Full text of Commercial and Financial Chronicle : June 3, 1911, Vol. 92, No. 2397

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JUNE 3 1911

VOL. 92

NO. 2397

Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y .
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G . Dana,
Vice-Presidents; Arnold G . Dana, Sec. Addresses of all. Office of the Company

C LEARIN GS— FOR M A Y, SINCE JAN. 1, A N D FOR W E E K E N D IN G M A Y 27
May.

Clearings at—

Five Months.

Week ending May 27.

S
38,376,451,425 44,595,031,384
New Y o r k .................
3,244,596,449
3,158,333,864
Philadelphia.............
1,075,261,462
1,061,167,41)0
Pittsburgh.................
612,077,972
716,013,546
B a ltim ore.................
207,093,495
200,073,739
B u ffa lo......................
151 , 020,791
165,281,742
W a sh in g ton .............
122,281,907
126,315,031
Albany........................
88,339,878
88,352,550
ltochcster .
57,783,884
59,724,674
Scranton ..
50,102,043
53,158,044
Syracuse ..
34,332,640
33,556,124
R ea d in g ...
33 , 119,581
32,008,194
W ilm ington...............
29,076,824
29,611,615
W ilkes-B a rre...........
38,754,310
36,515,451
Wheeling .................
32,877.874
33,924,322
Trenton . .................
27,203,757
27,756,261
H arrisbu rg.............
20,672,240
20,960,217
York ........................
18,250,944
17,718,090
Erie ..........................
9,902,393
11,169,400
B in gh am ton ...........
11,871,817
12,460,586
G rcensburg.............
12,038,520
11,569,734
C h e s te r ...................
5,364,379
4,997,365
Franklin ..................
9,061,659
9,699,774
A lto o n a ...................
5,275,582
6,130,291
Frederick.................
10,234,106
10,511,905
Beaver County, Pa
12,821,579
27,177,525
Lancaster* .............
Not Included
N orristow n.............
44,302,401,464 50,534,925,52!
Total M id d le.. . .
3,616,975,714
3,477,110,181
Boston ...................
170,819,900
172,750,100
Provldenco .............
95,656,304
93,315,036
H a rtfo rd .................
59,929,762
62,825,806
New H aven.............
48,989,119
40,434,438
Sprlnglleld...............
30,445,916
41,681,284
P o rtla n d ..................
48,347,489
49,045,744
W orcester...............
24,363,364
25,057,370
Fall R iv e r .. .
24,417,395
21,709,241
New Bedford
10,252,082
12,136,588
L o w e ll...........
12,174,820
12,441,020
H olyok e........
Not Included
B a n g or.........
731,035,055
Total New England
1,155,717,190
C h ica g o .............
100,168,400
Cincinnati.........
81.666.404
C lev ela n d ........
80,379,293
D e tr o it .............
50,044,983
Milwaukee.........
38.383.405
Indianapolis ..
25,695,200
C olu m b u s ........
17,719,596
T o le d o .............
11,995,154
P e o r ia .............
12,101,535
Grand Rapids.
9,885,891
Evansville . . .
8,914,311
D a y t o n ...........
2,967,366
Kalamazoo _. .
3,966,965
Sprlnglleld, 111
4,217,536
Fort Wayne ..
4,279,796
Youngstown . .
3,691,436
Rockford . . . .
3,853,800
Akron .............
3,082,332
Lexington . . . .
2,229,055
South B e n d ...
2,552,539
Quincy ...........
4,356,855
Canton ...........
2,309,472
B loom ington..
2,100,000
Sprlnglleld, O .............
2,092,884
Jackson ........................
1,783,584
Decatur ......................
1,555,553
Mansfield......................
1,594,233
D anville.......................
1,431,591
Jacksonville, 111.........
2,626,973
Saginaw........................
1,301,316
L i m a ............................
878,084
Ann A rbor...................
174,831
Adrian ........................
Not
Included
L a n sin g........................
Not Included
G a r y .............................
1,747,771
O w en sboro.................
Not Included
L o r a in ..........................
Not Included
Henderson...................
5 , 658,601
Not
included
Flint..............................
8 . 156, 105,309
' 8 , 207 , 178,325
+ 3.3
1,047,465,334
Total Middle W est.
Details of Pacific and other Western on page 1178
2,290,016,938
459,058,855
Total P aclllc..........
480,-Sib,.162
3,035,019,150
578,299,973
Total other Western! 562,223,393
1,548,404,604
318,495,561
312,915,917
St. L ou is.....................
424,228,634
71.169.867
90,397,105
New Orleans...............
301,485,070
53,323,458
63,786,704
L o u is v ille ...................
273,351,557
52.544,572
43,381,975
Houston .....................
141,106,000
27,371,000
28,052,000
G a lv eston ...................
166,968,507
31.805,415
34,094.107
Richmond .................
230,704,371
40,821,986
49,238,653
A tla n ta .......................
137,409,315
22,037,649
27,140,740
M em phis......................
142,310,248
27.425.867
23,737,120
Fort W o r th ................
84,348,310
15,625,317
18,680,684
Nashville ...................
88,031,455
10,821,384
20,187,389
Savannah ...................
61,086,490
12,039,079
14,031,123
N o r fo lk ........................
53,942,207
10,698,269
11,373,764
Birm ingham ...............
52,227,539
12,909,821
10,178,101
J ack son v ille...............
36,912,015
7,114,475
8,354,997
Chattanooga .............
35,466,362
6,788,679
7,556,879
K n o x v ille ...................
42,615,839
7,093,658
8.938,186
Augusta.......................
36.844,181
7,159,449
7,885,264
Little R ock .................
37,147,688
6,463,485
6,916,419
C h a rleston ..................
31,674,018
6,392.710
6,297,310
Mobile ..........................
48,944,288
9,792,004
9,036,805
O klahom a...................
21,927,123
3,589,132
12,294,180
Macon ..........................
13,560,789
2.300.000
2,401.733
Beaumont .................
34,822,463
6,585,i77
13,000,000
A u s tin ..........................
18,515,350
3,432,528
3,648,875
Colum bia.....................
11,518,188
2,375,403
3,352,502
>Y IIUIlllttL'JII, N.. W
Wilmington,
C. . . .
7,758,121
1.350.000
1,801,421
Columbus, G a ...............
7,736,959
1.485.985
074,09?
G u th r ie ........................
6,791,524
1,073.300
1,105,200
V icksb u rg...................
3,578,571
565,359
773,000
V a ld o sta ......................
10,526,640
1.800.986
1, 000,000
Jackson, Miss . . . . . .
6,727,734
1,593,336
1,274,935
M eridian ......................
Not Included
3,025,045 Not Included
T u ls a .............................
N ot Included
Not
Included
3
,456,901
Muskogee ...................
78773T3T221
§36,838,831
Total Southern. . .
72.586.722,934
13,503,994,75 13,178,632,842
Total a ll...................
’ 27,991.691,550
5,515,370,713 r O T f '', 6 3 ,2 8 ’
Outside New York

IW

T o u l w

^ i i




Telegraph and Canadian Clearings on page 1478.

* N ot Included in totals; comparison Incomplete.

1460

T H E C H R O N IC L E
THE FIN AN CIAL SITUATION.

[VOL. L X X X X I I .

sugar-producing concerns, was engaged in manufacturing and manufacturing was not inter-State commerce.
By the way, the same plea was advanced in the To­
bacco case on the present occasion, but, singularly
enough, Chief Justice White does not seem to have
thought it worth while to notice the point. Does
that mean that such a plea can no longer be set up
as a defense?
As now construed, a powerful political weapon for
conducting prosecutions will remain in the hands of
the Government. Whether this weapon will possess
diminished availability, now that it has been definitely
determined that the law is aimed only at “undue
restraint of trade,” but at the same time it is held
that the scope of the law may be broadened in the
way already indicated, is obviously a matter of opinion.

The Supreme Court decision this week in the To­
bacco Company case, which we analyze in a separate
article on a subsequent page, has both a favorable and
an unfavorable aspect. The opinion of Chief Justice
White makes it plain that to construe the Sherman
Anti-Trust Law “in the light of reason/' while offer­
ing certain advantages, must at the same time tend to
enlarge the scope and to widen the application of the
statute in the desire of the Court to give effect to the
purpose which the law-maker presumably had in mind.
In this sense some industrial combinations will fall
within the provisions of the statute, which could
otherwise count on escaping condemnation. The
Tobacco Company itself would have fared better if
the mere words of the statute had been allowed to
control, as the Chief Justice clearly shows in his care­
Ihe country has swiftly become accustomed to the
fully argued opinion.
naturally anomalous idea of committing absolute
The point gained is that the business world knows control of tlm business and property of corporations
definitely that any and all restraint of trade is not to a few outsiders who are not owners therein; this
illegal, but only “undue” and “unreasonable” restraint; is temporarily a settled policy and, therefore, it
and, furthermore, that the Anti-Trust Law is not in­ was hardly to be expected that the investigator
tended to “forbid or restrain the power to make normal who was set by Governor Dix upon the Public Service
and usual contracts to further trade.” There is also Commission would seriously criticize its powers, its
a plain intimation that the magnitude of a combina­ use of those powers, or even the literal absence of
tion or, as Chief Justice White expresses it, “the vast any limitation upon its expenditures other than
amount of property aggregated by a combination,” is salaries. We have entered upon an era of new schemes
not an offense against the statute, nor yet the'fact based upon the generalization that “the people” are
that many corporations may be united together by sovereign, owning everything and having power of
one device or another. There is further cause for con­ conti ol over everything, so that all rights in private
gratulation in the renewed evidence which the Tobacco property become subordinate to such “public service’ ’
decision affords that, even in the event that a com­ and “public usefulness” as seem fitting to the rather
bination is found illegal, the courts will always take variable notions of the sovereign people. In the
great care to safeguard the interests of the public and history of the country there has never been a time
likewise the interests of innocent investors. But it when so little consideration (except perhaps in the
must be admitted that the situation presents elements highest courts) is given to fundamental principles;
of uncertainty arising out of the fact that under the therefore all these new things have to be accepted
rule of construction now so emphatically declared the at piesent and left for test by the results they
words of the statute will not be an unmistakable guide work out.
as to what is condemned, any more than they were
lo condemn the existing Commission as fundament­
before. One may heave a sigh of relief to find that ally wiong would, therefore, be viewed as trying to
partial or limited restraint of trade is not prohibited, turn back the hands on the dial of progress. Perhaps
but to be told, as we are in this latest instance, that the Commissioners have not spent more than the
the language of the law may practically be ignored, so scheme warranted or compelled. It is justly said
as to give better effect to the purpose of Congress' is of them that they have given their entire time to
to say the least, a little disconcerting.
the work and there has been no lack in fussiness and
In the extent of the trade and production controlled “orders.” Perhaps it is not surprising, although it
in their respective lines, the Standard Oil Co. and the seems so to Mr. Carlisle, that nobody came forward
American Tobacco Co. are doubtless to be regarded to complain to him; the subjects of the Commission’s
as sui generis, and the hope will therefore be that these activity might naturally hesitate, in view of the
two undertakings stand in a class by themselves in apparent hopelessness of remonstrance against absolute
having invited judicial death. Sticking closely to the power to both judge and inflict disciplinary punish­
truth, however, is it not a fact that all the big combi­ ment.
nations which have been attacked in the courts by the
But Mr. Carlisle goes widely astray in his almost
Government during the last 20 years have all, with one solitary criticism, namely; the failure to obtain the
exception, met the same fate? The Trans-Missouri new construction which this Commission was expected
Freight Association was held to be transgressing the to make more sure and more speedy. The public
law, so was the Joint Traffic Association, likewise officials, he says, should decide routes “and should
the Northern Securities Co., and now the Standard lequiic the operating company to comply with the
Oil Co. and the American Tobacco Co. have also fallen routes laid out by them and not permit the operating
under the ban.
company to fix the routes themselves;” they should
The Knight Sugai case furnishes the only conspicu­ “commence construction promptly and then procure
ous instance where it was held that the statute could operators.” This is not new advice, but it is flatly
not be deemed to apply. In that action escape was on the reverse of ordinary business action. Moreover,
the ground that the American Sugar Refining Co., the Commission attempted something very like it, but
which had absorbed the E. C. Knight Co. and other !private capital condemned the selected route as




J u n e 3 1911.

THE CHRONICLE

undesirable by declining to touch it except as a con­
tractors’ job at the city’s cost and risk. Commencing
construction promptly and dismissing all else to the
future has been demanded before, and would please
the persons who want subways that would serve them
opened immediately; but neither the city nor private
capital can avoid consulting the interests of the
other. T o begin construction without providing for
operation would be to push the city into commitment
for both operation and ownership, which is what
some persons are apparently seeking.
The cotton-crop situation on the first of June this
year is set out in considerable detail in our annual acre­
age report of that staple, on subsequent pages, and
consequently requires only brief reference here. The
salient features of that report are that there has been
a further important addition to the area planted and
that the present outlook is for a good yield. That
acreage compilations this spring would reveal a large
increase in planting was a natural conclusion, even
before preparations for seeding had been commenced,
in view of the high prices for cotton recently ruling and
the urgent need for greater supplies. It is true, of
course, that the yield from the 1910 planting was much
greater than that of the previous year, but, nevertheless
inadequate to meet full consumptive requirements,
and, furthermore, even with curtailment practiced
in the output of goods in most quarters, it has been
necessary to again draw upon the world’s reserves to
satisfy the year’s needs.
It will be noted by reference to pages 1470 to 1474
that our investigations disclose a net addition of
6.22% to the country’s cotton area this year, making
the total acreage 37,581,022 acres, all cotton-growing
States sharing in the increase, but with the gains
largest in Oklahoma and Texas. Condition of the
plant at this writing, moreover, we find to be better
than at the same time in 1910, and above the average
for a series of years, a conclusion with which the Agri­
cultural Department’s report, issued this week, is in
agreement. The crop, therefore, has a promising
start, and when we bear in mind how much more ex­
tensively than heretofore fertilization has been car­
ried on, the outlook for a record yield is very en­
couraging.
What the ultimate yield will be, how­
ever, is entirely dependent upon future weather
conditions.
Our returns of bank clearings for May 1911, pre­
sented on the first page of this issue, show that New
York, as well as the aggregate for other cities, exhibits
an increase over the corresponding month of 1910:
The current statement is the most favorable since May
a year ago. In all intervening months losses have been
the rule. Of course not all cities make a better show­
ing than a year ago, but it is a fact that most of the
important trade centres report a larger volume of
clearings than in the month of 1910, and some of them
make record figures for the period. In all, 99 of the
144 cities included in our compilation reveal totals
heavier than in May last year.
The aggregate of clearings at all cities for May is
$13,503,994,753, against $13,178,632,842 in 1910, or
a gain of 2.5% . Contrasted with 1909 the increase
reaches 4.7% and with 1908 (the year following the
panic) is 24.2%. For the five months there is a de­




1461

crease from 1910 of 9% , but compared with the
earlier two years excesses of 2.2% and 30.5% are to be
seen.
At New York speculative transactions are
often an important item in the making of clearings.
This time, however, notwithstanding a smaller volume
of dealings on the Stock Exchange in the month this
year, there is a small gain (1.9%) in clearings over a
year ago. For the five months a loss of 13.9% is re­
corded. Outside of this city the total of the clearings
for May exceeds that for 1910 by 3.2% and the loss
for the five months is only 1.1%. Contrasted with
1909 and 1908, there are large gains for both periods.
Stock transactions for May, stimulated by the Su­
preme Court decisions in the Standard Oil and Ameri­
can Tobacco cases, were much heavier than in April,
but, as intimated, of smaller proportions than in the
corresponding month of 1910 or, in fact, of any year
back to 1904. Furthermore, the stock sales on the
New York Stock Exchange for the five months of 1911
total only 43,919,589 shares, against 81,548,071 shares
for the like period of 1910 and 78,814,142 shares in
1909. The month’s sales in 1911 (11,115,578 shares)
make a particularly poor comparison with the May
1901 total of 35,292,202 shares. Bond dealings have
been on a larger scale this year than last at New T ork,
and activity in bank shares continues to be a feature
of the year’s investment buying.
Canadian clearings for May and the five months are
very gratifying, new record totals for both periods
having been reached at most cities. The aggregate for
the 14 cities reporting comparative figures is for May
1911 no less than 28.8% greater than for the month
in 1910; for the period since Jan. 1 the improvement
is 16.1%. Compared with 1909 the increases are
55.9% and 40.1% , respectively.
Germany has requested from our Government a
copy of the draft arbitration proposal sent to Great
Britain and France, the request having been accom­
panied, it is understood, by an intimation that the
German Government was willing to enter into negotia­
tions along the lines laid down by Secretary Knox.
The aloofness originally manifested, and indeed ex­
pressed, by the German Chancellor did not excite
bitter comment in the Fatherland until it became
known that France had joined Britain in seeking to
formulate a comprehensive treaty. This develop­
ment stirred public feeling in Germany to such a pitch
that the Berlin Foreign Office decided to alter its atti­
tude. The fear was widely expressed in Germany that
the United States, Great Britain and France, and
possibly Japan, would form a sort of coalition from
which Germany would be debarred. Prussian diplo­
macy is specially concerned over any political move
which would tend to isolate that nation, for it is not
so long ago that her alliances were so few and unim­
portant as to cause deep uneasiness among the German
people and arouse the Emperor into energetic action
to remedy the situation. A good deal has been accom­
plished, but a triple alliance including the United
States, Britain and France would have undone it all.
An influential German newspaper, the “ Cologne
Gazette,” remarks that the extension of negotiations
to Germany provides “ a final refutation of the
legend that President Taft plans an arbitration
league aimed to a certain extent against Germany,
and adds:

1462

THE CHRONICLE

“ A nation which maintains a chilly attitude toward
plans for avoiding war risks a gross misunderstanding
ot its policies, this in the long run would be worse
than all the possible disadvantages which might result
from its entry into an international peace league.”
f... Another newspaper describes the action of Germany
as a masterpiece of German diplomacy, defeating the
schemes of certain circles which have been continually
trying to embroil the United States and Gei•many.”
'I he leadiness of the American Government, an­
nounced some time ago, to hold out its proposals to
any nation manifesting a desire to enter into negotia­
tions, should effectively silence any criticism in Ger­
many or elsewhere that President Taft was actuated
by any but the broadest motives.
Sir Edward Grey, replying to a question in the
British House of Commons on Tuesday, said:
“ The full text of the draft of the treaty has only just
been received and I have not yet seen it. I intend to
pay it the compliment of giving it my full considera­
tion ^before I make any detailed comment concern­
ing it.”
He added that the draft was of a tentative character
and would form the subject of discussions between
the two governments. After mature consideration
the British Government would make its suggestions
to the United States Government, which was the author
of the treaty.
I he New Iloi'Ic Chamber of Commerce, whose influ­
ence, always considerable, was never greater than it is
to-day, has not contented itself with passing a formal
resolution in support of President Taft’s international
arbitration proposal, but has demonstrated its belief
in the principle of arbitration by forming an Arbitra­
tion Committee to settle business disputes. An inter­
esting and novel ceremony was witnessed at a meeting
of the Chamber on Thursday afternoon, when Justice
Davis, wearing the judicial robes of the Supreme Court,
swore in the members of the new committee. In doing
so, Justice Davis dwelt upon the desirability of settling
business misunderstandings without having recourse
to “ long and expensive litigation,” and predicted that
“ a very large number of the disputes that are now
carried to the courts will be settled speedily and inex­
pensively under the scheme of arbitration just adopted
by this Chamber.” The delays of legal tribunals in
returning verdicts constitute a blemish upon the ad­
ministration of affairs in the United States, a fact that
President Taft has repeatedly pointed out and is anx­
ious to remedy or at least modify. The New York
Chamber of Commerce enjoys the fullest confidence
of the mercantile community, and it is not unreason­
able to expect that the Arbitration Committee will in
due course become one of its most useful adjuncts.
The services of the committee will not be confined to
members of the Chamber, but will be available to all
business men who may elect to submit their differ­
ences to it for adjudication. The calibre of the com­
mittee can best be judged by glancing at its personnel:
Charles L . Bernheimer, Chairman, cotton goods mer­
chant; Henry Hentz, cotton broker; James Talcott, knit
goods; James H . Post, sugar manufacturer; William Lummis,
retired banker; Frank Ferris, provisions, and Algernon S.
Frissell, President of the Fifth Avenue Bank.

[VoL.

LXXXX11.

through arms or by means of the ballot, to upset the
new order, and the Constituent Assembly, very largely
composed of the regular Republican candidates,
will meet on June 19. Its first duty will be to adopt a
constitution, and as this is expected to be achieved
by July 1, formal recognition of the Republic by Great
Britain is looked for next month, Sir Edward Grey,
the British Foreign Secretary, having announced that
his Government would act as soon as the constitution
was voted. Other nations will follow the example
of Britain, so that within a short period Portugal
should take its proper place among the world Powers.
1hat the great body of the people were in harmony
\\ith the movement to change the form of government
is borne out by the results of the election; not one
Monarchist was put forward to contest the Republican
candidates, and though a few Independent Republi­
cans and Socialists were declared to have been elected,
an overwhelming majority of the 231 Deputies will, it
appears, be supporters of the party which executed
the revolution and has since administered the affairs
of government. There was less rioting than often
accompanies polling in other European countries, and
the rumors of a counter-revolution proved ill-founded,
the new Assembly will, it is announced, confine its
discussions, first, to a law defining the political powers
of the Republic; second, to organic laws relating to
each of these powers; third, to acts of dictatorship on
the part of the Provisional Government; and, fourth
to the budget. The vexed problem of Church and
State is likely to engage much attention by-and-by,
and though the Provisional Government has insisted
upon the Separation Law, it is thought probable that
a special bill will be brought forward with a view to
effecting modifications.
The Moroccan situation still contains combustible
elements. The latest advices, by way of Paris, state
that the Sultan of Morocco has informed the com­
mander of the French relief column, which arrived at
lez about two weeks ago, that “ for the purpose of as­
suring the security of the country he wants a perma­
nent garrison of 5,000 French troops at the Southern
capital and another French force of 5,000 men at Mequinez, a city thirty-four miles from Fez.” Paris
despatches are careful to add that the position at Fez
is such that the departure of the French troops “ would
be a signal for a revolutionary outbreak against the
Sultan, and that if the French troops withdrew not one
European would remain in the capital.” Such state­
ments may or may not be well founded; but it should
not be overlooked that they emanate from French
sources. Germany would no doubt be quick to con­
tend that the actual position has been viewed through
biased eyes, and that the French Government is not
the proper party to decide whether French troops
should continue to dominate Morocco and its ruler.
So far, the French Government has been careful to
obtain the support of Britain for each step taken, but
it is one thing to dispatch a body of troops to prevent a
threatened uprising and quite another to set up permenant military rule—for that is how the rivals of
I ranee will doubtless construe the present proposal.

lhe re-establishment of order throughout Mexico is

The first general election held under the Republican proving as difficult a task as was anticipated. Riots
regime in Portugal has passed off without any attempt, have occurred at several points and a number of lives




J u n e 3 1911.1

THE CHRONICLE

have been lost, notably at Cholula. Everywhere,
however, a disposition has been shown to accept the
new regime. The Mexican Congress on Wednesday
adjourned until Sept. 15, after appointing a perma­
nent commission composed of members of both houses
to act in the interim. On the same day four States
were turned over to the provisional governors named
by Francisco I. Madero, the new power in the admin­
istration of the Republic. Ex-President Diaz, who
had quietly slipped away from Mexico City and had
stayed several days at Vera Cruz, bade farewell to
Mexico on Wednesday at a touching ceremony, and
immediately went on board a vessel which is now car­
rying him, along with his wife and numbers of close
relatives, to Spain. The ex-President’s guard, under
Gen. Huerta, having expressed a desire to take formal
farewell of their former chief, the deposed statesman
emerged from the house he had occupied and listened
to an address by Gen. Huerta, who assured him that
he could always count on the soldiers. In reply, Porfirio Diaz issued a warning to his successors in the
rulership of the Republic that only by means of armed
force could peace be enforced. “ I am grateful to the
army,” be said, “ that I could count on it to the last
moment of leaving Mexican territory. It is the only
real defense the country has, and to re-establish peace
in this Republic its services will have to be called upon
in this crisis.” Striving to overcome his emotion, he
assured them that, if called upon, he would be willing
to return to extricate his beloved Mexico from trouble:
Pointing to the Mexican colors, the General added.
“ I would then place myself at the head of the country’s
loyal forces and, under the shadow of that flag, I would
know how to conquer as in times past.”
Yesterday Madero left El Paso for Mexico City. On
Thursday evening an elaborate ball was given in his
honor at Juarez in the same building where, two years
ago, President Diaz, with memorable ceremony, re­
ceived President Taft. Great precautions are being
taken to secure the safety of Madero during his long
journey, as it was reported early in the week that a
plot had been hatched by influential parties to kill him
and carry out a new revolution. Daniel de Yilliers of
Mexico City and W. F. Dunn, an American, were
arrested on information given by Gen. Benjamin Viljoen, a noted Boer fighter, who has been Madero’s
chief military adviser. The plotters, it was alleged,
offered to bribe Viljoen and also Gen. Orozco to desert
Madero and to join certain insurgent leaders. The
evidence has not yet been presented, but enough has
been made known to cause the Maderists to throw
every possible safeguard around their leader.
The movement of aliens, immigrant and non-immi­
grant combined, into the United States in April 1911,
as we foreshadowed would be the case was much
smaller than in the month of either 1910 or 1909, and
unofficial results indicate a similar outcome for the
month just closed. The official compilation for
April, issued this week, shows that the arrivals of
aliens in the month of 1911 aggregated only 110,877
(made up of 98,036 immigrants and 18,841 non-immi­
grants), which compares with 153,915 in April 1910
and 138,382 in 1909. The only noteworthy gain, as
contrasted with 1910, was in the inflow of Greeks,
almost all other nationalities showing declines, with
the falling off most marked in the movement of Poles




1463

and Austro-Hungarians. For the four months of the
calendar year 1911 the inward flow of all classes
of aliens was 308,894, against 429,479 for the period in
1910 and 410,389 in 1909; and the result for the ten
months this year at 838,273 compares with 933,422 in
1909-10 and 716,554 in 1908-09.
Departures of aliens, at the same time, have been
freer this fiscal year, the outward movement of steerage
passengers for the ten months of 1910-11 (July 1 to
April 30, inclusive) having been about 400,000, against
only 305,559 in the like period of 1909-10 and 336,928
in 1908-09. The net increase in foreign-born popula­
tion, therefore, during the last ten months has been
only 438,273, against 627,863 in the corresponding
period of 1909-10. There is a moderate gain over
1908-09, however, due to the small movement in the
earlier months of that fiscal year, which was directly
traceable to the abnormal situation the 1907 panic
produced.
May arrivals of aliens, as we make up the figures,
were not only smaller than those for April, but appre­
ciably less than for the month in either 1910 and 1909.
It is consequently evident that the completed result
for the month this year will show an addition to
population noticeably below the 110,082 of last year
or the 95,949 of 1909.
Discounts in London became so easy that dis­
cussion of a possible reduction in the Bank of England’s
3% discount rate was revived, but though Thursday’s
report proved exceptionally strong, the Governors
decided to make no change, a policy which was strictly
in line with the expectations of New York bankers.
Various influences tended to depress interest rates in
London. The banks charged only 3% for Stock Ex­
change loans at the fortnightly settlement on Monday
and on that day the Bank of England secured at the
minimum price nearly $5,000,000 new South African
gold, while, as our special correspondent shows in his
regular cable dispatch, a large amount of gold was also
received from France. Call money even during the
settlement was obtained at 1
The usual charge
for accepting both sixty and ninety days’ bills (spot as
well as to arrive) is now 2 1-16%, or almost a full 1%
below the official minimum. In Paris also, notwith­
standing very animated trading in Russian securities,
money has been plentiful. Certain institutions have
discounted bills this week at 2% , though others have
adhered to the
figure named a week ago. The
weekly statement of the Bank of France issued on the
first day of June apparently reflected the month-end
demands, for no other explanation is to hand of an
increase of $32,000,000 in note circulation, an ex­
pansion of $36,000,000 in bills discounted and a loss
of $5,600,000 specie, to say nothing of a decrease in
deposits of $13,700,000. It is understood that French
banks have been remitting to London the proceeds of
South American loans floated on the Continent. In
Berlin discounts have remained steady at 2 % % for spot
bills and 3 to 3J4*% for bills to arrive. Money there
was quoted at 3 ^ % at the close of the week. The
weekly statement of the Reiehsbank bore evidences of
the month-end strain; cash on hand fell $20,600,000,
deposits decreased the same amount, and note circula­
tion, loans and discounts all expanded. Firm­
ness appeared in Amsterdam, the charge there for
I discounting bills being now 2 ^ % . Brussels quotes

1464

THE CHRONICLE

234% . The only changes in foreign bank rates re­
corded this week were reductions by the Bank of Bom­
bay and the Bank of Bengal from 6% to 5% .
The 'Bank of England’s percentage of reserve to
liabilities is the highest recorded at this season in
any recent year. For many weeks the Bank has
encountered little or no competition for the large
consignments of new gold arriving weekly from the
Transvaal, and though money has not been dear in
London, the exchanges have ruled in favor of that
city. Our special cable records that the bullion on
hand has reached the very substantial figure of £39,­
054,054. The increase for the week was £722,476,
but as there was material expansion in circulation, the
total reserve improved only £125,012. Borrowers did
not pay off any considerable amount at the Bank, the
decrease in loans having been only £70,015. A falling
off in Government deposits of £691,070 was accom­
panied by a gain in ordinary deposits of £796,097.
The proportion of reserve to liabilities moved up from
51.77% last week to 51.90% this week. Since the
figures were compiled the Bank has purchased £361,000
gold bars. Our correspondent furnishes the following
details of the gold movement in and out of the Bank
for the Bank week: Imports, £1,382,000 (of which
£30,000 from Australia, £562,000 from France and
£790,000 bought in the open market); exports, £250,­
000 (wholly to South America), and shipments of
£410,000 net to the interior of Great Britain.
New financing by railroad corporations, the impend­
ing Panama loan, the June 1 settlements, increased
activity on the Stock Exchange and a slight increase
in the mercantile demand for accommodation have
combined to bring about an advance in interest and
discount rates towards the close of the current week.
As on a former occasion, the marking up of rates has
stimulated rather than discouraged borrowing. The
principal lending institutions have all along kept on
hand generous surpluses rather than depress the mar­
ket to still lower levels, and they are now fairly con­
fident that there will be sufficient demands for capital
to raise rates, at least moderately. That new issues
of securities will figure prominently in the financial
operations of the next month or two may be safely as­
sumed. The Harriman flotation of $25,000,000 has
been followed this week by the announcement of a Hill
mortgage for no less than $600,000,000, of which $20,­
000,000 has been utilized by the sale of 434% Great
Northern bonds to a New York bank, and yesterday
100,000,000 francs Missouri Kansas & Texas Ry. bonds
were sold to a group of French bankers. Although a
good deal of financing has been accomplished during
the five elapsed months of the present year, much re­
mains to be done, and it is well understood that the
principal underwriters are anxious to take advan­
tage of the existing easy money market lest rates byand-by become radically stiffer. Judging from condi­
tions as they exist to-day, and taking into considera­
tion all the scheduled developments of the near future,
it would seem that bankers are acting wisely in seeking
to cover their requirements without undue delay. Of
course, it were easily possible to attach unjustified
importance to the advance in rates which has just oc­
curred, for equal firmness has been manifested tem­
porarily on more than one occasion during the last few
months. One difference now is that the uncertainty




[Vol .

L X X X X II.

which so long prevailed concerning the Supreme Court’s
attitude toward corporations doing an inter-State busi­
ness has been eliminated.
Loans maturing in the latter part of December are
no longer obtainable under 3^4% , while for over-theyear 4 % is asked, with 324% offered. The shortest
dates have been marked up to 3% . The range is as
follows: Sixty and ninety days, 2% @ 3% ; four and
five months, 3 @334%; six months, 3 34 @334%; overthe-year, 3 24 @ 4%. The monthly dividend and in­
terest payments had no appreciable effect upon call
loans, as was not astonishing in view of the enormous
sums of idle money carried by certain of the most pow­
erful banks and trust companies, and which has con­
sistently been offered at 234% . That was the renewal
rate on the last day of May, but no transactions were
made either on that day or at any other time this week
above 234% . The ruling rate on Monday and on
Thursday—Tuesday was a holiday—was 224% . Yes­
terday the extreme quotations were 2% to 2 3 4 % ,
while the final loan was made at 2 3 4 % . As already
stated, mercantile paper has been marked up. It is
still possible to negotiate sixty to ninety days’ endorsed
bills receivable at the previous minimum of 334% , and
a few exceptionally choice four months’ single-name
bills have been done at the same low figure. But sixmonths’ paper has been put on a 324% basis in con­
sequence of the harder tone of time money. Indeed,
quite a few bills have been released at 4 % during the
last few days, and the largest buyers are becoming less
interested on lower terms. Paper not of the best qual­
ity is quoted at 434 @434% and occasionally at as high
as 5% . The supply is not quite so inadequate as it was
last month.
Foreign exchange, as we have remarked before
now, no longer moves up and down naturally in accord­
ance with seasonable trade movements. Ordinarily,
sterling should have gone up at this stage on account
of the falling off in cotton shipments and the heavy
volume of merchandise imports. But in addition to
the excessive manipulation perpetrated by exchange
brokers and one or two institutions, the international
exchanges are now quite frequently governed by the
activities of our international underwriters of securi­
ties. This week, for example, exchange has fallen,
mainly through the drawing of bills against bonds and
notes recently placed abroad. The cheapness of
money in Britain and on the Continent has stimulated
investment in American securities, especially as
Europeans are favorably impressed by our agricultural
prospects and are not inclined to take a serious view
of the probable revision of tariff schedules regarded
as unnecessarily high. Nor are foreign students of
American affairs greatly troubled over the stand taken
towards corporations by our Supreme Court. As
an illustration of the readiness of Europeans to buy
American bonds, it may be recorded that the half
offered in London of the $25,000,000 Oregon-Washing­
ton RR. 4s was over-subscribed immediately the list
opened and a premium of 134% over the issued price
promptly bid. The demand will, no doubt, be
supplied,as other new issues are known to be pending.
—$20,000,000 Missouri Kansas & rifexas bonds were
placed yesterday with a French banking syndicate.
This week London has also purchased stocks in New
York, advantage having been taken of the severe

J u n e 3 1911.1

THESiCHRONICLE

break which occurred on the resumption of business
after Decoration Day, whereas stocks were freely sold
by London during the upward movement caused by
the Standard Oil decision. It is questioned, however,
if foreigners would follow any sustained rise here; cer­
tain bankers have received advices which lead them to
believe that a considerable quantity of stock would be
sold as soon as a fair profit came within reach.
On Monday there was no unusual inquiry for cable
transfers incidental to the London fortnightly settle­
ment, nor did May 31 or June 1 witness active buying
for the payment of dividends and interest. All re­
quirements were met by the offerings of a few influen­
tial banking firms, and rates fell fully fifteen points
between Monday and Thursday, while the downward
tendency yesterday became quite violent, demand
breaking below 4 86 and cable transfers below 4 86 % .
Few cotton bills are now being drawn, as the season’s
exports have been virtually completed. Grain bills
are likewise scarce. The difficulty which has arisen
over the handling of bills of lading, as referred to in
some detail a week ago, has not been permitted to in­
terfere with the customary methods of doing business,
yet foreign exchange bankers will feel relieved should
their responsibility be legally defined in accordance
with their contentions.
Compared with Friday of last week, sterling ex­
change on Saturday was slightly firmer with demand
quoted at 4 8625 @ 4 8635, cable transfers 4 8660 @
4 8665 and sixty days 4 8425 @ 4 8435. On Monday
rates scarcely moved all day, and the close was
practically on Saturday’s level, at 4 8630@4 8635 for
demand and 4 8655 @ 4 8665 for cable transfers; sixty
days advanced to 4 8430 @ 4 8440. Tuesday was a
holiday. On Wednesday demand declined, on lower
discounts in London, to 4 8620@4 8630 and cable
transfers to 4 8645 @ 4 8655; sixty days was unchanged
at 4 8430 @ 4 8440. Rates again declined on Thurs­
day, due to extensive drawing of bills against securities
sold abroad; demand fell to 4 8615@4 8620, cable
transfers to 4 8640@4 8645 and sixty days to 4 8415@
4 8425. On Friday the trend was downwards all day
and the market closed at 4 84@ 4 8410 for 60 days,
4 8595 @ 4 86 for demand and 4 8620 @ 4 8625 for
cables. Commercial on banks was quoted at 4 83 % @
4 84 and documents for payment 4 83 % @ 4 84. Cot­
ton for payment ranged from 4 8 3% @ 4 83% , grain for
payment from 4 83% @ 4 84.

Banks of

1465
Silver.

054.054
534,080
068,850
563.000
804.000
539.000
776.000
,491,000
,804,000

,666,000

,260,100
,986,000

Gold.

£

£

England..
France__
Germany .
Russia . .
Aus.-Hun
Spain----Italy
Netl) .lands
Nat.Belg.
Sweden . .
Swltzerl’d
Norway. .

June 2 1910.

June 1 1911.
Gold.

34,116,080
16,404,350
7.681.000
13.142.000
31.190.000
3.557.000
2,286,700
3.402.000

054,054 40 ,443,289
650,760 135 ,610,520
473,200 41 ,871,200
244.000
,597,000
946.000
,543.000
729.000
,232,000
333.000
,964,000
777,700
,778,000
,206,000
,239,333
666.000
,453,000
260,100
,447,000
,986,000
,811,000

Total.

£

. . J 40 443,289
35,397 640171 008,160
013,600
15,142
999.000
8,402
039.000
13,496
,461,000
31,229
,881.000
3,917
2,548
326,900
2,119
,359,000
453.000
447.000
811.000

Total week 500,546,684 111,779,130 612,325,814 493,989,342 112,252,607 606,241,949
Prev. week 500,985,075 111,670,663 612,655,738 495,432,417 112,029,207 607.461,624

11SOCIAL PROGRAMS” AN D PUBLIC
REVENUE.
The British Ministry’s budget for the coming fiscal
year has brought up in a somewhat new light certain
governmental experiments of the period. A British
oudget is apt to be especially interesting, according as
it increases or decreases the weight of taxation. In
the present budget there is no change in either direc­
tion. Expenditure, as might be expected, both from
the extravagant naval appropriations and from the
social schemes of the Government, has increased very
heavily. But revenue has risen even more rapidly,
and as a result the surplus of the British Treasury
from the operations of the past fiscal year amounts to
£5,007,000. Of this nearly one-half is devoted to
the sinking fund and part of the rest to enlargement
of the provisions for the Government’s social schemes.
The "Economist,” comparing the estimate for the
coming fiscal year with the actual results of three years
ago, shows that annual expenditure has risen no less
than £28,000,000, to which increase the estimates for
the Government’s social schemes contribute a sub­
stantial part, but of which the rising expenditure for
the navy makes up £12,200,000. On the other hand,
estimated public revenue, as compared with the actual
revenue of three years ago, shows expansion of £30,­
000,000, of which slightly more than one-third results
from increased receipts from the property and income
tax, which was made much more exacting in the in­
terval. This shows with reasonable clearness where
the increased governmental receipts are coming from
and to what they are being applied.
The successful results of the past fiscal year, so far
as concerns the surplus revenue over expenditure, are
explainable in three ways. First, the English taxes
of the past three years have been so imposed as nor­
mally to increase rather than decrease during the first
few years of their imposition. Second, English trade,
The following gives the week’s movement of money both internal and external, has been extremely pros­
perous during the past twelve months, and this has
to and from the interior by the New York banks.
affected public revenue as it always does. But, third,
the ambitious social experiments of the Government
Shipped by
Received by
Net Interior
Movement.
Week ending June 2 1911.
N. Y. Banks. N. Y. Banks.
are in no case fully in force as yet, so that their ulti­
$3,827,000 Gain $5,145,000 mate drafts on the public exchequer cannot be meas­
$8,972,000
Currency............................................2,064,000 Gain
2,075,000
11,000
Gold ...................................................
Even the
$5,891,000 Gain $5,156,000 ured by the results of a single fiscal year.
Total gold and legal tenders--------- $11,047,000
single item of old-age pensions, as scheduled .in the
estimate for the coming fiscal year, is greater by
With the Sub-Treasury operations and the gold ex­
£2,617,000 than in the twelve months past, and is cer­
ports to Canada the result is asfollows.
tain to increase further. Expenditure on the navy is
to be this coming year £4,00G,000 larger.
Into
Out of
Net Change in
Banks.
Bank Holdings.
Banks.
Week ending June 2 1911.
There is also added in the estimates of the Budget
$5,891,000 Gain $5,156,000
Banks’ Interior movement, as above. $11,047,000
an
appropriation for the interesting purpose of paying
24,300,000
29,050,000 Loss 4,750,000
Sub-Treas. operations and gold exp’ts
$35,347,000 $34,941,000 Gain
$406,000 to every member of Parliament not already in posses­
Total gold and legal tenders.
sion of a Government salary £400 a year. This pro­
The following table indicates the amount of bullion posal, it hardly need be said, represents departure
from one of the strongest traditions of representative
in the principal European banks.




1466

THE CHRONICLE

government in England. There is something to say
both for and against the suggested change; certainly
in our own country an unpaid Congress would at this
time be inconceivable. But without arguing the gen­
eral merits of that question, it is interesting chiefly
for the apathy with which the proposal seems to be
received by the politicians and the reviewers. The
British electorate has been fed on pretty strong polit­
ical meat during the past few years, and changes which
a decade ago would have seemed revolutionary,
appeal to it now as scarcely more than trifles.
The favorable showing of the exchequer for the past
twelve months suggests some questions of itself. Part
of this increased revenue-producing power has been
due to that natural growth in resources which is par­
ticularly characteristic of a nation like our own, but
which plays its part also in older nations like Great
Britain. This natural growth may be counted on to
continue; the sharp industrial revival in Great Britain
during the past year indicates how quickly delay or
lost ground may be made up. But the larger ques­
tion which remains is whether the increase in revenueproducing power from this natural growth will keep
pace with growing expenditure. It is quite inevitable
— indeed, it is openly avowed by the present Govern­
ment— that these particular expenditures will be heav­
ily increased from year to year. Not only so, but they
are manifestly of that character of public expenditure
which will scarcely be reduced under any future cir­
cumstances. On the contrary, as we have pointed out
before, the overwhelming probability favors extension
of these schemes in their application to groups of the
English public much further even than is now contem­
plated by the present Government.
Many things not at present predicted or anticipated
may happen to change results in all these regards from
the present outlook. It is notoriously dangerous to
make confident predictions as to a government’s fiscal
situation ten or a dozen years hence. Macaulay has
summed up, in some of his incisive paragraphs, the
series of prophecies of a century ago as to coming
national ruin through England’s increased national
debt— all of which were notoriously belied. But even
while recognizing such necessary reserve and qualifi­
cation in prediction, it must be admitted that the
position into which English politics have drifted is in
an unusual degree perplexing.
It is not the less so from the fact that no public
leader appears to take up with the vigor even of old­
time reactionaries the case against the Government’s
present plans. Lord Lansdowne has indeed brought
forward again in the House of Lords his plan for re­
organization of that House as an alternative to the
“ Veto Bill” of the Liberal Ministry. But the thing
somehow seems to be proposed on this occasion in a
half-hearted way, and without that confidence in the
result of the proposal which is usually essential to
success. Among the other Unionist leaders, Lord
Rosebery has for a year or more occupied a position of
indecision and uncertainty which has completely
barred him from real leadership. In the House, Mr.
Balfour, official leader of the Opposition, has seemed
to display, during the present controversy, more lack
of fundamentally settled opinions than at any previous
time. Whether this curious ineptitude in the leaders
is result or cause of the apathy with which their
party is confronting the fundamental changes pro­




[ VOL. L X X X X I I .

posed by the Ministry is one of those questions which
later history will have to settle. It appears at the mo­
ment as if the Radical leaders, such as Lloyd-George
and Winston Churchill, are the only vital and com­
pelling force in contemporary British politics. This,
too, may be either cause or effect of the striking devel­
opments in the political situation.
It is scarcely conceivable that this situation should
continue on exactly its present basis. Not even under
Pitt or Peel, with all the enormous prestige and popu­
larity that stood behind them, was uninterrupted
power over British public affairs allowed to one party
by the progress of events. The time necessarily
arrives when a change both of leaders and of policies
is inevitable. Sometimes a sudden setback in pros­
perity causes this. Sometimes it comes from awkward
fiscal or international complications, arising in later
sequel to a Ministry’s policies. Sometimes, and not
infrequently, the whim of the voting public changes
and a party long in power is turned out simply be­
cause it has been in power so long. What has hap­
pened so many times before in British politics will
happen again. When the time is ripe for it, even the
fact of a long-demoralized and enfeebled Opposition
may not prevent return of that Opposition to power
under favoring auspices. Our own country’s very
recent political experience is in point. But at present
the important question is, how long it is likely to be
before such a turn will come and what is to happen
first. For perhaps the most perplexing part of the
present English situation is the rapidity with which
Governmental innovations, such as cannot later be
reversed, are being made by the party now in full
flush of political control.
THE DECISION IN THE AMERICAN
TOBACCO CASE.
In its decision and opinion this week, condemning
the American Tobacco Co. as an illegal combination
acting in contravention of the Anti-Trust Law of 1890,
the U. S. Supreme Court not only defends and reaffirms
the doctrine to which expression was given two weeks
before in the Standard Oil case—namely that the
words of that statute must be construed “ in the light
of reason” or the “ rule” or ‘ standard” of reason— but it
demonstrates very conclusively that the effect of such
construction is to widen and extend the application
of the principle of the law rather than to narrow and
restrict the same. The American Tobacco Co. case,
with the varied and complex features which it presented
for judicial determination, furnished an excellent
illustration for giving emphasis to that point. In the
Standard Oil case Chief Justice White, who wrote the
opinions in both cases, made it plain enough that in no
other way than by interpreting the language of the
law “ in the light of reason” could effect be given to
the true purpose of the statute. In the present de­
cision he goes a step further and shows that unless
this be the rule many combinations acting in restraint
of trade in the forbidden way would fall outside the
scope of the law, though being obviously within its
spirit.

If we were called upon, therefore, to name what,
in our estimation, constituted the distinctive feature
of this latest decision, we should say it was the fact
that a construction has been put upon the law liberal
enough in character, but which measurably extends

June 3 1911. j

THE CHRONICLE

1467

its application beyond what the mere literal meaning would yet remain whether the principal defendant,
of the words might imply. The advantage gained in the American Tobacco Co., and the five accessory
saying that the law-maker contemplated only undue defendants, even when divested of their stock owner­
and unreasonable restraint of trade and not any and ship in other corporations, by virtue of the power
all restraint of whatever character is that all combi­ which they would continue to possess, even although
nations in the industrial world are not condemned in thus stripped, would amount to a violation of both
advance, a situation which would produce utter chaos the first and second sections of the A ct.”
Proceeding still further in the enumeration of the
and confusion. On the other hand, to construe the
law according to its assumed purpose, without too complex character of the numerous issues raised,
close adherence to mere words, is to make the law Chief Justice White adds:
effective in many directions, as Chief Justice White
“ Again, if it were held that the corporations, the
shows, where otherwise it would be wholly impotent
existence whereof was due to a combination between
to accomplish its aim. Alongside the convincing such companies and other companies, was a violation
reasoning of the Chief Justice in this respect, the pung­ of the Act, the question would remain whether such
ent criticism of Justice Harlan, who again dissents of the companies as did not owe their existence and
from the opinion handed down, as he did in the Stand­ power to combinations, but whose power alone arose
from the exercise of the right to acquire and own
ard Oil case, is robbed of its force.
property, would be amenable to the prohibitions of the
What was the rule of interpretation enunciated in Act. Yet further: Even if this proposition was held in
the Standard Oil case which is now reaffirmed and the affirmative, the question would remain whether
further emphasized? Justice White summarizes the the principal defendant, the American Tobacco Co.,
conclusions of the Court in that case by saying it was when stripped of its stock ownership, would be in and
held that as the words “ restraint of trade” at common of itself within the prohibitions of the Act, although
that company was organized and took being before
law at the time of the adoption of the Anti-Trust Act the Anti-Trust Act was passed.
embraced only acts or contracts or agreements or com­
“ Still further, the question would yet remain whether
binations which operated to the prejudice of the public particular corporations which, when bereft of the
interests, “ by unduly restraining competition or unduly power which they possessed as resulting from stock
ownership, although they were not inherently possessed
obstructing the due course of trade, or which, either
of a sufficient residuum of power to cause them to
because of their inherent nature or effect or because be in and of themselves either a restraint of trade or a
of the evident purpose of the acts, &c., injuriously monopolization or an attempt to monopolize, should
restrained trade,” the words of the Anti-Trust statute nevertheless be restrained because of their intimate
must also be assumed to have this meaning. Accord­ connection and association with other corporations
ingly, the view taken by the Court in the Oil case was found to be within the prohibitions of the Act.”
that the statute does “ not forbid or restrain the power
It is then pointed out that the necessity of relief as
to make normal and usual contracts to further trade
to all these aspects led to what appears like a resort
by resorting to all normal methods, whether by agree­
to methods of construction on the part of the Govern­
ment or otherwise, to accomplish such purpose.”
ment not compatible one with another. And as
In other words, “ it was held, not that acts which the
counsel for the defendants had the same difficulties to
statute prohibited could be removed from the control
overcome, there was presented a like apparent conflict
of its prohibitions by a finding that they were unreason­
of views in the endeavor to reconcile one position with
able, but that . . . the words restraint of trade
another position that had to be justified on wholly
should be given a meaning which would not destroy
different grounds. Thus one of the contentions of the
the individual right to contract and render difficult,
Government was that the illegal character of the
if not impossible, any movement of trade in the chan­
combination Was manifest because the combination
nels of inter-State commerce—the free movement of
was brought “ about to stay the progress of a flagrant
which it was the purpose of the statute to protect.”
and ruinous trade war.” In other words, the conten­
Applying the foregoing rule to the present case, the
tion was that as the Act forbids every contract and
Court finds the soundness and saneness of such con­ combination, it hence prohibits a reasonable and just
struction completely vindicated. If the Anti-Trust
agreement made for the purpose of ending a trade war.
law is applicable to the entire situation, as presented in
Chief Justice White illustrates the predicament into
the Tobacco case, says Chief Justice White, and is
which this form of argument led the Government by
adequate to afford complete relief for the evils alleged
saying:
by the Government, “ it can only be because that law
will be given a more comprehensive application than
“ But as thus construing the Act by the rule of the
has been affixed to it in any previous decision.” This letter which kills, would necessarily operate to take
fact of the comprehensiveness of the application out of the reach of the Act some of the accessory and
of the law in this instance should not be lost sight of. many subsidiary corporations, the existence of which
depend not at all upon combination or agreement or
The Chief Justice is led to make the statement referred
contract, but upon mere purchases of property, it is
to “ because the undisputed facts involve questions insisted in many forms of argument that the rule of
as to the operation of the Anti-Trust law not hitherto construction to be applied must be the spirit and intent
presented in any case.” To illustrate his meaning, he of the Act, and therefore its prohibitions must be held
says that even if the ownership of stock by the Ameri­ to extend to acts, even if not within the literal terms
of the statute, if they are within its spirit, because
can Tobacco Co. in the accessory and subsidiary
done with an intent to bring about the harmful results
companies and the ownership of stock in any of those which it was the purpose of the statute to prohibit.”
companies among themselves were held, as was de­
This illustration affords Chief Justice White the
cided in the Standard Oil Co. case, to be a violation
of the Act, and all relations resulting from such opportunity to show that all difficulties disappear
ownership were, therefore, set aside, “ the question when the rule of construction announced in the




1468

THE CHRONICLE

Standard Oil case is applied. Under that rule “ the
mere form in which the assailed transactions are
clothed becomes of no moment.” In the language of
the Chief Justice “ this follows because, although it
was held in the Standard Oil case that giving to the
statute a reasonable construction the words restraint
of trade did not embrace all those normal and usual
contracts essential to individual freedom and the right
to make which were necessary in order that the course
of trade might be free, yet, as a result of the reasonable
construction which was affixed to the statute, it was
pointed out that the generic designation of the first
and second sections of the law, when taken together,
embraced every conceivable act which could possibly come
within the spirit or purpose of the prohibitions of the law,
without regard to the garb in which such acts were clothed.
That is to say, it was held that, in view of the general
language of the statute and the public policy which it
manifested, there was no possibility of frustrating that
policy by resorting to any disguise or subterfuge of form,
since resort to reason rendered it impossible to escape
by any indirection the prohibitions of the statute.”
Judged by the standards here laid down, the Ameri­
can Tobacco Co. is condemned by the unanimous judg­
ment of all the members of the Court. What are the
grounds of condemnation? They are best stated in
the words of Chief Justice White as follows: “ The
history of the combination is so replete with the doing
of acts which it was the obvious purpose of the statute
to forbid, so demonstrative of the existence from the
beginning of a purpose to acquire dominion and control
of the tobacco trade, not by the mere exertion of the
ordinary right to contract and to trade, but by meth­
ods devised in order to monopolize the trade by driving
competitors out of business, which were ruthlessly
carried out upon the assumption that to work upon the
fears or play upon the cupidity of competitors would
make success possible.” But the Court is careful to
add that these conclusions are inevitable “ not because
of the vast amount of property aggregated by the combi­
nation, not because alone of the many corporations which
the proof shows were united by resort to one device or
another” ; nor yet alone because of the dominion and
control over the tobacco trade which actually exists.
These observations are made with the evident view
of indicating that mere size is not sufficient in itself to
bring conflict with the law. The Tobacco Co. is con­
demned not on that ground but because “ the con­
clusion of wrongful purposes and illegal combination
is overwhelmingly established.” Many considerations
are mentioned as establishing this conclusion. One
of these is “ the fact that the very first organization or
combination was compelled by a previously existing
fierce trade war.” This statement might have an
ominous significance as bearing upon other industrial
combinations except that the Court qualifies the state­
ment by saying that the previously existing trade war
had “ evidently been inspired by one or more of the
minds which brought about and became parties to
that combination.”
As to the other considerations establishing the con­
clusion of wrongful purposes and illegal combination,
these involve such a comprehensive summary of the
evidence in the case that, in justice to the Court, they
should be given in the Court’s own language without
any abridgement. We accordingly print the summary
in full as follows:




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

(b) Because immediately after that combination and
the increase of capital which followed, the acts which
ensued justify the inference that the intention existed
to use the power of the combination as a vantage
ground to further monopolize the trade in tobacco by
means of trade conflicts designed to injure others,
either by driving competitors out of the business or
compelling them to become parties to a combination—
a purpose whose execution was illustrated by the plug
war which ensued and its results, by the snuff war
which followed and its results, and by the conflict
which immediately followed the entry of the combina­
tion in England and the division of the world’s business
by the two foreign contracts which ensued.
(c) By the ever-present manifestation which is
exhibited of a conscious wrong-doing by the form in
which the various transactions were embodied from
the beginning, ever changing, but ever in substance
the same. Now the organization of a new company,
now the control exerted by the taking of stock in one
or another or in several, so as to obscure the result
actually attained, nevertheless uniform, in their mani­
festations of the purpose to restrain others and to
monopolize and retain power in the hands of the few
who, it would seem, from the beginning contemplated
the mastery of the trade which practically followed.
(d) By the gradual absorption of control over all
the elements essential to the successful manufacture of
tobacco products and placing such control in the hands
of seemingly independent corporations serving as per­
petual barriers to the entry of others into the tobacco
trade.
(e) By persistent expenditure of millions upon
millions of dollars in buying out plants, not for the
purpose of utilizing them, but in order to close them
up and render them useless for the purposes of trade.
(f) By the constantly recurring stipulations, whose
legality, isolatedly viewed, we are not considering, by
which numbers of persons, whether manufacturers,
stockholders or employees, were required to bind them­
selves, generally for long periods, not to compete in
the future.
The list of offenses here set out is certainly a formida­
ble one, and it is not surprising under the circumstances
to find the Chief Justice adding that “ when the results
of the undisputed proof which we have stated are fully
apprehended, and the wrongful acts which they ex­
hibit are considered, there comes inevitably to the
mind the conviction that it was the danger which it
was deemed would arise to individual liberty and the
public well-being from acts like those which this record
exhibits, which led the legislative minds to conceive
and to enact the Anti-Trust A ct.”
The most troublesome aspect of the whole case—the
one which has evidently given the Court endless anx­
iety—is the question of the remedy to apply. It
would be easy to issue a decree ordering immediate
dissolution and enjoining the combination from a con­
tinuance of the forbidden acts. But such a drastic pro­
ceeding might involve a great injury to the public and
wide-spread harm to innocent parties. Such conse­
quences a court will always seek to avoid. In pre­
scribing a course of action for the lower Court to follow,
very unusual rules and methods are laid down, but
that is merely because the case itself is unusual and,
as Chief Justice White says, “ involves difficulties in
the application of remedies greater than have been
presented by any case involving the Anti-Trust Law
which has been hitherto heard by this Court.” It is
pointed out in the first place that a mere decree for­
bidding stock ownership by one part of the combination
in another or entity thereof, would afford no adequate
measure of relief, since different ingredients of the

June 3 1911. i

THE CHBONICLE

combination would remain unaffected and by the very
nature and character of their organization would be
able to continue the wrongful situation which it is the
duty of the Court to destroy. In the second place, the
methods of apparent ownership are such that it would
be difficult, if not impossible, to formulate a remedy
which could restore in their entirety the prior lawful con­
ditions. In the third place, any specific form of re­
lief which might be ordered might really tend to in­
jure the public, and, it may be, to perpetuate the
wrong. The injury to the public which would result
from a stoppage of supply must also be considered.
It is accordingly decreed that the Court below shall
hear the parties, “ by evidence or otherwise, as it may
be deemed proper, for the purpose of ascertaining and
determining upon some plan or method of dissolving
the combination and of re-creating, out of the elements
now composing it, a new condition which shall be
honestly in harmony with and not repugnant to the
law.” A period of six months is allowed for the ac­
complishment of these purposes, with leave to the
lower Court to extend the time for another sixty days.
In the event that “ a condition of disintegration in har­
mony with the law” is not brought about before the
end of that time, it is made the duty of the Court,
“ either by way of an injunction restraining the move­
ment of the products of the combination in the chan­
nels of inter-State or foreign commerce, or by the ap­
pointment of a receiver, to give effect to the require­
ments of the statute.” The Supreme Court goes fur­
ther than the lower Courts and makes its decree apply
to the individual defendants, to the United Cigar
Stores Co., to the two foreign corporations (the Im­
perial Tobacco Co. and the British-American Tobacco
Co.), and to the domestic corporations controlled by
the latter. As to all of these the bill had been dis­
missed in the Court below. This dismissal the Su­
preme Court finds to have been in error, if the Anti­
Trust Law be construed according to its spirit and
purpose, and in the light of reason, instead of according
to its strict letter. This is one of the particulars in
which the scope of the statute is extended under the
construction employed. The Court in any event is,
as will be seen, drastic in dealing with the combination.

THE NEW “ UTILITIES” L A W
OF NEW JERSEY.
The new “ Utilities” law, which became effective
in New Jersey on May 1, contains less than one-half as
much matter as the bulky law of this State on the
same subject. The framer has evidently taken the
New York law as his model, upon which he has grafted
some drastic additions that are considered by the
revolutionists of to-day as improvements. It will
be of interest to see what this New Jersey attempt un­
dertakes and wherein it differs mainly from its model.
There is a single district for the entire State, in­
stead of two as here, and the officials are called Public
Utility instead of Public Service Commissioners, to
serve for six years, the existing board to constitute
the new body until the expiration of the several terms
of the members. The term “ public utility” is defined
as including everybody, from individual to a receiver
appointed by a court, that now or hereafter may oper­
ate any kind of railway, “ canal, express, subway, pipe
line, gas, electric light, heat, power, water, oil, sewer,




1469

telephone, telegraph system, plant or equipment for
public use, under privileges granted or hereafter to be
granted by the State of New Jersey or any political
subdivision thereof.” This is meant to be, and is, very
comprehensive; how far it can be made to be so may
become an interesting question hereafter. For exam­
ple, might not the word “ express” be construed to
cover the small or strictly local concerns that carry
baggage or parcels and use that name because of its
supposed business value? Again, every private busi­
ness aims at and depends upon serving the public; so
might not a question arise about the inclusive stretch
of the words “ plant or equipment for public use” ?
And if it be said that nothing is included which is not
under granted privileges’, as per the last clause, the
question is appropriate whether existence itself is not
a “ privilege” granted, and therefore subject to taxing
and regulating. IIowrever, these questions are only
suggested in passing.
The interesting complaint bureau in this State, to
be kept open from 8 a. m. to 11 p. m. “ every day in
the year” seems to be absent from the New Jersey
scheme. The Commissioners, with or without sugges­
tion from the outside, may investigate “ any matter con­
cerning any public utility as herein defined.” They
may appraise and value its property whenever they
choose. They may require filing of schedules and
may fix all rates, fees and charges. They may order
extensions, connections and sidings; may regulate
the manner of bookkeeping, may “ fix just and reason­
able standards, classifications, regulations, practices,
measurements, or service to be furnished.”
In this State omission to comply “ with any order”
of the Commission subjects a common carrier to a
fine of $5,000 per day, each day’s continued omission
being a separate offense; in New Jersey, in default of
compliance with any order of the Board, “ the person
or public utility affected thereby” becomes subject to
a fine of $100 for each day’s default. But another
provision is less mild by comparison; for (paragraphs
34 and 35) any person who, knowingly and wilfully,
singly or in combination with others, has any share,
positively or negatively, in any sort of violation of the
law by any officer or agent “ of any public utility cor­
poration or company” is declared guilty of a mis­
demeanor. Paragraph 36 goes farther by providing
that “ any public utility corporation” which does any
prohibited or fails to do any commanded act “ shall be
guilty of a misdemeanor.” Misdemeanor is usually
punishable by imprisonment in lieu of or in addition
to fine, and possibly the inventors of drastic penalties
in modern statutes may find some way of imprisoning
artificial persons. However, it suffices now to point
out that personal and individual liability for sins of
corporations is a decided advance, yet not quite with­
out precedent,, for the present insurance laws of this
State supply an example of it.
The salaries of the members of the Board are fixed
at $7,500, one-half the amount fixed in this State.
As here, the Board may have as many employees as
it pleases and may pay them what it pleases. Yet
there is less enacted recklessness in this respect than
here, for instead of leaving expenses outside of per­
sonal salaries unlimited, and even ordering the issue
of revenue bonds to meet them, paragraph 12 provides
that the total expenses of the Board, including salaries,
shall not exceed $100,000 a year.

1470

THE CHRONICLE

No incorporated public utility as defined may sell,
or make or permit to be made any transfer of, its
shares to another public utility, except by permission.
None of them may dispose of its property or merge
with another utility without permission. None may
issue stocks or any other evidence of indebtedness to
run more than a year without first obtaining permis­
sion. None may capitalize any franchise or any con­
tract or issue any evidence of indebtedness against any
contract for consolidation, merger or lease; but the
Board may permit issuance of evidences of indebted­
ness “ by any lawfully merged or consolidated public
utilities.”
The railroads have accepted the law with prompt
cheerfulness, one evidence of which is notice by several
that passes are void after May 1. We find no specific
command to this effect in the law. Paragraph 18
forbids any public utility to make any unjust or un­
reasonable or unjustly discriminating “ individual or
joint rate, commutation rate, mileage and other special
rate,” or adopt any unjust classification in making
such a rate; nor may it adopt any regulation which is
“ unjust, unreasonable, unduly preferential, arbitra­
rily or unjustly discriminatory; ” nor may it “ make or
give, directly or indirectly, any undue or unreasonable
preference or advantage to any person or corporation
or to any locality or to any particular description of
traffic in any respect whatsoever.” Nor may any
utility “ hereafter give, grant or bestow upon any local,
municipal or county official any discrimination,
gratuity or free service whatsoever.”
Whether this might not be construed to forbid com­
mutation rates is possibly open to discussion; at least,
the disgruntled commuters, who have loudly com­
plained during the past year, have something new to
study. If all distinction of persons stops, then the fa­
vored classes, including the politicians who make laws
for application to others but not to themselves, must
pay fares. The discrimination and preference forbid­
den in terms is the “ unjust,” “ unreasonable” and
“ undue” sort. The framer of the law having forgotten
to make the Board the judge of all such matters, we
suppose the carriers themselves must be permitted to
deny free transportation, inasmuch as regulation hith­
erto has aimed only to restrict this and to command it
in any case would be another advanced step. The per­
sons who find their ancient privilege cut off in the
name of modern equality, will certainly be displeased;
whether they will seek an “ order” of the Board where­
with to turn the teeth of the law from themselves, or
will wait for a quiet amendment at the next session, we
shall see.
The law as a whole is a statutory curio, an advanced
example of the assumption that business cannot longer
be carried on without danger to that glittering general­
ity, the public welfare, unless hedged about by a code
of “ rules.” These codes follow one another without
allowing time to test their working; enactment by one
State is instantly caught up as showing that other
States ought to have such good things. The con­
structors forget that the more intricate these become,
and the more drastic their penalties, the more serious
the practical difficulties of enforcing them. Appar­
ently the process must go on until everything is so
tangled up that movement is impossible and the
only relief will be to summarily regain freedom by
cutting the knots or else, by a general agreement, to
pay no further attention to them.




[VO L. L X X X X I 1 .

COTTON ACREAGE AND CONDITION
JUNE 1911.
Our investigations this spring again reveal a welldefined tendency to add to the area devoted to cotton,
this, of course, cannot occasion surprise, considering
what an incentive there has been to extend the area
devoted to the production of the staple. What more
poweiful influence could there be leading to the plant­
ing in cotton of the last acre that can be spared than
the prices that have ruled in 1910-11? It is true that
on the aveiage they have not been quite as high as in
1909-10, but at no time has the difference between the
two years been great, notwithstanding the fact that
the latest ciop is the larger by about 1 ^ million bales.
It must also be remembered that consumption of
cotton has increased phenomenally of recent years,
and effoits to augment the new supply from sources
outside the United States have as yet met with compaiatively indnferent success, no matter what may be
the ultimate outcome, this is a state of things which
would appear to ensure to the planter a good level of
values for his product in any event. Complaints of
high prices for cotton, which have been common the
last few years, are not directed against farmers so
much as against the manipulators who are responsible
for carrying quotations to inordinate figures. Their
interest in the producer, no matter how loudly pro­
claimed, is really nil; it is merely the success of their
own speculative operations they have in mind when
by this or that device the market is boosted or lowered.
In the end, very often, the planter is the sufferer.
Remunerative prices are certain for the immediate
future, provided there is no over-production of cotton,
and of that there would seem to be no danger with con­
sumption increasing at the rate it has of late years.
But if the extension of the use of cotton is to go on in
various directions, it will be, of course, upon a fair
basis of cost, and not upon prohibitive values.
Doubt has been expressed at times as to the ability
of Southern farmers to make important additions to
cotton area, owing to the difficulty of securing an ade­
quate supply of labor to work the crop. That may
have been the situation in some localities as late as
the spring of 1906, but since that time complaint has
been very infrequent. That the idea was erroneous
would seem to be amply proven by the fact that within
the five years 1905 to 1910 there was an addition of
about 7 million acres, or approximately 25%, to the
cotton area of the South. In the older producing
region— the Atlantic section—the additions were not
as great as elsewhere, but nevertheless in the aggregate
they reached for the period 14.2%. West of the
Mississippi River, and especially in Texas and Okla­
homa, where much virgin soil is annually put under
crops, the extension of cotton cultivation has been on
an exceptional scale. Territory heretofore devoted
to cattle ranges has been broken up into farms, with
cotton the leading crop. Further west, cotton has
been successfully cultivated and the yield from the
Imperial Valley of California this season (1910-11)
is estimated at about 10,000 bales. Cotton is also
raised in New Mexico and Arizona— to only a very
limited extent as yet, however— but experiments indi­
cate that with proper labor and concerted effort the
crop can be very materially and successfully extended.
Efforts to add very materially to foreign supplies
have met with relatively trifling success, as already
indicated, and as shown quite at length in the “ Chroni­
cle” of March 11 1911, page 635. It rests with the

THE CHRONICLE

June 3 1911.]

Southern planter to definitely solve the problem of
supplies by planting to meet the demand.
The late season’s crop was obviously deficient,
although the yield was materially greater than manipu­
lative interests sought to have it appear before the Agri­
cultural Bureau’s estimate was announced last Decem­
ber. When the figures are finally compiled, at the close
of August, the amount marketed will probably be
found to have been close to 11,900,000 bales, or ap­
proximately 1}4 millions of bales in excess of the growth
of 1909-10. When we compare this total with that
of some earlier years from a smaller area we find how
far from a full yield on the acreage planted the 1910-11
crop has been. Thus again is enforced the truth that
an increased planting does not ensure an enhanced
production, without the assistance of normal weather
conditions. The bearing of weather conditions upon
ultimate yield cannot better be illustrated than by
the following compilation:
Year’s Planting.

“ Chronicle”
Acreage.

Crop
Bales.

Pounds
per A cre.

1870 ....................................
1883 ....................
1884 ............................... ..
1889 ........................
1890 ....... ............
1 8 9 1 .................................
1894 .................
1890 ............................... .................
1897 ................................................
1898 ............................... .................
1899 ................................................
1900 .................................................
1 9 0 1 ................................................
1002 ................................................
1903 ............................... .................
1904 ............................... .................
1905 .................................................
1906 ............................................ ..
1007 _______ ___________________
1908 ......... ................................ ..
1909 .............................................. ..
1 9 1 0 .................................................

0,985,000
17,449,000
17,834,000
20,173,480
20,910,320
20,838,205
20,680,247
21,718,545
23,028,792
23,175,000
24,175,245
26,533,044
27,874,105
27,300,371
28,995,086
32,363,690
28,808,415
31,557,242
33,079,425
33,512,112
33,862,406
35,379,358

4,352,317
5,714,052
5,669,021
7,313,726
8,655,518
0,038,707
0,802,766
8,714,011
11,180,960
11,235,383
9,439,550
10,425,141
10,701,453
10,758,326
10,123,686
13,556,841
11,319,860
13,550,760
11,581,829
13,828,846
10,650,961
•11,900,000

191
149
144
169
194
203
234
194
237
240
189
193
186
192
170
207
192

211

170
203
153
165

* E s tim a te d .

The foregoing is not only self-explanatory, but very
instructive. It shows how unreliable is area alone as
an indicator of final results. With normal conditions
of weather, of course, the larger the acreage the greater
the aggregate yield. But while area can be controlled,
weather can not. Note that during the series of years
included in the table the average yield per acre has
ranged all the way from 144 lbs. lint (1884 planting)
to 240 lbs. (1898), with production in excess of 200 lbs.
per acre in only seven out of the twenty-two seasons
covered. Furthermore, while for the late season the
crop will materially exceed that of 1909-10, it is less
in number of bales than the crops of 1904-05, 1906-07
and 1908-09, and in product per acre is smaller than
all but three. On the acreage as given a yield per
acre as heavy as in 1898 would have meant a crop of over
17 million bales; but on the basis of the 1884 average
the outturn would have been a little short of 103^
million bales. This indicates the importance of wea­
ther conditions and the folly of crop estimates based
on acreage figures alone.
Conclusions.
From the details by States given on subsequent
pages we sum up our conclusions briefly as follows:
FIRST— Acreage.— As already stated, the tendency
to increase cotton area this season has been strongly
marked. The situation in the cotton-manufacturing
industry in this country has been used as an argument
against extension of area, but very naturally under
the prevailing range of prices this plea has been inef­
fective. There has been an increase, and it has not
been excessive in view of the growing need for further
supplies. Additions in the older sections of the cotton
belt have, as a rule, been small, and are in part due
to the neglect of other crops in favor of the staple.
This remark applies to all the territory east of the
Mississippi, but in varying degree, of course. West




1471

of the river a notable augmentation in area has taken
place this year, particularly in Texas and Oklahoma,
where much land heretofore uncultivated has been
put in cotton. For the belt as a whole the result of
the spring’s planting has been, according to our analysis
of the situation, a further average net extension of
area of 6.22%. The changes as we have made them
for each State are shown in the following:
States.

Acreage.
1910.

Estim ated fo r 1911.
Increase.

Virginia ....... .....................
North Carolina__________
South C arolin a.......... ......
G e o rg ia _________________
F lorida__________________
Alabama ...........................
Mississippi_______________
L o u is ia n a ...........................
Texas .................... ............
Arkansas ___________ . .
T enn essee_____________ .
O klahom a...........................
Missouri, & c.......................

35,536
1,167,446
2,631,575
5,000,221
311,239
4,566,012
3,754,020
1,581,893
10,877,308
2,093,022
800,485
2,451,888
108,713

4%
4H %
2%
4%
2H %
6%
2%
0%
8%
5%
7%
14%
20%

T o t a l ...............................

35,379,358

6.22%

Decrease. 1Acres, 1911.
____

__

____

__
__
__
__
__
____
—

36,957
1,219,981
2,684,206
5,200,230
319,020
4,839,973
3,829,100
1,724,263
11,747,493
2,197,673
856,519
2,795,152
130,455
| 37,581,022

This compilation shows that there is a net increase'
compared with 1910 of 6.22% , the total acreage reach­
ing 37,581,022 acres in 1911, against 35,379,358 acres
in 1910. W e add the acreage for previous years for
comparison, giving at the foot of the table not only the
acreage but the total crop for each year, with the per­
centage of increase or decrease in area and production
compared with the previous year and the product per
acre.
COTTON AC R E A G E FO R T H E Y E A R S

N A M E D — (00 0s o m itte d /'.

1010- 1 1 . ;i 9 0 9 —10 .
V i r g i n i a ...........................................
N orth C a ro lin a ................... .......
S ou th C a ro lin a __________ . .
G e orgia_________________________
F lo rid a _______________________
A l a b a m a _________________
M ississip p i.................................
L ou isian a ................................ ..
T e x a s ______ ____________________
A r k a n s a s ______________________
T e n n essee______________________
O k l a h o m a _____________________
M issouri, & c ___________________

35
1 ,1 6 8
2 ,6 3 2
5 ,0 0 0
311
4 ,5 6 6
3 ,7 5 4
1,5 8 2
1 0 ,8 7 7
2 ,0 9 3
800
2 ,4 5 2
109

35
1 ,1 4 5
2 ,5 9 3
4 ,8 7 8
283
4 ,4 7 6
3 ,7 1 7
1,5 51
1 0 ,0 7 2

T o ta l a c rea g e_______________
T o t a l p r o d u c tio n ...................... ..
In crease in acreage__________
Increase In p r o d u c tio n ______
P rod u ct per acre, lb s _______

3 5 ,3 7 9

j 3 3 ,8 6 2
| 1 0 ,6 5 1
1 .0 5 %
.* 2 2 .9 9 %
153

4 .4 8 %

___
—

2,012
78 5
2 ,2 0 9
106

1 9 0 8 -0 9 . [l9 0 7 —0 8 . 1 9 0 6 - 0 7 .
35
1 ,1 5 6
2 ,5 6 7
4 ,8 3 2
28 3
4 ,4 2 7
3 ,7 5 4
1 ,7 2 3
9 ,6 8 4
1 ,9 9 3
785
2 ,1 6 6
107

35
1 ,1 5 6
2 ,5 5 4
4 ,7 8 5
28 3
4 ,4 0 5
3 ,6 9 9
1 ,7 1 5
9 ,4 9 4
1 ,9 7 3
79 3
2 ,0 8 2
105

3 3 ,5 1 2
3 3 ,0 7 9
1 3 ,8 2 9
1 1 ,5 8 2
1 .3 1 % 1 4 . 8 2 %
1 9 .4 0 % * 1 4 .5 3 %
20 3
170

35
1 ,1 3 3
2 ,4 8 0
4 ,5 9 7
277
4 ,3 2 3
3 ,5 5 7

1,666

8 ,8 7 3
1 ,9 1 5
785
1 ,8 1 3
104
3 1 ,5 5 7
1 3 ,5 5 1
9 .5 4 %
1 9 .7 1 %

211

* D ecrease.

SECOND.—With regard to the maturity, cultiva­
tion and condition of the plant, the conclusions we
reach are as follows:
(1) In maturity the crop at this writing, while on the
whole more advanced than in 1910, is probably a little
behind an average year. The planting season this year
was not complicated by floods worthy of the name or by
damaging frosts, but low temperature combined with
excess or lack of moisture at times acted to delay the
putting in of seed. Like conditions, moreover, re­
tarded germination in various sections, but only a
limited replanting was required. During early May
low temperature and dry weather were still adverse
factors over a pretty large section of the belt, retard­
ing development where plants were already up and
hindering germination of the late plantings. Since
about the 8th of May, however, quite generally fa­
vorable weatlier has fostered satisfactory growth, tele­
graphic advices as we go to press indicating that the
crop is doing well on the whole. The prospect, therefore,
is that, with a fair season hereafter, a gratifying yield,
from the area planted will be obtained.
(2) Cultivation, our reports indicate, has been at­
tended to in a very thorough manner, the dry weather
especially favoring the work. Furthermore, when rains
came, they were not co continuous as to constitute a
hindering influence. Thus it happens that many of
our correspondents refer to the fields as being in bet­
ter condition than usual at this stage of the season.
Fertilizers have been much more extensively employed,

1472

THE CHRONICLE

|\'oi.. LXXXXIT.

the use of commercial varieties having spread this year the preparation of land was thorough and cultivation has been
well attended to. A crea ge has been increased this year to
to sections where artificial aids to productiveness had only a moderate extent, the addition, as we see it, averaging
about 2 % for the State as a whole. As an aid to productive­
never heretofore received attention.
ness, we note that commercial fertilizers has been taken
(3)
Condition of the plant at this time is withoutmuch
more freely than in 1910.
question better than last year, and, moreover, fully
G E O R G IA .— The situation in Georgia in the early spring
U p to or better than the average of recent years.
As was somewhat similar to that in the Carolinas. Dry weather
hindered early work somewhat, yet on the whole the pre­
already stated, however, the plant is a little later in paration of the soil was stated to be unusually good. The
maturity than in some seasons. This matter of late­ actual putting in of seed started on the average rather later
than usual, little being done before the first of April, but
ness is a factor of no great importance in the early sea­ operations became active by the 10th of the month and were
son, as meteorological conditions after June 1 can be finished May 15, or at practically the same time as in 1910.
Complaint is made by some correspondents that dry weather
of a character to rapidly advance maturity, while at checked germination for a time, but that seed, being sound,
the same time serving the best interests of the crop. came up well generally with the advent of rain. Others
report a good start with all seed except that which has not
Recent favorable weather has put the plant in very yet
had sufficient time to come up. Replanting is rarely
good shape to withstand ordinary adverse influences, referred to. Since shortly after the first of May conditions
and it remains only for normal conditions during the as regards temperature have been about as desired and
after the middle of the month needed moisture caused the
next few months to assure a yield well above other re­ plant to make very favorable development. S ta n d s con­
sequently are as a rule good to fine, and cultivation very
cent years.
satisfactory. In fact, some of our most valued correspond­
Our summaries by States are as follows :
ents refer to the condition of the fields as better than at this
V IR G IN IA .— The planting season was late in Virginia time for a number of years. Taking into consideration the
this year and as a result much seed is not up yet. Where thorough attention given to preparation of the soil before
germination has taken place, however, the reports are seeding time and the recent satisfactory development of
favorable. Dry weather retarded development at first
the plant, the present promise would seem to be for a very
and latterly there has been complaint of lack of moisture, good crop in Georgia. A c r ea g e . — Some very large per­
but where stands have been secured, they average well. centages of increase in area are reported this year, but they,
Fields are well cultivated. A c r e a g e . — Changes in cotton as a rule, apply to counties in which the cotton territory
area in Virginia are as a rule rather unimportant from at any time is quite small. But the tendency to extend
year to year, the territory devoted to the staple being in cotton planting is manifest here as well as everywhere else
any event comparatively small. This year a net addition at the South ,yet where there is increaseit is, as in the Carolinas,
of about 4 % appears to have been made. F ertilizers have at the expense of some other crops. A careful analysis of
been more largely used than ever before.
our returns leads us to make the net addition 4 % . F e r ­
N O R T H C A R O L IN A .— The burden of complaint this tilizers. — A very liberal use of commercial sorts is indicated
spring in North Carolina has been cold and dry weather. by our reports— a material increase over 1910.
F L O R ID A .— There was little or no difference this and
The preparation of land for crops was well attended to, but
was hampered and delayed by lack of moisture. This last year in the planting season in Florida. The work of
naturally served to make the start of planting later than in putting in of seed was begun shortly after the first of March
an average year and, the same conditions continuing to a in some districts, but met with some delay and was, there­
greater or less extent over much of the area, the finish was fore, not completed in the State as a whole until after the
not as early as in a normal season. As a matter of fact, first of May. Germination, however, was satisfactory in
some seed was not put in until about a week ago. Further­ the main, reports of seed coming up poorly being infrequent,
more, with this the situation, germination has been slow, and very little replanting was required. Moreover, there
and in some cases poor, but seed where up has as a rule have been no complaints, worthy of mention, as to climatic con­
started off well; much, however, is not yet up. It is to be ditions since growth began, although it is stated bysomecorsaid, moreover, that no considerable amount of replanting respondentsthat the weather has been a little too dry at times.
has had to be done. As to the weather, since growth began Sta n d s range from good to excellent as a rule and the fields
there is quite general agreement that temperature was too are stated to be in better condition than usual, cultivation
low until about the close of the first week of May and even having been thoroughly attended to. Furthermore, under
a little later than that, and complaints of dry weather have the influence of recent favorable weather, the plant is
satisfactorily.
A c r ea g e . — A moderate
been quite frequent, the effect of which upon growing cotton developing very
is clearly apparent. S ta n d s . — From latest planted seed a addition to the area under cotton is indicated by our returns,
stand has not yet been secured, but earlier plantings now and largely in Sea Island territory. For the State as a
average good, and the fields are quite generally clear of weeds whole the increase over last year would seem to be about
and grass. A c r e a g e . — In the older cotton territory, more 2 j ^ % . F ertilizers of the commercial sorts have come in for
particularly the Atlantic section of the belt, as we have greater attention this year and the same is true, to some
heretofore frequently remarked, practically all available extent, of home-made varieties.
land has already been under one crop or another. Conse­
A L A B A M A .— Preparations for the new crop began a little
quently, where we find changes made in any year, they earlier than the average time, but planting operations were
are controlled in large measure, if not wholly, by economic delayed somewhat by cold and wet weather in April, so that,
reasons. That certainly has been the case this year in as in Florida, the actual period of seeding was about on a
North Carolina, the high value of cotton furnishing a most par with 1910. In other words, work began about the
potent reason for an increased planting of the staple at the middle of March and was completed two months later.
expense of grain, &c. Of course, in quite a number of The conditions that operated to hinder planting operations
instances planters have merely confined themselves to the do not, however, seem to have been detrimental to germina­
1910 area, but others have made quite important addi­ tion for, while in some instances seed came up slowly, in
tions, and as we view the returns they seem to point to general it started off well to very well. Weather since
a net gain of say 4 3 ^ % . F ertiliza tio n has also received growth began has varied in different sections of the State,
more attention; not only has there been a noticeable in­ but can in no sense be characterized as having been un­
crease in the takings of commercial aids to production, favorable. During April there were a few complaints either
but better grades have been resorted to.
of too cool or too wet weather, yet from neither cause was
SO U TH C A R O L IN A .— Our advices from this State also any damage claimed. In fact, in no season is there absence
speak of the cold and dry weather, extending over March of complaints of some adverse happenings, but this year
and April and into May, as being responsible for a pro­ they have been fewer than usual. This being so, it follows
tracted planting season in 1911.
In fact, although that very little replanting has been necessary. May weather
work was commenced early in March in some localities, was quite uniformly favorable, fostering a vigorous and
becoming general April 1 to 10, the finish was not until healthy growth of the plant and leading our correspondents
after the middle of May, only a very moderate amount of to describe the stands as good to excellent. Moreover, the
replanting being required. There is a noticeable diver­ farmers have been able to give thorough attention to the
gence of opinions in the returns on germination. Some say fields.so that now they are in a high state of cultivation.
that seed came up poorly, explanation being made in a few In view of the above, it is safe to assume that at this time
instances that the ground was damp enough to cause seed the outlook in Alabama is much more promising than in the
to swell, but there was not sufficient moisture to induce previous year and that with a normal season hereafter a
satisfactory germination. Others report a fairly good start. quite full crop from the area planted should be secured.
Altogether it would appear to be a safe assumption that the A c r ea g e . — Here, as elsewhere, at the South the tendency
unfavorable reports are based largely upon arrested develop­ towards an increased planting is clearly apparent. In
ment due to the adverse conditions referred to, but recently some sections, of course, no change has been made, but in
these drawbacks have in part disappeared. S ta n d s . — As a others the additions have been comparatively large. In
whole, stands are somewhat irregular, as much cotton is fact, careful analysis of our reports leads us to estimate
Augmen­
only just coming up, but where chopping out has been done, the average gain in the State at no less than 0 %
the stands are generally fairly good to good. Showers about •
. tation in the use of fertilizers has been quite general this
the 23d and 24th were benefiical in many sections, but from ! year, with commercial sorts conspicuous in that regard.
others there are complaints that moisture is much needed. | M ISSISSIPP I.— Advices received from Mississippi indicate
W ith rain soon and a normal season thereafter, there is no : that weather conditions served to delay farm work and
reason to doubt that a good yield will be secured, especially as planting to some extent this spring, extending the season,




J u n e 3 1911.

THE CHRONICLE

1473

so that operations were not completed at an earlier date attention this season. In counties where cotton has never
than in 1910. The hindrance was largely due to rain, which been raised before large tracts have been devoted to it,
rendered soil too wet for plowing and consequently prevented and in others, with recently opened lands, increases of
the putting in of seed. Specifically, seeding began in some from 15 to 2 0 0 % are reported. Older sections, too, have
districts about March 10, two weeks later in others, becoming made additions, but upon comparatively conservative lines.
general a little after the first of April and was finished the For Texas as a whole we believe we are not exceeding
Whil e fer tiliz er s
middle of May. As regards germination, a few of our the mark in putting the net gain at 8 % .
reports are to the effect that seed came up poorly, but others, are used to only a limited extent, they have received more
covering a large majority of our returns, say generally well attention this year.
A R K A N S A S .— The early situation in Arkansas this season,
to good, lieplanting was rendered necessary to some
extent by the flooding or washing of lands, but as compared as we gather it from the reports of our correspondents, was
with the whole area the work done was very limited. Cold not so satisfactory as elsewhere at the South. During
weather and excess of moisture were complained of in some February, March and April wet weather prevailed over
districts in April, but in the main the conditions have been much of the State and consequently progress, whether in
favorable since growth began and recently have been quite preparation of the soil or putting in of the seed, was neces­
propitious, inducing very satisfactory development of the sarily slow. With such condition it is not surprising that
plant. S ta n d s, irregular to some extent early in May, now very little planting was done prior to the middle of April
range from fair to good, averaging good, and some of the and that even after that work was considerably hindered,
backwardness referred to earlier in the season has been so that it was not finally completed until the 20th of May,
made up for. There has been no special hindrance of late or at about the same time as in 1910. Under the circum­
to work of cultivation, and consequently fields are clear of stances depicted above, much seed was slow in coming up,
weeds and grass. A c r ea g e . — This year, as last, fear of the and in fact to a limited extent the start was poor; but
boll-weevil has operated in some sections to decrease acreage latterly there has been much improvement and late planted
or at least hold in check the tendency toward a greater seed is coming up well. Still with the drawbacks referred
planting. But this has been more than overcome else­ to the amount of replanting required, while somewhat large
where, increases running as high as 10 and 12% being in a few localities, has been comparatively limited for the
reported. Taking one with the other, in our judgment whole State. May witnessed a decided change for the better
there has been an average increase in acreage for the State in the weather conditions, which has resulted in a marked
of say 2 % . F er tiliz e r s. — In the richer sections of the State improvement in the plant, and where chopping out has been
artificial aids to productiveness not being needed arc not prosecuted a good stand has been secured. Furthermore,
used, but in other districts there has been a very pronounced the absence of heavy rainfall in May enabled planters to
tendency toward a greater use of the commercial sorts, bring the fields up to an excellent state of cultivation.
and some of our correspondents state that all the home­ A c r ea g e . — Almost every section from which we have had
returns notes a tendency to add to the area under cotton.
made manures that could be secured have been taken.
In some instances the increases are placed at 1 0 % or over
L O U IS IA N A .— Continued rains are cited in a number of
and in others more moderate percentages are given. W e
our returns as responsible for hindering the preparation of
should say, from a study of the reports, that a gain of about
the soil and delaying or prolonging the putting in of seed
5 % appears to be a fair average for the State. F ertilizers
this year in Louisiana. Work was virtually started in a few
are but little used in some parts of Arkansas, but they are
sections by the first of March and progressed rapidly at first.
Elsewhere seeding got under way at varying dates between growing in popularity and seem to have been taken much
March 15 and the first of April, but was checked by excessive more freely this year. Their use is being augmented, says
rains during the latter month and was consequently not one correspondent, by the idea that they will forward
finished until about May 10, or at about the same time as a maturity of the plant and thus forestall the boll-weevil.
O K L A H O M A — Our reports indicate that there was no
year ago. As regards germination, this spring there is
only a slight divergence of opinion. Most all of our cor­ material difference this year and last in the planting season
respondents report that seed came up well, but in Northern in Oklahoma, but seeding was finished earlier than in 1909.
Louisiana, it is stated, some of it was killed by cold Work commenced in some districts as early as the first of
weather. Excess of moisture in April is indicated by the March, but was delayed somewhat by cold and wet weather,
returns from many localities, the tendency of which was and therefore was not completed until after the middle
Seed, on the whole, germinated quite well,
to interfere with the best development of the plant and of May.
low temperature was a cause of limited complaint. Only although some late plantings were slow in coming up as a
a very little replanting was entailed, however, and that result of low temperature and lack of moisture. There
due in the main to wet soil or the drowning out of seed. was nothing, however, that made necessary a mentionablc
May conditions on the whole were favorable and it thus amount of replanting. As a matter of fact, extremely little
happens that the plant has developed well and come to a was done. No season is free of complaints of adverse
good sta n d , the situation in this respect being noticeably weather at some time or other, but this year they have been
better than a yet r a g ). There have been no mentionablc infrequent since development of the plant began. On the
hindrances to prof er cultivation of late and the fields there­ contrary conditions have in the main been favorable, and of
fore are clear of foreign vegetation. A c r ea g e . — In the late quite generally all that could be desired to foster healthy
matter of area a marked tendency toward increase is apparent growth, although our latest telegraphic advices denote that
this year, even in boll-weevil districts. It would seem that rain is needed in some sections. S ta n d s secured range from
the high price for the staple has served to dispel fear of good to very good, but some of the most recent plantings are
only just coming up. As regards the condition of the fields,
the pest; in fact, has ac ed
s
mpclling force. Not all
districts have made a larger planting this year, but in a the returns denote that cultivation has been consistently car­
number where the boll-weevil had been instrumental in ried on and that now there is entire freedom from weeds and
causing important decreases in 1909 or 1910 the percentages grass. With a situation such as above described and normal
of addition this year are noteworthy. Analysis of the meteorological conditions during the later season, there is
information at hand leads us to reach the conclusion that in warrant in expecting a very satisfactory crop from Oklahoma
Not
the State as a whole there has been a net gain of 9 % ._ F e r ­ this year. A crea ge has been appreciably increased.
tilizers have been in limited use here, but a disposition to only has much virgin soil been brought under cultivation
for the first time this year, cotton not being neglected in its
apply them more freely on uplands is a feature of the season.
T E X A S .— In a State of such vast area as Texas we are parceling out, but in other sections there have been additions
prepared to find wide divergence in meteorological con­ running as high as 2 5 % . This is not at all strange with high
ditions in different sections during the same season, but prices lending such an incentive to the planting of cotton.
they have been less this year than usual. From some districts Carefully analyzing our returns, we are led to conclude that
in April, for instance, there was complaint of too much the augmentation in area in the State as a whole this year
moisture delaying firm work and washing lands, but these has been approximately 1 1 % . F ertilizers have at no time
have been the exceptions for on the whole the rainfall in played more than a very unimportant part in the agriculture
Texas this season has been timely and beneficial, even of Oklahoma, but this year they have received a little more
though it may have delayed somewhat the putting in of attention.
T E N N E S S E E .— This spring in Tennessee was in most
seed. As regards temperature, too, there has been nothing
to injure cotton; although some correspondents refer to respects quite similar to that of 1910. In other words,
periods that had been rather cold. In Southern Texas, March offered excellent opportunity for preparation of the
of course, planting was begun and finished much earlier land, but few took advantage of it. During April, on the
than in more northerly and westerly sections, where work other hand, there were frequent rains, rendering the land
was not started until after March 1 and completed the first so wet that little or no plowing could be done. A t the
week of May. There was nothing in the general conditions same time temperature was low, thus further interfering
Consequent upon these adverse con­
of weather to adversely affect germination, our reports with farm work.
indicating that seed came up well to very well as a rule, ditions the planting season was late, all seed not being in the
that the plant, under the favoring influence of May weather, ground before the 20th of May. This being the situation,
has developed very satisfactorily and that but little re­ it is not possible to speak with assurance as to the start.
planting has been necessitated. S ta n ds range from good to Earliest planted seed have come up well, as a rule, although
very good, those reported upon otherwise being too few to slowly, but latest sowings are hardly yet up. But the
have any bearing on the general situation. Moreover, temperature recently has been of a character that, with a little
cultivation has been very well looked after and the promise, needed rain, should give the late plantings a very satisfactory
present conditions continuing, is for an excellent yield. In start. S ta n d s . — From such seed as are up, a good stand has
fact, some of our correspondents are expecting a bumper been secured; late plantings, as intimated, need moisture to
crop. A c r ea g e . — With the large amount of new territory bring them up. There is nothing, however, unfavorable about
being brought under cultivation each year, cotton at the the situation in Tennessee at this time, though the plant is
prices recently ruling could not but attract principal somewhat backward. A crea ge here, as elsewhere, increased,




1474

THE CHRONICLE

and apparently to a greater extent than in the Atlantic States
— say 7 % . Fertilizers have never been freely used, but this
year a marked increase in the takings of commercial varieties
is to be noted.
*
M IS S O U R I.— The planting season in Missouri this year
was piotractcd somewhat in consequence of excessive rains
with the result that the putting in of seed was hardly finished
until the middle of May. Seed, however, germinated well
as a rule, and the plant, under the influence of favorable
climatic conditions, has developed well. Stands where
secured, average good, the fields are clean, and the present
promise is for^ a satisfactory yield from the area planted.
Acieage.—-A s is quite well known, the sowing of cotton is
confined to the southeastern portion of the State; but there
is a manifest disposition to extend its cultivation, as evi­
denced by the addition j;o area of about 8 % , which our replies
*° warrant us in making. Fertilizers receive very
little attention, owing to the nature of the soil.
A R IZ O N A .— While cotton has been known in Arizona for
many years little or no concerted effort has been made to
extend its cultivation. Most recent experiments have
demonstrated that Egyptian cotton is best adapted to
Arizona conditions and a few thousand pounds of that
variety were raised last season.
This year the planting
has been confined to a very limited area, but seed came up
well and under the influence of generally favorable climatic con­
ditions the plant has developed satisfactorily, ensuring a good
stand. A little more attention has been given to fertilization
N E W M E X IC O .— Thus far the raising of cotton in New
Mexico has been practically confined to small areas in three
counties in the eastern portion of the State, viz.: Eddy
Quay and Roosevelt counties. Planting began, as a rule!
this year about the middle of April and was completed a
month later. Seed germinated well, and while at times the
temperature has been rather low, weather conditions, on
the 1111010, have been favorable, stimulating a satisfactory
development of plant. Acreage under cotton, as stated
above, is practically confined to three counties but in­
creases are reported this year ranging from 5 to 1 0 0 % ,
averaging for the whole about 1 5 % . Fertilizers have been
more freely used than last year.
K E N I U C K Y . The cotton territory of Kentucky seems
to be restricted to one county, Fulton, the product reaching
only a few bales yearly.
C A L IF O R N IA .— Within the last two or three years
cultivation of cotton has been taken up in California and is
found to do well in almost any of the valley territory.
Most of the cotton produced in the State, however has
thus far been in Imperial County in the southeastern
coiner of California, the crop of which in the season now
closing promises to exceed 10,000 bales. This year planting
began about the first of April and is not yet fully completed.
Seed has come up well where planted a sufficient time, and
the plant is developing nicely. Very little replanting has
been done, the necessity for such work existing only where
there was lack of care in putting in the seed. Stands are
good and fields well cultivated. Acreage has been largely
increased; our information in fact, is to the effect that last
year s area has been doubled. Fertilizers, not being required,
are not used. In fact in most part, if not w holly,'cotton is
raised entirely by irrigation.
K A N S A S .— In 1910 planting of cotton was confined to
one county and the product is estimated to have been but
little over one standard bale, as against about 18 bales in
1909.
I his year, so far as wc have been able to learn, no
cotton has been planted in the State.
ITEM S ABOUT B A N K S, B AN K ER S AN D TRU ST CO’S,
— The public sales of bank stocks this week aggregate
187 shares, of which 152 shares were sold at the Stock
Exchange and 35 shares at auction. There were no trans­
actions in trust company stocks. The table below, given
in our usual form, shows the actual sales of New York
City bank stocks made during the week at auction and
at the Stock Exchange.
Extensive tables reporting
the bid and asked quotations, deposits, surplus, & c., of
banks and trust companies in all important cities in the
United States are published monthly in the “ Bank and Quo­
tation” Section, the June issue of which accompanies to-day's
“ Chronicle” . Bid and asked quotations for all New York
City bank and trust company stocks are also published weekly
in another department of the paper, and will be found to-day
on pages 1483 and 1484.
.Shares. H A N K S— New York.
Low
Low.
*10 Citizens’ Cent. N at. B a n k ..100
-ICO
*13 City Bank, N ational______ 399 yx
*100 Commerce, Nat. Bank o f.. 213
*10 Fourth National Bank___ 205
*10 H anover National B a n k ... 635
„„„
*3 Park Bank, N ational______ 374
374
10 Reserve Bank, N ational_ 92
B A N K — Brooklyn.
25 Nassau National Bank__ 250
250

High.
160
400
215
205
635
374
92

Close.
160
400
213
205
635
374
92

Last previous
Mch. 1911 —
M ay 1911 —
May 1011—
May 1911—
M ay 1911—
May i o n May i o n —

sale.
160
395 M
215
206
635
373
89

250

250

Mch. 1911 —

260

* Sold at the Stock Exchange.

