuing $4,500 5% site and bldg, bonds. Denom. $500. Int. semi-ann.
Due o500 yrly. from 2 to 10 years, inclusive.
M ^ A R , P Y wS C r , 0 0 L
D I S T R I C T N O . 9 ( P . 0 . H a r d y ) . N u c k o l ls C o u n t y .
Neb.— Bonds Authorized.— lid s district authorized an Issue of $19,000 5%
building bonds. Denom. $1,000. Date July 1 1911. Int. M. & S . at the
County Treasurer’s office at Nelson. Due July l 1931, optional after
July 1 1916. No debt at present. Assessed valuation $198,800.
H A R T F O R D - W E S T M I D D L E S C H O O L D I S T R I C T . C o n n — CorrecvT-.v’ S™ stI'lct , rcns' advises us that In submitting the list of offers for
the $160,000 4'% 2 i-y r. coup, bonds awarded on July
13 (V. 93,p .-182,
the bid of J. B. Farlee & Co. of New York was given as 97.459 Instead of
97.9459.
H E L E N A , M ont.— Bond Offering.— J. A . Mattson,’ City Clerk, will sell
at public auction at 12 m. Aug. 21, according to reports, the $400,000 5%
water bonds voted June 26 (V. 93. p. 65). D enom . $1,000. Date July 1
1911. Int. J. & J. at Helena or New Y ork. Due July 1 1931, op t. a fter
July 1 1916. Cert, check for $10,000 required.
H E N R I E T T A , C la y County. T e x a s . — Bonds Voted.— The election held
July 15, reports state, resulted in a vote of 161 to 16 in favor of Issuing the
$18,000 Little W ichita River dam bonds (V . 93, p. 182).
H I G H L A N D P A R K . W ayne C o u n t y . M id i.— Bond Offering.— Proposals
will be received until 7:30 p. m. July 24 by R . M. F’ord, VII. Clerk, for $45 000 water and $28,000 lire-dept. 4% bonds. Denom. $1,000. Int. ann.
W ater bonds due in 20 yrs. and lire bonds in 10 yrs. Cert, check f o r
$500, payable to the Village of Highland Park, required. These bonds
were previously offered on July 3 (V. 93, p. 66).
C o u n t y , W a s h . — Bond Election Proposed.— This county, according to re
ports, proposes calling an election in August to vote on a proposition to
Issue $90,000 bldg, bonds.
E L R E N O . C a n a d ia n C o u n t y , O k la . — Bonds Voted.— A favorable vote
was ca3t July 11, it is stated, on the proposition to Issue the $35,000 water
bonds (V. 93, p. 120).
E L R O Y . Juneau C ounty, W is.— Bond Offering.— Proposals will be re
ceived until 8 p. in. Aug. 1 by the City Council for $6,000 water and light
bonds. Cert, check for 5 % , payable to the City Treas., required.
E S C A M B I A COUNTY (P. O. Pensacola), Fia.— Bond Offering.— Pro
posals will be received until 10 a. m. A ug. 15 by the Chair. Bd. of CommYs,
for $180,000 4 14% gold cou p, funding bonds. Denom. $500. Date Oct. 1
1911. Int. O ct. at the American Nat. Bank of Pensacola. Due $6,000
yrly. on O ct. 1 from 1912 to 1941 lncl. Bonds arc exem pt from taxation.
Cert, checks for 5% of bid, payable to the Chair. Bd. of Comm ’rs, required.
B ond, debt at present, $6,000. Floating debt, $25,000. Jas. MacGIbbon,
Clerk Board of County Commissioners.
E V E R E T T , Snohomish C ounty, W ash.— Bond Sale.— On July 11 the
$630,000 20-yr. gold cou p, warrant-funding bonds (V. 92, p. 1715) were
awarded to E. If. Rollins & Sons, M cCoy & C o., A . B. Leach & Co. and
W oodin , McNear & Moore of Chicago at their joint bid of 101.77 and lnt.
H IG H L A N D P A R K S C H O O L D IS T R I C T (P . 0 . L o s A n g e le s ), L o s A n
for 5s— a basts of about 4 .8 6 2% . Other bids for 5s follow:
g e le s C o u n t y , C a l. — Bonds Voted.— An election held recently resulted, It Is
Tlios. J. D olg crC o., Co.. .$636,450 00 I Harris Tr. & Sav.Bk.,Chl_$630,053 00 stated, In favor of a proposition to issue $5,000 school bonds.
W m . A . Read & C o., Chi. 632,375 00|Statc of W ashington____ 100,000 00
H O N E Y ( i R O V E , T r a n n in C o u n t y T e x , — Bonds Registered.— On Julv 15
F A R M E R S V I L L E , C o llin C o u n t y , T e x — Bonds Registered.— 'T he $10,
v..e State Comptroller registered the $5,000 5% 10-40-yr. (opt.) coup
000 5% 20-30-yr. (opt.) strect-Im pt. bonds (V . 92, p. 1130) were registered street-im provem ent bonds (V . 92, p. 1715).
o n July 14 b y the State Comptroller.
H O O D R I V E R . H o o d R iv e r C o u n t y . O r e . — Bonds Voted.— A vote of 119
FAYETTE, Fayette C ounty, Ala.— Bond Election.— On July 24 an elec „„ 42 was cast July 8, it Is reported, on the question o f issuing $42,500 mu
tion will be held, It Is stated, to vote on the question of Issuing water-works nicipal-water-system bonds.
and sewerage-system bonds.
H O U S T O N C O U N T Y CO M M O N SC H O O L D IS T R IC T N O. 4 7 . T e x —
F E R G U S O N , S t . L o u is C o u n t y , tS\o.— Bond Sale.— On July 17 $7,000
Bonds Registered.— The State Comptroller on July 5 registered SI 900 5%
*
5% 5-20-yr. (opt.) sewer and culvert ext. bonds were awarded to D. building bonds.
Arthur Bowman & Co. of St. Louis at 100.61 and int.
llU
IllU
l Wll
1 0 . Shelton) Fairfield C o un ty , Conn.— Bond Offering.
H U il
NTI IN
G TO
N (P.
-Proposals
will
be
F I T C H V I L L E T O W N S H I P S C H O O L D IS T R I C T (P . O . F it c h v ille ),
— riuiio3ai5 wm uu
Kjuuiveu unui
o p. m.
in. diuy
co , It
to is stated, b y E
e received
until 8
July 25,
E.. W
H u r o n C o u n t y , O h io . — Bond Sale.— H ayden, Miller & Co. of Cleveland on
Kncen, Town Clerk, for $100,000 4 H % school and funding bonds. Denom .
July 15 were awarded at 101.10— a basis of about 4 .604% — $3,000 5%
£1,000. Date A ug. 1 1011. Int. F. & A . at the Shelton Dank & Trust
1-5-yr. (ser.) bldg, bonds. Denom. $600. Date July 15 1911. I n t .J . & J . Co. In Shelton. Due A ug. 1 1931. Bonds will be certified by the F’lrst
A bid of $3,007 50 was also received from the Security Savings Bank & N at. Bank of Boston.
Trust Co. of Toledo.
J A C K C O U N T Y COMMON SCHO OL D I S T R I C T NO. 55. T e x . — Bonds
F O N D D U L A C . F o n d d u L a c C o u n t y , W is.— Bonds Proposed.— It is Registered and Sold.— The State School Fund on July 10 purchased $7,000
reported In local papers that this city Is considering the Issuance of $50,000 5% 5-40-yr. (opt.) bldg, bonds at par and lnt. These bonds on July 11
Lakeside Park bonds.
were registered b y the State Comptroller.
F O R T D O D G E , W e b s t e r C o u n t y , I o w a . — Bond Election.— On July 24
J A C K S O N , Clarke Cou nty , A la .— Bonds Voted — The election held July 10
a n election will be held, reports state, to vote on the question of Issuing
resulted, reports state, In favor of the proposition to Issue the $15,000 water$125,000 hydro-elec.-llght-power-piant and water-iiltratlon bonds.
plant bonds (V. 92, p. 1055).
F R A N K F O R T , H e r k im e r C o u n t y , N . Y .— Bond Sale.— On July 13 t h e
A
E
R. P
ck
e n s vuuniy,
ou n ty , r
Fm.
la . — Bond
bO
e-,*
'O
•S/I
Y"Puntil
""TV
w
**v*»
it* Offering.—
u i y .— Proposals w
ill U
IJ1*T
1*/«i■
m
All
n*Ct10
Ak>,
,
tir. S.
Cl 'IMurrow,
I will
..o TrC
$60,000 21 J-tj-yr. (av.) rcg. sewer bonds (V. 93, p. 120) were awarded to celved
until 12
m .A
ug.
by ill/,
the T
BV.dI .o f Ilnn.l
Bond rn
Trustees,
W
Sec
,
Harris, Forbes & Co. of N e w Y ork at 100.338 and Int. for 4.30s.
for the $30,000 5%
5% sewerage, street and city-hall bonds voted April 28 (V .
4
July 22 1911.]
THE CHRONICLE
245
M I N G O C O U N T Y ( P . O . W illiam son), W . V a . — Bonds Not Sold.— tinder
date of July 15 we are advised that the $60,000 5
10-34-yr. (opt.) cou p .
Lee Dlst. road bonds offered on June 10 have not been sold.
J E F F E R S O N C O U N T Y ( P . 0 . P i n e B l u f f ) , A r k . — Bonds Offered by
Bankers.— R o a d D ls t . N o . 3 b o n d s a m o u n t i n g t o $ 2 5 ,0 0 0 a n d b e a r i n g 6 %
M I N N E A P O L I S , M in n . — Bond Offering.— Proposals will be received until
I n t . a r e b e i n g o f fe r e d b y P a r s o n , S o n & C o . o f N e w Y o r k a n d C h ic a g o t o
2 p. m. A ug. 10 b y Dan. C..Brow n,City Comptroller, for the following bonds:
In v e sto rs.
D e n o m . $ 1 ,0 0 0 a n d $ 5 0 0 .
D a te J a n . 3 1911.
In t. J. & J.
$200,000 4% bridge bonds. Date Mch. 1 1911. Due Mch. 1 1941.
D u e fro m J a n . 3 1913 to J a n . 3 1924.
50.000 4 % crem atory bonds. Date July 1 1911. Due July 1 1941.
J E F F E R S O N C O U N T Y ( P . O . W a t e r t o w n ) , N . Y .— Bond Sale.— O n
42.000 4 M % voting-m achine bonds. Date July 1 1911. Due July 1 '3 1 .
J u l y 2 0 t h e $ 1 5 ,0 0 0 4 % 1 5 - 1 7 - y r . (s e r .) r e g . h o s p i t a l b o n d s ( V . 9 3 , p . 1 21 )
200,000 4 % hospital bonds. Date July 1 1911. Due July 1 1941.
w e r e a w a r d e d t o t h e W a t e r t o w n S a v in g s B a n k In W a t e r t o w n a t 1 0 0 .1 0 a n d
25.000 4 % fire-dept. bonds. Date July 1 1911. Due July 1 1921.
In t.
B id s w e r e a ls o r e c e iv e d f r o m A d a m s & C o . o f N e w Y o r k a n d t h e J e f
Int. semi-annual. Bonds are tax-exem pt In Minnesota. Cert, check
f e r s o n C o u n t y S a v in g s B a n k In W a t e r t o w n , b o t h a t p a r .
for 2% of bonds bid for, payable to C. A . B loom quist, City Treas., is re
K E N N E W I C K , B e n t o n C o u n t y , W a s h . — Bond Offering. — P r o p o s a l s
quired.
Bids must be m ade on each Issue separately.
w ill b e r e c e iv e d u n t i l 8 p . m . A u g . 1, It Is s t a t e d , b y T . J . W r i g h t , C i t y
The official notice of this bond offering will be found among the advertise
C le r k , f o r $ 2 0 ,0 0 0 6 % s e w e r b o n d s .
I n t . s e m l- a n n .
D u e 20 yea rs, o p
t io n a l a f t e r 10 y e a r s .
C e r t ifie d c h e c k f o r 1 0 % r e q u i r e d .
ments elsewhere in this Department.
K E N O S H A , K e n o s h a C o u n t y , O h i o . — Bond Offering.— P r o p o s a l s w ill b e
A l O N T E V A L L O , S h e lb y C ounty, A l a . — Vote.— W e are advised that the
r e c e iv e d u n t i l 2 p . m . A u g . 7 b y G . W . H a r r i n g t o n , C i t y C le r k , f o r $ 2 5 ,0 0 0
vote cast at the election held July 11 on the $5,000 5% 20-yr. school bonds
4 % “ F ra n k S c h o o l”
bon d s.
D en om . $500.
D a te J u ly 1 1 9 1 1 .
In t.
proposition (V . 93, p. 183) was 42 to 7.
J . & J . a t th e C ity T r e a s . o ffic e .
D u e $ 2 ,5 0 0 y r l y , f o r 10 y r s .
C ert, o r
M O N T G O M E R Y C O U N T Y ( P . O . D a y t o n ) . O h i o — Bond Sale.— On
c a s h ie r ’s c h e c k f o r $ 5 0 0 , p a y a b le t o th e C Itv o f K e n o s h a , r e q u ir e d .
July 13 the $1,700 Diehl Ditch and the $10,000 bridge 4 1<>% cou p, bonds
K I N O C O U N T Y S C H O O L D I S T R I C T N O . 7 1 , W a s h . — Bond Sale.— O n
(V. 93, p. 121) were awarded to the D ayton Savings & Trust Co. in Dayton
J u l y 8 t h e $ 1 5 ,0 0 0 1 - 2 0 - y r . ( o p t .) c o u p , s it e b o n d s ( V . 9 2 , p . 1 7 1 6 ) w e r e
at 100.737 and 100.91, respectively. The bids follow :
a w a r d e d t o t h e S t a t e o f W a s h i n g t o n a t p a r f o r 5 s.
A b i d o f p a r f o r 0s w a s
$10,000
$1,700
a ls o r e c e iv e d f r o m t h e W a s h i n g t o n T r u s t & S a v in g s B a n k In S e a t t le .
„
■ „
,
„ „
issue.
issue.
