Full text of Commercial and Financial Chronicle : June 10, 1911, Vol. 92, No. 2398

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

NO. 2398.

SATURDAY. JUNE 10 1911.

VOL. 92.

Week ending June 3.

3 £ Ixje

& iv o n ic U .

PUBLISHED WEEKLY.

Clearings at—
1911.

1910.

Inc. or
1Dec.

1909.

1908.

$
$
% „ ,
Term s of Subscription— Payable in Advance
242,041,644
+ 2.2 2
249,818,246 245,334,708
Chicago
23,086,400
23,502,950
+7.9
20,389,600
For One Year ................................................................................................. SR
22,005,800
12,114,740
13,950,900
—2.5
15,764,011
F or S ix M o n th s ......................................................................................................... , q
.
15,377,213
13,438,528
12,800,000
+ 3.4
European Subscription (including postage).......... - — - ........................ •‘•2 l ', ;
15,164,568
.
15,673,593
Detroit________
11,103,919
10,361,885
European Subscription six months (including postage).......................
•
11,173.628 — 1.2
11,038,521
Milwaukee-------8,042,309
7,061,631
—
10.4
Annual Subscription in London (including postage)..... ......................
7,757,938
6,954.101
Indianapolis---5,185,300
5.272,700
Six M on th s S u b s crip tio n in L on don (in c lu d in g p o s t a g e )........................l , , 8
5.637,200 — 15.1
4,785,500
Columbus____
2,791,823
3,105,370
+
8.8
Canadian Subscription (Including postage) ............................................!t>lA
3,192,676
3,473,233
T oledo________
2,534,869
2,566,636
—9.3
2,709,953
.
2,458,981
Subscription includes follow ing Supplements
2,253,611
2,219,197
—8.1
2,450.613
.
2,251,705
1,538,354
1,763,710
—
10.0
1,956,505
.
1,761,055
B INK AND QUOTATION (m on th ly)
I
O ^ o T v e a r ly )
1,816,323
1,667,656
—6.7
2,141,513
1,997,010
RAILWAY AND I n d u s t r ia l (q u a rte rly )
y
Evansville .
491,382
585,807
—2.2
R a il w a y E a r n in g s (m o n th ly )
I B a n k e r s c o m e m i o n (y o a .iy )
593,369
580,532
Kalamazoo .
830,908
1,037,898
967,648 — 12.3
848,260
694,102
1,000,849
Terms of Advertising— Per Inch Space
962,478 — 13.7
.
830,688
1,185,544
876,022
990,365 — 1.5
.
975,442
Transient matter per Inch space 0 4 agate U nea).^
-1 jjg
417,441
731,693
+
13.0
1,078,232
.
1,218,079
620.419
652,429
650,538 + 15.2
749,497
Lexington .
399,087
596.421
—9.9
798,664
•Standing Business Cards •> Htx JUmths1' 3 (26 times).’ ’ .".".................... 60 00
719,887
Rockford .
472,754
570.000
+ 1.4
645,036
(. Tw elve Months (52 tim es)............................ 87 oo
653,837
Quincy___
500.000
565.000
719,000 +30.7
940,000
CHICAGO O F F IC E _Pliny B artlett,513 Monadnock Block: Tel. Harrison 4012 A k ro n ___
478,145
500,968
—2.1
689,080
674,552
500.109
LONDON O F F I C E -E d wards & Smith, 1 Drapers’ Gardens, E. O.
492,573
+ 2.0
480,274
489,722
South Bend.
351,916
452,025
—5.4
476,166
450,519
W I L L I A M 15. D A N A C O M P A N Y , P u b l i s h e r s ,
D e c a tu r__
427,295
379,986
+
20.1
491,252
589,888
P .O .B o x O SS.
F r o n t , V in o a n d D e p e y s t e r S t s .,
N ew Y o rk .
329,364
370,312
+4.3
362,571
378,228
303,158
297,749
271,099 + 55.0
420,482
228,345
290,475
311,570 — 13.5
269,537
Published every Saturday morning by WILLIAM B. DANA COMPANY,
270.000
250.000
+ 5.3
356,072
375,000
ToEh lv hert Ir y President and Treas.I George S. Dana and Arnold G. Dana. Jackson
260.000
303,294
—
12.0
332,143
292,339
Jma
.
.
V t e t p r ^ K s f Arnold G. Dana. Sec. Addresses ot all. Oftlcc ot the Company
213,402
188,875
215,863 — 7.3
200,000
25,307
25,700
267884 — 16.0
22,581
Adrian —
12.8
654,745
571,245
C L E A R IN G -H O U S E R E T U R N S .
Saginaw .
+ 1.2 352,907,038 334,946,228
349.845,273 345.745,962
The following table, m ade up b y telegraph, & o.f indicates that the total
34,352,697
32,325,534
+ 0.0
40,119,863
hank clearings of all clearing houses of the United States for week ending
.
40,137,251
10,909,031
11,567,558
14,762,801 + 11.5
16,474,252
?5 £ e 10 h a v l been W , 188.275,281. against $2,912,421,879 last week and Los Angeles .
8,736,584
9,705,143
_______ .mnnillnr.
l.isf. VPST.
—0.3
9 940 469
9 905 422
Seattle ----5.202,575
6,260,290
+ 17.2
8,015,266
9,398,355
Portland_
_
I
5,394.605
6,105,267
—7.3
5,846,890
5,421,096
Per
£
3,330,482
3,000.000
Clearings—Returns by Telegraph.
4,841,284 —25.1
‘
3,627,194
Spokane.
1910.
Cent.
£
1911.
4,187,460
A cnR 1
cc _oc n
5,208,594
Week ending June 10.
4,oyo,
loo
3,446,194
1,625,941
1,863,195
2,691,986 + 15.1
.
3,097,497
— 10.0 6
686,000
900,000
+ 10.0
New York...................... - ......................... 31,595,997,560 $1,772,642,249
1
,
200,000
1,320,000
+
7.7
£
121,638,247
131,057,974
621,766
823,822
Boston ..................................- .................
+
7.3
1,060,131
_
1,137,432
+ 6.4 £
129,910,351
138,193.090
452,097
502,804
Philadelphia .................. - .....................+ 3.4
473,913
490,000
22,972,272
+20.3
£
27,633,888
491,788
432,371
Baltimore.............. ..................... - ......... + 1.0
550,000
555,500
+ 0.9 X
224,749,110
226,679,970
430,637
413,373
C hicago..........................- .......................
404,826 +49.9
606,717
61,365,421
+0.05 Stockton
£
61,396,064
252,964
341,881
St. Louis - ------- -------------- ----------------503,796 — 13.9
433,729
—
12.1
I
15,648,868
13,757,879
New Orleans..........................................840,000 —18.3
685,926
—8.3
240,000
220,000
—6.6 1
Seven cities, 5 days.................... ......... S2,194,716,425 $2,348,926,518
76.674,627
79,499,832
+ 0.9
96,087,380
455,274,318
+ 6.3
_
96,956,565
483,797,649
Other cities, 5 days........ .............
36,088,984
38,170.453
—6.0
39,341,382
41,400,160
19,783,998
$2,804,200,836
$2,678,514,074
4
.
5
1
15,637,778
—6.4
15,580,833
16,645,955
Total all cities, 5 days........................
Minneapolis.
519,553,151
12,822,779
509,761,207
- 1 .9
;
13,866,058
—8.7
14,538,370
13,276,623
All cities, 1 day...................... - ........... .
11,468,914
8,024,117
10,711,941 —22.2
I
8,337,967
$3,323,753,987
4.1
;
8,357,081
S3,188,275,281
8,582,712
9.355,813 —22.6
7,240,925
Total all cities for week......................
5.874,030
5,474,984
+ 4.5
5,922,253
6,190,312
St.
Joseph.
Tho full details for the week covered b y the above will he given next Sat­
3,136,527
3,253,349
+
0.1
3,316,920
3,321,145
urday
W e cannot furnish them to-day. clearings being m ade up b y the
2 222,039
2,854,841
2,994,977 —27.0
I
.
2,186,456
clearing houses at noon on Saturday, and hence In the above the last day of
128,205
2,108,922
+ 1.7
2,513,757
..
2.556.023
the week has to be In all cases estimated, as we go to press Friday night.
2,027,199
—
19.9
2,910,362
2,333,280
th W ^ p rcsen ^ bclow detailed figures for the week ending with Saturday Duluth..
1,789,532
1,488,660
+ 6.0
1,510,479
..
1,601,082
1,080,572
1,190,363
noon, June 3 , for four y e a r s . ____________________________________
1,721,064 —18.9
1,396,278
Davenport.
868,425
991,983
1,081,364 +34.7
1,456,287
Topeka - - 739.527
1,123,081
1 459 306 — 10.6
1 304 799
Week ending June 3.
728,603
620,093
'740,000 — 18.9
ks
’
eooiooo
Clearings at—
460,023
436,487
470,096 +27.8
600,596
Inc. or
Pueblo
462,424
520,909
667,713 — 13.4
578,384
1908.
Dec.
1911.
1910.
Fargo .
490,000
515,000
+8.4
775,000
839,978
305,021
411,098
352,658 + 19.8
422,482
+
0.0
888,009
1,825.494,066
1,726,218,489
.
.
886,146
1.721,899.845 1,890,617,167
New York.
803,409
838,123
—
17.5
880,546
726.673
+7.9 135,154,606 134,756,380 Helena
173,728,437 161,029,658
Phlladciphla----191,332
178,693
166,199 - 48.8
39,837,468
43,908,321 Billings
85,000
—5.7
50,596.788
47.736,091
Plttsburgh.
—30.0
500,000
25,361,040
26,241,399
350,000
+
5.5
29.016,938
30,620,036
Baltlmorc..........
1
+4.2
185,000
7,659,733
192.692
7,202,805 Hastings
—4.5
8,988,639
8.584.995
Buffalo................
7,359,605
7,644,095
— 8.2
8,642,313
7,933,531
Washington----it. 111,405,343; 121,705,942! —7.9 107,414,857 108.051.434
6.060,926
4,970,379
5,808,808 — 10.1
59.166,723
5.222.995
58,917,820
Albany................
i + 4.9
66,488,306
69,728,786i
6,617,031
5,056,730 St. Louis.
6,115,414 — 6.8
5,700,500
11,569,238
12,644,575
Rochester 13,595,394l +14.1
..
15.508.557'
2 , 5 1 1,603
2,442,964
—8.9
2,809,251
11,553,457
2,558,265
12,086,508
Scranton............
.
—5.4
11,684,611
.
.
11,048,302!
2,026,67'
+2.5
2,344,951
2,429,548
2,491,446
7,500,677
11,380,612
Syracuse______
—3.7
10,382,64£i
..
10.000.0061
1,256,652
1,334,123
1,439,543 + 14.0
1,642,836
4,658,500
4,161,500
Reading-----------1
4,689,506) +41.4
.
.
6,630.506
1,
3
2
6
,
5
X
3
—3.
1,419,766
1,461,257
1,406,055
6,248,974
6,242,816
Wilmington
1
—
9.8
6,815,885
6,150,0061
1,082,296
1,219,840
1,243,691 — 13.5
1,075,417
4,104,215
7,912,055
Wllkcs-Barro . . .
>
—31.2
.
3,721.874,
5,413,79'
1,665,994 Fort Worth.
1,847,663
1,644,026 <—7.3
1,524,732
4.099,412
5,975.719
Wheeling _____
7,140,171) + 10.0
.
7,856,7411
1,270,778
1,325,610
1,535,374
—
1.6
1,511.480
5,732,571
4,092,064
Trenton ........ ...
4,025,156) —5.4
..
3,806,2111
1,194,562
1,175,664
1,144,509
+ 2.1
1, 200,000
;
__
5
6
3,201,066
o
a
eft
rtrtf1
Harrisburg
3,342,952
1
-149
fifU
_
o,ZdU,UlA
861,061
827,316
+ 1.5
908,289
921,695
2,682,837
2.574,872
Y o r k ...... ...........
r
—
13+
3,844,181
3,327,4851
643,533
—4.4
657,399
824,050
788,588
2,034,426
2,546,195
E r ic ....................
+
0.5
2,633,0915
.
2,645,925!
486,058
624,312
+ 1.4
689,013
698,679
1,535,113
Grccn8burg........
1,814,928
2,201,3115 —9.4
...
1,995,001)
485,953
+
1.8
495,486
469,541
477,914
1,378,364
1,649.409
Chester
+
4.0
2,032,0Ul
2,113,811l
433,700
370,800
487.500 —0.9
483,100
1,223,019
Binghamton----1,600,000
—29.7
1,900,0013
.
.
.
1,336,39'1
398,483 Oklahoma
358,328
—3.2
392,031
379,466
1,182,595
1,591,217
Altoona..............
1,440,20:3 +13.1
...
1.629.71!3
292,006
240,000
—
8.7
230.000
210,000
1,210,777
1,281,893
Franklin............
9
+
2.1
.
.
.
1,365,14'7
1,336,821
+ 3.0
900.000
927,000
964,258
1,217,233
Lancaster..........
2
—
1.6
1.066,77
...
1,050,0013
1,263.855
1,025.000
1,400,000 +20.7
..
1,689,5019
1,972,959,447
2,069,178,724
—
2.7
2,019,723,103
2,179,454,503
1,369,227
Total Middle-1,332,807
1,443,36 7 —12.7
...
1,260,37.5
921.409
873.928
147,950,735 134,499,008 + 10.0 138,836,969 157,742,378 Charleston . __
1,275,76 2 + 10.1
1,404,63 1
Boston . . .
6,588,800
8,896,900
553,125
575,139
+ 6.0
6,754.100
6,370,500
805,72 2 +270.2
...
3,000,000
Providence
Austin----3,555,065
407,408
513,212
4,131,639
+
21.2
4,347,609
3,587,067
+
2
6.9
.
.
2,225,000
725,000
Hartford ..
2,581,805 M acon----2,735,629
341,480
225,833
2,576,379 + 11.2
2.865,008
225,54 7 — 18.4
183,979
New Haven____
Vicksburg
1,750,000
1,800,000
217,799
—6.4
2,208,384
2,067,719
264,74 6 —5.6
...
250,000
Springfield
Meridian
..
1,884,435
1,550,584
190.000
1,696,177
+
0.9
1,711,255
0
—6.3
285,00
266,91 8
Portland .
1,422,548 Jackson - - - ,C.
240,948
1,566,739
1,959,838
+ 5.3
300.000
2,062,583
527,87 3 +25.2
661,043
Worcester
966, i r
906,777
996,300 — 15.8
839,293
...
515,62 8 Not lncludec1 in total
Fall River
844,937
835,249
836,163
—7.3
1
in
total
784,343
5
Not
I
n
c
h
'd
er
...
604,05
New Bedford----479,148
578,612
481,757
—2.5
564,336
Holyoke
143,286,085 135,153,724
ern 164,105,91 0 157,08o.4y2i +4.5
489,671
441,912
432.500
+3.7
448,704
I.ow ell...... .........
2.m_i6.o;mm.u7
. . . 2,912,421,87O 3T055.819,293! —4.7
"l78,305,237
+
9.4
162,185,069
1,070.872,2 o!
Total New Eng. 170,385,685 165,740,014
if .. 1,190,522,03 4 1,165,202.126' +2.2
Note.—For Canadian clearings see "Commercial and Miscellaneous News.”




1522

THE CHRONICLE
THE FINANCIAL SITUATION.

[VOL.

LXXXXII.

in the land. The crowd just now, the world over,
sways from right to left in policy, in belief and in action,
and cries out with wild enthusiasm to-day for the
demagogue political, literary or religious—that it
tramples under foot to-morrow. The art of being a
demagogue appears to be easy and quick to learn, and
the rewards of the successful practice of the art have
strange fascination for minds and characters that one
would like to think in all respects worthy. But we
are under no obligation either to run with the crowd
or to follow every demagogue.

Faith in the teachings and influence of our great
educational institutions is measurably strengthened by
such utterances as those to which President Nicholas
Murray Butler, of Columbia University, gave expres­
sion on Wednesday of this week in addressing the 1911
graduating class. Amid the nauseating political talk
of the day and the puerile and puny attempts being
made in our legislative halls—and particularly at the
so-called “ investigations” now being conducted at
Perhaps what is here said appeals to us with more
Washington— to discredit recognized leaders in the force on the present occasion, inasmuch as Woodrow
financial and industrial world, among whom, of course,
Wilson, the late head of Princeton University, from
J. P. Morgan stands at the topmost pinnacle, President
whom so much was expected when he entered the
Butler’s well-phrased remarks dealing with current
political arena as Governor of New Jersey, has so
weaknesses and fallacies ring out with a tone so clear
sorely disappointed expectations now that he is filled
and true that it seems certain they must find a with ambitions for the Presidency. To be sure, no
lasting response kin intelligent public sentiment.
one would imagine for a moment that a man of the
President Butler speaks of this as the “ age of irra­ high character and superior attainments of Dr. Wilson
tionalism.” There is something fine and telling about would deliberately yield up his convictions, but it is
such phrases as “ argument by epithet,” “ torrent of undoubtedly true, as said by the “ New York Times”
talk,” “ impertinent self-confidence,” “ vulgar lack of in discussing President Butler’s address, that “ political
respect for what has been,” and “ demagogues political, ambition leads men into the temptation to throw over­
demagogues literary and demagogues religious,” as a board their own enlightened beliefs and to take on a
characterization of the tendencies and failings of the cargo of these raw products of thoughtless minds.
times. It is hard to deny the assertion that “ we have In the hope of political success they betray their better
confounded novelty with originality and change with selves.” The initiative, the referendum and the re­
development, and that, like the ancient Athenians, we call, what else are they but stepping-stones towards
spend our time in nothing else but either to tell or to the abandonment of representative government?
hear some new thing.”
And why do we tolerate reckless abuse of those who
President Butler is apt, too, in his suggestion that in have managed to accumulate wealth, even when ac­
our disregard of the teachings of history and experi­ quired by honorable means? Must we not admit the
ence, of the endeavors of the long line of generations truth of what the “ Times” says, namely that “ the
that have preceded us, we are calling in question the people are being taught to believe that pretty much all
doctrine of evolution. Says he: “ If there is any one wealth is culpable, and small tradesmen who have for
thing which that doctrine teaches more clearly and years cheated their customers by false weights or by
more insistently than another, it is that all true devel­ the sale of adulterated commodities roar out their ap­
opment and progress are out of, and because of, what plause of some barrel-head orator who denounces the
has gone before, and that they are to preserve, not to predatory rich and the soulless corporations.” It was
destroy, those structures, habits, tendencies and time that Dr. Butler brought the community back to
accomplishments which have shown themselves physi­ a realizing sense of how irrational all this is.
cally or morally fit—that is, suitable or worthy.”
How true all this is. “ To preserve, not to destroy” —
Doubtless the country sooner or later will get a
that is the object of all law and of all government. respite from radical political and economic doctrines,
How it chimes, too, with the utterances of the United with which it has so long been surfeited, if for no other
States Supreme Court. Chief Justice White, in the reason than that the public will tire of them, but for
Standard Oil case, gave expression to precisely the the present the politicians are still at work in various
same view in construing the Sherman anti-trust law, directions, attempting to gain capital for themselves
when he asserted that “ one of the fundamental pur­ by undermining the fabric of trade and business. In
poses of the statute is to protect, not to destroy, rights the name of reform they are, by most inisidious meth­
of property.” Indeed, what President Butler says in ods, making assaults on the very foundations of so­
the above-quoted statement is so axiomatic that it ciety. Obviously, such a state of things does not
carries instant conviction with it. And yet, how far tend to bring business revival any nearer. While a
we are from giving heed to it. When the demagogue Congressional committee is investigating the United
and the charlatan and the quack doctors— “ political, States Steel Corporation, ostensibly in the public in­
literary or (religious” — appear with their plausible terest (and incidentally revamping some old facts that
wares, do we not give ear to their inane vaporings are in the highest decree creditable to him who con­
and stand ready to receive their glib assertions of ceived this, the world’s greatest industrial undertak­
having found a remedy for all the ills that have been ing), the steel busine s itself, and the iron business
afflicting mankind since the world began? Who can with it, continues in a state of profound depression.
gainsay President Butler when he declares that
And why? Because Congress last year amended the
Whatever else this age may be, it certainly is the age
of the crowd and of the demagogue. The crowd with
its well-marked mental and moral peculiarities is
everywhere in evidence; and demagogues political,
demagogues literary and demagogues religious din our
ears with hungry cries. A torrent of talk is abroad




Inter-State Commerce Law in such a way as to com­
pletely cripple, for the time being, the railroad indus­
try y uPon which the iron and steel industry is so de~
pendent for its activity and prosperity. Accord­
ing to the “ Iron Age” of this city, iron production is
aga n rapidly declining, the output for the month of

J u n e 10 1 9 1 1 . ;

THE CHRONICLE

1523

declines are in Texas, Oklahoma and Kansas, but in
the latter, the banner wheat-producing State, the situ­
ation is better than last year. As we pointed out a
month ago, after allowing for the area abandoned on
account of winter-killing, &c., there remains under
cultivation the present season an aggregate of 31,367,­
000 acres, or 6.6% more than the harvested area of
ast year. With that additional area and a condition
slightly higher than a year ago, the Government’s
quantitative estimate of yield per acre, namely 15.3
bushels, would give a crop of winter wheat of 479,­
915,100 bushels, as against 464,044,000 bushels
In the copper trade, fortunately, the statistics seem
last year.
to afford some indications of a possible improvement in
Spring wheat, as already stated, has started off
the near future. At all events, the May statement is auspiciously, area having been further increased and
better than any monthly statement issued for quite the condition being above the average of recent years.
some time. Production was large during the month, The average condition as reported for June 1 this year
running in excess of the output for the same month is 94.6, against 92.8 on the same date a year ago,
last year, and reaching 126,962,544 lbs., but deliv­ 95.2 in 1909 and 95 in 1908, with the 10-year average
eries were also large, both for domestic consumption 93.6. Area, according to the Department, has been
and for export, and nearly equaled the production, increased to the extent of 1,015,000 acres, or 4.9% ,
they aggregating 126,522,520 lbs., which compares making the aggregate now 20,757,000 acres—the
with only 104,800,662 lbs. in May of last year. As a record planting. Area and condition considered to­
consequence, the further addition to stocks was this gether in comparing with earlier years, the outlook
time very small, amounting to only440,024 lbs. Stocks would appear to be for a spring-wheat yield well in
are now 165,995,932 lbs., as against only 122,030,195 excess of the 1909 record (290,823,000 bushels), with
lbs. at the beginning of the year. However, these normal conditions hereafter. But the Government
stocks are not so very much larger than at this period estimates the yield at only 13.7 bushels per acre, and
in 1910, when the amount was 160,425,973 lb . This this points to a crop of 284,370,900 bushels. Last
fact may possess significance, bearing in mind that year the spring-wheat yield was 231,399,000 bushels.
The area under oats has been decreased to a nominal
last year after the end of July stocks rapidly and
extent
this year, according to the Department, the
largely diminished. Improvement must come by rea­
1911
planting
having been 35,250,000 acres, against
son of continued large consumption, inasmuch as there
35,288,000 acres in 1910. The average condition is
is apparently little inclination to curtail output, not­
stated at 85.7, comparing with 91 on June 1 a year ago,
withstanding the low prices ruling for the metal.
88.7 June 1 1909 and a 10-year average of 88.4. This
The following gives the comparative statistics for May
was the situation at the beginning of the month; but
and the five months:
private advices are to the effect that recent rains have
-------------May-------------—Jan. 1 to May 31——
Copper—
1911.
1910.
1911.
1910.
improved the oats-crop situation considerably. The
Stocks beginning period___ lbs.165,555,908 141,984,159 122,030,195 141,766,111
P rod u ction ....................................... 126,962,544 123,242,476 601,104,735 590,047,362
current promise, all things considered, is apparently
Total supply.................. ............292,518,452 265,226,635 723.134,930 731,813,473
not as favorable as last year, when the record crop of
Deliveries for—
Domestic consumption............ 64,543.963 59,305,222 275,629,957 334,912,700 1,126% million bushels was raised.
The Department
E xp ort...................................... 61,978,557 45,495,440 281,509,041 236.474,800
estimates
the
yield
per
acre
at
27.7
bushels, which
126.522,520 104,800,662 557,138,998 571,387,500
would
give
a
total
of
976,425,000
bushels.
A decrease
Stocks end Ol period.................... 165,995,932 160,425,973 165,995,932 160,425^973
of 3% has been made in barley acreage this year, and
It should be added that the foreign visible supply of
condition June 1 was 90.2, as compared with 89.6 last
copper continues to decline, being reported at 161,­
year and 90.9 the 10-year average. Rye conditions a
463,760 lbs. for June 1, against 173,687,360 lbs. for
little lower than last year at this time.
May 1, 187,705,280 lbs. for Jan. 1 and 239,265,600
Across the border, in Canada, the crop outlook is
lbs. for June 1 last year.
stated to be the most promising in many years. Con­
current with, and incidental to, the large immigration,
The grain-crop situation in the United States on area under wheat has increased appreciably and recent
June 1, as indicated by the monthly report of the De­ growing conditions are reported as exceptionally good.
partment of Agriculture, issued on Thursday, reflects Under these circumstances a very considerable aug­
the somewhat unfavorable conditions experienced in mentation in yield is looked for. In Europe the wheat
some sections during May, leaving the outlook, how­ outlook, although not uniformly good, is on the whole
ever, still encouraging for a record wheat yield. quite favorable.
Winter wheat, as also oats, suffered deterioration from
the dry and hot weather that prevailed, and condition
Commercial failures in May 1911, both as regards
June 1 is stated to be under the 10-year average; but number of insolvents and volume of liabilities, record
spring wheat starts off very auspiciously. Since the
improvement over preceding months of the current
date of the report there have been beneficial rains in
calendar year, but continue above what might be
many districts.
termed an average or normal, and compare rather un­
Winter wheat shows a decline of 5.7 points during
favorably with the corresponding month of 1910.
May, the condition June 1 being given as 80.4, against
Most mercantile and industrial lines have been subject
86.1 a month earlier. On June 1 of 1910 and 1909
the condition was 80 and 80.7, respectively, and in to more or less stress in recent months, but conditions
1908 it was 86. In the bumper-crop year (1906) the have been less satisfactory with traders than with
average was only 2.3 points higher than at present. manufacturers. This is clearly indicated by Messrs.
The 10-year average is 81.6. The most conspicuous |R. G. Dun & Co.’s statement for May, which shows

May having been only 1,893,456 tons, against 2,065,­
086 tons in April and 2,171,111 tons in March. The
daily rate of production, which had risen from 56,752
tons in January to 70,036 in March, in May got down
again to 61,079 tons. Only a very small crumb of
encouragement can be derived from the statement of
the “ Age” that the steel bar trade shows some im­
provement as a result of the recent reduction in prices,
for these lower prices obviously mean diminished profits,
and may ultimately lead to reductions in wages.




1524

THE CHRONICLE

[VOL.

LXXXXII.

that of the fifteen branches in the trading division, no its deposit accounts, according to an official statement,
less than thirteen report greater liabilities this year numbered 112,817. The excess of liabilities over as­
than last, the excess being large in the case of “ Dry sets is not expected to be serious; the total liabili­
Goods and Carpets” and “ Hardware, Stoves and ties are given at $43,380,910. The general bank­
Tools.” In this division the aggregate number of ing position in London is to-day very strong. The
failures in May 1911 was 702, representing liabilities Bank of England is carrying $194,000,000 in bullion
of $6,002,124, and contrasting with 628 and only and a total reserve of $150,000,000, which is equal
$3,916,851 in 1910 and 766 and $4,974,233 the pre­ to fully 52% % of its liabilities. The easy state of the
vious year.
money market there can be realized when it is men­
Disasters among manufacturers during the month tioned that private discount rates this week went
numbered 264, with debts of $5,863,260, as against below 2% , and that there has been scarcely any com­
218 in May a year ago, with liabilities of $3,677,256 petition in months for the new gold arriving from South
and 231 and $7,156,140 in 1909. Among brokers, Africa. British trade is still exceedingly prosperous.
transporters, &c., the comparatively favorable situa­ 1 he Board of Trade reports that in May exports
tion noticeable in earlier months of the year continued showed an increase over last year of more than $20,­
in the period under review. The number of failures in 000,000, notwithstanding a decrease of nearly $6,­
May was almost identical with the month in 1910 (40 500,000 in imports, due mainly to smaller receipts of
against 39), but liabilities were only $1,604,405, raw materials and foodstuffs. It was thought proba­
against $1,996,000 with the 1909 exhibit 31 and ble this week that London would be called upon to send
$2,253,377. The indebtedness of all insolvent con­ gold to New York, since demand sterling fell to 4 85%
cerns (1,006 in number) in the month of May 1911, and European purchases of our securities continued in
was, as stated above, greater than for the like period of substantial volume. It can be definitely stated, how­
1910, having been $13,469,789, against $9,590,186. ever, that the principal New York bankers are antago­
In 1909, however, the total was $14,383,750 and in nistic to a movement at present either from London
1908 reached $13,643,381.
or from Paris, where exchange has fallen to the goldFor the five months from Jan. 1 to May 31, while export point. For one thing, the firmness which de­
the number of insolvents was greater this year than veloped in our money market last week has com­
last, the liabilities are only 90 million dollars, against pletely subsided, and, of equal importance, the with­
100% millions. In 1909, however, the indebtedness drawal of gold from either of these centres would in all
for the five months was only 75% millions, but in probability check further buying of American bonds.
1908 reached 109% millions. The especially favorable Even should an inflow of gold be rendered inevitable
feature of the 1911 exhibit is the comparatively mod­ through a further decline in exchange, there would be
erate indebtedness shown by failed brokers, &c. In no occasion to feel alarmed over the banking position
fact, for the five months of 1911 it reaches only $8,­ at London or Paris. It is true that the Bank of France
433,668, against $26,398,340 in 1910 and $12,337,220 is carrying $36,000,000 less gold than a year ago and
in 1909 and $18,550,819 in 1908. Manufacturing $97,000,000 less than in 1909, but gold exports can
liabilities also compare favorably with a year ago— easily be prevented by charging a sufficiently high
38 1-3 millions, against 41 millions—and show an in­ premium for the metal.
crease of only 6 millions over 1909 and are 9% millions
below 1908. But the trading indebtedness for the
The coronation of King George V, which is to take
five months of 1911, at 43 1-3 millions of dollars, is place in the historic Westminster Abbey on June 22,
greater than for the similar period of either of the three promises to be the most notable social function since
preceding years, the results having been, respectively, the crowning of King Edward, and judging from the
33 and 31 and 43% millions.
worldwide interest manifested, from the great influx
Failures in the Dominion of Canada in May, while of peoples of all nationalities to the British capital, and
considerably greater in number than in the month of from the royal and private arrangements made for the
last year— comparison being between 102 and 66— entertainment of visitors, the ceremony is likely to
show only a very moderate gain in liabilities—$1,144,­ eclipse in splendor and magnitude anything witnessed
933, against $1,089,593. As in the United States, the since the days of Queen Elizabeth. Every civilized
greatest number of failures and the larger part of the country is sending official delegates, the British colo­
indebtedness was in the trading division, which con­ nies are prominently re-presented, warships and other
trasted with the previous year almost in the ratio of craft from the seven seas will gather for the naval re­
2 to 1. For the five months of 1911 the aggregate view, which, befitting the crowning of a “ Sailor
liabilities of all failed firms was only $5,363,229, as Prince,” will form an imposing feature of the celebra­
against $8,809,543.
tions. Already the dignitaries from various nations
have arrived in London, among the number being
The failure of the Birkbeck Bank in London, an­ John Hays Hammond, the Special Ambassador se­
nounced on Thursday, must not be regarded as in any lected to represent the United States, and Sir Wilfred
way indicative of monetary unhealthiness in England. Laurier, the Premier of Canada. It is estimated that
4 he institution was given unfavorable prominence last a quarter of a million strangers have invaded the city,
November through a run on its deposits attributed to and the total is now being swelled by thousands daily.
an anonymous circular connecting it with the Charing 4 he long route of the procession from Buckingham
Cross Bank, which had closed its doors; but the Bank Palace to the Abbey is to be threaded with temporary
of England then came to the rescue and business was gates, which will be closed as soon as all the available
continued, though it appears that confidence was street space adjoining them has been filled, a plan
shaken, for the number of depositors is now given as which is calculated to minimize the danger of over­
fewer than 60,000, whereas in the spring of last year crowding and stampeding. The United States will




J une

10 1 9 l i .|

THE CHRONICLE

join other nations in wishing that the coronation of
King George may be happily and successfully cele­
brated and that his reign will be as fruitful of interna­
tional amity as was that of his royal father, “ Edward,
the Peacemaker.” The new bonds which are ex­
pected shortly to unite Great Britain and the United
States add to our interest in and well wishes for the
peace and prosperity of the British Empire.
“ Dollar diplomacy” is a phrase which has come into
frequent use during the present Administration because
of the avowed policy of co-operating with our strongest
bankers in their efforts to extend this country’s influ­
ence abroad, and particularly in the South American
continent. Criticism has been leveled against Secre­
tary Knox for his aggressiveness in supporting the
schemes of bankers, but in most instances the critics
have been more distinguished by antagonism to what
they loosely describe as “ Wall Street” than by knowl­
edge of international finance. We have taken occasion
to comment upon the various activities of the Secretary
of State and have not always been able to express
approval of his attitude towards foreign governments,
but on the whole his and President Taft’s policy of
supporting the legitimate enterprises of our most
reputable bankers has been worthy of cordial endorse­
ment. Each transaction involving joint action on the
part of our Government and bankers must be examined
by itself. The determined effort to secure for Ameri­
can bankers a fair share of the Chinese Government loan
has proved finally successful. And on Tuesday Secre­
tary Knox and the Nicaraguan Minister signed a
treaty “ for the refunding of the foreign debt of Nicara­
gua and the extension of aid to the country for its
further material development through American finan­
ciers.” According to newspaper reports from Washing­
ton, the treaty “ contemplates the adjustment of the
claims growing out of the Zelaya regime and the
general settlement of foreign claims against that
country. Almost all these claims are American, there
being only a few of minor importance held by citizens
of other countries. They include not only the long­
standing Emery claim and those growing out of the
shooting of Cannon and Groce by order of Zelaya, but
several others of a different character. The Govern­
ment that succeeded Zelaya is desirous of canceling a
number of the concessions granted by that dictator to
American adventurers and others.” Perhaps in this
instance the Administration is going too far, but the
Senate has yet to pass upon the agreement, as well as
that tentatively arranged with Honduras, and that
body, of course, may be trusted to go carefully and
closely into the whole subject.

1525

will refuse to accept deliveries of potash subject to
the payment of a super-contingent tax.” The con­
tention of the German contractors is that the very
onerous additional tax levied since the contracts were
made must be paid by the American buyers, whereas
the latter refuse to comply with terms not specified in
their original contracts. This part of the dispute is
by far the most difficult to adjust, as the super­
contingent tax does not apply to the contracts made
with the German syndicate, but only to the exports
of the independent operators. The question has lat­
terly been removed from the field of diplomacy and
will probably be fought out in the courts. Such a
plan would eliminate the danger— at one time not in­
considerable— of international complications of farreaching consequences. Once the principle of arbitra­
tion has been more generally applied to large com­
mercial affairs, a dispute of this kind, it is to be
hoped, will be capable of adjustment without fear
of diplomatic estrangements.

The hero of the successful Mexican revolution, Fran­
cisco I. Madero, made a triumphal entry into the capi­
tal on Wednesday. The day was given up wholly to
rejoicing and in paying tribute to the “ emancipator of
the Republic,” as he is now styled. The train which
bore him towards Mexico City passed between miles
of cheering citizens, and when the capital was reached
the populace tendered him a riotous welcome, with all
the customary accompaniments of public celebrations
— flowers, music, parades, banquets, speech-making,
&c. Through it all Madero seems to have carried him­
self with great modesty, a circumstance that has won
him many new friends. Iiis theme was liberty—lib­
erty and democracy— the freedom of the individual and
of the press. “ I feel,” he said, “ that the public of
Mexico are aware by this time as to what manner of
man I am, and I will undertake no propaganda with a
view to obtaining votes.” The first Presidential elec­
tion under the new regime will be held on Oct. 1 and
the electors then chosen will select a President on
Oct. 15. The expectation is that Madero will receive
an overwhelming majority, but many things may hap­
pen between now and October, especially in a country
where the public temper is so mercurial. Gen. Reyes,
who has returned to Mexico, is said to have designs on
the Presidency, and he enjoys a large military follow­
ing. The Cientificos, or Catholic party, are reported to
be in active opposition to Madero. “ That there are
some members of the so-called Cientificos who have
plotted against my welfare there seems to be no rea­
son to doubt,” said Madero in discussing alleged plots
to assassinate him.
The following statement from the leader of the re­
bellion is of special interest to this country in view of
Reports emanated from Berlin three weeks ago that canards which were circulated here associating “ Wall
the potash dispute with Americans had been finally Street” or “ High Finance” with the uprising:
settled, but as the situation did not appear to have
“ Judging from articles appearing in the foreign
been thoroughly cleared, we refrained from passing press, there are some who still think we were assisted
any comment. This attitude is now shown to have in our revolution by American capital. I do not be­
been justified, for the cables this week bring the news lieve that I have ever denied this report personally,
as I thought the statement made before Congress that
that, while the controversy with the German syndicate not one cent of the money raised in the United States
was amicably settled, no arrangement has been found was to defray the costs of the revolution was sufficient.
possible with the independent producers. A Berlin But I am pleased to state in the most emphatic lan­
dispatch, confirmed by other advices, stated on guage at my command that not one American dollar
Wednesday that “ representatives of American potash helped in the triumph of the cause I lead.”
Provisional President de la Barra yesterday warmly
interests to-day served the owners of independent
German potash mines with the formal notice that they praised the United States for the impartial and friendly




1526

THE CHRONICLE

(VOL. LXXXXII.

attitude preserved throughout the prolonged hostili­ undertook this with faith and enthusiasm, and he
ties. He said:
carried it triumphantly to success; therefore, he is
entitled to very respectful attention.
“ I have nothing but praise for the conduct of the
His idea is that enough garden truck could be
United States. When I left Washington, I assured
President Taft that, though I could not be certain of grown on temporarily vacant land within the city to
the ways or means, I was confident that peace soon effect •an appreciable reduction in the cost of city
would be restored in Mexico. That was hardly three living; he even appears to carry his belief farther,
months ago; but within that period, as well as pre­ for he suggests that urban or suburban farm land
viously, the attitude of the Administration in the
United States appears to have been guided by the could be made, by skilful cultivation, to be worth
more than the $100 an acre at which it is commonly
highest desires of friendliness.
“ In fact, now that the revolution is over, I am glad held for enhancement due to the city’s growth. There
to applaud the calm and sagacious policy of the United are few potato growers on Long Island, he says, who
States. It was a strong, practical proof to us that the do not get 150 to 200 bushels to the acre in a season;
friendship of the United States for Mexico has been,
a yield of 300 bushels he calls common, and one
and will be, real and sincere.”
of 400 bushels is “ occasional.” Market gardening he
The pacification of the Republic will presumably holds to be only in its infancy. As a rule, “ intensive”
require considerable time. In Lower California the practice is unknown to Americans, the near-by market
bandits will not obey the orders of Madero or any one gardeners being mostly foreigners, some of whom
else. It is reported that several thousand soldiers are as expert as the Paris gardeners who have raised
will be transported over the Southern Pacific R y., by $3,000 worth in one year off of three acres. In
special arrangement with our Government, from Juarez potatoes, he thinks, is the largest relative return;
to the scene of the disturbances. Throughout the ordinary methods can net $100 per acre from this
greater part of Mexico the advent of Madero is appar­ tuber; cauliflower, asparagus, cabbage and celery,
ently welcomed. It is easier to tear down than to according to instances he cites, yield net profits rang­
build up, however, so that his task is by no means ing from $200 to $1,000 an acre. His figures, it is
finished.
reported, make the Congestion Commissioners wonder
why speculative holders do not grow vegetables instead
The volcano Colima, in the southern part of the of talking rapid transit and putting in sewers and
State of Jalisco, Mexico, broke into violent eruption on sidewalks.
Tuesday, and very early on Wednesday morning an
Such figures and advocacy may possibly seem
earthquake shook the Republic, doing widespread extravagantly enthusiastic, yet we must start with
damage to property and causing the loss, accord­ the fact that here in the metropolis is an unfailing and
ing to the newspaper despatches, of more than a thus far insatiable market for food, and that here
thousand lives in various parts of the country. In is also an apparent opportunity of bringing producer
Mexico City the death list exceeded sixty, and the and consumer close together. Next, it is indisputable
number injured was still larger. The artillery quar­ that thorough, scientific, studied, intensive farming is
ters collapsed, adobe houses fell, the building occupied unpracticed on any considerable scale as yet; we are
by the street railway power plant was wrecked, fis­ only just beginning to talk about it, for superficial
sures opened in the streets, a wall of the National methods (because they are quickest and easiest) are
Palace cracked and the Cathedral of Santo Domingo always practiced contentedly until they begin to fail in
was damaged. At Zapotlan, near the scene of the results. And, as we remarked above, Mr. Fullerton is
eruption, over three hundred were killed, the reports more than an enthusiast; he has accomplished things.
state, while the mortality was heavy also in Tonila,
San Andres, Platanar, Tuxpan and the City of Colima.
Discounts in London this week declined to a new
The volcano has been more or less active for upwards minimum, 1 15-16%, but this rate was not general
of forty years. In 1902 and again in 1909 the moun­ and did not continue. At the close spot bills cannot be
tain belched forth streams of lava and showed other negotiated under 2)^% , or not quite 1% below the offi­
symptoms of disturbance, but no serious havoc was cial minimum, while bills to arrive are charged 2 ^ %
wrought. The latest reports place the death roll aris­ to 2^8%. London continues to receive all the new
ing from Tuesday’s and Wednesday’s upheavals at gold arriving weekly from South Africa, and exchange
1,300, but this figure may prove to have been an ex­ on London in Paris permits of shipments across the
aggeration.
Channel. In Paris the private discount rate is 2}z%%,
from which there has been only slight variation for a
Some advice and opinions of Mr. II. B. Fullerton number of weeks. The position in Berlin is attracting
in a letter to the Congestion Commission, concerning attention. Discounts there have been marked up to
what might be accomplished in using unoccupied city 3 % % lor spot bills, while for bills to arrive as high
land for raising garden truck, is worthy of more as 3^2% is asked. Money there is still dearer than at
attention than suggestions from many persons who most other centres. Sudden changes have occurred
merely expound theories, for Mr. Fullerton speaks in Amsterdam; last week an upward movement was in
by actual experience. Having entered the employ of progress and at the opening of this week 3% was named,
the Long Island Railroad quite a number of years whereas yesterday the rate was down to 2 % % . Weak­
ago as an agent to make known to the public the ness has also set in at Brussels, bills having been placed
merits (if not the existence in a business sense) of there during the last few days at 2% and occasionally
that very unknown portion of New York which at 1J^%- No changes have been made in European
geographically almost belongs to New England, Mr. bank rates.
Fullerton afterwards took up the work of reclaiming
The Bank of England’s weekly statement showed
land believed to be agriculturally worthless. He mixed changes. Though about £550,000 new gold




J u n e 10 1911.

THE CHRONICLE

1527

was secured in the open market on Tuesday (Whit
Monday having been a holiday), the bullion account
showed a decrease on Thursday of £250,054. As,
however, circulation was reduced by a larger figure,
the total reserve improved £35,031. There was a
contraction in loans to the extent of £033,085, ordinary
deposits fell off £157,070 and public deposits decreased
£454,087. The consequence was that the ratio of
reserve to liabilities rose from 51.90% last week to
52.54% this week, a very satisfactory percentage for
this time of the year. The total amount of bullion on
hand, our correspondent advises us, was £38,803,400,
while since the returns were compiled, the Bank has
bought £148,000 gold bars and received £5,000 in
sovereigns from France, though £50,000 has been
sent to South Africa. Our correspondent furnishes
the following details of the gold movement in and out
of the Bank for the Bank week: Imports, £585,000 (of
which £17,000 from Australia, £19,000 from France
and £549,000 bought in the open market); exports, nil,
and shipments of £836,000 net to the interior of Great
Britain.

gravitate to this centre from Europe and the receipts
of currency from interior points would also no doubt
increase.
The detailed range for time money at the close of
the week is as follows: 2)4 @ 2 % % for sixty days; 2 % @
3% for ninety days; 3% for four months; 3 @ 3 % %
for five months; 3 )4 @ 3 )4 % for six months and 3 % %
for over-the-year, with most of the business done at
the bid figures. Call money has not loaned above
2)4% on any day this week; transactions have been
made at as low as 2% and the ruling rate has not once
exceeded 2 % % , though that rate prevailed on Tues­
day, Wednesday and Thursday. Yesterday the range
was 2)4% to 2 )4 % , the final loan being made at 2 % % .
The range for sixty to ninety days’ endorsed bills
receivable is 3)4 @ 3 % % , but for the best four to six
months’ single-named bills the terms are now 3 % @
4% . The supply of choice paper is still limited,
but banks which are more anxious for a generous yield
than they are fastidious about quality can find fairly
large amounts of second-rate paper on offer at 4)4 to
as high as 5% .

In recording a week ago the advance in local money
rates, we remarked that “ it were easily possible to
attach unjustified importance” to the incident; and
subsequent events have proved the wisdom of such a
statement, for rates this week have declined for nearly
all maturities. The reaction is readily accounted for.
The Stock Exchange activity which immediately fol­
lowed the American Tobacco decision has not been
maintained, mercantile borrowing has been light, the
output of new securities has diminished materially this
week, currency has come from interior points in volume
and foreign exchange has moved towards the goldimport basis. Stock Exchange houses find that
the public is not greatly increasing its holdings of
stocks; indeed, more than one firm is carrying less
to-day than a fortnight ago. The pronounced easiness
in day-to-day loans is also exercising a restraining
influence upon borrowers. The poorer bank statement
issued last Saturday had no stiffening effect whatever
upon interest rates. The actual surplus fell off $7,­
977,225, cash on hand decreased $6,288,300 and loans
expanded $12,601,200, though deposits increased only
$6,755,700. Comprehensive statistics showing the
banking position in this State will be available in the
near future, as the Comptroller of the Currency and
the State Superintendent of Banking yesterday issued
calls for returns as of June 7. Money brokers have
larger offerings than they can place on approved collat­
eral, and in order to stimulate business concessions of
34 of 1% have been offered in short as well as long ma­
turities. The slightly higher quotations named for com­
mercial paper, however, have continued, as the supply
is a little, though not much, larger than formerly. The
difference between the charge for six months’ collateral
loans and for discounting prime six months’ mercantile
bills is now )4 of 1% , the minimum rates being 3)4 %
and 3 % % , respectively. Next week preparations will
have to be completed for bidding for the $50,000,000
Panama bonds, the date for opening subscriptions
having been fixed for Saturday. Two Chinese loans
are impending, and it is probable that corporate financ­
ing will also be renewed shortly on a large scale. Any
radical advance in the value of money is, however, out
of the question at this time, since gold would naturally

Gold would probably have been brought from Paris
to New York this week had the Bank of France been
willing to sell eagles at the minimum price; but bankers
who made inquiries found that the French institution
was not disposed to facilitate exports of the precious
metal. Two main reasons exist for the low exchange
rates in Paris. The French harvests were very poor,
and as a consequence imports increased markedly,
while exports diminished. Then, the unprofitable
money rates which have ruled in Paris have stimulated
the purchasing of foreign investments, notably Ameri­
can bonds and stocks. The listing of Atchison shares
on the Paris Parquet, which was achieved after tedious
negotiations, and the arrangements now in progress
for the admission of American Telephone & Telegraph
stock, have also entered into the international financial
movements in a way calculated to increase France’s
indebtedness to us. It is very questionable, however,
whether a gold outflow to America will be permitted.
French bankers have absolute control of gold exports,
and French investors rely upon the advice of their
bankers as to the purchase of foreign securities.
Should, therefore, a gold movement be forced, steps
would likely be promptly taken to restore the equi­
librium of exchange. Inasmuch as interest rates in
New York are already on too low a basis to satisfy our
banks, and inasmuch also as our influential under­
writers are anxious to place additional amounts of
securities abroad, an inflow of gold is not desired at
this juncture. France may send the metal to Lon­
don— in fact, it probably will— and if sterling goes
y2c. per pound below this week’ s minimum of 4 85% ,
shipments from that city to New York may become
inevitable. We may add, however, that the largest
dealers in exchange do not look for any important
movement.
Security bills have been almost solely responsible
for the fall in sterling to the lowest level since the end
of January last. The output by one international
banking house has been especially heavy, due chiefly
to sales of bonds to French bankers. During the
current month the European subscriptions for new
American issues have been comparatively light, but
the outlook is^'that activity will be renewed. The




1528

THE CHRONICLE

[VOL. LXXXXII.

Panama offering is expected to prove overwhelmingly
J u n e 8 1911.
J u n e 9 1910.
B anks o f
G o ld .
Silver.
successful, and disappointed bidders may turn to other
T o ta l.
G o ld .
S ilv e r .
T o ta l.
£
£
gilt-edge issues. Re-investment of July dividend and England.. ,803.400,
£
I
£
.
38,803 ,400 41 .497,528
----- 1 41 ,497,528
France__
,479,840 34 ,284,880 161,764 ,720,135 ,813,360 35,485 ,080171 ,298,440
interest disbursements should also give the bond Germany
.
,595,700 15,152,400 57,748 ,100 41 ,725,950 14,884 ,600 56i, 610,550
Russia__
,062,000 7 ,727,000 152,789 ,000137 ,753,000 8,646 ,000146 ,399,000
market a fillip, both at home and abroad. There Aus.-Hun.
,810,000 13 ,077,000 68,887 ,000 55 ,506,000 13,536 ,000, 69 ,042,000
Spain___
,548,000 31 , 122,000 47,670 .000 16,238.000 31,121 ,000 47 ,359,000
are not many commercial bills in the market. Bankers I t a l y ___
,769,000 3 ,530,000 43,299 ,000 38 ,964,000 3,917 ,000 42 ,881,000
Neth’lands
,501,000 2 ,176,300 13,677 ,3001 8
2,463, ,900 11 ,242,900
who handle this class of exchange are still gravely Nat.Belg.. ,817,333 3,,408,667 10,226,,000 ,779,000
,307,333 2,153, ,667 6 ,461,000
Sweden . .
666,000 .
4,666,,000
,451,000
4,,451,000
Switz'land
315,400
.
6.315,
perturbed over the litigation which has been instituted Norway . .
,506,000
5 ,506,000
023,000
.
2,023,!ooo
,749,000
, 749,000
with a view to fastening upon them responsibility Total week 497 ,390,673 110,,478,247
607,868,920492,290.171 112,207,247 604,497,418
Prev
.week
500
,546,684111,
779,130
612,325,814
493.989,342
112,252,607 606,241,949
for the genuineness of bills of lading, and diligent
efforts have been exerted to devise methods of handling
drafts so as to entirely eliminate banking risks.
JUDGE GARY ON GOVERNMENT
Unless the courts render a favorable decision in the
’
CONTROL OF PRICES.
suit brought against the Guaranty Trust Company,
Whatever may have been the original purpose of
serious complications may arise over the exportation
the inquiry carried on during the past fortnight by
of the new cotton crop. The New York Clearing
the Stanley Committee of the House of Representa­
House may be appealed to, but any mandate which it tives, it cannot be denied that it has brought into
might see fit to issue would not be binding upon the public view matters of great interest in the field both
private banking firms which play so important a of history and of economics. In the main the inquiry
part in New York’s foreign exchange operations.
has thus far converged, as readers of the daily dis­
On Thursday $500,000 gold coin was sent to patches are aware, on the so-called “ Tennessee Coal
Canada, where money rates are still much higher than & Iron deal” in the panic of 1907, when the stock of
here. This was the first engagement since Monday that corporation, held by a syndicate and its brokers,
of last week, when $2,250,000 was remitted. Yester­ was transferred at the crisis of the panic to the United
States Steel Corporation. Testimony on this matter
day another shipment of $500,000 was announced.
Compared with Friday of last week, sterling exchange has elicited widely different ideas about that trans­
on Saturday was very weak; demand declined sharply action, with inferences in the newspaper comments
to 4 8585@4 8590, cable transfers to 4 8605@4 8610 varying as widely. The theory of the Tennessee Coal
and sixty days to 4 8395@4 8405. On Monday, syndicate itself, as voiced by Mr. John W. Gates in
after forenoon weakness, the tone became slightly his testimony, seems to be that they were somehow
firmer and demand at the close was quoted at 4 8585@ forced, unjustly and against their will, to part with
4 8ol0; cable transfers were somewhat firmer again their holdings; the theory of most other people, ex­
at 4 8610@ 4 8615, while sixty days fell to 4 8390% pressed in Judge Gary’s subsequent testimony, is that
4 84. On Tuesday, rates advanced, due in part to an overloaded syndicate, which had virtually created
a corner in the stock, was confronted with disaster
speculation in foreign exchange; demand rose to
when the panic came and went for relief to the Steel
4 8595@ 4 86, cable transfers to 4 8615@4 8620 and
Corporation, on the undoubtedly correct presumption
sixty days to 4 8415@4 8425. Sterling declined
that nobody else could buy their stock and save them
on Wednesday to the previous low level of the current from disaster.
movement, notwithstanding that trading was quiet
The much-discussed question why the Steel Corpo­
all day; the close was at 4 8485@4 8590 for demand,
ration did not pay cash for the Tennessee Coal & Iron
4 8610@4 8615 for cable transfers and 4 8390@4 84
holdings has been conclusively answered by Judge
for sixty days. On Thursday demand again declined,
Gary on the ground that, although the Corporation
on drawing of bills against bonds placed in Paris, to
had the necessary cash on deposit with the banks, it
4 8575@4 8585, cable transfers fell to 4 8605@4 8610
could not have ventured to withdraw it for such pur­
and sixty days to 4 8380@4 8390. On Friday the
poses, because of the very serious situation which
tone was firmer both for spot bills and for bills to go
such withdrawals would have caused to the depos­
next Tuesday. The market closed at 4 8390@4 84 for
itories. As to why the embarrassed brokers of 1907
60 days, 4 8585@4 8590 for demand and 4 8610@
were able to raise money on the security of the Steel
4 8615 for cables. Commercial on banks was quoted
Corporation bonds given to them in exchange- for the
at 4 83% @ 4 83% and documents for payment 4 83%
Tennessee Coal stock when they could not command
@ 4 83% . Cotton for payment ranged from 4 83% @
the same money on security of the stock itself, that is
4 83% , grain for payment from 4 8 3 % @ 4 83%.
a question which Wall Street should find no difficulty
in
answering. To be able to borrow, or to continue
The following gives the week’s movement of money
1

----------W e e k e n d in g J u n e 9

1911.

Currency
Gold . . .
Total gold and legal tenders.

| R e c e iv e d

by
S h ip p e d b y
jN . Y . B a n k s . N . Y . B a n k s .

N e t I n t e r io r
M o v e m en t.

Sll.097,000
2,067,000

34,691,000 Gain 86,406,000
958,000
1,109,000 Gain

813.164.000

35,800,000 Gain $7,364,000

the result is as follows.
W e e k e n d in g J u n e

9 1911.

I n to
B anks.

Out o f
B an ks.

N e t C hange in
B a n k H o l d in g s .

Banks’ Interior movement as above,
Sub-Treas. oper. & gold exp. to Can.

313,164,000
25,600,000

$5,800,000 Gain $7,364,000
27,700,000 Loss 2,100,000

Total gold and legal te n d e rs .....

$38,764,000

$33,550,000 Gain $5,264,000

in the principal European banks.




t
gi
^

It is not, however, primarily our purpose to discuss
le merits of the Tennessee Coal & Iron deal itself,
lie Stanley Committee’s inquiry has taken consider­
ably wider range. In no particular did the testimony
O
offered
challenge greater public attention than in
-r
J
Judge
Gary s recital of his views regarding the relations
O
of
the corporations and the Government in the matter
^
of fixing prices. “ I believe,” Judge Gary testified on
F
Friday
of last week, “ we must come to enforced pub­
licity and governmental control.” Asked if he meant
governmental control of prices, Judge Gary answered:
£]

J u n e 10 1911.

THE CHRONICLE

“ I do, even as to prices, and, so far as I am con­
cerned, speaking for our company so far as I have the
right, I would be very glad if we knew exactly where
we stand. . . .
If we had some place where we
could go, to a responsible governmental authority,
and say to them: 'Here are our facts and figures, here
is our property, here our cost of production: now you
tell us what we have the right to do and what prices
we have the right to charge/ ”
It has been recognized at once, both on the market
and in the comment of the press, that this assertion
by the head of the greatest manufacturing interest in
the country is a very serious matter. To many read­
ers, indeed, it must have come with a shock of surprise,
as something utterly incomprehensible. While con­
servative critics, in the press and elsewhere, were giving
voice to astonishment and regret, the Socialist organs
hailed the proposal, coming from so important a finan­
cial source, as a victory for their creed. "If what
Judge Gary described as government regulation and
supervision,” wrote the chief Socialist organ, the
New York "Call,” "does not lead to government
ownership, it leads nowhere and changes nothing.”
It is “ the capitalist prelude to the social and industrial
revolution.”
So much for the immediate inferences. For our­
selves, we should suppose that in the main Judge
Gary’s proposition is the outgrowth from another
theory formulated some time ago by the Chairman of
the Steel Corporation. Speaking of the market for
steel products in April 1908, Judge Gary declared that
"prices should at all times be reasonable and fair.
The mere fact that the demand is greater than the sup­
ply— that the necessities of the purchaser are greater—
does not justify an increase in price, nor does the fact
that the demand is less than the supply furnish an
argument for lowering the price.” Now we have al­
ways recognized the considerations which brought the
Chairman of the Steel Corporation to this somewhat
unusual view. It was in a certain sense a corollary
to the declared intention of the Steel Corporation to
prevent undue and unreasonable enhancement of
prices at times of intense commercial activity. It is
also safe to say, that most people would concur in
the general statement that prices ought to be made
reasonable.
But when one begins to look further into the ques­
tion, he is apt to be lost in an economic fog imme­
diately. For if recognition of supply and demand as
determining influences on prices is denied, there is
obviously little in the past experience of trade to settle
disputed questions regarding prices in the interests of
all parties. It has grown to be so common a tendency,
in these days, to resort to the theory of government
control when private control appears to cause compli­
cations, that it is not perhaps wholly surprising that
Judge Gary should have followed a similar impulse.
Yet we greatly fear that the launching of such a propo­
sition, without careful and thorough consideration by
the public of what the plan involves, is a most unfortu­
nate thing in the discussions of the day.
In the first place, it must be said at once that the
scope of such a plan is all but boundless. The case of
the railroads, whose rates are already controlled by a
Government commission, has been cited. But what­
ever any one’s judgment may be as to the advantages
or disadvantages of the Inter-State Commerce Com­
mission’s supervision of railway rates, it will scarcely
be denied that the Government’s intervention in that
matter was due to three considerations— first, the fact




1529

that in this country cost of transportation underlies
almost every industry; second, the fact that discrimi­
nation, as between different districts and different
customers, had been practiced in the past; third, the
fact that, through force of circumstances— including
the Government’s own legislation— our railroads had
been compelled to act so completely in concert when
fixing rates that the rate-making power was equivalent
to complete monopoly.
Now, whether one holds or does not hold the belief
that the Inter-State Commerce Commission’s powers
provide the practical solution for such a situation, it
none the less remains true that the railway situation
differs in all of these respects from that which prevails
in every other industry. It is also a matter of general
conviction that commission supervision of what are
known as public service enterprises may be applied,
without going the full length of governmental owner­
ship or control, as it could hardly be applied in the case
of industry at large. Judge Gary was asked on the
stand if in his opinion such a process, applied to the
steel ndustry, could stop short of cornp'ete and abso­
lute governmental control. He answered that the
questioner was better able to judge than he himself,
but expressed his strong personal disapproval of the
scheme for governmental ownership.
Undoubtedly a flat proposition for governmental
ownership of manufacturing industries would awaken
such public protest as no other economic or political
proposal could arouse. But the proposition for gov­
ernmental control of prices in industry at large seems
to us all the more insidious because it may not to many
minds present with equal clearness the problems
actually involved. Yet those problems would, in our
judgment, be almost as serious as the problems created
by a plan of outright governmental ownership. If
the question of prices for manufactured goods is to be
thrown into the hands of a political commission,
dominated in greater or less degree by political in­
fluences, it may be presumed that pressure would be
in general applied for relatively low prices. But as
to the grounds on which the question would be settled,
as to how low such prices should be, and as to what
should be said if prices are proposed which will deny
a living profit to large participants in the industry, no
convincing reply is possible. It is not by any means
difficult to conceive a resultant situation in which
purchase of the industrial plants by government would
seem to be the only conceivable solution.
Yet, again, is Government to destroy the last vestige
of competition by forbidding, in any great manu­
facturing or producing industry, new producers with
greater facilities or improved processes to fix a price
which such new developments would justify? It is
conceivable, when indulging in conjecture on so vague
and uncertain a matter of discussion, that the Govern­
ment might fix the scale of prices so low as to drive
absolutely out of business the older interests in the
trades, or, on the other hand, so high as to deny to
the consuming public all the fruits of invention and
manufacturing economies. How is even this supposed­
ly infallible Government to judge as between two such
fundamental considerations?
As it seems to us, the problems of the Inter-State
Commerce Commission would be magnified a thou­
sandfold. It is only by a prolonged and painstaking
study of the question that the Inter-State Commercee
Commissioners have arrived even at their present
admittedly imperfect knowledge of the railway in­
dustry. Are we to take it cheerfully for granted that

1530

T H E C H R O N IC L E

a similar commission, or series of commissions, is to
make itself master of all the intricacies of every Ameri­
can manufacturing industry? The thing is flatly
unthinkable. Even if the basic considerations of cost
of production, advantages of position, facilities for
distribution, and so on, could be waived, there would
remain those almost equally essential considerations
as to the question of acquiring and maintaining an
export trade or avoiding destructive competition in
the home market by foreign manufacturers. And
behind all these would stand the formidable problems
of the relations of manufacturing industries to the cost
of labor and the continuance of full employment.
How would a Government commission meet those
questions?
We are strongly inclined to think that any one who
has honestly confronted this hopeless mass of con­
jectural problems will turn back with relief, even to
the troublesome problems involved in the old-time
regime of open competition. That the destructive
and wasteful methods of competition which prevailed
a generation ago have been modified very radically
through the new methods of the present day is no­
where denied. The problem which, in our judgment,
must now be worked out is the adjustment of these
new methods to the permanent conditions of industry.
If the general regulation of prices, through supply and
demand and through legitimate competition, were to
break down entirely, it would then be time to talk
about some new plan which would uproot all the
teachings of the past. But that time has certainly
not yet come; if it had, we should find such freely
competing industries as the cotton goods trade thrown
into outiight disorganization. So far is this from
being true that these are the very industries which,
in the past three or four troubled years, have endured
the strain of fluctuating supply and demand with the
best results, of all, on the whole, both to themselves
and to the consuming public.
THE NEW SCHEME OF CITY GOVERNMENT
IN NEW JERSEY.
This new law, approved April 25, took effect imme­
diately, but remains in suspense as to any city until
after acceptance by such city at a special election to
be called on a written petition by one-fifth of the legal
voters who voted at the last preceding general election.
Subject to this optional acceptance, the law applies
to all political subdivisions smaller than counties.
The word “ city” is used for convenience and is to be
construed to mean “ town,” “ borough” or other
“ municipality,” and the scheme is one for governing
these by commission.
Every city of 10,000 or more population is to be
governed by a board of at least five, and smaller cities
are to be governed by at least three, each of them
having a vote upon all public questions arising. The
commissioners must have been citizens and residents
of the city for at least two years previous; they are to
serve four years, and their number may be increased
from three to five or decreased from five to three by
an ordinance adopted by themselves. They shall be­
gin by designating one of their number as “ Mayor,”
and he shall preside, but without a veto power.
the salaries of the commissioners range from $50
to $5,000, according to size of cities, with a slight
extra to the Mayor. The boards are to “ have and
possess all administrative, judicial and legislative




[VOL. L X X X X I I .

powers now had and possessed by the Mayor and City
Council and all other executive or legislative bodies in
said city, and have complete control over the affairs
of the city adopting the provisions of this A ct.” All
these powers are to be in five departments: Public
Affairs, Revenue and Finance, Public Safety, Streets
and Public Improvements, Parks and Public Property;
but in any city with only three commissioners the first
and third departments shall be consolidated, as shall
the fourth and fifth. At the first regular meeting
the commissioners must designate one of themselves
to be director of each of these departments, except
that of Public Affairs.
Public instruction, presumably because that is a
State scheme, is expressly exempted from application
of this law. No ordinance shall be valid which would
make the net bonded indebtedness of the city more
than 10% on valuation unless such ordinance has been
first approved by a majority of the electors at a special
election.
The initiative, the referendum and the recall are
distinctly incorporated in this scheme. For the first
the electors may at any time petition for “ any proposed
ordinance.” If 15% of the number who voted at the
last preceding election join in the petition and also re­
quest that the desired ordinance be submitted to the
people unless passed by the commissioners, then the
latter shall pass the ordinance, unaltered, within 20
days, or forthwith call a special election (unless a gen­
eral municipal election be due within 90 days), and at
either the special or the general one the ordinance shall
be voted upon, unaltered. But if the petition is
signed by not less than 10 or more than 15%, then the
ordinance shall be passed without change within 20
days or be submitted “ at the next general city election
occurring not more than 30 days after.” If a majority
vote is obtained for the proposed matter, it shall be­
come a valid ordinance, and then cannot be repealed
or amended except by popular vote. Any number of
ordinances may be voted upon together, but not more
than one special election may be had in the same six
months. The governing commissioners may submit
the repeal or amending of any ordinance to vote “ at
any succeeding general election.” We cite these pro­
ceedings as to initiative, as they are found in paragraph
16, but they seem somewhat obscure.
As for the referendum (which is also included in the
preceding), every ordinance which is not called for
because of the immediate preservation of the public
safety or other emergency occasion and, passed by a
two-thirds vote,shall remain in suspense for ten days;
within that time 25% of the voters may protest, in
which case the board shall reconsider. If the board
persists, the ordinance must go before the voters and
shall not become valid unless they approve. The
board may submit to the people any measure within
their own power to enact, and at any called special
election other questions which have not been named
may be submitted to vote as well, if such are proper.
If provisions in two or more submitted measures con­
flict, “ then the measure receiving the highest affirma­
tive vote shall control.”
As for recall, “ the holder of any elective office may
be removed at any time by the electors qualified to
vote for the successor of such incumbent.” A recall
petition, stating the reasons and signed by at least
25% of a number equal to the entire vote cast at the

J u n e 10 1911.]

T H E C H R O N IC L E

last preceding election, may be filed with the City
Clerk. When verified, the Clerk shall lay the petition
before the board, and if the obnoxious official does not
resign within five days, the board “ shall” order a new
election. Unless this obnoxious official files a written
request to the contrary, the Clerk shall put his name
on the official ballot, and if he gets the largest vote
he shall be deemed clean and shall continue in his
office. If some other persons gets the largest vote at
the “ removal” election, the incumbent shall “ be
deemed removed” on qualification of the successor.
The successor shall fill the unexpired portion of the
term. No person who has been removed by recall
or has resigned under recall shall be appointed to any
office within one year thereafter; but no recall shall
be filed until the person at whom it is aimed has held
his office at least a year, nor shall more than one re­
call be levied at the same person during his entire term.
In case a majority of the voters at the advertised
special election called for the purpose vote to adopt
this governing scheme, it becomes in all respects valid
and binding as to such city, provided the assenting
votes amount to 30% of the number cast for legislators
at the last preceding general election; then, at their
first meeting, the governing board shall wipe off any
Acts or parts of Acts “ in any wise affecting the govern­
ment of such cities” which are inconsistent with this
Act, an exception to this being made in favor of an
Act of 1908 relative to district courts. If a majority
is not obtained for adoption, provision is made for a re­
submission of the question of adoption during the
last year of the Mayor or equivalent officer chosen
at the next election following this unfavorable vote.
Moreover, the door is not absolutely closed against
escape from results of the choice, for any city which
has accepted this scheme and lived under it for six
years may, upon a petition by 25% of the “ electors,”
pass (at another special election) upon the question of
abandoning this and resuming its charter. Finally,
in case any portion of this Act is successfully attacked
as unconstitutional, “ the rest shall stand” and the
condemned portion “ shall be exscinded.”
Not much comment is needed upon all this. In no
sense or respect is it democratic government, for that
means representative government. No competent
business man ever does, himself and by his own personal
act, anything which he can delegate to others. The
original New England town meeting— the smallest
and most successful political microcosm this continent
has known—had its chosen agents, and was content
to let them finish their elected terms and be held
responsible afterwards. When cities of 10,000 or
more inhabitants undertake to do their own governing
by converting their chosen servants into marionettes,
it is manifest that no such attempt can operate prac­
tically.
Nor could anything be imagined which is inevitably
so destructive of independence, responsibility and
usefulness in judges, legislators or other elected officers
as to keep attached to them the “ string” of a recall.
Instead of leaving legislator and judge to inquire what
is according to justice and is for the real interest of the
people, both arc set, at their peril, to considering what
the people “ want.” And what they want may be far
from what they need and ought to have. Examples
of this have already been furnished, and one Repre­
sentative in Congress has told us how, in some Western




1531

town, the Mayor interrupted a prize fight, in exact
accordance with a prohibiting law, whereupon the
angry spectators at once started a recall petition against
him.
Petitions for the special election are in circulation
in Hoboken, Jersey City, Elizabeth, Plainfield and about
a score of other towns; and the election will be held in
Bayonne on Tuesday next,the required 20%of signatures
having been obtained there. But an assenting major­
ity of the vote cast is required, and the assenting vote
(not the assenting majority) must be 30% of the total
vote cast for legislators at the last preceding general
election; if either of these conditions fails, the subject
goes over until the beginning of the last year of the
Mayor or equivalent officer “ elected at the election
following the rejection of this A ct.”
Failure to vote will thus be almost as effective a
hindrance as to vote negatively, and the propagandists
for the scheme must be very active, as such people
usually are; the result will be doubtful, and the indif­
ferent voters may be the deciding factor. The law
may be viewed as either a scheme urged and believed
in by the Legislature, or as merely offering the sov­
ereign people (after so much talk about a more effectual
control by them of public affairs) an opportunity to
decide whether they really want to try the experiment
of turning representative government into the reverse
and finding out how it works. A town which tries it
must get on with it for six years, subject to a cry for
repeal or amendment of the law; but if the thing is to
be tried at all, it might as well be in New Jersey as else­
where.
The bill for providing a commission government
for Buffalo was defeated in Albany on Wednesday,
and it will be more prudent to wait and profit by ob­
servation of adventurous neighbors.
TRACTION DEVELOPMENTS IN
PH ILADELPH IA.
An important change in the management of the
Philadelphia Rapid Transit Co. occurred on Monday
last, when Peter A. B. Widener and a number of his
associates retired from the board, their places being
taken by prominent men who have not heretofore been
identified with street railway properties in Philadel­
phia. Mr. Widener has been a part of the manage­
ment of operating street railways in Philadelphia for
about 35 years, and at one time he was President of
the Union Traction Co., which operated all the street
railways of that city for some years prior to July 1902.
The development of the railways from horse car line
to cable lines and later to trolley roads, and the con­
solidation of competing systems into one, which was
followed by the construction of a subway and elevated
road, have all been effected during his connection with
the companies, and during his career more than $70,­
000,000 of capital has been raised for Philadelphia’s
transportation facilities. Mr. Widener’s retirement
from this particular field of work is an event of much
interest in the Quaker City. His son, George D.
Widener, is among those who resigned from the Rapid
Transit board to make room for the new members.
At the head of the new management is Edward T.
Stotesbury, a member of the firm of Drexel & Co. of
Philadelphia and of J. P. Morgan & Co. of this city.
Mr. Stotesbury becomes Chairman of the board. He
takes with him as directors Horatio G. Lloyd, his

1533

T H E C H R O N IC L E

partner; Thomas E. Mitten, President of the Chicago
City Railway Co., to whose efforts is largely due the
present efficiency and prosperity of that system;
C. S. W . Packard, President of the Pennsylvania Com­
pany for Insurances on Lives & Granting Annuities,
and Charles E. Ingersoll, a director of the Pennsylvania
R R . and of the Philadelphia Electric Co. These five
new directors also comprise the executive committee
of the Rapid Transit Co.
This change in the management was only brought
about after eight months of hard work. In October
1910 a petition was presented to Mr. Stotesbury, asking
him to assume the management of the company, and
assuring him that vacancies would be made in the
board for whatever associates he might name. This
petition was signed by all of the directors of the Rapid
Transit Co. and of the Union Traction Co., a leased
property, and by owners of a majority of the stock of
both companies. The petition was presented because
the Rapid Transit Co. and been unable for four years
to earn its rentals and fixed charges, and because it
was apparent that a deficit would also be made for the
fiscal year ending with June 30 1911. Mr. Stotesbury
agreed to accept the offer upon two conditions, first,
that Union Traction stockholders would agree to guar­
antee new obligations of the Rapid Transit Co. for
capital requirements, and,second, that sufficient ap­
propriation from earnings should be made “ properly
to maintain the physical integrity of the property.”
It was later agreed that the Rapid Transit Co. should
borrow $10,000,000, to be negotiated in yearly amounts
of $2,000,000, and that the loan should be guaranteed
as to principal and interest by the Union Traction Co.
Par of Union Traction stock is $50, but only $17 50 per
share has been paid in. There is thus an unpaid capi­
tal amounting to $32 50 per share, or $19,500,000, for
which the Union Traction shareholders under certain
conditions may be liable for assessment. It is this
assessable liability that gives value to the guaranty
given upon the new Rapid Transit obligation. To
secure the Union Traction Co. for its guaranty, the
Rapid Transit Co. has agreed to deed to the Union
Traction all of its properties acquired since it leased
the Union Traction system in 1902, subject to certain
funded debt, and,further to protect the Union Trac­
tion, a fund of $1,500,000 has been created by the
Rapid Transit Co. out of available securities to make
up any deficits that may occur for three years, so that
during that period there may be no reduction in the
Union Traction dividend of 6% on par, or $3 per
annum.
These details were not perfected without a great
deal of red tape, which included special meetings of the
Rapid Transit and Union Traction shareholders, who
authorized and ratified the plans, and action by City
Councils granting the consent of the City of Philadel­
phia.
The second condition, which relates to maintenance,
has been interpreted by Mr. Mitten to mean the ap­
propriation of 15% of earnings for up-keep, an amount
which, it is stated, is one-fourth greater than the Rapid
Transit has been in the habit of so applying.
At Mr. Stotesbury’s request, the books of the Rapid
Transit Co. were audited by a firm of certified public
accountants, and certain changes were made. A deficit
of $1,118,000 was shown as of June 30 1910, which
was largely due to losses incurred by a strike. It was




[VOL. L X X X X I I .

agreed that this loss should be distributed over a period
of years. By adjustments of this kind, the large deficit
was changed into a surplus of $607,009. Stockholders
agreed to the creation of a voting trust for a period of
five years to protect the Stotesbury management for
that length of time, and $19,306,150, or 386,123 shares,
have been deposited out of a total issue of $30,000,000.
The engineering-firm of Ford, Bacon & Davis has
made an exhaustive report on the condition of the
Rapid Transit property to the Railroad Commission of
Pennsylvania, which will be of aid to the new man­
agement. While the plans have been under contem­
plation, the position of the company has been further
strengthened by a decision of the Supreme Court of
Pennsylvania, which upholds the contract of the com­
pany with the city.
Of the proceeds of the new $10,000,000 loan, only
$8,000,000 will be available for the purpose of supply­
ing new equipment and making new construction,
including additions to power houses, as $1,600,000 will
be set aside to retire obligations maturing within five
years, and the commission of the bankers underwriting
or negotiating the loan will be $400,000.
Mr. Stotesbury and his associates have the good-will
of the people of Philadelphia, investors as well as
patrons of the road, and the only matter about which
there may be difficulty relates to the attitude of the
employees, who conducted two unsuccessful strikes
within two years.
The company, which now pays conductors and motormen 23 cents per hour, has agreed to increase the
pay Yi cent per hour yearly, beginning with July 1,
until the pay equals 25 cents per hour. Mr. Mitten in a
statement goes further and states that by 1915 he
expects that the company will be able to pay 28 cents
per hour. If the employees show a disposition to help
along the rehabilitation of the Rapid Transit Co., its
future ought to be promising.
RAILROAD GROSS EARNINGS FOR M A Y .
Our preliminary statement of railroad gross earnings
for the month of May makes a somewhat better com­
parison than did the preliminary compilations for
either of the two months preceding. In March there
was a decrease of $1,053,860, or 1.59%, and in April
a falling off of $1,238,713, or 1.99%. For the month
of May now the total of the earnings actually runs
somewhat larger than for the same month last year,
the increase being $658,651, or 1.01%.
But it should be remembered that the month had
an extra working day, May 1911 having contained
only four Sundays while May 1910 had five.
Further­
more, it is true of this latest statement, as of the pre­
ceding statements, that the result is very much better
than it otherwise would be by reason of the inclusion
of three Canadian systems, each of which records a
considerable gain, trade continuing very active in the
Dominion. The three systems referred to are the
Canadian Pacific with a gain of $896,000, the^Grand
Trunk of Canada with a gain of $210,235Jand (the
Canadian Northern with an increase of $220,700.
The improvement for the three companies^combined,
it will be seen, aggregates no less than][$l,326,935.
It follows that with these three Canadian ^systems
omitted there would be for the Unitcd]States/roads
included in our table a loss of $668,284,®insteadJof the
$658,651 increase shown.

T H E C H R O N IC L E

J u n e 10 1911.]

It is to be remembered, too, that this preliminary
compilation embraces merely the roads that make it a
practice to furnish early estimates of their gross re­
ceipts (only ten days, it should not be forgotten, have
elapsed since the close of the month), and these com­
prise mainly transportation lines in the West and South,
where business depression has been less of an adverse
influence than in the great manufacturing and mineral
sections of the Eastern and Central States, and which
lines have all along been making very much better
returns than the roads in other parts of the country.
Bearing in mind that such leading systems as the
New York Central, the Pennsylvania, the Union Pa­
cific, the Southern Pacific, the Burlington & Quincy,
and numerous other companies of the same class, are
never represented in our early statements, and that it
does not seem probable that the gross business of
these can have equaled the large amounts reached
last year, it is safe to say that when complete returns
for the month shall be available there will be a loss in
gross for May, notwithstanding the extra work day,
though doubtless the loss will not be as heavy as it
was in April.
The reason why the showing for May is not so poor
as for the preceding month is that comparison is with
a period last year when the coal traffic on some roads
was greatly reduced by reason of a suspension of mining
in the bituminous regions. On the 1st of April last
year there was a pretty wide stoppage of work in the
soft-coal regions in various parts of the country; but
except in a few districts the suspension did not con­
tinue far into May. The most marked exceptions
were in Illinois and the Southwest. It is in those sec­
tions where improvement in earnings is now recorded.
Doubtless the increase of $274,121 shown by the Illi­
nois Central, the increase of $189,115 by the Chicago
& Alton and of $132,197 by the Missouri Kansas &
Texas must be ascribed in larger or smaller measure to
that cause.
Outside of the roads favorably affected by some
special circumstance like this, and outside likewise
the Southern States, where some leading systems con­
tinue to make notably good returns, the results quite
generally disclose a shrinkage in revenues. In some
sections of the country, indeed, the losses are of large
proportion. For instance, the Great Northern has
fallen behind no less than $716,250, the Colorado &
Southern $284,657 and the Minneapolis St. Paul &
Saulte Ste. Marie $143,416. Even some of the
Southern roads have not escaped contraction. Thus,
while the Southern Ry. has managed to add $108,428
to its total of last year and the Seaboard Air Line,
the Central of Georgia and the Mobile & Ohio also
have made fair-sized gains, the Louisville & Nashville
reports a decrease of $298,677, the Texas & Pacific a
decrease of $102,761 and a few other roads in the South
are also distinguished for losses, though in lesser
amounts. In the following we show all changes for
the separate roads, whether increases or decreases,
for amounts in excess of $30,000.
P R IN C IP A L

CHANGES

Canadian Pacific...............
Illinois C entral-..................
Canadian N orthern---------Grand Trunk------------------Chicago & A lton ------------Missouri Kansas & T exas.
Southern R ailw ay..............
Yv abash......... .......................
Missouri Pacific--------------Seaboard Air Line-----------Central of Georgia..............
Mobile & O h io___________

IN

Tnrrpaup*

5890,000
271,121
220,700
210,235
189,115
132,197
108,428
100,061
82,000
73,868
60,200
60,453

■ Representing 12 roads In
our com pilation_____ 52,419,378




GROSS E A R N IN G S IN M A Y .
_
Decreases
5710,250
Great N orthern______
Louisville & N ashville___
298,077
Colorado & S outhern____
281,057
Minn St Paul & S S M .
143, 410
Texas & Pacific........... .......
102,701
Ilullalo Rochester & Pitts
98,259
Yazoo & Mississippi Valley
41,841
Minneapolis & St Louis___
32,112

It is to be said with reference to the roads reporting
diminished totals the present year that the losses in
nearly all cases come after very large gains in the pre­
ceding year. As an illustration, the Great Northern,
which now has $716,250 decrease, in May last year
reported $1,434,461 gain, and the Louisville & Nash­
ville, which now has a loss of $298,677, last year added
$880,428 to its previous year’s total. And what is
true of the separate roads or systems is still more
strikingly true of the roads as a whole. In other
words, comparison is with very satisfactory totals in
1910. The force of this remark will be the more mani­
fest when it is noted that our early statement for May
last year, comprising substantially the same roads as
are now represented, recorded an increase of no less
than $8,772,771, or 16.98%. Moreover, this followed
an increase of $6,320,871, or 14.79%, in May 1909
over 1908. In 1908, of course, when the depression
in business which followed the panic was at its height,
our early exhibit recorded a heavy loss, the falling off
being no less than $15,319,106, or 25.10%. Prior to
1908 there was an almost uninterrupted series of gains
extending back to 1896. In the following we furnish
a summary of the May aggregates as registered by our
early compilations for each year back to 1897.
Mileage.
Year Yr.yre- InGiven. ceding. cr’se.

Gross Earnings.
Year
Given.

Increase ( + )

Year
Preceding.

Decrease (

May. Roads Miles. Miles.
%
•5
S
S
%
1897 ___ 125 93,637 92,963 0.72 37,604,347 36,190,355 + 1,413,992 3.91
1898 ___ 128 96,860 95,748 1.16 44,342,892 38,694,312 +5,648,580 14.59
1899 ___ 111 91,958 90,390 1.73 44,569.301 41,861,285 + 2,708,016 6.46
1900 ___ 114 97,537 95,638 1.98 52,845,740 47,911,099 +4.934,647 10.29
1901___
99 99,916 96,630 3.39 57,403,999 52,167,814 + 5,236,185 10.03
1902 ----84 91,858 90,262 1.76 54,942,317 50,323,090 +4,619,227 9.17
1903 ----81 101,759 99,723 2.04 70.028,295 62,565,693 + 7,462,602 11.92
1904 ----66 85,108 82,820 2.76 52,134,881 54,001.062 — 1,866,181 3.44
53 74,767 73,230 2.09 48,367,104 44,543,718 +3,823,386 8.58
1905 ----1906 ___
71 96,593 94,398 2.33 79,065,712 69,742.596 + 9,323,116 13.37
1907 ___
67 93,646 92,180 1.59 83,611,407 72,722,063 + 10,889,344 14.97
1908 ___
53 79,369 77,918 1.87 45,716,111 61,035,217 — 15,319,106 25.10
1909 ___
50 77,583 76,243 1.76 49,188,578 42,867,707 + 6,320,871 14.79
1910___
48 86,120 83.827 2.73 60,439,775 51,667,004 +8,772,771 16.98
1911___
44 87,422 85,734 1.97 63,174,606 62,515,955
+658,651 1.01
Jan. 1 to May 31.
1897 ___ 124 93,308 92,634 0.72 179,431,982 180,894,891 — 1,462,909 0.81
1898 ___ 126 96,708 95,598 1.16 212,802,464 183,519,317 +29,283,147 15.95
1899 ----- 110 91,920 90,752 1.28 192,631,594 183,058,659 +9,572,935 5.22
1900___ 113 97,264 95,365 1.99 258,503,791 255,084,715 +33,419,076 10.84
1901___
99 99,916 99,632 0.28 279,458,040 255,282,597 + 24,175,443 9.47
1902 ___
84 91,858 90,262 1.76 264,531,088 244,134,988 +20.396,100 8.35
1903 ___
81 101,759 99,723 2.04 340.451,843 300,727,974 +39,723,869 13.21
1904 ___
66 85,108 82,820 2.76 254,210,014 259,877,293 —5,667,279 2.18
1905 ___
51 74,510 72,973 2.09 231,262,020 217,158,045 + 14,103,975 6.49
1906___
70 96,517 94,322 2.32 379,538,324 327,370.546 + 52,167,778 15.93
1907 ___
67 93,646 92,180 1.59 380,802,330 347,530,821 +33,271,509 9.80
1908 ___
51 72,795 71,553 1.73 213,070,586 252,964,560 —39,893,974 15.77
1908 ___
50 77,583 76,243 1.76 241,351,924 216,821,652 + 24,530,272 11.33
48 86,120 83,827 2.73 299,497,000 256,482,994 + 43,014,006 16.77
1910’___
44 87,422 85,734 1.97 304,409,018 303,065,788 + 1,343,230 0.44
1911___
Note.—We do not Include the Mexican roads In any of the years.

Besides the advantage of an extra work day in the
month this year, certain of the grain-carrying roads
also had an advantage from a larger grain movement.
The corner in May wheat at Chicago led to the rushing
of extra amounts of wheat to that point, and the
sympathetic rise in the quotations for corn and oats
tended to increase the deliveries of those cereals too..
For the four weeks ending May 27 the deliveries of
wheat at the Western primary markets were 11,310,074
bushels the present year, against only 8,586,502
bushels in the same four weeks of 1910, the deliveries
of corn were 13,870,155 bushels, against 7,988,207
bushels, and of oats 13,304,389 bushels, against 11,­
681,876. Adding barley and rye, the receipts of the
five cereals for the four weeks this year were 41,531,506
bushels, against 32,252,503 bushels in 1910 and 31,­
693,288 bushels in 1909. The following gives the
details of the Western grain movement in our usual
form.
Pour weeks end- Flour.
in« May 27.
(bbls.)

Chicago—

WESTERN GRAIN RECEIPTS.
Wheat.
Com.
Oats.
(bush.)
(bush.)
(bush.)

Harley.
(bush.)

Rye.
(bush.)

1911..................
1910 ..................

408.494
464,995

3,122,600
2,081,600

7,292,200
2,639,800

7,852,900
6,125,600

1,126,600
1,190,100

52,500
83,000

1911
..
191 0.................

257,100
255,660

624.790
185,190

370,640
193,230

1,006,630
631,550

707,200
633,100

92,820
64,770

810,906
538,867

2,175,425
2,057,405

1,408,750
1,653,130

18,228
14,300

11,108
13,000

Milwaukee—
St. Louis—
Representing 8 roads in
• our com pilation......... 51,717,973

1533

1911................... 1184,505
1910..................; 167,850

T H E C H R O N IC L E

1534
Wheat.
(bush.)

Four weeks end­ Flour.
ing May 27.
(bbls.)

Toledo—
1911.................

1910

...

Detroit—
1911
1910
Cleveland—
1911
1910

Com.
(bush.)

Oats.
(bush.)

82,000
215,000

306,500
335,750

249,000
169,500

Barley.

Bye.

19,£27
14,772

96,789
22,816

361,162
81,448

200.470
170,023

...
...

2,030
8,504

47,720
11,336

360,741
312,961

314,754
321,078

2,840
5,685

1911
...
1910
...
Duluth—
1911
...
1910
...
Minneapolis—
1911
...

169,200
192.750

70,198
37.000

1,306,484
977,106

802,693
1,026,700

122,400
133,800

13,100
19,800

51.205
49,335

801,231
689.483

159,123
83.436

382,352
536,635

13,252
6-49,387

880
17,946

4.566,640
4,000,910

443.480
514,201

798,060
1,074,460

87,900
88,570

1,087,200
804,300

1,094,400
792,900

P eo ria —

1910

..

1911

...

Kansas City—

--

1910................

1911

1910
St. Louis—
1911
1910
Toledo—

258,308
295,086

........................
.1,705,109 5,070,802 33.273.300 25.841.000 6,044,000
.3,361,672 5,771,800 36.077.300 32,251.800 11,960,500
........................

300.000
423.000

2,590,960
3.469,410

3,859,004
4,306.950

3.245.480
5,585.793

397,740
367,030

. 796,380 3,914,650 7,731,245
.....................
4,927,878 11,444,252
.1,032,650 .....................
.....................

6,281,050
8,497.270

466,786
871,800

61,996
141,000

........................
1,059,305 1,912,970

..1,180.910 2,778,040
.....................

555.000
762.000

2.055.500
1.892.500

790,500
850.350

76,422
87.479

412,394
275,783

1,563,068
988,953

752,668
800,560

34,423
........................

13,598

167,033
104,075

1,642,415
2,867,382

1,293,920
1,670,616

28,166
47.245

516
7,242

. 731,929
.....................
.1,435,164
.....................

226,419

261.292

5,776,199
6,566,760

2,138,418
5.141,587

695,832
1,093,912

155,700

1911
1910

........................
204.075 3,316,623
. . 299,640 8,862.617
........................-

796,505
261,851

614.137
3,905,351

481,747
2,287,637

55,749
284,007

1911
1910

.
.

21.079.307
37.650,520

2,860,801
3.751,441

3,770,970
5,718.798

4,393,270
7.830,778

402,800
798,920

1911

.

4.151,610 5.322,700
..................... .....................
8,617,300 8,194,850

1,627,600
1,674,200

1911

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

1 9 1 0 ...........
Detncri: —

.......

.'.V «4 V ..............

cW

! a- . .

1910

Peoria—
1911
1910
Duluth—

Minneapolis—

Kansas City—
1910

1910.

1909.

1908.

1906.

1907.

S
$
S
s
S
S
Buff Roch & P
764,372
862,631
644,357
404,166
387,553
863,858
Chic Ind & Lou
541,683
517,993
458,784
510,841
3S9.169
521,415
Gr Trk of Can)
Gr Trk Wes) 3.942,055 3,731,820 3,239.753 3.096.224 3,908,674 3,403,704
Det GH&MI
Canada Atlj
Illinois Central 64,932,458 64,658,337 «4 ,665,394 (24,050,015 4,862,104 4.258,971
Tol Peo & Wes
104,186
90,679
91,174
76,387
94,293
115,397
Tol St L & Wes
312,176
321,032
284,062
257,739
356,815
369,056
Wabash ____ 2,396,012 2,289,951 2,103,073 1.851,536 2,281,071 2,018,867
T o ta l.......... 12,992,942 12,472,443 11,486,597 10,185,236 12.921,575 11,031,014

EARNINGS OF SOUTHERN GROUP.
May.

1911
1910

Milwaukee—

1911.

a Embraces some large Items of Income not previously Included In monthly re t urns
b No longer Includes receipts for hire of equipment, rentals and other Items.
•
2,788,580
3,700,832

1911............. .1,092,121 11,310,074 13,870,155 13.304,389
1910
........................
.1,153.866 8,586,502 7,988,207 11,681,876

Jan. I to May
Chicago—

___

492,700
310,500

Total o f all—

EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
May.

...
...

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

1,000

63.150

110,200

1910.

Ala Gt South.
Ala N O d t T P
N O Sc N E.
Ala & Vicks
Vicks Sh& P
Atl HI rill & Atl
Central of Ga.
Ches & Ohio..
Cin N O & T P
Lou & Nash.6
Mobile & Ohio
Seaboard A L .
Southern Ity_.
Yazoo & M V.

1907.

$
355,285

S
379,50S

S
294,402

c 288,859
cl36,374
C113.170
(7204,373
893,700
2,540,549
786,083
4,229,645
988,181
1.765.281
4,768,421
790,591

288,859
136,374
113,170
204,034
827,500
2,549,711
815,993
4,528,322
927,728
1,691,413
4,659,993
832,432

253,164
115,635
110,593
163,608
780,809
2,393,639
668,317
3,647.894
756,803
1.495,980
4.033,899
705,387

s
$
I
253,306
362,693
i
205,662
272.091
113,436
130,567
90,330
122,118
108,650
141,977
719,042
955,735
1,817,629 2,390.938
590,484
821,124
3,259,073 4,050,858
700.521
947,725
1,196,365 1,421,963
3.501,751 4,825,977
0683,618
703,953

S
315,943
262,768
121,695
121,293
110,816
875,087
2,196.342
758.023
3,839,512
873,272
1,296,726
4,631,675
728,959

T o ta l--------- 17,860,512 17,955,037 15,420,130 13.240,473 17,147,719 16,032,111
a Includes, beginning with this year, some large Items of Income not previously
Included In monthly returns.
b Includes Loulsv. & Atlantic and the Frankfort & Cincinnati In 1911,1910 & 1909.
c Month In 1911 not yet reported; taken same as last year.
d Fourth week not yet reported; taken same as last year.
EARNINGS OF SOUTHWESTERN GROUP.

Total o f all—
1911 ............... 4,586.818 40,806,806 63,612,693 46,969,267 15,355.281 1,390,001
1910.................7,431,933 70.011,305 75,514,699 61,817,482 29.677.665 2.240.049

In the South the cotton movement was small this
year, as it had been last year, and Southern roads
derived no advantage from a larger traffic in that
staple except in special instances. The gross ship­
ments overland in May 1911 were only 56,388 bales,
against 75,496 bales in May 1910 and 89,809 bales in
1909. The receipts at the Southern outports for the
month were 229,851 bales this year, against 227,538
bales last year and 419,923 bales in 1909.
R E C E IPTS O F COTTON A T SO U T H E R N PO RTS IN M A Y AN D FR O M
JAN . I TO M A Y 31 1911, 1910 AND 1909.

May.

Ports.
1911.
Galveston.................. bales.
Port Arthur, & c..................
New Orleans........ ...............
M obile..................................
Pensacola, & c.................. .
Savannah ............................
Brunswick.............. ............
Charleston...........................
Georgetown.......... ..............
Wilmington..........................
N orfolk...................... .........
Newport News, &c..............

1910.

1911.

1910.

1909.

655,31ft
256,854
561,930
57,686
81,953
286,808
52,984
34,168
726
72,792
131,895
1,140

666,283 1,132.303
106,815 216,822
516,361 819,232
68,337 125,813
78,302
56,913
204,576 378,537
33,420 103,249
20,112
69,821
592
1.276
38,278 112.876
128.990 190,600
6,921
13,325

T o ta l................................ 229,851 227,538|419.923 2.194,255 1,847,598 3,232.156

To complete our analysis we furnish the following
six-year comparisons of the earnings of the more im­
portant roads arranged in groups. The feature to
which attention should be drawn is that in the case of
many different systems in various parts of the country
the 1911 earnings are either only slightly above the
1907 figures or else they are actually below their totals
of four years ago—in some cases very much below.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GOURP.
May.

1911.

Canadian Pac
Chic Gt West*
Dul S B * Atl.
Great Northern
Iowa Central..
Minn & St L ..
M St P & SSMa

$
9,111,000
1.038.308
279.655
4,991.764
253.443
356,210
1,670,944

1910.

1909.

1911.

Colo & South*
Dcnv & It G_.
Int & Gt North
M K & Texas.a
Mo Pacific___
St L Southwest
Texas & P a c..

1908.

1907.

1906.

3
$
S
5
$
8,215,000 6,240,640 5,392,570 6,937,135 5,579,003
1,050,073
720,365
799,994
722,264
542,407
269.726
309,595
246,847
304.854
186,558
65,708,014 64,273,553 63,642,161 6.639,540 4.381.023
253,323
229,462
227,301
201.589
255,910
388.322
304,661
306,571
258,916
326,101
1,814,360 1,531,007 1,257,575 1,968.485 1.539.669

T o ta l........... 17,701,324 17.738.687 13,625,913 11.481,776 16,154,289 13,023,909

1910.

1909.




1907.

1906.

T o ta l.......... 11,981,429 12,151,086 10,682,904 8,915,324 12,337,202 10.474,044
* Includes all affiliated lines except Trinity & Brazos Valley RR.
a Includes the Texas Central In 1911.
GROSS E A R N IN G S A N D M IL E A G E IN M A Y .
Gross Earnings.

Name of Road.

Alabam a Great Southern.
Ann A rb o r_____________
Atlanta B’ham Sc A tl__
Buffalo Rochester & Pitts
Canadian N orthern______
Canadian Pacific_______
Central of Georgia______
Chesapeake & O h io____
Chicago & A lto n _______
Chicago Great W estern.
Chicago Ind & Louisville
Cine New Orl & T ex P a c.
Colorado Sc Southern____
Denver & R io Grande___
Denver Northw & P a c___
Detroit Sc Mackinac
Detroit Toledo & Ironton
Duluth South Shore Sc Atl
Georgia Southern & Fla
Grand Trunk of C an ada.1
Grand Trunk W estern!
D ct Gr Hav Sc M llw._ |
Canada Atlantlo.
Great N orthern-----Illinois C en tra l____
Internat’l & Gt Northern
Iowa Central---------Louisville Sc Nashville___
Mineral R ange_____
Minneapolis Sc St L o u is ..
Mlnneap St Paul & S S M
Missouri Kansas & T e x .a
Missouri Pacific--------------Mobile Sc Ohio-------Ncvada-Callfornla-Oregon
R io Grande Southern____
St Louis S outhw estern..
Seaboard Air Line---------Southern R ailw ay_______
Texas Sc P acific____
Toledo Peoria Sc Western
Toledo St Louis Sc W e s t ..
W a b a s h _________________
Y azoo Sc Miss V alley____

1911.

1910.

$

$

M ileage.

Inc. ( + ) or
Dec. (— ). 1 0 1 1 .

1010.

355,285
176,913
1/145.473
764,372
1.445.600
9,111,000
893,700
2,540,549
1,128,678
1,038,308
541,683
786,083
1,085,828
1.903.600
1/55,103
90,405
1/87,633
279,655
1/115,745

379,508
147,416
1/138,216
862,631
1.224.000
8.215.000
827,500
2,549.711
939,563
1,050,073
517,993
815,093
1,370.485
1,890,700
1/53,741
98,030
1/81.711
309,595
1/112,923

$
— 24,223
308
309
301
+ 29,497
301
670
661
+ 7,257
568
— 08,259
568
+ 220,700 3,386 3,206
+ 896,000 10,276 9,913
+ 66,200 1,015 1,915
— 9,162 2,232 1,939
+ 180,115 1,025
998
— 11,705 1,495 1,487
+ 23,690
015
616
336
— 29,910
330
— 284,657 1,957 2,032
+ 12,000 2,544 2,505
214
+ 1,362
214
369
— 7,625
300
441
441
+ 5,922
013
610
— 29,940
+ 2,822
395
305

3,942,055

3,731,820

+ 210,235

4,991,764
4,932.458
654,000
253.443
4,229,645
60,758
356,210
1,670,944
2,036.187
4,393,000
988.181
31,169
43.698
821,212
1,765,281
4,768,421
1,087,602
104,186
312.176
2,396,012
790,591

5,708,014
4,658,337
673,000
253,323
4,528,322
62,390
388,322
1,814,360
1,003,990
4,311,000
027,728
32,837
49,412
811,548
1,691,413
4,059,993
1,190,363
90,679
321,032
2,289,951
832,432

T otal (41 roa d s)______ 63.174.606 62,515,055
Net Increase (1 .0 1 % )____
Mexican Roads (not In eluded In t otal) —
Interoccanlc of Mexico
515.557
72 5,281
Mexican R ailw ay______ “
1/488.700 1/497,200
N at’l Ilys of M e x i c o .z ..I 3,636,804' 5.690,016
I

» n ; 19107 1909 and 1908..............* “
& ™ cluc ,u
a Includes Chicago Division In 1911, 1910, 1909 and 1908; for previous years we
have combined Minn. St. P. & S. S. M. and Wisconsin Central.
& Actual figures of earnings are now used for comparison.

1908.

$
$
•s
3
3
3
1,085,828 1,370.485 1,144.591
954,548
966,969 1,126,754
1,903,600 1,890,700 1,726,852 1,470,890 1.822,900 1,702,482
654,000
673.000
616,304
474,736
528,024
680,308
2,036.187 1,903.990 1.790.523 1,485,356 2,271,841 1,687,740
4,393,000 4,311,000 3,593.815 3,032,882 4.214.943 3.S27.063
821,212
811,548
767.832
747,885
636,906
861,976
1,087.602 1,190,363 1,062.934
847,585 1,358,480 1,006,355

Sir ce Januarx 1.
1909.

51,851 51,970 116.986
5,879 4,330 10,633
87,581 78,813 123,833
11,819 4,219 20.580
1,371 19,664
7.017
34,769 36,599 60,640
1,250 2,222
6,522
5,719 3,180
6,880
200
7,067
7,247 11,924
36,009
14,869
41,396
1,578
665
.........

__ ___

May.

4,528

4,528

— 710,250 7,274
+ 274,121 4,574
— 19,000 1,160
+ 120
558
— 298,677 4,601
— 1,632
127
— 32,112 1,027
— 143,416 3,763
+ 132,197 3,393
+ 82,000 7,230
+ 60,453 1,114
— 1,668
184
— 5,714
180
+ 9,664 1,499
+ 73,808 3,046
+ 108,428 7,039
— 102,701 1,885
+ 13,507
247
— 8,856
451
+ 106,061 2,514
— 41,841 1,372

7,120
4,551
1,160
558
4,595
127
1,027
3,532
3,072
7,170
1,114
184
180
1,476
2 995
7,050
1,885
247
451
2,514
1,372

+ 658,651 87,422 85,734
— 170,724
— 8,500
-2.053,122

a Includes the Texas Central In 1911 only.
x Now Includes Mexican International In both years.
y These figures arc for three weeks only In both years

1,035
375
6,147

1,018
301
6,106

J une

T H E C H R O N IC L E

10 1 9 1 1 .|

GROSS E A R N IN G S FROM J A N U A R Y

1 TO M A Y 31.

1910.

Name of Road.

3
1,810,005
1,826,100
806,565
811,020
7/1,104,568 7/1.019,294
3,403,165
3,444,650
5,687,300
4,803,200
38,600,447 36,093,045
5,248,807
4,900,239
12,805,739 13,066,895
5,059,704
5,468,752
4,070,062
5,133,495
2,424,374
2,438,178
3,837,957
3,629,160
6,767,229
5,620,511
9,158,376
8,501,214
7/310,571
7/296,048
518,822
483,313
1/575,679
7/592,743
1,135,212
1,290,907
7/921,732
7/916,346

Alabam a Great S ou th ern ..
Ann A r b o r .---------------------Atlanta Dlrm & A tla n tic..
Hullalo R och & Plttsb-----Canadian N orthern.............
Canadian Paclilc--------------Central of G eorgia ...............
Chesapeake & O h io----------Chicago & A lton --------------Chicago Great W estern-----Chicago Ind & L ou isville..
CIn New Orleans & T ex Pac
Colorado & Southern-------Denver & R io Grande-----Denver Nortlnv & Paclilc.
Detroit & M ackinac---------Detroit Toledo & Ironton.
Duluth So Sh & A tla n tic-.
Georgia Southern & F la—
Grand Trunk of C a n a d a ..]
Grand Trunk W estern. 1 18,083,484
Dot Gr Ilav & M l l w - .J
Canada A tlantic------------J
Great Northern — .............. 20,827,853
Illinois Central------------------- 24,889,944
Intcrnat & Great Northern
Iow a C en tra l----------- --------Louisville & Nashville-----Mineral R ange-----------------Minneapolis & St L ou is__
Minn St P & S S M _______
Missouri Kansas & T exa s.a
Missouri Pacific___________
M obile & O h io____________
N evada-Cal-Oregon_______
R io Grande Southern_____
St Louis Southwestern-----Seaboard Air Line________
Southern R ailw ay................
Texas & Paclilc----------------T oledo Peoria & W estern ..
1,464,871
T oledo St Louis & Western
W abash________ ________
Y azoo & Mississippi Valley

17,211,165
23,508,924
24,325,337
3,393,854
1,351,369
22,250,315
322,966
1,848,913
9,182,048
10,436,351
21,725,433
4,492,847
148,762
236,420
4,326,309
8,906,796
23,184,061
0,272,392
480,211
1,490,457
11,497,962
4,158,785

Increase.
5
..4 ,4 6 4
85,274
48,515
884,100
2,606,402
348,658
409,048
13,804

17,064
5,380

$

15,195

171,150
154,433
208',797
1,140,718
657,162
13,023
35,500
155',695

872,319
2,681,071
504,607
55,962
73,537
69,307
401,760
200,171
252,070
737,138
1,090,414
28,158

358,292
18,600
,089,388
576,814
47,393
42,862

410,483
2 s’, 58 6

18,770
278,070

T otal (44 roa d s)------------- 304,400,018 303,065,788 9,161,007
£1,343,230
Net Increase (0 .4 4 % )-------Mexican roads (not inclu
41,182
3,728,377
Intcroccanlc of M exico-----181,800
1/3,300,201
Mexican R ailw ay....... ..........
27,181,995
Nat R ys of M exico. x --------

7,817,777

2,618,306

a Includes the Texas Central In 1911 only, x Now Includes M exican In­
ternational In both years, v These figures are down to the end of the third
week only In both years.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.

1535

profit to make certain reports. The section which has been
killed by the Governor denied the commission the right to
examine the books of banks, trust companies and building
and loan associations, and prohibited it from calling upon the
banks to disclose the amounts held by depositors for the
purpose of listing them for taxation. The veto of this section,
as well as the veto of the Johnson Senate Bill No. 8, which,
it is stated, had defined bank deposits as credit and not as
cash, will, it is contended, work to the disadvantage of the
banks. If the Commission should exercise the privilege of
directing the County Auditors to list all bank deposits, the
“ Ohio State Journal” claims that this would at once result
in withdrawals of large sums from the Ohio banks and their
removal to banks in other States. Besides this, it is pointed
out, there would be a conflict between the State and Fed­
eral authority, as the national banks would appeal to the
Federal Government to prevent the State officials from in­
terference with their business. In his message vetoing the
clause (Section 162), the Governor said:
Glaring Inequalities In taxation have long caused discontent In the Stato
that has becom e m ore general and acute since the com m encem ent o f the
recent quadrennial appraisement o f real estate.
Justice to the owners of real estate required that measures be taken to
secure from the owners o f other kinds o f property their Just share of taxes.
T o accomplish this it Is necessary to subject to taxation personal property,'
m oneys, credits, & c., which have heretofore largely escaped. . . .
A m ong amendments made b y the Senate Is Section 162, whose effect would
be to obstruct laudable work In progress, and that with respect to m oney
on deposit In banks, trust com panies, building and loan associations, and
financial Institutions of all descriptions, and shares in building and loan
associations, whether held b y borrowers or Investors, all of which have long
been m ost notorious for absence from the duplicate.
This would be a clear discrimination In favor o f shareholders and de­
positors and against the owners o f other kinds o f property, as well as against
the public Interest. In effect. It would be a practical exem ption from taxa­
tion In very many cases, and that of property m ost o f which would certainly
not appeal strongly for exem ption from contributing to the public expenses
it authority to grant exem ptions existed.

— Gov. Harmon of Ohio has signed a bill, known as the
Kennedy measure, giving the State Superintendent of Banks
authority to withhold his approval for the organization of
a State bank when he considers there is not sufficient neccs
sity for its establishment.

— The public sales of bank stocks this week aggregate 586
shares, of which 567 shares were sold at the Stock Exchange
and 19 shares at auction. No trust company stocks were
sold. National City Bank stock was actively dealt in at the
Exchange, the sales amounting to 376 shares, all in small lots,
at prices ranging from 405 to 414. The close was at 414,
against 400 last week.

•
— A bill extending for a further period of five years the
time allotted life insurance companies to dispose of their
stock holdings was favorably reported by the Senate Insur­
ance Committee at Albany on the 6th inst. The proposed
legislation was offered as a substitute for the Frawley-Hoey
bill, introduced several months ago, and which was intended
to effect the repeal of that section of the Armstrong Law
Shares. B A N K S — New York.
Low. High. Close. Last Previous Sale
which requires the companies to divest themselves of such
8 Chemical National B a n k ... 43114 431 'A 431 >4 May 1911— 432
♦396 City Bank, N ational_______ 405
414 414
June 1911— 400
securities within five years from Dec. 31 1906. The substi­
*161 Commerce, Nat. Bank o f ___212 14 216 J4 215
Juno 1911— 213
tute bill extends the time another five years, or until Dec. 31
*10 Fourth National B an k_____ 206
206 200
June 1911— 205
1916.
11 Merchants’ E xch . N at. Bank 166
166 160
Mch. 1911— 165)4
. . — A bill amending the law imposing a tax of 2 cents per
* Sold at the Stock E xchange.
— The Birkbeck Bank of London, suspended on Thursday. $100 on transfers of stock has passed both branches of the
The institution experienced a run last November and is New York Legislature, and is now in the hands of the Gov­
said to have been aided at the time by the Bank of England. ernor. The most important particular in which the law is
The withdrawals were reported to have been occasioned by changed under the amended measure is that the tax is made
the circulation of rumors connecting the institution with the to apply where stocks are "transferred” the same as in the
Charing Cross Bank, which closed its doors in October. case of actual sales. W e quote the following section of the
The Birkbeck Bank was established in 1851. Its total new bill regulating the imposition of the tax, showing in
liabilities arc said to amount to $43,380,910. The cables italics the new matter and enclosing in brackets such parts
state that, according to the directors, the liabilities exceed the of the old law as will be omitted:
An A ct to amend Chapter 62 of the laws of 1909, entitled “ An A ct In rela­
assets by £375,000 (about $1,875,000), while the auditors
tion to taxation, constituting Chapter 60 of the Consolidated Law s,” In re­
examining the books place the excess of liabilities over assets lation to the tax Imposed on transfers of stock.
at $775,000, or about $3,875,000.
T he People o f the State o f New Y ork , represented in Senate and As­
bly, do enact as follows:
— Postmaster General Hitchcock, it is stated, plans to have sem
Sec. 1. Section 270 o f Chapter 62 o f the Laws of 1909, entitled “ An A ct In
at least one thousand postal savings banks in operation by relation to taxation, constituting Chapter 60 of the Consolidated L aw s,” as
July 1, six months after the inauguration of the sys­ amended b y Chapter 38 of the Laws o f 1910, Is hereby amended to read as
s:
„
tem. There have been 150 new depositories named this follow
Sec. 270. A m ount o f tax. There Is hereby Imposed and there shall im ­
week, the number being thereby increased to 550. The m ediately accrue and be collected a tax, as herein provided, on all sales,
banks have thus far been confined to cities of the second or agreements to sell, or m em oranda of sales o f stock, [or] and upon any and
all deliveries or transfers o f shares or certificates of stock, in any dom estic
class, but a trial of the system is to be made in first-class post or foreign association, com pany or corporation, m ade after the first d ay o f
offices in the larger cities about the first of the coming month. June, 1905, whether made upon or shown b y the books o f the association,
New York, Philadelphia, St. Louis and Baltimore are ex­ com pany or corporation, or b y any assignment In blank, or b y any delivery,
or by any paper or agreement or m emorandum or other evidence of [transfer
pected to be among the more important cities to be desig­ or] sale or transfer, whether [entitling the holder In any manner to tho
benefit of such stock] intermediate or fin a l, and whether investing the holder
nated.
with the beneficial interest in or legal title to said stock or merely with the pos­
— N ov. 21 to 24 have been fixed as the dates for the annual session or use thereof fo r any purpose, or to secure the future paym ent o f
convention of the American Bankers’ Association by the m oney, or the future transfer o f any stock, on each hundred dollars o f face
Executive Committee of the New Orleans Clearing-House value or fraction thereof, tw o cents. It Is not intended b y this A ct to im­
pose a tax upon an agreement evidencing the deposit of stock certificates
Association. The time chosen, however, has been made as collateral security for m oney loaned thereon, which stock certificates are
not actually sold, nor upon such stock certificates so deposited. The pay­
subject to the approval of Secretary F. E . Farnsworth.

— Bankers of Ohio appear to be much exercised over the
action of Gov. Harmon in vetoing on the 2d inst. a section of
the so-called Ilollingcr Bill, signed by him on that date.
The bill, as we understand it, is intended to correct defects
in the Tax Commission Law by requiring all corporations for




ment of such tax shall be denoted b y an adhesive stamp or stamps affixed
as follows: In the case o f sale, or transfer, where the evidence o f [transfcrl
the transaction Is shown only b y the books of the association, com pany or
corporation, the stamp shall be placed upon such books: and where tho
[change of ownership] transaction Is effected by the delivery or transfer of a.
certificate the stamp shall be placed upon the certificate; and in cases of an
agreement to sell, or where the [transfer] sale Is effected b y delivery o f the

1536

T H E C H R O N IC L E

certificate assigned In blank, there shall be m ade and delivered b y the seller
to the buyer a bill or m emorandum o f such sale, to which the stam p pro­
vided for b y this article shall be affixed; and every bill or memorandum of
sale or agreem ent to sell before m entioned shall show the date thereof the
nam e of the seller, the amount of the sale and the m atter or thing to which
It refers, and no further tax Is hereby Imposed upon the delivery o f the cer­
tificate o f stock , or upon the actual issue o f a new certificate when the
original certificate o f stock Is accom panied b y the duly stam ped m emo­
ra n d u m o f sale.

[VOL.

LXXXXII

There Is another view which, it seems to me, prevents the plaintiffs from
recovering. The defendant, in presenting the draft for paym ent, acted as
the agent o f the Decatur Bank, which was a bona fide holder for value.
W hen thc defendant received paym ent o f the draft. It had no knowledge
that the bills of lading attached were spurious, or that the bills did not repre­
sent actual cotton delivered. H aving received the paym ent and paid the
same over to the Decatur Bank before It had any knowledge that the bills of
lad ng were spurious, freed it from liability.
(Bank of America vs. W ay dell, 187 N. Y ., 115; National Park Bank v s . Seaboard Bank, 114 N. Y.,’

A material change in the section covering the cancellation
of the stamps has also been made. Where heretofore the
If the foregoing views be correct, then It follows that the Court did not
law had held it to be a misdemeanor for a person to fr a u d u ­ err n setting aside the verdict In favor o f the plaintiffs and granting a new
trial, because on the facts presented a verdict should have been directed for
len tly make use of a stamp without effectually canceling the the defendant. The order appealed from , therfeore, Is affirmed, with
same, the amendment strikes out the word “ fraudulently” , costs and disbursements.
so that the law as proposed reads: “ If any person makes use
James B . McDougal, has declined the offer made to him
of an adhesive stamp to denote the payment of the tax im­
by the New York Clearing House Association to take charge
posed by this article, without so effectually canceling the
of the new department under which a system for the exam­
same, such person shall be deemed guilty of a misdemeanor,
ination of members is to be established. Mr. McDougal has
and upon conviction thereof shall pay a fine of not less than
been Chief Examiner of the Chicago Clearing House, since
$200 nor more than $500 or be imprisoned for not less than six
the inauguration of supervision by that body in 1906.
months, or both, in the discretion of the Court.” A further
In addition to the seven trust companies whose application
amendment extends the time in which the books or accounts
for membership in the New York Clearing House Association
of brokerage houses recording sales or transfers shall remain
was approved on May 25, eight other companies were ad­
accessible to the State Comptroller for examination from
mitted on the 5th inst. Those upon which favorable action
three months to six months. There is also a provision in
was taken this week are the Title Guarantee & Trust Co , the
the new law under which it is required that:
Mercantile Trust C o , the Lawyers’ Title Insurance & Trust
E very association, com pany or corporation shall keep or cause to be kept
a transfer ledger, register or stock-certificate book, containing a com plete C o , the Standard Trust C o , the New York Trust Co. the
and true entry and record o f all sales or transfers of shares or certificates Lincoln Trust C o , of Manhattan and the Peoples’ Trust and
o f Its stock m ade upon Its books. It shall also retain and keep all surren­
Franklin Trust companies of Brooklyn Borough. The
dered or canceled shares or certificates o f its stock and all memoranda
relating to the sale or transfer of any thereof; and all such transfer ledgers, seven whose applications had previously been passed upon
registers or stock certificate books and surrendered or canceled shares or are the Manhattan Trust C o , the Bankers Trust C o , the
certificates o f stock and memoranda relating to the sale or transfer of its
Astor Trust C o , the Guaranty Trust C o , the Columbia Trust
stock shall at all times between the hours of ten o ’clock In the forenoon and
three o ’clock in the afternoon, except Saturdays, Sundays and legal holi­ C o , the United States Mortgage & Trust Co. and the Brook­
days, be open to exam ination b y the Comptroller.
lyn Trust Co. One other institution, the Fidelity Trust C o ,
The Appellate Division of the New York Supreme Court has been accepted provisionally, pending the completion of
on the 2d inst. unanimously affirmed the decision of Justice the arrangements for increasing its capital to $1,000,000.
Newburger in setting aside last February the verdict of It is expected that the trust companies will begin to clear
$39,910 previously directed in favor of the New York Cotton through the Association on Monday.
Exchange house of Springs & Co. in the action brought by
The introduction of clearing-house examinations in
the latter against the Hanover National Bank. In setting
aside the original verdict, Justice Newburger granted the mo­ all the reserve cities is, according to report, being urged by
tion for a new trial, and the Appellate Division likewise up­ Comptroller of the Currency Lawrence O. Murray. In a
holds his action in that respect. As stated in previous number of these cities the plan has for some time been
references to the matter (Dec. 24 1910 and Feb. 4), the suit successfully operated, and marked improvement has occurred
grows out of the failure of Knight, Yancey & Co. of Birming­ in banking conditions where this reinforcement to the super­
ham, A la., and concerns the collection of a draft negotiated vision of the institutions has been adopted. Chicago was the
first city to witness the establishment of this system of
by that firm, attached to what purported to be a bill of lad­
ing issued by a railroad company, covering a supposed con­ examination, and it was through William T . Fenton, Vice­
signment of cotton by the Alabama firm to Springs & Co. President of the National Bank of the Republic of Chicago,
The draft, with the bill of lading attached, was deposited that its inauguration was brought about. The movement
with the first National Bank of Decatur, A la., and endorsed followed the failure in 1905 of the Chicago National Bank
over to the Hanover National Bank for collection. After the and its two affiliated institutions, and in Jan. 1906 the
payment of the money to the Hanover by Springs & Co., the Chicago Clearing House approved Mr. Fenton's efforts in
bill of lading was found to be fraudulent, and the firm, having this direction, in the adoption of a resolution providing for
failed to receive the cotton, sought the repayment from the regular examinations of the banks in the Association.
Hanover of the amount represented by the draft. Justice
— An announcement from the New York Bankers’ Asso­
Newburger, in deciding in favor of the bank in February, ciation with regard to the program arranged for its coming
maintained that “ the defendant’s authority was simply to annual meeting on the 22d and 23d inst. states that emphasis
collect the amount of the draft; it did not guarantee the val­ will be given at the business sessions to the question of cur­
idity of the collateral or that the cotton would be delivered.” rency reform, and especially as the problem relates to the
In sustaining the findings of Justice Newburger, the Appel­ various classes of banking institutions. Serious considera­
late Division, speaking by Justice McLaughlin, said in part: tion is to be given the plan proposed by the Currency Com­
(as quoted in the “ Journal of Commerce” ):
mission of the American Bankers’ Association, which pro­
U pon the foregoing' facts, I am clearly of the opinion that the plaintiffs poses to extend to the trust companies, State banks and sav­
were not entitled to recover. The draft was concededly drawn b y Knight,
ings banks the privileges of the Aldrich plan. William C.
Y an cey & Co. The am ount was correct, and under the previous arrange^
ment with K night, Y an cey & Co. the plaintiffs accepted and paid It
It Poillon, President of the Mercantile Trust Co. of New York,
was not a paym ent under a m istake o f fa ct. Neither the Decatur Bank nor will speak on “ The Proposed Participation of Trust Com­
the H anover Bank endorsed or in any w ay stam ped the bills o f lading
vvhlch were drawn to the order o f K night, Y a n cey & Co. and endorsed b y panies in the National Reserve Association,” and discussions
the bank. The draft Itself contained no reference to the bills o f lading, of the plan as related to national and State banks, trust com­
and It Is not claim ed either the Decatur Bank or the defendant had any panies and savings banks are mapped out.
Joseph T. Tal­
knowledge that the bills o f lading were n ot genuine, or that cither bank
m ade any representation upon the subject to Induce the plaintiffs to make bert, Vice-President of the National City Bank of New York,
The
the paym ent. The Decatur Bank received the draft In the usual course of will address the meeting on “ Progress in Banking.”
business as a bank o f discount, and paid the full amount o f it, less the ex­ convention will take place at the Oriental Hotel, Manhattan
change to K night, Y an cey & C o., and it Is not even suggested that any act
oritt or the defendant (except the endorsement o f the draft in the usual Beach, and at the annual banquet, on the evening of thc 22d
course o f business) operated to the prejudice o f the plaintiffs or prevented President Taft, Martin W . Littleton, Charles F. Moore and
them from making an earlier discovery o f the forgeries; on the contrary,
Mgr. Edward W . McCarty will be the guests. A trip around
7.
ea” .tha,t Knlglu> Y an cey & Co. had arranged with the plaintiffs
K
PV he d ra ft’ and that they dl(i acc<=pt It upon the representation of Manhattan Island by steamer is planned for the afternoon
hPPTf «hinntn.C^y » ? 0 ’ that thc cotton m entioned In the bills o f lading had of the 22d, while on the 23d the social attractions will con­
been shipped to their firm for sale under the previous arrangement.
It m ay weU be that the bills of lading gave som e credit to the draft be­ sist of an aeroplane flight, a trip through Luna Park, and, in
yon d what was created b y thc supposed pecuniary standing o f Knight Yan­ the evening illuminations, pyrotechnics, music and danc­
cey & C o., but they were not a part of thc draft, were not referred to in it ing at the hotel.
The Oriental and Manhattan Beach hotels
or in the acceptance, and so far as the plaintiffs were concerned, they were
nothing m ore or less than collateral security accom panying the draft
It have been reserved for the association and its guests during
w aslfor thc plaintiff alone to determ ine, before they accepted thc draft
the convention. William J. Henry of 11 Pine S t., New York,
the validity and value of such security. There was no obligation upon
is Secretary of the Association.
Walter II. Bennett, Vice­
either the D ecatur Bank or the defendant to do this. The Decatur Bank
President and Cashier of the American Exchange National
Injdlscountlng the draft, and the defendant in presenting it for paym ent
did not guarantee the genuineness o f the bills of lading attached to It as
Bank of New York, is Chairman of the Committee on Ar­
collateral.sccurlty.’ * . . ..................................................
rangements.




J u n e 1 0 1 9 1 1 .]

T H E C H R O N IC L E

— The Windsor Trust Co, of this city plans to reduce its
capital stock from $1,000,000 to $500,000. This will in­
crease its surplus from $130,000 to $630,000. There will then
be an underwriting of $500,000 of new stock at $200, which
stock will be offered to the present stockholders at the same
price. The company will then have $1,000,000 of capital and
$1,130,000 of surplus. It is expected that August Heckscher
will be succeeded in the presidency by Clark Williams.
— The application made by the Pacific Bank of this city
for authority to establish a branch at Madison Avenue and
28th St. has been approved by State Superintendent of
Banks George C. Van Tuyl Jr.
— R . Lancaster Williams, of Middendorf, Williams & Co.,
of Baltimore and John L. Williams & Sons, of Richmond,
has been elected a member of the New York Stock Exchange.
— Frederick Fowler, formerly a Vice-President of the New
York County National Bank, has just been elected Vice­
President of the Gotham National Bank, at Columbus
Circle and 58th Street. Mr. Fowler retired from the manage­
ment of the New York County National in 1907 to become
a Vice-President and director of the Bank of Commerce &
Trust Co. of Memphis. He had previously been confidential
assistant to James Stillman when the National City Bank
was under the latter’s direction as President. The Gotham
National began business a little over a year ago (in April 1910)
and its deposits are now in the neighborhood of $1,600,000.
— John D . Ryan, President of the Amalgamated Copper
Co., has been elected a director of the Guaranty Trust Co.
of this city, to succeed the late Paul Morton. In response to
the call of June 7th, the company reports deposits of $144,­
724,000, an increase of $11,000,000 since the last call,
Feb. 28 1911. The total resources are in excess of $175,000,­
000. On Wednesday the directors declared the regular
quarterly dividend of 8 % on the $5,000,000 capital.
— J. Fred. Behre has been elected a trustee of the Nassau
Trust Co. of Brooklyn Borough, succeeding Jost Mollcr, who
resigns, owing to ill-health.
— Charles II. Bissikummer, Vice-President and Secretary
of the Albany Trust Co., of Albany, N . Y ., was made First
Vice-President and Acting President at a meeting of the
directors on the 2nd inst. As acting head of the company,
Mr. Bissikummer will fill the vacancy created through the
resignation of George C. Van Tuyl Jr., with the latter’s
appointment as State Superintendent of Banks. Mr.
Bissikummer has been connected with the institution since
its organization in 1900. He was formerly identified with
civic affairs and had been Deputy Chamberlain and Deputy
City Comptroller. In the directorate of the Albany Trust
Mr. Van Tuyl is succeeded by Gustavus Michaels. Randall J.
LeBoeuf replaces Governor John A . Dix as a member of the
company’s executive committee.
— The National Chatauqua County Bank of Jamestown,
N . Y ., celebrates the eightieth anniversary of its organization
this month.
Invitations to inspect the new building of
the bank and its facilities have been issued by the manage­
ment. Charles M. Dow is President of the institution,
Frank W . Stevens and Harry P. Sheldon are Vice-Presidents
and Fred. W . Hyde is Cashier.
— The business of the New Haven Trust Co. and that of the
Union Trust Co. of New Haven, Conn., was formally united
on May 8, at which time both companies moved to the new
building at 57 Church Street, which has just been completed.
The arrangements for the union were announced early in
1910, but the consummation of the proceedings was delayed
until the completion of the new banking quarters. The
merger is effected under the name of the Union & New Haven
Trust Co. The enlarged institution has combined capital,
surplus and profits of over a million dollars, the capital being
$650,000 and the surplus and profits $399,202. Its deposits
amount to $1,747,096 and its resources aggregate $2,796,298.
Those in the management are Eli Whitney, President; Thomas
Hooker and Henry L. Hotchkiss, Vice-Presidents; W . Perry
Curtiss, Vice-President and Treasurer; Edwin L. Chapman
and Dean B. Lyman, Assistant Treasurers, and Henry L.
Galpin, Secretary.
— Charles C. Russ of the law firm of Schutz & Edwards,
has been appointed Trust Officer of the Hartford Trust Co.,
ofillartford, Conn. He will enter upon his new duties on
July 1.
i'« — Moses Williams, heretofore President of the State Street
Trust Co. of Boston, has been elected Chairman of the Board
of Directors; his successor in the presidency is Allan Forbes,
who advances from the office of Vice-President.




1537

— Harry F . Curtis, who was indicted in connection with
the failure in 1909 of Sederquist, Barry & Co. of Boston, was
acquitted on the 3d inst. on the two counts which had been
returned against him. Arthur B . Sederquist was also, the
Boston “ Transcript” states, acquitted on the same two
counts; on the other fifty counts against Sederquist, John
E . Barry and D . Eustace Bigelow, the jury was unable to
reach an agreement, and was discharged on the 4th inst.
The indictments, it is stated, charged the larceny of about
$100,000 from the firm’s customers in stock transactions.
The trial began in March and lasted thirteen weeks.
— The Pennsylvania Bankers’ Association will hold its
annual convention next week, on the 13th and 14th inst., at
Philadelphia. The discourses will include “ The Trust Com­
pany Day by D ay” , by A . A . Jackson, Vice-President of the
Girard Trust Co. of Philadelphia; “ The Proposed Plan for
Monetary Legislation,” by A . Piatt Andrew, Assistant
Secretary of the Treasury; “ Commercial Paper as an Invest­
m ent,” by Edward D . Page of New York; and “ A Business
Man in the Legislature,” by Charles A . Snyder, of Pottsville,
Pennsylvania.
— A . Piatt Andrew, Assistant Secretary of the Treasury, is
to be one of the speakers at the annual convention of the
Maryland Bankers’ Association, slated for June 20, 21 and 22
at Deer Park, Md. The report of the committee named last
year to inquire into the question of interest on deposits and
recommend plans for the adoption of more uniform rates,
will come up for consideration at the meeting.
— The German-American Trust Co. of Indianapolis, whose
capital of $400,000 was only half paid, has announced that
full payment of the capital has been provided through a
dividend of 100% out of accumulated earnings. It is also
proposed to enlarge the capital by an additional $100,000,
making it $500,000. The new issue of 1,000 shares will be
disposed of at $150 per share, and when the half-milliondollar capital becomes effective, the surplus will stand at
$50,000.
— A t a meeting on the 1st inst. the stockholders of the
Detroit Trust Co. of Detroit, Mich., ratified the proposition
recommended by the directors to increase the capital from
$500,000 to $1,000,000. Under the plan proposed, the new
stock is offered at par to shareholders of record May 2. The
sum of $500,000 has been transferred from the undivided
profits account to surplus, making the latter $1,000,000.
— The Dime Savings Bank of Detroit also purposes to
increase its capital from $500,000 to $1,000,000. Action on
the question will be taken by the stockholders on June 15.
Part of the new issue, namely $100,000, will be in the nature
of a stock dividend of 2 0 % ; the other 4,000 shares will be
offered, pro rata, to present shareholders until July 15 at
$160 per share. The premium will serve to bring the surplus
and undivided profits up to approximately $500,000.
— The stockholders and directors of the Michigan Savings
& Loan Association have been directed by Judge Henry H .
Swan of the U . S. District Court at Detroit to pay to Receiver
Ralph L. Aldrich a total of $958,134. Mr. Aldrich was
appointed receiver in response to a petition in bankruptcy
filed against the concern on April 1 1901, and alleged improper
accountings are said to have subsequently been discovered
by him. The following, it is stated, are ordered to pay an
aggregate of $445,689 “ on account of and by reason of their
unlawful acts, negligence and violations of duty” as directors
of the company: John E . Clark, President; John B . Corliss,
Attorney; Butler Ives, Treasurer; Thomas E . Hancock, Vice­
President, and F. B . Wemple. The other sums required to
be paid over to the receiver by the stockholders represent
dividends to which, it is claimed, they were not entitled.
— James J. Townsend, of J. J. Townsend & Co., Chicago,
was elected President of the Chicago Stock Exchange,
succeeding F. D. Countiss, at the annual meeting on Monday.
Walter S. Brewster was made Vice-President. There was
no independent ticket in the field.
— The Old Colony Trust & Savings Bank of Chicago, for
which a permit was issued in February, began business on
the 1st inst. in the Old Colony Building at Dearborn and Van
Buren streets. It has $200,000 capital and a surplus of
$50,000; its officers are: T . H . Howe, President; Ralph C.
Wilson, Vice-President and Cashier; and Hugo Meyer,
Assistant Cashier. The directorate includes, besides Presi­
dent Howe and Vice-President Wilson, the following: C. O.
Barnes, of A . R . Barnes & Co.; E . E . Barrett, general
manager Roberts & Schaefer Co., contractors; George B .
Beatty, manager George P. Ide & Co.; E . M. Board, Presi-

1538

THE CHRONICLE

dent Cross Press & Sign Co.; J. G. Budde, Treasurer Regan
Printing House; Dr. W . E . Buehler; Richard J. Coyne^of
Coyne Brothers, commission merchants; P. L. Evans, of
Cheney, Evans & Wilson, attorneys; F. A . Hecht, of Kacstner & Hecht Co., and F. G. Hoagland, life insurance.
The Chicago Record-Herald” of May 21 announces a
special meeting on June 20 of the stockholders of the Union
Trust Co. of Chicago to vote on a proposition to consolidate
the institution with a recently formed organization known as
the Union Trust Association. The purpose of the proceed­
ings, it is stated, is to enable the company to enlarge its
directorate in the future, should this be deemed advisable.
It is pointed out that under the laws of Illinois a banking in­
stitution may organize with as large or as small a directorate
as it chooses, but when once organized, the board may not
be increased beyond the maximum or decreased below the
minimum stipulated. The Union firust Co. has ten directors
and is limited to eleven. The Union Trust Association, ac­
cordingly, has been formed among the employees of the Union
Trust Co. and its by-laws provide for a maximum of twentyone directors. It is proposed to consolidate the Union Trust
Co. and the Union Trust Association, adopting for the con­
solidated institution the by-laws of the Association, but con­
tinuing under the name of the Union Trust Co.
The application of the La Salle National Bank of Chicago
for admission to the Chicago Clearing-House Association
having been passed upon adversely, the directors of the insti­
tution have decided to act independently of any Clearing­
House connection. The bank sought admission to the Asso­
ciation following the recent decision of the Corn Exchange
National Bank to discontinue as its clearing agent. The
relations with the Corn Exchange National terminated on the
1st inst. William Lorimer Jr., who was formerly Secretary
of the La Salle Street National, was lately elected a Vice­
President; Leonard J. Lorimer was made Secretary.
The Douglas State Bank of Chicago, recently organized
with a capital of $200,000, began business on May 31 at
31st Street and Michigan Avenue. William Hardy, formerly
Cashier of the South Side State Bank of Chicago, is President
of the new organization, and A . P. Mracek is its Vice-Presi­
dent and Cashier. H . E . Otte, a Vice-President of the
National City Bank of Chicago, is one of the directors of the
Douglas State Bank.
Bruce D. Smith, a son of Byron L . Smith, President of
the Northern Trust Co. of Chicago, has been appointed
Assistant Cashier and Assistant Secretary of the institution.

[VOL. LXX X XII.

tion on May 2!) and 30. The resolution was offered by F . O.
W atts, President of the First National Bank of Nashville,
and we quote the same herewith:
Whereas, our banking and currency laws are known to be wholly Inadcqute to serve the country in times of stress or eve-i during crop movements
?rnl P,0Ii° ?
unusu<U actlvlty- ;lnd whereas the Government of tho
United States has an able and non-partisan commission making a special
study of the subject for three years, and the American Bankers’ Association
has a special commission composed of bankers representing every section
o the country and ev^ry condition of banking; and whereas the Chairman
of the National Monetary Commission, the Honorable Nelson W Aldrich
has presented a tentative plan for reform providing for the creation of a
National Reserve Association; and, whereas, the Currency Commission
of the American Bankers’ Association has approved the said plan with cer­
tain modifications providing, among other things, that the plan shall bo
open alike to national. State and savings banks and trust companiestherefore,
’
Be It resolved, That the Tennessee Bankers’ Association approve the pro­
posed plan so modified and extended and promise our hearty support to tho
end that it may become a law.
Be it further resolved. That a copy of this resolution be forwarded to tho
Senators and Representatives in Congress from Tennessee and the National
Monetary Commission.
The defeat of the bill to regulate State banking in Ten­
nessee was one of the important topics discussed at the
meeting. The State is one of the few without a law governing
banking-^ operations. The Legislative Committee of the
Association, we learn from the Nashville “ Banner,” made
a icport to the effect that although special efforts had been
put forth by it to secure the passage of the bill, these efforts
failed because of the political differences that divide the
General Assembly.
A resolution was proposed approving
the pending bill as the most equitable and reasonable which
could be adopted at the present time. It was argued,
however, that this might tie the committee to the old bill’
whereas some of its features are not approved by many of
the bankers. It was finally decided that, for the purpose
of agreeing on some course of action during the year, the
original committee be continued, that three additional
members be added from the opposing clement, and that the
Committee elect members to fill vacancies should they
occur.
A verdict acquitting Carter R . Bishop, formerly Cashier
of the Appomattox Trust Co. of Petersburg, V a ., of the
alleged larceny of $20,685 through false entries in the bank’s
books in October 1908, was returned by the jury on May 5.
Ihe company, it is reported, in the Richmond “ Dispatch,”
went out of business a year ago and was succeeded by tho
American Bank & Trust Co., which took over its affairs
and assumed its liabilities.