In the naming this week of 124 new postal savings
depositories the number thus designated has been increased
from 276 to 400.




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

1 he Underwood Bill, lowering the duty on raw wool
from an equivalent of 4 4 .3 1 % to 2 0 % , was unanimously
approved by a full Democratic caucus of the House on the
1st inst., notwithstanding the strenuous opposition of
William Jennings Bryan in his endeavor to effect a freewool policy. A resolution, which was adopted, however,
places the Democratic Party in a position to renew in the
future its advocacy of free raw wool, while committing all
the Democrats to the support of the present bill as a revenue
measure.
Ihe United States Supreme Court in a decision on
Monday last upholds the constitutionality of the law passed in
1907 by the Massachusetts Legislature under which deposits
in sa\ ings banks and trust companies unclaimed for more
than thirty years after the date of the last deposit are
required to be turned over to the State. The legality of the
Act was tested by the Provident Institution for Savings of
Boston.
— Another banking case passed upon by the United States
Supreme Court this week concerns the failed First National
Bank of Chelsea, Mass. The receiver, Albert S. Apsey, had
sought to collect from the estate of George E . Kimball, the
assessment of 100% levied after the suspension. According
to the Boston Herald” , Mr. Kimball had held forty shares
o f_ ^hc bank s stock, but it was claimed that before the
failure he had given notice of his withdrawal as a stock­
holder and had refused to accept dividends; it was therefore
contended that the estate stood as a creditor of the bank
instead of a debtor. The Circuit Court, in its findings;
decided in favor of the receiver, but the Circuit Court°of
Appeals reversed the decision, and the U . S. Supreme Court
now sustains the Appellate Division.
Preparations are being made for the meetings of national
bank examiners to be held in the various districts in July,
ih e conferences will take place at the headquarters of the
respective districts, and the program of the affairs which
have come to our notice have been in each case prepared
by the chairmen of the districts. The topics all bear on
matters in which the interest of the examiners centers.
An organization, national in scope, having for its pur­
pose the promotion of plans for a sound banking system,
was formed in Chicago on the 29th inst. at a meeting of the
Chicago Association of Commerce. It has been designated
the National Citizens’ League, and the following resolution
authorizing its creation indicates the object of the movement:
‘ ‘ R esolved, That the Chicago Association of Commerce, recognizing in
the distressing effects of panics on trade, capital and labor the consequent
need o f a sound banking system In the Interest of all the people in the coun­
try, and the suggestion made for the creation of a National Reserve Asso­
ciation, hereby request the board of directors to form a National Citizens’
League, the ob ject of which shall be to give expression to the growing
public sentiment in favor of and to aid In securing the legislation necessary
to Insure and Improve the banking system for the United States of A m erica.”

John V. Farwell, of J. V . Farwcll & Co., has been elected
President of the League, and Prof. J. Laurence Laughlin, of
the University of Chicago, has been chosen Chairman of the
Executive Committee. The headquarters of the organiza­
tion will be in Chicago. The directors named under the
resolution are:
John G. Shcdd, President of Marshall Field & Co.; Marvin Ilugh ltt,
Chairman of the Board o f the C. & N. W . R R .; Graham T aylor. Chicago
Commons: H arry A . W heeler, President of the Chicago Association of
Commerce; B. E . Sunny, President of the Chicago Telephone Co.; Cyrus
II. McCormick, President o f the International Harvester Co.; Julius
R oscnwald, President Sears, R oebuck & Co.; Charles II. W ackcr, President
of the United Charities; Frederick A . Delano, President of the W abash R R .;
John Barton Payne, President of the South Park Commission; A . C.
Bartlett, President H ibbard, Spencer, Bartlett & Co.; A . A . Sprague,
President Sprague, Warner & Co.; J. Laurence Laughlin, head of Depart­
ment o f Political E conom y, University of Chicago; John V . Farwell,
President J. V . Faiwell Co.; Clyde M. Carr, President Joseph T . R ycrson
& Son; Fred. W . Upham, President City Fuel Co.; F. II. Arm strong, Vice­
President R eid, Murdoch & Co.; Joseph Basch, Vice-President Siegel,
Cooper & Co.

The foregoing will organize and direct the movement. The
Chicago “ Inter-Ocean” states that the complete organization
will include a member from each State and Territory, making
a representative directorate.
— The right of the nation to own and control its forest
reserves is upheld by the United States Supreme Court in
rulings handed down on May 1. Two opinions woro
given in the matter, the immediate results of which, accord­
ing to the newspaper reports, are that Fred. Light, a Colorado
cattleman, will remain enjoined from allowing his cattle tc
graze on the Holy Cross Forest Reserve, and that Pierre
Grimand, J. P. Garajous and Antonio Inda, California
sheepmen, must answer to the indictment charging them
with grazing sheep upon the Sierra Forest Reserve without a
permit in violation of Regulation 45 of the Secretary of Agri­
culture and the Statute of Congress of 1891
In the Colorado

J u n e 3 1911.]

THE CHRONICLE

1475

case it was argued by the defense that no provision of the Con­ pointed out that the proposition would also benefit the
stitution empowered the Federal Government to “ conserve the merchants and manufacturers who are now compelled to
national resources” by providing for a “ continuing timber pay the regular exchange charges upon all checks received
supply, regulating the flow of streams and preserving power from their Connecticut customers; this charge the Connecti­
sites from being monopolized.” It was also urged that the cut bankers feel to be unjust, and in order to have it removed
withdrawal of such large tracts of land, in this instance, it are willing to give the New York banks the benefit of a direct
is stated, one-fifth of the entire area of Colorado, was the collection system and a par settlement in New York funds
denial of equality with the older States. Because of the upon date of receipt, as they believe the change will be in
importance of the questions concerned in the litigation, the the interest of good banking and benefit not only the New
State of Colorado lent its assistance to the defense, State York and Connecticut banks but the depositors in the banks
Attorney-General Barnett having acted on behalf of Light. of both States.
— The Sullivan-Foley Bill, relating to foreign banking
The basic principle upon which the Court proceeded, it is
pointed out, was that “ the nation is an owner and has made corporations doing business in New York State, was passed
Congress the principal agent to dispose of its property.” by the Assembly on Wednesday. The bill is intended to
make more stringent the law affecting private bankers
The opinion sets forth that—
The United States can prohlblt absolutcly and fix the term s on which Its passed last year, which sought to do away with practices
property m ay be used. As It can withhold or reserve the land, It can do
whereby immigrants were defrauded of moneys.
so Indefinitely. It Is true that the United States docs not and cannot
Last year’s la w . excepted from its provisions express
hold property,as a m onarch m ay, for private and personal purposes, nut
that docs not lead to the conclusion that It Is without the rights Incident companies and telegraph companies engaged in receiving
to ownership, for the Constitution declares that "Congress shall have power
money for transmission, and it is said that many small
to dispose of and make all needful rules and regulations respecting the terri­
private bankers incorporated their business as express
tory or property belonging to the United States.”
"A ll the public lands of the Nation are held In trust for the people of the companies with a view to escaping the restrictions of the
whole cou n try.” And It Is not for the courts to say how that trust shall be
It was for the purpose of reaching these, it it said,
administered; that Is for Congress to determine. The courts cannot compel A ct.
Under one of its provisions:
It to set aside the lands for settlement, nor to suiter them to be used for that the new bill was proposed.
agricultural or grazing purposes, nor interfere when. In the exercise o f Its
discretion, Congress establishes the forest reserves for what It decides to be
national and public purposes. In the same w ay and in the exercise of
the same trust It m ay disestablish a reserve and devote the property to
some other national and public purposes. Those arc rights Incident to
proprietorship, to say nothing of the power o f the United States as a sov­
ereign over the property belonging to It.

It had been maintained, too, in the Colorado case that the
reserve had not been fenced in by the Government, and that
under a Colorado law no person could recover damages for
trespass unless the land was fenced. The fence laws,- the
Government contended, applies only to individuals and not
to the United States; and the Court further adds:
E ven a private owner should be entitled to protection against wilful tres­
pass and statutes providing that damages done b y animals cannot be re­
covered unless the land had been Inclosed within a fence o f the size and
material required d o not give permission to the owner o f the cattle to use
his neighbor’s land as a pasture. They are Intended to condone trespasses
b y straying cattle; they have no application to cases where they are driven
upon unfenccd laud In order that they may feed there.
Fence laws do not authorize wanton and wilful trespasses, nor do they
afford Immunity to those who, in disregard o f property rights, turn loose
their cattle under circumstances showing that they were Intended to graze
upon the land of another. This the defendant did under circumstances
equivalent to driving his cattle upon the forest reserve.

In the California case, Justice Lamar, who delivered both
opinions, upheld the rules which the Secretary of Agriculture
had promulgated for the control of the reserves. He stated
that “ the violation of reasonable rules regulating the use and
occupancy of the property is made a crime, not by the
Secretary of Agriculture, but by Congress.”
— An opinion relative to the meaning of “ commercial
paper” as employed in the State law has been given by
New York State Attorney-General Carmody. Mr. Carmody has decided that “ commercial or business paper actually
owned by the person negotiating the same” means paper
actually issued in due course of business and duly endorsed
by the person who negotiates it. He rules that mere
accommodation paper and notes placed in the hands of a
note-broker for sale upon advance by the note-broker of the
difference between the face value of the note and the agreed
commission or discount are not “ commercial or business
paper actually owned by the person negotiating the same.”
— Action looking toward the removal of the exchange
charge upon Connecticut checks, and the adoption of better
collection facilities for the New York banks has been taken
by the Connecticut Bankers' Association. Through its
Executive Committee the Association has made a pro­
position to the Committee of the New York Clearing House
that if the latter will permit Connecticut checks to be
accepted at par by the New York banks, the Connecticut
banks will pay at par in New York exchange, upon the day
of presentation, for all checks drawn upon them and sent
direct by the New York banks through some clearing agency
to be selected by the New York banks. It is proposed that
in cities where there is a Clearing House checks on all the
banks be sent to the Clearing House and in towns having
more than one bank all checks on banks in such towns be
sent to one bank which shall be selected to clear for all.
This proposition, it is stated, is being favorably received
by the New York bankers, inasmuch as it will give them
direct collection facilities and will enable them to get New
York funds for their checks in two days, whereas it takes
about a week under the present method of making collections
besides entailing 1-10 of 1 % collection charges. It is




. No corporation dom estic or foreign, other than a corporation form ed under
or subject to the banking laws o f this State or the United States, except as
permitted b y such laws, shall b y any Implication or construction be deemed
to possess the power of carrying on the business o f discounting bills, notes
or other evidences o f debt, of receiving deposits, o f buying and selling bills
of exchange, or of Issuing bills, notes or other evidences o f debt for circu­
lation as m oney, or of engaging In any other form o f banking, nor shall
any such corporation except an express com pany having contracts with
railroad companies for the operation of an express service upon the lines of
such railroad com panies, or a trans-Atlantic steamship com pany, or a tele­
graph com pany, possess the power o f receiving m oney for transmission or o f
transmitting the same b y draft, traveler’s check, m oney order or otherwise.

Although not intended to affect the local agencies of
Canadian or other foreign banks, some concern was felt by
these organizations over the prospective legislation, and a
committee was appointed to look after their interests in
the matter. To overcome these objections a companion
bill was introduced in the State Senate on the day of the
passage of the Assembly measure. This contains a provision
to the effect that no foreign corporation except a national
bank shall transact a banking business in the State unless
the corporation shall have been authorized by its charter to
carry on such a business, and shall actually carry on such a
business in the State or country where it is incorporated,
unless the actual value of the assets of such corporation is
at least $250,000 in excess of its liabilities, and it shall have
complied with all the provisions of its charter and the law
applicable to it, and shall have received from the Superin­
tendent of Banks a license to do business in this State. The
license fee, it is stated, its to be $250, and the license may
be revoked at any time by the Superintendent for cause.
The corporations are also required to file reports with the
Superintendent, these reports to be accessible to the public.
— The bill amending the insurance law of New York in
relation to the conversion of stock life insurance corporations
into mutual life insurance corporations was signed by
Governor Dix on May nineteenth. It passed both
branches of the Legislature on the 8th ult. The particular
purpose of the amendments is to permit the carrying out of
the plans for the mutualization of the Equitable Life Insur­
ance Society of New York. The newly enacted measure, it
is stated, was presented to the Legislature with the approval
of State Superintendent of Insurance William H . Hotchkiss,
the mutualization committee of the Equitable and the
voting trustees representing J. P. Morgan. The changes
which the bill makes in the law are indicated in a statement
made by Supt. Hotchkiss at the time the bill was intro­
duced on May 2, in which he said:
The bill In form amends two sections of the Insurance law, nam ely:
Section 10, b y inserting therein an exception to the present rule that In­
surance corporations cannot acquire or Invest In their own stock— b y auth­
orizing life Insurance corporations so to d o In case such acquisition Is in
furtherance of a plan toward m utualization; and Section 95, by making It
elastic where It Is now thought to be Inelastic. The latter section was. In
Its present form , drafted b y the Arm strong Comm ittee. Its constitu­
tionality has. however, been questioned b y eminent lawyers. As changed
b y the bill. It will sim ply provide that a stock life Insurance corporation
m ay becom e a mutual life Insurance corporation b y carrying out any plan
for the acquisition of Its stock which shall be adopted b y a m ajority vote
o f Its directors and approved by a m ajority vote o f Its stockholders and a
m ajority vote of Its policyholders at meetings in each case called for the
purpose, and also be submltted^to the Superintendent o f Insurance and t e
by him approved In writing.
Thus any of the plans which have been considered heretofore m ay. If
adopted and approved, bo carried through. These tw o sections. In con ­
nection with Section 52— which ’now authorizes the enfranchisement of
policyholders— would provide sufficient statutory sanction for the com plete
mutualization of the E quitable.

1470

THE CHRONICLE

The newly incorporated provision in Section 16, under
which mutualization may be effected, stipulates that “ if a
stock life insurance corporation shall determine to become
a mutual life insurance corporation, it may, in carrying out
any plan to that end under the provisions of Section 95 of
this chapter, acquire any shares of its own stock by gift, be­
quest or purchase.”
' ^ kill, known as the Alter Bill, to license and regulate
private banks in Pennsylvania was among the final measures
passed before the adjournment of the Legislature of that
State on May 25.
— the Oklahoma State Banking Board has begun suit
against some thirty or more former State banks which have
recently nationalized, in an effort to enforce the payment of
the 1 % assessment levied in March to replenish the guaranty
fund.
— An injunction restraining the State Banking Board of
Oklahoma from interfering with the operations of the Bank
of Indian Territory at Guthrie was granted to U . C. Guss,
President of the institution, by County Judge J. C. Strang
on May 12. The restraining order grew out of an at­
tempt to close the bank because of its refusal to pay the
special assessment of 1 % recently levied. A hearing will be
had in the matter on June 9. Mr. Guss is quoted as making
the following statement relative to the stand taken by his
institution:
W c oppose the paym ent o f the guaranty assessment for the reason that
the guaranty fund is not legally impaired; therefore the special assessment
Is not legal. The law specifically states that the fund can be used for no
other purpose than to pay the depositors of failed banks. If the fund Is
Impaired It Is because It has been used for illegal purposes, and the men or
officials who caused such misuse should be com pelled to reimburse the fund,
not the State bankers. W e have told the State Hanking Board that when­
ever civil and criminal suits are started to com pel the reimbursement of
the guaranty fund, we will Immediately pay our assessment; also If the
State Banking Board makes us a report showing the fund has been legally
expended, we will pay.

[Vo I,. LXX X X I 1.

issue of May 20. The Madison Trust goes into liquidation,
its Fifth Avenue office becoming a branch of the Equitable.
I he Madison s branch at Grand Street and the Bowery was
taken over in March by the Jefferson Bank.
Orion II. Cheney, late State Superintendent of Banking,
was elected Vice-President and a director of the Pacific Bank,
at 470 Broadway, on Thursday. In accordance with
announcements of a week ago, Lewis L. Clarke, President
of the American Exchange National Bank, was also elected
a director of the Pacific Bank at this week’s meeting— this
following an acquisition of a substantial interest in the
Pacific by interests identified with the American Exchange
National. I he 1 acific Bank has applied for permission to
establish a branch at 28th Street and Madison Avenue.
— William Alexander Smith, a former President of the New
York Stock Exchange, and a member of that organization for
over sixty years, died on May 31 at his home at Nyack,
N . Y . Upon the occasion of his sixtieth anniversary as
a member of the Exchange, on December 17 1904, con­
gratulations were tendered Mr. Smith by the Governing
Committee. He joined the Exchange in 1844 and continued
as a member until two years ago. Besides serving for a
time as its Treasurer, Mr. Smith was a member of the
Governing Committee for ten consecutive years and its
President from 1861 to 1865 and 1866 to 1867. Mr. Smith
was in his ninety-first year. Before becoming the senior
member of the firm of William A . Smith & Co. he had been
junior partner in Coit, Smith & Co.
— Sentence was not passed upon Joseph G. Robin on the
1st inst., the date set in the matter, an adjournment having
been taken until October 9. Robin was indicted on charges
of grand larceny following the closing of the Washington
Savings Bank. The indictment for perjury against his
sistei, Dr. Louise G. Robinovitch, was dismissed on motion
of the District Attorney, who thought the evidence in her
case was insufficient to obtain a conviction.

Mr. Guss maintains “ that legally there is in the guarantydeposit fund .$213,046, in addition to the cash balance on
hand Jan. / of $36,293, as shown by the experts’ recent
A court order for authority to carry into effect the reso­
report on the guaranty fund.” “ This report,” he added, lution of its stockholders to discontinue operations was ap­
“ shows $878,352 net collected for the fund and the sum of plied for by the Wells, Largo & Co. Bank of this city before
$658,307 paid out legally to the depositors of failed banks.” Justice Giegerich of the State Supreme Court on May 15.
The report to which Mr. Guss alludes was prepared by The motion was unopposed. Announcement of the deter­
Arthur Young & Co., certified public accountants, at the mination of the company to abandon banking operations
instance of the State Bankers’ Section of the Oklahoma in this city was made last February, when arrangements were
Bankers’ Association, and was made public the latter part entered into for the acquisition of its business by the Na­
of April. According to the “ Oklahoman ” a circular letter tional Park Bank. It is stated that the papers filed last
issued with the report stated that “ the duty of making a re­ month indicate that the price,paid for its accounts and good­
port on the guaranty fund’s condition devolved upon the will was $148,554.
officers of the Association ‘after waiting for over three years
— William R . Montgomery, formerly President of the
for the State officials to make a full, complete and compre­
hensive report to the State bankers without a v a il.'” The Hamilton Bank of this city, who was convicted in February
auditing company prefaced its findings by a reference to of the larceny of funds of the institution, and sentenced to
“ the incompleteness of the records available,” and in part not less than two years and two months nor more than five
years and two months imprisonment, began his sentence
said:
An application for a certificate of reasonable
Our examination contem plated a com plete audit of affairs of each bank on May 2.
which failed or has required assistance, but such audit has not been doubt was denied by Justice Greenbaum on April 27.
possible.
In the case
failed In Oklahoma City
ords have disappeared,
& c., nor have w c found
struct those missing.

of the Columbia Bank & Trust C o., which
on Sept. 20 1909, certain absolutely essential rec­
sucli as discount register, general cash journal,
such records as would make it possible to recon­

The “ Oklahoman” notes that the report shows that ten
banks have failed, been liquidated through other banks or
been assisted from the guaranty fund. The following ex­
tract concerning the findings of the accountants is also taken
from the paper referred to:
The report shows five different assessments were made on State banks’
average daily deposits to Jan. 30 last, bringing Into the fund a total of
3878,352 26, including Interest on the fund. The cash balance on hand
was $36,292 97.
Under the head of disbursements a total o f $46,042 97 Is given as ‘ ‘ bal­
ance to be accounted fo r .” T o an Oklahoma City detective agency $207
was paid; $3,840 to W . A . Ledbetter o f Oklahom a City for attorney’s fees
and advertising, and $830 45 to a collection agency. Forty thousand
dollars has been loaned on the capital stock of a State bank; $119,750 placed
as special deposits in State banks that needed assistance and $665,306 54
was lost entirely in paying depositors of failed banks and liquidating other
banks. The Columbia failure has cost the guaranty fund $606,780 34,
while the Coalgate failure cost the fund nothing in the long run, according
to the report. It cost the fund to liquidate three banks, through the or­
ganization of other banks to take over the assets, the sum of $16,900 In
one instance. $24,900 in another and $16,600 lu the third. N othing indi­
cates that any special deposit to assist banks has been paid back.
The report says that the Board sold to a Chicago concern Columbia assets
am ounting to $452,561, for $225,000, leaving a loss charged to adjustment
account of $227,561, and in addition the Board guaranteed the validity of
all collateral.

The merger of the Madison Trust Co. of this city with
the Equitable Trust Co. became effective on Thursday,
Juno 1, following the ratification of the proceedings by the
stockholders of both companies on Monday. Full par­
ticulars concerning the consolidation plans were given in our




— A brochure called “ The Modern W a y ” and issued
by the Fidelity Trust Co. of New York, at Chambers St. and
W . Broadway, gives a few good reasons why people should
do trust business with trust companies. The brochure is
interestingly written and concludes with this illumining
passage from Abraham Lincoln:
Property is the fruit of labor; property Is desirable; Is a positive good to
the world. That some should be rich shows that others may becom e rich,
and, hence. Is Just encouragement to energy and enterprise. Let not him
who Is houseless pull down the house of another, but let him labor dili­
gently and build one for himself, thus by exam ple assuring that ills own
shall be safe from violence when b u ilt.

— The Guaranty Club, composed of the officers and em­
ployees of the Guaranty Trust Co. of New York, held its first
annual outing at Terra Marine Inn, Staten Island, Saturday,
May 27. Various athletic contests between the main office
and the branch office were a feature. About two hundred
members, including practically all of the officers of the in­
stitution, were present at the outing.
— The failure of Henry Coolidge was announced on the New
York Stock Exchange on Wednesday. Mr. Coolidge has
been a member of the Exchange since 1884. He had desk
room with Provost Bros. & Co. at 20 Broad St., but was not
connected with the firm. He was formerly a member of the
firm of W . L. Stow & Co., which suspended twice, first in
July 1903 and again in April 1907.
— The annual meeting of the stockholders of the Nine­
teenth Ward Bank of this city, which, following several post­
ponements, was set for May 27, has now been adjourned until
June 27. Arrangements are pending for the consolidation of

J u n e 3 1911.]

THE CHRONICLE

the Twelfth Ward Bank with the Nineteenth Ward Bank, and
it is understood that the meeting is delayed in order to per­
fect the details of the merger.
— C. C. Wilson and four of his associates in the United
Wireless Telegraph Co. of America were convicted on Mon­
day on all the counts in an indictment charging them with
misusing the mails to defraud investors in the stock of the
company. Those against whom the verdict was rendered,
and the sentences imposed by Judge Martin in each instance,
are as follows:
Christopher C. W ilson, President, three years In the Federal Penitentiary
at A tla n ta .
George H . Parker, the W estern sales agent and a director of the co m ­
pany, tw o years In Atlanta.
Francis X . Uutlcr, counsel for and a director of the com pany, two years
In Atlanta.
W . W . Tom pkins, President of the New Y ork selling agency, and at one
time a director In the Wireless com pany, one year In the New Y ork County
Penitentiary.
W . A . DIboll, Treasurer of the com pany, one year In the Con ity penlten
tlary.

The costs of the trial, said to amount to $50,000, have also
been levied against the defendants by Judge Martin, who de­
clined to admit them to bail pending a hearing on a motion
for an appeal. While the trial was in progress, Samuel S.
Bogart, Vice-President of the company, withdrew his plea
of not guilty and pleaded guilty (May 17) to the indictment
in which he was named with the other defendants. lie was
sentenced on Tuesday of this week to pay a fine of $2,500.
Charles G. Galbraith, the General Manager of the organiza­
tion, who was to have been tried separately, testified for the
Government during the trial of his associates, and it is ex­
pected that the indictment in his case will be noil? prossid.
The refusal of President Wilson to permit an examination
of certain of the company’s books during the trial,on the
ground that he might thereby incriminate himself, was the
subject of a decision of the United States Supreme Court
on May 15. He had likewise maintained that the books
were made up in large part of personal correspondence, essen­
tial to his own defence, and contended that as the subpoena
was directed to the corporation, and not to himself, he was
not in contempt as adjudged by the New York Court. The
Supreme Court upheld the sentence of contempt imposed by
the lower body and directed that the books be produced,
Justice Hughes noting that “ when the documents of a cor­
poration are sought, the practice has been to subpoena the
officer who has them in his custody; b u t,” he added, “ there
would seem to be no reason why the subpoena should not be
directed to the corporation itself.” A t the time the decision
was handed down it was pointed out in the New York
“ Times” that the Court drew a sharp distinction between the
books of a corporation created under an Act of Government,
enjoying presumably special advantages, from the books of
a private person, which might be held privileged. A cor­
poration, it was stated, comes into existence on a limited
franchise, and the Court held that it would be absurd to as­
sume that simply because the corporation’s books incrimi­
nated the corporation, the sovereignty that created it could
not examine the books to see whether the franchise was be­
ing exceeded.
The arrests of those interested in the management of the
company were made at the instance of the Post Office De­
partment last June.
— But 10 % of the claims of those who were depositors in
the Union Trust Co. of Providence, R . I ., at the time of its
temporary suspension in 1907 now remains to be paid. A
distribution amounting to 5 0 % of the contingent certificates
which were issued to represent 2 0 % of the deposits was
made on May 4, this, with the previous payments,
having brought the aggregate return to depositors up to
9 0 % . As may be recalled, the institution was closed from
Oct. 25 1907 to May 4 1908. Under the plan of resumption,
provision was made for the immediate payment in full of all
deposits of $100 or less and 5 0 % of its trust accounts, the
remaining 5 0 % of these accounts being represented by ne­
gotiable certificates of deposit.
The claims of other cred­
itors and depositors were provided for as follows: 10 % with
resumption, 7 0 % in negotiable certificates of deposit, pay­
able in seven installments of 10% each, at intervals of from
six months to 3 X
A years, and 2 0 % in contingent certificates
dependent upon future profits. The final payment on the
negotiable certificates representing 7 0 % of the deposits was
made available in November 1909. Thus with the latest
payment of 5 0 % of the contingent certificates, the institution
has canceled 9 0 % of the indebtedness to depositors which
existed at the time of its suspension in 1907.
— William W . Barker, head paying teller of the Diamond
National Bank of Pittsburgh, was arrested on Monday




1477

charged with the embezzlement of $14,505. He was re­
leased under bail of $10,000. Bags marked as containing
dimes and quarters, but filled with pennies, were, according
to President William Price, employed to conceal the shortage.
The statement made by Mr. Price, in which he also announces
the bank as fully protected, says:
William W . Barker, for eight years a trusted em ployee of the Diamond
National Bank and for five years Its head paying teller, has been found
to be $14,505 70 short In his a ccou n ts. It Is the custom In this bank to
have the Auditor periodically check up the tellers’ dep rtments of the bank
and the shortage was discovered by the bank’ s own officer. The shortage
was concealed In the fractional currency b y filling bags marked as
containing quarters and dimes with pennies. The bank Is fully p rotected
by bonds aggregating $ 20,000 on the Individual and will therefore sustain
no loss.

— William W . Ramsey, former President of the German
National Bank of Pittsburgh, who began an eighteen months’
term of imprisonment in March 1910, was pardoned on
May 11. Mr. Ramsey had been sentenced on a bribery
charge which concerned the alleged payment of $17,500 to a
councilman to secure the passage of an ordinance making his
institution a city depository. With the commutation
allowed for good behavior, his sentence would have expired
on the 28th ult.
— Frank N . Iloffstot, President of the German National
Bank of Allegheny, P a., was acquitted on May 16 of the
bribery charge on which he had been indicted a year
ago, and which grew out of the passage of an ordinance
naming as city depositories three banks in which he was in­
terested. Mr. Iloffstot had been placed on trial on this par­
ticular charge on May 15. The previous week he had been
tried on an indictment charging conspiracy in connection with
the selection of the Second National Bank of Pittsburgh as a
depository; in this case the jury announced itself as unable
to agree, after twenty-four hours’ deliberation, and was
discharged.
E.
R . Walters, Director of the Department of Public
Health, who was charged with bribery as a result of the
adoption of the depository ordinance, was also declared “ not
guilty” by the jury on May 9.
Charles C. Schad, a former Select Councilman, was found
guilty on May 12 of bribery charges growing out of the
passage of the ordinance, while William McKelvey, also
formerly a Select Councilman, Dr. Paul H . Franklin, another
Select Councilman, and George J. Geltz, a former member of
the Select Council, were acquitted of bribery charges which
had resulted from the ordinance, on respectively the 15th,
22d and 25th ult.
It was announced yesterday (the 2d inst.) that further
prosecution of the Council graft cases was abandoned, the
Judges in the Quarter Sessions Court having granted a nolle
prosse of all remaining indictments, 62 in number, except
those against County Delinquent Tax Collector Max G.
Leslie, and the ex-President of the Common Council, William
Brand. The Court also allowed a nolle prosse of the indict­
ments against F. N . Hoffsott.
— Several of the directors of the Farmers’ & Merchants’
Bank of Baltimore recently took over from J . Harmanus
Fisher & Son 1,500 shares of their institution. The holdings
had been acquired by the firm a day or two before the
re-sale to the bank, 1,000 shares having been secured from
the Safe Deposit & Trust Co. and 500 shares from the
National Marine Bank. The stock has a par value of $40
per share; the firm is said to have paid $54 and the directors
$55 per share for the stock involved in the transaction.
The bank has a capital of $650,000.
— The stockholders of the Commercial National Safe
Deposit Co. of Chicago will meet on June 30 to vote on the
question of increasing the capital from $2,200,000 to $2,860,­
000. A stock dividend of 3 0 % has been recommended for
the purpose by the directors. The company was formed in
1905 and the majority of its stock is owned by the Continental
& Commercial National Bank. It has outstanding $1,800,­
000 of 4 y2% bonds, the retirement of which will begin in
1916. The regular quarterly dividend of 1 )4% on the stock
has been declared payable June 29.
— Among the strong and rapidly-growing Chicago financial
institutions is the Union Trust Co., which was established in
1869. Its present capital is $1,200,000 and surplus $1 ,­
150,000; and according to the last official statement, on
March 8th, its deposits were $16,458,570.
We give the
Union Trust’s deposits on January 1st for the past eleven
years:
1 0 0 1 _____ $4,883,680 43 |1905 ____ $10,307,510 96|1909------------$12,888,505 90
I 1902 _____ 6,195,335 0911906 ____ 11 ,337,955 23 11910----------- 14,450,304 79
j 1003 ______ 7,275,085 17|1907 _____ 12,707,693 09 |1911----------- 10,470,562 38
1 1004 .......... 8,370,501 21 11908 _____ 10,435,388 041

1478

THE CHRONICLE

This company has recently issued a very attractive and
instructive booklet on “ Trusts” , explaining in a practical
way the advantages of a trust company over an individual
executor, and setting forth the particular methods used by
this institution in the care of estates and other trusts. It
has a thoroughly equipped bond department also, and in
our advertising pages to-day it calls attention to an
extensive list of railroad, municipal and corporation bonds
offered by this department for June investment.
The address on “ Safeguards against Recurring Panics,’,
delivered on May 1G before the Texas Bankers’ Association
by George M. Reynolds, President of the Continental &
Commercial National Bank of Chicago, has been reprinted in
pamphlet form.
John V . Clarke, President of the Hibernian Banking
Association of Chicago, died of pneumonia on Wednesday.
Mr. Clarke was born in 1862, and twenty years later entered
the employ of the bank, of which his father was one of the
founders and the first President. From messenger he rose
to the posts of clerk, bookkeeper, teller and Assistant
Cashier, and with the death of his father was promoted from
the last-named office to the presidency in 1S92. Mr. Clarke
was for many years a director of the Clearing-House Associa­
tion.
Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of May 1911 show an increase over the
same month of 1910 of 2 8 .8 % , and for the five months the
gain reaches 1 6 .1 % .
May.

Clearings at1911.

1910.

Five Months.
Inc. or
Dec.

Cnnada—
$
•s
%
Montreal . . . 209.491 ,401 170 000,000 +23.2
Toronto . . . ICO,524 ,420 124 685,175 +31.2
W innipeg... 99,142 864 70 380,883 + 40.9
Vancouver.. 40,522 543 36 460.6S0 + 27.6
O ttaw a ___ 18,545 542 16 440,844 + 12.8
Quebec........ 11,154, 099 10, 192,307
+ 9.4
H alifax___
7.297, 142 8, 639,854 — 15.5
Hamilton__ 11,090, 345
945,312 + 39.6
St. John___
7,312, 739
366,546 + 14.7
London ___
6,148, 717
512,243 + 11.5
Calgary___ 19,241, 003 12, 273,936 + 56.8
V ic to r ia __ 12,070, 535 7, 485,447 + 69.3
Edmonton..
9,247, 284
368,879 + 72.2
Regina ----5,835, 997
292,634 + 77.2
Brandon * ..
2,177, 936
952,393 + 11.5
Lethbridge .
2,488, 618 Not Includ. In tot.
Saskatoon . .
4,747, 048 Not Includ. In tot.
Brantford . .
------------ 1Not Includ. In tot.
Moose Jaw ..
3.411,958 Not Includ. In tot.

,

Tot.Canada 627,227,631 486,997,133

1911.

Inc. or
Dec.

1910.

918,472,776 825.961,413
734,318,633 631,660,492
397,510,615 323,375,850
207,528,406 167,416,408
82,857.455
79,138,088
48.414,370
47,399,136
33,993,650
40.444.209
47,011,162
39,384,543
31,421,189
30.531.210
29,166,086
27,468,446
74,612,158
56,464,597
54,815,156
35,690,255
42,131,322
24,571,859
24,681,117
16,125.174
10,204,557
5,283,941
10,436,081 Not Included
19,160,951 Not Included
Not Included
10,996,864 Not Included

%
+ 11.2

+ 16.3
+22.9
+ 24.0
+ 4.7
+ 2.1
— 16.0
+ 19.4
+ 2.9
+ 6.2
+32.1
+ 53.6
+71.5
+ 53.1
____
in total
In total
In total
In total

+28.8 2,726,934,125 2,317,916,421; +16.1

* Not Included In totals; comparison Incomplete.

The clearings for the week ending May 27 make a satisfac­
tory comparison with the same week of 1910, the increase
in the aggregate having been 2 8 .8 % .
Week ending May 27.

Clearings at—
pvi <n
Canada—
Montreal _____________
Toronto_______________
Winnipeg .......... ............
Vancouver____________
Ottaw a............................
Q uebec............................
H alifax............................
H am ilton............ ..........
St. John__________
London ............................
Calgary...................... .....
Victoria.............. .........
E dm onton____________
R egin a ______________
Brandon____ ______
Lethbridge......................
Saskatoon...... .............
Brantford................ .......
Moose Jaw____ _______

1911.

1910.

Inc. or
Dec.

1909.

1908.

S
S
$
$
%
37,901,059 28,129,013 +34.7 28,677,909 22,271,577
30,992,977 27.070,628 + 14.5 22.781,035 16,386,494
18,600,902 12,656,153 + 47.0 10,503,273 7.920.064
6,772.581 +31.9
8,933,159
4,743,352 2,788,901
3,652,559 2,767,556 +32.0
2,927,267
2,303,813
1,551,769
1,933,161 —20.0 2,048,974
1,527,843
1,301,944 2.130,452 —38.9
1.568,995
1,587,655
2,073,332
1,932,587
+ 7.4
1,535,467
1,025,386
1,325,491
1,469,018
—9.8
1,092,090
944,506
978,932
1,067,845
+ 9.1
900,347
790,884
2,599,392 +29.3
3,361,647
1,586,957
942,968
3,722,735
1,272,710 + 192.6
1,007,377
743,422
1,745,494
944,853 + 84.8
838,074
629,321
1,134,968
587,796 4-93 1
397^071
350,552 4-13 3
547,413 Not Include d In tot al
908,175 Not Include d In tot al
418,386 Not Include
612,914 Not Include d In tot al

Total Canada.............. 117,962,952 91,595,384
PP

+28.8

80,211,117 59,862,834

Clearings by Telegraph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities.
Clearings—Returns by Telegraph.
Week ending June 2.
New York - ______________ __________
Baltimore.................................................

Seven cities, 5 (lays.................. ........

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




Per
Cent.

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

Pacific and Other Western Clearings brought forward from
first page.
May.

Clearings al1911.
San Fran’co
Los Angeles.
Seattle ____
P o r tla n d ___
Salt LakeC’ y
Spokane-----T a co m a ____
Oakland____
San D ie g o ..
Sacram ento.
Pasadena__
F re sn o.........
San Jose____
Stockton ___
Nor. Yakima
B o is e ______
R e n o ...........
Coeurd Alone
O g d e n .........

Five Months.
Inc. or
Dec.

1910.

S
199,364,51*1
82,590,422
40,429,485
44,508,677
25,207,791
18,289,914
17,724,584
14,170,637
6,800,000
6,062,687
3,779,985
2,726,433
2,128,816
3,114,771
2,088,201
3,258,462
1,010,000
1,050,783

Total Paclllc 480.316,362 459,058,855
Kansas City 206,829,167 202,703,010
Minneapolis. 77,455,908 81,519,909
O maha_____ 66,434,018 09,132.939
St. Paul____ 40,827,611 48,524.865
Denver_____ 35,880,110 40,126.189
St. Josep h .. 28,034.142 27,850.874
Des Moines. 18,821,309 17,226,766
D uluth_____ 11,278.351 16,006.179
Sioux C it y .. 10,620,44!) 13,098,347
W ich ita ____ 13,033,710 11,977,151
Lincoln ____
7,077,600
6,294,179
D aven p ort..
5,877,820
0,170.284
Topeka ____
7,082,818
5,478,407
Cedar Rapids
5,893,730
5,058,600
Fargo _____
3,322,646
3,939,027
Sioux Falls.
4,800,000
3,739,721
Colo. Springs
2,665,218
3,322,545
Pueblo ____
2,666,828
2,266,788
F r e m o n t___
1,542,976
1,446,649
H astin gs___
830,101
706,897
5,280,812
W aterloo _ .
4,718,213
H e le n a ____
3,667,358
3,945,789
474,642
B illin g s____
856,015
Aberdeen___
1,826,000
2,184,000
J o p lin ..........
2,578,551 Not Includ.
ChlUlcotlie..
Not Includ.
Tot.oth.W est 562,223,393 578,299,973

+ 4.6 2,315,000,846 2,290,016.938

+ 1.1

+ 2 .0 1,070,091,377 1,092,571,518
— 2.1
— 5.0 392.991,542 441.565,152 — 11.0
—3.9 314,913,000 300,544,615 — 12.6
— 15.9 215,118,316 228,920,903
— 6.0
— 10.6
179,796,723 202,811,288 — 11.4
+ 0.7
158,701,819 156,890,423
+ 1.2
+ 9.3
90,931,219
93,652,487
—2.9
—29.5
52,595,253
70,255,224 —25.1
— 18.9
54,842,153
66,544.099 — 17.6

+ 8.8

66,226,361
60.015.157
33,419,589
34,775,267
32,898.876
33,806,575
33,709,712
28,227,080
29,362,586
30,204,062
14,461,562
1-<,885,303
22.589,149
19,844,072
13,172.659
15.481,129
13.577,939,
12.893.158
6,811,133
8,342,504
4,035,766
2.980,127
26,142,337
23,688,020
18.832,755
18,989,959
2,235,839
4,065,946
7,785,078
9,094,350
11.270,871 Not Included
Not Included

+ 12.4
—4.8
+ 2 9 .3
+ 16.5
— 15.7
+ 28.4
— 19.8
+ 17.6
+ 6.6
+ 17.4
+ 11.9
— 7.0
—44.6
— 16.4
In tot.
In tot.

+ 10.3
—3.9
—2.9
+ 19.4
—

2.8

—23.4
+ 13.9
— 14.9
+ 5.3
—18.4
+35.4
+ 10.4
—

0.8

—45.0
— 14.4
In total
In total

—2.4 2

Week ending May 27.

Clearings at—
1911.

1910.

Inc. or
Dec.

S
40,772,319
16,593,547
10,346,926
8,786,127
5,597,932
3,871,889
3,997,354
2,792,775
1,540,000
1,203,286
797,402
510,000
447,146
624,996
396,126

S
38,892,686
15,625,762
10.721.78S
8,747,263
5,827,22£
4,589,011
5,413,192
2,685,621
1,400,000
1,014,20C
800,00C
538,101
429,233
516,482
450,000

200.000

215,000

—7.0

Total Pacific-.
Kansas City___
Minneapolis........
Omaha_________
St. Paul..............
Denver................
St. Joseph..........
Des Moines____
Duluth................
Sioux City..........
W ichita.......... ..
Lincoln ..............
Davenport_____
Topeka ..............
Cedar Rapids__
Fargo _________
Sioux Falls........
Colorado Springs
Pueblo ..............
Frem ont............
Hastings_______
Waterloo _____
Helena ..............
Billings........ .....
Aberdeen______
Joplin____ _____
Clillltcothe..........

98,507,825
43,137,416
16,634,146
14,967,518
9,511,237
8,165,527
6,300,871
3,803,753
2,617,103
2,256,659
3,098,822
1,520,826
1,139,689
1,476,672
1,099,472
684,384
1,045,273
500,066
569,326
304,590
185,854
1,251,440
802,000
92,988
355.693

97,865,639
46,996,138
18,759,988
15,773,677
11,835,885
9,135,128
7,103,544
3,588,704
3,549,449
2.972,160
2,852,129
1,404,928
1,269,037
1,208.468
1,323,465
792,516
805,000
716,668
480.342
373,182
180,000
1,114,799
790,888
183,515
509,025

+ 0.7
—8.2
— 16.7
—5.1
— 19.6
— 10.6
— 11.3
+ 6.0
—26.3
—24.1
+ 8.6
+ 8.3
— 10.2
+ 22.2
— 16.9
— 13.6
+ 29.8
—30.2
+ 18.5
— 18.4
+ 3.3
+ 12.3
+ 1.4
—49.3
—30.1

Tot. oth. West.

121,521,325

133,713,725

San Francisco__
Los Angeles____
Seattle ..............
Portland............
Salt Lake C lty.Spokane________
Tacom a________
Oakland________
San Diego..........
Sacramento........
Pasadena_______
Fresno................
San Jose..............
Stockton ............
North Yakima..
B oise..................
R e n o ..................
Coeur d’Alene__
O gden................

Inc. or
Dec.

1910.

S
%
%
182,643,206
+ 9.2 962.066,882 931,487.371
+ 3.3
69,282.395 + 19.2 ' 380,293.240 337,532,511 + 12.7
48,388,541
—4.0 217,345.990 251,977,709 — 13.7
41,395,362
+ 7.5 224,201,101
+S.0
207,665,704
30,700,141 — 14.7
127,052,635 138,382,940 — 8.2
21,303,755 — 14.4
90,106,289 100,030,279
—9.9
22,331,607 — 20.6
90,274,257 114,221,819 —20.9
12,877,620 + 10.0
69.805,141
62,647,689 + 11.4
6,154,278 + 10.5
31.296,713
27.573,039 + 13.5
5,173,549 + 17.2
29,986,556
20,225,290 + 14.3
3,845,032
— 1.7
17,988,810
18,992,082
—5.3
2,711,087
+ 0.6
14,486,287
— 1.4
14,688.720
1,953,331
+ 9.0
10,040,055
9.982,204
+ 0.6
2,375,229 + 3 0 .7
13,941,657
11,569,801 + 20.5
2,018,440
+ 3 .5
9,799,895
9,751,092
+ 0.5
3,673,507 — 11.3
16,807,497
+ 0.5
10,731,589
1,041,168
—3.0
5,090,256
5,239,834
— 2.8
1,123,104
— 6.4
4,417,585
5,316,659 — 16.9
Not Includ. In tot.
Not Included In total

%
+ 4.8
+ 6.2
—3.5
+ 0.-I
—3.C
— 15.0
—26.2
+4.C
+ 10.C
+ 18.6
—0.3
+ 0.4
+4.2
+ 21.6
— 12.0

—9.1

1909.

1908.

8

$
31,783,801
13,334,674
12,656,82(
6,115,202
6,293,415
3,115,524
5,681,602
1,687,400
1,125,000
1,004,068

25,507,007
7,119,999
6,000,000
3,832,926
2,045,633
3,887,903
2,860,405
1,226,639
800,000
641,287

407,950
409,970
363,172
338.972

396,926
407,000
313,488
144,880

84,317,576
38,927,290
15,917,346
14,494,121
7.937,552
7,980,905
6,351,652
2,925,119
2,559,000
2,198,532
2,369,921
1,307,379
1,203,811
1,169,483
1,147,766
541,287
485,000
574,422
526,519
380,750

55,184,093
26,274,602
13,444,147
9,927.039
9,533,036
6,021,216
3,948,350
2,182,494

1,191,392
154,123

586,918
108,332

109,363,370

80,469,851

1,634,359
1.320,005
1,091,145
828,338
857,946
520,732
400,317
355,000
714,000
408,765
412,070

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the five months of 1911 and 1910 are given below.
Descrip­
tion.

Five months 1911.

Five months 1910.

1911.

1910.

81.333,992,939
118,502,435
129,850,092
24,557,256
206,959,879
57,448,657
15.992,378

$1,526,599,832
107,501,466
134,850.241
23,815,440
202,359,915
54,363,608
13,372.142

— 12.6
+ 10.2
—3.7
+ 3.1
+ 2.3
+ 5.6
+ 19.6

81.887,303.636
441,074,298

Actual
A ver.
Value.
Price
Stock/Sh’s.
43,919,589
81,548,071
\Val. $3,884,414,300 $3,780,340,005 97.3
S7,233,032,365 98.4
RIl. bonds 5318,014.500 $307,185,945 96.6 $7,350,672,800
$295,486,00(1 $285,963,465 96.8
Gov’ t bds.
$130,500
$140,158 107.4
$197,000
$210,894 105.1
State bonds
$59,450,000
$59,283,001 99.7
$24,290,700
$24,194,046 99.0
Bank st’ks
$961,900
$2,318,035 241.0
$705,100|
$1,532,430 217.3

82,062.862,744
426,219,876

—8.5
+ 3.5

Total----- S4,262,971,200 54,149,267,144 97.3 $7,671,351,600j$7,544,933,200 98.4

82,328.377,934
564,007,283

$2,489,082,620
566,192,298

—6.9
—0.4

$2,892,385,217

83,055,275,918

—5.3

1 he volume of transactions in share properties on the
New lo rk stock Exchange each month since Jan. 1 in 1911
and 1910 is indicated in the following:

Par Value
or Quantity.

Actual
Value.

Aver. Par Value
Price or Quantity.

(Commercial and |J£iscrIIanrmistJrrns

SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1910.

1911.
U'lh

Number
of
Shares.

Values.

Number
of
Shares.

Actual.

Par.

Jan . 10,410.526
Feb.. 10.194.217
Mch. 0.823,868

National Banks. — The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

Values.
Actual.

Par.

S
S
$
872.407,419 24,538,049 2,255,810,775 2,236,041.504
879.948,718 10,012,620 1,423,073.275 1,407,743.928
000,479,480 14,988,179 1,336,803,725 1,327.470,419

S
907,503.875
902.448.900
019,007,575

lstqr 27,434.0112,429.080,350 2.352.895.017 55,539.454 5.015.693,775|4.071.861,911
471,409.900 456,390,404 14,089,639 l,279,487,075;l,256,488,974
983,924,050 971,047,984 11,918,978 1,055,491,350(1,004,681,480

April 5,309.350
May 11,115,578

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.

Clearings Outside New York.

Clearings. Total All.
Month.

1910.

1911.

%

1910.

1911.

%

$
$
$
Jan . . 14,470,209.784 17.174,732.052 — 15.3 5.945,961,214 5,925,650.071 +0.3
Feb . . 12,251,508,503 13,133.952,233 - 0 . 7 4,955,343,115 4,982,812,172 —0.6
M c h .. 13,451,98 , 008 15.053,917,520 — 10.0 5,830,383,704 0,007,733.917 —2.9

1st qr_ 40,179.702,955 45.362,602,415 — 11.4 10,731,088,033 16.916,202,700 — 1.1
April . 12.382.727,993 14,045,487, G77 — 11.8 5.411,915,500 5,703,725,505 — 5.1
May . 13,503,994.753 13,178,032.842 + 2.5 5,545,370.743 5,371,003,285 + 3.2

The course of bank clearings at leading cities of the coun­
try for the month of May and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK

000,000?

Pittsburgh---------San Francisco------Cincinnati-............
Baltimore ---------Kansas City..........
New Orleans--------Minneapolis---------

Salt Lake City-----

CLEARINGS AT LEADING CITIES.
Jan. 1 to May 31­
----- May------1911.
1910.
1909.
1911. 1910. 1909. 1908.
S
$
8
$
S
8
$
7,959 7,807 8,096 0,070 38,370 44,595 39,970
5,592
964
5,72.3
5,948
1,195 1,150 1.140
3,514
003
000 3,477
3,617
029
047
2,709
558
493
3,158
634
3,245
047
1,372
203
231
1,001
1,518
318
313
1,001
104
897
215
183
1,075
215
962
183
130
931
760
199
150
558
532
104
100
103
93
543
042
577
122
121
716
143
97
942
1,093
142
1,070
203
207
179
328
402
403
82
04
58
80
424
420
353
90
71
65
57
442
393
350
78
82
73
77
301
297
281
45
54
53
45
3S0
64
381
289
80
84
67
270
289
240
39
50
45
55
380
338
207
42
50
09
83
173
171
155
32
32
25
33
361
299
48
315
01
GO
09
182
207
34
209
37
41
43
188
229
37
215
49
41
35
190
107
28
ISO
34
38
35
186
203
180
31
30
40
36
141
163
167
28
23
34
38
114
137
21
149
17
22
27
252
207
217
31
48
48
40
77
96
93
15
13
17
19
126
138
127
19
27
31
25

1908.
S
29,305
4,791
2,923
2,401
1,232
801
080
509
490
715
302
342
405
239
277
214

202
134
240
105
192
145
156

120

105
154
09
89

12,251 10,273
752
608

61,270
4,795

07,935
4,051

60,841
3,782

47,406
3,100

Total all______ 13.504 13.179 13,003 10,881
Outside New York. 5,545 5,372 4.907 4,211

00,005
27,689

72,580
27,991

64,623
24,653

50,632
21,327

Total .............
Other cities_______

900

947

lytotxetnryl ©om mer ciat
English Financial Markets— Per Cable.

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending June 2.

Sal.

Mon.

Tucs.

Wed.

Thurs.

Frt.

24 9-10 24 9-10 24 54
Sliver, per oz......... - - - - - <1. . 24 9-10 24 44
24 44
81 7-10 80 9-10 80 5-10
81 3-10 8144
Consols, new, 2 44 per cents. 8144
81 7-10 81 9-10 80 11-10 80 7-10
For account____________ SI A
8141
90.20
90.25
90.97 44 90.35
French Rentes (In Paris), fr. 90.87 44 90.90
6854
09
07 44
09 44
Amalgamated Copper Co__ 08 54
68 44
82
81 ^
83
8244
American Smelt A Rfln Co.. 82 'A
82 44
8%
844
844
844
b Anaconda Mining Co........ 844
844
11744
118
117 44
11744
110J4
107
107
107
107
107
107
111
110
109
109 'A
10944
__ 10944
9144
92 44
92 44
9244
9144
241 A
243 44 24044 c242 44 245 44 245 44
87
8044
8444
8544
8844
Chesapeake A Ohio....... — 84 J4
22
22
22
21 Yi
22 54
Chicago Great Western------ 22 'A
126 'A 12744
12744
12044
12044
12944
32
32
32
31
32 44
Denver A Rio Grande-------- 3144
70
71
72
69
. 09
0944
35
3344
33 44
34 44
34 44
Erie .................................... . 33 %
53
5244
5444
54 54
5244
First preferred--------------■ 5244
4244
43
42
4144
43 54
Second preferred----------- 41 'A
143
143
143
144
143
Illinois C entral...... .......... 143
154
152 44 152
Louisville A Nashville......... 152 'A 152 44 15244
30
3044
3044
3744
Missouri Kansas A Texas__ . 35 'A
3544
69
69
09 44
Preferred______________ ■ 08 44
09
___
52
5144
5244
Missouri Paclilc......... .......... ■ 5144
5144
07
0744
Nat. RR. of Mex. 1st pref- . 00
0044
6644
0044
32
32
31
Second preferred---------- . 32
32 44
3244
113
11044
N Y Cent A Hudson River.- 111
11044
11144
11144
44
44
44
N Y Ontario A Western---- . 44
4444
4344
109
111
ill
11144
11144
Norfolk A Western............ .111
. 92 A
92 44
92 44
92 44
9244
.131 54 13244
13244
133 44 134 44 138J4
02 44
0244
03 44
a Pennsylvania....... ............. 6254
0244
62 44
82
82 ^
8114
82 44
8144
a Reading Company............ 8154
____
4644
4044
4044
o First preferred............. - 4654
4044
50
___
50
50
4944
a Second preferred......... .. 50
34
33 44
34
. 33
3344
3444
12244
121
121J4
124 44
12144
Southern Pacific............... -121M
2944
30
3044
2944
3044
Southern Railway----------- - 2944
09
69
09
70 44
09 44
Preferred.............- ......... - 0944
19044 C18044
18944
19154
Union Pacific.................... .188 44 18944
97 44
97 44
97 44
97 44
97 44
Preferred.........................- 97 44
80
8044
79 44
c77
U S Steel Corporation........ - 8044
78 44
122
12244
Preferred............. ......... .122 44 122 44 122 44 122 44
17 44
1744
17 44
1744
Wabash ........................... - 1744
1744
3844
38 44
3844
Preferred ........... ........... . 3844
3844
3844
—
70
7044
7044
Extended 4s.................. - 7044
7044
o Price per share.

b £

1479

THE CHRONICLE

Junto 3 1911. J

sterling. c Ex-divldend.




X

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 Peninsula Bank, S t. Johns, Ore., Into the “ Peninsula National Bank
of S t. J ohns." Capital, $50,000.
The L uray State Bank, Luray, K a n ., Into "T h e First National Bank o f
L u ra y ." Capital, $30,000.
The Howell County Bank of W est Plains, M o., Into “ The IIow cll County
National Bank o f W est Plains.” Capital, $50,000.
The First State Bank of Marble, M inn., into "T h e First N ational Bank ol
M arble.” Capital, $25,000.
The Farmers’ Bank of Lyons, N eb ., Into “ The Farmers’ National Bank
of L yon s.” Capital, $25,000.
C H AN GE OF C H A R T E R N U M B E R .
The First National Bank o f Terre H aute, In d ., N o. 2,742 to N o. 47, th
latter being the original charter number o f the bank.
The First National Bank o f Strasburg, P a ,, N o. 2,700 to N o. 42, the
attcr being the original charter number of the bank.
The First National Bank of Davenport, la .. N o. 2.G05 to N o. 15, the
latter being the original charter number o f the bank.
The First National Bank of Chicago, 111., N o. 2,670 to N o. 8, the latter
being the original charter number of the bank.
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 18 TO M A Y 24.
10.015—
The First National Bank of Oktaha, Okla. Capital, $25,000.
A , M. Darling, Pres.; R . S. Williams, V ice-Pres.; I '. H . Gosman J r..
10.016—

Thcb First National Bank of NOrth R ose, N . Y . Capital, $25,000.
Thom as B . W elch, Pres.; Rom ain H . Cole and John H ill, Vice­
Presidents; P . M. R aup, Cashier.
nnr.
10.017— The Commercial National Bank of W ausa, N eb. Capital, $50,000.
Edward Renard, Pres.; Chas. Cook, V ice-Pres.; G. I I . Renard,
Cashier; R . E . Cook, Asst. Cashier. Conversion o£ the Commercial
10.018—
10.019—

First National Bank of H ayward, Cal. Capital, $25,000. J . H ,
Strobridge, Pres.; M» C. Petersen, Vice-Pres.; Jno. A . I ark, Cashier
The Ottawa County National Bank of Miami, Okla. Capital, $50,­
000. C. P. W illiams, Pres.; J . S . Chcyne, VIcc-Pres.; R . J.
Tuthill, Cashier; VV. M. W illiams, A sst. Cashier.

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 Company.
Railroads (Steam)
Alabama Great Southern, ordinary..........
Albany A Susquehanna................... .......
Atlantic Coast Line Co. (quar.)-------------Atlantic Coast Line R R.. common..........
Boston A Albany (q u a r.)........................
Boston A Maine, commqn (quar.)--------Poston Revere Peach A Lynn-----------------Canadian Pacific, com. (quar.) (No. 00).
Chesapeake A Ohio (quar.)-----------------Chestnut Hill (quar.)-------------------------Chicago A North Western, com. (quar.)
Preferred (quar.)-----------------------------Clncin. New Orl. A Texas Pacific, c o m ...
Delaware A Hudson Co. (quar.)-----------Detroit A Mackinac, common...... .............

Morris A Essex, guaranteed-----------------New York Central A Pud. Ulcer (quar. ) . .
New York A Parian, com. <1- p r e f..........
New York Lackawanna A- Western. .
N Y. N. II. A Hartford (quar.). -------Part paid stock, Issue of Dec. 20 1909-Norfolk A Western, common (quar.)----Phlla. Germantown A Norristown (quar.)
Rensselaer A Saratoga------------------------St. Louis A San Francisco—
Chicago A East. 111. com. tr. cerlfs..........
Preferred trust cerlfs. (quar.)........ —
K . C. Ft. S. A M . pf. tr. ctjs. (quar.)..
St. Louis Southwestern, preferred----------Southern Pacific Co. (quar.) (No. 19)..
Union Pacific, common (quar.)................
Valley RR. (N. Y .), guar.........................
Street and Electric Railways.
American Railways (auar.)-----------------Brooklyn Rapid Transit (q u a r.)............
Brooklyn Union Elevated RR., common.
Chicago City lty. (quar.)---------------------Cleveland Hy. (quar. ) —
..................
Continental Passenger Ry., Phlla-----------Massachusetts Electric Cos., preferred----New York State Rys., com. (quar.)---------Preferred (quar.)-----------------------------Norfolk Ratlicay A Light----------------------Northern Ohio Traction A Light (quar.).
Seattle Electric Co., com. (quar.)................
Second A Third Sts. Pass., Phlla. (quar.)
South Side Elevated RR., Chicago (quar.). .
West Penn Traction, com. (quar.)..........
Winnipeg Electric Ry. (q u a r.).................
Trust Companies.
Fidelity.......................... .............................
Miscellaneous.
American Can, pref. (q u a r.)--.-- ------American Express (quar.)------------ -------American Plano, pref. (quar.) (No. 13)-American Radiator, common (quar.)----Am. Sugar llefg.. com. A pref. (quar.)..
Borden’s Cond. Milk,pref,(qu.)(No. 38).
Brooklyn Union Gas (quar.)----------------Butte El. A P „ com. (quar.) (No. 27)----Central Leather, pref. (quar.)..................
Chicago Telephone (quar.)..........................
Childs Company, common (quar.)-------City A Suburban Homes...... ............. .......
Consolidated Gas of N. Y. (quar.)..........
Crucible Steel, pref. (quar.) (No. 31)----Cuban-Amerlcan Sugar, pref. (quar.)----Detroit Edison (quar.)..............................
du Pont Internat. Powder, pref. (quar.).
du Pont de Nemours Paced., com. (quar.)..
Preferred (quar.).....................................

Per
Cent.
244
3
444
244
3
2 44
4

1

3
244
144
144
154

2

254
244
244
244
244
154
3
344
144
5
144
S2
$144
144
3
4

When
Payable.
June
Aug.
July
June
July
June
July
July
July
June
June
June
July
July
Juuc
June
July
July
June
June
June
July
July
July
July
June
June
June
June
July

July
5
144 July
July
1
July
2
144 July
244 July
244 July
144
144
244
244
254
144
$3
82
144
144
244
54
154
$3
54

2

June
July
June
June
Juno
July
June
July
July
July
June
June
July
July
June

Books Closed.
Days Inclusive.

27 Holders of rec. May27a
28 Holders of rec. July22a
1 June 16 to June 30
10 May 30 to June 9
10 June 22 to July 10
30 Holders of rec. May31a
3d May 29d to June 3d
1 Holders of rec. June la
1 Holders of rec. Junel5o
30 Holders of rec. June la
30 Holders of rec. June 9a
5 May 21 to June 4
1 Holders of rec. June 2a
1 Holders of rec. June 2a
15 Holders of rec. June 3a
20 Holders of rec. May27a
1 June 16 to July 2
1 June 16 to July 2
15 Holders of rec. June 5a
10 Holders of rcc. June la
20 Holders of rec. Junel4a
1 Holders of rec. JunelOa
15 Holders of rcc. June20a
1 Holders of rec. Junel5a
1 Holders of rcc. JunelSa
30 Holders of rec. Junel5a
30 Holders of rcc. Junel5a
19 Holders of rec. May 31a
5 May 21 to June 4
1 June 16 to June 30

1 June 17
1 June 17
1 June 17

15

1
1
1

to July 2
to July 2
to July 2
Holders of rcc. June30a
Holders of war’t No.19a
Holders of rec. June 3a
Holders of rcc. June2()a

June 1
Holders of rcc. June 9a
Holders of rcc. May31a
Holders of rec. June22a
June 14 to June 17
1 Holders of rec. Junel7a
30 Holders of rec. May31a
1 Holders of rcc. June 5a
1 Holders of rec. June21a
1 Holders of rcc. June21a
8 Holders of rcc. May31a
15 Holders of rec. Mny31a
15 Holders of rec. July la
1 Holders of rcc. June 5
30 June 20 to June 30

15
i
7
30
30

10

i * June
July
3

15 June 8
1 June 20

to
to

June 15
July 1

3

July

1 May 24

to

May 28

144
144
54
154
$3
154

1 Holders of rec. Junc20a
July
1 Holders of rec. JunelOa
July
1 Holders of rec. June 9a
July
July
1 Holders of rcc. June 9a
July
1 Holders of rec. May3la
July
1 June 25 to July 2
June 30 June 22 to June 30
July
3 Holders of rec. Juno la
June 15 June 6 to June 16
1 June 18 to June 30
July
1 Holders of rec. June20a
July
1 Holders of rec. JunelOa
July
June 30 June 28 to June 30
June 10 June 4 to June 11
June 10 June 4 to June 11
June
5 Holders of rec. June 5
-June 15 Holders of rcc. May 17a
June 15 Holders of rcc. May 31a
June 30 Holders of rcc. June 20a
July
1 Holders of rec. JunelfSa
July 15 Holders of rcc. July la
June 15 Holders of rec. May3Ja
1 Holders of rec. June20a
July
June 15 June 0 to June 15
June 15 June 6 to June 15
July 25 July 16 to July 25

2

154
144
144
154
154

2

2 44
154

2

144
3
154
154
154
144
144

2
1

144

1480

THE CHRONICLE
Per
Gent.

Name o f Company.
Miscellaneous (Concluded).
Eastman Kodak, common (quar.).
Common (extra)..........................
Preferred (quar.)_________ _____
General Chemical, Preferred (quar.).
General Chemical o f Cal. 1stpref. (quar
General Electric (quar.)......................
Extra

2X July

5
\x
3
\x

1X
1X

2
30c.
1 20c.

2)6

Ingersoll-Rand, preferred.
I
!

X

ix

2)6
IX

i

Mergenthaler Linotype (quar.).
E xtra .....................................

2)6
X
IX
I X
I X
X
I X

Preferred (quar.)___
National Surety (quar.).
Nllcs-Bement-Pond, com. (quar.).
North American Co. (quar.)______
Philadelphia Electric (quar.)..
Quaker Oats, common (quar.).
Preferrcd (quar.)..................
Quincy Mining (quar.)............
Realty Assoclates.

3
37 X c .
I X

IX

2
22Xc.
2X
IX
$1
IX
3

Safely Car Heating <fe Llg. (quar.).

IX
2
IX
I X

1
2

Preferred (quar.).

I X

Standard Oil (quar.)...........
Swift & Co. (quar.) (No. 99).

so
I X

Preferred (quar.)....................................
United Bank Note Corp., pref. (quar.)..
U. S. Steel Corp., com.(quar.)(No.
Utah Copper Co. (quar.) (No. 12).

1

154
I X

ix

75c.
I X

2X
a Transfer books not closed,

When
Payable.
July
July
June
June
July
July
July
jHly
July
July
July
July
June
June
July
July
June
June
Aug.
June
July
June
June
July
June
June
July
June
June
July
Aug.
June
June
July
July
July
June
July
July
July
June
June
July
July
July
July
June
June
July
June
June

b Less Income tax.

Books Closed
Days Inclusive.

1 Holders of rcc. May 31a
I Holders of rec. May 3 la
1 Holders of rec. May3 la
15 Holders of rec. June 8
15 Holders of rcc. May 27
1 Holders of rec. June21a
1 Holders of rec. June 21
15 Holders of rec. May31a
31 Holders of rec. June 30
31 Holders of rec. June 30
1 June 15 to July 2
1 Holders of rec. Junel4a
1 Holders of rec. June20a
15 June 2 to June 15
15‘Jnne 2 to June 15
1 Holders of rec. JunelOa
1 Holders of rec. JunelOa
30 Holders of rec. JunelOa
30 Holders of rec. JunelOa
1 July 16 to
Aug. 1
15 Holders of rec. May 31
15 Holders of rec. June28a
30 June 10 to June 14
15 May 20 to May 23
1 June 21 to July 2
30 June 17 to June 20
20 June 10 to June 20
1 Holders of rec. JunelSa
15 Holders of rec. May 31
15 Holders of rcc. Mny23a
15 Holders of rcc. July la
31 Holders of rec. Aug. la
19 May 28 to June 7
20 June 7 to June 20
15 Holders of rec. July 5
I Holders of rec. Juncl 6a
1 Holders of rec. Juncl4a
15 Holders of rec. May 31
1 Holders of rec. June 15
1 Holders of rec. June 21
1 Holders of rec. June 21
15 Holders of rec. May 31
15 Holders of rec. MaylOa
3 Holders of rec. June 10
1 Holders of rec. June 20a
1 Holdersof rec. June 20a
I June 16 to July 2
29 June 2 to June 12
30 June 17 to June 20
15 Holders of rcc. June30a
15 Holders of rec. June 1
30 June 13 to June 30
d Correction.

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.
9,580 Northern Coal Co., Ltd.,
of New Bruns., Can___
39,936 Kent Coal Co., Ltd., of
M aine___ _____ _______
44,875 Crown Coal Co., Ltd., of
M aine_____________ _
24,950 Gt. Nor. Coal Co., Lid.,
of Nova Scotia, Can........
41,201 Gt. Nor. Coal Co. of M e.. 1S10.500
960 Nor. Sh. Ry. Co. of New
lot.
Brunswick, Canada........
All right, title & Int., If any, of
Canadian Consol. Mines. Co.
In 49,950 sh. Maritime Coal
Co., Ltd., of N. B., Canada..
All claims of Canadian Cons. M.
Co. agst. any of aforesaid cos.,
for moneys adv. by receivers, j

[VOL. LXXXXII

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
May 27.
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.
IPe omit two ciphers (00) in all cases.
Banks.
00* omitted.

Capital.

By Messrs. Francis Henshaw & Co., Boston:

Specie. Legals. Deposits. Re­
Average. Average. Average. s' ve.

$
$
$
$
$
$
%
Bank of N. Y . .
2,000,0 3,638,6 21,710,0 4,320,0
925,0 20,010,0 26.2
Manhattan Co.. 2,050,0 4,402,1 33,350,0 8,766,0 1,629,0 38,500,0 27.0
Merchants’ ___
2,000,0 1,900,5 21,402,0 4,281,0 1,301,0 22,032,0 25.3
l 6,000,0 8,146,7
53,214,1 11,236,3 1,623,0 50.993.0 25.2
America
. 1,500,0
6,012,4 26,062,0 4,590,8 2,273,1' 26.402.2 26.0
C ity--------------- . 25,000,0 34,131,8 172,849,3 66,125,7 6,933,0 188,937,6 38.7
Chemical---------. 3,000,0 6,586,7 i 31,245,0 6,519,0 1,851,2 i 30,506,5 27.5
Merchants’ E x..
600,0
567,2
7,106,4
1,641,4
161,5
7,284,5 24.7
. 1, 000,0 2,534,0
8,954,4
1,361,1
497,3
7,273,7 25.5
.
300,0
158,0
2,355,5
645,9
75,8 1 2.585,9 27.9
Greenwich___ .
500,0
856,9
8,141,8 2,116,7
215,0
9,258,2 25.1
Am. Exchange.. 5,000,0 4,496,6 42,759,8 6,881,2 3,947,2 42,833,1 25.3
Commerce........ . 25,000,0 17,005,8 148,664,8 32,228.4 8,855,2 i 136,771,8 30.1
Mercantile___
3,000,0 2,713,1
14,259,2
1,796,4 1,082,5
11,091,4 25.9
Pacific _______
500,0
932,1
4,145,1
360,1
416,8
3,521,1 22.8
Chath & Phenlx: 2,250,0
1,074,1
15,608,4 2,771.6 1,282,2
16,076,3 25.4
People’s
200,0
467,5
1,767,5
490,0
147,3
2,282,1
27.9
Hanover_____
3,000,0 12,360,3 70,599,1 15,736,8 4,299.4 79,371,2 25.2
Citizens’ Cent..
2,550,0
1,803,5 22,416,6 5,743,2
321.9 22,294,8 27.7
Nassau .
500,0
532,6
8,823,6
1,227,0 1,617,6! 10,514,2 27.0
i 1,000,0 1,775,0
8,805,3
1,632,8
784,0 !
8,821,7 27.3
Metropolitan . .
2,000,0 1,544,6 10,260,3 2,393,5
244,2| 10,179,5 25.9
Corn Exchange.
3,000,0 5,438,7 48,061,0 8,723,0 5,316,0 56,829,0 24.7
Imp. & Traders’
1,500,0 7,624,6 26,114,0 4,102,0 1,875,0 23,508,0 25.4
P a rk ............ .
5,000,0 12,728,2 86,007,0 21,328,0 1,465,0 90,117,0 25.2
East River___
250,0
98,8
1,428,4
424,1
114,6
1,724,8 31.2
F o u rth ............
5,000,0 5,683,3 34,194,0 7,279,0 2,810,0 37,407,0 26.9
S econ d ............
1,000,0 2,196,9 13,547,0 3,740,0
140,0
14,195,0 27.3
First ................ 10,000,0 20,738,3 113,379,5 31,434,9 1,989,5 112,603,0 29.6
Irving Exch__
2,000,0 1,850,9 24,564,4 4,969,9 1,871,9; 26,637,2 25.6
Bowery_______
250,0
800,5
3,460,0
838,0
57, o!
3,622,0 24.7
N . Y. County..
500,0
1,666,5
7,797,9
1,311,0
655,41
7,861,8 25.4
German Amer .
750,0
689,0
4,246,4
866,8
4,176,0 25.2
188.8
C hase.......... .
5,000,0 8,382,9 78,150,0 16,813,0 5,692,0, 85,901,0 26.1
Fifth Avenue. .
100,0 2,183,1 12,469,9 2,435,8 1,079,1
13,831,7 25.4
German E xch ..
200,0
883,4
3,575,0
320,0
614,0,
3,550,0 26.3
200,0 1,034,7
Germania........
5,715,8
1,222,9
503,0
6,736,9 25.6
Lincoln.......... .
1,000,0 1,598,5 13,987,5 3,771,1
15,548,0 30.1
920,3
Garfield_______
1,000,0 1,238,8
8,863,7 2,013,8
416,8
9,140,9 26.5
F ifth _________
250,0
523,4
3,495,3
736,1
342,2
3,858,2 27.9
1,000,0 2,124,4 14,162,1
Metropolis___
1,658,5 1,936,4
14,722,2 24.4
West Side____
200,0 1,027,8
4,277,0
1,106,0
217,0.
5,171,0 25.5
Seaboard..........
1,000,0 2,025,1 22,075,0 4,664,0 2,232,0. 26,047,0 26.4
Liberty........ .
1,000,0 2,744,3 22,405,8 4,728,5 1,229,3; 24,107,6 24.7
N. Y. Prod. Ex.
1,000,0
8,549,4 2,217,1
783,9
378,5
10,180,1 25.5
State _________
1,000,0
850,7
15,453,0 4,850,0
346,0 20,231,0 25.6
14th Street___
1,000,0
310,6
1,294,1
5,508,5
668,81
6,935,1! 28.3
Coal & Iron___
1,000,0
421,1
6,269,0
903,0
850,0
6,616,0 26.5
Union E x c h ...
1,000,0
945,9
9,559,7
942,7 1,526,O'
9,717,8 25.4

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.

By Messrs. R . L . Day & Co,, Boston:
Shares.
%persh. Shares.
$ per sh.
140 Old Boston Nat. Bank............. 126
93 The Stafford Co. pref_________50
26 Fremont Nat. Bank (865 per
$60 The Stafford Co. pref. scrip.$30 for lot
share paid In liquidation). . . 1
40 Nlpe Bay Co. p rof................... 08 X
1 Mercantile Nat. Bank, Salem.. 116X
10 Atlantic Cotton Mills.............. .. 50X
X Lowell Hosiery Co.................... 30
Bonds.
per cent,
8 Quincy Mkt. Cold Stor. & W.
$2,000 Boston Term. Co. 1st 3X s,
, H. Co. rights____________
13 1047.............. ............................... 08X

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
1 Real Est. Title Ins. & Tr. C o .-.260
19 Real Est. Tr. Co., pref___ 99)6-100
14 Spring Garden Ins. Co., $50 e a .. 90
10 Continental Title & Tr. Co., $25
p a id ---------------------------------------- 49
Bonds.
Per cent.
$100 Wash. Gas Lt. Co. 4s, 1929.. 110
500 Casino Co. of Spring Lake,
N. J., 6s, with 1 sh. stock.. 40
7.000 Nor. & West. RR. equip, tr.
4s. 1913...........
99 X
2.000 Pitts. C. Ch. & St. L. 4s, 1957 98
2.000 Delanco Ld. Co. 6s, ’32, guar. 107)4
1.000 Harrison Bros.&Co.Inc.5s,'24 82
1.000 Springfield Water Co. 5s. '26.100
1.000 No. Sp’gf’ld Wat. Co. 5s, ’28.100
Equity In California Vineyards Co.
Inc. ser. ” C,” $240 paid____ $10

By Messrs. Samuel T . Freeman & Co., Philadelphia:
Bonds.
Per cent. 1Bonds.
per cent.
$1,000 No. Springfield Water Co.
$200 Springfield Water Co. cons. 5s. 100
1st 5s............................................ 100

— -“ The Commercial Development of the Electric Light and
Power Industry’ ’ is the title of a paper, full of interesting
data and facts of practical value, prepared by Edward B.
Lee, Statistician for the Electric Bond & Share Co. for pre­
sentation to the members of the National Electric Light
Association on the occasion of the annual convention, held in
New York City May 29 to June 2 1911. Copies of this
paper, in the shape of a 24-page pamphlet, are now being
distributed with the compliments of the Electric Bond &
Share Co., 71 Broadway.




Loans.
Average.

Shares.
per cent.
20 Royal Bak. Powd. Co. pref___ 108
15 Long Isl. Safe Dep. Co.............. 111X
Totals, Average 134,150,0 200,234,4 1331,816,5 317,558,2 75,917,8 1388,516,1 28.3
25 Nassau Nat. Bk. of Bklyn . . . 250
25 Itobt. Crooks Co. of N. Y 810 per sh
Actual figures May 2 7 ..
5 S. U. Ball Co., $50each____ $20 lot
........... 1332,219,2 313,435,3 77,070,3 1386,060,6 28.2
2 Arcadia Landing of Bar Harbor,
Me., $50 each------------------------$2 lot
On the basis of averages, circulation amounted to $45,879,600 and United States
10 Nat. Reserve Bank____ _____ 92
deposits (Included In deposits) to $1,555,300; actual figures May 27, circulation,
110 MontrossBond & Realty Co.,pfd40
$457,850; United States deposits, $1,587,900.
313 Montross Bond & Realty Co.,
common.......... ..................
$10lot The State Banking Department also now furnishes weekly
Bonds.
Per cent.
returns of the State banks and trust companies under its
$26,000 New Livingstone Coal Co.
1st 6s, 1937. July 1908 coupons
charge. These returns cover all the institutions of this class
attached--------------- ---------------.8500
in the whole State, but the figures are compiled so as to
$31,000 Am. Silk Co. 1st 6s, 1911.. 23X
$47,000 Montross Bond & Realty
distinguish between the results for New York City (Greater
Co. 2d 5s. 1915.
J.& J ............ . . 7 5

Shares.
8 per sh. Shares.
$ per sh.
9 Webster & Atlas Nat. B a n k ...17616 50 Franklin Co. (Lewiston, Me.). 151
18 Nat. Shawmut Bank.....................401X 1 Boston Athenaeum ($300 par).340
2
Naumkeag Steam Cotton C o .. 142 20 Wlnnlslmmet Co. ($50 each).. 13
13 Newmarket Mfg. Co.....................100X 120 Winchester Stone Co............ .
1

Shares.
$ per sh.
33 Am. Pipe & Construe. C o .. .95^-96
3 Com’wealth Tit. Ins. & Tr. C o ..245
8 Delaware Ins. Co., $10 each___ 24 X
10 De Long Hook & Eye Co........ .. 100 '
15 Farm. & Mech. Nat. B k .. 142 Jf-143
10 Fourth St. Nat. Bank________ 300)6
8 Girard Nat. Bank......... 350J6-351M
2 John B. Stetson, common__ 477 X
2 J. G. Brill Co., pref__
90
8 Kensington Nat. Bank, S50 ea._100>6
20 Lumbermen’s Ins. Co., $25 each 90
5 Logan Trust Co.........................,135
1 Penna. Co. for Ins. on Lives,&c 570
32 People’s Nat. Fire Ins. C o",
S25 each...... ........................
35
50 I’ hlla. Life Ins. Co., $10 each. .10)6
10 Phlla. Waroh's’g & Cotd St.Co. 150
10 Phlla. Tr., S. D. & Ins. Co___ 601

Surplus.

Week ended May 27-

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

State Banks
State Banks
Trust Cos.
Trust Cos.
in
outside of
in
outside of
Greater N. Y. 'Greater N . Y. Greater N. Y : Greater N . Y.

8

23,975,000 1

$
63,206,000

$
9.528,000

$
9,525,000

175.811,500

11,274,643

11,328,963

288.687.400 1.137.563.700
+ 1,719,400 +7,833,600

95,737,400
—21,300

149,451,100
+ 635,700

38,886,100

Specie ..................
Change from last week.

49,979,500
+ 699|300

119,188,400
+ 2,007,400

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

23,860,100
+388,900

11,741.000
—43,900

m u —

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

102,677,100
—2,600

158,315,600
—307,300

138,531,800
+2,415,700

22,323,500
—31,200

24,082,200
—603,200

16.1%
15.9%

22.7%
22.7%

15.8%
16.2%

Deposits ______ ________
Change from last week.

340,163,100 1,241,527.100
+2,629,500 +8,867,200

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

102,533,400
+757,900

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

30.8%
30.9%

+ Increase over last week. — Decrease from last week
h t
' r
^ JU undivided profits. "Reserve on deposits" Includes.
State twnks, not only cash Items but amounts due
c*omPan,cs In New York State are required by law to
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. Ih e 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 0f 1910) and exclusive of deposits secured by bonds
of the State of New York.
—Trust Cos.— — State Banks—
Reserve Required for Trust Companies
Total
Of
Total
O
and State Banks.
Reserve
which Reserve
which
Location—
Required in Cash.Required. in Cash.
15%
26%
15%
10%
..) 15%
20%
10%
n) 15%
10%
15%
7X%
-.15%
15%
20%
20%
..1 5 %
15%
15%
15%
15%
6%
D%

THE CHRONICLE

J u n e 3 1 9 1 1 .]

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.
N E W Y O R K C IT Y BA N K S AN D T R U S T COM PANIES.
Clear.-House
Hanks.
ActualFigures

Week ended M ay 27.

Clear.-House State Banks &
Total o f all
Banks.
Trust Cos. not Banks& Trust
Average.
in C .-H . Aver. Cos. Average.

fNat. banks
$
$
5
S
Capital ( March 7 ___
134.150,000
205,881.000
134,150,000
71,731,000
. -9
|State banks
200,234,400
384,589,600
Surplus l Feb. 28 —
200,234,400
184,355,200
ssa-ii
Loans and Investments 1,332,219,200 1,331,816,500 1,217,046,300 2,548,862,800
Change from last week
+ 1,529,600
+ 7.421,400
— 228,900
+ 7,650,300
*93
1.386,060,600 1,388,516,100 a l , 179,399,400 2,567,915,500
D e p o s its ....................
Change from last week
— 301,400
+ 1,588,400
+9,166,800
+ 7,578,400
531-5i
313,435,300
442,476,300
317,558,200
S p e c ie ............................
124,918,100
Change from last week —4,191,800
+2,092,500
+ 76,200
+2,016,300
83
95,268,600
Legal tenders------------77,070,300
75,917,800
619,350,800
Change from last week
+885,300
+ 1,268,700
+993,300
— 108,000
Aggr'te money holdings
Change from last Week

390,505,600
—2,923,100

393,476.000
+ 1,069,500

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

27,013,300
— 104,300

27,013,300
— 104,300
564,758,200
+2,873,500

Total reserve........... ..
Change from last week

390,505,600
— 2,923,100

393,476,000
+ 1,069,500

171,282,200
+ 1,804,000

Percentage to deposits
requiring reserve-----Percentage last w eek.

28.20%
28.42%

28.36%
28.31%

17.8%

43,930,450

537,744,900
+2,977,800

cl44,268,900
+ 1,908,300

17.7%

46,346,975

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 RESU LTS OF BA N K S AND T R U S T COM PANIES IN
G R E A T E R N EW Y O R K .
We omit two ciphers in all these figures.

Mch.
April
April
April
April
Aprll
May
May
May
May

25—
1—
8—
15—
2229 —
6 ..
1320—
27 —

Loans and
Investments.

Deposits.

$
2,462,701.5
2.475.663.0
2.486.883.8
2.496.582.8
2.507.088.1
2.513.422.9
2.514.901.3
2.518.309.7
2.541.441.4
2.548.862.8

$
2.454.614.4
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
2.567.915.5

Specie.
$
417.454.7
415,377,3
415.915.7
419.947.1
429,951,0
436.126.7
433.695.8
436.015.2
440.383.8
442.476.3

Legals.
$
95.035.9
95.157.5
93.014.0
94.075.5
93.354.9
94.814.3
93.712.6
94.377.0
94.383.3
95.268.6

Banks.

Capi­
tal.

N. Y. City
Boroughs oj
M on.ct Brx.
$
100,0
Wash. H ’ ts
250,0
Century . . .
400,0
Colonial . . .
300,0
C olum bia. .
200,0
Fidelity . . .
Jefferson___
500,0
250,0
Mt. Morris.
200,0
M utual-----100,0
P l a z a _____
23d Ward —
200,0
Yorkvllle - 100,0
New Noth.
200,0
Bat.Pk.Nat.
200,0
Aetna N at.
300,0
Borough o f
Brooklyn.
200,0
Broadway .
252,0
Mfrs.’ N at.
M echanics'. 1,000,0
750,0
Nassau Nat.
300,0
Nat. C it y ..
200,0
North Side.
First N at—
300,0
Jerscy City.
First N at—
400,0
IIud.Co.Nat
250,0
Third N at.
200,0
Hoboken.
First N a t 220,0
125,0
Second Nat.

Sur­
plus.

S
512.490.6
510.534.8
508.929.7
514,022.6
623.305.9
530.941.0
527,408,4
530,392,2
534.767.1
537.744.9

$
535.638.5
533.670.3
533.409,7
538.093.6
547.242.3
555.117.3
553.291.4
557,340,3
561.884.7
564,758,2

$
282,0
148,9
402,8
762,4
183,2
521,5
334,4
387,2
460,9
107,4
492,8
271,8
153,2
309,6

t
1,302,0
1,517,3
6,512,3
6,477,0
1,102,3
3,813,1
2,589,1
3,032,0
3,921,0
1,978,5
4,445,7
2,272,0
1,452,5
2,160,1

538,6 3,262,9
843,9 5,643,8
853,1 12,026,4
1,043,5 7,907,0
588,1 4,010,0
150,8 2,197,7
638,7 3,618,0

$
147,0
27,8
836,4
690,0
59,2
304.6
506,3
22,5
332,0
175,9
47,5
260,0
225,7
466,1

$
41,0
239,6
344,3
633,0
120,7
433,0
60,1
649,0
364,0
57,8
853,0
87,0
44,2
36,5

Deposit with
Clear­
ing
Agent.

$
200,0
158,2!
722,5!
9 37 ,o;
278,6'
319.0'
619,7
593,0
1,487,0
294,2
202 2
452,0
85,5
43,0

Other
Net
Banks, Deposits.
A-c.

$
16,0
235,9
219,0
61,0
524,5
79,6
_____
_____
_ - ___
434,8
35,0
26,6

457,3
32,9
179,7
600,2
216,0 1,474,5
348,0
697,0
582,0
66,0
126,4
134,2
352,0
79,0

300.5
1,005.1
1,403,0
1,402,0
653,0
233,3
431,0

__

1
1,324,0
1,818,2
7,869,0
7,655,0
1,168,5
5,153,0
3,619,4
4,511,0
5,516,0
2,310,5
5,869.5
2,788,0
1,363,9
2,079,0

347.7 3,812,1
143,8 6,396,0
208,0 15,275,5
8,382,0
164,0 5,068,0
87,8 2,528,0
44,0 3,349,0

1,269,8
763,5
406,0

5,152,9
3.024,5
2,249,2

295,6
144,0
43.5

341,7
64,2
138,4

2.524,8
283,9
510,8

789,0
283,6
24,1

7,419,5
2,877,0
2,606,8

630,3
255,3

3,609,2
2,903,2

158,9
173,4

35,4
43,7

163,9
76,4

131,3
263,9

3,374,8
3,379,9

T ot. May 27 7,497,0 12.799,7 98,779,7 7,014.7 7,833,5 15,379,9 4,119,6 117513,6
Tot. May 20 7,497,0 12,799,7 98,444,7 6,982,7 7,778,0 16,661,4 4,306,0 118743,2
T ot. May 13 7,497,7 12,799,7 98,787,3 6,934,7 7,944,9 15,130,0 4,357,8 117657,2




Capital
and
Surplus.

Banks.
Boston.
May 6—
May 1 3 May 20 —
May 27 —
Phlla.
May 6—
May 13 —
May 20 —
May 27 —

?
41,350.0
41.350,0
41,350,0
41,350,0

Loans.

Specie.

$
216,303,0
218,636,0
217.526.0
217,771,0

Legals.

Deposits, a Circu­
lation.

S
3
25,967,0 3,265,0
26,045,0 3,378,0
26,573,0 3,272,0
26,118,0 3,624,0

$
269,604,0
269,531,0
269,77’ ,0
266,993,0

S
7,104,0
7,105,0
6,963,0
7,116,0

55,526,0
80,331,0
81,700,0
83,482,0

329,602,0
328,773,0
333,811,0
331,760,0

15,340,0
15,351,0
15,329,0
15,309,0

60,105,0 265,643,0
60,105,0 267,017,0
60,105,0 268,474,0
60,105,0 268,707,0

Clearings,
I
153,830.0
148,635.4
153,563.1
145,275,1
f
'
172,281,1
144 374,7
146/293,1
139,184,5

a Includes Government deposits and the Item “ due to other banks." A t Boston
Government deposits amounted to $3,052,000 on May 27 and $3,054,000 on Mayt20.

Imports and Exports for the W eek .— The following are
the imports at New York for the week ending May 27; also
totals since the beginning of the first week in January.
FO RE IGN IM PO RTS A T N E W Y O R K .
F or Week.

1911.

D ry G oods__________________
General Merchandise. _

$2,151,451
16,073,374

Total _ _
Since Jan. 1.
D ry G oods__________________
General M erchandise.. ____

j

1910.

1908.

1909.
$2,882,465
13,312,238

$1,562,109
8,961,018

$18,224,825^ $16,685,718 $16,194,703

$10,523,127

$59,789,574! $67,923,941
2.j9,739,452| 329,017,241

$50,302,184
201,024,978

$2,234,267,
14,451,451

$71,745,729
285.487,048

Total 21 weeks.................... $359,529,026 8396,941,182 $357,232,777 $251,327,162
1
1

E X P O R T S FROM N EW Y O R K .
1910.

1911.
For the w eek............................
Previously reported________

$13,691,386
305,303,941

1908.

1909.
$11,952,054
245.728,766

$11,520,743
252,748,260

$11,835,640
270,173,571

Total;21 weeks___________ $318,995,327 $264,269,003 $257,680,820 $282,009,211

The following table shows the exports and imports of
specie at the port of New York for the week ending May 27
and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:
E X P O R T S AND IM PORTS OF SPECIE A T N E W Y O R K .

We omit two ciphers (00) in all these figures.
Legal
Tender
Specie.
and
Bank
Notes.

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

Tot. Money Entire Res.
Holdings. on Deposit.

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending May 27, based on average daily results:

Loans.
Dlsc’ts
and
Invest­
ments.

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 27 and from Jan. 1 to date:

I & + Increase over last week. — Decrease from last week.
a These arc the deposits after eliminating the Item "D u e from reserve depositories
and other banks and trust companies In New York City;” with this Item Included,
deposits amounted to $1,344,478,900, an Increase o f $8,160,900 over last week. In
the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual figures, b Includes bank notes, c O f this amount State banks held
$13,339,500 and trust companies $130,929,400.

Week
Ended.

1481

Imports.

Exports.

Qold.

Since Jan. 1

Week.

Great Britain------- --------- -------France _________________________
Germany _______________________
West Indies_____________________
Mexico _________________________
South America..............................- ­
All other countries............................

- ............

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

$3,545

$5.100

$3,500
1,636,130

1,819

..........

563,926
128,375

$5,100 $2,330,931
19.800 43,928,663
300,000 53,979,312

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

Week.