K IN G S
M O U N T A I N , C l e v e l a n d C o u n t v , N o .C a r o .— Bonds Proposed.—
$1,712 54
Dayton Savings & Trust C o., D a y to n _______ ...$ 1 0 ,0 9 1
T h e C h a ir m a n o f H i g h w a y C o m m is s io n a d v is e s u s u n d e r d a t e o f J u l y 13
___ 10,052
.
W ell, R oth & C o., Cincinnati_______
t h a t t h is p l a c e 13 c o n s i d e r in g t h e I s s u a n c e o f $ 2 5 ,0 0 0 5 '% r o a d b o n d s .
Seasongood & Mayer, Cincinnati_________________ _____
1,702 00
K I R K S V I L L E . A d a ir C o u n t y , M o . — Bond Election.— O n J u l y 2 4 a n
M O O R E , F e r g u s C o u n t y , M o n t . — Bond Offering.— A . D . S cott, T o w n
e l e c t i o n w ill b e h e l d , a c c o r d i n g t o r e p o r t s , t o v o t e o n a p r o p o s i t i o n t o Issu e
Clerk, will sell at public auction at 3 p. m . A ug. 14 an issue of $30,000 co u p $ 1 7 ,0 0 0 s e w e r b o n d s .
water-works bonds at not exceeding 0 % int. A uth. vote o f 42 to 16 at
K U T N E R C O L O N Y S C H O O L D I S T R I C T , F r e s n o C o u n t y . C a L — Bonds
an election held June 29. Denom . $1,000. Date A ug. 1 1911. In t. F . &
Voted.— A r e c e n t e l e c t i o n r e s u l t e d In f a v o r , i t Is s t a t e d , o f is s u in g $ 4 ,5 0 0
bon d s.
T h e v o t e w a s 22 t o 3 .
A . at T ow n Treas. office, or at a bank In Chicago or New York designated
L A K E T O W N S H I P ( P . O . M a c o m b ) , M ic h . — Bond Sale.— O n J u l y 6 a n
b y the purchaser. Due A ug. 1 1931, o p t. after A ug. 1 1921. Cert, check
Issu e o f $ 5 0 ,0 0 0 5 % 1 7 J 4 -y r . ( a v .) r o a d b o n d s W as a w a r d e d t o B u m p u s &
Co. o f D e t r o i t a t 1 0 8 .2 5 a n d i n t . — a b a s is o f a b o u t 4 . 3 2 % . A j o i n t b i d o f for $1,000, payable to the T ow n Treas., required.
The official notice o f this bond offering will be found, among the advertise
$ 5 3 ,6 0 0 w a s a l s o r e c e iv e d f r o m H . W . N o b le & C o . a n d E . H . R o l l i n s &
S o n s o f C h ic a g o .
ments elsewhere in this Department.
L A N G D O N , C a v a lie r C o u n t y . N o . D a k . — Bond Offering.— W e a r e a d
M O R G A N C O U N T Y ( P . O . M a r t i n s v i l l e ) , I n d . — Bond Offering.— P r o
v i s e d b y t h e C h a ir m a n B d . o f T r u s t e e s t h a t t h e v i ll a g e is o f fe r i n g f o r s a le
posals will be received until 2 p. m . A ug. 5, it is stated, b y J . S. W hitaker,
t h r o u g h t h e A t t o r n e y - G e n e r a l a t B i s m a r c k $ 4 ,0 0 0 4 % 5 - 1 2 - y r . (s e r .) r e
County A uditor, fo r $40,000 4>$% 3 j£ -y e a r (av.) bridge bonds. Int.
fu n d in g b o n d s .
D en om . $500.
semi-annual.
L E X I N G T O N , H o lm e s C o u n t y , M i s s . — Bond Offering. — P r o p o s a l s w ill
A l O R R I L L C O U N T Y ( P . O . B r i d g e p o r t ) . N e b — Bond Bale.— Local p a
b e r e c e iv e d u n t il A u g . 1 b y t h e M a y o r a n d B o a r d o f A l d e r m e n f o r $ 4 1 ,5 0 0
pers report that an Issue of $17,000 5% 5-20-yr. (optional) bridge w a s
w a t e r a n d $ 2 1 ,0 0 0 s e w e r a g e 5 % b o n d s .
C e rt, c h e c k fo r $3 0 0 r e q u ir e d .
purchased b y the State of Nebraska on July 8.
R . E . W i l b u r n Is C it y C le r k .
M O U N D V A L L E Y , Labette C ounty, K a n . — Bond Election.— According
L I B B Y . L i n c o l n C o u n t y . M o n t . — Bond Offering.— M . G . R i c e , T o w n
to reports, an electiou will be held A ug. 15 to vo te on the question of Issuing
C le r k , w ill s e ll a t p u b l i c a u c t i o n a t 8 p . m . A u g . 14 t h e $ 1 5 ,0 0 0 s e w e r a n d
$25,000 water-works bonds.
S 5 .0 0 0
f u n d i n g 6 % b o n d s v o t e d J u n e 17 ( V . 9 3 , p . 6 6 ) .
A u th . C h ap. 5,
A IT . P L E A S A N T , T i t u s C ounty, T e x . — Bond Offering.— Proposals will b e
T i t l e 3 , P a r t 4 o f P o l i t i c a l C o d e o f R e v . S t a t . o f 1 9 0 7 , a n d a ls o S u b - d i v i s io n
received until 5 p. m. A ug. 8 b y the City Council for the $16,000 5% sewer
6 4 o f S e c . 3 2 5 9 o f s a id c o d e s .
D e n o m . $ 1 0 0 o r m u lt ip le s t h e r e o f a s p u r c h a s e r
bonds voted June 12 (V . 92, p. 1657). Denom . $250. Date June 15 1911.
m a y d e s ir e .
D a t e " d a y o f I s s u e .”
I n t . J . <& J . a t o p t i o n o f p u r c h a s e r .
Int. J. & D . . Due 30 years. Cert, check for $250 required. J. V . Moore
D u e 2 0 y r s . , o p t . a f t e r 10 y r s .
A d e p o s it o f 5 % r e q u ir e d .
N o bonded debt
Is Mayor.
.
a t p resen t.
A s s e s s , v a l . f o r 1 9 1 0 , $ 1 6 8 ,4 0 0 .
M O U N T S T E R L I N G , B r o w n C o u n t y , III. — Bond Sale.— On July 12 t h e
L I M A , A lle n C o u n t y , O h i o . — Bonds Authorized.— A n o r d i n a n c e h a s b e e n
First N at. Bank of Mount Sterling was awarded the $10,000 5% 10-yr.
p a s s e d p r o v i d i n g f o r t h e I s s u a n c e o f $ 1 2 ,6 0 0 5 % W e s t E l m S t . p a v i n g
sidewalk bonds voted June 28 (V . 93, p. 121) at 101— a basis o f abou t
N o . 3 assess, b o n d s .
D enom . $700.
D a te Jun e 1 1911.
In t. A p r. at
4 .8 7 3 % , it is reported.
th e S in k in g F u n d T r u s te e s ’ o ffic e .
D u e $ 1 ,4 0 0 y r l y . o n A p r . 1 f r o m 1 91 2
M U S K E G O N , M u s k e g o n C o u n t y , M ic h . — Bonds Voted.— The election
t o 1 9 2 0 , l n c l.
held July 17 resulted in favor of the proposition to Issue the $300,000 4 H %
M A C O N C O U N T Y ( P . O . M a c o n ) , M o .— Bonds Voted.— T h e e l e c t i o n h e ld
water-Impt.
bonds (V. 92, p. 1716). The vote was 1041 to 412. Denom.
J u l y 11 ( n o t J u n e 2 7 a s r e p o r t e d In V . 9 2 , p . 1 5 8 5 ) r e s u l t e d In f a v o r o f t h e
$1,000. Int. J. & J. Due $10,000 yearly Jan. 1 1915 to 1944, Inclusive.
p r o p o s i t i o n t o I ssu e t h e $ 7 5 0 ,0 0 0 5 % r e fu n d i n g r a i lr o a d b o n d s .
T h e vote
N E B R A S K A . — Bonds Purchased by the State During June.— The follow ,
w a 3 3 ,6 4 9 t o 7 9 8 .
B o n d s a r c o p t . a fte r 5 y rs .
ing bonds, aggregating $85,000, were purcahsed b y the State o f Nebraska
M A D I S O N V IL L E IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . M a d is o n during the month of June at par:
v i l l e ) , M a d i s o n C o u n t y , T e x . — B o n d s Registered.— T h e S t a t e C o m p t r o l le r
Place issuing bonds—
Am t. Int. Rate.
Date.
Due.
r e g is t e r e d t h e $ 1 8 ,0 0 0 1 - 4 0 - y r . ( o p t .) s c h o o l b o n d s v o t e d M c h . 14 ( V . 92
Ansley (village)................ ..$5,000
6
Dec. 1 1910
<11915-1930
p . 826) o n J u ly 11.
A nsley (village)_________ . 7,000
5
June 1 1910
<11915-1930
M A N C H E S T E R , H i l l s b o r o C o u n t y , N . H — Bond S a l e .— T h e S t r a f fo r d
Cambridge (village)______.25,000
5
Jan.
2 1909
<11914-1929
S a v in g s B a n k o f D o v e r w a s a w a r d e d a n Issu e o f $ 1 8 ,0 0 0 3 J ^ % s c h o o l b o n d s
Clay Centre*_____________ . 5,000
5
May
1 1911
<11921-1931
a t 9 8 . 3 0 — a b a s is o f a b o u t 3 . 6 2 4 % , i t Is s t a t e d .
D a te J u ly 1 191 1.
Due
Crawford (c ity )__________ .11,000
5
May
1 1911
<11916-1931
$ 5 ,0 0 0 In 1 9 2 9 a n d 1 9 3 0 a n d $ 8 ,0 0 0 in 1 9 3 1 .
Crofton (village)_________ . 5,000
5
Sept. 20 1909
<11914-1929
M A N D A N , M o r t o n C o u n t y , N o . D a k .— Bond Sale. — O n M a y 8 t h e $ 8 0 ,0 0 0
Thurston Co. S. D . N o. 11 .15,000
4 Vi
May 1 1911
<11916-1931
2 0 - y r . w a t e r - w o r k s b o n d s ( V . 9 3 , p .6 6 ) w e r e a w a r d e d t o H . C . S p e e r
W alback (village)________ 12,000
May 2 1910
<11915-1930
4M
9 2 , p . 1 2 6 0 ).
D c n o m . $ 1 ,0 0 0 .
D a te J u ly 15 1 9 1 1 .
yrs.
C e rt, c h e c k f o r 1 % o f b o n d s b id fo r r e q u ir e d .
In t. ann.
Due
30
& S o n s C o . o f C h ic a g o .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 8 191 1.
I n t .M . & N .
W e a r e a d v i s e d t h a t t h e l e g a l it y o f t h is Issu e h a s b e e n a p p r o v e d b y W o o d &
O a k l e y o f C h ic a g o .
M A R I O N C O U N T Y ( P . O . M a r i o n ) . O h i o . — Bond Offering.— P r o p o s a l s
w ill b e r e c eeiveu
iv e d until
u n t il 12
g. 8
b y ttnc
he B
d . ooif C
o m m ’ rs,
r s , care
c a r e u.
C . L,.
L. J
u s
it m
m.. A
A uug.
h by
litt.
uom
Just i c e , P r o s eecuting
c u t in : A
.................
“ '
tt’ y, for $26,500 5% cou p. W ild Cat
Free Turnpike
r o a d b o n d ss.
A u th . Sec. 7283, Gen. Code. Denom. $500. Date A ug. 1
1911.
I n tt. M.
_ as
_ follows:
.. .& .S.
. at the Co. Treas. office. Due
.-.
-18
’ 18
|19
C e r t , c h e c k f o r $ 3 0 0 o n a b a n k In M a r lo n r e q u i r e d . * P u r c h . t o 'p a y a c c r u e d
In te re st.
A1ARLBO RO C O U N T Y
( P . O . B c n n c t t s v i l i e ) , S o . C a r o .— Bonds P ro
posed.— T h is c o u n t y Is c o n s i d e r in g t h e is s u a n c e o f r o a d - i m p t . b o n d s , a c
c o r d in g t o r e p o rts .
A I A R Q U E T T E , A la r q u c t t e C o u n t y , M ic h . — Bond Sale.— O n J u l y 3 t h e
$ 1 0 ,0 0 0 4 y 2 % 1 0 - y r . r e f . b o n d s ( V . 9 2 , p . 1 7 1 0 ) w e r e a w a r d e d t o t h e F ir s t
N a t io n a l B a n k o f M a r q u e t t e a t 1 0 1 .7 5 a n d I n t .— a b a s is o f a b o u t 4 . 2 8 3 % .
M E L R O S E , M id d le s e x C o u n t y , A la s s .— Bond Sale.— O n J u l y 21 $ 4 5 ,0 0 0
4 % c o u p o n A u d i t o r i u m L o a n o f 1 91 1 b o n d s w e r e a w a r d e d t o M e r r ill, O ld
h a m & C o . o f B o s t o n a t 1 0 3 .0 8 9 , It is s t a t e d .
D e n o m . $ 1 ,0 0 0 .
D a te
J u ly 1 l o l l .
I n t . J . & J . a t t h e S e c o n d N a t io n a l B a n k In B o s t o n .
Due
$ 3 ,0 0 0 y e a r l y , J u l y 1 1 9 1 2 t o 1 9 1 6 l n c l . , a n d $ 2 ,0 0 0 y e a r l y J u l y 1 1 9 1 7 t o
1 9 3 1 l n c l.
B o n d s a r e t a x - e x e m p t in M a s s a c h u s e t t s .
A I E R C E D C O U N T Y S C H O O L D I S T R I C T , C a l — B o n d Sale.— O n J u n e 6
$ 1 0 ,0 0 0 5 % a n d $ 3 ,0 0 0 6 % s c h o o l b l d g , b o n d s w e r e a w a r d e d t o t h e M e r c e d
S e c u r i t y S a v in g s B a n k In M e r c e d a n d J . I I . A d a m s & C o . o f S a n F r a n c i s c o
a t 1 0 1 .5 0 .
D en om . $500.
D a te J u ly 1 1911.
I n t . a n n u a l.