— T . S. Anderson, formerly President of the defunct
An application to organize the Greenebaum Trust Co. Daviess County Bank & Trust Co. of Owensboro, K y ., who
of Chicago was granted to the incorporators by the State was convicted in May 1910 on a charge of swearing to a false
Auditor on the 5th inst. The new company is to have a statement of the condition of the institution and sentenced
capital of $1,500,000 and will take over the private banking to eighteen months' imprisonment, was paroled on May 30
business of Greenebaum Sons, which was established in 1877. last.
Ih o incorporation of the proposed organization was applied
— Charles G. Goodrich, the esteemed Cashier of the Georgia
for by the members of the firm, namely Moses E ., Henry E ., Railroad Bank of Augusta, G a., died suddenly, while en­
and James E . Greenebaum. Julius Rosenwald, President of grossed in his duties at the bank on the 1st inst. His death
Sears, Roebuck & Co., will, it is understood, be associated occurred shortly after he had eaten his lunch in the early
with Messrs. Greenbaum as one of the principal stock­ afternoon, and was believed to have been due to acute
holders in the prospective company.
indigestion or apoplexy. Mr. Goodrich was one of the best
— A . V . Hunter has been elected President of the First known bankers in the State. Besides serving the bank as
National Bank of Denver, Colo., succeeding the late D. II. Cashier since its organization in 1892 he had been Cashier
Moffat. Thomas Keely continues as Vice-President of of the Georgia Railroad & Banking Co. from 1881 until the
the institution, and I . G. Moffat, who has been Cashier, also time of his death. Mr. Goodrich was born in Augusta in
becomes a Vice-President. Changes in the directorate which 1844. He served in the Confederate Army during the Civil
follow the recent acquisition of a controlling interest in the W ar, and at its close entered the mercantile business. He
bank by Hayden, Stone & Co., include the election to the was Treasurer of Paine College, President of the Board of
board of Charles Hayden and J. A . Hayes and the new' execu­ Trustee of the Academy of Richmond County, a trustee of
tive, A . V. Hunter. The other members who continue on the Medical College, a member of the Board of Managers of
the board are Messrs. Keely and F. G. Moffat, Gerald Hughes, the Augusta Orphan Asylum and a member of the Board of
Charles Haughwout, J. C. Houston and C. M. MacNeill. Trustees of the Augusta Free School.
President Hunter is also President of the Carbonate National
Rufus H . Brown, Assistant Cashier of the Georgia Railroad
Bank of Leadville, Colo., and Mr. Hayes, one of the new Bank since November 1903, has been elected Cashier of both
directors, is President of the First National Bank of Colorado the bank and of the Georgia Railroad & Banking Co. IIo
Springs.
also takes Mr. Goodrich’s place as a director of the Georgia
— In an address before the Kansas Bankers’ Association Railroad Bank.
at its annual session on May 24 and 25, State Bank Commis­
sioner J. N . Dolley advocated an enlargement of the National
Monetary Commission’s plans for currency reform so as to
permit the National Reserve Association to embrace within
its scope all banks operating under State as well as national
charters.

— The remarks of J. T . Scott, of the First National Bank
of Houston, made at the recent Convention of the Texas
Bankers' Association, have been brought together in pam­
phlet form. An explanation of tho Aldrich plan of currency
reform was offered in Mr. Scott’s address.

Indorsement is given to the tentative Aldrich plan of
currency reform, as modified by the Currency Commission
°f.i the American Bankers’ Association, in a resolution
adopted during the session of the Tennessee Bankers’ Associa­

The Citizen’s Trust & Savings Bank of Los Angeles, Cal.,
has been incorporated with a capital of $500,000. The
institution is a reorganization of the Broadway Bank & Trust
( o., control of which was acquired early in the year by the
Citizens National Bank.




THE CHRONICLE

J u n e 1 0 1 9 1 1 .]

— The conversion of the Commercial State Bank of Seattle,
W ash., into the National City Bank of Seattle, has been
effected. The application to make the change was approved
at Washington on May 2, and on June 1 the reorganized
bank began business. J. W . Maxwell, who was formerly
Vice-President of the Seattle National Bank, is President of
the National City Bank, and the others in the management
of the latter arc Lester W . Lewis, Chairman of the Board;
Frank W . Baker and J. II. Blocdel, Vice-Presidents; C. B.
West and W . B. Shoemaker, Assistant Cashiers. The office
of Cashier remains unfilled for the present. Messrs. Lewis,
Baker and Shoemaker were, respectively, President, Vice­
President and Cashier of the institution before its conversion.
The Commercial State Bank, capital $200,000, began
operations in February 1910, taking over the banking busi­
ness of the Title Trust Co. Under the plans for its con­
version the capital of the bank becomes $500,000.
— Announcement is made of the opening of a bond depart­
ment by the Dexter Horton National Bank of Seattle, Wash.
— The stockholders of La Banque Nationale of Quebec
on May 17 approved a proposition to increase the authorized
capital from $2,000,000 to $5,000,000.
— Viscount Mishima has been elected President of the
Yokohama Specie Bank, Ltd. (head office Yokohama),
succeeding Baron Takahashi, who resigned to become
Governor of the Bank of Japan. J. Inouye, who was elected
a director of the Yokohama Specie Bank several months ago,
has been elected a Vice-President of that institution. Mr.
Inouye had formerly been managing Superintendent of the
New York agency of the Bank of Japan.

IMPORTS A N D EXPORTS FOR APRIL.
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for April, and from
it and previous statements we have prepared the following
interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) arc In all cases omitted.)
MERCHANDISE.
1911.
January ........ 8197,083
February ___ 175,957
.March............ 161,933
A p r il.............. 158,004
M a y ................
August............
September----October______
November . - .
December___
T o ta l...........

January ........
February ----M arch............
A p r il..............
J u ly ................
August............
September___
O ctober..........
November ..
December
T o ta l______

.........

1910.
8144,461
124,558
143,658
133,110
131,084
127,888
114,628
134,666
168,874
207,709
206,620
228,303

1909.
8156,713
126,052
139,291
125,175
123,323
117,419
109,337
109,752
153,963
200,697
193,999
172.478

1911.
$130,561
121,709
139,059
120,128

........... SI,865.559 81,728,199
GOLD.
1911.
8924
425
506
1,504

__ •___

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

1910.
86,163
2,937
1,816
36,284
719
1,598
829
3,150
1,823
750
1,376
1,330
$58,775

1909.
S7.805
8,861
21,252
6,338
11,171
8,347
16,662
9,230
7,547
9.379
15,649
10,579

1910.
8133,671
130,118
102,999
133,922
118,838
119,876
117,316
138,358
117,265
124,046
129.786
136,710

1909.
S103.570
118,654
132,874
122.168
116,061
124.665
112,488
117,094
121,015
127,673
140,509
138,744

81,562,905 $1,475,521

1911.
S9.541
5,806
4,119
4,523

$132,881

1910.
S2.131
3,063
4,374
2.101
3,143
4,576
10,283
12,819
3,192
4,250
4,313
4,977

1909.
$3,420
3,576
5,162
3,346
2,264
2,368
3,270
5,349
2,351
7.034
3,863
2,084

$59,222

814.087

1910.
84,248
3,155
3,995
3,841
3,355
3,308
3,795
4,119
3,442
3,395
4,827
4,398

1909.
S3.665
3,509
3,280
4,222
3,857
4,339
3,916
3,191
3,261
4,049
4,695
4,204

SILVER.
January ------February ----M arch............
A p r il..............
M a y .............. ..
June ........ .....
J u ly ................
August............
September----October..........
N ovem b er__
December___

1911.
S5.651
4,453
5,897
7,610

.........
_____

1910.
$4,498
4,589
4,553
4,697
4,131
4,587
5,124
4,756
4,830
4,270
5,265
6,061

1909.
$4,542
4,853
5,079
4,952
4,428
5,505
5,049
4,495
4,386
4,054
4,951
5,298

1911.
83,552
3,898
3,197
4,249

$57,592
$45,878
$57,361
$40,188
EXCESS OF EXPORTS OR IMPORTS.
---------- Merchandise------------------------ Gold----------------------Silver--------1911.
1910.
1909.
1911.
1910.
1911.
1910.
S
S
*S
3
S
S
S
January............ + 66,522 +10,790 +53.137 —8,617 +4.032 +2,099
+250
February...........+ 54,248 — 5,560 +7,398 — 5,381
— 126
+555 +1,434
March ............. + 22,874 — 19,341 +6,417 —3.611 —2,558 +2,700
+558
April ............... + 37,876
—812 +3,007 —3,019 +34,183 + 3,3 11
+856
M a y ..................................+12.246
+7,262
—2,424
+776
June.............. - ........... +8,012 — 7,216
........... — 2,978
........... +1.279
—9.454
+1,329
J u ly ............................... — 2,688 — 3,151
August____ __________ —3,692 —7,342 ______ —9,669
+637
September___ ______+51,609 +32,948
______ — 1,369
______ + i,388
O ctober______ _______ +83,663 +73,024 ______ —3,500 _______
+875
Novem ber___ _______ +76,834 +53,490 ______ —2,937
+438
December____ _______ +91,593 +33,734 ______ —3,647
+ i,6 63
T o ta l........ ..

Total........................... +302,654+252,678
+ Exports.

...........

— 447

...........+11,483

— Imports.

W e subjoin the totals for merchandise, gold and silver for
ten months since July 1 for six years:




1539

M erch a n d ise.

Ten
M on th s.

E xcess
of
E x­
E x p o r t s , p o r ts.

im­

E x­
p o r ts .

ports.

Im­
p o r ts .

E xcess
of
I E x­
E x p o r t s p o r ts .

S
:
S
S
s i s
S I
19IO-1I 1,753,778 1,274,938478,840 12,016 63,823/51.207
1909-10 1,486,013 1,318,233 167,780 116,240 35,021! 80,625
1908-09 1,422,269 1,071,195 351,074 72,014 39,373 32,641
1907-08 1.631,794 1,018,193613,601 37,250 141,780/104530
1906-07 1,608,352 1,195,399412,953, 23,022 109,603/86.041
1905-06 1,488,282 1,020,873 467,409 29,595, 58,942|/29 ,347
/ Excess of

S
53,918
46,568
45,749
49,455
47,052
55,811

Im ­
p o r ts .

E xcess
of
*
E x p o rts

$

38,873
38,554
35,758
37,815
35,907
36,277

S

15,045
8,014
9,991
11,040
11,145
19,534

Imports.

Similar totals for four months since January 1 for six
years make the following exhibit:
G o ld .

M e r c h a n d is e .
F our
M on th s.
E x p o rts .

1911..
1910__
1909__
1908__
1907..
1906..

E xcess
1
E xcess
of
E x p o rts Im p o rts
of
E x p o r ts Im p orts
of
E x p o rts;
E x p o rts
E x p o rts,

|E x c e s s

s
692,978
.
545,788
547,231
648,818;
667,951!
.
602,260

Im p orts.

S
! S I
511,458181,520
560,710 14,922
477,272 69,959
346,302302,516
512,257 155,691
431,670 170,590

1

5
3,358
47,200
44,316
18,335
7,923
22,632

S
I
23,989/;20,631
11,669 35,531
15,505 28,811'
19,856 /1,521
16,622 /8,699
25,258 /2,626

S 1 3
I
23,011 14,896
18,336 15,238
19,426 14,675
17,048 14,298;
19,532 15,350
23,379 15,511

S
8,715
3,098
4,751
2,750
4,176
7,868

/ Excess of Imports.

| T t J 0 U C t i T n"

J X jC W S

[From our own correspondent.]

London, Saturday, June 3 1911.
Nearly a million sterling in gold was offered in the open
market here on Monday. About a quarter of the sum was
taken by the trade and by India, and a considerable part of
the remainder has already been sent into the Bank of Eng­
land, while it is expected that what is left will go in also.
As there is no foreign demand for gold, the expectation is
that the Bank will receive the larger part of what offers in
the market for several weeks to come; and, therefore, that it
will grow unilsually strong. Though the preparations for
the Whitsuntide holidays had already begun, Thursday’s
return of the Bank of England showed that the gold held by
the Bank increased very nearly three-quarters of a million
sterling, and that the total stock of gold held slightly exceeded
39 millions sterling. Furthermore, the reserve stood at but
little under 29 millions sterling. It looks highly probable,
therefore, in spite of holiday-making, that the stock of gold
will very soon exceed 40 millions sterling, and the reserve
will exceed 30 millions sterling.
In addition to the gold received from South Africa a con­
siderable amount has been received from Paris. The exact
amount it is not possible to state. On Wednesday, for
example, £312,000 was sent in, but the larger part of this
was really South African gold which had not been otherwise
disposed of, and therefore was sent into the Bank, one large
house sending nearly £2 00 ,0 00 . It seems safe to say, conse­
quently, that in a very short time the gold held will exceed
40 millions sterling. On Thursday and Friday a further
quarter of a million went into the Bank. It is believed by
those in a position to be well informed that the remittances
from Paris are now ended. They have become necessary
only because of the immense quantities of food-stuffs which
France has had to buy in consequence of last year’s bad
harvests. On the other hand, one of the great Indian de­
mands for gold is satisfied. There is every week an Indian
demand for bar gold amounting on an average to about
£200,000 a week. That goes on with very little variation,
whether times are good or bad. But there is another de­
mand which is sometimes very large and sometimes very
small, according as Indian trade is or is not active. For
several months there has been an exceedingly strong trade
demand, satisfied mainly from Egypt.
It is estimated
that of the gold it obtained from London and Paris, Egypt
has parted with about 6)4> millions sterling to India. India
also took some gold direct from Paris. It took a little gold
direct from London, and it took a larger amount than in
cither of those two cases from Australia. That trade demand
is satisfied for the present— so much so, indeed, that the
Indian banks have refused this week gold offered by the
Egyptian banks at par. The Presidency banks of Bombay
and Calcutta on Thursday reduced their rates to 5 % . As
India will not offer a satisfactory price, the gold that has
become superabundant in Egypt is certain to be sent back to
London. In fact, there have been no fewer than two rises in
the Egyptian exchange this week. How soon the actual
shipments will begin it is difficult to say, though it would
surprise nobody if they began next week, and it is quite im­
possible to say how much will be sent back. The best opinion
is that the surplus will not exceed a million sterling.
Business upon the Stock Exchange, in spite of the cheap­
ening and abundance of money and the general favorable
conditions, has been very stagnant. This is due mainly to
the fact that the well-to-do public is giving itself up entirely
to amusement. Perhaps never before have there been so
many people in London with money to spend, and they are
spending lavishly on all sorts of amusements, but they are
giving no attention to the Stock Exchange. Moreover, this
was Derby week at Epsom, a great race festival for London­
ers, made specially popular this year because it was attended
by the new King and Queen. Furthermore, the Stock
Exchange is closed to-day and Monday will be Bank holiday.
The cut in steel, too, has checked speculation, and so, of

1540

THE CHRONICLE

course, has the warning given by the Imperial Bank of
Germany.
The India Council offered for tender on Wednesday 80 lacs
of its bills and the applications exceeded 77G tL lacs at prices
ranging from Is. 3 15-16d. to Is. 4d. per rupee. Applicants
for bills at Is. 3 31-32d. and for telegraphic transfers at
Is. 4d. per rupee were allotted 14% of the amounts applied
for. Applicants for bills at Is. 4d. were allotted in full. The
amount to be offered for tender next Wednesday will be
reduced to 60 lacs.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1911.
May 31.
Circulation..............
Public deposits___
Other deposits____
Governm’t securities
Other securities___
Reserve,notes&coln
CoIn&bull.,both dep
Prop, reserve to lia­
bilities.......... p. c.
Bank rate........ p. c.
Consols, 2K p. c . . .
Silver ......................

£

28,572,660
14,368,661
41,350,940
14,971,344
29,523,753
28,931,394
39,054,054
51 15-18
3
8114
24 9-16d.

1910.
June 1.
£
28,375,860
23,037,383
37,108,591
14,938,716
32,405,741
30,517,429
40.443,289

1909.
June 2.
£
29,588,970
13,461,429
43,859,523
15,368,812
33,471,411
26,163,502
37,302,532

1908.
June 3.
£
29,161,715
9,796,802
44,235,180
15,007,531
29,300,045
27,486,488
38,198,203

50 13-16
50 K
45K
*3K
2K
2K
82 1-16xd
81 7-16xd
88 K xd
24 Kd.
24 5-16(1.
24 5-16d.
330,383,000 290,609,000 270,443,000

1907.
June 5.

£

29,403,320
9,945,517
41,586,512
15,124,370
30,094,134
24,081,047
34,774,307
46 K

4

84 1-16xd
3 Id.

* June 2 1910.

The rates for money have been as follows:
June 1.
M a y 26.
Bank of England r a t e ..........
3
3
Open market rate—■
Bank bills—60 d ays_____
2 1-16
2K
— 3 months___
2 1-16
2K
— 4 months___ 2)4 @2 3-16
2K
— 6 months___ 2 7-16@2K
2K
Trade bills—3 months___
2K
2K @ 3
— 4 months___
3
2K@3
Interest allowed for deposits—
By Joint-stock banks........
1*4
IK
By discount houses—
At c a l l .........................
IK
IK
7 to 14 days___________
IK
IK

May 19.
3

May 12.
3

2 3-16@2K
2 3-16
2 3-16@2K
2 3-16
2 3-16
2K
2 K ® 2 7-16
1 3-16
2K @ 3
2K @ 3
2K @ 3
2K @ 3
IK

IK

IK
IK

IK
IK

bank rates of discount and open market rates at the
chief Continental cities have been as follows:
May 27.
May 20.
Rates of
Bank Open
Bank Open
Bank Open
Interest at—
Rate. Market. Rate. Market. Rale. Market.
2K
Paris .......................... 3
3
3
2K
2K
Berlin..................... .
4
2K
4
4
2K
2K
Hamburg.................. . 4
2K
4
4
2K
2K
Frankfort.................. 4
2 13-16
4
2 13-16
4
2K
Amsterdam .............. 3
2 1-16
3
2K
3K
3K
Brussels .............. ..
3K 2 1-16
3M
2K
2K
3K
Vienna .......... .......... 4
3 7-16
4
4
3K
3K
St. Petersburg.......... 5
nom.
5
nom.
5
nom.
4K
3K
Madrid .................. .
3K
4K
3K
Copenhagen.............. 4K
4K
4^
4K
IK
4K

u.
Bank Open
Rale. Market
3
2K
4
2K
4
2K
4
2K
3K
3K
4
2K
4
3K
5
nom.
4K
3K
4K
4K

Messrs. Pixley & Abell write as follows under date of
June 1:

[V O L , L X X X X I1 .

London.
Week ending June 9.
Sat.
Silver, peroz...................... d . 24K
Consols, new, 2 K per cents..................
For account....................................
French Rentes (In Paris)--fr. "96.30
Amalgamated Copper Co___
Amer. Smelt. & Refining Co.
SAnaconda Mining Co_____
Atchison Topeka & Santa Fe.
Preferred _______________
Baltimore & Ohio..................
Preferred _______________
Canadian Pacific....................
Chesapeake & Ohio........ ..
Chicago Great Western____
Chicago Mllw. & St. P a u l...
Denver & Rio Grande______
Preferred........................
Erie .......................................
First Preferred__________
Second Preferred________
Illinois Central.............. .......
Louisville & Nashville_____
Missouri Kansas & T e xa s...
Preferred............... ...........
Missouri Pacific................ ..
Nat. RR. of Mex., 1st P rcf..
Second Preferred________
N. Y. Central & Hudson Rfv.
N. Y. Ontario & Western__
Norfolk & Western_________
Preferred______________ I
Northern Pacific.... .........
oPennsylvanla.............
II
aReadlng Company............ .
oFIrst Preferred................
aSecond Preferred______ I
Rock Island______________ I
Southern Pacific.................II
Southern Railway........... I ."
Preferred .......................... I
Union P acific...................II
Preferred.................... . . I I
U. S. Steel Corporation___ "
Preferred...........................
Wabash ............
HI
Preferred............. H I H I I
Extended 4 s ................H I
a Price per share,

Mon.

Tues.
24 K
80
80 K
96.20
69 K
82 K
8K
119K
107
111
92
245 K
88 K
25 K
130K
32
72
35 K
55 K
45
144 K
154K
37 K
69 K
52 K
67 K
31K
113
44 K
112
92 K
138K
64
82 K
46 K
50 K
34 K
125K
31
71
19 IK
97 K
79 K
122 K
17K
39
70K

Wed.
Thurs.
Fri.
24 9-16 24 9-16 24K
80 3-16 79 15-16 80 1-16
80 5-16 80 1-16 80 K
92.60
96.27 K 96.20
70
69 K
69 K
83 K
83 K
83 K
8K
8K
8K
119K
1I9K
118K
107
107
107
111
111K
111K
92
92
91K
244 K
246K
246K
88
88
87 K
25
25
25
130K
133
133
32 K
32 K
31K
71
71K
67 K
35 K
36K
36K
55 K
57 K
56K
46
47
44 K
145
145
145K
156
154 K
156K
37K
37 K
37 K
69 K
69 K
69 K
52 K
53 K
52 K
67
67 K
67 K
31
31K
31K
113
113K
113K
45
44 K
45K
112
111K
111K
92 K
92 K
93 K
138K
140K
140K
64
63 K
64
82 K
82 K
82 K
46 K
46K
46K
50K
50K
50 K
34 K
34 K
34K
123K
124 K
123 K
30K
30K
30K
71K
71K
71K
191K
193K
192 K
97 K
97 K
97 K
79
80 K
79K
122
122
122K
17K
17K
17K
39K
39K
39K
71
70K
71K

b £ sterling.

© a w w e v c ta l and T L i s cx lla 1i c o u s ;i\ cm

s

Breadstuffs Figures brought from page 1576.— The state­
ments 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—
Chicago----Milwaukee..
Duluth..
Minneapolis.
Toledo____
Detroit........
Cleveland . .
St. Louis__
P eoria____
Kansas City.

Flour.

Wheat.

Corn.

Oats.

Barley.

\ Rye.

bbls.lDSlbs.'bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. bfilbs.
104,313
1,019,400 4.519,450 2,842.400
17,000
274.500
72,690
150,290
195,490
406,300
89,700
5,100
14,320
375,913
32,288
53,770
149
1.032,600
260,590
219,600
106,000
26,000
141,500
108,000
4,025:
61,000
82,470
45,426
510
12,920
49,660
96,490
39,020
184,649
338,000
679,945
2,800
1,109
41,000
10,333
311,962
158,400
25,200
267,600
484,800
154,700

GOLD.— Arrivals this week In the open market were £1,057.000, for which again
there has been no competition, and after supplying India with £197,000 the Bank
of England Is expeeted to secure nearly£300,000 Paris hat sent £724,000 durlngtho
week, of which £266,000 has been In bars. The total received from that quarter
during the last eight days has been £814,000, and these shipments have been success­
ful In putting the cheque down from 25.32K to 25.30. In addition to arrivals from
France, the Bank since our last has received £30,000 from Australia and £577 000 Total wk. ’ ll
275,878 3,140,705
6,767,941 4,413,300
498,349
26,709
in bar gold, while there have been no withdrawals. In view of the fact that Indian Same wk. ’ 10
308,885
1,854,040 4,380,291
2,946,686 1,142,839
71,969
exchange Is now under Is. 4d., thus rendering gold shipments to that quarter un­ Same wk. '09
356,391
1,073.781 3,396,971
3,531,825
746,645; 52,530
profitable, any go d which may leave Egypt or Australia in the future will probably
£°lT4e nnn frnm°?n un, mtAk<? - , Ne^ week £633,000 Is due from South Africa and Since Aug. 1
£114,000 fiom India. Arrivals—South Africa, £1,010,000- West Africa £30 ooo1910-11... 13,645,623 196,959,558 245,963,528 166,813,577 60,991,209 4,993,848
West Indies, £17,000; total, £1,057,000. Shlpments-Bombay £214 000 '
'
1909-10... 17,907,931 229.302.006 160.150,088 72,717,865174,110,784 6,396,577
SILVER.— There are no new features to report In sliver and the market Is'stlll an
1908-09... 17,653,432 204,727,894 130.224,972 147,389,979 76,490,066 5,968,003
inactive one. After dropping l-16d. for two days to 24 Kd t L price recovered
China ‘ but t L h n v tn ^ a fh prlcc a« last ^cck
The support has come mainly from
Total receipts of flour and grain at the seaboard ports for
China, but the buying has been small and has been easily filled out of dallv sunnlles
The silk season is expected to begin in a fortnight’s time. The d aflyofftaken the the week ended June 3 1911 follow:
bazaars continues to be satisfactory. Stocks In Bombay are down bv 600 bars
Flour,
Wheat,
Corn,
Oats, Barley,
Rye,
and In addition £53,000 received from England has gonelnto c o m p t l L but this
Receipts at—
bbls.
bush.
bush.
bush.
bush.
bush.
has not led to their buying In this market except to a very moderate extent
Pros­ New York ............ 151,807
172,800
291,000
60.8,475
37,986
0,340
pects for the monsoon are reported to be quite favorable. The demand for exchange B oston..................
27,540
214,083
60,878
98,725
on India has fallen off rapidly and Council bills went fully l-10d "owe? than ISt Philadelphia........
36,922
254,308
53,000
110,797
week. The price In India Is Rs. 62 13-10d. per 100 tolahs Arrivals—New York
Baltimore..............
34,794
104,354
167,428
54,197
2,343
£220,000; South America, £7.000; total. £227,000. SWpments— P o r t s i l d £ 3 00(V New Orleans *___
26,195
5,000
37,300
42,000
Madras, £2,500; Bombay. £233,000; total, £238,500 P
1&
£ 3 ’° ° ° ’ Newport News___
.........
357
The quotations for bullion are reported as follows:
Galveston..............................
4,000
13,000
18,150
Mobile....................
4,475
2,000
GOLD.
June 1. May 25. |
SILVER.
June 1. May 25. Montreal................
43,900
458,920
356,484
424,491
48,059
London Standard.
d.
s. (1 . | London Standard.
d.
d.
Bar gold, fine, o z ____ 77
9
77 9 |Bar sliver, fine, oz___ 24 9-16
24
9-16
Total week 1911__ 325,990 1,188,036 1.090,676 1,272,678
80,045
U. S. gold coin, oz___ 76
8,683
4K 76 4KI " 2 mo. delivery___ 24
24 %
Since Jan. 1 1911..7,856,392 26,327,528 41,069,891 20,800,300 2,400107 289,326
German gold coin, oz. . 70 4
76 4 |Cake sliver, oz............. 26K
26 K
569,029 1,248,148 116,094
Week 1910.......... . 279,063 1,154,876
French gold coin, o z .. 76 5 K 76 5KI Mexican dollars___ nom
2,000
nom.
29,910,111 19,913,320 18,301,853 1611,961 358,629
Japanese yen_________ 76 4
76 4 I

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons
IMPORTS.
__
_____
Thirty-eight weeks—
1910-11.
1909-10.
1908-09.
1907-08.
Imports of wheat.....................cw t.70,118,000 72,374,940 63.021.500 69.494.100
Barley ............................................ 15,632,100 18,364,300 17.444.000 17,498,9u0
g at3..........................................
10,675,000 14,084,600 10.081.500
8,827,200
£ eas.............. - - - ............................. 1,674,571
1,799,892
1,224,110
1,147,710
? ea n s........................I -I - I I I I I I I ’ 565’,607
1,886,661
842,840
987,750
Indian corn..................................... 3 1 ,1 4 9 ,9 0 0 26,354,958 24.984.000 29.157.100
- - “ - ------- -------- 7 ,5 4 5 ,2 0 0
o
. u a o . uoa
o8,724,000
,U ),u u u
110,919,900
0 , y a a ,u u u
8,613,651

ouppues available for consumption (exclusive of stock on
September 1):
1910-11.
Wheat Imported.................... cw t.70,118,000
Imports of flour.............................. 7,545,200
Sales of home-grown.......... ...........20,219,454

1909-10.
72,374,940
8,613,651
23,096,194

Total
-97,882,651 104,084,785
32s 8d
Average price wheat, week__
31s. 10(1.
Average price, season....................
30s.' 7dl
.
33s. Od.

1908-09.
63,621,500
8,724,000
24,231,498

1907-08.
69,494,100
10,919,900
28,496,176

90,576,998 108,910,176
42s. 8d.
33s. 8d.
34s. 2d.
33s. 3d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
„
This week. Last week.
Wheat
qrs. 3,385,000 3,455,000
Flour, equal to ........ ............... qrs.
180,000
105,000
Maize ...........
qrs.
415,000
440,000

1910.
4,000,000
130.000
390.000

1909.
3.315.000
125,000

* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending June 3 1911 tire shown in the annexed statement:
Wheat,
Exports from—
bush.
New Y o r k .......... 346,143
Boston.................. 184,817
Philadelphia___ 178,774
Baltimore............ 136.000
New Orleans.......................
Newport News__
HI

Oats,
bush.
10,550

Galveston______
"
Mobile.................... "
Montreal...........1.200,666

Flour,
bbls.
58,579
12,913
2,000 32,953
1,500 28,435
29,000 21,957
357
20,768
4,475
18,150
273,000 93,000

432,000

Total week-----2.051,734
Week 1910..........1,316,182

711,358 273,437
282,053 133,830

449,600
303,723

Corn,
bush.
257,557
130,151

Barley,
bush.

Reas,
bush.

64,872"
_____

916
____
1,367

866

50
5,000

2,000
.........

Ihe destination of these exports for the week and since
July 1 1910 is as below:
— —Flour--------------------- WhealSince
Since
„
,
,
,
Week
July 1
Week
July 1
Exports for week and June 3.
1910
June 3.
1910.
Since July 1 to—
bbls.
bbls
bush.
bush.
United Kingdom ...133,268 4,117,202 949,755
. 33,879,737
C ontinent... ------- 69.889 1,863,657 1,101,979 20,222,780
Sou. & Cent. Amer. 42,500 1,015,428
343,488
West Indies............ 26,709 1,176,326
. . ..
8,212
Brit. Nor. Am. Cols.
1,000 79 145
Other countries----71
234|228
. ” "11
25,666

1.110.000
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London
Total................... 273,437 8.485,986 2,051,734 54,479,217
as reported by cable, have been as follows the past week: ' „Total
1909-10......... 133,830 9,005,344 1,310,182 81,275,924




Rye,
bush.

------- -Corn-----------Since
Week
July 1
June3.
1910.
bush.
bush.
458,145 20,592.577
193,418 22,455,537
3,000 2,532,844
54,778 1,506,549
... .
14,404
55,126
2,017
711,358 47.157,037
282,053 28.093,406

June

T H E C H R O N IC L E

1 0 1 9 1 1 .!

The world’s shipments of wheat and corn for the week
ending June 3 1911 and since July 1 1910 and 1909 arc shown
in the following:
Corn.
Exports.

1910-11.
Week
June 3.

Since
July 1.

Bushels.
Bushels.
North Amcr. 3,808,000' 122.475.000
Russia------- 5,040,000 208.050.000
Danube___
700,000 85.378.000
Argentina . . 3,752,000 83.300.000
Australia__ 1,108,000 53.808.000
In d ia _____ 1,984,000 45.908.000
Oth. countr’s
72,000 7,544,000

Since
July 1.

1909-10.

Week | Since
June 3. , July 1.

Since
July 1.

Bushels.
Bushels.
Bushels. 1 Bushels.
133.225.000 870,000 42,830,000 27,753,000
203.050.000 1,606,000 22,334,000 17,171,000
18.978.000 3,052,000 72,264,000 24,673,000
_____ 55,516,000 63,971,000
55.590.000
39.124.000
J ...........1 .
\
143.004.000 \

1541

10.023—

The Coleridge N atlonaRBank, Coleridge,$N eb. Capital, $40,000.
Geo. A . Gray, Pres.; T . T . Linkhart, V ice-P ros.; U. G. Brldenbaugh, Cashier; W m . C. Mitchell, A sst. Cashier. Conversion of
The Commercial State Bank.
10.024— The Citizens’ National Bank o f Fernandina, Fla. Capital, $50,000
C. Warfield, Pres.; Harry Goldstein, Vice-Pres. and Cashier; E . P .
MacDonell, Asst. Cashier.
10.025— The First National Bank of Bclden. N eb. Capital, $25,000.
F . A . McCornack, Pres.; John Beuck, V ice-Pres.; Chas. G. Jordan,
Cashier; F. B . Barber, A sst. Cashier.
CH AN GE OF C H A R T E R N U M B E R .
The First National Bank of Marlon, Iow a, N o. 2,753, to N o. 117, the
latter being the original charter number o f the bank.
V O L U N T A R Y L IQ U ID A T IO N .
6,234— The Jester National Bank of T yler, T e x ., May 23 1911.
A P P L IC A T IO N S TO C O N V E R T A P P R O V E D .
The Brunswick Bank, Brunswick, N eb., Into "T h e First National Bank
of Brunswick.” Capital, $25,000.

T o ta l----- 10584000 007,075,000 493,013,000 5,528,000 192,944,000 133,508.000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
Kingdom. Continent.
June 3
May 27
June 2
Juno 3
June 4

1911
1911..
1910..
1909..
1908..

25,680,000
24,888,000
31,680,000
27,600,000
23,120,000

Total.

Bushels.
Bushels.
33.192.000 58,872,000
31.744,000 56,632,000
11.920,000143,600,000
13,120,000! 10,720,000
15,120,000 38,240,000

United
Kingdom. Continent.
Bushels.
4,701,000
4,029,000
4,420,000
9,095,000
7,310,000

Bushels.
5,134,000
4,616,000
2,805,000
11,390,000
9,095,000

Week ending June 3.
Total.
Bushels.
9,835,000
8,645,000
7,225,000
20,485,000
16,405,000

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.
Per cent.
8,207 Luna Park Co................ ....... $7,000
10 City Nat. Hank of South
Norwalk, Conn........ .............. 181
10 First Nat. Hank of Itldgelleld, Conn.........................
225
1 Country Club of Ridgefield,
Conn., $300............................ $50
1 Ridgefield Club Association. $3
5 Ridgefield Press Printing Co.,
S25each................... . _$5 % per sh.
100 Ridgefield Elec. Co., $25 each
$8 % per sh.
50 Thurmond Car Coupling C o.$43 lot
190 A.Zerega’s SonsConsol.,pf.l$l 10
190 A.Zcrega’s Sons Cons.,com. J
1,333 1-3 Estates of Chatham. .$1,000
l Clinton Hall Association___ 40
44 Bank of Long Island.............211 %
11 Merchants’ Exch. Nat. Bank 100
8 Chemical Nat. Bank.......... ..431%
100 N. Y. A East ltlv. Ferry Co. 10'A
200 International Power Co.,
com m on.....................SI per sh.

Canadian Bank Clearings.— The clearings for the week end­
ing June J at Canadian cities, in comparison with the same
week of 1910, shows an increase in the aggregate of 1 9 .6 % .

Shares.
Per cent.
250 Ilall Ptg. Press Co., pref.l
138 Jcnney Elec. Mfg. Co.,'
pref., of Indianapolis. .
200 Jenney Elec. Mfg. Co.,
com., of Indianapolis__
$1,250,000 Colonial Paper Co.)
1st Gs_____ ___________ |
70 Jcnney Elec. Mfg. Co., }$100,000
com., of Anderson, Ind.
175 W. It. Oglesby Paper
Co., common__________
250 Hall Ptg. Press Co., com.
3,000 Colonial Paper Co., pref.
3,515 Colonial Paper Co., com.
574 U.S.Lithograph Co.,com. j
Bonds.
Percent.
$08,000 Luna Park Co. 1st 6s___ $13,500
$5,000 N. Y. A East River Ferry
Co. 1st 5s.................. ....... 64% & lnt.
$5,000 10th A 23d Street Ferry
1st 5s................................... 6354 A lnt.

Clearings at—
1910.

Canada—

Montreal............
Toronto ............
Winnipeg............
Vancouver..........
O ttaw a..............
Quebec................
H alifax............ .
Hamilton.......... .
Albany.............. .
St. John............ .
London _______
Victoria .......... .
Edmonton........ .
Regina ............ .
Brandon.......... .
Lethbridge____
Saskatoon_____
Brantford_____
Moose Jaw..........
Total Canada

Inc. or
Bee.

1909.

%

$

$

48,881,334
39,440,539
34,980,300
31,503,229
21,158.481
17,570,104
10,746,664
8,137,191
3,979,245
3,857,834
2,620,044
2,724,910
1,802,602
1,800,432
2,016,837
2,170,590
4,028,338
2,832,140
1,343,328
1,608.631
1,266,842
1,277,130
1,883,902
2,441,511
2,177,873
1,182,637
901,860
1,258,257
439,341
518,755
508.000 Not Included
1,112,000 Not Included
1,421,000 Not Included
837.000 Not Included
139,654,321

+23.9

+ 11.0
+20.4
+32.3
+ 3.2
+ 4.0

+ 0.1

+ 7.6
+42.2

+ 12.1

+ 0.9
+29.6
+ 6.4
+39.6
+ 18.1
In total
In total
In total
In total

116,796,260

+19.6!




Shares.
$ per sh.
5 Suncook Valley ItR.................. 80
100 Hartford Carpet Co., com----- 124
4 Merrlmac Chemical Co. rights. 4%
1 Fifty Associates_________4,000 flat

43,726,595
29,249,047
11,392,078
4,905,892
3,777,379
2,324,616
1,874,722
1,523,200
1,600,223
1,332,308
1,203,345
1,260,949
936,731

30.771,150
23,576,148
9.290,159
3,545,605
3.093,866
2,612,732
2,124,552
1,433,154
1,165,346
1,249,833
1,117,363
1,381,031
784,037

105,107,185

82,145,246

D IV ID E N D S .
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 Comp<iny.

Per
Cent.

When
Payable.

Railroads (Steam)
Alabama Great Southern, ordinary..........
2% June
3
Aug.
Preferred __________________________
Albany A Susquehanna____ __________
4% July
1
Ashland Coal A Iron Ry. (guar.)..............
June
Atch. Topeka it- Santa Fe, pref..................
2% Aug.
Atlantic Coast Line Co. (quar.)........ .......
2% June
Atlantic Coast Line RR., common..........
3
July
Bonds.
Percent. Boston A Albany (quar.)..........................
2% June
$1,000 Hoosac Tunnel & Wllmlng.
4
July
Boston A Lowell........................................
RR. Co. 1st 5s, 1922........ ...9 0 A lnt.
1
July
Boston A Maine, common (quar.)..........
3
July
Boston Revere Beach A Lynn------- -------By Messrs. Francis Henshaw & Co., Boston:
Canada Southern........ .................................
1% Aug.
Shares.
$ per sh. Shares.
$ per sh. Canadian Pacific, com. (quar.) (No. 60).
2% June
1 Nashua & Lowell R R ............. 244
100 Federal Trust Co.....................138
Carthage Watertoum it Sockets Harbor----2% June
14 Massachusetts Lighting C os...125%
42 Central Nat. Bank (Lynn)___ 225
Chesapeake A Ohio (quar.).................... ..
1% June
2 Mercantile Nat. Bank (Salem) .116% 500 Moore Electrolytic Co. (Treas­
July
Chicago Burlington it Quincy (quar.)........
urer’s rect.)............................$50 lot Chicago it Eastern Illinois, pref. (quar.) . .
2 Merchants’ Nat. Bank (Salem)
1% July
$50 each...................................... 88%
Chic. Indianapolis A Louisville, com........
1% June
Preferred.......... ......................................
2
June
By Messrs. Barnes & Lofland, Philadelphia:
Chicago A North Western, com. (quar.)
1% July
$ per sh.
Preferred (quar.).......... ...................... .
Shares.
$ per sh. Shares.
2
July
Chic. Ilock Isld. it Pacific (quar.)_______
4 E. St. Louis Suburban Co. com. 29% 10 Chclten Trust Co., $50 each__ 76
1% June
2 Girard Fire A Marine Ins. C o ..284
Clncln. New Orl. A Texas Pacific, com __
2 Southwark Nat. Bank, $50 ea. 71%
2% June
Delaware A Hudson Co. (quar.)..............
5 Amer. Un. Fire Ins. Co., $25 ea. 40
4 Western Nat. B a n k ............... 120
2% June
Detroit A Mackinac, common___________
10 Fkd. A Southwark Pass. R y..370
40 People’s Trust Co., $50 each.. 50
2% July
Preferred .................... ..........................
14 Ridge Ave. Pass. R y........ ....... 251
2 Franklin Fire Ins. Co., $25 each 54
2% July
East Mahanoy..........................................
11 Amer. Pipe A Construction Co. 95
10 l ’enna. Ware. A Safe Dep. Co.,
2% June
Erie A Pittsburgh (quar.)........................
1 John B. Stetson Co. com m on..490%
S50 each............................. ....... 86%
1% June
119 Phlla. Life Ins. Co., $10 each.. 10% Greene RR — ------------------------------------1 Phlla. Ware. * Cold Stor. Co. .150
3
June
5 Young-Smyth-Fleld Co............90
Inlerborough Rapid Transit (quar.).........
1 Oil Creek * Caldwell B. Petrol
2% July
Co. (par $500)............................ 20
Kanawha it- Michigan (No. 1)____ _____
4
June
40 Phlla. Trust, S. I). A Ins. C o ..616
Bonds.
Percent. lAike Shore A Michigan Southern...........
July
6
$100,000 Penn. Coal A Coke Co.
6 First Nat. Bank of Phlla.......... 230
July
6
Guar, slock (Mich. So. A No. Ind.)----11 Fourth St. Nat. Bank.............. 300%
cons. 1st A coll. tr. 5s, 1953----- 10
Little Schuylkill Nav. RR. A Coal------------ $1.25 July
20 Penn Nat. Bank, $50 each------ 173
$1,000 Springf. Water Co. 5s, 1928.100
Manhattan Ry., guar, (quar.) (No. 109)..
1% July
208 Drake Petroleum Co................ 10c. $1,000 N.Springf.Water Co. 5s, ’28.100
3
July
Michigan Central____________ _____ ____
10 BoardwalkNat.Bk.(Atlan.City) 125
$100 Ohio A Little Kanawha RR.
Morris A Essex, guaranteed......................
3% July
Co. 5s. 1 9 5 0 ........................
100%
2 Merchants-Unlon Trust Co____ 125
New York Central A Hud. River (quar.)
1% July
6 Pcnna. Co. for Ins.on Lives, Ac.575
$3,000 Phlla. Newtown A N. Y.
5
July
New York A Hjirlcm, com. A pref--------4 Commonwealth Title I.ATr.Co.245
RR. Co. 3s, 1942............. .......... 77
New York Lackawanna A Western..........
1% July
30 Mutual Trust Co., $50 ea ch ..45-45% $2,000 Elmira W „ L. A RII. Co.
$2 June
N. Y. N. H. A Hartford (q u a r .)...........
1 2d & 3d Sts. Passenger R y___ 251
5s, 1956.....................
91%
Part paid stock, Issue of Dec. 20 1909.. $1% June
5 Del. Co. Tr., S. D. & T. I. Co.
$50 Dlst. of Columbia 3.65s, 1924. .100
Norfolk A Western, common (quar.)----1% June
(Chester) .................................. 73 $500 Edison Elec. L. Co. 5s, 1946.-107%
Plttsb. Ft. W. A Chic., reg. guar. (quar.).
1% July
Special guaranteed (quar.)......................
1% July
By Messrs. Samuel T . Freeman & Co., Philadelphia:
July
4
Rensselaer A Saratoga------------------------Shares.
$ per sh. Bonds.
Percent. St. Louis A San Francisco—
July
5
Chicago A East. 111. com. tr. certfs----500 Intcrurban Teleg. News Co.,
$1,000C. A O . Ry. equip, tr. 4s, ’ 14 99%
Preferred trust ccrfts. (quar.).........
1% July
$1 each_______________ _____ $5 lot $1,000 C. A O. Ry. equip, tr. 4s, ’ 15 98%
1
July
K. C. Ft. S. A M. pf. tr. ctfs. (quar.)..
78 Improved Moulding Mfg. Co.,
$ 15,000 Philadelphia City 3 %S, 1932 95%
2
St. Louis Southwestern, preferred--------July
$50 each___________________ S5 lot $2,000 Philadelphia City 4s, 1940.-103%
Southern Pacific Co. (quar.) (No. 1 9)..
1% July
10 Ilolmesburg Trust Co., $50 each 55
$10,000 Philadelphia City 3s, 1917. 04%
July
1
Toledo St. Louis A Western, pref. (quar.).
6 Phlla. Life Ins. Co., $10 each.. 10% $500 No. Springf. Water Co. 5s, ’28 100
2% July
Union Pacific, common (quar.)................
S200 Springf. Water Co. 5s, 1926-.100
2% July
Valley RIt. (N. Y .), guar..........................
Street and Electric Railways.
American
Railways
(auar.)..............
.......
1% June
National Banks.— The following information regarding
Brooklyn Rapid Transit (q u a r.)............
1% July
national banks is from the office of the Comptroller of the Brooklyn Union Elevated RR., preferred 2% June
Chattan.
Ry.
A
LI.,
pref.
(quar.)
(No.
8
)
..
1% July
Currency, Treasury Department:
2% June
Chlcago City Ry. (quar.)........ - ...............
1% July
Cleveland Ry. (quar.)................................
C H A R T E R S ISSU ED TO N A T IO N A L B A N K S M A Y 25 TO M AY 31.
$3 June
Passenger Ry., Phlla.........
10.020—
The First National Bank of Geary, Okla. Capital, $25,000. JohnContinental
Duluth-Superior Tract., common (quar.)..
1% July
H . Dillon, Pres.; W illard Johnston, V lcc-Prcs.; O. V . Dillon,
1
July
Preferred (quar.)......................................
Cashier. Conversion of The State Guaranty Bank o f Geary.
3
July
10.021—
The Madison National Bank, Madison, Neb. Capital, $50,000.Indianapolis Street R y................................
July
Shore Elect, lly., lsf pref. (quar.) —
I . . A . Stuart, Pres.; Charles Stuart, Vlce-Pres.; W . E . T aylor, Lake
July
Manila
Elec.
RR.
A
Ltg.
Corp.
(quar.)...
1%
Cashier; F. J. Hankers, Asst. Cashier.
$2 July
10.022— The Farmers’ A Merchants’ National Bank of Oakland, Neb. Massachusetts Electric Cos., preferred..
1% July
Capital, $50,000. V . Neumann, Pres.; Cornelia I). Harkcr, Vlce- New York Stato Rys., com. (quar.).
Prcferred
(quar.)..............................
1% July
Prcs.; A . L. Neumann, Cashier; C. C. Neumann, Asst. Cashier.
Northern Ohio Traction A Light (quar.).
% June
Conversion of The Farmers’ A Merchants’ Bank of Oakland.

By Messrs. R. L. Day & Co., Boston:

Shares.
$ per sh.
4 Atlantic National Bank.......... 156%
13 Ocean Nat. Bank (Ncwburyport), $50 each.......... .................66%
4 Massachusetts Cotton Mills__ 123%
20 Barnard Mfg. Co. (Fall lllver). 90
2 Great Falls Mfg. C o .................. 187%
11 Atlantic Cotton Mills____ 51%-51%
15 Nashua A Lowell ItR ________ 245%

1908.

Books Closed.
Days Inclusive

27 Holders of rec. May27a
28 Holders of rec. July22a
J June 16 to June 30
20 Holders of rcc. Junel5a
1 Holders of rcc. June30a
10 May 30 to June 9
10 June 22 to July 10
30 Holders of rec. May31a
3 May 29 to June 3
1 Holders of rec. June la
1 Holders of rec. Jtmel5a
1 Holders of rcc. June30a
30 Holders of rec. June la
30 Holders of rec. June23a
30 Holders of rec. June 9a
1 June 27 to July 4
1 Holders of rec. Juncl7a
28 Holders of rcc. Junel4a
28 Holders of rcc. Junel4a
1 Holders of rcc. June 2a
1 Holders of rcc. June 2a
30 Holders of rcc. JunelGa
15 Holders of rcc. June 3a
20 Holders of rtc. May27a
1 June 16 to July 2
1 June 16 to July 2
15 Holders of rec. June 5a
10 Holders of rec. June la
20 Holders of rec. Junel4a
1 Holders of rec. Junc24a
30 Holders of rcc. June 20
29 Holders of rec. June30u
29 Holders of rec. June30a
15 June 11 to July 14
1 Holders of rec. Junel5a
29 Holders of rcc. June30a
1 Holders of rcc. JunelOa
15 Holders of rcc. June20a
1 Holders of rcc. Juncl5a
1 Holders of rec. Junel5a
30 Holders of rec. Junel5a
30 Holders of rec. Juncl5a
19 Holders of rec. May 31a
5 June 11 to July 5
1 June 11 to July 2
1 lune 16 to June 30
1 June 17 to July 2
1 June 17 to July 2
1 June 17 to July 2
15 Holders of rec. June30a
1 Holders of war’t No.19a
15 Holders of rec. June30a
1 Holders of rec. June 3a
1 Holders of rec. June20a
15
June 1
1 Holders of rec. June 9a
30 Holders of rec. Junc22a
1 Holders of rec. JunelSa
30 June 14 to June 17
1 Holders of rec. Juncl7a
30 Holders of rcc. May31a
1 Holders of rcc. Junel7a
1 Holders of rcc. Junel7a
1 June 23 to
July 2
1
1 Holders of rec. Junel9a
1 Holders of rec. June 5a
1 Holders of rec. June21a
1 Holders of rec. June21a
15 Holders of rec. May31a

1 5 i2

THE CHRONICLE
P er
Cent.

N am e o f C om pany.

W hen
P ayable.

B ooks Closed.
D a ys.In clu siv e.

Street anil Electric Railways (Concluded).
S t. Joseph R y . , L . , H . & P . , p f. (q u .) (A'o35)

Seattle Klectric Co., com. (qu a r.)...
Second & Third Sts. Pass., Phila. (quar.)
South Side Elevated HR., Chicago (quar.)
T ex a s T raction , p r ef. (q u a r .) ......................
T oron to R y . (q u a r .) ............... _..............
U n ion P assenger Ily ., P hila delphia. . .
U n ion T raction, P h ila delphia ........... ........
U n ited T ract. & E lec., P rovidence (quar.)

Virginia Ity. & Power, preferred
West Penn Traction, com. (q u a r .) ...'
W est P hiladelphia P assenger R y

1X

July
July
July
June
July
July
S i.75 July
SI.50 July
I X July
2X July
1 June
July
$5
July
3

IX
%
1H
1H

S3

Winnipeg Electric Ity. (quar.)..................
Hanks.
M ercantile N ation al (q u a r .) ......... ............
IX
M on ta u k , B rook lyn _______
2
N 6w Y ork C ounty N ation al (N o . 7118)1111 20
Trust Companies.
Colum bia (q u a r .) .......................................
3
Vldellty__________________________ ~~]
3
N e w Y ork L ife In s. it T rust
20
U nited S tates ..... ......................... ..............
25
Miscellaneous.
American Beet Sugar, pref. (qu.) (No.4S)
IX
American Can, pref. (quar.).. . ______
IX
Amej. Car & Fdy., com. (quar.) (No. 35)
X
Preferred (quar.) (No. 4 9 )...............
IX
3
A m erica n C igar, preferred ......................
S3
American Express (quar.)______________
A m e r. Iron <i- Steel M fg ., com . <fc p f. (q u .)
IX
American Plano, pref. (quar.) (No. 13)-IX
A n icr. P ip e <t- C onstruction (q u a r .) ......... ..
2
American Itadlator, common (quar.)____
2
A m e r. Sm elt, cfc R e f., com . (q u .) (N o . 31).
1
P referred (q v a r .) (N o . 48)____________
IX
A m erica n S n u ff, com . (q u a r .) ________
5
C om m on (e x tr a ) ........... ...... ..................
2
P referred (q u a r .) .................... ............ ........
IX
Am. Sugar Itefg.. com. & pref. (quar.)..
IX
A m erica n S urely (q u a r.) (N o . 88)...........
3
A m erica n Tobacco, p r ef. (qu ar.) .

Borden’s Cond. Mllk,pref.(qu.)(No. 38)
Brooklyn Union Gas (quar.) . .
B u ffa lo G en. E lec, (qu ar.) (N o . 07).........

Butte El. & P., com. (quar.) (No. 2 7 ) ..
C alum el & Ilccla M in in g (q u a r .) _______
Canadian G en. E lcc., L td., com . (q u a r .).
C elluloid C om p any (q u a r .) ............. ............

Central Leather, pref. (q u a r .)...
C h ic. J u n e. R ys. it U . Stk. Y d s.,co m .(q u .)
P referred (q u a r .) .................... ..............

Chicago Telephone (quar.)............” ” ___
Childs Company, common (quar.) .........
Preferred (quar.)
Colum bus (O .) Gas <t P u d , p r e f'( q u a r .V '
Consolidated Oas of N. Y. (quar.)
'
Crex Carpet.................... ........ . . . . . . I " '
Crucible Steel, pref. (quar.)'(No. 31)'
Cuban-Amcrican Sugar, pref. (quar.)
Detroit Edison (quar.).
Diamond Match (quar.).-..
du Pont Internat. Powder, pref. (quar.)
du Pont de Nemours l’owd., com. (quar )
Common (extra)_______________
Preferred (q u a r.)....................
Eastman Kodak, common (quar.)
Common (extra)........... ........
'
Preferred (quar.)___
” *
Equitable 111. Gas I,t., Phl'la. (pref'.)... I
Federal Mining & Smelting, pref. (quar.).
General Chemical, preferred (quar.)____
General Chemical of Cal., 1st pref. (quar.)
General Electric (quar.)_________________
Goldfield Consolidated Mines (quar.).I . .
Extra ..........................................................
Guggenheim Exploration (quar.) (No. 34)
Ingersoll-Rand, preferred............................
Intercontinental Rubber, com m on (qu ar.) _
P referred (q u a r .) ...................... ........ ..........
Internat. Harvester, com . (q u .) (N o . 6 )1 ..
International Silver, p r ef. (quar ) . .
P referred (e x tr a ) .................... .....................
Internat. Smokeless Pow. & Ch.com.(qu.)
l*a B elle Iron W orks (q u a r .) _____________
Laclede Gas Light, common (quar.)____
Preferred ......................
L anston M on otyp e M a ch in e' (q u a r.) II1111
Mackay Companies, com. (qu.) (No. 24)
Preferred (quar.) (No. 30)......................
Mcrgcnthaler Linotype (quar.) . . .
.
Extra............................................................
Michigan State Telephone, pref., (quar.)
Muskogee Gas & EL, pref. (quar.)______
National Biscuit, com. (qu.) (No. 5 1 ) ..
N a tion al G as, E l. L . & P oio., p r ef. (quar.)

Nat. Lead, common (quar.) (No. 30)____
Preferred (quar.)....... ............ ........ ..........
National Surety (quar.)_________________
Nevada Consolidated Copper Co. (quar.)
Nlles-Bement-Pond, com. (quar.)_______
North American Co. (auar.)........................
Oklahoma Gas & Elec., com. (quar.)____
P h elp s, D odge & C o ., I n c . (q u a r .) ____
1 hlladelphla Electric (quar.)________
Quaker Oats, common (quar.)___
Preferred (quar.)................................
Quincy Mining (quar.)____________ I .
Railway Steel-Spring, pref. (quar.)___
Realty Associates....... ...........................
Republic Iron & Steel. pref.(qu.’)'(No'.38)
R oya l B aking P ow der, com . (quar.)
P referred (q u a r .) ....... ...........................
Rubber Goods M f g ., com m on ______
P referred (quar.) (N o . 4 9 ) . . . ..................

‘° ^ c,ir Heating & Ltg. (quar.)...........
Ban Diego Consd. Gas & El., com. (quar.)
Sears, Roebuck & Co., pref. (q u a r .)__
S ecu rities C o m p a n y _______________ I .H I
South Porto Rico Sugar, com. (quar )
Preferred (q u a r.)................................H I
Standard C oup ler, com m on _ _ ......................
P r e f e r r e d ........... ........................................ ..
Standard Gas & Elec., pref. (quar.)_____
Standard Oil (quar.)______ __
Subw ay Realty (q u a r .) ...................................
Sulzberger
Sons C o ., pref. (q u a r .) ______
Swift & Co. (quar.) (No. 99)
"
T exa s C om pany (q u a r .) .......................
I
Underwood Typewriter, com. (qu.)(No 1)
Preferred (quar.)....................
n
’
United Bank Note Corp., pref. (quar ) ”
U n ited C igar Stores, C orp . o f (qu ar . ) . . '
E x t r a ......... ..............................
I
U nited F ru it (q u ar.) (N o . 48)______ I I III
U. 8. Steel Corp., com.(quar.)(No. 3 0 )-Utah Copper Co. (quar.) (No. 12)______
Westlnghouse El. & Mfg., pref. (quar.)..
Woman’s Hotel Co. (No. 8 )........................
Yukon Gold Co. (quar.) (No. 8 )................
a Transfer books not closed,




1 June 25
I Juno 10
1 June 25

July
July
July
June
July
June
July

July
July
July
July
July
July
July
July
July
June
July
July
July
July
July
July
June
I X July
IX June
IX July
IX June
IX July
June
so
IX July
IX July
IX July
2
July
July
June
2
2X June
I X June
IX July
IX June
June
3
IX June
IX July
IX July
IX June
IX July
2
June
1 June
I X July
2 X July
July
5
IX July
June
3
IX June
IX July
IX July
2
July
30c. July
20c. July
2X July
July
3
1
Aug.
IX June
July
IX July
X July
X July
2X June
IX June
2X June
IX June
IX July
1 July
2X June
X June
IX Aug.
IX June
IX July
July
X June
IX June
July
3
37X c. June
IX June
IX July
2 June
2X June
22He. June
2X July
IX Aug.
June
SI
IX June
July
3
IX July
June
3
I X June
1 June
IX June
2 July
IX June
IX July
2X July
1 July
2
July
2
June
4
June
IX June
June
S9
IX July
I X July
July
2X June
1 July
ix July
July
July
X July
2
July
June
75c. June
July
2 X June
2 June

ix

ix

ix

ix

ix
ix

ix
ix

b Less Income tax.

Holders of rcc,
Holders of rec
Holders of rec
June 20
to
Holders of rcc.
Holders of rec
Holders of rec
Holders of rec
June 14
to
Holders of rec
June 8
to
Holders of rcc
June 20
to

Holders of rcc.
May 24
to
June 7
to
June 20
to

Junel5a
July la
June 5
June 30
July 1
June15a
Junel5a
June 9a
June 18
June30a
June 15
Juncl5a
July 1
July

2

July

1

June26a
May 28
June 11
June 30

Holders of rec. June20a
Holders of rec. JunelOo
Holders of rec. June 9a
Holders of rec. June 9a
Holders of rec. JtmelSa
Holders of rec. May3la
Holders of rcc. June20a
June 25
to
July 2
Holders of rec. June 15
June 22
to
June 30
June 24
to
July 2
June 10 to
June 18
Holders of rec. JunelSa
jHolders of rec. JunelSa
Holders of rcc. JunelSa
Holders of rec. June la
June 16
to
July 2
Holders of rec. Junel2a
June 6 to
June 15
June 18 to
June 30
Holders of rec. June 20
Holders of rcc. June20a
Holders of rcc. June 8a
June 15
to
June 30
Holders of rec. Junel4a
Holders of rec. JunelOa
Holders of rec. Junel2a
Holders of rec. Junel2a
June 28 to
June 30
Juno 4 to
June 11
Juno 4 to
June 11
Holders of rec. Juuel5a
Holders of rec. May 17a
Holders of rcc. May 3 la
Holders of rec. June20a
Holders of rcc. Junel5a
Holders of rec. July la
Holders of rcc. May31a
Holders of rec. Junc20a
June 0 to
June 15
June 6 to
June 15
July 16 to
July 25
Holders of rec. May 3 la
Holders of rec. May 3 la
Holders of rcc. May 3 la
Holders of rcc. June 8
Holders of rcc. May 27
Holders of rec. June21a
Holders of rcc. June 21
Holders of rec. May31a
Holders of rcc. June30a
Holders of rec. Juno30a
June 15
to
July 2
Holders of rec. JuneMa
July 22
to
July 31
June 21
to
June 30
Holders of rec. June 24
June 17
to
July 2
June 17 to
July 2
Holders of rec. June20a
June 23
to
June 30
June 2
to
June 15
June 2
to June 15
Holders of rec. June 23
Holders of rec. JunelOa
Holders of rcc. JunelOa
Holders of rec. JunelOa
Holders of rec. JunelOa
July 10
to
Aug. l
Holders of rec. May 31
Holders of rec. Junc28a
Juno 25
to
July 2
June 10
to
June 14
May 20
to
May 23
June 21
July 2
to
Juno 17
to
June 20
June 10
_______
to
June
20
Holders of rec. JunelSa
Holders of rcc. May 3 1
Holders of rec. JunelOa
Holders of rcc. May23a
Holders of rec. July la
Holders of rec. Aug. la
May 28
to
June 7
Juno 7
to
June 20
Holders of rec. July 5
Holders of rec. JimelOa
Holders of rec. JunelSa
Holders of rcc. Junel5a
Holders of rec. June 12
Holders of rec. June 12
Holders of rcc. JuneMa
Holders of rcc. May 31
Holders of rec. JunelSa
July 1 to
July 16
Holders of rec. June21a
Holders of rcc. June21a
June 25
to
June 30
June 25
to
June 30
Holders of rec. May 31
Holders of rec. May 19a
Holders of rcc. June24a
June 16 to
June 30
Holders of rec. June 10
Holders of rec. JuneMa
Holders of rec. June 20a
Holdersof rec. June 20a
lunc 16 to
July 2
July 2
to
July 16
July 2
to
July 16
Holders or rcc. June 24
June 2
to
June 12
June 17
to
June 20
Holders i f rec. June30a
Holden of rec. June 1
June 13
to
June 30

d Correction.

[V O L . LXXXXIJ

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City ^ Clearing-House banks for the week ending
June 3.
The figures for the separate banks are the averages
of the daily results. In the case of the totals, the actual
figures at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 85, p. 836.
W e om it two ciphers (00) in all cases.
B a n k s.
00 .? omitted.

C apital.

S urplus.

5
S
Bank of N. Y . .
3,638,6
2,000,0
Manhattan Co.
4,402,1
2,050,0
Merchants’ . . .
2,000,0
1,900,5
Mcch. & Metals.
6,000,0
8,146,7
America...........
1,500,0
0,012,4
( I t y ................... 25,000,0 34,131,8
Chemical...........
3,000,0
6,586.7
Merchants’ Ex.
600,0
507,2
Gallatin_____ .
1,000,0
2,534,0
Butch. & Drov.
300,0
158,0
Greenwich_____
500,0
856,9
Am. Exchange.
5,000,0
4,496,6
Commerce_____ 25,000,0 17,005,8
Mercantile____
3,000,0
2,713,1
Pacflic________
500,0
932,1
Chath’ m&Phnx
2,250,0
1,074,1
People’s ...........
200,0
467,5
Hanover______
3,000,0 12,360,3
Citizen’s Cent..
2,550,0
1,803,5
Nassau......... ..
500.0
532,6
Market & Fult’n
1,000,0
1,775,0
Metropolitan . .
2,000,0
1,544,6
Corn Exchange.
3,000,0
5,438,7
1,500,0
Imp. & Traders’
7,624,6
5,000,0 12,728,2
P a rk ....... ..........
250,0
98,8
East River-----5,000,0
F ourth_______
5,683,3
1,000,0
Second..............
2,196,0
First — ........... 10,000,0 20,738.3
2,000,0
Irving Exch —
1,850,9
250,0
Bowery.............
800,5
500,0
N. Y . County..
1,666,5
Gorman-Amer.
750,0
689,0
5,000,0
Chase..................
8,382,9
Fifth Ave_____
100,0
2,183,1
German E xch..
200,0
883,4
200,0
Germania_____
1,034,7
Lincoln..............
1,000,0
1,598,5
1,000,0
Garfield.............
1,238,8
F ifth ..................
250,0
523,4
1,000,0
2,124,4
Metropolis____
200,0
1,027,8
West Side.........
1,000,0
2,025,1
Seaboard______
1,000,0
Liberty ..............
2,744,3
1,000,0
N. Y. Prod. Ex.
783,9
1,000,0
State ..................
850,7
1,000,0
14th Street____
310,6
Coal & Iron____
1,000,0
421,1
Union Exch___
1,000,0
945,9

L oa n s.
A verage.

S pecie.
A verage.

Legals.
Average.

?
$
4,011,0
21,416,0
7,752,0
33,800,0
4,550,0
21,127,0
53,845,9 12,587,7
26,420,0
4,500,7
175,283,7 60,471,6
31,422,0
5,952,1
7.024,6
1,817,5
8,864,0
1,339,6
2,279,1
605,1
8,160,7
2,118,4
43,880,9
7,293,5
149,101,0 32,462,3
14,640,6
1,939,9
4,083,0
466,9
15,342,8
2,421,8
1,751,8
498,7
69,732,0 16,106,0
22,669,8
5,703,0
9,077,7
1,170,1
8,801,7
1,698,8
10,299,4
2,355,5
48,612,0
9,248,0
26,086,0
4,160,0
82,117,0 19,711,0
1,483,6
383,4
34,780,0
6,949,0
13,392,0
3,738,0
125,707,4 30,812,6
24,338,0
4,971,2
3,428.0
848,0
7,995,6
1,261,7
4,226,7
878,7
78,627.0 16,603,0
12,422,4
2.553,5
3,638,0
320,5
5,694,6
1,180,6
13,823,8
3,666,8
8,836,9
1,904,8
3,467,8
630,2
13,947,0
1,631,9
4,281,0
1,019,0
22,091,0
4,931,0
22,051,7
5,596,4
2,391,9
8,617,7
15,559,0
4,834,0
1,346,9
5,423,5
6,322,0
931,0
9,630,3
858,9

?
917,0
1,588,0
1,266,0
1,584,0
2,211,4
6,900,0
1,946,1
112,4
465,5
75,8
210,0
3,761,5
8,524,1
1,045,0
408,1
1,289,4
154,2
4,271,2
330,7
1,486,3
744.3
218,4
5,174,0
1,873,0
1,535,0
112,8
2,810,0
128,0
2,039.4
1,934,6
61,0
630,8
186,7
5,839.0
1,041,1
580,7
502,9
1,259,7
430,3
303,5
1,964,9
230,0
1,818,0
1,265,8
310,1
345,0
626,3
824,0
1,590,0

R&

D eposits.
Average.
a

19,427,0
38,100,0
21,992,0
52,936,9
26,621,8
185,616,1
30,171,0
7,314,9
7,127,3
2,541,7
9,273,2
41,182,7
137,591,0
11,569,3
3,555,1
15,457,0
2,299,5
78,813,0
22,461,4
10,576,1
8,834,7
10,150,9
57,849,0
23.523,0
84,660,0
1,747,9
37,615,0
14,121,0
124,446,5
26,489,9
3,605,0
7,946,6
4,110,8
86,362,0
13,807,1
3,590,0
6,673,5
15,612,0
9,016,0
3,700,3
14,538,2
5,057,0
25,912,0
24,708,5
10,343,8
20,350,0
6,973,2
6,683,0
9,772,9

J’W,
%
25.5
24.5
26.4
26.7
25.2
36.3
26.3
26.3
25.3
26.7
25.1
25.1
29.8
25.8
24.6
24.2
28.3
25.9
26.9
25.1
27.6
25.3
25.0
25.6
25.0
28.3
25 9
27.3
26.3
26 0
25 2
24.2
25.9
25.9
26.0
25.0
25.2
31.5
25.9
25.4
24.7
24.7
26.0
27.7
26.1
25.4
28.2
26.2
25.1

Totals, Average 134.150,0 200,234,4|l345,623.7 311,220,2 74.986.0 1395,827,4 27.6
Actual figures

June 3

..............]1344,820,4 310,020,7 74,196,6 1392,816,3 27.0

On the basis of averages, circulation amounted to 545,830,600 and United States
deposits (included In deposits) to 51,573,500; actual figures June 3, circulation, S45,861,900; United States deposits, SI,585,500.

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

W eek ended J u n e 3.

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

T rust C os.
State Banks
State Banks
T rust Cos ■
in
in
outside o f
outside o f
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .

S
23,975,000

S
63,206,000

S
9,528,000

38.886,100

175,811,500

11,274,643

11,328,963

290,311,800 1,132,580,600
+ 1,624,400 —4,983,100

95,631,500
— 105,900

149,250,600
— 200,500

S
9,525,000

Change from last week.

49,727,000
— 252,500

118,939,500
—248,900

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

23,525.300
— 534,800

11,676,700
— 64,300

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

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

346.307,200 1,241,376,300
— 150,800
+ 6,144,100

102,533,500
— 143,600

158,733,000
+ 417,400

Change from last week.
Reserve on deposits— .
Change from last week.

101,228.800
— 1,304,600

139,388.500
+ 856,700

22,261,000
— 62,500

24,571,100
+ 488,900

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

29.0%
30.8%

16.2%
16.1%

22.7%
22.7%

16.1%
15.8%

+ Increase over last week. — Decrease from last week.
N o te. — ’’Surplus’’ includes all undivided profits. “ Reserve on deposits” Includes,
for both trust companies and 8tato banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to loca­
tion 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 of the
State of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within thirty days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
R eserve Required fo r Trust Com panies
and Slate Banks.
L ocation —

— T rust Cos.
Total
Of
Of
Total
which
Reserve
which Reserve
in C ash.R equired. in Cash,

...........
Manhattan Borough............................................... 1.15%
Brooklyn Borough (without branches in Manhatl) 15%
Other Boroughs (without branches In Manhattan) 15%
Brooklyn Borough, with branches In Manhattan..15%
Other Boroughs with branches In Manhattan____15%
Elsewhere In State______________________________ lo%

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

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

15%
10%

7X%

20%
16%
0%

June

The Banking Department also undertakes to present
*eparate figures indicating the totals for the State banks and
trust companies in the Greater New York, not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each cor­
responding item in the two statements, thus affording an
aggregate for the whole of the banks and trust companies in
the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear .-House Clear.-House State Banks <k Total o f all
Trust Cos. not HanksJc Trust
Banks.
Banks.
in C.-H. Aver. Cos. Average.
Average.
ActualFlgures

Week ended June 3.

fNat. banks
Capital I March 7 . . .
IState banks
Surplus l Feb. 28__

1543

THE CHRONICLE

1 0 1 9 1 1 .]

$
134.150,000

5
205.881,000

$
71,731.000

S
134.150.000

384,589,600
184,355,200
200.234.400
200.234,400
Loans and Investments 1,344,820,400 1.345.623,700 1,212,528,400 2,558,152,100
+ 9.289,300
—4,517,900
Change from last week + 12,601,200 + 13,807,200
D eposits........ ............ 1,302,816,300 1.395.827,400 al. 174,374,000 2,570,202.000
+2,286,500
—5,024,800
+ 7,311,300
Change trom last week + 6,755,700
Change from last week

310,020,700
—3.414.600

311,220,200
—6,338,000

124,721,300
— 196,800

435,941,500
—6,534,800

Change from last week

74,196,600
—2,873,700

74,986,000
—931,800

619,169,100
— 181,700

94,155,100
— 1,113,500

Aggr’ to money holdings
Change from last week

384,217,300
—6,288,300

386,206,200
—7,269,800

C143,890,400
—378,500

530,096.600
—7,048,300

27.894,300
+ 881,000

27,894,300
+ 881,000
557,990,900
—6.767,300

Money on deposit with
Change from last week
Total reserve..............
Change from last week

384,217,300
—6,288,300

386,206,200
—7,269,800

171.784,700
+ 502,500

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

27.61%
28.20%

27.69%
28.36%

17.9%
17.8%

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
We omit two ciphers (00) In all these figures.
Capital
and
Surplus.

Banks.
Boston.
May 13 —
May 20 —
May 27—
June 3 . .
Phils.
May 13 —
May 20 —
May 27 —
June 3 - .

Loans.

$
41.350.0
41.350.0
41.350.0
41.350.0

$
218.636.0
217.526.0
217.771.0
218.728.0

60.105.0
60.105.0
60.105.0
60.105.0

267.017.0
268.474.0
268.707.0
268.282.0

Specie.

Legals. Deposits, a Circu­
lation.

$
26.045.0
26.573.0
26.113.0
25.382.0

$
3.378.0
3.272.0
3.624.0
3.466.0

80,3111,0
81,7()0,0
83,4152.0
87,4^11.0

Clearings.

$
269.531.0
269,77 .0
260.993.0
270.600.0

$
7.105.0
6.963.0
7.110.0
7.118.0

$
148.635.4
153.563.1
145.275.1
147.950.7

328.773.0
333.811.0
331.760.0
339.444.0

15.351.0
15.329.0
15.309.0
15.301.0
•

144.374.7
146.293.1
139.184.5
173,728,4

a Includes Government deposits and the Item "due to other banks.” At Boston
Government deposits amounted to $3,051,000 on June 3, against $3,052,000 on
May 27 and $3,054,000 on May 20.

Imports and Exports for the W eek .— The following are
the imports at New York for the week ending June 3; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
For Week.

1911.

Dry goods—. ............ ...........
General merchandise............

$1,012,106
11,250.233

T o ta l..................................
Since Jan. 1.
Dry goods...................... .......
General merchandise............

1908.

1909.

1910.

S2,764,872
14,932,458

$2,186,576
13,079,428

$1,623,567
11,341,485

$13,182,239 $15,266,004 $17,697,330 $12,965,052
$61,721,680 $70,110,517 $74,510,601 $51,925,751
310,989,685 342,096,669 300,419,506 212,360,463

Total 22 weeks.................. $372,711,365 $412,207,186 $374,930,107 $264,292,214

11 The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 3 and from Jan. 1 to date:

37,249,350

36,013,225

EXPORTS FROM NEW YORK.
+ Increase over last week. — Decrease from last week.
a These arc the deposits after eliminating the Item "Due from resreve depositories
and other hanks and trust companies In New York City"; with this Item Included,
deposits amounted to 51,344.250,300, a decrease of $222,600 from last week. In
the case of the Clearing-House hanks, the deposits are "net” both for the average
and the actual figures, b Includes bank notes, c Of this amount Statc.banks held
$13,274,200 and trust companies $130,610,200.

The averages of the New York City Clearing-House banks
combined with those for the State banks and trust companies
In Greater New York outside of the Clearing-House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers In all these figures\______________________
Week
Ended.
April
April
April
April
April
May
May
May
May
Juno

1—
8—
15—
2 2 ..
2 0-.
0—
13—
20 —
2 7-.
3 ..

Loans and
Investments.
S
2.475.063.0
2.486.883.8
2.490.582.8
2.507.088.1
2.513.422.0
2.514.901.3
2.518.309.7
2.541.441.4
2.548.802.8
2.558.152.1

Deposits.
$
2.467.388.7
2.478.291.3
2.495.710.0
2.514.816.5
2.527.964.5
2.526.363.1
2.533.056.3
2.558.748.7
2.507.915.5
2,570,202,0

Specie.

Legals.

Tot. Money Entire Res.
Holdings. on Deposit.

S
$
$
415,377,3
95.157.5 510.534.8
415.915.7
93.014.0 508,929,7
419.947.1
94.075.5 514,022,6
429,951,0
93,354,9 523.305.9
94.814.3 530.941.0
436.126.7
433.695.8 ' 93,712,0 527,408,4
436.015.2
94.377.0 530,392,2
440.383.8
94.383.3 534.767.1
95.268.6 537.744.9
442.476.3
435,941,5
94.155.1 530,096,0

$
533.670.3
533,409,7
538.093.6
547.242.3
555.117.3
553.291.4
557,340,3
501.884.7
564,758,2
557,990,9

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending June 3, based on average daily results:

Banks.

N. Y. City
Boroughs o]
Man.dk Brx.
Wash. Ilgts
Century __
Colonial - - Columbia —
Fidelity . . .
Jefferson__
Mt. Morris.
Mutual----23d W ard..
Yorkvllto . .
Batt.Pk.Nat
Aetna Nat.
Borough of
Brooklyn.

Capi­
tal.

$
100,0
250,0
400,0
300,0
200,0
500.0
250,0
200.0
100,0
200.0
100,0
200.0
200,0
300,0

200.0
252,0
Mfrs.’ Nat.
Mechanics’ 1,000,0
750,0
Nassau Nat.
Nat. City — 300,0
200,0
300,0
First N a t Jersey City.
400,0
Hud.Co.Nat 250,0
Third N at..
200,0
First Ni\t..
Second Nat.

220,0
125.0

Sur­
plus.

$
$
282,0 1,320,0
148,9 1,522,8
402,8 0,549.5
762,4 0,375,0
183,2 1,100,2
521.5 3,847,0
334,4 2,771,2
387,2 3,006,0
400,9 3,915,0
107,4 2,044,2
492,8 4,390,9
271,8 2,313,0
153,2 1,429,9
309,0 2,164,0
538,6 3,237,1
813,9 5,638,3
853,1 11,957,0
1.043,5 7,984,0
588, l 4,025,0
150,8 2,223,2
038,7 3,589,0

Legal
Tender
Specie. and
Bank
Notes.

Total 22 weeks.................. $331,500,925 $277,889,581 $266,088,277 $290,803,874

The following table shows the exports and imports of
specie at the port of New York for the week ending June 3
and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

%
146,0
38,4
831,3
693,0
57,3
281,3
511,1
19,0
329,0
174,3
40.0
257,0
290,2
376,4

$
43,0
212,4
377,0
631.0
116,6
446,0
69,7
575.0
343,0
62,9
833,5
86,0
40,8
35.8

$
176,0
143,6
751,5
977.0
179,0
318,0
264,1
539,0
1,368,0
281,4
199,0
501,0
88.2
75.8

Week.

M exico---------------------------------------

Total 1911......................................
Total 1910.....................................
Total 1909......................................
Silver.

Since Jan. 1

$100

$3,500
1,635,230

250',666
14,625

'813*026
143,000

Week.

Other
Net
Banks, Deposits.
&c.

$
10,0
243,6
233,1
58,0

$
1,314,0
1,802,4
7,994,0
7,572,0
1,149,3
490,6 5,139,0
74,7 3,451,9
4,355,0
5,366,0
2,374,2
434,8 5,747,8
35,0 2,892,0
___
1,423,5
27,2 2,093,7

25,1 429.5
194,3
501,0
223,9 1,436,1
720,0 360.0
73,0 685,0
133.8
131,0
80,0
351,0

300,5
998,1
1,446,9
1,660,0
053,0
200,0
480,0

352,0 3,767,6
142.5 0,400,0
208,0 15,166,0
___ 8,879,0
108,0 5,173,0
91.1 2,537,4
44.0 3,369,0

5.203.1
3.015,9
2.241.5

275,3
135.2
44,7

439,5
66,5
140.0

2,110,6
350,3
505,0

789,0
278,4
24,2

7,215.5
2,944,8
2,558,1

630,3
255,3

3,636.6
2,964.9

158,7
174,7

32,4
35.5

181,4
71,3

124,0
222,7

3,300,4
3,414,4

Tot. June 3. 7.497.0 12,799,7 99,094.9 6,932,1 7.817.9 14,831,3 4,050,9 117400,0
Tot. May 27 7.497.C 12,799,7 98,779.7 7,014,7 7.833.5 15,379,9 4,119,6 117513,0
Tot. May 20 7,497,0 12,799,7 98,444,7 6,982,7 7,778,0 16,061,4 4,300,0 118743,2

$49,475
451,670
1,819
965,464
1,424,640
1,391,372
956,584

$264,725 $2,595,650
226,600 44,155,263
2,120,440 56.099,752

$896,479 $5,241,024
117,330 5,503,564
128,426 5,182,080

$737,837 $19,202,792
1,258,700
53,200
18,493
59,940
2,305

$153,520
5,489
8,601
20,873
2,143,700
750,517
802.480

60
703
13,588
5

$793,342 $20,562,492
933,525 18,265,002
916,507 20,124,154

Total 1911.......... ................... .......
Total 1910......................................
Total 1909......................................

Since Jan. 1

$3,836
785,601
88,819
18,123

19,801
4,760

1,269,8
703,5
406,0




Imports.

Exports.

dold.

Deposit with
Clear­
ing
Agent.

1908.

$8,794,663
$12,505,598 $13,620,578 $8,407,457
318,995,327 264,269.003 257.680.820 282,009.211

We omit two ciphers (00) In all these figures.
Loans,
DtsFts
and
Invest­
ments.

1909.

1910.

1911.
For the week........ ................
Previously reported------------

$14,356 $3,891,180
1,728,161
183,801
214,878 2,250,970

Of the above imports for the week in 1911, ?6,162 were
American gold coin and $60 American Silver coin.

gatxliiucj an d ^ fin a n c ia l
D iv e r s ify

Your

W rite for our circular entitled
treats the above subject In detail.

In v e stm e n ts
"Judicious

Investm ent,"

wh ch

Sp en cer T rask & C o,
43 EXCHANGE PLACE.---NEW YORK.
Chicago, III.

Boston, Mass.

M em bers N ew

W H I T E ,

Albany, N. Y.

Y o rk S to ck E x c h a n g e .

W E L D

&

C O .

Members New York Stock Exchange.

5 N A SS A U

STREET!
NEW YORK

T H E ROOKERYJ
C H IC AG O

1544

THE CHRONICLE
\ iv a \ iz x tf

daj&eiie.

„
„
Wall Street, Friday Night, June 9 1911.
The Money Market and Financial Situation.— The ad­
vance in security values noted last week has been very gen­
erally maintained, although the volume of business has been
smaller. In a few cases, for special and well-understood
reasons, stocks have shown a tendency to weakness, but as
an offset to this, and noted somewhat in detail below, several
issues have sold at the highest prices of the year and the list
as a whole has been strong.
The prominent event of the week from a market point of
view was the Government crop report, issued Thursday. This
indicates, as was expected, a less favorable condition of win­
ter wheat than the May 1st report, but it was excepti
favorable as to spring wheat and forecasts the larges!
d
o f the entire crop ever harvested.
11

eral traffic.
vv“ '^

1>
y
,r

WHO OVtll Wl

[VOL. LXXXXII.

State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $128,000 Virginia 6s, deferred trust
recta., at 56 to 5 8 % , and $ 3 ,0 0 0 New York Canal 4s at 1 0 6 % .
I he market for railway and industrial bonds has been
active and generally steady. A few issues have been notably
strong, including the Eries, Wabash-Pitts. Term. 1st trust
cert, and American Tobacco 4s. These have advanced
from 2 to 7 points. Third Ave. con. 4s have been in request
to-day and are nearly 2 points higher than last week.
Several issues close without net change and 5 or 6 are frac­
tionally lower.
United States Bonds.— Sales of Government bonds at the
Board include $10,000 Panama Canal 2s. 1936, at 10 0 %
and $3,000 4s, reg., at 114. The following arc the dailv
_____ f - n

n lo s in p ’ m in f.n fin n c* fn r oiDnnfiUi vrsnnn

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

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

*

J

Interest
Periods

June
3

June
5

June
6

June
7

June
8

June
9

Q—Jan
Q—Jan
Q—Feb
Q—Feb
Q—Feb
Q—Feb
Q—Feb

*100 %
*100%
*101%
*101%
*1U%
*114%
*100%

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

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

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

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

*100%
*100%
♦101%
*101%
*114%
*114%
*100%

showing. Several pro
profit largely, both d..........„ ----------------- vmj , „ piw>lll, wup
* This is the price bid at the morning board; no sale was made.
prospects are realized. It is hoped, moreover, that the pro­
Railroad and Miscellaneous Stocks.— With very little
ceeds of recent new bond issues will encourage railway man­
change from day to day, the tone of the stock market has
agers to resume purchases of rolling stock and equipment and
continued strong throughout the week. A few issues have
will lead to a revival of activity in repair shops and track
made a noteworthy advance and a larger number have
maintenance, all of which would tend to increase the volume
established a new high record for the year; but in most cases
of traffic. But whether any of these hopes are realized or the range covered has been a narrow one.
not, it would seem that any change in railroad affairs, when­
Great Northern continued the upward movement noted last
ever it comes, will be for the better.
week until it reached 140, an advance of nearly 12 points since
Another noteworthy event of the week has been a decline the new bond issue was announced. During the same time
in foreign exchange rates to the point where gold could be Northern Pacific showed a gain of over 10 points and Canadimported at a profit, and it is reported that shipments of gold
242)4 and St. Paul above 129 were from
from Paris to New York would have been arranged for had 10 to over 12 points above their recent selling prices.
not the Bank of France discouraged such a movement.
On the other hand Denver & Rio Drande declined, on
The open market rate for call loans at the Stock Exchange uncertainty as to the maintenance of its dividend rate, the
during the week on stock and bond collateral has ranged preferred dropping 5 % points, and Reading, Lehigh Valley
from 2 to 2 % % . To-day’s rates on call were 2 % @ 2 % % . and some of the industrial list showed a tendency to weak­
Commercial paper quoted at 3 % @ 3 % % for 60 to 90-day en­ ness. Of the latter group Underwood Typewriter has been
dorsements, 3 % @ 4 % for prime 4 to 6 months’ single names an erratic feature, covering a range of 11 points, within the
and 4 % @ 5 % for good single names.
week, and closing with a net net gain of 9 % . The Steel
The Bank of England weekly statement on Thursday issues, General Electric and Smelting & Refining are all
showed a decrease in bullion of £2 50,654 and the percentage fractionally lower than last week.
°^niv.serve
labilities was 52.55, against 51.91 last week,
For daily volume of business see page 1554.
nr
U rate of cliscount remains unchanged at 3 % , as fixed
The following sales have occurred this week of shares not
March 9. The Bank of France shows a decrease of 1,350,000
francs gold and an increase of 4,225,000 francs silver.
____________

STOCKS.
Week ending June 9.

NEW YO RK CITY CLEARING-HOUSE BANKS.
1911.
Averages for
week ending
June 3.

Differences
from
previous week.

1910.
Averages for
week ending
June 4.

1909.
Averages for
week ending
June 5.

$
$
$
$
Capital.................... .. _.
134,150,000
130,350,000 126.350.000
Surplus...... ......... .......... 200,234,400
185,325,600 172.318.000
Loans and discounts__ 1.345,623,700 Inc. 13,807,200 1,196,572,100 1,343,031,400
Circulation..-........ ..
45,830,600 Dec.
49,000
47,992,400
49,053,200
Not deposits.......... ...... 1,395,827,400 Inc. 7,311,300 1.187,149,500 1,407,255,200
U. S. dep. (lncl. above)
1,573,500 Inc.
18,200
1,680,100
2,400,900
Specie ___________
311.220.200 Dec. 6,338,000 249.434.300 294,268,700
Legal tenders_____
74,986,000 Dec.
931,800
67,913,000
76,401,400
Reserve held................
386.206.200 Dec. 7,269,800 317.347.300 370,670,100
25% of deposits_____
348,956,850 Inc. 1.827,825 296,787,375 351,813,800
Surplus reserve........
37,249,350 Dec. 9,097,625
20.559,925
Surplus, excl. U. S. dep

37,642,725 Dec. 9,093,075

20,979,950
lcl w w r,u8 House now issues a statement weekly showimr the actual
condition of the banks on Saturday morning as well as the above averages These
^ Urr ,.t0?)Cth,c I W|H 'th0 returns of the separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second p ^ e preceding

Foreign Exchange. -A steady output of security bills kept
demand sterling below 4 86 throughout the week. The
close to-day was fairly steady, with a good inquiry for re­
mittance by next week’s steamer.
T o-d a y’s (Friday’s) nominal rates for sterling exchange were 4 85 for
a^ A 8.7. for
T o-d a y’s actual rates for sterling exchange
were ) 8390@ 4 84 for sixty days. 4 8580@ 4 8590 for cheques and 4 8605@
4 80io for cables. Commercial on banks 4 8 3 % @ 4 8 3% and document's
for payment 4 83 % @>4 83 % . Cotton for paym ent 4 83 % @ 4 8 3% and
grain for paym ent 4 83 14 @4 83 54.
T o -d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 22 % @
lu"*? And
iwiu 5 2 0 N mss
,nVnJ-c ™ 1_,16 for |0P
less 1-32@ 5 z2 u
0 % lor
for snort.
short. Germany
mai ks }vcro, 04 11-16@94 % for long and 95 1-16@ 95 M for short,
bankers’ guilders were 40 2 4 @ 4 0 26 for short.
moinprt£™i?H..rat'liL f olr sterling as quoted by a representative house re­
day a t ,4 85 for sIxfcy days and 4 87 for sight.
a n d 2 5 f 2 9M c low 8 ° n London 25t- 30 fcc.; week’s range, 25f. 31c. high

hI^Xand*2^)ml.t45^pf. low^OD<*0n’ 20m’ 44pf’: week’s rangc’ 20m’ 43* pf’
o,heJ anffe of forei? n exchange for the week follows:
Actual—
Sixty Days.
------Cheques.
cables.
High for the week . . 4 8420
4 8605
4 8630
L ow for the w e e k ..4 8390
4 8570
4 8595
T,.P2 rl s bankers' Francs—
H te h h ir th e week . . 5 21 % less 1-16 5 20 less 3-32
5 20 less 1-16
L ow for the week . . . 5 22% less 1-16 5 2 0 % less 3-64 5 2 0 % less 1-64
Germany Bankers' Marks—
H igh for the week _ _ 94 %
05 % less 1-32
95 % plus 1-32
L ow for the week _ . 94 %
95 1-16 less 1-32 95 % less 1-32
Amsterdam Bankers’ Guilders__
H igh for the week . . 40 15
40 26
40 30
L ow for the week __ 40 12
40 23
40 27
Dom estic Exchange.-—The following arc the rates for dom estic exchange
*1 non
*1? ed, c *dcs at the close of the week: Chicago 30c per
*1.000 Premium
Boston. 5c. per $1,000 discount
San S u ™
r .v
per $1,000 premium
Cincinnati. 20c. per $ 1,006 premium bid
New
Orleans, com m ercial. 25c. per $1,000 discount: bank. $ T p er^ $l o 6o p r e m lum. Suvannah, buying, 3-16c. per $1,000 d iscou n t sell ng
par
Charleston, buying, par; selling, 1-lOc. per $ 1,000 premium
s t Louis
45c. per $1,000 premium. Montreal, 15& o. per $ 1,000 dscoA nt




Sales
for
Week.

Range for Week.
Lowest.

Batopilas Mining______
Cent & So Am Teleg___
Col Fuel & Iron, p re f...
Comstock Tunnel..........
E I du Pont Powd, pref
Evansville & Terre H’tc.
Preferred ..............
General Chemical_____
Ills Cent leased lines___
May Department Stores.
Norfolk Southern..........
Ontario Silver Mining. . .
Pitts Ft W & C h icag o...
Pittsburgh Steel, pref.. .
Rubber Goods Mfg, pref.
S t L & S F-C & E III new
stock trust certfs........
10 61 %
Sears, Roebuck <fc Co, pf
450,120
Standard Milling_______
200 16%
Preferred____ ______
20 51
Va Iron, Coal & Coke.. . 1,570 61%
Vulcan Detlnnlng_____
200 13
Preferred____ ______
200 60

Highest.

Range since Jan. 1.
Lowest.

Highest.
Jan
Jan
Mch
May
May
May
May
May
Feb
June
June
Mch
Feb
June
June
June

June
June
June
June
June
June
June

3
8
3
5
3
8
8 65

______
June 8

Feb 62
Jam l22
17%
51
71
15
65

Feb
Mch
Juno
May
June
June
June

Outside Market.— Business on the “ curb” this week was
light and trading proceeded in a desultory fashion. The
market lacked the excitement caused by the recent heavy
trading in American Tobacco, though the first substantial
recovery in the price since its recent sensational drop was
the feature. It lost about 9 points at first to 398, but later
ran up to 426 and reacted finally to 417. Intercontinental
Rubber com. advanced from 27 to 2 7 % , weakened to 2 6 %
and ends the week at 27. Standard Oil sold down 10 points
to 650 and recovered to 6 5 4 % . Studebakcr Corp. com.
rnoved up from 62 to 65 )4 and reacted to 6 4 )4 . The pre­
ferred improved from 104 to 105)4. United Cigar Mfrs.
com. fell from 53 )4 to 52. Trading in the bond department
continues broad and active. Dct. Term. & Tunnel 4 % s
moved down from 101 % to 101 )4 and back to 101 % . Great
Northern 4)4s, “ w. i .,” weakened from 102 to 1 0 1 % , sold
up to 101)4 and finally at 101 13-16. Mo. Pacific 5 % notes
were traded in at 9 8 % . Oregon-Wash. R R . & N av. 4s fell
Rom 9 3 % to 93 and end the week at 93 1-16. Southern Bell
relep. 5s advanced from 99 to 9 9 % .
Western Pacific 5s
were traded in between 9 2 % and 93. Panama 3s, “ w. i. ”
eased off from 103 to 10 2 % and to-day sold up to 102 11-16.
Interest in copper shares was slight. Braden Copper sold at
*
finally. British Columbia went up from 5 %
to 0% .
Butte Coalition from 19— a drop of over a point
from last weeks close— rose to 2 0 % and weakened finally to
1 J % . Greene-Cananea fluctuated botweon 7 % and 7 %
and closed to-day at 7 % . Inspiration was off from 9 to 8 %
and sold up finally to 8 % .
Outside quotations will be found on page 1554,

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
June 3.

Monday
June 5.

Tuesday
June 0.

Wednesday
June 7.

Thursday
June 8

Friday
June 9

Sales of
the
Week
Shares.

TW O

PAGES

STOCKS

N EW Y O R K STOCK
E XC H AN G E

Range since January 1.
On basis of 100-sftare lots.
L o w e st.

Highest.

Range for Previous
Year 1910.
H ig h e s t.

Railroads
„
9034 J ’ly 124% Jan
116«* J ’ne 5
tch Topeka & Santa Fe 100% Jan
11534 116% 115% 116% 115% 116% 1153* 116% 115% 11534 96,770
115% 110
10034 ja n
105 J ’ne 9 x97 J'ly 104% Jan
Do p r e f ........... —
3,600
•1037*
____ 104% 10414 10414 104% 104% 104% 1043* 104% 1043* 104% 105
12978 12978 12912 1297* *128% 129% 1287* 129
129% 131% 12934 130% 3,500 Atlantic Coast Line B R - . 117 Jan 3 131% J ’ne S 102% J ’ly 137% Jan
107% 1083* 108% 1087* 107% 108% 13,155 1 Baltimore & Ohio______ 102 Feb 24 109% Jan 31 100% Sep 119% Jan
108 108% 108 108I2 10734 108
87% Mch21
94 Jan
91 Jan 4
87% Sep
295 I> Do p r e f __________
89'8 89% 89% * 88% 89% * 88% 89% 89% 89%
♦881* 89% $89
747* Jan 3 83 J ’ne 8
823* May
68% Feb
81% 82% 82% 83
42,661 Brooklyn Rapid Translt.
803s 8H4 80% 82
281% 82
8034 8II4
242%
J'ne
9
195%
Jan
3
2023
* N ov
176*4
Feb
Canadian
Paclflo______
23,340
23638 2373* 2303* 23712 237% 238% 237% 238% 239% 240
239% 242%
62 Mcb 3 $69 MaylS
70 Jan
60% J ’ly
/anada Southern--------72% *67
7214 *67
72% *07
72%
*07
7214 *07
72% *67
130 Central of New Jersey___ 270 MchlO 285 Feb 21 248 J ’ly 312 Jan
285 285 $290 290 *280 290 *280 290 *280 200 *280 290
65 Aug
92 Jan
77 Apr 24 86*4 Feb 8
855* 85
8534 283% 84% 27,005 Chesapeake & Ohio_____
85% 8S34 8434 853* 85
85%
237* J ’ly
66*4 Jan
100 Chicago & Alton R R ____ 25 A pr 7 31% May23
32
32
32
*30
"
30
*30
“
*20 ' 30
“
*28
30
*30
30
64<* J ’no
52 Meh 17 S3 Jan 19
69 Apr
Do pref______________
05
05
65
65 *___ 65 *___ 65 * ___
* ___
25%
J
’ne
5
367*
Jan
19
J
’ly
20%
Apr
19
Chic
Gt
W
est
trust
c
t
f
s
..
8,900
'247*
25
25I4 24% 25
24% 24% 247* 245* 245*
24
24
64% Jan
40 J ’ly
42 Apr 25 49% Feb
Do pref trust ctfs-------46% *45% 46% 3,450
4018 401* 4614 4034 40% 46%. *45% 46% 46
11334 J ’ne 1583* Jan
Apr 18 133% Feb
I GI 12714 126% 1207* 120% 128 128% 129% 1287* 129% 110,700 Chloago Mllw & St P a u l.. 117
127 128
143 Sep 172% Jan
Do pref.......................... 147 Jan 3 156% Feb
216
1547* 155 +163 150
*153 155 *153 155 *153 155 *153 155
137% J ’ly 182% Jan
149% 14934 7.305 Chicago & North Western 142% Jan 16 150 Feb
14834 149
1475* 148
1477* 1487* 149 160
1473* 148
203 J ’ne 225 Jan
$209
Jan
$200
Jan
4
Do
pref______________
58
$202
202
*199
210
$200
200
*199 210
*199 210 *199 210
140 Apr 162% Feb
143
J
’ne
8
130%
Apr
20
Chic
St
P
Minn
&
Omaha
650
142 14234
140% 143
*139 145 *138 145 *135 145 *135 145
Do pref.......................... 152 Feb 18 $160 Mch 27 $160 Apr $170% Feb
*155 100 *155 100 *155 100 *155 100 *155 160 *155 160
2% Dec
5** Jan
33*
Feb
4
2
Apr
7
Chic
Un
Trao
ctfs
stmpd
*2%
3
*2%
3
*2% 3
*212 3
*2% 3
*2l2 3
47* Sep
12% Jan
7% Feb 6
5 J ’ne 2
Do pref ctfs stm pd___
*5
7
*5
7
*5
0
*5
7
*5% 0'2 *5t2 7
92% Mch
200 Cleve Cln Chic & St L . . . 66% Apr 25 66 Jan 18 61 Nov
+67
01
61
01
*0O12 05
01 01 *57 64 *57 03
Sep 104 Jan
96% Mch 18 98 Feb 1
Do pref______________
*95% 100
*95% 100
*95% 100
*95% 100
*95i2 100
*95l2 100
J’ly
65*4 Feb
51 Apr 18 60 Jan 18
410 Colorado & Southern____
*55% 56% *54% 65%
56
56
*55
56
*55
60
66 50
J ’ly
83 Mch
74% Mch 27 80% J ’ne 9
Do 1st preferred
80% 80%
815
$80
80
79-% 79% 79% 80
*78
79
♦78U 79
Aug
81 Jan
75%
Mch
2
73%
Jan
11
Do
2d
preferred
539
*76
80
*75
80
75
75
*72l2 74l2 *72l2 74l2 74% 74%
elaware & H udson___ 164% Jan 3 1747* J ’ne 8 149% J ’ly 185 Jan
2,700
17214 I 72I4 17234 17234 *171 172% 1727* 173% 174 1747* *172 174
490 J ’ly 620 Mch
560
J
’
ne
5
510
Feb
9
elaware
Lack
&
W
est.
100
*505
665
*505
565
*505
665
*540
565
500
660
*540 670
52 Jan
23% J ’ly
27% May 2 35 Feb 16
2,510 Denver & R io Grande___
31% 30% 31% 29% 30
31
31% 32
32
{32
32
84 Jan
625* J ’ly
63% May 2 74 Feb 21
Do pref______________
65
65% 5,902
69% 65
69%
“
701* 69% 703* 69
70%
70
1834 Jan
155* Mch 30
11 Jan
10
J ’ly
Duluth
So
Shore
&
Atlan
210
14%
14%
15
14%
15
14%
*14
*14
15
$15
*14
345* ja n
22 Jan 6 30% M ch30
17 J ly
Do pref
150
$25% 25%
20 *25
27
*25
28
2712 26
*25
*2514
27% Jan 11 36** J ’ne 9
19% J ’ly 345* ja n
357* 35% 363* 143,550
34% 34% 34% 35%
34% 35
337S
45% Jan 12 56** J ’ne y
52*4 Mch
35 J ’ly
545* 503* 18,575 E rleD o - 1 st preferred__
551
63% 54% 5334 547* a
54
6212
35 Jan 9 463* J ’ne 9
42 Mch
20% J ’ly
Do 2d preferred___
4434 45
457* 45% 403* 5,800
43% 43% 44
437* 44.
4234
13834 139% 08,790 Great Northern pref_____ 122 Feb 24 140 J'ne 8 118 J ’ly 1437* Jan
1343* 135% 1343* 1303* 135 13534 135% 138% 138% 140
45 J ly
80% Jan
66
Jan 5 6334 Feb 2
Iron
Ore
properties_
_
3,900
62%
63
62%
023
4
62%
63%
62%
62%
62% 03
11 Aug
18% Mch
1 Green B ay & W .deb ctf B 13% May 13 15% Jan 17
*13% 14% *13% 14%
14% *13% 14%
*1312 147* *14
88% Jan
97% Apr
95% Feb 11 1)6 Feb 17
avana E lectric.
100
____________
97% *
%
* 997%
4 % ___ *94% 99%
*___
* ___
*94
92
May
99
Jan
97%
J
’ne
7
9334
Jan
12
Do
preferred
100
*
___
97%
* . . . . 97% 97% 97%
9712
97
128 Mch 24 134 Apr 29 112 J'ne 140 Oct
H ocking V alley___
*128 140 *125 140 *125 140 *128 140 *128 140 +125 140
1,900 I lllnols Central________ 132 Jan 3 142 J'ne 8 124 J'ly 147 Jan
141 141
140% 141% 140% 140% *13934 141
141 142
141 141
14% J ’ly
25% Jan
17% Apr 22 203* Feb 10
19% 19% 193* 19% 19
19% 19% 19% 19% 19% 8,500 1 nterboro-Metropolltan .
19
19
627* Jan
41% J ’ly
4734 Apr 22 553* Jan 4
Do p r e f..
18,410
527* 537* 52% 53
-**
52U 62% 63% 6334 54% 5234 5334
52
30 Jan
15 J ’ne
15 May 12 197* Feb 3
150 Iowa C entral..
1834
1834 *18
1834 *18
1834 *18
18% 18
*18
“18
*18
J
’ly
64% Jan
30
J
’ne
8
28
A
pr
24
Do
preferred
570
35%
35
36
30
35l2 35% 35% *35
36
*35
36
*35
Aug
80 Feb
C Ft S & M tr ctfs,pref 74 A pr 8 76 May 4
+76
78
78
78
78
78
78
*70
*76
*76
*70
*70
J
’ly
44% ja n
357
*
M
ayl
8
32
May
3
ansas
City
S
ou
th
ern
..
3,000
35
35%
35
35%
35% 34%
35
35U 3534 35% 35% 35
Aug
71 Jan
64% Jan 3 09 May 23
Do
preferred______
500
69
69
69
*6734 69
09
*0734 09
68% 08% 08*4 69
J
’ne
25*4 Jan
147* May 19 16% Feb 1
ake Erie & W e ste rn ..
*14% 18
*14% 18% *14% 19
*14% 18
*14% 18
*14i2 19
62*4 Jan
37%
Dec
40
Jan
13
35
May
D
o
preferred
100
*35
38
38
38
35
*35
*35
*34
38
35
*3414 39
168*4 Apr 24 181% Feb 3 173% Dec 186 NOV
28,400 Lehigh V alley____
179% 180% 178% 180
179i2 1803* 179% 179% 179% 1797* 179 180
70% Apr
60 J ’ly
68 Apr 13 63 J an 16
L ong Island_____
*57
60
*57
60
*57
60
*57
60
*58
60
*58
00
15184 1523* 9,200 Louisville & N ashville.. 142% Jan 25 153 J ’ne 8 131% j ’ly 159*4 Jan
150% 150% 160% 151% 1518* 153
I 6OI4 1513* 150% 151
anhattan E le v a te d ., 134 Mch 28 141 Jan 6 123 J ’ne 146 Oct
660
138% 1387* 139 1397* 139% 139%
*130 139 $138 138 *137% 140
5334 Jan
23 J ’iy
lnneapolls & St Louis 21% Apr 26 31 Feb 16
800
30% 30% *29
32
30% 30% *29
*28
—
*27
33
80 Feb
35 Mch 13 $ 60 Feb 14
40 Sep
Do preferred________
510
*44
45
45
45
45
45
45
*44
--­
*43
48
152% Mch 30 114 J ' l y 145 Mch
138 138% 4,785 Minn St 1* & S S Marie___ 132% Jan
138 139
137% 137% 130% 137% 137 138
138 138
160 Mch 30 144 J ’ne 155% Mch
Do preferred________ 147*4 Jan
*1497* 153 *150 153 *1497* 153 *1497* 153 *160 153 +149% 153
92*4 Jan
883* Mch 24 90% Mch 15 286% Sep
Do leased line ctfs___
250
*8912 897* *89% 897* 89% 891 $8934 8934 *89% 8934 *89% 8934
51% Jan
31 Feb 24 36*4 J ’no 2
27 J 'ly
3638 363* 36*4 363* 3034 11,200 Mo Kansas & Texas
36% 353* 365. 36
3018 36% 30
745* Jan
03% Jan 16 68% Mch 29
67 J ’ly
Do
preferred___
850
07%
67%
67%
07%
$07%
67%
07%
0734
07%
67%
6714 8734
73% May
41 J ’ly
453* Apr 19 63 FeD 15
5034 52% 6034 51% 32,860 Missouri Paclflo
60% 52
6034 61% 5034 51% 5034 51
J’ly 140 NOV
100 XTash Chatt & St L ouis, 140% Jan 19 152 May 17 125 Feb
152 152 *152 155 *152 155 *152 165 *152 155 *152 155
72** N ov
72**
Jan
26
60
63
May24
i
s
at
Rys
of
Mex
1st
pref
*62
07%
*60
07%
67%
67% *00
67% *00
*00
07% *60
37% NOV
23% J’ly
29% J ’ne 8 38** Feb 15
D o 2d preferred___
30% 30% 29% 30% *29% 30% 1,600
31% *30% 32
*30% 31% *30
128 Mch
1047* Apr 18 115% Feb 3 105% J'ly
N
Y
Central
&
H
u
d
so
n
..
9,500
110
110
%
110%
1103
4
110
110
%
109%
110%
10934110% 109% HO
687* NOV
55% May
67% Apr 17 65 Jan 19
N Y Chic & St Louis____
*58
00
*58
60
+59
60
60
*58
66 *58
*58
60
101% Feb 21 1013* Mch 20 $101 J ’ly 10934 Jan
Do 1st preferred ..
*102 107 *102 107 *102 107 +102 107 *102 107 +102 107
8234 Apr
S3 Apr 7 90 Jan 27
98 Jan
Do 2d preferred___
+84
90
+84
90
*84
90
*84
90
*84
90
*84
90
700 N Y N II & H artford____ 142 Apr 25 151% Feb 23 149 Apr 162 Mch
145% 146% * 142 145% 145% 145% 145% 14634 *143% 148
*142 148
000 Subscription receipts y . 141 MaylO 149% Feb 27 ftl43 J'ne 5161 Mch
144 146 *144 140
____________145
144 144
144 144 *
*141 144
60 Jan
38% Aug
4414 5,110 N Y Ontario & W estern. 40% Apr 22 44% J ’ne 8
44
44% 44
43*4 $43
43
43% 44
433* 433* *43
88% J ’ly 1085* Mch
108 108% 22,000 Norfolk & W estern_____ 100% Jan 3 10934 Mch 28
10734 1077* 107% 109% 1083* 109% 108% 10834 108% 109
91% Mch
100 Do adjustment p r e f.. 85*4 Apr 18 91% J ’ne 8 88 Feb
92
*90
92
*90
9~
91% 91% *90
*90
02
40% Do*
200 Northern Ohio Trac & Lt 39% Jan ‘ 44*4 J’ne 6 35 Feb
*44
46% +43% 46%
*43
43% *43" *4*4% 44% 4434 *43% 4
111%
Aug
145%
Jan
1377*
J
’ne
8
Northern
P
acific____
110
Jan
127,640
1343* 13534 1337* 135% 134% 134% 13334 136-% 130 137% 136% 137%
100 Jan 11 102 Jan 10 100 Oct 1183* Jan
aclflo Coast Co____
*98 106
*98 105
*98 105
*98 105
*98 105
*98 105
Do
1st
preferred
*85
110
*85
110
*85
HO
*85 HO
*85 110
*85 110
Do 2d preferred___ 101 Jan 11 102 Jan 11 105 Feb 118 Jan
*98 105
*98 105
*98 105
*98 105
*98 105
*98 105
120% May 15 130% Feb 2 122% J’ly 138% Mch
sylvania_______
124% 1243* 12334 124% 124% 124% 1237* 124% 124% 126% 124% 1247* 66,177 P enn
2 A pr 18 2i<%« MaylS
R
ig
h ts ......................
14,116
2% 2 13-32
93% Mayl3 100 Jan 17
89 J ’ly 1046* Mch
300 PIttsb Cln Chic & St L . . .
'95* 95% *94% 95% *94% *90 * 94% 94%
*95’ 90
*1)5
96
111 May20 112 Feb 17 110 Oct 116 Mch
Do preferred_____
*108
115
*108
115
*108
115
*108
115
*108 115% *108 116
149%
Apr
24
I
6
I
3
4
Feb
7
130%
J ’ly 172% Feb
T
l
e
a
d
l
n
g
_____
_____
—
313,450
15934
160%
159% 161%
159% 160% 159% 161
160% 101% 160% 161
93% Feb
88 Mch 1 91 Feb 3 *85 Aug
700 AV 1 st preferred______
* 88% 90
90
89% 89% 90
89
89
♦88% 92
91
01
87 J'ly 110% Jan
94 Jan 5 101 Mav 2
2
d
preferred_______
500
983
4
*90
983
4
*97
99
983
4
*90
*90
98% 08% 98*4 99
227*
J
’ly
57% Jan
34%
J
’ne
5
2734
Apr
21
R
ock
Island
Company___
335*
70,000
33% 337* 33% 34% 33%
33% 333* 34% 33% 34
33
54 J ’ly
92% Apr
573j Apr 24 663* J ’ne 8
Do preferred________
657* 0534 657* 05% 05% 65% 603* 653* C534 8,300
05
64%
041 05
73 Jan
68% J ’ne 3
58 Aug
61
Apr
24
t
L
&
San
Fr,
1st
p
re
f.
400
68
*661
68%
'00%
*07
68%
*07
*67% 08%
67
677* 08% 07
60 Jan
47%
J
’ne
3
34%
Aug
38
Apr
22
Do
2d
preferred____
40%
7,271
407*
46% 30% 46% 47%
457* 47% 46% 47% 40% 47
34% Jan
24 Jan 13 34 Feb
18% J 'ly
St Louis Southw estern..
*31%
33
33
*31%
33%
*31%
33%
33%
*31%
33
*31%
*32
59*4 Jan 3 70% J’ ne 8
77% Jan
51%
J
’ly
Do
preferred________
500
70
69%
*69
_
70%
70
09%
70
*08%
. . . „ 70
70
*68%
*09
il38%
Jan
1215*
J’
ne
1133*
Apr
18
103%
J
’ly
Southern
Pacific
C
o_____
52,700
1203*
121
120 121 120% 1215*
1207* 121% 120% 121% 120% 121
3334 Jan
IS J ’ly
25% Meh 4 30% J ’ne 8
30% 29% 305* 46,300 Southern v tr ctfs stm pd.
29% 2934 30
2934 30% 29% 30% 29% 30
75
Jan
70
J
’ne
8
43
J
’ly
61%
Jan
11
Do
pref
do
5,550
69%
70
70
69%
69%
69%
69
69% 69% 69% 69%
69
3634 Jan
22% J ’ly
25% Jan 3 30% Feb 21
7,200 HPexas & Pacific_______
293* 29% 2934! 295* 30
29% 29
28% 293* 287* 29% 29
19% Jan
51- J ’no
S3* Mch 2 14% J ’ne 9
Avenue (N Y ) ___
11% 11% 11*4 117* 11% 11% 11% 1234 123* 14% 10,000 TJLlilrd
*11% 12
15*4 Jan
8%
Jan
17
5%
J
’ly
0*4
Mch
27
_
_
oledo
Railways
&
L
t
*7%
8
*7
77*
*7
8
*7% 8
7% *7
*7
543* Jan
19 Apr 24 2434 Feb
10 J’ly
St L & W estern. 22 22% 22% 22% 2234 223* 22% 22% 2,100 T oledo
22% 2334 23 23
5378
Jan
42*4
J
’ly
72% Jan
45 A pr 11
Do preferred________
2,800
51%
503
4
513*
51%
51%
51%
51%
50%
51%
51%
51
51%
.
117%
Jan
108
Jan
11
111
Feb
103
J
’ly
Twin
City
R
apid
Translt.
400
10934
110
109%
109%
*10934
*109% 110% *109 110% *109-%
nlon Paclflo__________ 16934 Jan 3 188 J ’ne 8 162% J’ly 20434 Jan
180% 187% 237,850
186% 187% 180% 18078 185% 186% 185% 187% 18034 188
907* Mch 6 9534 Apr
88% J ’ly 103*4 Jan
Do preferred______
1,400
94
*94
9434 9484 9484 94
*94% 95
94% 95
05
05
2334 J’ne 42% Jan
3 40 Feb 20
41% 41% 41% 4134 1,475 Unit R ys In v’ t of San Fr 31%Jan
4234 42% 42% 42
42% *41% 42
“
72** ja n
60*4 Jan 3 76*4 Mch 22
47 J ’no
Do preferred_____
72% 71
72
72
71% 7134 7134 71% 71% 71% 71% 1,100 Virginia
41% Apr 13 45 Apr 24
R y & P ower.
123*
J
’ly
2734
Jan
15%Jan
6
183*
Feb
23
a
b
a
sh
..................
.
'3",
200
17% *17* 17% ‘ l 6% 'l7% ‘ 17% ' 173* ’ 17% 17%
17% 17
17
61 Jan
f8% J ’ly
327* ja n 11 40% Feb 23
Do preferred..
3734 38% 38
3834 38% 39% 38% 3834 9,500
38
38% 38
38
54% Mch
40 J ’ly
487* Apr 18 6178 May31
Western
Maryland
R
y
___
3,100
6134
61%
61%
603
4
01% 01
01% 01%
61% 61% 003* 60%
77 Deo
67 Aug
75 Jan 14 81 May 13
120 Do preferred________
*80
85
81
81
85
*80
90
*80
90
*79
90
*81
10 Jan
6% Feb
3 Apr
4 Apr 25
300 Wheeling & Lake E r i e ...
4% 484
*4% 5
*4% 6
*4% 6
+4% 5
5
*4
23 Jan
J
’ne
17%
Feb
8
12%
Apr
26
Do
1st
preferred.
200
18
16
16%
+15
17
17
10%
*15
17
+15
16
*14
13% Jan
4 J ’ne
5 Jan '
8 Feb
Do 2d preferred ...
300
7
7
7
7
7%
6% 0's *0
* 6% 7%
8
*0
64
Nov
44 J ’ly
57 Jan 3 72% May
69% 1,200 W isconsin Central. _.
69
*08% 70
68% 08% 69 70
69
* 68% 69% 69

A

C

24

D

ss97a

H

K

L

M

P

S

U

W

B A N K S AN D T R U ST COM PANIES— B R O K E R S ’ QUO TATIO N S.
BUt A lt
Bid Art
Banks
Bid
A lt
Banks
Banks
Bid Ask
Bid
Ask
Banks
Banks
Bid
Ask
Banks
178
Mt Morrtsfl. 250
260 Prod Exch H 170
685
350 „..ip & Trad 575
Filth ......... 300
178
Chat&Phenlx 172
New York
R
e
s
e
rv
e
___
85
98
285
295
Mutual
I
t
...
_____
frvlng
N
Ex
215
___ First ............ 925
A e tn a _____ 176
180 Chelsea KxH 200
.
Seaboard . . 415
Nassau . . . . 300
JedersonH..
145
15*5
160
140
_
_
_
14th
S
t
fl
...
{431%
Chemical
.
.
America 11.. 600
625
400”
Second
.
.
.
.
385
New
N
eth’d
210
220
600
025
_____
Liberty-----{200
F o u rth ____
103
Amer E xch. 253
258 Citizens’ Ctl 157
S h e rm a n ... 135
NewYorkCo 900
425
975
L i n c o l n .... 400
345
Audubon . . 106
115 City______ _ {405 {413 G a lla tin ___ 335
275"
New Y ork. 305
315 State U ____ 250
Manhattanl! 335
346
305
160 Garfield . . . 295
Coal & Iron 150
Battery Pk. 135
12 th W ard.
19th
W
ard.
Mark’
t&Ful
170
250
145
___ Germ-Am 11 140
4*15*' Colonial 1|.. 400
B o w ery l)... 400
. 23d W a r d ..
2*7*3* PaclflcH____ 280
_____
Mech&Met's 268
4U0 Uerm’ n Kxlj 485
DronsBoret 300
Columbia H. 375
180*
P a r k ........... 374
3*80 Union E x c. 170
165
Mercantile
155
575
2*00 * Commerce . {212% {216’-. Germanta 1). 559
Bronx N at. 190
Wash H’ ts 1; 275
___ People’s 1)_. 245
....
Merch Kxcn {100
155
330 Gotham . . . 150
100 Corn Ex 1).. 325
Bryant Pk Ti 155
West Side \ 650
....
182% Plaza I]......... 625
Merchants'. 179
250
East River. 115
125 Greenwich H 240
145
Butch <3« Dr 133
Yorkvllle U. 600
Metropolis r 395
415
HanoVer___ {630
. . . . Fidelity 1[_. 165
045
175
Century 1|„ 150
Metropol 'n
255
193
—
H arrlm an .. 280
Fifth A veil. 4100 1350
C h a s e _____ 525
and
rights. & New stock
•Bid and asked prices; no sales were made on this day. {E x-rights. $Less than 100 shares; IState banks. dE x-fitvIdend
y 3a paid.
{Sale at Stock Exchange or at auction this week, ft First Installment paid, n Sold at private sale at this price* * 2d paid




1546

New York Stock Record—Concluded-

STOCKS— HIOHEIT AND LOWEST SALE PRICES.
Saturday
June 3.

M onaay
June 5.

Tuesday
June 6.

, Wednesday
June 7.

Thursday
June 8

Friday
June 9

Sales of
the
’Week
Shares

STOCKS

[VOL. LXXXXH

N EW Y O R K STOCK
EXCHANGE

Range Ance January 1.
On basis of 100-share lots.

Range for Previous
year (1 91 ).

Lowest.
Highest.
Highest.
Industrial&MisceHaneous
247 *240 247 *240 247 *241 247 *241 247
*241
247
dams Express_______ 235 Jan 20 $245 Apr
9%
9
9%
9
9
$235 Dec $270 Jan
*87g 919
8% 87S *8% 9
700 A liis-Cliaimers_________
73, Apr 18
33% *31% 33% *32% j'y
934 May31
7% J My
32% 32% 3173 317a *30
15 Jan
38%
300
Do pref____________
25 Apr 21 34 l- ci>
677,
6534 67% 67
581
27 Aug
67% 68% 67
543.1 )an
68%
67%
673.,
61,130 Amalgamated Copper___
59% Apr 18 683, May 23
58% *58
59
*573, 58-34 58®, 58% 5873 59% *58% 59
65% J ’ly
903.. inn
700 Amer Agricultural Chcm .
1027, *100 101 *100 103 *100
4o
Jan
6)
V
U
u
35 J ’ly
103
49% Oct
103 *102%
Do pref______________ 10134 Jan 27 103 Feb .
537, 5334 533.| 53% 53% *101
51
53
99% Apr 103 ja n
5373 55
54*4 553, 24,950 American Beet Sugar____
39*4 Jan 12 553, J ’ ne 9
99% *98*4 99% 90% 99% *9834 091, 99%
24 J ’ ly
47% Jan
99% 100 100
400
Do pref______________
(2% Jan 9 li 0 ,Vla t 22
93
95% 95% *93% 95% 595% 95% *93% 95% *93%
89 J ’ly
95% J ’ no
95%
225 Amer Brahe Shoe & F d y .
90 Jan e 97 Feb 27
135 *132% 134 *132% 134 $134 134 *132% 134
821-> Oct
91% N ov
*132% 134
Do p r e f ..____________ 128>, Jan L 133 Feb 23 119
25
12 12 *11% 12
J ’ly 131% N ov
1134 11% 11% 11% 11% 12 *11% 1134 3,295
American
Can___________
87,
Jan
6
87% 87% 87% S A
12%
May
9
67, 1 ne
87
87% 86% 87% 86% 8734 87
137, Jan
87
Do
pref______________
6,820
77
Jan
5
56', 57
887, May 23
56% E *
62 J ’ly
56% 66% 66
82% N ov
56% 563, 57
*55% 56*4 1,900 American Car & Foundry- 50% Apr 24 67% Feb
*115 120 *115% l£ 0
39% J’ ly
72<, ja n
119% 119% *117 120
120 *117% 118%
Do pref______ ________ 114% Meh 13 120 May23 109 J ne
175
517, 52% 523., 5334 53% 5334 53% 55% *119
120 Meh
54
55% 5334 54! 2 6,560 American Cotton OH____
4.>% May
623, Feb 28
*98 102
62% J ’ly
*98 102
09*4 Meh
*98 102
*98 102
*99 102 *100 102
Do pref________
100 May 2 6 105% Feb 10 100 Dec 107 Oct
*235 239
239 239 *230 239 *230 239 +237 240 $239 240
210
American
E
xp
ress.___
$224
Jan
11
$255
Jan
27
*■1% 4%
$230 Deo *320 Jail
4% 4% *4% 4% *4% 4% *4% 4% *4% 4%
100
American
Illdo
A
Leather
334 Jan 25
43, J ’no
23% 23%
—
3% Sep
23% 23% *2.3
8% Jan
24
*23% 24%
*"
24
24
2-1
24
500
Do pref____________
Jan 10 25% Feb
*21
22
19 Sep
21% 21% 20% 21
477, Jan
20% 21
21% *20
21
21% 1,400 American Ice Securities! 20
1734 Jan 17 25% Mch 14
16*, Dec
*10% 11% *10^4 11% $11
11 $11
11
29%
Mull
1134 1134 117,
*11
330
___
American
L
in
se
e
d
10% Apr 21 1234 Feb 14
10% J ly
31% 32
1734 ,>an
32
32
32% $31% 31% 3173 33% 1.750
*31
Do pref___________
30 Apr 21 34 Feb 14
42
42
25% J’ ne
407, Jan
41% 41% 41% 4134 41
41
♦413, 42
41
41
1,200
3634
A
pr
21
American
L
ocom
otive
43%
May22
*108 110 *109 110 *108 110 *108 110
20 J ’ ly
62% Jan
109 109% *108 110
300
Do pref____________ _
104 Apr 18 110% Jan 13 102% Aug 115 Jan
1
4% 4% *4%
5
$4% 4% *4%
6
*4
4% 4%
244 American Malt C orp. _ - 3% Feb 17
4% Jail 18
*34
37
3% Dec
*34% 36
*34% 36% *34%
8 Feb
35
$35
*35
3612
00
Do
p
ref___________
.
.
.
311
2
Mch
8
36%
Jan
25
28% J ’ne
*87% 88% 88% 88% *88
48 Mch
88% *88
*88
88 88%
400 Amer Smelters Seo pref B 86 Mch 8 89 Feb 2
82 J ’ly
807a 81% 80
807, 80% 81% 80% 81% 81% 82
907, ja n
807, 818s 51,200 Amer
70*, Apr 18 82 J ’no 8
Sm elting* Refining
613, J ’ly 101 Jail
107 107 *106% 107 *10634 107% S107% 107% 10734 107*4 2:100% 107
700
Do pref........................ .. 1031, Jan 3 10734 J ’no 8
98% J’ ty 11234 Jan
*250 . . . *250
___ *250 . . . +250
*250
*260 . . .
American SnufT__________ 250 J ’ne 1 325 ila> 23 245 Nov 285 Apr
*98 100
97% 97% 97% 97% *95% 100
* 9 7 % ----- $97% 97*8
445
Do
pref____________ ! !
97% J ’ ne 6 104 May s
95% -in-1 102 Deo
41% 41% 41
41
*40% 42% *41
43
*41% 43
42
42
310
3934
Apr
7
Amer
Steel
Found
(new
)!
62%
Feb
9
38 J ’ly
120 120 *119 11934 *119 120
11973 11973 11973 121% 1207, 121
60 Jan
3,800 American Sugar Refining 113 Jan 6 122% Feb 27 111% Oct
*110 119% *117 120
118 118 *117 119% *117 120 *117 120
Feb
100 Do pref______________ 111 Jan 5 119% Feb 14 111% Deo 127%
149% 150-% 14934 150
149% 151% 151 162% 152% 153% 152% 152*4 67,050
124 Feb
American
Teleph
A
Teleg
140%
Jan
3
153% J ’ne 8 12034 J ’ly 1433, Feb
97% 97% 94% 97% 97% 97% 97% 97% 97% 97% 97
97%
3,135
American Tobao (new ), pf 93% Jan 4 10.. Mayl8
34%
*333., 343,,
‘ “
34
‘ “
90% J ’ly
*33% 3434 34
34
‘
33% 34
90% Mch
33% 38%
1,120 American W oolen_______
30% Jan 3 36% Mch21
94% 95% 9434 95% 94% 04% *93% 95% 9473 95
20% J ’ly
39% Mch
95
95% 1,980
Do pref_____ _________
30
86*2 Mch 29 90 Feb
*29
29% 29% *29
90% Dec 104 Mch
30
29% *29
*29
29% 29% 29%
200
393.1 40% *39% 40
39% 40
*39% 40% 39% 39% 39*4 3934 1,610 Amer Writing Paper, prf! 2/34 Mch 17 34% Feb 15
aAnncondaCoppcr Par$Z6 $36% Apr 18 $41 Feb
33-% 3334 *32% 33% *32% 34
$33% J ’ly $54 Jan
*321a. 33% 33% 33% 3234 32*4
400 Llethlehem Steel_______
Mch 14 34% Apr
*62% 64
21 J ’no
*60% 64
63-% 6334. *60% 6334 *60% 61*4 *60% 0334
347, Oct
100 • • Do pref___________ ~ 266,
69 Jan 3 64% Apr
49 Aug
*143 144
143% 145
144% 145% *144% 145
65 ja n
145 145% 144% 1447,
1,900
Union Gas. _* 135 Jan 3 146% J ’no 8 125 J ’ ly 164%
*9% 934
934 9%
ja n
10 10% *934 10% *934 10*4 *934 10% 1,100 Brooklyn
Brunswick
T
e
rm
*
R
y
Sec
9
Jan
o
1034 Feb L.
8 J ’no
*29 31
*29
31
*29
31
*29
30
*29
30
18% Jan
*29
31
Butterlck
Co______
23 Feb 16 31 Mch 30
23 J ’ne
31% 3D,
31% 32% 31% 31% 31% 32% 3134 32
33 Jan
31% 313, 7,600 ( ’ cntral L ea th er..
26
Apr
24
33?,
Feb
2
25%
102% 102% 103 103
•IS34 ja n
ly
103 103
103% 10373 10373 10373 *102 102
900 '
Do pref___________
08% Apr 22 105 Feb 10
99% J ’ly 109% Mch
24
24% 23% 24% 23% 24
23% 2373 2334 24% 23*4 2334 4,400 dChlno Copper____P a r i 5
Apr 7 S2534 MaylO
34% 34% 34% 34% 34% 3434 34% 34% 34% 34% 3 433 3 43, 3.550 Colorado Fuel A Iron ___ $21%
28% Apr 22 363, Feb 6
22%
J
’ly
1457g 1457, 140 148% 147% 148% 147% 148
60 Jan
147% 148% 147 147% 34,100 Consolidated Gas (N Y ) . 13534 Jan 3 148 : J ue 6
122% J’ly 1003, ja n 15% 15% 15% 15% 15% 15% *1434 15% 15
15
15
15
1,720 Corn Products R efin in g..
13% Jan 10 1534 May 17
11% J 110 23% Jan
84
84
♦82% 84
843, 83% 83% 83 % 8373
85
*83
*83
400
74%
Jan
10
Do
pref______________
85
May
29
70-%
J
’ly
37
863, ja n
36%
37% 37
37
38% 37% 3734 37% 377, 37% 37% 11,050 Distillers’ Securities Corp 32% Jan 11 38% Mch 1
25% J’ly
3634 ja n
35
*27
*27
35
35
*25
*25% 35
35
*20
♦26
30
Federal Mining A Smelt’g 1734 Jan 28 30 Feb 16
12 Oct
*5934 64
60 Mch
01
61
63
*60% 63% *60
*60% 03
*60% 63
48%
Jan
11
130
Do
pref______________
66%
MaylO
37
Oct
88 Jan
164 164% 164 166
16373 165
163% 164% 1637, 164% 163% 164% 8,600 General E lectric______ d xl4£% itch 3 1683, May29 134 J ’ly
1607, Jan
6
6%
6
6%
6
“
6
6%
6
6
6
6
9,425 Goldfield Con M_ Par $10
5% Jan 14
S734 Oct
Vs Jan 3
$9% Sep
120 126% 125 125
124% 125
125 125
124% 124% 124 124% 3,060 ' nt Harvester stk tr efts 109 Jan 3 129% May 5
s83%Feb
125 ja n
*123% 125
125 125
124 1217, 124 124
125 125
124 124
900
Do pref stk tr c t f s .. 122% Jan 3 128% May 4 xll7 Aug 129 Jan
434 *4
434 *4
*4
434 *4
434 *4% 43., *4% 4*4
43, Apr 20
Int Mer Marine stk tr otfs
6% Jan 30
4% J ’ly
7% Jan
18
i 18
*17% 18
173, 1734 17% 17% 17% 17% 17% 17%
000
16%
Jan
17
Do
pref_________
18%
May
18
123,
J
’ly
243, ja n
11
, *11% 12
12
11% *11
*11% 12
*11 1134 11% 11%
700 International Paper.
9% Apr 27
I33, Jan 31
9 J ’ly
10
Jan
51
*50
*49
51
61
*49
4934 4934 49% 49% 49
49
300
445, ila y l5
Do pref______________
563, Jan 17
41% J ’ly
61% Jan
*4H4 42
41% 42
4173 42% 41% 42% 4173 42% 42
42*4 7,700 Internat Steam P um p___
38% Apr 18 44 Feb 8
303, J ’ly
54% Jan
89% 89%. *89
90
♦89% 90
8933
_ 8934
89
89
425
84% Jan 26 90 May24
Do pref_____________
78% J ly
0O34 ja n
105% 10534 10534 10633 106% 10634 106% 107% 107% 10738 107% 107*3 23,170
Laclede Gas (St L) c o m .. 102 Apr 18 114% Jan 20
9334 J ’ly 116% Jan
■ *89
92
90% 90% *89% 93
*89% 03
91
02%
700 Mackay Companies_____
90 May 13 95 Feb 2
79 J ’ly
08 Oct
76% *75% 7673 *75% 7673 *75% 767,
'! 75% 75% *75
100
iuu
Do pref______________
7434
Jan
18
77 Meh 7
71 J ’ ly
7834 Oc*
2033 20% 20% 20% 20% 20% 20% 20% 20% 203, *20
20%
800 rtMlaml C o p p e r.. P a r ' l l $18% Apr 18 $207, May22
*134 136% *130 137
135 135 *132 136
132 130 ♦134 130
100 R a t i o n a l Biscuit____! . 117% Jan 1U 141 Apr 4 100 Aug 119% Dec
*128 128% 128 128
128 128% *127% 12S78 *127% 129 *127% 128%
312
Do pref______
124 Jan 20 130 Feb 4 11834 J ’ly 125 ja n
17
*15
17
17
17*4 *16% 18
*15
17
17
*16
17
800 Nat Enamel’g & Stamp’ g 18% May29
14 Sep
18% Meh 27
28% Jan
92
*85
92
*86
*85
92
*85
92
*85
92
*84
00
Do pref___
85 Jan 6 90 Feb 18
84 Oct
06% Jan
50% 57% 56% 57
5673 60% 56% 57% *55
56% 57
66% 2,800 National Lead
£03, Apr 25 60 Feb 2
461" J ly
89®, Jan
*107 10934 *107 10934 *107 10934 *107 10934 *107 109*4 *107 10934
Do pref______________ 105% Mch 24 109% May22 101*4 J ’ly 110% Jan
19% 1933 19% 1933 1933 19% 1933 19% 1933 10% 19% 19% 83oO|dNev Cons C opper.P
arApr
$5 19 $20 Feb 6 517% J ’ly $223, Oct
$17%
75
74
73
*70
74
74
74
74
“74
*70
73
*73
68 Aur 27 741- May 18
159 New York Air Brake____
59 J ’ne
95% Jan
763S *75-% 76% *75% 76% 75*4 7534 751, 757,
75% 76% 76
64 Jan 10 76*4 May 18
999 55?rth American Co (new)
C0% Nov84 Jan
27
27% 2734 *27
28
26*4 26*4 *25% 26*4 „ 800
27
*26
26
p a c lf lo Mall..............
23%
Apr 24 29%Jan 4
227, J ’ly
43% Jan
507s.
603.1 52% 51% 5134 9-3™ „ acl0° Telep & Teleg
60% 61
60% 50% 60% 50% 50
44 Jan 3 515, Jan 31
30 J ’ly
40% Jan
*105% 106
10573 10638 106 106% 106% 106% 1063, 106% *106 1063, 2-000 People’s G U O (Chic)
103 Apr 5
Jan 19 103 J ’ly 1163, j ca
117 118% 118% 118% 1173., 118% 117 11734 115*4 110
114 114
4,350 Philadelphia Co(Pittsb’h) 100% Jan 3 109
118% J ’no 3
84 J ’ly 106% Jan
22% 22% 22% 23% 2233 22% 22% 2234 22 22% 2134 22
6,800 Pittsburgh Coal C o______
17% Jan 3 23% J’no 5
13 J ’ly
2734 ja n
8773 8334 87% 85
87
87
86
85
87%
85% 86% 87
18,550
Do pref_____________ !
07%Jan 4 88%J n o 1
60% J ’ly
85 Jan
36
3634 36-% 37% 36% 3673 3634 37
363., 3034 36% 36% 3,400 Pressed Steel Car_______
30%Jan 3 37% J ’no 5
25 J ’ly
517, ja n
*99-34 100 *100 101 100% 100% *100 101 *100% 101 *100 101
100
i>o orei____________
92% Jan 3 101 Apr 28
90 J ’ly 107% Jan
*119 120 *119 120 *119 120 *119 120 *119 120 *119 120
Pub Service Corp o f N J . 110% Jan 31
Feb 7
*16134 162% 162 162
16134 162 $101% 161% $161% 161% 162
162
811 Pullman C o m p a n y _____ 159 Jan 3 120
103 Jan 30 165 J ’no 200 Jan
373, *36
37% *36% 37
37
3 734 37
36
37% *36
37% 2,500 l> all way Steel S p r in g ...
31 Jun 11 38 Feb 3
28 J ’ly
617, Jan
*102 103 *102 10234 *101% 101% *100% 10234 *1001" 10234 *101% 10234
100 * t Do pref________
92 Jan 3 1021, May24 x90% Sep
107 Jan
17% 1734 17% 17% 17% 1734 17% 17% *17% 13
17% 17% 2,200 dR ay ConsCopper Par $10 $15% Apr 19 $18% Mayl8
*30% 31
30% 31
30% 30% *30% 3034 30% 30% 30
30
1,510 Republio Iron & S te e l..
29% Alayai
35% Feb 0
27 J ’no
457, Jan
943., 95
96
96
94% 94% 947, 95
95
95
95
95
5,220
92% Apr 26 9y3, Feb 1
Do pref______________
8234 J ’ly
Jan
*141% 142% *140% 142% *140% 142
142% 142% 1433., 143*4 145 140
1,100 S ears, Roebuck A C o___ 136% May 20 192 Feb 6 150 J’ ne 104%
190
N ov
50
60
*49% 62
50-34 6034 *60 . . . . *497, 52
200 loss-Sheffleld Steel A Ir 49 A pr 22 56% Feb 0 48% Dec
86% Jan
3934 40
"39% 303., 39% 40% 3973 40% 3!>Ti 401,1 40
41
18,400 dTenncssee C opp.P a r $25 $32 Jan 11 $41 J ’no 9 $1934 J ’ly $40®, Jan
12734 12734 127 127
128% 128% 128 128
1,050 Texas Co (T he)__________ 125 Apr 25 130% Feb 1 134 Oct 144 Oct
1261" 126% 125 125
8273 84
85
93
86% 91% 88% 88% 88% 897, 90
91% 7,680
63 Mch 29 93 J ’ ne 6
nderwood Typew riter.
10S73 110
*103 109
110% 111
111 111% 1113. 112% 112 113
2,630 U Do pref____________ 103 Mch 31 113 J ’no 9
*7
734 *7
7
7% *7
$7
734 *7
73,t
784 *7
0 J’ly
9 Feb 0
20 Union Bag A P ap er_____
7 MaylO
13% Jan
59% *57
*57
69% *57% 59% *57% 69% *571, 69%
69% *57
59% Jan 30
563, Apr 29
62% Dec
Do pref______________
73 Jan
*105 105% 105% 105% 105% 106% 108 106
106 106 *105% 106% 1,300 United Dry Goods C o s .. 100% Jan 27 IO6I4 Feb 20
90 Aug 122 Jan
*105 1051-. *104 105% $ 105 105
105% 105% *104% 106 *104% 100
102%
Jan
6
150
99%
Aug
107
Feb
18
Do pref______________
1137, Jan
*18% 18% *16% 18% *16% 18
*16% 18
*17% 18% *17% 18%
14% J’ly
15 Jan 10 19 l-’cb 23
U S Cast I Pipe & Foundr
32 Jan
58
$5834 5834 58% 59% 59-1,
*5534 60
*56
620
$59% 5984
50 Jan 10 i OI Feb 23
49 J ’ no
Do pref______________
84 Jan
$100 $98 98% *98 100 $98% 69-%
$99% 993.,
98% *99 100
375 United States Express___
$105 Jan 27 $93% Deo 145 Jan
05
Jan
7
78-% 783S *78
78% 7834 78% 78% 78
79
78
0434 J ’ly
*77
500
78
S Realty A Im provem ’ t 05% Jan 25 7934 May29
84% Jan
4034 42% 41% 42% 41% 41% 41% 413, 413, 41% 4,500 U
41
41
27 J’ly
30 Jan 6 477, Mch 1
United States R ubber___
52% Jan
*113 113% 113% 113% *113 114
113% 113% 113% 113% *113 114
425
99 J ’ ly 116% Jan
Do 1st pref___________ 109% Jan 18 1147, Apr 10
78
*77
*77
78
77
77
77
77% *76
78
*70
78
300
69% J ’ly
Do 2d pref_______ . . .
79 Mch 1
72% Jan 31
84
Jan
77% 78% 77% 78% 77% 7773 7634 78
77
78% 767, 77% 388,800 United States Steel_____
01% J’ly
713, Jan 3 82% Feb 0
91 Jan
118-% 110% 118% 119% 118% 119
1183S 118% 118% 118®, 1177, 1181, 10,246
Do pref______________ 116% Jan 3 1207, Feb 4 110% J ’ly 126*, Jan
47% 47%
47
4734 47% 48
47% 47% 47*8 48% 47% 48
16,650 dUtah Copper___Par $10 $425, Apr 19 $18% May24 133938 J ’ne $00% Jan
5833 69-% 583,. 69
593, 60
69% 60
60
7.825 Vlrglnla-Carollna Chem__
68% 69% 59
17 Feb
57 May2o 703, Feb 28
06% 0*1
*124 126 *124 126 *124 126 *123 120 *123 127 *124% 127
Do p r e f._____ ________ 1224, Apr 22 128% Mch 15 117 J ’ly 129% Jan
*172 175 $175 175 *172 175 ♦172 175 *173 175% *173 175
80
ells Fargo A C o . . . _ $160 3 an 18 177 May 20 144% Deo 195 Jan
W
81% 82
81% 813,
9,315
81% 82®, 81% 82
81% 82
82 827,
estern Union T e le g ..
50 J'ly
71% Apr 18 84% Maj’24
78% Mch
75% 77% 76% 77
9,800 Westlngh’scEl AMfg assen 0473 Apr 19 79 May29
76% 76% 76
75% 761.,
76% 76% 75
49% J’ly
82% Jan
100 Do 1st pref___
*115 119 *110 119
118% 118% *118% 119 ♦110 118% *110 118%
110 Jan 14 123 Jan 5 110 May 130 Feb
*240
9%
*32
67
58%
* ___
53
*98*4
93
♦132%

9934

B A N K S AN D T R U ST COM PANIES— B A N K E R S ’ Q U O TATIO N S.
Banks
Brooklyn
Broadway 1
Coney Isl’dT
F irs t______
Hillside!)__
Homestead!
Mauufac’ rs’
Meohanlcs’li
Montauk . .
N assau____

Bui

Ask

385

400
155
310
125
115
425
240
150

290
410
225

-

Hanks
Brooklyn
Nat C i t y ...
North Side
Foople’s ___
Frosp’ctP k’i

Bid

Ask

Bid

285
150
158
135

300
170
165
145

142%
1000
305
105
300
507%

trust Co’ s
N Y City
B’ way T r . .
Central l’r . .
Columbia . .
Commercial
E m p ir e ___
t rust Co’ s
Kqiilt’ blo Tr
Farm Lo&'l
N Y City
Fidelity . . .
A s t o r _____ 347% 357% Fulton ____
Hankers’ Tr 650
080

220
300

Ask
148
1050
310
115
310
515
1525
230
- -- -

1rust C o’ s
Guar*ty Tr_
Guardian Tr
H u d s o n ___
Knlckerb’kr
Law T I&Tr
Lincoln Tr.
Manhattan
Mercantile .
Metropol’ t’n
M utual____
Mut Allncc

Bid
810
135
140
285
245
123
400
Tib
475
132%
125

Ask
820
150
205
25)
135
735
__
130

I rust Co’ s Bid
NY LlfeATr 1100
N Y Trust.
Standard Tr
lltle G u * Tr
Tr Co of Am
Union Tr . .
US Mtg-Si Tr
Unit States.
Washington
Westchester
Windsor . .

