Full text of Commercial and Financial Chronicle : July 8, 1911, Vol. 93, No. 2402

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

C L E A R IN G S — FOR JUNE, SINGE JA N . 1, A N D FO R W E E K E N D IN G J U L Y 1

1911.

1910.

Inc. or
Dec.

S
S
%
— 1.8
New York--------------- 8,215,534,S67 8.364,321,112
+ 4.5
680,916,100
711,870,623
Philadelphia-----------230,648,614
—
5.8
217,284,823
Pittsburgh........ .........
131,778,431 + 11.8
147,386,347
Baltimore ..................
+ 4.5
41,389,652
43,238,696
Buffalo........................
33.428,563 — 1.5
32,937,790
Washington..............
27,399,065 — 5.2
25,985,344
Albany.............. .........
19,022,464 + 10.7
21,067,516
Rochester - ................
11,812,142 + 11.0
13,107,119
Scranton....................
+ 3.9
10,409,421
10,824,767
Syracuse....................
7,757,520 — 11.6
6,856,440
Trenton ___________
7,719,977 —7.7
7,128,751
Wheeling ........ .........
7.197,023 — 17.1
5,965,475
R ead in g___________
+ 4.4
6,723,068
7,017,414
Wilmington................
6,242,989 — 4.5
5,959,294
Wilkes-Barre_______
5,250,000
5,575,205 — 5.8
Harrisburg_________
2,599,200 + 17.9
3,064,981
Grccnsburg................
4,266,903 — 9.4
3,867,494
Y o r k ____ _________
— 4.3
3,617,785
3,781,151
E rie ........................ .
— 7.2
2,478,971
2,082,411
Chester____________
+ 4.0
2,137,013
2,054,000
Altoona........ - ...........
2,071,800
+ 7.6
2,228,600
Binghamton..............
—
20.6
1,0301300
1,298,543
Franklin....................
1,072,915
+ 0.2
1,075,578
Frederick....................
2,123,923
+ 0.4
2,132,439
Beaver County, P a .. .
4,507,300 —2.0
4,416,641
Lancaster*_________
2,120,973 Not Included In total
Norristown ................
— 1.2
Total Mlddlo.......... 9,499,048,427 9,014,292,201
634,921,703 + 11.8
709,987,216
Boston ..................
+ 4.4
31,756,600
33,156,200
Providence_______
18,095,221 + 11.9
20,247,570
Hartford_________
—0.3
12,725,421
New Haven............
12,690,704
+ 0.2
9,775,156
9,794,529
Sprlnglleld..................
8,345,298
+ 0.5
8,383,439
Portland__________
9,969,490
+ 5.4
10,511,486
Worcester........ .......
4,861,183 — 2.9
4,719,164
Fall River................
—
6.8
4,350,793
4,059,688
New Bedford______
2,568,684
2,385,779
+ 7.7
Holyoke....................
2,239,922 —2.5
2,184,169
Lowell......................
Not Included In total
Bangor.......... ...........
+ 9.3
Total New England
739,432,566
808,302,849
1.169,821,161 1,182,174,124 — 1.0
Chicago................ —
101,001,550
+ 3.0
103,984,100
Cincinnati_________
83,603,946
+ 0.1
Cleveland_________
88,711,186
+ 7.2
79,384,274
85,100,355
Detroit____________
+ 4.2
53,025,749
55,865,110
Milwaukee-----------39,090,433
—
9.3
Indianapolis---------35,459,753
25,567,200 — 4.3
24,474,700
Columbus ................ ..
18,676,298 + 17.6
21,968,951
Toledo____________
12,050,906 — 5.9
11,337,076
Peoria -----------------+2 1
10.914,036
11,138,875
Grand Rapids ........
10,318,549 — 7.1
9.587,431
D a y ton ....................
8,999,341 + 10.3
9,929,293
Evansville ________
+ 0.6
2,894,808
2,876,340
Kalamazoo..............
4,241,762 + 14.3
Fort W ayne............
4,849,870
4,545,424
— 5.4
Sprlnglleld, 111______
4,299,541
Youngstown . .
+ 0.4
5,015,263
4,715.447
A k ron _______
5,000,000 +23.7
6,187,500
R o ck fo rd ___
3,513,220 —3.4
3,394,651
Lexington___
2,951.078 + 28.7
3,799.144
Canton_____________
+ 2.4
4,715,841
4,830,907
South Bend..............
2,421,017
—2.7
2,359,530
2,000,413 —0.5
Decatur ..................
1,990,649
2,565,348
+ 6.2
2,725,503
Quincy ....................
2.195,420 — 4.6
Sprlnglleld, O...........
2,094,979
2,547,909 + 13.9
Bloomington........ ..
2,901,165
1,710,125
1,891,188
+ 10.6
Mansllelu-------------1,736,215
1,791,602
+ 3.2
2,228,412 — 4.0
Jackson _______
2,139,169
1,090,302
1,107,270
+ 1.6
2,501,353
2,729,621
—8.4
Saginaw..........
1,507,455 Not Included In total
Lansing--------1,580,542
1,460,978
+ 8.2
L im a ........ —
750,000
806,607 — 7.0
Ann Arbor----196,192
144,947 +35.5
Adrian ______
1,591,753
1,823,203 — 12.7
Owensboro__
1,723,146 Not Included In total
Flint_________
...... ......... Not Included In total
Lorain............
Total Middle West. 05857270,570 1,683,429,715
+ 0.3
Details of Pncillc and other Western on page 85.
470,568,461
467,090,775
Total Paclllc-------+ 0.6
556,087,261
582,852,940 — 4.6
308,809,540
309,423,867
—0.2
73,009,995
68,434,267
+ 0.7
55,630,992
52,491,930
+ 6.0
Louisville
46,741,173
43,706.931
—6.5
25,217,500 +20.3
30,327,500
29.988,074
32,536,019
+ 8.5
Richmond ................
36,088,897 + 15.3
41,600,415
Atlanta.....................
25,752,192 — 18.4
21,025,865
Fort Worth................
20,294,741] + 12.3
22,784,552
Memphis....................
15,982,141
— 2.3
15,615,731
Savannah _________
16,695,685 + 11.3
18,583,702
Nashville _________
N orfolk____________
12,065.46S
+ 5.C
12,778,071:
Birmingham_______
10,383,522 — 12.£
9,044,461
Jacksonville_______
1 1,450,327
10,098,794 + 13. 1
A ugu sta...................
6,056,52::
— 3.!
5,818,448
Knoxville ............ .
7,020,447 — 1.5
6,914,661
Chattanooga .......... .
8,146,722
7,780,231
+ 4.1
Little Rock.............. .
6,984,712
6,685,331 • +4.£
5.627,462
5,881,077
+ 4.5
M o b i le _______________
7,502,386
9,746,802 — 23.1
Oklahoma................
6,297,991
Charleston.............. .
5,378,286 + 17.1
2,692,621
3,161,071 — 14 +
10.456.44C
3,278,515 + 219.1
M acon____________
12.633.76C
Austin.................. ..
7,749,96! + 63.1
2,376,97!
2,627,841
Beaumont ________
— 9.1
650,001
Guthrie ....................
960,487 —32.:
1,277,00
1,223,755
+ 4.'
Columbus, Ga..........
2,596,221
Wilmington, N. C__
2,323,451 + 27.2
979,171
Vicksburg................
914,901
+3.1
642,562
Valdosta..................
500,79
+ 14.1
1.831,971
2,210,697 — 17.
Jackson, Miss_____
1,000,001
1,071.677
Meridian .......... ....... .
—6.7
.
2,657,271 Not Included In tota
T ulsa_______
.
3,078,83
Not Included In tots
Muskogee___
El P aso___________
................ Not Included in tota
Law ton....................
781,940,874
Total Southern.. .
+ 3.7
754,060.661
Total a l l . . . .......... . 13.812.224.445 13,841,758,76.'
— 0.2
Outside N. Y _____ . 5,596,089957? 5,477,437,G5‘
+ 2.2

1911.

1910.

Inc. or
Dec.

S
S
%
46,591,986,292 52,959,352,496 — 12.0
3,870,204,4.87 3,925,512,549
-1.4
1,298,452,313
1,305,900,976
-2.1
863,398.893
773,856,406 + 11.6
252,312,435
248,483,147
+ 1.5
188,219,533
187,162,076
+ 0.6
149,683,972
152,300,375
+ 1.7
107,362,341
+ 1.9
109,420,066
69,596,026
+ 4.7
72,831,793
+ 5.7
60,512,065
63,982,811
+ 0.3
40,780,762
40,635,401
—
G.l
46,474,287
43.644,202
— 1.8
41,529,664
39,521.599
-2.8
39,025,608
40,142,649
+ 0.7
35,319.813
35.570,940
32,778,902
+ 0.7
33.006,261
+ 7.3
15.525,567
14,471,047
24,939,143 —0.5
24.827,711
21,335,875
22,038.095 —3.2
—
1.6
14,048,705
14,720,932
11,836,787
+ 6.5
11,115,659
13,398,000
11,974,193 + 11.9
6,027,605
6,662,923
-9.5
7,205,869
6,348,497 + 13.5
12.644,344
12,358,029
+ 2.3
31.594,166
26,169,765
11,897,957
Not Included In total
53,801,508,893 60,148,930,448 — 10.5
4.187.097,397 4,251,897,417
-1.5
202,576,500
205,906,600
+ 1.6
113,562,606
0.2
11.3,751,525 ——
75,516,510
72,655,183
+ 3.9
56,228,967
58,704,275 —4.3
50,044,723
47,791,214
+ 4.7
59,557,230
+ 2.1
58,316,979
+ 1.9
29,776,534
29,224,547
25,768,929
28,774,188 — 10.4
15,009,704
14,560,599
+3.1
14,320,757
12,492,004 + 14.6
10,578,026
Not Included In total
-1.2
4,832,789,95?
4,890,804.431
7,130,326,001
—3.3
0,892,745,629
640,877,200
+ 2.2
632,903,200
490.286,586
486,774,426
+ 0.7
460,510,464
+ 1.2
459,865,407
344,677,103
+ 6.5
323,547,794
215,945,872
229,001,248
-5.7
147,511,900
156,009,200
-5.4
112,563,211 + 12.2
126,333,941
78,578,465
77,602.723
+ 1.3
68,206,144
-1.0
67,141,830
55,983,972
56.295,190 —0.6
50,101,099
+ 8.9
61,091,739
17,543,150
17,697,823 —0.9
27,216,344
20,515,082
- -2.6
27,053,511
20,962,803
- -0.3
29.500,996
27.153,256
- -8.6
25,113,200
24,436,800
- -2.8
20,888,851
-1.0
21,103,296
27.920,153
22,555,824 + 23.8
26,820,375
+ 5.2
25,504,381
13,891.197
13,468,178
+31
1 1,224,034
12.2
12,783,363
18.152,094
17,431,788
+ 4.1
14,502,634
13,485.845
+ 8.0
17.974,264
+ 6.2
16,924,935
10,615,834
10,419,279
+ 1.9
11,347,762
15,582,461
-9.8
11,302,370
11,586.483
-2.5
8,120,311
8,218,074
-1.2
15,440,705
15,484,535 —0.3
9.680,994
Not Included in total
9.417,315
8,492,054 + 10.9
5,017,273
-7.3
4.651,943
893,368 +24.9
1,115,343
+ 2.7
11.884,813
11,575.105
7,381,747
Not Included In total
0,000.000
Not Included In total!
9,955,441,900 10,139,545,650
-1.8
2,785,562,047
3.411,039,590
1,909,734,585
492,948,647
352,926,666
288.015,806
188.338,600
195,750,150
302,241,992
152.006,918
171,381,143
119,005,449
108,815.277
79,733,325
64.899,301
73,673,245
58,179,191
43,892,981
47,764,39:
46,174,035
39,110,391
54,175,691
44,668,00
23.338.26C
82,262,591
69,393,976
14,540,117
5,401,181
10.994,98!
19,377,637
8,232,24!
4,742,94:
14,221,78
8,072,811
10,644,347
10,025,127

2,757,365,201
3,617,962.091
1,857,828,471
492,662.901
35.3,977,000
320,095,730
166,323,500
190,956,581
266,793,268
168,002,440
157,704,055
104,013,596
101,043,995
73,151,958
64.325.72S
63,326.333
48,672,30.3
42,480, SIS
44,692,241
43,529,517
37.301.48C
58,691,091
42,525.974
21,676.42C
25.205,637
42,572,432
10,492,953
8.097.47C
9,070.63S
13.841,641
7,739.49!
4,139.30"
12,737,337
7.799,412
Not Included
Not included

................
5,094,0147721
79,880,367.711
33,288.371 A If

Not Included
4,873,745,811
86,428,353.697
33,469.001.201

table Clearings by Telegraph and Canadian Clearings on page 85.




Week ending July 1.

Six Months.

June.
Clearings at—

+ 1.1
-5.7
+ 2.8
+0.05
—0.3
10.0
+ 13.2
-0 .6
+ 13.3
-9 .6
+ 8.7
+ 13.8
+ 7.7
+ 9.0
+ 0.9
+ 18.2
+19.5
+ 6.9
+ 6.1
+ 1.8
—7.7
+ 5.0
+ 7.7
+ 223.21
+ 63.0:
-1 1.8
— 37.91
+ 21.1
+ 40.0!
+6.4
+ 14.6!
+ 11.0
+ 3.5
in total!
in total!
in total
In total;
+ 4.5
—7.6
—0.5

1911.
149,646,7.57
52,248,098
33,927,214
8,970,356
6,776,344
5,278,603
4,556,947
2,974,684
2,436,529
1.500.000
1,736,218
1,801,076
1,520,183
1,316,168
1.300.000
891,591
844,863
854,041
582,594
503,002
454.000
242.000
962,534

1910.
2,320,138,083
181,140,803
57,898,232
43,279,659
9,014,169
7,268,470
5.990.674
5.481.675
3,199,000
2,577,116
1,621,542
2,060,763
2,021,568
1,489,161
1,415,305
1,457,295
776,382
1,124,770
823,884
693,826
481,337
603,800
292,000

Inc. or
Dec.

1909.

1908.

$
Jf
74 2,206,216,395 1,356,536,246
—17.4 143,255,616 107,460,804
$

—9.8
—21.6
—0.5
—6.8
— 11.9
— 16.9
—7.0
—5.5
—7.5
— 15.7
— 10.8
+ 2.1
—7.0
—00.8
+ 14.8
—24.9
+ 3.7
— 16.0
+ 4.5
—9.9
—17.1

1,209,510 —20?4

,196,855,805 2,651,959,024 — 17.2
154,167,981 163,266,900 —5.6
9,715,800 —28.1
6,982,200
5,006,052 — 15.5
4,234,732
3,233,700 —8.8
2,948,465
2,275,372 — 13.0
1,980,831
2,235,454 — 12.4
2,333,444
2,536,527 —7.5
2,345,399
1,043,991 — 10.1
937,546
986,458 — 14.5
843,507
622,944 —3.5
601,005
+ 5.5
489,924
517,069

54,239,017
32,307,430
9,199,468
6,948,753
6,937,273
4,400.000
3,062,867
2,592.820
1,607,235
1,064,784
1,656,505
1,517,557
1,463,208
1,466,025
1,042,638
1,012,168
863,457
528,902
424,265
425,100
2S0.500

37,972,749
28,280,512
9,336,552
4,766,174
5,214,458
3,989,611
2,795,855
1,826,543
1,205,261
1,426,004
1,191,193
1,206.349
1,326,147
1,259,290
510,000
773,785
664,775
472,791
330,060
559,100
255,000

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

— 1...........

200,578,695
286,937,718
28,369,350
17,567,996
15,937,583
12,529.041
8,549,431
5,955,500
4,052,127
2,351,623
2,401,510
2,102,869
1.751,873
494,607
1.067,266
900,486
885,ISO
695,000
598,776
740,446
600,000
450,568
413,155
510,000
553,598
457,462
289,139
387,637
323,890
273,028
450,000

162,344,085
238,047,868
21,073,350
16,005,119
11,602,372
9,068.268
7,182,065
4,670,700
2,982,071
1,793,652
1,849,480
1,723,046
1,505,095
497,389
824,807
800,479
651,549
430,000
509,284
574,054
414,225
385,014
313,020
425,000
400 J)00
475,799
339,927
284,380
255,000
187,775

358,212
210,659
46,459

300,000
134,167
14,547

.................. _________
2,483,11+913 1,569,359,259
174,228,455 141,930,647
7,898,300
6,020,800
3,787,134
5,744,870
3,060.657
3,609,574
1.950,000
1.765,487
1,933,422
1,840,152
1,963,103
1,332,956
1,197,079
1,021,997
897,174
679,092
605,428
492,718
551,290
412,445

177,517,023
260,249,267
23,151,950
18,481,851
17,687,347
12,559,591
8,563,378
5,318,500
3,779,140
2.250.000
2,355,607
1,981,591
2,288,594
617,497
1,210,776
795,116
982,235
1.356.000
773,431
811.850
1,108,084
544,622
344,940
600,000
585,528
582,255
382.850
360,758
427,500
262,904
555,633
350.000
400.000
168,243
43,573
336,754

191.413,122 —7.3
286,146,608 —9.1
23,515,950 — 1.5
—8.7
20,254,407
19,307,880 —8.4
—5.0
13,219,921
9,415.583 —9.0
7,086,400 —25.0
3,714,731
+ 17
2,506,403 — 10.2
2,499,149 —5.8
—
13.8
2,415,877
+ 5.5
2,168,062
+ 4.6
590,454
+ 4.3
1,160,358
+ 9.6
725,538
998,616 — 1.0
796.000 +71.0
+ 7.1
721,846
+ 8.0
751,911

—24.6
+ 75.1
—3.6

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

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

371,917,365

405,444,708

—8.3

399,212,189

_________
325,714,503

100,096,581
119,371,186
65,865,361
16,353,977
12,834,687
11,473,671
6,503,500
7,227,694
8,104,983
4,532,101
4,579,111
3,370,076
4,100,913
2,713,200
1,957,435
2,354,277
1,205,050
1,550,000
1,813,366
1,574,462
1,294,789
1,445,148
1,120,995

109,570,988 —8.6
129,202,123 —7.6
74,106,516 —11.1
18,036,330 —9.3
+ 1.6
12,631,162
12,058,678 — 1.8
+ 4.2
6,243.501
+ 2.1
7,075,63:
8,638,621
5,429,633 — 16.5

—20.1
+ 7.!l
+ 7.(1
— 17.4
+ 0.4
1,470,27.­ — 18.(1
+ 1.6
1,524,951
+ 4.8
+ 19.2
—8.2
—34.3
+0.5

96,899,044
112,852,146
63,649,624
17,408,028
13,299,864
10,705,716
5,583,000
6,161,000
6,058,874
5.426.774
4,651,687
3,133,710
3.391,278
2.576,223
1,939,211
1,511,986
1,182,452
1,692,103
1,112,954
1,499,067
1,487.907
1,400,000
1,017,000

68,794,239
85,413,587
53,SS5,108
10,161,567
10,037.295
8,000,000
4.683.000
6,100,000
3,157,446
4,146,010
3,648,072
2,241,680
2,838,811
2,008,459
1,685,990
1,179,665
628,641
1,191.681
1,166,325
939,041
691.553
850.294
1,109,114

2,250,000
934,494

+ 233.3
—37.7

" ’ ‘ 550.000
524,062

546,228
310,995

441.000
193,326

+ 19.2
—2.0
" —3.3
+ 1.3

286,266
221,405
"'260,666
209.611

" " 2bb',666
214,165

1 , 000,000

567.054
580,581
587,690
568.055
542,372
380,112
349,015
450.000
257,146
685.220
495,456
379,979
223,161
24,592
349.221

' 290,000
228.000
513,586
630,407

* Not Include 1 In total; comparison Incomplete.

+ 10.8
— 5.5
—40.6
+2.1
+ 3.1
+ 7.4
+ 0.7
+3.4
—5.0
+ 2.2
- 1!) 0
—29.5

in tota
in total

____

156,972,828 121,618,09b
—6.!
— 14.r 3.449.626.885 2.333.244.762
—9.6 1,243.4 107490 1)76,70875TB

12

THE CHRONICLE
THE FINANCIAL SITUATION.

[VOL. LXXXXI1I.

cates what is likely to be advocated when such ideas
prevail. It is to be borne in mind, too, that an income

W e have on two previous occasions referred to the
legislative proposal in Wisconsin under which an in­
come tax is to be levied in that State. It seems desira­
ble to revert to the subject again, inasmuch as the
matter has now passed beyond the stage of debate, a
bill levying such a State ncome tax having actually
passed both houses of the Wisconsin Legislature. The

tax law is by its nature inquisitorial and can be made
very vexatious. Note, for example, what the Wisconsin
measure provides in the matter of filing returns. It
requires that every one whose income is over $500 a
year must make a return to the assessor. This means

Congress power to levy a Federal tax upon incomes.
A great many States have already ratified this pro­
posed amendment, and in New York the Senate, at
this session, has acted favorably on the proposition,

person subject to the tax. Single persons have to pay
on amounts above $800, which means a wage of less
than $16 a week, and a married person is taxed on

that every one who is in receipt of a wage of only $10
a week must go to the trouble and bother of figuring
interest that New York and other States have in the up his income for the year and file a statement of the
action of Wisconsin lies in the fact that an amendment same with the authorities.
to the United States Constitution is now pending, as
Nor does the yearly income have to be much in
is well known, before the States, proposing to give excess of the figure mentioned in order to make a

while the House is apparently scheduled to pass it, too,
as the Democrats have by caucus action been com­
mitted in favor of it.
The Wisconsin Income Tax Law, therefore, is use­
ful in showing what an income tax is like. As such a
tax is in the nature of a novelty in the United States,
most persons have little conception of its character

any income in excess of $1,200 a year, which is not
quite $24 a week.
Do our legislators at A bany, in ratifying the pro­
posed amendment to the Federal Constitution, want
to invite a law from Congress taxing small incomes
after the fashion of the Wisconsin law. It is all well
enough to say that Congress would not be likely to fix
so low a limit of exemption. . Perhaps not at the start.
But under the pending Constitutional Amendment,
Congress would have power to do this very thing, and

or scope. Many speak glibly in approval of the
idea because they think the tax is one that does
not concern them, but will fall merely upon the rich, all history goes to prove that when any government
more particularly the very rich, who of course would body is endowed with extraordinary powers, it will,
be abundantly able to pay it. Such persons would ex­ sooner or later, avail of them. Besides, in other
perience a sad awakening should Congress be given countries the limits of exemption are all very low? In
power to levy a Federal Income Tax, and a law for its Great Britain income is .assessed down to as low as
collection be actually put upon the Federal statute £ 1 6 0 , which is less than $800 per year, and the tax is
books. It is here that the Wisconsin Income Tax Law 5 @ 7 J ^ % , the lower figure applying in the case of
will be found particularly serv ceable, since it furnishes earned incomes. Would not our legislators feel foolish
a concrete example of an income tax law drawn in ac­ if after they had ratified the income tax amendment,
cordance with the desires of its advocates.
As we have many times pointed out, the Federal
income tax amendment will put no limit of any kind
upon the power of Congress to levy such a tax. The
amendment provides that “ Congress shall have power
to lay and collect taxes on incomes from whatever source

derived.”

The language, it will be observed, is all in­
clusive and all embracing, and would therefore permit

Congress to levy an income tax like that just en­
acted in Wisconsin.
Constitutional

It may be admitted that this

Amendment

is

aimed

primarily at

the millionaires, and that at first some attempt
might be made to circumscribe it in its operations,
but the Amendment is not by its language lim­
ited to persons of large incomes, and its scope, we
may be sure, would be quickly extended, so that be­
fore long the larger part of the population would find
itself subject to the tax. That seems inevitable, be­
cause in that way the greatest amount of revenue would
be derived from the imposit on of such a tax. The
community would then realize that instead of the in­
come tax being a toll upon the wealthy classes, it

and it was in operation, it should appear that it was a
tax on the poorer classes rather than a tax exclusively
upon the wealthy classes?
It is idle to argue it would not be done, since in
Wisconsin it has actually come to pass. As a matter
of fact, in the Wisconsin law there are express pro­
visions intended to prevent the wage-earner from
evading the tax. W e have reference to the circum­
stance that corporations are allowed to include pay­
ments for wages and salaries in their expenses, when
figuring net income, only on condition that they return

to the assessor the amounts of such salaries and the names
of those receiving them. This, of course, insures to the
State authorities complete lists in every case, so that
the wage-earner would find it impossible to escape,
even if he so desired.
The Wisconsin statute also brings to view other
objectionable features that might accompany the levy
of a Federal income tax. It provides for a graded
rate of taxation, starting with 1 % on the first $1,000
above the limit and increasing one-quarter per cent
on each added $1,000, until $12,000 is reached, when

would be a tax also upon the wage-earner, the pro­ the tax is 5 Yz%. Over $12,000 the rate is 6 % .
fessional man, the small householder, and all persons What we refer to, however, more particularly in speak­
of moderate means having an income running above ing of objectionable features, is that already the charge
the limit of exemption.
is being made in Wisconsin that the measure has been
Here in the East an income of $5,000 a year would so arranged as to insure the exemption of the farmers
not, perhaps, be considered especially big, but there from its operation. This has not been done in set
are many parts of the country (all represented in terms, of course, but during the hearings on tho
Congress, be it remembered) where anything above proposition, and also in the discussions in the Assembly
$1,500 or $2,000 a year would be regarded a fit and Senate, it was many times asserted that the
object for taxation. The new Wisconsin measure indi­ farmers would not have to pay any income tax, as




Ju l i 8

1911. j

THE CHRONICLE

provisions regarding the personal property tax and
other exemptions contained in the measure would
clear them from the operation of the tax.

Indeed,

it has been flatly stated that, except for this, there
would not have been the faintest hope of passing the
bill in the Lower House in Wisconsin.
The farmers have often been able to obtain special
favors at the hands of Congress because of their
numbers, and they have certainly never displayed any
hesitancy in asking for special privileges; so the
temptation to insist upon exemption when an income
tax bill came up would be very strong. Is it wise to
incorporate an amendment in the United States Con­
stitution which would involve a new risk of that kind,
and at the same time make the wage-earning classes
liable to a tax which they are now given to understand
is intended to apply only to the rich? Our Legislators
at Albany should think twice before they commit the
great State of New York in favor of the amendment.
The celebrations at home and abroad attending the
anniversary of the declaration of American indepen­
dence are, as befits the times, becoming more har­
monious, more productive of expressions of good-will
and of hopes for future co-operation than reminiscent
of the troublous times which culminated in the mo­

73

arises it frequently happens that more than two
governments are concerned— as in the case of Morocco
— and this has a tendency to promote efforts for a
peaceful solution of difficulties. A Power which has
affixed its seal to an international peace agreement
could not consistently treat the principle of arbitra­
tion with contempt even though dealing with a non­
member of the pact.
As bearing upon the progress of the negotiations for
a peace treaty between the United States and the
leading three nations of Europe, it is worth recording
that

on Thursday

Secretary of State

Knox

and

Ambassador Bryce signed the first schedule of certain
pecuniary claims between the two countries and the
terms of their submission to arbitration. Some of
the claims antedate the war of 1812. This will be the
second case of arbitration under the treaty of 1908,
the first having been that of the Newfoundland
Fisheries dispute, which was settled last summer by
The Hague Tribunal.
Representatives of the steel industry of the United
States, England, Canada, France, Germany, Austria,
Spain, &c., to the number of one hundred and sixty,
held a conference in Brussels on Wednesday and
Thursday, when Elbert H . Gary, Chairman of the

mentous separation. The Independence banquet given
in London by the American Society was a notable

United States Steel Corporation, presided, and outlined

function.

he recommended,

Many representatives who had attended

a plan for an international organization whose object,
would be the

adoption

of the

jdie Coronation either officially or unofficially were

Golden Rule in business. As we understand the
present, and the speeches were infused with the spirit proposition, the purpose is, not to abolish competition,
of international peace. Ambassador lteid said it was but to keep it within bounds through conferences and
gratifying to know that George V. was following in friendly intercourse, a policy which the Steel Corpora­
his father’s footsteps in seeking to cement fast friend­ tion has sought to bring about at home. The dele­
ship with the United States. 'The Premier of New gates, according to all accounts, were favorably
Zealand, Sir Joseph Ward, described President Taft impressed with the idea so attractively presented by
as the embodiment of the nation’s best traits and

Mr. Gary.

eulogized him for launching a peace treaty between the

said that it would be difficult to bring about an ideal in

great English-speaking peoples. Special Ambassador
Hammond, who enjoys the close personal friendship
of President Taft, said the President’s dearest hope
was that out of his service to his country something

business, “ yet a right disposition, courage, patience
and the application of the highest thought might

may come tending to a solution of the problem of the
world’s peace.
.
.
Intimations have come from the British Foreign

In the course of his address Mr. Gary

reach that position. The first essential was thorough
acquaintance and frequent intercourse” — this, by the
way, being a policy diligently cultivated at home by
the Steel Corporation. Pie proceeded:

“.There should be established and continuously
maintained a business friendship which compels one
diplomatic machinery has worked so smoothly that a to feel the same concern for his neighbor that he has
treaty has already been evolved and that formal an­ for himself. It is no less in principle than the Golden
nouncement of this fact may be made in the immediate Rule applied to business. Is it possible? If it is, it
will be certain to pay. True it is that sometimes, and
future. Not only so, but there arc substantial
too often, deceit is practiced, and that advantage
grounds for believing that the signatories will not be has been taken by those who have been given confi­
confined to the British and American governments, dence by others, but this fact should dishearten no
but that Germany as well as France will subscribe to one.
Office and from other authoritative sources that the

the new doctrine.

Public sentiment in Germany has

induced the Berlin authorities to adopt a more friendly
attitude than was at first displayed, and as there has
been ample proof that the original movement was not
in any way aimed against Emperor William, the out­
come promises to be happy. With Britain, France
and Germany all joined in a firm peace pact with the

The conference appointed a committee of thirty
representing each of the nine national groups, to
work out a plan for an international steel organization
and to submit it to the next full conference to be called
together by Mr. Gary, who was elected Chairman.
It may be interesting to give the views of Chairman
Stanley of the Steel Investigating Committee upon the

United States, the principle of international arbitra­ proposed international association for, of course,
tion will have received such recognition that it will our industrial leaders must reckon with the legislature
no doubt be found possible to dissuade from their in all they do.
purpose any two nations manifesting an inclination to
“ I do not know what kind^of a world-wide organiza­
draw the sword. In the evolution of world politics,
tion Judge Gary has suggested. But I do know that
the interests of any one country have become so bound such an organization would be the logical step to
up with those of other nations that when a dispute guard against a sweeping reduction in or a possible




74

[V'OL. LX X X X 1.I.

THE CHRONICLE

tuted. The sailing of vessels from several English
ports as well as from Glasgow has been more or less
interfered with, and food prices have advanced at
Liverpool, Newcastle, Hull and elsewhere, while num­
bers of cotton mills have run short of supplies. The
carters in Manchester have gone out and very serious
rioting has occurred there and at Hull, necessitating
Full opportunity for the expression of public the use of extra police and the drafting of contingents
sentiment abroad and at home on this latest develop­ of soldiers to the scene in case the trouble should get
ment for co-operation has not yet been afforded, beyond the control of the police. Incendiary fires
but it will be surprising if it does not excite keen have again been features of the fight. During the
crit:cism. It has some times appeared to us that last day or two compromises have been reached in a
Chairman Gary may be evincing too much zeal in few cases. The Glasgow Shipowners’ Association
propagating his theories and doctrines— that with granted an increase of ten shillings monthly to the
removal of duties on steel products. If the tariff
on steel is greatly reduced, Judge Gary’s international
or gentlemen’s agreement might keep foreign steel
out of our market. . . .
I have feared that these
Gary dinners, Gary American institutes, and Gary
world institutes, had more behind them than the
mere dissemination of scientific and economic facts
concerning the steel industry.”

public sentiment so suspicious and hostile, it might be
better to defer to it instead of proceeding with the
scheme of conferences and co-operation in apparent
disregard of it.
The British Constitutional crisis is again coming to
the front now that the Coronation festivities are over.
The House of Lords has this week been considering
the Parliament, or Veto, Bill, and though the Com­
mons have let it be known most unequivocally that
amendments would not be tolerated, the Upper
Chember has seen fit to bring forward several. The
most important was that introduced by Lord Lansdowne; it provides that no bill affecting the existence
of the Crown or Protestant succession, or the estab­
lishing of a national parliament, or a body with
legislative powers in any part of the Kingdom, or
which, in the judgment of a joint committee of the
two houses, raises an issue of great gravity, shall re­
ceive royal assent until it has been submitted to the
referendum. The Lords passed the amendment by
253 votes to 46. In the Veto Bill as drawn up by the
Commons the power of determining whether a bill is
a money bill or not is vested in the Speaker of the
House of Commons; but the Lords have amended this
by substituting a joint committee of six members of
the two houses. This committee would also have the
right to refer any important bill to the direct vote of
the people. The bill will probably go back to the
Lower Chamber next week, when the amendments

seamen and firemen, and similar advances to other
classes of employees, and these terms were accepted,
but all the men have not returned to work. A t Fish­
guard peace has been restored. A t Amsterdam the
police and troops are having trouble with the strikers
in the harbor district, but from other Continental ports
no serious disorder has been reported.
The jealousy known to exist in Germany over the
position France has taken in Morocco was manifested
a week ago by the despatch of a German warship to
Agadir, the most Southern port of Morocco, and
intimations that the Germans would remain there
until the French and the Spanish military expeditions
were withdrawn. This move was immediately inter­
preted as a threat and the European Bourses were
thrown into a state of alarm. When it became known
that the Emperor of Germany had postponed a visit
which he was about to make to the Norwegian waters,
the gravest deductions were drawn.

On Wednesday,

a typical “ war scare” broke out abroad, and New
York was not wholly immune. It was then announced,
however, that the Kaiser had embarked on his pro­
jected cruise and the cables stated that “ conversations”
were to be held between France, Britain and Russia
relative to the course which should be adopted. On
Thursday a very frank statement was made in the
British House of Commons by Premier Asquith in
reply to a question put by Mr. Balfour, the leader
of the Opposition.

The Prime Minister said:

are certain to be rejected by the Liberals.
There have been rumors of a rupture within the
Cabinet, the Premier and Chancellor Lloyd-Ceorge,
it is said, having quarreled over the sending of troops
to the cities where rioting by strikers has been serious.
It has even been said that the resignation of the

“ Recent events have been the subject of discussion
by the Powers most interested in Morocco. I can say
little at this stage, but wish it clearly understood
that the Government considers that a new situation
has arisen in Morocco in which it is possible that
future developments may affect British interests
more directly than has hitherto been the case. We
Ministry is imminent; but no confirmation has been are confident that the diplomatic discussion will find
a solution, and in the part which we will take in it we
forthcoming.
shall have due regard for the protection of those
The strike of seamen and dock laborers is dragging interests and the fulfillment of our treaty obligation
to France.”
along irritatingly, and shipowners are now threatening
that, unless the men abide by agreements made by
union leaders, a large part of Britain’s mercantile
shipping fleet will be laid up until the men become
more reasonable. No sooner has a settlement been
effected at one port than trouble has broken out at
another, and by the time the latest dispute was
patched up there would be a renewal of strife at other
points. The transportation companies have offered
substantial and apparently satisfactory concessions to
seamen, but the latter are now refusing to work until
dock and other laborers have been placated; in other

tribes under control, but this was met with a de­
nial yesterday. While the Moroccan sky is still

words, the so-called sympathetic strike has been insti­

clouded and the possibility of a ru ture is always




Only one meaning could be placed upon this declara­
tion, namely that Great Britain would stand by her
ally France in seeing that Germany should not be
allowed to break the regulations embodied in the
Algeciras Treaty. One report from Tangier stated
that a secret agreement had been drawn up between
France and the Sultan of Morocco by which France
guaranteed the sovereignty of the Sultan by providing
a military force adequate to keep the revolutionary

July 8 1911.1

THE CHRONICLE

75

present, it would be well to recall that somewhat June was slightly less favorable than in the previous
similar situations have arisen in the past and that so month; but that is easily accounted for by a decrease
many countries have an interest in Morocco that high­ in the volume of trading in stocks. A t Boston and
handed action by any one Power would be effectively Philadelphia the exhibit is satisfactory, and in the
checked by the others. To be more specific, Germany South, notwithstanding the decreased cotton move­
will be allowed by France, Russia, Britain and the ment, most ol the cities record gains over last year.
other signatories to the convention to go only so far
Ihe total of clearings for June at the 144 cities in­
without incurring such a protest as the Berlin Govern­ cluded in our tables is $13,812,224,442, a loss of only
ment will not care to disregard. W e treat the political 0 .2 % from the month in 1910, losses and gains being
conditions in France and their relation to the contro­ quite equally distributed among the separate cities.
versy with Germany in a special article.
For the six months of 1911 there is a decrease of 7 .6 % .
Contrasted with the aggregates for 1909 the decline for
the month is 2 .4 % , but for the six months there is a
advices, referred to last Saturday, that the crop was in gain of 1 .4 % , and compared with 1908 a very large
an exceptionally favorable condition on June 25, augmentation in the totals is to be recorded— 4 0 .3 %
holding out a promise, with average weather hereafter, and 3 2 .1 % , respectively. A t New York, consequent
Cotton reports of an official nature confirm our

of a bumper yield this year.

In fact, the report of the upon lessened activity at the Stock Exchange, there
Department of Agriculture for that date, issued on is a decline from 1910 for the month of 1 .8 % and for
Monday last, makes the average condition the highest the six months of 1 2 % , and contrasted with 1909 a
for June 25 since 1898, stating it at 88.2, an improve­ period of even greater speculative activity, the de­
ment of four-tenths of a point during the month. creases are 9 .8 % and 5 .1 % , respectively.
This compares with 80.7 at the same time in 1910
Outside of this city the situation in June differed
and a ten-year average of 80. As regards the various but little from that noted in May, the total of clearings
States, it is to be noted that in Texas and Louisiana
a slight deterioration from May 25 is shown, Oklahoma
is unchanged, notwithstanding reports of damage from
drought, and elsewhere improvement ranging from
one point in Mississippi to six points in North Carolina
is indicated. Compared with the ten-year average for
June 25 a better condition is shown in each State and
decidedly so in the Atlantic and Gulf sections.
In connection with the Department’s report, but
issued subsequently, the acting chief of the Crop
Reporting Board made a statement to the effect that
the June 25 condition of 88.2 indicated a probable
yield of 202.8 pounds per acre, which on 34,000,000
acres (an abandonment of 1,000,000 acres from the
Department’s total area being allowed for) would
mean 0,895,000,000 pounds, or about 14,425,000
bales of 500 pounds gross weight each. This calcula­
tion, moreover, it is stated, allows for average depre­
ciation hereafter, the critical period in cotton growth
being in August and September.

It seems clear,

recording an increase of 2 .2 % , as compared with
1910, reducing the loss for the period since Jan. 1 to
the nominal figure of
of 1 % . Contrasted with 1909
there are gains of 11% and 1 2 % , respectively. In the
Middle States’ group of cities, including New York,
there is a loss of 1.2% for the month and 1 0 .5 % for
the six months, as compared with 1910; but in New
England a gain of 9 .1 % for the short period and a loss
of 1 .2 % since Jan. 1. For the Middle West there is a
gain for the month of 0 .3 % , with a loss for the half­
year of 1 .8 % . The Pacific Slope reports increases of
0 .6 % and 1 .1 % , respectively. The “ Other West­
ern” section records a diminution in June of 4 .6 % and
of 5 .7 % for the six months. For Southern cities the
gains in the aggregate are 3 .7 % and 4 .5 % , respectively.
Stock transactions were only moderately less in
June than in May, but very noticeably smaller than in
the month of 1910 and of some preceding years. At
the New York Stock Exchange the dealings reached
10,508,400 shares in June and 54,427,939 shares for

however, that with average weather conditions from the six months, this contrasting with 16,292,870 shares
now on the former record in cotton production will be and 97,840,941 shares, respectively, in 1910 and 20,­
considerably exceeded. In fact, contrasted with 322,230 shares and 99,136,372 shares in 1909. Bond
1904, when the yield reached over 13% million bales, transactions, on the other hand, were larger in June
current condition, according to the Department, is this year than last, and for the six months reached
two-tenths of a point higher, and our acreage com­ 468 millions of dollars against only 368 millions. In
pilations show an addition of fully 1 0 % to the area. 1909, however, the half-year total was no less than
On this basis a crop of more than 16 million bales is
possible.

728 millions.

A production of approximately 14% million

bales as prognosticated by Department officials, after
allowing for average depreciation, would therefore
appear to be conservative. But estimates now are
of little or no value. Future weather will determine
the crop.

Commercial failures in the United States in June
1911 were smaller in number than in any preceding
month of the year, and the same is true of the aggregate
liabilities, except that, as compared with May, a nomi­
nal augmentation is shown. The June exhibit, there­
fore, is, broadly speaking, not an unfavorable one,

Bank clearings continue to reflect a varying con­
dition of activity in the different sections of the
country. The compilation we publish to-day on the

even though the indebtedness involved is rather
larger than what might be termed a normal average.
In the trading division an appreciable diminution in

first page of this issue covers the month of June and
the first half of the year. It shows that on the whole

amount of liabilities as compared with June of either
of the three preceding years is to be noted, this year’s
aggregate at $4,890,724 contrasting with $7,152,383
in the month of 1910, $5,124,270 in 1909 and $5,854,­

the volume of business has kept well up to that of
1910 or 1909 and was materially larger than in 1908,
the period of intense depression following the panic 765 in 1908. Among brokers, transporters, &c., the
of 1907. A t New York the comparison with 1910 for showing is also satisfactory the June 1911 liabilities




THE CHRONICLE
reaching only $1,488,266, although one failure, that
of Norman, MacLeod & Co., Philadelphia stock brok­
ers, involved an indebtedness of over a million. The
amount for 1911 compareswith$l,318,739 in 1910 and
over3 millions in 1909. Manufacturing liabilities,on the
other hand, at $7,253,635, contrast with only $3,­
,346,332 last year, and also exceed those of either 1909
.or 1908. The mercantile mortality in all lines for the
month of June 1911 was, according to the compila­

[VOL. LXXXXI1I.

decline which is now looked for below the 2 % level
may not occur. Paris has been withdrawing funds
from Berlin. This movement has been generally at­
tributed to the strained relations which have arisen
over Morocco, but though this may have had some
influence, it is worth noting that whereas bills com­
manded 3 )4 %

Berlin last week, the rate now is

only 2 ) 4 % , there having thus been a fall of 1)4% *

A t Paris the rate has weakened only )4 of 1 % , the
tions of Messrs. R . G. Dun & Co., 864, representing range being now 2 to 2 ) 4 % . The Bank of France re­
.debts of $13,652,025, against 818, and $11,817,454 ported a loss of $3,300,000 gold, an increase of $13,­
last year, 1,063 and $12,607,022 two years ago, 1,112 400,000 in note circulation, but decreases of $23,200,­
and $14,708,793 in 1908 and 907 and $16,445,565 in 000 in bills discounted and $28,100,000 in Treasury
advances. The spot rate at Berlin, as already stated,
1907.
.
is
2 ) 4 % , while bills to arrive are accepted at 2 * 4 % .
1 The exhibit for the half-year ended June 30 1911
indicates the situation much better, of couise, than

Amsterdam and Brussels still quote 2 ) 4 % and 2 ) 4 % ,

does the result for any single month. In the number
of disasters it is less satisfactory than in any recent

respectively.
The Bank of England’s reserve has been pulled

down this week to below the average for the first week
in July. Our special correspondent cables that bullion
ber of failures for the six months of 1911 was 7,021, in­ on hand decreased £484,907, bringing the total down
volving indebtedness of $103,698,334, whereas in the to £39,952,861, which compares with materially higher
corresponding period of last year 6,388 failures rep­ figures at this time last year and the year before.
resented an indebtedness of no less than $112,239,306. Circulation expanded so that the decrease in total re­
In 1909 both number and amount were appreciably serve reached £743,000. Moreover, the Bank was
less than in the current year, having been 6,831 and called upon to advance loans in such volume that
$88,571,373; but in 1908 they reached 8,709 and $124,­ this account increased £ 1 ,292,000, though since the

similar period except 1908, but in the matter of lia­
bilities the showing is better. For example, the num­

In the various divisions the showing is returns were compiled partial repayment has been
made. By far the greatest changes occurred in de­
months swelling the total of indebtedness apprecia­ posits; Treasury payments resulted in a decrease in
Government deposits of £5,044,000, but the gain in
bly. Liabilities in that division, in fact, for the six
ordinary deposits was even larger, namely £5,354,000.
months of 1911 were over 48 millions, against 40 mil­
The ratio of reserve to liabilities fell from 46.P 2% last
lions last year and 36 millions in 1909. Manufactur­
week to 4 5 .3 0 % this week. This represents a loss of
ers, too, show larger debts than in either of the two
preceding years— 45)4 against 44)4 and 38 millions, more than 7 % in a fortnight. Next week’s returns,
respectively. Among brokers, &c., however, the ex­ however, should show substantial recuperation. Since
hibit is exceptionally good, this year’s liabilities of less the publication of the statement call money has been
than 10 millions contrasting with 28 millions and 14 secured at as low as 1 % . Our special correspondent
millions, respectively, in the two preceding years. advises us that the movements in and out of the Bank

374,833.

least favorable among traders, large failures in eaily

Considering the results in the various sections of the

were as follows: Imports, £418,000 (of which £250,000

country, the failed indebtedness was greater than last

from Egypt, £120,000 from France, £11,000 from
Switzerland and £37,000 bought in the open market);

year in the Southern, Southwestern, Far Western and

Pacific States and slightly less in New England and exports, nil, and shipments of £903,000 net to the
the Central West. It was appreciably smaller in the interior of Great Britain.
Middle Division, but the better result here is due en­
tirely to the very favorable result in New York State,
which in turn is ascribable to the great decrease in debts
in the brokerage class. In fact, while New Jersey also
reports smaller liabilities this year than last, the result
jn, Pennsylvania, the remaining State making up the
Middle Group, is conspicuously unfavorable.

The large sums paid out by New York banks last
Saturday have begun to return to this centre, and as
there has been no activity on the Stock Exchange nor
any considerable demand for discounts, the larger
offerings have depressed rates, especially lor over-theyear. The expansion in loans recorded in last week s
bank statement was not followed by any advance in

rates at the opening of the week, while on the resump­
" “Foreign discount rates have been quick to respond
to the relief experienced after the July 1 settlements. tion of business after the holiday the tone was dis­
Though the banks at all the leading centres were called tinctly easier. The largest tenders have apparently
upon to lend much assistance at the end of last week, given up hopes of obtaining high returns for their
and though the statements issued at London and Paris funds in the near future, for they have been lending
on Thursday showed losses of cash and expansion in quite readily for six months at 3 ) 4 % . This maturity,
liabilities, bills have been accepted at appreciably of course, now carries into January, and is a popular
lower terms. Yesterday sixty-day spot bills were one with borrowers. For the shortest dates the
negotiated in London at 1 1 5 -1 6 % , while some bank­

charge is 2 ) 4 % .

ers were willing to quote the same rate for bills to
arrive. The charge for ninety-day spot bills was
2 % and for bills to arrive 2 1 -1 6 % . On more than
one occasion this year the discount rate in London

renewal rate for call loans declined on .Thursday to
2 ) 4 % , and money brokers are inclined to think that

went to 2 % without going lower; this fact has
induced certain bankers to proceed cautiously lest the




a 2%

For the first time in weeks the

rate will become more common later in the

month.

This week New York banks have been called upon
to pay into the Sub-Treasury further sums on behalf

Ju ly 8

THE CHRONICLE

1911.]

of successful bidders for Panama bonds. These re­
ceipts have gone to swell the national treasury. On
July 1, the first day of the new fiscal year, the surplus
was upwards of $46,000,000, representing the excess
of income over expenditures for the year ended
June 30. In June alone the surplus, thanks to cor­
poration tax receipts, the national bank circulation

77

this is the between-seasons period; incidentally, no
plan for handling the bills of lading accruing from the
new crop has yet been devised, despite all the con­
ferences which have been held. Grain bills are in
normal supply. W ith demand selling above 4 86)4
and cable transfers at 4 8 6 % , gold imports are not a
matter of the immediate future; but the exchanges

tax and ordinary receipts, reached almost $39,000,000, may move in our favor towards the close of the month.
not including the proceeds of the Panama Canal bonds. London’s stock of gold was depleted over the half­
The corporation tax has been extremely helpful in year, the Bank of England’s holdings having fallen
fortifying the Federal balance, the sum collected for below $200,000,000, bringing the reserve down to
4 5 )4 % , but the reinforcements from South Africa,
the two years having been $53,000,000.
Mercantile paper is still very scarce, but more combined with the return of gold from the Provinces,
activity may be looked for in the second half of the should strengthen the institution during the next few
month. Rates have tended in favor of drawers, in weeks to such an extent that exports of the metal to
sympathy with the comfortable state of the money

New York may not be disagreeable to the management

market. Short endorsed bills receivable have been
placed at 3 % % , and there have been occasional trans­

of the Bank.
Compared with Friday of last week, sterling ex­
change on Saturday was practically unchanged, with
demand still quoted at 4 8 6 1 0 @ 4 8615, cable transfers
at 4 8 6 4 5 @ 4 8650 and sixty days at 4 8 4 1 0 @ 4 8420.
On Monday trading was very quiet all day; quotations
showed little change, the close being 4 8 6 1 0 @ 4 8620

actions in four months, single names at the same
minimum. The range is 3 % @ 3 % % Ior sixty to ninety
days’ bills receivable and 3 % @ 4 % for four to six
months’ single-name bills, with offerings of less
attractive paper at 4 % % , and even higher. Very little

has been done in time money, and as the supply is for demand and 4 8645 @ 4 8655 for cable transfers;
much in excess of the demand, the bid rates have sixty days was slightly firmer at 4 8415 @ 4 8425.

2 %%

usually prevailed. The range is
for sixty days, Tuesday was a holiday. The market was dull and
2 % % for ninety days, 3 @ 3 % % for four months, somewhat easier on Wednesday, with demand at
3 % @ 3 % % for five months and 3 % @ 3 % % for six 4 8 6 1 0 @ 4 8615 and cable transfers at 4 864Q@4 8650;
months. One transfer of $700,000 was made, on sixty days remained unchanged. On Thursday there
Thursday, to San Francisco. Call money on no day was an advance, demand rising to 4 8 6 2 0 @ 4 8625,
went above
The minimum was
recorded cable transfers to 4 8 6 5 0 @ 4 8660 and sixty days to
on Monday. On that day, and also on Wednesday, 4 8 4 2 0 @ 4 8430. On Friday the rise continued, de­
the renewal rate was 2 % % , but on Thursday, as mand reaching 4 8635 and cable transfers 4 8670. The

2%%.

2%,

) % ) %,

already stated, there was a decline to

2% % .

Yes­

market closed at 4 8 4 3 5 @ 4 8445 for 60 days, 4 8625@

terday the range was 2 4
to 2 4
with the final loan 4 8630 for demand and 4 8660 @ 4 8665 for cables.
Commercial on banks was quoted at 4 8 3 % @ 4 84
made at 2 ) 4 % .
and documents for payment 4 8 3 % @ 4 8 4 % . Cot­
The legitimate demands for remittance have been ton for payment ranged from 4 8 3 % @ 4 8 3 % , grain
heavy throughout the week and sterling exchange for payment 4 8 4 @ 4 8 4 % .
closes above the level of last week. For once the
speculators misjudged the position; it is stated by
The following gives the week’s movement of money
exchange bankers that large quantities of demand
sold below 4 86 had to be covered at a considerable loss

to and from the interior by the New York banks.

within the last fortnight. Speculative operations have
been less of a factor during the last few days. How
long the firmness will last is a matter of opinion. The
half-yearly payments to European holders of our se­

Currency........ . ...................................
Gold ...................................................

$7,293,000
1,894,00Q

$5,493,000 Gain $1,800,000
487,000
1,407,000 Gain

Total gold and legal tenders..........

$9,187,000

$6,900,000 Gain $2,287,000

curities will not be completed before July 15, so that
the market may hold up until then. Thereafter
fluctuations will be governed to a marked extent by

W ith the Sub-Treasury operations the result is as
follows.

the international transactions in securities.

A t pres­

ent the over-sea inqu'ry is negligible. As a matter of
fact, the fears of complications over the Moroccan
situation caused English and German investors to
sell hurriedly on Wednesday, on which date British
consols fell to a new low level for the year and American
stocks were under severe pressure. Since then a more
rational view has been taken of the trouble in Morocco,
as the British Government has spoken out very plainly
on the subject. France withdrew large sums from

Week ending July 7 1911.

Received by
Shipped by
N. Y . Banks. N. Y. Banks.

Net Interior
Movement.

Into
Banks.

Out o f
Banks.

Banks’ Interior movement, as above.
Sub-Treasury operations....................

$9,187,000
22,100,000

86,900.000 Gain $2,287,000
52,000,000 Boss 29,900.000

Total gold and legal tenders..........

$31,287,000

$58,900,000 Loss $27,613,000

Week ending July 7 1911.

Net Change in
Bank Holdings.

The following table indicates the amount of bullion
in the principal European banks.
July 7 1910.

July 6 1911.
Banks of

Gold.
£
39,952,861
127,843,120
44,940,550
145,062,000
55.964.000
16.569.000
39.941.000
11.641.000
6,732,667
4.683.000
6.384.000
2.116.000

Silver.

Total.

Gold.

£
£
39,952,861 41,484,251
34,089.360 16^,932,480 135,871,880
16,516,800 61,487.350 36.710.000
7.727.000 152,789,000 141,407,000
12.875.000 68.839.000 55.459.000
31.336.000 47.905.000 16.255.000
3.545.000 43.486.000 38.992.000
1,853,200 13,494,200 8.831.000
3,366,333 10.099.000 4.310.000
4.683.000 4.448.000
6.384.000 5.634.000
2.116.000 1.681.000
£

Silver.

1

Total.

£

1
£
1 41.484 251
35,247*360 171,119.210
14,629,700 ! 51,339,700
8.691.000 150,098,000
13.269.000 ; 68,728,000
31.361.000 47.616.000
3.900.000 42.892.000
2,416.900 11.247,900
2.155.000 6.465.000
4.148.000
5.634.000
1.681.000

tres.
Security bills have been put out in fairly large

England..
France . . .
Germany..
Russia ..
Aus.-Hun
Spain----Italy . . .
Neth’ ands
Net.Belg.
Sweden . .
SwlUerl’d.
Norway . .

volume and finance bills have also been available in
quantity. Cotton bills are naturally scarce, since

Total week 501,829,198 111,338,693 613,167,891 491,083,13lj 111,669,960002.753,091
Prev. week 503,015,811 111,843,807 614,859,618 494,870,358,112,398,123607,268,481
1
'
i
-

Berlin and sterling in the German capital advanced
to 20m. 45 % p f. Nevertheless discounts weak-ened
at Berlin even more than at other European cen­




THE CHRONICLE

78

THE NEW FRENCH MINISTRY.
The unseating of the Monis Ministry in France last
week, and the formation of a new Ministry by the
Finance Minister in the old Cabinet, M. Caillaux, was
one of those incidents which must be judged rather
from the French than from the English or American
point of view.

During the dozen years since June 1899,

[V O L .

LXXXXDI.

On the face of things, it might perhaps be supposed
that this system would lead to legislative and admin­
istrative chaos. But politics has a way of providing
against such an outcome, and in the case of France the
national temperament strongly modifies the conceiva­
ble results. Every party and every Minister is aware
that orderly government and a generally continuous
policy of government are demanded by the people.

there have been seven separate ministries in France.

Hence, in the face of all these bewildering changes of

Waldeck-Rousseau held power from that date until
June 1902; Combes from June 1902 to February 1905;
Rouvier from February 1905 to March 1906; Sarrien
from March 1906 to October 1906; Clemenceau
from October 1906 to July 1909; Briand from July

political chieftainship, we often see a new Ministry
adopting most or all the policies of the defeated gov­
ernment except that one on which it was defeated;
and, in fact, very frequently forming a new Ministry
out of statesmen who were themselves members of the

1909 to March 1911; Monis from that date to last
week.

Ministry in which want of confidence had just been
voted by the Deputies.

The first natural comment on such a showing is the
extreme frequency of changes in the Ministry of

The downfall of the Monis Ministry last week was
distinctly a case in point. The Ministry was regarded
as a stop-gap; it was not popular, and although its
general public policy had been satisfactory, there was
an obvious wish for a change in leaders. The oppor­

France.

During that same twelve-year period (if one

excepts some readjustments of Ministers without
change in party control or in the premiership) there
have been only four Ministries in Great Britain— those
of Lord Salisbury, of Mr. Balfour, or Mr. CampbellBannerman and of Mr. Asquith— and of these four,
two of the changes occurred solely because of the per­
sonal retirement from politics of Lord Salisbury, and
the death of Sir Henry Campbell-Bannerman. The

tunity for such change came, as it usually does on such
occasions, through a trifling incident— an injudicious
speech by the Minister of War on the question of
where the ultimate command of the army rested.
The Premier repudiated General Goiran’s opinions;
but the Chamber, which was merely anxious for an

comparison might be pressed; but the past twelve

opportunity to turn out the Monis Cabinet, seized the
chance at once.
two governments.
M. Caillaux is personally a stronger man, and be­
The reason for this swift succession of changes in lieved to have more of the elements of legislative power,
the French Ministry is not difficult to discover. Un­ than his predecessor. Personally he is in the main
like the English and American national legislatures, associated with the recent legislation for an income
the French popular chamber is not made up of two tax. His natural bent would undoubtedly be to press
dominating parties who alternate in control. A t the the financial policy of the previous Government; but
last general election, for example, there were nine he is likely to be at once confronted with a very differ­
years are really typical of the course of events in the

separate party factions represented in the returns, and
although the so-called Radical members had a prepon­
derating power, their representation was only 246 out

ent question. During the past week the old and irri­
tating question of Morocco has suddenly risen again

whelming endorsement from the Chamber on one day
and on a given question (as was the case with Clemen­
ceau), and then suddenly be voted out of office the
next day on another question.
To the Anglo-Saxon mind this is an extremely awk­
ward machinery of legislation. Yet it has two ad­
vantages much appreciated by the Latin govern­

The Moroccan question dates back a decade. The
interest of France in preserving order in that semi­

to prominence. Germany has objected in a very gen­
of a total of 586; in other words, they actually stood eral way to the French campaign in the interior of
in a minority of 340 in the Chamber’s entire member­ Morocco, and has sent a small ship of war to a Moroccan
ship. The necessary result of such party division is port. It was this incident which alarmed the markets
that politics in the Chamber of Deputies is something last week and which remains to be settled by some
like a kaleidoscope. A Minister may get an over­ further diplomatic parleying.

barbarous country lay in the fact that the French
province of Algeria was contiguous. In 1904 the
Anglo-French treaty recognized the special privileges of
France in the internal affairs of Morocco. Spain con­
cluded a similar treaty with France in the autumn of
1901. In 1905, Germany for the first time challenged

ments— it enables the smaller political factions to keep
alive and maintain their organization, through the the right of France, and the German Government
political recognition which they obtain when they are somewhat underhandedly informed the Sultan of Mo­
necessary to a parliamentary majority, and it gives rocco that Germany was no party to any European
opportunity for a particularly speedy show of dissatis­ treaty regarding Morocco. The French. Foreign Min­
faction with a given Ministry or a particular policy ister of that day, M. Delcasse— who, by the way, is in­
of that Ministry. Where England or the United
States would sustain, though reluctantly, a Minister
some of whose policies had become objectionable to
the majority— with the purpose merely of keeping the
party in political control— such a motive hardly ex­

cluded in the newly formed Ministry— replied sharply
to Germany, and an extremely tense situation was re­
lieved only by his retirement from office.
In February 1906 the European Powers conferred
at Algeciras regarding the Moroccan situation. The

ists in France. But it follows, a{so, not only that German delegates rejected out of hand the French plan
parties have no such fundamental importance in for general supervision of the Morocco police force
France as they have with us, but that the defeat -of a and for the general maintenance of order. The Ger­
given Ministry is a much less important incident at mans could not, however, be induced to submit an
Paris than at London or at Washington.
alternative proposition, and the result of that merely




Ju ly

THE CHRONICLE

8 1911.]

obstructive policy was to detach from the German side
even the delegates of Powers like Russia and Austria,

792

The investigation by the Commissioner of Corpora­

tions extended over years, and we may be sure that
who would naturally have supported it. In the end every nook and corner of the financial and industrial
Germany had to yield, and in February 1909 a treaty world was searched in an effort to find something
between Germany and France specifically recognized adverse to the concern or which might merit con­
the special political influences whereby France was demnation. In making this statement we do not
bound up in enforcing order and internal business in imply that the Commissioner of Corporations entered
Morocco. Both governments then promised to ab­ upon the investigation with prejudiced eyes or had
stain from any measure calculated to give to either any purpose except a desire to get at the actual facts,
party any special economic privilege.

In September

1908 had occurred the Casablanca incident, when de­
serters from the French legions were protected by the
German consulate, and when France insisted on their
surrender. The Hague Court of Arbitration in May
1909 decided that the German consulate had gone too
far; whereupon the French Government pardoned the

but when a Government

department makes an ex­

tensive and elaborate inquiry of this kind, all those
engaged in the task are naturally and inevitably on
the lookout for weak points and for evidence of wrong
doing. That is one of the main incentives that spurs
a Government investigator on, the hope that he may
be able to discover something previously unknown

deserters and the situation seemed to be comforta­

and that the thing concealed may have harbored a

bly solved. That it was not permanently settled by
that action the present policy of Germany would appear

reprehensible act or an illegal proceeding. In this
Steel Corporation case absolutely nothing has been
uncovered which was not known before, nothing
which has not previously had full publicity, nothingregarding which a single detail had been withheld.

to make plain.
Yet the events which we have just reviewed seem to
us to indicate a continuously broad-minded and amica­
ble policy on the part of France, with what can hardly
be described as other than an irritating policy on the

Considering the political assaults that have been made
upon the Steel Corporation, one would have looked

In these two facts lies whatever

for material, as a result of this elaborate inquiry, upon

there is of disquieting significance in the present epi­

which to frame an indictment against those who were

sode. It is possible to argue that the patience of the
French Ministry or of the French people might sud­
denly give out, or that Germany is resolved on picking
a quarrel. We do not believe that either of these in­
ferences would wholly fit the present situation, and the
fact that the other European Powers have endorsed
with due limitations the Moroccan policy of France

active in its formation and in its management during
the ten years of its existence. Actually nothing is
revealed that reflects upon them in any way, while
such a mass of facts and information bearing upon
the strength of the property, the excellence of its
management and the broad policy pursued in its
administration, is passed in review that the dominant

makes it, in our judgment, the height of improbability

spirits in the enterprise might be pardoned for feeling

that the present friction will be carried to much greater

flattered thereat.
One point on which unusual stress is laid is that
those who promoted the undertaking, particularly
the underwriting syndicate and the syndicate mana­

part of Germany.

lengths. Perhaps, after all, the recent incident is one
of those which must be classed as a mere diplomatic
maneuver, designed to assert the authority and power
of a given government. Such intervention is tradi­
tionally dangerous under some conditions, and it is
that more or less remote element of danger which the
financial markets recognize. But it is nothing new,
and scores of apparently irritating moves of the sort

gers, J. P. Morgan & Co., realized large profits and
received big commissions. We refer to this first,
not because it is the matter of greatest importance in

have occurred in European diplomacy during the past

the report, but because it has received most promU
nence in the accounts in the daily newspapers. Here
is what Mr. Smith, the Commissioner of Corporations,

few years— with no result except the formal assurance

has to say on this point.

of its purposes by one or another government, and the
quieting down of the troubled diplomatic waters.

THE REPORT ON THE STEEL CORPORATION.
The report of the Commissioner of Corporations,
Herbert Knox Smith, on the United States Steel
Corporation, given out to the press on Friday of last
week, criticises one or two incidents in the organiza­
tion and early history of this great industrial under­
taking, and this and the terms of some of the comments
will no doubt encourage the impression that the
document constitutes a severe arraignment of the
Corporation. Looking at the facts, however, as here
narrated, in their true light, and considering them in
their proper relation to the events of the day, the
conclusion which every unbiased person will reach,
we are sure, after reading the report, is that it fur­
nishes a really strong testimonial to the character
of the organization and -an undeniable justification
for its creation, with not the slightest manifestation
of a purpose to transgress the law.




This syndicate, as shown elsewhere, provided the
corporation with 825,000,000 of cash capital and also
incurred expenses of about 83,000,000 either in buying
scattered parcels of stock or otherwise, making its
total cash expenditures 828,000,000. For this cash
consideration, plus its underwriting services, the
syndicate received from the Steel Corporation the
enormous total of practically 1,300,000 shares of its
stock (half preferred and half common) of an aggregate
par value of practically 8130,000,000. This stock
appears to have realized approximately 890,500,000,
(counting 84,000,000 unsold preferred stock at par),
leaving as profit to the syndicate, over and above the
828,000,000 cash expenditure noted, a net sum of
about 862,500,000. Of this one-fifth, or 812,500,000,
went to the syndicate managers for their services as
such, the remaining 850,000,000 being distributed to
the syndicate members.
There can be no question that this huge compensa­
tion to the syndicate was greatly in excess of a reason­
able payment.
Every one conversant with the facts will be loath
to accept the conclusions here expressed. General
aggregates like this are well calculated to convey the

THE CHRONICLE
impression of being excessive by reason of their size
(though there is nothing new in them even at that,
since it has been known from the first that the members
of this underwriting syndicate were exceptionally
fortunate in the amount of profits realized by th em ),
but such figures are meaningless and misleading unless

[V o l . L x x x x m .

part of his report. Thus it appears that in the case of
the American Tin Plate Co. $10,000,000 of common
stock admittedly went to the organizers and in the
case of the National Steel Co. and also the American
Steel Hoop Co. at least $5,000,000. In the organiza­
tion of the American Steel & Wire Co. $11,600,000 of

considered in the light of the liability incurred by the
syndicate and the prodigious task assumed in carrying
through the undertaking. In another part of his report
Mr. Smith admits that the syndicate assumed alto­
gether a liability of $200,000,000, though ho refers
to this as a “ nominal” liability and points out that
the actual amount of cash supplied was only $28,000,­

and underwriters. These were all concerns in which
John W . Gates was prominent before Mr. J. P. Mor­
gan conceived the U . S. Steel Corporation and took
them over, and the large amounts of securities received
in these cases in compensation for reorganization ser­
vices show how Mr. Gates and his friends viewed the

000. The liability, however, existed nevertheless,
and the risks in .connection with it might easily have

risks and what was their idea of fair compensation for
work of that character.

been tremendous. Only a transcendent genius like
Mr. J. P. Morgan could have conceived such an enor­

The Commissioner of Corporations deals in an inter­
esting manner with the causes that led up to the forma­
tion of the Steel Corporation, and is able to adduce noth­
ing that would indicate a purpose at monopoly. By
parity of reasoning it would seem to follow that the
organization did not involve any conflict with the

mous undertaking or have ventured to make it a reality.
Nor could any outsider know for certain that the
Steel Corporation after it had been placed on a firm
foundation through the efforts of Mr. Morgan would
prove a lasting success. There were many who
scoffed, still more who doubted, while learned college
men even wrote books to demonstrate that the concern
must collapse of its own weight. This lack of faith
in the permanence of the concern existed for a long
time alter the organization of the company and found
expression in the market price of the shares. The
latter part of 1903 the stock dropped to only $10 for
the $100 common shares and to less than $50 for the
$100 preferred shares. The fact that the profits were
large was as much due to the skilful way, financially,
in which the promoting operations were accomplished
as it was to the volume of securities received by the
syndicate. Mr. Smith says that the syndicate realized
$90,500,000 from the sale of the shares, common and
preferred, paid to it as compensation for its services;
but if there had been any bungling in the work the
amount might easily have been cut in two and with
$28,000,000

the common stock, it is stated, went to the promoters

1890 Anti-Trust Law. In his letter transmitting the
report, Commissioner Smith furnishes an outline of the
contents of the report, and he points out that until
about 1898 the bulk of the steel business in the United
States was distributed among a very considerable
number of concerns. There was sharp competition,
modified by frequent pools and price agreements of
greater or less duration and effectiveness. This shows
that even in those days pools and price agreements
had to be entered into in order to avoid destructive
and disastrous competition.

In 1898, the Commis­

sioner says, began an era of great consolidations,
with capitalizations ranging from $30,000,000 to
$100,000,000, usually mergers of many smaller com­
panies. In most of these, as in the earlier price agree­
ments, the ruling motive, he states, was the removal
of competition. These mergers, however, did not
eliminate competition. On the contrary, a broad

of cash to provide and a contingent

movement at once became apparent, which threat­

liability of $200,000,000, what would have been the
position of the syndicate in that event? A t the prices

ened competition on a large scale and probably more
severe than any other in the steel history. The move­

to which the shares dropped in November 1903 (10
for the common and 49 3-4 for the preferred) the
yield would have been actually only $38,837,500.
But taking Mr. Smith’s figures just as they stand,
and assuming (without attempt to verify) that there

ment referred to was the process known as “ integra­
tion.”
Mr. Smith sets out the situation in 1899 and 1900 as
follows: There were three great companies— the Car­
negie Company, the Federal Steel and the National
Steel— dominating the production of crude and semi­

was a net profit of $62,500,000, of which $12,500,000
went to J. P. Morgan & Co., the syndicate managers,
and $50,000,000 to the syndicate members, the amounts
cannot be termed excessive even on that basis, con­

finished steel. These he calls the “ primary” group.
Six other large concerns— the American Steel & Wire,
the American Tin Plate, the American Steel Hoop,

sidering the risk of heavy losses assumed and consid­
ering the magnitude of the Steel Corporation itself.
The Corporation was organized with $510,000,000
preferred stock, $508,000,000 common stock, $303,­

the American Sheet Steel, the National Tube and the
American Bridge— severally controlled the lighter
finished products and formed the “ secondary” group.

000,000 of Steel Corporation bonds and about $81,000,­
000 of underlying and miscellaneous obligations— a to­
tal of over $1,402,000,000. The $62,500,000 of as­
sumed profits are only a little over 4 % on this $1,402,­

entirely self-sufficient.
The “ secondary” group was
dependent on the “ primary” for its crude steel; the
“ primary” largely dependent on the “ secondary” for

000,000 of securities and the $12,500,000 paid to the
syndicate managers is less than 1% on the same.
It should also be remembered that the promotion o f
iron and steel companies was considered risky busi­
ness in those days, and that it was a common custom
to make a liberal allowance of securities to the organ­
izers or syndicate managers in return for their services.
Mr. Smith himself furnishes evidence of this in another




But large as these concerns were, no one of them was

a market for its products. Few were completely
“ integrated,” that is, few carried through under one
control, with the accompanying advantages, the en­
tire industrial process from the ore to the finished pro­
duct, linking up ore and coal mines, transportation,
blast furnaces, steel works, rolling mills and finished
manufacture. Immediately, however, there came
the next step. These great concerns almost simul­
taneously began the final linking up of the chain of

J u l y 8 1911.)

THE CHRONICLE

81

production. Once begun by one concern, others fol­
lowed in self-defence. The “ secondary” companies
began to reach back, acquiring ore reserves and crude

the figures do not allow anything for increase in value

steel plants. The Steel & Wire Co. is given as an ex­
ample of this. Its supply of materials had previously

end of 1910, no account is taken of any appreciation of
natural resources above the actual cost thereof to the
corporation.

been purchased mainly from the Carnegie or the Fed­
eral Co., but in 1900 it planned to make its own steel;
likewise, the National Tube Co. The “ primary” con­
cerns, finding these, their chief customers, turning
into rivals, retaliated by reaching forward to the manu­
facture of finished products. Such efforts, it is pointed
out, on the part of these great concerns in striving each
to “ integrate,” to make itself wholly independent,
threatened to result in a great and sudden increase and
duplication of the steel-producing and finishing ca­

from the merger and integration of the various proper­
ties. Moreover in fixing the tangible value at the

After all, however, the question of capitalization
is of minor consequence, especially where there is so
much room for genuine differences of opinion. The
matter of earnings is the consideration of greatest
moment.

The

Government

justifies

its

action

in

undertaking to arrive at the value of the property on
the ground of public policy, and Mr. Smith endeavors
to show the rate of profit, not on the Corporation’s
outstanding stock, but on the total investment as
pacity of the country, and to involve them also in an computed by the Bureau. The Corporation’s allowance
invasion of each other’s business. These were the for depreciation, including mineral exhaustion and
conditions in the steel industry in 1900, and the spark obsolescence has, in his estimation, exceeded the
that brought the Steel Corporation into existence was necessary allowance. The Bureau has determined
the threat of the Carnegie Co. to erect a great tube the proper depreciation from the records of the Cor­
plant near Cleveland, thus invading the field of fin­
ished manufacture.
W e narrate these events at length as summarized
by the Commissioner of Corporations because they
show in what a perfectly natural and yet compulsory
way the Steel Corporation came into existence.

There

were two sets of corporations, a “ primary” group and
a “ secondary” group, each the complement of the other,
and yet each afraid of the other and both dependent
upon each other. Their mutual fears threatened
serious consequences in the already demoralized state
of the iron and steel industry. Mr. Morgan saw what
was threatened, saw that they ought to work har­
moniously together instead of being consumed by fear
of each other, and determined to bring about the need­
ful co-operation by uniting them through an exchange
of securities in a common holding company which would
at the same time allow the cheapening of operations
and do away with much needless expense. In a word,
the contention made on behalf of the Steel Corporation
that its great aggregate of property is in the main an
assembling and coordination of different branches in
the industry, the primary object of which is to secure
greater efficiency and integration and a saving of the
payment of profits to others, is amply justified.

There

poration and has restored the supposed excess to
profits. Thus arrived at, the average rate of profit
on actual investment from April 1 1901 to Dec. 31
1910 is put at 12% .
Everyone who knows anything about the steel busi­
ness must marvel at the moderate rate of return here
disclosed— 1 2 % “ on actual investment.” There is
certainly nothing excessive in such a rate, and nothing
that involves injury to the consuming public or is
suggestive of unfair treatment of the same. To be
sure,the Commissioner of Corporations is moved to say
“ It must be remembered, however, that 12 % profit
for one small concern out of many is one thing. Other
concerns may make much less. It is a very different
thing when, as in this case, one-half of the whole
industry has been maintained on the level of a 12%
profit.”

W e do not see why it should make any

difference whether the Corporation is large or small.
Twelve per cent on actual investment must be con­
sidered surprisingly small for the steel trade where the
expectation has always been of very large profits.
Who would care to take a new venture in business on
the promise of only 12% “ on actual investment,”
including all the risks attending such a venture.
Suppose Mr. Carnegie had been limited to 12% “ on

was certainly nothing harmful to public interests in actual investment,” would he be distributing millions
all this and subsequent events have demonstrated
how wisely conceived the Steel Corporation was and
how excellently it has since been managed.
Mr. Smith thinks that the Steel Corporation was
over capitalized at the start and that even now, after
the application of enormous amounts of earnings in
the erection of new plants and the making of improve­

in charity to-day? Or suppose that the other iron­
masters, who started with nothing and accumulated
enormous wealth, had been limited in that way, would
the United States to-day outrank all other countries
of the world in its iron-making and steel-making plants?
At all events, so long as the Steel Corporation averages
only 12% “ on actual investment,” there will be no

cause for complaint on the part of consumers of iron
and steel.
On the question of monopoly, or attempt to gain
entire possession of the trade, the report of the Com­
of surplus earnings at the end of 1910, leaving stil a missioner of Corporations is also altogether favorable
ments, assets do not equal the outstanding par value
of the securities. The excess of capitalization at the
start he puts at about 8700,000,000, over 1 0 0 % , of
which 8420,000,000 lie finds had been made good out

deficiency of S280,000,000. But such estimates are
necessarily largely conjecture. The ore properties,
which Mr. Smith looks upon as the most important
part of the Steel Corporation’s outfit, are estimated
by him to have been worth only 8100,000,000 at

to the Steel Corporation. The managers have devoted
themselves to developing and enlarging facilities and
have sought in every way to reduce the cost of manu­
facture, but they have not aimed at monopoly.

organization, while the Corporation itself valued them
at 8700,000,000— seven times as great. Between these

Here Mr. Smith brings to view a point which was
well enough known beforehand, namely that while
the production of the Steel Corporation from the be­

two extremes there is wide latitude for individual
judgment and differences of opinion. Furthermore,

ginning has overshadowed its principal rivals and
even exceeded all of its competitors combined, its




82

THE CHRONICLE

proportion of the total production of the United States
has materially diminished in the ten years of its opera­
tion. In pig iron production the Corporation has
just about maintained its original position: in 1901
4 3 .2 % ; in 1910 4 3 .4 % . But in steel, both crude and
finished, it haslost ground; in 1901 it had 6 6 % of the
steel ingots and castings, in 1910 only 5 4 % , notwith­
standing great additions to its capacity. Rolled steel
products, we are told, generally show an almost steady
loss, especially in structural shapes and tin plate.
Even in rails, it is stated, there has been no gain
In short, speaking broadly, as against 6 0 % of all
crude and finished steel production in 1901, the Cor­
poration now has, according to the Commissioner of
Corporations, not much over 5 0 % , indicating con­
clusively, as Mr. Smith himself says in his letter, "the
continuous presence of strong and increasing indepen­
dent production.’ ’
Mr. Smith thinks it proper to point out that “ such
competition has not been so evident with respect to
prices, where it has been materially modified by the
existence of a price policy described as co-operation.”

(VOL. LXXXXiil.

“ unless the charging of exorbitant rates is stopped,
we shall have government by the railroads instead of
government by the people.”
Upon the merits, it seems superfluous to point
out that as the regular passenger rates are accepted
as reasonable without demur, a commutation schedule
which goes so much lower that on the average it
amounts to carrying for a fraction of a cent per mile
cannot be deemed so “ exorbitant” as to endanger
government by the people. Still, it may not be
worth while to dwell upon this, inasmuch as the
real question pretty plainly is whether a body of
respectable citizens who do some sober thinking
about most things yet shut their eyes to all except
their own desires in respect to a few things shall be
permitted to have what they undoubtedly do “ want” ,
as undoubtedly as small children want a drink of
water when none is to be had. Upon this the factor
of numbers is relied upon for potency; one persistent
child might be suppressed, but so many of them must

be pacified, for the sake of peace.
However, the peculiar terms of the petition areThe reference, of course, is to the Gary policy of what suggest this brief comment. The complainants
preventing extreme fluctuations in prices by bringing ask a snapshot action of the Commission by ordering
the producers together in conference from time to the old rates restored, as soon as the notice and
time, but obviously there can be no criticism as to hearing can be had. The theory of a supervising and
the prices actually charged when the Commissioner of controlling Commission in respect to common carriers
Corporations finds that profits have averaged only
1 2 % “ on actual investment.”

is that such a body shall be a competent and dis­
interested arbitrator, and shall fully investigate

THE NEW JERSEY COMMUTERS AGAIN.

before action. This theory was tacitly affirmed by
Governor Hughes, who may be taken as author of the

Last year’s complaint of the New Jersey commuters scheme, when he vetoed a bill for a specific fareagainst the slight increase in commutation rates on reduction on the ground that all such matters are
suburban travel has now been revived by a petition a part of the particular duty of the Comm'ssion. This
which is addressed to the New Jersey Public Utilities theory underlies the New Jersey scheme also; yet the
Commission and is claimed to “ represent” 50,000 commuters want action at once and consideration
commuters.
A liberal generalization about the
number of persons is customary in such cases, but
while a large number is assumed to carry more weight
than a small one, the merits of the demand that the
rates as they formerly stood shall be restored do
not seem to be otherwise for an army than for a

afterwards, for they say:

has determined that any existing rate is “ unjust,
unreasonable, insufficient, or unjustly discriminatory
or preferential.” Further, whenever any utility
shall increase any rate, the board may pass upon
such increase, and the burden of proof for justifying
the increase shall be upon the utility; pending hearing

Commission by implying that the question is so
simple upon its merits and the members of the Com­
mission are so certain to be sustained by the courts
that any time expended is just time wasted. Let the
railroads fuss the thing out in the courts in their own

and determination, the board may at once order
suspension of the increase during not more than

already be here, and “ virtual robbery”
tortionate charges” will be at an end.

three months. Any order of the board may be re­
viewed by the Supreme Court (paragraph 38) by action
taken within 30 days after the order takes effect.

can be finally disposed of, in cither State or Federal
courts, is named in the law. The railroads might

“ A prolonged and elaborate investigation by your
board would be practically useless. It would lead to
no definite conclusion and would only delay the day
of relief and prolong the virtual robbery of the public
by the present extortionate charges.
“ Whatever order your Commission may issue will be
handful.
promptly taken to the courts, where the whole matter
The present Utilities Law went into operation on must be fought out. The Commission, therefore,
May 1 and has already been sketched in the “ Chron­ should at once issue its order and let the actual contest
icle.” The board is empowered, “ after hearing, upon take place, where in the end it must finally take place,
notice,” to fix rates, “ as well as commutation, in the courts of the State or of the United States.”
The intent of this language is, first, to flatter the
mileage and other special rates,” whenever the board

It is a reasonable inference that the provision
above cited refers only to any increase in rates there­
after, but the complaining commuters ask the Com­
mission to order reversed an increase which was
made before it was enacted into being. The petition
avers that the Commission has power to make such
an order, and declares, with an appeal to popular
passions, through mere rhetorical phraseology,- that




time and way; meanwhile, “ the day of relief” will
and “ ex­

No time within which such a question shall be or

within thirty days put the subject into course, but it
might be possibly several years in reaching settle­
ment; meanwhile, this desired pre-judgment would
be operative. If the roads won in the end, recovery
of the separate small sums from the separate com­
muters would be impossible; on the contrary, if the
present rates continue and then the railroads lose
their appeal finally, no commuter would fail to call on

Ju ly

8

THE CHRONICLE

1911.!

his road for refund of the excess fares meanwhile paid.
Such a just and fair method as to hold the difference in
fares subject to the decision is not suggested by the
complainants. They want to put all the risk on the
other side and leave the roads exposed to losing the
whole case by an unfavorable decision or to los ng the
difference of fares meanwhile in case of a favorable
one.
W hy do men whose sense of business justice is
ordinarily good— so good that they see, for example,
that wagers cannot be made against a certainty in
the knowledge of one party and that an option is
a valuable thing and to be paid for— seem to lose
recognition of fairness and reason when a corporation,
especially a railroad corporation, is a party ?

ITEMS ABOUT B A N K S, B AN K ER S AN D TR U ST CO S.

— The public sales of bank stocks this week aggregate 198
shares, of which 164 shares were sold at the Stock Exchange
and 34 shares at auction. The transactions in trust company
stocks reach a total of 135 shares. The table below, given in
our usual form, shows the actual sales of New York City
bank stocks made during the week at auction and at the
Stock Exchange. Extensive tables reporting the bid and
asked quotations, deposits, surplus, &c., of banks and trust
companies in all important cities in the United States are
published monthly in the “ Bank and Quotation” Section,
the July issue of which accompanies to-day’s “ Chronicle.”
Bid and asked quotations for all New York City bank and
trust company stocks are also published weekly in another
department of the paper, and will be found to-day on pages
91 and 92.
Low. Utah.
Shares. B A N K S — New York.
*123 City Bank, N ational------ - 455
460
216
*21 Commerce, Nat. Bank of- . 210
34 East River Nat. Bank — - 115 Vt 115 H
*10 Fourth National B ank__ _ 205
205
*10 Im port. & Trad. Nat. Bk _ 570
570
TR U S T COM PANIES— New York.
100 S avoy Trust C o__________ - 25
25
35 W indsor Trust C o _______ - 07
97

Close.
457
216
115 H
205
570
25
07

Last previous
June 1011 —
June 1911—
Mch. 1910—
June 1911 —
Mch. 1910—

sale.
455
215
125
210
564 'A

Mch. 1911 —
Jan. 1011—

80
115

* Sold at the Stock Exchange.

— It is understood that the number of postal savings
depositories now named reaches 1,000. It is stated that
about 400 of the banks are already in actual operation.
—That the Stock Exchange rule governing the charge
of % of 1% commission will be enforced in cases where
securities dealt in on the Exchange are cleared by a member
for a non-member buying or selling outside the Exchange is
indicated in the following resolution adopted by the Govern­
ing Committee on June 28:
W here a non-member buys or sells, outside ot the Exchange, securities
that are dealt In on the Exchange, and has them cleared by a m ember of
the E xchange, the rate of commission to be charged and collected must
be H o t 1 % .

The New York “ Sun” credits an official of the Exchange
with the explanation that the resolution simply means that its
members must charge the regular commission against outside
dealers or buyers, if the latter use the name of those Exchange
members in connection with transactions in securities listed
on the Exchange.
— At the instance of Comptroller of the Currency Lawrence
O. Murray, the State bank examiners of New York and
New Jersey held a joint session on Thursday with the
national bank examiners of this district, which includes
New York State and Northern New Jersey. The examiners
met at the Custom House, and a resolution was adopted
having for its end the co-operation of the State and Federal
banking interests through the adoption of uniform methods
of examination, and other means. The following is the text
of the resolution.
Resolved, That It Is the sense ot this meeting that It would be m ost desir­
able for the Comptroller of the Currency and the State Banking Superin­
tendent of New York and the Banking Commissioner of New Jersey to adopt
uniform methods and blanks to enable the examiners to procure and Inter­
change Information regarding the extent o f the outstanding liabilities of
credit and collateral borrowers.
It Is recommended that the plan so adopted should provide for the se­
curing of Information showing the liabilities of borrowers In all State and
national Institutions on at least two concurrent dates In each year.
It is also recomm ended that the State and national bank examiners be
authorized or Instructed to exchange Information relative to borrowers’
liabilities.

Wc likewise quote herewith another resolution endorsed
at this week’s meeting.
•




83

Resolved, That we fully appreciate the action Of the Comptroller ot the
Currency and the banking officials for the States of New Y ork and N ew
Jersey In determining to no longer permit the organization of banking In­
stitutions b y prom oters; and it Is the sense of this joint meeting that in the
Interest of good banking and for the protection of depositors and share­
holders alike. It Is desirable that the banking departments of all other States
lend their hearty cc-operatlon b y prohibiting, or, If this Is Impossible, by
at least discouraging, the incorporation of banks b y professional prom oters.

— Among the resolutions adopted by the North Carolina
Bankers’ Association at-its late session, one expressed appre­
ciation of the work which is being done by the National Mon­
etary Commission and the Currency Commission of the
American Bankers’ Association and urged their Senators
and Representatives in Congress to favor the passage of a
bill on currency reform which will meet all the require­
ments of the country. The bankers also approved the
suggestion of the President of the Association for the
appointment of a committee to revise the banking laws
of the State, and recommended that such committee be
named. Following the report of the committee of Uni­
form Bills of Lading, in which the defeat at the recent
session of the Legislature of the Act providing for uniform
bills of lading was made known, the bankers pledged their
support “ for and in behalf of a suitable measure” and agreed
to do all they can, educationally and otherwise, in urging the
importance of the adoption of a law governing bills of lading.
— The meeting of the national bank examiners of District
No. 3, of which Frank L. Norris is Chairman, will be held in
Philadelphia on Tuesday next— July 11. As has been indi­
cated in a previous item, the Commissioners and State bank
examiners of the respective States have been invited to join
the national bank examiners at their July meetings, and it is
announced that, in the case of District No. 3 the following
have made known their intention to be present: Alfred A.
Taber, examiner, Pennsylvania; Hugh II. Wilson, Thomas
S. Chambers, Elliott Horace Biddle, New Jersey; Charles
II. Maull, Commissioner of Delaware; J. D. Downes, Com­
missioner of Maryland; John C. Motter, Deputy Commis­
sioner, and George W. Page, Examiner of Maryland; C. C.
Barksdale, Chief Examiner, Charles S. Hunter, Examiner,
and S. L. Hunter, Examiner, of Virginia. The Philadelphia
Clearing-House Association will be represented by William
M. Hardt, Clearing-House Examiner.
— In addition to the savings banks paying 3 M>% interest,
enumerated in our issue of last Saturday, the Dollar Savings
Bank, at 2808 Third Avenue, has likewise adopted that rate
with its present distribution.
— A preliminary announcement with regard to the program
to be followed at the annual convention of the American
Bankers’ A ssociation's to be held in New Orleans the week
of Nov. 20, has been furnished from Secretary Farnsworth’s
office this week. Mr. Farnsworth has just returned from the
South, after spending several days in New Orleans inspecting
the city and conferring with the local committees on the
details relating to the forthcoming convention, including its
business and entertainment features. The bankers of New
Orleans are enthusiastic in their efforts to make the conven­
tion a memorable one, and the unbounded hospitality of the
South warrants the belief that their expectations in this
respect will be realized. The investigation of the General
Secretary leads him to believe, too, that an extremely large
gathering will attend the proceedings at the “ Crescent
City.” We give herewith the program as outlined, which
has been arranged subject to the approval of the Adminis­
trative Committee of the Association:
M onday, N ov. 20.— Committee meetings and E xecutive Council meet­
ing. Evening, banquet tendered by the bankers of New Orleans to the
E xecutive Council. The ladles will be entertained at a special evening
reception.
Tuesday, N ov. 21.— Association convenes at 10 o ’clock and 2 o ’clock.
Fete Champctre at City Park and reception at the Country Club at 8 o ’clock
p. m. Fireworks and illumination In the park and o r the lakes
W ednesday. N ov. 22.— Meetings of Trust Company and Clearing House
sections. A utom obile rides throughout the city for the ladies and visit to
the water-works plant In special street cars In the afternoon. All parties
to meet at A udubon Park at 4 p . m . to attend a polo game. R eception and
ball at the French Opera House In the evening.
Thursday. N ov. 23.— Meetings of Savings Bank and organization of Sec­
retaries’ sections. Visiting the harbor and excursion b y boat to Reserve
Plantation; lunch to be served on the boat or boats to be chartered, and re­
turn to be arranged from Reserve, J*a., b y special train to be furnished by
the Illinois Central B R . Co. Invitations to all leading theatres In the
evening.
Friday, N ov. 24.— Second d a y’s convention and E xecutive Council m eet­
ing. Entertainment to be left open to enable the bankers to entertain those
of their friends who m ay be in the city.

— Much regret has been expressed in banking circles at the
sudden death on the 1st inst. of N. W. Halsey, head of the
firm of N. W. Halsey & Co., which was established by him in
1901. Mr. Halsey’s death occurred at New London, Conn.,
where he had gone to view the Harvard-Yale boat races and

84

THE CHRONICLE

was due to an attack of angina pectoris. It is no exaggera­
tion to state that his death means a loss, not alone to the
organization of which he was the head, but also to the whole
investment world, for he was a constructive force. Mr.
Halsey was most conservative when advising others as to the
disposition of their money, and, needless to say, never recom­
mended the purchase of any security in which lie did not
have absolute faith. Mr. Halsey’s home was at South
Orange, N. J. He was in his fifty-fith year. He was
born in Forreston, 111., and was educated at Beloit and the
Union College of Law in Chicago. He practiced law until
1885, when he became associated with N. W. Harris & Co.
(now Harris, Forbes & Co.), and had been its resident
managing partner at their New York office for ten years at
the time he withdrew in 1901 to form his own firm. Besides
its New York headquarters, Mr. Halsey’s firm has offices in
Philadelphia, Chicago and San Francisco. Mr. Halsey was
Chairman of the Board of Directors of the Pacific Gas &
Electric Co. and was identified with the Electric Properties
Co., the California Gas & Electric Co., the Tri-City Railway
& Light Co., the Netherlands Tramways Corporation, &c.
— Horace E. Andrews, President of the New York State
Railways Co. and in charge of the electric railway system
of the New York Central & Hudson River R R ., has been
elected a director of the Manhattan Trust Co. of this city.
— A branch of the Corn Exchange Bank of this city has
been opened at 57th Street and 8th Avenue. It has been
designated the Riverside Branch.
— Edward R. Rawlings, son of Carroll C. Rawlings, Trust
Officer of the Union Trust Co. of this city, assumed his
official duties as Trust Officer, Assistant Secretary and
Treasurer-elect of the Trust Co. of Georgia, at Atlanta, Ga.,
oh the 1st inst. Edward R. Rawlings had been identified
with the Union Trust Co. of New York for the past twelve
years, and lately was in charge of the institutional division
of its trust department.
— Action toward readjusting the capital of the Windsor
Trust Co. of this city, as proposed a month ago, has been
taken by the stockholders during the past week. It was
first voted (June 30) to reduce the capital from $1,000,000 to
$500,000 and on the following day to again raise the amount
to $1,000,000. In reducing the capital to $500,000, the
surplus was increased from $130,000 to $630,000. The
new $500,000 of stock has been underwritten by a syndicate
at $200 per share, and is offered to the present shareholders
at that price. The premium will be placed to the surplus
account, so that in addition to a capital of $1,000,000, the
company will have a surplus of $1,130,000. Clark Williams,
who is to succeed August Heckscher as President of the
institution, will assume the presidency on the 17th inst.
— The semi-annual statement of the Guaranty Trust Co.
of New York as of June 30 1911 is said to record the largest
totals ever reported by an American trust company. The
deposits are $163,000,000—a gain of over $38,000,000 since
the annual statement of December 31 1910 and a gain of over
$18,000,000 since the June 7th report. The total resources
are now $217,000,000, as against $151,000,000 six months
ago..
—Joseph B. Reichmann, formerly President of the
Carnegie Trust Co., who was sentenced on the 30th ult. to
four and a-half months in the penitentiary following his
conviction on charges concerning the making of a false
report to the State Banking Department, was released from
the Tombs this week under $10,000 bail, on a certificate
of reasonable doubt granted by Supreme Court Justice
Page. The latter’s action was based on proceedings against
Charles II. Hyde, in which Reichmann, after his own indict­
ment, was compelled to testify with regard to a certain
transaction, notwithstanding that he had at first demurred,
on the ground that the answers might tend to incriminate
him. In reviewing these proceedings Justice Page said:
The D istrict-Attorney does not ju stify, as Indeed It Is hard to see how he
could, this startling innovation in crim inal practice, but claims that
Reichm ann should have persisted In his objection , been com m itted for
contem pt of court, and then applied for a writ of habeas corpus, and that,
having answered, even under com pulsion, he lost his privilege; that when
evidence Is secured, the Court Is not Interested In the manner In which It Is
obtained. I do not so view the question. There are certain constitutional
protections thrown around those accused of crime that prosecuting officers
arcjconstantly striving to circum vent and destroy.
i ■If the practice adopted In this case Is to be sanctioned, the DistrictA ttorn ey practically secures the right to an exam ination before trial, with­
out even the protection afTordcd of the presence of counsel, of any one
Indicted for a crime for which, or some element of which, a criminal charge
could be made against a third person.
The defendant by various m otions, objections and exceptions has reserved
the right to present this m atter to the A ppellate Court, and I feel that he
should have the right to do so. I have not considered the various other




[V O L .

LXXXXUI.

specifications of error assigned by the defendant, for the reason that I am
of the opinion that this violation of the defendant’s constitutional rights Is
of sufficient importance to require a submission of the appeal to the Appell­
ate Division; and as the sentence was for a term of four and a half months,
and the Appellate Division Is now In recess and will not rc-assem blc until the
term of Imprisonment would practically have expired, the defendant would
be deprived of a hearing on appeal If this certillcate were not given.

— At a meeting of the directors of the National Reserve
Bank of this city yesterday, Frank V. Baldwin, Secretary
and Treasurer of the Mutual Alliance Trust Co. of New York,
was elected Vice-President; Ilansell Hillyer of Macon, Ga.,
Assistant Secretary of the Georgia Banking Association,
was made Assistant Cashier, and Robert E. Minis, previously
Assistant Cashier, was elected Cashier. Thomas J. Lewis
resigned as Vice-President to associate himself with the
Stock Exchange firm of E. R. Chapman & Co.
— During the six months ending July 1 the Fidelity Trust
Co.,cornerof Chambers St. and WestBroadway, this city,has
increased its deposits to $7,880,305, its resources to over
$10,000,000, its capital and surplus from $1,500,000 to $2,­
000,000, and has-been elected a member of the New York Clering-House Association. The company commenced business
during the panic year, and has been doing well since.its in­
ception, May 22 1907. Besides the regular dividends for
the year 1910, the institution paid stockholders an extra
2% Christmas dividend. Samuel S. Conover is President.
— Notice of the 100% assessment on the stockholders of
the failed Union Bank of Brooklyn Borough was issued this
week. The levy amounts to $1,000,000, that having been
the capital of the institution. Supt. Van Tuyl has notified
the stockholders that in the event of their failure to make
the payment within sixty days, action will be commenced to
enforce the liability. According to the Brooklyn “ Eagle,”
Gov. Dix has discovered he has no power to designate
Assemblyman Louis Goldstein as special Counsel to the Bank­
ing Department in the investigation proposed to be made in
the affairs of the bank. This appointment by Gov. Dix
was announced several weeks ago. It is added that Mr. Dix
believes that Supt. Van Tuyl has all the power necessary for
a thorough investigation of the institution. In a letter
dealing with the matter, addressed by Supt. Van Tuyl to
District Attorney Clarke on June 27, the Superintendent
declares that “ the Governor stands ready to back the De­
partment with the full authority of his office at all times,
and agrees with me that the Department is fully competent,
with the valuable assistance of the District Attorney’s office,
to conduct the inquiry demanded.” Supt. Van Tuyl also
indicates to the District Attorney that he has invited Assem­
blyman Goldstein to co-operate in the investigation.
— On the 5th inst. the stockholders of the Franklin Trust
Co. of Brooklyn Borough ratified the plan to reduce the
capital of their institution from $1,500,000 to $1,000,000.
As stated in our issue of June 24, the proposed reduction
will not alter the company’s financial position or the
proportionate share of each stockholder in the assets of
the institution, being simply a transfer of $500,000 from
capital account to surplus account, as the amount released
from capital is to be applied in increasing the surplus.
— The application for the admission of the Nassau National
Bank of Brooklyn as a member of the New York Clearing
House has been favorably acted upon by the Executive
Committee of the Association.
— A run on the Oneida County Savings Bank of Rome,
N. Y ., during the past week is stated to have developed
because of the refusal of the State Banking Department to
grant a charter to a trust company proposed to have been
established in that city. According to the Syracuse “ Post,”
a feeling in some quarters that the savings bank, among
other financial institutions, was opposed to the granting of
the certificate, is said to have been responsible for the run.
The bank did not exact the customary 30-day notice but
met fully the demands of the depositors.
— Stephen M. Clement, President of the Marine National
Bank of Buffalo, and Mrs. Clement entertained the one hun­
dred employees and officers of the institution at their sum­
mer home at East Aurora on the 4th. The affair was marked
by the presentation of a check for $5,000, voted by the bank’s
directors, to Thomas L. Jewett, in recognition of his forty
years of service in the institution. Mr. Jewett entered the
bank in 1871, and at that time was one of six employees.
During the celebration at President Clement’s home, Mr.
Jewett's fellow employees presented him with a silver lovingcup, filled with orchids, from Vice-President Albright's
greenhouse. Mr. Clement, in tendering the check, viewed
the bank’s progress during the period Mr. Jewett has been

Ju ly 8 1911.]
a sso c ia te d

w ith

THE CHRONICLE

it,

n o tin g

th a t

th e

resou rces

have

grow n

fr o m $ 1 ,5 0 0 ,0 0 0 to $ 3 3 ,0 0 0 ,0 0 0 .
— F ran k

B.

of

N ew

l a t t e r ’ s i n t e r e s t w a s p u r c h a s e d b y A r t h u r A . D e n n y , t h e f ir s t
w h i t e s e t t l e r in S e a t t l e , a n d t h e n a m e w a s c h a n g e d t o D e x t e r

F r is b ie h a s b e e n

c h a n ic s’ B a n k

85

e le c t e d

H aven,

C o n n .,

C a s h ie r o f

th e

s u c c e e d in g

S.

M e­

F red .

H o rto n

&

Co.

B u s in e s s w a s c o n d u c te d

u n d e r a T e rrito ria l c h a r te r fr o m

by

th e in s titu t io n

1 8 8 7 u n til J u n e 1 9 1 0 , w h e n

S t r o n g , w h o r e t ir e d t o b e c o m e T r e a s u r e r o f t h e C o n n e c t i c u t

it secu red a F e d e ra l c h a rte r a n d b e c a m e th e D e x te r H o r to n

S a v in g s

N a tio n a l B a n k .

Bank.

M r.

F r is b ie

assu m ed

h is

new

o ffic e

on

tw e e n

J u ly 1 .
— On
Co. of

th e

2 5 th

R e a d in g ,

w as added

to

a n n iv e r s a r y
P a .,

th e

w h ic h

of

th e

P e n n s y lv a n ia

occu rred

s u r p lu s f u n d ,

on

June

m a k in g

21,

T ru st

$ 2 5 ,0 0 0

it $ 7 5 0 ,0 0 0 .

The

i n s t i t u t i o n h a s a c a p i t a l o f $ 2 5 0 , 0 0 0 , a n d i t s a c t i o n in a d d i n g
t o t h e s u r p lu s e n a b l e d i t t o s h o w o n i t s a n n i v e r s a r y , f o r t h e
f ir s t t i m e in i t s h i s t o r y , a c o m b i n e d
$ 1 ,0 0 0 ,0 0 0 .

A n o th e r

in c i d e n t

c a p i t a l a n d s u r p lu s o f

w h ic h

m ark ed

th e

event

w a s a b a n q u e t t e n d e r e d b y t h e o f f i c e r s a n d d i r e c t o r s t o th e
e m p lo y e e s .

T h e c o m p a n y w a s o r g a n iz e d o n J u n e 2 1

1880.

I t s d e v e l o p m e n t d u r i n g t h e p a s t t e n y e a r s h a s b e e n e s p e c i a l ly
s t r i k i n g , f o r s in c e J a n u a r y 1 9 0 1 i t s s u r p l u s h a s g r o w n f r o m
$ 1 4 1 ,0 0 0

to

th e

am ount

in d i c a t e d

above,

$ 7 5 0 ,0 0 0 ,

th e

d e p o s i t s h a v e in c r e a s e d f r o m $ 7 8 4 , 4 7 3 t o $ 3 , 7 4 5 , 0 0 0

a n d its

a sse ts

G eorge

have

B rooke

r is e n

fro m

has been

o p e r a tio n s ,

$ 1 ,6 7 1 ,4 6 0

P re sid e n t o f

and

H .

B.

to

$ 5 ,2 5 0 ,0 0 0 .

th e c o m p a n y

H agy,

th e

s in c e

T reasu rer

it b e g a n

and

T ru st

th e

A n a llia n c e w a s e n te r e d in to la s t y e a r b e ­

bank

and

th e

W a s h in g to n

n a m e o f w h ic h h a s s i n c e b e e n
T ru st

&

S a v in g s

Bank.

changed

The

T ru st

to

c a p it a l

th e

sto c k

C o .,

th e

W a s h in g to n
of

th e

la tfe r

( $ 4 0 0 , 0 0 0 ) is o w n e d b y t h e s t o c k h o l d e r s o f t h e D e x t e r H o r t o n
N a tio n a l.
tw o
of

A

c o m b in e d

in s titu t io n s

w h ic h

on

sta te m e n t

June

$ 1 0 ,2 7 7 ,6 2 7

7

of

th e

c o n d itio n

of

th e

sh o w s d e p o sits o f $ 1 5 ,3 2 1 ,9 0 4 ,

re p rese n ts

th e

am ount

h e ld

by

th e

D e x te r H o r to n N a tio n a l a n d $ 5 ,0 4 4 ,2 7 6 th o se o f th e W a s h ­
in g to n

T ru st

M arch

7 , a g a in o f $ 5 8 5 ,0 0 0

th e

tw o

th e

D e x te r

is

to

be

P re sid e n t

&

S a v in g s

in s titu tio n s .
H o rto n

under
of

In

The

new

bond

r e c e n tly

m anagem ent

A m e r ic a n

t h r e e m o n t h s , o r s in c e

h a s occu rred

N a tio n a l

th e

th e

Bank.

in t h e f ig u r e s o f

d e p a rtm e n t
d e c id e d

o f R a lp h

In s titu te

of

to

w h ic h

e s ta b lis h

H . M a c M ic h a e l,

B a n k in g ,

and

at

p r e s e n t m a n a g e r o f th e b o n d d e p a r t m e n t o f th e M e llo n N a ­
tio n a l

Bank

of

P itts b u r g h .

M r.

M a c M i c h a e l w ill t a k e

up

h is n e w d u tie s n e x t m o n t h .

-

O ffic e r , h a s a lso b e e n a sso c ia te d w ith th e in s titu t io n th r o u g h ­
o u t th e e n tir e t w e n t y -f iv e y e a r s .
P re sid e n t;

E d w ard

H .

K n err

E d w ard

is

B r o o k e is V i c e ­

S e c re ta ry

and

A s s is t a n t

T r e a s u r e r a n d J o h n H . M u ll is A s s i s t a n t S e c r e t a r y .
— T h e F ir s t T r u s t C o . o f L in c o ln ,

Canadian Bank Clearings.—
sa m e m o n th

N e b . , h a s b e e n in c o r ­

T h e c le a r i n g s o f t h e C a n a d i a n

b a n k s f o r t h e m o n t h o f J u n e 1 9 1 1 s h o w a n in c r e a s e o v e r t h e

g a in

of 1910 of

reaches

1 8 .1 %

and

fo r th e s ix

m o n t h s th e

1 6 .9 % .

p o r a t e d w i t h a c a p i t a l o f $ 1 0 0 , 0 0 0 b y i n t e r e s t s in t h e F i r s t
N a tio n a l B a n k a n d
O m aha

“ B ee”

o r g a n iz e d

under

L e g is la tu r e
and

th e F ir s t T r u s t

re p o rts
th e

th a t

la w

th e

& S a v in g s B a n k .

new

p assed

at

com pany

th e

la te

s e s s io n

th e

u se

of

th e

w ord

“ tru st”

in

c o m p lia n c e

S a v in g s

w it h

Bank

has

t h e la w
been

th e

t i t le o f t h e

changed

and

of

th e

th e

t i t le

th e s t a t u t e .

F ir s t T r u s t

th e

in s titu t io n

&

w ill

h e r e a fte r b e k n o w n a s th e F ir s t S a v in g s B a n k .
— The

In te r n a tio n a l

is s h o r t l y

T ru st

Com pany

of

D enver,

w h ic h

t o in c r e a s e i t s c a p i t a l a n d s u r p l u s t o $ 1 , 0 0 0 , 0 0 0 ,

h a s a n e w P r e s i d e n t in H e n r y M . B l a c k m c r , w h o w a s r e c e n t l y
ch osen

to

M o ffa t.

fill
A.

th e

V.

vacancy

due

H u n te r, w ho

to

th e

d e a th

of

r e c e n tly b e c a m e

D a v id

H .

P r e sid e n t o f

th e F ir s t N a tio n a l B a n k o f D e n v e r , h a s b e e n m a d e C h a ir m a n
o f th e b o a r d o f th e In t e r n a tio n a l T r u s t .
V ic e -P r e s id e n t,
c o n tin u e

in

and

th e ir

th e

o th e r

T h e o d o r e G . S m ith ,

o ffic ia ls

of

r e s p e c tiv e p o s it io n s .

th e

com pany,

M r. B la c k m c r ,

th e

n e w h e a d o f t h e t r u s t c o m p a n y , is P r e s i d e n t o f t h e C r ip p le
C re ek C e n tra l R y . C o . a n d
d u c tio n

&

R e fin in g

in st.

to

A tla n ta ,

th e

G a.

V ic e -P r e s id e n t o f th e U . S . R e ­

000.

w a s d e c la r e d p a y a b l e o n t h e

s to c k h o ld e r s

The

s e m i-a n n u a l.

of

th e

d is t r ib u tio n s ,

it

H illy e r
is

T ru st

u n d e rsto o d ,

Co.

of

w ill

be

T h e c o m p a n y h a s a p a id -in c a p it a l o f $ 2 5 0 ,­

I t b e g a n b u s in e s s o n S e p t . 7 la s t a s s u c c e s s o r to th e

H i l l y e r I n v e s t m e n t C o . , w h ic h w a s e s t a b l i s h e d in 1 9 0 6 .
— T h e C e n tra l T r u s t C o . o f M o b ile , A l a ., w a s c o n s o lid a te d
o n th e 1 s t in s t . w ith th e C it y B a n k

& T r u s t C o . o f M o b ile .

T h e C c n t r a l T r u s t C o . w a s o r g a n i z e d in 1 9 0 2 a n d h a d a c a p it a l
o f $ 2 5 0 , 0 0 0 a n d d e p o s i t s o f a b o u t $ 6 6 0 , 0 0 0 ; i t s e n t i r e b u s i n e s s is
t a k e n o v e r , i t s d i s c o n t i n u a n c e , i t is s t a t e d , b e i n g d u e t o t h e
d e s ir e o f i t s o f f ic e r s t o r e t ir e f r o m
C ity

Bank

&

T ru st C o.

w a s a ls o

th e b a n k in g fie ld .
e s ta b lis h e d

in

The

1902,

su c c e e d e d to th e b u s in e s s o f th e C it y N a t io n a l B a n k .

and

I t has

a c a p i t a l o f $ 5 0 0 , 0 0 0 ; i t s s u r p lu s a n d p r o f i t s e x c e e d $ 5 0 0 , 0 0 0 ,
and

its d e p o s its p rio r

w ere

in

th e

P r e sid e n t

to

th e

n e ig h b o rh o o d

of

th e

C ity

c o n s o lid a tio n

of

ju s t an n ou n ced

$ 3 ,4 0 0 ,0 0 0 .

Bank

&

T ru st

E.

Co.

J.

and

B u ck

is

G eorge

A.

T o n s m c i r e is C a s h ie r .
— The
tio n a l

fo r ty -fir s t

Bank

a n n iv e r s a r y

o f S e a ttle ,

“ th e

of

th e

H i s t o r y ,”
by

D e x te r

in s titu tio n

is s u e d

th e

a

w ho

s e ttle d

in

1911.

1910.

Tot. Can. 589.607,536 499,178,006

in

1 8 5 4 , w a s o r ig in a lly

o f s o m e o f th e e a r ly s e t t le r s .
a s a b a n k e r in d ic a te d

o r g a n iz a tio n ,
fo rm e d

a

F r a n c is c o .

and

as

b a n k in g
W ith

Inc. or
Dec.

1910.

+ 18.1 3,316,541,661 2,836,009,528

%
+ 12.8
+ 16.7
+23.1
+23.8
+ 5.3
+ 3.1
— 16.5
+ 20.0
+ 1.9
+ 5.5
+31.6
+47:4
+73.2
+53.5
tal.
tal.
tal.
tal.
+ 16.9

♦ Not Included In totals; comparison Incomplete.
T h e c le r a i n g s f o r t h e w e e k e n d i n g J u ly 1 m a k e a v e r y
s a t i s f a c t o r y 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 , t h e in ­
c r e a s e in t h e a g g r e g a t e h a v i n g b e e n 2 6 . 3 % .

N a­

W a s h i n g t o n ,”

e n title d

“A

of

Week ending July 1.

Clearings at—
1911.
Canada—
Montreal ________
T oron to................ ..
Winnipeg.............. ..
Vancouver........ ......
Ottawa....................
Q uebec............ .
Halifax___________
Hamilton . . . ______
St. John__________
London ...................
Calgary ..................
Victoria.......... ..........
Edmonton ..............
R egina....................
Brandon ............ ......
Saskatoon................
Moose Jaw________
Lethbridge........ ......
Brantford ________
Total Canada____

S
47,001,249
33,000,000
20,689,887
10,938,375
4,423,649
2,547,204
1,757,033
2,200,000
1,528,143
1,389,921
4,308,8 9
2,886,650
2,101,735
1,459,138
473.365
1,114,000
816,000
639,000
517,000

S e a ttle

in

a

p a r tn e rsh ip
th e




d e a th

w ith

of

M r.

on

of

Clearings— Returns by Telegraph.
Week ending July 8.

1 8 5 3 , ju s t

D a v id

16

1870

P h illip s o f

P h illip s

in

1872

1909.

1908.

S
$
29,904,806 22,652,589
25,144,706 18,945,945
8,724.503 8,037,711
4,238,171 2,949,628
3,152,569 2,348,358
1,841,141
1,695,353
11,178,394
1,468,647
1,436,708
1,375,770
1,024,927
934,963
1,150,732
1,233.808
1,450,841
923.967
970,496
1,470,000
564,729
677,380
al.
ai.
al.
al.
81,394,878 64,101,964

a

he
San
th e

Per
Cent.

1911.

1910.

51,448,765,371
128,912,377
160,995,745
27,491,7.36
209,026,352
58,317,711
13,404,875

31,352,874,065
122,953,552
113,487,567
24,751,800
201,985,900
52,534.160
8,496,973

$2,016,914,170
365,987,946

81,877,087,017
356,106,418

+ 2.8

Total all cities, 5 days..................

$2,412,902,116
587,413,218

$2,233,193,'4.35
628,955,795

+ 8.0
—6.6

Total all cities for week..................

$3,000,315,334

$2,862,149,230

+ 4.8

Philadelphia........................................

r e g u la r b a n k i n g

June

%
+21.0
+30.9
+30.9
+ 17.6
+ 20.1
+31.6
— 13.4
+ 26.1
+ 5.7
+ 25.0
+ 51.4
+ 56.0
+ 82.7
+ 61.9
+ 18.5
d In tot
d In tot
d In tot
d In tot

th e

B it

H is b u s in e s s v e n t u r e ,

con sequ en ce

S
38,850,000
25,215,343
15,810,334
9,300,000
3,683,457
1,935.918
2,0.30,000
1,745,388
1,446,896
1,111,806
2,845,855
1,850,000
1,150,000
901,939
.399.960
Not include
Not Include
Not Include
Not Include

Clearings by Telegraph—Sales of Stocks, Bonds, &c.—

th a t o f a gen eral sto r e ,

need fo r a

Inc. or
Dec.

T h e s u b j o i n e d t a b l e , c o v e r i n g c le a r i n g s f o r t h e c u r r e n t w e e k ,
u s u a l l y a p p e a r s o n t h e fir s t p a g e o f e a c h is s u e , b u t o n a c c o u n t
o f t h e l e n g t h o f t h e o t h e r t a b l e s is c r o w d e d o u t o n c e a m o n t h .
T h e f ig u r e s a r e r e c e iv e d b y t e le g r a p h f r o m o t h e r l e a d i n g c i t i e s .

T h e in c r e a s i n g d e m a n d s u p o n
th e

1910.

|
1

136,705,238 108,276,896 +26.3

b u t M r . H o r t o n w a s s o o n c a ll e d u p o n t o c a r e f o r t h e f u n d s

h im

1911.

Canada—
$
1
S
%
S
$
Montreal__ 204,140,000 177,715,729 + 14.9 1,122,612,776 994,876,183
Toronto___ 151,781,135 127,631,604 + 18.9 886,099.768 759,292,096
Winnipeg__ 86,485,000 69,889,227 + 23.7 483,995,645 393,265,077
Vancouver.. 45,558,690 37,092,464 + 22.8 253,087,096 204,508.872
O ttaw a ___ 16,921.523 15,653,862
+ 8.1
99,778,978
94,791,950
Quebec........ 11,207,159 10,465,913
+ 7.1
59,621.529
57,865,049
H alifax___
6,918,785 8,570,879 — 19.2
40,912,435
49,015,089
Hamilton__ 10,292,350 8,352.026 +23.2
57,303,512
47,736,569
St. John___
6,309,912! 6,498,846 —2.9
37,731,101
37.030,056
London ___
5,785,2911 5,656,043
+ 2.3
34,951,377
33,124,489
Calgary__ _ 16,834,994 13,035,062 +29.1
91,447,152
69.499,659
Victoria . . . 11.361,784 9,189.761 +23.6
66,176,940
44.880.016
Edmonton..
9,689,374 5,350,379 +81.1
51.820,696
29,922,238
R e g in a ___
6,321,539 4,076,211 + 55.1
31,002,656
20,202,185
Brandon ♦ ..
2,381,682 2,008,927 + 18.6
12,586,239
7.292,868
Saskatoon . .
4.678,342 ■Jot Incl. In total.
23,839,293 Not Incl. In to
Moose Jaw ..
3,340,582 lo t Inel. In total.
14,337,448 Not Incl. In to
2,603.079
Not
Incl.
In
total.
Lethbridge .
13,039,160 Not Incl. In to
Brantford . .
2,400,195 Not Incl. In total.
14,356,948 Not Incl. In to

T h e b a n k w a s fo u n d e d

y e a r a ft e r th e fo u n d in g o f th e c i t y .
e s ta b lis h e d

in

c o m m e m o r a tio n

b o o k le t

tr a c in g its d e v e lo p m e n t .
H o rto n ,

D e x te r H o rto n

o ld e st b a n k

w a s c e le b r a t e d o n J u n e 1 6 , a n d in
event

Six Months.
Inc. or
Dec.