A I E R R I C K C O U N T Y ( P . O . C e n t r a l C i t y ) . N e b — Bond Offering.— P ro
p o s a l s w ill b e r e c e iv e d u n t i l 12 m . A u g . 19 b y F . R . N a s h , C o u n t y C le r k
f o r t h e $ 1 0 0 ,0 0 0 4 % 1 - 2 0 - y r . ( o p t .) r e g . c o u r t - h o u s e b o n d s ( V . 0 2 , p ’
1 6 5 6 ).
D e n o m . $ 1 ,0 0 0 .
D a te J u ly 1 1911.
I n t . J . & J . a t th e S t a t e
T r e a s . o f f i c e In L i n c o l n .
C e r t , c h e c k f o r 1 % is r e q u i r e d .
N o debt at
p resen t.
A s s e s s , v a l . , $ 4 ,3 6 6 , 7 2 1 .
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
..., ,
............... - park bonds were disposed of at
103.178 and the school bonds at 99.18 and Int. The bids follow:
•
$360,000
$470,000
First Savings & Trust C o., M ilw aukee.103**178
E m ery, Peck & R ockw ood, Chicago____
103 17
J. E . De W olf, Milwaukee....... .................
* ' 103-164
" oq'T s
E . H . Rollins & Sons, Chicago.....................1...............103.164
E stabrook & C o., C h i c a g o ...................................
103.06 98.65
W ill. A . Read & C o., C h ica g o ..........................
l 102.83
99 +
W isconsin Trust C o., M ilw a u k ee.............................../
Harris Trust & Savings Bank, Chicago______________ 102.64
98.58
Bids were also received from A . B . Leach & Co. of New York and Chi
ca go, Kountze Bros, o f N. Y ., Blodget & C o., Estabrook & C o. and R . L .
D ay & C o., all of Boston.
M I L W A U K E E C O U N T Y ( P . O . M i l w a u k e e ) , W i s — Bonds Authorized.—
R eports state that the County Board passed a resolution providing for the
Issuance of $299,950 Insane-asylum bonds.
M I N D E N , K e a r n e y C ounty, Neb.— Bonds Voted.— The question o f Issu
ing $15,000 electric-light bonds carried, It Is reported, b y a vote of 244 to 89
at an election held July 11.
d Opt. In and after earlier year and mature in later year.
* These bonds were reported sold In V . 93, p. 64.
N E S S C I T Y , N e s s C o u n t y , K a n . — Bond Election.— A ccording to reports,
an ordinance has been passed providing for an election to vote on t h e
question of Issuing $16,000 5% 20-year electric-light bonds.
N EVADA S C H O O L D I S T R I C T , Nevada C ounty, Cal.— Bond Sale.— On
June 2 the $30,000 5% 11-40-ycar (ser.) gold coupon bonds (V. 92, p. 1453)
were awarded to N. W . Halsey & Co. of San Francisco at 107.13— a basis of
about 4 .5 2 7% . Denom. $750. Date July 1 1911. Int. J. & J.
N E W A R K . Licking County, Ohio.— Bonds Authorized.— Ordinances have
been passed providing for the issuance o f the follow ing 5% cou p. im pt.
bonds:
$11,405 street-im pt. (city’s portion) bonds. A uth. See. 3821, 3918, 3919
and 3920, Gen. Code. Denom . $1,000, except one bond of $405.
•
Due $2,000 yearly A ug. 1 from 1914 to 1918, lncl., and $1,405
A ug. 1 1919.
11,300 Pine St. paving assess, bonds. A uth. Sec. 3914, 3918. 3919 and
3920, Gen. Code. Denom . $1,000, except one bond o f $300. Due
$1,000 yearly A ug. 1 from 1912 to 1919, lncl., $2,000 A ug. 1 1920
and $1,300 A ug. 1 1921.
9,000 W ilson St. paving assess, bonds. A uth. Sec. 3888, 3914, 3918,
3919 and 3920, Gen. Code. Denom . $1,000. Due $1,000 yearly
A ug. 1 from 1912 to 1920, lncl.
1,620 Granville St. sewer assess, bonds
A uth. Sec. 3914, 3918, 3919
and 3920, Gen. Code. Denom . $500, except one bond o f $620.
Due $500 A ug. 1 1914 and 1915 and $620 A ug. 1 1916.
880 sidewalk construction assess, bonds. A uth. Sec. 3865, 3918, 3919
and 3920, Gen. Code. Due A ug. 1 1915.
Date A ug. 1 1911. Int. F. & A .
NEW LEXINGTON. Perry C ounty, Ohio.— Bond Sale.— On July 10 the
$4,500 4J^% 9-yr. coup. So. Main St. Imp. (vil. portion) bonds (V . 93, p.
122) were awarded to Tlllotson & W olcott Co. o f Cleveland.
N E W Y O R K S T A T E .— Bond Sale.— The State Comptroller on July 20
received 83 bids for the $10,000,000 highway and the $2,500,000 Palisades
Inter-State Park 4% gold coup, or reg. Im pt. bonds described In the
“ Chronicle” o f July 1. The bonds, which were over-subscribed five times,
were awarded to 69 bidders at an average price of 103.80— a basis o f about
3 .8 2 9% . A t the last previous sale, on April 14, $10,000,000 4% 50-yr.
canal bonds were disposed o f at an average price o f 104.3022— a basis of
about 3 .8 0 7 % . A syndicate com posed o f the National City Bank, R . L .
Day & C o., Kountze Bros, and Harris, Forbes & Co. offered to take “ all
or any part” of the bonds at 101.819. An offer was also received from the
National Commercial Bank of A lbany of 100.19 for “ all or any part” of the
Issue. Following are the sucoesiful bidders:
Nat. Commercial Bank,
Wm. G. Wallace, Water
town, N. Y .......... . $2,000..106
Albany, N. Y ........... 4,000—105
1 10,000..105
10.000. . 104.641
Yonkers Nat. Bank,) 10,000.-104.875
10.000. -104.52 I
Yonkers, N. Y ___ ) 10,000. .104.75
20.000. -104.421
| 10,000..104.625
20.000. -104.32]
j 10,000..104.50
30.000.
John H.Dowes,Brook- 30,0 00.. 104.14
Forrest Glenn, Brook
lyn,
N.
Y
..........
...130,000..
104.02 j
lyn, N. Y ...... ........... 5.000..105
30.000. .103.92.i
Hannah P. Glenn,
30.000. .103.82 J
Brooklyn, N. Y ----- 3,000.. 105
30.000. .103.72
1 25,000..104.63
30.000. .103.64.I
Bigelow & Co., N. Y . i 25,000.. 104.38
30.000. .103.521
| 25,000.. 104.26 Newborg & Co., N. Y_ 100,000.. 104.625
J 25,000..104.13
1 2,000-104.625
1 10,000. .104.625 M. M. Smith <fc Co.. | 2,000-104.50
Wm. S. Dugan & Co.,| 30,000.-104.50
New Y o r k .............. ) 2,000—104.375
New Y o r k .............. I- 30,000.-104.375
| 2,000-104.25
J 30,000—104.25
J 2,000—104.125
.1
THE
246
Albany County Bank,j$30, 000 .104.60
Albany. N. Y ...........\ 30 000. .104.40
Hoy Murchie, N. Y .-.1 0 0 000 .104.60
Morgan & Bartlett,
6&Ncw Y o r k ................ 25, 000. .104.597
) 10 .000. .104.57
10 ,000. .104.53
10 ,000. .104.47
1,,000. .104.45
10 ,000. .104.44
1, 000 .104.41
1, 000. .104.395
20, 000. .104.39
Day & Heaton, N Y_ !• 1, 000. .104.38
10, 000. .104.37
10, 000. .104.34
1, 000. .104.33
10, 000. .104.31
1, 000. .104.275
10, 000. .104.27
10, 000. .104.21
4, 000. .103.77
Mackay & Co., New/265. 000. .104.55
York ...................... \ 25, 000. .101.43
1 25, 000. .104.52
Morrls& Smith, N. Y . i 25, 000. .104.13
I 25, 000. .104
J 25, 000. .103.78
Pemlngton, Colket &
Co., New York____ 10, 000. .104.51
1 50, 000 .104.50
C. LedyardBlalr.N.Y.}- 50, 000. .104
I 50,,000. .103.50
J 60 ,000. .103
Augustus Arrens, CanaJoharle, N. Y --------- 4,,000. .104.50
) 10,,000. .104.50
Security Trust Co.,| 15,,000. .104.30
Rochester, N. Y — }• 15,,000. .101.10
J 15,,000. .103.90
Kissel, Klnnlcutt & Co.,
New York ...................25,,000. .104.41
] 50, 000. .104.379
Edw. Sweet & Co .[ 50,,000. .104.352
New Y o r k ---- --------1 50,,000. .104.331
50,,000. .104.297
J 50,,000. .101.253
Speer Bros., Pitts
burgh, Pa...................25,,000. .104.375
W. N. Coler & Co.,1 25,,000. .101.36
ifcNew Y o r k --------------i 25,,000. .104.27
J 50,,000. .104.16
1200,,000. .104.36
Hayden, Stone & Co.,|200 ,000. .104.31
,000. .101.185
New Y o r k -------- 1200,
[200,,000. .104.06
J200 .000. .103.91
Geo. Leask & Co., N .Y. 30,,000. -104.31
Spencer Trask & Co., ■
Albany, N. Y .........$50,000.. .104.32
1 5,000.. .104.28
5.000. .104.23
.
5.000. .104.18
.
5.000. .104.03
.
5.000. .103.93
.
Tobey & Kirk, N. Y .
5.000. .103.73
.
6.000. .103.53
5.000. .103.48
.
5.000. .103.38
.
5.000. .103.28
.
10,000.. .104.271
15.000. .104.27
.
25.000. .104.23
.
25.000. .104.03
.
10.000. 104.021
.
15.000. .104.02
.
10.000. .103.771
.
Mabon & Co.; N. Y ..1 30,000.. .103.77
50.000. .103.73
.
50.000. 103.53
.
10.000. . 103.521
20,000.. .103.271
40.000. ,103.27
.
20.000. .103.021
.
20,000.. .102.771
50.000. .102.52
.
10.000. ..104.27
10,000.. .104.15
10,000.. .104.03
10,000.. .103.90
B. H. & F. W. Pelzer, 10,000.. .103.78
New Y o r k .......... .
10,000-. .103.65
10,000.. .103.52
10,000.. .103.40
10,000.. .103.27
10,000.. .103.15
Bank of Suffolk Co
Stony Brook, N. Y . . 5,000. ,104.25
1 10,000. .104.25
100,000. .103.761
White, Weld & Co. 100,000. .103.561
New Y o r k ............ . 1100,000. .103.361
100,000. .103.161
100,000. .102.961
J100.000. .102.761
) 25,000. .104.21
Adams & Co., N. Y ..1 25,000. .104.01
25,000. .103.21
Nasaau Trust Co.,
Brooklyn, N. Y __ .100,000. .104.20
Ithaca Trust Co., / 25,000. .104.125
Ithaca, N. Y ........ \ 25,000. .103.125
] 10,000. .104.055
Gude, Wlnmlll & Co., 10,000. .103.88
New Y o r k _______ 1 10,000. .103.52
| 10,000. .103.27
J 10,000. .103.02
L. R. Bush, Passaic,/ $5,000.-104.051 Morris Sternbach &
-104.027
Co., New York........ $10,000.-103.75
N. J .......................... 1 5.000.
100,000.-103.391
1.000.
-104.015
Sutro
-103.267
1.000.103.765 Bros. & Co., 100.000.
New Y o r k ________ 100.000.
-103.137
Abraham D. Epstein,
1.000.103.515
100.000. -103.011
Brooklyn, N. Y ___
1.000.
.103.265
j 100,000.-102.801
2.000.
-103.015
F. J. Dickinson, N. Y . 50,000..103.32
1.000.
-102.765
Nat. Commercial Bank,
Stephen Sanford, Am
Albany, N. Y .......... 100,000.103.3173
sterdam ___________ 100.000-.104.05
1 10.000.103.3125
L. M. Prince & Co.,1 10,000..104.01
Hess
& Hess, N. Y . . . 1- 10,000.103.0635
New Y o r k .............. ; 10,000..103.61
J 10,000.102.8175
J 10.000. .103.01
1 25,000.-104.01 Seasongood & Mayer, 1 50,000.-103.28
Cincinnati, O h io ...) 50,000.-103.02
I 50,000.-103.76
J 50,000..102.28
Halle & Stleglltz.N.Y. 1 75,000.-103.51
1100.000. -103.271
1100,000.. 103.26
Clark, Dodge & Co., |500,000.-103.27
J100,000. .103
Union Bank, Medina,
New Y o r k .............. ;500,000—103.07
N. Y .............. 10,000—104
J500,000. .102.77
Marine National Bank,
1250.000. -103.27
Buffalo .....................100,000.-104
|250,000.-103.17
Isaac Samuelson
&j 7,000. .104
Harvey Fisk & Sons,1250,000.-103.07
Co., New York____ \ 8,000..103
New Y o r k ------------ 1250,000.. 102.97
1 25.000..103.875
500.000.
-102.87
Guardian Trust Co.,| 25,000..103.625
1500.000.-102.77
New Y ork ________) 25,000.-103.25
J554.000-.102.67
J 25.000-.102.875 National Life Ins. Co.,
1 25.000-.103.87
Montpelier, V t........ . 50.000..103.25
| 25.000-.103.67 J. I). Probst & C o.J 50.000..103.19
Ferris & White, N. Y . ) 25.000..103.47
New York .............. 1 50,000..102.97
25.000. .103.27 Greenwich Bank, N. Y . 25.000.. 103.17
J 50,000..102.87
1100.000.
} 25,000..103.77 Cleveland Trust Co.,| 100,000.-103.02
25.000.
-103.67 Cleveland, Ohio___ J100,000. .102.89
30.000.
-103.57
J100,000. .102.77 i
25.000.
-103.47
1 5,000..103.075
50.000.
.103.37
First National Bank,
5.000.
-103.01
-103.27 Hudson, N. Y ........
Farson, Son & Co., 50.000.
5 0)0.-102.878
.103.17
New Y o r k ------------ 50.000.
5.0. 10. .102.75
50.000.
.103.07
5.000.
.102.55
25.000-102.97
Homestead Bank,
25.000.
-102.87 Brooklyn, N. Y __ 10,000. .103
25.000.
.102.77
Wilber National Bank,
25.000.102.67 Onconta, N.
Y --- 50,000..103
100.000.