400
485
365
1230
475
1150
360
159
05

Ask
1120
625
95
410
49J
1250
485
1175
375
160
100

j • *BId and asked prices; no aAleo on this da y. $Less than 100 shares, t Ex-rlghts. b New stock, e E x-dlv and rights, d Now
L.’ tSale at Stock Exchange or at auction this week. 3 E x-stock dividend. IBanks marked with a paragraph’ (I) are*State banks




trust Co’ s
Brooklyn
Brooklyn Tr
Citizens’ ___
F la tb u sh _
Franklin___
Hamilton _ !
Homo . . . . .
Kings Co .1
L Isl L A Tr
Nassau . . . .
Foople’s
Queens C o.

Bid

At*

440

450
130
215
195
275

120
200
180
206
100

605
315
165
300

100

no

325”
165
310

120

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. I 190!), the Exchange method of quotin'/ bonds wets changed, a x l prices are nou> all—" a n l in tsresl"—except for into ne and defau lted bonds.
HON DM
N. y . STOCK E X C H A N G E
W kek E ndino .Tune 9

J8|
.
5V

PrUe
h-i-m v
June 9

Week's
s 2 ' Pangs
Range or [.go, Sines
Last Sale p ^ i'y a n tm ri/ l

BOND N. T. STOCK E X C H A N G E
W ans Rndinu JCNitO

2'C

Price
S-rtdau
June 9

Range
since
/aweary 1

Week's
Range or
Last sa le

Bln
asic Low
Jiigii Ho Low H igh
As/c Lota H 1{/A) A’o Low H igh C entol (*a HR—( con
3d pret income g os stamped. |_ _ 05
08 , 85 4 Get ’ 1 0 ...........................
100'* lo t *8A pr l l ' — 1l o i 4
Chau
Dir
pur
mon
g
48.1051
ji'u
8
8
4
........
1
87V
F
eb’
l 1 ....': >7V 87V
........ llOl May’ 111____101
101V
M u A N or Dty 1st g 6s. 1941* j . j
lotj ........ 100 4 Mat’ l l
.. . l o s t 1064
102 4'102 A p r’ l l ' ___ 102
1034
Mhl G a * A lt Diy 5 s ....10471 j . j 1 0 5 V ........ 115
N ot ’ oo
'....................
1014 M a y 'll
1 0 1 4 102V
Mobile Ely 1st g 6s....... 104(H j . j
10UV 11<>4 1093, M a r 'll . . . . U;8V 1093,
1014 J ’l y ’ io
Jen R R * B otG a col g os 1037jiv«.>| lO l3, U>7 101 4 A p r’ 11 . . . . Hu 4 102
ill
1144 116 114
3; 114 110
1144115 110 A p r ’ t l - - 1 1154 116 V Ueutoi A J gerPlgohl 5s. 1087 1j . j 122V 1224 123 k -O il . . . . 122 123 4
Registered.................a 1087! q . j
122 1 29 4 1224
May 11. . . . 122
1004 101 1004 100 4
1004
Am D o c k * Im pgu 5 s . .l 0 2 1 i j . j 1004 107 4 107 *8Mur 11;___ 1 0 7 4 1084
Ee * Bud R g c n g u g d s 1020* j . j 1 0 3 4 ........ ........................ I . . . . ! ....................
f o r e i g n (io T crn m m l
Eeh * Wilks B Coal 6 s ..I0 l2 ,j(.N 1 0 0 4 ........ !1004 A pr l l 1. . . . 101J4 1004
Argentine—Internal 5s ot 1909 M. 8 > 9 7 4 97*4 37 V
07V 12 9 7 4 99
N y * Long Hr gen g 4s 1041 Im.-S
00 V ........ I 09 V D e o '1 0
‘ ....................
Imperial Japanese Goveruiu't
Pacino see Bo Pacilic Co|
Sterling loan 4 4 s ...........1925 F A I ? 4 4 04 V 9 44
94V
93V 95V Cent
Vermont 1st gn g 4s.el920 q . f
99
00V! 90**May’ 11
8 7 4 92V
2d series 4 4 s ................ 1925 J -J < 94 4 i'4'V 1’ 4 4
914
93V 95% Cent
Chas * aay see Atl Coast Kind
Sterling loan 4 s ............1931 J .J * 884 89 4 80 i l a y 'l l
87 4 90
................... '100 N ov’ 10
d i e s * Ohio gold Os........a lO lllA -u
Repub ot Cuba 5s exteu debt.. M S 4 ........ 1024 103
103
24 102 4 104
Gen fu n d in g * im p t58.1029’; j . j 1033, 105 V 104 V 1ij4 4 111)102 V 1004
External lean 4 4 s ........ 1949 F-A * V84 99 4 9 8 4 M i f l l
97V 100
le t cousin g os................. 1039 M-N 112 V Bale 112 V H 2 V 1 7 1 1 1 V 1134
Ban Pauio(lSrazil) lruat5s 1919 J-J 4 97 4 «7<V 97 4 J ’ne’ l l
97 97 4
Registered.............— 1030 M-N ...................'l l l » . May’ l l .. ..i i l l l V 1 H V
U 8 ot M exico s 1 g 5» ot 1809 Q-J 1 95 4 9 4V '•54
17 96 V 98
90
General gold 4 4 s ............ 1092 M-S 101V10134;1014 " I V 73 100V '0 2
Gold 4s or 1904................1954 J-D
91®, Bale 91
17 91 94 4
924
Registered.....................1992 M-S LUU . . . . . . 00 May’ l l ...iilOO 100
t r * * * * a re pr ices o n ties b aw.i ot $5 to £ .
96V 150 94
97 4
Conyertlble 4 4a ............ 1030- F-A
0 0 4 Bale 9 6 4
S ta te and City S ecu rities
d7
89
siK
Baudy 1st 4 a .............104V J-D
85
87 4 87 May (11
200 ,0 0 s, 103
N y City—4 4 s ................... 1960 M-b ' 102 V Sals
85 May’ l l
85
85
Coal K ir Ry 1st au 4s ..1045 J-D
83
86
4 4 s recta int fro Jan 24 1980 M-S 104°8 sale 104 V 1047» 2251
Craig Valley Estg 5 s....1 04 0 J-J lt>2V . . . . . . 102*4 A p r’ l l
102V 703
4% Corporate Stone.......1060 m -N 100‘* salt IOO
1004 147 98V 1004
90 Jan '00
Potts Creek Br 1st 4 s ..1940 J -J
00V 85
4% Corporate b lock .___1968-M-N 100 Sale 100
1004 30) 9 8 4 1904
K * A D ir 1st con g4»..lt)W 9 J-J
05 V
9u 4
06 V 90
9 5 4 96
New 4 4 s ......................... l967iM-N 1084 109 U )8 4 j ’H«’ H
1004 109
9 0 4 02V
2d
consel
a
4
s
,..............
1080
924
924
00
92
V
J-J
103
M
a
y'll
1
0
1
4
.......
New 4 4 s ......................... 1.'171.M-N
Warm Spr Val 1st g 5 s ..1041 M-S 106 1084 113 4 F eb '05
100 4 109 4
4 4% Corporate Stock ..1957 M-N 1084109 1084 " 8 V
05 Oct *10
Greenbrier Ry ls t g u g 4s ’40 M-N
86
102 103
4 4% usseksiut bonds___1917!m -N 102V 103 102V May’ l l
72 V 73V
73V 73*4 May’ l l
lo o t
08 V 190 4 Clue * A lt RR ref g 3 s . ..1040 A-O
4% Corporate S to c k .... 1957 M-N 1 004 »al* 100
Railway 1st lien 3 4 a ...1050 J . J
684 714
6 8 4 03V
90
10441064
N y State—Canal Im pt4s.l9o0 j . j 1004 Balt 105V 109 4
Registered..................... 1050 J -J
75 Oct ’00
Bo Carolina 4 4S 20-40....... 1933 j . j
98 ....... l ( '3 4 J ’ly '1 0
Chic
B
u
r
l*
w—Deny
X»4s
1022
90
4
M
a
y'll
99
90V
*9*94
F-A
‘
*0*9*4
0 0 " ”9 7 "
97 ila y ’ l l
Tonu now settlement 35.. 1913 J-J
904 98
Illinois Diy 3 4 s .............. 1040 J-J
16 87 V 8 8 4
87V 88
87 V
80 A p r’ l l
80
60 4
80 .......
Virginia fund (loot 2 -3 s ...l0 9 i j - j
Registered.....................194*> J .J
88 S e p ’ 10
07 4
60
6 8 4 128' 40
6s deterred Brown Bros etts.
67
59
Ills D it 4 s ....................... 1949 J .J
09 4 Bale
09V
90V 34 99 V 100V
Iowa Diy oink fund 6 s ..1019 A-O 104 V
104*4 D eo’ lo
ituilruni.
Sinking fund 4s.............1910 A-O
U«V 0 9 V 9 9 4 May’ l l
V9V 99%
lununm
Cent
See
bo
By
A la bn .Midi See A t Coast Lino
Nebraska r,xtension 4a.1027 M-N
9 9 4 May’ l l
06 V 99 4
98V 99
98 ■» Mar’ j l
Registered..................... 1927 M-N
98 V 98 V
Albany J* Susq See Del * Uuu
Southwestern Div Is___1921 M-S
90 F e b ’l l
00 00
91)
Allegheny Valley See Penn UK
Joint bonds See Great North
AUog * West, *ve« Bun U * P
l
'l
O
l 1 01 4
1913
Debenture
6s...................
M-N 1014101V 101V 191V
Ann A rbor 1st g 4s........./ilUOd Q-J
82
62
80 4 84
7 8 4 85
Goneral 4 s........................ 1968 M-S
67! 96V 98
96V Salt
96V
00
A t o liT * 8 Fe—Gen g 48.1995 a -O
30 Sale
997i C in
984
99
08
o
*
s
ll
ii
e
f
et
imp
g
4s
1955
8
1
4
82
81V
81
12.
SI
S3
077. M a y'll
Registered....................... 19!)5 a -O * ........ 98
J-J
97 V os\
1st consol g 6s..................1034 A-O 120V....... 127 Jan 11 ___|il27 127
Adjustment g 4s.......... A1990 Nov ........ 92
914
01 '4
90V 0 2 4
General consol 1st os___1037 M-N 11UV 1114,1 l l J’ne’ l l
,1,109V U IV
R egistered................. A1095 Nov
92 J a n ’ lb
90 .......
Registered.................... 10
_ -«a: 11
! 108*4 708V
M-N ...................108V
Stamped...................... *1995 m -N
01-V 91V 9 1 4
9 l 8®
"904 0 2 4
Ohio * i n u c Ry 1st 6s. 1030 J-J 109V
109V M ay H i....1 1 09 V MOV
Conv 4s issue ol 1009... 1955 J-D
114V J’ne’ l l
- . 105 1 !4 V
Ohtortge
*
Kne
See
Erie
Cony g 4s..........................1966| j . i ) i 15 4 Balt 116
HO
- - - 335 1054 1154
8 54
8 5 4 2 6 7 m 84V 8 6 4
35 V Sale
Cony 4s (issue ot 1910). 1900 j -D 105 V TJale 105
106V338«Sl024 106 V Ohio Gt W estern 1st 4s...l9 5 9iM -S
10-year oouv g 5 s ........ lt< 17ij.n I I 6 4 Sale 1154 1104 283; 108 4 1164 Cine in * i.ouisy roi i>.->...104< i j . j 1274130 V 128 M a y 'll __I;127 128V
uetum iing goid6s.......... 1047 j . j
107 4 111 111 ^ p i ’ l l ....',111 111
9b V Jan ’ lo
Debentures 4s Series J.1012 F A
05 V
05 . . . .
Refunding 4s Senes C ..1 0 i 7 i j .j
03 V <U'* ’ l l ___'! 05
99* May'l 1 .
Serios K ......................... 1913; f a
09V 00 V
1004 May’ l l . . . . 100** 1004
i-o u n i
A * (-a i s l ds.lO l l F-A
East Okla Div 1st g 4 s..1928 M- s
0O?»
9 04 0 7 4 90 4
004 0 7 4
0 2 4 9 34
02 02V 92 4 M ar’ l l
94 4
Short Erne 1st 4s g ........ 195a1j . j
93V 9 4 4 04 4
0 24 04 4 C h i e l n d * Bou50-yr 4 s.. 1056 j . j
1' 1024 102 V
102 4 lO'-iV
102 4
8 Fe Pres .4 Ph 1st g 5 s .1942|m -S 1094 109 4 1UU 4 May’ l l .
109 4 100 4 Clue MU * Bt P term g5 s 1914
General g 4s senes A . .*1989
34 08 4 99 V
98V Bale
i)3V
99
Atl K nox «Ss N See E * N
|
Registered...................a.1980
00 4 J a n ’ l l ___ 90 V 9 9 “
95 V
Atlantic Coast 1st g 48.A10C2 M-8
9 6 4 95V 95 4
03V 96
General
g
3
4
ss
e
n
e
s
B.eliiBO
S3
May’
l
l
___
86V 88 V
87 4 89*"
Ala Mid 1st gu gold 6s ..1928 m -N 1074109 108 Mar’ l l
108 108
25-yr deoen 4 s ................ 1034
93 V
02 4 Bale 024
92
32 02
, B ru n s * W 1st gu g 4s ..1 9 3 8 'J-J
95 V ........ 06 4 M a r 'll
05 4 9 5 4
Chle * E Mu D ir g 5s___1021
1004 107
10«V 107V luOV May’ l l
Charles * Bay 1st g 7s..193d! J. J 1 3 0 4 ........
1 0 0 4 ........ 108V A pi ’ l l
Clue * M oR iy Diy 5a...1026
i o 8 v io »
914
E * N coll g 4s............. ol952 m -N
9 44 Bale 94
02V 9 8 V
C h ic * P W 1 s tg 5 s ....... 1921
1074 108 107 -j 107:, 11 li.'hV 1 074
Bar F * W 1st gold Os..1 9 3 4'A-O 120 128
1244 I26
D a k * G t B e g S s .............1016
103 4 104V 103 4 May 11 . . . . 103 4 103 4
1M)V 1114
1st gold 6s.................... 1934 A-O 111 ....... 111)*, May’ l l
114 V May’ l 1
114 1144
Dubuque Diy l s t s f 08.1020-'J .J 1134
97 4 M ay'll
90 100
811 Bp Oca * G gu g 4s ..191a! J-J
9 7 4 97 4
m e o* oou aesu g os....... 1024 j . j 116V
117 4 J a u ’ l l ;..., ,117V 1174
Atlantio * Ban v See Bouth ltyi
j . j
105
V G ee’ lb
E
aC
reese*
D
1st
5s___1019
105
4
Austin * N W AesSou Pacilic
106 V 107 4
Wls * Minn D iy g 5s___1921 J-J 1064
106 V A p r’ l l
* Ohio prior 1g 3 48.19251J . j
9 2 v o e v 024
024 03
99V
B altRegistered...............
MU * No l s l cons 6s___1013 J-D 103V
103®, F e b ’ l l
103V 10SV
*1 92 5 'Q-J ........ 924 0 1 4 May’ 11
014 914
Extended 4 4 s .............. 1013 J-D 100 4
08
06*4
08
99 4
0 8 4 Sale
Gold 4 s .......................... *1948'A-O
HO
109 V 110 4 110
1 0 0 V 112
R egistered.................*1948' Q-J ........ 034 08 ilo y ’ l l
07
98 4 C h ic * A orthw cons 7s___1016
98
09*4
99V A p r 11
Extension 4s.........1886-1026
U 2 4 l ) e c ’ lo
00 v 99
Pitts Juno 1st gold Os... 1922'J . j 1124
09 ALay i l l ___l 07
Registered.......... 1886-1926 F-A
98 4
P J u n A M lJiy 1st g 3 4alU26 M-N
87V *8SV
87 4 ......... 88V May’ 11
General gold 3 4 s .............1087 M-N **86V **8*7 4 8 7 4
o 'V 15 88V 8 8 4
P E E * W V aB ysrel 4sl941 M-N
01
92 4
01
91V- 9 14
R
egistered.................p
lu
a
t
03
V
A
Pr
’09
Bouthvr Diy 1st g 3 4 a ... 1925 j - j
834 914
0 1 4 Sale
914
General 4 s ...................... 108< M-N
934 43 i 9MV 99 4
98 V Bale" 08V
R egistered.................*1925 q -j
80 4 Apr lu
8 8 4 90
112 112
oinking fund tts... 1879-1029 A-O 1 1 1 V ........ 112 J a u ’ l l
Oen Ohio R 1st 0 g 4 4 s..lU 3 0 :M-s
08 ........ 103 Mar* 10
Registered.......... 1870-1929 A-O 1 1 0 4 ........ 1 l 1v A ov’ 00
110 D ec’ 10
C lE o r * VVcon Istg fia 1938'A-O
Sinking fund 6 s ...1870-1929 A-O 107V 1984 107 V May 11
,106 107V
» Motion RiV 1st gu g 5 s ..1919 F-A 1024 i o S " 1 034 b o b ’ l l
Registered.......... 1879-1929 A-O 107 4 ........ 1074 M a y 'll
1074 1074
Ohio Rlyer RU 1st g 68.1930' J-O 109 V ........ 1094 A p r’ l l
10VV 109 4
Debenture 5s................... 1021 A-O .........106 V 100 l e u ' l l
106 106
Geueral gold 6s........... 1937 A-O
100 103 100 4 May111
107 100 4
Registered.....................1021 A-O
1 064 k e o ’ io
Pitts c ie y & T ol 1stg os 1922 a -o 1 1 3 4 ........ 1 134 E eb’ l l
1134113V
Sinking fund deb 6s....... 1033 M-N 1004 ...
100 A p r’ l l
SiuS v ib*9**
Pi t t s * West l s t g 4 s . . . 1917 J-J
97 V ........ 07V F eb ’ l l
07V 07V
Registered.....................1933 M-N 1 084 .. .
107V A p r’ l l
107 4 1 0 8 4
80 ......... 100 N ot’04
8 tat ls l Ry 1st gu g 4 4s 1943 J -D
115 1164
MU E a * West 1st g 0s 1921 M-S 1U V 115V 116 4 M a r'll
Beech Creek see N V C * 11
1094 111
E x t * Imp efund g 6s 1020 F-A 1 0 9 V ....... 111 .May’ l l
Bellev * Car see UtinoisCeni
Ashland Diy 1st g 6 s..1025 M-S U 7 V ....... 1424 F e b ’02
Bruns * West see Atl Coast E
118 118
H leh Diy 1st g 0s.........1024 J .J 1 1 7 V ....... 118 Jan 11
Buffalo N V * Erie Set Erie
Ohio Reck l s l * Pao 6 s ...1017 J .J 1 0 3 V 110 1O0V ‘ uo'17l___ !io 9 v n o
Buffalo U * P gen g 6 s ...1937 M-S 113 ....... U 3V May’ l l
Registered.....................1017 J-J loO v ....... 100 Aug’ 1 O'
108V 108 V
Consol 4 4 s ..................... 1957 M-N l o « 4 ....... 108V lo S V
07 Feb’ l l
97 4 Sale 07 4
General gold 4s................1088 J-J
.“ V 26; *9*<i" *9*b*v
07
07
074100
A l l * West 1 stg 4 s g u ..1998 A-O
Registered.....................108b J-J ........ 97 4 08®, F eb’ 10
01 * Mali 1st gu g 5 s ....1 94 3 J-J 1 0 3 4 ....... 103 J ’I y ’08
Refunding g 4 s .............. 1034 A-O
82 4 dale
80 4
00 4 471 88 4 90
1144 1144
ROCil * Pitts 1st g Os...1021 F-A 1 1 4 4 ....... H 4 4 1144
Coll trust Senes J 4 s ....1012 M-N
97 V J ’l y ’ io
Consol 1st g Os.............1922 J-D 1 1 0 4 ....... 1107, Star’ l l
11041104
ill 96V 0 7 4
72 Mar’ 10
M i s ................................ 1015 M-N
96V
Bull * Susq 1st ret g 43.K10011J -J
00 V 97 4 90V
90
•N4s................................ 1016 M-N
Bur C it * N See O R 1 * P I
90V 94 DCO’09
944
May’
10
M-N
O
4s.................................1917
lan
Bo
1st
ext
O
s
...........
1913[J-J
c
1
0
2
4
1
0
3
4
06V
1024
3alo
1024
102V
CJ2d 6s................................ 1013 M-S 10U4 Sale 1004 l0 ° 7» 10 1 004 101V
1 Ol3, 9434
P 4 b................................ 1918 M-N
04 4
04V
9 4 V .......
7634 sale
75 i
70
210 72V 77
Chle R I * Pao R R 4 s..2002 M-N
Registered.....................1913 M-S
100V J a n ’ l l
100V 100V
7 44 7 4 4
744 Feb’ l l
Registered....................2092 U N
Curb * aiiawn See III Cent
934 94
04
04
93
R 1 A rk * Louis 1st 4 4s 1934 M-S
94
Carolina Cent See Beab A ir E
112 May’ l l . . . . ' U 1 4 1 1 2 4
Carthage * Ad See N V C * 11
B U f O H * -N— 1st g 68.1934 A-O 111
1204 M at’03
Registered..................1934 A-O
Ced R la F * N See B C U & N
1004 F e b ’ l l : ; : : . i o 0 4 i b 8 4
C B I F A R W l s t g u 58.1921 A-O
Cen Branch Ry See 51o Pao
I!.
M * Bt E 1st gu g 7 s.. 1927 J-D
Cent ol Ua R R 1st g 6 a..p l9 45 F-A 1 1 1 4 ........ 1124 1124
3 11241114
Clioe Ok A G gen g 5s .01919 J-J 102V K'3 102V May’ l l ...." 1 0 2 4 I0234
Consol gold 6s................. 1946 1I-N 108 4 Sale 108
103 4 16 107 4 100
1094 100 4
Consol gold 5s.............. 1952 M-N lo 7 103V 100 4 F e b 'l l
Registered.....................1945 M-N 1US 108 113 A p r’0 0 '.. ..- ................
&U00 103
Keok * D»s M 1st 5 s ....1 92 3 A-O 101 102V
1st prat income g 5 s ....p l0 4 5 Uct 1074 Bale 107
107 4i 10 100 108
Stam ped........................................ 1004 1084 1004 M a y 'll . . . . 1004 1 06 4 Jlno md d * N c see 1U Cent
00 102 100
IOO | 6 1 05 1004 Jluo ttt E * Pitts see Penn Co
2a pret income g 6s___pl945 Oct
,'hle Bt P M & C con 6 s . ..1030 J-D 124V 125V 124V May’ l l __ ';124, 1 2 5 4
09 102 100 May’ l l ' . . . . ' 100 IOO
2d pi el income g 5s stamped . . . .
93 D ee’ 031 11.......
I Cons 0s reduced to 3 4a. 1030 J-D
08
08 i 10, 85 102
05
98
3u pret income g 0 s ....p lu 4 5 Oct
8 04 ...
L( a* (lovenuiiiHK
9 S 2a consol registered, d 1030
9 S 2s consol cou pon ....(11930
U S 3s registered............ *1918
J S 3s coupon................... *1918
0 8 3s cou small Ponds..*1918
\J 8 4s registered....... .....1 9 2 5
U S 48 cou p on .....................1926
H S Pan Can 10-30 y r 2e.*193t>

Bid
lo u v
100 V
101 4
1014

101%

10; 1004

102V 102®,

10041044
1014193

120

120

st;;

10241924

112V113

iVUMJEEEANEOUSi BON 1>^—Continued on N ext P nge.
S treet R a ilw a y
Brooklyn Rap T r g 6s
1946 A-O
1st refund oony g 4s___2002 J .J
BkUlty 1st con 5s.1016.1941 J .J
Bk <4 Co * 8 con gu g 5 s .1041 M.N
B k Q C o * S 1st 5s.......1941 J .J
fikiyu Uu El 1st g 4.6S.105O f -a
Stamped guar 4-5S....1060 f - a
, Kings Co El 1st g 4s___1042 F - A
Stamped guar 4 s ........ 1049 F-A
Nassau Elee gu g 4 s ....1951 j . j
Conn Ry * E 1st * ref g 4 4s '61 J.J
Stamped guar 4 4 s ........ 1961 J J
Det United 1st con g 44S.193V J-J
Hayana Eleo consol g 6s. 1062 F A
Inter-Met coll 4 4 s ............1056 A-O
Inter Rap T 6s Scr A . . . . 1062 M-N
Internal Trao coll tr 4 s..1049 J-J
Manila Eleo 1st * coll 6s. 1053 M-S
L *N o price Frldayi latest this week.




S treet K ail tro y
Met St By gen ool tr g 5s. 1997 F-A
79 Sale
Ref g 4 s ,........................... 2002 A-O V........ 48
B rrsyA vth A y ls t o g u s 1943 J-D .........102 V
Col * Otfl A y 1st gn g 58.1003 X-S
Eex A y * P F ls t g u g6s 1003 M-S
99V 101
Third A re RR con gu 4s 2000 J-J
70 4 bale
102 Bale l b i ‘4 1U3
14 too 4 io iiv
C en tT r Co certfs stm pd...
70 SaU
100V 10a
100 V 102 4 102 M s y l l
Third A r e Ry 1st g 5 s ..1037 j - J i o » v n o
84V D ec’ ll
........ 86
833, 94
N o n Ry * Et sen 4 4 s ..1035 J-J
84
85
” 4 ’ *8*2*4 85
83 4
85
UK
St Jos Ry E tH & P 1st e S s'J, il-N
2 78
81
90V
7 9 4 80V 7 9 4
101V l o i 3, si Paul City Cab con g 68.1037 J-J 1 0 6 V ........
10IV 102V 101V A p r’ l l
102 ....... 101 4 Apr 11 . . . j 101 102
Tri-City Ry * l>t 1st s f 68.1923 A-O
93 V bale
82
80 4 82V Underground et Lon 5 e ...l0 2 i VI. N •••• •
........ 82 4 82
........ 98 V 07 Mar’ ll
4 4 s .................................... 193.- J-J
Bft" *96*V
0 4 4 «7 4
7 04 Bale
64 Sale
Income 0 s......................... 1048
70 V
79 4 32*9 78V 80
104
103 V 104 V 104
0 103 V 1014 Union Et (Ohio) 1st g 5 s.. 1045 A O
_ 8 1 L,
United Rys St L 1st g 48.1034 J.J
......... 80
67 V Mar’ 10
90 . . . . . . 08 May’ Oti
United B B S1Ban
"
“F rs f 4I a .1927 A-O
6 9 4 70V
UFlak aD ueJan it Duo Ayr sD u eM a y y D u s J ’na ADue j 'l y kD u » Aug oDne Out
103V 104 103V 103V 11 102 104
86 Bale 85 4
804 444 82V 90 V
1014103
.........102 4 1014 J'n e’l l
98 D eo’ lb

70
79
48 May’ l l
102 V J’ ne’ l l
100 Jan 11
100 A pr 11
70 4
7063
70*t
109 V 109 V
85 M a y 'll
98 N ov’oe
106 V A p r 'l l
98 V
98
98 A p r’oO
P'43,
05
63
64
84 Oct ’08
80 Aug’ 10
69V
70
p D u eN oT

73V
454
lo l4
100
99 4
T o 60
7ei 58 V
10 100
.... 84
6

....
....

79
43
102*4
101
100
70 4
70 V
111
86V

ICO 106V
*1*3 07 s, 99
............ . . . . . .

’ 87
132

90 V 95
38V 64

.....

......

6 *09
72 V
t Option 8al« _

1234

1548

New York Bond Record— Continued— Page 2

BON DS
•5-2
V.
IT. T . STOCK E X C H A N G E
W eek E ndino
J
unb 9
__________

JYields
Range or
Last Sale

P r ic e

Friday
June 9

Range
Since
January 1

BONDS
N. Y. STOCK E XC H AN G E
W eek Ending J une 9

Price
Frida))
June 9

[VOL. LXXXXII.
Range
Since
January l

Week's
Jiange or
Last Sale

Ciiio St P M & O—(Con)
Sin
Ask Low
High WO:\Sow High Erie A Pitts See Penu Co
Ask\Low
High A’o I.ow High
Ch St P Aj Minn l s t g Os 1913 M-N 123*8........ 124*s May’ l l ■— 124 125*i, Evans A T H 1st cons 68.1921 J . j Sid
.12*1...... 112 *8 May’ l 1 . . . . 112*8 113
N or Wisconsin 1st 63...1 93 0 j . j --1298,
May’O0
1238,120
- n »
|J
L
MX
IX. I*J
p
1st general gold os.........1942 A-0 102 Sale 102
8 101 102
102
8 t P As H City 1st g 6 s ...1910 A-0 1121, 112*4 112 >4 112*4
2 ;11178 112 *4
Mt Vernon 1st gold 6 s.. 1923 A-0 107*3....... 114 A p r’05
O h io * W estlndgeng0s<?1032 Q-M 109*.,
109 May’ l l — 1109 109*4
Sail Co Branch l s t g o s .1930 a - o
95 .......
95 J ’no'08
Consol 50-year 43............1952 J J
023, 931 03
93
" 92*8 93*3 E'argo A So See Ch M A St P
Chic A W Mioti See Pere M aro, '
• lint A Pere M Nee Pere-Mat
Choo O As Gulf See O B I As P I
Fla C A Penin see sea Air Elno
° % H .<S’<P,2.d goW 4 ^ s ...1937 J . j 101'4 1013s 101 *4 May’ l l
Florida E Coast 1st 4 ha. .1959 j . d
101
101*4
97 *3 Sale
98^
97*3
07*4. 192 05
Cln D & I 1st gn g 6 s ...1941 M-N IO314 105 103 Mar’ l l
102*4 104*4 Fort St U E Co 1st g 4 ‘28.1941 j . j
90
95
02 Aug’ 10
t W 1 st gu 4 sg .’ 23 M-N
8S*» 90
88 Mar’ l l
Ft W A Bio Gr 1st g 4 s ... 1928 j . j
88 88
83
83*a 83 M a y'll
82*3
84*3
88
89
88 M a y'll
P1*}
A?1 * u R 43.1953 J.J
1 1al Har A S A See So Fac Co
88 88
Ind Bee As W 1st g 5 s...1935 j . j 105 . . . . 105 May’ l l
103 105
* Tfal H As H of 1882 ls t 63.1013 A-0
97*3 100
07 *•, J ’no’ l l
97*3 98>a
n 1 ^ p a r gold 53...........1935, J.J
107*3 Eeo ’02
Georgia As Ala See Sea A Eine
0 I St L & C (See O O C <6 St E
Ga Car As N or See Sea A Eme
Cln S & U See 0 C C St E
I
Georgia Pacific See So By
Clearfield As Mali See 11 R * p
Gila V G As Nor See So Pao Co
Clev Cm C As s t E gen * 4 s 1993 j . 0
947.
94*,
944*
94*4
Gouv A Oswegat See N V Cent
93*3 05
Cairo E ly 1st gold 43___1939 J.J
92 F eb ’ l l
Grand Bap As Ind Nee Penn B it
92
92
Cin W As M Div 1st g 4S.19911J . j
93** 9 3 'g Eec-10
91
Gray’s Pt Term See St E S W
8t 1, E ly 1st col tr g 4 s.. 1990 M-N
91
93 Hi 92*4 A p r’ l l
92*4 94
G tN o r—C BAs Q coll tr 4s 1921 r j
977, 650 95*3 977,
97 *2 Sale
97*4
Registered................... 1990 M-N
91 Oct ’07
90
Keglstered. A ................... 1921 q -J
97'*8| 9 96*8 98*8
07
Spr * Col E ly 1st g 4a..1940 M-~
90 E e c’09
St Paul M As Man 4s___1933 j . j
09 *8 May’ l l
99>s.......
08*3 99*8
W W Vai Ely l s t g 4 s ... 1940 J .
90>s......... 91*3 D ec'10
Istcou sol gold 6 s.........1933 j . j
126*8....... 126*8‘, ’1*o’ 71
20 127*4
0 1 St E As C consol tis..1920 M-N 1C9 ........ 10634 J’ ne’ l l
106*4 106*4
Registered..................1933 j . j
132 A p r’O
1st gold 48............ ....£ 1 9 3 0 O-F
96*3........ 97 Mar’ l l
96
97
Reduced to gold 4*38 1933 j . j 105*8
106
106
7
105
106
K eglstered.............. £1930 O-F
94*3........ 90 Aug’ 10
Registered.............. 1933 j . j
108*4 J ’no’ 09
Cm S A Cl con l s t g 5s. .1928 j . j 107 ........ 106*4 J an’ 11
106 106*4
Mout ext 1st gold 4 s..1937 J-E
06*4 May’ l l
05 >3
II' "06*i "98*3
0 0 0 * 1 consol7a.........1914 J-E 10734 ......... 10778 May’ l l
107*8 1077,
Registered................. 193? j . e
95
08 100*4 c o t ’06
Consol sin It fund 7s__ 1914 J-D
E M iun N orE ivlst g 4sl948 A-0
09*4 Jan ’ 10
96*8
General consol gold Os. 1934 j . j 123
6*4 F eb ’ l l
125*4 125*4
Minn Onion l s t g 6 s ..1922 J .J 114
115'n A p r’ l l ... J 115 *3 U0*4
Registered..................1934 J.J
M ontC 1st gu g o s ....1937 J .J 128 129 hi 128*8 May’ l l ...,]jl2 7 128»a
Ind 111 A W 1st pret 43.1940 A-0
94 j'iy*’ 08
Registered................. 1937 j . j *125*3 . . . . 136*4 May’06
O Ind * VV 1st pf 5 s ...((1938 0 . J
1st guar gold 6s....... 1937 J .J
112*3 114 112*3 A pr’ l l ...I 112*3 112*3
Peo & East 1st con 4a...1940 A-0
91*4 92
93
W i ll * S F 1st gold 5s 1938 J-D 112*a . . . . 112*4 Feb’ l l ...ll112*4 112*4
Incom e 4b...................... 1990 A Dr
45 4 47
47
1
01*3 Greenbrier Ry See d ie s As O
Cloy As Marietta See Ponu lilt,
Gulf As S l 1st ref As t g Os 61952 J.J
89
90*i 00 >3 May’ l l
88 *8 91*4
Clev * Pitta See Penn Co
see N Y N 11 As 11
ll
H ousatonio
Col Midland 1st g 4s........ 1947: J . j
05
64
66
23 62
64 *3
69
00k Val 1 s t con sg4*a s.1999 J .J 102*4 103*4 102*4 103*4 12 101*4 103*8
Colorado * Sou 1st g 4 s ...1929 F-A
95*4
05 *3 3al«
7 94Ta 97*-j
95 *3
Registered........................ 1999 J .J
100*3 S op ’ 08
Refund As ext 4»3S.........1935 m -n ........ OS’ s 98*4
98«, 80 97»« 98^4
Col A> H V 1st ext g 4 s.. 1948 A-O
05 May’ l l
95
05
F t W * Een O l s t g Os..1921 j . d ........ 1127, 112*4 112*4
2 112*4 113
Coi As T ol 1st ox 4 s ....... 1955 F-A
06 F eb ’ l l
95
06
Ooluin A Greeny See So B y
H oust K As W T ex See So Pac
Col * llocit Val See H ock Vai
Houst As Tex Con See So Pao Co
Col A Tol See H ock Val
Hous Belt As Term 1st 58.1937 J-J 100 101*3 101*3 Fob’ l l
101*3 10l*a
Col Conn As Torrn See N * W
I lliuois Central 1st g 4 s ..1951 j . j 100 101*8 100 >3May’ l 1
100*3 103
Conn A Pas ltivs 1st g 4 s .1943
• Registered.....................1951 J.J 100
107*8 a pr’ 07
100 May’ 10
Cuba B it 1st 50-yr 5 g ....l 9 5 2 J . J
1st gold 3*38.....................1901 J.J
80>, Mar’ l l
90
80*4 90*4
& Gt Ho N esC M A sH tP
Registered..................... i *j o i j . j
89 A p r ’ l l
89
89
D ak
89
allaa * Waco See M K * T
Extended lstg3 *3 S ....... 1951 A-0
88
03*a May’ 09
Eel Hack * W e ste rn 1st gold 3s sterling.........1951 M-S
80 J ’l y ’ 09
M o r ris * Essex l s t 7 s . . . 1914 M-N 1077,108*4 108 May’ l l
Coll Trust gold 4s.......... 1952 A-O
103 108*4
08*8 May’ l l
08*4
98
03*8
1st consol guar 7s....... 1916 j . e 110*8........ 110*8 J’ue' 11
Registered.....................1962 A-0
110*8 111*4
06
07*. 90 J’ ne’00
Keglstered..................1915 J-D
1 U :*8 D oc’ 10
1st ref 4 s .........................1965IM-N
97
06*3 9 u*4 97
11 96*3 98
91 J a n ’ l l
1st ref gu g 3*38...........2000 J-D
90 ..
91
91
Purchased lines 3*38....1952 j . j
86*8 86\ 87 F eb ’ l l
86 87
. N Y Lack As W 1st Os...1921 j . j 115*4 120*» 115*3 J’ue’ l l
E N U As T ex gold 4s ...1 95 3 M-N
116*4 116*4
08*3 08*6 May’ l l s io 97*3 08*3
08
107*3 May’ l l
Construction 5s.......... 1923 F-A 107*8 ...
Registered.....................1953 M-N
107*3 107*3
05*4 07*4 04*4 J a n ’ 111
I 94*4 94*4
Term * lm proro 4s___1923 M-N +99
9 9\ 99*4
0»*a
99
U9>3
97*3 F o b ’ l l '
1 96
Cairo Bridge gold 4s___1960 J-D
06 *« 98
07 *3
87*. . . . . 192*8 Feb’03
W arren lst ref gu g3*39.2000 F-A
liOUisvDivAsTenn g3 hjs. 1953 J - J
80
86
8 6 'a May’ 11
.85*3 86*4
Del * Hud 1st Pa Eiy 78.1917 M-S 1167, 116 H o * , May’ l l
il6«8 i'l'd'
Middle E iv r e g 5 a .......... 1921 F-A 103 ....... 123 May’00
Begistered.....................1917 M-s
149 Aug’Ol
Omaha E iy 1st g 3s....... 1951 F-A
7 0 't
70 *a Haib 76*8
75*3 76 *8
097, 101 100
luo
: 10-yr cony deb 4s.......... 1910 J-D
98*8 100
St Eouis ElvAsterm g 3s. 1951 J .J
75*s Jan ’ l l
76
77
75*3 75*3
. le t lien equip g 4 *38 ....1 0 2 2 j . j 101*, 101*, 101«, May’ l l
101 102
Registered.................... 1951 J -J
* ISt& ret 4 s .......................1943 M-N
98*4
987,
93*8 Hale
98*4 100*3
Gold 3*38...................... 1951 J -J
8
7
‘sM
a
y'll
85
87*4
86
87 >«
A l b * S u scon v 3*38........1940 A-O
93*4 94*8 03*3
04
Registered................. 1961 j . j
93*4 94*4
101 *8 Get ’91
Bens * Saratoga 1st 7 s .1921 M-N 122 ...
124 M a y 'll
183*4 124. >3
Spring Div 1st g 3 >33...1961 J.J
100 iVov’Ol
87
Del B1t B B Bridge See Pa B B 1
05 8b A p r’ l 1
Western Elnes l s t g 4 s ..1951 F-A
05 *3
95 8a
03
93
Deny * B Gr 1st oou g 4 s .l9 3 6 ' j . j
93 Sale
92
04
Bellev As Car 1st 6s....... 1923 J-E 111 ____ 117 *3 May’ 11
Consol gold 4*as.............. 1936' J.J 100*s....... 101*8 E e c ’ iO
Curb As Shaw 1st g 4 s ...1932 M-S
05 *4 Got ’ 1C
05
Im provem ent gold 6 s ...1928' J-D 100 101 100*8 May’ l l
100*8 101
CblO St E As N O g 5 s ...1951 J-E 116
117 May 11
il6*a 117
91
91*s
91 Sale
1st * refunding 5s........ 1965 F-A
00
03*8
111 E ob’ 11
.....................1951 J-E 114*3
113 115
104*, Mar’ l l
Bio Gr Juno 1st gu g 6 s .1939 J - d
104*4 104*4
Gold 3 has........................1<J51 j . d
84*8 8 4 *4 00 Get ’01
01*3 A n r’ i i
75
Bi o G r S o 1st gold 4s. ..19 4 0 J .J
61*3 61*3
M om phE iy is t g 4 s ...l9 5 1 J-D
03
07
07*3 Mar’ 10
85 Mar’08
85
Guaranteed................... 1940 J .J
98 J ’l y ’Ut
04*4
S} k A oa ls t EU K 4 s ....1931 M-S
9 0 ‘s 90*a
09 *v
Bio Gr W est 1st g 4s___1939 J- J
00
02\ {. ntJ
i*,1,*6 WosC N’ssC C C As St L
84*3 S3 *3 May’ l l
M geand col trust 4 s A .1949 A -0
83*4 80*3 InitlUAs l a j s t g 4s.........I960 J -J
00*8 90*3 06*3 A p r’ l l
05
96*3
97
Jau
'02
Utah Cent l s t g u g 4s a l917 A -0
* Great N or ls t g 6 s ..1919 M-N 108*4 I08»e 10888 10888 4 107*3 100
Dee M01 * F t E See M * St E
2dK °W 38......................... i 9 0y M. s 120*4 122*4 121 May’ l l
112 121*3
Dee Moi Un By 1st g 5 s ..1917 M-N 100 ....... 110 Sop ’04
Trust Co cortfs.....................
........
122*4 May 11
106*3 122*4
D e t * Maok 1st lien g 4 s .1995 J-B
94 Sep ’ 10
od gold 4s.......................iu*2*i M-S . . . . . . " 2 0 " 2 P h May’ l l
15
24
94
Gold 4s.............................. 1995 J-E ■94” " o s ' 94
88*3 94
Iowa Central ls t gold 5 s ..1938 J-D 101 101*3 101
101*3
(J
101
103
_
O
c
t
’
10
74
Det So—O S E ly 1st g 48.1941 M-S
Gold 4s...................
.1961 M-S
07
63
67*4 68
69
23 63
108*3 May’ l l
D al A Iron Range Ia t6 s ..l9 8 7 A-O ....... 100
108 *3 109
Janios F A Clear ls t 4 s ...1959 j .d
OH,
Sale
047a
047a 8 94*3 05*4
Begistered........................ 1937 A-O
10b*aMar’0b
al A As G B See E s je m s
K
2d Os..................................1910 J.J
101 F eb ’ l l
104 104
an As Mich See Tol As o O
Dul Short Eln* see N or Pao
K C Ft S As M See St E As S F
D al So Shore * A t! g 4 s..1937 J .j 100*4 109 108 J a n ’ l l
108 108
K O A sM B A s B See StEAs S F
, |?ast of Minn SeeS tP M As M
Kan C A PaclUo See M K As T
. *‘ Ga
‘
rJC*
— last...........
Ten Va
See So By
Kan City Sou l s t gold 3 s ..1950 A -0
74 Bale
73Ha
74
14 73*4 74>*
X l g l n J o l* East 1st g 6s. 1941
108**N ot’ 1o
111*4 .
Kogistered........................ 1950 a - o
63 Oct ’OU
Elm Cort * N o See Eeh A N Y
B efA sim p tO s........ A pr 1950 A-O 101 Sale 100\ 101
74 100 Sg 102
Brie 1st consol gold 7 s ....19201M-S
___ 118*3 120 120 May’ l l
118*3 120*8 Kansas City Term l ls t 4s 1960 j . j
08 Haiti
08
08*3
7 06*4 09*4
______ 101*3 J’ ue’ l l
N Y & Erie l e t o x t g 4 s 1947 M-N 101*3.
100*3 101*8 Kentucky ce n t see E As N
2d ext gold 6s........................1919M-S
100*3......... 11057, May’ l l
K eokA sE esM o See U It IAjP
104*4 108
3d ext gold 4*as.....................1923M-S
104
11037, May’ l l
101*4 1037. Knoxville As Ohio See So By
4th ext gold 5s...................... 1920A-O
100*3 107*4'100*4 May’ l l
105 108*4 I ako Erie As W l s t g 5 s . .1937 J-J 109*3 110*4 109*3 J'no’ l 1
108*3 111*4
5th ext gold 4s...................... 1928J-E99 >3 Sale I 99*3
99*3
2d gold 6s...................... 1941 J -J 104*3 105*3 104 >3May’ l l
99*3 09*3
104*3 104ha
N Y E K * W 1st g fd 78.1920 M-S ........ 120V 118 O c t ’ 10
North Ohio 1st g u g 6 s..1945 A-O 109*«
110*4 May’ l l .. .. 108*8 110*4
Erie 1st con g 48 prior.. 1990 J-J
87
*3
88«»
83 «g Sale
_
88 847g 88«g E Sho As Mloh S See N Y Cent
Begistered......................... 1990J-J 84*4........ 83 >3 May’ U
82*3 83*3 Eeh Val N Y ls t g u g 4 *28.1940 J -J 106*3 106*s 105*3 May’ l l
105*3 100*4
1st consol gen lien g 4sl990 J.J
78*« Sale
70*4
78*4 288 73*s 78*4
Keglstered........................ 1940 J-J 104*4 ........ 104*4 Jau ’ l l
101*4 104*4
B egistered.........................1990J-J
80*3 Feb’07
00*4 May’ l l
Eehigli Val (Pa) cons g 4 s.2003 M-N
06*4 07*3
Penn coll tr g 4s......... 1951 F-A
87*4
87*3 88 V 87*4
86
88®b Eeh V T or B y 1st gu g os. 1941 A-O 113«8 111*4 114 May’ l l
113 114*4
60-year cony 4* A ___ 1953 A -0
87 *3 Sale 1 81
87*3
Begistered........................ 1941 A-O 111*8 113 113 Mar’ l l
73
87*3
113 118
do
Series B.1953 A-O
78
78 Sale
74*4
69
78
Leh V Coal Co ls t g u g 5 s .1033 J-J 107*4 ........ 108 N ov’09
Bull IS VAs Erie 1 s t7 s ..1910 J-E 111*8 111*4 i n ° s M a y ’ l l
UA ........ 03 *3 May’ l l
110*4 111®» Loll As N V 1st guar g 4 s ..1946 M-S
03*3
—•
" Chic * Erie 1st gold 5 s.. 1982 M-N 111*4 Sale H i 1*4 111*4
4111*8 113
Begistored........................ 1945 M-S
C le v * Mahon Val g 5s. 1938 J.J H O * ,........ ' i l l A p r’ l l ___ f i l l 111*8
ElCAs N ls t pf 6 s ....... 1914 A -0 102
Long Eock consol g Os..1935 A-O 121*s.......... 124*4 May’ l l
124*4 125
lO l^ S e p ’ OD
Gold guar 6s..................1914 A-0 10Ul4
C o a l* KB ls t c u r g u Os.1922 M-N 104*al06 114 Apr ‘ 10
Loh As Hud B See Cent of N J
Dock * Imp 1st cur Os..1913 J-J 101*3.......... 100*8 J a n ’ l i
100*. lOO*. Leh & W ilkesb See Centof N J
N Y * Green E gu g 63.1940 M-N 101 ........ | 99*4 N ov’ lu
Leroy As Cauey Val See Mo P
N Y S u s * W 1st ref 63.19371 J-J 103 104 hi 101*4 104*4! if*ioi*4* 104*4' Long Eock See Erie
100*4D ec’ OO1
2d gold 4*3*............................1937F-A80
Long fs l’ d—ls t con g os./(1931 Q-J 110*8 112 110*aFeb’ n
110*4 112*3
80
81*a
General gold 63...............................................
1940 87*4
F-A F eb’ l l _
85*4 87*4
00
1st consol gold 4s........./(1931
T e rm liia ris tg o ld 5 s ...1943 M-N 11U*8 111 110 May’ l l . , . . 110 110
92*8
General gold 4s................1938
90 F ob ’ l l
00
06*3
it ext 5s ..
..1910
Mid of N J 1st
1940 A O 110 .........1
.........110'aM
10 ‘8 Muy’
a y'll
l E ____
. .. . HO*. 110*8
07 100
Ferry gold 4 *28................1922 M-S
08*3 A p r’ l l
W llk * Ea 1st;
,g u g 6 s . . . 1942, J-E 100*4 101*8 907s May’‘ l l 1. . . . 00*3 101
02
Gold - I s ............................1932 J-E
04*3 90*4 Oot ’06 hid 08*3 03*a
E v * Ind 1 stcou11g u g Os.. 1920 J-J 1 HO 111*3 114 OOD’001....
06
Uultlod gold 4 s ................1949 M-S
98 May’ l jl . . . j ifi
05*3

U

\J

.Jl

n

>UISSUEEl-ANNO US BONDS—Continued on N ext 1'iigo.
(la s mid lCIccti-io Eight
Atlanta G E Co ls t g 5 s ...1947
Bklyn U Gas ls t cou g 5s. 1945
Bullalo Gas lst g 6s.........1947
Columbus Gas 1st g 5 s .... 1932
Detroit City Gas g 6 s . . . . . . 1023
Det Gas Co con 1st g 5 s ...1918
Jfiq G EN i 1st con g 6s.11032
UasAs Elec BergCo c g 5 s .1949
Ur Bap G E C o l s t g 03...1916
Hudson Co Gas ls t g 5 s.. 1049
Kan City (Mo) Gas ls t g 5s 1022
K ings Co El E Aj P g 6 s ... 1937
Purchase money 6s.........1007
Xd El 11 Bku ls t c o n g 4 s 1939
Lab Gas Lot Ht E ls t g 5 s .e l9 1 9
Kef and ext ls t g 5s.......1934
lillw au kee Gas L 1st 4 s.. 1927
Newark Con Gas g 08. ..,.1 9 4 8

J-E
M-N
A-O
J -J
J-J
F-A
VI-S
J-E
F-A
M-N
A-O
A-O
A-O
J-J
0-F
A-0
Vl-N
J-D

103 ........
108*4 Sale 108*4 108*4
........ 64 *t- 61*8 May’ l 1
100*4 102*4 100*3 May’ l l
100*4....... 96*8 Sep ’08
105*3 105*4 106*4 M a y'll
101 ............ 61*3 Oct ’01
99
00*4 100 Oot ’09
103*4........ 103*3 Apr ’ 11
97*8
......... 00*4 9 7 7g
105 ........ 1 06 May’ l 1
110*4........ 115*4 116*4
80 ........ 80 May’ l l
103 103*4 103*3 103*,

101*8....... 101*8 101*8
90
104

00 *3 90*3
00*3
........ 100*4 J a n ’ l i

f ♦ No prleo Friday; latest bid and asked this week,




105*4 108*4
50*4 61*8
100

101

105*4 ib*6*4
103 104*8
07+8 90h,
101*3 106
113*4 116*4
87*4 90
102 103*3
100 101*8
90
91
100*4 100*4

a Due Jaa 6Due Feb

E'us nml K lectric Eight
J-D 104*4 Sale 101*8 104*4
102 104*4
Burohase money g 4 s ...1949 F-A ........ 89 \ 89*,
89*,
87
89 *3
Ed El 111 ls t oous g 5 s.. 1995 J-J l l l 8s ........ 111*3 May’ l l
111
111*3
F-A
101 E May’ l 1
100 101*3
M-N ................... 07*3 J’l y ’09
Pacific G A Elec Co Cal G A> E
Corp unifying <£> ref 5s 1037 M-N
95 Hale
047»
95*4 13 01*4 06*4
Peo Gas Aj C ls t cou g 68.1943 A-O 115*3 119*.. 112 >3May’ l 1
110*8 110*3
Refunding gold 5s..........1947 Al-S 102 102*8 102
102
101*8 102*3
ChG-EAiCko ls t g u g os 1037 J-J 103 103*r 103 May’ l l
102*4 103*4
Con G C oof Ch l s t g u g o s .’36 J-D 101*4 101*V 101 *8 May’ l l
101 101*4
Ind Nat Gas A, Oil 30-yr 5s ’36 M-N ........ 00
90 M ar'l 1
00
0l*»
Mu Fuel Gas ls t gu g os. 1047 d-N 100*4........ 100\ A p r’ l l
100*3 11)0*4
Philadelphia Co cony os ..1 0 10 F-A 113 ........ 116
l.10
l(
16 104 116
Syracuse Lighting ls t g 5 s.’61 J-E
98 ........ 98 A ug’ 10
Union Elec 1, As P Lstg6s. 1032 M-S 100 ____ 90 Jan '08
Kef & ext 6 s ...................1933 fl-N
96
97 *♦ 03 A p r ’ l l
"y a '^ 'b T ^
Westchester Eight’ g g 6s.l05o_ J-D 105 108 106 lla y ’11
104 105

li Dae Apr

<Dao May A Due J’l j

k Due Aug g Due Dee t Option Sale

Jtjue 10 1911.]

1549

New York Bond Record—Continued— Page 3

ISO N ils
N. Y . STOCK E X C H A N G E
WKtttC ENUIvn JUKE 9

Price
Friday
June U

Week’ s
Range
Since
Icange or , g- s^
Last Sale
^ January 1

Bid
Askt Lou 11 igi1!
Long Island—( Con)
Debenture gold Gs.......... 1934 .1-D 104 105' 104 Vi D e c'1)8
Oil V Sale
Guar ref gold 4 s . . . .........1949 M-S
90 V
9034
N Y BdbM B Istcon gG s 1936 A-0 103 V ....... llO ^ N o v ’OO
N Y & l i J i 1st g 5a.......19*27 M-3 10278 ....... 105 A p r’07
Nor SU B 1st con g g u 5 sol9 3 2 Q-J 100 ....... 100 May’ l l
90
97 L 90 May’ l l
Louisiana & A rk 1st g 5 s .1927 M-S
LouisV As Nasliv gen g Os. 1930 J-D 1 13 78 115l. 114V 114‘2
Gold os..............................1937 M-N U 2 H ........ 112V
98 V 3ale
98 ;)8 98 V
Unified gold 4s............... 1949 J-J
07 V Nov’ 10
Registered....................1940 J -J
Coll trust gold Ba............1931 M-N iou” I Mil 109 V F e b '11
E 1L db Nash 1st g Os....1 91 9 J-D I l l ’s 113 111 Vi Mar’ l l ’
L Gin As Lex gold 4 '28... 1931 M-N 105Hi . . . . . 105 V Alay’ U
N Odb Al 1st gold Os....1 93 0 J-J 122 ....... 118 V Aluy’ l 1
N 0 As At 2d gold Os.......1930 J-.l 118 V 119 V 118V Fob' l II
UOV 90 V 9 0 V A p r’ l l
Pa<Ui:ali«fc Mem div 4s.. 1940 F-A
Pensacola Div gold Os...1920 M-fl 100 >4 109 106 V Alar’ 1i
113 Sep '10
St L Div 1st gold Os.......1921 M-S
71 V 73 V 71 Vi F ob ’ l l '
2d gold 3s..................... 1980 M-S
A tl Knox As Oln div 4 s ..1955 M-N
93 V;
02 V 93 >2 93 V
Atl Knox As N or 1st g 59104(5 J -D 112 115 112l4 AIay'11
Hendor B d g o ls ts rgOs.1931 M-S 100’ft . . . . 100 A p r’ lL
91V 9514 95 V May’ l l '
Kentucky Cent gold 4 s ..1987 J-J
L&N .'i M db At 1st g 4 Vs 1945 M-3 1 0 3 V ........ 103 D ec’ ll):
89 May’ l l 1
8 9 14 90
L As N-SOUtll At Joint-is.1952 J-J
N Fla A H 1st gu g o s. ..1937 F-A 109 ........ 108 V May 11
N & C B d gegen gu g 4 V s 1945 J •J 100 Hi.......
Pons Ac A tl 1st gu g Os.. 1921 F-A 110 L ...... 110 Jan ’ 11 .
3 As N Ala con gu g 5 s..1930 F-A H I V ....... 112V May’ l l i .
91 V 9*23, 02*4 M a y 'll.
L & Jett B dgeC o g u g 4 s.. 1946 M-S
L N A d b C h AeeC 1 db L
j\/| nhon Coal Sec L S As AI S
97 V
07 V 97 V 97 V
ninn hattan Ry consol 4s. 1990 A-0
104 A p r'05
Registered................. 1990 A-0
98
Stmpd tax exem pt.. 1990 A -0 ’ *98*’ Sale* 97 34
Manila R R —Sou linos 4s. 1930 M-N
McK'pL db 11 V See N Y Cent
Mox Cent cons g 4s.......... 1911 J .J 100 100V 100 May’ l l
3 l V May’ 10
1st cons m o g 3s........ al939 J’Jy
25 V A p r'09
2d cons me g 3s trust roots..
77 Alar’ 10
Mcx Intornat 1st con g 4 s.1977
79 N ov’ 10
Stamped guaranteed.. .1977
Mich Cent See N Y Cent
Mid ot N J See Erie
Mil L S As \Y See Chlo <S>N W
Mil As North See Ch At As St P
130 J a n ’ l l
Minn As St L 1st gold 7s.. 1927 J-D 129 . . . .
Pacllle E x 1st gold Os...1921 A-0 110 . . . . J18 J a n ’ 07
1st consol gold Gs............1934 M-N 104 V 100 105 V A p r’ l l
1st and refund gold 4 s ..1949 M-S
70V 71V 70 V 70 V
80 A p r’ l l
Des Al As Ft D 1st gu 4 s... ’35 J-J
Minn As St L gu See 110 U As N
07
98
M S t P * S S M c o n g 4 1 n t g u ’ 3S J-J
97 May’ l l
98 VJan’10
M S S Al As A 1st g 4 lnt gu 1920 J-J
Minn Un See St V AI dbAl
95 ........ 03 V Mar’ l l
Mississippi Cent 1st Gs... 1940 J-J
90 V
97 V
Mo Kan As T ex 1st g 4 s ...1990 J-JJ 90V Salt
84 V J’ne’ l l
2d gold 4s........................?1990 F-A} 81V 86
1st ext gold Gs................. 1944 M-N 100V 103 193 J’ no’ l l
82 V
1st As refund 4s............... 2004 M-S, 82 V 82 V 80 V
87V
G011 s f 4 V e...................1930 j - j ! 87 V 87V 87 V
78 Mar 11
St L Div 1st ref g 4 s ....2001 A-OI 79 V
105 J’nc’ 10
Dal As Wn la t g u g 6 s ... 1940 M-N 105
89 V 90 V 89 V J 'n e ’ l l
Kan C As Pao 1st g 4 s ... 1990 F-A
Mo K As K 1st gu g 6 s...l9 4 2 A-Oj 109 V HO V 110 A p r’ l l
M K A Ole 1st gu Gs.......1942 M-N1 lUOV 107 100 V 100V
M K As T Of T 16t gu g 5s. 19 4 ‘J M-S 102 106V 104 V A p r 'll
Slier Sh& So 1st g u g 58.1943 J-D 102V 104V 103 -i May’ l l
T ex As Okla 1st gu g 5 s ... 1943 M-S ........ 105 V 105 V May’ l l
Mo Pacific 1st con gOs ...1 92 0 M-N 109 V 109 V 10‘JV lo'JV
Trust gold 6s stamped.«1917 Al-S 100 v Sale 100V 100V
99 Mar’ ll)
R egistered................. al917 M-S
1st coll gold Gs................. 1920 F -A 1 ....... 101
101
X2L
78 xr 78V
78V Sale
40-year gold loan 4s.......1945 M-S
98V May’ l l
3d 7s extd at 4%.............. 1938 M-N ........ 97
94
Sale
93
94
1st As ref conv Gs............ 1969 M S
93 V F eb ’ l l
94
Cent Br Ry 1st gu g 4 s .1919 P-A 92
8? v May’ ll)
Ceu Branch U P 1stg 4 s . 1948 J-D 83 V 87
110 Alar’OG
LoroydbC V A L l s t g G s 1920 J-J ....... 102
90
97
90V A p r’ l l
Pao it of AIo 1st ex g 4s. 1938 F-A
2d extended gold 5 s ...1938 J-J 108 V 109 V 108 V b a y ’ l l
St L Ir M<& Sgon con g 6sl931 A O 108 108V 108V 108 V 19
111 S o p '09
Gen con stamp g td g Gs 1931 A -0
8*5 V Sale 85V
U nilied«& rof gold 4 s.. 1929 J-J
36V
86 V 8 0 l< 80 V 80 V
RiV As G Div 1st g 4 ».. 1933 M-N
102 V 'Jan’ lo
Verdi V I As W 1st g Gs.1920 M-S
120V
J
Tie’
ll
J-D
120
V
...
Mob As Ohio new gold Os.. 1927
114 116V n o v M a y 'i i
1st extension gold 0s..A1927
80
87V 87 J’no’ l l
General gold 4s................1938
Moutgom D iv 1st g 6 s.. 1947 F-A 109 V HO V 110 A p r’ l l
81 A lu r'll
8t L db Cairo coil g 4a..el930
93 V 93 V Mar! 11
Guaranteed g 4a.......... 1931
M As O coll 4s See Southern
Mohawk As Alul &eeN Y C As 11
Monouguhela R lv See HifcO
Mout Cent See St P Al As Al
Morgan’ s La As T See S V Co
Morris db Essex S ^ D elL d b W
Chat Ao St. L 1st 7 s .1913 J-J 10534 10G 105V 10o34
N ash
1st consol gold Gs.........1928 A-0 110 V Sale 110V 111
Jasper Branch 1st g Os..1923 J-J 110 ........ 115 V N ov’ 10
MoM M \V As A l 1st Oft.. 1917 J-J 10VV....... 108 V D eo’ 10
T db P Branch 1st O s.... 1917 J-J 100 V ....... 113 J’i y ’04
Nash Jb’lor As Slief See L As N
92 V Sale
Nat ltys of ALoxpr 14Va 1957 J .J
92 V
92 V 12
82V 87V' 80 V b a y ’ l l
Guar gou 4 s..................... 1977 A-O
100V Fob’ l l
Nat of Alex prior lien 4 Va- 1920 J-J ........ 10 i
78V 7 9 V ‘ 80 J ’lio’ l l
1st oonsol 4 ».....................1951 A-O
New l i A D See N i W U & l l
N J Juuc RR See N Y Cent
N Y Bkln As Alan Bell See L 1
N Y Cent As 11 R iv g 3VS.1997 J-J
88 Sale
88
83 V
Registered.....................1997 J-J
88
88
88 Sale
Debou g 4s...................... 1934 M-N
93V
93 V
94
Lake Shore coLlg 3 4 s ... 1998 F-A
79 V
79 V
79 V yale
Registered....................Hip54 F-A
77 V 78 V 78V May’ l l
Mich Cent coll g 3 ‘as....l9 9 fc F-A
7 8 V ........ 78 V Alay'U
Registered.....................1998 F-A 1 ........ 78
78 A p r ’ l l

u
fi

RONDS
I,
N. Y. STOCK E X C H A N G E j '
W kkk E kdiko J une 9
N

Price
Friday
June 9

Week's
Range or
Last Sale

CO
■3-3
Range
So
Since
cq<>
1 January 1

Low H ig/i N \r centefc H R—(Con)
Low
Hirjh Ro Itow JiigS
Bsecli Creek 1st gu g 4s. 1930 j . j
99 V ....... 98 V D e c’ 10
Registered................... 1930 j . j
99 Aluy’ l l ... 99
99
95V 97
2d gu gold Gs...............10361 J -J
107 V .
BeecnCr Ext l s t g 3 VsM9511 A-0
84*2 .
Cart As Ad 1st gu g 4 s ...1981 j J -o
103 V 100
97 V 97 V A p r’09
Gouv Ao O sw e lstg n g 5 s 1942 J-D
9 4 V 07V
Afoh As Aral 1st gu g 4 s ..19 9 1 iM-S
09
99 V
98V . . . . . . 99 V Mar’ l l
114 116V
N J Juno R gu 1st 4 s ... 1980, F-A
95 V 100 105 Get *02
112V112V
N Y * Harlem g 3 Va...200U M-N' 90 ___
90 V F o b ’ l l
98V 99
’ *9*0V ’ *9*0V
N Y As North 1st g 5q...1927|A-0 +10HV___ 108 O c t ’ 09
N Y Ao P111st con gu g 4s 1993; A-O
95 V 97
97 V F o b ’ l l
109 109V
97 V 97 V
N o r& Alont 1st g u g Gs.1910 A-0
111 112
131V -Jan ’ 09
104V 105 V Pine Creek reg guar 0s.l932| j - d
11U
May’
l
l
ib*7*v
no”
107
V
11IV
R
\
V
&
O
co
n
l8
te
x
t5
s./il9
2
2
A
-0
118V118V
Jan ’ 08
D8V 118V Oswe & R 2d gu g 5s...el9 1 5; p'-A 100 105 105
R VV&OT R 1st g u g 5a.1918 M-N 103 V - ... , 104 J ’ ne’ iO
90V 90V
00V . . . . 102 V Fob '10
Rutland 1st con g 4 V s.. 1941
105V 105V
89 V May’ l l
Og<fcLCliam la tg u 4 s gl948
85 V 90V
89V 90
92 J'ne’ 09
ltut-Cauad 1st gu g 4a. 1949
7*i*V **7*f*V
115 J ’ne’09
8t Law As Adir l s t g 5s. 1990
92 93V
125 F eb ’ 08
2d gold Os...................... 1990
112 V 112V
993a May’ l l . . . 100 100
Utica & Blk R lv g u g 43.1922
106 10G
89
89
5 88V 90
Lake Shore gold 3 V s....1997
94 90
8834
88V 1 88
88V
Registered................. 1997
94
94V 51! 93
05
Debenture g 4s............1928
88
91
9334
04
65 92V 94V
25-year g 4 s ................. .1931
108 V 112V
KaA<feG R 1st gu 0 58.1938
i 11V Mar’ l l . . . 110V 111 V
n o 110
Alahon CV R R 1st 5 s.. 1934
100 D e c’ 09
Pitta As li Erie 2d g 6 s.a l9 2 «iA -0
U I V 112 V
130 V J an ’ 09
92
94
Pitts M cK «fc Y la tg u Os. 19321 J .J
2d guards...................... 1934 J .J
A lc K e e s & B V l s t g Os 1918 "
Mich Cent 68.....................1931
111 A p r’ l l ...1 1 1 111
90
98V
Registered..................1931
119 J ne’ 00
4a..................................... 1940
99 Jan ’ l l !I” *9*9” ‘ *09“
90 V 98 V
Registered................. 1940
98 D e c’00
J L * S l s t g 3 V s.......1951
90 J ’ ueO«
09 V 100
1st g 3 V s ...................... 1952 M-N
88 Alay’ l l
20-year cleb 4s..............1929 a -0
92
02 V 14 91 V 93
Bat C & Slur 1st g u g 3s. 1989
N Y Chic As Ht L 1st g 4s 1937
09 V 17 09 V 10UV
90 V 99T( 99 V
Registered.....................1937
99 V 100 D e c’ oo
Debentures 4s..............1931 M-N
91V 20 0Oa8 92V
91 V 9 l\ 91V
10 1
3 10UV 10 LV
W est Shore 1st 4s gu...2301| j . j 101 101V 101
Registered.................... 2301 J.J
98 V 100 V
98 V O j^ M a y l l
N Y As Green w Lake see Erie
N Y As Har see N Y C & Hud
130 130
N Y Lack As W See D L Ao W
N Y L l i A W Sea Erie
105 V 109
N Y Ao Long Br See Cent of N J
65
74
93V May’ l l . . . 93V 94V
80
81V N Y N H As H —N on con 4 s.'50 M-N
93
94
16 95 I00V
Conv deben 3V s............ i960 j . j
96
96 V Sale 95 V
Conv deben Os................1948 j . j 132 V 132V 132 V 139 V 10 132 V 134V
05V 98
112 V Oct ’ 1U
Housatom c R con g 6 s..l9 3 7 .M-N 112 V . . . .
107 A ug’ oy1
N i l As Derby con cy 5s.l918 m -N 101V . . . .
87 ALay’ l i ;
Providence Sco deb 4 s.. 1957 M-N
84 V 87
85
87
93 V 93 V
N Y As Nortn See N Y C As i i
90 V 98
97
8 95
07
N Y O As W ref 1st g 4S..01092 M.g
83V 80
96V Sale
9 4 V F e b ’ l l . . . . 94V 94V
R egis §5,000 only.........01992 M-S
IOL V 103 V
N Y
Put See N Y C & H
78 V 81
N Y As R B See lx>ng Island
85V 88
N Y S Ao SV See Erie
78
78
N Y T e x As Al See So Pac Co
103V Jan ’ l l .. .. 103 V 103 V
89V 90V N or As South 1st g 6 s .........1941' m -N 103 . . .
109 110 V Norf«fc West g o n g Os....... 193PM-N 124V . . . " I 124V A pr’ l l ) .... 124V 124 V
linprovem 't <& e x tg O s.. 1934 F-A 1 2 0 V ....... L2UV Alay l l . . . . 120 120V
.100 V 108
New R iver l s t g Os.......1932 a -0 123 V ....... 125 May’ l l I .... 125 125
102 V 104 V
97V
uSV! 21 98
N Ao W R y 1st con g 4s. 1990 A -0
99 V
98 Sale
103V 106V
08 J an ’ 11 . . .. 98
98
Registered.....................1990. A -0
108 105 V
D iv’ l 1st I * gen g 4a... 1944 j . j
92 V May’ ll* ___ 02
04
109 111
92
93
10-25 year conv 4 s .... 1932 j . d lo a v s u ie 107 V 109 j518 100 V 109 V
100 V 102 V
Pocah C As C Joint 4 s.. 1941 J-D
90V 63 88 V 90 V
90
90 >< 90
O C & T 1st gu g 5s.........1922 J.J 105 V ........ 105 N ov’ lU ___
10UV 102
8010 V <fo N E 1st gu g 4s 1989 M-N
70 V 82
07 V
97 V
1 00V 97 V
07 V Sale
90 V 90 V North Illinois See Chi As N W
91V 90V North Ohio See L Erie As W
09V 100 154 99 V 100V
92
93V N or Pac—Prior lieu g 4 s.. 1997
99V Sale
Registered.................... 1997
08 V 99
28 98V 9'*V
1........ 99
General lieu gold 3s___a2047
7 LV 47 70V 71V
71
71V 7L
R egistered ................. a2047
09 V Mar’ l l 1___ 69 V 69 V
*70 ___
90V 98V
St Paul-Dul Div g 4s___1990
90V May 11 . . . . 00
00V
IU8V 108 V
97
98
Dill Short L la tg u 5 s.. 1910
99 F e b ’ 1 0 . . . . 1
LOGV 108 V
99 V . . . .
G B Ao G coLi tr 4s See Gt N or
St P As N P gen g Os---- 1923 F-A HOV .
116V J’ ne’ l l . . . . 116V 116V
83 V 87 V
Registered certiiic’s ..l9 2 3 q . f
117 F e b ’ 10
84V 88V
St Paul Ji Dul 1st 6a___1U31 P-A 107 V .
110 J ’ne’ 10
102V F ob’ l l
2,1 0 s..............................1U17' a .O 102 V .
120 122
102 V 102 V
1st consol gold 4 s.........1908 J-D
90V A p r’ 10
116V116V
01 V A p r’ l l .... 91
Wash Cent 1st g 4s.........1948 q -m
90 .
80 V 87
91V
L11V
J
a
u
’
l
l
.
.
.
.
111V 111V
Nor
Pao
Ter
Co
1st
g
Os..1933
n o iio v
mv.
Nor R y CaL See So Pac
81
8L
93V 94V Nor Wia See C St P Al As O
N or Je Mout A'm U Y C eu t
Ind Ao W See (J C C As St L
O liio
R iv R R See Balt As O
Ore As Cal See So Pao Co
Ore Short Line see Uu Pao
Oswego As Rome See N Y C
105 V 10GV F ao Coast Co 1st g 6 s ....1940 J-D 105 107 >2 108 May’ l l . . . . 105V 108
ao of AHssourl See Alo Pao
109 V H I
Ponu R R 1st real est g 4 s .1923 M-N 101
101 Aray’ l l . '101 102
Consol gold 5s................. 1919 M-S
108 109 V J a n ’ 0 9 ..... .....................
Consol gold 43.................1943 M-N 102 V 103 V L03V 103 Vi 2 103VL03V
M-N
09 Sale
99
00-V 14 93V 9‘J V
J-D
07 Sale
97
97 V 179 90 V 97V
92 V 95 V
Consol gold 4s .
.1 9 1 8 M N 103V 101 v 103 V 103 V
2 103 101V
86
89V
A llog Val gon gu g 4 s . . . 1942;M-S
0 0 V A p r ’ l l . . . . 99V10UV
90 V 100
100V 100V
D 1U IH & B g o ls t g u 4 s g .’30 F-A 100 .....
80
83 V
PhllaBal As W 1st g 4 s.. 1943 M-N 102 ___ 102 V May’ l l 102 102 V
Sod Bay As So 1st g o s ...1924 J-J ........ 102 V 102 Jan ’ 0 3 . . . . ................ ...
U N J R R Ao Can gou 4 s.1944 M-S 10UV102V 103 V May’ 1 0 ...........................
Penn Co—Guar l s t g 4 Vs. 1921 J -J 104 ...
104 May’ l l ....'1 0 3 V 104V
87V 90
Registered.....................1921 " J
102V Alar’ H . . . . 102V 10*2V
80V 89 V
00 Ang’ lO . . . . ...................
Guar 3 V3 coll trust reg. 1937 £ : S
92 V 94V
87 V
Guar 3 Vs coll tr ser B ...19 4 1 F-A
88 May’ l l . . . . 88
8'8V
79
80 V
88
T r Co certil’ s gu g 3 V s.1910 M-N
07 V
y7V
8 97
97V
78V 7 9 V
07V
Gu 3 Vs tr Ctls O...............1942 J -D
87 A ug’ 10 . . . . !...................
87 V 90
78
7UV
G u 3 V s tr ctls D.............. 19441J-D
88
76
78
89 V 91 D eo’00 . . . . ...................

2:!

J

iU 13CKLL IN liO U S 1IONDS—Continued on N ext P a g o
C011I and Iron
Jlnuuln ctu ring Ji: Industrial
Bultifc Susq Iron s t o s ....1032 J-D
Allis-Chalmers 1st 5s.......1930 J -J
97 F ob ’ l l
06V 97
07 V
Debenture 5s.............. a 1920 M-S
A m A g Chem 1st c 5s.......1928 A-O
Alay’
l
l
89
90
89
90
88 V
Col T As 1 Co gen a I g 6 s.. 1043 F-A
Am Cot Oil ext 4 Vs.......... 1916 U-F
99
100
97 V 100
0UV
Convertible dob g o s ....1911 F-A 100 10o\i 100 A p r’ l l
Deben 5s (Interim ctls). 1031 M-N
90V 100
Col Indu lsttfc coll os g u ..l9 3 4 F-A
75
74
70
73 V 79V Am H ide db L 1st s l g Os.. 1910 M-S
Contin’ tal C 1sts r g u 5 s g .l9 5 2 F-A
Anip.r Ice Secur deb gO s.. 1025 A-0
107 V D eo’ 04
00V
Gr R iv Coal As 0 1st g Os..1919 A-O
A m Smelt Securities s f Os. 1926 F-A
90
L02V A p r’ 06
J ell & Clear C As 1 1st gGs. 1920 J-D
Am Spirits Allg l s t g Os.. 1915 M-3
Kan A H C & C 1st s I g 5s.1061 J-J
Am Thread 1st col tr 4 s.. 1919 J-J
99 10 i v 105 V D oc’Oe
Pocah Con Collier Ists t 5s.'57 J-J
85
Am Tobacco 40-yr g Os.. . . 1944 A-O
82 V 85 V 85 A p r ’ l l
St L R ock Alt A P 1st 5a. 1056 J .J
80
4s........................................ 1951 F-A
MiVi Sale
81V
84 V
Sunday Creoic Co g 5 s .... 1944 J-J
Am W rltg Paper 1at a f 5a. i 019 J.J
73 F ob ’ 07
T enn Coal gen 5s...........1951
J .J
104 V 103 V 103V 10 103 V 104 V Balilw Loco W orks 1st GS.194U M-N
Tenu Div 1st g Os...... al917 A-0 105 100 105 V May’ l l
105 105 V 4oth Steel 1st ext s i 5s..l0'^b
Blrm Div 1st consol Os..1817 J-J 105 100 100 May’ l l
104 V 100
A-O
Cali C Al Co 1st gu g Os. 1922 J-D 107 n o
110 Jau ’00
Consol Tobacco g 4s..........1951 F-A
V ictor Fuel 1st a f 6a........ 1053 J-J
88
87 V May’ l l
87
88 V Corn Prod R ef s f g 6 s ....1931 M-N
V a lro n Coal JbColst g 5 s .1949 M-S
1st 2 5-ycarst 6s.............1931 mM-N
-n
95 V 97
uuv 25 01V 00 V
05V
*N oprloo Friday; Latest bid and asked. aD ueJau 6 Duo Fob sbu oA Ia y tfD uaJ’no A Duo J ’ly ftDuo Aug 0 Due




79
78
78V 64 76
78V Balo
101e8 Sale 101V 10 i v 34 101 v 102 V
97 V 98V
98V 98V U8V J’ae’ l l
06 V *3*5 9eV 97V
......... »7V 90V
90V 100
98V 90 V 001. May’ l l
77
78
37 05
76 4 7 7 1-. 70
103 V Sals llM'fe 101 138 100V 104
101
1 LOO 101
100 ........ 10 L
92 V 93V
93 V ........ 93 V May’ 11
106V o i L04V 110 V
105 105 V 106
85
80 V U2*> T3it 0 3 ’n
88V
91
12 89 >, 91
90 V 8ale
00 V
102 V ......... 1021V May’ l l .. .. 102 V 102 V
96 V 92 80 V 98 V
00 V
90 V
00V 82 98V 100
09
09 V Sale
2 8 1 V 00
88°,
......... 89
07
97
97
6 00
00V 07
05>* 00Vi 00 V r n e ’ U . . . . 9S>» 97
Got p D u o N ot fl D uo D oo 1 EUt»

1550
P e r io d

IJ n fs t

W kbk E ndinw J u n b O

New York Bond Record— Concluded— Page 4

Pennsylvania Co—(C on)
Guar 16-25 year g 4 s ....

Pensacola & A tl nee L <& Nasi
Peo <& East Hee C C C & St L
Peo Pek Uu 1st g Os....102: Q-F
2a gold 4 4 s .................... 0102 M-N
Pere Marquette—Het 4 s.. j 951 J-J

Pt Huron Div 1st g 6 s.lt
S agTus & 11 la t g u g 4 s .lt
P h ilB 4 \ V See Penn Hit

J-J
J -D
A-O
M-N
A-O
F-A
j -j

Pitts Cm A tit L See Penn (
Pitta Uleve A T ol nee B A D
Pitts Ft VV A Cli nee Penn Co
Puts MoKees A Y neeH Y Oen
Pitts till A L. E 1st g 6 s ...1940 A-O
1st consol gold 5s.............1949 J .J
Pitt3 A West nee B A O
1 ) ending Co gen g 4s........1997 J-J
I V Registered.....................1997 J-J
Jersey Cent coll g 4 s ... 1951 A O
Rensselaer A tiar nee D A U
Rich A Ban nee South Ry
Rich A Meek nee Southern
Rio Gr West nee Ben A Hio Gr
Roch A Pitts nee B R A P
Rome Wat A Og nee N Y Cent
Rutland nee n Y Cent
WJag Ton A il nee Pero Marq
O t J o A Gr lal 1st g 4 s ...1947 J-J
St L A Cairo nee Mob A Ohio
Sc L A Iron Mount nee M P
8 1 L M Br nee T HU A of tit L
8 1 Louis A ti F—Gang Us.1931 J -J !
General gold 6s.............. 193 i Ij . j i
St L A ti b' lilt cons g 4a.. ’90 J - j i
Gen 15-20 yr 6a .........1927 M N
SouthW B iv l s t g 6 a..l9 47 jA -0
Heluudmg g 4 s ............1961 J . j !
K C Ft ti A AL Cong Us..l92ti M-N|
K C F ttiA M Hy rel g 4s 193U A O
K C A M H A B Istgu5s.l929 A-O
»^
Oz’ rk A Ch C 1st g u 5s g.19 1 3 A O

SC Louis So n e e Illinois Cent
St L ti W 1st g 4s bd ctrs.1080 il-N
2d g 4s ino boud 0Us...pl98U J .J
Consol gold 4s................1932 J-D
Gray's PtTer 1st gug 5s 1947 J-D
St Paul A Bui n e e Is or Pacific
St P -Minn A Man H ee G t Nor
St P A Nor Pao n e e N or Pac
St P A ti’ xCity tire C tit PM AO
8 A A A Pass 1st gu g 4a. ..1943
8 F A -N P 1st sink £ g Os.1919
8av F A Wost n e e A ti Coast L
Scioto Val A 1STIS n e e Nor A W
geaboard A L g 4s stamped ’ 60 A O
Adjustment 5 s ............019491 p.Xl
Ati-Bu-m 30-yrlat g 4a.el933!\f.s'
Car Cent 1st cou g 4s...1919 j-jrl
fl'la Cen A Pen 1st g 6s. 1918 J-J!
1st iaml gr ext g da. . . 1 9 3 0 -J;
Consol gold 6s............. 1 9 4 3 J
J-J:
Ga A Ala Hy 1st con 6soI945 J -J
Ga Car A No 1st gug 5s 1929 J -J
Scab A Boa 1st 5s.......... 1920 J .J
Slier Silt A So n e e 51 K a X
Bll tip Oca A G n e e Atl Coast L
Southern Paoilic C o Gold 4s (Cent Pac coll).*1949 j . d
20-year cout 4 s............p i 929 M-S

Week?*

P r ic e
F r id a y
June 9
th a

1 AC
>M-N
J J-J
2 AC
« M-W
0 F-A
0 J .1
» j -.i
i j .j
j j .j
j j -j
3(1 7s..................
J A-O
Pitts Y»fe Ash 1st (
M-N
) A-O
A-O
Series 0 guar.!
M-N
M-N
r -a
Series G 4a gu ar........ 1957 M-N
C St L <3b P 1st Cou g o s .l0 3 ‘. A-O

Cli A W Ai 5 s ............ .
Flint A P M g Os... .. ...

l

A th

P.angs
Sgl
(Una
^ ! January j

BON l)H

Price
Friday
June 9

N. Y. STOCK EXCHANGE
W rick E nding J u n b O

Lose
984
110 J

h No Loin JJtff/i
*0 3 9734 033i Southern—1st con g 5s___1994 J .J
)5
.......
Registered.................... 1994 J .J
0 “ * * ...................
Develop A gen 4s tier A . 1936 A-O
£>
M ob A Ohio coll tr g 4a.. 19381 M-ti
9
Mem B iv 1st g 4*9-5s... 1900 J .J
8
St Lotus div l s t g 4 s.. ..1051 J .J
1 .
90% 91
A la Cen H 1st « Us.........101ti J .J
)4
A tl A Banv 1st g 4s.......104d J . j
1
2d 4 u .............................. 104WJ-J
i o i s i o i *4
A tl A Yad 1st g guar 4«. 194V A-O
1 : : : 108S 104
Col A Greenv 1st 8s.......1916 J-J
1 ... 10378 io 3 7ft
H
107
E T V» A Ga B iv g 5a.. 1030 3 - J
il.;___
109
Con 1st gold 5s............I05t»*-N
0
108 May’ l 1
100 107*4
K T en reor lien g 5s....... 1933 pa a
l .. 106^ 10734
Ga Midland 1st 3s.......... 104U A.O
0
Ga Pao Hy 1st g Os.........1022 J . J
ll
9 7 % ........
0
Knox A Ohio 1st * 6a... 1026 J-J
02\ 94
1
: 91% 93
M obA Btr prior ilea g 5*1046 j . j
1
97%........
|| 98*8 00^4
Mortgage gold 4s........ 1945 J - J
113 ........ 113
l .. . !'113 113
Rich A Ban con g Us___I f 15 J-J
Deb 5s stamped............1927 A-O
Rioh A Meek 1st g 4 «...1 0 4 s M-N
1 0 a 1 1 1 % 109
1 ... LoO 109
So Oar A Ga 1st g 6 s .... 1010 M-M
91
99
1 ...
93% 93%
Virginia Mid ser C 0 a ...1016 te-fc
....... 74*« 734 M u r'l:1
'I UB
7034
tieries D 4-Os................1021 u -S
........ 75
l . . . . 'I 6 8S 7ti:*8
tieries J£5a.................... 1026 BAS
1 0 0 % ........
1
100% 100%
General 5 s . . . . . ............ 1930 h4N
100-4 H I
1 ,,
1007ft 11034
Guar stamped.......... luuu M-If
10US........ 103
1
100 103
V a A ti(/w'C 1st gu 5 s.2003 J.J
1 . . . . 1 01 s 1033,*
102 *a 102 «a 102
1st cons 50-year 5 * .. 1958 A-O
........ 00
X °A ^ K
0 / « u d s..l0 2 4 F-A
West N O 1st con g 0 s ..1014 J-J
80S 87*4 874 May’ l l1 . . . . 8034 88
b N ALa See L A N
tipio k a iie In te rn a tle tg 5 s 1965 J .J
'er A of tit L 1st g 4*js..lW30 A-O
1 1st con gold 5 s....1 «0 4 -10 4 4 F-A
Gen refund s t g 4g.........1033 j . j
1 ,, 112% 113%
tit L M Bge Tor gu g 6».103O A-O
7 ...
ex A N O See So Pac Co
Lex A Pao 1st gold 5a....... 2000 J-D
|
0 7 4 Sale
074
100 90\ 08 St
2d gold ino os................. o2000 Mar
97 4 98
97 4
1 ..
07*4 073!
La Biv B L 1st g 6a.......1931 J -J
........ 97* UU
07 S
1 .. .. 90
W M m W A N W 1st gu 6s ’ JO F A
Pol A O U 1st g 5s___. . . . 1035 J-J
Western B iv 1st g 5 s ...1035 A-O
General gold 6s................1933 J-B
«U g i s . . ..1990 A-O
2d 20-year 6 s ................n>27 j . j
’ol P A W 1st gold 4 s....1917 J-J
'o ltitL A W p r lie u g 3 l!is.l025 j . j
60-ysar gold 4s................1930 A-O
Coll tr 4s g tier A ..........1017 F-A
884.
88 4
884
4 80 S 8834
J-B
J-B
J
1st refund g 4s......... 1052 A-O
1 1 8 4 1 1 8 4 118 May’ l l . . . . 118 119
fn Pao UR A 1 gr g 4s ...1947 J-J
Registered................... 1947 J-J
107 S 107*4 107 S l ‘>7^ 10 107 103
91
20-yr couv 4s................. 1927 J-J
004 92
91
.. .' 90
89\ Sale 89*b
90 101 80S 90
1st A ref 4s.................... £2008 il-S
93 10 i
Ore Ry A Nav con g 4e.l94U J-B
. . . . 10U34 101 s
8 l 3i 824
Ore tihort Lino lstgUs.,1922 F-A
30 8 0 ^ 83
1st oousol g 6s.............1040 j . j
110 117s
11041174
80 4 Sale 8 0 4
Guar refund 4s...........1 0 2 y J-D
10 77 *s 80S
100 4 ........
Registered................ 1 0 2 U J-D
99 4 .........
™
97% 99%
U tali A Nor gold 5s.. 1020 J-J

08 S Salo
102 ........
106%.......
lUti %........
00 .......
90
95
00
93
CO U3
104*4.......
103 .......
103 ........
1023* ........
107 ........
105 7s 100 S
....... 108

92
82
79
97

Sale
.........
80
........

8 7 4 Sale
87
100 ........ 1U4

87

ni N j RR A C Co H ee Pa Uli
n e t Rio Gr Wes
n e e U11 Pacitic

Week's
Range or

§3

L a st

^

sa le

Range
January l

jt8 > c\ L o v >
H u m Wo Low Hiqt\
10ti°8 Sale 1100 4 10H\ 3U lOti-^ 109 Si
11,1) May’00
7lJ7a -■‘aifl
7034
8 " 3 U 70
80*4
80 88 >a 87 May’ l l . . . . 80 88
100 Si........ l o o * Mny’ l l . . . . 108*4 100*4
aa Sait
88
88
2 80 Si 88
1073, 10ba4 107^ Nov
80 'a ____ 00 Si M a y'll
UU*4 90*4
82^ 824, 82 4 Get ’ lu
8uSa........
100 ....... 107 A p r’ I
... 100 Si 107
107 7a ........ 108*4 I04q
1 107 *a U*S*4
llo °8 111 1107,, J'oe’ i 1 ... ICO7* 11 l ’^
100 1064 aoo u*rn ... 103 100
........ 67
64 Mvr'OU
113 tiaU 113
113
8 113 114
115 Si May*l
.... U 6 » 4 ll0
105S»Nov’ 10
ii>634
73 ........ 82 Nov’08
105 lO f 105
105
3 105 lOS'V
1047t 105 8a 105 M a r'll
71 ___
71 Mat’ l l
lo t J06 104*4 May’ l l
* IOJ^IOIS j
1 0 0 ^ ........ 112 Oct ’Ou
103 \
108*2 B eo’00
loO
100 Mar’ l l ... 1(P0 100
107«%
l0 < ;,8 loi'V
2 107 1073»
105 *s N « f l u
108 Si....... L08 A p r ’ l l
108 110
05a4 90 Si 97 May’ l l
I 94*4 07 S»
01 .. .
91 Feb'10
104 *s 100 1043s 104’°b 2 104 Si 105
103 105 102 S2A p r'11 .. I1102 102**
105 Si 106^ 105 Si A p r’ l 1 .. 105*8 105*4
112*4___ 112^ Mat’ l l
.. 112s* 112**
......... 97
07a4 A p r ’ l 1 . . . . 97
98
107*4 .. .. 108 S) F eb'11 . . . . 108*4 108*4
110*4 H IS; llOSi J’ ne’ l l ...J iio in**
45
05
70 Mar’ lu
102 ___ 09 S* A p r’ l 1
09*4 99*4
100 St N ovO l
109*4 110 109 S» 100 Si 2 108a4 110*8
JO?.............. 112 S e p ’ 09
1u3*4........ I io i Si Mar’ l 1
101*4 103*4
90S» 93 017a M ay’ 1 1
90
917»
98 May’ l l
97*a 98
90*4 98
92 95 0U°„ May’ ] 11....! U0 90’a
89 Sale
80
80
0! 89
39*4
73 bale 73
73*4
747,
5 08
78 80 78 May’ ll ..I 78
81*q
89 Suie 80
til) Hi 2 8/
00
100 ....... 105 *4 M ar 11
105* 100
85 Si....... 85 St 8 0 ‘4 l 85 *4 85*4
101 101*4
_..101*4 1Ul '4 70
. v 100 102*4
100*4........ '100*4 J’ uo’ l l . . . . 0 9 c 100*4
I0 o :*a iale 108
lo 0 *104 103*4109
97 Si Sale
97*4
07y4 37 9 0 *s 08*4
06 &ule 00
00*.i! 37 96
97*4
114 '4 11434 114* May’ l l . . . . Li4*8 115**
112*4 8aie 112*8
113*4 4 111*4113*4
04,,'a bale , 91*4
04a4| 8 1 1 02*** 95
................... 1 94 Jan ’ 09!.
108 .........1108 May l II
108 108
U \u

’1

>4

89% 93%
tah Central
78
83 ■ lah A North
75% 81%

F-A
M-N
J -J
20
...J

(VOL. LXXXX3J.

80*8 83*4

Sale 7o
i 87
87% 19 8-l34 88
.S7%
. . ' ------■
70
Sale
80
78 7i 103 75
8 8 % ........ 87 1
85*4 87
02% aa
913i 9 134
10->8...... . 166 May'l ....1102 103
lO J 'a ........ ■.....................
105 ......... 105*4 Ayr*l
106% 166%
105 ......... 164% Mar’ l l
104 S 101*4
1 64 % ...... 164% May’ l l . . . . 104 105
105*4 110 lu*J Jluy'll
109 100

02 % Sale 02 %
Oil*! 21 91*1 037b
aa t-aie i aa
uav V44 96% 99%
07% Sale 07
07 %
96
97%
Registered...................1949 p-AI ........ 07 i 07 ffeb'iu 25|
Mortguar gold 3 4 s ..*1929 J-B a i *4 iu% a iH
1 91% U’i
Through tit L 1st gu 4s ’54 A-O1 00*8 O'jo, 08 *4 M ay'll
92
93 S
G H A tiA M A P lat 5s.. 1931 m-N< 101) 108*4 1U7 A p t ’ 11
108*4
Gila V G A N 1st gu g 6a. 1921 m-N' 103 .........103 May’ l 1 " “ ll1O0S
103 103
Hous R A W T 1st g 5s.1933 M-N: 105‘j ........ 105
108%
5 1115 10o%
1st guar 5a red......... 1933 wi-N ‘ 105 ......... 105 Mar’ l l
1 105 105
H A T C l8 tg D siiitg u ..l9 3 7 J .J , lOO^ 111 lOO’t J 'n e ’ l l
109 S HO
Til
Consol g 6a lnt guar...1912 A-O 108*a 110% 109% Mat’ l l
169% 109%
Gen gold 4s int g u a r .. 1921 A-O
9 1 % ........ i 04a.
1)4%
93’S 95 S
Waco A M W div 1st g Us ’3u vi-N 110 ........ HU*- Mar’ lu
A A N W lstg u g 5 s....l9 4 i J.J 104% .........107% Jaa 00
ii
........
Morgan’s La A T 1st 7a. 1U18 A O 114 ........ 116% Mar’ l l
l! L16 % 116%
1st gold Us...................1920 J.J| 110 ’a .........I l l M at’ l l . . . . I l l H I
i No or Cal guar g 3 h........1938 a -O ...................113 lfel>’u7 ....1!...................
Ore A Cal 1st guar g 5s. 1927 J - j 101 ........ 1UU J’ ne'10
1 .................
So Pao of Cm—«s h;........1912 a - o 1010|......... 101% May’ l l . . . . iuT%iO'J%
‘
1st gold Os F .............. 1912 A-O 101*3......... 111*3 Deo ’ in
1st cou guar g 5s........1037 M-N 108*8......... 110 May’ u7
!
Pap Coast 1st gu 4s g. 1937 J . J
88% 08 ; 00 J ’l y ’OO
.............
San Fran Term! 1st 4s. .1950 A-O 03
02*% 00
02*i
6'l 9’i
96%
Tox-*eA’ OSaOlyivlat nOa^lOl’J li-S 101*% . . . " . ! 1 0 l7«M ay*ll ....'1 0 1 % 101%
3 -ouJ*'2l? 6a..................1943 J -J 101 105 101*% May’ ll
101% 103
E o fa o B it lac ret l a ........ 1055 J - J ‘ 05*% sate 1 05*3
05% 110' 04*4 00
Cent Pac lat ret gu g 4s 1049 p . a

M-N
2d gold 5a................. 1030 F-A
Debenture series B .......1939 J .J
1st lieu equip s fd g 5a.. 1021 M-S
1st lien 60 yr g term 4s. 1964 J-J
1st ref and ext g 4s .. ..i 9 6 0 J.J
Bet A Ch E xt 1st g 6 s.. 1041 J-J
Des Mom Biv 1st g 4s.. 1939 J-J
Dm B iv l s t g a ^ s .......... 1041 A-O
lo i A Ch B iv 1st g 4 a ... 1041 M-S
V'ub Pitt* Term 1st g 4 s.l054 J-B
Cent A o ld Col X’r Co certfa.
Columbia T r Co ctfs
2d gold 4s........................ 1054
Trust Co cortfs
\
nee Bei
j A West
\
ibssNorPao
V net Southern
y
FA
>
A-O
\
J-J
;g o s .
g 6 s . .l 03? J-J
\
Gen gold 4a...................... 1043 A-O
Incom e Us...................... U1913 Nov
nee South Ry
\
_ E l s t g 6 s . . . l 0 - v A-O
V------Wheel B iv 1st gold 6a..1028 . J
^ x t e n A I m p gold 6s.. .1030 F-A
RR 1st consol 4s..............1019 il-S
Y 20-year equip s f 6s ...1922 J-J
kes A East nee Erie
N & Sioux if net at P M A M
' i Csnt 50-yr 1st gen 4s 1940 J-J
SupA D uldivA term ls l4 s ’ 30 M-N

90*a

98 N ov’08
90*4 Mat’ l l
.! 96 A p r’ iO .

00a4 07 *9

l o s ^ Sale

108
108*4 27 103 110
100
100
10 98 *4 101
90 I 03 A p r’ l l ! . . . , : 08
98
100 ...... 104 May’ l l ' . . . . lou 104
......... 85
83 B ee’ 1 0 ...........................
U9 time I 08*4
69 ‘a 650 03 78 710ft
lu7
0 / .........I07a4 May’ l l 1...,* 107a4 108*4
B1
81 S» May’ l I....M 81
hih ,
7o
75
75j4 F e b 'l l . . . < 74
75:*4
81 *a 8334’ 85 May’ l l ...J 85
85
48 bale 11*4
48 | 13 41*4 48
4*3 time 4L
48
1603 39 Si 43 *4
47 Si tiuie 41
47*4 204 40
487a
0*4 bale.
6*4
6*4 20
5*a 7*4
7 *4 tiuie
0
7*4 115
634 8

99*4 10U

........

........ 8334 83*4 5Iav’ l 1 ....I 884 90
87 '4 3ale
8 7 St
»7 7ft 107 80
88 '4
........ 100;,b May’ l 1 . . . . IOO^K'iO^

100

109 *4 Sale

1U0*4 109'4 3 109*4 110*4
88s* Mar 11 '....u 8 8 ‘a 88^
34 F eb ’07i...,|l...........

104**105 , 104 *4 May’ l l 1....! 10334 105
.........104*4 104
May| 11 . . . . 103*4 10 V34
J’no’ 10
........ 104*4 102
84 Sale 83^
‘
1 81
« 82
80
08*4 09 *a
OS3®Sale

93

02 >« 92’\ 92^

V3SI1 41 02S 03S
02'a 1 02
93

Tolegruph and X’elophono
a
J-J
172 uo% 02
91*4 OlSi 91 *ft
Convertible 4s..
.1030 M-S
. llkU_ 105 113 *ft
Sale no3*
11
«.. 1024 F-A 100 ....... J 9 9 May’l l .... 98
9034
«
100*4 Sale I O07ft 100*4 62 98*8 iuo»i
1*
00 *4 sale
99 4
09*4 110 07
00*4
v
I03*a 3 90S
103 Si Sale 103'a
_
Fd and real eat g 4*43..!l05O M-N
90 *4 sale j 00J4
97 1 17 05
Conv 43, S enes A .......... 1030lii-N 1U4*4 Sale '104*4 104*4 15 103 104*4

6

M IS C E L L A N E O U S BO N U S-C oncliidftrf.
5Iuniilnetnrln« t& lndiifitrin

Cuban-Amcr Sugar coll tri’s ’ 18 A-O 95
60
Diatil see Cur conv 1st g oa.’27 A-O 79*8 Sale
E 1 duPont Powder 4 '*48.. 1930 J-B H434 Sale
Gen Lleoino uoo u 3Sia..l‘J4t b’.fl
82
lo-vrg * t«0 o a ...:......;;iS i7 j.S M63
lnt Paper Co 1st con g 0«.191^ F-A 103 104
104 Si

3S
r at Pump
COnV1st
, 8.fa15I5s......
lnt
5a... 1U
10 2 9
Lackaw Stool 1st g 5a.... 1 0 2 3
N ut lCnam JL- titpg 1st 5a..l92'j
N Y Air Brake tat eonv 6a’ 28
Ry Steel tipga 1st a f 5h. . . 192 l
Repuulcfcti lat<C coltr 6a. 1034
Union Bag & P 1st si 5a..1930

J-J
u s

a o
j -d

M-N
J-J
a -O
J. j

Stam ped............................................

tr ti Leatli Co s f deb g6a..1913 wi-N
U S Realty & I conv deb g5s ’24 J - J
jj SRed<fc Ref 1st a f g 6a.l93l j . j
♦No price Friday; latest bill and ;




90 *4 May’ l l
79
79»b * 1*2
81 Si 8434 b
82 5Ia>*l 1
104
105 S, *35
5
102*4 102*4
80
867s 85 May’ l l
05 Sal^
95
i»5 ‘ Vs
99 Salo
99
90
34
95
95 May’ l l . . . .
109 103 S, 103*4 103 *4 * 14
97*4 ____ 08*4 J’ ne’ l l
1027a....... I027ft J’ ue’ l 1
........ 05
95 A p r’ l l
........ 95
93 May’ ll
102*4 103*. 101 May’ ll
01 Sale
90*4
91 *1*4
70 A p r’ l l

95 S 97
70*a 80
827ft 843i
82
iSl 167
101 104 S
83 S 87
01^8 05
90S 90 S
94 *4 95*4
102 105
97*4 90
102S 103 S
90S 96 S
92
90
10334 105
01
89
70
88

M nnufaetariiig St In d ustrial
U ti Rubber 10-yrcoll tr 6a.’ 18 J . d 101®4 Sale
U ti steel Corp— 1ooup .rtl903 il-N 100 bale
tif 10-00 yr 5 a .) reg ..d l0 0 3 M-N 100 tialo
Vo-car Chein 1st 15-yr 6a 1923 J-D loofy sale
W es6Kleotno iafc 6s Beo IO22 J-J 102 dale
Westlnghouse E A M s t o a ’31 J.J
91
03
M iscellaneou s
Adams Ex ool tr g 4 3........1048 M-S
87
89**
Arm ourACo Istrealest VSjs’do j - u
93 Bair
Bush Terminal lat 4s. ...1062 A-O
03
03*4
Consol 5s.......................... 1056 J.J
07*4 90
DetMifcM Id gr inoom ea..l91i A-O >........ 40
ln t Meroon Marine 4 Sjs. . 1022 A-O
07 "a Sale
Bit Navigation 1st 3 f 63.1020 F-A
81*4 82**
Morrla»& Co 1st sl4 S .8 -.1 0 39 J . j ......... 91 'S
N Y B ock 50-yr lat g 4a..1951 F-A ......... 87\
Pub tierv Corp N J gen 5s. 1959 A-O
94 Sale
Wash Water Pow 1st 6 s.. 1939 J - j 102^103*4

dDue Apr eDuo May aDae J’ne

10534
106 ;*s
I05«a
100*4
102
9134

1047s M 103 105
100 501 I03** 10014
106*4
4 lOh'V IU6*1
10L
10 LOO** 102*2
102 »„ A\\ 100>* 102s*
95
40 01°8 05

87
88
92*4
93
93
93
97 May’ l l
33 A p r’ l l
07’ a
07 v
82*4 J’n e 'll
9 l ;,s
01^
00 Mar’ ll
94
04-,
102*4 Mar’ l l

A Duo j ’ly ArDuo Aug oDuo Oc60Dao Nov

t
On

78

27
8

80*4 VI
3*4
02*4 93
90
933*i
l»7 100
31
35

ft
Ml
DO
00

m

60

•'

03*4
93*4
tuftS
02S 102S»

OptionSatiTI

C H IC A G O
STOCKS—

*1
*3
*80
*2U 2
*Sl2
* lt 2
*4*8
*15
*45
*25l2
*7214

*2712
*6512
7712
9
*40

2
6
85
221o
912
6
4*8
17
49
26
72iS
281?
69
7712
9
45

E X C H A N G E -S to c k
Sales
o f the
Week
Shares

IGHEST A N D LOW EST SALE PRICES

1 loudau
June 6.

Bc.lurday
June 3.

STOCK

Thursday
June 8.

We nesdaj
June 7.

Tuesday
June 0.

Friday
June 9.

Last Sale 190 Apr’ 11
*188 190 *188 190
July’ 10
Ixist Sale 112
*1
2
*1
2
Last Sale 0
Mch’ l l
0
*3
0
*3
May’ l l
Last Sale 80
85
85
*S0
*S0
*so
22 22
22
22
22t? *2112 2214
*21
*21
Last Sale
M ay’ l l
912
*812 912 *812
*812
Last Sale 514
M a y 'll
*5
0
*412
*112 6
414
4*3 418
4'8
41#
♦ lb
4>8
4'.1
Last Sale 17
M ay’ l l
19
*15
19
*15
*15
Last Sale 45l2 May’ l l
*40
45
49
*40
*40
*2434 20
25
25
*25
26
*24l2
*72
721? * 7 1I2 7212 *7112 7212 *7H2 " 72l2
7212
27
2712 2712 27
2C3j 2634
*2712 28
*27
*60
60
Last Sale 63
*65
09
May’ l l
*05
77
77
77
7714, 77
77
77
77
7 7I4 7714
*834
9i4
914
9
9
*9
91?
* 8*4
42
42
*40
45
*40
45
*40
45
60
*40
*1
*3

3
0
85
2212
91?
bl2
41?
19
44
20
721?
281?
09

*334 914

R e c o r d — D a ily , W e e k ly a n d Y e a r ly
Range fo r Year 1911

STO C K S
C H IC A G O S T O C K
K XC H A N G 1S

12
8712
*265
129 *127
7012
7U?
1121.4 *111
15014 *149*4
43
*40
12
8734

1134
87
*265
129 *127
7012 72
11212 *111
1501.1 *14934
43
41
12
8712

117g
8H8

1158
87
*205
130 *127
7214 *72
112H *111
150U *152
41
*40

117?
8H2
____
130
73
1121,
1521?
42

1134 117,,

8612 873i

117s

117s 1,050 A m erican C an________ 100

87

87

D o p re f........................ 100
A m erican R a d ia t o r .. 100
Last Sale 265
Feb’ 11
D o p r e f_____________ 100
Apr’ ll
Last Sale 129
A m e r S h ip b u ild in g ___ 100
72W 7212
D o p r e f_____________ 100
Last Sale 112i2‘ May’ l l
A m er T c lc p & T e le g --------Last Sale I 6 OI4 June’ l l
B o o th Fisheries c o m ____
40
40i,i
V o tin g trust c t f ________
Last Sale 51*” Apr’ 11
10
D o p re f_______ _________
*60
05
65
05
65
*00
05
6912 *05
*00
*08
6912
Cal A Chic Canal & D .1 0 0
*
May’ l l
Last Sale 51
49
ll.t
1*4 260 Chic B rew ’ g & M alt’ g ____
*1
114
*i
*1
Hg
1*8
1'8
1<8
1'8
HS
53.1 350 D o p r e f________________
*5
514
51,i
*5
512
Ei2
63g *5
5-38 61,
243 Chic P n eu m a tic T o o l . 100
5214 5214
*5212 53
52
*5212 53
5018 515s
51
182 C h icago T e le p h o n e ___ 100
1231*2 *1*2312
124 124
121 121 *123 121 *123 124 *1221? 121
207 Chic T itle & T r u s t . . .1 0 0
170
170
107
167
*160 105 *100 105 *100 105
103 167
11 C o m m o n w ’ th -E d is o n .1 0 0
129
*12812 12912 *12812 12912 129 129 *127 128!2 *127 120 *127
D o rig h ts---------------Feb’ 10
Last Sale 18„
Corn P ro d R e f Co c o m —
Last Sale 151.1 J’ne’ l l
Do
d»
p r e f-----Isist Sale 78
Jail’ l l
545 D iam on d M a tch ---------100
1001a lOOlg 100i8 100i2 100l2 100i2
10012 101
101 1011s 10012 101
820
Hart
Shaftner
&
Marx pr_
1023S
1027
8
10278
1027g
1031j 10314 103 1031g 103 103l8
6534 053.t 1,982 Illinois B r ic k .................. 100
04
04
0512 04
05l2 01
05*8 05l2 05
____M asonic T e m p le ............
May’ l l
Last Sale 50
250 M cC ru m -H ow ell C o . . 100
48l2
48i2
473,4 4734
48
48
473«
4712 471?
47
471S 47
600
D o p r e f........................ ..
95'2
9512
95
9314 9112 95
93
93
94
*92
9312 *93
M ilw & C h ic B re w in g ____
Last Sale 2<s June’07
D o p r e f________________
N ov’09
I msI Sale 20
N ational B iscu it_____ 100
Last Sale 136 May’ l l
*131 136
*135 137 *135 137 *135
D o p r e f____________ 100
128l2
May’
l
l
Last
Sale
____
129
*■12712 129 *127 1281? *127
N ation a l C a rb o n _____ 100
110l2
120 120 *118 119 *118 1191? *118 1191a *118 119i2 *118
D o p r e f____________ 100
____
iMst Sale 119 May’ l l
*117 119 *117 119 *118 Ill)
P e o p le ’ s Gas L & C ok e.lO O
106 XOGlo 100 100->8 *10014 10034 10012 100l2 IO6 I4 IO6 I4
106 100
D o rig h ts_____________
Last Sale 11-10 Mch’09
3,997 S ca rs -R o e b u ck c o m . . 100
1453.1
1113,1 1417s 14H2 112
1413g 1427S 143 144
141 112
150
D o p r e f____________ 100
121
*12014 120*1 12012 12012 1203.1 12034 *1201? 12034 *120 121 *120
IO I 2,992 S w ift & C o ....................... 100
10334 104
103l8 IOHs IOJ‘4 1U1
10212 102!2 10258 104
D o rig h ts_____________
Fob’ l l
iMSt Sale 4
185 T h e Q uaker O ats C O .. 100
188
179 180 *185 188 *185
17712 178
17812 17812 178 178
70
D o p r e f..............
100
100'? 1001- *10G 107 *106 10012 10012 10012 10012 10012
248 U nit B o x B d & P C o . 100
41j
418
438
414
4t8
4>8
4>8
4*8 *412
*1*8
800
U
n
ited
States
Steel
c
o
m.
7738
7734
7078
7714
777
8
78>8
7778
771
2
7814
7814
77?S
W estern S to n e _______ 100
7-ii
Last Sale 19i2 May’
22
*20
*20
20
22
22
*20
*20
fldal sheet n 0 longer reo orts transac ttons of less than 10 shar

1,003

534

0514

10214

C h ic a g o
BONDS

Bond

C H IC A G O S T O C K
EXCHANGE
1r e e k ending June 9

inter­
est
Period

Amer Strawb’d 1 st 6 s.1911
Armour A Co 4 14*__ 193*
Booth FDh Co Deb <3 5s’ 17
• Deb g 5s.................1024
Sink Fd Deb 6 3 tr r c o ..
Cal A So Cli Ry 1 sk 5s.’2?
Cm * A t 4b F O (St L) 9s 12
Ohio Board of Trade 4 s 1927
Chloara City Ry 5 s . . .1927
Ouu»«. Br & Mlt 0 s—
8hlo
Ulc Consol Trac 4
1039
Chic Auditorium Ist5sl92»
OMo Jo Rl< 1st M g 53.1946
Chlo N* Whore Elec 6 3 . 1 0 1 2
Chic Pn» l'eel 1st 53.al921
Chlo Ry 6 s................... 1927
Ch>o Rys 4-5s series “ A"
Chlo Rys 4 -5 s scries ’’ ll”
Chlo Rys 4-5s series "O’
Chic Rys coll C s...l91*
Chlo Rys Fund 6 s..1013
Chic Ry* Tern Ctfs 1st 3*
Ohio R I A 1* FID 4 s..2001
O llat trust g 5s__ to il
Chic Telephone 5s____1923
Couimetiw-Edison 5 s. 1943
Chi# Edison deb 0s_ 1913
1st g 6 s___ July 192*
Debenture 6 s___ 1920
Ceniiuunw Elect 5s61 *42
Dla Match Can db Os.. 1920
lUlaei* Tunael 8 s____1#2»
Kau Otty Ry & Light
O* 6 * .......................1911
Kaick'h ker foe 1st 5s 19M
Lake
Ml— 1st 5s...192*
laceme 8 s . _______ 192
Metr VT **• m—
lit 4 1 ..................... 193*
Extension g 4s____1***
Merris A Ce. t u ____19S*
TTeat 0 1 1 st U.1911
t erth
e W Q-L A Oeke C# 6 s 2 *

- A
1 • 1)
J - J
I - J
A - O
F
A
1 - J
1 - D
F - A
1 - J
1 - l>
/ - A
1- S
\ •O
1 - J
- A
V - (>
1 - D
J - A
/ - A
: - A

14584
24

C h ic a g o

R ecord

Price
Friday
June 9

Week’s
Rangs or
Last Sale

ll’ds
Sold

Range
for
Year 1911

High
Ask Low
High No. Low
_ t 100l2 Jan’ 11
100i2 loot?
923S 93Ss
93
May’ l l
90's 100
100
M ch'11
90 100
Mcti’ l l
- - - 100
____
WSi2 A pr’ l l ____
US's 99
____ . . . .
102
J’ ue’kv
__ IOU4 O ct’09 ____
.... ....
____ ____
100
May'07 ____
29 10218 1027s
10234
f 102 '>8 Bole 10212
____ 103
Apr’tM . . . .
.... ....
.... ....
50
Apr’09 . . . .
,
.... ....
9634 Jan’90 . . . .
.... ....
0 H 2 Dec'09 . . . .
___
____ . . . .
87
Feh'06
6
87U 91
87l4
88
t 87i2 89
9738 100
29
99»4
99
99)4 Bale
93'8 9434
0S'4 May’ l l . . . .
t 93
____
1
82^8 88*>8
87 '4
8712
8712 S de
8 0 'j Mcli’ K)
9
69»8 100'7g
1(X)78
tlOOTa I0118 10034
100 100
100
Jan’ U
977g 995s
9938 May’ l l
.... ....
66>2 Aug’08 . . . .
N
.... ....
«St2 July’OS . . . .
S ____ ____
5 102 103'2
103
I) f ____ 10J38 103
11 100l2 102lg
1021.8
s 102 Bale 102
.... ....
1007g N ov’ lO . . . .
J
100 100
100
ITb' 11 . . . .
01
1003j Aug’(19 . . . .
.... ....
3
10034 1013.,
h fl0112 ------ 10134 M a y 'll ____
1 103U 106
100
10 a
6100 Bole
60
Dee'68 —
------ -----b ...................
IHi

.1 11 11 a A11 -

003|
97*4
77
------

l - N
A - O jio l
____
1 - J
82 Sale
Feb
...................

973g May’ l l . . . .
100
M a y 'll ____
14
82
82
lfi
May’05 —

F
J
1
J

47
85
8 5 ',
82lS 8512
14
78l» 827g
82*4
8278
10
90*4 9134
01
91
9978
097,
11
961* 100
0912 100
9918 May’ l l . . . .
0
02 l 2 0414
9312
04V)
lOOM Mch’ 09 . . . .
---- . .. .
.
.
.
.
. . . . ....
fig's Uoh’ 10
*7
Feh ’ 10 . . . .
---- ....
. . . . ____
US's Msh'10
. . . . ____
l J l f i Uoy-h*
101*4 102*8
10*»« May’ l l . . . .
3 102'g 1031,
1*1
103
10U2 101*8
I010g May’ ll
10U2 lO ltl
io h 2 u a y ’ n
93
U&U
»5ls J’ n e ’ l
100 1017*
1001s May’ l l
.... ....
88
Ayr’ l, ____
70
Apr’ B ____ . . . . . . . .
68
l»()
00
Moh’ l ____
100*4 10 H4
IOII4 Apr’ l ____
a ll C h load o 1 on d ' ‘p rice <

-

A 1 85i2 Sale
82*4 Sale
J
J t 91 Sale
s, t 997s Sale

r iM OM 5s_______ 19*6 1 - D
P«at»*n»-Taft 6 s------- 191* A - Sr
A- N
4 d «i ....................
ll - h
*.tOs Series K____
4.19s 3*rtea F______ . . . A - G
a • s,
Pee Gas L A C 1st ts.1943
Refunding g Ae___ 1*47 j - j
hlc
Ua*
L&C
1st
6sl*3
7
geasitet Uu 1st 5e.l*3* lA -• ND
J - J
Mut’l Fuel Gas l«t6sl*47
(tenth 1Mde Elev 4 its. 1*24 J • J
Bwlft A Ce 1st 1 6 e . . . l * 1 4 A - t
lUalea M (Leep) 6*..1645
'Ualted Bex Beard eel t < 2* J - j
Qaeoral Mice 8 e . . _ __ J - J
VTwAn BleoTv» * s . . . l » 2 2 must

93i2 Sale
98 g ____
95
____
03
____
0 7 1 8 ____
-f 102
____
|103
____
tlOU 2 IOU4
__
t 951g 95H
tlOO'4 ____
. . . . ____
. ____
1102 102»2
be ad ed to

9734

100
82
------

Highest

Highest

R a ilroad s
_
C h icago C ity I t y _____ 100 185 Jan 11
C h icago & O ak P a r k . 100
4 F eb 1
D o p r e f____________ 100
80 Apr 29
Chlo R y s part c t f " l " ----2034 May 13
Chic R y s part c t l " 2 " —
8 M a y l3
Chic R y s part c t f ” 3” —
4'z M ch 1
Chic R y s p art c t f ‘ ‘ 4’ ’ —
87j F e b 2
C h icago S u b w a y _____ 100
17 M ay27
K ans C ity R y & L t . ,1 0 0
45 M a y l9
D o p r e f____________ 100
19>2 F e b 1
160 M etrop ol W S E le v — 100
65 F e b 1
D o p r e f____________ 100
60
20i2 A p r 27
225 N orthw estern E le v — 100
63 Jan 11
D o p re f____________ 100
68 Jan 9
*689 S ou th Side E le v a t e d .100
Sl2 J ’ ne 1
50 Streets W S table C L .1 0 0
40 J ’ne 1
D o p re f____________ 100
25
M iscellaneous

12
8714
*265
*127
68t2
*111
*150
*40

Range for Previous Y ea
(1910)

9 Jan 16
767g Jan 7
265 Jan 0
1201* Mch 9
65 M ay20
110U Jan 6
141*g Jan 7
35 A p r 28
39i2 Jan 19
65 J ’n e 6
4 j12 A p r 24
lig M ch 29
312 M ch 27
41 Jan 3
115 J a n 25
151i2 Jan 0
113 Jan 19

A p r 28

6 M ch 23
03 J a n 21
25U F e b 3
10 Jan 28
5 I4 May 17
6 M ch 1
25 F e b 23
721* F e b 25
20 M ay 20
72l2 J ’ne 1
28 J ’ne 2
67 M ch 30
7734 M ayi'6
1314 F eb 23
50 J a n 9
1212 M ay 9
887g J ne 2
205 Jan 9
130 Jan 14
7) F e b 6
113 M ay 18
lSO U J’ no 2
59U M ch 8
5734 M ch 9
82 M ch21
52 F e b 2
H i J ’no 7
534 J ’ ne 9
5 5'- F e b 23
124 ' M ch 27
170 J ’ ll' .
13o'4 M ch 15

1334 Jan 11
15Q J ’ne 2
78 Jan 18
73 Jan 18
9212 F e b 10 101l2 J 'u o 9
1023g J 'n e 8 1033gJ uo 2
70 Jan 20
60 M ay 1
50 M ay 19
47 J an 18
07 J an 3
45 M ch
98 F e b
92 M ch
11714 Jan 17

123 Jan ~
114 A p r 27
118 Jan 18
103ig A p r 8
c l3 6 '2 M ay 26
119 Jan 11
lOOlg M ch 13
1 F eb 165 M ch
102t2 F eb
3 M ay 10
72U Jan
19i2 A p r 12

Banks

NAME

190

and

Outstand­
ing
Stock
I

140
130
120
120
108*3

Apr
M ch 31
M ch 14
M ch 23
Jan 19

192*4 Jan 31
122 M ch 11
104 .1 ne 5
10 J an 10
180 J ’ne 7
100i2 M ay29
7 Jan 3
8Ug F e b 6
25 Jan 27

T ru st

1S5

6*8 J ’ne
62i2 J ’ly
240 A p r
126 J 'iy
72 Fell
107 A u g
13H4 J ’ly
31 J ’ne
29 A ug
66 J ’ne
40 D ec
1 Feb
3 Sep
25'2 J ’ly
110 Mav
142 A u g

821* Sep

>3*s Jan
12 Jan
261 D e c
135 A p r
84tg May
112 Jan
142ig M ch
43 D ec
41 D eo
74 Jan
15 F eb
1 F eb
3 Sep
47 D ec
137 Jan
103 M ch
i : l i 2 J an
2 Jan
2234 Jan
82 F eb
127 Jan

63 J ’ly
43i2 Mch
40 Mch
93 J 'n

91 M ch
46 Jan
67i2 D ec
10234 A p r

1031* J’ly
114 Ian
13U J ’ly
7914 A pr

M ch

31* Jan
712 Jan

100 Jan
30 Jan
16 Jan
9ig Jan
014 A u g
39 Jan
7734 M ch
25 J n o
72 J ’ne
23 J ne
GO J ne
72i2 J ’ ne
54*g Jan
104 Jan

Aug
J ’ly
F eb
F eb
J ’ ly

119 D ec
125 Jan
145 O ct
123 N o v
115*4 Jan

148 F eb
1161* Aug
100 D ec

186*4 N o v

155
101

186 F eb
106 Jan
15*8 Jan

101
118
104
112
103

J ’ly
J 'ly

514 A pr

122 M ch
109*8 Jan

26*8Dec

C o m p a n ie s
Dlcldend liicorl

Surplus
Profits
t

100 O ct
H 2 J ’ly
4 J ’ly
603g Sep
IH 4 Sep
8 Mav
3
May
2 ig J ’n c
20 A u g
09 F eb
16 Jail
61 F eb
15 A pr
63 May
.514 J ’ly
7 J ’ly
40 J ’ly

In
1909

In
1910

Peroi

Last Paid
%

a
An Jan ’ l l , 6
5545,83 8
6
243,513
10
J-J Jan ’ l l , 6
10
_ y -i Apr ’ l l , 2's
10.253,443
12
5,680.407
10
y - j fuly ’ l l , 4
35,938
9
8
W-J Apr ’ l l , lig
435,900
10
10
y - j Apr ’ 11.218
40,490
0
0
Q-J Apr ’ l l . Hi
11,263,810
12*
12; Q-M M ch31T l,3«
J-M .ich31Tl,2'8
187,559
Id
10
543.440
Prlv ate Ba nt
479,664
8
8
Q-J Apr ’ l l , 2
Q-J fuly ’ l l , 2
8
1+ 2
1,030,239
180,830
10
LJ + 15 J-J Jan ’ l l , l»
262,715 deg. b .s. Ma y TO V.90. p.1277
-1-M .!ch31T l,2is
637,632
10
Id
4
65,980
4
Q-> May ’ 11,1
8
1,323,008
8
Q-J Mcll 31,’ l l , 2
488,554
0
6
Q-J den ’l l . Hs
Q-J Apr ’ l l . Hs
4
87.026
3
69,432
e x Q-J July ’ l l , 1*4
Q-J ;»lch31’ l l.H s
0
32,0.10
0
4
200,000
25,197
North W est State
Q-l Apr ’ l l . IQ
110,032
7
300,000
Q-) Apr ’ l l 2 'i
People's Stk Y ds S ta te .
Q-M Apr ’ 11. Hf
6
0
600.000
74,571
Prairie S ta te-------300,000
207.404
4 X Q-J Apr '11. Hs
.S e c u r ity _________
IX
94,000
6
200,000
7 X Q-J Apr ’ l l , 2
Q-J Apr ’ l l , I lf
6
11,566
300,000
IX
.South Side S ta te .
12
12
1,500,000 1.922.279
Q-J Apr ’ l l . 8
8
Q -ll Mch 3 l ’ l l , t
193,197
8
250,900
U N May ’ l l . 3
6
6
43.113
200,000
8,494 Bee V. 90, p. 159
100,00-50,000
11,015 None None Q-M Deed 1’ 03,11s
W endell S ta te .
943.794
7
2 ,ooo,ir<w
7X Q-J Apr 11, 2
Q-J Apr ’ 11,11*
6
tr500.000 trl 12,237
6
6
6,000,309 <1,627.998
Ohtoago T itle A T r u s t..
7 X Q-J Apr ’ 11.3
Q-J Apr ’l l , 2ls
6
4
43,000
10,053
8 + 2 Q-J July ’ l l , 2is
473.133 8 + 2
609.000
466,951
3,000,000
Cont A C om m IT A Sav
8
8
200.000
134.902
Q-J Apr ’ l l , 3
U rorers’ lru stA S a vIn gs
3
6
223.720
1,500,000
Q-J Apr ’ l l . Us
rarw ell T rust Ce.
12
16
Q U Mch 31 ’ 11,4
2,600,009 3,420,105
Beg. n us.Apr J’ l l V .92.P - 929
250,006
26.611 Incorp orated 1905 V.87.P.11J8
200,093
G uarantee Trust A Sav.
1.258,000 1.036,301
9 X 11 + 5 Q-J Apr '1 1 ,3
&,060,0»0 8,970,802 16 + 4 16 + 4
Q May 2 0 ’ l l , 1
SO*,00j
65.395
6 X 7 + I X Q J Apr’ 11, 1*4
200,00k
49,341
6
OX Q-J Apr ’ l l . H*
12
3,»09,00; 6,110.391
12
Q-o Apr ' l l , 4
0
0
7H ,W f
Q J Mch ' l l , ll*
229.801
Oei 29 T 0V 9 1 .p .l2 2 l
209 00J
60,426 Beg. b
M ichigan A ve T.'
8
. 1,400.001 2,525.351
8
Q-J Mch3 I’ l l . 2
N orth ora T ru st C
0
y299,9!h
6
J-J Jan ’ l l , 4
73.761
N orth-W estern T-------600,000
149.751 Beg. 1 us.Dec l ’ lt V. 92, p. 95
P e o p le 's T| A Sav B k . .
399.90C
8
8
1227,99
Q-J \lcU31'i 1,2
Puilaian Trust A t>*vgs .
u». JT; 12’( 9 V.S9.P.141
29«.MI
2).97.' neg
Sheridan 'IT A Wav Baal I
•1,909.00
268.53 Comrr onced bus. Sept 6 1919
Standard Tr A B a r.........
V
7»«.99t
6
36.98
6>! J-J July 10.3
s to c k m e n 's Trust
. 1.20*.**
8 + 2 Q-M M ch31T l,J
1,226,97 . *8 + 2
Halo 11 Trust C o .
* 1,349.90: 1
6
6
Q-J Apr ’ l l , 11*
187.86
Q-M Mch S i ’ l l , 3
6
k
209.90V>
129 03 ! ____
0
*•
366.MR
64,74
7H Q-J Apr ’ l l , 2

C alum et N a t i o n a l . . . . .
Chicago C ity -----------------Conti tal & C om m Nat
Corn E xch ange N ational
D rexcl S ta te-----------------D rovers’ D ep N a tio n a l.
E n glew ood S t a t e . . . . . .
First N a t l e n a l . . . . ------First N at E n glew ood . .
Forem an Bros B 'k ’r C o .
Fort D earborn N ational
H ibernian B ’ k’ g A s s ’ a . .
(Caspar S tate B a n k ------Ijo. Salle St N a tio n a l . .
U v o S to ck H xch’ ge Nat
M onroe N a tio n a l___ . . .
Nat Bank o f R e p u b lic ..
N ational C lo y _________
NatVenal P ro d u ce _____
North A v en u e S t a t e ._

6100,000
500,000
20,000,000
3,000,000
200,000
600,000
200,000
10 ,000.000
1*0.000
1.090,000
o l . 630,000
1,400,000
KW.900
1.0O0.000
1)260,000
300,004
2,000,0OO
r l , 500.009
250.000
200.000
60.000

•Bid and ask,Ml prices; no sale* were made on this day. T March 7 (dose o f business) for national banks and March 8 (opening of business) for State Institutions. JN c
Brice F riday latest price this week, a Due Dec. 31. 6 Duo June, c Ex-stock dividend of 33>s % . t Also 20% In stock, g Dividends are pMd Q-J. wi t e x t r a paysmuts Q-F. r Proportion to Increa.e capital to 62.000.000 ratified Jan. 10. Beo V. 9 2 . p. 90. * In addition the equivalent o f 4% more c a m e fr o m llr r t Trust A Saving
pank. 1 Dec. 31 1910. u In addition the equivalent of 1% came from First Trust & Savings Bank, p Proposal to Increase capital to
fj’f ', ? ; , *
« Capital Increased to 61.000.000 and surplus to 6200.000; V. 92. p. 1004. * March 81 1911.
y Proposal to Increase capital to S250.000 ratflled. \ . 92. p . 1362.




BO STO N

STO CK

E X C H A N G E — S to ck

SH AR E PRICES— N OT PER C E N TU M PRICES
Saturday
J u n es

M ondcy
June 5

Tuesday
J u n es

Wedne.day
J u n e7

Thursday
June 8

Friday
June 9

Sales
o f the
W eek
Share

R ecord,
STOCKS

D a ily ,

BOSTON STOCK
EXCHANGE

W e e k ly

and

Y e a r ly

Range since January 1.
On basis o f 100-share lots.

Range far Previous
Year (1910).