Co.

— A n in it ia l d i v i d e n d o f 2 %
1st

June.

Clearings al-

been

p r o v id in g fo r th e fo r m a tio n o f tr u s t c o m p a n ie s

p r o h ib it in g

o f a n y c o n c e r n n o t c r e a t e d in a c c o r d a n c e w i t h
In

The

has

+ 7.1
- M i.8
+ 'i l o
+47.8

THE CHRONICLE

86
Pacific and other Western Clearings b r o u g h t

MONTHLY CLEARINGS.

fo r w a r d fr o m

fir s t p a g e .

June.

•

1911.

San Jose--------No. Yakim a..
B oise-----------R e n o ............ Cocur d’ Alene.
O g d en ----------

Month.

Six Months.
Inc. or
Dec.

1910.

1911.

Inc. or
Dec.

1910.

#K
s
s
S
%
$
192.749,823 190.890,323 + 1.0 1.154.816,705 1,122,377.694 + 2.9
78.287,870 69,068,929 + 13.31 458.581,109 400,601,440 + 12.8
40,315,529 49,487,219 —6.4 263.001,519 301,404,928 — 12.5
18,282.893 20,867,102 — 12.4 108.389,182 120,397,381 — 10.3
43,992.917 42,146,018 + 4.4 208,194.018 249,811,723 + 7.4
17,802,129 24,282,100 —26.7 108,076,386 138,503,979 —22.0
153,196.484 106,281,487 —7.9
26.143,819 27,898,541
75,095,09S + 12.3
84.327,920
14,528,779 12,447,409 + 16.7
31,553,852 + 13.6
35,860.518
5,873,702 5,328,502 + 10.2
33,138,539 + 17.0
38,766.932
7,470,379 5,564.899 +34.3
22,584,895 —4.4
21,582.159
3,593,449 3,935,268 —8.7
14,177,791 + 19.7
16,983.931
3,042,273 2,607,990 + 16.7
17,487,172 —0.9
17 331.546
2 845 2r>'\ 2 70S 452 + l 7
12,056,566 +0.08
12!065,828
2.025J73 2;07L361 —2.4
11,844,268 —0.7
11.703.078
2,093,176
—6.2
1,963,783
20,666,857 —1.7
20,307.497
3,500,000 3,935,208 —11.1
0,449,594 —4.0
6,190.256
1,100,000 1,209.760 —9.1
6.371,997 — 14.2
5.467,585
1,050,000 1,055,338 *—0.5
12.782.566 Not Included In total
2,210,293 Not Ihcl. In total.

Total Pacific +70,568,461 407,696,775

+ 0 .6

2,786,562,647 2,757,305,261

+ 1.1

202,332,513 201,942,467 + R 2 1,272.423,890 1,294,513,085 — 1.7
77,658,217 85,317,320 —19.0 470.049.759 526,882,472 — 10.7
02,103,043 07,862,313 —8.5 377,017,243 428,406,928 —12.0
42,083,161 50,337,368 — 15.2 257,801.477 279,258,331 —7.7
218,615,423 242,893,252 — 10.0
38,807,154 40.081,963
29,177,46) 28.512,051
+2.3 187.979,287 185,402,477 + 1.4
16.2S8.351 17,122,811 —4.8 107,219,572 110,775,299 —3.2
65.517.221
80,081,477 — 18.2
10,675,067 13,540,378 —21.2!
65,033,599
84,647,412 —23.1
12,505,341 14.392,188 — 13.1
78,903,860
72.10J.266 + 9.4
+ 4 .!
12,682.49) 12,080,10"
40.604,577
33,038,839 +20.7
6,894,805 5,411,15-1 +27.4
39.009.293
40,485,606 —3.6
—7.7
6,110,417 0,619.011
40,134,431
42,044,027 —4.5
0,714,842| 7.268.76C —7.0
31,875,370
35.181,088 —0.9
5,5)2,484 4,977,627 + 10.8
16,120,759
19,023,563 — 15.3
2,948.100 3,542,434 — 10.8
17.763,004
22,674,030 —21.7
3,301,442 3,788,721 — .2.!
26,785,685
23,832,480 + 12.4
4.000,000 3,988,40) + 15.:
16,298,374
+8.C
15,402,688 + 5.8
2,720,435 2,509,52!
8,090,572
9,818,765 — 17.0
1,470,201 + 13.:
1,279.431
4,013.09)
3,701,195 + 24.5
724,008 —20.‘.
578,22!
28,251,321 + 9.9
31,052,435
+7.1
4,910,098 4,503,301
22,039,898
+ 8.7
22,487.797 + 0.7
3,807,14:
3,497,839
4,935,90s — 43 ()
869.952 —39.f
2,766,187
530,34*
1,268,00(1 2,420,929 —47.t
9,053,678
11,515,285 —21.3
13,450.692 N ot lncl. In to tal.
2.179.82: Not Inel. In total.
Joplin-----------Not lncl. In total.
Chllllcothe----........ ......... Not lncl. In to tal.

Kansas C ity ..
MlnBeap olls..OmSha............
St. Paul..........
Denver---------St.., Joseph----Des Moines.. .
Sioux City----Duluth............
W ichita_____
Topeka -------Davenport----L incoln--------Oetlar ltaplds.
Colo. Springs.
Fargo ............
.Sioux Falls.. .

.........

T o t . o t h . W est

556,087,26) 582,852.940

—4.6 3,411,039,590 3,617,962,091

—5.7

Week ending July 1.
Cle trims at—
J 1911.

Inc. or
Dec.

1910.

1909.

1908.

San Francisco —
LoS Angeles........
Seattle
........
S p ok a n e..-........
Portland............
T acom a..............
Salt Lake C lty-.
Oakland________
Sacramento------San Diego--------Pasadena.......... Stockton ............
Fresno T. ........ .
San Jose____
North Yakima--

S
42,113,288
16,643,599
10,298.382
3,615,597
9.400.000
3,871,690
5,591.503
3,192,206
1,187,002
1.500.000
GOO,359
559,884
605,(V 0
415.000
383,071

5
49,197,950
15,569,757
10,970,389
4,513,228
9,206.270
6.085,927
5,823,405
2,966,101
1,108,679
1,150,000
888,929
497,352
604,347
465.000
445.000

%
— 14.4
+6.9
—6.2
— 19.9
+21.0
—36.2
—4.0
+ 7.3
+ 7.1
+30.4
—22.3
+ 12.6
+ 0.1
- 4 ,3
—13.9

$
42,669.757
14,017,080
12,105,500
3,224.108
6,837.042
0,279,330
6,088,383
2,326,198
1,069,542
934.000

S
32,351,551
9,120,805
8,096,054
2,569,458
4,616,202
3,726,686
4,311,336
1.401,172
699.993
550.000

535+78
430,109
412.000
370,757

39+458
399.347
356.000
208,179

* Total Pacific-.

100.090,551

109,570,988!

—8.6

96,899,044

68,794,239

Kansas C it y ----Minneapolis..
Omaha..........
St. Paul..............
Denver.............. ..
St. Joseph..........
Des Moines........
Sioux City..........
Duluth------------W ichita...... .......
T op ek a .......... .
Davenport..........
Lincoln ..............
Gedar Rapids.. ..
Colorado Springs
Fargo ................
Sioux Falls____
jMieblo _______
F rem ont........ ..
Hastings . . . ___
Waterloo ..........
Helena .......... -.
Billings.......... ..
A berdeen..____

44,076,270
16,662,095
12,665,907
9,989,360
8,147,220
5,925,224
3,335,438
2,430,129
2,480,535
2,901,067
1,451,708
1,354,335
1,324,902
1, t47,421
720,000
684,100
722,701
612,985
264,795
109,328
1,001,223
748,048
135,000
300,000

43,542.228
19,550,443
14,921,718
12,544,952
8,902,019
6,735,070
3,478,489
2,671.623
3,125,545
2,457,476
1,127,836
1,623.800
1,648,952
1,119,837
800,000
725,595
701,583
526,939
299,059
185,000
912,211
821,088
235,000
550.000

+ 1.2
— 14,8
— 15.1
—20.4
—3.5
—12.0
—4.1
—9.0
—2.6
+20.5
+ 28.7
—16.S
—19.4
+2.5
—10.0
—5.7
+3.0
+ 10.4
-1 1 .1
—8.5
+ 10.3
—9.0
—42.0
— 45.6

38,844,765
10,592,552
14,265,568
8,793,424
9,517,402
5,086.0-47
3,315,298
2,530,353
2,573,000
2,047,117
1,345,018
1,443,327
1,289,948
1,200,224
715,000
586,279
000,000
508.279
330.500

25,365,740
15,970,250
8,903,041
0,786,154
8,372,992
4,161,970
2,942,100
1,695.798

934,109
200.362
- ................

847.183
139,201
- ................

Tot. oth. West

119,371,186j

120.202,123

—7.6

112.852,146

85,413,587

1,334,355
1,002,712
801,423
1,000,000
694,748
650,000
425.137
500,000
425,137
300,100

The

v o l u m e o f t r a n s a c t i o n s in s h a r e p r o p e r t i e s o n t h e
N e w Y o r k S t o c k E x c h a n g e e a c h m o n t h s in c e J a n . 1 in 1 9 1 1
a n d 1 9 1 0 is i n d i c a t e d in t h e f o l l o w i n g :

SALES OK STOCK AT THE NEW YORK STOCK EXCHANGE.

W th

Number
of
Shares.

Clearings Outside Nero York.

Clearings, Total All.

Clearings at-

3nn Francisco.
Los Angeles—
Seattle - ........
Spokane-------Portland------T acom a..........
Salt Lake City.
Oakland-------Sacramento__
San Diego----Pasadena------Stookton........

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

Par.

S
Jan . 10.416,526 907 ,563.875
Feb. 10.191.217 902 ,448.900
Mch. 6,823.868 619 ,067,575

Actual.

Number
of
Shares.

872,407.419 24,538.649 2.255,816.775 2.230,641,564
,
1,407.743.928
879.948.718 10. 012 . 020 ,1.423.073.275
600.479,480 14.988.179 1,336,803,725 1.327,476,419

Istqr 27.434.6112,429,080,350 2.352.895.617 55.539.454 5.015.693.7754.971.861,911
April 5,369,350 471,409,900: 456.396.404 14.089,639 1,279,487,675 1,256.488.974
1,004.081.480
May 11,115,578! 983 i24,050! 971.047.98411.918,978,1,005,491.350
........ . .....
30,451V 940,178.916 IG.292,870| 1,452,455,025 1.385,474,622
June 10,508,400 951,730
2d qr 20,993,328 2,407,064,400■jTowToT M O I^ ,301,487^1,787,434,0503,040,645,070
6 m's54,427,9394,836,144,7504,720,518,921^97,840,941^8,803,127,8258,618,506,987
T h e f o l l o w i n g c o m p i l a t i o n c o v e r s t h e c le a r i n g s b y h i o n t h s
s in c e J a n . 1 :




1911.

1910.

.

1911.

%

1910.

%

.
:
S
3
3
Jan . . 14,476,209,784 17,174,732,652 — 15.3 5.945,961,214 5,925.656,671 + 0.3
Feb . . 12,251,508,563 13,133,952,233 —6.7 4,955,343,115 4.982,812,172 —0.6
M ch .. 13,451.981,608 15.053,917,520 — 10.6 5,830,383,704 6,007,733.917 — 2.9
1st qr. 40,179.702.955 45.362.602.415 — 11.4 10,731,688,033 16,916,202,760 — 1.1
April . 12,382,727,993 14,045,487.677 — 11.8 5.411,915.500 5,703,725,505 —5.1
May . 13.505.702,320 13,178.504,840 +2.5 5,548,078,310 5,371.635.283 + 3 .2
June . 13,812,224,442 13.841,758,765 —0.2 5.596,689,575 5,477,437,653 + 2.2
2d qr. 39,700,654,755 41,065,751,282 —3.3 16,556,633,385 16,552,798,441 +0.02
6 mos. 79,880,357,710 86,428,353,097^ —7.6 33,288,371.418 33,469,001,201

—0.5

O u r u su a l m o n t h ly d e ta ile d s t a t e m e n t o f t r a n s a c t io n s o n
t h e N e w Y o r k S t o c k E x c h a n g e is a p p e n d e d .
T h e re s u lts
fo r th e s ix m o n t h s o f 1 9 1 1 a n d 1 9 1 0 a r e g iv e n b e lo w :

Six Months 1910.

Six Months 1911.
Descrip­
tion.

Par Value
or Quantity.

Aver.
Price

Actual
Value.

Aver. Par Value
Price or Quantity.

Actual
Value.

97,840.941
54,427,939
Stock/Sh’s
1 Val. $4,836,144,750 $4,720,518,921 97.6 $8,803,127,825 $8,618,500,987 97.9
R R . bonds 8395,112,000 $382,364,907 96.8 $340,832,500 $330,062,429 97.0
$252,306 107.1
$235,500
$1,498,500
81,547,845 103.3
Gov’ t bds.
$27,115,494 99.7
$27,190,700
$70,580,000
$70,697,251 100.2
State bd s..
$761,400
$1,643,011 215.8
$1,244,100
83,302,435 265.4
Bank stks.
Total----- $5,304,579,350 $5,178,431,359 97.6 $9,172,153,925 $8,978,180,227 97.9
T h e c o u r s e o f b a n k c le a r n ig s a t l e a d i n g c it i e s o f t h e c o u n t r y
f o r t h e m o n t h o f J u n e a n d s in c e J a n u a r y 1 in e a c h o f t h e l a s t
f o u r y e a r s is s h o w n in t h e s u b j o i n e d s t a t e m e n t :

BANK CLEARINGS AT LEADING CITIES.
(000,000s
1911. 1910. 1909. 1908.
omitted.)
$
$
S
$
New Y ork-.......... . 8,216 8,364 9,112 5,654
953
Chicago ________ . 1,170 1,182 1,187
564
060
710
036
B o sto n _________ .
483
574
681
Philadelphia........
241
269
309
309
St. Louis.............. .
170
199
217
231
Pittsburgh.......... .
137
160
193
191
San Francisco___ .
<>!)
115
104
101
Cincinnati_______ .
102
132
119
147
Baltimore _____ .
122
202
181
202
Kansas City........ .
60
72
84
89
Cleveland_______ 53
63
08
73
New Orleans........ 72
75
78
85
Minneapolis........ .
40
56
52
51
Louisville---------- 63
56
85
79
D etroit_________ .
46
49
56
54
Milwaukee.......... .
42
58
69
78
Los Angeles........ 30
27
Providence ........ 33
32
48
62
68
Om aha_________
33
43
41
39
Buffalo ................ 38
43
50
40
St. Paul............ .. .
34
35
Indianapolis----- 35
39
40
39
40
35
D enver.......... — 24
33
29
30
Richmond............ 20
18
23
20
Memphis ............ 36
48
49
Seattle..................
13
16
18
20
Hartford _______ 23
30
26
28
Salt Lake C lty ..- -

1911.
$
46,592
6,893
4,187
3,870
1,910
1,278
1,155
647
863
1,272
490
493
471
353
467
345
459
206
377
252
258
216
219
196
171
264
114
153

1910.
S
52,959
7.130
4,252
3,926
1,858
1,306
1,122
633
774
1,295
487
493
627
354
460
324
407
203
428
248
279
229
243
197
158
301
114
166

1909.
S
49,082
0,779
4,174
3,283
1,640
1,096
919
673
697
1,123
401
416
425
334
352
289
324
186
361
321
228
202
226
170
133
255
93
156

1908.
$
34,959
5,744
3,487
2,886
1,473
1,031
817
607
592
837
362
395
477
285
333
259
244
160
295
198
230
179
190
144
125
190
82
112

Total ________ .12,898 12,934 13,394
761
914
908
Other cities--------- .

9,231
617

74,171
5,709

80,873
5,565

74,238
4,553

56.693
3,787

Total ah.............. .13,812 13,842 14,155
Outside N. Y ----- - 5.596 5,478 5,043

0.848
4,194

79,880
33,288

86,428
33,469

78,791
29,709

60,480
25.521

g^jotxetarsiCmmucvdal^txgXMt^jexvs
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.
Week ending July 7.
Sat.
Silver, per oz.....................d . 24 %
Consols, new. 2 >4 per rents . . 79 %
For account------------79 %
French Rentes (In Parts)_fr_ 94.97%
Amalgamated Copper C o ... 71)4
American Smelt. & Ref. Co. 82
((Anaconda Mining Co______ 3%
;.116)4
Atchison Topeka & Santa f ’e.
110)4
.106
Prelerrcd..............
100
,112 %
Baltimore & Ohio...................112
Preferred............... ............ 92
.248
Canadian Pacific-.................248
Chesapeake & Ohio-------------8484H%
23 %
Chicago Great Western------- 2354
130)4
Chicago Mllw. & St. Paul.-.130)4
29
Denver <fc Rio Grande........<.t 29
Preferred........... - ..............5959
.. 39 ,
E rie ...............
61H
First Preferred.......... .......-6154
50
Second Preferred ........ -. 50
Illinois Central....................... 145)4
Louisville * Nashville............155)4
Missouri Kansas & T ex a s... 37)4
Preferred..... ........... ......... 09
Missouri Pacific------------------ 51)3
Nat. HR. of Mex., 1st P rof.. 07
Second Preferred.............. 32)4
N Y . Central & Hudson Riv. 112)4
N. Y. Ontario & Western.-. 47
Norfolk & Western............
112)4
Preferred................... ....... 92
Northern Pacific----------------- 138)4
^Pennsylvania...... ............... 03)4
aReadlng Company.............. 82 >4
((First Preferred........ ....... 40*4
aSecond Preferred-............. 50)4
Rock Island......................- - - 33)4
Southern Pacific................... .120)4
Southern Railway................ 32)4
•Preferred................... ....... 73)4
Union Pacific................... ...1 9 3 )4
Preferred______________ 07
U. S. Steel Corporation____ 8054
Preferred............................ 121)4
W abash............... ................ 10)4
Preferred........................... 37 H
Extended 4s.... ................. 08)4
a Price per share. 6 £ sterling.

Mon.
24 5-16
79
„79
. %- . ,
94.32)4
70J4
81)4
8)4
115
106)4
111)4
92
247
84
23%
129)4
28)4
58)4
38)1
61 %
50
lio
154)4
86)$
09)4
51
07
32
112)4
40)4
112
92
137)4
63)4
8154
46 54
-----­
33)4
125)4
82
73)4
493)4
07
80)4
12154
16)4
68)4

92
137)4
63)4
81 'A
40)4

Wed.
24 7-16
70 %
78)4
94.20
70)4
81)4
8)4
111
100
111)4
92
244
84
23)4
128)4
28)4
68)4
37)4
60)4
49)4
145
154
30 54
69)4
50
07
31)4
111 %
40 H
112
92
137
63)4
81)4
40)4

Thurs.
Prl.
21)4
24 5-16
78)4
78 11-16
78 13-16 78)4
94.37)4 94.47%
09)4
70 M
8054
82
8)4
8)4
114 %
1)5)4
100
106
111
111) 4
92
92
244)5
245)4
83
84)4
23)4
23)4
128)4
129 H
28)4
28)4
59) 4
59
33
38 %
60) 4
60)4
49
48)4
145
145 54
154)4
155)4
36)4
36)4
69)4
09)4
49)4
50)4
67
07
31)4
31)4
112
112) 4
46
46
112
111
92
136)4
137)4
63)4
03 %
81)4
81)4
46)4
46)4

'3 3 )4 '
125)4
32
73)4
193
07
80)4
121)4
10) 1
37
08)4

'33 ’%
124
33)4
73
190)4
90)4
79 )4
121)4
16)4
36)4
03)4

* 3 2 "'
12554
31)4
73
192)4
06 V4
30)4

Tues.
24 5-16
79 1-16
79 3-16
94.35
70)4
81H
8)4
115%
105%
111)4
92
247)4
84
23)4
129)4
28 M
58)4
39%
02)4
50
145)4
155
36)4
09) 4
51
67
32
112)4
40)4

112

121)4

10)4
35)4
08

32)4'
m x
31)4
74
192)4
97
81)4
121)4
10)4
363 ■
68)4

J uly 8 1911.)

THE CHRONICLE

Gkimmeuciul and 3§&tsc^II auco us ijcura
~~~

~~~

~~

qYv id ENDs !

Railroads (Steam)
Alabama Great Southern, preferred........
AIch. Topeka & Sonia Pc. com. (friar.)..
Preferred..................................................
Atlantic Coast Line lilt., common--------Atlantic <t- North Carolina---------- ----------Boston A Maine, com. (quar.)....................
Preferred.................... .............................
Boston Railroad Holding Co., pref..........
Canada Southern..........................- ...........
Central UR. of New Jersey (quar.)........
Chattahoochee A Gulf. . - ........ ...................
Cleve. Cln. Chic. & St. 1... pref. (quar.)..
Cuba Railroad, preferred..........................
Delaware Lackawanna & Western (quar.)
East Pennsylvania.......... ....... .................
Fonda Johnstown & Gloversvlllo, c o m ...
Georgia Railroad & Banking (quar.)----Granite R y..................................... ...........
Great Northern (quar.).................. ..........
Gulf & Ship Island (quar.)........................
Harris!). Portsmouth Mt. J. & Lancaster.
Extra..................................................—
Hocking Valley, common______________
Illinois Central (No. 11U)................. .......
Kansas City Southern, pref. (quar.).........
Lake Shore & Michigan Southern...........
Guar, stock (Mich. So. & No. In d .)..
Lehigh Valley com. and pref___________
Little Schuylkill Nav. R lt & Coal..........
Louisville & Nashville................................
Mahoning Coal Rlt., common..................
Michigan Central........................................
Mine Hill & Schuylkill Haven..................
New York Central & Hud. Itlver (quar.)
N. Y. Chic. & St. Louis, 1st & 2d p r e f...
New York Ontario & Western__________
Norfork & Western, preferred (quar.)__
Northern Central........................................
Northern Pacific (quar.)............................
el Pennsylvania Company.......... ...............
Philadelphia & Trenton (quar.)................
I’ltts. Cln. Chic. & St. L., com.&pf. (qu.)
Reading Company, common........ ............
First preferred.......................... .............
St. Louis A San Fran., l.s( pref. (quar ) . .
St. Louis Southwestern, preferred..........
Texas Central, preferred._______________
Toledo St. Louis & Western, pref. (quar.)
United N. J. Rlt. & Can. Cos., guar.(qu.)
Western Maryland, pref. (quar.)............ ..
Street and Electric Railways.
Auburn & Syracuse Elec, lilt., pref. (qu.)
Aurora Elgin & Chic. Rlt., com. (quar.).
Preferred (quar.)...................................
TUrmlnyham Ry.. A. A P-, com. it- pref—
Boston Suburban Elec. Cos., pref. (quar.)
Brooklyn city Bit. (quar.).. .............. —
Cedar Raplds-lowa City By. A LI., pref—
Cln. Newport &Cov. Lt. & Trac.,com.(qu)
Preferred (quar.).......... .........................
City Ry., Dayton, Ohio, com. (quar.)........
Preferred (quar.)........ ............... .............
Consolidated Traction of New Jersey___
Danbury A Bethel Strcel R y . . . ............ .
Dayton A Troy PA. Ry.. com. A pref..........
Denver A Northwestern Ry. (quar.)___
Past St. Louis .(• Sub., pref. (qu.) (No. 21)
El Paso Electric Co., preferred (No. 18)
Ft. Smith Light & Trac.. pref. (quar.)__
Indianapolis Traction A Terminal............
Milwaukee PI. Ry. A Lt., pref. (quar.)___
Montreal Street Ry. (quar.).......... .............
New Orleans City HR., common.............. ...
Preferred................ ............................ ...
New Orleans Ry. A Light, pref. (quar.)..
Norfolk A Portsmouth 'l'r., pref. (quar.).
Ottumwa (la.) Ry. & Light, pref. (quar.).
Pacific Coast Power, common (No. 7 )___
Common (extra).....................................
Preferred (No. 2 )................................. Philadelphia Company, common (quar.).
Common (extra)......................................
Public Service Invest., com. (No. 1)..........
Preferred (quar.) (No. 0 ).......... .............
Quebec R y., Lt., If. & I’ .. Ltd..com.(qu.)
Railway A Light Securities, com. (No. 4).
Preferred (No. 13)......................- .........
Rio do Janeiro Tr., L. A P., Ltd., (quar.)
Beattie Electric Co., com. (quar.)........ Preferred_____________ _____________
Texas Traction, pref. (quar.)___________
Union Traction of Indiana, common--------Virginia Ry. & Power, preferred-----------Western Ohio Ry., 2d prof, (quar.)........
West Penn Traction, pref. (quar.)............
Wheeling 'fraction (quar.).......................
York (I‘a.) Railways. vref. (No. X)--------Trust Companies.
Union 3 'ia r .).............................................
Fire insurance.
Commonwealth______ ________ _________
Germania ........ ..... ....................................
Niagara Plre...............................................
Miscellaneous.
Alliance Realty (quar.)................ .......... .
Amcr. Gas A Elec. pref. (quar.)_________
American Glue, preferred ........................
American Locomotive, preferred (quar.).
American Seeding Machine, com. (quar.)
Common (extra)............................... .....
Preferred (quar.)...... ...... ......... .........
Amer. Shipbuilding, preferred (q u a r.)...
Amcr. Smelt. & Ref., com. (qu.) (No. 31)
Amcr. Telephone & Telegraph (quar.) —
American Thread, common........ .......... .
American Type Founders, com. (quar.)..
Preferred (quar.)........ ....... ......... .........
American Woolen, pref. (quar.) (No. 49).
Anaconda Copper Mining (qu.) (No. 4 3 )..
Associated Gas A Klee. Co., pref. (quar.)..
Associated Merchants, llrst pref. (quar.).
Flrst preferred (extr.a).........................
Second preferred (quar.)......................
Second preferred (extra) ....................
Bell Telephone of Canada. Ltd. (quar.)..
Bell Telephone of Penn. (qu(tr.)................
Bush Terminal, common . . ..................
Canada Cement, Ltd., pref. (quar.)..........
Canadian Car A Fdy., Ltd., pref.(quar.).
Canadian Westlnghousc,Ltd.(qu.) (No26)
Extra...................................... ........... . -




Per
Cent.

When
Payable.

Boohs Closed,
Days Inclusive,

3
IK
2K
3
1K
1
3
2
IK
2
2K
IK
2K
2K
3
2
3
o
IK
1
3K
K
2
3K
1
6
6
5
31.25
3K
$5
3
3
IK
2K
2
1
4
IK
3
2K
IK
3
2
1
2
2K
1
2K
1

Aug.
Sept.
Aug.
July
July
Oct.
Sept.
July
Aug.
Aug.
July
July
Aug.
July
July
July
July
July
Aug.
July
July
July
July
Sept.
July
July
Aug.
July
July
Aug.
Aug.
July
July
July
Sent.
Alig.
Aug.
July
Aug.
June
July
July
Aug.
Sept.
Aug.
July
ally
luly
/uly
fuly

28 Holders of rec. July22a
1 Holders of ree. July2Sa
1 Holders of rec. Jime30a
1C June 22 to July 10
July 9
11J July 6 to
2 Holders of rcc. Sept, la
1 Holders of rec. Aug. 15a
1( Holders of rec. June 29
1 Holders of rcc. JuneJOa
1 Holders of rec. July20a
1 June 24 to July 4
2<; Holders of rec. Juuc23u
i Holders of rcc. June30a
2C Holders of rcc. July 6a
1$ Holders of rec. July 8a
It Holders of rec. July la
15 July 2 to July 14
15 Holders of rec. July 5
] Holders of rcc. Julylla
1C July 1 to July 10
1( Holders ol rec. June 20
11 Holders of rec. June 20
17 Holders of rec. June30a
1 Holders of rec. Aug. 1
15 Holders of rec. June30a
21 Holders of rec. June30a
1 Holders of rcc. June30a
15 Holders of rcc. July la
15 June 11 to July 14
Aug. 10
1C July 21 to
1 Holders of rcc. July 15a
2C Holders of rcc. June30a
15 June 20 to July 14
15 Holders of rcc. June20a
1 Holders of rec. Aug. la
14 July 30 to Aug. 14
lt Holders of rec. July31a
15 Holders of rcc. Junc30a
1 Holders of rec. July Ca
3C ((Holders of rcc. J’no20a
10 July 1 to July 10
25 Holders ol rec. Julyloa
1 Ho'ders of rec. July 15a
S Holders of rec. Aug.23a
1 Holders of rec. Juiyl7a
15 Holders of rec. Juue30a
15 Hoklres of ree. June30a
15 Holders of rec. June30a
10 June 21 to June 30
20 Holders of rcc. July 15a

IK
K
IK
3
$1
2
3
IK
IK
IK
IK
2
2
IK
2
IK
3
IK
2
IK
2K
31
$2.50
IK
IK
IK
2K
50c.
3
IK
K/
SI 50
$1 50
1
3
IK
IK
2K
IK
1
2K
IK
IK
1
50c.

luly
luly
luly
/uly
luly
/uly
/une
luly
fuly
luly
/uly
fuly
fuly
fune
fuly
Aug.
fuly
fuly
fune
fuly
Aug.
fulv
fuly
fuly
fuly
fuly
fuly
July
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug
Aug.
fulv
Sept.
July
fuly
fuly
fuly
luly
July
fuly

15 Holders of rec. June30a
10 Holders of rcc. June23a
10 Holders of rec. June23a
] June 25 to June 30
15 Holders of rec. July 3a
15 Holders of rec. July 5
30 Holders of rec. June30a
15 July 1 to July 16
15 July 1 to July 10
1 June 22 to June 30
1 fune 22 to June 30
15 July 1 to July 14
3 Holders of rec. June.'iOu
30 fune 1 to June 30
1C Holders of rec. July la
1 Holders of rec. July 15a
10 Holders of rcc. Junc30n
15 Holders of rec. June 30
30 fune 25 to July 2
31 Holders of rec. July20a
1 Holders of rec. July 13
10 luly 1 to July 9
10 fuly 1 to July 9
15 fuly l to July 16
10 Holders of rec. June30a
15 Holders of rcc. June 30
17 Holders of rec. July la
17 Holders of rcc. July la
17 Holders of rec. July la
1 Holders of rec. July la
1 Holders of rec. Julv la
1 Holders of rec. Julyloa
1 Holders of ree. Julyloa
15 Holders of rec. June 30
1 Holders of rec. Julyl7a
1 Holders of rec. Julyl7a
1
15 Holders of rec. July 1«
1 Aug. 16 to Aug. 31
15 Holders of rec. July la
10 July 4 to July 10
10 Holders of rec. June/lOa
10 Holders of rec. Junc30a
July 16
15 July 7 to
15 Holders of rcc. July la
21 July l l
to July 20

12 K

July

10 July

5
10
10

On dem. Holders of rec. July la
On dem. Holders of rec. July 5
fuiy
6 Holders of rec. July 6a

2

2
IK
4
IK
1
K
IK
IK
1
2

fuly
Aug.
Aug.
July
fuly
July
fuly
fuly
July
luly

i

Julv
July
July
July
fuly
July
fuly
ruly
July
luly
July
fulv
Aug.
fuly
July
July

IK
IK
50c.
IK
IK
K
IK

U

2
IK
O
IK
IK
IK
K

Per
Cent.

Name of Company.

When
Payable.

Books Closed.
Days.Inclusive.

Miscellaneous (Concluded).

The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics._________
Name of Company.

87

6

to

July

9

16 Holders of rec. July 5
1 July 21 to Aug. 1
1 July 11 to Aug. 2
21 July 6 to July 23
15 Holders of rcc. June30a
15 Holders of rec .June80a
16 Holders of rrc. Junc30a
15 lime 28 to July 10
15 Juno 24 to July 2
16 Holders of rec. Juno30a
8
15 Holders of rec. July 10a
15 Holders of rcc. July 10a
15 June 24 to July 6
19 Holders of rec. Julp 6a
16 Holders of rec. June30a
15 Holders of rec. July 8
15 Holders of ree. July 8
15 Holders of rec. Julv 8
15 Holders of rcc. July 8
1.5 Holders of rec. Junc24a
15 fuly 6 to July 16
15 Holders of rcc. JuneliOa
10 Holders of rec. July 31
25 Holders of rec. Jtme30a
10 July 1 to July 9
10 luly 1 to July 9

Central Coal & Coke, common (quar.)__
Preferred (quar.)...................................
Central & South American Teleg. (quar.)
Chicago Pneumatic Tool (quar.)________
Claflln (If. B.), common (quar.)________
Consolidated Car Heating______________
Extra ................................... ..................
Consolidated Ice, Pittsb., rtref (quar.)___
Corn Products Refining, pref. (quar.)__
Cuyahoga Telephone, pref. (quar ) ............
Delaware Lackawanna A West. Coal (qu.)
Detroit Edison (quar.)..............................
Distillers’ Securities Corp. (qu.) (No. 35)
Distilling Co. of America, pref. (quar.)..
du Pont do Nemours Powd., pref. (quar.)
Edison Elec. 111., Boston (qu.) (No. 8 9 )..
Electrical Securities Corp., pref. (quar.).
Electrical Utilities Corp., pf.(qu.) (No. 5)
General Electric (quar.)_______________
Goldfield Consolidated Mines (quar.).T.I
Extra ___________________________
Harblson-Walker ltcfrac., pref. (quar )
Intercontinental Rubber, common (quar.)
International Agricultural Corp., p ref...
Int. Buttonhole Sew. Mach, (qu.) (No.55)
»ntcrnat. Harvester, com. (qu.) (No. 6).
International Nickel, common (quar.)__
Preferred (quar.).............................
International Paper, preferred (quar.)
Internal. Steam Pump, prcf.tqu.) (No. 49)
Jefferson. A Clearfield Coal A Iron, pref..
Laclede Gas Light, com. (quar.)____
La Rose Consolidated Mines (quar.)
Lehigh Coal A Navlg. (quar.) (No. 131)..
Massachusetts Gas Cos., com. (quar.).
Massachusetts Lighting Cos. (qu.) (No.31)
Mexican Light A Povrr, Ltd. ordinary__
Mexican Telegraph (quar.)........................
Michigan State Telephone, pref., (quar.)
National Biscuit, com. (qu.) (No. 5 1 )..
National Carbon, common (quar.)_______
National Fire Proofing, pref. (quar.)____
Nebraska Telephone (quar.).............. .....
New Orleans Gas Light.............. ..............
New York Air Brake (quar.)___________
New York Mutual Gas Light____ ______
Niagara Falls Power (quar.)___________
Nlplsslng Mines (quar.)________________
Extra.................... 1.................................
Northern States Power, pref. (quar.). . .
Nova Scotia Steel A Coal, common (quar.)
Preferred (quar.)....................................
Oklahoma Gas A Elec., pref. (quar.)____
Omaha Water, llrst preferred_____ _____
Second preferred............ .......................
Osceola Consolidated Mining.................... .
Otis Elevator, common (quar.)................
Preferred (quar.)........ ...........................
Pacific Trlcp. & Teleg., pref. (quar.)___
Pay-as-You-Enter Car Corp., pref. (qu.).
Pittsburgh Coal, preferred (quar.)_______
Pope Manufacturing, pref. (quar.)_____
Procter A Gamble, preferred (quar.)___
Quaker Oats, common (quar.)__________
Preferred (quar.)............................ .......
Realty Associates.......................... ...........
Reece But.Hole Mach, (qu.) (No. 1 0 1 )...
Rhode Isl.-Perkins Horseshoe, pf. (qu.).
San Diego Consd. Gas A El., pref. (q u .)..
Securities Company.................................
Shawlnlgan Water A Power (quar.)........
So. New England Telephone (quar.)____
Union Bag & Paper, pref. (qu.) (No. 49).
Union Switch A Signal, com. A pf. (qu.).
United Cigar Mfrs., com. (quar.)..............
United Cigar Stores. Corp. of (quar.)___
Extra .....................................................
United Fruit (quar.) (No. 48).......... .......
United Gas A Elec, of New Jersey, p ref..
United Gas Improvement (quar.)______
U. S. Industrial Alcohol, pref. (quar.)..

July
July 1 to July 15
July
July 1 to July 15
July
Holders of rec. June30a
July
July 16 to July 25
Inly
Holders of rec. July 7a
July
Holders of rec. June 30
July
Holders of rec. June 30
July
July
Holders of rec. Junc30a
July
Holders of rec. Ju!yl5a
July
Holders of rec. July la
July
Holders of rcc. July la
July
Holders of rec. July 10a
July
Holders of rec. JulylOa
July
July 16 to July 25
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 27a
July
Holders of rec. June30a
July
Holders of rec. May31a
July
Holders of rec. June30a
July
Holders of rec. June30a
July 20 Holders of rec. July 10
Aug.
July 22 to July 31
July
Holders of rec. June 30
July
Holders of rec July 5
July
Holders of rec. June24a
Sept.
Aug. 13 to Sept. 1
Aug.
July
13 to Aug
1
July 15 Holders of rec July 5a
AUg.
1 Holders of rec. July 20
Aug. 15 Holders of rec. Aug. 7
Sept. 15;sept. 2 to Sept. 15
2
July 20 July
1 to July 17
2
Aug.
Holders of rec. July 31
1 Aug.
Holders of rec. July 15a
Holders of rec. July la
I K July
1
July
July
10 to July .15
2 K July 15 Holders of rec. June30a
1 July
16 to Aug. 1
IK Aug.
IK July 15 Holders of rec. June28a
I K July 15jJuly 6 to July 16
1 July 15 Holders of rec. July 6
IK July 10 July 1 to July 10
July 15,Holders of rec. June 30
$3
I K July 28 Holders of rec. July 7a
4
July 10 Holders of rcc. Junc27a
2
July 15 Holders of rec.June30a
5
July 20 July 1 to July 17
2 K July 20 July 1 to July 17
I K July 15 Holders of rec. June 30
I K July 15 Holders of ree. June30a
2
July 15 Holders of rcc. June30a
I K July 15 Holders of rec. June 30
5
July 15 Holders .of rcc. July 1
4
July 15 Holders of rec. July 1
$3.50 July 281Holden of rec. July 8a
1 July 15 Holders of rcc. June 30
I K July 15 Holders of rcc. June 30
I K July 16 July 1 to July 15
IK July 15 July 6 to July 14
I K July 25 Holders of rec. July 12
I K July 31 Holders ol rec. June 24
2
July 15: Holders of rec. June30a
2K July 15 Holders of rec. July la
IK Aug. 31 Holders of rec. Aug. la
3
July 15 Holders of rec. July 5
2
July 15 Holders of rec. July 5
1 July 15Holders of rcc. July 1
IK July 15 jHolders of rec. June 30
2 K July 15 July
1 to July 16
I K July 20 Holders of rec. July 7
I K July
July
1 to July 15
1 July
Holders of rec. JuncSOa
3
July
July
1 to July 10
1
Aug.
Holders of rec. July26a
July
2 to July 16
I K July
July
2 to July 16
K July
2
Holders of rec. June24a
July
July
1 to July 14
2 K July
2
July
Holders of rcc. June 30
I K July 15 Holders of rec. July 8a
July 20 Holders of rec. June30a
U. S. Radiator Corp., pref. (quar.)..........
July 15 June 22 to June 30
U. S Rubber, 1« pref. (q u a r.)...............
July 31 Holders of ree. July 15a
Second preferred (quar.)...................... .,
July 31 Holders of rec. Julyl5a
U. S. Smelt., Ref. & Min., com. (quar.).
July 15 Holders of rcc. June 30
Preferred (quar.)........................ ..........
•July 15 Holders of rec. June 30
U.-S. Worsted, preferred (q u a r.)............
July 15 July
2 to July 14
Uswoco Mills, preferred (quar.)........ .......
July 15 Holders of rec. June 30
Va.-Caro. Chemical, pf. (qu.) (No. 6 3 )..
July 15 June 18 to July 19
Vulcan Dotinning, pref. (quar.)................
July 20 Holders of rec. July 10
Wells. Fargo A Co........ ......... ..................
July 15 July
6 to July 16
Western States Gas A Elec., pref. (quar.).
July 15 Holders of rec. June 30
Western Union Telrg. (quar.) (No. 169).
July 15 Holders of rcc. June20a
Westlnghousc Air Brake (quar.)________
July 10 July
1 to July 10
Extra _____________________________
1 to July 10
IK ;july 10 July
Special .............. .....................................
1
July 10 July
1 to July 10
Westlnghousc El. A Mfg., pref. (quar.)..
I K July 15 Holders of rec. June30a
White (J . G.) <t Co., Inc... pref. (quar.)..
l y. Aug.
1 Holders of rec. July20a
a Transfer books not closed, b Less Income tax. d Correction, e Declared 4% ;
payablc2% July 15 1911 and 2% Jan. 15 1912. /A ls o declared K % extra on com­
mon stock, payable Nov. 1 to holders of record Oct. 2.
IK
IK
IK
1
IK
2e
2
IK
1
IK
2K
1K
K
1
IK
3
IK
IK
2
30c.
20c.
IK
1
3K
1
IK
2K
IK
K
IK
2K
IK

Auction Sales.— Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:

Shares.
Percent.
4,350 The Metropol. Prlnt’g
Co. of N. Y ., pref_____
3,850 The Metropol. Prlnt’g
Co. of N. Y., common..
3.000 The Courier Co. of Buf.
2.000 Erie Lithographing A
Printing Co. of Pcnna.. }$500,000
400 The Donaldson I.ltho.
Co. of Ohio....................
500 Walker Lttlio. A Prlnt’g
Co. of Penna.................
3.000 The U. S. Lltho. Co.
of N. J., com m on......... J
2.000 Fidelity Develop. Co., pref_$301ot
100 Western Ice Co .................. S701ot
145 Knlek. Ice Co., pref., Chic. 69K
100 Itallan-Amor. Trust Co. (Sa­
voy Trust C o .).- ................ 25
10,000 Barnes-KIng Dcvel. Co.,
Mont., $5 e a ch .................. $130
250 State Savings Bank of Butte
City, Mont.......... ....... $15 per sh.
100 Nlag. Lockport A Ont. Pow.
Co., pref___________ $30 per sh.
34 East River Nat. Bank__ 115K

Shares.
Percent.
20 Atlantic Nat. Bank of Provi­
dence. R. I _____ __________n o
217 Co-Operative Bldg. Bk.?40 per sh.
32 Nat. Bank of Vergennes, Vt.102
60 Havana Tobaceo Co., pref. 6
1.000 Gt. Southern Petroleum Co.,
pref.. $10 each____ _____ S500 lot
25 Bond A Mtge. Guar. C o ...247K
20 Interwoven Stocking Co.,pref91
10 John Sherman Estate_______ 10
5.000 United Copper Co., eom__ IK
5.000 Ohio Cop.Co., S10ca.Sl,75 persli.
35 Windsor Trust Co__________ 97
Bonds.
Per cent.
$60,000 South Shore Trae. Co. 1st
5s, 1967; J. A J ...... ......... ....... S425 lot
$12,000 Penna. Knitting Mills Co.
of Reading 1st 5s, 1952; M.
* N .............................$110 per $1,000
SI,000 Automobile Club of Amer.
2d 4s, 1926: F. A A ................... $660
$172,000 La France Copper Co. 1st
6s, 1932; J. A J ......................... 3210
8400 Carteret Club of Jersey City
4s. due 1909...............................$210

By Messrs. Francis Henshaw & Co., Boston:
Shares.
S per sh. I Shares.
S per sh
6 Qutnev Mkt. Cold Stor. A W.
I 5 Androscoggin Mills.................... 1180
If. Co. rights............................ 12K 130 Wilton R R .................................. 235

THE CHRONICLE

88

DETAILED RETURNS OF TRUST COMPANIES.

B y M e ssrs. R . L . D a y & C o ., B o s to n :

Shares.
$ per sh.\Bonis.
Percent.
1 Amer. Glue Co., com __________ 11534 31,000 WIs. & Mich. Ry. Co. 1st
20 Union Ice Co. (Boston).............. UOH \ 5s, 1945................................... 10H llat
B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :

Shares.
Spersh.
1,000 Sagamore Mining Co__ lot 3
2,500 Phlla. Shosh. Mln’g Co.lot (5
12,500 Redoubtable Gold & Cop­
per Co........ .....................lot 13
5 Meharrln Gin & W. II. Co.lot 3
100 Humbert Consol. Mining
& Mfg. Co.........................lot 3
300 Tecopa Consol. Mining Co.,
par -SI.................................... 11c
15 Union Nat. B a n k ________ 213
13 Charter Nat. Bank, Media,Pa.80
51 Phlla. Bourse, pref., par$25.8-8£jj
12 Phlla. Bourse, com., par$50. 3 3
A
6 2d & 3d Sts. Pass. Ity. C o ..250
50 Amer. Pipe & Constr. C o .. 90J4
3 Phlla. Nat. B a n k .............410
4 Mfrs.’ National Bank.......... 126M

[Vol. Lxxxxm.

Trust C os.
00s omitted.

Surplus.

Shares.
$ per sit.
4 Independence Trust Co.,
par 850................ - ............... 53 '4
25 Trust Co. of North A m e r .-Ill
2 Frankford & Southwark
Pass. Ry. Co_____________ 380
25 Citizens’ Pass. Ry.Co------- 298
20 J. G. Brill Co., p r e f.......... 94^
18 Elmira & Wmspt. R R. com. 51

Manhattan__
B ro o k ly n ----Bankers ____
U. S. Mtg.&Tr.
Astor ..............
Title Gu. & Tr.
Guaranty........
Fidelity..........
M ercantile__
LawyersT.L&T
Hands.
Per cent.
52.000 Indiana Trac. & Term. 5s, '33 97H Columbia____
Standard ___
§1,000 Chic. St. I.ouIs & Plttsb’g
People’s ------R R. Co. 5s 1932.......................... 113
81,500 Bryn Mawr Water Co. fis,'19 103 34 New York___
Franklin____
8300 City of Phlla. 3J^s, 1932____ 94 3£
I tncoln _____
$500 Spgfd. Water Co. 5s, 1920...100
Metropolitan..
81.000 No. Spgfd. Water Co. 5s, ’28 100

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 :

Per cent.
Bonds.
Percent . I Bonds.
$500 Amer. Rys. Co. coll. tr. 5s, ’ 17 94H 1$500 No. Spgfd. Water 1st 5s. 1928.100

National Banks.

— T h e fo llo w in g in fo r m a tio n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rren cy, T rea su ry D e p a rtm e n t:

Net
On Dep.
Loans. Specie. Legals. with CM Deposits.
Average. Average. Average. Banks. Average.

$
S
2,331,4 19,558,0
2,397,2 17,121,0
7,501,7 82,918,0
4,446,4 42,075,0
1,043,1 15,716,0
11,429,9 34,702,0
22,977,9 139,266,0
1,272.4
6,955,0
7,620,0 69,121,0
6,453.8 20,253,0
1,813,1 16,154,0
1,426,3’ 17,382,0
1,727,4 17,295,0
11,183,3 50,933,0
977,4 12,045,0
582,0
9,631,0
8.107,4 23,569.0

Reserve.

S
$
S
S
%
2,183,0
43,0 2,041,0 14,566,0 15.4 + 18.1
1,726,0
430,0 2,142,0 13,125,0 16.9 + 14.7
9,900,0
519,0 7,861,0 69,382,0 15.3+ 9.4
3,720,0
778,0 3,654,0 29,459,0 15.0 + 10.0
1,937,0
25,0 1,848,0 12,298,0 16.7+10.3
2,066,0 1,620,0 3,043,0 24,548,0 14.5 + 11.5
13,133,0
975,0 29,463,0 84,470,0 14.6 + 23.6
653,0
230,0
808,0 5,420,0 15.0+11.8
6,308,0
12,0 0,909,0 41,108,0 16.5+20.4
1,720,0
700,0 1,804,0 14,949,0 18.0+11.6
1,654,0
100,0 1,424,0 11,59.8,0 15.4+J19.6
2,209,0
13,0 2,377,0 16,544,0 13.4 + 11.9
401,0 1,984,0 16,266,0 13.6+11.3
2,033,0
5,344,0
206,0 4,034,0 34,189,0 20.4 + 13.4
1,455,0
289,0 1,359,0 11,049,0 15.8 + 11.0
1,117,0
222,0 1,043,0 8,807,0 15.1 + 10.8
3,036,0
19,0 3.516,0 17,451,0 16.9 + 15.4

Totals, Avgc_. 93,290,7 594,694,0 60,194,0 6,582,0 75,310,0 425,289,0 15.7+15.0
Actual figures July 1 .. 606,942,0 62,338,0 6,463,0 79,917,0 436,036,0 15.7+15.4
The capital of the trust companies Is as follows: Manhattan, 81,000,000; Brooklyn;
$1,000,000; Bankers, $3,000,000; U. S. Mtgc. & Trust, $2,000,000; Astor, $1,250.­
000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity. $1,­
000,000; Mercantile, $2,000,000; Lawyers Title Ins. & Trust, $4,000,000; Columbia;
$1,000,000; Standard. $1,000,000; People’s, $1,000,000; New York, $3,000,000;
Franklin, $1,500,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total,
$35,125,000.

C H A R T E R S ISSU ED TO N A T IO N A L BAN K S JU NE 24 TO JU N E 27.
10.039— The Comm onwealth National Bank of Kansas City, M o. Capital,
$250,000. G .M . Smith, Pres.: J. E . H utt, Vlce-Pres.; L . C. Smith,
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Cashier: E . J . Short, A sst. Cashier.
10.040— The Texas City National Bank, Texas City, T ex. Capital, $100,­
000. II. B . M oore, Pres.; J . H . Sleber and I. H . Kcm pner, Vice­
Week
On Dep.
Presidents; C. D. Gustavus, Cashier; J. E . Sleber, A sst. Cashier.
ending Capital. Surplus.
Loans.
Specie.
Legal with C. H.
Net
10.041— The First National Bank of Oakley, K an. Capital, $40,000. July 1
Tenders. Banks. Deposits.
A . W . Snyder, Pres.; II. F. Glessler, V lce-Pres.; V . Jaggar, Cashier.
S . M. Jaggar, Asst. Cashier.
Averages.
$
S
•$
S
$
$
5
10.042— The First National Bank of East Smlthfleld, Pa. Capital, $25,000. B an k s__ 134,150,0 200,877,3 1,378,499,0 329,712,0 77,050,0
1,444,926,0
W . R . Campbell, Pres.; R . W . Child and E . G. Kingsley, Vice­ Trust cos. 35,125,0 93,290,7 594,694,0 60,194,0 6,582,0 75’ ,31O’ 6 425,289,0
Presidents; C. C. Dickinson, Cashier; F . R . Powers, A sst. Cashier.
10.043— The Livingston Manor National Bank, Livingston Manor, N . Y . Total . . 169,275,0 294,168,0 1.973.193.0 389.906.0 83.632.0 75,310,0 1.870.215.0
Capital, $25,000. G. II. Lathrop, Pres.; William Smith, VlceActual.
Pres.; J. M. Sheibley, Cashier.
Banks . .
1.401.633.0 504.769.0 76.667.0
1.445.528.0
10.044— The First National Bank of Menard, T ex. Capital, $35,000. Trust cos.
606,942,0 62,338,0 6,463,0 79,91+0 436,036,0
D . G. B cncholf, Pres.; James A . Bevans, V lce-Pres.; Louis G.
•
Callan, Cashier.
Total . .
2,008,575,0 567,107,0 83,130,0 79,917,0 1,881,564,0
C H AN GE OF C H A R T E R N U M B E R .
2,664— The Second National Bank o f Cincinnati, O ., to N o. 32, the latter
being the original charter number o f the bank.
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
•
V O L U N T A R Y L IQ U ID A T IO N .
re tu r n s o f th e S ta t e b a n k s a n d tr u s t c o m p a n ie s u n d e r its
4,624— The First National Bank o f Roseburg, Ore., June 17 1911. This
bank Is to be taken over by the Douglas National Bank of Roseburg. c h a r g e .
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

th e

w h o le

......

S ta te,

but

th e

f ig u r e s a r e

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

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

c o n d itio n o f th e N e w Y o r k C ity C le a r in g -H o u s e m e m b e r s
f o r th e w e e k e n d in g J u ly 1 .
The
fig u r e s f o r t h e s e p a r a t e
b a n k s a re th e a v e ra g e s o f th e d a ily lr e 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 f ig 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 .

fo llo w in g :

N ew

Y ork )

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital.

s
Bank of N. Y .
2,000,0
Manhattan Co.
2,050,0
2,000,0
Merchants’ __
6,000,0
Mech.A Metals
1,500,0
A m erica____
City ________ 25,000,0
Chemical.. . . .
3,000,0
Merch. E xch ..
600.0
Gallatin..........
1,000,0
300,0
Butch.& Drov.
Greenwich . . .
500,0
5,000,0
Amer. E xch ..
Commerce___ 25,000,0
Mercantile__
3,000,0
500,0
Chath.& Phen.
2,250,0
200,0
People’ s ____
Hanover____
3,000,0
Citizens’ Cent.
2,550,0
500,0
N assau--------Market & Fult
1,000,0
Metropolitan .
2,000,0
Corn Exchange 3,000,0
1,500,0
Imp.& Traders
5,000,0
P a r k ..............
250,0
East River__
5,000,0
F ou rth ........ .
1,000.0
S econ d ........ .
F ir s t.............. 10.000,0
Irving E xch..
2.000,0
Bowery ____
250,0
N. Y. County.
500,0
German-Amer.
750.0
Chase..............
5,000,0
Fifth Avenue.
100,0
German Exch.
200.0
Germania___
200.0
Lincoln ______
1,000,0
Garfield..........
1,000,0
F ifth ________
250,0
1,000,0
Metropolis__
200,0
West Side___
Seaboard____
1,000,0
1,000,0
Liberty _____
N. Y. Prod.Ex
1,000,0
S tate.... .........
1,000,0
14th Street__
1,000.0
Coal & Iron__
1,000,0
Union E xch ..
1,000.0

Surplus.

Loans.
Average.

$
S
$
$
945. C
21,047,C 3,998,0
3,680,6
9,844,0 1,629,0
4,413,4
37.150.C
1,951,8 21,152,0 4,165,0 1,423,0
58,941,6 16,966,0 1,768,0
8,230,1
6,134,4 28,201. C 6,062,0 2,304,0
34,705,9 180,048,0 69.783,0 7,200,0
6,299,0 1,564,0
6,641,0 32,770,0
106,0
1,775,0
7,013,0
579,5
462,0
1,286,0
8,740,0
2,506,5
69,0
710,0
156,4
2,251,0
198,0
8,175,0 2,080,0
874,5
4,416,4
7,398,0 3,890,0
43,706,0
15,161,7 147,315,0 30,342,0 8,604,0
2,727,2
1,830,0 1,012,0
14,376,0
411.0
936,8
4,260,0
488,0
1,105,4
15,924,0 2,516,0 1,420.0
146,0
470.9
531,0
1,702,0
12,620,6 72,466,0 17,067,0 4,374.0
622,0
1,847,8 22,666,0 5,059,0
564,1
9,000,0
1,560,0 1,007,0
1,788,8
1,680,0
874,0
9,000,0
1,572,3
234,0
10,470,0 2,347,0
5,557.8 49,551,0 9.107,0 5,543,0
7,735,6 26,733,0 4,331,0 1,671,0
12,941,4 85.534,0 20,582,0 1,495,0
101,4
1,488,0
357,0
117,0
5,675,3
38,237,0 7,813,0 2,810,0
2,244,9
13,962,0 3,387,0
139,0
20,906,7 128,729,0 30,928,0 1,992,0
1,897,6 24,719,0 4,990,0 2,087,0
794,9
3,466,0
827,0
67,0
1,758.3
8,236,0
1,485,0
74.8,0
4,039,0
717,7
810,0
222,0
8,440,1
83,045,0 18,434,0 6,314,0
2,227,3
12,127,0 2,371,0 1,100,0
888,4
.3,738,0
320,0
671,0
5,828,0
554,0
1,041.2
1,223,0
14,112,0 4,772,0 1.225,0
1,632,5
9,103,0
1.798,0
1,242,4
534,0
3,408,0
782,0
532,8
312,0
13.601,0
1,429,0 1,986,0
2,145,7
4,378,0
1,070,0
227,0
1,064,0
22,765,0 4,646,0 2,110,0
2,049,3
19,085,0 3,873,0 1,050.0
2,717,7
8,541,0 2,308,0
536.0
797,4
354,0
15,855.0 4,955,0
967,5
1,342,0
637,0
5,592.0
326,7
1,110,0
629,0
6,418,0
435.0
876,0 1,663,0
951,6
9,830,0

$
%
18,998,0 26.0
43,600,0 26.2
21,823,C 25.6
62,543,0 29.9
30,005,0 27.8
199,272,0 38.6
31,250,0 25.1
7,260,0 25.9
6,944,0 25.1
2,686,0 29.0
9,162.0 24.8
44,013,0 25.6
132,340,0 29.4
11,194,0 25.3
3,633,0 24.7
15,764,0 25.0
2,380,0 28.4
82.348,0 26.0
22,016.0 25.8
10,402,0 24.6
9,135,0 27.9
10,301,0 25.0
58,898,0 24.8
24,121,0 24.8
88,742.0 24.8
1,727.0 27.3
41,951,0 25.3
13.752,0 25.6
127,670,0 25.7
27,031,0 26.1
3,616.0 24.7
8,335,0 26.7
3,822.0 27.0
92,921,0 26.6
13,424,0 25.8
3,821,0 25.9
6,907.0 25.7
16,954.0 25.3
9.261.0 25.1
3,920,0 27.9
13,988,0 24.4
5,299.0 24.4
26,593,0 25.4
19,779.0 24.8
10,398,0 27.3
20,522,0 25.8
7,585,0 26.1
6,767,0 25.7
10,053,0 25.2

Totals, A v g c.. 134,150,0 200,877,3 1378,499,0 329,712,0 77.050,0 1444,926,0 28.16
Actual figures July I . . .

............. 1401,633.0 304,769,0 76,667.0 1445,528,0 26.38

Circulation.—On the basis of averages, circulation of national banks In the
Clearing House amounted to $46,539,000, and according to actual figures they
were $46,638,000.




as

to

. ; F o r d e f in i t io 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
V . 86, p. 316.

STATE BANKS AND TRUST COMPANIES.
Week ended July l.

Capital as of Feb. 28___

Specie. Legals. Net Depos- Re~
Average. Average. its, Avge. serve.

so

C ity (G re a te r

th o s e fo r th e r e st o f th e S t a t e , a s p e r th e

m a d e u p , s e e “ C h r o n i c l e ,”

The returns of the trust companies are shown in a separate table.
F o r d e f in i t io 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 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 .

and

c o m p ile d
Y ork

Surplus as of Feb. 28___
Loans and Investments..
Change from last week.
Change from last week.

Trust Cos.
Stale Banks
Trust Cos.
State Banks
in
outside of
outside of
in
Greater N. Y. Greater N. Y . Greater N. Y. Greater N. Y .
S
23,975,000

$
63,206,000

38,886,100

175,811,500

11,274,643

11,328,963

296,039,200 1,137,946,600
+ 605,700 + 5,201,700

97,276,400
+ 267,600

150,200,400
+ 131,600

52,947,000
+ 660,700

118f901 000
—809,300

S
9,528,000

$
9,525,000

...........

...........

24.768 non
-f-lr04Q 700
Deposits ..........................
Change from last week.

354,791,200 1,273,890.700
+ 1,868,600 + 13.199,400

102,056.700
+41,300

158,388.000
+ 225,400

Reserve on deposits____
Change from last week.

103,670,100
+881,800

138,534,300
—930,200

20,768,300
—280,800

23,117,100
— 111,300

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

29.4%
29.3%

16.4%
16.7%

21.2%
21.5%

15.3%
15.4%

+ Increase over last week. — Decrease from last week.
Note.—"Surplus” Includes all undivided profits. “ Reserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts duo
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to
location as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to
location, the reserve being computed on the whole amount of deposits exclusive
of time deposits not payable within thirty days, represented by certificates (accord­
ing to the amendment of 1910) and exclusive of deposits secured (according to
amendment of 1911) by bonds or obligations of the City or State of New York, and
exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for it by any public department.
—Trmt Cos —
—State B a n k sReserve Required for Trust Companies
Total
Of
Total
Of
and Stale Banks.
Reserve which
Reserve which
Location—
Required, in Cash. Required, in Cash.
Manhattan Borough........ - ............. ......................15%
15%
25%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
10%
Other Boroughs (without branches In Manhattan) 15%
15%
7H %
15%
Brooklyn Borough, with branches In Manhattan.. 15%
20%
20 %
15%
Other Boroughs, with branches in Manhattan----- 15%
15%
15%
5%
15%
Elsewhere In State_____________________________10%
6%
T h e B a 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 ­
ra te

f ig u r e s

in d ic a tin g

th e

to ta ls

fo r

th e

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

House.

S ta te

banks and

not in the Clearing

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 ls o th e r e s u lts ( b o t h a c tu a l a n d a v e r a g e ) fo r th e C le a r in g -

THE CHRONICLE

July 8 1911-1

H o u s e b a n k s a n d tru s t 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 .

89

Boston and Philadelphia Banks.—
th e

w e e k ly

to ta ls

and

P h ila d e lp h ia .

Clear .-House Clear.-House State Banks dk Total o f all
Members.
Trust Cos. not Banksdk Trust
Members
in C.-H. Aver. Cos. Average.
Average.
ActualFigures

Capital as ot June 7 . . .

$ .
169,275,000

S
169,275.000

Surplus as of June 7__

294,168,000

294,168,000

$
35,156,000

$
204,431,000

93,638,100

387,806,100

i-oans and Investments 2,008,575,000 1,973,193,000
Change Irom last week +47,190,000 + 13,915,000

622,641,800 2,595,834,800
— 1,193,900 + 12,721,100

Deposits.................. . 1,881,564,000 1,870,215,000
Change from last week + 17,996,000 + 11,437,000

o620,605,000 2,490,820,000
+ 1,818,500 + 13,255,500

S pecie.......................... 367,107,000
Change from last week —25,907,000

389,906.000
— 1,395,000

64,632,200
+ 564,600

454,538.200
—830,400

Legal-tenders..............
Change Irom last week

83,130,000
—2,071,000

83,632,000
—287.000

612,509,700
+748,400

96,141,700
+ 461,400

Banks; cash In vault.. .

381,436,000

406.762,000

13,763,300

420.525,300

Trust Cos.;cash In vault

68,801,000

66,776,000

63,378,600

130.154.600

Aggr’ to money holdings 450,237,000
Change Irom last week —27.978.000

473,538.000
— 1,682,000

77,141,900
+ 1,313.000

550.679.900
—369,000

Money on deposit with
other bks. & trust cos.
Change irom last week

79,917,000
+7,678,000

75.310,000
— 1,140,000

2.3,499.200
—98,800

98,809,200
—1,238,800

530,154,000
Total reserve............
Change from’last week —20,300,000

548.848,000
—2,822,000

100,641,100
+ 1,214.200

649,489,100
—1,607,800

Surplus reserve—
B an ks------------ -------20,054.000
Trust companies........
39,709,000
T o ta l........................
59.763,000
% of money holdings to
deposits lor bks alone.
26.38%
% ol cash reserves ol tr ust COS.—
Cash In vault..............
15.77%
Cash on dep. with bks.
15.48%
T o ta l........................
Aggr’tc reserves to ag­
gregate deposits--..
Aggr'to money holdings
to aggregate deposits.

45,530,500
35,70.3,750
81.294,250

th e

___

Capital
and
Surplus.

Banks.
Boston.
June 10..
June 17..
June 2 4 ..
July 1 ..
Phila.
June 10..
June 1 7 ..
June 2 4 ..
July l ._

Loans.

$
41,350,0
41,350,0
41,350.0
41,350,0

3
219.280.0
219.543.0
219.796,0
223,741,0

60,105,0
60,105,0
60,105,0
60,105.0

270.282.0
273,436,0
277,960,0
278,300,0

Legals. Deposits, a Circu­
lation.

9
25,723,0
26,724,0
27,857,0 !
27,016,0 j

S
3,401,0
3,306,0
3,424,0
3.515,0

87,485,0
88,061,0
85,437,0
85,215,0

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $3,118,000 on July 1, against $3,070,000 on
June 24.

Imports and Exports for the Week.—
th e im p o r ts a t N e w

Y o r k fo r th e w eek

1911.

Dry Goods..............................
General Merchandise............

$2,262,655
11,198,398

Total........ - .........................
Since January 1.
Dry Goods. . ..........................
General Merchandise............

$13,461,053 $13,270,102 j $16,136,432

$9,306,375

$70,189,946 $79,688,795 ' $85,904,995 $58,610,146
365,087,583 397,437,379 , 350,069,015 248,833,788

Total 26 weeks.................. $435,277,529 $477,126,174 $435,974,010 $307,443,934
1

29.34%

19.20%

26.07%

25.31%

12.41%

22.10%

Tot. Money Entire Res.
Holdings. on Deposit.

Specie.

Legals,

$
436.126.7
433.695.8
436.015.2
440.383.8
442.476.3
435.941.5
439.205,0
447.199.3
455.368.6
454,538,2

$
$
94.814.3 530.941.0
93.712.6 527,408,4
94.377.0 530.392.2
04.383.3 534.767.1
95.268.6 537.744.9
94.155.1 530,096.6
94.311.3 533.516.3
94,366,0 541.565.3
95.680.3 551.048.9
96.141.7 550.679.9

S
555.117.3
553.291.4
557,340,3
561,884,7
564.758.2
557.990.9
561.250.2
626.396.0
651.096.9
649.489.1

Reports of Clearing Non-Member Banks.

— 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 m b e r b a n k s
fo r th e w e e k e n d in g J u ly 1 , b a s e d o n a v e r a g e d a ily r e s u lts :

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

N. Y. City
Boroughs ol
Afan.it Brx.
$
100,0
Wash.IIgts.
Century . . .
250.0
Colonial . — 400.0
300.0
Columbia . .
Fidelity . . .
200,0
Jefferson__
500.0
Mt. Morrls.
250.0
Mutual___
200,0
Plaza ____
100.0
23rd Ward.
200,0
Yorkvllle . .
100.0
New Ncth’d 200,0
Batt.Pk.Nat 200,0
Aetna Nat.
300.0
Borough of
Brooklyn.
200,0
Broadway .
252,0
Mfrs.’ Nat.
Mechanics' 1,000,0
750,0
Nassau Nat.
300,0
Nat. C ity..
200,0
North Side.
300,0
First N at..
Jcrsey City.
400,0
First N a t..
Hud.Co.Nat 250,0
Third N at..
200,0
llobokcn.
First N a t..
220,0
Second Nat.
125,0

f
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
1,298,0
1,476,0
6,400.0
6,597,0
1,058,0
3,738,0
2,622,0
3,733,0
4,005,0
1,873,0
4,296,0
2,354,0
1,342.0
2,169.0

554,0 3.201,0
856,7 5,694,0
918,6 11,492,0
1,061,3 7,496,0
598,0 3,899,0
161,7 2,041,0
641,2 3,623,0

Legal
Tender
and
Bank
Notes.

S
144.0
40,0
816,0
697.0
56,0
232,0
542,0
18,0
335,0
170,0
53,0
267,0
280,0
496,0

S
48,0
196,0
380,0
639,0
116,0
'480,0
44,0
640,0
343,0
54,0
864,0
89,0
57,0
36,0

Deposit with
Clear­
ing
Agent.

9
168,0
169,0
648,0
1,052,0
166,0
207,0
738,0
380,0
1,211,0
372,0
342,0
292,0
203,0
.136,0

Other
Net
Banks. Deposits.
dkc.

9
1,286,0
1.666,0
7,691,0
7,889.0
1,098,0
813,6 5,305,0
73,0 3.773.0
4.310,0
5.440,0
2,276,0
436*0 5,854,0
35,0 2,579,0
1,464 0
1*7*6 2,249,0
9
18,0
300,0
175,0
40,0

33,0 531,0
73.8,0 185,0
264,0 1,715,0
780,0 390,0
75,0
044,0
236,0
101,0
341,0
88,0

308,0
1.010.0
1,492,0
1,094,0
471,0
255,0
378,0

235,0 3,746,0
103,0 6,522,0
209,0 15,040,0
7,496,0
16*1*6 4,860,0
62,0 2,428,0
44,0 3,294,0

1,287,6
775,1
411,2

5,278,0
3,055,0
2,128,0

326,0
167,0
68,0

421,0
58,0
185,0

2,168,0
362,0
560.0

289,0
314,0
20,0

6,993,0
2,966,0
2,543.0

632,4
277,9

3.620.0
3,017,0

191,0
181,0

41,0
41,0

189,0
85,0

132,0
175,0

3,503,0
3,307.0

Tot. July 1. 7,497,0 13,089,9 97,505,0 7,546,0 8,386.0 14,456,0 3,651,0 115578,0
Tot. Jun.24 7,497,0 13,089,9 99,123,0 7.222,2 7,779,4 14,540,9 3.741,6 115978,8
Tot. Jun. 17 7,497,0 12,892.2 99,876,5 7,109.2 7,862,3 16,825,5 3,786,7 119788,7




1908,
$1,794,718
7,511,657

28.17%

Specie.

are
a ls o

$3,000,718
13,135.714

23.92%

Loans,
Disc?is
and
Invest­
ments.

1;

1909.

1910.
$2,437,795
10,832,307

w e e k e n d in g J u ly 1 a n d fr o m J a n . 1 to d a t e :

Sur­
plus.

J u ly

FOREIGN IMPORTS AT NEW YORK.
For Week.

16.10%

$
2.527.964.5
2,526,363,1
2,533,056.3
2.558.748.7
2.567.915.5
2.570.202.0
2.578.787.0
2.462.954.7
2.477.564.5
2.490.820.0

fo llo w in g

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 .

30.74%

%
2.513.422,9
2.514.961.3
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
2.595.834.8

Capi­
tal.

The

e n d in g

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 o f

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

Banks.

163,565,1
153,894,4
147,263,0
149,646,8

s p e c ie ) f r o m

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 i t 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 :

2 9 ..
6 ..
1 3..
2 0 ..
2 7 ..
3 ..
1 0..
17-.
2 4.1 --

337,662.0; 15.298,0
343.577.0,15,279,0
344,304.0.15,276,0
346,174,0|15,276,0

14.98%
1.12%

Deposits.

Clearing*.
S
157,443.6
144,499,7
184,455.7
154,168.0

15.70%
15.04%

Loans and
Investments.

B o sto n

%
7,122,0
7,123,0
7,128,0
7,116,0

$
268,087,0
275,285,0
274,644,0
276.092,0

1.3.68%

31.25%

of

Specie.

th e p o r t o f N e w

Y ork

to fo r e ig n p o r ts fo r th e

EXPORTS FROM NEW YORK.
1911.

April
May
May
May
May
June
June
June
June
July

banks

28.16%

+ Increase over lust 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 City": with this Item Included,
deposits amounted to $727,840,300, an Increase of $7,462,700 over last week. In
the case of the Clearing House members, the deposits are “ net” both for the average
and the actual figures, b Includes bank notes.

Week
Ended.

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

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

NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended July 1 —

of

1910.

1909.

1908.

For the week_______- ______ $17,321,437 $15,117,867 $11,747,200 $8,829,882
377,451,660 311,203,560 304,139,143 330.027,282
..............
Previously
reported
Total 2fi weeks__________ *394.773,097 $326,321,427 $315^886,343 *238,857,164

The

fo llo w in g

ta b le

sh o w s

th e

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

e x p o rts

and

th e w eek

im p o r ts

e n d in g

of

J u ly 1

a n d s in c e J a n . 1 1 9 1 1 , a n d f o r th e c o r r e s p o n d i n g p e r i o d s in
1910 and 1909:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.

HnM
UUIU*
Great Britain....................................
France .............................................
Germany .........................................
West Indies.....................................
Mexico ............................- ...............
South America........ .........................
All other countries............................

Imports.

Since Jan. 1

Week.

Week.

___
$7,200
___

Since Jan. 1

......
...

-

*’ *$*3*566
1,652,830

$759
5,000

81*6.853
157,625

33.580
29,148

2,927

$10,127 $2,630,808
Total 1911......................................
400 44,268,263
Total 1910......................................
Total 1909-.................................... 2.992,000 60,444.802
Silver.
Great Britain................................... $1,018,998 $23,355,996
53,100
1,418,600
France .............................................
16,493
Germany _______________________
84,264
14,343
West Indies.-....................................
Mexico _________________________
"iM o i
South America___________ _______
5,408
All other countries............................
Total 1911...................................... $1,086,441 $24,900,562
833,900 21,623.106
Total 1910...... ...............................
Total 1909......................................
854,370 23,487,373

$73,067
464,797
2,578
1,119,333
2,913,236
1.708,518
1,156,186

$68,487 $7,437,715
118,550 5,880,252
118,723 6,601,819

$2,275
2,659
25
16,968
11,054

$170,928
7.799
12,034
26,830
2,252,853
870.444
892,416

$32,981 $4,233,304
138,496 2,078,953
79,957 2,649,449

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 , $ 6 , 4 4 8
A m e r i c a n g o ld c o in a n d $ 2 , 2 7 5 A m e r i c a n s i l v e r c o i n .

w ere

gauM ufl anti ^finauctaX,
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 hl h

Spencer Trask & Co.
43 EXCHANGE P L A C E .------ NEW YO RK .
Chicago, III.
Boston, Mass.
A lbany, N. Y.
Members New York Stock Exchange.

WHITE,

WELD

&

CO.

Members New York Stock Exchange,
5 NASSAU

STREET;

NEW YORK

TH E

ROOKERY)
C H IC A G O

90

THE CHRONICLE
S ta te

liatuijerr

and

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

R a ilr o a d

B o n d s .— S a le s o f S t a t e

V i r g i n i a Gs d e f e r r e d t r u s t r e c e ip t s a t 5 5 ) ^

Wall Street, Friday Night, July

7 1911.

p o s s ib le
of

in t e r n a t i o n a l
A m e r ic a n

c o m p lic a tio n s

s e c u r i t ie s

in

th e

in

M orocco.

London

to 5 6 ) ^ .

h a v e b e e n r e l a t i v e l y a c t i v e , w h ile t h e li s t a s a w h o le h a s b e e n

m a r k e t s a b r o a d w e r e d e p r e s s e d e a r l y in t h e w e e k o n r e p o r t s

d e c li n e

th e

I n 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 a f e w is s u e s

T h e 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 .— T h e s e c u r i t y

of

bonds at

B o a r d in c l u d e S I , 0 0 0 N e w Y o r k C a n a l 4 s a t 1 0 5 a n d $ 1 0 , 0 0 0

m ark et

A
on

d u ll a n d f l u c t u a t i o n s n a r r o w .

A m o n g th e fo r m e r a re A m e r i ­

ca n T o b a c c o s , U n ite d S ta t e s S te e l, L a c k a w a n n a S te e l, E r ie ,
A t c h i s o n , S o u t h e r n P a c i f i c , U n i o n P a c i fi c a n d S o u t h e r n R a i l ­
w ay

is s u e s .

M o n d a y v e r y n a t u r a l l y r e s u l t e d in lo w e r p r i c e s h e r e , a n d t h e

L a c k a w a n n a S te e l 5 s o f 1 9 5 0 h a v e b e e n c o n s p ic u o u s fo r a

d o w n w a r d m o v e m e n t w a s a c c e le r a te d b y r e p o r ts o f h o t , d r y

d e c lin e o f o v e r 3 p o i n t s a n d E r i e c o n v . S e r i e s A a r e a p o i n t

w e a t h e r in

lo w e r .

t h e a g r i c u lt u r a l

s e c tio n s o f

th e

co u n try .

B o th

th e s e i n flu e n c e s h a v e , h o w e v e r , l o s t f o r c e a s m a r k e t f a c t o r s .
G e r m a n y is r e p o r t e d t o h a v e a s s u m e d a le s s t h r e a t e n i n g a t t i ­
t u d e in r e g a r d t o
w e a th e r

have

M o r o c c o , a n d r e f r e s h i n g r a in s a n d

been

general

th ro u g h

th e

S o u th

and

O t h e r w i s e d e c lin e s a r e f r a c t i o n a l a n d

U n i t 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

c o o le r

B o a r d a re lim ite d to $ 4 ,0 0 0 3 s c o u p . ( s . 5 f .)

W e st.

$ 1 1 4 ,0 0 0 P a n a m a 3 s (w h e n is s u e d ) a t 1 0 2 %

N e v e r th e le s s th e v o lu m e o f b u s in e s s a t th e S t o c k E x c h a n g e

c lo s i n g p r ic e s h a v e b e e n a s f o l l o w s ;

c o n tin u e s to b e e x c e p tio n a lly lim it e d .

page preceding.

T h e n a tio n a l h o lid a y

in p a r t o f f s e t

b y a li s t o f 7 o r 8 is s u e s w h ic h a r e h i g h e r .

at 1 0 1 %

and

to 1 0 2 % .

The

for yearly range see third

o n T u e s d a y a n d th e e x c e s s iv e ly h ig h t e m p e r a tu r e s th r o u g h ­

Interest
Periods

o u t th e w e e k h a v e c o m b in e d t o r e s tr ic t o p e r a tio n s a n d m a k e
th e a g g r e g a te o n e o f th e s m a lle s t o f th e y e a r .
The

Bank

p e rc e n ta g e
fo u n d

o f E n g la n d

o f reserv e,

rep o rts a

and

th e

fu r th e r re d u c tio n

lo c a l

banks have

o f it s

g e n e r a lly

a b a l a n c e a g a i n s t t h e m in t h e ir t r a n s a c t i o n s w i t h th e

S u b - T r e a s u r y ; b u t t h e r e h a s b e e n n o n o t e w o r t h y c h a n g e in
m oney

m a r k e t c o n d itio n s o r r a te s a t h o m e o r a b r o a d .

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
fr o m

th e w e e k

2 to 2 ) ^ % .

on sto c k a n d

C o m m e r c ia l p a p e r q u o t e d a t 3
d o r se m e n ts, 3 V 2 @ 4 %
and 4 J ^ @ 5 %
The

Bank

bond

c o lla te r a ls h a s r a n g e d

T o - d a y ’ s r a t e s o n c a ll w e r e 2 U s @ 2 V 2 % .

/z @ 3% %
x

f o r GO t o 9 0 - d a y e n ­

f o r p r i m e 4 t o G m o n t h s ’ s in g le n a m e s

E n g la n d

w e e k ly

sta te m e n t

on

T h u rsd ay

s h o w e d a d e c r e a s e in b u l l i o n o f £ 4 8 4 , 9 0 7 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 l i a b ili t ie s w a s 4 5 . 3 0 , a g a i n s t 4 6 . 7 1 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
M arch 9 .

1930 ............ - .registered 'q —Jan
1930_______
1908-IS ___ . registered (j—Feb
1908-IS ___ __ coupon Q—Feb
1925 _ . ........ ..registered ()—Feb
1925________ ___ coupon Q—Feb
1936.Panama Canal regls Q —Feb
Pan. Canal when issued. „ ...........

2s,
2s,
3a,
3s,
4s,
4s,
2s.
3s,

at 3 % ,

a s f ix e d

T h e B a n k o f F ra n c e s h o w s a d e cre a se o f 1 6 ,4 5 0 ,0 0 0

f r a n c s g o l d a n d a n in c r e a s e o f 7 0 0 , 0 0 0 f r a n c s s i l v e r .

R a ilr o a d

July
6

July
7

*100%
*100%
*101%
*101%
*113%
*113%
*100

*100%
*100%
*101%
*101%
*113%
*113%
*100
102%

and

M is c e lla n e o u s

S t o c k s .— T h e

sto c k

m ark et

O n T h u rsd ay

th e to n e w a s m o r e c h e e r fu l, a s n o te d a b o v e , a n d a s u b s ta n tia l
W hen

at

t h e l o w e s t a l o n g li s t

o f a c t i v e s t o c k s w a s f r o m 3 t o 5 p o i n t s lo w e r t h a n a t t h e c lo s e
l a s t w e e k , C a n a d i a n P a c i fi c l e a d i n g t h e m o v e m e n t a n d s h o w ­
in g a d e c lin e o f 5 % .

S t . P a u l, G r e a t N o r th e r n a n d th e “ S o o

L in e ” c o m m o n w ere d o w n 3 % ,
2%

and

S o u th e rn

P e n n s y lv a n ia ’s
r a ilr o a d

U n i o n P a c i fi c 3 % , A t c h i s o n

P a c i fi c 2 % .
record

sto c k

is

w h ic h

e x c e p tio n a l,
c lo s e s

it

h ig h e r

b e in g
th a n

th e

la s t

N o r f o l k & W e s t e r n , h o w e v e r , c lo s e s w i t h o u t n e t l o s s .

1909.
A rerages for
week ending
Jul j 3.

$
S
S
s
Capital......................
131.150 000
130.350,000 126.350.000
Surplus.................. . .
200,877 300
185,325.600 174,450,100
1.378.499 000 Ine. 8,863,000 1,215,537,000 1,340,200,300
Loans and discounts.
615,000
40,539 000 Inc.
Circulation...... .........
48,417,100
49,033 200
1,444,920 ,000 Ine. 7,414,000 1,208,2(3,800 1,419,315,700
Net deposits________
Specie .......................... 329,712 ,000 Inc.
142,000 252,609,300 310.268,100
I.egal tenders_________
77,050 000 Dee.
105,000
68,377,000
79.056.900
Reserve held . _______
25% of deposits............

400,762 ,000 Ine.
Ine.
361,231

37,000
1,853,500

320,986,900
302,068,450

389,325 000
351,828,925

Surplus reserve........

Dec.

1,816,500

18,918,450

34.496,075

Note.—The Clearing House now Issues a statement weekly shewing 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.
Foreign Exchange.— Firmness has prevailed throughout, with a good
demand dally from bankers. Sight drafts to-day touched 1 8635 and cable
transfers 4 8670, the high figures for the week.
T o-d a y’s (Friday's) nominal rates for sterling exchange wore 4 85 for

ments for paym ent 4 83 % © 4 84 %. Cotton for payment 4 83 % 0 4 83 %
and grain for payment 4 8 4 0 4 84 %.
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 21% less
3-32 @ 5 21 X less 1-16 for long and 5 19% less 3-32 @ 5 19% less 1-16 for
short. Germany bankers’ marks were 9 4 % © 9 4 13-16 for long and 95%
less l-3 2 © 9 5 % for short. Amsterdam bankers’ guilders were 40 2 7 0 4 0 20
for short.
The posted rates- for sterling exchange, as quoted by a representative
house, remained at 1 84% for sixty days and 4 87 for sight until Wednes­
day, when sight was advanced to 4 85.
Exchange at Paris on London, 25fr. 29 H e.; week's range, 25fr. 30 % c.
high and 25fr. 28 %c. low.
Exchange at Berlin on London, 20m. 4 5 % p f.; week’s range, 20m. 46pf.
high and 20m. 41 % p f. low.
The range of foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
Cables.
High for the week _ -1 84 %
4 8640
4 86%
4 8-135
L ow for the week__
4 8605
4 8630
Paris Bankers' Prunes—
High for the w eek__
5 21 % less 1-16 5 19 % less 3-32 5 19 % less 1-32
Low for the week _
5 21 %
5 20 less 1-16
5 20
Germany Bankers' Marks —
94 13-16
High for the w e e k ..
95%
95 % less 1-32
Low l or the w e e k __
95 1-16
9-1 %
95 3-16 less 1-32
A msterdam Bankers’ Guilders—
High for the w eek__
10 3-16
40 29
40 34
40 24
Low for the w eek__
40 %
40 28
Domestic Exchange.— The following are the rates for domestic exchange
at the undermentioned cities at the close of the week: Chicago, 15c. per
$1,000 premium. Boston, 10c. per $1,000 discount. San Francisco, 25c.
per $1,000 premium. Savannah, buying, 3-16% discount: selling, par
Charleston, buying, par; selling, 1-10% premium. St. Louis, 10c. per
$1,000 premium. St. Paul, 90c. per $1,000 premium. Montreal, 31 %e
per $1,000 discount.
.
'




*100%
*100%
*100%
*100,%
*101%
*101%
-101%; HOLI- *10115
*114
DAY, *114
*114
* 114
*100
*100
102%
102%

w a s s te a d ily d o w n w a r d d u r in g th e e a r ly p a r t .

and

Differences
jrom
previous week.

July
5

h a s b e e n d u ll t h r o u g h o u t t h e w e e k a n d t h e t e n d e n c y o f p r i c e s

peake

(Not including Trust Companies.)
1910.
A verages f or
week ending
July 2.

July
4

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

a c tiv e

NEW YORK CITY CLEARING-HOUSE BANKS.

1911.
A r eraaes for
week ending
Juh 1.

July
3

*100%
*100%
*101 %
*101%
*114
*114
*100
102%

r e c o v e r y h a s ta k e n p la c e .

f o r g o o d s i n g le n a m e s .
of

July
1

&

O h io , E r ie ,

L e h ig h

R e a d in g are o n ly

The

V a lle y ,

fr a c tio n a lly

L o u is v ille

&

o n ly
w eek.

C h esa­

Nashville

lo w e r .

U n i t e d S t a t e s S t e e l is s u e s , s o m e o f t h e c o p p e r s t o c k s

a n d C o n s o li d a t e d G a s h a v e b e e n s t r o n g f e a t u r e s o f t h e in d u s ­
tria l g r o u p .
T h e la t t e r , a s a w h o le , h a s b e e n r e la tiv e ly
ste a d y .

For daily volume of business see page

100.

T h e f o l l o w i n g s a le s h a v e o c c u r r e d t h i s w e e k o f s h 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 l i s t o n th e p a g e s w h ic h f o l l o w :

STOCKS.
Week ending July 7.

.Sales
for
Week.

Range for Week.
IAntest.

Amer C'oal of Allegh Co.
100 96 Juty
Am Tel * Tel rights___ 22,12
6M July
Batopllas Mining.......... .
100 •Sl% July
Buff Roch & Pitts ____
1 110 July
Ce>lo Fuel & Iron, pref..
200 n o
July
Ilomestako Mining........
100 83% July
May Department Stores. 1,6.10 81 July
Preferred .......... .........
200 113% July
M St P A S S M subserip
receipts, 2d paid........
500 137 July
Norfolk Southern . . . . .
100 47 July
Ontario Sliver Mining__
100 1% July
Pittsburgh Steel, pref__
100 103% July
U S Rrdue & Ref. pref..
100 14 July
Virginia Iron, Coal & C. 4,300 73 July

Range since Jan. 1.

Highest.

I.mccst.

Highest.

0 90 July 6
5 6 31-32 Julyl
3 Sl% July 3
5 110 July 5
5 l lo
July (.
3 83% July 3
7 84% July i
6 11.3.'., July 6

96
6%
Sl%
108
111)
83 %
70
112

July
July
June
Jan
Meh
July
Apr
June

3
0
t
!
1

132
47
1%
103
11%
52

May 137% June
Juiy 60
Mch
May 1% June
Apr
Apr
Jan 97
July

3 1.37%
6 47
5 1%
5103%
7 14
5 97

July
July
July
July
July
July

7

96
7%
$2 %
126
112
87
87
113%

July
June
Jan
Feb
May
May
June
July

O u ts id e M a r k e t .— L it t le w a s d o n e o n th e “ c u r b ” th is w e e k .
T h e e x t r e m e h e a t , c o m b i n e d w it h t h e h o l i d a y s , s e r v e d t o
r e d u c e b u s in e s s t o in s i g n i f i c a n t p r o p o r t i o n s .
P r ic e c h a n g e s
w ere o n ly n o m in a l.
A m e r ic a n T o b a c c o g a in e d a b o u t 5
p o in ts to 4 0 3 a n d r e a c te d to 3 9 8 .
In te r c o n tin e n ta l R u b b e r
c o m . lo s t a p o in t to 2 6 % a n d r e c o v e r e d to 2 7 % .
S ta n d a rd
O i l , a f t e r f l u c t u a t i n g d u r i n g th e w e e k b e t w e e n 6 4 0 a n d 6 4 3
s o ld t o - d a y a t 6 4 4 .
S t u d e b a k e r C o r p o r a tio n c o m ., a fte r a n
e a r ly g a in o f a b o u t h a lf a p o in t to 6 7 , d r o p p e d to 6 4 % a n d
r e c o v e r e d f in a lly t o 6 5 .
U . S . M o to r c o m . m o v e d up fro m
41 to 4 2 a n d d o w n to 4 0 % .
I n th e b o n d s e c t i o n t h e n e w
C h ic a g o E l e v a t e d R y s . 5 s m a d e th e ir f ir s t
and
w e r e a c t i v e l y t r a d e d i n , t h e p r i c e f a lli n g o f f f r o m 9 8 % to 9 8 %
a n d r e c o v e r in g to 9 8 % .
N . Y . S ta t e 4 s ea sed o ff fr o m
1 0 4 1 5 - 1 6 to 1 0 4 % a n d s o ld b a c k t o 1 0 4 1 5 - 1 6 .
N . Y. C i t y
4 % s s o ld u p f r o m 1 0 4 7 - 1 6 t o 1 0 4 % a n d d o w n t o 1 0 4 % .
D e t . T e r m . & T u n n e l 4 % s i m p r o v e d f r o m 101 t o 1 0 1 % a n d
t o -d a y e a s e d o ff to 1 0 1 % .
G r e a t N o r t h e r n 4 % s d e c lin e d
f r o m 10 1 1 3 - 1 6 t o 1 0 1 % .
O r e g o n -W a s h . R R . & N a v . 4 s
s o ld d o w n f r o m 9 2 1 3 - 1 6 t o 9 2 % a n d u p t o 9 2 % .
I n th e
m in in g d iv is io n B r a d e n C o p p e r a d v a n c e d fr o m 4 1 3 -1 6 to
4% .
B r it i s h C o l u m b i a s o l d a t 5 % a n d 5 % .
G i r o u x fe ll
f r o m 6 % t o 6 % , r e c o v e r e d t o 6 % a n d c lo s e d t o - d a y a t 6 % .
G r e e n e -C a n a n e a w e a k e n e d f r o m 7 %
to 7 % .
In s p ir a tio n
d e c lin e d f r o m 8 % t o 8 % a n d e n d s t h e w e e k a t 8 % .
K err
L a k e w e a k e n e d fr o m 5 % to 4 1 5 -1 6 a n d r e c o v e r e d to 5 % .
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 1 0 0 .

appearance

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS —HIGHEST AND LOWEST SALE PRICES.
Saturday
July 1

Monday
July 3

Wednesday
July 5

Tuesday
July 4

Thursday
July 6

Friday
July 7

112% 111% 112%
102% *102% 103
128 128
128
108% 108 108%
90
90
*89
803, 807S 81%
238% 2377s 238%
72%
72*4 *66
288 ’ *280 288
82% 81% 82
30
30
*25
65
05
2234 2234 *223, 23
*22% 23
46
♦ 111,, 46
441? 441a *44
124% 1257s 125% 12.534
123% 125
153 153 *153 153% *153 15334
148 148
146 147 *146 148
199 210 *199 204
*199 205
*140 145 *139 144 *140 144
*155 165 *155 165
157 157
2%
*2
23., *2lj
23., *2%
*51a V
*5
7
*5% 7
69% *57
59%
*57
09% *57
*94 100
*94 100
*94 100
55
*51
55
$55
65
*54
*81% 82% *8112 82% *81% ,821->
*75 " SO ‘ *75 " 80
*75
80
*170 1717S § 1717S 17170 *170 171
*527% 540 +530 540 *535 540
*2$
28%
277s 28
28
28
*57
58
57% 68% 57% 57%
15
*10
15
*10
15
*10
28
*20
*20
28
2.8
+20
361, 37% 361c 37% 36% 37%
58% 59*4 58% 59% 58
59%
4738 47% 47% 48
47% 48
131 136
135% 130% 135% 136%
*59% 01
59% 60
61%
01
+ 14
14% *14
14%
14% *14
*
- 99% *
991O
991,

112-3.1 1131.' 111% 1117c
*1021-. 103V 103 103%
*12714 1281., 1273, 1273,,
1091s 109% 108% 100%
90
+89
8934 90
81
8 Ms 81% 81
241 24 Hr 239 240
721. *621-, 72%
*66
*280 258 <=280 288
813
82
82% 81
*20
30
*20
30
*40
*40
00
G5
2314 23% 22% 23
45
45
*441" 46
126% 127
124'% 1233s
* 151 153% *153 15: >%
*147 148 *147 148
*200 205
205
*140 145 *140 145
♦ l55 165 *155 165
*2
*2
3
3
*5% 7
*312 7
59% *57
59%
*57
*91 100
*941, 100
*64
5512 *54 ' 65
821,, *8 Ms 82%
PO '
*7/5 ~ 80 ‘
* 1706* 1717, *170% 1717»
*530 545 *530 540
$28
28
28
38
5712 57% 57% 57%
*14
15 * __
15
*
2K
27
*25
37% 38% 37% 37%
601S 61% 69% 61
49
403,i 46% 49
137% 13,» 130 136%
60% GO7.- 60% 61
*131" 14% *13% 14%
99%
*95

110%
103%
127%
107%
*89
80
236

111% 111%
103% 5102%
1273.4 128
1073.1
108
*89
91
80% 80%
237% 237%
72ll *f)rt
*280 288 ‘ *280
803.1 81% 81
+20
30
*25

*

1280 * __
142% 141%
177s 17%
60% 49%
49%
*18
19
*36
37
82
*75
3434 *34
*677s
68
*14%
17
*32
34
1755s 173%
68
*56
161
150%
137 *135
31
31
48
*45
143% 141%
160
155%
90
*88
36% 35%
68% +66
SO ‘
48%
160 *154
07% *63
31% *30
10934 10858
69% +58
107 *102
90
*85
141% *140

1281s
141%
17%
60
49%
19
37
82
35
68%
15
33
17334
68
151%
138
31
50
142%
155%
90
36
68%
49-%
159
67H
32
109%
69%
107
90
141%

45-% 45% 45%
109% 1090s 108%
*89
01
*89
*45% 483s
134% 135
133
*95
*95 105
*85
*85 n o
*95
*95 105
124% 124% 124
*94
95
*94
*108 115 *108
1693s 160% 168%
*91
*91
98
*95
*95
32
33
33
*61%
60
*64
*66
68
*66
4412 4434 44%
*32
33% *31
70
*68
70
1225S 1233s 121
31
313s 30%
+70-14 72
71%
+28
28% *273.,
+ 16% 11% *10
*7
73.! *7
21
21% 2I1o
47
46
4C?s
*10734 10S3.| *107-3,
188% 189
1803.4
1)1% 94% 9334
*37% 39
*36
+6.8
70
♦67

46%
109
90%
___
1337fi
105
110
105
12438
96
115
15S%
95
98
32*4
66
68
44%
33%
72
1221,i
31%
71%
28%
11
73.,
21%
46's
109
188
94
38%
69%

45
108
*89
*47
132%
*95
+85
99%
1235*
96%
*106
157%
*91
*96
307s
64
*63
43
*30
*6S
120%
30%
71
28
*10
+7
2134
47
107%
1817s
*03
*36
*67

*45
108%
*89
*47%
*130%
*95
*85
*95
124% 124
96% 95%
115 *198
158% 158
*01
98
*95
32
31%
64%
6J
06
*65
44% 4334
33% *30
72
*68
121% 120%
31
30%
7H2 71%
28
*2734
11
*10
7% *014
2134 22%
47
471,1
10778 103
1867s 185%
04
94%
38
$38%
09
*07

46
451#
109% 109%
91
*89
4S7s 50
132-% 1313.,
*96
105
*85
no
105
*95
124% 124%
051a 96
115 *108
159% 15834
93
*91
98
*95
32
31%
6 134 *04
68
*66
44
*44
33
*30
71
*68
122% 121%
31% 30%
717ft 71%
281a 28
11
*10
7% *7
22% 22
47% 47%
108 $108
18758 18634
944a 1)4
38% *86
69
*67

16%
10% 16
37
35
86%
623,1 60% 61
82
90
*80
3%
3% 334
12
*9
12
5
*4
5

10%
34%
60%
*80
+3
10
4
68

16% 10%
34% 34%
603., 62
84
*80
31a
3*4
10
*9
‘1% *4
68
*65

16% +16
35% 35
631-> 64%
85
*83
3% *3
12
*9
5
4%
6.8% *66

* ___
♦1111s
17%
60
*18%
*36
+75
34%
6,8
*141?
*30
175
*57
1 1507s
+134
31
*45
143
*151
* ___
36%
+66
50
*155
*63
1 31
109%
*58
*102
*85
*140%

__

je %
+36
01
82
312
*9
*4
08

<
Q
0
55
W
fi
w
z

140 *
HO
141) *
141% 141% $142 142 *141% 143
171" 17% 17% 171a 173.1 17%
49
49% -19% 60% 60% 603.,
60
18
18% *17U 181a + 17% 181.,
*35% 36% *35% ;Wo *851o
*75
82
*72 " 85 ~ *72 " 85 “
*34
35% 35
341a 34%
35
*677* 68% *077S 68% +677S 69
*141, 17
*14% 15
*14% 16
*32
$33% 33% *32
33
34
17234 173% 174% 175
1737s 1743s
58
*56
*56
58
5.8
*56
150 150
15034 151
151 151
*135 138 *135 138 *135 138
31
31
31
31
31% 31%
*45 mmmm §463, 46% *40%
140% 141
141% 142% 142 1421?
*152 156 *156 100 *165% 156%
87% 87% *85% 891a *85
90
35% 35% 35% 36
35~s 3578
+66
08
*07
68
*6612 68%
48
48% 48% 49% 48lJ 49
♦152 159 *152 159 *152 159
*65
67
67
*65
*65% 67
32
*29
30% +30
*30
31%
108% 108% 10834 109
109 109%
60%
*57
59% *57
59% *57
*102 107 *102 107 *102 107
90
90
*85
*85
90
*85
140 140
140% 140% HOI., 140%
45%
108%
91
483s
133%
105
110

BANKS

Banks
N m York
A e tn a _____
America $l_J
Anier Wxdh.
Audubon
Battery Pit.
B ow eryy__
Bronx lioroji
Rr.oix Nat.
Bryant Pk $
butch * Dr
Bentury 1|__
C h a se_____

180
BOO

26)
106
145
<00

300

190
lo.i
1.08
150
550

Banks
Chat&Phenlx
185 Ohcteea Ext
625 Chemical . .
Citizens' Ctl
115 C i t y ...........
155 Coal & Iron
■115 Colonial 1i..
Columbia H200 Conimorcc .
160 Corn Kx $|..
Cast lllv er.
145
Fidelity
575 “l Firth Avov

Hia
172

AND

TRUST

45%
109%
92
60
132%
105
110
105
125%
9.8
116
159%
92
98
32
05
68
44%
331a
72
122%
31%
Vila
28%
11
7%
221.,
47%
108
1871?
94
38%
69

.

PAGES

Sales of
the
Week
Shares.

STOC K S
N E W Y O R K 'STOCK
EXCHANGE

36,000
325
900
4,400
200
9,600
16,200

Railroads
A tch Topeka & Santa Fe
(Y
Do p r e f ___
Atlantic Coast I.Inc Hit
|)altin>ore & O hio.
* ’ Do p r e f ____
Brooklyn Rapid Transit
f ’anadlan Pacific _

Central ol New J e rs e y ..
11,020 Chesapeake & O h io_____
Chicago & Alton H R ____
1,120 Chic Gt West trust c t l s ..
Do pref trust ctfs_____
.fiOC
24,800 Chicago MIIw & St P a u l. .
10(1
Do pref______ ________
700 Chicago & North Western
180

Clilc St P Minn 4 Omaha
Do pref______________
Chic Un Trac ctfs stmpd
Do pref ctfs stm pd__
Clevo Cln Chic & St L ___

20 Colorado & Southern____
10 T'Iclaware & H udson__
1 Delaware Lack C< W est.
620 Denver & Hio G ran de..
92,5
Do prof_____
Duluth So Shore & Atlan
71,830
-------------------30,SCO
D o 1st preferred__
1,250
Do 2d preferred__
21,950 Great Northern pref
Iron Ore properties
2,000
Green Bay & W .d cb ctf B
T I avana Electric . .
Do preferred____
H ocking V alley_____
310 1 llluols Central______
1,200 I ntcrboro-M ctrop v t ctfs
Do pref____________
3,200
Do pref v o t tr ctfs ____
100
300 Iowa Ctntral______ _____
Do nrelcrred__
___
17' C f t S A M trctfs.p rcl
300 AYansas City S outhern..
100
Do
preferred______
T ake Eric & W e stern ..
10 o
Do preferred______
13,200 Lehigh V alley______ ____
1,500 Louisvlllo & N ashville..
\/| anhattan E le v a te d ..
1,510 -t+AInnoapolIs & St Louis
50
Do preferred_____
2,950 Minn St P & S S M a rie..
Do preferred. ______
100
100
Do leased line ctfs___
4,600 Mo Kansas & T exas_____
9,250 Missouri Pacific..... ..........
TYTash Cliatt & St L ouis.
at R ys of Mex 1st pref
Do 2d preferred__
500
6,200 N Y Central <& H u d so n ..
N Y Chic & St Louts____
670 N Y N H & H artford___
1,435 N Y Ontario & W estern.
6,900 Norfolk fc W estern_____
Do adjustment pref.
100 Northern Ohio Trac & Lt
25,320 Northern Pacific______
A
Do 1st preferred___
100
Do 2d preferred__
25,935 P enn sylvania___________
1,400 Plttsb Cln Chic & St L ___
125,000
19,270
300
1,300
100
51,900
0,700
1,800
900
1,520
2,100
350
166,450
1,100
20

Range since January 1
On lasts of 100-sAarc lots.
Loiccst.

Range for Previous
Year 1910.
Lauest.

Hi/heel.

9034 J’ly
100% Jan 3 116% J’ ne 5
100% Jan 3 1051" j ’ne 12 *97 J ’ly
117 Jan 5 132% J ’ne 1) 1021o J ’ ly
102 Feb 24 109‘ " Jan ol 160% Sen
87% Mch 21 91 Jan 4
87% Sep
74%Jan 3 83 J ’ne 8
651? Feb
195% Jan a 243% J ’ne23 176% Feb
6(712 J ’ly
02 Mch a $69 May It
270 Mch 10 285 Feb 21 248 J ’ly
65 Aug
77 Apr 24 86.% Feb £
23% J’ly
25 Apr 7 31's if a v 23
647 J ’no
72 Mi*ii 17
20% Apr 19 25% J ’no 5
19 .I’ly
42 Apr 25 49% Feb 6
40 J ’ly
117 A pr 18 133% Feb 7 113-% J ’ne
147 Jan 3 1551" Feb 2 143 Sep
1421? Jan 16 150!" J ’nolv 137% J ’ly
$206 Jan 4 $209 Jan 7 203 J'ne
130% Apr 20 144 J ’ ne 12 140 Apr
152 Feb 18 $160 Mch 27 $160 Apr
2 A pr 7
2% Deo
33* Feb 4
5 J ’ne 2
47* Sep
7% Feb 6
56% Apr 25 66 Jan 18
Cl Nov
98 Feb 1
99 Sep
51 A pr 18 60 Jan 18
46 J ’ly
74% Mch 2 7
70 J ’ly
73% Jau 11 75% Mch 2
70 Aug
164% Jan 3 1747* j ’ne 8 149% J ’ly
510 Feb 9 560 J ’ ne 5 490 JTy
27% J ’n e 22 35 Feb lt
23% J ’ly
55% J ’n.e 22 74 Feb 21
625* J ’ly
11 Jan 6 15% Mch 30
10 J ’ lv
22 Jan G
17 J iy
27% Jan 11 3838 J ’ly 1
191 J ’ly
46% Jan 12 61% J ’ly 1
35 J ’ ly
35 Jan 9 49% J ’ly 1
26% J ’ly
122 Feb 24 149 J ’ne 8 118 J ’ ly
56 Jan 5 6J34 Feb 2
45 J ly
13% May 13 16% Jan 17
11 Aug
951? Feb 11
881 . Juii
93% Jan 12
92 May
128 Mch 24
112 J'ne
132 Jan 3 1423* J he 27 124 J ly
17% Apr 22 203* Feb 10
14% J ’ly
47% Apr 22 55% Jan A
411 1J ’ly
49% J ’ne26 50% J ’nc 23
15 May 12 197* Feb 3
15 J'n c
28 A pr 24
25 J ’ly
74 Apr 8 76 May 4
08 Aug
32 May 3 373* J ’ne 13
23 J ’ly
64% Jan 3 6931J ’nc 13
58 Aug
147$ May 19 16% J ne 16
15 J'ne
35 May 2 40 Jan is
37% Dec
168% Apr 24 181% Feb 3 173% Dec
63 Jan 16
57% J ’ne21
60 J iy
142% Jan 26 153 J ’ ne 8 131% J’ly
134 Mch 28 141 Jan 6 123 J lie
21% Apr 26 31% J’ly ',
23 J ’ly
35 Mch 13 $ 59 Feb l-l
40 Seu
132% Jan 4 152% Mch 30 114 J'ly
147% Jan o 160 Mch 30 144 J ’ ne
87% J ’ly 6 90% Mch 15 *86% Sep
31 Feb 24 38% J’ne 14
27 J ’ly
67 J ’ly
46% Apr 19 63 Feb 15
41 J ’ly
140% Jan 19 16) J’neU
125 J ’ly
63 May24
723* Jan 26
60 Feb
29% J'n c 8 3S:)* Feb 1£
23% J ’ly
104‘g A pr 18 116% Feb 3 105% J ’ly
67% Apr 17 65 Jan 19
55*2 May
101% Feb 21 101s* Mch20 §101 J ’ly
8234 Apr
83 Apr 7 90 Jan 27
139% J'ne23 151% Feb 23 149 Apr
141 MaylO 149% Feb 27 5143 J'ne
40% Apr 22 46% J’ne 27
38% Aug
100% Jan 3 110% J’ ne 20
88% J’ly
85% Apr 18 91% J’ne S
88 Feb
35 Feb
39% Jan 3 50 J ’ly 7
116 Jan 3
11U2 Aug
100 Jan 11 102 Jan 10 100 Oct
9934 J ’ly 6
120% May 15
93% Mayl3
111 May30
149% Apr 24
88 Mch 1

130% Feb 2
100 Jan IT
112 Feb 17
'P c a d l n g -------- -----------161% Feb 7
91 Feb 3
101 Mav 2
R ock Island Com pany___
2734 Apr 21 343* J'ne 14
57% A pr 24 68% J ’nc 14
Do preferred________
61 A pr 24
Q t L & San Fr, 1st p ref.
kJ J)o 2d preferred____
38 A pr 22 47% J ’ne 3
24 Jan 13 34 Feb 4
St Louts Southw estern..
Do preferred_________
593j Jan 3 72 J ’nc 26
Southern Pacific Co_____ 1133* Apr IS 1263* J ’ ne26
Southern v tr ctfs stm pd.
25% Mch 4 32% J ’nc 15
Do pref
do
61% Jan 11 73 J ’nc 28
r T exas & P acific..............
25% Jan 3 30% Feb 21
A bird Avenue (N Y )_ ._
14% J'ne 9
T oledo ltallwavs & Lt
6% MoU27
8% Jan 17
T oledo St L & Western _ 19 Apr 24 2434 Feb 8
Do preferred____
45 Apr 11 537* Jan 5
Twin City Rapid Transit
107% J ’ly £ 111 Feb 2
T fn lon P acific_____
16984 Jan 3 190% J ’ne 26
A)
Do preferred______
90% Mch 6
Unit Hys In V t of San Fr 31% Jan 3 49 ' Feb 20
Do preferred_________

16%
650 Y \ /a b a sh ____________
Do preferred_____
36% 2,300 ) 7
65% 10,300 Western Maryland B y ___
95
100
Do prefeiTod________
4
600 W heeling & Lake E rie___
12
100
Do 1st preferred_____
4%
600
Do 2d preferred______
68%
200 Wisconsin Central______

15%Jan

6

487* Apr 18
75 Jan 1-1
3 J ’ne 28
10 J ’ ne 29
4% J ’ly 7
57 Jan 3

183* Feb
40% Feb
65% J ’ly
82 J ’ly
6% Feb

23
23
7
1
3

8 Feb 7
72% May 1

Highest.
124% Jan
104% Jan
137% Jan
119% Ian
94 Jan
823* May
20238 NOV
70 Jan
312 Jan
92 Jan
G634 j a u
69 Apr
367* Jan
641* Jan
1583* Jan
172% Jan
18212 Jan
225 Jail
162% Feb
$170% Feb
538 Jen
12% Jan
92% .Mch
104 Jan
66^4 Feb
S3 Mch
8! Jau
185 Jan
620 M.ch
52 Jan
84 Jan
1834 Jon
C43* Jan
349* j an
6234 Mch
42 Mch
1437* Ian
80% Jan
18i* Mch
97% Apr
99 .a n
140 Oct
147 Jan
25% Jan
627* fan
30 Jan
54% Jan
80 Feb
44% Jan
71 Jan
253j Jan
623* Jan
186 N ov
70% Apr
15934 Jan
148 Oct
5334 Jan
80 Feb
145 Mch
155% Mch
9234 Jan
51% Jan
745* Jan
73)8 May
140 Nov
723* Nov
37% NOV
128 Meh
087* N ov
10934 ja n
98 Jan
162 Mch
/U51 Moh
50 Jaa
108% Meh
91% Mch
40% Doc
14538 Jan
1183* Jan

105 Feb 118 Jan
1221 J ’ly 138% Muh
89 J l y
101.r>8 Mch
n o Oct 110 Molt
1305* J ’ly 172% Feb
*85 Aug
93% Fob
87 J ’ly 110% Jan
227* J ’ly
»7% Jail
54 J ’ly
92% Apr
58 Aug
73 Jan
34% Aug
60 Jan
18% J ’ly
34% Jan
61% J ’ly
77% Jan
103% J ’ly *138% Jan
18 J ’ly
333* Jau
43 J ’ly
75 Jan
22% J ’ly
363* -Jan
5% J ’ no
19% Jan
6% J ’ly
1534 Jan
19 J ’ly
543* Jan
4234 J ’ly
72% Jan
103 J ’ly 117% Jan
152% J ’ly 204-34 Jan
88% J ’ly 10334 Jan
2334 J nc
42% Jan
47 J ’ne
72-’ * Jan
125* J ’ly
18% J ’ly
40 J ’ly
67 Aug
3 Apr
8 J ’ne
4 J ’ ne
44 J ’ly

2734 Jan
61 Jan
543* Mch
77 Dec
10 Jr.n
23 Jan
13% Jan
64 N ov

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

Hid
Ask
Banks
Filth ......... 300
360
-200
First ............ 990 1000
450
14th S tH ... 150
160
100
166
F o u r th ____ 1205
1465 f 460
G a lla tin __ 335
345
150
160 G a rfie ld __
295
____
400
Germ-Am $j 140
145
375
4U0 Genn’n E xt 486
1216
____ Germania 1]_ 559
676
325
335 Gotham _.
150
155
r 11512 —
Greenwich t 240
250
165
176
Hanover .
635
650
POO '350 . H a rrlm a i. . 285
Ask
178

TW O

Banks
Imp & Tra<
Irving W lii
■letfersont-f.lberty____
l.lncol n ____
Manhattan!
(lark’ t&Fu)
viech & Mot's
Mercantile .
Mcreh Excl.
M erchants'.
Metropolis 1
Uetropol *nl

Hid
1570
215
145
575
4UJ
335
250
270
155
165
179
375
198

Ask

Banks
Mt Morrlsjl.
Mutual I __
155
N assau___
New Neth’ ri
600
NcwYorkCo
436
345
New York.
19th W ard.
273" * Faclficfj____
L 'ark______
160
People's I ;..
170
182% Flaza _____
390
205

__

via
250
285
300
210
909
305
27*5“
372:.
215
625

Asfc
260
295

Hid
Banks
Prod Exch $ 170
R e se rv e ___
85
Seaboard _ . 415
290 S e co n d ___ . 385
975
Sherman_
135
310
State 11 __ . 258
160
12th W ard. 100
23d W a r d .. 175
377% Union K xc. 176
Wash H ’ts \ 275
West Side f t-59
VorkvlUe t - 509

Ask
175
95
490
275
180

*Hi l and. asked prices; no sal&3 were made on this d ?y . tKx-rigiits. jL ess than 100 shares. IState banks, a E x-dividend and rights, b New stock
ISaie at Stock Exchange or at auction tills week. n hirst installment paid, n Sold at private sale at this price, z 2d paid, y 3d paid.




New York Stock Record—Concluded— Page 2

92

Sale- of

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
July 1

Monday
July 3

*238 246 $234 234
9
*8
9*8 *8
2912 2912
$30
30
09*2 697g 68*s 69
*57
58
*56*2 57
*101*4 ----- *101*4 ___
52*4 5212 513s 5134
*95 100
*95 100
*9212 9334 *9212 933.,
*13 l b 133*4 *13112 13234
103g 1038 10% 103S
♦841? 851? 84*2 8434
5612 5612 551? 56
*116 117 $116 116
*5134 521? 5214 5212
*99 102
*9912 102
*233 238 *233 238
*4*2 5
*4*2 5
*25
27
25% 25%
2234 22%
*2213 23
*1111 1134 *1U4 113,(
*3012 32b
3014 3134
40b
40% 40% *39
*107 109 *107 109
*5
5I4 *47S 5*4
4034 403.1 4012 40b
*88
883.| *88*4 S834
7914 793g 787« 7914
♦IO6I4 107
10012 10612
♦250
♦250 .
*96*2 99
*9612 99
41
*40
*40
42
119*2 119*2 *117*2 119*2
*117 120 *117 120
139*8 1393s 13834 139*8
95
95
*9512 96
32
+31
*31
32
93
*91
9212 *91
2912 301.,
*2812 30
*4014 403., 401., 4014
*32*4 3334 32% 33
63
63
*62
63
*141 144 ♦141*2 144
10
*9*2 IOI4 *9
*29*4 31
*29*4 31
*2931 31
30
30
*9934 10034 *99*2. 101
23
*2314 238s 123
*34*8 35
*3414 35
1453s 14533 14434 M5I4
♦145g 151,3 *145s 15*8
81% 81% *81*2 8212
*353 , 37
*36
37
*28
36
*28
36
*6412 67*2 *6412 671?
I6H4 I6U4 160 I6OI4
5*2 5% *512
*12112 12212 *12114 12U2
♦122*2 125 *12212 125
*478 533 *178 £*8
*17
1734 *1634 18
*11
1134 *1114 12
61
49*4 4912 *49
4134 42
41
41
893.,
*891,, 8978 *89
10778 1077s 1071s 1075s
91
*89
00*2 *89
*74
75*5 ♦7378 75b
22
22*8 217S 22
134 134
*133*4 137
*127*2 12914 * 127*2 129*4
1931 201.1 1934 1934
9631 9631 *9512 971?
5512 55% 5512 5512
*10612 109 *10612 109U
*1955 1934 19*2 20
*70
75
*72
75
*7214 74
*73
74
27b
*263, 2712 *27
49I4
*4914 4978 49
*106 107 *100 107
*1934 2012 19*4 19%
*82
85
*81
85
36
36
*36
37
*101 103 *101 102b
*117 120 *11634 120
*161*2 162*2 162 162
351?
35
36
36
*101*4 IO2I4 *101 102t?
*171., 17*2 $17*4 17*4
*30
303., 30
30*8
*9314 9371 *93*., 93%
♦HOlo 142 ♦140*2 142
*497s 50*8 497S 1978
4114 413S 4078 41
122 122 *100 122
10212 10212 *100 105
♦ u n i 112 *11012 112
*7
8
*7
8
581?
*56
5912 *56
*106 107*5 *106 107%
*100 107 *106 107
1()I2
*15
16*2 *15
*553., 57*2 *5534 57*2
*06
90
*96
99
*7512 7712 *75*4 761.,
41
*41
42
41*8
*113*2 IMI4 11414 IHI4
77*2
*77
7712 *76
78*2 79*4 777S 781.,
11778 IISI4 118 11833
491o 4934 49
493,S
55% 55*o 5514 £>6*2
I2H4 124*2
125 125
174
171*2 $172 *171
78% 787S 78*2 781?
*75
75*2 75*2 75*2
*111 120 *110 120

Tuesday
July 4

•<
O
H
O
A

w
W
0
A

Wednesday
July 5

Bid

Ask

385

400
155
310
125
90
430
240
150
255

290
415'
225
245

Friday
July 7

Week
Shares

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range lince January 1.
On bash of 100-share lots.