Since Jan. 1

466,380
153,126
67,193

$49,475
451,670
1,819
961,628
639,039
1,302,553
938,361

$682,063 $4,344,545
43,618 5,386,234
124,034 5,053,660

Silver.
Great Britain___________________ $1,021,563 $18,464,955
France _______________
1,205,500
26.800
Germany ____________
16,493
West Indies.................... ....... ...........
2,294
57,635
Mexico ................ ......... ........... .......
South America____________ ______
19,801
All other countries_______
200
4,766

$4,201

584,967
20,336
86,576

Total 1911...................................... $1,050,857 $19,769,150
Total 1910.......... .
799,590 17,331,477
..............
Total 1909
693,525 19,207,647

$153,520
5,489
8,601
20,813
2,142,997
742,929
802,475

$696,080 $3,876,824
1,544,360
14,798
80,434 2,012,072

Of the above imports for the week in 1911, $119,435 were
American gold coin and $85 American Silver coin.

giwliitig and UiuauctaXo
Diversify Your Investments
W rite for our circular entitled
treats the above subject In detail.

"Judicious

Investm ent,”

which

Spencer Trask & Co.
43 EXCHANGE PLACE,----- NEW YORK.
Chicago, III.
Boston, Mass.
Albany, N. Y.
M em b ers N ew Y ork S tock E xch a n ge.

WHITE,

WELD

&

CO.

Members New York Stock Exchange.

0

NASSAU ST R E ET ;
NEW YORK

THE ROOKERY;
C H IC A G O

1483

THE CHRONICLE
f ta n k m ’

d fa g e tte .

Wall Street, Friday Night, June 2 1911.
The Money Market and Financial Situation.— Two import­
ant events have affected security values this week.
We re­
fer, of course, to the Supreme Court decision in the American
Tobacco case and to the announcement of a $600,000,000
bond issue by the Great Northern R y . The former will
doubtless set at rest most of the anxiety heretofore existing
as to the attitude of the Court towards the large corporations,
or so-called “ trusts.” It should at all events enable all the
. important business interests of the country to adjust their
.methods to the conditions thus defined, and to develop, as the
needs of the country may require, along the lines therein
referred to as “ lawful” and “ reasonable.” If this should be
the result, the wisdom and importance of the decision are
vnot likely to be over-estimated.
The bond issue mentioned has had a much narrower in­
fluence, but stimulated a demand for and a substantial ad­
vance in the securities directly affected. The scope and
magnitude of the undertaking make it a matter of interest;
but it also attracts attention as perhaps the culminating
act of one of the most unique and conspicuous characters in
the railway world to day.
Another development of the week, but one largely over­
shadowed by those already mentioned, was an extension of
the cut in steel prices to include almost everything for which
there is a current demand. Not much importance is at­
tached to this matter, however, outside of the manufacturers
themselves, as it does not seem likely to extend further or
to be of a permanent character.
The more hopeful feeling referred to in this column at the
beginning of last month has, undoubtedly, been augmented
in the interim, and now finds encouragement in the latest
reports of railway earnings, which in several important cases
aro significant.
Tho open market rate for call loans at the Stock Exchange
during the week on stock and bond collateral has ranged
from 2 to 2 j ^ % . To-day’s rates on call were 2 ^ @ 2 > ^ % .
Commercial paper quoted at 3 @ 4 % for 60 to 90-day en­
dorsements, 3 % @ 4 % for prime 4 to 6 months’ single names
and 4 J £ @ 5 % for good single names.
The Bank of England weekly statement on Thursday
Showed an increase in bullion of £722,476 and the percentage
of reserve to liabilities was 51.91, against 51.77 last week.
The rate of discount remains unchanged at 3 % , as fixed
March 9. The Bank of France shows a decrease of 26,775,000
francs gold and 1,200,000 francs silver.
N E W Y O R K C IT Y CLEA RIN G -H O U SE B A N K S.
1911.
Averages fo r
week ending
M ay 27.

s

Differences
from,
previous week.

1910.
Averages fo r
week ending
M ay 28.

1909.
Averages fo r
week ending
M ay 29.

$

S

S

I

130,350,000
126.350.000
....................
134,150.000,
C a pital.................... ........
185,325,600
172.318.000
200,234,400
....................
SUrplus-----------------------228,900 r.189,214.000 1,331,846,000
Loans and discounts___ 1,331,816,500 D ec.
49,100,600
45,879,600 D ec.
180,000
47,826,100
Circulation.......................
N et deposits.................... 1,388,516,100 Inc. 1,588,400 1,184.566.000 1,398,160,300
2,417,400
1,555,300 D ec.
12,300
1,649,000
IT. S. dep. (lncl. above)
317,558.200 Inc.
76,200 253,161,800 296,857.100
Specie .............................
77,668,200
75,917.800 Inc.
993,300
69,215,700
Legal tenders......... ........
Reserve held__________
25% of deposits...........

393,476,000 Inc.
347,129,025 Inc.

1,069,500
397,100

322.377.500
296.141.500

374,525.300
349,540,075

Surplus reserve.........

46,346,975|Inc.

672,400

26,236,000

24,985.225

Surplus, cx cl. U. S. dep

46,735,800|Inc.

669,325

26,648,250

25.589,575

N ote.— The Clearing House now Issues a statement weekly showing the actual
oondltlon o f the banks on Saturday morning as well as the above averages. These
figures, together with tho returns o f the separate banks, also the summary Issued by
the State Banking Department, giving the condition o f State banks and trust com ­
panies not reporting to the Clearing House, appear on the second page preceding.

Foreign Exchange.— The .trend was downwards during
the week, with a severe break at the close to 4 86 for demand
and 4 8 6 ^ for cable transfers.
• T o-d a y’s (Friday’s) nominal rates for sterling exchange were 4 85 for
sixty-day and 4 87 for sight. T o-d a y’s actual rates for sterling exohangc
were 4 8 4 @ 4 8410 for sixty days, 4 8595@ 4 8610 for cheques and 4 8020@
4 8635 for cables. Commercial on banks 4 83 % @ 4 84 and docum ents
for paym ent 4 83 $*@ 4 84. Cotton for paym ent 4 8 3 )* @ 4 83)4 and
grain for paym ent 4 8 3 & @ 4 84.
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 21 K
less 1 -1 6 @ 5 21 % for long and 5 20 less 3 -3 2 @ 5 20 less 1-16 for short. Ger­
many bankers’ marks were 94 11-16@94 X for long and 95 1-16@ 95 H less
1-32 for short. Amsterdam bankers’ guilders were 40 J4 @ 4 0 )4 plus 1-32
for short.
The posted rates for sterling exchange, as quoted b y a representative
house, were until to-day 4 85 for 60 days and 4 87 H for spot, but to-day
spot rates were lowered to 4 87.
Exchange at Paris on London 25f. 30c.; week’s range, 25f. 31 H o . high
and 25f. 29 H e. low.
Exchange at Berlin on London, 20m . 45pf.; week’s range, 20m . 46)£pr.
high and 20m . 44 K p f. low.
The range for foreign exchange for the week follows:
Sterling, A ctu al—

S ix ty D ags.

High for the week - . 4 84)4
L ow for the week____ 4 8410
P a ris B a n kers’ F r a n cs —

High for the w e e k .. . 5 21 H less 3-32
L ow for the week____5 21 % less 1-16

C heques.
4 8640
4 86

Cables.
4 8665
4 8625

5 20
5 20 less 3-32

5 19 % less 1-16
5 20 less 3-64

G erm any B a n kers’ M a rk s—

High for the w e e k ___
L ow for the week____

94 13-16
94 11-16

A m sterd am B a n kers’ G uilders—

95 H
95 1-16

95 3-16
95 H

40 31
High for the w e e k ... 40 16
40 27
40 27
L ow for the week____ 40 13
40 23
Dom estic Exchange.— The following are the rates for dom estic exchange
a t the under-mentioned cities at the close of the week: Chicago, 25c. per
$1,000 premium. Boston, 10c. per $1,000 discount. New Orleans, com ­
m ercial, 25c. per $1,000 discount; bank, $1 per $1,000 premium. St. Louis,
45c. per $1,000 premium. San Francisco, 50c. per $1,000 premium. Sa­
vannah, buying, 3-16c. per $1,000 discount; selling, par. Charleston,
buying, par: selling, l-1 0 c. per $1,000 premium. Montreal, 31 H e . per
1,000 discount.
......................................................................................................




[VOL. LXXXXII.

State and Railroad Bonds.— Sales of State bonds at the
Board include $27,000 Virginia 6s, deferred trust receipts,
at 56J^ to 59 and $4,000 New York Canal 4s at 106 to 106)4.
Special demand for a few issues increased the volume of
business in the bond department from less than $2,000,000
on Monday to an average of nearly $5,000,000 daily for the
remaining days of the week. The conspicuous features have
been American Tobacco, Burlington & Quincy, Union
Pacific and U . S. Steel bonds. Tobacco issues have been
decidedly irregular, the 6s advancing on Monday, but
closing nearly 5 points lower than the price then reached,
while the 4s, which sold in large blocks at 93)^ on Wednes­
day, close at 86.
United States Bonds.— Sales of Government bonds at the
Board are limited to $3,000 4s, reg., at 114)4, and $1,000 3s,
coup., at 1 0 1 % . The following are the daily closing quo­
tations; for yearly range see third, page following.
Interest
Periods
2s,
2s,
3s,
3s,
4s,
4s,
2s,

1930 .................. registered
1930-------------------- coupon
1908-18----------- registered
1908-18 ..........
coupon
1925 --------------- registered
1925........
...c o u p o n
1936.Panama Canal regls

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

M ay
27

M ay
29

M ay
30

M ay
31

*100)3 *100)3
*100)3 *100)3
* i o i) 3 ; *101)3
*101)3, *101)3 H OLI­
*114)3! 114)3 D A Y .
*114 H *114)3
*100)3 *100)3

*100)3
*100)3
*101)3
101)3
*114)3
*114)3
*100)3

June
1

June
2

*100)3 *100)3
*100)3 *100)3
*101)3 *101)3
*101)3 *101)3
*114)3 *114)3
*114)3 *114)3
*100 )3|*100)4

Railroad and Miscellaneous Stocks.— The stock market
was dull and generally featureless on Monday, awaiting tho
judicial decision mentioned above. During the early hours
on Wednesday prices declined sharply, led by a drop of
nearly 100 points in American Tobacco shares on the curb
and a decline of about 5 points in the preferred on the floor
of the Exchange. The downward movement was, however,
of short duration, and before the close of business an Wednes­
day a reaction set in which has continued, and carried a long
list of active stocks, including practically all the railway is­
sues, up from 3 to 7 points.
The leaders of the recovery have been the Hill stocks,
which were in demand on the new financial plan elsewhere
referred to. Canadian Pacific has also been a strong fea­
ture. Exclusive of the quarterly dividend of 2 ) 4 % , which
came off on Thursday, the stock closes with a not gain of
3 points. Great Northern has covered a range of over 7
points, Northern Pacific 7 )4 , St. Paul 5 )4 , Reading nearly 5
and Union Pacific 6 points.
Some of the industrials have been weak, including Steel
preferred, National Biscuit, Comstock Tunnel and, of course,
American Tobacco preferred (new), which is 4 )4 points
lower than last week.
For daily volume of business see page 1492.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 2.

Sales
fo r
Week

Range f o r Week.
Highest.

100119
June 2 119
Cent & So Am Teleg____
100 12H May 29 12)3
Col & II C & I full pd rec
Comstock Tunnel........... 1,500 30c. May 27 32c.
222x71)4 May 31 73
Crex Carpet....................
June 2 6)3
300; 6
Des Moines & Ft D odge.
June 2 72
100 72
Detroit United R y s____
12 96)4 May 31 96)3
E I du Pont Powder, pref
May 27 83
500 83
Evnnsv & Terre H a u te ..
May 31 87
400 86
Preferred................
May 27 108
100108
General Chemical, p r e f..
June 2 87
Homestake Mining.........
10 87
June 1 42
Lackawanna Steel...........
100 42
May 27 83
May Department Stores. 2,175 79
P referred..... ............ ..
125 111)4 June 1112
Sears, Roebuck <&Co., pf
100 120)3 June 1,120)3
May 27| 17
Standard Milling.............
200. 17
U S Indus Alcohol, pref.
200 97)3 May 271 97)3
May 29 4
100 4
U S Reduction & R cfln.

June 2
May 29
May 29
June 2
June 2
June 2
May 31
May 31
May 31
May 27
June 2
June 1
May 29
June 2
June 1
May 29
May 29
Mav 29

Range since Jan. 1.
Lowest.
116

12

20o.
GO

6

07 H
82
60
81)3
103 %
84
38
70
11133
119)3
16)3

91

3H

Highest, 8

Jan 122
Apr 14
Feb 34c.
Jan 74 H
June 0)3
Jan 74
Jan 97
Feb 85
May 87
Jan 108)3
May 87
Feb 48
Apr 83
June 112
Jan xl22
May 17
May 97)3
Mch 453

Mch
Mch
May
Apr
June
Feb
May
May
May
Apr
May
Apr
May
Juno
Mch
May
May
Jan

Outside Market.— The slump in the price of American
Tobacco common, following the U. S. Supreme Court deci­
sion, and heavy trading in the stock monopolized the atten­
tion of the “ curb” this week. Following the reaction last
week from the high point of 520 to 479, American Tobacco
again sold up at the opening this week to 510. After this,
and following the Court decision, the stock started down­
ward and to-day sold below 400— 397. The close was at 405.
Intercontinental Rubber com. gained a point to 28, dropped
to 26 )4 and closed to-day at 27. Standard Oil moved up
from 663 to 665 and down to 660. Studebaker Corp. com .,
after a slight recession from 61 )4 to 61, advanced to 63 )4
and ended the week at 62. The preferred sold down from
104 to 103 J4 and up to 104. Interest in the bond depart­
ment was further stimulated by the appearance of the new
Great Northern ref. 4)4s, which sold, “ w. i .,” up from 101)4
to 102. Trading in the new Det. Term. & Tunnel 4)4s was
also started, the price at first improving from 102)4 to 102)4
and then reacting to 101)4- Mo. Kan. & Tex. 5 % notes
went up from 99 11-16 to 99 )4 and back to 99 11-16. Ore­
gon-Wash. R R . & N av. 4s lost over half a point to 93)4Western Pacific gained a point to 93 )4 and eased off to 93.
Panama 3s, “ w. i.,” receded from 103 1-16 to 102 15-16 and
recovered to 103. Among the copper shares Inspiration
was conspicuous, losing over a point to 8 )4 and then recov­
ering to 9 )4 . The close to-day was at 9. Braden from 4 )4
weakened to 4 )4 and was traded in to-day at 4 )4 . Giroux
advanced from 6 )4 to 7 )4 and ends the week at 7. Greene
Cananea declined from 7 )4 to 6 )4 , moved up to 7 )4 , the final
figure to-day being 7 )4 .
•
Outside quotations will be found on page 1492.

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

STOCKS— HIGHEST A N D LOW EST SALE PRICES.
Saturday
M ay 27

Tuesday
M ay 30

Monday
M ay 29

1

113*8
103*4
*12712
106*8
. *8812
7978
234*4
*67
*275
821s
*31*8
* ____
*21

114
103*4

11312 114*8
104 104

129
120 *127
IO6 I4 io c *8 ioi :*8

89*2 *8812 90
79*4 8 OI.1
80
235*2 23614 23814
7214 *6212 7214
281 *275 281
8212
82*2 82*8
32
*31*8 32
65 * ____ 05
22

21

§427S
123
*150
148
*201
*135
*155
*212
*512
*59
*9512

427a *4212
123*8 123
153 *151
148 *147
205 *201
115 *135
160 *155
3
* 2*2
012 * 6*2
60
50
IflO
*9512
54^3
54 14
*7612 771o
7712
' *72
741?. *72
*170 171
170*4
*610 550 *505
*30
31
31
*67
6712 67*s
*13
15
*13
*21
28
20
321S 32*8
32*2
6012 5 OI2
SOT,
*40
41
4078
129U 1291? 120*8
*01*4 0212
6214
*1312 147s *1312
* ____ 97l2 *

21*8

431,
12334
155
118
210

140
105
3
612
59
100

64*2
77*2
711,
17014
550
31
07*4
15

t

1
1
1
1
1
1

I
1

1
I
1
1
1
1
1
1
1
(
1
j
i

20

331?
52*8
417s
1207s
02 I4
147„
07L

140
*13814 M 0 *139 140*2
1878 187S *1812 19
62*8 52*8
52*8 52*8
I 8 I4 18*4
18*8 18*8
33*s 33?8 341s 311,1
78
*70
78
*76
34l4
341s 31 I4 *34
*07*2 68*4
07*8 08*8
*1412 19
* 11*2 19*2
47
*33
38
*35
I 78 I4 178*4 177*4 1781.1
00
*57
60
*57
*147*2 118*2 *11714 148*2
*136 139
130*8 136*8
*28
31
32
*28
*43
45
*43
47
1375a 138
13734 138^8
*150 153 § 152-34 15234
89*4 89*4 *8914 90
3414 34*4
34*8 341,
*60
0712 *00
6712
50*s 60*8
49*4 50*4
*148 155 *148 155
*62
06
67*2
*00
30*s 30*.| 31
31*8
108 108
108 108
*58
60
*58
60
*102 107 *102 107
*84
90
*81
90
143 113 *140*2 145
*141 144 *
144
42*4 42*4
4273 427«
108 108
1077s 108
. *90
92
92
*90
*4312 441? *4312 41*,
12812 1287s 128*2 1287|j
t *95 105
♦95 105
*85 110
*85 110
*95 105
*95 105
122 1221,8 121*8 1217o
2 5-32 13-01 2 1-10 2 3-10
*92
941? *92
941,
*108 115 *108 115
159*8 159*8 158*4 159*8
*90
92
90
90
*96*2 9812 *95
99
32*8 32*8
32*4 327S
01t2
♦6212 04
*03
60
*04
66
*01
42
4214
*41*4 42*4
*31*2 32
*3U 3 32
70
*68
09*4 *08
118*4 118*8 I I 8I4 118*4
287g 29la
28*4 29
07
67
07*4 671,
*27*4 28
27*2 271,
1 U 2 11*2 ♦111, 12
*71.4
7*2
7*1
7*4
22 *g 22*2
22*8 22*8
5078 507s
5078 507j
*109 11012 *109 111
183*8 184
183*8 184*1
9412 9 112 *941,t 95
1 *40*2 4112
4012 401,
, *70
721' *7012 7212
1 ...................
* 1C14 I 7 I4
1012 161,
37
3714
37*4 371,|
01
61
01*2
01*8
8012
■ *79
80*2 *79
; *4
5
* il2 5
17
' *1 1
10
*11
71?
1 *0
8
*0
70
*6814 71
70

Wednesday
M ay 31

Thursday
June 1

Friday
June 2

Week
Shares.

TW O

PAGES

ST O C K S
N EW Y O R K STOCK
EXCHANGE

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

Range forr Previous
Year 1910.
Lowest.

Highest

R a ilro a d s
124*8 Jan
90*4 J ’ ly
tch T o p e k a & San ta Fe 1001* Jan 3 116 J ’ne 2
91,490
11273 114*2 113*8 114*8 11438 116
10414 Jan
1,088 A
D o p r e f ___________ 10034 Jan 3 104*2 Mav24 z-97 J ’ ly
104 104
103*4 103*t 101
104
102L J 'ly
137i2 Jan
1,070 A tla n tic Coast L in e R R . . 117 Jan 3 130 M ayl7
12712 127*2 128i2 128*4 129 130
100*4 Se!> 119*8 Jan
5,700 I ja lt im o r e & O h io _______ 102 F e b 24 109*2 Jan 3l
106 107
107 107*2 10712 108*8
91 Jan 4
94 Jan
87*4 Sep
87!2 M ch21
56 * ’
D o p r e f ___________
89
*8812 8912 §89*2 891? §89
823s M ay
815S J ’ne 2
68l2 Feb
74*8 Jan 3
80*4 8 13S 81*4 81*8 22,590 B r o o k ly n R a p id T r a n s it,
79 I4 80*8
176*4 Feb 2023s N OV
an a dla n P a c ific _______ 1955s Jan 3 23934 May 31
237*8 239*4 j 23712 238*8 237*8 238*4 30,875
70 Jan
62
M
ch
3
§69
Mav
18
a
n
a
da
S
o
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t
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_____
60*2
J
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ly
71
72 I4 *67
*67
72 I4 *07
248 J ’ly 312 Jan
210 Central o f N ew J e r s e y ___ 270 M eh 10 2S5 Feb 21
284 285
*275 284 §275 275
8034 Keb 8
A p r 24
65 A ug
92 Jan
77
C
h
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&
O
h
io
_____
00,400
85*4
86
851
4
81*4 84 I4
81*8
66*4 Jan
25 A p r 7
237g J i y
C h icago & A lto n R R ____
31*8 M ay23
32
*3012 34
*30
*3Ua 32
53 Jan 19
52 M eh 17
647s J'ne
D o p r e f________________
69 A p r
______
05 * ____ 05
* ____ 05 *
367s Jan
2018
A
p
r
19
243S
Feb
6
19
J'lV
Chic
Gt
W
est
trust
c
tfs
_
_
4,800
22
237s
22
*21
22
21*2
42 A p r 25
49*4 F eb
40 J ’ ly
61*g Jan
D o pref trust c t f s . . .
2,090
44*8 4578
43*4
4278 43
43
113*4 J ’ ne 158*3 Jan
A p r 18 l,>3-2 Feb
12112 1241, 122H 125U 125*3 120*4 88,375 C h icago M ilw & S t P a u l . . 117
143
Sep
147
Jan
3
172*4
Jan
155*2
Feb
D
o
p
r
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f_____________
100
*153
155
1541,
*150
154 *151
I 82 I2 Jan
137*4 J ’ ly
2,725 C h icago & N orth W estern 14212 Jan 10 150 Feb
148 11812 Zl4834 149*4
117 148
§209 Jan
203 J ’ne 225 Jan
§200 Jan
D o p r e f_____________
100
*201 205 *201 205 X2 0 * 201
140 A pr
162*2 F eb
200 Chic St P M inn & O m aha 130's A p r 20 140 Mch
130 139
*135 145 *135 110
152 F e b 18 §100 M ch 27 §160 A pr §170*4 Feb
D o p r e f________ '____
*155 165 *155 100 *155 100
2*8 D ec
5*8 Jan
33g F eb
2 Apr 7
Chic Un T r a c c tfs stm p d
*2
3*4
*2
3
*2
3
47s Sep
7*4 F eb 6
5 J 'n e 2
12*4 Jan
D o pref ctfs s t m p d ___
100
5
5
*5
0
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6
61
N
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Jan
18
6
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___
200
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60
*55
60
99 Sep
98 F eb 1
101 Jan
9612 M ch 18
D o p r e f______________
*95*2 100
*95*2 100
*95*2 100
60
Jan
18
46
J
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ly
6534 F eb
51
A
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815
C
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____
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78 J 'n e 1
83 M ch
7414 M ch27
D o 1st p r e fe r r e d ..,
930
78
78
77*4 78
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78
70 A u g
81 Jan
7312 Jan 11
75*2 Mch 2
D o 2d p r e fe rre d ___
7412
74*2 *73
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7412 *72
185
149*4
J
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Jan
173*4
Ma\
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Jan
3
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171*2
173
109*4 170
17012 170*2
620 M ch
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555 555 *540 560
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52 Jan
35 F’ eb 15
27*2 M ay 2
2314 J 'ly
1,030 D cn v cr & R io G r a n d e ..
31*2 32
3012 31
31*3 31*4
_ _ Jan
81
74 F r o 21
62*8 J ’ ly
63i2 M ay 2
D o p r e f_______________
2 ,120
70
70*3
09
69
0012 70
1834 Jan
10 J ’ ly
11 Jan 0
l;As M ch 30
100 D u lu th S o S hore & A tlan
1412 1H 2
*13
15
*13*2 141,
243s Jan
17 J ly
22 Jan 6
30*8 M ch 30
635
D o p r e f_____________
25
251?
§25
25
21
21
34*8
Jan
34*4
May
17
27U
J
an
11
19*2
J
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ly
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59,000
33*8
34*8
33*8
331S
3314 33*8
5234 Alch
53*2 J ’ne 2
45*s Jan 12
35 J ’ ly
52-3.4 5312 12,050
D o 1st p re fe rre d ___
52
53
51U 53
42 M ch
4234 J ’ne 2
35 J an 9
26*4 J ’ ly
421.J 42*4
3,700
D o 2d p re fe rre d ___
40
40*4
4112 42*4
1437g Jan
122 F e b 24 135*8 J 'n e 2 118 J ’ ly
130*4 1337s 134*2 135*8 71,860 G reat N orth ern p r e f_____
1281.1 131
45 J iy
6 :1*4 Feb 2
80*2 Inn
56 J an 5
Iron O re p r o p e r tie s___
6212 63*2
5,300
607., 02
021,
61
11 A u g
15*4 Jan 17
18i8 M ch
13*2 M ay 13
6 G reen C a y & W ,d e b c t f B
14*4 14*4
13*2 13*2 ♦ 1312 1478
9712 A p r
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88*2 J«9
95*2 F e b 11
avan a E le c t r ic ____
100
971, * ____ 97*2
* ____ 9712 ♦__
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92
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99 •an
9334 Jan 12
95*2 M ch 28
*
D o p r e fe r r e d ...
97*, * ____ 9712
128 M ch 24 134 A p r 29 112 J ’ne 140 O ct
H o ck in g V a lle y ______
___ .
*12512 140 *128 140
147 Jan
132 J an 3 141*4 J 'n e 2 124 J ’ly
MOI4 141*4
2,504 j Ulnols C en tral_____
139 140
13812 139
14*4 J ’ly
25*2 Jan
17*4 A pr 22
20*8 F eb 10
2 ,000 I n te rb o ro -M e tro p o lIta n .
I 8 I4 18*s
18*4 19
187a 19*8
627s )an
4734
A
p
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22
41*2
J
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55*8
Jan
,
D
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f__________
521
8
627S
50*4 52
52
4,400
51*3
30 Jan
15 M ay 12
15 J ’ ne
19?8 Feb 3
*18
18*4 *18
19
173.J 17*4
600 Io w a C e n tra l__________
54*4 Jan
347, May31
25 J ’ly
28 A p r 24
D o p re fe rre d _______
34
347g
30
1,325
34*s 34*8 *35
76 May 4
68 A u g
80 Feb
74 A p r 8
*70
78
C F t S & M tr ctfs ,p r e f
*70
78
*70
78
44*4 ja u
357g M ay 18
23 J ’ly
2,025 K ansas C ity S o u t h e r n .. 32 M ay 3
351,8 35 I4 35*2
34
34*2 35
64L Jan 3
58 Aug
71 Jau
Do
p re fe rre d _______
69 May23
*07*4 09
000
*6712 69
*07*2 09
147s M ay 19
15 J 'n e
16*4 Feb 1
' ake E ric & W e s t e r n ..
*15
18
25*4 Jan
*14
10
*1412 17
ra D o p r e fe r r e d ____
35 M ay 2
40 Jan 13
37*4 D ec
6234 Jan
*35
38
*33
38
*33
37
1683s A p r 24 181*8 Feb 3
173*4 D ec
186 N o y
17512 178*4 177*2 178*2 1787s 1S0*8 33,800 L eh igh V a lle y _________
63 Jan 16
58 A p r 13
60 J ’ly
70*4 A p r
100 L o n g I s la n d __________
60
58 ^ 58‘,8
*57
00
*57
159*4 Jan
5,800 L ou isville & N a s h v ille .. 142*2 J a n 25 150*2 J ’ ne 2 131*2 J ’ ly
148 1481, 148*4 150*2
140*2 147
an h a tta n E l e v a t e d ., 134 M ch 28 141 Jan 0 123 J ’ ne 146 O ct
120
12812
*130 138 *130 138 *127
M
31 F eb 15
23 J ’ly
53*4 J an
lnneapolls & S t L ou is
21*2 A p r 26
32
*29
____
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*27
32
40 Sen
SO F eb
35 M ch 13 § 59 F e b 14
D o p r e fe rre d ______
2 S0
45
46
45
45
*41
48
145 Alch
2,725 M inn St P & S S M a r i e . . . 132*8 Jan 4 152*4 M ch 30 114 J ’ ly
13712 13814
136*8 138
137*8 138
144 J ’ ne 155*2 Mch
14734 Jan 6 180 Mch 30
D o p re fe rre d _______
18
*1.50 153 *14978 153 *150 153
9234 Jan
90*2 Mch 15 186*4 Sep
883s M ch 24
D o leased line c t fs .
500
*89*8 90
89*4 897* *8912 8978
36*4 J 'n o 2
31 F e b 24
27 J ’ly
51*8 Jan
36*8 36*4 20,200 M o K ansas & T e x a s ___
35U 30*s
34
35*4
745s Jan
68*4
M
ch
29
D
o
p
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fe
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d
_______
63*2
J
a
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10
57
J
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600
07*4
67*4
07
14
67
66*4 66*4
41 J ’ ly
63 F eo 15
45*s A p r 19
5012 5073 12,600 M issouri P a cific _______
73*8 M ay
49
5012 497S 51*8
140 N ov
ash C h att & S t L o u is , 140*4 Jan 19 152 M ay 17 125 J ’ ly
*147 155 *148 155 *149 155
N at R y s o f M ex 1st p ref 63 May24 72*8 Jail 26 60 F t b 72*8 N ov
*00
GO
00
*01
*00
05
2934
Mat
31
D o 2 d p re fe rre d ___
38*8 F eb 15
37*2 NOV
2,000
23*2 J ’ly
3012 30*4
29*4 297s *3012 311,
128 M ch
8,600 N Y Central A H u d s o n .. 104's A p r lb 115*2 F eb 3 105*8 J 'ly
100*4 107*4 107 1081, 109 110
N Y Chic & St L o u i s 65 Jan 19
67*2 A p r 17
55*2 Alay
687s N o v
*58
00
00
*58
*58
00
D
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p
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fe
r
r
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...
101*2 F e b 21 101»s M ch 20 §101
J ’ly
109*4 Jan
*102 107 *102 107 *102 107
D o 2d p re fe rre d _______
83 A p r 7
90 Jan 27
8234 A p r
98 Jan
*81
90
90
*84
90
*84
149 A pr
162 Alch
111*8 145*3
355 N Y N II & H a r tfo r d ____ 142 A p r 25 15Hg F eb 23
*143 141 §144 144
S u b scrip tio n receipts V- 141 M ay It; 149*2 F eb 27 7rl43 J ne 6151 Alch
*141 144 * ____ 144 *141 141
44*8 F e b 6
40*8 A p r 22
50 Jan
3812 A u g
43U 43*8
1,800 N Y O n tario A W e s te rn .
4214 42*8
42*4 43
88l2 J ’ly
108*8 M ch
11,100 N o rfo lk A W e s te rn _____ 100*4 Jan 3 109*4 M ch 28
X100 107*8 107 107*8 107*8 108
91 M ay2.'
8534 A p r 18
88 F eb
_ _ _ ____
D o a d ju s tm e n t p r e f ..
91*4 Mch
100
*90
92
90
90
39*2 J an 3
35 F eb
43*2 M ch 6
40*8 D oe
4812 43*2
100 N o rth e rn O h io T r a c A L t
*42
45
116 J an 3 135*4 J ’ ne 2 111*2 A u g 145*8 Jan
1271, 130*4 130*2 13310 134 1351.1 129,235 N orthern P a clllo ____
100 Jan 11 102 Jan 10 100 O ct
a d lie C oast C o ____
118*4 Jan
+98 105
*95 105
*95 105
P
D o 1st p referred
*85 110
*85 110
*85 110
D o 2d p re fe rre d ___ 101 J a n 11 102 Jan 11
105 Feb
118 Jan
*98 105
*95 105
*95 105
1384 M ch
12012 M ay 15 130*8 F eb 2 122i2 J ’ly
1207s 121*8 121*4 12312 12314 124*8 72,470 P e n n s y lv a n ia ________
R
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____________
115,392
2
A
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2
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May
18
2
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2
9-32
2*4
2*s
2 1-10 2 9-04
93*2 M ay 13 100 Jan 17
731 P lttsb CIn Chlo A S t L . . _
89 J ’ ly
104*8 M ch
94U 0414 94*2 95*2
9414 9I14
D o p re fe rr e d _____
110 O ct
111 M ay20 112 F eb 17
116 M ch
115*2 *108 11512
*108 115*2 *108
149*4 A p r 24 I 6 G 4 Feb
172*4 F eb
130*8 J ’ ly
156*3 160*J 157*2 159*8 15914 101*8 149,800 T ) e n d i n g ____________
AV
1st
p
re
fe
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___
350
88
M
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1
91
F
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3
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91
x85 A u g
91
93*2 F eb
*90
90
90
2 d p re fe rre d ________
240
94 J an 5 101 M ay 2
87 J 'ly
IIOI2 Jan
90*8 90*8
9712 971 , +90*8 99
227g J ’ly
327j 33^2 24,600 R o o k Island C o m p a n y ___
3378 Feb
32
33
27*4 A p r 21
57*4 Jan
31*2 33
D
o
p
re
fe
rre
d
_________
950
64
6412
6734
A
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24
65*2
Feb
03
631,
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63
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t L A San F r. 1st p r e f.
100
68
61 A p r 24
68 F eb 6
G512 6512 *05
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73 Jan
*01
05*2
S
D o 2d p re fe rr e d ____
42*8 42VS 43
4512 8,750
38 A p r 22
41*4 4212
45*2 J ’ ne
34*2 A u g
60 Jan
St
L
o
u
is
S
ou
th
w
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32
32
33
900
24
Jan
13
* 3 ll2 32
*3U 2
34 Feb
34i2 Jan
18*2 J ’ly
300
D o p re fe rre d _______
59*4 Jan 3
09
09
095s
*08
70
*68
51*2 J 'ly
69>s J ’ ne
77i2 Jan
120*4 1207s 51,550 S ou th ern P a clllo C o ___
1133s A p r 18 121*4 F eb
10314 J ’ly x 13S*4 Jan
117 IBJI4 118 120
291
2
201
2
29*4
S
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m
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25*2
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2934
M
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28*4
2 0 .SOO
18 J 'ly
28*4 29
33*4 Jan
6 U4 Jan 11
69 J ’ne 2
0,400
Do
pref
do
43 J ’ ly
75 Jan
07
0712
O7 I4 O8 I.1 0812 69
28
2812
25*2 J an 3
28
1,700 r P e x a s A P a cific _______
30*4 Feb 21
27
27
36*4 J an
22i2 J ’ly
28*2
1134 *11
12
*11
*11
12
200 JL hlrd A v e n u e (N Y ) __
12*8 M ay 22
5>» J ’ne
8*s M ch 2
19i2 Jan
*7
8
7
6*4 M ch 27
8*2 Jan 17
7*4
5*2 J ’ ly
400 T o le d o R a ilw a y s A L t ___
15*4 Jan
*714
7*2
21
217S 21*4 2134 2 l'lj 227s
19 A p r 24
2,400 T o le d o St L A W e s te rn .
24*4 Feb
19 J ’ ly
54*8 Jan
607s 507s
D o p re fe rre d ________
537g Jan
45 A p r i l
2,700
42*4 J ’ly
72*4 Jan
60*8 507S 60*2 62
109*>8 10958
110
110 *109*4 111
375 T w in C ity R a p id T r a n s it. 108 Jan 11 111 Feb
103 J ’ ly
117*2 Jan '
nion P a c ific _______
169*4 Jan 3 1867s J 'n e
184*4 1807s Xl847a ISGI4 282,775
182*4 180
15214 J ’ ly
204*4 J an
94
9 4 I2 9473 951,
D o p re fe rr e d ____
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90?2 M ch 6
94*s 9H 4
95*4 A pr
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103*4 Jan
41
4214
41
1,800 U n it R y s I n v ’ t o f San Fr
41
49
Feb 20
42*4 Jan
31*8 Jan 3
2334 J ne
40
40
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60*4 Jan 3
72*2
1,100
76*4 M ch 22
*70
71^2 72i2
47 J 'n e
7238 Jan
70
70
Virginia R y a P o w e r ____
41*2 A p r 13
45 A p r 24
17
17
15*2 Jan 6
1,100 Y I T a b a s h _______________
18*s F eb 23
10*2 16*4
27*4 .'an
10 ** 1012
12*8 J 'ly
327g
Jan
11
373.1
38*8
D
o
p
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____
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40*8 Feb 23
61 Jan
30
3712 36*4 371 ,
18*8 J ’ ly
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6l78 May31
5,700 W estern M aryland R y . .
40 J ’ly
54*3 M ch
00
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60*s 60-8
801, 81
75 Jan 14
D o p re fe rre d ________
800
81 M ay 13
67 AUg
♦79
80*2 *7912 81
77 D eo
*413
5
4 A p r 25
W h eelin g A L a k e E rie___
0*4 F eb 3
5
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5
3 Apr
10 Jan
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17
D o 1st p r e fe r r e d ..
17
12*8 A p r 26
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*11
17
*15
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23 Jan
D o 2d p re fe rre d ___
5 Jan 5
71?
*012
7*2
8 F eb 7
*6
712 * 6*2
4 J 'n e
13*2 Jan
09
69
68 I4 0814 *69
57 Jan 3
70
600 W isco n sin C en tral_______
44 J ’ly
72*a M ay 1
64 N o v

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B A N K S A N D TR U ST COM PANIES— B R O K E R S’ Q U O TATIO N S.
Banks
N ew York
A e t n a ____
A m erica 11..
A a ic r K xch .
A udubon . .
fla t t e r y P k .
P o w e r y H ...
slron x B orof
(Bronx N at.
B rya n t Pk 1i
■ uteli & Dr
O oalu ry H__
Chase _____

ma

Ask

175
000

250
105
135
409
300
190
155
138
150
525

025
255
115
115
200
100
145
—

Banks
Chat&Phenlx
Chem ical . .
Citizens’ Ctl
Cl t y ________
Coal & Iron
Colonial 11..
C olum bia H.
C om m erce .
Corn Ux 1i..
Cast R iv e r .
F idelity 1|..
Fifth A veil.

Rue
172
200
425
HGO
1399*4
150
400
375
1213
325
115
165
4100

Ask
178
435

_

1400
100
400
1216
330
125
175
4350

tint
300
925
14th Stfl___ 140
F o u r t h ____ 1205
G a ll a t i n ___ 335
G a r f i e ld ___ 295
G erm -A m H 140
G erm ’ n Exll 485
G erm ania 1). 550
G oth am . .
150
G reenw ich 1] 240
H a n o y t r ___ 1635
K arri m an . . 285
Banks
Filth ..........

Ask
350

Banks
Im p <5j Trad

150

JelT ersonll..
L ib e r t y ____
U n o o lii____
U anhattanli
U ark’ t * F u l
M ech<feUets
M ercantile .
Merch Kxch
M erchants .
M etropolis H
M etropol ’ nil

_

345
305
145

__

575
155
250
—

Hid
575
215

145
600
400
335
250
268
155
165
179
395
193

Ask
585

Banks
Alt MorrlsU.

Hid
250
285
300
210

N a s s a u ____
New N eth'd
New YorkO e
New V orlc. 305’
19th W a r d . 170
P acificl!____ 280
273
P a r k .......... 1374
105
P e o p le ’s U__ 2*5
170
182*2 PlazaH_____ 626
415
205

155
625
425
345

Ask
280
295
220
975
315

Banks
Prod E xch 1

Hia
170

>eaboard . .
S e c o n d ____
S h erm an ___
State U ____
12th W a r d .
23d W a r d ..
Uu.OB K x c.
Wash H'ta 1
W est Side H
V orkvilla U.

415
385
135
250
110
175
170
275
t>40
600

Ask
175
400
275
180

•Bid and askod prices; no sales were m ade on this d a y . tH x -rlg h ts . § Less than 100 sh ares. IS ta to b a n k s. a E x -d iv id c n d and r ig h ts, b N ow stock*
L" IS alo at S to c k E x ch a n g e o r at au ctio n this w eek . /» First Installm ent p a id , n S o ld a t p riv a te sale a t this p r ice , t 2 d p aid. V 3d p a id .




1484

New York Stock Record— Concluded—-Page 2

STOCKS— HIGHEST A N D LOW EST SALE PRICES.
Saturday
M ay 27
*240

Tuesday
M ay 30

Monday
M ay 29

Wednesday
M ay 3 1

Thursday
June 1

Friday
June 2

Sa’rs of
the
Week
Shares

STOCKS

N E W Y O R K STOC K
EXCHANGE

[VOL. LXXXXII,

Range lince January 1.
On basts o f 100-shars lots.
Lowest.

Range fo r Previous
Year (191").

Highest.

Highest.

Industrial&Miscellaneous
*240 247 *240 247 *240 247
235 Jan 2< §245 A p r 7 §235 D ec
934,
9
9%
C34
§9%
9%
3,925 71 llls-C halm ers
7% A p r 18
9% May31
7% J ’ ly
32
33
33
3338 *32
33%
3.500
D o pref
25 A p r 21
34 F e o
27 A u g
64% 67%
65% 66%
66% 67% 75,180 A m a lg a m a te d C o p p e r___
59% A p r 18
55% J ’ ly
6S% May 23
58
58
58
58
58% 58%
1,400 A m er A g ricu ltu ra l Chem
46 Jan
6 )■ • Mav 1
35 J ’ly
*100 103 *100 102% *100 102% ...........
D o p r e f________________ 101% Jan 27 103 F e b
99% A p r
51% 5378
533s 54%
53% 54% 42,225 A m erican lle e t S u g a r____
39% Jan 12
54% J ’ ne
24 J ’ ly
99
99
*9834 99% *99 100
100
D o pref
P2 % Jan
89
J ’ ly
1<>0
May
22
*93% 95% *93% 95%
93% 93%
100 A m er B rak e S h oe & F d y .
SO Jan
97 F e b 27
82% O ct
*13212 135 *132% 135
133% 133%
100
D o p r e f___
128% Jan
138 F e b 23
119 J ’ly
1134 12%
11% 12%
2.500 A m erican Can
11% 12
8% Jan
67g ) ne
12% M ay 9
86 % 8 8 %
87% £3%
87% 88
7,985
D o p r e f___ __________
77 Jan
8S78 M a» 23
62 J ’ly
54% 55%
56% 56-% 56-% 57
3,000 A m erica n Car & F o u n d ry
50% A p r 24
57%» F e b 8
39% J ’ ly
*112 120 *115 120 *115 120
______
D o p r e f________________ 114% M ch 13 120 M ay23
109 J ns
50% 5034
50% 51%
51
5178
3,250 A m e rica n C o tto n O il____
49% M ay
62% F e b 28
52% J ’ly
*98 102
*98 102
*98 102
______
D o pref
_______ 100 M ay26 105% F e b 16 100 D e c
*237 240 *235 240 *235 239
______ A m erica n E x p r e ss______
§224 Jan 11 §255 Jan 27 §230 D e c
*4
4%
*4%
4%
*4
4% ______ A m erican H ide & L ea th er
3% J an 25
4% Jan 31
3% Sep
*23% 24% *23% 24% *23% 25
300
D o pref
________
20 Jan 10
25U F eb 8
19 Sep
19
“
20
20
20
* 20 % 22
2,550 A m erican Ic e S e cu ritie s.
17% Jan 17
16% D ec
25% M ch 14
* 10% 11% §11
11
* 10%
175 A m erican Linseed
11%
10% A p r 21
12% F e b 14
10% J l y
31% 31% *31
32
31% 31%
450
D o p r e f________________
30 A p r 21
31 F e b 14
25% J ’ ne
40
40
*40% 41%
41
41%
851 A m erica n L o c o m o t iv e ___
35% A p r 21
43% M ay22
29 J ’ ly
*108 110 *108 110
108% 108%
100
D o p r e f________________ 104 A p r 18 110% Jan 13 102% A u g
*4
5
*4
5
*4
5
A m erican M alt C o r p ____
3% F e b 17
4% Jan 18
3% D ec
34% 34%
34
34% *34
35
D o p r e f________________
300
31% M ch 8 36% Jan 25
28% J ’ ne
*875S
*87% 881s *87% 88%
A m er Sm elters S ec pref B
86 M ch 8
89 F e b 2
82 J ’ly
78% 80-% 79
80 "
SO
81% 41,450 A m e r Sm eltln g& R efin in g
70% A p r 18
81 % M ay22
61% J ’ly
106% 10634 §106% 1061
106% 106-%
D o p r e f________________ 103% Jan
320
107 M ay22
98% J ’ lV
*268
250 250
250 250
200 A m erica n S n u ff______1 .1 1 250 J ’nc
325 M ay 23 245 NOV
101 101% 100 100
D o p r e f________________
500
99 A p r
104 M ay 8
95% Jail
43
43
*42
45
*42~ 43*
100 A m e r Steel F ou n d (n e w ).
39% A p r
52% F e b 9
38 J ’ly
119 120% £118% 118% 118 120%
5,000 A m erica n Sugar R efining 113 Jan
122% F eb 27 111% O ct
*116 120 £118% 118% §117 117%
D o p r e f________________ i l l Jan
248
119% F eb 14 111% D ec
148 149% 148% 149% 149% 150% 15,892 A m erican T e le p h & T eleg 140% Jan
150% J ’ no 2 120% J ’ly
90 100%
98
98%
97% 98
5,976 A m erica n T o b a c (n e w ), p f
93% Jan
102 M a y l8
90% J ’ly
33
33% *33
33%
33% 33%
700 A m erican W o o le n
30% Jan
36% M ch 21
25% J ’ ly
*93
94%
93% 93%
94
94%
D o p r e f_______
1,300
86% Mch 29
96 F eb
90% D ec
29% 29% *29
30
*29
30
100 A m er W ritin g P a p er, prf.
27% M ch 17
34% F eb 1
39% 40%
39-% 40
40
40
1,500 a A n a o o n d a C o p p e r P a r %'25 $36% A p r 18 S-ll F e b 1 $33% J ’ly
tuMl Inllnm Steel
. _1
3278 32%
32% 33
*323S 34
500 IIJethlehem
26% M ch 14
3414 A p r 1
21 J ’nc
62% 63%
63% 63%
63% 64%
3,325 > '
D o pref
59 Jan
64% A p r 1
49 AUg
142 142
143 143 *143 144
300 B ro o k ly n U n ion G as____ 135 Jan 3 143% M ay 17 125 J ’ ly
*9% 10
9%
9
9%
400
B run sw ick T e rm & R y Sec
9-%
9 Jan
10%
F
e
b
1
8 J ’nc
*29
31
*29
31
*29
31
B u tterick C o ____
28 F e b 16
28 J ’ ne
31 M ch 30
29% 31
30% 31%
31% 31% 10,900 / 'e n tra l L ea th er
26 A p r 24
3378 F e b
25% J ’ly
102 102 *101 103 *102 103%
200 '
D o p r e f____ _________
98% A p r 22 105 F e b 10
99% J ’ ly
22% 24%
23% 25
7,000 dChlno C o p p e r____ P a r 55 S21% A p r
24% 24%
$25% M ay 19
3234 335g *33
337s
3378 34%
2,600 C olorado Fuel & I r o n ___
28% A p r 22
36-% Feb
22% J ’ ly
143% 146% 144% 145% 145% 146-% 11,300 C on solidated Gas (N Y ) . 135% Jan
146% M ay22
122% J ’ly
14% 15
15
15%
15% 15%
6,300 Corn P r o d u cts R e f i n i n g ..
13% Jan 10
11% J ’ne
15% M ay 17
§84% 84% *83
85
84
84
1,420
D o p r e f________________
74% Jan 10
85
M
ay29
70% J ’ ly
36
37
36% 36%
36% 3678
2,450 D istillers’ Securities Corp
32% Jan 11
38% M ch 1
25 % J ’ly
27
27
27
27
35
200 F ederal M in ing & S m e lt’ g
*27
17% Jan 28
36 F e b 16
12 O ct
*60
64
*60
64
*60
64
D o p r e f ________________
48% J an 11
66% M ay 19
37 O ct
2163 166% 164% 165% 164% 165
25,027 General E le c t r ic _______ d £145% M ch
134 J ’ly
168% M ay29
6
6%
6% 6%
6% 6% 7,400 G oldfield C on M . P a r 510
6% J an 14
77s Jan 3
$7% O ct
124% 125% 124% 125% 126% 120%
4,200
n t H arvester stk tr efts 109 Jan 3 129% May
s83%Feb
125 125
125 125
125 125
830 I D o pref stk tr c t f s . . 122% Jan 3 128% M ay 4 r l l 7 A u g
4%
*4
*4
4%
*4%
4%
In t M cr M arine stk tr ctfs
4% A p r 20
5% Jan 30
4% J ’ly
17% 17%
17% 17%
17% 17%
550
D o p r e f_________
15% Jan 17
18% M ayl8
125g J ’ ly
12
*11
11 % 11 %
300 In tern ation al P aper
11% 11%
9% A p r 27
13% Jan 31
9 J ’ly
52
*50
*50
52
5034
50
800
Do p r e f________________
445g M a y l5
56% J a p 17
41% J ’ly
40
40%
41
41%
6,200 In tern at S team P u m p ___
41% 42
38% A p r 18
44 F e b 8
36% J ’ ly
89
*8 8
881., 89%
89% 89-%
1,600
D o p r e f________________
84% Jan 26
90 M ay24
78% J l y
106 106% £104% 104% 104% 105%
5,000 L a clede Gas (St L ) c o m . . 102 A p r 18 114% Jan 20
93 % J ’ ly
90
90
*89
92
*90
91%
200 M a ck a y C om panies
90 M ay 13
95 F e b 2
79 J ’ly
76% *75
*75
7678 *75
7678
D o p r e f________________
74% Jan 18
77 Mch 7
71 J ’ ly
19% 20 %
20
20%
20 % 20 %
4,300 dVllaml C o p p e r___ P a r 55 $18% A p r 18 $2078 M ay22
133 135 *130% 137
13634 13G34
800 "VTatlonal B iscu it
117% Jan 16 141 A p r 4 100 A u g
128 128 §127% 127% 128 128
375 -Lx
D o p r e f____________ 124 Jan 20
F e b 4 118% J ’ ly
17
*15
*15
17
*15
17
100 N at E n a m e l’ g & S ta m p ’g 16% M ay29 130
14 Sep
18% M ch27
92
*84
92
*85
92
*85
D o p r e f___
85 Jan 6
84 O ct
90
F e b 18
54% 55
57
*55
2,600 N ational L ead
57
57%
50% A p r 25
59 F e b 2
46% J ’ ly
*107 109% *108 109% *107% 10934
200
D o p r e f___ __________
105% M ch 24 109% M a y22 101% J ’ ly
18% 19%
19%
19
19
19%
6,510 dN ev Cons C op p er .P a r 55 $17% A p r 19 $20 F e b
017% J ’ ly
74
73
*71
*71
73
“73
100 New Y o r k A ir B r a k e ____
68 A o r 27
69 J ’ne
74D M ay 18
73% 73%
7578 76
76
76%
1,000 N orth A m e rica n Co (new)
64 Jan 10
70% M ay IS
60% N o v
24% 25% *24% 26
26% 2738
1.300
acific M all........................
23% A p r 24
2278
J ’ly
29%
Jan
4
P
49% 49%
50% 50%_
50% 5138 3,000
aelllc T e le p & T e l e g . .
44 J a n 3
54% Jan 31
30 J ’ ly
105 105% 105% 105% 106 106
930 P e o p le ’s G L & C (C h ic ). 103 A p r
109 J a n 19 103 J ’ ly
113% 114
114 114% 114% 117
4,200 P h iladelph ia C o (P Itts b ’ h) 100% Jan
117 J ’ no 2
84 J ’ ly
21% 22%
22% 23
22 % 22 -%
3.900 P ittsbu rgh Coal Co
17% Jan
23 J ’ uo 1
13 J ’ ly
85
87
86 % 88 %
13,020
87
88
D o p r e f________
67% Jan
88% J ’ ne 1
60% J ’ly
34% 34%
35% 35%
1,210 Pressed Steel C a r.
36
36%
30% J an
36% M a y 2 z
25 J ’ ly
*99 101
§99
99
Do n re i______ ____
*99% 101
50
92% Jan
101
A
p
r
28
90 J ’ ly
*119 120
119 119% *119 120
200 Pu b S e rvice C orp o f N J . 116% Jan 31 120 F e b 7
162% 162% 161% 161% §16238 1623s
420 P u llm an C o m p a n y _______ 159 Jan 3 163 Jan 30 155 J ’ ne
34% 35
*34% 35
35% 36
600 |> alhvay Steel S p rin g ___
31 Jan 11
38
F
e
b
3
28 J ’ly
101% 102
101% 101% *100 102
500 IV
D o p r e f_____________
92 Jan 3 102% May24 £90% Sep
17
17%
1734 18
17% 1778
5.300 d R a y C on sC opper P a r 5 10 $15% A p r 19 $18% M ay 18
29% 30%
29% 30
30% 30%
4,330 R e p u b lic Iro n & S t e e l ..
29% M ay31
35%
Feb
27
J ’ ne
93% 95
*93% 95
94
94%
1.900
D o p r e f____________
92% A p r 26
82% J ’ ly
99% Feb
*135% 140-% 140 140 *140 141%
700
136%
May26
192
F
e
b
6
150
J ’ ne
491., 49%
49% 49%
4934 50
1,800
loss-S h cffield Steel & Ir
49 A p r 22
50% F eb 6
48% D ec
37% 38%
38% 38%
38% 39%
8,600 dT ennessee C o p p .P a r 525 $32 Jan 11 S 39 % J’no 2 S19% J ’ ly
127 128% 128 128 *127 128%
825 T exa s Co (T h e ) .................... 125 A p r 25 139% Feb 1 134 O ct
81
81%
81% 81%
81% 82
1,920 I [ n d crw ooil T y p e w r ite r .
63 M ch 10
83% M ay24
*108% 109
108 108% *108 109
200 ' ’
D o p r e f_____________ 103 M ch 31 108%.) ’no 1
*7
8
*7
7%
*7
7%
U nion B a g & P a p e r _____
7 M a y lu
9 F eb 9
0 J ’ly
*57
59% *57
59% *57
59%
D o p r e f________________
56%
A
p
r
29
59% Jan 30
62% D ee
*104% 105
105% 105% *1041o 105%
200 U nited D ry G ood s C o s . . 100% J an 27 106% F e b 20
90
A ug
*103% 105% *103% 105% 105% 105%
330
D o p r e f________________ 102% J an 5 107 F e b 18
99% A ug
17% 17%
17% 17%
18
IS
300 U S Cast I P ip e & F o u n d r
15 Jan 10
19 F e b 23
14% J ’ly
*561 .58
“
58
*56
*56
58
D o p r e f.............................
50 Jan 16 1 6 I F e b 2 ..
49 J ’ ne
98
98
*97 100
*95 100
100 U nited S tates E x p r e ss ___
95 Jan 7 §105 Jan 27 §93% D ec
77
79% *78
79
78% 78%
1,000 U S R e a lty & Im p r o v e m ’ t
65% Jan 25
79% M ay 29
04% J ’ly
41
41% 41%
40
41%
2,400 U nited S tates R u b b e r . . .
41
36 Jan 6
477g M ch 1
27 J ’ ly
113% 113% *113
113% 113 113%
100
D o 1st p r e f____________ 109% J an 18 1147g A p r 10
99 J ’ ly
77
77
7678 707s
77
325
77
D o 2d p r e f................. ..
72% Jan 31
79 M ch 1
59% J ’ly
76% 78 520,710 U nited States S te e l_____
75% 78
£75% 70%
71% Jan 3
82% F eb 0
01% J ’ ly
118 118% 118% 119% 118% 119-%
6,725
D o p r e f ________________ 116% Jan 3 1207g F e b 4
110% J 'ly
47% 48% 27,350 dU tah C o p p e r___ P a r $10 i'42% A pr 19
46% 48%
47
47%
SIS’ 1 May 24 t$39% J ’ ne
58% 60
58% 59% 20,550 Vlrginla-C arolina C h e m ..
58% 61
57 M ay 20
70% Fell 28
47 F eb
100
*125 126 *125 126 *123 126
D o p r e f________________ 122% A p r 22 12.-0
2 M ch 15
117 J ’ ly
145
§173% 174 §173 175 §174 175
ells F a rg o fc C o _____ §150 Jan 18 177 M ay26
144% D ec
80% 82%
17.250 W estern U nion T e l e g ..
81% 83
81% 82%
71% A p r 18
84% May24
50 J ’ ly
38,600 W esttn gh’scE I& M fg assen
75
g% |
76% 77
.
76% 78
64's A p r 19
79 M ay 29
49% J ’ ly
118
290
D o 1st p r e f_________
18 '*117 119 *110 118
1-16 Jan 14 123 Jan 5 110 Mav

247

*241 247
8%
938
8%
812
303.1 31
31
33%
67
6734
67
67%
58% 59
53
5S38
* 102% 10212 *99 1027S
5218 5334 53% 54%
*99
997s *99
9978
*93% 95% *9312 95%
*13212 135 *1321o 135
12
121S *1134 12%
873.1 88
87%. SSI.
55% 55%
56
56
*119 120 *112 120
5012 5034 5078 51
*97 105
*98 102
*240 243 *240 243
*4%
434 *41,
4%
23!4 231p 23% 23%
2U 8 22
20 % 21
10% 10% * 10% 11%
*30% 3134 3134 32
*40
42
*40
41=>a
*108 110 *108 110
*4
5
*4
5
*3414 343., *34
35
*873.i 8834 *88
8S34
801.1 80I2 80% 80%
*10G12 107
106% 106%
*26S
____ *268
...
*100
*101
...
*42
44
*42
44
*119 1207s 119% 120%
*11719 120 *117 120
1483, 149
148% 14S78
10158 101% 1013s 101%
*33
34
33% 33%
93% 93% *93
94
*29% 3078 *29
30’
*39% 40%
39% 40
*32% 3334 *32% 34
*0012 6312 63
631
*142U 143% *142% 143%
*9% 10
9
9%
*29
31
*29
31
30% 3034 30% 31%
*101 103
10219 102%
243., 2434 24% 2478
*33% 34%
33% 3334
145 145
145% 145%
15
15%
15
15%
84
84
84
85
36% 36%
36% 3678
*28
29
*27
35
*593., 64
*593., 04
164 164% 1643, 16S38
6
6%
6%
61.,
126 127
12578 126%
*125 140 §126 126
*4
4%
*4
5
*17% 18
17% 17%
113, 1134 * 11% 12
5078 507g *40
“
62
*39% 40%
40
40%
88
88
88
89
106% 10638 106 106-%
90
90
*90
93
*75
767s *75% 7678
201, 20%
203s 20%
137 137
135% 136
*127% 128% *127% 129
*16
17%
1634 1634
*85
92
*85
92
55% 55% *55
58
*108% 109
10E3., 109
19% 19%
19% 193S
*70
"•
75
*70
75
*74
75
*73% 75
*25
26%
26
20
51
51%
5078 5078
105 105
105% 105%
*114 115
113-3, 114
213s 21%
221., 2 2 %
85
85
85
87
.35% 35% §35
35
*99% 101
*99 101
*119 120 *119 120
*161% 162% *161% 16234
35% 35% *34% 3534
*101 102
102 102
*173., 18
1734 1778
3078 31
30
30%
*93
95
95
95
139% 140% 14034 110%
*49% 52
*49% 52
38% 38-% 383S 3834
* 1 2 9 % ____ 129% 129%
82
83
81
81%
*108 109% *108% 109
*7
7%
*7
734
*58
59% *57
59%
*104% 105 *104% 105
105% 105% 105% 105%
*17% 18
*17% 18
*563., 58
*563, 58
*97% 100
*98 100
79
79
793.,
79
41% 41%
41
41%
*113 114 *113 114
*77
78
*77
78
78% 78%
77% 7838
119 119
11SS8 119%
47% 4778
4758 48%
59% 59%
59% 60
*125 126
125% 125%
*173 177 *173 177
82
83
81% 82%
75% 77%
773, 79
*116 118
118 118

__

§270 Jan
15 Jan
54% Jan
90% ta n
49% O ct
103 Jan
47% Jan
95% J ’no
91% N ov
131% N o v
1378 )an
82 % N ov
727g Jan
120 M ch
69% Mch
107 O ct
*320 Jail
8% Jan
477s j j n
29% Mch
17% Jan
4G78 Jan
62% Jan
115 Jan
8 F eb
48 M ch
9078 Jan
104 Jan
112% Jan
285 A p r
102 D ec
66 Jan
127% Feb
124 F eb
143% F eb
99% Mch
39% Mch
104 M ch
854 Jan
347g O ct
65 Jan
164% Jatv
18% Jan
33 Jan
48% Jan
109% Mch
50 Jan
100% Jan
23% Jan
86% J an
36% Jan
60 M ch
88 Jan
16078 Jan
$9% Sep
125 Jan
129 Jan 1
7% Jan ’
24% Jan
16 Jan
61% Jan
54% Jan
90% Jan
116% Jan
98 O ct
78% O ct
119% D eo
125 Jan
28% Jan
96% Jan
89% Jan
110% Jan
S22% O ot
95% Jan
84 Jan
43% Jan
40% Jan
116.% Jan
100% Jan
27% Jan
85 Jail
5178 Jail
107% Jan
200 Jan
5178 Jan
107 Jan
45%
104%
190
80%
S40%
144

Jan
Jan
N ov
Jan
Jan
O ct

13% Jan
73 Jan
122 Jan
11378 Jan
32 Jan
84 Jail
145 Jan
84% Jan
52% Jan
110% Jan
84 Jan
91 Jan
125% Jan
$60% Jan
00% O ot
129% Jan
195 Jan
78% Mch
82% Jan
130 F eb

B A N K S AN D T R U ST COM PANIES— B A N K E R S ' Q UOTATIONS.
Bid
Banks
B rooklyn
B road w ay 1 385
C on ey Isl’ d f
First _______ 290
H lllsidell___
—
H o m e s te a d !
Manufac’ rs’ 410
Mechanics'!; 225

__

Montauk . .
Nassau . . . . f250

Ask
400
155
310
125
115
425
240
150

Banks

Bid
Brooklyn
N at C it y ___ 285
N orth Side T 150
People s ___ 158
P ro sp ’ctPk^ 135
tru st Co’ s
N Y C it y
A s t o r ____
Bankers' Tr

Ask

1rust Co's

Bid
N Y City
300
B’ w ay T r . . 142*2
170
Central T r . . 1000
165
C olum bia . . 305
142
Com m ercial
105
em p ire . .
300
Kqutt’ ble Tr 597%
Farm L o& 'l
F i d e l i t y ___ 220
347% 357% F u l t o n ____ 29J
65o
080

Ask
118
1050
310
115
310
515
1525
310

1 ru st C o 's
G u a r'ty T r
G uardian Tr
H u d s o n ___
K n ick e rb ’ kr
Law T I& T r
Lincoln Tr.
M anhattan
M ercantile .
M etrop ol’ t ’ n
M u tu a l____
.Uut Al'ncc-

Bid
810
135
140
285
245
125
390
725
465
132%
125

Ask
820
150
295
25)
135
410
735
130

tru st C o 's
NY Llfe& T r
N Y T r u s t.
S a v o y ..
Standard Tr
T t t lc G u * Tr
T r Co of Am
Union T r
US M tg& Tr
Unit S tates.
W ashington
W estchester
W indsor . .

Bid
1100
400
485
300
1230
475
1150
300
15)
95

Ask
1120
025
95
410
49 J
1250
485
1175
375
100
100

1 rust C o ’ s
Brooklyn
B rook lyn Tr
Citizens’ ___
Flatbush . .
Franklin . .
H am ilton . .
H o m e _____
Kings Co . .
L Xsi L & Tr
N a s s a u ____
P e o p le 's ___
%ueens C o .

tiuu <i3 kou puuco, uu aaico uu i»uia Utly . $ -LjG3S UKUl 1UO Shcirefl
t K v-rltrh
/> iVow qfnolr
it
. , , .
,
tS a le at S to c k E x ch a n g e o r a t a u ctio n this w eek, s E x -s to c k d iv id e n d ! 1 B anks m arked w ith a p aragrap h ' (1? a r o S t a t e b a n k s !




Bid

A ik

440
120
200
185
2)5
100
505
310
155
300
100

450
130
215
200
275
110
325
105
310
120

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. I 190 9, the E xch a n ge m ethod o f q u otin g bond s mas c h a w e d , a n d prices are n o t a l l —“ a n d in t e r e s t " —steep', /or in com e a n d d e fa u lte d bond s.
RONDS
N. Y . STOCK. K X O H A N O R
W ickk en d in g J u n k s

w-2

P r ic e
hr. an
J un e 'i

W eek’ s
R ange or
J.ast nale

IS

Jiang e

~ 3 ! Since
ft,
J a n u a ry

1

BOND N. Y. S T O C K b X C H A N S K
WEEK E nding JU n K2

J’rice
hr i d a y
J u n e 'i

W eek's
R an ge or
L a st sa le

R an ge
Since
Jan uary 1

C e n to i u a B B —( c o m
iiiu
A s k Lov>
H ig h H o L o w H ig h
3d pret in co m e g 6s stam ped. . . . .
Cliatt D iv pur m on g 48.1951 j .y i
8 8 V ......... I 87®h P e b ’ l l . . . . 87®8 87®s
M ac Jb N o r D iv 1st g o s . 1946 j . j
1057g ......... 10 6 V M ar’ l l . . . . tlOo V 1 0 6 V
M id G a 3b A U DlV 5 s ....1 9 4 7 j . j 105 ® ,......... 115 N o v ’05 . . . . I.......................
M ob ile D iv l s t g o s ........1946 j . j
100®, llD V 100®, M hv’ H . . . . 108®4 109®,
Ceu B B db B ot Ua c o l g 6s 1937 m -N 101®,1()7 101 V A p r ’ l l . . . . HU V 102
C e n to i M J g e n ’ l gold 6 s . 1987 j . j 122®s 123 V 122®r 123 1 4 2 122
123V
B e g ia te r e d ................... A1US7 Q -J 122 123V 1 2 2 V M a y 111 .... 122 123V
A m D o ck db Im p gu 5 s ..1921 J . j 106*8 107 V 107 V M a r ’ 11 . . . . 107 V 108V
Be db H u d it gen gu g 5s 1920 j . j 103*, . . . . . . 1.......................... . . . ! . . ....................
I
I
F o r e ig n (lo v c r i m i e m
Bell db W ilk s B Coal 6 s ..1912 ,\;.N 1 0 0 V ........ HOOV A p r 'l l ! . . . . l l l 0 0 V 100 V
A rg en tin e—In tern a l 5 s ot 1900 M-S ♦ 97®g 97®,' 98
98
97*4 99
N y i& B o n g B r gen g 4s 1941 \i-S 100 ......... 1 99*V D e c ’ 10 .
Im perial J a p an ese G ov ern in '!
Cent P a oilio nee s o P a cific Co
S terlin g loan 4 V s ............1925 F-A t 94*4 94 *-2 94®s
94®&
93«8 95®4 C e n t V e r m o n t ls t g u g 4 8 .e l 9 2 0 q . f
90
9 0 V SO’ e M a y ’ l l ....II 8 7 V 82Q
94*4 9 4
94 V 11 93V 95 V
2(1 aeries 4 V s ..................1925 J - J * 94
Chas db s a v nee A t l Coast B ine
S terling loan 4 s ............. 1931 J - J t 8 8 7g 8 h *u 89 M ay’ l l . . . . ' 87 7„ 90
d i e s db O hio go ld Os......... a l9 1 1 a -O ......................TOO N o v ’ 10
R ep ub oi Cuba 6 a ox ten d e b t.. M S * ......... 103 1103
103
1 102** 104
G en fu n d in g db im p t 6 8.1020 j . j 104 105V 105 V May’ l l
,102V 100 V
E x tern a l lean 4 V s ......... 1949 P - A * 97*4 09% 98*4M ay’ l l . . . . 97®4 100
1st consul g 6 s ................... 1939 m -N 112 V U27» 112*8
1 0 !U 1 »8 113 V
San Pauio (B razil) tr u s t 5a 1919 J J * 97*8 07 V 97 V
97%
1 97
97 V
. . . i ! i n ®4 i n ® ,
B e g ia te re d ....................... 193U ivi-N .....................I ll ® , M vyM l
U 8 ot M e x ico a l g 6 s ol 1899 Q -J 1 96*4 Sale I96*4
96*4
5 96
98
G eneral g o ld 4 V s..............1992 m . s 1 0 1 V Sale 1101V
I 0 l » 8 22 100 ®s >02
G old 4a ot 1904..................1964 J -D
92*i> 94 |94
94
4 91
94 V
100
B eg ia te re d ....................... 1992 m -S ..................... 1100 5Iay’ l l . . .. 1 1 0 0
f T hese a re p r ices 0 n the b asis 0 / $5 to £ .
M tiue a n d C ity S e c u r i t ie s
C o n v e rtin lo 4 V s ..............1930 f -A
9 6 V Sale I 96
oo<>8 485 94
97 V
«7
89
tug s a n u y 1st 4 s ..............1944 j.p>
85
8 7 V 87 M ay’ l l
N Y C ity—4Q H ..................... 196 0 M-S 102®, Salt 102®4 102V 113 :)oo®, 103
Coal B iv B y 1st g u 4s ..1 0 1 5 j . p
83
86
85 M a y 'll
85
85
4 Vs recta in t fro J a n 24 l90t M-S 104®& Sale 104*4
104 V 1129 1007g 104 V
102®,
A
p
r
’
l
l
Craig
V
a
lley
l
s
t
g
6
s___
1940
j
.
j
102®,
103
102
1
100*8
0 0 *. 109
mu 9 8 V 1 00 V
4% Corporate StocK ........I960 M-N 100 s a lt 100
90 ' Jan '09
P o tts C ro ck B r 1st 4 s .. 1910 j . j
80 V 85
lOOV 51 98 V 100*s
4% C orporate s t o c k ....1 0 5 8 M-N 100 Salb 100
95V May’ l l
B do A DlV 1st co n g 4 8 ..1 9 8 9 J .J
9*6 V *90**"
95*4 96
108 V 17 106 V 109
N ew 4 V s ............................ 1967 11. N 10 8 S Sale 108V
2d c o n s o l g 4 s ................. 1989 j . j
90V
«0V
90V 8 1 V
90 V 92
N ew 4 % s ............................ 1917 M-N 102 V 102V 103 M ay’ l l . . . . 101 V 103
W arm » p r V al 1st g 5 s . . 1941 M-S 106 108 V 113 V F e b ’05
4V % Corporate S to ck ..1 0 6 7 M-N 108 % 108®4 108 *1 108 V
0 |l()BV 109*8
G re e n b rie r B y l s t g u g 4 s ’40 m -N
85 .......... 95 O c t '10
4 >3 % a 88 easint b on d s___ 1917 M-N 102®, 102 V 102*4 19**1
4 102 103
Clue
db
A
lt
B
B
rel
g
3
s
...1
9
4
9
a
-O
73®,
M
ay’
11
72V 73*4
4% C orporate S t o c k ___ 1057 M-N 100 100V 100
100 V
98®, 100 *« R a ilw a y 1st Hen 3 V s . .. 1950 j . j ........- 73®, 69
69
68 V 71V
69 V Sale
106*,
N Y State—Canal Im p t -la.I960 J - J
lOG!* bale 106
104V 199*4
B e g ia te re d .......................1950 j . j
75 O ct '09
So Ca rolina 4 v s 2 0 - 4 9 .........1936 J J
08
. . . . 1 0 3 V J ’* y ’ *0
Ohio
Burl
db
q
—
D
e
n
v
D
4s
1022
f
-A
99
99 V
" 9 9 V * 9 8 V 99V M ay’ l l
97 51 ay’ l l
Teu n new aettlem eu t 3 s ..1013
90*4 98
97
Illin o is D iv 3 V s ................1949 j . j
88 %
87 V 88 V 88
8 7 V 88V
V irgin ia fu n d d eb t 2 -8 a ...1091
80 ........
86 A p r ’ l l
86 V
B e g ia te re d .......................1949 j . j
88 Sep *10
6 a deferred B row n Bros otts.
27
66 V
99
67 V
60 V Sai6
I lls D iv 4 s ......................... 1949 J . J
56 0 0 V 10°**
99 V
99®,
99 V Sale
Io w a D iv unik tuud 6 3 ..1 9 1 9 a -O 1 0 1 ® ,........ 104*4 D e c ’ 10
R a il r o a d
S u lk in g fuud 4 s ............. 1919 a -O
9 9 V M ay’ l l
99 V 9 0 V
99 V ........
A luuam a Cent See So By
N e b ra sk a E x te n sio n 48.1927 m -N
9H®a 99%
98*8 99 V 09 V Alttj’ l l
JjLiuba M idi See A t C oast Cine
g s v M ar’ l l
B e g ia te re d .......................1927 m -N
98 V 98 V
A lban y db Susa See Del 3d H ue
Sou
th
w
estern
D
i
v
4
s
.
.
.
.
1921
M
-s
99
P
e
b
'
l
l
99
99
99
.........
A llegh en y VaJloy See Penn BU
J o in t bonds nee G rea t N orth
AUeg db W est nee B u n 11 <& P
D
e
b
e
n
tu
re
6
s
.....................
1913
m -n
101
101
V
101V
101V
1
0
1
V
102
80V
80V
2 7 8 V 85
Ann A r b o r 1st g 4 s ..........A1U96 Q-J
80 >5 Sale
96*4 98
G en eral 4 s ...........................1958 M- S
96 V
07 V
9 6 V Sale
U8®4
99 132 98
A tell 'life S F e—G en g 43.1905 A-O
9 9 7„
U87g Sale
E H lr e f db lm p g 4s 1065 j . j
81®,
81 .
81
S3
8 1 V 82
9 7 V M ay' 11
B eg iatered...........................1996 A-O ......... 98
9 7 V 98V Clnodb
1st c o n s o l g 6s................... 1934 a -O 126 V 129 127 J a n ’ l l
127 127
A d ju stm en t g 4a........... /tl9 9 6 Nov
9l®a Sale
90®4 92 V
01V
*<*7e
109®, 1U *8
G eneral c o n s o l 1 st 5 s ....1 9 3 7 m -N 111 Sale 111
ill
0-2 J a n ’ 10
90 ........
H e g is te r e d ................... V1U96 Nov
108®, M a r 'l l
B eg ia te re d .......................1937 m -N
108*4 108*4
Stainped........................./(1995 M-N
91
9 l 7a l U V M a y 'l l ) . .. . 90 V 92 V
Clue db l u u c B y 1st o s .1 9 3 6 J .J 109®,
109 V M ay’ l l
109*4 1 1 0 V
C on v 4 a issu e ot 1 0 0 9 ...1 9 5 6 J-D 1 1634 Sale 114V H 4 V 2 1 0 105 U 4 V
C ou v g 4 s . . . . ..................... 1956 j - d 115 7g Sale 113 ‘4 116V! 88"l05*4 115 V C h icago db E rie nee Erie
Ohio
G
t
W
e
s
te
rn
1st
4
s
.
..1
9
5
9
M-S
85
V
86®,
11
84®s 8 6 V
85
V
Sale
C ouv 4s (is s u e ot 191 0). I960 J -D 105 Sale 104 V 105 1213,102 V 105
___
127 128*4
127 V 128®, 128 M ay’ l l
10-year c o u v g 6 a ......... 1917 J-D 115*6 Sale H 5 V , * *p 7‘ 2 1 i; 108*4 115 V C ine In db ijo u is r re , o s . . . l » 4 ( j j . j
111 n p r ’ l l
Ket uniting gold da...........194 71j . j
111 H I
0 8 7s<, an '1 0 !___!
_____
107 V 111
D eben tu res 4s S eries J . 1912 F-A
95
9oV
lte lu n d ln g 4s S e n e s C ..1 9 1 7 j - j
95 .......... 95 V A 1*' ’ l l
99®, M ay’ l l
S eries K ........................... 1913 F-A
99®4 99®,
100V M ay’ l l
lOu V 100V
B o u isv A A db c n i s l 6s. 1911 P -A
9 6 7t 07
E ast O kla D iv 1st g 4 a ..1928 M-S
9 6 V „ y 9V;
2 9 6 V 97 V
92% 93 V
92
911®, 9 4 V 93V M ay’ l l
S h ort B lu e 1st 4s g ......... 1968 J - J
92 V 02 V M a r’ 11
92 V 94 V C h io ln d d h S ou 60-yr 4 s .. 1956 j . j
102 V A p r ’ l l
102 V 102 V
102V
8 P c P r e s * P h 1st g 6 s. 1042 M-S 109
09 V 109 V ‘ 109 V M ay’ 11
109 V 10 J V O hio 51 11 <te S t P term g 5a 1914 j . j
95 98 V 9 9 6s
G en eral g 4s series A . . *1989 J . J
98*4
90
9 8 V Sale
A tl K n o x & N nee E db N
99% J a u ’ l l
B e g ia te re d .....................«1989 Q -J
99 V 99 V
A tla n tic Coast 1st e 4S.A1052 M S
95 ®a Sale
96 V
0 6 7» 32 93®, 06
88 M ay’ l l
G eneral g 3 Vs series B .« 1 9 8 9 J . J
86*4 8 8 V
87 V 90
A la M kl le t g u gold 6a ..1 9 2 8 M-N 107 V 100 108 M a i’ l l
108 108
92®,
u2
25-yr d e b e n 4s ................. 1931 j . j
92®, Sals
92
93V
95 *4 M ar’ l l
Bruns db W 1st gu g 4s . . 1938 J -J
95®4........
95V 96V
Ohio db B SU D iv g o s . ...1 9 2 1 J .J
106 V 107
106 V 1 0 7 V 106 V- M ay’ l l
Charles <& S a v 1st g 7 s .. 193b J -J 1 3 6 V .......
Clnodb M o B iv D iv 5 s ...1 9 2 6 J .J
109V .........1108®, A p r ’ l l
108®, 109
94
94 _ 11 92®4 06 V
94 V Safe
L db N c o ll g 48............... 01952 M-N
C
h
ic
db
P
W
1st
g
6s........1921
j
.
j
107>*
108
1107
V
M
ay’
l
l
106*8 107 V
Bav F db W 1st gold 0 s ..1934 A -0 125 ®a ....... 125 V M ay’ l l
124 V 125 V
D ak db G t S o g 6 s ..............1916 J - J 103 V 104 V 103 V M ay’ 11
103 V 103 V
........ 110 V M ay’ l l
1st gold 6 s ....................... 1934 A -0 I l l
110 V 1U*4
117 V J a n ’ l l
Par db S o u a s s u g 6 s........1924 J .J
117V H 7 V
116V
07% M ay’ l l
06 ........
811 Sp O ca 3b G g u g 4 s ..1 9 1 8 J -J
07 V 87 V
105 V D e o ’ 10
B aCrossedb D 1st 5 s . ...1 9 1 9 J .J
io 5 v
A tla u lio 3b D an v nee SouUi By
W is db M in n D iv g 5 s ___ 1921 J .J
lOOV 107 V
106*4......... 1U6V A p r ’ l l
Austin 3b N W nee S ou Paoilio
103*4 103*4
5111 db N o 1st co n s 6s___ 1913 J-D
1 0 3 V ......... 103®, P e b 'l l
L )a lt 3b O hio p rio r 1g 3 *9 8 .1926 J -J
92 ®» Sale
92 V
02 V
92V 03
E x te n d e d 4 V s................1913 J-D 100 V .........
01 % M ay’ l 1
' D
B eg ia tered ................. A1925 Q-J
02 ........
0 1 V 9 1 V C h lo
d b N o r t h w c o u s 7 s ....l 9 1 6 Q-F 109 V 110 V 110 51 a v 1
109*4 113
G old 4 s .............................. /tl9 4 8 A -0
08 V
u8%
98
99 V
98 V Salt
98
99®,
E x te n sio n 4 s ......... 1886-1926 F-A
9 7 V 99 V 09®4 A p r i l
B e g ia te r e d ................... A1948 Q -J
97
98 V
9 8 V US M ay’ l l
99 5 ia y ’ l l
97
98V
B e g ia te re d ........... 1886-1926 P-A
Pitts J u n o 1st g o ld tis ... 1922 J -J 112 V ........1 1 2 V D bo ’ 10
86
V
M
ay’
l
l
G
eneral
g
o
ld
3
V
s
..............1987
M-N
S6V
88V
8
6
V
87
V
P J u n 3b M D iv 1st g 3 >a8l925 M-N
8 8 V ......... 88®4 M ay’ l l
87*4 88*,
03 V A p r ’ 09
B e g ia t e r e d ...................j>198? Q -F
P E E db W V a S y s r e f 4 s l9 4 1 M-N
_ ..
91
92 91V
91®,
91
92V
98®,
98 V 149 98*8 90 V
G en eral 4 s ........................ 1 9 8 i M-N
98®, Sale
South w D iv 1st g 3 V 8 ...1 9 2 5 1J - j
83 V 91 V
01V
9 i V ’ 91V
91V
112 112
o in k in g luun 6 s . .. 1879-1929! A-O 1 1 1 V ......... 112 J a n ’ l l
B e g ia te r e d ................... /(1925; Q -J
8 8 * 4 ......... 89 V A p r ’ 10
B e g is te re u ........... 1879-1929 A-O 1 1 U V ......... 1 11 *4 N o v ’ ug
08 ......... 103 M a r’ 10
Oeu O hio R 1st c g 4 V a . . 1930 M-S
S in k in g lu u d 6 s . ..1 8 7 9 -1 9 2 0 A-O 107V 1 0 8 V 107*8 M ay 11
108 107 V
Ol B or 3b W eon 1st g 6s 1 9 3 3 ^ - 0
................... 110 D c c ’ 1 0 _____ 1...................
B eg iatered ........... 1879-1920 A-O
107 V id ? V
107 V 107 V
107 V
Motion B iv 1st gu g 6 s ..1919 F-A 1 0 2 V ......... 102 V P u b’ l l . . . . P 0 2 V 1 0 2 V
106 106
O hio B lv o r B B 1st g 6 s .1936 J-D 109 V 112 109 V A p r ’ l l . . . . ' 109 V 109 V 1 D e b e n tu re 6 s ..................... 1021 A-O ......... 106 V 108 P e b M l
B eg ia te re d .......................1921 A-O ..................... M 06V PeO’ lO
G eneral gold 6s........... .1 9 3 7 ' A -0 106 108 1109 V M ay’ H I. . .. 1 1 07 109 V
1109
A p r ’ l1l 0 8 V 109
S in k in g tund d eb 5 s........1933 M-N 109
Pitts c i e v 3b T'Ol l s t g l i s 1922 A-O 1 1 3 V ......... H 3 V K e t * !H '— U 3 V 113®4
1
0
8
V
...1107*4
A
p
r
’
l
l
B e g ia te re d .......................1933 M-N
107 V 108 V
97 V .........' 9 7 V F o b ’ l l ....'I 0 7 V 0 7 v
Pitts 3b W est 1st g 4 s . ..1 9 1 7 J -J
5111 B Sds W est 1st g 68 1921 M-S 1U ®, 116V l l 5 V 5 1 a r ’ l i
115 115V
s o ......... 1 0 0 N ot ’ 0 4 ____ !.......................
Stat is l B y 1st gu g 4 Vs 1943 J-D
May’ l l
E x t db Im p s fu n d g 5 s 1929 F-A 109 *8......... I l l
109V H I
Beeoli C reek nee N V C 3b 11
A sh lan d D iv 1st g 6 s . . 1926 M-S 117 % .......... 1142 V P e b ’ 02!
B ellov 3b Car nee Illin ois Cent
117
V
118
J
a
u
’
lH
118
118
M
ich
D
iv
l
s
t
g
6
s
..........1924
J
J
Bruns 3b W est nee A l l Coast B
D eo Mb'
I n c o m e s .......................... 1911 M-N ......... 1100*4
Buttalo N y 3b E rie nee E rie
109 v . . . j 109 V n o
C lue Bock. Is l db P ac 6 s . . .19 1 7 J -J l o j v n o v ' i w v
Bullalo H 3b P gen g 6 s . . .1037 M-S 112® ,.......... 1 1 2 ®, M ay’ l l . . . . 112»S 113
lo 0 V .....:i0 9
A u g ’ lO . . . , l
B e g iste re u .......................1917 J -J
C onsol 4*118.........................1957 M-N 1 0 6 V .......... l ( ' 8 V D e 0 ’ 10 --••
..................
97
07 V H i ‘ 0 0 " * 9 8 7g
G en eral gold 4 s ................. 1088 J -J
07 V Sale
9 7 V 100 I 07 i’ o o ’ l l ___ j 07
97
A ll 3b W est l s t g 48 g u .. 1998 A -O
B e g is te r e u ....................... 1 0 9 8 j . j ......... 97 V 98*4 F e b ’ i o ' ____ |
1 0 8 * ,......... 103 J ’ ly ’0 8 ___ 1...................
Cl 3b Mull 1st g u g 6 s___ 1943 J •J
................1934
A-O
R
e
fu
n
d
in
g
g
4
s
89
V
80 "8 3 V " o o "
89
V
Sale
___ 116 J ’n o ’ l G ........ ..................
Booh 3b P itts 1st g O s...1 9 2 1 ’ F-A H 41 .
.................... 07,V J ’ l y ’ l o l . . . I
C oll tr u s t S e n e s J 4 s ___ 1912 M-N
ar’ l l ____ 1 1 6 V 1 1 6 V
C on sol 1st g bs..............1922' J-D l l l j i , ____ i n j 7g MTVIorMfl
!
U7 V ......... 07V A p r ’ l l ' . . . J 97 V 9 i V
51-.8....................................1916 M-N
M ar’ lO
Bull 3b Susa 1st rot g 4s.c(1961-J -J
86 V 06®8 94 D e o ’0 9 ___ !
N 4 s ....................................1916 M-N
Bur C It 3b N nee C R 1 db P
9 5 ® ,....... I 04 V 51ay’ 10!____ 1
O 4a.................................... 1917 M-N
2 102®, 103 7e
102®,'
S o 1st e x t b s .............. 101 31J -J 102®, Sale 102®,
Clan
P 4 8 ....................................1918 M-N
9 1 ® ,......... 1 *»4’, -May’ l l ___ I 91®, 94*4
io o 78 10 100 V 101V
'2(1 63................................... 1913 M-S 100V lO l*, l o u v
C h ic K X db P a o B B 4 s . .2 0 0 2 IM N
76 V_____
Sale, 75%_
76 1210
___ 7 2 V 77
B e g ia tered ....................... 1913 M -s .......................100®, Jan ’ l l , ... 100»4 100®,
B e g is te r e d ......................20021M N ..................... 1 74V P e b ’ l l 1___
74V 74V
Carb 3b Shaw n Acs ill Cent
K l A r k & B on is 1st 4 Vs 1934 M-S
93
94
| 93V M arM l
93 V 94
Carolina C o m A e e S e a b A ir E
Our C B de A — l s t g 5 s .lO d l! A-O, 111V ......'1 12 M>ay’l.V .... 111V 112 V
C arthage 3b A il nee N V U 3b 11
R e g is te r e d ...................1934 A -0 ..................1120*» Mar’03
Ced B l a P 3b N nee B C It 3b N
1 00 v P e b ’ l l '.... ibcviodv
O H IPdb A W 1st gu 6 s. 19211A-O 105
Ceil B ran ch B y nee M o Pao
M & S t B 1st g u g 7 s .. 19271 J-J>;
112*4 114 V
Cent ol G a B H l s t g 6 s ..p l 0 4 5 P -A 112 ......... 114 V A p r ’ l l
C h oc O k he G g c u g 5s . o l u i ’J: J - J ! " I I " io3 ‘ iio2®4 i’(-2V| " i ib *2 v 1 0 2 *;
107*, 109
C onsol gold 6 s ...................... 1945 M-N 108 1 U 8 V 108 M ay’ l l
C ou soi gold 6 s ............... 1952 M-N' ......... 106*8 109 V F o b ’ l l 1 . . . 109 V 109 V
108 113 A p r ’ 06
R eg istered .........................1945 M-Hj . . . .
101 103 1100V M ay’ l l . . . . to o 100V
K eok db m -s 51 1st o s ___ 1923'A -O
107 M ay’ l l . . . . 100 108
1 s t preliucC Aueg 6 s ____ p lU 4 o Oct 1 106% 109
1UUV May’ l l . . . . ' 100*4 106V Cine St B db N O nee 111 C ent I
S ta m p e d ................................... 1 . . . . ' l o o
109
J
ln
o
S
t
B
do
Pitta
nee
t'eu
u
Co|
102
M
ay’
l
l
.
.
.
.
I
05
106*4
2 u p re i in com e g o s ___ p l0 4 5 O ct | 95 100
Ohio St P M db O OOU 6 s . ..1 9 3 0 J-D 121V 125V 124V May’ l l . . . 124 125 V
2d pi of in com e g 5a stam ped . . . .
96 100 100 M ay’ l 1 . . . . 100 100
8 6 V ......... 1 93 D e c *03 . .. J
C ons 6s re d u ce d to 3 V s. 1930' J-D
98 M ay’ l l ....'I 85 102
3a p rei in com e g & s ....p lu 4 6 Oct 1 00
98
li. n . n o v e l - ......cm
U S 2a con sol re g is te r e d .<11930
U S 2a con sol c o u p o n ,...<41930
U S 3a r e g is t e r e d ............. tel 9 1.i
U S 3s c o u p o n ..................... fclO ls
U S 3 s c o u anmll b o n d s ../v io l 8
U S 4s re g iste re d ..................1926
U 8 43 c o u p o n .......................1925
U S Pan Can 10-30 y r 2a.tel03ii

Jliu
A s k Low
H ig h H o Low H ig h
100*1,101*4 l o i V A p r 11 . . . . m m , in i* 8
101*,
1 0 0 * ........... 101 M ay’ l l ____ 101
101®, I02*a 102 A p r ’ l l . . . . ' 102 103*4
101*4........ 1 0 1 7g 101 V
1 101 7s 102®,
..................... 101*, J ’l y ’ i o . . . . " .....................
h
1 14®b 116 l i t *4 114*4
3 114*4 110
1 14*8 115 IllG A p r ’ l l ___ I 1 5 7b 116 ^
Q N 100*a 101*4 100*^ A u g ’ 10

Q-J
VJ-J
Q -P

3:?

®,

.U l.-C K IX AN E O IJsi BONDS—Continued on N ext P age.
S tre e t R a ilw a y
M et S t B y gen c o l tr g o s . 1997 F-A ♦77 V 80
102 104
103®, Sale 103 V 103®,
R
e
f
g
4 s ...............................2002 A -0 - ......... 48 V
8 2 7a 96V
86
86 Sale
85
Bwaydb 7th A v l s t o g o s 1943 J-D 102 V Sale
L O lV 103
102 V 101V 101V
Coldb 9th A v l s t g u g 58.1993 M-S
98 D e o ’ 10
B e x A vdb P F i s t g u g o s 1993 M-S
99®a 101
101% Sale 101®, 1 0 1 V
lOOV 102 V
T h ird A v e B B c o n gu 4s 2000 J-J
......... 69V
100®, 102
101 102 V 102 M ay’ l l
C e n t T r Co c o r tfs stm p it...
68 V
85 V 84 V D e o ’ l c
T h ird A v e B y 1st g 6 s ..1937 j"-*J 199 V HO
82 V 85
85 Sale
S3
84 V
84
87
78
81
N O rl B y & Bt gen 4 V s ..1 9 3 5 J -J
7 9 V 80 V SO M ay’ l l
98 .........
101®, 101®, St J o s B y B t H A P 1st g 6s ’ 3? M-N
102 102 V 101 ®, A p r ’ l 1
101 102 -St P aul C ity C ab eon g 6 s . 193? J-J 1 0 6 V .........
1 0 1»4
101 V A p r ' 11
9 3 V salt
80 V 82®, T ri-C ity B y * B t 1st s t 68.1923 A -0
82
82 V 82
82
04 V 97 V U ndergrou n d o f Bon 5 s . . . 1920
97 M ar’ l l
“ 94®, ' 9 4 7t
4 V s .......................................1933 J-J
78 V 80
"7 9 V Sale
70 V
70V
63 Sale
In c o m e 6 s .......................... 1948
100 100V
... ... 100 Ayir’ l l
103 V 104 V U nion E l (Chio) 1st g o s . .1946 a '-o
103V 104V 103V
104 V
............ Hi's’
U nited B y s S t B l o t g 4 s. 1934 J .J
80
67 V JIar’ 10
70 b ait
U nited B R s San F r s f 4 8 .1 9 2 7 A
_ -0
08 M ay’ OO
90
•No price Friday: latest this week. llF lat. a D u e Jan d D u e X n r e Duo May j D a e J ’ ne T tD u o J ’ly fcDue A u g o b a * O ct

Street ttuilway

B rooklyn Bap T r g 6 s ........1946
1st rotu n d c o n v g 4 s — 2002
B k C ity 1st con 6 s . 1916.1941
B k Q C o & S con g u g 6 s. 194 i
B k lyn On E l 1st g 4-6S.1950
Stam ped gu ar 4 -5 8 ....1 9 5 0
K in g s Co El l s t g 4 s . . ..1 9 4 9
Stam ped guar 4 s ......... 1940
N assau E lec gu g 4 s ___ 1951
Conn B y * L 1st & ret g 4 Vs ’ 51
Stam ped guar 4 V s ......... 1951
D et U nited 1st con g 4 Vs. 1032
H avan a E le c c o n s o l g 6 s . 1952
In ter-M et c o ll 4 V s.............. 1950
In te r B ap T 3-yr c o n v 6 s. 1 9 11
43-year 6s S eries A ........1952
In te r n a t T ra o c o ll t r 4 s . . 1949
M anila E leo 1st db coll 6 s . 1953




A -0
J -J
J -J
Vl-N
F-A
F-A
F-A
F-A
J-J
J-J
j.j
J-J
F-A
A-O
M-N
M-N
J -J
M-S

__

...