Lowrst.
Highest.
Highest.
116*8 11578 I I 6 I4 *11534 116 *116 11614 11534 H 6I4
R a ilro a d s
11514
IOH4 104 104
115*8
160 A tch T o p & S an ta F e .1 0 0 102>8 Jan
10438 10412
H 6 I4 J ’ ne
9U2 J ’ly
104i2 IOH4 104U *10434 IO
12313 Jan
5I4
47
D o p r e f................... 100 10113 Jan 3 10412 J ’ ne
223
221 221 221 221 *104
221 221
97i2 A u g 104*4 Jan
123
----305 B o sto n & A lb a n y _____ 100 219 A p r 21 226 F e b 1
128 128 *128 12812 128 12812 221 221 *221
218
J
’ne
231
Jan
128*8
129
129
...
129
156 B o sto n E le v a t e d ____ 1 00
215 215
127 A p r 26 12978 Feb
215 215
z l2 2 A u g 13634 Jan
215 215 *214
...
215
10634 106*4 108
?16
52 B o sto n & L o w e ll______ 1 00 207 F e b 1 216is M ay
108 110
10934 110 *108 110
200 J ’ly 227 F eb
108
. . . *295
109
329 B o sto n & M a in e............ 1 00 101 M ay 10 122*8 F e b 15 7.118
____ 296 296
D eo 152 F eb
296 296 *295
. . . *295
16
5 B o sto n & P r o v id e n c e . 100 292 M c h 2 i 300 M ch
*1312 1412 *15
1512 *15
285 O ct
1512
300 N o v
Last Sale 1312 M a y 'll
...
------ B o sto n S u b u rban E l C o s .
*75
...
13i2 M ay 3
16 M ch l
*75
14 J ’ne
*75
....
16*8 N o v
Last
Sale
75
M
ay’
l
l
-----D
o
p
r
e
f...........................
912 *812 . . .
72 Jan 0
75 M ch
*1 0
Y o'i 2 *812 ____
70 J ’ly
70 A p r
*9
.
51
55 B o s to n & W o r e E le c Cos
*49
61
6 F e b 15
912 J ’ne
*49
8 M ch
60
*49
4912
10*2 S ep
Last Sale 50
J’ne’ l l
-----Do
p r e f.
3Si
2
Jan
3
*160
50
J
’
ne
2
*160
35 A u g
160 160
4S Jan
159 159 *158
112 112 112 112 *110 112' *110
15 C hic Jun e R y & U S Y lio O 156 A p r 29 161 F e b 27 139 Sep
112 llll2 112 *112
160 D eo
113
42
Do
p r e f ..
__
*271
*271
107 M c h l
113 F e b 20 109 O ct
272 272 *271
. . . *271
118 Jan
. . . *271
* ____228
2
C
on
n
ecticu
t
R
i
v
e
r
!
.
.
1
0
0
265
Jan
31
272
J
’ne
6
260 O ct
* . . 128 *12734 128
270 M ch
12712 128
12712 128
24 H tc h b u r g , p r e f_______ 100 125 A p r 10 130 Jan 4 I 2 H4 Sep
*142
. . . *141
144 144
144 145
133*2 J an
146 146
147
147
109 G a R y & E le c tr ic ___ 100
*92
...
117!2 Jan 23 147 J ’ ne 9 104 Jan
92
9212 *91
*92
...
123 O ct
*92
...
*92
____
60
Do
p r e f________
100
86 F e b 20
93
M
ch
7
85 A pr
90 O ct
Last Sale 200 May’ l l
-----M
aine
C
e
n
tr
a
l..
100
200 M ay 2 215 J a n IS 202 Fei) 218 D eo
2312 24
2314 23*8
2314 2314
2314 2312
23l4
2314
23
I
4
2334
4,895 M ass E le ctric Cos
1 00
9214 93
16 A p r 20
24 J ’n c 3
z907s 9114
14*4 J ’ ly
9012 907s
903j 9034
21*s NOV
9034 91l4
90U
9014 1,480
Do
p r e f_____
1 00
833, Jan
14412 145
93
J
’n
e
3
145 14512 14512 14512 I 40 I4 14534 14512 14634 146
75 J 'ly
SS34 N ov
146*4 1,287 N Y N H & H artfordllO O 14112 A p r 24
*141
. . . *14112 . . . . 14112 . . . . *140
1513g F e b 23
149 A p r 16‘138 M ch
Last Sale 145 May’ l l
------N orthern N i l . .
100
*211 . . . *211 . . . *211 ____ *211
139 Jan 13 142 M ch 6 139 D ec
Last Sale 212 M a y 'll
- - - - N orw ich & W o r p r e f l i o o 210 Jan 26 212 A p r 29 210 May 111 D e c
*187
...
187 187 *187
____ 187 187 *187
212 M ch
____ 18712 18712
15 O ld C o lo n y ___
inn 183 M ch 15 189 J a n 3
*40
42
18U4 Sep
4018 4018 *41
44
41
42
42
42
200 Jan
*4112
44
67 R u tla n d p re f___ I
1 00
111
111
32 Jan 26
43 F e b 21
111 111 *111 ____ *111
25 May
111
____ 111
44i2 N o v
111*2
29 Seattle E le c tr ic .
1 00 105U A p r 18 112 F e b 27
*102I2 ___ *10212 10318 *102I2 ___ 10212 10212 ♦10214
103 A ug 116 Jan
10214 10212 10212
50
Do
p r e f_____
100 2 97 12 M ch 13 10234 Jan
186*3 1871s I 86 I4 186*2 180 18614 18534 187
9834 A u v 106 M ch
1863.J 188
18714 18714
995 U nion P a c ific .
' ” 1 00 171 Jan 3 188 J ’ne 8
*95
9512 *95
9512 *9412 95
*9412 95
153U
J
’ly
Last Sale 95
204*2 Jan
M ay’ l
-----Do
p r e f.............I I I 100
*160
. . . . *160
90 M ch 9
------ *160
____ *160
95ig M ay 12
...
89i4 J ’ ly
Last Sale 161 May’ l l
1033g Jan
. . . . V e rm o n t & M a s s .. . 100 156 M ch 21 161 M ay 23
90*8 90*8
90*8 90*8
91
91
91
91
154 O ct
91
91l4
91
91
1C8 Jan
168 W e st E n d St
50
89 A p r 26
*10314 104
10312 10312 10312 10312 *10314 104 *10312 104
93
M
ch
22
Sep
104
104
95*2 Mch
237
Do
p r e f . . ! : : : " ' 50 102 F e b 27
105 Jan 10
J ’ly
109
Fell
5812 5834 *5812 59
, „„„ .
M iscellaneous
*5814 58*4 68 I4 5834
58*4 5914 *5812
69
1,190 A m er A g rlcu l C lie m ._ l0 0
460 Jan
*10212 103
10212 10278 10212 10278 1027g 1027g 102*8 103
0012
M
ay
18
1027g 103
30 J l y
49l2 O ct
749
D
o
p
r
e
f.....................
1
00
99
Jan
*5
512 *434
512
105' i M ch .
*5
512
*5
512
9812 D ec
5
5
105 S ep
5
512
1634 1634 *16
589 A m e r P n eu S e r v i c e .. 50
4 0 Jan
17
1634 1714
0i 2 Jan 20
4 D ec
17
1712
17
173g
87g Fell
17
1712 „ 5A9. , D o
119*3 119*8 11914 120
19*4 Jan 31
p r e f.......................50
14 ‘ Jan
119 11934 1195g 11934 120 I 2 H4 12012 121
1334 D ec
24 F eb
2,450
A
m
e
r
Sugar
R
e
fln
_
_
_
1
0
0
1133,
Jan
119 I I 9 I4 119 119
122 F e b 27 111 O ct
119 119
118 119
1273g
M ch
118*8
1191
2
1191s
ll91g
450
Do
p r e f.................... 1 00 lll* .iJ a n
14912 15014 14934 150
120*8 M a y lo
11134 O ct
14934 1511* 151 I 52 I4 152 153U 15214 15234
124 M ch
3412 3412 35
14,060 A m e r T elep & T e le g . 1 0 0 140 Jan
153U J ’ ne
35
127*4 J ’ly
*3414 35
34
34l 2 *33
14378 N o v
34
3314
3314
9434 95*4
310
A
m
e
rica
n
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o
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le
n
___
1
0
0
31
Jan
9434 95
36U M c h 20
9434
26 J ’ ly
94
9414 9434
39*2 Mch
94*4 95
95
95
* 1012 11
9534 F e b 8
10*8 10*s * 1012 1034 *1012 11
8iH
,.pr.ef„.....................100 2S6 M ch 29
901-> D ec
10414 M ch
10 l 2 1012
10
1012
*21
27 A tl G ulf & W I SS L . 100
8 I4 Jan 17
22
22
22
11 M ay29
7 “ Mch
* 21 l 2 2214 *2112 22
11*2 Jan
*21
22
22
22
*8
812 *8
21 M c h ll
13 t, D °
P r e f..................... 100
26 Jan 31
8l 2
812 *8
16 May
*8
812
25 Jan
Last Sale 8
May’ l l
5 0 Jan 13
B oston L a n d . . . .......... 10
*157
*158 160 *158
8 I4 A p r 29
4G J ’ly
*158 160
8*2 Jan
Last Sale 158 June’ l l
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b
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10
10
103g *912 1012 *9*4 Y m 4
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10
138i2 J ’ly
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10 l4
210 E ast B o sto n L a n d ____
7i4 Jan 18
* ____287
* ------ 287
12 M av 1
286i2 287
28619 28612 287 287
7*8 A pr
11*8 Jan
287
287
16414 164*4 164 166
64 E d ison E le c I l i u m . . . 1 00 282 A p r 3 292i2 F e b 3 5239 Ja
164 1651g 16334 164
29212
NOV
164 165
1631 * 1643S 1,402 G eneral E l e c t r i c . ..
1 0 0 rl46*8 M ch 3 167 *4 M a y 29
9112 9112 9178 9314
927g 9312
135 J ’ly
93
93
100*2 Jan
9278
93
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9634 9634
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9634 98
94 Jan 20
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97
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p r e f.................... 1 00
95 Jan
* 22212 226 *223
98 M ch 25
____ 224 224
89 May
224 224
97 M ch
224I2 22412 *22212
101 M ergenthalcr L i n o . . . 1 0 0
211 Jan
*4
412
225 May 17 212*2 Dec- 220 N ov
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412
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2
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4
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l
l
*11212 . . . . * 11212 . . . . * 1 1 2 1 2 ____ *I1212 ___
M exican T e le p h o n e .. 10
3>2 M ch20
4"s Jan 31
234 J an
C34 M ay
Last Sale 115 M ay’ l l
N E C o tto n Y a rn _____ 100 HO Jan
*110
112 *110 112 *110 112 *110 112
119 Mch 14 107 Sep
,
124 Jan
Last Sale 111 June’ l l
Do
p r e f............... 1 00
Jan 3 110'2 M ch l.
14612 14612 146 14634 *14634 ____*147
09*o Aug 115 'a n
*148
150
149
149
58
*10212 . . . *10212
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d IL Tei e p h o n e .............. 1 00
Last Sale 103
Apr’ l l
P a cts e Coast P o w e r .. 100
162 162
Jan 9 103 M ch 28
16H2 162
03*4 Ncjv 100 Jnn
16U2 162
I 6 H4 162
162
162
161l2 162
*226 Pu llm an C o ____
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14*8 14*8
153 J ’ne 200 F eb
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30
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102*8 10234 10212 104
15
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ay
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2102 102 2.545 S w ift & C o ____________ 100
*3012 31
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31
31
31
31
31
31
10934 Jan
31
31
31
31
819 T orrln gton
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29
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27 Jan
31 M ay
19512 19512 1,350 U nited F r u it.............100
M ch 13 196 J ’ ne
5214 5212
52
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165*2 7an
6212 521g 5212 6214
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5234 1,620 U n S hoe M ach Corp
51<2 A p r 25
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4C34 J ’ ly
7
134 A p r
2812 283S 283S
246
D
o
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f........................
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29U Jan 31
77*3 7812 77*8 78
77 I4 7734
7634 78
2514 J||y
31 .tan
77
781g
77
7712 13,978 U S Steel C o rp ....... .1 0 0
713s Jan 3
82'g I-’ eb
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6i3g J ly
0034 Jan
270
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11634
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3
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19
20
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20 20 *19U 1934
164 W e st T elep & T e l e g . l i o o
16i2 Jan 17
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14 Feb
97
97
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97
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97
97
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1934 Sep
97
97
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4>2 A p r 24
7 Jan
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10 Feb
9l4
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9 I4 1,580 A lgom ah M in in g ____25
9*4
6 Jan 24
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33
33
3212 33
32
32
32
32
1434 Sep
32
32
32
32
525 A llo u e z .......................... 25
30 A p r 25
39 Jan 4
6712 6734 67
673g
67 I4 681g
31 J ’ ly
6738 68
58
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6712 68 I4
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9,654
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5934 A p r 18
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2812 287g
281? 287g
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9034 Jan
65*4 J V
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40*2 Jan
1734 177g
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25
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20
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193,3
191
2 2,450 Butte Coalition........... 15
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40 Jan 19
03 J ’ne 6
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103 Jan
480 480 *475 478 *470
465 475
475
53 C alum et & H e cla ____ 25
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13
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13
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25
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7
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25
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*49
*160




70*4

734

2414

9
20

4

17*3

3514

j¥ *E 10 1911.1

B o sto n
P rice
F r id a y
J u n e 'J

Since
January l

Am A g rlo n l Ch cm 1st 6 s ..1 9 2 8 A -O
A.rn T elen A T e l c oll tr 48.1029 J - J
. C o n v e rtib le 4 s .................. 1 9 3 8 M -S
Am W rit P a n e r l s t s f 5 s g 1919; J . J
Am Hinc L A S deb O s .... 1915 XI-N
A riz Com Cop 1st c o n v Os 1920 J -D
A ten T o p * S F o g e n g 4 s .. 1995* A -O
Adjustm ent, g 4 s ___ J ’ly 1995 N ov
S t a m p e d ................ J ’ ly 1995 M-N
60-year co n v 4 s.............1055; J-D
10-year c o n v 5 s .............1917 J-D
A tl G u ll A W 1 SS L in os 5 s . ’ 69; j . J
B oston E le c t L co n s o l 6 s . 1924 M -S
B oston A L o w e ll 4 s........... 1910 J - J
B oston A M aine 4V,s......... 1944
........ J -J
B oston T erm in al 1st 3 *3 8 .1 9 4 7 F-A
B u r A M o ltiv con s O s ___ 1918 J - J
B u tte A B oston 1st Os___ 1917 A -0
B u tte E lec A T o w I s t g 5 s .l 9 5 1 J-D
Cedar Bap A M o B 1st 78.1910 M-N
C ent V erm t 1st g 4 s ..M a y l 9 2 0 Q -F
0 B A <4 Iow a D iv 1st 68.1919 A -O
Iow a D iv 1st 4 s ................ 1919 A -O
D ebenture 6 s ..................... 1913 M-N
D enver E x to n 4 s .............1922 F-A
N obraska E x te n 4 s ........1927 M-N
B * 8 W s f 4 s ................... 1921 M-S
Illin ois D iv 8*38 ................1949 J - J
O bio j o By A Stk Yds 5s .1915 j . J
C oll tru st refu n d in g g 481940 A-O
Oil M il * St 1> D u b D 0 8 ..1 9 2 0 J - J
Ob M Ob b t P W ls V d iv 081920 J - J
Ohie a N o M ien 1st gu 6 s . l 9 3 i M-N
Oblo A W M icb gen o s . ...1 9 2 1 J -D
O onoord A M on t con s 4 8 ..1 9 2 0 J-D
Conn A Pass B 1st g 4 s . .. 1943 A-O
Cudaliy P a c k (T lie )ls t g 5S 1924 M-N
C u rrent itlv e r 1st 6 s ......... 1920 A -O
Dot d r B ap A W 1st 4 s . .. 1946 A-O
D om inion Coal 1st s t D s.,1940 M-N
F itcn b u rg 4 s ........................ 1910 M-S
4 s ......... ................................ 1927 M-S
P rom t E lk A M o V 1st Os..1983 A -O
U nstam ped 1st Os........... 1933 ■6-'9
G t N o r O B A Vi 00 U tr 4s 1921 J - J
B e g i a t e r e d 4 s ...» ........1 9 2 1 Vi-J

H
_ig h , No
Ilia
a s K\
10134 I18,
f
10134 Sale 101*3 10134
231
91 **
91*3 230!
91 *3 Sale
112*4 11234 I l l ’ s 111*3
90 F e b ’ l l
116*3 120
118 1 20
91
91*3
91 *a Sale
U834 99 *s 98 7#
99
91 A p r ’ l l
91
92
92 M ay’ l l
91
92
1 0 o sj M ar’ l l
110"* M a r’ l l
20
7 0 34
7L
71 Salo
110 F o b ’ 04
100*4 M ar’09
101 >3 d o t ’08
112*3 Jan ’ 03
103 J a n ’ l l
100 J ’ n e’ Ol

Jxm H ig h
101*4 10‘2*3
89*3 92
105 78 111*3
00
90

lAno

■a

120

113*4 M ay’ 10
90*a
90*3
11103 O c t ’ 07
99 F e b ’ l l
101*4 M ay’ l l

103

103*4

KJ034 101*4
99*4 100
98»g 99*3
9U'a 99 *s
87 "* 83*4

9 0 H, F o b ’ l l
87»s M ar’ l l

1 0 1 "»

92
99*3
9 1 7s
92
109"g
H 9 "s
73

87*4 9 0 Vi

1)0*4 M a y ’ l l
99 *3 M ay’ 11

1 0 1 "* 102

84
98
91
91
109"s
108*4
03

100 102

loir*

| 89*4 9034
9 0 *4 M ay’ l l
114 114
114 J a u ’ l l
118°g 1 1 3 s*
ll3 « s F e b ’ l l
0 8 *a 101
99*3 101 100*4 J ’ n o’ 11
100 101®4
l013« M ay’ l l
10 2 103
91 D e o ’ 07
112*4 J a u ’ 03 . . . .
100*4 A u g’ 09
97
97
97 M at’ l l
87
87
8?
87
9 5 34 9 0 53
"Il7 *3 "os' 9534 M ar’ l lfi —
103 *s A p i ’05
96 A p r '08;
127*4 127*4
127*4 J a n ’ l l '
140 A p r ’ 05
95*3 9834
97*4 98
97*4
97 V
08 J’ n e ’ U ! — . !| US3* 98
97V
9 0 * 4 .......

1553

R ecord
BONDS*
BO STON STOCK K X C E ’G E
W e ek E nding J u n e 9

R an ge

[3 2
|o<g

B O S T O N S T O C K E X O H 'U S
W e e k E nding J u n e O

W eek’ s
R an ge or
L a st Rale

B ond

3 -8

Illinois Steel deben 5 s . . . . 1 9 1 3 A-O
la Falls ASioux C ist 7 s.. 1 9 17 A-O
Kan C Clin A Sur 1 st 5 s ... 1 9 2 5 A O
KanO Ft S A Gulf ext 5 s.. 1 9 1 1 J -I)
Kan O F t Scott A M 0 3 . . . . 1 9 2 8 M-N
Kan 0 M A B gen 4 s..........1 9 3 4 M-S
Assented income 5 s.......1 9 3 4 M-S
Kan C A M By A Br 1 st 5 s l 9 2 9 A-O
Maine Cent cons 1 st 7 s . - .1 9 1 2 A-O
Cons 1 st 4 s ..................... 1 9 1 2 A-O
Man? Hough A Ont 1st Os. 1 9 2 5 A-O
Mass Gas 4 *2 S ................... 1 9 2 9 J-J
51 mil Teleplst 5 s ...............1 9 1 7 ;J- J
Minne den Elec con g 5 a 1 9 2 9 J.J
New Eng Cot Yarn 5 s . . . . 1 9 2 9 F-A
New Eng Telepli 6 s . . . . . . . 1 9 1 6 A-O
fis...................................... 1 9 1 0 A-O
New England cons g 5 s. . . 1 9 4 5 J -J
Boston Term 1 st 4 s.......1 9 3 9 A-O
N ow B iver (The) conv 6 s. 1 9 34 J .J
N Y N H A H con deb 3 *4 S l 9 5 0 J-J
Conv deb Os (etts)........ 1 9 4 3 J-J
Old Colony gold 4 s .......... .1 9 2 4 F-A
Oreg By A Nav con g 4 s . ,1 9 4 0 J-D
Oreg Sh Line 1 st g Os....... 1 9 2 2 F-A
Pore Marquette deb g Os. . 1 9 1 2 J-J
Bepub Valley 1 st s t Os. . .1 9 1 9 J-J
Butland 1 st con gen 4 *3 8 .1 9 4 1 J-J
Kutland-Canadlan 1 st 4 s 1 9 4 9 J-J
Savannah Eleo 1 st cons 5 8 .1 9 5 2 J-J
Seattle Eleo 1 st g 5 s ........ 1 9 3 0 F-A
Sliannon-Ariz 1 st g C s.... 1 9 19 M-N
Terre Haute Eleo g 5 s . . . .1 9 2 9 J -J
Torrlngton 1 st g 6 s..........1 9 1 8 M-S
Union Pao B B A 1 gr g 4 8 .1 9 4 7 J-J
2 0 -year oonv 4 s...............1 9 2 7 J-J
United Fruit gens 1 4 *48.1 9 2 3 J .J
U S Coal A Oil 1 st s t Os.. 1 9 38 M-N
U S Steel Corp 1 0 -0 0 yr 6s. 1 9 0 3 M-N
West End Street lty 4 s . . .. 1 9 1 6 F-A
Gold 4*33......................... 1 9 1 4 M-S
G obi deu en tu ro 4 s ...........1910
G old 4 s ................................ 1917
W e ste rn T elep h A T e l 6 s . 1932
W isco n sin G ent 1st gen 4 s l9 4 9

M-N
F-A
J -J
J -J

R ia

A sk

1 0 Q34 ...

igh
Low High fo Low H
1023 *
IU034

lOO7*

and

B a ltim o r e

S to ck

E x c h a n g e s— S to ck

Slinro P rices—Not Per Centum Prices
S aturday
Jun e 3

M on d ay
Jun e 5

l'u esd av
Jun e 6

Baltim ore
3 2 6 Con. Gas EL L. A Pow .1 0 0
9 3 7* 9 4 1 9 4
94
93*3 D334
93*4 933 « 03*3 03*3
Do pret................. 1 0 0
100 100 100 100*3 100*4 100*4 * 1 0 0 100*3 4 1932 !Nortborn
.......100
i o o 1 00
Central........ 6 0
1 2 9 129 *31 129*3 129*3
123 128
... *1 2 7 128
127 127
28 1 ,32 1 Seaboard (new)............ 1 0 0
2 8 ** 28
28
28*» 2 8 V *2734 28*4
28*4 283 s
28*4 283*
Do 2 d pref........... 10 0
90 9
*01 02 I ‘ 01*3 02
01*3 01 *3** ......... 02
0 1 34 02
61 *3 02
2 7 0 United By A Electric.. 5 0
18*4
18*4 * 1 8
18*4 18*4 *......... 18*3
18*3
18*8 18*8 +18
*13 .
♦ 4 3 *4 .
45

45

64

64*4

*12

12*8

♦32*4 3 2 34

♦73

74

•28

28*3

8

8*4

64*3
32*3
73*3

n 7i

4334
4 4 "*
l l 7* n 7i * i l 7» 12** *11 <8 12 >* +1 1 7*
6 5 >4
64*4 65*4
64
54*4
64*4 64*4
33 »* 83
33
32*3 3 2 7*
32*4 8 2 "*
*74
73*3 74
78*3 73*3
73*3 7 3 H,

88*3

28*3

28*4

28*3

>‘2 8

6 8 »*

69

10*3

10*3

18*3

183,

80*4 80 *3 ,,,

*6*l

' '

47*a 47 °b

87*3 87*4

59
69*4
10*3 10 >3
10*4
10
bOaia 8 0 S,

6*4

634

4 8 *4
48
87*4 87*4

1*11 I L A D E L l’ H IA

88*3 88-3

8 9 a4 89 7t
02 02 5,o
687* 69
103» 10 •'**
19*4 19*3
70'» 80 **
634 6*3,0
48"* 49 s*
87*4 87

Rid

As/c

iuucti+u S tocks
1
American Jlilllng...... 10
4 4 34
44
Uombria Iron............... 60
82>a 83
Central Coal A Coke. 10 0
82
82*3
Proierrod................. 100
Consol Traoot N J . . . 1 0 0
Ft Wayne AW V ...... 10 0
Gormunlown Puss.......50
Highlander Mill A Mg . . 6
Huntingdon A B T . . . . 5 0
Preferred..................60
Indianapolis S t......... 10 0
Indiana Union T r__ 100
2078
Insurance Co ot N A .. 10
Inter Sin Po w A Chem.6 0
, Keystone Telep v t O. .5 0
: Preferred.................. 60
Keystone WatchCase.1 0 0
9*4
Leli V ail Tran v t o . . .5 0
24*3
Preferred v t 0.......... 60
1 6 **
Lit Brothers................ 10
Little Schuylkill..........50
61*4
Mlnohill A Schuyl 1 1 ..5 0
Nat Gas Eloo L t A Po 100 20
70
Proterred................ lou
N Havou Iron A Steel . 0
Northern Central........ 60 m "
North Pennsylvania . .5 0
97
Pennsyl warrants ..(w 1)
Pennsylvania Salo...... 6 u
Pennsylvania Steel . .1 0 0
Preferred................ loo
Phlla Co (Pitts) prof. . .6 0
43*3
Phil German A Norris . 60
Phlla Traction............. 60
Ballways General...... 10
6*4
Tonopali Belmont D ev.l
Unlted Cos ol N J ---- 100
Unit Trad Pitts pret. . 50
Warwiek Iron A Steel . 10
WelsbachCo...............100
61a4
, West J ersey A ScaSh .5 0
>Westmoreland Coal. . ..5 0
Wilkes Gas A Elec . .1 0 0
7*3
York hallway...............60
25*4
Preferred ................. 60 25
•Bid and asked: n o sales ou




44
4484 45

44

44
44*3 46

*7*3 *>'8 *3
28*4 28*4
88*4
89 34 8 9 ->4

88*3

02

02*4

8U*ia

80S
nu*..

68*3 5 8 3*
10*3 10"*
19*3 20
6 34 6*3,a
49*3 50*3
87 v, 88

28*3 2 8 ’a 2 8
89
8 9 >» 8 9
80a4
8 9 ’8 0 0
6 i 3nj 62 *3 62*8
67-4 SS3* 6 6 "»
10J4 17*4
1 6 7a
20
1 0 7* 20*4
80
8 0 80 i*ie
6
6 7s 6 l,e
*49
6 0 *3 51
87 34
87 7s 87

\

P H IL A D E L P H IA

41

100

100*8 100

102j4

J ’n e ’OS*

100*8 17 I 99*3 100*8
99*3 M ay’ l l . . . . ' 99*3 99*5
102*3 A u g ’ 0 4
103
103
2100
10 3
10134 M a t’ l l
10l34 102

ib"2 *a i 03

100 *3 S e p ’ 0 8

75 O ct ’ 10
9 0 \ M ay’ l l
133*» May’ l l
101 A p r ’09
98 Tg Sep ’ 09
1117* F e b ’ l l
9834 A p r ’ l l
103 J a n ’ l l
107 *3 -Vov’ 06
102 Mat *02
70*4 D e o ’ 10
104*3 Salo 104*3 104
9 1 ........ 93 A p r ’ l l

97

9634 99*3

.. 1 3 2 34 1 3 4 s4

1 1 4 34 H i ’s
U8 3i 9 » 34
10 3 10 3

10 4
93

Apr’ o7

1003» M ar’ 10
101 M ay’ l l
104"g A p r ’ l l

9 l534

9 6 34 97

105
93

1 0 0 3* 101
1 0 4 3* 1 0 4 <%
9 6 7* 97*3

9 6 34

106

N o v ’ 10
15 104*4
100
99 Slay’ l l
08*4
100 *3 M a y 'll ...IllOO**
98 *3 A p r ’ li)
98*8 Jan ’ ll*
98*8
903t
99*3 100 I
93*4
93*4 J a n ’ l l

i 0 6 «i Salto 1U53*

100

wale

D a ily ,

100
99
100*3
98*«
100

93*4

U Flat price.

W e e k ly ,

Y e a r ly

R an ge to r P reviou s
Year ( V J W )
H igfiest

64 Jan
8 9 Jan
12 1 Jau
Jan
21
4 3 *4 J an

9 9 4 May29
9 loo*aJ’ne
1 1 129*3 J’rie 8|
4 28**8 J ’ne 3
4 6 2 J’ne 3 :
lO^Jan 0 1 8 7* Mar2 8 ’

7,

P h ila d e lp h ia

American Cement........ 60

128 A m erioau H allw ays___ 60

46

60

R id ] A 8k

B on d*

Prices are a ll "an il
interest."

A lt A L V Eleo 4 *3 S’ 3 3 .F-A
Am Gas A Elec 5 s'0 7 .F-A
Am Bya conv 6 s 1 9 1 1 . J -D
Coll tru it 6 s 1 9 1 7 .A-O
Atl C Eleo ref 6 s ’ 3 8 .M-S
BergAEBrw l s t 6 s’ 2 1 J-J
Bethto Steel 6 s 1 9 9 8 .ti-F
Choc A Me 1 st 6 s 1 9 4 9 J -J
CU Ok A G gen 5 s ’ 19 J-J
Oon'lTaoof N J 1 st 5 s . ’ 33
Del Coliys tr ctfs 4 s’ 4 i’J-J
E A A 1 st M 6 s 1 9 2 0 M-N
Elec A Peo Tr stk tr ctfs
Gen AspLalt 6 s ’. 0 1 0 .M-S
Indianapolis By 4 s . 1 9 3 3
Interstate 4 s 1 9 4 3 ..F -A
Keystone Tel 5 s 1 9 3 5 .J-J
Lake Sup Corp inc 6 s’ i 4 O
Lehigh Nav 4*33 ’ 1 4 .Q-J
Gen M 4 ViS g- 1 9 2 4 .U-F
Leli V U 1 st 6 s g ' 3 3 . -J-J
Loh V ext 4 s 1 st 1 9 4 8 . J-D
Cousot 6 s 1 9 2 3 .......J-D
Consol 4*38 1 9 2 3 . ..J-D
Annuity Os.............J-D
G011 cons 4 s 2 U0 3 .M-N
Leli V Tran con 4 s ’35 J-D
1st series B 6 s 1 9 3 5 .M-S
N a tijlIA P serB 6 s’ 1 9 J-J
Now Cou Gas 6 s 1 9 4 8 J -D
N Y Ph A No 1 st 4 s ’ 3 9 J-J
income 4 s 1 U3 9 ...M-N
NouhioTrao con 5 s’ 1 9 .J-j
peuu A Md Steel con 6 s.
Pa A N Y Can os ' 3 9 . A-O
P e n u Steel 1 st 6 s ’ 17 M-N
people’s Tr tr certs 4 s ’ 43
p co IstA eol tr 6 s ’ 4 9 M-S
Cou A col tr&s 1 9 5 1 M-N
Phil Eleo gold trust ctfs.
Trust cortlfs 4 s............
P A E gen M 5 g ’ 2 0 . A-O
Gen M 4 s g 1 9 2 0 . .AAO

■

10 1* 4 S e p ’ Ool

115

12 May2 3
4 2 Jan 6
7 4 8 Cambria S teel.............. 5 0 42 *3J an 3
34 Eieotno Co of America J.0 1 1 *3 J an 4
I2*t
66*3 3 ,2 2 1 Eleo Storage Battery . . 10 0 4 8 *aJuu 3
1 ,2 0 3 Gen Asphalt tr c tla __ 10 0 3 1 *3 Mar 4
33
390
Do pret tr ctfs . . . . 1 0 0 72 Mario
74*3
127 K eystone T elep h o n e... 5 0
8 J’ne 3
8*4
610 U ik o s u p e r io r C o r p ___ lo u 27 *3 Apr 19
28 3g
361 Lemgb C A N a v t r ctls . 60 8 6 May 12
89
84*3 Apr 24
6/4 Lehigh V a lle y ................
8
J7»
023 » 3 ,2 9 8 Pennsylvania K B ........ 60 60*4 Mayl6
z
jo Jan 3
2
,2
6
3
Phtladolp’aCo(Pitlso).
6
0
67
17*4 18 ,6 0 '. Philadelphia Electric||. 26 16 Jau 19
20*4 14,1 30 Phils Bap Tr vot tr ctls 60 17 A p ril
8 0 *» 7 ,7 5 0 Beading....................... 60 74 *5 i* A pr 24
J’no 1
0*t 3,436 Tonopali Mining ........ 5 o1 4 36 ** Jau
3
' Traction ..
4 U\ 1 6 ,5 0 0 U*nlon
8 5 *aJan 3
87 7* 2 ,04 1 United Gas lrnpt..........

12 v,

*12

.

44
45

44 *,
45

t S 3* 8 s"s
SOt* 90 *i* 8 9 s4 8 9 7*
02
02*4 Oi*»t 02*8
88*3

*13
44

44
46

*433i
46
U 7*
64
32*3
73*3

94 ‘4 94*4
1 0 0 **
1 1 G34
9 3 *3
90
10 3

.. 10 0

1 11 5
1 1 0 * 3 ......... 110*3 111)*,
,, 9 2
92 _____ 1)2 M ay’ l l
88
88 A p r ’ l l
........ 91
103
102 M a t’ l l *
102 '*9 103
102 a4
102*4 F e b ’ l l i

Sales | A C T IV E S T O C K S
■ o f th e; ( F o r R onds an d In a ctive
W eek
Stocks see below J
'Shares]

F rid a y
Jun e 0

T h u rsd a y |
J u n eS
|

|W ednesday
| June 7

R ecord,

4 10 0

..

117 A p r ’ 08
*4*4 F e b ’ l l
100 M ay’ l l

N ote—B uyer pays accrued interest in addition to the puroltase prloe lor all Boston Bonds. "N o prioe Friday; latest bid and asked.

P h ila d e lp h ia

R ange
S ince
Jan uary 1

W eek’ s
R ange or
Last Sale

P rice
F rid a y
June H

84 H. 85
100
100*3
96
94

......

100*4
......... 118
102*3 103
105
......... 78
......
88 *2
9334 94*4
81
82
67
67*3
83
84
69*i 70
100*8
104
109
100*4

i4 6 * i 147*3
97*4 97*3
07*4 100
97 V,
.........
108
101*-.
92*3
102»4
08*4
103
79

.........
93*3
103
98*3
103*2
.........

100*4 100^

P H IL A D E L P H IA
Ph A B ead 2d 5s ’3 3 . A-O
E x Im p XI 4s g ’4 7 . A-O
T erm in al 5s g 1 9 4 1 .(J-F
P W A B col tr 4s ’ 2 1 .J -J ,
P ortland B y 1st us 1930.
B e a d T r a o , s i Os 1533 J-J
B ocli B y A L e o n 6 s ’ 54J-J
Spanish -A m I r Os ’ 27 J-J
Stan’ d G as A E Os '2 5 M -N
U T r a c 1ml g e u 6 s ’ 19.J-J
U n lty s T r c it s 4s’ 49J A J
U n ited lty s Iu v l s t c o l l t r
s f os 192 0................. M -N;
W e is bach s t 5s 1930. J-D
W lk s-B G A E c o n 5 s ’65J-J
Y ork l t y s i s t e s 1937.J-D
I t A l/ih llO lH ,

l u n c U v o .S to ck s
A la C ons C oa iA I r o n .100
P r e t .............................. 100
A tla n ta A C h a rlo tte ..1 0 0
A tla n Coast L (C on n ) 100
Canton C o .....................100
C ons Cot D u ck C o r p ...5 0

P re fe r re d ................... 50

G e o rg ia S ou A F t a .,.1 0 0
1st p r e f.......................100
2d p r o f........................ 100
G -B -S B r o w in g ........... 100
Bonds
P r ic es a re a l l “ an d
in terest.”
A n a co stla A P o t 5 s . „ .
A tl Coast L (C t)c tfs 6s J-D
C tfs o f in d e b t 4 s ....J - J
6-20 y r 4s 19 2 5 ......... J-J
B a lt U P a s s l s t S s ’ l l M -N
B a lt F u n d g 53.1 9 1 6 M -N
E x ch a n g e 3 *as 1930 J-J
Balt A P l s t O s m l ’ l l A-O
B S P A C Xst4 *23 ’ 5 3 F -A
B alt T ra o 1st 5 s . . ’29 M -N
N o B a lt D iv os 1942 J-D
C en t’ l B y c o n 5 s l9 3 2 M-N
E x t A Im p 6 s .1932 XI S
C h a s C ity lty l s t 6 s ’ 23 J-J

R id

|A s k ;

B A L T I .U O U E

| R id | Ask

Chas B y G A El 5s ’ 99 Xl-S
Chari C A A 2d 7 s ’ 10 A -O
10d34 101
1 17*4 C ity A S u b 1st 6 s . . ”22 J-D
117
C ity A S u b (W a s ) ls t 5 s ’ 48
Coal A i B y 1st 6 s ’ 2 0F -A
CoKVsUmv 1st Ca.lUlti J*J
120 125

96
......
106*2
102
102

102 *2 ! G en 4 *38 1954......... A-O
102S C ons G E A P 4 ‘3S’ 3 5 .J -J
F a irA O iT r is t 5s ’ 38. A-O
G a A A la xst cou 5s ’45J-Ji
77
......... G a C a r A N 1st 5s g ’ 29.1-J
G eorgia P 1st 6 s .. . ”22 J -J
85 3* 80
8y a4 89*4 G aSo A F la 1st 5s 1945J-J
G -B -S B rew 3-4s 1951M -S
101
2d in com e 5s 1951 M -N
K n o x v T ra o 1st os ’28A -C
L a k e B El 1st g u o s ’42Xl-S
M a c o n B y A L t ls l5 s ’ 63J-J
40
M em pln s S t 1st 6s’ 45 J-J
74
73
X le tS t(W a s h )ls t5 s ’ 25F A
Xlt V e r Cot D u ck 1st o s .
240 250
HUH* 122*3 N lit N A G P 1st 5s’ 38 M -N
N o r A P o r T r ls t5 sM 6 J -D
3
N o rlo lk St 1st 6 s ’ 4 4 .-J-J
17
......... N o rth Cen t 4 V2S 1926 A-O
S eries A 6s 1 9 2 6 ....J -J
S e n e s B 5s 19 2 6 ___ J-J
Pitt U n T rue 5s 1 99 7.J-J
i
P o lo V al 1st 5s 1 9 4 1 .-J-J
Sav Fla A W est 5 s ’ 34 A-O
Seab A B oan 6s 1 9 2 6 .J-J
South B o u n d 1st 6 s ..A -O
101*3
101
UE1 L A P lst4 *3S ”29 M -N
104
Uu B y A E l 1st 4S ’49 M-S
in c o m e 4s 1 94 9........J-D
F u n d in g 6s 1 9 3 6 ...J -D
100 100*4
104 V. Va Xlld 2d aer 6s ’ l l.X l - S
104
3d series 6s 1 9 1 6 .-Xl-S
9334 04 ’«
4th ser 3-4-Os 1921. M-S
6th aeries 5s 1 9 2 6 .M-S
97*4 97*3
106*3 107*4 Va (S tate) 3s n ew ’ 3 2 .J-J
F a n il d e b t 2-3s 19U1.J -J
no
109
107*3 108*3 W e st N O con 6 s 1914 J-J
W e s V a C A P l 8 t 6 g ’ l l J-J
......... ......... W il A W eld 6 s -.1 9 3 6 .J -J

97 *3
87**8
l o o 3.
105 *4
105*3
112
106 *3
42*4
6
104
109

102
102

.........
11)6*4
102**
.........
.........
98
87*3
101
10534

105**
114
107*3
42*4
6
105
110^4
•..•••
• o r 98
....... ..
76**3 76
87
103
106
iio
109
107
106
92*3
85
93
87*4
.........

89
107 **
........;
L i’i
111
109
107
93
63*4
87*4
••••««

iu r
8 6 34 88*4
8U
86*3
104 V. 105
100
110

112

this day. 11E x -dtv, A righ ts. U S lo p a ld . t ^ i a ^ p a l d . t $ 1 3 'a paid. <l$35 paid, a B eoeip ts. 6 $2 5 paid. « $ JO paid. ( i $ i 2 'a paid.

1554

THE CHRONICLE

V o lu m e o f B u s in e s s a t S t o c k E x c h a n g e s

[VOL. LXXXXII

b le c tr lc C om p a n ies
Bid
Ask
Chicago Edison Co— See Ch cago list
Gr’ t West Pow 5s 1 9 4 0 ..J-J
87
88>j
e Kings Co El L A P C o .100 125 126
Narragau (Prov) El C o .. 50 xv*81 8712
N Y A Q El L A Pow C o. 100
6s
65
75
Preferred......................100
82
United Electric o f N J . . . 100
87
92
1st g 4s 1949............... J-I)
7 e «4 7914
Western Power com ____100
85
3612
P referred......................100
61
63

,4.«*
Bid
Industrial and M iscel
e Cruciuie steel_________ 100
1334 1378
e Preferred.....................lo o
637* 84
•14
DavU-Daly Copper C o . . . 10
138
« Diamond Match ■ o ._ 100 100 101
duPont (E 1) de Ncm Po 100 100 165
Stocks.
e Preferred.................. 100
98
07
Railroad,
Week ending
e Gold 4H s 1930____J-l)
844 8434
&c..
Stale
V . S.
June 9 l u l l .
Sharee.
Electric Boat............. ....... 100
Bar value.
10 15
Bonds.
Bonds.
Bonds.
Preferred________ I . *100
40
10
Saturday ____
379,632 $34,517,250
Empire Steel.....................100
10 15 '
$3,048,500
$370,000
Monday _____
510,674
P referred____________ ioo
65
00
46,784.550
3,023,500
454.500
Telegraph
and
T
elephon
e
Tuesday
- ______ __
403.S81
« General C h e m ic a l..Ill 100 132 136
37,388,600
4,622,500
601.500 $10,000 « Amer Teleg & Cable___100
8 OI4 84
Wednesday ________
e P referred ................... 100 108 110
465,627
43.677,950
3,046,000
453.000
8,000 e Central A Bo Amer____100 119
12012 Gold U 1U C o p p e r ....
Thursday____________
596,819
*7ie
*18
65,059,400
4,300,000
422.500
Comm’l
Un
Tel
(N
Y)__
25
108
F r id a y ______________
Greene-Cananea
. . I _____ 20
*74
326,115
31,039,000
4,233,000
7*4
756.000
Empire A Bay State T el. 100
o5
70
Guggeubelm Explor’n . . l 00 195 200
Franklin
...........................
100
40
45
T o t a l __________. . . 2,682,748 $248,466,750 $22,873.500l $2,957,500' $13 000
e Hackensack Water Co—
e Gold A Stook Teleg. . . 100 111 116
Ref g 4s '52 op 1912 ._J-_
83
e Northwestern Teleg____50 110
115
Hall Signal Co com _____100
8 10
Week ending June 9.
26
66
Pacific A Atlantic____
Jan, 1 co June 9.
75
Havana Tobacco Co____100
4
512
e Pac Telep A Teleg pref 100
94
98
P referred....... ............... 100
11
12
' Exchange,
1911.
Southern A Atlantic......... 25
1910,
83
1911,
96
1910.
1st g 5s Juno 1 1922 J-D / 00
05
Hecker-Jones-Jewell Milling
Stocks— No. shares__
2,682,748
4,420,344
48,034,674
89,494.498 _ , Ce Lr X C om pa n ies
m - s 101
1st 6 s 1922...........
104
Par v a lu e _________ $218,460,750 $396,831,925 $4,259,913,650
92
08
$8,062,065,425 B A N Y 1st bs 1911____J^J
Herring-Hall-Mar new.’. 100 ; 15
25
Bank shares, par_____
$56,700
$27,800
N
Y
A
E
R
Ferry
s
t
k
..
100
$1,023,700
rl()l
4
$653,600
Hoboken Land A I m p .. 100
Bonds.
1st 5s 1922__________M-N
J54%
1st 5s Nov 1930
103 105
Government bonds___
$13,000
N Y A Hob 5s May ‘46* J-D
$2,000
$143,500
M)
0 0 t2 Houston OH...................I I 166
$217,000
7»a
8
State bonds ___
2,957,500
871,000
Hob Fy 1st 5s 1 9 4 6 ..M-N 10534 looi2
63,256,000
25,463,200
P referred..... ................. 100 s56 J5734
R R . and misc. bonds.
22,873.500
11,312.000
350,386,500
97
99
314,263.500 N Y A N J 6s 1946......... J^J
Hudson Realty......... .IIlO O
10th A 23d Sts Ferry
100
26
35
» Ingcrsoli-Rand c o m .. . 100 100
Total b o n d s _______ $25,844,000 $12,185,000
1st mtge 5s 1 9 1 9 ... J-D
$413,786,000
163*4
$339,943,700
e Preferred.........
100
e Union Ferry stock____100
25
21
Intercontinental Rubber 100
2034
D A IL Y TRANSACTIONS AT fH E BOSTON AND P H IL A D E L P H IA
« 1st 5s 1920_________M-N
98
Internat’l Banking C o .. 100
95
EXCHANGES,
International
Nickel___100
200
205
Short-T erm N otes
P referred...........
' 100
97*2 99
Amal Cop 5s Apr 1 191 3.. lOOig 1003*
Boston.
1st g 5s 1932......... . ' " a - o
Philadelphia.
001 98
American Cigar—
Week ending
International
Salt
100
6
8
Ser B 4s Mch 15 T 2 ..M -S
997s
June 9 1911.
Listed Unlisted
ig
Bond
Listed
1st g 5s 1951____. . ' a -O / 48
Unlisted
Bond
52
Balt A Ohio 4yZa 1913.J-D KXbs 1003* International
shares. share..
sales.
Silver
lot)
shares.
80 110
shares.
sales.
Bethleh Steel Os 1 9 1 4 ..M-N 10034 101 L
Preferred . . .
'1 0 0 113
115
Ches A Ohio 4l2s 1 9 U .J -I)
99'# 993*
Saturday__________ 20.791
9,327
1st bs 1918____
" j - d 111
$31,000
4.247
7,644
$01,566 Chic A Alton 5s 1 9 1 3 ..M-S
12
90l* 99*8
Monday___________ 21,929
12,696
85,500
Intermit Smelt A R e fg .I lo o 121 129
8,422
9,518
02,782 Cln Ham A D 4s 1913
J-J
987g
Tuesday__________ 31,349
VO
1
4
18,189
Intornat Time Record lo o 250 300
149.500
9,209
5.320
160.772 Erie 6 s Apr 8 1 9 1 4 -._ a ’-0 3 100^ 101
W ednesday.....___ 20,887
14,120
Preferred..................I
l
l
00
81,000
115 i20
13,533
13,133
72,095 Hudson Companies—
Thursday_________ 25,448
17,299
Jones A Laughlln Steel Co
119.500
28,778
6,9031
94,053
(is Oot 15 1911........... A-O 1001 101
Friday_________ _
16,135
0,897
1st s f g 5s 1 9 3 9 ... M-N 102 103
26.0OJ
8.1)9
4,337|
77,200
Os Feb 1 1913_______ F-A
98*4 98 I4
e
Lackawanna
Steel____
100
40
45
Int & Gt No 5s Tr Co ctfs
98's 99
Total .............
136,539
0 1st con 5s 1950.
M-S
82,528! $492,600i
72.328
864
46,9161 $559,668 K C R y A Lt 6s ’ 12____M-S . . .
* Deb 5s 1915..............av- s
V i " 9434
Minn A St L g 5s 1913..F -A
95
96
100
u;3s 06
Mo Kan A Tex 6 s M a y l’ 13
995« 997* Lanston Monotype
O u ts id e S e c u r itie s
Lawyers’ Mtge C o . _ . I ” io o 2671
MoPaclfle 6 s 1 9 1 4 ....... J-D
98>4 083*
Leh A Wllkes-B Coal___ so
Nat
Rys
of
Mex
4>$s’
13J-D
98
99
e Lorlllard (P) prof_____io o
All bond prices are now "and Interest" except where marked "f.”
e N Y O Lines Eq 5s ’ U - ’22 6412% 4i4% Madison Sq G arden.. . 100 110 150
55
65
4VSs Jan 1912-1925........... t>4(2% 4 l«%
, / d. a\ 1919............. 1 . M-N
05
N
Y
Cent
4
^
8
1
9
1
4
...M-S
lOOlg
100%
Street R a ilw a ys
Manhattan Transit........... 20 +216]
S freef R a ilw a ys
” 3*’
N Y N H A U 5s J*n 1912 100i2 l o l
e May Dept S tores..
ioo
8 I4
S3
New York City
4J4s Mch 1 1 9 1 2 ____M -S ------Pub Serv Corp N J (Con)__
e Preferred____
' '1 0 0 111 1 1 2 4
Blseck St A Kul Fy stk. 100
21
15
New’k Pas R y 5s ’3 0 . . J-J 10734 10814 PunservCorpN J 5 s ‘ 13.A-O 1005s 101
fMiami Copper— Se- Stock
ixch
1st
1st mtge 4s 1950______ J-J
St L tr. S F 4)$s '12 op F-A 10J
1003s Monongahela R Coal.
55
65
Rapid Tran St R y ___ 100
50 *10
£89 240
104
B ’y A 7th Ave stk........... 100 120 132
5s Mcll 1 1913...........M-S
99
991s
Preferred......................
1st 5s 1921..............A-O 1U2
+33
334
2d mtge 5s 1914........... J-J
5s June 1 1913 o p t ..J -D
99
DWI4 Mortgage Bond C o .. . . i o o n o
99 101
J C Hob & Paterson—
i
l
o
Con 5i 194 >— See Stock Exc list
4s g 1949................ M-N
77
7712 South R y g 5) 1914___ F-A 100% 10038 Nat Bank of Cuba........... 100 109 1 1 0 4
B ’ way Surface 1st 53 gu 1924 10U2 103
Tidewater 6s, 1913, guar
10112 102
So J Gas El A T r a c .. . 100 134 138
« National S u re ty _____ 100 245
50
Cent'l Crosatown s to c k .. 100
Wabash
4Hs
1913____M-N
96
97
90
983 9912
Gu g 5s 1953_____ Al-S
Nev-Ulah Min A s m . . .
to * U16
h
1st mtge 6s 1922___ M-N / 80
85
"20
No Hud Co R y 6s 1914 J-J 10134 10312 West Telep A T 5s '12 F-A 100l2 lOOl, e New Central Coal.
30
60
Cen Pk N A E Rlv stock. 100
WeRIngh’se El A M 6 s 1913 10138 i o i 34 N Y Air Brake bs— See Stock ixc .1st
10 20
5s 1928...................... j -j 103
Christoph’! A 10th St stk 100 100 115
« 5 % notes Oct 1917.A-O
91
97
E xt Ss 1»24............Al-N 109
e New York D ock......... .. loo
25
Col A 9th Ave 5s— See Stock Exc list
e Preferred ...................too
Pat R y con 6s 1 9 3 1 ..J-D 115
06
D ry Dock E U A B—
R ailroad
2d 6s opt 1911____A-O 101l2 103
N Y Mtge A Security__ 100 2 1 7
220
,
1st gold 5s 1932____.J-D
Chic
Poor
A
St
L—
95 100
So Sldo El (Chic) — See Ch cago list
N Y Transportation......... 20
*3
5
Scrip 5s 1914........... H f -A t 30
Prior Uen g 4 Ms ’30.M -S / 90
40
Syracuse ft T 5s 1916 ..M -3 1015* 10214
Niles-Bem-Pond com . 100
05
OS
Con
mtge
g
Js
1930..
j
j
Eighth Avenue sto o k .. 100 250 310
/
40
Trent P A H 5s 1943.. .J-D
Niplsslng
Mines.............
I
.
.
5
100
97
*103g IO**
Income 5s, July 1930____ I 5
Scrip 6s 1914.. . .P -A / 95 100
15
Ohio Copncr C o.............
United Rys of St L—
io
1*8 1“ 18
Chicago Subway........... 100
378
42d A Gr St l<” y s to c k .. 100 200 225
4
Com vot tr cWs............ 100
Ontario Power Co— .........
10!2 11
Northern
Securities
S
tu
bs..
100
103
42d St M & St N A v e .. 100
e Preferred ...........
100
1st g 5s 1943 o p t ____F-A
38
39
00
974
Pitts
Bess
A
L
E
................
50
♦34
2d Income Gs 1915...J - J / _4o’ ' 60
36
Gen 4s 1934—See Stook Exc list
« Ontario Silver____
13,
*>4
P referred......................... 50 *84
Inter-Met—See Stock Exch ange list
70
Unit Rys San Fran—Nee Stk Exc list
Otis Elevator c o m ..
72
74
e
Railroad
Securities
Co—
Lex Av & Pav F 5s— See Stk Exc list
Wash Ry A El Co........... 100
P referred...........
34
3434
105
103
90
ill C Btk tr ctfs ser A . , .5 2
Metropol St R y — See Stk Exc
1st
95
Preferred..................
100
Pittsburgh Brewing
8812 8834
*2.)
Ninth Avenue stock____100 150 175
4s 1951...........................j-D
P referred........................
SU4 8434 Seaboard Company—
*43
434
1st preferred................ 100
Second Avenue stook___100
9
13
90
e
Pittsburgh
Steel
p
r
e
f_
.io
o
10534
1064
Coin A 2d pref—See Bal
Consol 5s 1948........... _F-A f 41
50
Exc list
Mfg Co com ........... 100
G as Securities
63
86
» Sixth Avenue stock___100 124 130
West Pac 1st 5s 1 9 3 3 ..M-s
0212 9314 Pope
Preferred............. ......... 100
75
77
Sou Boulev 5s 1945____J-J
65
75
Pratt
A
Whitney
prof.
.100
105
1
0
2
4
„
.
,
So For 1st 5s 1919______ A -0
80
92
In du sfria l and M lscel
Cent Un Gas 5s 1927. . J-J 102 103
Producers Oil.....................100
90 n o
Third Avenue R R — See Stk Exc list
/
87ls
-j-D
881
?
Con Gas <N Y) —See Stock Exo Ust
cRay Consol Copper— See 3 tk Ex list
Tarry W P & M 5s 1928
' 63
80
♦170 175
e Mutual G a s ..______
100 177
Realty Assoc (B k ly n )...1 0 0 112 114
185
Y ’kers St R R 5s 1940 A-O
80
85
.100 120 125
New Amsterdam Gas— "
Royal Bak Powd c o m .. 100 188 19 i
23th A 29th Sts 54 ’9 0 . . A-O
15
163
22
167
1st consol 5s 1948____J-J 102 10234
P referred................
100 1084 1094
Twenty-third St s to c k .. 100 190 215
.100 123 126
N Y & E It Gas 1st 5s ’41 J-J 10434 106
8afety Car Heat A L t._ .1 0 0 121 123
Union Ry 1st 5s 1912.. F-A 103 105
.100 250
Consol 5s 1945............ J-J 10U2 10312
Seneca Mining.............
25 k
40
Westchester 1st 5s ’43 J-J
103
65
75
106
Singer Mfg C o . . ............. 100 2 "o " 90
N Y <fe Richmond Gas-.’ lOO 50
00
5
-100
10
Nor Un 1st 5s 1927____M-N 100 102
South Iron A S com ____100
6
2
Brooklyn.
25
27
e Standard Gas com .
100
P
referred.......................
io
o
70
5
10
Atlan Avenue R R —
13112 133
e lT e fc red ........... 111100
Standard Cordage........... lo o
95
u.
Con 5s g 1931........... A-O 10214 10312
1st 5s 1930__________Al-N 10412 106-34 Am Malting 6.1 1914____J-D 10) 10U2
1st II g 5s ’31 r e d .. .A -O
’l l "
18
B B & W E 5s 1933__ I a -0
Amer Press Assoc’n ___ loo
95 100
98 102
Adjust M 5s Apr 1 1931 ..
2
3
Brooklyn City Stock.........10 16 3 170
Am
St
Found
new—
See
S
tk
Ex
net
Other Cities.
Standard Coupler c o m .. 100
42
45
Con 5a— See Stook Exch
6 ) 1935_____________ a -O 102l2 1 0 3 4
list
Am Gas A Elec c o m ..
50 *55
P referred.............
100
115
50
Deb 4s 1923................. F-A
Bklyn Hgts 1st 5s 1911 A-O
98 102
68 70 e Standard -Milling C o . ..1 0 0 105
Preferred.........
" 5 0 *43 U 44
164 17
Bklyn Queens Co A Sub—
American
Surety____.
..
_
5
0
285 295
e Preferred.................. 100
Amer Light A T r a c t I I " i o o 292 295
60
55
American Thread pref____
e 1st g 5s ’ l l op 1916 J-J
*434
98 101
54
Preferred.......................ioo 10512 107
e ls t 5s 1930............... M-N
87
SS*4
Am Tobacco Co com ____100 415 420
« 1st con 5s ’41 op ‘ 16 M-N
99
97
Bay State Gas.................... 50
Standard Oil of N J ......... IOOi Go9 055
*3*
Bklyn Ilap Tran— See Stock Exc list
Amer
TypePders
com
___IOO
52
55
BIngh’ ton (N Y) ( t o w ks
Studebaker
co
rp
com
._100
65
614
P referred.......................100 100 102
Doncy Isl * Bklyn___ 100
50
65
1st g 5s 1938...........
A-O
Preferred.................... 1 100 10434 105
95
99
1st cons g 4s 1948___ J-J
Dob g 6 s 1939........... M-N
99 100
33
78
Brooklyn Un G as—.See Stk Exc list
Swift A Co—See Boston Stk Exc list
, Con g 4s 1 9 5 5 ....
J-J
Amer Writing Paper____100
75
80
k'4
4
Buffalo
City
Gas
s
to
c
k
..
100
1st 5s. See Chicago Stk Exc list
5
a
.
1’
2
eProferred— See Stock F.x eh ge list
Brk C & N 6s 1939. J-J
98 101
1st 5s 1947— See Stock Exc list
Texas Company— See Stock Exc list
elst s f 2 5s '19red 195J-J
Kings Co El 4s— See Stock Exc list
90
004 e Texas A Pacific Coal. 100
6734 69
Cities
Service
Co...........
100
98 102
Atl
Gif
A
W
I
SS
L
ines..100
Nassau Elec pref______ loo
10 104
100 125 135
77 *2 79
P referred........... .
1 100
P referred.......................IOO 2U2 2 2 4 title Ins Co of N Y
6s 1944..................
A-O 103 105
Tonopsh Min (N e v a d a )...1
93
Con Gas of N J 5s 1936 J-J
97
*6
0l18
Col tr g 5s 1959........... J-J
l3t 4s 1951— See Stock Exc list
7012
72
Consumers’ L H A Pow __
Trenton Potteries c o m .- io o
4
8
Barney A Smith Car____ 100 >130
N W ’ b’g A Flat 1st ex 4J$s
25
92
96
5s 1938...........
J-D 100
Preferred n e w .........
100
55
50
P referred.......................100 ff80
Steinway 1st 6s 1 9 2 2 ...J-J 103 105
90
Denver Gas A Elec____ 100 200
Trow Directory............... 100
35
25
Bliss Compaay com ____*0
120
1314 eUuderw’d Typewriter— See Stk»E x list
Gen g 5s 1919 op.
jii-N
P referred...................... 40 121 125
Other Cities
Elisabeth Gas Lt C o___ 100 300
Union Typewriter c o m .. 100
41
39
Bond A Mtge Guar......... 100 250 255
Buffalo Street R y —
Essex A Hudson G a s.. 100 138 142
1st preferred............. lo o 110
Borden’s Coud Milk____100 124
1st consol 5a 1931----- F-A 10112 105
Gas
A
El
Bergen
C
o
.
.
.
1
100
2d p r e fe rr e d ............ 1 100 101 108*
84
83
P referred ....................... 100 1084
Deb 63 1917------.____A-O 104 I 04 I2
«
Gr
Rap
1st
5s
1915
.
..
F
A
United
Bk
Note
C
o
rp
..
50
101
100
52
*50
British Col Copper......... 5
Columbus (O) St R y . . ioo
85i
*314
st
Hudson Co Gas............... 100
P referred...................... 60 *524 5 3 4
Butte Coalition Mining. 13 *19 _ 20
P referred.......................100 . . ” 1 0 0 ' Indiana Lighting C o____100 138 140
United Cigar Mini........... 100
53
35
33
62
Casein Co of Am c o m ._ _ l0 0
Colum Ry oon 5a—See Phi la ii«t
2
1
2
3
4s
1968
o
p
...........
........F-A
63
e Preferred.....................100 1014 104
71
P referred........... .......... 100
Crosst’n 1st 5s 1933..J -D lOUj 1021S
50
57
United Copper...................100
10
Casualty Co of A mar___100 125 140
* Conn Ry & Ltg c o m ...1 0 0 73*4 711, Indianapolis Gas................ 50
1st g 5s 1952______ ..A -O
X'referred....................... 100
18
81
77
14
Celluloid C o .....................100 130 133
e Preferred ..................100 81
82
U
11 Casualty.....................100
Jackson
Gas
5s
g
1937..
A-O
/ 96 100
Cent Fireworks com ____100
1st A ref 4 JSs —Seo Stock Exo list
5
10 U S Envelope co m _____ 100 215
« Lacledo Gas— See Stock E x ch 11 st
55
P referred .......................100
Grand Rapld3 Ry p ref.. 100
82
85
15
40
./.p r e fe r r e d ------- --------- 100
Preferred.......................100 114 iio '
9312 95
Chescbrough Mfg C o___ 100 700 600
jl Loulsv St 5s 1930___ J-J i*105ij
G S Finishing___________ io o
Madison Gas 6s 1926.. A-O 103 I0S
97
92
eOhluo Copper Co— See Stoc k Exc I sit
Lynn A Bos 1st 5s 1924.J-D 106 107
Newark
Gas
6 s 1 9 4 4 ...'.Q-J 128
X
’ referred....................... 100 105 n o
130
City
Investing
Co______
100
» New Ori Uys & L g t . . . l 00
j 2J,
CO
62
1st g 5a 1919................ J-J 100 105
99
Newark Consol G a s ..
io o
98
P referred...................... 100
e Preferred...................... 100 0934 70
08
100
e Con g 5s 1918.........._'j-D 10434 10512 s Clafiln (H B) c o m .____100
Con g 5s 1929........... J-J
05 100
Gen M g 4 Hs 1935—See 8 tk Ex list No Hudson L II a P ow —
95 ICO
« U 3 Imlust Alcohol . . 100
2712 29
I Pub Serv Corp of N J— See Stk K x llst
c i s t p r e fe rr e d ..1 .1 II 100
91
95
5s 1938......... .. . . . . A-o: 100
e Preferred___________ 10O 00
98
e 2 d preferred............. 100
Tr ctfs 2% to 6% perpet 10612 107
02
Pacific Gas A E, com
100
U 3 Steel Corporation— "
65
Col A Hock Coal A I pf 100
Col tr g 5 % notes ’ 13 A-O 10W2 l o l
P referred.................. Z l 00
Col tr s f 5s 1951 opt ’ l l . 114 1UI2
87
1st g 6s 1917........... ' j . j
North Jersey at R y .. 100
60
...
75
Pat A Pas Gas A Elec 100
Col tr s f 5s ‘51 not o p t .. 111 11412
92
Col tr Os Oct 1946____J-J
1st 4s 1918................M-N 77lj 78>2
75
eC on g 5s 1949____M-S
U 8 Tit Gu A Indcm__ 100
101
90 - —
lonsol Car Heating__ .'1 00
Cons Tract of N J ____100
76
77
66
0 t Joseph Gas 5s 1937.'.j - j
Wfktohester A Bronx Title
91
Consol Rubber Tire____100
'
131 & 1933............... J-D 104^4 I05tg
4%
A Mtge Guar................ X00 160 ;oo
P referred.................... .100
29
WMtlugh’se Air B rak e.. 60 *119 150
Debenture 4s 1951.. A-O
47
VVorthlngt’n Pump pref 100 100 n o
* P s r share. 5 BasU. « Sells o n S to o k E x ch an ge, but n o t very a c t iv e . / F ia t pin
TRANSACTIONS AT T H E N EW Y O R K STOCK EXCH AN G E
D AILY , W EE K L Y AND Y E A R L Y .




100

204

T NeWYOrk

Ho­

price,

n Nominal. . x Sai0 paMi

VlVevv stoctt;

z iix-dlY. t, Ex-right*

1555

THE CHRONICLE

Juke 10 1911.)

|mrestnxeut ami ^axlrcrad Intelligence.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
___
canbe obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings tor the period from July 1 to and including such latest week or month. W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought toyether separately on a subsequent page.
Latest Gross E a rn in g s.
ROADS

W e ek or
M on th .

Current
Y ea r.

A la N O & T e x P a c 5
58.000
N O & N or E a s t. 2d w k M ay
25.000
A la & V ic k s b u r g . 2d w k M ay
20.000
V ick s Shr & P a c . 2d w k M ay
A la T en n & N o r t h . A p r i l ..........
0,002
50,088
A n n A r b o r -------------- 4th w k M ay
A t c h T o p e k a & S Fc A p r i l ____ „ 8,00 7 ,7 4 8
A tla n ta B lrm & A t! 3d w k M ay
48,120
A tla n tlo C oast I.Ine A p r i l _____ 2,835,442
0 B a ltim ore & O hio A p r i l .......... 6,888,218
13 & O Ch T er R R M a r c h ____
117,579
264,224
B a n g or & A r o o s to o k A p ril . _
B oston & M a in e___ A p r i l ........... 3,504,661
B rid geton & S a co R M a r c h ____
4.053
245,440
B u d K och & P lttsb 4th w k M ay
183,526
B u ffalo & S u s q ____ A pril
437.200
C anadian N o rth e r n . 4th w k M ay
C anadian P a c lllc ___ 4tli w k M ay 3 .124.000
296,500
C entral o f G e o rg ia . 4th w k M ay
Central o f N ew J e r . A p r i l _____ 2,457,832
321,173
C entral V e r m o n t ___ A p ril...........
879,163
Chcs <5c O h io L ln e s . 4th w kM ay
300,848
C h lcago & A lto n — 4th w kM ay
C h ic B u rl & Q uin cy M a r c h ____ 6,863,027
268,227
4th
w
kM
ay
p C h ic G reat W c s t . .
177,845
Cliio In d & L o u is v . 4th w kM ay
C h lc M llw & St Paul A p r i l .......... 4.771.763
Ch M il & P u g S d . A p r i l _____ 1,131,509
Chlo & N orth W est A p r i l _____ 5,518,405
Ohio S t P aul M & O A p r i l _____ 1,131,479
145,787
Chlo T II & S ou th E M a r c h ____
75u,603
Cln f la m & D a y to n A p r i l ..........
C olora d o M id la n d .. A p r i l _____
121,666
348,139
C olora d o & S o u t h . . 4th w k M ay
55,202
C op per R a n ge
M a r c h ____
13,045
C o r n w a l l ___________ A p r i l _____
C ornw all & I.c h a n __ A p r i l ______
22,424
C u ba R a ilr o a d ______ A p r i l _____
301,183
D elaw are & H udson M a r c h ____ 1,812,489
D el L a ck & W e s t . . A p r i l ______ 2,02 8 ,1 0 7
631 .200
D e n v & R io G rande 4th w kM ay
10,787
D en ver N W & P ac 3d w k M ay
20,990
D e tr o it T o l & Iron t 3d w k M ay
28,966
D e tro it & M ackinac 4th w kM ay
170,371
D u l & Iron R a n g e .. M a r c h ____
100,836
D ul S ou S hore & A tl 4 th w kM ay
558,433
E l P a co A S ou W est A p r i l _____
E rie ............................. A p ril______ 4,300,630
1,807
F a irch ild A N E — A p r i l _____
72,846
F o n d a Joh n s A G lov M a r c h ____
242,260
G eorgia R a ilr o a d . . April ------G rand T ru n k S y s t . 4th w kM ay 1,341,847
119,146
G rand T rk W e s t . 3d w k M ay
37,910
D e t Gr H a v A Mil 3d w k M ay
38,747
C a nada A t la n t ic . 3d w k M ay
G reat N orth ern S yst M a y ______ 4.091.764
176,581
G ulf A Ship I s la n d . M a r c h ____
480,578
H o ck in g V a lle y ____ A p r i l ..........
Illin ois C e n t r a l____ M a y _____ 4,032,458
233 ,000
In tern a t A Gt N o r . 4th w kM ay
a In tcrocea n lo M e x . 4th w kM ay
108,005
64,176
I o w a C en tral---------- 4th w kM ay
235,952
K a n a w h a A M lo h .. M a r c h ____
738 ,920
K an sas C ity S o u t h . A p ril______
34,000
K 0 M ex A O rie n t. 2d w k A p r
L eh ig h V a lle y ______ A p r i l _____ 3,187,411
48,172
L e x in g to n A E a s t . . M arch ____
132,509
L ou isian a A A r k a n . M a r c h ____
08,362
L o u ls v Ile n d A S t L M a r c h ____
s L o u ls v A N a s h v .. 4th w kM ay 1,359,515
10,378
M a con A BIrm ’ ham April
700,535
M aine C en tral______ A p r i l ______
38,716
M arylan d A P e n n a . A p r i l ..........
140,100
a M exica n R a ilw a y . 3d w k M ay
18,171
4th w kM ay
M in eral R a n ge
04,890
M Inneap A S t L ou is 4th w kM ay
511,815
M in n St P A S S M l 4th w kM ay
C h icago D lv lslon j
74,135
M ississippi C en tra l. A p ril „
605,851
u M o K a n A T e x a s . 4th w kM ay
M issouri P a clllo ____ 4th w kM ay 1.474.000
N ash v C h att A St L A p r i l _____ 1,026,770
a N at R y s o f M e x .l . 4th w kM ay 1,278,503
10,946
N ev a d a -C a l-O rcg on . 4th w kM ay
6,361
N e v a d a C en tra l------- M a r c h ____
154,314
N O G reat N orthern M a r c h ____
32,050
N O M obile A C h ic . W k M ay 27
t N Y C A H u d R lv A p r i l .......... 8,369,123
L a k e S h ore A M S A p r i l _____ 3,764,571
302,470
n L a k e E rie A W . A p r i l _____
320,252
CHlo In d A S ou th A p r i l _____
M ich igan Central. A p r i l _____ 2,366,386
C lcve C C A S t L . A p r i l .......... 2,309,154
226,662
P eoria A E astern A p r i l ..........
79,577
C incinnati N orth . A p r i l _____
P itts A L a k e Erie A p r i l .......... 1,130,946
907,675
N Y Chlo A S t L . A p r i l ..........
334,907
T o l A O h io C e n t. A p r i l _____
T o t all lines a b o v e A p r i l -------- 20201723
N Y N H A H a r t f . . A p r i l _____ 5,155,362

Latest G ross E a rn in g s.

J u ly I to Latest D ate.

P reviou s
Y ea r.

Current
Y ea r.

P rev io u s
Y ea r.

S

$

3 ,1 60,435 3 ,0 5 1 ,8 8 6
1,567,590 1,485,083
1,322,016 1,266,086
70.428
100,284
1,704,874 1,724,638
00,44 0 ,6 5 9 87,442,681
2,52 7 ,3 0 9 2,319,812
26,702.012 5,108,598
73,165,258 7 3 ,034,787
940,603
1,114,182
2,638,947 2.531,521
37,072,230 36,082,140
38,085
40.035
8 ,4 30,405 8 ,1 4 9 ,3 6 0
1,955,606 1,819,729
13,733,000 11.592.600
94,487,101 8 6 ,018,557
12,012,682 11,191,191
24,165,213 23,314,933
3,271,978 3 ,1 44,156
29.853.906 2 8 ,721,609
13,264,062 12,250,657
67.004.906 67,147,706
11,563,797 11,069,015
5,656,552 5,490,267
54,753,053 53,074,705
12,081,784
62,56 0 ,5 0 0 61,521’ 56 9
13,689,105 12,642,094
1,578,062 1,400,327
7,923,498 7,832,331
1,621,707 1,968,642
14,744,653 15,424,742
560,383
521,367
170,645
135.773
364,736
275,842
2.520.180 2 ,1 0 0 ,7 3 7
15,629,460 14,820,330
29,626,300 2 0 .7 3 2 .6 0 0
21,482,933 21 ,5 2 9 ,1 5 3
860 ,289
932,308
1,637,356 1,407,558
1,080,727 1 ,110,833
5,536,170 6,800,623
2,870,160 3 ,0 1 0 ,6 4 9
6,016,673 6,071,891
46,00 5 ,3 3 6 45,601,161
21.428
10,680
663,003
701,441
2.761.845 2 ,6 0 1 ,2 5 4
4 1 ,159,885 30 ,0 7 8 ,2 6 4
5,582,908 5,513,127
1.820.180 1,777,681
1,074,550 1,801,641
55,651,450 58,407,432
1,524,857 1,612,258
6,021,715 6 ,3 73,277
56,490,568 53,700,123
210.000 8,474,742 7 ,0 2 4 ,2 5 0
227,524 8,070,338 7,807,181
66,208 3,225,414 3 .0 9 4 ,8 4 7
252,167 2,352,901 2 ,0 8 2 .8 0 7
860,048 8.55 8 .0 6 6 7 ,9 7 4 ,2 7 4
33,800 1,547,061 1.357.418
3,30 6 ,1 3 6 30,480,157 20,734,691
320,253
378,341
41,983
071 ,983
123,165 1,095,032
8 06 ,566
928,620
124,008
1,426,097 40,836,872 48,190,574
128,762
133,209
9,605
697,894 7,470,293 7 ,4 0 1 ,4 2 6
342.812
365.319
40,082
159,500 7.671,800 7 ,2 0 0 ,2 0 0
762 ,252
684,243
21,074
109,228 4,698.143 4 ,5 1 4 ,8 6 5
558,777 30.071.782 21.04 6 ,0 9 9
61,600
28,000
23,000
7,523
47,455
386,631
46,072
812,401
,341,840
126,547
265,404
539,685
4,518
278,268
104,213
359,300
754.000
257,600
481,546
3 1 1 ,t i l
830,801
261,542
010,776
271,160
157,866
480,336
202,809
,787,015
,225,920
180,431
758,031
181,282
456,246
63,415
17,201
30,891
278,594
,760,252
,116,490
618,100
19,230
28,939
30,661
125,662
107,130
674,682
,282,670
2,676
71,096
245,745
,208,103
122,747
38,664
41,258
,708,014
186,360
434,261
,658,337

77,215
643,013
1,431,000
070.625
1,814,826
10,077
446
130,259
30,757
7,742,496
3,770,324
408,127
309,713
2,378,802
2,27 4 ,0 5 9
249,201
96,500
1,103,080
056,306
170,213
10450001
5,079,352

760,369
2 6 ,8 5 2 ,1 8 6
48,843,006
10,314,117
56,507,878
305,978
63,461
1 .270.066
1,649,291
8 4 ,454,780
40.588.782
4,024,289
3,078,241
25*034,121
25,77 3 ,4 4 6
2,097,118
1,053,905
13.148.845
9,349,122
4,233,453
166647342
51 ,4 0 0 ,9 0 5

737,803
2 4 ,5 0 3 ,1 9 5
48 ,7 0 5 ,5 2 3
0 ,6 0 4 ,4 4 7
55,45 3 ,6 6 0
413.812
47,828
1 .052.489
1,515,064
80,84 2 ,5 0 6
4 0 ,347,754
4,609,437
3 ,2 09,350
24,06 4 ,8 1 4
24 ,6 1 1 ,3 0 0 ­
2 ,7 21,084
1,038,058
14,208,129
0,13 0 ,4 3 8
3,54 0 ,7 0 7
210454106
40,874.221

ROADS.

W e ek or
M o n th .

N Y O nt & W estern A p r i l _____
N Y Susq & W e s t .. A p r i l _____
N o rfo lk S o u t h e r n .. A p r i l ..........
N o rfo lk & W e s te rn . A p r i l _____
N orth ern P a c i f i c . . . A p r i l _____
P a clllc C oast C o — A p r i l ..........
P e n n s y lv a n ia R R . . A p r i l ..........
B a lt Ches & A t l . A p r i l _____
C u m b erlan d V a ll. A p r i l ..........
L o n g I s la n d _____ A p r i l _____
M a r y l’d D el & V a A p r i l _____
N Y P h ila & N orf A p r i l _____
N orth ern Central. A p r i l ______
P h ila B a lt & W _ . A p r i l _____
W Jersey & Seash A p r i l _____
P e n n sy lv a n ia C o ___ A p r i l ...........
G rand R a p & Ind A p r i l _____
P itts Cln C h & S tL A p r i l _____
V a n d a l la ________ A p r i l _____
T o t a l lin e s_______
E a st Pitta & E . A p r i l _____
W e s t P itts & E A p r i l _____
A ll E a st <5e W e s A p r i l ..........
P cre M a rq u e tte ____ A p r i l ..........
R a leigh & S o u th p o rt A p r i l _____
Reacting C om pany
P h ila & R e a d in g . A p r i l ______
C oal & Iro n C o . . A p r i l _____
T o ta l b o th c o s ___ A p r i l ..........
R ic h F red & P o to m M a r c h ____
R io G rande J u n o — M a r c h ____
R io G rande S o u t h . . 4th w k M ay
R o c k Isla n d L ln e s . A p r i l ______
A p r i l ..........
R u t l a n d _________
S t J o s & G ta n d I s l. M a r c h ____
S t L ou is & San Fran A p r i l _____
Chlo & E a st 111__ A p r i l ..........
y E v a n s v & T e r H A p r i l _____
T o ta l all lin e s___ A p r i l ..........
S t L R o c k y M t & P . A p r i l ..........
S t L o u is S o u th w e s t. 4th w k M ay
San P c d L A & S L . A p r i l ..........
S e a b o a rd A ir L in e . 4th w kM ay
S o u th e rn P a clllo Co A p r i l _____
S ou th ern R a il w a y .. 4th w kM ay
M ob ile & O h i o . . . 4th w kM ay
Cln N O & T e x P . 4th w kM ay
A la G reat S o u t h . 4th w k M ay
G eorgia Sou & Fla 3d w k M ay
T e n n A la & G eorgia 2d w k M ay
T e x a s & P a cific ------- 4th w kM ay
T id e w a te r & W e s t . A p r i l ..........
T o le d o P o o r & W cst 4th w kM ay
T o le d o S t L & W est 4th w kM ay
T o m b lg b c e V a lle y . . A p r i l _____
U n io n P a cific S y s t . A p r i l _____
V irgin ia & S o W e s t . A p r i l _____
W a b a s h ___________ 4th w kM ay
W e ste rn M ain la n d M a r c h ____
W h eelin g & L a k e E A p r i l ..........
W ich ita F alls & N W M a r c h ____
W r lg h ts v & T e n n .. A p r i l _____
Y a z o o & Miss V a lley M a y __

J u ly 1 to Latest D ate.

Current
Y ea r.

P r ecio u s
Y ea r.

Current
Y ea r.

P revio u s
Y ea r.

697,781
347,713
261,831
2,836,584
5,008,052
627,805
12617244
16,867
236,165
809,620
7,707
267,929
1,102,356
1,552,413
479,944
3,71 9 ,3 2 7
389,016
2,924,023
778,477

730,414
286,047
246 ,706
3,085,330
6,186,156
617,310
12730051
15,074
272,956
764,156
8,181
290,507
1,061,233
1.537.828
402,555
3,771,413
415,191
3.119.829
695,041

7 ,7 0 6 ,3 5 8
3,21 6 ,3 7 8
2 ,4 30,448
29 ,7 1 0 ,6 6 5
54,760,721
0 ,5 24,517
131071435
223,323
2 ,5 4 7 ,2 9 0
8,168,872
109,912
2 ,7 7 0 ,6 8 0
10,760,182
15,784,208
5,071,205
42,493,502
4,336,207
32,718,117
8 ,854,862

7 ,0 3 2 ,9 3 8
2 ,9 0 5 ,8 2 7
2 ,2 1 6 ,7 1 3
29 ,0 0 9 ,2 5 8
6 1 ,191,357
6,544,261
133124003
211 ,048
2 .4 3 1 .4 0 8
7 .5 9 1 .4 0 8
105,088
2 ,6 9 0 ,3 0 5
10,080,663
14,798,840
4 ,5 9 9 ,9 0 5
43,49 9 ,2 6 9
4 ,2 7 4 ,2 5 0
32 ,0 8 4 ,8 8 6
8,13 5 ,1 7 9

18078647
8 ,1 7 2 ,6 7 0
26251317
1,242.662
16,427

18111362
8,33 8 ,0 0 3
26440365
1,353,013 13,362,968 13,373,900
13,009
145,624
134,181

3,981,600
4,789,521
8,771,211
222,854
71,609
15,114
5,054,192
273,958
137.666
3,172,880
923,263
190,390
4,286,533
167,228
270,769
773,345
493,138
10130221
1,520,341
318,559
263,523
127,029
38,263
2,280
373,008
8,578
38,860
84,692
7,824
6,671,606
101,259
791,984
575,702
533,697
67,876
24,138
790,591

4,23 4 ,6 3 5
4,43 3 ,1 0 0
8 ,667,734
220.939
84,918
16,821
5,034,150
254,661
140,904
3,189,471
737,747
174,762
4,101,981
166,044
249,234
298,179
502,207
10833201
1,523,057
313,096
262,244
132,897
37,641
2,218
407.709
7,218
38,516
85,764
7,403
7,353,335
09,058
728,163
656,420
468.939
24,305
23,630
832,432

V a riou s F isca l Y ea rs.

P erio d .

Jan
D elaw are & H u d s o n ---------N Y Central & H u dson R iv e r e . Jan
L a k e S h ore & M ichigan S outh Jan
L a k e E rie & W e ste rn n ---------- Jan
C h icago In dian a & S o u th e rn . Jan
M ich igan C e n t r a l ............ ......... Jan
C leve Cln C h icago & S t L ou is Jan
Jan
P e o ria & E a ste rn _______
Jan
C incinnati N o rth e r n ___
Jan
P ittsb u rgh & L a k e Erie.
N ew Y o r k C h icago & S t Louis Jan
Jan
T o le d o 6s O h io C e n tra l..
Jan
T o t a l all lin es.....................
Jan
P en n sylva n ia R ailroad ___
B a ltim o re C hcsap & A t la n t ic . Jan
Jan
C u m b erland V a lle y _____
Jan
L o n g Is la n d ____________
M a ry l’ d D elaw are 6c V ir g in ia . Jan
N Y P h iladelph ia & N o r fo lk . Jan
N orth ern C e n t r a l ...............— Jan
P h ilad elp h ia B a lt 6c W a s h . . . Jan
Jan
W e s t Jersey 6c Seash ore
Jan
P en n sylva n ia C o m p a n y___
G rand R a p id s 6c In d ia n a ------ Jan
P itts C lncln C hic 6 j S t L o u i s . . Jan
V a n d a lla ---------------------- ----------- Jan
T o ta l lines— E a st P itts 6c Erie Jan
W e s t PItts6c Erie Jan
A ll lines E & W . Jan
D eo
R io G rande J u n ctio n --------Jan
R u t l a p d -------------------------—
Jan
T e x a s 6j P a clllo -----------------

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

37,780,326
9 ,2 5 5 ,7 1 5
6 7 ,036,040
1,686,424
748,379
517,407
57,191,446
2.83 8 ,0 4 6
1,306,690
36,540,978
10,461,985
2,231,678
49,234,641
1,778,072
11,035,150
6.706,068
20,007,198
111529780
55,674,433
10,265,635
8,439,273
4,13 0 ,2 2 2
2,152,735
90,104
14,798,038
72,603
1,188,121
3,456,036
74,474
74,892,411
1,135,231
27,392,554
5,396,847
5,630,965
848,546
293,037
10,068,033

3 7 ,4 6 2 ,6 4 4
2 8 ,2 5 5 ,9 0 3
65,71 8 ,5 4 8
1,616,215
799,84a
490,733
55,248,298
2 ,6 3 4 ,1 9 4
1,256,522
3 4 ,8 4 9 ,8 8 4 i
1 0 ,0 3 0 .3 1 6 !
2,058,381
46,938,583
1,610,390
10,119,600
5,300,684
18,474,098
112269 067
52,768,954
9 ,7 1 4 ,1 1 0
8,280,551
3 ,8 5 0 ,0 5 4
2,10 1 ,8 9 2
8 0,534
14,014,877
67,443
1,077,272
3,466,329
70,839
75,183,891
1,017,930
26,428,708
5,18 8 ,2 7 0
5,71 1 ,5 4 4
200,599
2 69 ,386
9,45 5 ,1 1 7

Current
Y ea r.

P reviou s
Y ea r.

M ch 31 4.867,396
A p ril 30 3 1 ,517,110
A p ril 30 14,881,700
A p ril 30 1,681,844
A p ril 30 1,264,332
A p ril 30 0,326,712
A p r il 30 0,531,711
A p ril 30 1,052,809
349,595
A p ril 30
A p ril 30 4,379,767
A p ril 30 3,559,769
A p ril 30 1,309,155
A p ril 30 7 8 ,854,504
A p ril 30 49,163,010
58,578
A p ril 30
910,784
A p ril 30
A p ril 30 2,707,758
28,254
A p ril 30
A p ril 30 1,002,642
A p ril 30 4,09 9 ,8 2 5
A p ril 30 5,825,160
A p ril 30 1,514,025
A p ril 30 14,090,472
A p ril 30 1,610,325
A p ril 30 11,845,415
A p ril 30i 3,202,416
A p ril 30i 68,709,173
A p ril 30' 32,158.754
A p ril 30l 100867927
270,249
M ch 31
974,557
A p ril 30i
M a y 31 5,852,909

4 ,5 2 8 ,1 5 6
30 ,2 4 4 ,4 1 6
15,481,865
1,732,789
1 ,4 12,730
9 ,2 39,719
9 ,4 61,582
1,030,580
3 85 ,900
5,151,824
3 ,7 3 1 ,7 0 4
1,229,689
79,102,798
51,712,970
57,043
954 ,993
2,511,021
26,998
1,015,236
4 ,0 8 6 ,2 5 3
5,700,84*
1,431,701
15,730,927
1,606,185
13,124,399
3 ,1 79,628
71,009,218
34,05 6 ,4 4 4
105965663
308 ,617
9 01 ,820
6,272.392

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
W e ek ly Sum m aries.
3d
4th
1st
2d
3d
4 th
1st
2d
3d
4th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

M ch
M ch
A p ril
A p ril
A p ril
A p ril
M ay
M ay
M ay
M ay

a M exica n

Cur’ nt Year Prev’ s Year

I n c . or D ec.

%

M on th ly Su m m aries.

Cur'nt Year P rev’ s Year I n c . or D ec.

%

S
5
M ileage C urr. Y r. P r e v .Y r .
3
5
S
5
239,404 254,005,972 2 35 ,726 ,00 0 + 18,279,972 7.05
A u g u s t -------238,493
— 269,317 1.22
(41 r o a d s )------- 13,657,996 13,027,313
S e p te m b e r . .2 40,678
237,809 256,647,702 246 ,335 ,58 6 + 10,312,116 4.49
— 345,509 1.65
(48 r o a d s )------- 20,624,029 20,969,628
237,835 263,464 ,60 5 260 ,821 ,54 6 + 2 ,6 4 3 ,0 5 9 1.01
O c t o b e r ____ 241.215
+ 234,324 1.78
(45 r o a d s ) - . . . 13,501,355 13.267,031
+ 994,650 0.5 0
237,545 2 48 ,559 ,12 0 2 47 ,564 ,47 0
— 141,183 1.06 ! N o v e m b e r . ..2 4 1 ,2 7 2
(44 r o a d s )------- 13,172,553 13,313,736
238 ,080 236,835,304 2 20 ,870 ,15 1 + 1 5,965,153 7.2 3
+ 37,237 0.2 8 i D ecem ber -.2 4 1 ,3 6 4
(45 r o a d s )------- 13,438,037 13,400,800
+
4 ,2 48,770 2.01
215
,057,017
2
1
0
,808
,24
7
238,866
..2
4
2
,4
7
9
J
a
n
u
a
ry
.
8.61
.
17,827,550
—
1,525,187
(42 r o a d s )------- 16,302,363
238,603 199.035,257 202 ,4 0 2 ,1 2 0 — 3,456,863 1.78
— 354 ,080 2.71 ! F eb ru ary . ..2 4 2 ,6 4 0
(45 r o a d s )------- 12,740,745 13,005,725
234,258 225 ,018,971 2 36 ,268 ,10 4 — 11,249,133 4.76
M arch — . .2 3 7 ,7 3 5
— 300,700 2.29
(44 r o a d s )------- 12,804,714 13,105,414
86,488 60,981,607 6 2 ,220,320 — 1,238,713 1.99
A p r i l ------- . . 88,142
— 508,342 3.84
142 r o a d s )— . 12,714,017 13.222.359
+ 658,651 1.01
85,734 63,174,606 62.515,055
+ 66,506 0.3 7 ! M a y .......... . . 87,422
(39 r o a d s )------- 18,402,188 18,425,682
cu rren cy . o Inclu des tho N ew Y o r k & O tta w a , th o S t. L a w ren ce & A d lr o n la c c . an.I t ie O tta w a & N . Y . R y ..
'
f I n c lu d e } E v an sville & In d ia n a R R .
<7 In clu d es th e Cleve*
C ity & F t . D o d g e an d W isco n s in Mlnne*
1 1909. t I n clu d e s the M e x ica n Inter*




1550

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the fourth
week of May. The table covers 39 roads and shows 0 .3 7 %
increase in the aggregate over the same week last year.
F ou rth week o f M a y .

10 1 1 .

1910.

$

A la b a m a G reat S o u th e rn ___
127.029
A n n A r b o r ______________________
56,088
B u ffa lo R o c h e s te r & P ittsb u rgh
245 ,440
C anadian N o r t h e r n -.
437 .200
C anadian P a cific .............................. 3,1 2 4 ,0 0 0
C entral o f G eorgia .
296 ,500
C h esapeake & O h io _______ ______
879 ,163
C h icago & A l t o n ________________
300,848
C h icago G reat W e s t e r n _________
268,227
C h icago In d ia n a & L o u is v ille ..
177,845
Cine N ew O rl & T e x a s P a c ific . .
283,5231
C olora d o & S o u th e r n ............... ..
348,139
D en v er & R io G ra n d e ___________
631.200
D e tr o it & M a c k in a c _________
28,966
D u lu th S o u th S h ore & A t la n t ic .
100,836
G rand T ru n k o f C a n a d a _____
G rand T ru n k W e s te rn _______
1,341,847
D e tr o it G rand H a v en & MilwJ
C an ada A t la n t ic ________
j
In tern a tion a l & G reat N orthern
233,000
In te r o ce a n tc o f M e x ic o _____ .
198,005
I o w a C e n t r a l___________
64,176
L o u is v ille & N a s h v ille .. 1 1 1 1 " 1 ,359.515
M ineral R a n g e ..
18,171
M in n eapolis & St L o u i s ...............
94,890
M in n eapolis St P aul & S S M_1
511,815
C h ica g o D iv is io n _____ .
/
M issouri K ansas & T e x a s _______
695,851
M issouri P a cific____
1,474,000
M ob ile & O h io _________________ I
318,559
N a tion a l R a ilw a ys o f M e x ic o ___ 1,278,503
N ev a d a -C a llforn la -O reg on ____
10,946
R io G rande S o u th e r n .......... .........
15,114
S t L ou is S ou th w es tern _________
270,769
S ea b oa rd A ir L in e _______________
493,138
S ou th ern R a ilw a y ........................... 1,520,341
T exa s & P a cific _________________
373,008
T o le d o P eoria & W e s te rn _______
38,860
T o le d o S t L ou is & W e s te rn ____
84,692
W a b a s h __________________________
791,984
T o ta l (39 r o a d s )______________
N et Increase ( 0 .3 7 % ) __________

5
132,897
47,455
278,268
359,300
2 .754,000
257,600
830,801
261,542
271,169
157,866
262,244
456,246
618,100
30,661
107,139

Increase

%
5,868

5
8,633
77,90(1
370,000
38,900
48,362
39,306

32,828

13,100

108,107
1,695
6,303

133,744

219 ,000
227,524
66,208
1,426,097
21,074
109,228
558,777

14,000

643,913
1,431,000
313,096
1,814,826
10,077
16,821
249,234
502,207
1 ,523,057
407,709
38,516
85,764
728,163

51,938
43,000
5,463

29,519
2,032
66,582
2,903
14,338
46,962

___

869

21,535

536,323
1,707
9,069
2,716
34,701

344
1,072
905 ,667

Net Earnings Monthly to Latest Dates.— The table fol­
lowing shows the gross and net earnings of STE AM railroads
and industrial companies reported this week:
R oads.

----- G ross E a rn in g s-----Current
P revio u s
Y ea r.
Y ear.

5

$

-------N et E a rn in g s-----Current
P revou s
Y ea r.
Y ear.
S
$
4,420
4,222
48.496
39,010
1,061 ,832
1,129,022
l6,’ 365 ,985 l6!6 52loT 4
176,356
183 699
1,590.452
1,719.661
1,272,738
1,579 664
1 4 ,390,684 16,555,996
400,492
638,713
5 ,2 0 7 ,8 9 4
57,436
86,700
739 .799
859 ,435

A la b a m a T en n & N o r t h .A p r
9,002
7,523
J u ly 1 t o A p r 3 0 _______
100,264
70,428
Cen tral o f N ew J e r s c y .b .A p r 2,4 5 7 ,8 3 2
2 .4 8 1 ,5 4 6
J u ly 1 t o A p r 3 0 -----------2 4 ,1 6 5 ,2 1 3 2 3 ,3 1 4 :9 3 3
C h ic In d & L o u ls v -----------A p r
517 ,097
516,891
J u ly 1 to A p r 3 0 ----------- 5 ,1 4 4 ,8 6 9
4 ,9 7 2 ,2 7 5
C h ic M lw & St P a u l . b . - A p r 4 ,7 7 1 ,7 6 3
5 ,4 8 0 ,3 3 4
J u ly 1 to A p r 3 0 ----------- 5 4 ,7 5 3 ,0 5 3 5 3 ,9 7 4 ,7 0 5
C h ic M ilw & P u get S d b A p r 1,131,599
1.292,899
J u ly 1 t o A p r 3 0 ________12,0 8 1 ,7 8 4
D u lu th S o Sh & A t L b - . A p r
236 ,708
279 ,389
J u ly 1 t o A p r 3 0 _______ 2 ,5 9 0 ,5 0 5
2 ,7 0 1 ,0 5 4
G rand T ru n k o f C a n ada—
G rand T ru n k R y _____ A p r 2,8 6 4 ,4 2 1
_____
____
2,684,361
890 ,569
J u ly 1 to A p r 3 0 . .......... 2 8 ,7 2 5 ,4 7 9 27,8 8 6 ,5 5 6
7.0 7 7 ,1 0 6
G rand T ru n k W e s te rn .A p r
5 58 ,187
569,380
97,330
J u ly 1 t o A p r 3 0 . .......... 5 ,2 7 8 ,1 9 5
~,178,773
~
5
1.073,256
D et Gr H a v & M llw ._ A p r
160,108
154,755
10.706
J u ly 1 to A p r 3 0 _______ 1,698,171
1.682,243
233,251
164,001
C anada A t la n t ic ----------A p r
158,161
10.706
J u ly 1 to A p r 3 0 _______ 1,575,472
1,702,320
140,037
G reat N o r t h e r n .b _______ A p r 4 ,5 4 8 ,3 1 5
5,1 9 7 ,1 0 7
1,279,221
J u ly 1 t o A p r 3 0 .............5 0 ,6 5 9 ,6 8 6
.699,418 19,983,616
H o o k in g V a lle y , b . ______ A p r
480,578
434,261
162 ,077
J u ly 1 t o A p r 3 0 ............. 6 ,0 2 1 ,7 1 5
6 ,373,277
1,053,889
M ineral R a n g e _ b ____ . . . A p r
54,4 4 5
59,738
4,7 2 5
J u ly 1 to A p r 30
6 23 ,485
699,862
26,279
N o rfo lk & W e s t e r n .b . A p r 2 ,8 3 6 ,5 8 4
3 .0 8 5 ,3__
30
954 ,738
J u ly 1 to A p r 3 0 ____ " ..2 9 ,7 1 0 ,6 6 5 29,0 0 9 ,2 5 8 10,669,608
P a cific C o a s t..... ................ A p r
627 ,805
617,310
100,794
6,544,261
J u ly 1 to A p r 3 0 _______ 6 ,5 2 4 ,5 1 7
1,100,272
S ea b oa rd A ir L l n e . a ___A p r 1 ,881,488
1 ,8 1 5 481
552,952
J u ly 1 t o A p r 3 0 _______1 8 ,2 4 1 ,0 1 7 16,782,685
5,4 7 9 ,6 5 6
S t L o u is & San F r a n .b . A p r 3 ,1 7 2 ,8 8 0 3,189,471
909,991
J u ly 1 to A p r 3 0 ---------- 3 6 ,5 4 0 ,9 7 8 3 4 ,8 4 9 ,8 8 4 11.456,’ l 6 8
C h ic & E a stern 1 1 1 .b .A p r
923 ,2 6 3
7 3 7 ,7 4 7
295,584
J u ly 1 t o A p r 3 0 _______ 10,4 6 1 ,9 8 5 1 0 ,030,316 3 ,272,122
E v a n s v & T erre H . b . A p r
190,390
174,762
56,738
J u ly 1 to A p r 3 0 ---------- 2 ,2 3 1 ,6 7 8
2,0 5 8 ,3 8 1
805 ,250
T o t a l all l in e s .b -------- A p r 4 ,2 8 6 .5 3 3
4 ,1 0 1 ,9 8 1
1,2 6 2 ,3 1 3
J u ly 1 to A p r 3 0 ---------- 4 9,234,641 4 6 ,9 3 8 ,5 8 2 15.533,541
St L R o c k y M t & P a c .a .A p r
167,228
166,044
50,688
J u ly 1 t o A p r 3 0 ............. 1,778,072
1,610,390
608,262
T e x a s & P a c i f i c . b _____ A p r 1,077,757
1,221,513
77,336
Jan 1 to A p r 3 0 _______ 4 ,7 6 5 ,3 0 7
5,0 8 2 ,0 2 9
582 ,695
T o m b lg b e c V a lle y ______ A p r
7,824
7,463
2,984
J u ly 1 t o A p r 3 0 ______
74,474
70,839
2 8 ,249
W a b a s h .b . ............... „ -------A p r 2 ,2 9 4 ,2 6 3
2,2 2 4 ,9 7 9
406,641
J u ly 1 to A p r 3 0 _______ 24,9 9 6 ,5 4 2 24,138,757
6 ,560,679
I N D U S T R I A L C O M P A N IE S .
A b ln g to n & R o c k la n d E le c t—
L ig h t & P o w e r C o . b - A p r
6,709
6,017
1,523
Jan 1 to A p r 3 0 _______
32,170
30,248
7,8 18
B la ck st V Gas & E l . b . - A p r
82,4 6 8
41,814
7 8 ,016
Jan 1 to A p r 3 0 . ..........
381 ,388
346,661
194,550
E d ls El Co (B rock ton ) b .A p r
2 7 ,533
2 2 ,830
11,077
Jan 1 to A p r 3 0 ______
120,223
103,049
54,815
Fall R lv Gas W ork s b A p r
29,048
31.104
11,522
J an 1 to A p r 3 0 _______
138,742
136,814
58,336
H a u g h to n C o El L t Co b A p r
20,775
21,1 3 5
10,798
Jan 1 t o A p r 3 0 _______
98,843
97,293
55,696
L o w e ll El L t C o r p .b . - A p r
36,638
35,489
16,627
Jan 1 to A p r 30
159,985
142 ,125
68,929
M in n eap G en El C o . b
Apr
119,174
101,141
74,685
J a n 1 to A p r 3 0 ............
483,459
426,896
289 ,086
Sierra P a c El C o . b _____ A p r
46,040
44,797
30,028
Jan 1 to A p r 3 0 _______
185,065
186,682
120,375
a N et earnings here g iv en are a fte r d e d u ctin g taxes
d|Net earnings h e r e glvenlareJbeforeX deducting ta x e s.




—I n i ., R en tals, & c .—
Current
P rev io u s
Y ea r.
Y ea r.

R oad s.

3

793,239
6 ,772,770
130,009
1,305,634
18,006
394,244
19,952
280 ,426
1,479,363
2 1 ,6 1 2 ,5 2 5
100,612
2 ,422,618
d e f 1,401
85,313
1,208,159
11,840,075
101,145
1,331,664
577,276
5,2 4 8 ,9 9 0
954 ,936
10,580,890
142,459
3 ,2 1 0 ,8 5 0
64,723
791,118
1,162,118
14,582,859
51,994
542,353
201,580
1,138,565
3,003
26,958
359,934
7,3 0 7 ,8 3 6

1,574
10,014
41,699
180,617
9,851
49,554
13,083
57,038
10,270
53,404
17,082
64,893
57.887
264 ,889
30,8 0 5
119,384

$

Cen tral o f N ew J e r s e y .-A p r
483,533
J u ly 1 t o A p r 3 0 _______5,2 1 1 ,1 1 4
95,751
D ul S o Sh & A t la n t ic ____A p r
J u ly 1 to A p r 3 0 _______
959,183
M ineral R a n g e ------------------A p r
12,663
J u ly 1 t o A p r 3 0 _______
127,547
N o rfo lk & W e s te rn _____ A p r
505 ,9 9 0
J u ly 1 t o A p r 3 0 _______ 5 ,1 4 3 ,5 6 7
S t L R o c k M t & P a c _____ A p r
3 0 ,196
J u ly 1 to A p r 3 0 _______
3 23 ,775

LXXXXII

—B a l. o f N et E a r n s .—
Current
P r e v io u s
Y ea r.
Y ea r.

5

521,888
587 ,299
5 ,0 2 3 ,5 7 2
5,094,871
96.7 5 1 £ d cf3 2 ,7 6 4
9 6 3 ,0 0 4 g d e fl6 6 ,3 4 6
1 4 ,2 2 4 £ d e f6 ,7 1 0
142,487 £ d cf8 7 ,6 1 1
468 ,5 6 0
£50 6 ,5 3 4
4 ,6 6 4 ,8 5 6 £ 6 ,6 1 6 ,2 6 7
32,282
20,692
336 ,1 0 8
284 ,487
IN D U S T R IA L C O M P A N IE S .

A b ln g to n & R o c k la n d E le ct
L ig h t & P o w e r C o ____ A p r
J a n 1 t o A p r 3 0 _______
B la ck st V a l Gas & El . . A p r
Jan 1 to A p r 3 0 _______
E d iso n E l Co (B r o c k t o n )A p r
Jan 1 t o A p r 3 0 _______
F all R iv e r Gas W o r k s .. A p r
Jan 1 to A p r 3 0 _______
H o u g h to n Co E le ct L t Co A p r
Jan 1 t o A p r 3 0 . „ ____
L o w e ll E le c t L t C orp . .A p r
Jan 1 to A p r 30 . ______
M in neap G en E le c C o ___A p r
J an 1 to A p r 3 0 _______
Sierra P a cific E lec C o ___A p r
J a n 1 t o A p r 3 0 _______

637
2,5 4 6
29,862
120,058
4,844
19,450
3,748
16,877
5,156
21,4 8 7
4,693
19,115
41,779
143,640
4,498
21,059

755
2 ,8 8 1
2 9 ,316
117 ,407
3 ,7 0 4
17,057
3 ,7 0 4
14,412
4 ,9 7 9
2 0,3 03
4 ,6 8 6
1 8 ,820
30,634
126,941
5,677
2 2 ,5 1 5

886
5,302
11,952
74,492
6,233
35,305
7,774
41,461
5,662
34,209
11,034
49,814
3 2 ,906
145,446
2 5 ,5 3 0
9 8 ,710

607 ,134
5 ,6 2 9 ,4 0 2
£ d e f 4,775
£ d c f5 6 ,6 3 0
£ d e fl4 ,3 9 9
£ d c f5 1 ,0 7 8
£79 6 ,6 3 3
£ 7 ,6 4 4 ,2 8 6
19,712
206 ,245

819
7,133
12,383
03,210
6,057
32,497
9,379
42,626
5,201
33,041
12,396
46,073
27,253
137,948
25,128
90,869

£ A fte r a llo w in g fo r o th e r In com e re c e iv e d .

ELECTRIC RAILW AY AND TRACTION COMPANIES*
Latest G ross E a rn in g s.

N am e o f
Road.

W eek or
M on th .

63,821
972 ,173
06,500

VOL.

Interest Charges and Surplus.

2,942
19,979
21,279

1,208,103

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

D ecrease.

l

A m erica n R y s C o .

.
.
y
)o
.
y
.
r.
.
.
o
.
.
.t
3t
o
.

Dallas Elect Corp _. .

D e tro it U n ited R y . . 3)
c
.
E l P a so E le e t r .c .
.
o

Current
Y ear.

P reviou s
Y ear.

S
A p r i l ____
318,95.
A p r i l ____
21,731
A p r i l ____
130,91.
A p r i l ____
4 3 ,0 9 '
A pril _ _
8,811
A p r i l ____
28,70 i
A p r i l ____
226,931
A p r i l ____
8 ,2 7 '
F eb ru ary
1591,04,
A p r i l ____
2 3 ,3 3 :
A p ril ___
22,421
F eb ru ary
4 1 ,77f
A p r i l _____
65,112
A p r i l _____
75,114
A p r i l ____
26,572
A p r i l _____
85,88.'
A p r i l _____
41,30;
F eb ru ary
90,651
A p r i l _____
125,387
2d wk Mav 185,700
F eb ru ary
44,852
A p ril . . .
89,797
A p r i l ____
178,507
A p r i l _____
53,695
A p r i l _____
53,186

o F eb ru a ry .
) F e b ru a ry .
- A p r i l _____
. A p r i l _____
I la v a n a E le ctric C o . . W k Ju n e 4
on o lu lu R a p id Tra
& L a n d C o . .......... . A p r i l _____
. A p r i l _____
i A p r i l _____
Illinois 'ira ctic
. M a r c h ____
In te rb o ro R a p ______ . A p r i l _____
J a ck s o n v ille E le c C o.. A p r i l _____
o M a r c h ____
. A p r i l _____
L o n g Isla n d E le c tr ic .. F e b ru a ry .
M e tro p o lita n S;
F eb ru a ry _
M llw El R y &
A p r i l _____
M liw L t . l i t & T r Co A p r i l _____
M on treal Street R y . A p r i l _____
A p r i l ..........
; A p r i l _____
N Y C ity In te rb o ro
F eb ru a ry .
N Y & L o n g Island 1 F eb ru a ry .
N Y & Q ueens C o . _
F eb ru ary .
|A p r i l _____
A p r i l _____
A p r i l _____
N orth T e x a s E lec Co. A p r i l _____
M ay -------le b r u a r y .
A pril . . . .
A p r i l _____
A p r i l ..........
A p r i l _____
A p r i l ____.
F eb ru ary .

122.094
102,991
121,146
89,967
46,349

J a n . 1 to latest dale.
C u rrent
Y ear.

S
302,054 1,228,718
23,896
76,705
120,384
487,084
41,705
173,311)
8,302
36,193
26,924
214 ,829
909,242
8,744
29,471
1492,851 3,3 3 6 ,4 6 7
24,897
97,057
19,925
91,678
43,280
' 92,214
65,744
259 ,848
70,255
290 ,307
25,206
94,814
79,31 1
324 ,046
40,695
155,613
86,364
190,590
1 13,406
514,254
163,576 3,3 5 3 ,9 1 5
45,739
94,398
84,568
340 ,845
171,040
712,803
49,490
227,404
44,517
208,612
111,183
90,321
104,550
80,632
44,157

253 ,877
210,444
■ 448,527
353 ,576
999.313

P reviou s
Y ea r.
1,169,532
85,982
4 44 ,275
100,724
34,203
851 ,122
29,497
3 ,1 2 2 ,0 2 9
95,763
78,252
87,936
249,801
264 ,904
90,062
293 ,352
138,409
181.437
402,170
3 ,0 4 6 ,9 8 3
95,162
326,012
735,321

212,866

104,627

234.438
198,087
396 ,224
337 ,003
892 ,313

39,332
36,129
156,115
145,263
25,508
24,248
03,421
98,772
385,945 326,188 1,524,342 1,302,842
549,729 486 .490 1,650,699 1,427,320
2658,585 2504,772 .0,40 4.7 92 10,170,042
46,164
47,212
197,802
190,339
656,061 622,555 1,012,619 1 ,788,017
91,958
86,915
339.314
322 ,770
11,789
10,691
24,819
21,239
975,090 976,326 2,076,561 2,010,421
395,571 374,420 1,575,886 1,481,239
76,945
71,315
298,824
275,951
372,309 344,705 1,445,163 1 ,310,559
161,228 147,519
581,833
631,374
538,179 534,281 2,2 4 2 ,0 6 1 2 ,1 2 9 ,5 8 0
19,495
13,579
40,493
28,594
22,644
19,894
47,637
38,375
76,010
66,061
160,146
134,499
172,584 155,338
6 5 4 ,(3 7
605 ,115
48,606
13,043
12,340
748,885
200,014 173,763
658.339
502,716
120,681 1 11,280
438 ,890
924 ,860
188,844 184,354
914,457
6,265
3,065
2,052
6,043
101,073
48,747
53,334
174,055
84,485
20,389
21,452
80,300
90,20 I
22,263
22,734
84,210
526,475 440 ,500 2 ,032,114 1,700,298
503,628
145,604 158,919
592,285
19,493
21,374
44,497
40,126

A p r i l _____

1030,111

825 ,236

3,038,862

3 ,1 8 0 ,8 0 7

H e a t & P o w e r C o . . A p r i l _____
A p r i l ____
A p r i l _____
S eattle E le c tr ic C o .
A p r i l _____
S e co n d A v e ( R e c ) ___ F eb ru a ry
Sou th ern B o u le v a rd . F eb ru ary .
S ou W iscon sin R y Co A p r i l _____
Staten Isl M id la n d .. F eb ru ary .
T a m p a E le ctric Co
A p r i l _____
T h ird A v e n u e ( R e c ) . F eb ru a ry .
l o le d o R y s & L t C o . W k M ay 14
T o r o n to R y C o _______ F eb ru ary .
Tw in C ity R a p T r a n . 3d w k M ay
U nderground E l R y
of London—
T h ree tu b e lin e s___ W k Ju n e 3
M e tro p o lita n D Ist. W k Ju n e 3
U nited T r a m w a y s . W k Ju n e 3
U nion ( R e c ) ................. F eb ru ary
U nion R v ,G & E C o ( 111) A p ril . . . . .
U nited R y s o f S t L__ A p r i l _____
U n ited H its o f San Fr A p r i l _____
W estch es E lec (R ec) F e b ru a ry .
W h a tc o m Co R y & Lt A p r i l ___ .
Y on k ers R R (R ec)
F e b ru a ry .
Y o in gst & O h io R lv . A p r i l _____

84,700
284,038
55,305
452 ,178
55,285
7,351
14,848
14,203
55,308
259,867
34,229
335 ,010
143,443

77,990
231.521
50,650
460 ,490
57,195
0,464
13,850
13,390
48,362
270,854
31,010
307,774
137,799

346,542
1,125,116
213 ,560
1,817,922
120,880
15,583
58,080
30,095
222,671
550,851

320,028
907,869
194,585
1,820,553
114,107
13,571
53,995
27,330
212,008
550,987

093,851

632 ,265
2 ,7 1 8 ,2 8 5

£ 1 3 ,1 6 5
£1 1,580
£ 7 ,7 0 4
150,858
242,968
973 ,939
652,866
36,196
29,294
44,438
17,484

£ 1 2 ,5 0 0
£ 1 0 ,8 6 5
£ 6 ,6 6 7
137,225
230,323
938.649
618.015
29,276
32,661

£ 3 0 7 ,3 1 0
£257,922
£ 1 3 1 ,0 0 6
318,635
1.024,475

£ 2 9 3 ,2 3 5
£ 2 4 0 ,1 3 6
£ 1 3 1 ,2 6 5
286 ,473
982 ,928
3 ,5 0 7 ,4 1 7
2 ,4 9 4 ,8 8 0
62,450
134,510

15,798

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

76,070
125,382
03,770
68,482

" 59,409

THE CHRONICLE

June 10 1911.1

Electric Railway Net Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
ELE C T R IC railways from which we have been able to pro­
cure monthly returns. The returns of the different roads
h

w eek

;e t h e r

a s soon
a ll

th e

a s r e c e iv e d , a n d
road s

r e p o r tin g ,

on ce
as

is

done to-day.
Current
Y ear.

P reviou s
Y ear.

Current
Y ea r.

$
3 2 0 ,3 2 8
1 ,3 8 7 ,0 4 0

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

$
3 1 0 ,2 1 9
1 ,3 4 9 ,8 9 1

P rev io u s
Y ea r.
2 6 5 ,1 8 1
1 ,2 0 4 ,1 4 7

A m erica n L t & T r a c t C o .A p r
Jan 1 t o A p r 3 0 _______
2 3 ,8 9 6
3 ,1 4 3
4 ,4 5 9
2 1 ,7 3 0
A tla n tic S h ore R y . b ____ A p r
8 5 ,9 8 2
5 ,2 5 5
7 6 ,7 0 5
1 8 ,7 9 9
Jan 1 t o A p r 3 0 _______
1 2 0 ,3 8 4
5 2 ,8 7 7
1 3 0 ,9 1 3
4 9 ,2 3 4
A u ro r a E lgin & C h i c . b - - A p r
1 ,3 0 2 ,2 8 2
5 9 9 ,3 5 5
5 7 5 ,5 2 2
J u ly 1 t o A p r 3 0 _______ 1 , 4 2 1 , 5 4 2
4 3 ,0 9 7
4 1 ,7 0 5
2 2 ,4 6 4
2 0 ,9 2 5
B a n g o r R y & E I c c .a -------A p r
4
8
3
,
0
5
0
4
6
7
,
3
5
5
2 5 9 ,5 6 9
2 5 2 ,7 3 3
J u ly 1 t o A p r 3 0 ----------8
,
8
1
8
8
,
3
0
2
3
,
1
1
2
3 ,1 4 0
B a to n R o u g e E lc c C o . b . A p r
3 0 ,1 9 3
3 4 ,2 0 3
1 2 ,3 3 0
1 3 ,5 3 9
• Jan 1 to A p r 3 0 ----------2 8 ,7 0 9
2 6 ,9 2 4
B in g h a m ton S t R y --------A p r
1 1 ,3 7 6
9 ,1 6 2
2 2 6 ,9 3 6
B irm in gh am R y , L & P - . A p r
2 1 4 ,8 2 9
1 0 0 ,1 6 0
1 0 9 ,4 9 8
9 0 9 ,2 4 2
J a n 1 t o A p r 3 0 _______
8 5 1 ,1 2 2
4 4 2 ,9 3 4
3 9 2 ,1 3 0
2 ,1 6 3
B r o c k to n & P l y m . b ------ A p r
8 ,2 7 7
8 ,7 4 4
1 ,6 1 6
J a n 1 t o A p r 3 0 _______
2 9 ,4 7 1
4 ,0 3 5
2 9 ,4 9 7
5 ,2 2 3
1 1 ,4 0 4
C ape B re to n E lec C o . b . - A p r
2 3 ,3 3 2
2 4 ,8 9 7
1 1 ,0 0 3
4 0 ,2 5 7
Jan 1 t o A p r 3 0 _______
9 7 ,0 5 7
9 5 ,7 6 3
4 1 ,8 8 0
8 ,3 4 1
C arolina P o w & L t C o . . A p r
2 2 ,4 2 6
9 ,0 7 6
1 9 ,9 2 5
3 1 ,2 1 5
• J a n 1 t o A p r 3 0 _______
3 7 ,6 3 7
9 1 ,6 7 8
7 8 ,2 5 2
1
9 ,3 1 6
1
7
,9
0
6
C entral P en n T r C o ____ A p r
0 5 ,7 4 4
6 5 ,1 1 2
6 1 ,8 0 0
0 6 ,7 3 4
Jan 1 to A p r 3 0 _______
2 4 9 ,8 6 1
2 5 9 ,8 4 8
2 8 ,4 4 9
3 2 ,0 7 2
7 0 ,2 5 5
C h a tta n oog a R y & L t . a . A p r
7 5 ,1 1 4
1 0 3 ,1 5 6
1 2 2 ,4 6 3
2 0 4 ,9 0 4
J an 1 t o A p r 3 0 _______
2 9 0 ,3 0 7
1 1 ,1 8 8
2 5 ,2 0 6
1 1 ,9 0 1
2 6 ,5 7 2
C leve P a ln csv & E a s t . a . A p r
9 0 ,0 6 2
3 8 ,6 2 1
9 4 ,8 1 4
3 9 ,6 9 0
J an 1 t o A p r 3 0 _______
8 5 ,8 8 5
7 9 ,3 1 1
3 2 ,2 2 9
3 6 ,5 1 1
C leve S o u th w & C o l . b . - A p r
2 9 3 .3 5 2
3 2 4 ,0 4 6
1 3 0 ,3 9 2
1 0 4 ,7 9 9
Jan 1 to A p r 3 0 ----------4 1 ,3 0 3
4 0 ,6 9 5
2 4 ,7 5 2
2 4 ,1 4 5
C olu m bu s (G a) E l C o . b . A p r
1 5 5 ,6 1 3
1 3 8 ,4 0 9
8 6 ,2 8 9
7 2 ,1 9 7
Jan 1 to A p r 3 0 ----------4
2
1
,
9
2
4
3 8 9 ,3 1 4
C o m ’ vvlth P R & L (M lc h )a A p r
1 6 6 ,5 9 3
1 7 5 ,7 2 7
Jan 1 to A p r 3 0 ----------- 1 , 7 7 3 , 7 6 1
1 ,6 1 0 ,4 7 2
6 9 5 ,3 6 6
7 7 3 ,1 8 9
D allas E le c tr ic C o r p . b . - A p r
1 2 5 ,3 8 7
1 1 3 ,4 0 0
3 8 ,8 9 6
4 2 ,2 6 9
5 1 4 ,2 5 4
Jan 1 t o A p r 3 0 .............
4 5 2 ,1 7 0
1 8 8 ,2 1 5
1 4 7 ,7 1 3
D e tro it U n ited R y . b — A p r
8 0 2 ,1 6 3
7 2 4 ,8 1 2
2 8 3 ,5 6 7
2 3 7 ,9 1 4
Jan 1 to A p r 3 0 _______ 2 , 9 8 5 , 3 5 7
2 ,7 1 7 ,2 1 5
1 ,0 6 3 ,3 2 8
9 3 5 ,7 2 4
D u lu th -S u p erior T r C o . b A p r
8 9 ,7 9 7
8 4 ,5 0 8
4 1 ,5 4 7
3 3 ,0 9 3
Jan 1 to A p r 3 0 _______
3 4 0 ,8 4 5
3 2 6 ,0 1 2
1 3 8 ,6 7 0
1 2 2 ,7 9 0
1
7
8
,
5
0
7
E a st S t L ou is & S u b . a . - A p r
1 7 1 ,6 4 0
7 2 ,3 5 2
7 0 ,6 9 7
7 1 2 ,8 0 3
7 3 5 ,3 2 1
J an 1 to A p r 3 0 .............
2 9 9 ,3 8 4
3 2 5 ,5 2 7
4 9 ,4 9 0
5 3 ,6 9 5
2 2 ,8 9 8
E l P a so E le c t r ic C o . b . . . A p r
2 0 ,6 1 8
2 1 2 ,8 6 0
2 2 7 ,4 0 4
9 8 ,8 7 5
Jan 1 t o A p r 3 0 ----------0 7 ,1 6 0
5 3 ,1 8 6
4 4 ,5 1 7
3 4 ,2 9 7
2 7 ,1 2 1
F alrm & C larksb T rC o b A p r
2 0 8 ,6 1 2
1 6 4 ,6 2 7
1 3 5 ,6 9 2
1 0 0 ,4 1 3
Jan 1 t o A p r 3 0 ----------1 2 2 ,0 9 4
1 1 1 ,1 8 3
5 1 ,0 8 0
5 0 ,2 6 2
F tW & W ab V Tr C o .b .F e b
2 5 3 ,8 7 7
1 0 4 ,6 5 4
Jan 1 t o F eb 2 8 _______
2 3 4 ,4 3 8
1 1 0 ,4 3 3
3
8 ,4 9 1
G a lv -IIo u s E le c tr ic C o .b .A p r
1 2 1 ,1 4 6
1 0 4 ,5 5 0
5 1 ,7 5 3
4 4 8 ,5 2 7
Jan 1 to A p r 3 0 .............
3 9 6 ,2 2 4
1 7 4 ,0 7 1
1 3 2 ,9 0 1
8 9 ,9 0 7
8 6 ,6 3 2
3 7 ,9 0 0
3 5 ,6 1 9
G rand R a p id s R y . a ____ A p r
3 5 3 ,5 7 6
3 3 7 ,0 6 3
1 4 7 ,8 2 2
1 4 7 ,8 1 5
Jan 1 to A p r 3 0 _______
1 8 ,0 5 4
3 9 ,3 3 2
3 6 ,1 2 9
2 0 .5 0 9
H on olu lu R T & L a n d b A p r
6 7 ,2 3 9
1 4 5 ,2 6 3
7 4 ,9 2 9
1 5 0 ,1 1 5
J a n 1 to A p r 3 0 _______
1 0 ,7 0 9
1 2 ,0 9 9
H o u g h to n C o T r e e C o . b . A p r
2 5 ,5 0 8
2 4 ,2 4 8
4 3 ,4 6 0
3 7 ,5 7 7
Jan 1 to A p r 3 0 _______
9 3 ,4 2 1
9 8 ,7 7 2
1
9 2 ,0 0 6
c H u d s o n & M an h a t’ n . a . A p r
3 8 5 ,9 4 5
2 1 3 ,5 0 7
3 2 6 ,1 8 8
Jan 1 t o A p r 3 0 _______ 1 , 5 2 4 , 3 4 2
7 5 6 ,3 7 8
1 ,3 0 2 ,8 4 2
8 2 5 ,3 4 3
2 0 0 ,4 9 4
Illin ois T r a c tio n C o . a . - . M c h
5 4 9 ,7 2 9
4 8 6 ,4 9 0
1 9 7 ,4 8 2
Jan 1 t o M ch 3 1 _______ 1 , 6 5 0 , 6 9 9
1 ,4 2 7 ,3 2 0
5 8 2 ,1 2 8
0 3 5 ,6 0 3
I n te r b o r R a p T r C o . a - . A p r 2 , 0 5 8 , 5 8 5
2 ,5 0 4 ,7 7 2
1 ,4 7 1 ,0 8 5
1 ,4 2 0 ,3 6 1
J u ly 1 t o A p r 3 0 _______ i2 4 , 7 8 1 , 4 8 2 2 4 , 0 9 4 , 8 5 3 1 2 , 9 8 3 , 2 3 3 1 3 , 5 1 6 , 8 3 1
4 6 ,1 0 4
4 7 ,2 1 2
J a ck son v ille E lc c C o . b . - A p r
1 9 ,3 3 9
2 2 ,7 7 0
1 9 7 ,8 0 2
1 9 0 ,3 3 9
9 1 ,1 4 6
Jan 1 t o A p r 3 0 _______
8 7 ,9 6 9
6
5
6
,0
0
1
6
2
2
,
5
5
5
2
7 5 ,4 7 2
3
0
1
,
1
0
9
K ansas C ity R y & L t . b .M c h
5 ,9 6 1 ,7 1 4
2 ,0 0 7 ,2 4 7
2 ,6 9 2 ,8 2 9
Ju n e 1 t o M ch 3 1 ----------- 0 , 4 2 6 , 2 1 0
3 8 ,7 5 1
3 8 ,4 0 2
9 1 ,9 5 8
8 6 ,9 1 5
L a k e S h ore E lc c R y . a . - A p r
3 3 9 ,3 1 4
1 3 8 ,7 9 7
1 2 9 ,3 0 0
3 2 2 ,7 7 0
Jan 1 t o A p r 3 0 _______
1 8 3 ,2 6 3
1 7 1 ,2 4 8
3 7 4 ,4 2 6
M llw E le ct R y & L t . b . - A p r • 3 9 5 , 5 7 1
6 6 1 ,2 1 0
7 1 9 ,3 1 7
1 ,4 8 1 ,2 3 9
1 ,5 7 5 ,8 8 6
J an 1 to A p r 3 0 .
4 0 ,1 1 3
3 7 ,2 4 0
7 1 ,3 1 5
7 6 ,9 4 5
M llw L t H t & T r C o . b - - A p r•
1
5
0
,0
5
5
2
7
5
,9
5
1
1 3 8 ,5 9 1
2
9
8
,
8
2
4
J an 1 t o A p r 3 0 _______
1 7 1 ,5 9 0
3 4 4 ,7 0 5
1 5 3 ,9 2 3
M on treal S treet R y . b . - A p r ■ 3 7 2 , 3 0 9
1 ,0 0 4 ,0 3 2
2 ,3 3 0 ,0 0 1
9 2 9 ,1 7 5
O c t 1 t o A p r 3 0 _______ 2 , 5 7 5 , 2 2 4
1 0 1 ,2 2 8
6 0 ,6 7 4
1 4 7 ,5 1 9
5 9 ,5 2 6
N ash ville R y & L i g h t .a .A p r
6 3 1 ,3 7 4
5 8 1 ,8 3 3
2 5 8 ,9 2 4
2 4 5 ,5 4 2
Jan 1 t o A p r 3 0 ----------5 3 4 ,2 8 1
2 1 0 ,2 7 0
2 1 4 ,7 0 4
N ew O rleans R y & L t . a .A p r ■ 5 3 8 , 1 7 9
2 ,1 2 9 ,5 8 0
9 0 5 ,8 4 4
J a n 1 t o A p r 3 0 ----------- 2 , 2 4 2 , 0 6 4
8 5 0 ,3 5 3
1 7 2 ,5 8 4
N orfolk & P ortsm T r . b . A p r
1 5 5 ,3 3 8
7 3 ,4 9 2
6 3 ,3 5 0
1 ,5 9 3 ,5 2 6
J u ly 1 to A p r 3 0 _______ 1 , 7 3 4 , 4 6 0
7 4 8 ,0 5 2
6 8 5 ,4 9 0
2 0 0 ,0 1 4
1 7 3 ,7 6 3
N orth ern O h io T r & L t .a A p r
7 0 ,0 8 0
8 5 ,2 5 3
7 4 8 ,8 8 5
Jan 1 t o A p r 3 0 ----------6 5 8 ,3 3 9
2 6 8 ,4 8 3
3 1 1 ,5 0 1
1 2 0 ,6 8 1
1 1 1 ,2 8 0
N orth T e x a s E lec C o . b . - A p r
5 0 ,2 7 8
5 9 ,5 5 8
5 0 2 ,7 1 6
4 3 8 ,8 9 0
Jan 1 t o A p r 3 0 _______
1 9 7 ,1 4 9
2 3 1 ,7 4 7
5 3 ,3 3 4
4 8 ,7 4 7
2 2 ,3 9 1
O k la h om a C ity R y . b ___A p r
2 0 ,1 2 2
1 9 1 ,0 7 3
1 7 4 ,0 5 5
7 4 ,6 8 2
Jan 1 to A p r 3 0 _______
5 7 ,3 9 8
2 1 ,4 5 2
2 0 .3 8 9
8 ,0 4 7
P a d u ca h T r & L t C o . b . - A p r
9 ,0 5 7
8 4 ,4 8 5
8 0 ,3 0 0
• Jan 1 to A p r 3 0 _______
2 9 ,8 4 0
3 8 ,1 5 2
2 2 ,2 6 3
2 2 ,7 3 4
9 ,5 0 8
P e n sa co la E le c tr ic C o . b . A p r •
9 ,4 9 6
9 0 ,2 6 4
8 4 ,2 1 9
Jan 1 t o A p r 3 0 _______
3 4 ,9 3 2
3 6 ,4 1 4
1 ,6 9 9 ,9 9 6
P h tlad clp h a C o (P itts) .a .A p r ■ 1 , 8 1 7 , 7 1 3
8 0 7 ,3 0 4
8 3 3 ,9 2 2
4 4 0 ,5 6 0
5 2 6 ,4 7 5
2 3 3 ,4 4 1
P o r t r d ( O r c ) R y ,L & P _ a . A p r
2 8 0 ,4 3 0
1 ,7 0 0 ,2 9 8
Jan 1 to A p r 3 0 ............. . 2 , 0 3 2 , 1 1 4
8 8 9 ,0 3 2
1 ,0 3 4 ,0 9 9
1 5 8 ,9 1 9
P u g et S ou n d E lec C o . b . A p r •
1 4 5 ,6 0 4
4 1 ,1 6 3
5 3 ,3 4 6
5 9 2 ,2 8 5
Jan 1 to A p r 3 0 .
1 5 8 ,8 2 8
.
5 6 3 ,6 2 8
1 3 1 ,0 9 6
1 ,0 3 0 ,1 1 1
3 ,9 3 8 ,8 6 2
-

Jan 1 to A p r 3 0 .
S a o P a u lo T ra m L & P . a . A p r'
Jan 1 t o A p r 3 0 ----------Sav an n ah E le c tr ic C o . b . A p r ■
Jan 1 t o A p r 3 0 _______ .
S ea ttle E le c tr ic C o . b ___A p r •
J an 1 to A p r 3 0 .............
T a m p a E le c tr ic C o . b . - - A p r •
J an 1 to A p r 3 0 .
T o lc d o R y s & L ig h t C o . . A p r•
Jan 1 t o A p r 3 0 _______
T rl-C Ity R y & L i g h t . a . . A p r•
Jan 1 t o A p r 3 0 _______
T w in C ity R T C o . b ____ A p r •
Jan 1 to A p r 3 0 .




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

5 1 8 ,7 8 7
1 ,9 9 3 ,7 9 7

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

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

7 7 ,9 9 0
3 2 9 ,0 2 8

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

2 8 ,3 2 6
1 3 0 ,6 3 9

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

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

1 7 9 ,7 6 0
7 1 7 ,3 1 8

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

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

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

1 8 ,4 6 7
7 3 ,8 8 1

1 7 ,9 1 0
7 1 .3 0 4

4 5 2 ,1 7 8
1 ,8 1 7 ,9 22

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

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

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

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

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

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

1 7 ,1 5 3
9 5 ,2 1 1

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

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

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

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

8 5 ,8 7 8
3 7 1 ,5 8 5

7 2 ,2 9 8
3 2 3 ,9 8 4

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

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

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

3 1 6 ,3 3 2
1 ,1 4 6 ,6 2 8

R oads.

1557
----- G ross E a rn in g s-----Current
P rev io u s
Y ea r.
Y ea r.

5

U n d e rgro u n d E le c R y s , L o n d o n —
M e tro p o lita n D Is tr lct.M ch
£ 6 2 ,8 3 6
J an 1 t o M ch 3 1 _______ £ 1 8 2 , 9 6 4
£ 6 7 ,3 0 1
L o n d o n E le c tr ic C o ___ M ch
Jan 1 t o M ch 3 1 _______ £ 1 9 5 , 9 5 9
£ 2 4 ,5 4 7
L o n d o n U n ited T r a m .M c h
£ 6 9 ,4 7 5
Jan 1 t o M ch 3 1 _______
2 4 2 ,9 6 8
U n ion R y , G & E (111) .a .A p r
J a n 1 t o A p r 3 0 _______ 1 , 0 2 4 , 4 7 5
9 7 3 ,9 3 9
U n ited R y s o f S t L . a — A p r
Jan 1 t o A p r 3 0 _______ 3 , 7 4 1 , 1 1 9
6 5 2 ,8 6 6
U n ited R R s o f San F r a n .A p r
Jan 1 t o A p r 3 0 _______ 2 , 5 2 5 , 9 3 5
1 8 6 ,6 3 1
V irgin ia R y & P o w e r C o .A p r
J u ly 1 to A p r 3 0 ----------- 1 , 8 6 0 , 0 0 1
2 9 ,2 9 4
W h a t c o m Co R y & L t .b .A p r
1 2 5 ,3 8 2
J a n 1 to A p r 3 0 .............
125,382

$

-------N et E a rn in g s------ Current
P rev io u s
Y ea r.
Y ea r.

5

?

£ 5 7 ,9 6 1
£ 1 6 9 ,6 8 9

£ 3 4 ,1 7 9
£ 9 9 ,1 9 4

£ 3 0 ,0 4 6
£ 8 7 ,6 5 4

£ 6 2 ,6 4 2
£ 1 8 5 ,4 4 5

£ 3 5 ,2 4 0
£ 1 0 3 ,1 4 9

£ 3 1 ,5 6 3
£ 9 3 ,5 6 0

£ 2 8 ,2 9 8
£ 7 3 ,3 5 0

£ 5 ,1 4 7
£ 1 4 ,2 7 9

£ 8 ,1 7 4
£ 1 8 ,6 8 7

2 3 0 ,3 2 3
9 8 2 ,9 2 8

9 7 ,2 2 6
4 2 0 ,2 9 2

9 1 ,1 0 5
3 9 1 ,5 5 8

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

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

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

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

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

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

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

9 4 ,9 7 4
9 2 2 ,2 7 0

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

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

1 1 ,6 2 5
5 3 ,8 3 0

1 3 ,5 7 1
5 1 ,0 1 4

a N et earnings here given are a fte r d e d u ctin g ta x e s,
b N et earnings here given are b e fo re d e d u ctin g ta x e s .
c T h ese figures represen t Incom e fro m all so u rce s.

Interest Charges and Surplus.
R oad s.

— I n t ., R en tals, & c .—
Current
P reviou s
Y ear.
Y ea r.

$

$

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

d e f5 ,1 9 3
d e f2 6 ,9 0 0

d c f8 ,0 0 5
d e !3 1 ,3 5 3

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

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

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

1 1 ,7 1 3
1 1 7 ,3 2 8

9 ,9 8 5
1 3 8 ,0 0 6

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

1 ,9 5 9
7 ,7 7 7

1 ,1 0 4
5 ,5 6 7

1 ,1 8 1
4 ,5 5 3

8 ,8 4 5

2 ,0 5 4

317

1 ,8 0 8
7 ,1 8 5

55
d e f . 1 ,0 4 5

355
d e f .3 ,1 5 0

6 ,1 6 0
2 2 ,3 3 0

4 ,8 6 7
1 9 ,6 5 7

5 ,2 4 4
1 7 ,9 2 7

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

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

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

7 ,9 3 1
3 1 ,6 7 8

3 ,7 2 9
6 ,9 9 8

3 ,2 5 7
6 ,9 4 3

2 9 ,7 9 4
1 1 9 ,1 7 6

£ 7 ,0 6 3
£ 1 3 ,1 0 8

£ 3 ,1 2 7
£ d e f l 1 ,6 0 6

1 9 ,9 8 0
5 9 ,3 5 0

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

4 ,7 7 2
1 2 ,8 4 7

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

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

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

S

$

A tla n tic S h ore R y _______A p r
8 ,3 3 6
Jan 1 t o A p r 3 0 _______
3 2 ,1 5 5
A u ro ra E lgin & C h ic ____ A p r
3 5 ,5 7 1
J u ly 1 to A p r 3 0 _______
3 4 4 ,2 6 4
B a n g o r R y & E le c C o ___ A p r
1 2 ,4 7 9
J u ly 1 t o A p r 3 0 _______
1 2 1 ,5 6 3
B a to n R o u g e E le c C o ___ A p r
2 ,0 0 8
J an 1 t o A p r 3 0 _______
7 ,9 7 2
B in g h a m to n S t R y _____ A p r
9 ,3 2 2
B r o c k to n & P l y m o u t h ..A p r
1 ,5 6 1
6 ,2 6 8
Jan 1 to A p r 3 0 _______
6 ,1 3 6
C ape B re to n E le c C o ____ A p r
J an 1 t o A p r 3 0 _______
2 2 ,2 2 3
2 0 ,0 1 2
C h a tta n o o g a R y & L t - . A p r
Jan 1 t o A p r 3 0 _______
7 7 ,8 3 6
8 ,1 7 2
C leve P a ln csv & E a stern A p r
3 2 ,6 9 2
Jan 1 t o A p r 3 0 _______
C levelan d S o u th w & C o l.A p r
3 0 ,0 9 1
1 2 0 ,1 4 9
Jan 1 to A p r 3 0 _______
1 0 ,6 4 8
C olu m bu s (G a) E le c C o . . A p r
3 9 ,0 7 4
Jan 1 to A p r 3 0 _______
1 0 5 ,0 8 1
C o m m o n w P ,R * L ( M I c h ) A p r
J a n 1 t o A p r 3 0 _______
4 0 8 ,2 1 4
D allas E le ctric C o r p ____ A p r
2 7 ,7 9 7
Jan 1 to A p r 3 0 _______
1 0 9 ,9 0 0
1 7 6 ,3 8 0
D e tr o it U n ited R y _______ A p r
7 0 3 ,9 5 1
Jan 1 to A p r 3 0 _______
2 2 ,0 4 2
D u lu th -S u p e rio r T r C o . . A p r
8 8 ,1 6 7
Jan 1 to A p r 3 0 _______
4 5 ,4 3 3
E a st S t L ou is & S u b ____ A p r
1 8 1 ,7 2 4
Jan 1 t o A p r 3 0 _______
8 ,2 2 1
E l P a so E le c tr ic C o _____ A p r
3 3 ,0 5 6
Jan 1 to A p r 3 0 _______
F a lrm & Clarks b T r C o . .A p r
1 6 ,9 4 3
J a n 1 to A p r 3 0 _______
6 1 ,0 2 2
F t W ayne & W ab V T r .-F e b
4 5 ,5 1 5
Jan 1 t o F e b 2 8 _______
9 1 ,0 3 9
G a lv -H o u s E le c tr ic C o . . A p r
2 4 ,8 5 6
Jan 1 t o A p r 3 0 _______
9 8 ,8 5 3
G ra n d R a p id s R y _______A p r
1 5 ,0 3 8
Jan 1 t o A p r 3 0 ----------6 0 ,3 2 6
H o n o lu lu R T & L a n d .. A p r
6 ,4 5 9
Jan 1 t o A p r 3 0 ----------2 6 ,2 9 4
6 ,4 9 1
H o u g h to n C o T r a c C o — A p r
2 5 ,9 9 0
Jan 1 t o A p r 3 0 _______
2 1 2 ,4 0 3
H u d so n & M a n h a t t a n .. A p r
8 4 3 ,1 8 6
Jan 1 t o A p r 3 0 _______
8 8 8 ,0 3 0
In te r b o r R a p T ra n C o . . A p r
J u ly 1 to A p r 3 0 ............. 8 , 8 7 4 , 3 2 9
1 0 ,1 6 1
J a ck s o n v ille E le c tr ic C o .A p r
4 1 ,0 2 6
Jan 1 t o A p r 3 0 _______
1 9 7 ,9 4 4
K ansas C ity R y & L t ___M ch
Ju n e 1 to M ch 3 1 _______ 1 , 8 9 9 , 5 2 3
3 4 ,6 1 4
L a k e Sh ore E le c R y -------A p r
Jan 1 to A p r 3 0 _______
1 3 8 ,8 1 4
M llw E le c t R y & L t _____ A p r
1 1 9 ,1 6 8
J an 1 to A p r 3 0 _______
4 7 0 ,8 3 9
6 8 ,9 6 7
M llw L t l i t & T r C o ____ A p r
Jan 1 to A p r 3 0 _______
2 7 4 ,6 6 0
M on treal S tre e t R y _____ A p r
5 0 ,3 3 8
2 7 9 ,5 4 3
O ct 1 t o A p r 3 0 _______
3 3 ,4 1 0
N ashville R y & L i g h t .- A p r
Jan 1 to A p r 3 0 _______
1 3 3 ,5 7 9
1 4 6 ,3 5 7
N ew O rleans R y & L t ___A p r
5 8 4 ,5 2 6
J an 1 to A p r 3 0 _______
6 2 ,2 3 3
N o rfo lk & P o rtsm T r ___A p r
6 2 4 ,6 2 9
Ju ly, 1 to A p r 3 0 ----------N orth ern O h io T r & L t - . A p r
4 5 ,1 1 6
1 7 8 ,2 3 2
J an 1 t o A p r 3 0 ----------N orth ern T e x a s E lec C o .A p r
2 5 ,3 5 4
J an 1 t o A p r 3 0 ----------9 9 ,8 8 4
7 ,7 2 3
P a d u ca h T r a c & L t C o . . A p r
Jan 1 t o A p r 3 0 ----------3 1 ,2 3 0
5 ,8 5 0
P en sa cola E le c tr ic C o — A p r
2 3 ,9 1 4
Jan 1 to A p r 3 0 _______
1
2
1
,2 3 1
P o r tl’ d(O re) R y ,L t & P . _ A p r
4 9 1 ,5 0 6
Jan 1 to A p r 3 0 _______
4 8 ,2 2 7
P u g e t S o u n d E le c C o ___ A p r
2 0 1 ,8 2 0
Jan 1 to A p r 3 0 _______
1 9 ,6 9 3
S t Joseph R y ,L t , I I & P . _ A p r
7 7 ,6 4 2
Jan 1 to A p r 3 0 _______
1 8 ,4 4 9
Sav an n ah E le c tr ic C o ___ A p r
7 3 ,8 3 7
Jan 1 to A p r 3 0 _______
1
1 5 ,5 0 1
S eattle E le ctric C o ______A p r
4 4 8 ,6 6 9
Jan 1 to A p r 3 0 _______
6 ,8 9 6
T a m p a E le c tr ic C o ______ A p r
2 5 ,5 1 6
Jan 1 to A p r 3 0 _______
7 9 ,2 2 5
T o le d o R y s & L ig h t C o . .A p r
3 1 7 ,1 3 1
Jan 1 t o A p r 3 0 . ..........
C 6 1 .3 1 7
T r i-C ity R y & L ig h t ------- A p r
Jan 1 to A p r 3 0 ----------- c 2 4 8 , 9 2 5
T w in C ity II T C o --------- .A p r
C 1 4 0 .0 7 9
C 5 6 0 .3 1 7
Jan 1 to A p r 3 0 _______

'

— B a l. o f N et E a r n s .—
Current
P revio u s
Y ea r.
Y ea r.