Eld

AND

TRUST

lrust Co’ s
N Y City
300
B’ wav T r . .
285
Central l'r_.
170
150
165 Columbia ._
153
145 Commercial
135
E m p ir o ___
Eqult’ ble Tr
lrust Co’ s
Farm Lo&’l
F id e lity __
N Y City
As t o r _____ 347*2 357*2 Fulton . . . .
Bankers’ Tr 690
700

Banks
Brooklyn
Nat C ity__
North Side !
Peoplo’s __
Prosp’ctPk’ i

Ask

Range for Previous
Year (191").
Highest.

Highest.

Industrials Miscellaneous
6 A dams Exproes_______ $234 J 'ly 3 $245 Apr 7
*238 246 *233 240 *238 245
78s Apr 18
8%
9*4 May31
llls-Chalm ers_________
*8
8% *8
9*8 *8
25 Apr 21 34 te n 3
*2814 30
850
Do p rcf____________
*28*4 30
28
29
7 13g J ’lic 19
59% Apr lb
67I4 67% 673., 6834 6S3g (59% 37,700 Amalgamated Copper___
4ti Jan 3 60 ■ Maylb
400 Amer Agricultural Chcm .
57*2 6712
*5612 67*2 5778 68
Do p rcf______________ 101*4 Jan 27 103 ' Feb 7
*101*4 __ *10114 ___ *101*4 ___ _____
3984 Jan 11 563s J ’ llO 10
50*2 5134 5034 5134 51*8 5U2 5,200 American Beet Sugar____
r2%Jan Si 100*2 J ’ne 14
_____
Do pref______________
*95 100
*95 101
*95 100
00 Jan f
97 Feb 27
100 Amer Drake Shoe & I-'dy.
+92b 93% *92*2 9334 933S 935.,
Do pref______________ 12sifiJun f 13S Feb 23
*132 13234 ♦132 13231 *132 13234
8'8 Jan t
12% May 9
2,000 American Can___________
10*., 10% 10*2 10b *103S 11
887g
Ma> 23
77
Jan
5
Do pref________
843S 84*9 84% 843., 843,, 8434 1,500
561? 5612 56^4 3,000 American Car & Foundry 6OI4 Apr 24 57*2 Feb 8
6512 66
55
11414
Mchia
120
May
23
117b
*117
n
s
10
Do
pref______
*116
*116 117*f>
4u% May. 2 023s Feb 28
5334 51*2 2,600 American Cotton d f l l l l l
5212 525S 5234 54
*99 102
Do pref___________ ~~~ 100 May26 105*2 Feb 10
*99 102
*99 102
$224 Jan 11 $255 Jan 27
American Express
*232 238 *232 237 *232 239
5 J ’ne 14
3*4 Jan 26
*4*2 5
*412 5
5
5
500 American Hide & Leather
20 Jan 10 2u5s J ’ne 14
*24*., 25%
24
800
Do pref_____
*24
25*2 24
1784 Jan 17 25*•> Mch 14
22*2 2319 2,150 American Ice Securities'
$22% 22% 221., 22b
lllo
10ig Apr 21 123.1 Feb 14
IU2 *11
*1114 nip *11
American Linseed __
30 Apr 21 34 Feb 14
3031 3034 303., 303.j *29*? 32*1
Do p ref______
““
600
*40
411? *40% 41%
41
100 American L ocom otive! 11 35*4 Apr 21 43*4 May22
+40
104 Apr 18 110*2 Jan 13
108
D o pref_____
*107 n o *105 108 *
533 Jan 21
3% Feb 17
*473 514 *47g 514 *47,
514
American Malt Cotd
31*2 Mcll 8 42*2 Jan 22
Do pref____
39*2 40*., *39*2 4019 4012 40b
750
88*4 88*4 *88*4 88% *88
89
100 Amer Smelters Sec p rcf B 80 Mch 8 89 Feb 2
7013 Apr 18 837g J ’ne 15
783s 79
78*2 80
79% 8OI4 20,160 Amer S m elting* Refining
103*8 Jan 3 108*2 J ’ ne 15
*106*2 107 *107 108 *107 108
Do pref_____________
200
250 J ’ne 1 325 May 23
*250
*250
*250
American Snuff___! * ! "
07*2 J ’ne 5 101 May 8
*9612 99
Do pref______: : : : : : :
*9612 99
*96*s 99
36 J ’ly 7 6212 Fob 9
40*8 4013 37
40
37b
36
2,500 Amer Steel Found (new)
*11712 120 *117*2 119*2 *11712 120
100 American Sugar Refining 113 Jan (i 122*2 Feb 27
111 Jan 5 119*2 Feb 14
*117 120 *1.17 120 *117 120
Do pref______
138 13834 1377s 138b 1377g 138% 9,225 American Teleph & Telcg L377s J ’ly 7 153*8 J ’ne 8
9434 95
9434 9I34 94*2 95
1,520 American Tobac (new ), pf S)3*2Jan 4 102 May 18
30*2 Jan 3 36*2 Mch 21
3212 321? *31b 321? 32
32
200 American W oolen____ _
86*2 Mch 2i) 96*4 J ’ ne 15
92
92
Do pref______________
400
91*2 9134 *91*4 91%
27*4 Mch 17 34b Feb 15
*29
31
30*2
700 Amer Writing Paper, prl.
30
3012 *29
3934 *38*2 391? *381>> 391? 1,300 aAnacondaCoppcr P ar? 25 $3618 Apr 18 541*8 J’ne 13
39
20% Mch 14 345s J ’ne 19
323, 33
*3234 333., *32% 333.1
900 iJethlehem Steel_______
50 Jan 3 64*2 Apr 7
"
02*9
300 * ’ Do p rcf__ __
62
62
621.s 62*s *01
Jan 3 145*2 J ’ne 8
135
10
Brooklyn
Union
Gas
"
$144
144
144
144
*141*2
♦141*2
9 Jan 6 103.1 Feb 15
100 Brunswick T e rm * R y Sec
*9
10
10
9*8 9*3 *9
Butterlck C o.
28 Feb 16 31 Mch 30
*29% 31
*29*4 31
+291., 31
26 Apr 24 33% Feb 2
200 ( 'entral Leather..............
*2934 3034 30b 30*2 *30*4 30ls
98*4 Apr 22 105 Feb 10
Do pref_______
”
170 *•
♦997s 101
10012 10012 *100 101
23
$21*2 Apr 7 $2534 May 19
22I2 23
2,400 rfChlno Copper___Par ( 5
22% 227g 23
28*2 Apr 22 36*8 Feb 6
35
*34
84*4 3414 *34
35
100 Colorado Fuel & Iron
144*8 145
145*4 145I4 145 146
2,600 Consolidated Gas (N Y ) ’ 13534 Jan 3 148io J'no 6
145g 14*8 143,, 143., *14% 15
13*2 Jan 10 153., May 17
200 Corn Products Refining "
7413 Jan 10 85 May29
815.3 82
Do pref______
8U4 811? *81
821?
700
32*8 Jail 11 38*4 Mch 1
3.W, 36
3512 36*? 36% 301? 1,300 Distillers' Securities Corp
1734 Jan 28 30 Feb 16
*28% 36
30
*28
*28t4 36
Federal Mining & Smelt'g
48*2 Jan 11 66*2 May 19
♦645s 671? *64*2 671? *045s 6719
Do pref______
159 159
160 16U? 161 10112 3,025 General E le c tr ic ..
el xl4.'.i8 Mch c 16S38 May29
V &Jan 3
5*2 Jan 14
5*2 5*3
5*2 55s 4,100 Goldfield Con M . Par $10
51? 5*2
122 122
12 U2 12334 122% 123*4 2,970 |nt Harvester stk tr efts 109 Jan 3 1293s May 5
*- Do pref stk tr ctfs._ 122*4 Jan 3 128*4 May 4
*122*2 125 *1237,3 12412 *1237,8 124*2
43s Apr 20
578 Jan 30
5I4 ♦473 5*4 *4%
*4%
Int Mer Marine stk tr ctfs
5*4
15*2 Jan 17 I9I4 J ’ne 17
Do pref_______________
1714 1714 17*8 17*8 *16% 17*9
400
9*8 Apr 27 133g Jan 31
♦ 1114 1134 1112 111? 11*2 l i b
400 International Paper____ *
445s May 15 5638 Jan 17
♦48b 50
Do pref___________ I "
4934 494,| 49->8 49%
600
38*2 Apr 18 44 Feb 8
40*4 401? 41
41*4 41*2 4112 1,600 Internet Steam Pump " '
Do pref__________
* 84*2 Jan 26 COI2 J'no 12
89b
8934 893S 89*2 *89
200
♦89
106% 1077g 107% 108% 9,650 Laclede Gas (St L) c o m !" 102 Apr 18 114*2 Jan 20
106*2 107
89 J ’ly 6 95 Feb 2
*88% 90
200 M ackay Companies___I*
89
89
*88*2 90
74i8 J ’ne 16 77 Mch 7
Do pref_________! !
100
*73% 75*? *737g 751? 74*2 741?
21*2 217,3 21b 213g 205s 211g 3,275 dMIaml Copper___Par"$5 $18i4 Apr 18 $2278.J ’ne 26
*1333.,
138*8
117*4 Jan 16 141 Apr 4
*1333, 135
200 TVTatlonal Biscuit____
134 134
124 Jan 20 130 Feb 4
Do pref___
123 128 *12778 129*4 *12778 129%
100
1934 19
19
16*4 May29 20I4 J ’ne30
19
19
19
1,700 Nat Enam el'g & Stam b'g
85 Jan 6 97 J ’ne30
Do pref________
96
96
600
*95*2 97*2 95b 96
55*4 5514 5512 55% 1,000 National Lead_____ "
£0% Apr 25 59 Feb 2
55
66
105*4 Mch 24 109*2 May22
Do pref________
♦106 109 ♦106 109 *105*2 109
..........
193S 193S 1933 19*2 193S 19*8 2,200 dNev Cons Copper.P a r $5 $17*2 Apr 19 $21*4 J ’ne 14
75*2 J ’ne 19
75
75
76
08 Aur27
*70
*6812 75
100 New York Air Brake
723S 723S ♦72*2 745*
*721.4 74
64 Jan 10 7634 May 18
100 North American Co (new)
2318 Apr 24 29*2 Jan 4
27
27
*2714 2734 *27
2/1?
200 P acific Mall..............
54% Jan 31
4814 4814 49
49% 49%
44 Jan
49
acldo Telep & Tcleg '
700
*106 107 *106 107 *106 107
103 Apr 5 109 Jan 19
People’s G L & C (Chic)
Philadelphia Co(PIttsb'h) IOOI2 Jan 3 118*2 J ’no 3
17*4 Jan 3 23*4 J ’ne 6
1934 1934 *19b 201? ♦19*2 20
400 Pittsburgh Coal Co______
8 134 84% 85
6734 Jan 4 88*4 J'no 1
*83
85
Do pref__________” ‘
851?
900
♦B51-> 36
*36
36
36
30i2Jan 3 373S J ’ne 27
37
200 Pressed Steel Car___
i/o nrei________
*100 102 *10012 102*2 *101 103
92i4Jan 3 10234 J ’ne 16
*117 120 *115 120 *115 120
Pub Service Corp oT n T . 110*8 Jan 3: 120 Feb 7
*161 16214 *161*4 162*4 *10114 102%
100 Pullman Com pany______ 159 Jan 3 163 Jan 30
*34*2 35*2 3512 30b *35
381?
600 R a ilw a y Steel Spring___
31 Jan 11 39 J ’ne 14
100
92 Jan 8 103 J ’ no 15
*10114 IO2I4 ___ ___ 101*., ion.,
17*., 1712 1712 171? 17b 1719
533 dRay ConsCopper Par $16 $1512 Apr 19 $18*2 May 18
30lg *30
297.3 30
30
30%
1,250 Republic Iron & Steel___
35*4 Feb 6
29*i MayJi
9334 93%
93b
93*8 93M *93
320
Do p ref______________
92ls Apr 26 993$ Feb 1
141 141
500
141 141
140*2 140*2
192 Feb 6
ears,
Roebuck
&
C
o
l!
I
136*2
May26
48% 49
481.J 48b
48*8 481? 1,000 S loss-Sheffleld Steel & Ir 481s J’ly 7 5Q*4 Feb 6
4012 4034 407s 41
41*8 4H9 2,900 dTennessee C opp.P a r $25 $32 Jan 11 $44 J ’ne 13
120 1201? 117 119b 116 116*8
1,020 Texas Co (T he)_________ rll5 J n o l5 130*2 Feb 1
10234 103% 10012 102% 94 100
4,895
63 Mch 19 111 J ’nc26
nderwood Typewriter
800 U Do pref___________
n i3 4 112 ♦111 112
103 Mch.Jl 113*2 J ’ne 10
1U12 112
9 Feb 9
350 Union Bag & P aper____
8
7 MaylO
8
*7
*7
7*8 7*2
56*3 Apr 29 59*2 Jan 30
Do pref______________
*56
58*? *56
681? *553., 69
300 United Dry Goods Cos.. 100*2 Jan 1*7 108 J ’ne 20
107 107
*106 1071? 10012 107
200
*106 107
Do p ref______________ 102*8 Jan 5 107*2 J ’ly 7
107 107
107*2 10712
300 U S Cast I Pipe & Foundr
15 Jan 10 19 Feb 23
17b *15
171?
16
16*8 *16
50 Jan 16 rOl Feb 23
*5534 57
*55-34 58
Do p ref______________
* 55% 57
95 Jan 7 $105 Jan 27
*05
99
*95
99
United States Express__
99
*95
*75
U S Realty & Im provem 't 65*8 Jan 25 7934 May 29
77
*7512 771? *75
76
*4034 11*4
36 Jan 0 47% Mch 1
11
42
41*4 421? 3,600 United States R ubber___
♦111 115 *114 115
800
Do 1st pref___________ 109*2 Jan 18 115l2 J ’ly 7
115 115%
200
Do 2d pref___________
7712 771? *7712 78
72*2 Jan 31 79 Mch 1
*773g 78
7133 Jan 3 821s Feb 6
77% 78
78
79*s 7831 79% 169,600 United States Steel_____
118 II8I4 118 118-% 118% 118% 2,300
116*4 Jan 3 12t)7s Feb 4
Do pref______________
4812 49*8 48b 4934 493s 50*4 10,810 dUtah Copper___Par $10 $425g Apr 19 $52*8 J ’nol4
66*4 5014 57% 50^8 673S 13,215 Virginia-Carolina C hern..
63*4 J ’no 19 703S Feb 28
55
*121 125 *12* 125
Do pref______________ 12218 Apr 22 12812 Mch 15
125 125
900
*166 170 $1065.8 16638 *163 168
ells Fargo * C o......... $150 Jan 18 177 May2o
200
783,3 *78*8 78b 79
78
70
1,600 » » estern Union T e le g ..
713s Apr 18 84% May24
74*2 75*8 75 75*? 7512 76*4 3,750 Westlngh’seEI&Mfg assen 647g Apr 19 79 May29
*110 120 *112 120 *112 120
Do 1st p rcf.........
116 Jan 14 123 Jan 5
BANKS

Banks
Brooklyn
Broadway 1
Coney Isl’d f
First ______
Hillside!!__
Homestead!
Manufac’ rs'
Mechanics'!
Montauk __
N assau____

Thursday
July 6

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

$235 Dec $270 Jan
15 Jan
7*2 J ’ly
51% Jan
27 Aug
90% lan
55*8 J ’ly
35 J ’ly
49*2 Oct
99*4 Apr 103 Jan
47*4 Jan
24 J ’ ly
89 J ’ly
95*2 J ’no
8212 Oct
91*2 N ov
119 J ’ly 131*2 N ov
078 1'iie
137g Jan
62 J ’ly
821.1 N ov
727s Jan
39*2 J'ly
109 J ns 120 Mch
52*3 J'ly
0934 Mch
100 Dec 107 Oct
$230 Dec *320 Jan
3*2 Sep
8*s Jan
19 Sep
47?8 oan
103s Dec
29*4 Mch
1734 ja n
10*8 J ’ly
407g Jan
25*2 J ’ ne
29 J ’ly
62*2 Jan
102*2 Aug 115 Jan
3*4 Dec
8 Feb
2812 J ne
48 Mch
9078 ja n
82 J ’ly
0133 J'ly 104 Jan
98*4 J ’ly 11234 ja n
245 Nov 285 Apr
95i2 Jan 102 Deo
38 J ’ly
66 ja n
111*8 Oct 12712 F eb
1U12 Dec 124 Feb
1203.1 J ’ly 1433g Feb
9934 Mch
90i2 J ’ly
2518 J ’ly
39*2 Mch
90*8 Dec 104 Mch
$3312 J ’ly
21 J'no
49 Aug
125 J ’ly
8 J'nc
28 J ’ne
25*4 J ’ly
99*4 J'ly

854 Jan
347a Oct
05 Jan
16412 Jan
18*8 Jan
33 Jan
48% Jan
109*4 Mch

2212 J ’ ly
122*2 J ’ly

50 Jan
16038 Jan
23*4 Jan
863s Jan
3634 ja n
60 Mch
88 Jan
16078 Jan
$9*4 Sep
125 Jan
129 Jan
7*2 Jan
243g ja n
10 Jan
61*2 Jan
64% Jan
9034 Jan
H6I2 Jan
98 Oct
7834 Oct

11*2 J'nr.

703S J ’ly
2514 J ’ly
12 Oct
37 Oct
134 J ’ly
$734 Oct
i83*8Feb
r ll7 Aug
414 J'ly
12% J'ly
9 J ’ly
41*2 J ’ly
36% J ’ly
78*2 J ’ly
9334 J ’ly
79 J ’ly
71 J ’ly
100 Aug
11884 J ’ly
14 Sep
84 Oct
46*2 J’ ly
10134 J ’ly
617*2 J ’ly
59 J’ne
2278 J-ly
30 J ’ly
103 J ’ly
84 J ’ly
13 J ’ly
60*4 J ’ly
25 J ’ly
90 J ’ly

60*8 Nov-

119*2 Deo
125 Jan
2812 Jan
96*2 Jab
89*3 Jatf
HOI2 Jan
$22% Oot
95*2 Jan
84 Jan
43*4 Jan
46*4 Jan
1103s Jan
100*2 Jan
2734 Jan
85 Jan
517s ja n
107i2 Jan

155 J ’ne
28 J ’ly
*90*4 Sep

200 Jan
5178 Jan
107 Jan

27 J ’ne
82% J ’ly
150 J’ ne
48*4 Dec
$1934 J'ly
134 Oct

4578 Jan
IOU4 Jan
190 N ov
8OI2 Jan
$4038 Jan
144 Oot

6 J ’ly
13*4 Jan
62*8 Dec
73 Jan
90 Aug 122 Jan
99*4 Aug il37g ja n
14*8 J ’ly
32 Jan
49 J ’ne
84 Jan
$1)3*2 Dec 145 Jan
01% J’ly
8H4 Jan
27 J ’ly
52*2 Jan
99 J'ly 116*2 Jan
5912 J’ly
84 Jan
61is J’ly
91 Jan
110*2 J ’ly 12538 Jan
t$39% j ’ne $60*4 Jan
47 Feb
66i8 Oot
117 J ’ly 129*4 Jan
14412 Deo 195 Jan
56 J ’ly
78*2 Mch
49*2 J’ly
82*2 Jan
110 May 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 .

Eld

Ask

142%
1000
300
105
300
600

148
1060
310

220
300

310
507
1525
225
310

Trust C o ’ s
Guarity Tr.
Guardtan Tr
H u d s o n __
Knlckerb’kr
L a w T I& T r
Lincoln Tr.
Manhattan
Mercantile .
Metro pol’ t’ n
M utual____
Mut ALlncc

Eld
800
135
140
285
250
125
390
735
475
132%
125

Trust Co’ s Eld
Ask
Trust Co’ s Bid
Brooklyn
NY Llfe&Tr 1050 1075
Brooklyn Tr 440
N Y Trust. 600
020
Citizens’ ___ 120
150
f 25
F la tb u sh __ 200
295
.Standard Tr 390
405
F ra n k lin ... 185
495
255 TltleGuds Tr 485
__ Hamilton . . 245
132 Tr Co of Am 370
H o m o _____ 105
Union T r . .. 1230 1250
410
Kings Co . . 605
485
750
US Mtg& Tr 475
L Isl L & Tr 325
432% Unit States. 1150 1175
N assau____ 156
Washington 360
375
160
Westchester 150
Peoplo’s ___ 300
130
Queens Co. 100
W in d s o r _ t 97
—
Ask
825

i. • ' B i d a n d a s k e d p r ic e s ; n o sa le s o n t h is d a y .
$ L e s s t h a n 100 s h a r e s .
t E x -r lg h t s .
h N ew stock .
c E x - d l v . a n d r ig h t s . d N o w quoted dollars per
L• tSale a t S t o c k E x c h a n g e or at a u c t i o n th is w o e k . s E x - s t o c k d i v i d e n d . t B a n k a m a r k e d w it h a p a r a g r a p h (1) are Stato banks.
1 .............-




A jI
450
130
215
195
275
115
345
105
310
115

ahM4k

New York Stock Exchange— Bond Record, Friday, Y/eekly and Yearly
Jan. 1 1909, the Exchange method of quoting bonds was chanted, and prices are now a ll—"a n d interest"—oxospi tor income and de/aulted bonds.
BON DS
N. Y, STOCK E XC H AN G E
W e bk E ndino J u l y 7
Li. » , <'ovtM'iiiueiii
U H 2a consol registered.<11930
U 3 2s consol coupon....<11930
U S 3a registered............ /clyib
U S 3 s coupon................... *1016
U 8 3a con anmll bonds../clOU
U H 4a registered................1026
U S 48 cou iion.....................1925
IT S Pan ('an 10-30 vr 2s.fcl03'
U S Pan Canal 3s e ..........1961
F oreign Governm ent
Argentine—Internal 5soE 1900
Chineso (Hukuang) Ky Os
imperial Japuueno UoVerum'l
Sterling loan 4 Vs.......... 1925
2rt sonea 4 Vs................ 1925
Sterling loan 4 s .............1931
Repuli ol Cuba fia oxten itebi..
External loan 4 V s ........ 1949
San Eauio (Brazil) trustOs 1919
U S ol M exico Hi s 0 » ol 1399
Gold 4a o£ 1904................1954

Price
tri'ia v
July 7
Q-J
Q-J
Q-F
Q-F
q -f
Q-p
Q-F
Q-N
Q-S

Week’s
Range or
Last bale

00
cqGQ

Range
Since
January 1

bow
High No
lo t V A pr 11 ___
UH May’ l l
102 A p r’ l l . . . .
101V May’l l •—
101*4 J ’l y ’ 10
1 13*4 lift l i t * , J ’ne’l l T_;r
11384 l l 5 114*8 J ’n o 'll ...4
100 IOO84 100*3 J’ne’ l 1
102 V 1028, 102*3 102®g i u

Ask
bid
lOOt, 1003,
lo o t,
101 Si
101V

t 97 >g 97=8 97*s
1 98 Sale
07 V

BOND 4
Y. STOCK KXOHANG

72
Price
frid a y
July 7

W kkk knimno J uly 7

Low High ^
3d pret income g 6s stamped.
101V l o i V
Chatt Div pur men g 4 s .1951
101 101*,
Mac ,15 Nor D ir 1st g os. 1949
102 103*4
Mid Ga A AU Div 6s___1947
101 v 102*,
Mobile b lv 1st g 6s....... io-iu
iu
i 10
f114*8 110*8 L
R egistered................./il937
100 V 100 V
Am Dock A Imp gu 6S..1U21
102V 103
Be 85 Hud B gen gu g 6s 1920
Bell A Wilks B Coal 6 s.. 1912
N Y 85 B ougB rgen g 4 s 1941
97*3 10 97 V 99
, eut Eacitlo bee So Eacihc Co
98 *e 174 97 V 98
£

Week’s
Range or
Last bale

CO

11

Range
Since
January 1

A sk L o w
High A’o Low H igh
85 V Oct ’ 10
i "87*8 88V
88 V
8 8 V ........ 88 V
106 ........ 106V Mar’ l l
105 V 163 V

Ria
JT>
j -j

j -j

M-N
J .J
y-J
J-J
.1 - J
M-N
M-S

100 V ........
104 107
121 V 123
121 122V
106*8 108
103 V ___
100 V ........
09*6 100*4

109*4 Mav’ l l
103 J ’ ne’ t l
122 J’lie’ l 1 .. ..
122 J ’ne’ l 1
I0l>hi i ’ ue’ l 1

108*4 109*4
101V 103
122 123 V
122 123 V
106 V 108 V

1(10 V Apr '1 1
99*8 D e c’ 10

100 V 100V

Q-F
90*4 00*6 00V J ’no’ l l .. . . 87V 02V
04V
94*, 11 93*g 05*. ,C
100 N ov’ 1(1
94*4
94 V 9 93V 95V '
Gen funding A nnpt 6s. 1929 J-J i o i v 1"0"5 105 J’ ne’ l l
102 V 106 V
3 87 V 9l>
83*4
88*4
1st consol g 6s................. 1939 M-N 112 112*g 112V J’ue’ l l
11IV 113 V
103
103
21 102 V 104
Kogiatored.....................1939 M-N ........ 112
111*4 Jlay’ *1
111*4 111*4
99 J ’n o 'll
07*4 100
General gold 4 *38.............1992 M-S 101 Sale 101
lu lV 24 100*8 *02
97
97
2 97
97 V
Registered.....................1992 M-S *09 V ........ 100 May’ l l
100 100
4 95 V 98
95 V
06 V
Convertible 4 Vs ............ 1930 F-A
96 Kale US7#
^l)1^ 1 14 94
97V
90
90
3 90
94 V
uig sauuy I s : 4 s .............1941 J-D
85
87 V 87 Mav’ l 1
97
89
ices o n thA b asij o f $5 to
Coal lliv B y 1st gu 4s ..1945 J-D
84*4 86*4 88 V J ’ne’ l l
85
88V
S tate and City S ecu rities
Craig Valley 1st g 5 s ....1940 J-J 101V ........ 102*4 A p r’ i 1
102*4 103
102 V Sale
64 lOO*, 103
N Y C i t y - 4 V s ...................1900
Eotts Creek Br 1st 4s.. 1946 J -J
80*4........ 90 .Inn'09
I04*s Sam 104*8 101*8 1)00 100V 104 V
4 Vs recta iut t ro ja n 24 19tiu
B
85
A
DlV
1st
con
g
48..1989
05
96*4 95 V J ’ne’ l l
95 V 90
J-J
100 100*4 100
100*8 37, 08 V 100 V
4% Corporate Stock.......1959
2d consol g 4s................1989 J-J
90
92 V 9 ‘2V J ’n e 'll
90 V 02 V
100 100*4 100*8
14 08V 100 V
4"0 Corporate btock ....1 9 6 8
Warm Spr val 1st g 6 s ..1941
106 108 V
108*3 108 V 103 V J’ne’ ll
JXow 4 V s ..........................1957
106 V 100 V
Greenbrier By ls t g u g 4s ’40
86 ........ 05 O c t ’ 10
102», !(,;( 102 V J'n o’ 11
101V 103
, luc
Now 4 V s ......................... 1917
85 A lt B B rel g 3a...1949 A-O ........ 73
73
73
25! 72V 73*4
108V sale 1088, U)8 *| 32 100 V 100 V
4*3% Corporate Stock -.1957
R ailw ay 1st Hen 3 V s... 1950 J-J ......... 07
67*4
67*4
71V
3 67
102*3 1028, 103 J ’no’ l l ... 102 103
4 V% asaesanit b on d s.... 1917
Registered.....................i960
76 Oct ’09 . . .
100 100*4 100
100
3 98*4 lOO*, , I110
4% Corporate S tock ....1957
B url85 (j—Deny D 4s 1922 F-A
99 V
00 V
G 99
99 V 09V 99 V
108
108
N Y State—Canal Iinpt4a.l9ii0
1 104V 106*4 *• Illinois
D
iv
S
V
s..............
1949
88 V 14 87V 88V
88 V Salb 87 V
.T-J
98 ....... 1 0 3 * 3 J’l y ’ i
So Carolina 4 vs 20-40........1933
Begisteroa....................it, 48
88 Sep ’ 10
97*8 98
97 May’ ]
Youu new settlement 3a..1913
"96 ' 97
Ills DlV 4 s ....................... 1949 J-J
UOV
99*6 20 09V 100*»
99V Sale
87 .......
86
86 V
Virginia tuna aeut 2-3S...1991
Iowa
Div
sink
lu
h
d
o
s
..l9
1
9
A-O 104*4 . ... 106V -I’ no’ ll
105 V 105 V
65*3 Sale
Oh aetorreil Brown Bros etts.
10 40
67 V
65 V
Sinking luud 4s.............1019 A-O
99V 99V 00 v J’ne’ 11
99 V 99 V
Nebraska Extension 4 s.1927 M-N
93*4 UO*, 98*4 J ’no’ l l
R a ilroa d
90 V 99 V
Registered.....................1927
98
V
Mai
M
M-N
98V 98V
labama
Cent
bee
So
By
Southwestern Div 4s___1921 M-S
A lab a Mull bee A t Coast.Blue
09 ........ U9 F e b ’l l .. .. 09
99
Joint bonds bee Great North
Albany A Susa bee DelA llud
Debenture 6s................... 1913 ,M-N 101 V 101*8 101V i o i v
1 101 101V
Alleg A West bee Bun U A 1’
General 4s........................1958 m
.j
96 >,
90 V 14 96*4 08
96 V Sale
M-S
81V Sale
Ann Arbor 1st g 4a.........A19J5 Q-J
2 78V 85
,
81V
83
81*4
81V
HIV 82
2 81
09 103 98
99 Sale
Atoll T A S Jb'e—Ueu g 4s. 1995 A-O
09 V 1 1st consol g 6s.................1934 J .J
98*4
126*8 127
A-O 1 2 6 V ........ 126V J’ne’ l 1
97*
Registered........................1996 A-O ........ 08
1 97 V 98*,
97*4
General
consol
1st
6
s
....
1937
110
V
ilO
V
109*4
1
UV
1
M-N
l
l
O
V
l
l
l
V
Adjustment g 4s.......... A1995 Nov
91V 92
90*4 92 V
Registered..... , ............ 1937 M-N
108*4 Mar 11 ...J 108*4 108*4
■*"
R egistered................. A1U06 Nov
Ohio 85 in d C By 1st 6s. 1936 J-J i"oo*4........ lOOVMay’ U
109*4 110V
Stamped................... ,/il9 9 5 M-N
9184 Salo 91V
15 90 V U2 V , hlcago
85 Erie bee Erie
Couv 4s issue o£ 1909...1055 J-D
105 114*b ;
85
83V
84*4 85
9 84V 86V
MS
Conv g 4 b. . . .....................1966 J -T) 111*4....... 111
48 105V 115V
127 128V
J - J 127 128 128 May’ l l
Couv 4s (issue of 1910). 1900 J-D 1038, Sale 103
102
V
105V
561
Refunding go ld 6s.......... 194711jJ-J
. j
111 111
107 V 110 V 111 API ’ 11
10-year conv g 6 s ........ 1917 J-I) 112V u a
42 108V 116 V
94 ........ 95*8 A pi ’ l l
R efunding 4s Senes O.. 1917 J-J
j .j
05
06V
Debentures 4» Series J . 1912 F-A
_
_
100V
May’
l
l
BOUISV
N
A
8
5
Cii
i
s
l
6
s.
1911
A
100V10uV
F
A
.
.
Series K .........................1913 F-A
09*4 99*4
92
92 *8 92 J ’ne’ l l
02
93 V
J -J
.. 96 V 97 V
East Okla Div 1st g 4 s..1028 M-S
96'3 07*4
J-J 102»s sale 102*8 102*8 11 102V 102V
93*, 10 02 V 01V
9284 93*3 03V
Short Bine 1st 4s g ........ 1958 J .J
General g 4s series A..01989 J-J
98
V
9
s*,
08*4
sale
08
99*8
29
S it'e Bros A Eli 1st g 68.1942 M-S 108 ‘4 109
.. .. 108 V 109 V
Registered...................<(1980 Q-J
90 V Jail ’ 11 .. 99 V 99 '•
Atl Knox A N bee B A N
General g 3 Vs senes B.ilildO .f-.T
80 4
88 Ht 6 86V 88V
86V 87
10 03*4 90
Atlantic Coast 1st g 4s./il952 M-S
95 V 05V 95V
................1031
25-yr
doben
4s
93 V
.T-J
.
.
.
.
.
.
92»«
92*8
92 V 11 92
,,,
108 108
108 '
Ala Mid 1st gu gold 6s ..1928 M-N 108 ...
Chic 85 D Su Dry g o s ....1921 J-J 106*8 107 V 106*8 May’ l l
106 V 107
Bruns<& W 1st gu g 4s ..1938 J
w.. Jj
.. .. 05V 96V
95 V 96*4
O lio 85 M o B iv D iv 5 s...1926 J-J 109 V ........ 108*, A p r’ i 1
108*i 100
Charles A Sav 1st g 7 s ..1930 j . j 1 3 8 V ___
Ohio 85 E W 1st g 6 * ........1921 J-J 107 V Sam 107
107 V 8 106*8 107 V
9334
11 92*4 06V
03 V 04
B A N coll g 4s............. 01962 m -N
Dak 85 Gt So g 5s.............1916 J.J 103V Sale 103*4 103*4
3 103V 10S»4
8 a v F A VV 1st gold Os..1934' a -O 128 128 126 •
.. . 124 V 120
Dubuque Div 1st s f 6 ....... J .J 114 ........ 114 V May’ l 1 ....'1 1 4 114V
1st gold 6s.....................1934 a -0 111 . . . .
... ll O 'V l l lV
Ear 85 sou ussu g Os....... 1924 J-J 110*8........ 117 V J a n ’ l l ___ill 17 V 117V
97 .. .. 07
811 Sp Oca A U gu g 4s ..1918 j . j
07 V
97
97 100
106V
D
ee’
ll
1...................
BaCrosse85 D 1st o s ....1919 J .J 105 V ........
Atlautio A Danv bee South By
Wis85 Minn D iv g Os....1921 J-J 106*4........ 106*4 100*4
1 100*8 107 V
Aostxu A N W bee Sou Eacilio
103*4
F
eb
’
l
l
Mil
85
N
o
1st
cons
6s___1913
1. e*, 103*4
1
0
3
V
........
J-D
02
L>alt A O h iop rlorlg 3 Va.1025 J . J
93
4 02
01V 02V 92
Extended 4 Vs.............. 1913' j-D 100*8
O Begistored................A1926 Q-J
91V 91V !hlc85Northw
91 V ^
91*4......
110
J’ne’
l
l
109*4 112
cons
7
*
....
1916
ioa*4
i
i
o
v
|
q
f
Gold 4 s .......................... hVJhS.^.yj
36 98
99 V
08 V Sale
98 V
A-O
98
99*4
Extension 4s.........1886-1926*_F-A
07V 08 V 90*4 A p r 'l l
.. 97
B egistored................. /tl948 q . j ........ 97V
08V
99 May’ l l
97
08 V
Registered.......... 1886-1920 *’F-A
.a
Pitts Juuo 1st gold Os... 1922' j . j 112V .......
87
J’ne’
l
l
General
gold
3
Vs............1987'M-N
86V
88V
j
M-N
86
V
87
1 ... 87 V 8S*4
83 .........
P Jan A M Div 1st g 8 V sl025 m -N
93 V A p r’ol
R egistered....... ,j;1987; y .F
F B K & W V a S ysref 4sl941 u-N
8 91
92V
91 V Sale
91V
99 V
General 4 s ......................198, M-N
98
'9 8 V 56 "08
98 Salb
gouthw DlV 1st g 3 V s...1025 j . j
« 11 83 V 91V
91V 91*, 91
112 112
sinking luud 6 s...1879-1929 a
-O I l l ' s ........ 112 J a u ’ ll
A-O
B egistored................. /rl025 q . j
)
89 V<
88*4 92
A-O 1 1 0 V ........ 111 V N o v ’09
0
Ceu Ohio B 1st o g 4 *38..1930 m -8
08 ........ 103 1
Sinking iund 6 s ...1879-1929 A-O 107 V 108 V
106 107 V
0 ‘ ' ...................
Cl Bor A W coil 1st g 6s 1933 A-O
110 j
Registered.......... 1870-1029 A-O 107 V . . . .
107*4 M a y 'l l ';;;; 107 V U*7V
tlouou Biv 1st gu g 6 s ..1919 f -a 102 V ...
l .. i b 2 v i o 2 v
106 F e b ’ 111....'1106 106
Debenture 5s................... 1921 A-O ........ 106
Ohio ttlver B B 1st g Cs.1930 j -i, IO984 ll() V
1
109 V 109 V
106V Fob’ ll) ...I
Registered.................... 1921 A-O
General gold 6s............ 1937 a -O 106 108
1
107 109 V
108*4 100 V
Sinkiug luud deb 6s....... 1933 M-N 11.9 V ....... 109 V J’ne’ l l !
1
Pitts Clev A Tel 1st g Os 1922 A-O 113 V . . . .
113 V 113*4
107 V 108 V
Registered.....................1933 M-N 108 V ...... . 107V A p r’ l l
1
Pitts * West 1st g 4 s ...1917 j - j
9 7 « e ....
97*8 07*6
115
V
J
’ne’
ll
115 115V
115
115*,
MU
E
S
A
Wes;
1st
gOs
1921
M-S
Stat Isl By 1st gu g 4 *as 1943 j -D 80 . . . . 100
l *
111 Muy’ l l
100V 111
E xt & Imp slum ! g 5s 1929 F-A I B '1*
Beech Creek bee N 1 U & H !
142*a F eb ’02
17
Ashland Div 1st g 6 s.. 1925 M-S
Bel lev A Car bee Illinois Cent
118
J
a
u
’
l
l
118
118
Mich
D
iv
ls
t
g
O
s
........
1924
J
.J
U
7
V
;
;
;
;
.
Bruns A West bee At) Coast B
no
100*8 UO
Ohio Bock Isl A Eac 6 s...1917 J-J fO'JV........ n o
Builalo N V <li lin o bee Erie
Registered.................... 1917 J-J 109 v ........ 109 Aug’ 10
1 .. 112*8113
Uulluio R A E gou g 6 s ...1937 1U-S
06*8
97 V 10 96
08V
96®a sale
G e n e ra lg o ld 4 s ...s ........ 1988 J-J
1
108*8 108V
Consol 4*38...................... 1;’ p7 M-N
Registered.....................1988 J-J ........ 97*v U8V F eb’ 10
1 .. 07
0 8V 100 I 97
07
AU 35 West lo t g 48 gu.,1998 A-O
88V
90
8'JV
sale
80
V
80
V
70
Refunding
g
4
s
..............
1934
A-O
Cl 35 Mali 1st gu g 6 s ....1943 J.J 109
103
8 .. ..
07 v J ’i y ’ 10
CoU trust Series J 4*. ...1912 M-N
Booh 35 Eltts 1st g Os...1921 F-A 114V
1 .. . . i 14 V 1*14*4
963* 07 V 96*4 J’n e 'l l
06*4 97V
M mb................................1916 M-N
Consol 1st g Os............ 1922 J-D 116 V
1 ... 110 V 116 V
06
N 48................................1910 M-N
06V 94 Dee ’09
0 ..
Bull A Susq 1st rot g 4s.iU951 J - J
94V May’ 10
05*8
O 4s.................................1917 M-N
Bur C H i& K Hcq (J It I cfc ^ |
91*4 04*4
94*4 J’ne’ l l
E 4 s............................... 1918 M-N
0 1 V .......
lan
So
1st
ext
Os
........1
9
1
3
J.J
102V
103V
«
14
C;2d 6s................................1913 M-S
72»« 77
76V
Sals
76*4
76
CliiO
It
1
A
Eao
B
B
4*..2002
M-N
1 .... 100V 101*8
74 V F eb ’ l l
Registered....................2002 M-N
74V 74V
lieglstered.....................1913 M-S
1 .. . . 100*41U0V
03
93
94
93 Sale 93
R I A rk A Bou is ls t4 V s 1934 P8-S
Garb 35 Shawn bee XU Cent
111V
J
no’
l
l
111V
112 V
111
Bur
U
B
A
N
—
1st
g
6
».1
0
3
i
A-O
Carolina Cent bee Seab A ir B
120 V Mar’l>3
Begistored................. 1934 A-O 110V
Coil B la F 35 iS bee B 0 B A N
106 V F e b ’ l l
10GV 106V
O R IF A N W is t gu 58.1921 A-O 106
Ceil Brancn By bee Mo Eac
51 A St B 1st gu g 7 s ..1927 J-D
Uont of Ua B B 1st g 6 s..p l0 4 5 F-A
1 ... 112V 1 U V
Choc Ok A G geu g 5s .01910 J -J 102 V 103 102*4 51 ay’ l l . . . l!102 V 102*4
107V 109
Consol gold 6 s .......... ....1 9 4 5 M-N 1U8V 10834 108V
V
Consol gold 6s.............. 1052 M-N .........108V 100 V F ob’ l l ...J'lOO V 109V
Registered................. ..1945 M-N 195 103 ilia
0 ...
Keok A D esM l e t 6 s ....1923 A-O 101 102V 101 J ’ne’ l l ....HlOO 103
99 101 1101
1st prot income g 5 s ....p l9 4 5 Oct
1 ... 1ibri ib s
1.
09 101 1 0 0 *
100 v 106 V- Ohio tit D A N O beo U1 Cent
iStampod................................1....
,
____
05 100*4 Clue St B A BUM b eePermCo
06 100 ! 06
2u prot income g 6s___p 1945 Oct
1 ...
125V
Ohio St E M A O con 6*...193(1 J-D, 121V 120V 124V 124V
96 100 lo o
2d pi of Income g 5s stamped . . . .
1 ... 100 100
Cons 6s reduced to 3 V s.1 9 3 0 'J-D
8 8 V ........ 93 Deo 03
08 '100
85
102
3a pret income g 6 s....p l0 4 G Oct 1 95
B .U l.-OEIil^AN EODS DOXD.S—C ontinued on Next P a ge.
04 V Sale
I 91 >8 91'
t 88
8 s*
1102 V 103H
' .... 09
1 9 7 ‘4 07 V
i 9534 96*8
90 Sale
hese a re pr

S t r e e t R a il w a y

Brooklyn llap T r g 6s....... 1045 A-O
1st relund conv g 4s— 2002 J-J
BkCity ls tc o u 6 s .1916.1941 J-J
Bk (J Co A Scon g u g 63.1941 Dl-N
Ilk Q Co A S 1st 5 s....... 1911 J-J
Bklyn Un El 1st g 4-53.1950 K-A
Stamped guar 4-Os. ...1950 F-A
Kings Co El 1st g 4 s ....1049 F-A
Stamped guar 4 s ......... 1949 F-A
Nussau E lecgu g 4 s ___ 196) J-J
Conn By A B 1st A rof g 4 Vs ’51 J-J
Stamped guar 4 V s ......... 1901 J-J
Dot United 1st con g 4 Vs. 1932 J-J
Havana Elec consol g 6s. 1952 F-A
Ihter-.Met coll 4 Vs.............1956 A-O
Inter Bap T 6s Scr A __ 1062 M-N
Internat Trao coll tr 4 s..1940 J-J
Manila Elec let A coll 5 s .1953 Vl-S
•No price Friday: latest this week.




S treet ltn ilw a y
73 V 79
79 J ’ ne’ l l
* ........ 78
Met St B y gen col tr g o s .1997
Kef
g
4 s............................2002
43 V ........ 48 May’ l l , __ 45V 43
85*4
8 6 -V
2 101 V 102*4
Bway A 7 th AV 1st e g 6s 1943
10IV Sale IOIV i o i v
101V J’ne’ l l
100 101
Col A Util AV l s t g u g 58.1993
99 V ........ 100 J a n ’ l l
98 D e c’ 10
99 V 100
Bex A v A E F 1at gu g i s 1993
100 101 100 J ’no’ 11
69V J’ ne’ l l
50
70V
Third A vo B R con gu 4s 2000
102 Sale 102
102
100 v 102*4
Cent T r Co certfs Btmp*l...
67 V
l>7 V as 58*4 70*4
67 V Sail
100», 102
100*4 102 V 102 M a y'll
109
111
UO
J’no’
l
l
Third
A
vo
By
1st
g
6
s..1937
100 V n o
84*1 86V 84*4 D eo’ lo
85 May’ l l
81
85V
84
87
81*8 85*, 85 J ’ne’ l l
'*82 V * 8 5 " X Grl Bv A Bt gen 4 Vs ..1936
St Jos By B tH A P 1st g 0* ’ 37
98 V ........ 98 N ov’OS
80
80*8 80 V
78
81
8 0 'h
106V
A p r’ l l -T-- i o o " ib T v
.St
Bmil
City
Cab
con
g
6s.
1937
1 0 6 V ........
101*, 101*4
102*8 102 V 101*, A p r’ l l
1 97*4 99
98 V
98 V
98 V Sale
101 102 V Tri-City By A Bt let s f 68.19 23
102 V ........ 102 V 102 V
08 Apr ’09
........ 82V 82 V f ’ tie’ 11
80 V 82*4 Umlerground of Bon 6s...132b
95 V 6 90V '96V
"OOV "07" 95 V
4 V s................................... 1933
97 .......
97 Mnr’ l 1
04 V 97 V
38 V 65V
05 J ’n e 'll
........ 66
Incom e Os........................ 1946
78V Sale
78
78V
77 V 80
81 Get ’03
101
104 Sale 104
103 V 104 V Union El (Clilc) 1st g 6 s ..1945
United Hys St B 1st g 4s. 1934
........ 80
07 *a Mar’ 10
7'jS
09 V J ’ne’ 11 .... 69
68
69
United R R s San F rs t 48 ^ 927
98 May'06
90 .......
tjFlat. (il)ueJan d Ptio Apr • Due'May- gDuo J’ne ADue j 'ly fcDue Aug oDueOct p Due Nov « Option Sal*
103V

103V

102 104
82V 86V
101V 103

94
BONDS
N. Y. STOCK E X C H A N G E
W eek E nding J uly 7
Ohio St P M * 0 —(C on)

New York Bond Record—Continued—Page 2
3
2
5
L

Price
Friday
July ?

V
r
0
1
J

Sid
Ash
123*8 .......
1234126
112 4 1 12 4
107 ........
92*4 03

Week's
Ranqe or
Last Sale
Low
1244
1294
1124
109 4
9 24

g2

High Wo
May’ ll
Mny’Ot - -,
J ’ne’ l 1
J ’noTl
J’lie’ l l S 12

BONDS
N. Y. STOCK E XCH AN G E

Range
Since
January 1
l.mv High
124 1254

i 11 4 i 12*4
109 10') 4
Consol 50-year 4s............1052
9 24 934
C h ic * \VAlicti see Peru Alarq
Choo O * Gull See C It I & p
Oiu i l * D 2d sold 4 4 s ... 1957
1 lOU, Sale 1014 1014
2 101 1014
Cin.D * 1 1st gu ir 5s. ..1041
s’ 103 4 105 1034 J’na’ ll
102 4 1044
C Emit * Et W 1‘itgu 4s if.’ 23
7 87 4 90
88 .Mar’ ll
88
88
Cin i * W 1st vu g 4 s .11)53
r 8 8 4 ........ 88 At a y 'll
88
88
lnd Dec * W 1st g 5 s ...1935
1 105 ........ 105 M ay'll
103 105
1st guar gold 5s...........1935
................... 107 4 Dec 'U2
0 1 St L * C See C C C * St 1,
Cin S * C See O C O St u
Olearheld * Hah see a it * P
10 i-24 95
Clev Cin C * St E gen g 4s 1993
)
924 Sale
924
01
Cairo D iv 1st gold I s .... 1939
92
................... 92 Eeb’ 11 .... 92
Cin W * 51 D iv Is tg 4 s .l9 9 1
93 4 Eeo'KJ
91
d:*
St i, Div 1st col ir g 4 s.. 1990
92 4 A p r'l l
914 02
9 24 94
Registered................... 1990
1 90 ........ 91 O c t ’07 ....
. Spr * Col Div 1st g 4 s ..1940
96 D ec’09
W W Val Div 1st g 4 s ... L910
90 4 ........ 9 1 4 D c c ’ lO .. ..
C 1 St D * C consol Us..1920
l o o ........ 1084 .J’ ne’ l t
1064 1004
1st gold 4s.............
/C1936
9 5 4 ........ 96 J’ ue’ l l
96
97
R egistered.............. *1930
'
9 1 4 ........ 96 Aug’ 10
Cm S * Cl coii lat g 5 s.. 1920
107 ........ 1064 Jan ’ l l
ibli 11)6*4
C C C * i consol 7a.........1914
i 107 4 1074
> 107 4 ........ 1074 1074
Consol siuK fund 7 s ....1914
General consol gold Us. 1934
123 ........ 125 4 Eob’ l'i
12*5*4 125*4
Registered..................1934
..................
lnd Bl * W 1st pret 43.1949
O lnd * W let pi 5 s ...d 1930
..................
Peo * East 1st con 4 s ...1949
9 14 92 4 '*924 j ’ ne’ l i
*(l*b** ‘ *93*’
iitcouie4s...................... 1999
47
50
47 J ’ne’ l l .... 47
6 14
Clev * 51arietta See Penn Hit
CLev * Pitts See Penn Co
Col Midland 1st g 4a........ 1947
82
t547e 6 44
5 62
044
69
C olorado* Sou 1st g 4 s ...1929
21 94 4 974
954
96
904 Sale
Heiand * ext 4 4 » ......... 1935 M-N
98 Sale
98
9 84 29 9 7 4 984
Et W * Den C 1st g Us..1921 j . o 1 12 ** Wale 1124 U.2 4 11 1124 U 3
Coluiu * Greouv See So Ky
Col * B ock Val See Hock Val
Col * Tol See llo ck Val
Col Conn * Term see IS * VV
Conn * Pas Htvs 1st g 48.1943
Cuba lilt 1st 59-yr 5 g ___1952
................. 1*0(3 MayTO
* Gt So see C 51 * St P
D ak
alias * Waco See M K * T
Del iaick * Western—
M orris* Essex l s t 7 s . . . 1914
1 0 7 4 1 0 8 4 108 Alay’ l l
1.06 1084
1st consol guar 7s......1915
110 4 H07e 1104 J’n oT l
110*8 1114
Kegistered................1915
1114 DeoTO
1st ref gu g 3 4 s ......... 2999
90 ........ 91 J a n ’ l l
91
91
N V l< ack* W 1st Us...1921
1144 117 1154 J’nc’ 11
1154 1164
Construction 6s......... 1923
107-4....... 1074 May’ l l
107 4 107 4
Term * improve 4s__ 1923
99 100
99 4 J’ ne’ l l
99
9 94
Warren 1st ref gu g 3 ‘as. 2999
87 ........ 102 4 Eeb'03
Del * iiu d 1st Pa Div 7s. 1917
1164U 9
1 1 5 4 ........ 115-4 J’ne’ U
Kegistered................... 1917
149 Aux’Ol
10-yr conv deb 4s......... 1910
09 4 20 9 8 4 <00
*994 »0’ 78 9 9 4
lat hen equip g 4 4 s __ 1922 J . J 101 4 Sale 1014 lOi 4
3 101 102
1st &ret 4 s .....................1943 M-N
9 84 Sale
98-4
08 4 25 984 100 4
A l b * Hus conv 3 4 s ...... 194u|a . o
94 J ’n e l l
93
9*
93 4 94 4
K e n s * Saratoga 1st 7 s.1921 M-N 122 4 ........ 124 May’ l l ' . . . . 1234 1244
Del Kiv Kit Bridge see Pa KK
Denv * K Gr 1st con g4s.l93U j . j ........ 92
93 J’ne’ l l ' . . . . 02
04
Consol gold 4 4 s ___, ___1930 J.J 1004 ........ 1014 D eo’ Hi . ...
Improvement gold 5 s ... 1928 j
ibo*» i*o‘i
97 4 100 4 1004 May’ l l
1st * refunding 5s........1955 V
91 Hale 904
01 j 2*3 90
984
Klo Gr J uuo 1st gu g 6s. 1939 J
1044 Mar’ l l 1. . . . 1044 1044
Bio Gr Ho 1st gold 4s. ..1949 J .J ........ "72 4 6 1 4 A u r’ l li ___ 6 1 4 0 14
Guaranteed.................. 1949 J-J
85 Mar’08
........ 85
Bio Gr W est 1st g 4s___1939 J .J
89 4 Bale 8 9 4
'B0 4| 7 8 9 4 *924
Mge and cot trust 4sA.1949
........ 83 4 84 4 J’no-11J
83 4 85 4
Utah Coni I s lg it g 4a al917
97 J an ’ OJ
Des A1ol * Et D See i l * St d
DesAlol Un Ky 1st g 5 s ..1917
100 ......... 110 Hep ’04!
Dot * Mack 1st lien g 4 s .1996
94 Sep TO1
98
Gold 4s...............................1995
‘ 9 5 ' ' ........ 06 J ’ue’ l l
*8*8*4 95
Dot So—O a Div 1st x 43.1941 M-H
74 Oct TO
D u l* Iron Kange 1 st5 s..1937 A-O 1074 1084 1094 J’ne’ U 1
ib‘7 4 1*09*4
Kegistered........................ 1937
........ 1034 106 4 Mur’ Ob
2d Us..................................1910 J.J
104 E eb’ 11 . . . . 104 104
Dul Short Line See N or Pao
Dal So Shore * A tl g 6e..1937 J-J 1004109 108 J a n ’ l l . . .. 103 108
ilm n Aeast PM * Ai
f ^astof
bast Ten Va & Ga See So Ity
Elgin J o i * East 1st g 6s. 1941 M-N 112 Sale 112
112
2 112 112
Elm Cort * N o See Cell * N Y
Erie 1st consol gold 7s___1920 M-S 1184 1184 1194 1194
8 1184120-4
N Y & Erie lat ext g 4s 1947 M-N 1 0 1 4 ____ LOI 4 J’noT l
10041014
2d ext gold Os................1919 il-S
........ 1054 May’ l l
1044 108
3d ext gold 4 *a3............ 1923 M-S 104 ........ 104
104 | i 1014101
4tli ext gold 6s.............. 1920 A-O 1064 107 4 1064 J 'u t’ l l .. . 105 1064
5th ext gold 4s.............. 1928 J-D
99 4 99 4
99 4 ........ 99 4 J ’n oT l
N Y L E A W l s t g fd 7a.l920 il-S
.. . 118-4 118 O ctTO
Erie 1st cou g 4s prior..1990 J-J
90 1 7 8 4 4 90
89 4 894' 00
Kegistered................. 1990 J-J
86 J ’ne’ U
82 4 86
1st consol gou lien g4al990 J-J
79
7 9 4 217 73 4 79*4
79 Sale
Kegistered................. 199U J-J
77 ........ 77
77 , 4 77
77
P o n n co litr g 4s........ 1951 F-A
90
2 86
8 84 89 4 8 9 4
894
60-year conv 4 s A ___1053 A-O
90 Salt
894
9-3 102 73
92
do
Series U.1963 A-O
79 4 Sale
80 4
79 4
80 4 746; 69
Bull N V & E riolst7s..l91 U J-D 1094 111 .11 J’ne’ l l
1104 1 U 4
C h ic * E ne 1st gold 6a..1082 M-N 1 1 1 4 U 2
.12 J ’n o 'll
1114 113
C le v * Alaliou Val g 6 ».1 0 3 » j . j 1 1 0 4 ........ 11 A p r’ i 1
LI 1 1114
L ong D ock consol g Us..1935 A-O 124 4 ........ .244 M a y'll
1244 125
Coal * ltlt 1st cur gu Us.1922 M-N
14 A p r’ l l
Dock * Imp 1st our Us..1913 J-J i o i * 4 ........ [U0*s Jan ’ l l '
1004 1004
N 1 * Green E gu g 6s.l940 M-N 101
N Y B u s * W 1st ret 6 s.1937 J-J 103 Sale 103
103 1 3! 1014 1044
2d gold 4 4-s................... 1937 F-A
80 ........ 0 04 Deo’ 03 __T .................
General gold os............194U E-A
80
8 3 4 87 4 E eb’ l I .. 'i 8 5 4 87 4
Terminal 1st gold 5 s ...1943 M-N 1104 U l
TO Alay’ l l
no no
Mid of N J 1st ext 5a 1940 A-O 110 ........ .104 M aTU
LiO's 1104
W i lk * Ea I s t g u g 6 s ...l9 4 2 J-D
9 9 4 1004 .00 4 1004
i i 99 4 1014
E v * lnd ls tc o u g u g 0 s..l9 2 U J .J ................... ‘110 J ’no’ l l
110 1104

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

Price.
I'riday
July 7

W eek endino J uly 7

Week’ s
'«■« I Range
since
Range or o - l
Last Sale ^>5 January 1

Erie * Pitta See Penn Co
Pill
Ask
Evans * T If 1st oons Us. 1921 -J-J 112
Is*general gold 5s.........1942 A .6 102 1024
Alt Vernon 1st gold Os.. 1923; A-O 1074
Hull Co Branch 1st g 6s.l93t> A-O
95 ........
L’argo * So See Oh M * St P
* l i n t * PeruAI See Peru Afar
E la C * P o n m see Sea A ir Line!
'
Elorlda E Coast 1st 4 43..1959 J-D
9 74 Sale
Eort S lU D U o 1st g 4 4 s. 1941 u. j
91)
1)5
Et VV * Klo Gr 1st g 4 s...1928 j - j
8 34 83*f
I *al Har * S A See So Pac Co
' *iil H * H of 18821st 5 s .1913 A-O
98'a .
Georgia * A la See Sea A Line
Ga Car * N or See sea A Eiuc
Georgia Pacido see So Hr
Gila V G * Nor See So Pao Co

Kegistered, A .................. l y j 1
St Paul A1 * Alaa 43___ 1033
1st consol gold Us.........1933
Registered..................1933
Ueduoed to gold 4 4s 1933
Kegistored.............. 1933
Mont ext 1st gold 4 s..1937
Kegistered.................1937
K M innN orD ivlst g 4sl948
Minn Union 1st g 6 s..1922
Mont C 1st gu g Us___1937
Kegistered................. 1937
1st guar gold us.......1987
W i ll * S tf 1st gold 5s 1938
|

Low

Hid 11 Wo Lon- Hi an

112 4 May’ l 1 .... 1 1 2 4 1 13
102 J’ne’ i l .... 101 102

114
95

A p r’0 5 ...........................
J ’ue’ 08 . . . . 1...................

074

92

9 74

60

Auir’ K) ....

95

084

8 34 J’no’ l l .. .. *82 4 ' Hi 4
I
|!
97 4 J ’ne’ i l .
97 4 9S 4

J .J
974
9 7 4 199 9 54 98
9 74 Sale
O-T
97 4
97 4 ' 1 0 54 98 4
J -J ’ o s ’ *IIIII! 9 9 4 M»V>11 . . . . 984 99 4
1274
J-J 1 2 6 4 ....... 125 J’no 1 1 ___125
132 A p r’l)9
J -J
105 106 4
J-J io fl” " I I " 10U4 J’no’ l 1
J -J
1084 J ’no’op
J-D *984 IIIIII 9 8 4 J’noT l
95 4 98 4
98
98 ....... 98 J ’ noT l
J-D
98
A-O
90 4 ........ 994 Jan T o
J -J 114 4 ........ 11*4 A p r’ i 1
115 4 116*4
J-J 128 7j ....... 1284 J’noT l
127 1286a
J-J
1364 viuV’OO
J-J 1*134 *114*'* 1124 A pr’ l 1
112 4 1124
J-D 1 1 2 4 ....... 1124 Eob’ l l
112=41124

........ 91

.j
Kegistered....................... 1999 J-J
C o l * i l V 1st ox* g 4 s.. 1948 A-O
Col * Tol 1st ox 48 .......1955 F-A
lou st E * W T ex see Ho Pac
j

1024 103
95
95

004

904

103 J ’no'
1004 Sep ’ H8
95 Muy’ l l
96 Eeb’ l l

5: 8 3 4

91'4

1014 103*8
95
96

J-J 100 100 1014 Eeb’ l l
.. 1014 1014
| Hi 1101s Central 1st g 4 s ..1951 J.J lo o
1 1004 103
1004 100 4
1 P.eglstered....................1951 J-J 100 1014 107-4 A i>r’ U7
1st gold 3 4 s .................... 1951 j - j ! 894
804 Alar’ 11
8 04 90 4
Kegistered.................... 1951 j . j : 89
89
89 A p r ’ l l
89
Extended 1st g 3 4 s.......1951 A-O
9 3 4 May’ OO
884
1st gold 3 s s to rlln g .... 1951 M-S
80 J ’l y ’OS)
Coll Trust gold 4s.......... 1952 A-O
98
93 7a
98 7*
9 84
99 .......
Registered.................... 1959 A-O
99 J’no’09
94 4 .......
1st ref 4 s .......... .......
1965 M-N
9(54
96 bl 4P '96*4 "9*8 *
9 6 4 Sale
Purohased lines 3 4s.'.*" 1652 J -J
88
87
86 4 87 4 87 Eeb’ ll
E N D * T ex gold 4a ...11)63 M-N
98
97 4 «8 4
98 4 98 4 J ’ne’ U
Kegistered.................... 1953 M-N
948, J a il’ l l
9 44 914
94 4
Cairo Bridge goal 4a___196U J-D
0 74 E ob’ D
96
97 4
97 4 98
LouujTlHT&Term g3 4s. 1953 J-J
85 4 38-4
80
86 4 8 64 3 ’no’ l l
Midtlle D ir r e g S s .......... 1921 F-A 104 4 .
123 Aluy’99
Omaha D ir la t g 3s.......1961 E-A
76 4 J’no’ 11
75 4 70 4
7U
Bt Louis DrrAterm g3s.l951 J-J
70*5 Jan ’ l l
7 54
754 754
Kegistored.....................1961 J -J
Gold 3 4 s ...................... 1951 J -J
87 4 M a y'll ___I 88
87 4
85
87
Kegistered................. 1951 J-J
1014 Get ’99
Spring D ir 1st g 3 4 s ...1961 J-J
100 N ov’OO
Western Linos lat a 4e. 1951 E-A
96 J ’ue’ l l
95Aj 90
96
Bellov * Car 1st Us.......1923 j -d ; 111
117 4 May’ 10
Carb * Shaw 1st g 4 s ...1932 M-B! 95
95 4 Oct ’ 10
Ohio Ht L * N O g 6 a ...1951 J-D 115 117 117 A la y ll ....'1 1 5 4 1 1 7
Registered.................... 1931 J-D 114
111 E eo’ l l ....H U 3 HO
Gold 3 4fl........................1961
854
90 Oct ’09
Mernph Dty 1st g 4 s ... 1951 i l k
97 4 Alar’ lo
93 4
Ht L Sou 1st gu 9 4 s ....1931 M-S
98 J ’l y ’08
95
xud Bl * West 5e« O C C * St L
95
904
j nd 111 * la 1st g 4s.........I960 j - j i 9 6 4 06 4| 0 6 4 A p r’ l l
a t * Great Nor 1st g Us. .1919 AI-Ni 1 0 8 4 1 08 4 1084 1084
3 L07 4 109
2d gold 6s......................... 1909 M-S!
121 May’ l l
..1 1 2 1214
Trust Co certfs..................... ■
1224 May’ l l
..1 1 0 5 4 1 2 2 4
Sd gold 4s..........................1921 M-s:
2 l ’ s Alay’ l l
..'I 15
24
I owa Central 1st gold 5 s.. 1038 J-D, 102 4 Sale 102 4 lo 2 4
2 101 103
Gold 4s.............................. 1961 ««-8| 67 4 08
684 J ’ne’ l 1
63
69
J amoa E * clear 1st 4 s . . . 1059 J-D ......... 947, 947a j 'n e ’ l i
9 4 4 95 4
ai a * G K See E a * At »
1lv an * Afioh See Tol * O O
t o E t a * M See St E * S E
J
i4
!
A-O
7 3 4 7 44
73
74’ t 74 4 J’noT l
Registered....................... m oo A-O
63 out ’00
,ltef * impt 5 » ___..A p r I960 A-O 1007g Sale 10U4 101
33 100»8 102
1-ansae City Terml 1st 4s 1961 J-J
6 9 04 99 4
98
994 99 4
994
‘ unlucky Cent See E * N
‘ ■uok * Lee Mo see C K I * P
1-uoxviUo * Ohio See So Ky
J-J 1094 111 109 4 J’ nc’ U .J 1034 1114
2 10-141014
J .J 104 4 105 4 104 4 1014
Nortn Ohm 1st gu g 5s.. 1946 A-O ‘........ 103 4 1iu ;4 i i a j ’ 11 .. 1084 1104
1•Bho * Mich 8 Neg N Y Cent
I
1.oh V alN Y 1st g u g 443.1940 J -J 1064 106 4 106 J ’nc 11 . J 105 4 1004
. Registered........................1940 J-J 1U 44........ 1014 .Jan 11 .. 1014 1014
j '“ high Val (Pa) cons g 43.2003 M-N
U04 May’ l l
.. 1 9 64 97 4
I ■oh V Ter Ky 1st gu g 6a.l041 A-O 1134 113’ e U S3* J ’ne’ l l
.. 113 1144
, Registered........................ 1941 A-O, 1114113 113 J’no 11 .. 113 113
1■eh V Coal Co lat g u g 58.1933 J -J i lo 7 4 ____ 108 N ov’uo
1,eh * N V 1st guar g 4 s..1945 M-3
914
I I 93 4 94 4
94 4 ........ 94 4
Kegistered........................ m45 M-S
El 0 * N 1st pf U s .......I914 A-O 102
1014 Eob'H
1014 -sep ’09
A-O 1004 -

.

L
l.eng

Dock See Erie
1.ong Xsl'd—ls tc o u g 6s./tl931
1st consol gold 4s......... A1931
General gold 4s................193b
Eerry gold 4 4 s ................1922
Gold 4s.............................. 1932
Unified gold 4 s ................1949

Q-J

1104111
90 .......
927* . . . . .
u
M-H
97 100
J-D
94
97
m -s 1 ......... 95

U07a J ’noT l
924
9 84
99 4
93

1104 1124

J’UO’ l 1 . . . . | 914 9 04
Apr ’ l l
93 4 9 8 4
Get ’06
May’ l l
, ‘ 93
95 4

iU18C'ELl^ANEOU*4 BONDS—Continued on N ext P a ge.
Una and E lectric Light
Atlanta G L Co 1st g 6 s ...1947 J-D 103 ........
Bkiyn U Gas 1st cou g 5s.l946 M-N 1074 Sale
BulfaloGas 1st g 6s......... 1947 a -0
6 04 614
Columbus Gas 1st g 5s___1932 J-J
Doutnt City Gas g 6 s .........1923 j . j i'()i Salt*
l)et Gas Co con 1st g 6 s ...1918 F-A 100 4 102 4
Kq G E N ' Y 1st cou g 5 s.. 1932 M-s 105 1064
G a s * Eleo BergCo c g 6 s .1949 J-D 101 ........
Ur Rap G E Co 1st g 5 s ...1915 F-A
99 101
Hudson Co Gas 1st g 5 s ..1949 M-N 103 4 103 4
Kan City (Mo) Gas 1st g 5s 1922 A-O
99
994
Kings Co El L * P g 5 s ... 193V A-O 105 ........
Purchase money 6s........*997 A-O 1144118
Ed E U lB k u ls t c o u g 4 s 193! J.J
89 ........
L a cG a a E o tH tE l8 tg 5 s .e l9 H i)-i. 104 Stile
Ref and ext 1st g 5s.......1934 A-O 1 0 1 4 ........
Milwaukee Gas L 1st 4 s ..1-92’ M-N
90 4 0 0 4
Newark Con Gas g 5 s . . . . _1941 J-D 104 ........

t in s an d K le o tr io L ig h t

1074 i0 7 4
6 04 J’ne’ l l

1 1054 ibB4
6 94 0 24

N Y G B L H * P g 5 s . . .1 9 4 8
P u r o h a s o m o n e y g 4 s . . .1 9 4 9
Kd E l XU 1 s t c o u a g 5 s . .1 9 9 6
N Y * (J E 1 L * P l s t c o n g 6 s l 9 8 b
N Y * R 10U G a s 1 s t g 6 s . 1921
P a c i f ic G * E l e o C o C a l G * E
c o r p u n i f y in g * r o t 5 s 1931
P e o G a s * 0 1 s t c o n g 6 s . 194 3
it e f u n d ln g g o ld o s .............I 9 4 r,
C h G - E * C k e 1 s t g u g 5 s 193V
C on G C o o f Ch 1st g u g 5 s .’3 t
l n d N a t G a s & O il 3 0 -y r 5 s *30
Ain F u e l D a s 1 s t g u .g 6 s . 194V
P h ila d e lp h ia C o c o n v 6a . . 1 0 U
Hyracusre L i g h t i n g 1 s t g 6 s . ’ 5J
U n io n E le o E & P I s t g 6 s . l 9 3 i

J-D
F-A
J .J
E-A
M-N

104 4 Sale 1044 1044 42 102
88
89 4 884
10 87
89
111
1 1 1 4 ........ 1124 J’ ue’ l l
100
1 0 1 4 ........ 1014 May’ l l
97 4 J ’ly ’09 ....

1044
89 4
1 12 4

1W14
ib i
io i
2 100 101
9 5 4 Sep ’ OS
1064 May’ l l . . .. 1054 i*u<4
1 9 1 4 9A4
M-N
95 *a
954
954 Halo
0 1 4 Dot ’01
A-O 1 1 0 4 1 1 8 4 119 4 May’ t 1
1104 1104
100 Oct ’09 . . .
il-S 102 1024 1034 JTit’ l l
10141024
i*u*3**’ ib*44
1034 1034
J-J 103 103 4 103 4 J’ ne’ l 1
1 0 2 4 1034
9 7 4 J’ne’ H
9 7 4 99 4
J -D 1014102
1014 J’noT l
lo t 101*4
106 May’ l l
.0 1 4 1 0 6
914
VI-N »,n it lltTf- 90 Mar 11 __ 90
1164 J'ne’ l l
1134 1164
4-h 1 0 0 4 ........ 1004 A p r’ l 1
1-004 100*4
89 May’ l l
87 4 90
E-A 110 114 116 J T ie'll
iU4
116
—j
103 104
1034 104
J-D IUO ........ 98 A ug’ lo
100 1014
1014 J’n&’ l l
.1-S 100 ........ 96 J a n ’08
91
004
9 04 **8 90
Ref & oxt 6s.................... 193; --N
90
97 4 93 A p r 'l l
*0*3" *9^4
104 J ’u eT l
1004 1B4
W e s t c h e s t e r E l g h V g g G s.l9 5 i J-C
105 4 1064 105 4 J ’neT l — • 104 106 4
♦ No price Frldayi latest bid and asked thu week.' a Due Jan b Due Feb d D da Apr «Due May A D u e j'iy - &Due Au* q Due Deo jOnttonTiid*




New York Bond Record—Continued— Page 3

July 8 1911.1
BON DS
N. Y. STOCK E X C H A N G E
WKBK ENDIN'* JULY 7

y °
tTC

Price
bVidav
Ju ly 7

Week? s
Range or
Last Hal*

2a
vl

Range
Since
fanvarv /

[till
ASk Lou
Mian No Low High.
L ong Island—(Con)
Debenture aold 5a..........19.54 J-D 104 ........ 104 4 D ec’08
9U Half
Guar ref gold 4 »............. 1949 W-S
96
90
25 95*4 97
.V K liJ iJ I HlRtcunp-OalSIMH A-O 104 ........ l IOVN ot’OP
Y cfe 14 1! 1st n f.H.......li'21 M-S 1 9 5 4 ........ 105 A p r’ 07
Nor BUB 1st con g uu5 ho1932 O-J 106 ....... tOO May’ 11
103 4 106
96
97
Louisiana A Ark 1st g 6a. 1927 M-S
97 4 J’no’ l 1
04V 974
Louisv A Naahv gen g 6a. 19.50 J-D ........ 110
i 1134 U 6 4
1134 1134
Gold 5a..............................1937 M-N 112 V ____ 1124 J’ no'l 1
112V H 24
UHilled gold 4s...............1940 J-J
99
99
99
9l»7« 26 98V 99V
Registered....................1940 J-J
97V Nov'l(>
Coll trust gold 5a............1931 M-N iou ........
109 101)V
J-D
E li A Nash 1st g 6a---- 1919
HSU 113
111 112
L Cin A Lex gold 4 4 s. ..1931 M-N 105 4 ........ 105 4 May’ ll
104 V 105 4
N 0 A JM 1st gold 6 a ....1930 J.J 122 ........ 122
121
1 118V 122
J.J
N O A M 2d gold <Vs.......1931
1184, u m , L18V Fob’ ll
118 V 118V
Paducah A Mem div 4s.. 1946 F-A ........ 96 4
95V U'»4
Penaacoia Div goto 8 s ...1920 M-8 I0 8 sa 10!) 1954 Mar’ ll
1U03. 1953.
M-S * ______114 V
2d gold 3a..................... 1980 M-8
es
73-% 7 1 4 F eb ’ i l
71 4 714
Atl Knox A Cm div 4 s.. 1955 M-N
93
6 92
1'2j4 1)3 4 93
93V
Atl Knox A Nor 1st «5al946 J D 118 4 115
U ft).
Homier B d g o la ta f g 6 s .1931 M-S 105 V ........
106 106
Kentucky Cent gold 4a..1987 J-J
3 1 4 0 i\ 044 J’ u e'll
94
96
L<fcN * M & M lnt j; -1KiS 1U43 M-S 103 V __
103 Deo'111
Left JX-Bouth M joint.4 b. 1062 J-J
894
88
91
89 May’ l l
N Fla A 3 lat gu g 6S...1937 F-A 109
1084 112 V
1084 May 11
J-J 100*4
Pena A A ll 1st gu g Os..1921 F-A 1104 ”
110 HO
111) J a i l 'll
B A N Ala con gu g 5s.. 1936 F-A I l l s
.
I
T
, U I'u llO 'B
L A J ell Bdge Co gu g 4 s .. 1946 M-S
92
U4
314 Oil, 92*4 May' 11
L N A <ft Oh Hee 0 1 * L
\/l abon Coal Hea L B A M B
9 1 auhattau Ry consol 4a. 1990 A-O
12 90
98 V
97
9 0 'a 37 V 97
VO
Stmpd tax exem pt.. 1990 A-O
97 V 10 0 0 4 984
97
934 97 4
MN
McK’ p t A B V Hce N X Cent
100 May’ l l
J -J
09 V 100
31V May’ 10
I’ ly
M-S
77 Mar’ 10
M-S
Mich Cent Hea N X Cent
M td o fN J nee Eric
Mil L B .ft W nee Olilo.ft N V\
Mil A North bee Ch M A St 1
Mlnu A St L lat gold 7a.. 1927 J-I
129
130 J a u ’ l l
130 130
........ 118 J a n ’07
Pacilio i-:x 1st gold 6 s ...1921 A-(. n o
1st consol gold 5a............1934 M-b k m ’li b 's
1054 109
lat um lrefund gold 4 s ..1940 M-8
74
70 4 sale
7U
704 38 65
Dcs M A Ft D 1st gu 4 » ...’35 J-J
80 A p r’ l l
80
814
illn n A St L gu He* B O R A N
M S tP A S S M cou K4 m t gu ’30 J-J
97
07»4 97 May’ l J
95*4 98
J-J
Minn Un He* Ht P M AM
Nlisslsuippi Cent 1st 5 s ... 19 19 J-J
95 .......
03 4 Mai ’ 11
93 4 93 4
■vlo Kan iC Tox i « i g 4 s...iu u o J -1*
97 4 084 97 4
97 4 18 06 4 98
2d gold 4a....................... yi99U F-A
84*4 23 834 86
8 1 4 Bale 84 4
103
3 1014 1034
lat oxt gold 5s.................1944 M-N 102 Sale 102
81 J ’n o l l
1st A refund 4a...............2004 M-S
80 4 83
78 V 83
87 4 sale
874
87 4 20 86V 88
Gou a £ 4 4 s .................. 1036 J-J
1 78
St L Div lat ret g 4s— 2001 A-O
794
794
794 ........ 79 4
.M-N 105
U)5 J’ ue’ 10
Kan 0 «fe Pao 1st (f 4a. ..lUOu F-A
894 904
89 4 90 4 89 4 J’ne’ U
Mo K & il l s t g u g 6 b. . .11)42 A-O 107 110 110 J ’n o lL
109 1 104
M K A Ok lat gu 5a.......1942 iM-N ........ 1064 1064 J'lit’ H
1 06 4 1 08
M K A T ol T 1at g it g 68.1942 M-S 105*8 Sal** 105V 105V
i 102V 105V
SUerSli A So 1st gu g 5a. 1943 J-D 104 ........ 198 4 May’ l i
1034 1054
T ox A Okla lat gu g 5 s ... 1943 M-S 104 4 105*4 104*4 J’ uo’ l l
103 106V
Mo Pacific lat con g 6s ...1 92 0 M-N 108 V 109 109 4 J'ne’ l i
1U9 111
M-S
Trust gold 6a Btampeil.alOlV
2 1004 1024
100*4 101
M-S
99 M a rio
J 1004 102
let coll gold 6a.................1920 F-A 1 064 i o i
lUOV J’ ue’ l l
40-year gold ioau 4a.......194.> M-S
77 4
777, 12 7 6 4 82
9 6 4 May’ l l
3d 7s exfd at 4% ............. 1938 M-N ........ 97
9 0 4 96 4
1st A ref conv 5s........... 1951 M S
93
93 V 69 914 96V
Cont Br Ry 1st gu g 4a. 1919 V-A
92
P4
92 J 'n e’ l i
92
93V
Cou Branch U P is t g 4 s .l9 4 ^ J-L
84
86
Leroy A C V A L la tg O s 1920 J .J ........ 102
110 Mar ’06
Pao It of Mo lat ex g 4a. 1938 F-A
OU3,
Oh3.
5 lltK 9§3*
9 64 97
2doxtoudod gold 6 s ...1938 J.J 1084 109 4 108 4 May-11
1084 1084
8 tL I r M & S g e u c o n g 6 s l9 3 l A-O 137 4 107 s. 107 4 107*4
4' 106 V lU8V
Gou cou stamp gtd g 5s 1931 A-O
1
111 8 e p ’09
UnlJicd A ret gold 4a.. 1929 J-J
854
85
85 4 8 5 4
3 834 87 V
Kiv<ft U L lY ls t fc'4B..W3a M-N
85V 8 6 4 85 V
85 V U 84 4 86 V
Vorcll V L .ft W 1st u 5S.1U2G M- S
102 4 Jan ’ lG
1120 122
Mob & Ohio new gold Os.. 1927 J-D 120V 1*2*2 120 V J ’ne’ l l
1st extension gold Ga../tl927 s-J 115 110*4 115 4 J’ n V ll
1164 116 V
General gold 4s............... 1938
86
87V 87 J’ u o 'll . ' 86 4 87
Montgom Div lat g 6a..194. F-A 109 4 1104 110 A p r’ l l
110 110 4
i).F
8t L A Cairo coll g 4 s ..*1931
......... 85
81 hlur'11
81
81
1J
934 9 4 4
M A O coll 4a 'bee southern
Mohawk A Mai HeeZi X C A i»
Monouguuela Riv be* ii A u
Mont Cent bet St P M A -d
Morgan’a
A T Hee S P Co
Morris A 05aaex Hee Del L A \Y
M full Chat * Bt. 1 .1st 7a. lu i. J-J 1054 106 V 105 4 105 4
5 1 054 1064
1st consol gold 6s........102; A-O 111)’ , 1114
109 V i n
Jasuer Branch lat g os .. 102.4 J-J 116 ........
MoM M W A A l 1st 6s.. 191. J-J 106 V ........ 1084 D ec’ lo
T A P Branch lat 0 s . ... i 9 i . J-J 106 V ........ 113 J’ly ’ 04
Nash Floe A Shot Hee L A N
Nat Rys of M exp r 14 4 s 1951 J -J
93
93
92 V 93
8 91V 95 V
Guar geu 4a....................1977 A O
34 Sale
84
84
3 84
89V
Nat of Mox prior Ben 4 4 s . 1926 J.J ........ 1Ui
11)0V Fob’ l l
100 V 100*4
1st consol 4s....................1951 A-O
8u
81
81 J ’no’ l 1
78 4 83 V
New 11 A 1) HeeN X N i i A li
N J Juno UR nee N \ Cent
N X Bkln A Man Boh bee L 1
N X Cent A H Riv g 3 4a. 1997 J.J
8 7 4 87’ , 87 V
87 4 69 87V 00
Reglatorod....................1997 J -J
874 88 V 88 J ’no’ l l
86V 89 4
Dolieu g 4s..................... 1934 M-N 93V 94
93*4
93*4 17 92 4 94 4
Lake Shore coll g 3 4 a ... 1998 F-A
79 Sale
79
79V 24 79
80V
R egistered.,.................1998 F-A ........ 78 V 7 7 4 J’ n e 'll
7 7 4 79 4
Mich Cent coll g 3 4 s . ... 199b f a
79
79 41 79 4
79 4: 2 78
794
Registered....................199b F-A1 ........ 78 1 78 A p r ’ l l
76
78

bonds

95
Week's
Range or
Last Sale

Price
Friday
July 7

N. Y. STOCK E X C H A N G E
Wrkk E sdinn J uly 7

Range
S ® 1 Since
January 1

N Y Cent & J£ it—(Con)
Utah No Low lligti
Ru>
ASk Lou
deocii Creole let gu g 4s.19.3Gt J . j
9 9 4 ........ 08V D eo’ io
Registered.................... 1036 J . j
99
99
0 84 ........ 99 May’ l l
2d gu go ld 5 s............... 19961J -J
107 ____
Beech C r E x t la t g J V s M 'S llA -O
84 4
____________
Cart A Ad 1st gu g 4 s ...19 8 1 1j - o ........ 97
97 4 A pr ’ 00 .. .. ...................
flo u v A O sw o 1st g u g 6s 1942 J-D
Moll <fe Mai le t gu g 4 s.. 1991 M-S
09
994
93 V ........ 99 V Mar’ l l
N J Juno R gu 1st 48...1936 F-A
9 5 4 100 105 tu-t *02
N X A Harlem g 3 4 e ...2 0 0 0 NliN 90 ......... 90 V F eb’ l l ■ ■ ‘ 9 0 4 ’ *9*6*4
N Y A North 1st g 5 s ...1927 A-O
108 Oct ’ 09
N Y & P n 1st con g u g 4 s 10931A-O
974 F eb’ ll - •
95 4 97
07 4 074
Nor«fe Mont 1st g n g 5s. 1916 A-O
Pine Creek rog guar 6 s .l9 3 2 jj .o
1D1 ’ll Jan ’ i)l*
It \V«fc O con lste xt5 s.A 1 9 2 2 'A -0 ib’7*V Sale* lu73. 1H73)
io*74 i Vo”
Oswo A It 2d gu g 6 s...e l9 1 5 F-A 100 105 1D5 Jan'OR
It W & O T lt le t gu g 5s.1918.M-N 1 0 3 4 ........ 104 j ’ne’ 10
Rutland 1st con g 4*2S..1041 J- J
UR3, **ii *98V *98V
9 6 V ........ DB’ b
Og&LCliam l8 tg u 4 s gl948| J.J
8il ft J’ne’ l l ....j] 85 4 90 4
80 *1 00
Rut-Canad 1st gu g4 s.l94 9 J j . j
wa J'ue’ 09
St Law A A dlr lsfcg 5s. 1990i J . j i'os n o
115 J’ ne’ OR
2d gold 6s..............................1996!A-O
i i n v ........ 125 Feb *0R m il
Utica A Blk R lv g rig 4 s. 1922 j . j
99 V lo o 101) j'n e ’ l i
99 V 100
Lake Shore gold 3 4a___ 1997 j . p
88 V 89
80
91)
” i i 8 8 4 00
Registered..........................1997j . p 87
89
a s 3. J’ n o 'll
88
89
Debenture g 4s............ 1928 M-S
01
Oift ' 12 03
05
044 Sal*
25-year g 4 s .......................... 1931M-N93 V Salo
03)3
933, 27 02 V 94V
i£a A A G K le t gu 0 63.1938 J . J 110 4 ____
Million C’ l It It 1st 5 s.. 1934 J . j 112
11114 M a r'll ... 110V 1114
Pitta A L Erie 2d g 6s.al9 2 8 A -0 107 _ .
D eo’()9
Pitts M oK A X 1st gu 63.1932 J-J 123 4 ........-130 4 Jan ’09
2d gu ar6s...................... 1934 J-J 122 ....
M cKees A B V 1st g 6a 1918 J-J 108*6....'
M idi Cent 5s.....................1931 M- S n o
us
A p r’ l l .. i l l i n
Registered...........................1931Q-iv^
1 09 *8 .... 1119 J’ no’06
4 s .,
.1949
'I **99** *09*
98 . . . . I 99 J’ ne’ l l
Registered................. 1949 j . j
98 Dec ’09
96 . . . .
J 1j A 3 1st g 3 4 a .......1951 M-3 ........ 8 8 V 00 J’ ne'98
1st g 3 4 s ...................... 1952 M-N
88
86*8........ 88 May’ l l ...'I 87
20-year deb 4s.............. 1929 A-O ........ 924 9 2 4
92 4 6 ' 9 1 4 93
Bat 0 <&Star 1st g a g 38.1989 J - d
N X Clue A St L 1st g 4s 1937 A-O
4 90S 100 4
998a Sale I 99 V
99V
Registered.................... 1937 A-O ...................U00 D e c’ 09
Debentures 4s..............1931 M-N
90 *4 90 4' 90 4
90 4 10 90S 92S
W est Shore 1st 4s g u ...2361 J.J 101 .........1014
1014
3 1004 1014
Registered.................... 2361 J-J*
934
984
2 | 984 1004
N X A Green w Luke bee Erie
N X & Hnr Hee N X C A Had'
N X Duck A W b eeD L A W
N Y L E A W bee Erie
N X «fc Doug Br He* Cent of N J
N Y JS' 11 & H—Non con 4a.’56 M-N
94*4 9 3 4 May’ l l .... 934 044
Conv deben 3 4 s ............ 1956 j . j
6 9 4 4 1004
94
90
96
§6
Oonv debon 6 s ................1948 j . J 1324 132 4 132*8 132 4 66 132 1344
ilousatom c It con g 6 b. . 1937 M-N 1 1 3 4 ....... H 3 4 J ’no’l 1 — 1 1 3 4 H 3 4
-N H A DorbT con cy 5s. 1918 M-N 1 0 2 4 ........ L07 Aug’09
Providence s e c deb 4a.. 1957 M-N
85
87 I
May’ l l - . j 8 4 4 87
N X A North He* N X C <fc i i
N Y O A W ref 1st g 4s..flfl992 M-S
964
2 ' 96
97
90
96V 964
Regia ?5,990 only.........<rl002 M-S
94 4 F eb ’ l l . . . 9 4 4 944
N Y A Put Hee N X C A i i
N X A it H n * 4 Doug Island
N Y B A W He* E n e
N X T ex A A1 He* 8o Pao Co
Nor A South 1st g 6 «.........1941 M-N 1 0 3 4 ........ 1034 J au ’ l l
... 10341034
N orf A West gen g 6s.......1931 M-N 1 2 4 V .......... 1 2 4 4 J ’ n e ’ l l
— 124S 124*4
im prorein’ t A e x t g 6 s..1934 F-A 127 ......... 127 J’ ne’ l l . . . 126 127
N ew River 1st g 6s.......1932 A-O 124 V ........ 124 4 J’ne’ l l
v ; 124 4 1 2 5
N A W R y 1st con g 48.1996 A-O
44 9 7 s 9 9 4
98 Bale i 97V
98
Registered.................... 1996 A-O ...... ...J 98 J a u ’ l l . . . 98
98
D iv’ l l s t l A gen g 4 a ...1944 J .J
94
92 4 93 4 93
93 4 12 02
19-20 year conv 4 a .... 1932 j . d 109 Sale 1084 109
97 100 4 10 9 V
PoCuh C A U Joint 4 s.. 1941 J-D
90 sale 190
90
1, 8 8 S 0 0 4
C C A T 1st g u g 5a.........1922 J .J
105 V ........ 105 N ov’ 10
Scio Y A N E 1st gu g 4« 1989 M-N
94
"974 97 4 J’ ne’ l l
9 6 4 974
North Illinois Nto Chi A N W
North Ohio ^ s D E r i e A W
i
N or Pac—Prior Bon g 4a.. 1997 q j
0 9 4 Sale 994
99V 05 99 4 100*4
R egistered.................... 1997 Q-J
3 9 8 4 994
98V sale ;98 V
98V
General lieu gold 3a___a2947 Q-F
714 Sale 71
71*8 23 7 0 4 7 1 4
R ogisterea .................a2947 q - f
70
: 69 4 M ai’ l l ; . . . 69 4 6 9 4
8 t Paul-Dul Div g 4s___1996 J-D
97
98 i 96*4 May 11 . . . 90
96S
Dul Short L le t gu 5s.. 1916 M-S
9 9 4 ..........' 99 F eb’ 10
C BA
co lltr4 s &esGtNor
Bt P A N P gen g 6 a ....1923 f-A 116*4 117*4 l i e S J W l l .. .. 1164 110*4
Registered certidc’a ..l9 2 3 q . f *1154 . . . . . . 117 F e b '1 0 ;- .. ......................
St Paul A Dul 1st 68....1931 F-A 1 0 7 V ........ HO J’ ue’ 10:
2d 5 s .............................. 1917 A-O 1 0 2 4 .........102*4 J’ no’ l l ' . . 102*4 102*4
1 stooueolgold4a.........1968 J-D ...................I 9 6 4 A p r’ 10Wash Cent 1st g 4s.........1948 u-M
90
.. 01 4 Apr’ l 1: -* • '9 1 4 ‘ 91V
Nor Pao Ter Co le t g Us..1933 j - j 1 1 1 4 .........111V J a u ’ l l ,
N or R y Cal Hea So Pao
,
N or w u He* C St P M A O
Nor A ALoat He* N X Cent
iu d A W tit* C U C A St L 1
U hlo
ltir It R He* halt A U !
Ore A Cal He* So Pao Co
Ore short Line He* Un Pac
!
Oswego A Homo He* N X U
I ja c Coast Co lat g 5 a....1 94 6 J-D 1054 1 07 4 1 0 5 4 J’ ne’ l l .. . 105 108
X ao of .Missouri He* Mo Pac
Bonn HR le t real eat g 4 s. 1923 M-N 101 ........ 101 J’ne’ l l . . . 101 102
Consol gold 6a.................. 1919 M-a 1U8 110 1 0 8 J’m F ll .. . 108 108
Consul gold 4s.................. 19i3 M-N
. 103 V 103 4
Convertible g 3 4 « ............1912 M-N 99 4 Sale 9 9 4
9 98V 904
99 4
Convertible g 3 4a........... 1915 j . d
95'V^ale
96V
97 i 60 90 4 074
Couaol gold 4 a .................1948 M N 1034103 V 103 4 103S
8 103 1014
A llog Vai gen gu g 4 s ... 1942 M-S
99 S 1004 OttVApr’ l l 1 ... 09 V 1004
D it it It A Bge 1st gu 4a k. '36 F-A 1U0 .......
PhllaBai A W 1st g 4a..1943 M.-N 102
102 4 May’ 11 . . . . 102 1024
Sod Bay A So 1st g 6 s ... 1924 j - j ........ 102 4 102 Jan *03...........................
U N J HR A Can gen 4a.1944 M-S 1004102 4 103 4 May’ l 3 .
Peun Co—Guar 1 s t g 4 48.1921 j - j 1034 ........ 103 4 103 4
I 10341044
Registered................... 1921 J .J
102V M a r'll ., . . . 102V 102V
Guar 3 4 s eoll trust reg.1937 M-S
87 4 ........ 90 Aug’ 10'.
Guar3 4 so o ll tr eer B ...1941 f . A
88 V «ale
89
88 V
»«V
2 88
T r Co certll’ s gu g 3 4 * .1 9 i0 M-N
97 4 97 S 97 V
97V
1 97
97*4
Gu 3 4 s tr ctla U............ 1942 J -D
87 Aug’ l o 1.
8 7 4 90
Gu 3 4s tr ctis D ............. 1944 J - D
83
8 9 4 91 D eo’0 9 .

ini

.!

9:5

I

m s in*

.....

0 1 IS C E L L 1 N E O 1 0 BOND*4—C o n tin u e d o n N e x t P a g e
C on i and Iron
B u fl A S u s q I r o n s 1 6 s . . ..1 9 3 2

J-D

J ln n u fa o lU r in g «& in d u s tr iu i

974

97 F eb ’ l l
9 64
97 Allis-Clialmera 1st 5e......... 1936 J - J
77
7 7 4 Sale
79
7 7 4 11 76
80
90 Am A g Chem 1st o 6e.......... 1928 A-O 101*4 102 10IV 103
90 J ’ne’ l l
7 1014102 V
lo o
100 J’ ne’ l l
9 7 4 100 Ain Cot OU ext 4 4 s ............. 1015 o-IT
98
9 7 4 98
97 V
a 9 74 08*x
lo o v
Dobou 6 s ..........................1931 M N ........ 96*t D63, J’ne’ U
1004 1004 25 9 0S 100 4
98*4 97V
75 4 76
7 3 4 7 9 4 Am Hide A L I s i s f g 6 s .. 1919 9 -8
99 V Sale
75
75 4
094
3 9 6 4 100
99 4
F-A 90 V
107 S D ec’ 04
Amer Ice Secur deb g 6 s .. 1926 A-O
73
75V 76 r’ na’ l l
65
78
A-O
90
Am sm elt St ouritios a 163.1920 F-A 103 V Sale 103V 103 V 39 100*4 104
102S A p r’06
J-D
L07 May’ 97
Am Spirits Mrg 1st g 6 a .. 1915 M-S .........102
101 r’ n e 'll
100 101
*99* i o f v IO64 D sc*06
J-J
Am Thread 1st coi tr 4 s.. 1919 J - J
9 3 V ........ 03 V May’ 11
9 2 4 93V
86
J-J
85 A p r’ l l
84
85 Am Tobacco 40-yr g 0s_____ 1944 A-O 103*4 Sale 103V 10 i 146 103V
J .J ........ 83 V 84 4 J ’ no’ l)
83
86
4 s ........................................1951 F-A
89 5b7 79V 93V
88V 9aib
87 V
B u u d a y O re o it O o g 6 a ___ 1944 J -.
........ , .......... A m W r i t g P a p e r 1 s t s f 5 8 .1 9 1 ! i - J
78 F ob '07
8 9 4 91
90V 9 L 00 V J’ ne’ ll
........
Tenn Coal gon 6s...........1951
J-J
103 V 103 V ‘P u s’ l l
103 4 10.44 Baldw Loco W orks le t 6s. 104 M-N 1 024 103 102% May’ l l
102V 102V
: Tenn i>iv ls t g U s .......al91*7 A-O iof» 105 4 105 4 May’ l l
105 1054
loth Bteei Ast^ext s i 5 s.. 1021 ^-J
10 8 6 4 98V
90
96*4 Sale
054
• Blrm Div 1st consol 6a.. 1917 J-J 108 1064 106 J ’n e l l
1 04 4106
:ent Leather 20-year g 6s,192f A-u
09V 26 08V 10 0
09 V Sale 09 V
v Cali C'M C o 1st gu g 6a. 1922 J-D 107 110 L10 Jan ’09
Cons 1Tobacco g 4a.......... 1951 F-A
68 S.
834
8 8 4 14 81V 90
V ictor Fuel 1st s t 5a........ 195; J-J
87 4 8 7 4 May’ l l
87
Corn Prod Itot a f g 5 a .... 193i M-N
07
97
97 Sale
07
4 06
Y a lron Coal
A C o ls t g 6 s .1940 M-S
Vftl;
~
97 4 98
964
97
9 1 4 97
1st 25-year st 6s.......... ..1934 M-N
3 95V 97
06%
96V sale
06V
l »No price Friday; latest bid and asked. aDneJan b Due Feb e Dae May (fD n aj’ne h Duo J ’ly ^Due Aug o Due Oct pDue-Noy jD no Deo /Flat.
Debenture 6s.............. a 1926
Coi x< A 1 Co gen h I g 5a.. 194:
Convertible (lob g 08....1911
Coi In d u ls tA coll 6« gu..ll»<M
Conti n’ tulC 1st a I gttosg.1952
Gr K ir Coal A C 1 stg 6 s.. 1919
^efl A Clear 0 A 1 1st g 6s. 192*.
Kan A 11C & C 1st s f g 6s.l90l
Pocah Con Col Her le t s t 5s.’ 5 7
Pt L Rock M t A P 1st 6s. 105:

Vi

........




M-S
r-A
F-A
F-A

90

_

884

liov

96
BONDS
N. Y . STOCK E X C H A N G E
W eek E nding J uly 7
Pennsylvania Co—(C on)
Guar 15-25 year g 4 s ---- 1931 A O
Cl So Mar 1st gu g 4 4 s ..1035 M-N
Cl & P geu g u g d o s s e r A . ’42 J-J
Series l i ......................... 1942 A O
Series C 3 4 s .................1948 M-N
Series D 3 4 h.................195U F-A
Erie db P it ts g u g 3 4 s B.1940 J J
Series C.........................1949 J-J
Gr K& l ex l s t g u g 4 4s 1941 J-J
Pitts Ft W So C 1st 7 s ...1912 J-J
2d7s................................1912 J-J
od 7s............................ A1912 A-0
Pitts Y& Asli 1st con 5s. 1927 M-N
PCO db St LgU 4 4 s A ...1 9 4 0 A -0
Senes li guar................1942 A-0
Series C guar................1942 M-N
Series D 4s guar...........1945 M-N
Caries £1 3 4 guar g ___ 1949 F-A
Serioa G 4s gu ar......... 1957 M-N
O t i t L * £ 1st cou g Os.1932 A-O
I'ensacola db A tl dec E & Nash
Peo So East dee C C C & St L
Peo Si Pek Uu 1st g 6s___1921 Q-F
2t! gold 4 >33.....................01921 M-N
Pere Marquotte—Ret 4s. .1955 J-J
Bolundlng guar 4 s ........i965 J-J
Oil do \V M ;i a ...................1921 J -D
Flint & P M g 6s.............. 1929 A -0
1st consol gold 5s.........1939 M-N
Pt Huron Div I s t g 5 « .1939 A-0
SagTusdo H 1 stgu g 4s. 1931 F-A
Phil 11 «& W dee Penu 1UI
Philippine B y lst3 9 -y r s l4 s ’ 37 J-J
Pitts Gin Sa St L See Penn Co
Pitts Clove So T ol dee B & O
Pitts Ft W So Cli Acs Penn Co
Pitts M oltees db Y See N Y Ceil
Pitts Sli db L E 1st g 5 s ...1949 A O
1st consol gold 5s.............1943 J-J
Pitts db West dee 1$ & O
1> eadmg Uo g e n g 4 s...,.1 9 9 7 J-J
tV itegistorcd .....................1997 J-J
Jersey Cent coll g 4 s ... 1951 A 0
ttensseiaer tto Sar dec I) db li
Rich db Han dee South tty
Rich db Meek /see Southern
Bio Gr West /See Den db Hio Gi
ttocli db Pitts /See B it & P
Romo Watdb Og SeeJH Y Cent
Rutland /See N Y Cent
Tus & H /See Pero Marq
Sag
t Jo do Ur isl 1st g 4 s...1947
6t Ldb Cairo /See Mob db Ohio
8t Ldb Iron Mount dee M P
St L M Ur /See T B it A of St L
8 1 Louis db S F—Gong 6 s. 1931 J-J
General gold 5s.......... ...1931 J-J
St L «te S F BB cons g 4 s.. ’ 96 J-J
Gen 16-29 yr 5s ..........1927 M-N
Southw Div 1st g 6a..1947 A -0
Befundmg g 4s.............1951 J-J
K C Ft S da M con g 6S.. 1928 M-N
K C Ft S db M By rer g 4s 1936 A -0
KCdbM Bdb ii ls t g u 6s. 1929 A-O
Oz’ rk So Oh G 1st gu 5s g.1913 A-O
do Louis So dee Illinois Cent
8t L S W 1st g 4s bd ctls.1989 M-N
2d g 4s 1UC bond 0 tfs...p l9 8 9 J-J
Consol gold 4s..................1932 J-D
Gray'8 P tT er l s t g u g 5s 1947 J
dt Paul So Dul dee N or Pacltic
S t P Mum db Man dee Gt Nor
at P A Nor Pae dee N or Pao
dt P db S'x City dee U St P M dbO
S Adb A Pass 1 stg u g 4 s ... 1943
P 1st sink I g 53.1919
Sav F db Wes t dee A tl Coast L
Scioto Val db N K dee Nor db W
Seaboard A L g 4s stamped *69 A O
Adjustment 6 s .............. ol949 F-A
Atl-Birm 39-yrlsc g 4s.cl933 M-S
Car Ceut 1st con g 4 s ...1949 J-J
Fla Cen da Pen 1st g 6s. 1918 J-J
1st land gr oxt g 5s ...1 9 3 9 J-J
Consol gold 6s.............. 1943 J-J
Ga So A la B y 1st con 5sol94a J -J
Ga Car So N o ls t g u g 6s 1929 J-J
deab db Boa 1st 6s.......... 1926 J -J
dher Shr So So dee M K db X
SU Sp Gca So G dee A tl Coast L
Southern Pacilio Co—
Gold 48 (Ceut Pac coll).A:1949 J-D
29-year couv 4s............ £/1929 41. S
Cent Pao 1st ref gu g 4s 1949 F-A
Registered___J.............1949 F-A
Mort guur gold 3 4 s. - AH929 J -D
Through St L 1st gu 4s ’ 64 A-0
G H & S A M & P 1st6 s..1931 M-N
Gila VGdbN ls t g u g 5 s . 1924 M-N
Hous E So W T la t g 5 s .1933 M-N
1st guar os red.......... 1933 M-N
H So T C 1st g 5s int g u ..1937 J-J
Consol g 6s int guar...1912 A-Ol
Gen gold 4s int g u a r ..1921 A-0
Waco<fc N W div 1st g 6 s '39 M-N
A So N W 1st gu g o s ....1941 J - J i
Morgan’s La Ss T 1st 7 s .1918 A O,
1st gold 6s.....................1929 j - j !
N o of Cal guar g 5 s ......... 1938 A-O
Ore Ss Cal la t guar g 6s. 1927 J-J
So Pao of Cal—6a E .........1912 A-O
1st gold 6s F ................ 1912 A-O
1st con guar g 6s......... 1937 M-N
So Pao Coast ls t g u 4 s g . l 937 J-J
San Frail Terml 1st 4 s ..1969 A-0
TexdbN USabDivlst g 6 s .l9 l2 M-S
Con gold 5s................... 1943 J -J i
t-o Pae B K 1st ref 4s.........1955 J-J I

New York Bond Record— Concluded— Page 4
Price
Friday
July 7

Week?*
Range or
Last Sale

Range
Since
January 1

Hid
Ash
97
99
10214 ........
1 0 6 4 ........
*106 4 .........
99 ........
90
95
90
93
99
93
1 0 4 4 ........
1 0 2 4 ........
*193 .........
* 1 0 2 4 ........
107 .........
196 107 4
106 197 4
106 ___
977a . . . .
93
94
9 7 ?g . . . .
113‘a ___

Low
High
98l4 J’ no’ l l
110 .1an *05
1104 Jan *(>9
10934 J’ l y ’09
96 Aug’ 09
90 May’98
90 4 A p r’ l l
984 A p r’94
194 4 Mar’ l l
193 J’ no’ l l
103 4 F o b 'l l
107 Oct ’98
109 May’ 10
106 J’ ne’ l l
196 J’ ne’l l
196 J’ n e'l 1
9 8 4 D eo’ 16
914 A iir’ l 1
98 4 May’ 11
1134 1134

Low High
9 7 4 084

109
934
70
744
1004
1094
193
102

109 109
93 4 93 4
06
764
6 8 4 764
100 >8 1004
1994 U 0 4
190 103
10141034

108 111^
........ 99
70
72
70
72
lO O ^ ........
109 4 110*4
190 4 105 4
190 4 102°t
......... 90

86

8G7e 864 J ’ne’ l l

1124
98 4 Sale
*9*6 4 *9*8 4

884

May’ l l
J a n ’ 11
70
A p r’ l l
A p r’ l l
J’no‘ 11
Mar’ l l
May’ l l

93

1184 Sale
106;*4
99 4 dais
89
89 4
98 101
8 1 4 Sale
116 4 117‘
894 Sale
199
994 99 4

994

91

104 4 104 4
193 194
1034 1034
196
106
106

1074
1974
103

*9*1*4 *93**
98 >8 99 4
113 1134

86 4

88

1124 May’ l l
9 3 4 J’l y ’ 97

1124 11 ‘-S4

974
OSH
97 4 A p r’ l l
97 J ’ne’ l l

964 9 84
974 974
96
97 4

88 4 J’ne’ l l

1184
107 4
904
89
1004
814
117 4
894
1904
994

1184
J’ no’ l l
yu 4
89 4
Mar l l
8 l 7«
J’no’ ll
894
D e c'09
J’ne’ l l

804

884

118
107
99
804
1994
80-4
116
774

119
198
91
90
1014
83
1174
81

*97 4*9*94

92
024
9 2 4 Sale
79
83
82 4
« ‘2 4
80
804 8 9 4
80 4
1914 A p r’97
9 7 4 . ..

894 924
78
83
76*8 814

874
8 7 4 874 8 7 4
199 ...
194 Oct ’09

8 6 4 834

B7
87 4
79«8 89
......... 86 4
92*4 98
102 4 .......
193 4 .......
105 .......
196 4 .......
196 .......
1 064 110

87
794
804
914
193

J’ne’ l l
89
J’ne’ l l
A p r’ l l
May’ l l

1054 A p r’ l l
104 4 Mar’ l l
105
195
199 May’ l l

92
92
9 9 4 276
084
97 "
97 4
97 F eb ’ 10 . . . .
914 J’ue’ l l
92 4 J ’ne’ l l
197 A p r 'l l ...
103 May’ l l . . . .
105 J'ne’ i l . . ..
195 Mar’ l l . . . .
1104 J’ no’ l l . . . .
IU0 4 Mar’ l 1 . . . .
944 J’noT 1
94 4
116
119 4 Mar’ lo
1074 Jan 09
194 4
115 4 Mar’ l 1 . . . .
1144
111
111
Mar’ 1 1. . . . .
112 Fob’U7
112 4
192
102
102
101 4 i l a y ’ l l
1014
1914
114 4 Deo'04
116 May’U7
198 4
90 J’ly '9 9
8 8 4 99
92
92 . 32
9 1 4 92
1 9 1 4 1 9 1 4 1914 May’ l l 1.. ..
191 105 1914 May’ l l ! . . . .
Sale
944
95 1148’
0 2 4 93
99 dale
0 6 4 97 4
........ 97
91
914
9 9 4 93
........ 1984
193 . . . .
1044 . . . .
1944 195
1 094 . . . .

844 88
75
80
8 54 87
914 914
192 193

1954
194 4
194
199

1904
1944
195
199

9 14 9 3 4
96 4 10 9
90
974
91*4 *92**
92
93 4
190 4 1984
193 193
105 1934
195 195
1994 1194
LOO4 199 4
934 95 4
116 *y 115 4
111 111
192 192
1914 192*:

92

93 4

10141014

1014 193
944 96

BONDS

N. Y. STOCK EXCHANGE
W eek ending J uly 7
Southern—1st con g 5s___ 1994 J-J
ltegistered.....................1994 J-J
Develop db gen 4s Ser A . 1956 A-0
Mob So Ohio coil tr g 4 s.. 1938 M-S
Mom Div 1st g 4 4 - 5 s ...1996 J-J
St Louis div 1st g -Is___1961 J-J
Ala Cen B 1st g 6s......... 1918 J-J
A tl So Danv 1st g 4s........1948 J-J
2d 4 h .............................. 1948 J-J
A tl ifc Yad 1st g g u a r4 s.l9 4 9 A-O
Col So Greonv 1st 6s........1916 J-J
E T Va So Ga Div g 5 s.. 1939 J-J
Con 1st gold 5s.............1966 M-N
E Ton reor lien g 5s........1938 M-S
Ga Midland 1st 3s.......... 1946 A-0
Ga Pac By 1st g 6s.........1922 J-J
Knox So Ohio 1st g 6 s ... 1925 J-J
Mobdb B it prior lion g 5s 1945 J-J
Mortgage gold 4s........ 1945 J-J
Bioii So Dan cou g 6 s ....1915 J-J
Deb 5s stamped............1927 A-0
Bich So Meek 1st g 4 s ... 1948 M-N
So Car So Ga 1st g 6s. ...,1919 M-N
Virginia Mid ser C 6 s ...1916 M-S
Series D 4-5s................ 1921 M-S
Sones E 5a....................19!
M-S
General 6s.....................1936 M-N
Guar stamped.......... 1936 M-N
V a So’ w’ t 1st gu us.2093 J-J
1st cons 50-year 6 s.. 1958 A -0
VV G da W 1st cy gu 4 s..1924 F-A
West N C la t con g 6s.. 1914 J-J
S da N Ala See L da N
Spokaue Internal la tg 5s 1955 J -J
' f 'e r A of St E lat g 4 4 s .. 1030 A-O
1 1st con gold 6s___1894-1044 F-A
Gen refund a I g *48____ .1953 J-J
St L M B go Ter gu g 6a. 1939 A-O
Tex da N O See So Pao Co
Toxda Pao 1st gold oa.......2999 J-D
2d gold iuo 6a................. o29O0 Mar
La Div B L 1st g 6s.......1931 J -J
W M in W d iN W ls t g u os ’J9 F-A
Tol So O C 1st g o s .........1 9 3 5 J-J
Western Div 1st g 6 s ...1935 A-O
General gold 6s................1035 J-D
Kan So M 1st gu g 4 a .... 1990 A-0
2d 29-year 5 s ................1927 J-J
Tol P cVs W 1st gold 4s___1917 J-J
TolStL«te W p rH o n g 3 4a. 1925 J-J
59-year gold 4s................1959 A-0
Coll tr 4s g Ser A ..........1917 F-A
Tor Ham <&>B ud 1st g 4 s./il946 J-D
So Del 1st con g 6s 1928 J-I)
U lster
1st refund g 4s.......... 1952 A-O
U nP ao B B So 1 gr g 4s ...1947 J-J
ltegistered.....................1947 J-J
20-yr couv 4 s ...................1927 J-J
lat So ref 4s.................... (/2908 M-S
Uro B y da N av con g 4 s .1946 J-D
Ore Short Line Iw tg6 s..l9 2 2 F-A
1st consol g 6s.............. 1946 J-J
Guar relund 4s............ 1929 J-D
B egistered................. 1929 J-D
Utah As N or gold 6 s . .1926 J-J
Uni N J B B da C Co See Pa Bit
Utah Central dee Bio Gr Wea
Utali da North dee Un Paoilic
Utica So Black It dee N Y Cent
consol g 4 s ___1955 F-A
Vandalia
Consol 4s Series 13... 1957 M-N
Vera CruzdaP l s t g u 4 4 s . 1934 J -J
Ver Vai ln d So W dee Mo P
Virginia Mid dee South By
\\/ abash la t gold 5s.......1939 M-N
»»
2d gold 5s................. 1939 F-A
Debenture series B .......1939 J-J
1st lien equip s fd g 6 s ..1921 M-S
1st lion 59 yr g term 4s. 1964 J-J
1st ref and ext g 4s ....1 9 5 6 J -J
Det db Cli E xt 1st g 5s.. 1941 J-J
D esM oin Div ls t g 4 s .,1 9 3 9 J-J
Orn Div 1st g 3 4 a ...........1941 A-O
Tol da Ch DlV 1st g 4 s ... 1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-D
Cent So Old Col T r o o eertfs.
Co.umbia T r Oo ctfs___
2d goal 4a......................... 1954
Trust Co eertfs.....................
Warreu dee Del i^ao da West
Wash Cent dee N or Pac
Wash o So W dee Southern
Wash Terml l s t g u A 4 a .. 1945 F A
West Maryland 1st g 4s. ..1952 A-O
W VaO eut da P lat g 6s 1911 J -J
W catN Y da Pa 1st g 6 s ..1937 J-J
Geu gold 4s...................... 1943 A-0
Income o s...................... ul943 Nov
West N o Car dee South By
Wheel’ g «& L E 1st g 6 s ...1926 A-O
Wheel D iv 1st gold 6 s..1928 J-J
E xtendi Imp gold 6 s ...1939 F-A
B it 1st consol 4a..............1949 M-S
29-year equip a f os ...1 92 2 J-J
Wilkes So East dee Erie
WU da Sioux F dee SI P M So M
W isC eut59-yr 1st gen 4s 1949 J-J
Supdi Duldivdb term lat ls ’36 M-N

[V O L. LXXXXI1I.

Price
Friday
■July 7

Week’ s
Range or
Last dale

Hid
Ash Low
1034 Sale 193
119

79 4 Sale
804 87
108 4 ......
884 89
1('734 110 4

794

109
89
1974
8 9 * „------ 90 4

gJT
Range
1 3 January
, Sinct 1
,

J/ign No Low High
198 4 23 1004 1994
7931 299
.rue
J ’ne
Nov
May’ 11

09 4

82 4 8234

8 9 4 ...... .

...... 107
1077e ........ 198 4

196

I ll

sale

111

190 Kale 196
65
........ 72
1 1 3 4 ....... 1134

115 s
100 4 ........ 195 4
73 ........ 82
1 054 10534 195
1 0 4 4 ....... 195
7 1 4 ........ 71
104 105 194 4
1 0 0 4 ........ 112
1 9 3 4 ....... 194 4
1 0 5 4 ....... 106
193 ......... 1074
195 4

70
89 4
86
88
1984 199 4
| 80 4 89

111
196

.. .

SiO^

1904 197
1074 198 4
2 1004 111-4
2 195 190
113 114
115 4 1 1 6

N ov’ I (
JSov’Oc
J’ ne’ l l
Mar 11
Mat’ l l
J’ iie’ 11

105
1914
71
1934

105*4
105
71
194 4

I04fla 195 4

10-14 1944
106 1UG
J’ llO 11 . . . . 197 1074
Nov 10
luS 4 J’ne’ 11
in s 119
94 4 9 7 4
954 J’ nn’ i j
91 F ob’ i 1
104*4 J’ne’ l l
104 4 195

103 105
1054 105 4
J10 4 1134
95b 96
10734 ........

102 4 A p r’ l l
1054 J no’ l l . . . .
1 l2aa Mar’ l l
973.i A p r ’ l 1
198 4 F ob ’ l l

102
195 4
1124
07
198 4

1024
1964
1124
98
198 4

110 4 Sale
45
65
192 .......

1
1104 1104
79 Mai ’ lo
99 4 A p r ’ l l . . . .
106 4 N ov’Oi
199 4 J’ne’l l
112 Sep ’ l>9
193*4 I'n eT l
9 1 4 May’ 11
97 4 J ’no’ l l
92 4 J ’no 11 . . . .
89 J’ne’ l l ___
74 4 J’n e'l 1 . . . .
77 J ’lio 11
83 4 J’ne’ 11
190 J’ne 11 rr-tt
85 4 J’ne’ l l
1 094 191-4 197

110

1114

1 9 8 4 ........
94
964
91

.........