73V 78V
75 M ay’ l l
4 5 V 48
48 M ay’ l l
9 U )1V 102*4
101V 102 V
100 101
100 J a n ’ l l
99 V 100
100 A p r ’ l l
01
68®,
68®, "2n 69
63V
68% 309 58*4 69 V
109 V 109 V
3 109 111
85 5Iay’ l l
81
85V
98 N o v ’ Ob
106 106V
100V A p r ’ l l
97®, 99
08 V
08 V " i
98 A p r ’09
94®,
04®, 41 00 V 95
1 38 V 63
63
63
84 O ct ’08
.....................
80 A u g’ lO
65 69
72*»
69 V
70

..

p D u e N ov

1486

New York Bond Record—Continued— Page 2

BONDS

P rice
P rid a v
Jun e ‘J

N . Y . ST O C K E X C H A N G E
WtcuK E.N'nrNo .t u n e 2

Week’ s
Range or
Last Sale

Range
Since
J a n u a ry l

Cliic S t P >t A O —( t o n )
but
ASt Low
High .Vo Ijow Hu/h
. Oil S t P A M in a lo t g Os 1913 PJ-N 123-V,....... J24-4 May’ ll
124 125 4
v N o r W ia coosiu 1st Q s ...1980 j . j L?3»a 126
120*e M ay’Ot
S t P A 8 C ity 1st k 6 s ...1 9 1 0 A O 1 1 2 4 112*4 112 4 A p r ’ t 1
1114 i 124
Ohio A W e s t ln d g e u g b s ? 1 0 3 2 Q.M 109 109V 109 Mav’ 11
109
1094
C on sol 50-year 4 s .............1952 ,T. j
93
9 3 4 93 4
934
2 92 4 93 4
Clue A W M ich bee Pert) Marql '
Clioo O A G ulr bee C Li l A P
Cln H A D 2d g old 4 ‘a s . . .1937! J . j 10114 101*a 10 1 4 M ay’ l l
101
1014
■ Cln b A t 1st gu « 5 s . ..1 9 4 1 .vi- nt 103 4 104 4 103 M a r 'l l
1 02 4 1 » 4 4
C F ind A F t W 1st gu 4s if.’ 23 M.N
88*» 90
88 M ar’ l 1
88
88
Cin 1 A VV 1st six s 49.1 9 5 3 j . j
88 May 11
88
89
88
88
I nd D ec A W 1st g 5 s . . . 1935 J .J 103 ......... 105 M a y 11
103 105
1st gu a r gold 5 s............. 1935 J.J
107 4 D e o ’02
0 I S t L A C bee (J V C A a t L
Gin S & C bee C C C St l,
Olearneht A Mali bee B R * p
C lev c m C A s t L gun a 4s 1993
9 4 4 Hale
7 9 3 4 95
944
94ts
Cairo D lv 1st gold 4 s ___ 1939
F eb’ l l
9 2 4 ......... 92
92
92
' Cln W A M D iv 1st a-4s . 1 9 9 1
91
9 3 4 9 3 4 L ee It
8 t L D lv 1st col tr g 4 s . . 1990
9 24 A p r’ ll
91
94
9 2 4 94
.Registered....................... 1990
O cf ’ 07
90 ......... 91
Snr & Col D iv 1st g 4 s .. 1940
96 D ec ’OS
. W W Val D lv 1st g 4 s . .. 1940
* 9 1 * ,......... 9 1 4 D e c ’ 10
0 1 St L A C con sol O s.. 1920 M
100*4
1 0 6 4 ......... 106 4
i 106*4 100*4
1st gold 4 s ..................... 91930 o
96
97
95 4 ......... 9 7 M a r’ l l
R e g is t e r e d ............... 91930 '
94 4 ......... 96 A u g ’ lC
Cln S A Cl con 1st g 5 s .. 1928
107
......... 106*4 Jau ’ l l
106 10 6 4
0 O O A 1 00118017s.......... 1914
1
0
7
4
-'lay’
l
l
107*4.........
.... 1074 1074
Consol sin g lan d 7 s ___ 1914
G eneral con sol gold Os. 1934
122 ......... 12 5 4 E e b ’ l l . . . . 125 4 125 4
R eg istered ....................1934
ln d B1 A VV 1st prof 48.1940
94 J ’ iy ’ 08
O Ind os W 1st pi 5 s . . . (i 1938
P e o A Fast 1st con 4 s . ..1 9 4 0
92 M ar’ l l
9 1 4 92
90
93
I n c o m e d s .........................1990
50 M ay’ l l . . . . 50
45
49
014
C lev * M arietta Nee P enn B it
C lev A P itts bee P enn Co
Col M idland 1st g 4 s ......... 1947 J j
6 1 4 Sale
63*4
04 4 14 62
69
C o lo ra d o <fc Son 1st g 4 s . ..1 9 2 9 f - a
9 5 4 bale
95^4
96*4 19 9 4 4 97 4
K etu nd A e x t 4 4 s ..........1935 M-N
98
0 8 S 34 9 7 4 98*4
9 8 4 Hale
F t VV A D en U 1st g Os..1 9 2 1 J -D ......... 112 4 112 4 M ay’ 11
112*8 113
Oolum A G reen v b e t 8 o lly
Col A l-tock Val bee H ock Val
Col A T o l bee H o ck Val
Col Uoun A T erm bee N A VV
Conn A Pas ill vs 1st g 48.1943 A -0
C uba R R 1st 60-yr 5 g ___ 1952 J . j
100 M ay’ 1 C
A G t 8 o bee C M A St P
D ak
alias A W aco bee .\1 K A T
D el L a ck A W e s t e r n M o r n s A E ssex 1st 7 s . ..191.4 M-N 108 ......... 103 M ay’ l l
103 108*4
1st con sol g u a r '7s.........1916 J -l) 1 1 0 4 Sale 110*9 HO*,
G 110*8 m * ,
R e g is te r e d ....................1915 J-D
11 D4 D ec ’ 10
l a t r o f g u g 3 4 s ............2000 J-D
90 _____ 91 J a n ’ l i
91
91
N I L a ck A VV 1st O s ...1921 J .J 1 1 5 4 117
115 4
1 16 4
3 1 1 5 4 116 4
C on stru ction o s ............ 1923 F-A 107*8 109*8 107 4 May’ l l
107 4 107 4
T erm A im p rov e 4 s ____1923 M-N
99
M
ay’
l
l
9!)
99*8
09
994
W arren 1 st rer g u g 3 *2 8 .2 0 0 0 F-A
8 7 4 ......... 102 4 F e b ’03
D el A H ud 1st Pa D iv 7 s .1917 U-S 1 1 5 4 116 115\ M ay’ l l
116*8 U 6
;
R eg is te re d ....................... 1917 M-S HOD ......... 149 A ug’ OJ
: 10-yr c o n v deb 4s............1910 J-D 100 Sale
99*4 lUU
69 9 8 4 100
1st lieu equ ip g 4*23 ....1 9 2 2 J -J 1 0 1 4 1 0 1 4 101*8 1 0 l« 8
9 101 102
* l s t & r e f 4 s ........................1943 M-N
98 4
99
93 4 Sale
55 9 8 4 1 0 0 4
A lb A b u s c o n v 3 ‘as........1940 A -0
9
3
4
M
ay’
l
l
93
934
93 4 94 4
R eu s A Saratoga 1st 7 s . 1921 M-N 122 ......... 124 M ay’ l l — 123*4 1 2 T 4
D el R iv R R B rid ge bee P a K it
D e n v A R Ur 1st con g 4 s .1930 J-J
924 034 934
934
9 92
94
C onsol gold 4 *28............... 1930 J-J 1 0 0 4 ......... 1 0 1 4 D e c ’ l o
i; Im p rovem en t gold 6 s ...1 9 2 8 J-D 1 0 0 1 0 1 4 1 0 0 4 M ay’ l l
1004101
1st A retu n d in g 6 s ......... 1955 F-A
914
9 1 4 17 90
9 1 4 Sale
93*8
104*4 M ar’ l l
B io G r J u n o 1st gu g 5 s . 1939 J -D
104*4 104*4
61 4 A D r’ l l
‘ B io G r So 1st gold 4s. ..1 9 4 0 J -J ......... 75
614 614
85 M ar’08
G u aran teed .................... 1940 J - J .......... 85
RlO G r W est 1st g 4 s___ 1939 J - J ......... 91
90
90
1 90
92*4
834M ay’ll
M g e and co l trust 4sA .1949 A -0
834 854
07
J a u ’ 02
U t a li C e u t l s t g u g 4 s a l9 1 7 A -0
. D es M oi A F t D bee M A S t L
D e s M o i Un B y 1st g 5 s ..1917 M-N 100 .......... 1 1 0 S e p ’ 04
D st A M ack 1st lien g 4 s . 1996 J-D
94 S o p ’ l o
' UOld 4 s .................................. 1995 J-D
93 M ay’ l l
91
94
83 4 93
D et So—O 3 D lv 1st g 43.1941 M-S ......... 75
71 O c t ’ ll)
, D a l A Iron R a n g e l s t 5 s . . 1937 A-O 108 4 109 1 0 8 4 M ay 11
108 4 109
R e g is te re d ...........................1937 A-O
106 4 M ar’ Ob
: 2d Os.
............................ 1910 J -J
104 F e b ’ l l . . . . 104 104
D al S h ort L in e bee N o r Pao
LD a l S o S hore A A tl g o s . .1937 J-J 106** 109
108 J a n ! 11 . . . . 108 108
: L 'a s t o f M in n bee S t P M A M
■A-Jxst T e n Va A u a bee So Ry
E lg in J ol A F a st 1st g 6 s .1941 M-N 1 1 1 4 ......... 1 0 8 4 N o v ’ l o
! Elm C ort A N o bee Leh A N Y
E rie l*t c on sol gold 7 s . . ..1 9 2 0 M-S 1 1 9 4 ......... 120
120
1 1 1 8 4 I20*s
; N Y A E r ie 1st e x t g 4s 1947 M-N 101 4 Sale 1 0 1 4 1 0 1 4
2 1 00 4 1 0 1 4
;
2d e x t gold o s ..................1919 M-S 106 4 ......... 1 0 5 4 M ay’ U
1 0 4 4 108
S<1 e x t g old 4 *23.............. 1923 M-S 104 104 4 103 4 R a y ’ l l
10141034
4th e x t g old 6 s ................1920 A-O 1 0 6 4 107*« 1U0*4 M ay’ l l '
105 1064
6th e x t gold 4 s ................1928 J-D
y u . . . . . . 9 9 4 F e b ’ 10]
N Y L E & V V 1st g fd 73.1920 M-S
118 O c t ’ 10
.. E rie la t c on g 4s p r i o r ..1990 J -J
87 4 87 4 87 4
87 4
4 8 4 4 87 4
i
R e g is te r e d ................... 1990 J .J
84 4 ......... 83 4 May’ H
82 4 83 4
'
1st c o n s o l gen lien g 4s 1990 J-J
76*4 sale
70 4
76-41 50 7 3 4 77
>•
R e g is te re d ....................1990 J -J
85 4 F e b ’ 07
I
P en n coil tr g 4 s ......... 1951 F-A
8 7 4 8 8 4 8 8 4 M ay’ H
86
88»»
60-year c o n v 4» A . .. .1 9 5 3 A-O
83 Sale
82 4
83 | 64 73
84
do
S eries B .1 9 5 3 A -0
74*4 sale
74
744!
69
76 4
i B u ff N V & E rie 1st 7 8 ..1 9 1 0 J-D 1 1 1 4 I l l ' s 111*8 i l l * #
3 110*4 1 1 1 4
i Ohio A l i n e 1st gold 5 s .. 1982 M-N 112 4 Hale 112
112 4'
3 111** 113
: C lev A M ahon Val g o s.1 9 3 b J .J 1 1 0 4 ......... 11L A p r ’ l l
111 1 1 1 4
. L o n g D ock con sol g Os..1936 A -O 1 2 4 4 ......... 121*4 M ay’ l l ...1 1 2 4 4 125
Coal A R R 1st cu r gu Oa.1922 M-N 1 0 5 4 1 0 6
111 A pr 10
.....................
D o ck A Im p la t c u r O s..1913 J -J
1 0 1 4 ......... lOO** Jan ’ l l :::ii 100*8 100*8
! N V A G reen L g u g 6 s .l9 4 0 M.N 101 ......... 99 4 N o v ’ 10
11.....................
N Y Hu* A VV 1st rel 5 s .i9 3 ? J -J 103 105
KM v, M a y 'll ..:i! 1 0 1 4 104 4
2d gold 4 *28..................... 1937 F-Aj 80 ......... ( 0 0 4 D e o ’ Ud ....li .....................
i
G eneral gold 6 s ..............194u F-A
87 4 F o b ’ l l ....11 8 5 4 8 7 4
80
84
•
T erm in al 1st gold 5 s . .. 1943 M-N 1 1 0 4 1 1 0 4 111) May* U
l10
no
. M id o f N J 1st e x t 6s ..1 9 4 0 A-O 110 ......... L104
’ l l _ 1 L1 0 4 1 1 0 4
• W lik A Fa l s i g u g o s . .. l 9 4 2 J-D 100*4 1 0 1 4 9 0 4 M a y '11 -■li 9 9 4 1 0 1
K V A In d l s t e o u g u g O s .,1 9 2 0
114
CCD’09
1 1 0 4 112 V

BONDS
N. Y. ST O C K E X C H A N G E
W eek E nding j u n k 2

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

Brice
Friday

5a.

June i

W eek's
lian a« or
Last Sate

H angs
Since
J a n u a ry l

E rie A P itts See P enn Co
B id
A s k Lou
High. N o Lore H igh
E v a n s A T 11 1st c o n s 08.1921 J . j 112 4 1 1 2 4 1 12 4
112*s
1 1124113
la t general gold 5s..........1942 A -0 ........ 102 101 M ay’ l l . . . . 101 102
Alt V e r n o n 1st gold Os.. 1023 A -0 107*4
114
...................
S uli Co Branch 1st g 6S.193U A -0
95
' ‘
L 'ai-go <fc So See Ch M A s t P
* lint A P ore M See Pere Mar
Fla C A P en in See Sen A ir Line
F lo rid a F Coast 1st 4*38.-1959
974
9 7 7(, Sale
ji2 7
95
98*8
F o rt S t C D C o 1st g 4■29.1941 j . j
90
U5
92 .
Ft W A R io G r 1st g 4 s . .. 1928 J - J
83
84*2' 83 1
: : : : 82 4 8 1 4
i *al H ar A S A See So Pro Go
' Ta lH A H o f 1 8 8 2 1 s t 5 8.1913 A-O
87*2.
1 97 4 9 8 4
97 4
07 4
G eorgia A A la Sea s e a A Lane
Ua Car A N o r See Sen A L in e
G eorgia Pacitio See So R y
GUa V G A N o r See So P ao Co
G ou v A O svrogat Sea N V Cent
G rand Rap A Ind dee P en n R R
G ra y’ s P t T e rm See Bt L S W
G t N o r —C B A Q c o l l t r 4 s 1921 j . j
97*4 Sale
1144 9 5 4 97
904
R e g is t e r e d ./!..................... 1921 q . j i*......... 97
984
8 95*8 98*8
S t P aul 11 A M an 4 * ___ 1933 j . j
9 9 4 ........
. . . . 9 8 4 99*a
1st c o n so l gold 6 s ......... 1953 j . j
12858 Sale 126*8
u 126 1 2 7 4
R e g iste re d ................... 1933 j . j
Reduced to gold 4 4 * 1933 j . j105*t 1 0 6
108
1 i 105 106
R e g iste re d ................1933 j . j
. . . . ___
M ont e x t 1st gold 4 s ..19 3 7 j- D
954 984
R e g is te re d ................... 1937' j . d
96
100*
F M inn Nor D ir 1st g 4 s l9 4 S ‘ A -0
::::
M inn U nion 1st g 6 e .. 1922 j . j 114
115*
. . . . 115 4 116*4
M ont O 1st g u g
___ 1937
127
127 128*a
R e g is te r e d .................. 1937
125 4 ......... 1 3 6 4
1st g u ar gold 6 s ........1937
112 4 1 1 4
1124
,...i:ll2 4 1 1 2 4
W U 1A S F 1st gold 5a 1936
112*4 112*4
G re o n b rio r Iiy See Che* A O
Q uit A S l i s t ref *5 t g 5s 61962 j . j
8 9 4 9 0 4 90 4 May’ l 1 '. . . J 8 8 ‘a 01*4
o u saton lo See N V N H A 11
H o c k Val 1 st co n s g 4 4 a . 1999 j . j 1024 Sale ' 1 0 2 * 4 1034 27 101*4 103*8
1
1
R e g is te r e d .........................1999 J . J
Col A H V 1st ex t g 4 s .. 1948 A -O
U4
95
C ol A Tot 1st e x 4 s ....... 1 9 5 5 'F A
90
06
j-— j
H o u st F A VV T e x See So l’ aci
H oiist A T e x Cen See s o Pac Co!
H o u s B e lt A T erm 1st 5 ». 1937 J -J
10141014
I U m ois c e n t r a l 1st g 4 * ..19 6 1 ' j . j
100 4 103
A R e g is te r e d ..................... 1951! j . j
r "
107 S ;
1st gold 3 4 s ..................... 1951 j . j
8 0 4 904
A p r’ ll
R e g iste re d ..................... 1951 j . j
89
89
E x te n d e d l s t g 3 4 » ....... 1951 A -0
1st gold 3s s te r lin g .........1951 M -S
...j
C oll T r u s t gold 4 s ...........1952 A -0
99*4
c 98
R e g is te r e d ......................1 9 5 2 A -0
1st ref 4 s ........................... 1965 M-N
3 96 4 98
P u rch a sed lin es 3 4 s ___1952 j . j
: .. . 86
87
L N O A l e x gold 4s ...1 9 6 3 H-N
1 97 4 9 8 4
R e g iste re d ....................... 1 9 5 3 m -N
94*4 94*4
.1 90
C airo B rid g e gold 4 s ___ 1960 J -D
97 4
l<ouiST D irA T orm g3 4S.1963 J .J
8 5 4 884
123 Alay’U9',
M id dle D iv r e g S a ........... 1921 F-A
Omaha D iv 1st g 3s........1961 F-A
75 4 7 5 4
St L o u is D iv A te rm g 3s. 1951! J - J
75 4 75 4
1— !
R e g iste re d ......................19 5 1 ’ J -J
G old 3 4 s ........................ 1951 J - J
87 4 May 11
80
87 4
R e g is te re d .................. 1 9 5 1 ’ j - j
1 0 1 *s *-*01 '99:,
1
S o r in g D iv 1st g 3 4 s . . .1951 J .J
100
N o v ’ OO
W estern Lanes la t g 4 s ..1061 F-A
95*# 8 _
"95*8 " 9*5*1
B ollev A Car 1st 6 s ........1923 J-D
117 4 M ay’ 10
G arb A Shaw 1st g 4 a ...1 9 3 2 M-S
95 4 O ct ’ 10
Clue St L A N O g 5 * ...1 9 5 1 J-D
117 M ay 11 • - i"i5 4 il*7*'
114 L e u ’ l l ....1 113
L15
£ e Pi®,t? r e J ...................... 1951' J-D
1
G old 3 4 s ..........................lO fll 1J.D
90 O ct ’09
M em ph D lv 1st g 4 s . . . 1951 J -D
97 4 M a r’ l o . . . .
.........
.........
98 J T y ’ 0 8
r
l8 t Sdl K 4 s . ...1 9 3 1 M-Sl
rnd B 1 A W est S eeC O U A S t Ll
ln d 111 A l a 1st g 4 * ..........I960 J 9 8 4 A p r’ l l
95
964
Lnt A G rea t N o r l s t g 6 s ..1 9 1 9 M -„
1084 ,
1 107 4 1 0 9
2d gold 5s............................ 1 9 0 9 M-S
121
191
3 112 1214
T r u s t Co c e r tfs ........................I .
1224 May 11 ...1 105 4 1 2 2 4
3d gold 4 s............................ 1921 M-S
2 14 M a y 'll ..J l 15
24
Cowa Cen tral 1st gold 5 s .. 1938’ J-D
101
l o . 4 8 101 103
C old 4s..................................i 9 5 i m . s
67 *4
88
03
69
95
95
9 4 4 954
u ai A A G R See L a A *1 h
LVau A M ich See T o l A G O
J F t S A M . See S t L A S F
1A M R A B s e e S t L A 8 F
u O A P a cillo See XL l i A T
7 3 4 74
7 3 4 M ay’ l l
7 3 4 744
R e g iste re d ..........................I9 6 0 ' a - 0
63
o u t '0 0 !
R e f A im pt o s ......... A p r 1950 A-O 100*4 101
101
24 100*8 102
...
...................... j . j
9 9 4 Side
9 94
994
• 9 6 4 994

1004

See Ho R y
J -J
LJ 2 d g o ld o s ........................1941 „J -- J
.
N o rth O luo 1st g u g 6 « . . 1 94 5'A -O
1Hho A M ich S See N V Cent;
.eh Val N V 1 s t g u g 4 4 s . 1940 J - J
R e g is te re d .......................... 1940 J . J
e h ig h Val (P a) co n s g 4* .2003 M-N
e h V T e r R y 1st g u g 5 » .1 9 4 1 A -O
R e g iste re d ...........................1 9 4 1 A . 0
1 e h V Coal Co 1 s t g u g 68.1933 J .J
eh A N V 1st gu ar g 4 s . . 1945 M- 8
.......................... 1945 M-S
FI 0 A N 1st pr 6 s ........1914 A -0
G old gu ar 5s................... 1 9 1 4 a - 0
1 e h A H ud R s e e C en t o f N J
1
1

1 0 9 4 Sale 109 4 1 0 9 4
1 0 8 4 1114
1 0 4 s lo O 4 104 4 M a y 'll . . . . ’ 1 0 4 4 104S
1 0 9 4 ......... U 0*4 M ay’ l l _____ U)a .g 10*4
105 4 1 0 6 4 1 0 5 4 M sy’ l l l
104 4 ..........1 0 4 4 J ‘in '11
9 6 4 May’ l l .
114 May’ l l ,
113
M ar’ 111
103 N o v ’ u’J
9 3 4 M ay’ l l !
102

.

1004 •

J 1 0 5 4 1084
, 1 0 1 4 104 4
■II 96*4 97*i

113 IHS4

113

93 4

113

93 4

1 0 1 4 F o b ’ 10
1 0 1 4 S e p ’ 09

1104 F eb’l l .
1 1 0 »a 113
1 1041124
1st c o n so l gold 4 s.......... A1931
98 . . . .
G eneral gold 4 g...........................1 9 3 3 J . D9 2 4 . . . .
98 F o b ’ l l . . . . . 0 3
9*(ju
Ferry gold 4 4 s .......................... iy y -j M-S97 1 0 0
9 8 4 A p r’ l l ___ 9 3 4 o j a
92,
9 4 4 90 4 C e l ’ 08 . . . . l l . . . .
..........................J-l>
—
v
93 9 *M sy ’ l l l . . . .11 9 3 " " 9 5 4
U nified g o ld 4 a ........................................1949 M -3

lHIS»l/'KLI.«ANEOUSi BON Daj—C o u tiu u e d oh N e x t P a « e .
( I n s m ul E le c t r ic L ig h t
jpklyu U
**urrato G as 1st g 5 s . . .. .. .1 9 4 7
yB ium uus G as 1st g o s ___ 1932
D e tr o it City G as g 6 s . . . ...1 9 2 3
V * 1 C a s c o c ou 1st g 5 s ...1 9 1 b
E q U L N V i s t e o n g 5 s . .l 9 3 ^
G as A F lee Berg Co c g os.1 9 4 9
Mr R ap G L C o 1st g o s . . . 1916
H u d son Co G as 1st g 0 3 ..1 9 4 9
K an C ity (M o) G as 1st a 5s 1922
K in g s C o Kl L A P g 5 » ...1 9 3 ,
P w rohasentouey 6 s ..........4 9 9 ',
E <1 F i l l Bkn l s t e o n g i s 1939
Lae G as L o f St L 1st g fls .e iu ii,
R e l and e x t 1 st g 0 3 . . . 1934
M ilw a u k ee Gas L 1st 4 s .. 19^
N ew a rk C on G as g 5 s . . . ” 194s

J -D
M-N
A-O
J .J
J-J
F-A
M-S
J-D
F-A
M-N
A -0
A-O
A-O

J.J

tq-L
AO
M-N
J-D

1 0 2 4 .........
1 0 8 4 10 8 4 1 0 8 4 M ay’ 11 . . . . 105*4 i b s 4
O l 1# M ay’ l 1
5 9 4 614
100 4 102 4
IO0 4 .........
105 4 105*«
lu l
.........
99
99*4
1 0 3 4 .........
97*« 99*4
1 0 5 * * ........
115*4 n o
89 .........
IU2 4 101
1 0 1 4 Hale
90 4 0 1 4
104 .........

Fd El 111 1st con s g 5 s . . 1995
N Y A lJE l L A P 1st con g6 sl9 3 U
100 Vi M ay’ l 1 . .. . 106 i o 7
N Y A R ich G as 1st g os.1 9 2 1
95*8 8 e P '08 . . . . .......
P a cific G A F le o Co Cal G A E
106*4 M ay’ l l . . . . 1054 i(J6*4
c o r p u n ify in g A re f 5s 1937
01 4 u c i ’01
Peo G as A C 1st co n g 68.1943
100 O ct ’ OV
R e fu n d in g gold 6 a ........... 1947
.
.
.
.
103 4 A p r ’ l l
io a
U )i 4
C h G - L A C k o l s t g u g S s 1937
99 4 Mai* 11
99 4 99 C
Con G C o o f Ch l s t g u g 6 s . ’30
106 l la y ’ U
0 1 4 106
In d N a t Gas A O U 3 0 -y r 5s ’ 30
115 4 M ay’ l 1
1 13*4 1 1 5 .,
Mu Fuel G as 1st g u g 6 s .194 ,
89 M ay’ 1 1 . .
» 7 4 up
P hiladelphia Co c o n v 6 s . . 1 9 ly
1.02 4
1«3
6 103 l o j 4 S yracu se L igh tin g 1st g o s . ’61
6 ‘ 00 1 0 1 s U nion E lec L A P U t g 6 s .l 9 3 2
1014 1 0 1 4
90 4
90 4
4 90
91
R ef A e x t £ s ...................... 1 V33
1 0 0 4 J * n ’ l l .... 10 0 4 1 0 0 4 W esUfhester L ig h t’ g g 5 s.l9 5 u

* No price Friday; latest bid and asked this week, a Due Jan




(In s e n d E le c t r io la g h t

b Due Feb

d Due Apr

1044
J -D 104 Bale 104
39
89 4
8 Ul4 dal©
F-A
J -J
1 1 1 * 8 ......... 1 1 1 4 M ay ’ 11
1014
101 4
F-A
M-N * 10 t) ......... 97 4 J ’ ly ’ 09

100

1044
894
1114
1014

95
96 4
1)5 4 Hale
91*4 914
115 4 119 4 1 12 4 M ay’ | 1
1 1 6 4 1194
102 4 1 0 1*» M ay’ l 1
101*4 1024
103 103 4 108 M ay’ l l
102*4 103*4
1 0 1 4 102 4 101-4 M ay’ n
101 101*4
«0
M ar 11
......... 90
90
9l*»
lOil**
A
p
r
’
1
1
1904 1 00 4
100*4.........
I ll
......... 110 Alay’ l i
104 110
98 ......... 98 A u g ’ |(j
98 ......... 96 Jan ’ 98
96
97 4 93 A p r ’ l l
93
984
105 ......... 105 M ay’ ) 1 .. . . 104 105
A; D u o A u g q Due Deo J Option Sal©

M-N
A-O
11-3
J -J
J -D
H-N
.l-N
F-A
J-D
.2 3
a.N
J -D

«Due May A D u e j’ly

102
87

111

102

J une

BOND*
N. Y. STOCK E X ^ H A N O B
W ickk E nding J u n k 2

P rice
F riilav
Jun e if

R ange
Since
J a n v a rv

Week's
Bang* or
La.it sa le

Bin
Lois
H iyn
L o n g Isla n d—(C on )
D ebenture gold 5s............1034 J-D 104 10 5 3. 104 4 D e c ’ 08
Sale 9 0 4
90*4
G uar ret gold 4 s . . . .......... 1040 M-S
N i l i A M B 1st con g 5 s 193b A-O H »»T „......... 1 1 0 4 N o v ’06
N Y A It B 1st g 5 s........1937 M-S 102*4 ......... 105 A p r ’ 07
N o rS li IS 1st con g g il5 s o l9 3 2 Q ..I 100 ......... 100 M a y 'll
90
97
96
90
L ou isiana A A rk 1st g 5 s . 1927 M- 8
114 4
L o u ist A N asn v gen g 0 8.1030 J-D 113 7, 115 i* 1 1 4 4
Hold 5 s ................................. 1937 M-N 1 1 2 * ,......... 112 4 A p r 'l l
98 Hi Sale
0S*n
98*,
U nified gold 4 s ................. 1949 J -J
97-% N nv'10
K eg istered .......................1940 J -J
Coll trust gold 5 s............. 1931 Ai-N 109 ......... 109*4 E o b ’ l l
E It A Nnslt 1st c 6 s ....1 9 1 !) J-D l ll H j 113 111 4 M ar’ l 1
L C iu A l>ex gold 4 *2 S ... 1031 M-N 105 * 6 ......... 106 4 M a y 'll
1 18:,4 i< o r i i
N O A M 1st gold O s ....1 9 3 0 J .J 122
118 ......... 118*, EebM l
N O A M 2d gold 6 s ........1930 J-J
95*4 96H, 9 0 4 Apr ’ l l
P aducah A H em d iv 4 s ..1946 F-A
106*4 M ar’ 11
P en sa coia D iv gold 6 s . ..1 9 2 0 M-S l o o ^ i o a
113 S e p ’ 10
St L D iv 1st gold Os........1921 M- 8 ......... 115
71*2 733* 7 1 4 P e n ’ l l
2d gold 3 s........................ 1980 M - 8
A tl ltn ox & Oln div 4 s . . 1955 M-N ......... 93 Hi 93 4 M ay’ i 1
112 4
112 4
A tl K nox & N or 1st g5slt*40 J -D 112 115
H ender B dge l s t s f gG n .1031 M-S 1057s ....... 100 A n r ’ l i
94 H, 95*4 95 4
K outuoky C ent gold 4 s .. 1987 J -J
95 4
103 Deo '10
L A N * >1 & M 1 st g 4 His 1945 M-S 103’ ,
M ay’ l l
88*4 89
L A N -S o u t h M jo in t4 a . 1952 J - J
1 0 8 4 May 11
N Fla A 8 1st gu g 6 s . . . 1937 E-A 109
100 4
N A C B d g e g e n gu gdH is 1945 J -J
110 J a n ’ l l
P on s A A tl 1st gu g O s..1921 E-A 1 1 0 4
m 4 M *y’ n
S A N A la con gu g 5 s .. 1930 E-A 1 1 1 4
934
9 1 4 924 0 2 4
L A J ell B dge Co gu g 4 s . .1945 M-S
L N A A Oh tics 0 1 A L
11/1 ahon Coal tiee L 8 A M 8
97
9 0 4 97 4 97
IVlanhattftii Uy con sol 48.1990 A -0
104 A pr 05
R eg istered ................... 1990 A -0
98
9 7 »s 97*4 97*4
Stm nd ta x e x e m p t .. 1990 A -0
M anila lt B —Sou lines 4 s . 1930 M-N *80 . .
M uK 'pt A l i V *es N V c e n t
M ox C en t c o n s g 4 s ............ 1911 J - J 1 0 0 1 0 0 4 100 May’ l l
3 1 4 M ay’ 10
1st con s m o g 3 s ..........a l9 3 9 P ly
25 4 A p r ’ 00
2d con s in o g 3s tru s t r c c t s ..
77
Alar’ 10
M ox In torn a t 1st c o n g 4 s .1977 M-S
79
N o v ’ 10
Stam ped g u a ra n teed ... .1977 M-S
M id i C en t tiee N Y C en t
M id ot N J tiee Erie
Mil L S A W tiee Ohio A N \V
M ll A N orth tiee Oli M A S t J?
M inn A St L 1st gold is .,1 9 2 7 J-D 129 ......... 130 J a n ’ l l
Paolilo E x 1st gold O s ...1921 A -0 110 ......... 118 Jan ’ 0
1 06 4 A p r’ ll
sol gold o s ..............1934 M-N 1 0 1 4 1 00
1sstt acon
09
70 4
7 0 4 Sale
n d refu nd gold 4 s ..1 9 4 9 M-S
80 A p r ’ l l
lie s M A F t D 1st g u 4 s ... ’35 J -J
M inn A St L g u tiee U O R & N
May’ l l
07
074 97
M St P A S S M c on g 4 ln t g u ’ 38 J -J
0 8 4 J a n ’ lu
M S S M A A 1st g 4 ln t gu 1020 J -J
M inn Un tiee St P M A M
9 3 c M ar’ l l
96 ........
M ississip pi C ent 1st 5 s . .. 1919 J - J
904
07
M o Kan a T o x 1 st g 4 s . ..1 9 9 0 J-D
97 Sale81*6
2d gold 4 s ................. .....ffiO O O E-A
8 4 4 85 4 84®,
1st o x t gold 5s................... 1044 -M-N 103 Sale 103 * 103
80*4 Sale 80*4
1st A refu n d 4s................. 2001 AX-3
81 *4
8 7 4 8 7 s, 87 4
G en s I 4 ‘a s .....................1930 J -J
78
M ar 11
79 4 ........
8t L D iv 1st ref g 4 s ___ 2001 A -0
Dal A W a 1st g u g 5 s . ..1 9 4 0 Al-N 105 4 ........ 105 J ’u o ’ lO
8 9 4 Bale
Kan C A Pao 1st g 4 s . ..1 0 9 0 E-A
89 4 .
110 A p r ’ l l
M o K A E 1st gu g 6 s ...1 9 4 2 A -0 1 0 9 4 1 1 0
107 M ay’ l l
M K A O k l e t g u 5 s ........1942 M-N .........110
M K A T of T 1st gu g 68.1912 Al-S 102 1004 1 0 1 4 A p r ; i l
Sher Sh A b o 1st gu g 5 s . 1943 J-D 1 0 2 4 101*8 1 0 3 M ay’ l l
T e x A Okla 1st g u g o s . . . 1943 M-S l o 4 :4 105 4 105 4 M a y 'll
H oP a cilto l s t c o n gO s ...1 9 2 0 M-N 108 4 1 0 9 4 109 M ay’ l l
100 4
T r u s t gold 6s stam ped.«1 917 M-S 1 00 4 1 0 0 4 1 0 0 4
R e g is t e r e d ................... alU17 M- 8 ......... 90 4 9 9 M ar’ lo
101 M ay’ l l
1st coll gold 5 s................... 1920 E-A 100*4 101
40-year gold loan 4 s........1946 M-S
77*4 78 4 78
90 May’ 11
8d 7s e x td at 4 % ................1938 M-N ......... 07
03
98 4 89
1st A r e f c o n v 5 s .............1969 Al S
93 4 Sale
93*4 E o b ’ l l
en t Br lty 1st g u g 48.1919 l: -A
02
U4
8eu B ran ch U P I s t g 4 s .lU 4 8 J-D 8 3 4 ........ 87H ,M ay’ lu
jlO
M ar ’ 06
Leroy A C V A L 1st g 6 s 1926 J -J ......... 102
9 0 4 A p r’ l l
p a o B of M o lBt e x g 4 s . 1938 E-A
90
97
2 d ex ten d ed gold 5 s . . .1938 J -J
108 4 1 0 9 4 108 4 ^-ay 71
8 t L I r M A Bgen con g 6sl931 A -0 10734 1 0 8 4 1 0 8 4
111
S e p '09
G an c o n stam p gtd g 5s 1931 A -0
85
85*8 B 5 4
864
U n llled A ref gold i s . .1929 J -J
80
86 4 Sale 8 6 4
K lv A G D iv 1 st g 4 s . . 1933 M-N
102 4 Jan’10
V erd i V 1 A VV 1st k 6 s . 1926 M-b
120*4
Sale
J-D
120*4
l
a
l
M ob A O hio new gold Os..1927
1 1 4 4 HO H 5 «j M a y 'll
1 st ex ten sion gold 6 s ../il9 2 7
87
87
87 sale
G eneral gold 4 s................. 1938
A p r’ l l
M outgom D iv 1st g 6 s ..1947 F-A, 109 4 110 4 n o
81 M ar’ l l
......... 85
St L A Cairo coll g 4 s ..e l9 3 0
......... #3 4 9 3 4 M ar’ l l
G uaranteed g 4 s ........... 1931
M A G coU 4s tiee Southern
M ohaw k A Alai tieeH V U A H
M onongaliola B lv tiee B A O
M ont C en t tiee S t P Al A A1
M organ’ s La A T tiee S P Co
M orris A E ssex tiee D ol L A W
Chat A St L 1st 78.1913 J -J 105*4 100 100 A p r 'l l
N ash
1st con sol gold 5 s ..........192c A-O 111 1 1 2 4 11 0 4 M ay’ l l
1 1 6 4 N o v ’ 10
J asp er B ran ch 1st g 6 s . . 1923 J-J 110 ..,
1 0 8 4 D e e ’ lu
M o m M W A A l 1st 6 s ..1917 J-J
1 0 0 4 ...
113 J ’l y ’ 04
T A P B ranch 1st O s ....1 9 1 7 J -J 1 0 0 4 —
N ash Elor A sh ot tiee L A N
9 2 4 33
N a t B ys of A le x p r 14H.S 1957 J - J
01», 9 2 4 9 2 4
G uar gen 4 s ........................1977 A-O
82 4 8 7 4 8 0 4 May’ l l
100*4 F o b ’ l l
......... 101
N a to f A lex prior Hen 4*23.1026 J -J
30
814
1st con sol 4 s .......................1961 A-O
79*4 80
N ow H A D tiee N Y N 11A 11
N J J u n o U B tiee N Y Cent
N Y B k ln A Alan B oh tiee L 1
88*4
88
88 \ 88
N Y C en t A H Hlv g 3 *2 3 .1 0 9 7 J -J
83
8 8 4 88
K eg istered .......................1997 J -J
94
91 Sale
914
D eben g 4 s .. . . . . . . . . . ...1 9 3 4 M-N
7 9 4 Sale
7U 4
79 4
LAko Shore c oll g 3 ‘gs. ..1 9 9 8 F-A
78 ......... 7 8 4 M ay’ l l
R e g is te re d .......................190» F-A
M loh C en t coll g 3 * a s ....l9 9 a F-A
7 8 4 ......... 78 4 May’ l l . . . .
7» A p r’ l l '. . . .
B a glstereil.......................1998 F-A ......... 78

034

.....

4

u
fS

Low

97"

103 4 100
914 97 4
114 1164
1124 1124
98 4 99
lOO" iiAi*;

111 112

1044
11**4
1 l 8 *s
004
105*4

106 4
118*4
118*8
964
105*4

714 714
02
93
112 4 112 4
106 106
04
00
88
91
108 4 112*8

no

no

11141124
02
01

90

08*8

004

984

09*6 ICO

130

130

105 4 109
05
74
80
814
95*4

#8

93 4
06 4
83 4

93 4
98

86
1 0 1 4 103 4

784

81

86*4

88

78

78

89 4

00 4

1 00
110 4
1004108

102*4 1 0 4 4
103 4 1 0 5 4
103 196 4
109 111
100 4 1 0 2 4
1 0 0 4 102
7 0 4 82
0B 4 0 0 4
9 1 4 96*,
02
03*i
0 6 4 98*4
108 4 108 4
100 4 108*,
83 4
844

874
8 e*»

120

122

no

1104

115 *3 1 1034
8 6 4 87
81
934

81
944

108 1 0 6 4
109 4 1 1 0 4

924

954

80

834

874
804
92 4
79
784
73
73

90
80 4
044
80 4
704

86
89*4
100*4 lOO*,

BON DM
N. Y. ST O C K E X C H A N G E
wkkk endiku June 2

P rice
Friilav
Ju n e 3

W eek’ s
R ange or
Last SaU

R ange
>o !
Since
J41 J a n u a ry 1
>2

N Y C ent A H K—( Con)
Lou
Huil 1
Low H igh
Beech 1-'reek 1st gu g 4 s .1030 j . j
98*o D e o ’ l 0
994
9 9 " 99 *
R eg istered ......................1936 j . j
99 Aluy’ l l
2d gu gold 5 s .................1936 j . j
107 4 .
B e e c h e r E x t 1 s t g 3 4 s 61951 A-O
84 4 .
Cart A Ad 1st g u b 4 s . ..198 1 j - o
97
97 Hi A p r ’ 09
G ouv A O s w o l s t g n g S s 1942 j . p
99 i, Alar’ l 1
Moll A Mai 1st g u g 4 s ..1991 M-S
0 8 * 4 ........
09
09*s
N J J u n o R gu 1st 4 s . .. 19.86 F-A
105 ' '<•! '02
95 4 1 0 0
90 ........
N Y A H arlem g 3 4 a . ..2 0 0 0 M-N
90*8 90*8
9 0 B'ob’ l l
N Y So N orth 1st g 5 s ...1 9 2 7 A -0 100 4 ........ 108 Oct '09
N Y A Pu ls t c o n g u g 4 s 1993 A-O
95 4 97
97*4 97*4
9 7 14 F e b ’ l l
N or A M ou t l s t g u g 58.1916 A -0
Pmu Creek rog guar 0 « . 1032 J-D
131 Hi Jan ’ 119
R \Y<fo G oon l e t e x t 6S.A1922 A -0 107 Hi 111•*, 110 Alny’ l l
107*2 110
105 Jan 'Os
O sw e A B 2d gu g 5 s . ..<1915 F-A 100 105
B W A O T B 1st g u g 5 « . 1918 M-N 103 Hi......... 104 J ’ ne’ iO
Itutland 1st oon g 4 4 s . .l # 4 1 J -J
9 0 * 8 ......... 102 F e b 'ln
89*n A la y ) 1
O gA L O bam l s t g u 4 s g l9 4 8 J-J
89 Hi 90
85*2 90*2
92 ) ue’ l>9
Bnt-Canad 1 st gu g 48.1949 J -J
115 J 'n e ’ 09
108 110
St Law A A d lr 1st g 6 s . 1990 J -J
125 E o b ’ 08
2d gold 6 s ........................ 1996 A-O 1 1 9 4 . . . .
90*4 Mar’ l l
100
1 00
99*« 100
U tica A B lk BI t g u g 4 s . 1922 J -J
89
89
89 4 89
88*2 90
Lake Sh ore gold 3 4 * ....1 9 9 7 J-D
88 A p r ’ l l
88 4 89
88
88*2
R e g is te re d ................... 1997 J-D
93
95
91
94*8
04*8 sale
D ebenture g 4 s ............. 1928 M-S
92*8 94*4
93 \ Sale
25-year g 4 s .................. 1981 M-N
93 78
110 4 .........
K a A A G R ls t g n o 5 s .l 9 3 8 J .J
110*8 111*2
M ahon C’ l B B 1st 5 s ..1 9 3 4 j . j 111*8........ i l l Hi M ar’ l l
Pitte 33 L Erie 2d g 6 s .a l9 2 8 A-O 107 *8......... 100 Deo M9
122M ....... 130Hi Jan ’09
P itts M cK A Y l s t g u 0 s .1932 j . j
120
2d g u a r d s ....................... 1934' j . j
M c K e e s A B V 1st g 6 s 191B! j . j 107 .........
111
1 11
Alicli C ent 6 s .......................1931 M-S 110 115 111 A p r ’ l l
) tie’ 00
R e g is te r e d ................... 1931 Q-M 109 * , ......... 119
99
09
4 s .........................................1940 J . j
08
09
99 Jan ’ l l
R e g iste re d ................... 1940 j . j
90 ......... 98 D e c ’09
J L A 3 1st g 3 4 s ........1951 M-S
8 0 's 88** 90 J ’ ue 08
87
1st g 3 4 s ........................1952 m -N
87
88 M ay’ l l
92*8
20-year deb 4 s ............... 1929 A O
92
92 *e 02*8
91*2
Bat C A Stur 1st g u g 3 s . 1989 J -D
N Y C h ic & rft L 1st g 4s 1937 A-O
99*3 100
99*2
99' 1
99*8 100*8
R e g iste re d ......................1937 a -O
......... 09 Hi 100 D e o ’ 09
9 1 7e
D ebentures 4 s ...............1931 M-N
91 Hi 92
90*8 92*8
0 1 7s
W est S hore 1st 4 s g u . . . 2361 j . j 101>s 101 Hi 1 0 1 *, 101 Hi
1 0 0 H, 101*2
R e g is te re d ...................... 2361 j . j
08*8
......... 99 H, 93*8
98*4 100*2
N Y <fe G ro e u w L a ke tiee Erie
N X & H ar tiee N Y C A H ud
N Y L a ck & W tiee D L & W
N Y L E <fe W tiee E rie
N Y & L o n g B r tiee C en t o f N J
93*4 94*4
93*2 M ay’ l l
N Y N H
H —N o n c o n 4 s .’ 56 M-N
93
94
05
95*2 " 63 95 100's
06 *a Sale
C on v d eben 3 4 « ..............i 9 6 0 j . j
13 2 *8
7 132*» 134*4
O onv ilehen 6 s ................. 1948 j . j 132*» Sale 132*,
H o u sa u n u c B eon g 6 s ..1937 u -N 112 Hi......... 113*2 O ct ’ lu
N H 3b D e rb y oon ey 5S.1918 m -N 101*8......... 107 A u g ’O0
2 84*8 37
87
87
P ro v id e n c e Beo deb 4 s .. 1967 m -N
85
87
N X & N orth Bee N Y C & H
4 95
90*4
9 6 7,
97
N Y O <fc \V re l 1st g 4 s ..^ l9 9 2 M-S
90** 97
9 4 w, F o b ’ l l .... 04*2 94*i
R e g is 5 5 ,0 0 0 o n l y .___ ,p l9 9 2 M-S
N Y
P u t tiee N Y C & H
N Y & U B tiee L o n g Island
N Y 8 & W tiee E rie
N Y T e x & Al tiee 8 0 Pao Co
N o r & Sou th 1st g 6 s ......... 1941 M-N 1 02 1 03
103*2 Jan ’ l l
103H» 1 0 3 S
Norf<& W est g e n g 6 e ........1931 m -N 124*« 125*4 124** A p r ’ l l
124*8 124^8
Xm provem ’ t * e x t g 6 s ..1 9 3 4 f -A 126H»......... 1 2 0 *4 M ay 1 1
120 126*4
N ew R iv e r 1st g 6 s ........1932 a -0
125 M ay 11
12 3 '
125 125
99*2
N <S> W B y 1st co n g 4 s .1990 A-O
98
98*» 13 08
98 *« Sale
98 J a n ’ l l
08
R e g is te r e d .......................1990
94
1 2 1 02
D iv ’ l l a t l & gen g 4 s ... 1944
92 Ha 9 92*4 '93“
10-25 y ear c o n v 4 « ___ 1932
106 Sale 100*8 l y 8 247 100*2 109*2
90
Pooalr C <& C Joint 4 s .. 1941
88*8 90*2
89<4 90*4 90
106 N o v ’ 10
O C A 1' 1st g u g 6 s ......... 1922
106
97
8010 V<6 N 1? 1st gu g 4s 1989
00*4 97*2
97
97*2 07
N orth lU u iois tiee Chi A N W
N o rm O hio tiee L E rie <£> W
N o r Poo—P r io r lie n g 4 s .. 1997
99*8 1 0 0 *»
100 Sale
99Hj 100*4
R e g is te re d .......................1907
9 8 ^ ........
98*4
yB 98*4 99*4
G eneral lien gold 3 s ___ «t2047
71*«
70*2 71H»
71
71*, 71*8
O
91
,
A
lai’
11
R e g is t e r e d ................... a2047
70 . . . .
60*2 6UH»
8 t Paul-D ul D iv g 4 s ....1 9 9 6
9 0 *« Alay 11
00
90*4
97
98
D ul S h ort L l s t g u 6 s .. 1910
99
F e u ’ 10
99*4 . . . .
0 B A U 0 0 U tr 4s tiee G t N or
8 t P So N P ge n g 6 s ___ 1923
110*2117
110*2 H 8 *j
110*2 U 8 ^»
K e g iste rsA ce r tia o ’ s .. l 9 2 3
1U
F e b ’ 10
8 t Paul * D o l 1st 6 s . . ..1 9 3 1
107 *4......... 110 J ’ n e’ 10
2 d 5 s ..................................1917
........ 102*4 F eb’ l l
1 0 2 *« 102*4
..................... | 90*4A p r ’ 10
1st oon sol g o ld 4 s ......... I 9 6 0
W ash C en t 1st g 4 a ......... 1948
90 ......... 1 91 >, A p r ’ l l
91*8 91*8
111 *8......... l l l l * » J a u ’ l l
N or Pao T e r Co 1st g 0 e ..l9 3 S
1 1 1 * * ! ! ! 8*
N o r B y Cal tiee So Pao
N or W is tiee C S t P 44 A O
N or Ss M o n t tiee N Y Cent
d AW
tiee O U O A St L
U in
hlo it iv B B tiee Bait A U
O re A Cal tiee 8 0 Pao Co
O re s h o r t L in e tiee Un Pao
U s w a g o A Borne tiee H Y O
Coast C o 1st g 6 s ___ 1946 J-D 105 107*2 108 Alay’ l l
105*4 108
F ao
ao o f -Missouri Bee Alo Pao
101 .
Penn H it 1st real oat g 4 s . 1923 M-N 1 0 1 ..........1 01
1 101 102
C onsol gold 5 s............................ 1919 M-S
......... 108
100*2 Jan ’ 0 9 ..............................
C onsol gold 4 s ................... 1943 M-N 102*2108 *2 1 0 3 *, M a y 'll . . . . 1 0 3 *a 103*8
C o n v e rtib le g 3 ^ 8 ............ 1912 M-N
99*4 99 H. 99*4
99 *4
9 93*4 99*2
C o n v e rtib le g 3 *n«..................... 1915 j - B 07 Sale
9 6 T,
97
176 06 ■* 97*4
C onsol g o ld 4 s ................. 1948 M N 103*4 102 *8 103*, 103*8
1 103 104*8
A ll eg Val go u g u g 4 s . ..1 9 4 2 M- 8
90^8 1U0
U9 7s A p r ’ l 1 . . . . 9 9 7# 100*4
D It It H A B g e 1st gu 4s g . ’ 36 F -A 1 U0 .................................... ..
.....................
P h ila B a l A W 1st g 4 s .. 1943 M-N 102 .......... 102*2 M ay’ l l . . . . 102
102*2
Sod B ay A So 1st g 6 s . . .1924 J - J
......... 1 0 2 Hi 102 Jan ’0 3 ................................
U N J B it A Can gen 4s. 1944 M -8 10U >2 102 *2 103*8 May’ 10 ,
104 M ay’ l l
Peuu C o—G uar 1st g 4 His. 1921 J -J 104
103*2 104*2
R e g iste re d ..................... 1921
1 0 2 7* M a r 'll
1 02 7s 1 0 2 \
G uai S 's s c o ll tru st r e * . 1937
3 7 * 8 ....... . 00 A u g' 1J
88
May 11
G uar 3 *uscoll tr ser IS...1941 F -A
88
88 ^8
88
.......
97*9
T r Co e e rtif’ s g u g 3H is.l910 M-N
07 *4 bale
07*4
.7*4 10 97
87 A u g ’ 10
Gu 3 *1)8 tr oUs C ...............1942 J -D
87*8 90
91 D eo ’0 0 . . . . .........
G u 3 His tr otfs D ..............19441J -D
88
........

.....

102*2

t:i

DON U S —C ontiiw ivd o n N e x t I’ a g o

M a nu factu ring tic liMtoecrtal
J-D
M-S
K-A
F A
F-A
F-A
A-O
J-D
J -J
J -J
J -J
J J
J -J
A -0
J-J
J-D
J -J
M -8

07*2......... 07 F e b ’ l l
89 Alay’ l l ....
88
90
_____ 99
99*2
00 4
100 100H, 100 A p r ’ l l
/3Hi
74-4 ii}«
74 Sale
90 ......... 102*8 A p r ’06
107 MayM
J7
99 100», 105*2 D e c ’ OF,
♦82H» 35*, 85 A p r ’ l l
83
8 1 S 84*4
84*,
73 F eb ’ 07
101 Salt 104
104
106 103
105 *2 M ay’ l l
105 106
100 May’ l l
107 .........
......... 88
87*4 Alay-n
91*4 'tala
04
044,

L * N c p rice b’ rldayj latent bid and asked. « D uo J an b D u o F e b




Hig/i

90*4

M IS C E L L A N E O U S
C o n i m id I r o n
B n flA S u s q Ir o n s I 5 s ___ 1032
D eb en tu re 6 s ................ a 1020
Ooi J) a i c o gen s t g 6 s .. 1943
C on v ertib le dob g o s ___ 101 1
Col In du I s t A c oll 5» g u ..l 9 3 4
C ou tln ’ t a l O l s t s t g u o s g .lO S k
G r B iv Coal A O 1st g 6 s ..1919
J eff A Clear O A 1 1st g 5s. 1920
K an A H C A C 1st s f g 6 s .l0 o l
P ocali Con Collier I s t s t 5s.’ 57
84 L B o c k M t A P 1st 5s. 1056
Sun day Crcea. Co g 5 s . . . . l 0 4 i
Tftnn Coal gen 5 s........... 1951
T en n D iv 1st g 6 s .......a l9 1 7
B ln n D iv ls t c o n s o l 6 s ..1917
Call C Al C o 1st gu g 0s. 1022
V lo to r F u el 1st s t 6 s ......... 1053
V a lr o n C o a lA G o ls t g fls. 1040

1487

New York Bond Record— Continued— Page 3

3 1911.1

....
i

06*4
89
97*2
90*4
73*2

97
90
99*2
100
79*,

.....................
84
83

85
86

1 108*4 104 *2

105 105 H
104*2 106
87
iu| 01*2

88 *<,
96 H.

^Ulls-Chalm ert 1st 6 s ........19 36 J -J
78 fials
A m A g C bem l » t o 6 *........1928 A-O
101*2 lo l«,
Am Cot OU e x t 4*28 ........... 1015 o -E
08*4 9 «lt
07 Sale
D e b e n 6 s (Interim o tla j. 192 1 M N
Am tliu e A D i s t « t g 6 a . . l 0 1 y M-5
93*4 99*-.
A iuer Ice bo o u r d eb g 0 s .. IW26 A -0 ......... 76*,
A m sm e lt S .o n r i t l 8 * s t 0 e .l9 2 6 F -A 103 *, 0ais
Am Spirits Alig l e t g 0 s . . l « l j a - b ..........101
Am th re a d U t eol tr 4 « ..l H l y J-J
9 3 * 8 .........
Am T o b a c co 4 0 -y r g 0 « ___ 1944 A-O 105 Bala
86 Sail,
4s............................................ 1051 F A
00*4 91*4
A m W ritg P a per 1st a f 6s. 101 0 J -J
0 6 *S salh
>etb Bteei le t e x t s t 6 s .. 1026 j -J
ent D eatlier‘JO-year g 58.1926 A -u
90 *4 *aJe
one l T o b a c co g 4 s ........... 195 l F-A <......... 80
c o r n P rod K ef s f g 5 s ___1 9 3 1 M-N
90-2 97
90s, fcals
1st 25-year s i 6 s ................1934 M-N
Vo
60
C u l)s ji-A m e r 8 u g a r c o U tr 6 s ’ 18 a -O

s D uo May p D n n J ’ na A D u e J ’ly /c D n s Aug

0 D u e O ct

77*4
79
1 0 1 *,
08*4
08*4
07
9 / ‘4
08*4 A la y 'll
75 Hi May 11
103*4 103“,
101
Alay’ l l
93*8 M ay” 1
103
lOt'ig
04*4
03

1 0 1 “,

j ,D a * N o v

( D a e D eo

/F la t,

1488
BONUS
N. Y . STOCK E X C H A N G E
W eek K ndxno J une 2

New York Bond Record—Concluded— Page
Price
Friday
June 3

Week’ s
Range or
Last Sale

BONDS
N. y. STOCK E X C H A N G E
W eek Kndino J unk 2

R ange

Since
January l

O

4

[ V o l . L X X X X II.
Price
Friday
June 2

Week’s
Range or
Last Sale

l i

Range
Since
January 1

Pennsylvania Co—(Con)
B in
a s s Low
High
Low High
Bid
Asi1 Low
Riga No Low Higti
Guar 15-25 year g 4 s___1931 A O
98*11 9 8 b 98*4 May’ l l
9734 98%
Salt
j -j
95-3
95% 47 94% 90
• Cl * Mar 1st gu g 4% s..l93 5 M-N 102 ..
110 J a n ’05
j - j 106% sale 108%
108% 82 100% 109*3
Cl & P geu g u g 4 % sser A .’42 J-J 100 *« ..
110% Jan ’09
J-J
110 May’ 09
Sories 15.........................1942 A-O 1 0 0 ‘s . .
1093, J’l y ’OO
79% Sale
A-O
79%
79% 3 5‘2 70
80*4
Series 0 3*128.................1948 M-N 90 ..
90 Aug’09
80% 88% 87 May’ 1]
M-S
80
88
S enes D3H28.................1950 F-A
90
l
90 Mny’08
1OUHi........ 109% Muy’ ll
J-J
108%
109%
Erie & Pitts gu g 3 *28 15.1940 J J
90
t
90*2 A p r ’l l
S8
8834 88 May’ ll
90*2 91
J-J
80% 88
Series 0 .........................1940 J-J
90
l
98% Apt ’04
1073
4
10834
J-J
1077« Nov’ ) (
Gr R & 1 ex 1st gu g 4 *ijs 1941 J-J 104*11 -.
104*4 Mar’ l l
89 % ........ 9 0 % ila y ’ i l
J-J
104*4 104
90*3 90*3
Pitts Pt W & C 1st 7 s...1912 J -J 103 *s ..
103 c Mar’ l l
82% 82% 82% Oct ’ lo
J-J
103*2 104
2d 7 s................................1912 J-J 103 . .
103% F e b ’ l 1
........
8
0
%
1
0
3
%
1
0
3
7e
* A-O
'
dll -s ............................A1912 A-O 10 2 34 ..
107 Oct ’08
J-J 1UG38 ....... 107 A p r’ l l
106% 107
Pitts i«fe A slilst con 63.1927 M-N 107 . .
109 May’ 10
J-J 107 7s ........ 107% A p r’ l l
107% 107%
P C O & St L gu 4 *128A ... 1940 A-O 105 % 100 b 100
100
Con 1st gold 5s.........
100 l()73-i
M-r 110 7q i l l
110% m
7 109% 111%
Series 15 guar................1942 A-O .........107
106% May’ l l
M-S lu o 100% 100
1 00 % 1 0 7 34
lo o
6 105 " 1UG ’
Senes O guar................1942 M-N
107*8 D ec ’ 10
........
07
A-O
05
N
ov’
09
Senes D 48 guar.......... 1945 M-N
97 % .
98% D ec’ 10
Ga Pac Ry 1st g 0 s " " I I l 9 2 i J-J 113 % ........ 113% 113%
6 113% 114
Genes K 3 % guar g ___1949
92%
A
91a4 A p r’ I 1
9 134 93
115% May’ l l
J-J
115% 116
Scries G 4s gu ar.. ... . 1957 M-N
98*s May’ l l
07 V
09%
98*s
105% N ov’ 10
J-J 105%
O St L & P 1st con g 5s.l932 A-O 113 .
113 F e b ’ l l
113
73 ........
113
J-J
Pensacola db A tl Sec L * Nash
J-J 105% 108 105% J a u ’ U
105% 105%
Peo «6 East See (J C C A St L
A-O 104% 105% 105 Mar’ l l
101%105
Peo dr. Pole On 1st g Os___1921
109 May’ l l
108
1 09 1 0 9
71 ........ 71 Mar’ l l
M-N
71
71
2(1 gold 4 *128.....................01921 u
99
01
93*2 J a n ’ l l
93*2 9 3
M-N 104% 105 104*4 May’ l l
103% 104%
Pero Marquette—Ret 4 s.. 1955 J-J ____ 74% 73%.May’ l l
00
7034
100%
........
M-S
112
O
c
t
’O'j
Refunding guar 4 s ..........i905 J -J ......... 75
74-*4 A p r 'l l
08*a 7 6 %
M-S 103 % ........ 108% D ee’00
Oil A W .11 u s ................... 1921 J -D 100*4....... 10o*4 A p r’ l 1
100*8 100%
M-S 100 ........ 100 M a r 'll
100 100
Flint & 1* M g Os.............. 1920 A-O 109% Sale 109 78 1**9%
10978 11034
M-N 107% ........ 107% May’ l 1 .. .. 107 107%
1st consol gold 5s.........1939 M-N 100% 102 103 Mar’ l l
100
103
M-N
105 % N o v i 0
Pt Huron Div 1st g 5s. 1939 A-O 102% 103% 102 May’ l l
101*2 10338
J-J 108% ........ 108 A p r ’ l l
108 110
SagTusAs It l s l g u g 4 s .1931 F-A ......... 90
95% 97% 97 Muy’ l l
A-O
94% 97*3
I
Plul 15 & W See Penn HR
91 ........ 91 F ob ’ 10
F-A
Philippine lty 1st 30-yr s 14s’37 J -J
S0*u 87% 8734 May’ l l
J-J 104 % 106 % 104% A p r’ l l . . . . 101% 106
80 34 88
Pitts Cm db St L See Penn Co
Pitts Cleve & Tol See 15 db O
J-J 103 105 102 % A p r ' 11
102 102%
Pitts Ft W db Ch See Penn Co
A-O 105% 100% 105 % A p r’ l 1
105% 106 %
Pitts M cKees db Y See N Y Con
F-A 112 Hi
112% Alar' 11
112% 112%
Pitts SO & L E 1st g 5 s ... 1940 A-O
H 2 7g M ay’ l l
112*2 112 7g
J-J ........ 97
97% A p r’ l 1
97
08
1st consol gold 6s.............1943 J -J
93% J ’ly ’97
1
0
7
%
........
A-O
108%
F
eb’
l
l
108%
108%
Pitts <So W est See 15 db O
I ) eading Co gen g 4s.......1997
98 Sale
97 7g
98*4
90:»4 98*4
J-D 110% 111% 110% 110%
110 m %
t v Registered.....................1997
9? ‘4 A p r’ l l
97*e 98
07*4 07%
45
05
Alar
70 .Mar’ lo . . ..
Jersey Cent coll g 4 s ...1951
90 Mar’ l l
97
98
La Div K L 1st g 6s .......1931 J .J 100 % ........ 99% A p r 'l l .. .. 99% 99 *3
90
97*2
Rensselaer <fc Sar See 1) db 11
W Min W A N W ls t g u 6s ’ 30 F-A
100% >wv’04
Rich db lian See South Ry
Tol A O C 1st g 5s............. 1935 J-J 109% UO 109% Alay’ l l ....j i08% 110*8
Rich db Moclt See Southern
Western Dlv 1st g 6 s...1935 A-O 107 ........
Rio Gr West see lieu db Rio Gi
General gold 5s............... *935 J-D lo3 ........ 101% M at’ l l
101% 103%
ttooli db Pitts See B R tie P
Kan & M 1st gu g 4s___1990 A-O
9 0 % ........ 91% Alay’ l 1
90
91%
Rome Wat db Ug See.N Y Cent
2d 20-year 6s ............1927 J-J
97% 98% 98 Aluy’ l l ___ 1 90% 98
Rutland see N Y Cent
Tol P A W 1st gold 4s___1917 J-J
90% 92
90% Alay’ l 1 . . . J 90
90%
'Pus db 11 See Peru Marq
S ag
Tol
St
L
A
W
p
r
lle
n
g
3
*
38.1926
89
........
J-J
89
M
u
y'll
89
89%
tJoife Ur Isl 1st g 4 s...1947
8834A p r’ l l
88V
50-year gold 4s............... I960 A-O
73 bait* 71
80*2 88a4
lo
71 08
74%
St L * Cairo See Mob db Ohio
Coll tr 4s g Ser A .......... 1917 F-A
70
80
78 May’ l l
78
81%
Bt L db Iron Mount See i t P
Tor Ham A B ullT stg 4s./»1040 J-D
89 ........ 87 Alai’ l l
87
90
8 t h M 15r See T R R A of St L
lster A Del 1st con g 6s 1928 J-D 100 ........ 105 % Alar’ 11 .... 106% 100
U
Bt Louts A S F—Geug Os.1931 J-J 118*2 11S34 118 May’ l l
1st return! g 4a.......... 1952 A-O
118
119
81%
85%
80
Get
’09
General gold 6s............... 1931 J -J 107*2 Salt 107*2 197
Uu Pao Rlt A l gr g 4a ...1947 J-J 101-n Sale 101% lo l% iia: io o 102*4
3 1 0 7 108
8t L & S F' R R cons g 4 s.. ’90 J-J
91 M a y 'll ..J 90
90*4 92
Registered.................... 1947 J-J 100% ........ 100% 100% 2 99*4 100%
91
Gen 16-20 yr 5s ..........1927 M-N
89
89% 89 *2 89
20-yr conv 4a.................. 1927 J-J 108% Sale 107
32 | 80*2 90
lu 8% 714' 103% 108%
Soutliw Oiv 1st g 6 s ..1947 A-O
98 101 10034 Mar 11 ...10034 101*1
1st A ret 48....................g2008 M-S
97% Sale
97%
97 %| 0 90*4 Oh *4
Refunding g 4s............ 1951 J-J
81% sale
817a
82*4
Ore Ry A Nav con g 4 s .1940 J-D
80% 83
90
Sale.
90
90 | 10 96
97 *4
K C Ft S db Ai con g Os..1928 M-N 1 17 *2 Sale 110*2 117*2
Ore Short Lino 1 stg Os.. 1922 F-A 114% 114% 114% Muy’ l l
110 117*2
114*« 116%
K O F’tSiXi M Ry ret g 4s 1930 A-O
80*2
80% Sale 80*4
1
st
consol
g
6
s.............
1940
77** 80*2
J-J 1 l'J l4 112 vb 112% M ay'll
111
% 113%
K C db M R db 15 ls t g u 58.1929 A-O 10 0 *8 ......... 100*4 D ec-09
Guar retund 4s............1929 J-D
94% »aic
94%
94 %| 36 92% 06
Oz’rk & Oh U 1st gu 5s g.1913 A-O
99 *s......... 09 *2M a y 'll
Registered.................1929 J-D
97*a 9 9 %
94 J a u ’obl
SC Louis So See Illinois Cent
Utah A N or gold 6 s ..1920 j - j 108 ........ 108 Muy’ lL ....
iuS i '08
8t L S W 1st g 4s bit ctls.1989 M-N
92 Sole
9134
92
8 9 7g 92*4 Uni N J R R A C Co See Pa RR
i 3 May’ l l
82
2d g 4s mo bond c t fs ...211980 J -J
Utab Central See Rio Gr Wes
78
83
Consol gold 4s................. 1932 J.D
80
80
80 Suit
75*8 81*2 Utah A North See Un Paoitio
Gray’ s P tT e r la tK u g 5 8 1947 J-D
9 7 % ........ 101*8 A p r’07
Utica A Black R sea N Y Cent
St Paul db Dul See N or Paoitio
consol g 4 s ___1955 F-A
98 N ov’08
V uudalia
8t P Minn db Man See Gt Nor
Consol 4s Series H ...1957 M-N
1 90% i)7'%
90% 97% 90% Mar’ l l
St P db N or Pac See N or Pao
Vera Cruz A P ls t g u 1 *28 1934 J-J
90
A p r’ l 0 :: ::
St P db S’x City See O St P M dbO
Ver Val lud A VV Sea Mo P
87% 11 86% 88*4 Virginia Mnl see South Rv
8 A db A Pass 1st gu g 4s. . . 1943
87
87
100
8 F’ db N P 1st sink I g 6s. 1919
104 Oct ’09
lac gold 6s....... 1939 M-N 108 *4 Sale 108*4 108%' 8
W abash
108 n o
8av F db West see A tl Coast L
2d gold 6s.................1939 F-A
99% 100 100 May’ l l 1. , . . 98*2 101
Soioto Valdb N E See Nov & W
Debenture series R ....... 1939 J-J ........ 98
98 A p r’ l l ' . . . .
98
Seaboard A L g 4s stamped ’ 6U A-O
87*2 87 7f 87 *2 87 *2
1st Hen equip s fd g 6 s ..l9 2 1 M-S 10U ....... 104 May’ l l ' . . 08
8434 88
100 104
Adjustment 5 a .............. ol949 F-A
79*u Salo
79
7U *2
1st lien 50 yr g term 4 s.1964 J-J ......... 85
80
75
83 D c c ’ lUj___
Atl-Rirm 30-yr 1st g 4s.«1933 M-S
80 ........ 87 May’ l l
1st ret and ext g 4s ___i960 J -J
85% 87
08
*
2
Sale
07%
03%'143
Car Cent 1st con g 4 s ...1949 J-J
9 2 3a 98
9 l a4 A p r’ l l
Dot A Ch E xt 1st g 6 s..1941 J-J 107 ....... 107% May’ l l 1.. . . 0 3 % 7 1 %
91% 913
Fla Cen db Pen 1st g 5 s .1918 J -J 1 0 2 * 8 .......... 103 M a y'll
107% 108*4
D esM oiu Div 1st g 4 s ..1939 J-J
102 103
81*i
81 % May’ l l ' . . . . 81
1st laud gr ext g 6 s ...1930 J-J 1 0 3 * s ..........
HI %
Om Div 1st g 3*23........... 1941 A-O
75
70
75% F eu’ l l
Consol gold 5s.............. 1943 J-J 1 0 6 .......... 11)534 A p r’ l l . .. 10534 100%
74
75%
Pol A Ch Div 1st g 4 s ... 1941 M-S
83%
81b
85 May’ l l
85
Ga db Ala Ry 1st con osol9 4 5 J -J 1 0 4 * 2 .......... 104*4 Mar’l l '
85
104*4 104*4 Wab Pitts Term 1st g 4 s .1964 J-D
39 •» 41
41*4 A p r ’ l l
41*4 48
Ga Car As N o 1st gu g 6s 1929 J-J 105 *a....... 10134 10434
Cent A Old Col Tr Co certfs.
104 105
40% sale
40
40% 71 3i> H) 48*2
Seab de Roa 1st 6s.......... 1920 J-J 105*2 110 109 May’ l l
2d gold 4s......................... 1954 j'-ii ........
109 HO
0
0 May’ l l
&Hi 7*2
Slier Shr db So See M K db X
Trust Co certis....................
6%
0
6% Muy’ l l
6% 8
811 Sp ecu db U see Atl Coast L
Warren see Del Lao A West
Southern Pacific Co­
Wash Cent See Nor Pac
Gold 4s (Cent Pac c o il).*1949 J-D 03 Sale
93
93% 43 91*4 93
Wash U A W See Southern
20-year conv 4s............</i029 M-S 99 sale
08%
90*4 405 90 *a 09% Wash Term! ls t g u 0*38..1945 F-A ........ 89
88*2 Mar’ l l ...
88*2 90
Cent Pao 1st ret gu g 4s 1949 F-A
97 07*4 97
97% all 90
87 *2Bale
97 *1 West Maryland 1st g 4 s ...1952 A-O
87%
s7V aTb 80
88 *2
Registered.....................1949 k-A ........ 97
97 Feb’ l o'
W V a O e u tA P 1st g Os 1911 J-J lot) ........ 100% May’ n
Mort guar gold 3 ‘as..*1920 J-D 91*2 92% 91*2 M a y T l1” " ' 91*4 92
W estN Y A Pa 1st g 6 s..1937 J-J 109% HO 109*4 N p r ’ n r - i . K j t f i i !
Through 5.1 L 1st gu 4s ’54 A-O 9 0 ‘s 93
93 % May’ l l
Gen gold 4s...................... 1943 A-O
92
93%
88% Mur 1 1 .. J l 88*1 8 8 %
88
» 11 db S A M db P 1st 63.. 1931 M-N
107 108*4 107 A p r’ l l
i 100% 108*4
Incom e 6s ...................... dl043 Nov
34 F eb ’071
Gila VGdbN i s l gu g 6 s .1924 M-N
103
103 Muy’ U
West No Car See Soutli Ry
Rous !!• iia W T 1st g Ss.1933 M-N, 105% 106% 105*4 May’ 09 . . I 103 103
Wheel’s A L E 1st g 6 s ...1920 A-O 104*8 105 104*3 May’ l l '
103% 105
1st guar 6s red.......... 1933
1J}5% \.......!195 Mar’ l l . n illio o ” i 06 "
Wheel Div 1st gold 6 s ..1928 J-J ........ 104% 104 May’ l l
103% 101%
II & 'P C le t g 6 s iu t g u ..l9 3 7 J -J 10J%bale |109% 10.1%
1 109*2 110
E xleu A Imp gold 6 s ...1930 F-A ........ 104 *4 102 J ’no’ lo
Consol g Os int gu a r... 1912 S.-0 ^9^*4 119*8 109*4 Mar’l 1 . . . . 109*4 109*4
RR 1st consol 4s.............. 1949 M-S
82% 85 | 83%
8 3'
82
80
Gen gold 4s int gu ar..1921 A-O
04%
94%Aluy’ l l
’ 93%
............, .20-year equip s t 63 ...1 92 2 J-J
98% F o b 'l l '
96%
98% 99*3
Waco A N V V d ivlstgO s’30 M-N lit) .
1 19% Mar’ lo
Wilkes A East See Erie
A «fc N W 1st gu g 03....1 9 4 1 J-J 104% ■
107*a Jan 09
Wii A Sioux F See St P M A M
Morgau’s La A T 1st 7 s.1918 A O 114 . ___ 115 % Mar’ 11
116% 115% W isC ent60-yr 1st gen 4s 1949 J-J
03 V 18 92% U3%
93% 93% 93%
1 st gold Os.....................i 93u J -J 110% . ...... I l l
M a r'll
111 111
S up A D uid ivA term 1st 4s’30 M-N
02% -May’ l l ,
92
92%
93
No ot Cal guar g 6s .........1938 A-O
.......1112 i 'e o ’07
Ore & Cat 1st guar g 6 s .1927 J-J 101*4....... 100 J’no’l o _r ” .............. ” ”
T e le gra p h and T elep hone
bo Pao of Cal—Os E.........1942 A-O 101*2 ........ 101% 101*2
1 lu i% 102 % Am Telep A Tel coll tr 4s 1929 J-J
91% Bale 91*4
91% 131 80% 92
1 st gold Os F ................4912 A-O 101 % ...... 114*2 Deo’04 .. .. ...................
Convertible 4s..................1999
m
Sale 110^
111 *4 527 10-1 11 J *4
1 st con guar g 6s ........ 1937 M-N 103*8....... 110 May’ 0 7 .... .................... M ich suite Telep 1st 5s ..1924! M-S
F-A
08
09%
.....................
NY
v iTelep
'.jn ,, 1st
So Pac Coast 1st gu 4s g. 1937 J-J
88% 93 j 91) J ’l y -0 9 ..... ................... N
A gen a t 4*38.’3 o |m -N 100 Salto lo o 6 iuO%
San Fran Term l i s t 4 s ..1950 A-O
08% 1004
92
92% 02%
9 2 ‘4 10 92*4 93*8
Pao -LelA Pel 1st o a ........ 1937 J -J
99*2 Sale | 99*4
9 7 yin,
TexdhN oS ab u i v ls t g Os. 1912 M-S 101% ........ 1017g May’ l l .. .. 101% 101%
WP.ftt lilnn An tr< H..H ..
-. . .
West Union col tr cur 58.1938 J-J l o l % sale 101% 102
09 % 102
Con gold 5s................... 1943 J-J 101 105 101% May’ l l .. .. 101% 103
bd and real e s tg 4*38...1950 M-N
97% Sale I 97%
97%
95
98%
Conv 4s, Senes A .......... 193 g!m -N' 1U4% 1u4% 104 *4 ‘104%' 10 103 104*.
iHUsCELLANKOUS BON D?S—Concluded*

*4

....

1 1

lUnniiiactm-lnK «fc Indimtriai
Distd Sec Cor conv 1st g 5 s.’ 27 A-O
E I duPout Powder 4 %s.. 1930 J-D
G e a E l e c t r i c oeO g 3 % s iU 4 i F -A
1 0 -y r g dob 63................ " l ‘J17 J-D
Int Paper Co 1st con g Os.lOlf F-A
Consol conv s 1 g 5 s..
1935 J-J
Int St Pump 1st s t 03...*1929 M-S
Lackaw Steel 1st g 5s___1923 A-O
Nat Enam A Stpg 1st 5 s . .192. J-D
N Y A ir Drake ist conv Os ’ 28 M-N
lty Steol Spgs 1st s t 5 s...1921 J -J
R o p u b l Ate I s tA c o ltr o s . 1934 A-O
Union Bag A P 1st st 5 s..1930 J-J
Stam ped..................................
V S Death Co s 1dob g0s.Vi913 M-N
U S Realty A I conv deb g 5s ’24 J-J
LI S R e ilA lle fls t s t g O s .1 9 3 1 J-J
U S R ubber 10-yrcoll t r 0 s .’ 18 J.D

79 Sale
81% 86
82 .......
11106 % 100
102% 103%
84% 85
94% 95%
98% Sale
94 % 95
102 106
98 % Sale

78%
79%
84%
84%
82 May’ l l
103
107
103% May’l 1
85 M ay'll
95 Muy’ l l
98%
9 8 -►
95 May’ l]
103 Muy’ l l
98%
9 8 ’t
102% ....... 102% 102 V
95
95% 95 A p r’ l l
95
97
95 May’ l l
102% 103% 104 Muy’ l l
91 Sale
89%
91
70 A p r ’ l l
104% Sale 104 % 104%

* No price Friday; latest bid and asked this week-




76% 80
82% 343<
81
82
145 107
101 104%
83% 87
01% 95
90% 99%
94% 95%
102 106
97*4 99
102% 103%
90 2 96%
92
UO
U»3% 105
80
91
70
88
103 105

bDue Feb UDuo Apr

.

---- xgvycxp .HiOUi
M-N
lo-oo y r o s . ( reg ..liloo:* M-N

105% Sale

105%
106%

\1a-Car Chum 1st 16-yr us 192: .1 -D 100% 101% 101 %
\Vest Electric 1st 6s Deo 1921 J-J 102 .Saie 102
>1etKiugliouse E A Ms 1 us ’51 J-J
04%
93 Sale

.iH sceilaiieoiis
Adams Ex col tr g 43........ 1948 71- 8
88 Sale
Armour ACo 1st 1eai est 4*%s’ 3ii J-l92% Sale
Busli Terminal 1st i s . . . . 195. A-O
93 Sait
Consol us..................... i 960
98%
J-J
Det.M 35 M ld gr incom es..1911 A-O
*10
1ustit lor Irrig Wks 4%s 1943 -M-N 93
Int Jleroan Marine 4% s..l92 2 A-O
07 salt
Hit Navigation 1st s 1 63. 1921- F-A
8 L% 82%
M orns A Co 1st s t 4 %s.. 1039 J-.'
91
91 *-.
N Y Dock 60-yr 1st g 4a.. 1951 F-A
87%
Pub serv Corp N J gon 5s. I960 A-O
94
94%
Wash Water Bow 1st 6s .. 1939 J-J 102%

100%
100%
101%
102%
U5

88
88
92%
03
93
03
97 May’ l l
35 A p r’ l l
90% N ov’ li
07%
07%
82%
82%
91% May’ l l
90 Alar’11
94
94 V
102% Mar’ l l

103%
103%
100%
(00%
91%

10G%
100%
102%
102%
96

80% 91
92% 93*a
90
93%
97 .100%
35
35
04
78
91
90
93%
102%

08 %
82 a.
02
90
96%
102

< Due May tfDue J’ne A Due j ’ly /eDue Aug oDue OofpD ueN ^ iOptlonSM*

CHICAGO STOCK EXCHANGE— Stock Record— Daily, Weekly and Yearly
S T O C K S — H IG H E S T A N D
M ond ay
M a y 29

S a tu r d a y
M a y 27

K186 190 *188
2
*1
*1
*2
5
*2
82
*75
*75
*22
*221» 23
*8% 91? *8%
51? *5
*5
433 4% *4%
*15
17
17
60
45%
*13
26
*25
*72% 7278 *72
27% 271? ___
67
*65
70% 76% ___
9
*9% 10
50
—
*45

T u esd a y
M a y 30

L O W E S T S A L E P R IC E S
W e d n e sd a y
M a y 31

*188
*1
*2
+75
*21%
*8%
*4
4%
*15
45%
*25
72
*26
*05
76%
9
*45

190
2
5
82
23
9%
61?
4%
19
45%
72%
___
___
9%
—

T h u rsd a y
June 1

Friday
June 2

Apr’ 11
I/ ist S a le 190
190
July’ 10
2
L a s t S a le 1%
Mch’ l l
L a s t S a le 6
5
May’ ll
L a s t S a le 80
82
May’ l l
L a s t S a le 22%
22%
May’ l l
L a s t S a le 8
9%
May’ l l
L a s t S a le 514
6
4%
4%
4% 4%
414
*15
17
*15
17
19
46
26
*25 ~ "26% 25% 25%
72
7212 72l2 72% 72%
2712 27% 28
27% *26
L a s t S a le 63
May’ l l
69
76% 76
77i2 77% 77%
8l2 9
8%
834
9
40
40
40
40
50

S a les
o f the
W eek
S h a res

STOCKS

CHICAGO STOCK
K XCH AN GB

12%
88%

12%
87%
*205
*127%
*65
+111
*148%
43

12%
87%

12%
88%
*265
*127
*65
*111
*148%
*40

BONDS

InterP-rloa

Week's
Range or
Last Sale

ll'ds
Sold

Ask Lose
100*?
{ 93* Sale’
925s
100
100
98*2
102
101%
100
10234 Sale 102*2
103
50

9734 May’l l . . . .

100
82
16

M ay'll . . . .
7
82
May’05 —

__

NAME

Rangs
for
Year 1911

Bid

11 - N
A - O {io i
____
82 Sale
J - J
Feb
...................

H ig lx st

9 Jan 16
76'8 Jan 7
265 Jan 9
126% Mch 9
65 May20
110% Jan 6
141% Jan 7
35 Apr 28
39'2 Jan 19
08 Jan 14
4J% Anr 24
1% Mch 29
3% M ch27
41 Jan 3
115 Jail 25
151% Jan 6
113 Jan 19

12'2 May 9
8878 J ne 2
265 Jan 9
130 Jan 14
71 Feb 6
113 May 18
150*4 J ’ ne 2
59% Mch 8
5714 Men 9
82 Mch 21
52 Feb 2
1% Mch 29
5% May 1
55 - Feb 23
124 ' Mch 27
160 May 19
130% Mch 15

1334 Jan 11 15% J ’ne 2
78 Jan 18 78 Jan 18
92% Feb 10 101 May 2
.01 Jan 4 .04 Jan 3
60 May 1 70 Jan 20
47 Jan 18 50 May 19
45 Mch 3 07 Jan 3
92 Mch 3 98 Feb 2

160 Oct
1% J ’ly
4 J ’ly
6038 Sep
11% Sen
8 Max
3 Mav
2% J ’ne
20 Aug
69 Feb
16 Jan
51 Feb
15 Apr
__ May
53
1.5*4 J ’ly
7 J ’ly
40 J ’ly

185 Mch
3% Jan
7% Jan
100 Jan
36 Jan
16 Jan
9% Jan
6% Aug
39 Jan
7734 Mch
25 J ne
72 J ’ne
23 J ne
66 J ne
72% J no
54% Jan
104 Jan

6% J ’ne
62% J ’ly
240 Apr
126 J ’ly
72 Feb
107 Aug
131% J ’ly
31 J ’ue
Aug
J ’ ne
Deo
Feb
Sep
25% J ’ly
110 Max
142 Aug
108% J’ ly
1% inn
13% J ’ly
79*4 Apr
82% Sep
.02 Dec
53 J ’ly
43% Mch
40 Mcb
93 J ’ne

13% Jan
12 Jan
261 Dec
135 Apr
84% May
112 Jan
142% Mch
43 Dec
41 Dec
74 Jan
15 Feb
1 Feb
3 Sep
47 Dec
137 Jan
103 Mch
lil% Jan
2 Jan
2234 Jan
82 Feb
127 Jan
.21 Dec
91 Mch
46 Jan
67% Dec
1023.! Apr

117% Jan 17
123 Jan
114 Apr 27
118 Jan 18
103% Apr 8

140 Apr 7
130 Mch 31
120 Mch 14
120 Mch 23
103% Jan 19

101
118
104
112
103

Aug
J ’ly
Fen
Feb
J ’ly

lid Dec
125 Jan
145 Oct
123 N ov
11534 Jan

cl36% Ma> 26
119 Jan 11
100% Mch 13
1 Feb 3
165 Mch
102*2 Feb 1
3 May 10
72% Jan
19% Apr 12

19234 Jan 31

148 Fcl)
110% Aug
100 Dec

18634 N ov
122 Mch
109% Jan

155
101

186 Feb
106 Jan
1538 Jan

122 Mch 11
1023g .1 ne 1
10 Jan 16
177 May 10
106% May29
7 Jan 3
8178 Feb 6
25 Jail 27

J ’ly
J ’ly

5*4 Apr

2638Dec

Chicago Banks and Trust Companies

High
High No. Lou,
100*2 100*2
Jan’ 11
92% 933s
03 ” 28
90*8 100
Mch’ l l
90 100
MclT 11
08*3 09
Apr’ l l
. . . . -----J'ne'Oa . . . .
____ . . . .
Oct’09 . . . .
____ ___May’07 ___
1021?
5 102% 102's
Apr’04 ____ . . . . . . . .
____ . . . .
Apr’Oa . . . .
. . . . ____
9034 Jan’Ot) . . . .
91% Dec’OU ____ ____ . . . .
_ ____
87
Feb’06 ____
873,3 91
90% May’ l l ____
{ 87
88
9733 109
9934
99',s 28
9934 Sale
93*8 9434
3
93%
93*2
93
----2
82*3 8883
87%
87%
87% Sale
. . . . ___90% Mch'10 . . . .
11
99% 100%
100
100
%
100% Sale
100
Jon’ 11 __ _ 100 100
97% 99%
99% May’ l l —
_____
66*2 Aug’08 . . . . . . . . . . . .
,\1 - N
66*? July’OS ____ . . . . . . . .
M- h
102 103%
,J - |, t ------ 1033S 103 May’ l l ____
10 100% 102%
102
n - .s 102 Sale 102
100% Nov’ 10 ____ . . . . . . . .
j - j
100 100
100
Feb'11 . . . .
A - 0
100% Aug'09 ____ ____ ____
n - s
1013.,
2 10034 10134
11 - a f l 01*2 ------ 10134
103% 106
105% May’ l l . . . .
.........
80
Dec'08 —
J - D ------ -----...................

Amer Strawb’d 1st 6s. 1911 F - A
Armour A Co 4 ms---- 1939 1 • D
Booth Kish Co D ebG 5s’ l 7 J - J
• Deb g 5 s ................ 1924 J - J
Sink Fd DebGs tr r c e . . A - O
l* A
Cal A So Cli lly 1st 5 s .’
Cass Av A F G (St L) 5s T 2 J - J
Chic Board of Trade 431927 J - I)
Chicago City Ry 5s___1927 F - A
OhicCoilsoi Br A MltOs___ J - J
Chic Consol l'rac 4 ms 1939 1 - I)
Chic Auditorium Ist5sl929 F - A
Ohio Jc UR 1st M g 68.1945 M - S
Ohio No Shore EiccCs.1912 A - O
Chic Pile Tool 1st 5s.nl 921 J - J
Ohio Ry 5s___________ 1927 F - A
Chic Rys 4-5s series “ A" A - 0
Chic ttys 4-5s series “ U’ ' i - D
Chic Rys 4-5s series ” C’' G - A
Chic Rys coll 0s___1913 F - A
Chic Rys Fund 0 s ..1913 P - A
Collat trust g 5 s..
Chic Telephone 5s__
Commonw-Edison 5s. 1943
Chic Edison del) Cs.1913
1st g 5s____ Julj ‘
Debenture 5s__
Commonw Elect 5361943
Dla Match Con db 6 s .. 1920
Illinois l'unnel 5s____ 1D2«
Kan City Hy A Light
Co 5s .........................1913
Knlck’ b k er Ice 1st 5s 1928
Lake St El— 1st 5 s ...19 2 1
Incom e 5s_____ _
Motr W Side ill —
1st 4s...................
1933
Extension g 4s__
Morris A Co. 4 H ____
North West El 1st 4 s .191!
No VV G-L A Coke Co 5s 25
Ogden Gas 5s________1945

Price
Friday
June 2

Range far Previous Yccf
(1910)

H ig h e st

12%
88%

Chicago Bond Record
CHICAGO STOCK
EXCH AN G E
Week ending June 2

1911

Railroads
Chicago City H y-------- 100 185 Jan 11 190 Apr 28
Chicago & Oak P a rk. 100
4 Feb
Do pref___________ 100
6 Mch 23
80 Apr 29 93 Jan 21
Chic Rys part ctf " 1 ” —
20% May 13 25*4 Feb 3
Chic Kys part ctf " 2 ” —
8 May 13 10 Jan 28
Chic R ys part ctf ’ ’3’ ’ —
41* Men 1
5% May 17
Chic Rys part ctf “ 4” —
37s Feb 2
6 Mch 1
455 Chicago Subw ay-------- 100
17 May27
25 Feb 23
12 KansCity R y & L t --1 0 0
45 May 19 72% Feb 25
80
Do pref....................100
19% Feb 1 26 May 26
12 Metropol W S Kiev___100
65 Feb 1 72% J’ne 1
6 0
Do pref..................1 0 0
20% Apr 27 28 J ne 2
190 Northwestern K iev___100
60 Jan 11 67 Mch 30
Do pref___________ 100
1,00c South Side E lev a ted .100 68 Jan 9 7734 M ay 26
8% J ’no 1 13% Feb 23
310 Streets W Stable C L .1 0 0
40 J n c 1 50 J an 9
Do pref___________ 100

Miscellaneous
450 American Can________100
12
12
1218 12
750
Do pref___________ 100
87% 87%, 87% 87%
American R a d ia to r.. 100
Feb’ 11
L a s t S a le! 265
Do pref___________ 100
Apr’ ll
L a s t S a le 129
129
-<!
129
Amer Shipbuilding___100
*65
6
6
Q
67
67
06
66
66
Do pref___________ 100
iMSt S a le 112% May’ l l
112
112%
112%
3
15 Amer Telep & T cleg_____
149
149 *14812 149 I 5OI4 150%
149
0
200 Booth Fisheries com ____
42
42
*40
46
43
43
43
H
Voting trust c tf______ _
Apr’ l l
I j i s t S a le 51
>H
Do pref______ ________
May’ ll
L a s t S a le 73
70
*63
*68
70
*08
70
Cal & Chic Canal & D.100
May’ l l
L a s t S a le 51
*___
51
*___
51 *_
51
Q
Chic Brew’ g & Malt’g ____
jM st S a le 1%
May’ l l
*1
*1
1% *1
1!8
1%
Do pref____________
May’ l l
L a s t S a le 5
5%
*5
*5
5% *5
5%
935 Chic Pneumatic T o o l .100
52%
S3
51% 5H2 52
*51
*51
51% *51
51%
147 Chicago Telephone___100
123
123
123 123 *12212 124
2
122% 122% 123 123
Chic Title & Trust___100
O
iMSt S a le 160 May’ l l
*160 163
*159 161 *100 163
Common w’ th-E dison. 100
12912 1297s, 129% 129%
*128 129
*128 129% 129% 12938
Do rights_________
Feb’ 10
L a s t S a le! 1%
a
Corn
Prod R ef Co com ___
15
1.4
15%
*1412
15l2
—
—
15
15
.... ....
Do
do
pref____
Jan’ 11
L a st S a le: 78
Diamond M atch_____ 100
99% 99% 9934 100
100% 100% 100% 100%
Do rights_________
Jan’ 11
L a s t S a le
792 Illinois Brick_________ 100
65%
65
65% 65
64% 65’
6534
64% 05
04
Masonic T em ple_____
May’ l l
L a s t S a le 50
215 McCrum-Howell C o ..100
47
47
40% 46% 46% 47
46*3 46% 40% 46%
110
Do pref___________
94
*93
*93
94
*93
94
93% 93% 93% 93%
Milw & Chic Brewing.,
June’07
L a s t S a le 2%
Do pref___________
Nov’09
l a s t S a le 20’
National Biscuit_____ 100
136
130 130 *134 136 *134
*130 139 *130 138
Do pref___________ 100
L a s t S a le 128% May’ l l
+127 129
*12712 128% *127 129
150 National Carbon_____ 100
119
120
118 118
*115 120 *120 125
120 120
25
Do pref___________100
119
*117 120 *118 120
119 119 *117 119 *117
075 People’s Gas L&Coke.lOO
105% 10534 1057g 100
105% 100
105 105
105% 105%
___
Do rights____________
L a s t S a le 11-16 Mch’09
1,442 Scars-Roebuck c o m ..100
138% 1403.) 13912 110% 1407S 141
139% 140's 110 140%
120
Do pref___________100
120 1201.) *119 ? 120% 119% 120%
120% 1201? 120% 120%
503 Swift & C o....................100
102% 102% 102% 102%
102 102
102 102
102% 102%
___
Do rights------------------Fob’ l l
L a s t S a le 4
20 The Quaker Oats C o . . 100
177 177
+177 178
*177 178 *177 178
84
Do pref___________100
*106 106% 10012 106%
*106%
106% 106%
120 Unit Box Bd & P C o .100
414
4%
4% 4%
4%
*4
4%
*4%
976 United States Steel co m .
75% 76% 7634 77%
75% 76
781? 78%
50
Western
Stone_______100
*20
22
*20
22
21
*29
19% 19%
—
tlons of less than 10 shar
flclal sheet n o longer rep

*12
*873.i
*205
*127%
65%
*111
*148%
*40

R ange fo r Y ear

9638 973.1
9734 100
77
82
.................
82*3 85
78% 8234
9034 9134
96*s 100
99*2 100

Outstand­
ing
Stock
r

Dividend Record

Surplus
Profits
T

In
1909

In
1910

Per­
iod.