-103.52
Fllrst National Bank,
Seasongood & Haas, 100,000—103.27
Milton, Pa------------ 5,000-.103
New Y o r k ________ JIOO.OOO. .103.02 Wm. Haedrlch Sr.,
Brooklyn__________ 10,000.. 103
100.000. .102.77
1100.000--103.71 John F. Zlrfle, N. Y ._ 1.000..103
Blake Bros. & Co.,| 100,000.-103.56 N. W. Halsey & Co.,
New Y o r k .............. 1100,000..103.41
New Y o r k ................ 100,000.. 102.77
I 100,000..103.26 Union Stock Yards Bk.,
J100,000.-103.11
Buffalo. N. Y .......... 50,000..102.75
N I A G A R A F A L L S , N ia g a r a C o u n t y , N . Y . — Bond Sale.— On July 17
the $42,500 4
20-yr. reg. lire bonds (V. 03, p. 122) were awarded to
Chisholm & Chapman of New York at 105.5123 and lnt.— a basis of about
4 .0 9 4% . Other bids follow:
NEW LOANS
NEW LOANS.
$ 1 ,5 0 0 ,0 0 0
$ 1 ,2 5 0 ,0 0 0
T E R R IT O R Y O F H A W A I I ,
H arris C o u n ty , H o u s to n , Ship C h annel
4% Public Improvement Bonds
N a v ig a tio n D is tr ic t o f H arris C o u n ty , T e x a s
.
• Sealed proposals will be received b y the undersigned for the purchase of all or any part of an Issue
o f $1,500,000 4 per cent Public Im provem ent Coupon Bonds of the Territory of Hawaii. The bonds
will be of the denom ination of $1,000 each, will be dated August 1, 1911, will mature August 1, 1941,
and reserve an option of redemption on and after August 1, 1931. Interest will be payable semi
annually. Principal and Interest are payable at the office of the Treasurer of the Territory In H ono
lulu, Hawaii, or, at the option of the holder, at the office of the United States Mortgage & Trust
Company In New York City.
. _
. . . . .
The bonds are Issued under the authority of an A ct of Congress of the United States, entitled
•‘A n A ct to Provide a Government for the Territory of H awaii.” approved April 30, 1900 (31 Sts. 141),
as amended by an A ct of the Congress approved May 27, 1910'(36 Sts., 443); and pursuant to an A ct
o f the Legislature of Hawaii, entitled “ An A ct to Provide for Public L oans,” approved April 25, 1903,
as amended, and pursuant to an A ct of said Legislature, entitled “ An A ct to Provide for Public Im
provem ents,” approved April 26, 1911. Under these statutes these bonds are the absolute and un
conditional obligations of the Territory and a direct charge upon Its consolidated revenues.
•
Under the Acts of Congress, the approval of the President o f the United States Is required, and
this approval has been obtained and Is on die In the office of the Secretary of the Interior.
The United States Treasury Department authorizes the statement that they will be accepted as
security for public deposits on the basis of 90 per cent of their par value when further deposits are made.
The bonds will be lithographed under the supervision o f, and certltied as to their genuineness
b y , the United States Mortgage & Trust Company of New York City. The successful bidders will be
furnished with the opinion of Messrs. Dillon, Thom son & Clay of New York City that the bonds are
the legal and valid obligations of the Territory, and that, In their opinion, said bonds will beexem pt
from taxation b y any State In the United States or any m unicipality or political subdivision of any
such State the same as bonds or other obligations or securities of the United States.
Bonds of the Territory are exem pt by law from taxation In the Territory.
Each bid should set out clearly the total par value of the bonds desired, and the amount which,
together with accrued Interest to date of delivery, the bidder offers to pay therefor. Each bid must
be accom panied by a duly certified check upon a bank or trust com pany to the order of the Treasurer
of the Territory of Hawaii In the amount of 2 per cent of the par value of the bonds for which applica
tion Is made. Checks of unsuccessful bidders will be returned by mail after the opening of the bids.
Checks of successful bidders will be retained until delivery of the bonds awarded and paym ent therefor
Is made. The failure to make such payment will forfeit all right to the bonds and the check accom
panying the bid will be collected and the proceeds retained as liquidated damages.
Unless otherwise stated In the bid, each bid will be understood as an oiler for all or any part of
the total amount of bonds for which application Is made.
Delivery of the bonds will be made on September 28, 1911, at 11 o'clock A . M ., at the office of
the United States Mortgage & Trust Com pany, 55 Cedar Street, New York City, unless another date
Is m utually agreed upon.
. . . . . .
Bids will be received at the office of the United States Mortgage & Trust Company In New York
City, and at the office of the Treasurer of the Territory In Honolulu, Hawaii, until 2 o ’clock P. M.,
July 27, 1911. No bid received after that time will be considered. Each bid should be Inclosed In an
envelope marked “ Proposal for 4 per cent Public Im provem ent Bonds of the Territory of H aw aii,"
and the envelope so marked Inclosed in a second envelope addressed to the Treasurer of the Territory
of Hawaii.
The right Is reserved to reject any and all bids.
D . L . CON KLIN G:
Treasurer, Territory of Hawaii.
Dated June 30, 1911.
I
I
STE PH E N S & CO
BANKERS
N A T IO N A L
H E A T
2 W A L L STREET, N E W Y O R K .
INVESTMENT BONDS
&, P O W E R
a llo w e d
In d iv id u a ls
and
on
a ccou n ts
C o r p o r a t io n s
s?
BONDS
Sealed bids will bo opened at the office of A . E .
Amerman, County Judge of Harris County Texas,
H ouston, Texas at 10 A . M ., August 1st 1911
for all or any part of the Bonds o f the above
District, which Includes the whole of Harris
County, Texas.
AM OUNT
OF
BO N DS,
$ 1 ,2 5 0 ,0 0 0 00
Rato of Interest FOU R AN D ONE H ALF
4 H ) P E R CENT, payable scml-annually at
Houston, Texas or at the National Bank of the
R epublic, Chicago, 111. at the option of the holder.
Denomination 1248 bonds, $1,000 each, 4 bonds,
$500 each.
Bonds payable In Installments, one-fourth of
the Issue In ten years, one fourth In twenty years,
one fourth In thirty years and one fourth In forty
years, with no option to redeem.
Prospectus mailed upon request from the office
of A . E. Amerman,
ounty Judge. A ll rights
R eserved.
•
All bids must bo accom panied b y a certified
check for 1% of the bid. Bids must be sealed
and must be on Ole by 10 A . M. August 1 1911
at the office of A . E . Amerman, County Judge*
addressed to
C. G. P IL L O T ,
Chairman Navigation and Cana Commissioners.
$ 6 2 ,0 0 0
TOWN
OF KEARNY,
HUDSON C 0 „ N. J.f
SCHOOL BONDS
■ Sealed proposals will be received by the Council
of the Town of Kearny, Hudson County, N. J .,
at the Town Hall, at 8 . P. M.. J U L Y 2 6 T H , 1 9 1 1 ,
for the purchase of
$ 6 2 ,0 0 0 4 H %
2 5 -Y ear S ch ool B on d s.
Each bkl must be accom panied by a certified
check for $3,000. The Council reserves the
right to reject any or all bids.
• For further Information, address
B U R TO N E . C A N F IE L D , Town Treasurer.
L IG H T ,
C O M P A N Y
'GUARANTEED Atl Issues
B O N D S
M U N IC IP A L
fittest lave*tmei.it
kaowa. Yielding trora 4 %
U LE N
B O N D S
B AN K ERS
SO P in s S t r e e t ,
&
CO.
CHICAGO
R . T, Wilson & Co.
33 W A L L S T R E E T
N ew Y o r k
for
Circular.
to 6 %
-H A N K E R S
A . H . B ic k m o r e & C o .,
In terest
[VOL. LXXXXI1I.
C H R O N IC L E
NEW
YORK
-103
J u l y i'2 I h i i
\
THE
C H R O N IC L E
A . B . Leach & C o., N. Y __ 105.071 Parson, Son & C o., N. Y _____ 103.482
Estabrook & C o., N. Y ______ 105.02 Harris, Forbes & C o., N. Y . . 103.418
Kountze Bros., N. Y _______ 104.773 Sutro Bros. <Ss C o., N. Y _____ 103.351
E. H . Rollins & Sons, Boston 104.42 F. E . Johnson, Niagara Falls 103.255
Blodget & C o., B o s t o n . ..__ 104.29 M. W . Greene, R ochester____ 101.01
Ferris & W hite, N. Y . ......... 104.0172
All bidders otiered accrued Interest In addition to their bid.
NOBLE TOW N SHIP (P. O. Belle Valley), Noble C ounty. Ohio . — B o n d
S a l e . — On July 15 the 54,000 4% 5J4-yr. (av.) road bonds (V .9 3 , p. 07),
were sold, It Is reported.
NORTH BEND. Coos County. Ore . — B o n d S a l e . — On July 11 the S35.000
gold cou p. lundlng bonds were awarded Jointly to the Continental & Com
mercial Trust & Savings Bank In Chicago and the Davis & Struve B ond Co.
In Seattle tor $35,002 (100.0057) and Interest tor 5J4s. Other bids follow :
J . H . Causey & Co., Denver (For 5 )$s.................. ........ ..................... ..*$ 3 5 ,0 1 0
IForO s......................................................... 35,710
Morris Bros., Portland, for 6s____________ __________ __________ ___ 35,357
T . S. Belscher, Fessenden, for 6s________________________________ 35,000
* Conditional bid. Bids were also received from Cutter. M ay & C o . of
Chicago and the Continental Trust Co. of Denver.
NORTH Y A K IM A , Yakima C ounty, W ash.— B o n d s V o t e d . — A proposi
tion to issue $50,000 4 y i % 20-yr. sewer bonds was favorably voted upon at
an election held July 1. The vote was 364 to 118.
NORWOOD, Hamilton C ounty, Ohio.— B o n d E l e c t i o n . — The City Council
at Its meeting July 10 adopted resolutions calling for the submission to a
vote at the general election In N ovem ber, It Is stated, of propositions pro
viding for the Issuance o f $50,000 light and $250,000 strect-Im prov’ t bonds.
OM AHA, Neb.— B o n d O f f e r i n g . — Proposals will be received until 3 p. m.
July 28 for $379,000 4 H % cou p, street-im p. bonds. Denom . $500. Date
A ug. 1 1911. In t. payable at the fiscal agency o f the State of Nebraska
(K ountze Bros.) In New York City
Due as follows:
$500 ................ ... 1912 I $32,500 ..... ..............1915 I$43,000 ....................1918
1,500 . . . ............. 1913 38,000 __________ 1916 54,500 ............... ........ 1919
23,000
1914 | 41,000 ____________1917|l45.000 ___________ 1920
Cert, or cashier’s check for 2 % o f bonds bid for, payable to the “ City of
O m aha,” required. Purch. to pay accrued lnt. Official circular states
that there Is no litigation pending or threatened affecting the legality of these
bonds; also that there has never been default In the paym ent of principal
o r interest on previous Issues of bonds. Bids are subject to bon d sh a vin g
been legally and regularly Issued. F . A . Furay Is City Treas.
OPELOUSAS, Saint Landry Parish, La . — B o n d E l e c t i o n .— The question
o f issuing $40,000 5% 40-yr. sewerage— First Sewerage District— bonds
will be voted upon . It Is stated, at an election to be held A ug. 24.
O R LA N D , Glenn County. C a l — B o n d O f f e r i n g . — Proposals will be
received until 7:30 p. m . A ug. 10 b y J . N. Tlbessart, Tow n Clerk, for the
$25,000 water and $25,000 sewer 5% gold bonds voted May 2 (V . 92, p.
1454). Denom. $1,000. Date Jan. 1 1912. In t. J. & J . at the Bank o f
Orland. Due one bond of each Issue yearly, beginning Jan. 1 1915. Cert,
check for 5% of bonds bid for, payable to the Tow n Treas., required.
PACIFIC GROVE. Monterey C ounty, CaL — B o n d S a l e . — On July 11
$62,000 sewer and $10,000 city-hall and fire 5% 1-40-yr. (ser.) bonds were
awarded to G. G. B lym ycr & Co. of San Francisco for $74,900 (104.027),
lnt. and blank bonds. Denom . $1,000 and $800.
Date Sept. 1 1911.
In t. M. & S.
PASSAIC. Passaic County. N. J . — B o n d S a l e . — O n July 17 $51,000 4 M %
30-yr. cou p, or reg. ref. bonds were awarded to Estabrook & Co. o f New
City
of
24 1
Y ork, It Is stated, at 107.131— a basis of about 4 .0 8 6 % . D en om . $ 1 , 0 0 0 .
Date July 1 1911. Int. J. & J.
P A W H U S K A , Osage C ounty, Okia.— Bonds Voted.— A n election held
July 13, it is stated, resulted in favor o f a proposition to issue $60,000
water and light bonds.
PAW NEE COUNTY DRAINAGE DISTRICT NO. 1 (P . O. Table R ock ).
Neb.— Bond Sale.— On July 12 the $30,000 6 % 5-10-yr. (ser.) drainage
bonds (V. 93, p. 122) were awarded to the Security Savings Bank & Trust
Co. of Toledo for $30,611 75, making the price 102.039. D enom . $1,000.
Date July 1 1 9 1 1 . in t. J. & J.
P H IL A D E L P H IA , P A .— Remainder of Loan A ll Taken Over Counter.—
W e are advised that the $8,771,000 4 % 30-yr. cou p, or reg. certificates, the
remainder of the $9,750,000 loan offered on July 10 (V . 93. p. 184), which
were being sold b y this city over the counter at 1 0 1 , have all been placed.
PITTSBU RGH . P A .— Bond Sale.— On July 12 the three issues o f 4 \ i%
1-30-yr. (ser.) cou p, or reg. bonds, aggregating $1,065,000 (V . 93, p. 67),
were awarded Jointly to KIssell, Kinnicutt & Co. o f New Y ork and Graham
& Co. of Philadelphia at 102.24.