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

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

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

1 6 1 ,4 9 0
6 4 1 ,1 5 9

£ 1 2 0 ,0 7 4
£ 4 1 4 ,6 6 2

£ 8 9 ,2 2 2
£ 3 4 4 ,0 0 3

1 9 ,4 1 7
7 7 ,6 6 7

1 9 ,5 0 5
5 0 ,5 0 3

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

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

2 6 ,9 1 9
1 1 7 ,6 6 0

2 5 ,5 4 6
1 4 4 ,8 2 5

8 ,3 0 6
3 4 ,0 0 0

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

1 2 ,3 1 0
6 3 ,1 8 9

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

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

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

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

5 ,5 6 5
1 9 ,3 9 4

6 ,0 0 7
1 6 ,6 4 1

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

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

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

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

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

2 2 ,9 8 7
8 6 ,8 0 0

6 ,6 5 8
2 5 ,7 3 2

£ 1 4 ,3 5 9
£ 5 0 ,4 1 8

£ 1 2 ,0 2 4
£ 4 3 ,8 2 3

6 ,3 1 6
2 5 ,3 1 4

6 ,2 0 8
1 1 ,5 8 7

4 ,4 5 3
1 8 ,1 4 6

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

1 ,1 0 4
d e fl7 ,8 4 3

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

£ 5 5 8 ,3 7 8
£ 4 ,3 8 6 ,6 1 1

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

9 ,2 9 0
3 7 ,1 1 4

9 ,1 7 8
4 6 ,9 4 3

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

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

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

1 0 0 ,5 7 9
8 8 8 ,7 8 9

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

4 ,1 3 7
d c fl7

3 ,5 0 0
d c f9 ,5 2 3

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

£ 6 8 ,6 2 4
£ 2 7 0 ,4 8 5

£ 6 2 ,8 4 7
£ 2 3 6 ,9 6 5

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

£ 1 6 ,3 1 3
£ 5 6 ,0 5 5

£ 1 5 ,0 2 9
£ 5 0 ,2 6 1

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

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

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

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

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

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

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

£ 6 4 ,9 9 9
£ 3 2 5 ,3 5 2

£ 7 1 ,9 3 6
£ 2 7 8 ,6 5 9

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

1 1 ,2 5 9
1 2 3 ,4 2 3

d e f2 ,0 6 2
4 1 ,6 5 0

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

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

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

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

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

3 1 ,1 9 8
1 2 2 ,8 4 1

7 ,0 4 7
2 8 ,2 2 3

1 ,3 3 4
6 ,9 2 2

1 ,0 0 0
1 ,6 1 7

4 ,9 3 7
1 9 ,4 6 1

3 ,6 4 6
1 2 ,5 0 0

4 ,5 7 1
1 5 ,4 7 1

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

1 5 9 ,1 9 9
5 4 2 ,5 9 3

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

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

d e f .7 ,0 6 4
d e f . 7 0 ,7 2 4

2 ,8 0 0
d e f.4 2 ,7 8 0

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

1 0 ,8 4 8
6 0 ,3 5 6

1 0 ,0 7 6
5 8 ,3 6 3

1 7 ,9 0 1
7 1 ,3 1 8

18
44

9
46

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

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

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

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

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

4 ,5 9 0
1 8 ,2 8 9

£ 2 4 ,9 0 2
£ 6 2 ,5 2 8
C 5 7 .8 4 7
C 2 3 6 .0 8 8

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

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

C 1 4 0 .2 2 9
C 5 6 0 .9 1 7

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

1 7 6 ,1 0 3
5 8 5 ,7 1 1

T H E C H R O N IC L E

1558
Roads.
Union R y , G & E (I I I )..A p r
Jan 1 to A pr 30............
U nited R ys ot St L o u is ..A p r
Jan 1 to A pr 3 0 ............
Virginia R y & Pow C o ..A p r
July 1 to A pr 30............
W hatcom Co R y & L t -.A p r
___Jan 1 to A pr 30............

— Int., Rentals, A c .—
Currant
Previous
Year.
Year.

$

60,686
230,286
229,430
021,230

55,891

547,853
8,121
28,361

$

57,059
232,181
233,539
033,985
54 895
539,124
8 370
35,020

— B al. o f Net E arns.—
Current
Previous
Year.
Year.
$
5
33,145
35,540
159.377
181,005
79,027
32,394
103.351
230,994
£42,105
£39,502
£399,690
£322,236
3,504
5,201
25,469
15,994

c Includes dividend on preferred stock.
x A fter allowing for other Income received.

New York Street Railways— January 1911.
E xp . A N et from
Other
-Street R y. R evenueTaxes. Operation. Income.
1911.
1910.
1911.
1911.
1911.
•$
$
5
5
$
Hudson & M a n h attan .. 259,331 2,216,470
133,944
125,387 74,076
Interboro R T (Subway) 1,346,637 1,300,186
543,632
803,005/
Interboro R T (E le v )___ 1,313,316 1,287,301
704,781
608,535/ 25,247
B rooklyn R T S y s te m .. 1,745,422 1,629,178 1,296,073
449,349 34,280
M etropolitan St ( R e c ) .. 1,100,865 1,034,095
813,446
287,419 27,758
Cent Pk N & E R i v e r . ..
50,436
44,656
50,356
80
Second A v c (R e c )______
65,595
56,972
64,785
810
290,984
Third A ve (R e c )_______
274,133
179,709
110,905
D ry D ’ k E B ’ w ay & B a t.
49,546
49,423
48,863
683
42d St M & St N ( R e c ) .. 116,453
102,366
102,954
13,499
N Y City Interborough.
20,998
15,015
19,704
1,294
102
Southern B oulevard____
8,232
7,107
6,789
1,443
Union (R e c )___________ 167,777
419,248
146,407
162
21,370
W estchester E lcc (R e c ).
40,483
33,174
45,371 def4,888
93
Yonkers (R e c )__________
49,332
40,674
8,658
L ong Island E lectric____
13,030
10,539
15,340 def2,316
30
N Y & L I T raction____
24,993
18,481
20,547
4,446
46
N Y & Queens C o u n ty ..
83,536
68,438
98,101 d cfl4 ,5 6 5
Ocean Electric (L I ) ____
3,313
2,978
5,304 d cfl,9 9 1
Coney Isl & B rooklyn ___
99,934
95,073
77,736
22,198
3,295
R ichm ond Lt & R R ____
23,123
20,033
24,582 def2,459
19,988
Staten Island M id la n d ..
15,892
13,946
20,481 dcf4,589

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

New York Street Railways— February 1911.

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

Inside of $10,000. Already the benefit is shown In the Increase of merchan­
dise traffic. The station Is reached under a satisfactory agreement
over the tracks o f the Lake Shore & Michigan Southern Railway Co.
Receiver's Certificates.— Early In the receivership of the railway $511,000
receiver’s certificates were issued to provide for equipment trust obligations
($177,025), taxes, wages, track rentals, terminal facilities, balances duo
other railways, and other preferred claims. These certillcates mature July 1
1911, and It Is proposed to Issue $500,000 in their place, while also taking
eare of the equipment trust obligations up to and including A ug. 1 1911.
In this way. with $500,000 certificates out, we will have devoted of the
proceeds therefrom the sum of $486,150 In protecting equipment obliga­
tions. It Is also thought probable that the similar maturity ot O ct. 1 1911
can be protected, which will take us over to the first of the year, so far as
this class of the Indebtedness is concerned. W e also expect to pay certain
’ ’prior" material and supply claims, as well as the Interest and the $11,000
principal of the certificates. There Is no reason to believe that any addi­
tional certificates will be needed.
There arc outstanding $255,000 railroad receiver’s certillcates, due A ug. 1
1911. These were Issued to pay taxes and track rentals defaulted by tho
railway, as lessee, and for the restoration of the property to a workable
condition. There Is on deposit with the trustee of the railroad 4s $109,800
nt. paid over to It on the mortgages [aggregating $3,000,000.— Ed), of tho
B uffalo & Susguehanna Coal A Coke Co. and the Powhatan Coal A Coke C o.;
with this sum we propose to take up part o f the receiver’s certillcates, issuing
new certificates for the balance.
Outlook.— On Feb. 10 1911 the arrangement entered into with the Pitts­
burgh Shawmut & Northern R R . for the handling of our traffic between
W ecdville and Belvidere because of the poor condition of the Buffalo & Susq.
power and the heavy grades, was discontinued. Since then the traffic has
been handled over the Buffalo & Susq. properties. Thus, March was the
first full month In which we have handled all the traffic, with the result o f a .
net Income for tho railway ot $13,508 and for the railroad of $21,078. In
that month we had the heaviest coal traffic in the history of the road: but It
seems probable that the net result of this handling of the traffic will bo
som ewhat better than em ploying another road to do It.
The outlook for earnings Is dimmed by the fast-vanishing lumber traffic,
but some new Industries arc being located on the road, and It Is hoped to
Increase the merchandise traffic by the opening of the Independent station
at Buffalo. An earnest effort Is also being made to build up the coal traffic.
This last Involves thequestlonof tyln g to the property a larger acreage o f
coal at an expenditure that ought not to exceed $1,500,000. For somo
months part the operations of the Buffalo & Susquehanna Coal & Coke Co.
have resulted in a small net profit.
The problem of operating the property with Its heavy grades on a paying
basis with an Increasingly large proportion of low-class tonnage, or or revis­
ing the line and grades, is difficult of solution. It has not been demon­
strated thus far that the saving in expense on the traffic In sight would pay
a fair Interest on the cost o f making these changes, and It requires moro
Information before finally deciding on a question of making for this pur­
pose an expenditure of from $4,000,000 to $5,000,000.
R E S U E T OF O PE R ATIO N S FOR N IN E M O N T H S E N D E D M A R C H 31.
(Buffalo A Susquehanna Railroad and Buffalo A Susquehanna Railroad.)
■
R y .lO lO -’ U .R R . 1910-11. -----B othC os.— 9 M o s.— .
„
,
J u ly l-M ch .M . JulyZA-Mch.M 1910-11.
1909-10.
Revenue from transport’n .$520,000 $1,221,453 $1,735,632 $ 1 , 695,919
Other revenue......................
4,815
25,813
30,628
19,587

-Street R y. R evenue- Expenses Net from
Other
A Taxes. Operation. In c.
1911.
1910.
1911.
1911.
1911.
3
5
$
$
5
Hudson & M anhattan___ 235,947
202,157
112,651
123,296 74,626
Interborough R T (S u b ). 1,240,866 1,182,308
528,014
714,852 24,438
Interborough R T (E le v ). 1,192,602 1,157,258
648,855
543,747 1,479
Brooklyn R T S ystem ___ 1,591,045 1,492,851 1,138,373
452,672 35,127
M etropolitan St R y (Rec) 975,696
976,320
775,138
200,558 12,683
Cent Park N & E R iv e r ..
41,778
43,280
50,185 def.8,407
Second Avenue (R e c )___
55,285
57,195
58,400 d e f.3 ,1 15
Third A venue (R e c)____ 259,867
276,854
145,309
114,558
D ry D ock E Bivay & Bat
44,852
45,739
37,111
7,741
42d St M&St N A v (Rec) 102,991
96,321
80,503
22,488
13,579
N Y City In terb orou g h ..
19,495
18,434
1,061
79
6,464
7,104
Southern Boulevard____
7,351
247
137,225
131,078
Union (R e c )____________ 150,858
19,780
13
36,196
29,270
W estchester Elec (R e c ).
31,818
4,378
44,438
51,456 def .7,018
L ong Island E lectric____
11,789
10,691
14,422 def.2,633
24
N Y & Long Island T ra c.
22,644
19,894
19,522
3,122
46
N Y & Queens C o u n ty ..
76,610
66,061
91,593 def .14,983
3,065
Ocean Electric (L I ) ____
2,952
4,834 d cf. 1,882
86,304
Coney Island & B rooklyn
72,232
90,656
18,424 2,463
19,493
R ichm ond Light & R R . .
21,374
22,539 def. 1,165 15,776
13,390
Staten Island M id la n d ..
14,203
15,282 d e f.1,079

T otal deductions..............$44,674
$137,573
$30,104
$32,274
Net incom e-------------------------$180,243
$93,888
$305,102
$123,640
N ote.— The railway operated the railway and railroad up to July 23 1910.
The foregoing figures of the railway, therefore, Include results from both
properties for tho first 23 days o t July and results from only the railway
after that time.
For purposes of comparison the Interest on receiver’s certificates Is
om itted from the com bined statement o f the two companies In both 9-nios.’
periods. Int. on other funded debt om itted for all periods.— V . 92, p. 590.

ANNUAL REPORTS,

{R e p o rt f o r F is c a l Y e a r en d in g D e c . 31 1910.)

Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n o t include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of May 27. The next will appear in that of June 24.
Buffalo & Susquehanna Railway and Railroad.
( R eceiv e r’s R e p o r t f o r N in e M o n th s en d in g M a r c h 31 1911.)
Receiver H . I. Miller, Buffalo, N . Y ., April 29 1911, wrote
to the protective committee for the railway company’s 4 % %
gold bonds substantially as follows:
E a rn in g s— From July 1 1910 to March 31 1911 the net Income from
operation of the respective properties was: Railw ay (Including railroad from
July 1 to 23), $180,243; Railroad from July 24 to March 31, $93,888. The
foregoing amounts are after payment by the railway o f $21,453 and b y the
railroad of $9,517 as Interest on receivers’ certlllcatcs Issued, to take care
of prior obligations and for rehabilitation.
• The earnings of the railroad do not Include the Interest paid by the two
coal companies to the trustee of the 4% bonds as Interest on the mortgages
o f the coal companies pledged as collateral to those bonds. It should be
ur)tiers too d , however, that the Interest received on said mortgages Is to be
a. c!u to theearntngs from operations to determine the available net Income
of the railroad. (See “ R eccver’s Certlllcatcs’ ’ below.)
• Going to make up the results for the period are the net receipts b y the
railway of $281,040 and net payments by the railroad of $112,657 for hire
o f equipm ent. The explanation Is, of course, that the railway is overeqtopped with locom otives and freight cars, find the railroad under-equipped,
* ,r.i.a ^ er “ Pn'°'vlng both from the railway and from other com panies.
th e earnings for the month of March were probably greater than they
will be for subsequent months, the coai traffic In that month being large,
and a considerable slump having occurred In It since then.
Improvements.— The roadway and track are In good condition, and on the
railroad only the normal renewals of rails and ties will be required prior to
June 30 1912. On the railway normal renewals of rails and ties arc not yet
required. In the course of two or three years heavy renewals o f tics will bo
necessary. Practically all the bridges on both properties will have to be
rc-palnted this season.
Of the locom otives owned, 44 belong to the railroad and 33 to the railway,
the latter being the more m odern: there are In serviceable condition at this
time, railroad 30, railway 25. All o f the steel car equipment Is badly rusted
and will require painting at a cost of, railway $18,248, railroad $9,097. The
railroad has a large number of old wooden gondolas and some Hat cars that
are unsafe to use on our grades with large m odern steel cars. W e arc
asking authority to dispose o f these cars.
A t Buffalo a site has been leased, with a privilege o f purchase, and a small
freight-house and tracks constructed, the total outlay being probably




Total revenue................... $524,815
Operating expenses............. 574,034

$1,247,266
1,006,003

Net Incom e.................... def.$49,219
Outsldo operations_______
C r.29

$241,263
_________

$192,044
C r.29

Total net revenue------ def.$49,190
T axes..................................... .
14,529

$241,263
21,471

$192,073
36,000

Operating Incom e------ Lcss$63,719
T otal other incom e_______ 288,636

$219,792
11,669

$ 156,073
179,133

Gross Incom e...................... $224,917
Deductions—
Hire of equipm ent................................
Joint facilities— rents............. $13,464
Miscellaneous rents...............
9,757
Int. on receiver’s certifs___ 21,453

$112,657
15,248
150
9,518

$231,461

$1,766,260 $1,715,506
1,574,216
1,616,561

$335,206

$98,945
D r.261
$98,684
36,000
$62,684
93,230
$155,914

.........................................
$28,712
$30,309
1,392
1,965
. . .

Havana (Cuba) Electric Railway Co.
President Warren Bicknell presents the following:
Earnings per Track M ile and Ratio o f Operating Expenses to Gross Earnings.
Railway operations—
1906.
1907.
1908.
1909.
1910.
Operating m ilea ge........................
50
50
50.4
51.5
51.5
Gross earnings per track m ile___ $31,406 $36,218 $38,448 $40,908 $44,128
Net earnings per track m ile_____$12,252 $16,923 $19,168 $22,360 $23,600
R atio op . exp . to gross e a r n s ... 60.98% 53.27% 50.15% 45.34% 46.52%

Condensed Report of (icncral Alanager F. Steinliart, Feb. 1 1911.

Transportation, New Lines, A c.— Our nassenger traffic during the year
1910 increased to such proportions that it is now absolutely necessary to
construct more track and cars to meet requirements. The proposed line on
Luz S t., In order to provide another outlet to the waterfront, has been
delayed on account of the sewering of Luz St., but It Is hoped that early in
1911 we shall be able to lay our tracks. It Is anticipated that the new
line C oncha-Luyano will be ready for service early In 1911. On Jan. 1 1910
the double track on Stelnhart S t.. In Marlanao, was put Into operation. On
Jan. 19 1910 the Cerro-Vedado route was put Into operation, giving direct
service between these two districts.
Our freight business has shown an extrem ely gratifying Increase. Tho
reduction of 25% on the base tariff on all cem ent of native manufacture has
enabled the Almendares Cement Co. to com pete with the Importers of for­
eign cem ent. The result has been that while during 1909 but 7,568 bbls.
of this com m odity were shipped over our lines, during 1910 this figure In­
creased to 29,345 bbls., with every prospect of a further Increase.
Considerable repair and some construction work was handled b y tho
track and roadway department, the new work aggregating 1,856 linear me­
ters. Practically all of the former wood posts for electrical transmission
has been replaced by steel poles, and b y way of new construction 20,890 ft.
of overhead line has been erected. The new rolling stock constructed in­
cludes 22 passenger cars, 2 double-truck motors and 23 dum ping cars.
RESULTS FOR C A L E N D A R YE AR S.
1910.
1909.
1908.
1907.
$
$
$
.$
Gross earnings, railroad. 2,272,603
2,106,761
1,937,797
1,810,888
Gross earns., stage Hnes.
384,376
381,886
339,010
332,234
rotai gross earnings.. 2,656,979
2,488,647
2,276,807
2,143,122
Oper. exp . of ra ilroa d ..
1,057,209
955,237
071,725
904,733
Oper. exp . of stage linesi
308,431
295,812
274,699
254,211
T otal oper. expenses
1,365,641
1,251,049
1,246,424
1,218,044
Net earnings.......... ..
1,291,339
1,237,598
1,030,383
921,178
Miscellaneous credits___
3,829
22,717
774
T otal net Incom e___
1,295,168
1,260,315
1,030,383
924,952
In te re st_____________ "
426,742
430,303
438,142
440,037
T axes; & c______
21,387
13,310
13,791
12,858
Sink, funds for bonds
105,050
Preferred dividends "
(6)300,000 (6)300,000
(6)299,998(5 H )275,000
Com. divs. (see note)
’ (6)4 17,819(4 K) 147,822
(2) MO,274
M iscellaneous____
2,279
371
3,781
T o t a l ................
Balance, surplus.

1,198,227
96,941

1,191,806
68,509

904,053
126,330

833.878
91,075

T H E C H R O N IC L E

June 10 1 9 1 1 . |

N ote.— The dividends deducted above In 1909 Include B consecutive.Quar-

w U u
T i o n dividends are not mentioned In the pam phlet report,
idthoueh .a s shown above, the May and A ug. 1910 payments arc deducted
from tlie’l909 earnings. The May and A ug. 1911 paym ents will no doubt
be treated as above In next year’s pamphlet report.
BALANCE SHEET DECEMBER 31.
1909.
1910.
1910.
1909.
§
Liabilities—
S
7,463,703
Common
stock_
_
7,463,630
Properties.............. 21,310,624 20,961,267
Stage lines............
176.932
171,339 Preferred stock__ 5,000,000 5,000.000
324,979 Funded debt........ 8,540,131 8,627,731
Insular lty. Co—
410,221
75,000
557,792 Bills payable.........
Cash ....................
210,004
185,921
188,363
45,782 Accrued Interest..
Sundry debtors —
64,351
114,431
120,148
400,783 Sinking funds___
Materials on hand.
428,838
*80,350
Sundry creditors.. *105,804
Taxes and Insur­
17,864 Profits applied In
21,826
ance prepaid.-471.000
redemp. of bds.
579,000
Deposits as secur­
149,637
186,954
52,000
52,000 Reserve for d lv s..
ity ....................
439,034
Profit & loss acc't.
415,766

m w

T o ta l................ 22,674,796 22,531.807

T o ta l................ 22,674,796 22,531.807

* Amounts due sundry creditors Include reserves for accrued and contingent
labilities.—V. 92, p. 1032, 659.

International Nickel Co., New York.
(R e p o r t f o r F is c a l Y e a r en d in g M a rch 31 1911.)

President Ambrose Moncll says in substance:
The navm ent of four quarterly dlvs. of 1 H % each on the prof, stock was
author zed by the board of directors out of the surplus earnings of the fiscal
w a r n s well as three Quarterly dlvs. on the com m on stock, aggregating
I n d on ^ a u a r d l v . o f 2 H % . making a distribution of 7% on this
class^of stock. Besides these quarterly distributions there was paid the
25% dividend referred to In the Treasurer’s report.
__
The policy of accumulating the com p any’s bonds to meet future sinking
fund requirements is being continued. On March 31 1911 the com pany
held In the treasury bonds of the par value of $633,000 [while an additional
$ 1 , 282,000 had been canceled by the sinking fund.— Ed.)
. o .
The demand for the com pany’s products for the fiscal year Just closed
was the largest In the com pany's history, Indicating that the Increase o f
1909 over previous years was well grounded. I h e growth of the m otor
vehicle business, both for pleasure and transportation, and the wise policy
of the makers to use a superior grade of steel, has had an Important bearing
upon these results. This transportation business, we believe, has a vast
Held for further expansion. Experience has proved that the best available
material Is the cheapest type of construction for efficient service.
W e arc still developing the Monel metal business: satisfactory arrange­
ments have been made to supply the trade with castings, rods and sheets.
W e arc continuing our policy of plant Improvement and developm ent at
form er Clift upon every possible opportunity. During the past year the
management has shown some marked results In this line, having Installed a
70-ton basic converter, replacing three of the smaller acid converters, rhe
econom y has been so great that we arc Installing 3 more basic converters,
which will result In the abandonment of the old practice, and will effect a
verv large saving. In addition to this we arc Installing a reverberatory
furnace plant for the utilizations of the lines produced In our mining opera­
tions, and the flue-dust from our blast furnace practice, which were not
suitable for use In our blast furnaces.
, , ,
During the past year $1,160,486 was expended for new construction,
equipment and additional property.
D u rin g the same period there has been provided out of earnings the sum
o f $797,923 for the following funds: Regular aflowancc for
plants, $454,320: exhaustion of minerals, $151,604, sinking fund, $19-,000.

Statement by Treasurer James L. Ash,'cy -

7nn

r During the last llscal year the com m on stock was increased by 2o,/u u
shares so that there Is now outstanding $11,582,626
out
authorized
of $12,000,000. This Increase was Issued at par to both
pref and com m on stockholders to the extent of 15% of their then holdings,
a 25% com m on stock cash disbursement of the accumulated

thereof

amount

of atotal

Following

to custom cm . and
all Inventories arc taken at cost. Finished material and material In process
Include no inter-com pany profits.
IN C O M E AC C OU N T FOR YE AR S E N D IN G M A R C H 31.
1910-11.
1909-10.
1908-09.
1907-08.
^ a&n30*1Un f/lfx p.dedli c t ecf) $5,207,521
Other Incom e___________
49,417

$3,339,457
9,223

$2,162,694

$2,434,952

,938
,064

$3,348,680
203,947

$2,162,694
139.393

$2,434,952
149,583

Net incom e......... ........... $5,028 874 $3,144,733
Deduct—
„ , .
....
$305,025
$454 .320
123,581
,604
Mineral exhaustion......
lo l
184,000
Sinking fund reserve-----192 ,000
464,600
Interest on bonds............
455 ,350
534,745
,748
Preferred dividends (6 % )
534,._.„
Comm on dividends___* (7 % )80 8 ,778(5 H)487,978

$2,023,301

$2,285,369

$267,102
100,205
177,000
473,500
534,733

$215,075
94,352
168,250
482,050
534.733

$2,099,929
$1,044,804

$1,552,540
$470,760

T otal In com e.................
General expenses-----------Depreciation of p l a n t s ...

Total deductions------- $2,596,800
Balance, surplus-------------$2,432,074

$1,495,300
$790,009

GENERAL BALANCE SHEET MARCH 31.
1911.
1910.
1910.
1911.
Liabilities—
S
S
S
Assets—
S
Common
stock__
11,582,626
8,872,662
26,919.776
Property account.27,262,138
23,460 Preferred s to c k ... 8,912,626 8.912.626
Investments------47,649
Net bonded d eb t.. 8,475,154 8.933,836
Advances to con157,261 Accounts payable
stltuent cos----188,548
and pay-rolls... 1,029.073 1,018.382
Inventories at cost 3,903,313 3,333,693
71,012
50.971
574,035 Accrued taxes___
Accounts recelv’le. 980,954
Bond Hit.. April..
228,000
233.175
Deferred charges,
133,687
133,686
37,453 Pref. dlv.,due May
11,092
oper. and co n ..
133.085
121,927 Com.dlv.,<luc June 288,886
25.000
Bills receivable—
Depr., Insur., A c. 1,234,863
862.380
Miscellaneous ad­
- loss.
■
-------— - 3,468,210
Profit
A
surp.z3!354,036
25.571
39,168
vances, &c
Cash___________ 2,852,102 1,455.836
T o ta l................ 35.310,564 32,649.013
T o t a l............... 35.310.504 32,049,013
~ lAdter deducting $28,167 reserved to cover accounts of foreign constituent com
panics not Included: S300.000 for depreciation of properties, and $2,218,081 for
25% extra dividend on common stock.—V. 92, p. 798.

Amalgamated Copper Co., New York,
( R e p o r t f o r F is c a l Y e a r en d in g A p r i l 30 1911.)
R y a n , Juno

1 1911, wrote

in

substance:

Anaconda Copper Mining Co.— Full details of operations of the Anaconda
Conner Mining Co. for the year 1910 -are given in the report of that com pany
fV 02 n 1370)
The Anaconda Copper Mining Co. has acquired all of
the nronerties of the mining com panies, lumber companies and coal com jm n C T o in g business In Montana and W yom ing in which you r com p any
had any Interest. The economies already effected ant those about to be
put into effect warrant fully the estimates o f the engineers made at the
tim e of consolidation of the properties and they have placed your com pany
In n stronger position than it has heretofore held.
. f
. The A naconda Copper Mining Co. offered your com pany in Pay™^nt for
the properties transferred to It by the Original Consolidated Mining C o., the
Clark Montana R ealty Co. and the Colusa-I’ arrot Mining A Smelting C o.,




112,500 shares of Its stock (par $25 a share— total par value $2,81-,500)
and this offer was accepted. The stock has been setaslde, but not delivered,
waiting for certain details o f transfer to be com pleted. (V . 92, p. 1370.)
United Metals Selling Co.— International Smelting A Refining C o.— As
the contracts tor the sale of our metals were about to expire. It was thought
best by your directors that the selling organization and the refining ol the
bullion produced should be controlled and managed by your com pany. The
United Metals Selling C o. had sold for abou t ten years the metal products
of the mines, acting as agent for all o f the com panies In which you r com ­
pany had substantial Interests, as well as for a number of other producing
com panies. That com pany also owned 40% of the stock of the Inter­
national Smelting A Refining Co., which owns the refineries at which m ost
of the metals produced b y these com panies are refined. In order to avail
ourselves of the organization of the selling com pany and to own a large
Interest in the refining profits, which are likely to increase with im prove­
ments in the m ethods of refining, It was decided to buy the stock of the
United Metals Selling Co. and a price o f $241 a share, or $12,050,000 for
the total capital stock, after deducting dividends then declared, w aspaldfor
all stock offered. Nearly all the outstanding stock has been purchased.
T o provide funds for this purchase your directors authorized and issued
$12,500,000 5% two-year notes dated April 1 1911. V . 92, p. 727.
In addition to the $4,000,000 stock of the International Smelting &
Refining Co. at par the United Metals Selling Co. had In cash and cash
assets chiefly accounts receivable, an am ount that gave it a book value
of about $11,000,000, or $220 a share. Allow! g a value below its m arket
price for the stock of the International Smelting A Refining Co. and credit­
ing earnings on unexpired contracts for the sale of metals, the actual value
of the United Metals Selling Co. stock was fully equal to the price paid
for It and no allowance was made for good-will or the going business,
exeentlng the unexplrcd contracts m entioned.
A t the tim e of the purchase of the United Metals Selling Co. stock, a
long-tim e contract for refining, to go Into effect in Septem ber of this year,
was entered Into between the A naconda Copper Mining Go. and the Inter­
national W
& Refining Co. (V . 90, p. 1552), which insures a large
d eTwoSA’ew N ofV/ssuesf— Since the Increase in 1901 in the capital stock of
you ^ com p a n y from its original issue o f $75,000,000 to.it*.present amount
jn order to acquire the stocks of the Boston & Montana con son a a tca
Copper A Silver Mining Co. and the Butte A Boston Consolidated Mining
CoP, no securities of any kind have been
to provide aW Itlonal
m oney, with the exception of notes for $ 5,000,000 given t® W . A . OlarK
on June 1 1910 In paym ent for the mining properties transferred to the
Anaconda Copper Mining Co. (V . 92r p. 1370) and the $12,o00,000 I
two-year 5% notes. Issued April first of this year, to provide means for
paylnfM’or th e s to c k of the United Metals Selling Co (V 92 p . 727) Since
the organization of your com pany there has been charged off $31,410,056
against earnings and surplus by the subsidiary com panies whose Properties
are now In the Anaconda Copper Mining C o., v iz.: tor d ePJccJ®
dism antlem ent. $30,141,357; depletion of coal mines, $614,J4J„ depletion
° f The^dants^and’ equipment have been maintained to the point o f full
efficiency and their capacity and value are greater than at
time in the
history o f your com pany, notwithstanding the large am ount that has been
Wrctotp p e r°L T h e markc^'prlce of copper has been low durlDg Ihe fiscal year
and the am ount sold b y the subsidiary com panies hasL“ ?.‘ rc ?,V“ *c1nthtv.e
nroduction. although during 1910 production was smaller than In tne
previous year, as your directors were of the opinion that It was not good
business policy to produce to the ca p a city of the works while the prices
obtainable for copper were so low and while there was a considerable stock
of copper as the result of the accum ulation during the dull business period
f ° Tim consum ption of copper has been Increasing steadily, especially since
1908, but the Increase has been much greater In E urope than at
The w orld’s stock of copper as reported b y the Copper Producers Associa­
tion for this country and Merton & Co. for Europe shows no lacr5a?e.J[n
visible stocks since the m iddle of the year 1909, and it is believed that the
stocks In consum ers’ hands at present are much smaller than they were then.
The total American production as reported by the Copper I roducers
Association was : in 1909, 1,405,000,000 lbs. and In 1910 1,452,000.000 lbs.
and from the present outlook there will be no material Increase in pro­
duction this year. The natural Increase In consum ption will, we believe,
absorb any Increase In production that Is likely to com e In the next few
years, and we look for a better market and better prices for copper In
future than we have seen since the close of 1907.
,
„
[Balance sheets of the United Metals Selling Co. and the report o f the
International Smelting A Refining Co. are given below.]
R E S U L T S FOR F IS C A L Y E A R S E N D IN G A P R IL 30.
1908.
1911.
1910.
1909.
$6,680,557
Net i n c o m e .................... $6,048,896 $5,963,968 $3,663,980
6,155,516
Dividends
.............. 3,077,758 3,077,758
3,077.758
(4 % )
R ate o f d iv id e n d ............
(2 % )
(2 % )
(2% )
Balance surplus..........$2,971,138 $2,886,210
P rcv. sur. and re se rv e .- 15,481,255 12,595,045

$586,222
12,008,823

5525,041
11,483,783

Sur. A r c s ’ v e A p r . 30.$18,452,393 $15,481,255 $12,595,045 $12,008,824

•Also 25% extra dividend on the com m on stock, calling for $2,218,081,
paid July 15 1911 out of accumulated surplus— see below.

Proa. John D.

1559

CON D E N SED B A L A N C E S H E E T A P R IL 30.
1908.
1911.
1910.
1909.
Assets__
$
$
$
v$
In v . In securities, A c.x_184,356,800 159,881,245 156,481,847 156,480,647
Loan to W ashoe Copper
7,200,000
7,200,000
7,200,000
Co. for smelter constr.
---------3,007,831
3,593,102
3,079,914
Cash and assets_________ 4,871,491
T o t a l ................................189.228,291 170.161.159 167,274,949 166,688,478
Stock6” - !* /” . .................. 153,887,900 153,887,900 153,887,900 153,887,900
2-year 5% gold notes___ 12,500,000
---------Notes p ayable__________ 3,500,000
22,315
22,565
22,565
A ccounts payable---------118,558
769,439
769,439
769,439
Dividend payable M a y .
769,440
12,595,045
12.008,823
15,481,255
Surplus and reserve------ 18,452,393
T o t a l ............- ...............189,228,291 170,161,159 167,274.949 166,688,478
x Represents ownership In copper mines, mining claims, mining plants,
reduction works, refineries, coal mines, sawmills, standing tim ber, water
rI6hts, land, A c.— V . 92, p. 1376, 1312.

International Smelting & Refining Co., New York.
(R e p o rt f o r F is c a l Y e a r en d in g D e c . 31 1910.)
President John D . Ryan, New York, June 1 1911, says in
substance (compare Amalgamated Copper Co. above):
T he Tooele plant at International, Utah, was not com pleted and put
Into operation until the latter part of Ju.y, so that we had but five months
of operation at this plant to the close o f the year. Up to Dec. 31 1910.
m oreover, the plant was not able to run at full cap acity, owing to the short­
age in ores from the mines of the Utah Consolidated Mining C o., our princi­
pal shipper. Since the ilrst of the current year shipments from the Utah
Consolidated Mining Co. and other shippers have gradually increased our
tonnage, and by Dec. 31 we hope the plant will be operating to Its full
C< VVorlT on the erection of a lead smelting plant with a capacity o f 500 tons
a day is well under way, and the end of the current year should sec the
plant In operation to Its full capacity. Before authorizing the building of
the plant, your directors entered Into contracts for the purchase of leadsilver ores which will Insure Its full operation.
.
.
.
It will also be necessary to construct a lead refinery, and Plans for such
an Installation at the Raritan Copper W orks at Perth A m boy N J are
now being prepared. The amount to be expended In the erection of the
lead-smelting furnaces at International and the refinery at I erth A m boy,
as at present proposed, will be provided for out of cash on hand and no
additional stock issue will be made for the purpose.
•
••
Owing to the curtailm ent at the principal mines shipping their product
to the refinery, the Raritan Copper W orks were at no time during the year
operated at full capacity, and in consequence the earnings from the re­
finery end of the business have shown a decrease. Several im portant re­
fining contracts have since been entered Into, consequently the earnings
for this year should be Increased from this source Irrespective of any addl-

T H E C H R O N IC L E

1560

[V o l . LXXXXII.

Uonal tonnage fr°m old contracts which might accrue from a betterment of
conditions In the copper market. The Raritan plant has been ke^t at a
high state of efficiency, and a liberal amount has been deducted from the
year s earnings for depreciation.
lue
Statement by General Manager E. P. Atathewson

is

$3 825

Balance on hand A ug. 1 1925...............................
(b) E S T IM A T E D F IN A N C IA L P O S I T I O N ~ O F C O .'o N A U G
' rom

silica lln in r* n rtn L °iie shlft- Our converters were started with acid or
favorabletothe process
7 successful- as we had sillciuos ores of a nature
P.ower Plant has operated without any serious trouble
We hnvo
tn ,A w l m COn raKCt 'vltl? thcr Utah Consolidated Mining Co ^o deliver power
T hPS W
af,eglnD
ninl Junc 1 1911 for a period of three years
he Tooele Valley R y has operated continuously throughout the year
We added one additional locomotive and several flat cars
y

1 1925

Klrl>y L um bcr C o - « “ •
51 804 058

fn r ’b u2i o « d tb,e further amount of 4,181,250,000 to be pal’d

„ a s « s f.”farn‘?e.i;s?,.?58b?ffthe,otai* » tS •f

f

c

a

s

p

!

»•>

. 500 MS

p « 7 ^ 7 « < fliid l£ i

1’ 500’ 933

m

mlnerai e4 h t ° s !’ 696 aCres at about «

«

K & nh.bCo%pt S '“"! wl,‘d8 mo a °
-3,825
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 (INCL. SUBSIDIARIES).
Total assets [exclusive o f valuation o f oil lands, mineral wealth
1910.
Sabine I ass lands, turpentine and other p rop erties]_______ ’ $7,590,878
1909.
1910.
1909.
$
Ca? n n l Liabilities: Prcf. stock outstanding Jan. 1 1911, $8,824 Toils on copper and
Mfg. & oper. costs.. 1,328,955 1,079,012
t0 bc redeemed out o f proceeds o f K irby Lum ber Co
net prof, on metals 2,512,108 2,442,901 General expenses...
62,889 46,005
Int. and discount...
60,682
67,517 Taxes ......................
16,538
___________
Common*5
s u fe k ^ ?^ _^.2
1
1
ZOIOOO.OOO
MIscell. revenues__
64,142
76,125 Depreciation............ 226,359 225 813
Total capital liabilities (A ug. 1 1 9 2 5 )...........................................$26,059,200
Total Income.........2,636,932 2,586,543
Total .................... 1,634,741 1,350,830
Net income
i
m
S^P?m.erci aI quantities has been found b y others In the foln i v lr t i S s r ..................................................................................--1,002.191 1,235,713
anrt S p ^ n l ^ eiWsi f1 Louisiana: Caddo, Ansc la Butte, Jennings, Welsh
" 1VldelUlS...............- .............................................. ................... (8%)800,000(3)300 !000
T od Smir T akey
T be Principal oil fields In Texas are Spindle
Balance, surplus........................................................................... 202.191
Q35 7~
UsPnV thfi A n %
Saratoga, ^patsoii O ayton. H um ble and Markham.
u.smg tne Anse la Butte and the Markham as a base and the Caddo field
COMBINED BALANCE SHEETS DEC. 31 (INCLUDING SUBSIDIARIES.)
1910.
1909.
1910.
1909.
Assets—
$
3
Liabilities—
s
S
Plants, rys., &c_. 9,227,874 7,817,703 Capital stock____ 10,000,000 10,000,000
l w S ° iV £ u 5 2 5 .M 0 S c 5 " ;'„ “ ma
tho
revcn u o U“ r e ,"> m a m o u n t :
Supplies on hand.
166,729
266,149 Accounts payable.
473,961 630,310
Metals on h a n d ...
288.064
72.651 Pay-roll labor----50,019
28,824
Insur. unexplrcd.
5,981
4,931 Res’ve for deprcc.
429,969 203,609
Accounts receiv’le 958,384 1,615,945 Surplus................ 1,137,904
935,713
Adv. pay. on purch.
6,235
31,870
Cash .................... 1,438,586 1,989.207
’an‘f landsVn0t va,ueal- - - - - - - - - - 1 S4ee21beh?w

“uhiSzyirtJSr*1?.

T o t a l--------------12,091,863 11,798,456
—V. 90, p. 1552.

> " ? to

T o ta l--------------12 091,853 11.798.456

United Metals Selling Co.
(B a la n ce S h eet D e c . 31 1910.)
•
Assets ($17,571,520).
Liabilities ($17,571,520).
Investm ents ------------------ *54,202,000 Capital stock------------------$5,000,000
355,925 Accounts payable........... 6 , 6 1 0 , 8 0 0
Copper on hand-------------Accounts receivable......... 5,383,799 Surplus-------------------------- 5,960,720
C a sh ----------------------------- 7,629,796
* Includes stock o f International Smelting & Refining Cn 84 non non.
other investm ents, $ 2 0 0 ,0 0 0 , and office furnltu“ er$ 2 .0 0 0
See also Ama^’
gam ated Copper Co. a b o v e.— V . 90, p . 788.
9
’ »e e also A m ai-

Houston Oil Company of Texas.
( R ep o rts on the P r o p e r ty S u b m itted at M e e tin g M c h . 28 1911.)
Pres. S. W . Fordyce, Houston, April 28, wrote in part:
. . 3 ,s $ e o p W p n o f t h e b oard t h a t th e in fo rm a tio n su b m itte d a t its m e e tln g on M arch 2 8 1911 presen ts a com p reh en siv e an d c o n se rv a tiv e v ie w o f
th e p r o p e r ty .
A t this m e etin g D . S . H . S m it h , M u rra y C arleton an d A W
S ta n d in g w ere a p p o in ted a c o m m itte e to su m m a r iz e an d cond en se th e re­
p orts a b o v e referred to , as th e sam e are fa r to o b u lk y fo r transm ission S
each sto ck h o ld e r .
T h e origin als are on flic w ith E d w a rd s W h itta k e r
C h airm an o f th e e x ec u tiv e c o m m itte e , 3 0 0 N . F ou rth S t ., S t L ou is M o
A t this m e e tin g o f the b oard a c o m m itte e o f five m e m b ers w as a p p o in ted
for th e purpose o f fo rm u la tin g a p la n , u n d er th e term s o f w hich th e preferred
stock h o ld er m a y ex p e ct to receive d iv id en d s earlier th a n Is possible under
ex istin g c o n d itio n s, an d for th e p urp ose o f p lacin g you r c o m p a n y in p osition

assrh.ivim s a s . * - r & a r r s g
Report of Marwick. Mitchell & Co. (Examination compIeted’ Jan. 1 1911.)

(a) C O M P A N Y ’S H OLDINGS IN

LAND

* J k ~ ato,?» ,In J a sp e( ’ N e w to n , T y le r , H a r d in , P o lk , A n g e lin a , N a c o g d och c s, S ab in e , S an A u g u stin e , L ib e r ty , Jefferson an d O ran ire co u n tie s In
T e x a s , an d in C alcasieu P arish , in L o u isia n a .]
u ra n g e c o u n tie s, in

Land owned In fee___________________
U n d iv id e d o n e -h a lf in terest in 1 4 ,1 6 5 a c r e s. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

« n1

aqa

Am.AO

7 ,0 8 2 acres

Total land holdings................ ........ ....................... ........ ...............808,778 acres
(6) TIM B E R BELONGING TO TH E C O M P A N Y A S OF J A N 1 1911
Yellow pine tim ber (12 In. and upwards, 4,739 553 000
H a rd w ood sthan 12 ln “ 167’803’000
^ ‘ al----------1 . ..4 ,9 0 7 ,3 5 6 ,0 0 0 feet
H a r d w o o d s ................................................................................... 510,081,000 feet
------ ------------------------- --------------------------------------------------2,347,306 tics

Report of Price, Waterhouse & Co.

(a) E S T IM A T E OF TH E E F FEC TS OF THE K I R B Y L U M B E R Cn
CON TRACT, B A S E D ON M A R W IC K , M IT C H E L L & CO 'VS
TIM B E R R EPOR T.
Installments to be received from Jan. 1 1911 to June 30 1925
fc from the K irby Lumber Co. under stumpage contract dated
L July 17 1901, as modified by decree o f U. S. Circuit Court
£ dated July 28 1908 (V . 87. p. 290)_________________________
$25,123,662
£ ( F o r purchase of 6,400,000,000 ft. of yellow pine tim ber, on
K j assumption that only the minimum o f 250,000,000 ft. per
L>’ annum will be cut and paid for between 1920 and 1925.)
Deduct Obligations and Expenses to B e Paid Therefrom—
Tim ber certificates and interest thereon to m aturity: (a) First
issue ttofcer certfs., $2,365,000; int. thereon to m aturity.
8177,000; (6) second issue ($3,500,000, less $16,833 in treas.),
$3,483,167; (c) interest certfs. representing funded interest on
2d Issue tim ber certfs., $1,469,833; (rf) special Interest certfs.
representing funded interest on interest certfs., $292,950;
(0) interest on special interest certfs., $ 6 6 ,9 0 6 .._
_
7,854,856
Other expenses and taxes:
(a) Existing net current liabilities,
(excluding accrued items separately provided for) $18,466;
f l / reo ?'1
to be borrowed up to D ec.31 1916 at,
S u st j l n * l 4i5n i i 5i« (U
$750,000; (d) administration of
^ ! Si n ia?,;r>„1-?r5
11in ?«Fc.b- 1 1917- based on expenses for year
1 t10, $ 100,000; (e) administrative and gen­
eral expenses to June 1 1925, est. at $100,000 per annum
£ £ ? (w v ga’
°8!° 001 leP l ar!(1 'and. $50,000; gen. and admin™
^ ll^ S O jilh L ^ ^ y J l.lo O .O O O ^ .^ 1.0! ^ ’. 33’ 999^ f d^_^^_^_yearS’

2,514,311

g 5 Balance available for dividends and principal of stock
$14 754 495
To B e Applied after 1916 to $8,824,200 P ref. Stock on Principal and Dies.
(l)l[In paym ent from Aug. 1917 to Feb. 1924 of arrears o f divi¥ lr i17,
? dA
Aug.
« ^ ilm
^ tf*
88t? 495.Pw
.orA
y>1years,
1 23 % ..$ 1 0 ,8 5 3 ,7 6 6
E
, y1%
(?88,242),
Fr»Sn?
e b .l ^18 fto
A20
ug.
2 0 , 8%s-ann.




!,«,!si€dr-“ ', .yo'ti“

° " ier. Resources.— In several of the counties of Texas In which vou own
fm?Pu'r t y °^e !* ?in tei.coa*’ '“^a'.1” sulphur and other minerals have been
-N° exploitation has yet been m ade to ascertain whether or not
deP ° ^ s. are n commercial quantities. There arc deposits of sand and
cla y which will prove a valuable asset later.— V . 92, p . 529,

J. G. White & Co. (In c.), Engineering and Construction,
New York, &c.
{R e p o rt f o r F is c a l Y e a r en d in g F e b . 28 1911.)
President J. G. W hite, New York, May 24 wrote in brief:
ThPbotho£Pr!^f,,4f<?r tbc year shows an increase from $391,394 to $485,529
Plant ami S
.*tJ1Porta,ru changes arc a decrease In deferred charges and
f l rnnnrt ”
a m equipment, less depreciation, from $331,160 to $ 1 4 8 $lf765?816 to $ 2? 317, 95l ‘;CUrltlCS ° Wned and syndlcatc Participations from
Nearly all of the properties in which your com pany Is Interested have
shown during the past year substantial and satisfactory increases in earn­
Ings, and some of them have also Increased their rates of dividends so that
tb TilvJM0n?c fr ° m securities owned is gradually and substantially increasing*
W hile In general there is not great a ctivity in engineering and co n ftrS ^
tion lines, your com pany has recently secured a considerable amount £
new work and lias fair prospects o f securing considerably m ore woPk of
this sort;in_the_neartfuture.
worK 01
B A L A N C E S H E E T F E B . 28.
1911.
1910.
Assets— " ' tfz s e p j.,
$
Good-will/plant,r&c. 1,499,037 1,499,037
Def. charges 4 and
plant, tools,' & c-. 148,903 331,160
Securs.,owned, &C..2.317.959 1,765,816
Notes.receivable----32,252
54,516
Accts. - receivable.. . 344,448 444,669
Cash ...................... 266,389 344,786
20,975
7,362
Miscellaneous..........
ff"
V i»
---------------------------i T o ta l------- ----------4,629,963 4,447,347

1911.

1910

Liabilities—
S
s
Common stock.........1,500,000 1,500 000
6% cum. prcf. stock.2,000,000 2,000.’000
Bills payable---------- 530,855 400,855
Accts. payable------83,579
125,098
Pref. div. pay. May 1 30.000
30,000
Surplus or undivided

Profits................. 485,529

391,394

Total........... .......4,629,963 4,447,347
“ v,uutmNcut u o u iu « y In respect of uncalled capital on
bond and stock subscriptions against which there would bc contingent
assets o f equal amount. Company’s total auth. common stock is $2 ooo 000;_prcf. stock, $3,000,000. Par of shares, $100.— V. 84, p. 630?
*

Columbia Gas & Electric Co., Cincinnati, Ohio.
{R e p o rt f o r F is c a l Y e a r en d in g D e c . 31 1910.)
Pres. Archibald S. White, April 1911, wrote in substance:
Financing.— The past year was made conspicuous by tho liquidation and
adjustment of the floating Indebtedness of the company and Its subsidiaries
among other items the indebtedness of the Cleveland Gas Light & Coke Co’
and the People’s. Gas Light Co., amounting to $418,734. These Cleveland
properties.were sold to the East Ohio Gas Co., but under tho terms of the
sale we were obligated to assume and pay their Indebtedness.
;. In the development of your gas fields in Western West Virginia and the
construction of Held lines connecting the gas wells with tho main pipe lino
to Cincinnati, the company incurred a floating debt of upwards of $700,000
the greater part of which has now been liquidated.
r.-vThe sinking fund payment provided by the mortgage securing your bonds
has beenimade, and the Knickerbocker Trust Co., trustee, has just re­
deemed a total of $1,894,000 of the company’s bonds.
These results have been achieved and the Interest on your bonds, as well
properties to the East Ohio Gas Co. (the purchase price having been paid
in securities of that company— see “ Supplementary Information” below—
Ed ) is gratifying. These properties earned from the sale of artificial gas
in 1906, $546,013; 1907, $475,663; 1 0 0 8 , $385,863; 1909, $280,385.
P Our proportion of the earnings of tho East Ohio Gas Co. for 1910 as
represented by the securities of that company owned by your comoanv
was $585,582, orlmore than double the earnings of 1900.
Natural Gas.— The operation of the pipe line and gas field department has
been attended with much better results than were realized in the latter half
of 1909. The quantity of natural gas delivered by us to Cincinnati and ad­
jacent municlpalltles.during41910 was as follows (In million cu. ft.):
First six months---------

Jan.

Feb.

M ch. A p ril.

027

525

M a y.

June. TotaU

July.

A ug.

Sept.

Oct.

N ov.

Dec. Total.

660

564

097

713 3,786

Second six'm onths____ 570
593
638
665
810 1,026 4,311
making totaljsales'forthe twelve months 8,007,610,000 cu. ft., yielding to
the company $1,021,763.

J u n e 10 1 9 1 1 . |

T H E C H R O N IC L E

A comparison of the sales of gas during the latter half of 1010 (4,310,869,­
000 cu. ft.) with sales for the same period of 1909 (1,932,534,700 cu. ft.)
shows an increase of 2,378,334,300 cu. ft.
The stockholders will be gratllled to know In this connection that 11,190
new gas customers were gained in Cincinnati and suburbs In 1910, an in­
crease of over 15% , the greatest annual Increase In the history of the city.
Natural gas was substituted for artificial gas in N ewport, K y ., on A u g. 1
1910, and It Is expected the same substitution will be made In Bellevue and
Dayton, K y ., by July 1 of this year.
The Union Light, Ileat & Power C o., our operating com pany In Coving­
ton, Newport, Bellevue, Dayton and environments In K entucky, showed
a gain of over 40% In new gas customers In 1910.
W hile these gains In new customers are m ost pleasing and must prove
to be a source of Increased Income In the future, we note with regret that
the consum ption of natural gas by our old customers has been less than the
average of other cities In Ohio, due to the fact that natural gas has not yet
been generally accepted as a fuel In place of coal, but the Increase In con­
sumption by dom estic consumers In 1910 Is at least 33% more than In 1909,
and therefore we have reason to expect that within a short tim e this con­
sumption will average as much as in other cities In O hio.
.................
Sales o f Our Natural Gas During the First Three Months o f 1911 and 1910.
1911.
1910.
Increase.
January (cu bic fe e t)..................1,207,369,700
660,173,200
547,196,500
February
“
"
956,348,000
563,630,300
392,717,700
March
"
“
1,010,196,400
626,908,000
383,288,400
A test recently made of your W est Virginia gas wells shows that there
has been practically no diminution in the supply or pressure o f these wells,
although wc have been drawing gas from them for nearly tw o years.
Outlook.— A t present your gas llelds In W est Virginia, your pipe line to
Cincinnati and your distributing system In Cincinnati, Covington and sur­
rounding territory are capable of producing, transporting and distributing
more than twice the present consum ption of gas. In other words, we have
butldcd for the future. Your fixed charges of cost, Including Interest,
rentals, taxes and all expenses, arc practically at their m axim um . Your
Income Is just getting away from the minimum. As soon as the consum p­
tion o f gas b y your customers reaches the average of other Ohio cities, your
com pany should be In receipt of at least 31.000,000 Increased Income an­
nually, practically all of which will be profit and available for dividends.
IN C O M E AC C O U N T.
Cal. Year •3Mos.end.
Cal. Year *3Mos.end.
1910. M ch.31 ' l l .
1910. M ch. 31 ’ l l .
Deduct (con cl.)—
Sales of nat. gas.51,021,763 5409,359
Pipe line rental:
In t. and dlvs.,
CIn.Gas.Tr.—
subsld. co s ___ 1,044,422 260,565
Bond I n t .. $250,000 $62,500
Prop, undlstrlb.
100,000
35,000
Com.stk.dlv
earnings, sub­
18,085
5,264
Adm.&taxcs
sidiary c o s
246,069 197,719
130,992
32,170
Malnt.&op.exp
T otal ea rn s..52,312,254 $867,643 Gas field rentals
64,567
13,292
and royalties _
Deduct—
234,136 127,353
N at. gas purch’d
General expense,
781,575 179,800
salaries, & c .. $112,609 $29,669 Int. on b o n d s ..
In t. and ta x e s ..
80,654
18,784
T o t a l _______ i ,219,139 5617,549
Rental Kentucky
593,115 $250,094
446,522 113,718 Balance, surplus
p ro p e rtie s ___
* March 1911 partly estimated
B A L A N C E -S H E E T .
A p r. 15 ’ l l . Dec. 31 ’ 10. Dec. 31 ’09.
Assets—
.$65,666,849 $07,055,285 565,356,693
66,923
95,307
.
89,673
Supplies and fixtures_________
708,176
363,342
261,293
A ccounts and interest receivable------.
218,792 1 1,232,490
.
69.928
Cash In banks________________
704,646
730,290
Cash In Covington guaranty d ep osit._
:.
706,502
405,135
933,872
E qulty In surplus of other com panies.
_
9,488
6,877
8,315
A dvancem ents_______ ________
.$67,508,379 $68,875,029
LiabilitiesBills payable.................. ...............
Accounts p ayable_____________
Covington betterm ent a ccou n t.
A ccrued interest and taxes____

.$50,000,000 $50,000,000 >50,000,000
. 14,820,000 15,835,988 15,820,000
.
373,840
864,5581
1,205,790
.
106,022
14 3,186 j
259,117
352,101
134,312
142,647
.
245,495
406,239
1,003,719
1,272,957
. 1,643,905

..$67,508,379 $68,875,029
S U P P L E M E N T A L (O FFIC IA L) IN F O R M A T IO N .
Companies and Properties o f which Control was Acquired.— (a) The gas
and electric-light business in Cincinnati and in 22 municipalities in Hamil­
ton C o., O .; (b) the gas and electrlc-llght business in the adjoining cities
and municipalities o f C ovington, Newport, Bellevue, Dayton, Latonla,
Ludlow and Fort Thomas and suburbs of Kentucky; (bb) a 6e-mllc system
of electric street railways operating exclusively In the above-m entioned Ken­
tucky municipalities, and connecting them with Cincinnati; (c) a 185-mile
system of pipe lines for the transportation of natural gas, connecting the
above-m entioned properties with (d) a 285.000-acre natural gas property In
southwestern W est Virginia and eastern Kentucky; (e) the only two coal
gas properties in Cleveland, O., which have been recently'consolidated with
the natural gas properties operating In Cleveland and 31 other cities and
municipalities In eastern Ohio. [East Ohio Gas Co. controlled b y the Stand­
ard OH Co. See below and V . 90, p. 629, 240; V . 92, p. 661.— Ed.]
The companies enjoy perpetual franchises or particular rights and have
paid dividends consecutively since their organization. Artificial gas in
the cities and municipalities above referred to was selling in 1906 at from
67c. to $1 80 per 1,000 cu. ft. The Columbia com pany reduced the price of
gas to 30c. per 1,000 cu. ft. b y the Introduction of natural gas. The prop­
erties controlled and operated b y the com pany and its subsidiary or affili­
ated concerns supply upwards of 1,600,000 people.
Bonds.—-1T he com pany has an authorized Issue of $25,000,000 1st M. 5%
sinking fund gold bonds dated 1907, maturing Jan. 1 1927, of which $17,­
413,500 were certified and Issued, 5174,000 were retired by sinking fund
operation In 1910 and $1,894,000 have been retired this m onth. Of the
remainder, the com pany holds in its treasury $525;500, leaving In the hands
o f the public $14,820,000 bonds. (V . 86, p. 1316, 1532; V . 92, p. 883, 1034)
West Virginia Properties.— Your com pany owns gas and mineral rights,
secured b y leases, contracts, agreements, royalties and the ownership of
land In fee on 285,000 acres of land In southwestern West Virginia and
eastern K entucky. On tills domain there have been drilled up to date
98 natural gas wells (with a dally open flow of 170,000,000 cu. ft.), m ost of
which arc supplying gas for transportation to Cincinnati. The present
capacity for producing gas far exceeds the demand In Cincinnati. This
same territory contains large quantities of high-grade gas coal which the
Columbia com pany has the privilege of mil la g.
Cincinnati Gas Transportation C o.— The facilities for transporting the
natural gas from W est Virginia to Cincinnati, O., Covington and Newport,
K y ., are owned by the Cincinnati Gas Transportation C o., a West Virginia
corporation, having capital stock of $3,000,000 5% pref. and $2,000,000
com m on stock and outstanding $5,000,000 5% 1st M. bonds. (V .88,p . 1375.)
The Transportation com pany owns 160 miles of 18 and 20-inch and about
25 miles of 8 and 12-Inch steel pipe line, running from the Columbia com ­
pany’s natural gas field In southwestern W est Virginia across northern Ken­
tucky and connecting with the distributing mains In Covington and New­
port, K y ., & c., and In Cincinnati and surrounding towns. The Trans­
portation com pany also owns a 6,500 h.p . compressor station at Kenova,
W . V a., and a reducing station near Newport, K y ., together with a com ­
plete double-wire private telephone system along the pipe line.
A ll of the com pany’s properties have been leased by the Columbia com ­
pany for a period of 30 years, with the privilege of renewing the lease for
another 30 years, the Columbia com pany paying as rental all maintenance
charges, taxes, &c., bond Interest, sinking fund and dividends on the com ­
mon stock of the Transportation com pany at the rate of 7% per annum for
the year 1911, and thereafter at the rate of 10% per annum. The preferred
stock of the Transportation com pany Is to receive a dividend of 5% per
annum, but not until all bonds of the Transportation com pany have been
.
retired and canceled. (V . 86, p. 1 5 3 2 . ) ......................
Cincinnati, Ohio.— The Columbia com pany has acquired and now owns
over 60% of the $5,000,000 6% pref. stock and 56% of the $10,000,000
com m on stock of the Union Gas & Electric Co. of Cincinnati. (V . 89, p. 230.)
The Columbia company£thus owns direct control and selects the directors
and officers. (V . 86, p. 001;jV._89,tp. 230;.,V. 91,*p. 98.)




1561

The Union com pany operates under a 99-year lease the properties and
franchises of the Cincinnati Gas &, Electric Co., and has the exclusive gas
and electric privileges In the city of Cincinnati and suburbs.
The Cincinnati Gas & Electric Company (V . 83, p. 274, 892, 1231; V . 88.
p. 1375) has an up-to-date electric-generating plant o f 30,000 h .p .
with 27,500 k .w . per hour capacity; 287 miles of underground conduits,
2,006 miles o f electric wires. The com pany has 15,691 private consumers
and lights the city with 5,956 electric street lamps.
The com pany has a m ost com plete distributing system comprising 660
miles of gas mains, several gas holders with a capacity of 10,000,000 cu. ft .,
and supplies natural gas to 85,209 customers, and lights certain o f the city
and suburban streets with 4,690 gas lamps.
Kentucky Properties— Cincinnati Newport & Covington Light & Traction
C o.— The public utilities, consisting o f gas and electric light In Covington,
N ewport, Bellevue. D ayton. Latonla. Ludlow and F ort Thomas, as well as
a system of electric street cars connecting these municipalities with Cincin­
nati, are controlled b y the Columbia com pany under a 90-year lease. (See
p. 37 of “ Electric R y . S ec.” and V . 84, p. 1489, under Col. Gas & El. Co.)
F or convenience in operation these properties are divided Into an elec­
tric street railway department, operating under the names o f the Cincinnati
N ewport & Covington R y . Co. and the South Covington & Cincinnati Street
R y . C o., and a gas and electric department operating under the name of
the Union Light, Heat & Power Co.
These properties embrace 66 miles of track, a power house of 5,000 h .p .
centrally located on the Licking R iver, supplying current for the street car
department and the electric light department; about 85 miles o f electrical
distribution lines, supplying electricity to about 5,000 consumers, and 94
miles of pipes for distributing gas to over 12,000 consumers.
The East Ohio Gas C o.— The Columbia com pany form erly owned about
99% of the capital stock of the two artificial gas com panies In Cleveland,
known as the Cleveland Gas Light & Coke Co. and the P eople’s Gas L t. Co.
These properties were consolidated in 1910 with other properties supplying
natural gas In Cleveland and 31 other cities and towns in eastern O hio.
The new consolidated corporation is known as the East Ohio Gas Co. and
has a capitalization of $10,000,000 7% cum . pref. stock, $10,000,000 com ­
mon stock and $15,000,000 1st M. 5% bonds. The Columbia com pany
owns $2,475,719 pref. stock, 52,475,719 com m on stock and $1,713,578
bonds, from which we are receiving very satisfactory returns.
The East Ohio Gas Co. owns about 2,000 miles of distributing pipes, sup­
plying gas exclusively to a population of upwards o f 1,000,000 people In the
following cities and towns in northern and eastern Ohio: Cleveland, East
Cleveland, Newburg, Newburg Heights, Corlett, Ravenna, Niles, Girard,
Alliance, Cuyahoga Falls, Massillon. Canal Dover, Uhrlchsvillc, Youngs­
town, Lowcllvllle, New Middletown, Zeller Station, Lakewood, South
Newburg, Bratenahl, Kent, Warren, East Palestine, H ubbard, A kron.
Canton, New Berlin, New Philadelphia, Dennison, Struthers, Poland and
Petersburg. The East Ohio Gas Co. also owns 403 miles of pipe lines, con­
veying natural gas from W est Virginia to the distributing systems In the
above-m entioned municipalities.— V . 92, p. 1034, 883.

Standard Screw Co., Chicago.
(R ep o rt f o r F is c a l Y e a r en d in g M a r c h 31 1911.)

President W . B. Pearson, May 10 1911, wrote:
In m y last report I referred to building operations at H artford, Detroit
and Chicago. These Improvements arc now com pleted aDd a considerable
lot of new machinery Is Installed In the new space; also much of the old
machinery has been re-arranged, with the result that we are showing greater
efficiency than ever in our production.
The Improvement In business which we were enjoying at the close of our
last fiscal year did not continue for any great length of time, and while the
statement for the current year will, I believe, be considered satisfactory
we cann ot, without a decided change for the better, expect to make as
good a showing for the ensuing year. H owever, when normal buslncsss
conditions return, the large expenditures which we have made for extensions
and Improvements should have a very decided effect on our profits. In con­
tinuance of the policy adopted last year, wc have made a substantial addi­
tion to the reserve for depreciation.
[Properties owned: Chicago Screw C o., Illinois Screw C o., W estern A uto­
matic Machine Screw C o., W orcester Machine Screw C o., Hartford Ma­
chine Screw C o., W alker & |Ehrman Mfg. |Co., Pearson Machine Co., Detroit
Screw W orks.]
IN C O M E A C C O U N T .
1910-11.
1909-10.
1908-09.
1907-08.
Net incom e.......................
$375,928
$454,554
$93,648
$476,181
Bond Interest......... ........
$30,000
$26,200
$11,300
$11,750
Int. on borrowed m oney
1,324
7,777
8,843
11,684
Discount, tec., on deb s---------40,195
______
______
B a la n ce......... ...............
Pref. dividend ( 6 % ) ____
Common dividend (6 % )

$344,604
$120,000
150,000

$380,382
$120,000
149,814

$73,505
$120,000
149,514

$452,747
$120,000
149,634

$74,604
$110,568 d e f.$196,009
$183,113
BALANCE SHEET MARCH 31.
1911.
1910.
1910.
1911.
$
Liabilities—
$
$
$
5,067,970 4,923,814 Preferred stock___ .2,000,000 2,000,000
64,986
Co’s sccur's In treas.
68,160 Common stock___ .2.500,000 2,500.000
*869,043 *779,543 Debcn. bonds, 5 % . . 600,000 600,000
Acc’ts & notes rec’ ble 393,833 468.235 Notes payable____ . 386,000 266,000
11,588
7,589 Accounts payable.. . 151,895 234,047
Prepaid Int., &c----163,603 Surplus.................... - 906,370 810,897
136,845
S u rp lu s _______

6,544,215 6,410,944

Total

T o t a l.................. .6,544,265 6,410,944

* At cost and partly estimated.—V. 92, p. 1503.

Lindsay Light Co.
Y e a r en d in g M a y 31 1911.)
Net profits for the year applicable to divs. were $ 5 2 ,3 2 4 .
(,S tatem en t f o r

B A L A N C E SH EETS M A Y 31.
Liabilities—
Assets—
1911.
1910.
Bldg. & real e s t . . $108,552 $108,170 Capital s to ck . .
Bills & accts. reo
98,068 101,224 Accts. p ayable.
Inventory (c o s t). 81,170
79,557 Bills payable__
M ach.,fixtures, &c. 41,688
40,540 S u rp lu s_______
Cash............
1.249
2,333

1911.

1910.

9,796
65,000
55,931

13,717
86,500
31,607

$ 200,000 $ 200,000

.
.

T o ta l__________$330,727 $331,824
T o t a l..................$330,727 $331,824
The directors on June 6 declared a d iv. of 6 % , payable June 15 to stock­
holders of record June 10. making a total o f 16% for the year. The board
has decided to pay quarterly dlvs. o f 4 % each. In 1909-10 15% was paid;
Dec. 31 1909, 10% ; April 2 1910, 5% )an d In 1908-09 1 0 % .— V . 90, p. 1674.

Vulcan Detinning Co., New York.
{R e p o r t f o r F is c a l Y e a r en d in g M a r c h 31 1911.)

President Eugene E . Spiegelberg, New York, May 4 1911,
wrote in substance:
The operations of the year resulted In a net profit o f $110,056, afterm akf
Ing the usual deductions for depreciation and betterments. Dividends of
5 % were declared on the pref. stock, leaving 20 y, % of accumulated divi­
dends due the pref. stockholders. Surplus was Increased by $27,557.
The slack condition o f trade which has prevailed In most lines of business
during the year, and the resulting unfavorable position of the steel market
during the larger part o f the period, had a depressing Influence upon the
sate of our steel-scrap p o luct and upon the prices obtained for the same.
On the other hand, the price o f pig tin, which likewise forms part of our
output, experienced a considerable advance, beginning in July 1910, and
thereby offset to some degree the recession In steel scrap. This condition
still prevails.
In our proceedings against the American Can Co. for an accounting of
profits made b y them in detinning b y our process, the taking of testim ony
before the Special Master, H on. William J. Magic, Is com pleted, the argu­
ments by opposing counsel have been m ade and briefs arc now being sub­
m itted. The finding o f the Special Master should be handed to the Court
of Chancery before very long, from which finding there m ay be an appeal.
The by-laws have been amended so as to make the fiscal year conform
hereafter
calendar y e a r / ; ......................................................................

to the

1562

T H E C H R O N IC L E

R E S U L T S FO R Y E A R S E N D IN G M A R C H 31.
1911.
1010.
1909.
1908
Net profit over d ep ., &c.
$110,057
$208,685
$182,619
$71,831
Dividends, p r e f...........(5 )$ % )82 ,5 0 0
(6)90,000 (3 %) 56,250 (3M )56,250

[VOL. LXXXXIL

BALANCE SHEETS OF PROPRIETARY AN D AFFILIATED COS., DEC. 31
— —ProprietaryCompanies----------Three Principal Affil. Cos.—
Assoc.
Assoc.
BakersTd PioneerMid- W. Coast Amalg.
Transp.Co. Sup. Co. Iron Wks. wayOilCo. Oil Co.
Oil Co.
Assets—
S’
3
$
$
$
Balance, surplus. -----$27,557
$118,685
$126,369
$15,581
Real estate A leases.
6,508
........... 4,905,144 1,613,706 371,883
31,506
Improvements,
per­
B A L A N C E S H E E T M A R C H 31.
sonal prop., A c. ..4,969,274
67,943 169,219
195,046 452,433 721,959
1911.
1910.
Stock owned_______ ______
1911.
1910,
______a5,081,646
Assets—
$
$
Liabilities—
$
$
Cash ........................
16,758
6,532
4,449
4,366
1,431
27.475
Plants, land, tene­
Loans A notes rec’le
Pref. stock _____ 1.500,000 1,500,000
979
93,845
952
1,250
m ents, patents,
Common stock . . 2, 000,000 2, 000,000 Accounts receivable.
362,739
24,821
2,176
181 428,117
processes, A c.3 ,9 0 0 ,8 20 3,895,311 Div. pay. Apr. 20
Material
A
supplies.
18,750
26,250
lib 189
6,154 130.353
102,126
050
Cash, cash items
A ccts.pay. (not due) 61,113
81,722 OH on hand............ ..
527,722
2,803
66,450
926
and Inventory 340,460
347,089 A ccrued t a x e s ..
1,032
______
Due from other c o s .. 255,932
42,884
823
U nexplred Insur.
1,600
___
Other def. assets, Ac. 32,038
Surplus................ 661.985
634,428
70,374
497
* 3^239
7,796
7,964
T o ta l......... ...4,242,880 4,242,400
T otal.................4,242,880 4,242,400
T o ta l.....................5,294,678 1,166,815 330,291 5,211,965 2,145,401 6,685,109
— V . 92, p. 1247.
Liabilities—
Capital stock............. 4,789,882 500,000
129,350 5,000.000 2,081,600 5,000,000
Associated Oil Co., San Francisco.
Accts., Ac., payable ______
156,467
12,006
106
211,018
Vouchers, A c ........ .. 56,078
.................
21,934
20,926
(R e p o r t f o r F is c a l Y e a r en d in g D e c . 31 1910.)
Loans and notes.........................................
105,000
25.000
other companies ..........
475,826
4(b748
79,136
First Vice-President and General Manager W . S. Porter Due
Miscellaneous...........
12.401
5.948
2,100
1.362
17,431
writes in substance:
Depreciation reserve 427,172
10,138
125.781
51,931)
37,439/ 195,147
9,145
18,436
62,480
95,146/
\1,056,451
General Results.— The statement as subm itted Includes the gain of the Surplus.....................
Associated OH Co. and Its proprietary com panies, as well as dividends re­
T o ta l.................... 5,294,678 1,166,815
330,291 5.211,965 2,145.401 6,685,109
ceived from affiliated com panies. Earnings o f affiliated com panies, not
declared b y them as dividends but carried to surplus, are not Included as
a Includes all the stock of the Salt Lake OH Co., Arcturus Oil Co. and 20 shares
will be shown b y an exam ination o f the detailed statements of such affiliated La H ,bra Water Co.
com panies, subm itted herewith. The earnings o f the com pany have been
The report also shows the balance sheets of the four foUownlg affiliated companies,
greater during the past year than at any time In Its history. The opening none of which has any bonded debt: Sterling OH A Development Co., capital stock,
o f new oil districts during the year has made It possible to acquire addi­
California Coast Oil Co., capital stock, $200,000; also subscriptions for
tional lands at advantageous prices and the great increase in the business $250,000;
capital stock uncalled, $95,333; Salt Lake OI1 Co. of California, capital stock $500,­
has m ade It necessary to extend the transportation and distributing facilities
000:
Arcturus
Oil Co., capital stock. $400.000.—V. 92, p. 1438, 797.
New Development, A c .— During 1910 we com pleted 61 wells, as follows
Kern field, 45; M cK ittrlck field, 14; Coalinga field, 2.
Marconi
Wireless
Telegraph Co. of America, New York.
Acquisitions.— During the year 1910 we acquired the follow l-g properties
(a) North East quarter o f Section 35, Township 31 South, Range 22*
(R e p o r t f o r F is c a l Y e a r en d in g J a n . 31 1911.)
E ast, M idway District, on which we have drilled a well which Is producing
150 barrels of oil per day. (b) The McMurtry lands, consisting o f 1,440
Secretary John Bottomley, in the printed statement giving
acres, In the M idway field, which we consider practically proven property
b y reason of the developm ent done b y other com panies In the vicinity notice of the annual meeting to be held April 17 1911, and at
thereof. A t present we are drilling two oil wells and one gas well on this said meeting, said in substance:
prop erty, (c) B y lease of mineral locations 3,200 acres of land in Elk IIIlls
General Results.— Allow ing for the usual depreciation (10% ) on station
D istrict, North M idway, on which we arc now drilling 13 wells, the deepest
o f which has penetrated the oil form ation. Under our leases we have the and experim ental w ork, the balance shows that the com pany Is rather
ore than self-supporting, but fierce and undue com petition has precluded
option to purchase this land at a reasonable price, (d) B y direct purchase m
and under op tion , 29,100 acres of patented land In the vicinity of the us from obtaining as m any orders as In the previous year.
During the year the com pany sent and received 2,291 messages, con ­
"L a k e Shore” well. Lost Hills District, Kern County. This well, brought in
early last summer. Is 530 feet In depth and Is still producing 300 barrels of taining 34,130 words m ore In 1910 than it did In 1909, and the m oney gain
over
1909 ln favor o f 1910 was about $4,000. Sales of apparatus did not
oil per day. Farther out on the form ation we arc drilling a well which has
show up as well, owing to com petition and price-cutting, whereby a living
now reached a depth of 2,245 ft.
Pioneer Midway Oil Co.— W e have acquired 75% o f the capital stock of profit was hardly left to contractors. Expenses o f business remained
the Plonoor M idway Oil C o., Consolidated. This com pany owns ail of generally about the same. Over $11,000 was written oil as depreciation,
Section 30, Township 31, Range 23 East, M idway District. The original bringing our stations, A c., Into a condition highly com m ended by our
owners drilled a well, which at the time o f our purchase was producing accountants. The loss of $1,700 shown In general working was caused b y
approxim ately 5,000 barrels o f oil per da y. This well Is now flowing about the opening and running of stations on the East coast, south of New Y ork,
800 barrels o f oil per da y. W e have six additional wells on this property which stations will eventually be m ost useful and, we hope, paying, In
connection with coastwise boats that we arc gradually acquiring as part
in process o f drilling.
Miscellaneous.— During the year the com pany m oved its operating head­ o f the Marconi equipped fleet. Our aim Is to control the whole o f this busi­
quarters from M cK ittrlck to the M idway District and will use this point ness in the same way that the system operates the trans-Atlantic liners.
Stock Reduction.— The outstanding capital stock has been reduced from
as a base for the operation of properties In the M idway and Elk Hills districts.
The steamer W m . F. Herrin, a sister ship to the SS. J. A . Chanslor, has $6,190,000 to $1,547,500 (V . 00, p. 1105, 917). This reduction has m ade It
been added to our fleet and will be em ployed In carrying oil to Port and possible to eliminate the amount charged to profit and loss account, and
and Seattle, at which points we have recently taken contracts to supply very largely to reduce the amount standing to the debit of “ patent rights,
fuel to the Oregon & W ashington R R „ North Bank R R . and the Great ffoocl will, A c .” ; a step In the right direction and one which will m ore
readily permit future earnings to be applied towards paym ent o f dividends.
Northern R R .
The number of com m ercial ship stations owned and controlled
INCOME ACCOUNT OF ASSOCIATED OIL CO. FOR CALENDAR YEARS. b yStations.—
your com pany and the allied Marconi com panies Is constantly increasing,
1910.
1909.
1908.
1907.
and there are now 469 steamships trading to American and various ports
Income, Incl. dlvs. of affll. c o s ..*$22,963,155 $15,420,831 $13,218,033 $10,245 711 o f the world fitted with the Marconi system ; 9 pleasure yachts arc also
Deductions—
iitted and we have working arrangements b y which our shore stations
Production, transportation, ad­
com m unicate with, send and take messages to and from 68 com m ercial ves­
sels fitted or operated by cos. with which we have com m ercial dealings.
ministration. purchase of oil,
Since the last meeting 4 stations have been erected and equipped on the
Interest, taxes, &c.................... a$18,277,051 $12,402,185 $10,980,798 $8,043,363
Interest on bonds.........................
438,558
139,029
138,046
144,354 east coast of America south o f New Y ork, as follows; Cape M ay, N. J.;
Depreciation reserve...................... 1,215,294
717,221
577,670
455,292 Virginia Beach, V a.; Fernandlna and Palm Beach, Fla. (we have working
arrangements whereby we use the Government station at K ey W e st); and
Sinking fund..................................
578,039
we are about to put up a station Intermediate and between Virginia Beach
and Fernandlna, so that with the established stations north of New Y ork, a
Total deductions..................... $20,503,942 $13,258,435 $11,696,512 $8,643,009
vessel sailing from Maine to Florida caD be in com m unication the whole tim e.
Surplus for year........................... $2,454,213 $2,162,396 $1,521,521 $1,602,702
The W ellm an airship, which started from A tlantic City to cross the
From the surplus earnings dividends were paid: No. 1, 144%, Feb. 1 1905,
$321,165: No. 2, 1)4% , Aug. 1 1905, $335,084; No. 3, 1)4%, Feb. 1 1906, $446,059; A tlantic, was fitted with the Marconi apparatus. Successful work has also
been done In connection with submarines. Experiments recently conducted
No. 4. 1)4% , Mch. 1 1907.3446,059. None since.
* Includes In 1910 sales and other revenue of Assoc. OH Co. and proprietary com­ ln England look to the acceleration o f plant life by electrical treatm ent.
panies, $22,079,639: dividends from other than proprietary companies, $305,478, It Is stated that b y such treatment small fruits can be brought to m aturity
weeks earlier, and the production of vegetables and large fruits can be m uch
and sinking fund contributions and earnings $578,038.
a Incl. In 1910 Int. on notes and deferred payments, $115,130, and taxes, $75,473. Increased. If so, a new field opens for wireless.
W hile the SS. Princess Irene was ashore a tew weeks ago, the operator
INCOME ACCOUNTS OF AFFILIATED COMPANIES.
thereon sent and received over 10,000 words .
--------- Sterling--------- — West Coast Oil---------- Call. Coast OH­
Trans-Atlantic Service.— In May 1910 the trans-Atlantic wireless circuit,
IO10.
1909.--------1910.
1909.--------1910.
1909.
Glace Bay, N ova Scotia, to Clifden, Ireland, was opened for the use of the
Gross revenue...........$276,979 $353,012 $145,881 $117,497 $283,737 $362,865
Canadian public, and in August o f the same year the use of traus-Atlantlo
Deduct—
wireless was also offered to the American public, which was quick to avail
Oper., Ac., expenses $110,217 $57,442 $59,667 841,376 $48,527 $50,813 Itself of the great financial advantage ofTercd b y the Marconi System , the
Interest........
2,925
3,743
rate from New York to all points In the United Kingdom being 8 c. a w ord
4.687
1,757
Taxes ......................
lower than cables, and to the Continent In like proportion. A large, in­
Depreciation reserve 53.512 ■ ______
67,034
17,491
16,839 creasing and satisfactory business is now being done by the Marconi System
Dividends............. ...
31.250 250.000
62,448
62,448 241,500 243,700 in this work, and merchants, brokers and others having large Interests
abroad fully realize that excellent and reliable com m unication can be had
Total deductions. $202,591 $312,942 $189,149 $103,824 $307,518 $311,352 b y means of the Marconi System at considerably reduced rates.
B alance.................. sr.$74,388sr.$40,071 df.$43,268sr.$13,673 df.$23,781 sr.851.513
Patent Decision.— The strength of the Marconi System has been greatly
added to this year by a decisive Judgment obtained in the High Court o f
England in the action brought by M arconi’s W ire.ess Telegraph C o., L td .,
Year ending
Pioneer Mid-•Salt Lake Arcturus
against British R adio Telegraph A Telephone C o., wherein the Judge held
Dec. 31 ’ 10. Feb.28 '10. way Oil.
Oil Co.
Oil Co.
...$3,696,425 $3,357,689 *$163,966 $898,120 $302,976 that the defendant com pany had been Infringing the Marconi Patent 7,777
relating chiefly to tuning devices and about which the English com pany
33.$3,074,226 $2,640,780
$16,890 $483,354 $101,340 writes as fo lows: "T h e result of this action goes not only to prove the In­
fringement of our patents by the British R adio Telegraph A Telephone C o.,
Int. on notes, A c__ . . .
20,789
14,745
T axes........................ . . .
5,309
3,318
9,141
2,783 but also that a 1 other so-called systems of wireless telegraphy with or
Depreciation reserve. . .
98.198
76,447
51,931
167,087
101,195 without variations are Infringements of the Marconi tuning patents. The
.. .
250.000
550,000
201,300
112.600 certificate of validity of this patent, which the Judge has granted to us,
scarcely leaves It open to anybody In the future to seriously challenge It.
$68,821 $860,882 $317,918 It follows that everybody adopting tuning, without which wireless teleg­
..$3,448,522 $3,285,290
.sur.$247,903 sr.$72,399 sr.$95,145 sr.$37,238 df.$14,942 raphy has no practical value, infringes. . . . W e feel that the im port­
ance of the decision and the com prehensive nature of the judgm ent cannot
* The Pioneer Midway OH Co. has been operating since July 1 1910.
be exaggerated.”
ASSOCIATED OIL CO. BALANCE SHEET.
The Judge’s decision was so carefully considered that an appeal was
D«c.31 '10. Feb.28 ’ 10. deem ed useless, and the defendant com pany undertook to dismantle Its
Dec.3 1 ’ 10. FeS.28’ 10.
Assets—
$
s
stations and cease Infringing.
Liabilities—
$
S
OH lands & leases.26,410,144 25,699,973 Capital stock......... 40.000.000 40,000,000
In the U. S. your com pany holds a patent almost identical with tho
Personal property
Bonds ...................13,096.000 12.746,000 above as to specifications and claims, which said patent was granted in 1904,
Aimprovements 10.926,967 9,152,648 Notes A loans pay. 400,000 3,027.500 and steps are now being taken to prove and sustain said patent by actions In
Stocks and bonds. 15.457,310 12,046,837 Audited vouchers.
120,276 the proper courts o f law against manufacturers and users, and It Is tho
203,834
Sinking fund.........
580.894
502,916 intention o f your com pany to carry such actions on to a final issue and deter­
Accounts payable.
524,910
Material Asupplles 553,713
390,026 Freight ...................
264.875 159,411 mination with the least possible delay. If a Judgment similar to that above
Cash ...............
742.458
48,767 mentioned Is obtained in this country, those using and m anufacturing
Bank overdrafts..
..........
Bills Aaccts. rec’le 1,784,851 1,961,123 Interest accrued.. 267,706
59.208 wireless telegraphy in the United States will be obliged to com e to terms
Receivable on acct.
with the Marconi Co. or cease doing business.— V. 92, p . 1113.
Bah due on pur­
of bond sales.. .
50,320 5.779,054
445,404
chases ................ 1.353,248
Mdse, on h a n d ... 1,289,581 2,260.518 Bah due. acct. con­
Butte Coalition Mining Co.
Deferred assets._.al.073,828
231,500
636,273 struction steamer 311,500
(R e p o r t f o r F is c a l Y e a r en d in g D e c . 31 1910.)
Bond discount. Ac. 1.205i680 1,156,000 Miscellaneous___
6,971
104,104
Oth.contlng.assets6l.366.064
514.757
475.859 Deprec’n reserve.. 814,922
President Thomas F . Cole, New York, June 1, wrote:
Surplus...................4,100,710 1,695.601
,IV,the Iast annual report, the physical properties of the R ed
T o ta l................ 61.441.810 59,558.311
T o ta l................ 61.441,810 59.558.311
Metal Mining Co. and the Alice Gold A Sliver Mining Co. were sold to the
° D^ r,r^ ? sscts ln 1910 include steamer Wm. F. Herrin, in course of construc- A?„a c ™ cla Copper Mining Co., the Red Metal Mining Co. receiving therefor
tlon, $514,796: taxes paid. $42,332; Int. receivable, S74.776: advance payments on 500,000 shares and the Alice Gold A Silver Mining Co. 30,000 shares of tho
Oil purchases. $38,000: pipe line, Maricopa to Ollg, $394,049. and mlsc., $9,875.
capital stock of the Anaconda Copper Mining Co. The Red Metal Mining
b ‘Other contingent assets” In 1910 Include Los Angeles Investment, $155,204; Co. has been dissolved and its assets, consisting of 500,000 shares of Ana­
Catch Basin Assn., $23,261; Panama Pacific International Exp. stock. $50,000; con da Copper Mining Co. stock transferred to the direct ownership o f your
due from affiliated cos., $697,004, and from proprietary cos., $440,696.
com p any. T he stockholders of the A lloc Gold A Silver Mining Co. on May 8




T H E C H R O N IC L E

June 10 1911. |

1011 voted to dissolve that com pany and distribute Its assets, which, on
March .11 1911 consisted ot 30,000 shares of A naconda Copper Mining Co.
stock and $59,084 cash. Y our com pany Is the owner of 234,215 shares of a
total Issue o f 400,000 shares, and on the distribution of the assets of the
A lice Gold & Silver Alining Co. will receive 17,566
shares of that com ­
pany’s capital stock and a proportionate Interest in its cash assets.
During the year 1910 your com pany has paid four quarterly dividends
of 25c. per share (par $15), representing a tota l disbursement of $1,000,000.
Under the present plan of distribution o f earnings, these dividends have
represented tnc Income from the 500,000 shares of the Anaconda Copper
Mining Co. stock acquired from the sale of the R ed Metal properties (see
report of A naconda Co. in V . 92, p. 1370).
The com pany has received dividends am ounting to $24,000 on the 3,000
shares of the capital stock of the International Smelting & Refining Co.
held in Its treasury. There was also earned from Interest $114,144. There
should also be additional earnings during the year 1911 from the A naconda
Copper Mining C o.’s stock which will be received upon the dissolution of
the A lice Gold & Silver Alining Co.
A fter the dissolution of the A lice Gold & Silver Alining Co. your com ­
pany’s assets should be made up of the following Items:
Investm ents— consisting of 517,566 shares of the capital stock
of the A naconda Copper Alining C o., par value $25 per
share, carried on the com p a n y’s books at a value o f ----------$ 11 , 000,000
3,000 shares of the capital stock of the International Smelting
__
& Refining Co. at p a r_____________________________________
300,000
Cash (a pproxim ated)___________________________________________
3.840.000

Interest

R E SU LT S FOR YE AR S E N D IN G DECEM BER 31.
1907.
1908.
1909.
1910.
$1,320,000
$229,000
. $854,000
173,345
$105,064
113,157
.
114,144

Net In com e..

$1,493,345

$968,144

$342,157

$105,064

29,887

29,030

31,538

31,880

. $938,257
.$1,000,000
. (6 2-3% )

$313,127
$250,000
(1 2 -3% )

$ 73,526

$1,461,465
$1,650,000
(11%

.
General office and trans­
fer expenses, & c.

Balance, surp. or d e f_dcf.$61,743 sur.$63,127 sur.$73,526 dcf.$188,535
BALANCE SHEET DECEMBER 31.
1910.
1909.
1910.
1909.
Liabilities—
$
S
Assets—
$
5 ___
Invest. In sccur’s . 11,300,000 11,300,000 Capital stock........ 15,000,000 15.000,000
2,903
113,626
Office furn.& flxt’s
1,000
1,000 Accounts payable.
81,870
143,613
Surplus..................
Adv. to Alice Gold
--------34,101
A Silver Mln.Co.
C ash ..................... 3,783,773 3,922,138
T o t a l.................15,084,773 15,257,239
—V. 91. p. 1771.

T o ta l................ 15,084,773 15.257.239

Crow’s Nest Pass Coal Co. L td ., Toronto, Ont.; Fernie, B.C.
President Elias Rogers, Toronto, March 10 1911 wrote:
The net profits from all sources of the operations for the year 1910 were
$178,925, making the total amount at the credit of profit and loss account
$334,950. From this amount your directors have paid tw o'dividen ds of
1% each, or a total of $124,216.
The coal mined amounted to 1,209,762 tons: coke produced 194,498 tons.
The production of coal shows a steady and satisfactory increase each month
over the corresponding months of 1909; the total Increase for 1910 being
310,717 tons.
The amount spent on Improvements during the year was $144,314, as
against $215,839 In 1909. The amount charged to mine developm ent was
$19,316, as against $98,115 in 1909, or per ton of coal produced .0160c. In
1910, as against .1091c. In 1909.
The Crow’s Nest Pass Electric Light & Power C o., L td ., have paid to the
coal com pany a dividend of $18,000 and carried forward to the credit ot
prollt and loss $2,953. The Alorrissey, Fernie & Allchel R y . Co. carried
forward from 1909 a loss of $26,228; that loss has been made up and on
Dec. 31 there was at the credltof Its prollt and loss account $11,297. During
the year this last com pany has paid oil bonds amounting to $13,871,
which has reduced the amount of outstanding bonds to $37,500 as of Dec. 31.
These bonds (payable $1,155 94 m onthly) are the only outstanding bonds
against any of the com panies.
The agreement entered Into with the miners April 1 1909, for two years,
expires on April 1 next, and negotiations for a new agreement arc now
pending.
R E SU LTS FOR C A L E N D A R YE AR S.
1910.
1909.
1908.
1907.
1,209,762
899,045
981,645
981,939
194,498
250,254
262,558
Coke produced (t o n s )..
231,368
$145,029
$240,226
*$178,925
$382,986
16,830
324,420
Premium on new s tock .

1563

Atlantic Coast Line R R .— B on d s O ffe r e d . — J. P. Morgan &
Co. offered on June 7 at 93 and int. $3,000,000 unified mtge.
50-year 4 % gold bonds dated 1909, due Dec. 1 1959. No
redemption feature. Interest J. & D. at N . Y .
See adver­
tisement on another page.
Abstract of Letter Pres. T. IW. Emerson, Wilmington, N. C., April 26 1911.
The proceeds of these $3,000,000 bonds will be used In part paym ent for
the construction of the Haines C ity branch In Florida, 46.7 miles In length,
upon which the unified m tge. bonds will be a first m tge.; also for 50 miles
of double track now under construction and for additional equipment to
be delivered In the fall. Upon the com pletion of the Ilalnes City branch,
the unilled mtge. will be a first lien on 243.55 miles o f railway; a second
Hen on 1,020.98 miles, subject only to the prior lien of the consols at the
rate of $12,400 per mile; a third Hen on 2,622.98 miles and a fourth lien
on 301.36 miles; grand total, 4,188.87 miles. The prior liens referred to
arc at the rate of only $20,554 per mile; the entire outstanding m tge. debt
of the railroad com pany, Including the $3,000,000 of bonds above mentioned
Is at the rate o f only $23,200 per mile, not including In either com putation
232.46 miles owned but not m ortgaged. A11 prior mortgages are now
closed. (See map o f system, page 13 o f “ R y . & Indus.’ ’ Section.)
The unified m tge. Is for the authorized amount of $200,000,000 and Is
available for the retirement o f all prior bonds and for additions and Improve­
ments, under careful restrictions. It will ultimately be a first Hen on the
entire 4,142.17 miles, and upon such additional mileage as m ay be co n ­
structed with the proceeds of bonds. The total.am ount of unified bonds
Issued and outstanding Is $6,167,000, Including this $3,000,000; $150,000
of the total amount Is held by the insurance fund of the railroad, and
$3,000,000 were heretofore sold to the Atlantic Coast Line Co. and deposited
b y It as collateral security under a long-term trust agreement.
Gross Revenue, Net Available for Interest and Total Int. Chges., June 30 Years.
1905-06.
1906-07.
1907-08.
1908-09.
1909-10.
Gross re v . .$24,868,448 $26,771,528 $26,029,052 $26,144,065 $29,810,267
Net for I n t .$10,502,647 $8,962,008 $9,087,626 $10,937,116 $12,838,637
Total I n t .. $5,644,310 $5,830,268 $6,178,059 $6,259,768 $5,845,383
For the six months ending Dec. 31 1910 the total accrued interest
amounted to $2,714,005, while the net Income available for the payment
of such Interest was $5,996,493. During the last five fiscal years the com ­
pany paid dividends of 5% per annum on Its pref. stock and not less than
5
on its com m on stock, dividends o f 6% having been paid on the com ­
mon stock for the years 1906, 1907 and 1910. The gross operating revenue
of 1910 showed an increase of 19.9% over 1906; average mileage operated
In 1910 was only 1.1% greater than In 1906.— V . 92, p . 1177, 116.

Aurora Elgin & Chicago (Electric) R R .— B o n d s S o ld . — The
company has sold $500,000 “ first and refunding” M. 5 %
bonds to Hayden, Miller & Co. of Cleveland to purchase addi­
tional equipment, making the total amount outstanding
$2,879,000.— V . 91, p. 1095.
Baltimore & Ohio R R .— D iv id e n d . — The directors on
Thursday deferred action on the common stock dividend (not
due until Sept. 1) until a later day. “ N . Y . Eve. Sun” says:
It Is pertinent to recall that in December o f last year President W illard,
promising retrenchments all along the line In maintenance charges, In
salaries, & c., said that there were 12,000 stockholders In Germany alone
who had been Induced to buy the stock “ on the distinct representation
that the 6% dividend would be m aintained," and that he felt “ a moral
responsibility not to disappoint them .” — V . 92, p. 1498.

Boston & Albany R R .— C h an ge in M eth o d o f O p e r a tio n . —
Owing to the trackage agreement recently made between the
New York Central and the New Haven road, the B. & A ., it
is announced, will be operated as a separate property in
charge of Jam esH. Hustis,as Vice-Pres., with office in Boston.
Mr. Ilustls win report to President Brown of the New Y ork Central.—
V . 92, p. 1177, 880.

Boston & Maine R R .— M e e tin g A d jo u r n e d . — A t the stock­
holders’ meeting on June G, $16,044,700 stock voted to ap­
prove the purchase of the Worcester Nashua & Rochester,
but owing to the provision of the law that a majority vote
must be cast, the meeting was adjourned to June 13.
President Mellon explained that this was made necessary by an oversight
In assuming that the Boston Holding Co. held a voting m ajority; It was dis­
covered too late that the Holding Co. could not vote part-paid shares.

The stockholders of the Worcester Nashua & Rochester
approved the sale to the Boston & Maine, $2,351,400 of the
$3,099,800 outstanding stock, it is stated, being now owned
by the latter.— V . 92, p. 1435, 1309.
$257,056
$1 15,029
$178,925
$707,406
T o t a l ________________
Canadian Pacific R y .— S a le o f D eb en tu re S to c k . — The com­
(3) $ 18 5,8 2 5 (10) $3 5 5 ,17 9
Dividends p a id______ ( ' j ) 5124,210
324,420 pany has issued and sold in London $G, 161,000 additional
T o reserve fu n d _______
$71,231
$27,807 consolidated perpetual 4 % deb. stock, the proceeds to be
$54,709
$145,029
B a la n ce_______ ._____
applied to construct 553 miles of branch lines in Manitoba,
* Net profits in 1910 Include $83,800 from coal and cok e operations
Saskatchewan and Alberta, as auth. at the annual meeting in
$77,071 from lands, timber and other sources and $18,054 from dividend
Oct. last. Compare V. 91, p. 1093. This makes $142,872,­
on securities owned.
B A L A N C E SH E ET DEC. 31.
616 of the issue outstanding.— V . 92, p. 1309, 955.
1909.
1910.
1910.
1909.
Central of Georgia R y .— P a y m e n t on In c o m e B o n d s . — The
S
Mobilities—
$
s
S
Assets—
Mines,real cat.,plant,
Stock paid up............ 6,212,667 6,212,667 company having deposited with the trustees of the first and
development, A c.z6,719,678 6,655,716 Bills payable..............1,184,400 1,221,134
Securities owned__ 812,060
709,804 Accts. payable......... 336,079 230,496 second preference income mtges. the funds with which to pay
Cash In banks____
2,569
24,042 Profit and loss........... 210,734 156,025 the int.
thereon, in accordance with the order of the
Accts. receivable . . 409,572 430,760
Superior Court of Chatham County, Ga., rendered May 9
(V . 92, p. 1309), it is announced, by advertisement on
T o ta l....... ............. 7,943,880 7,820,322
Total .................... 7,943,880 7,820,322
another page, that payment will be made on June 14 to
x After deducting $241,656 reserved for depreciation, &c.
holders of record on presentation of the interest warrants for
N ote.— The Northern Securities Co. on D ec. 31 1910 owned $2,755,200
Oct, l 1908, as follows:
ot the capital stock.— V . 92. p. 798.

GENERAL INVESTMENT NEWS,
R A IL R O A D S, IN C LU D IN G ELECTRIC ROADS.
Atchison Topeka & Santa Fe R y . — L isted in P a r i s .— The
Paris Bourse having listed $10,000,000 of the common stock
on the official market, or Parquet, regular trading therein
was begun on June 2. Compare V. 92, p. 1074.— V . 92,
p. 1498 1374.
Athens & Tellico R y .— M e r g e r .— Sec Louisville & Nash­
ville li lt , below.
Atlanta Birmingham & Atlantic R R .— N ew M em b ers o f
G en eral P r o tectiv e C om m ittee. — S. S. Palmer of N . Y . and
Francis R . Hart of Boston have been made members of the
general protective committee representing the securities of
the company, the Atlantic & Birmingham Construction Co.,
Georgia Terminal Co., Alabama Terminal and allied com­
panies, which has been increased from 4 to 6.
The com m ittee now consists of E. S. Marston (Chairman), Frederick
A yer, Samuel Carr, John I. W aterbury, S. S. Palmer and F. It. H art.
Comparo V . 92, p . 1 1 6 . ........................................................




(1)
' On first preference incomes at Metropolitan Trust C o., New Y ork
City, Interest at rate of 4 .3 7 5% , or $43 75 on each $1,000 bond.
(2) On second preference Incomes at Central Trust C o., New Y ork, inter­
est at rate of 2 .5 % , or $25, on each bond o f $1,000.— V . 92, p. 1309.

Chicago Elevated R y s.— N o te O ffe r in g . — An advance offer­
ing of the new issue of $30,000,000 3-year 5 % notes, which
were taken by the National City Bank of N . Y ., to provide
funds for carrying through the amalgamation, is being made
at 98L>, to yield over 5 ^ % .
The notes will be secured by
$25,000,000 of what are now 1st M. 30-year 5 % bonds of the
Northwestern Elevated R R ., and by the stocks of the various
properties acquired under the plan, at a total cost of $21,­
000,000 (compare V . 92, p. 1498).
Deposits of the stock of the several companies are reported to be com ing
In rapidly, the total number of shares received to June 9 being between
115,000 and 120,000, with 20,000 or 30,000 additional shares In sight.
Edwin L . L obdcll A C o., Chicago, recently offered at 83 and Int., yielding
5.15% Income, $200,000 exten. M. 4s of the Metropolitan W est Side Ele­
vated R y ., dated 1901. These bonds (not the “ when issued” securities)
were olfcrcd by advertisement In last week’s "Chronicle.” — V . 92, p. 1498

Citizens R y. of W a co.— S a le . — See Southern Traction Co.
below.— Y . 77, p. 2035.
Citizens’ Traction Co., Oil City, P a.— B o n d s C a lled .—
$14,000 1st M. 5 % bonds will be paid off at 102
and int.

T H E C H R O N IC L E

1564

VOL. LXXXXII.

out of the sinking fund, at the Pennsylvania Co.for Insurances )Y- vy $ shi * gton. St-!, (&) 113 S. Dearborn S t.; (c) Plym outh Court; (d)
Frankiln St. and Jackson Boulevard; (e) 37th and Elm wood A ve .; (/)4170
on Lives & Granting Annuities, on July 1.— V. 85, p. 599.
South I Lais ted St.: (g) Monroe and Paulina streets; (h) La Salic and Maple
City Railway, D ayton, 0 .— M e r g e r P l a n .— S e e Dayton stieets. l here have been Installed in these exchanges autom atic switches
for 30,000 lines, or on present ratio 70,000 telephones, and In connection
Power & Light Co. below.— V. 92, p. 1178.
1i2d’> R1, cs °*- cables, or 982,295 miles of wire, which arc located in
Columbus (O.) Interurban Terminal Co .— B o n d s — This the tunnels and in more than 236 miles of conduit outside the tunnel district,
i , . e *\avc already procured more than 45,000 contracts for service with
company during 1910 made a mortgage to the Citizens’ Trust
fl^e subscribers, and It Is the purpose to extend the autom atic system
° ( .Vlu c ,ty, a? raP*f1i y ‘Is Possible. Maximum annual charge for
& Savings Bank of Columbus, 0 ., as trustee, to secure an
™
V Cn / - ai Individual lines, $81 business; $46 80 residence.
issue of 81,000,000 5% 8500 25-year gold bonds, dated June 1 (b) patty m!
line, $36 business, $27 residence. VVe are now building the
apparatus to connect with the long-distance Independent lines in adjacent
1910 and due June 1 1935; of the present issue, 8175,000 States.
Compare V . 90, p. 849; V . 92, p. 1178.
has been subscribed for by Columbus investors and will
A g r e e m e n t. — See Inter-State Independent Telephone &
provide the means to build an interurban terminal railway
station for the Ohio Electric Ry. Lines. Subscriptions were Telegraph Co. under “ Industrials” below— V. 92, p. 1178.
made payable 825,000 April 20, 825,000 May 15, 825,000
Jacksonville (Fla.) Traction Co.— B on d s O ffe r e d .— S'one
June 15, 850,000 Aug. 1 and 850,000 Sept. 1 1911.
& Webster, Boston, New York and Chicago, and Esta/.?rJ1^ S ornpany was incorporated In Ohio In May 1910 with nominal
(510,000) capital stock, the Incorporators being J. 11. Forakcr Jr., F . A .
Heaty, Dana Stevens, W . H. McAllister and W . Kesley Schoepf, all of Cin­
cinnati, Ohio. The station will be in South Third S t., Columbus, and, It Is
said, will be com pleted about Jan. 1 1912. The structure w illatpres n tb e
only two stories high, but It will be built for an ultimate height of ten stories
Of the$l,000,000 bonds, S 133,000 were Issuable forthwith on account ot reai
estate, and not over $307,000 to erect a terminal freight anil passenger
station, Including not exceeding $100,000 for tracks, the remaining $500,000
to be reserved for additional real estate, additional stories to said station
and other additions and Improvements, but not over $100,000 for trackage
Fres., Dana Stevens; S ec., F. A . Ilcaly.
The bonds are guaranteed’
pr nclpal and interest by the Ohio E lectric R y. Co., which it is under­
stood, owns the entire capital stock. ■

. . Dayton (O.) Power & Light Co.— Merger .— This new Ohio

corporation filed on May 30 a certificate increasing its au­
thorized capital stock from 825,000 to 820,000,000, of which
86,000,000 is to be pref. and 814,000,000 common stock. A
press dispatch to the “ Cincinnati Enquirer” on May 31 said:
■I I^i^as reoently been reported that, a merger of the street railway and
lighting companies of the city Is under way. This would include (see Index
“ y - ^ec. ) the City Railway Co. (V. 92, p. 1178), the P eople’s
Railw ay C o., the Oakwood Street R y C o.,th e recently organized Dayton
Street R y. C o., the Dayton Citizens’ El. Co. (V . 85, p. 860) and the D ayton
Lighting Co. (V . 89, p. 46). William Stroop, President of the Hills &
Dales Co., is engineering the merger, the details of which are being care­
fully guarded. [W hether the Dayton Gas Co. is likely to be Included is
not stated. V . 90, p. 702.1

Denison Bonham & New Orleans R y .— S o ld . — Sec Missouri
Kansas & Texas Ry. below.— V. 81, p. 1610.
Denver & Rio Grande R R .— P r e fe r r e d D iv id e n d . — No no­
tion was taken at the directors’ meeting on Thursday regard­
ing the dividend due July 16 on the 849,779,800 pref. stock,
the matter being allowed to go over until next Tuesday, in
order that Chairman Gould may be given an opportunity to
further discuss the situation with Blair & Co. and Speyer&Co.
Mr, Gould Is quoted as saying that probably the road will fall short only
$20,000 to $30,000 of earning the full dividend, but that the directors are
obliged to bear in mind that the Denver & R io Grande stands sponsor for
the interest o the Western Paclilc bonds and that as yet that road is not
self-sustaining and it is Impossible to forecast just when it will b e __V 92
p. 1435, 794.
'
’
’

Des Moines Iowa Falls & Northern R y .— C a lle d B o n d s .—

All of the outstanding 1st M. 5s dated 1901 have been called
for redemption at 105 and int. on July 1 1911 at the Trust
Company of America, 37 Wall St., New York City.
Of late iknow n as St. Paul & Des Moines R R ., and as such acquired by
Ch. R . I. & Pac. R y . as part of its St. Paul & Kansas City Short Line.
(V . 92, p. 526, 593.)— V. 87. p. 96.

Escanaba

(Michigan)

Traction

Co .— B o n d

O ffe r in g .—

brook & Co., Boston, New York, Hartford, Baltimore and
Chicago, are placing at 96)^ and int., yielding over 5 } 4 %
income, 8750,000 “ first consolidated M. 5 % gold bonds dated
March 1 1911 and due March 1 1931, but callable as a whole
or in part for the sinking fund at 105 and interest. Int.
M. & S. at State Street Trust Co., trustee, Boston. Par
8500 and 81,000 (c*). Sinking fund 1 % per annum of
bonds certified, beginning Mch. 1 1917. This property has
been under the management of Stone & Webster since 1902.
,
Capitalization.
I- irst consol. M ., authorized, $5,000,000: Initial issue (now offered) $750,000
Reserved to retire Jacksonville Electric Co. 5s, due 1927 (incl.
$43,000 In treasury)________________
j 250 000
Reserved for 80% of cost of additions & Impts _ $3,b o o ,666 ’
Pref. stock, 6% cum ., par $100 a share, auth. and issued______
500,000
Com. stock (Incl. ,>200,000 about to be oircrcd at par, $ 100 a sit.) _ 1,000,006
Digest of Authoritative Statement.
Incorp. in Massachusetts,
having acquired all the property and as­
sumed all the obligations of Jacksonville Electric C o., under date of A pr 18
1911, does tlic entire electric railway business in Jacksonville, Fla. P rop­
erty embraces approxim ately 42 miles of track; 21 open and 56 closed carspower station on water front, capacity 1,875 k. vv., and second power station
under construction, capacity o f 2,400 k. w .; two parks, one of 10 acres and
the other of 43 acres; favorable franchise, expiring in 1932.
The first consolidated m tge. bonds are a first lien on the new power sta­
tion now under construction, and on the Ortega extension, about 3 U miles
In length: also all property hereafter acquired. They are a direct lien on
acQulred from Jacksonville Electric C o., subject only to the
Sl.LoO.OOO 1st M. bonds mentioned above. The proceeds of these $700,000
bonds will be applied to the retirement of the floating debt and to further
extensions and Improvements, Including the modern central power-station.
Earnings o f Jacksonville Electric Co., Gross and Net (A fter T a xes).
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.

$

$

$

$

$

5

$

s

G ross.__218,619 290,497 305,639 326,468 392,393 430,837 486,777 576,081
N e t ------ 82,707 114.035 124,774 124,629 136,052 146,616 186,367 229,273
Earnings for 12 Months ending March 31 1911, with Present Interest Charge.
_ $97,850
Gross earnings--------------------- $584,592 I Interest charges _____
Net earnings (after tax es). .$ 2 2 8,17 6 1Im provem ent fu n d _________ 12,500
Balance, after present int. charge and im pt. fund
$117,826
Dividends on the preferred stock of Jacksonville Electric b o . (the prede­
cessor com pany) have been paid without Interruption at the rate of 6%
per annum since Feb. 1903 and on the com m on stock at 6% per annum from
A u e,- 1 1190f> to A ug. 1 1910, when the rate was Increased to 7% per annum .
Ulviaends arc now being paid quarterly (Q .-F .) at rate of 6% per annum
on the pref. stock and at the rate of 7 % per annum on the com m on stock.
0
i
growth in population lias been rapid, Increasing from
8,650 in 1880 to 28,429 in 1900 and to 57,699 In 1910, an increase of 103%
in the last decade. The suburbs are estimated at 10,000 additional. Under
an appropriation made by the Federal Government, a channel 24 ft. deep
from the city s wharves to the sea has been com pleted at a cost of $4,000,000,
permitting vessels of large tonnage to use the docks. The bank clearings
have Increased from $12,733,048 in 19 0 to $124,657,071 in 1910. Jacksonviiie is Increasing in importance as an exporter of lumber, cotton, sugar,
0SJR late, anl* vegetables, the exports in 1910 being nine times those
v 44
oLl? c>ty
one ° f t*10 largest n .val stores ports in the U nion.—
v.
p. 881, 261.

Tweedy, Underwood & Edgar, Milwaukee, are placing
8150,000 “ first and ref.” mtge. 5% gold bonds dated Aug. 12
Janesville (W is.) Traction Co.— S e cu r itie s A u th o r ize d . —
1909, due 810,000 annually 1914 to 1933, inch, balance 1934,
but callable at 103 and int. on any int. date. Int. J. & J. at 1 he Wisconsin Railroad Commissioners have authorized the
First Sav. & Trust Co., Milwaukee. Michigan Trust Co., company, which is the successor of the Janesville St. R y .,
foreclosed, to issue 8125,000 stock (par 8100) and 850,000 5 %
Grand Rapids, Mich., trustee. Par 81,000 (c*&r).

30-year 1st M. bonds (denomination 81 ,000).— V . 91, p. 1254.
Digest o f L etter from Sec. & (ic n . M a n . P . L . U tle y , E sca n a b a , M a y 2 5 ’ l l .
Capitalization (Including Said $150,000 Bonds).
Kansas City Ry. & Light Co.— R eceiv e rsh ip f o r M e tr o p o li­
Capital stock, authorized, $500,000; outstanding________________$500,000
First and ref. m tge. 5% bonds, auth., $600,000; ou tsta n d in g.. . 250,000 tan S t. R y . — See that company below.— V. 92, p. 1430, 1375.
Escanaba Power Co. 1st M. 6s, due Jan. 1 1914, auth. & Issued
120,000
Kansas City Viaduct & Terminal R y. Co .— T r u s te e .— The
Of the “ first and ref.” 5s, $125,000 arc reserved to retire on Jan. 1 1914
Fidelity Trust Co. of Kansas City, M o., was on May 8 ap­
the $120,000 Escanaba Pr. Co. 1st M. 6s, at which time the 5% bonds will
becom e an absolute 1st mtge. on the entire property. The balance of this pointed trustee to act with the Standard Trust Co. of N . Y .,
issue ($225,000) Is reserved for additions and permanent extensions at not
to exceed 80% of cash cost; but only in case the net earnings for the year .the former sole trustee under the first 4 % % gold mtge.
prcccdlngare.tw ice the interest charges, inci. the bonds proposed to be Issued. dated July 1 1905.— Y . 92, p. 1375, 187.
Earnings Yrs. end. A p ril 30, with Present Int. Charge Shown under 1910-11.
Kanawha & Michigan R y .— F ir s t D iv id e n d . — This com­
1900-10. 1910-11.1
1909-10
1910-11. pany, whose 89,000,000 capital stock was substantially all
Gross .................... $71,029 $104,589 Interest on bonds $10 830
$19,700
________ $20,514
_______
53^
Net (aft. taxes) . .
31,344
51,2 3 4 1Ilalancc__________
purchased in 1910 by the Ches. & Ohio and the Lake Shore
The proceeds of these bonds will be used to construct a new’32-"ft dam on
the Escanaba R iver, about one mile above the one In operation, for build­ & Mich. Southern roads jointly, declared on June 3 an ini­
ing a power house and paying the floating debt, a large part of which was tial dividend of 4 % on the stock, payable June 30 1911 at
Incurred for the construction of the interurban road, opened only last July
the office of J. P. Morgan & Co., N . Y . City, to stockholders
to Gladstone. The new dam should add $15,000 to $20,000 to the net earns.
Property in Operation.— (1) A street railway In Escanaba and an in­ of record June 20 1911.
terurban road 8 miles in length to Gladstone traversing a well-settled agriThe directors, It is stated, have not decided how the dividend will be paid
ccultural district which, it is believed, will eventually be built up with In the future, whether 2% semi-annually or 1% quarterly, or at some
manufacturing industries. (2) On the Escanaba River, about three miles other rate.— V . 92, p. 113, 59.
from Escanaba, a modern power plant developing 1,300 h. p. and furnish­
ing electricity to the street railway system and for the lighting of Escanaba,
Kootenay & Alberta R y .— M o r tg a g e . — The company has
Gladstone and Wells, and power to a large number of industries In these
cities. Escanaba has about 15,000 population and Gladstone 4,500. A c­ filed in the office of the Secretary of State of Canada a mort­
cording to the Michigan law, the com pany is allowed to carry freight, mail gage to the Investment Trust Co., L td., as trustee, securing
and express, and a considerable income will be derived from this source.
The new dam, which will cost about $100,000, will have installed 3,000 an issue of 8000,000 bonds on the projected line extend­
li. p. in water wheels, which can be supplied with water 80% o f the time. ing from the Canadian Pacific, one mile west of Pinchcr Sta­
A syndicate of lumber men has applied for the surplus power, agreeing to tion, in the Province of Alberta, to Beaver Collieries, the
pay from $12,000 to $15,000 per year for the same, to be used for grinding
property of the Western Coal & Coke Co.
wood pulp (supply for 50 years). Also owns a site for a third dam.
The stockholders have invested in the last two years over $250,000 in ac­
The com pany was incorporated in 1909 with $3,000,000 authorized stock
tual cash In this property, over and above the bonded debt.
to build the following lines: (a) From a point on the Crow’s Nest Branch
the Canadian Pacific R y. between Cowley and PIncher Creek stations in
Great Northern R y . — Payment o f Bonds .—The 8500,000 of
Alberta Province, thence southerly through Beaver Valley to the North
Minneapolis Western Ry. 1st M. 5% bonds will be paid at Kootenay Pass, thence southerly down the Flathead River Valley In British
to the International Boundary; (b) from at or near the aforesaid
maturity July 1 (when interest will cease) on presentation Columbia
point on the Crow’s Nest Branch of Canadian Pacific southerly, passing at
at the offices of the Great Northern R y., 32 Nassau St., or or near the Town of PIncher Creek, through the Flshbourn settlement,
the Blood Indian Reserve, down the Milk River Valley to the
before that date at par and accrued interest to date of pre­ through
International Boundary at or near Coutts; (c) a branch line from a point
sentation.— V. 92, p. 1499, 1032.
at or near the crossing of the W aterton River in Alberta Province, thence
to the southwest corner ot the Blood Indian Reserve, passlngiln
Illinois Tunnel Co., Chicago .— T e le p h o n e S y s te m .— Joseph southerly
the vicinity of Mountalnvlcw, thence down the valley ot Lce's4C reckito

Harris, Pres, of the Subway Telephone Construction Co., says’

F^The actual work of Installing telephones under m y contract with the
Illinois Tunnel Co. was begun less than one year ago, and to-day we have in
operation more than 20,000 autom atic telephones on more than 20 000 Inde­
pendent subscribers’ lines, with eight exchanges, located as follows- (a) 175




Kentucky Traction & Terminal Co., Lexington, K y ,—
G u a ra n teed B on d s O ffe r e d .— Chandler Bros. & Co., Philadel­

phia, and associates, are placing at 94 and int., yielding about

June 10 1011.1

THE CHRONICLE

5 .3 5 % income, the present issue of $1,871,000 of this new
com pany's$7,500,000 5 % first and refunding mortgage gold
bonds, par $1,000 (c*), due Feb. 1 1951, but subject to
redemption after Feb. 1 1914 at 105 and int. Commercial
Trust Co., trustee, Philadelphia. Int. F. & A . Guaranteed
principal and interest, by endorsement by the Kentucky
Securities Corporation. An advertisement says:
T h e K e n t u c k y T r a c t i o n & T e r m i n a l C o . o w n s a n il o p e r a t e s e le c t r i c s t r e e t
a n il l n t e r u r b a n r a i l w a y s In a n i l b e tw e e n t h e c it i e s o f L e x i n g t o n , F r a n k f o r t ,
G e o r g e to w n , P a r i s , V e r s a il le s , N lc h o la s v l ll e a n d W i n c h e s t e r , K y . , a n il
c o n ti g u o u s t e r r i t o r y .
T h e p r o c e e d s o f $ 8 0 0 , 0 0 0 o f t ills Is s u e w ill b e e x p e n d e d In t h e c o n s t r u c t i o n
o f a n e w p o w e r p l a n t a n d o t h e r I m p r o v e m e n t s ; t h e r e m a in i n g $ 1 , 0 7 1 , 0 0 0
w e re I s s u e d t o r e f u n d u n d e r l y i n g b o n d s .
T h is I s s u e e m b r a c e s t h e f o llo w in g a t t r a c t i v e f e a t u r e s :
(1 ) F i r s t lie n o n
4 8 m ile s o f e le c t r i c r a i l w a y lin e s a n d a n e w p o w e r p l a n t , t o c o s t a b o u t $ 5 0 0 , ­
0 0 0 , a n d a s e c o n d lie n o n 4 5 m ile s o f a d d i t i o n a l e le c t r i c r a i l w a y lin e s ; (2 ) a d ­
d i ti o n a ll y s e c u r e d b y p le d g e o f t h e s to c k o f t h e c o m p a n y c o n tr o l li n g t h e
g a s , e le c t r i c l ig h t a n d ic e b u s in e s s e s o f L e x i n g t o n , K y .; (3 ) p e r p e t u a l f r a n ­
c h is e s o n 8 5 m ile s o f t h e t o t a l m ile a g e o f 9 3 m ile s; ( 4 ) s u b s t a n t i a l c a s h In ­
v e s t m e n t b a c k o f t h e b o n d s r e p r e s e n t e d b y t h e s to c k s o f t h e g u a r a n t o r ,
t h e K e n t u c k y .S e c u r itie s C o r p o r a t i o n , In e x c e s s o r $ . . , 2 2 0 , 0 0 0 .
T a x e s p a i d o n t h e s e b o n d s In P e n n a . a n d N . J . ( a t n o t e x c e e d i n g t h e
p r e s e n t r a t e ) w ill b e r e f u n d e d t o b o n d h o l d e r s b y c o m p a n y .

Condensed Extracts from I.etter of Jno. A. McCarthy, Vicc-Pres. of Ken­
tucky Securities Corporation, Philadelphia, Feb. 15 1911.
[S in c e t h e a b o v e d a t e t h e p l a n o f c o n s o li d a ti o n h a s b e c o m e c i r c c t l v c ,
a n d th e n e w in tg e . of $ 7 ,5 0 0 ,0 0 0 h a s b e e n d u ly re c o r d e d ,
E d .]
■ U n d e r p l a n o f J a n . 3 1 9 1 1 (V . 9 2 , p . 4 0 1 ) t h e K e n t u c k y T r a c t i o n & l e r m tn a l C o . w ill e x e c u t e a " f i r s t a n d r e f u n d i n g m o r t g a g e t o s e c u r e a n a u t h o t
Izc d Is s u e o f $ 7 , 5 0 0 , 0 0 0 4 0 - y e a r 5 % g o ld b o n d s , o f w h ic h t h e r e w ill b e r e
s e r v e d t o r e t i r e u n d e r l y i n g m o r t g a g e H en s b o n d s o f a n a g g r e g a t e p a r v a lu e
o f $ 2 , 1 1 4 , 0 0 0 , a n d p r e s e n t l y I s s u e d in e x c h a n g e f o r e x i s t i n g b o n d s a n d f o r
c o r p o r a t e p u r p o s e s b o n d s o f a n a g g r e g a t e p a r v a lu e o f $ 1 , 8 7 1 , 0 0 0 .
lh o
r e m a i n d e r o f s a id b o n d s b e in g r e s e r v e d f o r f u t u r e e x t e n s i o n s . I m p r o v e m e n t s ,
a n d o t h e r c o r p o r a t e p u r p o s e s a t n o t to e x c e e d 9 0 % o f c o s t, $ 1 , 0 0 0 , 0 0 0
th e re o f m a y b e Issu ed w h e n n e t e a rn in g s a re 1 M tim e s to ta l b o n d In te re s t
c h a r g e s - t h e r e m a i n d e r o n ly w h e n n e t e a r n i n g s a r e 1 H t im e s t o t a l b o n d
i n t e r e s t c h a r g e s . A n n u a l s in k i n g f u n d 1 9 2 1 t o 1 9 3 0 a n a m o u n t e q u a l to
y. o f 1 % of b o n d s o u ts ta n d in g ; a f te r 1 9 3 0 1 % a n n u a lly .
I t Is p r o p o s e d t o e x p e n d w i t h in t h e n e x t y e a r a p p r o x i m a t e l y $ 8 0 0 , 0 0 0
o n a n e w p o w e r s t a t i o n o f 4 , 7 5 0 k .w . c a p a c i t y , s u b - s t a t i o n s , c le c t r i c la l
e q u ip m e n t, im p ro v e m e n ts a n d n ew e q u ip m e n t. A f u r th e r s u m o f a p p ro x i­
m a t e l y $ 2 8 0 , 0 0 0 w ill b e d e r i v e d f ro m p a y m e n t s b y s to c k h o l d e r s a n d
a p p l i e d to t h e d i s c h a r g e o f f lo a tin g d e b t a n d t h e c o m p l e t l o n o f I m p r o v e m e n t s .
Earnin gs o f Com bined Properties f o r Calendar Years ( 1 9 1 1 E stim a ted ) .
B r e a k d o w n in p o w e r p l a n t In 1 9 1 0 r e l u c e i n e t e a r n i n g s a p p r o x . $ 2 2 , 0 0 0 .
Yea r —
G ro ss.
N e t.
Gas N e t. Total N e t. B o n d ln t . D a l.,S ur.
1 9 0 9 ( a c t u a l ) ____ $ 5 8 2 , 4 2 2
$ 1 4 2 ,3 6 1 $ 1 7 ,8 3 5 $ 1 0 0 ,1 9 0
--------------------1 9 1 0 (a c tu a l) . . . . 6 1 1 ,3 3 0
1 7 6 ,1 0 2 2 2 ,2 8 0
1 9 8 ,7 4 2
---------------1 911 (e s tim a te d ). 7 0 0 ,0 0 0
2 4 5 ,0 0 0 2 5 ,0 0 0 2 7 0 ,0 0 0 $ 1 6 4 ,4 3 8 $ 1 0 5 ,5 6 1
T h e C e n t r a l K e n t u c k y T r a c t i o n C o . D iv i s i o n , o n w h ic h t h e n e w m o r t g a g e
Is a l lr s t l ie n , e a r n e d d u r i n g 1 9 1 0 ; G r o s s , $ 1 7 4 , 9 5 8 , a n d n e t ( a f t e r o n e r , e x ­
p e n s e s ) $ 7 2 4 2 5 - w ith t h e p r o p o s e d I m p r o v e m e n t s , a d d i t i o n a l e q u i p m e n t
a n il n e w p o w e r h o u s e , s a i d d i v is io n s h o u ld s h o w g r o s s e a r n i n g s o f $ 2 0 5 , 0 0 0
a n d n e t of $ 9 5 ,0 0 0 .
C o m p a re V . 9 2 , p . 4 6 1 , 1 4 3 6 .

miles, will be merged
Knoxville division.

1565
on July 1 and become part of the

T h e o u t s t a n d i n g s e c u r i ti e s o f t h e r o a d h a v e b e e n h e ld f o r a y e a r o r m o r e
in th e L . & N . tr e a s u r y .— V . 9 2 . p . 1 3 1 1 , 1 1 7 8 .

Lowell (Mass.) & Fitchburg Electric Co.— Collateral Sold.
— The $275,000 each of stock and bonds of the Lowell &
Fitchburg Street R y. which were deposited as security for
the $550,000 collateral trust bonds were sold recently to the
protective committee of the Electric Co. bondholders. Com­
pare V . 92, p. 1178.
Maine Central R R .— Acquisitions.— The stockholders will
vote July 1 on accepting the Act recently passed by the
Maine Legislature, authorizing the merger of the Somerset
R R ., Washington County R R . Co. and Sebasticook &
Moosehead R R .; also on leasing to the Portland Terminal
Co. (which see below) any and all railroad properties and
rights of the corporation included in present Portland termi­
nal.— V . 92, p. 882, 725.
Metropolitan Street R y. of Kansas City, Mo. and K a n .—
Receivership.— Judge W . C. Hook, in the Federal Court at
Kansas City on June 3, upon application made by the Kansas
City R y. & Light Co., the owner of the capital stock, also of
various debts of the road aggregating $2,978,744, appointed
as receiver for the street railway R . J. Dunham of Chicago,
Chairman of the Board of Directors of the Kansas City R y .
& Light Co., and Ford F. Harvey of Kansas City. A general
readjustment of the affairs of the street railway system, it is
stated, has become imperative.
Formal Statement Aladc by R. J. Dunham, Chairman of K. C. Ry. & Lt.C o.
T h e s t r e e t r a i l w a y f r a n c h is e s e x p ir e In 1 9 2 5 .
O v e r $ 1 8 ,0 0 0 ,0 0 0 o f o b li­
g a t i o n s t o c r e d i t o r s m a t u r e In S e p t . 1 9 1 2 a n d M a y 1 9 1 3 .
A t t h a t tim e
th e s e o b lig a tio n s m u s t b e m e t o r r e f u n d e d . T h e a n n u a l g ro ss s tr e e t r a ilw a y
e a r n i n g s a r c in e x c e s s o f $ 6 , 0 0 0 , 0 0 0 .
T h e s e , if t h e p r o p e r t y b e k e p t t o ­
g e th e r , o u g h t to be a m p le to m e e t e x p e n se s , m a in te n a n c e a n d in te r e s t, a s
w e ll a s t o a c c u m u l a t e a s u r p l u s f o r t h e s e c r e d i t o r s .
T h e g r o w t h o f K a n s a s C i ty h a s b e e n p h e n o m e n a l , b o t h In p o p u l a t i o n a n d
t e r r i t o r i a l l im it s , t h u s r e q u i r i n g m u c h a d d i t i o n a l s e r v ic e a n d m a n y n e w
l in e s , I m p r o v e m e n t s a n d a d d i t i o n s . C r e d it o r s h a v i n g d e b t s w h ic h m a t u r e
w i t h i n a y e a r o r t w o a r e n o t w illin g t h a t t h e e a r n i n g s s h o u ld b e u s e d f o r
t h i s p u r p o s e I n s t e a d o f b e in g a p p li e d u p o n t h e i n d e b t e d n e s s . T h e i m p r o v e ­
m e n t s , If m a d e , w o u ld f a ll u n d e r t h e lie n o f p r e s e n t m o r t g a g e s .
In v e s to rs
w ill n o t le n d n e w m o n e y t h e r e f o r u n le s s t h e y c a n h a v e a f ir s t lie n u p o n t h a t
w h ic h t h e i r m o n e y c r e a t e s . T o o b t a i n i t r e q u i r e s s o m e k i n d o f a n e w
c o n t r a c t w ith t h e c i t y .
M o re t h a n $ 1 3 , 0 0 0 , 0 0 0 o f t h e b o n d s w e r e I s s u e d p r i o r t o t h e p e a c e a g r e e ­
m e n t o f 1 9 0 2 , u n d e r f r a n c h is e s e x p i r i n g In 1 9 2 5 , a n d a r c s e c u r e d b y m o r t ­
g a g e s u p o n d i lf e r e n t lin e s In t h e d o w n t o w n d i s t r i c t s a n d h e a r t o f t h e c i t y .
’T h e h o l d e r s o f t h e s e b o n d s c la i m t h e y a r c n o t b o u n d b y t h e p r o v is i o n s o f t h e
o r d in a n c e s a s t o t r a n s f e r s , e x t e n s i o n s o r p a y m e n t o f 8 % o f g r o s s e a r n i n g s .
I n o r d e r t o k e e p t h e p r o p e r t y t o g e t h e r , a r e c e i v e r s h ip b e c a m e I n e v i t a b l e .
I t is h o p e d t h a t t h e C o u r t w ill b e a b le s o o n t o r e t u r n t h e p r o p e r t y t o t h e
s t o c k h o l d e r s ; In t h e m e a n t i m e e f f o r ts w ill b e m a d e t o a d j u s t a ll d iff e re n c e s
• b e t w e e n b o n d h o l d e r s a n d r e f u n d a ll o b l i g a t i o n s , e v e n u n d e r t h e s h o r t
r e m a i n i n g f r a n c h is e p e r i o d .
I t Is p o s s ib le t h a t o u t o f t h e s i t u a t i o n s o m e
a r r a n g e m e n t m a y b e m a d e w ith th e c ity w h e re b y th e r e c a n a t a n e a rly d a te
b e o b t a i n e d t h e n e w m o n e y f o r a ll n e c e s s a r y I m p r o v e m e n t s a n d a d d i t i o n s .
rl’h e p r o c e e d i n g s In n o w a y a f f e c t t h e K a n s a s C i ty R y . & L i g h t C o ., b u t
a r e in t h e I n t e r e s t o f i t s c r e d i to r s ; n o r d o t h e y a lf e c t t h e K a n s a s C i ty E le c ­
t r i c L i g h t C o . o r t h e K a n s a s C i ty H e a t i n g C o ., t h e s e c u r i ti e s o f w h ic h a r e
h e ld b y t h e R a i l w a y & L i g h t C o . T h e e a r n i n g s o f t h e l a t t e r a r e m u c h in
e x c e s s o f t h e s u m s n e c e s s a r y t o m e e t t h e i n t e r e s t u p o n a ll t h e o b l ig a t io n s
o f a ll t h e c o m p a n i e s , a n d I t Is e x p e c t e d t h a t a ll I n t e r e s t o n t h e s e c u r i ti e s w ill
b e m e t a n d p a id w h e n It b e c o m e s d u e .
(S e e a ls o K a n s a s C i ty R y . & L i g h t
C o ., V . 9 2 , p . 1 4 3 6 , 1 3 7 5 , 5 9 5 ; V . 9 1 , p . 7 3 0 , 7 1 4 . )

Lake Erie & Pittsburgh R y .— Mortgage Filed.— The com­
pany has filed its first intge. to the Guaranty Trust Co. of
N. Y ., as trustee, to secure an autli. issue of $15,000,000 50year bonds, under which $4,300,000 bonds have been issued
to reimburse the Lake Shore and Pennsylvania for a portion
of the amounts expended for construction. The road extends
from a connection with the Cleveland Short Line south of
Cleveland to Ravenna, Ohio, connecting with the Pittsburgh
district over the Pennsylvania.— V. 92, p. 1500, 1109.
Louisiana Southern R y .— Increase of Stock— New Mortgage.
— The stockholders, it is stated, will vote shortly on in­
Protective Agreement.— A Boston banking house on June 6
creasing the capital stock from $300,000 to $1,000,000 and
also on issuing $1,000,000 of 1st M. refunding bonds.— sent to the holders of the $7,243,000 cons. M. 5 % gold bonds,
due May 1 1913, a circular saying in substance:
V . 70, p. 705.
T h e r e c e i v e r s h i p , w e a r e i n f o r m e d , is l a r g e l y t h e r e s u l t o f a n u n f o r t u n a t e
Louisville & Nashville R R .— Bond Offering.— J. P. Morgan p o l it ic a l s i t u a t i o n w h ic h h a s m a d e it I m p o s s ib le f o r t h e c o m p a n y t o r e a c h a
& Co., the First National Bank and the National City Bank, r e a s o n a b l e b a s is w i t h t h e c i t y t o e n a b le t h e c o m p a n y t o r a i s e f u n d s f o r i t s
f lo a t in g d e b t a n d f o r t h e e x te n s i o n s a n d i m p r o v e m e n t s d e m a n d e d b y t h e
all of New York, offered on June 3 at 9 3 M , yielding 4 .3 0 % , C i ty o f f i c ia l s . W e fe c i t h a t t h e p r o p e r t y c a n a n d w ill b e o p e r t a e d u n d e r t h e
the unsold portion of their block of $10,000,000 Atlanta r e c e i v e r s h i p , a n d r e o r g a n iz e d a t t h e t e r m i n a t i o n t h e r e o f , w i t h o u t r e a l
b o n d h o ld e rs .
Knoxville & Cincinnati Division 4 % gold bonds, dated 1905 d e t r i m e n t t o t hEea rn
in gs f o r Yea rs ending M a y 3 1 1 9 0 9 and 1 9 1 0 .
1 90 9 -1 0.
1 9 0 8 -0 9. I
1 9 0 9 -1 0.
1 9 0 8 -0 9.
and due May 1 1955. Int. M. & N. in N. Y . City. Trustee,
G
r
o
s
s
e
a
r
n
s
.
$
5
,
r g e s ..$ 1 ,1 6 8 ,5 0 9 $ 1 ,1 7 7 ,7 6 7
U. S. Trust Co., New York. Par, c* $1,000; r* $1,000, N e t l a f t . t a x e s ) 1 ,68 55 01 ,,09 14 42 $ 15 ,, 38 64 24 ,, 31 81 61 1f NI nett. Icn hc oa m
e—
6 8 3 ,4 3 3
6 6 6 ,3 4 4
F o r t h e 1 0 m o s . e n d i n g M a rc h 3 1 1 9 1 1 t h e c o m p a n y r e p o r t s a n i n c r e a s e In
$5,000, $10,000 and $50,000.
A h i l r a c t of letter from Pres. Milton II. Smith. Louisville, May 25 1911.
T h e b o n d s In q u e s t i o n , b e s id e s b e in g t h e d i r e c t o b l ig a t io n o f t h e L . & N .
l i l t Co
a r c a m o r t g a g e o n Its e n t i r e m a i n l in e b e tw e e n C i n c in n a t i a n il
A t l a n t a " O n 2 0 4 . 0 7 m ile s o f til ls d i v is io n t h e y a r e a d i r e c t l l r s t i n t g e .,
a n d o n 5 4 6 1 5 m ile s t h e y a r e a m o r t g a g e s u b j e c t t o p r io r lie n s o u t s t a n d i n g
a t t h e r a t e o f o n l y a b o u t $ 1 5 , 0 0 0 p e r m il e . O f t h i s d i v is io n 3 5 . 5 4 m ile s
h a s d o u b l e t r a c k . T h e t o t a l m ile a g e o p e r a t e d Is 8 3 0 . 9 8 .
T h e m t g e . a ls o
c o v e rs e x te n s iv e te r m in a l p ro p e rtie s a t C in c in n a ti, O h io , A t l a n t a , G a .,
a n il K n o x v i l le , T c n n ., h a v i n g a la r g e a n i l s t e a d i l y i n c r e a s i n g v a l u e .
T h e a m o u n t of b o n d s Issu e d fo r c o n s tr u c tio n , e q u ip m e n t a n d th e a c q u i­
s i t i o n o f v a r i o u s p r o p e r t i e s u n d e r t h e p r o v is i o n s o f t h e m t g e . is $ 2 3 , 8 2 7 , 0 0 0 ,
o f w h ic h $ 2 0 , 2 4 5 , 0 0 0 , l n c l . t h o s e ( $ 1 0 , 0 0 0 , 0 0 0 ) s o ld t o y o u , a r e o u t s t a n d ­
in g a n d t h e r e m a i n d e r , S 3 , 5 8 2 , 0 0 0 , Is h e ld In t h e c o m p a n y ’s t r e a s u r y .
T h e a m o u n t o f b o n d s o u t s t a n d i n g Is t h e r e f o r e a t t h e r a t e o f $ 2 4 , 3 6 3 p e r m il e .
A p p l i c a t i o n w ill b e m a d e to lis t t h e s e b o n d s o n t h e N . Y . S t o c k E x c h a n g e .
F o r t h e l ls c a l y e a r e n d e d J u n e 3 0 1 9 1 0 , t h e in c o m e o f t h e A t l a n t a K n o x ­
v i ll e & C i n c in n a t i D iv is io n a p p li c a b le t o t h e p a y m e n t o f i n t e r e s t c h a r g e s
w a s m o r e t h a n tw i c e t h e a m o u n t r e q u i r e d to p a y i n t e r e s t o n a ll lie n s p r io r
to a n d In c lu d in g th e $ 2 3 ,8 2 7 ,0 0 0 b o n d s of th is iss u e .
T h e c o n t e m p l a t e d e x te n s i o n s a n d I m p r o v e m e n t s w ill la r g e ly I n c r e a s e t h e
e a r n i n g c a p a c i t y a n d a d d c o n s id e r a b l y t o t h e s u r p l u s .
T h e A t l a n t a K n o x v i l le & C i n c in n a t i D iv is io n Is a n o r t h - a n d - s o u t h lin e
e x t e n d i n g f ro m C i n c i n n a t i , O ., b y w a y o f K n o x v i l le , T c n n ., t o A t l a n t a , G a .
E n t r a n c e t o C i n c in n a t i is b e in g g a in e d b y c o n t r a c t w i t h t h e C o v i n g to n &
C i n c in n a t i E l e v a t e d H i t . & T r a n s f e r & B r id g e C o ., a s w e ll a s b y t h e b r id g e
a t N e w p o r t o w n e d b y t h e L . & N . l i l t , a n d e m b r a c e d In t h e p r o p e r t y c o v ­
e re d b y th e m tg e
T o A t l a n t a a c c e s s Is h a d b y t r a c k a g e r i g h t s o v e r t h e
W e s t e r n & A t l a n t i c l i l t , f ro m C a r te r s v ll le , a d i s t a n c e o f a b o u t 4 8 m il e s .
T h e d i v is io n t r a v e r s e s t h e t h i c k l y - p o p u l a t e d b lu e g r a s s r e g io n o f K e n t u c k y
a n d p e n e t r a t e s t h e r ic h c o a l Ilc ld s o f e a s t e r n K e n t u c k y a n il T e n n e s s e e a n d
t h e v a l u a b l e m in e r a l d i s t r i c t s b e tw e e n K n o x v i l le , l e n n
a n d A tla n ta , G a.
T h e m a i n lin e Is t h e s h o r t lin e b e tw e e n C i n c in n a t i a n d A t l a n t a .
I t Is a
lin e of lo w g r a d e s f ro m C o r b i n , K y . , t o A t l a n t a , t h u s f a c i l i t a t i n g t h e h a n d ­
lin g o f t r a f f i c f r o m t h e c o a l ile k ls a b o v e r e f e r r e d t o a n d f r o m t h o s e o f s o u t h ­
T h e L o u is v ille & N a s h v i ll e l i l t . C o . h a s s in c e J u l y 1 9 0 9 p a i d d i v i d e n d s
a t t h e r a t e of 7 % p e r a n n u m .
I t o w n s 3 , 7 6 0 . 8 2 m ile s o f r o a d , o f w h ic h I t
o p e r a t e s 3 , 4 9 5 . 0 6 , o t h e r c o m p a n i e s o p e r a t i n g t h e r e m a i n d e r o f 2 7 4 . 7 6 m il e s .
I t s b o n d e d d e b t p e r m ile d e c r e a s e d f r o m $ 3 3 , 8 1 5 o n J u n e 3 0 1 9 0 6 t o
$ 3 1 5 5 3 o n J u n e 3 0 1 9 1 0 , d u r i n g w h ic h p e r i o d I ts s t o c k p e r m ile d e c r e a s e d
fro m $ 1 3 ,4 3 0 to $ 1 2 ,3 7 3 .
D u r i n g t h e s a m e p e r i o d I ts g r o s s e a r n i n g s I n ­
c r e a s e d f r o m $ 4 3 , 0 0 0 , 0 0 0 t o $ 5 2 , 0 0 0 , 0 0 0 , o r f ro m $ 1 0 , 4 1 1 t o $ 1 1 , 5 1 3 p e r
m ile , a n d I ts n e t e a r n i n g s f ro m $ 1 2 , 0 7 5 , 0 0 0 t o $ 1 7 , 4 4 8 , 0 0 0 , o r f r o m $ 2 , 9 2 3
t o $ 3 , 8 3 1 p e r m il e .