Last Paid
%

An Jan ‘ 11,
6
6
$45,838
$100,000
Calumet National_____
19
j -j Jan '11, 6
10
243,513
500,000
hlcago C ity----------------10.259.443
20,000,000
y
-j Apr ’ l l . 2%
Contl’ tal A Comm Nat
12
10
Q-J Apr ’ l l , 4
Com Exchange National 3,000,000 5.666.407
J
35,938
8
200,000
Q-J Apr '11, 1%
Drexel State___________
435,906
19
Q-J Apr ’ l l , 21*
19
600,000
Drovers' Dep Nattonal.
43,496
6
6
200,00U
EnglevvooO State______
Q-J Apr '11, 1%
12i
12- Q-il Mch31’ 11.3o
First National________ 10,000,000 11.263.810
187,559 10
19 Q-M Mch31’ ll,2%
150,000
First Nat E n gle w o o d ...
643,440
Prlv ate Ba 11k
Foreman Bros B k’g C o . 1.000,000
479,664
8
8
Q-J Apr 11,2
Fort Dearborn National 1)1,590,000
8 8+ 2
Q-J Apr '11, 2
lilbernlan B’k’g A s s ’ n . . 1,500,000 1,030.239
180,830
10 10 + 15 J-J Jan ’ l l , 5
200,000
Kaspar State Bank-----252,715 Beg. 1) us. Ma y ’ 10 V’.99, p.1277
La Salic St National . . 1,000.000
537.632
10
10 Q-M Mch31’ ll,2%
Live Stock Exch’ge Nat 1,250,000
4
4
65.9S0
300,00.)
Q+ May ’ l l , 1
vlonroe Natloual______
8
8
Q-J Mch 31,’ l l , 2
Nat Bank of R ep u b lic.. 2,000,000 1,328.008
0
0
488.554
Q-J Men ’ 11,1*:
National C ity__________ r l,500.009
4
3
87,026
QQ Apr ’ l l . U*
250,000
National Produce_____
69,432
5H
200,000
om QQ July ’ l l , 1*4
North Avenue State___
0 Q-J Mch31’ ll,l%
6
32,050
OU.UUU
North Side State Sav’gs
4 Q-J Apr ’ l l , 1%
25,197
200,000
North West State_____
7 U-i Apr 'l l , 2%
300,000
110,632
Ccoplo's Stk Yds State.
6 Q-M Apr ’ l l . 1%
6
74,571
500,000
Prairie State___________
4m Q-J Apr ’ l l , 1%
300,000
207.494
S e cu rity ______________
1H
6
200,000
94,000
South Chicago Savlngs.
7m Q-J Apr ’ 11.2
Q-J Apr '11, 1%
6
11,566
100,000
South Side State_____
1H
12
12
1.500,000 1.922,279
Q-J Apr '11. 3
State Bank of Chicago.
8 Q-M Mch 31’ H .I
250,000
193,197
8
Stock Yards Savings__
U-.N May ’ l l , 3
43,113
6
6
200,000
Union Bank of Chicago.
8.494 See V. 90, p. 159
190.00J
Washington Park Nat’ i
50.000
11,015 None None Q-M Dec31’08.1%
Wendell S t a t e ...
945,794
7
Central Trust Co of III.. 2,000,090
7m Q-J Apr ’ l l , 2
S
e
Q-J Apr ’ 11,1%
Chicago Sav Bk & T r___ UJ500.000 tell2,237
6
Chicago Title A T ru st.. 5,000,000 t 1,627,998
7m Q-J Apr ’ 11,2
6
4
10,053
Q-J Apr T1.21*
50,U0o
Citizens Trust A Savings
8 +2 Q-J July ’ l l . 21*
600,000
473,133 8 +2
Oolonla' Trust & Saving466,951
Cont A Comm Tr A Sav. 3,000,000
8
8
131,902
Q-J Apr ’ l l , 2
200,000
Drovers’ 1 rustASavings
3
0
Q-J Apr ’ l l . 1%
223.720
Farwell Trust Co______ 1,500,000
12 Q-M Mch 31 ’ 11,4
16
First Trust A S avings.. 2,500,000 3,420,105
Beg. 0 us.Apr ■y11 V. 92, p. 929
250,000
F t.D eabornT r A Sav Bk
26,611 Incorp orated 1908 V.87. p.1138
Guarantee Trust A Sav.
om 11 + 6 Q-J Apr ’ l l , 3
ilarrls trust A Savings. 1,250,000 1.636.301
Mav 20'11, 1
Illinois Trust A Savings 5,000,000 8.976,802 16 + 4 16 + 4
200,00a
65.395
m 7 + l « Q J ApF 11, 1%
5
200,OOv
49,348
em Q-J Apr '11, 1%
12
12
Q-J Apr ’ l l , 4
Merchants' L oauA TrC o 3,000,000 6.110.397
6
6
Q-J Mch ' l l , 1%
Metropolitan Trust ASav
750,001
229,80*1
60.426 Beg. b ;:s. Oct 29’ 1 0V91, p.1221
200 000
Michigan Ave T : C o ...
8
8
Q-J Mch 31’ 11. 2
Northern Trust Co_____ 1,500,006 2,525.351
6
6
73.761,
J-j Jan ’ l l . 4
North-Western TrASav
1/200,001
149,751 Beg. b us.Dec I ’ ll V. 92, p. 96
500,00(
8
8
300.00U *227,991
Q-J Mch31’ l l .2
Pullman
20,97. Beg l us. J’U 12’l 9 V.89.P.141
200,006
1,000,001
268.53* Comm enced bus. Sept 6 1910
200,001,
36,985
6m J-J July '10. 3
1,200.00'J 1,225.97- *8 + 2 8+ 2 Q-M Mcn31'll,2
Union
6
6
l,25O,O0C
Q-J Apr 'l l , 11.
187.857
0 Q-S Mcb 31 ’ l l . 2
200,001
129.031
6
64,74£
7m Q-J Apr ’ l l , JO
v Vo odl aw n T r Y - b i v H s n

____

85 May’ l l
8234
8234
5
0U3 May’ l l . . . .
10
99%
99%
99*2 May’ l l ____
6
94
94
100% MclYOO ____ ____ ____
____ . . . .
96*2 McU’ 10 . . . .
4 .4 0 s ..............................
97
Feb’ 10 . . . .
.... ....
4.00s Series E______ _
08*2 Mch’ 10 —
4.80s Series !•'________
..................
1213.) May’09
10238 10_3j
3 10134 1023S
102-3 103*?
103 May’ ll
101% 1013S
101% M ay'll . . . .
101*2 May'll . . . - 101% 101 A
93
96%
95*s
95*3
1
100 101%
100*2 May’ l l . . . .
. . . . ___88
Apr’ U
Union El (Loop) 5s.
____ . . . .
79
Apr’ 10
00
Mch’ ll
56
60
1 - .1
10034 101*4
J - J {102 102% 101*4 Apr’ l l
»u«l be added to all Cdicago n omi p rie o .
. . . ......I,, nn this (lav t M arch 7 (close of business) for national banks and March 8 (opening of business) for State Institutions. {Nfl
•Bid and asked prices; no sales were
cF x -s to ck dividend of 33 *3% . * Also 20% in stock, g Dividends are paid Q-J. with extra p a y
price Friday; latest price this week n o n e Dec 3 l b D u eJune
F - A { 81% ____
J - J t 82% 82%
91%
M- $
Q- M
il - N t 94 Sale
J - D 98l2 ----M - N 95
____
M - N 96
____
M - N 9 7*2 ____
A - O
M - S {102 I I ..
1 - J {10234 ____
J - 1) { 101*2 IOD4
M- N
J - J 95*3 Sale
1 - J { 100% ___
A - (J

J - 3 { 91

___

__

__

fjpropoSuon^ttT Increase ?a p “tol t” »2 obo^ O O m tm fd Jan 10

ff

■

See V. 92. p. 96.




s In addition the equivalent of 4% more cam ejrom First Trust A Saylng,

Bank, v Proposal to increase capital" to $2,000,000 ratified; V. 92, p. 1004.
v Proposal to Increase capital to $250,000 rutflled. V. 92, p, 1362,

Uxiil:
t Dec 31 1910. « In addition the equivalent of 1% came from First Trust & Savings
u Capital increased to $1,090,000 and surplus to $200,000; V. 92. p. 1004. x March 31 1911.
191

BOSTON STOCK EXCHANGE —Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NUT PER CENTUM PRICES
Saturday
Maty 27

Tuesday
May 30.

Mond 11
May 20

♦11334 114 *1131.1 1133
1033S 1033
*103*4 104
2211.1 221*4 *221 . . .
127*2 12712 127*2 1271
___ 214 211
*213
106 100
10512 106
*295
___ 295*2 296
*13
15
*13
15
75
75
*74
75
*S ___
* 8l2 ___
*49
50
49
49
*160
___ *160 ___

110

*270
127
*135
*92

110

111

___ *270
127
12S
___ *136*2
___ *92

:
|

1
1
1
1
1
1
t

111

1
1
1

___
128
___
___

i
»

‘ 26*4 20*i 20*8 21*4
*8912 89*4 89*2 8912
143 1431? 113 14334
*141
___ *141
___
*210 ___ *210 ___
187 187
187 187*4
*40*2 42
*4012 42
*109*2___ *10912 ___
*101 ___ *101 ___
1837a 18378 18434 18434
*9 II4 95
*9112 95
*160
___ *160
___
*901? 91
90*2 91
*103*8 103*2 103*8 10318
58t4 CS12
1025S 1025s
612 512
17
17

11012 120

119*?
148*8
*33
9334

119*4
14878
34

93*4
1012 11
*22 2212

15712 157*2
*10
1018 IOI4 IOI4
280 2SCA,
* ___ 287
16414 10412 1G138 167*4
91*4 9U4 91
9138
*96*4 97
96*8 97
*225 226*2 225 225
*4
412 *4
412
* 11212 -----

*110

112

*110

111

14G 146*4* 140
*102*2
*102*2
16212 162*4 162 10212
145* 14»j 145? 145s
102*8 102l8 102*8 10218
31
31
*30*2 31
*2812 29
*28*2 29
19012 1911 190*2 191L
62*4 6314
5:11, 63*a
*28
28*4 28U 28L
773, 783s
VSI8 783,
118*4 119*4 11878 119*4
1938 195«
19*5
*19
96
96
*91
96
*612
Mi
*31
67
2814
1712

6

* 6*2
9
9*4
311? *31
67*s 671.,
28*4 28*2
17*2 1714

6

6

!
{
•
FH
9
O

16
36

•1

36*4
4734
3
15*2
47*8
*1*4

*8

11

!
tf-

6

Sales
o f the
Week
Share

STOCKS
BOSTON STOCK
E X C H AN G E

Range sinre January 1.
On basis of lOU-sAare lots.
Highest.

Range far Previous
Year (1910).
Lotvest.

| Highest.

Railroads
*114 114U 1135s 114L 115iS 1151-.
825 Atch T op & Santa Fo.100 10313 Jan
il5 i 2 J’ne 2
01i2 J'ly 123*8 Jan
*103I2 101 *103*4 10414 103*8 1035s
21 Do pref............
100 10U8Jan
103 (4May 0
07*2 Aug 104*4 Jan
x219*2 2192? 219io 2191? 21912 2191?
41 Boston 6c A lbany____ 100 219 Apr 21 22o Feb 1 -1 218 J'ne 234 Jan
*12712 128
12712 128
128
128
106 Boston Elevated,_____ 100 127 Apr 26 129/3 Feb
Aug
xl22
+214
___ *214
___ *214
1 Boston 6c Lowell_____ lot) 207 Feb 1 216is May 2 200 J ’ly 136*4 Jon
F#l)
108*4 IOGI4 xlOG 106
10fil4 100U
134 Boston & Maine_____ 100 101 May 10 122a8 Feb 15 A118 Dee 227
152 Feb
*295 ___ *295 ___ *290
26 Boston 6c Providence. 100 292 Mch2i 300 Mch G 285 Oct 390 NOV
*13
10
Last Sale 13i2 M ay'll
Boston Suburban fil Cos
1S12 May 3
Mch 15
14 J ’ne
16*8 N ov
* ----- 75
*75
Do pref_____________
72 Jan 6
Mch 9
70 J'ly
76 Apr
* 8*2 10
Last Sale 8i2
Apr'11
Boston & Wore Elec Cos
6 Feb 15
Feb
I
0
8 Alch
101? S«p
*49 ___ *49
60
50
Do
pref_____________
50
88l2 Jan 3
J
’no
2
Aug
35
48 .lull
*100 ___
Last Sale 158 May’ l l
Chlo June R y 6c USYZlOO 166 Apr 29
Feb 27 139 Sep 160 Deo
*110 112 *112
*112
Do pref________
107 Moh 17
Feb 20 109 Oct 118 Jan
*265 ___
Last Sale 271 M ay'll
Connecticut R iv e r.I 100 265 Jan 31
Ma> 1
260 Oct 270 Alch
* ___ 128 *------127*?
127
127i2
Fitchburg, pref______ 100 125 Apr 10
Jan 4 12 li4 Sep 133l2 Jan
*139
___ *140i2 ___ 142
142
CJa R y & Eleotrlo____ 100 117t2 Jan 23
J'ne
2
104
Jan 123 Oct
+92 ___
Last Sale 92
May’ l l
Do pref.................. 100
86 Feb 20
Mch 7
85 Apr
90 Oct
Ixist Sale 200 M ay'll
Maine Central______ 100 200 May
Jan 18 202 Feb 218 Dec
"21" 2T 1Z 2114 225g 2234 23i2 7,133 Mass Electric Co*__ "100 16 Apr 20 23i2 J'no 2
14*4 J’ly
21*8 NOV
89
89
0Oi3 92
89*4 90
2,093
Do pref_____ Z111100 8334 Jan 9 92 J ’ne 2
75 J ’ly
8834 N ov
143 1431® 143 1431a 143*2 145*4 1,018 N Y N II ft H artford. 100 14112 Apr 24 151*8 Feb 23 149
Apr 104*8 Mch
___
*141
Last Sale 145 Alay’l l
Northern N H _______ 100 139 Jan 13
Mob 6 139 Deo 141 Deo
212 212 *211
*211
2 Norwich 6c VVor pref" 100 210 Jan 26
Apr 29 210 May 212 Mch
*187 ___ 18012 18612 187
31 Old Colony________ 100 183 Mch 13
187
Jan
3 I 8U4 Sep 200 Jan
*40
42
41
15 Rutland pref____ZZZZlOO
----- 42*2 41
32 Jan 26 43 Feb 21
25 May
44i2 N ov
110 n o *110
*110
4 Seattle Electric___ Z“ l00 105’ _' Apr 18 112 Feb 27 103 Aug 110 Jan
111
*101 102*2
Last Sate 1001? M ay'll
Do
nref......... ZZZZlOO xU7*2 Mch 13 102*4 Jan
98*4
Auv
106
Alch
1827S 186
I 85I4 180*s x 18#4 186
1,115 Union Pacific___________ 100
171 Jan 3 186*8 J’ne 1 153*4 J’ ly 204i2 Jan
*94
9512
Last Sale 95
May'l
Do pref--------- I I I 100
90 Mch 9 95i8 May 12
10338
Jau
89*4
J
’ly
*160 ___
Last Sale 161 May’ l l
Vermont & Mass___100
166 Mch 21 161 May 23 151 Get 108 Jan
*90*2 91
*90l2 91
*9012 91
104 West End St_ ~ " eo
89 Apr 26 93 Mch 22
83 Sop
95*2 Mch
*103*8 10312 10312 103i2 10312 103i2
52
do
pref......... so
102 Feb 27 105 Jan 10
99 J ’ly 109 Feb
Miscellaneous
67*4 68I4 68t4 6838 6812 58l2 1,960 Am or Agrlcul Ch e m .. 100 46*2 Jan 3 00t2 May 18
49*2 Oct
30 J ’ly
102*4 10212 102*4 102*4 10212 10234 373
Do pref__________ 100 99 Jan 6 105M Mch .
981? Dec 105 Sep
*5
M,
51s 513
6t8
4Jf Jan 4
237 Am cr Pncu S ervice._ 60
4 Dec
6*2 Jan 20
5*8
878 Feb
17
17
Do pref........................ 50 14 Jan 3 19*4 Jan 31
17
17l2 1034 16*4 1,812
13
3
4
Deo
24 Feb
X117L 1177S 118 11812 lli)
1,903 A m cr'S ugar Refln___100 1133.1 Jan 6 122 Feb 27 111 Oct 127*8 Mch
j
m
x l l 8 118
187
118 118*4 118*4 11914
Do pref...................loo 111*4 Jan 6 120*8 Mavl9 111*4 Oct 124 Mch
148*4 149*8 14812 149
149I4 I5rn 6,434 Amer Telep & Teleg.100 140 Jan 3 15o3s J’no
127*4 J'ly 14373 N ov
+33
34
Last Sale 34
May'l
Amerloau W oolen____100
31 Jan 4 36>4 Mch 20
26 j ’ly
39i2 Mch
93*i 9414 94l2 9412 *657
9312 94
Do pref................... 100 x86 Mch 29 95*4 Feb 8
0012 Dec 101*4 Mch
10*4 IOI4 10i2 10*4 *1012 11
111 Atl Gulf & W I SS L . 100
8i4 Jan 17 11 May29
7 Alch
11*2 Jan
22 22
21l2 2112 2H2 221;
108
Do pref__________ 100 21 Mch 11 26 Jan 31
16 Aiay
28 Jan
*8
8*2 ImsI Sale 1
May'l;
Boston L a n d ..
10
6i2 Jan 13
8*4 Apr 29
4 t2 J ’ly
8i2 Jan
*156*4 158
157
158
158 158
"173 Cumb Telep 60 TelegZlOO 145*4 Jan 10 158 J n<? 1
138*2 J ’ly 152i2 Mch
10
IOI4 10
10
475 Last Boston L a n d . . . __
10
10*8
7U Jan 18 12 May 1
7*8 Apr
11&8 Jan
*286 289
28012 28012 287
287
207 Edison Eleo Ulum .ZZIoo 282 Apr 3 292*2 Feb 3 A239
Ja
292*2 N ov
X163 166*4 164U 16512 16414 165
2,150 General Electric. . 100 21461a Mch 3 167*4 M ay29
91
91
91 9U 2 91*4 9134
317 Massachusetts Gas Cos 100 87*4 Jan 3 94 Jan 20 135 J iy 160*2 Jan
70*4 Feb
91*8 N ov
DOIg 9612 9634 97
282
07
97
Do pref----------------100 95 Jan 3 08 Mch 25
89
M
iay97 Alch
224 224
14 Mergenthaler L i n o ...100 211 Jan
224 221 * 22212 220
225 May 17 21212 Doc 226 Nov
+4
4*2
22 Mexican T elep hone.. 10
4
4
*4
41?
234 Jan
473 Jan 31
8*2 Mch 20
6*4 May
♦11212___
Last Sale 115 May’ l l
N L Cotton Yarn____ 100 110 Jan 3 119 Mch 14 107 Sep 124 Jan
*110 111
“‘ II Do JPref....... ...........190 106 Jan
110 111
111
11
116*2 Mch l i
9912 Aug 115 Jan
146 146
43 N L le fe p h o n e .......... 100 187 Jan 14 148 May 25 12912 Aug 188*4 Deo
146
♦1021a
Last Salt 103
96 Jan
Pacific Coast P ow er. .100
103 Mch 28
U3H NOV 100 Jan
16112 162
“80S Pullman Co__________ 100 158 Mch
1011? 162
161*4 162
1C3 Jan 30 153 J ’ne 200 Feb
50 Reece B u tton -H ole.. 10 xl2 Jan 5 15 May l
11*4 Jan
14 Oct
102 70214 70212 1021, 10212 102*8
621 Swift 6c Co___________ 100 100 Jan 26 lOjSsJ’na 2 100 Jan 109*4 Jan
*30*2 31
31
31
100 Torrlngton..... ...............25
*3012 31
30 Feb 1 36 Jan 3
28
Alch
37
Dec
20
30
*29
291, *29
13
Do pref___________ 25 27 Mch 23 30 May31
29*2
27 Jan
31 May
190 191
190 191
190*2 19212 1,179 United Fruit.................100 180 Mch 13 192*2 Jan 19 165*2 f e n 200 Sop ■
6234 5314
62.1, 63
6212 52*2 1,559 Un Shoe Mach C orp._ 23 61 >2Apr 25 58?8 Feb IK
4U34 J y
71*4 Apr
281., 28I4 28
28
275s 28 2
340
Do pref___________ 25 2/fi3J’no 2 29*4 Jan 31
25U J, y
31 Jau
X743s 7Ms 75*4 76*
707» 78 20,516 U S Steel Corp______ 100
7l32 Jan 3 S2»s Feb
ois 8J v
0034 Jan
118 118*8 II 8I4 119*j n o
351
119L
Do pref__________ 100 ll(i *4 Jan
120*2 Feb
111 J'ly 126&8 Jau
*19
20 + 19*2 20
19*4 201?
510 West Telep 6c Telcg..lO O
16*2 Jan 17 23L Feb
14 r ub
90
06
*94
90
90
30
07
Do pref__________ 100 89 Jan 23 97 Feb
81 Aue
,
,^
Minin*
360 Adventure Con______ 25
7
7
07s 678
7
7
4*2 Apr 24
7 Jan 6
4 J'ly
10 Feb
9
MS
0I2
91? 3,225 Algomah Mining_____ 2
8*4 9 *2
6 Jan 21
9*2 May27
73, Duo
14*4 Sep
140 Alloucz___________
2a 30 Apr 25 39 Jan 4
♦31
31*?
33
33
68 Feb
31 j;|y
61*4 67*4 65*4 601? 6612 e/>a 14,364 Amalgamated Copper 100 tSW, Apr IS G8*4 May23
5514 J iy
9034 Jau
2,805 Am Zino Lead 6c S in. 23 23 Jan 27 29 May31
28
29
281, 29
28*4 29
i 9u J'ly
40i2 Jau
167g 17
17
16*4 171,
1712 1,245 Arizona Commercial. 23
11*4 Apr 24 18i8 May 19
121, M«J
50*4 Jan
573 678 *3*2 0*2
6
650 Atlantic ____________ 25
6
3 Apr 12
5 J 'tie 12*4 Jaa
6 Mayl9
___
*.50
IMS Sale .75 May’ l l
Bonanza Dev C oZZZ 10 .50 Jan 6 .75 May22
.60 Mch .70 Alch
15
16
1434 15
15
600 Bos&CorbCop&SUMg
15*4
5 11*2 Jan 13 16l2 May27
10 M«y 24*4 Jan
4 15-10 5*a
W,
475 Butte-Balaklava C op . 10
5*2
5*2
3'4
4<2 Jan 30
6*2 Jan 14
41. Nov
18*4 May
19
DJI,
im 2 20
20
lGi* Apr 24 2012 May 24
20*a 2,090 Butte Coalition........... 15
16»4
J'bO
28*2 Jan
57
S» 2 58
69
59
60*2 6,732 Calumet 6c A rizo n a .. 10 40 Jan 19 60*2 J ’ne 2
443, J Iy 103 Jan
*165 480 *465 470
460
6 Calumet 6c Heola____25
460
455 May 11 515 Jan 4 500 J'ly 085 Jan
* 1212 13
45 Centennial____________ 25 11*2 Jan 30 15*2 Jan 4
13D 131?
38 Jan
131? J'ly
___
+ .07
ImsI Sale .07 Alav’ 11
Cons Mercur GoldZZ.Z 1 .05 Jan 0 .03 Apr 20
.01 J’ly .10 Jan
6214 62i4 021? 02
Cl
450 Copper Range Con Co 100 58*4 Apr 22 U9*4 Feb 2
63
68 l’’eb
85 Jan
5
5
*5
W? *5
30 Daly-W ost____________ 20
3 Feb 8
6 May 18
31. Sop
9% McU
7*7(4 12*4 72.1a 127£ 13
13*8 5,850 East Butte Cop AtinZZ 10 10*2 Apr 22
13*8 J ’ne 2
cl, J'ly
14 N ov
1012 10*4 1078 11*4 11*2 123s 3,721 F ra n k lin _____________ 23
7 Jan 21
U Deo
12*3 J ’ne 2
22*2
Mch
034 67fi 7 1-10 71? 15,248 Giroux Consolidated. 5
01? 13-16
3*8 Feb U
6*4 Mch 10
0 J'ly
i o 2 Jan
35
35*2 36
33*2 331? 33
275 Granby Consolidated. 100 30 Jan 26 40U Jan 4
20 J'ly 111*4 Jan
67S 7 1-16
7 7 1-1C
6,012
7*8
Greene Cananea_____ 20
7*8
733 .1 no 2
553 Mchlu
0% Sep
l l 78 Jau
211? 25
*23*2 241? 24
230 Hancock Consolidated 25
25
18 Jan 24 25*2 May 17
1434 J iy
36 Jan
* 1S8 U2 * 1*8 1'2
1*8
13. Oct
.99 Apr 22
1*8 230 Helvetia Coppor_____ 25
2 Feb 4
678 Jan
14
141? 1412 1514 I 6I4 1G 2,215 Indiana Mining______ 25
10*4 Apr 24 IQ J'ne 2
J’ly 4434 Mch
Sl2 M,
87S 9*8
9
9*8 24,785 Inspiration Coppor____10
7 1 Apr 27
9*4 May27
37'2 33', 38
39
39
40l4 25,930 Island Creek Coal____ l
19*4
May
9
40*4
J
’ne
2
K0*.j Dec
33*4 Oct
8078 90*? GO
00 90
001j 1,620 , Do pref.................. 1 87 Feb 3 90*2 May24
84*4 Nov
90 N o v
767.
15
15*2 15*4 16
715 Isle Royale C o p p e r.. 25
16*4
12i« Apr 8 17 May 22
131? May
28*2 Jan
6*4 6 7-16 Zb 11,4 6
6*4 2.527 Kerr Lake.................... 5
5*8
J 'ns 2
77
8
Jan
21
xO Sep
11 Jan
214 2*8
2
D
212
2*a
2*2 2,355 Keweenaw Copper___25
1*4
M aylo
3i2
Jan
3
3
J
’ly
6*4 Jan
3634 381, 3758 38*2 38*2 39*2 6.352 Lake Copper Co......... 23
261? Apr 22 39*2 J no 2
28*? J ’ly
94*2 Jan
378 37« 3 9-10 3»l6
225 La Salic Copper_____ 25
334
3i2 May 5
6 Jan 3
0I4 Dec
19
Jau
93, 10
10
1,990 Mason Valley Mines___5
*912
6l2 Apr 24 1014 May29
5*4 6'4
57* 1,350 Mass Consol___________ 25
5*4
6>4 51?
5 May 10
8 Jan 3
41? Mch
10*8 Oct
+2
2
214
2*4
2*4
2*2 2,225 M ayllower_______ . . . 25 .20 Feb IS
3 May 18 .35 Oct
178 Jan
20*8 201? 2MS 20*8 *20
5 I 8I4 Apr 6 2034 May23
20*2 325 Miami Coppor______
17 J iy
29 Jan
100 M ichigan_____________ 25
* 2*8 2*2 *2*8 21?
2*s
2*8
1*4 Apr 7
3*2 Jan 4
3*4 Dec
8*2 Jan
431? 45
45 45
400 Mohawk_______________25 3<l Apr 18 47 J’ ne 2
4512 47
43 J'ly
75 Jan
18^ 1918 19*8 19*8 19*4 10*4 1,115 Nevada Consolidated. 5 17*8 Apr 24 1934 Feb 0
173S J’ly
27*2 Jau
270 New Aroadlan Copper 25
*3*? 4
+3*2 4
■\
4
2*4 Apr 24
4i4 ADr 28
10r>
8Jan
3*2 J’ly
10*8 101? 10*2 10*? 10*3 10*8 2,336 Nlplsslng Mines______ 5 10*8 Apr 25 11*8 Feb 17
934 Jan
12 May
33*2 35'S 343., 35*8 3512 36*4 10,716 North Butte__________ 15 26:g Apr 24 36i4 J ’no 2
18 J no
50 Jan
73, 8
7*., 9^,
458 Apr 22
9l2 8,715 North Lake................. 25
9*4
9 :s J ’no 1
6*4 Deo
267a Mch
8
8
630 Oiibvvay Mining-------- 25
8
5 Jan 17
8
7*4 81,
8*8 J ’ne 1
5 Sep
12*4 Jan
113 7'2
1*4 9.775 Old Colony___________ 25 .50 Jan 6
1*2 11?
1*2
1*4 May 18 .25 Aug
1*4 Feb
35 Apr 22 46 J’ne 2
2,305 Old Dominion C o____25
4312 44
41
4U? 44*2 46
65 Jan
29*2 J nc
121) O sce o la _______________25
*100 105
102
02 103
05 Apr 24 121 Jan 3 114
100
J
’ly
106
Jan
13
13
13
13
85 Parrot Silver & C o p . 10 11 Jan 20 13 May22
* 1212 13
2134 Jan
11 Dec
70
70
73
396 Oulncy________________ 25 65 Jan 25 73 J ’no 2
7012 711? 71
92 Mch
6
0
J ’ly
17
77/8 17*2 1712 *1712 18
1,195 Ray Consol C op per._ 10 IM2 Apr 21 18*8 Jan 4
24*4 Mch
15*4 J ’ly
ImsI Sale lU
May’ l l
*1>4 ID
Santa Fe Gold & C o p . 10
*4 Apr 26
1*2 Jan 6
2*4 Jan
1*4 Nov
1U4 111,
i n . in .
10
9*4 Apr 11 12 >4 Fob 2
11*8 11*2 i n 50 S h a n n o n ________
834 J’ly
18 Jan
* .89
99
.99
99
.99
.99
400 South Utah M 6c S . . . 5 •75 Apr 18 1*i6 May 18
1
Dec
3
*4 Jah
33
33
34
34
215 Superior_______________25 30 Apr 24 42*2 Jan 3
3412 3412
36 J’ ly
68*4 Jan
6*8 6*8
OI4 6*4
0
1,700 Superior 6c Boston illn 10 2> $ > r 7
6i2 AUy22
18 Jan
458 Dec
10*4 161? 10*2 1612 17
173s 1,597 Superlor&Pitts C op p. 10 13*2 Jan 3 173s J’ no 2
9 J’ ly
16*8 Jan
♦35
37
*36
37
37
37
55 T a m a ra ck____________ 23 34 Apr 24 62 Jan 3
45*2 J ’ ne 78 Jan
4*8 ■11.1
4I4 ■11,1
4l2
412 215 Trinity___________ - 25
3*2 Apr 22
5
Jan
3
4i2
Dec
11*8 Jan
35*4 30
3573 36
36
37
3,176 U S Smelt Ref 6c M in. 00 33*4 Apr 7 37*2 Feb 4
30 Dec
55 Jap
47
471? 4734 47*4 4734 4734
986
D » pref.....................50 45i2 Apr 4 43 Mch 1
53*8 Jan
45*4 J'ly
27,g 3
27a 2's
Utah-Apcx
Mining___
5
1,185
2 Mch 10
3 Jan 6
2 Dec
6*4 Jan
16
1534 16*4 10
16*2 17
870 Utah C o n so lid a te d ... 5
9*4 Jan 20 17 J ’no 2
46 Jian
12*2 Dec
40l2 47
47U 475s 471? 48
1,010 Utah Copper C o--------10
42*8 Apr 18 48*8 May29 A39*4 J’ uo
G0*a mi
Last Sale 158 M ay'll
+Ks 2
V ictoria _______________25
U2 M ch23
2i2 Feb /
2 Deo
534 4 »
8
8
8
8*8
778
8*al ‘ 680 W in o n a _____ _______ 25
§ Apr 18
912 Feb 0
5 J ’ly
15
an
n o 112
112 112
112
112
72 W olverin e____________ 25 107 Apr 26 122 Feb 10 102 J’ly 160
* 1*2 1*4
h 4i
1*2 712 * 1*2
25 W y a n d o tt....................... 25
1*4 Jan 25
2 Feb 6
1*4 J’ly
j

__

__

_

10

11*4

.99
99
3314 3314
61.,
U‘4
16
1U12
30
*36
37
4*8 *4
412
3G38
36*8 30
47J, 4712 47*2
3
151? 15*., 16
4773 47*2 48*3
„ „i.
*134 2

I

1

'

8
8
►109 112
111 111
.n j
13| * 1*2 13,
8*4

. « Bid »n a Miied prloej,

Friday
June 2

M S

7
912
311?
6778
281?
171?

*.55
.70 * .50 .70
151?
15*2 15*2 *15
478 .,7,
*178 5*4
19*2 20 + 193, 2014
5G12 68*?
6612 67
470 470
471 471
13
13
* 12I2 13
*.07
____ * .07
6212 62*., 62*2 621?
*5
6*4 *5
5's
1212 123* 1212 13
1012 10*? 105s 11
07g
0*2 7
7*8
35
30
*3314 35
7 7 1-16 7 1-16 7*s
21
*23
2312 24
*»8 1®8
i ‘i
1*8
14
141.,
14
1412
!>'< Ml 9L 9 11-10
38
3814
38*4 38
90
901? 90
90
16
10
16
16
6*a 0*2
6b
6*8
2'4
2'a 2L 2 9-l(
3712 3718 3834
III2
*37s 4
378 •17s
9*8 10*8 10
10*4
5
6*4
S!* 61?
* 218 3
2'l
214
20*2 20*? *203S 2I)58
* 2I8 ^2 * 2*s 21?
45
45
45
45
19*2 19*2 19*4 19*4
4
4
4
4
10*2 lMs 10*2 1034
33*4 33*.i
35*4
8
*7*4
&
7*2 7*2
V,2
«2
1*2 1*8
1*2
ljz
4353 ■I'l's
* 431? 44
*100 05 *100 105
* 12*2 13
* 1212 13
70*2 70*? 701., 7014
18
18
*I75| 18
1»8 *1*4 1*2

11
11
1
♦ 3312 84*2
5^3 6

Thursday
June 1

.

68l 2 581?
IO2I4 10278
5*2 612
17
17i2
H 9V, 1205s
119*4 119*4
148*4 149
*321? 33*2
9312 93*4"
* 1012 It
22% 22*8
*8
81?
15512 156

1
1
1
1
1

IVcdrte day
May 31

1

d Now (to o t,




t Asa'S paid.

i> Bs-stocn dlv^

A lii-rlgata.

u m -d lv . and rtguts.

*L

June 3 1911.]

1491

Boston Bond Record

IlOtkiM'
BOSTON STOCK KXOH 'OS
WEEK ENDIflO JUNE 2

Price
Friday
June 2

BON DM
BOSTON STOCK B X C H ’ OE
W eek E nding J une 2

Week’ s
3 i1 Range
R<k%#o er |<5.o!| Since
Last Sale
January l

7?t«
Ask Low
High Ho vLorw High
Am A grlcul Ohcm 1st 6 s..1998 A-O ................... 101 »4 May’ l l ..~U<)1 * MI2 >4
Am Teton A 'i'oi ecu tr 48.1929 j . j
Bio. Sale
9,8,,
917b 05 | 89 Hi 92
Convertible 4s.................. 1W2Sfft. 8 110S 111 T 0 9 7. Mar’ l l . . . . T 057e 110\
Am Writ Paper le t s r&sg 1919 J . J
I 90 Fffb’ l l ....'I 90
90
Am Zinc L A S (lob Gs___19 t - M.-N 114 115 116 May’l l
115
A nz Com Cop 1st conv 6s 1920 j . d
92
50*
91 til 24 84
Atoll TOO * 8 l'0R8Ug*4..1»WS A-O
»S * M a y i 1
tJ3
99H<
. Adjustment. sr 4s___J ’ty 199* a 0y
91 A p r’ l l
91
917a
S tam pod...............J ’ ly 1996 j a n
91
92
92
»2 May 11
01
60-y»«r conv 4b............19i6 J-D .................... 1®**, Mar’ l l
109«s 109 s*
10-year conv 5a..............1917 j - D ................... 110«a M^r’ Ui — f|108* 110*
Atl Gulf A W 1SS lA » e s3 s.’ &9 j - j ! ........ 7 1 * 71
71 I ' 158
73
Boston E lect X. consol 59.1924 M-8 , ................... l i e
Feb’ 04'.
Boston A Lowell 4s............1916J -J ................... 100 * Mar-Ofl .
Boston A Maine 4 * s .........1944 J .J i ................... 104 ^ Oet ’08 .
Boston Terminal 1st 3*9.1947 F-A' .................. 1 1 2 * J a n ’03 .
Bur A Mo Riv cons Os . .. .1918'J - J I ................... 103 J a u ’ l l .
103 103 *
Butte A Boston 1st 6a___1917 A -0 .................... 100 J ’no’Ol'.
.
I.
Butto E le c * Punv I* tg 5 s.l9 6 1 J-1V ...................
Ueitar Itap A Mo 11 1st 7«.1916 M-N ................... 1 13 * Ma.r’ 10 .
Cent Verrnt 1st g 4e.. Aleyl92u g -F
90 *
90 *1
87 * 90 Hi
0 J1 6 O Iowa Div let 68.1919 A-O
U103 Oct ’07L
Iowa Dlv let 4 s ............... 1919 A-O
99 F e b ’ l l .
Debenture 6s....................1913 M-N
i o i » 4 101*
100*9 101*4
Denver Extoil 4s............. 1922 F-A
9 9 * May’ l l 1.
99*4 100
Nebraska Exten 4 s .........1927 M-N
9 9 *sMay’ l l .
OS** 19*1
B d i S W t l 4s.................. 1921 M-S
9 9 * Fan’ l l .
99
99*8
Illinois bnr 8*9*...............194$ J-J
8 7 \ M a x’ l l .
87°8 88*4
Ohio jc By «fc Wtk Yds 6s .1916’ j-J 101S 1017* 101*4 101V
100 102
Coll trust refunding g4 sl9 4 0 a -0
90
“9“0 * 9U* May’ l l '.
89 Hi 9034
Oh MU <52 81 I’ Dub li da.. 1920 J -J
114 Jan ’ l l .
114 114
Oh M <52 St 1’ Wla V div 6*1920 J . J
113<* F eb ’ l l .
1138g 113°8
Ohio<\c Ho Mien 1st gu 5s. 1931 M-N 100 * Hale 100*1 100 V
98 Hi 101
Ohio <52 W Alien gen 6 s ....1 9 2 1 .1 -D 102 103 1014, May’ l l .
100 101*
Ooncord A Mont cons 4 a.. 1920 J-D
91 D e c’07 .
conn os rasa u is i k 4 s ...i» 4 a a - u ................... 112*4 J a n ’03
CudaliyPack (The) 1 stg5sl924WUH ................... 100*4 Aug’09
Ourreul itiver 1st 6s.........1926 A-O
97 Mar’ l l .. . . 07
97
Dot Ur Hap <52 \V 1st 4 b. . . 1948 A -0
87 F eb ’ l l ....! 87
87
Dommiou Coal 1st s t 6 s.. 1940 M-N
9 5 * Mar’ l l . . . . 9634 9 6 *
97 Hi 98
Fitouburg 4 s ...................... 1916 M- 8
103 *a A y r ’06
06 A yr’ 08
4 s ......................................192? M-S
127*4 J a u ’ l l .. .' 127*4 127*4
F ron U E IkA M o V 1st 6 s..1933 A-O
140 Apr ’06
Unstarapou 1st t)s.......... 1933 A-O
06 *
9 8 * 88 t 96 Hi 98:>4
G t N o r U P <52 HJ CoU U'4s 1921) J - J I 98 >t 9m»
9 7*
93 | 3,| 9 6 * 98
IteglsteroiH s...................1921|Q-J I 98 Sale

100

01* ,*U1«
y1
«*8 oa*
9
92

3
■SS

90*.....

Illinois Steel deban 5 s ....1 9 1 3 A -0
la Falls A Sioux 0 1 s t 7 s ..l9 1 7 A-O
Kan C Clin A Syr 1st 6 s...1925 A-O
Kail C Ft S A Gull ext 5 s.. 1911 J-D
Kail C Ft Soott A M 6s___1928 M-N
Kan 0 51 A B gon 4s.......... 1934 M-S
Assented lnoome 5s.......1934 PA-S
Kan C * M By A Br l » t 5 sl»2 9 A-O
Maine Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s ....................... 1912 A -0
Maro Hough A Out 1 st 6 s .1925 A-O
Maas Gas 4Hi3 ..................1 9 2 9 J -J
Mich T eleylat 6a................ 1917 J- J
Minns Geu Klee con g 6s 1929 J-J
N ew Kng Col Yarn 6s------1929 F-A
New Kng Teleph 6s............1915 A -0
63.......
1916 A -0
Now England cons g 6s... 1946 J -J
Boston Term 1st 4s....... 1939 A-O
N ew lU ver (The) conv 6s. 1934 J -J
N Y N 11 A H con deb 3*81956 J-J
Conv deb Os (C tfs)_____ 1943 J -J
Old Colony gold 4 s ............. 1924 F-A
Oreg By <52 Nav con g 4 s .. 1946 J-D
Oreg Sh Dme 1st g Os....... 1922 F-A
P ere Marquette deb g Os.. 1912 J - J
Beyub Valley 1st s t 6 s ... 1919 J -J
ltutland 1st con gon 4 His. 1941 J-J
Itutland-Canadtan 1 st4s 19-19 J-J
Savannah Kleo 1st cons 6s. 1962 J-J
Seattle Kleo 1st g 6s.........1930! F-A
Shaiinon-Anz 1st g 6 s .... 1919 M-N
Terre Haute Kleo g 6s___1929 J -J
TorrlDgton 1st g 5s.......... 1B18 M-3
Union Pao BB <52 1gr g 4S.19T7 J - J
20-year conv 4s................1927 J -J
United Fruit guns 1 4Hi8.1928 J -J
U S CoaUfc Oil 1st s f O s..1938 M-N
U S Steel Cory 10-00 yr 5a. 1963 M-N
West Kud Street By 4s___1915 F-A
Gold 4*23........................... 1914, M-S
Gold deoeuturo 4s.......... 1916 M-N
Gold 4s.............................. 1917, F-A
Western Teleph & T el 6s. 1933 J-J
W isconsin Cent 1st geu 4sl949j J - J

N ote —B uyer pays aoorued lntorost In addition to the purohaso prloo lor all Boston Bonds.

Week’ s
! ^ 3 :! A on ire
Range or j g c ' Since
Last Sale t e ’*3 January l

Price
h'rt day
June 2
MUk

Htga -So Low J/igfs
Low
100*4 <m 4
117 A p r’OS
*9*4*4
94*4 F ob’ l l
100*« 100 Alay’ l l .. .. 100 100»»
ash

100:*' 1 100 102<*

10004 101

100

3

92 ......... 92
......... 91
88
102*» 103 102

92
93*i
92
A p r’ l l
S3
SO
M at’ l l ....j 102 103
102*4 F eb’ l l
1112*4 102*
101 *. hep ’06

100 Bale 9934 100
15 99*3
................... yy 4 M a y 'l l ___ 99*3
10^ a um'04<.___ 1
1VJ46*»4| 3 100
102*4 103
10l 34 i l a r ’ l l . . . . 1 0 l34

100*
99*
103
102

100 Hi s o p ’ 0 8 1.

75 Oct TO
96*4 May’ l l
133*» May’ l l
UU A p r ’09
987*, Sep ’09
1147s F eu’l l
9834 A p r’ i 1
103 J a n ’ l l
107*2 .-.u<’ 05
102 Mai'02
70*4 D e c ’ 10
103 Hi 105 104*«51arTl
93 A p r 'l l
91 .......
97 A p r’07
lOO3, 5Iar’ 10
101 May’ l l
104*8 A p r ’ l l
96*a Sals
96 Hi
96 Hi
165 Nov 10
105*4 105*8
99 M a y'll
100 Hi M a y'll
98 *a A pi T o
98*8 Jan ’ l l
D97s 100
93*4 J a n ’ l l

* N o pnoo Friday; latest bid and asked.

96*4 99Hi
13234 131*4
11434 U 4 7a
Ub34 98»4
103 103

104
93

105
93

.. . 100»8 1«1
,...l 104*8 1«4<%

9, 95 78 97*a

10 104*4 106
98H, 99
,...' 100*8 100*a
98*8 93 *»
9034 100
93*4 93*4

U Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
s h a r e B rices—Not F or Centum P rices
Saturday
M ay 27
02*
92
09H, 0 9 *

Monday
M ay 29

Tuesday
M ay 39
;

93
94
0 9 * 100

27*3 2 7 * ¥......... 27*
*60*
60*4 60*
1 8 * 18*
1 8 * 18*

;
•
;

13*
12
4 4 * 44*
44* 44*
12*
*12
6 3 * 64
♦3 2 * 83
73
73

k
g

12
44*
45
*12
63*4
*32 Hi
*7 2 *

12
44*
46
12*
63*
33
73

93*
100
♦126 *
27*
60
•18*

w

b
t)
K)
J
•
•
J
•
:
Rid

in a ctiv e M o c k s
American M illing.......10

1

Central Coal A Coke. 100
P roierred................. 100
Consol Trac ot N J . . . 100

82*
82*

A sk |
1*

Gerniaiitown Pass.......60
Highlander At ill a M g ..6
::::::
H untingdon A ii T ___6U
P re fe r re d .................. 60
Indianapolis S t.......... 100 ib'5*
Indiana Union T r ___100
2 0 * 21
Insurance Co of N A .. 10
Inter Sm Pow A Cliom.50
Koystono Telep v t 0. . 6O
P roierred .................. 50
KoystoneW atchOiHo.ioo 105
Leh Vail Tran v t o . ..00
9*
Preferred v t c .......... 50
22
2c*
Lit Brothers.................10
10
16*
01
20
70

Mlnohili A Schuyl H ..60
Nat Gas Elec L t A P o luO

........

N H aven Iron A s te e l.0
North Pennsylvania..50
li*
Pennsyl warrants ..(w 1)
Pennsylvania s a il....... 60 n o .
Pennsylvania & ieel..l00
Plata Co (1’ itts) p ro !...60
Pliil German A N orris.60
Plnla T raction............. 60
Railways General.......10
Tonopah Belmont D o v .l
U nitod Cos o i k j ___loti
Unit T rac Puts p rel..50
Warwick Iron A s te e l.10
W elsbacliC o............... 100
West Jersey A SeaSh.60
Westmoreland Coal....60
W ilkes Gas a K loc.,100
York Railway...............60
V *fe
V *r»re
V I .d ....................
PL re
.................. ..
60

4

11*

43* 4 3 *
82
6*
0*

83
6*
10*
‘ 66*‘

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

'Bid and asked; no salos on this day.




Friday
June 2

Thursdau
June l

93*
LOO

S3*
100
♦126 *
27*
27*
60*
60
18*
.........

13
13
44* 44*
44
44*
♦12
12*
6 8 * 64
♦81 * 32
♦72
73
.... .
2 7 * 28
88* 88*
88* 83*
6 0 * 61
6 6 * 67
16* 16 *
17* 17-4
78* 71)1*4
f>l l ie b13i0
40
46
8 0 * 8U34

0

*2 7* 2 8 *
•28*3 7.9
83*
87* 87*
89*4 *8 8* 8 9 *
♦89
6 0 * 01
(il *
0 7 * *5 6 * 07
*67
16* 16*
♦lo** 16*
1734 17*
7 0 * 7 0 * 79'*,«71)*1,b
6 7» 610io
46*
46-4
b o * 87
804, 8 0 *
PI 111.A D E L P H I \

Wednesday
M ay 31

63*
LOO
27*
60*
18*

♦13
♦43*
44*
*12
64
32
73

44
44*
12*
64*
82*s
73

28
♦88
•89*
60*
66*
Lw'b
18
78l3ia
6°»
40*
87*

28*
88-4
89*
61*
67*
16*
13
79*
6u>i»
40*
b7*

93*
100
127
28
60*
*1 8 *

B onds
Prices are a ll “ and
int»mst.'‘
A lt& L V K lec 1 S*'33.F-A
A m Gas <52 Klee 6s'07.F-A
Am B yscour 6s l u l l .J - l )
Coll tru-t 6b 1917.A-O
Atl C Kleo ref 6s '3 8 .M-S
BergcbKBrw lst6 s'2 1 J-J
Bothlo Stool 6s 1998.(J-F
Choc<52Ale 1 st5» 1949 J-J
Ch Ok <52G gon 6 s T 9 J-J
C on T ra ootN J 1st 5 s.’33
Dei CoBy s tr c tf« 4s’ 4 .*J- J
K <52A 1st AI 63 1920 M-N
Klee <52 Peo Xr stlt tr ctfs
Gen AspLalt 6sl916.M-H
luilrauapoila By 4s. 1933
Interstate 48 1943 ..F -A
Keystone Tel 6s 1036.,J-J
Lake Siu) Corp Inc Os'. 4 O
L ehigllN av 4 His T4.54-J
Gen M 4His g.l924.<4-F
l<oh V C 1st 6s g ’3 3 ..J -J
Leh V e i t 481st 1948. J-D
Consol 6s 1923.......J-D
ConsoL 4*28 1923...J-D
Annuity 6s............. J-D
Gon cons 4s 2003.M-N
Leh V Tran eon 4s ’35J-D
1st sonoa B 6s 1935. M-S
NatDlIJfc FsorB Js’ lUJ-J
Now Con Gas 6* 1948 J-D
N Y P h < 6 N o le t4 « ’39 J-J
Incom e 4s 1939...M -N
NoOliioTrao conSs’ DJJ -J
Bonn <v* Alu steel con 6s.
1’ a * A Y Can 5s ’39. A-0
Peuu Stool 1st 6s T7 M-N
Poople’s Tr tr carta 4s ’43
p Co lsufe col tr 6»’4U Al-S
Cuuot coi tr 6s 1951 Al-N
Phil Eloo gold trust etts.
Trust cortlta 4s.............
p ha- K gen M u g ’ 20. A-O
.....M
— 4s
--- g * 1
v 02
-v0
. ,..A
« w&w0
Uen

0

03*
100
127
28*
61*
18*

♦12
44
44*
♦12
64 *
32*
74
*8
28*
88*
89*
6 i°iu
67 -4
10*
17*
7 0 « is

I’ ilU iA D E L P H I A

12*
44
45
12*
5i*
33
74
9
23*
83*
90
623io
b6 **
in *
18*
80 H
<
6-4 0*
4 0 * 47*
87* 87*

443
626
24
2,345
2,985
1,166

100*

Lowest

B nlliiuuro
Con. Gan El. L. A Pow .100
Do pret.................. 100
Northern C entral......... 50
Seaboard (n ew )............. 100,
Do 2d pref............ DH)
United By A K lectrie.. 50

64 Jan
89 Jan
121 Jan
21 Jan
4 3 * Jan
1 0 * Jan

Highest

85
lOil*
96

........

102* 103
105
... . . . 78
106*
87* 87*
" 5 0 * *67“
........ 8 3 *
68* 69*
100*
104
ibo

146*2 147*2
07*3 97*4
07*4
"oa ‘ *

92
93
102* 103
9 7 * 98
103 103*
7 8 * 70
.100*
- W c , 100*
- ~~

P H IL A D E L P H IA
l ’ h <52 Beau 2d 5s ’33. A-O
Kx Imp AL 4s g '4 7 .A-O
Terminal 6s g 1941.Q-F
P W A, B cot tr 4s ’21.J -J
Portland By 1st 6a 1930.
B eadT rao »8 i6 slu 3 3 J -J
Booh ByA L eon Os ’61J -J
Spanish-Am l r 6s ’27 J-J
StanM Gas A K 6s ’ 26 M-N
U Trac Ind gen Os'll). J -J
U11 Bys Tr cits 4s’4UJ AJ
United Bys lu v ls t c o llt r
s lu s 1926................M-N
Wolsbacli s £ 6s 1930.J-D
Wlks-B UA K conOs’ooJ -J
York B ys js t6 s 1937.J-D
M A LTLU O ltE
Inactive .Stocks
Ala Cons CoalA Iro n .100
P l o t ............................100
Atlanta A Charlotte., lo o
Atlan Coast D (Conn) 100
Canton Co................... 100
Cons Cot Duck C orp...50
P referred ...................50
Georgia Sou A F la ...100
1st p ref.....................100
2d prel...................... 100
G-B-S B row ing.......... 100
Bouits
Prices are a l l " and
interest."
A nacostiaA Pot 6 b. . . .
A ti Coast L(Ct)ctfa 5s J-D
Ctts of indent 4s___J-J
0-20 yr 4s 1026.........J-J
BaltCPass l8 t 5 s ’ H M-N
Balt Fundg 6 s.l0 1 6 51-N
Exchange 3*28 1030J-J
Balt A P 1st 6s in I ’ l l A-O
B S P A O ist4 HiS ’ 63F-A
Balt True 1st 6 s.. ’29 M-N
No Balt DivOs 1942 J-D
Cont’ l B ycon 5sl032 61-N
E xt A Imp 68.1932 M S
Clias City By 1st 5s’23 J-J

Ask ;

Rid

::::::
iY ? "
9 9* ........ 1
120 125 i
........ 99 *'
102 V I 0 2 *
........ ........
70*^ 77
85*

80

101* ........
40

72*

119
3
17

4
17*
90

93
*

101
103

1

101*

93* 96*
100 100*
104 104*1
93* 9 4*
97
107
109
102*

ib T *
no

Range tor Previous
H ig best

| Lowest

!
9 94 i f ay 211 46
9 100 AIarl7 80
11 128 A p rl8 116
4 2 8 * J ’ne 2 l b *
4 0 1 * J ’ne 2 40
9 l b 7» Alar2S 1 2 *

P hiladelph ia
218 American Cement........ 50 12 May23
137 American Bail w a y s .... 60 42 -Jan 5
2,410 Cambria S te e l............... 50 4 2 * Jan 3
.... Blectrio Co ot Am erica l o 1 1 * J an 4
79 l Klee Storage Battery.. 100 4 8 * Jan 3
700 Uen Asphalt tr c t i s ___lo o 3 1 * .Mar 4
Do pref tr c t f s ___100 72 Alario
41U
........ Keystone T elephone... 60
Jau VI
860 Eake superior Corp___100 2 7 * A pr 19
8(0 Lemgh C A Nav tr etfs. 60 aO May 12
340 iajiugh Valley............... 60 8 4 * Apr 24
4,555 Pennsylvania B B ........ 50 60* Alaytu
3,9.5 a Pluladolp’aOo (1’ itlbU). 5u jcjo Jan 3
2,226 Philadelphia Electncj], 25 16 Jan 19
7 07 LTula Bap T r vot tr ctts 50 17 A pr l e
7,468 B ead in g......................... 50 74l5i« A pr 21
2,420 TonopaJi Alining ........
1 6 js 1 no 1
1,096 Umoli 1'racU ou............ 60 43 J ULl 3
1,08a United Gas lm p t.......... 60 8 5 * Jau 3

I Rid I Ask

94

Range Since
Jan 1 1911

A C T IV E S T O C K S
(P o r Ronds and Inactive
Stocks see below)
Shares

Mar
Alar
Jan
J ’ly
UCt
Alay

6 4 * Dee
90 J ’ly
132 Feo
2 7 * Jau
47 Jau
lti* D o a

17 Dec
•li* J ’ly
4 0 * J ’ly
1 2 * Jail :4 11 *■. J ly
56 Feb 2 42 J ’ne
31* Jau 10 19 * J ’ly
S3 Jan 30 64 J ’ly
9 * Jan to
7 J ’ly
32 Fell 0 15 * J ’ne
98 Jan I f 86 J ’nc
9 0 * Fel) 8 62 * J ’Jy
65 Feb 2 tiliije J ’ty
6 8 * J 'n e 2 42 J ’ne
1 6 * Feb 1 ) 1 3 * 6 eo
21 * Jan 20 i 5 Apt
80 b Feb 10 65 * -Jby
8 >, Jan 17;
0* J ail
4 8 * J a u 20 38 Oct
8 9 * Jau oj 79 J ’ly

28 Jan
60 Jau
63 * Jan
12 * J an
0 4 * Mar
3 1 * Deo
8 1 * Jan
13 oan
2 9 * Deo
i23 Jan
121* Alar
«»318 Mar
6 3 * Jan
16* Alar
2b * Jail
86 Feb
91 ia May
0'3‘»4 juu
9 5 * Jan

17*Jan 4
4 5 * Jau 20:

42* fe n 13

U A L T IM O U E
Chas By U A El Os ’99 51-S
Chari C A A 2d 7s’ 10 A-O
city A Sub 1st Os..’22 J -1 >
City A S u b (W a s)lst6s’48
Coat A 1 By 1st Os ’ 20F.A
Col A G rnv lstOs.1916J-J
Consol Gas 5a..1939 J-D
Geu 4 H<8 1954.........A-O
Cons G K A P 4 h<s ’35.J -J
FairA C iT r rst 0 s ’38.A-O
Ga A A ia ls lc o n us ’4oJ -J
Ga Car A N l s t 5 s g ’29J-J
Georgia P 1st 6 s .. . ’22 J-J
G a S o A F la ls t 6 8 l‘J45J-J
G-B-S Brew 3-4s 1961M-S
2d income 6s 1951 il-N
K noxv Trac 1st 5s ’2SA-U
LukcB K11st gu6s’4251-S
Macon ByA btist5s'6 o J-J
Memphis St 1st us’ 46 J -J
M etSt(W ash)l8t5s’2 5F A
Mt Vei Cot Duck 1st 6s.
N pt N AO P 1st 5s’38 M-N
N or A P o rT r 1st 6s’ J6 J-D
Nortolk St 1st u s ’4 4 ..J-J
N orth Cent 4 H23 1926 A-O
Series A 6s 1926
J-J
Series Ji 6s 1926
J-J
Pitt Un Trac 6s 1907.J-J
P olo Val 1st 6s 1941..J-J
Sav Fla A West 6 s ’34 A -0
Scab A Boau 5s 1926. J -J
South Bound 1st 6s..A -O
U K1 L A P 1st 4 *as'29 M-N
U U By A El 1st 43 ’49 M-S
Income 4s 1949....... J-D
Funding 6s 1936...J-D
Va Mid 2d ser 6s ’ ll.M -S
3d series 6s 1016..Al-S
4th ser 3-4-5s 1921.M-S
6th series 5s 1926.M-S
Va (State) 3s new *32.J-J
Fund debt 2-3s 1991. J -J
W est N C cou 6s 1914 J -J
W esV aC& P lslO g ’ l l J-J
A Weld
6S..1935.J-J
—W ll --. . -^---- ------------------------

Rid I Ask

105 U)7
101 * 102*
101* 102*
108*
97*
b7
1U0-4
106
105*
113
106*
42

109
97*
87*
100*
105*
105*
115
108
42*

104

105

07

98

75*
88

76
96
89

107
loti
92
85

108
107
S3
t6t*

63*4
87*3

03*3

87*4

10634 107

........

Kx-div. A riohts. ||.(H5 pahl. t $ 12 '4 paid t $ 1 3 *3 paid, i $ 3 5 paid, a Receipts. l>S2 upaid. c $ 3 0 paid. <t$4 2 *a paid.

1192

THE

C H R O N IC L E

Volume of Business at Stock Exchanges

[V O L . L X X X X II

Bid
Ulectric Companies
Chicago Edison Co—-Sec Ch oago
Gr't West l’ow 53 1040..J-J
86
a Kings Co El L & P Co. 100 124
Narragan (Prov) El Co__ 50 xy* 83
N Y A Q El L A Pow Co. 100 5.
Preferred...............
100 75
United Electric of N J . . . 100 87
1st g Is 1049................1-D 7*. _
Western Power com____100 343i
Preferred...... .............. 100
61

Ask
list

Industrial mid Aliscel

Bid

Ask

13% 14
c Crucible Steel.... .......... 100
126
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
e Preferred__________ IOC 82-3. 83*4
DAILY, WEEKLY AND YEARLY.
‘ 1% 1%
8712 Davls-Daly Copper Co__ 10
65
e Diamond Match ( o __ l(M 100 100*4
82
duPont (E I) de Nem Po 10; 160 165
Stock3.
Railroad,
92
99
e Preferred.......... ...... 100 97
Week end*nj
<&c..
Slate
u . s.
84% 85
e Gold 144s 1936___ J-D
79*4
June 2 1911.
Shares.
Bar value.
Bonds.
Bonds.
Bonds.
15
10
35*2 Electric Boat...................100
63
60
Preferred.............
101 40
Saturday ______ . . .
129,901 $11,305,050' $1,837,500
$197,500
15
10
Empire
Steel..........
........
101
Monday ___________
284.158 25,092,450'
1,752,000
176,000
sill 000 Telegraph and Telephone
60
55
Preferred..................... 101
Tuesday____________
e Amer releg A Cable.. 100 82
85
e General Chemical____ 10< 132 135
Wednesday ______
926,825 81,682,900
4,207,000
254.000
1.000 a Central A So Amer___ 100 119 120*2
e Preferred.............. _ _ 10; 1071 108*2
Thursday...____
626,965 54,587,200
Comm’l Un Tel (N Y ) .. 25 109
480.000
4,275,000
*lo l‘lft
Gold Hill Copper_________ 1
Friday......................
820,327 72,293,750
427,500
4,991,500
70
Greene-Cananea________ 20 *7% V‘4
.......... Empire & Ray State Tel. 100 65
Franklin ...............
too 40
4 > Guggenheim Explor’n .. 100 197 210
e Gold A Stock Tcleg___100 112 116
e Hackensack Water Co—
e Northwestern Tcleg____50 114 120
84
87
lief g 4s ’52 op 1912 ..J-J
Pacific & Atlantic_____ 25
75
65
8
10
Sales at
Hall Signal Co com........ 100
Jan. 1 io June 2.
Week ending June 2.
e Puo Telep & Teleg pref 100 94
98
4
7
New York Stock
Havana Tobacco Co___ 100
Southern
A
Atlantic........25
83
96
8
15
Exchange.
Preferred ...........
ton
1911,
1910.
1911.
1910.
1st g 5s June 1 1922 J-l) 1 GO 65
Perry Companies
4,290,879
Stocks—No. shares__
45,351,926
Hooker-Jones-Jewell Milling
2,788,176
85,074,154
92
98
101 104
1st 6s 1922_______ M-S
Par value_________ $244,961,350 $380,046,600 S4,011.446,900 $7,665,233,500 II A N V 1st 0s 1011___ J-J
Y A E R Ferry stk__ 100
10
20
30
$19,800
Bank shares, par____
Ilerrlng-IIall-Mar new.*. 100 20
3967,000
$15,200
S625.800 N 1st
5s
1922.................M-N
50
60
Hoboken
Land A Im p..100
Bonds.
N
Y
A
Hob
5s
May
'40.J-I)
99%
99
103“ 105
1st 5s Nov 1930__
322.500
Government bonds__
8130,500
$4,000
S215.000
Ilob Fy 1st 5s 1916..M-N 1053, 0ol
8
Houston OH..................... 100
409.500
60,298,500
1,535,000
State bonds ................
8*4
24,592,200
Y A N J OS 1946........ J-J
99
97
Preferred .....................ion 587* 69*2
9,521,000
17,003.000
RR. and mlsc. bonds.
327,513,000
302,951,500 N
10th A 23d Sts Ferry__ 100
35
25
Hudson Realty________ ion
1st mtgo 5s 1919........1-D CO 63
e Ingcrsoll-Rand c o m ...100 "oiT
Totat bonds_______ SIS,602,000 $9,953,000
$387,942,009
S327,758,700 e Union
Ferry stock___ 100
27
25
e Preferred__________ 100 94
e 1st 5s 1920...............M-N 98
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Intercontinental Rubber 100 261* 27%
EXCHANGES.
Internat’l Banking C o.. 100 90 100
Short-Term Notes
International Nickel____ 100 200 205
Amal Cop 5s Apr 1 1913.. 1001S 1003s
Preferred...............
100 93*2 96
Boston.
Philadelphia.
American Cigar—
1st g 5s 1932...............A-O 95% 97
Week ending
Scr U 4s Mch 15 12..M-S 9978 100% International Salt........... 100
H
()
Listed Unlisted
Bond
June 2 lu ll.
Listed
Unlisted 1 Bond
Balt A Ohio 4 Hs 1913 J-l) lOOho 100i4
52
1st g 5s 1951_______A-O / 48
shares. sharet .
sales.
shares.
shares. | sales.
Bethleh Steel 0s 1914..M-N 10034 101
International Sliver____ IOC 70
Ches A Ohio 412s 1914.J-D 9918 99%
Preferred..............
100 113 115
7,120
(Saturday...________
24,847
$15,500
1,358
3,733.
$14,500 Ohio A Alton 5s 1913..M-S 99% 99%
1st 63 1918............ ’ j-l) 111 112
Monday____________ 20,522
15,591
95,000
4,783
3,3G8j
29,087 Cln Ham A I) 4s 1913
J-J 99
99I.| Intermit Smelt A Refg.IlOO 121 129
Tuesday_____ _____
_______1___HO LI DAY . . .
Erie 6s Apr 8 1 9 1 4 ...A-OS 100'’a 100% Intermit Time Record ion 250 .,00
Wednesday_________ 28,118
22,546
31,000
7,848 ' 12H 65
"'09,885 Hudson Companies—
Preferred............... ...100 115 120
Thursday__________ 21,681
20,429
69,000
9,855
13,160
40,400
6s Oct 15 1911...........A-0 10033 100'
Jones A Laughlln Steel Co
Friday_____________ 46,006
24,197|
53,500
10,989
7,977|
55,612
6s Feb 1 1913.............F-A 08*4 98%
1st s f g 5s 1939.........M-N 102 103
Int A Gt No 5s Tr Co ctfs
08*2 99
40
46
e Lackawanna Steel___ 100
123,507 107,6131 $263,000
34,833
40,343 $209,484 K C Ry A Lt 6s '12___ M-S
99 100
86
57
e 1st con 5s 1950____M
Minn A St L g 5s 1913..F-A 951. 96
e Deb 5s 1 91 5 ...........M-S - __ 94%
Mo Kan A Tex 5s May 1'13 993a 99% Lanston M onotypo____ 100 96% 95%
MoPacIflc 5s 1914_____ 1-D 98*4 98>• Lawyers' Mtge Co........... lot 260 —
981 99 ' Leh A Wilkes-B Coal____5C
Nat Rys of Mcx 4>Js’ 13J-D
All bond prices are now “ and interest'' except where marked " f ."
a N Y C Lines Eq 5s ’ ll-'2 i 64%;,
e Lorlllard (P) pref......... 101. 14U 150
4J$s Jan 1912-1925.......... 5412';; 4%% Madison Sq Garden_____ 106 55
65
N Y Cent 4Ms 1914.. .M-S 100*4 1003s
2d 0s 1919.................M-N 9o
Bid Ask
Sfreef Railways
Bid
Sfreef Railways
*21? 3uld
N Y N II A H 5s Jan 1912 100*2 101
Manhattan Transit______ 2;
82!’ 53
44^s Mch 1 1912___ AJ f>1
e May Dept Stores......... Ini
Neio York City
Pub Serv Coro N J (Con)—
PunServCorpNJ 5ST3.A-0 tool ini' ’
e Preferred................ .. lu; 110 ___
Bleeck St A Bui By stk. 100 15
21
New’k Pas Ry 5s ’30 .J-J 107% 10SI.I St
1003s
L
A
S
F
144s
'12
op
F-A
10
.)
K
xch
iat
eMtaml
Copper—
See
Stock
1st mtgo 4s 1950..........J-J
55
05
Rapid Tran St Ry__ .100 230 240
5s Mch 1 l o l l ..........M-S
99
Mouongahela U Coal......... :,( *10% 10%
B y A 7th Ave stk.......... 100 120 132
1st 5s 1921_____ A-O 102
99ls 993s
5s
June
1
1913
opt-.J-D
*..01*
31
Preferred.......................5b
2d mtge 53 1914..........J-J
99 101
J C Hob A PatersonSoutlt Ry g 5s 1913___ F-A 1003s 10012 Mortgago Bond Co......... 100 110 J.15
Con 5s 194 1—See Stock Exc list
4s g 1919............. M-N 77
77% Tidewater tis, 1913. guar ._ 10U2 10134 Nat
Bank of Cuba______ 10b 10J l i 0*2
B’way Surface 1st 5s gu 1921 101% 103
So J Gas El A Trac. .100 134 138
96
Wabash 4 44s 1913___ M-N
97
245 -50
Csnt’l Crosstown stook,.10C ___ 90
Gu g 5s 1953___
98% 99%
Telep A T 53 ’ 12.F-A 1003s 100-% Nev-Utah Min A s"m
*3, »%a
..lb
1st mtge 6s 1922___ M-N / 80
85
No Hud Co Ry 0s 1914 J-J 101-% 103% West
WestlnglTso El A M 6s 1913 10U2 101% e New Central Coal.
Ml
30
..20
10
20
Cen Pk N A E lllv stock, lot
5s 1 9 2 8 ........... ..J-J 103
94
a5%
notes
Oct
1917-A-O
97
N
Y
Air
Brake
(5a—
Bcc
Stock
1st
Exc
Christoph’l A 10th St stk 10C 100 115
Ext 5s 1924........ M-N 100
e New York Dock.
25
. 100
Col A 9th Ave 5s—See Stock 14xc list
Pat Ry con 6s 1931. .J-D 115
_
_
Railroad
e Preferred .
66
. UK.
Dry Dock E B A B—
2d 63 opt 1914__ .A-O 101% 103
Chic Peor A St I.—
N Y Mtge A Security.. .100 215 2-0
95 100
1st gold 5s 1932.......... J-n
So Side El (Chic)—See Ch icago list
Prior lien g 144s ’30.M-S / 90
94
N Y Transportation__ ..2 0
*3
5
40
Scrip 5s 1914..............F-A / 30
Syracuse R T 5s 1916 . -M-S 101% 102 %
Con mtgo g 5s 1930...J-J I 40 —
9H
Nllcs-Bem-Pond com .. .100 96
Eighth Avenue stock__ 100 250 310
Trent P A H 5s 1943.. .J-D
97 1UU
Income 5s, July 1930...
5
15
*10%
10%
Niplsslng
Minos..........
.
5
/
95
100
United
Rys
of
St
L—
Scrip 6s 1911.......... F-A
Chicago Subway............ 106
4
1% l i %8
4% Ohio Copper Co............ ..K
Com vot tr ctfs____ -10C
101
42d A Gr St B'y stock..lot 200 225
10
Northern Securities Stubs.. 100 103
a Ontario Silver______ . 100
1% 2%
e Preferred _______ .101
42(1 St M A St N A ve...lO t ___ ___
38% 39% Pitts Hess A L E ............50
*34
38
72
Otis
Elevator
com____
.
100
74
/
40
60
Gen 4s 1934—See Stock Exc list
2d Income 6s 1915__ J-J
Preferred................... .50 *64
70
Preferred.................. . 100 102 103
Inter-Met—See Stock Exch ange list
Unit Rys San Fran—Nee Stk Exc list
Pittsburgh Brewing... ..6 0 *2j% 21%
Wash Ry A El Co___ .100 31% 34% e Railroad Securities Co—
Lex Av A Pav B’ 5s—See Stk Exc list
95
III C stk tr ctfs ser A__ 52
90
Preferred.............. r . 50 *43
43*2
lletropol St Ry—See Stk Exc list
Preferred................
88% 88-ij Seaboard Company—
e Pittsburgh Steel pref. .100 102 105
4s 1951.............
Ninth Avenue stock___ 100 150 175
84% 85
1st preferred............... 100 86
87
Pope Mfg Co com........ .100
65
57
6
Com A 2d pref—Sec Hal
Exc Ilst
77
Preferred .................. 100 75
50
Consol 5s 1948______ F-A f 44
West Pac 1st 5s 1933..M-S 92
92% Pratt A Whitney pref. . 100 1021- 105
« Sixth Avenue stock__ 100 124 130
Producers
Oil................
115
.
100
65
Sou Boulov os 1945___ J-J
75
New York
Industrial and All seel
cRay Consol Copper—See 8 tk Ex list
80
SoFer 1st 5s 1919........ .A-O
92
Cent Un Gas 53 1927
J-J 102 103
Adams Exp g 4s 1947..J-D / 87% 88% Realty Assoc (Bklyn).. . 100 112 111
Third Avenue RR—See Stk Blxc list
Con Gas (N Y) —See Stock
list
*100 175
Ahmeek
Mining.................25
Royal Bak l’owd com .. .100 188 19.)
Tarry W P A M 5s 1928.. / 60
80
c Mutual Gag______
177 185
Alliance Realty...............100 120 125
Preferred .. .
103 109
85
Y ’kers St RR 5s 1916 A-O 78
New Amsterdam Gas—
American Hook...............100 163 167
Safety Car Heat A L t .. .100 121 123
23th A 2'Jth Sts os ’9G..A-0 f 16
22
1st consol 5s 1948... .J-J 102 102-34 American Brass.
*
120
123
.
100
Seneca
Mining..
49
Twenty-third St stock.. 100 190 215
N Y & E It Gas 1st 5a ’44 J-J 101.% 100
American Chicle c o m ... 100 245 255
Singer Mfg C o.. .
.100 293 .97
Union Ry 1st 5s 1912__ B'-A 102% 101
Consol 5s 1945.......... -J-J 101% 103*2
Preferred..................... 100 103 100
South Iron A S com
2
.100
Westchester 1st 5s '43 J-J 65
75 N Y A Richmond Gas. .100 50
00
Preferred..........
Am Graphophone com .. 100
4% 10
5
10
Nor Un 1st 5s 1927___ M-N 100 102
26
Preferred.....................100 25
Standard Cordage..
.100
%
Brooklyn.
e Standard Gas com__ .100 70
133
1st M g 6s '31 red.. A-O / 14
..100
Amer
Hardware........
131*2
IS
Allan Avenue RR—
e Prefe-red............ .100
95
Am Malting 0s 1914___ J-D 10.) 101%
Adjust M 5s Apr 1 1931 / 2
3
Con 5s g 1931............ A-O 102% 103%
1st 5s 1930.............. M-N 104% 106% Amer Press Assoc’n___ 100
Standard
Coupler
com.
100
95
. 100 42
46
98 102
B B A W E 5s 1933___ A-O
Preferred................. . 100 105 115
Am St Found new—See S tk Ex list
Brooklyn City Stock____ 10 163 170
A-O 102*2 103% a Standard Milling C o.. .100
6s 1935.............
10% 17
con 6s—See Stock Exch ange list
Am Gas & Elec com__ -_50 *541->
a
Preferred................
Deb
Is
1923.................F-A
50
70
. too
68
Bklyn Ilgts 1st 5s 1941 A-O 93 102
Preferred .
*43i"
e 1st 5s 1930.............
87
American Surety.......... .50 285 295
883
Bklyn CJueens Co A Sub—
Amer Light A T ra ct... _ 100 292 "
Standard OH of N J ___ 100 655 663 «
*412
American Thread pref___ 5
e 1st g 5s '41 op 1916 . J-J 98 101
Preferred . .
103
62
Studebaker
Corp
com.
.100
Am Tobacco Co com___ 100 403 105
63
s 1st con 5s '41 op '10 M-N 97
99
Bay State Gas..
_ .50
Preferred_________ .100 103% 104
52
Amer Typefdcrs com__ 100
55
Bklyn Rap Tran—See Stock Exc list
Blngh'ton (N Y) Gas Wks
Swift A Co—Sea Boston Stk Exc list
Preferred.....................100 101 103
50
Coney Is! A Bklyn........ 100
1st g 5s 1938___
65
A-O 97
1st 5s. See Chicago Stk Exc ilet
Deb g 0s 1939.......... M-N
99 100
78
1st cons g 4s 1918___ J-J
83
Brooklyn Un Gas—See Stk
Amer Writing Paper___ 100
2% Texas Company—See Stock Exc list
1*2
Con g 4s 1955..............J-J
75
80
Buffalo City Gas stock 100
4
98 102
ePreferred —See Stock Ex ch ge list
a Texas A Pacitlc Coal. .100
Brk C A N 5s 1939...J-J 98 101
1st 5a 1947—Bee Stock
elst s f g 5s ’ 19red 105J-J 00t4 90% Title ins Co of N Y . . .. .100 125 135
Kings Co El 4s—See Stock Exc list
Cities Service Co..........
68
Atl
Gif
A
W
I
SS
Lines..
100
Tonopali
Min
(Nevada)
...1
5%
11
*5%
Nassau Elec pref............ 100 ___
Preferred__________
78
4
Preferred.....................100 22
a
221" Trenton Potteries com. .100
5s 1914......................A-O 103 105
Con Gas of N J 5s 1936 .J-J 93
Col tr g 5s 1959..........J-J
7012 7H*
Preferred new_____ 100 50
55
1st 4s 1951—See Stock Exc list
Consumers’ L H A Pow
Barney
A
Smith
Car___
100
100
25
K20
Trow
Directory............
35
25
N W’b’g A Flat 1st ex 4 As
92
5s 1938.................... .J-D 100
95
Preferred.....................100 n80
eUndenv'd Typewriter--See Stk,E X list
90
Steinway 1st 6s 1922__ J-J 103 105
Denver Gas A Elec___ .100 200
Bliss Company com___ 50
121
aPrefcrred— See Stock Ex ch lls t.
125
Gen g 5s 1919 op___ M-N 93*2 05
Preferred.................... 50 121 125
Union 'Typewriter com. .100
40
42
Other Cities
Elizabeth Gas Lt C o ... .100 300
Bond A Mtge Guar........ 100 250 255
1st preferred............ 100 111)
Buffalo Street Ry—
Essex A Hudson Gas.. .100 138 142
Borden’s Cond Milk___ 100 124 128
2d preferred.............. 100 104 108
1st consol 5s 1931___ F-A 104*2 105
Gas A El Bergen C o ... .100 83
84
Preferred___________ 100 108i2 111)
United Bk Note Corp.. . 50 *50
52
Deb 6s 1917___
A-O 104 104% e Gr Rap 1st 5s 1015 . - .F-A
99% British Col Copper____
99
5 *5i4 5%
Preferred.................. 50 *52% 53*2
Columbus (O) St Ry___ 100
84
85
Hudson Co Gas............ .100 138 142
Butte Coalition Mining! 15 *19'. 20
United
i
igar
Mfrs........
100
55*2
56%
Preferred....................10;.
99% 100% Indiana Lighting Co__ .100 33
35
Casein Co of Am com ._Il00
e Preferred................ .100 102 105
3
2*2
Colum Ry con 5s—See pin ia ii3i
F-A 68
71
Preferred .................. 100 50
United Copper------------ .100
57
3% 4
Crosst’n 1st 5s 1933..J-D 101% 1021- Indianapolis Gas........ . -.50
17
Casualty Co of A m o r ..'100 125 140
Preferred .................. 10(1 14
18
a Conn Ry A Ltg c o m ... 100 73% 74%
1st c os 1952_______ A-O 77
5i Celluloid Co____ ______ 1o(j 129*2
U S Casualty................ too 215
133
e Preferred ................100
81
82
Jackson Gas 5s g 1937.. A-O / 96 100
Cent Fireworks com.
100
U S Envelope com___ .100 55
5
ID
1st A ref 4 'As—See Stock Exc list
a Laclede Gas—See Stoc!: E xch |l
Preferred..........
' ' 100
Preferred.................. .100 h i 110
40
15
Grand Rapids Ry pref.. 100 82
85
e Preferred................ 100 96
97*2 Chesehrough Mfg Co " l o o 700. 800
S Finishing................ too 92
97
e Louis/ St 5s 1030........ J-J 105 106
Madison Gas Cs 1926-- A-O 103 108
eChlno Cooper Cc—See Stoc k Exc [Sit
Preferred.................. .100 105 n o
Lynn A Bos 1st 5s 1921.J-D 106 107
Newark Gas 6s 1914... .Q-J 128 130
City Investing Co
inn 60
1st g 5s 1919---------- -J-J 100 105
02
4 New Orl Rys a L g t...l0 0
31% 31% Newark Consol Gas
09
100 98
Preferred.........
I
l
l
”
10
0
Con
g
5s
1929............
98
J-J 05 100
e Preferred........
100 69% 70
a Con g 5s 1948..
J-D 104% 1051 e Clatlin (H B) com . . IOC 15 100
a U S Indnst Alcohol . . .100 25
11,0
29
Gen M g 4 As 1935—Nee s tk 14x ilst No Hudson L II A Pow
c is t preferred............ 100
a Preferred........ .......
11
95
95
99
a Pub Serv Corp of N J—See Stk K xl 1st
5s 1938..................... A-O 100
„
?
2
„a
Preferred.............
100
92
U S Steel Corporation—
Tr ctfs 2% to 0% perpet 106% 107
Pacific Ga3 & E, com. .100 61
Co A Hock Coal A I pf 100
Col tr a l 6-j 1951 opt 'l l
Col tr g 6% notes ’13 A-o 100*2 lo l
114 114*3
Preferred ................
87
1st g 5s 1917...............j -j / Va” 75
Col tr s f 5s '51 not opt.
114 114*3
North Jersey st R y ..l0 0
CO
Pat A Pas Gas A Elec 100 92
Col tr 6s Oct 1956___ J-J 1 45
75
U S Tit Gu A Indcm. .100 90
1st 4s 1918.......... M-N
77% 78%
e Con g 5s 1949........ M-S 101% 102l4 Consol
Car Heating___ 100
58
54
Westchester
A
Bronx
Title
Cons Tract of N J___ ion
77
78
St Joseph Gas os 1937. .J-J
91
04
Coii3ol Rubber Tire___ 100
4%
A Mtgo Guar............
3
ICO ;no
1st 5s 19)3............ J-D 101% 105%
Preferred........
100 20 29
Westlngh’so Air Brake. 60 +119 150
Debenture Is 1951..A-O / 43*2 45
Worthlngt'n Pump pref .100 106 110
88

Outside Securities

_

*Por share,

b basts,




j

Sells on Stoe.c Excna i;o , but not very active. / Elat uriee.

n Nominal.

* Sale p ice.

t New stock,

x Ex-illv.

t Ex-rlght*.

THE CHRONICLE

June 3 1911

J n u estm e n t

and

RAILROAD

Ila ilr a a d
GROSS

1493
iu te ih a e u c e .

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. 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. T h e returns of the electric ra ilw ays are brought together sepa ra tely on a su bseq u en t pa ge.
Latest Gross Earn trigs.
Week >r
Month.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

S

Jto A D S .

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

S

3
Ala N O & Tex I’ ae5
697,781
730,414 7,706,358 7,032,938
N Y Ont & Western A p r il_____
62,000
N O & Nor E ast. 1st wk May
60,000 3,102,435 2,990,886
286,047 3,216,378 2,905,827
347,713
N Y Susa & W e s t .. A p r il_____
Ala & Vicksburg1. 1st wk MayT
25.000
29.000 1,542,590 1,457,083
290,683
260,504 2,177,617 1,070,007
Norfolk S ou th ern .. M a rch ____
Vicks Spr & P a c. 1st wk May
19.000
23.000 1,302,016 1,243,086
62,905 Norfolk * W estern. M a rch ____ 2,885,340 3,154,285 26,874,080 25,923 027
Ala Term & N orth. M a rch ____
10,265
91,282
7,438
5,008,95 6,186,150 54,760,721 61,191,357
Ann A rbor------------- 3d wk May
38.377
33,568 1,788,340 1,703,069 Northern Pacific___ April . .
575,848 5.896,713 5,926,951
539,835
Pad lie Coast C o__ March .
Atch Topeka & S f t A p r il_____ 8,007,748 9,386,631 90,440,659 87,442,681
12617241 12730951 131071435 133124902
Atlanta BIrm & Atl 3d wk May
48,120
40,072 2,527,309 2,319,812 Pennsylvania I t R . . April . .
223,323
15,974
16,867
211,048
Balt Chcs & A tl. April . .
Atlantic Coast Lint A p r il_____ 2,835,442 2,812,401 26,702,012 25,198,598
236,165 272,956 2,547,299 2.431.408
Cumberland V ail. April . .
n Baltimore & Ohio A p r il_____ 6,888,218 7,341,840 73,105,258 73,034,787
704,156 8,108,872 7.591.408
809,029
Long Island
April . .
949,603
B & O Ch Ter Hit M a rch ____
117,570
126,547 1,114,182
109,912
105,068
7,797
8,181
M aryl’d Del & Va Aprii . .
Bangor * Aroostook A p r il_____
264,224
205,494 2,038,947 2,531,521
290,597 2,775,680 2,690,305
267,929
N Y Phila & Norf April . .
Boston & Maine__ A p r il_____ 3,504,661 3,539,085 37,072,239 36,082,149
Northern Central. April . .
1,102,356 1,061,233 10,760,182 10,080,663
38,985
Bridgeton & Saco H M a rch ____
4,053
40,035
4,518
Phila Balt & W__ April . .
1,552,413 1.537.828 15,784,298 14,798,849
BulT Hoc'n & Plttsb 3d wk May 171,038
194,788 8,239,318 7,945,178
W Jersey & Seash April . .
479,944 402,555 5,071,205 4,599,995
Buffalo & Susa____ A p r il____
183,526
101,213 1,955,606 1,819,729
3,719,327 3,771,413 42,493,502 43,499,269
Canadian Northern. 3d wk May 303,700 286,600 13,296,700 H .233,300 Pennsylvania C o__
Grand Rap & Ind April . .
415,191 4,330,297 4,274,250
389,916
Canadian P a clllo.. 3d wk May ,041,000 1,812,000 91,149,070183,109,327
I’ltts Cin Cli&St L April . .
2,924,923 3.119.829 32,718,117 32,984,880
Central of Georgia. 3d wk May
197,200
192,500 11,716,182 10,933,591
Vandal i a _______ A p r il_
778,477
695,041 8,851,862 8,135,179
Central of New Jcr M a rch ____ 2,390,91 2,163,321 21,707,381,20.833,386
Total lines______
Central Verm ont___ M a rch ____
345,184 329.075 2,950,805 2,833,045
East Pitts & E . A p r il_
18078047 18111362
Ches & Ohio Lines. 3d wk May
587,950 28,902,325 7,800,809
581,745
8,172,670 8,338,003
W est Pitts & E April . .
Chicago & A lton __ 3d wk May 290,372
253.75 12,938,000 11,998,115
26251317 26449365
All East & Wes April . .
Chic Burl * Quincy M a rch ____ 6,863,027 7,910,776 67,904,906 67,147,706
1,242,662 1,353,013 13,362,908 13,373,900
291,389 11,295,570 10,797,846 Pcrc M arquette____ April . .
V Clilc Great West. 3d wk May
206,411
10,427
13,909
145,024
R aleigh * Southport April . .
134,181
122,411 5,476,814 5,319,751
Chic Ind & Loulsv. 3d wk May
120,921
Reading Company
Chic Mlhv & St Paul M a rch ____ 5,238,607 5,793,837 49,981,290 18,494,360
Phila & R eading. April _
3,981, 690 4,234 635 37,780, 326
462,644
Ch Mil & Pug Sd M a rch ____ 1,355,340 1,004,595 10,950,185
255,903
4,789, 521 4,433 ,100 29,255 ,715
Coal * Iron C o .. April .
Chic & North West A p r il____ 5,518,495 5,787,015 02,560,500 61,521,569
718,548
6,771, 211 8,667 ,734 07,036 ,040
Total both co s ___ April .
Chic St Paul M & O A p r il____ 1,131,479 1,225,920 13,089,105 12,642,001
016,215
220 ,939 1 , 6 8 6 , 424
Rich Fred & Potom March
2 2 2 .854
1,400,327
180,431 1.578.06
145,787
C ld cT 11 & South E M arch____
799,842
748 ,379
84 ,918
R io Grande June___ March
71, 609
7 5v,603 758,031 7,923,498 7,832,331
CIn Ham & Dayton A p r il____
472,456
,354
3d
wk
280
11
,284
503
Mayltlo
Grande
S
o
u
th
..
10
,
1,968,642
181,282 1,021,707
121,666
Colorado M id lan d .. A o r ll____
248,298
R ock Island Lines. April .
5,054, 192 5,034 ,159 57,191 ,446
Colorado & S o u th .. 3d wk May 258,055 311,448 14,396,515 14,068,496
034,194
273, 958 254 ,601 2,838, 046
560,383 R u tla n d ___________ April .
55,202
521.307
63,415
Copper R ange____ M arch____
256,522
,994
1.306
March
066
,690
170,045
140
St
Jos
*
Grand
1st.
137.
13,945
135,773
17,201
C o rn w a ll______ . .
A p r il_____
060,413
3.665, 561 3,691 ,232 33,308, ,098
333,814 St Louis & San Fran March
24,440
253,417
35.230
Cornwall * Lehefn. March .
292,509
956, 927 1,223 ,060 9,538, 722
Chic & East 111_ (March
301,183
Cuba R ailroa d .—
A p r il_____
278,594 2,529,189 2,100,737
217, 266 228 ,071 2,041, 288
883,019
y Evansv & Ter 11 March
Delaware & Hudson M a rch ____ 1,812,489 1,700,252 15,629.460 14,820,339
8-6,601
4,839, 753 5,142 ,964 44,948, 108
Total all lines____ March
928,107 3,116,490 29,620,399 29,732,000
Del Lack & W cst. A p r il_____
185,,488 1 , 0 1 0 , 844
153, 732
444,346
St L R ocky Mt & P ­ March
Denv & R io Grande 3d wk May 433,400
419,400 20,833,963 0,854,271
193, 547
178,,476 10,766, 994
870,365
800,289 St Louis Southwest. 3d wk May
Denver N W & Pac 3d wk May
10,78
932.308
19.230
004,505
595, 798 289,,401 5,933, 624
29,099
28,939 1,637,356 1,407,558 San Pcd L A & S L . March
Detroit Tol & Iront 3d wk May
971,892
Seaboard Air L ine. 3d wk May 410, 036 388,,371 19,514, 060
19,619
21,432 1,051,762 1,089,173
Detroit & Mackinac 3d wk May
10130 221 10833 201 111529 780
269 067
170,371
125,602 5,530,170 6,809,623 Southern Paclftc Co April .
Dul * Iron R a n g e .. M a rch ____
245,898
00,320
07,567 2,703,877 2,000,885 Southern R a ilw a y .. 3d wk May 1,086, 595 1,061,,237 54,071, 053
Dul Sou Shore & Atl 3d wk May
Mobile & O h io__ 3d wk May 232, 556 2 1 1 ,,562 0,960, 673
401,014
509,792
600,217 5,458,240 5,397.200
El Paso & Sou West M a rch ____
171, 581
190,,800 8,155, 750
Cin N O & T ex P . 3d wk May
018,306
A pril______ 4,399,630 4,282,670 40,905,330 45.691.161
E r l o ____________
88 ,207 4,003, 193
21,428
Ala Great South. 3d wk May
83, 437
717,158
19,680
1,807
2,070
A p r il_____
Ealrchlld & N i l .
May
,641
2d
wk
921
37
37,
Georgia
S
o
u
*
Fla
2,108,
663,093
064,251
078
701,441
71,996
72,846
Fonda Johns & Glov M a rch ____
2 ,218
2 , 280
90, 104
80,534
242,260 245,745 2.761.845 2,601,25 1 Tenn Ala & Georgia 2d wk May
Georgia Railroad . . April ____
3d wk May- 240. ,304 256 ,940 14,425 ,184
Texas & P acillc.
,207,108
851,044 39,818,038 38.770.161
Grand Trunk Syst. 3d wk May 874,443
,218
,578
8
67,443
7
Tidewater
&
W
est.
5,390,380
April
.
72
,603
5,403,852
123,457
121,945
Grand Trk W est. 2d wk May
18 ,68
,019,708
22 ,418
1,124 .294
39,602 1,791,279 1.739.017 T oledo Peor & West 2d wk May
40,465
Det Gr Hav & Mil 2d wk May
90 ,754 3,374 ,545
84 ,177
,380,565
T oledo St L & West 3d wk May
46,045
42,562 1,665,803 1,760,383
Canada Atlantic- 2d wk May
8 211
63,375
60 ,652
8 ,214
4,394,012 5,197,108 50,505,383 52,699,418 Tom blgbec V a lle y .. March
Great Northern Syst April . .
,183,891
6,671 ,600 7,353 ,335 74,892 ,411
Union Pacillc S yst. April .
186.300 1,524,857 1.012.258
170,581
Gulf * Ship Island. March .
99 ,058 1,135 ,231
101 ,259
,017,930
748,310 5,541,138 5.939.017 Virginia & So West April .
452,752
H ocking Valley____ M a rch ____
,700,545
537 ,633 533 840 26,596 ,013
W a b a sh __________ 3d wk May
Illinois Central____ A p r il_____ 4,684,783 4,085,230 51,567,110 49.011.786
Western Maryland March
650 ,420 5,395 ,847
,188,270
575 ,702
131,000
152.000 8,241,742 7.705.259
Intcrnat & Gt N or. 3(1 wk May
501 ,484 609 ,589 5,097 ,268
,242.005
a Intcroceanic M ex. 3d wk May
159,355 7,872,333 7,579,650 W heeling & Lake E March
04,219
24 ,305
67 ,876
W ichita Falls * NW March
200,599
848 ,546
62,038
Iowa Central---------- 3d wk May
71,499 3,101,238 3,028,039
209,380
23 ,630
24 ,138
293 ,03
235,952
Kanawha & M ich .. M a rch ___
252,107 2,352,991 2,082.897 W rlghtsv & T e n n .. April .
774 ,604 774 ,433 9,277 ,442
,622,085
738,020 800,048 8,558,900 7,974,274 Yazoo & Miss Valley April .
Kansas City S outh. April____
34.000
33,800 1,547,961 1.357,418
K C Mex & Orient. 2d wk Apr
Previous
Current
Lehigh V alley-------- A p r il____ 3,187,411 3,300,130 30,480,157 29,734,691
Various Fiscal Years.
Year.
Year.
Period.
329,253
378,341
48,172
41,983
Lexington * E a s t .. M a rch ___
071,983
123,105 1,095,932
132.500
Louisiana & A rkan. M a rch ___
Delaware & Hudson____________Jan 1 to Mch 31 4.867,390 4,528,150
890,566
124,008
08,302
928,029
Loulsv Hend & St I. M a rch ____
s Loulsv * N a sliv .. 3d wk May 050,835 1,050,255 48,447,295 40,773,477 e N Y Central * Hudson R iv er. Jan 1 to April 30 31,517,110 30,244,416
Lake Shore & Michigan South Jan 1 to April 30 14,881,700 15,481,865
128,762
9,605
133,209
10.378
Macon & BIrm’ ham A p r il_____
n Lake Erie & W estern_______ Jan 1 to April 30 1,681,844 1,732,789
097,894 7,470,293 7,401,426
700,535
Maine Central_____ April . .
Chicago Indiana * Southern. Jan 1 to April 30 1,264,332 1,412,730
342,812
305,319
38,710
40,082
Maryland & Penna. April . .
Michigan Central_____________ Jan 1 to April 30 9,326,712 9,239,719
168,700 7,522,700 7,049,700
171.500
a Mexican R ailw ay. 2d wk May
742,250
to April 30 9,531,711 9,401,582
Cleve Cin Chicago & St Louis Jan
069,095
13,037
14,804
Mineral R ange_____ 3d wk May
4,405,037
Peoria & Eastern____________ Jan 1 to April 30 1,052,809' 1,030,58(1
4,603,253
111,474
86,554
Mlnncap & St Louis 3d wk May
385,900
349,595
Cincinnati N orthern________ Jan 1 to April 30
417,413 19,556,600 21,387,322
Minn St P & S S Ml 3d wk May 377,007
Pittsburgh * Lake Erie
Jan 1 to April 30 4,379,767 5,151,824
Chicago Division]
3,731,704
New
York
Chicago
&
St
Louis
3,559,709
737,803
Jan
1
to
April
30
709.309
77,215
74,135
Mississippi Central. A p r il_____
T oledo * Ohio Central______ Jan 1 to Aprii 30 1,309,155 1,229,689
442,881 20,196,055 23,949,282
u Mo Kan & T exas. 3d wk May 488,302
T otal all lines__________
Jan 1 to April 30 78,854,504 79,102,798
957.000 47,309,096 17,364,523
Missouri. Pactllc____ 3d wk May 1,003,000
9,001,447
Pennsylvania
Itailroad____
Jan 1 to April 30 19,103,010 51,712,970
10,314,117
970,625
1,020,779
Nashv Chatt & St L April . .
Baltimore Cliesap & A tlantic. Jan 1 to April 30
57,013
58,578
692,598 1,307,310 55.228,375 53,038,840
a Nat Itys of M c x .f. 3a wk May
Cumberland V alley____
403,735
Jan 1 to April 30
95-1,993
910,784
295,032
8,499
6,893
Nevada-Cal-Oregon 3d wk May
Long
Island___________
2,707,758
47,828
Jan
1
2,511,021
to
April
30
03,404
440
0,301
Nevada Central----- M a rch ____
Maryl’d Delaware & Virginia. Jan 1 to April 30
26,998
28,254
130,259 1.270.006 1.052.480
154,314
N O Great Northern M a rch ____
N Y Philadelphia & Norfolk
Jan 1 to April 30 1,002,642 1,086,236
31,152 1.617.241 1,484,307
32,934
N O Mobile & Chic. Wk May 20
4,099,825
Jan
1
to
April
30
4,086,252
Northern
Central__________
80,842,506
8,309,123
84,454,789
7,742,496
0 N Y C & Hud ltlv A p r il_____
Philadelphia Balt & Wash — Jan 1 to April 31 5,825,160 5,700,847
Lake Shore & M S A p r il____ 3,704,571 3,770,324 40,588,782 40,347,754
Jan 1 to April 30 1,514,025 1,431,701
W est Jersey & Seashore
392,470 408,127 4,024,289 4.009.437
n Lake Eric & W . A p r il____
Jan 1 to April 30 14,090,472 15,730,927
3,209,359
Pennsylvania
Company —
309,713
320,25
3.078.241
Chic Ind & South A p r il_____
Grand Rapids & Indiana------ Jan 1 to April 30 1,610,325 1,606,185
Michigan Central A p r il......... 2,366,380 2,378,802 25,034,121 24,064,814
Pitts Clncin Chic & St L o u is .. Jan 1 to April 30 11,845,415 13,124,399
Clcvc C C ft St L. A p r il_____ 2,399,154 2,274,959 25,773,446 24,611,300
Jan
to April 30 3,202,410 3,179,628
V an d alla______________
240,291 2,997,118 2,721,084
220,002
Peoria & Eastern April . .
to April 30 68,709,173 71,009,218
Total lines— East Pitts & Erie Jan
70,577
90,590 1,053,905 1,038,958
Cincinnati North. A p r i i _____
32,158,754 34,956,444
W est P itts* Erie Jan 1 to April
Pitts * Lake Erie A p r il____ 1,130,046 1,103,080 13.148.845 14,208,129
Jan
1
9.136.438
All
lines
E
&
W
.
to April 30 100867927 105965602
907,67.1 956.300 9,349,12“
N Y Chic & St L . A p r il____
270,249
Dec 1 to Mch 31
308,017
Rio Grande Junction-------170,213 4,233,453 3,540,707
334,907
Tol & Ohio Cent. A p r il.........
Jan 1 to April 30
974,557
901,820
20291723 19450901 106047342 210454106 R u t la n d _________________
T ot all lines above A p ril . .
Jan 1 to May 21 5,480,055 5,804,683
Texas & P acillc__________
N Y N II & H artf. A p r i i _____ 5,155,362 5,079,352 51,400,905 49,874,221

April_

AGGREGATES OF GROSS EA R N IN G S— Weekly and Monthly.
Cur’ nt Year\prev's Year Inc. or Dec.