109 ........
107 ........
1 0 3 4 ........
90\ 93
874 984
92
95
89 ........
72
744
75
78
90*4 914
1 9 3 4 .......
85 4 .......
191 Hale
1994 .......
108 1084 1074
97

Kale

95*4 Salo
114 4 114:4
112 112 4
04
944
109

........ 97
OG^b 97 4
99 . . .

964
954
114 4
112
94
94
198

_
_
_

99 4 99 4
1984 119 4
1914
99
90 4
09
89
68
77
87
1 954
85 4
109
99 4
193 4
9 64
96
1144
1 114
0 24

259
97 4 29
44
90
J’UO 11
__
J ’ne’ l l
94 4 38
J a n ’99
198
May’l l

98 N ov’08
97 4
97 4
90 J’no’ l l

10' 964
09

193 4
0 1 7*
08
02 4
80 4
744
814
99
190
85 4
192 4
199 4
100
984
974
1154
1134
95
198

97 4
90

3 108 110
1084 108 >8 1084
IMNilUl
99 4 J’ no’ l l
109
98 A p r’ l l ___ 08
98
luu 194
100 ........ 194 May’ l l
83 D eo’ 10
......... 85
6034 90 63 7e 7 1 4
00 4 Sale 05;»4
1974 1984
107 ........ I u734 May’ 11
8L
814
8 1 4 ........ 814 May’ 11
79
75
79 4 J’ne’ l l __,• 79 4 7 6 4
85
85
8 1 4 8334 85 May’ ll
414 4 9 4
*48
48*y 48 4 J’ no 11
48 Kale
47 4
48 4 184 39 4 50
60
48
4 8 4 Sale
48 4 13 40
7*.
2 4 Hale
3 4 1L 2 4
J 7s
a 1.
8
3*4 68
3 4 Sale
34
108
09

_

884
8 3 4 Mar’ l l
87'4
83 4 168 80
1094
199 V May’ l l
19 J 4
109 4 10 Ja4 10034 j no’ l l
88 ........ 88 4 J ’no 11 . . . . 88 4
34 Feb ’97
87=4 90
8a 4 Sait.

90
884
1904
119 4
884

1034 105
1 04 4 May’ l l
1044 . 1044 104 May’ l l . . . . lU3>a liua,
. 194 4 192 J’ne’ 10
19 82
86
85 4 86 4 1 « ‘>
SO
...................I 98 4 F o b 'l l .. .. 9 8 4 09 4

93 4 9 rB
93 4
93^ 13 9 2 4 93*4
93
92 4 92°b 02:4
92*8 24 02
T e le g ra p h and T elephoii
Am Telep So Tel coil tr 4s 1929 J -J
914
92 Bale
9 2 4 107 8 0 4 0 2 4
Convertible 4s.................1936 M- S 1094 Sale 1094 119 4! 24 195 1134
M ich State Telep 1st 5s .. 1924! F-A
109 j 6 98 190
094 199 4 199
A Y T eleu lat So gens f 4 4 s . '39 M-N' 9 9 4 199 4 190
190 4 36 9 8 4 1 0 0 4
Pao Tel So T el ist o s ........ 1937 J - J
99 °b ^alt l 99 4
9b 4 1 33 97
994
West Union col tr cur 6 s .1938; J-J 102 4 193 4'193
193 | 3 , 9 9 4 1034
Fd and real est g 4 4 s ... 1959 M-N
9
96 4
- -0 4- 97 ,| w,
904 13 95
984
Couv 4s, Series A .......... 1936 M-N 1 0 4 4 1 0 1 4 1044 J’ liO 'llI .... 193 194 4

M IS C E L L A N E O U S B O N D S—C oncluded.
ftlnm ifiictiiring Sc huiiistriui
M anu factu ring
Industrial
Cuban-Amor Sugar coll tr 6s ’ 18 A-0
90
90
U s Bubber 19-yrcoll tr Gs.’ IS J-D
06 Bale
6 9 5 4 97
Distil rtec Cor con v 1st g 6 s.’27 A-O
3 7 0 4 80
J s steel Corp— 1 coup .dl9U3 M-N
784
is '.
7 8 4 Bale
E l d uPout Powder 4 4 s .. 1936 J-J)
80
39 82 4 864
SI 19-60 y r 6s. ( rog ..d l9 o 3 M-N
86 Sale
80
Gen i-dectric ueb g 3 4 s ..1942 F-A
81
82
Ya-Car Choiu 1st lO-yr 6s 1923 J -D
82 ........ 82 J’ ne’ l l
10-yrg dob 5s.................. 1917 J-D
104 J ’no’ l] .... 145 107
West Electric ist 6s Deo 1922 J-J
In t Paper Co 1st con g 6s. 19lb F-A 192 4 103 192 4 10'3 4
101 194 4 iv esini-house E d b M aioa '31 J-J
Consol couv s f g 5s.......1935 J-.J
2 8 3 4 87
.tiisceilniieous
85 4 Sale
85 4
85 4
Int St Pump 1st a f 6 s ....1929 M-S
96
13 0 1 4 95
Adams E x col tr g4 a .........1948 M-S
9 4 4 Sale
94 4
Lackaw Steel lat g f>a...,1923 A •0
6 9 0 4 99 4 Armour &Co 1at real eat 4" 4s’ 3o J-L>
98 4 984 98 4
984
Nat Enam & Stpg 1st 6 s.. 1929 J-D
05 May’ l l
91
95
94 4 95 4 bush Terminal 1st 48. ...11)57 A-0
N Y A ir Brake iat cou v 6s *28
194 Kale 191
194
j 102 196
Cnusol 5a.......................... 1956 J-J
B y Steel Spga Ist s 1 5 a ... 1921 J -J
9 8 4 Sale
1 97 4 99
Det dt So M ld gr incom es.. 1911 A-O
984
98 4
Bopub 1 So S lat A coltr i s . 1934 A -0 1924 ........ 193 4 1’no’ l 1
1 0 2 4 1 03 4 in t Mercan Marino 4 4 a .. 1922 A-O
Union Bag So P le t at 5s.. 1939 J-J
09
05
9«t
94 .
2 90 4 95 4 lut Navigation lat a f 6s. 1929 F-A
Stam ped....................................
92
90
......... 97
944 J ne’ l 1
Morris & Co 1st a f 4 4 a . .i ‘J39 J-J
U S ceath Co a f deb g6*s.. 1913 M-N I02*a 193 192»e J’ no’ ll
192 195
N V Dock 50-yr lat g 4a..l951 F-A
U S Realty So I c o n v d e b g 5 s ’ 24 J -J
99
09 4 91 J ’ n o i l
S’)
91
Pub >ei v Corp N J geu 5s. 1950 A-O
V S B ed Ss Bef 1st s___________
f g 0 s.1931 _ J-J __________________
........ 99
79 A p___
e’ l l __
79_______
88
Wash Water Pow lat 5 s.. 1039 _J-J
♦No price briday; latest bid and asked this week. ODuoi-ub u Due Apr e Due May gDuo .rue /tiiuo.j’iy A;i)uo




lntl
195
1094
192

Mule
1054
Sale”
........

87
87 4
92 4 Sale
02 4 93
9 8 4 98H

1014 105
39
1954 190 301
L054 J’ ne’ l 1
100
1994 31
IIJ2 J’n o '11
94 4
95 4 *ui
87 4
87 4
92 4
024
93 .T’no’ ll
97 4 J’ ne’ l l

67 4
68
82\
82 4
914 91 J’ no’ ll
87*6 8 1 J'nu'11
Sale
934
94
192 4 Mar’ l l
.vug oDue Oct p Duo Nov
074 Sale

99
81
Ul

103 105
1034 1064
1034 1904
LOO 192 4
1904 1024
914 95 4

2 804 91
4 1 92 4 934

90
97
35

47
19

934
1004
36

04
6 84
78
82 4
91
92
99
84
30 93 4 9 0 4
10241024
sOotlou Sal#

CHICAGO STOCK EXCH ANGE— Stock Record— Daily, Weekly and Yearly
STOCKS—r.IOHBST AND LOWEST SALE PRICES
Saturday
July 1.
*185 190
3
*1
5
*3
*87
90
26I2 27*4
93., IOI4
53s 6*8
37S 4
*16
19
42
*40
*264.4 2712
*74
75
*2914 30
*68
70
♦SO
801?
8*4 8*4
*40
45

*1
*3
*85
2512
♦912
5
3*4
*16
*40
*26*4
*74
*29
*68
7912
8*4
*40

1038
847a
*272U
*127
*64
*110
139
*35

130
*65
67
112 *110
139ia
38
35

♦60
♦
*1
*5
50I2
*121
*165
130

63
*60
50 *
U4 *1
5lo *5
5012 SOI4
122
170 *165
130
130

__

103a
847S

69

-lj
P
O
S5
W

62
50
U4
51o
6OI4

Ph
W

170
130

69

139
129

1
1
1
1
1

35

59

*136
*127

1
1

67
112

103

69

t
1

10*s 10*8
84*4 851a
*272

__

*4912 501?
96
96

)!

3
5
90
261a
10I4
5
3V8
19
42
271?
75
30
70
791?
8*4
45

10234 1023., 103
j

Tuesday
July 4.
1
1
1
1
1
|
1
I
I

Monday
July 3.

g,

1
•
1
t
1
1
•
•
1

50
50
OGI4 0014

1
1
1
1
1

135l2 130
*127 129

__ _

1

1

10638 10638 10618 1061a
141
*120
102

1

141
141 14Ur
12012 120 120
10218 10178 10218

*189 193*19 *190
*106 IO6I4 *106
21?
27S 3
783s 791a 781s
*19
20
*19
Note.— Of

193
10012
2*4
7814
20

1
•
1
1
1
1
o longer

Wettnesday
July 5
*185
*1
*3
*8712
2614
*812
514
*3*4
*16
*40
*2612
*74
*29
*68
*79!o
*8li
*40

Thursday
July 0.

Friday
July 7.

Tsisl Sale 190 Apr’ 11
100
Last Sale 1>4 June’ 11
3
Junc’ l l
Inst Sale 3
5
Last Sale 8712 June’ 11
90
26*4 26I4 1,715
26
26*4 26
370
912 012
012
75
‘ *5*
’
5M *5 6
240
378
378
*312 4
1
May’ ll
Last Sale 17
19
June’ 11
Last Sale 41
42
Last Sale 27
June’ ll
2712
J.ast Sale 7 1 Junc’ ll
75
Last Sale 2914 Junc’ ll
30
Last Sale 68I9 J’ne’ ll
70
16
80l2
801; *79 80i2 *79
125
*812 9
*812
9
9
Last Sale 42
June’ l l
45

1012 10l2 1012 10>2
8434 8434 84*8 84*8
Last Sale 205
Fell’ ll
Last Sale 129 A pr'll
59
62
62
62
Last Sale 112i2 May’ l l
*110 112
138 138
*13819 139
*35* *3*7*
*35
37
*35
37
Apr’ l l
Last Sale 51
62
62
*60
63
*50* *51
*50
51
60
50
Last Sale H4 Juno’ 11
*1
H4
Last Sale 534 June’ 11
*5
512
*50
51
*50
51
138
138
*121
122
Last Sale 168 June’ ll
*165 ___
133io 134
130 133U 133U 135
Last Sale 13s “ Feb'10
14*8 14*8
Jan’ ll
Last Sale 78
1051s 10514
103 105
*102*8 103
1023s 1023s
♦ 10112 102
5538 563.1
58
6812 *56* 68tj
May’ l l
Last Sale 50
50
60
60
*4 9' 80* ♦49
*95
97
97
9612 0012 *95
Last Sale 2is June’07
Nov’09
Last Sale 20
135
136
*133 135 *133 136
Last Sale 128 June’ l l
*126 128
11234 1123.4
114 114 *113 117
Last Sale 118 June’ l l
*114 117
106 IO6I4 IO6I4 IOOI4 10612 10612
Inst Sale 11-16 Mcb’09
140*8 141 " 141 14 H2 14012 141
*120
12012 11934 120
102 102
102* *102’
102 102
Last Sale 4
Feb’ 11
Ijast Sale 193 June’ l l
*106" 193
*106 IO6I2 10612 106i2
*212 234 *212 234 **21*2 * 2*4
78*4 787S
77*8 77*4 78*8 79
Ijast Sale 1912 M ay'll
*19
20
rep orta transac tlons of less than 10 shar
10*8
8412
*27212
*127
6312

Sales
of the
Week
Shares

10*8
8434
___
___
63*4

STOCKS
CHICAGO STOCK
E XC H AN G E
Railroads
Chicago City R y _____ 100
Chicago & Oak Park-100
Do pref___________ 100
Chic R ys part ctf " 1 ” ___
Chic Rys part ctf “ 2” ___
Chic R ys part ctf ’ ’3” —
Chic R ys part ctf “ 4” —
Chicago Subway_____ 100
Kans City R y & L t._1 0 0
Do pref___________ 100
Metropol W S E lev___100
Do pref___________ 100
Northwestern E lev___100
Do pref___________ 100
South Side Elevated-100
Streets W Stable C L .100
Do pref___________ 100

Miscellaneous
400 American Can________100
375
Do pref___________ 100
American R adiator. .100
Do pref......... ........... 100
Amer Shipbuilding___100
Do pref___________ 100
Amer Teiep & Teleg_____
Booth Fisheries com ____
Voting trust c t f_______
60
Do pref_______________
100 Cal & Chic Canal & D .100
Chic Brew’g & Malt’g ____
Do pref______________
75 Chic Pneumatic T ool-100
60 Chicago Telephone___100
Chic Title & T r u s t ...100
i*788 Common w’ th-E dlson. 100
Do rights____________
**60 Corn Prod Ref Co co m ___
Do
do
pref-----*467 Diamond M atch_____ 100
10 Hart Shaftner & Marx pf.
415 Illinois Brick.................100
Masonic T em ple________
’ *36 McCrum-Howell C o . .100
Do pref______________
165
Mllw & Chic Brewing____
Do pref______________
” 40 National Biscuit_____ 100
Do pref___________ 100
*218 National Carbon_____ 100
Do pref___________ 100
*200 People’s Gas L&Coke.lOO
Do rights_________
1*862 Sears-Roebuck c o m ..100
Do pref___________ 100
88
430 Swift <!c C o___________ 100
Do rights_________
The Quaker Oats C o ..100
10
Do pref___________ 100
815 Unit Box Bd & P C o. 100
.160 United States Steel com
Western Stone______ 100

BONDS
CHICAGO STOCK
E XCH AN G E
Week ending July 7.

Amer Strawb’d 1st 6 s .1911
Armour & Co 4 Hs___1939
Booth Fish Co D ebG 5s’ 17
• Deb g 5s__________1924
■ Sink Fd Deb 6s tr r c o . .
Oal & So Ch lty 1st 5 s .’27
Cass A v & F G (St L) 5s '12
Ohio Board of Trade 4s 19 27
Chicago City R y 5s___1927
Ohio Consol Br & Mlt 6 s . . .
Ohio Consol Trac 4 Hs 1939
Ohio Auditorium Ist5sl929
Ohio Jo R R 1st M g 63.1945
Ohio No Shore Elec 63.1912
Ohio Pne Tool Ist5 s.al9 2 1
, Chlo Kys 4-53 serlca
' Ohio Rys coll 6s___1913
• Chlo Rys Fund 6 s ..1913
' Chlo Rys Tern Ctfs 1st 5s
Ohio R I & P UR 4 s ..2002
Collat trust g 5s___1913
Ohio Telephone 5s____1923
Commonw-Edlson 5 s .1943
Chlo Edison deb 6 s .1913
1st g 5s____ July 1926
•
Debenture 5s____1920
Commonw Elect 5S51943
Dla Match Con db Os.. 1020
Kan City R y & Light
Co 5 s ........................ 1913
Knlck’ b’ ker Ice 1st 5s 1928
Lako St El— 1st 5s___1928
Incom e 5s_____ ...1 9 2 5
Metr W Sldo El—
1st 43_____________ 1938
Extension g 43____1938
Morris & Co.
____ 1939
North West El 1st 43.1911
No W G-L & Coko Co 5s 28
Ogden Gas 5s_______ 1945
Pearsons-Taft 5s--------1916
4 .4 0 s ..............- ..........—
4.60s Series E . . . ---------4.80s Series F__________
Peo Gas L & C 1st 6s. 1943
Chic Gas l.&C 1st 5sl937
Mut’ l Fuel Gas Ist5sl947
South Side Elev 4 H * -1024
Swift & Co 1st g 5 s ...19 1 1
Union El (Loop) 5 s . . 1945
Uulte-.l Box Hoard col 0s'26
General mtgo 6 s ______
Western Eleo Co 5s__ 1922
N ote..— Accrued Interest

Inter­
est
Period
P - A
J - D
J - J
J - J
A- O
F . A
J - J
J - D
F - A
J - J
J - D
P •A
M- S
A - O
J - J
P - A
A - O
J - D
p - A
F - A
p - A
----M- N
M- S
J - I)
M- S
J - J
A - O
AV - s
w- s

Pries
Friday
July 7.

B ’ds
Sold

Range
for
Year 1911

High
II igh No. Low
Ask Low
100i2 100'2
100i2 Jan’ l l ___
92*8 93*8
93 May’ l l . . . .
9018 100
100
Mch’ l l . . . .
90 100
100
Moll’ l l ___
9818 99
___
98'2 Apr’ l l . . . .
.... ....
---102 J’ne’09 ___
___ IOII4 Oct’09 . . . .
__ _ . . . .
. . . . ___
100 May’07 ___
10234 102Vg 10278
1027g 25 102*8 1027g
.... ....
. . . . - __ 103
Apr’04 . . . .
---- ....
.... ....
50
Apr’09 . . . .
---- ....
.... ....
96*4 Jan'06 . . . .
----- . . . .
.... ....
94*2 Dcc’09 —
__ - - - - .... ....
87
Fcb’06 . . . .
87*4 Ol
__ - - - - .
89 June’ 11 . . . .
97*8100
997g 21
{ 99*4 997g 99*4
93>8 9434
93l2
9312
6
9312 Sale
8218 88*8
8712 Sale
7
87*s
87*2
.... ....
__ - ___
9012 Mch’ 11) . . . .
99r>8 10078
1100>3 ___ 1007a Juno’ 11 . . . .
__ - . . . . 100
Jan’ 11
977g 99*8
99*a May’ ll . . . .
.... ....
---- ....
6812 Aug'08 . . . .
.... ....
__ - ___
6612 July’08 . . . .
102 103*2
{ — - IO.JI4 103lg Juno’ l l . . . .
10212 Salo IO214
10212 44 100*2 102!2
.... ....
___ . . . . 10078 Nov’ 10 . . . .
100 100
__ _ - - - - 100
Feb’ ll . . . .
___ ___ 100O8 Aug'09 . . . .
.... ....
2 100*4 102*4
102U Sale IO2I4
102U
103*4 107*3
1071s June'11 —
{10718 Salo

Bid

_

__

__

U- N
A - O __ J - J { 82
Feb

__

F - A
J - J
J - J
M- 8
Q- M
H- N
J * i)
M- $
M- N
M- N
A - O
M- h
.J - J
J - 1)
M- N
J - J
.1 • J
A - U
----■1 - J
J - J
must

Week’s
Range or
Last Sale

....
___

97*4 May’ l l
100 May’ l l ___
82 June’ l l . . . .
16 May'05

96*8
97*4
77
....

07*4
100
82
....

82*3 85*4
3
8512
85*4
82*4 June’ l l . . . .
78*8 8278
907S
91
1
90*4 91*4
100
100
96'a 100
3
991J May’ l l
99l2 100
93
9312
92
9414
8
100*8 Mch’O'J . . . .
96D Mch’ 1C ___
97
Feb’ lC
98>2 Mch’ lC
.... .
121*4 May’Ol) . . . .
....
102*g Junc’ ll . . . .
10134 1023s
5 1027S 103*2
IO3I4
103f|
101*8 May’ l l ___
101U 1013s
10U2 May’ ll ___
10U2 101-'>s
05*8
95*s 46
93
95*8
100 1017a
100i2 May’ l l ___
—
—
88
Apr’ 10 . . . .
. . . . __ _
---- ....
70
Apr’ 10 ___
.... ....
__ - —
60
Mch’ 11 . . . .
56
60
{102 102l2 102 J’ne’ l l . . . .
100*4 102
be added to all Chicago b ond price i

8512 Salo
83
907S Sale
100 Sale
___
93 Sale
9812 . . . .
....
95
96
....
9712 . . . .
___
{10218 102io
{102*4 . . . .
{10112 102
___ . . . .
t 9514 *J5l2
{ IOOI4 . . . .

__

Range for Previous Year
(1910)
Highest

Highest
185 Jan 11
U2 J ’nel6
3 J 'n el6
80 Apr 29
2034 May 13
8 May 13
4N Mch 1
334 J ’ne27
17 May27
40 J ’ne 13
19i2 Feb i
65 Feb 1
2012 Apr 27
60 Jan 11
68 Jan 9
8*2 J ’ne 1
40 J ne 1

190 Apr 28
U2 J ’ne 16
6 Mch 23
93 Jan 21
2734 J 'ly 1
IOI4 J ’ly 1
53S J ’ly 1
6 Mch 1
25 Feb 23
72'2 Feb 25
27 J ’ne 30
74i2 J'ne30
29i2 J ’ne30
69 J ne 24
80 J ’ne 30
1314 Feb l3
50 Jan 9

160 Oct
U2 J 'ly
4 J ’ly
60*8 Sep
III4 Sep
8 May
3 May
2i8 j ’ne
20 Aug
Feb
16 Jan
51 Feb
15 Apr
53 May
c514 J ’ly
7 J 'ly
40 J ’ly

185 Mch
3i2 Jan
7i2 Jan
100 Jan
30 Jan
16 Jan
pis Jan
014 Aug
39 J an
77*4 Mch
25 J no
72 J'ne
23 J ne
66 J ne
72i2 J ne
5438 Jan
104 Jan

9 Jan 16
76's Jan 7
265 Jan 9
126i2 Mch 9
59 J ’ly 7
110*4 Jan 6
138 J ’ly 6
35 Apr 28
38 J ’ne 14
62 J ’ne 20
4j *2 Apr 24
lls Mch 29
312 Mch 27
41 Jan 3
115 Jan 25
151i« Jan 6
113 Jan iy

1212 May 9
88<s J ne 2
265 Jan 9
130 Jan 14
7) Feb 6
113 May 18
15214 J ’ne 12
591.! Mcll 4
5734 Mch 9
82 Mch 21
52 Feb 2
li4 J ’ne 7
5*4 J ’ne 9
55i2 Feb 23
138 J ’ly 7
170 J ’ne 9
135 J ’ly 6

6*s J 'ne
62i2 J ’ly
240 Apr
126 J ’ly
72 Feb
107 Aug
13U4 J ’ly
31 J ’ne
Aug
J ’ne
Dec
Feb
Sep
25i2 J ’ly
110 Mav
142 Aug
I08i2 J ’ly
11.1Jan
13i2 J ’ly
7914 Apr
S2i2 Sep

13*s Jan
12 Jan
261 Dec
135 Apr
84is May
112 Jan
1121S Mch
43 Dec
41 Dec
74 Jan
!5 Feb
1 Feb
3 Sep
47 Dec
137 Jan
163 Mch
l i l l 2 Jan
2 Jan
2234 Jan
82 Feb
127 Jan

53 J ’ly
43l2 Mch
40 Mcb
93 J ’ ne

91 Mch
46 Jan
67i2 Dec
10234 Apr

I53g j ’ne 15
1334 Jan 11
78 Jan 18 78 Jan 18
9212 Feb 10 10514 J ’ly 7
IOU4 J ’n e 27 1033g j ne 2
52?8 J ’n e27 70 Jan 20
47 Jan 18 50 May 19
45 Mch 3 67 Jan 3
92 Mch 3 93 Feb 2
17
3
7
18
8

140 Apr 7
130 Mch31
120 Mch 14
120 Mch 23
10S*s Jan 19

101
118
104
112
103

Aug
J ’ly
Fob
Feb
J ’ly

119 Deo
125 Jan
145 Oct
123 Nbv
11534 Jan

cl36'2 Ma> 26
119 Jan 11
10018 Mch 13
1 Feb 3
165 Mch 7
10212 Feb
238 J ’n e26
72i4 Jan 3
19*2 Apr 12

19234 Jan 31
122 Mch 11
104 J ne 5
10 Jan 16
193 J ’nc29
106*2 May29
7 Jan 3
817g Feb 6
25 Jan 27

148 Feb
11612 Aug
100 Dec

18634 N ov
122 Mch
109*8 Jan

155 J ’ly
101 J ’ly
6i4 Apr

186 Feb
106 Jan
1538 Jan

11714 Jan
123 Jan
112*4 J 'ly
118 Jan
103is Apr

26*8 Deo

Chicago Banks and Trust Companies

Chicago Bond Record
Li.

Range for Year 1911

__

■ •

NAME

Outstand­
ing
Stock
t

Surplus
and
Profits
t

Dividend Record
In
1909

In Per­
1910 iod.

Last Paid
%

An Jan ’ l l , 6
6
6
Calumet National-------- *100,000 y*45,833
271,322
10
10
j -j July ’ l l , 5
500,000
Chicago C ity___________
Q-J July ’ l l , 21*
Conti’ tal & Coinm N at. 20,000,000 10,285,337
12
y -j July ’ l l , 4
16
Corn Exchange National 3,000,000 5.606.273
200,000
Q-J July ’ l l , H*
41,198
8
Drexcl State___________
9
600,000
Drovers’ Dep National.
443,233
10
10
Q-J July ’ l l , 2i2
200,000
Englewood State---------51,046
6
Q-J Apr ’ l l , H2
6
12s Q-M Jne 30’ ll,3 a
First National------------- 10.000.000 11,276,436 12s
150,000 1/187,559
First Nat E n glew ood..
10
10 Q-M Jne 30’ 11,21a
563,476
Foreman Bros B 'k ’g C o. 1,000,000
Prlv ate Ba nk
616,188
Fort Dearborn National 2,000,000
8
8
Q-J Apr ’ l l , 2
8
8 + 2 Q-J July *11, 2
Hibernian B 'k ’g Ass’n . . 1,500,000 1,053,878
200,000
193,557
10 10+15 J-J July ’ l l , 5
Kaspar State Bank____
1,000,000
257,031 Beg. b us. Ma y ’ 10 V.90, p.1277
La Salle St National —
546.108
10
10 Q-M jne 30’ 11,212
Live Stock E xch’ge Nat 1,250,000
66.841
300,000
4
4
Monroe National______
Q.-F May ‘ 11, 1
8
8
Nat Bank of R e p u b llo .. 2,000.000 1,313,977
Q-J Jne30’ l l , 2
491,341
6
6
Q-J July ’ l l , U2
National C ity__________ 2.000,000
90,390
3
4
250,000
National P ro d u ce _____
Q-J July ’ l l , 112
74.633
200,000
North Avenue State__
6H Q-J July ’ l l , 1*4
6
34,290
6
50,000
North Side State Sav’gs
Q-J July ’ ll, 112
30,403
4
200,000
Q-J July ’ l l , li4
North West State_____
7
300.000
115,137
People’s Stk Yds State.
Q-J July ’ l l , 2i2
62,711
6 Q-M July ’ l l , 1I2
Prafrle State___________
500,000
6
S e c u r it y ______________
300,000 Z207.491
4H Q-J July ’ l l , 112
South Chicago Savings.
200,000
94,500
6
7 lA Q-J July ' l l , 2
12,782
200,000
South Side State______
6
Q-J July ’ l l , H2
12
Q-J July ’ l l . 3
Stato Bank of Chicago. 1,500,000 1,965,670 12
250,000
196,488
Stock Yards Savings___
8 Q-M Jne 30'11, 2
8
49,854
Union Bank of Chicago.
200,000
6
6 M-N May *11. 3
Washington Park N at’l
100,000
8,494 See V. 90. p. 159
50,000
zll.015 None None Q-M Dec31'08,H2
Wendell Stato------------977,674
Central Trust Co of 111.. 2,000,000
7
7)4 Q-J July ’ l l , 2
221,478
Chicago Sav Bk & T r . . 1.000,000
6
6
Q-J July ’ l l . Hi
6
Chicago Title & T r u s t .. 5.000,000 t 1,819,670
7H Q-J July ’ l l , 2
50,000
12,104
4
6
Q-J Apr ’ l l , 212
Citizens Trust & Savings
475,687 8 + 2
8 + 2 Q-J July ’ 11. 213
600.000
Colonial Trust & Saving
734,546
Cont & Comm Tr & Sav 3.000,000
140,926
200,000
8
8
Drovers’Trust&SavIngs
Q-J July ’ l l , 2
6
3
Q-J J. ly ’ l l , U2
Farwell Trust C o______ 1.500.000 {231,190
12 Q-M fne 30 ’ 11,4
16
First Trust & S av in gs.. 2,500,000 3,618,690
3,057 Beg. b us.Apr 3' 11 V. 92, p.929
250,000
F t.Dearborn Tr&Sav Bk
200,000
Z20.611 Incorp orated 1908 V.87,p.1138
Guarantee Trust & S av .
9 y2 11 + 5 Q-J July ’ l l , 3
Harris Trust & Savings. r 1,250,000 1,918,434
Illinois Trust & Savings 5,000,000 8.850,823 16+4 16 + 4
<7 July’ l l , 4
62.030
200,000
OH 7 + lJ i Q-J July ’ l l , 1*4
Kenwood Trust & Savgs
49,680
200,000
5
Lake View Trust&Savgs
5H Q-J July ’ l l . Hi
3,000.000
6.273,210
12
Merchants’ Loan& Tr Co
12
Q-J July ’ l l . 4
750,000
248,857
MetropolltanTrust&Sav
6
6
Q-J jnc'30’ 11,1*2
200,000
Michigan A ve Tr C o . . .
60,057 Beg. b us. Oct 29’ 1 0V91,p.1221
500,000
58,372 Com. b us. Ap rlO ’ 11V92 pl004
Mid-City Tr & Sav B k .
Q-J Jne30 ’ l l , 2
Northern Trust C o------ 1,500,000 2,507,081
8
8
North-Western Tr&Sav 1200,000
6
J-J July ’ l l , 4
77,298
6
600,000
People’s Tr & Sav B k ..
137,535 Beg. b us.Dec 1*10 V. '92, p. 96
300,000 W227.991
Pullman Trust & Savgs.
8
8
Q-J JuneSOHl, 2
Sheridan Tr & Sav Bank
200,000
Z20.973 Beg. b us. J’ ly 12’0 9 V.89,p.141
Standard Tr & Savings. 1,000,000
284,858 Comm enced bus. Sept 61910
Stockm en’s Trust & Sav
43,462
5
200.00c
J-J July ’ l l , 3
Union Trust C o------------ 1,200.00c 1,229,389 18 + 2 *8+2 Q-M Jne 30’ 11,2
W est’n Trust & Savings 1.250.00C
6
Q-J Apr ’ l l , l l j
203,658
6
W est Side Tr&SavBank
112,071
6 Q-M July ’ l l , 2
200.00C
W oodlawn Tr&SavBank
69,161
6
200.000
7)4 Q-J July '11, 2Ij

* Bid and asked prloes; no sales were made on this day. t June 7 (close of business) for national banks and June 8 (opening of business) for State Institutions. J No
nrlco Friday; latest price tills week, a Due Dec. 31. 6 Due June, c Ex-stock dividend of 33 1-3%. k Also 20% In stock, q Dividends are paid Q-J, with extra pay­
ments Q-F. r Capital to bo Increased to *1,500,000. V. 92, p. 1611. s in addition, the equivalent of 4% more came from First Trust & Savings Bank, t J u n e !
Il911 u In addition, tho equivalent of 1% came from First Trust & Savings Bank, v See V. 92, p. 1004; V. 90, p. 652. to March 31 1911. x Proposal to IncreaH
Icapltal to *250,000 ratified, V. 92, p. 1352. y March 7 1911. z March 8 1911. {May 31 1911.




BOSTON STOCK E X C H A N G E -S to ck Record, Daily, Weekly and Yearly
SHARE PRICES--NOT PER CENTUM PRICES
Saturday
July 1

Monday
July 3

*1123, 1127g 11112 11112
*10214 102*4 102-8 1027g
*222
*222 223
*1281- 129
1281- 1281?
*215 217 *215 217
108 108
106 107
297*2 298 *___ 298
*13*2 15
*1312 15
*75
*75 ___
*11
12
*11
13
58
63
*58
59
*157
*157
___
*111*4 113 *1111.1 113
*271
*271
___
*125 126
126 126
*153 15312 153 153
93*2 9312 *___
93t2
2234 2234 *2234 23
93*2 931? ___
141 Fill., 141 141
♦ 111
___
*141
*212
*212
,
133 *187 188
42
*39
*39
42
110 110
11012 1101*103
* 1 0 2 % ___
*188% 13878 187 188
*94*4 9434 *94
91%
*163
*163
___
*88
89
*SS14 89
♦___ 103 * ___ 103
57
57%
103% 104
*134 47g
*15*2 16
119 119%
1181? 1181?
138% 139%
31
31
911- 91% 9134
10lo 1012 1012 10%
*20
21
*21
22
*7
812 *7
8I4
*15634 158
*156*2
*10
101? 10% 10%
283 283
281 281
*161 162
160 161
63 7g 93% *9334 94%
*95l2 90
96
90
22412 2241" 224% 224%
*4
419 *4
4%
11234 113% *112% 111
110 110
110 110
1461.1 146% 147 147
*10214
103 103
16212 1021; 162% 162%
14% 111; 102 10214 102 1021.
32
*31
3134 3 U4
30
30
♦291? 301?
19273 193
193 193
6*1*2 52
60*2 50*2
28% 28%
*28*2 29
78
78*s
7812 79
11818 11812 118 118%
19
*18*2 191? 19
*96
97
*96
97
*57
103*2
*434
*15*2
119
*118
139*8

58
103*2
4%
16
119
11812
13912

0
6
W8 6*8
*4
9*2 9*2 *9*8
*31
321? ♦31
32%
69l2 691? 68% 69
*2734 28*4 2734 2734
*1014 17
16
16*4
*6 1-16
♦6 1-16___
*.50
.60 *.50
.60
*14
143,,
14
14
43i
473 *434 5
*183., 193., *1834 19%
5712 5S34 57I4 68
470 470
470 475
*12
13
*12
13
.12 *.0I
*.07
.07
61
62
6U2 61
*512 0
*5*2 6*g
14
14% 13% 13%
12
12%
12l2 12
6 7-16
6*2
6% 6%
3912 3912 39
39%
7 7-16
7%
7% 7 7-10
28
28
27% 27%
*1*4 1 5-16 *1*4 1%
15
15
14
14%
8 I5 ib 8*-in
8%8 815, b
*38i2 383, 39% 39%
*83
88*2 ___ __ _
*1734 18*2 *17*2 18%
5
5
*5 5 3-10
*3
312 *3
3%
37
37
36*- 3634
4
*3% 4
*312
*9
9%
9l2 *9
*812 8% *8*4 8-%
13j
13|
*1%
2*3
22% *2134 223g
*22
*2
21- *2
2%
*49
50
49
49
1912 16*2 193g 19*2
*312 3% *3*2 37g
10*3 10*8 10
10%
33% 33% 32% 33
8% 8*2
8
8
*7
7% 7%
7%
*21* 2% 2% 2 11-16
*471- 48*2 47% 47%
*103 106
103 103
*12
13
*12
13
74
74
74
74
17% 1-7% 17% 17%
*llo
153 *1% 1%
*11
11
11
id *.75
.80
.78 *.75
3234
*32
32% *32
*7
6% 7
7*4
J 7 % 171? 16
16
*35
37
*34% 37
4
4*4 *4% 4%
38
38*s 38
33
43
48
47% 48%
*3*8 3% *3% 3%
17*2 17^2 17% 17%
493_i 4934 48% 487g
2
2
* 1?8 2
*8
8%
s>4 *8
*113 115 *112 115
*163
178
1% *1%
* AM and asked price *,




Tuesday
July 4

Wednesday
July 5

Thursday
July 6

Friday
July 7

Sales
o f ihe
Week
Shares

STOCKS
BOSTON STOCK
E XC H AN G E

Range since January 1,
On basi3 of 100-s/iare lots.
Lowest.

Railroads
197 A tch T o p & Santa Fe.100 102% Jan
111 111
111 112% 112% 112%
60
Do prer.................... 100 101% Jan 3
*102-% 103% *102% 1033S *10234 103%
41 Boston & A lbany_____ 100 219
Apr 21
222 222
222
222
222 222
143 Boston E levated______ 100 127 Apr 26
1281- 128%
128*- 128% *128% 129
___ Boston & Lowell_______ 100 207 Feb
I.ast Sale 216 June’ l l
*215 217
41 Boston & Malno______ 100 101 AlaylO
108
*107 108
100 107 *107
10 Boston & P rovidence. 100 292 Meh2l
----*297
*297
___ *297
___ Boston Suburban El C os.
13 J'nc20
I.ast Sate 15 June’ l l
* 13% 14%
___
Do pref_____________
72 Jan 6
Last Sal° 76% June’ l l
*75
June’ l l
___ Boston & Wore Elec C os.
0 Feb 15
*11
I.asl Sale 12
13
*57
58
20
Do pref_____________
33% Jan 3
*57
68
53
59
Last Sale 158 June’ l l ___ Clilc June R y & U SY.100 156 Apr 20
*157
113
113
60
Do pref........................ 107 Alchl
*111% 113 *111% 113
Last Sale 272 June’ ll
___ Connecticut R iver____ 100 265 Jan 31
*271
120
126146 Fitchburg, pref_______ 100 125 A pr 10
*125 127 *125 126
___ *152
152 152 *152
75 Ga R y & Electric_____100 117% Jan 23
93
93% 93
43
Do pref................... 100 86 Feb 20
Last Sale 200 May’ l l
___ Maine Central_________ 100 200 May 2
221- 22% 23
23
22% 2.3
032 Mass Electric Cos____ 100 16 A pr 20
93% 93% 93% 943s 94% 94% 1,140
Do pref....... ........... 100 8334 Jan 0
140*4 141
110% 14 L 140% 140%
577 N Y N H & H a rtford .100 139*4 J'nc23
142 112 *111
___ *111
___
2 Northern N H ________100 139 Jan 13
___
*212
Last Sale 212 June’ ll
___ Norwich & W or p r e f.100 210 Jan 26
187 187
1S7 187 *186
2 Old Colony...................100 183 M chl5
188
*39
40
*39
40
893., 3934
10 Rutland pref_________ 100 32 Jan 26
___ *110 110% *110% 111
*110
65Seattle Electric________ 100 1051- A pr 18
102% 16212 *1 02 1 -___ 102% 102%
98
Do pref............ .. .1 0 0 x97% Alchl.1
185% 1857,8 185% 187% 187
380 Union Raclllc________ 100 171 Jan 3
187%
*93% 94% *94
94% 943a 913s
10
Do pref___________100 90 Mcli 9
*163
___ Y'ermont «Se Mass_____ 100 156 Mch21
Last Sale 161 june’ l l
88% 88% *38
60 West End St_________ 50 88 J ’ne29
89
*881., 89
103 103 *102 103 *102% 103
17
Do pref___________ 50 102 Feb 27
Miscellaneous
57
57
60S Amer Agricul Chem_.100 40% Jan 3
58
58
58
58
1031- 10312 103% 103% 103
661
Do pref-----------------100 99 Jan 6
103
10 Amer Pneu S erv ice .. 50
4% Jan 4
*4%
6
*434
47a
5
5
___
Do pref____________50 14 Jan 3
*15
16
Last Sale 161- June’ l l
60 Amer Sugar R clln___100 113-% Jan
119% 119% 119% 119% lli)i- 119151
Do pref........ ........... 100 llU , Jan
118 1181,, 118 118
13778 1387g 138 138% 138
138% 6,039 Amer Telep & Teleg.100 137% JTy
15 American W oolen____100
31 Jan
92% 9034 903.t
70 . Do pref...................100 *86 Mcb29
9138 91% 92
*10% 11
*10% 11
*10
10%
110 Atl Gulf & W I SS L .100
8l.i Jan 17
22
*21
Last Sale 20
June’ l l
___
Do
pref-----------------100 20 J ’ne24
8%
Last Sale 8
*7
Alay'll ___ Boston Land.....................10
5% Jan 13
1573.3 1573g
*157% 158 *1573g 158
6 Cumb Telep & T elcg.100 145% Jan 10
10% 103s 1038 1033
10*s 10%
325 East Boston Land...........
7% Jan IS
281 282 *281 283 *281
283
34 Edison Elec Ilium ___100 281 J ’ly 3
159 160
160% 161
161
161
152 General Electric......... 100 rl45% Mch 3
937S 937g 93% 93%
293 Massachusetts Gas Cos 100 87*4 Jan 3
96% 96% 96
90% 96% 96%
504 Do
pref....................100 94% J’ne27
22434 22434 225 225
225
225
128 Mergentlialer L in o___100 211 Jan 4
41*4
I m s I Sale 4%
June’ l l
___ Mexican T elep h on e.. 10
3% Mch 20
*112% 114 *112 114 +112
114
39 N E Cotton Yarn__100 110 Jan 3
+109% 111 *1091- 111 *109% 112
45 Do
pref.................. 100 106 Jan 3
116% 140 146% 110
140
91 N E Telephone......... _d00 137 Jan 14
*102
*102
___ *102
___
200 Pacific Coast P o w e r .. 100 96 Jan 9
162 162 *162 162% 162% 162%
48 Pullman C o.............. ..1 0 0 158 Mch 6
20 Reece B u tto n -H o le .. 10 xl2 Jan 5
102 102% 102% 102% 102% 102%
253 Swift & Co___________ 100 100 Jan 26
32
32
3134 32
71 Torrlngton___________ 25 30 Feb 1
*3134 32
+30
32
86 Do
pref................... 25 27 Alch23
*30
32
30
30
193 193% 193 193
193% 194S4
236 United Fruit................100 180 Mch 13
61% Oil? 51
51
51
61%
697 Un Shoe Alach C o r p .. 25 x-193gj'no22
£
28% 28% 28% 28*4 ___
84 Do
pref...............
25 2 /% J ’no 2
77% TVs 783g 79
787S 79% 6,271 U S Steel Corp............100 7Hg Jan 3
11734 118-% 148% 1181C.
117% 118
698
Do
pref...................100 11634 Jan 3
*18%
19%
*18% 19% *18
'A
1915 West Telep & Teleg._100
16i2 Jan 17
H
*96% 97
Last Sale 96
June’ lT ___
Do
pref............... ..1 0 0 89 Jan 23
Mining
+6
0% ♦6
6%
6
6
315 Adventure Con______ 25
4i2 Apr 24
9% 9%
0%
9%
250 Algomah Mining_____ 25
6 Jan 24
6*3 9%
31
Last Sale 3.2% June’ U ___ Alloucz_______________ 25 30 Apr 26
w
67% 6734 68
683s 08% 69% 4,810 Amalgamated Copper 100 693., Apr 18
+27% 27% 2734 2734 *2734 28
350 Am Zlno Lead & S in . 25 23 Jan 27
*10% 17
+16
16% 16
16%
175 Arizona Commercial. 25 11*., Apr 24
..
__
6
0
200 Atlantic ..................... 25
3 A pr 12
*.50
.00
Last Sale .70 June’ l l
___ Bonanza Dev Co_____ 10 .50 Jan 5
14
14
*14
15
*14
15
80 Bos&CorbCop&SllAIg
5 l l l 2 J a n l3
*434 47g *434 4 15-10 *434 4 15-16
115 Butte-Balaklava C op . 10
4*2 Jan 30
19% 19*8 *1834 19% 1913 19%
117 Butte Coalition________15 16% Apr 24
67
57% 57
58% 58
58
915 Calumet & A rizo n a .. 10 46 Jan 19
475 475 *46* 475 *460
470
12 Calumet & H ccla____ 25 455 A layll
*12
13
Last Sale 13
June’ l l
___ Centennial_____________ 25
l l i 2 Jan30
*.04
.07
Last Sale .07 June’ l l
___ Cons Mcrcur Gold_____ 1 .05 Jan 6
61
61
60% 60% 61
01
247 Copper Range Con Co 100 68*4 Apr 22
*5% 6%
Last Sale 6
June’ H ___ Daly-W est____________ 20
3 Feb 8
133g 13% 133, 14% 14
14
2,700 East Butte Cop A lin .. 10 10i2 A pr22
*1134 12%
117S 12
11% 12
238 F ra n k lin ____________ 25
7 “ Jan 21
6% 6-38
63g
03s 1,209 Giroux Consolidated. 5
6% 6%
534 Mch 10
38
38-% *381- 40
383s 39
230 Granby C onsolidated.100 30 Jan 20
73s 7% 7% 7 7-16 *7 5-16
73g 1.425 Greene Cananca_____ 20
5%MchlO
27% 27*- 27% 28% 28% 28% 1,255 Hancock Consolidated 25
18 Jan 24
*1
1% *1%
15 Helvetia Copper_____ 25 .99 Apr 22
1%
1%
1%
133., 14
14
14
305 Indiana Alining......... .. 25
1034 A pr24
14
14%
8% S34
8% 8%
7% Apr 27
8-r>8
85S 1,405 Iasplratlon Copper___ 10
38% 30
37% 37%
413 Island Creek Coal____ 1 29% May 9
♦S734 88
88
88
88
88% 1,000
Do
pref................... 1 87 Feb 3
17
17
17% 17% ♦17
18
70 Isle Royale C o p p e r.. 25 12% Apr 8
5
5*8
5
5
2.082 Kerr Lake___________ 5 4l610 J ’ne28
3
3
*25S 3%
27s
27s
105 Keweenaw Copper___25
134 Alaylu
36% 36-% 36
36% 37% 37%
299 Lake Copper Co_____ 25 261- Apr 22
+3% 4
3% 3%
3%
3%
135 La Salic Copper_____ 25
3i2 May 5
9
0
*9
9%
10 Mason Valley Mines___6
Ci2 Apr 24
*8% 8% *8% 834
83.,
8%
50 Alass Consol__________ 25
5 AlaylO
17« 17s *U4 2
178
2%
340 Alayflowcr_______ . . . 25 .20 Feb 18
♦213g 21-% *21% 21% 20% 207g
100 Miami Copper_______
5 18*4 A pr 6
*2
2%
2*2 *2
2%
2%
50 Allchlgan____________ 25
134 Apr 7
+49
60
50
50
60
50
120 Alohawk_____________ 25 36 A pr 18
19% 19% 19% 19% 19% 19%
599 Nevada Consolidated. 5 173s A pr 24
+3% 378
37s
3% 31- +3%
50 New Arcadian Copper 25
2*4 Apr 24
10
10
*10% 10% +10
10%
490 Nlplsslng Mines______
5 xlO J ’nc30
32
32% 32
32
z327g 33% 2,114 North Butte_________ 15 26*2 Apr 24
8
8
7-34 734
8
8
311 North Lake.................. 25
4% Apr 22
*6% 7% *0% 7% *617%
25 OJIbway Alining_____ 25
5 Jan 17
21- 2%
2% 2% 2 9-16 2 11-16 2,075 Old Colony................ 25 .50 Jan 5
47
47% *47
48% 47% 473,
285 Old Dominion Co____ 25 35 A pr 22
102 103
103 104 xl00% 103
71 O s ce o la _____________ 25 95 Apr 24
+ 11
12
Last Sale 12% June’ ll
----- Parrot Silver & C op . 10
11 Jan 26
72% 73
+73
71
73% 73%
52 Quincy______________ 25 65 Jan 25
17% 17% *17% 171- 17% 17%
395 Ray Consol C o p p e r.. 10 16i2 Apr 21
1%
*1%
1%
1%
100 Santa Fe Gold & C op . 10
3, A pr 20
*11
11% *11
11% 11
11
30 S h a n n o n ____________ 10
934 Apr 11
.80
♦.75
.75 .78
.75
.75
350 South Utah AI & S . . . 5 .70 J ’no29
32
32
32
32
321- 32%
175 Superior_____________ 25 30 Apr 24
0% 53., 0 3-10
0
53g
5% 1,625 Superior & Boston Min 10 21B,n Apr 7
16% 16
16
*16
6 Siuperlor&Pitts C op p. 10 13% Jan 3
Last Sale 35
37
*35
June’ U ------T am arack___________- 25
34 Apr 24
4% 4% +4
4% 4%
4%
161 Trinity......................... 25
3t2 Apr 22
38
381- 38% 381- 1.060 U S Smelt Ref & Alin. 50 33i4 Apr 7
38
38
47% 4R% 48
48% 4834 49
321
D>
pref__________ 50 45*2 Apr 4
3%
3% 3*8 *3
60 Utah-Apcx Mining___ 5
2 AleblO
16% 17
17% 17%
392 Utah Consolidated___ 5
93., Jan 20
493i 50
49% 49%
481- 49
337 Utah Copper Co_____ 10 42% Apr 18
*17j
2%
2
2
2
2
275 V ictoria...........................25
1*2 M ch23
*8
81- *8% 81- ' 8%
8%
50 W i n o n a .. ................... 25
6 A pr 18
115 115 *111 115 *114
115
6 W olverine___________ 25 107 Apr 20
+1%
Last Sale I-1., June’ ll
1%
----- W y a n d o tt.........................25
1*4 Jail 25
d New stock, e Ass't paid. o Ex-stock dr/, /Tk x-rlj.its. u Ex-Jiv. ami rights.

__

Range for Previous
Year (1910).
Highest.

110I4 J ’ne 6
91l2 J’ly
<7% Ainr
105 J ’ no20
220 Feb 16 218 J ’ne
1297g Feb 1 xl22 Aug
217 J ’ne21 200 J’ly
1223g Feu 16 .118 Dee
300 Alch 0 285 Oct
10 Alch 15
11 J'ne
76*4 J’ne2 2
70
J’ly
12 J ’ne29
8 Alch
58 J ’ly 1
35 Aug
161 Feb 27 139 Sep
113 Feb 20 109 Oct
272 J ’ne 0 260 Oct
130 Jan
12414 Sep
153 JTy 3 104 Jan
93i2 J ’ne 19
85 Apr
215 Jan 18 202 Feb
111., J’ly
24 J ’no 3
75
J'ly
94>2 J ’ly 7
lORg Feb 23 149 Apr
142 Alch 0 139 Dec
212 A pr 29 210 May
189 Jan 3 I8H4 Sep
43 Feb 21
25 Mai
112 Feb 27 103 Aug
983., Au?
103 J lie 13
190*2 J'ne26 153*4 J’ly
95*8 May 12
89*4 J ’ly
164 J ’ne 16 151 Oct
93 A! oh 22
83 Sep
105 Jan 10
99 J ’ly

123*8 Jan
104*4 Jan
234 Jan
13634 Jan
227 Kcb
152 Fob
300 N ov
10*8 N ov
70 Apr
10*2 Sep
48 Jan
160 Deo
118 Jan
270 Mch
133i2 Jan
123 Oct
90 Oct
218 Dec
21% N ov
8834 N ov
10133 Alch
141 Deo
212 Mch
200 Jan
44% N ov
116 Jan
106 Alch
20412 Jan
1033g Jan
168 Jan
95*2 Mch
109 Feb

00*2 Ma.vlS
36 J ’ly
49*2 Oct
981, Dec 105 Sep
IO51.1 Alch 1
4 Dec
0*2 Jan 20
87g Feb
1334 Dee
19*4 Jan 31
24 Feb
122 Feb 27 111 Oct 12733 Arch
120*8 Mavl9
1113.J Oct
124 Alch
153*4 J ’ no 8 1271.1
1437g N ov
30*4 Alch 20
20 J iy
39*2 Mch
901, Dec 10414 Mch
00i2 J'ne 15
7 " Alch
11 Ataj 29
l l i 2 Jan
16 Alay
20 Jan 31
28 Jan
41-. J ’ly
8*4 Apr 29
812 Jan
159*2 J nel5 i38i2 J ’ly 15212 Mch
12 May 1
1158 Jan
7*8 f p r
292*2 Feb 3 A239 J a '
29212 N ov
167-44 Alay29 135 J iy 160i2 Jan
94*4 J ’ne 15
76*4 Feb
9D8 N ov
89
May 97 Mch
98 AIcll 25
225 Alas 17 21212 Dec 220 Nov
234 Jan
478 Jan 31
6*4 Alay
119 Alch 14 107 Sep 124 Jan
99*2 Aug 115 Jan
116*2 Mch 13
150*2 J ’ne 10 12912 Aug 13834 Deo
93*4 Nov 100 Jan
105 J ’ne 28
163 Jan 30 153 J ’ne 200 Fob
IH4 Jan
16 May 1
14 Oct
104 J ’ne 6 100 Jan 10934 Jan
28 Mch
36 Jan 3
37 Dec
27 Jan
30 AIay31
31 May
197 J ’ne 12 165*2 Jr?,u 200 Sep
687s Feb 18
4C34 J y
7D4 Apr
29*4 Jan 31
31 Jan
25*4 Jr, y
82*8 Feb
0034 Jan
6133 d v
120*2 Feb
i n J ’ly 1255g Jan
14 Feb
23i4 Feb
1934 Sep
81 Aug
07*4 J ’ne
04 Jan
7lg J ’no 10
11 J ’ne 13
39 Jan
71% J ’ne 19
30**g J ’ne 14
18% J ’ne 14
6*2 J'ne20
.75 May 22
15*2 Alay27
0*2 Jan 14
20*2 May24
63 J'ne
545 Jan
15*2 Jan
.15 J ’n e l
6934 Feb .
6i2 J ’n c2l
1434 J ’ne24
14 J ’ne 8
8*8 Feb 6
43l2 J ’no21
7% J ’ne 19
30*4 J ’ne 19
2 Feb 4
18 J ’ne 2
93, May27
40*8 J 'no 3
91 J ’ne 3
19*8 J ’no 13
Vs Jan 21
334 j ’ne 15
40 J'ne 13
0 Jan 3
10*4 Alav29
elO J ’ nel9
3 MayiS
227g ,i’ ne21
3*2 Jan 4
63 J ’no 15
21*4 J ’nolS
4*4 Apr 28
lUg Feb 17
36*4 J ’ no 2
934 J ’no 3
812 J ’no 0
e278 J ’no 29
49 J 'ne 13
124 Jan 3
13 Alay22
74 J ’n e21
1858 Jan 4
1*4 J ’nolO
12% Feb 2
l*io Alayl8
42*2 Jan 3
8*4 J ’nel5
18 J ’ ne 5
62 Jan 3
5 Jan 3
40*g J ’ne 14
40*2 J ’nc20
3%J’ nc 15
20 J ’no 14
52 J'ne 14
2*j Feb 7
9*2 Feb 6
122 Feb 10
2 Feb 6

4 J ’ly
73., Deo

10 Feb
1434 Sep
58 Fob
9034 Jan
55*4 J'.\y
i9i2 J i y
40*2 Jan
12U Alay
6034 Jan
5 J'no
1214 Jan
.50 Mch .70 Mch
10 May
2414 Jan
4i2 N ov
I8I4 May
165g J ’*10 28*2 Jan
4434 J y 103 Jan
500 J }y 685 Jan
38 Jan
! ? ’4
.16 Jan
.04
’ B
85 Jan
58
>0
958 Alch
3*2
14 N ov
o*4 J iy
9 4 Dec
2212 Mch
o J ’ly
11*2 Jan
20 J ’iy IIH4 Jan
63g Sep
l l 7s Jan
1434 J'ly
30 Jan
57g Jan
i * J°’fy
443.1 Afch
10

31 J iy

333, Oct
90 N ov
28i2 Jan
11 Jan
634 Jan
94i2 Jan
19 Jan
41- Alch
.35 Oct
17 J iy
314 Dec
43 j ’ly
175g JTy
3i2 JTy
934 Jan
18 J ’ne
0i4 Dec
5 Sep
.25 Aug
29*2 J'ne
114 JTy
11 Dec
60 J ’ly
15*4 J ’ly
H4 Nov
834 JTy
1 Dec
38 JTy
43g Dec
9 JTy
45*2 J ’ne
4t2 Dec
30 Dec
4534 J iy
2 Dec
12*2 Doc
7i3934J ’ne
2 Dec
5 JTy
102 J ’lv

1033 Oct
Dg Jan
29 Jan
8i2 Jan
75 Jan
27i2 Jan
105g Jan
12 May
50 Jan
257S Mch
1234 Jan
U4 Fob
55 Jan
166 Jan
2134 Jan
92 Mch
2134 Mch
234 Jan
18 Jan
J34 Jan
68*4 Jan
18 Jan
I65g Jan
78 Jan
U3g Jan
55 Jan
53ig Jan
5*4 Jan
40
Jan
OOij Jan
634Jan

16 Jan
150 Jan
334 Jan

J u l y 8 1911.]

Boston Bond Record
"<3

B on u s
BOSTON STOCK E X C H ’GE
W k r k k n d in c < j u l t 7

«** 0
2 h

A m A g r l o o l O h e m 1 s t 5 s . .1 9 2 8
A m T e le p A T o i c o ll tr 4 s. 1929
C o n v e r t i b l e 4 s ..................... 1 9 3 6
A m W r it P a p er l s t s t& s g 191 9
A m Z i n c L A S d e b 6 s ___ 1915
A v iz C o m C op 1st c o n v Os 1 92 0
A ten T op A S F e g e n g 4 s ..l9 9 5
A d ju s t m e n t g 4 s ___ J ’ ly 1 9 9 5
S t a m p e d .................. J ’ ly 1 9 9 5
6 0 -y e a r c o n v 4 s ............... 1 9 5 5
1 0 -y e a r c o n v 5 s ................1917
A t l G u ll A W 1 S S L l n e s 5 s . ’ 5 9
B o s to n E le c t L c o n s o l 6 a. 1924
B o s t o n A L o w e l l 4 s ..............1 91 6
B o s t o n A M a in e 4 ‘o s ........... 1 9 4 4
B o s t o n T e r m in a l 1 s t 3 * 2 3 .1 9 4 7
B u r A M o U iv c o n s 6 s . . . .1 9 1 8
B u t t e A B o s t o n 1 s t 6 s ___ 1 91 7
B u tto E le c & T o w I s t g 5 s .l 9 5 1
C e d a r li a p A .Mo i t 1 s t 7 s . 1 9 1 6
C e n t V e r rn t 1 s t g 4 s . . M a y 1 9 2 0
O B A
I o w a U iv 1 st 6 s . 1 9 1 9
I o w a l l i v 1 st 4 s ..................1919
D e b e n t u r e 6 s ....................... 1 9 1 3
D e n v e r E x t e n 4 s ............... 1 9 2 2
N e b r a s k a E x t e n 4 s .........1 9 2 7
B * S W s t 4 s ..................... 1 9 2 1
I ll in o i s L n v 3 *as..................1 9 4 9
O h io s o B y & Stic Y d s 6 s .1 9 1 5
C o ll t r u s t r e t u n d in g g 4 8 1 9 4 0
Oh M i l A S t T D u b D 6 s . . 19 2 0
Oh M A 8 t T W l s V d i v 6 s l 9 2 0
O h io a N o M ie n 1 st g u 5 s . 193 1
O h io A W M ic h g e n 6 s . . . .1 9 2 1
O o n o o rd A M o u t co n s 4 s .. 1920
C o n n A P a s s K l e t g 4 s . . . 1 94 3
O u d a liy T a c k (T li e ) 1 st g 5 s 1 9 2 4
C u r r e n t i t l v o r 1 s t 6 s .......... 1 9 2 6
D et G r U a p A W 1 st 4 s . . . 1 94 6
D o m in io n C oa l 1 s t s f 6 s . .1 9 4 0
F it o n b u r g 4 s ............................ 1 9 1 5
4 s ............................................... 192 7
F r o m t K l k A M o V 1 st 6 s . .1 9 3 3
U n s t a m p e d 1 st 6 s .............1933
G t N o r O i l A Q c o l l tr 4 s 1 92 1
R e g is t e r e d 4 s ........................1 9 2 1

A -O
J -J
M -S
J -J
M -N
J -D
A -O
N ov
M-N
J -D
J - 1)
j-J
M -S
J -J
J -J
F -A
J -J
A -O
j -d
M-N
Q -F
A -O
A -O
M-N
F -A
M-N
M -S
J -J
J -J
A -O
J -J
J -J
M-N
J -D
J -1 )
A -O
M -N
A -O
A -O
M-N
M -S
M -S
A -O
A -O
J -J
Q -J

N

ote—B uyer

Price
Friday
July 7
Bid

WeeUs
Range or
Last Sale

Ask Low

112
..........
. . . . . . _____

98*4
91
9L

99
92
92

" 9 0 S s a le "

.......... 1 0 2 * 8
90*4 Sa le
.................
9 9 *2 100*4
101*-. 1 0 2 s

98

98*2

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

97 *>» S a lo
9 7 * s ..........

Range
Since
January 1

BONDS
BOSTON STOCK E X C H ’G E
W k h k E n d in g J u l y 7

9 101*4
34 89*2
1 0 5 78
90

102

..1

p a y s a o o r u e d I n t e r e s t In a d d i t io n t o t h e p u r c h a s e p r lo o t o r a ll B o s t o n B o n d s .

Week’ s
Range or
Last Sale

Price
Friday
July 7

High A’0 Low H igh

102*a I l l i n o i s S t e e l d e b e n 5 s . . . . 1 9 1 3
l a F a lls A S i o u x C i s t 7 s . . 1917
9 1 7s
92
92
110*2 J ’ n e 'l l
H I *2 K a n G C lin A S n r 1 s t 6 s . . . 1 9 2 5
K a n C F t S A G u l f e x t 5 s . . 1 91 1
90
90
F ob’ll
K a n C F t S c o tt A M 6 s . . ..1 9 2 8
100
122*2
122*2 J ’ i i o ’ 1 1
84
9 2 *2 K a n C M A B g e n 4 s .............1 9 3 4
91 >2 J’ n e ’ 11 ___
A s s e n t e d i n c o m e 5 s .........1 9 3 4
93
99 >2
98*4 J ’ n e ’ l 1
91
9 1 78 K a n C A M l t y A B r 1 s t 5 s l 9 2 9
91
A p r ’ 11
91
92
M a in e C e n t c o n s 1 s t 7 s . . . 1 9 1 2
92
M ay’ l l
C o n s 1 st 4 s ........................... 1 9 1 2
15 109*8 113
113
113
110*8 M a r ’ l l . . . . 108*4 110*8 M a r o H o u g h A O n t l s t O s . 1 9 2 5
M a s s G a s 4 * 2 8 ......................... 1929
73
70
70*4 14 0 8
*1 ic h T e l e p l s t 5 s ................... 1 9 1 7
1 10
F e b '0 4
M im ic G en E le c c o n g 5s 1929
100
M a r ’0 9
N e w E n g C o t Y a r n 6 s ___ 1 9 2 9
1 0 4 4 O ct
N e w E n g T e le p h 6 s .............1 9 1 5
1 1 2 4 J a n ’ 03
6 s ................................................. 1 9 1 6
103
103*2
N o w E n g la n d c o n s g 5 s ... 1945
1 0 0 J 'n e ’ Ol
B o s t o n T e r m 1 st 4 s .........1 9 3 9
N o w K i v c r (T h e ) c o n v 5 s . 1 93 4
4 87*2 90*2 N Y N 11 A 11 c o n d e b 3 *281956
90*2
9 0 *2
C o n v d o b Os ( c t f s ) .......... 1 94 8
11103 d o t M)7
O ld C o l o n y g o ld 4 s ................1 9 2 4
'9 9
F eb’ll
G re g B y A N a v co n g 4 s .. 1946
101*4 M a y 'l l
1 ( 10*4 1 0 1 *4
O r e g S li D in e 1 s t g Os.........1 9 2 2
99*4 1 0 0
99*4 M ay’ l l
99 *a M a y ’ 11 . . . .
08*8 99*2 T e r e M a r q u e t t e d e b g 6 s . . 1 91 2
9 9 *8 F o b ’ l l
99*8 99*8 l t e p u b V a lle y 1 s t s t 6 s . . . 1 9 1 9
87*6 M a r ' l l
87*g 8 8 * 4 R u t la n d 1 s t c o n g e n 4 * 2 3 .1 9 4 1
l o l 7s J ’ n o ’ l l ___ 1 0 0
R u t la n d -O a n a d la n I s t 4 s l 9 4 9
102*8
6 89*2 90*4 S a v a n n a h E l e c 1 st e o n s 5 s . 1 9 5 2
90*4
90*4
___
S e a t t le E l o o 1 s t g 5 s ...........1 9 3 0
1 14
Jan’ll
1 14
114
l l 3 » e F e b ’ l l . . . . 113*8 113*8 S lx a n n o u -A n z 1 st g 6 3 ____ 1919
T e r r e l l a u t e E l e c g o s ___ 1 9 2 9
1 00 *i J ’ n e ’ l 1
98*2 101
1 01 *2 J ’ n e 11
100
1 0 1 * 4 T o r r i n g t o u 1 s t g 6 s ............ 1 9 1 8
U n io n T a o R R A l g r g 4 s . l 9 1 7
91
D e e ’ 07
________
2 0 - y e a r c o n v 4 s ................... 1 9 2 7
112*4 J a n ’ 0 3
100*4 A u g ’ 0 9
U n it e d F r u i t g e n s t 4 * 2 8 .1 9 2 3
97
M a t’ l l
97
97
U S C o a l A O il 1 s t s f 6 s . . 1 938
H3
8 7 :V U S S t e e l C o r p 1 0 -6 0 y r 6 s . 1 9 6 3
87-\ J ’ n e ’ l 1
98
J ’ iie ’ 1 1
95*4 9 8
W e s t E n d S t r e e t B v 4 s ___ 1 9 1 6
.....
G o ld 4 * 2 8 ................................. 1 9 1 4
G o ld d e o e n t u r e 4 s .............1 9 1 0
128
128
G o ld 4 s ..................................... 1 9 1 7
1 127*4 1 28
140
A p r ’05
W e s t e r n T e le p h A T e l 6 s . 1 93 2
9 7 *4
9 7 *a 65 95*2 98*4 W i s c o n s i n C e n t 1 s t g e n 4 s l 9 4 9
97 *2 J ’ n o ’ 11 . . . .
90*8 98
1 0 1 *4

92
S a le
109*4 110*4

II

99

A -O
A -O
AO
J -D

Uia

M-N
M-S
M-S
A -O
A -O
A -O
A -O
J-.T

J-J
J -J
F -A
A -O
A -O

a

sk Low

100*2 101

92
.........
........... 91
102 *» 1 03

100*8 Sa le
ib ’ 2 " i o j '

J-J
A -O
J -J
J -J
J -J
F -A
J -D
F -A

J-J

J -J
J -J
J -J
J -J
F -A
M-IM
J -J
M -S
J -J

105
91

M-N
M-N

97

F -A

M-S
M-N
F -A
J -J
J -J

9 9 34 S a le

100*2
100*2
A p r ’ 08
117
94*4 F e b ’ l l I
100 .May’ l l *
116*2 J ’ u e 'l l i
92
M ay’ lll
88 A p r ’ l 1
102 M a t ’ l l
102*4 F e b ’ l l i
101*4 S e p ’ 0 5 !
1 15
J ’ n e ’ t'8 '
100*8 100*8
99*2 M a y ’ l l
102*2 A u g ' 0 4 1
103
1 03 I
101*4 M a r ’ l l '
100*2 s e p ’ 08l

1 100

75
O ct m o :
9 6 34 M a y ’ l l
133>» M a y ’ l l '
101 A p r ’ 0 9 ’
9 8 r8 S e p ’ 0 9
I l l ’s F e b ’l l
98
J ’n e ’ l l
103
J a n ’ 11
107*2 N o v ’ 05
102 M a t ’ 0 2
70*4 D e c ’ 10
104*2 J ’ u e ’ l l
93
A p r’ l l
97
A p r ’ 07
100 M a r ’ 10
101 J ’ u e ’ l l
104**8 A y r ’ l l
97
97
165
N o v '1 0
105*2
100*2
99
M ay’ 11
100 M a y 'l l
98*2 A p r ’ l o
98 *8 J an ’ 11
99*4
9 9 34
93*4 J a n ’ l l

» N o p r ic o F r i d a y ; la t e s t b id a n d a s k e d .

l

High, .Vo Low High,

3,

J-0
J -J

Range

§ o I Since
as"0 'January

102*a

11 94*4

94*4

100

100*8

115
II 1*2
I 88
1 02

1 1 0 34
9 3 >2
90
1 03

102*4 102*4
9 9 *2 10038
99*2 99*2
100

103

10l*>4 102

90*4 9 9 -2
132*4 1 3 4 34
1 1 4 34 114*8
98
93*4
1 03
103

1 04
93

105
93

100**8 101
104*8 104*8
| 95*6 97*2
104*4 10*3
I 98*2 9 9

100*8 100*2
98*8 93*8
96*4 1 00
9 3 * , 93*4

J] F la t p r ic e .

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
S h a r o T r i c e s — N o t T e r C e n t u m T r ic e *

Saturday
July 1

Monday
July 3

Tuesday
Ju ly 4

W
O

j

Wednesday
July S

;
•
•

0
19*2 .19*2

M

92*4 92*4 »<...........
09*>, 99*4
99**
*1 2 7
1 30
♦ 2 0 7a 27*2 ♦26*4
♦69*2
19*2 19*4 ♦ 19*4

92*4
99*4
r»f t
fft.
61
19*4

43*4
44*4
12*4
64*2
32
73*4

b
♦433*
*44V
*1 2*8
6 3»«
•81*4
*73

44
46
12*4
321*
74

26*2

25*2

6 8 *4

88*2 88*2
*87*2 87*4
02*8 628ie
*56
50*2
17*4 17*4
80
6*8
49*«
87

* 43*4
4 4 7a
*12*«
64
*31*4
*73

b
H

45
12*4
54
32*4
74

<4
b
w
3
Q
H

*25
26
♦88*a 89
80<V, 8613,8
62*8 02*8
*66

u
£

66*2

17*4 17*4
19 *2 19*2
79*18 7#716
80
6 'g
0*6 ♦S11,*
49*2
4 9 '4 * 4 9
87
87
87

I'll I LAl)Ek.I’ ll 1\

;
j
•
<

Bid

I n a c t iv e S t o c k s
A m o r lc n n M i l l i n g .........10
IH
C a m b r ia I r o n ................... 6 0
C e n tra l C oal A C o k e . 100
J P rolerred ...................... 100
O on sol T ra o ol N J ...1 0 0
F t W a y n o A W V .........1 00
G e r m a n t o w n P a s s ........ 5 0
H u n tin g d o n A B T .. . . 5 0
P r e f e r r e d ....................... 50
I n d i a n a p o l is S t .............1 0 0
I n d i a n a U n io n T r ___ 1 00
I n s u r a n c e C o o f N A . . 10
2 0 *»
I n t e r S m T o w A C h e m .6 0
K e y s t o n e T e le p v t 0 . . 6 O
P r e f e r r e d ....................... 6 0
K e y s t o n e W a t c liC a s o .lO O
L o u V a il T ra n v t c .,.5 0
8
P r e f e r r e d v t c ............ 5 0
23
L it B r o t h e r s ..................... 1 0
16*4
L it t l o S c h u y l k i l l .............50
M ln e h lll A S c l iu y l H . . 6 0
69*2
N a t G a s E l e c L t A l ’ o 100
20
P r e i o r r e d ......................l u o
70
N H a v e n Iro n A s te e l. 6
N o r t h e r n C e n t r a l.......... 5 0
N o r t h P e n n s y l v a n i a . .5 0
P e n n s y lv a n ia S a lt .........5 0
112*4
P e n n s y lv a n ia s i e e L . l O O
P r e f e r r e d ......................1 0 0
43*2
P h l l a C o ( P it t s ) p r e f . . . 6 0
P h i l G o r m a n A N o r r t s .5 0
I ’ liila T r a c t i o n ................. 5 0 " s o "
R a il w a y s G e n e r a l.........10
6*8
T o n o p a h B e lm o n t D o v .l
240*3
U n it e d C o s o l N J ___ 100
U n it T r a o P it t s p r o f . .5 0
W a r w i c k I r o n A s t e e l . 10
» 7S
W a s ln h g t o n - V a B y . . 1 0 0
40*2
P r e f e r r e d ..................... l o o
W e i s b a c h C o ................ 1 0 9
W e s t J e r s e y A S e a S n .6 0
W o s t n io r e la m i C o a l... . 5 0
W i lk o s G a s A E l e c . . 1 0 0
Y o r k R a il w a y ................. s o
P r e f e r r e d ....................... 0 0

Ask
1*4

20*2

9
23*4
17

lO f

• B id a u d a s k o d j n o s a le s o n t h is d a y .




43*2
44*4
*12*8
53*8
♦31*4
*73

43*4
4 4 7s
12*2
04
32*4
73*«

*12
43*4
44*4
♦ 12*8
54
32
73*4

25
89
8 0 7i #
01**18
66
17*8
19*2
7 8*3 ,8
♦
49*4
87

26
89
86*8
62*8
60
17*8
19*4
7b‘ ,a
6 ;8
49 *a
87

26
89
87*a
02
♦55
17*2
20*8
7 9 * ,a
0*8
4 9*«
87*.

h

44

Thursday
July fi

Friday
July 7

Sales
A C T IV E S T O C K S
or the
Week ( For Ronds and inactive
Stocks see below)
Shares

♦91*4 92*4
*99*2100
1 29
130
* 2 6 * » 27*2
*60
60*2
019 *4 10*2

Range Since
Jan 1 1911
Lowest

Range lor Previous
Year (1911))

Highest

Lowest

H ighest

B a ltim o r e
2 0 0 C om G a s EL L . A P o w .1 0 0 64 J a n 9 94 M ay29, 46
M a r 64 *2 D e c
341
Do
p r e f ...................... 1 0 0 8 9
J a n 9 1 0 0 *2 J ’ n e 7
80
S ta r 9 0 J ’ly
1 0 N o r t h e r n C e n t r a l .......... 6 0 121
~
' ' 130*4 J ’ u e2 0 1 1 5
J a n 1 32
F eu
1 0 0 21
J a n 4 28*6J ’n e 3
18*6 J ’l y
27*4 J a n
Do
100 43*4 J a n 4
40
O ct
47
Jan
6 0 16* 2 J a n 9
12*8 M ay 16*2 D e o

Philadelphia

A m e r ic a n C e m e n t . . ..

26
89
87*2
62*4

66
17*8
20*n
7 9 *»
6*4

T o u o p a li M i n in g

49*8
87*8

T H 11. A U E 1. T U I A

PHILADELPHIA

Bonds
Prices are a ll “ and
interest,"
A l t A L V E l e o 4 *28’ 3 3 .F -A
A m G a s A E l e c 5 s ’0 7 . F -A
A m U y s c o n v 6 s 1 9 1 1 . J -D
C o ll t r u , t 6 s 1 9 1 7 .A -O
A t l C E l o o r e f o s ’ 3 8 . M -S
B e r g A E U r w l s t O s ’ 21 J -J
B e t i d e S t o e l 6 s 1 9 9 8 . <J-F
C h o c A M o 1 s t 6 s 1 9 4 9 J -J
C li O k A G g o n 5 s ’ 1 9 J -J
C o n T r a o o f N J 1 st 6 s . ’ 33
D e l C o l t y s t r c t f s 4 s ’ 4 s J -J
E A A 1 s t M 6 s 1 9 2 0 M -N
E le c A T o o T r s tk tr c tfs
G e n A s p L a l t 5 s l9 1 6 .M - S
lu d ia n a p o l ls l i y 4 8 .1 9 3 3
In te rsta te 4s 1943 ..F -A
K e y s t o n e T e l e s 1 93 6M -J
L a k e S u p C o r p in o 5 s ’ 24 0
D o h i g l i N a v 4 *28 ’ 1 4 . (J-J
G e n M 4 *2« g . l 9 2 4 . Q - F
L o h V G i s t 5 s g ’ 3 3 . . J -J
L o ll V e x t 4 s 1 s t 1 9 4 8 .J -D
C o n s o l 6 s 1 9 2 3 .........J -D
C o n s o l 4*23 1 9 2 3 . . . J - D
A n n u i t y 6 s ................ J -D
G o n c o n s 4 s 2 0 0 3 . M -N
L e h V T r a n c o n 4 s ’ 35 J -D
1 st s c r i e s B Os 1 9 3 5 .M -S
N a t l.H A P s c r B o s ’ lO J -j
N o w C o n G a s 5 s 1 9 4 8 J -D
N Y P h A N o 1 s t 4 s '3 9 J-J
lu o o m o 4 s 1 9 3 9 ...M -N
N o O l ii o T r a o c o u 5 8 ’ 1 9 .J -J
P e n n A M d S te e l co n 6 s.
P a A N Y C a n 5 s ’ 3 9 . A -O
P o n u S t o o l l 8 t 5 s ’ 17 M -N
P e o p l e 's T r t r c e r t s 4 s ’ 43
P C o I s t A c o l t r 5 s ’ 4 9 M -S
O o u A c o l t r 5 s 1 9 5 1 M -N
XVIul E le c g o ld t r u s t c t f s .
T r u s t c o r t l f s 4 s ................
P A E g o n M 6 g ’ 2 0 . A -O
G e n M 4 s g 1 9 2 0 ..A A O

100

93*2
io i

io 6 * -j

......

B o o h B y A L e o n 6 s ’ 6 4 J -J

117*2

U T r a c i n d g o n 6 a ’ 1 9 .J -J
U n lt y s T r c t f s 4 s ’ 4 9J A J
U n it e d l l y e l n v 1 s t c o l l tr
s f u s 1 9 2 6 .................. M -N
W e l s b a o h s 1 5 s 1 9 3 0 . J -D
W l k s -B G A E c o n 5 s ’ o o J -J
Y o r k l t y s 1 st 6 s 1 9 3 7 .
D A L T 1 .U 4 I U E
i o i t t i v c o u je k s
A l a C o n s C o a lA I r o n . 1 0 0
P r e t ...........................
A t l a n t a A C h a rlo tti
A t i a n C o a s t L (C o n n ) 100

103

.....
9 4 6*

78
90*4
94*4

UK

6 8 7a
84*a
70
68
101
1 04
109*4 ib o " ^
103*2

.....

1 47
97*4

__
97 *2

97*4 100
97*2

i«V .....
1 01 *2

92*2 93
103
103*8
99*s 1U0
103*2 103*4
80
80*2

C o n s C o t D u c k O o r p .. . 5 u
P r e l e r r e d ....................... 5 0
G e o r g ia S o u A F l a . . . 1 0 0
1 s t p r o ! ......................... 1 00
2 d p r e f ........................... 1 0 0
G -B -S B r o w i n g .............1 0 0
B onds
Prices are all “ and

interest."

A n a c o s t ia A P o t 5 s ___
A t l C o a s t D (C t ) c t fs 6 s J -D
C t fs o f i u d o b t 4 s ........I -J
6 -2 0 y r 4 s 1 9 2 5 .......... J-J
B a l t C P a s s 1 s t 6 e ’ l l M -N
B a lt F u n d g 6 8 .1 9 1 6 M -N
E x c h a n g e 3 *28 1 9 3 0 J -J
B a lt A P 1 s t Os m I ’ l l A -O
B S P A O 1 s t 4 *23 ’ 6 3 F - A
B a lt T r a o l s t 5 s . . ’ 2 0 M -N
N o B a lt D iv 5 s 1942 J -D
C e n t ’ l lt y c o u 5 s l U 3 2 M -N
E x t A Im p o s . 1932 M S
C lia s C it y l t y l s t 5 s ’ 2 3 J -J

60 12
M ay23
6 0 42
Jan 5
6(1 42 *2 J a n 3
1 0 11 *2 J a n 4
1 00 4 8 * a J a n 3
100 31*2 M a r 4
1 00 72
A la rlO
60
8 J ’ne 3
1 00 25
J ’ n e ‘2 0
6 0 83*2 J ’ n e 2 9
6 0 84*2 A p r 24
60 6U *4 M a y i6
50 * 6 0
Jan 3
26 16 J a n 19
60 17 A p r i s
6 0 74*6,8 A p r 24
1
6 -iJ ’no l
6 0 43 J a n 3
60 8 6 *3 J a n 3

[ R id |A sk

17*2 J a n 4
17 D e c 2 8
Jan
41*4 J ’ ly 6 0
Jan
48*4 H e b lS
40*4 J ’ l y
53*2 J a n
1 2*2 J a n 14
11 *4 J ’ly
12 *2 J a n
42 J ’ n e 0 4 *4 M a r
66*8 J ’n o l 6
3 4*4 J a n LO
19*4 J ’ ly
31*8 D e o
64
J ’ ly 84*4 J a n
8 3 76 J a n 3 0
9*6 J a n l o
7 J ’ ly
13 J a n
32
F eb 6
l o *2 J ’ n e 29 7* D eo
98
J a n 14' 8 6
J ’ n e 1 23 J a n
90*2 F e b 3
62*2 J ’ly 1 2 1 *4 M a r
66
F e b 2 61**18 J ’ly 60*16 M a r
69*4 J ’ n e 6 ' 42
J ’ n e 63*4 J a n
16*4 M a r
1 7 ’ s J ’ ly 7: t l 3 7s Feu
2 1*4 J a n 2 0
15 A p r 28*2 J a n
8 0*4 F o b 10
6 5 *2 J ’l y
86
F eb
8 >
s J a n I7j
0 *2 J a n
9 * io M a y
61
J ’no 8
52*4 J a n
33
O ct
89*8 J a n 9| 7 9 J ’ly
95*8 J a n

45*2 J a n 2 0

B A L T IM O R E

.......... L . . . C lia s B y G A E l 5 s ’ 9 9 JV1-S
.......... T 0 o «8 C h a r i C A A 2 d 7 s ’ 1 0 A -O
117
117*4 C it y A S u b 1 st 5 s . . ’ 2 2 J -D
C it y A S u b ( W a s l i s t 6 s ’ 4 8
I
C o a l A 1 B y l s t o s ’ 2 0 F -A
126
125
C o l A G r u v l a t d s . 1 9 1 0 J-J
C o n s o l G a s o s . .1 9 3 9 J -D
101*4'101»4
G e n 4 *28 1 9 5 4 ...........A -O
102*t C o n s G E A P 4 ‘2 8 ’ 3 5 . J -J
F a i r A C l T r x s t o s ’ 3 8 . A -O
77
77*2 G u a A l a 1 s t c o n 5 s ’ 4uJ -J
O a C a r A N l s t 6 s g ’ 2 9 J -J
85*4 85 Vi G e o r g ia P 1 s t O s .. . ’ 2 2 J-J
90
G a S o A F la 1 st o s 1 9 4 5 J -J
1 03
G -B -S B r e w 3 -4 s 1 9 5 1 M -S
95
2 d in c o m e o s 1 9 5 1 M -N
K u o x v T r a c 1 s t 5 s ’ 2 8 A -G
L a k e l t E l 1 s t g u 5 s ’ 4 2 M -S
M a c o n l i y A L it ls t 0 s ’ 6 3 J -J
M e m p h is S t 1 st 5 s ’ 46 J -J
M etS t( W a s h )ls t5 s ’ 2 5 F A
2 45
M t V e r C o t D u c x 1 st 6 s .
N p t N A G P 1 st 5 s ’ 3 8 M -N
3
6
N o r A P o r T r ls t O a ’ J O J -D
17
18
N o r fo lk S t 1 st 5 s ’4 4 . J J
N o r t h C e n t 4 *28 1 9 2 5 A -O
B e r io s A Os 1 9 2 6 . . . . J - J
........... ..........
S e r i e s B 5 s 1 9 2 6 ___ J-J
1
7h
P it t U u T r a c 5 s 1 9 9 7 . J -J
P o t o V a l 1 s t o s 1 9 4 1 . .J -J
S a v F la A W e s t 6 s ’ 3 4 A -O
S e a b A R o a n 5 s 1 9 2 6 . J-J
101
101*2 S o u t h B o u n d 1 s t & S ..A -U
104
U K l L A P ls t 4 * 2 8 ’ 2 9 M -N
U n i t y A E l 1 s t 4 s ’ 4 9 *M.-S
I n c o m e 4 s 1 9 4 9 .........J -D
..........
ib o " ‘
F u n d in g o s 1 9 3 6 ...J -D
1 04
V a M id 2 d s e r 6 s ’ 1 1 .A 1 -S
106
93
3 d s e n e s 6 s 1 9 1 6 . .M -S
94
4 t h s e r 3 -4 -5 s 1 9 2 1 . M -S
6 th s e r ie s 6 s 1 9 2 6 . M -S
; » b 7s
1U7
107*».| V a (S t a t e ) 3 s n e w ’ 3 2 .J -J
109
110
F u n d d e b t 2 -3 8 1 9 9 1 .J J
107*2 1 0 8 4 ' W e s t N C c o n 6 s 1 9 1 4 J J
W c s V a C A P l s t 6 g ’ l l J -J
102*2 i o i ' y W i l A W e l d 5 s . . 1 9 3 5 .J -J

R id | Ask

105*8
102*4
102*4
106
108*2
97*2
87
1 0 0 34
103*4
1 06 *2
112
106
44
5

100103*2
1 0 2 34

1 07
109*4
93
87*4
lo l
105*4
1 06
111
44*2
0*4
110*4

98

99

75*4

75*2

88

89

166

..........

........... ..........
110
112
1 05 *2 106*2
1 06
107
93
94
86*8 86*8
84*2 64*4
8 8*4

106
1 0 3 34
106*4

88*2

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

86
1 04

87
105

110

112

11E x - d iv . A r i g h t s . U $ l 3 p s t l i t $12** p a id . * $ 1 3 'a p a id . 1 $35 p a id . « B e o e ip t s . 6 * 2 5 p a id . c$30 paid. * $ 4 2 * . n oli.

100

THE CHRONICLE

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K
D A IL Y . W E E K L Y AN D Y E A R L Y .

Week ending
July 7 1911.

T otal________

Railroad,
&c..
Bonds.

Par value.

Sa turda y ___________
M ond ay ____________
T u e sd a y _____________
W ed n esda y ________
T h u rsd a y ____________
F r i d a y ____ _________

94,092
217,435

1 ,112,619 $10 3,1 99 ,85 0 !

$207,500
241 ,00 0

$21,000
89,000

3 30 ,50 0
180,500
122,500

7 ,000
1,000

$ 1,0 88 ,00 0 $118,000

$ 9 ,3 3 7 ,5 0 0

Jan. 1 to July 7.

Week ending July 7.

1910.

1911.

1910.

1911.

V. S.
Bonds.

State
Bonds.

$ 9 ,0 2 6 ,4 5 0
$ 1,0 11 ,50 0
19.S4S.100
1,629,500
HOLI D AY
2 9 ,4 73 ,60 0,
2 ,4 3 8 ,5 0 0
2 5,6 6 3 .7 0 0
2 ,5 3 4 ,5 0 0
1 9,188,000,
1 ,723,500

3 17 .18 6
270,197
207,709

Sales at
New York Stock
Exchange.

EXCHANGE

2 ,9 7 5 ,0 0 5
S to ck s— N o . shares___
1,112,619
P ar v a l u e ___________ $10 3,1 99 ,85 0 $ 26 5,0 44 ,40 0
$5,5 00
B a n k shares, p a r_____
$ 10,400

55,540,608
$ 4 ,9 39 ,34 4,6 0 0
$1,2 60 ,50 0

101.637,260
$ 9,1 46,177,325
$677,700

Bonds.

G overn m en t b o n d s ___
Sta te b o n d s ___________
R R . and m lsc. b o n d s ..

$ 118,000
1,08 8,0 00
9 ,3 3 7,5 00

$3,500
740,500
6,09 4,0 00

S I ,616,500
71,6 63 ,00 0
401 .44 9,5 00

$241,500
2 8,004,700
3 49 .93 0.5 00

T ota l b o n d s ________

$ 1 0 ,54 3,5 00

$ 7 ,4 38 ,00 0

$477,734,000

$ 378,266,700

D A IL Y

T R A N S A C T IO N S

A T T H E BOSTON A N D
EXCHAN GES.

P H IL A D E L P H IA

Boston.
Week ending
July 7 1911.

Listed
shares.

Unlisted
share>.

S a tu rd a y _____________
M o n d a y ______________

4,0 0 0
6,311

2,168 :
4,136

W ed n esd a y ___________
T h u r s d a y ____________
F rid a y ________________

9,076
7,161
8,346

4 ,077
5,301
5.700

T o t a l...........................

3 4,894

21,382

Philadelphia.
Bond
sales.

Listed
shares.

Unlisted
shares.

$31,000
1,725
1,631
2 1,000
HOLI D A Y
7,500
6 ,3 5 7
60,000
14,027
4 ,726
43,000
$ 162,500

28,4 60

Bond
sales.

2,6 5 0
2,722

$ 13,000
51,025

3,9 1 8
5,329
1,274

87,000
85,025
23,000

13.8931

$ 259,650

Outside Securities
AU bond prices are now "and interest" except where marked " f .”
Bid

S tre e t R a il w a y s

Ask

New York City
B leeck St & Ful F y s t k . 100
1st m tge 4s 1950............ J-J
B ’ y Sc 7th A v o s t k ............ 100
2d m tge 5s 1914______ J-J
Con 5s 1943 —See Stock
B ’ w ay Surface 1st 5s gu 1924
C ent’ l Crosstow n s t o c k . . 100
1st m tge 6s 1922____ M-N
Cen P k N Sc E Itlv s t o c k . 100
Christoph’ l & 10th St stk 100
Col * 9th A v e 5s— See Stock
D ry D ock E B & B —
is t gold 5s 1932.............J -D
Scrip 5s 1914................. F-A
E igh th A venue s t o c k ___ 100
Scrip 6s 1914............... F-A
42d & G r St F ’ y s t o c k . .1 0 0
42d St M Sc St N A v e . . . 100
2 d Incom o Os 1915___ J-J
Inter-M et —See S tock E x ch
L ex A v & P a v F 5s —See Stk
M etropol St R y —See Stk
N inth A v enue s t o c k ------ 100
S econ d A v en u e s t o c k — 100
Consol 5s 1948.......... . . F - A
( S i x t h A v en u e s t o c k ___100
Sou B ou lev 5s 1945____ J-J
S o F er 1st 5s 1919............ A-O
T h ird A v enue R R —See Stk
T a rry W P Sc M 5s 1 9 2 8 ..
Y ’k e r s S t R R 5s 1910 A-O
38th Sc 29th Sts 5s ’ 9 6 . . A-O
T w en ty -th ird St s t o c k . . 100
U n ion R y 1st 5s 1 9 4 2 . . . F -A
W estchester Ist 5s ’ 43 J-J

15
60
120
99
E xc
101%
/ 80
10
100
E xc

21
70
140
101
list
103
90
85
20
115
list

C9% 101%
40
250 310
100
/ 95
200 225
____
60
/ 40
ange
list
E xc
list
E x c list
150
175
9
13
/ 41
50
120
128
05
75
70
to
E xo list
80
t 60
85
80
21
f 15
190 215
102% 104
75
65

t 30

Brooklyn.
A tlan A v enue R R —
102%
C on 5s g 1931............... A-O
B B <k W E 5s 1933____ A-O
98
B rook ly n C ity S to c k _____ 10 168
C on 5s —See S tock E x ch ange
B k ly n H gts 1st 5s 1941 A-O
98
B k ly n Queens C o & S u b —
( 1st g 53 ’ 41 o p 1916 .J-J
98
« 1st con 5s '41 o p '1 0 M-N
97
B k ly n lla p T ra n —See Stock E x c
C on ey Is! & B k ly n .......... ICO
50
1st cons g 4s 1948____ J-J
78
C on g 4s 1955................. J-J
75
B rk O Sc N 5s 1 9 3 9 . . . J-J
98
K in g s C o E l 4s —See Stock E xc
Nassau E lec p r e f............... 100
103
5s 1944...........................A-O
1st 4s 1951 —See Stock EXC
N W ’ b ’g Sc F la t 1st e x 4 Ms
92
S tclu w ay 1st 0s 1922___ J-J
102

103%
102
172
list
102

S t r e e t R a il w a y s

• Per

share. 6 Basis,




Ask
108%
240
77
137
99
1x3%

103
list
103
100
40%
37%
list
list
357„
89%
85%

G a s S e c u r it ie s

New York
Cent U n Gas 5s 1 9 2 7 .. .J -J
Con G as (N Y ) —See Stock
e M utual G as.................... .1 0 0
N ew A m sterda m G as—
1st con sol 5s 1 9 1 8 .. -J-J
N Y Sc E It Gas 1st 5s '44 J-J
C onsol 5s 1945_____ .J-J
N Y & R ich m on d G as. .1 0 0
N or Un 1st 5s 1927____ M-N
« Sta n da rd Gas c o m . . . .1 0 0
e Preferred ................. .1 0 0
1st 5s 1930................... M-N

102
103
Exo ll3t
179% 184
102
1043.1
10134
40
100
70
95
105

103
108
103%
50
102
____
___ _
107

Other Cities.

A m Gas & E lec c o m ___ - . 5 0
P r e fe r r e d ...................... . . 5 0
A m er L ight Sc T r a c t ___ .1 0 0
101
P r e fe r r e d ____________ .1 0 0
B a y S ta te G a s _________ - . 5 0
99
list
B lngh’ ton (N Y ) Gas W ks
1st g 5s 1 9 3 8 ............. A-O
65
83
B rook ly n Un G as —See Stk
80
U «ffalo C ity Gas s to c k . .1 0 0
101
1st 5s 1917 —See Stock
list
Cities S ervice C o ............. .1 0 0
____
P r e fe r r e d ...................... .1 0 0
105
C on Gas o f N J 5s 1936 -J-J
list
C onsum ers’ L H Sc Pow
95
5s 1938........................ .J -D
105
D enver G as Sc E le c___ .1 0 0
G en g 5s 1949 o p ____ Al-N
Other Cities
E lizabeth Gas L t C o . . . .1 0 0
B uffalo Street R y —
E ssex & H ud son G a s .. .1 0 0
1st consol 5s 1931____ F-A
104% 105
Gas & E l Bergen C o ___ .1 0 0
D eb 6s 1917................. A-O
104% 105
e G r lta p 1st 5s 1915 . . .F -A
C olum bus (O ) St R y ____ 100
84
H udson C o G as
. .1 0 0
82
95
P r e fe r r e d ........................ 100
Indiana L ighting C o . . . .1 0 0
92
4s 1958 o p _______
C olum Ity con 5 s —See Phi la list
.F - A
C rosst’n 1st 5s 1 9 3 3 ..J-D 101% 102% Indianapolis G a s.
.
( C onn R y <fe L tg c o t * . . . 100
1st g 5s 1952............... .A -O
73% 74%
e P referred ....................100
J ackson Gas 5s g 1937 A-O
81
79
e L acled e Gas —See S tock E
1st Jc ret 4 M s —See Stock E x c list
G rand R a pids R y p r e f . . 100
e P r e fe r r e d ..
82
85
_ LOU
( L ou lsv St 5s 1930.......... J-J
106 106% M adison Gas 6s 1 9 2 6 .. A-O
N ew ark Gas 6s 1 9 1 4 ... -Q -J
L y n n Si B os 1st 5s 1 9 2 4 .J -D 106
107
New ark C onsol G as____ .1 0 0
# N ew Orl Ry3 & L g t ___100
32%
e Con g 5s 1948.......... .J -D
e P referred......................100
70%
N o H udson L H & Pow
G en M g 4 M s 1935 —See S tk Ex list
5s 1938........................
( P u b Serv Corp o f N J —See Stk E x lls t
P aclllc G as Sc E, c o m . . .1 0 0
T r ctfs 2 % to 6 % perpel 106
107
P r e fe r r e d ......................
Cot tr g 6 % notes ’ 13 A-O 100% 101
N orth Jersey St R y . 100
P at Sc Pas Gas Sc E le c. .1 0 0
70
1st 4s 1948............ M-N
e C on g 5s 1949____ Al-S
77% 78%
C oos T ra ct o f N J ____ 100
76% 77% 3 t J oseph Gas 5s 1937 .J -J
1st 5s 1933.............J - d
104
105

.

Bid

P ub Serv C orp N J (Con) —
N ew ’ k Pas R y 5s '3 0 .J -J 107%
R a p id T ra n St I t y . . . .1 0 0 235
1st 5s 1021_______ .A -O 102
J C H ob <& P aterson4s g 1949................. M-N
76%
So J Gas E l & T r a o .. .1 0 0 133
98%
G u g 5s 1953____ M-S
N o H u d Co R y 6s 1914 J-J 101%
5s 1928...................... -J -J 103
E x t 5s 1921............ M -N 100
P a t R y co u 6s 1931. .J -D 115
2d 6s o p t 1914— .A -O 101%
S o Side E l (C hic )—See Ch Icago
S yracuse It T 5s 1910 . -M -S 102
T ren t P Sc II 53 1 9 1 3 .. .J -D
96
U nited R y s o f St L —
C om v o t tr c t fs _____ .1 0 0
40
32%
e P r e f e r r e d ............... .1 0 0
G en 4s 1934 —See Stock E x c
U nit I ly s San F ra n —See Stk E x c
W ash R y & E l C o .......... .1 0 0
35%
P r e fe r r e d ____________
88%
4s 1951........................... .1-1)
84%

*56
67
45
*43
298 300
106
107
*%
l2
100
98
E x c list
3
41?
list
E xc
70% 70%
Z78
78%
93
96

100
200
92%
300
137
83
99
135
33
88%
20
77
; 96
x c h II

94
140*
85
101
139
36
70
82
100
St

103
in s
128
130
98
90
104% 105%
100
62
60
87
88
92
03%
101% 102%
92

[V o l . l x x x x iii

B ia
E le ctric C o m p a n ie s
C hicago E illsou C o —Bee Ch cage
8 7i2
G r’ t W est P ow 5s 1 9 4 6 ..J -J
e K ings C o E l L & P C o . 109 127
N arragan (P ro v ) E l C o ___50 *__
53'
N Y <Sc Q E l L Sc P ow C o . 100
P r e fe r r e d _____________ 100
73
U n ited E lectric o f N J ___ 100
90
1st g 4s 1949__________ l-D
7*%
24
W estern P ow er c o m _____100
62
P r e fe r r e d ______________100

Ask
list
55
129
87
56
70
93
79
35
04

T e le g r a p h a n d T e le p h o n e

e A m cr T eleg Sc C able___ 100
e Central 4c S o A m e r____ 100

C om in ’ l Un T el (N Y )_ _ _ 2 5
E m pire & B a y State T e l. 100
Franklin .............................. 100
e G old & S tock T e le g ___ 100
e N orthw estern T e le g _____50
P aclllc & A tla n tic..............2 5
c P a c T elep Sc T eleg pref 100
Southern & A t la n t ic ..........25
F e r r y C o m p a n ie s
B & N Y 1st 6 s 1911____ J-J
N Y & E H F erry s t k ___100
1st 5s 1922................. M-N
N Y * H ob 5s M ay ’ 16.J-D
H ob F y 1st 5s 1 9 4 6 ..M-N
N Y & N J 5s 1940.......... J-J
10th & 23d Sts F e rry ___100
1st m tge 5s 1919____ J-D
e U n ion F erry s t o c k ____ 100
e 1st 5s 1920.................. M-N

70
11812
109

65
40
110
103
65
96
90
93
50
9914

106
98
25
58
25
96

S h o r t -T e r m N o t e s
1001.J 100 %
A m a l C op 5s A p r 1 1 9 1 3 .
A m erica n C igar—
997( 100 %
Ser B 4s M ch 15 T 2 ..M - S
%
B alt * O h io 4 M s 1 9 1 3 .J-D 100%
Bethleh Steel 6 s 1914. _M-N 100 % 10078
99l.i 99%
Chcs * O h io 4%s 1 9 1 4 .J -D
99l 2 99%
C hic it A lton 5s 1913. .M -S
99
99%
Cln H am Sc D 4s 1 9 1 3 ... J - J
100 -% 101
Erie 0s A p r 8 1 9 1 4 .. .A - O S
H udson C om p anies—
fls O ct 15 1911............. A -0 IOOI4 100%
9 8 1•■> 9a%
03 F eb 1 1913................P-A
93%
0s O ct 15 1 9 1 3 . . A & 0 1 5
9 /3 , 98%
I n t A G t N o 5s T r C o ctfs
K C R y Sc L t 0s ’ 12____ M-S
9212 94%
95
Minn 4c St L g 5s 1 9 1 3 ..F-A
90
M o K a n 4c T e x 5s M ay 1’ 13
99% 99%
98
M o P a d flo 5s 1 9 1 4 _____ J-D
98%
9S% 98%
N at lt y s o f M ex 4 M s ’ 13J-D
e N Y C Lines E q 5s ' l l - ’22 i)4% % 4% %
5412% 4 % %
4 Ms J an 1912-1925
N Y C ent 4 M s 1 9 1 4 .. .M - S 100% 100 %
%
N Y N H <fc H 5s Jan 1912 IO1II2
100% 100%
4 M s M ch 1 1912____ 51 S
P u o s e r v C o r p N J 5 s ’ 1 3 .A -0 10012 101
100 100%
St L 4c S F 4 M s ’ 12 o p .P -A
53 M ch 1 1913............ M-S
99
99%
9v% 99%
5 s J u n e 1 1913 o p t . . J - D
1 0 0 ‘s
%
S ou th R y g 6 s 1913____ P-A
T id ew a ter 0s, 1913, g u a r . . . 101% 10134
96
97
W a ba sh 4 M s 1913____ M -N
W est T elep * T 5s ’ 1 2 .P-A 100% 100%
W estln g h ’se E l Jc M 6 s 1913 10134 102 %
95% 97%
* 5 % notes O ot 1917-A -O

100

101

100

R a ilr o a d
Ohio P eor 4c St L —
P rior lien g 4 M s ’3 0 .M -S / 90
Con m tg e g 5s 1930___ J-J / _____ 50
10
In com e 5s. J u ly 1930____ - 378
C hloago S u b w a y ..............1 0 0
3%
N orthern Securities S t u b s .. 100
103
P itts Bess 4c L E ...................50 ♦34
36
70
P referred ...........................50 * 6 6
e R a ilroa d Securities C o—
95
111 C stk tr otfs ser A . . . 5 2
90
Sea boa rd C om p a n y —
88
1st preferred.................. 1 0 0
86
C om <fc 2 d p ref —See B al t E xc list
W est P a c 1st 5s 1 9 3 3 ..M-S
92% 92%
I n d u s t r ia l a n d A liscel
Adam s E x p g 4s 1 9 4 7 ..J-D
A hm eek M inin g________ . . 2 5
A lliance R e a l t y . . .............100
A m erican B o o k __________100
Am erican B rass.................. 100
A m erica n Chicle c o m ___ 100
P r e fe r r e d ______________100
A m G ra ph op h on e c o m . . 100
P r e fe r r e d ______________100
A m er H ard w are____ . . . 1 0 0
A m M alting 6 s 1914____ J-D
A m er Press A s soc’ n ____ 100
Am St F ou n d new —See S
6 s 1935............................A-O
D eb 4s 1923.................... F-A
Am erican S u rety __________50
Am erican T h rea d p r e f____ 5
A m T o b a c c o Cd c o m ____ 100
A m er T y p e t’ ders c o m ___ 100
P r e fe r r e d ______________100
D eb g 6 s 1939.............M -N
A m er W ritin g P a p er____ 100
eP re fe r re d —See S tock Ex
(1 s t s f g 5s ’ 19 red 105J-J
A tl G if & W I SS L in e s .. 100
P referred ......................... 100
Col tr g 5s 1959............ J-J
B arney 4c Sm ith C ar____ 100
P referred . ____________ 100
Bliss C om p an y c o m ____ 50
P referred ..................
50
B on d 4: M tge G u ar____ .1 0 0
B ord en ’s C ond M ilk____ 100
P r e fe r r e d _____________ 100
B ritish Col C op p er_____
£
B u tte C oa lition M in in g. 15
Casein Co o f A m c o m ___ 100
P r e fe r r e d ______________100
C asualty Co o f A m er___ 100
C elluloid C o ......................... 100
Cent F irew orks c o m ____ 100
P r e fe r r e d _____________ 100
C hesebrough M fg C o____ 100
eChlno C op per Co— See S toc
C ity In v estin g C o _______100
Preferred ...................... .1 0 0
eC lailln (H B ) 0 0 m ______ 100
e 1st preferred................ 100
e 2 d preferred.............. 1 0 0
Col 4c H o c k Coal 4c I p f.1 0 0
1st g 5s 1917__________J-J
Col tr 0s O ct 1958____ J-J
Consol Car H ea tin g ____ 100
Consol R u b b e r T ir e ____ 100
P r e fe r r e d .................... . . 1 9 0
D eben tu re 4s 1 9 5 1 . . A-O

e Sells on Stock Exchange, but not very active. / Flat p ric e.

71 Nomlual.

87
♦105
125
163

88

270
105
5
24
130

175
135
170
125%
280
108
10
30
137

95
tk Ex
10J
08
280
♦5
395
52

list
105
70
285
5%
399
55

121

100

100
99
1'2

ch ’ ge

0 0 ?8
10 %

20

102

100

102

100

2%
list
91
10%

21

70

71
30
90
7180
100
80
124
126
250
247
125% 126%
z l 0 0 % 108%
5%
*5
♦ 19
19%
2
2%
40
63
125
140
132
133
5
10
15
40
700 800
k E x c list
62
60
100
98
100
95
91
95
92

n20

/ 45”
/ 45
04
3%
25
/ 43%

76
75
68

4%
29
45

s Sale price,

I n d u s t r ia l a n d A lisc e l

e Crucible S teel__________ 100
e P referred____________ 100
D a v ls-D a ly C opper C o— 10

e D ia m on d M atch Co ___ 100

B id

Ask

12% 13
81% 81%
*%
1
105%
105
100
155
96%
94
86
85
7710
15.
50
7710
15
10
55
48
132
135
100 107%
♦.'I
%
738
*7%
204
197

d u P on t (E I) de N em P o 100
e P referred ....................... 100
e G old 4 M s 1930____ J-U
E lectric B o a t____________ 100
P r e fe r r e d ______________100
E m pire S teel____________ 100
P r e fe r r e d ......................... 100
e G eneral C h em ical_____ 100
e P referred ....................... 100
G old Hill C op per _
G rc e n e -C a n a n e a __________20
G uggenheim E x p lo r ’ n . . 100
e H ack ensack W ater C o—
R e f g 4s ’ 52 o p 1912 . .J - J
83
87%
8
Hall Signal Co c o m .......... 100
12
3
H a van a T obacco C o ____ 100
5
10
16
P r e fe r r e d ______________100
62
1st g 5s June 1 1922 .J -D f t o
Ilecker-Jones-Jew ell M illing
104
1st 6s 1922.................... M-S 101
15
25
H erring-H all-M ar n e w .. 100
H ob ok en L and 4s I m p . . 100
104
10*5%
1st 5s N o v 1930.................
8
7%
H ouston OH......................... 100
56
57
Preferred . . . __________ 100
H udson R e a lty __________ 100
e In g ersoll-R am l c o m ___100 100
e P referred ____________ 100 100
26% 27%
Intercon tinenta l R u b b er 100
95
In tern a t’ l B anking C o . . 100
International N ick el____ 100 2 5 0 * 260
P r e fe r r e d ______________100 100 102
99
1st g 5s 1 9 3 2 . . .............A-O
101
International S a lt.............100
7
1st g 5s 1951................A-O / 48
53
80
100
International S liv er____ 100
120
P r e fe r r e d ..........................100 xl 15
1st 0s 1948.................... J-D 111
125
Internat Sm elt 4c R e f g .,1 0 0
Internat T lm o R e c o r d . .1 0 0 3*0*0*' 350
P r e fe r r e d ..........................100 112
110
Jones 4c Laughltn Steel Co
102 102%
1st s f g 5s 1939.......... Al-N
37% 40
a L acka w a nna S teel____ 100
83%
e 1st con 5s 1950____ Al-S
e D eb 5s 1915................Al-S *9*4** 94%
94% 95%
Lanston M on oty p e _____ 100
272
L aw yers' M tge C o . .......... 100 205
Leh 4c W tlkcs-B C oa l____ 50
145
a Lorlllaril (P ) p re f_____ 100
50
62%
M adison Sq G arden .......... 100
95
2d Os 1919.....................M-N
M anhattan T ra n sit.............20 * 2 '% « '*3**
81% 82%
e M ay D ep t S tores.......... 100
c P r e fe r r e d .....................100 112 113%
eMIaml C op p er — See S tock E x ch list
10%
M onongahela R C oa l_____ 50 * 1 0
33%
P r e fe r r e d _______________50 *33
111% 114
M ortgage B on d C o.......... 100
102
104
N at B ank o f C u b a _______100
e N ational S u r e t y ___ . . . 1 0 0 235 245
* 34
N ev -U ta h Min & S m _____ 10
%
30
a N ew Central C oa l.............20
60
N Y Air Brake 0 s —See S tock E xo
list
a N ew Y ork D o c k _______100
25
e P referred ___________ 100
66
222
N Y M tge 4c S ecu rity ___ 100 218
*3
4%
N Y T ra n sp orta tion _____ 20
92
97
N U es-B em -P onil c o m ___ 100
10%
N lplsslng M ines____________ 5 *10
O h io C opner C o ___________ 10 * I U18
1%
O n tario P ow er C o—
96% 98%
1st g 5s 1943 o p t . . . . F - A
2%
e O n tario S liv er__________100
1%
70
72%
O tis E lev a tor c o m _______100
P r e fe r r e d ______________100 102 104
P ittsb u rg h B rew in g _____ 50 *19% 2 0
44
P r e fe r r e d _______________50 *43
e P ittsb u rg h Steel p r e f . .1 0 0 103% 106%
53
56
P op o M fg Co c o m .............100
75
P referred ......................... 100
77
P ratt 4c W h itn ey p r e f . . 100 102% 105
90
110
P rod ucers O il....................... 100
cR a y C onsol C o p p e r — See S tk E x list
112 114
R ea lty A ssoc (B k ly n )___ 100
190
195
R oy a l B a k P o w d c o m ___ 100
P referred ______________ 100 x l0 6 % 108
S a fety Car H eat 4c L t ___ 100 118% 119%
49
Seneca M in in g___ _________ 25 7 __
285
Sin ger M fg C o ___________ 100 275
2
5 i
S ou th Iron 4c S c o m ------ 100
6
10
P r e fe r r e d ..................— 100
Sta n da rd C orda ge_______100
io ’<
1st M g 5s '31 re d -------A-O / *13*
3
A d ju s t M 5s A p r 1 1 9 3 1 .. /
1
42
45
S ta n da rd C oupler c o m . . 100
115
P r e fe r r e d ______________100 105
16% 18
« Sta n da rd M illing C o . . . 100
52
53
e P r e fe r r e d ------------------- 100
87
90 V
r l s t 5s 1930.................. M-N
040 045 ,
S tandard OH o f N J .......... 100
64% 05
S tu d eb a k er C orp c o m . .1 0 0
P r e fe r r e d ______________ 100 100 107
S u lzberger 4c Sons c o p f.1 0 0 100% 101%
S w ift 4c C o —See B oston Stk E xc list
1st 5s.
See C hica go Stk E xc list
T ex a s C om p a n y —See Stock E xc list
98
e T ex a s 4c P acific C o a l . . 100
102 I
125
'Title Ins C o o f N Y . . . . . 1 0 0
135
♦5 %
T o n o p a h Min (N e v a d a )___ 1
4
T ren ton P otteries c o m . . 100
r<
P referred n e w ................ 100
60
56
T row D ir e cto ry .................. 100
25
35
sU n d erw 'd T y p e w rite r —See StkiK x list
U nion T yp ew riter c o m . .1 0 0
42% 44
1st preferred.................. 100 108
113
2d preferred.....................100 103
105
U nited B k N ote C orp ___ 50
♦50% 51%
P r e fe r r e d ..................
50 ♦52% 53%
U nited Cigar MIrs.............100
66
69
e P referred_____ ______ 100 103 106 J
3%
2%
U n ited C o p p e r . . . . . ____ 100
13
14
P r e fe r r e d ______________100
U S C a su a lty .......................100 215
72
7*5**
U S E n v elop e c o m -------- 100
116
P r e fe r r e d ______________100 113
92
97
(J S F in ish in g....................... 100
P r e fe r r e d ______________100 105
110
1st g 6s 1910..................J-J 100
105
Con g 5s 1929_________ J-J
95
100
e U S Inilust A lcoh ol . . . 1 0 0
23
28
e P r e fe r r e d _____ . . . . . 1 0 0
997j
90
U S Steel C orp ora tion —
Col tr s f 63 1951 o p t '11 . 11334 114%
Col tr s f 5s '51 n ot o p t . . 113% 114%
U S T it G u 4c In dera ____ 100
100
W estch ester 4c B ron x T itle
4c M tge G u ar.................. 100 160
163
W estlu g h ’so Air B r a k e .. 60 ♦147% 143
W orth ln g t’ n P um p p r e f . 100 106
110
t New stock.
* E x -t l lv . v K x -rlg h t««'

112

101

THE CHRONICLE

July 8 1911.]

In v e s t m e n t

a n d J ^ a ilt a a d in t e llig e n c e .

RAILROAD

GROSS

EARNINGS.

T h e f o llo w i n g t a b l e s h o w s th e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k l y o r m o n t h l y r e t u r n s
can be o b ta in e d .
T h e fir s t t w o c o lu m n s o f fig u r e s g i v e t h e g r o s s e a r n in g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e la s t t w o
c o l u m n s t h e e a r n in g s f o r t h e p e r io d f r o m July 1 t o a n d in c l u d i n g s u c h l a t e s t w e e k o r m o n t h .
W e a d d a su p p le m e n ta r y
s t a t e m e n t t o s h o w t h e fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e fis c a l y e a r d o e s n o t b e g in w it h J u l y , b u t c o v e r s s o m e o t h e r
p e rio d .
The returns of the electric railways are brouyht together separately on a subsequent page.______________________________ _ _ _ _ _

Currem
Year.

Week ir
Month.