The bonds were offered on Monday, and by Tuesday after­
noon had all been sold. The advertisement, however, ap­
pears on another page for record.
•Merged with Knoxville Division.— The Athens it VTellico
R y ., extending from Athens to Tellico Plains, Tcnn., 24




g ro ss e a rn in g s o f $ 2 5 0 ,2 2 0 , o r 5 .3 % , o v e r th e s a m e 1 0 m o n th s o f th e p re v io u s
y e a r , a n d a s u rp lu s o v e r I n te r e s t c h a rg e s of $ 3 4 1 ,1 7 2 . T h is re s u lt w a s a f te r
h e a v y c h a r g e s to o p e r a t i n g e x p e n s e s f o r m a i n t e n a n c e , e x c e e d i n g b y $ 2 0 7 , 6 5 3
th e m a in te n a n c e c h a rg e s fo r th e s a m e p e rio d o f 1 9 0 9 - 1 0 .
A n i n d e p e n d e n t r e p o r t , m a d e in 1 9 0 9 t o t h e M a y o r o f K a n s a s C i t y , M o .,
b y A r th u r Y o u n g & C o . o f C h ic a g o , sh o w e d th e to ta l c o s t of th e p r o p e r tie s
o f t h e M e t r o p o l i t a n S t . R y . C o . a t t h a t d a t e t o b e a b o u t $ 3 3 , 0 0 0 , 0 0 0 , w h ic h
h a s s in c e b e e n c o n s i d e r a b l y i n c r e a s e d b y f u r t h e r c o n s t r u c t i o n a n d e q u i p ­
m e n t.
A g a i n s t t h e s e p r o p e r t i e s t h e m o r t g a g e d e b t is o n l y $ 2 1 , 8 4 9 , 0 0 0 .
W e b e li e v e t h a t y o u r b o n d s a r c a m p l y p r o t e c t e d , a n d t h a t t h e y w ill In
m e ( w h a t e v e r t h e c o u r s e o f t h e l it i g a t i o n ) b e p a i d In f u l l , p r l n . a n d I n t .
D a n ie l G . W i n g , l 'r c s . o f t h e F i r s t N a t i o n a l B a n k o f B o s t o n , a n d F r e d e r ­
ic k W . S t e v e n s o f N e w Y o r k , h a v e c o n e n t e d t o a c t w i t h J a m e s J . S t o r r o w ,
o f L e e , l l i g g l n s o n & C o ., a s a p r o t e c t i v e c o m m i t t e e .
W e e a rn e s tly a d v is e
t h e I m m e d i a t e d e p o s i t o f y o u r b o n d s w i t h t h e O ld C o lo n y T r u s t C o ., t h e i r
d e p o s i t a r y , o r w i t h B a n k e r s T r u s t C o . o f N . Y . , [o r G i r a r d T r u s t C o .,
P h i l a . , o r L o n d o n C o u n t y & W e s t m i n s t e r B a n k , L t d . , L o n d o n ] , I ts a g e n t s
fo r t h a t p u rp o s e .
[I n c o n n e c tio n w ith o th e r p o w e rs fo r th e p r o te c tio n of
t h e b o n d h o l d e r s , t h e c o m m i t t e e Is e x p r e s s ly g iv e n a u t h o r i t y t o s e ll t h e
d e p o s i t e d b o n d s c n b l o c , b u t n o s a le o t h e r t h a n f o r c a s h a t p a r a n d i n t . o r
b e t t e r s h a ll b e c o n s u m m a t e d w i t h o u t n o t i c e t o t h e b o n d h o l d e r s , a n d i n s u c h
c a s e t h e s a le c a n n o t b e m a d e i f 2 5 % In I n t e r e s t o f t h e d e p o s i t o r s d i s s e n t
w i t h i n 2 0 d a y s .— E d . ] — V . 9 0 , p . 1 0 1 5 .

Missouri Kansas & Texas R y .— Acquisition.— The com­
pany has acquired all the outstanding securities of the Deni­
son Bonham & New Orleans R y ., consisting of $50,000 stock
and $325,000 30-year bonds.
T h e r o a d e x t e n d s f ro m B o n h a m J e t . t o B o n h a m , T e x . , 2 4 m il e s , a n d h a s
b e e n o p e r a t e d s in c e c o m p l e t i o n , D e c . 1 1 9 0 1 u n d e r a 1 0 - y e a r c o n t r a c t . —
V . 92, p. 1500. 1375.

Narragansett Pier R R .— Leased to New Haven System.—
Sec New York New Haven & Hartford R R . below.
National Railways of Mexico.— Payment of Bonds Due
July 1.— The company will pay on July 1 the prin. and int.
of the following Mexican Central R y . bonds which were pro­
vided for by the recent sale of $10,000,000 2-year 4 ^ %
notes (V . 92, p. 1179, 1243):
C o n s o l. M . 4 s ( $ 3 , 6 6 1 , 0 0 0 ) a n d 1 s t M . a s s e n t e d 4 s ( $ 3 8 , 3 4 7 ) a t t h e o f fic e
o f th e N a tio n a l I t y s ., N . Y ., o r th e B o s to n S a fe D e p o s it & T r u s t C o . a n d
r e g i s t e r e d in c o m e b o n d s ( $ 1 1 , 2 0 0 ) a t t h e o f fic e o f t h e N a t i o n a l R y s . o r
A m e r i c a n T r u s t C o ., B o s t o n .— V . 9 2 , p . 1 2 4 3 , 1 1 7 9 .

New York New Haven & Hartford R R .— Acquisition.— The
company has, through the Rhode Island Co., secured a
99-year lease of the Narragansett Pier R R .

156(5

THE CHRONICLE

[VOL. LXXXXII.

• T h e r o a d , n o w o p e ra te d b y s te a m , e x te n d s fro m N a r r a g a n s e tt P ie r, R . I . ,
t o K i n g s t o n , 8 X m il e s , b u t w ill b e e le c t r i f i e d a m i o p e r a t e d i n c o n n e c t i o n
w i t h t h e S e a V ie w R R . , r e c e n t l y l e a s e d t o t h e R h o d e I s l a n d C o . C o m ­
p a re V . 9 2 , p . 1 5 0 0 . S to c k , 5 1 3 3 ,8 0 0 .
B o n d s, S 7 0 .0 0 0 1 st M . 2 0 -y e a r 4 s,
d u e A u g . 1 1 9 1 6 , i n t e r e s t F . & A . a t R h o d e I s l a n d H o s p i t a l T r u s t C o .,
P r o v i d e n c e , t r u s t e e . T h e le a s e p r o v id e s f o r i n t e r e s t a n d 4 % o n t h e s t o c k .

e a r n i n g s d u r i n g t h e t h r e e y e a r s e n s u in g , t o m e e t w h ic h d e f i c it t h e c o m p a n y
s e c u r i ti e s r e m a i n i n g f ro m t h e o ld fire i n s u r a n c e f u n d ; t h e
s e c u r e s , w h e n s o ld , w ill p r o d u c e a p p r o x i m a t e l y t h i s s u m . T h e r e m a i n i n g
«h™ iy ? a r p.e.r i o d ' 11 ls t h o u g h t , w ill r e s u l t in a s m a l l e a r n e d
n • lUoo,
OSS OUD,
r o r . V. y
Q,1
'; u. e t 0 e r ° w l a r g e r e a c h y e a r t h e r e a f t e r ( V . 9 2 ,
P
I , pC. 0"o
7ou)

Full Opinion.— The opinion of the Massachusetts State
Supreme Court in regard to the sale of the Park Square, Bos­
ton, real estate to the Park Square Real Estate Trust was
given in full in the “ Banker and Tradesman” of Boston of
June 3, page 1310.— V. 92, p. 1500, 1436.
Nezperce & Idaho R R .— Bonds— Status.— The Farwell
Trust Co., Chicago, and W . E . Volk, N . Y ., their Eastern
correspondent, are offering at par and int., 1st M. 6 % gold
bonds dated Feb. 1 1910 and due serially, but callable at 105
and int. on 60 days' notice. Interest J. A J. in Chicago.
Par $1,000 and $500 (c *). Trustee, Am . Tr. A Savings
Bank, Chicago. Authorized, $300,000; outstand’g, $125,000.

oiw S ’
estimate Is not based upon a reduced cost of operation, as
all of the economics effected will be offset by the larger number of scats
ccreased
S T wage
L t of
nfS H
U
PPcent
e„dt t0
Pllbllc
<luiIn«
r $100
u sh Z
r ? ner
and annum,
the f t perth,°
hour,
approximating:
000

T h e o u t s t a n d i n g b o n d s ( $ 1 2 5 , 0 0 0 ) m a t u r e y e a r l y o n J a n . 1 f ro m 1 913
t o 1 9 2 5 , i n c l ., v i z .: $ 5 , 0 0 0 in 1 9 1 3 , $ 5 , 0 0 0 in 1 9 1 4 , $ 1 0 , 0 0 0 y e a r l v l 9 1 5
to 1 9 2 4 a n d $ 1 5 ,0 0 0 in 1 9 2 5 .
’
y
y

Statement by Pres. Z. A. Johnson. Nezperce, Idaho. July 1 1910

T h e c o m p a n y o p e r a t e s a b o u t 1 5 m ile s o f s t a n d a r d g a u g e s t e a m r a i l r o a d
e x t e n d i n g f r o m V o l i m c r , o n t h e G r a n g e v ll ie b r a n c h o f t h e N o r t h e r n P a c if ic
R y . , e a s t e r l y t o N e z p e r c e , In w e s t e r n I d a h o . C o m p le t e d a n d p l a c e d in
o p e r a t i o n J u n e 1 5 1 9 1 0 ; c o n s t r u c t e d t o a c c o m m o d a t e t h e h e a v y ro llin ir . s t o c k o f t h e N o r t h e r n P a c if i c I t y . T h e t e r r i t o r y d i r e c t l y s e r v e d i n c lu d e s
a b o u t 9 0 , 0 0 0 a c re s o f e x c e lle n t g ra in a n d a g ric u ltu r a l la n d s h e re to fo re e n ­
t i r e l y w i t h o u t t r a n s p o r t a t i o n f a c i l i t i e s . W i t h t h e n e w r a i l r o a d f a c i li t ie s
th e la n d m a y n o w b e p la n te d to v e g e ta b le s a n d f r u i t. T h e o rg a n iz a tio n
a n d c o n s tr u c tio n o f th e r a ilro a d o r ig in a te d w ith th e re s id e n ts a n d p r o p e r tv o w n e rs w ith in th is te r r it o r y . S a tis f a c to ry a rr a n g e m e n ts h a v e b e e n m a d e
w i t h t h e N o r t h e r n P a c if ic R y . C o . f o r e x c h a n g e o f f r e i g h t .
A d d itio n a l b o n d s (u p to th e to ta l o f $ 3 0 0 ,0 0 0 ) m a y b e issu e d fo r a d d lnl'fi1, , , c “
l0,n s ‘V 7 0 %
t h e c o s t t h e r e o f (b a s e d u p o n v o u c h e r s a n d
t
°
?
y w h e n t h e n e t e a r n i n g s f o r t h e p r e c e d i n g s ix m o n t h s a r c
t w i c e t h e i n t e r e s t c h a r g e s , I n c l. b o n d s t h e n p r o p o s e d t o b e I s s u e d . T h e c o m p a n y h a s t h e r i g h t t o r e d e e m t h e b o n d s In b lo c k s o f $ 5 , 0 0 0 o r m u lt ip l e s
In o r d e r o f e a r l ie s t m a t u r i t i e s , u p o n a n y I n t e r e s t d a y , a t 1 0 5 & i n t .
[ I h e a c tu a l e a rn in g s fro m J u n e 2 2 to D e c . 3 1 1 9 1 0 , a b o u t O X m o n th s ,
w e re : G r o s s , $ 2 1 , 6 4 6 ; n e t ( a f t e r t a x e s ) , $ 1 1 , 6 2 9 : I n t . c h a r g e s , $ 3 , 9 3 7 ; b a l . ,
s u rp lu s , $ 7 ,6 9 1 .
C a p . s t o c k a u t h . , $ 5 0 0 , 0 0 0 ; i s s u e d , $ 1 0 0 , 4 0 0 . — E d .]

Northern Central R y.— Lease when Delivered to Be Effective
as of Jan. 1.— President McCrea has written Joseph Moore
Jr., Chairman of the stockholders’ minority committee, in
reply to a letter of the latter, assuring him that, were it not
for the pending suits in the Federal Courts, the lease to the
Pennsylvania R R . agreed upon by both companies would
have been delivered and accepted at once, after the approval
thereof by the Public Service Commission of Maryland.
M r. M c C r e a s a y s t h a t in v ie w o f t h e d e f i n i t e p r o v is i o n s o f t h e le a s e , p o s i­
t i v e l y d e f i n i n g t h e t e r m t h e r e o f a s c o m m e n c in g o n J a n . 1 1 9 1 1 a n d e x p r e s s ly
s t i p u l a t i n g t h a t t h e r e n t s h a ll a c c r u e a n d b e c o m p u t e d f r o m t h a t d a t e , i t Is
t h e u n d e r s t a n d i n g a n d i n t e n t i o n o f t h e le s s e e t h a t w h e n t h e p r e m i s e s s h a ll
h a v e b e e n a c q u i r e d b y t h e l e s s e e a ll t h e t e r m s a n d p r o v is i o n s t h e r e o f w ill
n e c e s s a r il y b e c o m e a n d b e t r e a t e d a s e f f e c ti v e a s o f J a n . I 1 9 1 1 , a n d t h a t a
j u s t a n d e q u i t a b l e a c c o u n t i n g b e tw e e n t h e l e s s o r a n d le s s e e s h a ll t h e n b e
m a d e In s u c h m a n n e r a s w ill p r o p e r l y p r o t e c t a n d p r e s e r v e t h e r i g h t s o f
e a c h p a r t y t o t h e l e a s e .— V . 9 2 , p . 1 2 4 3 . 1 1 7 9 .
b

Orange County Traction Co., Newburgh, N. Y — Applica­
tion to Issue Bonds.— The company has applied to the Public
Service Commission, Second District, for permission to issue
$83,500 5 % 50-year first and refunding M. bonds to be sold
at not less than 85.
T h e p ro c e e d s a re to b e u se d fo r a n e w c a r b a r n , s e c o n d tra c k fro m W e st
S t . a n d B r o a d w a y , N e w b u r g h , to O r a n g e L a k e , p a y m e n t o n O r a n g e B a k e
p r o p e r t y a n ti a n e w r o t a r y s w i t c h b o a r d a n d f i t t i n g s .
A h e a r i n g w ill t a k e
p la c e J u n e 1 3 .
C o m p a re V . 8 0 , p . 1 4 2 5 .

Oregon-Washington Railroad & Navigation Co.— Allot­
ment.— Subscribers to the $12,500,000 of the $25,000,000
offering of “ first and refunding” M. guaranteed 4 % bonds
reserved for New York received, it is stated, allotments
averaging about 10 % of their subscriptions.
Compare
V . 92, p. 1500, 1437.
Parkersburg (W. Va.) & Ohio Valley Electric R y .— Re­
ceiver's Certificates.— Judge Dayton in the Federal Court at
Sistersviile, VV. V a ., on May 26 authorized receiver C. L.
Williams to issue $30,000 receiver’s certificates to complete
the road between Sistersviile and Friendly, and pay off
accrued interest on the first mortgage bonds.
I t Is e s t i m a t e d t h a t It w i l l t a k e a b o u t $ 9 , 0 0 0 t o c o m p l e te t h e l in e a n d
p la c e I t in o p e r a t i o n w i t h i n t h e n e x t 6 m o n t h s . C o m p a r e V . 9 2 , p . 1 3 7 5 .

Pensacola Mobile & New Orleans Ry.— Mortgage.— The
company has filed a mortgage to the Knickerbocker Trust
Co., as trustee, to secure an issue of $750,000 20-year $1 000
5 % 1st M. bonds, dated May 1 1911.
T h e c o m p a n y w a s i n c o r p o r a t e d in A l a b a m a in M a y 1 9 0 7 w i t h $ 1 0 , 0 0 0
(n o m i n a l ) c a p i t a l s t o c k , a n d p r o p o s e s t o b u i ld f r o m P e n s a c o l a . F l a , t o
M o b ile , A l a ., 6 0 m il e s , p a r t o f t h e r o a d b e in g r e p o r t e d a s u n d e r c o n s t r u c ­
tio n .
P r e s . , E l w o o d M . L a u g h l ln ; S e c ., J . B . H a l l .

Philadelphia (Pa.) Rapid Transit Co.— Mr. Stotesbury in
Control of Management— Official Statement.— At a meeting
of the directors held June 5 1911, E . T . Stotesbury, of Drexel
& Co., Philadelphia, was, in accordance with the arrange­
ment heretofore announced, made Chairman of the Board
and placed in direct charge and control of the policy and
management of the company’s affairs.
Extracts from Official Statement Issued June 6.
T h e o th e r n e w m e m b e rs of th e b o a rd w h o d ire c tly r e p r e s e n t M r. S to te s ­
b u r y a n d w h o h a v e b e e n s e le c te d b y h i m t o fill t h e v a c a n c i e s c a u s e d b y t h e
r e s i g n a t i o n s o f J o h n B . P a r s o n s , P . A . B . W id e n e r , G e o . D . W id e n e r ,
G . O . K r u g e r , a n d o f A u g u s t B . L o e b , w h o r e s i g n e d s o m e t im e a g o , a r e a s
fo llo w s : (J . E . I n g e r s o ll , C S . W . P a c k a r d , I I . G . L l o y d a n d T . E . M i t t e n .
I h e n e w e x e c u t i v e c o m m i t t e e in c l u d e s M e s s r s . S t o t e s b u r y , I n g e r s o ll ,
P a c k a r d , L l o y d a n d M i t t e n (V . 9 2 , p . 6 6 0 , 1 5 0 0 ; V . 9 1 , p . 1 1 6 1 , 9 4 6 ) .
1 • M r . S t o t e s b u r y ’s a s s o c i a te s a r c in f u ll a c c o r d w i t h h is e x p r e s s e d i n t e n t i o n
to r e h a b ilita te th e p r o p e r ty a n d Im p ro v o its o p e ra tin g m e th o d s , to th e e n d
° f . w ? v c ? l2 n g t h e b e s t s t r e e t - c a r s e r v i c e w h ic h i t Is w i t h i n t h e f in a n c ia l
a b i l i t y o f t h e c o m p a n y t o p r o d u c e , a n d w h i c h , h e is a s s u r e d b y M r . M i t t e n ,
c a !Lw l t tl ln t h e n e x t 5 y e a r s e q u a l t h a t e n jo y e d b y a n y o t h e r A m e r i c a n c i t y .
T he n e w c a p ita l re p r e s e n te d b y th e $ 1 0 ,0 0 0 , 0 0 0 b o n d Issu e n o w a u th o r Izccl is a s m a l l a m o u n t w i t h w h ic h t o a t t e m p t to a c c o m p l is h s u c h a m a t e r i a l
c h a n g e in c o n d i t i o n s , a n d i t c a n o n l y b y t h e e x e r c i s e o f t h e u t m o s t c a r e b e
( VU y ■’ 3 p 4 6 3 ’* V ° 9 ^ OIp Pli 7 11 t k e ^ r e h a D l l l t a U o n
th e p re s e n t p ro p e rty
t- T o I n s u r e t h e p r o p e r m a i n t e n a n c e a n d r e n e w a l o f t h e p r o p e r t y a n a m o u n t

e q u a l i n g 1 5 % o f t h e g r o s s e a r n i n g s w ill b e u s e d f o r t h a t p u r p o s e .
I t Is
e s tim a te d t h a t th e e x p e n se s o f th e c o m p a n y , In c lu d in g th e a fo r e m e n tio n e d
m a i n t e n a n c e a n d r e n e w a ls , w ill b e a p p r o x i m a t e l y $ 1 , 5 0 0 , 0 0 0 in e x c e s s o f i ts




a n d ° c o tn d i i e t o i 5 an n ' T n h ? ? u ? d e r p u b l is h e d p r o m i s e t o g iv e t o i ts m o t o r m e n
»
1 o f e a c h y e a r . T h e p u b l is h e d n o t ic e o f A p r i l 5
J u iv
2 3 c ; P e r h o u r f o r t h e y e a r b e g in n i n g
y e a rs n c x t f o f i o w i l l ’
’
A c ’ a n d 2 5 c " r c s P « f ilv e ly , fo r th e f o u r

ESBJ5!SSy?!E idu£S S S S 5S ,?*,*w,re

2 S M

R e - r o u t i n g o f c a r lin e s w ill b e g i v e n c a r e f u l c o n s i d e r a t i o n , a n d t h e r e p o r t
o f !• o rcl. B a c o n & D a v i s w ill, n o d o u b t , b e o f g r e a t a s s i s ta n c e (V . 9 2 p 1 5 0 0 )
M r S t o t e s b u r y h a s a s s u m e d t h i s g i g a n t i c t a s k s o le ly in t h e h o p e t h a t t h e
l e s u l t ° f h i s e f f o r ts m a y b e o f l a s t i n g b e n e f it t o t h e c i t y o f P h i l a d e l p h i a ,
l o t h e s t o c k h o l d e r s o f t h e c o m p a n y h e c a n o n l y p r o m is e t h e b u i ld i n g u p o f
th e ir p r o p e r ty to th e e n d t h a t it m a y b e a c re d it to its o w n e rs a n d p r o d u c tiv e
o f r e t u r n u p o n t h e $ 3 0 , 0 0 0 , 0 0 0 o f c a p i t a l a c t u a l l y p a id i n . T h e r e c a n b e n o
n o p e of d iv id e n d u p o n th is s to c k , h o w e v e r, u n til g o o d se rv ic e to th e p u b lic
h a s b e c o m e a n e s ta b lis h e d f a c t a n d th e w a g e s o f th e m o to r m e n a n d c o n ­
d u c t o r s p l a c e d u p o n a s a t i s f a c t o r y b a s i s .— V . 9 2 , p . 1 5 0 0 .

Portland (Me.) Terminal Co.— Veto Name, &c.— A t the
recent session of the Maine Legislature a bill was passed
providing for the enlargement of the powers of the Portland
Union R y. Station Co. and changing its name to the Portland
Terminal Co. The old station company issued in 1887-89
$300,000 1st M. 4s, due 1927-29, guaranteed jointly by the
Boston A Maine and Maine Central R R s. An officer of
the last-named company on May 5 wrote:
ro m n le te d ° h m T
o f t h c *ltiw c o m p a n y h a v e n o t a s y e t b e e n
f o r t t e T m n r bn v V n ,P n t sL a t ®v in a g e n e r a l w a y t h a t p l a n s a r c b e in g c o n s id e r e d
P o r t l a n d w h iX h T f
if V V t P a s s '-'n ffcr . a s w e ll a s t h e f r e i g h t , t e r m i n a l s In
b v t h e n n h i £ In ™ . d t h r o % r)? ' w ill a d d g r e a t l y t o t h c f a c i li t ie s e n j o y e d

“nd ,ho
Rhode Island Co.— Leases.— See N . Y . N . H . & Hartford
R R . below, also m last week's “ Chronicle.” — V 90 p 1677
New Vice-President .— D . F. Sherman, of ’ Providence,'
1 resident of the Providence A Danielson R y ., has been ap­
pointed Vice-President in charge of operations.— V . 90
p. 1677.
St. Paul & Des Moines R R .— Called Bonds.— See Des
Moines Iowa Falls & Northern R y .a b o v e.— V . 92, p .5 9 7 .
Southern Indiana R y .— No Deposits After June 23 .— The
reorganization committee gives notice to the holders of un­
assenting 1st M. 5s and syndicate certificates of Ch. So. R y.
and gen. M. 5s of So. Ind. R y. that no deposits will be re­
ceived under the plan (V . 91, p. 337, 1769) after June 23.
— V . 92, p . 1110.
Southern Traction Co., Texas.— Purchase.— This company
of which J. F . Strickland of Dallas is the head, has, it is
announced, purchased the Citizens’ R y. Co. of Waco (page
121 E l. R y. Sec.” ) and the Waco Gas & Electric Light Co
A press dispatch to the “ Houston Post” says:
It is stated that an Interurban railway will at once be built from Hall to
Waco by way of Waxahachie and Hillsboro. The street railway and gas
a*iittle^ate'r propertles w111 bc segregated and separate companies formed

Southern Wisconsin (Electric) Ry., Madison, W is.- Un­
derlying
— Pingree,
Be
, ,Bonds Offered.
..
_
. McKinney
. & Co.,, Boston,

are placing at 95 and int., yielding about 5j/£% income,
$685,000 Madison & Interurban Traction Co. 1st M. sinking
fund 5 % gold bonds, dated 1906, a closed mortgage and
underlying lien. These bonds are also offered by the Wis­
consin Trust Co. of Milwaukee.

W isco n sin R y . f o r Years end in g .June 30 ( M a y and
J u n e , 1911, E s t i m a t e d ) .
_
,
1908-09. 1909-10. 1910-11.
Gross earnings................................................ .$159,779 $170,001 $186,957
Net, after taxes------------------------------------- _ $70,508 $73,433
$84,953
Interest on these $685,000 underlying bonds calls for only $34,250 per
annum, and interest on the $500,000 general mtge. 5s for $25,000. leaving
partly estimated surplus for 1010-11 of $25,703. A supplemental mortgage
Provides a sinking fund sufficient to retire at par and Int. S10.000 of the
eaehrAugK ^ th e r e a ft e r ” 912, 515,000 Auff- 20 ‘ 913 and $20,000 annually
E a rn in gs o f Southern

Springfield (Mo.) Railway & Light Co .— Bonds Offered.—
Lee, Higginson A Co., N . Y ., Boston and Chicago, recently
purchased $2,000,000 “ first lien 15-year 5 % sinking fund
gold bonds,” dated May 1 1911 and due May 1 1920, but
callable as a whole or for sinking fund at 102 and int. on any
int. date. Int. M. A N. in N. \ ., Boston and Chicago.
Par $500 and $ 1,000c*. Guaranty Trust Co. of N . Y . trustee.
Outstanding (now offered), $2,000,000; reserved/issuable
for additions and improvements at 8 0 % of cost, but only in
case the net earnings for the preceding 12 mos. shall have
been twice the total interest charge, including the bonds then
to be issued, $5,000,000; total auth., $7,000,000.
The firm is offering the bonds at 96 and int., to net 5 .4 0 % .
W e understand that the larger part of the issue has been dis­
tributed to investors in this country and abroad. Higginson
A Co. are offering the bonds in London.
SS
Abstract of Authoritative Statement Dated New York, May 15 1911.
thenSD?&erfleW T?»^H^erin Jan; .1,00(t an,d owns thc cntlrc capital stocks of
two
So »n IVC o„and the Springfield Gas & Electric Co. These
bus!ness*of SDrlnrflp i u strculi rallvvaY. teas and electric-light and power
’ M° - and a]so supply steam heat. Franchise sltua1029
i n , r;lihyay, f r a n c h expires in 1944, gas franchise in
19-9, steam-heating franchise in 1936; electric-light franchise is perpetual.
Capitalization

(This Issu e R efu n d s A ll U n d erlying H ands— S ee B e lo w ).

authorized, $1,600,000; outstanding
$ 1 ,6 0 0 , 0 0 0
The stock hPadS^ a.Uti} •■ 57,000,000: outstanding (this issue) 11 2,000.000
_lolK nas c°st the present owners more than $1,200,000 in cash.
E a rn in gs fo r Calendar Years 1908 to 1910 and Year ended M a rch 311911.
Gross earnings
1008100°1910.
1910-11.
Mot
- V --------------- $330,506 $376,354 $444,153 $461,920
nhf (attcr taxes)-------- $134,464 $174,878 $194,420 $213,536
nterest charges on these $2 ,0 0 0 , 0 0 0 bonds will require
___ $ 1 0 0 , 0 0 0

1567

T H E C H R O N IC L E

J u n e 10 1911.]

Th„ nrocecds of these $2,000,000 bonds will he applied toward the retire­
ment of all present outstanding funded debt; $300,000 9,Ltll<Lpr0iCeetmairC
to bo applied solely to additions and Improvements. The bonds will bo
secured by a 1st M. on all the capital stock, bonds and notes of the two
subsidiary companies (except certain non-callablc bonds, the payment of
which has been fully provided for by the deposit with the trustees of cash
to the amount of their principal and Interest to maturity), making the new
hnnds substantially a first lien on the entire system. No additional stock
S r indebtedness (other than current operating obligations) can be Issued by
the subsidiaries except to the Springfield Ry. & Light Co., and If so Issued,
must be pledged untlcr this mortgage. Annual cumulative cash sinking
fund (beginning March 1 1913) will provide for 2a% of all bonds Issued.
fu p ro p e rty — 21 miles of track serving the city and suburbs, 36 passenger
cars brick power-house of 2,180 k. w. capacity supplying electricity for
street railway, light and power and exhaust steam for steam-heating:
$ 8 , 000 ft. or wire on 1,761 poles; gas plant, 2 gas holders and 276 922 ft of
g a s mains. There arc 4,000 gas meters and (on April 30 1911) 37,o93
equivalent 16 c.-p. electric lamps, 448 commercial arcs, 265 city arcs, 1,190
h n of motors and 1,592 consumers of electric-light and power.
With the $300,000 reserved out of the proceeds of these bonds a new tur­
bine unit will be installed, more than doubling the electric-llghtlng-gcneratIne capacity: additional gas-producing equipment is to be Installed and
extensions to the gas and electric distributing systems are to be made, con­
siderably, no doubt, Increasing earnings.
.
,
,
Snringlicld is the commercial centre of a large district and an Important
nolnt on the St. Louis & San Francisco R R ., whose shops there employ
about 1.700 men; Is also reached by St. Louis Iron. Mtn. & Sou. RR .The
noDUlatlon served by the Springfield Ry. & Lt. Co. exceeds 40,000. PopuF a X l of City proper: 1 8 8 0 . 6,522: 1890. 21,850; 1900 23,267; 1910,35 201.
See also Federal Light & Traction Co. In V.92, p. 1499.— V.92, p,1437.

American Smelting & Refining Co.— Listed in London.—
Advices received by the Guggenheim interests state that the
company’s common and pref. stocks have been granted an
official quotation on the London Stock Exchange. See
V . 92, p. 184, 264.— V . 92, p. 661.
Anaconda Copper Mining Co .— Listed.— The New York
Stock Exchange has listed the $2,812,500 additional stock
which was delivered to the Amalgamated Copper Co. on ac­
count of the purchase of the Clark properties (see company’s
annual report, V. 92, p. 958), also that of the Amalgamated
Conner Co. on a previous page), making the total amount
listed $108,312,500.— V . 92, p. 1370, 958.
Appalachian Power Co., Richmond, V a , —New Byllesby
Enterprise— This company was organized in Virginia on
May 24 1911 with the following capitalization:

Texas Traction Co., Dallas, T e x .— Pref. Dividend.— A
dividend of 1 y2% has been declared on the $1,000,000 6 %
cumulative pref. stock, payable July 15 to holders of record
July 1.— V. 92, p. 463.
Third Avenue R R ., New Y o rk .— Decision Reversing Order
Disapproving Plan— The Appellate Division of the Supreme
Court yesterday reversed the order of the Public Service
Commission, First Dept., refusing to approve the amended
plan of reorganization submitted o y the bondholders com­
mittee, dated Dec. 2 1909 (Y . 9 0 , p. 168). Chief Justice
Ingraham, who writes the opinion, says:

Common stock
S M w e r t IM ea j u n e 7 T o l l . '
The comnanv has acauircd by purchase and owns in fee simple five
water poweFs near ^ I ^ k l on New River, which, when all developed, will
hhveatoealcanacltv of aroUtld 80.000 h.p. The company will develop at
this time two powers with a capacity of about 30,000 h .p .. and the remam­
ine developments will be built just as soon as nMessarymarketln that ter­
ritory has been developed. The company also
£tH?rv>e and
Pulaski Electric Co., Blucflclds Ry. & Lt. Co., WythevllleElectric Co. and
a number of small plants In the territory to be covered and reached by the
transmission lines of the Appalachian Power Co. Contractshave alreadS
been madp running for 20 years with the Pocahontas Consol. Collieries Co.,
and this, together with the earnings of the utilities alreadyowned, win
practically be sufficient to take care of operating charges and bond Interest
on the present capitalization. It is believed, however, within tii° p a r s
that the earnings will be sufficient to take care of all fixed charges and snow
a surplus equal to about 4% on the common stock.
The property will be under the management and control of II. M. Byuesby & Co , Chicago, and VIeIc, Blackwell & Buck of New \ ork will be the
consulting engineers and haVe charge of the hydraulic work.

“ Upon the facts as they appeared before the Comm lsslonltwouldsecm
that it was bound to approve the issue of the stocks and.bondsby the new
corporation In accordance with the plan of reorganization and the power of
the Commission was confined to a determination of the qucstlon as to
whother the proposed issue was authorized by Sections 8 and 9 of the stock
corporation law and the agreement for the purchase and sale and adjust­
ment of foreclosure.”

Cambria Steel Co.— Notes.— It was announced on June 6
that the company had sold $2,000,000 3-year 5 % notes to
Drexel & Co., who have disposed of the entire amount.
I he
“ Philadelphia Press” June 7 said:

Settlement of Claims.— Roceiver Whitridge on June 7, by
permission of Judge L acom b ein th e U . S. Circuit Court,
accepted $200,000 in settlement of claims.
One of the claims Is for $36,915 867 aga Inst the Metropolitan Street Ry
for rental, use of tracks and similar Items , and the other for $36,470,097
tho Mpw York City Ity. for breach of contract.
Receiver Ladd of the New York City Ry. agrees to turn over to the
bw m ^R v M 8 3 0 2 9 ^' the Westchester E Icctrlc R R .. $178,847; the Yonkers
R R KS183 246 and a note of the Third Ave. Co. for $107 000. In addition,
the following claims will be canceled by the New York City R y ..42d St
Manhattanvfllo& St. Nicholas R R .. $110,288: Dry Dock R B. 4 B R R ..
*415 641' Union R y.. $37.3; Southern Boulevard R R ., $2 , 3 4 3 , Tarry town
While Plains & Mamaroncck Co.. $8 ,822; and a claim In favor of the Mctronolttan Securities Co. against the Union Ry. Co. for $34,763.
.
The agreement docs not alfect two notes In the possession of the New \ ork
City R R C m , one for $5,155,934. and the other for $211,734. which arc
still
in uiopuwv.
dispute.— V.
p.--------•
120.
DUli II*
» . 92, r

“ in e .- 'The company s new
Union R y., New York.— Yew L
St. Ann’s Avenue Line, was opened on June 2.

The line runs from lGlst St. and Third Ave. south on St. Ann s Ave. to
138th St., with one branch running over the 138th St. crosstown tracks to
Manhattan and through 135th St. to Eighth Ave., and the other continuing
down St Ann’s Ave. on new tracks to the Southern Boulevard, and thence
using the Southern Boulevard tracks to 128tli St. and Third Ave.
It Is exDcctcd that on July 1 the new crosstown line from Amsterdam
Ave. and lfs th St In Manhattan to the Southern Boulevard will be com­
pleted.— V. 91, p. 655.

United. Railways of Havana

&

Regia Warehouses, Ltd.—-

Oversubscribed.— London advices state that an offering of
£1,000 ,00 0 of the new 5 % cumulative pref. stock by J. H .
Schroeder & Co. on June 8 was a success, the stock being
heavily oversubscribed. Compare V . 92, p. 1312, 1-44,1180.
Western Maryland R y. — Bonds Re-sold.— The $4,100,000
4 % bonds recently purchased by Blair & Co. for refunding
purposes have all been re-sold.— V . 92, p. 1437, 1245.

Worcester Nashua & Rochester R R . — Sale Approved —
See Boston & Maine R R . above.— V . 92, p. 1438, 661.

Proceeds of the notes are to be used to pay for the complct on of tne dam
being erected above the works at Johnstown, Pa., and for c^ e^ ® * ^ b l e
tures. The notes, which were sold to investors, at 100 H . are redeemable
at any Interest period, after one year, on six months notice, iney aie
unsecured. Compare V. 92, p. 665, 656.

Carlisle (Pa.) Gas & Water Co.— Safe of Stock Owned by
Borough— See “ Carlisle” in “ State and City” department.
Central Foundry Co.— New Directors.— R . W . Watson,
F. C. Furlow and D. F. Bush, practical iron and steel men,
have been elected directors to succeed the three men tem­
porarily chosen. Compare V . 92, p. 1313.— V .9 2 ,p .1502.
Chicago Suburban Light & Power Co.— Ronds Called.—
This company, successor N ov. 23 1910, of the Chicago
Suburban Water & Light Co., gives notice that it will, on
Aug. 1 1911, redeem the outstanding ($700,000) 1st M. 5 %
bonds of the old company, dated 1899, at the International
Trust Co., Boston, or at the company’s office in Chicago, at
102)^ and int. Compare V . 92, p. 191, 958.

Citizens’ Gas & Electric Co., Waterloo and Cedar Falls, la .
— New Bonds Offered— Chas. S. Kidder & Co., 108 La Salle
St Chicago, are offering at par and interest by advertise­
ment on another page the present issue of $700,000 consoli­
dated mortgage 6 % gold bonds, dated Feb 1 1911 and due
Feb l 1931, but redeemable on any int. date at 101 and int.
Int. F. & A . at Central Trust Co. of Illinois (the trustee),
Chicago. Denomination $500 and $1,000 (c*).
C a pita liza tion .

,.n n n n n

C o m m o n s t o c k a u t h o r i z e d , $ 5 0 0 , 0 0 0 ; o u t s t a n d i n g -------------------------P r e f e r r e d s t o c k a u t h o r i z e d , $ 2 0 0 , 0 0 0 : o u t s t a n d i n g -----------------------© ne
Consol. M . 6 % b o n d s a u t h . , $ 4 , 0 0 0 , 0 0 0 ; o u t s t a n d i n g - - - - - - - - - - 7 0 0 , 0 0 0
R e s e r v e d t o r e t i r e $ 1 , 2 0 0 , 0 0 0 u n d e r l y i n g b o n d s , le s s $ 2 9 , 0 0 0 r c - ^
R e ^ ’T f o r ^ d d f i i s ' a n d e x t e n . u n d e r c a r e f u l r e s t r i c t i o n s . . $ 2 , 1 2 9 , 6 6 6
E a rn in gs f o r the Yea r ending M a rch 3 1 1 9 1 1 .
G r o s s e a r n i n g s ______________ $ 3 6 4 , 9 6 5 1 I n t . o n u n d e r l y i n g b o n d s . . . $ .> 8 ,8 4 2
Net e a r n i n g s ( a f t e r t a x e s ) . . 5 1 7 2 , 1 8 6 1 B a l a n c e , s u r p l u s f o r y e a r . . $ 1 1 3 , 3 4 4
I n t e r e s t o n $ 7 0 0 , 0 0 0 c o n s o l. M . 6 % b o n d s l a t e l y s o ld , b u t n o t a
c h a r g e p r i o r t o F e b . 1 1 9 1 1 -------------------------------------------------------------*
S u r p l u s e a r n i n g s o n b a s is o f p r e s e n t I n t e r e s t c h a r g e -------------------$ 7 1 , 3 4 4

INDUSTRIAL, GAS AND MISCELLANEOUS.
Amalgamated Copper Co.— Report.— Sec “ Ann. Reports.’
Anaconda’s Production.— For five months:
C ow er

P ro d u c tio n

(in lb s .)

of

W a s h o e a n d G r e a t F a l l s S m e lte r s

1911.
1910.
*
1911.
1910.
1011
Tanuary
21,600,000 20,158,023 April ______21,500,000 24,892,151
M
a
y
________
21,750,000
24,816,593
February 111.20 ,900,000 21,061,247
M Total coppcr produ’cUon^oMb’st 5 rnos.of year. .107,650,000 113,739,759
Compare V. 92, p. 1376, 1312.

New Director.— John G. Morony, Prest. of Daly Bank &
Trust Co., Butte, Mont.; has been elected a director, to
succeed the late Gen. James Jourdan
Mr. Morony will be
managing director.— V . 92, p. 1376, 1312.
American Can Co.— Decision— See Vulcan Detinning Co.
below.— V . 92, p. 392.

American Power & Light Co.— Preferred Stock OfferedEarnings.— William P. Bonbright & Co., who arc offering the
6 % cum. pref. stock at about 82 and accrued divs., report the
combined earnings of the operating companies as follows:
V r a r en d ln a
F e b 28—
1011
'

G ross
In com e.

N e t (a f t e r
T a x e s .)

In t. on
B on d s. & c.

P ref.
D lv s .

B a la n c e
S u r p lu s .

82 780 254 $1,192,518 $312,416 $126,111 $7o3,J91
1911-------------------*2 358 081
899.125
266,526
9,3.33
623,266
The"Interest on"bohds anil floating debt and dividends on pref. stock, aa
shown above. Is exclusive of the amount on that owned by the America
Power & Light Co The balance surpluses as above, therefore, practically
Vipinnir to the American Power & Light Co., and arc available for dl\s.,
The American Light & Power Co. commenced business In Sept. 1 9 0 9 , but
for comparative purposes the earnings of the local properties are given
_____
Irrespective of the dates of their acquisition.
Pref. stock, auth., $5,000,000; outstanding, $2,920,500. Common stock
auth., $10,000,000; outstanding, $5,616,400.— V. 92, p. 1438.




Abstract of Letter from President Rufus C. Dawes, Chicago, May 1 1911.

O w n s a n d o p e r a t e s a g a s p l a n t a n d a m o d e r n , u p - t o - d a t e e le c t r i c a l s j ^ M o n
in t h e c i t y o f W a t e r l o o , a n d d o c s t h e en tire g a s , e l e c t r i c l i g h t j i n d p o w e r
b u s in e s s In t h e c it i e s o f W a t e r l o o a n d C e d a r F a l J3 - , ® f \ n 1^ (?«p o p u l a _
tlo n of a b o u t 3 5 , 0 0 0 .
T h e p r e s e n t m a n a g e m e n t t o o k h o l d In l J O o .
E a rnin gs fo r Calendar Y ea rs 1 9 0 5 to 1 9 1 0 and Yea r ending M a rch 3 1 1 9 1 1 .
1905
1906
1907.
1908.
1909.
1910.
191 0 -1 1.
G r o s s $ 1 2 4 ,1 4 6 $ 1 7 3 ,9 9 3 5 2 2 8 , 1 2 7 5 2 6 4 , 9 3 0 * 3 0 6 , 2 6 5 * 3 4 9 , 4 3 9 * 3 6 4 , 9 6 5
M nf
Ad fiQfi
015
1 0 6 ,5 0 2
1 2 3 ,0 3 2
1 5 3 ,2 6 7
1 6 3 ,o 9 J
N T h e ”c o m p a n y ’s p l a n t Is l o c a t e d a t W a t e r l o o a n d c o n s is t s o f : (a l D c c t r l c a l
Q tn tin n c o n t a i n i n g t w o 7 5 0 k .w . a n d o n e l , 2 o 0 k .w . C u r t is t u m i n c g e n
orators, d e v e lo p i n g o v e r 3 , COO (e l e c t r ic a l) h . p . , w i t h
(b ) G a s n l a n t (a d j o i n i n g e le c t r i c a l s t a t i o n ) . I n c l u d i n g a 1 °\ nrt. h o u s e w l t n
1 1 b e n c h e s o f s ix e s , a L o w e w a t e r - g a s s e t a n d t h e n e c e s s a r y p l a n t f o r s e n d i n g
n l, i | lino 0 0 0 c u f t o f g a s p e r d a y ; f o u r g a s h o l d e r s , t o t a l c a p a c i t y 7 5 6 , 0 0 0
° l.l t fV ^ o v e r 9 5 m ile s o t m a in s ; ■ 7 .1 0 5 g a s m e t e r s a n d 6 , 6 8 0 s t o v e s c o n n e c t e d ,
n i ii ir ii ’m rs b r ic k a n d s t e e l - e n t i r e p r o p e r t y u p - t o - d a t e In e v e r y r e s p e c t .
F ^ v m 1 9 0 5 t h e r e w e r e o n l y 4 0 m les o f m a i n s a n d 2 , 1 3 1 g a s m e t e r s c o n ­
n e c te d
T h e c o n s u m p tio n o f e le c tric ity fo r p o w e r p u rp o s e s h a s g ro w n fro m
S S S h n c o n n e c t e d l o a d In 1 0 0 5 t o 3 , 7 7 5 h . p . , w h ile t h e c o n n e c t e d l i g h t i n g
?<?ad l ia s n o w n f r o m 1 2 ,5 8 4 e q u i v a l e n t 1 6 - c a n d l e - p o w e r l a m p s t o 5 9 . 0 4 0
a m i th e n u m b c r o f e l c c t r l c m e te rs fro m 9 2 5 to 3 ,2 8 5 .
G a s is s u p p li e d t o
C e d a r F a l ls b y a 4 - i n c h h i g h - p r e s s u r e m a i n a n d e le c t r i c i t y b y a h i g h - t e n s i o n
t r W h ? n o D u V t \ o n o f W a t e r l o o In 1 0 0 0 w a s 1 2 , 5 8 0 : In 1 9 0 5 w a s 1 8 , 0 7 1 , a n d
in lO H H v a s 2 6 0 9 7 . T h e c i t y ’s g r o w t h a s a m a n u f a c t u r i n g c e n t r e h a s b e e n
e v e n m o re r e m a r k a b le . T h e r e a re a t th is tim e a b o u t 1 3 0 f a c to rie s tu r n in g
o u m a n u f a c t u r i n g p ro d u c t o f o v e r $ 2 6 ,0 0 0 ,0 0 0 p e r a n n u m .
C e d a r t a ll s ,
7 m ile s N W o f W a t e r l o o , l ia s a p o p u l a t i o n o f a b o u t 7 , 0 0 0 a n d is a m a n u f a c to rin g D ^ o t a n d th e s e a t of th e Io w a S ta te N o rm a l S c h o o l w ith 1 ,2 0 0
s t u d e n t s ! P S l x h u n d r e d h o u s e s w e r e b u i ld l a s t y e a r . - V . 9 0 . p . 3 0 5 .

Colonial Paper Co.— Bond Issue Sold at Auction. See
“ Auction Sales” on a preceding page.— V . 91, p. 873.
Columbia Gas & Electric Co., Cincinnati.— Redemption of
Bonds.— The Knickerbocker Trust Co. (the mortgage trustee)
60 Broadway, N . Y ., announces th a t;it will on or before
June 26 receive tenders of the 1st M. 5s for redemption by

'

15(»8

THE CHRONICLE

means of proceeds of the release of bonds of the East Ohio
Gas Co. paid into the sinking fund to the extent of §475 013.
Ihe right is reserved to reject any and all proposals. ’
V .^ 92 ,°p ’~1034

883nual Reports” on a Preceding page.—

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

I
h e se b o n d s a rc Issu e d to r e tir e th e p r e s e n t m o rtg a g e o f $ 7 5 ,0 0 0 fo r a d d i1 T h e b o n d ^ a r e ^ C f i m l ^ r l 2 5 0 , 0 0 0 , a,n d t 0 l n c r e a s e w o r k i n g c a p i t a l ,
a ll I o x l m a w f r v , ^ ™ r1? 0- '* P o n p l a n t N o . 2 In S e n e c a F a l l s , i n c l u d i n g
v c m ^ P t h q , ; S T i , liUKl, iln<1 2 3 0 , 0 0 0 s q . f t . o f f lo o r s p a c e ; p r e s e n t
t o ov'c - SOOO1 n o
a n d , u p o n c o m p le tio n o f th e a d d itio n s r e f e r re d
Ize’d f r o m t h e ' s a l p 'n f r h o
I n te n tio n to a p p ly th e a m o u n t u ltim a te ly re a lr e d e m n u o n Of fheqpf h o n i ! • 1r P l a n ,t , t o a d d i t i o n s o r i m p r o v e m e n t s o r t o t h c
0 0 0 ^ h e c o m n a n v 's T T l ' l '
l u d l n g .n e t. c u r r e n t a s s e t s o f a b o u t $ 1 , 3 0 0 , a m o u n t m o r e ^ t h a r f 8 ? l o o VmCT C.CSS, ° f, , a11 l i a '»i‘I tle s e x c e p t t h e s e b o n d s )
a m o u n t t o m o r e t h a n $ 2 5 0 0 . 0 0 0 i n c l u d i n g n o t h i n g f o r g o o d - w i ll , p a t e n t s
t h e b o n d s a n d urflpqq f h p
t
' ,c a 1 ' y P a r n r o t h r e e t i m e s t h e i n t e r e s t o n
a m o u n t o f o u ts ta m V in r . h n n a E T Ck, a s s f t s a r e a t a ll t im e s a t l e a s t tw i c e t h e
I n " f u n d b e g in n i n g \ ^ . ^ ^ d ? o t s C i ,o n d s m a y b e d e c l a r e d d u e .
C a s li s in k 1 9 2 2 a n d $ ^ 0 ^ (K (0 y e a lr ly ^ i9 2 3 t o 81 9 2 6 p a n c c 8 - 9 -9 9 9 b o n d s y e a r l y 1 9 1 3 to
D h e c t o r s . N o r m a n J . G o u ld ( P r e s . ) , S c n c e a F a l ls tv v ■ p wt p , , ik v
( 1 s t V .- P ) u n d H e r b e r t M o ls o n M o n H e a L W i
p d n m r o X ''( 2 1 V - P a n d
G e n . S u p t . ) , S e n e c a F a lls ; F . P . W a r f i e l d , N . Y C i ty
y UU V
'

Computing-j.abulating-Recording Co.— Merger.— Arrangements are said to have been completed for a merger under
this title of the International Time Recording Co. of Endicott, Is . \ . (\ . 92, p . 879); the Tabulating Machine Co. of
Washington, I). C. (Hollerith System); the Computing Scale
Co. of America, of Dayton, O. (V . 92, p . 264), and the
Bundy Mfg. Go., of Endicott, N . Y . The new corporation,
it is stated, will have §12,000,000 of capital stock and will
Guanajuato Power & Electric Co .— Earninas —
make an issue of §7,000,000 6 % 30-yr. sink, fund gold bonds.
Y T n lie a i '
t 1G r o .s s
,, N et
B o n d In t. &
P r e / .n 'iv .
B a la n ce,
Consolidated Gas, Electric Light & Power Co. of Balti­ ,
,S1
E a r n in g s .
E a r n in g s .
D e p r e c ia tio n .
(6%)
S u r p lu s.
5 3 1 9 ,6 ° 1
$ 4 0 8 ,6 6 5
$ 1 5 3 ,2 1 5
$ 9 0 ,0 0 0
$ 1 6 5 ,4 5 0
more. Bonds Offered in London.— Subscription books were 1 9 1 9 -------------- - - - - 4 9 6 ,7 6 1
3 7 5 ,2 7 1
1 5 0 ,5 7 6
9 0 ,0 0 0
1 3 4 090
opened in London (at London Joint Stock Bank, Ltd. on _ | h e r e Is o u t s t a n d i n g $ 1 , 5 0 0 , 0 0 0 6 % c u m u l a t i v e p r e f . s t o c k , S 3 51 03 04 , 60 90 05
behalf of the contractors) for §1,000,000 general mortgage
0°00 Mtohoacan Power C m l s T M . ' 0 ! % ! ^ b° ndS and'^ ’5[ls-30-year gold bonds offered at 8 9 % . These bonds
Guggenheim Exploration Co.— Increase in Board.— Pope
due Feb. 14 1935, are part of a total authorized issue of
eatman and O. P. Perry have been elected directors, in
§15,000,000, there being §11,788,000 outstanding, §2,877,000
of which have been deposited as collateral security for notes creasing thc board from 9 to 11. Mr. Yeatman was formeily a member but resigned several months ago and was
of the company and bonds of the Baltimore Electric Co.
succeeded by Leopold Fricdrick, who remains a director.
othPrd„ ^ d^fa^ a T 'T mortgage o n the Westport power station and on — V. 92, p. 529, 393.
other parts of the electric anil gas properties. They are also a irener-i

mortgage on the entire business, subject to the outstanding Issues of e o n
s t l t u e n t companies aggregating $ m ,928,000, which amount cannot be In­
creased, all the mortgages being now closed. For the 1 2 months ending
March 31 l o l l the net earnings Were $2,399,490; other Oxed charges eaff
$T026?042 81
St ° n 811,788,000 SenW s . ^5530.400; balance,
Each bond so offered will be endorsed with notice that the principal and
H.nnP Tp,,An? PT <J ln sterling at tile head office of the London Joint Stock
Bank, Limited, at par of exchange.— V. 9 2 , p. 1502.

Consolidated W ater Co. of Utica, N . Y .— Corrected State­
ment.— Redmond & Co., who arc offering a block of M. 5s

Home Heating Co., Anderson, ln d .— Receiver’s Sale.—
ih e property has been sold at receiver’s sale to the Anderson
liu s t Co., trustee, and, it is expected, will go to a new
company which will enlarge the plant.

due 1930, at 92)^ and interest, report:
rn l
Cal

1909

G ro? s
E a r n in g s .

Y ea r—

--------------- ? 3 0 - ’7 f i r

1 rni ------------ 305,766

N S l {a f t e r
T a x e s ).

In ter es t o n
In terest o n
1st M t g e . 5 s. M
5s & c

5 o n o ’? ? !

$ 1 2 5 ,0 0 0

209,254

125,000

B a la n c e ,
S u rp lu s

$ 3 9 ,4 0 3

$ 6 0 ,3 6 8

39,333

44,921

l h e c o m p a n y h a s o u ts ta n d in g $ 1 ,5 0 0 ,0 0 0 c o m m o n s to c k , $ 1 ,0 0 0 ,0 0 0 5 %
s K0 C k 5 0 0 V0 0 0 l s t M - 5 s a n d 5 8 3 0 , 0 0 0 5 % M . b o n d s
5%

d l v ,d e n d s In 1 9 1 0 ,

Dominion .textile Co., L td ., Montreal.— Report.— For year:
le\

,„ ™
—v

T

o

t

a

l
N et
In com e.

In t. &
R e n ts.

P f.D iv s . C om

D lv s . W r itte n B a la n c e ,
)
o ff
S u r p lu s

« 3 1 —
(7 % ).
(5 %
...................... 5 0 7 9 , 6 8 4 $ 1 3 0 , 1 3 7 $ 2 5 0 , 0 0 0 $ 1 3 , 1 0 4 $ 3 7 , 1 0 6
o i ; p V 7 i Y 1 ,0 1 6 ,4 0 7
5 9 8 -6 2 2
1 3 0 ,1 3 7
2 5 0 ,0 0 0
1 ,0 1 6

3 5 ,7 3 2

Duluth Edison Electric Co.— Earnings.—
Yw i h eo * i n a

in fi

r . G rof s

8

O p e ra tin g
E xp en ses.

N et
E a r n in g s .

P r e f. D iv .
B ona
In ter es t.
(6%).

B a l.,
Bur.

$ 1 9 3 ,3 6 1 $ 6 2 ,3 5 7
} 9 } ‘ ----------------5 2 3 9 , 4 1 4
$ 6 9 ,0 0 0
$ 6 2 ,0 0 4
1 9 r p ? --------------- 3 7 7 , 6 2 7
2 0 2 ,3 6 0
1 7 5 ,2 6 7
5 7 ,4 8 2
ou
44 88 , 77 88 55
6 9 , 0UUO
00
s.-win1 o
n
r ?
' ou. t s t a n ( l **1p $ M 5 0 , 0 0 ° 6 % c u m u l a t i v e p r e f . s t o c k ,
s ^o c * a n c ^ $ 1 , 2 9 1 , 0 0 0 l s t M . 5 %
b o n d s d u e 1 9 3 1 .—
V. oo, p. 1 00 4 .

Baking Co.— Merger.— A N . Y . broker writes-

General

„ . m “ ' c ,w lll s '!,ort, l,y b e o f lc r c d t o t h e p u b l ic $ 4 , 0 0 0 , 0 0 0 “ f ir s t a n d r e f u n d i n g "
6 o b o n d s o f t h e G e n e r a l b a k i n g C o ., d u e J u n e I 1 9 3 6 .
T h i s c o m p a n y w ill
b e o r g a n i z e d u n d e r t h e l a w s o f N . Y . S t a t e a n d w ill u n i t e 2 5 p l a n t s e n g a g e d
i n t h e m a n u f a c t u r e a n d s a le o f b r e a d a n d o t h e r b a k i n g p r o d u c t s
A m o n g th e s e p la n ts a re : J . G . & B . S . F e rg u s o n Co
B o s to n - F lc ls c h -

K i t e " ! j S f l W & f e S f r " ° " c“ s:

,,r“ - ° > -

T h e r e a l e s ta te , b u ild in g s , m a c h in e ry a n d e q u ip m e n t h a s b e e n c o n s e rv a tiv c ly e s tim a te d b y th e A u d it C o. o f N . Y . t o ^ b o w w t h a b o u t $ 5 ? i 6 3 ° 0 0 0 :
I h e e s t i m a t e d p r o f i ts a r e $ 8 3 4 , 4 2 0 p e r a n n u m , o r a s u m e q u i v a l e n t t o 3 ■
I s h a l 1^
-u?ipCt n Sp ,.c h a rf r c ‘J!1 t h c $ 4 , 0 0 0 , 0 0 0 , w h ic h a m o u n t s t o $ 2 4 0 ,0 0 0 " .
w ill h e a h o n t 0 8 ° de<ina ? or.tlo n 1 ° f t b c , b ? n ,d s a t t h e s u b s c r i p t i o n p r ic e , w h ic h
5 , ill b e a b o u t 9 8 o r 9 9 , b u t n o t y e t d e f i n i te l y d e c i d e d .

General Electric Co.— Merger.— On June 1 the Sprague
' lectnc Co. and the I'ort Wayne Electric Works, both long
contiolled (V . 75, p. 246; V . 76, p. 437), were merged with
the General Electric Co.— Y . 92, p. 1.314.
.
Georgetown (D . C.) Gas Light Co.— Mortgage.— 1
The
stockholders were to vote on June 8 on authorizing a mtge. to
secure an issue of §2,000 000 bonds, under which §500,000
5 /p bonds are to be issued for improvements and §300 000 to
take up outstanding ctfs. (§225,000 at last accounts) and notes
S to c k , $ 1 5 0 ,0 0 0 ; p a r o f s h a re s , $ 2 5 .
D lv s 1 0 % y e a r l y ( J & j )
i t is
p l a n n e d t o f u r n i s h 8 0 - c e n t g a s a s t h e r e s u l t o f t h e n e w f in a n c in g ' Y e a r
e n d i n g D e c . 3 1 1 9 1 0 , g r o s s , $ 1 4 9 , 3 2 0 ; n e t , $ 2 7 , 6 0 0 ; d l v s ( i o ” ° ) S 15 0 0 0 *
in t $ 1 2 ,5 4 1 ; b a l
s u r p .,$ 5 9 .
P r e s . , G e o . H o w a r d ; V .- P ? , M ’ J A d l e r ’
W a sh & n

gD . ac

P " r C h - A g t " R ‘ L ' M I d d l e to n -

O ff ic e , 1 11 8 2 9 t h S t .,’

Goulds Manufacturing Co. (Power Pumps, & c.), Seneca
Falls, N . Y .— Lee, Higginson & Co., Boston, New York and
Chicago, have recently placed at 101 and int. the entire auth.
issue of §350,000 lst M. 6 % sinking fund gold bonds, dated
April 1 1911 and due April 1 1927, but callable as a whole or
in part at 101 and int. after 4 weeks' notice. Int. A . & O
lax-exem pt in N . Y . State. Par §1,000 (c*). Columbia
I rust Co., N . Y ., trustee.
Condensed Extract from Letter of Pres. Norman J. Gould, May 20.
. ,., .ji T ! H T w U2 * 1 li 111e x p o w e r p u m p s , c e n t r i f u g a l p u m p s , h a n d p u m p s ,
am i
P U,1’ PS; c y l i n d e r s , & c . , & c . , s o ld t h r o u g h o u t t h e U . S .
“ j ‘ v T adla ‘l n d 1“ A u s t r a l i a , A r g e n t i n a , M e x ic o , S o u t h A f r ic a , & c .
P la n ts
l n °1
ln 1 8 4 8 ; i n c o r p o r a t e d u n d e r p r e s e n t n a m e
$7 15 ( L m m i c a i) ,a s t o c k °,f 5 4 6 , 9 5 0 .
T i ic i n c r e a s e to $ 7 4 5 , 0 0 0 p r e f a n d
s e n te d h v
h a ? b c e n e n tir e ly t h r o u g h s to c k d iv id e n d s , re p re v td c d D ro ftr
1,lvestc<1 ln t h e b u s in e s s ; i n a d d i t i o n , t h e u n d i ­
h ud ii vv ii ad ee nn adss dh
cc aa ss n
n aa vv ec hU
b ePe Pn„ IU^p a iIdT, D
a gcgc r- e3g1a t i1n9g1 9 $ a9 m
4 9o, 4u 8n 0t e. d t o $ 7 1 4 , 4 2 4 a n d

w

.

,

,

__

C a p ita liz a tio n .

ta i 4 % , °
clu e 1 9 2 7 ( t h i s I s s u e , c lo s e d n io rtF A ffp )
<\R r»n r\r\n
D e b e n t u r e 5 % b o n d s , d u e 1 9 1 5 ( n o t a lie n o n p r o p e r t y )
-------------- 'V 70 n o n

? 7 8 0 '° 00)
s e iii.)9 0 8

-

^ ^ ^ n ^ s S ^




»

•

i,nM°n0' U*U ?,as ®0 ,» ^ ( L — Increase of Stock.— The stocko ers recently passed a resolution to amend the charter, if
permission is obtained from the Territory, by providing Eu­
an increase in the preferred stock.
'
w ill b e r c t J r e t f Bu r «o/ U” s a y ? t h c P r e s e n t $ 1 0 0 , 0 0 0 8 % p r e f .
b e e x c h a n g e d f o r ^ h ^ n A ^ n n T Y i , 6 % uP r c f,- 1,s ?u e d - t h e p r e ,s e n t p r e f . s t o c k to
s c rib e 0 fm n?t h e n e w ^ 00 ^ p ^ r a U . - r 8 l ‘C‘p 6 l°6haV C U lc o p t l o u t(> s u b '

International Cotton Mills Corporation.— Convertible Notes
Bold— I he company has sold to Blair & Co. §2,000,000 6 %
o-year notes redeemable at par and int. on any int. date, and
convertible at the option of the holder at any int. date into
pref. stock of the company at par.— V . 92, p. 1314, 1241.
International Textbook Co., Scranton, Pa .— Called Bonds.
Eighteen (§18,000) lst M. bonds of the Colliery Engineer
Co. (now the International Textbook Co.) have been called
101 payment on July 1 at 105 at the County Savings Bank &
trust Co., Scranton, trustee.— V. 91, p . 1331.
Inter-State Independent Telephone & Telegraph Co.,
JOhet, 111., &c. Receiver's Certificates— Agreement with
Illinois lunnel Co.— Judge Kohlsaat on June 2 authorized
the receivers to issue §175,000 6 % 3-year equipment certifi­
cates, dated June 1. The notes have been placed privately.
a 5 ' t r r t P PtCl k ‘i U C9 M li b L a cT ’\ t r a c t
t l l « C h ic a g o T i t l e & T r u s t C o .,
a n d d c n n f b ofVS 4 ft fin n Ui i t v f CKt o f 10 ‘‘d d l U o i ia l e q u i p m e n t t o lie I n s t a l l e d
t h e t r u s t e e 1 %n°' n’f
.b o n ,d s ;
r e c e i v e r s a r c a ls o t o d e p o s i t w i t h
c f t . K p 6i?qe°fl i q 1! T i n v i T T p d e r i v e d f r o m t li e u s e o f t h e a d d i t i o n a l c ir Tiiih e ecoo m
m s«tiln
t r f ng ^f 24^,n1 n0 ™
i n ds oTf ncw
r c t r, rcodocv
e t!lc nwoirt eess fo
f r oDhienp-n
m t i m e t o\ 1 1trnrti
im e ,
m np aa nn yv w
w ill
0 n'iillc
B lo o m i n g t o n . J o l i e t , P e o r ia , D e c a t u r , C l i n t o n , La i t ^ J o h n s o n l n d
and
S p r in g t te l d , I I I ., u n d e r a n o p e r a t i n g a g r e e m e n t e n t e r e d
i n t o a m il 21
1 9 1 1 w i t h t h e r e c e i v e r s o f t h e I llin o is T u n n e l C o ., r u n n i n g t o \ 9 ‘>9 g iv in g
th e c o m p a n y e n tr a n c e In to C h ic a g o .
U n d e r t h e a g r e e m e n t 4 0 % o f t h e to lls
(to t o t tle I llin o is T u n n e l a n d 6 0 % t o t h e c o n n e c t i n g lin e s
T h e re c e iv e rs
in t h e i r p e t i t i o n s t a t e d t h a t t h e n e w e q u i p m e n t s h o u l d e a r n a t l e a s t s s n n o n
p er y e a r,
i n t h e 6 m o n t h s o f t h e r e c e i v e r s h i p t h e c o m p a n y e a r n e d i t Is
s a i d , o v e r a n d a b o v e a ll e x p e n s e s a n d c h a r g e s , $ 4 0 , 0 0 0 .
’
'
T h e I n t e r - S t a t e C o . l ia s p u r c h a s e d t h e p r o p e r t y o f t h e T e l e p o s t C o
w h ic h f o r m s t h c c o n n e c t i n g l in k b e tw e e n i t s p r o p e r t y a n d t h e w e s t e r n e d g e
o f t h c c i t y , w h e r e c o n n e c t i o n is t o b e m a d e w i t h t h e III. T u n n e l C o . lin e s .

Jamaica Water Supply Go., New York City.— Bonds__
Earnings.— Lawrence Barnum & Co., New York, Pliila. and
Washington, are placing at par and int. §120,000 lst M. uni­
fied 5 % gold bonds dated 1904 and due July 1 1954. Taxexempt in N. Y . State. A circular shows:
■— C a p i t a l s t o c k , $ 3 0 0 , 0 0 0 . F i r s t m t g e . u n if ie d b o n d s
a u t h • • 5 1 . 0 0 0 , 0 0 0 ; I s s u e d , $ 8 8 4 , 0 0 0 ; r e s e r v e d to r e t i r e p r i o r l ie n , S i 10 0 0 0 ’
i h e c o m p a n y o p e r a t e s w i t h i n t h e l im it s o f G r e a t e r N e w Y o r k s e r v i n g
t h e f o llo w in g t o w n s : J a m a i c a , R i c h m o n d H i l l, M o rr is P a r k , H o llis ’ Q u e e n s
S p r in g f i e l d , f l o r a l P a r k a n d i n t e r v e n i n g t e r r i t o r y , a n d t h e w e s t e r n e n d o f
N a s s a u C o u n t y . P o p u l a t i o n , 7 0 , 0 0 0 ; n u m b e r o f c o n s u m e r s , 8 0 0 0 - m ile s
o f m a i n s , 1 2 5 ; t o t a l p u m p i n g c a p a c i t y , 1 6 , 5 0 0 , 0 0 0 g a llo n s p e r d a y h v d r a n t
c o n t r a c t $ 2 6 , 0 0 0 p e r a im .: r e a l e s t a t e o w n e d , 4 0 a c re s ; e x p e n d it u r e s ^ s n x
a p p r a i s a l In 1 9 0 8 , $ 2 9 0 , 0 0 0 ; t o t a l v a l u a t i o n n o w , $ 2 , 1 0 0 , 0 0 0
1, ; .r c s . - W - M o n tg o m e r y s a y s : " D u r i n g t h c p a s t liv e y e a r s t h e s t o c k ­
h o ld e r s h a v e p a i d la r g e s u m s In a d d i t i o n t o s u r p l u s e a r n i n g s f o r b e t t e r m e n t s
a n ti e x te n s i o n s , w i t h o u t a n y I n c r e a s e in t h e f u n d e d o r f lo a tin g d e b t a n d
t h i s , I m a y s a y . Is t h e p o lic y o f t h c m a n a g e m e n t . T h e p r o p e r t v a t t h is
d a t e , a s v a lu e d b y t h c S t a t e T a x C o m m i s s io n , a m o u n t s t o $ 8 5 0 , 0 0 0 .
1 1 b
E a rnin gs fo r Years ending A p r i l 3 0 .

1905-06.

G ro ss e a rn in g s N e t, a f te r t a x e s .
I n te r e s t c h a rg e s .

1906-07. 1907-08.

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

Surplus.......... $25,159

$20,845

$33,243

U n in te r r u p te d d iv id e n d s fo r 1 0 y e a r s .

1908-09.

1909-10 lain

11

$ 1 2 3 ,9 7 9 $ 1 3 4 8 5 8 * 1 4 9 931
$ 6 6 , 9 0 2 $ 7 0 2 7 7 5 1 1 J ,9 ,)1
3 5 ,8 1 7
3 8 ’5 3 3
-----------

$31,085

$ 3 774 4

S e e a ls o V . 8 9 , p . ’i 2 2 5 .

Jones & Laughlin Steel Co.— Bonds Re-sold.__ The § 1 0 ,­
000,000 1st M. sinking fund 5 % gold bonds recently pur­
chased by Blair & Co. and First Trust & Savings Bank of
Chicago have been sold. Compare V. 92, p . 1503.

’ ''od^ U^ ? ^ a^rs8r ^ Co., New York, “ Largest Manufacturers
8f Sllk GJoves m the W o rld .” — First Pref. Stock Offered.—
William Salomon & Co. and Spencer Trask A Co., both of
.New York, ure ofFering at 102 and int., by advertisement
ratC ° f ?% Pei' annUm ° n thc prefon another page, the unsold portion of an issue of §3,000.000

N e t I n c o m e a f t e r a ll c h a r g e s : 1 1 1 1 1 I I 1 1 1
S$ 84,’ 9 19 $ 1 7 4 ,'4 9 8
1 1 1 dGp n Hq1 a r ° v
$ 3 5 0 , 0 0 0 1 s t M . b o n d s w ill r e q u i r e \

s t t S i W

7 4 5 '0 0 0

Hall Signal Co.— Majority of Stock Deposited.— About 6 5 %
it is stated, has been deposited with the Empire
trust Lo. ot N. Y . as depositary of the reorganization com­
mittee. Compare V. 92, p. 1,314.
time for deposits has been extended to June 12.—
V. 92, p. 1314.

01 ttic stock,

$ 2 1 9 0 33
$ 2 1 !0 0 0

1569

THE CHRONICLE

J u n e 10 1011.]

7 % cumulative first preferred stock, preferred as to both
assets and earnings, and having equal voting power with 2d
prof, and common stock. Redeemable at option of company
at 120 plus accrued dividends. Quarterly dividend dates,
the first days of February, May, August and November.
Par value of shares, $100. Application will be made to list
this first pref. stock on the N . Y . Stock Exchange.
Abstract of Letter from President Julius Kayser, New York, June 5 1911.
O rganization. — I n c o r p o r a t e d J u n e 3 1 9 1 1 in N . Y . S t a t e a n d lia s t a k e n
o v e r a s a g o in g c o n c e r n a ll t h e p r o p e r t y , b u s in e s s a n d g o o d - w ill o t t h e p r e ­
v io u s c o r p . o f s a m e n a m e .
N o m t g e . o r f u n d e d d e b t . C a p i ta l iz a ti o n :
7 % c u m . llr s t p re f. s to c k , a u th o r iz e d , 8 3 ,0 0 0 ,0 0 0 ; o u t s t a n d i n g .8 3 ,0 0 0 ,0 0 9
7 % c u m . 2 d p re f. s to c k , a u th o r iz e d , 8 7 5 0 ,0 0 0 ; o u ts ta n d in g —
6 9 5 ,0 0 0
C o m m o n s t o c k , a u t h . , 8 6 , 7 5 0 , 0 0 0 ; is s u a b l e o n l y In e x c h a n g e
f o r a n e q u a l a m o u n t o f 2 d p r e f ., 8 7 5 0 , 0 0 0 ; o u t s t a n d i n g --------- 6 , 0 0 0 , 0 0 0
T h e o f fic e r s a n d m a n a g e r s a r e p u r c h a s i n g 8 5 0 0 , 0 0 0 o f t h i s f ir s t p r e f .
s to c lc a n d a r c r e t a i n i n g a ll o f t h e s e c o n d p r e f . In a d d i t i o n t o t h e i r I n t e r e s t
in t h e c o m m o n s to c k .
T h e b u s in e s s w a s e s t a b l i s h e d in 1 8 8 0 .
In 1 8 8 7 , w ith th e p a te n tin g of
a p r o c e s s f o r t h e r e - e n f o r c in g o f f in g e r t i p s , s ilk g lo v e s b e c a m e t h e c h ie f
p r o d u c t . T o - d a y t h e c o m p a n y is w e ll k n o w n a s t h e l a r g e s t m a n u f a c t u r e r
o f s il k g lo v e s In t h e w o r l d .
H a s o f fic e s in N e w Y o r k , C h i c a g o , S a n F r a n ­
c is c o a n d L o n d o n .
.M a n u f a c tu r e s g lo v e s f r o m t h e r a w s il k , s e ll in g d i r e c t
t o t h e r e t a i l e r s , t h u s e l i m i n a t i n g a ll m id d l e m e n ’s p r o f i t s . A ls o m a n u f a c t u r e s
lis le a n d w o o le n g l o v e s , h o s i e r y , s ilk a n d c o t t o n - r i b b e d u n d e r w e a r , d r e s s
n e t s a n d v e il i n g . T h e o u t p u t o f g lo v e s a lo n e r u n s b e tw e e n 1 0 , 0 0 0 , 0 0 0 a n d
1 1 , 0 0 0 ,0 0 0 p a ir s p e r a n n u m .
Charter P rov ision s as to F irst P r e f. S to ck . — (1 ) T h e c o m p a n y m u s t r e s e r v e
o u t o f p r o f i ts (b e f o r e p a y i n g d i v i d e n d s o n t h e c o m m o n s to c k ) n o t le s s t h a n
8 2 0 0 ,0 0 0
p e r a n n u m (c u m u la tiv e ), of w h ic h a t le a s t 8 1 5 0 ,0 0 0 p e r a n n u m
f o r t il e r e d e m p t i o n a n d c a n c e l l a t i o n o f f ir s t p r e f . s t o c k u p t o 1 2 0 a n d t h e
r e m a i n d e r t o lie c a r r i e d t o “ s p e c i a l s u r p l u s a c c o u n t ” f o r t h e b e n e f i t o f t h e
f ir s t p r e f . s t o c k , a s p r o v i d e d in t h e c e r t i f i c a t e o f i n c o r p o r a t i o n , o r u s e d
in s u c h r e d e m p t i o n o r p u r c h a s e .
( 2 ) D i v i d e n d s in e x c e s s o f 4 % p e r a n i l ,
s h a ll n o t b e d e c l a r e d o n t h e c o m m o n s t o c k u n t i l t h e " s p e c i a l s u r p l u s a c ­
c o u n t ” s h a ll e q u a l 8 5 0 0 , 0 0 0 .
(3 ) T h e c o m p a n y s h a ll n o t , w i t h o u t t h e c o n ­
s e n t o f 7 5 % o f f ir s t p r e f . s t o c k , p l a c e a n y m o r t g a g e o n i t s p r o p e r t y o r c r e a t e
a n y s t o c k w h ic h s h a l l b e p r io r o r e q u a l t o t h e f ir s t p r e f . s t o c k , o r Is s u e a n y
b o n d s , n o t e s o r o t h e r e v id e n c e s o f i n d e b t e d n e s s m a t u r i n g l a t e r t h a n o n e
y e a r f ro m d a t e o f I s s u e .
( 4 ) U p o n v o l u n t a r y d i s s o l u t i o n t h e f ir s t p r e f .
s t o c k m u s t b e p a id 1 2 0 a n d a c c r u e d d i v i d e n d s b e f o r e t h e b a l a n c e o f t h e
s to c k re c e iv e s a n y th in g .
( 5 ) T h e c o m p a n y s h a ll n o t , w i t h o u t t h e c o n s e n t
o f t w o - t h i r d s o f t il e f ir s t p r e f . s to c lc , e x p e n d o v e r 8 2 0 0 ,0 0 0 f o r a d d i t i o n s
t o t h e f ix e d c a p i t a l a s s e t s u n l e s s t h e n e t q u i c k a s s e t s e q u a l t h e p a r v a l u e o f
t h e f ir s t p r e f . s t o c k o u t s t a n d i n g p l u s s u c h e x p e n d i t u r e .
N et A ssets on which F irst P r e f. Stock is a P rior C laim aggregate $ 3 , 8 1 4 , 9 0 5
(A s c e r t if i e d b y c h a r t e r e d a c c o u n t a n t s , e x c lu s i v e o f g o o d - w ill, p a t e n t s
a n d t r a d e - m a r k s . T h e r e is n o f u n d e d d e b t . )
I l e a l e s t a t e b u i ld i n g s a n d M a c h i n e r y a f t e r p r o v i d i n g f o r d e p r e o n 8 1 , 2 8 3 , o o s
C u r r e n t a s s e t s ( m a t e r i a l a n d s u p p l i e s , 8 3 , 2 6 8 , 4 8 9 ; b ills a n d a c ­
c o u n t s r e c e i v a b l e , 8 4 9 8 , 0 7 8 ; c a s h , 8 8 1 , 4 5 9 ; m a r k e t a b l e s to c k s
a n d b o n d s , 8 5 0 , 2 2 2 ---------------- -- - — ------------------ ------------- ---------- 3 , 8 9 8 , 2 4 8
D e f e r r e d c h a r g e s : I n s u r a n c e p a id in a d v a n c e -----------------------------2 4 ,1 1 3

E a r n s, f o r C a l. Y ea rs 1 9 0 9 and 10 10 ; fo r 3 M o s . and M o n th end. M c h . 3 1 ’l l .
Year 1 9 0 9 .
Yea r 1 9 1 0 . 3 M o s . 1 9 1 1 . M c h . ' l l

G r o s s e a r n i n g s ________________ 8 2 , 0 6 2 , 7 3 9
N e t e a r n i n g s ( a f t e r t a x e s ) ___8 1 , 1 9 8 , 7 1 3
I n t . o n l s t M . 6 s & u n d e r l ’g b d s .
3 9 5 ,1 0 0

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

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

$ 1 9 8 ,1 9 4
$ 1 1 1 ,5 2 3
6 1 ,5 5 5

B a la n c e a v a ila b le fo r I n t. o n
2 d M . b o n d s & b e tte rm e n ts 8 8 0 3 ,6 1 3
$ 3 2 3 ,6 4 4
8 7 9 ,1 2 7
.8 1 9 , 9 6 8
T h e M a rc h r e t u r n s I n c lu d e t h e p r o f i ts f r o m t h e o p e r a t i o n o f t h e n e w
d r e d g e J u s t c o m p l e t e d . T h e o t h e r t w o w ill b e In o p e r a t i o n b y J u l y .
T h e $ 1 , 2 1 1 ,0 0 0 u n d e rly in g b o n d s (firs t m o rtg a g e s o n s m a ll p o r tio n s o f
t h e p r o p e r t y ) a rc : (a ) $ 7 0 0 , 0 0 0 N a t o m a D e v e l o p m e n t C o . 6 s , d a t e d 1 9 0 6 ,
d u e O c t. 1 1 91 7 ; $ 1 0 0 ,0 0 0 re d e e m a b le e a c h y e a r a t p a r o n O c t. 1 .
C a l la b l e
a t 1 0 5 o n a n y in t. d a te .
In t. A . & O .
(b ) 8 4 1 1 , 0 0 0 N a t o m a L a n d &
M in in g C o . 1 s t M . 6 s , d a t e d 1 9 0 7 , d u e J a n . 1 1 9 2 7 . C a l la b l e b y c o n s e c u t iv e
n u m b e rs a t p a r ( $ 1 3 ,0 0 0 , N o s. 4 0 to 5 2 , J u ly 1 1 9 1 1 ) .
I n t . J . <5c J .
(c )
$ 1 0 0 , 0 0 0 C la r k & C o x F a r m s C o . 1 s t M . 6 s , d a t e d 1 9 0 7 , d u e A p r i l 1 1 9 2 7 ;
c a la b l c a t 1 0 5 a n d I n t . o n a n y i n t . d a t e a f t e r A p r i l 1 1 9 1 2 .
I n t. A . & O.
S e e f u r t h e r p a r t i c u l a r s In V . 9 2 , p . 1 2 2 .

New Central Coal Co., New Y ork.— Re-Incorporation.—
The shareholders voted May 31 to authorize the directors to
incorporate the New Central Coal Co. in W est Virginia and
surrender the Maryland charter .
T h e r e w ill b e n o c h a n g e in c a p i t a l i z a t i o n , & c .
1 7 B a t t e r y P l a c e , N e w Y o r k .— V . 8 5 , p . 1 3 4 1 .

M . B a x te r J r . , P r e s id e n t,

New York Telephone Co.— New Rates in Greater New York.
— The new interborough rates which the Public Service Com m .,
2d Dist., has ordered, effective Aug. 1 are as follows:
(a ) B o r o u g h o f M a n h a t t a n b e lo w 1 1 0 t h S t . t o t il e B o r o u g h o f B r o o k l y n
( e x c e p t C o n e y I s l a n d a n d B a tli B e a c h ) , a n d f r o m t h e B o r o u g h o f M a n h a t t a n
b e lo w noth S t . t o t h e c e n t r a l - s t a t i o n d i s t r i c t s o f A s t o r i a a n d N e w to w n o n
L o n g I s l a n d , (f r o m 1 0 c .) t o 5 c . a c a l l . (6 ) M a n h a t t a n b e lo w 1 1 0 t h S t . t o t h e
c e n t r a l - s t a t i o n d i s t r i c t s o f F l u s h in g , R i c h m o n d H ill a n d J a m a i c a o n L o n g
I s l a n d (f r o m 1 5 ) t o 1 0 c .
„ „„„ . . ,
.
T h e C o m m is s io n fin d s : (a) T h a t t h e c o m p a n y h a s 4 0 0 , 0 0 0 t e l e p h o n e s t a ­
t io n s u s e d b y s u b s c r i b e r s In N . Y . C i t y , a n d t h a t In t h e y e a r e n d e d N o v . 1
1 9 1 0 a t o t a l o f 3 0 , 1 3 2 , 3 3 0 t o ll m e s s a g e s w e r e t r a n s m i t t e d , f o r w h ic h t h e
g ro ss e a rn in g s w ere $ 3 ,1 1 4 ,3 4 5 .
(6 ) T h a t t h e n e w r a t e s w ill m e a n a r e d u c ­
t i o n in r e v e n u e o f $ 1 , 2 1 6 , 1 8 9 o n t h e b a s is o f t h e 1 9 1 0 b u s i n e s s , b u t t h a t
t h e I n c r e a s e in b u s in e s s w ill p r o b a b l y r e s t o r e t h e n e t e a r n i n g s t o t h e 1 9 1 0
f ig u r e In a v e r y s h o r t t i m e ,
(c) F r o m t h e f in a n c ia l s t a t e m e n t f u r n i s h e d b y
t h e c o m p a n y I ts t o t a l i n v e s t m e n t in N . Y . C i ty is $ 1 1 0 , 5 8 2 , 8 9 7 ( i n c lu d i n g
i n t a n g i b l e s , $ 3 0 , 0 0 0 , 0 0 0 ) a n d t h a t t h e n e t e a r n i n g s f r o m s a id p r o p e r t y is
$ 1 0 ,7 5 7 ,0 0 0 .
“ I t Is u n d e r s t o o d t h a t t h e 9 . 7 % o f n e t e a r n i n g s t o I n v e s t ­
m e n t s h o w n b y t h e s t a t e m e n t Is a v a i l a b l e f o r d i v i d e n d s .” — V . 9 2 , p . 8 7 9 .

Nipe Bay Co. (Sugar Plantations, & c.), Cuba.— Deben­
tures.— Lee, Higginson & Co. recently offered at 99 x
/ i and
int. a block of 10-year 6 % debenture gold bonds dated 1907.
A u th o r iz e d iss u e , $ 4 ,0 0 0 ,0 0 0 ; r e tire d b y s in k in g f u n d , $ 2 3 4 ,0 0 0 : o u t ­
s ta n d in g , 8 3 ,7 6 6 ,0 0 0 .
T h e U n i t e d F r u i t C o . o w n s s u b s t a n t i a l l y a ll t h e
( $ 3 , 5 0 2 , 5 0 0 ) c o m m o n s t o c k .— V . 9 1 , p . 1 2 5 1 .

T o t a l a s s e t s e x c l u d i n g g o o d - w ill, p a t e n t s a n d t r a d e - m a r k s — $ 5 , 2 0 5 , 8 6 9
Deduct — l li ll s p a y a b l e , $ 5 9 0 , 0 0 0 , a n d a c c t s . p a y a b l e , $ 8 0 0 , 9 6 3 , 1 , 3 9 0 , 9 0 3

Northern States Power Co.— Pref. Stock Offered— Earn­
ings.— W m . P. Bonbright & Co., who offer the 7 % cumula­

S u r p l u s o f a s s e t s o v e r c u r r e n t l ia b i li ti e s , D e c . 3 1 1 9 1 0 ------------------ $ 3 , 8 1 4 , 9 0 5
A n n u a l Net E a rnin gs ( Present D ividend Charge o f l s ( P r e f. Stock is $ 2 1 0 , 0 0 0 ) .
F o r 5 1 - 3 y e a r s e n d e d D e c . 3 1 1 0 1 0 , a s c e r t i f i e d , a v e r a g e p e r a n n _ S 8 3 .> ,0 2 0
F o r t h o v e a r cncllm ? D e c . 3 1 1 9 1 0 . ------------------------------ —
----------- $ 7 1 4 , 9 2 o
S a le s f o r t h e f o u r m o n t h s e a I d A p r i l 3 0 1 9 1 1 h a v e i n c r e a s e d $ 1 0 0 , 0 0 0 ,
o r a b o u t 2 0 % o v e r th e s a m e p e rio d of 1 9 1 0 .

tive pref. stock at about 87 and accrued dividend, report
earnings of the controlled properties for February and the
5 months ending Feb. 28:

A n n u a l Output and S a le s— Gloves, H osiery and Underw ear— N o . o f D o zen .

( Vr i o n 1. A u g . 3 1 1 9 0 3 t o 1 9 0 9 a n d a n n . r a t e f o r 1 6 m o s . e n d . D e c . 31 1 0 . .
1 90 9 -1 0.
1 90 8 -0 9.
1 9 0 7 -0 8.
1 906-07.
1 9 0 5 -0 6 .
8 5 0 ,7 4 7
6 7 6 ,9 2 3
6 1 0 ,2 7 2
6 4 3 ,5 4 5
5 3 6 ,4 0 0
M a n u fa ctu rin g Plants O w ned. — F r e e o f m o r t g a g e :
(1 ) A t B r o o k l y n ,
s ilk g l o v e , u n d e r w e a r a n d h o s ie r y f a c t o r y .
E m p lo y 's a b o u t 2 , 0 0 0 p e o p le .
P r e p a r e s f o r u s e t h e r a w s il k u s e d In a ll t h e p l a n t s . T o t a l I n s u r a n c e
$ 3 ,0 0 0 ,0 0 0 .
( 2 ) A t A m s t e r d a m , N . Y . , s ilk g lo v e p l a n t ( b r i c k ) , f o r m e r l y
A m s t e r d a m S i lk M ills , a c q u i r e d In 1 9 0 5 .
( 3 ) A t M u h la u ( S a x o n y . G e r ­
m a n y , l a r g e p l a n t p r o d u c i n g a b o u t 4 0 % o f t h e lis le g lo v e s s o ld i n t h i s
c o u n t r y ; a ls o s ilk g lo v e s f o r E u r o p e a n a n d C a n a d i a n m a r k e t s .
(4 ) A t
S i d n e y , N . Y . , s ilk g lo v e f a c t o r y , f o r m e r l y C l a r k T e x t i l e C o .
(5 ) A t H o r ­
n e d , N . Y . , a f in is h in g p l a n t f o r s il k g l o v e s .
A ls o le a s e s p l a n t s a t O w e g o , F o r t J e r v i s a n d M o n ti c c ll o , N . Y . , f o r
m a n u f a c tu r e o f g lo v e s .
E m p lo y s a t o t a l o f a b o u t 6 , 0 0 0 w o r k e r s a t i t s v a r i o u s p l a n t s .
1 hese
p l a n t s h a v e n e v e r b e e n I d le a s in g le d a y fo r w a n t o f o r d e r s : t h e g r e a t d i f f i ­
c u l t y lia s b e e n to s u p p l y t h e d e m a n d . S in c e l a s t s u m m e r h a s lic c n w o r k i n g
o v e r - t i m e a g r e a t p a r t o f t h i s p e r i o d , a n d a t A m s t e r d a m a n d S i d n e y Is
w o rk in g w ith tw o s h if ts o f h e lp .

Kirby Lumber Co.— Contract.— See Houston Oil Co. under
“ Annual Reports.” — V . 91, p. 41.
Long Island Lighting Co,— Bonds Offered.— E . II. Rollins
& Sons, N . Y ., & c., are offering the present issue of $225,000
1st M. 5s, dated March 1 1911, at 93J^ and int., to yield
5 .5 0 % , free of taxes in New York State.
T h e c o m p a n y Is a c o n s o li d a ti o n o t t h e N o r t h p o r t , A m l t y v l l l c , S a y v l ll e
a n d I s l l p e l e c t r i c - l i g h t c o m p a n i e s . C a p i ta l s t o c k , a u t h . , $ 3 0 0 , 0 0 0 : I s s u e d ,
$ 1 5 0 , 0 0 0 , “ f u ll y p a id in c a s h a t p a r . ”
T h e n e t e a r n i n g s f o r 1 9 1 0 , I t Is
s ta t e d , w ere o v e r d o u b le th e I n te re s t c h a rg e s o n b o n d s n ow o u ts ta n d in g .

Macon (Ga.) Gas Light & Wator C o — Sale of Water-Works
to City— New Bonds.— The shareholders will meet June 12
F o r t h e p u r p o s e o f t a k i n g a c t i o n c o n c e r n i n g t h e s a le o f t h e w a t e r - w o r k s
t o t h e c i t y o f M a c o n . A ls o c o n s i d e r a t i o n o f c h a r t e r a m e n d m e n t s a n d t o
ta k e a c tio n fo r o r a g a in s t th e Issu e o f b o n d s to b e s e c u re d b y a m o rtg a g e of
t h e f r a n c h is e s a n d p r o p e r t y r e m a i n i n g a f t e r t h e s a le o f t h e w a t e r - v v o r k s .
I I . T . P o w e ll Is P r e s i d e n t . C o m p a r e V . 8 4 , p . 9 3 4 . — V . 9 2 , p . 7 9 8 .

Mobile Electric Co.— Earnings.— For years ending Feb. 28:
Y ea r ending
F eb. 2 8 —

G ross
E a rn in g s.

N et
E a r n in g s.

F ix e d
C harges.

Preferred
D ividen d .

B a la n ce,
S u rp lu s.

1911
$ 3 2 4 ,3 4 2
8 1 5 4 ,5 4 6
8 8 3 ,9 6 9
$ 3 4 ,3 3 2
$ 3 6 ,2 4 5
1 9 1 0 I _________ 2 9 9 , 3 3 0
1 4 2 ,2 5 8
7 8 ,0 9 0
3 0 ,0 0 0
3 4 ,1 6 8
T h e r e Is o u t s t a n d i n g $ 5 8 5 , 0 0 0 7 % c u m u l a t i v e p r e f . s t o c k (s e e V . 9 1 , p.
5 2 1 ) $ 9 5 0 0 0 0 c o m m o n s t o c k a n d 8 1 , 6 1 6 , 0 0 0 1 s t M . s . f . 5 s , a u t h . Is s u e s
$ 5 , 0 0 0 , 0 0 0 , 8 2 , 5 0 0 , 0 0 0 a n d $ 3 , 0 0 0 , 0 0 0 , r e s p e c t i v e l y .— V . 9 1 . P- 6 5 7 .

Monongahela

River

Consolidated

Coal

&

Coke

Co.—

Operations for Half-Year.— For 6 mohths ending April 30:
S ix
M o s .—

Total
7'ons.

G r o s s ------------------ — D eductions ----------- ,
E a r n s. H ogalty.
D e p r . l a x .& I n s .X s t M .I n t .

B a l.

1 9 1 0 -1 1 .$ 3 ,6 4 8 ,3 7 7 8 1 1 1 9 , 3 1 0 $ 2 5 7 ,5 2 8 $ 1 9 1 .1 8 7 $ 2 1 1 .7 0 7 $ 2 2 7 .7 3 8 s S - 3 1 ,l o0
1 9 0 9 - 1 0 . 3 , 1 7 5 , 1 0 8 1 , 7 7 5 , 0 3 6 2 2 1 , 5 3 1 2 0 8 , 5 3 1 2 0 1 , 4 9 9 2 3 4 , 2 6 6 ( 1 9 0 ,7 9 1
d D e f ic it,
s S u r p lu s .

Monongahela River Consolidated Coal & Coke Co.— Sale.—See United States Steel Corp. below.— V . 92, p. 730, 184.
Natomas Consolidated of California.— Bonds— Earnings.—
Louis Sloss & Co., San Francisco, are recommending the 1st
M. 0 % gold bonds dated Jan. 1 1910, quoted on San Francisco
Stock Exchange at about 92
bid, part of an issue of $1 5,­
000,009, of which $11,200,000 are outstanding and $1,211,000
are reserved to retire all underlying bonds. A consolida­
tion organized N ov. 25 1908 to extend the gold-dredging
operations in the American River and the Feather River
fields and to develop and to own and market about 90,000
acres of agricultural lands in the Sacramento Valley.




G ross

N et

In t.

P ref. D iv .

B a l.,

P eriod Covered —
E a rn in gs. E a r n in g s. C harges.
(7 % ).
S ur.
F e b r u a r y ____________ - - 8 1 3 6 , 0 1 5
8 6 2 ,7 4 9
$ 2 6 ,5 1 3
$ 2 0 ,2 6 9
$ 1 5 ,9 6 7
5 m o n th s e n d in g F e b . 2 8 - - 6 6 3 ,3 6 3
2 9 8 ,0 0 9
1 1 8 ,9 0 1
8 8 ,8 7 4
9 0 ,2 3 4
T h e r e Is o u t s t a n d i n g 8 3 , 3 0 6 , 2 0 0 p r e f . s t o c k , 8 1 , 0 0 0 , 0 0 0 c o m m o n s to c k
a n d $ 7 , 4 0 8 , 0 0 0 C o n s u m e r s ’ P o w e r C o . 1 s t M . 5 s ( I n c lu d i n g $ 2 , 9 8 8 , 5 0 0
r e s e r v e d t o r e t i r e a lik e a m o u n t o f u n d e r l y i n g b o n d s ) ; a u t h o r i z e d is s u e s
$ 1 6 , 0 0 0 , 0 0 0 , $ 1 4 , 0 0 0 , 0 0 0 a n d $ 1 0 , 0 0 0 , 0 0 0 , r e s p e c t i v e l y .— V . 9 2 , p . 4 6 6 .

Oberlin (O.) Gas & Electric Co.— Protective Committee.—
Notice is given in our advertising columns that a committee
has been formed to protect the interests of the 1st M. bond­
holders. All bondholders who have not as yet received in­
formation of the same can obtain it by addressing the
committee, care of Hayden, Miller & Co., Cleveland, Ohio.
— V. 92, p. 1377.
Oklahoma Gas & Electric Co.— Earnings.—
Yea r end.

G ross

N et

F ix e d P r e f .D i e s .

C om m on

B a la n ce,

Feb. 2 8 .
E a rn in gs. E a rn in gs.
Charges.
( 7 % ) . D ivid en d . S u r p lu s.
1911 - - - .$ 9 6 4 ,2 2 1
8 3 7 2 ,0 0 9
$ 8 8 ,1 7 2
$ 9 2 ,7 1 7
$ 6 1 ,8 7 2 $ 1 2 9 ,2 1 8
1 9 1 0 ________ 7 1 8 , 1 7 5 2 8 0 , 1 9 4
7 7 ,8 1 3
4 3 ,8 2 1
1 7 ,5 0 0
1 4 1 ,0 6 0
T h e r e is n o w o u t s t a n d i n g $ 1 , 5 0 0 , 0 0 0 7 % c u m u l a t i v e p r e f . s t o c k , 8 1 , 1 1 8 , ­
9 0 0 c o m m o n s t o c k a n d 8 2 , 1 2 5 , 0 0 0 1 s t M . 2 0 - y r . 5 s; a u t h o r i z e d I s s u e s ,
$ 2 , 5 0 0 , 0 0 0 , $ 2 , 5 0 0 , 0 0 0 a n d $ 5 , 0 0 0 , 0 0 0 r e s p e c t i v e l y .— V . 9 1 , p . 6 5 7 .

Old Dominion Copper Mining & Smelting Co. of New Jer­
sey.— Dividend Increased.— A quarterly dividend of $1 per
$25 share of this operating company has been declared, pay­
able July 5 to holders of record June 20, against 50 cents per
share 3 months ago. In June 1910 the payments were cut
from the rate of $1 per share, which is now restored.
B y t h e d e c l a r a t i o n o f t h e d i v i d e n d ( N o . 1 2 ) . t h e O ld D o m i n io n C o . o f
M a in e , t h e h o l d i n g c o m p a n y , r e c e i v e s $ 1 5 5 , 2 4 5 t h r o u g h I ts o w n e r s h ip o f
8 3 , 8 8 1 , 1 2 5 o f 8 4 , 0 5 0 , 0 0 0 s to c k o f t h e N e w J e r s e y c o m p a n y , w h ic h is e q u a l
t o a f r a c t i o n o v e r 5 2 c e n t s p e r s h a r e o n I ts 8 7 , 3 3 1 , 1 2 5 o u t s t a n d i n g s t o c k .
T h e u s u a l q u a r t e r l y d iv id e n d o f 5 0 c e n ts p e r s h a re o n th e s to c k o f th e
M a in e c o m p a n y ( p a r 5 2 5 ) h a s b e e n d e c l a r e d , p a y a b l e J u l y 6 t o h o l d e r s o f
rec o rd J u n e 2 0 . — V . 9 0 , p . 9 8 0 .

Ontario Power Co., Niagara Falls.— Sale of Debentures.—
— William Salomon & Co., N. Y ., and J. C. Dann & Co.,
Buffalo, who recently purchased $2,300,000 6 % debentures,
announce that they have placed the entire amount with in­
vestors at 100 and int., with a 10% bonus in capital stock.
These debentures arc part of an auth. issue of S3,000,000, all
outstanding; they are dated 1906 and due July 1 1921.
F o r t h e y e a r e n d e d M a rc h 3 1 1 9 1 1 , a f t e r p a y m e n t o f I n t e r e s t a n d s i n k i n g
fu n d o n O n ta rio P o w e r C o. 1 st M . 5 s a n d In te r e s t o n O n ta rio T ra n sm iss io n
Co 5 s , a g g re g a tin g $ 3 8 8 ,8 5 9 , th e r e re m a in e d a b a la n c e o f 8 2 5 2 ,6 1 8 , fro m
w h ic h t h e r e w e r e d e d u c t e d 8 1 8 0 , 0 0 0 I n t e r e s t o n t h e 6 % d e b e n t u r e s , a n il
8 2 2 ,5 0 0
s i n k i n g f u n d o n 'l 'r a n s m l s s l o n C o . b o n d s , l e a v i n g a s u r p l u s o f $ 5 0 , 1 1 8
f r o m t h e c o m b i n e d o p e r a t i o n s , e l i m i n a t i n g I n t e r - c o m p a n y p a y m e n t s ."
to r
t h e c u r r e n t y e a r t h e s a le s . It Is s a i d , s h o u ld a v e r a g e 2 0 , 0 0 0 h . p . o v e r t h e
s a le s In 1 0 1 ' . r e s u l t i n g In a s u r p l u s o v e r a ll c h a r g e s o f t h e t w o c o m p a n i e s o f
$ 2 3 0 ,5 6 8 .
C o m p a re V . 9 2 , p . 1 3 1 5 , 4 6 7 .

Pacific Telephone & Telegraph Co.— Listed.— The N. Y .
Stock Exchange has listed $195,000 additional 1st M. and
collateral trust 30-year sinking fund 5 % bonds due 1937, with
authority to add $3,805,000 on notice of sale, making the
total amount to be listed $32,000,000.
T h e s a i d $ 4 , 0 0 0 , 0 0 0 b o n d s a r c t o b e i s s u e d , a s p r o v i d e d In t h e m t g e ., f o r
6 6 2 - 3 % o f t h e c o s t o t i m p r o v e m e n t s , a d d i t i o n s , b e t t e r m e n t s , e x te n s i o n s
a n d n e w p r o p e r t y . A c o n t r a c t h a s b e e n e n t e r e d I n to f o r t h e s a le o f 5 2 , ­
0 0 0 ,0 0 0 o f t h e b o n d s , w h ic h a r c t o b e c e r t if i e d a n d d e li v e r e d a s r a p i d y a s
p o s s ib le u n d e r t h e t e r m s o f t h e m t g e ., p r o b a b l y b e f o r e D e c . 3 1 1 9 1 1 ; w i t h i n
t h a t t im e t h e r e m a i n i n g $ 2 , 0 0 0 , 0 0 0 b o n d s . I t Is e x p e c t e d , w ill h a v e b e e n
s o ld a n d d e l i v e r e d .— V . 9 2 , p . 4 5 9 .

1570

THE CHRONICLE

Packard Motor Car Co., Detroit.— Output— Published:
_ .
. ,
,.r .
1905.
1906.
1907.
1908.
1909
1910
O u t p u t o f c a r s ( N o . ) ......................... 5 0 0
725
1 ,1 2 5
1 303
2 3 00
3970
I n A p r i l 1 9 1 0 a $ 5 0 0 , 0 0 0 m o r t g a g e w a s m a d e to t h e M u t u a l L ife I n s Co
o n t h e p r o p e r t i e s N o s . 1801 to 1 8 0 9 B r o a d w a y , N . Y . C o m p a r e V . 9 2 , p l 0 3 7 '.

Philadelphia Co. for Guaranteeing Mortgages.— Report —
May 31

Year

fa rn t

Ntn rS !\ er

D iv id en d s

B a la n ce,

Guarantees

car
s u Y ’- f n
P a id.
su rplu s. O utstand’ g .
........................ ® 1 4 % ) $ 5 5 , 0 0 0 $ 3 3 , 5 0 5 $ 1 0 , 5 3 0 , 2 0 0
O a n l t a f s t o r k ' V i o n o ’o n o
7 1 ’? 9 2 , r <5 % ) 5 0 , 0 0 0
2 1 .8 9 2
7 ,4 4 3 ,7 5 0
32? o non- S
i i W
’n?0 ,
M a y 3 1 1 9 1 1 . $ 3 0 0 , 0 0 0 ; h ills p a y a b l e ,
5 9 8 ° i 0 0 °L_ v . 9 2 , p P1 3 ° 1 5 3 ’ 5 > 4 9 ,0 0 8 : c a s h ’ $ 9 - 1 3 8 : m o r t g a g e s o w n e d , $ 1 ,m in

11

Pittsburgh Coal Co.— Sale.— See United States Steel Cor­
poration below.— V. 92, p. 1503.
San Bernardino (Cal.) Valley Gas Co.— Receivership.— The
Los Angeles Trust Co. has been appointed receiver on appli­
cation of Redlands parties made some time since.
P M ' k L 0BCP O 111
c o n t i n u e d a s M a n a g e r o f a ll t h e p r o p e r t i e s h e r e , a t
Volt, 01?; K l v e is i d c a n d C o r o n a .
R e c e n tly th e c o m p a n y p a s se d
in to c o n tio l o f B e r n a rd in o , R e d la n d s a n d R iv e rs id e b a n k e rs , w h o h a v e
a n e ff o r t t o p u l l t h e c o m p a n y o u t o f i t s d i f f ic u l ti e s .
I n o rd e r to
p r e v e n t t h e filin g o f m o r e s u i t s , t h e r e c e i v e r s h ip w a s d e c id e d u p o n .
„ d,s o u t s t a n d i n g a t l a s t a c c o u n t s . 0 1 , 2 0 0 . 0 0 0 ( a u t h . i s s u e , $ 1 , 5 0 0 , 0 0 0 )
o x t e n . M . g o ld 5 s , d a t e d J u n e 1 1 9 0 9 , d u e J u n e 1 1 9 4 9 , r e d e e m a b l e
i S o u t h e r n C r u s t C o ., L o s A n g e l e s , t r u s t e e .
P a r t o f t h e Is s u e w a s
r e s e r v e d to r e t i r e $ 2 0 8 , 0 0 0 u n d e r l y i n g lie n s o f t h e p r o p e r t i e s c o n s o l i d a t e d .
.nEe s ' ’
t m r d i n e r , L o s A n g e le s ; V . - P . , C . J . H a l l , P a s a d e n a ; S e c . a n d
T r e a s ., H . B . D u n c a n . C a p i t a l s t o c k , $ 1 , 5 0 0 , 0 0 0 ; p a r , $ 1 0 0 .

San Diego Consolidated Gas & Electric Co.— Earnings.—
Yea r ending

G ross

N et

F ix e d

P r e f.

C om m on B a la n ce,

Feb. 2 8 —
E a rn in g s. E a r n in g s. Charges.
D ie s.
D lv .
S u rp lu s
1 9 1 1 ----------------- $ 5 7 7 , 7 1 3 $ 2 8 8 , 3 8 1
$ 9 3 ,1 5 2
$ 8 3 ,3 7 2
$43,914 $07,913
1 9 1 0 ------------------ 4 5 1 , 1 8 3
2 0 0 ,1 1 7
8 9 ,3 5 2
5 4 , 5 7 232,889
„ „ „ „ „ 83,304
r h e r e Is o u t s t a n d i n g $ 1 , 0 0 0 , 0 0 0 7 % c u m u l a t i v e p r e f . s to c k (s e e V . ’s o ,
'- n n 2,7nv}0 ,
s t o Flc an<1 $ 2 , 2 0 0 , 0 0 0 1 s t M . 5s; a u t h o r i z e d
I s s u e s $ 2 , a 0 0 , 0 0 0 , $ 1 , 0 0 0 , 0 0 0 a n d $ 6 , 0 0 0 , 0 0 0 , r e s p e c t i v e l y .— V . 9 1 , p . 4 6 8 .

Santa Barbara (Cal.) Gas & Electric Co .— Bonds Offered.—
E . H . Rollins & Sons, Chicago, Boston, New York, Denver
and San Francisco, are offering at 101 and int. by ad­
vertisement on a preceding page the present outstanding issue
of $600,000 1st M. 6 % gold bonds dated July 1 1911 and
due July 1 1941, but redeemable at 105 and int. on any in­
terest date. Par $1,000, $500 and $100 (c*). Interest
J. & J. at Los Angeles Trust & Savings Bank (the trustee),
Los Angeles, or at the offices of E . H . Rollins & Sons. “ The
Southern California Edison Co. (V . 91, p. 1517) owns all but
$900 shares of the outstanding capital stock.”
Digest of Letter from President C. H. Frink, Santa Barbara, June 1911
I n c o r p . In C a l if o r n ia in 1 9 0 9 ; a c o n s o l i d a t i o n o f t h e M e r c h a n t s ’ M u tu a i
I o w e r & L l g h t C o . a n d t h e g a s a n d e le c t r i c p r o p e r t i e s o f t h e S o u t h e r n C a li­
f o r n i a E d i s o n C o . In S a n t a B a r b a r a .
H a s a g a s p la n t w ith a d is tr ib u tin g
s y s te m c o v e rin g e n tir e c it y , a n d a n e le c tric p la n t s u p p ly in g th e e n tir e c ity
a n d r a p d i y g r o w i n g s u b u r b s o f M o n te c i to - n d M ira M a r w i t h e l e c t r i c i t y
f o r l ig h t in g a n d p o w e r . A ls o s u p p li e s e l e c t r i c i t y f o r t h e s t r e e t r a i l w a y .
Capitalization

Au th orized

,

1910-11.

est.

1911.

$ 2 1 5 ,0 0 0
G r o s s e a r n i n g s -------------------------------------------------------------------- $ 1 9 6 , 5 2 0
N e t e a r n i n g s ( a f t e r o p e r a t i n g e x p e n s e s ) _________________ $ 7 5 , 7 8 5
$ 8 6 ,0 0 0
A n n u a l I n t e r e s t o n t h e p r e s e n t I s s u e o f b o n d s _________ .
. . .
$ 3 6 ,0 0 0
A n n u a l c a s h s i n k i n g f u n d b e g in n i n g J u l y 1 1 9 1 3 , 1 % o f b o n d s o u t s t a n d ­
in g f o r r e d e m p t i o n o f b o n d s ; a n d a n a d d i t i o n a l 1 % , b e g in n i n g o n t h e s a m e
d a t e , f o r p e r m a n e n t e x t e n s i o n s a n d a d d i t i o n s o r f o r r e d e e m in g b o n d s .
T h e p h y s ic a l p r o p e r t y , w i t h o u t a ll o w i n g f o r f r a n c h i s e o r g o o d - w ill. Is
a p p ra is e d a t $ 8 5 0 ,0 0 0 .
T h e e l e c t r i c g e n e r a t i n g p l a n t h a s a c a p a c i t y of
r . 3 9 0 n . p . In s t e a m e n g in e s a n d 2 , 8 3 3 h . p . i n g e n e r a t o r s .
T h e gas p la n t
( r e b u i l t In 1 9 1 0 ) is c a p a b l e o f p r o d u c i n g 6 6 0 , 0 0 0 c u . f t . o f g a s in 2 4 h o u r s ;
t h r e e h o l d e r s , c o m b i n e d c a p a c i t y 3 0 0 , 0 0 0 c u . f t .; 3 4 y , m ile s o f m a i n s .
On A p r i l .50 1 9 1 1 t h e r e w e r e 3 , 2 4 0 e l e c t r i c c o n s u m e r s , w i t h a c o n n e c t e d
l o a d e q u i v a l e n t t o 6 1 , 0 1 4 1 0 - c a n d l c p o w e r In l i g h t s , a n d 1 0 7 1 h p in
m o to r s ; a n d 2 , 5 5 7 g a s c o n s u m e r s .
,
P op. li 1.ai lo n °,f S a n t a B a r b a r a h a s I n c r e a s e d f r o m 6 , 8 0 4 In 1 9 0 0 to
1 1 , 8 5 9 in 1 9 1 0 , a n I n c . o f a b o u t 6 8 % ; t h e s u b u r b s o f M o n te c i to a n d M ir a
M a r h a v e a p o p u la tio n of a p p ro x im a te ly 5 0 0 .
T h e liv e b a n k s in S a n t a
B a r b a r a h a v e d e p o s its o f $ 4 , 4 8 3 ,2 8 0 .

Southern California Edison Co .— Bonds of Controlled C o ­
Sea Santa Barbara Gas & Elec. Co. above.— V . 92, p. 1577.
Southern States Land Co.— Called Bonds.— Twenty-five
consol, mtge. bonds were paid on June 1 at $1,025 per bond,
with interest, at Knickerbocker Trust Co
New York
— V . 87, p. 1482.
Spanish-American Iron Co.— Bonds Called.— One hundred
and twenty-nine ($129,000) first mortgage 20-year sinking
fund 6 % gold bonds due July 1 1927 have been drawn for
payment on July 1 at par and int. at the Girard Trust Co.,
Philadelphia, trustee.— V . 91, p. 1577.
Sprague Electric Co.— Merger.— See General Electric Co.
above.— V. 75, p. 246, 91.
Standard Cordage Co.— Sale of Boston Property.— The
Boston properties will be sold under foreclosure of the 1st
M. by order of the Massachusetts Supreme Judicial Court on
July 3 at the office of the Sewall & Day Mill, Boston, by
Clarence H . Cooper, special master. Upset price, $150,000.
T h e p r o p e r t ie s c o n s i s t o f S e w a l l & D a y M ill o n p a r c e l c o n t a i n i n g 7 6 1 , 6 5 5
s q u a r e fe e t; a v a c a n t p a r c e l o p p o s i t e c o n t a i n i n g 5 9 , 5 9 9 s q . f t . a n d t h e
P e a r s o n m ill o n p a r c e l c o n t a i n i n g 1 1 4 , 9 1 9 s q . f t . — V . 9 2 , p . 1 4 1 0 , 6 0 1 .

Standard Oil Co. of New Jersey.— Mandate Issued.— The
mandate of the U. S. Supreme Court directing the lower
Court to enforce the decree recently handed down in the Gov­
ernment suit was issued on June 3 .— V. 92, p. 1378, 999.
Thompson-Starrett (Construction) Co., New Y ork.__ New
Stock.— The shareholders voted June 5 to increase the capital
stock from $1,500,000 to $2,000,000 by increasing the com­
mon stock from $1,000,000 to $1,500,000.
The additional stock Is offered at par ($100 per share) to holders of com­
mon, stock of record Juno lo 1911, to the extent of 50% of their respective




f Wr i n £i i i '
I n J uU ls s q u i r e d o n o r b e f o r e J u l y 1 1 9 1 1 .
T h e o ff r a c tlo n a l s h a r e s '— V - V ^ p ? 1 4 4 0 , ^ 8 7 . ^
p u r c h a s e a n d s a lc o f ^ H t s to

i
Extension Mining Co.— Bonds Called.— Forty-six
1st M. 6 % bonds of $1,000 and 15 bonds of $100 each, issued
under mtge. dated July 1 1909, have been drawn for payment
at par and int. on July 1 at the Corporation Trust Co., 15 E x ­
change Place, Jersey City, N. J., trustee.— V. 91, p. 1635.
Twin Falls (Idaho) Salmon River Land & W ater Co.—

Bonds, efec.— On June 1 $140,000 1st M. 6 % gold bonds,
guaranteed by the American Water-Works & Guarantee Co.,
were retired, this amount being the first maturity
.» w

5

?„• W

o d S .

United States Steel Corporation.— Acquisition of Coking
i^ aikTTlh e C0‘nPany Kas agreed to purchase in all “ about
17,000 acres of coking coal on about 35 years’ time of pay­
ment at ,>% ” — in other words, the purchase aggregating
about $17,800,000 will be paid in 5 % 35-year guaranteed
bonds. As late as June 6 the final papers had not yet been
signed. A statement put out by the Pittsburgh Coal Co. says:
to t h e l i rec t0 F H p k PnC.,iP nt t s b l ir g K C o a l C o - u n a n i m o u s l y a p p r o v e d t h e s a le
t h e C o lo n ia l C o k e C n
° L a ^ L 7 ’0 0 0 a c r c s o f O s p r o p e r t y , k n o w n a s
a n d a ls o e o n s e n t o d ^ s o
,a t s l " l .) 0 p e r a c r e , I n c l u d i n g i m p r o v e m e n t s ,
C o n s o l id a t e d C o ^ l A - C n i r J ;• U,S s to c k o w n e r s h ip In t h e M o n o n g a h e l a R i v e r
a b o u t 9 0 0 0 a c r e s o f L i L l V * i i ? S c ? r n c d • t o t h e s a le b y t h a t c o m p a n y o f
ar ic
c ric
e.
P
ym
e niut Iiss L
? m
i aiiy
n iL
t o bDu
m a d e aIn bdo n d s t rsaecct us r e° {d cbova l m‘'W
o r tint sa,ir ae t n$n8o5n0 tpheer
P Tl'F
Co®
i n^ ee Piat
i i i iLs bo ui irr gg hn a co oo aa 1i L
O ., I t Is s a i d , w 'Y
ill .W
s ti tf
ll fhtlc
a v eu af bs o uStt e1e5T0 g0o0r0p Sarcartel so no0f
g o o d c o a l l a n d s in t h e P i t t s b u r g h d i s t r i c t . T h e p r o p e r t y s o ld e m b r a c e s
E d lf-V

9O2

pOV1 5 0 L

lt3a i5 m O n th ly p r o d u c t l 0 n a b ° u t 5 5 . 0 0 0 t o n s o f c o k e -

States Telephone Co.— Possible Consolidation —
ih e Ohio Legislature on May 31 passed the Public Utility bill
providing for the regulation of all public utilities securities
issues except street railways.
„ „ l r h c bil1 c o n t a i n s a p r o v is i o n a u th o r i z i n g t h e c o n s o li d a ti o n o f t e l e p h o n e
c o m p a n i e s , t h e C o m m is s io n t o h a v e t h e p o w e r t o v a lu e t h e p r o p e r t ie s t o b e
c o n s o l i d a t e d , r e g u l a t e t h e i r s e c u r i t y I s s u e s , a n d fix t h e r a t e s w h ic h t h e y
m a y c h a rg e fo r s e rv ic e .
I t Is e x p e c t e d t h a t u n d e r t il ls la w a g r e a t m a n y
c o n s o li d a ti o n s In t h e S t a t e w ill f o llo w , I n c l u d i n g t h a t o f t h e U n i t e d S t a t e s
a n d C u y a h o g a T e l e p h o n e c o m p a n i e s w i t h A m e r i c a n T e l e p h o n e & T e le ­
g r a p h s u b s i d i a r i e s .— V . 9 0 , p . 9 1 8 .

Vulcan Detinning Co.— Favorable Decision.— Ex-Chancel­
lor Magie, as Master in Chancery on June 8, filed his report in
which he finds that the American Can Co. must account to
the Vulcan company for profits in connection with its detinmng factories, now closed, to the amount of $677,352.
Compare V. 88, p. 1626.— V. 92, p. 1247.

l

C a p i t a l s t o c k , p r e f e r r e d , 6 % c u m u l a t i v e _______________ $ 5 0 0 , 0 0 0
$ 4 0 0 000
C om m on
----------------------------------------------------------------5 0 0 ,0 0 0
4 0 0 ,0 0 0
B o n d e d d e b t , t l r s t m o r t g a g e 6 s -------------------------------------- 1 , 0 0 0 ,0 0 0
6 0 0 ,0 0 0
A d d itio n a l 1 s t M . 5s m a y b e Issu e d fo r n o t e x c e e d in g 7 5 % of th e c o s t of
p e r m a n e n t e x te n s io n s a n d a d d itio n s , b u t o n ly w h e n th e n e t e a rn in g s fo r th e
p r e c e d in g y e a r h a v e b e e n tw ic e th e I n te r e s t c h a r g e , in c lu d in g b o n d s p r o ­
p o se d to b e Iss u e d .
[T h e p r e s e n t Issu e re p la c e s 5 % b o n d s a u th o r iz e d a t
o r g a n i z a t i o n a n d s in c e u s e d a s c o l l a t e r a l .— E d . ]
E a r n in g s / o r Y ea r ending A p r i l 3 0 1 9 1 1 and E stim a te f o r Cal. Y ea r 1 9 1 1 .

„

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

— Frank S. Gannon, a trustee and member of the finance
c?j?4m*^ ee
the Emigrant Industrial Savings Bank, has taken
offices at 2 Rector S t., N . Y . City, and will devote himself to
technical work in examinations and apprasials of railway
properties and as advisory counsel. Mr. Gannon formerly
served as General Manager of the New York City & North­
ern, now a part of the N . Y . Central & Hudson River, and
as President of the Staten Island Rapid Transit R R . In
Jan. 1897 he was elected Third Vice-President and General
Manager of the Southern R y ., and from March 1902 to No­
vember of that year lie was its Third Vice-President. In
May 1903 he was elected Vice-President of the New York
U ty Ity., and between 1905 and 1909 lie was Vice-President
ot the Atlantic & North Carolina and President of its succes­
sor, the Norfolk & Southern, now the Norfolk Southern.
— At 102 and accrued dividend, to yield the investor over
6 .8 5 % income, Spencer Trask & Co. and William Salomon &
Co. are jointly offering $3,000,000 cumulative 7 % first pre­
ferred stock of Julius Kayser & Co. A large part of this
issue has been sold. The bankers state: “ The company,
established in 1880, is the largest manufacturer of silk gloves
in the world. Net earnings for year ended Dec. 31 1910 were
equal to about 3 Yz times the dividend on the first preferred
stock and for the five years and four months ending Dec. 31
1910 its net earnings averaged over four times these require­
ments.” See full details of this offering in our “ General
Investment News” Department and the advertisement else­
where in this issue of the “ Chronicle.”
— Poor’s Manual of Industrials for 1911 (second annual
number) is now ready for delivery. It contains 2,260 pages
of text devoted exclusively to statements of industrial
corporations; including statements of several hundred
additional companies reporting for the first time. The use
of lighter paper has made this issue more convenient for use
than the 1910 edition. The aggregate capital of the cor­
porations appearing in this work is about $20,000 000 000
of which $18,000,000,000 is in the United States’. Price!
$7 50 per copy delivered, or $16 to include the Railroad
Manual to be ready this month.
— The 1911 edition of Brown’s “ Directory of American
Gas Companies” has been issued. It is the standard publi­
cation in this field and covers the United States. The re­
ports of over 200 new gas companies have been added to this
edition, making a total of 2,087. The book is published by
E . C. Brown, 280 Broadway, N . Y .; price, $5.
— Ames, Emcrich & Co., Chicago, investment bankers,
have removed their temporary quarters in the Chicago Sav­
ings Bank Building to their permanent offices in the Harris
Trust Building, 111 West Monroe Street.

THE CHRONICLE

J u n e 10 1911.]

1571
C O T T O N .

'I i 1 h e

(C o m m e r c ia l

C O M M E R C IA L

T i u u s .

E P IT O M E .

Friday Night, June 9 1911.
There is evidence that the undertone of American business
is more confident, but for all that conservatism is still the
dominant note. Y et many feel that the way is being grad­
ually cleared for a return to better times. Crop prospects
are still good and money is easy.
L A R D has been in the main firm; prime Western here
8.50c., City 7.75c., refined for Continent 8.70c., South Amer­
ica 9.7 0c., Brazil in kegs 10.70c. Futures have fluctuated
within narrow limits. Heavy receipts of hogs have been
offset by large buying of lard and ribs by well-known opera­
tors.
D A I L Y C L O S I N G P R I C E S O F L A R D F U T U R E S I N NEW YORK.
S a t.

J u l y d e l i v e r y ----------------- 8 . 1 5
S e p t e m b e r d e l i v e r y ____ 8 . 2 5

M on.

T u e s.

W ed .

T h u rs.

8 .2 2
8 .3 2

8 .3 0
8 .4 5

8 .2 0
8 .3 5

8 .3 0
8 .3 5

D A I L Y CLOSIN G P R IC E S OF L A R D
S a t.

J u l y d e l i v e r y .......... ...............8 . 0 7 H
S e p t e m b e r d e l i v e r y ____ 8 . 1 5

M on.

8 .1 5
8 .2 2

F r i.

8 .3 0
8 .5 0

F U T U R E S I N CHICAGO.

T u e s.

8 .2 2 H
H

W ed .

8 .2 0

T h u rs.

F rt.

8 .2 0
8 .3 7 > $
8 .3 2 } ^ 8 .3 0 8 .3 0

P O R K has been dull. Mess here 817 7 5 @ $ 1 8 , clear
$15 7 5 @ $ 1 7 and family $18 5 0 @ $ 1 9 50. Cut meats have
been in fair demand; hams scarce and higher. Pickled hams
14@ 14J ^ c., pickled bellies, clear, 1 2 @ 1 3 c . and pickled ribs
ll@ 1 2 c .
Beef, mess $12 5 0 @ $ 1 3 , packet $ 1 3 @ $ 1 3 50,
family $ 1 4 @ $ 1 4 50 and extra India mess $ 2 0 @ $ 2 0 50. Tal­
low 5 % c . for City. Stearines 8J^c. for oleo and 1 0 @ 1 0 ^ c .
for New York lard. Butter, creamery extras, 22@ 2 2> £c;
firsts 2 0 ^ @ 2 1 J^c. and firm. Cheese firm; State, new, whole
milk, colored, fancy, 10^ (3) l i e .
Eggs, Western firsts 14J^
@ 15c.
O IL .— Domestic linseed dull and reported rather weak;
fish oils are being used as substitutes. City, raw, American
seed, nominally 9 0 @ 9 1 c .; boiled 9 1 @ 9 2 c ., Calcutta, raw, $1.
Cottonseed has been dull; winter 6.G 0@ 7.5 0c ., summer white
6 .5 0 @ 7 .50c., crude nominal. Cocoanut quiet; Cochin
@ 8 % c ., Ceylon 8 ^ @ 8 M C- Corn 6 @ 6 .0 5 c . Olive quiet
at 8 8 @ 9 0 c . Lard dull, weak and irregular; prime 7 3 @ 8 5 c .,
N o. 1 extra 6 3 @ 7 0 c . Newfoundland cod 5 7 @ 5 8 c ., domes­
tic 5 4 @ 5 6 c .
CO FFEE on the spot has been quiet but firm; Rio N o. 7,
1 2 % c .; Santos No. 4, 1 2 % @ 1 3 c . Futures, though quiet,
have been firmer in response to some advance in Europe,
apparently due to manipulation and complaints of cold rains
in Brazil. Closing prices were as follows:
J u n e _____ 1 0 . 8 0 @ 1 0 . 8 4 O c t o b e r ___1 0 . 4 8 ( ? 1 0 . 4 9 F e b r u a r y . 1 0 . 4 0 @ 1 0 . 4 7
J u l y _____ 1 0 . 8 7 @ 1 0 . 0 0 N o v e m b e r . 1 0 . 4 7 (j > 1 0 .4 8 M a r c h ____ 1 0 . 4 7 @ 1 0 . 4 8
A u g u s t - - _ 1 0 . 7 8 @ 1 0 . 8 0 D e c e m b e r ..1 0 . 4 5 ( > 1 0 . 4 7 A p r i l _____ 1 0 . 4 8 @ 1 0 . 4 9
S e p t e m b e r .1 0 . 6 4 @ 1 0 . 6 7 J a n u a r y _ _ 1 0 . 4 6 ( ) 1 0 . 4 7 M a y _____ 1 0 .4 S @ 1 0 . 4 9

SU G A R .
Raw has advanced on higher cables and a better
demand for Cuba and Porto Rico for early shipment. Cen­
trifugal, 96-degrees test, 3.89c.; muscovado, 89-degrecs test,
3.39c.; molasses, 89-degrees test, 3.14c. Refined quiet;
granulated 5c. Teas quiet and steady, with foreign markets
firm. Spices in fair demand and steady; white pepper higher.
P E T R O L E U M in steady demand for export but quiet
otherwise. Refined, bbls., 7.25c.; bulk, 3.75c.; and cases,
8.75c. Gasoline, 86-degrees, in 100-gal. drums, 1 8 % c .;
drums $8 50 extra. Naphtha, 73@76-degrecs, in 100 gal.
drums, lG % c .; drums $8 50 extra. Spirits of turpentine
57c. Rosin $6 60 for strained, common to good. Hops
quiet but firm here and at the W est.
TO BACCO.— Trade continues without particular change
or other feature of interest. Cigar manufacturers feel the
effect of slack trade conditions and are interested only in the
matter of supplying immediate requirements. Desirable
binder is in but moderate supply with buyers, however, dis-,
posed to hold off for lower prices. Trade in Sumatra tobacco
is dull. Although the quality is admittedly fine, the price
is by many considered too high. American manufacturers,
who were good buyers at the recent inscription sale in A m ­
sterdam, have apparently supplied their present needs and
show little interest in raw material at the moment.
CO PPER firm at 12J^jC. for lake and 12 % c . for electro­
lytic; standard 12.05c., foreign holders firmer. London
prices have been the highest of the year. Increased sales
are reported in this country. Tin has advanced in response
to a rise in London, where the “ corner” has caused much ex­
citement. Spot 4 8 j^ c ., later 48c.; June 4 7 % c ., later 47J4c.
London prices broke violently on Wednesday. Spelter
5.40c. Lead 4^jC. Iron quiet and Southern rather weak;
N o. 1 Northern $ 1 5 @ $ 1 5 50, No. 2 Southern $14 7 5 @ $ 1 5 25.
Production is somowhat reduced. Steel bars and rails in
better demand. Other steel dull.




Friday Night, June 9 1911.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
18,271 bales, against 27,726 bales last week and 38,360
bales the previous week, making the total receipts since
Sept. 1 1909 8,313,850 bales, against 7,037,672 bales
for the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,276,178 bales.
M on.

S a t.

R eceip ts at—

G a lv e sto n . - —
P o r t A r t h u r ------T e x a s C ity , A c . _
N e w O r l e a n s ____
G u l f p o r t ________
________
M o b ile
P e n s a c o l a _______
J a c k s o n v ille , A c.
S a v a n n a h _______
B r u n s w i c k __
_
C h a r l e s t o n _____
G e o r g e t o w n ____
W ilm in g to n _ N o r f o lk ________
N ’p o r t N e w s , A c.
N e w Y o r k _______

1 ,0 4 5
____

87
____

494
____

583
____
4
___
261
698

165
1 ,2 5 6

T u es.

350

67

276

0 o r e _____
B a8l .t 5i m
P h i l a d e l p h i a ____

—

T o ta ls th is w e e k .

3 ,4 3 4

____
____
998

____
____
623
____
____
____
____
325

743
—
____

12

317

46
____
____
551
____
____
—
____
205
____

2 ,2 7 9

—
136
470

200

—

4 ,2 7 1

2 ,1 0 9

____
32
78
446
—

15
1 ,6 7 0
—
673
199
446
—

4 ,4 3 2

1 8 ,2 7 1

68

—

—

200
532
12

512
—
15

1

120

—

3 ,7 8 1
____
____
5 ,4 3 1
—
154
------562
4 ,5 9 6

—
____
2 ,4 7 0
—

200

298

Tota l.

7

—

2

____

F r i.

T h u rs.

23
____
____
718
____

102

20
407

W ed .

1 ,8 7 6
____
____
966
____

1 ,7 4 6

The following shows the week's total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
1 91 0 -1 1.
R eceip ts to
June 9 .

1 90 9 -1 0.
T h is
W eek .

S in ce S ep

G a l v e s t o n ________

3 ,7 8 1

T e x a s C ity , A c .
N e w O r l e a n s ____

5 ,4 3 1

2 ,7 2 8 ,6 5 5
2 0 6 ,9 4 3
3 6 0 ,0 8 3
1 ,5 4 1 ,4 1 3
3 4 ,2 1 1
2 4 9 ,4 9 8
1 2 2 ,6 7 8
2 4 ,9 2 7
1 ,4 0 6 ,0 9 5
2 2 2 ,6 3 4
2 8 2 .5 7 8
1 ,4 3 6
4 0 8 ,3 8 5
5 5 7 ,5 7 1
3 ,9 2 4
1 3 ,8 1 3
3 7 ,6 4 5
1 1 0 ,9 9 6
365

4 ,6 4 0 2 ,4 5 0 ,9 9 1
1 4 2 ,2 8 1
72 j)5 8
9 ,5 8 4 1 ,2 5 1 ,2 9 0
8 ,2 6 4
136
2 4 1 ,3 5 6
1 3 6 ,9 8 5
"86
3 9 ,3 6 5
5 .1 6 4 1 ,3 1 4 ,5 9 8
2 ,9 1 0
2 2 6 ,4 4 2
261
2 0 8 ,2 4 2
1 ,3 7 6
153
3 1 1 ,3 6 8
1 ,0 7 4
5 0 0 ,9 1 7
1 8 ,4 4 1
1 ,4 9 7
2 2 ,2 4 6
72
1 3 ,4 0 9
7 6 ,3 4 7
1 ,2 8 5
1 ,6 9 6
—

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

2 6 ,8 3 2 7 ,0 3 7 ,6 7 2

154

________
M o b ile
P e n s a c o l a ___ .
J a c k s o n v ille , A c .
S a v a n n a h ............... _
B r u n s w i c k ___
C h a r l e s t o n _ ______
G e o r g e to w n ____
W il m in g t o n ____
N o r f o l k __________
N ’p o r t N e w s , A c .
N c w Y o r k ____.
B o s t o n ..................... ...
B a l t i m o r e ________
P h i l a d e l p h i a ____
T o t a l ___________

'5 6 2
4 ,5 9 6
200
532
12
15
1 ,6 7 0
673
199
446
—

1 1910.

|

S tock .

S in ce S ep

This
W eek .

1 1909.

1011.
1 7 ,2 0 3

1910.
4 6 ,4 8 0

................
1 6 ,0 2 4
741
6 ,8 4 5

.............
8 5 ,4 3 1
446
4 ,1 8 8
................
2 3 .8 6 4
3 ,4 6 4
4 ,5 5 0

782
1 4 ,0 3 1

8 .2 6 7
1 1 ,0 2 2

1 2 4 ,0 7 5
9 ,2 1 3
2 ,5 7 9
910

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

2 7 3 ,9 3 1

4 0 5 ,6 2 8

7 4 ,3 4 2
7 ,1 8 6

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R eceipts at—

1011.

|

1910.