Weekly Summaries.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

Mch
Mch
Mch
April
April
April
April
May
(May
May

(41
(41
(48
(45
(44
(45
(42
(45
(44
(42

roads)-----roads)-----roads)-----roads). . . .
roads)-----roads)-----road s)-----roads)-----road s)____
roads)____

bel
land
tota
national from July 1910.




S
13,303,932 13,201,098
13,657,996 13.927,313
20,024,029 20,909,628
13,501,355 13,267,031
13,172,553 13,313,736
13,438,037 13,400,800
16,302,303 17,827,550
12,740,745 13.095,725
12,804,714 13,105,414
12,714,017 13,222,359

%

S
+ 102,234 0.77
— 209,317 1.22
— 345,599 1.65
+ 234,324 1.76
— 141,183 1.06
+ 37,237 0.28
— 1,525,187 8 .Cl
— 354,980 2.71
— 300,700 2.29
— 508,342 3.84

u Includes the Texas Central In 1911.

Monthly Summaries.
Mileage Curr. Yr. Prev. Yr.
233,203
J u l y ..............238,109
239,401
A u g u s t ____238,493
S e p te m b e r.. 240,678 237,809
237,835
O c to b e r ____241,215
N ov e m b e r.. 241,272
237,545
December ..2 4 1 ,3 6 4 238,080
January ...2 4 2 ,4 7 9 238,866
238,603
F eb ru a ry__ 242,640
234,258
M a r c h ......... 237,735
86,488
April ........... 88,142

Cur’ nt Year Prev’s Year Inc. or Dec.
$
230,615,776
254,005,972
250.047,702
203.464.605
248,559.120
236,835,304
215,057,017
199,035,257
225,018,971
60,981,007

8
217,803,354
235,726,000
240,335,580
260,821,540
247,564,470
220,870,151
210,808,247
202.492,120
236,208,104
62,220,320

%

S
+ 12,812,422 5.10
+ 18,270,972 7.05
+ 10,312,116 4.49
+ 2,643,059 1.01
+ 994,050 0.50
+ 15,905,153 7.23
+ 4,248,770 2.01
— 3,456,803 3 .78
— 11,240,133 1.76
— 1,238,713 1.99

1494

THE CHRONICLE

Alabam a Great Southern
Ann A rb or_____________
A tlanta Btrm & Atlantic^
Buffalo Rochester & Pitts
Canadian Northern _ _
Canadian Pacific
" ”
Central of Georgia_______

.
_
.
1
_
_
.
.
Chicago & A lt o n .. I I I I I I H I ! .
Chicago Great W estern. _____ .
Chicago Ind & Louivsillc_____ .
Cine New Orl A T ex P a c_____
Colorado & Southern__________
Denver A R io Grande________ _
Denver Northwest & P a cific-.
Detroit & M ackinac__________
Detroit Toledo A Iron ton _____
Duluth South Shore A A tl__
Grand Trunk of C anada______
Grand Trunk W estern_____ ■
Det Gr Hav A M llw ______
Canada A tlan tic___________
Interoceantc of M exico__
Iow a Central____________
Louisville & N ashville__
Mineral R an ge___1______
Minneap A St L ou is____
Minn St Paul & S S M ___
Chicago D iv ision _____
Missouri Kansas A Texas.
Missouri P acific_________
M obile & O h io__________
National Railways of M e x ico ..
N evada-Callfornla-Orcgon
R io Grande Southern____
Seaboard Air L in e ...............
Southern R ailw ay_____ .
Texas & P a c ific .___________
Toledo St Louis A W estern..
W abash___________________
Total (42 roa d s)_____
Net decrease (3 .8 4 % ).

.
.
.
.

1910.

S
83,437
38,377
48,129
171,938
303,70(1
2,0 11,000
197,200
581,745
290,372
266,410
120,921
171,581
258,055
433,400
19,787
19,61!)
. 29,999
60,326

S
88,207
33,568
46,072
194,788
286,600
1,812,000
192,500
567,950
253,757
291,389
122,111
190,800
311,448
419,400
19,230
21,432
28,939
67,567

874,443

851,044

131,000
91,219
62,638
950,835

152,000

86,554
377,607

71,499
1,050,255
13,037
111,474
417,413

488,302
1,003,000
232,556
692,598
6,893
10,280
193,547
410,036
1,086,595
240,304
84,177
537,633

442,881
957 000
211,562
1,307,310
8,499
11,354
178,476
388,371
1,061,237
256,940
90,754
533,840

12,714.017 13,222,359

Increase.
$
4,809
2,057
17,100
229,000
4,700
13,795
36,615

14,000
1,060

4,770
22,850

24,979
1,490
19,219
53,393
1,813
7~, 241

23,399
21,000

1,767

.....
45,421
46,000
20,991

15,071
21,665
25,358
3,793

05,136
8,861
99,420
24,920
39,806

614,712
1,606
1,074

16,636
6,577

527,161 1,035,503
508,342

Net Earnings Monthly to Latest Dates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
-----Gross Earnings----- ------ Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
Atlanta Blrm A A t l .b .- A p r
200,019
203,869
20,138
36,768
July 1 to A p r 30______ 2,381,836 2,181,590
595,323
512,881
A tlantic Coast L in e .a .-A p r 2,835,442 2,812,401
1,088,204
938,201
July 1 to A pr 30______ 26,702,012 25,198,598 8.055,907 8,754,095
Baltimore & O h lo .b ____A pr 6,888,218
.
_2,391,141 2,109,980
7,341,840
July 1 to A pr 30----------73,165,258 73,034',787 20,-569,’393 22,’88fL468
264,224
265,494
100,879
115,064
Bangor & A roostook ------- A pr
July 1 to A pr 3 0 ........... 2,638,947 2,531,521
---— 1,046,828
932,477
Boston A M a in e.b ......... A pr 3,504,661
3,539,685
800,366 1,074,729
July 1 to A pr 30_______37,072,239 36,082,149 8,337,037 10,383,580
Buff R och & P i t t s b -b ...A p r
685,448
512,524
141,117
31,011
July 1 to A pr 30______ 7,666,033 7,286,729 2,682,602 2,594,325
Canadian N orthern______A pr 1,345,400 1,153,100
361,100
331,200
July 1 to A pr 30______ 12,288,300 10,367,700
3,144,400 2,965,500
Canadian P a cific.a ........... A pr 8,672,025 7,985,230 3,156,975 2,981,111
July 1 to A pr 30.......... .85,376,101 77,803,557 30,731,075 28,565,776
Central o f G e o r g ia .b ...A p r
897,784
897,840
dl56,979
<1148,525
July 1 to A pr 30_______11,118,982 10,363,691 <13,495,730 <13,377,490
Chesapeake & O h lo .b ... A p r 2,536,334 2,700,954
779,136 1,046,098
July 1 to A pr 3 0 ---------- 27,313,357 26,171,899 9,126,057 10,578,471
Chicago & Alton a ----------A pr 1,059,642
945,771
s.338,943
s213,490
July 1 to A pr 30---------- 12,135,384 11,320,094 *3,008,906 S3,669,638
Chicago Ot W e s te r n .b .-A p r
962,522 1,098.071
219,744
236,945
July 1 to A pr 30---------- 10,525.489 10,018,942 2,690,751 2,508,740
Chicago & Nor W e s t .b .-A p r 5,518,495 5,787,015 1,327,673 1,623 828
July 1 to A pr 30---------- 62,560,500 61,521,569 18,233,170 18,257,457
Chic St P M A O m -b ---A p r 1,131,479 1,225,920
328,895
445,033
..........................
.......
July 1 to A pr 30............13,689,105 12,642,094
4,859,958
4,473,952
Colorado M id lan d .a _____ A pr
121,666
181,282 defl8,218
11,284
July 1 to A pr 3 0 ______ 1,621,707 1,968,642
265,667
122,699
Cornwall b ______________ A pr
13,945
17,201
6,347
7,561
July 1 to A pr 30............
135,773
170,645
90,055
61,924
Cuba R R _____ _________ A pr
301,183
278,594
130,282
149,916
July 1 to Apr 3 0 . ......... 2,529,189 2,100,737 1.133,538
881,647
Del Lack A W e s t.b —
Jan 1 to Mch 31............ 8,163,473 8,128,236 3,166,485 3,616,753
July 1 to Mch 31.......... .26,698,291 26,616,109 10,808,300 12,542,303
• Syrac Bing A N Y . b —
■ ■ Jan 1 to Mch 31______
249,881
236,054
104,274
104,344
Del Lack & W e s t .b ........... A pr 2.928,107 3,116,490 1,139,645 1,489,263_
.J u ly 1 to A pr 30............ 29,626,399 29,732,600 11,947,945 14,031,565
Denver & R io G ran d e.a .A p r 1,782,269 1,906,882
468,991
603,878
July 1 to Apr 3 0 _______19,579,333 10.638,453 5,444,507 5,610,539
Erlo a ....................................A pr 4,399,630 4,282,670 1,231,426 1,192,682
July 1 to A pr 30............46,905,336 45,691,161 13,012,555 12,904,193
Georgia R R - b .................... A pr
242,260
245,745
47,977
55,096
July 1 to Apr 30______ 2,761,845 2,601,254
710,380
711,692
Illinois C entral.a.............. A pr 4,684,783 4,685,230
818,056
789,897
• • July 1 to A pr 30............ 51,567,110 49,041,786 12,411,915 10,481,109
g Interoceanlc of M ex___A pr
825,156
794,306
303,522
315,964
July 1 to A pr 30............ 7,524,781 7,081,900 2,788,408 2,540,679
/J53.160
Iow a C en tra l.a ................A pr
275,123
264,867
*30,380
July 1 to A pr 30............ 2,971,971 2,841,524
/1639.395
*592 ,928
Louisville A N a sh v ille.b.A p r 4,127,363 4,394,263
936,334 1,144,307
July 1 to A pr 3 0 ----------45,607,227 43,671,252 13,577,221 15,687.999
Maine C en tra l.b _______ A pr
700,535
697,894
198,931
212,282
July 1 to A pr 3 0 ______ 7,470,293 7,401,426 1,993,668 2,500,925
Minn A St L o u ls .a ......... A pr
352,623
402,418
*54,287
*72,147
July 1 to A pr 3 0 ______ 4,341.933 4.126,513 *1,134,485 *1,118,546
Minn St P & S Ste M .a .-A p r
986,613 1,001,151
210,871
345,674
July 1 to A pr 30______ 10,958,590 12,872,763
3,351,826 5,491,697
Chicago D iv is io n .a -.-A p r
662,125
812,423
75,501
252,812
July 1 to Apr 3 0 ______ 7,442,248 7,334,602
1,576,336 2,220,541
77,215
Mississippi C entral.b . . . A p r
74,135
28,223
30,611
July 1 to A pr 3 0 ______
769,369
737,803
320,615
300,764
Mo Kan & T e x a s .a ......... A pr 2,069,302
2,233,637
305,071
357,761
July 1 to A pr 30......... .24,815,999 22,689,205
6,478,326 5,822,376
Roads.




_

1911.

-

Third week of M ay.

— Gross Earnings----- ------ Net Earnings-------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Nashv Chatt & St L .b .- A p r 1,026,779
237,300
970,625
254,112
July 1 to A pr 3 0 ______ 10.314,117
9,604,447 2,584,471 2,652,699
0 Nat R ys of M exico___ A pr 4,763,789
5,780,269 1,347,479 2,527,991
July 1 to A pr 3 0 ---------- 52,870,984 49,'763;650 20,242,179 19,652,463
Ncvada-Cal-Oregon b - .A p r
24,784
29 991
13,718
5,751
274,809
380,975
July 1 to A pr 30---------199,822
82,238
C N Y Cent & II R I v .b - .A p r 8,369,123 7,742 496 2,409,456 2,052,478
Jan 1 to A p r 30............ 31,517,110 30,241,410 6,703,787 6,621,141
Lake Shore A M S .b - .A p r 3,764,571 3,770,324 1,019,730
961,147
Jan 1 to A pr 3 0 ............ 14,881,700 15,481,805 3,975,317 4,887,780
e Lake Erie & W e s t .b .A p r
392,470
408,127
72,799
36,230
Jan 1 to A pr 30............ 1,681,844 1,732,789
420.574
227,734
Chic Ind A S o u .b ___ A pr
320,252
64,083
309,713
76,869
Jan 1 to A pr 30............ 1,264,332
440,382
1,412,730
285,529
Mich C entral.b______A p r 2,366,386
740.574
2,378,802
543,138
Jan 1 to A pr 3 0 ............ 9,326,712 9,239,719 1,842,802 2,710,642
Clcv Cln Ch A St L b - .A p r 2,399,154 2,274,959
484,781
483,432
Jan 1 to A pr 3 0 ________9,531,711 9,461,582 1,890,023 2,392,424
Peoria & E a s te rn .b -.A p r
226,602
65,810
249.291
11,909
Jan 1 to A pr 30............ 1,052,809 1,030.580
292,737
141,535
Cine N orth e rn .b ____ A pr
79,577
96,590
15,343
def3,035
Jan 1 to A pr 3 0 ............
349,595
385,900
90,999
22,623
Pitts & Lake Eric b - .A p r 1,130,946 1,103,080
474,323
523,029
Jan 1 to A pr 3 0 . ......... 4,379,767 5,151,824 2,017,290 2,692,842
N Y Chic A St L . b __ A pr
907,675
956,306
309,865
234,844
Jan 1 to A pr 3 0 ______ 3,559,769 3,731,704
804,231
1,270,255
334,907
Tol A Ohio C e n t.b __ A p r
170,213
67,840 def48,321
Jan 1 to A pr 30............ 1,309,155 1,229,689
258,973
312,145
Total all lin e s.b --------- Apr20,291,723 19,450,901
5,403,442 5,192,882
Jan 1 to A pr 3 0 ----------78,854,504 79,102,798 18,199,814 22,131,921
N Y N II & Ila r tfo r d .b .A p r 5,155,362 5,079,352 1,816,552 1,757,942
July 1 to A pr 30............ 51,400,905 49,871,221 17.557,740 18,304,857
N Y Ont A W e s te rn .a ..A p r
697,781
730,414
163,017
245,191
July 1 to A pr 3 0 .......... 7,706,358 7,032,938 2,046,632 1,994,464
N Y Susq A W c s t .a ___ A pr
347,713
92,825
150,934
286,047
July 1 to A pr 30............ 3,216,378 2,905,827 1,100,124
855,096
Northern P a c ific .b ____ A pr 5,008,952 6,186,156 1,888,840 1,930,383
July 1 to A pr 3 0 . .
-.54,760,721 61,191,357 21,528,570 23,484,332
Pennsylvania Lines—
Pennsylvania R R .a
12,617,244 12,730,951 3,402,259 2,940,862
Jan 1 to A pr 30.
.49,163,010 51.712,970 10.325,971 12,285.755
Balt Chcs A A t l . a ___ A pr •
16,867
def 769
15,974
def 145
Jan 1 to A pr 30
.
58,578
def81
57,043
dcf2,226
Cumberland Valley a Aprr 236,165
97,866
272,956
58,256
Jan 1 to A pr 30____ .
910,784
954,993
318,501
229,158
Long Isla n d .a _______ Apr [• 809,629
132,834
764,156
137,669
. 2,707,758 2,511,021 def 19,144
96,623
:
7,797
8,181
d ef3 ,110
def3,657
Jan 1 to A pr 30.
.
28,254
26,998
<lcf7,885
<lef9,331
N Y Phila A N o rf.a
. r 267,929
290,597
89,999
50,459
17R044
26L692
Jan 1 to A pr 3 0______ 1,002,642 1,015,236
Northern C entral.a. A pr 1,102,356 1,061,233
203,382
237,068
Jan 1 to A pr 3 0 4,099,825
4,086,252
311,8 18
569,273
Phila Balto & Wash a A pr 1,522,413 1,537,828
356,214
295,517
5,700,847
905,521
913,188
Jan 1 to A pr 3 0 5,825,160
W est Jer A Seashore a Apr
479,944
402,555
133,239
29,058
Jan 1 to A pr 3 0 1,514,026
1,431,702
68,250
7,863
635,298
Pennsylvania C o .a _____A pr 3,719,327 3,771,413 1,061,696
Jan 1 to Apr 3 0 _______14,090,472 15,730,927 2,792,297 3,235,326
Grand Rapids & Ind a A pr
389,916
415,191
35,996
46,810
Jan 1 to A pr 3 0 ______ 1,610,325
1,606,185
159,221
188,741
Pitts CIll Ch & St L -a .A p r
2,924,923 3,119,829
825,976
620,398
Jan 1 to A pr 3 0 ______ 11,845,415 13,124,399
2,531,896 2,987,216
Vandalla a -----------------Apr
778,477
605,041
119,194
<lef3,028
Jan 1 to A pr 30---------- 3.202,416 3,179,628
527,950
516,922
T o t East of P & E a Apr 18,078,647 18,111,362 4,396,802 3,891,674
Jan 1 to A pr 30---------- 68,709,173 71,009,218 1 1,926,282 14,425,538
T ot W est of P A E a A pr 8,172,670 8,338,003 2,12 1,712 1,362,840
Jan 1 to A pr 30---------- 32,158,754 34,056,444 6,280,866 7,204,865
Grand T ot all lines a --A p r 26,251,317 26,449,305 6,524,514 5,254,514
Jan 1 to A pr 3 0 ----------100,867,927105,005,662 18,216,148 21,630,403
Raleigh A S o u th p o rt.b .A p r
16,427
13,909
7,609
6,034
July 1 to A pr 30............
145,624
134,181
59,828
56,076
Reading Com pany—
Phila A R ca d ln g .b — Apr 3,981,600 4,234,035 1,419,248 1,751,071
July 1 to A pr 3 0 ............37,780,320 37.402,644 13.466,639 14,651,288
Coal A Iron C o .b ------ A pr 4,789,521
4,433,100
144,401
264,776
July 1 to A pr 3 0 ----------29,255.715 28,255,003
459,738 1,070,899
T otal both C o s .b ____A p r 8,771,211
8,607,734 1,563,640 2,016,746
July 1 to A pr 3 0 ............67,030,040 56,718,548 13,026,377 15,731,187
Reading C om pany— A pr
--------------------170,228
142,715
July 1 to A pr 30-----------------------------1,458,161 1,450,570
T otal all Cos_________A pr
--------------------1,733,877 2,159,462
July 1 to A pr 3 0 ------------------------------ 15,384,538 17,181,757
R ock Island L in e s .b ____A p r 5,054,192 5,034,159
1,088,280
729,798
July 1 to A pr 3 0 ______ 57,191,446 55,248,298 15,071,657 14,906,242
R u tla n d .b
________A pr
273,958
254.661
79,078
76,967
Jan 1 to A pr 3 0 ______
974,557
901,820
173,830
229,785
St Louis S o u th w e s t.a .-A p r
783,585
819,570
85,607
82,567
July 1 to A pr 30............10,213,938
9,308,052 2,488,460 2,256,022
Southern Railway—
Mobile A O h lo .b ____ Apr
017,962
027,439
247,362
280,703
July 1 to A pr 30______ 9,277,454 8,786,382 2,702,243 2,650,920
Cln N O & T ex P a c .b .A p r
724,703
764,596
173,807
304,908
July 1 to A p r 3 0 ______ 7,653,190 7,464,557 2,631,327 2,858,848
Ala Great Southern, b-A p r
349,040
375,589
66.465
128,487
July 1 to A pr 3 0 ______ 3,774.037 3.470,516 1.045,862 1,092,559
Georgia South A lF a . b A pr
189,077
179,789
16,202
45,815
July 1 to A pr 3 0 ______ 2,036.000 1,988,969
457,402
408,162
T oledo St L & W e s t .a ..A p r
293,477
291,950
pOO.741
P83.471
July 1 to A pr 3 0 ______ 3,143,860 3,145,297
P848.023 p i , 004,251
Yazoo & Miss V a lle y .a .A p r
774,604
774,433
87,915
162,244
July 1 to A pr 3 0 . ......... 9,277.442 8,622.685 2,687,592 1,655,343
IN D U S T R IA L COM PAN IES
■------ Gross Earnings------ .
-----Current
Previous
Previous
Current
Year.
Companies.
Year.
Year.
Year.
$
$
S
American Express C o .b -F c b 1,510,123 1,324.979
7,085 <lcf74,049
12,607,576 2,045,479 1,757,813
A tlantic Gulf A W I SS Lines—
Subsidiary com p a n ies.Mch 1,461,567 1,469,607
375,484
297,852
Jan 1 to Mch 31______ 4,263,030 4,081,994
880,024
808,085
243,815
Cumberland Tel A T e l.b .A p r
604,631
565,054
237,736
950,555
Jan 1 to A pr 3 0 ______ 2,383.309 2,230.651
979,498
United States E x p .b ___Feb
714,566
678,633 d ef8 5,195 def67,637
150,006
July 1 to Feb 28______ 7,009,924 5,877,033
436,391
71,241
W ells, Fargo E xp C o .b .F e b
047,404
109,341
928,812
July 1 to Feb 28______ 8,011,850
9,694,328 1,607,628 2,084,178
Roads.

-

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of May. The table covers 42 roads and shows 3 .8 4 % de-

[VOL. LXXXXII.

iitinyc

a Net earnings here given arc after deducting taxes,
d Net earnings here given are before deducting taxes.

THE CHRONICLE

J une 3 1911.]

c In clu d es th e N ew Y o r k & O tta w a , th e S t . Law rence & A d iro n d a ck an d
th e O tta w a & N ew Y o r k U y ., th e la tte r of w hich , b ein g a C an ad ian ro a d ,
d ocs n ot m ak e returns to the In te r -S ta te C om m e rce C om m issio n .
d A fte r allow ing for ou tsid e op erations an d ta x e s , op eratin g in com e for
A p ril 1011 w as $ 1 1 7 ,8 3 7 , again st $ 1 0 8 ,4 4 1 , and from J u ly 1 to A p ril 30 w as
$ 3 ,1 0 2 ,9 8 3 In 1 9 1 1 , again st $ 2 ,9 3 7 ,5 3 0 la st ye ar.
e In clu d es th e N orth ern O h io R R .
a T h ese results arc In M exican cu rren cy .
h For A p ril 1911 ad d ition al in com e Is given as sh ow in g a deficit o f $ 1 ,0 8 0 ,
a g a in st a deficit o f $ 1 3 ,1 3 8 In 1 9 1 0 , an d for period from J u ly 1 to A p r il 30
w as a deficit of $ 4 7 ,7 8 8 in 1 9 1 1 , ag a in st a deficit o f $ 4 0 ,2 1 9 la st y e a r.
k F or A p ril 1911 ad d ition al in com e w as $ 1 1 ,0 8 7 , a gain st $ 8 ,3 7 1 in 1 9 1 0 ,
and for period from J u ly 1 to A p ril 3 0 w as $ 1 0 3 ,2 6 1 In 1 9 1 1 , ag a in st $ 1 1 6 ,­
4 3 3 last y e a r.
p For A p ril m iscellaneous charges an d cred its to In com e w ere $ 7 ,5 8 9
charge, again st $ 2 ,5 3 9 charge In 1 9 1 0 , an d for period from J u ly 1 to A p ril 30
w ere $ 9 2 ,6 0 3 credit in 19 1 1 , a gain st $ 3 7 3 ,2 5 9 in 1 9 1 0 .
s ’ A ftc r allow ing for m iscellaneous charges to in com e for th e m o n th of
A p ril 1 9 1 1 , to ta l net earnings w ere $ 2 8 8 ,1 6 3 , ag a in st $ 2 0 5 ,8 2 4 last y e a r, and
fortperlod from J u ly 1 to A p ril 3 0 w ere $ 2 ,3 7 6 ,4 5 4 this y e a r, ag a in st $ 3 ,2 1 1 ,­
907.

Interest Charges and Surplus.
—

Roads.

Int., Rentals, & c Current
Previous
Year.
Year.

.$
B angor & A ro o sto o k . . . . A p r
9 8 ,7 4 2
J u ly 1 to A p r 30
9 7 0 ,0 9 7
B u ff R o ch & P it t s _______
1 7 6 ,3 5 0
— AApprr
J u ly 1 to A p r “
1 ,7 6 9 ,9 1 5
1 6 6 7 .6 2 0
C hesapeak e & Ohio
— Apr
) _______ £ 6 ,3 7 7 ,4 3 0
J u ly 1 to A p r
2 0 9 ,5 4 8
C hicago G reat W e s t e r n -,A p r
J u ly 1 to A p r 3 0 _______ 2 ,1 1 8 ,4 5 0
2 9 ,8 2 0
C olorad o M id la n d _______ A p r
2 9 8 ,2 0 0
J u ly 1 to A
“
6 0 ,1 2 5
C u b a H R ________
4 5 9 ,0 5 0
l _ _____
J u ly 1 to A

Dal. o/ Net Earns.Previous
Current
Year.
Year.

$
$
$
3 9 ,7 2 1
8 ,1 5 3
8 4 ,1 7 1
3 3 8 ,6 2 3
1 1 2 ,5 1 3
8 4 2 ,6 6 1
£ 6 8 ,1 5 4
£ 2 4 ,8 0 0
1 7 3 ,2 5 1
1 ,6 8 4 ,4 9 0 £ 1 ,6 3 8 ,1 0 7 £ 1 ,3 3 4 ,2 0 9
5 8 2 ,2 9 0
1 1 1 ,5 1 5
£ 4 6 3 ,8 0 7
5 ,4 5 1 ,5 1 2
1 5 ,1 2 0 ,9 6 0
2 ,7 4 8 ,6 2 8
£ 4 3 ,6 8 3
2 2 8 ,7 0 9
£ 1 6 ,4 8 4
£ 2 7 1 ,8 8 1
£ 6 6 3 ,2 1 9
2 ,3 2 5 ,6 7 6
2 9 ,8 2 0 cdef.57,037 c d e f3 1 ,3 1 9
2 9 8 ,2 0 0 c d c f2 2 5 ,7 7 7 c d c fl2 0 ,2 3 4
3 6 ,6 6 7
8 9 ,7 9 1
9 3 ,6 1 5
3 6 1 ,8 7 7
5 1 9 ,7 7 0
6 7 4 ,4 8 8

1495
Latest Gross Earnings.

Name of
Road.

Week or
Month.

N orth T e x a s E lec C o .
N orth w est E le v C o _ .
O cean E lectric (L I ) .
O k la h o m a C ity R y . .
P ad ucah T r A L t C o .
P en sacola E lectric Co
P ort(O re) R y .L A P C o .
P uget S ou n d E lec C o .
R lch m o n d L t A R R .
Rio de Janeiro T ram
L ig h t A P ow er C o .
St Joseph (M o) R y Lt
H e a t A P ow er C o . .
S ao P aulo T r , L A P .
S avan n ah E lectric Co
S eattle E lectric C o ___
S econd A v e n u e (R ec)
S outhern B oulevard
Sou W isc on sin R y Co
S ta ten Isl M id la n d .
T a m p a E lectric C o . .
Th ird A v e n u e ( R e c ) .
T o led o R y s A L t C o .
T o ro n to R y C o _______
T w in C ity R a p T r a n .
U n d ergroun d E l R y
of L o n d o n T h ree tu b e lin es___
M e tro p o lita n D ist
U n ite d T r a m w a y s .
U n ion ( R e c ) ___
U n io n R y .G A E C o (Ill)
U n ite d R y s o f S t L _ .
U n itc d R R s o f S a n Fr
W e stc h e s E lec (R ec)

D elaw are L a c k & W e ste r n —
2 ,1 3 6 ,0 2 7 z\ ,9 8 8 ,5 7 4 x2, 7 1 4 ,5 1 6
J an 1 to M ch 3 1 _______ 2 ,3 6 9 ,0 1 4
J u ly 1 to M ch 3 1 _______ 1 1 ,1 0 2 ,9 4 7 1 0 ,8 1 7 ,7 7 1 £ 3 ,1 1 9 ,6 8 3 £ 8 ,4 3 5 ,1 4 8
S yracu se B ing A N Y
3 7 ,4 8 1
Jan
1 to M ch 3 1 . .
4 8 1 ,8 4 0
D e n v e r & R io G r a n d e — A p r
___1
4
,9
5
1 ,0 3 3
J u ly 1 to A p r 30 —
6 8 ,3 5 0
G eorgia R R --------------------- AApprr
7 3 7 ,2 5 8
J u ly 1 to A p r '3 0
5 1 4 ,2 3 9
5 ,0 7 0 ,9 0 8

.A p r
M o K a n sa s & T e x a s .
J u ly 1 to A p r 30
.A p r
N e v a d a -C a l-O r e g o n . _
J u ly 1 to A p r 30
Ap r
N Y O n tario & W e s t e r n .A
J u ly t to A p r 3 0 -----------R e a d in g C o m p a n y -----------AApprr
J u ly 1 to A p r 3 0 ----------.A p r
S t L ou is S o u t h w e s t e r n ..A
J u ly 1 to A p r 3 0 -----------

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

IN D U S T R IA L
—

Companies.

3 1 ,3 5 2
£ 1 1 6 ,0 7 8
£ 1 3 3 ,5 7 6
4 6 2 ,8 4 5
<151,396 d 2 1 2 ,4 8 7
4 ,4 6 1 ,3 5 7 d l , 7 1 2 ,2 1 1
6 3 ,2 6 4 £ d c f l2 ,2 8 0
£ 7 01
£ 1 9 1 ,1 3 5
6 1 4 ,5 7 9
£ 0 3 ,1 8 4
5 0 2 ,2 2 t£ d e f 1 7 2 ,5 1 9 ;
4 ,7 2 0 ,1 3 5 £ 1 ,7 4 6 ,3 7 5
£ 1 ,9 9 0
£ 1 0 ,8 5 2
3 ,6 1 1
£ 1 6 5 ,1 8 3
4 5 ,3 0 8
£ 3 7 ,1 0 7
4 8 ,9 3 2
1 4 2 ,5 5 9
1 0 2 ,6 3 2
9 0 8 ,0 5 8
8 5 1 ,9 8 8
1 ,0 2 6 ,4 0 6
8 9 9 ,9 7 1
8 4 8 ,8 7 7
1 ,2 5 9 ,4 9 1
8 ,9 9 9 ,7 1 0
6 ,5 3 4 ,5 3 8
8 ,1 8 2 ,0 4 7
def.$ 5 ,9 14
1 7 0 ,4 1 7 £ d c f4 5 ,9 3 6
1 ,7 2 1 ,3 9 6 £ 1 ,1 1 6 ,1 2 9
£ 9 8 0 ,1 6 7

C O M P A N IE S

Int., Rentals, &c .—
Current
Previous
Year.
Year.
$

$
A tla n t ic G u lf <&W I SS L in es—
S u b sid iary c o m p a n le s.M c h
Jan l to M ch 3 1 ------------

C u m b erla n d T e l & T el C o A p r
Jan 1 to A p r 3 0 _______

—Dal. of Net Earns.—
Current
Previous
Year.
Year.

5

$

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

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

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

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

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

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

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

c A fte r allo w in g for n et m iscellaneous d eb its to in co m e .
d T h ese figures arc after allo w in g for o th er In com e an d for d iscou n t and
e x c h o n g :. T h e su m of $ 1 0 ,0 0 0 is d ed u cted e v er y m o n th fro m surplus and
p laced to th e credit of th e renew al fu n d .
i O ther lrviomc Is d ed ucted from ch arges.
£ A fte r allo w in g for other in com e re c e iv e d .

ELECTRIC RAILW AY AND TRACTION COMPANIES.
Latest Gross E a rn in g s.

Name of
Road.

W eek or
M onth.

Current
Y ear.

Previous
Y ear.

S

S

Jan.

1

Current
Year.

Previous
Year.

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

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




Jan.

1

to latest date.

Current
Year.

Previous
Year.

$
1 4 2 ,9 3 8
1 8 4 ,0 6 9
3 ,1 0 1
5 3 ,3 3 4
2 0 ,5 4 1
2 2 .8 4 1
5 2 6 ,4 7 5
1 4 3 ,6 3 8
2 3 ,4 0 0

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

$
3 7 6 ,0 3 5
7 3 6 ,0 1 6
1 1 0 ,9 8 8
1 9 1 .0 7 3
6 3 ,0 3 3
6 7 ,5 3 0
2 ,0 3 2 ,1 1 4
4 1 8 ,0 2 4
3 4 1 ,1 3 9

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

A p r i l ______ 1 0 3 0 ,1 1 1

8 2 5 ,2 3 6

3 ,9 3 8 ,8 6 2

3 ,1 8 0 ,8 0 7

A p r i l ______
A pril . . . M a r c h _____
M a r c h _____
D ecem b er
D ecem b er
A p r i l ____
D ecem b er
M a r c h ____
D ecem ber
W k M a y 14
Febru ary .
2d w k M ay

8 4 ,7 0 0
28 4,0 38
5 3 ,0 6 2
4 5 8 ,4 5 8
6 4 ,0 1 5
8 ,5 9 7
1 4 ,8 4 8
1 5 ,7 8 9
5 6 ,8 0 4
2 9 1 ,4 1 6
3 4 ,2 2 9
3 3 5 ,0 1 0
1 4 3 ,6 5 3

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

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

3 2 9 ,0 2 8
9 0 7 ,8 6 9
1 4 3 ,9 3 5
1 ,3 6 0 ,0 6 3
8 5 2 ,4 6 2
91 ,2 4 9
5 3 ,9 9 5
1 6 3 ,7 0 6
3 ,0 6 3 ,0 8 9

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

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

W k M a y 27
W k M a y 27
W k M a y 27
D ecem b er
M a r c h _____
A p ril . . .
A p r i l ______
Decem ber
M a r c h _____
|D ecem b er
M a r c h _____

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

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

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

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

1 6 ,4 6 6

5 1 ,0 0 0

4 3 ,6 1 1

M a r c h _____
A p r i l ______
D ecem b er
A p r i l ______
M a r c h _____
M a r c h _____
A p ril ______
M a r c h _____
D ecem ber

T h ese figures are for con solid ated c o m p a n y .

Electric Railway Net Earnings.— The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of May 6.
-------- Gross Earnings—

Current
Year.

Roads.

5

Previous
Year.

------- Net

Earnings-------Current
Previous
Year.
Year.

•$

$

B in g h a m to n S t R y ______ A p r
C lcve P ain c sv A E a s t .a . A p r
Jan 1 to A p r 3 0 ________
F alrm A C larksb T rC o b A p r
J an 1 to A p r 3 0 ________
H on olu lu R T A L a n d b A p r
Jan 1 to A p r 3 0 ________

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

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

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

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

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

2 0 ,5 0 9
7 4 ,9 2 9

L ak e Shore E le c R y . a . - A p r
J an 1 to A p r 3 0 ________

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

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

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

N orth ern O h io T r A L t . . A p r
Jan 1 to A p r 3 0 ________

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

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

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

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

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

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

O k la h o m a C ity R y
Jan 1 to A p r
T w in C ity R T Co
Jan 1 to A p r
U n ite d R y s o f S t L
Jan 1 to A p r

.b — Apr
5 3 ,3 3 4
3 0 ________
1 9 1 ,0 7 3
_____A p r
6 2 0 ,6 7 2
3 0 _________ 2 ,4 4 1 ,7 1 1
.a .-.A p r
9 7 3 ,9 3 9
3 0 _________ 3 ,7 4 1 ,1 1 9

b

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

20,122

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

a N e t earnings here given are a fte r d ed u c tin g ta x e s ,
b N e t earnings here given are before d ed u c tin g ta x e s .

Interest Charges and Surplus.

to latest date.

A p r i l .......... 318,954 302,654
23,890
21,736
A p r i l _____
130.913 120,384
A p r i l _____
42,229
43,146
M a r c h ___
8,407
9,188
M a r c h ____
26,924
28,709
A p r i l _____
0 0 9 ,2 4 2
8 5 1 ,1 2 2
226 ,930 214,829
A p r i l _____
2 1 ,1 9 4
2 0 ,7 5 3
7,282
7,303
M a r c h ____
1804 036 1686,419 2 1 ,8 6 7 ,5 4 2 2 0 ,0 6 2 .5 9 2
D ecem ber
7 3 ,7 2 5
7 0 ,8 6 6
23,866
24,199
M a r c h ____
9 1 ,6 7 8
7 8 ,2 5 2
22,426
19,925
A p r i l _____
6 3 7 ,3 7 2
50,180
48,145
5 9 5 ,9 2 2
D ecem ber .
65,744
2 5 9 ,8 4 8
2 4 9 ,8 6 1
65,112
A p ril _ . ._
2 6 4 ,9 0 4
75,114
70,255
2 9 0 ,3 0 7
A p r i l _____
9 4 ,8 1 4
9 0 ,0 6 2
25,206
A p r i l _____
26,572
2 9 3 ,3 5 2
A p r i l _____
3 2 4 ,0 4 6
85,8 8 5
79,311
9 7 ,7 1 4
1 1 4 ,3 1 0
M arch . _ .
38,243
33,353
103,508 102,124 1 ,4 9 5 ,5 4 3 1 ,4 8 0 ,9 1 0
D ecem ber
3 3 8 ,7 7 0
3 8 8 ,8 6 7
129,528 114,849
M arch . . .
3d w k A p r 181,787 155,040 2 ,7 0 1 ,9 8 9 2 ,4 0 7 ,2 2 2
6 1 5 ,0 9 5
6 2 4 ,7 0 9
49,597
49,712
D ecem ber
3 4 0 ,8 4 5
3 2 6 ,0 1 2
84,568
89,797
A p r i l _____
7 1 2 ,8 0 3
7 3 5 ,3 2 1
178,507 171,640
A p r i l _____
1 7 3 ,7 0 9
1 6 3 ,3 7 6
51,579
57,090
M a r c h ____
2 0 8 ,6 1 2
1 6 4 ,6 2 7
44,517
53,186
F a lrm & Clarks T r Co A p r i l ______
F t W a y n e A W abash
2 5 3 ,8 7 7
2 3 4 ,4 3 8
V a lley T r a c tio n Co F eb ru a ry . 122,094 111,183
113,208 106,608 1 ,4 3 3 .9 6 8 1 ,3 3 9 ,1 1 0
4 2 (lS tM A S N A v fR e c ) D ecem ber
3 2 7 ,3 8 1
2 9 1 ,6 7 4
110,287 105,144
G a lv -IIo u s to n El C o . M a r c h ____
3 5 3 ,5 7 6
3 3 7 ,6 6 3
86,632
89,967
G ra n d R a p id s R y C o . A p r i l _____
0 5 2 ,9 6 4
8 4 8 ,1 5 6
40,302
44,709
H a v a n a E lectric C o . W k M ay 28
H o n o lu lu R a p id T ran
1 5 6 ,1 1 5
1 4 5 .2 6 3
36,129
39,332
A L an d C o ------------- A p r i l _____
6 7 ,9 1 3
7 4 ,5 2 4
27,019
24,090
H o u g h to n Co T r C o . . M a r c h ____
1 ,3 0 2 ,8 4 2
H u d so n A M an hattan A p r i l --------- 385 ,945 320,188 1 ,5 2 4 ,3 4 2
549,729 486 ,490 1 ,6 5 0 ,6 9 9 1 ,4 2 7 ,3 2 0
Illin ois 1 ractlon Co . M a r c h ____
In tc rb o ro R a p T r a n s . A p r i l --------- 2658,585 2564,772 1 0 .4 9 4 ,7 9 2 1 0 ,1 7 0 ,0 4 2
1 5 1 ,6 3 8
1 4 3 ,1 2 7
51,900
5 2 ,5 5 7
J ack son ville E lec C o . M a r c h ------656,061 622,555 1 ,9 1 2 ,6 1 9 1 ,7 8 8 ,0 1 7
K a n C ity R y A L t Co M a r c h -----3 3 9 ,3 1 4
3 2 2 ,7 7 0
91,958
80,915
—
L a k e S h ore E lec R y . A pril
2 0 9 ,4 0 9
1 8 9 .5 4 5
13,21 1
11,912
L o n g Island E le c tr ic . D ecem ber
1116,919 11 17,901 1 4 ,0 4 3 .0 2 6 1 3 ,7 9 6 ,9 3 0
M e tro p o lita n S tiR c c ) D ecem ber
395,571 374,426 1 .5 7 5 ,8 8 6 1 ,4 8 1 ,2 3 9
M llW E l R y A L t C o . A p r i l ..........
2 9 8 ,8 2 4
2 7 5 ,9 5 1
70,945
71,315
MUw L t . l i t A 'I T C o . A p r i l ..........
372 ,309 3 44 ,765 1 ,4 4 5 ,1 6 3 1 ,3 1 0 ,5 5 9
M on tre al S tre et R y . . A p r i l _____
6 3 1 ,3 7 4
161,228 147,519
5 8 1 ,8 3 3
N a sh v ille R y A L ig h t A p r i l _____
1 ,1 3 8 ,8 7 6
1 ,0 0 5 ,2 6 3
N ew O rleans R y A Lt F ebru ary . 559,812 521,184
2 3 2 ,9 5 8
1 7 2 ,9 2 9
21 452
14,809
N Y C ity I n t c r b o r o .. D ecem ber
3 7 0 ,7 2 9
24,795
3 4 3 ,1 0 4
2 2 ,4 9 4
N Y A L on g Islan d T r D ecem ber
9 8 0 ,2 9 1
85.605
72.772 1 ,1 2 3 .1 5 3
N Y A Q u eens C o . . . D ecem ber
6 5 4 ,6 3 7
6 0 5 ,1 1 5
172,584 155,338
N o r f A P ortsm T r Co A p r i l _____
4 8 ,6 0 6
13.043
12,340
N o r th a m E a sto n A W A p r i l _____
6 5 8 ,3 3 9
7 4 8 ,8 8 5
200,014 173,763
N orth O h lo T r a o A L t A p r i l _____

A m e rica n R y s C o _____
A tla n tic Shore R y —
c A u r E lg in & Chic R y
B an go r R y & E lec Co
B a to n R o u ge E l C o . .
B in g h a m to n R a ilw a y
B lr m R y , L t & l ’ o w .
B rock & Plytn S t R y .
B k ly n R a p T ra n S y s .
C ap e B reton E lec C o .
C arolin a P ow & Lt Co
C en t Pk N & E R lv
C en tral Penn T r a c . . .
C h a tta n o o g a R y & L t
C lcve P aln esv « E ast
C levc S ou th w & Col .
C o lu m b u s (G a) E l Co
C on ey Isl & B k lyn —
D allas E le c t Corp —
D e tro it U n ited R y ___
D D E B A Hat (R eel
D u lu th -S u p erio r T rac
E a s t S t L ou is & S u b .
E l P aso E le c tr ic ...........

c

Current Previous
Year.
Year.

—

Roads.
B in g h a m to n S t R y ______ A p r
C leve P ain c sv A E astern A p r
Jan 1 to A p r 3 0 ________
F a lrm A Clarks b T r C o . .A p r
Jan 1 to A p r 3 0 ________
H on olu lu R T A L a n d . .A p r
Jan 1 to A p r 3 0 ________
L a k e Shore E lec R y _____ A p r
J an 1 to A p r 3 0 ________
N orth ern O hio T r A L t . - A p r
Jan 1 to A p r 3 0 ________
T w in C ity R T C o ------------ A p r
Jan 1 to A p r 3 0 ________
U n ite d R y s o f S t L o u is . .A p r
Jan 1 to A p r 3 0 ------------

Int., Rentals, &c .—
Previous
Current
Year.
Year.
5
9 ,3 2 2

§
8 ,8 4 5

8 ,1 7 2
3 2 ,6 9 2
1 6 ,9 4 3
6 1 ,0 2 2
6 ,4 5 9
2 0 ,2 9 4
3 4 ,6 1 4
1 3 8 ,8 1 4
4 5 ,1 1 6
1 7 8 ,2 3 2
C 140.079
C 560.317
2 2 9 ,4 3 6
9 2 1 ,2 3 0

—

Dal. of Net EarnsCurrent
Previous
Year.
Year.

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

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

317
3 ,2 5 7
6 ,9 4 3
1 4 ,5 1 2
5 0 ,3 3 8
1 2 ,0 2 4
4 3 ,8 2 3

3 4 ,9 0 2
1 3 8 ,8 2 3
4 3 ,2 9 2
1 7 3 ,1 6 7
C 140.229
C 560.917
2 3 3 ,5 3 9
9 3 3 ,9 8 5

4 ,1 3 7
d e f l7

3 ,5 0 0
d e f9 ,5 2 3

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

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

$

c In clu d es d ivid en d s on preferred sto c k .
£ A fte r allow ing for other Incom e receive d .

A N N U AL REPORTS,
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of May 27. The next will appear in that of June 24.
Pacific Mail Steamship Co.
{Preliminary Report for Fiscal Year ending April 30 1911.)
Pres. R . S. Lovett, N. Y ., May 31 1911, wrote in part:
T h e sum o f $ 3 5 4 ,4 5 7 w as cred ited to th e fu n d for d ep reciation an d gen eral
an d ex tra o rd in a ry repairs of stea m e rs, a n d charged to th e y e a r’ s e x p e n se s;
A fte r ch argin g th e fund w ith p a y m e n ts m ad e for its a c co u n t, th e su m o r
$ 2 ,5 6 2 ,8 1 0 rem ained to its cred it a t th e close o f th e y e a r, a gain o f $ 2 2 0 , 5 4 0
d urin g th e y e a r.
T h e Insurance on th e c o m p a n y ’s steam ers w as ren ew e d ,
an d $ 1 9 4 ,7 9 5 , th e p rem iu m chargeable to th e y e a r ’ s o p eration s, w as charged
to th e y e a r ’s ex p e n se s.
T h e c o m p a n y has n o d eb ts oth er th a n th o se fc »
curren t ex p e n se s.
T h e cash on h an d a t N ew Y o r k , S a n F ran cisco an d
L o n d o n A p ril 30 1911 a m o u n te d to $ 2 0 3 ,7 7 3 .

1496

THE
E A R N IN G S , E X P E N S E S ,

&.C.

R eceip ts—
1 9 1 0 -1 1 .
Gross rects. fro m s t e a m s .$ 4 ,7 7 2 ,4 2 0
M a i l s _______________________
1 5 ,1 8 0
M iscellaneous c o lle c tio n s .
1 6 8 ,0 1 6
In c o m e fro m in v e s t s ., A c .
1 8 ,6 0 3

1 9 0 9 -1 0 .
$ 4 ,6 6 4 ,0 3 0
1 5 ,1 8 0
1 5 4 ,6 7 9
1 9 ,4 8 5

1 9 0 8 -0 9 .
$ 4 ,5 1 3 ,7 6 7
1 5 ,1 8 0
1 3 3 ,5 9 4
2 ,4 0 3

1 9 0 7 -0 8 .
$ 4 ,1 3 8 ,5 3 1
1 5 ,1 8 0
1 3 7 ,4 1 3
4 5 ,1 8 8

T o t a l _____________________ $ 4 ,9 7 4 ,8 1 9

$ 4 ,8 5 3 ,3 7 4

$ 4 ,6 6 4 ,9 4 4

$ 4 ,3 3 6 ,3 1 2

S te a m e r e x p e n se s___ '_____ $ 3 ,2 1 8 ,5 7 0
C harter h ire ________________
7 2 0 ,0 0 0
5 5 3 ,5 8 2
A g e n c y e x p e n se s__________
G eneral (ln cl. in su r a n c e ).
3 0 8 ,8 1 5
M iscellan e ou s e x p e n s e s ..
1 8 ,6 7 1
D e p r e c. an d general A e x ­
tra ord in ary repairs, A c .
3 5 4 ,4 5 7

$ 3 ,8 5 1 ,3 6 5

$ 3 ,8 5 2 ,2 9 8

$ 3 ,5 3 0 ,2 2 7

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

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

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

3 5 2 ,8 0 2

3 5 1 ,8 9 2

3 9 7 ,4 9 4

T o t a l ____________
B a la n c e , d e f i c i t ..
— V . 9 0 , p . 14 8 7 .

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

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

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

E x p en se s —

...$ 5 ,1 7 4 ,0 9 5
...
$ 1 9 9 ,2 7 6

Montreal Light, Heat & Power Co.
{Report for Fiscal Year ending April 30 1911.)

o f va c a n c ies.
A g a in st the revenu e for th e ye ar a charge o f $ 2 6 0 ,0 0 0 has
been m ad e for d ep reciation and ob solescence, and th e su m o f $ 1 7 0 ,0 0 0 h as
been charged again st revenu e and credited to co n tin g e n t and insurance fu n d .
A fte r th e a b o v e charges were m a d e , the n et revenu e for 1910 a m o u n ted to
$ 6 5 4 ,5 3 8 , from w hich d ivid en d s of 2 % w ere p aid , a m o u n tin g to $ 5 6 0 ,0 0 0 ,
le a v in g a surplus for th e year of $ 9 4 ,5 3 8 .
In our accou n tin g the rates c o lectcd under In ju nction are included In our s ta te m e n t of reve n u e.
T h e 1903 rate case has been su b m itte d an d a decision m a y be ex p e cted
so o n .
It Is our h ope th a t the decision m a y tend to Im prove th e relation ship
h eretofore ex istin g betw een successive m unicipal ad m in istration s an d th e c o .
ctter, 3? ^ o v - 22 1 9 1 0 , addressed to th e M ayor and S up ervisors o f
th e C ity and C o u n ty of San F ran cisco, placed before the sh areholders th e
relation ship ex istin g betw een the c ity a d m in istration an d th e c o m p a n y .
I h e . prejudice: an d m isrepresen tations w hich h a v e cloud ed the w ater
q u e stion o f S an I ranclsco are slow ly being r e m o v e d , and w e are firm In our
belief th a t tim e will cause th e spirit o f fairness to a c tu a te all parties to this
lo n g -d r a w n -o u t c o n tro v ersy .
O u tsid e o f the c ity and c o u n ty o f S an Fran cisco you r p lan t is m a in ta in ed
in the highest sta te o f efficien cy .
C on tem p late d chan ges in our p u m p in g
sta tio n s in San F ran cisco w e h a v e been u nable to m ak e
Fin al plans for the C alaveras d a m h a v e been decided upon an d J ohn R .
F reem an of P rovid en ce, It. I . , will co -o p era te w ith the c o m p a n y ’ s engineers
in the erection of the stru ctu re [present h eigh t, it Is sta te d , to be 2 0 0 ft— E d .]

IN C O M E A C C O U N T F O R C A L E N D A R

President H . S. H olt, Montreal, May 18, wrote:
G eneral R esu lts. — T h e sta te m e n t for the ye ar sh ow s an Increase in gross
reven u e o f $ 1 6 3 ,1 8 1 , w hile o p eratin g ex p e n se s, in clu d in g necessary ex p e n d i­
ture for m ain te n an ce an d ren ew als, h a v e been m ain ta ined at p r actic ally last
y e a r ’s figures, so th a t th e in creased net revenu e a m o u n ts to $ 1 8 4 ,2 7 2 .
The
to ta l su rp lu s earn ings, less a p p rop riation s as n o te d , a m o u n t to $ 3 5 3 ,2 7 6 ,
w hich , ad d e d to su rplu s earnings from previou s y e a rs’ o p eration s, brings
th e accru ed su rp lu s as a t th e close o f th e year to $ 2 ,3 9 5 ,8 3 7 .
T h e properties
an d p la n ts an d its variou s su b sid ia ry com p an ies h a v e been m ain ta in ed in
the sa m e high sta te o f effic ien cy as h eretofore: there w as ex p en d ed durin g
th e ye ar on m ain te n an c e a c c o u n t $ 2 8 3 ,1 1 9 , w h ich , w ith the ap p rop riation
for dep reciatio n an d ren ew al r e se rv e, as n o te d , represents a to ta l ex p e n d i­
ture an d p rovision In this con n ec tion o f u pw ard s o f $ 9 2 2 ,6 5 9 .
C on tingencies and D ep recia tio n . — In e x p lan ation of the c o m p a r a tiv e ly
large ap p ro p ria tio n s for co n tin g e n t an d depreciation p urp oses, the present
p olicy is to p ro v id e a gain st e v er y p rob a b le c o n tin g e n c y , anti as th e a m o u n t
o f su ch p rovision sh ould corresp ond w ith the ex te n t of the busin ess, b earing
In m in d the presen t rap id d e v e lo p m en t of the c o m p a n y , th e n ecessity for
a m p le prov ision In this regard In th e Interest o f b oth th e p u b lic and the c o m ­
p a n y is o b v io u s; a c co rd in g ly , $ 2 0 0 ,0 0 0 further has been reserved for c o n ­
tin g e n t p u rp oses.
A s regard s d ep reciatio n , ow in g to th e u n iq u e n atu re o f the busin ess,
w inch Is o n ly a n alagou s in public u tility service to the teleph on e an d tele­
graph In the rapid d eterioratin g character o f th e In volved p la n t, this ques­
tion has been considered v e ry c ritic a lly , and th e Im perativen ess o f a m p ly
p rovid in g for accru in g d ep reciation an d ob solescence is being m ore than
ev er realized; c o n se q u e n tly , In a d d ition to th e ap prop riation o f $ 2 6 6 ,0 1 2 , as
n o te d , there has been p rovid ed $ 3 7 3 ,5 2 9 for this p u rp ose, m alting a to ta l
p rovision to d a te of $ 1 ,0 3 9 ,5 4 0 , again st w hich $ 1 9 9 ,1 2 8 has been charged
d u rin g th e ye ar for ex tra o rd in a ry ren ew als, le a v in g a b alan ce a t th e credit
o f th e a c co u n t o f $ 8 4 0 ,4 1 3 .
F i n a n c i a l — T h ere w ere red eem ed $ 3 3 ,0 0 0 L a c h ln e D ivisio n sin kin g fu n d
b o n d s an d $ 3 7 ,0 0 0 u n d erlyin g bon d s o f the R o y a l E lectric C o.
A d d ition s and B etterm ents. — T h e extension s a t th e g a s-m a n u fa ctu rin g
s ta tio n , an d h yd rau lic p lan t a t L ach in e R a p id s, also th e und ergrou nd c o n ­
d u it s y s te m , h a v e been co m p leted and satisfa cto rily op era ted .
F u rth er
ex te n sion to th e undergrou nd c on d u it sy stem Is c o n te m p la te d , also con sid ­
erable ex p e n d itu re for ex ten sion s to th e gas an d electric d istrib u tin g system s
gen erally, to m eet th e c o n sta n tly Increasing d em a n d for service c on sequ en t
u p on the c on tin u ed d e v e lo p m e n t o f the c ity and su b u rb s.
Shaw intgan P ow er. — A c o n tra ct w ith the S h aw ln lgan W a t e r & P ow er C o.
for an a d d itio n a l 4 0 ,0 0 0 h . p . w as conclu ded on a very fa v o ra b le basis in
order to su p p ly w hich th a t c o m p a n y has in course o f In stallation a large
in d e p e n d en t ex te n sion to its h yd rau lic plant a t S haw ln lgan F ails o f a
c a p a c ity of 7 5 ,0 0 0 h . p ., togeth e r w ith an en tirely n ew transm ission sy ste m
o f steel c o n stru ction w ith au x ilia ry lines for em ergen cy p urp oses, and a
n ew in d ep en d en t term in al sta tio n o f m od ern con stru ction in M a lso n n e u v c .
W it h this a u g m en ta tio n o f S h aw ln lgan P ow er, vou r c o m p a n y has under
c o n tr a ct an d a v a ila b le from th a t sou rce 6 3 ,0 0 0 li. p.
S treet-L igh tin g. — A term c o n tra ct has been en tered into w ith th e c ity for
an Im proved str c e t-lig h tln g -sy ste m , sim u lta n e o u sly a d ju stin g on a m u tu a lly
sa tisfa cto r y basis the p rotracte d d isp u te in regard to tire ligh tin g d urin g
the period In w hich the service w as supplied w ith o u t a c o n tr a c t; and It is
gen erally con ced ed th a t w ith a little lib erality on th e p art o f th e m u n icip al
au th orities in th e s u p p ly o f a d d ition al la m p s, our c ity will be one of the best
an d cheapest lighted cities in A m e rica .
A t the sa m e tim e the d isp u ted and
lo n g -p en d in g q u estion o f ta x a tio n on p oles, lines an d gas m ains w as a m ic a b ly
se ttle d , th e re b y finally d isposing o f all pen din g differences w ith the c it y .
R eduction in R a tes. — A s th e result of the red u ction in gas and electric rates
affected M ay l 19 1 0 , the c o n su m ers’ d iscou nts d urin g the year a m o u n te d to
$ 5 5 9 ,9 4 4 , c om p ared w ith $ 3 3 2 ,5 9 8 for the p reviou s ye ar, in dicatin g an in­
creased concession to con su m ers for th e year o f $ 2 2 7 ,3 4 6 , an d w h ile the
a m o u n t has been c o m p e n sa te d , sa m e is attr ib u ta b le to new business e x ­
c lu siv e ly , rath er th a n increased u sage o f the service b y con su m ers, as the
reve n u e per con su m er has decreased ra ta b ly w ith the red u ction s co n c ed ed .
W it h th e rep eated red u ction s from tim e to tim e , the p revailin g rates o f
electricity com p are v e ry fa v o r a b ly w ith a n y c ity irresp ective o f size in
A m e ric a , an d the rates are m a teria lly low er for like service than in so m e o f
th e larger U n ited S ta te s cities; likew ise, as regards rates for gas h avin g
regard to geograph ica l an d ellm a tic con d ition s, geo g ra p h ica lly because o
our rela tiv e ly lon g d istan ce from the source of our coal an d oil su p p ly and
con se q u en t h e a v y freigh ts an d c u sto m s d u ties, an d c lim a tic a lly , from the
sta n d p o in t of a d verse o p eratin g c o n d ition s, because as Is k now n there is no
a -a lle l, e x ce p t p ossib ly R u ssia , th a t com pares w ith tile severe w inters
xp erienced in this p art o f th e c o u n tr y .
C onsisten t w ith g ood service,
ates will be fu rth er reduced as cond ition s w a r r a n t.

E a rn ngs-

I n t e r e s t ___________________
M isc ellan e ou s_____________

19 09 .
$ 2 ,6 7 8 ,9 6 8
3 4 .2 0 2
1 7 ,1 6 6
1 6 ,7 1 2
2 3 ,9 2 7

1908.
$ 2 ,1 9 5 ,6 0 0
2 9 ,5 9 3
2 4 ,2 5 4
9 ,8 2 5
5 ,0 8 8

G ross ea rn in g s___
O p eratin g e x p e n se s.

...
...

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

$ 2 ,2 6 4 ,3 6 0
6 5 2 ,0 5 4

$ 2 ,0 6 4 ,6 6 0

$ 1 ,6 1 2 ,3 0 0

R e n t s ______________________

S u b u rb a n C o. c o lle c t io n .

D educt—

...
$ 3 6 2 ,8 5 1
$ 3 3 1 ,4 8 5
$ 3 2 4 ,0 9 5
...
7 1 4 ,3 6 0
7 1 4 ,3 6 0
7 1 4 ,3 6 0
...
2 6 0 ,0 0 0
2 6 0 ,0 0 0
2 6 0 ,0 0 0
...
1 7 0 ,0 0 0
1 2 0 ,0 0 0
2 0 ,0 0 0
. . (2 % ) 5 6 0 ,0 0 0 (2 % ) 5 6 0 ,0 0 0 (1 % ) 2 8 0 , 0 0 0
....
1.8,098
1 2 ,3 1 8
1 2 ,4 7 3

B a la n ce , su rp lu s.

...
...

S urp lu s

-----------

$ 3 5 3 ,2 7 6

$ 3 2 1 ,2 0 1

$ 3 0 7 ,4 6 8

$ 3 0 9 ,0 4 5

B A L A N C E S ilkiE T A P R IL 30.
1911.

Assets—
Stocks, bonds and
interest In other
com panies.......... 23
New construction. 5
Bonds In treasury.
Accts. receivable..
Stores, gas stoves,
& c ________ ______
Coal, coke, tar, Ac.
C a sh ..........................

S

1910

$

968,549 23,729,719
968,288 4,949,292
870,000
1.080,000
751,373
692,752
173,515
83,882
326,581

130,637
72,414
564,026

T o t a l ....................32 ,142,188 31,218 ,84 0
— V . 92, p. 1439, 192.

1911.

Liabilities—

S

1910.

8

Capital stock----------17,000,000 17,000,000
Bonds outstand’g . 10,113,000 10,107,000
Accounts payable.
200,749
410,805
62,786
Customers’ depos’s
64,812
125,224
Accrued ln t., & c . .
111,078
8,924
Dlvs. unclaim ed..
9,153
297,500
Dividend May 15.
310,000
300.000
Insurance reserve.
300,000
200.000
Contingent reserve
391,035
400,000
Deprec’n reserve..
810,413
177,532
Sub. cos. sink. fds.
270,674
86,508
Gen. suspense acct.
85,657
Pension fund__________________ 19,780
Surplus....................... 2,3 95,8 37 2,012,561
Total

................ 32 ,142 ,18 8 31,218 .84 0

Spring Valley Water Co., San Francisco.
(Report for Fiscal Year ending Dec. 31 1910.)
Pres. W . B . Bourn, San Francisco, April 11 1911, wrote
in substance:
T h e n u m b e r o f con n ection s on J a n . 1 1911 w as 5 8 ,0 2 8 , a gain o f 3 ,0 9 6 ;
b u t as a gain st this gain w e had a t th e beginning of the year a large n u m b er




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

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

Assets—

1910.

1909.

§

S

J/inh'fJit

i

1910.

Q

1909.

o

Real estate, water
Capital stock.......... 28,000,000 28,000 ,00 0
rights, rights of
Stock assessment. 6228,664
6228,664
way, A c ________ 46,286,765 46,056,862 General mortgage
Union Trust C o . . . rt500,000
a500,000
4 % bonds.......... 19,017,000 18,773,000
Gen.M.bds.ln treas. 1,158,000
914,000 Current liabilities.
296,437
331,971
Bills & accts. rec.
23,100
36,161 Depreciation, A c.,
Mater., supp., &c.
334,934
337,801
fu n d ...................
740,944
496,242
Consumers’ accts.
68,999
94,573 Contingent and In1
Cash _____ _______
40,204
62,816
surance f u n d .. .
310i,000
140,000
Special deposit un­
Surplus net revenue 426,216
331,677
der in jun ction ..
613,259
299,341
T o t a l.................. .4 9 ,0 2 5 ,2 6 1 48,301,554

T otal-------- --------- 49,025,261 48,301,554

a Cash deposited on account of real estate sale.
6 After deducting replacement, $6 11 ,3 36 .— V . 92, p. 1114.

•

United States Gypsum Co.
{Report for Fiscal Year ending Dec. 31 1910.)

President S. L. Avery, Chicago, May 15 1911, wrote:
T h e net earn ings, am o u n tin g to $ 4 2 3 ,6 7 5 , are sign ifican t of our m o st
prosperous y e a r .
T h e Increase in sales in dicates a n orm al ex p a n sio n , pro­
vision for w hich has been m ad e b y erecting new m ills an d increasing lite
produ cing capacities of others as con d ition s req u ired .
E xp en d itu re s for
these purposes d u rin g the year a m o u n t to $ 4 1 5 ,0 0 9 .
T h e great d em an d for ou r p rodu ct on the P acific C oast h as m ad e p rom i­
n en t the a d v a n ta g e to be en jo y e d throu gh d ev e lo p m en t of g y p su m beds
a d ja c e n t to these m a rk ets.
D u rin g the p ast tw o years a thorough search
h as d iscovered , an d th e c o m p a n y has acqu ired , d ep osits o f unu sual eco­
n om ic a d v a n ta g e a t B ly th e , C a l., and a t A rd e n an d M ou n d H o u se , N c v .
T h e c om p letion o f ou r new steel an d concrete fireproof mill a t F ort
D o d g e , l a . , m ark s th e sta n d a rd o f ou r con stru ction for the fu tu re .
The
p rop erty has a c a p a c ity o f finished p rodu ct c on sid erab ly in excess o f 1 ,0 0 0
tons d a lly .
Th is m ill m a y be enlarged b y the a d d ition o f a d d itio n a l u n its,
as d esired .
O n O c t. 16 1910 the p lan t a t A la b a ste r , M ic h ., w as c o m p le te ly d estro y ed
b y fire.
It w as fu lly In sured.
B ecause o f the sta n d a rd iza tio n p la n , It
w as possible to proceed a t once to erect a new steel an d concrete firep roof
m ill, and this will be in full op eration on Jun e 1 19 11 .
During the past tw o years our sales o f S a c k c tt p laster board an d P yrob ar
p artition tile h ave increased, an d a rapid grow th in the co n su m p tio n o f
these m aterials Is assu red .
A rch ite cts an d builders are learnin g th a t g y p ­
su m is one o f th e v e ry few a cce p tab le fireproof m aterials an d th a t it Is th e
m o s t econ om ical on e.

IN C O M E ACCOUNT.

Itepalrs.replacements
and depreciation..
Bond interest, & c__

N e t r e v e n u e --------- --------- $ 2 ,5 7 6 ,3 4 0
$ 2 ,3 9 2 ,0 6 8
$ 2 ,2 3 5 ,1 1 6
$2 1 4 0 ,5 6 2
I n t . on bond s A Insurance $ 4 7 2 ,0 5 2
$ 4 8 0 ,8 6 7
$ 4 8 9 ,2 6 8
$493 095
D iv id e n d s p a i d ...........( 7 ^ ) 1 . 2 7 5 , 0 0 0 (7) 1 ,1 9 0 ,0 0 0 (6) 1 ,0 2 0 ,0 0 0 (6) l , 0 2 o !ooo
D epreciation A r e n e w a ls.
2 6 6 ,0 1 2
4 0 0 ,0 0 0
39 3 3 8 0
26 8 422
Fire Insurance f u n d ---------------------------25,0 0 0
s o !o o o
C on tin g en t a c c o u n t
2 0 0 ,0 0 0
..............
O ffic ers’ , A c ., pension fd _
1 0 ,0 0 0
________

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

B A L A N C E SHEET DECEM BER 31.

1 9 1 0 -1 1 .
Gross e a r n in g s ------------------$ 4 ,4 0 4 ,1 2 7
E x p en ses ------------------ -------- 1 ,8 2 7 ,7 8 7

1 9 0 7 -0 8 .
$3 7 9 2 ,2 1 8
1 ,651,656

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

A cc ru ed t a x e s ____________________
A cc ru ed interest on b o n d s ______
D e p re ciation , A c ____ _.___________
C on tin g en t and insurance fu n d .
D i v i d e n d __________________________
M isc ella n e o u s________________ _____

E A R N IN G S , E X P E N S E S A N D C H A R G E S , Y E A R S E N D IN G A P R I L 30.
1 9 0 8 -0 9 .
$ 4 ,0 7 9 ,7 6 9
1 ,8 4 4 ,6 5 3

YEARS.

19 1 0 .
. . . $ 2 ,7 8 8 ,4 4 8
...
5 8 ,4 6 3
...
1 8 ,5 0 2
...
2 3 ,9 9 2
. _
9 ,5 5 8

. _____
Transferred to bond

1 9 0 9 -1 0 .
$ 4 ,2 4 0 ,9 4 6
1 ,8 4 8 ,8 7 8

[Vol. LXXXXII.

C H R O N IC L E

1910.
$651,118
_________
50,000
148,414
29,028

1909.
1910.
1909.
$437,783
_________ Net earnings............... *423,675 $215,328
Pref. dividends____ 219,734
225,784
50,000
Bal. for ye a r..su r.S 2 0 3 ,9 4 Id f.$ 1 0 ,4 5 6
150,870 Previous surp., after
a d ju stm e n ts.......... 361,760
391,753
21,585

Net earnings.......... S423.675
$215,328
$423,675 $215,328

$565,701 $381,297
Total surplus.............$565,701
8381.297

B A L INCE SHI
1910.
1910.
1909.
1909.
Assets—
$
Liabilities—
$
S
S
P la n t s ...........................12,067,628 1,652,619 Pref. stock, 7 % cum. 4,287,400 4,167,800
Gypsum and gypslte
Common stock.......... 2,249,600 2,2 49.6 00
(estimated) _____ - 1,878,428 4,8 78,4 28 Bonds ...........................
489,000
Stock in other cos___ 531,800
530,800 Bills p a y a b le ............ 437,294
225,294
Sccur. adv. to s u b ..
45,866
336,701
52,169 Accounts payable—
245,746
Ext), charged to fu­
Reserved for sinking
ture Income.......... ..
73,422
fund, repairs, re­
59,231
Inventories.................. 504,049
placements, A c ___ 640,238
482,729
582,706
Notes A accts. rec’ Ie 732,379
622,661 Undivided p r o fits ... 505,701
381,297
Cash .............................
122,362
62,806
— V . 92, p. 1378.

1,955,934 8,341,443

T o t a l .................... -.8 ,9 5 5 ,9 3 4 8,3 41,4 43

American Gas Company, Philadelphia.
{Report for Fiscal Year ending Dec. 31 1910.)
President Morris W . Stroud, Philadelphia, March 14 1911,
wrote in substance:
T h e gross and net profits o f the a ffiliated com p anies are m u ch In e x c e ss o f
those for th e previous ye ar, ow in g to the acqu isition of the p lants n ow c o m ­
prising the I hliaelphta S u b u rb an Gas A E lectric Co (sec
V . 9 2 , p. 5 3 0 ) .
in a sm u c h , h ow ever, as the bond in terest of the latter c o m p a n y Is la r g e ,
th e net profits ap plicab le to th e A m e rica n G as C o. did n ot p r o p o r tio n a te ly
Increase, a lth ou gh th ey h ave been v e ry sa tisfa c to r y , the net earn ings a p p li­
cab le to d ivid en d s, based u pon th e a m o u n t o f cap ital upon w hich d iv id e n d s
w ere paid d urin g the ye ar, b ein g a b o u t 1 0 % .
Y o u r board feel, therefore, th at th e y were en tire ly Justified In h a v in g
increased the divid end to 7 % per an n u m , an d sec no reason w h y th is sh o u ld
n ot be continu ed in the fu tu re.
( V . 8 9 , p . 13 5 0 ; V . 9 1 , p . 4 6 5 .)
During the year the final m erger In th e P h ilad elp h ia S u b u rb a n d istric t
w as a c com p lish e d , and all o f these p lan ts arc n ow b ein g d e v e lo p e d to th eir

THE

J une 3 1911.

1497

C H R O N IC L E

fu llest c a p a c it y . O n Ju n e 1 1910 y o u r b o a r d p u rch a se d th e G a lv a Gas
I Ight & C ok e C o. o f G a lv a , III., a sm all to w n a b o u t 10 m iles fro m K e w a n e c ,
an d w e a rc n ow s u p p ly in g It w ith gas fro m K e w a n c e .
W e h a v e also e x te n d e d ou r gas m ains Into W y o m in g , w h ich a d jo in s the
d is trict o f th e Lu zerne C ou n ty Gas & E le c t r ic C o ., an d p u rch ased the
electric ligh t plan t In th e sam e p la ce , an d also the m u n icip a l ele ctric light
pla n t In F o r ty F ort. T h ese tw o c o m p a n ie s w ill be m erged p r o b a b ly during
th e co m in g year w ith the L u zern e C o u n ty Gas & E le c tr ic C o. (V . 88, p .
028 ' V 91, p. 2 17), rou n d in g o u t th e L u zern e C o u n ty C o. v e r y s a tisfa c to r ily .
In the latter part o f D e ce m b e r w e finished th e new w ater gas p la n t u pon
th e recen tly -p u rch a sed p r o p e r ty In E a st S t. L ou is fo r th e S t. C lair C o u n ty
Gas & E le c tr ic C o. (V . 89, p . 068; V . 91, p . 1451) an d w ill In fu tu re su p p ly
b o th B elleville an d E a st S t. I.ou is fro m this p la n t. T h e a p p a ra tu s in­
stalled at this pla n t giv es a to ta l d a lly c a p a c it y o f a b o u t 1,2 5 0 ,0 0 0 c u . ft.
w ith a p p ro x im a te ly an equal a m o u n t In rese rv e , and th e bu ild in gs arc so
arranged th a t the pla n t can be d o u b le d w ith c o m p a r a tiv e ly little a d d itio n a l
e x p en s e, an d h a v e been design ed so th a t w ith o u t In a n y w a y d is tu rb in g the
ap p a ra tu s n ow Installed, a d d itio n s ca n b e m a d e fro m tim e to tim e t o de­
v e lo p a to ta l c a p a c ity o f 10,000,000 c u . ft. per d a y .
D u rin g th e y ea r there w ere p la ce d u p o n y o u r v a riou s p ro p e rtie s im p ro v e ­
m en ts to the v alu e o f $ 1 ,1 8 0 ,1 9 6 , part o f w h ich w ere p a id fo r b y the sale
o f som e o f v ou r treasu ry b on d s an d part b y th e Issuance o f new s t o c k , y o u r
ca p ita l s to c k h a v in g been Increased a t th e end o f th e year fro m $1,8 0 0 ,0 0 0
t o $ 2 ,6 2 5 ,1 0 0 (V . 90, p . 978, 1046, 1103, 1426, 1556; V . 92, p . 1111).
A ll o f y o u r p rop erties h a v e been kept in e x ce lle n t c o n d it io n an d th e o u t­
l o o k for c o n tin u e d grow th Is s a tis fa c to r y .

I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
1907.
1908.
1909.
1910.
$1,168,378
$ 1 ,2 2 0 ,2 9 7
$ 1 ,3 1 2 ,1 1 6
G ross receipts a ffll. c o s . $ 2 ,1 3 9 ,8 3 5
732,077
748,511
717 ,117
O p c r.& m a ln t .c x p .& t a x e s 1,186,438
N et ea rn s . o f atf 11. c o s .
Less b o n d in t .o f a ffll.c o s .

$953,397
641,707

$594,999
3 3 3 ,6 4 5

$47 1,77 6
254,407

$436,301
214 ,308

N et p r o fit s ____________
S u n d r y item s, in cl.In t.o n
b on d s In treas. & d lv s .
o n stk s . o w n e d — n ot
In clu ded a b o v e - ..........

$31 1,69 0

$26 1,35 4

$21 7,37 9

$222,093

122,770

81,109

43,495

O utlook.— B u siness Is q u ite s a tis fa c to r y ; sales o f m a tch e s d u rin g 1910
sh o w e d a sligh t Increase as c o m p a r e d w ith 1909, and sh ip m e n ts fo r the first
q u a rte r o f th e cu rre n t y e a r w e re s o m e w h a t in excess o f th e co r re s p o n d in g
p e rio d a y e a r a g o ; p a r tly o n this a c c o u n t an d p a rtly as a resu lt o f e co n o m ies
w h ich h a v e been e ffe c te d , th e e stim a te d p ro fits fo r th e first q u a rte r o f the
c u r r e n t y e a r, a fte r m a k in g a d e q u a te p r o v is io n fo r c o n tin g e n cie s an d o th e r
p u rp o se s, sh o w an in crea se o f m o r e th an 15 % o v e r th e co r re s p o n d in g
p e rio d o f 1910. W h ile It Is, o f c o u r s e , t o o e a rly to m a k e a n y de fin ite fo re ­
ca st o f this y e a r ’s earn in gs, th ere is n o reason at this tim e t o d o u b t th a t th e
p rofits fo r th e cu rre n t y e a r w ill c o m p a r e fa v o r a b ly w ith th e y ear ju s t p a s t.
C o n d itio n s a t this tim e a m p ly w a rra n t th e s ta te m e n t th a t unless s o m e u n ­
lo o k e d fo r c o n tin g e n c y sh o u ld arise, th e s to c k h o ld e r s m a y lo o k fo rw a rd
begin n in g w ith th e d iv id e n d p a y a b le M arch 15 1912, t o eith er an e x tra
d iv id e n d o f 1 % o r an Increase In th e ra te t o 7 % p er a n n u m .— V . 92, p .
723, 459 .

Copper Range Consolidated Co.
{Report for Fiscal Year ending Dec. 31 1910.)
President William A . Paine writes in substance:
T h e to ta l p r o d u c tio n , th e profits o f w h ich a ccru e to this c o m p a n y , w as
32 856 692 lb s ., an in crea se o f 753,917 lbs. o v e r 1909, m ad e up as fo llo w s;
T r im o u n ta in increase, 412 ,464 lb s .; C h am p ion ( y2) increase, 609 ,527 lb s .:
B a ltic de cre a se , 268,074 lb s .; net increase, 753 ,917 lb s. T h e p rofits fro m
all m in in g o p e ra tio n s sh o w an increase o f $16,668 o v e r the p re vio u s y e a r,
n o tw ith s ta n d in g the low er p rice re ce iv e d fo r c o p p e r .
T h e fo llo w in g is a statem en t o f th e a v a ila b le q u ick cash assets D e c. 31
1910: C o p p e r sold b u t n o t p aid fo r. $1 ,3 9 5 ,0 7 9 ; C op p er R a n g e R R . 1st M .
b o n d s . $87 0 ,0 0 0 ; cash , $ 46 2,92 4; to ta l cash assets, $ 2 ,7 2 8 ,0 0 3 .
D edu ct
n o te s p a y a b le , $ 1 ,6 0 0 ,0 0 0 , an d d u e U n ited M etals S elling C o ., $ 30 0,00 0;
n e t cash assets, $ 82 8,00 3.
P rodu ction and Cost o f C op per Sold and D elivered,
E x p en se s .
.1 7 ,5 4 9 ,7 6 2 lb s .,
B a lt ic ______________
C h a m p lo n (o n e -h a lf) ___________ 9,6 1 2 ,0 6 2 lb s .,
T r lm o u n ta ln ___________________ 5 ,6 9 4 ,8 6 8 lb s .,

In clu d in g A ll C onstruction
,
at 8.32 cen ts per p o u n d
at 7 .8 5 cen ts per p o u n d
at 12.17 cen ts per p o u n d

C o p p e r R a n g e C o n so l. C o ._ .3 2 ,8 5 6 ,6 9 2 lb s ., at 8.78 cen ts p er p o u n d
27,1 6 1 ,8 2 4 lbs. o f o u r c o p p e r w as p ro d u ce d a t a net c o s t o f 8.16 cents per
p o u n d . A s In 1909, all co n s tr u c tio n has been ch a rg e d t o c o s t o f c o p p e r .

Cost o f Total P rodu ction and A v era ge P r ic e R eceived (per p o u n d ).
1910. 1909.
1908.
1907.
1906.
C ost (c e n ts )........................................................ 8.7 8 9.08
8.78 9.58
9.00
A v e ra g e p rice re ce iv e d (c e n ts )--------------12.74
13.00 13.39
17.28
19.00
C o n s tru ctio n is n o t in clu d ed In the figures fo r th e years 1906, 1907 an d
1908, b u t Is Inclu ded in 1909 and 1910.
T h e y ie ld per to n o f r o ck in th e ye a r 1910 w as the h igh est fo r seven years,
N et p r o f i t ____________
$20 7,04 4
and Is d u e largely t o th e Increased yie ld at the C h am p ion , th e b o t t o m
D iv id e n d s ................. — (7 % > 1 4 7 ,8 8 4
o p en in gs o f w h ich h a v e been in e x ce lle n t g r o u n d .
.
__ .
$ 59 ,160
$53 ,7 3 0
$ 3 2 ,6 9 0 $28,961
S u r p l u s ______________
O ur p o lic y has a lw a ys been to keep open in gs far ah ea d o f the s to p in g .
T h e grou n d o p e n e d b y o u r m ines du rin g the ye a r was as fo llo w s: .Sinking,
O f this surplus there w as In vested a t all o f th e pla n ts In p r o cu rin g new
2.654 f t .; d riftin g , 32,208 ft .; cro s s-c u ttin g . 2,362 ft.
T rim o u n ta in show s a gain in p ro d u ctio n o v e r the pre v io u s y ear fo r the
T h e list o f c om p a n ies In w h ich th e A m e rica n Gas C o. o w n s all th e ca p ita l
s to c k rem ain s the sam e as s ta te d in V . 90, p. 1422, 1615.
I h e o n ly a d d i­
first tim e sin ce 1905, and a net profit fo r the ye a r o v e r an d a b o v e e v e r y ­
t io n to th ose p rop erties in w h ich th e c o m p a n y Is Interested b y o w n ersh ip
th in g o f $ 32 ,250 . against a d eficit in 1909 o f $ 47 ,841 .
o f part o f the c a p ita l s t o c k (th e last p a ra gra p h o f the r e p o r t, V . 90 p . 1423)
b ein g the O h io R iv e r Passen ger U y . C o. o f S te u b e n v ille , O .— V . 92, p . 1111.
C O N S O L I D A T E D S T A T E M E N T OP' T H E O P E R A T IN G C O M P A N I E S
EOR C A L E N D A R Y E A R S .
1907.
1908.
Diamond Match Co., Chicago and New York.
1910.
1909.
1,914,331
1,893,749
1,891,576
R o c k sta m p e d ( t o n s ) —
1,820,769
{Report for Fiscal Year ending Dec. 31 1910.)
21.62
21.94
21.73
A v . yie ld r e f’ d co p . (lbs.)
23_.32
41,5 4 6 ,5 2 5
4 1 ,3 8 5 ,0 1 5
41,105,311
C o p p e r p ro d u ce d ( lb s .) . 42,468,754
17.28 Cts.
The comparative tables of earnings and balance sheet were A v . price r c c ’ d per l b —
13.39 c ts .
13 c ts .
12.74 cts.
$ 5 ,561,888
$ 7 ,1 4 9 ,9 8 5
$ 5 ,340,728
R c c ’ d fro m co p p e r sa le s . $ 5 ,407,629
given in V . 92, p. 723, 459.
35,829
12,387
6,217
I n t e r e s t _________________

T o ta l Inc. A m .G a s C o.
I n t . on loan s and A m e r lca n Gas C o. b on d s —
O ffic e exp en ses, ta xes,
& c., A m c r . Gas C o _ .

President Edward R . Stettinius, May 3 1911, writes:

A d d itio n s .— T h ere w as e x p e n d e d d u rin g th e ye a r fo r m a c h in e r y an d e x
ten sion s t o m a tch fa ctories th e sum o f $ 1 1 0 ,2 1 0 , w h ich w as ch a rg e d to the
a c c o u n t " p la n t s , real e sta te , & c ..’ th e a c c o u n t re ce iv e d a c r e d it o f $117,823
t o c o v e r p r o p e r tv d isp osed o f, an d h e n ce show s a d ecrease o f $ 7 ,6 1 3 .
1 he
n et a d d itio n s t o p la n ts e m p lo y e d In th e C a liforn ia lu m b e r o p e r a tio n
o / A — '" P a t e n t s , r ig h ts, tra d e -m a rk s, & c .,” arc n o w ca rrie d a t
$ 4 ,0 0 0 ,0 0 0 , as a ga in st $ 5 ,0 0 0 ,0 0 0 on D e c. 31 1909, the sum o f $ 1 , 0 0 0 ,0 0 0
h a v in g been c red ited to tills a c c o u n t an d ch a rg e d t o surplus as o f D e c. 31 10.
A ccou n ts R eceivable.— T h e se sh o w an Increase o f $93 9 ,2 2 4 , o w in g m a in ly
t o a ch a n g e th at the c o m p a n y has re q u ire d Its c o m m is s io n m erch an ts t o
m a k e In the m anner o f a c c o u n tin g an d r e m ittin g fo r m a tch e s so ld for its
A ccou n t in ord er to c o n fo r m c lo s e ly to the spirit o f the la w .
____
S u bscription s Jor D eb en tures.— In c lu d e d In th e liab ilities as o f D e c. 31 1910
w ill be fo u n d the Item “ s u b s c r ip tio n re ce ip ts Issued, $ 4 0 4 ,1 0 0 .’
I his
renresen ts th e a m ou n ts w h ich had been paid the c o m p a n y to D eo. 31 1910
o n T c c o u n t o f su b scrip tion s fo r th e $ 2 ,0 0 0 ,0 0 0 6 % d e b e n tu re s d u e D e c. 15
inV o on,l co n v e r tib le o n or b e fo r e D e c. 15 1915 at par in to s t o c k . S t o c k h o l d e r s o f re co rd D e c. 10 1910 w ere en title d until J a n . 5 1911 t o s u b s crib e
fo r an d purch ase a t par d e b e n tu re s In P t o p o r t l o n t o th eir h o ld in g s . T h e
th erefore, w as n o t co n c lu d e d until a fte r I )c c . «>i l v i u . o in c e
th a t d a te T h e d eb en tu res h a v e been d e liv e re d an d th e p r o c e e d s arisin g from
th eir sale h a ve been p aid Into th e tre a su ry, n otes held b y ba n k s h a ve been
r e tir e d , a fu n d has I'.cen set aside fo r th e p a y m e n t
J u ly 1 1 9 1 1 and p u rchases o f C°U P °“ n ° t c ? A u»
y 9^
p 397 12™)
^ P r o f i t s 0— 'l'h ™ p r o fl°s % Crd i 9 1 o [ ‘ .after d e d u ctin g repairs an d renew als a t
all niants' denreetkt o h o f b lo c k , p ap er an d saw m ills In th e E a s t, an d o f
p l a n t s " m p lo y c d In th e C aliforn ia lu m b e r o p e r a tio n , w ere $ 1 ,8 5 0 ,4 8 2 , c o m ­
p a rin g w ith $1,7 6 7 ,6 4 6 In 1909, m a d e u p as fo llo w s .
1Q09

General op eration s------...................................*ll#SSilS
ou ,z o •>

rniifnm bi lumber operation----------------- ------------- -----

I n c o m e fro m foreign and d o m e s tic In vestm en ts
.87.1 5 0
7 6 ,82o
P ro fit from sale o f B rya n t & M a y , L t d ., p re f. shares
----------47,864
T h ere w as in clu d ed In th e o p e r a tin g e xp en ses o f 1910 fo r repairs and re­
n ew als the sum o f $ 2 6 7 ,9 8 6 , c o m p a r e d w ith $356,798 fo r th e y e a r 1909,
w h en e x tra o rd in a ry ex p en d itu re s w ere necessary in c o n s e q u e n c e o f 1 o o d s
an d a Railroad w re ck In C a liforn ia. T h e sum o f $ 1 5 0.00 0 w as a p p ro p r ia te d
d u rin g th e y ea r 191 0. as also In 1909, an d ap p lie d to th e c r e d it o f ••depre­
c ia tio n reserve a c c o u n t ” fo r d e p re cia tio n o f m a tch fa c to ile s .
C a U fo r n Z Ltim ber O p era tions.— T h e profits o f th e C a liforn ia lu m ber o p ­
eration du rin g 1910 ($80,283) w as realized a fter there had be e n c lia ig e d
a g a in st in c o m e th e sum o f $88 ,874 to c o v e r d e p r e c ia tio n o f pla n ts a n d th e
^ T h c 'n e 't am ou n tY n v ested In th e C a liforn ia lu m ber o p e r a tio n as o f D ec 31
1910 w as $4,8 0 7 ,0 4 2 (co m p a re d w ith $ 4 , 8 6 2 ,0 3 6 as o f D e c. 31 100 9 ), a n d
Is m ad e up as fo llo w s : B u ildin gs, m a ch in e ry a n d e q u ip m e n t, $ 2 ,6 4 1 ,8 -8 ,
pin e hinds and s tu m p a g e , $ 1 ,2 6 3 ,5 4 2 ; In vestm en ts, $8 550; ch d e rm t ch arge
t o op e r a tio n s , $ 3 4 ,0 7 9 ; in v e n t o r y , $75 6 ,4 0 5 ; n otes re ce iv a b le , $4,30.1, a c ­
c o u n ts re ce iv a b le , less reserve. $25 9 ,2 6 4 ; ca sh , $88 ,7 9 2 ; to ta l In vestm en t,
S5 056 763 .
D ed u ction s; A c c o u n ts p a y a b le an d Pa y :™ ^ s , $7t5,864, and
reserves (d ep recia tion , $16 6 ,8 5 7 ; su n d r y , $ 6 ,0 0 0 ), $ 1 7 2 ,8 o 7 .
B a la n ce ,
net In vestm en t, $ 4 ,8 0 7 ,0 4 2 .
„ . ..
T. .
liruant A M a il.— T h e In debtedn ess o w in g to B ry a n t & M a y , L td ., on
a c c o u n t o f th e p u rch ase o f their interest in th e C a liforn ia lu m b e r enterprise
w as red u ced du rin g the ye a r b y $ 1 4 5 ,8 0 0 a n d a m o u n te d D e o . 31 1910 to
$ 1 , 3 7 8 , 5 5 6 , pa ya b le In equal sem i-an n u al In stallm en ts, th e last Installm ent
™ Mrt W f c i V CapU al. - A t t e n t i o n is In v ite d to th e f.filow in g sta te m e n t
sh ow in g th e net liq u id assets o v e r all lia b ilitie s o n D e c. 31 1908, 1909, 1910.
1910.
------1909.
1908.
$129,421
$11 4,43 3
D eferred charges to o p e r a t io n s .............
-------4,3 8 2 ,8 5 3
4 ,350,699
I n v e n t o r y -------- --------------------------------------5 4 ’ o S ’ Snn
195,456
6,337
N otes r e c e iv a b le ---------- ---------------------u o.oou
A c c o u n ts re c e iv a b le — less reserve c o n ­
2,869,171
1,929,947
signees and c u s t o m e r s -------------------1
735 ,464
551 ,520 ______________
Cash In ban ks an d o f fi c e s --------------------5 4 0 ,0 2 0 ______________
T o ta l curren t a s s e t s . . . . . . . - . - - - - * 0 ,7 2 1 ,7 0 3
D e d u c t— Current and d efe rre d Habll 8 4 ,8 5 6 ,9 7 6

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

* 8 .2 0 7 .3 7 7
4 ,6 -9 ,3 4 2

N et w ork in g ca p ita l, c x c l. reserves $1,8 6 4 ,7 2 7

$ 2 ,6 1 3 ,3 0 2

$ 3 ,6 6 8 ,0 3 5




$ 5 ,3 5 3 ,1 1 5

$ 5 ,5 6 1 ,8 8 8

$7,1 8 5 ,8 1 4

$ 3 ,4 9 9 ,1 2 8
192.544

$ 3,474,577
131,395
179

$3,8 0 5 ,3 7 6
154,539

T o ta l e x p e n s e s ________ $3,669,952
N et p r o fit ---- ---------------------- $ 1 ,743,894
C op per R a n g e R R . su rp .
75,168
R e c e iv e d In settle m e n t
----------o f B u rrage s u it -----------

$ 3,691,672
$ 1,661,443
170,262

$3,606,151
$1,9 5 5 ,7 3 7
16,379

$ 3 ,9 5 9 ,9 1 5
$ 3 ,2 2 5 ,8 9 8
111,299

T o ta l net In co m e -------$1,819,062
Deduct—
N et ba la n ce o f gen . e x p .
$48,602
O n e-h alf net m in in g p r o f­
it C h am p ion C o p . C o .,
w h ich b e lo n g s to S t.
M a ry ’s M in . L a n d C o .
469,602

$ 1 ,8 3 1 ,7 0 5

$ 1 ,9 7 2 ,1 1 6

$3,8 8 6 ,4 4 8

$59,823

$36 ,280

$71 ,119

408,319

449,061

677,879

__
$518,204
$46 8,14 2
$485,341
T o ta l d e d u ctio n s
B a la n ce , s u rp lu s .................. $ 1,300,858
$ 1 ,3 6 3 ,5 6 3 $ 1 ,4 8 6 ,7 7 5
T o ta l d iv id e n d s paid to D e c. 31 1910, $ 1 0 ,7 5 6 ,7 1 6 .