Other bids follow:
Hands, Forbes & Co. and National City B ank, New Y o rk ____ $1,084,468 00
Mellon Nat. Bank, Pittsburgh, and Kountze B ros., N . Y ____ 1,082,714 14
R . L. D ay & C o., Estabrook & Co. and Blodget & C o., N . Y __ 1,082,018 70
Pittsburgh Trust C o., P Ittsb., and A . B. Leach & C o.. N . Y __ 1,080,975 00
J. b .& W .S . K u h n ..In c..P Itts., and E . H . RollIns&Sons, N . Y . 1,079,351 94
Adam s & C o.. New Y ork (for $ 3 0 6 ,0 0 0 ).-.................. ...............
310,804 20
PLEASAN T V A L L E Y (T O W N ), Dutchess C ounty, N. Y . — Bond Offering.
— Proposals will be received until 3 p. m . July 29, according to reports, b y
Chas. L . Cole, T ow n Supervisor (P . O. Pleasant V alley), for $6,000 4 H %
bridge bonds. Denom . $500. Date A ug. 1 1911. Int. J. & J. at the
Fallklll National Bank in Poughkeepsie. Due $500 Jan. 1 1913 to 1924,
Inclusive. Certified check for 5% of bonds required.
PLYMOUTH, Litchfield C ounty, C onn.— Bonds Voted.— A proposition
to issue $75,000 4 K % 2S-yr. sch.-bldg. bonds was, It is stated, favorably
voted at an election held July 7.
PLYMOUTH TOW N SH IP (P . O. Plym outh) Richland C ounty Ohio —
Bond Sale.— On July 18 the $16,000 5% cou p, r o a d b o n d s °V 93. p 122)
^nri*»«Yvarde! ? .t * tbe People’s National Bank in Plym outh for $17,501
(109.381) and lnt. Other bids follow :
New First N at. Bank, C o l . .$17,137 W ell, R oth & C o.. CIn..........$16,605
Otis & H ough, Cleveland___ 16,805|
P 9 ^ I A Q E’ W o o d C o u n ty , Ohio.— Bond Sale.— On July 15 the $5,000
6 % 1-10-yr. (serial) Findlay Pike street-im provem ent bonds (V . 93, p. 67)
were awarded to W . H . Saylor of Portage at 104.20 & int.— a basis o
abou t 5 .4 5 % .
Other bids follow :
Sec. S av. B k.& Tr. Co., Tol.$5,206 5 0 1New First N at. B k .. Columb. $5,015
A . A . Ensminger, P o rta g e .. 5,175 0 0 )
All bidders offered accrued Int. In addition to their bid
PORT LAVACA INDEPENDENT SCHOOL DISTRICT ((P . O. Port
Lavaca), Calhoun County, l e x . — Bonds Registered and Sold. — On July 10
$2,500 5 % io -4 0-year (opt.) building bonds were purchased b y the State
School Fund at par and int. These bonds were registered b y the State
Comptroller on July 11.
PORT OF TILLAM OO K (P . O. T illam ook), T illam ook C ounty Ore.—
Bonds Not Sold.— The District Treas. advises us that the sale o f the two
issues of 6 % 20-yr. gold im pt. bonds, aggregating $450,000, and which was
to have taken place June 15 (V. 92. p. 1134), has been held up on account
of litigation.
NEW LOANS.
NEW LOANS
NEW L0ANS.
$ 5 1 7 ,0 0 0
$ 3 4 0 ,0 0 0
$ 8 3 ,0 0 0
Mi nneapol is,
Minn., T o w n o f S t a m f o r d , C o n n . ,
BONDS
SCHOOL BONDS
Scaled bids will be received b y the Committee
on W ays and Means of the City Council o f the
City of Minneapolis, Minn., at the o ffl c c o f the
C ity Comptroller of said city until
T H U R S D A Y . AUGUST 10. 1911,
at 2 o ’clock p. m ., for the whole or any part of
$200,000 00 Bridge Bonds, to be dated March 1
1911, payable March 1 1941; for the whole or any
part of $50,000 00 Crematory Bonds, to be dated
July 1 1911, payable July 1 1941; for the whole or
any part of $42,000 00 V oting Machine Bonds,
to be dated July 1 1911, payable July 1 1931; for
the whole or any part of $200,000 00 Hospital
Bonds, to be dated July 1 1911, payable July 1
1941, and for the whole or any part of $25,000 00
Fire Department BoAds, to be dated July 1 1911,
payable July 1 1921.
Of the above, the $42,000 00 Voting Machine
Bonds will bear Interest at the rate of four and
one-quarter ( 4 X % ) per cent per annum, payable
semi-annually, and no bid or proposal will be
entertained for a sum less than the par value of
said bonds and accrued interest to date of delivery,
and the balance of. said bonds will bear Interest at
the rate of four (4 % ) per cent per annum, payable
semi-annually, and no bid or proposal will be
entertained for a sum less than ninety-five (95% )
per cent of the par value of said bonds and accrued
interest'to date o f delivery, and all of said bonds
arc tax-exem pt In the State of Minnesota. The
price bid must be for each issue separately.
The right to reject any or all bids Is reserved.
A certified check for two (2% ) per cent of the
par value of the bonds bid for. made to C. A .
Bloom quist, City Treasurer, must accom pany
each bid.
Circular containing full particulars will be mailed
upon application.
By order o f the Committee on W ays and Means
at a meeting held July 11 1911.
DAN C. B R O W N ,
City Comptroller.
Sealed bids will be received by the undersigned
Treasurer of the Town o f Stam ford, until 2 o ’clock
p. m ., July 27th, 1911, for the purchase o f bonds
amounting to three hundred and forty thousand
($340,000) Dollars.
Said bonds to be known as School Bonds and are
Issued b y the Town o f Stam ford, Connecticut.
The said bonds are dated August 1st, 1911, and
run for thirty years.
Said bonds bear Interest at the rate of 4 H per
centum per annum from August 1st, 1911, pay
able semi-annually on the first days of August
and February In each year until the paym ent of
the principal; principal and Interest being payable
at the National Park Bank, New Y ork City.
Said bonds are o f the denomination o f one
thousand ($1,000) Dollars.
Bids will be received for a part or the whole
o f said bonds.
The Treasurer reserves the right to reject any
and all bids. All bids must be enclosed In sealed
envelopes and endorsed “ Bids for the purchase
of School Bonds o f the T ow n of S tam ford,” and
delivered to the Town Treasurer at his office In
the Tow n Hall, Stam ford, Connecticut, on or
before 2 o'clock p. in., July 27th, 1911, at which
time said bids will be opened. .
Each bid must be accom panied b y a certified
check on a State or National Bank or Trust Com
pany for one per cent o f the amount o f the par
value of bonds bid for.
The successful bidder must pay for the bonds
on August 1st, 1911, at 10 o ’clock a. m ., at the
office of the Treasurer o f said Town of Stamford,
at which time and place said bonds will be ready
for delivery No bids will be considered unless
submitted upon the form o f proposal provided
by, and furnished upon application to, the Town
Treasurer.
Dated, Stam ford, Connecticut, July 3, 1911.
JOHN T . IIA N R A H A N ,
Town Treasurer.
Independent District of Wellsburg,
inthe County of Broeke, State of W. Virginia
SCHOOL BONDS
Sealed bids will be received at the office of the
Board of Education of the Independent District
of W ellsburg, In the County o f Brooke, In the
City o f W ellsburg, State of W est VIrgInla.untll
12 O'CLOCK NOON. T U E S D A Y ,
AUGUST 15TH 1911,
f o r t h e p u r c h a s e o f s c h o o l b o n d s o f s a id
p e n d e n t D is t r ic t , In t h e s u m o f
In d e
E ighty-five Thousand ($85,000 00) D ollars;
said bonds are school im provem ent bonds, issued
under the authority o f the Statutes of the State of
W est Virginia and of an election held In said Dis
trict on the 11th day o f April 1911.
Said bonds will be o f the denom ination of
$500 00 each, and numbered consecutively from
one to one hundred and seventy, each Inclusive,
bearing date the 1st day o f A ugust 1911, payable
In not less than ten and not m ore than thirty-four
years from date thereof, with interest at the rate
of 5% per annum from date, payable annually
on the 1st day o f August o f each year after the
date thereof, principal and interest payable at the
National City Bank o f New Y ork.
No bids will be received for less than par and
accrued interest to date of delivery of bonds.
All bids must be accom panied b y certified check,
payable to the order of said Board, equal to 5%
of the par value of the number o f bonds bid for,
and bids m ay be for any number of said bonds.
The Board reserves the right to reject any and all
bids. No conditional bids will be considered.
B y order of the Board o f E ducation of the In
dependent District o f W ellsburg In the County of
Brooke this 11th d ay of July 1911.
Attest:
ELM ER HOUGH.
E. E. C AR TE R,
President.
Secretary.
$ 3 6 ,0 0 0
Village o f Seneca Falls, N. Y . ,
C harles
$ 1 0 0 ,0 0 0
MERRICK
COUNTY,
NEB. ,
(P. O. Central C ity, Ncbr.)
COURT-HOUSE BONDS
Sealed proposals will be received b y F. R .
Nash, County Clerk, until A U G U S T IS, 1911,
12 M „ for the purchase of $100,000 Merrick
County Registered 4 % 20-ycar Court-House
bonds.
Denomination $1,000 each.
Dated July 1, 1911.
Interest payable semi-annually at the office
State Treasurer, Lincoln, Nebr.
Not negotiable at less than par.
Optional after Issuance.
Assessed valuation $4,366,721.
Actual value (estim ated), $30,000,000.
No other Indebtedness.
Certified check of 1% required with bid.
M.
Sm ith
&
Co
CORPORATION AND
MUNICIPAL BONDS
FIRST N ATIO N A L B A N K B U IL D IN G
CHICAGO
M U N IC IP A L A N D R A IL R O A D
BONDS
L IST ON A P P L IC A T IO N
SEASONGOOD
&
MAYER
M e r c a n tile L ib r a r y B u ild in g
C IN C IN N A T I
STREET P A V IN G
BONDS
Sealed proposals will be received b y John M.
Gulon, Clerk of the said Village of Seneca Falls,
N. Y ., at his office In said Village of Seneca Falls,
New Y ork, until the 25TH D A Y OF JU L Y , 1911,
AT 7:30 P. AL, for the purchase of street paving
bonds of said Village, to the am ount of $36,000
o f the denom ination of One Thousand ($1,000)
Dollars each, said bonds to m ature In equa
annual Installments on the 1st d a y of August In
each year, from 1914 to 1925, interest payable
semi-annually on the first d ay of August and
February In each year.
The bonds will be awarded to the bidder who
will take the same at not less than par and accrued
Interest to date of delivery at the lowest rate of
Interest, not to exceed 5 % .
The Board of Trustees reserves the right to
reject any and all bids.
• Dated, Seneca Falls, N. Y ., July 10, 1911.
By^order o f the Board o f Trustees.
JOHN M .tG U IO N ,
•
Village Clerk.
THE
248
[VOL. LXXXXIII.
C H R O N IC L E
S t. Petersburg or New Y ork.
Due in 30 yrs.
Cert, check for $5,000,
payable to the City Treas., required.
SANGER INDEPENDENT SCHOOL DISTRICT (P . O. Sanger), Denton
C ounty, T ex.— Bonds Registered and Sold.— A n Issue of $8,000 5% 5-20-year
(opt.) building bonds have been awarded to the State School Fund at par
and int. The bonds were registered on July 11 b y the State Comptroller.
SCHENECTADY, N. Y .— Note Offering.— Proposals will be received until
11 a. m. July 28 by the Bd. of Estimate and A pportionm ent, at the Com p
troller’s office, for $14,978 56 4 )4 % Duane A ve . Impt. assess, notes. Tne
notes will be Issued as of July 28 1911 and be In denom ination of $3,744 64.
Int. J. & J. In New York exchange at the City Treas. office. Due $3,744 64
yearly on Oct. 28 from 1912 to 1915, incl. Cert, check on a bank or trust
com pany for 2% of notes bid for, payable to C. II. Benedict, C om pt., re
quired. Drafts on New Y ork for Interest will be mailed to registered
holders thereof.
R IC H M O N D IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . R ic h m o n d ),
SCOTIA. Schenectady C ounty, N. Y .— Bond Sale.— On July 17 the $14,
F o r t B e n d C o u n t y , T e x a s . — Bonds Voted.— The election held July 6 re
600 (not $13,600 as reported In V . 93, p. 185) 16-yr. refund, bonds were
sulted In favor, it is stated, ol the proposition to issue the $20,000 building awarded to I. W . Sherrill of Poughkeepsie for $14,612 (100.082) for 4.80s.
bonds (V . 92, p. 1658).
Denom. $1,000, $800, $700 and $600. Date A ug. 1 1911. Int. F. & A .
Due A ug. 1 1927.
R O C H E S T E R , N . Y — Note Sale.— On July 20 the $225,000 water-worksSHAKOPEE, Scott County, Alinn.— Bond Sale.— On July 11 the $10,000
im p. 8 m onths’ notes (V . 93, p. 184) were awarded to C. II. W hite & Co. ot
4 Vj % 20-year coup, water-works bonds (V . 93, p. 68) were awarded to the
N . Y . at 3.90% lnt. and $28 premium. Other bids follow:
First National Bank In Shakopee at 100.75— a basis of about 1.44% .
Goldman, Sachs & C o., New Y ork ______________ 4 % ln t., $26 50 premium
Bond & Goodwin, New Y o r k --------------------------------4 % ln t., 11 00 premium
SOLOMON, Dickinson C ounty, Kans.— Bonds Proposed.— This city pro
Alliance Bank, R ochester________________________ 4 % int.
poses to Issue $30,000 water and 'lght plant bonds, according to reports.
SPOKANE,
W ash.— Bond Sales in June.— The following 6% bonds, ag
R O M E , O n e id a C o u n t y , N . Y . — Bond Offering.— Proposals will be received
gregating $347,456, dated June 1, were disposed of during the m onth o f June
until 11 a. m . July 31 b y A . L. MacMaster, City Clerk, for $150,000 4 M %
Am ount.
Purpose.
Due.
reg. ref. water bonds. A uth. Chap. 650, Laws of 1904. Denom. $1,000.
June 1 1921
$7,8 5 0 ..Seventh A ve . N o. 434 bonds_________________________ June
June 1 1921
Date A ug. 1 1911. Int. J. & J. at the National Park Bank In New Y ork.
4 ,640. .F airvlew A ve. N o. 789 b on d s________________________ June
June 1 1921
5 .7 0 0 .. W alton A ve. grade and walk N o. 798 bonds_________ June
Due In 20 years. Purchaser to p a y accrued Interest.