A la N O & T e x P a c N O & N o r E a s t . M a y ______
A l a & V f o k s b u r g . M a y ______
V i c k s S h r A P a c . M a y ______
A l a T e n n A N o r t h . M a y ______
A n n A r b o r __________ 4 th w lc J u n
A t c l i T o p e k a A S F e M a y ______
A t l a n t a B lr m A A t l 3 d w k J u n e
A t l a n t i c C o a s t N in e M a y ______
0 ll a l t l m o r e A O h io . M a y ______
B A O C h T e r m i M a y ______
B a n g o r & A r o o s t o o k M a y ______
B o s t o n A M a in e ___ M a y ______
B r id g e t o n & S a c o K A p r i l ...........
B u ir K o c h & P lt t s b 4 tn w k J u n
B u l la lo A S u s q . _
M a y ______
C a n a d ia n N o r t h e r n . 4 t h w k J u n
C a n a d ia n P a c i f i c ___ 4 t h w k J u n
C e n t r a l o f G e o r g ia . . 4 th w k J u n
C e n t r a l o f N e w J e r . M a y ______
C e n t r a l V e r m o n t ___ A p r i l.............
C h e s A O h io L i n e s . 3 d w k J u n e
C h ic a g o A A l t o n ___ 4 t h w k J u n
C h ic B u r l & Q u in c y M a y ___
p C h ic G r e a t W e s t 3 d w k J u n e
C h ic I n d A L o u l s v . 3 d w k J u n e
C h ic M llw A S t P a u l M a y ______
C h MU A P u g S d M a y ______
C h ic A N o r t h W e s t . M a y ______
C h ic S t P a u l M & O M a y . . . . .
C h ic T H A S o u t h E M a y ______
C ln H a m A D a y t o n M a y ______
C o l o r a d o M i d l a n d . . A p r i l ______
C o lo r a d o A S o u t h . . 4 th w k J u n
A p r i l ______
C o p p e r H a n g c ___
C o r n w a l l ____________ M a y ______
C o r n w a ll A L c b a n . . A p r i l ______
C u b a H a ll r o a d ______ M a y ______
D e la w a r e A H u d s o n M a y ______
D e l L a c k A W e s t . . M a y ______
D e n v A R io G ran de 4 th w k J u n
D e n v e r N W A P a c 4 th w k M a y
D e tro it T o l A Iro n t 3 d w k June
D e t r o i t A M a c k in a c 4 t h w k J u n
D u l A I r o n R a n g e . . A p r i l ______
D u l S o u S h o re A A tl 4 th w k J u n
E l P a s o A S o u W e s t M a y ___
M ay . . .
E r ie ...................
F a i r c h il d A N E . . . M a y . . .
F o n d a J o h n s A G lo v M a y . . .
M a y ___
G e o r g ia R a il r o a d
G ra n d T ru n k S y s t . 3d w k J u n e
G ra n d T rk W e s t . 3d w k Ju n e
D e t G r II A M llw 3 d w k J u n e
C an ada A tla n tic . 3d w k Ju n e
G r e a t N o r t h e r n S y s t J u n e ______
G u lf A S h ip I s l a n d . V p r l l ______
H o c k i n g V a l l e y _____ M a y ______
I ll in o i s C e n t r a l___ J u n e ______
In te rn a t A G t N or 3d w k June
a In to ro ce a u lc M e x 4 th w k J u n
4 th w k J u n
I o w a C e n t r a l______
• K a n a w h a A M i c h . . A p r i l ...........
K a n s a s C i t y S o u t h . M a y ___
K C M e x A O r ie n t . M a y ___
L e h ig h V a l l e y ------- M a y ______
A p r il . . .
L e x in g to n A E a s t.
L o u is ia n a A A r k a n A p r il . . .
L o u ls v I lc n d A S t L M a y . . .
« L o u ls v A N a s h v . . 4 t h w k J u n
M a c o n A B lr m 'h a m A p r il . . .
M a in e C e n t r a l--------- M a y . . .
M a ry la n d A P e n n a . M ay . .
a M e x ic a n H a ll w a y - 1st w k J u n e
4 th w k Ju n
M in e r a l R a n g e
M ln n c a p A S t L o u is 4 tli w k J u n
M in n S t P A S S M l 4 t h w k J u n
C h ic a g o D iv is io n !
M is s is s ip p i C e n t r a l . M a y - ­
« M o K a n A T e x a s . 4 th w k J u n
M is s o u r i P a c i f i c ------- 4 t h w k J u n
N a s h v C h a t t A S t L M a y ______
a N a t R y s o f M e x .f 4 th w k J u n
N c v a d a - C a l -O r c g o n . 3 d w k J u n e
A p r il . .
N e v a d a C en tral —
N O G rea t N o rth ern M a y . . .
N O M o b ile A C h i c . W k J u n 24
e N Y C A H u d R lv M a y . .
L a k e S h o r e A M S M a y __
'
n L a k e E r ic A W M a y . .
C h ic I n d A S o u t h M a y - ­
M ic h ig a n C e n tr a l. M a y . . .
C le v c C C A S t L M a y . .
P e o r ia A E a stern M a y . .
C in c in n a t i N o r t h . M a y . .
P it t s A L a k e E r ic M a y . .
N Y C h ic A S t L M a y . .
T o l A O h io C e n t . M a y . .
T o t a ll lin e s a b o v o M a y __
N Y N I I A H a r t f . . M a y __

Previous
Year.
$

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

2 88 8 59
136 374
113 170
8, 911
51, 470
0 9 1 , 4 84
4 5 , 200
4 1 6 , 6 92
.777, 7 1 0
112 613
231, 980
6 1 0 , 8 25
3, 010
2 7 3 , 7 23
191, 771
372, 400
7 3 5 , 000
2 7 9 , 200
4 0 9 , 531
3 1 1 , 111
6 0 9 , 072
2 5 9 , 0 73
8 1 7 , 653
2 5 8 , 921
121 ,,440
,304, 851
,397, 412
,077, 3 05
,168, 5 93
173, ,352
7 8 3 , 171
181 ,282
4 8 0 , 528
55, ,117
15 ,673
30, ,891
2 3 2 , 401
,736, 5 57
,07 9 ,225
5 97 , 200
2 2 , 520
38, 041
3 5 , 0 88
4 2 5 , 6 75
9 5 , 213
698, ,064
,506, 138
1, 779
79, ,911
2 2 1 , 2 49
0 31 ,844
126, ,743
42 197
40, ,621
,039, ,480
109 ,018
080, ,503
,64 6 ,852
149
2 85 ,308
59 ,172
195 ,572
8 8 8 ,020
149 ,583
,1 8 0 ,36 0
4 5 ,15 0
122 ,15 7

,

121,666
3 4 4 ,3 2 5
5 6 ,6 0 4
1 0 ,9 2 9
2 2 ,4 2 4
2 6 7 ,5 0 7
1 ,8 2 1 ,0 4 5
3 ,1 1 0 .0 0 4
5 7 8 ,8 0 0
2 3 ,2 4 8
2 7 ,8 0 2
3 0 ,3 1 6
2 6 9 ,3 4 9
8 8 ,8 1 1
6 1 7 ,8 6 5
4 ,8 3 4 ,9 7 5
1 ,8 4 8
8 9 .3 0 8
2 3 8 ,6 2 0
0 8 2 ,4 1 4
1 2 1 .4 7 8
4 4 ,0 3 7
4 5 ,0 6 9
5 ,5 1 8 ,2 2 3
1 0 0 ,1 5 4
5 6 7 ,4 4 0
4 ,8 4 5 ,3 8 7
1 3 9 ,0 0 0
2 1 2 ,8 1 8
4 9 .3 0 9
2 1 3 ,9 2 2
7 9 4 ,7 7 5
1 2 0 ,9 6 6
3 ,5 1 9 ,5 7 4
4 8 ,9 4 4
1 1 3 ,2 4 8
1 0 1 .4 7 9
1 ,2 3 5 ,0 2 0
1 0 ,3 7 8
7 0 2 ,8 4 2
3 9 ,4 1 7
1 5 2 ,2 0 0
1 9 ,8 5 2
8 1 ,6 0 0
5 2 7 ,6 8 9
7 4 ,8 0 8
7 5 0 ,8 4 4
1 .3 4 0 .0 0 0
1 ,0 5 7 ,7 4 8
,8 4 0 ,7 0 4
8 ,4 2 0
8 ,2 1 4
1 4 6 ,0 2 8
3 3 ,8 4 0
,4 4 0 ,2 0 5
,9 1 1 ,3 7 5
4 3 5 ,7 0 2
3 1 5 ,9 9 2
,3 3 7 .9 1 6
,4 4 4 ,8 8 4
2 0 9 ,2 5 7
0 2 ,1 9 5
,2 3 5 ,0 7 8
8 7 7 ,4 4 5
3 7 3 ,4 3 4
2 0 7 3 9 483
,1 7 9 ,0 0 9

Latest Gross Earnings.

J u ly 1 to Latest Date.

Latest arose Earn<ncs.
HOADS

,000

88 ,000
,2 7 6
9
745
33
107
23

,063
,00 5
,401
,8 9 5
,7 0 0
,0 5 5
100 ,0 9 5
571 ,5 3 4

7 4 ,1 0 4
0 4 2 ,5 1 5
1 ,3 3 7 ,0 0 0
1 ,0 0 6 ,5 0 8
1 ,8 1 1 ,2 1 7
7 ,4 5 2
2 ,4 0 2
1 5 3 ,8 7 1
2 9 ,2 0 7
8 ,3 3 2 ,2 9 1
4 ,0 3 7 ,4 6 8
4 1 5 ,1 4 0
2 7 3 ,2 1 3
,3 5 4 .7 0 0
2 ,3 2 1 ,0 9 3
2 8 2 ,0 8 7
9 8 ,5 1 5
1 ,5 2 5 ,1 5 9
8 9 8 ,8 7 8
4 3 0 ,3 0 6
20908 970
5 ,3 9 1 ,2 6 4

Current
Year.

Previous
Year.

3 .3 3 2 .7 0 6
1 .6 5 0 .4 8 5
1 ,3 8 5 ,0 9 3
1 1 0 ,6 1 3
1 ,9 7 1 ,7 9 8
9 9 ,2 2 3 ,6 9 6
2 ,7 4 1 ,3 9 4
2 9 ,2 9 0 ,3 2 0
8 0 .6 8 3 ,2 9 5
1 ,3 3 3 ,8 9 1
2 ,8 9 6 ,0 6 5
4 0 ,9 5 2 ,0 5 4
' 4 3 ,2 7 1
9 .1 8 6 .4 8 6
2 ,1 7 0 ,1 4 4
1 5 ,1 9 9 ,2 0 0
1 0 3 7 2 8 15 8 19 4
1 2 ,8 9 1 ,4 6 2 12
2 0 ,7 0 5 ,3 7 3 25
3 ,2 7 1 ,9 7 8 3
3 1 ,5 7 5 ,8 0 4
1 4 ,5 8 4 ,5 1 0
8 1 ,2 8 4 ,8 1 9
1 2 ,3 6 2 ,2 5 3
0 ,0 1 6 ,0 4 4
5 9 .7 9 3 .7 3 0
1 3 ,2 5 2 ,5 1 5
6 8 ,5 1 0 ,3 4 0
1 4 ,8 7 4 ,4 0 5
1 ,8 6 2 ,7 1 2
8 ,7 3 3 ,7 0 1
1 .0 2 1 .7 0 7
1 5 ,8 0 9 ,5 0 7
5 7 7 ,9 7 1
1 5 2 ,7 0 2
2 7 5 ,8 4 2
2 ,7 9 0 ,0 9 0
1 9 ,2 0 5 ,4 3 3
3 2 ,7 3 7 ,0 6 3
2 3 ,3 0 9 ,9 3 8
9 5 5 ,5 5 6
1 ,7 5 2 ,8 3 0
1 .1 7 4 ,7 5 7
5 ,8 0 5 ,5 1 0
3 ,1 4 4 ,3 2 6
0 ,6 3 4 ,5 3 0
5 1 ,7 4 0 ,3 1 1
2 1 ,5 2 8
8 0 4 ,4 2 0
3 ,0 0 0 ,4 7 4
1 3 ,9 0 8 ,1 4 5
6 ,0 8 8 ,0 0 3
2 ,0 0 8 ,1 6 0
1 ,8 9 9 ,9 5 4
6 1 ,2 1 5 ,0 9 0
1 ,0 8 5 ,0 1 0
6 ,5 8 9 ,1 6 1
0 1 ,4 7 4 ,7 6 7
8 ,8 9 2 ,7 9 0
8 ,8 1 1 ,2 4 8
3 ,4 8 0 ,4 6 1
2 ,5 6 6 ,9 1 2
0,3453,741
1 ,7 2 2 ,2 8 8
3 3 .9 9 9 .7 3 1
4 2 7 ,2 8 5
1 ,2 0 9 ,1 8 0
1 ,1 1 9 ,0 3 7
5 3 ,9 2 9 ,0 0 4
1 3 3 ,2 0 9
8 ,2 3 3 ,1 3 7
4 0 4 ,7 3 0
7 ,9 9 7 ,7 0 0
7 4 0 ,9 0 4
5 ,0 0 9 ,7 3 5
2 1 ,0 8 9 ,5 3 0
8 4 4 , 1 77
2 9 ,0 0 0 , 8 49
5 2 ,9 5 1 , 0 30
1 1 .3 7 1 , 8 0 5
6 1 ,8 0 0 , 9 7 5
3*31,,026
71, ,678
1 ,5 5 5 , 3 45
1 ,7 7 3 , 0 4 5
9 2 ,9 0 0 , 0 94
4 4 ,5 0 0 , 157
5 ,0 5 9 , 991
3 ,3 9 4 , 233
2 7 .3 7 2 , 0 37
2 8 ,2 1 8 , 3 30
3 ,2 0 6 , 3 7 5
1 ,1 4 6 , 100
1 4 ,3 8 3 , 923
1 0 ,2 2 6 , 5 07
4 ,6 0 8 , 8 87
187386, 8 2 5
5 0 ,5 8 0 ,574

S
,2 1 9 ,7 4 5
,5 6 4 ,4 5 7
,3 3 3 ,2 5 6
7 9 ,3 3 9
,8 7 7 ,8 5 6
,5 3 4 ,1 0 5
,5 2 1 ,2 3 1
,0 1 5 ,2 9 0
,8 1 2 ,4 9 7
,1 0 0 .0 3 1
,7 6 3 ,5 0 1
,0 9 2 ,9 7 3
4 2 .5 9 5
,0 0 9 ,7 1 1
,0 1 1 ,4 9 0
,8 2 1 ,2 0 0
,5 8 5 ,0 7 1
,0 5 2 ,7 8 1
,7 2 4 ,4 6 4
,1 4 4 ,1 5 0
,5 3 0 ,9 7 0
,3 5 8 ,4 7 5
,7 0 9 ,0 4 3
,8 3 9 ,0 2 3
,8 4 0 ,9 6 1
,2 7 9 ,5 5 5
,5 9 8 ,8 7 3
,8 1 0 ,0 8 6
,6 7 8 ,0 8 9
,0 1 5 ,5 0 2
,9 0 8 ,6 4 2
,7 7 7 ,9 8 1
6 1 5 ,5 0 0
1 8 0 ,3 1 8
3 6 4 ,7 3 0
,3 3 3 ,1 3 8
,3 2 2 ,7 3 7
,8 1 1 ,8 2 1
,4 9 3 ,0 5 1
8 8 2 ,8 1 5
,5 5 8 ,9 3 6
,2 3 0 ,7 7 2
,2 3 5 ,2 9 8
,3 0 1 ,0 5 3
,7 6 9 ,9 5 5
,1 0 7 ,2 9 9
2 3 ,2 0 7
8 2 5 ,4 6 0
,8 2 2 ,5 0 3
,5 9 2 ,7 1 4
,0 3 9 ,0 1 9
,9 5 1 ,7 6 1
,9 7 9 ,2 0 0
,4 4 6 ,9 1 8
,7 8 1 ,2 7 6
,0 5 3 .7 8 0
,3 4 6 .9 7 5
,3 5 1 ,1 3 1
,6 3 7 ,8 4 6
,3 0 1 .2 8 2
,27 8 \ 4 70
,8 6 3 ,1 9 4
,0 0 6 ,4 2 2
,9 1 5 ,0 5 1
3 7 4 ,4 0 3
,0 0 4 ,1 4 0
,0 8 0 ,4 5 0
,4 3 3 ,3 8 2
1 2 8 ,7 6 2
,1 4 0 ,9 1 0
3 7 0 ,7 0 7
,5 8 0 ,8 0 0
8 2 9 ,0 4 0
,9 4 5 ,3 9 0
,1 2 8 ,3 4 5

8 1 1 ,9 6 5
2 6 ,5 5 9 ,3 4 0
5 3 ,0 1 9 ,8 8 7
1 0 ,6 1 0 ,9 5 5
0 1 ,4 8 3 ,1 4 7
4 3 7 ,9 2 9
5 0 ,2 3 0
1 ,3 5 2 ,7 9 1
1 ,0 3 9 ,7 2 0
8 9 ,1 7 4 ,7 9 7
1 4 ,3 8 5 ,2 2 2
5 ,0 2 4 .5 7 7
3 ,4 8 2 ,5 7 -2
2 0 ,4 1 9 ,5 7 4
2 0 ,9 3 2 ,3 0 3
3 ,0 0 3 .1 7 1
1 ,1 3 7 ,4 7 3
1 5 ,7 3 3 ,2 8 8
1 0 ,0 3 5 ,3 1 6
3 ,9 7 1 ,0 7 3
231423 076
5 5 ,2 0 5 ,4 8 5

J u ly 1 to Latest Date.

IiO A D S .

N Y O n t A W estern
N Y S u sa A W e s t . .
N o r fo lk S o u t h e r n ..
N o r fo lk A W e s te r n .
N o r t h e r n P a c i f i c ___
P a c if i c C o a s t C o ___
P e n n s y lv a n ia R R . _
B a lt C h c3 A A t l .
C u m b e rla n d V a il.
L o n g I s l a n d ...
M a r y l’ d D el A V a
N Y P h lla A N o r f
N o r t h e r n C e n t r a l.
P h lla B a lt A W . .
W J e rse y A S eash
P e n n s y lv a n ia Co __
G ra n d R a p A In d
P it t s C l n C h A S t L
V a n d a l l a _________
T o t a l li n e s _______
E a s t P it t s A E .
W e s t P it t s A E
A ll E a st A W e s
P e ro M a r q u e t t e ..
R a le i g h A S o u t h p o r t
R e a d in g
C om pany
P h ll a A R e a d i n g
C oal A Iron C o .
T o t a l b o t h c o s ___
R ich F red A P o to m
R i o G r a n d e J u n e ___
R io G ra n d e S o u t h . .
R o c k I s la n d L i n e s . .
R u t l a n d _________
S t J os A G ra n d I s l.
S t L o u is A S a n F r a n
C h ic A E a s t 111..
/ E va n sv A T er H
T o t a l a ll li n e s ___
St L R ook y M t A P.
S t L o u is S o u t h w e s t
San P ed L A A S L .
S e a b o a rd A ir L i n e . .
S o u t h e r n P a c ifi c C o
S o u t h e r n H a ll w a y __
M o b il e A O h i o ___
C ln N O A T e x P .
A la G rea t S o u t h .
G e o r g ia S o u A F la
T e n n A l a A G e o r g ia
T e x a s A P a c l l l c _____
T id e w a t e r A W e s t .
T o lc d o P e o r A W e st
T o le d o S t L A W est
T o m b lg b e c V a lle y ..
U n io n P a c ll lc S y s t .
V i r g in i a A S o W e s t .
W a b a s h ____________
W e s t e r n M a r y la n d
W h e e l in g A L a k e E
W i c h i t a F a lls A N W
W rig h ts v A T e n n ..
Y a z o o A M iss V a lle y

4 1 ,4 8 8 ,3 6 7
3 1 ,2 3 9 ,2 3 5
7 2 ,7 2 7 ,6 0 2
1 ,8 5 5 ,6 2 5
8 8 1 ,0 1 9
5 2 9 ,5 7 5
6 0 ,1 7 9 ,7 0 9
2 ,9 2 9 ,1 4 7
1 ,3 7 7 ,1 5 6
3 8 ,0 2 0 ,1 3 3
1 0 ,8 0 9 ,6 1 7
2 ,2 5 9 ,2 3 3
5 1 ,0 8 8 ,9 8 3
1 .6 1 0 ,3 9 0
1 0 ,9 8 6 ,5 1 6
5 ,3 0 0 ,6 8 4
1 9 ,6 8 0 2 7 5
1 2 3 7 2 8 194
5 7 ,2 9 4 ,5 0 8
1 0 ,6 3 6 ,7 3 4
8 ,8 2 4 ,0 3 7
4 ,0 9 5 ,0 9 9
2 ,2 7 0 ,8 9 0
7 7 ,0 0 6
1 5 ,7 7 3 ,1 5 8
6 7 ,4 4 3
1 ,1 7 3 ,4 2 0
3 ,7 7 2 ,6 3 6
7 7 ,8 8 6
8 2 ,7 1 9 ,1 3 9
1 ,1 0 5 ,6 0 7
2 8 ,8 8 6 ,0 5 1
5 .8 4 4 .3 5 6
4 ,3 .0 5 ,2 4 6
2 2 1 ,7 4 8
2 8 7 ,0 6 9
1 0 ,1 8 1 ,4 5 4

Period.

Various Fiscal Years.
Jan
D e la w a r e A H u d s o n ----------N Y C e n t r a l A H u d s o n R i v e r e . Jan
L a k e S h o r e A M ic h ig a n S o u t h J a n
L a k e .E rie A W e s t e r n n _______ J a n
C h ic a g o I n d ia n a A S o u t h e r n . Jan
M ic h ig a n C e n t r a l______________ J a n
C le v e C ln C h ic a g o A S t L o u is ,J a n
Jan
P e o r i a A E a s t e r n _________
Jan
C in c in n a t i N o r t h e r n _____
P it t s b u r g h A L a k e E r i c .
Jan
N o w Y o r k C h ic a g o A S t L o u is ,J a n
T o l e d o A O h io C e n t r a l_______ J a n
T o t a l a ll li n e s ____________
Jan
P e n n s y lv a n ia Railroad __________ J a n
B a lt i m o r e C h e s a p A A t l a n t i c J a n
C u m b e r la n d V a l l e y ____________ J a n
L o n g I s l a n d ________________ . J a n
M a r y l’ d D e la w a r e A V i r g in i a . J a n
N Y P h il a d e lp h ia A N o r f o l k . . J a n
N o r t h e r n C e n t r a l___ , _________
P h il a d e lp h ia B a lt A W a s h — J a n
■Jan
W e st J ersey A S ea sh ore.
Jan
P c n n s y i v a n l a Company ------G r a n d R a p i d s A I n d i a n a ------- J a n
P it t s C ln c ln C h ic A S t L o u i s . . J a n
V a n d a l l a _________________________ J a n
T o t a l lin e s — E a s t P it t s A E r ie .J a n
W e s t P it t s A E r ie J a n
A l l lin e s E A W . J a n
R i o G r a n d e J u n c t i o n -------------------Jan
R u t l a n d ____________________
Jan
T e x a s A P a c i f l o . . _________

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

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

M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 91
M a y •31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
M a y 31
A p r i l 30
M a y 31
J u n e 30

Current
Year.

Previous
Year.

8 ,4 4 3 ,3 6 8
3 9 ,9 6 3 ,3 1 5
1 8 ,7 9 3 ,0 7 6
2 ,1 1 7 ,5 4 6
1 ,5 8 0 ,3 2 4
1 1 ,6 6 4 ,6 2 8
1 1 ,9 7 6 ,5 9 5
1 ,3 2 2 ,0 6 7
4 4 1 ,7 9 0
5 ,6 1 4 ,8 4 5
4 ,4 3 7 ,2 1 4
1 ,6 8 2 ,5 8 9
9 9 ,5 9 3 ,0 8 9
6 2 ,4 0 3 ,6 9 3
8 0 .2 0 0
1 ,1 4 5 ,3 8 2
3 ,6 5 9 ,4 2 8
3 8 .0 1 8
1 ,2 9 9 ,7 4 0
5 ,2 0 2 ,1 3 8
7 ,4 8 0 ,9 8 0
2 ,0 2 5 ,2 5 5
1 8 ,2 1 0 ,5 7 7
1 ,9 6 9 ,0 3 2
1 4 ,9 5 1 ,6 1 1
3 ,9 7 3 ,7 1 0
8 7 .9 1 7 ,5 4 4
4 0 .8 8 1 .4 2 7
1 2 8 79 8 971
345,39.1
1 ,2 6 6 ,9 0 9
6 ,9 0 6 ,9 4 5

8 ,0 2 1 ,5 5 4
3 8 .5 7 6 ,7 0 7
1 9 ,5 1 9 ,3 3 4
2 ,1 4 7 ,9 3 0
1 ,6 8 5 ,9 4 4
1 1 ,5 9 4 ,4 7 9
1 1 ,7 8 2 ,6 7 5
1 ,3 1 2 ,6 6 8
4 8 1 ,4 1 5
6 ,6 7 6 ,9 8 3
4 ,6 3 0 ,5 8 3
1 ,6 6 0 ,0 5 5
1 0 0 0 7 1 ,7 7 3
6 5 ,1 2 4 ,2 8 7
8'4 .5 3 1
1 ,2 2 8 ,3 5 3
3 ,4 0 8 ,4 0 0
3 7 ,7 3 8
1 ,3 3 2 ,3 5 8
5 ,1 2 2 ,1 0 8
7 .4 1 2 ,1 5 7
1 ,9 0 9 ,6 7 0
2 0 ,5 4 7 ,5 5 0
2 ,0 1 8 ,1 9 6
1 0 ,4 3 2 .9 3 0
4 ,0 0 4 ,8 9 4
9 0 ,4 2 7 ,2 7 7
1 4 ,0 7 3 ,7 1 6
1 3 5 1 0 0 9 93
3 8 9 ,7 9 4
1 ,1 9 0 ,7 7 3
7 ,4 3 0 ,6 7 3

AGGREGATES OP GROSS EAR N IN G S— Weekly and Monthly.
VLeekly Summaries.
3d
4 th
1st
2d
3d
4 th
I lS t
2d
3d
4 th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w ook

A p r i l (4 5
A p r i l (42
M a y (4 5
M a y (4 4
M a y (42
M a y (4 7
J u n o (4 3
J u n o (4 3
J u n e (41
J u n e , (2 6

r o a d s ) ------r o a d s ) ------r o a d s ) ------r o a d s ) ------r o a d s ).. . .
ro a d s ). . . .
r o a d s ) ------r o a d s ) ------r o a d s )....
r o a d s ) -------




Cur'nt Year Prev's Year Inc. or Dec.
1 3 ,4 3 8 ,0 3 7
1 6 ,3 0 2 ,3 6 3 '
1 2 ,7 4 0 ,7 4 5
1 2 ,8 0 4 ,7 1 4
1 2 ,7 1 4 ,0 1 7
1 9 ,0 6 8 ,4 9 5
1 2 ,9 4 9 ,5 4 9
1 3 ,4 4 4 ,2 6 8
1 3 .6 0 5 ,0 1 5
1 4 .4 2 8 .8 5 2

1 3 ,4 0 0 ,8 0 0
1 7 ,8 2 7 ,5 5 0
1 3 ,0 9 5 ,7 2 5
1 3 ,1 0 5 ,4 1 4
1 3 ,2 2 2 ',3 5 9
1 9 ,0 2 9 ,2 4 3
1 3 ,1 5 5 ,8 5 0
1 3 ,7 7 5 ,0 1 5
1 3 ,7 1 6 ,2 3 0 '
1 .1 aA.a R n t

$
+ 3 7 ,2 3 7
— 1 ,5 2 5 , 1"87
— 354 19 8 0
— 3 0 0 ,7 0 0
— 5 0 8 ,3 4 2
- + 3 9 .2 5 2
— 2 0 6 ,3 0 1
— 3 3 0 t 7 47
— 1 11 *3 1 5
o_n.s n s i

%

Monthly Summaries.
Mileage Curr. Yr.

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

n .14

P rev.Y r.

A u g u s t _________________
‘S e p t e r r i b c r .- 2 4 0 ,6 7 8
O c t o b e r _____ 241.2-V5
N o v e n f b e r . . 2 4 1-.-272
D e ce m b e r ..2 4 1 ,3 6 1
. J a n u a r y ____2 4 2 ,4 7 9
F e b r u a r y ____2 4 2 ,6 4 0
M a roh-___ ___ 2 4 2 ,6 8 6
A p r i l ............... 2 3 6 ,7 9 3
M a v _________ 8 7 .4 2 3

Cur’ nt Year Prev's Year Inc. or Dec.

2 3 8 ,4 9 3 2 23 5
94
.4,0
00
4 5 ,9 7 2
2 3 7 ,8 0 9 2 5 6 .6 4 7 ,7 0 2
2 3 7 ,8 3 5 2 6 3 .4 6 4 ,6 0 5
2 3 7 ,5 4 5 2 4 8 ,5 5 9 ,1 2 0
2 3 8 ,0 8 0 2 3 6 ,8 3 5 ,3 0 4
2 3 8 ,8 6 6 2 1 5 .0 5 7 ,0 1 7
2-38,603 1 9 9 ,0 3 5 ,2 5 7
2 3 8 ,9 4 1 2 2 6 ,# 9 7 ,4 8 1
2 3 3 ,0 8 2 * 1 5 .7 9 9 ,0 7 9
8 5 ,7 3 4 6 3 .1 7 4 ,6 0 8

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

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

%
7 .0 5
4 .4 9

1.01
0 .5 0
7 .2 3

2.01
1 .7 8
4 .7 6
3 .3 3

1.01

103

THE CHRONICLE

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

Latest Gross Earnings by Weeks.

— I n t h e t a b l e w h ic h
f o l l o w s w e s u m u p s e p a r a t e l y t h e e a r n in g s f o r t h e f o u r t h
w eek of J u n e.
T h e ta b le c o v e r s 2 6 ro a d s a n d sh o w s 0 . 4 4 %
in c r e a s e in t h e a g g r e g a t e o v e r t h e s a m e w e e k l a s t y e a r .

Fourth week oj June.
A n n A r b o r ______________________
B u ir a lo R o c h e s t e r & P it t s b u r g h
C a n a d ia n N o r t h e r n ___________
C a n a d ia n P a c i f i c ______________
C e n t r a l o f G e o r g ia _____________
C h i c a g o & A t o n ______________
C o l o r a d o & S o u t h e r n _________
D e n v e r & R i o G r a n d e _______
D e t r o i t & M a c k i n a c - - ..............
D u lu t h S o u t h S h o r e & A t l a n t i c
I n t c r o c e a n ic o f M e x i c o - - ..............
I o w a C e n t r a l___ __________________
L o u is v i ll e & N a s h v i ll e __________
M in e r a l R a n g e ____________________
M i n n e a p o l is & S t L o u i s _________
M in n S t P a u l & S S M ___________1
C h i c a g o D i v i s i o n _____________ ]
M is s o u r i K a n s a s & T e x a s ______
M is s o u r i P a c if i c ___________________
M o b il e & O h i o ____________________
N a t i o n a l R a il w a y s o f M e x i c o - _
S t L o u is S o u t h w e s t e r n __________
S o u t h e r n R a i l w a y ________________
T e x a s & P a c i f i c ___________________
T o l e d o P e o r i a <Ss W e s t e r n _______
T o l e d o S t L o u is & W e s t e r n ___
W a b a s h _____________________________

1910.

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

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

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

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

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

T o t a l (2 6 r o a d s ) ___
N e t in c r e a s e ( 0 . 4 4 % ) -

F o r th e m o n t h
fo llo w s :

Increase. Decrease.

1911.

o f J u ly

Month of J u ly.

5

$
937
1 2 ,8 4 8

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

th e re tu r n s o f 2 7 r o a d s s h o w s as

1911.

Decrease.

1910.

G r o s s e a r n in g s (2 7 r o a d s ) ________ 5 1 ,1 2 3 ,1 3 4 5 1 ,2 1 4 ,8 3 9

9 1 ,7 0 5

%
0 .1 9

I t w ill b e s e e n t h a t t h e r e is a lo s s o n t h e r o a d s r e p o r t i n g
in t h e a m o u n t o f $ 9 1 , 7 0 5 , o r 0 . 1 9 % .
N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e ta b le fo lf o w i n g s h o w s t h e g r o s s a n d n e t e a r n i n g s o f S T E A M r a i lr o a d s
a n d in d u s t r i a l c o m p a n i e s r e p o r t e d t h i s w e e k :
-------- Gmss

Hoads.

Earnings ------------------ Net Earnings --------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

S
A la T e n n & N o r t h e r n - .M a y
1 0 ,3 3 0
J u l y 1 t o M a y 3 1 ..............
1 1 0 ,6 1 3
A t l a n t a I lir m & A t l - b - - M a y
2 1 7 ,1 0 8
J u ly 1 t o M a y 3 1 ------------ 2 ,5 9 9 , 0 0 4
A t l a n t i c C o a s t L ! n c - a _ - M a y 2 ,5 8 8 ,3 1 4
J u l y 1 t o M a y 3 1 ________2 9 , 2 9 0 ,3 2 6
B o s t o n & M a i n e . b ________ M a y 3 ,8 7 9 ,8 1 4
J u l y 1 t o M a y 3 1 ............... 4 0 .9 5 2 ,0 5 4
C e n t r a l o f N e w J e r s e y b - M a y 2 ,5 4 0 ,1 6 0
J u ly 1 t o M a y 3 1 ------------ 2 6 ,7 0 5 ,3 7 3
C h e s a p e a k e & O h l 0 - b _ - M a y 2 ,5 7 5 ,5 0 7
J u ly 1 t o M a y 3 1 ............. -2 9 ,8 8 8 , 8 6 4
C h e s t e r f’ d & L a n c a s t e r . A p r
8 ,0 7 1
J u l y 1 t o A p r 3 0 . ............
7 3 ,0 4 2

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

$
S
5 ,0 2 0
5 ,6 1 8
5 2 ,5 1 6
4 4 ,6 2 8
3 3 ,9 8 1
36 9 0 8
6 2 9 ,3 0 4
5 4 9 ,7 8 9
7 5 6 ,1 7 6
666 227
9 ,4 1 2 ,0 8 3
9 ,4 2 0 ,3 2 2
8 9 4 ,2 2 4 1 ,0 5 2 ,7 2 9
9 ,2 3 1 ,2 6 2 1 1 ,4 3 6 ,3 1 0
1 ,1 4 7 ,1 9 3
1 ,0 2 4 ,1 6 1
1 1 ,4 5 3 ,1 7 9 1 1 ,6 7 7 ,1 3 5
8 1 4 ,9 0 8
8 9 1 ,8 3 3
9 ,9 4 0 ,9 6 5 1 1 ,4 7 0 ,3 0 4
4 ,2 4 7
4 ,2 1 1
4 1 ,4 5 9
3 0 ,5 7 4

C h ic B u r l & Q u l n c y - b - M a y 6 ,9 5 6 ,6 0 2
6 ,8 1 7 ,6 5 1
1 ,7 7 8 ,5 9 2
1 ,2 4 7 ,6 6 4
J u ly 1 t o M a y 3 1 ________8 1 ,2 8 4 ,8 1 9 8 0 ,7 6 9 ,0 4 3 2 7 , 0 2 4 ,2 5 6 2 3 ,1 3 2 ,6 2 2
C h ic M ilw
& S t P a u l . a - - M a y 5 ,0 4 0 ,6 7 9
5 ,3 0 4 ,8 5 1
J u ly 1 t o M a y 3 1 ________ 5 9 ,7 9 3 ,7 3 0 5 9 ,2 7 9 ,5 5 5
C h ic M llw & P u g S d . a , M a y 1 ,1 7 0 ,7 3 1
1 ,3 9 7 ,4 1 2
J u ly 1 t o M a y 3 1 _______ 1 3 ,2 5 2 ,5 1 5
___ _
C u b a R R . . . ............................. M a y 2 6 7 ,5 0 7
2 3 2 ,4 0 1
J u l y 1 t o M a y 3 1 .................. 2 ,7 9 6 ,6 9 6
2 ,3 3 3 ,1 3 8
D e la w a r e & I I u d s o n . b - M a y 1 ,8 2 1 ,0 4 5
1 ,7 3 6 ,5 5 7
J a n 1 t o M a y 3 1 ------------ 8 ,4 4 3 ,3 6 8
8 ,0 2 1 ,5 5 4
D e n v e r & R i o G r a n d e . a . M a y 1 ,9 1 4 ,8 0 5
1 ,9 2 2 ,1 9 8
J u ly 1 t o M a y 3 1 ________ 2 1 ,4 9 4 ,1 3 8 2 1 ,5 6 0 ,6 5 1
D u lu t h S o S h & A t l . b . - M a y
2 6 2 ,6 1 5
2 9 8 ,1 1 2
J u l y 1 t o M a y 3 1 .............. 2 ,8 5 3 ,1 2 0
2 ,9 9 9 ,1 6 6
G e o r g ia R R . b - . ......................M a y 2 3 8 ,6 2 9
J u ly 1 t o M a y 3 1 ________ 3 ,0 0 0 ,4 7 4

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

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

1 1 5 ,0 6 8
9 9 6 ,7 1 5
7 0 5 8 54
3 ,1 2 0 ,9 0 7
6 2 4 ,7 7 5
6 ,2 3 5 ,3 1 4
7 4 ,1 1 2
9 3 3 ,5 4 8

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

3 2 ,7 5 6
7 4 4 ,4 4 8

G r e a t N o r t h e r n . b __________ M a y 5 ,0 3 7 ,1 8 1
5 ,7 0 8 ,0 1 4
1 ,4 1 2 ,9 5 7 1 ,7 3 0 ,0 1 6
J u l y 1 t o M a y 3 1 _______ 5 5 ,6 9 6 ,8 6 7 5 8 ,4 0 7 ,4 3 2 2 1 ,3 9 6 ,6 0 3 2 3 ,3 4 2 ,5 4 1
H o c k i n g V a l l e y - b . ________ M a y 5 6 7 ,4 4 6
6 8 0 ,5 0 3
2 2 3 ,0 5 5
2 6 2 ,6 0 7
J u ly 1 t o M a y 3 1 ------------ 6 ,5 8 9 ,1 6 1
7 ,0 5 3 ,7 8 0
2 ,2 7 6 ,9 4 4
2 ,6 8 5 ,2 2 5
L o u ls v I le n d & S t L . a . - M a y
1 0 1 ,4 7 9
8 8 ,0 0 6
1 8 ,6 9 1
3 ,5 3 9
J u l y 1 t o M a y 3 1 .............. 1 ,1 1 9 ,0 3 7
1 ,0 8 0 ,4 5 0
2 1 5 ,3 3 6
2 7 7 ,6 3 6
L o u is v i ll e & N a s h v . b - . M a y 4 ,2 7 2 ,0 1 7
4 ,5 2 8 , 3 2 2
9 9 8 ,2 2 8
1 ,1 0 3 ,6 0 4
J u l y 1 t o M a y 3 1 ------------4 9 ,8 7 9 ,2 4 4 4 8 , 1 9 9 ,5 7 4 1 1 ,5 7 5 ,4 4 9 1 6 ,7 9 1 ,6 0 3
M a in e C e n t r a l . b ------------------M a y 7 6 2 ,8 4 2
J u l y 1 t o M a y 31 ----------- 8 ,2 3 3 ,1 3 7
M in e r a l R a n g e . b ----------------M a y
6 3 ,1 3 2
J u l y 1 t o M a y 3 1 -----------6 8 6 ,6 1 7

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

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

2 1 6 ,9 5 5
2 ,7 1 9 ,8 7 8
d e f 2 ,5 2 5
8 2 ,7 8 8

M is s is s ip p i C e n t r a l b . . . M a y
7 4 ,8 0 8
7 4 ,1 6 4
J u l y 1 t o A la y 3 1 _______
8 4 4 ,1 7 7
8 1 1 ,9 6 7
M is s o u r i P a c i f i c - b ............. M a y 4 ,3 4 5 ,8 5 9
4 ,3 1 0 ,2 3 8
J u ly 1 t o M a y 31 ............. 4 8 , 6 4 7 ,4 9 7 4 8 ,7 9 5 ,1 2 7
N a s h v C h a t t & S t L . b . - M a y 1 ,0 5 7 ,7 4 8
1 ,0 0 6 ,5 0 8
J u l y 1 t o M a y 3 1 ________ 1 1 ,3 7 1 ,8 6 5 1 0 ,6 1 0 ,9 5 5

2 8 ,6 7 2
3 4 9 ,2 8 7
462 609
1 1 ,2 8 9 ,3 2 1
2 5 0 ,1 0 5
2 ,8 3 4 ,5 7 6

14,’ l9 4 ;0 1 2
2 8 2 231
2 ,9 3 4 [ 9 3 0

N o r f o l k & W e s t e r n . b . . M a y 2 ,9 5 1 ,2 4 6
3 ,0 5 2 ,6 9 0
J u l y 1 t o M a y 3 1 ------------ 3 2 ,6 6 1 ,9 1 2 3 2 , 0 6 1 ,9 4 7

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

1 ,0 9 8 9 21
1 2 ,9 3 8 i9 9 6

30 415
3 3 1 ,1 8 0
1 1 9 4 6 09

6 ,5 5 8 ,3 8 7
1 ,9 1 8 ,4 0 9 2 ,1 2 3 ,2 4 5
N o r t h e r n P a c i f i c - b -------------- M a y 5 ,0 9 1 ,8 5 8
J u l y 1 t o M a y 3 1 ------------5 9 ,8 5 2 ,5 7 9 0 7 ,7 5 0 ,7 4 4 2 3 ,4 4 6 ,9 7 9 2 5 ,6 0 7 ,5 7 7
R u t l a n d . b ________________ M a y
2 9 2 ,3 5 2
2 9 4 ,9 5 3
7 7 ,0 6 1
7 3 048
J a n 1 t o A la y 3 1 ________ 1 ,2 6 6 ,9 0 9
1 ,1 9 6 ,7 7 3
2 5 0 ,9 0 0
3 0 2 ,8 3 3
S t L o u is & S a n F r a n . b - M a y 3 ,3 0 1 ,1 7 6
3 ,1 7 0 ,2 4 9
1 ,0 6 0 ,3 9 2
949 455
J u ly 1 t o A la y 3 1 ............... 3 9 ,8 4 2 .1 5 4 3 8 , 0 2 0 ,1 3 3 1 2 ,5 2 2 ,5 6 0 1 1 ,5 3 0 ,3 4 5
C h ic & E a s t e r n I U . b . A l a y
9 1 3 ,8 9 8
7 7 9 ,3 0 1
3 3 5 ,8 0 3
2 2 2 ,2 6 5
J u ly 1 t o M a y 3 1 _______ 1 1 ,3 7 5 ,8 8 3
1 0 ,8 0 9 ,0 1 7
3 ,6 0 7 ,9 2 5 3 ,4 3 3 ,1 1 5
E v a n s v & T erre H - b - M a y
1 9 4 ,4 1 1
J u l y 1 t o A la y 3 1 ............. 2 ,4 2 6 ,0 8 8

2 0 0 ,8 5 2
2 ,2 5 9 , 2 3 3

6 2 ,1 2 7
8 6 7 ,3 7 6

7 7 ,3 8 5
8 6 8 ,5 0 3

T o t a l a ll l i n e s . b --------------M a y 4 ,4 0 9 ,4 8 5
4 ,1 5 0 ,4 0 1
1 ,4 0 4 ,3 2 1 1 ,2 4 9 ,1 0 5
J u l y 1 t o A la y 3 1 - ............5 3 ,6 4 4 ,1 2 6 5 1 ,0 8 8 ,9 8 3 1 6 ,9 9 7 ,8 6 2 1 5 ,8 3 1 ,9 6 3
S e a b o a r d A i r L l n e . a . . . A la y
1 ,8 2 5 ,4 2 3
1 ,6 9 1 ,4 1 3
5 2 8 ,7 3 2
5 1 2 ,1 1 9
J u l y 1 t o M a y 3 1 -----------2 0 , 0 6 7 , 3 4 0 - 1 8 , 4 7 4 ,0 9 9
6 ,0 0 8 ,3 8 7
5 ,7 6 1 ,2 8 4
T e x a s & P a c i f i c . b ---------------- A la y 1 ,0 9 5 ,3 3 6
1 ,1 8 8 ,3 6 3
9 7 ,9 9 6
1 3 6 ,2 7 6
J a n 1 t o A la y 3 1 ------------ 5 ,8 6 0 ,0 4 3
6 ,2 7 0 ,3 9 2
0 8 0 ,6 9 1
1 ,2 7 4 ,8 4 1
T o m b l g b e c V a l l e y ___________ M a y
7 ,7 3 8
7 ,0 4 8
3 ,1 9 3
3 ,0 0 5
J u ly 1 t o M a y 3 1 . ..........
8 2 ,2 1 2
7 7 ,8 8 6
3 1 ,4 4 2
2 9 ,9 6 3
W a b a s h . b --------- --------------- A la y
2 ,3 8 4 ,8 4 3
2 ,2 8 9 ,9 5 1
4 1 6 ,4 2 0
4 1 8 ,4 1 3
J u l y 1 t o A la y 3 1 _______ 2 7 ,3 8 1 ,3 8 5 2 6 ,4 2 8 ,7 0 8
6 ,9 7 7 ,0 9 9
7 ,7 2 6 ,2 4 9




C O M P A N IE S .

-Gross Earnings —
Current
Previous
Year.
Year.

Compantes

S

5
A b i n g d o n & R o c k l a n d1 E lle
ec
L ig h t & P o w e r .b . . .A l a y
J a n 1 t o A la y 31t..............
B la c k s t V a l G & E l
i— M a y
J a n 1 t o A la y
E d is o n E l ( B r o c k t o n ) . bb M a y
J a n 1 t o A la y 31l _______
F a l l R i v G a s W k s . b . .. . . A l a y
J a n 1 t o A la y 31

Net EarningsCurrent
Previous
Year.
Year.

H o u g h t o n C o E l L t . b ___
. . . AAlla
ay
J a n 1 t o A la y 31

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

L o w e l l E L t C o r p . b - .. . . A l a y
J a n 1 t o A la y 31

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

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

M I n n e a p G e n E . b ______A
. . Ala
layy
J a n 1 t o A la y 31

1 1 2 ,6 1 4
5 9 6 ,0 7 3
S ie r r a P a c E l C o . b ______A
_ _ Ala
layy
4 6 ,1 1 1
J a n 1 t o A la y 31
2 3 1 ,1 7 4
b .M c h 1 ,1 5 2 ,4 1 7
_______ 1 0 ,0 6 4 ,2 6 7

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

S
1 ,5 7 6
9 ,4 2 4
4 0 ,7 2 1
2 3 5 ,2 7 1
9 ,7 7 4
6 4 ,5 8 9
1 0 ,9 2 5
69 263
1 0 ,8 1 5
6 6 ,5 1 1
1 2 ,9 9 9
8 1 ,9 2 8
6 9 ,0 1 1
3 5 8 ,0 9 7
3 0 ,2 2 6
1 5 0 ,6 0 1
2 3 8 ,1 3 0
1 ,8 4 5 ,7 5 8

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

77 M 2

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

a N e t e a r n in g s h e r e g iv e n a r e a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r e g iv e n a r e b e f o r e d e d u c t i n g t a x e s .

Interest Charges and Surplus.
1 9 ,0 0 7
1 ,0 3 2

4 6 8 ,0 5 8
6 3 ,0 5 1

IN D U S T R IA L

—Int., Hcnlals, A c .—
Current
Previous
Year.
Year.

Hoads.
C en tral o f N ew J e r s e y ..A la y
J u l y 1 t o M a y 3 1 ________
C h e s a p e a k e & O h i o ______ M a y
J u ly 1 t o A la y 3 1 _______
C u b a R R ..................................A la y
J u ly 1 t o A la y 3 1 ________
D e n v e r & R io G r a n d e .-A la y
J u l y 1 t o M a y 3 1 _______
D u lu t h S o S h & A t l _____ A la y
J u l y 1 t o M a y 3 1 ________
G e o r g ia R R _______________ A la y
J u ly 1 t o A la y 3 1 ..............
L o u is v i ll e H e n d & S t L .A I a y
J u ly 1 t o M a y 3 1 _______

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

M in e r a l R a n g e . .................... A la y
J u l y 1 t o A la y 3 1 _______

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

N o r f o l k & W e s t e r n ______ A la y
4 8 8 ,1 4 3
J u ly 1 t o A la y 3 1 .............. 5 ,6 1 1 ,7 1 0

—

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

Bal. o/ Net Earns .—
Current
P revious
A Year.
Year.
$

$

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

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

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

9 7 ,6 5 0 £ d e f 3 3 ,9 2 0
1 ,0 6 0 ,6 0 0 .r d e f2 0 0 ,2 0 0
6 2 ,2 2 8 z d c f 1 8 ,5 7 9
6 7 6 ,3 7 9
2 :4 4 ,6 0 5
1 7 ,5 4 3
2 :2 ,6 5 8
1 8 3 ,2 2 2
2 :2 6 ,4 4 7
1 3 ,3 2 7
4 d e £ 5 ,6 1 9
1 5 5 ,8 1 4 2 ;d e f9 3 ,2 3 0

z d e fl9 ,8 3 »
g (l e f 7 6 ,4 6 8
z d e f2 0 ,8 7 3
2 :1 7 0 ,2 6 2
2 :1 3 ,6 1 3
2 :9 9 ,9 5 0
:r d c fl3 ,2 6 0
z d e f0 4 ,3 3 8

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

d T h e s e fig u r e s a r e a f t e r a ll o w i n g f o r o t h e r I n c o m e a n d f o r d i s c o u n t a n d
ex ch a n g e.
T h e s u m o f $ 1 0 ,0 0 0 Is d e d u c t e d e v e r y m o n t h f r o m s u r p lu s a n d
p la c e d to th e cr e d it o f th e re n e w a l fu n d .
x A f t e r a ll o w i n g f o r o t h e r i n c o m e r e c e iv e d .
IN D U S T R IA L

C O M P A N IE S

-In t., Ilentals, A c.
Current
Previous
Year.
Year.

Companies.

5
A b i n g t o n & R o c k l a n d[ E le c
L ig h t & P o w e r C o ____
. . . Alt
M ay
6 37
J a n 1 t o A la y 3 1 ______
3 ,1 8 3
B l a c k s t o n e V a l G as & E l A la y
2 9 ,6 9 1
J a n 1 t o A la y 31
- 1 4 9 ,7 4 9
E d is o n E l C o (B r o c k t oonn ) AAlla
ay
4 ,8 2 7
2 4 ,2 7 7
J a n 1 t o A la y 31
F a ll R i v e r G a s W k s . . . M a y
3 ,7 9 1
2 0 ,6 6 8
J a n 1 t o A la y 31
5 ,1 1 5
. . .A
layy
A la
H o u g h t o n C o E l e c L t ___
2 6 ,6 0 2
J a n 1 t o M a y 31
4 ,5 6 4
. . . AAlla
ay
L o w e l l E l e c L t C o r p ------J a n 1 t o A la y 31 —_ .
2 3 ,6 7 9
3 8 ,2 3 2
...A
l ayy
A lin n e a p G e n E l ------------A la
1 8 1 ,8 7 2
J a n 1 t o A la y 31
5 ,6 7 9
..A
la y
S ie r r a P a c E l C o ------------A lay
2 7 ,3 3 8
J a n 1 t o A la y 31

S
813
3 ,6 9 4
2 9 ,1 6 1
1 4 6 ,5 6 8
3 ,7 8 7
2 0 ,8 4 4
3 ,7 1 2
1 8 ,1 2 4
4 ,8 8 0
2 5 ,2 4 9

—

Bal. oj Net Earns .—
Current
Previous
Year.
Year.
3
9 39
6 ,2 4 1
1 1 ,0 3 0
8 5 ,5 2 2
4 ,9 4 7
4 0 ,3 1 2
7 ,1 3 4
4 8 ,5 9 5
5 ,7 0 0
3 9 ,9 0 9

4 ,6 3 5
2 3 ,4 5 5

8 ,1 3 5
5 8 ,2 4 9

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

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

5 ,6 6 7
2 8 ,1 8 2

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

s
437
7 ,5 7 0
8 ,9 5 7
7 2 ,1 6 7
6 ,1 4 2
3 8 ,0 3 9
1 0 ,9 3 5
5 3 ,5 6 1
4 ,3 8 3
3 7 ,4 2 4
7 ,8 5 4
5 3 ,9 2 7
2 1 ,8 4 3
1 5 9 ,7 9 1
2 4 ,9 4 3
1 2 1 ,8 1 2

ELECTRIC RAILWAY AND TRACTION COMPANIES
Name o f
Hoad.

A m e r ic a n R y s C o _____
A t l a n t i c S h o r e R y ___
c A u r E l g i n & C h ic R y
B a n g o r R y & E le c C o
B a ton R o u g e E l C o .
B i n g h a m t o n R a llw a ;
B lr m R y . L t & P o w
B r o c k & P ly m S t R y
B k ly n R a p T r a n S y s
C a p e B r e t o n E le c C o
C a r o lin a P o w & L t C o
C ent P k N & E R l v . .
C e n t r a l P e n n T r a c ___
C h a tta n oog a R y & L t
C le v c P a ln e s v & E a st
C le v c S o u t h w & C o l .
C o l u m b u s (G a ) E l C o
C o n e y I s l & B k l y n ___
D a lla s E l e c t C o r p ___
D e t r o i t U n it e d R y _ _
D D E B & B a t (R e c )
D u lu t h - S u p e r io r T r a c
E a s t S t L o u is & S u b .
E l P a s o E le ctric
F a ir m & C la r k s T r C o
4 2 d S t M & S N A v (R e c )
G a lv -H o u s to n E i C o .
G ra n d R a p id s R y C o .
I la v a n a E le ctric C o _ .
H o n o l u lu R a p i d T r a n
& L and C o ..
H ou g h ton Co T r C o ..
H u d so n & M a n h a ttan
I llin o is T r a c t io n C o .
In terb oro R a p T ra n s.
J a c k s o n v il le E le c C o .
K a n C ity R y & L t C o
L a k e S h o r e E le c R y .
L o n g I s la n d E l e c t r i c .
M e t r o p o l it a n S t (R e c )
AIIlw E l R y <Sc L t C o .
M llw L t , H t & T r C o .
M on treal S tre e t R y . .
N a s h v ille R y & L ig h t
N e w O r le a n s R y & L t
N Y C ity I n t e r b o r o ..

Latest Gross Earnings.
Week or
Month.
A la y

______

M a y ______
M a y ______
M a y ______
M a y ...........
M a y --------M a y ______
F ebruary .
A la y ______
M a y ______
F ebruary .
M a y ______
A l a y ______
M a y ______
A la y _____:
M ay . . . .
F ebruary .
•May ______
2d w k June
F ebruary .
A la y ______
A la y ______
A la y ______
M a y ______
F ebru ary .
A la y ............
M ay . . . _
W k J u ly 2

Current
Year.

Previous
Year.

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

Jan. 1 to latest date.
Current
Year.

Previous
Year.

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

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

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

1 5 6 ,1 1 5
A p r i l ...........
3 6 ,1 2 9
3 9 ,3 3 2
1 4 5 ,2 6 3
1 1 7 ,5 2 8
2 5 ,4 7 2
M a y ______
2 4 ,1 0 7
1 2 4 ,2 4 4
1 ,9 1 4 ,2 8 3
3 8 9 ,0 4 1 3 4 0 ,3 6 7
M a y ______
1 ,6 4 3 ,2 0 9
4
8
6
,4
9
0
1 ,0 5 0 ,6 9 9
M a r c h _____ 5 1 9 ,7 2 9
1 .4 2 7 .3 2 6
M a y ______ 2 0 2 2 ,7 9 1 2 5 7 1 ,7 1 6 1 3 ,1 1 7 ,5 8 3 1 2 ,7 1 1 ,7 5 8
4 0 ,7 2 0
4 7 ,6 2 5
2 4 5 ,4 2 7
A la y ______
2 3 7 ,0 5 9
6 2 2 ,5 5 5
1 ,9 1 2 ,6 1 9
A la r ch _____ 6 5 6 ,0 6 1
1 ,7 8 8 ,0 1 7
1 0 5 ,3 2 1
1 0 0 ,4 2 4
M ay . . . .
1 1 4 ,0 3 5
4 2 3 ,1 9 4
10,6
91
1
1
,7
8
9
2 4 ,8 1 9
F ebruary .
2 1 ,2 3 9
F e b r u a r y _ 9 7 5 ,6 9 6 9 7 6 ,3 2 6 2 ,0 7 6 ,5 6 1
2 ,0 1 0 ,4 2 1
4 0 6 ,6 0 4 3 8 0 ,0 6 0
M a y --------1 ,9 8 2 ,4 9 0
1 ,8 0 1 ,2 9 9
8 6 ,6 6 9
8 5 ,0 7 1
M a y ______
3 8 5 ,4 9 3
3 6 1 ,0 2 2
4 3 1 ,6 8 9 3 7 0 ,2 3 4
M a y ______
1 ,8 7 6 ,8 5 2
1 ,6 8 0 ,7 9 3
1 4 8 ,0 9 4
M a y ............ 1 6 3 ,1 7 4
7 9 4 ,5 4 8
7 3 0 ,5 2 7
5 3 8 ,1 7 9 5 3 4 ,2 8 1
A p r i l ______
2 ,2 4 2 ,0 0 1 2 ,1 2 9 ,5 8 0
1 9 ,4 9 5
F ebruary .
1 3 ,5 7 9
4 0 ,4 9 3
2 8 ,5 9 4

July 8

THE CHRONICLE

1911. |

Jan. 1 to latest date.

Latest Gross Earnings.

Name oj
Hoad.

N Y & L o n g Is la n d T r
N Y & Q ueens Co
N o r f & P o r ts m T r Co
N orth a m E a ston & W
N o r t h O h io T r a c & L t
N o r th T e x a s E le c C o .
N orth w est E lc v C o ..
O ce a n E le c tr ic (L I ) .
O k la h o m a C ity U y . .
P ad u ca h T r & L t C o .
P e n s a co la E le c tr ic Co
P o r t (O r e ) R y . L & P C o .
P uget Sound El Co .
R ich m o n d L t & R R .
R Io d o J a n e iro T ra m
L ig h t & P o w e r C o .
S t J o s e p h (M o ) R y . L t
H eat & P ow er C o ..
S a o P a u lo T r , L & P .
S a v a n n a h E le c tr ic Co
S e a ttle E le c tr ic C o _ .
S e c o n d A v e ( R e c ) ___
S ou th e rn B o u le v a r d .
S o u W i s c o n s in R y C o
S ta te n Isl M i d l a n d ..
T a m p a E le ctric C o .
T h ir d A v e n u e ( R e c ) .
T o le d o R y s & L t C o .
T o r o n t o I t y C o _______
T r l -C I t y R y & L ig h t T w i n C it y R a p T r a n .
U n dergrou n d E l R y
of L ondon—
T h r e e t u b e li n e s ___
M e t r o p o l it a n D i s t .
U n it e d T r a m w a y s .
U n lo n ( R e c ) . ................
U n io n R y ,G & E C o (I ll)
U n it e d R y s o f S t L
U n it e d R R s o f S a n F r
W e stc h e s E le c (R e c ) .
W h a t c o m C o R y & Lt
Y o n k e rs R R (R e c )...
Y o u n g s t & O h io R I v .

Current
Year.

Week or
Month.

Current
Year.

Previous
Year.

F ebruary .
F ebruary .
M a y ______
M a y ______
M a y ...........
M ay
------J u n e ______
F ebruary .
M a y ...........
M a y ____
M a y ______
M a y ______
A la y ______
A la r ch _____

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

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

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

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

______ 1 0 9 6 ,9 4 7

9 1 6 ,4 7 6

5 .0 3 5 ,8 0 9

4 ,0 9 7 ,2 8 3

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

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

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

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

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

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

W k J u ly 1 £ 1 5 , 0 2 5 £ 1 3 , 2 7 5
W k J u l y 1 £ 1 3 ,1 5 2 £ 1 1 , 9 3 5
£ 6 ,7 9 9
W k J u ly 1
£ 6 ,6 5 6
1 5 0 ,8 5 8
F ebruary .
1 3 7 ,2 2 5
2 5 6 ,5 7 4 2 2 8 ,9 5 5
A la y ______
M a y ______ 1 0 5 3 .8 2 6 1 0 0 8 ,3 8 4
6 5 2 ,8 6 6 6 4 8 ,0 1 5
A p r il ______
F ebruary .
3 6 ,1 9 6
2 9 ,2 7 6
M a y ______
2 9 ,8 5 2
3 5 ,4 0 4
F ebruary .
4 4 ,4 3 8
A la y ______
1 9 ,8 4 2
1 6 ,6 3 8

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

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

M ay

M a y ______
M ay . _
M a y ______
M a y --------F ebruary _
F ebruary .
M a y ______
F ebruary .
A la y ______
F ebruary .
W k M a y 14
A p r i l ______
M a y --------3d w k June

$

Year.

S
3 8 ,3 7 5
1 3 4 ,4 9 9
7 6 5 ,6 6 7

' “ 76",047

Electric Railway Net Earnings.

— T h e f o l l o w i n g t a b le g i v e s
t h e r e t u r n s o f E L E C T R I C r a i l w a y g r o s s a n d n e t e a r n in g s
r e p o r te d th is w e e k .
A f u ll d e t a i l e d s t a t e m e n t , i n c l u d in g a ll
r o a d s f r o m w h ic h m o n t h l y r e t u r n s c a n b e o b t a i n e d , is g i v e n
o n c e a m o n t h in t h e s e c o l u m n s , a n d t h e l a t e s t s t a t e m e n t o f
t h i s k in d w ill b e f o u n d in t h e is s u e o f J u n e 1 0 .

Current
Year.

Roads.
B a to n R o u g e E le c C o b -M a y
J a n I t o A la y 3 1 _______
B r o ck & P ly m S t I l y . b . M a y
J a n 1 t o A la y 3 1 _______
C a p e B reton E lc c C o b -M a y
J a n 1 t o M a y 3 1 _______
C o l u m b u s ( G a ) E l c c C o . b .A Ia y
J a n 1 t o A la y 3 1 _______

EarningsPrevious
Year.

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

C o m m o n w e a lt h P o w R y & L t
(M ic h ) . a .
- - . - .A la y
4 2 2 ,7 0 9
3 9 2 ,7 9 2
J a n l t o M a y 31
2 ,1 9 6 ,4 7 0
2 ,0 0 3 ,2 6 4
D a lla s E l e c t r i c C o r p . b . .A l a y
1 3 2 ,5 8 5
1 1 5 ,5 9 2
J a n 1 t o M a y 3 1 ________
6 4 6 ,8 3 9
5 6 7 ,7 6 8
E l P a s o E le c tr ic C o b .- M a y
5 4 ,1 6 1
5 1 ,1 4 8
J a n l t o M a y 31
..
2 8 1 ,5 6 5
2 6 4 ,0 1 4
G a l v - I I o u s E l c c C o . b . .A l a y
1 2 8 ,8 3 1
1 0 3 ,8 2 3
J a n 1 t o M a y 31
5 7 7 ,3 5 8
5 0 0 ,0 4 7
H o u g h t o n C o T r a c C o _ b . A la y
2 1 ,1 0 7
2 5 ,4 7 2
J a n 1 t o M a y 31
1 1 7 ,5 2 8
1 2 4 ,2 4 4
I n t e r b o r o u g h R a p T r . a - M a y 2 ,6 2 2 .7 9 1
2 ,5 7 1 ,7 1 6
J u ly 1 t o A la y 3 1 ------------2 7 ,4 0 4 ,2 7 3 2 6 ,6 6 6 ,5 6 9
I n t e r n a t io n a l R y C o . (B u f f a lo ) b
J a n 1 t o A lch 3 1 ___
. 1 ,1 3 8 ,1 9 4
1 ,1 0 1 ,6 5 7
J u l y 1 t o A lch 3 1 _______ 3 ,8 7 2 ,3 5 8
3 ,6 5 0 ,7 4 2
4 7 ,6 2 5
J a c k s o n v i l l e E l e c C o_ b - .A l a y
4 6 ,7 2 0
• J a n 1 t o A la y 3 1 _______
2 4 5 ,4 2 7
2 3 7 ,0 5 9
1 3 6 ,2 2 7
N o r T e x a s E l c c C o . b — A la y
1 1 7 ,7 6 6
6 3 8 ,9 4 3
■
J a n 1 t o A la y 3 1 ----------5 5 6 ,6 5 6
2 1 ,3 5 0
P a d u c a h T r & L t C o . b . A la y
1 9 ,3 3 0
1 0 5 ,8 3 5
9 9 ,6 3 0
J a n 1 t o A la y 3 1 .............
2
3
,8
4
3
P e n s a c o la E le c tr ic C o .b .A I a y
2 1 ,8 0 5
1 1 4 ,1 0 7
1 0 6 ,0 2 4
J a n 1 t o A la y 3 1 .
___
1 4 8 ,8 2 8
P u g e t S o u n d E l e c C o b .A I a y
1 6 9 ,1 9 0
7 1 2 ,4 5 6
J a n l t o A la y 31 ______
7 6 1 ,4 7 5
5 6 ,7 7 7
S a v a n n a h E le ctric C o . b -M a y
5 2 ,3 7 9
2 7 0 ,3 3 7
J a n 1 t o A la y 31
2 4 6 ,9 6 4
4 4 7 ,9 8 9
4 6 7 ,9 6 1
S e a t t l e E l e c t r i c C o . b - . A la y
J a n 1 t o M a y 31 .
2 ,2 6 5 ,9 1 1
2 ,2 8 8 ,5 1 4
5 5 ,3 0 1
5 0 ,4 2 1
T a m p a E l e c t r i c C o . b . .A l a y
2 7 7 ,9 7 2
2 6 2 ,4 8 9
J a n 1 t o A la y 3 1 ...........
U n io n R y G a s & E l (U l)a A I a y
J a n 1 t o A la y 31
..

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

W h a t c o m C o R y & L t .b .A I a y
J a n 1 t o A la y 3 1 . .

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

■Net EarntngsPrevious
Current
Year.
Year.

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

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

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

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

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

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

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

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

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

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

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

1 2 ,2 7 1
4 9 ,8 4 8

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

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

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

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

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

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

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

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

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

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

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

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

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

a N e t e a r n in g s h e r e g iv e n a r e a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r e g iv e n a r c b e f o r e d e d u c t i n g t a x e s .

Interest Charges and Surplus.
—

Roads.

Tnl., Re.nl
Current
Year.
$

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

C o m m o n w e a lt h P o w R y & L t
( M i c h ) ______ ___________ M a y
Jan
1
to M a y
31
D a l la s E l e c t r i c C o r p ____ M a y
Jan
1
to M a y
31

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

E l P a s o E l e c t r i c C o ........... M a y
Jan
1
to M a y
31

8 ,2 0 5
4 1 ,3 5 1




.

.

.

B a to n R o u g e E Icc C o . . -M a y
J a n 1 t o M a y 3 1 -----------B r o c k & P ly m S t R y ___M a y
J a n l t o M a y 3 1 _______
C a p e B r e t o n E l e c C o ___M a y
•
J a n 1 t o M a y 3 1 _______
C o l u m b u s (O a ) E l e c C o . M a y
J a n 1 t o M a y 3 1 ________

A c .—
Previous
Year.
r,

$

Bal. of Net Earns .—
Previous
Current
Year.
Year.

—

8

1 ,7 6 4
8 ,9 4 9

$
2 ,2 2 3
7 ,7 9 0
884
d e f .1 6 1

234
d c f . 2 ,0 1 6

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

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

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

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

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

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

1 ,9 3 8
9 ,7 1 5

—

Hoads.

P revio u s

c T h e s e fig u r e s a r e f o i c o n s o l i d a t e d c o m p a n y .

------ Cross

103

871
5 ,4 2 4

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

G a l v - I I o u s E l e c C o ______ M a y
J a n 1 t o A la y 3 1 ________
H o u g h to n C o T ra c C o . .M a y
J a n 1 t o M a y 3 1 ________

In i., Rentals, A c .—
Current
Previous
Year.
Year.
$
2 4 ,6 6 8
1 2 3 ,5 2 1

6 ,4 9 8
3 2 ,4 8 8
In te rb o ro u g h R a p T r . .M a y
9 0 6 ,7 7 6
J u l y 1 t o M a y 3 1 _______ 9 ,7 8 1 ,1 0 5
I n t e r n a t io n a l R y C o ( B u f f a lo )
J a n 1 t o M c h 3 1 _______
2 8 0 ,2 8 6
J u l y 1 t o A lch 3 1 _______
8 5 0 ,2 9 5
J a c k s o n v il le E l e c C o ___ M a y
1 0 ,0 5 3
J a n 1 t o M a y 3 1 ________
5 1 ,0 7 9
N o r T e x a s E l e c t r i c C o . .A l a y
2 5 ,0 3 2
J a n 1 t o A la y 3 1 ________
1 2 4 ,9 1 6
P a d u ca h T ra c & L t C o ..A la y
7 ,6 5 5
J a n 1 t o A la y 3 1 _______
3 8 ,8 8 5
P e n s a c o l a E l e c t r i c C o ___ A la y
5 ,8 5 1
J a n 1 t o A la y 3 1 ________
2 9 ,7 6 5
P u g e t S o u n d E l e c C o ___ A la y
4 8 ,2 0 6
J a n 1 t o M a y 3 1 . ..............
2 5 0 ,0 2 6
S a v a n n a h E l e c t r i c C o ___ A la y
1 8 ,4 2 2
J a n 1 t o A la y 3 1 ________
9 2 ,2 5 9
S e a t t l e E l e c t r i c C o ______A la y
1 1 4 ,8 8 9
J a n 1 t o A la y 3 1 _______
5 6 3 ,5 5 8
T a m p a E l e c t r i c C o ______M a y
6 ,9 1 4
J a n 1 t o A la y 3 1 ________
3 2 ,4 3 0
6 2 ,6 2 1
U n io n R y G as & E l (111) .A la y
J a n 1 t o M a y 3 1 _______
3 0 1 ,9 0 7
W h a tco m Co R y & L t ..M a y
8 ,1 3 0
J a n 1 t o A la y 3 1 _______
3 6 ,4 9 1

—

Bat. oj Net Earns .—
Curren ■ Previous
Year
ii. Year.

$
2 3 ,5 4 7
1 1 6 ,4 8 8

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

6 ,3 1 7
3 1 ,6 3 1

5 ,7 7 3
1 7 ,3 6 0

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

£ 4 8 4 ,1 5 4
£ 6 2 6 ,3 4 8
8 8 2 ,1 4 8
9 ,6 7 3 ,2 1 9 £ 4 ,8 7 0 ,7 6 5 £ 5 ,7 0 1 ,8 3 4
£ 1 3 6 ,2 0 7
£ 7 4 8 ,0 7 3
1 1 ,8 8 3
6 5 ,9 1 5
3 3 ,5 6 0
1 5 6 ,4 0 1
1 ,6 1 5
594
8 ,5 3 7
2 ,2 1 1
4 ,6 0 4
3 ,1 7 5
1 7 ,1 0 4
1 8 ,6 4 6
d e f . 1 ,1 2 1
1 2 ,6 7 4
d e f . 7 1 ,8 4 5 d e f . 3 0 ,1 0 6

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

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

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

52
98

124
168
7 6 ,2 7 9
3 9 3 ,1 5 3
1 7 ,6 3 8
1 0 0 ,7 6 8
4 1 ,4 9 7
2 2 2 ,5 0 3
5 ,5 8 6
3 1 ,0 5 5

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

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

x A f t e r a ll o w i n g f o r o t h e r I n c o m e r e c e i v e d .

ANNUAL REPORTS,
Annual Reports.

— A n in d e x to a n n u a l r e p o r ts o f s t e a m
r a i l r o a d s , s t r e e t r a i l w a y s a n d m i s c e l l a n e o u s c o m p a n i e s w h ic h
h a v e b e e n p u b li s h e d d u r i n g t h e p r e c e d i n g m o n t h w ill b e
g iv e n o n th e la s t S a tu r d a y o f e a c h m o n t h .
T h i s i n d e x w ill
not in c l u d e r e p o r t s in t h e is s u e o f t h e “ C h r o n i c l e ’ ' in w h ic h
it is p u b l i s h e d .
T h e l a t e s t i n d e x w ill b e f o u n d in t h e is s u e
of June 2 4 .
T h e n e x t w ill a p p e a r in t h a t o f J u l y 2 9 .

Alabama Consolidated Coal & Iron Co., New York and
Birmingham, Ala.
(Report for Fiscal Year ending Oct.

31

1 9 1 0 .)

P re sid e n t J o s . H . H o a d le y , N e w Y o r k , u n d e r d a te J a n . 2 6
1 9 1 1 w r o t e in s u b s t a n c e :

General Results .— A t t h e b e g i n n in g o f t h e fis c a l y e a r t h e p i g I r o n m a r k e t
g i v e p r o m is e o f b e in g a f a il r y p r o s p e r o u s o n e .
T h e p r o m is e , h o w e v e r , w a s
s h o r t liv e d .
T h e m a r k e t g r a d u a ll y d e c li n e d fr o m a n a v e r a g e o f $ 1 4 50
f o r N o . 2 F o u n d r y . B i r m i n g h a m , in N o v e m b e r 1 9 0 9 , t o a n a v e r a g e o f a b o u t
$ 1 1 .0 0 In J u ly 1 9 1 0 .
T h e r e w a s p r a c t ic a l ly n o c h a n g e in t h e p ig I ro n
m a r k e t fr o m J u ly t o t h e c l o s e o f t h e fis c a l y e a r .
T h e c o n t i n u e d h ig h c o s t o f a ll o u r m a t e r ia ls a n d s u p p lie s a n d t h e In ­
c r e a s e d c o s t o f la b o r w it h o u t a n y p r o p o r t i o n a t e in c r e a s e In t h e s e llin g p r ic e
o f p i g ir o n s o I n t e n s ifie d t h e p r o b l e m o f s u c c e s s fu l o p e r a t i o n t h a t t h e
o p p o r t u n i t y fo r g o o d r e s u lt s w a s n a r r o w e d , u n d e r t h e e x is t i n g c i r c u m ­
s t a n c e s , t o e ffo r t s t o In c r e a s e t h e c o a l a n d c o k e b u s in e s s a n d f u r t h e r Im ­
p r o v e m e n t In o p e r a t i n g e f f ic i e n c y .
O n a c c o u n t o f t h e lo w s e llin g p r ic e o f p i g I r o n , o n l y o n e b la s t fu r n a c e
a t e a c h p la n t w a s k e p t In o p e r a t i o n .
T h e o t h e r t w o fu r n a c e s h a v e b e e n
r e p a ir e d t h o r o u g h l y a n d a r e r e a d y t o g o I n t o b la s t w h e n t h e I r o n m a r k e t
w a rra n ts.
A s a n o ff s e t t o t h e d u ln e s s In p ig I r o n , t h e c o m p a n y m a t e r ia ll y in c r e a s e d
t h e s a le s o f Its s u r p lu s c o a l a n d c o k e .
N e w e q u ip m e n t h a s b e e n in s t a lle d
a t t h e c o a l m in e s a n d c o k e o v e n s .
S a le s a r e o n l y li m it e d b y t h e t o n n a g e
a v a il a b l e .
T h e c o m m i s s a r y e a r n in g s w e r e $ 1 0 1 ,8 3 8 8 0 a n d t h e n e t r e n t s w e r e
$ 2 4 ,5 9 3 .
T h e n e t e a r n in g s o f t h e y e a r w e r e $ 1 0 6 ,3 2 2 .
T h e com p a n y
e x p e n d e d d u r in g t h e y e a r f o r a d d i t io n s t o p r o p e r t y , p e r m a n e n t i m p r o v e ­
m e n t s a n d n e w e q u ip m e n t $ 1 0 2 ,7 4 7 .
T h e n e t q u ic k a s s e t s s h o w a n in ­
c r e a s e o f s o m e $ 2 1 ,0 0 0 fo r t h e y e a r .
T h e c l o s e o f th e fis ca l y e a r fin d s a ll m in e s a n d o v e n s s o ld u p fo r e v e r y t h in g
e x c e p t o u r o w n r e q u i r e m e n t s , a n d w it h t h e n e w e q u ip m e n t a t S e a r lc s ,
B r o o lu v o o d a n d L e w i s b u r g , t h e n e x t y e a r s h o u l d s h o w a s u b s t a n t ia l I n c r e a s e
o v e r th is o n e .
T h e c o n d i t i o n o f t h e p r o p e r t y lia s b e e n f a v o r a b l y c o m m e n t e d
o n b y v is i t in g b a n k e r s , m in in g e n g in e e r s a n d I ro n a n d s t e e l e x p e r t s .
A ll
e x p e n d it u r e s f o r m a in t e n a n c e a n d r e n e w a ls a r c c h a r g e s t o " c o s t s . ”
I n A p r i l 1 9 1 0 a c o m p l e t e r e o r g a n i z a t i o n o f t h e e x e c u t i v e a n d m a n a g e r ia l
fo r c e s a t B i r m in g h a m a n d s o m e o f t h e p l a n t s w a s m a d e , a n d m a n y e c o n o m i c s
In tro d u ce d .
•
Present Directors .— J o s e p h I I . H o a d l e y , W a lt e r H . K n ig h t a n d H e n r y H .
A le lv ille , N . Y . C i t y : F r a n k W . B la ir , D e t r o i t : J a m e s A . G r e e n , C i n c i n n a t i ;
J o s h u a L e v e r in g a n d w i l l i a m c . s e d d o n , B a lt i m o r e ; H a r r is o n 5 . M a t n c w s ,
B i r m in g h a m , A l a ; K e n n e t h K . A ic L a r e n , J e r s e y C i t y .
S T A T E M E N T OF E A R N IN G S FOR YE AR E N D IN G OCT. 3 1 .
„
1 9 0 9 -1 0 .
G r o s s s a le s ( t o t h e p u b l i c ) ______________$ 2 ,0 3 6 ,4 0 1
A lfg . & p r o d u c i n g c o s t & o p e r . e x p . . * 1 ,7 8 9 ,4 3 4

1 9 0 8 -0 9 .
$ 1 ,9 1 3 ,0 1 4
* 1 ,8 5 7 ,3 9 8

1 9 0 6 -0 7 .
$ 2 ,5 8 5 ,5 4 1
* 1 ,9 4 8 ,5 0 5

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

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

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

T o t a l e a r n s . A I n c o m e f r o m a ll s o u r c e s $ 3 7 7 ,9 5 0
C o m m e r c ia l I n t . a n d d i s c o u n t . . ____
$ 4 7 ,2 4 5
S e llin g c o m m i s s i o n s & m i s c c l . c h g e s .
7 6 ,0 9 6

$ 1 9 6 ,8 2 2
$ 3 7 ,0 2 9
3 7 ,6 6 6

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

$ 7 2 ,1 2 8

$ 6 5 7 ,9 8 6

G r o s s p r o f i t ----------- ------------------------------C o m m i s s a r y n e t e a r n i n g s _______________
R e n t s r e c e iv e d ( n e t ) ___________
A f i s c e l l a n c o u s ____________________________

N e t e a r n in g s f r o m o p e r a t i o n s ...........
Deduct—
P r o v is io n fo r d e p r c c ’ n & r e p l a c e m ’ t .
P r o v i s i o n fo r e x h a u s t i o n o f m in e r a l s .
B o n d I n t e r e s t _____________________________
D iv id e n d s o n p r e f . s t o c k ( 7 % ) _______

$ 2 5 4 ,6 0 9
_______
$ 3 7 ,9 7 7
1 1 0 ,3 1 0
________

$ 1 4 0 ,0 0 0
3 3 ,8 7 1
1 1 1 ,4 6 0

T o t a l d e d u c t i o n s ______________________
$ 1 4 8 ,2 8 7
$ 2 8 5 ,3 3 1
S u r p lu s f o r t h e y e a r ____________________
$ 1 0 6 ,3 2 2 d e f $ 2 1 3 ,2 0 3
„ ___ _____
* I n c lu d e s p r o v is i o n s f o r b la s t f u r n a c e r e f in in g a n d r e p a ir s a m o u n t in g t o
$ 5 1 ,5 2 7 In 1 9 0 8 -1 0 , $ 4 0 ,4 4 9 In 1 9 0 8 -0 9 a n d $ 5 9 ,9 1 7 in 1 9 0 6 -0 7 .

Fiscal
Year.

O U T P U T , E TC ., FOR YE AR S E N D IN G OCT. 3 1 .
-------- Output ( Tons) --------iron
Projits.
Net Tot. N et
Iron.
Coal.
Coke.
Sales.
Mdse.
Rents. Earns.

1 9 1 0 _ _ -------1 3 8 ,7 3 2 6 9 2 ,2 9 1 2 8 3 ,4 0 7 $ 1 ,7 4 7 ,4 7 0 $ 1 0 1 ,8 3 9 $ 2 4 ,5 9 3 $ 2 5 4 ,6 0 9
1 9 0 9 . . . _____ 1 4 6 ,7 8 0 6 2 4 ,0 8 5 2 8 1 ,2 8 6
1 ,6 8 8 ,6 2
1 0 2 ,9 6 7 3 1 ,7 3 3 • 7 2 ,1 2 8
1 9 0 8 __________ 1 1 7 ,8 1 1 4 7 1 ,2 8 9 1 7 7 ,5 9 6 1 ,0 6 3 ,7 4 8
7 6 ,8 2 4 3 1 ,2 8 5 • 9 3 ,5 2 3
1 9 0 7 __________ 1 2 0 ,0 2 0 7 0 4 ,1 7 9 2 8 2 ,2 4 4 2 ,2 3 6 ,9 5 3
9 2 ,5 6 0 3 5 ,7 4 9 S 6 5 7 ,9 8 6
1 9 0 6 __________ 1 1 9 ,6 9 1 6 6 4 ,6 4 8 2 5 9 ,2 6 6 1 ,7 7 2 ,4 8 6
6 9 ,9 0 7 3 1 ,8 3 5 V 4 9 7 ,9 7 9
1 9 0 5 __________ 1 1 8 ,8 2 9 6 4 2 ,2 3 0 2 6 8 ,3 8 3 1 ,6 2 3 ,4 4 6
7 8 ,3 0 8 3 1 ,6 6 4 5 5 9 ,6 1 1
1 9 0 4 ................... 1 3 5 ,6 1 0 5 3 0 ,1 0 6 2 3 4 ,0 9 6 1 ,1 9 8 ,0 7 1
6 8 ,8 8 7 5 0 ,6 4 0 1 0 2 ,4 9 1
1 9 0 3 _________ 1 0 7 ,2 8 6 5 1 8 ,6 2 3 2 1 7 ,8 0 3
1 ,3 3 5 ,4 6 0
8 5 ,2 2 3 3 3 ,6 2 8 1 6 1 3 ,4 1 9
1 9 0 2 ___________1 0 3 ,3 1 9 4 7 5 ,1 6 6 2 0 0 ,5 9 7 1 ,3 5 8 ,1 7 9
5 9 ,8 9 0 3 9 ,7 5 3 4 4 8 ,9 4 4
1 9 0 1 .................. 9 0 .8 1 7 3 1 1 ,4 1 5 1 2 3 .2 3 7
9 8 1 ,3 5 7
4 1 ,8 8 0 2 2 ,6 5 0 1 1 3 9 ,4 6 1

THE CHRONICLE

104

Boston & Northern Street Ry.

B A L A N C E SH E E T OCT. 3 1 .
1909.
1010 .
Liabilities
$
$

Assets —

L a n d , b u il d i n g s ,
p l a n t , & c _____7 ,5 0 4 ,9 3 6
I n v e s t s .(a t co s t)
3 4 ,7 2 7
S in k . f d . a s s e t s .
2 8 ,1 3 9
I n v e n t o r i e s _____ 3 0 8 ,3 7 2
A c c t s . r e c e l v ___
2 9 3 ,4 6 1
B i ll s r e c e i v a b l e .
1 9 ,2 0 0
C a s h ______________
6 ,0 9 6
D e fe rr e d ch a rg e s
5 9 ,8 7 0
T o t a l ....................8 ,2 5 4 ,8 0 1

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

[VOL. L X X X X I I I .

1910.
1909.
$
§
P r e f . s t o c k ______ 1 ,2 5 0 ,0 0 0 1 ,2 5 0 ,0 0 0
C o m m o n s t o c k . . 2 , 5 0 0 , 0 0 0 2 ,5 0 0 ,0 0 0
B o n d s ........... . . z 2 , 1 2 2 ,0 0 0 2 ,1 4 2 ,0 0 0
C o ll, t r u s t n o t e s
d u e F e b . 1 1 . . 2 7 5 ,0 0 0
2 7 5 ,0 0 0
L oan s p a y a b le ..
1 3 1 ,0 0 0
2 4 4 ,7 0 9
A c c t s . , & c . , p a y . 3 9 3 ,6 8 8
3 3 0 ,4 5 6
6 6 2 ,1 6 9
R e s e r v e s ............... 2 /6 8 8 ,5 0 8
S u r p lu s __________
8 9 4 ,6 0 5
7 8 8 ,2 8 3
T o t a l ....................8 ,2 5 4 ,8 0 1

8 ,1 9 2 ,6 1 7

x B o n d s a s a b o v e In 191 0 ( t o t a l $ 2 ,1 2 2 ,0 0 0 ) c o n s is t o f $ 4 2 1 ,0 0 0 1 st M . e x ­
t e n s i o n a n d I m p r o v ’ t 6s a n d $ 1 ,7 0 1 ,0 0 0 1 st c o n s . M . 3 0 - y r . 5 s.
O f th e re ­
fu n d i n g a n d I m p . 1st M . 5 0 - y r . b o n d s ($ 5 ,0 0 0 ,0 0 0 a u t h o r i z e d b u t n o n e s o l d ) ,
$ 9 0 0 ,0 0 0 a r e p le d g e d a s s e c u r i t y f o r c o l l , t r u s t n o t e s a n d $ 4 0 0 ,0 0 0 f o r lo a n s
a n d e n d orsem en ts,
v R e s e r v e s In 1 9 1 0 I n c l u d e $ 3 7 3 ,9 2 3 f o r d e p r e c ia t io n
a n d r e p la c e m e n t , $ 3 2 ,0 2 8 f o r r e l ln l n g b la s t fu r n a c e s a n d $ 2 8 2 ,5 5 7 f o r e x ­
h a u s t io n o f m in e r a l s .— V . 9 3 , p . 4 7 .

American Water Works & Guarantee Co., Pittsburgh, Pa.
(.Statement for Fiscal Year ending April

30

1 9 1 1 .)

T h i s c o m p a n y , o r g a n i z e d in 1 8 8 2 , is t o - d a y t h e la r g e s t
o p e r a t i n g w a t e r - w o r k s c o m p a n y in t h e U n i t e d S t a t e s , c o n ­
t r o l l i n g a n d o p e r a t i n g o v e r 4 0 d if f e r e n t s u b s i d i a r y p l a n t s ,
i n c l u d i n g t h o s e in t h e c it i e s o f B i r m i n g h a m , A l a . ; L i t t l e
R o c k , A r k .; J o p lin , M o .; P o r t s m o u t h , V a . ; C h a t t a n o o g a ,
T e n n .; S h r e v e p o r t, L a .; S o u th P it t s b u r g h , P a ., a n d W ic h it a ,
K an.
D u r in g th e p a s t 2 9 y e a r s th e c o m p a n y h a s a c c u m u ­
la t e d s u r p l u s a n d u n d i v i d e d p r o f i t s t o t a l i n g $ 8 , 1 2 2 , 3 1 0 , b e ­
s i d e s p a y i n g d i v i d e n d s a t t h e r a t e o f 6 % p e r a n n . s in c e 1 8 8 9 .
A t t h e a n n u a l m e e t i n g o f t h e c o m p a n y h e ld J u n e 1 5 o f t h i s
y e a r t h e c a p i t a l s t o c k w a s in c r e a s e d f r o m 8 2 , 0 0 0 , 0 0 0 t o 8 5 , ­
0 0 0 ,0 0 0 , a n d a s to c k d iv id e n d o f 1 5 0 % o u t o f th e a c c u m u ­

— Consolidation.— T h e c o n ­
s o lid a tio n o f th e O ld C o lo n y a n d B o s t o n & N o r t h e r n s tr e e t
r a ilw a y c o m p a n ie s ( c o n t r o lle d b y M a s s a c h u s e t t s E le c tr ic
C o m p a n ie s — see V . 9 2 , p . 1 5 0 0 , 1 1 8 1 ) to o k e ffe c t a t m id ­
n ig h t J u n e 3 0 .
T h e O ld C o l o n y s t o c k w ill b e e x c h a n g e d f o r
B o s t o n & N o r t h e r n s h a r e s , $ f o r $ , c la s s f o r c l a s s .

Consolidated Balance Sheet .— A s o f M a y 31 1 9 1 1 :
Liabilities ($ 4 7 ,0 4 3 ,9 5 8 ) —
Assets ($ 4 7 ,0 4 3 ,9 5 8 ) —
. . . $ 4 2 , 3 8 0 , 2 4 8 C a p it a l s t o c k ______________ $ 2 1 ,1 3 5 ,9 0 0
P r o p e r t y ..........
R e c o n s t r u c t i o n ___________
9 7 0 ,9 0 9 F u n d e d d e b t _______________ 2 0 , 2 2 4 ,0 0 0
C a s h ................
1 ,3 7 0 ,1 0 8 C o u p o n n o t e s _____________
4 2 7 ,5 0 0
B ills & a c c t s . r e c e i v a b l e .
8 5 ,8 9 8 N o t e s p a y a b l e ____________
2 ,9 6 0 ,0 0 0
B o n d s In t r e a s u r y ________
5 0 ,0 0 0 A u d . v o u c h e r s & a c c t s . .
2 3 7 ,5 8 8
S in k in g f u n d s --------------------6 1 ,8 5 6 S a la r ie s a n d w a g e s _______
4 1 ,3 3 6
C o u p o n d e p o s i t s ___________
2 1 5 ,7 7 3 M a t u r e d l n t . c o u p , u n p a i d
2 1 5 ,7 7 3
2 6 ,0 0 0 B o n d s n e t n o t p r e s ______
2 6 ,0 0 0
D e p . t o r e d e e m b o n d s ___
O u t . t i c k e t s _______________
4 8 ,6 5 2
P re p a id
ta x e s .
In su r­
1 6 ,5 2 7
a n c e , & c ________________
5 2 ,7 0 9 E m p l o y e e s ’ d e p o s i t s _____
M a t e r ia ls & s u p p l ie s _____
8 5 0 ,2 3 4 C u s t o m e r s ’ d e p o s i t s ______
5 89
D i s c o u n t o n b o n d s ________
7 9 1 ,6 1 8 A c c t . I n t ., t a x e s & r e n t .
6 0 9 ,7 6 6
1 9 3 ,5 0 1
A c c o u n t s In s u s p e n s e ___
1 4 4 ,1 0 1 A c c i d e n t r e s e r v e _________
W in te r e x p e n se a c c o u n t .
9 0 ,4 3 1
N a s h u a S t r e e t R y . le a s e
2 5 8 ,4 8 1
1 6 ,0 9 2 P r e m iu m o n p r e fe r r e d s t k
a c c o u n t ................ .............
3 ,7 0 0
1 3 ,8 2 6 B o s . & R e v e r e E l . a c c t .
N . & F . R . le a s e a c c o u n t
5 5 4 ,2 1 4
1 4 ,5 8 6 S u r.p l u s _____________________
D _____________________________
is c , o n N . & F . R . b d s .
C a p it a l s t o c k I n c lu d e s $ 1 9 ,0 4 7 ,3 0 0 c o m m o n a n d' $....2...................p
,0 8 8 ,6 0 0 r e f . —
V . 92, p . 659.

Buffalo & Susquehanna Ry,— Sale of Receiver’s Certificates.
— W illia m S a lo m o n & C o ., N e w Y o r k , h a v e so ld 8 5 0 0 ,0 0 0
5 % r e c e i v e r ’s c e r t i f i c a t e s d a t e d J u l y 1 1 9 1 1 a n d d u e J u l y 1
1 9 1 2 , b u t r e d e e m a b le a t 1 0 0 a n d in t . o n J a n . 1 1 9 1 2 , o r
A p r il 1 1 9 1 2 , o n 3 0 d a y s ’ n o tic e .
In t. J. & J.
A u th .
8 7 5 0 ,0 0 0 ; p r e se n t issu e , $ 5 0 0 ,0 0 0 .
T h e r e c e iv e r w ill u s e t h e
p r o c e e d s in c o n n e c t i o n w i t h t h e p a y m e n t o f $ 5 1 1 , 0 0 0 6 %
r e c e i v e r ’s c e r t if i c a t e s w h ic h m a t u r e d J u l y 1 l a s t a n d t o r e t ir e
$ 6 0 ,0 0 0 e q u ip , o b lig a tio n s d u e A u g . 1 n e x t .
A c ir c u l a r s a y s :

f c V r l ......................................
$ 3 ,9 1 6 ,3 6 3
O p e r . e x p e n s e s , I n c lu d in g A m e r . W a t e r W o r k s & G u a r . C o ------- $ 1 ,6 0 3 ,8 1 6
C o u p o n I n t e r e s t o n o u t s t a n d i n g b o n d s o f o p e r a t i n g c o m p a n i e s . . 1 ,4 8 9 ,4 1 3

T h e s e c e r t ifi c a t e s w ill b e Is s u e d u n d e r a u t h o r i t y t o b e g iv e n b y t h e S u ­
p r e m e C o u r t o f N . Y . S t a t e , E r ie C o u n t y , t o p r o v i d e fu n d s w it h w h ic h t o
p a y o i l t h e e x is t i n g $ 5 1 1 ,0 0 0 r e c e i v e r ’ s c e r t if i c a t e s , d u e J u l y 1 1 9 1 1 .
The
o r d e r o f C o u r t u n d e r w h ic h th e s e c e r t ifi c a t e s a r e I ssu e d w il l p r o v i d e t h a t n o
c e r t ifi c a t e s h a v i n g a p r io r lie n t o t h e m s h a ll b e Is s u e d , a n d t h a t t h e t o t a l
Issu e h a v i n g e q u a l Hen s h a ll n o t e x c e e d $ 7 5 0 ,0 0 0 .
T h e c e r t ifi c a t e s w ill b e
a lie n u p o n a ll t h e p r o p e r t y , o f e v e r y n a t u r e a n d d e s c r i p t i o n , o f t h e r a il w a y
c o m p a n y , a n d u p o n a ll n e t e a r n in g s a n d I n c o m e w h ic h m a y h e r e a ft e r r e s u lt
f r o m t h e o p e r a t i o n o f t h e p r o p e r t ie s , w h ic h lie n w ill b e p r io r t o t h e 1 st M .
bon ds.
T h e p r o p e r t y o n w h ic h t h e c e r t ifi c a t e s w ill b e a first lie n Is d e s c r i b e d
a s f o l lo w s :
R a il w a y f r o m W e l ls v l ll e , N . Y . , t o B u f fa lo , N . Y . , 8 6 .5 5 m ile s
o f m a in t r a c k ; t e r m in a l p r o p e r t y o n L a k e E r ie In c i t y o f B u f fa lo ; e q u ip m e n t
( n o t in c lu d e d u n d e r e q u ip m e n t tr u s t s ) v a l u e d a t a p p r o x i m a t e l y $ 3 3 0 ,0 0 0 ;
a n e q u i t y v a l u e d a t a b o u t $ 8 0 0 ,0 0 0 In e q u ip m e n t c o v e r e d b y e q u ip m e n t
t r u s t o b li g a t io n s , w h ic h a r e b e in g r e t i r e d s e r ia ll y .
C om pare V . 92, p . 1558.

f c B a la n c e , s u r p lu s , a p p l i c a b l e t o d i v i d e n d s ------------------ .-----------------D iv id e n d s o n s t o c k ( 6 % ) ____________________________- ............................... -

— Acquisition.— S e c
R y . b e l o w .— V . 9 2 , p . 1 7 0 0 .

la te d p r o fits w a s d e c la r e d .
T h e p o p u l a t i o n o f t h e p r in c ip a l c i t ie s s e r v e d b y t h e s u b s i d i a r y w a t e r ­
w o r k s p l a n t s o f t h is c o m p a n y h a s I n c r e a s e d 4 6 . 4 % In t h e 10 y e a r s e n d e d
In J u n e 1 9 1 0 .
B ir m i n g h a m , A l a . , m a d e t h e la r g e s t g a i n , t h e p o p u l a t i o n In­
c r e a s in g f r o m 3 8 ,4 1 5 in 1 9 0 0 t o 1 3 2 ,6 8 5 In 1 9 1 0 , a n In c r e a s e o f 2 4 5 . 4 % ,
a c c o r d i n g t o t h e U n it e d S t a t e s C e n s u s .

E A R N IN G S S T A T E M E N T FO R Y E A R E N D IN G A P R IL 3 0 1 9 1 1.
G r o s s e a r n in g s o f t h e p l a n t s o w n e d a n d c o n t r o l l e d ---------------------------$ 3 ,5 4 5 ,9 2 5
O t h e r I n c o m e o f A m e r i c a n W a t e r W o r k s & G u a r a n t e e C o ------3 7 0 ,4 3 8

$ 8 2 3 ,1 3 4
1 2 0 ,0 0 0
$ 7 0 3 ,1 3 4

B A L A N C E SH E E T M A Y 1 .
1911.
1910.
1911.
1910.
Liabilities —
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V a r i o u s s t o c k s . 6 ,2 9 3 , 9 7 4 ) 3 , 1 4 4 , 2 0 1 C a p it a l s t o c k . . 2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
P r o l lt & l o s s . . . * 8 , 1 2 2 , 3 1 7 4 ,5 0 0 ,0 0 0
C ity w a r r a n t s ..
3 3 ,1 2 2 /
B t l ls & a c c t s . r e c . 2 ,5 5 6 ,5 2 8 2 ,7 3 8 ,5 8 5 A c c t s . p a y a b le
(ln cl. a c c ts . o f
O f f i c e fu r n it u r e
2 ,5 0 0
2 ,5 0 0
a ll s u b . c o ’ s) .
5 9 ,2 3 5
5 0 ,8 1 7
C a s h In t r e a s ’ y - 1 ,2 9 5 ,4 2 8
6 6 5 ,5 3 1
f c 'T o t a l ..................1 0 ,1 8 1 ,5 5 2

6 ,5 5 0 ,8 1 7

T o t a l ................. 1 0 ,1 8 1 ,5 5 2

6 ,5 5 0 ,8 1 7

* B e f o r e d e d u c t i n g s t o c k d i v i d e n d o f 1 5 0 % , c a ll in g f o r $ 3 , 0 0 0 , 0 0 0 , w h ic h
h a s b e e n d e c la r e d p a y a b l e o u t o f a c c u m u l a t e d s u r p lu s .
•J . S . & W . S . K u h n , I n c . , P i t t s b u r g h , h a v e f o r a n u m b e r o f y e a r s h a n d l e d
t h e s e c u r it ie s o f t h e c o n t r o l l e d c o m p a n i e s .
C om p a re V . 0 2, p . 528; V . 91,
158; V . 8 9 , p . 530; V . 8 7, p . 1535.

American Thread Company.
{Statement for Fiscal Year ending March

31

1 9 1 1 .)

. N o r e p o r ts w e re p u b lis h e d fo r th e y e a r s e n d in g M a r c h 31
1908 and 1907.
C o m p a r i s o n s a r e t h e r e f o r e g i v e n b e l o w w it h
th e re su lts fo r y e a r s e n d in g M a rc h 31 1 9 1 0 , 1 9 0 9 a n d 1 9 0 6 .
T h e r e p o r t f o r t h e y e a r e n d i n g M a r c h 3 1 1 9 0 9 s t a t e d t h a t th e
g r o s s p r o fits fo r t h a t y e a r , a s b e lo w , 8 1 ,1 2 8 ,7 3 6 , c o m p a r e d
w i t h $ 1 , 3 8 3 , 7 7 2 i n 1 9 0 7 - 0 8 a n d $ 1 , 7 3 0 , 8 1 5 in 1 9 0 6 - 0 7 .
.
1 9 1 0 -1 1 .
G r o s s p r o h t s _______________ $ 1 ,9 3 3 ,6 1 9

1 9 0 9 -1 0 .
$ 2 ,4 4 1 ,8 4 4

1 9 0 8 -0 9 .
$ 1 ,1 2 8 ,7 3 6

1 9 0 5 -0 6 .
$ 1 ,4 7 9 ,4 6 8

$ 5 0 5 ,8 7 4
2 4 0 ,0 0 0

$ 4 0 0 ,0 0 0
2 4 0 ,0 0 0

$ 3 5 1 ,1 6 0
2 3 6 ,0 0 0

3 0 0 ,0 0 0
2 4 4 ,5 2 4
(1 5 )8 1 0 ,0 0 0

2 4 4 ,5 2 4
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2 4 4 ,5 2 4
( 1 4 )5 8 8 ,0 0 0

$ 3 4 1 ,4 4 6

$ 2 8 ,2 1 2

$ 5 9 ,7 8 4

^ D e d u c t—
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$ 5 2 9 ,1 0 0
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fm

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B A L A N C E SH E ET M A R C H 3 1 .
1 911.

1910.

fSAssels—
L a n d , -.w ater and
i stea m
pow er,
F m ills,
m a ch ’ y,
p la n t & e ffe cts. 15,103,613 14,794,712
S to ck In tra de, net
c o s t . . ' . . ............... 5 ,9 7 0,9 32
6 ,828,183
A c co u n ts receiv a ­
b le, n e t .................. 1 ,1 9 1,3 10
1,28 0,8 74
Cash .........................
3 5 3 ,9 9 5
430 ,10 0
S u n d ry Investm ’ ts
3 1 3 ,96 2
298 ,65 2
A d v a n c e j j a y m 't s .
3 3 ,3 2 1
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fin.

,

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& T o t a l .....................2 2 ,9 67 ,16 3 2 3 ,6 71 ,06 1
— V / 9 2 , p . 464.

1911.
s
Liabilities—
C om m on s t o c k . .. . 5 ,4 0 0 ,0 0 0
5 % p r e f., fu lly pd . 4 ,8 9 0 ,4 7 5
4 % 1st M. bonds. 6 ,0 0 0 ,0 0 0
8 7 8 ,59 9
A c co u n ts p a y a b le ..
205 ,48 3
m ils p a y a b le _____ .
B ond Int. a ccr ., & c3
70,8 47
D ep recia tion fu n d .. 3 ,5 3 9 .3 9 5
F ire Insur. reserve..
13,559
D lv . on c o m . stocke
540 ,00 0
pa y a b le In Ju ly7
lie s , fo r con tln g . \
s t o c k s ............... .
3 00 .00 0
G eneral r e s e r v e . .
3 00 ,00 0
.
828,805

1910.
S
5 ,4 0 0 ,0 0 0
4 .8 9 0 ,4 7 5
6 ,0 0 0,0 00
1 ,570,135
654,520
64,995
3 ,2 2 1 ,3 4 9
10,777
810 ,00 0
3 0 0 ,0 0 0
748 ,81 0

T o t a l .....................2
222 ,9 6 7 ,1 6 3 23,6 71 ,06 1

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS. \\\
Birmingham r(Ala.) Ry., Light & Power Co.—Dividend
Again Increased.— A d i v i d e n d o f 3 % w a s p a i d J u l y 1 o n t h e
8 3 ,5 0 0 ,0 0 0 c o m m o n s to c k a lo n g w ith th e u su a l s e m i-a n n u a l
d is tr ib u tio n o f 3 % o n th e $ 3 ,5 0 0 ,0 0 0 p r e f. s t o c k .
P a y m e n ts
w e r e r e s u m e d o n t h e c o m m o n s t o c k in J a n . 1 9 1 0 , w h e n 2 %
w a s d i s b u r s e d , 2 ) ^ % b e i n g p a i d in J u l y 1 9 1 0 a n d J a n . 1 9 1 1 .
- V

.

91,

P. 3




7

.

.

.

Canadian Pacific Ry.

Q uebec

C en tral

Central Arkansas & Eastern RR.—Offering of Bonds Guar­
anteed by St. Louis Southwestern Ry.— T h e G u a r a n t y T r u s t
C o ., N e w Y o r k a n d L o n d o n , a n d R h o a d e s & C o ., N e w Y o r k
a n d H a r t f o r d , a re o ffe r in g , a t 9 7 } ^ a n d * i n t ., p a y in g a b o u t
5 . 1 5 % , t h e 1 s t M . 5 % g o ld b o n d s , g u a r a n t e e d , p r i n c ip a l a n d
in te r e s t, b y e n d o r s e m e n t b y th e S t . L o u is S o u th w e s te r n R y .
C o . ( V . 9 2 , p . 5 9 7 .)
T h e s e b o n d s a re d a te d J u ly 1 1 9 1 0 ,
d u e J u ly 1 1 9 4 0 , b u t s u b je c t to r e d e m p tio n a t a n y tim e a t
1 0 5 an cl i n t .
A u th o r iz e d , 8 3 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , 8 7 3 0 ,­
000.
P a r 8 1 ,0 0 0 ( c * & r * ) .
I n t . J . & J . in N . Y .
S t . L o u is
U n io n T r u s t C o ., tr u s te e .
A c ir c u l a r s a y s :
A fir s t m o r t g a g e o n m ile a g e e x t e n d i n g f r o m S t u t t g a r t , A r k . , t o E n g l a n d
o n t h e S t . L o u is S o u t h w e s t e r n lin e t o L i t t l e R o c k , f o r m i n g a c u t - o ir b e ­
t w e e n t h e la t t e r I m p o r t a n t c o m m e r c ia l c e n t r e a n d t h e c o m p a n y ’ s m a in lin e ;
a ls o o n a d d i t io n a l m ile a g e f r o m R i c e J u n c t i o n n o r t h w a r d t o I l a z c n , A r k . ;
t o t a l , 4 5 m ile s .
O u t s t a n d i n g a t t h e r a t e o f a b o u t $ 1 8 ,0 0 0 p e r m ile , w h ic h
re p re se n ts th e a c tu a l c o s t o f c o n s t r u c tio n .
T h e b a la n c e o f th ese b o n d s c a n
b e I s s u e d o n l y f o r a c t u a l c a s h e x p e n d e d f o r e x t e n s io n s a n d I m p r o v e m e n t s
a t n o t t o e x c e e d $ 2 5 ,0 0 0 p e r m il e .
T h e c o u n t r y t h r o u g h w h ic h t h is r o a d
p e r a t e s , c o m p r i s in g g o o d r i c e , lu m b e r a n d c o t t o n t e r r i t o r y , Is r a p i d l y In ­
c r e a s in g , In p o p u la t io n , a n d w ill p r o d u c e h e a v y lo c a l f r e ig h t .
T h e stren gth
o f t h e g u a r a n t y Is s h o w n b y t h e e a r n in g s o f t h e S t . L o u is S o u t h w e s t . R y . Co.
B o n d s w ill b e s o l d In P h ila d e lp h ia b y T o w n s e n d , W h e l e n & C o . a n d In
C le v e la n d b y H a y d e n , M ille r & C o .

Statement by F. N. Finney, Former President of M. K . & T . R y ., St. Louis.
March 17 1911.
T h e m ile a g e b e t w e e n E n g l a n d a n d S t u t t g a r t w ill b e o f g r e a t I m p o r t a n c e
t o t h e S t . L o u is S o u t h w e s t e r n R y . C o . , a s It w ill m a t e r ia ll y r e d u c e t h e d is ­
t a n c e b e t w e e n L it t l e R o c k , S t u t t g a r t , F a ir O a k s a n d M e m p h is , w h ile t h e
lin e f r o m R i c e J u n c t i o n t o H a z e n p a s s e s t h r o u g h a n e x c e l le n t r i c e - p r o d u c i n g
c o u n t r y , w h ic h Is b e in g r a p i d l y t a k e n u p .
A s t h e t e r r it o r y t r a v e r s e d Is
c a p a b le o f s u s t a in in g a la r g e p o p u l a t i o n , a n d w ill y ie l d a g o o d v o lu m e o f
t r a f f i c , t h is r o a d s h o u ld b e s e l f - s u p p o r t in g v e r y s o o n a f t e r t h e p r o p e r t y Is
p u t In o p e r a t i o n . — V . 9 2 , p . 5 9 3 .

Chesapeake & Ohio Ry. of Indiana.—Suit Settled.— New
Mortgage.—

T h e s u i t b r o u g h t b y t h e S t a t e o f I n d i a n a in
S e p t e m b e r l a s t t o d i s s o l v e t h e c o m p a n y w a s d i s m i s s e d in t h e
C a ss C o u n ty C o u rt o n J u ly 5 , a s e t tle m e n t h a v in g b e e n
reach ed.
T h e o ld
m tg e .
fo r $ 4 0 ,0 0 0 ,0 0 0 ,
u n d e r w h ic h
$ 8 , 2 0 0 , 0 0 0 b o n d s h a v e b e e n is s u e d ( a ll h e ld b y t h e p a r e n t
c o m p a n y , t h e C h c s . & O h i o R y . ) , is t o b e c a n c e le d a n d a n e w
m t g e . m a d e to th e M e r c a n tile T r u s t C o . o f N e w Y o r k a n d
H e n r y C . S ta rr o f I n d ia n a , tru s te e s .
C om pare V . 9 1 , p . 8 7 0 .
N o b o n d s m a y b e Is s u e d u n d e r t h e n e w m o r t g a g e e x c e p t In p a y m e n t f o r
t h e r a ilr o a d a n d p r o p e r t ie s . I n c l u d i n g p r o p o s e d t e r m in a l f a c ilit ie s In C h i c a g o ,
In e x c e s s o f t h e c a s h p u t I n t o It, r e p r e s e n t e d b y Its c a p i t a l s t o c k .
T h e $ 3 ,0 0 0 ,0 0 0 o u t s t a n d i n g c a p i t a l s t o c k Is t o b e p a id In c a s h I n t o t h e
c o m p a n y ’ s t r e a s u r y a s a ,c a s h e q u i t y b a c k o f t h e b o n d s t o b e h e r e a ft e r Iss u e d ,
a n d t h e c o m p a n y Is p e r m it t e d a ls o t o In c r e a s e Its s t o c k t o $ 5 ,0 0 0 ,0 0 0 a n d
p a y t h e s a m e In c a s h a s a c a s h e q u i t y b a c k o f t h e b o n d s t o b e h e r e a ft e r
Is s u e d .
N o t i c e o f t h e in c r e a s e h a s b e e n fi le d .— V . 9 1 , p . 8 7 0 .

Chicago Elevated Rys.

— Three-Year 5 % Notes Offered.—
T h e N a t i o n a l C i t y B a n k o f N . Y . is o f f e r i n g , b y a d v e r t i s e m e n t
o n a n o th e r p a g e , a t 9 8 ) ^ a n d i n t ., y ie ld in g 5 ^ % in c o m e , th e
u n s o ld p o r t i o n o f t h e is s u e o f $ 3 0 , 0 0 0 , 0 0 0 3 - y e a r 5 % g o ld
n o te s.
T o t a l a u t h ., $ 3 0 ,0 0 0 ,0 0 0 .
D a t e d J u ly 1 1 9 1 1 a n d
d u e J u l y 1 1 9 1 4 , b u t c a ll a b le a s a w h o le o n 3 0 d a y s ’ n o t ic e
a t 1 0 0 a n d in t.
I n t e r e s t J . & J . in C h i c a g o o r N . Y . C i t y .
P a r $ 1 ,0 0 0 .
Illin o is T r u s t & S a v in g s B a n k , C h ic a g o , t r u s t e e .

Abstract o f Letter from Henry A. Blair, Chairman of Board, C hic., June 28.
Estimated Value o f Phusical Properties, $ 9 0 , 0 0 0 , 0 0 0 — Equity fo r
These Notes, over $ 5 7 ,5 0 0 ,0 0 0 .
T h e C h ic a g o E l e v a t e d R y s . h a s m a d e a n o ff e r t o t h e s t o c k h o ld e r s o f t h e
S o u t h S id e E le v a t e d R R . C o . , t h e M e t r o p o l it a n W e s t S id e E l e v a t e d R y . C o .
a n d t h e N o r t h w e s t e r n E l e v a t e d R R . C o . ( w h i c h c o n t r o ls t h e C h ic a g o & O a k
P a r k E l e v . R R . ) , t o p u r c h a s e a ll t h e $ 3 6 ,2 9 4 ,9 0 0 o u t s t a n d i n g s h a r e s , f o r
$ 2 1 ,2 0 2 ,3 1 2 (p e r p la n , V . 9 2 , p . 1 4 9 8 ) .
A s u f f ic ie n t a m o u n t h a v i n g b e e n

THE CHRONICLE

July 8 1911.]

a c q u ir e d ( V . 9 3 , p . 4 4 ) . $ 3 0 ,0 0 0 ,0 0 0 n o t e s , a n d t h e p r o c e e d s , t o g e t h e r
w it h $ 1 0 ,0 0 0 ,0 0 0 f r o m t h e s a le o f s h a r e s , w ill b e u s e d t o p a y f o r a c q u i r e d
s t o c k , t o r e f u n d $ 1 8 ,0 0 0 ,0 0 0 N o r t h w e s t e r n E l c v . R l l . 1st M . 4 s , d u e S e p t . 1
1 9 1 1 , t o p a y flo a t in g d e b t (V . 92, p . 1 4 9 8 ) a n d p r o v id e a m p le w o r k i n g c a p i t a l .
T h e n o t e s w ill b e s e c u r e d b y t h e p le d g e o f $ 2 5 ,0 0 0 ,0 0 0 n e w 1st M . 5 %
3 0 - y e a r b o n d s o f t h e N o r t h w e s t e r n E l c v . H U . C o . ; a ls o b y p le d g e o f a ll t h e
a c q u ir e d s t o c k s .
T h e y w ill th u s b e s e c u r e d b y t h e v a r io u s p r o p e r t ie s , s u b ­
j e c t t o o u t s t a n d i n g m o r t g a g e s u n d e r w h ic h n o fu r t h e r b o n d s w ill b e I s s u e d ,
a n d w ill c o n s t it u t e In s u b s t a n t ia l e ir c c t a first lie n u p o n a ll t h e p r o p e r t y o f
th e N o rth w e ste rn C o . o th e r th a n th e " U n io n L o o p ."
T h e e s t i m a t e d p h y s i­
c a l v a l u e o f t h e s e c o m b i n e d p r o p e r t ie s e x c e e d s $ 9 0 ,0 0 0 ,0 0 0 , e x c l u s iv e o f
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a n d I s h a m , L in c o ln & B e a le , C h i c a g o .]
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a r o u n d t o d e p o s i t t h e ir h o l d in g s , t o b r in g t h e t o t a l u p t o 9 5 % .
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If e x e r c i s e d .— E d . ] — V . 9 2 , p . 4 4 .

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M c K n l g h t , T r e a s .; a n d J n o . W . R e n n e r , C o m p ., a ll o f P it t s b u r g h , P a . :
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C om pare V . 92, p . 1701.

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d e l p h i a h a v e p u r c h a s e d $ 6 , 0 0 0 , 0 0 0 e q u i p m e n t t r u s t 4 J /£ %
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V . 93, p. 44.

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w it h t h e E r ie R R .
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e it h e r p a r t y . — V . 9 3 , p . 4 4 .

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T h e P h ila . S t o c k E x c h a n g e h a s lis te d th e
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s u r p lu s , $ 1 3 ,3 6 9 .— V . 9 1 , p . 7 2 6 .

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w ill b e c o m p l e t e d a b o u t A u g . 1 a n d t h e t e a r i n g u p o f t h e
c a b le r o a d b e g u n b e f o r e t h e e n d o f t h a t m o n t h , in o r d e r t h a t
w o r k o n t h e m u n i c i p a l lin e m a y b e p r o s e c u t e d .— V . 9 2 , p . 8 8 1 .

on Municipal Line.—

H o u s t o n B e l t & T e r m i n a l R y . — R o n d s All Sold.— W i l l i a m
S a lo m o n & C o . o f N e w Y o r k a n d G . H . W a lk e r o f S t . L o u is
a n n o u n c e t h a t t h e y h a v e s o l d a ll o f t h e $ 2 , 0 0 0 , 0 0 0 1 s t M . 5 %
b o n d s w h ic h t h e y r e c e n t l y p u r c h a s e d .
See V . 9 2 , p . 1 7 0 1 .
L o n g I s l a n d R R . — Fare Voluntarily Reduced.— T h e P u b l i c
S e r v ic e C o m m is s io n o n T h u r s d a y a n n o u n c e d t h a t th e c o m ­
p a n y h a d v o lu n t a r ily re d u c e d th e r a te o f fa r e b e tw e e n F l a t b u s h A v e . , B r o o k ly n , a n d R a ilr o a d A v e ., E a s t N e w Y o r k ,
fr o m 1 0 t o 5 c e n ts , a n d t h a t a c tio n b y th e C o m m is s io n o n th e
c o m p l a i n t file d w o u l d b e u n n e c e s s a r y .
C om p are V . 9 2 ,
p . 1 5 0 0 .— V . 9 2 , p . 1 6 3 6 .
L o u i s v i l l e ( K y . ) R y . —Bond Offering.— T r e a s . S a m u e l G .
B o y l e w ill r e c e iv e s e a le d b i d s f o r a n y n u m b e r o f a b l o c k o f
$ 7 5 0 , 0 0 0 g e n . m t g e . 5% 4 0 - y e a r g o l d b o n d s , d a t e d F e b . 1
1 9 1 0 , u n t il n o o n o n J u l y 8 1 9 1 1 , a t h i s o f f i c e , N o . 3 1 6 W e s t
J e ff e r s o n S t . , L o u i s v i l l e .
T h e b o n d s w ill c a r r y t h e c o u p o n d u e F e b . 1 1 9 1 2 , b u t a n a l l o w a n c e o f I n t .
w ill b e m a d e f r o m t h e d a t e o f p a y m e n t f o r t h e b o n d s t o J u l y 31 1 9 1 1 .—
V . 9 2, p . 59, 3 22 .

M a i n e C e n t r a l R R . — Increase of Stock— New Bonds.— T h e
s t o c k h o l d e r s o n J u l y 5 a u t h o r i z e d a n in c r e a s e o f c a p i t a l s t o c k
(n o w $ 4 ,9 7 6 ,9 0 0 ) to $ 1 0 ,0 0 0 ,0 0 0 ; a ls o th e m a k in g o f a n e w
m o r t g a g e f o r $ 2 5 , 0 0 0 , 0 0 0 , t o r e f u n d e x i s t i n g d e b t , li a b i li t i e s
a n d o b l i g a t i o n s , a n d p r o v i d e f o r p r o p e r t y i m p r o v e m e n t s .—
V . 93, p. 45.
Option to Subscribe.— T h e d i r e c t o r s , i t is s t a t e d , h a v e v o t e d
to o ffe r th e $ 5 ,0 0 0 ,0 0 0 n e w s t o c k a t p a r to s to c k h o ld e r s o f
re c o r d to th e e x t e n t o f o n e sh a re fo r e a c h sh a re n o w h e ld ,
s u b s c r ip t io n s to b e p a y a b le 2 5 % O c t . 2 1 9 1 1 , 2 5 % J a n . 1
1912 and 5 0 %

M arch 1 1 9 1 2 .