G a l v e s t o n ___
P t. A r th u r, A c.
N ew O rle a n s .
M o b ile . ____
S a v a n n a h ___
B ru n s w ic k .
C h a r le s to n , Ac
W ilm in g to n . _
N o r f o l k ____
N ’p o r t N . , A c
A ll o t h e r s ____

3 ,7 8 1

4 ,6 4 0

5 ,4 3 1 j
154
4 ,5 9 6
200
544
15
1 ,6 7 0 ,

9 ,5 8 4
136
5 ,1 6 4
2 ,9 1 0
261
153
1 ,0 7 4

T o ta l th is w k .

1 8 .2 7 l!

1 ,8 8 0

1909.

1908.

1 7 ,9 9 6
3 ,2 8 4
1 6 ,4 0 5
1 ,6 6 4
6 ,6 8 9
760
110
525
4 ,2 1 6

2 ,9 1 0

1 ,8 4 8

2 6 ,8 3 2

5 3 ,4 9 7

1907.

1906.

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

5 ,6 4 7
87
9 ,9 8 3
179
5 ,1 2 9

2 ,0 3 7
2 ,2 3 4
6 ,1 7 6
_______ i
1 ,0 9 2

204
209
4 ,2 6 2
697
1 ,3 7 8

7 ,9 2 8
375
6 ,4 4 6
1 ,3 0 6
5 ,3 5 8
1 ,9 4 6
516
1 ,4 3 5
3 ,5 4 9
188
811

2 7 ,7 7 5

2 9 ,8 5 8

1 5 ,8 5 5

6 3 ,9 0 2

S in c e S e p t . 1 . 8 , 3 1 3 , 8 5 0 7 0 3 7 , 6 7 2 9 , 6 0 7 , 2 2 7 7 , 9 6 1 , 2 2 6 9 , 5 4 8 , 5 8 8 7 , 5 1 3 , 1 1 8

The exports for the week ending this evening reach a total
of 35,822 bales, of which 5,264 were to Great Britain,
-------- to France and 30,588 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910:
Week ending June 9 1 9 1 1 .
Exported to—
Exports
fr o m —

Conti­
Great 1
Britain} Fr'nce nent.

G a l v e s t o n ____
T e x a s C ity , A c.
N ew O r l e a n s ..

5 ,9 7 5
7 ,7 8 4

15

4 ,9 8 2

S a v a n n a h ____

N o r f o l k ______
N e w p o rt N ew s
N ew Y o r k -----B a ttlm o rt __
P h ila d e lp h ia . .

__
_____
3 ,6 3 5
54
1 ,2 6 0
300

____
____
____
____

S a n F ra n c is c o .
S e a ttle --------T a c o m a ..............
P o r tla n d , O r e .
P e m b i n a _____
D e tr o it.................

__
............

—

T o t a l ..............

5 ,2 6 4

—

T o ta l 1 9 0 9 - 1 0 .

4 6 ,5 3 9

____

_____
_____
6 ,9 7 3
2 ,3 1 0
800
. ..
1 ,4 1 5
319

Total.

From Sept. 1 1 9 1 0 to June 9 1 9 1 1 .
Exported to —
Great
Britain, France

Contirunt.

|
1 Total.

9 5 2 ,0 3 3 3 0 0 ,9 3 3 1 , 0 6 4 ,7 1 0 2 ,3 1 7 , 6 7 6
1 0 7 .0 7 6 2 0 6 ,9 4 3
4 4 ,8 9 8 5 4 . 9 6 9
3 3 ,4 2 4 ' 3 0 3 ,1 7 3
2 1 2 ,8 1 6 5 6 .9 3 3
7 ,7 9 9 8 6 1 ,4 4 5 1 3 6 ,1 1 3 , 4 2 1 ,8 4 4 1 ,4 1 9 ,4 0 2
7 1 ,3 9 8
1 7 8 ,8 7 4
6 6 ,4 6 7 4 1 ,0 0 9
3 7 .1 0 3
5 5 ,0 8 0 3 0 ,5 9 5
1 2 2 ,7 7 8
8 ,6 0 2
6 ,2 7 1 1 9 ,3 3 8
3 4 ,2 1 1
4 ,9 8 2 3 2 0 ,6 6 7 , 1 1 4 ,6 0 0 4 5 6 ,2 2 1 1 8 9 1 ,4 8 8
............
1 0 4 ,1 3 3
7 8 ,3 2 5 - 1 8 2 ,4 5 8
1 8 ,8 3 2
9 ,9 0 0
9 7 ,3 5 1 1 1 2 6 ,0 8 3
1 3 7 ,8 7 1 3 2 , 0 1 5 2 1 3 ,2 2 6 ' 3 8 3 ,1 1 2
_____
1 0 ,8 0 1
1 5 ,5 2 0
4 ,7 1 9
_____
______
_____
______ |
______
1 0 ,6 0 S 2 9 1 ,3 8 9 9 0 , 7 2 6 2 7 4 ,2 7 3 6 5 6 ,3 8 8
8 ,5 6 0
1 0 8 ,1 3 3
54
9 9 ,5 7 3
8 ,2 7 0
7 1 ,2 7 3 ' 1 0 1 ,5 1 1
2 1 ,9 6 8
3 ,5 7 0
4 8 ,7 3 3
1 5,70 4 ;
1 ,1 0 0
6 4 ,4 3 7
6 6 9 ____
______
669
______
............
1 ,4 1 5
8 4 ,1 5 5
8 4 ,1 5 5
..............
_____
319
4 4 ,5 5 3
4 4 ,5 5 3 1
............1 ______
............
1 1 ,8 4 3
1 1,84 3 _____ '
______
_____
500
500
_____ • ______
______
............|
2 .6 2 7 j _____
2 ,6 2 7
...............|
5 ,9 7 5

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

2 ,913! 3 0 , 3 3 9

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

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard,*?not
cleared, at the ports named. W e add similar figures]|for
New York.

1512

THE CHRONICLE
On Shipboard, Not Cleared or—

June 0 at—

Ger­
Other Coast­
many. Foreign wise.

Great
Britain. France

New O rlea n s,.
Galveston . . . .
Savannah -----C harleston____
Mobile _ .
N o r fo lk ______
New Y o r k . . . .
Other p orts__

3,568
____
____

5,397

1,002
4,042

2,098

1,745

1,862

1,200
200

400
....

1,000
—

1,100
300

Tota> 1 91 1 ..
Total 1910.
Total 1 90 9 ..

7,066
28,884
41,506

7,542
1,654
18,184

7,906
8,940
15,723

7,376
14,120
18,077

5,874
102

Total.

Leaving
Stock..

135
1,426

15,976
5,570

36
6,500

5,741
6,500
3,700
500

58,366
11,633
16,024
6,845
1,445
7,531
120,375
13,725

8,097 37,987
9,029 62,587
10,337 103,827

235,944
343,041
376,438

—

Speculation in cotton for future delivery has latterly been
more active at higher prices, mainly owing to dry, hot
weather, particularly at the Southwest. Maximum tem­
peratures have been recorded there of 108 in Oklahoma,
104 in Texas, 102 in Arkansas, Alabama, Louisiana and
Georgia and 101 in Mississippi. Complaints at one time
were received of drought of some weeks’ standing in the Carolinas, but latterly those States have had rains which have,
at least partially, broken the drought. Rain is said to be
needed in the Southwest as well as elsewhere to promote
germination, although the plant already up is not believed
to have been injured much, if at all, by the period of dry
weather. Indeed in some sections the high temperatures
are believed to have been beneficial rather than harmful
after the cold May. Also the spot markets at the South have
been quiet, so much so that many believe this fact neutral­
izes the statistical position, which, superficially at least,
is regarded as strong. There is evidently no diminution of
curtailment of production. At the North it is believed to
amount to at least 25%. Liverpool spot sales, too, have
continued small. Some of the leading bulls in the old-crop
months have to all appearance been selling them freely
during the past week, especially July. For some weeks past,
in fact, the indications have seemed to point very plainly
to persistent liquidation of these months, apparently, in part
at least, for the account of prominent bull operators here.
Of late, too, New Orleans has evidently been selling July
with a free hand. It would also appear that New Orleans
operators have sold the new-crop months to some extent
on the rains which have occurred of late in the Caro­
lines, Georgia, Mississippi and Florida. But the com­
mon understanding is that the leading bulls here,
if they have been selling the old-crop months, have
been buying October and January on a large scale. The
new-crop months have attracted attention from the fact that
the discounts on them seem to many pretty large, and from
the scarcity of sellers aside from operators on the short side
of the market. Buyers of those months have also adduced
the recent complaints of drought in the Carolinas, as evi­
denced by the last two weekly Government weather reports
and the continued dry, hot conditions in Texas, Oklahoma
and Arkansas, where there are no signs of the dry spell being
broken. The South has not been inclined, as a rule, to sell
the newc-rop months against the coming crop at the current
discounts of
to 2)/(c, while at the same time spinners for
several months past have been quietly buying those months.
It is contended that there is still a large short interest in the
new-crop deliveries and that while the South is indisposed to
sell, the spinners, who have been the principal buyers during
the last few months, will not be apt to sell until they can get
the actual cotton in the fall. It is in such circumstances that
prominent operators who have won considerable prestige by
their success on the bull side of the old.crop months are now,
it is understood, buying October and January. Weather
conditions are subject to keen scrutiny, the more so that a
large crop is believed to be much needed. Many of the crop
advices are decidedly favorable and it is contended by some
close students of cotton conditions that on the face of things
the indications point to the largest crop on record, as the
acreage is also the largest ever known. To-day prices ad­
vanced, owing to prevalence of dry, hot weather over much
of the belt and the official forecast pointing to a continuation
of these conditions. Also prominent operators were large
buyers of December and January. Spot cotton has advanced
to 15.90c. for middling uplands.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 3 to June 9—
Sat.
Middling uplands______________15.80

ftlon.

15.00

Tues.

15.05

Wed. Tliurs.
15.05

15.85

Fri.

15.00

NEW Y O R K QUOTATIONS FOR 32 YEARS.
1 9 1 1 . C.
1 9 1 0 ..
1 9 0 9 ...
1 9 0 8 ...
1907
1 9 0 6 ...
1 9 0 5 ..
904. _

_____ 1 5 . 9 0
. . 15.40
_____1 1 . 3 0
_____ 1 1 . 4 0
_____ 1 1 . 2 0
_____ 8 7 0
-------- 1 2 . 1 5

19 0 3 .C . . .
1 9 0 2 .. . .
1 9 0 1 ________
1 9 0 0 ________
18 99
1 8 9 8 ________
1 8 9 7 ________
1 8 9 6 ...............

.
.
.

1 2 .50
9.38
8.25
9 .0 0

. 6.5 0
_ 7.6 9
. 7.44

1 8 9 5 . C -------1 8 9 4 ________
1 8 9 3 ________
1 8 9 2 ________
1891
- -1 8 9 0 ________
1 8 8 9 ___ . - 1 8 8 8 _______

. 7 .2 5
. 7.38
. 7 .3 1
. 7.75
. 8 .6 9
.1 2 .2 5
11.19
. 10.06

11 .31
1 8 8 7 .c. . . .
. 9 .1 9
1 8 8 6 ..
1 8 8 5 . . _____ 1 0 . 6 9
1 1.6 2
1 8 8 4 ..
18 83
1 0 .6 2
1 8 8 2 . . _____ 1 2 . 2 5
1881 .
1 1.06
1 8 8 0 .. . . .
12.00

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday—
M on day____
Tuesday —
W ednesday.
Thursday . .
F rid a y--------

Quiet, 5 p t s .a d v _ .
Quiet, 10 pts. a d v .
Quiet, 5 pts. a d v ..
Quiet ___________
Quiet, 10 pts. decl .
Quiet, 5 pts. a d v ..

T o ta l------




Futures
Market
Closed.
Very steady —
Very steady —
Firm ............. ..

SA L E S .
Spot.
100
—

Barely stea d y. .
Steady_________
100

Contr’ct Total.

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

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
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r

THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns, and
consequently all foreign figures are brought down to Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
June 9—
................................... 1911.
Stock at Liverpool . ------ bales. 795,000
7,000
Stock at L o n d o n --------------------- .
76,000
Stock at M anchester____________

1910.
1909.
565,000 1,163,000
5,000
8,000
52,000
82,000

1908/$
600,000
8,000
66,000

878,000
12,000
189,000
208,000
2,000
20,000
17,000
8,000

622,000 1,245,000
11,000
10,000
202,000
379,000
213,000
288,000
3,000
4,000
11,000
36,000
16,000
41,000
6,000
8,000

734,000
21,000
391,000
181,000
5,000
43,000
24,000
28,000

406,000

464,000

764,000

693,000

T otal Great Britain s to ck _____
Stock at H am burg______________
Stock at Bremen . . _ _______
Stock at H avre. . _______________
Stock at Marseilles______________
Stock at B a rce lo n a ________
Stock at G enoa__________________
Stock at Trieste . . . ___________
■ T otal Continental stocks______
■ T otal European stocks_______ 1
India cotton afloat for Europe —
A m cr. cotton alloat for Europe .
Egypt,Brazil, &c.,afloat for Europe
Stock In Alexandria. E g y p t-------Stock In B om bay, I n d ia .. . —
Stock In U. S. ports ____________
Stock In U. S. interior towns —
U. S. exports t o - d a y ........... ........

,284,000 1,086,000 :2,017,000 1.427,000
157,000
97,000
190,000
102,000
154,671
215,655
169,215
144,720
16,000
86,000
32,000
47,000
118,000
89,000
140,000
127,000
714,000
000.000
436,000
558,000
405,028
480,265
273,931
330,771
215,249
169,018
235,324
234,691
6,328
4,292
15,217
16,955

T otal visible supply___________ 2 ,844,456 2,843,870 .3 ,668,461 2,988,137
Of the a bov e, totals of American and other descriptions are as follows:
Liverpool stock . ............... .bales, , 664.000
61,000
Manchester stock ___________ ____
359,000
Continental s t o c k __ ___________
169,215
American alloat for E u ro p e .. . .
U. S. port stocks________________ 273.931
IJ. S. Interior stocks____________ 169,018
4,292
U. S. exports to -d a y ____________

475,000 1,061,000
42,000
68,000
417.000
715,000
154,671
215,655
405,628
480,265
215,249
235,324
6,328
15,217

541,000
59,000
602,000
144,720
330,771
234,691
16,955

T otal A m e r ic a n __________ . _ 1,700,456 1,715,876 2,790,461 1,929,137
East I n d i a n , Brazil, A c .—
90,000
Liverpool sto ck __________________ 131,000
1 19,000
102,000
7,000
5,000
London stock . -----------------------8,000
8,000
15,000
10,000
Manchester s to ck -----------------------7,000
14,000
47,000
47,000
Oont ncntal s t o c k _______ _____
91,000
49,000
157,000
India alloat for E urope........... ...... 190,000
97,000
102,000
36,000
47,000
16,000
E gypt, Brazil, <Scc.,afloat _____
32,000
118,000
140,000
89,000
127,000
Stock in Alexandria, E gy p t_____
600,000
436,000
714,000
Stock n Bom bay, India________
558,000
878,000 1,059,000
T otal East India, & c__________ 1,144,000 1,128,000
T otal A m e r ic a n _____
_____ 1,700,456 1,715,876 2,790,401 1,929,137
T otal v slble supply___ _____ 2,844,456 2,843,876 3,668,461 2,988,137
8.23d.
8.3 Id .
5.83(1.
Middling Upland, Liverpool.
. 6.58(1.
15.40c.
15.00c.
11.20c.
Middling Upland, New Y o r k __
11 40c.
14 Md.
9.00(1. 8 0-16(1.
1 1 H d.
E gypt, Good Brown, Liverpool
1 l.OOd.
Peruvian, Hough Good, Liverpool. 11,25d.
8.00(1.
9.50d.
7 l-lO n.
7 lid .
Broach, Fine, Liverpool________
5 7-16(1.
5 5«d.
7.00(1.
7«d .
Tlnnevelly, Good, L iverpool____
5 5-10(1.
5 «d .

300
—

400

Continental imports for the past week have been 90,000
bales.

200

200

500

600

The above figures for 1911 show a decrease from last week
of }171,5(32 bales, a gain of 580 bales over 1910, a de­
crease of 824,005 bales from 1909, and a loss of 143,081
bales from 1908.

THE CHRONICLE

J u n k 10 1 9 1 1 .

A T T H E IN T E R IO R T O W N S the movement— 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.

ggs-o~
MrtOrf J

•rats''

8c

b-o

Q >
p

G a lv e s to n -------New Orleans__
M o b ile ------------Savannah -------C h a rle sto n ... .
W ilm ington-----Norfolk -----------B a ltim o re -----P hiladelphia___
A ugusta----------M em phis---------St. L o u i s . . ___
Houston ---------Little R o c k ____

3

e, _
p I

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90t\5tOCO*U>*

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^ »-* © M © C3 CO
tU cn C l C l to o to M C l <0 >*
co CO 4* 10 *-4 CO ts5 CO © Cl CO COC3 C» © CO 00 M
c i o co co o c i c» co co b i o ► -* o> 7*. co cs co ^ co c i
"lu co co co V i V 1 oj Ti. 7^ c i L
CO Oi tsS C l H*C l
►— co to tsj © to «sj M »-4 C« >-» to COC> © C l CO M 1-4
i-4 C l h-4 M 00
O O G O O O Q O , U O - 'J ) - ‘ C iC iO iO O O C 3 4 -*.> -4 OCOCOCOOO-sl>fc-.CociQOCOCiCO>-4 C
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rie o
H’as.

<0: O' 0)MUO»i.0>H‘ 'liJ»OW»ClO»)'lC»OiJMaOiJO>J'l
The above totals show that the interior stocks have de­
creased during the week 19,372 bales and are to-night 46,231
bales less than at the same time last year. The receipts
at all the towns have been 3,865 bales less than the same
week last year.
O V E R L A N D M O VEM EN T FO R T H E W E E K A N D
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------Since
June 0—
Week.
S ept. 1.
Shipped—
503,180
Via St. Louis......... .........................
Via C a iro _________________ _____ . 1,007
205,191
Via Hock Island________ ____
25,957
Via L o u isv ille ............................. . .
815
129,029
Via Cincinnati......... .......... ...........
718
78,234
Via Virginia p oin ts______ _____. .
098
173,114
Via other routes. A c ____________. . 1.134
107,081

-------1909-10------Since
Week.
Sept. 1.
405,392
7,525
173,705
1,552
20,315
70
111,344
1,105
45,881
407
131,408
1,081
149,577
2,304

T otal gross overlan d _________ _ 8,300 1,281,792
Deduct shipments—
102,819
Overland to N. Y ., Boston, A c .. . 1,318
00,020
Between Interior tow ns. _____ . .
278
Inland, A c., from S o u t h __ __
48,801
1,819

14,170 1,037,082

Total to be d educted________ . 3,415

2,854
1,801
3,370

113,098
58,098
01,238

271,040

8,091

233,034

Leaving total net overland * _____. . 4,945 1,010,140

0,079

804,048

* Including m ovem ent by rail to Canada.

The foregoing shows the week's net overland movement
has been 4,945 bales, against 6,079 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 205,498 bales.
---------1910-11--------- ------------ 1909-10--------In Sight and Spinners'
Since
Since
W eek.
Sept. l .
Takings.
W eek.
Sept. 1.
Receipts at ports to June 9 ______ 18,271 8,313,850
20,832 7,037,672
4,945 1,010,140
Net overland to June 9
804,648
0,079
Southern consum ption to Juue 9 . 49,000 1,907,000
42,000 2,011,000
72,210 11,230,990
T otal m arketed____
Interior stocks In excess......... ...... •19,372
118,240

74,911
*18,450

Came Into sight during w eek___ 52,844
Total In sight June 9 _______ _ _
11,349,230

56,401

North, spinners' takings to June 9 12,124

2,041,704

12,933

9,853,320
132,086
9,985,406
2,020,684

Movement into sight in previous years:
Week—
1909— June
1908— June
1907— June
1900— June

15 $6
15 7-10
15 X
____
15 %

15 H
15 7-16
151*
15?*
15?*

15 7-16
15 7-16
15J*
15 3*
15?*

15 7-16
15 7-16
153*
153*
15 ?*

15 7-16
15 7-16
15 3*
153*
15?*

15 7-16
15 7-16
153*
153*
15?*

15?*
15 ?*
16.05
15 ?*
15 5-16
15 J*
15 5-16
15

15?*
15?*
16.15
15?*
15 5-16
153*
15?*
15

15?*
15?*
16.20
15?*
05 5-16
15 3*
15?*
15

15?*
16
16.20
15?*
15 5-16
15?*
15?*
15

15?*
16
16.10
15?*
15 5-16
15 %
15?*
15

15?*
16
16.15
15?*
15 5-16
15?*
15?*
15

Sat’ day,
June 3.

p

s» 1 ■■

4 ro 4-*

Closing Quotations fo r Middling Cotton on
Sat’ day. Monday. Tuesday. Wed’day. Thursd'y F riday.

N E W O R LEAN S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

: :p

: : : :

:H
gT
S-crsa
.P
p P >r
*■0
Pv;

Week ending
June 9.

1573

Dales.
Since Sept. 1—
11............
94,770 1908-09— June 1 1 . . .
1 3 . . ___ _ _ . ,90.433 1907-08— June 1 3 . . .
14_____
50,930 1900-07— June 1 4 . . .
15......................
01,101 1905-00— June 15___

Dales.
-.13,004,134
..10 ,7 8 7 ,5 3 9
. .12,928,280
-.10,434,501

Q U O TATIO N S FO R .MIDDLING COTTON A T O T H E R
M A R K E T S ,— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.




June—
R a n g e ______
Closing______
July—
R a n g e ______
Closing______
August—
Range ______
Closing______
September—
R a n g e _____ .
Closing______
October—
Range ______
C losin g.. —
November—
Closing______
December—
Range ______
Closing______
January—
R a n g e _____
Closing__
February—
_____
Range
Closing______
March—
Range ____
Closing______
Tone—
S p o t ________
O p tio n s _____

Monday, Tuesday, Wed’day, Thursd'y, Friday,
June 5. June 6. June 7. June 8 . June 9.
— 0 — r— @ —
— @ .30 15.38 —
15.53 — 15.54 — 15.35 — 15.29 — 15.41 —15.64-.74 15.70-.76 15.51-.76 15.45-.62 15.54-.59
15.73-.74 15.74-.75 15.52-.53 15.48-.49 15.58-.59
14.77-.87 14.79-.89 14.69-.89 14.62-.80 14.66-.72
14.83-.84 14.80-.87 14.70-.71 14.62-.63 14.71-.72
13.70-.75 13.68-.82 13.66-.89 13.61-.68 13.69 —
13.73-.74 13.81-.82 13.70-.71 13.58-.60 13.70-.74

H O L I­
DAY.

13.27-..35 13.2G-.48 13.33-.54 13.31-.46 13.40-.50
13.32-.33 13.42-.43 13.36-.37 13.31-.32 13.49-.50
— © — — © — — @ — — © —
13.26-.28 13.36-.38 13.30-.32 13.20-.28 13.46 —
13.21-.29 13.20-.41 13.29-.49
13.27-.28 13.37-.38 13.31-.32
I
13.25-.35 13.30-.47 13.35-.54
13.34-.35 13.44-.45 13.37-.38

13.27-.40 13.,33-.48
13.27-.28 13.46-.47
13.32-.43 13.40-.53
13.32-.33 13.50-.52

— @ — — ® — — @ — — @ — — @ —
13.39 — 13.48-.50 13.41-.43 13.36-.38 13.53 —
13.41 — — © — 13.55-.57 13.41 — 13.51-.60
13.44-.46 13.53-.55 13.46-.48 13.41-.43 13.60-.61
Quiet.
Steady.

Steady.
Dull.
Quiet.
Steady. B ’ ly sty. Steady.

S teady.
Steady.

W E A T H E R R EP O R TS B Y T E L E G R A P H .— Our tele­
graphic reports from the South this evening indicate that
there have been beneficial rains in Atlantic sections during
the week. Elsewhere in the belt dry weather has been quite
general, but there is little or no complaint, although some
state that moisture is desirable. Reports from Alabama are
to the effect that the crop situation is very favorable, with
blooms earlier than last year.
Texas.— Dry weather is reported from all the stations
from which we have advices. The temperatures at various
points during the week have been as follows:
Galveston.— Thermometer aver. 82, ranging from 74 to 90.
Brenham.— Thermometer ranged from 70 to 94, aver. 82.
Cuero.— Average thermometer 83, highest 98, lowest 67.
Dallas.— Thermometer averaged 86, highest 104, lowest 72.
Henrietta.— Thermometer aver. 84, ranging from 63 to 104.
Huntsville.— Thermometer ranged from 60 to 97, aver. 79.
Kerrville.— Average thermometer 81, highest 97, lowest 64.
Lampasas.— Thermometer aver. 82, highest 100, lowest 63.
Longview.— Thermometer aver. 88, ranging from 72 to 103.
Luling.— Thermometer ranged from 58 to 95, averaging 77.
. Nacogdoches.— Aver.thermometer 82, highest 97, lowest 66.
Palestine.— Thermometer aver. 83, highest 96, lowest 70.
Paris.— Thermometer averaged 86, ranging from 69 to 102.
San Antonio.— Thermometer ranged from 68 to 96, aver.82.
Weatherford.— Thermometer ranged from 70 to 102,
averaging 86.
Ardmore, Okla.— It has been dry all the week. The ther­
mometer has ranged from 72 to 106, averaging 89.
Harlow, Okla.— There has been no rain during the week.
Average thermometer 88, highest 106, lowest 71.
Oklahoma, Okla.— There has been no rain during the week.
The thermometer has averaged 86, the highest being 102 and
the lowest 71.
. Tulsa, Okla.— We have had rain on one day during the
week, the rainfall being sixty-three hundredths of an inch.
The thermometer has averaged 86, ranging from 67 to 106.
Alexandria, La.— Dry all the week. The thermometer
has ranged from 67 to 99, averaging 83.
Amite, La.— There has been no rain during the week.
Lowest temperature 70, highest 100, average 85.
New Orleans, La.— It has rained on three days of the week,
the rainfall being sixty-three hundredths of an inch. The
thermometer has averaged 85, the highest being 96 and the
lowest 74.
Shreveport, La.— There has been no rain during the week.
The thermometer has averaged 86, ranging from 73 to 99.
Meridian, Miss.— Rain has fallen during the week, to the
extent of fifty-four hundredths of an inch, on two days. The
thermometer has ranged from 68 to 100, averaging 84.
Vicksburg, Miss. — It has rained on one day of the week,
the rainfall being seven hundredths of an inch. Average
thermometer 85, highest 97 and lowest 74.
Yazoo City, M iss. — It has been dry all the week. The
thermometer has averaged 81, the highest being‘,98 and the
lowest 65.

1574

T H E C H R O N IC L E

Fort Smith, Ark.— There has been no rain during the week.
The thermometer has averaged 86, ranging from 70 to 102.
Helena, Ark.— Crops are standing the drought pretty well.
There has been no rain during the week. The thermometer
has ranged from 65 to 97, averaging 82.2.
Little Rock, Ark.— W e have had no rain during the week.
Moisture is now claimed to be badly needed. Average ther­
mometer 85, highest 98, lowest 72.
Texarkana, Ark.— It has been dry all the week. The ther­
mometer has averaged 85, the highest being 97 and the low­
est 73.
Chattanooga, Tenn.— There has been rain on four days
during the week, the rainfall being thirty-four hundredths of
an inch. The thermometer has averaged 80, ranging from
64 to 97.
Memphis, Tenn.— W e have had rain on one day the past
week, the rainfall being thirty-five hundredths of an inch.
Crops need rain. Average thermometer 83, highest 97, low­
est 68.
Nashville, Tenn.— It has been dry all the week. The ther­
mometer has averaged 80, the highest being 100 and the
lowest 60.
Mobile, Ala.— Continued hot weather, with occasional
rains in the interior. Cotton-crop reports are very favora­
ble. W e have had only a trace of rain during the week.
The thermometer has averaged 85, ranging from 75 to 97.
Montgomery, Ala.— Cotton reports are generally very
favorable. Many blooms ten days earlier than last year.
H ot and dry all the week. The thermometer has ranged
from 70 to 99, averaging 84.
. Selma, Ala.— W e have had a trace of rain on one day the
past week. Average thermometer 84, highest 100, low­
est 69.
Thomasville, Ala.— Dry all the week. The thermometer
has averaged 84, highest being 102 and lowest 66.
Madison, Fla.— There has been rain on four days during
the week, the rainfall reaching seventy-four hundredths of an
inch. The thermometer has averaged 81, ranging from
66 to 97.
Tallahassee, Fla.— Rain has fallen on two days during the
week, the precipitation reaching one inch and ten hundredths.
The thermometer has ranged from 67 to 93, averaging 80.
Atlanta, Ga.— W e have had rain on one day the past week,
the rainfall reaching six hundredths of an inch. Average
thermometer 82, highest 98, lowest 67.
Augusta, Ga.— It has rained on two days during the week,
the rainfall having reached one inch and twenty-four hun­
dredths. The thermometer has averaged 81, the highest
being 99 and the lowest 64.
Savannah, Ga.— There has been rain on four days during
the week, the rainfall reaching one inch and forty-six hun­
dredths. The thermometer has averaged 79, ranging from
65 to 95.
Washington, Ga.— W e have had rain on one day during
the week, the rainfall being three hundredths of an inch.
The thermometer has ranged from 62 to 98, averaging 80.
Charleston, S. C.— Rain has fallen on three days of the
week, the precipitation reaching two inches and four hun­
dredths. Average thermometer 80, highest 92, lowest 67.
Greenville, S. C.— There has been rain on one day during
the week, the precipitation being thirty-five hundredths of
an inch. The thermometer has averaged 79, the highest
being 97 and the lowest 61.
Florence, S. C .— There has been rain on two days the past
week, the rainfall reaching two inches and three hund edths.
The thermometer has averaged 79, ranging from 57 to 100.
Spartanburg, S. C .— W e have had rain on two days during
the week, the precipitation reaching eighty-seven hundredths
of an inch. The thermometer has ranged from 61 to 101,
averaging 81.
Charlotte, N . C.— It has rained on three days of the week,
the precipitation reaching one inch and twenty-eight hun­
dredths. Average thermometer 78, highest 98 and lowest 61.
Greensboro, N . C .— It has rained on two days of the week,
the rainfall being thirty-nine hundredths of an inch. The
thermometer has averaged 76, the highest being 96 and the
lowest 56.
Raleigh, N. C.— W e have had rain on four days of the
week, the rainfall reaching one inch and twenty-four hun­
dredths. The thermometer has averaged 73, ranging from
56 to 90.
N E W Y O R K COTTON E X C H A N G E .— Annual Election.
— A t the annual election of the New York Cotton Exchange,
held on Monday last, June 5, the regular ticket, headed by
Mr. George W . Neville, as given in the “ Chronicle” last week,
was elected.
N E W Y O R K PR O D U C E E X C H A N G E .— Annual Election.— A t the annual election held on Monday, June 5, the
following officers were unanimously elected: President,
Edward R . Carhart; Vice-President, John Aspegren, and
Treasurer, Edward C. Rice. The Managers to serve two
years are: Lyndon Arnold, of Rohe & Bro.; George T . Hay,
of J. F. Whitney & Co.; Louis G. Leverich, of Shaw & Truesdell Co.; John R. W ood, of New York Produce Exchange
Bank; O. H . Montgomery, of N . T . Sweezey's Sons & Co.,
and Winchester Noyes, of J. H . Winchester & Co. Inspec­
tors of elections chosen are: W m . II. R . Thomas, James
K n ox, C. T . Silberhorn, W . L. Mangam, F. M. Bennett
and John Goggin. John V . Jewell was elected trustee of
gratuity fund to serve a full term of three years.




[VOL. LXXXXH.

W O R L D ’S S U P P L Y A N D T A K IN G S OF CO TTON .
C otton T akings.
W eek and Season.

1009-10.

1910-11.
Week.

Week.

Season.

| Season.

Visible supply June 2 __________ 3,016,018
2,995,847
Visible supply Sept. 1 __________
1,495,514
American In sight to June 9 ____
56,461
52,844 11,349,236
B om bay receipts to June 8 ____
36.000
43,000 2.240.000
Other India shlp’ts to June 8__
9.000
27.000
349,200
Alexandria receipts to June 7__
1.000
2.000 1.006.000
Other supply to June 7 * ---------2.000
1,000
263,000

_________
1,931,022
9,985,406
3,011,000
402,000
653,000
216,000

Total supply_________________ 3,123,862 16,702.950 3,118,308 16,198,428
Deduct—
Visible supply June 9 --------------- 2,844,456

2,844,456 2,843,876

2,843,876

279.406 13,858,494
Total takings to June 9 _______
274.432 13,354,552
193.406 10,442,294
193.432 9,723,552
Of which A m e r ic a n --......... ..
86,000 3,416,200
Of which o t h e r _____________
81,000 3,631,000
* Embraces receipts In Europe from Brazil, Sm yrna, W est Indies, &c.

COTTON CO NSUM PTIO N A N D O V E R L A N D M O V E ­
M E N T TO JU N E 1.— Below we present a synopsis of the
crop movement for the month of May and the nine months
ended May 31 for three years:
1910-11.

1909-10.

1908-09.

89,809
56,388
75,496
Gross overland for M a y___________ bales,
1,269,770 1,017,096 1,507,700
Gross overland for 9 m onths_____________
70,718
31,735
40,047
Net overland for M a y________________
796,237 1,280,343
1,002.077
Net overland for 9 m onths______________
429,491
248,241
P ort receipts In M ay____________________
246,501
Port receipts In 9 m onths________________ 8,284,250 6,978,620 9,512,604
465.671
283,465
E xports In M ay_________________________
297,114
E xports In 9 m onths____________________
7,185,549 5,580,716 7,913,975
521,644
Port stocks on May 3 1 __________________
462,617
334,215
Northern spinners’ takings to June 1____ 2,018,580 2,002,085 2,543,232
Southern consum ption to June 1________
1,844,000 1,948,000 1,886,000
Overland to Canada for 9 months (In­
108,598
101,483
cluded In net overlan d)________________
127,026
1,015
Burnt North .and South In 9 m onths_____
22
" 18', 364
13,387
Stock at N orth. Interior markets June 1
20,000
549,648
Came In sight during M ay________________
340,076
343,548
Am ount of crop In sight June 1__________ 11,282,177 0,877,857 12,858,047
969,800
Came In sight balance of season....... ..........
773,104
T otal cr o p ______________
- - ______
10,650,961 13,828,846
513.83
Average gross weight of bales------------------510.48
506.20
480.83
Average net weight o f bales--------------------486.48
482.20

IN D IA COTTON M O VEM EN T FROM A L L P O R T S.—

Since
Sept. 1.

Week.

Bombay___ .........................

Since
Sept. 1.

Week.

Since
Sept. 1.

Week.

43,000 2,240,000 36,000 3,011,000 33,000 1,985,000
Since September 1.

For the Week.

Exports
from—

1908-09.

1909-10.

1910-11.
June 8.
Receipts at—

Bombay—
1910-11*.
1909-10-1908-09..
Calcutta—
1910-11-1909-10-1908-09-Madras—
1910-11-1909-10..
1908-09-All others —
1910-11-1909-1J -1908-09-Total all—
1910-11..
1909-10..
1908-09..

|
3,000 13,000 38.000i 54,000
2,000 47.000 32,000i 81,000
1,000 23,0001 12,000i; 36,000

Japan
tfe China.\ Total.

Great 1 Conti­
Britain. | nent.

Great |Conli- I Japan 1
Britain.' nent. \AChina1 Total.
|
I 7,000 ^ 38,000 45,000
2’ 66o 30,000 22,000 54,000
3,000j 6,000 9,000

|
53,000 809,000
92,000 905,000
21,000, 543,000

1________
513,0001,375,000
804,0001,801,000
589,000 1,153,000

___
____

2,000
____

! 2,000
5,000' 5,000

3,000
3,000
4,000,

33,000
37,000
37,000

18,000
46,000
30,000

54.000
86,000
71,000

____

2,000
____

2.666

! 2,666
2,000

8,000
4,000
3,000

18,000
13,000
19,000

200
1,000
7,000

26,200
18,000
29,000

7,000
3,000 4,000
15.000! 5.666 20,000
Y.666 20.000 4,000 25,000

38,000
24,000
16.000

219,000
266,000
227,000

12,000
8,000
49,000

A L E X A N D R IA

543,200 1.724,200
859,000 2,203,000
675,000 1.545,000

102,0001,079,000
123,00d 1,221,000
44,0001 826,000

REC EIPTS

AN D

269,000
298,000
292,000
— — ——
—

SH IP M EN TS

Alexandria, Eggpl,
June 7.

1010-11.

1909-10.

1908-09.

Receipts (cantars)—
This w e e k ......... .................
Since Sept. 1 -------------------

14,000
7,543,664

4,000
4,896,869

10,000
6,654,712

Since
This
Week. Sept. 1.

Since
This
Week. Sept. 1.

Since
This
Week. Spt. 1.

204,455
4 ,500 210,110
6,000 376,142
113,750

2,000 147,273 2.250 180,608
195,799
116,640
5",500 281,394 ll'. 500 324,646
300 50,029 2.250 78,718

Exports (bales) —
To
To
To
To

L iverpool------------------M anchester--------------C o n tin e n t----------------A m erica--------------------

T otal exports________ 10,500 904,457 7,800 604,336 16,000 770.771
N ote.— A cantar Is 99 lbs. Egyptian ba es weigh about 750 lbs.

M A N C H E S T E R M A R K E T .— Our report received by cable
to-night from Manchester states that the market is steady for
both yarns and shirtings, in consequence of American news.
W e give the prices for to-day below and leave those for
previous weeks of this and last year for comparison.
1911.
32j Cop
Twist.
Apr.
21
28
May
6
12
19
26
J’ne
2
9

d.
105*
105*

d. 9. d.
ft
©

1910.

8}* lbs. Shirt­ iCot'n
ings, common Mid.
to finest.
WpCs
s. d.

d.

d. 9. d.

d.

©11 15* 8.10 105*
@11 3 8.27 105*

»
©

115* 5
115* 5

10
105*
105*
105*

©
©
©

7-16
115*
115*
115*

115* 6
6

0
1

10 13-16®
10 15-16©
10 15-16©
105*
@

115*
115*
115*
115*

15*@11 4 8.23
15*© 11 4 8.42
154© 11 45* 8.40
154011 45* 8.28

11
©
11 1-16©

115* 6
115* 6

6
6
6
6

85* lbs. Shirt­ Cot'n
ings, common Mid.
VplJt
to finest.

32j Con
Twist.

5
5
5
5

15*@11 45* 8.33 105* © 115* 5
15*911 45* 8.31 10 16-10@ 115* 5

8. d.

75*910 3
7 5* @10 3
8 @10
9 © 10
85*@10
85*@10
8
8

d.
7.87
7.94

454 7.95.
8.12
6
8.04
6
8.04
6

@ 10 5
©10 6

7.94
8.23

THE CHRONICLE

June 10 1911.]

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 3 5 ,8 2 2 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p f r o m m a il a n d t e l e g r a p h i c r e t u r n s , a r c a s f o l l o w s :
Total bales.
N E W Y O R K — T o Liverpool— June 2— B altic, 1,000 upland, 90
foreign_______________________________________________________ _ 1,090
T o Manchester— June 5— Canning, 06 upland, 1,034 Sea Island. 1,070
T o Hull— J u n e s — Marengo, 1,475______________________________ 1,475
T o Bremen—June 7— George W ashington, 4,741_______________4,741
T o R otterdam — June 7— V olturno, 100________________________
100
T o A ntw erp— June 2— Finland, 150____________________________
150
T o Barcelona— June 6— A ntonio Lopez, 3 0 0 .___________________
300
T o Genoa— June 2— M oltkc, 1,082__________________________ 1 . . 1,082
T o Naples— June 2— M oltke, 100_______________________________
100
T o Venice— June 6— Oceania, 500______________________________
500
G A LV ESTO N — T o Bremen— June 5— St. Johann, 5,275___________ 5,275
T o Hamburg— June 5— St. Johann, 700________ _________ ______
700
N EW O R L E A N S — T o L ondon— June 2— Mercian, 15_______________
15
T o Antwerp— June 5— Chancellor, 1,501......... .............................. 1,501
T o O p orto— June 5— Martin Saenz, 3 0 0 ________________________
300
T o Barcelona— June 5— Martin Saenz, 4,801___________________ 4,801
T o Genoa— J u n e s — Dclphlne, 1,182______ _____________________ 1,182
S A V A N N A H — T o Bremen— June 2— Arion, 3,3 8 2 __________________ 3,382
T o Hamburg— June 2— Jata Mcndl, 1,150; Vasconta, 200______ 1,350
T o Gothenburg— June 2— Jata Mcndl, 150---------------------------------150
T o St. Petersburg— June 2— Arion, 100------------------------------------100
BOSTON— T o L iverpool—June 2— W lnlfrcdlan, 2 9
June 6—
Cym ric, 2 5 . _ „ _____ __________ ____ _________________________
54
B A L T IM O R E — T o Liverpool— June 2— T cm plcm orc, 1,260_______ 1,260
T o Brem en—June 7— R hein, 2,310--------- ----------------------------------- 2,310
P H IL A D E L P H IA — T o Manchester— June 9— Manchester Shipper,
3 0 0 ._______ _____ ______________ ________ _____________________ _
300
T o Genoa— June 3 —A ncona, 800-----------------------------------------------800
SAN FRAN CISCO— T o Japan -J u n e 0 — Mongolia. 1,415__________ 1,415
S E A T T L E — T o Japan— June 7— Tarnba Maru, 319_________________
319
T otal ........................ ............ ............................... ................. ..................... .35,822

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port;
M ay 26.
30,000
1,000
1,000
25,000
11,000
70,000
826,000
697,000
40,000
22,000
129,000
78,000

M ay 19.
Sales of the w eek ......... ..b a les. 34,000
-----Of which speculators t o o k . .
Of which exporters to o k -----1,000
Sales, A m erican_______ ______ 27,000
9,000
Actual e x p o r t............. ______
Forwarded ...................... ______ 74,000
T otal stock— Estimated ______ 865,000
Of which A m erica n .. ______ 733,000
T otal Imports of the w eek ____ 24,000
Of which A m erica n .. ______
8,000
Am ount a flo a t___ ____ ______ 125,000
Of which A m erica n .. ______ 77,000

June 2.
25,000
1,000
1,000
19,000
1,000
62,000
789,000
664,000
32,000
22,000
219,000
74,000

June 9.
9,000
1,000
7,000
4,000
42,000
795,000
664,000
52,000
37,000
107,000
57,000

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:
Saturday.

Spot.
Market,
12:15
V. M.

Monday.

1

Tuesday.

Wednesday. Thursday.

Very dull.

J

Mid. Upl’ds
Spcc.&exp.

HOLIDAY.

H O LIDAY.

Dull
and
easier.

Neglected.

8.38

8.37

8.31

2,000
200

3,000
300

2,000
200

Futures.
Market
1
opened
/

Steady at Steady at Steady at
5@7 pts. 1@ 5% pts. 5 @ 6 % pts.
advance.
advance.
decline.

Market,

)

P. M.

|

Quiet at
3% @ 6%
advance.

Steady at
2% ®8%
advance.

Friday.

HOLI­
DAY.

Steady at
1% @ 3%
decline.

The prices for futures at Liverpool for each day are given
below. Prices arc on the basis of upland, good or ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOths.
June 3
■ to
June 9.

J u n e ____
June-July
July-A ug.
A ug.-S ep .
Sep .-Oct .
O ct.-N o v .
N ov.-D ec.
D ec.-J a n .
Jan .-F ob
F eb.-M ch.
Mch .-Apr.

Sat.

Alon.

Tues.

12X

12K 12H 12 H 4
p.m . p.m . p.m . p.m .
d.

d.

H O LIDAY.

d.

d.

H O L IDAY.

p.m .
8
8
7
7
7
7
7
7
7
7
7

d.
11%
01
95
65%
26%
09 %
03%
01%
01%
02
02%

Thus, 8 01 means 8 l-100rf.
W ed.

Tliurs.

F ri.q

4 12 X
4 12 H 4 12H 4
p.m . p.m . p.m . p.m . p.m . p.m . p.m .
d.
10%
00
94
64%
24 %
08
02%
00 %
00%
01 %
02

d.
13
02 %
96%
67 %
29 %
13 %
07%
05 %
05%
06 %
07

d.
13
03
97
69
32
16%
11
09
09
10
10%

d.
07%
97
91 %
03 %
27
12
00 %
04 %
04 %
05
06

d.
11
99%
94
66 %
30
15
09 %
07 %
07 %
08
09

d.

d.

H O L IDAY.

B R E A D STU F FS.
Friday Night, June 9, 1911.
Flour has shown little change in price, but has been steady,
although trade has been quiet or only moderately active at
best. A t Minneapolis business has as a rule been dull, both
for the home trade and export. First clears, however, have
been in good domestic demand there and firm. A t Kansas
City the sales have been small. A t St. Louis there is a
better inquiry for ncw-crop wheat flour, but bids are un­
satisfactory. Other descriptions are in more demand.
Taking the country over, however, the flour trade is not in
satisfactory shape, though the tone is beginning to be more
hopeful.
Wheat advanced on bullish manipulation, complaints of
dry, hot weather in the Southwest— 104 in Texas, 100 to 102
in Nebraska and 102 to 108 in Oklahoma— more or less
unfavorable crop reports from Russia and Hungary and
covering of shorts. The Minneapolis stock has been slowly
decreasing. The Government report put the condition of
winter wheat on June 1 at 80.4, against 80.1 on May 1 and
80 last year. On the other hand, the spring-wheat condi­
tion is 94.0, against 92.8 last year, and the total acreage is
the largest on record. The world’s visible supply increased
3,134,000 bushels, against a decrease of 5,014,000 in the
previous week and a decrease of 2,408,000 last year. Also
the American visible gained 927,000 bushels, against 1,014,-




1575

000 in the previous week and a loss last year of 1,480,000.
Then, too, the world's shipments were heavy— that is, 10,­
584,000 bushels, against 13,440,000 in the previous week
and 9,184,000 last year. Crop reports from Argentina and
Roumania have been rather more favorable. There is a grow­
ing belief that the reciprocity bill will pass the United States
Senate. Also many, while puzzled in some respects by the
Government report, regard it as favorable, owing to the
enormous acreage. It points to the unprecedented total
crop of 704,286,000 bushels, against 695,443,000 last year,
737.189.000 in 1909, 064,602,000 in 1908, 634,087,000 in
1907, 735,200,970 in 1906 and 692,979,489 in 1905. Lat­
terly prices have receded somewhat, owing to more favorable
crop reports. The total acreage is 52,124,000 acres, against
49.205.000 last year, which was the largest on record at that
time. In 1909 it was 46,723,000 and in 1908 4 7 ,557 ,00 0.
To-day prices declined, owing to the bearish construction
put upon the Government report. Yet- smaller world’s
shipments were predicted and it was still very hot at the
W est.
D A IL Y CLOSING P R IC E S OF W H E A T F U T U R E S IN NEW Y O R K .
Sat. M on. Tues. Wed. Thurs. F ri.
N o. 2 red.............................................. 98 % 99%
98 % 98
97
97%
July delivery In elevator__________98 %
99 %
97 % 98 % 9 7%
98
Septem ber delivery In elevator____96% . 97 %
96
9 6% 9 5 %
9G%
D A IL Y CLOSIN G P R IC E S OF W H E A T F U T U R E S IN C H ICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
July delivery In e le v a to r.......... ...... 93 %
93 % 91 % 9214
9 1 % 92
September delivery in elevator____9 0 %
90% 89 % 90
89 % 89 %
December delivery In elevator_____ 92
92 $4 9 1 % 92
91%
91%

Indian corn has advanced, owing mainly to dry, hot
weather in the Southwest and a certain sympathy with the
rise in wheat. Rain is needed. Yet many of the crop re­
ports have been favorable and the world’s shipments were
heavy, being 5,528,000 bushels, against 2,255,000 in the
previous week and 2,454,000 last year. The amount on
passage increased 1,190,000 bushels. The country offerings
at times have been large, and also the interior receipts. It is
largely a weather market, however, and the high tempera­
tures and dry conditions have caused considerable buying for
a rise, though it is too early to attach very serious importance
to such news. Cash prices on Wednesday were lower, with
the demand light. Storage room at Chicago is reported to
be getting scarce and there are nearly 5,000,000 bushels of
grain on the track there. Premiums have fallen there within
ten days 1 to 2 cents. The visible supply increased 1,831,000
bushels, against a decrease of 245,000 in the previous week
and an increase of only 112,000 last year. To-day prices
declined and then became firmer, owing to continued high
temperatures at the W est, covering of shorts and good buying
by commission houses.
D A IL Y CLOSING P R IC E S OF NO. 2 M IX E D CORN IN NEW Y O R K .
Sat. M on . Tues. Wed. Thurs. F ri.
Cash co m ________________________ nom . nom . nom . nom . nom . nom .
July delivery In elevator__________62%
63
61 % 61%
6 2 % 63%
D A IL Y CLOSING P R IC E S OF CORN F U T U R E S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs. F ri.
54%
53% 54%
54% 55%
July delivery in elevator........... ...... 54%
September delivery In elevator____ 5 5%
55%
54% 55%
55% 56%
December delivery In elevator_____ 53%
54%
53% 54%
54% 55%

Oats have advanced, not only in response to the rise in
other grain, but also because the private crop reports in
regard to this cereal have not been uniformly favorable. On
the contrary, the dry, hot weather at the West and South­
west, and a fear that both oats and hay may suffer, has led to
some influential buying. Damage is reported in the South­
west. The Missouri State report made the condition 62,
against 89 a month ago, and Ohio 76, against 100 last year.
On the other hand, the visible supply increased 669,000
bushels, against a decrease of 723,000 in the previous week
and 414,000 last year. The Government report, however,
gave the condition on June 1st as only 85.7, against 91 a year
ago and a 10-year average of 8 8 .4 % , with an indicated crop
this year of 976,425,000 bushels, against 1,126,765,000 last
year. Also the condition of the hay crop on June 1 was
stated as only 76.8, against 86.1 on June 1 1910, 87.6 in 1909,
and an average for ten years of 89.8. The condition of pas­
tures in the United States is put at 8 1 .8 % , against 88.5 last
year, 89.3 in 1909 and a ten-year average of 9 0 .7 % .
D A IL Y CLOSIN G P R IC E S OF OATS IN NEW Y O RK .
Sat. M on . Tues. Wed. Thurs. F ri.
43%
44
43% 43
43%
44 %
S ta n d a rd s ________________________ 43%
N o. 2 white_______________________ 4444
44% 44
43% 44
45
' OATS F U T U R E S IN CHICAGO.
Sat. Alon. Tues. Wed. Thurs. F ri
37% 3 6% 37 % 37
38 ’%
July delivery In elevator__________3737
September delivery In elevator____3737%
%
38
37%
36%
38
39 %
38%
December delivery In elevator_____ 383 8%
%
38% 38
39
40 %

The following are closing quotations:
FLOUR.
75@ $3 25 Kansas straights, s a c k .$4
6 0® 4 80 Kansas clears,sacks____ 3
10® 4 30 City patents___________ 6
4 5® 3 70 R ye flour_______________ 4
0 0@ 5 35 Graham flour__________ 3
4 0@ 4 GO Corn m eal kiln d r ie d .. 2
9 0 @ 4 25.
G R A IN .
W heat, per bushel— I.o .b ,
■ Corn, per bushel—
N. Spring, No. 1.................. $1 05 %
No. 2 ---------------- f.o .b .
N. Spring, No. 2 --------------- l 03 %
S team er______ elevator
Red winter. No. 2 _________
98%
No. 3 ________elevator
Hard winter. No. 3 _______
Nom. R ye. per bushel—
Oats, per bushel, new—
Cents.
No. 2 W estern_______
Standards_________________
44%
State and Pennsylvania
N o. 3 white_______________
45
Barley— Malting................
No. 3 white_______________
44

Winter, low grades____ ?2
W ln-cr patents_________ 4
Winter stra ig h ts______ 4
Winter clears__________ 3
Spring patents_________ 5
Spring straights_______ 4
Springclears___________ 3

i o @ ? 4 40
60® 4 00
0 0 ® 6 40
9 5® 5 50
9 0 ® 4 on
8 5 ® 3 00

Cents

NomlfS

Nominal
Nominal
Nominal
9 7@ 1 03

A G R IC U L T U R A L D E P A R T M E N T R E P O R T ON CE­
R E A L S , &C.— The report of the Department of Agriculture,
showing the condition of the cereal crops on June 1, was
sued on the 8th inst., and is as follows:

1 51Q

THE CHRONICLE

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

The Crop R eporting Board of the Bureau of Statistics of the United Men’s wear lines displayed little activity; in this division, as
States Departm ent of Agriculture estimates, from the reports of the corre­
well as in dress goods, the tariff agitation is held largely re­
spondents and agents of the Bureau, as follows:
F or the United States:
Acreage 1911.
Condition June 1
sponsible for the hesitancy among buyers.
.
% of
10-yr. M ay 1
DOM ESTIC COTTON GOODS.— Exports of cotton goods
Crop—
1910.
Acres.
1911. 1910. A ver. 1911.
Spring w heat-------------------104.9
20,757,000
94.6
92.8
93.6
____
from this port for week ending June 3 were 8,992 packages.
W inter w h eat-------------------- 106.6 31,367,000
80.4
80.0
81.6
86.1
-------- 1911------------------------ 1910--------O ats---------------------------------- 99.9 35,250,000
85.7
91.0
88.4
_____
Since
Since
Barley ---------------------------- 97.0
7,038,000
90.2
89 6
90.9
____
Neio York to June 3—
Week. Jan. 1.
Week. Jan. 1.
R y e ------------- ------------ - ......................... ...............
88.6
90.6
90.2
90.0
992
Great Britain. ------------ . -----------3
377
113
H a y -------- ---------- .................... ............................
76.8
86.1
84.7
550
Other E urope__________ . . . _______
4
403
7
P a stu res______ ________ _______
_________
81.8
88.5
90.7
81.3
28,212
China__________________________ ----------- 4,900
35,102
The following gives the indicated yield per acre and comparisons of total
India _________________________ _______
6,958
2
13,205
90
production in 1011. The indicated yield for 1911 is based upon the ratio A rabia_____________ ___________ ____ . 1,679
5,335
10,218
75
o f the average condition on June 1 to the final yield in the past five years:
1,570
A f r i c a ____________ _______ ____ _______
783
3,851
34
12,262
544
17,375
---------- Yield per A cre----------- Indicated Total Produc- W est Indies____ _____ _______ _______
337
M
e
x
i
c
o
______
_________
_____
819
_______
32
1,006
1911.
tion 1911, Compared
37
3,684
206
7,957
Indicated
1906with Total Production Central A m erica________________ _______
133
22,198
South A m erica_____________ . . _______
73
26,520
1,706
by Condi1910.
1910.
1906-10
766
19,605
Other countries________________ _______
17,466
1,584
Crop—
tion.
Final.
Average.
1910.
Average.
Bushels. Bushels.
Bushels.
P e r c e n t. P e r c e n t.
T o ta l____________ __________ _______ 8.992
133,540
4,116 102,185
W inter wheat_____
15.3
15.8
15.5
103.4
106.6
Sprlngw heat______
13.7
11.7
13.5
122.9
116.5
The value of these New York exports since Jan. 1 has been
All w heat__________ 14.7
14.1
14.7
109.9
110.2
27.7
31.9
28.4
86.7
104.8
O a ts ______________
$9,934,380 in 1911, against $7,003,714 in 1910.
B a r le y ____________
24.9
22.4
24.8
108.0
105.3
Domestic cottons were in steady request but business in
R y e ______________
16.1
16.3
16.4
____
____

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 3 1911, was as follows:

______
............
Philadelphia . ............
Baltimore----- ............
New Orleans ______
______
Buffalo _____ ...............
............
............
__
Milwaukee - .. ............
__
Minneapolis -. ............
St. Louis. ... ........ .

New York . . .

AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
459,000
288,000
414.000
252,000
301.000
20,000
202,000
2,000
16,000
207,000
203.000
124.000
4,000
114.000
91,000
71,000
8,000
1,933,000
337.000
731.000
298,000
168.000
84.000
208,000
10,000
212.000
8,270,000
3.975.000
1,262,000
225.000
106,000
66|000
2,802,000
575.000
32.000
553.000
6,000
9,330,000
71.000
147.000
1,015,000
83.000
168.000
872,000
1.267.000
70.000
192.000
223.000
141,000
597.000
270.000
718.000
287.000
9,000
148,000

___
On Canal and River__
it*
4,684,000
8,678,000
* Total June 3 1911.-26,875,000
3,902,000
8,182,000
» Total May 27 1911.-25,948,000
5,471,000
6,666,000
Total June 4 1910..18,647,000
7,499,000
2,883,000
Total Juno 5 1909.-17,536,000
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
806,000
306,000
687,000
Montreal........ ______
.......... 1,899,000
2,432,000
_____ 1,021,000
1,679,000
______ 1,948,000
865,000
Total
Total
Total
Total

June 3
May 27
June 4
Juno 5

American . . .
Canadian----Total
Total
Total
Total
Total

June 3
May 27
June 4
June 5
June 6

1911. .
1911. .
1910..
1909. .

5,674,000
6,384,000
5,961,000
3,969,000

Rye,
bush.

Barley,
bush.
12,000

1,000

9,000
527,000

6,000
9,000

52,000

15,000
1,000

175,000
54,000
3,000
104,000

32,000
34,000
496,000
219.000

936,000
991,000
1,807,000
944,000

Rye,
bush.

Barley,
bush.
32,000

5,663,000
6,227,000
822,000
286,000

Wheat,
bush.
............ 26,875,000
............ 5,674,000

306,000
267,000
126,000
6,000
SUMMARY.
Com,
bush.
4,684,000
306,000

Oats,
bush.
8,678,000
5,663,000

Rue,
bush.
32,000

Barley,
bush.
936,000
32,000

1911.-32,549,000
1911.-32,332,000
1910..24.608.000
1909.-21,505,000
1908.-21,277,000

4,990,000
4,169,000
5,597,000
2,889,000
3,511,000

14,341,000
14,409,000
7,488,000
7,785,000
6,554,000

32,000
34,000
496,000
236,000
257,000

968,000
1,044,000
1,953,000
1,115,000
1,387,000

TH E

DRY

G O ' *D S

17,000

32,000
53,000
146,000
171,000

TR AD E.

New York, Friday Night, June 9 1911.
Textile markets were comparatively quiet this week, trad­
ing generally being of a hand-to-mouth character. In the
primary cotton goods division converters and the manufac­
turing trades, having apparently provided for urgent needs,
showed little disposition to make additional commitments.
Jobbers in various sections continued to place moderate
orders for prints and a few other staple domestic cottons
for deliveries within the next few weeks, but have not, as a
rule, begun to operate freely for the fall season. Sentiment
among jobbers and merchants is by no means pessimistic;
on the contrary, they consider underlying conditions sound
and express confidence in the future, but prefer to await a
somewhat clearer outlook for trade before placing contracts
for distant deliveries. Owing to the same influences pre­
viously noted namely, the sustained strength of raw ma­
terial, curtailment of production, limited stocks and con­
fident expectation among sellers that business will increase
in volume before long, prices of cotton goods in both primary
and secondary markets were firmly held, especially on con­
tracts. Some lines for the new spring season are being shown,
and there is increasing evidence of unwillingness on the part
of mills to make any downward revisions; this applies not
only to cotton goods, but to woolens and worsteds and other
lines, and it is plain that mills are as determined as ever to
curtail production rather than accept business at a loss.
Toward the week-end small, scattered sales of wide print
cloths were reported at slight concessions below the general
market level, but no sizable lots were available at the lower
prices and many leading mills refused to sell at such figures.
Cotton yarns continued dull, with prices firm for forward de­
livery, but more or less irregular on stock yarns. Woolen
and worsted dress goods and men’s wear showed little activity.
W O O LE N GOODS.— Trade in the primary dress goods
market was seasonably quiet outside of an active demand for
certain specialties which are in limited supply. Fancy
woolens were taken in small lots by garment makers, and
to some extent by jobbers.
The call for worsted-warp
broadcloths improved slightly, but worsteds generally, with
the exception of serges, moved more slowly than woolens.




the aggregate was only moderate. Bleached goods contin­
ued to be taken by the manufacturing trades and jobbers,
usually in small lots for near-by requirements. Drills and
sheetings held steady, with transactions light. Staple prints
for fall were ordered more freely by jobbers than other lines,
and printers in some instances are firmer and less willing to
give extended discounts. Demand for brown cottons was
limited and principally to meet needs within the next few
weeks. Duck continued firm and fairly active. Tickings,
denims and coarse, colored cottons for working shirts and
suits moved in small qpantities and ruled steadier; produc­
tion of colored goods, it is said, is being restricted to orders
booked, while denim mills contemplate curtailment through
summer months. Some lines of dress ginghams were opened
for the spring season and a fair amount of business was re­
ported placed. Aside from a few sales of sheetings to China,
export trade remained quiet. Demand for print cloths and
convertibles was light and scattered; gray goods, 3 8 H -inch
standard, are quoted a shade easier at 5 l-l(5c. to 5 j^ c ., but
the market generally ruled firm on contracts.
FO R E IG N D R Y GOODS.— High-grade lines of English
men’s wear fabrics have been priced for spring, 1912, at the
same level that prevailed a year ago, and importers have
booked a moderate amount of business; they are not aggres­
sively competing for American orders, since, according to
local representatives, the leading British manufacturers are
well sold ahead for home consumption. Dress linens were
moderately active, demand coming chiefly from the cuttingup trades, with some orders from retailers and secondary
distributers. Colored dress linens again figured prominently
in purchases by garment makers. Housekeeping linens were
relatively quiet, but more interest was shown in goods for
distant deliveries, some contracts being reported placed for
shipment twelve months hence. Burlaps were dull and un­
changed.
Importations and Warehouse Withdrawals of Dry Goods.

THE CHRONICLE

J u n e 10 1 9 1 1 . j

M U N IC IP A L BOND SALES IN M A Y .
Conditions in the municipal bond market in May were ex­
actly the reverse of those prevailing the same month last
year. In May 1910, it will be recalled, more than twelve
million dollars worth of bonds were offered without success
and very low prices were obtained for those issues which
were disposed of. During the month just closed the new
loans disposed of reached a total of $33,490,004, which,
with the exception of May 1904, when the output included
$37,000,000 bonds of New York City, is the largest ever
reported for May. Very few offerings were unsuccessful and
over 500 new issues were sold, of which the following are the
largest and most important: $7,000,000 4s of New Orleans,
$2,006,000 of Seattle, $1,400,000 4s of Chicago, $1,030,000
4s of Baltimore, $950,000 4s of Cook County, 111., $625,000
4 >SjS of San Francisco, $500,000 4s of Schuylkill County, Pa.,
$475,000 4j^ s of Pasadena High School District, Cal., $450,­
000 4J^s of Milwaukee, $400,000 4s of New Bedford, Mass.,
$395,000 4 ^ s of Wilmington, Del., $430,000 5s of Asheville,
N o. Car., and $310,000 4s of Indianapolis.
There were also put out in May, in addition to the $33,490,­
004 permanent loans referred to above, $12,591,697 temporary
obligations and $5,810,782 Canadian debentures. In the
following we furnish a comparison of all the various forms of
obligations put out in May of the last five years:
1911.
1910.
1909. '
1908.
1907.
8
S
S
S
S
Permanent loans (U. S.) .33,490,004 18,767,754 27,597,809 25,280,431 15,722,330
Temporary loans (U. S.>.12,591,697 36,211,785 8,081,827 42,659,690
304,200
Canadian loans (perm’ t ). 5,810,782 28,856,569 8,587,440 1,885,541 8,485,111
Bonds ol U. S. Posses’ns. ................................ 1,000,000
................................
Total................ ............. 51,892,483 83,836.108 45,267,136 69,825,662 24,511,647

The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1911
were 367 and 506, respectively. This contrasts with 356
and 301 for April 1911 and with 245 and 339 for May 1910.
For comparative purposes we add the following table,
showing the aggregates of long-term issues for May and the
five months for a series of years:
Month o f
M a y.
1911
1910
1909
1008
1907
1906
1905
1904
1903
1902

______ 18,767,754
______ 27,597,869
______ 25,280,431
______ 15,722,336
______ 14,805,037
______ 16,569,066
______ 55,110,016
______ 14,846,227
______ 20,956,404

For the
F ive M os.
143,476,335
145,000,867
137,476,515
93,957,403
80,651,623
92,706,300
113,143,246
62,649,815
59,211,223

1001
1900
1899
1898
1897
1896
1895
1894
1893
1892

Month o f he
M ay.
Five M os.
______ $14,562,340
______
9,623,264 58,373,539
______
7,897,642 33,996,634
______
7,036,926 34,373,622
______
8,258,927 56,890,312
30,384,656
______ 10,712,538
______ 11,587,766 41,084,172
______ 14,349,410 50,067,615
______
4,093,969 30,774,180
______
7,856,860 36,844,291

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will be given later.

News Items.
Arkansas.— Governor Vetoes Income Tax Approval.— Gov­
ernor Donaghey, it appears, has vetoed the action of the
Legislature in ratifying the proposed Income Tax Amend­
ment to the Federal Constitution. See V . 92, p. 1191. On
June 6 Representative llobinson of Arkansas introduced in
the House of Representatives a resolution declaring that
the amendment had been ratified by that State, notwithstand­
ing the Governor’s veto. Mr. Robinson had previously sent
a telegram to the Governor asking him to withdraw his at­
tempt to nullify the action of the Legislature. Mr. Robin­
son explains that the veto power of the Governor does not
extend to amendments to the Constitution of the United
States.
Bayonne, N. J . —Election on Commission Government.—
N ext Tuesday (June 13) a vote will be taken on the question
of adopting the commission form of government provided
in an Act recently passed by the Legislature. Bayonne is
the first city in the State to call an election under the Act
referred to. Petitions for such a referendum are in circula­
tion, it is stated, in Jersey City, Hoboken, Elizabeth, Pas­
saic, New Brunswick and several smaller municipalities, but
the signatures of 2 0 % of the voters, as required in each case,
have not yet been obtained. The new plan of government,
to carry, must receive an affirmative vote equal to 3 0 % of the
vote cast at the last previous election for members of the
Legislature.
Carlisle, Cumberland County, Pa. — Borough Offers Gas
& Water Co Stock For Sale.— A t 2 p. m. to-day (June 10)
this borough will offer at public sale 1,811 shares ($45,250)
of the capital stock of the Carlisle Gas & Water Co. No bid
for less than $42 50 per $25 share will be considered. Com­
pany’s capital stock $100,000.
Cebu, Philippine Islands.— Bond Offering.— Proposals will
be received until 2 p. m. June 30 at the Bureau of Insular A f­
fairs, War D ept., Washington, D. C., for $125,000 4 % gold
registered sewer and drainage, water-supply and publicschool bonds.
A uthority, A ct of Philippine Legislature D ec. 27 1910, In pursuance of
authority contained In Sections 66 to 69, A ct of Congress app. July 1 1902.
D cnom . $1,000. Date Jan. 1 1911. Int. quarterly. Due Jan. 1 1941. o p




1577

after Jan. 1 1921. B y authority o f Congress these bonds are exem pted
from taxation b y the Government o f the U. S. or of the Philippine Islands
or of any sub-dlvi?lon thereof, or b y any State, cou n ty, municipality or
other sub-division of any State or T erritory o f the U. S. or b y the DIst. of
Columbia. The legality of the bonds has been passed upon b y the A ttor­
ney-General o f the U. S. The Secretary of the Treasury authorizes the
statement that these bonds will be accepted at par as security for public
deposits, should further deposits be made, and In designating depositaries
for Philippine funds the W ar Dept, gives preference to the banks offering
U. S. or Philippine bonds as securities for such deposits. Certified check
for 2% of bid required. Delivery July 7, either b y engraved bonds or by
Interim certificates. The City of Cebu has no bonded debt and the assessed
valuation o f real estate is over $3,500,000.

Danville, Pittsylvania County, Va .— Population in 1910.—
In the May 27 1911 number of our “ State and City” Section,
the population of Danville for 1910 was inadvertently re­
ported as 6,765. The correct figures are 19,020.
Illinois.— Special Session of Legislature.— On June 6 Gov­
ernor Deneen issued a call for a special session of the Legis­
lature to convene June 14, to consider the matter of deep
water-ways between Lake Michigan and the Mississippi River.
The regular session ended June 1, as stated in Y . 92, p. 1511.
Sub-Committee of U. S. Senate Named to Probe Loritner
Charges.— The Committee of Privileges and Elections of (he
U . S. Senate on June 5 appointed a sub-committee of eight
Senators to investigate the charges of bribery in connection
with the election of Senator Lorimer of Illinois. See V . 92,
p. 1511.
The members of this special com m ittee, who will be endowed with all the
powers of a regular com m ittee of the Senate, are: Senators Dillingham of
Verm ont, Gamble o f South Dakota, Jones of W ashington and Kenyon of
Iowa, Republicans, and Johnstone of Alabam a, Fletcher of Florida, Kern of
Indiana and Lea of Tennessee, Dem ocrats. The naming o f the sub-com ­
mittee was approved b y the Senate on June 7.

Commission Form of Government Law Upheld.— Judge
Jas. A . Creighton in the Sangamon Circuit Court on June 5
decided that the commission form of government bill under
which a number of Illinois cities are being governed is valid
and not in violation of the Constitution. The decision was
rendered in a mandamus suit brought by the commissioners
to compel the County Treasurer, C. H . Edmands to turn
over to W in . H . Bowe, who was named city Treasurer by
the commissioners, the city’s funds in his possession. It is
expected that the case will be appealed to the Supreme Court.
Los Angeles, Cal.— Power Plant Bonds Declared Valid by
Supreme Court.— The State Supreme Court in a decision
handed down May 31 sustains the judgment of the Superior
Court upholding the validity of the $3,500,000 municipalpower-plant bonds voted in April 1910. See Y . 91, p. 1047.
Percy H . Clark, who brought the suit, contended, it is
stated, that the city had no power to engage in the enter­
prise projected, but the Supreme Court held this untenable,
gs an amendment to the Los Angeles charter in 1909 gave
the power and the right to secure lands, water rights,
machinery and all else needed. It was also contended that
the bonds would give Los Angeles an indebtedness beyond
the fixed limit, but this was likewise overruled, the Court
decided, by a special amendment to the charter, making
provision for public utilities.
Mobile, Ala.— Commission Form of Government Approved.—
The election held June 5 (V . 92, p. 1327) resulted in favor of
government under the commission plan. The vote, accord­
ing to local papers, was 2,221 to 1,392.
Mountain Home, Elmore County, Idaho.— Bonds Declared
Valid.— The State Supreme Court in an opinion handed down
May 31 in the suit brought by C. E . Corker (V . 92, p. 1511),
upholds the legality of the $35,000 6 % coupon water bonds
awarded in April to W . E . Sweet & Co. of Denver.
New York City.— Comptroller Authorized to Issue Short­
Time Notes in Anticipation of Sale of Corporate Stock.— Under
a bill passed by the Legislature, approved several weeks ago
by Mayor Gaynor and signed on June 1 by the Governor, the
City Comptroller is authorized to issue short-term notes to
provide funds pending the sale of corporate stock. E x­
plaining the new law, Comptroller Prendergast says:
Under the old law m any millions o f dollars in awards for land taken b y
the city for various purposes carried Interest at 6% against the city . There
is pending fully $10,000,000 In awards, drawing interest at the rate o f
$600,000 a year. Under the old law these paym ents could be settled only
out of the proceeds of corporate stock and would have to await the next
bond sale. Under the new law, which enables the Comptroller to borrow
m oney against the proceeds of the next bond sale, the m oney to settle all
such claims can be obtained at the rate o f 3 H % or less. If a sale should
take place next spring, the saving to the city on this account would be not
less than $200,000.
The new law will also make it unnecessary to carry in the banks of the
city the large amounts proceeding from the sale o f corporate stock, pending
the time of actual disbursement. A tfcr a bond sale o f $50,000,000, an aver­
age balance o f at least one-half that amount has been carried in the banks
for a period o f about a year. The city pays 4 H % on this m oney and re­
ceives only 2 % in return from the banks. On this side o f the account I
expect the city will save at least $500,000 a year, as against the old m ethod.

The bill in full is given below:
Sec. 1. The Greater New York charter, as re-enacted b y Chap. 466 o f the
laws of 1901, is hereby amended b y adding thereto, after Sec. 188 thereof,
a new section, to be known as Sec. i8 9 , to read as follows:
N OTES TO B E IS S U E O IN A ' T IC IP A T IO N OF S A L E OF
CORPORATE STO CK .
Sec. 189. The Comptroller is authorized to issue, whenever he m ay deem
it for the best interests of the city so to d o, bills or notes, hereinafter de­
scribed as "n o te s ," maturing within a period not to exceed one year, in an­
ticipation of the sale of corporate stock duly authorized at the time such
notes are Issued. The proceeds o f the sale o f such notes shall be used only
for the purposes for which m ay be used the proceeds of the sale of corporate
stock in anticipation of the sale whereof the notes were issued. All of such
notes and any renewals thereof shall be payable at a fixed tim e, and no
renewal of any such note shall be issued after the sale o f corporate stock
In anticipation o f which the original note was Issued. In the event that
a sale of such corporate stock shall not have occurred prior to the m aturity
o f the notes so issued In anticipation o f such sale, the Comptroller shall, in
order to meet the notes then maturing, issue renewal notes for such pur­
pose. E very such note and renewal note shall be payable from the pro­
ceeds of the next succeeding sale of corporate stock. The total amount of
such notes or renewals thereof issued and outstanding shall at no time ex­
ceed one-half o f the total am ount of corporate stock authorized to be Issued;
and if no sale o f corporate stock shall have been held within six months pie*

1578

THE CHRONICLE

din? the issue of such notes, then the total amount of such notes or re­
newals thereof, issued and outstanding, shall at no time exceed one-half the
total am ount of corporate stock authorized to be Issued on the date which
shall be six m onths after such last preceding sale.
See. 2. This Act shall take effect Immediately.

Norwich, New London County, Conn.— Commission Plan
Defeated.— By a vote of 1,232 to 845 the electors of this city
on June 5 defeated a proposition to adopt the commission
form of government. It is said that this is the first city in
the State where the new plan has been offered to the people.
The Legislature sanctioned the proposition, subject to the
approval of the voters.
Ohio.— Legislator Pleads Guilty to Charge of Bribery.— Rep­
resentative Owen J. Evans, Democrat, of Stark County, on
June 5 pleaded guilty before Judge Kinkead of the Criminal
Court to an indictment handed down by the Franklin County
Grand Jury on the same day, charging him with receiving a
bribe of $100 fro m L .C . Miller, an Akron loan agent, to prevent
Senator Haas’s salary loan bill from coming to a vote in the
House. Mr. Evans was fined $500 by the Court and was
then taken before the Grand Jury, having promised to tell
what he knows concerning legislative corruption. There
are still two indictments pending against Representative
Evans, one returned May 3 (V . 92, p. 1386), charging him
with soliciting a bribe of $650 for his vote on a liquor bill
and another returned June 5, together with the one to which
he confessed, charging that he solicited a bribe of $400 from
J. C. Sharrer of Alliance for his influence on Senator Haas’s
loan agent measure.
Governor Signs Smith Tax Bill.— The Governor on June 2
signed the Smith one per cent tax bill. The law, it is said,
provides that the levy for any governmental unit, such as
the city, the schools or the like, shall not be more than the
levy of 1910. It also provides that the total levy shall not
be more than 1 % of the tax duplicate. The operation of
the new law will result, it is predicted by various city officials
throughout the State, in a loss of needed revenue for public
work and pay-rolls.
Portland, Ore.— Charter Commission Named.— The Mayor
on June 1 appointed a commission of fifteen members to
draft a new city charter, providing for the commission form
of government, for submission to the voters. A proposition
to adopt this form of government was defeated by the voters
on June 7 1909. V . 88, p. 1570.
Republic of Nicaragua.— Treaty with U. S. Signed.— On
June 6 a treaty between the United States and the Republic
of Nicaragua for refunding the public debt of the latter was
signed by Secretary of State Knox and Dr. Salvadore Castrillo, the Minister from Nicaragua, It is stated that this
treaty is practically the same as the Honduras agreement,
the only difference being that the loan in the case of Hon­
duras was privately arranged with a syndicate of New York
bankers, while the Nicaraguan bond issue will be upon a
competitive basis and will be sold to the highest bidder. The
treaty with Honduras (V . 92, p. 477) has been pending for
some weeks in the Foreign Relations Committee of the Sen­
ate, and a final effort will now be made, it is said, to have
both treaties ratified by that body.
Yesterday (Juno 9) a report recommending the ratifica­
tion of the Honduras treaty was decided upon by the Foreign
Relations Committee, according to newspaper dispatches.
W isconsin. — State Senate Votes to Unseat U. S. Senator
Stephenson.— By a vote of 18 to 3 the State Senate on June 7
adopted a resolution declaring that the election of Isaac
Stephenson as U. S. Senator from Wisconsin was accom­
plished by bribery and that such election should be annulled
by the U . S. Senate.

Rond C alls and Redemptions.
Abington Township, Montgomery County, Pa.— Bond
Call.— Bonds Nos. 1 to 5, inclusive, of Class A , Loan of 1906,
for $1,000 each, will be paid July 1 at the Jenkintown Na­
tional Bank in Jenkintown.
Denver, Colo.— Bond Call.— The following bonds are
called for payment June 30:
STORM S E W E R BONDS.
Nos. 227 to 232, incl.. N o. D cnv. Storm Sewer Dist. N o. 1.
Sub-DIst. N o. 3 of the N o. Denver Storm Sewer Dist. N o. 1, Iloiul N o. 0.
Sub-DIst. N o. ('» of the N o. Denver Storm Sewer Dist. N o. 1, B ond N o. 5.
.South Capitol Hill Storm Sewer Dist., Bond N o. 33.
South Capitol Hill Storm Sewer Dist. N o. 2, Bond N o. 59.
S A N IT A R Y S E W E R BONDS.
East Side Sanitary Sewer Dist. N o. 1, Bonds Nos. 228 to 233, Inclusive.
Sub-DIst. No. 2 of East Side San. Sew. Dist. N o. 1, Bonds Nos. 16 & 17.
Sub-DIst. N o. 8 of East Side San. Sew. Dist. N o. 1, Bonds Nos. 80 & 81.
Sub-Dist. N o. 11 of East Side San. Sew. Dist. N o. 1, Bonds Nos. 35 & 36.
Ilarman Special Sanitary Sewer District N o. 1, Bond No. 36.
Highlands Special San. Sewer Dist. N o. 7, Bonds Nos. 72 to 75, incl.
Morgan’s Capitol Hill Special Sanitary Sewer Dist., Bond N o. 5.
South Capitol Hill Special Sanitary Sewer Dist., Bond N o. 14.
IM PR O V EM EN T BONDS.
Capitol Hilt Im provem ent Dist. N o. 5, Bonds Nos. 50 and 51.
Cherry Creek Im provem ent Dist. No. 1. Bonds Nos. 49 to 98, incl.
Cherry Creek Im provem ent Dist. N o. 2, Bonds Nos. 27 to 29, incl.
■ East Denver Im provem ent Dist. N o. 3, Bond No. 56.
• East Denver Im provem ent Dist. N o. 4, Bonds Nos. 89 to 91 incl.
• East Side Improvement Dist. N o. 1, Bond No. 46.
East Side Im provem ent Dist. N o. 2, Bonds Nos. 31 to 33, Incl.
• Evans Im provem ent Dist., Bond No. 45.
• North Side Im provem ent Dist. No. 1, Bonds Nos. 79 and 80.
North Side Im provem ent Dist. N o. 3, Bonds Nos. 106 and 107.
North Side Im provem ent Dist. N o. 4, Bonds Nc.s. 34 to 36, Incl.
North Side Im provem ent Dist. N o. 6, Bond N o. 32.
• North Side Im provem ent Dist. N o. 11, Bond N o. 19.
• Sherman St. Im provem ent Dist. N o. 1, Bond No. 19.
• South Broadway Im provem ent Dist. N o. 2, Bonds Nos. 74 and 75.
• South Capitol Hill Im provem ent Dist. N o. 1, Bonds Nos. 96 to 101, Incl.
■ South Side Im provem ent Dist. N o. 1, Bonds Nos. 117 to 120, Incl.
• Thirteenth St. Improvement Dist. N o. 1, Bond N o. 35.
W est Denver Im provem ent Dist. N o. 1, Bond N o. 125.




[VOL.

LXXXXII.

P AVIN G BON DS.
Alley Paving Dist. N o. 3, Bond N o. 23.
Alley Paving Dist. N o. 5, Bond N o. 20.
Alley Paving Dist. N o. 8, Bond N o. 17.
Alley Paving Dist. N o. 10, Bond No. 14.
Alley Paving Dist. N o. 12, Bond No. 13.
Alley Paving Dist. N o. 15, Bonds Nos. 11 and 12.
A lley Paving Dist. N o. 17, Bonds Nos. 12 to 18, Inclusive.
Alley Paving Dist. N o. 18, Bonds Nos. 1 to 3, Inclusive.
Alley Paving Dist. N o. 20, Bond No. 16.
Alley Paving Dist. N o. 21, Bonds Nos. 1 to 12, Inclusive.
Broadway Paving Dist. N o. 3, Bond N o. 39.
Lincoln St. Paving D ist. N o. 1, Bond No. 27.
Market St. Paving Dist. N o. 2, Bonds Nos. 27 and 28.
W elton S t. Paving Dist. N o. 1, Bond N o. 40.
S U R FA CIN G B ON DS.
"
“
Surfacing Dist. N o. 3, Bond N o. 65.
P A R K B ON D.
Highland Park Dist., Bond N o. 283.
Montclair Park D ist., Bonds Nos. 366 to 375, inclusive.
Upon the request of the holders of any of the above bonds, received 10
days before the expiration of this call, the Treasurer will arrange for their
payment at the Mercantile Trust C o., N . Y . City, but not otherwise.

Sweet Grass County (P. O. Big Timber), M ont.— Bond Call.
— Interest will cease July 1 on outstanding bonds dated
Dec. 2 1895. The bonds will be redeemed at the National
City Bank in New York or at the County Treasurer’s office
in Big Timber.

Bond Proposals and Negotiations this week
have been as follows:
Adam s County (P. O. W est Union), Ohio.— Bond Sale.—
On June 5 the $7,000 4 % coup, court-house bds. (V . 92, p.
1512) were awarded to Seasongood & Mayer of Cincinnati at
100.403 & int. A bid of $7,015 was also received from Weil,
Roth & Co. of Cine, and a bid of $7,022 from the New First
National Bank of Columbus.
Akron, Ohio.— Bond Offering.— Proposals will be received
until 7:30 p. m . June 27 by W . A . Durand, Secy. Sin k .F d .
Trus., for the following 4 ) ^ % bonds, aggregating $101,740:
54,000
sewer bonds, dated A ug. 1 1910, due 52,000 A u g. 1 1913 & 1914.
Denomination 51,000.
53,300 Fire Chief's A utom obile bonds, dated N ov. 1 1910. due N ov. 1
1914. Denomination $1,000 & 5300.
$6,000 Balch S t. paving bonds, dated Jan. 1 1911, duo 52.000 Jan. 1
1913 to 1915.
510.450 Mill St. paving bonds dated Jan. 1 1911, due $2,000 Jan. 1 1913,
$3,000 Jan. 1 1914 & 1915 and $2,450 Jan. 1 1916. Denom. 51,000 & $450.
5,800
Gale St. paving bonds, dated Jan. 1 1911, due $1,000 Jan. 1 1013 &
1914, $2,000 Jan. 1 1915, $1,800 Jan. 1 1916. b en om . 51,000 & $800.
$12,780 Coburn and Voids St. paving bonds, dated Feb. 1 1911, due 51,420
Feb. 1 1913 to 1921. Denomination $710.
4,680 Atlas St. and Bailey A ve. paving bonds, dated Feb. 1 1911, due
$520 Feb. 1 1013 to 1921. Denomination $520.
$7,700 Tallm adge A ve. Sewer bonds, dated March 15 1911, due $3,000
March 15 1914 & 1915, $1,700 1916. Denomination $1,000 & $700.
$4,200 Martha A ve . sewer bonds, dated March 15 1911, due $1,000 Mch.15
1914, $2,000 Mch. 15 1915, $1,200 Mch. 15 1916. Denom. $1,000 & $200.
$3,000 Glendale A ve. sewer bonds, dated Mch. 15 1911, due $1,000 Mch.15
1914 to 1916. Denomination $1,000.
53.450 Water St. sewer bonds, dated April t 1911, due $1,000 April 1 1912,
1913 and $1,450 April 1 1914. Denomination $1,000 & 5450.
$9,000 Howe St. paving bonds, dated April 1 1911, due $1,000 April 1
1913 to 1921 incl. Denomination $1,000.
$3,580 public improvem ent bonds, dated A pril 1 1911, due April 1 1915.
Denomination $1,000 & $580.
$15,900 Bartges St. paving bonds, dated April 1 1911, due $1,000 April 1
1912, 1914, 1916, 1918, 1920, $2,000 April 1 1913, 1915, 1917, 1919 and
$2,900 April 1 1921. Denomination $1,000 & $900.
$1,900 public Improvement bonds, dated May 1 1911, due May 1 1914.
Denomination $950.
$6,000 Howard St. sewer bonds, dated June 1 1911, due June 1 1910.
Denomination $ 1,000.
Each Issue of bonds to be bid for separately. Int. semi-ann. in N. Y .
Ccrtilled check on a bank in Ohio for 5% of bonds bid for, payable to trustees
Sinking Fund required. Bid to be made on blank form furnished by city.

The above are not new issues but bonds held by the Sinking
Fund as an investment.
Albany, Dougherty County, G a.— Bond Election.— The
election will be held June 12 to vote on the question of issuing
the $50,000 municipal-gas-plant, $10,000 park-improvement,
$5,000 street, $10,000 Oakview Cemetery enlargement,
$12,500 water and sewer extension and $12,500 streetimprovement 5 % bonds mentioned in V . 92, p. 895. Denomi­
nation $1,000. Interest semi-annual. Maturity 30 years.
Alexandria Independent School District (P. O. Alexan­
dria), Harrison County, So. D ak.— Bond Offering.— Pro­
posals will be received until to-day (June 10) by H . M. Schu­
macher, Clerk Bd. of E d ., for $5,000 5 % coup. ref. bonds
voted April 18 1911.
Denom. $500. Date July 1 1911. Int. J. & J. at Alexandria. Due in
10 yrs.; op t. after 5 yrs. Cert, check for 5% of bid required. No debt
at present. Assessed valuation, $196,000.

Alliance, Stark County, Ohio.— Bond Offering.— Pro­
posals will be received until June 13 by C. O. Silver, A ud., for
815,200 and $2,200 4J ^% coup, street impt. (city’s portion)
bonds.
Denoms. $500 & $200. Date June 1 5 1911. In t. J. & D . at Treasurer’s
office. Due June 15 1928. Official circular states that the city has never
defaulted In the paym ent of prin. or Int. Certified check for 3% of bonds
bid for, required.

Bonds Authorized.— An ordinance has been passed pro­
viding for theissuanceof $1 4 ,5 0 0 street (city’s portion) bonds.
An ordinance has also been passed providing for the issu­
ance of $1,800 4j/£% coup. Milner St. sewer bonds.
Denom. $500 & $300.

Date July 15 ’ l l .

Int. J. & J. Due July 15 1917.

. : Alturas, Modoc County, Cal.— Bonds Not Sold.— No bids
were received on May 1 for the $2,000 fire-apparatus and
$33,000 water 5 % gold coup, bonds described in V .9 2 ,p.973.
^ Anderson County (P. O. Palestine), T qx .— Bond Election.
— An election will be held June 24, according to reports, to
votejon the issuance of $150,000 Prec. No. 1 road bonds.
Andrews County (P. O. Andrews), T o x. — Bond Sale.—
According to reports, the $8,000 5 % 10-20-ycar (opt.) courthousejbonds (V . 92, p. 203) have been sold.

T H E C H R O N IC L E

J u n e 1 0 1 9 1 1 .]

1579

Ansonia, Conn.— Bond Offering.— Further details are at
hand relative to the offering on June 27 of the $40,000 4 %
gold coupon sewer bonds, mentioned in V . 92, p. 1449. Pro­
posals for these bonds will be received until 8 p. in. on that
day by F . M. Drew, City Treasurer.

Bay City Independent School District (P. O. Bay City),
Matagorda County, Texas.— B o n d E l e c t i o n . — An election will

D e n om in ation $ 1 ,0 0 0 .
D a te J u ly 1 1 0 1 0 .
In te rest sem i-a n n u a lly a t
th e A n so n ia N a tio n a l Ilan k in A n s o n ia .
M a tu r ity 2 5 years.
•Denom ination $ 8 0 0 .
D a te A p ril 1 1 9 1 1 .
In terest sem i-a n n u a l.
M a­
tu rity $ 2 ,4 0 0 y e a rly on O c t. 1 fr o m 1911 to 1 9 2 0 in clu sive.

p o s e d .—

Armstrong County (P. O. Claude), Tex.— Bonds Voted.—
A favorable vote was cast on May 6 on the proposition to
issue the $60,000 court-house-building bonds (V . 92, p . 542).

Ashley County Drainage District No. 1 (P. O. Wilmot),
Ark.— Bond Sale.— On June 1 the $90,000 6 % coupon drain,
bonds (V . 92, p. 1449) were awarded to J. Gould of Pine
Bluff at 96.50. A bid of 96.25 was also received from the
New First N at. Bank of Col.. Due 1-20 yearly, 1915 to 1936.
Atlanta, Ga.— Bond Sale.— On June 6 the following 4 A %
coup, (with priv. of reg.) bds. (V . 92, p. 1327) were awarded,
according to Atlanta papers, to a syndicate composed of
Weil, Roth & Co. and the Provident Sav. Bk. & Trust Co.,
both of Cincinnati, Curtis & Sanger of Boston and the Georgia
Mortgage & Trust Co. of Atlanta at 101.52— a basis of about
4 .3 0 % .
$ 2 1 0 ,0 0 0 w ater b d s. due $ 3 0 ,0 0 0 y r iy . from 1919 to 19 2 5 in c l.; $ 1 8 0 ,0 0 0
s c h . b d s. due $ 2 0 ,0 0 0 y r iy . from 19 17 to 1 9 25 in c l., an d $ 4 5 0 ,0 0 0 sew er
b d s . due $ 4 5 ,0 0 0 y r iy . from 19 18 to 19 25 Incl.

Bonds Not Sold.— No award was made of the $450,000
long-term sewer bds. also offered on June 6.
Augusta School District (P. O. Augusta), Woodruff
County, Ark.— Bonds Offered by Bankers.— An issue of
$40,000 5 j ^ % 1-20-year (serial) bonds is being offered to
investors by the W m . R . Compton Co. of St. Louis.
D e n o m . $ 5 0 0 . D a te M a y 1 1 9 1 1 .
A ssesse d v a lu a tio n $ 1 ,0 9 4 ,5 8 5 .

In t. M .

&

N.

T o t a l d e b t, th is Issu e.

Aurora Township School District (P. O. Aurora), Portage
County, Ohio.— Bonds Not Sold.— Bonds Defeated.— A per­
manent injunction was issued April 28 by the Court of Com­
mon Pleas restraining the issuance of the $20,000 ^ A % coup,
bldg, bonds, bids for which were opened on Apr. 27. There
were ten bidders with premiums ranging from $404 to $820.
The proposition to issue was re-submitted to the voters on
May 22 and defeated by a vote of 76 “ fo r " to 113 “ again st."
Ayden, Pitt County, No. Car.— Bonds Not Sold.— The
$12,000 5 % 30-yr. coup, school bldg, bonds offered on June 1
(V . 92, p. 1128) were not sold.

Baca County (P. O. Springfield), Colo.— Bond Offering.—
Proposals will be received until 1 p. m. July 11 by Will Spur­
geon, County Clerk, for the $29,500 4J ^ % gold coupon re­
funding bonds mentioned in V . 92, p. 748.
D e n o m in a tio n $ 5 0 0 .
M a tu r ity 2 0 y e a rs, s u b je c t to c all after 10 y e a rs.
Certified check fo r $ 5 0 0 , p a y a b le to th e C o u n ty C lerk , Is req u ired .
■

Baker City, Baker County, Ore.— Bond Sale.— On May 29
the $90,000 water, $25,000 reservoir and $25,000 streetintersection 5 % 20-year gold coupon bonds described in
V . 92, p. 1449, were awarded to Weil, Roth & Co. of Chicago
at 101.125— a basis of about 4 .9 1 2 % , Other bids were:
E .H .R o llt n s & S o n s ,D e n v .$ 1 4 1 ,55 2 5 0 | T h o s.J .B o lg e r C o., C h ic . .$ 1 4 0 ,7 1 9 10
M orris D r o s., P o r t l a n d .. 1 4 1 ,1 5 7 5 0 | R .K le y b o lt e C o „ I n c .,Chic. * 2 5 ,2 5 6 0 0
* B id on $ 2 5 ,0 0 0 issu e.

Barnwell, Barnwell County, So. Caro .— Bond Offering.—
Proposals will be received until 6 p. m. June 15 for $6,000 6 %
coup. ref. bonds.
A uth. Sec. 2015 & 2010, V ol. 1, R e v . S tat., 1902. D enom ., $500 or
$1,000. Date A pr. 1 1911. Int. A . & O. in Barnwell. Due 20 yrs.
Cert, check for 2 % , payable to R . C. Kirkland, M ayor,required. No debt
at present. Assessed val. 1911, $380,000.

Batavia, Kane County, 111.— Bond Sale.— On May 29 the
$28,000 4 A % 12J^-year (average) bridge bonds described in
V . 92, p. 1449, were awarded to the First National Bank of
Batavia at 101.771 and int.— a basis of about 4 .3 1 6 % . The
bank also agrees to pay the city 3 % on the monthly balances.
The following bids were received:
First N at. B k., Batavia.a$28.49C
Cont. & Com Trust &
Savings Bank, Chicago. 528,535
N .W . Halsey & C o., Chic. 28,450
A . B. Leach & Co., Chic. a28,384
Harris Tr.& Sav.Bk., Chic. 628,369

00 H . T . H oltz & C o., C hic. $28,369 00
E m ery, Peck & R ock 00
w ood, C h ic a g o ........... c28,355 00
00 H.C.Speer & Sons, Chic. . Z28.295 00
00 Cutter, May & Co., C h ic. 28,230 00
60 W m . R . Coinpt. Co., Chic. d28,075 00

R ate of Int. on m onthly balances left on deposit: a 3 % ; 62 14%: c3 34%;
d 2 and 3 1 4 % . 2 4 % .
Bids were also received from the T hos. J. Bolgcr C o., W eil, R oth & C o.,
Coffin & Carwford and John Nuveen & Co., all of Chicago. W e are Informed
however, that they were not considered, as they were made for either m ore
or less than the am ount of bonds olfered.

Batesburg School District No. 18 (P. O. Batesburg),
Lexington County, So. Car.— Bond Offering.— Proposals will
be received until July 1 for $15,000 5 % school-building bonds.
Denomination $500. Date July 1 1911. Interest semi-annually In New
Y ork M aturity 20 years. J. A . W hitten Is Secretary School Trustees.

Bath, Steuben County, N. Y . — Bond Offering.— Proposals
will be received until 6 p.m . June 20 by J .W .Taggart, Clerk,
for the $30,000 5 % village-hall bonds voted on March 7.

(V. 92, p. 674.)
Denom . $500. In t. from July 1 1911, payable J . & J. at the T rca s '. office,
In N. Y . exchange. Due $2,000 yearly July 1 1913 to 1927 incl. Bonds
to be paid for June 29 1911. Cert, check on an Inc. bank or trust co. of this
State or bank in Bath for 3% of bonds bid for (in no case less than $50),
payable to C. L . Davison, Treas., required. B ond, debt $2,000. Assessed
val. for 1911, $2,056,150.

Battle Creek, Madison County, Neb.— Bonds Not to Be
Re-Offered at Present.— The $10,000 5'A % 5-20-year (op­
tional) coupon water-works bonds, bids for which were re­
jected on Feb. 25 (V . 92, p. 611), will not be placed on the
. .'
market again in tho near f u t u r e . .................




be held, it is stated, to vote on the question of issuing
$20,000 bonds.

Baylor County (P. O. Seymour), Tex.— B o n d

E le c tio n P r o ­

According to local papers, petitions have been circu­
lated requesting the Commissioners’ Court to call an election
to vote on the question of issuing $100,000 road bonds.
Beach City, Stark County, Ohio.— Rond O f f e r i n g . — Pro­
posals will be received until 12 m . June 14 by H . B. Ward,
Village Clerk, for $10,500 5 % coup, street-impt. bonds.
Denomination $500. Date May 1 1911. Interest annually at the Village
Treasurer’s office. M aturity from 1 to 10 years. Bonds arc exem pt from
taxation. Certified check for $500. payable to the Village Clerk, is re­
quired. Bond debt at present, $13,100. Assess, val. for 1911, $300,000.

Beaumont, Jefferson County, T e x . —

B ond

E le c t i o n

P ro­

p o s e d .—

It is reported in Houston papers that at a recent
meeting of the Board of Trustees of City Schools a resolution
was adopted requesting the Mayor and City Council to call
an election to vote on a proposition providing for the issu­
ance of $30,000 school-building bonds.
Beaver, Beaver County, Pa.— B o n d E l e c t i o n . — Proposi­
tions to issue $20,000 street-paving and $30,000 building
bonds will be submitted to a vote, it is stated, on June 17.
Bedford, Cuyahoga County, Ohio.— B o n d E l e c t i o n . — A
proposition to issue $46,000 water and sewerage-systemconstruction bonds will be submitted to the voters of this
place, it is reported, on June 20.

Bellaire, Belmont County, Ohio.— B o n d

E le c tio n P r o p o s e d .

— Up to April 24 no definite action had yet been taken looking
towards the passage of a resolution providing for an election
to vote on the question of issuing the hospital-construction
bonds mentioned in V . 92, p. 895.

Bell County (P. O. Belton), Texas.— B o n d

E le c tio n .—

An

election will be held July 1 in Precincts Nos. 4 and 5, accord­
ing to reports, to vote on the question of issuing $350,000
road bonds.
Bellefontaine, Logan County, Ohio.— B o n d S a l e . — On May
31 the $28,500 5 % 10-19-yr. (opt.) coup, sewer bonds de­
scribed in V. 92, p. 1449, were awarded to Stacy & Braun of
Toledo at 107.76 & int., a basis of about 4 .0 5 % to optional
date and 4 .4 0 % to full maturity. The other bids follow:
First Nat. B k., C lev____$30,649 75 IProv .S av .B k .& T r.C o.. CIn$30,569 10
W eil, R oth <Sc C o., Cine___ 30,643 20 C o m .& S a v.B k .C o..B elief. 30,528 00
Scasongood & Mayer, CIn. 30,587 0 0 1Otis & Hough, C lev______ 30,503 00

Bellevue, Allegheny County, Pa.— B o n d S a l e . — An issue
of $25,000 4 A % 27-year (av.) coup, street bonds dated A p r.l
1911 and offered on April 28 has been sold to J. S. & W . S.
Kuhn, In c., of Pittsburgh at 104.657, a basis of about 4 .2 1 % .
These bonds were voted on Feb. 25 (V . 92, p. 748), and are tax-exem pt.
Int. payable in Bellevue at the Bellevue R ealty Savings & Trust Co.

Bellevue Independent School District (P. O. Bellevue),
Jackson County, Iowa.— Bonds Voted.— At an election held
recently the question of issuing $12,000 school building bonds,
it is stated, carried.

Belmont County (P. O. St. Clairville), Ohio.— B o n d s

N ot

S o ld .—

On June 1 an issue of $12,500 pike bds. was offered
without success, according to reports.
Bemidji, Minn.— B o n d s V o t e d .— An election held May 31
resulted in favor of the question of issuing the $20,000 street
impt. bonds (V . 92, p. 1450). According to reports, the
vote was 324 to 50.
Benton County (P. O. Fowler), Ind.— B o n d S a l e . — The
$4,300 4 j ^ % 5 % -y r . (av.) road bds. offered Apr. 25 (V . 92,
p. 1128) have been purchased by Miller, Adams & Co. of
Indianapolis at par.

Benton County School District No. 17, W ash.— B o n d

S a le .

— The $50,000 10-20-yr. (opt.) coup. bldg, bonds offered on
May 4 (V . 92, p. 1128), were disposed of as 5s. They are now
being offered to investors by H . T . Holtz & Co. of Chicago.
The bonds are dated May 1 1911.

Berkeley, Alameda County, Cal.— B o n d s

D e fe a t e d .—

On

May 6 the voters defeated propositions to issue the following:
$85,000 Are bonds— 1,425 “ fo r” to 1,167 “ against.”
15.000 police bonds— 1,338 " fo r ” to 1,227 “ against.”
170.000 civic-centre bonds— 758 “ for” to 1,776 “ against."
130.000 Bunnel playground bonds— 893 " f o r ” to 1,649 “ against.”
30.000 A cton park bonds— 731 “ fo r” to 1,780 “ against.”
200.000 small playground bonds— 1,022 “ for” to 1,526 “ against.”
60,000Incinerator bonds— 1,695 “ fo r” to 880 "ag a in st.”
250.000 sewer bonds— 1,154 “ for” to 1,408 "ag a in st.”
A two-thirds m ajority was necessary to authorize.

Berkeley School District (P. O. Berkeley), Alameda
County, Cal.— B o n d s D e f e a t e d . — An election held May 6
resulted in the defeat of the propositions to issue the following:
$50,000 high-school bonds— 1,180 " f o r " to 1,284 "against.
320.000 grammar-school bonds— 1,174 “ fo r” to 1,306 “ against.”
30.000 kindergarten bonds— 900 " f o r ” to 1,567 “ against.”

Berwick School District (P. O. Berwick), Columbia
County, Pa.— B o n d O f f e r in g . — The School Board offers for
sale $25,000 4 % bldg. bds. (V . 92, p. 1051). Denom.
$500 and up. H . F . Traugh is Secretary.
Beverly, Lincoln County, Kan.— B o n d s V o t e d . — Reports
state that this town voted $7,500 school bonds at a special
election held recently.

Bexar County (P. O. San Antonio), Tex.— B o n d

O f f e r in g . —

Proposals will be received until 12 m. June 26 by P. H . Shook,
County Judge, for $ 2 0 8 ,0 0 0 4 )^ % coupon ref. court-house bds.
Den m. $1,000. Date July 1 1911. Int. A . & O. Due July 1 1951,
o p t. after 10 yrs. Official advertisement states that the bds. will be ap­
proved b y the State A ttorney General and their legality passed upon b y

1580

T H E C H R O N IC L E

(Voi,.

LXXXXJI.

Dillon, Thom pson & Clay of N. Y ., a cop y o f whose opinion will be furnished
to purchaser. They will be registered In the State Comptroller’s office and
certified as to their genuineness by the U. S. M tgc. & Trust Co. In N. Y .
Cert, check for 2 % of bds. bid for required. The bds. will be delivered on
or before July 20 1911. The county states there has never been any de­
fault In the paym ent of obligations.

Byers, Clay County, T ex .— Bonds Authorized.— This place,
according to reports, has completed arrangements for the
issuance of school-building bonds amounting to 812,000.
Cabarrus County (P. O. Concord), No. Caro.— Bids Re­
The official notice of this bond offering will be found among jected.— No satisfactory bids were received on May 9 for the
the advertisements elsewhere in this Department.
8105,000 434j% 30-yr. fund, bonds described in V. 9 2 ,p .1264.
Big Horn County School District (P. 0 . Greybull), W y o.—■
Cabell County (P. O. Huntington), W . V a .— Bonds Voted.
Bond bale. On May 15 SI 1,000 6 % sch.-bldg. bonds were ■—A t the election held May 27 (V . 92, p. 1389) the question of
awarded to Keeler Bros, of Denver for SI 1,570— making the issuing the 8300,000 road-impt. bonds carried, according to
price S105.363.
reports, by an overwhelming majority.
Denom. $1,000. Date March 15 1911. In t. M. & S. Due 1936.
Cache County (P. O. Logan), U tah .— Bonds Defeated.—
Big Swan Drainage and Levee District, Scott County, 111. A proposition to issue 8150,000 road and bridge bonds was
— Bonds Offered bg Bankers— The W m . It. Compton Co. of voted down at an election held May G.
Chicago is offering to investors S31,800 6 % bonds.
Caldwell, Burleson County, Texas.— Bonds Voted.— At the
Denom. $200 & $1,000. Date March 8 1911. Int. ann. on July 1. Due election held May 23 (V . 92, p. 1389) the question of issuing
yrly. July 1 1923 to 1920 incl. T o t. debt, this Issue. A ct. val. (est.) $764,400.
the 86,000 water- wks.bonds carried without a dissenting vote.
Big Tarkio Drainage District, Holt County, Mo.— Bonds
Calvert, Robertson County, Texas.— Bonds Defeated.— The
Offered by Bankers.— Investors are offered by the W m . It.
election held on April 4 resulted in the defeat of the pro­
Compton Co. of Chicago S34,500 6 % bonds of this district.
Denom. $500. Date Jan. 1 1911. Int. M. & S. Due yearly on March 1 position to issue the 825,000 city-hall-construction and publicimprovement bonds mentioned in V. 92, p. 89G. The vote
1928 to 1930 Incl. Total bonded debt $150,000. A ct. val. (est.) $1,700,000.
Biloxi, Harrison County, Miss.— Bond Election.— A propo­ was 41 “ for” and 76 “ against.”
sition providing for the issuance of 870,000 water-works
Cameron County (P. O. Brownsville), T ex .— Description
bonds will, it is stated, be submitted to the voters at a special of Bonds.— The 8204,500 5 % Drainage District No. 1 bonds
election to be held June 27.
authorized on Dec. 15 1910 (V . 91, p. 1789) are in the de­
Blaine County (P. O. Hailey), Idaho.— Bond Sale.— On nomination of 8500 each and dated Dec. 1 1910.
In te rest se m i-a n n u a lly a t th e C o u n ty ’Preasurcr’s office or th e H a n o v e r
April 12 the 812,000 10-20-yr. (opt.) gold coup, bonds (V . 92, N ation
al B ank In N e w Y o r k .
M a tu r ity 3 0 y e a rs, su b je c t to call after 10
p. 895) were awarded to Cutter, May & Co. of Chicago at y e a rs. N o d e b t a t p resen t.
101.70 and int. for 5s.
Canastota, Madison County, N . Y .— Temporary Loan.—
Bowman County (P. O. Bowman). No. Dak.— Bond Sale. According to reports, a loan of 81,500 has been negotiated
— On May 4 820,000 7 % 2-yr. seed-grain bds. were awarded with a local bank.
Canton, Fulton County, 111.— Bonds Defeated.— The elec­
to T . L. Beiseker at 101.50. Denom. 8500. Date June 8
1911. I n t .J . & D .
tion held on April 18 resulted in the defeat of the proposition
Bradford, McKean County, Pa. — Bond Sale.— On June 5 to issue the 810,000 sewer bonds mentioned in V . 92, p. 974.
the 810,000 4 3 ^ % 5-23-year (opt.) coup, bridge bonds (V . 92, The vote was 599 “ for” to 833 “ against.”
Canton, Stark County, Ohio.— Bond Offering.— Proposals
p. 1513) were awarded to Otis & Hough of Cleveland at
100.15 and interest.
will be received until 12 m. June 12 by E . C. Brumbaugh,
Bradley, Clark County, So. Dak.— Bond Offering.— Pro­ City Auditor, for the following 4 34j% improvement bonds:
$ 2 ,2 0 0 se w cr-con stru ctlou b o n d s.
D en om in ation $ 1 ,0 0 0 , e x ce p t one bond
posals will be received until 1 p. m. June 13 (date changed
of $200.
M a tu r ity $ 1 ,0 0 0 on M arch 1 In 1914 an d 19 15 and $ 2 0 0
M arch 1 1 9 1 6 .
from May 25) by J. A . Tollcfsen, Town Clerk, for 814,000
6 .8 0 0 W illia m s S tre et b o n d s.
D e n o m in a tio n $ 1 ,0 0 0 , e x ce p t on e bon d o f
5 % water-works and fire-protection bonds.
$800.
M a tu r ity $ 2 ,0 0 0 on M arch l In each o f the years 1913, 1914
Date June 1 1911. Interest semi-annually at New York or Chicago.
Maturity June 1 1931. Certified check for $500, payable to the Tow n Clerk,
Is required. No debt at present.

Bridgeville School District (P. O. Bridgeville), Allegheny
County, Pa.— No Bonds Voted.— W e are advised that the
reports stating that this district recently voted to issue
815,000 building bonds are erroneous.

^Brighton Township (P. O. Wellington, R. P. D. No. 1),
Lorain County, Ohio.— Bond Sale.— On June 5 the 815,000
5 % 8)^ -y r. (aver.) coup, road bonds described in V. 92,
p. 1513, were purchased by the New First N at. Bank of
Columbus for 815,080 (104.533)— a basis of abo u t4.357% .
Bids were also received from Seasongood & Mayer of Cincin­
nati, Stacy & Braun of Toledo and Otis & Hough of Cleveland.
Buchanan, Berrien County, Mich.— Bonds Proposed.—
This town, it is stated, is considering the issuance of 850,000
road-improvement bonds.

Buffalo, N. Y . — Bond Sales.— In addition to the sales
already reported in the “ Chronicle” the following 4 % bonds
were also disposed of during April at par:
A m o u n t.

P u rp ose.

M a tu rity .

N am e o f P u rch aser.

$15,000 00 certificate indebtedness July
1 1912 Sinking Fund
92.000 00 certificate Indebtedness July
*1 -----' Co.
~ Sav.
~
1912---Eric
Ole., Ouff.
4,796 31 Grade-crossing
July 1 1912 Sinking Fund
100.000 00 Hospital
April 1 1931 Dime Sav. Ok., Brooklyn
100.000 00 Hospital
April 1 1931 Marine N at. Ok., Buffalo
100.000 00 School
April 1 1931 Marine N at. Ok., Buiralo
50.000 00 Playgrounds
April 1 _1931
______
__ N at. B k., Buffalo
Marine
4,140 71 M onthly-local-w ork
April 15 1912 Sinking Fund
40.000 00 Certlllcate-lndebtedness July
1 1912 Eric Co. Sav.Bk., RulTalo
The last tw o Issues are dated April 15 1911 and the others April 1 1911.

The following 4 % 1-yr. bds. were disposed of last month to
the Sinking Fund at par:
$10,000 dated May 1 1911, to fund the certificate of Indebtedness.
4,455 29 dated May 15 1911 for m onthly local work purposes.

On June 5 the four issues of 4 % 1-20-year (serial)
reg. refund, bonds, aggregating 8377,020 84, desscribed
in V . 92, p. 1450, were awarded to the Central Nat.
Bank of Buffalo at par and int. The Columbia N at. Bank of
Buffalo also offered par and interest.

Burnet County (P. O. Burnet), Texas.— Bonds Registered.
— On April 28 the State Comptroller registered the 818,000
5-40-year (optional) bridge bonds.

V . 92, p. 478.

Burnet County Common School District No. 3, Texas.—
Bonds Registered.— On May 10 the State Comptroller regis­
tered 83,500 5 % 10-20-year (optional) bonds.

Burns School District (P. O. Bums), Harney County, Ore
~—Bonds Voted.'— The question of issuing 835,000 school-build
ing bonds carried, it is stated, by a vote of 119 to 19 at ai
election held recently.

Butler Township, Richland County, Ohio.— Bond Offering
— Proposals will be received until 12 m. June 24 by F. S
White, Clerk Board of Trustees (P. O. R . F. D. Shiloh), fo
840,000 4 % road-improvement bonds.
A uthority, Section 7004 ct seq. of General Code. Denomination $500
Date July 1 1911. Interest semi-annually at the Township Treasurer’
office. Maturity $500 on March 1 and $1,000 on Sept. 1 from 1912 to 192,
inclusive find $1,000 each six months from March 1 1924 to Sept. 1 1934 In
elusive. Bonds to be delivered at the Security Savings & Trust Co. li
Mansfield on July 1 1911. Certified check (or currency) on a bank In Rich
land County for $500, payable to the Township Clerk, Is required. Bidder
must satisfy themselves as to the legality of the bonds before the sale.




an d 19 15 an d $ 8 0 0 in 19 1 6 .
9 0 0 W illia m s S treet (c ity ’s portion) b o n d s.
M a tu r ity M arch 1 1 9 1 6 .
1 5 ,7 0 0 G ib b s S treet b o n d s.
D en om in ation $ 1 ,0 0 0 , ex ce p t on e bond o f
$700.
M a tu r ity $ 4 ,0 0 0 on M arch 1 In each o f th e years 19 13 , 1914
an d 1 9 15 and $ 3 ,7 0 0 In 19 1 6 .
6 ,9 0 0 S o u th C ourt S treet b on d s.
D e n o m in a tio n $ 1 ,0 0 0 , ex ce p t one bond
of $9 00 .
M a tu r ity $ 2 ,0 0 0 on M arch 1 In each o f th e years 9 1 3 ,
1 9 14 an d 1 9 15 an d $ 9 0 0 In 19 1 6 .
5 .7 0 0 E a s t L ak e S treet b o n d s.
D e n o m in a tio n $ 1 ,0 0 0 , e x c e p t on e b on d
of $7 00 .
M a tu r ity $ 1 ,0 0 0 ye a rly on M arch 1 fro m 1913 to 1 9 16
In clusive an d $ 1 ,7 0 0 M arch 1 1 9 1 7 .
5 .7 0 0 G ib b s and S ou th C ourt S treet (c ity ’s portion ) b o n d s.
D c n o m ln a f ann t ? * 1 ,0 0 0 , ex ce p t on e b on d of $ 7 0 0 . M a tu r ity M arch 1 19 16 .
6 .8 0 0 L a k e S treet and Law rence A v e n u e (c ity ’s portion ) b o n d s.
D c n o m ln ation $ 1 ,0 0 0 , ex ce p t one bond of $ 8 0 0 .
M a tu r ity M arch 1 19 1 7 .
5 ,5 0 0
H igh S treet (c ity ’s p ortion) b o n d s.
D e n o m in a tio n $ i , 0 0 0 , ex ce p t
on e b on d o f $ 5 0 0 .
M a tu r ity M arch 1 1 9 1 9 .
2 ,6 0 0 S m ith A v e . (c ity ’s p ortion) b o n d s.
D e n o m in a tio n $ 1 ,0 0 0 , ex ce p t
on e bond o f $ 6 0 0 .
M a tu r ity M arch 1 1 9 1 6 .
D a te M arch 1 1 9 1 1 .
In terest se m i-a n n u a l.
D a te M arch 1 19 1 1 .
In terest se m i-a n n u a l.
P urchaser shall furnish a t
his ow n expense th e n ecessary blan k b o n d s.
C ertllled c o p y of th e ab stra c t
sh ow in g th e le g a lity o f the issue w ill be furn ished u pon a p p lication to the
C ity A u d it o r .
B on d s to be d elivered and paid for w ithin 10 d a y s from
tim e o f aw a rd .
C ertllled check on a bank In C an ton for 5 % o f b ond s bid
fo r, p a y a b le to th e C ity T reasu rer, Is req u ired .

Proposals will also be received until 12 m. June 26 by E . C.
Brumbaugh, Auditor, for the following 4342% bonds.
$24,200 East Eighth St. bonds. D enom . $1,000 & $200. Date March 1
1911. D u eon March 1 $6,000 in 1913, 1914 & 1915 & $6,200 In 1916.
5,600 North Cherry St. bonds. Denom. $1,000 & $600. Date March 1
1911. Due on March 1 $1,000 In 1913 & 1914 $2,000 In 1915 and
$1,600 In 1916.
6.900 East Eighth St. (city’s portion) bonds. Denom. $1,000 & $900.
Date March 1 1911. Due March 1 1916.
14,900 Sborb St. bonds. Denom . $1,000 & $900. Date March 1 1911.
Due on March 1, $3,000 in 1913 & 1914; $4,000 in 1915 and $4,900
in 1916.
11,700 Virginia A ve. bonds. Denom. $1,000 & $700. Date March 1 1911.
Due on March 1 $1,000 In 1913 & 1914, $2,000 in 1915, 1916, 1917
& 1918 and $1,700 In 1919.
9.900 Logan A v e . bonds. Denom. $1,000 & $900. Date March 1 1911.
Due on March 1 $2,000 In 1913 & 1914, $3,000 In 1915 & $2,900
In 1916.
4,300 BlufI St. bonds. Denom. $1,000 & $300. Date March 1 1911. Duo
on March 1 $1,000 in 1913, 1914 & 1915 and $1,300 in 1916.
9,000 Shorb St. (city’s portion) bonds. D enom . $1,000. Date March 1
1911. Due March 1 1916.
4,800 Virginia A ve. (city’s portion) bonds. D enom . $1,000 & $800.
Date March 1 1911. Due March 1 1919.
1,700 East Third St. bonds. Denom. $1,000 & $700. Date March 1
1911. Due $1,000 March 1 1915 & $700 March 1 1916.
1,200 East Third St. (city’s portion) bonds. D enom . $1,000 & $200.
Due March 1 1916.
23,100 Lawrence A ve. bonds D enom . $1,000 & $100. Date March 1 1911.
Due on March 1 $4,000 In 1913 & 1914, $5,000 in 1915 & 1916 and
$5,100 In 1917.
Interest semi-annual.

BondS' Authorized.— Ordinances have been passed providing
for the issuance of the following 4 ) ^ % coup. imp. bonds.
$3,100 Alarlon Street (city’s portion) bonds. Denomination $1,000,
except one bond of $100. M aturity March 1 1916.
7,000 park bonds. Denomination $1,000. M aturity March 1 1921.
Date March 1 1911.

Cedar Knob School District, Bell County, Tex.— Bonds
Authorized.— Reports state that the County Commissioners
Court on May 12 authorized this district to issue 8500 bonds.
The bonds are in denomination of 850.
Ceda,r Rapids, Linn County, Iowa.— Bond Election.— A
vote will be taken on June 15 on the question of issuing 855,­
000 storm-sewer bonds.

Cedar Rapids Independent School District (P. O. Cedar
Rapids), Linn County, Iowa.— Bonds Voted.— An election
held May 23 resulted, it is stated, in a vote of 303 to 134 in
favor of a proposition’to issue 830,000school addition bonds.

J u n e 10 1 9 1 1 . i

T H E C H R O N IC L E

Chandler, Lincoln County, Okla.— Bond Offering.— Pro­
posals will be received at once for the $10,000 6 % artesianwell bonds mentioned in V. 92, p. 1450. Authority vote of
173 to 15 at election held on May 31. Maturity 20 years.
Chanute School District (P. O. Chanute), Neosho County,
K an.— Bonds Defeated.— The election held May 4 resulted
in defeat of the proposition to issue the $65,000 school­
building bonds mentioned in V. 92, p. 1129.
Chapel Hill, Orange County, No. Caro.— Bond Offering._—
Proposals will be received until June 15 by C. B. Griffin,
City Clerk, for $15,000 6 % coupon sewer bonds.
Denomination $100. Date July 1 1911. Interest semi-annually In
Chapel Hill. Certified check for $150, payable to the City Treasurer, Is
required. No debt at present. Assessed valuation for 1910, $903,992.

Chardon, Geauga County, Ohio.— Bond Election.— A reso­
lution was passed April 17 providing for the submission to
the voters on June 12 of a proposition to issue $10,000 sewer
and water street-intersection bonds.
Charles City, Floyd County, Iowa.— Bonds Voted.—-At a
special election held at this place on May 24 it was decided
to issue $50,000 school-building bonds.
Charlotte, Macklenburg County, No. Car .— Bond Election.
— An election will be held July 4 to vote on the question of
issuing $350,000 water, $150,000 sewer, $100,000 school,
$150,000 street and $65,000 auditorium bonds.

Charlotte County (P. O. Charlotte Court House), V a.—
Bonds Not Sold.— Offering.— The $60,000 4 ^ % 20-40-yr.
(opt.) coup, road bds. offered on June 1 (V . 92, p. 1450) were
not sold. They are being reoffered at 4>£ & 5 % int.
Chehalis County School District, Wash.— Bond Sale.— On
May 6 $20,000 1-20-yr. (opt.) bds. were awarded to the State
of Washington at par for 5j/jS. Denom. $1,000. Date
June 2 1911. Int. annual.

Cherry Creek, Chatauqua County, N. Y .— Bond Sale.—
On April 20 Adams & Co. of New York were awarded $5,000
2 7 ^ -y r . (aver.) water bonds.
The price is reported as par
for 4J/£s.
Chester, Delaware County, P a.— Bond Sale.— J. S. & W . S.
Kuhn, Inc., of Pitts., and the Cambridge Trust Co. of Chester
were awarded at 102.587, it is stated, $300,000 registered bds.

Cheyenne County (P. O. Sidney), Neb.— Bond Offering.—
Proposals will be received until 12 in. June 19 by H . T.
Doran, County Clerk, for the $50,000 5 % court-house and
jail bonds voted on March 21. V . 92, p. 896.
A uthority, Sections 4443 to 4447 inclusive, C obbcy’s Annotated Statutes
of 1909. Denomination $1,000. Date July 1 1911. Interest semi­
annually at the State Treasurer's office in Lincoln. Maturity 20 years,
subject to call after 5 years. Certified check or draft for 5% of bonds bid
for, made payable to the County Treasurer, is required. Purchaser to
furnish blank bonds. This county has no debt at present. Assessed
valuation for 1910, $2,206,242. Official circular states there is no litigation
pending or threatened allecting this issue o f bonds.

Chicago Heights School District No. 175 (P. O. Chicago
Heights), Cook County, 111.— Bond Sale.— Em ery, Peck &
Rockwood of Chicago were awarded at 103.42 $15,000 4J ^%
18-yr. (aver.) bonds dated July 1 1911. This is on a basis
of about 4 .2 2 7 % .

Childress County (P. O. Childress), Tex.— Bond Election
Proposed.— According to reports, there is talk of calling an
election to vote on the question of issuing road bonds.

Chilton County (P. O. Clanton), Ala.—Bond Election Pro­
posed.— Papers state that this county is considering holding
an election to vote on $150,000 road bonds.
Chouteau County (P. O. Fort Benton), Mont.— Bonds Not
Sold— Bond Offering.— All bids received on May 22 for the
$60,000 5 % 20-year coupon refunding bonds described in
V . 92, p. 1390, were rejected and proposals again asked for
to be received until July 1.

Chouteau County School District No. 33 (P. O. Chester),
Mont.— Bond Offering.— L. E . Phillips, District Clerk, will
offer for sale at 10 a. m. June 27 $15,000 bonds at not ex­
ceeding 6 % interest. Maturity in 20 years.
Cincinnati, Ohio.— Bonds Authorized.— On April 3 the
City Council passed an ordinance providing for the issuance
of $160,000 4 % 20-40-year (opt.) coup, water bonds.
Denom . $500 or multilpes thereof.

Date A pr. 15 1911. In t. semi-annual..

Ordinances have also been passed providing for the issuance
of the following 4 % coupon street-improvement bonds:
$7,700 Terrace A ve. bonds (city's portion).
3.000 Charlton Street bonds.
7.500 Third Avenue bonds.
6.000 H oll Avenue bonds.
13.000 bonds to condem n property for library purposes.
8.000 Melrose Avenue bonds.
$7,700 Terrace Avenue Improvement (city’s portion) bonds.
3.000 Charlton Street opening bonds.
7.500 Third Avenue and Wells Street extending bonds.
6.000 Holt Avenue opening and extending bonds.
13.000 public-library bonds.
8.000 Melrose Avenue Improvement (city ’s portion) bonds.
Denominations $500 or multiples thereof. Date A pril 1 1911. Interest
soml-annual. Maturity 20 years. Purchaser to pay accrued Interest.

The City Council on May 8 also passed an ordinance pro­
viding for the issuance of $400,000 4 % coupon hospital and
pest-house bonds. These securities are part of an issue of
$2,365,000 bonds voted on May 11 1909. Denomination
$500. Date July 1 1911. Interest semi-annual. Maturity
fifty years.
Clear Lake, Polk County, W is.— Bonds Authorized.— This
village has authorized $8,010 4 % coup, water bonds.
Denomination $534. Interest annually in March at Clear Lake Ma­
turity 15 years. Bonds arc exem pt from village taxes. No debt at present.
Assessed valuation $175,000. J. C. S axton is Village President.




1581

ClermontJCounty|(P. O. Batavia), Ohio.— Bond Sale.— On
June 5 the $13,500 4 % 734-yr. (av.) coup, pike bds. (V . 92,
p. 1513) were awarded to the New First N at. Bank of Col.
for $13,539— the price thus being 100.288. Other bids were:
W ell, R oth & C o., C in ______ $13,527 ISeasongood & Mayer, Cin— $13,522
Milford Nat. Bk., M ilfo r d .. 13,525|Stacy & Braun, T o le d o _____ 13,505

Bond Election.— An election will be held to-day (June 10)
to vote on the question of issuing $35,000 court-house-impt.
bonds.
Cleveland, Ohio.— Bond Offering.— Proposals will be
received until 12 m. June 19 at the office of H . B . Wright,
City Auditor, for the following coup, bonds:
$400,000 4 M % water bonds. Date June 1 1911. Due June 1 1945.
15.000 4%
grade-crossing (city’s por.) bds. D ate June 1 1911 Due
June 1 1931.
10.000 4 J i% lnflrm .-lm pt. bds. Date M ay 1 1911. Due M ay 1 1931.
8,000 4 M % house-of-refuge and correctlon-bldg. bonds. Date M ay 1
1911. Due May 1 19 3 1 .
25.000 4 H % engine-house bonds. Date A pril 1 1911. Due April 1 1931.
45.000 4 J4 % park & boulevard-Im pt. bds. Date M ay 1 1911. Due
May 1 1931.
30.000 4 K % city-hall bds. Date M ay 1 1911. Due M ay 1 1941.
80.000 4 M % street-opening bds. Date May 1 1911. Due M ay 1 1941.
300,000 4 H % bridge bds. Date April 1 1911. Due A pril 1 1931.
Denom. $1,000. Int. seml-ann. at the Am er. E xch . N at. Bank In N . Y .
City. Bid to be made on a form furnished b y the city and be accom panied
b y a certified check for 5% of bonds bid for, made payable to the Treasurer
and drawn on a national bank. Purchaser to pay accrued Int. Official
circular states that the city has never defaulted in the paym ent o f any obllg.

Bonds Legalized.— An ordinance was passed on May 1 pro­
viding for the issuance of $441,000 5 % street-paving bonds.
These securities were disposed of on April 24 (V . 92, p. 1192)
at 102.36. It was found, however, that the ordinance
authorizing the sale of these bonds was only read on two
separate days, whereas the law requires that it be read on
three separate days.
Coalinga, Fresno County, Cal.— Bonds Voted.— An election
held recently, it is reported, resulted in a vote of 276 to 131
in favor of a proposition to issue $40,000 sewer bonds.
Coalville School District No. 2 (P. 0 . Coalville), Summit
County, Utah.— Bond Offering.— Proposals will be received
until 12 m. June 15 by W in. J. Wright, Clerk Board of Ed­
ucation, for the $35,000 5 % building bonds (V . 92, p. 1264).
A uthority Section 1882, Chapter 15 Laws o f Utah. Denomination $500.
Date July 10 1911. Interest semi-annually at the First National Bank In
Coalville. M aturity 20 years, subject to call after 5 years. Bonds are
exem pt from all taxation. Certified check for 5 % , payable to Alexander
W right, Treasurer Board of Education, Is required. N o debt at present.
Assessed valuation $967,051.

Cobb County (P. O. Marietta), Ga.— Bond Election Pro­
posed.— This county, according to reports, is considering the
question of holding an election to vote on the issuance of
$300,000 road-construction bonds.
Coin, Page County, Iowa.— Bond Election.— The question
of issuing $12,000 water-works-system bonds will, it is stated,
be submitted to a vote on June 27.

Columbiana County (P. O. Lisbon), Ohio.— Bond Sale.—
On May 31 the New First Nat. Bank of Columbus was awarded
the $14,000 5 % 1-yr. hospital bonds (Y . 92, p. 1451) at
100.625— a basis of about 4 .3 6 % .
Columbus, Ohio.— Bonds Authorized.— Ordinances have
been passed, providing for the following coup, assess’t bonds.
$2,000 for sewers In the alley north of Relnhard A v e ., $2,000 for sewers
In the alley north of Mound Street; $20,000 to Im prove Barthman A v e .;
$4,000 to Improve City Park A ve .; $16,000 to Improve Columbus S t.; $10,­
000 to improve Reeb A ve.; $8,000 to improve Stone A ve.; $6,000 to Improve
Pendleton A ve.; $7,000 to improve Beech S t.; $7,000 to Improve Town St.
The sewer bonds carry 4
Interest and mature March 1 1917 and the re­
maining Issues carry 4% interest and mature March 1 1922. W ith the ex­
ception o f the $20,000 Issue, all bonds arc subject to call after Sept. 1 1912.
Denomination $1,000. Date S ept. 1 1911. Interest semi-annual.

In addition to the above, ordinances have also been passed
providing for the issuance of the following 4 % coupon bonds:
$50,000 Milo m aln-trunk-sewer-constructlon bonds. Interest Is payable at
the agency o f Coumbus in New York C ity. Maturity Sept. 1 1931.
58.000 W est Side maln-trunk-sewer-constructlon bonds. Interest Is
payable at the agency o f Columbus In New Y ork City. Maturity
Sept. 1 1931.
20.000 electric-light bonds. Interest Is payable at the City Treasurer's
office. Maturity Sept. 1 1931.
3,000 Columbus Street sewer-construction bonds. Interest is payable
at the City Treasurer’s office. Maturity S ept. 1 1921, subject to
call after Sept. 1 1912.
14.000 park bonds. Interest Is payable at the agency o f Columbus In
New Y ork. Maturity Sept. 1 1931.
Denomination $ 1.000. Date not later than S ept. 1 1911. Interest semi­
annual.

Comanche, Stephens County, Okla.— Bonds Voted.— Re­
ports state that this place voted $15,000 bonds for a munici­
pal light plant and water-works extension.
Comanche County (P. O. Comanche), Tex.— B^nd Election.
— Papers state that an election is to be held in this county
to vote on a $100,000-bond proposition.

Concord, Cabarrus County, No. Car.— Bond Sale.— On
April 19 the $50,000 30-yr. water-works-impt. bonds de­
scribed in V . 92, p. 749, were awarded to the WesternGerman Bank in Cincinnati at 101.13 for 5s— a basis of
about 4 .9 2 8 % . Date May 1 1911.
Corning, Perry County, Ohio.— Bond Offering.— Pro­
posals will be received until June 30 for the $5,000 4 }/%%
town-hall bonds mentioned in V . 92, p. 1052.
A uthority v o te o f 213 to 95 at an election held on M ay 6.
from July 1 1912 to July 1 1921. David Mason Is T ow n Clerk.

M aturity

Cowley, Bighorn County, W yo. — Bonds Voted.— An elec­
tion held recently resulted, reports state, in favor of the
question of issuing $20,000 water-system-construction bonds,
jiv Crestline, Crawford County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m . June 19 by M. J. Strauch,
Village Clerk, for $8,500 5 % coupon W est Bucyrus Street
improvement assessment bonds.

1582

T H E C H R O N IC L E

• A uthority, Section 3014 o f General Code. Denomination $850
Inter­
est on March 1 and Sept. 1 at the First National Bank in Crestline
Ma­
turity $850 yearly on Sept. 1 from 1912 to 1921 inclusive. Bonds’ to be
delivered and paid for within 10 days from time of award. Certified check
on a local bank for $500, payable to the Village Treasurer, is required
Purchaser to pay accrued interest. The amount of bonds to be sold m ay
be reduced by the am ount o f assessments paid prior to date o f sale.

Cross Plains, Callahan County, Tex.—Bonds Voted.— The
election held on April 29 resulted in favor of the proposition
to issue $15,000 5 % 20-40-year (optional) school-building
bonds mentioned in V . 92, p. 1129. The vote was 76
“ for” and 10 “ against.”

Crowley, Arcadia Parish, La.— Bond Offering.— Proposals
wdl be received until 3 p. m. July 8 by the Secy, for $75,000
5 % coup. Sixth Ward Drain, impt. bonds.
Date N ov. 1 1910. Int. M .-N . Due 1 to 31 years. It was reported in
t *“ at these bonds had been awarded to a Chicago bond com pany.
(V . 91, p. 1527.)

Cuba, Sumter County, Ala.— Bonds Voted.— The question
of issuing $10,000 5 % 10-20-year (opt.) school bonds (V .
92, p. 1390), carried by a vote of 44 to 17 at the election
held May 27.
Denom. $100. W e are advised that these
bonds will be offered for sale about June 15.
Cuero, Dewitt County, Tex.— Bonds Voted.— The question
of issuing the $10,000 school-improvement bonds mentioned
in V . 92, p. 1390, carried at the election held on May 22.
Cuyahoga County (P. O. Cleveland), Ohio.— Bond Sale.—
On June 3 the $300,000 4 % 10-yr. (aver.) coup, public
bldg, bonds, dated June 1 1911 and described in V. 92, p.
1451, were awarded to the New First Nat. Bank of Columbus
at 100.777— a basis of about 3 .9 0 % . The bids follow:
New First N . Bk C o l..$302,333 001 Hayden,Mlller& C o.. C lev..$301,100
F fth-Third N . B k. Cin 301,507 SO Otls & H ough, C levelan d .. 300 760
Tlllotson & W olcott Co.,C1.301,530 00 First N at. B k., Cleveland
300,007
C. E . Denison & C o., CIev.301,142 80 [
Maturity $15,000 yearly from Oct. 1 1911 to 1930 Inclusive.

[VOL.

LXXXXII.

(V . 92, p . 975) were awarded to Geo. A . Fernald & Co. and
Kuhn, Fisher & Co., both of Boston, at their joint bid of
102.09.

Durant, Bryan County, Okla.— Bond Election.— An elec­
tion will be held, it is stated, at an early date to vote on the
question of issuing $10,000 school-improvement bonds.
Dyer, Gibson County, Tenn.— Bond Sale.— On June 2
the $20,000 6 % 10-20-year (opt.) coup, water bonds (V . 92,
p. 1390) were awarded to W . P. Coulter of Dyer at 100.25.
Bids at par were received from Farson, Son & Co and S. A .
Kean & Co. of Chic.; and one of $20,110 from the Thos. J.
Bolger Co. of Chic., which came too late.
Eastland, Eastland County, Texas.— Bonds Registered.—
On May 15 $15,000 6 % 20-40-year (optional) water-works
bonds were registered by the State Comptroller.
Easthampton, Hampshire County, Mass.— Bond Sale.—
The bids received on June 3 for the $13,500 4 % 1-9-year
(serial) coup, water bonds described in V . 92, p. 1514 follows:
I^ yd en,S toned ; Co.,Bost.*$14,515 73ICurtis & Songer, B o s to n ..$14,511 70
<& So»ns- Bost.14.515 17 Blodget & C o., B o s t o n ... 14,510 80
Knhn P i.h n ;’ * ? ® 10 n- " V
90 Merrill, O ld h am * Co., Bost. 14,510 20
K i
/ ' . i f A £ ° ;i
1 4 -5 1 “
I Blake Bros. & C o., Boston 14,509 3 0
It Is said that this bid was successful.

73

East Tawas, Iosco County, Mich.— Bond Sale.— This city
has sold the $10,000 4 % 10-yr. tax-exempt coup, refund,
bonds offered on Feb. 15. (V . 92, p. 335.) H . T . Holtz & Co. of
Chicago are now offering them at a price to net about 4 ^ % .
Bonded debt, Incl. this Issue, $35,000.
Assessed val. (1910) $201,000.

Floating debt (ad I.)

$ 3,000.
* ’

East Waterloo Independent School District (P. O. W ater­
loo), Blackhawk County, Iowa.— Bond Sale.— On May 25

Cypress Creek Drainage District, Desha County, Ark.—
Bond Ofjering.— This district will receive proposals until

$12,000 4 % 10-yr. refund, bds. were purchased by Coffin &
Crawford of Chicago at par and blank bds., less a discount
of $375— a net price of 96.875— an int. basis of about.
4 .3 8 9 % . Five bids were received in all.

12 m. July 31 for $300,000 drainage bonds. Dr. Vernon McCammon (P. O. Arkansas City) is President of Board.

Eden Township (P. O. Melmore), Seneca County, Ohio.—
Bond Ofjering.— Proposals will be received until 1 p. m.

Dakota School District No. 1 (P. O. Dakota), Dakota
County, Neb.— Bonds Voted.— At the election held May 31

to-day (June 10) by W . G. Herbst, Township Clerk, for $15,­
000 4 j/£ % coupon road-improvement bonds.

the proposition to issue the $12,000 5 % bldg, and site bonds
mentioned in V. 92, p. 1451, carried by a vote of 65 to 17.
Due Aug. 1 1931; opt. after Aug. 1 1921.
Dallas County (P. O. Selma), Ala.— Bond Offering.— Pro­
posals will be received until 11 a. m . July 3 for $150,000
5 % coup, road bonds. These bonds are part of the issue of
$250,000, $100,000 of which were sold last November.