1 1921
1 .5 4 0 .. 5 .erm a n St. grade and walk N o. 854 b on d s_______ .June
June
The official notice o f this bond offering will be found among the advertise
June 1 1916
8 9 0 .. Ash Street grade and walk N o. 805 bonds_________ June
ments elsewhere in this Department.
June 1 1921
12,670-.H artson A ve. grade and walk N o. 408 bonds________ June
1 .9 1 0 .. Ninth A ve. grade and walk No. 803 bonds.................Juno
.Juno 1 1921
R O N C E V E R T E , G r e e n b r ie r C o u n t y . W . V a . — Bond Offering.— Proposals
u n e 1 1921
.June
will be received until 2 p. m . July 31 by J. M. Miller, J. Geo. R eynolds and 31,810_.S econd A ve. grade, walk and bridge No. 708 b o n d s..J
June 1 1921
P . A . George, Bond Comm ittee, for $8,500 street-lm pt. and $7,500 water 3 1 .5 2 0 .. 11.rtson A ve. grade and walk N o. 623 bonds_______June
1 1 .9 5 0 .. 5 .v en th A ve. grade and walk N o. 785 bonds_______ .June
June 1 1921
6% cou p, (city’s portion) bonds. Denom. $100. Date A ug. 7 1011. In t.
June 1 1921
4 .2 8 0 .. Tenth A ve. grade and walk N o. 818 bonds_________ .June
A ug. at Chase N at. Bank in New Y ork. Due A ug. 7 1941. Cert, check for
1 3 .0 8 0 .. Third W ard grade and walk No. 3 bonds.............. .......June
June 1 1916
10% o f bonds bid for, payable to the City Clerk, required. B onded debt,
3 ,3 3 0 .-F ourteenth A ve. grade and walk N o. 770 bonds_____ June
June 1 1921
Including this Issue, $39,000. Assess, v a l., $1,669,113.
1 1921
1 3 .1 6 0 .. W abash A ve. grade and walk N o. 796 b o n d s ......... .June
June
R O T A N I N D E P E N D E N T S C H O O L D I S T R I C T ( P . 0 . R o t a n ) , F is h e r
5 .0 4 0 .. Denver Street grade and walk No. 723 bonds________ .June
June 15
15 1921
C o u n t y T e x . — Bonds Registered and Sold.— On July 10 an Issue of $3,000
June 15
4 ,8 3 0 .-Columbus St. grade and walk N o. 806 bonds________ June
15 1921
5% 20-40-year (opt.) building bonds was awarded to the State School Fund
2 .2 7 0 .. Lamonte St. grade and walk N o. 791 bonds______ .June
June 15
15 1921
at par & lnt. These bonds were regis. on July 10 b y State Comptroller.
4 6 ,0 8 0 -.Indiana A ve. No. 749 paving bonds-------------------------- .June
June '1 1921
June
1 1921
2
5
.1
8
0
..
Division
St.
No.
762
paving
bonds..............................
June
S T C H A R L E S , S t . C h a r le s C o u n t y , M o . — Bond Sale.— On June 12 the
June 1 1921
$30 000 4 % 5-20-yr. (opt.) water bonds (V. 92, p. 1587) were awarded to 6 7 ,0 0 0 -.Lincoln St. N o. 709 paving bonds___________________ June
June 1 1921
8 .1 8 0 .. A lley paving N o. 677 bonds............ .................- .......... June
t h e Harris Trust fc Savings Bank of Chicago at par.
2 .3 8 0 .. Alley paving N o. 676 bonds ...................................... June
June 1 1921
S T . H E L E N A U N IO N H IG H S C H O O L D IS T R I C T , N a p a C o u n t y , Cal —
June 1 1916
8 3 0 .. Twelfth A ve. sidewalk N o. 795 bonds_____________ June
Bond Sale.— On July 10, It is stated, the $30,000 5% bonds (V . 92, p. 1717)
2 .5 8 0 .. 5 .ra g u e A ve. sidewalk N o. 845 bon d s_____________June
June 1 1916
were awarded to the First National Bank and the Napa Savings Bank In
2 .4 5 0 .. Division St. sidewalk N o. 820 b on d s______________June
15 1916
.June 15
Napa for $30,366 65, making the price 101.222.
3 8 0 . . Pacific A ve. sidewalk N o. 840 bon d s......................... June
June 15
15 1916
3 .7 5 0 .. Grant St. sewer No. 821 bonds_____________________ .June
June 1 1921
S T . P E T E R S B U R G , H il l s b o r o C o u n t y , F la .— Bond Offering .— Proposals
.June 1 1921
will be received until 7:30 p. m. A ug. 3 by W . F. Divine, City Clerk, for the 2 8 .9 6 0 .. Fifth W ard Sub-Trunk Sewer N o. 9 bonds.................June
15 1921
1921
3 .2 1 6 .. Mission A ve. Sewer N o. 851 bonds________________ -June
June 15
$100,000 6% coup, tax-free street, park and water bonds voted June 13
Interest annual. Bonds are optional at any Interest period.
(V . 92, p. 1717). Denom . $1,000. Date A ug. 3 1911. In t. F. & A . in
P O R T S M O U T H . R o c k i n g h a m C o u n t y . N . H . — Bond Sale.— On July 15
the $50,000 13 2-3-yr. (av.) coup, street-paving bonds (V . 93, p. 122) were
awarded as 4s, $20,000 to the B d. of Sinking Fund Comrs. at 100.633 and
int. and $30,000 to C. F. Shlllaber at 101.216 and lnt. Other bids follow :
4 % Bonds. z y % B d s .
R udolph K leybolte C o., In c., New Y o rk _____________ 100.567
-------E . M. Farnsworth & C o., B oston_____________________100.54
_____
G. A . Fernald & Co., Boston ...... .......... ....................... .100.07
-------E . H . Rollins & Sons, B oston________________________ 100.137
97.477
96.049
N . W . Harris & C o., In c., B oston__________________ 99.09
Merrill. Oldham & C o.. B oston ................................. .......................
97.079
P O T T A W A T O M I E C O U N T Y ( P . O . T e c u m s e h ) , O k ia — Description o f
Bonds.— The $250,000 5% drainage bonds, sold on June 26 (V. 93, p. 67),
are In the denom . o t $500 each and dated J u l y 1 1911. In t. J. & J. Due
20 years.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$ 3 0 ,0 0 0
$ 8 9 ,0 0 0
$ 1 5 0 ,0 0 0
Town of Moore, Fergus Co., Mont. CITY OF SUMMIT, NEW JERSEY,
W A T E R -W O R K S
BONDS
NOTICE OF BOND SALE.
N OTIC E IS H E R E B Y G IV E N that the Town
Clerk of the Town of M oore, Fergus County, Mon
tana, will sell at public auction at his office in
the Town of M oore, at the hour of
T H R E E O ’C L O C K P . M . O N T H E 14T H
D A Y OF A U G U S T . A . D . 1911.
,
an issue of $30,000 00 o f the Tow n’s water-works
cou pon bonds.
.. ,
, , .
.
A uthority for the issuance of said bonds is based
upon an election held In the said Tow n on the 29th
day of June, A .D . 1011, and proceedings had b y
the Tow n Council of the said Tow n of Moore,
authorizing the same under the laws of the State
of Montana.
Said bonds will draw lnerest at a rate not ex
ceeding six per centum per annum, will be of the
denom ination of $1,000 00, will be dated the 1st
day of A ugust, A . D . 1911, due the 1st day of
A ugust, A .D . 1931, optional on the 1st day of
A ugust, A .D . 1921, Interest payable semi-annually
at the Tow n Treasurer’s Office, or at a bank In
Chicago or New York designated b y the pur
chaser.
A certified check for $1,000 00, payable to the
Town Treasurer of the Town of Moore, Is required.
Said bonds must be sold at not less than their par
value to the bidder offering the highest price for
said bonds. The right to reject any and all bids
Is reserved.
A . D . SCOTT, Town Clerk.
$ 3 9 ,5 0 0
T o w n o f Culbertson, M o n t an a ,
W A T E R -W O R K S BONDS
C ITY
OF
N.
Y .,
SCHOOL BONDS
BONDS
Sealed proposals will be received by the Common
Council of the City of Sum m it, N. J ., from 8 to
8:30 P . M ., on T U E S D A Y . A U G U S T 1 S T . 1 9 1 1 ,
and opened at the last-named hour at a public
meeting ot the said Common Council to be held
at the said tim e at the Municipal Building In the
City of Sum m it, N . J.
For the purchase of the $89,000 Issue of Ay,
per cent bonds of the City ol Summit, N. J ., of
the denomination of $1,000 each, payable In
thirty years, issued In pursuance of an A ct of the
Legislature o f the State of New Jersey, entitled
“ A n A ct to establish a thorough and efficient
system of free, pub'Ic schools and to provide for
the maintenance, support and management
thereof,” approved October 19th, 1903, and the
several supplements thereto, and amendments
thereof, and also by virtue of an ordinance o f tne
Common Council of the said City of Summit
passed at a regular meeting of the said Common
Council held on the fifth day of July, Nineteen
Hundred and Eleven, and d u ly approved by the
M ayor of the said City o f Summit.
Each proposal must be enclosed In a sealed
envelope properly endorsed with the name o f the
bidder and designating the subject matter of the
bid and directed to the Common Council of the
City ot Sum mit, N. J.
Bidders will state tlielr prices In wilting as well
as figures.
Each proposal must be accom panied by a
certified check or cash for the sum of Five Hun
dred Dollars ($500); if certified cneck is furnished,
It shall be made payable to the City of Sum mit,
N . J ., without reserve.
The Comm on Council of the City o f Summit,
N. J ., reserve to themselves the right to accept
or reject ah proposals for the above-mentioned
bonds as they m ay deem best for the Interests of
the City.
.
By direction of the Common Council of the City
of Sum mit, N . J.
J. E D W . R O W E ,
City Clerk.
Under authority of the Common Council of
the City of R om e, sealed proposals will be received
by the undersigned until eleven o ’clock a. m . of
M O N D A Y , J U L Y 3 1 , 1 9 1 1 , at the office o f the
City Clerk of the City of R om e, N . Y ., for the
purchase of W ater Bonds of the City of R om e,
as follows:
One hundred and fifty thousand dollars
($150,000) of Bonds at one thousand dollars
($1,000) each.
Said bonds are part of an Issue to refund a
water debt of $160,000 about to becom e due.
T hey are Issued in accordance with the General
Municipal Law and the charter of the City of
R om e, being Chapter N o. 650 of the Laws of
1904. Said bonds arc registered and run for
twenty (20) years. The rate of Interest Is four
and oue-fourth per cent per annum, payable
January first and July first each year. Prin
cipal and Interest are payable at the National
Park Bank, New Y ork, N . Y . The bonds will
be dated August 1, 1911. The proceeds of said
bonds are to be used for the refunding of the
water debt above m entioned. The bonds, under
the law, can not be sold fer less than par. Suc
cessful bidders will be required to pay accrued
Interest from the date of bonds to the date of
delivery of same.
$10,000 of above $160,000 Issue restrved for
sinking fund.
A L B E R T L . M acM ASTER,
City Clerk.
F.
WM.
KRAFT
LAWYER
Specializing in Examination ot
S S u n ic ip a l
and
1313 FIRST
C o r p o r a t io n
B ondi
NATIONAL BANK BLDU..
CHICAGO, IL L
v^Notfce rs m m Bft&rw stottsw 'c w w
the Town of Culbertson, Valley County, Montana,
will sell at public auction at his office In the Town
of Culbertson at the hour of one o’ clock p. m.
on the 29TII D A Y OF JU L Y A . D . 1911 an Issue
of $39,500 of the city’s water works coupon bonds.
A uthority for the Issuance of said bonds is based
upon an election held in the said town on the
15th day of June A . D. 1911 and proceedings had
b y the Town Council authorizing the same under
the laws of the State of Montana.
Said bonds will draw Interest at a rate not ex
ceeding six per centum per annum, will be of the
denomination of $500, will be dated 15th day of
July A . D . 1911, due the 15th day of July A . D .
1931, optional on the 15th day of July A . D. 1921,
interest payable semi-annually at the City Treas
urer’s office or at a bank in Chicago or New York
designated by the purchaser.
A certified check for $1,000 00, payable to the
Town Treasurer, Is required. Said bonds must
be sold at not less than their par value to the
bidder offering the highest price for said bonds.
The right to reject any and all bids Is reserved.
J . E . PE TE R S O N .
Town Clerk.
ROME,
‘
H 0 D E N P Y L , H A R D Y & C0J
7 W a il S t.,
T hom as
>
.
• ... « «..•
, f"
.• ..
B o lg e r
J.
’ . •___
C o.
Naw Y o rk
R a ilr o a d , S tr e e t R y . , G a s
& E le c .
L ig h t
S E C U R IT IE S
M U N IC IP A L
B O N D S
Legal for Savings Banks,
Postal Savings a n d Trust F u n d s
SKND FOR LIST
19 South La Salle S t.,
CHICAGO
• E ST A B L ISH E D 1885
H. C. S P E E R &
SO N S C O
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AN D M U N IC IPAL BONDS
B ank
and
NEW
T ru st
YORK
C om pany
AND
S to ck *
BROOKLYN
BOUGHT AND SOLD
C L I N T O N
3 WALL
G I L B E R T
ST., NEW YORK.
July 22 1911.|
THE
C H R O N IC L E
S O M E R S E T , S o m e r s e t C o u n t y , P a . - Bond Sale.— On July 6 the 515,000
4
roup, water bonds (V. 93. p. 68) were awarded to H . P. T a ylcr & Co.
of Pittsburgh:at par.'.lnt. .and blank bonds. • No othei\blds were received.
i 'H ^ U T H I N O T O N , ’' H a r t f o r d C o u n t y , C o n n .— Correction.— In «Treportlng
the award in last week’s “ Chronicle” of the $22,000 4 A% 30-year cou p,
water bonds to Parkinson & Burr of Hartford, at 105.9875, we Inadvertently
gave the Income basis as4 .1 8 7 % , when It should have been given as4 .1 4 8 % .