A p ress d e sp a tc h s a y s :

I t Is p r o p o s e d t o r e d u c e t h e d i v i d e n d r a t e fr o m 8 % t o 6 % , c o m m e n c in g
w it h t h e p r e s e n t fis ca l y e a r .
O f t h e $ 4 ,9 7 6 ,3 0 0 s t o c k o u t s t a n d i n g , B o s t o n
6 M a in e o w n s $ 2 ,5 1 6 ,0 0 0 .
O u t o f t h e $ 2 5 ,0 0 0 ,0 0 0 5 0 - y e a r 4 % r e f u n d i n g m t g e . b o n d s a u t h o r i z e d o n
W e d n e s d a y , $ 1 2 ,0 0 0 ,0 0 0 w il l b e s o l d , a n d t h is m o n e y , w it h t h a t r e a liz e d
f r o m s t o c k s u b s c r i p t io n s , w ill p a y o l f t h e c o n s o li d a t e d b o n d s a n d c o u p o n
n o t e s , a m o u n t in g t o $ 1 5 ,4 8 4 ,0 0 0 , w h ic h m a t u r e A p r i l 1 1 9 1 2 .
O f th e to ta l
f u n d e d d e b t o f $ 2 0 ,3 9 2 ,1 9 2 , I n c l u d i n g o w n e d r o a d s , o v e r 7 5 % m a t u r e s In
1912.
T h e n e w t ln a n c ln g a ls o p r o v id e s f o r t a k in g o v e r W a s h i n g t o n C o u n t y ,
S o m e r s e t a n d S e b a s t i c o o k & M o o s e h e a d r a il r o a d s , w it h o u t s t a n d i n g s t o c k
o f $ 3 ,3 8 6 ,9 0 0 , n e a r ly a ll h e ld b y B o s t o n & M a in e .— V . 9 3 , p . 4 5 .

M a n u f a c t u r e r s R y . , S t . L o u i s . — Held to Be a Common
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 is s io n o n J u n e 3 0 ,
in t h e c a s e o f t h e c o m p a n y a g a i n s t t h e S t . L o u i s I r o n M t n . &
S o u t h e r n a n d o t h e r li n e s , h e ld t h a t t h e c o m p a n y , w h il e d o i n g
a s w i t c h i n g b u s i n e s s w i t h i n S t . L o u i s , is a c o m m o n c a r r ie r

Carrier.—

w ith in th e m e a n in g o f th e la w , a n d a s su c h s h o u ld h a v e jo in t
r a te s w ith th e th r o u g h lin e s .
T h e s u s p e n s io n o r d e r Issu e d a g a in s t s u c h r a t e s w ill b e v a c a t e d o n J u l y 1 5 ,
b u t a n o t h e r h e a r in g w ill b e g iv e n t o A n d o u t i f t h e s e r a t e s a r e r e a s o n a b le
a n d fr e e f r o m u n d u e d i s c r i m i n a t i o n .— V . 9 0 , p . 8 4 9 .

M a s s a c h u s e t t s E l e c t r i c C o m p a n i e s .— Consolidation
See B o sto n & N o rth e rn
R y . a b o v e .— V . 9 2 , p . 1 5 0 0 .

Companies— Balance Sheet.—

M o n t e r e y ( M e x .) R a i lw a y , L i g h t
F o r c a le n d a r y e a r s :

Year —
Gross.
1 9 1 0 ................. $ 1 4 4 ,1 8 2
1 90 9 _________ 1 2 2 ,0 8 7
— V . 88, p . 1128.

Net.
$ 5 0 ,8 8 5
4 3 ,3 7 3

Other Inc.
$ 4 0 1 ,8 7 4
2 7 6 ,8 3 4

&

P o w e r C o .—

of SubS tre e t

Report.—

Interest. P f.D iv .(5 ) Dal.,Sur.
$ 2 5 3 ,4 7 2
1 6 1 ,7 9 4

$ 2 5 ,0 0 0
2 5 ,0 0 0

$ 1 7 4 ,2 8 7
1 3 3 ,3 1 3

New York Ontario & Western Ry.

—Removal of Office.—
I t is a n n o u n c e d t h a t o n c o m p l e t i o n o f t h e n e w G r a n d C e n t r a l
S t a t i o n t h e c o m p a n y ’ s e x e c u t i v e o f f ic e s w ill b e m o v e d f r o m
5 6 B e a v e r t o t h e t h i r d f lo o r o f t h e s t a t i o n . — V . 9 3 , p . 4 5 .

New York New Haven & Hartford RR.

— Acquisitions.—
S ee Q u e b e c C e n tr a l R y . a n d P ly m o u t h & M id d le b o r o u g h R R .
b e lo w .
Trackage Agreement.— P o r t i o n s o f t h e 1 0 - y e a r t r a c k a g e
a g re e m e n t o v e r th e B o s to n & A lb a n y w ith th e N . Y . C en tral
r u n n in g fr o m
p . 1 1 7 9 ).

J u ly

1 have been

p u b lis h e d

(co m p a re V . 9 2 ,

T h e a g r e e m e n t p e r m it s t h e N e w H a v e n r o a d t o r u n t r a in s b e t w e e n P it t s ­
fie ld a n d N o r t h A d a m s ; A s h la n d a n d B o s t o n ; S o u t h F r a m in g h a m a n d B o s ­
t o n ; a n d N e w t o n H i g h la n d s a n d B o s t o n .
T h e N e w H a v e n Is t o u s e Its

own engines and train crews. Cost ot any necessary additions and Im­
provements to tracks Is to be added to appraised value of existing fa cilities.
and Interest thereon paid by the New Haven.
v k
The agreement provides for com pensation to be paid to the New y o ik
Central, e. g., the New Haven road Is to pay a sum equivalent to one-nan
the Interest at 4% per annum on $1,000,000, being the appraised value
o f tracks and facilities between Pittsfield and North Adam s, and on cost
ot all additions and Improvements; and like proportion of cost of mainte­
nance and operation which the car and engine mileage of the New Haven
In e a c h m onth bears to total car and engine m ileage.— V . 92, p.
S m i t h ’ s E l e c t r i c L i g h t & P o w e r & RR.— Bonds
Offered.— W . N . C o le r & C o . , N . Y . C i t y , N a t i o n a l B a n k o f
S y r a c u s e , N . Y . , a n d F . B . E r w i n & C o . , A l b a n y , a r e p la c i n g
a t 9 7 Yi a n d i n t . , y i e l d i n g o v e r 5 % , $ 3 0 0 , 0 0 0 1 s t M . 5 % c o u p o n
g o ld b o n d s , d a te d 190G a n d d u e N o v . 1 1 9 3 6 , b u t r e d e e m a b le
o n a n y in t. d a te a t 1 0 5 a n d in t.
I n t . M . & N . a t K n ic k e r ­
Paul

b o c k e r T r u s t C o ., t r u s t e e , N . Y .
P a r $ l > 0 0 0 (c ) .
e x e m p t in N . Y . S t a t e .
T o t a l is s u e a u t h . , § 5 0 0 , 0 0 0 ;
s ta n d in g , § 4 0 0 ,0 0 0 .
A c ir c u l a r s a y s in s u b s t a n c e :

la x -

o u t­

Owns and operates an electric railway 7 m 1les 1n length
Tnnp on the N V Central, to Paul Smith s and the St. licgls lakes, also
electric light and power system with liberal franchises, running 38 to 47
vears from the towns of Brighton, Franklin, Bellmont and Harrletstown
f S r a k l K ^ S S t y ) ™ N orth Elba and St. Armand (Essex C ounty), and
Black Brook, Saranac and Dannemora (Clinton C ounty); also from the
villages of Bloom lngdale and Saranac Lake. Estimated population served
now over 40 000 and when extensions planned are com pleted will p iobably
reach 60 000 with Its light and power. [A map shows that extensions are
contem plated to Lyon M t., Port Henry, Lake Placid and Adirondack Iron
W orks, and Tupper Lake possibly, 120 miles additional.— Ed.]
A b s tra ct o f

L e tte r fro m

T r e a s u r e r P h e lp s S m it h , P a u l S m it h ’ s ,
M ay 30 1911.

N . Y .,

Incorp. In 1906 In N . Y . State. Capital stock ($200,000) all owned b y
same Interests as Paul Sm ith’s Hotel Co.
,
..
The m ortgage covers (1) the 7-mlle standard-gauge gravel-ballasted rail­
way extending from Lake Clear Junction, on N. Y . Central lines, to Paul
Sm ith’s; (2) over 5,000 acres of reservoir and bank lands extending along
the Saranac Illver for 25 miles; (3) hydro-electric stations at Franklin tails.
Union Falls and Saranac Lake village, total capacity 2,565 k. w . (Inc . Plant
o f 1,065 k. w . to be com pleted by July 15 1911); (4) arc and street lighting
system s with 20,000 metered lights connected; (5) undeveloped power site at
Shell R ock (our four sites alford over 10,000 available horsepower), (o)
45,000-volt transmission lines, total length about 50 miles, with private
right-of-w ay, heavy cedar poles, &c.
.
We are supplying with electric light and power the villages of Saranac
Lake and Bloom lngdale, Paul S m ith s, Lake Cleat, Gabriels, Rainbow ,
Kceses Mill and the Rockefeller Park, and m any camps and cottages on
near-by lakes Contiguous Is the village of A u Sable f o r k s , with Its pulp
paper granite and Iron ore Industries, to which a 15-mlle transmission line
Ps now under construction, besides the State sanitarium at R ay Brook &c.
The railway handles heavy Pullman passenger and freight traffic In direct
connection with the New York Central lines. The equipment consists of
both electric and steam locom otives and cars. The railway earnings will be
greatly Increased by lumbering and pulp-w ood developm ent now In pro­
gress, and the Increasing amount of freight and supplies for the hotel and
adjacent camps and cottages.
Results fo r Years ending^Dec. 31 1910 and 1 9 0 9 ^ ^
1910.
1909.
R ailw ay earnings— $9,784 $10,105 Net rev. (aft. taxes) $39,872 $36,159
Electric earnings— 55,704 52,969 Int. $400,000 bonds 20,000 20,000
Total earn in gs... $65,488 $63,074
S u rp lu s ----- ------- $19,872 $16,159
Actual Investment to date, over $700,000; replacement value, over
SI 000.000. Stability Is assured, b y the large natural reservoir lakes and
over 325 square miles of drainage area. Developm ent o f this section Is
going forward rapidly, as millions of dollars are being expended in highway
building, making accessible thousands of acres of farming, lumbering and
cam p and cottage lands.
_

Philadelphia Rapid Transit Co.— On Regular List.—

The
P h i l a . S t o c k E x c h a n g e h a s a d m i t t e d t o t h e r e g u la r li s t § 1 9 , ­
5 0 3 ,0 0 0 ste e l e n g r a v e d v o t in g tr u s t c e r tific a te s p r e v io u s ly

Plymouth & Middleborough RR.—

Sale of Stock.— D i r e c ­
to r s r e p r e s e n tin g th e to w n s o f P ly m o u t h , M id d le b o r o u g h a n d
C a r v e r h a v e , it is s t a t e d , v o t e d t o s e ll t h e i r s h a r e s t o t h e N e w
H a v e n ro ad a t p a r.

The road is leased to Old Colony R R . for 99 years frorn Dec. 1 1892.
Plym outh subscribed $50,000, Middleborough $20,000 and Carver $10 000
toward the $80,000 cap. stk., and there are $225,000 5% bds. outstanding.

Quebec Central Ry.—Sale of Control.— N e w s p a p e r

a d v ic e s
s t a t e t h a t t h e c o m p a n y h a s p a s s e d u n d e r t h e c o n t r o l o f th e
C a n a d i a n P a c i fi c R y . a n d t h e N e w Y o r k N e w H a v e n & H a r t ­
f o r d R R . , b u t t h a t t h e i d e n t i t y o f t h e r o a d w ill n o t b e
a ffe c te d .

«> Director Llndlcy and A uditor Christmas of London, England, represent­
ing the English directors, have, It Is stated, been In Canada, closing the
deal.— V . 91, p . 109G.

Quebec Railway, Light, Heat

Power Co.

&
- 4 %
Divi­
A s e c o n d q u a r te r ly d iv i d e n d o f
1 / 0 h a s been d e­
c l a r e d , p a y a b l e J u l y 15 , on t h e § 1 0 , 0 0 0 ,0 0 0 s t o c k . — V . 9 2 p

dends.—

660, 882.

St. Louis

San Francisco RR.—

&
Notes Called.— T h e
§ 4 , 0 0 0 , 0 0 0 s e v e n - y e a r 4 ) ^ % g o ld n o t e s d a t e d 1 9 0 5 h a v e b e e n
c a ll e d f o r r e d e m p t i o n a t p a r a n d i n t . o n A u g . 1 1 9 1 1 a t t h e
o ffic e o f B a n k e r s T r u s t C o ., th e tr u s te e , 7 W a ll b t ., N e w
Y ork .
T h i s p a y m e n t w ill b e m a d e o u t o f t h e p r o c e e d s o f
th e § 7 ,0 0 0 ,0 0 0 g e n e r a l m o r tg a g e b o n d s so ld la s t A p r il b y
S p e y e r & C o . to P a r is b a n k e r s ( V . 9 2 , p . 1 1 1 0 ) .— V . 9 3 , p . 4 6 .

St. Louis Southwestern R

y —

Guaranteed Bonds Offered.—

S e e C e n tra l A r k a n s a s & E a s te r n R l t . a b o v e .— V . 9 2 , p . 1 1 1 0 .

Seattle Renton & Southern (Electric) Ry.-O ffer by City
to Purchase.—See
92,

p.

“ S e a t t l e ” in S t a t e a n d C i t y d e p a r t m e n t .—

726.

Toledo Columbus

Ohio River RR.

&
Securities. O f th e
§ 1 2 , 0 0 0 , 0 0 0 , a ll o f o n e c l a s s , § 8 , 0 0 0 , 0 0 0 h a s b e e n i s s u e d , a ll
o w n e d b y th e P e n n s y lv a n ia C o m p a n y .
th e o u ts ta n d in g
b o n d s o f t h e T o l e d o W a l h o n d i n g V a l l e y R R - C o . a n d th e
C le v e la n d & M a r ie tta R y . C o . h a v e b e e n a s s u m e d
No
n ew m o rtg a g e rep o rte d a s y e t .
C o m p a r e V . J 3 , p . u v t.

United

Railways of The Havana and Regia Warehouses

—Called Bonds.— T h e

c o m p a n y p a id a t p a r a n d m t . o n J u ly 1
a t th e b a n k in g h o u s e o f J . H e n r y S c h r o d e r & C o ., 1 4 o L e a d e n h a ll S t . , L o n d o n , E n g . , t h e f o l l o w i n g 1 s t M . b o n d s o f 1 8 JO:
14 b o n d s of £ 1 ,0 0 0 , 3 2 b o n d s o f £ 5 0 0 a n d 6 6 b o n d s o f £ 1 0 0
each;

to ta l, £ 3 6 ,6 0 0 .




. Debentures Sold.— C a b l e a d v i c e s f r o m L o n d o n s t a t e t h a t
t h e o f f e r in g o n J u l y 3 b y J . H . S c h r o d e r & C o . , o n b e h a l f o f
th e S o c ie tc G c n e r a le o f P a r is a n d th e C o m p t o ir N a tio n a l
D ’ E s c o m p t e d c P a r is , o f £ 9 8 8 ,7 5 0 4 % d e b e n tu r e s , w a s la r g e ly
o v e r s u b s c r i b e d , t h e l i s t c lo s i n g w i t h i n a f e w h o u r s —

p.

Y . 92,

1567.

United Railways of St. Louis.—

Extension of Bonds.— T h e
c o m p a n y h a s a r r a n g e d to e x t e n d th e § 1 ,5 0 0 ,0 0 0 L in d e ll R y .
C o . 1 s t M . 5 % g o ld b o n d s d u e A u g . 1 1 9 1 1 f o r a p e r i o d o f
te n y e a r s fr o m A u g . 1 , th e in te r e s t ra te to b e 4 ^ %
n u m , p a y a b le F . & A .

per a n ­

P r e s e n t h o ld e r s w ill b e g iv e n t h e p r iv i le g e , fo r a li m it e d p e r i o d , o f h a v i n g
t h e ir b o n d s e x t e n d e d , r e c e iv in g t h e e x t e n d e d 4 'A% b o n d s a t 9 7 %
A- d h e
d i s c o u n t , a m o u n t in g t o $ 2 2 50 p e r $ 1 ,0 0 0 , w ill b e p a i d in c a s h .
T h ose
d e s ir in g t o a v a il t h e m s e lv e s o f t h is p r iv i le g e s h o u l d d e p o s i t t h e ir b o n d s
a t t h e M e r c a n t ile T r u s t C o . , S t . L o u is .
H o l d e r s n o t d e s ir in g t o e x t e n d
o th e r b o n d s m a y p r e se n t th e m a t th e a b o v e -n a m e d tru s t c o m p a n y a n d r e ­
c e i v e p r in c ip a l a n d a c c r u e d I n t e r e s t t o d a t e o f d e l i v e r y b e f o r e A u g . I 1 9 1 1 .
B o n d s p r e s e n t e d a f t e r A u g . 1 10 11 w ill b e p a i d b y s a id t r u s t c o m p a .n y w it h
In terest t o A u g . 1 1 91 1.
I n t e r e s t w ill c e a s e o n A u g . 1 1911 o n a ll b o n d s
th a t h a v e n o t b een e x t e n d e d .— V . 9 2 , p . 1 11 0.

Virginia Anthracite Coal

Ry.—

&
Sale Adjourned.— N o
b i d h a v i n g b e e n m a d e in e x c e s s o f § 1 2 5 , 0 0 0 o n J u n e 2 9 , t h e
tim e a p p o in te d fo r r e c e iv e r ’s s a le , th e c o m m is s io n e r s d e ­
c lin e d t o k n o c k t h e r o a d d o w n a t t h a t p r i c e , a n d a d j o u r n e d
t h e s a le u n t il A u g u s t 2 9 . — V . 9 2 , p . 1 7 0 2 .

Virginia Railway & Power Co.—

Merger Consummated. —
O n J u ly l th e c o n s o lid a tio n o f th e N o r fo lk & P o r t s m o u t h
T r a c t io n C o . w ith th e V ir g in ia R a ilw a y & P o w e r C o . w a s
d u l y c o m p l e t e d u n d e r t h e V ir g i n i a l a w , t h e s t o c k o f t h e l a s t n a m e d c o m p a n y b e i n g in c r e a s e d t o § 8 , 0 0 0 , 0 0 0 p r e f . a n d
§ 1 2 , 0 0 0 , 0 0 0 c o m m o n , p e r p la n V . 9 2 , p . 1 4 3 7 . — V . 9 3 , p . 4 7 .

Worcester Nashua & Rochester RR.—No Further Divi­
dend.—

An

o f f ic ia l

c ir c u l a r

a c c o m p a n y in g

d iv id e n d o f § 3 p e r s h a r e , p a id J u ly

th e

s e m i -a n n u a

1, say s:

T h e le a s e o f tills r a il r o a d t o t h e B o s t o n & M a in e is t o b e c a n c e l e d , a n d
n o fu r t h e r d i v id e n d s w ill b e p a i d .
B o s t o n & M a in e h a s a g r e e d t o a s s u m e
a ll li a b ilit ie s o f t h is c o m p a n y a n d t o p a y $ 1 5 0 p e r s h a r e f o r t h e o u t s t a n d i n g
' [T h e r e a re s a id t o b e st ill o u t s t a n d i n g a b o u t 3 ,0 0 0 m i n o r i t y s h a r e s , d i s ­
t r i b u t e d a m o n g a b o u t 3 2 5 h o l d e r s .— E d . ] — V . 9 2 , p . 1 5 6 6 .

York (Pa.) Railways.

— Dividends Begun.— A n
in itia l
s e m i-a n n u a l d iv id e n d o f 5 0 c e n ts p e r sh a re (p a r § 5 0 ) h a s
b e e n d e c la r e d o n t h e § 1 , 6 0 0 , 0 0 0 p r e f e r r e d s t o c k , p a y a b l e
J u l y 2 1 t o h o ld e r s o f r e c o r d J u l y 1 0 .
C o m p a re V . 9 2 , p .1 6 3 7 .

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alamitos Beach (Cal.) Water Co. Electors Vote to
chase Plant.—

See

Long

B each,

C a l .,

in

S ta te

and

R w rC ity

D e p t .” — V . 9 2 , p . 1 1 1 1 .

Allegheny Steel Co.—Stock Increased.—

The

s to c k h o ld e r s

o n J u l y 7 a p p r o v e d t h e in c r e a s e o f t h e a u t h o r i z e d c a p it a l
s to c k fr o m § 3 ,0 0 0 ,0 0 0 to § 3 ,5 0 0 ,0 0 0 .— V . 9 2 , p . 1 5 0 1 .

Amalgamated Copper Co.— Anaconda’s Smelter Output.—
F o r 6 m o n t h s ( in p o u n d s )

o n t h e “ u n l i s t e d .” — V . 9 2 , p . 1 5 6 6 , 1 5 0 0 .

V.

[VOL. L X X X X M .

THE CHRONICLE

106

.

1911.
January . . . 21,600,000
February - - 20,900,000
M a r c h ____ 21,900,000

1910.
I
19111910.
20,158,0231 April --------- 21,500,000 24,892,151
21 061,247 M a y _______ 22,100,000 24,816,593
22)811,7451 J u n e _______ 21,850,000 23,253,981

T otal for six m onths------------------------------------------- 129,850,000 136,993,740
- V . 92, p. 1559, 1376.
L i g h t C o . — Notes Offered— Conversion
d ir e c to r s o f th e c o m p a n y ,
w h ic h is c o n t r o lle d b y t h e E l e c t r i c B o n d & S h a r e C o a n d
a f f i l i a t e d in t e r e s t s , h a v e a u t h o r i z e d a n is s u e o f §2,2U U ,U U U
1 0 - y e a r 6 % g o ld n o t e s , t o b e d a t e d A u g . 1 1 9 1 1 , b u t r e d e e m a ­
b le a s a w h o l e o n a n y i n t . d a y a t 1 0 2 a n d i n t e r e s t .
H o ld e r s
o f p r e f e r r e d s t o c k o f r e c o r d J u l y 2 4 a n d v o t i n g t r u s t c e r t if i­
c a t e s f o r c o m m o n s t o c k w ill b e a l lo w e d t o s u b s c r i b e a t p a r
t o t h e e x t e n t o f 2 5 % o f t h e i r h o l d i n g s u p t o t h e c lo s e o f b u s i ­
ness S e p t. 1 n e x t.
E n t ir e a m o u n t u n d e r w r itte n b y E le c tr ic
B o n d & Sh are C o .
S e c a d v e r t i s e m e n t in t o - d a y s is s u e .
Subscription warrants will be mailed within 10 days after July 24 1911
A m e r ic a n P o w e r &

Privilege on a New Basis.— T h e

.
to
J
K
■
‘.n

.^ h o l d e r s of record as of that date, specifying the amount of notes
stockholdei , / 1 ) l l r ls entitled to subscribe. Each note Is to be aco m n a M e d b y enti tl i ng the holder at any time within
f u r o m Aug 1 1911 to purchase at par, for cash, com m on stock of
aggregate par value equal to the principal ot tho note from which the
, ™ m n . i t has been segregated. The com pany agrees to accept at
°P l Mmn M ? notes at par and accrued Interest In lieu of cash In payment
fn /t h e stock
The option warrant, being transferable, stockholders who
for the stocK.
1
‘
, , t t0 convCrt their notes into stock may dispose
% A)n w , -Vnts
millnue to hold their notes. It they wish they can sell
? L K ? e s and hold their warrants thus giving them what amounts to a
Ca a Trstth?nstallmentPo f 25% w lllb o payable between Aug. 1 and Sept. 1
i nu 'both inclusive, and subsequent Installments on 20 (lavs’ notice by the
ivA installment shall be called for paym ent, however, earlier
com pany . N<>
, preceding call, and no call shall be made for more than
o f the 8UbscrlbePd am ount. Payments m ay be anticipated at any
time
A t the time of llnal paym ent, adjustment will bo made between In­
terest at the rate of 5%, per annum upon partial payments and Interest at
Jhe rate of 6% per annum on the notes from A ug. 11911.
thT hlf nOtcs are to be issued to provide partially and temporarily for a
n o t in g debt of the com pany amounting to $3,359,221. as of May 31 1011.
Jell infer to Increase Its working capital. The debt was created In the purehnsJfof water rights and lands necessary for water-power developm ents,
hv mlvanccs made to the Pacific Power & Light C o., and the purchase of
nn‘() nref stock of the Kansas Gas & Electric Go.
$400,000 P*VV„ Stockholders It ls stated that, while the directors "anticipate
, ,n o
g In due course, of the prof, stock, bonds, notes and
n o difficulty In dlsp
K. subsidiary companies, for an amount sufficient
surplus real estatei or t
n
e
(
i
and Its subsidiaries
Jo
o « ^ a d v a n ta g e o u s that such sales be made gradually, and only
they deem ltoi^ lfH pnA i me has elapsed for the large property expenditures
when and.as
It is In order to make this
pPanCpracUcablc, and to provide ample working capital, that the Issue ot
$2,200,000 notes ls now made.
,

Fominas

— The

c o n s o lid a te d

s id ia r v c o m p a n ie s a n d th e

in c o m e a c c o u n t o f

earnings o f

th e s u b -

th e s u b s id ia r ie s , g iv e n

s e p a r a te ly , fo r th e y e a r e n d in g M a y 3 1 , w e re :

July 8

1911. i

THE CHRONICLE

Consolidated Incom e A ccount.
Balance,
Year ending
Gross
Net (after
Interest
Preferred
M ay 31—
Earnings.
Taxes).
Charges. "Dividends. Surplus.
1011
$3,052,000
$1,320,774 *$300,390 *$102,932 $803,443
705,920
1010.......................... 2,500,047
1,005,931 *208,089
*31,313
Kansas (las & Electric C o.
$930,554
$313,535
$94,905
$83,417 $135,153
1911.................
219,314
1910 ___________
790,082
263,202
43,888
______
Pacific Pow er & Light Co.
1911 .......................$1,140,173
$551,437 $234,551
$65,625 $225,261
278,009
1 9 1 0 ............ ..........
940,693
399,039
120,970
- ..........
Portland Gas & Coke Co.
1 9 1 1 ..- .................... $975,937
$461,805 $151,480
$82,425 $227,900
243,943
823,270
343,693
99,750
-------1910______________
* Excludes Interest on bonds and floating d ebt and dividends on preferred
stock owned b y the American Power & Light Co.
The total Income o f the A m cr. Pow er & Light Co. for the year ending
M ay 31 1911 was $749,705 (Including only earnings of subsidiary companies
which were actually paid in the form of dividends); total expenses, Incl.
taxes and Int. charges, $360,495; net, $383,210; add subsidiary com panies’
undivided surplus (over dlvs. paid), $223,890; total, $607,106; deduct.
A m . P. & Lt. Co. pref. dlvs. (6 % ), $168,674, and am ount transferred to
reserves, $50,000; balance, surplus, for year, $388,432.— V . 92, p. 1567.

American Rolling' Mill Co., Middletown, O.— New Stock.—
T h e s t o c k h o l d e r s ’ m e e t i n g o n J u n e 1 7 a u t h o r i z e d a n in c r e a s e
in t h e c o m m o n c a p it a l s t o c k b y $ 1 , 0 0 0 , 0 0 0 , m a k i n g t h e t o t a l
c a p i t a l s t o c k $ 6 , 0 0 0 , 0 0 0 , o f w h ic h $ 5 , 2 0 0 , 0 0 0 is c o m m o n a n d
$ 8 0 0 , 0 0 0 is p r e f .
T h e n e w s t o c k is n o w o f f e r e d f o r s u b s c r i p ­
t i o n t o s h a r e h o ld e r s o f r e c o r d J u l y 5 t o t h e e x t e n t o f o n e
s h a r e f o r e v e r y f iv e s h a r e s o f p r e s e n t h o l d i n g s .
T h e p r ic e t o
c o m m o n s t o c k h o l d e r s is p a r ( $ 1 0 0 a s h a r e ) ; t o h o ld e r s o f p r e f .
sh a res $ 2 0 0 a sh a re.
S u b s c r i p t i o n s m a y b e p a i d in fu ll
J u ly 1 5 to 2 5 , o r 5 0 % th e n a n d 5 0 % O c t . 1 5 .— V . 9 2 , p . 1 4 3 8 .

American Wringer Co., Providence.—Dividend Increase.—
2 w ill b e p a i d J u l y 1 5 o n t h e

A q u a r t e r l y d i v i d e n d o f \x
/ %
$ 9 0 0 ,0 0 0 c o m m o n s t o c k , a lo n g
$ 8 5 0 , 0 0 0 p r e f . , t h u s in c r e a s in g
th e c o m m o n sh a re s fr o m 4 to 6

w it h t h e u s u a l 1 M % o n t h e
t h e r e g u la r a n n u a l r a t e f o r
% .

In March last an extra 2 % was paid on the com m on, making, with the
regular 4 % , a total of 6% for the year 1910. Compare V . 92, p 397, 1107

Assets Realization Co.— Stock Offered.—

C r a ig & J e n k s ,
2 7 W illia m S t ., N e w Y o r k , a re o ffe r in g b y a d v e r t is e m e n t o n
a n o t h e r p a g e , a t $ 1 0 8 p e r s h a r e a n d a c c r u e d d iv id e n d fr o m
J u l y 1 1 9 1 1 , t h e u n s o ld p o r t i o n o f a b l o c k o f $ 1 , 8 7 5 , 0 0 0
s t o c k o f t h i s s u c c e s s fu l l i q u i d a t i n g a n d r e o r g a n iz i n g c o m ­
pany.
P a r v a lu e o f s h a r e s , $ 1 0 0 .
A u th o r iz e d is s u e , $ 1 0 ,­
0 0 0 , 0 0 0 , all o u t s t a n d i n g , b e i n g t h e e n t i r e c a p i t a l i z a t i o n , a s
t h e r e is n o p r e f e r r e d s t o c k o r f u n d e d d e b t .
P r e s e n t d iv id e n d
ra te ,
7%
per a n n u m .
D iv id e n d s Q .-J .
D ig e s t o f H a n k e r s ’ S t a t e m e n t .

Incorporated In N. J. In 1898 and has offices In New Y ork, Philadelphia
and Chicago. Its principal business Is the purchase of assets of banks,
corporations, firms and Individuals from receivers, assignees or public
liquidators, and realizing upon the same; It also assists In financing solvent
concerns and reorganizations, for which purpose lt Is has own experts.
Net Earnings for Calendar Years as Certified by Chartered Accountants.
[After deducting all expenses, Interest, losses, &c.)
1910.
1909.
1908.
1907.
1906.
$849,557
$525,881
$330,667
$345,793
$337,367
Balance Sheet Dec. 31 1910, Incl. Subsequent Stock Increase and Unification.
Assets ($10,774,861).
|
Liabilities ($10,774,861).
Real esta te. . . ___________ $672,190|CapItal stock ______ ____ $10,000,000
M tgcs., contracts, notes &
|DIv. payable Jan. 1 1911
175,000
acc’ ts receivable________ 6,310,603 |Reserve for adjustments
599,861
S tocks and b o n d s ___ ______ 2,668,329] and future losses_____
Furniture and fixtures____
18,4251
Cash _____________________ 1.105,3141
“ The real estate, mortgages, contracts, notes, accounts receivable, stocks
and bonds are stated at their book value, such value being that established
by appraisement before the purchase o f same, plus such expenditures as
have been made for additions and Improvements, and from the results dur­
ing the period examined we find that the com pany has, on the whole, reali­
s e d more than the value at which the assets were appraised and carried on
the books.” [Signed Harrow, W ade, Guthrie & Co.)
President George E . Shaw on June 26 1911 wrote: "T h e earnings for the
first half of 1911 will be the largest In the history of the com pany, and will,
after deducting dividends at the rate of 7% per .annum, add at least $250,­
000 to the surplus, making the book value of the stock on July 1 In excess of
$108 per share.”
'
.
Dividends of 7% per annum were paid regularly on the old preferred
stock from organization, and stock dividends were also paid out of surplus
o f $1,500,000 In 1908 and $1,500,000 In April 1911. It is the announced
Intention of the com pany to accumulate a large surplus and to follow a con­
servative policy In relation to the distribution of earnings. Dividends
upon the present stock are expected to be paid at the rate of 7% per annum,
payable quarterly, until the earnings and surplus justify a higher rate.
Board of Directors.
G eorgeE . Shaw, Pres. Assets Realization Co.; Pres. Western Nat. Bk.,Phlla.
Harry G. Clay, director Land Title & Trust C o., Philadelphia
•
John Story Jenks, director Western Savings Fund Society, Philadelphia. •
C. Hartman Kuhn, director Girard Trust C o., Philadelphia. ■ • ■
•
Theodore Frothlngham, Secretary Assets Realization Co.
......................
Graham Harris, capitalist, Chicago.
......................
Franklin M. Potts, Pres. Phtla. Warehouse C o., Philadelphia.
■ ■
John Story Jenks Jr., Bertron, Grlscom & Jenks, bankers; dlrcctorJFIdellty
Trust C o., Phlla.
Ira M. Cobe, Vlec-Pres. Assets Realization Co.; director Chicago City R y.C o
John W . McKinnon, V .-P . Assets Realization Co.; Pres. Hudson Nav. Co.
Sidney II. March, Ladenburg, Thalmann & C o., New York.
James F. Failey, director Merchants' National Bank, Indianapolis.
M. P. H eraty, director Beneficial Savings Fund Society, Philadelphia.
T . E . Mitten, Pres. Chicago City R y . Co.
William P. Jenks, Craig & Jenks, New York.
No stock has heretofore been offered for public subscription. The of­
ficers now believe that a wider distribution of Its shares will be beneficial
to the com pany, and have assented to the present olfering. See also V . 92,
p. 1180, 1312.

Atlantic Fruit & Steamship Co., New York.— Incorpor­
ated.— T h i s c o m p a n y li a s b e e n i n c o r p o r a t e d in D e l a w a r e w i t h
$ 1 2 ,0 0 0 ,0 0 0 o f a u th . c a p . sto c k a n d a p ro p o se d $ 5 ,0 0 0 ,0 0 0
6 % 2 0 - y e a r fir s t m t g e . ( p r e s e n t i s s u e s t o b e n o t e x c e e d i n g
$ 7 ,0 0 0 ,0 0 0 sto c k a n d $ 2 ,5 0 0 ,0 0 0 b o n d s ) , to c a rr y o u t th e
m e r g e r p la n o u t li n e d in V . 9 2 , p . 1 7 0 3 .

American Steel Foundries Co., New York.—Dividend
Omitted.—
q u a r te r ly
S e c re ta r y

T h e d i r e c t o r s o n T h u r s d a y d e c id e d n o t t o p a y t h e
d i v i d e n d o f 1 M % d u e in A u g u s t o n t h e s t o c k .
F . E . P a t t e r s o n m a d e th e fo llo w in g e x p la n a t io n :

On May 14 1910 the first quarterly dividend of 1 ) { % was paid on the
readjusted corporate capital stock of the com pany. Subsequent quarterly
dividends were paid up to and Including May 15 of this year, making five in
all. When dividends were begun, your directors expected that the earnings
would be such as to warrant uninterrupted paym ents, but, as every one




107

knows, within the past year the railroads have purchased very little equip­
m ent, with the result that after filling contracts In hand the first of the
year, your com pany has been obliged largely to curtail Its operations. As
a consequence dividends must be discontinued until conditions Im prove.
The com pany, Its organization and all Its plants are In splended condition
to take advantage o f any Improvement In business.— V . 92, p. 1501, 1312.

Citizens’ Gas Co. of Indianapolis.— Stock at Auction.— T h e
c o m p a n y w ill o f f e r f o r s a l e a t a u c t i o n o n J u l y 2 6 $ 5 0 , 0 0 0 o f
its s t o c k (p a r o f s h a r e s $ 2 5 ) .
Price o f stock to be not less than par. Certificates are to be dated July 1,
and the purchaser will be required to p ay interest at 6% on the par value
from that date to the date of paym ent, which shall be the day following the
sale, or, at the option of the purchaser. In 3 equal Installments of 30, 60 and
90 days. The directors on June 13 authorized the sale of the stock to pay
for certain Improvements to the am m onia-recovery plant and for other Im­
provements and betterm ents recently m ade.— V . 92, p. 958.

Columbia Gas

& Electric Co.,

Cincinnati.— Bonds Re­

tired.—

T h e K n ic k e r b o c k e r T r u s t C o . o f N e w Y o r k , th e
m o r t g a g e t r u s t e e , r e c e n t ly e x p e n d e d a n a d d itio n a l $ 4 7 5 ,0 0 0
f o r t h e p u r c h a s e in t h e m a r k e t o f a b o u t $ 6 0 0 , 0 0 0 o f t h e o u t ­
s ta n d in g b o n d s .
N o t i c e is n o w g i v e n t h a t t h e t r u s t e e w ill
o n o r b e f o r e A u g . 7 r e c e iv e f u r t h e r t e n d e r s o f t h e b o n d s “ f o r
r e d e m p t i o n b y m e a n s o f t h e p r o c e e d s o f t h e r e le a s e o f b o n d s
o f th e E a s t O h io G a s C o ., p a id in to th e s in k in g f u n d t o th e
e x te n t o f $ 2 0 1 ,5 4 7 .”
T h i s w ill m a d e a t o t a l o f a p p r o x i m a t e l y
$ 2 ,8 0 0 ,0 0 0 r e d e e m e d th is y e a r , r e d u c in g th e b o n d e d d e b t
to a b o u t $ 1 3 ,0 0 0 ,0 0 0 .
C om pare V . 9 2 , p . 1 5 6 0 , 1 5 6 7 , 1 7 0 4 .

Cuyahoga Telephone Co., Cleveland.— Voting Trust Ends.
— T h e v o t i n g t r u s t s u n d e r w h ic h la r g e p o r t i o n s o f t h e s t o c k s
o f th e C u y a h o g a a n d U n it e d S t a t e s te le p h o n e c o m p a n ie s
w e r e d e p o s i t e d in 1 9 0 6 ( V . 8 2 , p . 1 2 7 1 ) e x p i r e d b y l i m i t a ­
tio n o n J u ly 1 .
H o l d e r s o f t h e t r u s t c e r t i f i c a t e s a r e n o t if ie d
to s e n d th e s a m e to th e C le v e la n d T r u s t C o ., C le v e la n d , fo r
e x c h a n g e f o r s t o c k c e r t i f i c a t e s .— V . 9 2 , p . 7 2 8 .

Dayton (O.) Power & Light Co.— Mortgage.— T h i s n e w
c o m p a n y h a s file d a m o r t g a g e t o t h e K n i c k e r b o c k e r T r u s t C o .
o f N . Y . , a s t r u s t e e , t o s e c u r e a n is s u e o f $ 2 0 , 0 0 0 , 0 0 0 b o n d s .
The com pany. It Is stated, has thus far merged or arranged to merge the
Dayton Lighting Co. (V . 89. p. 46) ( the Citizens’ Electric Co. (organized In
1906) and the D ayton Light & Power C o., which Is stated to have succeeded
the Hills & Dales Electric C o., Incorporated several months ago, with a
capital stock of $25,000. A . M. Y oung and A nthony Brady o f New Y ork
are Interested. Of the new bonds, sufficient no doubt are reserved to retire
the $2,080,000 1st & ret. 5s of the D ayton Lighting Co. and Its underlying
Issue, $460,000 Dayton Electric L t. 1st 6s.— V . 92, p. 1564.

Federal Heater Co., Chicago.— Merger.— T h i s c o m p a n y ,
i t is a n n o u n c e d , is b e i n g o r g a n i z e d w i t h $ 9 , 0 0 0 , 0 0 0 o f a u t h ­
o r iz e d c a p it a l s t o c k a s a m e r g e r o f s e v e r a l c o n c e r n s e n g a g e d
in t h e m a n u f a c t u r e o f v a r i o u s k i n d s o f h e a t i n g a p p a r a t u s .
T h e h e a d q u a r t e r s w ill b e in C h i c a g o .
A n a u th o r ita tiv e
s t a t e m e n t fo llo w s :
The constituent companies are; The International Heater C o., U tica,
N . Y . (V . 82, p. 512); the Peck, W illiamson Heating & Ventilating C o.,
Cincinnati; the L. J. Mueller Furnace C o., Milwaukee; the 20th Century
Heating & Ventilating C o., A kron, O .; the Henry & Schelble C o., Cleve­
land, O.; the Quaker Mfg. C o., Chicago, and the Ideal Furnace C o., D etroit.
A . W . W illiamson, President o f the Peck, W illiamson C o., will be Presi­
dent o f the new corporation; L . J. Mueller Jr. and John Kerch will be Vice­
Presidents. The Secretary will be D. M . Compton and the Treasurer
F. II. Moore.
The capital stock Is divided Into $4,000,000 7% cumulative pref. and
$5,000,000 com m on; o f the latter, but $4,200,000 will be Issued. Most of
the capital stock has been taken b y plant owners In paym ent o f their prop­
erties. A relatively small amount o f cash Is being used In the merger. The
First Trust & Savings Bank of Chicago will act as trustee to receive pay­
ment for stock and will Issue receipts and act as registrar. The shares are
to be listed on the Chicago Stock E xchange.
There Is to be offered simultaneously In Chicago, New Y ork , Cincinnati
and Detroit about $1,500,000 of the pref. Issue at par, with a bonus o f 10%
In com m on stock. The com pany starts without any bonds or debts. The
pref Issue Is redeemable at any dividend period at 110.

Fond du Lac (W is.) W ater Co.— Purchase by City Enjoined.
— See

“ Fond

du

Lac”

in

“ S ta te

and

C ity

D e p t .” — V .

85,

p . 6 03 .

Glenwood Springs (Colo.) Light & W ater Co.— Lower Fed­

eral Court Restrains Purchase by City.—

See
“ G le n w o o d
S p r i n g s ” in “ S t a t e a n d C i t y D e p t . ” — V . 9 0 , p . 2 4 0 .

Houston (Tex.) Lighting

&

Power Co.— Mortgage.—

The

c o m p a n y h a s m a d e a m o rtg a g e to th e W h it n e y C en tral T r u s t
& S a v in g s B a n k o f N e w O r le a n s , a s tr u s te e , to se c u re a n
is s u e o f $ 5 , 0 0 0 , 0 0 0 1 s t M . 5 % 2 0 - y e a r b o n d s , d a t e d A p r i l 1
1 9 1 1 , o f w h ic h $ 1 , 3 0 0 , 0 0 0 t o b e is s u e d a t o n c e a n d t h e r e ­
m a in d e r a s re q u ir e d .
T h e b o n d s a r e r e d e e m a b le a t
105.

W ith a portion o f the present Issue of bonds the outstanding$738,000 old
bonds have been redeemed. Beginning July 1 1915 and each year there­
after the com pany Is to set aside as a sinking fund a sum equivalent to 1%
of the aggregate amount of the bonds outstanding. Of the bonds, $3,500,­
000 may be delivered to the com pany from time to time for not over 80%
o f the actual value of Improvements, additions or extensions to the prop­
erty.— V . 90, p. 112.

Houston Oil Co. of T exas. — Readjustment Plan.— W e h a v e
b e e n fa v o r e d w ith a n a d v a n c e p r o o f ( “ s u b je c t to m o d ific a ­
tio n a n d c h a n g e ” ) o f th e p la n fo r th e r e a d ju s t m e n t o f th e
f in a n c e s o f t h e c o m p a n y , a p p r o v e d b y t h e d i r e c t o r s o n
June 21 1911.
W e g iv e th e m a in fe a tu r e s b e lo w .
They
s h o u ld b e s t u d i e d in c o n n e c t i o n w i t h t h e r e p o r t t h a t w a s
p u b li s h e d in t h e “ C h r o n i c l e ” o f J u n e 1 0 , p . 1 5 6 0 .
Objects in View— To Meet Deficit, Develop Iiesources— P ref. Dividends.
It Is apparent that the provisions of the deed of assignment of the K irby
Lumber Co. contract and of the decree of the U. S. Circuit Court for the
Southern District of Texas (V . 87, p. 290) have resulted In a dedication of
the Income which the H ouston Oil Co. receives under the K irby contract
to the rapid liquidation of all securities Issued senior to the pref. stock, thus
leaving the com pany (pending such liquidation) without proper resources
available to meet a deficit In operating expenses or to furnish the working
capital necessary to a prom pt developm ent of Its heretofore unexploited
resources. It Is obvious that such deficit In operation must be provided for
and that an adequate working capital should be supplied; It Is equally
obvious that the burden of such deficit and of such working capital should
be borne b y both classes of stock and should be liquidated gradually.
The ends held In view b y the following plan arc (a) a provision b y which
the estimated maximum deficit In operating expense can be safely and
readily handled; (b) placing the com pany In position to control an adequate
working capital fund; (c) providing an Income to pref. stockholders at an
earlier date than Is possible under the existing status; and (d) the Issue of
non-intcrcst-bearlng dividend certificates to represent the dividend accrued
and to accrue Aug. 1 1911 on the outstanding pref. stock.
The following state of aflalrs Is found to exist: (1) That the accrued deficit
In operating expense reaches Its estimated maximum In August 1916, and

THE CHRONICLE

108

am ounts, with Interest, to $878,000. (2) That the dividend accrued on the
outstanding pref. stock on A ug. 1 1911 will amount to (say 51% ) $4,500,342
(3) That the com pany should be able to resume cash dividends on Its pref,
stock (after making due provision for the gradual redem ption of all new
tim ber certificates issuable under this plan, with Interest thereon) on Feb. 1
1917. (4) That the dividend accruing on the pref. stock from A ug. 1 1911
to A ug. 1 1916, inclusive, will amount to $2,647,260.
Proposed New Timber Certtjlcates Junior to Present Timber Certificates.
In the accom plishm ent of the above ends, it Is proposed that the Houston
OH Co. of Texas should, by due corporate action, authorize the creation of
the following new timber certificates, to be similar In form and legal status
but junior to the now outstanding timber certificates:
(1) 6% timber certificates, redeemable at any interest date by
lot, at par and accrued interest, after 3 m onths’ notice to the
trustee, to an amount not to exceed _________________________ $4,749,960
(a) "W orking Capital certificates” to mature $50,000
semi-annually beginning A ug. 1917 and ending
A ug. 1922, and 534,700 Feb. 1 1923_____________ $584,700
(b) “ Operating Deficit certificates” to mature $75,000
semi-annually beginning A ug. 1917 and ending
A ug. 1922, and $53,000 Feb. 1923_______________ 878,000
(c) "Current Dividend certificates” to be Issued semi­
annually from A ug. 1 1911 to A ug. 1 1916, to rep­
resent such pref. dividends as m ay be declared
during that period. Principal to mature as fol­
lows: Feb. 1919, 5164,544; A ug. 1919, $213,162;
Feb. 1920, $223,306; A ug. 1920, 5233,756; Feb.
1921, $316,471; A ug. 1921, 5546,971; Feb. 1922,
5691,672; A ug. 1922, $257,378___________________ 2,647,260
(d) “ Interest Certificates,” to an amount thereof, at
9 0 % , sufficient to meet the net interest on the
“ current dividend certificates,” and on the “ Int­
erest Certificates” themselves, to and including
Feb. 1 1916, such Interest thereafter to com e from
proceeds of K irby contract. The principal of the
dividend certificates will mature as follows: A ug.
1917, 5223,017; Feb. 1918, 5184,465; A u g. 1918,
5193,750; F eb. 1019, $38,768_____________________ 640,000
(2) Non-interest-bearing timber certificates to represent the divi­
dends accrued on the outstanding pref. stock (58,824,200) at
A ug. 1 1911, redeemable b y lot, at par, at any time, to an
amount not to exceed (being say 38% on the par of said
preferred stock ________________________________________________ $3,387,762
In order that the interest on the current dividend certificates m ay not be
charged or accrue against the com m on stock but m ay be borne wholly by
the pref. stock, the net am ount of such interest ($1,112,579) is deducted
from the dividend accrued to A ug. 1 1911, so that the pref. stockholders
will receive In such non-interest-bearing tim ber certificates say 38% on
the outstanding pref. stock In lieu of the 51 % actually accrued thereon at
A ug. 1 1911. It Is proposed to sell to the pref. stockholders or others, at
90% of their face value, $640,000 of such 6% tim ber certificates, thereby
realizing $576,000, an amount sufficient to pay Interest up to and Including
Feb. 1 1917 on the total 6% current dividend timber certificates from
time to time outstanding and also on the above $640,000 interest certifi­
cates, after which latter date said interest Is payable out of the proceeds
of the K irby contract.
The accumulated arrears of pref. stock dividend at A ug. 1 1911 amount
to 5 1 % ,or 54,500,342; to obviate the substitution of a 6% Interest-bearing
security for a non-Intcrest-bearing accrued dividend, the cost, In interest
and discount, of such Interest-bearing tim ber certificates Is deducted from
the amount of the dividend accrued as above; this cost Is as follows: Int­
erest on current dividend certificates, $1,306,521; discount (10% on $040,­
000), $64,000; total, $1,370,521; less Interest (2% per annum from A ug. 1
1912) on unexpended proceeds of $640,000 6% current dividend timber
certificates, sold at 90, $34,002; net Interest and discount, $1,336,518 50.
• Under this readjustment plan the pref. stockholder allows the principal
and also the Interest maturing on and after Feb. 1 1917 of the working
capital certificates to be paid out of the proceeds of the Kirby contract
prior to the liquidation of any portion of his .accrued dividend and conse­
quently suffers a postponem ent In the paym ent of Ills non-interest-bearing
certificates, and the com pany enjoys a saving of Interest, com puted at
$223,939, which last amount is added to and included In the total am ount
of non-interest-bcarlng timber certificates Issuable hereunder.
The arrears of pref. stock dividends A ug. 1 1911, arc $4,500,342; de­
ducting the Interest and discount on 6% current dividend certificates, as
above, $1,336,519, leaves a net am ount of 53,163,823, to which add the
interest saving to the com pany as above, $223,939. This makes the total
Issue o f non-interest-bearing timber certificates, $3,387,763.
What Each Preferred Stockholder Depositing under this Plan will Receive. ■
(1) Say 38% In non-interest-bearing tim ber certificates to represent the
dividends accrued on suc.i stock to A ug 1 m i l
(2) Semi-annually thereafter (during the period A ug. 1 1911-Aug. 1 1916
• 6% Interest-bearing timber certificates to represent such current 6%
pref. stock dividends as m ay be declared during that period.
■ It Is assumed that the com pany will be in position to resume paym ent of
full dividends In cash on Feb. 1 1917.
• The pref. stock deposited Is assessable only for the expenses Incurred,
and then only In event of the failure of the plan. There Is no assessment
on th c com m on stock. Upon the consum m ation of the plan, the com m on
and preferred stock deposited will be returned to the registered holders of
deposit receipts, as provided In the agreement of deposit.
W hile It is impossible to foresee the degree or rapidity with which the
proposed working capital fund m ay be profitably em ployed, it Is confi­
dently anticipated that the result of such em ploym ent will materially hasten
the liquidation of the timber certificates which It Is proposed to issue under
this plan, and thereby advance all maturities, with a corresponding saving
In Interest account.
Prospective Results from the Operation of This Readjustment Plan
Surplus from Feb. 1 1917 to Aug. 1 1925 available from the
K irby contract after providing for expenses and principal
and Interest of existing timber certificates_________________ $15,674,222
Operating deficit A ug. 1 1911-Aug. 1 1916, I n c l.. . $773,882
I n t .o n 6 % timber ctfs. Issued to meet above deficit.
296,445— 1,070,327
Net surplus_________________________________________________ $14,603,895
6% dividends on pref. stock ($8,824,200) In cash
(Feb. I 1917-Aug. 1 1925)_______________________ $4,765,068
Int. and discount on 6% current d lv. certifica tes.. 1,336,518
Principal of 6% current dlv. timber certificates___ 2,647,260
Principal of non-interest-bearing timber certificates. 3,387,763
Principal of 6% tim bercerfs.(w orking capital), $584,­
700, and int. thereon from A ug. 1 1917, $111,492. 696,192— 12,832,801

_ _ _

_ -

Balance available for redem ption of preferred s tock ______ $1,771,094
Assuming this readjustment plan to be carried out, there will be on hand
at A ug. 1 1925, In addition to the above-m entioned sum of $1,771,094,
whatever additional property Is created, or represented, by the working
capital provided for under this plan. Assuming that this working capital
fund will earn only an amount exactly equal to the Interest on the 6% timber
certificates Issued to provide the same, the amount so to be added will be
$966,421, making the total sum available for redemption of pref. stock
$2,737,515. The amount shown as applicable to the retirement of pref.
stock In the report to stockholders o f April 28 1911 (Including the balance
on hand A ug. 1 1925) was $2,907,075; the difference between the tw o results
Is due solely to the fact that under the readjustm ent plan It Is contemplated
that the fund borrowed to meet the deficit in operating expense up to Feb. 17
1917 will be repaid b y Installments at the rate of $150,000 per annum In­
stead of being repaid out of the first available proceeds of the Kirby contract.
Detailed Operaions lunder Readjustment Plan—Years ending Aug. 1 1912 to 1925.
a. Covering period for redemption of all the old timber certificates now out
(see V. 92, p. 560) and payment (Feb. 1 1912 to Aug. 1 1916, Incl.) of 6% divi­
dends on the pref. stock In 6% certificates, $529,452 yearly.
Sale of
Int. on
Aug. I
Kirby Contract Expenses Int. <(• Red. Balance,
Cerlif.
Deficit.
Year.
New Cert.
Min. Income. (Est.).
Old Cert.
$67,749
569.000
Aug. ’ l l bal.
$570
191.316 X074.000
15,022
19111 2 $1,406,250 $166,667 $1,430,900
60,500
80,391
19121 3 1.406,250 166.667 1.185,150 sur.54,433
150,500
135,417
115,960
1913-4 1 ___
1,406,250
166.667 1,375,000
222.000
195.416
191415
1.406,250 166.667 1,435.000
159,997
278,000
238.416
209,022
19151 6 1,406,250 166.667 1,478,000
(surplus 5 ,044,311, ext table)
19161 7 1,562,500 158,333
359,856
$991,668 $7,263,906 $773,882 $1,454,000
T o ta l___ $8,593,750
b. Covering period for payment of preferred dividends In cash.




$580,962

Aug. 1
Year.
1916-17
1917-18
1918-19
1919-20
1920-21
1921-22
1922-23
1923-24
1924-25

Kirby Contract Expenses
Min. Income. (Est.).
iSurp. from above $1,044,3111
___ $1,562,501
$150,000
------ 1,502,500
150,000
------ 1,562,500
150,000
___
1,923,662
150,000
___ 2,338,625
150,000
___ 2,148,125
150,000
------ 1,978.250
150,000
___ 2,828,750
225,000

[V o l . l x x x x u i
Int. on Pref. Dlv. kRcdemp. Balance.
New Cert. 6% (Cash). New Cert. Sur.or Def,
$265,996 $529,452 S34S,017y df.$99,154
028,2 152/
None
S251,833 $529,452
529,452
666,474V
216,574
None
707,062V
529,452
None
175,986
529,452 1,113,443;/
None
130,767
None
529,452 1,600,468y
52,705
None
2,031
529,452 1,466,042
None
529,452 l,298,798z
303,2043 1,771,094
529,452

Total ___ $15,901,912 $1,275,000 $1,099,493 $4,765,068 $8,137,723
Grand tot.824.49S,662 $2,266,668 $1,680,455 $4,765,068 $8,137,723
x Sale of $610,000 Int . certificates at 90%: other items In this column represent
sale of operating deficit certificates at par.
k Redemption of new Interest-hearing certificates $4,749,900 from 1917 to 1923,
and dividend certificates, $3,387,763 from 1922 to 1925.
?/ Redemption of new Interest-bearing certificates, 3 Redemption of dlv. ctfs.
The surplus shown for the year 1924-25, $1,771,094, It Is estimated will be avail­
able for redemption of pref. stock.—V. 92, p. 1560.

Illinois Brick Co., Chicago.— Status.— P r e s i d e n t
S c h l a k e , in a c ir c u l a r l e t t e r d a t e d J u n e 3 0 1 9 1 1 , s a y s :

Wm.

The officers desire to say unequivocally that they have had no connection
whatever with any o f the Stock Exchange operations which have resulted In
the violent fluctuations which have recently occurred In the price o f the com ­
pany’s stock.
The com pany Is In a perfectly normal condition. W e arc making brick
to the full capacity of our plants and are finding a ready market for them
at the same price which has obtained during the past 18 months, and the
outlook for the balance of the year Is encouraging.
W h y, then, the stockholders m ay ask, dkl the directors pass the divi­
dend at the last meeting? The only answer Is this: Having regard to the
Indebtedness of the com pany, and to the fact that the com pany had for a
period of six weeks been unable to make deliveries on account of the brick
strike, and on that account Its earnings for that period had been entirely
cut oil, they deemed It wise not to anticipate future earnings. The brick
strike was settled on .Tunc 9 and the making and delivery of brick was re­
sumed a few days later. The settlement with the labor unions was made
covering a period of three years on terms which the com pany deems favor­
able, particularly In that Individual agreements have been entered Into
with all employees, which should Insure the stability of the general agree­
m ent. W e confidently expect that the loss of earnings duo to the strike
will be largely overcom e during the remainder o f the year, but the directors
thought that prudence should govern. N othing whatever has occurred
to affect the business or credit of the com pany, and we trust that stock­
holders m ay not be misled b y the m any unfounded statements which have
been printed.— V . 93, p. 49.

Long Beach (Cal.) W ater Co.— Electors Vote to Purchase

Plant.—

S e e L o n g B e a c h , C a l . , in “ S t a t e a n d C i t y D e p t . ” —
V . 92, p . 1113.

Lozier Motor Co. of Detroit.— New Stock.— T h e s h a r e h o l d ­
e r s r e c e n t l y a u t h o r i z e d a n in c r e a s e in t h e c a p i t a l s t o c k f r o m
$ 2 , 0 9 0 , 0 0 0 t o $ 3 , 0 0 0 , 0 0 0 , t h e in c r e a s e t o c o n s i s t o f $ 5 0 0 , 0 0 0
7 % c u m . p re f. a n d a n e q u a l a m o u n t of n ew c o m m o n , b u t
o n l y t h e p r e f . t o b e is s u e d a t p r e s e n t .
The Increase Is for the purpose of Increasing the facilities for manufac­
turing the com pany’s product and also for the purpose of bringing out Its
new line o f Lozier trucks, deliveries to com m ence next fall. Pres. II. A .
Lozier Is quoted as saying that the $500,000 pref. stock will be secured b y
assets amounting to over five times that am ount. The earnings for the
last year. It Is stated, were over $280,000, or m ore than eight times the
7 % dividend on the new stock.
The com pany was Incorporated In Michigan early In 1910, with $2,000,000
stock, and purchased from the Lozier M otor Co. of N. Y . (capital stock
$1,000,000) Its plant at Plattsburg, N. Y .; capacity 600 Lozier cars a year.
In connection with this transfer, there was Issued $1,200,000 of the $2,000,­
000 stock. Last fall the com pany com pleted and put In operation a largo
plant at S t. Clair Heights, Detroit, the Plattsburg plant being thereafter
used to supply various m otor parts to the Detroit plant, the com bined out­
put of the two plants being about 1,200 automobiles per annum.

Luzerne County Gas & Electric Co.— Bonds Called.— T h e
$ 1 7 5 , 0 0 0 W y o m i n g L i g h t & P o w e r C o . b o n d s w e r e c a ll e d
fo r p a y m e n t o n J u ly 1 a t th e P e o p le ’ s B a n k o f W ilk e s -B a r r e ,
t r u s t e e .— V . 9 1 , p . 2 1 7 .

Macon (Ga.) Gas Light & W ater Co.— Payment of Bonds. —
T h e c it y a u th o r itie s h a v e a p p o in te d O c t . 2 1 9 1 1 a s th e d a te
fo r p a y m e n t o f th e p u r c h a s e -m o n e y a n d th e ta k in g o f p o s ­
s e s s io n o f t h e w a t e r - w o r k s s y s t e m .
Holders of the outstanding $450,000 5% consols, dated Feb. 15 1899 arc
requested to deposit their bonds before Sept. 1 1911 with Fidelity Trust C o.,
321 Chestnut S t., Philadelphia, the trustees, so that, upon settlement
with city said bonds m ay be paid off and the mortgage canceled. See
offering of city bonds under “ Macon” In "State and City D ept. — V . 92, p .
1569.

Manufacturers’ Light & Heat Co.— Bonds Called.— W h e e l ­
i n g c o l l , t r u s t 6 % g o ld b o n d s is s u e d u n d e r d a t e o f F e b . 2
1 9 0 3 h a v e b e e n c a ll e d f o r p a y m e n t A u g . 2 a t t h e C o lo n i a l
T r u s t C o . o f P itts b u r g h , tr u s te e .
Holders of said bonds will receive the principal with all the accrued Inter­
est thereon, and such premiums as they shall be entitled to for such prior
redem ption.— V . 92, p. 1314.

Mutual Union Telegraph Co .— Offering of Extended First

Mortgage

5 s .— B lo d g e t & C o ., N . Y . a n d B o s t o n , r e c e n tly
o ffe re d a t 1 0 4 a n d i n t ., y ie ld in g 4 % %
i n c o m e , t h e u n s o ld
p o r t i o n o f $ 1 , 4 9 2 , 0 0 0 1 s t M . e x t e n d e d g o ld 5 s , d a t e d 1 8 8 1 ,
d u e M a y 1 1 9 4 1 , p r in . a n d in t . g u a r , b y e n d o r s e m e n t o n e a ch
b o n d , b y th e W e s t e r n U n io n T e le g r a p h C o .

Letter from Theodore N . Vail. Pres, of W estern Union Tel. C o.. June 12 ' l l .
The Mutual Union Telegraph Co. was Incorporated O ct. 5 1880 In N. Y .
State and was leased In 1883 to the Western Union Telegraph Co. for 99
years, with privilege of revewal for terms aggregating 999 years. All the
assets o f the com pany were transferred In 1886 to the N . Y . Mtuual T elcg.
C o., which assumed all obligations. The stock, originally $10,000,000.
was subsequently reduced to $2,500,000, of which the Western Union Tel,
Co now owns $2,387,700. Dividends 6% continuously since 1883.
1st M . bonds auth. and Issued, due .May 1 1911, $5,000,000; deposited
as part collateral for Western Union Tel. Co. coll, trust 5s, $3,123,000; In
hands of public and extended till 1941, 51,877,000. Provision has also
been made for the extension of the bonds held as collateral for the Western
Union Tel. Co. coll, trust 5s. In the extension the m tge., lease, & c., are
left undisturbed and the absolute guaranty as to principal and Interest of
the Western Union has been endorsed on each bond.
A first mtge. on Important main trunk lines extending from N . Y . City
to such cities as H artford, New Britain, Springfield, W orcester, Providence,
Boston, Poughkeepsie, Albany, Saratoga, Rutland, R om e, Schenectady,
Amsterdam, Utica, (ieneva, Cleveland, Columbus, Sandusky, T oledo,
Indianapolis, Detroit, Chicago, Milwaukee, St. Paul, Minneapolis,
St. Louis and Kansas City, Newark. Philadelphia. W ilm ington,
Baltimore and W ashington [also to Portland and Bangor, Montreal,
and Ottawa. Cincinnati and Louisville.— Ed.] Serves practically all the
Important cities in the Eastern and Middle Western States, being an In­
tegral part of the Western Union T el. Co. Miles of pole lines cov ered b y

THE CHRONICLE

July 8 1911.]

lease, approxim ately 5,129; miles of wires (with necessary equipment),
about 30,691. The mtge. also covers the lease, contracts, grants and
franchises.
Upon the paym ent of )<j o f 1 % , these bonds m ay be made tax-free In
N . Y . State.— V . 92, p. 640.
N a r r a g a n s e t t E le c tr ic L i g h t i n g

C o ., P r o v id e n c e , R . I . —
T h e is s u e o f
$ 5 0 0 , 0 0 0 i n t e r e s t - b e a r i n g c o n v e r t i b l e d e b e n t u r e c e r t if i c a t e s
o f t h e is s u e o f J a n . 1 1 9 0 9 , d u e 1 9 1 3 , h a s b e e n c a ll e d b y th e
c o m p a n y fo r c o n v e r s io n in to s t o c k , $ fo r $ .

Debentures Called for Conversion into Stock.—

Interest on the debentures ceased June 30 and holders of record July 1
1911 will receive stock certificates In exchange for their holdings at the
office o f the com pany. Union Trust Co. Bldg., Providence, on and after
A ug. 1 1911. This will increase the outstanding stock to $4,500,000, par $50.
Present dividend rate 8% per annum, Q .-J.— V. 90, p. 666.
N a t i o n a l L ic o r i c e C o . — Common Stock Dividend Decreased.
— A s e m i-a n n u a l d iv id e n d o f 2 % w a s p a id o n J u ly 7 , c o m ­
p a r i n g w i t h 2 3 ^ % in J a n . 1 9 1 1 , n o d i s b u r s e m e n t b e i n g m a d e
in J u l y

1910.

Dividend Record o f Common Stock (Per Cent) .
Year— 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910.
Per cent 4 A
lA
2
343
6
4)3
5
3
Compare V . 91, p. 792.

1911.
443

O n e id a -R e g a l T e x t ile C o . (M a n u fa c tu r e r s o f K n it U n d e r ­
w e a r a n d H o s i e r y ) , U t i c a , N . Y . — Preferred Stock Offered.—
I l o l l i n g s h e a d & C a m p b e l l , N , Y . C i t y , a r e o f f e r in g a t p a r
( $ 1 0 0 a sh a re ) a n d i n t ., $ 5 0 0 ,0 0 0 7 % c u m . p r e f. s to c k .
A b s t r a c t o f L e t t e r f r o m P r e s . W m . H . Stansfield. U t ic a , N . Y . , June 2 3 ’ l l .
Consolidation.— Comprises (1) Oneida Hosiery C o., with plants at Oneida
and W atervlllc, N. Y ., and Philadelphia, Pa., for the m anufacture of
m en’s, wom en’s and children’s seamless hosiery for the trade, at retail
prices ranging from 10 to 25 cts. per pair. (2) Regal Textile C o., with
plants at Syracuse, devoted to the manufacture of wom en’s ribbed (lecced
knit underwear, trademark "V elvet Lined.”
(3) Stlttvllle Knitting C o.,
with plants at Stlttvllle, N. Y ., manufacturing specialties In men’s under­
wear, with a constantly Increasing trade.
Earnings Applicable to Preferred Stock and Preferred Dividends.
1906.
1907.
1908.
1909.
1910.
Average. P fd .D iv s.
$111,834 $88,555 $118,659 $157,478 $112,393 $117,784 S35.000
Balance Sheet o f Jan. 3 1911, Incorporating Therein the $500,000 7% P ref.
Assets, $1,280,458 (against com . stock, $500,000; pref. stock, $500,000;
accounts p a y., $106,233; surplus, S174.225):
Cash, $74,679; a cc’ts and bills recclv., $377,720; merchandise,
$297,453; prepaid Items, $11,069................. ............. ........................$760,922
Real estate, $268,937; machinery, $245,003; fixtures, $5,596____ 519,536
P ref. Stock.— Preferred as to principal and cumulative dividends. Dlvs.
Q.-M . 15 (beginning June 15). Callable In whole, but not In part, on any
dividend date prior to 1915 at 110, or thereafter at 115% and accrued dlvs.,
upon 90 days’ notice by mall. No bonds, further pref. stock, mtge. or other
lien without the consent of 75",', of the pref. stock outstanding. No dividends
upon the com m on stock while the net quick assets may be below 90% of the
outstanding pref. stock, nor If the surplus Is an amount less than 20% of
the outstanding pref. stock, nor any distribution front the above surplus
($174,225) until the preferred stock is redeemed.
Management.— W . 11. .Stansfield (Pres.), Syracuse, N. Y .; W . J. Frlsble
(V .-P re s.), Camden, N. Y .; Charles A . Bylngton (S ec.), Geo. A . Frlsble
(T rcas.), Chas. S. Sym onds (Pres. U tica City N at. Hank) and W m . J.
M cQuadc, all o f Utica, N. Y .; E . 1. Goodrich, New York; C. i i . Oakes, '1Toy.

O s c e o l a C o n s o i l d a t e d M i n i n g C o . — Dividend Reduced.— A
s e m i-a n n u a l d iv id e n d o f $ 3 5 0 p e r s h a re (p a r $ 2 5 ) h a s b e e n
d e c la r e d o n t h e $ 2 , 4 0 3 , 7 5 0 c a p it a l s t o c k , p a y a b l e J u l y 2 8
t o h o ld e r s o f r e c o r d J u l y 8 , c o m p a r i n g w i t h $ 4 in J a n . la s t
a n d J u l y 1 9 1 0 , $G in J a n . 1 9 1 0 a n d $ 4 in J a n . a n d J u l y 1 9 0 9 .

Recent Dividend Record (Dollars per Share).
1900.
1901. 1904. 1903. 1906. 1907. 1908. 1909. 1910. 1911.
$6
$6
$2
$4
$10
$7
$2
$8
$10
$7)3
The net profits for the six m os. ending June 30 were $324,250 (comparing
with $758,586 for the calendar year 1910). The dividend of $3 50 a share
just declared, calls for $336,525.— V . 92, p. 530.

Pennsylvania Sugar Refining Co.— Master’s Report Con­
firmed.—

J u d g e B r e g y o n J u l y 3 in C o m m o n P l e a s C o u r t N o . 1
e n te r e d a d e c re e c o n fir m in g th e r e p o r t o f e x - J u d g e B e itle r ,
w h o w a s a p p o in te d m a s te r to a s c e r ta in th e a m o u n t o f b o n d s
is s u e d u n d e r t h e m t g e . d a t e d J u l y 1 1 9 0 1 w h ic h a r e v a lid
a n d o u tsta n d in g .

The amount found to be due Is $4,164,812, of which $2,875,000 repre­
sents the principal of the bonds, $972,257 unpaid Interest, $249,139 interest
unpaid on detached coupons held by the Real Estate Trust C o., as trustee,
and $67,417 Interest on detached coupons held by the Easton National
Rank.— V. 91, p. 3t8.

Phelps, Dodge

Co.

&
— Copper Production.— T h e p r o d u c ­
tio n o f c o p p e r b y th e C o p p e r Q u e e n , D e tr o it a n d M o c te z u m a
m in e s , o w n e d b y P h e lp s , D o d g e & C o ., fo r th e s ix m o n t h s
e n d in g J u n e 3 0 1 9 1 1 w a s 5 9 ,2 4 8 ,3 5 4 l b s ., a s fo llo w s :

Pounds—
1911.
1910.
Pounds—
1911.
1910.
J a n u a ry ______ 9,780,639 10,633,620 April ................ 9,793,817 9,480,150
February ___ 9,857,962 8,653.166 M ay--------------- 9,832,300 10,038,177
M a r c h ________ 10,197,516 9,786,726 J u n e -------------- 9,777,120 9,918,372
T otal (pounds) for six m onths____________________ 59,248,354 58,510,211
Custom ores business added a further amount for the 6 m os. of the current
year of 7,296,852 lbs., against 12,605,923 lbs. for the 6 mos. of 1910.
— V . 92, p. 1503.

Procter, Gamble Co., Cincinnati.—New Subsidiaries.—
Procter & Gamble Transportation Co. of Cincinnati, capital stock $350,­
000, incorp. at Columbus, Ohio, June 15 1911.
Procter & Gamble Mfg. Co. of Cincinnati, cap. stock $1,000,000, Incorp.
In Ohio May 23 1910 (not 1911) " t o take over the m anufacturing business
outside o f O h io.” — V .9 1 , p. 1451.

San Francisco Gas & Electric Co.—

Settlement of Suits.—
J u d g e M o r r o w in t h e U . S . C i r c u it C o u r t o n J u n e 3 0 s ig n e d a
d e c r e e d is m i s s i n g t h e t h r e e s u i t s file d b y t h e c o m p a n y
a g a in s t th e C ity o f S a n F r a n c is c o to p r e v e n t th e e n fo r c e m e n t
o f t h e r a t e s a d o p t e d b y t h e S u p e r v i s o r s f o r t h e fis c a l y e a r
b e g i n n i n g J u ly 1 1 9 0 8 , 1 9 0 9 a n d 1 9 1 0 ; a l s o a n o r d e r a u t h o r ­
iz in g th e d iv is io n o f th e im p o u n d e d m o n e y p a id b y c o n s u m ­
e r s in e x c e s s o f t h e 8 5 - c e n t r a t e , a m o u n t i n g , w i t h i n t e r e s t , t o
$ 9 7 0 ,0 7 2 .
C om pare V . 8 8 , p . 15 9 .
The com pany in the stipulation pledges itself not to contest the 85-cent
rate to Dec. 31 1911 and80 cents from that date to the end of the fiscal year.
— V. 91, p. 809.

Standard Oil Co. of New Jersey.—Reorganization Plan
Not Imminent.— O f f i c e r s o f t h e c o m p a n y s t a t e ,
s t a n d in g r u m o r s to th e c o n t r a r y , t h a t th e p la n o f
z a tio n a n d d is s o lu tio n u n d e r th e r e c e n t d e c is io n o f
S u p r e m e C o u r t w ill n o t b e r e a d y f o r s o m e w e e k s
A n o f f i c e r is q u o t e d :




n o tw ith ­
r e o r g a n i­
th e U . S .
a t le a st.

109

W e shall do what the mandate tells us to do o f course. The general
principle o f the whole thing will be a distribution o f the stock o f the com ­
panies which com pose the Standard OH Co. o f New Jersey to the holders of
Standard Oil stock. I cannot give you any details because we haven't yet
got so far. The situation Is just this: The Court has ordered us to dis­
solve. W e have stock In subsidiary com panies, a hundred more or less.
W ell, we’ve got to give those fellows back their stock somehow. That’s
all there Is to It.— V . 92, p. 1570.
U n i o n E l e c t r i c L i g h t & P o w e r C o . , S t . L o u i s . — New
Director.— J a m e s D . M o r t i m e r , G e n . M g r . o f t h e M i lw a u k e e
E le c tr ic R y . & L ig h t C o ., h a s b e e n e le c te d V ic e -P r e s id e n t to
su c c e e d J a m e s C a m p b e ll, P r e sid e n t o f th e N o r t h A m e r ic a n
a n d M i lw a u k e e c o m p a n i e s .— V . 9 1 , p . 1 7 1 5 .
U n i o n O il C o . o f C a l i f o r n i a .— Bond Offering.— H a l l g a r t e n
& C o . a n d W ill ia m S a lo m o n & C o ., N e w Y o r k , a n d th e W m .
R . S t a a t s C o ., L o s A n g e le s , S a n F r a n c is c o a n d P a s a d e n a ,
a r e o f f e r in g b y a d v e r t i s e m e n t o n a n o t h e r p a g e , a t 9 1 % a n d
i n t . , y i e l d i n g a b o u t 5 % % i n c o m e , t h e u n s o ld p o r t i o n o f t h e
p r e s e n t is s u e o f $ 5 , 0 0 0 , 0 0 0 “ f ir s t lie n 5 % 2 0 - y e a r s i n k i n g
fu n d g o ld b o n d s ,” d a t e d J a n . 2 1 9 1 1 a n d d u e J a n . 2 1 9 3 1 .
In t. J. & J.
P a r S I ,0 0 0 (c * & z * ).
T r u s te e s , E q u ita b le
T r u s t C o . o f N . Y . , a n d L o s A n g e le s T r u s t & S a v in g s B a n k .
T a x - f r e e in C a l i f o r n i a , w h e r e t h e b o n d s a r e a l s o o f f e r e d b y
Jam es H . A d am s & Co.
A c ir c u l a r s a y s in p a r t :

An Independent appraisal of the physical property and of the Interest
of the com pany In the physical property ofltssubsldlarycom panles (com ­
prising oll-bcarlng properties, 3 modern refineries, a large licet of oll-carrylng
vessels, steel and other tankage, pipe lines and distributing stations) was
recently made by Ralph A rnold, one o f the forem ost experts on oil proper­
ties, who reports a conservative valuation o f such physical property In excess
o f $71,500,000, which, after allowing for the bonded debt of subsidiary
com panies, leaves physical assets of over 12 times the face amount of the
present Issue o f bonds. Mr. Arnold believes that the future potentialities
are at least tw o or three, and possibly m any m ore, times present cash value.
D ig e s t o f

L etter to

B a n k ers fro m P re s. L y m a n
J u n e 15 1 9 1 1 .

S te w a r t,

L os

A n g e le s ,

Capitalization.
First lien 5% 20-yr. bonds, auth. $20,000,000; present issue____$5,000,000
First lien bonds reserved for future issue at not exceeding
$2,500,000 yearly, for developm ent, betterments and new
acquisitions, provided the net Income for the preceding cal­
endar year shall be at least 3 times the annual interest
charge. Including bonds so to be issued__________$6,665,000
Bonds against which $8,335,000 "first lien” 5s arc reserved:
$7,335,000 guaranteed bonds o f subsidiary cos. (see V . 92, p.
1373), also $1,000,000 6% deb. notes fo Union Oil C o., due
May 1 1912__________________________________ __ . __________$8,335,000
Capital stock auth., $50,000,000; In treasury, $19,711,600; out 30,288,400
So long as any of the “ first lien" bonds are unpaid, the com pany will not
pay any dividends except out of current net Income, nor then unless net
Income shall be at least twice the Interest charge.
These bonds are secured (1) by a first lien on the real property. Including
mineral rights ownc l in fee, subject to purchase-m oney m ortgages, aggre­
gating $415,000; and (2) on Its interest In certain real property and mineral
rights under contract o f purchase, subje: to the paym ent of the remainder
of the purchase price, aggregating, so far as payable In m oney, $649,747
and (3) on its holdings of stocks and securities of important subsidiary cos.
Sinking fund, beginning May 1 1912, shall In each year be sufficient to
retire at 102 A and int. at least $250,000 bonds; upon issue of bonds In ex­
cess of $5,000,000, the annual payments to be proportionately Increased.
Bonds are callable for the sinking fund at 102 At and Int.; as an entire Issue,
at 105 and int. on any Int. date on 30 days’ notice.
The principal and Interest are payable In N. Y . City or Los Angeles,
without deduction for any tax; m ay also be made payable In London, Ber­
lin. Frankfort-o-M ., Am sterdam , Paris and Switzerland.
A California corporation organized In 1890. Its chief products are fuel oil,
refined oil, gasoline, kerosene, benzine, distillates, lubricants and asphaltum
which It distributes throughout a large part of the Pacific Coast o f the
United States, Canada and South America. This coast (except Canada)
Is poorly supplied with coal deposits, which accounts for the great
popularity of California oil as fuel. The demand for asphaltum, of which
California crude oil is the base, Is also steadily Increasing, and so, too,
s the demand for the refined products.
Total Quantity of Oil Produced in California (Bbls.).
1875.
1900.
1908.
1909.
1910 test.)
3,000
4,325,000
48,300.000
58,191,000
75,000,000
W hile it Is not likely that these increases will continue In any such ratio,
experts estimate that even on an output of 100,000,000 bbls. a year, the
probable life of the known principal fields will last at least half a century.
The com pany owns or controls m ore than 600 miles of modern pipe line,
equipped in an up-to-date manner, extending from three separate tidewater
ports to the four great oil-producing sections of the State. It controls and
operates three modern refineries, a large fleet o f oil-carrying vessels, with
a capacity of over 400,000 bbls., 239 stationary tanks, with a storage ca­
pacity of 11,421,875 bbls. for crude o il- further distributing stations In
m any of tfie principal cities and towns of the Pacific Coast, also In Hawaii,
British Columbia, Chile and within the Isthmian Canal Zone, and it operates
Its own pipe line across the Isthmus of Panama. The com pany owns and
controls more oll-bearlng properties than any other oil-producing com pany
on the Pacific Coast, Its properties aggregating over 200,000 acres, well
distributed In all the Important oil-producing centres of the State.
Surplus Earnings Applicable to Dividends, Showing Steady Growth.
1905.
1906.
1907.
1908.
1909.
1910.
$1,001,397 $1,029,478 $2,080,772 $3,022,933 $2,655,177 $3,262,563
Price, W aterhouse & Co. certify that the net earnings for the last three
calendar years applicable to dividends, after deducting all Interest chargee
and after liberal allowance for depreciation, averaged about $2,875,000s
or about 11 A times the Interest on the present issue of bonds. In 1910 th*
net earnings so applicable aggregated about $3,300,000, or over 13 times
the amount required.
The market value o f the outstanding capital stock aggregates over $30,­
000,000. For the past 12 years the com pany has paid consecutive m onthly
dividends on its capital stock, the present rate being 60 cents a share per
m onth, or 7.2% per annum. The net quick assets of the com pany, Includ­
ing the proceeds of these $5,000,000 bonds, will aggregate over $6,000,000,
Application will be made to list these bonds on the N. Y . Stock Exchange,
and on such European exchanges as you m ay desire. Compare V. 92, p.
1373, 1503, 1641.
U n i t e d F r u i t C o . , B o s t o n . — New Debentures Offered.— L e e ,
I lig g in s o n & C o ., N . Y . , B o s to n a n d C h ic a g o , a n d H ig g in s o n
& C o . , L o n d o n , a r e o f f e r in g , a t 9 6 a n d i n t . , a n e w is s u e o f
$ 2 ,5 0 0 ,0 0 0 4 3 ^ % s in k in g fu n d g o ld d e b e n tu r e s , d a te d J u ly 1
1 9 1 1 a n d d u e J u ly 1 1 9 2 5 .
B a r ( c * ) , $ 5 0 0 a n d $ 1 ,0 0 0 ; ( r * ) ,
$ 1 ,0 0 0 a n d $ 5 ,0 0 0 .
I n t . J . & J . in B o s t o n , o r L o n d o n a t
$ 4 8 6 p e r £.
O ld C o lo n y T r u s t C o ., B o s t o n , tr u s te e .
An
a n n u a l s i n k i n g f u n d , p a y a b l e J u l y 1 1 9 1 6 t o J u ly 1 1 9 2 4 , i n c h ,
w ill r e t ir e o n e - t e n t h o f t h e d e b e n t u r e s e a c h y e a r b y c a ll a t
1 0 1 a n d i n t . , u n l e s s p u r c h a s e d a t o r b e lo w s u c h p r i c e .
L etter o f P r e s . A n d r e w W . P r e s to n , B o s to n , J u ly 5 19 1 1 .
These debentures arc issued under the terms of a trust Indenture which
provides, among other things, that the issue shall be limited to $2,500,000,
and that In the event of any m ortgage being placed upon the property to se­
cure any of the com pany’s obligations, the holders of these debentures shall
be entitled to the benefit of the security afforded by such m ortgage, as set.
forth la the said Indenture. In the event of 90 days’ default In the pay­
ment of Interest or sinking fund, or In the event of any mortgage being
placed upon the property without securing these debentures, the principal
m ay become due and payable at the option of the trustee or o f the holders
of a m ajority of the debentures.
E x tr a c ts fro m

110

[VOL.

THE CHRONICLE

There is no m ortgage debt upon the property. The net assets in excess
of all debt, as shown b y the annual report on Sept. 30 1910, aggregated
$37,948,530. The present market value of the $27,058,900 capital stock
Is about $52,000,000, or over 5M times the total funded debt.
The object of the Issue Is to provide sufficient funds so that this com pany
m ay advance to the Tropical Fruit Steamship C o., L td ., the cost of three
new steamships, of registered gross tonnage of about 7,700 each, which arc
about to be constructed at Belfast. Upon the com pletion o f these three
new vessels, the steamship com pany will own a fleet of 19 steamships, all
built within the past seven years. It Is intended that these steamships
shall maintain a regular service for passengers and merchandise between
the West Indies, Central America and the United K ingdom . T hey will
all be equipped with modern refrigerating plants to Insure delivery of the
United Fruit C o.’s products to market In the m ost perfect condition.
Growth oj the Company's Business.
Fiscal
Capital
Funded
Net
Interest Dividends
Accum .
Year—
Stock.
Debt.
Earnings. Charges.
Paid.
Surplus.
1901___ $12,309,500 $4,255,000 $1,251,975 $153,418 $1,084,707 $1,163,934
1 9 1 0 ...
23,474,000 5,532,000 0,552,570 200,583 4,011,472 13,787,325
• See also V. 91, p. 1635, 1458.
U n i t e d S t a t e s S t e e l C o r p o r a t i o n .— Commissioner’s Report.
— T h e B u r e a u o f C o r p o r a tio n s a t W a s h i n g t o n , D . C ., o n
J u n e 3 0 m a d e p u b li c t h e p r e l i m i n a r y t e x t o f t h e r e p o r t o n th e
h is to r y a n d p r o p e r ty o f th is c o r p o r a tio n , p re p a re d b y H e r ­
b e r t K n o x S m i t h , C o m m i s s i o n e r o f C o r p o r a t i o n s (s e e “ J o u r ­
n a l o f C o m m e r c e a n d C o m m e r c ia l B u lle t in ” o f N . Y . , a lso
“ N e w Y o r k S u n ,” fo r J u ly 1 1 9 1 1 ).
I n h is a t t e m p t to d e ­
te r m in e th e a c tu a l v a lu e o f th e p r o p e r ty a s o f D e c . 31 1 9 1 0 ,
t h e C o m m i s s i o n e r a l l o w s n o t h i n g f o r t h e v a lu e o f t h e b u s i ­
n e s s a s a g o i n g c o n c e r n , a n d h e i n c l u d e s t h e ir o n o r e p r o p e r ­
t i e s a t $ 1 3 4 , 1 4 5 , 4 5 0 , w h ic h
w a s t h e i r “ a c t u a l c o s t t o th e
c o r p o r a t i o n .”
T h i s f a c t m u s t b e b o r n e in m i n d , s in c e t h e
C o m m i s s i o n e r ’ s c o n c l u s i o n s w o u ld b e m o d if ie d t o t h e e x t e n t
o f m a n y m i l l i o n s b y a d o p t i n g t h e m o r e li b e r a l a l l o w a n c e f o r
t h e s e i t e m s w h ic h h a s b e e n c o m m o n l y a c c o r d e d t o t h e m .
S e c a ls o e d ito r ia l c o lu m n s .

L X X X XI1 I

striking Instance o f the policy of the corporation to maintain a high degree
of control of ore. This lease covered enormous ore holdings.
There Is much significance, also. In the prevailing custom of leasing ore
mines under royalty, Instead of purchasing outright. This system as ap­
plied In the Lake ore region, without any eflectlve restrictions as to size of
holdings, plainly facilitates concentration of ore property, as It greatly re­
duces the Investment required to con trol large bodies of ore. It has un­
questionably had a large Influence In producing the high concentration of
control now existing In Lake ores, as well as elsewhere.
Thus, the Industry Itself rests physically on the ore; the corporation
based one-half Its capitalization on the ore; Its prollts on ore, as will later be
shown, are large; and In the ore Is Its highest degree o f concentration and
control. The ore, therefore. Is of primary significance In the corporation’s
dom inance, and In that resource chlelly are Involved the Industry’s problems
of ultimate public Interest. (Compare V . 93, p. 52.)

International Association.— A p r e s s d i s p a t c h f r o m B r u s s e l s
o n J u l y 6 s a i d in s u b s t a n c e :
The steel men concluded the business which had called them together
from nine steel-producing countries In a brief session to-day, and adjourned.
The conference appointed a com m ittee of 30, made up of members proposed
by each national group, to work out a plan for an international steel or­
ganization and to submit the same to the full conference when called. The
American members o f the com m ittee are Judge E. II. Gary, Chairman*
and James A . Farrell, President, of the United States Steel Corporation;
Charles M. Schwab, President of the Bethlehem Steel C o.; E . A . S. Clarke,
President of Lackawanna Steel C o., and Willis L. King, V .-Pres. of Jones
& Laughlin Steel Co. The com m ittee organized forthwith by m ak.ng
Judge Gary Chairman and W . B. Peat of England Secretary. Judge Gary
feels that distinct prsgress has been made towards a com m on world cod e
of feeling and practice in steel affairs through the International exchange
of opinion.— V . 93, p. 52.
U n ite d

Expires.—

S t a t e s T e l e p h o n e C o . , C l e v e l a n d .— Voting Trust
S ee C u y a h o g a T e l. C o . a b o v e .— Y . 9 2 , p . 1 5 7 0 .

U n i t e d S t a t e s W o r s t e d C o . — On Paris Bourse.— T h e c o m ­
p a n y 's s t o c k w a s in t r o d u c e d o n t h e P a r is B o u r s e o n J u l y 5 .

— V . 9 2 , p . 7 30 .
V i n c e n n e s ( I n d . ) L i g h t & P o w e r C o . — Receivership.— T h e
U n i t e d S t a t e s C i r c u it C o u r t in I n d i a n a p o l i s r e c e n t l y a p ­
p o i n t e d E a r l H . B u c k a s r e c e iv e r o f t h e c o m p a n y o n p e t i t i o n
lile d b y t h e B l a c k H a w k L i g h t , H e a t & P o w e r C o . , b e c a u s e ,
it w a s a lle g e d , th e d e fe n d a n t h a s n o t liv e d u p to a c o n tr a c t
c o n c e r n i n g t h e p i p i n g a n d s a le o f n a t u r a l g a s in V i n c e n n e s .

C O M P A R IS O N OF IN V E S T M E N T VA LU ES A S A D J U S T E D B Y TIIE
C O M M ISSIO N E R W IT H CO R PO R A TIO N ’S E S T IM A T E IN 1902.
Corporation’s
Investment Net Addi's. Total Invest.
Est. 1902.
1901.
1901-1910. Dec. 31 1910.
$
$
Description—
$
$
On Dec. 30 1907 the Black Hawk L. II. & P . C o., an Indiana corporation
Fixed prop. (excl. of
with $1,000,000 of auth. capital stock, liled papers In Illinois and under­
Gary and 'l'enn. C.
took the piping of natural gas from Flat R ock, III., to Vincennes, 25 miles
Ir. & H R . C o.):
The com petition that resulted forced the price of natural gas down
348.000.
000away.
383,338,005
M anufacturing___ 250,000,000 133,338,905
cents and artificial gas to 30 cts. The local lighting com pany In
700.000.
000to 20 1908
134,145,450
Iron o r e _________ 100,000,000 34,145,450
suspended the m anufacture of gas. In Jan. 1909 a com bination
100 . 000 . 000 Sept.
98,425,982
Coal and co k e ____ 80,000,000 18,425,982
was eUccted, the Vincennes com pany contracting to distribute the natural
142,166,405 xl20,340,000
Transportation___ 91,500,000 50,666,405
gas of the Black Hawk C o., agreeing, It is said, to pay therefor till May 1
Natural gas and
1909 6 0 % ,thereafter 62 2 -3 % , of Its gross receipts from the sale of natural
26,741,012
24,000,000
lime-stone prop. 24,000,000
2,741,012
gas. The price of gas was then raised to 25 cts. for natural and 95 cts. for
artlllclal. In March 1908 the Black Hawk Co. (C. B. Shaller, Pres.) re­
15,331,7051
° l Ucferred C harges_ 2,088,027 13,243,678
duced its capital stock from $1,000,000 to $30,000. On O ct. 15 1910 the
2,369,394 yl64.660,000
24i,030
2,128,364
In v e s t m e n t s ____
personal property of the Vincennes L. & P. Co. was sold by the Shcrill to sat­
16,067.905
Sinking fu n d _____
239 16,067,666
isfy a judgm ent of $31,965 given In the K nox Circuit Court in favor o f
235,907,633 J
Current assets____ 134,224,089 101,683,544
the Alclville It. Blssell Co. of Grand Rapids, M ich., but there Is still some
amount due on the judgm ent and $2,377 of delinquent taxes. The Black
Total _________682,053,385 372,441,006 1,054,494,391 1,457,000,000
Hawk Co. asks to have the lease set aside, one reason being that the neces­
69,978,695
69,978,695
Gary plan t*_______
sary extensions of the mains have not been m ade. Compare V . 90, p. 663.
T . C ., I. & R R . C o ..
__________ a 59,445,358
59,445,358
A d ju s tm e n ts ______
3,063,594
3,063,594
V i r g i n i a B r i d g e & I r o n C o . , R o a n o k e , V a . — New Stock.—
Grand tota l____682,053,385y504,928,653 1,186,982,038
* Includes City of Gary and railroad property.
a Original cost of fixed property and additions thereto since Its acquls’ n.
x This (lgure Includes $40,340,000 of indebtedness which was not In­
cluded In the estimate of the corporation, tills addition being made In order
to render the estimates com parable.
y In arriving at this tlgure, purchase-money obligations and real estate
mortgages of $16,369,000, which were deducted by the corporation, were
restored by the bureau to make the amounts com parable.
C O M M ISSIO N E R ’S CONCL USIONS.
Increases in Properly.— Since Its form ation, the corporation, from sur­
plus earnings (allowing for depreciation and changes In securities), has
made good much of the original excess of Its capitalization over tangble
property. That excess In 1901 was about $700,000,000. or 100% , and In
1910 only about $280,000,000, or 2 4 % . The total tangible value In 1910
was $1,187,000,000. As In 1901, there Is om itted here all the merger values
heretofore referred to, and all appreciation of natural resources above the
actual cost thereof to the corporation.
P rofits.— The rate of profit has been calculated not on the corporation’s
capital stock, but on the total Investment as com puted b y the Bureau.
Operating, administrative and general expenses, as well as taxes, have
been deducted from earnings; also true depreciation, a matter of some In­
tricacy. The corporation’s allowance for depreciation. Including mineral
exhaustion and obsolescence, has exceeded a necessary allowance. The
Bureau has carefully determined from the records of the corporation the
proper depreciation and has restored the excess to prollts. [The excess de­
preciation so restored for the DM years ended Dec. 31 1910 amounted to
$38,285,357, while a further $23,332,636 Is added for “ prollts locked up In
Inventories.” — Ed.]
, ,
.
t ,
Thus arrived at, the average rate o f prollts on actual Investment from
April 1 1901 to Dec. 31 1910 was 12% . It was highest In 1902, 15.9% , and
lowest In 1904, 7 .6 % . The yearly rates do not Indicate any pronounced
tendency, but have on the whole slightly decreased.
It must be remembered, however, that 12% profit for one small concern
out of many Is one thing. It Is a very different thing when, as In this case,
one-half of the Industry has been maintained on the level of a 12% profit.
It must be made entirely clear that this 12% profit Is the rate of protit
on the whole Investment. Were that part of the Investment deducted
which m ay be said to be borrowed m oney, chargeable only with a low, Uxed
rate of return, the rate on the remainder, on that part which m ay be con­
sidered as put In by the stockholders, would be considerably higher.
Position in the Industry.— W hile the production of the .Steel Corporation
from the beginning has overhsadowed Its principal rivals, and even ex­
ceeded all of Its com petitors com bined, Its proportion of the total has ma­
terially diminished In the ten years of Its operation.
In pig Iron production the corporation has just about maintained Its
original position— In 1901, 4 3 .2 % ; In 1910, 4 3 .4 % . But In steel, both crude
and finished, It has lost ground— In 1901, 66% of the steel Ingots and cast­
ings; In 1910, only 5 4 % , notwithstanding great additions to Us capacity.
Rolled steel products generally show an almost steady loss, especially struc­
tural shapes and tin plate. Even In rails there has been no gain.
In short, speaking broadly, as against 60% of all crude and finished steel
production In 1901, the corporation now has not much over 5 0 % , Indicat­
ing conclusively the continuous presence of strong and Increasing Inde­
pendent production. The com petition of these Independents with the
Steel Corporation, so far as prices are concerned, has been modified by the
policy of “ co-op eration." This will be discussed In a later part of the report.
In efficiency, location of plant and equipment— In capacity rather than In
actual production— the corporation Is materially stronger than the foregoing
figures Indicate, and In case of continued trade depression this strength
would probably show Itself In Increased control. In ownership of railroads
for handling Its materials, It stands In a class by Itself. It has a strong
but not exceptional position In water transportation. Its control o f the
best qualities of coifing coal Is very strong, though modified b y late by new
processes, which make other coai more or less available for coking purposes.
Its position In ore reserves, on the other hand, Is much stronger than In
any other factor In the business. It Is almost Impossible, and would be un­
wise, to attem pt any quantitative statement of Its proportion of the total
ore of the country, but of the Lake ores, on which the present steel Industry
Is based, It has about 7 5 % , and this .advantage Is materially enhanced by
its extensive control of the rail transportation of the ore from the mines to
the Lakes. The o-callcd II111 lease, made by the corporation In 1907, with
an unprecedentedly high rate of royalty and other onerous conditions. Is a




T h e s t o c k h o l d e r s S e p t . 1 6 1 9 1 0 a u t h o r i z e d a n in c r e a s e in t h e
c a p it a l s t o c k f r o m $ 9 9 0 , 0 0 0 t o $ 1 , 5 0 0 , 0 0 0 , a ll c o m m o n s t o c k ;
o f t h i s in c r e a s e , $ 2 5 0 , 0 0 0 w a s o f f e r e d t o t h e s t o c k h o l d e r s a s
o f reco rd S e p t. 3 0 a t p a r , s u b s c r ip t io n s p a y a b le O c t . 1 5 th a t
t h e o f f i c e o f t h e c o m p a n y in R o a n o k e , V a .

This com pany has property valued at $1,500,000 and has never Issued
any mortgages or other bonded or funded debt; It has never Issued any pref.
stock, and for the past 15 years It has never paid less than 6% dividends
per annum and has paid 6
during the past current year, the last dividend
paym ent being made July 1. Annual capacity 100,000 tons— steel bridges,
girder turntables and structural work— also manufactures steel cars.
During the past two years has enlarged the capacity of Its Roanoke plant,
so that It em ploys an average of 800 men dally and has established In the
same period new plants In Memphis and Atlanta. Officers: C. Edwin
Michael, Pres.; T . '1'. Flshburne, Vlce-Frcs. and Treas.; J. B. Flshburnc,
2d Vlce-Pres.; John R . Parker, Sec. and Asst. Treas.— V. 79, p. 2647.
V i r g i n i a - C a r o l i n a C h e m i c a l C o .— Dividend Prospects.— T h e
d ir e c t o r s a r e e x p e c t e d t o m e e t n e x t w e e k t o t a k e a c t i o n o n
th e c o m m o n s t o c k d i v i d e n d .

While the com plete report for the late fiscal year has not been submitted
to the directors, "Financial Am erica” says that It Is understood that the
preliminary ligures which have been furnished show that the com pany
earned o nyabou 3% on the com m on stock during the year, or 2 % less
than would be requred to pay the 5% rate paid from the earnings of the
previous year, and that the rate of the dividend to be declared, If any, Is
therefore uncertain. Compare V . 92, p. 1641.
Y o u n g sto w n

S h e e t & T u b e C o .—

Nciv Stock.—

1
T h e sh are­

h o ld e r s w ill v o t e J u ly 2 5 o n in c r e a s in g t h e c a p i t a l s t o c k f r o m
$ 1 0 ,0 0 0 ,0 0 0
to
$ 1 5 ,0 0 0 ,0 0 0 ,
th e
new
sto c k
to b e
7%
c u m u l a t i v e p r e f e r r e d , w it h d i v i d e n d s p a y a b l e q u a r t e r l y ;
w ith o u t v o t in g p o w e r a n d r e d e e m a b le a ft e r 1921 a t 1 0 5 a n d
a c c u m u la te d d iv id e n d .
O n ly $ 3 ,5 0 0 ,0 0 0 o f th e n e w p r e f.
w ill b e is s u e d a t p r e s e n t ; w h e n i s s u e d , it w ill b e o f f e r e d a t p a r
t o s h a r e h o ld e r s o f r e c o r d .
T h e p r o c e e d s w ill b e u s e d l a r g e l y
in b u i l d i n g a n o p e n - h e a r t h s te e l p l a n t a n d f in i s h in g m i l l s .
W o r k o n t h e o p e n - h e a r t h p l a n t , i t is s a i d , w ill p r o b a b l y b e
sta rte d a b o u t S e p te m b e r .
D i v i d e n d r a t e o f la t e y e a r s , 8 %
per a n n u m .
C om p are V . 9 2 , p . 1 6 4 1 .
— A t t e n t i o n is i n v i t e d t o a l i s t o f b o n d s a d v e r t i s e d in o u r
c u r r e n t is s u e b y W i l l i a m R . C o m p t o n C o . , C h ic a g o a n d
S t. L o u is .
T h e li s t in c l u d e s m u n ic i p a l a n d c o r p o r a t i o n
b o n d s , a n d s o m e 3 0 o f t h e is s u e s , i t w ill b e n o t e d , y i e ld
fro m 5 %
to 6 % .
C i r c u la r s d e s c r i b i n g e a c h is s u e w ill b e
sen t on re q u e st.
— L e e , I l i g g i n s o n & C o . a r e o f f e r in g a li s t o f m i s c e lla n e o u s
s e c u r i t ie s t o w h ic h t h e a t t e n t i o n o f i n v e s t o r s is c a l l e d .
Sec
a d v e r tis e m e n t o n a n o th e r p a g e .
S p e c ia l c ir c u la r s w ill b e
se n t on re q u e st.
— C o ls to n , B o y c e & C o ., B a lt im o r e , o ffe r a n y p a r t o f 1 0 0
s h a re s o f A t la n t ic C o a s t L in e C o . o f C o n n e c tic u t s to c k a t
$ 2 5 0 per sh a re.
S ee a d v e r tis e m e n t.
— W a l d o S . R e e d h a s w i t h d r a w n f r o m t h e f ir m o f E d w a r d
S w e e t & C o ., 3 4 P in e S t ., th is c it y , to b e c o m e a m e m b e r o f
t h e fir m o f H o d e n p y l , H a r d y & C o . , 7 W a l l S t .

THE CHRONICLE

J u l y 8 1‘J l l . )

111
COTTON.

Cxnumjcr.ciai 7
^Xxats

Friday Night, July

COMMERCIAL EPITOME.
Friday Night, July

7 1911.

T r a d e c o n d i t i o n s c o n t i n u e q u i e t in t h e m a i n , b u t t h e r e is
ra th e r

m ore

G overnm ent

a n im a tio n

e v id e n t

in

rep o rt

M onday

la s t

on

th e

ste e l

tra d e .

in d ic a te d

a

The
record

c o t t o n c r o p u n le s s d e t e r i o r a t i o n s h o u l d o c c u r , a n d t h e w h e a t
a n d c o r n c r o p s a ls o are e x p e c t e d to b e la r g e , b a r r in g u n fo r seen

dam age.

S to c k

o f m e r c h a n d ise

at

N ew

fo llo w s :

Y ork

are

LARD

■

h a s b e e n s te a d y ; p r im e W e s t e r n h ere 8 .4 5 c ., C ity

7 . 8 5 c . , r e fin e d f o r t h e C o n t i n e n t 8 . ( 5 5 c ., S o u t h A m e r i c a 9 . 6 0 c . ,
B r a z i l in k e g s 1 0 . 7 0 c .

F u t u r e s h a v e l a t t e r l y m o v e d w it h i n

a n a r r o w r a n g e ; th e r e h a s b e e n s p e c u la t iv e b u y i n g a t tim e s
a t th e

Receipts at—

Sat.

as

July 1 101t.
June 1 1011. July 1 1010.
2,017,133
Collce, Brazil, bag3______________
2,01-1,81.3
2,044,321
32,540
ColTcc, Java, bags____ ______
6,584
15,560
.313,350
C odec, oth er_____________________
248,03.3
202,006
58,500
Sugar, tons_______________________
52,871
41,437
Hides, N o _________________________
13,000
24,640
8,1 0 0
102,175
Cotton, bales______________________
04,514
106,532
Manila hemp, bales------------------------4,201
1,243
4,444
1,262
Sisal hemp, bales---------------------------1,045
726
Flour, bbls. and sacks____________
52,000
55,300
42,600

P O R K h a s b e e n s t e a d y ; m e s s h e r e $ 1 7 t o 8 1 7 5 0 , c le a r
$ 1 5 5 0 to $ 1 7 a n d fa m ily $ 1 8 to $ 1 9 .
C u t m ea ts h a v e been
s t e a d y in t h e m a i n .
P i c 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 1 % t o 1 4 c . a n d p i c k le d r ib s 1 1 % t o 1 2 % c .
B e e f q u ie t a n d s te a d y ; m e ss $ 1 2 5 0 to $ 1 3 , p a c k e t $ 1 3 to
$ 1 3 5 0 , f a m ily $ 1 4 to $ 1 4 5 0 a n d e x t r a I n d ia m e s s $ 2 0 to
$20 50.
T a llo w 5 % c . fo r C it y .
S t e a r in e s 7 %
to 8 c . fo r
o le o a n d 10 to 1 0 % c . fo r N e w Y o r k la r d .
B u t t e r f ir m ;
c r e a m e r y e x t r a s 2 5 c . , f ir s ts 2 2 % t o 2 3 % c .
C h eese h a s b e e n
s t e a d y ; S t a t e w h o le m i l k , c o l o r e d , f a n c y , 1 1 % t o l l % c .
E g g s , W e s t e r n f ir s t s , 1 5 t o 1 6 c .

M on.

143

Port A rth u r____
Texas City, & c ..
New Orleans____

Tues.

650

” 63

1,695

1,228
262
217

Jacksonville, &c.
B ru n sw ick _____

1,619

F ri.

Thurs.

Wed.

5

1,530

"382

’ 211

2,497

'1 0 6

4
1,228
262
2,427

. . . .

’ 145

3
—

’ 266

‘ 285

—

G e o rg e to w n ____
W ilm in g to n ____

Total.

138

594

i

Mobiles _________

_

3
18

18
” 40

N 'port News, &c.
New Y o rk ______

”

B altim ore______
Philadelphia____

—

39

7
—

T o t a l_________

W e s t , w ith p a c k in g in te r e s ts s e llin g .

D A IL Y CLOSING PR ICE S OF L A R D FU T U R E S IN NRW YORK.
Sat.
M on.
Tues.
Wed.
Thurs.
F ri.
July d e liv e r y ................8.20
HollHoll8.20
8.15
8.30
Septem ber delivery____8.45
da y.
day.
8.45
8.50
8.50
D A IL Y CLOSING PRICES OF L A R D FU TU RES IN CHICAGO.
F ri.
Sat.
M on.
Tues.
Thurs.
Wed.
July d elivery........... ...... 8.27 y,
8.40
Holi­
H oli­
8.30
8.25
Septem ber delivery____ 8.40
8.47 yi
day.
day.
8.35
8 .4 2 ^

7 1911.

T H E M O V E M E N T O F T H E C R O P a s in d ic a te 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 re a c h e d
8 ,5 6 1
b a le s , a g a in s t
1 0 ,1 5 1
b a le s la s t w e e k a n d
6 ,8 7 1
b a l e s t h 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 7 8 ,2 9 0
b a le s ,
a g a in s t
7 ,1 2 8 ,2 6 2
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
S e p t . 1 1 9 1 0 o f 1 ,2 5 0 ,0 2 8 b a le s .

4,006

1,960

—

"324

—

—

757

22

144

5

” 34
78

‘ 324
46
78

1,180

457

8,561

~~43

201

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 :

1910-11.
■

Stock.

1909-10.

July 7.

This Since Sep
Week.
1 1910.

This Since Sep
Week.
1 1909.

G alveston_______
Port A r t h u r ____
Texas City, &c_
New Orleans___
Gulfport . _____
Mobile __________

1,530 2,737,678
206,943
360,117
2,497 1,568,107
34,211
4 249,933
123,906
1,228
25,620
262
2,427 1,424,481
222,736
3 285,082
18
1,454
410,409
144
558,487
3,924
324
14,483
46
38,414
78 112,140
365
.........

3,213 2,465,958
100
142,381
72,058
5,799 1,281,846
728
8,992
329 243,251
137,810
39,490
125
2,370 1,326,917
229,426
214,971
2,567
1,576
200
312,453
308
3,313
509,282
18,789
2,064
28,495
144
14,058
261
78,613
50
1,896

Savannah. . _ . .
B ru n sw ick______
C harleston______
Georgetown ____
W ilm ington . _.
Norfolk ____ . .

1911.

1910.

7,951

23,685

41,733

61,301

687

3.234

22,483
710
5,084

15,702
3,906
3,768

246
5,164

1,211
7,722

111,131
8,218
2,913
1,175

94,509
3,727
3,252
1,021

O I L . — D o m e s t i c li n s e e d
h a s b e e n q u ie t a w a it in g th e
r e s u lt o f th e n e w fla x s e e d c r o p .
C it y , r a w , A m e r ic a n se e d ,
9 0 to 9 1 c .; b o ile d 91 to 9 2 c .
C a lc u tta , r a w , $ 1 .
C o tto n ­
s e e d d u ll; w in te r 6 .7 0 to 7 c ., s u m m e r w h ite 6 .3 5 to 6 .7 5 c .,
c ru d e n o m in a l.
C o c o a n u t s t e a d y ; C o c h in 9 t o 9 % c .
C ey­
lo n 8 % to 9 c .
C o rn fir m , 5 .8 0 t o 5 .8 5 c .
O liv e 8 8 t o 9 0 c .

New Y o r k ______
Boston ________
Baltim ore_______
P h ila d e lp h ia ____

L a r d h a s b e e n d u ll, p r im e 7 3 to 8 5 c .; N o . 1 e x t r a 5 5 to 5 8 c .
C o d fir m , w ith s u p p lie s s m a ll.
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 .

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 i v e b e l o w t h e t o t a l s a t l e a d i n g p o r t s f o r s ix s e a s o n s :

C O F F E E h a s b e e n f i r m ; s u p p l i e s in r o a s t e r s ’ h a n d s a r e
s a i d t o b e lo w a n d r o a s t e r s h a v e m a d e f u r t h e r p u r c h a s e s .
R io N o . 7 , n o m in a lly 1 3 % c .; N o . 4 S a n to s 1 3 % c .
F u tu re s
h a v e a d v a n c e d o n fir m f o r e i g n m a r k e t s a n d 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 ............ 11.43© 11.45 Nov
A ug _____ 11.32 @ 11.33 Dec
S e p t ...........11.24 @ 11.25 Jan
O e t ______ 11.15® 11.16 Feb

M a rch ____ 11.06 @ 11.07
11.06 @ 11.08 A p r il_____ 11.06 @ 1 1 .0 7
11.06@ 11.08 May _____ 11.06@ 11.08
11.06© 11.07 J u n e _____ 11.07@ 11.08

ll.10@ll.12

Pk S U G A R . — R a w h a s c o n t i n u e d f i r m ; E u r o p e h a s a d v a n c e d
o h r e p o r te d d a m a g e to th e s u g a r -b e e t c r o p b y d r o u g h t . C e n ­
t r ifu g a l, 9 6 -d e g r c e s t e s t , 4 .0 5 c .; m u s c o v a d o , 8 9 -d e g r e e s t e s t ,
3 .5 5 c .; m o la s s e s , 8 9 -d e g r e e s t e s t , 3 .3 0 c .
R e fin e d , g r a n u ­
la t e d , 5 .1 0 c .
T e a s q u ie t a n d s t e a d y .
S p ic e s q u ie t .
P E T R O L E U M h a s b e e n q u i e t , w it h m o s t o f t h e d e m a n d
fr o m a b r o a d .
R e fin e d , b b ls . 7 .2 5 c ., b u lk 3 .7 5 c . a n d c a se s
8 .7 5 c .
G a s o li n e in 1 0 0 - g a l l o n d r u m s 1 8 % c . ; d r u m s $ 8 5 0
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 r u m s ,
1 6 % c .; d ru m s $ 8 50
e x tra .
S p ir its o f tu r p e n tin e
54c.
R o s in $ 5 9 0 fo r s tr a in e d c o m m o n to g o o d .
H o p s s t ill f i r m .
T O B A C C O .— B u s in e s s h a s c o n tin u e d v e r y q u ie t , p a r t ly
o w i n g t o t h e h o l i d a y , b u t m o r e o n a c c o u n t o f t h e s m a ll d e ­
m a n d f r o m c ig a r m a n u f a c t u r e r s , w h ic h in t u r n is d u e t o t h e
s m a lle r c o n s u m p tio n o f c ig a r s .
W h i l e t r a d e in t o b a c c o is
g e n e r a l l y e x p e c t e d t o b e r e l a t i v e l y d u ll d u r i n g t h e s u m m e r ,
p a c k e r s a r e in c l in e d t o l o o k f o r a n i m p r o v e m e n t in t h e f a l l .
S u p p l i e s o f d e s ir a b le b i n d e r a r c l i g h t a n d h o ld e r s a r e d i s i n ­
c lin e d t o m a k e c o n c e s s i o n s a s t o p r i c e .
T h e g r o w in g cro p
a s a ru le is d o i n g w e l l .
- C O P P E R h a s b e e n le s s a c t i v e a n d l o w e r ; t h e d e m a n d h a s
m o d e ra te d .
Lake
1 2 % c . , e le c tr o ly tic
n o m in a lly
1 2 % c .,
sta n d a rd 1 2 .1 5 @ 1 2 .2 5 c .
T i n h a s b e e n le s s a c t i v e b u t a b o u t
s t e a d y ; s p o t here n o m in a lly 4 4 c ., J u ly 4 3 % c . , s p e lte r 5 .7 0 c .
L e a d q u ie t a t 4 % c .
P ig ir o n in b e t t e r d e m a n d .
N o. 1
N o r th e rn $ 1 5 to $ 1 5 2 5 ; N o . 2 S o u th e rn , $ 1 4 2 5 to $ 1 4 7 5 .
S t e e l p r o d u c t s h a v e b e e n in q u i t e a c t i v e d e m a n d ; t h e lo c a l
s u b w a y c o n t r a c t s w ill r e q u ir e o v e r 2 0 0 , 0 0 0 t o n s o f m a n u f a c ­
tu red s t e e l.
L a r g e r a ilr o a d i n t e r e s t s h a v e p la c e d f u r t h e r
orders.
T h e r e is a n a c t i v e in q u i r y f o r e x p o r t w i t h G e r m a n
m a n u fa c tu r e r s c o m p e tin g .
S tr e e t r a ilw a y s a re b u y i n g g ird e r
r a ils t o a c o n s i d e r a b le e x t e n t .
T h e e x p e c t a t io n s are fo r a n
im p r o v e m e n t d u r in g th e c o m in g h a lf-y e a r .
T h e v o lu m e o f
b u s in e s s in fin i s h e d p r o d u c t s a n d in p i g ir o n h a s b e e n in c r e a s ­
in g .
T h e U n it e d S t a t e s S te e l C o r p o r a tio n w o r k e d u p t o 7 3 %
o f it s i n g o t s t e e l c a p a c i t y l a s t w e e k . ....................................




T otal_______ .
8,561 8,378,290 21,571 7,128,262
207,495 223,038
Note.— 0,853 bales added at Savannah as revision o f receipts since Sept. 1.

Receipts at—
G a lv e s to n ___
Pt. Arthur, &c.
New Orleans.
M o b ile ______
Savannah . .
B ru n sw ick .. .
Charleston,&c
W ilm in g to n ..
N o r fo lk _____
N’ port N .f &c
All others____
T otal this w k .

1911.

1910.

1,530
2,497
4
2,427
21

1906.

7,781

14,955

3,755

6,272
1,017
1,479

"7,966
1,253
3,251

4,573
112
2,262

2,767
308
3,313

460
1,737
2,091
798
1,278

488
42
1,526
283
746

4,157
37
5,216
1,011
4,791
13
678
2,921
2,373
29
1,436

33,723

13,787

27,440

1,938

3,372

133
17
1,472
274
726

8,561

21,571

19,171

144

1907.

1908.

1909.