$748,998
$ 3 ,1 3 7 ,4 5 0

T o t a l _________________ $5,4 1 3 ,8 4 6
M in ing e x p ., lnel. s m e lt'g ,
freigh t, m a rk e t’ g , &e_ $3,490,742
Taxes, H o u g h to n C o .,M ich
179,210
I n t e r e s t _________________
_______

549.251

P R O F IT S F R O M T H E I N D I V I D U A L M IN E S .
1910.
1909.
1908.
$767,939
$892,646 $ 1 ,004,201
469 ,603
408 ,319
4 4 9 ,0 6 0
32,250
d e f.4 7 ,8 4 1
5 3 ,41o

B a ltic ____ _______
C h a m p io n (o n e -h a lf)___
T r lm o u n t a ln ____________

1907.
$ 1 ,4 2 3 ,7 5 4
677,879
446 .386

R E C E IP T S

A N D D IS B U R S E M E N T S C O P P E R R A N G E
D A T E D CO. FO R C A L E N D A R Y E A R S .

C O N S O L I-

1909.
$518,254
996,590

1908.
$450,339
896,931
4 95 ,975

R eceip ts—
B a la n ce b r o u g h t fo r w a r d ---------- ---------B a ltic M in ing C o . d iv id e n d s --------------T r lm o u n ta ln M in ing C o. d iv id e n d s . .
T r lm o u n ta ln M in ing C o ---------------------C o p p e r R a n g e C o . d iv id e n d s --------------C o p p e r R a n g e C o . . . . . - - - - -------------C o p p e r R a n g e R R . d iv id e n d s -----------C o p p e r R a n g e R R ---------------------------C h a m p io n C o p p e r C o -------------------------B a ltic M in ing C o ---------------------------------M ich igan S m eltin g C o -----------------------U n ite d M etals Selling C o -------------------N o te s p a y a b le ...................... ........................
D lv s . r c c ’ d o n c a p . stk . Issued b u t
w h ich rem ains u n e x c h a n g e d -------A C B u rrage, a e o ’ t T rlm o u n ta ln m a­
jo r it y s to c k h o ld e r s ’ a greem ’ t, b a l . .
T o t a l -------- --------- ------------- ----------—
D isbursem ents—
C o p p e r R a n ge R R . s to c k a t p a r -----C op p er R a n ge R R . b o n d s at p a r . . .
G eneral e x p lo r a t io n -------------------------B a ltic M ining C o ------------------------------T rlm o u n ta ln M ining C o -------------------C o p p e r R a n g e C o -----------------U n ite d M etals Selling C o -----------------C op p er R a n ge E le ctric c o n s tr u c tio n .
C op p er R a n g e R R . C o ---------------------M ichigan S m e ltin g C o ---------------------T a x e s (N ew J e r s e y )-------------- •
’ ............
I n t e r e s t ---------------------- ----------- ----------O th er e x p e n s e s ------------ --------------------D iv id e n d s -------------------------------------Cash o n h a n d D e c. 3 1 .............................
T o t a l________________

1910.
$55 7,38 0
996 ,590
149,018
449 ,770

22,007
598,194
59,563
163,920
91,453
125,000
39.492
37,073

300.000
200.000
2,259

250)666

1,624

3,164

299 ,097

454 ,809
378 ,452
64,071
15,822
2,4 1 4
34,366

$ 2,656,641

$40,529
212,071
156,875
1,225
20,367
101,054
73,395
7,834

$ 2 ,9 0 4 ,7 1 0

$3,0 9 2 ,2 7 6

$240,600
255 ,000
77,169

$11 9,15 4

175 ,000
2,809

349 ,749
49,886
425 ,0 0 0
5,094
3 6 ,297

43,027
1,537,340
462,924

7,726
12,573
39,523
1,536,930
557,380

44)426
1 ,5 3 6 ,7 4 0
518 ,254

$2,656,641

$ 2 ,9 0 4 ,7 1 0

$ 3 ,0 9 2 ,2 7 6

~ 7)676

1498

THE CHRONICLE

COPPER R A N G E CONSOLIDATED CO. B A L A N C E SHEET DEC . 31.
1910.
1909.
1910.
1909.
A s els—
S
S
L ia b il it ie s —
§
S
'gTstks. owned.X36.954,400x36,954,400 Capital stock......... 38,413,500 38 ,433,500
Stock reserved___
2/79,100
yTO.lOO Notes payable____ 1,600,000 1 ,400,000
Notes receivable..
0410.178 0117,126 United Metals Sell­
opper Range IIR.
ing C o......... ........
300,000
Co. bds. at par870,000 870,000 Mich. Sm. Co. d e p .
27,749
101,144
< opper Range R R .
T rlm 't’n M.Co.dep.
41,877
198,751
Co. stock at par 1,639,200 1,639,200 Cop.Range Co.dep.
76,058
77,283
C opper Range elec­
Cop. Range R R .
tric plant............
69,987
49,619
de p o sit-....................... ..........
20,073
Gen’ l exploration,
629,159 588,630 Stock suspense___
38
A cc’ ts receivable..
6,000
6 000 Profit and loss____
641,726
630,666
462,924
557’.380
Cash ......................

[VOL.

LXXXXII.

™ ™ ™ K vC ash’ 7 0 % ; p r e t . s to c k , 3 0 % ; c o m m o n s to c k , 2 4 % .
O r.^asTthe
It: " E a c h d e p o sito r m a y e le ct to a p p ly 3 0 % o f th e
! c *?, hIm u n d er said oircr t o th e p u rch a se o f p re fe rre d a n d c o m M n »h;l r c s i ° a (the) v o lu n ta ry a sso cia tio n fo rm e d fo r th e
?ti 4 Pfm ir°nrth 2 U
J f ng
d e p o site d sto ck s a t th e ra te o f o n e p referred sh a re
nrnferrn fr^nli
a eO m m on share fo r the p rice o f § 100 .
E a ch o f th e new
par^ valu e 0 ^ 5 f 0 0 'e a c h RartIcIl,atlon shares w ill be e xp ressed to b e o f th e
mnn S

C om pa nies (Controlled by F oregoin g C om panies) f o r w hich C o m m itte e 'M a y ,
I f It S o E lects, M a k e O ffer.

Com .S to ck .
Total.
U n io n C on solid ated E le v a te d R R ____ 1 r°*‘ i v o n c
$ ,
$ ,
C h ica go & O ak P a rk E le v a te d R y ____ $3,063 059
8 ,7 3 0 ,7 5 6
5,6 6 7 .6 9 7
C h ica go & O ak P ark E le v a te d R R ___
9 ,9 1 7 ,6 5 0
9 ,9 1 7 ,6 5 0
C h ica go & E lm h u rst R y ____________ „
5,000
5,0 0 0
T otal - ................41,120,948
40,861,455
T ota l
41,120,948 40,861,455
E x istin g B on d Issu es and Other Secured Obligations, A ggrega ting $34 673 750
to R em ain f o r the P resent
* m,Cr K 3, 99' 652. ?harcs o f Baltlc MinlnS Co., 99,699 shares Copper Range Co.
A m o u n t. . . .
_
A m o u n t.
r'.Vni <’ > B? r.os Trlmountaln Mining Co. y Represents 791 shares Copper Range
S o u th S id e 1st 4 H s , 1 9 2 4 .$ 8 ,0 0 0 ,0 0 0 U n ion L o o p C o. 1st 5s,
held for exchange for outstanding shares o f Baltic Mining Co. and Copper
C h ica go J u n ctio n 1st 4s(a) 2 ,3 2 7 ,0 0 0
,19t4,? ( e ) --------------- $ 4 ,4 7 2 ,0 0 0
f n ^ tcs receivable In 1910 Include Baltic Mining Co., 3329,197 (against M e tro p o l. C o . 1st 4s, 193 8 .1 0 .0 0 0 ,0 0 0 O ak P a1rk
111. C o. 1st 5s,
• UT
W, 126 In 1909, as above), and Copper Range R R ., $80,981.— V. 92, p. 1245.
E x t . 4s, 1938 (ft)_______ 4 ,233,000
1928 ( / )
-----------------: 4,5 4 3 .0 0 0
G old n otes (fc)_________
150,000
I n c o m e b o n d s, 1928 (g)
128 ,600
N orth w estern C o. b o n d s , .
S ec (c)
E q u ip , n o te s, 5 % , d c m .
4 0 ,0 0 0
E q u ip , n o te s, 6 % (d )_ _
198,000
E q u ip , n otes, 6 % ( f t ) . .
165 ,0 0 0
U n io n . C on s. 1st 5s,• ’ 36Q
407 ,000
Ile a l--------------estate. .m
...
10.A150
. . .)
---------. tg e . ( ( ) ------lU
DVf
Notes.—(a) T h e C h ica go J u n c tio n R R . Is u n d er lease to the S ou th S id e
R A IL R O A D S , IN C LU D IN G ELECTRIC RO AD S.
C o ., an d the S o u th S id e C o. has an o p tio n to a cq u ire the s to c k o f t h e C h lc a e o
Atchison Topeka & Santa Fe R y .— Purchase.— The com­ J u n ctio n C o . (ft) T h e pro ce e d s o f § 2 0 0 ,0 0 0 o f these b on d s are in th e trea s­
u ry o f th e M etro p o lita n an d a re a p p lic a b le so le ly to exten sion s
(c) T h e
pany, having acquired control of Garden City Gulf & Northern o n ly o u ts ta n d in g b o n d s o f th e N o rth w e s te r n w ill be those w hich are p ledged
lt l i ., took over the operation of the road on May 3-8.
• • • u n d er the 3 -y e a r collateral n o te Issue. (<f) P a y a b le In installm ents as-e-reg a t in g e a c h In 1911 an d 1912, $44 ,000 ; in 1 9 1 3 , §3 0 ,0 0 0 ; and In 19 14 1 9 i s
T h e line e x ten d s from G arden C ity , K a n ., t o S c o t t C ity , 40 m ile s, an d
§ 1 6 ,0 0 0 a n n u a lly ,
(e) A n ad d ition a l §5 2 8 ,0 0 0 a r e h eld b y the N o rth w est!
Dy J u ly 1 an e x te n s io n Is e x p e c te d to b e c o m p le te d n o rth to W in o n a , on
vr,n •.
A n a d d itio n a l §4 5 7 ,0 0 0 are in treasu ry o f C h ica g o & O ak P ark
t h e U nion P a cific , m a k in g a to ta l o f 91 m iles. T h e p ro p o se d exte n sio n
E le ctric R R . o f Illin ois.
(») In a d d itio n there are h e ld o f this Issue in
s ou th from G arden C ity t o L ib e ra l, K a n ., 70 m iles, it is said, w ill n o t be
treasury o f C h ic. & O ak P a rk E le v . R R . o f Illinois $500; In treasu ry o f
b u ilt, a t least fo r th e p res e n t.— V . 92, p . 1374, 6 5 8 . ......................................
C h ic. & O ak P a rk E le v . R y . o f N ew Jersey § 8 7 0 ,9 0 0 .
(ft) P a y a b le SS^OO
. Atlantic Northern & Southern R y .— Receiver.— The Dis­ se m i-an n u ally fro m A u g . 1 1911 to F e b . 1 1920 a n d § 1 3 ,0 0 0 A u g 1 1 92 0
(f) §3.738 n o w due; $650 d u e J u ly 6 1911; §400 d u e N o v . 21 m i - s s
trict Court at Audubon, la ., has appointed Edward S. d u e O ct. 1 1914
(J) E x clu s iv e o f $46,000 held b y M e tro p o lita n ,
(k)I D u o
Harlan, who is connected with the Iowa Trust & Savings $50 ,000 each O ct. 1 1911, A p ril 1 1912 an d O ct. 1 1912.

1 000,000

1 000,000

G E N E R A L IN V E S T M E N T N E W S ,

Bank, as receiver.— V . 92, p. 1309.

:;; ;

Baltimore & Ohio R R .— Decision.— The U . S. Supreme
Court on May 29, in a test suit brought by the company,
unanimously sustained the validity of the so-called railroad
employees’ hours of service Act of March 4 1907. Justice
Hughes wrote the opinion.
w as brou g h t to ann ul an ord e r o f the In te r-S ta te C om m erce
°f
3 1909, an d fo r an In ju n ction against the en fo rce m e n t
cr 1*e(lu *1^n^ the v ariou s roads to re p o rt to the C om m ission a n y
lo y c cs w ork in g b e y o n d the p rescribed lim it fo r co n tin u o u s
s e rv ice .
I he C ou rt h olds th a t C ongress has a rig h t t o legislate fo r the sa fe ty
o f passengers In Inter-S ta te travel and th at th e hou rs e m p loyees are c o m ­
pelled t o w ork goes to th e e ffic ie n cy o f th e serv ice and Is, th erefore, w ith in
th e p ow er o f C ongress t o legislate u p o n , an d th at w h a tever d e fe cts w ere in
th e fo rm e r A c t o f 1906 had been cu re d b y later legislation , It being clea rly
p r o v id e d that on ly persons en gag ed in Inter-S ta te c o m m e r c e , a n d in te r-S ta te
carriers, are a lle c te d b y the sta tu te .— V . 92, p . 7 9 4 , 460 .

Bartlett-Florence R R .— Foreclosure Sale.— The road was
sold for §41,000 to J. L. Bailey and others on May 29.
R e c e iv e r S a m . W . B row n a n d C . J . G ranger o f P alestin e pu rch ased o th e r
p r o p e r ty b elon gin g t o the r o a d , an d th e S t. L ou is R a il & E q u ip m e n t Co
p u rch a sed 12 cars for § 1 ,2 0 0 . T h e sale w ill be s u b m itte d fo r a p p ro v a l to
J u d g e W ilc o x o f the T w e n ty -S ix th D istrict C o u rt o n Ju n e 5 .— V . 9 2 , p . 88 0 .

Chicago Elevated Railways .— Deposits Called For.— The
merger committee consisting of F. A . Vanderlip, Henry A .
Blair and Samuel Mcltoberts give notice that they are pre­
pared to receive deposits of the stock of the South Side Ele­
vated R y. Co., Metropolitan West Side Elevated R y . Co.
and Northwestern Elevated R R . Co. with the National City
Bank of N. Y . and Illinois Trust & Sav. Bank, Chicago, under
terms of the merger agreement outlined below. Deposits
must be made prior to July 1 1911. See advertisement
on another page. The National City Bank of N. Y . has
agreed to purchase the §30,000,000 3-year 5 % mortgage
notes and §10,000,000 6 % cum. pref. stock (V . 92, p. 1435).
The merger will be effected, if sufficient assents are received,
by purchasing the shares of depositing stockholders with cash,
or cash and securities, as shown below.
Salient F ea tu res o f Plan o f O rg a n iz a tio n , D a te d M a y 22 1911.
N ew C o m p a n y— C a pitaliza tion.
T h e C h ica go E le v a te d R a ilw a y s (herein a fter called th e n ew c o m p a n y ) Is
t o b e orga n ized as a v o lu n ta r y asso cia tio n a lo n g th e sam e lines as th e
M a c k a y C om p a n ies, M assachusetts E le ctric C om p a n ies, M assachusetts Gas
C om p a n ies an d C h ica g o C ity & C on n ectin g R a ilw a y s , t o a c q u ir e sto ck s ,
b o n d s and Other secu rities o f an d cla im s against th e co m p a n ie s n am ed below
T h e n ew c o m p a n y w ill Issue § 3 0 ,0 0 0 ,0 0 0 3 -y e a r 5 % co lla te ra l n otes
160 ,000 shares, w ith o u t p ar v a lu e , to be ca lle d 6 % cu m u la tiv e D e fe r r e d
shares, and 2 5 0 ,0 0 0 shares to b e ca lled c o m m o n shares. T h e Interest on
said n otes shall be p a y a b le in sem i-an n u al Installm ents, an d th e said n otes
shall bo red eem a b le o n a n y Interest d a te a t par and Interest on 30 d a y s ’
n o t ic e . T h e p referred sh ares s h a ll be en titled to a preferen ce as t o both
assets an d earnings. T h e p re fe rre d shares shall be re d e e m a b le at §100 each
p lu s a n y a ccru ed d iv id e n d s u n p a id a t th e tim e o f such re d e m p tio n .
Cash R equirem ents w ill A ggregate $ 4 4 ,5 0 0 ,0 0 0 i f Cash on ly is G iven f o r S tocks.
1. F o r p a y m en t o f N orth w estern E l. b o n d s, d u e S e p t. 1 1911__$18 000 000
2 . T o p a y floatin g d e b t, accru e d In te re st, ta x e s , & c. (N o r th ’
w estern E l. R R . C o ., § 1 ,3 8 9 ,5 7 7 ; Ch. & O ak Park E l. R R . o f
111., $ 64 7,64 3; Ch. & O ak P a rk E l. R y . o f N . J ., $ 9 6 2 ,7 8 0 ;
C h. & E lm h u rst R y ., $ 2 2 ,0 0 0 )__________________________________
3 ,0 2 2 ,0 0 0
3 . F o r s to c k s (1 0 0 % basis) o f N o rth w e s te rn , M e tro p o lita n an d
S ou th S ide c om p a n ies (see b e lo w ) _____________________________ 2 1 ,2 0 2 ,3 1 2
4. F o r w ork in g c a p ita l an d expen ses o f plan a n d o f o rg a n iz a tio n 2 ,2 7 5 ,6 8 8
P u rch a se P r ic e O ffered.
O ption N o . 1— Cash— R esult i f A ll A c c e p t S a m e.
.
C apital Stock o f —
O utstanding.
F o r Cash.
M e tro p o l. W est S id e E lc v . R R . p r e f. s t k . $ 8 ,7 0 7 ,9 0 0
7 5 % — $ 6,530,925
C om m on s t o c k ---------------------------------------7 ,4 6 4 ,1 0 0
2 7 ^ % — 2,0 5 2 ,6 2 7
N orth w estern E le v . R R . p re f. s t o c k _____
4 ,9 4 4 ,4 0 0
7 0 % — 3 ,461,080
C om m on s t o c k .............. ............................
4 ,9 4 7 ,1 0 0
3 0 % — 1 ,484,130
S ou th S id e E le v a te d R R . s t o c k - . ............... 1 0 ,2 3 1 ,4 0 0
7 5 % — 7 ,673,550
T o t a l .............................................. .....................$ 3 6 ,2 9 4 ,9 0 0
$21,202,312
O ption N o . 2— P a rt Stock— R esult i f A ll A cc e p t S a m e (S u p p lied b y E d .)
A m o u n t ---------------------------- M ay be Exchanged f o r ---------------------------Outstanding.
Cash.
Pref. Stock.
Common Stock.
Met. pref. stk.§8,707,900 52H % -84,571,647 2 2K % -$1 .959 ,27 7 1 8 .0 % -§ 1 ,567.422
Com. stock 7.464,100
1 9 K % - 1.436,839 8 X % 615,788 0 .6 % 492,630
N . W .p f. Stk. 4,944,400
4 9 % - 2,422,756
21 % - 1,038.324 1 6 .8 % - 830 059
Com. stock 4,947,100
2 1 % - 1,038.891
9% 445,239 7 .2 % 356 191
So.SIdC 8tockl0.231,400 5 2 ^ % - 6,371,485 2 2 ^ % - 2.302j)65
1 8 % - 1,841,654
T o t a l ------ $36,294,900
$14,841,618
iM 6 0 .6 9 3
75^088^556
• O p tio n N o . 2 In each case co n sists In th e rig h t offered the Individual
sh areh old er o f a c c e p tin g In lieu o f the a m o u n t of cash tendered him b y od
tlo n N o . 1 the fo llo w in g percen tages th e r e o f In cash an d new s to ck co m b in e d




Securities Offered.— E . L . Lobdell & Co. of Chicago give
notice, by advertisement on another page, that they are pre­
pared to deal in the securities of the new company when, if
and as issued.— Y . 92, p. 1435.
Chicago & North Western R y .— Opening of Chicago Ter­
minal.— 'The new passenger terminals at Chicago will be
opened to the public to-morrow. Compare V . 91, p. 807:
V . 87, p. 1159, 479.— V. 92, p. 1374, 1178.
Cleveland (Electric) R y .— Three-Cent Fare.-— At
the
request of the city authorities the fare was reduced on
June 1 to 3 cents cash fare one cent for transfer, the latter,
however, to be rebated when taken up. A statement by the
directors says:
t m° t ? A (2v,3. M L Rail* a d d ressed a letter t o P re sid e n t S ta n le y , ca llin g a t a m l t h U f l C, r„ ° ° t h at there w as °,v c r 520 0 ,0 0 0 surplus In th e in terest fu n d
shouhl hP n 7 L ° ° .rdUr\CC ,w ‘ th,^ c c t l o n 23 o f the o rd in a n ce , th e ra te o f fare
sn ou id be lo w e re d .
O n last M o n d a y e v e n in g the C ou ncil a d o n te d a resolti° nr d lre cU o g th e c o m p a n y to re d u ce th e fa re , c o m m e n c ln g j u n e 1
The
b o a rd o f d ire cto rs h a v e d ire cte d th a t th e fare be so re d u ce d
*,ilc V h a v e d o n e this n o tw ith s ta n d in g th a t th e y rega rd It as p o o r business
o 1 annLc *a c 9 ?* R*c m a in te n a n ce and renew al reserve s h ow in g a s h o rta g e
o f $ 1 2 1 ,0 ° ° , m a k in g an a ctu a l d e ficit o f $ 1 8 5,00 0 instead o f a surplus 1
L a st Ju n e th e c o m p a n y ap p lie d fo r an Increase o f Its o p e ra tin g a llo w a n ce
w as ren ew ed last J a n u a ry an d w as gra n ted b y the C o u n cil r c * ^1.t o 1,(5 effe e tiv e fro m M ay 1 and co n tin u e until J a n . 1.
It is h o p e d
th a t t h e o p e ra tin g d e ficit will su b s ta n tia lly be m a d e g o o d b e fo re J a n . 1
ir n o t , th e c o m p a n y w ill again a p p ly fo r an Increase in th e o p e ra tin g a llo w !
a n c e . A s to the $ 2 6 4,00 0 sh o rta g e In th e m a in te n a n ce an d renew al reserve
It m a y be n ecessary in th e near fu tu re to a p p ly fo r an increase. T ills sh ou ld
be g ran ted b y th e C ou n cil In o rd e r to c o m p ly w ith the p rin cip les o f g o o d
business m a n a g e m e n t, as th e b o a r d are u n a b le t o see the w isdom o f d ir e ct­
in g a re d u c tio n o f fare a t th e sa m e tim e th a t th e sh o rta g e in th e m a in te­
n a n ce a n d ren ew al rese rv e Is In creasin g.— V . 92, p. 9 5 5 , 659.

Columbia Power, Light & Railways Co., Bloomsburg, Pa.

— Merger of Controlled Roads.— A certificate of merger of the
Columbia & Montour Electric R y. Co. and the Danville &
Bloomsburg Electric R y. Co.,under the nameof the former
with capital stock of §520,000, was filed at Harrisburg
May 27. Edward R . Sponsler, is President. V . 89,
410.
Columbus New Albany & Johnstown Traction Co.__ Sale
Falls Through.— The “ Cincinnati Tribune” of May 25 said­

—

p.

A . E . H e rd , o f N ew Y o r k , w h o to o k the line o ff th e hands o f the Prnvt
d e n t S av in gs Bank & T ru st C o ., o f this c it y , has tu rned th at line back on
th e tru st c o m p a n y an d lias d isappeared from C o lu m bu s, w here he had
o ffic e s . T h e tra ctio n line ca m e Into th e hands o f the P ro v id e n t at first
w ith th e assets o f the Q ueen C ity B ank, and H erd , w hen he to o k It up paid
a sum said to be In the n e ig h b o r h o o d o f $ 5 ,0 0 0 , w hich he fo rfe ite d ’w hen
he fo u n d he c o u ld n o t finance th e line. H e rd also a tte m p te d to finance a
theater v e n tu re . C om p a re V . 92, p . 1032; V . 91, p . 1629.
[Pres. W . D . B rlckell an d V Ice-P res. D aniel J . R y a n h a v e resigned an d
are n o lo n ge r c o n n e c te d w ith th e c o m p a n y .]— V . 92, p . 1032.

Cuban Central R y s. — Increased Stock and Borrowing
Porwers, &c.— The shareholders were to vote on May 23 on
the following propositions:
CD A n increase in tiie ca p ita l t o £ 2 ,3 0 0 ,0 0 0 b y th e cre a tio n o f 20 000
ad d ition al 5> $ % cu m u la tiv e preferen ce shares o f £ 1 0 each; and (2) an In­
crease In the borro w in g pow ers up to the a m o u n t o f the capital fo r th e tim e
7 o li)? issued .
T h e p u rposes o f th e Increase are; (1) to redeem the present
£ 2 0 0 ,0 0 0 2d M . d e b . 6 % s to c k ; ( 2 ) to bu ild e x ten sion s a m o u n tin g to 64 u
m iles a t an estim ated c o s t o f £ 3 1 0 ,0 0 0 ; and (3) fo r the capital r e q u ir e m e n t!
o f the c o m p a n y . T h e C aguaguas to R a n ch o V clo z e xten sion (16 U m iles
o f th e 64
m ention ed) Is e x p e c te d to be re a d y fo r tra ffic a b o u t Jun e so
U nder the S u b v e n tio n law o f J u ly 5 1906 th e c o m p a n y has been granted a
su b v e n tio n o n tw o e x ten sion s in clu d e d in th e a b o v e a t the rate o f § 5 7 5 0
(£ 1 ,1 8 5 ) per k ilo m e tre .
v ’

Denison Bonham & New Orleans R y .— Sold.— See Missouri
Kansas & Texas R y . below.— V. 81, p. 1010,
Denver Northwestern & Pacific R y .— Reorganization__
The “ Denver Republican” of May 25 said:
F ifty -fo u r D e n ve r b o n d dealers [and capitalists] heard T u cs d a v niwht
from President W . G . E v a n s, G eneral M anager D . C. D od ge an d G eneral
Counsel G erald H ughes th a t plans fo r reorgan ization are well u nd er w a v
and th at as s o o n as co n tr o l o f the r o a d ’s securities has been obtain ed
will be taken to co n tin u e the co n s tru ctio n o f the road from D enver to Salt
L a k e C ity
It w ill be th e o b je c t o f the new b o a rd to reduce m a tcrla llv the
b o n d e d d e b t o f the c o m p a n y b y o b ta in in g possession o f Its securities
E ffo rt w ill be m ade to p ro d u ce fo r the b on d s a value a rou n d par on tlio
basis o f w h a t the road Is earning to -d a y .
“ O ur reorgan ization m a y be c o m p le te in a m on th o r tw o m on th s ” said
CoL D o d ge .
“ T h a t It w ill be e lfc e tc d tills su m m er I d o n o t d o u b t ”
J o u r -e le v e n th s o f th e s to c k o f the road w ill be ottered to D en ver nco’nlc
this p r o p o r tio n being o n e -h a lf o f the h old in gs o f the M o lfa t estate
D en­
v er m en w h o h a ve Indicated their w illingness to Invest In the securities o f
th e ro a d In clu de C ol. D o d g e , Charles B o e ttch e r, H e n ry M P orter J oh n F .
C a m p ion G erald H ughes, J o h n W . S pringer, G . G . L lcb h a rt. T h o m a s S .
H a y d e n , L a w re n ce C. P h ip p s, S . M . P e rry , J . K . M ullen an d o th e rs.

June 3 1911.]

THE CHRONICLE

C on trol o f th e r o a d lias b e e n p la c e d w ith th e D e n v e r Secu rities C o.
(V 92, p . 131 0). so th at it m a y rem ain a s tr ic tly C o lo ra d o enterprise, c o n ­
tr o lle d b y C olora d o in terests. “ M r. M o ffa t’s fa ith In th e r o a d ,” said P re s.
E v a n s , “ has a lrea d y been Justified b y earnings o f m ore th an $ 5 ,0 0 0 p e r m ile .
T h e M offat estate will retain $ 5 ,0 0 0 ,0 0 0 o f th e $ 1 0 ,0 0 0 ,0 0 0 s t o c k o f th e
S ecurities C o m p a n y , a n d th e rem ain ing $ 5 ,0 0 0 ,0 0 0 w ill be so ld to th e lo c a l
s y n d ica te . T h e proceed s o f the sale w ill be a p p lie d In p a rt as a p a y m e n t
o n $ 4 ,000,000 n otes (o f th e C o lo ra d o -U ta h C o n stru ctio n C o .) .

Another account says:
T h e Initial p a y m e n t b y th e s y n d ic a te w ill b e $ 7 5 0 ,0 0 0 , o f w h ich $ 5 0 0,00 0
w ill be used as a p a y m en t on th e $ 4 ,0 0 0 ,0 0 0 C o n stru ctio n C o. n o te s w hich
m atu red M ay 1 an d $25 0,00 0 fo r expen ses d u rin g th e co m in g y e a r . T h e s y n ­
d ica te u n d o u b te d ly assum es full lia b ility fo r th e n o te s , m a k in g its p a y m e n t
fo r on e-h a lf th e e q u ity In the road a b o u t $ 4 ,0 0 0 ,0 0 0 .
T h e rem ain ing $3 ,5 0 0 ,0 0 0 C o n s tru ctio n C o . n o te s w ill b o e x te n d e d fo r
o n e y e a r . T h e h oldin gs o f th e M offat estate are g iv e n as $ 8 ,0 0 0 ,0 0 0 o f the
$ 1 1 , 0 0 0 ,0 0 0 o u ts ta n d in g s to c k , $ 8 ,0 0 0 ,0 0 0 o f th e $ 1 1 ,0 0 0 ,0 0 0 b o n d s an d
$1 ,5 0 0 ,0 0 0 n o te s . T h e ra ilroa d c o n tr o ls th e co n s tr u c tio n c o m p a n y . A ll
this e q u ity w ill b e tu rn ed o v e r to the D en ver R a ilw a y Secu rities C o . A
n ew b o n d Issue o f from $ 3 0 ,0 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 , it Is s ta te d , w ill b e
au th oriz ed , to refu n d th e present issues a n d ca rry th e r o a d t o S a lt L a k e C ity ,
o f w hich $ 3 ,5 0 0 ,0 0 0 w ill p r o b a b ly b e o ffe re d in D e n v e r d u rin g this y e a r.
C om p a re V . 9 2 , p . 1435, 1310.

Detroit River Tunnel Co.— Offering of Guaranteed Terminal
and Tunnel Bonds.— J. P. Morgan & Co., the First National
Bank and the National City Bank, all of New York, offered
on May 29, at 102 and int., and have wholly sold, $16,000,000
1st M. terminal and tunnel 4 % % 50-year gold bonds, guar­
anteed, principal and interest, by endorsement on each bond,
by the Michigan Central R R ., which owns the entire capital
stock. Bonds dated May 1 1911 and due May 1 1961.
Trustee, Guaranty Trust Co. of New York. Int. M. & N.
in N . Y . City. Par $1,000 c*& r*. Total authorized issue,
$30,000,000; reserved for future issue, under restrictions,
only for additions and improvements to the mortgaged prop­
erty, $14,000,000 interest rate not to exceed 5 % . The
present issue of $16,000,000 of 4}^s has been sold, the
advertisement on another page being published for record.
Abstract of Letter from VV. C. Brown, Pres. N. Y. Cent. Lines, Alay 29.
A F ir s t L ien on A ll the C om p a n y 's P resen t and F u tu r e P r o p e r ty , R ea l and
P er s o n a l— P resen t S ecu rity.
(1) D o u b le -t u b e tu n n el anti a p p ro a ch e s, 2.42 m iles In le n g th ,
un d er D e tr o it R iv e r , w ith ele ctrica l lo c o m o tiv e s a n d o th e r
eq u ip m en t, n ow In su ccessfu l o p e ra t!o n ;to ta l co s t u p w a rd s o f_ $ 9 ,0 0 0 ,0 0 0
(2) E x te n s iv e a n d v a lu a b le term in al p r o p e r ty In c it y o f D e tro it,
a c q u ir e d a n d to be a c q u ir e d , fo r a u n io n passen ger sta tio n a n d
fo r o th e r m od ern term in al fa cilitie s, such term in al p r o p e r ty ,
e x c lu s iv e o f im p ro v e m e n ts m ade a n d to b e m a d e th e re o n ,
b e in g o f th e v a lu e o f u p w a rd s o f . ___ _ ________________________ 3 ,5 0 0 ,0 0 0
(3) U n ion p assen ger s ta tio n a n d o th e r m o d e r n term in al facilities
• n ow In p ro ce s s o f c o n s tr u c tio n o n such term in al p r o p e r ty a t a
■ fu rth er c o s t o f a b o u t ______________________________________________ 5 ,5 0 0 ,0 0 0
(4) R ig h ts o f th e T u n n el C o. In lease In p e r p e tu ity to M ichigan
• C en tral R R . C o. Said lease guaran tees th a t th e n e t Incom e
• o f th e T u n n e l C o. shall s u ffice to p a y m a in ten a n ce an d o p e r a t. in g exp en ses, in terest o n all Its b on d s a t a n y tim e ou ts ta n d in g
• a n d n o t less th an 4 % per ann um o n the $ 3 ,0 0 0 ,0 0 0 o f th e lat­
t e r ’s s t o c k .
P a y m e n t o f th e p rin cip a l a n d Interest o f th e bon d s
. w ill also be gu aran teed u n c o n d itio n a lly b y en d orsem en t b y
. th e M ich igan C en tral R R .. w h ich ow n s tne en tire ca p ita l s to c k .
• T h e tu n n el w as p u t Into o p e ra tio n in O c t o b e r last a n d Its op e r a tio n has
b e e n a c o m p le te success In e v e r y w a y .
I t a ccom p lis h es a g reat sa v in g
o f tim e a n d exp en se in th rou gh tr a ffic o v e r th e N ew Y o r k C en tral L in es,
a n d Is n o w an in d isp en sa b le p a rt th e r e o f.
It Is also a v a ila b le fo r use b y
freig h t a n d passen ger train s o f all o th e r ra ilroa d c o m p a n ie s op e r a tin g o v e r
th e In tern ation al line a t D etroit.
T h e term in al p r o p e r ty an d fa cilities a b o v e m e n tio n e d w ill b e su fficien t
in e x te n t a n d c a p a c it y to furnish passen ger term in al an d s ta tion facilities
fo r all th e ra ilroad s en terin g D e tro it.
U pw a rd s o f $ 1 ,5 0 0 ,0 0 0 has a lrea d y
b een e x p en d ed u p o n th e Im p rov em en ts o f th e term in al p r o p e r ty . T h e
erection o f th e new passen ger s ta tio n , a t an estim a ted c o s t o f $ 3 ,0 0 0 ,0 0 0 ,
an d th e c o n s tr u c tio n o f y a rd tra ck s, in terlock in g a p p a ra tu s an d oth er
facilities, a t an estim a ted co s t o f $ 1 ,0 0 0 ,0 0 0 , w ill b e co m p le te d forth w ith .
T h e e x tr a o r d in a r y g r o w th o f the c it y o f D etroit (presen t p o p u la tio n
a b o u t 465 ,000 ) an d o f Its railroad business has n ecessita ted the co n s tr u c tio n
o f th e tunnel a n d o f m od ern term in al fa cilities. T h e fo llo w in g -n a m e d rail­
r o a d s reach the riv er a t D e tro it on th e A m erica n s id e or a t W in d s o r on th e
C an adian sid e, in a d d itio n to th e M ichigan C entral R R ., v iz .: L a k e S h ore
& M ichigan S ou th ern R y ., G rand T ru n k R y . o f C a n ada, D e tro it G rand
H a v e n & M ilw aukee R y . (G ran d T ru n k S y s t e m ), C an adian P a cific R y .,
P e r c M a rq u ette R R . , W a b a sh R R .. D etroit T o le d o & Ir o n to n R R . and
D e tr o it & T o le d o S h ore L in e R R .
A ll railroad c o m p a n ie s w h ose tracks
c o n n e c t w ith th e T u n n el C o ’ s tra ck s h a v e , on p a y m e n t o f rea son a b le ch a rges,
a rig h t un d er the ch a rter to th e b en efit o f th e tunnel a n d term in al p r o p e r ty .
O n th e A m erica n sid e n o su b sta n tia l ch a n g e is req u ired to m a k e track c o n ­
n e c tio n w ith all o f th e a b o v e -n a m e d c om p a n ies an d o n th e C anadian side
c o n n e c tio n s m a y b e c o n s tr u c te d a t sligh t exp en se.
T h e m a g n itu d e o f th e tr a ffic across th e in tern ation a l line a t D e tr o it a p ­
pears fro m th e fa c t th a t in 1909 7 96 ,182 oars a n d In 1910 8 07 ,690 cars w ere
h a n d led a cross th e riv er th ere. I t Is estim a ted th a t in 1011 9 0 0 ,0 0 0 cars
w ill b e m o v e d .
O f th ose m ov ed in 1909, as a b o v e m e n tio n e d , 4 47 ,770 a n d
in 1910 4 50 ,203 w ere b y th e M ichigan C en tral R R . C o . U n til the c o m ­
p letion o f th e tu n n el all cars w ere n ecessarily m o v e d a cross th e riv er o n ca r
ferries, w h ich In the w in ter season w as a tten d ed w ith m u ch d iffic u lt y d u e
t o Ice, a n d a t a d tim es has been slow and ex p e n s iv e .
U p on the basis o f th e
c o lle c t io n o f a rea son a b le ch a rg e per ca r fo r cars w h ich m u st b e h a n d led
th rou gh th e tu n n el b y th e N ew Y o rk C entral L in es, to s a y n oth in g o f the
cars o f oth er c o m p a n ie s , th e earnings w ill be m ore than s u fficie n t to p r o v id e
fo r th e in terest u p o n th e present issue o f the T u n n el C o ’s b on d s.
• A p p lic a tio n w ill b e m a d e to list th e bon d s o n th e N . Y . S t o c k E x ch a n g e .
T h e not in c o m e o f th e M ich . C en t. R R . fo r th e c a l. y e a r 1910, a fte r all
fix ed ch a rges, w as $ 1 ,7 1 7 ,3 3 1 .— V . 8 5 , p . 1338.

Erie R R .— Purchase of Elevator.— The company has ar­
ranged to purchase the Erie Elevator Co., which was owned
by the D . O. Mills Estate.
T h e p r o p e r ty has b een op era ted u n d er lease fo r th e p ast 30 years, th e
lease e x p irin g Ju n e 1. I t is p ro p o s e d t o get th e e le v a to r In sh ape fo r op era ­
tio n a t full ca p a c ity th is y ea r In tim e fo r the m o v e m e n t o f the c r o p s .— V . 92,
p . 956 , 725.

Federal Light & Traction Co., New Y ork.— Acquisition.—
The company has recently acquired, through the purchase of
all of the capital stock (31,200,000) of the Springfield Rail­
way & Light Co. (a holding company) the control of the
Springfield (M o.) Gas & Electric Co. and the Springfield (Mo.)
Traction Co. The Springfield Railway & Light Co. is about
to authorize a 37,000,000 issue of 5 % refunding bonds, of
which 32,000,000 will be issued at once (V . 92, p. 1437).
Other properties, we understand, are about to be acquired.
.Earnings.— Of controlled properties for calendar year 1910:
Gross earnings.............
Net earnings..............- -

E x c l. S p rin g field . S p rin g fie ld .
____ $ 7 6 1,73 6
$444,153
____ 3 14 ,547
194,420

Total.
$1 ,2 0 5 ,8 8 0
508,967

— V . 9 2 , p . 526, 460.

pf'Garden City Gulf & Northern R R .— S a le .— See Atchison
Topeka & Santo Fc R y . above.— V . 89, p. 918.

Greenville Spartanburg & Anderson (Electric) R y .—
S to ck , & c .— See Piedmont Traction Co. below.




N ew

J

1499

Great Northern R y .— New Mortgage.— It was announced
on Alay 31 that the company had executed its “ first and re­
funding” mortgage, securing a total authorized issue of
3000,000,000 bonds, in order to provide for additions, im­
provements and extensions over a long term of years, and
for the refunding at or before maturity of the present
outstanding obligations, including 3222,400,000 joint 4 %
bonds of the Great Northern and Northern Pacific Railway
companies issued in 1901 for the acquisition of substantially
all of the capital stock of the Chicago Burlington & Quincy
R R . This latter provision is thought by some to fore­
shadow ultimate absorption of the C. B . & Q. system.
S ta te m e n ts b y C h airm an J . J . H ill.
C o v e rin g a fu tu re o f 50 ye a rs, a p p r o x im a t e ly $ 2 7 0 ,0 0 0 ,0 0 0 in b o n d s w ill
b e a v a ila b le fo r general c o r p o r a te p u rp o se s an d d o u b le -tra ck in g a n d a d d i­
tio n a l m ileage. S in ce Its b e g in n in g 32 yea rs a g o th e G rea t N o rth e rn has
e x p e n d e d betw een $35 0 ,0 0 0 ,0 0 0 and $ 4 0 0 ,0 0 0 ,0 0 0 o u t o f c a p ita l an d earn­
in gs. T h e p ro v is io n m a d e fo r th e fu tu r e In c o n s id e r a tio n o f th e ra p id ly
g ro w in g te r rito r y w h ich G reat N o rth e rn lines se rv e w o u ld seem in te llig e n tly
c o n s e r v a tiv e .
In n o o th e r p a rt o f th e c o u n t r y has n a tu re m o re g e n e ro u sly
be sto w e d th o se th ree great sou rces o f all n a tio n a l w e a lth — th e fa r m , th e
fo re s t an d th e m in e — an d n o w h e re else Is th ere m o re r o o m fo r such d e v e l­
o p m e n t as fo llo w s the o c c u p a tio n o f a n ew c o u n t r y b y an in tcllg e n t p o p u ­
la tio n . T h e Issuance o f b o n d s a gain st p r o p e r t y a cq u ire d is s a fe g u a rd e d b y
th e re strictio n s u su a lly fo u n d In m o rtg a g e s o f th is k in d .
T h e G reat N orth ern an d N orth ern P a cific are jo in t ly a n d se v e r a lly lia b le
fo r th e B u rlin g to n co lla te ra l b o n d s.
W e c o u ld n o t p r o v id e a fin a n cial pla n
fo r a lo n g tim e a h ea d an d n o t ta k e these b o n d s Into a c c o u n t . W c are n o t
o n ly liab le fo r o u r half, b u t c o n t in g e n t ly fo r th e w h o le .
I t d o c s n o t m ean
th a t w e h a v e a n y fear th a t w c w ill hAve t o p a y It all. W e d o n ’ t h a v e t o
p a y a n y o f it until 1921.
B u rlin g to n b o n d s ca n b e c a lle d a n d re tire d a t
105 a t a n y tim e , a c c o r d in g t o a n agreem en t a t th e tim e o f Issue: b u t I d o
n o t th in k a n y o n e w an ts t o call In 4 % b o n d s a t 105.
I3ut h o w c o u ld w e
pla n fo r the fu tu re an d n o t ta k e Into a c c o u n t o u r c o n tin g e n t lia b ility In
these B u rlin g to n 4s?

Offering of New Bonds.— J. P. Alorgan & Co., the National
City Bank and the First National Bank, all of New York,
are offering, by advertisement on another page, at 102 and
int., yielding 4 .1 5 % income, or more if redeemed prior to
1961, 320,000,000 of the aforesaid “ first and refunding
mortgage” 4 ) 4 % gold bonds, dated Alay 1 1911 and due
July 1 1961, but redeemable at 105 on any interest date after
Jan. 1 1941. Bankers Trust Co. of New York, trustee.
Denominations, c*S l,0 00 , r*S l,0 00, &c. Int. J. & J. The
first coupon, payable Jan. 1 1912, is for 328 33.
The subscription lists to the aforesaid 320,000,000 bonds
were closed yesterday afternoon, all of the bonds having
been sold.
These bonds are secured by first lion on 2,637.25 miles of
road at the rate of 317,070 per mile and by a general lien
(subject to existing liens at the rate of S22,822 per mile) on
4,791.42 miles, making the total mileage covered 7,428.67.
The mortgage also covers standard equipment costing 359,073,180, upon 346,200,068 of which it is a first lien. Legal
investment for trustees and savings banks in N . Y . State.
P ro visio n s R esp ectin g Issu a n ce o f the $ 6 0 0 ,0 0 0 ,0 0 0 B o n d s A u th o rized .
P resen t Issue ............. — ............................ .....................
.................. _ _ $ 2 0 ,0 0 0 ,0 0 0
H e ld in tre a su ry o f c o m p a n y
..........................................................
2 5 ,0 0 0 ,0 0 0
R e s e r v e d to re tire e x is tin g o b lig a tio n s _________________________ 3 3 2 ,1 6 2 ,0 0 0
R e s e r v e d fo r general c o r p o r a te p u rp o se s, a cq u isitio n o f new
lines, & c ., a n d th e pu rch a se o r a c q u is itio n o f s to c k s an d
b o n d s o f o th e r c o m p a n ie s ------------------------------------------------------------ 122 ,8 3 8 ,0 0 0
R e s e r v e d fo r th e a c q u is itio n an d c o n s tr u c tio n o f n e w lines,
term in a ls, & c ., a t n o t e x c e e d in g $ 3 ,0 0 0 ,0 0 0 In a n y c a l. y e a r . .1 0 0 ,0 0 0 ,0 0 0

Letter from Chairman J. J. Hill, St. Paul, Alinn., Alay 31 1911.
R e fe r r in g t o y o u r p u rch a se o f $ 2 0 ,0 0 0 ,0 0 0 o f th is c o m p a n y ’s “ first a n d
r e fu n d in g m o r tg a g e ” 4 K % g o ld b o n d s, d u e J u ly 1 1961, r e d e e m a b le a t 105
a fte r J u ly 1 1941, I b e g to in fo rm y o u th e y a rc p a r t o f an a u th o riz e d issue
o f $ 6 0 0 ,0 0 0 ,0 0 0 , secu red b y deed o f tru st to B a n k e rs’ T ru st C o ., N ew Y o r k ,
tru ste e , u n d e r th e term s o f w h ich t h e y a rc a lien o n all th e lines o f ra ilw a y
o w n e d b y th is c o m p a n y In fee.
T h e b o n d s a r c a first m o rtg a g e on 2 ,0 7 0 .1 6 m iles a n d a first lien d ir e ctly
o r th ro u g h d e p o s it o f s to c k on 5 66 .77 m iles, an d u p o n all the c o m p a n y ’s
e x te n s iv e term in als o n th e P a cific c o a s t w h ich c a n n o t b e e n c u m b e r e d u n d er
the p ro v is io n s o f the m o rtg a g e e x c e p t b y w a y o f fu rth er s e c u r ity .
S u b je c t t o e x is tin g m o rtg a g e s a t th e ra te o f $ 22 ,822 per m ile , th ese b o n d s
are a general lien o n 4 ,7 9 1 .4 2 m iles a d d itio n a l.
T h e Issue is fu rth e r secu red th rou gh p le d g e o f sta n d a rd e q u ip m e n t c o s t­
in g $ 5 9 ,0 7 3 ,1 8 0 , u p o n $ 4 6 ,2 0 0 ,0 6 8 o f w h ich it is a first lien. T n e c o m p a n y
has set a s id e an d is ca r r y in g as a sin k in g fund o n its b o o k s $ 1 9 ,0 9 0 ,4 1 8 to
c o v e r d e p r e c ia tio n on a n d re p la ce m e n t o f this e q u ip m e n t. T h e ra ilw a y
c o m p a n y has c o v e n a n te d t o m ark d is tin c tiv e ly th at p o r tio n c o v e r e d b y
first lien so th a t It m a y b e r e a d ily d istin gu ish ed from th a t u p o n w h ich It is
a general lien: t o k eep In repair and renew th e sam e fro m tim e to tim e , so
th a t th e e q u ity n o w c o n v e y e d shall n o t b e Im paired .
T h e r a ilw a y c o m p a n y w ill n o t Issue a n y a d d itio n a l b o n d s (n o t p r o v id e d
fo r In th e m o rtg a g e ) n o r e x te n d a n y o f th e u n d e rly in g b o n d s , w h ich a rc
n o w a lien u p o n th e m o rtg a g e d prem ises and fo r the r e fu n d in g o f w hich p r o ­
v is io n Is m a d e In th e rese rv a tio n o f $ 3 3 2 ,1 6 2 ,0 0 0 “ first a n d re fu n d in g ”
b o n d s . T h e c o m p a n y reserves th e lig h t t o Issue $ 7 ,1 7 3 ,0 0 0 N o rth e rn
P a cific -G r e a t N o rth e rn jo in t 4s d u e 1921, th e b a la n ce o f th e a u th o r iz e d
Issue o f $ 2 2 2 ,4 0 0 ,0 0 0 .
I t w ill b e n o te d p r o v is io n is m a d e fo r re fu n d in g
th is en tire Issue, w h ich Is p r o p e r , in v ie w o f th e o b lig a tio n be in g jo in t a n d
severa l.
F u rth e rm o re , b o n d s a n d shares o f s t o c k , secu rin g In w h o le o r in
p a rt o b lig a tio n s re fu n d e d b e c o m e s u b je c t to th e Hen o f th is m o r tg a g e
w h en such o b lig a tio n s a re c a n ce le d as p r o v id e d In the m o rtg a g e .
T h e o th e r general p ro v is io n s o f th e m o r tg a g e re s trictin g th e fu tu re Issu­
a n c e o f b o n d s h a v e b e e n so d r a fte d as to a d e q u a te ly p r o v id e fo r th e c o m ­
p a n y 's re q u ire m e n ts fo r years t o c o m e .
In tills co n n e c tio n I b e g t o sta te
n o m o re b o n d s w ill b e o ffe re d fo r sale to th e p u b lic d u rin g the cu rren t y e a r
A s a d v ise d b y co u n s e l, th e m o rtg a g e as d ra fte d c o m p lie s w ith the law s
o f th e State, o f N ew Y o r k g o v e r n in g th e In vestm en ts o f sa vin gs ban ks an d
tru stees, an d th e b o n d s are th e re fo re legal In vestm en ts in th ese p a rticu la rs.
T h e n et earnings last ye a r w ere 4 M tim es th e a m o u n t n e ce ssa ry t o p a y
fixed ch a rge s an d fo r the last five years h a v e a v e ra g e d m o re th a n 4 H tim es
th e a m o u n t necessary to p a y such ch arges. T h is , w ith o u t in c lu d in g the
N orth ern P a cific-G re a t N orth ern Joint 4s, th e Interest c h a rg e s o n w hich
a rc tak en ca re o f b y th e d iv id e n d fro m th e B u rlin g to n s to c k .
S teps will be tak en t o list these b o n d s o n th e N ew Y o r k a n d L o n d o n
S t o c k E x ch a n g e s .— V . 92 . p . 1032.

Hocking-Sunday Creek Traction Co.— Increase of Stock—
New Bonds.— The stockholders on Alay 25 voted to increase
the stock from 3300,000 to 3900,000 and also to make a new
mortgage to the Columbus Savings & Trust Co., as trustee,
to secure an issue of 3600,000 25-year 5 % bonds to provide
for the retirement of the outstanding 3200,000 6 % bonds
dated Nov. 1 1910 (V . 91, p. 1766), which have all been
sold, and the construction of the Chauncey-Glouster division.
C o n tra cts h a v e been let fo r th e c o n s tr u c tio n nf th e bridges a n d cu lv e rts
be tw e e n N e lso n v lllc a n d A th e n s an d also fo r the grad in g o f the n ew line.
T h e r o a d is n o w In o p e ra tio n fo r 6 m iles o u t o f N cls o n v lb e an d s u rv ey s
h a v e b een c o m p le te d to A th e n s ; it w ill b e o p e ra te d t o D o a n v ille s h o r tly .
T h e c o m p a n y has b een o p e ra tin g a ga so lin e ca r, b u t It has d e c id e d t o su b­
s titu te e le ctric p o w e r .— V . 91 , p . 1 7 6 6 .J ...................................................................

1500

THE

C H R O N IC L E

Hudson & Manhattan R R .— Newark Extension.— It is
•announced that by Oct. 1 the company will be running trains
through from New York to Newark, about 9 miles.
1
he u n d erg rou n d line is to b e c o n n e c te d w ith the P e n n s y lv a n ia a b o u t
m ile w est o f J ersey C ity , and th e P e n n sy lv a n ia tra ck s are t o be used fro m
th a t p o m t t o M a n h a ttan Ira n s fe r, o n e m ile ca st o f N ew ark .
F ro m M an­
h a tta n Ira n s fe r an In depen den t line w ill be used to rea ch a new s ta tio n at
b a y b r o o k P la ce, near B ro a d S tr e e t, N e w a rk .— V . 02, p . 1025, 595.

International & Great Northern R R .— Plan Operative.—
It is announced that up to the close of business on Thurs­
day, the last day on which bonds could be deposited under
the reorganization plan (V . 92, p. 1374), every bondholder,
with the exception of one holding considerably less than 100
bonds, had deposited their securities. No dissent, it is
stated, has been received. The plan will, therefore, become
operative upon sale under foreclosure June 13.— V. 92,
p. 1374, 1310.
Lake Erie & Pittsburgh R y .— New Securities Authorized.—
The stockholders on May 19 authorized an increase in the
stock from $100,000 to $0,000,000 and the making of a
mortgage to secure an issue of $15,000,000 50-year 5 %
bonds. Compare V. 92, p. 1109.
Long Island R R .— Fare Reduction Vetoed.— Covernor Dix
•on May 31 vetoed the bill passed by the Legislature providing
for a 5-cent fare between Flatbush Avenue, Brooklyn, and
Railroad Avenue, East New York, and intervening stations.
T h e legislation , it Is sta te d . Is u n n ecessary, as the P u b lic S e rv ice C o m ­
m ission has full a u th o r ity to pass on the m a tte r.— V . 92, p. 1109, 1021.

Lynchburg (V a.) Traction & Light Co.— New Mortgage.—
The company, controlled by the American Rys. Co., has filed
a mortgage to the Real Estate Title Insurance & Trust
Co. of Philadelphia, as trustee, to secure an issue of $1,750,­
000 20-year 5 % bonds to retire outstanding bonds and for
extensions and improvements.— V . 92, p. 1436, 1243.
Massachusetts Electric Companies.— Consolidation of
Subsidiaries.— The shareholders of the Old Colony and
Boston & Northern Street Railway companies voted yester­
day (1) to consolidate the corporations, the capital of the
B. & N . to be increased by not exceeding $776,700 pref.
stock and $8,004,100 common stock in exchange for pref.
and common stock, respectively, of the Old Colony, or to
purchase the latter’s property; (2) to make a mortgage sup­
plementary to the refunding first mortgage of the B. & N .
dated July 1 1904.— V. 92, p. 1181.
Michigan Central R R .— Guaranteed Bonds.— See Detroit
River Tunnel t o , above.— V. 92, p. 805, 792.
Missouri Kansas & Texas R y .— Bonds Sold.— Speyer & Co.
have concluded negotiations with a group of French banks
and bankers covering the sale of 100,000,000 francs consol.
M. 5 % 30-year gold bonds, due 1940 (special French series).
The bonds will be issued shortly in Paris by a syndicate of
banks, and will all be in the denomination of 500 francs each.
Compare V . 92, p. 1375, 1179, 882, 795.
Missouri Oklahoma & Gulf R y .— Sale of Bonds under New
Mortgage.— The company has arranged to sell in France
$7,000,000 bonds, to be issued under a new mortgage, the
proceeds to be used for extensions amounting to about 200
miles. Compare statement in “ Railway and Industrial
Section,” page 86 .— V. 91, p. 1328.
Montgomery Rapid Transit Co.— Foreclosure.— Proceed­
ings are pending before the Court at Norristown, Pa., under
the company’s mortgage, of which the Norristown Trust Co.
is substituted trustee.
T h e C ourt Is asked t o d e cree h o w m uch Is d u e u n d e r the m o r tg a g e , the
le g itim a cy o f b on d s to a to ta l o f a b o u t $75 ,000 or $80 ,0 0 0 being co n te s te d .
— V . 91, p . 1542.

New Orleans Railway & Light Co.— Time Extended.— The
time for deposit of the preferred and common stock held in
the United States expired May 31, but has been extended
until June 7. More than two-thirds required has actually
been deposited. See terms of exchange under American
Cities R y. & Light Co. in V. 92, p. 1373, 1434.— V. 92, p.1375
New York Central & Hudson River R R .— Sale of Bonds.—
See Detroit Iliver Tunnel Co. above.— V 92, p, 1436, 1109.
New York New Haven & Hartford R R .— Trolley Acqui­
sitions.— See Providence & Danielson R y. below.— V . 92,
p. 1436, 1375.
Northern Pacific R y .— See Great Northern R y. above.—
Y . 91, p. 1175.
Norwich (Conn) & Westerly (Electric) R y .— Foreclosure
Sale.— The road will be sold at foreclosure sale on June 22
next. Compare Y . 92, p. 1375.
Ohio Electric Railways, Columbus, O .— Reduction of
Stock of Subsidiaries.— The following companies, for some
time owned and operated by the company and its subsidi­
aries, have filed notices of reduction of stock:
L im a & T o le d o T r a c tio n C o. fro m $ 3 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ; D a y to n & M u n clc
T r a c tio n C o. fro m $ 8 0 0,00 0 to $ 5,000; Z an e sv ille H allw ay, L igh t & P o w e r
C o. from $ 1 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 : C olu m bu s B u ck e y e L a k e & Newark T r a c tio n
C o. from $ 1 ,5 0 0 ,0 0 0 t o $ 5 ,0 0 0 .— V . 92, p. 323.

Oregon-Washington RR. & Navigation Co.— Offering of
Bonds Bearing Union Pacific Guaranty.— On another page
will be found the advertisement of Kuhn, Loeb & Co. of New
York and Baring Bros. & Co., L td ., of London, offering at
93 and
int west
$25,000,000
“ first
and
refunding
mortgage” 4 % gold bonds, unconditionally guaranteed as
to principal and interest by Union Pacific IIR. Co. by en­
dorsement on each bond. The bonds were many times over­
subscribed, the subscription books closing early May 31;
but the advertisement is published for record.




(V O L . L X X X X I I .

Condensed E xtracts from Letter o f Pres. Robert S. L ovett, N. Y ., May 25.
[F u rth e r p a r ticu la r s fro m the letter w ere c ite d last w e e k , p . 1437.]
Total A u th orized A m o u n t o f F irst and R e f unding M tg e. B on d s, $ 1 7 5 ,0 0 0 ,0 0 0 .
$
o n e 4 0 ,0 0 0 ,0 0 0 , o f w h ich the $ 2 5 ,0 0 0 ,0 0 0 , o r £ 5 ,0 0 0 ,0 0 0 , a b o v e re ferred to
fo rm p a rt, are to be Issuable to represent to th at e x te n t u n c a p lta liz c d e x ­
p en d itu res h e r e to fo re m ad e in c o n s tr u c tin g , a c q u ir in g , Im p ro v in g and
e q u ip p in g the m o rtg a g e d lines o f railroad an d p ro p e rtie s o th e r than th ose
fo rm e rly o w n e d b y th e N orth Coast R R . C o.
[T he re m a in in g $ 1 5 ,0 0 0 ,0 0 0

/ \ ...

'

» ev. tu wo lOOUV.

I clLLUIUtUlCU VVU.il UK, 1UUI f

g a hc (a) fo r c o n s tr u c tio n o r a cq u isitio n o f a d d itio n a l ra ilro a d s, e x ten sion s
an d bra n ch es and fo r co n s tr u c tio n o f a d d itio n a l m ain track re q u ired in
d o u b le -tra ck in g ; (b) fo r the reim bu rsem en t o f the c o m p a n y fo r ex p en d itu res
to an a m o u n t not e x c e e d in g $ 7 ,0 0 0 ,0 0 0 m a d e b e fo re the d a te o f th e m o r t­
gage fo r a c q u is itio n o f railroads, c o n s tr u c te d or p a r tly c o n s tr u c te d , h ereto­
fo re a cq u ire d fro m the N orth Coast R l l . C o ., Inclu din g (to th e e x te n t o f the
railro a d c o m p a n y ’s o n e -h a lf interest therein) e x p e n d itu re s m a d e in respect
o f jo in t term inal an d railroad p rop erties In S p o k a n e ; (c) for co n tin u a n c e and
c o m p le tio n o f th e c o n s tr u c tio n o f said ra ilroad s h e re to fo re a cq u ire d from
th e N orth Coast R R . C o ., in clu d in g (to the e x te n t o f such o n e -h a lf interest)
e x p e n d itu re s in resp ect o f jo in t term in al an d railroad p ro p e rtie s In S p ok a n e;
(d) to an a m o u n t n o t e x ce e d in g $ 2 0 ,0 0 0 ,0 0 0 fo r th e p u rch ase o f new an d
a d d itio n a l ro llin g s to c k to an e x te n t n o t e x c e e d in g 7 5 % o f the c o s t th ereof,
a n d (e) to an a m o u n t w h ich , to g e th e r w ith the a m o u n t so issued fo r rollin g
s to c k , shall n o t e x c e e d $0 0 ,0 0 0 ,0 0 0 fo r ex p e n d itu re s m ad e a fte r the d a te
o f th e m o rtg a g e (J a n . 3 1911) for a d d itio n s a n d b e tte rm e n ts as sp ecified
in the m o rtg a g e .
(M ortgage trustee, F a rm ers’ L o a n & T r u s t C o ., N . Y . C.
learn ings o j the P rop erties as now Consolidated and Oivned f o r the N in e
M onths ended M arch 31 1911.
R e v e n u e , a fte r o p e r a tin g expenses an d ta x e s .
$ 3 ,8 9 3 ,9 8 9
In terest fo r a like p eriod on the $ 2 3 ,3 8 0 ,0 0 0 O regon R R . & N a v i­
ga tio n C o. 4";, co n s o l. M . gol 1 b o n d s an d $ 4 0 ,0 0 0 ,0 0 0 O re g o n VVashlngton R R . & N a v ig a tio n C o. “ first an d r e fu n d in g m o r t­
g age ' 4 % b o n d s a m o u n ts to o n l y ...................... ..... .. .......... ......... l ,9 0 1 ,4 0 0
S u rp lu s In com e o j U nion P a cific HU. C o. and A u x ilia r y C om pa n ies f o r
F isca l Y ear ended d u n e 30 1910.
[.Surplus a fte r Interest on b o n d e d d e b t an d all o th e r ch arges.]
F ro m tra n s p o rta tio n o p e r a t io n s .
....................................................$ 2 5 ,9 9 3 ,0 3 9
F rom In com e, o th e r than tra n sp orta tion o p e r a t io n s .....................
19,512io51
T o t a l net surplus o v e r an l a b o v e all ch argse
$ 4 5 ,5 0 5 ,6 9 0
'Idle b o n d s w ill be Issued in co u p o n fo rm , w ith the priv ile g e o f registration
as to p rin cip a l, a n d in the case o f d o lla r b o n d s as to both p rin cip a l an d Inter­
est: d olla r b on d s so registered will be re -e x ch a n g e a b le fo r c o u p o n b o n d s,
l’ .ln Ipal an d in terest o f d o lla r b on d s will be p a y a b le in N ew Y o r k an d o f
sterlin g b o n d s In L o n d o n . T h e interest o f sterlin g b o n d s w ill also be p a y •ii i ^ cw Y o r k at $1 85 per p o u n d sterlin g.
B oth p rin cip a l and Interest
w ill be p a y a b le w ith o u t d e d u ctio n fo r a n y ta x or ta xes w hich th e c o m p a n y
m a y be requ ired to p a y th e re o n , o r to retain th e re fro m , u nd er a n y presen t
or fu tu re law o f th e U nited S tates o f A m e rica , or o f a n y S ta te , T e r r ito r y ,
c o u n t y o r m u n icip a lity th erein . A p p lic a tio n w ill be m a d e t o list th e b on d s
o n the N . Y . an d L o n d o n S to c k E x ch a n g e . S ee also V . 92, p . 1437.

People’s Passenger R y ., Philadelphia, P a.— Payment of
Bonds.— The Philadelphia Rapid Transit Co. has arranged
with Drexel & Co. to purchase at 102}^ on and after June 15
the issue of $285,000 second M. 5s, which mature on July 15,
with July coupons attached.— V. 63, p. 557.
Peoria R y .— Report.— For calendar years:
Calendar
G ross
Y ear—
E a rn in g s.
1910 _____ .5685,761
1909 _____ _ 642,669
— V . 90, p. 560.

N et (after
T a x e s ).
$293,645
302,830

D ep recia tlo n .
$29 ,910

B ond
interest.
$13 9,34 6
168,158

B a la n ce,
S u rp lu s.
$15 4,29 9
104,762

Philadelphia Rapid Transit Co.— Report of Experts.— The
“ Philadelphia Ledger” of May 31 contained extended ex­
tracts from the report of Ford, Bacon & Davis regarding
the service and equipment of the company, together with
criticisms and suggestions. The “ Ledger” says:
I he re p o rt show s th at, w hile the system serves a te rritory fa r larger than
In N ew Y o rk , B ro o k ly n an d B o s t o n ,a n d n early as large as In C iilcago, the
den sity o f p o p u la tio n Is low er than in a n y o f the o th e r citie s. A n d It has
a far low er p ro p o rtio n o f d o u b le track, d u e to narrow streets, a fa c to r th at
leads to low speed and sm all cars, this co n s titu tin g “ o n e o f the greatest
h an d icap s o f the P h iladelph ia su rface s y s te m .”
Bo, also, the P h iladelph ia system serves less p o p u la tio n per m ile o f track
than those o f o th e r cities, and c o n se q u e n tly lias to o p e ra te a greater p r o p o r ­
tion o f car m iles per c a p ita than in a n y o f the cities e x c e p t B o s to n . T h e
average length o f trip here is 12.5 m iles, as co m p a re d w ith 8 .9 m iles in
N ew Y o r k , 8.38 in B ro o k ly n and 9.24 In B o sto n .
P h ilad elp h ia, a c c o r d in g to this re p o rt, has the sm allest n u m b e r an d per­
ce n ta ge o f free transfer p assen gers, th e p r o p o rtio n o f transfer to reven u e
passengers in N ew Y o r k , B ro o k ly n an d B oston being m ore than tw ice as
large an d In C h icago a p p ro x im a te ly fo u r tim es as large.
D ue to th e sm all
nu m ber o f free transfers an d 3 -cen t exch a n g e s, the earnings per passenger
are largest on the P h ilad elp h ia system and sm allest In C h ica g o . O n the
o th e r h an d, due to sm all cars and the large ca r m ileage o p e ra te d , th e gross
earnings per c a r m ile arc sm allest in P h ila d elp h ia . Passen ger receipts per
passenger o f all classes. Inclu din g th e fre e transfers, are highest In Phila­
d elp h ia, w ith 4.14 ce n ts, as co m p a re d w ith 2.88 cen ts in C h ica go, 3 .2 5 In
B ro o k ly n , 3.54 In B o sto n an d 3.03 In N ew Y o r k .

Voting Trust.— The Philadelphia Stock Exchange has now
on its “ unlisted” $19,306,150 voting trust certificates, repre­
senting 386,123 shares (par $5 0 ).— V. 92, p. 1375, 1243, 1033.
Mayor Reyburn on May 13 signed the ordinance sanctioning
the $10,000,000 bond issue.— V. 92, p. 1375, 1243.
Philadelphia & Western R y .— Valley Forge Route.— The
new route to Valley Forge (the site of the Washington en­
campment) was formally opened on May 26 in co-operation
with the Norris City Co., which operates automobile busses.
T h e 20 m iles from P h iladelph ia to S tr a ffo r d o v e r th e c o m p a n y ’s line a n d
th en ce b y bus from S tra ffo rd to V a lle y F o r g e a rc c o v e r e d In less th an an
h o u r .— V . 91, p . 519.

Piedmont (N. 0 .) Traction Co.— Construction— Proposed
Merger.— The interests that are back of the Southern Power
Co. (see V . 92, p. 1297) are actively engaged in the con­
struction of 127 miles of trolley lines in North and South
Carolina. These lines, when completed, it is proposed to
merge under title of Piedmont & Northern Ry. Co. VicePrcs. W . S. Lee of Charlotte, N . C ., writes as follows:
o ffic e at C h arlotte, N . C.
It has a line n o w u n d er c o n s tr u c tio n betw een
C h a rlo tte an d K ings M o u n ta in , t o u c h in g the m ore im p o rta n t p oin ts as
M ,itnvs; ^ ft. H o lly , L o w e ll a n d G aston ia, N . C. A u th . ca p ita l o f $ 1 ,5 0 0 ,­
000
J . B. D u k e o t N. Y . is P res.; W . S. L e e , C h a rlo tte , N . C ., V lc e -P r e s .,
a n “ , E - T h o m a so n , C h a rlo tte , N. C ., T re a s.
i h c G reen ville S p a rta n b u rg & A n d e rso n R y . C o . Is a S o u th C a rolin a c o r ­
po ra tio n w ith a u th . c a p ita l o f $ 4 , 0 0 0 , 0 0 0 , h a v in g a lin e u nd er c o n s tr u c tio n
betw een G reen w ood an d S p a rta n b u rg , S . C ., to u c h in g the m ore Im p orta n t
poin ts as fo llo w s: G reen ville, S. C ., P ie d m o n t, P e lzcr an d B e lto n .
T h is
c o m p a n y a lre a d y has In o p e ra tio n a 10-m ilc line b etw een B elton and A n d e r s° 0 - J. B. D uke o f N . Y . Is P res.: VV. S . L ee, C h arlotte, N . C ., V lc e -P r e s .,
anil h . T h o m a so n , C h arlotte. N . C\, T re a s.
It Is the p u rp ose o f these c o r p o r a tio n s a fte r th e c o m p le tio n o f the line to
into
n e c o m p a n y , to be
oe K
nown
tnee P
iuie
cu
lo
m erge in
to oon
know
n as th
d m o n t cc
& N orth ern a
R yy . C
o..
IVI ! 1/kO (r
- K i, 1)1 . wI i
m 4 IPma n it A t, / 1..
\i, n lw .i .r o *-? . . . 1 I .... ,, ,, , I f h o V
1 fl P inneacrc
o ft 4th
e P ie d m o n
t T r a c tio n C o . nwrfll
ill 1be
a b o u t 37 m iles, and th a t
o f th e G . S . & A . R y . C o . a b o u t 00 m iles. T h e c o n s tr u c tio n of b o th lines is

June 3 1911. J

w ell u n d er w a y and a p o r tio n o f w h ich sh o u ld b e in o p e r a tio n ea rly in 1912.
T h ese lines will h an dle b o th fre ig h t an d passen ger business b y e le c tr ic ity .
[T h e re p o r t last fall th a t th e S a lisb u ry & S p e n ce r R y . C o. h a d be e n p u r­
ch a sed b y the S ou th ern P ow e r C o. in terests seem s t o b e c o n t r a d ic t e d b y
re ce n t d e v e lo p m e n ts — see th a t c o m p a n y b e lo w .— E d .]

Providence & Danielson (Electric) R y.— Lease.— The New
York New Haven & Hartford R R . has acquired through the
Rhode Island Co. long leases of the Providence & Danielson
R y . and Sea View R R ., operating 36.66 and 19.1 miles,
respectively. This increases the street-railway mileage,
single track, owned or controlled by the New Haven in
Connecticut, Mass, and Rhode Island to nearly 1,400 miles.
T h e lease o f th e P r o v id e n c e & D a n ielson runs fo r 999 ye a rs fro m Ju n e 30
1911, th e lessee to p a y 1 % o n th e s t o c k . Interest o n th e b o n d s, ta x e s and
all ch a rges. T h e sum o f 5 3 0 ,0 0 0 Is to be p aid Im m e d ia te ly to th e c o m p a n y
to p a y Interest on th e $ 0 0 0,00 0 b o n d s fo r th e p ast y e a r , w h ic h . It Is s ta te d ,
w as p a rtly d e fa u lte d . L ib era l pro visio n s are m ad e In the lease fo r fu tu re
fin a n cin g o f ex ten sion s an d Im p rovem en ts th a t th e lessee m a y desire. T h e
lease Is t o term in a te In case o f d e fa u lt fo r 6 m o n th s In p a y m e n t o f th e Interest
o r ren ta l.
In th e case o f th e S ea v iew th e ren tal p r o v id e s fo r p a y m e n t o f Interest on
b o n d s an d d iv id e n d s o f 1 % o n th e s t o c k on J u n e 30 1912 an d 1913; 2 % In
1914, 1915 and 1916; 3 % In 1917, 1918 a n d 1919; 4 % In 1920 a n d 1921,
an d 5 % In 1922 an d su b seq u e n t y e a rs. A n e x te n sio n . It Is s ta te d , w ill be
b u ilt to W esterly a t a co n n e c tio n w ith the W e ste rly & S to n ln g to n S t. R y .
P res. D . F . S h erm an s a y s th a t a plan has been arran ged w h e reb y the
D an leison s e cu rity -h o ld e rs w ill c o n tr ib u te a b o u t $25 0,00 0 to b e e x p e n d e d
o n the p r o p e r ty , an d th a t In c o n n e c tio n w ith th e lease “ assurances have
been requ ired p r o te c tin g th e S o u th e rn N ew E n g la n d in th e use o f an y
p o r tio n o f the p r o p e r ty o f th e D anielson line It m a y later find It c o n v e n ie n t
o r desirable to use In c o n n e c tio n w ith th e e x te n sio n o f th e G rand T ru n k
system Into this S t a t e .” — V . 92, p . 720 .

St. Louis Brownsville & Mexico R y.— Additional Bonds.—
The company on May 22 applied for permission to register
$1,340,000 additional bonds for improvements on the old
mileage and the construction of new branches, viz.: Port
O’Connor branch, 39 miles; Collegeport branch, 16 miles;
Brownsville Belt, 9 miles, and the Donna Spur, 3 miles.
T h e b on d s w hen Issued will b e p le d g e d u n d er the S t. L ou is & S an F ran ­
c is c o , N ew O rleans T ex a s & M e x ico D iv is io n , m o r tg a g e .— V . 9 0 , p . 1171.

St. Louis Iron Mountain & Southern R y.— Trackage
Agreement.— See St. Louis & San Francisco R R . below.—
V . 92, p. 1437, 528.

St. Louis & San Francisco R R .— Trackage Agreement.—
The company has made an agreement with the St. Louis
Iron Mountain & Southern R y. and the Texas & Pacific R y.
for the joint use for the term of 90 years of the tracks of the
two last-named companies between Memphis, Tenn., and
Baton Rouge, La. (about 80 miles north of New Orleans), a
distance of 380 miles. The new line connects at New Orleans
with the Frisco’s line between New Orleans and Brownsville.
The St. L. & S. F. will pay an annual rental of 2 > £ % on
agreed valuation, and will share in the maintenance of the
line covered by the contract. The deal, which is advantage­
ous to all of the three roads, obviates for the St. L. & S. F. the
necessity of building a line of its own about 400 m. in length
on the west bank of the Mississippi River to connect its lines
north of Memphis with those south of Baton Rouge, and gives
the Frisco a continuous line from the Great Lakes to the Gulf.
(See map on p. 117 of “ R y. & Indus. Section.” )
Chairman B. F. Yoakum says in substance:
T h e link Is p r a c tic a lly a w a te r-g ra d e line, th e gra d e be in g o n ly 10 fe e t to
th e m ile. U n d er th e c o n t r a c t th e Iron M ou n ta in w ill sta rt a t o n c e t o re la y
th e entire line w ith 8 5 -lb . steel rails a n d b a llast It w ith r o c k .
It w ill also
p r o v id e sid in gs, sta tio n s, & c., n ecessary t o m ak e It a high stan d ard p r o p e r ty .
O v er this line th e S t. L o u is & S an F ra n cis c o ca n h a n d le all Its business
from C h ica g o, S t. L ou is, K ansas C ity an d O k la h o m a , co m p r is in g a m ileage
o f o v e r 3,0 0 0 m iles.
In a d d itio n t o this, o u r co n n e c tio n s n o rth o f S t. L ou is
a n d w est o f C h ica g o ca n g iv e this line Its business o n e qu a l term s to a n y o f
th e lines n o w en terin g N ew O rleans.
In a d d itio n , this Joint line w ill han dle
th e business o f the Iro n M ou n tain fro m all the te rrito ry n o rth o f M em phis
a n d w est o f th e M ississippi R iv e r . T o feed this new line a t th e so u th e rn
en d the F risco has 1,200 m iles In L ou isia n a and T e x a s an d th e T e x a s &
P a cific severai h u n d red .additional m iles In L ou isian a.
W h e n th e link Is p u t In h igh -class o p e ra tin g c o n d itio n h a v in g th e bu si­
ness o f 5,000 o r 6,0 0 0 m iles o f road to be co n tr ib u te d b y the tw o co m p a n ie s
Join tly In terested , It sh ou ld p r o v e a p a y in g p r o p o s itio n fro m th e o u ts e t.
T h e a d v a n ta g e t o th e S t. L ouis & San I'r a n c ls c o lies In th e fa c t th a t this
lin e su p p lies th e n ecessa ry link betw een Its p r o p e r ty , e x te n d in g fro m N ew
O rleans th rou gh T e x a s to M a ta m ora s, M cx (across th e riv e r fro m B row n sv l l l c ) , an d Its 6,000 m iles o f ro a d n o rth an d w est o f M em phis w h ich here­
to fo r e had n o p rin cip a l co n n e c tio n s . T h e new fa cilitie s w ill largely incrcfl.sc ou r business fliitl the length o f o u r to n -m ile linulj pu ts us In n p o s itio n
t o h a n d le o v e r ou r ow n rails grain , (lou r, lu m b e r, c o t to n an d c o t to n seed
p r o d u c t s and all o th e r e x p o r ts and Im port business th ro u gh N ew O rleans,
a n d enables us to take ca re o f the Increased S o u th A m e rica n business w h ich
w ill b e olfe r c d w hen th e P a n a m a Canal Is o p e n e d In 1913.

Arrangements with Atchison.— Traffic arrangements have
also been concluded with the Atchison Topeka & Santa Fe
for Pacific coast connections from the territory served by the
St. L. & S. F. lines through St. Louis, Birmingham, Mem
phis and New Orleans.— V . 92, p. 1375, 1179.
Sea View (Electric) RR., Rhode Island.— Lease.— See
Providence & Danielson R y . above.— V . 92, p. 726.
Texas & Pacific R y.— Trackage Agreement.— See St. Louis
& San Francisco li lt , above.— V. 92, p. 1437, 1311.

Virginia Passenger & Power Co., Richmond, Va.— Bonds
Drawn.— The Maryland Trust Co. of Baltimore has drawn
for payment at 105 and interest at its office on July 1 $276,000
Richmond Traction 1st M. 5 % bonds issued under the
mortgage dated N ov. 1 1895.— V . 89, p. 44.
Winnipeg Electric R y. — Possible Stock Issue.— Brouse
Mitchell & Co. of Toronto on May 26 wrote:
T h e s to c k Is n ow q u o te d <at 2 3 5 ^ , h a v in g h ad a con sid e ra b le rise o f late,
o cca sion ed b y th e fa c t th a t the d iv id e n d fo r th e last q u a rte r w as raised
fro m 2 'A % to 3 % , this being co m m o n ly a c c e p te d as an Increase fro m a
1 0 % to a 1 2 % basis. T h e e x p e c ta tio n s an d c o m m o n re p o r t a r c th a t In
d u e cou rse $ 1 ,0 0 0 ,0 0 0 o f new s to c k w ill be Issued to th e sh a re h o ld e rs, thus
Increasing th e Issue t o $ 7 ,0 0 0 ,0 0 0 , the rate o f a llo tm e n t t o b e on e
n ow to six o ld . C om p a re V . 92, p . 1376, 598 .

INDUSTRIAL, GAS AND MISCELLANEOUS.
Allegheny Steel Co.— Stock Increase.— A special meeting
of the stockholders will be held on July 6 to vote on increas
ing the stock from $3,000,000 to $3,500,000.— V . 90, p. 628




1501

THE CHRONICLE

American Cigar Co.— U. S. Supreme Court Decision.—
See American Tobacco Co. below.— V . 92, p. 598.
American Snuff Co.— TJ. S. Supreme Court Decision.—
See American Tobacco Co. below.— V . 92, p. 657.
American Steel Foundries.— Favorable Decision Affirmed.
— See Pressed Steel Car Co. below.— V . 92, p. 1312, 727.
American Tobacco Co.— United States Supreme Court
Orders Dissolution of Company.— The U . S. Supreme Court
on Monday, by a unanimous vote, affirmed the decision of
the lower Federal courts in favor of the Government in the
suit brought to dissolve the company on account of violation
of the Sherman anti-trust law of 1890. As expected, the
Court elaborates on the “ rule of reason” as laid down in the
Standard Oil case, decided two weeks ago (V . 92, p. 1343,
1378), Chief Justice White again writing the prevailing
opinion and Justice Harlan dissenting vigorously from the
reasoning of the remainder of the Court. It is held that the
Court below erred in dismissing the bill of complaint as
against the individual defendants, the United Cigar Stores
Co., the foreign corporations, the British-American and
Imperial Tobacco companies and their subsidiary corpora­
tions. See also editorial remarks on another page.
T h e h igh er C o u rt, In vie w o f th e b r o a d natu re o f Its c o n clu s io n s . Instead
o f a ffirm in g an d m o d ify in g th e d ecision o f th e low er C ou rt, reverses the
de cisio n o f th e latter an d rem an ds th e case t o th e low er C ou rt fo r such
fu rth er steps as m a y b e n ecessary to fu lly c a rry o u t th e d ire ctio n s o f th e
h igh er C o u rt.
,
„
. .
,
T h e low er c o u r t Is g iv e n s ix m o n th s fro m th e re c e ip t o f the m a n d a te o f
th e S u p rem e C o u rt t o "a s c e r ta in an d d e te rm in e u p o n som e plan o r m e th od
o f d is s o lv in g th e c o m b in a tio n an d o f r e -cre a tin g o u t o f th e elem en ts n o w
c o m p o s in g It a n ew c o n d itio n w h ich shall b e h o n e s tly In h a rm o n y w ith an d
n o t repu gn a n t t o th e la w .”
I f. In th e Jud gm en t o f th e low er C o u rt, th e
necessities o f th e situ a tio n requ ire, th e tim e m a y b e fu rth e r e x te n d e d fo r
n o t to e x ce e d 60 d a y s .
If w ith in th e tim e n a m e d a c o n d itio n o f d isin tegra tion Is n o t b r o u g h t
a b o u t, “ it shall be th e d u t y o f th e C ou rt, eith er b y w a y o f an In ju n ction
restraining th e m o v e m e n t o f th e p ro d u cts o f th e c o m b in a tio n In th e chann els
o f In ter-S ta te o r fo re ign c o m m e r c e o r b y th e a p p o in tm e n t o f a r e ce iv e r t o
give e ffe c t to th e requ irem en ts o f th e s ta tu te .
„
“ P en d in g th e b rin gin g a b o u t o f th e result Just s ta te d , each a n d all o f th e
d e fe n d a n ts . In dividu als as w ell as co r p o r a tio n s , sh o u ld b e restrained fro m
d o in g a n y a c t w h ich m ig h t fu rth e r e x te n d o r enlarge th e p ow ers o f th e
c o m b in a tio n b y a n y m eans o r d e v ic e w h a ts o e v e r.
In vie w o f th e con sidera­
tio n s w e h a v e s ta te d , w e leave th e m a tte r to th e C ou rt b e lo w t o w o rk o u t a
co m p lia n c e w ith th e law a n d w ith o u t u n n ecessary In ju ry t o th e p u b lic o r
th e righ ts o f p r iv a te p r o p e r t y .” — V . 92, p . 658, 121.

American Type Founders Co.— Guaranteed 1st Pref. Stock
Offered.— See

Barnhart

Brothers

&

Spindler

below.—

V. 91, p. 1159.

Autosales Gum & Chocolate Co., New York City.— Amal­
gamation.— This company was incorporated at Albany on
April 10 1911, w ith$10,000 of auth. capital stock, which on
May 15 was increased to $6,000,000, all of one class and all
outstanding (in $100 shares), to effect the amalgamation of
important automatic vending machine manufacturing and
operating companies and leading chewing-gum and chocolate
concerns, arranged by Flint & Co., 25 Broad S t., N . Y .
City. The company has made an issue of $3,600,000 6 %
20-year
sinking
fund
gold
bonds,
all
outstanding,
dated May 10 1911, and due May 10 1931, but redeemable on
any int. date for sinking fund at 107 j^ . Par $500, $1,000.
Int. J. &. J. Trustee, Guaranty Trust Co., N . Y . The
underwriting, it is stated, was largely oversubscribed,
subscriptions for $100,000 entitling the subscriber to 7 5 % in
bonds and 7 5 % in stock.
T h e m erger plan p r o v id e d th a t th e a m o u n t o f s t o c k Issued sh o u ld b e re.
strlcte d to such a s u m a s . In th e o p in io n o f th ree e x p e r ts , w o u ld a fte r th e first
c a l.y ear o f o p e r a tio n s , e n a b le th e c o m p a n y t o p a y 1 2 % a n n u a lly th e re o n .
N et earnings o f th e c o n s titu e n t c o m p a n ie s fo r th e ca le n d a r y e a r 1 9 1 0 s h o w ,
It Is r e p o r te d , d o u b le th e a m o u n t re q u ire d fo r Interest o n th e b o n d s o f th e
new c o m p a n y . T h e c o m p a n y is t o sta rt w ith $40 0 ,0 0 0 cash o n hand.]
T h e sin kin g fu n d fo r th e $ 3 ,6 0 0 ,0 0 0 n ew 6 % b o n d s is t o re ce iv e a n n u a lly
a sum n o t less than $50 ,0 0 0 .
, ,
T h e o n ly u n d e rly in g b o n d s w ill b e $ 4 0 6,35 0 5 % b o n d s o f a new s u b sid ia ry
c o m p a n y ,'th e W e ig h in g & Sales C o ., w h ich , it Is s ta te d , w ill be Issued o r re ­
se rve d to retire the $451,455 6 % b o n d s o f the N ation a l A u to m a tic W e ig h in g
M achine C o . (V . 78, p . 705.)
H oldings o f N ew C om pany in P rop erties and C apital S tock.
Stollwerck Interests in U nited S tates.— T h e ch e w in g -g u m a n d c h o c o la te
a u to m a tic v e n d in g business In th e U . S . n o w be lo n g in g to an d o p e ra te d b y
S to llw e rck & C o ., Inclu din g their p lan ts fo r b u ild in g an d repairin g a u to ­
m a tic v e n d in g m achines an d m a n u fa ctu rin g ch e w in g -g u m ; also “ th e Inv e n tlo n s , p a te n ts, p a te n t rights an d Im p ro ve m e n ts therein , fo r th e u n ite d
S tates o f A m e rica an d fo r the D o m in io n o f C a n ada, fo r a u to m a tic m erch an ­
dise v e n d in g m ach in es, a n d fo r a u to m a tic w eigh in g m ach in es, n o w o w n ed
o r c o n t r o lle d ,o r w h ich m a y b e a cq u ir e d , o w n e d o r co n tr o lle d , at a n y t im e
prior to 15 years from d a te b y D eu tsch e A u to m a to n K o m a n d lt G esellschaft
an d G e b ru cd e r S to llw e rck A c tle n G esellsch aft; H ein rich S to llw e rck , L u d ­
w ig S to llw e rck an d Carl S to llw e rck ,
. . . fo r th e term o f said 15 years,
unless the term s o f said p aten ts shall so o n e r e x p ire , an d In th a t e v e n t, fo r
th e life o f such p a te n ts .
„
„
„
,
_
E n tir e Stock or P rop erties or B o th .— H on B o n C o ., N ew Y o r k ; B o n
B o n C o ., L t d ., C anada; R ip e F ru it G um C o ., C h icago; N e w to n G um C o ..
San F ra n cisco : U . S . C oin L o c k C o. N ew Y o r k ; U n ion V e n d in g M ach in e
Co • N . Y . Coin O p e ra te d M achine C o ., N ew Y o r k ; B o sto n Coin M achines
C o ., B o sto n ; N . Y . O pera Glass S u p p ly C o ., S ch an deln & L in d , P h ila .; Jae­
ger A u to m a tic M achine C o ., P h ila.; N am e P late M achine C o ., C olgan G um
C o ., L ou isville: G rover & H askell < o ., B o s to n ; In tc rn a t. V en d in g C o .,B lo o d b erry G um C o ., B rad sh aw 's, L t d ., K e y s to n e T ra d in g C o ., R o y a l R e m e d y &
E x tr a c t C o ., N ational A u to m a tic W e ig h in g M achine C o . ( V . 78, p . 7 0 5 ),
G um & Sw eet-M eat C o ., C h am pion S cale C o ., M an h a ttan I n tr o d u c tio n C o .,
G um S u p p ly C o . (V . 89, p . 1671 V . 91, p . 1449.)
Large M a jo rity o f C a p . Stock Owned— Over 8 5 % o f S to ck .— F ra n co
Sw iss C h o co la te C o. (V . 86. p . 153 3), F r a n co -A m . C h o c. C o ., U .S . N ew s C o .,
N . J .; G reene & Fish C o ., B o s to n .
Over 7 5 % o f S to ck .— A u to m a t ic B ea m
S ca le C o.
Over 9 8 % o f S to ck .— A u to m a tic V en d in g C o ., N . Y .
O ver 7 0 %
o f S tock.— R a ilw a y A u to m a t ic Sales C o. ( .V 75, p. 33.)
T h e new c o m p a n y secures, th ro u gh a c q u is itio n o f th e a b o v e p ro p e rtie s ,
c o n t r a c ts fo r th e a u to m a tic v e n d in g o f certa in o f th e ch e w in g gu m s o f th e
A m e rica n C h icle C o. an d th e Sen Sen C h iclet C o .
B o th th e la st-n a m ed
c o m p a n ie s w ere org a n ize d b y F lin t & C o ., th e first In 1899 ( V . 68, p . 1021,
1130; V . 86, p . 2 3 0 ). th e latter In 1909 (V . 89, p . 1286; V . 9 0 , p . 241 .)
.
O fficers and D irectors.
E xecu tive Com m ittee.— M ayer M . S w a a b J r ., J . W . P a tte r s o n ( P r e s .):
E . I I . C o o k ( V . - P .) , an d W illia m G . H erx (T r e a s .). T e m p o r a r y o ffic e ,
25 B road S t., R o o m 1946. T h e S e cre ta ry Is E d w a rd B . V a n d e rv e e r.
D irectors.— C h airm an o f B o a rd , L u d w ig S to llw e rck , o f S to llw e rck B r o s .;
J . W . P a tte rso n , P res., o f F ra n co -A m e rica n C h o co la te C o .; E . H . C o o k ,
V .- P ., o f A u to m a tic V e n d in g C o .; W . G . H e rx , S e c ., o f S to llw e rck & C o .;
D a v id A . K eller, P res, o f C olgan G um C o .; M ayer M . S w a a b J r ., S e c. S en Sen C h iclet C o .: F ran klin V . C a nning, o f B o n B o n C o .; G eorge F . N e w to n ,
o f N e w to n G um C o .; W illia m C olgan , o f C olgan G um C o .; F ran k S . H as­
tin gs o f E . C. B e n e d ict & C o .; P e rcy H . B ru n d a ge , o f B a rn e y E states C o ..
W illia m I I . F o r c e , o f W m . H . F o r c e & C o .; E . B e v e rly W a ld e n , o f Corn
P r o d u cts C o .; C h as. L . G u lt c k ........................................................................................

1502

THE CHRONICLE

Barnhart Brothers & Spindler, Chicago.— O f f e r in g o f
C u m u l a t iv e 7 % 1 s t P r o f . S t o c k , G u a r a n te e d a s to P r i n c i p a l
a n d D i v i d e n d s by A m e r i c a n T y p e F o u n d e r s C o . — George H.