SPR IN G FIE LD , H a m p d e n C o u n t y , M a s s . — Temporary L oan.— A loan
o f $300,000 was negotiated with Morgan & Bartlett of New Y ork , It Is
stated, at 3% discount.
S U M M I T , U n io n C o u n t y , N . J .— Bond Offering.— Proposals will be re
ceived until 8:30 p. m. A ug. 1 by the Comm on Council for $89,000 4'A%
30-yr. school bonds. Denom. $1,000. Cert, check (or cash) for $500,
payable to the “ City of Sum m it,” Is required. J. E dw . Howe Is City Clerk.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
S U T T O N S C H O O L D I S T R I C T ( P . O . S u t t o n ) , C la y C o u n t y , N e b . — Bond
Offering.— Proposals will be received until 1 p. m. July 24, It Is stated, b y
J . P. Bausch, Sec. Board of Education, for the $38,800 5 % hlgh-schoolbulldlng bonds voted recently (V . 93, p. 123). Date July 1 1911. Due
20 years, optional a fte r _ 5 .y e a rs ..........................................
.
■ S Y R A C U S E , N. Y . — Bonds Authovized.— An ordinance has been passed,
reports state, providing for the Issuance of $146,000 bonds.
T A R B O R O , E d g c c o m b C o u n t y , N o . C a r o . — Bond Offering.— Proposals
will be received until 8:30 p. m . July 31, It Is stated, b y W . O. H oward,
M ayor, for $25,000 40-year paving and $25,000 35-year water 5% coupon
bonds. Int. seml-ann. Cert, check for $500 required. These bonds wer
previously odered, but not sold, on June 12 (V. .93, p. 185) .
T A U N T O N .t B r l s t o l C o u n t y , M a s s . — Bond Sale.— E. H . R o'llns & Sons
of Boston have been awarded. It Is stated, the following 4 % bds. at 105.177:
$15,000 sewer bonds. Due Dec. 1 1940.
25.000 water bonds. Date July 1 1911. Due $1,000 yearly from 1916
to 1940 Incl.
•
35.000 Improvement bonds. • Due June 1 1921.
• T E T O N C O U N T Y S C H O O L D I S T R I C T (N O . 1 ( P . O . C l i o t e a u ) , M o n t . —
Bond Sale.— On June 3 the $3,000 15-yr. coup, site and bldg, bonds (V . 92,
p.*1518) were awarded t o the Union Bank & Trust Co. at 101. ■Int. J. & J.
St. J o s e p h C o u n t y , Mich.— Bond Sale.— On July 18
the $40,000 4A% 18 4-5-year (av.) coupon Emery water-power bonds (V.
93,?pA68)awere.awarded to W oodln, McNear & Moore at private sale.
“Three rivers,
T R E N T O N S C H O O L D IS T R I C T (P . O . iT r c n to n ), G ru n d y C o u n t y , M o .—
Bonds Offered by B a n k ers.--The $15,000 4 lA % 10-20-yr. (opt.) coup, bonds
(V . 92, p. 1060) are being offered to Investors by the Harris Trust & S av
ings Bank of Chicago. Denom. $500. Date June 1 1911. Int. J. & D.
at the Merchants’ Laclede National Bank In St. Louis.
• T R O Y , N . Y .— Certificate Sale.— On July 15 $100,000 5% certificates
due O ct. 15 1911 were awarded to the Manufacturers’ National Bank In
T roy at 100.276. Denom. $25,000. Date July 15 1911. Other bids
follow:
T roy Sav. Bank. T r o y . . $100,258 65|C. K . W hite & C o., N. Y .$10 0 .0 3 5 00
T W I N FA LLS, Twin Falls C o u n t y , Idaho.— Bonds Offered by Bankers.—
The German-American Trust Co. of Denver Is ollerlng to Investors $76,650
7 % paving bonds. Denom. $500, except 5 bonds of $330 each. Date
June 1 1911. Int. F. & A . In Twin Falls or New Y ork. Due $15,330
yearly on F eb. 1 from 1912 to 1916 lncl.
249
U T I C A , O n e id a C o u n t y . N . Y . — Bond Offering.— Proposals will b e r e
ceived until 12 m. July 26 b y F. G. Rcusswlg, City Com pt., for the following
4 M % reg. tax-exem pt bonds:
$36,000 subway bonds. Due $2,000 yrly. from 1912 to 1929 lncl.
25,000 parkway bonds. Due $1,250 yrly. from 1912 to 1931 lncl.
Date Ju’ y 1 1911. Int. J. & J. in New Y ork exchange. Cert, check
for 1% ot bonds bid for, payable to the City Treas., required. Bids must
be made on each Issue separately and on blank forms furnished b y the
Comptroller or at the office of the Columbia T iu sf C o., New Y ork. Bonds
to be certified by the Columbia Trust Co. and papers evidencing legality of
Issue w ill be lurnlshed to the,purchaser.
• • • • • ^ ■ ■ •
~ V I G O C O U N T Y ( P . O . T e r r e " H a u t e ) ,' la d .— Bond S a le ^ R e p o r ts 's t a t e
that an issue of $21,600 4 H % road bonds were sold on July 14 to J. F .
Wild & Co. ot Indianapolis atjfpar. • , - ;j>j . . -j . • ............................................
k I \ V A K E A lA N
T O W N S H I P f ( P . ^ O . ^ W a k e m a n ) , T H u r o n T' C o u n t y , ’ O h io .—
Bond Sale.— On July 15 the $8,700 4% road-im pt. bonds (V . 93, p. 68) were
awarded to the W akeman Bank Co. In Wakemau for $8,730 (100.344) and
Interest. Three other blds^were received.
...................................
. . .
• W A L L L A K E , S a c C ounty, I o w a . — Bond Offering.— Proposals will b e
received until 6 p. m . July 26 for $6,000 5% water bonds. A uth. vote ot
70 to 5 at an election held June 13. Int. seml-ann. Due $500 yrly. from
1914 to 1925 Incl. Cert, check for $100 required. Present debt is $2,600.
Actual valueJL$352,730. Taxable^val. $85,808.
............................................
• W A S H I N G T O N C O U N T Y i ( P .* lO .* 'iB r c n lia m ), T e x . — Bonds Registered.—
On July 15 the $57,000 5% Im provem ent District No. 1 levee b o n d s
(V. 92, p. 1589)..were reglsteredfbyitheSState C o m p tro lle r...................,- j i g
• W A T E R L O O T O W N S H IP S C H O O L ^ D IS T R IC T (P . 0 .« A t h e n s ), A th en s
C o u n t y , O h io . — Bond Sale.— On July 12 the $1,000 6% 2 H -yr. (av.)
school-building bonds (V. 93, p. 68) were awarded to L. A . Hawk of M a r s h
field at 102.425— a basis of about 4 .9 6 % , according to r e p o r t s ...................
W E L L S B U R G IN D E P E N D E N T S C H O O L D IS T R IC T (P . O . W e lls b u r g ).
B r o o k e C ounty, W . Va.— Bond Offering.— Proposals will be received until
12 m. A ug. 15 by the Bd. of E d ., E. E . Carter, S ec., for the $85,000 5%
ltnp. bonds (V . 92, p. 1455). Denom. $500. Date A ug. 1 1911. Int.
annually at the National City Bank in New Y ork. Due part yearly trom
10 to 34 years. Cert, check for 5% o f bonds bid for, payable t o t h e
board. Is required.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
W I L K E S - B A R R E , L u z e r n e C o u n t y , P a . — Bond Offering. — P r o p o s a l s
will be received until 2 p. m . A ug. 10, it Is stated, b y Fred. H . Gates, City
Clerk, for $4,100 5% 5-year paving bonds. • Denom. $100. •Int. J. & J.' •
•W I L L O W S , G le n n C o u n t y , C a l .— Bond Election.— Reports state that a n
election will be held Aug. 5 to vote on the question of Issuing $27,000 sewer
b o n d s ........................... a ............................it • •L t i........................: ................... ‘ •
W I N K L E R C O U N T Y ( P . 0 . ! K c r m i t ) , T e x — Bond Sale.— The $6,000
5% 10-40-year (opt.) court-house bonds registered by the State Comptrolle
on March 1 (V . 92, p. 829) were sold on July 10 to the State School Fund
a t:p a r and Interest.
....................................... ■• •..................................... 1 •
W O B U R N . A lid d le s e x C o u n t y , A la s s . — Bond Offering.— Proposals' w l l
be received until 12 m. July 24 b y J. F. M cGrath, City Treasurer,' fo
$20,000 4% coupon water loan bonds, A ct o f 1910. Denom . $1,00
Date July 1 1911. Int. J . & J . at the Second N at. Bank of B oston. Du
ACCOUNTANTS.
NEW LOANS
NEW LOANS.
LYBRAND,
$ 2 5 0 ,0 0 0
$ 3 3 ,8 0 0
C I T Y OF B A N G O R , M AI NE ,
T o w n of Harlem, M on tan a,
4%
$ 2 5 0 .(}0 0
C o u p o n “ M u n ic ip a l P u r p o s e s B o n d s ”
denomination o f $1,000 each, dated
Issued In
August 1, 1911, payable August 1, 1931: Interest
puyab'e semi-annually on the first days of Febru
ary and August until m aturity. Principal and
Interest payable at The Merchants' National Bank
o f Boston, Mass.
Said Bonds are exem pt from taxation in Alaine.
Bonds engraved under the supervision of and
certified as to genuineness by The First National
Bank of Boston, and their legality approved by
Mcssro. Storey, Thorndike, Palmer & Dodge,
whose opinion w l" be furnished the purenaser.
All legal papers Incident to this Issue will be filed
with said bank, where they may be Inspected at
any time.
Bonds will be delivered to the purchaser on the
first day of August, 1911, at The First National
Bank of Boston.
Proposals will be received until 12 A t., F R I D A Y ,
J U L Y 2 8 1 1 1 , 1 9 1 1 , and are to be sealed and
addressed to II. O. Pierce, City Treasurer, Bangor,
Maine, and marked “ Proposal for B onds.”
Each bid must be accompanied by a certified
check for $1,000, payable to the order of the City
Treasurer.
The right Is reserved to reject any and all bids.
II. O. PIE R C E ,
City Treasurer.
Bangor, Maine, July 17, 1911.
Notice is hereby given that the Town Clerk of
the Town of Harlem, Chouteau County. Montana,
will sell at public auction at his office In the town
of Harlem at the hour of 1 o ’clock p. m ., on the
1 5 T H D A Y O F A U G U S T , A . I ). 1 9 1 1 , an issue
of $33,800 ot the city's water-works coupon
bonds.
A uthority for the issuance of said bonds Is
based upon an election held In the said town on
the 24th day of June, A . D. 1911, and proceedings
had by the Town Council authorizing thesam e.and
under the laws of the State of Montana.
Said bonds will draw Interest at a rate not
exceeding six pcrcentum per annum; will consist
of thirty-three bonds of the denomination of
$1,000 each and one bond of the denomination of
$800; will be dated 15th day of August, A . D. 1911,
due the 15th day of August, A . D . 1931, optional
on the 15th day of August, A .’ D. 1921; Interest
payable semi-annually qt the City Treasurer’s
office or at a bank In Chicago or New York
designated by the purchaser.
A certified check for $1,000, payable to the
Town Treasurer, Is required. Said bonds must
be sold at not less than their par value to the
bidder offering the highest price for said bonds.
The right to reject any and atl bids Is reserved.
STEW ART TAYLO R.
Town Clerk.
O. e . V
B LO D G E T
&
an
Wo
C e rtifie d P u b lic A c c o u n ta n ts
(P e n n s y lv a n ia )
NEW YO RK,
55 Liberty St.
P H IL A D E L P H IA ,
Land Title Bldg.
P IT T S B U R G H ,
Union Bank Bldg,
CH ICAG O, First National Bank Bldg.
J A M E S
BONDS
P A R K
&
N e w Y e r k , C h ic a g o , C in c in n a t i a n d
L o n d o n , E n g la n d .
A U D IT O R S
FOR
F IN A N C IA L
IN ST IT U
T IO N S, IN D U S T R IA L A N D
M IN IN ® COM PANIES
Investigations, FinaneUl Statements,
Periodical Audita and A a o w n tto g
THE AMERICAN
MANILA
s t r a n d
MFG. CO.
SISAL ANB JUTE
CORDAGE
INDUSTRIALS
65 Wall Street
00 S T A T IC S T R E E T , B O S T O N
New Yerk
SO F I N E S T R E E T , N E W Y O R K
STATE, C ITY & R A IL R O A D BONDS
/- n
,
" < - >t
________________ '
1;
i
.t„,
.
!• :
I
- ' ‘ Pe
r s o n a l
s e r v i c e
O S 0 W jc v ix « x je t x t J k x jc x r w t t la i x t
P. O. BOX 27, MAIN OFFICE.
WASHINGTON, D. C.
O F F IC IA L O R G A N OF TH E ASSOC IATIO N OF
A M E R IC A N GO VE R N M EN T ACCOUNTANTS.
A M O N TH LY M A G A ZIN E OF IN T E R E S T TO
ACCOU N TIN G A N D FIN A N C IA L O FFIC E RS
OF M U N IC IP A L IT IE S . B A N K S, R A IL W A Y S
A N D O T H E R PU BLIC S E R V IC E C O R P O R A
T IO N S .
_______
TO BE FOUND IN A LL L E A D IN G C E R T IF IE D
PU B L IC ACCOU N TANTS’ O FFIC E S.
Sample Copy 15 cents. Per Annum $1 60
P e r s o n a l a tte n tio n
corresp on den t
W e
CO.
C E R T IF IE D P U B L IC ACCOU N TANTS
M W ALL STREET
CO.
B R O S &
M O N TG O M ERY
W A T E R -W O R K S BONDS
COUPON BONDS
The City Treasurer will receive proposals for
the purchase of
4%
R O S S
is
to th e
th e
needs
r u le
in v it e y o u r
o f
a t th is
ea ch
ban k.
a ccou n t.
M E LL O N N A T IO N A L B A N K
P IT T S B U R G H
250
[Vol. Lxxxxm.
T H E C H R O N IC L E
$1,000 yearly July 1 from 1912 to 1931 incl. Bonds will be certified as to
their genuineness b y the Old Colony Trust Co. of Boston, wh ch will further
certify that. In the opinion of S torey, Thorndike, Palmer & Dodge, this
issue is a valid obligation.