3,213
100
5,799
329
2,370

Since Sept. 1 . 8,378,290 7,128,262 9,721,704 8,145.308 9,626,645 7,630,752
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 c h a to ta l
o f 9 , 7 7 2 b a l e s , o f w h ic h 2 , 3 7 4 w e r e
to
G reat
B r ita in ,
2 5 3 to F r a n c e a n d
7 ,1 4 5
to
th e
rest 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 ending July 7 1911.
Exported to—
Exports
from—
Galveston__
Port Arthur..
Texas City,&c.
New Orleans..
Mobile.......... ..
Pensacola----G ulfport........
Savannah ----Brunswick----Charleston----Wilmington__
Norfolk ..........
Newport News
New York----Boston —
Baltimore----Philadelphia
Portland, Me
San Francisco.
Seattle ........
Tacom a------Portland, Ore.
Pembina.........
Detroit___
T o ta l...........

Great I
I ContlBritain. 'France: nent.

Great
ConllBrllaln. FFnce. nent.

144
1,228

16
1,228
1,023

1,023

7,149
28

1,102

28

From Sept. 1 1910 to July 7 1911.
Exported to—

29437 i

100,930
22,362
51,063
669

2,627
2,374

253;

Total 1909-10. 10.7441 4.083

7,145

Total.]

952,033 300,933 1,076.115 2,.329.081
44,80S 54,969 107,076! 206,943
33,424) 303,173
212.816 56,933
87S.178 143,925 449,264 1 471,367
63,715 42,754
73,388 184,857
56,308 30,595
37,103 124,006
6,271 19,338
8,602
34,211
320,667 114,600 460,794 S96.061
104,133
78,325 182,458
18,832 9,900
97,351 126,083
137,871 32,015 213,226 383,112
15,644
4,843
10,801

8,403

297 825
8 757
75 342
15 ,714

685’ 197
109.6S7
106,107
66,777
669
84’ .555
84,555
45 ,001
45,001
11 ,843 11,843
500
500
" 2^627

9,772 3 283,645 907,2 66 3.179,04 8 7,369,959

9,839 24.8662, 336,469 891.808 2.690,660.5.913.937

I n a d d itio n t o 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 t h e p o r t s n a m e d .
W e a d d s im i l a r ^ f i g u r e s f o r
N ew Y o rk .

THE CHRONICLE

112
On Shipboard, Not Cleared Jor—
Great
Britain. France

July 7 al—

746

New O rleans..
G a lv e s to n ____
Savannah . . .
C h a rleston .. .
M o b ile _______
N orfolk ...........
New Y o r k ____
Other p orts___

Ger­
Other Coast­
many. Fore ion wise.
1,925
661
1,000

181

3,400

350
150
4,646
6,495
9,148

Total 1911. .
Total 1 9 1 0 ..
Total 1 9 0 8 ..

______
______

______
______

4,000

4,000
1,950
350
21,731
29,570
45,109

185,764
193,468
273,519

__

9,830
1,201
4,400

540

_

200
—

—

4,540
11,108
8,311

7,178
6,869
8,682

4,986
3,670
9,980

381
1,428
8,988

vTotal.

31,903
6,750
18,083
5,084
687
1,164
109,181
12,912

6,978

200
200

200
—

Leaving
Slock.

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 :

31

|
*

la tte r ly .

The

G o v e r n m e n t’s

J u ly

report

show ed

th e

con­

d i t i o n o f t h e c r o p t o b e 8 8 . 2 % , a g a i n s t 8 7 . 8 in J u n e , 8 0 . 7 a
year

ago

and

a

1 0 -y e a r

average

h i g h e r f o r J u l y t h a n a n y s in c e
J u ly

c o n d itio n

tim e

a fte r

w as

th e

88.

of 80.

c o n d itio n

1 8 9 8 , a lth o u g h

C o n tra ct

p u b lic a tio n

T h is

of

v a lu e s

th e

in

1904

advanced

re p o rt.

is

th e

fo r

a

C o n s id e r a b le

a n x i e t y is f e l t o v e r t h e c o n d i t i o n o f t h e c r o p in T e x a s a n d
O k la h o m a .

In

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S p e c u la t io n in c o t t o n fo r fu tu r e d e liv e r y h a s a t tim e s b e e n
q u i t e a c t i v e , w i t h p r i c e s s h o w i n g c o n s i d e r a b le s t r e n g t h u n t il

[VOL. LXXXXI1I.

to to

to to

to to

If

to to

to te
rfri

tO

to to

T ftO

th e G o v e r n m e n t’s r e p o rt th is m o n th T e x a s

s h o w e d a fa llin g o ff in c r o p c o n d itio n s o f 3 %

fo r th e m o n th

e n d i n g J u n e 2 5 , a n d s in c e t h e n t h e r e h a s b e e n b u t l i t t l e r a i n .
T h e t r a d e b e l i e v e s t h a t c o n s i d e r a b le d e t e r i o r a t i o n h a s t a k e n
p la c e s in c e th e c o m p ila t io n o f th e r e p o r t .
of

th e

crop

is

th u s

m en aced

by

th e

F u lly

d ro u g h ty

o n e -th ir d

c o n d itio n s .

T h e a v e r a g e o f t h e t o t a l r a in f a ll a t t h e 4 1 s t a t i o n s in T e x a s
in J u n e w a s n i n e t y - f i v e h u n d r e d t h s o f a n i n c h , w h i c h is v e r y
s m a l l c o m p a r e d w i t h t h e J u n e r a in f a ll o f o t h e r y e a r s .

-•*t*

K.S
O
3

L e a d in g

b u ll

o p e ra to rs

have

been

good

bu yers

@1

th e n e w -c r o p m o n t h s , a n d c o v e r in g b y n e r v o u s s h o r ts h a s a t
S c a tte r e d liq u id a tio n o f lo n g

c o n tra c ts

p a r tic u la r ly

been

in

J u ly

a p p a re n t.

and
On

A u g u st,

a ll

re p o rts

of

r a in s

th e

la t t e r ,

has

in t h e S o u t h w e s t ,

CQ

heavy

m o v e m e n t.

At

b o u g h t th e se m o n t h s .
are s m a ll.

th e

sam e

tim e

s p in n e r s

in

L a t e in t h e w e e k r e p o r t s o f b e n e fi c ia l

T exas and

O k la h o m a

cau sed

c o n s i d e r a b le

lo n g

l i q u i d a t i o n o f t h e n e w - c r o p m o n t h s , b u t i t is u n d e r s t o o d t h a t
t h e s t r o n g i n t e r e s t s in

th e s e o p t io n s h a v e r e m a in e d in t a c t .

T h e n e t r e s u l t o f t h e w e e k h a s b e e n a d e c lin e in J u l y a n d in
n e w -c r o p

A u g u st.
to

a

m o n th s

and

a

r e la tiv e ly

g r e a te r

d e c lin e

in

T h e d i s c o u n t o f A u g u s t u n d e r J u l y h a s in c r e a s e d

rou n d

25

p o in ts.

T o -d a y

p r ic e s e a s e d

fu rth e r u n d er

l o w e r c a b l e s , f u r t h e r s c a t t e r e d r a in s in T e x a s a n d li q u i d a t i o n
o f th e o ld -c r o p m o n t h s .

S p o t c o t t o n h a s d e c li n e d t o 1 4 . 6 5 c . ,

a lo s s o f 1 5 p o in t s fo r th e w e e k .
T h e r a te s o n a n d o ff m id d lin g , a s e s ta b lis 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 mid. lair___ 1.30 on
Middling fair..........1.10 on
Strict good mid___ 0.66 on
Good middling___ 0.44 on
Strict middling-----0.22 on

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Middling______ c. Basis
Strict low. mid____ 0.25 oft
Low middling......... 0.75 off
Strict good ord____ 1.20 ofl
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 tinged...0.25 oft
Strict low.Mld.tlng_0.75 off
Low mid. tinged__ 1.75 off
Middling stained. . . 1.00 ofl

TH E
V IS IB L E
SUPPLY
OF
COTTON
to -n ig h t ,
as
m a d e u p b y c a b l e a n d t e l e g r a p h , is a s f o l l o w s .
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
fo 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 f r 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 it t h e e x p o r t s o f F r i d a y o n l y .

1911.
665,000
13,000
_____
67,000

1909.
1910.
500,000 1,056,000
7,000
7,000
44,000
75,000

1908.
534,000
8,000
65,000

Total Great Britain s to ck -------- 745,000
11,000
Stock at H am burg----------------------Stock at B re m e n -------------------------. 103,000
Stock at H avre---------------------------- 154,000
Stock at Marseilles-----------------------.
2,000
18,000
Stock at B a r ce lo n a --------------------- .
.
19,000
Stock at G enoa____________
.
9,000
Stock at T rie s te -----------------

551,000 1,138,000
14,000
12,000
160,000
303,000
147,000
239,000
2,000
3,000
32,000
11,000
32,000
20,000
7,000
9,000

607,000
24,000
323,000
142,000
5,000
39,000
27,000
20,000

628,000

580,000

July 7—
Stock at L iverp ool------------- bales..
Stock at L o n d o n .......................—
Stock at M anchester.......................

Total Continental stocks----------.

July 1 to July 7—
Sat.
Middling uplands_____________ 14.80

iMon.

14.70

Tucs. W e d . Thurs.
H. 14.85 14.85

F r i.

14.65

N E W
Y O R K
Q U O T A T IO N S F O R 32 Y E A R S . ^
T h e q u o t a t io n s o n m id d lin g u p la n d a t N e w Y o r k o n
J u ly 7 f o r e a c h o f th e p a s t 3 2 y e a r s h a v e b e e n a s fo llo w s :
1 9 1 1 . c . . .. .1 4 .6 5
1 9 1 0 _____ . . .15.35
1 9 0 9 ------ . .12.65
1 9 0 8 ------ --.1 1 .2 0
1 9 0 7 ____ ...1 3 .5 0
1 9 0 6 ____ ...1 0 .8 0
1 9 0 5 ____ . . 10.90
1 9 0 4 ____ . .10 .9 5

1903.c . . . ...1 2 .2 0
1902_____. . . 9.25
1901.......... . . 8.88
1900____ ...1 0 .1 2
1899____ . . . 6.12
1898____ . . . 6.19
1897____ . . . 7.88
1 8 9 6 ... . . . 7.44

M AR KET

AN D

1895.C .... . . 7.12
1894____ . . . 7.25
1893____ . . . 8.00
1892____ . . . 7.31
1891____ . . . 8.38
1890____ ...1 1 .0 4
1889____ ...1 1 .1 2
1888____ ...1 0 .3 1

SALES

AT

N E W

1887.c __ ...1 0 .9 4
1886____ . . . 9.50
1885____ ...1 0 .5 0
1884____ ...1 1 .0 6
1883____ ...1 0 .1 2
1882____ . . . 12.88
1881____ ...1 1 .1 9
1880____ ...1 1 .8 1
YO R K .

. T h e t o ta l s a le s o f c o t t o n o n th e s p o t e a c h d a y d u r in g th e
w e e k a t N e w Y o r k 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 w c 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 a y s.

Spot Market
Closed.
Saturday . .
M on d a y-----T uesday ___
W ed nesd ay.
Thursday . .
F rid a y_____

Futures
Closed.

Quiet _____________ S teady_________;
Quiet, 10 pts. d e c .. S te a d y .. _____
H O L ID A Y ____
Quiet, 15 pts. a d v .. S teady....... ........ !
Quiet _____________ Easy .................. 1
Quiet, 20 p t l . d e c . . S te a d y ..............

T o ta l____




. . ■ $ SA LES.

IVI •liKUC

Spot.
1,028
74
400

1,502

Contr'ct
19,566
3',200
-22,700

Total
1,082
10,574
400
3,200
24,202

316,000

T otal European stocks_______ 11,061,000
India cotton alloat for E urope___. 135,000
84,151
A m cr. cotton afloat for E u ro p e ...
31,000
E gypt,Brazil,& c.,allt. fo r E urope-.
87,000
Stock In Alexandral, E gypt
542,000
Stock in Bom bay, India—
207,495
Stock In U . S. p o r t s ---------Stock In U . S. interior tow ns------. 122,970
.
672
U . S. exports to -d a y ----------

T h e o f f i c i a 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 :

. •

co

have

S p o t s a l e s in t h e S o u t h e r n m a r k e t s

T h e lo c a l s t o c k is b e i n g a b s o r b e d t o s o m e e x t e n t

b y fo r e ig n s p in n e r s .

th e

coco

T h e s e o p e r a to r s a p p e a r c o n fid e n t o f a n e a r ly a n d

crop

sh o w ers

coco

*0*0

N e w O r le a n s a n d M e m p h i s o p e r a t o r s h a v e s o l d t h e n e w -c r o p
m o n th s.

coco

*0*0
Tf T* rj>r? coco coco

of

tim e s h e lp e d t o e le v a t e p r ic e s .

cceo

TfT* rfrf COCO COCO coco coco coco

Tem ­

p e r a t u r e s in t h e S o u t h w e s t h a v e b e e n w e ll a b o v e t h e c e n t u r y
m ark.

rf Tf

@7 @7 ©7 @7 @7 @7 ®i
@
Oh

363,000

914,000 1,766,000 1,187,000
90,000
76,000
123,000
155,173
108,250
130,340
29,000
29 000
13,000
106,000
101,000
72,000
369,000
471,000
656,000
318,628
244,148
223,038
151,588
165,776
131,458
3,881
8,796

.2,271,288 2,262,836 2,970,270 2,409,970
an and other descriptions are as follows:
Am erican—

L i v e r p o o l s t o c k _______________b a l e s ..
M a n c h e s t e r s t o c k ____________
C o n t i n e n t a l s t o c k ____________
A m e r i c a n a f lo a t f o r E u r o p e ______.

U . S. port stocks________________
U. S. interior s t o c k s ____________
U . S . e x p o r t s t o - d a y ________

513,000
13,000
267,000
84,151
207,495
122,970
122,070
672

407,000
34.000
306,000
130,340
223,038
131,458

062,000
60,000
575,000
155,173
318,628
151,588
3,881

425,000
54,000
494,000
108,250
244,148
165,776
8.796

1.248,288 1,231,836 2,226,270 1,499,970

T o t a l A m e r i c a n __________

East Indian, Brazil, A c .L i v e r p o o l s t o c k _______________
L o n d o n s t o c k ________________
M a n c h e s t e r s t o c k ......................
C o n t in e n t a l s t o c k ____________
.
I n d i a a f lo a t f o r E u r o p e ------.
E g y p t . B r a z il, & c . , a l l o a t . .
S t o c k I n A l e x a n d r ia , E g y p t .............
.
S t o c k In B o m b a y , I n d i a ___

152,000
13,000
14,000
49,000
135,000
31,000
87,000
542,000

93,000
7,000
10,000
57,000
123,000
13,000
72,000
656,000

94,000
7,000
15,000
53,000
76,000
29,000
101,000
369,000

109,000
8,000
11,000
86,000
90,000
29,000
106,000
471,000

910,000
744,000
.1,023,000 1,031,000
.1,248,288 1,231,836 2,226,270 1,499,970
Total visible sup p ly___________ 2,271,288 2,262,836 2.070.270 2,400.070
Middling Upland, L iverpool_____
7.97d.
7.92d.
0.75d.
6.3 Id.
Middling Upland, New Y o r k ____
14.65c.
15.40c.
12.70c.
11.20c.
E gypt, Good Brown, L iv e r p o o l..
lid 12F£d.
95^1. 8 7-16d.
Peruvian, Hough G ood, Liverpool
11.25d. ll.OOd.
8.25d.
9.15d.
Broach, Fine, L iv e r p o o l._______ 7 9-16d.
7d.
6 %d. 5 0-16d.
Tlnnevclly, Good, L iv erp ool____7 -i6 d .
7 d.
5 3-16d.
C o n tin e n ta l im p o r t s fo r th e

p ast w eek

have

been

8 7 ,0 0 0

b a le s .
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 6 1 ,8 4 5 b a le s , a g a in o f 8 ,4 5 2
b a le s o v e r 1 9 1 0 , a d e ­
c r e a s e o f 6 9 8 , 9 8 2 b a l e s f r o m 1 9 0 9 , a n d a lo s s o f 1 2 8 , 7 0 2
b a le s fr o m 1 9 0 8 .

J uly 8 1911.]

TH E CHRONICLE

AT THE INTERIOR TOWNS thcjmovement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year—is set
out in detail below.

Towns.

_

____________

Alabam a ___________
"
_____
___
“
Arkansas __
“
Georgia
_______
“
“
“
“
“
“
K entucky, n et ______
L ou isia n a ..... ............
Mississippi . ............ ..
“
____ _____
“
__________
“
_______
“
“
_____ ______
“
_ _________
M is so u r i ......................
N orth C a r o lin a _____
O h io _________________
South Carolina _____
T en n essee_ _________
“
_______ __
T e x a s ._ ____________
“
___ ___________
“
_____________
“
_ _____________
“
••
______________

Total, 33 t o w n s ..

,
i
1
1

, CO(
i coi
' 041
• oo i
CO

b-i (
M Vjcoi
MM cr
CO00co CO1
M

(
bu
bu
i MMiUi i
mi
Lico i i oo to
i co o oo i i co ci i ci ci o i i m ci co to a
I OSO COI I Cl Cl 1 o GOCJi i COCl OOMCi

1
CO M
Cl M
Cl to
Si1 •. ^ SI
® C<1CS00 COto tO COCOci ClL* Cl Cl^u CO
2 ' o5^o2 co ci
^ os i p
•'I
o O CJ-vl co MCOM
m *y] COCl o m to w
O.
too^ocootoocoococooo^
-iM
M cboci-d to

M

Ship­
ments.
W eek.
Stocks
July
8.

Movement to July 8 1 9 1 0 .

4 ,9 6 2 ,6 0 3 ,

, M, , ,
, H| M
(
o> • CO' i i
i Ci1 O OSI i tOi I i i ►
—
»i
I mi • i
i O*
tOOSI i -vj i i Cl i i COi
Ci to COi CMM
O l £hi l 1 CSl
O Cl COl CO1 Ol 1 O' 1 0 1 to CO001—
*i COQ0>-*Cl 00
M»
OS
M M
W>-*M M MM
>t»ciciciwotoMciOMM
O coo OSCO00CoOSCO
H-t>^>h*COCO>tkCO»-‘ OOtOCOOSCOi-*>UCOOSMOOO->4
C?cOcOOoOSOSCSCOCOCOtO^U«*ICi«OCOOOMtOOS COCOCl COMCIOSCI rooVl to
C0t0t0ClK-4O»Ut0C0»f^»U*'li-‘ OSO«'lCiH-*Ci>fs.C0i-*00C5004u,03t-*0S0S"0OO
OOl-*OSOOOCSOCOl-*-0-'l-sJCOOOCOO)-*OOCOOOSCoOOCOCiiUeOCitO>-‘ lOCl
Co
CD I r*, i i
i
5s* OS(
Cl Coto i-4mi
Ol 1 Ol 1 1 to l ro I CO CSl CO Cl 1 1 Ml 1 001 MJ^MCO *^*kMCOI
, -vj 1 1 1 M1 Ml o to CI 1 ci Ml I *vj1 1 CD1 -vl oo to ci lUMMCSI
** 1 CO1 l 1 Mi Cl 1 -VICICSI MMMi i 001 i Ol Cl 00COCOCOCl CO I
M
to
M
CO
, M| , ,
MMMCO Cl CoCoto Ci to to M to coco to
M co
£*. 1
1 ' to Moo COto cs tObo o too 00M*M CSMcs tOCoVjMCS MCO
ci 1
001 1 I CSMC0ClMM*tfc*-yJ00C0CiO>UMCSCl00t0asC0“0t0t0C0*O0S>-4C0
00 1 C
O1 1 1 OOtaCOOMOOSClMOCOOCOjsOOO^tO^OOtO^COtOCOMOS

Receipts.

,
i
1
1

Movement to July 7 1911.

,
i
1
'

Stocks
Receipts.
July
7.
j W eek. , Season.

tO(
c«i
9°1
** 1
M
to 1 !°l
CD 1 £ ‘
2O.‘
O 1C

Ship­
ments.
W eek.

1
M >
'
00 '

|

• i i i ■i
co c»
i i i !
! !
!
!
!
'
' 1 1 1 1 ^ 1 0° ►
“*Ci Ci m
1 1 1 1 to i i
oo 1 1 toi toco
1 0° * 1 1 1 1 4^1 CO0000Ci Ci to CDi l i i ci i i O to i *^1i £*i o ^ 00
to
----*“*tO M
CD tO (,3
M
D3I—
1M tO
)>
Tt ^
^ . t - ^ ^ t o ^ - c o c o o c o o ^ ^ocsoootoocicotoi-*
COto to to O COCl to COOtO»-‘ CO^H-»roCOOtOC'-'lCO^COO^C«H-‘ C3COCO^-vl
OCOMMCOOOIMo COCOV|rfi. ►
_*GOVj m*Cl toVj Cl O o to to h*o Ol to^tkL*
C« -'1C >-*C5CO
CO to o GOCoo Cl O to GOtOto Cl CI to COCl CO
(Ul-*05<OOHO»GiM«Itat\5MCOC>ClCO«.lGiOGiOOOMC*-ltON]CONMCiCO

The above totals show that the interior stocks have de­
creased during the week 10,083 bales and are to-night 8,488
bales less than at the same time last year. The receipts
at all the towns have been 8,005 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
1910-11------July 7—
Since
Shipped—
Week..
Sent. 1.
Via St. Louis-------------------------------- 1,77.3
514,945
Via C a iro ....... .....................................
(500
208,7.34
Via R ock Island _____ __________
____
25,957
Via L ou isv ille ...................................
677
1.31,376
Via Cincinnati--------- ------------191
79,490
Via Virginia points....... ................
1,37
175,089
Via other routes. &c — ......... —
.327
109,910

1909-10------Since
Sept. 1 .
432,46.3
179,329
19,915
3,710
120,208
218
46,475
487
134,450
76.3
153,534

W eek.
0,656
2,487

Closing Quotations Jor Middling Cotton on—

weeK ending
July 7.

Sat’ day. Monday. Tuesday

G a lv e s to n _____
New Orleans___
M o b ile _________
Savannah ____
C h a rle sto n ____

15
15 1-16
1J %
15 1-16

15
14%
15

N o r fo lk _______
B a ltim o re _____
Philadelphia___
A u g u s t a ______
M em p h is______
St. Louis______
H ouston . .
..
Little R o ck ____

14 %
15 %
15.05
15%
15
15
15
14 %

14 H
15%
14.95
15%
15
15
15
14 %

Wed'day Thursd'y
15
14 %

H O L IDAY

—

15
15
—

14 %
15 %
15.10
15 %
15
15
15
14 9-16

14%
15 %
15.10
15 %
15
15
15
14 %

►'--i

Friday.
15
14%
15
—
14%
15%
14.90
15 %
15
14%
14%

NEW ORLEANS OPTION MARKET. — The highest.
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat’ day,
July 1.

1 W eek. | Season.

M

E ufaula,
M ontgom ery,
Selm a,
Helena,
Little R ock ,
A lbany,
A thens,
A tlanta,
A ugusta,
Colum bus,
M acon,
R om e,
Louisville,
S hreveport,
Colum bus,
Greenville,
Greenwood,
Meridian,
N atchez,
V icksburg,
Y a z o o C ity,
S t. Louis,
Raleigh,
Cincinnati,
Greenwood,
Memphis,
Nashville,
Brenham,
Clarksville,
Dallas,
H oney Grove,
Houston,
Paris,

Ca
0
w
01
Cl
CD
Oo
CO
o
•v]
t\5

113

July—
R a n g e ______
Closing______
August—
Range ______
Closing______
September—
Range ______
Closing______
October—
Range ______
Closing______
November—
R a n g e ______
Closing______
December—
R a n g e ______
Closing______
January—
R a n g e ______
Closing______
February—
R a n g e _____
Closing______
March—
Range ______
Closing______
M a y—
Range . .
Closing______
Tone—
Spot _______
O p tio n s _____

Monday, Tuesday, Wed'day. Thursd’y, Friday,
July .3. July 4. July 5. July 6. July 7.

14.99-.01 14.82-.86
15.00 — 14.85-.87

14.95-.98 14.95-.01 14.-88.92
14.96-.98 14.98-.99 14.88 —

1 4 .0 4 -.il 1.3.97-.12
14.06-.07 14.06 —

14.18-.24 14.01-.19 13.87-.92
14.20-.23 14.02-.03 13.91-.92

13.31-.34 1.3.24-.28
13.34-.35 13.35-.38

13.53-.56 13.28-.40 13.20-.25
13.55-.56 13.28-.29 13.23-.25

13.03-.09 12.98-.16
13.06-.07 1 3 .1 0 -.il
— @ — — @ —
13.06-.07 13.08-.10

H O L IDAY

J3.20-.33 13.01-.18 12.93-.00
13.29-.30 13.02-.03 12.99-.00
— @ — — @ — — <a> —
13.28-.30 13.01-.03 12.99-.01

13.01-.08 12.98-.16
13.05-.06 1,3.09-. 10

13.19-.33 13.01-.18 12.93-.00
13.2 9-.30 13.02-.03 12.99-.00

13.08-.12 13.04-.21
13.11—.12 13.15-.16

13.27-.38 13.07-.23 12.99-.06
13.35-.36 13.08-.09 13.08-.06

— © — — @ —
13.15- 17 13.18-.20

— © — — © — — @ —
13.39-.41 13.12-.14 13.10-.12

1.3.22-.25 13.21-.30
13.26-.27 13.29-.31

13.45-.48 13.21-.26 13.12 00
13.47-.49 13.20-.22 13.18-.20

— © — — © —
13.30 — 13.33-.36

— @ — — © — — @ —
13.50-.52 15.25-.27 13.2 3-.25

Quiet.
Dull.
Steady. B’ ly st’y .

Steady.
Firm.
B ’ ly st’y . Steady.

Quiet.
Steady.

THE AGRICULTURAL DEPARTMENT’S JULY REPORT.— The following statement, showing the condition of
cotton on June 25, was issued by the Department of Agriculture on July 3:
The Crop Reporting Board of the Bureau o f Statistics of the United States
Department o f Agriculture estimates, from the reports of the correspondents
and agents of the Bureau, that the condition o f the cotton crop on June 25
was 88.2% of a normal, as com pared with 87.8 on May 25 1911, 80.7 on
June 25 1910, 74.6 on June 25 1909 and 80 the .average o f the past 10 years
on June 25. Comparisons o f conditions by States follow:

States.
V irg in ia ________
North C arolina..
South C arolina..
Georgia . . _____
Florida ________
A la b a m a ______
Mississippi _____
Louisiana_______
T e x a s ___________
Arkansas . . . .
Tennessee . . . .
Missouri __ ____
O k la h om a ______
California_______
United States.

June 25
1911.
98
89
84
94
96
93
87
89
85
89
87
90
87
100
88.2

M ay 25
1911.

June 25
10- Year
Average \

1910.

1909.

93
83
80
92
95
91
86
91
88
87
83
86
87
95

81
72
75
78
82
81
81
77
84
77
82
80
88
95

76
75
77
79
88
64
61
62
79
76
80
83
84

82
80
80
80
85
79
79
78
80
81
84
84
81

87.8

80.7

74.6

80.0

W EATHER REPORTS BY TELEGRAPH.— Our tele­
1,305,531
14,321 1.086,374
graphic reports this evening from the South indicate that
Deduct Shipments—
Overland to N. Y ., Boston, &c . .
448
165,402
123,062
2,519
there has been beneficial moisture the past week in many
294
Between Interior tow ns.............. _.
61 ,61 1
.32.3
62,049
..
478
55,135
3,292
70,216 localities and temperature has been favorable.
1,220
282,151
6,134
255,327
Galveston, Tex.-—There has been rain on three days of the
week, the precipitation reaching one inch and seventy-four
Leaving total net overland*
. . 2,575 1,023,380
8,187
831,047
hundredths. The thermometer has averaged 79, ranging
* Including m ovem ent b y rail to Canada.
from 70 to 88.
The foregoing shows the week’s net overland movement
Brenham, Tex.—Rain has fallen lightly on two days during
has been 2,575 bales, against 8,187 bales for the week last the week, the precipitation being forty-six hundredths of an
year, and that for the season to date the aggregate net over­ inch. The thermometer has ranged from 73 to 97, averag­
land exhibits an increase over a year ago of 192,333 bales.
ing 85.
1910-11--------------- 1909-10--------Cuero, Tex.— We have had no rain during the week.
in Sight find Spinners'
Since
Since
Takinas.
Week.
Sept. 1 .
Week.
Sept. 1. Average thermometer 86, highest 100 and lowest 72.
Receipts at ports to July 7_ _
8,501 8,378,290
21,571 7,128,202
Dallas, Tex.— We have had rain on one day of the week,
Net overland to July 7 ____
2,575 1,023,380
8,187
8.31,047
the rainfall being five hundredths of an inch. The ther­
Southern consum ption to July 7 47,000 2,097,000
40,000 2,173,000
mometer has averaged 89, the highest being 106 and the
T otal m arketed------------------------ 58,1,36 11,498,670
69,758 10,132,309
lowest 71.
Interior stocks In excess________ *10,683
72,192
27,934
48,295
Henrietta, Tex.— It has rained on one day of the week, to
Came Into sight during w e e k ,. 47,45.3
41 s24
the extent of seventeen hundredths of an inch. The ther­
Total In sight July 7 _ .............
..
11,670,862
’ 10 180 604
N orth, spinners’ takings to July 7 15,893 2,091,040
21,758 2,’095i543 mometer has averaged 90, ranging from 73 to 106.
Huntsville, Tex.— There has been good rain on three days
* D e c r e a s e d u r in g w e e k .
during the week, the precipitation being one inch and thirtyMovement into sight in previous years:
nine hundredths. Thermometer has ranged from 70 to 95.
Week—
Dales.
Since Sept. 1—
Dales
Longview, Tex.— It has rained on two days of the week.
1009—July 0 . ______________ 57,123 1908-00—July 9_
13 282 072
1008— July 10_______________ 71,825 1907-08— July 10.
11 096 427
The thermometer has averaged 88, ranging from 71 to 104.
1907— July 12------------------------- 52,354 1906-07— July 12_I I I 1 KLH1G94
Luling, Tex.— Rain has fallen on one day during the week,
1906— July 13------------------------- 67,306 1905-06— July 13_1 0,706,484
the rainfall reaching fifteen hundredths of an inch. The
QUOTATIONS FOR MIDDLING COTTON AT OTHER thermometer has ranged from 72 to 99, averaging 86.
M ARKETS.— Below arc the closing quotations of middling
Nacogdoches, Tex.— Rain has fallen heavily on two days
cotton at Southern and other principal cotton markets for of the week, to the extent of three inches and seventy-two
each day of the week.
hundredths. Average thermometer 82, highest 96, lowest 67.




THE CHRONICLE

114

. Palestine, Tex.— Rain has fallen on four days of the week,
the precipitation being one inch and sixty-six hundredths.
The thermometer has averaged 82, the highest being 96 and
the lowest 68.
Paris, Tex.— There has been rain on one day the past week,
the rainfall reaching seven hundredths of an inch. The ther­
mometer has averaged 88, ranging from 72 to 104.
'
San Antonio, Tex.— We have had rain on -two days of the
past week, to the extent of thirty-two hundredths of an inch.
The thermometer has ranged from 70 to 96, averaging 83.
Alexandria, La.— We have had rain on two days of the
week, the rainfall being two inches and eighteen hundredths.
Average thermometer 82, highest 96, lowest 69.
New Orleans, La.— We have had rain on four days of the
past week, the rainfall reaching two inches and seventy-nine
hundredths. The thermometer has averaged 80, the highest
being 91 and the lowest 70.
Shreveport, La.— There has been rain on two days the past
week, the rainfall reaching eight hundredths of an inch, lh e
thermometer has averaged 85, ranging from 72 to 98.
Ardmore, Okla.— Rain has fallen on one day during the
week, the rainfall reaching four inches and six hundredths.
The thermometer has ranged from 72 to 108, averaging 90.
Marlow, Okla.— Rain has fallen on one day of the week, to
the extent of seventeen hundredths of an inch. Average
thermometer 89, highest 107, lowest 71.
Meridian, Miss.— There has been rain on four days of the
past week, the rainfall reaching sixty hundredths of an inch.
The thermometer has averaged 82, ranging from 68 to 96.
Vicksburg, Miss.—It has rained on four days of the week,
the precipitation reaching eighty hundredths of an inch.
The thermometer has ranged from 71 to 94, averaging 81.
Yazoo City, Miss.— We have had rain on two days during
the past week, to the extent of eighty hundredths of an inch.
Average thermometer 83, highest 96, lowest 70.
Helena, Ark.— Rain has fallen on four days of the week,
the precipitation reaching one inch and forty-live hundredths.
The thermometer has averaged 82.6, ranging from 70 to 95.
Little Rock, Ark.— We have had rain on one day during the
week, the rainfall being two hundredths of an inch. The
thermometer has ranged from 71 to 97, averaging 84.
<
Chattanooga, Tenn.— There has been rain on one day during
the past week, the precipitation reaching three hundredths
of an inch. The thermometer has averaged 81, the highest
being 94 and the lowest 68.
Memphis, Tenn.— The crop is progressing finely . We have
had rain on two days of the past week, the rainfall being
fifty-six hundredths of an inch. The thermometer has aver­
aged 83, ranging from 69 to 97.
Mobile, Ala.— Favorable weather in the interior; crop
reports good. It has rained on four days of the week, the
rainfall being two inches and thirty-four hundredths. Aver­
age thermometer 80, highest 90, lowest 68.
Montgomery, Ala.— Crop reports good. There has been
rain on two days during the past week, the precipitation
reaching thirty-four hundredths of an inch. The thermom­
eter has averaged 82, the highest being 95 and the lowest 70.
June rainfall, 3.24 inches.
Selma, Ala.—There has been rain on six days of the past
week, the rainfall reaching sixty hundredths of an inch. The
thermometer has averaged 82.5, ranging from 69 to 97.
Atlanta, Ga.— Rain has fallen on three days of the week,
the precipitation being one inch and thirteen hundredths.
The thermometer has averaged 81, ranging from 67 to 96.
Augusta, Ga.— We have had rain on three days of the past
week, to the extent of twenty-five hundredths of an inch
The thermometer has ranged from 71 to 95, averaging 82.
Savannah, Ga.— It has rained on one day oi: the week, the
rainfall being thirty-five hundredths of an inch. Average
thermometer 81, highest 94, lowest 71.
.
Charleston, S. C.— We have had rain on two days during
the week, the rainfall being thirty-eight hundredths of an
inch. The thermometer has averaged 80, the highest be
ing 97 and the lowest 68.
Spartanburg, S. C.— Rain has fallen on two days of the
week, to the extent of five hundredths of an inch.
Charlotte, N. C.— There has been rain on two days during
the past week, the precipitation reaching ninety-nine hun­
dredths of an inch. The thermometer has averaged 82, the
highest being 95 and the lowest 69.
Raleigh, N. C.— We have had rain on one day during the
week, the precipitation reaching forty-six hundredths of an
inch. Thermometer has ranged from 66 to 92, averaging 79.
Madison, Fla.— We have had rain on four days of the week,
the rainfall being two inches. Average thermometer 80,
highest 94, lowest 69.
ALEXAN D RIA RECEIPTS AND SHIPMENTS
Alexandria.. Eaypl,
July 5.
Receipts (oantavs)Thls w e e k -------Since S ept. 1 —
Exports (bales)—

1
1910-11.

1909-10.

*5,000
7,569,300

1,500
4.907,053

Since
This
This
Since
week. Sept. 1. week. Sept. 1.

1908-09.

l

4,500
6,669,980
Since
This
week. S ept. 1.

L iverpool____________ *4,000 212,700
213,466
M anchester__________
C o n tin e n t.................... •s'.odo 394.987
118,294
A m erica_____________

1.250 150,294 3,000 189,264
207,439
118,408
4.250 292,853 13^750 350,495
900 87,104
1.250 60,977

Total e x p o r t s . ---------- 12,000 939.447

6,750 622,532 17.650 834.302

To
To
To
To




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

W ORLD’S SU PPLY AND TAKINGS OF COTTON.
Esa

1909-10.

1910-11.

C o t t o n T a k in g s .
W eek a n d S eason .

a

Week.

Season.

Week.

| Season.

V isible supply June 30-------------- 2,433,133 ................ 2,450,755
1,931,022
______ 1,495,514
V isible supply Sept. 1 --------------41,824 10,180,004
47,453 11,570,862
Am erican In sight to July 7 -----22,000 3,11 1,000
31.000 2,401,000
B om bay receipts to July 6 -----455.000
13.000
15.000
400,300
Other India shlp’ ts to July 6 —
054,300
300
600 1,009,200
A lexandria receipts to July 5 . .
259.000
10.000
9,000
298,000
Other supply to July 5 *---------T otal supply ------ ------------------ 2,536,186 17,174,876 2,537,879 16,590,926
Deduct—
Visible supply July 7 --------------- 2,271,288 2,271,288 2,262,836 2,262,830
264,898 14,903,588
162,298 11,116,088
102,600 3,787,500

T otal takings to July 7 ------------Of which A m erican__________
Of which o t h e r ------ --------------

275,043 14,328,090
202,743 10,402,790
72,300 3,925,300

* Embraces receipts In Europe from brazil, Smyrna West Indies. &o.

INDIA COTTON MOVEMENT FROM ALL PORTS.

Since
Sept. 1.

Week.

Week.

Since
Sept. 1.

15,000 2,066,000

Since September 1.

For the Week.
Conti- Japan
Ilrilaln. nent. JcChtna Total.

Bombay—

Great | Conti- 1 Japan
Ilrilaln.
nent. <fc China.

1,000
2,000
1,000

3,000
3,000
5,000

34,000
41,000
40,000,

19,000
47,000
31,000

56,000
91,000
76,000

2.00C

2,000

1,000

i,66c

8,000
4,000,
4,000,

20,000
18,000!
22,000,

30C
10,000,
11,000

28,300
23,000
37,000

7,00(
5,001
8,000

12.00C
6,000 11,000
5,000 14,000

53,000
28,000
20,000

250,000
299,000,
278,000

13,000
14,000
69,000

316,000
341,000
367,000

1,000
1.00C
1,000

5.00C
1,000

Total a ll..
1910-11-1909-10..
1908-09..

Total.

57,000^ 874,000 584,000 1.515,000
94,000 935,000 846,000 1,875,000
23,000 502,000. 638,000 1,223,000

29,000 25,000 54,000
1,666 15,000 13,000 29,000
6,000 15,000 21,000

1900-10-.
1908-09-Calcutta—
1910-11-1909-10..
1908-09-.
Madras—
1910-11 -1909-10-.
1908-09..
All others—
1910-11.1909-10..
1908-09--

Since
Sept. 1.

Week.

31,000 2,401,000 22,000 3,111,000

Bombay___
Exports

1908-09.

1909-10.

1910-11.

July 6.

1,1)66
___

5,000 39,000 2,5000 69,000
1,000 21,001 20,000 42,000
1,000 16,000 20,000 37,000

121,000 1,178,000, 616,300 1,915,300
129,000 1,293,000 908,000 2,330,000
52,000 902,000 749,000 1.703.000

MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that the market is quiet for
both yarns and shirtings. Merchants are not willing to pay
present prices. We give the prices for to-day below and
leave those for previous weeks of this and last year for com­
parison.
1910

1911.
85* lbs. Shirt- Col’n
ihas, common Mid.
Vpfs
to finest.

32* Cop
Twist.
May
19
26
J’ne
2
9
16
23
30
July
7

d,

d.

d.

10 15-16® 11 % 6
105*
@ 11% 6

6 \%&11
6 15*® 11
6 15*4811
6 05*® H
6 15*@11

11
@
11 1-16®
11 1-16®
io n
@
10% @

11 %
11%
11%
11%
im

105*

ii% 6

®

a. d.

1 J* @ ll 4%
15*@11 4%
4<*
4 5*
5
4
3

05*® 11 3

d.

85i lbs. Shirt- Cot’n
imjs, common Mid.
to finest.
U ptj

32* Con
Twist.

d. 8. d.

d.

8.40 105*
8.28 10

@
(ty

8.33 10% ® 115*
8.31 10 15-16® 11 %
8.27 10% ® 115*
8.21 10 9-16® 11 5 16
8.04^105* @ 115*
7.87 105*

®

11

a. d.

d.

85*® 10 0
85*@10 6

8.04
8.04

5
5
5
5
5

8 @ 10
8 @10
7 ®10
65*@ 10
55*® 10

5
6
6
5
4

7.94
8.29
8.03
8.05
7.86

5

5

@10 4

7.92

115* 5
11% 5

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 9,772 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
Y O R K — T o L iverpool— June 30— BaHIc, 120 upland, 366
foreign; Caronla, 207
----- - - - - - •• - - - - - — •,
—
7” «
T o Manchester— June 30— Camocns, 112 upland, 7 Sea Isla n d .- . 119
T o Hull— July 5— Idaho, 200----------------------------------------- -------------- 200
T o H avre— July 1 -N la g a r a . 233 fo re ig n ..
253
T o Bremen— July 5— Bremen, 4 , 3 9 2 . . . ....... ....................... ...............<1,202
T o Hamburg— June 30— Cleveland, 109 ---------------------- ------------ 109
T o Barcelona— July 6— M ontevideo, 500--------- --------------------------- 500
T o Genoa— June 30— Prlnzess Irene,
M3 613
T o Naples— June 30— Prlnzess Irene.
5 0 ...
50
T o V enice—July 3— A rgentina, 1 0 0 . . . . ------ -------------------------------- 100
M O B IL E —T o Liverpool— July 7— Comm odore, 16. . .
--------16
T o Hamburg— July 7— Schaum berg. 128
------ --------------- 128
PEN SACO LA— T o L iverpool— July 1— Vlvlna, 1 ,2 2 8 ..
- - - - - - 1 ,2 2 8
SA V A N N A H — T o Hamburg— July 1— South America, 14 1. -July 3—
...........
........ - - .......................... .......... 1,0J.3
870
BOSTON— T o L iverpool— July 3— Cymric, 28
28
S E A T T L E — T o Japan— July 3— A wa Maru, 200------------- -------------------- 200
N EW

T o ta l............................. - ...............- ............................................. ° - 772

LIVERPOOL.— By cable from
Liverpool we have thefol­
lowing statement of the week’s sales, stocks, &c., at that port:
June 16.
June 23.
15,000
Sales o f the w eek......... -b ales. 26,000
300
Of which speculators t o o k .. 1,000
400
Of which exporters t o o k -------------------2,000
12,000
Sales, A m e rica n .-------- ------------- 19,000
4,000
Actual ex p ort----------7,000
31,000
F orw a rd ed ___________________ 80,000
748,000
Total stock— E stim ated---------- 750,000
610,000
Of which A m erican-------------- 615,000
32,000
Total Imports o f the w eek-------- 41,000
25,000
Of which A m erica n ............... 20,000
73.000
Am ount afloat------------------------- 102,000
23,000
Of which A m erican................ 46,000

June 30.
35,000
300
100
30,000
7,000
83,000
705,000
558,000
46,000
17,000
68,000
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

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

Ju l y
Spot.
Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

Dull.

Quiet.

Fair
business.

1
)
J

Mid.Upl’ds
Sales____
Spec.&exp.

Market,
4
P. M.

Wednesday. Thursday.
Fair
business
doing.

Harden­
ing.

Friday

Quiet.

7.99

7.93

7.95

7.99

8.08

7.97

4,000
300

8,000
2,000

8,000
1,000

8,000
300

12,000
500

6,000
500

Quiet at
Futures.
Market
} 2% @4
opened
j pts. dec.

Quiet at Quiet at % Quiet at
1% @3
1®3 pts. pt. dec. to
decline. 1 pt. adv. pts. adv.

1 Barely st’y St’y, 2 pts. Quiet at
> 4@7 pts. dec. to 3 2@ 3%
pts. dec.
J pts. dec. pts. adv.

Quiet atl%
@ 2 % pts.
advance.

Steady at
4@ 0%
pts. dec.

Weak at
4@7 pts.
decline.

Quiet at
7% @8
pts. dec.

St’y at 6%
@ 10 pts.
advance.

The prices for futures at Liverpool for each day arc given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.__________________________ _
July 1
to
July 7.

July-A ugA u g.-S ep Sep .-Oct _
O ct.-N ov .
N ov.-D ee.
D ec.-J an Jan .-Feb_
Fcb.-M ch.
Mch .-Apr.

—

12%
p.m .
7
7
7
7
6
6
6
6
6
6

74%
71%
44
08%
96
91
90
90%
91 %
92

Tues.

Mon.

Sat.
12%
p.m.

115

THE CHRONICLE

8 1911.]

W ed.

j

Thurs.

Fri.

12% 4 12% 4 12% 4 il —% 4 12 % i 4
p.m. p.m. p.m. p.m. p.m. p.m .,p.m . p.m . p.m . p.m.
67
65 %
38%
05%
93
88
87
87%
88 %
89 %

72%
70
44
11
98 %
93%
92 %
93
94
95

__
__
__
__
__
__
—

69
66%
42
08%
96
91
90
90%
91
92%

73
71
46%
13
00%
95%
94%
95
95%
96%

75 % 80
73 .77%
49 ;52 %
18 %'21
06
08
01 [03
00
02
00 % ,02 %
01
03
02 '04

71 %
09
44
12
99 %
94
93
93%
94%
95%

67 %
(55
40
06
93%
88 %
87%
88
89
90

64
6 \.Yi
36%
04
91 %
86%
85%
86
87
88

BREADSTUFFS.

Friday Evening, July 7 1911.
Flour continues rather dull with the entire trade waiting
until the crop excitement is over. Buying has been only on
a hand-to-mouth scale. Stocks in the hands of consumers
are fully sufficient to meet present requirements. Quota­
tions have remained relatively firm with a disposition on the
part of the mill agents to quote higher prices following the
advance in wheat. In Minneapolis buyers arc quite bearish,
having little belief in the reported crop damage in the North­
west. The export business in Minneapolis has been negligi­
ble. Some of the Northwestern mills have sold their entire
output of the past week, while others did not sell half. Clear
flour is scarce with the City mills, while the interior mills
have fancy and firsts clear to sell. The inquiry for bran in
round lots for deferred shipment has improved.
Wheat had an erratic week. Prices at first had an up­
ward tendency in sympathy with corn, whose pyrotechnics
were the feature of the week’s grain markets. Reports of
damage to the crops in South Dakota, which State’s probable
yield is a source of considerable doubt, caused prices to rally.
This advance, however, was not generally maintained.
Poor and late seeding in North Dakota is another factor in
summing up the damage complaints. Alarming reports
from Minneapolis were contradicted by railroad officials in
the spring-wheat belt, who earlier in the season prophesied a
large crop. Winter-wheat receipts are forerunners of an
undoubtedly bumper crop. It appears that the trade is
generally expecting the Government report of Monday next
to show a total wheat crop in this country of 720,000,000
bushels, against 095,000,000 last year. The late weakness
in wheat was partly ascribed to the smaller decrease in the
world's available supply— that is, 2,239,000 bushels, against
a decrease of 7,117,000 last week. It is obvious that the
weather for the next few weeks will be the absorbing factor
in wheat. A few deliveries are being made by bull houses
in Chicago, but this is regarded as a move to scalp the mar­
ket. In the spring-wheat-growing States more moderate
temperatures prevailed, light and insufficient showers were
had, but more rain is greatly needed. In the Southwestern
markets the near deliveries were relatively heavy and there
has been evident pressure on July at the West all the week.
This was in a way due to the heavy receipts of new wheat
at the interior points. The St. Louis and Kansas City re­
ceipts were nearly double those of last year; in fact, receipts
at all points have been correspondingly heavier. Cash grain
was rather inactive and a moderate export business was con­
summated. General light rains were reported in Manitoba.
The world’s shipments last week totaled 11,520,000 bushels,
against 11,632,000 in the previous week and 8,308,000 last
year. The American visible supply decreased 053,000
bushels. At Minneapolis the stocks decreased 305,000
bushels for the week. The European markets were at first
unresponsive to the rise on this side, but later firmer cables
were received from all the centres— barring Paris— which
were in a way influenced by lighter world’s shipments, the
resultant decrease on passage and unfavorable reports from
Russia and Prussia. The Winnipeg market was stagnant.
To-day prices advanced on reports of a heavy export busi­
ness and renewed unfavorable crop accounts from North
Dakota.
.................................................................................
. D A IL Y CLOSING PR ICE S OF W H E A T FU T U R E S IN NPW YORK. •
.(*>»'
Sat. M on. T ups. Wed. Thurs. F ri.
N o. 2 red _________________________ 94 % IIoll- IIoll- 95% 95
95 %
July delivery In elevator--------------94 % d a y.
day. 95 % 94 %
95 %
Septem ber delivery In elevator------ 95 %
96 % 95% 90%
D A IL Y CLOSING PR ICES OF W H E A T F U T U R E S IN CHICAGO.
Sat. Mon. Tues. Wed. Tiiurs. Fri.
July-dcllvcry In elevator_________ 8 9% R oll- R oll- 89% 88%
89%
September delivery in elevator____90
day.
d a y. 9 1 % 90 ■
91%
December delivery In elevator____92 %
94 % 93 % 94 %

Indian corn during the early part of the week advanced
sharply on reports of the continuance of withering heat in




Kansas and Oklahoma. Later prices reacted, owing to
cooler weather and rains west of the Mississippi, although the
staple subsequently made a partial recovery, as it was hot
and dry elsewhere. The sensational advances were made on
reports of unprecedentedly high temperatures. Oklahoma
reports were summed up in the terse sentence “ burned to a
crisp.” The rains of last week in Nebraska and generally
throughout the Southwest were quickly absorbed, renewing
the situation caused by the drought. Another factor in the
upward tendency was dispatches from Liverpool telling of
heavy covering by shorts. The fact that corn had an ex­
cellent start, which gave the crop increased powers of re­
sistance, and also that the drought was centred in the surplus
States and not in the pivotal-districts, was more or less over­
looked by bull speculators in their endeavors to lift prices.
The break was mainly attributed to general selling and heavy
profit-taking. Late reports showed moderate to copious
precipitation in the corn belt, especially in Iowa. Heavy
rains over a wide area may serve to repair much of the recent
damage. The visible supply for the week decreased 603,000
bushels. The world's shipments for the week were 4,146,000
bushels, against 3,921,000 bushels last year. The Iowa
State report made the condition of corn 102%, against 89%
last year, when the crop was 343,000,000 bushels. Farmers
are getting 50c. and better for corn in Iowa for shipment
South and Southwest. To-day prices had another sharp rise
on fears of further hot, dry weather.
D A IL Y CLOSING PR ICE S OF NO. 2 M IX E D CORN IN NEW YORK.
Sat. M on. Tues. Wed. Thurs. F ri.
Cash corn _________________________ nom . R oll- R oll- nom . nom . nom .
July delivery In elevator__________ 6 4% d a y. day. 70
66%
nom .
D A IL Y CLOSING PR ICES OF CORN F U TU RE S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
July delivery In elevator__________60% R oll- R o ll64%
6 2% 63%
September delivery In elevator------ 62
da y. d a y.
66 % 64 % 65 %
December delivery In elevator____ 61
66
63 % 65

Oats continued the upward trend but declined late in the
week on realizing sales induced by improved weather condi­
tions. The status of the oats and hay crops is reported to be
the poorest ever known. The market has at times been
excited and new high levels were reached, owing to the
reiteration of previous damage reports, but speculatively
there has been evidence of a great deal of profit-taking on
the sharp advances,and reactions have been quick. That
last year's outturn of 1,126,000,000 bushels will not be dupli­
cated by 75% is being borne out by both private and Govern­
ment reports. In addition the serious shortage in hay and
other feed crops and the belief that the demand for feeding
grain will be greatly enhanced as a result of a general shortage
in forage crops has been a strong factor in maintaining the
higher level of prices. With a gain in values of 50% from
the spring level there is, however, a disposition to await
developments and see what the actual threshing returns will
reveal in the oats crop. The Iowa report made the condition
of oats 72%, against 92% last year. The visible supply de­
creased 474,000 bushels. Cash oats were strong. The
Montreal market is steady and the demand limited. To-day
prices advanced in sympathy with the advance in other grain.
D A IL Y CLOSING P R IC E S OF OATS IN NEW YORK.
Sat. M on. Tues. Wed. Thurs. F ri.
S tand ard s..................... ....................... 50
R oll- H oll52
51% 5 1%
N o. 2 w h ite .......................................... 50% day. day.
52%
52
52
D A IL Y CLOSING PRICES OF OATS FU T U RE S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
July delivery In e le v a to r__________ 43% Holl- H oll45%
4 4% 45%
September delivery In elevator____44% d a y. d a y.
46%
45% 46%
48 % 47
48 %
December delivery In elevator____46 %

The following are closing quotations:
7 5 @ $ 3 2 5 K a n s a s s t r a ig h t s . s a o k . $ 4 0 0 @ $ 4 4 5
6 0 ® 475K a n s a s c le a r s , s a c k s ___ 3 3 5 @ 3 7 0
0 0 ® 4 25 C it y p a t e n t s _____________ 5 9 0 ® 6 3 0
4 5 @ 3 7 0 R y e f lo u r __________________ 4 8 5 @ 5 5 0
0 0 ® 5 25 O r a b a m f lo u r ____________ 3 9 0 ® 4 0 0
N o m in a l
4 0 @ 4 60 C o r n m e a l k iln d r i e d . .
0 0 @ 4 35
G R A IN .
C en ts.
C o r n , p e r b u s h e l—
W h e a t, p er b u s h e l— f .o .b ,
69
N o . 2 _ ......................f . o . b .
N . S p r i n g . N o . 1 ...................... 51 0 8 %
N o m in a l
S t e a m e r ________ e l e v a t o r
N . S p r i n g . N o . 2 ...................... 1 0 6 %
N o m in a l
N o . 3 _________ e l e v a t o r
96%
R e d w in t e r . N o . 2 __________
R y e . p er b u s h e l—
H a r d w in t e r . N o . 2 _________ 1 0 0 %
N o m in a l
N o . 2 W e s t e r n _________
O a t s , p e r b u s h e l, n e w —
C en ts.
N o m in a l
S t a t e a n d P e n n s y lv a n ia
S t a n d a r d s ____________________
51%
B a r le y — M a lt in g _________ 1 2 0 ® 1 2 5
N o . 2 w h i t e __________________
52
N o . 3 w h i t e __________________
51 -

W i n t e r , l o w g r a d e s ------- $2
W !n er p a t e n t s __________ 4
W in t e r s t r a i g h t s ------------ 4
W i n t e r c le a r s ____________ 3
S p r in g p a t e n t s __________ 5
S p r in g s t r a ig h t s _________ 4
S p r in g c le a r s _____________ 4

The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at—

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs.
193,500
14,500
271,700 2,190,700 1,303,100
105,412
Chicago___
71,500
4,080
302,600
105,090
44,070
68,490
Milwaukee..
461
63,394
28,365
290,033
19,180
81,666
6,580
150.530
68,710
1,291,590
Minneapolis.
40.500
65,400
35,000
34.521
28,900
12,499
5,700
29.980
81,420
10,610
380
Cleveland - .
480,000
477,250
469,137
1,100
St. Louis__ ■ 44,870
188,052
5,000
123,475
50,200
16.800
297,600
720,900
122.400
................
Kansas City.
...........

Same wk. '09

294,232
239.968
340,903

3,150,539
1,931,749
1,246,490

3,534,237
2.591,992
2,598,702

2,647,750
1,782,790
2,038,034

26,721
47,356
37,937

362,800
782,635
859.766
—

Since Aug. F
1910-11.-- 14.776,063 207.119,695 366,186,941 181.544.169 62,438.528 5,099,696
1909-10... 19,013.228 237,430,889 173,370,193 82,352,315 78,396,890 6,664,677
1908-09... 19,057,952 210,222,114 142,326,178 156,990.360 79,999,772 6,203,720

Total receipts of flour and grain at the seaboard ports for
the week ended July 1 1911 follow:

THE CHRONICLE

110
Flour,
Wheat,
bbls.
bush.
145,561)
385,600
30,445
19,002
33,135.........135,071
27,443 • 122,365
27,789
1,200
1,089
.........357
--------______
28,000
2,500
..
35,849
318,680

Receipts at—
New Y o r k .............
B oston__________
Philadelphia
Baltimore.... _____
New Orleans*___
Newport News-----Norfolk__________
Galveston________
M ob ile-.-..............
M ontreal.-............

Total week 1911.. 309,173
Since Jan. I 1911.-9,170,530
Week 1910______ 237,091
Since Jan. 1 1910.. 8.317,837

Corn,
bush.
151,875
13,400
14,986
224,705
128,200
...........
------- .
2,000
15,000
392,121

Oats,
Barley,
Bye,
bush.
bush.
bush.
523,675
2,742
2,300
85,585
_____
_____
105,003
...................... - ­
68,538
_____
321
140,300
..........................
...........
..........................
--------------------______
. ___
_____
.......................
.........
368,190 19,5§2
2,050

1,009,918 942,287 1,283,291
22,304
4,671
30,651,278 45,570,428 26,044,936 2595,786 356,097
1,069, i09 752,183 1,105,462
10,091
2,775
33,713,152 22.512,796 22,894,634 1841,976 412,789

The exports from the several seaboard ports for the week
ending July 1 1911 are shown in the annexed statement:
Wheat,
Com,
Exports from—
bush.
bush.
New Y o r k ______
95,784
155,555
76.899
.88,574
B o sto n ...............
Philadelphia___ 14 4,000
2,000
Baltimore_______ 260,011 262,084
New Orleans............. .........
127,000
Newport News__
______
______
Galveston.......... ....................................
Mobile............ ..
...........
15,000
Montreal.............. 398,000
273,000
Norfolk.................................
...........

Total week___
Week 1910.........

974,694
769.960

Flour,
Oats,
Rye, Barley, Peas,
. bbls.bush.
bush.
bush.
bush.
57,691
3,775 ........................
1,106
8,041
1,200 ....................................
22,000
...................................................
24,121
1,300
.......................................
24,354
1,000
........................
200
1,089
______
_____
_____
____
4,500
...................................- ..................
2,500
........................................................
57,000 245,000 .......................................
351
...................................... .........

923,213 201,653
268,948 101,941

252,275
288,205

......................
1,306
................ 1,558

The destination of these exports for the week and since
July 1 1911 is as below:

Flour-------------------W
heat---------------------Corn----------S
iln
ce
S
iln
c1e W
iln
W
e
e
k
J
u
y
W
e
e
k
J
u
y
1
e
e
k
JS
u
yce
1
Jb
uu
lyshI..
1910.
J
u
l
y
1.
1910.
ExS
pion
rctesfo
r
w
e
e
k
a
n
d
J
u
l
y
1.
1910.
bush. bush.
b
u
s
h
.
J
u
l
y
1 to—
b
b
l
s
.
b
b
l
s
.
United Kingdom__ 85,439 4,398,195 523,426 36,245.885 383,717 22,286,362
--------

Continent...............
Sou. & Cent. Amer.
West Indies........—
Brit. Nor. Am. Cols.
Other Countries-----

33,4.30 2,113,428
22,294 1,122,404
27,058 1,288,814
150
79,795
33,282 267,744

451.268 21,874,230
-------378,693
........8,529

I " III

371,224 23,403,751
108,407 2,948,461
55.865 1,726,349
1,000
15,404
.........
74,728

25,000

Total ............. .201,653 9,270,380 974,694 58,532,337 923,213 50,455,055
Total 1909-10____ 101,941 9,490,988 769,960 84,455,261 268,948 28,988,828

The world's shipments of wheat and corn for the week
ending June 30 1911 and since July 1 1910 and 1909 are shown
in the following:

Corn.

W
heat.
Exports.

1910-11.

1910-11.

1909-10.

1909-10.

ee30.
k JS
k JS
uiln
yce1. JS
uiln
yce1.
uiln
yce1. JuW
ne
JuW
ne
ee30.
uiln
yce1. JS
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
North Amcr. 1,872,000 130,547.000 139,351.000 618,000 45,184,000 29,129,000

Russia____ 4,888,000 226,176,000 216,856,000 1,658,000 29,356,000 18,540,000
Danube .. .. 210,000 86,954,000 20,994,000 1,870,000 81,768,000 29.519,000
55,516,000 72,761,000
Argentina . . 1.416.000 90.978.000 59.092.000
Australia. -_ 1.072.000 57.224.000 40.264.000
/ m in
1.992.000 53.980.000 \
..........
40,000 7,810,000 J47,712,000
Oth. countrs

\

THE DRY GOODS TRADE.
New York, Friday Night, July 7 1911.
General conditions in textile markets showed little change
this week. Trading was interrupted by the holiday, while
the intense heat served to restrict operations in all local
markets, with the result that business was light in volume.
In cotton goods, buyers continued very conservative in
placing orders for distant delivery, especially on the heavier
staples, an additional reason for their attitude being fur­
nished by prospects of a large cotton crop as indicated by
the Government report on Monday. As there seems to be
little, if any, possibility of securing prices for cotton goods
commensurate with the present high cost of raw material,
the belief appears to be growing among many leading factors
that only lower-priced staple will bring any substantial
increase or broadening of demand for the future or material
relief to the mills and to the market generally. Prices for
goods continued firmly held, reflecting low stocks in first
hands and curtailment, which is being steadily enforced
because of inability to secure profitable returns on goods
made from high-cost staple. A feature of the week was the
opening of fine and fancy cottons for spring 1912; prices
named, particularly on plain staples, show a very narrow
margin of profit, and advances over the opening levels are
considered likely to follow any substantial buying; a fairly
satisfactory business has been done on these lines in some
quarters, but mostly on novelties. As in the case of other
cottons offered for the new season, mills apparently made
prices as close as possible in the hope of securing enough
forward business to keep their plants running. Aside from
a moderate and scattered demand in certain quarters for the
new spring merchandise, trading in cotton goods again con­
sisted chiefly of small lots for prompt or near-by shipment.
Cotton yarns were inactive; sellers arc firm, but buyers are
holding off in anticipation of better terms later on as a result
of possibly lower cotton. Underwear and hosiery markets
were quiet; spring lines have moved slowly, but more activity
is expected when out-of-town merchants visit this market
later in the month; it is also hoped that the presence of the
latter will stimulate local textile markets generally. With
the exception of further duplicate orders for fall, woolens
and worsteds were rather dull.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending July 1 were 10,529
packages, valued at $998,326, their destination being to the
points specified in the table below:

Total____ 11520000 653,699,000 524,269,000'4,146,000 211,824,000 149.949,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

Corn.
W
heat.
1
U
n
i
t
e
d
U
n
i
t
e
d
. Continent. Total.
Kingdom
. Continent. Total. Kingdom
Bushels. Bushels.
B
u
s
h
e
l
s
.
1B
u
s
h
e
l
s
.
B
u
s
h
e
l
s
.
B
u
s
h
e
l
s
.
i 1911-- 24,144,000 21,568,000 45,712,000 5,746,000 6,001,000 11,747,000

July
June 24
July 2
July 3
July 5

1911..
1910..
1909-1908 - -

25,448,000 21.656,00047,104,000
2.3,920,000 8,320,000 32,240,000
20,000,000 14,880,000 34,880,000
19,040,000 11,040,000 30,080,000

5,933,000
6,0.35,000
9,520,000
5,865,000

7,293,000 13,226,000
7,735,000 13,770,000
12,495,000 22,015,000
11,730,000117.595,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports July 1 1911, was as follows:
AMERICAN GRAIN STOCKS.

W
h
esa
t.,
b
u
h

440,300
255.000
22,000
170.000
8,000
51,000
Buffalo..................... .. 1,490,000
Toledo------------------..
102,000
Detroit -----------------Chicago_____ ______ .. 8,26.8,000
Milwaukee____ ____ ..
17,000
Duluth.................- - - .. 1,878,000
Minneapolis------------.. 8,179,000
St. Louis.................. _ 1,103,000
Kansas City............ . 738,000
Peoria........................
95,000
Indianapolis.............. ..
On Lakes......... ........ _ 685,000
On Canal and River. - 253,000
New York....................
..
Philadelphia.............
Baltimore.................. ..
New Orleans_______

C
osrh
n.,
bu

461,000
34,000
5,000
485,000
186,000
8,000
569,000
136,000
171,000
2,139,000
290,000
299,000
276,000
496,000
279,000
37,000
440,000
870,000
301,000

O
asth
s,.
bu

604,000
21,000
84,000
138,000

656,000
161,000
6,000
4,572,000
305,000
584,000
515,000
71,000
84,000
523,000
159,000
475,000
612,000

Total July 1 1911. .23,863,000 7,482,000 9,570,000
7,456,000 9,632,000
Total June 211911. .24,516.000
Total July 2 1910. .12,034,000 5,224,000 4,245.000
CANADIAN GRAIN STOCKS.
Montreal___
Fort William

-

W
bh
uesa
ht.,

394,000
2,405,000
. 1,360,000
. 993,000

osrh
n
bC
u
.,

689,000

ts.,
bO
usah

863,000
1,570,000
1,612,000
906,000

689,000
324,000
137,000
SUMMARY.

4,951,000
4,793,000
521,000

.23,863,000
. 5,158,000

7,482,000
689,000

9,570,000
863,000

Total July 1 1911. .29,021,000
Total June 24 1911. .29,180,000
Total July 2 1910. .16,629,000

8,171,000
7,780,000
5,361,000

10,433,000
14,425,000
4,766,000

Total July 1 1911. . 5,158,000
Total June 24 1911. . 4,664,000
Total July 2 1910- . 4,595,000

American . .
Canadian__




W
hu
esah
t,.
b

C
orsn
bu
h,.

e., Babru
lesy
bR
usyh
h,.

10,000

O
a
s.,
b
u
sth

17,000
3,000

406,000

2,000
93,000
2.000
1.000

63,000
52,000
3,000

15,000
27,000
378.000

637,000
7.89,000
1,443,000

bush.

Ba
lseh
y.,
bru
29,000

R ye.

29.000
29,000
101,000

lseh
y,.
btish. Ba
bru
637,000
R ye,

15,000

29,000

15,000
666,000
27,000
818,000
378,000 1,544,000

[ VOL. L X X X X I i l .

New York to July 1—
Great Britain______ _________
Other E uropean_____________
China---- --- -------------------------India . . ____ ____ __________
A rabia_______________________
A f r i c a ____ — .............. West In d ie s.. _____________
M e x ic o -----. - - ------------Central A m erica_____________
South A m erica---------------------Other co u n trie s._______ ____
Total

_____________ ____

1911------Since
Week. Jan. 1.
____
18
430
512
53,916
.10,173
1,341
16,502
11,7,38
.
975
. 945
6,054
20,310
842
.
35
1,212
______ . . 593
10,021
_ ................ 952
31,265
. . _____
655
20,344
172,373

1910-------Since
J a n . 1.
1,118
587
33,690
7,198
5,654
171
2,004
540
14,259
4
950
1 18
4,756
25,072
933
178
22,119

Week.
53

1,997

1 18,007

The value of these New York exports since Jan. 1 has been
$12,288,783 in 1911, against $8,333,002 in 1910.
Not much activity was noted in any line of domestic cot­
tons. As for some time past, orders were confined to small
lots to meet pressing needs. Bleached goods, prints, denims
and other staples were in light request, with not much antici­
pating in any quarter. Heavy cottons in particular were
dull, buyers apparently expecting lower prices; sellers, how­
ever, continued firm. A fair amount of business was re­
ported on the lower end of ginghams, but demand for fine
wide lines failed to broaden materially. Some additional
small sales of light-weight sheets were made for China ac­
count; otherwise export trade was quiet with few inquiries.
In the print cloth division, business was limited and prices
barely steady; further offerings at concessions by second
hands were reported; standard gray goods, however, remain
quotably unchanged.
WOOLEN GOODS.— Some leading dress goods manufac­
turers received fair duplicates on heavyweight and fancy
woolen suitings and coatings for fall, and a few large mills
are said to be well sold ahead; other producers, however,
complain of poor business, and trade in the primary market
as a whole, particularly in worsteds, was reported as unsatis­
factory. Carded woolen dress goods and suitings for next
spring are expected to be opened during the coming week at
prices below last year’s. Men’s wear lines ruled extremely
dull, outside of scattering repeat orders. Interest centres,
largely in new fabrics for spring, which will be offered prob­
ably on the 10th inst. A feature in this department is the
fact that one of the largest mills making men’s wear woolens
is sold up for fall.
FOREIGN DRY GOODS.— Some additional business was
reported in imported woolens and worsteds for spring, besides
duplicate orders for fall; but demand was not broad or active.
Linens were firm but generally quiet, both for prompt and
forward delivery. Burlaps also were dull and unchanged in
price, with a steady undertone.

THE CHRONICLE

J UL.Y 8 1911.]

mount.
turity. A$35,000
d
ate. Ma
01925
. 4

Pa64.
ge.

PUBLISHED V/EEKLY.

Terms of Subscription— Payable in Advance
F or Ono Year ................................................................................. ..............$10 00
.
.......... .......................................................
> 00
F or Six M onths........
European Subscription (including postago)............................................. 1.5 00
European Subscription six months (including postago)........................ 7 50
Annual Subscription in London (including postage).............................£ 2 14 s.
Six Months Subscription in London (including postage)......................£ 1 11s.
Canadian Subscription (including p o s ta g e )............................................ $11 o0
Subscription includes follow in g Supplem ents—

15 ink AND Quotation (monthly)
I STATE AND City (semi-annually)
R ailway and industrial (quarterly) E lectric R ailway (15 times yearly)
R ailway E akninos (monthly)
|B ankers’ Convention (yearly)

Terms of Advertising— Per Inch Space

M UN ICIPAL BOND SALES IN JUNE.
With the completion of our list of sales of new issues of
municipal bonds for June we find that the output of this
class of investment for the first six months of 1911 reaches
a total of $220,880,036, or 1 3 ^ millions more than that re­
ported for the first half of any other year. The next highest
total for this period was $207,125,317 in 1909. These
figures represent only permanent bond issues of places in
the United States.
The city of Philadelphia last month sold $2,300,000 4s
on a 3.924% basis. Other large issues included in our list
follow: Minneapolis, Minn. $1,491,400 4s and $250,300
4J4s, Oakdale Irrigation District, Cal., $1,175,000 5s,
Chicago, 111., West Park District, $1,000,000 4s, Atlanta,
Qa., $840,000 4 ^ s , Los Angeles County, Cal., $525,000
4 ^ s , Woonsocket, R . I., $250,000 4s and $250,000 4 ^ s ,
Washington County, Pa., $500,000 4s.
During the month of Juno there were negotiated $25,­
202,200 permanent loans, $50,000,000 Panama bonds,
$6,500,000 general fund bonds of New York City, $125,000
bonds of the City of Cebu, Philippine Islands, $24,850,329
temporary loans and also $8,478,303 debentures of places in
Canada. In the following table we furnish a comparison
of all tho various forms of obligations put out in June of
the last fivo years:
1911.

1910.

1900.

1908.

1907.

Permanent loans (U. S.),25.202,260 19.369.775 62,124,450 31,606,064 21.390,486
Temporary loans (U. S.>.24,860.329 22,018,458 5,165,888 5,117,278 18,101,034
Canadian loans (perm’t). 8,478,363 4,127.053 2,376.291 10,782.659
28.100
Bonds of U. S. possesses 125,000
None
None
None
None
Panama bonds_________ 50.000.00*
do
do
do
do
Qen.Fund bds.(N.Y.Ctty) 6,500,000
do
do
do
do
Total..........................115,165,952 45,515,286 69,666,629 47,506.001 39,519,620

The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1911 were 289 and 378, respectively. This
contrasts with 402 and 551 for May 1911 and 328 and 423
for June 1910.
For comparative purposes we add the following table
showing the aggregates for June and the six months for a
series of years. In these figures temporary loans and bond
issues by Canadian municipalities arc excluded.
1911..........
1910..........
1909..........
1908_____
1907_____
1900_____
1905.........
1904..........
1903_____
1902..........

Month of
June.
.$25,202,200
. 19,369,775
. 62,124,450
. 31.606,061
. 21,390,486
. 21,086.622
. 19,010,754
- 21,425,909
. 16,920,019
. 28.417.172

For the
Six Months.
(220,88 ,636
162,810,110
207,125,317
169,082,579
115,317,889
102,338,245
111,723,051
137,869,155
79,676,434
87.628.395

Month of
June.
1901... ____ $13,468,098
1900... ........ 19,670,126
1899...
1898.... . . . . 9,701,925
1897.. ____ 16,385,065
1890--. . . . . 12,792,308
1895... ____ 15,907.441
1891... ____ 16,359,377
1,888.935
1893. . ____
1892... ........ 12,249,000

For the
Six Months.
$61,223,060
77,943,665
63,345,376
44,078,547
73,275,377
43,176,961
56.991,013
66,426.992
32.663,115
49.093.291

In the following table we give a list of June loans to the
amount of $25,202,200 issued by 289 municipalities. In the
case of each loan referenoe is made to the page in the “ Chron­
icle” where an account of the sale is given.
JUNE BOND SALES.

aturity. Amount. Price.
P
age.
Name.
Rate. M«1930
$20,0001 101,25
1053_ .A berd een, Miss.................... ........ "r>
((1927
5,000/
1653_ .A berdeen, Miss________________
120,000
1714. - Aberdeen, W a s h --------------------- Ola 1922-1931
1921-1031
11,000
6 5 _.A d a County, I d a h o ..................5
7,000
157 8 -.A d a m s C ounty, O h io_______ - 4
1912-1931
200,0001
1 6 5 3 ..
A lbany, N. Y _ __________ 4
1012-1921
93,500/
1 0 5 3 ..
A lbany, N. Y ___ ______ 4
1028
17,400
1 6 5 3 ..
Alliance, Ohio (3 issues)__________ ____________
al935
40.000
■ 04_.A nsonia, C onn_________ ______ 4
14,000
6 4 . . Arapahoe, N eb ______ ___________
1912-1921
15,000
1 7 1 4 ..
A rcnbold, O h io__________ 4 Y
3,000
1 6 5 3 ..
Arundel School District, O al._ 5
00,000
1 5 7 9 ..
Ashley Co. Dr. D . N o. 1, A r k . 6 1015-1936
1919-1925
210,0001
1 5 7 9 ..
Atlanta, ( l a _____________ 4 Y
1917-1925
180,000)
1 5 7 0 ..
Atlanta, ( l a _____ ________ A Y
1916-1925
450.000J
1 5 7 9 ..
Atlanta, G a ...................... .. A Y




04. .Attleboro, Mass.
64.
1714.
1653.
1653.
.
1714.
1714.
1714.
1714.
64.
64. .Beach City, Ohio____________ .
119. .Beltrami County, Minn_____ .
1053.
.
1714. .Berwyn S. D. No. 100, 111___ .
119­ .Bethlehem School Dlst., Pa__.
119.
1653. .Riggs School District, Cal___ .
64. .Blulfton School District, Ohio..
1054. .Bowman County, No. Dak .
1580.
1654.
1580.
.
1580.
.

1931
4
01925
4Y
(11921-1931
5
4
01931
4Y
1921
1921
4Y
4Y
1031
4Y
1931
1912-1921
5
1012-1913
5
1917-1925
5
01928
4Y
01925
5
(11021-1941
4
4 Y (11921-1951
5
1912-1936
4
1919-1939
5
1931
4)4 (11916-1934
1015-1934
4Y
5
1920
4
1912-1931
. 4
1912-1921
4 Y (11921-1931
4 Li

120.

Transient matter per inch space (14 agate lines) ..................................... $4 20
r Tw o Months
(s tunes)............................ 22 00
_
, „„„
) Three Months (13 tim es)............................ ‘29 00
Standing Business Cards <
Months
(20 tim es)............................ 50 00
(. T w elve Months (52 tim es)................. ........... 87 00
OH ICAG O O F F IC E —PHny RautletA, M3 Moaadnoek BLook; TeL Harrison 4012
LONDON O F F IC B —Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M IL D A N A C O M P A N Y , P u b lis h e r s ,
P . O . b o x 1 )58 .
F r o n t , P i n e a n d D e p o y s t e r S t s .,
N ew Y o rk .

102.063
100.403
100.0G2
4>4

98 .75
101 .202
102.433
96.50
101.52

117

1654.
1G54.
64.
.
1714.
1714.
.
1714.
64 _
.
1581.
.
1714
1654 ..Chicago, 111.— West Park Dlst.
1581 . . Chicago Hgts. S.D .N o.175,111.
64 . Chino, Cal-----------------------------.
.
1714

a

4Y
4Y
4Y

5
5

AY

5
4

AY

5
6
6
6
6

1912-1926
1921
1931
(11912-1931
(11016-1931
1912-1931
O1930

1931
(11921-1931
01919
01917
1012-1921
4Y
(11921-1931
5
01918
4
1945
AH
5
(11916-1931
4
1912-1920
5
1951
6
1935
5
1941
4
1921-1926
4
1916-1931
1912-1921
AY
120
. 5
(11921-1951
65
1054 . .Cressy School District, Cal----- . 5
. 5
01917
1714
(11921-1931
. 5
1054
1911-1930
1582 .Cuyahoga County, Ohio----- - . 4
1714 .Davenport School Dlst., Iowa
1912-1917
65 .Dedham, M ass.------- ------------ . 4
. 5
05
1714
■ A Y 1912-1921
1654 ..D e s Moines,
4Y
1916
5
1054
1912-1916
. 5
120
. 5
1054 Dixon, Cal.
01925
1582 .Dubuque Co
■4Y
. 6
(11921-1931
1582 . Dyer,Ten n.
. 5
1941
1054
. 4
1912-1929
1582
. 4Y
1054
01923
5
1582
01921
. 5
<1931-1951
65 Edgefield.
1715 Erwin (T.) Un. Fr. S. D. No. 1,
! 4
N. Y ____________
.
.
.
.
.
.
.
.
.
.
.
.
.

120

1654
1054
04
64
1581
1714
1714
65
1654
1654
65
1054
1654

■
.

.

. 6
6 5 .. Etowah County, Ala
1912-1931
1654
. 4Y
5
1654
1654 . .Eugene, Ore_____________
01929
1582 ..Evanston S. D. No. 75, 111.
- AY
01927
A
1 7 1 5 ..
Fairfield, M e---------------1917-1921
1 2 0 .-Fairview Sohool 1
.4.30 1916-1940
1654 . .F alconer, N. Y . .
. A
1912-1931
65. .
Fall River, Mass
01024
1 7 1 5 ..
Fargo, No. D ak.
4Y
. A
1916-1935
1 71 5 ..
Franklin, M a ss..
01914
1 6 5 5 ..
Franklin County,
- AY
5
< 1921-1931
120. .Franklin Co. S .D .
. 5
1715
. 4
01916
1583 ..Gloucester, Mass______
1655 . .Grainger County. Tenn.
1931
). 5
120
1921
6 5 ..
Groveport, O h io____
AY
1951
1 6 5 5 ..
Hale Co. Com. S. D. N o. 7, T5
6 5 ..
H amburg S. D. No. 13, .N.5 Y 1912-1931
<1031-1951
1 2 0 ..
H am pton, So. Car....... . 6
01916
■ 4Y
05
65 ..Ilardln County. Ohio----------65 ..Harrisburg, P a ....................... 4
1917
121 ..Hawthorne Sch. Dlst., N. J . . 5
1912-1916
1715 ..IIcltTownshlp, Ind_________ . 5
1910-1935
05 . Hempstead, N. Y ---------------- .4.20
.4.20 1912-1931
65
.4.20 1014-1910
G5
1931
. 5
1 2 1 ..
H erndon Sch, i
1931
0 0 . . H oboken, N. J
■4Y
01914
6 6 .-H ollan d, Mich.
■ 4Y
1916-1935
121. .H olland Patent
4Y
1922-1931
1 7 1 5 ..
Hoqutam , W a
1941
6
1 6 5 5 -.lfo t Springs, N
1 7 1 5 ..
Hutchinson, K;
4 Y <1931-1961
5
1 7 1 5 ..
1.ervlllo Parish S. p . . L a. ------------

.

■
.

i.

.

.

. 4

66

1941-1942

1912-1921
. 5
1655 ..Irvington, N. J ---------121 ..J ay County, Ind ___
1012-1921
1715
- 4Y
01918
121-_JclTerson County, Iow a —
4
4 H 1912-1926
1715 . .
Jefferson T w p., In d -1912-1921
1 71 5 ..
Johnstown, Ohio (2 Issues). 5
dl921-1941
. 5
6 6 .-Juniata, P a --------------------1941
1 5 8 4 ..
Kansas City, I v a n ...
■4Y
1912-1926
6
1 2 1 ..
Kansas City, M o---121. .K enm ore, N. Y --------------■ 4 Y 1910-1925
6 6 .-K itsap Co. S. I). N o. 24, \\
5H dl912-1921
1951
. 5
1656. .K n o x City Ind. S. D ., Tex
. 4H
1 7 1 6 ..
KnoxvllIe, P a ----------1912-1921
66. .
Lake County. O hio...... ■ A Y
1912-1921
6 6 ..
Lake County, O h io----- A Y
. 0
1656. La Mesa School District, C
<1915-1921
. 6
60
121 .Lancaster, Ohio —

- Y
■

.
■
■

121 .Lancaster, Ohio —

1650
1584
1716
60
1584
60
1716
1584
1584
1716
1716
1050

1925-1935
. 5
. 4
1031
Lo Flore Co. S. D . No.S.Okla. . 6
.Lewis Co. S. D. No. 9, W ash.. 4 Y
1941
.Lexington, Va..........................
Licking Co., Ohio (6 Issues). . . 4
.Lincoln Co. S. D. No. 12, Ida. 5
<1921-1930
.Long Prairie, Minn----------------6
Lorain Co. R . D. No. 1. O h io.. 4 Y ’ ‘fl 1*923' ' *
0.1932
.Los Angeles County, Cal.........
1912-1921
.Lowell, Mass--------------------------4
-Lubbook County Com. S. D.
No. 11, Tex........................... 5
<1916-1051

P rice.

104.09
50,000 106.82
13,000 104.462
42,000 101
4,000 100
20,000 104.55
100,000
187,0001
218,000]- 102.526
58,900j
10,500 103.159
1,000 100
162,000
400,000 103.434
42,000 107.14
31,000 100tol02
208,000
99.086
25,000 103.044
98.71
35,000
60,000 102.14
10,000 100.15
20,000 100.15
15,000 104.533
377,026 100 •
11,500 2100
150,000 1/98
50,700 101.319
117,300 101.152
15.400
50,000 1/101
50,000 • 102.88
35,000 1/100
300,000 102.587
50,000 1/100.51
1,000,000
15,000 103.42
40.000 104.75
1,500
15,000 100
7,500] 100
lO.OOOj

7,720
5,000
13,500
400,000
35,000
60,000
4,000
5,500
22,000
22,000
45,000
5,000
50,000
7,000
8,500
26,000
300,000
05,000
12,000
6,100
34,000
157,661
85,000
85,000
40,000
185,000
20,000
30,000
13,500
15,000
20,000
15,000

100.288
104.42
97.50
101.61
100
96.29
100
100.62
100.26
101.657
104.023
1/100.10
100.777
100.371
104.069
1/102.33
100
104.0775
102.562
100.25
101.02
101.03
1/101. 9
100

10,000 100
25,000
10,000 103.38
28,0001 1/100,66
25,000j
50,000 104.075
27,000 102.44
5,000 100
60,000 100.20
100,000 103.26
30,000 100
40,000 104.5106
36.COO 101.462
40,000 100
2.900 100
90.000 101.93
100.000
25.000 1/100.54
5,500 103.22
7,000 100
20,000 104.67
10,000
23,600
7.800
8.800 100
30,000 105.08
7,000
250,000 100.189
30,000 100.031
8,100 100.02
10,000
125,000 105.851
25,000 100.304
4,000 100
75,000
20,000
125,000 1/100.28
98
60,000
75,000 105.434
10.000 103.19
4,300 100.55
3,269
27,000 100.374
22,500
25,065 104.479
10,000
350,000 102.857
73,001 100.50
8,500 100
1,500 100
1,000 100
24.000
68.000 102.27
26,000 102.523
4,800 104.197
4.000 100
5,000 101.32
3,000 101.70
150,000 1/100.183
60,000 100.80
8,000

4Y

93.000
65.000
117.000
16.000

100
100

4Y

525.000
118,500

102.58
103.242
102.057

2,000
20,000

3,000

100

lo o

100

118

THE CHRONICLE

N am e.
Rate.
Page.
1584. -L yn chburg S chool DIst., O h io. 4 )4
1716­ .M cC om b City. Miss----------------- 5
121­ .M cCurtaln Co. S .D .N o .6 ,O kla. 6
1716. -McCutchenvUle, O h io--------------4 )4
40.000 102.0925
1 2 1 . .M cK en zie, T e n n ........ ................ 6
1931
75.000
98.313
6 6 . .M adison, W Is-------------------------- 4
4,700
1716. .M adison County, I n d - ................ 4)4 1912-1921
25.000 102.52
dl921-1931
1716. .M alheur Co. S .D .N o .15,Ore___6
1912-1933
60.000 100.34
1656. .M anchester, N . H ____________ 4
98.09
85.000
66 . -M anchester, N . H ______________3)4 1912-1928
40.000 103.19
1912-1931
6 6 . .M ansfield, Mass______________ 4
6,300
1585­ -M arlon, Ohio (3 Issues)_______ 4
25.000
1921
1716­ .M arshalltown, Iow a __________4 )4
79.000 101.80
dl920
1 2 1 . .M ason County, M ich___________ 4)4
9,500 100
(H916-1921
1656­ -Meagher Co. S . D . N o.21,M ont. 6
30.000 101.67
1912-1916
1716. .M enard County, 111----------------- 5
121 . .M eredosla Lake Drain. & Levee
11,700 100
al916
Dist., Ill................................... 6
99.50
249.700
1941
1585. .M inneapolis, M inn------------------- 4
250,300 103.41
1941
1585­ .M inneapolis, M inn--------------------- 4 ) i
99.17
416.700
1941
.M
inneapolis,
M
inn------------------4
1585.
750,000
99.319
1941
1656. .M inneapolis, Minn. (3 I s s u e s ) 4
75,000
99.35
1941
1656. .M inneapolis, M inn____________ 4
121 . -M orehead City Grad. Sell. Dist.,
6.000 J/102.016
1936
No. Caro___________________ 6
______
54.000
1912-1923
1 2 1 . .M orris County, K a n __________ 4 %
9.000 J/102.288
al917
6 6 ­ -M orrison, 111__________________ 5
............
22,500
1585­ -N evada City H . S . D ., Cal------ 5
1941~~
350.000 100.0511
1516. .N ew ark, N. J _________________ 4
______
150.000
a 1935
67. .N ew Barbadoes Tw p.S .D .,N .J_ 4 )4
5,000 101.93
al914
1585­ .N ew Bremen S . D ., O h io-------- 5
1931
40.000 100.03
67. .N ew burg, N . Y ------------------------ 4.10
128,000 100
67. .N ew Hampshire (S tate)----------3 )4
50.000
105.182
.
1716­ .N ewm an School District, C a L . 5
-N
ew
Rochelle,
N
.
Y
.
(3
Issues)
4
)4
149,oOO 103.52
67.
170,000 102.10
1716. -N ew Trier T w p . H . S . D ., H I-- 4 )4 1914-1930
1960
50.000 Z100
1 2 2 ­ .N ew Y ork C ity------------------------1920
2,500 100.92
67. .N iles, O h io_________________ - - 4M
12,500
1716. .N orth Adam s, Mass. (3 Issues) __
33.000 101.01
1716. .N orth A ttleboro, M a s s ------------4
01935
34.000
67­ .N orth Braddock S. D .. Pa------ 4 )4
1916-1927
72.000 100.39
67. .N orth Tarrytow n, N. Y ----------- 4)4
1931-1940
1,175,000
100
-Oakdale
Irrigation
Dist.,
Cal-_
5
67.
1912-1931
476,000/100.31 to
1657­ -Oakland, Cal. (4 issues)----------6
l 101.859
1912-1921
5,423 103.529
1657. -O akley, O h io_________________ •>
1912-1921
1,518 101.50
67. -O akley, O h io_________________ 5
1912-1921
1,310 101.654
67. .O akley, O h io--------------------------- 5
01922
18,000 104.827
1657. .O ’ Fallon S . I). N o. 92, 111------ 5
1931
235.000 102.09
1716 .O klahom a City S. D .. O k l a ... 5
60,640
122 . .O neida C ounty, Ida. (2 issues) . .
150.000 100
" ‘ o l 918 ""
1586. .O neida C ounty, N . Y --------------4
al916
38,000 101.131
1716. .Orleans County, N . Y ----------------4 )4
56.900 100.927
1 2 2 . -Orrvllle, Ohio (5 Issues)----------4)4
U1915
• • 46,000 V 102.63
1586. .O ttaw a County, O h io------------- 5
• 5,000 104.455
1717 .O x ford School District, O h io -. 4)4
05,000
103.77
(11920
1717 ..P a g e Co. Drain. Dist. No. 8, la 6
27,000 101.863
1586 . -Palnesvllle, O hio_______________ 4)4
3,000 105.333
1586 . -Palncsvllle, O hio.....................
4)4
50,500 101.98
1912-1941
122 ..P a lo A lto, Cal________________ 5
35,000
1912-1921
122 -Paris Township, III___________ 5
200,000
107.155
1941■
67 .-Paterson, N . J --------------------------- 4)4
28.000
1931
■
1657 ..PaynesvIUe Ind. S. D ., M in n .. 4
1941 • 2,300,000 101.341
1657 .-Philadelphia, P a ---------------------4
18,000 101.50
122 . -P lym outh, P a _________________ 4)4
100,000 2/103.30
1916-1935
1657 Pontiac, M ich- --------------------- 4)4
1931
1,500
1717 . .P on totoc Co. S. D. No. 7, Okla. 6
35,000 100.50
1921
67 .-P o r t Huron, Mich. (5 Issu es).. 4)4
125,000
95.76
1936
67 . .P ortla n d , Ore-------------------------- 4
75,000 100.40
1657 ..P o r t Townsend, W ash_______ 5)4
dl920
35,000 100.542
1657 ..P o r t W ashington, W Is------------4)4
1912-1931
10,000
1586 . -Poseyville, In d -------------------------4)4
250,000
67 ..P otta w a tom ie C ounty, O h io .. - (11916-1921
21,000 / 100 to
1586 ..P ottsv ille, P a _____ ____________4
1101.50
8,000 / 100.05
1 7 1 7 ..P ottsv ille, P a .
1to 101
30,000 101.198
1917-1931
122 .P u tn am County, N. Y ........... 4 )i
101.35
2,000
1912-1910
1586 .P utnam County, O h io------------5
67 .Q ueensbury Un. Fr. S. D .
15,000 103
dl925
N o. 1, N. Y ---- --------------------5
22,125 100.32
d l 9 13
1587 .Q u in cy , Mass. _ ----------------- 4
12,500 102.808
1916-1928
67 .R ansom e Sch. D ist., Cal-------- 5
145,000 103.684
((1927
1717 .Rensselaer, N . Y --------------------- 4)4
9,889 105.18
1912-1916
1658 .R evere, Mass_______________
4
25,00011 102.02
1658 R lchw ood, O h io-----------------------4)4
•
5,000 J
dl
9
18
.R
Ich
w
ood
,
O
h
io_______________4)4
1658
• 5,000 101
1658 .R ob erta , G a---------------------------- 5
5,512 101.573
dl917
1717 .R o c k y River, O h io----------------- 4)4
16,000
1658 .R o c k y S. D ., O kla------------------- --30,000 103.903
1941
122 .R o s s, Cal______________________ 5
37,000 100.486
122 .R oss County, O h io----------------- 4
12,000 102.2925
d l 9 17
1658 .S abina S. D .. O hio----------------- 4)4
20,000 102.125
(11931-1951
68 .S t. Matthews, So. C aro_______ 6
4,000
1658 .S t. Vincent, Minn------------------- - ­
d l 9 10
14,000 100.236
1717 -Sandusky, O h io-------------------------11,000 100.245
1717 .Sandusky, O hio_________________
102,300
122 -Sandusky C o., Ohio (6 Issues). 4)4
1717 .Sangam on Co. Tw p . II. S. D.
25,000 102.75
dl917
No. 13-5, 111________________ 5
40,000 100.583
1912-1951
158 7 -.S anta Barbara, Cal___________ 4)4
1587..S a ra tog a Springs Un. Fr. S. D.
48,000 100.072
4.20 1913-1926
N. Y
100,000 107.348
1938
68 .Schenectady County. N. Y ___ 4 )4
4,450
1717 .S co tt Countv, In d ...................... 4 )4 1912-1921
580,000 100
1931
122 ..Seattle, W ash_________________ 1
14,000 103.11
(11921-1941
1658 . -Sharpsvllle, Pa------------------------- 5
1,200
1912-1917
1717 ..Shaw nee, O h io________________ 6
200,000 101.525
1941
1717 ..S h elb y C o., T cn n ---------------------4)4
30,000
■ 68 ..Shelton Sch. Dist., N eb------------(11916-1931
8,000
1717 .Shiner, T e x ___________ ________ 5
12,000 100
1658 ..Shrew sbury, P a -----------------------4
33,000
(11927
1587 ..Sm ith T w p ., O h io______________4)4
dl922
15,000 105.21
1658 ..Sparta, W Is__________________ 5
10,650 100
1658 ..Spencer Co., Ind. (2 Issues)-- 4)4
1931
415,000 102.035
1717 ..Spokane, W ash_______________4 )4
1921 & 1931
10,000
122 ..Spooner, Minn________________ 6
1912-1921
59,000 103.660
68 . .Springfield, O h io_____________ 5
1916-1920
2,500 104.40
68 ..Springfield Tw p. S. D ., O h io .. 5
43,000
1717 ..Steubenville, Ohio (2 issu es)-. 4)4
1932
80,000 100.61
1518 -Steubenville Sch. D ist., O h io. 4
17,550
1912-1920
1717 .Sugar Creek T w p ., In d _______ 4 k
30,000 101.000
123 .S u lly County, So. D ak_______ 5
75,000 106
1941
1588 .Sum m erville, Ga. (2 Issues). . 5
2,500 103.40
1912-1916
1717 .Superior T w p ., O hio__________4)4
11,000 103.75
1913-1934
1658 -Sunbury S. D., O h io__________ 4)4
190.000 101.9567
1912-1921
68 .Syracuse, N. Y ----------------------- 4)4
290.000 100
1912-1931
68 .T a com a S. D. No. 10, W a s h -. 4)4
102.10
2,000
a l91 5
1588 ..Tallm adge T w p . S. D ., O h io .. 5
30.000 100.51
1717 -Tarrytow n, N. Y _____________ 4)4
100
10.000
"‘ " m f ”
1658 ..Teague Ind. S. D., T e x ----------5
35,000
(U931-1951
68 -Ttmm onsville, So. C aro.(2 Iss.) 5
150.000 100.
1921
1717 . -T oledo, O h io__________________4
30,5051 zlOO
123 ..T o le d o , Ohio (6 Issues)______ 5
104,979/
123 ..T o le d o , Ohio (2 Issues)_______ 4
36,000 103.141
1659 ..T r a c y Sch. Dist., Cal......... ...... 5
180,000 103.40
1912-1931
123 ..T r o y , N . Y _____ _______________ 4)4
15,941
100.337
1912-1913
123 ..T r o y , N. Y ........... ................... .. 5
12,000 101.427
1912-1921
123 -T roy , N. Y _ .................... .............4)4
75,000
123 . .T ucum carl, N. M e x ................... 5)4 (11931-1941
4,000 101.90
al916
1588 . .Tuscarawas Tw p. S. D., O h io. 4)4
9,000 102.472
«1919
1659 ..T y n n o ch e o T w p ., O h io_______ 4)4
8,000. 110.20
1936
68 _-U hrlchsvllle, O h io------------------- 5
115,000 104.283
1927
68 . -U rbatia. O h io-------------------------- 4 )4
25,000 102.52
..............
68 ..V a le Sch. D ist., Ore.......................-




[ V OL. LXXX- XII’

Rale. M aturity.
Page.
Name.
1912-1926
1 7 1 8 ..
Van Buren T w p ., In d ....... 4U
1718. -V lan, O kla..............- ................... 6 ’ 16.’21 ,’26& ’31
4 V, . 1912-1921
1659.
-W apakoneta, Ohio (2 Issues)dl929
1 7 1 8 .-W arren, O h io-------------------------- 4 Vi
1912-1919
1659. .
W arsaw, N. Y ----------------- 4)4
1912-1931
1 7 1 8 .-W ashington C o., P a --------------- 4
68.
-W ells Sch. Dist., N ev- 6
1912-1926
124. - Wendell Grad. S. D ., N o. Caro. 6
1941
1660.
-W estb rook, M e__________ 4
dl927
68-W estfletd, Mass______ 4
1911-1920
69.
-W est St. Paul, M inn-- 5
1921
1941
1 718-.W cstvllIe S. D ., C onn................ 4 H
1 71 8 ..
W hite River T w p ., In d ... 4 Vi 1912-1926
69.W h ltcsboro, N. Y ------ 4 H 1916-1930
1912-1916
6 9 .-W httesboro, N . Y ____________ 4 k
d 19 17
1589--W llIoughby, O h io....................... 4 H
(11912-1951
1660-.W Infleld Ind. S. D ., T e x -------- 5
(11912-1921
1 7 1 8 ,-W ood b u rn , Ore_______________ 6
1660. -W o o d County Com . S. D .
(11921-1931
5
1941
4
69.
1941
4)4
69.
5 )4 (11912-1931
09.
(11912-1931
5
69.
1660.
5)4 (11912-1921
5
(11912-1931
1600.
dl938
•
1719.
4)4
1941
•
5
1719.
1912-1928
5
69.

Am ount.
P rice.
$37,500
20,000
37,500 102.07
10,000 105.65
8,000 100.0475
500,000 101.14
15,000 101.34
10,000 2/102.38
25,000 102.96
85,000 101.62
7,000 101 08,5
40,000 105.109
27,000
7,500 100.20
1,939 100
27,000 101.90
8,000
100
4,087 100
1,500 100
250,00011 101.079
250,000J\
■
5,000 2/100
8,000 2/100
1,000 100
18,000 2/100
69,000 107.769
15,000
25,000

Total bond sales for June 1911 (289 municipalities
covering 378 separate Issues)---------------------------- fc$25,202,260
a Average date of m aturity, cl Subject to call In and after the earlier
year and mature In the later year, k Not Including $24,850,329 of tem­
porary loans reported and $6,500,000 general fund bonds of New York
City, and which do not belong in the list, z Taken by sinking fund as an
Investm ent, y And other considerations.
.

R E V IS E D TO T A L S FO R P R E V IO U S M O NTH S.

The following items, included in our totals for previous
months, should be eliminated from the same. We give tho
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Page.
. . . . Name.
......................................................... Amount,
1 6 5 3 ..
BlufTton S. D., Ohio (May list)_________________________ $35,000
1652. .
Chicago, III. (May list)__________________________________ 900,000
66. .
Lewis County S. D. N o. 9, W ash. (April list)_________ 93,000
8 2 4 .-Seattle, W ash. (January list)__ ________ ___________________ 1,967,000
1 7 1 7 .-Sully County, So. Dak. (April list)__________________________ 30,000

. . We have also learned of the following additional sales for
previous months:
Maturity.
Page.
• ■ N a m e ...................
Rate.
■
1921
6 4 ..
B abylon S. D. N o. 5, N . Y ________
5
1 7 1 4 ..
Batson Sch. Dist., T ex. (April) 5
1912-192 i
1 7 1 4 .. Boise City, Id a h o.......................7
(11921-1931
1 2 0 .-Custer County, So. D ak______ 5
(11917-1921
121 - - Klickitat Co. S .D .N o .63, Wash. 6
1 716-.L ebanon, Pa. (A p r il.)_______ 4
171 6 --L ittle R ock, A rk ---------------------5
66.
-Muskogee Co. S. D ., Okla-----------6
67.
-M uskogcc Co. S. D ., No. 10,
1931
O kla________________________ 6
’20,’ 214&’3 1
67. .
North Dakota (9 Issues)__________
1916-1921
6 7 -.O g d e n Ind. S. I)., Ia. (A p ril). 5
1717,-P Iqua, Ohio (M arch)__________ 5
1941
1 71 7 .-Prince Georges Co. S. D ., M d . 5
6 8 ..
Rogers ' o . S Tl N i . 2, 0> .a.
(A p ril)______________________ 6
6 8 ..
5 .lm o n City, Id a h o-------- 6
1717„ .Seattle, W ash. (9 Issues)_____ 6 * 7
1718_.U pper Dublin T w p ., P a ______ 4)4
6 9 ..
Yellowstone & Musselshell Co.
• Jt. S. D. N o. 27, M on t_______6

Am ount.
Price
$12,000 101.03

10,000

33.000
14.000
1,500

110,000
03.000
12.000

100

loo"" " ’

100.333
98
100.25

10,000 100

20,950 100
15.000 101.33
11,500 Z100
8.000 107
15.000
............
50.000 i/100
142,895
______
35.000 104.472
2.0 0 0

100

’ All the above sales (except as indicated) are for May.
These additional May issues will make the total sales (not
including temporary loans) for that month $ 13,683,240.
BONDS OF U. S. POSSESSIONS.
0 0 0 .-C ebu, Phil. Islands........................................4
(11921-1941 $125,000 102.33
D E B E N T U R E S SOLD B Y C A N A D IA N M U N IC IP A L IT IE S IN JU N E .
Page.
Name.
Rate. Maturity. Am ount.
P rice.
$3,000
1921
1719._A ltona, O n t - - ......... - .......... — 5
5,7001
1921
1 7 1 9 ..
Barrie, O n t......... ...............- 4)4
1,000)
1921
1719-.B arrIe, O n t__________________ _ 5
4.300J
1941
171 9 ..
Barrie, O nt............................ 4)4
48,000
1912-1956
1719. .B attleford, S ask______ ________ 5
110.422
1661 ..B r a n d o n , Man. (6 Issues)_____ 5
4)4 1931 &1941 2,018,138
1661 ..C a lga ry , A lta ------ --10,491
1661 ..C h ath a m , O n t________________ 5............
111,000
124.
-Chilliwack, B. C. (4 issues)-----------51951
•
1,500 100.2066
1719.D efiance S. D. No. 2612, Sask. 61912-1921
1/
1,730,100
99.83
70. .
Edm onton, A lt a -------- -4)4
50.000
' ' Tool""'
124--E dm unston, N. B ------------------- 5
1012-1951
175.000
98.635
1 2 4 --E dm onton S. D ., A lta ......... .. 4)4
3.500 100.571
1912-1921
125_-Elora, O ntario-------------------------4 h
14.000
125. .Flem ing S. D. N o. 45, Sask— <>
12.000
1 2 5 ..
Francis, Sask----------------- >>
1931
10,000
1661,-G ad sby S. D., A lta ----------------- 5)4
1931
25.000 100.668
125. .G alt, O ntario............................... 4 )4
64,600
98.06
7 0 .-H alifax, N. S _ . ......... - ...............4 )4
2.500
1 2 5 .-H u m b old t, Sask-------------------------1021
1 ,0 0 0
1720.Jansen, Sask------------------- ®
1912-1931
8,000
7 0 .. Kelross, Sask---------------- - - - - - «
1,200
1 72 0 ..
Klldrum S. D. N o.2695, Sask. 5U 1921
79,473
1 2 5 ..
Kingston, O ntario----------4)4
7.000
1 7 2 0 ..
Kipling, Sask------------------ r>
441.000
1661.Lethbridge, Alta. (7 is s u e s ).-- 4)4
1 72 0 .
-L in Isay, O n t.................................... ..................... 4 47,200
20.000
7 0 .-Ml Hand, O n t--------- - ----------•>
1926
5.000
1662 . -M ortlach, Sask . .................... j*
166 2 -Mountain, O n t. ------- - - - ------------1912-1931
------------------ 12,942
33,325
1 2 5 ..
North T oronto, Ont. (6 Issues) 4)4
1912-1921
2 0 ,000
1 2 5 .-N orth West Sch. Dlsts------------6
1947
: ,500,000 101
70- .O n t a r io _______________________ 4
36.000 105.702
1912-1941
166 2 -.O xford County, O n t....... .......... •>
25,0001 100.965
1912-1931
1362.-Penetangulshcne, O n t -------------- 5
27,000/
1912-1941
1662-.Penetanguishene, O n t----------------4)4
283,700
-- .
70-.P rIn ce Albert, Sask----------------- 4)4& 5 -------------5,000
............
1720 St. Albert, A lta ----------------------- 5
1912-1941
15,000
............
1 7 2 0 .-Shawcncgan, Que — ------------- . .
--------------1 72 0 ..
5 .r u c e Creek S. D. No. 723
2,000 103.40
1912-1931
Man ______________________
28.500 100.21
1591. .
5.ettler, A lta. (4 Issues)-2,000
100.25
70 Stonehenge S. D. No. 2436,Sask 6
401.122
70. .
5.rathcona, Alta. (15 issues). .4 )4 &5
26.000
1912-1931
1720. .W entw orth C ounty, O n t----------4 )4
1912-1921
13,650
7 0.-W Ia rton , O n t-------------------------- 5
1012-1931
10.500
70 York Township. O n t--------------- 5
8,500
125.-Zealandla Sch. Dist., Sask------ 5)4
T otal debenture sales for June 1911------------------------- $8,4 78,363
A D D IT IO N A L SALES OF D E B E N T U R E S F O R PR E V IO U S M O N TH S.
Rate.
Maturity.
Amount
P rice.
Page.
Name.
6 9 : . A n t e ^ u p ^ B u t t e S . _D._ N o. fl
m JM 021
$1>200 100.805
6 9 . . C o c h r a n e , O n t ________________ 15

. 1912-1931

50,000

-----------•

THE CHRONICLE

J u l y 8 191 1 .1
Rate.
Page.
Name.
1719_ .FalrydcU S. D. N o. 2346.
Alta. (A p ril)________________ 5
5®H
125_.IIartsburg Sch. D lst., Sask— 6
1720_.M urney S. D. No. 2599. S a s k .. 6
- 6
1 2 5 ,_Sligo S. D . No. 2311. A lta ____"
7 0 --Sum m it S. D. No. 2618. Sask.
(M arch)_____________________ 6
7 0 . -W eed Creek S. D. No. 2339,
Alta. (M arch)_______________6 6

M aturity.
1921
1912-1921
1921
1912-1921

Am ount.

1,500
1912-1921

P rice.

800 100.45
450 100.555
1,500 101.1176
1,200

500

100.35
100

All the above sales of debentures (except as indicated)
took place in May. These additional May issues will make
the total sales of debentures for that month $10/279,982.

119

mills, when added to the leyv of State, county, township and school pur­
poses shall not In the aggregate exceed 10 mills on the dollar, and whenever
such levies exceed 10 mills on the dollar,then It Is the dtuy of the budget
com m ission to scale such levies down In proportion to the am ount o f each
until the total levies so made aggregate 10 mills or less.
The right to levy five mills on the taxable property within such corpora­
tion Is further limited b y the provision that If said total levy of 10 mills
for the year 1911 will produce more taxes than were levied In the year 1910,
then such levy should again be scaled b y the budget com m ission until the
same will produce no larger revenue than the taxes levied In the year 1910
The live mills which, subject to the qualifications hereinbefore defined,
m ay be levied by a municipal corporation for corporat on purposes, are ex­
clusive of such levies for Interest and sinking fund purposes as are or m ay bo
necessary to provide for any municipal Indebtedness Incurred prior to the
passage of the A ct o f June 2 1911, and Indebtedness thereafter incurred by
a vote o f the people.

A number of the larger cities in the State complained that
if the levy for interest and sinking fund purposes was to be
Atlanta, Ga.—City Council Tables Resolution Asking Legis­ included in the one-per-cent limit, it would be impossible to
lature to Authorize Election for Commission Plan of Govern­ raise money enough for running expenses. Certain bond
ment.—The Atlanta “ Constitution” says that a resolution sales (see Cleveland, V. 92, p. 1714) been held in abeyance
presented to the General Council on July 3 by a committee pending a decision on this point.
of citizens requesting that body to petition the Legislature
Senate Official Convicted.— Rodney J. Diegel, Senate
to adopt a commission form of government for submission Sergcant-at-Arms, was found guilty on July 3 by a jury
to the people was laid on the table by a vote of 13 to 8. under Judge Kinkead of aiding and abetting the alleged
bribery of Senator La Forrest R. Andrews of Lawrence
See Y. 92, p. 1G52.
Cebu, Philippine Islands.—Bond Sale.— The $125,000 County. Diegel was jointly indicted with Senators Andrews,
4% 10-30-yr. (opt.) gold reg. sewer and drainage, water- Cetone and Huffman. See V. 92, p. 1652.
San Benito, Tex.— Commission Government Adopted.—•
supply and public school bonds offered on June 30 (V. 92, p.
1577) were awarded to Wm. A. Read & Co. of New York An election held June 27 is said to have resulted in favor of
at 102.33. Folsom & Adams of New York were the second governing the city under the commission plan.
highest bidder at 101.43 and the City National Bank of
Seattle, Wash.—City Offers to Purchase Property of
New York third at 101.00.
Seattle Renton & Southern Iiy.— As a result of the appraisal
Fond du Lac, Wis.— Injunction Made Permanent in of the property of the Seattle Renton & Southern Ry. by
Water-Works Case.— The Milwaukee “ Wisconsin” of July 1 A. L. Valentine, Superintendent of Public Utilities, R. H.
says that Judge C. A. Fowler has continued the temporary Thompson, City Engineer, and J. D. Ross, Superintendent
injunction procured by A. G. Purdy and other citizens to of Lighting, the Board of Public Works on June 30 voted to
prevent the city’s purchase of the water plant, and holds offer a price of $386,053 59 for the system. Under the ordi­
that no steps may be taken until the matter is submitted to nance passed prior to the election March 7, at which $800,000
a vote of the people. See V. 91, p. 539.
bonds were voted for a municipal railway system (V. 92, p.
Glenwood Springs, Colo.— City Loses Water-Works S u it— 673), the company has sixty days in which to consider
The suit brought by the Glenwood Springs Light & Water Co. the offer.
to restrain the town from issuing bonds for a municipal water
plant was decided June 2G by Judge II. E. Lewis of the lower
Bond Proposals and Negotiations this week
Federal Court in favor of the company. The city voted
$125,000 bonds on Jan. 4 1910 and offered these bonds and have been as follows:
$60,000 for the water plant, but the owners contended that
ALLIAN C E, Stark C ounty, Ohio.— Bonds Authorized.— The C ity Council
the value of the property was $350,000. See V .90, p.249. on June 12 passed an ordinance providing for the Issuance o f $8,300 4 )4 %
cou p. st.-Im p. (city's port.) bonds. Date July 15 1911. In t. J . & J. at
The case, it is stated, will be appealed.
the City Trcas. office. Due July 15 1921.
ANDERSON COUNTY (P. O. Palestine). T e x a s — Bonds Voted.— 'T he
Jersey City, N. J.—Election on Commission Form of
proposition to Issue the $150,000 Prec. N o. 1 road bonds (V . 92, p. 1578),
Government.— An election will be held July 18 on the question carried by a vote ot 367 to 135 at the election held June 24.
of adopting the Commission form of government. A petition
ARCH BOLD, Fulton C ounty. O hio.— Bond Sale.— On July 1 the $3,000
4 )4 % cou p, town-hall bonds (V . 92, p. 165 3) were awarded to Stacy &
bearing 13,141 names was filed July 3.
Braun of Toledo for $3,018 40 (100.613) and Interest. Other bids follow:
Los Angeles, Cal.— Harbor Bonds Declared Valid by New First Nat. Bank, C ol____S 3,003iScc. Sav. B k. & Tr. Co. Tol.$3,002 50
Supreme Court—Rehearing of Power Bond Case Denied.—
ASBU RY P A R K . Monmouth C ounty, N. J .— Bond Offering.— Proposals
be received until 8 p. m . July 10 for $25,000 4 )4 % cou p, (with privilege
On June 30 the State Supreme Court affirmed the judgment will
ot registration) lm pt. bonds. A uth. Chap. 13 Laws ot 1909. Denom.
of the Superior Court upholding the validity of the $3,000,000 $1,000. Date Jan. 1 1911. Int. J. & J. In New Y ork exchange. Due
1 1951. Official circular states that there has never been any default
harbor improvement bonds voted in April 1910. V. 91, p. Jan.
In the payment of principal or Interest o f any bonds, and that there Is no
1047. The Court also denied a petition for a rehearing of the controversy or litigation pending or threatened concerning the validity
of the bonds, the corporate exlstance, boundaries o f the m unicipality, or
case attacking the $3,500,000 municipal power plant bonds the
title of the present officers to their respective offices. W . C. Burroughs
which it declared valid on May 31. Y. 92, p. 1577.
Is City Clerk.
A
SH LAN D, Jackson C ounty, Ore.— Bond OJJering.— Proposals will be
McAlester, Okla.— District Court Restrains Recall of Mayor. received
until 5 p .m . July 18 by J. (J. Hurt, City Recorder, for the $12,000
— According to the St. Louis “ Globe-Democrat,” Judge Cole, 6% gold cou p, scptic-tank-const. bonds voted Mar. 4 1911 (V. 92, p. 824).
in the District Court, granted an injunction on July 3 re­ Denom. $500. Date Mar. 10 1911. Int. M. & A . at the City Treas. office.
10 yrs. op t. after 1 yr. Cert, check for $200, payable to the City
straining the City Commissioners from calling an election as Due
Recorder, required.
prayed for in a petition signed by 427 voters, asking for the
A SH TABU LA, Ohio.— Bonds Authorized.— Ordinances have been passed
recall of Pete Hanraty, the first Mayor under the commission providing for the Issuance of $16,000 Market St. and $12,000 Ilulbert St.
cou p, assess. Imp. bonds. D enom . of $16,000 Issue, $800, and of the
form of government. This is the second petition recalling 5%
$12,000 Issue, $600. Date April 1 1911. Int. A . & O. Due one-tenth
the Mayor. Judge Cole enjoined the calling of the former yearly beginning O ct. 1 1911.
A T TALIA SCHOOL DISTRICT (P. O. Attalia), Walla Walla C ounty.
election and that case was appealed to the Supreme Court.
W ash.— Bonds Voted.— Reports state that a proposition to Issue $5,500
New Orleans, La.— Public Improvement Bonds Re-sold.— school-bl.lg. bonds was favorably voted upon at an election held recently.
BARN ESVILLE INDEPENDENT SCHOOL DISTRICT NO. 60 (P . O .
Among our items about “ Banks, Bankers, etc.” this week Barnesvillc),
Clay C ounty. Minn.— Bond Offering.— Proposals will be re­
we print a circular letter to the stockholders of the Canal- ceived until 8 p. m. July 12 by E . A am odt, Clerk o f Sch. B d ., for $3,000
Louisiana Bank & Trust Co., containing facts of interest in 4 'A % 1 0-y ca rrcf. bonds.
BAY CITY INDEPENDENT SCHOOL DISTRICT (P . O. Bay C ity ),
connection with the purchase and re-sale by this institution Matagorda
C ounty. T ex.— Bonds Voted.— The election held July 1 resulted
of $4,000,000 of the $7,000,000 4% public improvement In favor of th e -proposition to Issue the $20,000 bonds (V . 92, p. 1579).
A ccording to reports the vote was 124 to 106.
bonds offered by the city on May 8. V. 92, p. 1331.
BAY TOW N SH IP (P. O. Port Clinton), Ottawa C ounty, Ohio.— Bond
Ohio.— Decision By State Supreme Court on Smith One- OJJering.—-Proposals will be received until 12 m. July 10 b y C. W . Darr,
Tvvp.
for $3,450 5% cou p, tax-free hlghway-lm pt. bonds. Denom.
Per-Cenl-Tax Bill.— In a decision rendered June 30 the State $500. Cerk,
except one bond o f $450. Date July 1 1911. Int. J. & J. at the
Supreme Court holds that the tax levy for the payment of T w p. Treas. office. Due $450 July 1 1928 and $500 yrly. July 1 1929 to
incl. Cert, check on a bank In Port Clinton for $100, payable to
principal and interest on all bonds issued prior to June 2 T1934
w p. Clerk, required. Bonded debt. Including this Issue, $6,400.
and for those bonds hereafter issued with a vote of the people
BELLE PLA IN , Benton C ounty, Iow a.— Bond Election.— An election
shall not be included in the limit of 10 mills on each dollar will be held on July 10 to vote on the question of issuing the $15,000 sewer
of the taxable value fixed by the Smith bill signed by the and water bonds (V . 92, p. 1128).
BELTON, Cass C ounty, M o.— Bonds Voted.— Reports state that a propo­
Governor on June 2, V. 92, p. 1578. The law in one para­ sition
to Issue $10,000 street-im pt. bonds carried at an election held recently.
graph (Sec. 5649-2) distinctly states that these levies shall
BELTRAMI COUNTY (P . O. B cm idji), Minn.— Bonds Offered by Bank­
be exempt from the one-per-cent limit, but the State Tax ers.— 'Dus Farwell Trust Co. o f Chicago oilers to Investors $162,000 5%
6-14-yr. (ser.) Judicial Ditch N o. 11 bonds. D enom . $1,000. Date
Commission held that the tax levies for sinking fund and May
1 1911. Int. M. & N . at the Farwell Trust Co.
interest purposes must come within the 5 mills on a dollar
BETHLEHEM SCHOOL DISTRICT (P . O. Bethlehem). Northampton
ounty, Pa.— Bonds Awarded in Part.— Of the $55,000 4% bldg, bonds
fixed in another part of the Act as the limit for municipal C
offered on June 30, $31,000 were disposed of at prices ranging from par to
purposes. The decision was in a test case brought by Cornell 102. The balance ot 324.000 will be sold, we are advised, at par or better
Schreiber, City Solicitor of Toledo and the Court decrees with accrued Int. to time of delivery. Denom. $100, $500, and 81,000.
Date Julv 1 1911. Int. J. <fe -T. Due July 1 1911, op t. after July 1 1921.
that levies may be made as follows under the new law: The
School Board pays the State tax on Its bonds.