A uthority Section 17, A ct ot General Assembly found In V ol. 97, page 550
of Laws of Ohio as amended April 9 1908. Denomination $500. Interest
on Marcli 1 and Sept. 1. M aturity $500 each six months from March 1 1917
to Sept. 1 1920 inclusive, $500 on March 1 and $1,000 on Sept. 1 from 1921
to 1926 Inclusive and $1,000 on March 1 and Sept. 1 In 1927. Certified
check for $500, payable to the Township Treasurer, Is required.

Denom $500. Int. J. & J . In N. Y . Due July 1 1940. Coup, to July 1 1911
will be clipped from bonds. P. H . Pitts is Probate Judge.

The official notice of this bond offering will be found among
the advertisements elsewhere in this department.
Dallas County (P. O. Dallas), Texas.— Bond Election.—
An election will be held July 22 to vote on the question of
issuing $500,000 road bonds, according to reports.

Danville, Pittsylvania County, Va.— Bond Election Pro­
posed.— The Common Council on May 30 passed a resolution
requesting the Judge of the Corporation Court to call an
election for July 11 to vote on propositions to issue $150,000
elect.-light-plant-impt. and $30,000 paving bonds at not
exceeding 5 % interest.
Dawson, Terrell County, Ga.— Bond Offering.— Proposals
will be received until June 15 for $12,500 5 % building bonds.
A uth. vote of 194 to 2 at an election held May 10. Due $500 yearly on
Dec. 1 from 1911 to 1935, incl. Purchaser to pay accrued Interest.

Dedham, Norfolk County, Mass.— Temporary Loan.— A
loan of $20,000 due Nov. 3 1911 has been negotiated, it is
stated, with the Boston Safe Deposit & Trust Co. of Boston
at 3 .2 5 % discount.
Delaware, Delaware County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m . June 26 by L. E . Martin,
City A u d ., for the following 5 % coup, street bonds:
$5,600 South St. N o. 2 bds.
Deno n. $500 & $600.
Date not later than
June 1 1911. Due $1,100 Mch. 1 1912 and $500 yearly Mch. 1 1913
to 1921, inclusive.
500 B ly m yerS t. bds. Denom. $100.
Date not later than May 1 1911.
Due $100 Sept. 1 1912 to 1910 Incl.
•

Des Moines, Iowa.— Bonds Authorized.— The City Council
has authorized, it is stated, the issuance of $159,661 Walnut
Street bridge-construction bonds.

Dewey, 'Washington County,

Okla.— Bond Offering.—

Proposals ./ill be received until 8 p. m . June 15 by J. W .
Green, Clerk, for $40,000 6 % Water bonds voted May 9.
Denom. $1,000. Date July 1 1911. Int. J. & J. Due 2 5 y rs.

Dickens County Common School District No. 1, Texas.—
Bonds Registered.— On May 25 the State Comptroller regis­
tered $20,000 5 % 5-20-year (optional) bonds.

Dublin, ^Erath County, Texas.— Bonds Registered.— The
State Comptroller registered $30,000 5 %
water bonds on June 1.

10-40-yr. (opt.)

Dubuque County (P. O. Dubuque), Iowa .— Bond Sale.—
On June 5 the $185,000 4> £ % 1 3 ^ -y r . (aver.) coup fund,
bonds described in (V .9 2 , p. 1052) were awarded to Geo M.
Bechtel & Co. of Davenport at 102.562 & int.__ a basis
of about 4 .2 4 9 % . The other bidders were:
Cont. & Com. T r. & Sav.
Bank, Chicago.................... $189,730 F arT o n” Son & Co'.’. C h l c a g o : ? 1 8 8 '7 7 7
Harris Tr. & S a v . B k., C hic. 189,0251A . G. Edwards & Sons, St. L. 188[768

1

Duluth, St. Louis County, Minn.— Bond Sale— On Apr. 25
the $200,000 4 j ^ % 30-yr. gold coup, water and light bds




Edgecome County (P. O. Tarboro), No. Car.— Bond Sale.—
On June 1 the $20,000 5 % 10-year (av.) coup, court-houseimp. bonds (V . 92, p. 1390) were awarded to E . H . Hollins &
Sons of Boston at 101.769, plus int. and blank bds. Other
bids received follows:
Western German Bank, CIn. .$ 2 0 ,2 3 0 1Otis & H ough, Cleveland____ $20,060
Seasongood & Mayer, Cine. .. 20,228; New First Nat. Bank, C o l...* 2 0 ,0 0 0
Union b ay . Bk.& T r. C o., Cln. 20,105 i Provident Sav. Bank & Trust
Colston, B oyce & C o., B a lt .. 20,076 | Co., C in cinnati................... *20,000
•Less $400 expenses.
n T{*e „by s ° f C. II. Coffin of Chicago, A . ,T. H ood & Co. of Detroit, W ell,
Both & Co. o f Cincinnati, S. A . Kean & Co. of Chicago and Cutter, May
« Co. of Chicago were rejected as being irregular.

/^Edmond, Oklahoma County, Okla.— Bonds Voted— At an
election held May 31 the question of issuing $20,000 elec.-light,
water and sewer bonds carried by a vote of 340 to 159,
according to reports.
Elizabeth City, Pasquotank County, No. Car .— Bond Sale.
— S. A . Kean & Co. of Chicago have been awarded, it is
stated, $120,000 street-improvement bonds.

Elmore, Ottawa County, Ohio.— Bonds Voted.— On June 5
this place, by a vote of 130 to 21, authorized the issuance,
it is stated, of $5,000 electric-light-plant bonds.
Elsinore School District, Riverside County, Cal.— Bond
Sale.— The W . R . Staats Co. of Pasadena was awarded at
102.30, it is stated, $2,500 6 % bonds.

Estill School District (P. O. Estill), Hampton County,
So. Car.— Bond Offering.— Proposals will be received until
12 m. June 15 by the Board of Trustees for $10,000 6 % school
bonds. Int. ann. Due 20 years.

Evanston School District No. 75 (P. O. Evanston), 111.___
Bond Sale.— On June 3 the $50,000 4 y2% 17 2-3-yr. (aver.)
bonds (V . 92, p. 1451) were awarded to Emery, Peck & Rockwood of Chicago at 104.075. Other bids received follow.
II. T . Itoltz & C o., C h ica go-.104.072
Mercantile T r. C o., St. Louis-104.02
A . B. Leach & C o., C h ic a g o ..103.92
Win. A . Read & C o .,C h ic____103.81
N. W . Halsey & C o., Chic___103.77
Harris T r. & Sav. Bk., C h ic.103,758
First Tr. & Sav. B k., Chic___103.46

E . II. Rollins & Sons, C h ic .. 103.14
Cont.<S:Com.T.& S .B k., Chic.103.02
State Bk. of Chic., Chic_____ 102.65(1
John Nuveen & C o., Chic.
102 635
Farwell Trust Co., C h ic_____102.555
Merch. Loan &, T r. Co., Chic. 102.47
Thos. J. Iiolgcr C o.. C hic____102.21

Everett, Middlesex County, M ass.— Loan Offering.—
Proposals will bo received until 5 p. m. June 13 by Nathan
Nichols, Treas., for a $100,000 loan in anticipation of taxes.
« iP H ^ $2T0 ’ 009 r ° f n , i 6 i 9 U - S30.000 N ov. 15 1911, $10,000 Dec. 15 1911
$10,000 Jan. la 1912 $10,000 Feb. 15 1912 and $20,000 March 15 1912)
t)re tax-exem pt in Mass, and will be certified as to genuineness by the
O ld C olon y 1 rust Co. of Boston, which will further certify that the legality
of the notes has been approved by Storey, Thorndike, Palmer & Thayer o f
charge ' a COpy °* w*10se opinion will be furnished to tile purchaser without

Everett, W a sh . — Bond Election.— Reports state that an
election will be held June 13 to vote on a proposition to
issue $614,000 funding bonds.
Fairport, Lake County, Ohio.— Bond Sale.— Reports state
that on May 27 the $28,000 4 j ^ % 10-yr. coup. Sewer Dist.
No. 1 bonds (V . 92, p . 1391), were awarded to Otis & Hough
for $28,992 (103.542)— a basis of about 4 .0 6 6 % .
.J

June

10 1911.]

1583

T H E C H R O N IC L E

Fallon School District (P . 0 . Fallon), Churchill County,
N ev.— No Bonds Voted.— W c arc advised that the reports
which were published by some of the papers stating that this
district had voted to issue $1,000 school bonds are erroneous.
The election authorized a special tax for that amount.
Fargo, Cass County, No. D ak .— Bond Offering.— Proposals
will be received until 5 p. m . June 14 by W . J. Clapp, Clerk
of Park Com., for $30,000 4J ^% park district imp. Bonds.
A uthority Chapter 179, Laws ot 1907, as amended b y Chapter 176, Laws
of 1909 and 1911. Denomination $500. Date July 1 1911. Interest
annually on April 1 at the City Treasurer’s office. Maturity $7,500 on
April l In each of the years 1916, 1921, 1926 and 1931. Certltlcd check for
5 % of bonds bid for, payable to C. H . Mitchell, City Treasurer, Is required.
Purchaser to pay accrued Interest. Delivery any time after July 1 1911.

Farmville, Prince Edward County, V a .— Bond Offering.—
Proposals will be received until 12 m . June 12 by Jos. E.
Garland, Town Clerk, for the $05,000 5 % coupon waterworks-purchase bonds mentioned in V. 92, p. 1053.
Denomination $500. Date July 1 1911. Interest semi-annually at the
First National Hank of R ichm ond. M aturity July t 1931. Bonds are
exem pt from town taxes. No deposit required. Present bonded debt
$88,500. No floating debt. Assessed valuation for 1911, $1,500,000. ■

Fort Valley, Houston County, G a.— Bond Offering.—
Proposals will be received until 7 p. m . June 15 by the Mayor
and Council for the following mentioned in V . 92, p. 1192:,

Gregg County (P. O. Longview), Texas.— Bond Election.—
According to local papers of June 2, an election will be held
within the next 30 days to vote on the question of issuing
the $200,000 road bonds. V. 92, p. 1266.
Griswold School District (P. O. Griswold), Cass County,
Iow a.— Bond Offering.— Proposals will be received until
July 10 for $25,000 4 j ^ % 3-10-yr. (opt.) bldg. bds. Auth.
vote 0^286 to 42 at election held May 5 1911.
Guthrie, Okla.— Bond Offering.— Proposals will be re­
ceived until June 21 for the $100,000 5 % Mineral Wells Park
improvement bonds mentioned in V . 92, p. 1329.
A uthority, vote of 1,109 to 249 at election held May 3.
June 1 1936. E. H. W inslow is City Clerk.

Maturity

Hall County (P. O. Memphis), T exas.— Bond Election.—
An election will be held, according to reports, to vote on
the question of issuing $55,000 bridge-construction bonds.
Hamlet, Richmond County, N o. Caro.— Bond Offering.—
Proposals will be received until 12 m . June 30 by W . E . Davis,
Mayor, and the Board of Town Commissioners, for the $5,000
5 % street-imp. bonds voted on May 2. V . 92, p. 1330.
Date O ct. 1 1911.

Int. A . & O. at Bank o f Ilam let.

Due 30 years.

Hamlin, Jones County, Texas.— Bonds Registered.— The
$5,000 5% water-works bonds. A uthority vote of 204 to 25 at the election State Comptroller on May 23 registered $20,000 5 % 10-40year (optional) street-improvement bonds.
held April 29.
. ..
20,000 5% school-house bonds. A uthority vote of 201 to 28 at the
Hancock County (P. O. Sparta), G a.— Bond Sale.— On
election held April 29.
,
5,000 5% sewerage bonds. A uthority vote of 203 to 23 at the election May 31 the $35,000 road bonds (V . 92, p. 1515) were awarded
D e n o m i n a 000° ' Date June 15 1911. Interest semi-annually at to the Walker Financing & Security Co., according to reports.
any Fort Valley Hank or the City Treasurer’s office. M aturity 30 years.
Hardin County (P. O. Kenton), Ohio.— Bond Offering.—
Official circular states that there Is no controversy or litigation pending
or threatened affecting the validity o f these bonds, the corporate existence Proposals will be received until 12 m . June 26 by Elmer J.
or boundaries o f the city or the title of officers to their respective offices.
Carey, County A ud., for $23,600 34 4J ^ % ref. bonds.
Franklin County (P. O. Columbus), Ohio.— Bond Offering.
A uth. Sec. 5656, Gen. Code. Date June 1 1911. Int. J. & D . Due
$6,100 34 June 1 1915, $9,500 June 1 1916 and $8,000 June 1 1917. Cert,
— Proposals will bo received until 12 m . June 12 (not June 10 check
on a Kenton Bank for $500, payable to the County A u d ., required.
as at first reported) by the Bd. of Com., J. Scott, Clerk, for
Harlingen Independent School District (P. O. Harlingen),
$36,000 4 Yi% Hilliard and Rome road-impt. bonds.
Cameron County, Tex.— Bonds Registered.— The State Comp­
A uth. Sec. 6956-15. Gen. Code (O. L. 101, p. 2 53 ). Denom . $500. Date
troller on May 6 registered the $40,000 5 % 20-40-year (op­
June 1 1911. Int. J. & D . at the Treasurer’s office. Bonds arc tax-exem pt.
Duo $7,000 yearly on June 1 from 1912 to 1915 inclus. and $8,000 June 1 tional) gold bonds sold on April 3 (V . 92, p. 1266).
1916. Cert, check on a nat. bank or trust co, in Franklin Co. for 1% of
bonds bid for, payable to F . M. Sayre, A uditor, is required.

Fulton, Callaway County, M o.— Bonds Voted.— A favor­
able vote was cast on May 24, it is stated, on a proposition
to issue $4,000 library-site-purchase bonds. The vote was
280 “ for” and 11 “ against.”
Gadsden, Etowah County, A la.— Bond Sale.— Spitzer,
Rorick & Co. of Toledo have been awarded the $50,000 5 %
30-yr. water bds. (V . 92, p. 970).
Garfield, Whitman County, W a sh .— Bonds Voted.— The
election held on May 27 resulted in favor of the proposition
to issue the $10,000 sewer and $5,000 elec.-light bonds
mentioned in V . 92, p. 1451.
Gatesville Township, Wagoner County, Okla.— Bonds
Voted.— This township, at an election held May 16, authorzed, it is stated, the issuance of $7,500 bridge bonds.
. Gentry County (P. O. Albany), M o.— Bonds Voted.— At an
election held recently the question of issuing $15,000 countyhome-construct. bonds carried, it is stated, by a majority of
10 to 1.
Gilroy School District (P. O. Gilroy), Santa Clara County,
Cal.— Bonds Voted.— An election held recently resulted in
favor of a proposition to issue $40,000 5 % high-school­
building bonds. The vote was 305 to 17. Maturity $1,000
yearly for 40 years.
Girard, Trumbull County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 in. June 15 by James F.
Stotler, Clerk, for $4,000 5 % sewer assessment bonds.
A uthority Section 95 of Municipal Code. Denomination $100. Date
June 1 1911.
Interest .semi-annual. Maturity $400 each six months from
March 1 1912 to Sept. I 1916 Inclusive. Bonds to be delivered and paid
for within 10 days from time of award. Certified cheek on a bank in
Trumbull County for 5% of bonds bid for. payable to the Village Treas­
urer. Is required. Bidders may state In their bids at what Ilgurc they will
furnish blank bonds, but tills shall not be Included in the price bid for bonds.
Accrued interest to be paid by purchaser.

Glendale, Los Angeles County, Cal.— Description of Bonds.
— The $18,000 5 % city-hall and pub.-library bonds awarded
on May 22 to Purcell, Gray & Gale, Inc., at 102.916 (V . 92,
p. 1514) arc in the denominations of $500 and $250 each.
Date July 1 1911. Int. J. & J. Due 1-24 yearly for 24 yrs.
.Gloucester, Essex County, M ass.— Bids.— Other bids
received on June 2 for the $90,000 4 % SJ^year (av.) bldg,
and imp. bonds, awarded to E . M. Farnsworth & Co. of
Boston at 101.93 (V . 92, p. 1514) were as follows:
Edmonds B ros., Boston . . . .101.78 |Estabrook & C o., B oston ____10L.52
___ 101.779 ! N ,\V.Harris & Co., Inc., Host. 101.51
Merrill, Oldham & Co
Perry, Coffin & Burr, Boston. 101.77 Cape Ann N at.Bk.,Gloucester.l01.426
Curtis & Sanger, B o sto n .. .101.63 Adams & C o., B oston_______ 101.41
E . II. Rollins & .Sons, Boston. 101.569 Hayden, Stone & C o., B ostonl01.41
C ity Nat. Ilk., Gloucester. . .101.555 Kuhn, Fisher & C o., B o s to n .101.133
Denomination $1,000. Interest semi-annual.

Gonzales County (P. O. Gonzales), Texas.— Bond Election.
An election will be held June 27 to vote on the question of
issuing 8150,000 road bonds, it is stated.
[r^ Grand Junction, Mesa County, Colo.— Bond Offering.—
Proposals will be received until 4 p. m. June 15 by H . F.
Vorbeck, Commissioner of Finance and Supplies, for the
$450,000 5 % Gravity Mountain water-system-construction
bonds voted on April 29 (V . 92, p. 1329.)
Date July 1 1911.
to call after 10 years.

Interest semi-annual. Maturity 15 years, subject
Ccrtlllcd check for $5,000 Is required.

Grapeland Independent School District (P. O. Grapeland),
Houston County, T exas.— Boyids Voted.— At the election held
May 27 the proposition to issue the $10,000 sell. bldg, bonds
mentioned in V . 92, p . 1451, carried by a vote of 80 to 6.




Harris County Common School District No. 15, Texas.
Bonds Registered.— On May 31 the State Comptroller regis­
tered $8,000 5 % 20-40-yr. (opt.) bonds.

Harris County Common School District No. 16, Tex.—
Bond Sale.— On May 10 the State School Fund was awarded
at par and accrued interest $8,000 5 % 40-year bonds.

Harris County Common School District No. 25, Texas.—
Bonds Registered— An issue of $20,000 5 % 40-yr. bonds was
registered by the State Comptroller on May 31.

Hart Township School District No. 2 (P. O. Sisseton),
Roberts County, So. Dak.— Bond Offering.— This district is
offering for sale $2,000 6 % school bonds.
Denomination $100. Maturity 10 years.
$73,211. O. K . Sothcr Is Clerk.

Assessed valuation for 1910,
•
’ '

Haskell County Common School District No. 19, Tex.—Bond Sale.— On May 10 the $2,500 5 % 15-20-year (optional)
registered bonds described in V. 92, p. 976, were awarded
to the State School Fund at par and accrued interest.
•Hawkins County (P. O. Rogersville), Tenn.— Bond Sale.—An issue of $20,000 6 % 1-10-yr. (ser.) bridge bds. dated
Jan. 1 1911 was purchased on May 20 by A . B. Leach & Co.
of Chicago at 103.045 & int., a basis of about 5 .3 0 % . A bid
of 102.617 & int. was also received from E . H . Itollins & Sons,
of Chicago.

Hays County (P. O. San Marcos), Texas.— Bonds Voted.—
An election held May 20 resulted, it is stated, in favor of the
proposition to issue the $20,000 Road District No. 1 bonds
mentioned in V . 92, p. 1130.

Henderson County Common School Districts, Texas.Bonds Registered.— On May 15 the State Comptroller regis­
tered $1,000 District N o. 6 ^ and $450 District N o. “ A ” 5 %
5-20-year (optional) bonds.

. .Hendersonville School District (P. O. Hendersonville),
Henderson County, No. Caro.— Bonds Voted.— The proposi­
tion to issue the $15,000 1-15-year (serial) school-building
bonds mentioned in V. 92, p. 977, carried at the election held
May 2. The vote was 306 “ for” to 153 “ against.” W e are
advised that no ballots were actually cast against the issue,
but that the registration books showed a total of 459 voters,
and the 153 failing to participate in the election were counted
as not being in favor of the bonds. Interest rate not to
exceed 6 % .
Our informant states that the bou^s will be
placed on the market in a few days.

Hidalgo County Common School District No. 3, Texas.-—
Bonds Registered.— The State Comptroller on April 19 regis­
tered $20,000 5 % 20-year bonds.

Hoquiam, Chehalis County, Wash.— Bonds Voted.— Re­
ports state that the election held May 20 resulted in a vote
of 277 to 48 in favor of the proposition to issue th^ $115,000
funding bonds mentioned in V . 92, p. 1130.
Hudson County (P. O. Jersey City), N. J.— Bond Sale.—
On April 21 the three issues of 4 Y<i% coup, (with priv. of reg.)
bonds, aggregating $275,000 (V . 92, p. 977), were awarded
to Harris, Forbes & Co. of N . Y . at 105.693.
Hutchinson, Reno Co., Kan.— Bond Offering.— Proposals
will be received until 3 p. m . June 16 by Ed. Metz, Clerk,
for the $125,000 4)^ % public- building bonds voted on
March 27 (V . 92, p. 977.)
Date July 1 1911. Int. J. <Sc J. Due 50 yrs.; o p t. after 20 yrs. Cert.
check for $1,000 is required. Separate bids will be received on bonds ot
$500land*$ 1,000 denom .

1584

T H E C H R O N IC L E

Hutchinson School District (P. O. Hutchinson), Reno
County, Kan.— Bond Sale.— On May 29 $33,000 4 ^ % 10-yr.
fund, bonds were awarded to the Fidelity Trust Co. of Kan.
City, Mo. at par and int. Denom. $500. Date May 1 1911.
In t. M. & N .

Iberville Parish School District (P. 0 . Plaquemine), La.—
Bond Offering.— Proposals will be received until 10:30 a. m.
June 13 by L. E . Messick, Supt., for $60,000 5 % bonds.

[ VoL.rLxxxxn.

Latimer County School District No. 32 (P. O. Wilburton),
Okla.— Bond Sale.— On May 20 $4,000 6 % bldg, bonds were
awarded to Speer & Dow of Fort Smith.
Int. scm l-ann. In New Y ork. Due Jan. 1 1931.

Lawrence County (P. O. Ironton), Ohio.— Bond Sale— On
June 7 the $60,000 4 % 20-yr. coup, tax-tree road bonds
(V . 92, p . 1515) were awarded to Weil, Roth & Co. of Cincin.
at 100.80— a basis of about 3 .9 4 3 % . Other bids follow:

. . Denomination 51,000. Date March 22 1910. Interest semi-annual.
M aturity $o,000 In 1, 2, 3 and 4 years, $6,000 In 5 years, $7,000 In 6, 7, 8
ana 9 years and $6,000 In 10 years. Certilled check for $1,200 Is required.
Form o f bonds to suit purchaser.

W est .-Germ Bank, Cin. .$60,468 60 IOtis & H ough, Cleveland. $60,303 00
bcasongood & Mayer, Cin 60,442 Old Prov. >Sav.Bk.&T.Co.,CIn. 60,252 00
In c bids o f H ayden, Miller & Co. of Cleveland at 100.80 and S tacy &
Braun of lo le d o at 100.738 were received too late.

Indian Lake School District, Minn.— Bonds Voted.— The
voters at an election held May 26 authorized the issuance of
$1,800 school-impt. bonds, according to reports.

League City Independent School District (P. O. League
City), Galveston County, T ex.— Roads Not Sold.— The Sec­
retary advises us that the $15,000 5 % 20-40-ycar (optional)
coupon school-building bonds offered on May 9 and described
in V. 92, p. 1267, were not sold.

Inglewood, Los Angeles County, Cal.— Bond Election.—
The question of issuing $30,000 street-impt. bonds will be
voted upon, it is stated.
Irene, Clay County, So. Dak.— Bonds Defeated.— An elec­
tion held recently resulted in the defeat of a proposition to
issue water bonds. Vote was 32 “ for” to 40 “ agaisnt.”
Irondequoit, Monroe County, N. Y . — Bond Sale.— Douglas
Fenwick & Co. of New York have completed the sale of
$20,000 5 % 5-14-yr. (ser.) water bds. on a basis of about
4 .6 2 % . Denom. $2,000. Date March 1 1911.

Jack County Common School District No. 23, Tex.—
Bonds Registered.— On May 12 $500 5 % 5-20-year (optional)
bonds were registered by the State Comptroller.

Jefferson County (P. O. Hillsboro), Mo.— Bonds Offered
by Bankers.— The $30,000 5 % De Soto Road Dist. bonds
voted on Apr. 18 (V . 92, p. 1193) are being offered to in­
vestors by the W m . R . Compton Co. of St. Louis.
D enom . $500. Date May 1 1911. Int. M. & N. Due yearly on May 1
1913 to 1926 incl. T o t. bond, debt, this Issue. Assessed val. $1,304,805.

Johnstown, Licking County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m . June 15 by T . A . Duck­
worth, Village Clerk, for the following 5 % coupon streetimprovement bonds mentioned in V . 92, p . 1054:
$6,670 38 State Street Improvement bonds (village’s portion). A uthority
Section 53, A ct o f General Assem bly, passed Oct. 22 1902.
Denomination $500, except one bond for $670 38
Maturity
$500 yearly on July 1 from 1912 to 1919, Inclusive, $1,000 on
Jan. 1 1920 and $1,670 38 on July 1 1921.
18,394 67 State Street Improvement-assessment bonds. A uthority Section
95, A ct of General Assem bly, passed Oct. 22 1902. Denomina­
tion $500, except one bond for $894 67. Maturity $1,500 yearly
on July 1 from 1912 to 1918, Inclusive, $2,500 on July 1 In 1919
and 1920 and $2,894 67 on July 1 1921.
A uthority Sections 3918, 3919 and 3920, General Code. Date July 1
1911. Interest semi-annual. Bonds to be delivered and paid for within
10 days from time o f award. Certilled check for 10% of bonds bid for
payable to the Treasurer, Is required. Purchaser to pay accrued Interest.

Juniata, Blair County, Pa.— Bonds Not Sold.— No satis­
factory bids were received on June 5 for $10,000 5 % 10-30year (opt.) coup, tax-exempt water bonds offered on that
day. Denom. $500. Date April 1 1911. Int. A . & O.
at Treasurer's office.
Kansas City, Kan.— Bond Sale.— On June 1 the Commerce
Trust Co. of Kansas City, M o., was awarded for $360,002
(102.857) and accrued int.— a basis of about 4 .3 3 % , the
$350,000 4 ^ % 30-year elec.-light bonds voted on Feb. 14
(V . 92, p. 481). Date June 1 1911. The bids received were:
Commerce Trust C o., Kansas City— 102.85 for 30-year bonds and 100 89
for 11-year serial bonds.
Adam s & Co., New Y ork— 102.61 for 30-year bonds and 101.185 for
11-year serial bonds.
Sutherlln & Co., Kansas City— 102.55 for 30-year bonds.
Thos. J. Bolger C o.. Chicago— 102.11 for 30-year bonds.

Kearney School District No. 7 (P. O. Kearney), Buffalo
County, Neb.— Bond Offering.— Proposals will be received
until July 5 for the $40,000 5 % bldg, bonds voted on April 4
(V . 92, p. 1055). Due 1931, opt. after 10 yrs. The bonds
were recently registered with the State Auditor.

Kellogg, Shoshone County, Idaho.— Bonds Defeated.—
An election held April 23 resulted in defeat of the proposition
to issue $10,000 school-building bonds. The vote, according
to reports was 14 “ for” to 24 “ against.”
Kelso, Cowlitz County, Wash.— Bonds Voted.— A proposi­
tion to issue $10,000 street-improvement bonds carried by a
vote of 269 to 140, it is stated, at an election held May 23.

Kingsley Independent School District (P. O. Kingsley),
Plymouth County, Iowa.— Bond Offering.— Proposals will be
received until 7:30 p. m . June 12 by J. H . Beardsley, Secre­
tary Board of Education, for the $29,000 5 % school­
building bonds voted on May 15 (V . 92, p. 1452).

Kirwin, Phillips County, Kans.— Proposed Bond Election
Rescinded. All action looking towards the holding of the
proposed bond election mentioned in V. 92, p. 614, has been
canceled, as it has been decided not to place any electriclight-plant in the town.

La Crosse, La Crosse County, W is.— Bond Sale.— The
Batavian Nat. Bank in La Crosse has been awarded the
$70,000 water and $15,000 school bonds, it is stated, at par
and interest.
Lakewood Township School District (P. O. Lakewood),
Ocean County, N. J — Bonds Sold.— On May 29 the $60,000

Lebanon, Boone County, In d.— Bond Offering.— Proposals
be received until 7 p. m . June 19 by Edmund Connor,
City Clerk, for $30,000 4 % coupon water refunding bonds.
r i/ * r,?!i?, k,1..''n ™0 0 ' p a te July 1 1911. Interest semi-annually at the
PJ4? Treasurer s office. Maturity $1,500 each six months from July 11912
i..
.J?8lye. B25(1.s, arc exem pt from taxation and must be
paid for not later than June 20 1911. No deposit required with bid.

Leesville, Vernon Parish, L a .— Bonds Voted.— An election
held recently, it is reported, resulted in favor of a proposition
to issue $40,000 4 % 30-year school-building bonds.
Leon County Common School District No. 17, T ex.—
Bonds Registered.— The State Comptroller registered $1,000
5 % 5-20-year (optional) bonds on May 11.
Lewiston, Nez Perce County, Idaho.— Bonds Defeated.—
An election held May 8 resulted in the defeat of the question
of issuing $6,000 street-improvement bonds.
Lexington, Rockbridge County, V a .— Bond Sale.— On
June 1 the $65,000 4 % 30-yr. coup, water bds. (V . 92, p.1452)
were awarded to the Equitable Life Assurance Society of N .Y .
at par & int. for 4J/£s. Other bids follow:
New First N at. B k., Col. (for 5s) .P a r IA . J. H ood & Co.. Detroit (for 6s) Par

Libby, Lincoln County, M ont.— Road Election— W e see it
stated that the election to vote on the question of issuing the
$20,000 sewer and funding bonds mentioned in V. 92, p. 1330,
will be held June 17.
Liberty County (P. O. Liberty), T ex.— Bonds Voted.—
Reports state that the election held in Dayton Precinct on
May 23 resulted in a vote of 263 to 21 in favor of the question
of issuing $275,000 road bonds mentioned in V. 92, p. 1330.
Long Prairie, Todd County, Minn.— Bond Sale.— An issue
of $2,000 6 % refunding bds. was awarded on June 5 to First
Nat. Bank at par. Denom. $500. Date June 1 1911.
Lorain County Road District No. 1 (P. O. Elyria), Ohio.—
Bond Sale.— On June 3 the $20,000 4 % % 1 1 ^ -y r . (aver.)
coup, road bonds (V . 92, p . 1452) were awarded to Seasongood & Mayer of Cincinnati at 102.58 A int. Other bids
received follow:
Well, n o th & C o., Cin--------a$20,7301First Nat. Bk., Columbus__«$20,689
S ec.S av.B k.& T r.C o., Toledo «2 0 ,690 |Otis A- Hough, C le v e la n d .-- 20,105
a These bids said to be Irregular.

Lovell School District, Tulare County, Cal.— Bond Sale.—
The American Savings Bank of Los Angeles has been awarded
for $3,600 (102.857), according to reports, $3,500 7 % bonds.
Lowville, Lewis County, N. Y .— Bonds Voted.— An
election held June 6 resulted in favor of issuing $9,000 bridge
bonds. Vote was 192 to 137.
Lufkin, Angelina County, Texas.— Bonds Registered.— The
State Comptroller registered $18,000 5 % 10-40-year(optional)
water-works bonds on May 2.
Luray, Page County, V a .— Bond Sale.— The $10,000 4^ 2 %
water bonds voted on March 25 (V . 92, p. 977) and offered on
April 20 were awarded to the First Nat. Bank of Port
Allegheny. Int. J. 1 & J . 1. Denom. $500.
Lyford Independent School District (P. O. Lyford), Cam­
eron County, Texas.— Bond Offering.— Proposals will be re­
ceived until 8 p. m . June 22 by A . L. Stanford, President,
for $5,000 5 % coupon school-building bonds.
A uthority election held Oct. 17 1910.
Denomination $100. Date
Jan. 4 1911. Interest annually at the State Treasurer’s office In Austin.
Maturity 40 years, subject to call after to years. Certified check for $500,
Payable to the President, is required. No debt at present. Assessed
valuation in 1911, 52 15,000.

Lynchburg School District (P. O. Lynchburg), Highland
County, Ohio.— Bond Sale.— On June 5 the $8,000 4 j ^ %
5 ^ -y r . (aver.) coup, bonds (V . 92, p. 1516) were sold to
Seasongood & Mayer of Cincinnati at 101.825 & int.— a basis
of about 4 .1 2 6 % . A bid of $8,090 and int. was also received
from Weil, Roth & Co. of Cincinnati.
Lynn County Common School District No. 2, Texas.—
Bonds Registered and Sold.— On May 2 the State Comptroller
registered $15,000 5 % 8-40-year (optional) bonds.
These securities were awarded on May 20 to the State
School Fund at par and accrued interest.
McAlester, Pittsburgh County, Okla.— Rond Sale— On
May 20 the $80,000 5 % 25-year coup, water bonds (V . 92
p. 1391) were awarded to Weil, Roth & Co. of Cincinnati at
99.0625 and int.— a basis of about 5 .0 6 7 % . Other bids were:

coup, site & bldg, honds (V . 92, p . 1452) were awarded to the
State Sch. Fund at par for 4)^ s. Date July 1 1911.

S p e e r * Dow, Fort S m ith...• 98.983| S p ltzcr, Itorick & C o., T o le d o . *97.25
S. A . Kean & C o., C h ica g o .. z98.00| •And Interest. £ Flat.

Landsdowne, Delaware County, Pa .— Loan Defeated.— An
election held May 16 resulted in the defeat of the question of
issuing the $80,000 highway loan mentioned in V . 92, p. 1055.
Thejvote was 112 “ for” to 187 “ against.”

McDowell County (P. O. W elch), W . Va .— Bond Offering.
— Proposals will be received until 12 in. June 17 by It. B.
Bernheim, Clerk, for the $50,000 North Fork District and,
S30,000 Elkhorn District 5 % coupon road-improvement
bonds offered on Jan. 5 without success. V. 92, p. 1055.




J u n e 1 0 1 0 1 1 .]

T H E C H R O N IC L E

A uthority, Section 25, Chapter 52, A cts of 1909. Denomination $1,000.
Date Jan 1 1011. Interest semi-annually at the M cDowell County Na­
tional Bank In W elch. The $50,000 Issue matures Jan. 1 1941, but Is sub1ect to call after 20 years, and the $30,000 Issue matures Jan. 1 1931,
Riiblcct to call after 10 years. Bonds are exem pt from cou nty taxes.
Bonded debt at present, $50,000. Assessed valuation In 1910, $41,000,000.
Certified check for $500 is required.

McKenzie, Carroll County, Tenn.— Bond Offering.— Pro­
posals will be received until 7:30 p. m. June 20 by the Mayor
and Board of Aldermen for $40,000 6 % coupon water­
works, electric light and street-improvement bonds.

Mitchell County Road District No. 1, Tex.— Bonds N o t
Sold.— No award has yet been made of the $29,000 5 % 10-40year (optional) bonds registered by the State Comptroller ( V .
92, p. 615) on Feb. 6.
Montana.— Bonds Purchased by the State during M ay .—
During the month of May the State of Montana purchased
at par six issues of bonds, aggregating $50,600, as follows:

Denomination $500. Date July 1 1911. Interest annually at place to
suit purchaser. Bids arc requested as follows: first, for bonds optional
after 5 years; second, bonds optional after 10 years; and
X?'ar
straight bonds. Certified check for $500, payable to F. D. W alpole, City
Treasurer, Is required. Official circular states that there has never' been
any default In the paym ent of Interest. No debt at present. Assessed
valuation In 1910, $400,490 09.

Broadwater Co. Sch. D ist. N o. 25— $500 6% 5-10-year (optional) bond
^ ^ ^ rb o n ^ C o f S ch ! Dlst. N o. 54— $5,000 0% 10-20-year (optional) bonds
daF erg ^ s'C o. S c h D i s t . N o. 14— $2,200 6% 10-20-year (optional) bonds
daFed gusa3Co. ’Ic h .' Dlst. N o. 79— $1,500 6% 5-20-ycar (optional) bonds
daFeed gnsrCo15SchU b ls t . N o. 86— 51.400 6% 5-10-year (optional) bonds

McLennan County (P. O. Waco), Tex.— Bond Election.—

^ S a n d e r /C o .— $40,000 5% 10- 20-year (optional) bonds dated May 8 1911

The question of issuing $600,000 good-road bonds will be
voted upon on June 27, it is stated.
.
Bonds Voted.— The election held May 27 resulted in fa­
vor of the question of issuing the $100,000 5 % McGregor
Precinct road bonds mentioned in V . 92, p. 1267.
ihe
vote was 458 “ for” to 118 “ against.”
Macon County (P. O. Macon), Mo .— Bond Election— On
June 27, it is stated, an election will be held to vote on the
question of issuing $750,000 ref. railroad bonds. See \ . J2,
p . 1191.

McPherson School District (P. O. McPherson), McPherson
County Kan.— Bond Election.— An election will be held, it is
stated, to vote on $20,000 high-school-building bonds.

Manchester, Carroll County, Mass.— Temporary Loan.—
A loan of $40,000 due Jan. 12 1912 was negotiated on June 6
with the Manchester Trust Co. at 3 ^ % discount.
Marion, Marion County, Ohio.— Bond Sale.— On June 5
the three issues of 4 % bonds, aggregating $6,300 (V . 92
p . 1516), were awarded to John E . Waddell.
No other bids
were received.

Nebraska.— Bonds Purchased by the State During May. The following bonds, aggregating $326,000, were purchased
by the State of Nebraska during the month of May:
Place Issuing Bonds— Am ount. Int. Rate.
Arapahoe (c it y )_________ $14,000
4A
Bladen (v ll.)____________ 14,000
Campbell (v il.)__________ 4,000
Chase C ounty___________ 25,000
Dundee (v ll.)___________ 19,500
Dundee (c it y )______ j ___ 19,500
Franklin (c it y )__________
8,000
4H
Holdrege (c it y )__________ 32,000
Pawnee C ounty--------------- 65,000
4A
Phelps C ounty__________ 25,000
Sheridan Co. S. D. No. 2 . 13,000
Thayer Co. S. D. N o. 2 4 . 12,000
W ashington S. D . N o. 22. 16,000
4A
W auncta (v ll.)--------------2,000
W ym ore (c ity ).................. 57,000
(1 Optional In and after the earlier year
x Optional at any Interest-paying period.

Mattamuskeet Drainage District (P. O. Middletown),
Hyde County, No. Caro.— Bond Offering.— Proposals will be
received until 2 p . m . June 21 by the Board of Commissioners
John P. Kerr, Secretary, for not exceeding $500,000 6 %
drainage bonds.
Interest semi-annual. Bonds will be payable In ten annual Installments,
the first payable in 3 years. Certified check for $1,000 Is required.
.

Mecklenburg County (P. O. Boydton), Va — Bond Election
__ The election to vote on the proposition to issue the $50,000
road bonds mentioned in V . 92, p. 901, will be held June 17.

Medford, Middlesex County, Mass.— Temporary L oan A loan of $50,000 due Feb. 29 1912 has been negotiated with
the Massachusetts Bonding & Insurance Co. at 3 .4 9 %
discount, it is stated.
Media, Delaware County, Pa.— Bonds Not Sold.— No bids
were received on June 7 for the $40,000 4 % bonds. (V . 92,
p. 1516.)
Melvin, McCulloch County, Tex.— Bonds Voted.— An elec
tion held May 6 resulted in a vote of 39 to 9, it is stated, in
favor of a proposition to issue $7,800 school-house bonds.
Menard County (P. O. Petersburg), 111.— Bond Offering.
Proposals will be received until 1 p. m. June 15 by A . W .
Hartley, County Clerk, for the $30,000 .5 % coupon alms­
house-construction bonds mentioned in V. 92, p. 276.
Denomination $1,000. Date July 1 1911. Interest annually at Peters
burg
Maturity $6 000 yearly on July 1 from 1912 to 1910 Inclusive. Bonds
are exem pt from State tax. Cash or certified check for $300, payable to
the County Clerk, Is required. No debt at present. Equalized valuation
for 1910, $7,085,451.

Merrill School District (P. O. Merrill), Plymouth County,
j ow a.— n on(i Offering.— Proposals will be received until
10 a. m. June 20 for $15,000 7-15-year (optional) school­
building bonds. Interest rate to be named in bid. Author­
ity, vote of 111 to 6 at election held May 16.

Due.
Dale.
<11921-1931
May 15 1911
(U915-1930
Sept. 1 1910
(11915-1920
Aug. 1 1910
dl911-1920
June 1 1910
1920
1 1910
July
(11920-1930
July 1 1910
(11916-1931
May 1 1911
(11916-1931
April 1 1911
(11912-1916
1 1911
Jan.
Z1930
1 1910
Jan.
(11915-1930
1 1910
July
(11920-1930
A u g . 15 1910
1921
A ug. 1 1910
(11920-1930
July
1 1910
(11916-1931
March 1 1911
and mature In the later year.

The $25,000 4 % bonds were purchased on a basis of 4 y2%
and the remaining issues at par.
Nelsonville, Athens County, Ohio.— Bond Sale— On
May 29 the $7,000 5 % 4 M-year (average) coupon municipalelcctric-light-works-improvement bonds described in V . J2,
p. 1268, were awarded to Breed & Harrison of Cincinnati at
■ ................................
103.20— a basis
of about 4 .1 0 % . Following are the bids:

Breed & Harrison, Cincln. .57,224 00 New First N. B k., C o lu m ..$7,207 00
P ro v .S .B k .& Tr.C o.,C in---- 7,222 25 M. S. Pond, Som erset-------- 7,198 00
Barto, S cott & Co., C olu m . 7,217 00 W eil, R oth & C o., C in cln .. 7,196 00
S tacy & Braun, T o le d o ------7,214 30 Seasongood & Mayer, C in .. 7,190 00
„ 7,208
......... . „75 H ayden, Miller & C o.,C lev_ 7,166 00
„1( Nat. Bank, ...............
First
Cleveland
Maturity $500 each six months from May 1 1912 to N ov. 11918 Inclusive.

Nevada City High School District (P. O. Nevada City),
San Diego County, Cal.— Bond Sale.— N . W . Halsey & Co. of
San Francisco have been awarded, it is stated, an issue of
$22,500 5 % bonds.
Newberry, Luce County, Mich.— Bond Election.— The
question of issuing $11,500 power-plant bonds will be voted
upon.
New Boston (P. O. Portsmouth), Ohio.— Bond Sale.— On
May 26 the $9,000 4 A % 1 3 ^ -y e a r (average) street-improve­
ment bonds described in V . 92, p. 1392, were awarded to
Hayden, Miller & Co. of Cleveland at 103.541 a basis of
about 4 .1 5 % . The following bids were received:
Havden Miller & Co.,Cleve.$9,318 7 5 1First Nat. B k., Portsm outh$9,225 00
Seasongood & Mayer, C ln .. 9.230 0 0 1Portsmouth Sav. Bk., Ports 9,195 CO
M a tu rity $500 each six months from Jan. 1 1920 to July 1 1928, Inclusive.

New Bremen School District (P. O. New Bremen) Aug­
laize County, Ohio.— Bond Sale.— On June 3 the $5,000 5 %
2
yr. (av.) coup. bldg. imp. bonds (V . 92, p. 1453) were
awarded to M. S. Pond of Somerset at 101.93 a basis of about
41^ % int. The following bids were also received:
New First Nat. B k., C o l..$5,077 0 0 |W ell, R oth & Co . C in.
$5,051 00
Sec.Sav.Bk.& Tr.Co., T oledo 5,075 50 Otis & H ough, C lev elan d .. 5,045 00
Seasongood & M ayer, Cln__ 5,064 0 0 [First N at. B k ., N. B rem en. o,02o 00

New Hanover County (P. O. Wilmington), No. Caro.
Bonds Voted.— Reports state that a proposition to issue
$50,000 road bonds carried at an election held May 31. It
is further reported that this makes a total of-$200,000 bonds
voted for the purpose.

Miffflin Township School District (P. O. Mifflin), Juanita
County, Pa.— Bonds Voted.— The voters at the election held

New Knoxville Village School District (P. O. New Knox­
ville), Auglaize County, Ohio.— Bonds Voted.— According to

June l (V . 92, p. 1194) authorized the issuance of the $35,000
school bonds. The vote was 176 to 56.

reports, a proposition to issue $13,000 school-building bonds
carried recently by a vote of 82 “ for” to 80 “ against.”
Newman School District (P. O. Newman), Stanislaus
County, Cal.— Bonds Voted.— The election held recently re­
sulted in a vote of 190 to 38, it is reported, in favor of the
$50,000 school-building bonds mentioned in V. 92, .p 1135.

Milford, New Haven County, Conn.— Bond Offering.
Proposals will be received by Sanford Hawkins, Town ireasurer, for $50,000 4 % coup, bonds. Denom. $1,000. Int.
semi-annual. Due July 1 1936.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Milton School District No. 31 (P. O. Milton), Umatilla
County, Ore.— Bond Election Proposed.— The District Clerk
advises us that the question of issuing $12,000 building
bonds will be voted upon in the near future.
Milton, Sussex County, Del.— Bonds Voted.— A t an election
held June 3 the question of issuing $14,000 5 % water-plant
bonds carried by a vote of 204 to 8, according to local papers.

Mingo County (P. O. Williamson), W . V a.— Bond Offering.
— Proposals will be received until 3 p. m. to-day (June 10)
for $60,000 5 X
A % coupon Lee District road bonds.
A uthority election held on N ov. 8 1910. Denomination $100. M aturity
34 years, subject to call after 10 years. Certified check for $500 Is required.
James Damron Is Clerk.

Minneapolis, Minn.— Bond Sale.— On Juno 8 the $916,700
30-yr. school bonds (V . 92, p. 1392) were awarded as follows:
$249,700

4%

bonds to Wells & Dickey Co. of Minneapolis at 90.50—
a basis o f about 4 .0 3 % .
_
.
„ ___
250,300 4}^% |bonds to W m . A . Read & Co. of Chic, at 103.41.
416,700 4 % bonds to W m . A . R ead <& Co. of Chic, at 99.17— a basis
of about 4 .0 4 9 % .




New Philadelphia, Tusca-awas County, Ohio.— Bonds
Voted.— The proposition to issue the $100,000 sewer bonds
(V . 92, p. 1516) carried by a vote of 681 to 202 at the election
held June 5.
Newport, Cocke County, Tenn.— Bond Sale.— On May 29
the $40,000 water-works and $10,000 sewer 5 % bonds (V . 92,
p. 1453) were awarded to Ulen & Co. of Chicago at par, it is
stated. Maturity part yearly from 5 to 30 years.

Newport School District (P. O. Newport), Perry County,
Pa,.— Bonds Voted.— An election held May 27 resulted in a
vote of 139 “ for” to 114 “ against” the question of issuing
$25,000 3 }/2% 2-15- year (opt.) bldg, bonds. W e are ad­
vised that these bonds will be offered for sale at an early date.

New Rochelle, Westchester County, N. Y — Bond Offering.
— Proposals will be received until 8:15 p. in. June 20 by
E . S. Griffing, City Compt., for the following 4J ^% reg. bds:.
S58 000
5 j8 ,0
89
000
8»,oou
a

5 tf-vear (av.) Imp. bds., dated July 1 1911 and due $6,000
y d V on May 1 from 1912 to 1920,.inc.. and $4,000 in 1921.
19-vcar
(av.) court-house
andj*4
police-station
bds.,1921
dated
1911
^ (fcarci<iv.i)oo
Mayll920
000 yrly from
to July
1940>1 me.,

and $3,000 In 1941.
, ,
„
,
rmn eoimni hnmls. dated \fav 1 1911 and due May 1 1920.

1586

THE CHRONICLE

D enom . $ 1 ,0 0 0 & $ 5 0 0 . Int. M. & N . Bds. will be certified as tr> <rPr>
ulneness by the U. S. Mortgage & Trust Co N v
, , ui i l , . , a s .4? gen'
proved by Caldwell, Masslllch * Reed. N Y ‘ Cert c h e e ^ fn r ?!La V W ’ '
bm
required. Bids must be made on blank
b y the city .

for

form'fSScd

t>1(N ^ i 7 ° r r r r C l |y V T v ^ ° n -l S a l e -— D u r i n g t h e m o n t h o f M a y
t h e S i n k i n g 1< u n d o f t h i s c i t y p u r c h a s e d t h e b o n d s b e lo w a t p a r :
PllT VO S C __
*

Am ount.

Various municipal purposes........................... Interest. M aturity.
rriu

e

n

•

”

i« u u

a l s o L u i h 7 K a y ? ” Ue b 0 " d S ( t c m Po r a r y

$38 5,86 0

s e c u r i t ie s ) w o r e

|ssssa£ :sssfgsss................... - - T t

R evenue bonds! current expenses----------------------------------2 6
Revenue bonds, current expenses
fti

Revenue bonds, current expenses
...............
3; j
Revenue bonds, special.....
.................... " a u
Revenue bonds, special...........I
.......... " a n
Revenue bonds, special..........
............ ......... 3
....... " a y2
Revenue bonds, special..............I . "

t*9? 9 -95?
a:l,012,90o

[VOL. LXXXXTI.

Denomina'lGn $500. Date July 1 m i l . Interest on M ay 1 and N ov 1
De^em beT” eglnnTng m lSnf 7flCC n CJ arlnda- AIatn.1ty one-flfth y e .^ y In

Painesyille Lake County, Ohio.— Bond Sale .— Otis &
°.f. /Ci evc'anc/ were awarded for $27,503 (101.863)
t">^hnn°f ‘\/cr^0 .?.tree^ assess, bds. and for $3,160 (105.333)
$3,000 4 y2% village assess, bds., according to reports.
Palacios Independent School District (P. O. Palacios),
T e x .— Description of Bonds.— The $25,000 school-building
bonds favorably voted May 6 (V. 92, p . 1331) carry 5%
interest and mature in 40 years, optional after 20 years.

r

mr’ sr? M Par^ f LaJ ?a5 9 0Un^y’ ,,Texas. Bonds Registered'.— On
ss’?oo May 23 the btate Comptroller registered the $15,000 schoolino’ono builchng, $10,000 building and $25,000 street 5% 10-50-vear
loo’ooo (optional) bonds mentioned in V. 92, p. 1134.
Pasco, Franklin County, Wash.— Bonds Voted.— A prono__ T ° taI .........................................................................- ............................$10,201,311
sition to issue $40,000 school-building bonds is said to have
* Payable In francs, x Payable In £ sterling.
Nocona, Montague County, Tex.— B o n d s V o ted . — R e p o r t s carried at an election held May 19.
Pekin School District (P. O. Pekin), Tazewell County, 111.
s t a t e t h a t a p r o p o s i t i o n t o is s u e w a t e r - p l a n t b o n d s c a r r ie d
by a v o t e o f 1 1 4 t o 2 3 a t a n e l e c t i o n h e ld r e c e n t l y .
,
— The question of issuing $100,000 high-sch.
Nolan County (P. O. Sweetwater), Tex.— R o n d s R eq is- and $2a,000grade-sch. bonds will be voted upon on June 27
Penrnry- Wyoming County, N. Y .- B o n d Sale . - On May 25
tered. — T h e $ 1 0 0 , 0 0 0 5 %
4 0 -y e a r c o u p o n R o a d
D is tr ic t
$-.5,000 village-hall bldg, bonds were awarded to Isaac W
N o . 1 b o n d s m e n t i o n e d in V . 9 2 , p . 9 7 9 , w e r e r e g i s t e r e d o n
A p r il 2 0 b y th e S t a t e C o m p tr o lle r .
Sherrill of l oughkeepsie at 100.23 for 4.30s. Denom. $1,000
North Adams, Berkshire County, Mass.— L o a n A u th o rized . Int. I . & A. Maturity 1916 to 1940.
Perry County (P O. Marion), Ala .- B o n d Election.— An
— i h e C i t y C o u n c il h a s a u t h o r i z e d t h e is s u a n c e o f $ 5 0 0 0
sewer, $ 6 , 0 0 0 s i d e w a l k a n d $ 1 , 5 0 0 s t r e e t l o a n s , i t is s t a t e d .
SwSSr
*Tin nnnhe d ’ .lfc 18 I 4? 1®*/ to vote 011 the question of
North Tarrytown, Westchester County, N. Y .__ L oa n issuing $110,000 good-road bonds.
Pittsboro, Chatham County, No. Caro.— Bond O fferinn __
A u th o r iz e d .— A p r o p o s i t i o n t o b o r r o w $ 1 4 4 , 0 0 0 f o r s t r e e t
Proposals will be received until 2 p. m. to-day (June l o f b y
i m p r o v e m e n t s c a r r ie d b y a v o t e o f 2 0 0 t o 8 9 , it is s t a t e d , a t
a n j e l e c t i o n h e ld M a y 2 5 .
. Nooe, Mayor, for $5,000 6% street-improvement bonds.
Nowata, Nowata County, Okla.— B o n d S a le .— S p i t z e r , 19l\Ut*UDcm)mlnatlo!i^to' fult^umhlle0/
Mrartch 11
R o r ic k & C o . o f T o le d o h a v e b e e n a w a r d e d th e $ 7 5 ,0 0 0 5
opTlonTpu^chaslr0
ln P ^ o^ V ncw Y o r T ll
w a te r -e x t e n s io n b o n d s ( V . 9 2 , p . 9 0 2 ) .
N y s s a , M a l h e u r C o u n t y , O r e .— B o n d s V o te d .— A c c o r d i n g
t o r e p o r t s , t h e q u e s t i o n o f i s s u in g $ 1 0 , 0 0 0 b r i d g e - c o n s t r u c ­
t i o n b o n d s w a s c a r r ie d a t a n e l e c t i o n h e ld r e c e n t l y .

Oakley ( P . o . Cincinnati), Ohio .— B o n d O ffe rin q .— P r o p o s a l s w ill b e r e c e iv e d u n t il 1 2 m . J u n e 1 5 b y O s c a r K o s c h e ,
llla g e C l e r k , f o r
assessm en t b on d s.

th e

fo llo w in g

5%

s t r e e t-im p r o v e m e n t

able to the M ayopr is Required7 ^ d e b t
for
payabout $300.000. These Securities w e r f o f l e ^ o n M ay 5* V ?'9 ^ p™ 8%

Pittsburgh, P a.— Bonds Authorized .— It is stated that
three oidinances authorizing bond issues for $408,000, $351,­
000 and $306,000 were recently passed by the city councils
and signed by the Mayor.
Pontiac, Oakland County, Mich.— Bond Offering .— Pro­
posals will be received until 1:30 p. m. June 12 by C I)
Groesbeck, City Clerk, for the $100,000 4 ^ % impt. and’ ref’
bonds voted May 22 1911 (V. 92, p. 1454.)

$1,518 22 Clarke Street (now W ebster A vc.) bonds. Denomination
Arftn 8i2 '* Date April l l o l l . Maturity $151 82 yearly on
1 t in nr 6 prlA 1 f 50m 1012 to 1921 Inclusive.
y
1,310 7.) Martha A ve. bonds. Denomination $ 13 1 0 8. Date April 10
inclusIvcIatUrlty 5131 08 yearIy on A Pril 10 from 1912 to 1921
^rYy, s ®c.tlon, 3.845 of General Code. Interest annual. Certified
p?n-nh*°r ^T° °* J0nds ^ for> Payable to the Village Treasurer, Is required.
Purchaser to pay accrued Interest.
1

p PE at^ , p j ? v 1 - Unn I n t- •[• & D. Due $5,000 yrly. after June 1 1916.
h
payablc to. 9 lty ot P ontiao,” required. Purchaser
pay accru^d Vnt
lithographed and printed at his own expense and

Ocean Park High School District (P. O. Ocean Park), Los
Angeles County, Cal.— R o n d E lection P r o p o s e d .— P a p e r s s t a t e
that i t is p r o p o s e d t o p e t i t i o n t h e t r u s t e e s t o c a ll a n e le c t i o n
to v o t e o n t h e q u e s t i o n o f is s u in g $ 1 0 0 , 0 0 0 b d s . V . 9 2 , p . 4 8 3 .
Ogdensburg, St. Lawrence County, N. Y .— B o n d S a le .—

arcDe x e m p t R o m S t a t e 't a x !“ ' &t StCVCUS P ° ' Qt- ° UC S1° ' 000 y c a r l y - Don<ls

O n M a y 2 9 th e $ 5 0 ,0 0 0 4 %
1 8 % -y r .
w a te r b o n d s ( V . 9 2 , p . 1 3 9 2 ) w e re s o ld
b o n d s a r e p a r t o f a n is s u e o f $ 1 7 5 , 0 0 0
$ 1 2 5 , 0 0 0 $ 5 0 , 0 0 0 w ill b e o f f e r e d , i t is

Olney, Young County, Tex.—

B onds

(a v e r .) c o u p , or r e g .
t o lo c a l b a n k s . T h e s e
a n d o f th e r e m a in in g
e x p e c t e d , in J u l y .

V o te d .— A n e l e c t i o n

e i l ) - m CCn^
r e s u l t e d in f a v o r o f a p r o p o s i t i o n t o
$ 1 2 ,5 0 0 w a te r -w o r k s b o n d s .
T h e v o te w a s 6 4 to 2 .

is s u e

« i ? n n nn
(P ‘ ° - Utica) Y .— B o n d S a le .— Th e
w
nk0 0 0 VPr 6 ^ - y e a r ( a v . ) r e g . f u n d , b o n d s d e s c r i b e d in
V. 92, p
1 4 5 3 , w e re so ld o n J u n e 5 to th e U t ic a T r u s t &
D e p o s it C o . o f U tic a a t p a r .

Orange Union High School District, Orange County, Gal.—
B o n d Election.— T h e

t r u s t e e s h a v e c a ll e d a n
r e p o r te d , to v o t e o n $ 2 5 ,0 0 0 b u ild in g b o n d s .

e le c tio n ,

i t is

Ottawa County (P. O. Port Clinton), Ohio.— B o n d

S a le .—

O n J u n e 5 th e $ 4 6 ,0 0 0 5 % 3 -y r . ( a v .) c o u p , r o a d i m p . b o n d s
( v . 9 2 , p . 1 4 5 4 ) w ere a w a r d e d to th e S e c u r it y S a v . B a n k &
1 r u s t C o . o f T o le d o a t 1 0 2 .6 3 p lu s in t . a n d b la n k b o n d s ,
i n e f o l l o w i n g b i d s w e r e r e c e iv e d
T o l .$47,210 oo First N a t . B k ., C lc v c ____ $ 4 7 ,1 6 9 75

TnmfI,|rsm aV I5k- Co1- - 47,228 00 S cason good & M a y e r , C In - 4 7 ,1 6 0 00

tr„(!,tta^

J\an.

W e ll, R o th & C o ., C In _____ 4 7 ,0 8 2 00
P r o v .S a v .B k .& T r .C o .,C ln _ 4 7 ,0 7 1 80
O tis & H o u g h , C le v e la n d - 4 6 ,9 7 6 00

a S?h° o1 District (P. O. Ottawa), Franklin County,

Bonds 1 roposed.—

p roposes

to

is s u e

T h is d is t r ic t, a c c o r d in g to r e p o r ts ,
$ 1 0 0 ,0 0 0 b u ild in g b o n d s .

Oxford, Calhoun County, Ala.— Bonds Voted.—

T h e v o te rs
at a n e l e c t i o n h e ld M a y 2 9 a u t h o r i z e d t h e is s u a n c e o f $ 1 0 , 0 0 0
s e w e r - i m p . b o n d s b y a la r g e m a j o r i t y .

Ozark, Dale County, Ala.— Bonds Voted.—

A c c o rd in g

to

™ P ° r t e { t b ? q u e s t i o n o f i s s u in g $ 1 5 , 0 0 0 s e w e r b o n d s c a r r ie d
at a n e l e c t i o n h e ld o n M a y 2 3 .

Page County Drainage District No. 8, Iow a.— Bond OfferWl1 b « r e c e iv e d u n t il 3 p . m . J u n e 1 5 b y
C . W . D u k e , C o u n ty A u d it o r ( P . O . C la r in d a ), fo r n o t e x ­
c e e d in g $ 6 5 ,0 0 0 6 % d r a in a g e b o n d s .




railroad bonds will be issued shortly.

Portland, Ore.— Bond Offering .— Proposals will be received
^ P*
June 26 by A. L. Barbur, City Auditor, for
$12o,000 4% gold fire-boat bonds.
t h « ? n ^ nT ,A ^ n r i A '0'^,' Da4e y uly
Interest semi-annually at
rnml / n3-p i n ! ) " - U a t u r ty July 1 1936. Certified check on a
Hkl m i . ? , u m i A A i 11 of bonds bid for, payable to the Mayor, is required.
Bids must be unconditional except as to the legality of the bonds.

Prosper School District, Collin County, Tex.—Ronds
1 oted. ihe voters at an election held recently authorized
the issuance of $8,000 school-bldg, bonds, according to
reports.
°
Putnam County (P. O. Ottawa), Ohio.— Bond Sale.— On
June 5 the $2J)00 5% 1-5-yr. (scr.) coup. Ingold road bonds
( V. 92, p. 1517) were awarded to the New First Nat. Bank of
Columbus at 101.35 & int.— a basis of about 4 j^ % . Other
bids received follow:
Sec. S av.B k.& T r.C o., T o le d o .$2,021 ISeasongood & M ayer, CIn____$2,019

Oswego School District (P. O. Oswego), Labette County,
Han. B o n d S a le .— The $22,800 5% 6%-yr. (av.) coup,
high-sch. bonds offered on Mar. 1 (V. 92, p. 484) have been
sold. They are now being offered to investors bv II T
Holtz & Co. of Chicago.
'

Stacy & Braun, T o le d o ... 47,195 20
Davles-Bcrtram Co.. CIn. 47,176 0 0

Portage County (P.O . Stevens Point), W is.— Bonds to be
Issued Shortly .— \\e are advised that $100,000 coup. ref.

Red River County (P. O. C arksville), Tex.— Rond Elec­
tion .— Papers state that an election will be held shortly to
vote on a proposition to issue $300,000 good-road bonds.
Rogers, Bell County, Texas.— Bond Offering .— Proposals
will be received, it is reported, until July 1 for the $14,000
water bonds recently voted (V. 92, p. 1195.)
Russell, Russell County, Kan.— Bonds Voted.— An election
held May 20 resulted in favor of the Question of issuing
$28,000 water & light bonds, it is stated. The vote was
198 to 84.
Poseyville, Posey County, Ind.— Bond Sale.— E. M
C a m p b e l l b o n s C o ot I n d i a n a p o l i s w e r e a w a r d e d a t p a r , it i
s t a t e d , $ 1 0 ,0 0 0 4 ^ %
1 -2 0 -y e a r sch oo l b o n d s.

Pottsville, Schuylkill County, Pa. — Bonds Awarded in
Rarf.-Ofth^Si^g ooOJ^o 5-10-yr. (opt.) ref. bonds offered
June 6 (V. 92, p. lo l7 ), $21,000 were disposed of as follows:
b crt ° F res 1°Penn.wiv*t !?|CiP v *! an*5 ° f l’° fiv 111c at par; $5,000 to D. II. SclR mibrn ro'n s . f ii "
A )a t' Bank of P ottsville. at 100.075; $3,500 to
Wash?ngton Cainn P ' n ‘ ’ v 1 ‘i’0)0 to Mr.s ' -J ' I !' HelIcr at l 0 R «500 to the
Z a W 00°to MrmsP CP 'R o c h r l^ a r p a ,-.01: 5500 ‘ °
U ‘ WaKner at 101-50

r e -S v e T u s e f forAate.1 tU° remaining , 8 '000 bo" ds wi" b«
Price, Carbon County, U ta h — Bond Offering.— N. E.
A f t o n n n f i w Tr?.asurer, is offering at private sale an issue
ot $8,000 light funding and $6,000 water-works 6% bonds.
I titorost° sc m \Hnn in I'' ° I ? i* a,1 ®1®°tlon hcl(1 May 23. Date June 1 1911.
CertmeB eh^ek fnr ' v M,at,u r lty t20 years, subject to call after 10 years.
hon.D
R o n rip / L h t 0 ,of ,Iss,l,lu ls required. Purchaser to furnish blank
tlon for t a n
nnf»
iUAln? these Issues. $25,000. Assessed valua­
tion roi 1911, $443,000. Actual value (estim ated), $1,500,000.

June 10 1911.J

THE CHRONICLE

1587

Savoy Independent School District (P. O. Savoy), Fannin
Quincy, Norfolk County, Mass.— B o n d S a le .— On June 7
the $22,125 4% 1 2-3-yr. (aver.) coup, street and fire-loan County, Texas.— B o n d s V o ted . — An election held May 5,
bonds (V. 92, p. 1517) were awarded to Curtis & Sanger of according to reports, resulted in favor of a proposition to
issue $8,000 5% 40-year bonds. The vote was 56 to 46.
Boston at 100.32, according to reports.
Selma, Dallas County, Ala.— B o n d E lection P r o p o s e d . — An
Red River Parish School District No. 1 (P. O. Coushatta),
L a .— B o n d O ffe r in g .— Proposals will be received until 10 a.m. election is proposed, it is reported, to vote on the question
June 15 by John I. Teer, Secy. Sch. Board, for $25,000 5% of issuing $35,000 school building bonds.
Sentinel, Washita County, Okla.— B o n d S a le . — The
gold coup. bldg, and furnishing bonds.
Denom . $500. Date June 15 1011. Int. ann. In Coushatta or New $15,000 6% 25-yr. gold reg. water and light bds. (V. 92,
Orleans at option o f holder. Due serially on June 15 from 1916 to 1941 p. 1059) were awarded on April 28 to C. Atkinson’s Sons &
incl. N o deposit required. No debt at present.
Co. of Summit at 101.013.
Rensselaer, Rensselaer County, N. Y .— B o n d S a le . — On
Severance School District No. 17 (P. O. Severance),
June 5 the $145,000 4j^ % 16-year (av.) reg. Greenbush imp.
ref. bonds described in V. 92, p. 1392, were awarded to E .H . Doniphan County, Kan.— B o n d s V o ted . — Local papers state
Rollins & Sons of Boston for $151,625 05— 104.569—a basis that a proposition to issue $3,600 bldg, bonds carried by a
vote of 80 to 3 on May 29.
of about 4.11% . The following bids were also received:
Sharkey County (P. O. Rolling F ork), Miss.— B o n d S a le .—
Farson, Son & C o., N . Y ____103.684IJ. J. Hart, A l b a n y . . . .............103.36
Rhoades & C o., N. Y _______ 103.649 Ferris & W hite, N . Y ________ 103.193 The Bank of Rolling Fork on May 1 purchased $25,000 5%
R . M. Grant & Co., N. Y ._ 103.578|W . N .C oler & C o., N . Y _____ 103.177
coup, road bonds dated May 1 1911 at 101. Int. annual.
R . L. D ay & C o., N . Y ______ 103.57 IA . 13. Leach & Co., N. Y ____ 102.977
Halsey & C o., N . Y _________ 103.52 O’ Connor & Kahler , N . Y . . 102.882
Shawnee, Perry County, Ohio.— B o n d O ffe rin g . — Pro­
Adam s & Co., N . Y __________103.43 |Harris .Forbes & C o., N . Y _.102.591
posals will be received until 12 m. June 13 by John Breen,
Revere, Suffolk County, Mass.— L o a n O ffe rin g .— Proposals Village Clerk, for $1,200 6% fire-depart, bonds.
will be received until 12 m. June 12 by G. A. Tapley, Treas­
A uth. See. 3939, Laws of Ohio, and Sec 4391, Gen. Code
D enom . $200.
Date June 1 1911
Int. J. & D. Due $200 yrly. June 1 1912 to 1917 Incl.
urer, for $9,889 4% notes.
Denom . $2,000, except one note of $1,889. Date June 15 1911. IntJ. & D. at Fourth Nat. Bank In Boston. Due one each year beginning 1912.
Richland County (P. O. Columbia), So. Car .— B o n d O ffe ri n g .— Proposals will be received until 10 a. m. June 16 by

Bonds to be delivered and paid for within 20 days froin tim e °*
*
Cert, check for 5% of bonds bid for, payable to Village Treasurer, required.

Silsbee Independent School District (P. O. Silsbee)
Hardin County, Tex.— B o n d s R egistered . — On April 18 the
the Board of Commissioners, W. C. Thomas, Clerk, for $75,­ State Comptroller registered $10,000 5% 10-20-year (op
tional) bonds.
000 6% Columbia Township bridge bonds. Due 20 years.
Silver Bow County School District No. 1 (P. O. Butte),
Rocky River, Cuyahoga County, Ohio.— B o n d O ffe r in g .—
Proposals will be received until 12 m. June 16 by W. M. Mont.— B o n d S a le .— On May 29 the $50,000 10-20-yr. (opt.)
Dean, Clerk, for $5,512 4 A % coup, st.-imp. assess, bonds. gold coup. bldg, and site bonds (V. 92, p. 1455) were awarded
to Woodin, McNear & Moore of Chicago at 102.89 & int.
A uthority. Sections 3812 to 3822 Inclusive and Sections 3853, 3864,
3865 and 3867 of General Code. Denomination $550, except one bond for
Shreveport, Caddo Parish, La.— B o n d E le c tio n . — Accord­
$562. Date June 1 1911. Interest on April 1 and Oct. 1 at the R o ck y
R iver Savings Bank. Maturity $562 on O ct. 1 1912 and $550 yearly on ing to reports the election to vote on the question of issuing
O ct. 1 from 1913 to 1921 inclusive. Ccrtllled check for $200, payable to the $100,000 fair-ground-imp. bonds (V .9 2 ,p . 1455) will be
the Village Treasurer, Is required. Bonds to be delivered and paid for
held July 18.
within 15 days from tim e of award. Purchaser to pay accrued Interest.
. Ross, Roseau County, Minn.— B o n d S a le .— On May 6 the
Smith Township, Mahoning County, Ohio.— B o n d S a le .—
Iowa Land Credit Co. was awarded at par for 6s $1,000 15-yr. The following bids were received on June 1 for the $33,000
road and bridge bonds offered on May 1 (V. 92, p. 1135). 4>£% 16-year (av.) coup, road bonds described in V. 92,
Denom. $1,000.
p. 1455.
First Nat.Bk., C levelan d .*$34,654 75|Stacy & Braun, Toledo
$34,430 20
Runnels County (P. O. Ballinger), Texas.— B o n d s R e g is­ Seasongood
& Mayer, Cin. 34,492 00 Provident Savings Bank &
tered .— The State Comptroller on May 13 registered $17,500 New First N at. B k.. C o l.. 34,452 00 | Trust C o., C in cin n a ti.. 34,267 20
5% 10-40-year (optional) refunding bonds.
♦This bid, it Is stated, was successful.
Sabina School District (P. O. Sabina), Clinton County, O.
Social Circle, Walton County, Ga.— B o n d E le c tio n . — On
— B o n d O ffe r in g .— Proposals will be received until 12 m. June 15 a vote will be taken on a proposition to issue $5,000
June 12 by W. B. Gallaher, Clerk, for $12,000 4 j^ % coup, 5% 20-yr. school bonds. Denom. $1,000.
tax-free bonds.
Spencer County (P. O. Rockport), Ind.— B o n d O ffe r in g .—
Denom . $500 and $1,000. Date June 12 1911. Int. M. & S at SabinaProposals will be received until 4 p. m. to-day (June 10) by
Certified check for 5 % , payable to Treasurer, required. Bonded debt, Incl.
this issue. $49,500. Floating debt, none. A ssessedval. 1911,$13,000,000. the County Treasurer for the following improvement bonds:
St. Charles, St. Charles County, Mo.— B o n d O ffe rin g . — $3,515 W etzel R oad bonds. Denominations: 18 bonds of $175 each and
bonds of $182 50 each.
,
. ____
.
Proposals will be received until 8 p. m. June 12 by J. N. Ol­ 7,135 2Mason
R oad bonds. Denominations: 18 bonds o f $350 each and
son, Mayor, for the $30,000 4% water-works-improvement
2 bonds of $417 50 each.
_
_ ,
,
Interest semi-annually, beginning M ay 15 1912. John T . W hite ia
bonds mentioned in Y. 92, p. 1135.
County A uditor.
A uthority, vote of 531 to 42 at election held on April 29. Denomination
Spokane, W ash.— B o n d s S o ld D u r in g M a y . — The following
$1,000. Date June 1 1911. Interest semi-annually at the City Treasurer s
office. M aturity June 1 1931, subject to call after 5 years. Charles II. 6% bonds, aggregating $80,586, were issued during May:
Kanstclner Is C ity Clerk.
Treasurer, Is required.

Certified check for $500, payable to the City

St. Helena Union High School District, Napa County, Cal.
— B o n d s V o te d .— The proposition to issue the $30,000 5%
school-building bonds mentioned in V. 92, p. 1332, carried
by a vote of 258 to 50 at the election held May 22.
Denom ination $500. Interest semi-annual. Maturity $500 yearly from
one to five years inclusive, $1,000 yearly from six to ten years Inclusive,
$ 2,000 yearly from eleven to fifteen years Inclusive and $2 ,o 00 yearly from
sixteen to tw enty years inclusive.
St. Matthews, Calhoun County, So. Car.— B o n d O ffe rin g .—

$55,410 Olive A ve. pav. N o. 679 bonds dated May 15 1911, d up M ay 15 ’21
1,960 Sherwood G. & W . N o. 824 bonds dated M ay 15 1911, due May 15
2 ,9 0 0

Twenty-seventh A v e . sew er N o . 8 2 6 b o n d s d a t e d M a y 1 1911 an d

4 706 Dean^Ave. sewer N o. 705 bonds dated May 1 1911, due May 1 1921.

4|380 Gardner A ve. sewer N o. 707 bonds dated M ay 15 1911.
11,230 Third W ard sub-tank N o. 4 bonds dated M ay 15 1911.

The above bonds are optional at any int .-paying period.
Springfield School District (P. O. Springfield), Clark
County, Ohio.— B o n d S a le . — Hayden, Miller & Co. of Cleve­
Proposals will be received until 12 m. June 21 (not July 1 as land have been awarded an issue of bonds, it is stated, for
we were at first advised in Y. 92, p. 1135) by the Town Council, $2,042.
Stambaugh, Iron County, Mich.— B o n d O ffe rin g . — Pro­
for $20,000 6% public-building bonds.
Authority, vote o f 96 to 4 at election held April 12. Denominations: 38 posals will be received until 6 p. m. June 15 for the $5,000
Bonds of $500 each and 20 bonds of $100 each. Date July 1 1911. Interest 5% street and sidewalk bonds offered on Oct. 5 1910 without
semi-annually at the National Park Bank in New Y ork. Maturity 40
Ivar Malmquist is Village Clerk.
years, subject to call after 20 years. Certified check for $500, payable to success (V. 92, p. 754).
T . L . B uyck, Tow n Clerk and Treasurer, Is required. J . S. W annamaker
Sterling
County
(P.
O.
Sterling City), Texas.— B o n d Is Mayor.
...................................
V o ted . — Reports state that propositions to issue $16,000
San Angelo, Tom Green County, Texas.— B o n d s R egistered . road and $10,000 jail bonds were favorably voted upon at
— The $20,000 5% 15-30-yr. (opt.) street bonds disposed of an election held on April 29.
on May 1 (V. 92, p. 1392) were registered by the State
Steubenville, Jackson County, Ohio.— B o n d S a le . — On
Comptroller on May 31.
....................
May 29 the $13,000 4 y 2 % coupon Belleview Boulevard im­
Sandusky County (P. O. Fremont), Ohio.— B o n d E lectio n provement bonds (V. 92, p. 1393) were awarded to Stacy &
P r o p o s e d .— The County Commissioners propose to call an
Braun of Toledo at 103.25. The following bids were received
election in the fall to vote on the question of issuing $300,000 Stacy & Braun, T o le d o __ $13,422 50 First N at. B ank, C le v e ...$13,387 75
court-house bonds, it is stated.
Seasongood & Mayer, C in. 13,409 00 W ell, R oth & C o., Cin____ 13,375 00
Breed & Harrison, C in— 13,403 00 P rov. S. B. & T r.C o .,C ln . 13,364 00
Santa Barbara, Santa Barbara County, Cal.— B o n d S a le . — Barto,
S cott & C o., Colum 13,401 00 New First N at. B k., Colum 13,347 00
The $40,000 ± lA % 1-40-yr. (ser.) water ext. bonds offered Fifth-Third N at. Bank.CIn 13,392 60 N at. E xch . B k ., Steubenv 13,215 00
Steubenville,
Jefferson County, Ohio.— B o n d O ffe r in g .—
on June 1 (V. 92, p. 1392), were awarded to the Santa Bar­
bara Co. Nat. Bank in Santa Barbara at 100.583 & int.— a Proposals will be received until 12 m. June 20 by Hugh W.
Patterson, City Auditor, for the following 4 A % coupon
basis of about 4.357%. Following are the bids:
improvement assessment bonds:
Santa Barbara Co. Nat. Bank, Santa B a r b a r a ---------------------- MjJ.233 52
Santa Barbara Sav. & Loan Bank, Santa B arbara----------------- 40,203 00
W in. It. Staats & C o., Los A ngeles------------------------------------------°°
G. G. B lym ycr & C o., San lr a n c ls c o ------------------------------------- 40,012 50
Date O ct. 1 1910. Int. A . & O.
Sapulpa, Creek County, Okla.—-B o n d s V o te d .— Papers

state that an election held recently resulted in favor of propo­
sitions to issue $5,000 street and $5,000 cemetery bonds.
Saratoga Springs Union Free School District (P. O. Sara­
toga Springs), Saratoga County, N. Y .— N ote S a le .— On
June 5 the $48,000 notes (V. 92, p. 1454) were awarded to
Farson, Son & Co. of New York at 100.072 for 4.20s.




$41 000 Stoney H ollow -La Belleview sewer-construction bonds. Maturity
’
$10,000 on March 1 In each of the years 1914, 1917 and 1919 and
$11,000 March 1 1922.
,,
. , ,
2 000 Pine Street Im provem ent bonds. M aturity $500 on March 1 in
’
each of the years 1914, 1917, 1920 and 1922.
A uthority Sections 3821 and 3914 of General Code. Denomination $500.
Date July 1 1911. Interest semi-annually at the lin k in g I'und Trustees
office. Bonds to be delivered and paid for within 10 days from time o f
award. Certified check for 3% of bonds bid for, paayble to the City
Treasurer, Is required. Purchaser to pay accrued interest.
Story County (P. O. Nevada), Iow a .— B o n d s N o t S o ld .—

No bids were received on May 22 for an issue of $32,555 5%
drainage bonds offered on that day.

1588

THE CHRONICLE

S u m m e r v i l l e , R i c h m o n d C o u n t y , G a .— Bond Sale. — T h e
$ 3 0 ,0 0 0 s e w e r a n d w a te r a n d th e $ 4 5 ,0 0 0 s tr e e t 5 % 3 0 - y e i r
c o u p , b o n d s d a t e d J u ly l 1 9 1 1 ( V . 9 2 , p . 1 4 5 5 )
w ere d is ­
p o s e d o f o n J u n e 1 to M a r tin & G a r r e tt a t 1 0 6 — a b a s is o f
a b o u t 4 .6 2 9 % .
T h e f o l l o w i n g b id s w e r e r e c e iv e d :

w arwlnn « . § ^ v . t ' V "w

a

; ",------ 106JGeorgia Mtg. & Trust C o_________ 102
I Union Savings Bank ($50,000)
103

Hits man & C o ^ M la n U K " . 7

4T ’

(?1° ’° 0 0 )------------110

. S u n b u r y ^ S c h o o l D is tr ic t
(P .
0 .
S u n b u r y ),
D e la w a r e
C o u n t y , O h i o .— Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
u n t il 1 p . m . J u n e 1 2 b y t h e B d . o f E d . f o r $ 1 1 , 0 0 0 4 14%
s c h .-b l d g .-i m p . b o n d s .

A uth., Sec. 3991 & 3992 of R ev. Stat. and In com pliance with Sec. 22B,
R ev. Stat. Denom. $500. Date June 1 1911. Int. J. & D. at office of
Bd. o f E d., Ireasurer Bd. of Ed. Due $500 yearly June 1 1913 to 1934
*aci. eert. check (or cash) on a bank in Delaware County for $500, pay­
able to H . O. K em pton. Clerk Bd. of E d ., required.
S u n n y s i d e , Y a k i m a C o u n t y , W a s h . — Bonds Voted.— T h e
v o t e r s a t a n e l e c t i o n h e ld r e c e n t l y a u t h o r i z e d t h e is s u a n c e
o f t h e $ 2 9 , 0 0 0 f u n d i n g b o n d s , i t is s t a t e d .
S y lv a n

G r o v e , L in c o ln

C o u n ty ,

K a n s . — Bond

Election .—

A p r o p o s i t i o n t o is s u e $ 3 5 , 0 0 0 w a t e r - w o r k s a n d e l e c t r i c -l i g h t
b o n d s w ill b e v o t e d u p o n , a c c o r d i n g t o r e p o r t s , a t a n e le c ­
t i o n t o b e h e ld o n J u n e 2 6 .
T a c o m a , W a s h . — Bond
5 -y e a r b o n d s a g g r e g a tin g
in g M a y :

Sales fo r M ay. —
$ 1 8 ,7 1 4 3 6

T h e fo llo w in g 7 %
w e r e d is p o s e d o f d u r ­

Am ount.
Purpose.
uate
$4,382 45 water-main bon d s_____ ____________________________ May 2 1911
9,150 25 grading and cem ent walk bonds___________ _
May 24 1911
8,175 66 grading bonds.................. ............................................. -I lM a y 2 4 1911
T a llm a d g e T o w n s h ip S c h o o l D is tr ic t ( P . 0 . T a llm a d g e ),
S u m m i t C o u n t y , O h i o .— Bond Sale.— O n J u n e 1 t h e $ 2 , 0 0 0
5 % 3 1 -3 y e a r ( a v . ) c o u p , b o n d s d e s c r i b e d in V . 9 2 , p . 1 4 5 5 ,
w e r e a w a r d e d t o H a y d e n , M ille r & C o . o f C l e v e . a t 1 0 2 .1 0
a n d i n t .— a b a s is o f a b o u t 4 . 3 0 % .
T h e fo llo w in g b id s w ere
r e c e iv e d :

H ayden, Miller & C o., Clev.$2,042 001 First Nat. Bank, Clove . $2,029 10
Seasongood & Mayer, C ln. 2,041 00 Stacy & Braun. T o le d o .. 2,026 50
S ec. Sav. & Tr. C o., Toledo 2,036 75|New First N at. B k., C o l.. 2,007 35
T a rry to w n ,

N.

Y .—

Bond Offering.—

A tte n tio n

is

[VOL. LXXXXII.

Troy, N. Y .— C ertifica te S a le .— An issue of $200,000 5%
4-months certificates was disposed of on June 5 to Bond &
Goodwin of New York City at 100.57.
Tuscarawas Township School District (P. O. Coshocton),
Coshocton County, Ohio .— B o n d S a le .— On June 3 the $4,000
± lA % ± lA yr. (av.) coup, bonds described in V. 92, p. 1445,
were awarded to the First National Bank of Garretsville at
101.90 and int.— a basis of about 3.98% . The following
bids were also received:
First N at. Bank, C lev____$4,043 10
H ayden. Miller & C o.. Clev. 4,041 50
Barto, S cott & C o., C ol____4,041 00
Sec. Sav. Bk. & T r. C o., Tol 4,037 50
Interest In June and December.

Stacy & Braun, T o le d o ____$4,035
Seasongood & Mayer, C ln .. 4,027
New First Nat. B k., Cot _ 4,023
Com. N at. Bk., C oshocton. 4,018

00
00
00
00

Tyler County (P. O. Middlebourne), W . V a .— Bonds
Voted.— The voters at an election held May 29 authorized,
it is stated, the issuance of $200,000 elec .-rail way bonds by
a vote of 794 to 132.
Tymochtee Township (P. O. McCutchenville), Wyandot
County, Ohio.— Bond Offering.— Proposals will be received
until 12 in. June 13 by W. H. Hoffman, Township Clerk, for
$9,000 4 ^ % coupon public-road-improvement bonds.
A uthority Sections 3295, 3939, 3940 and 3942 of General Code. Interest
on June 1 and Dec. 1. Maturity $500 on June 1 1916, $500 on June 1
1917, $1,500 on June 1 1918, $2,500 on June 1 in 1919 and 1920 and $1,500
on June 1 1921. Bonds to be delivered and paid for within 10 days from
time of award. Certified check for 5% of bonds bid for, payable to the
low nship Treasurer. Is required. Purchaser to pay accrued Interest.

Uhrichsville, Tuscarawas County, Ohio.— Bond Offering .—
Proposals will be received until 12 m. June 23 by Henry O.
Snyder, Village Clerk, for $8,000 5% refund, bonds.
A uth. See. 3910, 3917 and 3918, Gen. Code. Denom. $500. Date May I
Int- M-,& N. Due May 1 1936. Bonds to be delivered and paid
Tor within ten days from time of award. Cert, check for $250, payable to
village Ireasurer, required. Purchaser to pay accrued int.

Urbana, Champaign County, Ohio.— Bond Offering .—
I roposals will be received until 12 m. June 23 by Horace M.
Grow, City Aud., for $115,000 4)^ % refunding bonds,
i
3n 20 I?01" Gen. Code. D enom . $500. Date June
si r, nnn
i r ’ in'oa* ^
P ue f 20*000 June 15 1923 to 1927 incl. and
$ io ,o o o June lo 1928. Bonds to be delivered and paid for within 10 days
from time o f award.
Cert, check for 5% of bonds bid for, payable to
City Treasurer, required. Rurchaser to pay accrued Interest.

c a lle d

Unadilla, Dooly County, Ga.— Bond Election.— An elec­
tion will be held June 15, according to reports, to vote on
the question of issuing $15,500 sewer & $12,500 water bonds.
o f f e r in g o n J u n e 2 1 o f t h e $ 3 0 , 0 0 0 w a t e r b o n d s a t n o t e x c e e d ­
Upshur County Common School District No. 15, Texas.—
in g 5 % i n t . , m e n t i o n e d in V . 9 2 , p . 1 5 1 8 .
Bond Sale.— The $2,000 5% 5-10-yr. (opt.) bonds registered
T e i l m a n S c h o o l D i s t r i c t , F r e s n o C o u n t y , C a l .— Bond Sale.
by the Comptroller on July 11 (V. 91, p. 233) have been sold
T h e W i n . R . S t a a t s C o . o f P a s a d e n a w a s a w a r d e d a t 1 0 1 .5 8 ,
to the First Nat. Bank of Gilmer at par. Denom. $100.
i t is s t a t e d , t h e $ 1 0 , 0 0 0 6 % b o n d s ( V . 9 2 , p . 1 0 5 9 ) .
Date April 10 1910. Interest annual.
T e m p l e , B e l l C o u n t y , T e x . — Bonds Proposed .— A p r o p o s i ­
Upshur County School District No. 50, Texas. — Bonds to
t i o n p r o v i d i n g f o r t h e is s u a n c e o f $ 1 5 , 0 0 0 b o n d s is b e in g c o n ­
be Offered Shortly.— An issue of $700 5% 5-10-yr. (opt.) bonds
s id e r e d b y t h i s c i t y , a c c o r d i n g t o r e p o r t s .
will soon be placed on the market. Denom. $100. Interest
T e r r a c e P a r k S p e c ia l S c h o o l D is t r ic t N o . 5 , C o lu m b ia
annual on April 10.
T o w n s h ip ,
H a m ilto n
C o u n ty ,
O h i o .— Bond Election. — A
Vinton School District, Benton County, Iow a.— Bond
p r o p o s i t i o n t o is s u e $ 3 0 , 0 0 0 s c h o o l - b u i l d i n g a n d s i t e -p u r c h a s e
Election.— A vote will be taken on a proposition to issue
b o n d s w ill b e s u b m i t t e d t o a v o t e o n J u n e 1 2 .
$50,000 school-bldg, bonds.
T e r r e l l , K a u f m a n C o u n t y , T e x . — Bonds Authorized. — A c ­
Waco, McLennon County, Tex.—Ronds Not to be Offered
c o r d in g to r e p o r ts , a n o r d in a n c e h a s b e e n p a s s e d p r o v id in g
at Present.— We are advised under date of April 30 that no
f o r t h e is s u a n c e o f $ 1 2 , 0 0 0 a r t e s i a n -w e l l a n d $ 1 0 , 0 0 0 s t r e e t action will be taken for at least a year looking towards the
im p r o v e m e n t b o n d s .
sale of the $250,000 5% 30-year electric-light-plant bonds
T e x a s C ity In d e p e n d e n t S c h o o l D is tr ic t (P . 0 . T e x a s
voted on Feb. 14. V. 92, p. 548.
C i t y ) , G a l v e s t o n C o u n t y , T e x a s . — Bonds Registered.— T h e
Bond Election.—This city on June 27 will submit to the
S t a t e C o m p t r o lle r ‘ o n M a y 2 4 re g iste re d th e $ 2 0 ,0 0 0 5 %
voters a proposition to issue $135,000 street and sewer bonds.
1 0 -4 0 -y e a r (o p tio n a l) s c h o o l-b u ild in g b o n d s ( V . 9 2 , p . 1 4 5 5 ).
Wahkiakum County (P. O. Cathlamet), W ash.— Bond Of­
T h o m a s t o n , U p s o n C o u n t y , G a . — Bond Offering.— P r o ­ ferin g. — Proposals will be received until 1 p . m. July 3 by
J. G. Bailey, County Treasurer, for $50,000 coupon roadp o s a ls w ill b e r e c e iv e d u n t il 8 p . m . J u n e 1 5 b y t h i s c i t y f o r
construction bonds at not exceeding 6% interest.
$ 4 5 ,0 0 0 5 % w a te r -w o r k s a n d s e w e r a g e b o n d s .
to

th e

a d v e r tis e m e n t

e ls e w h e r e

in

th is

d e p a r tm e n t

of

th e

. Denomination $1,000. Date July 1 1911. Interest semi-annually
beginning Jan. 1 1912, at the City lrcasurcr’s office or anv bank in Thom as­
ton. Maturity 30 years beginning Jan l 1926. Certliied check for $500
is required
Honded debt, including this Issue, $86,000. Assessed valualon $ 1,276,679. It. L . llushin is City Clerk and Treasurer.

Denomination $1,000. Date A ug. 1 l ul l .
Interest annual. Maturity
on or before 10 years.” Certiiled check for $1,000, payable to the County
Treasurer, is required with all bids excepting that of the State. No bonded
debt at present. Floating debt Jan. 1 1911, $3,656 23. Assessed valua­
tion, $1,933,337.

Waltham, Middlesex County, Mas3 .— Temporary Loan .—
On June 8 a loan of $100,009 due $50,0 0 Nov. Y 1911 and
$50,000 Nov. 24 1911 was negotiated ,it is stated, with the
First Nat. Bank of Boston at 3.33% discount.
Denomination $ 1,000. Date May 1 1911. Interest semi-annually at the
United States Mortgage & Trust Co. In New Y ork City. Maturity May l
Walton Township, Labette County, Kans.— Bond Election
1921. Bonds to be delivered at T oledo or at the expense of the bidder.
Proposed.— There is talk of circulating petitions requesting
Certified check on a national bank in T oledo for 5% of bonds, payable to
the City A uditor, Is required. Rurchaser to pay accrued Interest.
the holding of an election to vote on the question of issuing
Bond Offerin g. — P r o p o s a l s w ill b e r e c e i v e d u n t il 7 : 3 0 p . m . railroad-aid bonds.
J u ly 5 b y J . J . L y n c h , C ity A u d ., fo r $ 1 3 8 ,0 0 0 4 % c o u p . s tr .
Ware County (P. O. Waycross), Ga.— Bonds Proposed —
( c i t y ’s p o r tio n ) b o n d s .
This county is considering the issuance of $250,000 road
D eroni $1,000. Date May 1 1911. Int. M. & N. at U. S. M ortgage & bonds, according to reports.
trust t o In N. Y . City. Due May 1 1921. Cert, check on a nat. bank In
Warsaw, Wyoming County, N. Y .— Bonds Voted.— The
lo ie d o for 5% of bonds, payable to City A uditor, required
Rurchaser to
pay accrued Int.
.
.
voters at the election held May 30 authorized the issuance of
$8,000 bonds to buy’ the Farman Theatre. The vote was
. Bonds Authorized. — A n o r d i n a n c e h a s b e e n p a s s e d p r o v i d ­
89 to 20.
i n g f o r t h e is s u a n c e o f $ 1 3 8 , 1 9 0 4 %
1 0 -y e a r c o u p o n se w e r c o n s tr u c tio n b o n d s .
Washington County (P. O. Bartlesville), Okla.— B o n d Sale
Denominations $69,000 and $69,190. Date May 1 1911 . Interest
N o t C o n su m m a ted .— W o are advised that the award of the
semi-annually at the United States Mortgage & Trust Co. In New York City.
$150,000 5% court-house and jail bonds in April to Geo. I.
O r d i n a n c e s h a v e a l s o b e e n p a s s e d p r o v i d i n g f o r t h e is s u ­
Gilbert of Oklahoma City (V. 92, p. 1060) was made subject
a n c e o f th e f o l l o w i n g c o u p o n b o n d s :
to the result of an election, at which the bonds were defeated.
$29,079 36 4% B roadw ay im provem ent bonds. Denom ination $ 1,000
"Washington County (P. O. Washington), Pa.— B o n d
se m ^ a n r u i a a t urU y9 $ years.a4° May ‘ 1911’ IntCrCSt
Proposals will be received until 12 m. June 15 by
4,000 41 o% D r^'ard Street Improvement assessment bonds. Denomln- O fferin g .
V n.,? v‘110, except one bond of $ 3 io 41
Date N ov 30
the County Commissioners, II. It. Campbell, Chief Clerk, for
March 30 *1912
n n a n c l 3 0 • M aturity $31041
$500,000 4% road bonds (V. 92, p. 1332).
m 2 i o 3Sept 30 l916^nc0luslve
* m ° nths from y c p t ’ 30
T o l e d o , L u c a s C o u n t y , O h i o . — R o n d Offering.— P r o p o s a l s
w ill b e r e c e iv e d u n t il 7 : 3 0 p . m . J u n e 2 1 b y J . J . L y n c h , C i t y
A u d it o r , fo r $ 1 5 0 ,0 0 0 4 % c o u p o n b r id g e -c o n s tr u c tio n b o n d s .

3,914 o3 5% Palm erStreet'Im provem ent assessment bonds. Denomlnation $400. except one bond of $314 53. Date Jan 6 1911
19i'9rCand r 84nn V je h S.op t’ 6- .M aturity $314 53 March 6
Sept. '30 1916°Inclusive* m
3 ^
S cP t" 30 1912 t0
Interest payable at the Northern National Bank in Toledo.




n,,DA n? f n n n ? J , ? 4 Dat« A ug. 15 1911. Int. at the Treasurer’s office.
Due $2o.000 yrly from 1912 to 1931 Incl. Bonds are tax-exem pt In Ra.
Cert, check for $10,000, payable to the County Commissioners, required.
I he officia l notice o f this bond o fferin g w ill be f o u n d am ong
the advertisem ents elsewhere in this D ep a rtm en t.

J u n e 10 1 0 1 U

THE CHRONICLE

Washington County (P. 0 . Brenham), T ex .— B o n d s O f­
Wm. It. Compton Co. of Chicago
offers to investors $57,000 5% levee bonds.

fe r e d by B a n k e r s . —The

Dcnom . $1,000. Date Jan. 2 1911. Int. J. & J. Due yearly Jan. 1
Bond debt of dlst.. this Issue. A ct. value (est.), $325,000.

19M to 1951.

Wayne County (P. O. Detroit), Mich .— B o n d S a le . — On
May 23 the $200,000 4% road bonds mentioned in V. 92,
p. 138, were awarded to the Detroit Trust Co. at 100.1655.
Denomination $1,000. Date June 1 1911. Interest June
and December. Due $100,000 June 1 in 1912 and 1913.
Waynesboro School District (P. O. Waynesboro), Franklin
County, P a .— B o n d O ffe rin g . — Proposals will be received
until 12 m. June 26 by J. S. Strickler, Secy. Board of Educa.
for $60,000 4% tax-free bldg, bonds voted Nov. 8 1910.

1589

Youngstown School District (P. O. Youngstown), Ma­
honing County, Ohio.— Bond Offering .— Proposals will be
received until 12 m. June 19 by the Clerk Board of Educa­
tion for $69,000 4 )4 % coupon bonds.
A uthority Section 7,629 of General Code. Denomination $1,000. In­
terest semi-annually at the City Treasurer’s office. Maturity $23,000 on
Sept. 1 in each of the years 1937, 1938 and 1939. Bonds to be delivered
and paid for within 10 days from acceptance of bid. Certified check for
10% of bonds bid for is required. Bids must be unconditional.

Canada, its Provinces and Municipalities.

Bannatyne School District No. 1549, Rural Municipality
of Assiniboia (P. O. Kirkfield Park), Man .— D eben tu res Voted
and S o ld .— We are advised that the $59,000 5% school bldg,
and site debentures mentioned in Y. 92, p. 1197, were unani­
Denom. $500. Date July 1 1911. Due July 1 1911, op t. after July 1 mously voted on May 20 and that the issue has been sold.
1920. Int. J. & J. at local banks. Purchaser to pay for printing bonds.
Maturity June 1931.
Certllled check for 1% of bonds bid for, payable to Treasurer, required.
Barrie, Ont.— D ebenture O ffe r in g .— Proposals will be re­
Webb City, Jasper County, M o .— B o n d E lec tio n . — Accord­ ceived until 12 m. June 16 by E. Donnell, Town Treasurer,
ing to reports an election to vote on a proposition to issue for the following improvement debentures:
$20,000 high-sch. impt. bonds, will take place on June 20.
$1,000 5% hospital debentures, dated Jan. 9 1911. Maturity 10 years.5,700 4 ^ % sewer debentures, dated April 3 1911. M aturity 10 years. •
Webster City, Hamilton County, Iow a .— B o n d s V o te d .—
4.300 4 y2% sewer debentures, dated April 3 1911. Maturity 30 years.
Interest annual. Bonds to be paid for and delivered at the Bank of
The proposition to issue the $25,000 electric-light bonds men­
tioned in V. 92, p. 1271, carried at the election held May 22, T oron to in Barrie.
Blairmore School District, Alberta .— D eben tu re S a le .—
it is stated, by a vote of 408 to 45.
Wellington School District No. 8, Carbon County, Utah.— This district has disposed of $5,000 debentures to the Na­
tional Finance Co. of Regina.
B o n d s O ffered b y B a n k e r s.— In their circular for June II. T.
Holtz & Co. of Chicago are offering to investors $10,000 6%
Brockville, Ont.— D eben tu re S a le .— An issue of $13,471
4 ) 4% local-impt. debentures was disposed of last month to
10-20-yr. (opt.) bonds.
Denom. $1,000. Date May 1 1911. Int. M. & N . at Kountze Bros.,
G. A. Stimson & Co. of Toronto. The debentures are dated
N Y
T ot. bond debt, this Issue. Assess, v a l., $260,093. A ct. val.
April 1910 and mature in 1931.
(est.),' $500,000.
Brownlee, Sask .— D eben tu re S a le .— Reports state that
Wellsburg School District (P. O. Wellsburg), Grundy
County, Iow a .— B o n d s V o ted . — An election held recently, $4,000 6 )4 % 15-year debentures were recently awarded to
it is stated, resulted in favor of the question of issuing the National Finance Co. of Regina.
Caledonia, Sask .— D eben tu re S a le .— An issue of $9,000
$10,000 school-building bonds.
Wenatchee School District (P. O. Wenatchee) Chelan debentures has, it is stated, been awarded to the National
County, W ash .— B o n d s V o ted . — The election held on April 29 Finance Co. of Regina.
resulted in favor of the proposition to issue the $50,000
Calgary, Alberta .— L o a n s A u th o r iz e d .—The ratepayers,
funding bonds (V. 92, p. 1196). The vote was 32 to 17.
it is stated, recently authorized the following loans, aggre­
Wendell Graded School District, Wake County, No. Caro. gating $1,549,000:
Am ount.
Purpose.
Am ount.
Purpose.
— B o n d O ffe rin g . — Proposals will be received until 12 m. $75,000— New central lire station.
$100,000— F or the purchase of land
for factory sites.
June 15 by Z. V. Judd, Secretary Board of Education (P. O. 125.000— T w o incinerators.
street asphalt and pav­ 318,000— For trunk sewers.
Raleigh), for the $10,000 6% coupon bonds mentioned in 20.000— For
45.000—
Site for fire-hall.
ing: plant.
55.000—
Exhibition building.
V. 92, p. 755. Interest semi-annual. Maturity 30 years.
40.000— For sewer connections.
20.000—
For city stables.
60.000— Extension of conduit
Wessington Springs, Jerauld County, So. Dak .— B o n d s
66.000—
For park purposes.
system.
V o ted . — A proposition to issue $7,000 5% 20-year water- 245.000— Extension of water mains.
of light and
works-extension bonds carried by a vote of 175 to 46 at an 380.000— Extension
power plant.
election held on April 18.
Darlingford School District, Man .— D eben tu re S a le .— An
Westbrook, Cumberland County, Maine.— B on d O fferin g. issue of $3,000 debentures was recently sold to the National
— Proposals will be received until 10 a. m. June 15 by K. Finance Co. of Regina.
Jordan, Treas., for $25,000 4% coup. ref. bonds.
Davidson, Sask .— D ebenture S a le .— It is stated that the
Denom. $500. Date June 20 1911. Int. J. & D. at First N at. Bank of Nat. Finance Co. of Regina has been awarded $2,500 5 )4 %
Boston. Due $2,000 yearly June 20 1921 to 1932 Incl. and $1,000 June 20
20-year debentures.
1933. Bonds are exem pt from taxation In Maine and will be delivered
June 20 1011. The genuineness of the bonds will be certllled to by First
Englehart, Ont.— D ebenture S a le . — C. II. Burgess & Co. of
Nat. Bank, Boston, and their legality approved by Hopes, Gray & Gorham
o f Boston, whose opinion will be furnished the purcha er.
Toronto were the successful bidders last month for $1,800
West Concord, Dodge County, Minn.— B on d S a le . — On 5 ) 4% 10-yr. debentures.
May I tiie $5,000 bonds (V. 92, p. 1190) were awarded to
Estevan, Sask .— D ebentures V o te d .— The election held
the Union Investment Co. of Minneapolis at par for 5s. June 2 resulted in favor of the question of issuing the $18,000
Date May 1 1911.
5% sidewalk bonds (V. 92, p. 1456). The vote was 83 to 14.
West Lafayette, Coshocton County, Ohio .— B id s R ejected. Due part yrly. for 20 years.
— All bids received on May 1 for the $20,000 4% coupon
Grant, Sask .— D escrip tio n o f D e b e n tu re s. — C. H. Burgess
storm-water-sewer-system-construction bonds described in & Co. of Toronto advise us that the $12,000 debentures due
V. 92, p. 983, were rejected, according to reports.
part yearly for 20 years which they purchased during April
Wetumka, Hughes County, Okla.— B o n d s V o ted . — Reports (V. 92, p. 1137) carry 5 )4 % interest.
state that an election held May 3 resulted* in favor of the
Grimsby, Ont.— D ebenture S a le .— The “ Monetary Times”
question of issuing $10,000 school-building, $10,000 water states that the Ontario Sec. Co., Ltd., of Toronto, has been
and light-plant-extension and $5,000 city-hall bonds.
awarded $9,000 5% school debentures. Maturity part yearly
Willoughby, Lake County, Ohio.— B o n d S a le . — On June 5 for 20 years.
the $27,000 4)4 % 5%-yr. (av.) coup. Euclid St. imp. assess,
Humboldt, Sask .— Loa n E le c tio n .— We see it stated that
bonds (V. 92, p. 1271) were awarded to Otis & Hough of an election will be held June 12 to vote on a by-law to borrow
Cleve. at 101.90 & int.—a basis of about 4.11% . Other $2,500 to improve the park.
bids received were as follows:
D ebenture S a le .— During the month of May $1,500 6%
H ayden. Miller & C o.. Cle.$27,472 60 (T lllotson& W olcottC o., Cle$27,39l 50 7-install, debentures were sold to C. II. Burgess & Co. of
Scasongood & Mayer. C ln. 27,462 00 First Nat. B k., Cleveland. 27.369 75
Prov.Sav.Blf.& Tr.Co.,CIn. 27.391 5 0 1W ell, R oth & C o., Clncln. 27,304 00 Toronto.
Innisfere, Alta .— D ebenture O ffe r in g .— Proposals will be
Winder, Jackson County, Ga.— B o n d E le c tio n . — A vote
will be taken on a proposition to issue $21,000 5% 30-yr. received for $3,000 debentures repayable in 10 installments
of principal and interest. John Marsh is Secretary-Treasurer.
sewer bonds. Denom. $500.
Lachine, Que.— D ebenture S a le .— On May 30 the S145,000
Winnsboro Independent School District (P. O. Winnsboro), Wood County, Tex .— B o n d s V o ted . — At an election, 4 ) 4% 40-year debentures (V. 92, p. 1456) were awarded to
held recently a proposition to issue $16,000 sell.-bldg, bonds the Provincial Bank of Canada at 99.01. The following bids
were received:
carried by a vote of 163 to 23.
Provincial Bk. of Canada $143,564 501 W ood ; Gundy & C o., T o rS l42.841 00
Winters, Yolo County, Cal.— B o n d s V o te d . — An election Hanson Bros., M ontreal. 143,477 5 0 1Manchants’ B k. of C a n .. 142,100 00
Kelwood School District No. 1317, Man .— D eben tu re
held recently is said to have resulted in a vote of 117 “ for” to
E lec tio n . — To-day (June 10) this district will vote, it is stated,
41 “ against” a proposition to issue $28,000 sewer bonds.
on a by-law providing for the issuance of $7,500 debentures.
Winton School District (P. O. Jessup), Lackawanna
Kenora, Ont.— D ebenture S a le .— The Ontario Sec. Co.,
County, P a .— B o n d S a le . — On May 2 the $20,000 5% 12-yr. Ltd., of Toronto has, according to reports, been awarded
(av.) coup. bldg, and ref. bonds (V. 92, p. 1197) were $140,000 5% debentures. Of this total $125,000 mature in
awarded to Friedman & Co. of Phila. at 101.075—a basis 30 yrs. and the remainder, $15,000, is payable part yearly for
of about 4)4% •
30 years.
Bond debt, lncl. this Issue. $26,000. Floating debt, $6,813 57. Assess,
Lansdowne, Man .— D eben tu re E le c tio n .— This district will
val. 1910, $3,212,610.
York County (P. O. Yorkville), So. Car.— B o n d S a le .— present to the voters to-day (June 10) a by-law to issue
On April 25 the $60,000 Catawba Township and $14,400 $7,500 school debentures, according to reports.
Laurier, Sask .— D ebenture S a le .— According to the “ Mone­
Ebenezer Township 5% 15-30-yr. (opt.) coup, bonds (V. 92,
. p. 983) were awarded to the National Union, the People's tary Times” this municipality recently awarded $20,000
5 ) 4% 20-yr. debentures to the Nat. Finance Co. of Regina.
National and the Loan & Savings Bank at par.




1590

THE CHRONICLE

[Vol. lxxxxit.

Lumsden, Sask.— D eben tu re E lec tio n . — A proposition to
issue $7,000 skating and curling-rink debentures will be
submitted to a vote on June 14.
Magog, Que.— D eben tu re O fferin g . — Proposals will be
received by A. Tourigny, Secretary-Treasurer, for $110,000
5 % debentures in denom. of $1,000 and $25,000 4 A % de­
bentures in denom. of $250. One debenture of each issue
matures every six months in May and November.
Medicine Hat, Alberta.— D eben tu res V o te d . — Propositions
to issue the following debentures were favorably voted upon
at the election held May 26 (V. 92, p. 1395):

Palmerston, Ont.— L o a n A u th o r iz ed . — A by-law has been
passed, it is reported, providing for a loan of $10,000 to
purchase and remodel the old carriage factory-building toruse as an automobile factory.
Penticton, B. C.— D ebenture O ffe r in g . — Proposals will be
received until 6 p . m . June 16 by .Edward Canned, Treasurer,
for $130,000 domestic water-loan and $71,000 electric-light
loan 5% debentures. Date Dec. 31 1910. Interest semi­
annual. Maturity 40 years.
Pincher City, Alberta.— Debenture S a le .— An issue of
$2,000 7% 10-install, debentures was disposed of during
cem ent-walk-construction debentures. V ote 114 to 2.
April to C. H. Burgess & Co. of Toronto.
4-000 Plaak-sldewalk-constructlon debentures. Vote 09 to 12.
17,500 curb and gutter debentures. V ote 104 to 10.
Prince Albert, Sask.— L oa n E le c tio n . — An election will be­
8,000 street-grading debentures. V ote 111 to 4.
We are advised that the debentures will probably be placed held to-day (June 10) it is stated,, to vote on by-lawsproviding for loans of $14,500 for sewer and $46,000 for a new fireon the market within the next two or three months.
hall.
L o a n E le c tio n . — An election will be held June 20, it is
stated, to allow the voters to determine whether or not ~
Al berta. — D eben tu res V o ted . — The issuance of
$10,500 shall be borrowed for fire-protection purposes.
$10,500 5% debentures has been approved by the ratepayers.
Morse, Sask.— D eben tu re S a le . — According to the “ Finan­
Regina, Sask. B i d s . — The following bids were submitted
cial Post” of Canada, the National Finance Co., Ltd., of
ooon^onn18
for th,° ,10 issues of 4 M % debentures, aggregating
Regina recently purchased $6,000 5 % % debs, due in 15 yrs. $229,200, awarded
to Nay & James of Regina, and the
Nanaimo, B. C.— D eben tu re S a le . — Wood, Gundy & Co. of $400,000 (not $200,000 as at first reported) 5% street-rail­
Toronto have purchased $30,000 5% 20-year debentures.
way 20-year debentures disposed of to the Royal Securities
Newmarket, Ont.— D eben tu re S a le . — This municipality, Gorp., Ltd., of Toronto (V. 92, p. 1520.)
$229,200
$400,000
according to reports, has awarded an issue of $5,000 4j^ %
V e n tu r e s .
bonus debentures to the Ontario S ec.Co., Ltd., of Toronto. Nay & James. R e g in a ..
100.151
R °y a l Securities Corp., L td ., T oron to”
98
63
i104.57
..........
Maturity part yearly for 20 years.
98.63
Aemlllus Jarvis & C o., T oron to.................... 99.65 / 4 ^ %09.65 / 4 H % 96.68
North Vancouver, B. C.— D eben tu re S a le s. — Debentures
103.10
inion Rond C o., T oronto
on 1n 15%
amounting to $136,000, bearing 5% int. and due in 50 years, Dom
Hanson Bros., Montreal .
..................
" J,,,
A,
99.02
were recently awarded, according to the “ Monetary Times” , Ontario Securities C o., L td .. T oronto V ” I
98.755
98.755
G. A . Stlmson & C o., Toronto
98.75
to Wood, Gundy & Co. of Toronto.
,,
C. H . Burgess & C o., T oron to” ” ...........

The above paper also states that this city has accepted an oiler from
Aemlllus Jarvis & Co. of T oron to for an issue of $750,000 4 'A % debentures.
Owen Sound, Ont.— L o a n s A u th o r iz ed . — Wo learn that the

election held May 6 (V. 92, p. 1197) resulted in favor of the
following 4 A % 20-year debentures:
$25,000 to C. S. Lloyd & Co. of Toronto to build a factory for the manu­
facture of baby carriages. V ote 1,561 to 72.
f 25,000 to the Adams Furniture Co. o f Toronto to locate a factory here,
f
V ote 1,631 to 25.
15,000 to Lake & W ard to locate a knitting factory here. V ote 1,644 to 18
NEW

LOAN S.

NEW

$ 5 0 0 , 0 0 0

Road Improvement Bonds
Proposals will be received b y the County Com­
missioners of W ashington C ounty, Pennsylvania,
until noon, THURSDAY, JUNE 15TH 1911,
to be opened Immediately thereafter, for live
hundred thousand ($500,000) dollars road im­
provem ent bonds, all dated August 15th 1911,
maturing serially $25,000 each year from 1912 to
1931, both Inclusive, and bearing interest at the
rate of 4 per cent per annum, free of tax In Penn­
sylvania. Principal and Interest payable at
County Treasurer’s office, W ashington, Pa.;
bonds to be numbered from 1 to 500, both inclu.sive, and to be delivered to the purchaser In two
lots, the first lot of $300,000 to be delivered
August 15th, or as soon thereafter as the bonds
can be ready, and the second lot of $200,000 to
be delivered December 15th. Certified check
made payable to the Washington County Com­
missioners, In the sum of Ten Thousand Dollars,
must accom pany each bid as a guaranty of the
faithful execution of the entire contract. Popu­
lation of the cou nty, 143,680; assessed valuation,
$114,783,718; bonded debt. Including this issue,
$1,887,000; tax levy $3 25 per $1,000. The
right Is reserved to reject any or all bids.
F or further inform ation apply to
H . It. C AM PBELL,
Chief Clerk, W ashington, Pa.

M U N IC IP A L A N D R A IL R O A D

BONDS
LIST ON APPLICATION

& M AYER

Mercantile Library Building
CINCINNATI

Thomas J.

LOAN S

BEXAR COUNTY 9
4 'A %

Bolger Co..

M U N IC IP A L B O N D S
Legal for Savings Banks,

Postal Savings and Trust Funds

Court House Refunding Bonds
(County Seat, San Antonio.)

Sealed bids will be received by the underslgnei
until 12 o ’clock noon, MONDAY, JUNE 26TH
1911, for the purchase of $208,000 4 y2% Coupoi
Refunding Bonds of the denomination of $1,00(
each, dated July 1st, 1911, maturing July 1st
1951, redeemable at the pleasure of Bexar Count:
at any time after ten years from their date
Interest payable semi-annually, on the tenth daj
of April and the tenth day of October of each year
These bonds will have the written approval o
the Attorney-General of the State of Texas, am
their legality will be passed upon also by Messrs
Dillon, Thom son & Clay, of New York City, anc
a cop y o f their opinion will be furnished to the
successful bidder, and they will be registered ir
the office of the State Comptroller of Texas
They will be engraved under the supervision o;
and certified as to their genuineness by the
United States Mortgage & Trust Company
55 Cedar Street, New York, N. Y .
•
A certllled check for two per cent of the amouni
o f the par value o f the bonds bid for must accom ­
pany each bid, same to be returned to unsuccessfu
bidders.
No bids will be received for less than the pai
value and accrued Interest of the bonds bid for
The right to reject any or all bids is hereby
reserved.
The bonds will be delivered to the purchasei
or purchasers on or before July 20th, 1911
Bexar County has never defaulted In payment
o f obligations.
A ny information relative to said bonds will be
furnished b y Frank R . Newton, County Clerk,
San A ntonio, Texas.
P . H . SH OOK , County Judge,
Bexar County, Texas.

BLODGET & CO.

C h a r l e s M . S m it h

Co

CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO




____

NEW

LOAN S.

$ 6 9 0 , 0 0 0

T A C O M A SC H O O L BONDS
oealcu bids Tor $600,000.00 Bonds of Tacom a.
School District No. 10, Pierce County, Washing­
ton (for school buildings and sites), will be re­
ceived until 10 a. m. June 17. 1911, Bonds re­
deemable In 20 years. Denomination $1,000.00.
Principal and interest payable In New York or
T acom a. Interest semi-annually.
Bids will be received for the entire Issue, m oney
delivered and bonds dated as follows; $290,000.00July 1, 1911; $200,000.00 January 1, 1912, and
$200,000.00 July 1, 1912. Bids will also be re­
ceived for the entire Issue, $690,000.00, dated
and delivered July 1, 1911.
Bidders must state price and rate of Interest
(not to exceed 4 >£% ), at which they will purchase
said bonds, and accom pany the bid with a certllled check of one per cent.
The right to reject any and all bids Is reserved. •
E D W A R D M E A T H , County Treasurer.
Tacom a, W ashington, May 25, 1911 .

Vdrian H . Muller & Son*
A U C T IO N E E R S .

Regu lar W eekly Sa le s
OF

ST O C K S and BONDS
EVERY

W EDN ESDAY

O ffice . N o. 58 W I L L I A M S T R E E T .
C orner P ine Street.

BONDS
E ST A B L ISH E D 1885

SO P I N E S T R E E T , N E W Y O R K

H. C. S P E E R & S O N S C O .

STATE, CITY & RAILROAD BONDS

Flrat Nat. Bank Bldg., Chicago

SCHOOL,
COUNTY AND MUNICIPAL BONDS

CHICAGO

&

104.1 1
98.51
97.81

60 S T A T E S T R E E T , B O S T O N

SEND FOR LIST

19 South La Salle St.,

98.51
nu
98.26
,,2
98.16
o ? im
97.93
97.1 l
96.665

Renfrew, Ont. D eben tu res V o ted .— Propositions to issue
debentures tor the following purposes were favorablv voted
upon May 10 (V. 92, p. 1273): $3,000 for sewerage, $25 000
for local improvements and $3,200 to construct a bridge.

$ 2 0 8 ,0 0 0 . 0 0

Washington, County, Pa.,

SEAS0N G 00D

Canadian A gency, Edmonton
W ood, Gundy & Co., T oronto
Dominion Securities Corp., L td ., T oronto
National Finance C o., Regina
lo ro n to ----------------W . A . McKenzie & C o., T oron to......... 96 66

H 0 D E N P Y L , H A R D Y & CO.

7

W a ll St., R a w Y o r k

Railroad, Street R y., Gas & Elec. Light

S E C U R IT IE S

F. WM. KRAFT
LAW YER

Specializing in Examination of

Municipal and Corporation Bonds
1312 F IR S T N A T IO N A L B A N K B L D (L .

CHICAGO, ILL.

1591

THE CHRONICLE

June lo 1.911.|

We are informed that these debentures will probably be
placed on the market within a month or so.
Richmond, Que.— D eben tu re E lec tio n . — According to reports
this place will hold an election to vote on the question
of issuing the following debentures: $20,000 municipal-hall;
$25,000 water; $3,000 coal-bunker; $50,000 quarry; $10,000
dredge and $10,000 road debentures.
St. Mary’s, Ont.— L o a n E le c tio n . — A vote will be taken
to-day (June 10), it is stated, on a by-law providing for a
loan of $5,000 to construct a bridge.
Saltcoats, Sask.— D eben tu re O ffe r in g . — Proposals will be
received until 12 m. June 20 by C. E. Boake, SecretaryTreasurer, for $14,000 town-hall and $1,000 fire debentures.
Seaman, Man.— D eben tu re S a le . — The Nat. Finance Co. of
Regina has, it is stated, been awarded $5,000 debentures.
Shell River Municipality, Man.— M a tu r ity o f D e b e n tu re s .—•
The $30,000 5% debentures awarded last month to G. A.
Stimson & Co. of Toronto (V. 92, p. 1457) were issued for
road purposes, and mature part yearly for 30 years. They
are dated April 1910.
Snowflake School District No. 1111, Man.— D ebenture
E le c tio n . — Reports state that an election will be held to-day
(June 10) to vote on a by-law to raise $8,000.
Southampton, Ont.— L o a n A u th o r iz e d . — According to re­
ports, a by-law providing for a loan of $7,500 for water-works
carried at a recent election.
Stettler, Alberta.— D eben tu re S a le . — The four issues of
debentures, aggregating $28,500, offered on June 1 (V. 92,
p. 1457), were sold to the Dominion Securities Corp., Ltd., of
Toronto at 100.21 and int. The following bids were received:
Dom inion Securities C orp.,
L td., T o ron to-------------------.$28,560
Brent, N oxon & C o., Toron to 28,551
•Can. Deb. Corp., L td ., T o r - - 28,450
W . A . Mackenzie & Co., T o r . 28,261
The debentures are dated June 15

Nay & James, R egina______ $28,257
Acmlllus Jarvis & C o., T o r . . 28,252
Ontario Securities C o., T o r . . 28,107
II. O'Hara & C o., T o r o n to .. 28,075
C. II. Burgess & C o., T oron to 28,035
1911.

Am ount.
Purpose—
Date.
M aturity.
$ 3, 500-.A ddItionaI City Hall S ite.....................May
13191130 yrs.
3 0 .0 0 0 . .E xtension of Sewers______________ May
13191140 “
1 , 500- .S un dry Equipm ent Public W o rk s .-M a y
13 1911 20 ”
4. 500. -Perm anent Im provem ents_______ May
13191130 ”
75 .000. -P ow er House E xten. & M a ch in ery..M a y 13 1911 30 ’ ’
3 7 .0 0 0 . .W a te r System E xtension________ May
13191140 ”
21 , 500--E le ctrlc Light & Power E xtenslons.M ay
13 1911 30 ”
4. 500. -Purchase o f L and --------------------------May
13191130 ”
13191120 ”
735- .C lt y ’s Share Concrete W alks________May
5 .5 0 0 .. Fire Hall Sites and E quipm ent--- May
13 1911 30 ”
50,000- - H o s p l t a l ------------------------------------------May
13191140 ”
5. 000. .Parks Im provem ent------------------------May
13191130 ”
3 7 .3 8 7 .. Park S it e ---------------------------------------D ec.
13191040 ”
70.000. -E ast End S ew er......... ................... — Dec. 13 1910 40 "
55.000. .H o s p i t a l ------------------------------------------N ov.
51907 40 ”
Interest half-yearly at the Imperial Bank of Canada In T oron to.
Swift Current, Sask.— D eben tu re S a le . — During

Int.
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
4 )4 %
4J4%
5%

A pri
$104,830 6% 20 & 30-install, debentures were bought by
C. H. Burgess & Co. of Toronto.
Thamesville, Ont.— L oa n E lec tio n . — A by-law to borrow
$3,500 for town-hall purposes will be submitted to a vote
on June 12.
Theodore, Sask.— D eben tu re S a le .— This village, it is re­
ported in the “ Financial Post of Canada” , has sold $2,500
debentures.
Vancouver, B. C .— L o a n E le c tio n .— By-laws aggregating
$1 370 000 will be voted upon June 10, it is stated, for the
following purposes: sewers, $/50,000; Clark Drive, $35,000;
street improvements, $60,000; water, $115,000; street-im­
provements, $75,000; water, $75,000; main along Seymour
Creek, $100,000; grading, blocking and planking, $100,000;
isolation hospital, $30,000; jail, &c., $30,000.
Watrous School District, Sask .— D eben tu re S a le .— Nay &
James of Regina were the successful bidders for $10,500
5 /4 % debentures due part yearly for 30 years.
Wetaskiwin, Alberta.— D eben tu re S a le . — On May 29 the
$58,136 78 5% 50-installment local-impt. sewer debentures,
described in V. 92, p. 1457, were awarded to the Ontario Se­
curities Co., Ltd., of Toronto at 98 and accrued int. Other
bids received were as follows:
Acmlllus Jarvis & C o., T oron to.97 .1 3 I H. O ’ Hara & C o.. T o ro n to ------ 96.01
Imnerlal Bank
- _______ 96.51 Canadian
Debenture
Corp.,

Strathcona, Alberta.— D eben tu re O ffe r in g . — Proposals will W ood Gundy & Co Toronto 9 6 .5 1 1 L d t., T o r o n t o --------------1 ' w n n n
Whitewood, Sask .— L oa n E le c tio n .— Whether or not $6,000
be received until 12 m. June 15 by Chas. Ed. K. Cox, Secre­
tary-Treasurer, for the following coupon debentures, aggre­ shall be borrowed to construct sidewalks and crossings is to
be decided by the voters, it is stated, on June 16.
gating $401,122:
BOND

CALL.

NEW

ACCOUNTANTS.

LOAN S.

.... $ 1 5 0 , 0 0 0

NOTICE OF REDEMPTION OF BONDS.

Powell County, Montana

Dallas C o u n ty , A la b a m a ,

The Board o f County Commissioners o f Powell
■ County, Montana, to All Whom This Notice
■ M ay Concern, G R E E T IN G :
N otice Is hereby given that the Treasurer of
Powell County, Montana, will upon July 1st,
1911, redeem all bonds numbered from one (1)
to thirty-two (32), Inclusive, of the bond Issue
o f said County of July 1st, 1901. All holders
or owners of any of the aforesaid bonds are
required to present the same to the Treasurer
o f said County upon July 1st, 1911, at his office
at Deer Lodge, In said County, for paym ent.
Upon presentation o f the said bonds to the said
C ounty Treasurer upon said day the same will be
redeemed and paid In full with interest due
thereon up to that date, but such bonds shall not
draw Interest on or after that date, and all owners
or holders of said bonds, or any thereof, are
hereby notllled that Interest upon the same will
cease upon the date aforesaid.
A L B E R T B IE N ,
County Treasurer,
Powell C ounty, Montana.
Dated May 19th, 1911.

ROAD BONDS

T W . S T E P H E N S & CO
BANKERS

2 WALL STREET, NEW YORK.

IN V E S T M E N T
a llo w e d

In d iv id u a ls

and

on

30 Broad Street, New York

$ 5 0 , 0 0 0

T o w n o f M ilford, C o n n .,
4% Coupon Bonds
The town o f Milford, Conn., offer for sale
$50,000 4% coupon bonds. ■ Denomination $1,000
each. Interest payablo semi-annually. Bonds
due July 1 1936. For further particulars llnqulrc
0 t .................
SAN F O R D H A W K IN S ,
•
..................................
Town Treasurer, ■

C o r p o r a t io n s

N A T IO N A L L IG H T ,
H E A T &, P O W E R C O M P A N Y
BONDS

All Issue*

Sealed proposals for $30,000 Installment water
nds will be received b y the undersigned until
[GIIT P. M ., JU NE 21 1011,’ atjthe lowest rate
intprcst. not to exceed FTVE (5) P E R CENT
per annum.
• •
For further’partlculars’ address J.VWyckoff.Colc,
Village Clerk,i/Tarrytown.-iNcw Y ork.
•

M U N IC IPA L B O N D S
safest Investment
A C tL f n
known. Yielding from ^ / U

A. H . Bickmore & Co.,

U L E N

PJ

N ew Y o rk

W rite for
Circular.

C H IC A G O

Bank and Trust Company Stocks
NEW Y O R K AND BROOKLYN

R. T. W ilson & Co.

.

NEW YO RK




B O U G H T A N D S O LD

CLINTON

S3 W A L L ST R E E T
p

a

G ILB ERT

W A L L S T .. N E W

NEW Y O R K ,
55 Liberty St
PHILADELPHIA,
Land Title Bldg.
PITTSBURGH,
Union Bank Bldg.
CHICAGO, First National Bank Bldg.

JAM ES PARK & CO
CERTIFIED PUBLIC ACCOUNTANTS

New York, Chicago, Cincinnati and
London, England.
AUDITORS FOR
FINANCIAL INSTITU­
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Financial Statements.
Periodical Audits and A ccou n t'n g

CO.

BANKERS

BAN K E R S
3 0 P in * S t r e e t ,

&

LYBRAND,
ROSS BROS &
MONTGOM ERY
(P e n n sy lv a n ia )

WATER BONDS

at

TO THE
HARRIS TRUST BUILDING
111 WEST MONROE STREET
SUITE 1117-1120
Telephone Number Unchanged—
Central 3080.

C e rtifie d P u b llo A c c o u n t a n t e

$ 3 0 , 0 0 0

BONDS
a ccou n ts

CERTIFIED PUBLIC ACCOUNTANTS

L ondon, E . C ., 30 Coleman Street.
Sealed bids will be received until eleven o ’ clock
CHICAGO
CLEVELAND
a. m . MONDAY. JULY 3. 1911, for $150,000 of
W illiamson Building
the good-road bonds of Dallas County, Alabama; Harris Trust Building
said bonds run for thirty years from July 1, 1910;
ST. LOU IS
bear 5% Interest, payable semi-annually, July 1
Third National Bank Building
and January 1, In New Y ork. Said bonds will be
P IT T S B U R G H
B A L T IM O R E
o f the denomination of $500: coupons on said
E quitable Building
bonds to July 1. 1911, will be clipped from said Farmers’ Bank Building
bonds. The right to reject any and all bids is
ANNOUNCE THE REM OVAL OF
reserved.
........................
- ,
P . II. P IT T S , Probate Judge,
■
THEIR CHICAGO OFFICE
. .
Selma, Alabam a. •

T A R R Y T O W N , N . Y .,
In terest

H A S K IN S & .S E L L S

YORK.

W E BUY
E n t ir e T r a c t i o n P r o p e r t ie s In

P E N N S Y L V A N IA

George B. Atlee & Co.
BANKERS

119 S. Fourth St.

Philadelphia

1592

THE CHRONICLE
g tftis t

[VOL. LXXXX11.

C o m p a n ie s .

M a n h a tta n

Chartered 1853
dS a n d 4 7 W A L L S T R J U E T
-

CAPITAL,
SU R PLU S. AND U N D IV ID E D PROFITS

-

-

T rv st

$ 2 ,0 0 0 ,0 0 0 .0 0

$ 13, 772, 667.70

*

C om pany

>tber r e c o g n iz e d ^ L s ^ c a p a c u te s ^ 11101^' A d m ,n J stra tor- G u ardian , T ru ste e , C ou rt D e p o s ita ry and In
Tt hll?HWS lntere8t at cu rren t rates on d ep osits.
x> rporatlon s'an tf?n dfvldu a lsl.n Veat8 m 0 n c7 , securities an d o th e r p r o p e r ty , real o r person al, fo r estates,

'j ttytts ™ ™ ^
EDWARD W. SHELDON, President.
k i n GSLEY, V.-Pres,
HENRY E. AKERN, Secretary.
S7ILF RED J. WORCESTER, As3t. Sec. CHARLES A. EDWARDS, 2d Asst.Sec.
Frank Lym an.
James Stillman,
John Clallln,
John J. Phelps,

Payne W hitney,
Edward W . Sneldon.
Ch&uncey Keep,
George L . Rives,

L ew is Cass L e d y a r d .
L y m a n J . G age, ______

A rth u r C . Jam es,
W illia m U . K in g sle y ,

id e l it y

T

C

r u s t

D e s ig n a t e d
W illiam Stew art T o d ,
O gden Mills,
E g e rto n L . W ln th ro n
Cornelius N . Bliss, Jr

D e p o s ita r y

fo r

S ta te ,

C ity a n d C o u r t F u n d s .
A l l o w s in te re s t o n B a la n c e s .
Issu es C e r t ific a t e s o f D e p o s it p a y ­
a b le a s d e s ir e d .
T em p ora ry

o m p a n y

N E W A R K , N. J.

corn er N assav

Member N. Y. Clearing House

TRU STEES.
J O H N A . S T E W A R T , Chairm an o f the Boarti.

* Bayard Cutting.
William Rockefeller.
Uexander E. Orr.
William H JJacy Jr
William D . Sloane.
flnstav H . Schwab.

F

^ W a ll S tr e e t

1 1 3

B

R

O

O ffic e s
A

D

W

A

Y

Mississippi V alley Trust C o.

R esources Over $ 2 9 ,0 0 0 ,0 0 0

Fourth & Pine Sts., St. Louis.

Capital, Surplus and U ndivided P rofits, Over $ 9 ,5 0 0 ,0 0 0
|*

Acts as Ezocutor, Trustee, Administrator and in all fiduciary capacities
?a£es entire charge of Real and Personal Estates. Guarantees Title* of
Estate throughout New Jersey.
General Banking and Savings Department*. Bond Department ie*
purchase and ealo of municipal and public utility securities. Safe Deposit
Department.

CENTRAL

TRUST

COM PANY

C a p ita l

W a ll

and

S tr e e t

S u r p lu s ,

$ 1 8 ,0 0 0 ,0 0 0

( o f w h i c h $ 1 7 ,0 0 0 , 0 0 0 h a s b e e n e a r n e d )

A u t h o r i z e d t o a c t a s E x e c u t o r , T r u s t e e , A d m i n i s t r a t o r o r G u a r d ia n .

A c t s as T r a n s f e r A g e n t , R e g is tr a r a n d T r u s t e e u n d er M o r tg a g e s .

r
1864

U n io n T r u s t C o m p a n y o f N e w Y o rk
MAIN O FFIC E : 80 BROADW AY.
U p t o w n O f f i c e : 4 2 5 F if t h A v e n u e , c o r n e r 3 8 t h S t r e e t ,'
W i t h M o d e r n S a fe D e p o s it V a u lt s

Capital $ 1 ,0 0 0 ,6 0 0

a n c ia l

and

k d d c ia b y

d ir e c t o r s .

■"’EJuiVcSlS- p” “ “ * *

AK 55V

, E u gen e H . B cn oist.
Ja m e s E. B r o ck , Secretary.
C h arles clark
P resltlent Carl« “ >» D ry G o o d . 8 o
H o ra tio N. D a v is, President S m lth & D avIs U t i S a .
Joh n I). D a v is, V ice -P re sid e n t.
**”
D avid R . F ran cis. F ran cis, B ro . A C o.
S. E. H o ffm a n , V ice -P re s id e n t,
v^ e ck in rid g c J o n e s , P residen t.
! u / i Hi t * ! f t e y i V ico -P re s id e n t an d B o n d O fflM f.
hV', J ' M cB rid e. V .-P r e s . H askell & B ark er Car
t ^ 'f L e o d ,
V ice -P re s id e n t G ra j
,
M c L e o d L u m b e r C o.
R o b e rt J . O^Reilly, M .D .
YV5?’ P * O rth warn. P resid en t W m . D . O rthw eto
Grain C o.
I M®?-rymVV* Pej £ r?* P residen t Peters S h o e Co.

H .C . Pierce. Chairman Board Waters-PleroeiOUlOa.
I H en ry S. Priest, Priest & Boyle.
A u g u s t S ch ia fiy , A u g u st S ch lafly & S on s.
I Iiillif.
p rcsM en t M ajestic M fg . Co.
| RoLia V V d lV ^ 31' C halrm an ot the B oa rd .

Industrial Trust Company
P ro v id e n ce , R. I.

R e c e i v e s D e p o s it s , s u b je c t to c h e c k , a n d a llo w s In te re st o n D a i l y B a la n c e s ,

CH ARTERED

™

KbfftlnM!* PrMldC“ Stove* 4 Hard’

of NEW YORK
5 4

obm bral

Surplus (earned) $ 7 ,8 0 0 ,0 0 0

ALLOW S INTEREST ON DEPOSITS.
A c t s a s E x e c u t o r , G u a r d ia n , T r u s t e e , A d m i n i s t r a t o r a n d in a ll F id u c ia r y C a p a c it ie s
o n b e h a lf o f I n d iv id u a ls , I n s t i t u t i o n s o r C o r p o r a t io n s .

SURPLUS.................................................... $3,000,000
SU R PLU S.................................................... 3,000,000
O F F IC E R S.
Cyrus P. Brown, President
Arthur L. Kelley, Vice-President
II. Martin Brown, Vice-President
Otis Everett, Vice-President
Joshua M. A ddlem an, Vice-President
Ward E. Smith, Treasurer
Chas. II. Manchester, Secretary
II. Howard Pepper, Asst. Trcas.
Frederick B. W ilcox, A uditor
B O A R D OF D IR E C T O R S .
®aRV.eLp vColt* Chairman
Englehart C. Ostby
Olney T. Inman
J. Milton Payne
Richard A . Robertson
Eben N. Littlefield
Joshua M. Addleman
Otis Everett
James M. Scott
C. Prescott Knight
William II. Perry
Jesse II. Metcalf
Arthur L . Kelley
John J. W atson Jr.
II. Martin Brown
Charles II. Allen
George F. Baker
John B. Branch
George M . Thornton
William P. Chapin
|Cyrus P. Brown
Angus McLeod
Chas. C. Harrington
Ezra Dixon
Louis II. Comstock
Howard O. Sturgis
Herbert N. Fenner
Edward D. Pearce

mi

1850

S lltn o ts ;

H m re tp

H o m e O ffice,

206

C om pany

La Sa lle Street

The United States Life
Insurance Co.
IN T H E C I T Y O F N E W Y O R K
Issu e s G uaranteed C o n tra cts

C H IC A G O

JOHN P. MUNN, M. D „ P r e e n s

WRITES ALL CLASSES SURETY BONDS
Court Fidelity Contract— Miscellaneous

^ R B N O E BL KELM iY, Pree.TIUeSu.&Tr.Oo.
WM. H. PORTER. Banker.

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 ’
lo th in f/te h a n d lin g o f Its b u s in e s s a n d the a d j u s t m e n t o f lt» L , „ es




Finance Committee,
» D . T O W N S E N D . P r e s .Im p . & T rad ers N at. B k .
G o o d m en . w hether e x p erien ced In life Insurance
or n o t, m a y m ake d ire ct c o n tra cts w ith this CoatP " 1? ' fo r ^ llm lte<l territory If desired, and secure
for them selves, in a d d itio n to first y e a r’s com m le! " { ? • * re“ ®waI interest Insuring an Incom e fo r th e
K ' - , A d dress the C o m p a n y at Its H o m e O fflee,
N o 377 B r o a d w a y . N ew Y o rk City