W O O D C O O N T Y ( P . O . G r a n d R a p i d s ) , W i s . — Bonds Offered bg Bankers.
— Parson, Son & Co. of New York and Chicago are offering to Investors
$25,000 6% Rem ington Drain. Dlst. bonds. Denom. $500. Date Mch. 20
1911. Int. A . & O . Due from Sept. 1 1914 to Sept. 1 1928.
W Y A N D O T T E C O U N T Y ( P . O . U p p e r S a n d u s k y ) , O h io . — Bond S ale.—
O n July 17 the $26,000 5% 1-5-ycar (serial) road-improvem ent bonds (V . 93,
p. 69) were awarded to the Commercial National Bank in Upper Sandusky
a t 102.58— a basis of about 4 .0 9 % — It Is stated.
W Y O M I N G C O U N T Y ( P . O . W a r s a w ) , N . Y . — Bond Sale.— On July 17
the $30,000 4 H % 11-20-yr. (ser.) coup, or reg. road bonds (V . 93. p. 186)
were awarded to Harris, Forbes & Co. of New York at 104.308 and in t.—
a basis of abou t 4 .1 2 2% .
Y O U N G S T O W N , Ohio.— Bond Sale.— Following arc the bids received
o n July 17 for the sixteen Issues of 5% bonds, aggregating $90,965 (V . 92,
p. 1719), all of which were awarded to the Tlllotsou & W o lco tt Co. o f
Cleveland, whose bid Is given below as N o. 1:
$1,800 $1,600 $1,200 $10,095 $ i 1,770
$710
$460 $2,210
sewer widen’g street
paving re-pav’g grading paving sewer
bonds. bonds. bonds.
bonds.
bonds. bonds. bonds. bonds.
Bid N o. 1.$1,828 $1,618 $1,214 $10,303 $12,013
$724
$469 $2,255
____ ______
____
Bid N o. 2 . ____
10,290 12,008
____
2,221
Bid N o. 3 .............
710
10,298 12,006
____ ______
____
Bid N o. 4 ............. ______
10,296 12,005
Bid N o. 5 ............. —
—
—
10,256 11,958
—
..........$1,620 $21,410
$835 $1,455 $2,865 $3,030 $10,430 $3,275
sewer paving paving re-pav’g paving paving paving sidew'lk.
bonds. bonds. bonds. bonds. bonds.
bonds. bonds. bonds.
Bid N o. 1.$1,653 $21,853
$852 $1,485 $2,924 $3,092 $10,645 $3,342
______
____
21,843
10,040
Bid N o. 2 .............
2,894 3,060 10,640 3~,308
'8 3 5 ’ l‘,462
Bid N o. 3 . 1,628 21,840
____ ______
______
____
10,638
Bid N o. 4 . ____ 21,838
—
21,785
—
10,597
Bid N o. 5 .............
..........- —
____
Bid N o. 6 . .................... ..
840 ...........................................................
I ...
Bid N o. 2 Is Seasongood & Mayer of Cin.; B id. No. 3 Is Hayden, Miller &
Co. of Cleve.; Bid No. 4 Is Otis & H ough of C lev.; Bid N o. 5 is W ell, R oth &
Co. of Cin., and Bid N o. 6 is Jas. Squire o f Youngstown.
All bids include accrued Interest.
Canada, its Provinces and Municipalities.
Sask.— Debenture Election.— The ratepayers will vote
July 24, reports state, on a by-law providing for the Issuance of $2,000
10-lnstallment and $25,000 25-Installment 5% town-hall debentures.
*• C A L G A R Y , A l t a . — Loan Voted.—-Three b y - W j providing for loans
amounting to $55,000 for cem ent sub-bases and street-railway extensions
have been approved. It Is stated.
C A R L Y L E , S a s k . — Loan Election.— It Is stated that a by-law providing
for $3,000. to be used for the purchase of a publlcgarden and buildings, will
bejvoted upon July 24.
C O R N W A L L . O n t . — Loan Election.— The ratepayers will vote July 24,
reports state, on a by-law providing for a loan of $30,000 for the improve
ment of water-works.
F5BATTLEFO RD ,
E N D F .R B Y , B . C . — Debenture Offering.— Proposals will be received until
A ug. 15 by G. Rosam an, City Clerk, for $15,000 local-im provement and
$2,000 water 6 % debentures. In t. semi-ann. Due in 20 years.
H A L T O N C O U N T Y ( P . O . M ilton), O n t . — Debenture Offerinq.— Proposals
will be received until A ug. 1, It is stated, for $90,000 4 % 20-Installment
debentures. W m . Panton Is County Clerk.
H U L L . Que.— Loan Voted.— Reports state that by-laws providing for a
loan of $42,000 for Arc stations, $18,500 for a drain and $100,000 for watermains were favorably voted at a recent election.
K E N T V I L L E , N . S . — Debentures Voted.— A by-law providing for the
issuance of $5,000 Nova Scotia Carriage Co. bonus debentures was carried,
it is stated, b y a large m ajority.
M A C L E O D , N . S . — Debenture Offering.— Proposals will be received until
6 P- Pi. July 31 by E. F. Brown, Sec.-T reas., for $35,000 20-yr. and $46,000
and 5„3,000 40-yr. 5% coup, debentures. Interest annual.
N A N A I M O , B . C .— Loan Voted.— A loan of $50,000 for sewerage-exten
sion was recently voted, it is stated.
N E N D O R F , S a s k . — Debenture Sale.— N ay & James of Regina were
awarded an Issue of $1,500 6% 15-installment debentures, it Is stated.
O T T A W A , O n t . — Debentures Voted.— By-laws have been passed, acng. t0 reP °rts, providing for the Issuance of $1,721 21 street and $220,
000 water-system debentures.
P E T E R B O R O , O n t . — Loan Election.— It Is stated that a by-law providing
for a loan of $24,000 for park sites will be voted upon July 28.
P O R T A R T H U R , O n t . — Loan Voted.— Reports state that nine by-laws
voted Qg *°r oans aH£regatIng $400,000 for municipal Impts. have been
S A S K A T O O N , S a s k .— Debentures Voted.— The election held July 6
resulted in favor of the question o f issuing the $15,000 building and $50,000
fire-hall debentures. V . 93, p. 70.
S T E T T L E R S C H O O L D I S T R I C T N O . 1 4 7 5 , A l t a . — Debenture Sale.— A n
issue of $10,000 5 H % 3 0-Installment debentures was recently awarded to
Nay & James of Regina, according to reports.
S U D B U R Y , O n t . — Debenture Election.— A by-law providing for the
Issuance o f $15,000 5 % 2 O-lnstallment debentures will be voted upon,
reports state, A u g. 1.
T O R O N T O , O n t . — Debentures Voted.— Reports state that an Issue of
$754,173 water debentures has been approved by the City Council.
V I C T O R I A , B . C . — Loan Voted.— W e see It stated that by-laws providing
for loans aggregating $210,000 for various purposes received a favorable
vote at a recent election.
W E L L A N D . O n t . — Debenture Offering.— Proposals will be received until
12 m. July 24 by J. H. IJurgar, Town Treas., for $101,000 80-yr. and
$29,598 63 10-yr. 4 ^ % debentures. Interest semi-annual.
W E L W Y N , Sask.— Debenture Sale.— An Issue of $800 7% 10-lnstallment
debentures was awarded, It is stated, to Nay & James of Regina.
W E S T L O R N E . O n t . — L o a n Election.— An election will be held A ug. 4
to vote on a by-law p rov id in g tor $11,000 to Install a water-system, accord
ing to reports.
W OLSELEY
P U B L IC
SCHOOL
D IS T R IC T
N O . 48
(P . O .
W o ls e le y ),
S a s k . — Debenture Sale.— It Is reported that the $7,500 5% 20-installment
school debentures (V. 93, p. 70) were sold to Nay & James of Regina.
Y O R K T O W N S H I P , O n t . — Debenture Sale.— Acmilius Jarvis & C o . o f
T oronto have been awarded, It is stated, $26,072 5% 10-Installment deben
tures.
MISCELLANEOUS.
ENGINEERS
O F F IC E O F T H E
ATLANTIC MUTUAL INSURANCE COMPANY.
New Y ork, January 20th, 1911.
The Trustees, in conformity with the Charter of the Compang, submit the following statement of its affairs
on the 31 st of December, 1910.
Premiums on Marine Risks from 1st January, 1910, to 31st December, 1910___________ $3,981,997 35
Premiums on Policies not marked ofl 1st January, 1910________________________________
685,546 90
Total Marine Prem ium s__________________________________________________________________ $4,667,544 25
Premiums marked oil from 1st January, 1910. to 31st December, 1910__________________ $3,793,863 88
Interest received during the year____________________________ $373,571 50
Rent less Taxes and Expenses______________________________ 146,586 91
$520,158 41
Losses paid during the year which were estimated In 1909
and previous years_________________________________________ $504,311 33
Losses occurred, estimated and paid In 1910------------------------- 1,021,356
12 $1,525,667 45
Less Salvages__________________________ $195,931 27
Re-Insurances_________________________ 402,106 63
598.037 90
$927.629,'55
J.
G.
W H I T E
E n g in e e r s ,
k
CO.
C o n tr a c to r s
43-49 Exchange Place, NEW YORK
Chicago, Ills.
San Francisco, Cal.
I n v e s tig a tio n s
and
R ep orts
on
E le c t r ic
R a i l w a y , G a s , E le c t r ic L ig h t a n d P o w e r
P r o p e r tie s ,
I r r ig a t io n
S y stem s,
& c .,
fo r
F in a n c ia l I n s t it u t i o n s a n d I n v e s t o r s .
-
Electric Railways, Electric Light and
Power Plants, Ga3 Plants, Financed,
: ti Designed and Built.
£2
London Correspondents:
J . G . W H I T E A C O ., L im ite d
9 C lo a k
Lane, C annon
S t.,
E.
C.
Returns of Premiums________________________________________________ ____
$132,651 56
Expenses, Including officers’ salaries and clerks’ compensation, stationery,
newspapers, advertisements, etc------------------------------------------------------------- . $363,223 39
ASSETS.
United States & State of New York
Stock, C ity, Bank and other Se
curities ............................................... $5,418,792 00
Special deposits In Banks &TrustCos. 1,200,916 66
Real Estate cor. Wall & WllllamSts.,
& Exchange P ia ce -$ 4 ,299,426 04
Other Real Estate &
claims due the com
pany .................... __
75,000 00 4,374,426 04
Premium note3 and Bills Receivable
Cash In the hands of European
Bankers to pay losses under poli
cies payable In foreign countries.
Ca^h In Bank and N. Y . City rev
enue bonds___________ ______ ___
1,134,448 70
210,435 74
935,478 76
Aggregating_____________________$13,274,497 90
L IA B IL IT IE S .
C. G . Y O U N G
Estimated Losses and Losses Un„ s e t t le d ................................
$2,714,035 88
Premiums on Unterminated Risks.
873.680 3 /
Engineering
and Construction
Certificates of Profits and Interest
262,427 75 Plans, M ethods, Operation
Unpaid ............................................
Return Premiums Unpaid................
146,034 03
Reserve for Re-Insurance Premiums
Public Utilities and Industrials
& Claims 1o t settled. Including
Compensation, e t c ..
160,000 00
Certificates ef Profits Ordered Re
R e p o r ts fo r F in a n c in g
deemed, Withhold for Unpaid
P re m iu m s ..... .......... ..
.
22,469 01
Certificates of Profits Outstand
in g ...................................
7,441,100 00
Real Estate Reserve Fund____
400.000 00
Aggregating______ ______________ $12,019,737 84
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the seventh of February next.
The outstanding certificates of the Issue o f 1905 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the seventh of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year
ending 31st December, 1910, which are entitled to participate in dividend, for which, upon appli
cation, certificates will be Issued on and after Tuesday the second of Mav next.
B y o r d e r o f th e B o a r d .
G . S T A N T O N F L O Y D -J O N E S . S e c r e ta r y .
trustees.
■
FRAN CIS M. BACON.
JOHN N. B EA C H .
E RN E ST C. B LISS,
V ER N ON H . B R O W N .
W A L D R O N P. B R O W N ,
JOHN C L A F L IN ,
GEORGE C. C L A R K ,
C L E V E LA N D H. DO D G E .
C O R N E LIU S E L D E R T ,
R IC H A R D H . E W A R T ,
P H IL IP A . S. F R A N K L IN
H E R B E R T L. GR IGG S.
C H A R L E S M. P R A T T ,
CLEM EN T A . GRISCOM ,
D A LLA S B. P R A T T ,
ANSON W H A R D .
.
GEORGE W . Q U IN T A R D .
TH OM AS II. H U B B A R D .
A. A. RAVEN.
LE W IS CASS L E D Y A R D .
JOHN J. R IK E R ,
C H AR LE S D. L E V E R IC H .
DOUGLAS R O B IN SO N .
L E A N D E R N. LO V E LL,
GUSTAV H. SCH W A B.
GEORGE H . MACY.
W IL L IA M SLOANE.
C H A R LE S H. M A R SH A LL,
I.OUIS ST E R N ,
N ICHOLAS F. PA LM E R,
W IL L IA M A . S T R E E T .
H E N R Y P A R IS H ,
GE OR GE E. T U R N U R R .
ADOLF P A V E N ST E D T ,
A . A . R A V E N , President.
C O R N E LIU S E L D E R T , Vice-President.
W A L T E R W OOD P A RSO N S, 2d V i£ p r n U le n t.
C H AR LE S E. F A Y , 3d Vice-President.
JOHN H. JONES S T E W A R T . (A
Frederick
H.
SIXTY
WALL ST„
NEW YORK
Lew is
C iv il a n d M e c h a n ic a l E n g in e e r
C o n s u ltin g
acow n-M arx B ldg.
E n g in e e r
B i r m i n g h a m , Ala.
Established 1889
L .
R E G IS T E R
&
C O .
ENGINEERS—CONTRACTORS
Philadelphia
MINING ENGINEERS
H .
M .
C H A N C E
Consulting Mining engineer and Geologist
C O A L A N D M IN B R A T . P R O P E R T I E S
E x a m in e d , D e v e lo p e d , M a n a g e d
Bldg.,
PHILADELPHIA. PA.
4 Vice-President (47 Drexcl
@FedFRASER