N ew s Item s.

The taxing authorities of any taxing district m ay levy taxes not exceed­
ing the aggregate ot 10 mills on each dollar ot the tax valuation of the prop­
erty of such taxing district for State, cou nty, township, school and munici­
pal purposes, subject to the further limitation o f the paragraphs following.
In addition thereto, levies may be made for sinking fund and Interest
purposes necessary to provide for any Indebtedness Incurred before the pas­
sage o f said A ct, and any Indebtedness that m ay be Incurred after the pas­
sage of said A ct. by a vote of the people.
,
In case such levy for the year 1911 shall produce an am ount greater than
the amount of taxes levied In the year 1910, then such levy of 10 mills on the
dollar must be reduced to such a rate as will produce no m ore m oney than
the taxes levied for the year 1910.
,
,, ,
• A municipal corporation may levy for general purposes, as provided In
preceding paragraphs, 1, 2 and 3, an aggregate of live mills on the taxable
property within such corporation only In the event that such levy of live




B E X A R COUNTY (P. O. San A ntonio). T ex.— Price Paid fo r Bonds.—
The purchase price o f the $208,000 4 )4 % 10-4O-yr. (opt.) cou p. ref. court­
house bonds awarded Jointly to A . B. Leach & C o., N. VV. Halsey & Co. and
E . II. Rollins & Sons, all o t Chicago, was par and Int. less $1,900 discount, or
99,086— a basis of about 4.616% to op t. date and 4.551% to full m aturity.
BIG HORN COUNTY SCHOOL DISTRICT No. 4 (P . O. Shell), W y o .—
Bonds Not Sold.— The $1,000 6?:, 20-yr. cou p. bldg. bds. offered on May 20
(V . 92, i). 1328) have not yet been sold, we are advised under date of June 14
BIRM IN GH AM , Ala.— Bonds Voted.— The election held July 3 resulted
In a vote of 3,620 to 540 In favor o f the proposition to Issue the $1,300,000
5% 30-year gen. deficiency bonds (V . 92, p. 1653).
BISM A R CK , Burleigh C ounty, No. Dak.— Bond Sale.— The State o f
North Dakota has been awarded at 4 % the $15,000 clty-hall-constr. bonds
(V . 92, p . 1450).

120

THE CHRONICLE

B LA N C H A R D V ILLE , Lafayette C ounty. W is.— Bonds Defeated.— An
election held June 20 resulted In a vote of 57 “ for” to 73 "against” a propo­
sition to issue $4,500 street-im provem ent bonds.
BOISE C ITY , Ada C ounty. Idaho.— Bond Offering.— Proposals will be
received until 12 m . July 21 for $35,000 4 M % llre-dept.-lm pt. bonds.
A utli. vote o f 843 to 112 at an election held June 20. Due 20 yrs., opt.
after 10 yrs.
BOISE CITY INDEPENDENT SCHOOL DISTRICT (P . O. Boise City)
Ida.— Bonds Voted.— The question of Issuing the $30,000 W ashington bldg,
iind $20,000 Park bldg, gold coup. 10-20-yr. (opt.) bonds at not exceeding
5% int. (V . 92, p. 1714) carried, it is stated, by a vote of 128 to 28 at the
election held June 20. Date July 1 1911. Int. J. & J. at the Dist. Treas.
office or at any banking house In New York.
BOONE COUNTY (P. O. Colum bia). Alo.— No Bond Election.— W e are
advised that this county does not contem plate holding an election to vote
on the Issuance of $2,000,000 road-im provem ent bonds (V . 92, p. 1450).
BOSTON, AlASS.— Temporary Loan.— A loan of $ 1,000,000 dated June 27
1911 and maturing N ov. 1 1911 was negotiated In June a t 2 M % dis­
count. Date June 27 1911.
B RA D LE Y P A R K SCHOOL DISTRICT. N. J .— Bonds Defeated.— An
election held June 29, It is stated,resulted In the defeat of a proposition
to Issue $18,000 high sch. bldg, bonds. There were 7 votes “ for” and 37
‘against.”
B RO W N SVILLE , H ayw ood C ounty, Tenn.-..B ond Offering.— Proposals
will be received until July 10 by J. (). Homer, M ayor, for $10,000 5% str.
Impt. bonds. A uth. vote of 10 1 to 60 at an election held June 7. Denom.
$500 and $1,000. Date July 1 1911. Int. J . & J. at the Im porters’ and
Traders’ Nat. Iiank in New York. Due 30 yrs. A deposit of $200 required.
BRONWOOD, Terrell C ounty, Ga — Bonds Proposed — Tills city pro­
poses, reports state, to Issue $10,000 water system bonds.
BUFFALO N. Y.— Bond Sales.— Last month the following 4% bonds
were sold to city Sinking Funds at par: $11,500 1-10-yr. (ser.) grade-,
crossing bonds dated June 1 1911, $10,223 22 1-yr. m onthly local work
bonds dated June 15 1911 and $719.12 1-yr. market dept, (deficit) bonds
dated June 30 1911.
BURT INDEPENDENT SCHOOL DISTRICT (P. O. Burt), Kossutii
C ounty, Iow a.— Bonds Voted.— R eports state that an election held July 1
resulted In favor of the question of issuing $80,000 bldg, bonds. The vote
was 91 to 18.
CASON INDEPENDENT SCHOOL DISTRICT (P. O. C ason), Morris
C ounty. Texas.— Bonds liegistered.— A n issue of $5,000 5% 20-40-yr. (opt.)
bldg, bonds was registered by the State Comptroller on June 21.
CEDAR R A P ID S. Linn County Iow a.— Bond Offering.— This city will
sell at public auction at 10 a. m . July 10 at the La Salle Hotel In Chicago
the $55,000 4 M % sewer bonds voted June 15 (V . 92, p. 1714). Due
$5,000 yrly. July l 1922 to 1026 incl. and $6,000 yrly. July 1 1927 to 1931
Incl. Unqualified bids only will be accepted and the opinion of W ood &
Oakley of Chicago will be furnished for the Inspection of bidders before
the opening of the sale.
CHARLOTTE, Mecklenburg C ounty, No. Caro.— Bonds Voted.— The
election held July 4 resulted In favor of the question of Issuing the following
bonds (V . 92, p. 1581):
$350,000 water bonds— 1,483 " fo r ” to 205 "again st.”
150.000 sewer bonds— 1,415 “ for” to 217 "again st.”
100.000 school bonds— 1,502 “ for” to 157 "again st.”
150.000 street bonds— 1,395 “ for” to 220 "again st.”
65,000 auditorium bonds— 1,341 " fo r ” to 279 "ag a in st."
CHOUTEAU COUNTY SCHOOL DISTRICT No. 33 (P. O. Chester).
Mont — Bond Sale.— On June 27 the $15,000 10-20-yr. (opt.) funding
bonds (V'. 92, p. 1581) were awarded to the Chouteau County Bank In
Chester at par for 6s. Denom. $1,000. Date Aug. 1 1911. Int. anu. in
January.
CINCINNATI, Ohio.— Bonds Authorized.— Ordinances have been passed
providing for the Issuance of $1,000 Sauer A ve. (city’s p ortion), $5,000
str.-Im p., $10,000 epidemic-prevention and $500 str.-Imp. 4% 10-yr. coup,
bds. Denom. $500 or multiple thereof. Date July l 1911. Int. J. & J .
at the American Exchange National Bank In New Y ork, or the City Treas­
urer’s office.
C O FFE YV ILLE, M ontgom ery C ounty, K an.— Bond Election.— An elec­
tion will be held July 25 to vote on a proposition to Issue $125,000 5%]waterworks bonds. These bonds have been sold to Sutherlln ft Co. o f Kansas
City, M o., subject to this election.
COLLIN COUNTY (P. O. M cK inney), T ex.— Bonds Defeated.— An
election held June 27 defeated a proposition. It is stated, providing for the
Issuance of road bonds. The vote Is given as 43 to 296.
COMANCHE. Stephens C ounty, Okla.— Bond Sale.— On July 1 the
$7,000 water and $8,000 light 6 % 20-yr. cou p, tax-free bonds (V . 92, p.
1654) were awarded to the Greer Investment Co. o f Okla. City at 98.
CORNING, Perry C ounty, Ohio.— Bond Sale.— On June 30 the $5,000
town-hall bonds (V. 92, p. 1581) were awarded to the New First
N at. Bank In Columbus at 100.62. A bid of $5,020 was also received from
Seasongood ft Mayer of Cincinnati. Int. J. ft J. Due from July 1 1912
to July 1 1921.
COURTLAND RECLAMATION DISTRICT No. 551, Sacramento County,
Cal — Bonds Voted.— An election held Juno 24 resulted In favor of the
proposition to issue $305,932.60 6 % coup, warrant funding bonds. De­
nom . $1,000 or $100. Int. J. ft J. The bonds will be sold b y the Treasurer
of Sacramento County but the Secretary writes us that he does not think
they will be offered for sale until their validity Is determined b y a suit.
COVINA, Los Angeles C ounty, Cal.— Bond Offering.— Proposals will be
received. It Is stated, until 8 p. in. July 11 for $3,500 5% bonds. Denom.
$100. Interest semi-annual.
CRA W FO R D COUNTY (P. O. English), Ind.— Bond O fferin g— Prowill be received until 2 p. m. July 10, It Is stated, b y A . D . HulL
Bosals
o . Treas., for $4,100 4 >4% Liberty Tw p. and Marrengo road bonds.
D enom . $205. Int. M. ft N.
.
CULLM AN , Cullman County, Ala.— Bonds Authorized.— Reports state
that an ordinance was passed recently providing for the lssuanco of $15,000
sidewalk bonds.
CUSTER COUNTY (P. O. Custer), So. Dak.— Bond Sale.— An Issue of
$14,000 5% 10-20-yr. (opt.) refunding bonds was sold on May 9 to the
First National Bank of Custer at par. Denom. $1,000. Date M ay 10
1911. Int. M. ft N.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.— Bond Offering.—
Proposals will be received until It a. in. July 22 by the Bd. of Co. Com m ’rs.,
J. F. Goldenbogcn, Clerk, for $500,000 4% cou p, bonds. A uth. S e c .2484,
2435
and 2438 Gen. Code, also an election held N o v .8 1910. Denom.
$1,000. Date July 1 1911. Int. A . ft O. at the County Treas. office.
Due $8,000 each six m os., A pr. I 1913 to A pr. 1 1919 Incl. and $9,000 each
six mos. Oct. 1 1919 to A pr. 1 1941 Incl. U nconditional certified check
on a bank other than the one making the bid for 1% of bonds bid for,
payable to the Co. Treas., required. All bids must be unconditional.
Blank form for bid furnished upon application.
D A LLA S COUNTY (P. O. Selma), Ala.— Bond S a le— On July 3 the
$150,000 5% coup, road bonds (V . 92, p. 1582) duo July 1 1940 were
awarded to the City National Bank In Selma at 105.25 and Int. Other bids:
Selma Nat. B k., Selm a____$157,0101 John N uvcon ft C o., C h ic ..$153,126
O tto Marx ft Co.. Blrm’ m . . 156,000 Seasongood ft Mayer, C ln._ 152,657
W ell. R oth ft C o., Cln__ . . 153,825|Thos. J. Bolgcr C o., C h ic .. 152,325
A ll bidders offered accrued Interest.
DELAWARE, Delaware C ounty, Ohio.— Bonds Authorized.— Ordinances
have been passed providing for the Issuance of the follow ing 5% coup,
street-im provem ent bonds:
$2,500 Campbell St. bonds. Denom. $250. Due $250 yrly. Sept. 1 1912
to 1921, Incl.
2,000 Elizabeth St. and Central A ve. bonds. D enom . $200. Due $200
yrly. Sept. 1 1912 to 1921, Incl.
Dato July 1 1911. Int. M. ft S.
DEPORT INDEPENDENT SCHOOL DISTRICT (P . O. D eport), Lamar
C ounty. Tex. -B on d s Voted.— A favorable vote was cast on July 1, reports
state, on the question of Issuing the $20,000 bldg, bonds. (V. 92, p. 1052)
•*’ DE SOTO PARISH (P. O. Mansfield), La.— Bonds Offered by Bankers.—
H ‘. T . Holtz ft Co. of Chicago offer to Investors the $85,000 5% court­
house bonds (V . 92, p. 1654). Denom. $1,000, $500 & $100. Date June 1
1911. Int. In March at Mansfield. Due on March 1, $15,000 In 1912,
$17,000 In 1913, $17,500 In 1914, $18,000 In 1915 and $17,500 In 1916.
Bonded debt, this Issue. Assessed val., $4,193,570.




[VOL.

D E V I L S L A K E , R a m sey C ou n ty , No. D a k .—

L X X X XI1 I

Bond Offering Deferred.—

We are advised that the offering of $25,000 5% ref. bonds which was
have taken place July 3 has been deferred to some future time.

to

D U B L IN IN D E P E N D E N T SCHO OL D IS T R IC T (P . O. D u blin ). Erath
County, T ex .—
.— An election will be held Aug. 5 to vote o n
t h e proposition to Issue $45,000 bldg. bond3. It Is reported.
E A S T P R O V ID E N C E , P rovidence C ou n ty , R. I
.— On July 5

BondElection

.—BondSale

N. W. Harris ft Co., Inc., of Boston purchased $155,000 bonds at par
and Int., $80,000 bearing Int. at 4M % and $75,000 at 4% .
EL RENO, Canadian County, Okla.— Bond E l e c t i o n . —A proposition to
Issue $35,000 water bonds, according to reports, will be voted upon at an
election on July 11.
E M M E T T S C H O O L D I S T R I C T No. 5 5 ( P . O . E m m e t t ) , C a n y o n C o u n t y .
Idaho.
.— A favorable vote was cast recently on a pro­
position to issue $3,500 bldg, bonds. It is said that the bonds are now
being advertised for sale.
,
F A I R V I E W S C H O O L D I S T R I C T , Glen County, Cal
.— The $5,000 5% 6-10-yr. (ser.) bldg, bonds awarded to G. G.
Blymyer & Co. of San Francisco at par and int. (V. 93, p. 1715) are In
the denom. of $500 each and dated June 1 1911. Int. annual.
F A L L R I V E R , Bristol County, Mass.—
bids received on
June 29 for the $100,000 4% 1-20-yr.(ser.) school bonds awarded to Hayden,
Stone & Co. of Boston at 103.26 (V. 93, p. 65) follow:
E. H. Rollins & Sons, Boston. 103.1461Curtis ft Sanger, Boston----- 103.071
N.W.Harris ft Co.,Inc. B est.103.079 Estabrook ft Co., Boston----- 103.062
R. L. Day &Co., Boston ..... '03.079 I Blake Bros, ft Co.. Boston. - 103.06
Blodget ft Co., Boston
103.076) Perry, Collin ft Burr, Boston, 102.65
Adams & Co., Boston..
103.0711Merrill, Oldham ft Co., Bost.102.419
Denom. $1,000 or multiple. Int. J. ft D.
F A R G O , C a s s C o u n t y , No. D a k . — Bond Offering.— Proposals will be re­
ceived until 8 p. m. July 10 (date changed from July 3) for $65,000 5%
water-works and flltratlon-plant bonds. Auth. vote of 649 to 78 at an
election held July 6 and Sec. 2678, Sub. 5, Rev. Code of 1905. Denom.
$1,000. Int. seml-ann. Due $15,000 In 5, 10 and 15 yrs. and $20,000 In
20 yrs. Cert, check for 5% of bonds bid for Is required. Official circular
states that the city has never defaulted In payment of Its bonds, principal
or Interest, nor Is there any litigation or controversy pending or threatened
concerning the validity of these bonds, the boundaries of the municipality
or the titles of the officials to their respective offices.

—Bond Offering

—Description of

Bonds

Bids.—Other

FATE

IND EPEN DE N T

FORT

BEND

SCHOOL

D IS T R IC T

(P.

O.

F a te),

Rockw all

C o u n t y , T e x a s . — Bond Offering.— Proposals will be received until 2 p. m .
July 10 by H. F. Peek, Scc’y Bd. of Trustees, for the $13,000 5% coupon
bldg, bonds registered by the State Comptroller on June 21 (V. 93, p. 65),
Denom. $500. Date Apr. 22 1911. Int. Apr. 10 at the State Treas.
office at Austin. Due 40 yrs., opt. after 20 yrs. Cert, check for $500,
payable to II. F. Peek, required. No debt at present. Assess, val.,
$412,000.
COUNTY

(P.

O.

R ichm ond).

T exa s.—

Bonds Voted.—

The election held June 26 resulted In favor of the question of Issuing the
$75,000 5% 40-yr. Rosenberg Dist. road-Impt. bonds (V. 92, p. 1655).
The vote was 102 to 33.
FRAN KFORT, H e r k i m e r C o u n t y , N. Y . — B o n d O f f e r i n g . — Proposals will
be received until 12 m . July 13 by F . 11. W atson, VII. Treas., for the $60,000
sewer bonds (V . 92, p. 675) at not exceeding 5% Interest. A uth. Chap.
448, Laws o f 1911. Denom. $1,000 ft $500. Date “ day of sale.” Int.
Sept. Due on Sept. 1 as follows: $1,000 from 1916 to 1920 Incl., $1,500
from 1921 to 1925 Incl., $2,000 from 1926 to 1930 Incl., $2,500 from 1931
to 1935 Incl., $3,000 from 1930 to 1940 Incl., $4,000 111 1941 and 1942 and
$2,000 In 1943. Cert, check for 10% of bonds bid for Is required.
F R A N K L I N C O U N T Y ( P . O . M alone), N. Y .— B o n d O f f e r i n g .— Pro­
posals will be received until 10 a. m. July 14 by M. W . L antry, Pres. Co.
R oad Commission, fo r $100,000 4 M % reg. road bonds. Denom . $1,000.
Date M cli. 1 1911. In t. M. ft S. In New York exchange at the City N at.
Bank of New Y ork City. Due $10,000 yrly. M ch. 1 1921 to 1930 Incl.
Cert, check on a national bank or trust com pany for 2% o f bonds bid for
required.
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 . 1, W a s h , — B o n d S a l e .—

On June 28 $40,000 10-20-yr. (opt.) bonds wero awarded to the State of
W ashington at par for 5s. Other bids follow :
Carstens ft Earles, Seattle (for 5s)________________________ _________ $40,351
W oodln, McNcar ft Moore, Chicago (for 5 M s)_______________________ 40,915
Davis ft Struve Bond C o., Seattle (for 5 M s)________________
. . . 40,406
E . II. Rollins ft Sons, Denver (for 5 M s)- - - -------------------------------- 40,200
Union Trust ft Savings Co , Spokane (for 5 M s )------------------------ -------40,112
W ashington Trust & Savings Bank, Seattle (for 5 M s)--------------------- 40,000
((fo r 5s_______________ - .................. .. 40,000
J. N . W right & C o., Denver i (for 5 M s)----------------------------------------- 40,000
l (for 6 s)............- ......................................... 41,200
Thomas J. Bolger C o., Chicago (for 6 s)------------------------------------- 40,824
John Nuveen & C o., Chicago (for 6s)------------------------------------------------ 40,160
A bid was also received from W in. D. Perkins ft Co. of Seattle. Denom.
$1,000. Date “ about July 15 1911.”
G A L E N A S C H O O L D I S T R I C T (P. O. G a len a), D elaw are C o u n t y . O h io —

bonds Defeated.— A ccording to reports, a proposition to Issue $2,000 hlglisch.-bldg. bonds failed to carry at an election held June 24. The vote
w a s 9 " fo r ” to 29 "aga in st.”
G A L I O N . C r a w f o r d C ounty. O h i o , — B o n d s A u t h o r i z e d . — An ordlnanco
was passed providing for the Issuance o f $7,800 4 M % cou p. N o. Market
St. paving assess, bonds. Denom. $500, except one bond o f $800. Dato
A ug. 1 1911. Int. F . & A . at the City Treas. office. Duo $500 yrly .
A ug. 1 1913 to 1921, Incl., and $3,300 A ug. 1 1922.
G E T T Y S B U R G , P o t t e r C o u n t y , S o . D a k . — Bond O ff e r i n g .— Proposals
will be received until 8 p. m . July 11 by R . L . Fllcklngcr, City A u d ., for
$5,000 city bldg, and fire apparatus and $10,000 sewer 5% cou p, bonds.
Auth. Sec. 1229, Chap. 14, R ev. Political Code of 1903, and Chap. 155,
Laws of 1905. Denom. $1,000. Int. annually for city bldg, bonds and
semi-annually for sewer bonds, payable In Gettysburg. Duo 20 yrs. Bonds
are exem pt from all taxation. Cert, check for 5% o f bonds bid for, paya­
ble to the City Treas., required. Bond, debt at present. $18,000. Assess,
val. for 1910, $206,000.
G O N Z A L E S C O U N T Y ( P . O . G o n z a l e s ) , T e x a s .— V o t e o n B o n d s . — The
election held June 27 resulted In a vote of 383 to 81 In favor of the question
o f issuing the 150,000 5% Road Dist. N o. 1 bonds (V 92, p. 1715).
T h e *60,000Dist. N o.S bon d s were defeated on the same d a y b y a v o te of81
“ for” to 101 "again st.”
G R A N D R A P I D S , K e n t C o u n t y , M ich.— B i d s R e je c t e d a n d B o n d O f f e r i n g .
— All bids received on July 3 for the three Issues o f cou p, bonds aggregating
$353,000 (V . 92, p. 1718), were rejected. They are now being re-offered
and proposals to be opened July 31.
GREENE COUNTY (P. O. Catskill), N. Y . — B o n d S a l e . — On July 3
the $21,500 Lexlngtou-Puttsvillc Highway and $13,500 So. Cairo Highway
4% coup, (with privilege of reg. as to prlu.) tax-free bonds (V . 92, p. i6 53 ),
were awarded to local parties at par and lilt.
G R E E N W O O D S C H O O L D I S T R I C T N o . 1 8 ( P . O . G r e e n w o o d ) . G re e n ­

w o o d C o u n t y , S o . C a r .— B o n d S a l e . — On June 30 the $25,000 5% 20-yr.
gold cou p. bldg, bonds (V. 92, p. 1655) were awarded to the Security
Trust Co. of Spartanburg at 100.54 and Int. Purchaser to furnish blank
bonds. Other bids follow:
W oodln, McNear ft Moore, Chicago.............................................. __ *$25,202 50
S. A . Kean ft C o., Chicago-.____________________________________ *25,162 50
A . J. H ood ft Co., D etroit_____________________________________ *25,135 00
Seasongood ft Mayer, Cincinnati______________________________ *25,126 50
Weil, Roth ft C o., Cincinnati....... ....... ..............._______________ *25,120
Provident Savings Bank ft Trust C o., Cincinnati_____________
25,065
J. II. Hllsman ft Co.. A tlanta________________________________
24,260
Cutter, May ft C o., Chicago---- -------------- ------------ ---------------------- *23,750
All bidders offered .accrued int. In addition to their bid. ‘ And blank
bonds. Some of the bidders d id not com ply with conditions.
GREGG COUNTY (P. O. L ongview ), T exas.— Bonds Voted.— 'The
question of Issuing $100,000 road bonds can-led by a vote of 555 to 188
'I t Is stated, at an election held July 1.
>
HAMPTON, Hampton C ounty. So. C ar.— Bonds Offered by Bunker.—
John W. Dicker of Augusta is offering to Investors at a price yielding
5.75% an Issue of $10,000 6% 20-40-yr. (opt.) sch. bonds. Denom. $1,000.
Date May 1 1911. Int. M. ft N. The legality of this Issue has been
approved by Messrs. Hendersons of Aiken. Assess, val. of taxable pro­
perty $213,605. Actual val. (cst.) $800,000. No other bonds outstanding.
H A R R IS COUNTY (P . O. H ouston), T ex.— Bond Offering.— Proposals
will be received until 10 a. m, A ug. 1 by A . E. A m cnnan,C ou nty Judge

for t lic $ l,250,000 4 }$ % ship-channel navigation im pt. bonds (V. 92, p.
1266). D cnom . $1,000 except 4 bonds of $500 each. Int. semi-ann. in
H ouston or at the N at. Hank of the Repullc, Chic, at opt. of holder. Due
one-fourth In 10, 20, 30 and 40 yrs. Cert, check for 1% of bid, is required.
The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this Department.
H A R T F O R D -W E S T

M ID D LE

SCHOOL

D ISTR IC T,

C o n n — Bond

Offering.— A ttention Is called to the official notice elsewhere in this depart­
ment of the $160,000 4 % 25-yr. cou p, bonds. For description and terms
o f offering see V . 93, p. 65.
H A R T S V I L L E , D a r l i n g t o n C o u n t y , S o . C a r o . — Bond Offering.— Propos­
als will be received until 12 m. July 31 by F . A . Miller, M ayor, for 515,000
S o. Carolina W estern R y . const, bonds at not exceeding 6 % lnt. D cnom .
$100. Int. annual. Due 10 yrs., op t. after 5 yrs. Cert, check for $1,000,
payable to the “ Town o f H artsvllle,” required.
H A T T I E S B U R G , F o r r e s t C o u n t y , M i s s . — Bond Sale.— The First Na­
tional Bank of Commerce In Hattiesburg has been awarded, It is stated,
$40,000 school bonds.

HAWTHORNE SCHOOL DISTRICT (P. O. Hawthorne), Passaic County,

j — Bond Sale.— An issue of 530,000 5% bldg, bonds was awarded on
iiin c’ 29 to Outwnter & Wells of Jersey City at 105.05. A bid of 104.111
was received from A . B. Leach & Co. of New York and a bid of 104.142
was received from R . M. Grant & Co. of New Y ork . Denom. 51,000.
In t. J. & J. Dne July 1917.
H A Z L E T O N C IT Y SCHOOL D IS T R IC T
C o u n t y , P a . — Bond Offering.-—Proposals will

(P.

O.

H azleton ),

Luzerne

be received until 12 m. July 18
for $85,000 4% hlgh-sehool -bldg, bonds. D enom . $500. Date July 1 1911.
Due part each year from July 1 1916 to July 1 1941. Cert, check for 10%
o f bid, Is required. D . T . Evans is Secretary.
H E A R N E , R o b e r t s o n C o u n t y , T e x . — Bond Offering.— Further details
are at hand relative to the offering on July 10 of the $20,000 water-works
and $5,000 elec.-light 5% tax-exem pt 20-40-yr. (opt.) cou p, bonds (V. 93,
I>. 6 5). Proposals will be received until 5 p. m . on that day by P. L. Brady
Mayor. Denom. $500. Date May 1 1911. Int. J. & J. at Hanover
Nat. Bank in New Y ork. Bonded debt $5,000. N o floating debt. Sink­
ing fund $2,600.
H E R N D O N SC H O O L D I S T R I C T (P . O. H e r n d o n ) , Fairfax C o u n ty . V a .—

Bonds Voted and Sold.— The question of issuing $10,000 5% 20-yr. bldg,
bonds carried by a vote of 66 to 56 at an election held June 22. Wre arc
advised that these bonds are all sold.
H O L L A N D P A T E N T , O n e i d a C o u n t y , N. Y .— Bond Sale.— On June 27
the $4,000 5-24-yr. (scr.) water bonds (V. 92, p. 1655), were awarded to
Geo. G. Chassell at par and lilt, for 4J^s. Other bids received were from
Adams & C o., Geo. M. Ilahn, of New York and John J. Hart of Albany.
H O LTV ILLE
I m p e r ia l C o u n t y , C a l. — Bond Election.— Reports state
that an election will be held to vote on the question of Issuing $7,000 6 %
water bonds. Interest semi-annual.
HUMBOLDT. Hum boldt C ounty, Iow a.— Bonds Voted.— An election
held June 29 resulted, it Is stated, in favor of the question of issuing $2,800
high-school-bldg. Impt. and $1,200 funding bonds.
HUTCHINSON, Reno C ounty, Kans.— Bond Election.— An election will
be held, it is reported, to vote on the question of Issuing $5,000 sewer bonds.
ISLE MARONNE D R A IN A G E DISTRICT (P. O. A bbeville), Vermilion
Parish, La.— Bonds Voted.— An election held June 20 resulted in favor
o f issuing $19,000 canal-im pt. bonds, according to reports.
JA Y COUNTY (P . O. Portland), Ind.— Bond Sale.— J. A . Jaqua, it is
stated, was awarded $4,300 N oble Township road bonds for $4,323.65
(100.55) and interest.
JEFFERSON COUNTY (P. O. Fairfield). I o w a — Bond Sale.— On June 30
tne $27,000 4 ) i % 6 H vr. (av.) coup, hospital bonds (V. 92, p. 1715) were
awarded to the' Iow a State Savings Bank In Fairfield for $27,101 (100.374)
and interest.
JEFFERSON COUNTY (P. O. W atertow n ), N. Y — Bond Offering.—
Proposals will be received until 12 m . July 20 by F. W . Mayhew, Co. T rcas.,
for $15,000 4% reg. hospital bonds. A uth. Chap. 11 Consolidated Laws,
as amended by Chap. 341 Laws of 1909. Date Feb. 1 1911. Int. F . & A .
at Co. Treas. office. Due $5,000 Feb. 1 1926, 1927 and 1928. Cert,
check for $200 requited. Official circular states that there is no litigation
or controversy pending or threatened concerning the validity of these bonds,
and also that the principal and int. of all previous issues haveneverbeen
contested.
JEROME SPECIAL SCHOOL DISTRICT (P. O. Dublin R. F. D. No. 1),
Union and Delaware Counties, Ohio.— Bond Sale.— The $4,000 5% 4 H yr.
(av.) bldg, bonds (V. 92, p. 1715) were awarded on July 1 to Lawrence
W ocrner at ($4,100) U'2.50— a basis of about 4 % % .
Far. Nat. Ilk., Plain C ity, $4,020|Scc. Sav. B k .& T r. C o.,T ol_$l,016 75
JONESBORO GR A DE D SCHOOL DISTRICT. Lee County. No. C a r Bond Offering Postponed.— The offering of the $10,000 5% 30-yr. coup. bldg,
bonds (V. 92, p. 1515) which was to have been on June 5 has been post­
poned until 12 m. A ug. 7. The change was m ade, we are advised, “ in view
of the fact that the tax valuation of property In this county will be equalized
on July 10 and show a decided increase.”
K A N SA S C ITY, M o.— Description of Certificates.— The $73,001.34 6%
1-15-yr. (ser.) Series “ W ” park fund tax ceniflcates awarded on June 26
to the Fidelity Trust Co. of Kansas City, M o. at 100 50 (V. 93, p. 66) are
in the denom . of $1,000 each. Int. J. & J. at the Treas. office.
KEN M ARE, Ward C ounty, No. Caro.— Bond Offering.— Proposals
will be received until J u 'y 14 for $10,000 5% city-h a ’l bonds .Auth. vote
o f 114 to 24 at an election held June 20. Due 20 years.
KENMORE, Eric C ounty, N. Y — Bond Sale.— On June 26 $8,500 5-14yr. (scr.) reg. sewer bonds were awarded to Adams & Co. of New York
at par and Int. for 4 H s. A uth. vote of 117 to 4 at election held June 6.
D enom . $850. Date Sept. 1 1911. Int. M. & S. at the VII. Treas. office.
KING COUNTY SCHOOL DISTRICT No. 137, W a s h — Bond Sale.—
On July 1 the $8,000 5-20-yr. (opt.) coup. ref. and bldg, bonds (V. 92, p
1716) were awarded to the State of Washingon at par for 5s. Other bids
follow: W ash. Trust & Sav. Bank, Seattle (for 6s) $8,000. W . D . Perkins
& C o., Seattle (tor 5 Hs) $8,012 50.
KLICKITAT COUNTY SCHOOL DISTRICT No. 63, W ash.— Bond Sale.—
On May 20 an issue of $1,500 6",', school bonds was awarded to W . D.
Perkins fc Co. of Seattle for $1,505— making the price 100.333. D enom .
$500. Date July 1 1911. Int. J. A J. Due July 1 1921, op t. after July 1
1917.
L A K E CHARLES FIRST SEW ERAGE DISTRICT (P. O. Lake Charles)
Calcasieu Parish, La.— Date o f Bonds Changed.— The date of the $125,000
5% gold coupon bonds awarded on April 8 to the Hanchett Bond Co. of
Chicago (V. 92, p. 1055) has been changed from Jan. 1 1010 to June 1 1911.
The change In date was m ade, we are inform ed, for greater convenience in
adjusting the interest.
LANCASTER, Fairfield C ounty, Ohio.— Bond Sale.— On June 22, it is
stated, the Fairfield National Bank in Lancaster was awarded $5,000 bonds
at 101.32 and the Farmers’ & Citizens’ Bank in Lancaster S3,000 bonds
at 101.70.
LANESBORO IN DEPEN DEN T SCHOOL DISTRICT NO. 158 (P . O
Lanesboro), Fillmore C ounty, Minn.— Bonds B id.— This district Is nego­
tiating with the State of Minnesota for the sale, at 4 % , of the bonds re.
cently voted.
LARCHMONT, W estchester C ounty, N. Y .— Bond Offering.— Proposals
will be received until 8:30 p. m . July 24 for $25,000 sidewalk bonds. A uth.
Sec. 129, Village Laws. Denom. $1,000. Int. M. & S . Due $1,000 yrly.
on Sept. 1 from 1916 to 1940 lncl. Cert, check for 10% of bid Is required.
LE SUEUR SCHOOL DISTRICT, Lc Sueur C ounty, Minn.— Bonds
Voted.— A ccording to reports, a proposition to Issue $5,000 4 % sell. bldg,
bonds carried by a vote of 70 to 19 at an election held recently.
LIGONIER. W estm oreland County, Pa.— Bond Offering.— Proposals will
b e received until 10 a. m . Aug. 1 by W . A . Peterson, Chairman Finance
C om m ., for $18,800 4 y i% 10-30-yr. (opt.) tax-free ref. and sewerage bonds.
Dcnom . $200. Date A ug. 1 1911. Int. semi-ann. Cert, check for 2%
o f bid, payable to the Treas., is required. Assess, val. $940,785.
LIN DSAY, Tulare County. Cal.— Bonds Voted.— The election held June
26 resulted I11 favor of the proposition to Issue $75,000 sewer and $55,000
water 5% semi-annual 1-40-yr. (scr.) bonds. The vote on the sewer bond
Issue was 204 to 29 and on the water bond Issue 186 to 47.




121

THE CHRONICLE

J u l y 8 1 9 1 1 .]

L I T T L E F L O C K S C H O O L D I S T R I C T . B ell C o u n t y , T e x — Bonds Voted.
— A n election held recently resulted in favor, it is stated, of a proposition
to Issue $3,000 bldg, bonds.
L O N G B E A C H , C a l. — Bonds Voted.— The proposition to issue the $850,
000 4 K % water-plants-purchase bonds (V. 92, p. 1656) carried b y a vote
of 1,228 to 121 at the election held June 27. Denom. $500 and $1,000.
Due $25,000 yearly, beginning in 1917.
AlcCO N N E LSV I L L E , M organ C o u n ty ,
O h i o . — Bond Offering .— Pro­
posals will be received until 12 m . July 11 b y F. B . K rap s.V il. C lerk,for
$6,500 4 K % cou p, tax-free str. im pt. bonds. A uth. Sec. 3939 Gen. Code.
D enom . $500. Date June 1 1911. Int. J. & D . at the Vll. Clerk’s office.
Due $500 each six mths. from June 1 1923 to June 1 1929 incl. Bonds
to be delivered and paid for within 10 days from time of award. Certified
check for $260, payable to VII.Treas., required. Purch. to pay accrued lnt.
M c C U R T A I N C O U N T Y S C H O O L D I S T R I C T No . 6 ( H a w o r t h ) , O k l a . —
Bonds Offered by Bankers.— II. C. Speer & Sons Co. of Chicago are offering
to investors $7,000 6 % bonds. Denom. $500. Date May 6 1911. Int.
J. & J. at the fiscal agency in New York. Due Jan. 1 1931. Bonds bear
the certificate of the A ttorney General of Okla. certifying to the legality
and validity of this issue. No other debt. Assess, valuation 1910, $140,777.
M c K E N Z I E , C a rr o ll C o u n t y , T e n n . — Bond Sale.— On June 20 the $40,000
6 % coup, water and elec.-light and str.-im p. bonds (V . 92. p. 1585) were
awarded to the New First National Bank in Columbus at 102.0925.
M C L E N N A N C O U N T Y ( P . O . W a c o ) , T e x . — Bonds Defeated.— The p r o ­
position to issue the $600,000 good-road bouds (V . 92, p. 1585) failed to
carry at the election held June 20. There were 753 votes “ for” and
1,662 "again st.”
Bond Offering.— Further details are at hand relative to the offering on
July 10 o f the $100,000 5% Itoad District N o. 1 (McGregor Precinct) bonds
(V . 93, p. 66) . Proposals will be received until 10 a. m. on that day by
T . L. McCullough., County Judge, Denom . $1,000. Date July 10 1911.
In t. A . & O . at New Y ork or A ustin. Due 40 y r s ..op t. after 10 yrs. Bonds
are exem pt from all taxation. Cert, check for $2,500, payable to the
County Judge, required.
_
M A C O N , G a . — Bond Offering.— Proposals will be received until 12 ra.
Sept. 4 by A . R . Tinsley, Treas., for $700,000 of the $900,000 4
gold
cou p, bonds voted Mar. 18 to purchase the plant of the Macon Gas Light
& W ater Co. Entire Issue validated April 17. Denom. $1,000. Date
July 1 1911. In t. J. & J. at Treas. office. The bonds offered are due on
Jan. 1 as follows: $20,000 yrly. 1916 to 1920 incl., $30,000 yrly. 1921 to
1925 Incl., $40,000 yrly. 1926 to 1935 incl. and $50,000 in 1936. The
$200,000 to be sold later mature $50,000 yrly. on Jan. 1 1937 to 1940 Incl.
Cert, check for $1,000 required. Delivery Sept. 30. Bonds are exempt
from city taxes. Official circular says that no previous issue of bonds
has been contested and prln. and Int. on bonds previously issued have been
prom ptly paid. O f the total issue $699,000 Is to buy the plant; the balance
to be used to im prove the same.
M A L D E N . M iddlesex C o u n t y , M a s s . — Bond Sale.— On July 6 $42,000
4 % bonds were awarded to Geo. A . Fernald & Co. o f Boston at 104.21,
it is stated.
MARATHON, Marathon County, Wis.— Bonds Voted.— An election

held June 6 resulted in favor of the question of issuing water bonds. We
are advised that these bonds will be offered for sale in about 2 months.

M ARION , Marion C ounty, Ohio.— Bonds Authorized.— An ordinance has
been passed providing for the issuance of $15,000 4% cou p, fire-dept. bonds.
D enom . $500. Date not later than Mch. 1 1911. Int. M. & S. at the
City Treas. office. Due $1,000 each six months from Mch. 1 1913 to
Mch. 1 1920 inclusive.
M A R Y L A N D . — Bond Sale.— The $300,000 4% 10-15-yr. (opt.) coup,

(with privilege of registration as to principal) State Insane Hospital Loan
Series B bonds, V. 92, p. 1516, were sold on July 1 as follows: $250,000 to
the Safe Deposit & Trust Co. of Baltimore at 100.37, $50,000 to Townsend
Scott & Sons of Baltimore, $25,000 at 100.54, $10,000 at 100.82 and
$15,000 at 100.01.
M A S O N C O U N T Y (P . O L u d i n g t o n ) . M i c h . — Bond Sale.— On June 24
$79,000 4
8 H yr. (av.) road bonds were awarded to W . E . Moss & C o .
of Detroit at 101.80 and int.— a basis of about 4.246%.
M A S S A C H U S E T T S . — Temporary L oan.— A loan of $ 1 , 0 0 0 , 0 0 0 , d u e
Nov. 15 . has been negotiated, according to reports, at 2 % % .
MELROSE,

Aliddlesex

County,

Alass.—

Temporary Loan. — A l o a n o f

$30,000, due Dec. 15 1911, was negotiated on July 5, it Is stated, with
F . S. Moseley & Co. of Boston at 3.42% discount and 50 cents premium.
A1ERE DO SIA L A K E D R A I N A G E A N D L E V E E
J a c k s o n v i l l e ) , A l o r g a n C o u n t y , III.— Bond Sale.— On

D IS T R IC T

(P.

O.

June 17 the $11,700
6% 5 yr. (av.) assess, bonds (V. 92, p. 1656) were awarded to G. Eisglebaugh
of Arenzville at par and lnt.

A1IAAII S C H O O L D I S T R I C T (P . 0 . Alia m i ) , O t t a w a C o u n t y , O k l a . —
Bond Sale.— We are advised by the Clerk of District that the $75,000 bldg,

bonds (V. 92, p. 1453) have been sold.

A 1 0 C L IP S SC H O O L D I S T R I C T (P . O . A lo c lip s ), C h ch a lis C o u n t y , W a s h ,

— Bonds Voted.— The question o f Issuing $4,500 school-building bonds. It Is
reported, was favorable voted on at an election held June 28.
A 1 0 N T G 0 M E R Y C O U N T Y ( P . O . R o c k v i l l e ) , A i d . — Bonds Voted.— An
election held June 10 resulted in favor of the proposition to Issue the $12,000
4% road bds. (V . 92, p. 1331). Due $600 yearly.
A I O N T G O A 1 E R Y C O U N T Y ' ( P . O . D a y t o n ) , O h i o . — Bond Offering.—
Proposals will be received until 10 a. m . July 13 for the following 4 ^ %
cou p, bonds (V. 93, p. 66.)
$1,700 Diehl ditch bonds. A uth. Sec. 6,489 General Code. D cnom . 5 bds.
of $300 each and 1 bond of $200. Due $300 on July 15 from 1912 to
1916 Incl. and $200 July 15 1917. Cert, check for $100 required.
10,000 bridge bonds. A uth. Sec. 2,434 and 2,435 General Code. Dcnom .
$1,000. Due $2,000 yearly on July 15 from 1912 to 1916 incl.
Cert, check for $250 is required.
Date July 15 1911. Int. J. & J. at the Treas. office.
Cert, checks must be on a solvent bank or trust com pany and made pay­
able to the A uditor. Bids must be unconditional.
A lO R E H E A D C IT Y G R A D E D SCHO OL
C i t y ) , C a r t a r c t C o u n t y , N o . C a r o . — Bond

D ISTR IC T

(P.

O.

M orehead

Sale.— On J u n e 20 the $6,000
6 % 25-yr. bldg, bonds (V . 92, p. 1656) were awarded to C. II. C offlm of
Chicago at 102.016 and blank bonds.
A V O R G A N T O Y V N , A l o n o n g a h e l a C o u n t y , W . V a . — Bonds Defeated.— The
election held June 24 resulted In defeat of the proposition to Issue the $100.­
000 sewer and paving bonds ( V . 92, p. 1453).
A l O R R I S C O U N T Y ( P O . C o u n c i l G r o v e ) , K a n s a s . — Bonds Offered by
Bankers.— 11. C. Speer 8c Sons Co. of Chicago are offering to investors
$54,000 4 X % 1-12-yr. (ser.) refund, tax free bonds. Denoms. $1,000 and
$500. Date July 1 1911. Int. J. & J. at the State Treas. office.
A\T.

PLEASANT

(Tow n)

U NIO N

FREE

SCHOOL

D ISTR IC T

NO.

1

( P . O . N o r t h T a r r y t o w n ) , W e s t c h e s t e r C o u n t y , N . Y . — Bond Sale.— On
July 5 the $10,000 5% reg. bldg, bonds (V . 93, p. 66) were awarded to
Douglas Fenwick & Co. o f New York at 103.40 and Interest. Other bids
follow:
Geo. M. Hahn, N . Y ______ 103.05IAdam s & Co , N . Y _________ 102.05
Harris, Forbes & C o., N. Y . -1 02 .39 1 1
A I O U N T S T E R L I N G , B r o w n C o u n t y , III.— Bonds Voted.— R e p o r t s s t a t e
that the question of Issuing $10,000 sidewalk bonds carried at an election
held June 28 by a m ajority of 136. Due Jan. 1 1924.
N E W B R I T A I N , C o n n . — Bond Sale.— On July 5 the $40,000 4 % 25-year
coupon sewer bonds (V . 93, p. 67) were awarded to H ayden, Stone & Co o f
New Haven at 99.032 and lnt.— a basis o f about 4 .0 6 3 % . Other bids fo llo w
Harris, Forbes & C o., N . Y ___98.897 Geo. A . Fernald & C o., B o s -.98.04 .
Perry, Coffin & Burr, B oston.98.42 G. H . Venner & C o., N. Y ___98.033
Blake Bros. & C o., B oston___ 98.41 IIlncksBros.&Co.,N ewH aven.97.75
Blodget & C o., B oston------------ 98.398 Parkinson & Burr, H artford.97.7169
Adams & C o., B oston.............. 98.271 E. II. Rollins & Sons, Boston.97.567
R . L . Day & C o., B oston------ 98.27
Estabrook & C o., H a r t fo r d ..97.5 3 C
N E W D E C A T U R , A l o r g a n C o u n t y A l a . — Bond Election.— The’ questlon
of Issuing $20,000 school bonds, it is reported, will be votediuponZat an
election to be held July 22.
*
N E W H A N O V E R C O U N T Y ( P . O . W i l m i n g t o n ) , N o . C a r — B o n d ’ s a l e .—

On July 3 the $50,000 4 y?% 25-yr. road and bridge bonds ( V . 92,*■p . 1585)
were awarded to the W ilm ington Savings & Trust Co. In W ilm ington at
“ par, lnt. and 1 -16 % .” Other bids follow:
i
McCoy & C o., C h ic----------$48,550 001 A . J. H ood & C o., D etrolt.$47,260 00
Security T r. C o.,Spartenb. 48,126 50 [
Denom. $1,000. Date July 1 1911. Int. quarterly.

THE CHRONICLE

122

NEW LEXIN GTON. Perry C ounty. Ohio.— Bond Offering.— Proposals
will be received until 12 in. July 10 by II. J. Stalter, Vil. Cleric, for $4,500
4 >3% South Main St. im p. (village’s portion) bonds. A uth. Sec. 3939,
Gen. Code. Denom . $500. Date July 1 1911. Int. J. & J. Due July 1
1920. Iionds to be delivered and paid for within 10 days from time of
award. Cert, check for 10% of bonds bid for, payable to the Vii. Trcas.,
required. Purchaser to pay accrued int. and furnish blank bonds at ills
own expense.
•
N EW PORT, Herkimer County, N. Y .— Bond Sale.— On July 1 the
S I5,000 30-yr. (ser.) coup, water bonds (V. 93, p. 07) were awarded to
C. L . Fellows of Newport at par for 4s. G. M. Hahn of New York City
subm itted a bid for 4.45s.
NEW YORK C ITY .— Bond Sale.— The Sinking Fund of tills city pur­
chased at par during the m onth of June $50,000 3% bonds Issued for various
municipal purposes and maturing in 1960 and $6,500,000 3 % general fund
bonds maturing In 1930
,
,
,
The following bonds and notes (tem porary securities) were also issued
during June:
Interest. Amount.
*$2,464,806
. 3)4
£1,008,163
3M
300,000
.3 %
.3 1-16
4,000,000
Revenue bonds,
.3
6,500,000
.2 29-32
200,000
28,700
:iX
100,000
3)4
.3 7-16
100,000
.3
3,101,166
.3
351,000
.$18,153,835
*Payable in francs.
^Payable in £ sterling.
N I A G A R A F A L L S , N ia g a r a C ounty, N. Y .— Bond O ffering.— Proposals
will be received until 3 p. m . July 17 by the B d. of Estimate and A pportion­
ment for $42,500 4 J4% fire bonds, Series “ B .” D enom . $1,000, except
one bond of $500. Int. J. & J. In New Y ork exchange. Due July 1 1931.
Bonds to be delivered within three weeks from date of award. Cert, check
on a banking corporation for $1,000, payable to T . II. Ilogan, City Clerk,
required. Purch. to pay accrued Int.
'•'’' N O R T H T A R R Y T O W N , W e s t c h e s t e r C n u n t y . r N. Y .— Bids.— Other bids
received on June 19 for the $72,000 5-16-yr. (ser.) reg. str. Imp. bonds
awarded to Douglas Fenwick & Co. of New \ ork at 100.39 for 4M s (V. 93,
p. 67), were as follows:
R . M. Grant & C o., N . Y . (for
Geo. M. Ilahn, N. Y . (for
_______ 100.288 | 4 V>js)
............................-.100.071
1«s)
Harris, Forbes & C o., N. Y.
IAdam s & C o., N. Y. (fo r
(for IK sl
. _______ .100.15 I 4 .3 0 s ) ........................ ............ 100.262
Farson, Son & C o., N. Y .
|John J. Hart, Albany (for
(for 4 Ms) ________________ 100.1181 4 .3 0 s ) .......... ............................100.093
N O R W A L K T O W N S H I P . H u r o n C o u n t y , O h i o . — Bond Sale.— On July 1
t h e $5,000 5% 2 M -yr. (av.) coup, road bonds (V . 93, p. 67) were awarded t o
M . S . Pond of Somerset at 101.6002— a 4 .38% basis. Other bids follow:
S tacy & Braun, T oled o____$5,044 9 5 (Security Savings Bank &
New First Nat. Bank, C o l.. 5,033 00 | Trust C o., T oled o............$5,027 25
N O T T I N G H A M , C u y a h o g a C o u n t y , O h i o . — Bond Sale.— On July 1 the
$12,544 20 4 IS % cou p, water assess, bonds (V . 92, p. 1657) were awarded to
Otis & Hough of Cleveland for $12,753 73 (101.622) and int. Other bids
follow :
Premium.
Premium.
First N at. Bank, C lev ela n d ..$199 55 Seasongood & Mayer, Cln___$148 30
S tacy & Braun, T oled o_____ 188 93 New First National Bank,
Columbus_________________
87 00
Tlllotson & W olcott, C le v e .. 178 12
O N E I D A C O U N T Y (P. O. M ilad C i t y ) , Idaho.— Bond Sale.— la s. N.
W right & Co. of Denver were recently awarded $36,841 71 funding and
$23,795 50 road and bridge bonds.
O R A N G E . E s s e x C o u n t y , N. J . — Bond Offering.— Proposals will be
received until 8 p. m. July 17 b y the Comm on Council, W illett B . Gano,
City Clerk, for $103,000 4 )4 % 2 5-yr. funding bonds. Cert, check for 2%
of bonds bid for is required. Bonds will be certified as to genuineness by
the U. S. Mortgage & Trust Co. o f New Y ork and their legality approved
b y Caldwell, Masslich & Reed of New Y ork.
The official notice o f this bond offeringw lll be found among the advertisements
elsewhere in this Department.
O R R V I L L E , W ayne C ounty, O h i o . — Bond Sale.— On June 30 the
5 Issues of 4 'A% street assess, cou p, bonds aggregating $56,900 (V .9 2,
p 1657) were awarded to the Citizens’ National Bank In W ooster for $57,­
427 55 (100.927) and int. Other bids follow :
Barto Scott & C o., C olum ..$57,333| Hayden, Miller & Co., C leve. $57,017
Orrville Nat. Bank, O rrvlllc. 57,257 |Otis & Hough, Cleveland. 57,014 27
New First Nat. Bk... C olu m . 57,1851
O W O S S O , S h i a w a s s e e C o u n t y , (Mich. — Bond Offering.— Proposals will be
received until 12 m. July 17 by A . II. Dumond, City Clerk, for the $5,000
fire bonds (V. 92, p. 1717) at not exceeding 5 % Int. Date July 1 1911.
Due $1,000 yrly. on O ct. 15 from 1912 to 1916 lncl. Cert, check for $50,
payable to the Treas., Is required. Purchaser to pay accrued Interest.
P A L O A L T O . Santa Clara C ounty. C a l — Description of Bonds.— The
$50,500 (not $50,000 as reported In V. 93, p. 67) 5% 1-30-yr. (ser.)
municipal Imp. bonds awarded on June 12 to G. G. Blymger & Co. of San
Francisco for $51,500 (101.98) and Int. are in the denom s. of $1,000, $o00
and $183 1-3 each and dated June 1 1911. Int. J. & D.
P A R I S T O W N S H I P ( P . O . P a r i s ) , E d g a r C o u n t y , I I I — Bonds Offered bg
Bankers.— II. T . Holtz & Co. of Chicago are offering to investors the
$35,000 5% 1-10-yr. (ser.) road bonds (V. 92, p. 1134). D enom . $500.
Date July 1 1911. Int. July 1 at the Citizens’ National Bank In Paris.
Bonded debt, this Issue. Assessed val. $3,163,000.
P A W N E E C O U N T Y D R A I N A G E D IS T R IC T No. 1 (P . O. T a ble R o c k ).
N e b . — Bond Ojfering.— Proposals will be received until 4 p. m. July 12 by

W . C. Fellers, S ecy., for $30,000 6% drainage bonds. Int. semi-annual.
Due from 5 to 10 yrs. Legality of these bonds has been approved by
W ood & Oakley of Chicago.
P E E K S K I L L , W e s t c h e s t e r C o u n t y , N. Y . — Bonds Voted.— The question
o f Issuing the $95,000 water bonds (V . 93, p. 67) carried by a vote of 168
t o 90 at the election held July 3.
PE K IN

SCHOOL

D ISTR IC T

(P.

O.

Pek in ), T azew ell

County,

11 1 .— -

Bonds Defeated.— The election held June 27 resulted in the defeat of the pro­
position to issue the $100,000 bldg, bonds at not exceeding 5% Int. (V. 92,
p. 1657). There were 374 votes " f o r ” and 471 “ against."
P E R H A M , O tt e r t a i l C o u n t y . M i n n . — Bond Election.— A n election will
probably be held, we are advised, on July 17 to vote on the question of
Issuing $10,000 5% funding bonds.

P I L O T P O I N T S C H O O L D I S T R I C T (P . O. Pilot Point) . D enton C o u n ty ,
T e x a s . — Bonds Voted.— The question o f issuing $o,000 hlgh-school-bullding

bonds was, according to reports, favorably voted on at an election held
June 29.
P L Y M O U T H , L u z e r n e C o u n t y . P a . — Bond Sale.— On June 29 $18,000
4 )4% street and sewer bonds were awarded to the Plym outh National
Bank In Plym outh at 101.50. A bid of $18,050 was also received from
Graham & C o., of Philadelphia. Int. J. & J.
P L Y M O U T H T O W N S H I P (P. O. P ly m ou th ),

R ich la n d C o u n ty , O hio.—

Bond Offering.— Proposals will be received until 12 m . July 18 by A .
Kirkpatrick, Tw p. Clerk, for $16,000 5% cou p. road-Im pt. bonds. A uth.
Sec. 6976 to 7018 lncl. Gen. Code. Denom. $500. Date July 18 1911.
Int. M. & S. Due $500 Sept. 1 1913, $500 Sept. 1 1915, $10,500 yrly.
Sept. 1 1916 to 1937 lncl., $2,000 Sept. 1 1938 and $2,500 Sept. 1939.
Bidders must satisfy themselves as to the legality of this issue before hour
of sale,and bids must be unconditional. Cert, check on a local bank In
Plym outh for $200 required. Purch. to pay accrued Interest and furnish
at his own expense blank bonds. Present bonded debt. Including thlslssue,
$57,000. Assessed val. for 1910, $1,002,000.
.
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 Offering.— Proposals
will be received until 1 1 a .m . July 15 b y H . B . Prior, City A u d ., for $50,000
cou p. str. paving bonds. Bids are asked for on bonds bearing Int. at the
rate of 3 )4% and 4 % . D enom . $1,000. Date A ug. 1 1911. In t. F . & A .
at the Old Colony 'Trust Co. of B oston, or City Treas. office. Due $2,000




[Vol.

L xx xx n i.

yrly. A ug. 1 1914 to 1928 lncl., $5,000 A ug. 1 1929 and 1930 and $10,000
A ug. 1 1931. The bonds will be certified as to their genuineness b y the
Old Colony Trust Co. of Boston, which will certify that the legality of this
issue has been approved by Storey, Thorndike, Palmer & Dodge of Boston,
a cop y of whose opinion will accom pany the bonds when delivered, without
charge to the purchaser.
PUTNAM COUNTY (P. O. B rew sters', N. Y — Bond Sale.— On June 30
the .330,000 1>4 % 13-yr. (av.) bldg, bonds (V. 92, p. 1658), were awarded
to Morris Bros, of New York at 101.198 and Int. Other bids follow :
I. W . Sherrill, Poughkeepsie. 100.73 |Putnam Co. Sivv. B an k_____ 100.
Ferris & W hite. »\ew Y o r k .. 100.6311
Quincy, Norfolk County, Alass.— Bond Sale.— On July 7 an Issue of
$27,733 4 % coup, street bonds was awarded to Curtis & Sanger of Boston
at 100.933, according to reports. Due $7,733 June 1 1912, $6,000 June 1
1913 and 1914, $2,000 June 1 1915 and $1,000 yly. from June 1 1916 to
1921, Inclusive.
READING (P. O. Cincinnati), Ohio.— Bonds Defeated.— The proposition
to Issue the $20,000 sewerage-system-construction bonds (V . 92, p. 1658)
failed to carry at the election held June 3.
ROCHESTER, N. Y.— Note Offering.— Proposals will be received untl
2 p. m. July 11 by Chas. F. Pond, City Com ptroller, for $125,000 waterworks-im pt. notes, dated July 14 1911, and $200,000 water-works-im pt.
notes dated July 17 1911. Denomination of notes and rate of Interest de­
sired, to be named In bids. Principal and interest will be payable eight
months after date at the Union 'Trust Co. In New York.
Note Sale.— On July 5 the $100,000 sewage-disposal, $160,000 local-im p.
and $74,500 park 8-m onths’ notes (V . 93, p. 68) were awarded to the
Guarantee Trust Co. In New Y ork at 3.6 0 % Interest. Other bids follow :
Bond & Goodwin, New Y o r k ________________3.6 5 % Interest, $27 premium
Goldman, Sachs & C o., New Y o r k __________ 3 .95% Interest, $15 premium
A . G. Moore, Rochester (for $100,000)_____ 4% Interest
ROCKY MOUNT. Franklin County, V a.— Bond Offering.— Proposals
will be received until July 25 for the $50,000 5 )4% coup, water, sewer and
light bonds voted June 24 (V. 92, p. 1658). C. S. Greer Is M ayor.
ROGERS, Bell C ounty. T exa s.— Bonds Registered.— On June 30 the
$14,000 6% 10-40-yr. (opt.) water bonds (V . 92, p. 1586) were registered
by the State Comptroller.
ROSS, Alarion County, Cal.—-Bond Sale.— On June 22 $30,000 5% park
bonds were awarded to 13. H. Rollins & Sons of San Francisco for $31,171
(103.903). Other bids were as follows:
W . R. Staats & Co.. Los A n g.$3 1,073 |G. G. Blym ycr & Co., San Fr.$30,755
J. II. Adam s & Co., San Fran. 30,9311Bank of San Rafael------------- 30,335
Denom. $1,000. Date June 1 1911. Int. J. & D. Due 1941.
ROSS COUNTY (P. O. Chillicothe). O h io.--B ond Sale.— On June 30
the $37,000 4% coup.Paint Creek Bridge bonds (V. 92,p .1658) were awarded
to the Central Nat. Bk. of Chillicothe for $37,180 (100.486) and int. The
Davlcs-Bertram Co. of Cln. olfered $37,126.
ROYALTON TOW NSH IP (P . O. Lyons). Fulton C ounty, Ohio.— Bond
O ffering.— Proposals will be received until 1 p. m. July 10 b y the T w p .
Trustees for $1,050 6% bonds. A uth. Sec. 3939, Gen. Code. D enom .
$150. Int. seml-ann. Due $150 In one yr., $450 In 2 yrs. and $450 In
3 yrs. F. A . Slater Is T w p . Clerk.
SAN D U SK Y . Erie County. Ohio.— Bonds Aulhorized.— Ordinances have
been passed providing for the Issuance of $15,000 Huron A v e ., $6,500 T aylor
St. and $4,500 Jackson St. 4% coup, (city’s portion) bonds. D enom .
$500. Date June 1 1911. Int. J. & D. Due June 1 1920.
SAN DU SKY COUNTY (P . 0 . Frem ont). O h io — Bond Sale.— The bids
received on June 23 for the six Issues of 4 )4 % road bonds, aggregating
$102,300 (V . 93, p. 68) were as follows:
(1) First National Bank, Cleveland. (5) Croghan Bk. & Sav. C o., Frem ont
(6 )
Tillotson & W olcott C o., Cleve.
(2) W ell, R oth & C o., Cincinnati.
(7 )
Otis & H ough, Cleveland.
(3) New First Nat. Bank, Col.
(4) Frem ont Saving Bank, Fremont.
$17,500 50 $15,000
$9,400
$13,000
$18,600
$28,800
bonds.
bonds.
bonds.
bonds.
bonds. bonds.
$
$
$
$
$
$
0,452 50 17,550 40 15.070 50
13,074 25 18,701 25 28,061 25
13,068 40 *18,701 50 28,965 85
9,449 00 17,594 00 15,077 00
9,428 20 17,552 50 15,045 00
13,039 00 18,655 80 *28,972 80
*9,501 00
al3,09 5 00
0,447 04 17,587 50 15,072 00
13,068 90 18,693 00 28,016 28
9,423 53 17,545 77 15,039 27
13,033 57 18,647 57 28,874 27
‘ Successful bids. aThis bid withdrawn.
Stacy & Braun of T oledo bid accrued interest and a premium of $702 on
the 6 issues, amounting to $102,300. It was at ilrst reported that this firm
had been awarded the bonds but we are now advised that the award was
made as designated above with asterisks (*).
S A N J O S E H I G H S C H O O L D I S T R I C T , S a n t a C la ra C o u n t y . C a l — Bonds
Withdrawn.— The Superintendent of City Schools advises us that the issue
of $200,000 5% bonds voted on April 11 (V. 92, p. 1389) has been with­
drawn from the market as the proposition did not receive the necessary
two-thirds vote.
S A N T A R O S A S C H O O L D IS T R I C T (P . O . Santa R o s a ), S o n o m a C o u n t y ,
C a l. — Bond Election.— The question of issuing $80,000 5% 40-yr. bldg,

bonds. It Is stated, will be voted upon on July 22.
S A P U L P A . Creek County. O k la — Bond Election Called O ff.— W e arc
advised by the City Cleric that the election which was to have been held
June 28 to vote on the issuance of $75,000 water bonds (V. 92, p 1717)
has been called oft.
S A U K R A P I D S S C H O O L D I S T R I C T ( P . O . S a u k R ap id s), Benton
C o u n t y , At inn.— Bond Election.— On July 10 an election will be held leports
state, to vote on the question of Issuing $16,000 4 % school-bldg, addition
bonds.
„
. . .
S E A T T L E . W ash.— Bond Sale.— On June 5 $580,000 4 )4 % water bonds
were awarded to the Harris 'Trust & Savings Bank of Chicago and the
Dexter H orton National Bank of Seattle at par. Denom. $1,000. Date
July 1 1911. Int. J. & J. Due July 1 1931.
S E B E W A I N G Huron County, M ich.— Bond Offering.— Proposals will be
received until 8 p V m ? A ug. 7 for $10,000 4 )4 % 1-5-yr. clcc.-llght bonds.
A uth. vote of 103 to 30 at an election held June 7.
StIFI BY COUNTY (P 0 . S id n ey), Ohio.— Bond Sale.— On July 1 $ 1 0 , 9 5 0
4 H % dltch-lm pt bonds were awarded to the Citizens’ Nat. Bank and the
First National Kxcliange Bank In Sidney at their joint bid of par. -Auth.
Sect. 6 , 4 8 9 , 6 , 4 9 0 , 0 , 4 9 2 and 6 , 4 9 3 , Gen. Code. Denom. $ o 0 0 , $ 4 0 0 , $ 3 0 0 ,
$ 2 0 0 , $ 1 0 0 and $ 5 0 .
Date July 1 1 9 1 1 . Int. J. & J. at the Treas. office.
r\nf» <1 700 Tnn 1 1012* 2 2 5 0 July 1 19 1 2 , $ 1 , 5 5 0 Jan. I 1 91 3, $ 2 , 0 0 0
July V i 0 1 3 ; 5 1 . 7 0 0 Jan. 1 1 9 1 4 ? * 1 . 1 8 0 July 1 1914 and $ 3 0 0 on July 1
In 191 5 and 191 6.
S H E I T O N Alason C ounty, W ash.— Band Offering.— Proposals will be
received until 7:30 p m July 20 by C. L . Gilbert, Town Clerk, for $15,000
sewer bonds at not exceeding 6 % Int. Denom. $500. Int. semi-annual.
Due 15 yrs., o p t. at any int .-paying period.
S O U T H I N G T O N . H a r t f o r d C o u n t y , C o n n . — Bond Offering.— proposals
will be received until 2 p. m. to-day (July 8) by J. H. P ratt, Pres. Water
C om m ., for $ 2 2 2 , 0 0 0 4 )4 % coup, water bonds. Denom. $1,000. Date
July 1 1911. Int. J. & J. at the W ater Comm , office. Duo July 1 1941.
The bonds will be certified as to genuineness by the Old Colony Trust C o.,
which will further certify that the legality of this issue has been approved
by Ropes, Gray & Graham of Boston, a co p y of whose opinion will accom ­
pany the bonds when delivered, without charge to the purchaser. Bonds
may be registered as to prln. and will be ready for delivery about July 12.
S P E N C E R , R o w a n C o u n t y . N o . C a r o . — Bids Rejected.— All bids received
on July 1 for the $50,000 water bonds (V . 92, p. I0o8) were rejected.
S P O O N E R . B e l t r a m i C o u n t y . A li n n .— Bonds Offered bg Bankers.— The
$10,000 6% village-hall and lm pt. bonds (V . 92, p. 1136) are being offered
to Investors b y II. T . H oltz & Co. of Chicago. Denom. $500. Date May lo
1911. Int. annually at the Cont. & Com. Trust & Sav. Bank In Chicago.
Due $6,000 May 15 1921 and $1,000 May 15 1931. Bonds are tax-exem pt
In Minn. Bonded debt $30,300. Assessed val. $308,000.
S P R I N G F I E L D , L a n e C o u n t y , O r e . — Bond Election.— We arc advised
that an election will be held some time in August to vote on a proposition
to Issue $50,000 street-im provem ent bonds.
S T A A I F O R D , Fairfield C ounty, C onn.— Bond Offering.— Proposals will
be received until 2 p. m. July 27 b y J. T . Hanrahan, Town Treas., for
$ 3 4 0 , 0 0 0 4 ) 4 % sch. bonds.
Denom. $ 1 , 0 0 0 . Dato A ug. 1 1 9 1 1 . Int.
F . & A at the National Park Bank In New Y ork. Due 30 yrs. Cert.

THE CHRONICLE

J u l y 8 1911. |

check on a State or national bank or trust com pany for 1% o f bonds bid for
Is required.
The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this Department.
STFPHENS COUNTY (P. O. Duncan), Okla.— Bond Election Proposed.—
T h e r e 's talk o f calling an election to vote on a proposition to Issue $60,000
road and bridge bonds.
STON EW ALL COUNTY (P. O. A sperm ont), Tex .--B o n d Sale . - O i
J u ly 1 the $50,000 5% 10-40-yr. (opt.) court-house bonds (V . 02, p 1136)
were awarded to the Tlios. J. Bolger Co. of Chicago at 100.655. Denom.
$1,000. Date May 11 1011. Int. A . & O.
SULLIVAN SCHOOL DISTRICT (P. O. Sullivan), Moultrie C ounty. III.
— Bonds Voted.— A ccording to local papers an election held June 28 resulted
In favor of a proposition to Issue $1,500 high-sch.-bldg.-Im pt. bonds.
SULLY COUNTY (P. O. Oneida). So. D a k — Bond Sale.— On June 27
the $30,000 5% cou p, court-house bonds (V. 92, p. 1717) were awarded to
T . L. Beiseker of Fessenden for $30,302, making the price 101.006. A
bid of $30,277 was also received from F. E . Magraw of St. Paul. Other
bids, we are advised, were not made In accordance with notice of sale, so
were not considered.
SUTTON SCHOOL DISTRICT (P. O. S utton ), Clay C ounty. Neb.— Bonds
Voted.— Reports state that an election held recently resulted In favor of a
proposition to Issue $38,800 high school.-bldg. bonds.
TA M A Q U A, Schuylkill C ounty, Pa.— Bond Offering.— Proposals will be
received until 8 p. m . July 17 b y S. R . Beard. B oro. Treas., for $45,000
4 y2% cou p, sewer and ref. bonds. Denom . 10 bonds of $500 each and 40
bonds of $1,000 each. Int. F. A A . at Treas. office. Due A ug. 1 1941,
op t. after A ug. 1 1921. Purchaser to furnish printed or lithographed bonds.
Bids must be unconditional. Cert, check for 2 % of bonds required.
The official notice o f this bond offering will be found among the advertisements
elsewhere in this Department.
TA Y LO R . W illiamson C ounty. Texas.— Bonds Voted.— The election held
June 30, reports state, resulted. In favor of the question of Issuing tne
$16,000 school-building and $4,000 crem atory 5% 40-yr. bonds (V . 92,
p . 1658).
TEAG UE, Freestone C ounty, T exa s.— Bonds Voted.— The proposition to
Issue the $30,000 strcct-linpt. bonds (V . 92, p. 1658) carried, It Is stated, by
a vote o f 142 to 40 at the election held June 29.
TETON COUNTY SCHOOL DISTRICT No. 17. (P. O. Sweet Grass) ,
M ont.— Bond O fertng.— Proposals will bo received until 2 p. m July i.>
b y (!. II. McMillan, Clerk Bd. of E d ., for $7,500 6% cou p. bldg, bonds.
Denom. $100. Date July 15 1911. Int. J. A J. Due 15 y r s .,o p t. after
10 yrs. Unconditional certified check for 10% o f bonds bid for. payable
to the Co. Treas., required.
TOLEDO, Ohio.— Bond Sales fo r the Second Quarter.— During the quarter
ending June 30 the following Impt. bonds, aggregating $135,484 83, were
disposed of at par to the Sinking Fund:
$540 86 5% Sewer N o. 1,100 assess, bonds, at par, Denom . $140, except
one bond of $120 86. Date N ov. 18 1910. Due $120 86
Mch. 1912 and $140 Sept. 1912, Mch. 1913 and Sept. 1913.
18,746 67 5% Broadway N o. 7 paving assess, bonds at par. Denom ,
$1,885, except one bond of $1,781 67. Date Jan. 20 1911.
Due $1,781 Mch. 1912 and $1,885 each six months from Sept.
1912 to Sept. 1916 incl.

3,062 15 5% City Park A v e . N o. 2 paving assess, bonds at par. D enom .
$310, except one bond of $272 15. Date Dec. 25 1910. Due
$272 15 Mch. 1912 and $310 each six months from Sept. 1912
to Sept. 1916 lncl.
•
4,000 41 5% Orchard St. N o. 3 assess, bonds (V . 92, p. 1588) at par.
Denom. $410, except one bond of $310 41. Date N ov. 30 1910.
Maturity $310 41 March 30 1912 and $410 each six months
from Sept. 30 1912 to Sept. 30 1916 Inclusive.
3,914 53 5% Palmer St. N o. 2 lm pt. assess, bonds (V . 92, p. 1588) at par.
Denom . $400, except one bond o f $314 53. Date Jan. 6 1911.
Interest March 6 and Sept. 6. M aturity $314 53 March 6
1912 and $400 each six months from Sept. 30 1912 to Sept. 30
1916 Inclusive.
75,000 00 4% 10-yr. (city’s portion) park and boulevard Impt. bonds.
(V . 92, p. 981) at par. Date March 1 1911. Int. M. & S.
29,979 36 4% 5-yr. reg. B roadw ay N o. 7 paving bonds at par. Date
May 1 1911.
240 85 5% Sewer N o. 1,103 assess, bonds at par. Denom . $65, except
one bond of $45 85. Date April 24 1911. Due $45 85
March 1912 and $65 Sept. 1912, March 1913 and Sept. 1913.
The Sinking Fund Trustees also purchased $51,000 o f outstanding city
bonds due 1912 and 1913.
TOLEDO, Lucas C ounty, O hio.— Bond Sale.— On July 5 the $138,000
4 % 10-yr. coup. str.-Iinpt. (city ’s portion) bonds (V . 92, p. 1588) were
purchased b y Stacy & Braun o f Toledo fo r $138,001 and Int. No other
bidders.
TOW N SEN D, Broadwater C ounty, M ont.— Bond Sale.— On July 1 the
$35,000 6% 10-20-yr. (opt.) cou p, water bonds (V . 92, p. 1658) were
awarded to the Thos. J . Bolger Co. o f Chicago for $35,701 (102.028) and
Interest. Other bids follow:
C. II. Coffin, Chicago_____ *$35,526 H . C. Spe r & Co., C h ic a g o ..$34,300
II. T . H oltz & C o., C h ic a g o ..*35.211 Cutter, May A C o., C hicago. 34,250
Farson, Son A C o., C hlcago.*35,100 John Nuveen & C o., C hicago. 32,200
T . L . Beiseker, Fessenden___ 35,000
* A nd blank bonds.
I’ ROY N. Y.— Loan Sale.— On June 30 the 4 Issues of bonds offered on
that day (V. 92, p. 1717) were awarded as follows:
$180,000 00 4 'A % 1-2-yr. (ser.) reservoir bds. to A . B. Leach & C o .,
' N . Y . at 103.40.
15,941 42 5% 1-2-yr. (ser.) assess, bds. to R . M. Grant A C o., N . Y .
at 100.337.
12,000 00 4 H % 1-10-yr. (ser.) viaduct bds. to E . H . Rollins & Sons,
N. Y ., at 101.427.
100,000 00 5% certificates o f Indebtedness to the M anufacturers'N ational
Bank, T roy, at 100.296.
The bids received were as follows:
$100,000
$180,000
$15,941.42 $12,000
certifi­
bonds.
bonds.
bonds.
cates.
..................................
A. B. Leach A C o., N. Y ___ $186,120 00
R . M. Grant A C o., N . Y ___ 185,880 60 $15,995 30 $12,129 36
______
E . H . Rollins & Sons, N . Y - . 185,988 60
---------12,171 24
---------Manufacturers N at. Bk. T r o y .
. --------------- ......... $100,296
---------------------------R. L . D ay A Co., N. Y ______ 185,898 60
Harris, Forbes & C o., N. Y _ . 185,740 20
...........
...............................
Blodget & Co., N. Y _________ 185,452 20
....................... ...........
............
Farson, Son & C o., N . Y ------ 184,708 00
---------------------------John J. Hart, A lb a n y _______
______
15,954 17 12,080 40
______
TU CU M CA R I, Quay C ounty, New M exico.— Bonds Offered by Bankers.—
II. C. Speer & Sons Co. of Chicago are offering to Investors $75,000 5

NEW LOANS

NEW LOANS.

$1,500,000

Village of East Aurora, New York
Sewerage

T E R R IT O R Y O F H A W A I I ,
4% Public Improvement Bonds

Sewerage

of Hawaii.
The right Is reserved to reject any and all bids.
D. L . C O N K L IN G ,
Treasurer, Territory of Hawaii.

Dated June 30, 1911.

T W. STEPHENS & CO
BANKERS

2 W A L L STREET, N E W Y O R K .

Bank and Trust Company Sti»ck»
NEW Y O R K A N D B R O O K L Y N
BOUGHT AND SOLD

C L IN T O N

Interest allowed on accounts ef
Individuals and Corporations

4 % to 6 %
U L E N & CO.

BANKERS

N o. 1,

B on ds,

Series

N o. 2,

$ 7 ,0 0 0
Sealed proposals will be received b y D . N .
R U M SE Y, Cleric of the said Village, at his office
In the said Village of East Aurora, New Y ork,
until the 18th day of July, 1911, at eight o ’clock
in the afternoon, for the purchase of Sewerage
bonds. Series No. 1, of the said Village to the
amount of $111,375, bearing date the first day o f
July, 1911, 81 of said bonds being of the denom i­
nation of $1,000 each, 27 of said bonds being of
the denomination of $500 each and 27 of said
bonds being o f the denom ination of $625 each,
said bonds to mature In equal annual Installments
of $4,125 on the first day of July In each year
from 1914 to 1940: Interest payable on the first
days of July and January In each year; and for
the purchase o f Sewerage Bonds. Series N o. 2,
of the said Village to the amount of $7,000, bearing
date the first day of August, 1911, said Sewerage
Bonds. Series No. 2, being of the denomination
of S500 each, and maturing In equal annual In­
stallments of $500 on the first day of August
In each year from 1916 to 1929; Interest payable
on the first days o f August and February In
each year.
Separate proposals will be received for each of
the above Series or for any part thereof, and the
bonds will be awarded to the bidder or bidders
who will take the same at not less than par and
accrued Interest to the date of delivery at the
lowest rate o f interest.
Bids must be accom panied b y a certified check
for 2% of the amount of bonds bid for, as a guar
anty of good faith on the part o f the bidder
Said check to be unconditional and to be m ade
payable to the order of Alfred Brotherhood,
President of the Village of East Aurora, and shall
be deemed forfeited upon failure of the bidder
to accept bonds within a reasonable time accord­
ing to the provisions of the bid. Checks will be
returned at once If bids arc not accepted.
The Board of Trustees reserves the right to
reject any and all bids.
•i
The validity o f the above bonds will be ap­
proved by Messrs. Dillon, Thom son A Clay, of
New York City, whose favorable opinion will be
delivered to successful bidders.
Dated East Aurora, New Y ork, June 27th, 1911,
B y Order o f the Board of Trustees,
D. N . R U M SE Y,
Village Clerk.

C harles M. Smith & Co.

M U N ICIPAL B O N D S
lafaat laveatmtnt
kaowa. Yielding from

Series

G I L B E R T

a WALL ST., NEW YORK.

INVESTMENT BONDS

B on d s,

$111,375

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 redem ption 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 A Trust
Company In New Y ork 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 aw aii," 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
of tho Legislature o f Hawaii, entitled “ An A ct to Provide for Public Loans,” approved April 25, 1903,
as amended, and pursuant to an A ct of said Legislature, entitled “ An A ct to P rovide f o ’- 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 tho A cts of Congress, the approval of the President of the United States Is required, and
this approval has been obtained and Is on file 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 certified as to their genuineness
b v the United States Mortgage A Trust Company of New York City. The successful bidders will be
furnished with the opinion of Messrs. Dillon, Thom son A 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 municipality 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 b y law from taxation In the Territory.
Each bid should sot 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 b y a duly certified check upon a bank or trust com pany to the order of the Treasurer
o f the Territory of Hawaii in the amount of 2 per cent of the par value of the bonds for which applica­
tion Is made. Cheoks of unsuccessful bidders will be returned b y mall 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 paym ent will forfeit all right to the bonds and the oheck accom Danvlng 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 offer 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 A Trust Company, 55 Cedar Street, New York City, unless another date
Is mutually agreed upon.




133

Write for
Circular.

CHICAGO

CORPORATION AND
MUNICIPAL BONDS
FIRST N A TIO N AL B A N K B U IL D IN G
CHICAGO

THE CHRONICLE

124

20-30-yr. (opt.) water-works bonds. D enom . $1,000. Date May 1 1011.
In t. M. & N . at the National Park Bank In New Y ork . Bonds are taxexem pt.
U H R IC H SV ILLE . Tuscarawas C ounty, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. to-day (July 8) by II. O. Snyder, VII.
Cerk, for $2,500 4 >3% retaining bonds. A uth. Sec. 3910, 3917 and 3918,
Gen. Code. D enom . $500. Date i\lay 1 1911. Int. M. & N. Due
M ay 1 1936. Bonds to be delivered and paid for within 10 days from time
o f award. Cert, checic for $200, payable to the V ll. Treas., required.
Purchaser to pay accrued Interest.
Proposals will also be received until 12 m. July 22 b y the VII. Clerk for
$ 6,000 4
cou p. Trenton A ve. sewer bonds. A uth. Sec. 3916, 3917 and
3918 Gen. Code. Denom. $500. Date July 1 1911. In t. J . & J . at the
V II.Treas. office. Due $1,000 yrly. July 1 1912 to 1917 inclu. Bonds
to be delivered and paid for within 10 days from time of award. Cert,
check for $300, payable to the VII. Treas., required. Purchaser to pay
accrued interest.
UPPER SAN D U SK Y . W yandot C ounty, O h io — Bond Sale.— According
to reports the $12,000 5% 9-yr. (av.) cou p, sewer bonds (V . 92, p. 1659)
were awarded on July 5 to the First National Bank at 107— a basis of about
4 .0 6 5 % .
VAN DERGRIFT HEIOHTS SCHOOL DISTRICT (P . O. Vandergrift
H eigh ts), W estmoreland C ounty, Pa.— Bond Offering.— Proposals will be
received until l p. m. to-day (July 8) b y J. Q. Adam s, Sec’y, for $20,000
5% cou p, tax-free bldg, bonds. Denom. $1,000. Int. seml-ann. Due
$5,000 In 7 yrs., $5,000 In 12 yrs, $5,000 In 16 yrs, and $5,000 in 20 yrs.
Certified check for $200 required.
VAN W E R T COUNTY (P. O. Van W ert). O h io — Bond Sale.— On
July 1 $2,000 4 % Holmes Free Turnpike N o. 72 road lm pt. bonds were
awarded to the People’s Savings I3ank of Van W ert. D enom . $200 and
$300. Int. M. & S .
Due from Sept. 1 1912 to 1916 incl.
• VENICE, Los Angeles C ounty, C al.— Bond Election Proposed.— Reports
state that this city will vote on a proposition to Issue $125,000 high-school
bonds.
VENTURA COUNTY (P. O. Ventura), Cal.— Bond Election.— An e le c­
tion will be held, it Is stated, to vote on a proposition to Issue $150,000
court-house bonds.
•W ACO, McLennan C ounty, T e x a s — Bonds Voted.— A proposition to
Issue $70,000 school, $80,000 sewer and $50,000 strcet-lm pt. bonds was
favorably voted upon, according to reports, at an election held June 27.
V ote was 428 “ for” to 120 “ against” for school bonds; $870 “ fo r” to 244
“ against” for sewer bonds and 390 “ for” to 160 “ against” for street-lm pt.
bonds.
W ELLSTON , Lincoln County, Okla.— Bonds Voted.— An election held
June 24 resulted in favor of issuing $20,000 water bonds, according to
reports.
W EN D ELL G R A D E D SCHOOL DISTRICT, W ake C ounty, N o. C ar.—
Bond Sale.— On June 15 the $10,000 6% 30-yr. cou p, bonds (V . 92, p. 1589)
were awarded to the New First Nat. Bank in Columbus at 102.38 and blank
bonds. Other bids follow.
C. I I . Coffin, C hicago— a$ 10,211 00 S. A . Kean & C o., Chic____ a$10,030
Sec.Sav.llk.& Tr.Co.,Tol_ &10.210 00 A . J. H ood & C o., D e tro it.. al0,025
F.M.Stafford & Co.,Chatt. &10,125 00 Cutter, May & C o., Chic____blO,000
10,000
Le Malstre & C o ------------- al0,113 00 Farson, Son & C o., Chic____
John J. Hart, A lb a n y___cl0 ,0 5 5 75 Bank of W endell, W e n d e ll.. 10,000
C h.S .K idder & Co.,C hic. al0,054 00 Thos. J . Bolgcr C o., Chic___ 10,000
•MB lank .bonds.

b blank bonds and accured int.

c accrued interest.

V O L . LX X X XI1I

• W ESTH LAFAYETTE.lCoshocton C ounty, Ohio.— Bond Sale.— On July 5
the $20,000 4 y2% 53^-yr. gold cou p, storm-water-sewer bonds (V. 93,
p. 69) were awarded to the W est Lafayette Bank Co. for $20,338 35(101.691)
and Int.— a basis of about 4 .1 5 % . Other bids follow;
S tacy & Braun of T o le d o .$20,208 8 0 1H ayden, Miller & C o., Clevc.$20,130
W H ITESTOW N (P. O. W hitcsboro), Oneida County, N. Y.— Bonds
Voted.— It Is stated that an election held June 30 resulted In favor of the
proposition to Issue the $7,000 bridge bonds at not exceeding 5% Int. (V. 92,
p. 1660). Due $3,500 in 1 and 2 years.
W ILM IN GTON , New Castle C ounty, Del.— Bond Offering.— Proposals
will be received until 12 m . July 17 by W . S. Lednuin, City Treasurer, for
$50,000 4 % Eleventh St. widening bonds. Denom. $50. Date July 17
1911. Int. A . & O. Due A pr. 1 1935. Cert, check for 2 % o f bonds bid
for, payable to the Mayor and Council, Is required.
The official notice o f this bond offering will be found among the advertisements
elsewhere in this Department.
W INNSBORO INDEPENDENT SCHOOL DISTRICT (P. O. W innsboro),
W ood C ounty, T ex.— Bonds Registered.— The State Comptroller on June 28
registered the $16,000 5% 20-40-yr. (opt.) sch.-bldg. bonds (V . 92, p. 1589).
ZA N ESV ILLE,
Muskingum
County,
Ohio.— Bonds Authorized.—
Ordinances have been passed providing for the Issuance of the following
4% reg. street-lm pt. bonds.
$13,000 str.-lm pt. bonds.
D enom . $1,000.
Date A ug. 1 1911. Int.
F. & A . Due A ug. 1 1921.
1,500 street-lm pt. bonds. Denom. $500. Date Sept. 1 1911. Int.
M. & S . Due Sept. 1 1921.

C anada, its P ro v in ce s and M u n icip alities.
CAM PBEI.LTON, N. B.— Debenture Offering.— Proposals will be received
until 6 p. m . July 15 by J. T . R eid, Town Clerk, for $100,000 4 % debentures,
guar, by Province o f New Brunswick. Int. seml-ann. Due A ug. 1 1951.
C H IL L IW A C K , B. C.— Debenture Sale.— The Ontario Securities C o.,
L td ., o f T oron to, purchased, It Is stated, the $70,000 street-lm pt., $21,000
city-hall, $10,000 street-gradlng-machlnery and $10,000 surf.-dratn.-system
5% 40-year debentures ollered on June 26 (V . 92, p. 1661).
CLARESHOLM, Alta.— Loan Election.— A by-law will be submitted to
the voters for approval on July 15, It Is stated, providing for a loan of
$6,500 for water-extensions.
DRESDEN, Ont.— Loan Voted.— The rate-payers, It Is said, have sanc­
tioned a by-law to raise $16,000 for water-works-system.
EAST KILDONAN SCHOOL DISTRICT NO. 14, Man.— Loan Election.—
An election will be held to-day (July 8) reports state, to vote on a by-law
to raise $13,000 for sites and buildings.
EDMONTON, Alta.— Loan Election.— Two by-laws for the Issuance of
$55,000 for a nurses’ home and hospital and $100,000 for street-paving will.
It Is stated, be submitted to the rate-payers on July 18.
EDMUNDSTON, N. B.— Debenture Sale.— J. M. R obinson & Sons of
St. John were awarded in June $50,000 5% 40-yr. elec-light & power
debentures. Date June 1 1911.
EDMONTON SCHOOL DISTRICT No. 7 (P. O. Edmonton) A lt a — Bids.
— The following bids were received on June 21 for the $175,000 4 Yi% 40Installment cou p, debentures awarded to the Imperial Bank of Canada in
E dm onton at 98.635 (V . 93, p. 70).

__________ NEW LOAMS._________

NEW LOANS.

$ 1 ,2 5 0 ,0 0 0

S A L E O F C IT Y O F L O U IS V IL L E

Harris County, Houston, Ship Channel
Navigation D istrict of Harris County, Texas

FOUR AND A HALF PER CENT GOLD BONDS

b o n d s

..

: : . :

Sealed bids will be opened at the office of A . E .
Am crm an, County Judge of Harris County Texas,
H ouston, Texas at 10 A . M ., August 1st 1911
for all or any part of the Bonds of the above
District, which Includes the whole o f Harris
County, Texas.
• AMOUNT OF BONDS, $1,250,000 00
R ate of Interest FO U R A N D ONE H A LF
4 H ) P E R CENT, payable semi-annually at
H ouston, 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 payabte 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 . Am crm an, County Judge. All rights
R eserved.
,
, •
All bids must be accom panied b y a certified
check for 1% of the bid. Bids must be sealed
and must be on file 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 Canal Commissioners.

$ 4 5 ,0 0 0
Borough of Tamaqua, Penn.,
BONDS

O F FIC E OF T H E COM M ISSION ERS OF T H E S IN K IN G F U N D ,
City Hall A nnex, Louisville, K y ., June 15tli, 1911.
FO R SA L E — So m any o f the bonds o f the City of Louisville as may be necessary to refund and
pay olf the principal of $300,000 00 of bonds of the City of Louisville, known as Old Liability Bonds,
one thousand dollars each, dated April 14th, 1886, due August 1st, 1911.
The bonds which are to be Issued are to be dated August 1st, 1911, styled and known as “ City of
Louisville R efunding Gold B onds, Eleventh Issue,” due and payable August 1st, 1921. Said bonds
are to be of the denom ination of one thousand dollars each, bearing Interest at the rate of four and a
half per centum per annum, payable semi-annually on the first days of February and August of each
year, principal and Interest payable in gold coin of the United States of the present standard of weight
and fineness, at the First National Bank of the City o f New York In the State of New York. These
bonds are Issued b y virtue of an ordinance of the General Council of the City of Louisville, approved
June 5th, 1911, and published, as by law required, on ’ June 6th, 1911: are exem pt from any and all
forms of taxation for municipal purposes b y the City of Louisville, b y reason of any present or future
law or laws of said City, and under authority o f an A ct of the General Assem bly of the Commonwealth
of K entucky for the governm ent of cities of the first class In the State of K entucky, approved March
22d, 1902, being Section 3010 of the Kentucky Statutes.
Scaled proposals will be received b y the Commissioners of the Sinking Fund of the City o f Louis­
ville until 12 o ’clock m. on M onday, July 10th, 1911, at the office of the Commissioners of the Sinkng Fund, Louisville, K y ., for the purchase of the whole or any number of aforesaid bonds. Pro­
posals must be upon blanks furnished by the Commissioners of the Sinking Fund, scaled and addressed
to the "Com m issioners of the Sinking Fund of the City of Louisville,” City Hall A nnex, Louisville, and
marked “ Proposals for B onds.”
The Commissioners of the Sinking Fund o f the City of Louisville reserve the right to reject
all bids, or to accept the whole or any part of a bid for the bonds proposed to be purchased b y any
bidder. No proposal will bo considered, unless accom panied by a certified check on a national bank
or State bank doing ouslness In the City of Louisville, payable to the order of the “ Commissioners of
the Sinking Fund of the “ City of Louisville” for two per centum of the face value of the whole number
of bonds proposed to be purchased by such bidder. Checks will be returned to the unsuccessful
bkldcrs^ds w(tl be rc£Hjy for delivery in the City o f Louisville at the Office of the Commissioners of
the Sinking Fund as soon as the allotments arc made to the successful bidder or bidders.
A failure to deposit a certified check In full paym ent of the am ount of bonds bid for and allotted
to any bidder, on five days’ notice that same are ready for delivery, m ay be, at the option of the
Commissioners of the Sinking Fund, considered as a cancellation o f the bid.
The am ount of the check accom panying the bid will be held for the paym ent of any expense,
loss or damage caused by reason of the failure to p ay for said bonds to the extent of any such expense,
loss or damage Incurred.
JAM ES B. B R O W N , President.
J. M. T E R R Y , Treasurer & Secretary.

$ 3 0 ,0 0 0
Frederick City, Maryland,

Sealed proposals or bids will be received b y the
4K % w a t e r b o n d s
undersigned up to 8 o’clock P. M. July 17 1911,
for the purchase of $45,000 00 of Sewer and Re­
Sealed bids will be received b y the Mayor and
funding Bonds of the Borough of Tamaqua, Penn.
Bonds wll be payable August 1 1941, but re­ Aldermen of Frederick at the office of the City
deemable at the option of the Borough after Register, Frederick, Maryland, until 7:30 o ’clock
August 1 1921, and will bear Interest at FO U R p. m ., and opened at 8 o ’clock p. m ., W ednesday,
A N D O N E -H A LF (4 W P E R CENT, payable JU L Y 19TII A . I). 1911, for the sale of the whole
semi-annually on the first days of February and or any part of Thirty Thousand Dollars W ater
August at the office of the Borough Treasurer. Coupon Bonds, dated July 1st, A . D . 1911, pay­
Bonds will be coupon and the following de­ able twenty years after date, redeemable at the
nom inations: Ten $500 bonds and Forty $1,000 pleasure of said Corporation In ten years from
date. Denominations: T w enty bonds of one
bonds.
Bidders will be reoulred to furnish, free of thousand dollars each and twenty bonds of five
charge, printed or lithographed bonds with the hundred dollars each. Interest at 4 H % semi­
necessary coupons, and any investigation as to annually, payable July 1st and January 1st. A
the legality of the Issue will be at the expense of certified check for 5% of the par value of bonds
bid for, payable to the Mayor and Aldermen of
the bidder.
All bids must be accompanied by a certified Frederick, must accom pany each bid. Purchaser
check for tw o per cent of the total amount of the to pay accrued Interest from July 1st to date of
delivery. R ight to re je ct-a n y and all bids Is
Issue.
•
The right Is reserved to reject any or all bids reserved.
T H E M A Y O R A N D A L D E R M E N OF
b y the Finance Committee of the Tow n Council.
F R E D E R IC K .
.
SAM U E L R . B E A R D ,
m . a . M cC a f f r e y .
.
Borough Treasurer.
City Register.
Tam aqua, Penna., June, 30)';1911.




$ 1 0 3 ,0 0 0
City of Orange, N. J.,
2 5 -Y e a r 4 > ^ %

F u n d in g B o n d s

Sealed proposals, endorsed, “ Proposals for
Funding B onds,” addressed to the Common
Council of the City of Orange, N. J ., care of
Mr. Willett B. Gano, City Clerk, will bo opened
at a meeting of the Common Council to be held
M ONDAY EVENING. JU L Y 17, 1911, at eight
o ’clock.
Proposals should be accom panied b y certified
check for two per cent of the amount of the par
value of the bonds bid for.
Bonds will be certified as to genuineness by
the United States Mortgage & Trust Company,
of New York City, and their legality approved
b y Messrs. Caldwell, Massllch & Reed, of New
York City.
For further Information address the United
States Mortgage & Trust Company, New York
City, or, Mr. Frank G. Coughtry, Collector of
Taxes, Orange, N. J.
By order*,of the Committee on Finance and
Accounts.
■ ■
■
•
H E N R Y T . STETSON ,
• • •
Chairman. ■
• Dated,^Orange, N . J.,JJuly 6, 1911.

July 8 1911.)

THE CHRONICLE

Im perial B ahk'df Canadai u • • • • Dominion Sec. Corp. L td ., •
•
T oronto ________________$168,192
E d m o n to n ____________ $172,611 25
Ontario Securities C o., L td .,
W ood , Gundy & Co.,
T oronto ________________ 167,057
T o r o n t o .......................... 172,480 00
Brent, N oxon & C o .,Toronto 166,317
Canadian D eb. Corp. Ltd
T oron to ____________ 109,750 00 Nat. Fin. C o., L td ., Regina 166,289
Aemlllus Jarvis & C o.,
Toronto ____________ 168,927 50
AH bidders olfercd accrued Interest.
ELMIRA, Out.— Loan E lection — It Is stated that a by-law for $2,500 for
the purchase of a town-hall-slte will be voted upon on July 11.
FLEMING SCHOOL DISTRICT NO. 45, Sask.— Debenture Sale.— Nay &
James of Regina were awarded an Issue of $14,000 5% debentures.
ELORA, Out.— Debenture Sale.— On June 29 the $3,500 4 13% coup,
debentures (V . 92, p. 1719) were awarded to the Elora Lodge, Oddfellows,
for $3,520— making the price 100.571. Bids of par were received from
T . Marshall of Elora. The Canadian Debenture Corporation. L td ., of
T oron to, also submitted an oiler.
FRANCIS, Sask.— Debenture Sale.— Nay & James of Regina were
awarded an Issue of $12,000 5% debentures.
GALT, Ont.— Debenture Sale.— On June 30 the $25,000 4 >3% 20-yr.
electric-power-plant debentures (V . 92, p. 1719) were awarded to the
Ontario Securities C o., L td ., Toron to, at 100.668. Other bids follow:
Imperial Bk.of Can., G a lt.$25,096 25 C .Il.Burgess & Co., T o r . . $24,757 00
Brouse.Mltchcll & Co.,Tor. 25,052 50 Brent,Noxon & Co., T o r . . 24,711 00
C. Meredith & C o., M on t. 25,031 25 R oyal S ec.C orp.,L td.,T or. 24,645 00
W ood , Gundy & C o., T or. 25,018 00 Can.Deb.Corp., Ltd ., Tor. 24,630 00
G. A . Stlmson & C o., T or. 25,001 00 Aemlllus Jarvis & Co., Tor. 24,507 50
D om .S ec.C orp.,L td., T o r . 24,902 00 Dom. Bond Co., Ltd., Tor. 24,320 00
HAMILTON, Ont.— Loan Election.— An election to vote on the by-law
to raise the $505,160 for a power and light plant (V . 92, p. 1719) will be
held. It Is stated, on July 25.
HARRISON SCHOOL DISTRICT NO. 431, Man.— Debenture Offering —
Proposals will be received until 6 p. m . July 15 for $13,000 5% bldg, de­
bentures. Date Oct. 1 1911. Int. Dec. 15. Due 20 yrs. beginning
Dec. 15 1911. C. Johnson (Drawer 85, N cwdalc), Is Secy.

HARTSBURG SCHOOL DISTRICT1NO. 2670 (P. O. Kerr Robert), Sask.

— Debenture Sale.— On May 15 450 6% bldg debentures were awarded to
the National Finance C o., L td ., of Regina for $452 50— making the price
100.555. Date May 15 1911. Int. May. Due In 10 annual Installments.
HUMBOLDT, Sask.— Purchaser o f Debentures.— W c are advised that
the $2,500 park debentures voted on June 12 (V . 92, p. 1719) were pur­
chased by C. M. Burgess & Co. of Toronto.
KINDERSLEY, Sask.— Loans Voted.— It Is stated that by-laws providing
for loans of $10,000 for lire protection, $15,000 for sidewalks and $3,000 for
other purposes have been favorably voted upon by the rate-payers.
KINGSTON, Out.— Debenture Sale.— II. O 'H ara & C o."of Toronto were
awarded during June $79,473 78 4 J 3 % i2 0 and 30-lustallm cnt school de­
bentures. Date Feb. 1 1911.
LAKEFIELD, Out.— Debenture Offering.— Proposals will be received
until July 10 by W . Sherln, Village Clerk, for $3,000 414% 20-Installments
park debentures.
MEDICINE HAT, Alta.— Loan Voted.— The cclctlon held June 20 re­
sulted in favor of the proposition to Issue the $10,500 lire protection loan
(V . 92, p. 1590). The vote was 77 “ for” to 17 “ against.”
Debentures Authorized.— It Is reported that a by-law has been recently
passed authorizing the Issuance of $10,500 motor-lire-englne debentures.

N E W C A S T L E , N . B . —■Debenture Offering.— Proposals will be received
until 12 in. July 15 by J. E . T . Linden, Town Treas., for the $30,000 5%
40-yr. funding debentures (V . 92, p. 1334). D enom . $1,000. Date June 1
1911. Int. semi-annual.
N O R T H B A T T L E F O R D , S a s k . — Debenture O ffering.— Proposals will be
received until 7:30 p. m. July 17 b y Sec.-Treas. for $61,354 5% sewer-lmpt,
debentures. Due In 40 annual Installments.
N O R T H B A Y , O n t . — Debenture Offering.— Proposals will be received
until 12 m . July 15 b y T . N. Colgan, Commr. o f W orks, for the $45,000
sewer and $100,000 water-works 5% 30-lnstallment debs. (V . 92. p. 1520).
N O R T H T O R O N T O , O n t . — Debenture Sale.— On June 26 the Ontario
Securities Co., L td ., o f T oronto was awarded, It Is stated, the six Issues o f
4J3% coup, debentures aggregating $33,325 12 (V . 92, p. 1720) for $33,127
and Int.— making the price 99.405.
NORTH W E S T SCHOOL
D I S T R I C T S . — Debenture Sale.— H . O ' H a r a
& Co. of T oronto purchased during June $20,000 6% 10-lnstallment de­
bentures of various school districts located throughout the northwest
provinces.
O R I L L I A , O n t . — Loan Election.— A ccording to reports, a n election will
be held July 17 to vote on a by-law to raise $80,000 for power purposes.
O T T A W A , O n t . — Debenture Offering.— Proposals will be recelevd u n t i l
3 p. m. Sept. 14 by the Board of Control for $85,000 4 0-y r., $343,500 30-yr.
and $160,500 20-yr. 4 % debentures. Int. J. & J. T w o bids are requested,
one on $73,500 o f the $343,500 30-yr. Issue, accom panied b y a certified ch eck
for $1,000, and the other bid on the remaining issues, with a check for $5,000.
R E D D E E R , A l t a . — Debentures Voted.— The election held June 26 re­
sulted In favor of the propositions to Issue the follow ing 5% debentures
(V . 92, p. 1662):
$15,000 water-works debentures. V ote of 60 to 1.
12,500 water-works debentures. V ote o f 51 to 10.
7.000 sewer-system debentures. V ote o f 59 to 2.
3.000 street-im provem ent debentures. V ote of 59 to 2.
6.000 (town’s portion) sidewalk debentures. V ote o f 59 to 2.
600 hospital-construction debentures. V ote of 58 to 1.
S T . M A R Y S , O n t . — Debentures Not Sold.— The tenders received on July 3
for the $135,000 30-lnstallment consolidated and $5,000 20-lnstallm cnt
bridge 4 }4 % debentures were not satisfactory, according to T oron to papers.
SL IG O

D IS TR IC T

No.

2311

(P.

O.

G rcen sh ield s),

Alta.—

W IN D S O R RO M AN C A T H O L IC S E P A R A T E SCHOOL D IS T R IC T ,

O nt.

— Debenture Offering.— Proposals will be received until 1 p . m . July 15 for
$22,000 5% debentures. In t. J. & J. Due Jan. 1 1931. J . Moynahan Is
Secretary.
W I N G H A M , O u t . — Loan Election.— A by-law providing for a loan of
$5,000 for water-works purposes will be submitted to a vote, It Is stated, on
July 10.
Z E A L A N D I A S C H O O L D I S T R I C T , Sask.— Debenture Sale.— An Issue o f
$8,500 5 >3% debentures has been awarded to Nay & James o f Regina.

NEW LOANS

$ 1 6 0 ,0 0 0

$ 3 4 0 ,0 0 0

Of the Town of Hartford

SCHOOL

Debenture Sale.— An Issue of $1,200 6% bldg, debentures was awarded
In May to the Alberta S chool Supply Co. Int. In M ay. Due i n 10 a n n .
Installments.
W H I T E I V O O D , Sask.— Debenture Offering.— Proposals will be received
until A ug. 1 by C. S. Barker, Town Clerk, It is stated, for the $6,000 5%
sidewalk debentures (V . 92, p. 1591).
W I L K I E , Sask.— Loan Voted.— A ccording to reports, the rate-payers
have passed a by-law for Installing a water and light plant.

NEW LOANS.

West Middle School District

125

NEW LOANS.

$ 3 9 ,5 0 0
T own of Stamford, Conn., Town of Culbertson, Montana,
SCHOOL BONDS

W A T E R -W O R K S BONDS

FOUR PER CENT BONDS

Scaled bids will be received b y the undersigned
Sealed proposals will be received until 12 Treasurer of the Town of Stam ford, until 2 o ’clock
o ’clock on July 13th, 1911, at the Charter Oak p. m ., July 27th, 1911, for the purchase of bonds
National Bank, In Hartford, Connecticut, by the amounting to three hundred and forty thousand
District Committee and Treasurer of the West ($340,000) Dollars.
Middle School District of the Town of Hartford,
Said bonds to be known as School Bonds and are
In the State of Connecticut, for the purchase of Issued by the Town o f Stam ford, Connecticut.
bonds of said district to the amount of one hun­
The said bonds are dated August 1st, 1911, and
dred and sixty thousand dollars, face value, to bo run for thirty years.
Issued under authority of a resolution of the
Said bonds bear Interest at the rate of 4 >3 per
General Assembly of the State of Connecticut centum per annum from August 1st, 1911, pay­
approved April 6, 1911, and In accordance with a able scmt-annually on the first days o f August
vote of the District passed June 13th, 1911. and February In each year until the payment of
Said bonds will be coupon bonds for one thousand the principal: principal and Interest being payable
dollars each, will be dated August 1 1911, will be at the National Park Bank, New York City.
payable August 1 1936, will bear Interest at the
Said bonds are of the denomination of one
rate of four per cent per annum, payable semi­ thousand ($1,000) Dollars.
annually on the first days of Fcbraury and August,
Bids wlli be received for a part or the whole
and will contain an agreement on the part of the of said bonds.
District to pay annually Into a sinking fund,
The Treasurer reserves the right to reject any
until m aturity, the sum of three thousand dollars. and all bids. All bids must be enclosed In sealed
The right Is reserved hereby to reject any of envelopes and endorsed "B id s for the purchase
all bids which m ay be received therefor.
of School Bonds of the Town of S tam ford,” and
The bonds are to be Issued to pay unfunded delivered to the Town Treasurer at his office In
Indebtedness of the District Incurred In the the Town Hall, Stam ford, Connecticut, on or
erection of new buildings and additions to present before 2 o ’clock p. m ., July 27th, 1911, at which
school buildings and In other ways. Including time said bids will be opened.
this Issue, the total Indebtedness of the District
Each bid must be accom panied by a certified
will be not over $427,000, and the assessed valua­ check on a State or National Bank or Trust Com­
tion of property In the District Is over $17,000,000. pany for one per cent of the amount of the par
Dated at Hartford, Conn., this 28th day of value of bonus bid for.
June, 1911.
The successful bidder must pay for the bonds
W IL L IA M H. C O R B IN , 1
on August 1st, 1911, at 10 o ’clock a. m ., at the
LOU IS It. C H E N E Y ,
[Comm ittee.
office of the Treasurer of said Town of Stam ford,
H E R B E R T II. W H IT E , J
at which time and place said bonds will be ready
E D W A R D C. F R IS B IE , Treasurer. for delivery No bids will be considered unless
submitted upon the form of proposal provided
by, and furnished upon application to, the Town
Treasurer.
Dated, Stam ford, Connecticut, July 3, 1911,
JOHN T . H A N R A IIA N ,
Town Treasurer,

$ 5 0 ,0 0 0
WILMINGTON, DELAWARE,

Notice Is hereby given that the Town Clerk of
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 29TH 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 olferlng the highest price for said bonds.
The right to reject any and all bids Is reserved.
•
J. E . P E T E R S O N ,

■

Town Clerk.

F . WM. K R A F T
LAWYER

Specializing in Examination of

Municipal and Corporation Bondi
1312 FIRST NATIONAL BANK BLDO l

OHIO AG O, IL L .

SIN K IN G FU ND LOAN
Sealed bids will be received for all or any part
thereof of Fifty Thousand ($50,000) Dollars
Sinking Fund Loan o f Wilmington, Delaware,
until 12 o'clock in., Monday, July 17, 1911.
Bonds will date July 17, 1911, to be Issued In
denominations of Fifty ($50) Dollars or multiples
thereof and bear Interest at the rate of 4 per cent
per annum, payable semi-annually on October 1
and April 1 and will mature April 1 1935.
These bonds arc for the purpose of the widening
of Eleventh Street, In the city of Wilmington,
Issued under authority of an A ct of Legislature
approved March 25, A . D. 1907.
All proposals must be accompanied by a certified
chck, payable to the order of “ The Mayor and
Council of W ilm ington,” for 2 per centum of the
amount of bonds bid for, the same to be forfeited
If the bidder falls to accept and pay for bonds
awarded. The successful bidder or bidders will
be required to settle for bonds awarded with ac­
crued Interest, said bonds to be settled for July 31
1911.
The right to reject any and all bids Is reserved.
Address all bids In scaled envelopes to W . S.
Lcdnum , City Treasurer, Wilmington, Delaware,
marked “ Froposals for Sinking Fund L oan.”




$ 6 2 ,0 0 0

TOWN OF KEARNY, HUDSON C 0 .f N. J.,
SCHOOL BONDS
Sealed proposals will be received b y the Council
of the Town of Kearny, Hudson County, N . J .,
at the Town Hall, at 8. P . M ., JULY 26TH, 1911,
for the purchase of

Thomas J.

Bolger Co.

M U N IC IP A L

BONDS

Legal for Savings Banks,
Postal Savings and Trust Funds
SEND FOR U S T

19 South La Salle S t.,

CHICAGO

S62.000 413% 25-Year School Bonds.

Each bid 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.

R. 1. Wilson & Co.
33 WALL STREET
NEW YORK

BLODGET & CO.
BONDS
80 S T A T E S T B E E T , B O S T O N
80 P I N E S T B E E T , N E W T O B K

STATE, C ITY & R A IL R O A D BONDS

[VOL. LXXXXI1I.

THE CHRONICLE

126

Qvnst (SermpKnitz.

%xn&\

F

T

id e l it y

C

rust

o m p a n y

Manhattan
Trvst

N E W A R K , N. J.

Company

Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts as Executor, Trustee, Administrator and in all fiduciary capacities
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Real Estate throughout New Jersey.
General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.

W a ll Street corner Nasaav
Member N. Y. Clearing House

Designated Dep ositary for State,
City and Court Funds.
Allo ws interest on Balances.
Issues Certificates of Deposit p a y ­
able as desired.

Temporary 0£fices

113
CHARTERED

Union Trust Company of NewYork
MAIN O F F IC E : 80 BRO AD W AY .

ALLOW S

Surplus (earned) $7,800,000

Fourth & Pins S ts., St. Louis.
C A P IT A L , S U R P L U S l o o
n on
and p i t o F i r s J $ lS>0 * U>UUU

BUSINESS TRANSACTED.

DIRECTORS.
Henry Semple Ames, Vlco-Presldcnt.
William Bagncil. President Bagnell Timber Oo.
John I. Beggs, President & Gen. Manager St.
Louis Car Co.

IN T E R E S T ON

D E P O S IT S .

A cts as E xecutor, Guardian, Trustee, Adm inistrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.

3ttlmofe Hmtetp Company
H om e Office, 206 La Salle Street
C H IC A G O

WRITES ALL CLASSES SURETY BONDS
Court— Fidelity— Contract— Miscellaneous
T h e m otto o f th e I l l i n o i s S u r e ty C o m p a n y Is “ P r o m p t S e r v ic e **
both I n th e h a n d lin g o f its b u s in e s s a n d th e a d ju s tm en t o f Its ln«ses

S U R P L U S , $4,000,000

C A P I T A L , $1,000,000
THE

PHILADELPHIA TRUST
COMPANY
SAFE DEPOSIT A N D INSURANCE

Main Office, 415 Chestnut Street

Branch Office, 1415 Chestnut Street

EXECUTES TRUSTS OF EVERY DESCRIPTION.
Acts as Trustee for Corporation Mortgages, Registrar or Transfer Agent
and In all forms of business In which a Trust Company may legitimately engage.

Roland L . Taylor
President

Mississippi Valley Trust Co

A GENERAL, FINANCIAL AND FIDUCIARY

Uptown Office : 425 Fifth Avenue, corner 38th S tr e e t/
W ith Modern Safe Deposit Vaults

Capital $1,000,000

BROADWAY

1864

Edmund D. Scholcy
Secretary

Samuel E. Carter
Treasurer

Thom as B. Prosser
Real Estate Officer

Eugene H. Bcnolst.
James E. Brock, Secretary.
Murray Carlcton, President Carleton Dry Goods C*
Charles Clark.
Horatio N. Davis, President Smith ADavls Mfg.Co.
John D. Davis. Vice-President.
David R. Francis, Francis, Bro. it Co.
S. E. Hoffman, Vlco-ITesidcnt.
Breckinridge Jones. President.
Wm. 0 . Lackey, Vice-President and Bond Oflloor.
W. J. McBride. V.-Prcs. Haskell & Barker Car O*.
Nelson VV. McLeod. Vice-President QrayratMoLeod Lumber Co.
Saunders Nor veil. President Stoves & II orclware
Publishing Co.

Robert J. OrRciIly. M.D.
t
Wm. D. Ortkwefn. President Wm. D. Orthwola
Grain Co.
Henry VV. Peters. President Peters Shoe Co.
H .C. Pierce, Chairman Board Waters-PIeroe(OUjOo.
Henry S. Priest, Priest & Boyle.
August ScMafly, August Schlafly A Sons.
R. 11. Stockton, President Majestic Ufg. Co.
Julius S. Walsh. Chairman of the Board.
RoUa Wells.

Industrial Trust Company
Providence, R. I.
C A P I T A I ....................................................................$ 3 , 0 0 0 , 0 0 0
S U R P L U S ........................................... - .................. 3 , 0 0 0 . 0 0 0

O F F IC E R S .
Cyrus P . Brown, President
Arthur L . Kelley, Vice-President
H . Martin Brown, Vice-President
Otis E verett, Vice-President
Joshua M. A ddem an, Vice-President
W ard E . Smith, Treasurer
Chas. II. Manchester, Secretary
II. Howard Pepper, Trust Oltlcer
and Asst. T'reas.
Frederick B . W ilcox, Auditor
B O A R D OF D IR E C T O R S .
J. Milton Payne
Samuel P. Colt, Chairman
Eben N. Littlefield
OIney T . Inman
Otis Everett
Richard A . Robertson
Joshua M. Addem an
C. Prescott Knight
Jesse II. Metcalf
James M. Scott
John J. W atson Jr.
William II. Perry
Charles H . Allen
Arthur L. Kelley
John B. Branch
II. Martin Brown
William P. Chapin
George F. Baker
Angus M cLeod
George M. Thornton
Ezra Dixon
Cyrus P . Brown
Howard O. Sturgis
Chas. C. Harrington
Edward D . Pearce
Louis H. Comstock
Englehart C. Ostby
Herbert N. Fenner

E ST A B L ISH E D 1889

PERSONAL

SERVICE

Personal attention to the needs of each
correspondent is the rule at this bank.

H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago

SCHOOL,
COUNTY AN D M U N IC IP A L BONDS

We invite your account.
M U N IC IP A L A N D R A IL R O A D

BONDS

M ELLO N N A T IO N A L BANK

LIST ON APPLICATION

P IT T S B U R G H

SEASONGOOD & MAYER




Mercantile Library Building
CINCINNATI