Burr & Co., New York, in conjunction with Pomroy Bros.,
N. Y ., Chic., Boston, St. Louis, Kansas City, Phila. and
San Fr., recently offered, at 101, the total issue of $1,250,000
7 % cumulative 1st pref. stock, unconditionally guaranteed
as to principal and dividends (in the form below shown) by
the American Type Founders Co. (V. 91, p. 1159). The
issue has been heavily over-subscribed, but the advertise­
ment offering the same appears for record on another page.
A bstract of Statement by President VV. H. French, C hicago. May 23 1911.
Business started In 1869 with a capital of $14,000; in Dec. 1880 Incor­
porated In Illinois under present same name with a capital of $200,000.
In 1910 the capital stock was still the same, and after paying $1,000,000
In cash dividends during the past 21 years surplus and undivided profits
am ounted to over $1,685,000. The New Jersey corporation was organized
in May 1911 for the purpose of acquiring the Illinois corporation and its
incorporated selling branches located In Chicago, New York, W ashington,
St. Louis, Kansas City, Dallas, Omaha, St. Paul and Seattle.
Authorised and Outstanding Capitalisation o f the New Corporation.
1st pref. stock (Issue just placed— E d .)______ ________________ . .$1,250,000
2d pref. stock (all owned b y executives and officers of Barnhart
Brothers & Spindler— E d .) ________________________________ ___
750,000
Common stock (all owned by A m . T yp e Founders C o.—-E d .)____ 1,000,000
The first pref. stock is unconditionally guaranteed, both as to principal
and dividends, by the American T ype Founders Co. It is redeemable
at the option of the com pany in whole or in part on any dividend date at
$110 per share pins accrued dividends.
Barnhart Brothers & Spindler and the A m . T yp e Founders Co. are the
largest type foundry concerns In the United States. The two com panies
own all o f the capital stock of the National Paper & T yp e C o ., which is an
export sales com pany transacting business in M exico, W est Indies, Central
and South Am erica, for both concerns.
Net Profits Ten Years, l o o t to 1910, Averaging over 5 A Times Dividend
on Present First Preferred.
Barnhart Bros. & S p ln d .$1,525,381 ITotal net profits__________$4,038,985
A m . T yp e Founders C o-_ 3,11.3,604(Average per annum ______
493,898
Certified Consolidated Balance Sheet Dec. 31 1910, Including Subsidiaries.
[After giving clfcct as of that date to agreements dated May 19 1911
for transfer o f properties to New Jersey corporation.]
Assets ($3,224,744)—
| Liabilities ($3,224,744) —
Cash........................
$117,537 First preferred s t o c k .. . ..$1,250,000
A cJts. & bills receiv a ble-.
571,079 Second preferred s tock __
750,000
Materials and supplies____
752,591 Common stock ___________ 1,000,000
N at. Paper & 'I'. Co. stock
38,036 Bills p ayable_____________
111,219
Plant and equipm ent____
555,947 A ccounts payable_______
113,525
Deferred charges_________
18,765
Trade-m arks & good -w ill. 1,170,789
This com pany contracts and the A m . T yp e Founders Co. guarantees
that net current assets, inclusive o f our investment in the National Paper
& T yp e C o., shall at all times am ount to at least 100% of the outstanding
first pref. stock. Barnhart Brothers & Spindler has no bonded d eb t. No
bonds can be issued or the pref. stocks Increased except with the written
consent of 75% o f the outstanding pref. stock. [Neither class of preferred
has full voting power except in case the pref. dividend remains unpaid.— Ed.
No dividends shall be paid on the com m on stock at any time until there
has been accumulated a surplus of $300,000, nor shall any dividends be
paid thereon that will reduce said surplus below this fixed sum.
Guarantu Endorsed on First Preferred Stock Certificates.
For value received the undersigned has guaranteed the paym ent of divi­
dends on shares represented by this ccrtillcate according to the tenor
thereof and in case o f dissolution, liquidation, distribution of assets, pay­
m ent of such shares according to the terms of an agreement dated May 19
1911 on file with the Guaranty Trust Co. of New Y ork. [Signed] American
T yp e Founders C o., b y R . W . Nelson, President.]

Booth Fisheries
Y e a r . — The

Co.—

N ew

O f f i c e r s .— C h a n g e

of

F is c a l

following changes have been made:

A . B . Carpenter, form erly department manager of Arm our & C o., has
been elected President and Treasurer to succeed Frank C. Letts, who has
been chosen Chairman o f the board, and K . L. Ames lias been elected a
Vice-President; W . W . Chapin, J. L. Stack and Herbert C. W right have
been elected directors. The com p a n y’s fiscal year, form erly ending A pr. 30,
has been changed to end Dec. 31, and the next report will be for the 20 mos.
ending Dec. 31 1911.

Briti3h-American Tobacco Co.—

U . S . Su p rem e Court D e ­

c i s i o n . — See

Am. Tobacco Co. above.— V. 85, p. 286.
Brown-Ketcham Iron W orks of Indianapolis.— A p p l i c a ­
tio n f o r R e c e iv e r . — Edward W . Pierson, the holder of 20
shares of preferred stock, in behalf of himself and other
pref. shareholders, on May 27 brought suit in the Superior
Court asking for the appointment of a receiver.

The total liabilities arc stated to amount to $1,103,573 (Including $300,­
000 bills payable), while the total assets are $375,000, consisting o f Iron
works at Indianapolis, $100,000: iron works at Hutr, Pa., $75,000, and
accounts receivable, $ 200,000. Judgment Is asked against three officers of
the com pany for an aggregate o f $100,000, being the amount of $53,200
for m oney drawn beyond that due them with interest. The com pany lias
$200,000 com m on and $350,000 6% pref. stock, on which dividends were
paid until May 1 1911, when they were suspended. The loss from opera­
tions from Jan. 1 to April 29 last was, it is stated, $74,386. There are many
contracts on hand, some of the work having been started, but being un­
finished.— V . 76, p. 812.

Central Foundry Co.— M o rtg a g e F i l e d . — The company has
filed its new mortgage to the Central Trust Co., New York,
and James N. Wallace, as trustees, to secure an issue of
$1,500,000 first M. 6 % sinking fund 20-year bonds dated
May 1 1911, but subject to call at 105, per plan V. 92, p.
60, 190.— V. 92, p. 1313, 1245.
Champion Coated Paper Co., Hamilton, O.— S t o c k
d e n d . — The $1,500,000 new common stock
on June 22 will, it is stated, be issued as a
dend on the common shares to distribute
accumulated surplus, the dividend rate to
20 to 10% . Compare V. 92, p. 1376.

D iv i­

to be authorized
100 % stock divi­

a portion of the
be reduced from

Columbus & Hocking Coal & Iron Co.— S a l e

O r d e r e d .—

Judge Sater in the Federal Court at Columbus, Ohio, on
May 29 granted a decree of foreclosure sale on application of
the Bankers Trust Co. as trustee under the collateral trust
purchase money and mtge. bonds of 1906. Compare V.
92, p. 464, 325.
Consolidated Gas, Electric Light & Power Co., Baltimore.

— B o n d s A u t h o r iz e d . — The Public Service Commission of
Maryland has authorized the company to sell $844,000 4 j^ %
gen. M. bonds of the company at not less than 85, and also
$60,000 4 j/2 % gen. M. bonds of the United Electric Light &
Power Co. Compare Y. 92, p. 1376, 798.




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

Consolidated Water Co. of Utica, N. Y . — B o n d s

O ffe r e d —

E a r n in g s .—

Redmond & Co., who are offering a block of 1st
M. 5s, due 1930, at 92j/£ and interest, report:

Gross
Net (after
Int. on
Other
Balance,
Cal. Year—
Earnings.
Taxes). lstM .S s.& c. d ig s.
Surplus.
$39,403 $125,000 $60,368
1910 -------------------- .-.$324,867 $224,771
1908 (not 1 9 0 9 ) .----- 272.939
198,300
----- $171,753----26,547
The com pany has outstanding $1,500,000 com m on stock, $ 1 , 000,000
pref- stock, $2^,500,000 1st M. 5% bonds and $735,000 5% gold debentures.

Creamery Package Manufacturing Co., Chicago.— P l a n

to

The holders of about 90% of the $3,000,­
000 outstanding capital stock have, it is stated, consented
to the plan of the directors to convert the $ 1 , 000,000 treasury
stock into 6 % cumulative preferred shares. The stock, it is
said, will, however, not be formally offered until practically
all of the capital stock has agreed to the proposition. Com­
pare V. 92, p. 1035.
I s s u e P r e f . S t o c k .—

Deere & Co. (Steel Plows, &c.), Moline, 111.— $ 1 , 000,000
S t o c k O f f e r e d . — White, Weld & Co., New York and
Chicago, are offering at 104 and accrued dividend, to yield
about 6.70% (see advertisement on another page), the unsold
portion of a block of $1,000,000 7% cumulative pref. stock,
recently purchased from the company. Preferred as to assets
and dividends. Authorized issue, $40,000,000; out-stand
ing, $23,868,100; not redeemable. Quarterly dividends
accrue from June 1 . Transfer agents, Bankers Trust Co.,
N. Y ., and Illinois Trust & Savings Bank, Chicago; registrars
of stock, Guaranty Trust Co., N. Y ., and First Trust & Sav­
ings Bank, Chicago. Free of tax in Illinois and Missouri.
“ Deere & Co. are the largest manufacturers of steel plows
in the country and arc also important producers of other
farming implements and vehicles.”
P r e f.

Condensed E xtracts from Letter of President W m . B uttcrw orth, Moline,
May 22 1911.
The business was founded in 1837 by John Deere. On account of the
approaching expiration o f Its charter, it was re-incorporated in Illinois In
April 1911. The capitadzation is as follows:
Authorized. Outstan’g . I
Authorized. Outstan’g.
Debentures . . .
Closed
$500,000 7?r> pref. s tk .$ 4 0 ,000,000$23,868,100
o /o gold n o te s .$5,000,000 5,000,0001C om m onstock25,000,000 16,928,400
The pref. stock lias been Issued In exchange for the property and assets
of the old com pany, and in exchange for the branch house and subsidiary
companies allied therewith. Tills exchange was based, $ for $, upon an
audit and appraisal by Haskln-, & Sells and the American Appraisal Co.
The pref. stock is preferred as to assets as well as dividends, is not re­
deemable, a u i dividends, which are cum ulative at the rate of 7% per an­
num, accrue from June 1 and arc payable Sept. 1 and every three m onths
thereafter.
The debentures (of 1902) are serial and all mature within 6 'A years. The
$5,000,000 5% serial gold notes mature $1,000,000 per annum from A ug. 1
1912 to Aug. 1 1916 inclusive. The com pany plans to pay oil both of these
issues out of earnings. No additional bonds or mortgages can lie placed
on any of the property while the 5% serial gold notes are outstanding.
'l’he net earnings for the year ended June 30 1910 amounted to $4,857,342,
while the present preferred dividend requirements amount to $1 670 767.
The net earnings have shown a steady increase for a long period of years.
The average annual net earnings as determined by Haskins &. Sells for the
live years ended June 30 1910. after paym ent of interest, have been $ 3,­
103,673. Since 1868 the com pany and Its predecessors have never had
an unprofitable year and have always paid dividends without interruption.
The com pany and its subsidiaries own unencumbered real estate ap­
praised at $6,400,000 and important equities In other real estate. The net
quick assets at present are in excess of $ 10, 000, 000, and the com pany has
agreed, in connection with its note Issue, to maintain net quick assets of
not less than the amount of the notes at any time outstanding. In the last
nine years the present management has Increased the value of the properties
out of earnings to the extent of more than $12,000,000. The com pany now
occupies, in its plow fa ctory alone, about 35 acres of floor space, em ploys
2,000 operatives and. with its branch houses, transacted a gross business
In the year ended June 30 1910 o f about $30,000,000. This business is based
on the tilling o f the soil and upon the necessity of the plowing and cultiva­
tion thereof, whatever the ultimate outcom e of the harvest.
The proceeds o f this $1,000,000 7 % pref. stock have been used in part
payment for the properties of the Syracuse Chilled Plow Co., whicli will add
materially to the business and profits of the com pany, 'flic Syracuse com ­
pany manufactures a line o f non-com peting plows sold , Hnclpaily in mar­
kets where steel plows arc not salable because of peculiar soli conditions.
See further data In V . 92, p. 1245, 1313.

Denver Gas & Electric Light Co.— C o n s o l i d a t io n .— The
stockholders will vote on July 11 on merging the Denver
Gas & Electric Co. and Lacombe Electric Co.— V . 90, p. 1 1 2 .
Des Moines (la.) Water Co.— P o s s i b l e S a l e to C i t y . — See
“ Des Moines” in “ State and City” department.— V. 87, p.169.
Dreamland Corporation, Coney Island, N. Y .— F i r e . —
Early May 27 a fire destroyed the company's buildings and
equipment, estimated as worth some $1,500,000, with insur­
ance of only between $400,000 and $500,000; injured the pier
of the Iron Steamboat Co, to the extent of possibly $200,000,
and destroyed considerable adjoining property.
There Is a m ortgage of $750,000 in favor of the People’s Trust Co. on the
Dreamland property and to protect the m ortgage the property was Insured
for something less than $500,000.— V . 90, p. 1298.

(E. I.) du Pont de Nemours Powder Co., Wilmington,
Del.— T o A u t h o r iz e 6 % P r e f . S t o c k . — The shareholders will
vote June 26 on amending the certificate of incorporation
so as to permit the creation of $25,000,000 6 % pref. stock
to replace the present auth. issue of $25,000,000 5 % pref.
stock ($16,068,801 outstanding).
The proposition Is to amend A rt. IV . increasing the authorized pref.
capital from $25,000,000 to $50,000,000, which proposed Increase shall be
divided into 250,000 shares, and entitle the holders thereof to 6% cumu­
lative dividend, and shall be non-voting except when default lias been made
in the paym ent of any dividend due thereon, and such default shall con tlnuc for six m onths, in which event the holders of said stock shall have
b r i g h t to vote at all meetings o f stockholders during the continuance of
such default, and not otherwise, to the same extent as the holders o f stock
v o 9^ vot ng Powers. See advertisem ent on another page and plan
V. 02, p. 1314, 1181.

Economy Light & Power Co.— R e p o r t .—
Year end.
Gross
A p ril 30. Earnings.
1 9 1 1 ---------- $430,375
1910 - - - - - 406,746
— V. 91, p. 1508.

Net
Earnings.
$214,143
189,092

Int­
erest.
$79,813
75,743

Divl(fends.
(2% )$60,000
( A ) 15,000

Balance,
Surplus.
$74,33(
98,341

Harbison-Walker Refractories Co.— B o n d s C a l l e d . — Ninetj
two bonds of the Harbison-Walker Co. have been called fc

payment at 105 and interest on Sept. 1 at the Fidelity Title
& Trust Co., Pittsburgh, trustee.— V. 91, p. 1510.

Imperial Tobacco Co.— U n it e d

1503

THE CHRONICLE

J u n e J 1 91 1 -1

S ta te s

S up rem e C ourt D e­

c i s i o n . — See

American Tobacco Co. above.— V. 85, p. 287.
Indianapolis Water Co.— B o n d s C a l l e d . — The $1,000,000
41 ^ % bonds dated June 30 1900, most of which have been
exchanged for the new 1 st and refunding 30-year 4J^s, have
been called for payment on July 1 at 105 and interest at the
New York Trust Co., trustee. Compare V . 91, p. 1713.—
V. 92, p. 1113.

Pounds—
1911.
1910
| Pounds—
1911.
1910.
J a n u a ry ......... 9,789.039 10,633,020 IA p r i l ________ 9,793,817 9,480,150
F e b ru a ry ____ 0,857,962 8 ,6 5 3,16 0 1M a y ___________ 9,832,300 10,038,177
March ______ 10,197,516
9,786,726|
---------------- ----------------T otal (pounds) for five m onths................................... 49,471,234 48,591,839
Custom ores business added a further am ount for the 5 m os. of the current
year of 0,180,258 lbs.— V. 92, p. 1246, 877.

Pittsburgh

&

Allegheny

Telephone

Co.—

P aym ent

of

C o u p o n s . — The

receivers have been authorized by the Court
to pay the coupons due June 1 on the $1,400,000 5% bonds.

It is reported that the com pany has between $250,000 and $300,000 cash
In bank. The paym ent will be m ad •through the Duqucsne National Bank.
— V. 92, p. 122.

Pittsburgh Coal Co. — R e p o r te d S a l e . — See United States
Steel Corporation below.— V. 92, p. 724.
Pressed Steel Car C o. — D e c i s i o n . — The United States Cir­
In 1910 and 1909 semi-annual distributions of $40 each per S I.000 share cuit Court of Appeals has affirmed the decision of Judge
were m ade. The Nashua Manufacturing Co. recently offered to purchase Hazel in Oct. last holding that the company has infringed the
the property of the com pany, but was enjoined from holding a stockholders’
meeting to authorize a conveyance until the consent of all the m inority patent of the Simplex Railway Appliance Co. (controlled by
stockholders was obtained or the case heard. Compare V . 92, p. 1113; the American Steel Foundries) and granting a permanent
V . 91, p. 1773.
•
injunction against the Pressed Steel Car Co. Compare V . 91,
Jones & Laughlin Steel Co.— S a l e o f B o n d s . — It was an­ p. 948.— V. 92, p. 458.
nounced on May 30 that the company had sold to Blair &
Pullman Company, Chicago.— O p e r a t io n s . — The “ Chicago
Co., New York, and the First Trust & Savings Bank, Chicago,
Inter-Ocean” on May 26 said:
810,000,000 1st M. sinking fund 5% gold bonds, dated
The com pany Is now operating its plants at about one-third of capacity.
May 1 1909, part of an authorized issue of $30,000,000, of This is the lowest basis of operations touched since the panic. Since Jan. 1
have averaged about 50?i <f capacity.
which $25,000,000 will now be outstanding. These bonds operations
There is this, how ever, to remember: The com pany is a great transpor­
are due May 1 1939, but are subject to call on or after May 1 tation concern, selling high-class service on 85 to 90% o f total Am erican
mileage. This business is alone sufficient to take care of the 8 % dividend
1914 at 105 and int. The bankers have placed all, or sub­ on
the stock. Pullman officials adm it that there has been a sharp recession
stantially all, of the bonds (V. 88 , p. 1256). The proceeds in travel all over the country during the last six weeks. Previous to that,
e of travel was well up to the same period o f 1910. General travel, It
will reimburse the company for expenditures made and to be volum
Is estim ated, is 5% and com m ercial travel is 50% below normal.
made on the new plant at Aliquippa (Woodlawn), Pa., about
T h e fact that car-building operations are being conducted at all is due,
20 miles from Pittsburgh. The “ Iron Age” of New York of course, to the passenger and sleeping-car end o f the business. It Is
officially adm itted that the com pany has no freight-car orders whatever on
on May 4 said:
.
.
... .
Its books and the big new steel freight-car-plant, which cost over $1,000,000

Jackson Co., Nashua, N. H.— N o

D iv id e n d —L itig a tio n .—

On account of poor business the company has decided not
to pay a dividend on June 1 on the $600,000 stock.

The four T albot open-hearth furnaces of the com pany at Aliquippa arc
rcad v for operation, but as yet no date has been fixed for starting them;
each will have a dally output of about 225 tons of steel. W ork Is progress­
ing rapidly on the 12 hot tin mills at A liquippa, and they arc expected to be
ready for operating about Oct. 1. The new Morgan double rod mill, also
now being built at Aliquippa, Is expected to be ready about the same time.
— V . 90, p. 1365, 505.

Knickerbocker Ice Co. of Chicago.— R e f u n d in g — N o te s
C a l l e d . — The

company has called for payment at 101 & int.
at the First Trust & Savings Bank of Chicago, trustee, all
the outstanding $ 1 ,200,000 6 % collateral gold notes which
were extended to Jan. 1 1912. A new first mortgage, it is
reported, will be made, possibly for $ 6 ,000 ,000 , under which
about $4,000,000 bonds will be issued and the old bonds
(none of which have been sold) retired.— V. 92, p. 393, 326.

Merchants' Despatch Transportation Co.— I n c o r p o r a t e d . —
The company was incorporated in N. Y . on May 11 with
$ 5 ,000,000 of auth. stock, as successor of the joint-stock asso­
ciation of the same name, $2,656,000 of whose $4,989,500
outstanding stock was owned by the N. Y . C. & II. R. RR.
and $2,333,500 by the Lake Shore & Mich. Southern Ry.
Dividends at the rate of 8 % have heretofore been paid.
T he stock of the new com pany is all held by the New Y ork Central and
Lake Shore com panies as heretofore, whose officials arc Incorporators of
the new com pany.

Nassau & Suffolk Lighting Co., Hempstead, Rockville
Centre, Freeport, &c., N. Y .— P r e f . S t o c k O f f e r e d . — W. E. It.
Smith & Co., 20 Broad St., New York, are offering at par
($100 a share) and accrued dividend, the unsold portion of
$270,000 treasury 6 % cumulative prof, stock. Divs. J. & J.
Abstract of Letter from President (ieorge M acDonald, 146 Broadway
New York, April 10 1911.
The com pany was Incorporated in May 1905 and supplies gas to Hem p­
stead, Hempstead Manor, R oosevelt, Mlncola. Merrick, Baldwin, Rockville
Center, Freeport, Garden City, Garden City estates and Intervening terri­
tory on Long Island adjacent to N . Y . City.
Capitalization: Pref. stock auth., S420.000, outstanding, $150,000 (sold
at par for Improvements and extensions); com m on stock, $500,000, all out­
standing; 1st M. 5s. due 1935, $500,000, all outstanding. (V . 88, p. 1025
Owns nine franchises (all perpetual except three, which expire In 1955)
covering the town (township) of Hempstead and North Hempstead, a terrltory of about 140 sq. miles, bounded by N. Y . City on the west, Oyster
Bay on the cast, the Atlantic Ocean on the south and L ong Island bound on
the north. The perpetual franchises In the town of Hempstead cover both
gas and electric current. None of the franchises contains objectionable
restrictions. Population served estimated at 40,000. W ith the Increased
transportation facilities offered by the Long Island R R . C o., the Brooklyn
subway, Quccnsborough Bridge and the Belmont tunnels, tills population
will undoubtedly increaso very rapidly. There arc now" over 1,000 houses
under erection In the com p any’s territory.
The plant Is of modern construction, with private railroad spui anil suf­
ficient land for future extensions; It Is ample In size to take care of over four
times the business wc arc now doing. An additional 6-foot generating set
and a purifier with a capacity of 1,000,000 cu. ft. per day was Installed only
a few months ago by the United Gas Im provem ent Co. and the Cruse
Kemper Co , respectively. A bout 3,200 consumers using gas and 048 street
lamps are connected with our 120 miles of gas mains. Rate charged for
gas $1 50 per 1,000 ft., except In Freeport, which Is $1 40. Average price
for street lighting $26 50 per annum per lamp.
Statement o f Earnings for Year ending.
1910.
1909.
1908.
1907.
1906.
Gross earnings........................ $112,897 595,891 $86,088 $67,301 $48,402
Net earnings......... ................. $54,738
$41,147 $44,351 $32,775 $27,250
Bond In te re s t.................
25,000
25,000
25,000
25,000 ^25,073

to construct, Is entirely closed dow n. The pay-roll to-day numbers not
much over 9,000 men, against 14,000, the high point of 1910.— V . 92
p. 1377, 1114.

Standard Screw Co.— R e p o r t . — Year ending March 31:
Fiscal
Net (after
Interest,
Year—
Deprec'n..&c.)
&c.
1 91 0 -1 1.............$375,927
$31,324
74,172
1909-10_______ 454,554
— V. 90, p. 1611.

Turner D ay

P ref. Divs.
(6 % ).
$120,000
120,000

& Woolworth

Com. Divs.
(6 % ).
$150,000
149,814

Handle Co.—

Balance,
Surplus.
$74,603
110,568

M erger— N ew

O ffe r .—

A special despatch from Louisville on May 27 to the
“ Cincinnati Enquirer” said:

The Am erican Handle C o., a $3,000,000 Delaware corporation, organized
b y M. It. Grace, has subm itted a new offer to stockholders of the Turner
Day & W oolw orth Handle Co. The oiler comprises four options, as follows:
(a) 1 Yi shares pref. stock in the com bine for each share o f com m on or pref.
o f the local concern; lb) $20 cash paym ent and 120% of new com pany's
pref. stock; (c) $100 cash paym ent, one-thtrd dow n, balance in 6 to 12 m os.,
secured by notes and pref. stock of the new com pany; (d) $90 cash paym ent,
balance In 6 and 12 m os., and 25% of com m on stock of the new concern.
A fter Jan. 1 1912, It Is stated, pref. com bine stock m ay be retired at $115.
The American Co. plans to consolidate a number of the large manufac­
turing Interests throughout the cou n try.— V . 84, p. 629; V . 77, p. 2103.

Underwood

Typewriter

Co.,

New

Y ork.— R e m o v a l

of

O f f i c e s . — The

executive and sales offices were removed on
June 1 from 241 Broadway to 30 Yesey Street, corner Church,
the company occupying all but 5 floors of the 18-story build­
ing.— V. 92, p. 1315, 799.
gg
Union Oil Co., Los Angeles, Cal.— S a l e o f B o n d s . — The
company, it is reported, has arranged to sell to a syndicate a
block of $5,000,000 5% bonds of the $20,000,000 issue re­
cently authorized. Further bonds may be sold later.
The bonds, it Is stated, will be placed on sale In California, also In Switzer­
land, New York and Chicago, London, Paris. Berlin, Am sterdam . James
It. Adams & Co. and the William R . Staats Co. o f Los Angeles and San
Francisco, arc. It Is salt, Interested In the syndicate.— V. 92, p. 1373.
Change o f N am e— E x ­
company, as already announced,
has recently acquired the last outstanding shares of stock of
the old American Bank Note Co. and to simplify the organiza­
tion has filed a certificate of merger under the N. Y . law.
Permission has been obtained from the Supreme Court of New
York to assume the name “ American Bank Note Co.,”
effective June 17 1911. On and after July 15 1911 stock cer­
tificates in the new name will be ready and may be had by
stockholders desiring them. See also V. 92, p. 1315, 723.
United Cigar Stores C o.— U . S . S u p r e m e C o u r t D e c i s i o n .—
See American Tobacco Co. above.— V. 88 , p. 1139.

United Bank Note Corporation.—

c h a n g e o f C e r t if ic a t e s . — This

United -States Motor Co., N . Y . — $12,500,000 6 % C o n ­
v e rtib le B o n d s — P r e s e n t I s s u e S6,000,000 U n d e r w r itte n — T o B e
O ffe r e d to S to c k h o ld e r s at 9 2 . — The stockholders will vote

June 10 on (1) increasing the auth. com. stock from $15,00 0,­
000 to $27,500,000, making the total auth. share capital
$42,500,000, consisting of $15,000,000 1st pref. and $2 7,­
500,000 common. (2) Authorizing an issue of $12,500,000
6 % bonds, payable in five years from the respective dates
thereof, redeemable at option of company on any int. date
Surplus ............................... $29,738
$16,147 $19,351
$7,775
$2,225 after two years from the issues thereof and convertible
Considering the large amount of construction work now com pleted and at par into common stock at option of holder at any time
the Improvements and extensions to be made with the proceeds from the
(3) Authorizing the execution of a trust
sale of the treasury stock, I estimate that the earnings of the com pany will after two years.
agreement whereby the rights of the bondholders and
Increase 100% during the next four years. See also V . 88, p. 1625.
Now York Transportation Co.— D e c is io n .— The U. S. the obligations of the company are to be defined. (4) Auth­
Supreme Court on May 29 unanimously upheld the city orizing a present issue of $ 6 ,000,000 of said bonds and an
ordinance under which the Fifth Avenue Coach Co., which is agreement for the underwriting of the same; and the reserva­
controlled by the company, is required to remove advertising tion of $6,500,000 bonds for future use upon terms to be pre­
scribed in the trust agreement. (5) The reservation of com­
signs from its passenger coaches.— V. 92, p. 960.
Fachuca Light & Power Co.— L is t e d . — The London Stock mon stock for the conversion of bonds. ( 6 ) Authorizing an
offer to the stockholders of the privilege to subscribe for their
Exchange has listed the £800,000 1st M. 5s. Compare
pro rata shares of said $6,000,000 of bonds at 9 2 % and ac­
Y . 91, p. 1331.
crued interest, payable 42% of such face value on July^l4
Phelps, Dodge & Co.— C o p p e r P r o d u c t i o n .— The produc­ 1911 and 5 0 % and interest on Oct. 2 1911.
tion of copper by the Copper Queen, Detroit and Moctezuma Digest of Statement Signed by President Benjamin Briscoe, May 25 1911.
mines, owned by Phelps, Dodge & Co., for the five months
The officers and directors have arranged a plan. In co-operation with
bankers, whereby there shall be authorized an Issue o f 5-ycar 6% con vertible
ending May 31 1911, was 49,471,234 lbs., as follows:




1504

THE CHRONICLE

debentures In the principal sum o f $12,500,000, Interest payable semi­
annually. The $6,000,000 to be Issued presently have been underwritten,
and they are .to be offered to stockholders at the price o f 92 % o f their par
value; denominations $500 and $1,000.
The need for larger working capital has been occasioned b y several things:
(a) Increased business; (6) necessity for larger Inventory to carry the In­
creasing m anufacturing operations with econom y; (c) the m anufacture of
com m ercial vehicles, which department Is already assuming large propor­
tions; (d) the establishment of additional selling branches.
The com pany Is now behind on Its orders to the extent o f 6,279 cars and
com m ercial vehicles, as follows:
Unfilled Orders on Hand fo r Immediate Shipment.
Price $800 and under__________2 ,8 6 9 1Price $1,501 and over.....................401
Price $801 to $1,500-----------------2 ,8471Commercial vehicles____________ 162
All o f these vehicles could have been made and shipped prior to this time
had the com pany had sufficient working capital.
Y our com pany has, nevertheless. Increased Its business as follows:
Sales fo r the N ine Months ending M a y 1.
1909-10.
1910-11.
Increase.
First quarter.............................................$2,099,038
$3,294,997 $1,195,959
Second quarter_____________________ 3,627,272
3,795,776
168,504
Third quarter______________________ 6,929,300
7,550,516
621,216
T otal.....................................................$12,655,610 $14,641,289 $1,985,679
During the past year a process o f consolidation and concentration has
been carried ou t that has resulted In a m uch more effective working organi­
zation and great econ om y. It has taken several months to bring about the
Improved conditions that now exist In the operating end of the business, and
with the Im proved financial position In which the com pany will find Itself
under the plan now subm itted, the officers anticipate for It a bright future.
Compare V . 92, p . 953.

United States Steel Corporation.— P r i c e R e d u c t io n . — After
a meeting of the representatives of the leading manufacturers
of finished steel (not including the Republic Iron & Steel Co.,
which last week cut prices), it was determined that recent
developments seemed to require reductions in prices, which
it is expected will stimulate trade.
The subsidiary companies made adjustments effective June 1 which It Is
believed will be generally follow ed. The com m odities affected, with new
prices, are as follows: Steel bars (15 cents per 100 lbs. reduction), $1 25
base; plates and structurals (5 cents per 100 off), $1 35 base;-black sheets
(20 cents per 100 o ff), 2 cents a lb. for N o. 28 gauge; galvanized sheets.3
cents a lb. for N o. 28 gauge; blue annealed sheets (10 cents per 100 o ff),
$1 50 for N o. 10 gauge; steel billets 4 Inches square and larger, $21 per gross
ton [were $23]; sheet bars, $22 a gross ton. Prices are f.o .b . Pittsburgh,
effective June 1 1911 for shipm ent prior to O ct. 1.

Most of these prices are lower than at any time since the
reduction which took place during the unsettlement in 1909,
and some of them are almost as low as at any time since the
formation of the Steel Corporation in 1901.
R e p o r te d A c q u i s i t i o n . — The company, it is reported, has
arranged to acquire, or is negotiating, for the purchase from
the Pittsburgh Coal Co. of its coking coal lands, including 7,000
acres in the Connellsville field and a number of beehive ovens,
for a price reported as about $15,000,000. The sale of the
lands, it is stated, will enable the Pittsburgh Coal Co. to re­
duce its outstanding bonded debt $12,600,000 and put it on
a good financial footing. The report has not been confirmed.
B o n d s C a l l e d . — One hundred ($100,000) 1st mtge. bonds
of the H. C. Frick Coke Co. have been called for redemption
on July 1 at 105 and interest at the office of the Fidelity
Title & Trust Co., Pittsburgh, Pa.— V. 92, p. 1315, 1182.
Warren Bros. Co., Bitulithic Pavements, Boston.— S t o c k
D i v i d e n d . — A dividend of 10% has been paid on the $2,000,­
000 common in second preferred 7 % cumulative stock, the
common having paid no dividends for the past five years.
The Issue o f the $200,000 additional second pref. Increases the outstand­
ing 2d pref. to $300,000. There Is also outstanding $1,500,000 6% first
pref. stock. Sales at present, It Is stated, are 25% ahead of a year ago and
com m on dividends would have been regularly begun a year ago had It not
been that the rapid growth of business has made It necessary to conserve
working capital. The balance sheet as o f Dec. 31 last showed cash and
debts receivable o f $1,812,910, com pared with $1,063,329 last year, a sur­
plus of $1,018,672, against $560,088, and total assets and liabilities of
$6,356,451, against $4,984,695.— V . 90, p. 171.

— William R. Staats Co. of Los Angeles, Cal., announce
the appointment of Harrison Dibblee as their San Francisco
representative. Mr. Dibblee was recently with the bond
house of Barroll & Co. The Staats Company has taken
temporary offices at 612 Merchants’ Exchange, San Fran­
cisco, pending the opening about Sept. 1 of permanent
offices in that city under the management of John W .
Edminson, formerly a member of the firm of N. W . Harris
& Co. of Chicago, New York and Boston. Mr. Dibblee will
continue to be associated with the permanent offices.
— To net the investor a return of 6.70% , White, Weld &
Co., 5 Nassau St., N. Y ., and The Rookery, Chicago, are to­
day advertising on another page $1,000,000 Deere & Co.
7 % cumulative pref. stock, preferred as to assets and divi­
dends. This stock is free of tax in the States of Illinois and
Missouri. See the advertisement in our “ General Invest­
ment News Dept.” for full particulars.
— E. B. Shapker & Co. is the style of a new Chicago bond
firm at 234 South La Salle St. For the past eight years
Mr. Shapker has been a prominent salesman for MacDonald,
McCoy & Co. and McCoy & Co., and prior to that period
was with R. G. Dun & Co. The “ company” of the firm is
Fred. W . Norwood, a successful Chicago business man.
— The Union Trust Co., Chicago, bond department, is
advertising in this issue of the “ Chronicle,” a list of securities
to which the attention of investors is invited. The offerings
include railroad, municipal and corporation issues at prices
showing attractive yields on the investment
— Francis Skiddy Marden, formerly of Britton, Marden &
Co., I l l Broadway, has been admitted into the New York
Stock Exchange firm of Hollister, Lyon & Walton, 1 Wall
Street, this city.
— Kissel, Kinnicutt & Co., 37 Wall St., New York, have
prepared a circular calling attention to “ the stable earning
ower and strong financial condition of the Diamond
tatch Co.

S




3

[VOL. LXXXXII.

klxc G k u m n x m a i J 'i m x ? .
COMMERCIAL EPITOME.

F r i d a y N i g h t , J u n e 2 1911.
The tendency is towards a slow improvement in trade,
which may ultimately be furthered by the recent cuts in iron
and steel, not to mention the favorable outlook for the crops
of grain and cotton. Stocks of merchandise are as follows:

.
June 1 1911. M ay 1 1911. June 1 1910.
Coffee. Brazil, b a g s .-------- ---------------- 2,044,321
2,068.785
2 ,850,617
Coffee, Java, bags.................................
15,560
17,563
39,029
Coffee, other--------------------------------------- 292,066
235,988
339,786
Sugar, tons----------------------------------------41,437
25,000
42,000
Hides, N o -------------------------------------------8,100
16,000
17,633
Cotton, bales_________________________ 106,532
133,496
250,589
Manila hem p, bales_________________
4,444
4,127
3 543
Sisal hemp, bales____________________
726
5,205
1,539
42,600
59,300
51,200
Flour, barrels and sacks______________

LARD has declined; prime Western here 8.45c., City 7.70c.
refined for the Continent 8.65c., South America 9.70c.,
Brazil in kegs 10.70c. Futures are lower in accord with
lower prices for hogs at the West.
D A IL Y CLOSIN G P R IC E S OF L A R D F U T U R E S IN NEW YORK.
Sat.
M on .
Tues.
Wed. Thurs. F ri.
May delivery.................... 8.25
8.20
H oll________
____
July delivery....... ............ 8.25
8.20
d a y.
8.15
8.23
8.15
D A IL Y CLOSING P R IC E S OF L A R D F U T U R E S IN CHICAGO.
Sat.
M on.
Tues.
Wed. Thurs. F ri.
8 .07}$
H oll.
...
____
May delivery___________ 8 .17}$
July delivery.................... 8.22}$ 8.15
d a y.
8.05
8 .1 2 }$ 8.05

PORK on the spot has been easier and dull. May pork
ended in Chicago at$14 37K Mess
here$17 75@ $18,
clear $15 75@$17 and family $18 50@$19 50. Cut meats
in moderate demand. Pickled hams ll@ 1 2 c ., pickled
bellies, clear, l l ) ^ @ 1 3 ^ c . and pickled ribs l l @ 1 2 ^ c .
Beef, mess $12 50@ $13,
packet 13@$13 50, family,
$13 50@$14 50 and extra India mess $20@$20 50. Tallow
5% c. for City. Stearines 8 ^ c . for oleo and 10@10)^c. for
New York lard. Butter higher, but latterly less firm;
creamery extras 22@22J/£c., firsts 2 1 @ 2 1 ^j. Cheese steady;
State, new, whole milk, colored, fancy, lO ^ c . Eggs,
Western firsts, 1 5 @ 1 5 ^ c ., extras, 19@22c.
OIL.— Domestic linseed steady; City, raw, American seed,
90@91c.; boiled, 91@92c.; Calcutta, raw, $ 1 . Cotton seed
has been dull and at times somewhat depressed; winter
6.35@6.60c.; summer white, 6.50@ 7.50c.; crude 5.60c.
Cocoanut has been quiet; Cochin 8 j ^ @ 8 % c., Ceylon 8 % @
8 % c., corn 6.10@6.15c. Olive quiet at 88@ 90c. Lard
firm; prime 75@90c.; No. 1 extra, 63@70c.; Newfoundland
cod, 57@58c.; domestic 54@ 56c., with a steady demand.
COFFEE on the spot has continued firm but quiet. Rio
No. 7, 12J4@12% c.; Santos No. 4, 12% @ 13c. Futures
have latterly advanced, though trading has been rather light.
Bull manipulation has been apparent. Foreign markets
have advanced. Santos has sent complaints of damage
by drought.
Closing prices were as follows:
J u n e _____ 10.65@10.70J Oct ______ 10.51 @ 10.53 F e b ____
July
. . . 10.71@ 10.73 N ov _____ 10.39@ 10.40 M a rch ____
______ 10.37@ 10.38 A p r il.........
A ug
10.68@ 10.70 Deo
S ept____ . 10.57@ 10 .5 8 |Jan ______ 10.37@ 10.38 M a y _____

1 0.37@ 10.38
10.37@ 10.38
10.38@ 10.39
10.3 9@ 10.40

SUGAR.— Raw has been quiet and steady at home and
abroad. Centrifugal, 96-degrees test, 3.86c.; muscovado,
89-degrees test, 3.36c.; molasses, 89-degrees test, 3.11c.
Refined dull. Granulated 5c. Teas steady but quiet,
though active and firm in the Far East.
PETROLEUM.— Fairly active. Refined, barrels, 7.25c.;
bulk, 3 . 7 5 c. and cases, 8.75c. Gasoline, 86 -degrees, in 100gallon drums, 18Me.; drums, $8 50 extra. Naphtha, 73@
76-degrees, in 100 -gallon drums, 16%c.; drums, $8 50 extra.
Spirits of turpentine, 57 after touching 56)^c. Rosin $6 75
for strained, common to good. Hops still quiet but strong,
with supplies light.
TOBACCO.— Trade is without particular new feature,
manufacturers continuing to purchase on a hand-to-mouth
basis; in some cases they have diminished their output.
Binder stocks are light, owing to the larger consumption
during the last few years, together with the fact that crops
of binder of late have been below the usual standard. This
encourages holders of binder to expect that prices will at
least be sustained. Filler stocks are large, with the demand
small. At the recent inscription sale in Amsterdam the
United Cigar Co. and the American Tobacco Co. took the
greater part of some 2,400 bales, at firm prices. The
Tobacco decision of the U. S. Supreme Court was adverse to
the American Tobacco Co.
COPPER has been firmer, with bull speculation dominant
in Europe. Lake 1 2 ^ c . nominal, electrolytic 1 2 % c .,
standard 12c. Tin has risen by leaps and bounds in London,
owing to the corner. Spot hero 4 5 % @ 4 5 % c ., with little
available. London conditions are similar to those of the
Secretan corner of 1888. Spelter 5.40c. Lead 4J^c. Iron
in more demand; No. 1 Northern $15@$15.50, No. 2
Southern $14 75@$15 25. Pig iron trade is waking up un­
mistakably, but the cuts in all steel except wire and rails
have caused no increase in business. Rails are in somewhat
better demand.

1505

THE CHRONICLE

J u n e 3 1911.

On Shipboard, Not Cleared fo r C O T T O N

.

2 1911.
THE MOVEMENT OF TH 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
27,726 bales, against 38,360 bales last week and 64,970
bales the previous week, making the total receipts since
Sept. 1 1910 8,295,579 bales, against 6,996,658 bales
for the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,298,921 bales.
F r id a y N ig h t, J u n e

Tues.

M on.

Wed.

Thurs.

F ri.

Great
Britain. France

June 2 at—

Other Coast­
Germany. Foreign wise.
532
7,687
3,000

11,618
52

New Orleans.
Galveston —
Savannah —
Charleston —
M o b ile ---------N o r fo lk -------New York —
Other p o r t s ..

2,165

4,395

2,048

1,506

1,812

1,500
1,000

100

1,200
300

"1,566
200

T otal 1911T otal 1910T otal 1909-

6,713
37/140
25,847

6,001
931
12,068

14,531
13,648
26,997

13,270
16,326
28,724

Leaving
Stock.

Total.

1,065

18,710
8,804
3,000

7,000

5,366
7,000
4,200
1,500

62,161
14,790
15,300
8,094
1,685
7,362
126,130
15,741

8,065 48,580
9,990 78,336
13,164 106,800

251,263
373,933
401,020

Total.

Speculation in co.tton for future delivery has been rather
quiet and at times prices have weakened. Yet the longexpected and very favorable June report by the Government
Port A rthur-----Texas City, & c._
Prices of late have, indeed, shown a rising
*414
4",H 5 ll", 160 had little effect.
l",746
2,106
"894
1,887
New Orleans-----tendency, principally owing to reports of dry weather and
G u lfp o r t..............
"314
51
"7 2
" ‘2
’ "35
"1 5
"155
bullish manipulation. The weekly Government weather re­
3,468
3,468
P en sa cola ---------3 30 port of Wednesday last really had more influence than the
" lo o
"230
Jacksonville, &c.
2,991
‘ 529
"223
"766
"732
459
282
opening report for the season on the condition, which ap­
B ru n sw ick -------"442
"236
peared to-day. The weekly report stated that dry, hot
"2 4
"3 4
"8 2
■ "b
"<H
G e o rge tow n -----weather had prevailed over a wide area of the belt, adding
"2 3
‘ "5
""4
‘” 4
""6
" ‘ "3
W ilm in g to n -----2,016
that rain is needed in Texas, Oklahoma and Georgia, as well
226
"626
236
17
536
375
—
—
. . . .
N ’ port News, &c.
as in the Carolinas, Mississippi, Arkansas, lennessee and
"742
270
"5 1
"421
Florida.
Various reports previous to the Government
613
2
25
133
152
301
1,226 report issued
248
978
during
the
week
made
the
con­
—
—
—
—
—
—
Philadelphia-----dition better than as reported by the Government
9.7911 27,726
5,433 1 1,588
4,450
3,459 1 3,005
a year ago. Some preferred to hold aloof, awaiting
Totals this w eek.
the Government’s statement of the case. Meantime, how­
_
______ ___ week’s ----------------r ._,
ever, shorts became nervous and covered, contributing as
since Sept. 1 1910, and the stocks to-night, compared with
much as anybody to bring about higher prices. The receipts,
last year:
moreover, have been small. The weekly statistics were con­
Stock.
sidered in the main bullish, though the spinners’ takings have
Receipts to
of late fallen somewhat below expectations. Cotton goods
This Since Sep This Since Sep
June 2 .
have been in somewhat better demand at rather stronger
1910.
1911.
1 1909.
Week.
1 1910.
Week.
prices. Lancashire is still apparently doing a good business.
23,594
49,833
8,285 2,446,351
4,401 2,724,874
Galveston_______
Spinners on this side of the water are not supposed to be very
142,281
206,943
Port A rthur_____
73,758
360,083
well supplied, as a rule, with the raw material. On the other
Texas City, & c_80,871
88,370
New O rlean s.-i.- 11,160 1,535,982 14,145 1,227,524
1 he big
8,264
464 hand, Liverpool’s spot sales have continued small.
34,211
Gulfport ____ 17,051
6,890
197 241,220
314 249,344
“ cuts” in steel and a break in the stock market at one time
M o b l l e ---------- i n
136,985
122,678
3,468
P ensacola----------were not calculated to help any branch of trade. Curtail­
39,994
312
24,365
330
Jacksonville, & c.
27,92 1 ment of production of cotton goods is persistent and wide­
6,498 1,309,434
18",300
2,991 1,401,499
Savannah----------907
675
503 223,532
222,434
Brunswick-----Trade may be a little better,
8,094
4,815 spread in the United States.
143 207,981
442 282,046
C harleston---------1,876
1,424
but it is only a little. Large interests have been steady
Georgetown -----"8,1 14
310,530
"l ,848
821
23 rt408,370
W ilm ington ..
14,362
11,205 sellers of July and August, especially July, apparently against
1,887 498,143
2,016 6555,001
N orfolk _______
18,441
764
their holdings of actual cotton. As to the crop, some experi­
3,924
N ’ port News, & c.
130,330 241,378 enced members of the trade believe that it is looking better
20,749
1,570
13,140
742
New York ___
5,037
9,655
13,337
17
37,446
613
B o s t o n _________
6,515
than it has at this time for years past. They think that a
2,906
75,062
1,250
110,550
1,226
B altim ore---------1,070 dry month of May is apt to be a very favorable indication.
1,925
1,696
365
Philadelphia —
452,269 To-day prices at first advanced, then receded on the an­
299,843
27,726 8,295,579 36,392 6,996,658
T o ta lnouncement of the Bureau of Agriculture’s statement putting
a 1,195 bales added as correction of receipts since Sept. 1.
b 8,555 bales added as correction of receipts since Sept. 1.
the condition at 87.8% , against 82% a year ago, 81.1 in 1909,
In order that comparison may be made with other years, 79.7 in 1908, 70.5 in 1907, 84.6 in 1906 and a 10-year aver­
age of 80.9% . The increase in acreage, on the other hand,
is stated at only 4 .7 % , whereas the generality of estimates
'
1906.
1907.
1908.
1909.
on this subject from other sources are h x/ 2 to 6 M % - Some
1910.
1911.
Receipts at15,504 continue to assert that the weather over much of the belt is
8,270
17,690
19,601
8,285
4,401
498 too hot and dry.
138
2,143
Memphis bought new-crop months. Liver­
11,411
21,282
8,594
14,796
14,145
11,160
583
2,405
2,680 pool advices reported a lack of sellers, owing to fears of
2,000
197
314
Mobtle
12,024
6,426
13,046 drought at the South.
The Exchange there was open until
10,862
0,498
2,991
2,488
75
2,862
503
1 o’clock New York time, or 6 o’clock there, in order to re­
293
1,367
122
596
143
442
New-crop
742
2,283 ceive the Bureau report from Washington.
3,590
451
821
23
3,434
6,221
5,147
4,758
1,887
N o r fo lk _____
2,016
months rallied before the close. Spot cotton has declined
298
780
243
109
764
N ’ port N ., &<
to 15.75c for middling uplands, a loss of 5 points for the week.
1,942
1,123
1,131
408
3,149
All others----6,379
The rates on and off middling, as established Nov. 16 1910
56,254
30,299
64,885
58,706
36,392
T otal this wlc
27,726
by the Revision Committee, at which grades other than
9,520,813
7.483,260
7,897,324
9,553,730
0,096,058
8,295,579
middling may be delivered on contract, are as follows:
F a ir...................c.1 .5 0 on Middling_______c . Basis Good mid. tinged.c Even
The exports for the week ending this evening reach a total Strict
mid. fair-------1.30 on Strict low. raid____0.25 off Strict mid. tinged..0.15 off
of 71,465 bales, of which 33,513 were to Great Britain, Middling fair---------- 1.10 on Low middling_____0.75 off Middling tinged...0.25 off
good raid____ 0.66 on Strict good ord____1.20 off Strict low . Mid.ting.0.75 off
9,414 to France and 28,538 to the rest of the Continent. Strict
Gooa middling------ 0.44 on Good ordinary_____2.00 off Low mid. tinged__ 1.75 off
Below are the exports for the week and since Sept. 1 1910:
mid. tgd.0.35 on Middling stained__ 1.00 off
Strict middling____ 0.22 on Strict
-------. g’d
-------------------------------The official quotation for middling upland cotton in the
1911
.
From
Sept.
1
1910
to
June
2
1911.
Week ending June 2
Exported to—
New York market each day for the past week has been:
Ex ported to—
Receipts at—

Sat.

1,019

Exports

ContiBritain. Fr’nce. nent.

223

Total.

1,487

337

580

ContiGreat \
Britain. France. nent.

4,401

Total.

952,033300,933 1,058,735 2,311,701
44,898 54,969 107,076 206,943
33,424 303,173
212,816 56,933
5,697 37,799 861,423 135,794 413,960 1,411,177
71,398 178,874
66,467 41,009
___
37,103 122,778
3,468
55,080 30,595
___
___
34,211
8,602
6,271 19,338
___
___ 320,667 114,600 451,239 886,506
___
78,325 182,458
. . . .
101,133
18,832 9,900
97,351 126,083
—
137,871 32,015 213,226 383,112
------'
15,520
10,801
4,719
—
—

15,928 15,928
Port Arthur__
New Orleans.. 20,823 5,279

___ ___
___
___
. . ___
___
___
_ . . ___
___

3,168

Norfolk ..........
Newport News

___

___
___

___
___

267^300 645,780
8,474 107,992
97,941
68,963
63,337
14,904
Philadelphia 669
_____
Portland, M e..
82,740
82,740
San Francisco.
44,234
44,234
Seattle ..........
11,843
11,843
T acom a..........
500
500
Portland, Ore.
--------______
Pem bina____
2,525
....
Detroit............
—
—
—
..........
Total..........
33,513 9,414 28,538 71,4653,250,899 895,082 3.074,1167.220.097
2,403 4", 135
819

6J)l2 13", 150
819
101
101
200
200
__ J

___

Total 1909-10

287J54 90J26
___
99,518
20,708 8,270
48,433
—
669
—
_ ------—
_____
—
—
—
—
—
----_ ------—
2,525

20,974 8,716 45,095 74,785 2 ,165.893'871,1832,563,017 5,600,093

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. We add similar figures for
New York.




Man 27 to June 2—
Sat.
Middling uplands_____________ 15.70

Aton.
15.80

Tues.
H.

W ed. T hurs.
15.8o
15.8o

Fri.
lo .7 o

NEW YO R K QUOTATIONS FOR 32 YEARS.
The quotations on middling upland at New York on
Juno 2 for each of the past 32 years have been as follows:
1011.

1906
1905
1904

.15.75
.14.50
.11.35
.11.50
-12.80
. 11.25
_ 8.50
-12.00

1903-C____ .11.50
1902______ . 9.44
1901______ _ 8.25
1900______ . 9.00
1899 _______ _ 6.25
1898______ . 6.50
1897______ _ 7.75
1896______ . 7.88

-----1895.C. ____7.25
1894. .. ____7.44
1 89 3 .. . ____7.75
1 89 2 .. . ____7.62
1 8 9 1 .. . ____8.81
1890-. ____12.50
1889. _ ____11.12
1 8 8 8 ... ____10.00

1887.c _____ 11.44
1886_________ 9.19
1 8 8 5 ............. 10.94
1884________11.56
1883________10.25
1882________ 12.06
1881________11.06
1880________11.75

MARKET AND SALES AT N EW YOR K.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed

Spot Market
Closed.

Futures
ivi UTKtl
Closed.

Saturday___ Quiet, 10 p ts. d e c .. V ery stead y—
M onday____ Quiet, 10 pts. n d v .. S teady_________
..H O L I D A Y .
W cd ncsd ay. Quiet, 5 pts. a d v . . . Very steady—
Steady_________
Thursday . .
Friday_____ Quiet, 10 pts. d e c . .. S teady_________
T otal____

SALES.
Spot.

....
—

60
60

Contr'ct Total.
2,200

2 ,200

2,300
800

2,300
800
60

—

5,300

5,360

-

1506

THE CHRONICLE

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
CM 1 ° I CM1
00 1
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AT THE INTERIOR TOWNS 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.

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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 2—
1911
Stock at L iverpool_________ bales. 789.000
Stock at L o n d o n _____ ______
6,000
Stock at M anchester....... ...............
78,000

1910.
1909.
582,000 1,154,000
4,000
5,000
53,000
82,000

1908.
654,000
8,000
70,000

T otal Great Britain s tock _____ 87.3,000
Stock at H am burg_______________
9,000
Stock at B re m e n __________
161,000
Stock at H a vre__________
221,000
Stock at Marseilles_______________
2,000
Stock at B a r ce lo n a _____________
20,000
Stock at Genoa__________________
27,000
Stock at T rie s te _________________
11 ,000

639,000 1,241,000
11,000
10,000
215,000
415,000
231,000
303,000
3,000
4,000
11,000
38,000
16,000
41,000
8,000
6,000

732.000
21,000
411,000
192,000
5,000
43,000
24,000
28,000

495,000

724,000

451,000

817,000

T otal European stock s_______ 1,32 1.000 11,134,000 2.058,000 1,450,000
India cotton alloat for E u rop e___ 22.3,000
172.000
94,000
107,000
A m cr. cotton afloat for E u ro p e -- 204,480
167,082
250,236
192,646
E gypt.B razil,A c.,aflt.for E u rop e.
33,000
10,000
31,000
33,000
Stock in Alexandria, E g y p t_____ 126,000
93.000
149,000
156,000
Stock in B om bay, In d ia _________ 602,000
733,000
558,000
434,000
Stock In U. S. p o r t s ____________
299,843
452,269
350,696
507,820
Stock in U. S. Interior tow ns____ 188,390
233,699
264,001
260,516
U. S. exports to -d a y ____________
15,305
797
7,509
3,058
T otal visible supply___________ 3,010,018 2,995,847 3,811,656 3,109,916
Of the above, totals of Am erican and other descriptions arc as follow sAm erican—
:. _664,000
L iverpool stock _____________ bales.
,
495,000 1,047,000
536,000
.
Manchester stock ...............
63,000
43,000
63,000
68,000
. 406.000
Continental s to c k __________
406,000
449,000
631,000
766,000
American afloat for E urope.......... 204,480
167,082
259,236
192,646
452,269
U. S. port s to c k s ....................
. 299.843
299,8 13
507.820
350,696
233,699
U. S. interior s t o c k s ____________. 188,390
264,001
260,516
U. S. exports to-d a y ........................
797
15,305
7,599
3,058
T otal A m e r ic a n ....... .......... .........1,841,018
1
1,840,847 2,919,656 2,036,976
East Indian, Brazil, & c.—
L iverpool stock ______________
107,000
87,000
118,000
. 125,000
London s tock ________________
5,000
8,000
4,000
.
6,000
Manchester stock ____________
14.000
7,000
10,000
.
15,000
Continental s tock ____________
51,000
93,000
.
45,000
46,000
India afloat for E urope__________._ 223,000
94,000
107,000
172,000
E gypt, Brazil, & c., afloat_______ .
31,000
33,000
33,000
10,000
Stock In Alexandria, E gypt
140,000
156,000
. 126,000
93,000
Stock In B om bay, In d ia __
434,000
558,000
. 602,000
733,000
T otal East India, A c ....... ........... 1,175.000 1,155,000
892,000 1,073,000
T otal A m e r ic a n ------------------------ 1,841,018 1,840,847 2,919,656 2,036,976
visible s u p p ly .....................3,016,018 2,995,847 3,811,656 3,109,976
Mlcld ng Up and, L iverpool_____.
8.33d.
7 .Did.
5.83d.
6.51d.
5.83d.
7.94d.
Middling Upland, New York
-------11.40c.
11.50C.
.
15.75c.
14.50c.
E gypt, Good Brown, Liverpool 9d. 8 9-16(1.
l l ^ d . 15 l-16d.
Peruvian, Hough G ood, Liverpool>1 11.254.
9.50d.
7.75(1.
1 l.OOd.
B roach, Fine, Liverpool .
5K d.
5H d.
7 «d .
7H d.
Tinnevelly, Good, Liverpool ’ 5 5-16d
5 7-16d.
7d.
V^d.

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The above totals show that the interior stocks have d e­
during the week 26,430 bales and arc to-night 45,309
bales less than at the same time last year. The receipts
at all the towns have been 9,162 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE W E E K AND
SINCE SEPT 1.— We give below a statement showing the
overland movement for the week and since Sept. 1 , as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
c r ea sed

------- 1 0 1 6 —1 1 --------

June 2 —
Shipped—

. . 1,240
_.
598
. . 2,510
. . 2,071

Since
Sept. 1.
499,258
204,124
25,297
128,214
77,516
172,416
165,947

W eek.
. . . 3,929
. . . 1,553

Via Rock Island.
Via Cincinnati_______
Via Virginia p o in t s ...

--------mno—in--------

Week.
5,485
1,707
2,040
387
1,347
2,087

Since
Sept. 1.
397,807
172,153
20,239
110,179
45,474
130,387
147,213

..11 ,0 0 1

1,273,432

. . 2,581
..
124
..
629

161,501
59,748
46,082

2,837
3,887
601

. . 3,334
T otal to be deducted__________3,334

268,231

7,325

224,043

. . 8,567 1,005,201

6,634

798,560

Deduct shipments—■
Overland to N. Y ., Bostc
Between Interior to w n s ..
Inland, & c., from South.

13,059 1,023,512
110,844
56,237
57,862

* Including m ovem ent b y rail to Canada.

The foregoing shows the week's net overland movement
has been 8,567 bales, against 6,634 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 206,632 bales.
1910-11
Since
In Sight and Spinners'
S ept. 1.
Takings.
Week.
Receipts at ports to June 2
27,726 8,295,570
Net overland to June 2
8 567 1,005,201
Southern consum ption to June 2 . 49,000 1,858,000

Week.
36,392
6,634
42.000

T otal m arketed-..............
85,293 11,158,780
137,612
Interior stocks In excess______ 11*26,430

85,026
*16,115

Came into sight during w e e k .. 58,863
North, spinners’ takings to June 2 34,317

11,296,302
2,029,640

1900-10Since
Sept. 1.
6,906,058
798,569
1,969,000
9,764,227
150,530

68,911
9,014,763
33,924

2,013,751

Since Sept. I—
1908-00— lune 4 .............
1907-08— June 6 _____
1906-07— June 7 . . .
1905-06— June 8 . . .

Bales.
12,009,364
10,097,050
12 871,350
10.373,460

* Decrease during week.

Movement into sight in previous years:
, W eekT—
}»0 9 — June
1808— June
1807— June
1906— June

Bales.
4 ................................79,678
6 ---------------------------82,704
7 ......................... ...6 4 ,0 3 1
8 ........
88.154

Continental imports for the past week have been 66,000
bales.
'I he above figures for 1911 show a decrease from last week
q u o t a t io n s f o r m id d l in g c o t t o n a t o t h e r
of 140,247 bales, a gain of 20,171 bales over 1910, a de­ MARKETS.— Below are the closing quotations of middling
crease of 795,668 bales from 1909, and a loss of 93,958 cotton at Southern and other principal cotton markets for
bales from 1908.
each day of the week.




THE CHRONICLE

J u n e 3 11)11.]*

Closing Quotations fo r Middling Cotton onWeek ending
June 2.

Sat’day. Monday. Tuesday. Wed' day. Thursd'y. F rid ay.

15 %
15%
15%
15%
15%
15 M
15%
16
15.95
15%
15%
15 %
H o u s t o n ----------- 15 5-16
Little R o c k ------ 15

G a lv c sto n -------New Orleans—
Mobile ................
Savannah ..........
C harleston------W ilm ington-----N o r fo lk -----------B a ltim o re-------Philadelphia —
A u g u sta ----------M em p h is---------St. Louis............

15%
15%
15%
15%
15%
15%
15%
16.05
15%
15%
15%
15 5-16
15

15%
15%
15%
15%
15%

15%
15 7-16
15%
15%
15%

15%
15 7-16
15%
15%
15%

15 %
15 7-16
15%
15 %
15%

15%
15%

15%
15 %
16.10
15%
15%
15%
15 5-16
15

15%
15%
16.10
15%
15 7-16
15%
15 5-16
15

15%
15%
16.00
15%
15%
15%
15 5-10
15

15 5-16
15

NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat’day, Monday, Tuesday, Wed’day. Thursd'y, Friday,
M ay 27. M ay 29. M ay 30. M ay 31. June 1. June 2.
M a y—
R a n g e ......... ..
Closing______
June—
R a n g e ______
Closing______
July—
R a n g e ______
Closing. ____
August—
Range ______
Closing______
September—
Range _____
Closing______
October—
Range ______
Closing______
November—
Range ______
Closing............
December—
Closing......... January—
R a n g e ---------Closing--------February—•
Range ---------' Closing---------March—
Range ______
Closing---------Tone—
O p tio n s --------

15.31 — 15.28 — — © —
— © — — © —
15.3 0-.31 15.31-.33 15.32-.3 5 --- --- --- -------------- — © —
15.30 — — @ — 15.35 — 15.41-.44 — © — — © —
15.30-.32 15.33-.35 15.34-.36 15.42 — 15.42-.43 15.38-.40
15.4 2-. 53 15.4 7-. 5 5 15.53-.55 15.59-.65 15.62-.69 15.53-. 66
15.50-.51 15.53-.54 15.54-.56 15.62-.63 15.62-.63 15.58-. 59
14.54-.62 14.58-.65 14.00-.62 14.65-.72 14.72-.79 14.66-.75
14.59-.60 14.61-.62 14.62-.63 14.71-.72 14.71-.73 14.70-.71
13.39-.46 13.43-.45 13.43-.46 13.48-.57 13.58-.63 13.52-.61
13.42-.44 13.43-.45 13.45-.47 13.57-.58 13.58-.59 13.55-.57
12.96-. 03 12 .98-.04 13.01-.02 13.02-.15 13.13-.21 13.08-.30
13.00-.01 13.01-.02 13.03-.04 13.13-.14 13.14-.15 13.14-. 15
— © — — @ — — @ — — @ — — © — — © —
12.90-.98 12.97-.99 12.96-.98 13.08-.10 1 3 .0 9 -.il 13.08-.09
I2.91-.95 12.94-.98 12.96-.98 12.99-.08 13.07-.16 13.04-.15
12.94-. 95 12 .96-.97 12.96-.97 13.07-.08 13.09-.10 13.09 —
12.95 — 12.97-.02 13.01 — 12.99-.12 13.13-.19 13.08-. 13
12.97-.98 12.99-.00 13.00-.02 13.11-. 12 13.12-. 13 13.12-.14
— © — — © — — © — — @ — — © — — @ —
13.01-.03 13.03-.05 13.04-.06 13.12-. 14 13.15-.16 13.16-.18
— @ — 13.09-. 10 — © — — ® — 13.23-.29 13.29 —
13.10-.12 13.09-.10 13.11 -. 13 13.23-.25 13.24 — 13.27-.30
Quiet.
Steady.

Quiet.
Steady.

Quiet.
Steady.

Quiet.
Quiet.

Quiet.
Steady.

Quiet.
St OHt] v.

COTTON ACREAGE REPORT.— In our editorial col­
umns will be found to-day our annual Cotton Acreage Report,
with an account at length of the condition of the plant in
each section of the South. The report has been prepared
in circular form, and the circulars may be had in quantities
with business card printed thereon.
Special business cards of the following representative
cotton commission and brokerage houses of New York and
other cities will be found in the advertising columns of this
issue of the “ Chronicle.”
H im iiA IlD BROS. & CO.,
STEPHEN M. WELD A CO.,
WELD A NEVILLE,
GEO. II. McFADDEN A BRO.,
DICK BROTHERS A CO.,
HENRY HENTZ A CO.,
HOPKINS, DWIGHT A CO.,
ROBERT MOORE A CO..
RENSKOFF, LYON A CO.,
J. S. BAOHE A CO.,
S. BLAISDELL Jr. A CO.,

WILLIAM RAY A CO.,
GEO. M. SHUTT A CO.,
LOGAN A BRYAN,
HENRY CLEWS A CO.,
HERKLOTZ, CORN A CO.,
II. A B. BEER,
HAYWARD A CLARK.
ROTHSCHILD A NUZUM,
GWATIIMEY A CO.,
EUGEN C. ANDRES A CO..
L. II. A. SCHWARTZ A CO.

Also the cards of a number of the leading dry goods com­
mission merchants and mill selling agents in the country.
Those represented are—

FARBER-DREWItY CO.,
WOODWARD, BALDWIN A CO.,
LAWRENCE A CO.,
FLEITMAN A CO.,
WILLIAM ISKLIN A CO.,
GltlNNELL, WILLIS A CO.,
G. A. STAFFORD A CO.,
CATLIN A CO.,
TAYLOR. CLAPP A CO..
L. F. DOMMERICH A CO.,
FAULKNER, PAGE A CO.,
WILLIAM WHITMAN A CO.,
TEXTILE COMMISSION CO„
BLISS, FABYAN A CO.,
JAMES TALCOTT,
WELLINGTON, SEARS A CO.
J. SPENCER TURNER CO.

W EATH ER REPORTS BY TELEGRAPH.— Telegraphic
reports to us this evening from the South indicate that where
rain has fallen during the week it has been light as a rule, and
that in a number of sections dry weather has prevailed.
From some points there are complaints that moisture is
needed, but in the main the crop is doing well. The first
bloom is reported at Mobile this year on May 31st, or about
a week earlier than in 1910.
G a lv e s to n , T e x .— It has rained on one day during the week,
the rainfall being fourteen hundredths of an inch. Average
thermometer 84, highest 93, lowest 74. Month's rainfall, 2
inches.
B r e n h a m , T e x a s .— We have had rain on three days during
the week, the precipitation being twenty-one hundredths of
an inch. The thermometer has averaged 83, highest 95,
lowest 70. Month's rainfall, 4.56 inches.
C u e r o , T e x .— Rainfall for the week, five hundredths of an
inch, on one day. The thermometer has averaged 82,
ranging from 04 to 99. Month's rainfall, 2.56 inches.
D a l l a s , T e x .— It has rained on one day of the week, the
precipitation reaching fifteen hundredths of an inch. The
thermometer has ranged from 66 to 103, averaging 85.
Month’s rainfall, eighty-seven hundredths of an inch.
H e n r ie tta , T e x .—-It has rained on one day of the week, the
rainfall reaching four hundredths of an inch. Average ther­
mometer 87, highest 105, lowest 68. Month's rainfall, thir­
teen hundredths of an inch.
L u l i n g , T e x .— We have had rain on one day during the
week, the rainfall being four hundredths of an inch. The




1507

thermometer has ranged from 66 to 96, averaging 81.
Month’s rainfall, 2.95 inches.
N acogd oches, T e x . — We have had no rain the past week.
Average thermometer 79, highest 96, lowest 62. Month’s
rainfall, sixty-one hundredths of an inch.
P a lestin e, T e x . — We have had no rain during the week.
The thermometer has averaged 82, ranging from 68 to 96.
Month’s rainfall, 1.15 inches.
K err v ille, T e x . — Dry all the week.
Average thermometer
78, highest 95, lowest 60.
L a m p a sa s , T e x . — There has been no rain during the week.
The thermometer has averaged 82, highest being 100 and
lowest 64.
S a n A n to n io , T e x . — There has been no rain during the
week. Thermometer has averaged 81, ranging from 66 to 96.
A r d m o re , O k la . — There has been rain on two days the past
week, the rainfall reaching forty-eight hundredths of an inch.
The thermometer has averaged 83, ranging from 66. to 100.
M a r lo w , O k la . — We have had rain on four days the past
week, the rainfall being two inches and sixty hundredths.
Average thermometer 80, highest 96, lowest 63.
O k la hom a , O k l a — It has rained on five days during the
week, the rainfall having reached one inch and ninety-eight
hundredths. The thermometer has averaged 75, the highest
being 91 and the lowest 58.
N ew O rlea ns, L a . — It has rained on one day of the week,
the rainfall being three hundredths of an inch. Average
thermometer 84, highest 96 and lowest 72.
S h revep ort, L a . — Dry all the week.
The thermometer has
averaged 82, the highest being 97 and the lowest 67.
#
M e r id ia n , M i s s . — There has been rain on two days during
the week, the rainfall reaching three hundredths of an inch.
The thermometer has ranged from 68 to 98, averaging 83.
V ick sbu rg , M i s s . — We have had rain on one day during the
week, the rainfall being eleven hundredths of an inch.
Average thermometer 84, highest 97, lowest 71.
H e le n a , A r k . — Crops need rain.
It has sprinkled on one
day of the week, the precipitation reaching two hundredths
of an inch. The thermometer has ranged from 64 to 95,
averaging 81. May rainfall thirty-four hundredths of an inch
L ittle R o c k , A r k . — There has been no rain during the week.
Lowest temperature 69, highest 94, average 81.
M e m p h i s , T e n n . — The crop is progressing well, but rain is
beginning to be needed. There has been no rain the past week.
N a sh ville, T e n n . — Dry all the week.
The thermometer
has ranged from 60 to 96, averaging 78.
M o b ile , A l a . — Abnormally hot weather.
Crop reports
are favorable. The first cotton bloom reported this season
May 31 against June 6 last year. We have had a trace of
rain on one day during the week. Average thermometer
84, highest 97, lowest 71.
M o n t g o m e r y , A l a . — Crop accounts arc favorable.
It has
rained during the week on one day, the rainfall having reached
eighteen hundredths of an inch. The thermometer has
averaged 88 , the highest being 98 and the lowest 69.
S elm a , A l a . — There has been no rain during the week.
Moisture is needed. The thermometer has averaged 83,
ranging from 68 to 97.
M a d i s o n , F l o r i d a . — We have had rain on two days of the
past week, the rainfall reaching seven hundredths of an inch.
Average thermometer 81, highest 93, lowest 65.
S a v a n n a h , G a . — It has rained on one day during the week,
the rainfall being five hundredths of an inch. Average
thermometer 77, highest 96 and lowest 65.
W a s h in g to n , G a . — There has been no rain during the week.
The thermometer has averaged 81, the highest being 99 and
the lowest 63.
_
C h a r le s to n , S . C . — There has been rain on one day during
the week, to the extent of five hundredths of an inch. The
thermometer has averaged 80, ranging from 66 to 93.
G r e e n v ille , S . C . — There has been rain on one day of the
week, the rainfall reaching twenty-eight hundredths of an
inch. The thermometer has ranged from 59 to 94.
C h a r lo tte , N . C — Rainfall for the week, twenty hundredths
of an inch, on one day. The thermometer has averaged 76,
ranging from 62 to 95.
G re en sb o ro , N . C .— We have had rain on two days of the
past week, the rainfall being twenty-two hundredths of an
inch. The thermometer has ranged from 57 to 100, aver­
aging 79.
NEW YO R K COTTON EXCHANGE.— N o m i n a t i o n s . —
The Nominating Committee of the New York Cotton Ex­
change report the following ticket for officers and board of
managers for the year 1911-12.

For President: Georgs W . Neville. For Vice-President: E d w a rd K . Cone.
For Treasurer: James F . Maury. For members o f the Board of Managers.
Leopold S. Bache, R obert C. Cairns, J. Temple Gwathm ey, William Hustace
H ubbard, Charles I. Long, Arthur R . Marsh, William Mohr, Clement Moore,
Nathaniel L. Morlson, George B. Post Jr.. Clayton E . R ich;Jr ->
“ •
R oycc, George M. Shutt, Edward P . W alker, A dolf L . W olff. 1'or Treas­
urer o f the Gratuity Fund (to serve three years): Lultpold Mandelbaum.
For Inspector o f Elections: William A . Bogcr, W illiam G. Carr, Charles
H . Cathran.
_

The opposition ticket is as follows:

For President, Thom as E. Illcks; for V ice-President, George F. Jones:
for Treasurer, James F. Maury: for members of the Board o f Managers.
George E . Adam s, Leopold Bache, George W . Bally, Allan Bond- A . L.
Carpenter, Ludwig EUIngcr, J. T . Gwathm ey. W . N. Juilson Charles A
K ittle. C. I. Long, William Mohr, William R ay. R . A . Springs. E. P. W alker
and Adolph W olfl; for Trustee of the Gratuity Fund, to serve three years,
Rclnhard Stcdcnburg.

AGRICULTURAL DEPARTMENT REPORT ON ACRE­
AGE, &C.— The Agricultural Department at Washington
issued on June 2 its report on cotton conditions and acreage
as follows:

1508

THE CHRONICLE

The C rop-R eporting Board o f the Bureau o f Statistics of the Departm ent
o f Agriculture tlnds, from reports of correspondents and agents of the
Bureau, that the area planted to cotton In the United States this season
(1910), Including that already planted and expected to be planted. Is
a bou t 104.7% o f the area planted to cotton last year, equivalent to about
35.004.000 acres, as com pared with 33,418,000 acres, Indicated b y the
Bureau’s revised estimate o f last year’s planted area, an Increase of about
1.586.000 acres, or 2 .8 % .
• The condition of the growing crop on May 25 was 87.8% o f a normal
con dition, as com pared with 82.0% at the corresponding date In 1910 and
8 0.9 % the average condition for the past ten years on M ay 25.
The following table shows, by States and for the United States, the
estim ated area In cotton In 1911, as com pared with the area planted In
1910, and the condition of the growing crop on May 25 of 1911, 1910 and
the average for the past ten years:
Rev. figures P .C .
indicating
comAcres
pared
Condition M ay 25
Planted,
10-yr.
with
States—
1910.
1910.
Acres.
1911. 1910. Avge.
V irgin ia_____________
85
109
37,000 93
90
North Carolina______ . . 1,511,000 105
84
83
1,587,000 83
South Carolina______ . . 2,626.000 103
2,705,000 80
78
81
G e o r g ia ....... ................. . . 4,970,000 103
81
82
5,119,000 92
Florida___________ .
86
106
284,000 95
80
A la b a m a ___________ . . 3,633,000 105
3,815,000 91
83
80
Mississippi___________ . . 3,420,000 101
3,454,000 80
82
80
Louisiana . . ! _______ . . 1,075,000 104
1,118,000 91
76
79
Texas _______________ ..10 ,3 5 0 ,0 0 0 105
83
10,868,000 88
80
A rkansas____________ . . 2,375,000 103
2,446,000 87
81
81
783,000 105
822,000 83
T en n essee___________ . .
80
83
Missouri_____________ . .
103,000 112
115,000 86
87
85
O k la h om a ....... .......... .. . . 2,260,000 116
2,622,000 87
84
84
C a lifo rn ia ___________ . .
10,000 123
12,000 95
90
• United S tates......... ..3 3 ,4 1 8 ,0 0 0

104.7

35,004,000

87.8

82.0

80.9

W ORLD’S SUPPLY AND TAKINGS OF COTTON.
C otton Takings.
W eek and Season.

1910-11.
Week.

Season.

Week.

Visible supply May 2 6 . . _____ 3,156,265
3,142,690
Visible supply Sept. 1 __________
______ 1 1,495,514
American In sight to June 2 ____
58,863 11,296,392
68'.9ll
47.000
B om bay receipts to June 1____
56,000 2,197,000
10.000
9.000
340,200
Other India shlp’ ts to June 1 ___
500
2.000 1,004,000
Alexandria receipts to May 3 1. .
6.000
262,000
3,000
Other supply to May 3 1*______

1,931,022
9,914,763
2,975,000
375.000
652.000
214.000

Total su p p ly_________________ 3,288.128 16,595,106 3,272,101 16,061,785
Deduct—
Visible supply June 2 __________ 3,016,018 3,016,018 2,995,847 2,995,847
T otal takings to June 2 ................
O f which A m erican ..................
O f which oth er_______________

272,110 13,579,088
194,110,10,248,888
78,000 3,330,200

276,254 13,065,938
208,754 9,515,938
67,500 3,550,000

• Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.

INDIA COTTON MOVEMENT FROM ALL PORTS.
June 1.

1910-11.

Receipts at—

Exports
from—
Bombay—
1910-11..
1909-10..
1908-09. .
Calcutta—
1910-11_
1909-10..
1908-09..
Madras—
1910-11..
1909-10..
1908-09..
All others—
1910-11-.
1909-10..
1908 09..

Since
Sept. 1.

Week.

Bombay................................

1909-10.

For the Week.

Since September 1.

1
5,000 48,000
39,000
12,000

Great 1 ConliBritain. 1 nenl.

53,000
39,000
12,000

_____

_____

Total all—
1910-11._ 8,000 54,000
1,000; 48,000
1909-10..
—
1 17,000
1908-09-.
o -u y ....................I

475,0004,330.000
782,0001,747,000
583,0001,144,000

3,000
3,000!
4,000

31,000
37,000
37,000

18,00o!
41,0001
30,000

52,000
81,000
71,000

8,000

18,000

26,200

3,000

19,000

20ol
l.OOOl
5,000

4,000!
6,000
7.000
4,000| 5,666

Japan 1
& China.\ Total.

53.00o! 802,000
90,000! 875,000
21,000 540,000

2,000
1,000

2,000
1,000

—

Since
Sept. 1.

Week.

56,000 2,197,000 47,000 2,975.000 37,000 1,752,000

Great Conti­ Japan
Britain. nent. &Chinaj Total.

3.000
1.000

1908-09.

Since
Sept. 1.

Week.

11,000

16,000
27,000

9,000
8,000
9,000

35,000i 215,000
24,000 251,000
15,000] 207,000

I 2.OOOI 262,000
3,000 278.000
45,000 267,000

62,000
_____
49,000
5,000 ^22,000
,u u u

99,0001,066,000
121, OOOl 1.174,000
^
,u u u i SU3.UUU
43,0001
803,000

505,000 1,670,200
827,0002,122,000
U03,UUUil,5l
663,000ll,509,000

A L E X A N D R IA RECEIPTS AND SHIPMENTS.

1

Alexandria, Egypt,
M ay 31.

1910-11.

1909-10.

1908-09.

Receipts (cantars)—
This w e e k _______________
Since Sept. 1 ____________

17,000
7,529.664

5,500
4,892,983

6,645,160

Exports (bales)—
To
To
To
To

L iverp ool......................
M anchester__________
C o n tin e n t___________
A m erica_____________

This Since
Since
This
Week. Sept. 1. Week. Sept. 1.

2,750 204,455
205,610
7,566 370,142
1,000 113,750

1,500 145,231
116,626
2, 566 276,037
50 58,654

178,465
9,756 195,840
3,500 313,080
76,465

4,050 596,548 13.250 763,850

MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that the market is steady for
yarns and quiet for shirtings. Merchants are not willing
to pay present prices. We give the prices for to-day be­
low and leave those for previous weeks of this and last year
for comparison.______________________________________________
1911.
32* Cop
Twist.
Apr.
14
21
28
May
5
12
19
26
June

d.

d. *. d.

10 9 -1 6 @ ll 9-16 5 11
10% v* 11 % 6 0
10% @ 11% 6 1
10 13-16@
10 15-16(3)
10 15-16@
10%
*9
11
@

1910.

8 % lbs. Shirt­ Cot'n
ings, common Mid.
to finest.
UpCs

ini

11%
11%
11%
11%

6
6
6
6
6




s, d.

d.

d.

d. s. d.

8 11 0 7.96 10 9-16@
@11 1% 8.10 10% @
@11 3 8.27 10% @

1%@11
1H @ 11
1%©11
1% • 11
1% @U

4 8.23
4 8.42
4% 8.40
4% 8.28
4 % 8.33

8% lbs. Shirt­ Cot'n
ings, common Mid.
Upljs
to finest.

32* Con
Twist.

10
10%
10%
10%
10%

@
@
64
@

8. d.

11H 5 7% @ 10 3
11% 5 7%<#10 3
11% 5 7 % @ 10 3
11%
11%
1144
11%

Total bales.
N E W Y O R K — T o Liverpool— May 26— Cedric, 154 foreign _________
154
T o London— May 26— Minnehaha, 200 _
_
200
T o Manchester— M a y25— R osettl, 1,364 upland, 685SeaIsland 2,049
T o Havre— May 27— Chicago. 3,811 upland, 90 Sea Island:
Niagara, 9 upland, 125 fo r e ig n ...M a y 29— Lovstaklcen, 100. 4,135
T o Bremen— May 31— Bremen, 3,829______
_
3,829
T o Hamburg— May 31— Cleveland, 452____
_
452
T o Antwerp— May 26— Vaderland, 2 0 _____________
20
T o Genoa— May 26— Prlnzess Irene, 1 ,3 4 9 . ..May 29— Luislana, 562_____________________________________
1,911
T o Naples— May 26— Prlnzess Irene, 400_______________________
400
GA LV ESTO N — T o Bremen— May 31— Hannover, 11,230______ ..1 1 ,2 3 0
T o Barcelona— May 25— Delphlne, 4 ,698_______________________ 4,698
N E W O R L E A N S — T o Liverpool— May 29— Custodian, 17,623
.26,823
June 2— Etonian, 9,200______________________________
T o Havre— May 31— Antillian, 500; Loulslanc, 4,779__________ 5,279
T o Hamburg— June 2— Dortm und, 2,637______________________ 2,637
T o Genoa— May 27— Asprom onte, 3,060_______________________ 3,060
P EN SACO LA— T o Liverpool— June 2— Ida, 3 ,468_________________ 3,468
B OSTON — T o L iverpool— May 29— Franconia, 318________________
318
501
T o Manchester— M ay 26— Bostonian, 501______________________
B A L T IM O R E — T o Bremen— May 31— Chemnitz, 100_______________
100
T o Hamburg— May 29— Patricia, 1 ______________ . _
___
1
P H IL A D E L P H IA — T o A ntw erp— May 25— Marquette, 200 . ___
200
T otal

.71,465

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
M ay 19.
M a y 12.
M ay 26.
June 2.
34,000
Sales of the w eek______ bales. 42,000
30,000
25,000
Of which speculators t o o k .. 3,000
1,000
1,000
Of which exporters to o k ____________ 2,000 1,000
1,000
1,000
27,000
Sales, A m erican_______________ 34,000
25,000
19,000
9,000
Actual e x p o rt_______________ 11,000
11,000
1,000
F o rw a rd e d ___________________ 76,000
74,000
70,000
62,000
T otal stock— E stim ated_______923,000
865,000
826,000
789,000
Of which A m erican......... .......794,000
733,000
697,000
664,000
T otal imports of the w eek____ 40,000
24,000
40,000
32,000
Of which A m erican__________ 21,000
8,000
22,000
22,000
A m ou nt afloat______ __________104,000
125,OOQ
129,000
219,000
Of which A m erican_________ 45,000
77,000
78,000
74,000
L IV E R P O O L STOCK T A K IN G .— E gyptian, decrease, 2,268; Peruvian,
decrease, 459; East Indian, decrease, 6,604; total, decrease, 0,331
Brazilian, Increase, 1,768; W est Indian, Increase, 121; A frican, Increase,
2,135; total Increase, 4.024; net decrease, 5,307.

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:
----- fjy--------

Spot.
Market,
12:15
P. M.

1
)
j

Saturday.

Monday.

Tuesday.

Dull.

Quiet.

Dull.

Wednesday. Thursday.
Dull.

Quiet.

Friday.
Dull.

Mid.Upl’ds.

8.22

8.27

8.27

8.28

8.33

8.33

Sales . . . . .
Spec.&exp.

4,000
300

5,000
300

4,000
500

4,000
500

6,000
1,000

5,000
500

Futures.
Quiet at
Quiet,
Quiet at Dull, unch. Steady at
Quiet,
Market
1 2@ 4% pts. unchanged. 1% @3 pts. to 1% pts. 3 % @ 5 pts. unch. to
opened
1 decline.
advance.
advance.
advanco. 1% pts.dec
Market,
4
P. M.

1 Quiet at Quiet at 2 Idle at
) 3@ 6 pts. pts. dec. to 1@2% pts.
J decline. 3 pts. advJ advance.

Dull at
1@2 pts.
advance.

Quiet at
5@7 pts.
advance.

Quiet,
unch, to
1 pt. dec.

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100<hs.
May 27
to
June 2.

Sat.

Mon.

7
7
7
7
7
7
6
6
6
6
6
6

W ed.

Thurs.

Frl.

4 12 'A 4 12 Vi 4 1214 6
12M 4 12M
p.m. p.m . p.m . p.m. p.m. p.m . p.m. p.m . p.m. p.m .

1 2 14 12M
p.m. p.m .

May
May-June
Junc-July
July-A ug.
A u g.-S ep .
S ep.-O ct .
O ct.-N ov .
N ov.-D ee.
D e c.-J a n - : : : :
Jan .-F e b .
Feb.-M ch.
Men .-Apr.

Tues.

Thus, 7 05 means 7 95-100d.

05%
05%
87
82 %
54 %
14
96
90
88
87%
88
88 H

01
01

00%
86
58
13
95
89
87
87
87 %
88

98H 0 1 ^
98 % 01
8 7% 90
83 ,?5
54
56
12 ; 12
94
94
88 (88
86
80
86
86
86M 8 6H
87
87

00^ 02
00 02

90
85
56
13
95
89
87
87
87 %
88%

91
86
57
14
96
90
88
88
88 %
8 0%

02

91
86
56 %
14
96
90
88
88
88 %
80%

07 %
00%
91
01%
21
03 %
07%
05%
05%
96
00%

07
96
91

07%
97
91
62
1i * 21
03
03 %
97
07%
95
05%
95
05%
05 % 96
96
00%

00%
90
90
61
20
02 %
00%
04%
04%
95
95 %

12,000

Since
This
Week. Sept. 1.

Total exp orts________ 11,250 893,957

SHIPPING N E W S.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 71,465 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:

___

1909-10.

| Season.

[Y o l . l x x x x i i .

5 8 @10
5 9 @10
5 8% © 10
5 8 - 10
5 8 @10

4%
6
6
6
5

d.
7.81
7.87
7.94
7.95
8.12
8.04
8.04
7.94

B R E A D S TU F FS .
F r i d a y N i g h t , J u n e 2 1911.
Flour has been quiet and without features of striking inter­
est. At the Northwest trade has been for the most part
dull. The sales are much less than the output. Large
buyers hold aloof, owing to the favorable crop outlook.
Foreign buying is noticeably small. In other words, the
policy of buyers has been still a waiting one— drift has been
the word almost everywhere. At the close a somewhat
better inquiry is reported at Minneapolis.
Wheat has declined on most options, though May went out
with a flourish of trumpets. May bulls received 10,000,000
bushels or more. What they are to do with it, whether it is
to prove an elephant on their hands or not, remains to be
seen. There are hints that the bull deal may be extended
into July. The visible supply lost 5,614,000 bushels, against
an increase of 3,036,000 in the previous week and a decraese
of 1,595,000 last year. The European visible supply de­
creased 4,596,000 bushels, against an increase in the previous
week of 4,596,000 and last year of 1,420,000. The May
option has been a thorn in the side of bears. On Monday,
May 29, it suddenly ran up 3% c. On Wednesday, May 31,
it advanced l% c . and the option expired at 104% , this price
being made in Chicago, the hot-bed of the speculation, with

J u n e a 1911.!

THE CHRONICLE

July at a discount under May of 15%c. Every effort to
break the May corner failed. The talk of disciplining its
participants by the Chicago Board of Trade proved to be
“ full of sound and fury, signifying nothing.” Big shipments
of wheat from all over the West for the purpose of shattering
the deal no less signally failed. The wheat was swallowed
as by a speculative cormorant. Elevator concerns are sup­
posed to have been the principal shorts. W hat the outcome
will be remains to be seen. It is one thing to buy and receive
a large quantity of wheat and another to get rid of it at a
profit. Often it turns out to be a case of “ the biter bitten.”
Meantime beneficial rains at the W est are reported, the export
trade has been light— in fact, cash business generally has
been quiet, the foreign crop outlook has seemingly improved,
notably in Russia, owing to good rains and the East Indian
crop is estimated officially at 372,264,000 bushels, against
357.941.000 last year. The United States visible supply in­
creased 1,014,000 bushels, against a decrease of 515,000 in
the previous week and 1,897,000 last year. The world's
shipments were large and about as expected, i. e., 13,440,000
bushels, against 16,280,000 in the previous week and
11.728.000 last year. Yet within a day or two prices have
become stronger on some unfavorable crop reports from the
W est, a notion among some people that the Government
report of June 8 might be less favorable than some have
expected, because of recent dry weather and a fear that the
bull leaders will extend the deal into July for the purpose of
getting rid of the wheat which they were forced to take on
the May transactions. Also there have been heavy clear­
ances of flour from the seaboard of late, i. e., in one day
74.000
barrels, which would be equal to 333,000 bushels
wheat, and in addition 104,000 bushels of actual wheat were
cleared the same day, making a total of 437,000 bushels in
a single day. The big flour clearances naturally excited
remark. To-day prices advanced, then reacted. The crop
news was generally favorable. The shipments from Argen­
tina and Autralia were larger. The total for the world is
likely to be heavy. July was supported in order to make a
market, it is supposed, for the big holdings of cash wheat of
the bulls. Further clearances, amounting to 661,500 bush­
els, were announced.
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 YORK.
Sat. M on. Tues. Wed. Thurs. F rl.
N o. 2 red -----------------------------------------06 % 05 % H oll05 % 07
07%
H ay delivery la eleva tor_____ _____ 0 6 %
9 5%
da y. ____
____
____
July delivery In eleva tor___________06
05 %
9 5% 9 7 %
9 7%
D A IL Y CLOSIN G P R IC E S OF W H E A T FU T U R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F rl.
May delivery In elevator___________ 00 X 103
104 X
____
____
July delivery In elevator___________89 X 88 X H oll8 9% 9 0%
9 1%
September delivery In elevator-------- 88 X 87 % day.
8 7 % 8 8%
8 8%

Indian corn declined slightly, but within a day or two has
shown more steadiness. The country offerings have latterly
been light, and commission houses have bought more freely,
encouraged by a stronger tone in the wheat market. The
corn crop needs rain in the Ohio and Mississippi valleys.
The price is 5 to 6 cents cheaper than a year ago, some ex­
port business has been done, there is supposed to be a pretty
liberal short interest and if anything should occur to send
wheat prices upward, corn, it is believed, would follow. Yet
beneficial rains have fallen in some parts of the belt and the
American visible supply dropped only 576,000 bushels last
week, against 668,000 in the previous week and 1,051,000
last year. At times, too, the receipts have shown signs of
increasing. So that from one cause or another prices have
been held in check. The May option showed strength for
a while, then collapsed. To-day prices ended lower after
advancing early. Interior receipts were large and the crop
news was generally favorable. Mexico’s duty on corn will
be suspended, it appears, during the month of June.
D A IL Y CLOSING P R IC E S OF NO. 2 M IX E D CORN IN NEW YORK.
Sat. M on. Tues. Wed. Thurs. F ri.
Cash co rn _________________________ nom . nom . Holt- non), nom . nom .
d a y ...................... - ...............
M ay delivery In elevator.................... 61 X 61%
D A IL Y CLOSIN G PR ICE S OF CORN FU TU R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
May delivery In elevator---------------- 5 4%
52
H oll- 5 2 % _____ ____
July delivery In elevator__________ 53%
52%
da y. 53% 5 4%
53%
September delivery In elevator........ 54%
5 3%
53% 54%
54%

Oats have receded with other grain, though they have also
been firmer within a day or two. Y et the weather has on
the whole improved. Good rains have occurred here and
there. The country offerings, however, have been small
and it is believed that the Southwest needs rain. Some
incline to the buying side on the idea that there has been too.
much hot, dry weather, and that the hay crop will be short
if that of oats is not, and that in such circumstances prices
for oats will be favorably affected by a possible if not prob­
able rise in quotations for hay. To-day prices declined with
those for other grain. Y et some are buying on the idea that
the crop is not doing as well as could be desired.
D A IL Y C LOSIN G PR ICE S OF OATS IN NEW YORK.
Sat. M on. Tues. Wed. Thurs. F ri.
S ta n d a rd s .................. ............................4 2% 4 2% H oll- 42
43
42%
N o. 2 w h ite------------------------ ------------ 43
43
d a y.
4 2%
4 3%
43
D A IL Y C LOSIN G PR ICE S OF OATS FU T U R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
M ay delivery In e le v a to r................... 35% 3 5%
3 4% . . . _____
July delivery In e le v a t o r ............. .. 3 5 % 3 0% IIolI- 3 5%
3 6 % 36
Septem ber delivery in elevator.........35% 3 5% da y.
3 5% • 36%
36%

The following are closing quotations:
FLOUR.
W inter, low grades------ J2 75
Winter patents----------------4 60
Winter straigh ts------------ 4 lo
Winter clears------------------3 45
Spring patents__________ 5 00
Spring s t r a ig h ts .....---- 4 40

Spring d e a r s . . . . . . . . . . 3 90




Kansas straights, s a c k .(4 10
Kansas clears, sacks___3 60
City patents....................... 5 00
R ye flour-------- ---------------- 4 05
Graham flour..................... 3 oo
Corn meal; kiln d r ie d .. 2 85

1509

W heat, per bushel— f.o .b ,
N . Spring, N o. 1_______
N . Spring. N o. 2 . ............
Red winter. N o. 2 ______
Hard winter. N o. 2 _____
Oats, per bushel, new—
Standards_______________
N o. 2 white.......................
N o. 3 white____________

G R A IN .
Cents
Corn, per bushel—
6 0%
*1 0 7% No. 2 ___________ f.o .b .
Nominal
. 1 05 % S team er_______ elevator
Nominal
98 %
N o. 3 ................elevator
N om . R ye. per bushel—
Cents.
N o. 2 W estern________
Nominal
.
42 % State and Pennsylvania
Nominal
43
~
|
-Malting................t
- - . 05 ® 1 10
Barley—
,
42

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Com.

Receipts at—

Barley.

| Rye.

bbls. I96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu . 56 lbs.
102,428 1,205,800 2,729,050 2,801,400
Chicago----255,000
23,500
68,000
Milwaukee..
149,160
89,270
253,830
136,500
24,480
Duluth........
14,025
300,135
15,383
15,466;
392
80
1,253,320
130,530
Minneapolis.
210,030!
154,000
21,400
Toledo____
28,000
69,100j
28,500:
3,430
34,400
75,176;
Detroit........
11,000
50,312
Cleveland . .
600
14,600
81,060
340
642,250
321,300
St. Louis__
50,315
272,529
1,400
90
P eoria____
395,832
236,800
46,200
20,723
22,800
5,500
Kansas City.
109,500
312,000
345,600
Total wk. ’ l l
Samewk. ’ 10
Same wk. ’ 09

284,998
289,511
363.865

3,567,267
2,511,545
1,486,693

4,102,314
570,432
3,169,044 1,090,827
3,307,919
687,673

4,532,475
2,768,739
4,676,107

Since Aug. 1
1910-11.. . 13,369,745 193,818,853 239,195,587 162,400,277 60,492,860 4,967,139
1909-10... 17,599,046 227,447,966 155,769,797 69,771,179 72,967.945 6,324,608
1908-09... 17,297,041 203,654,113 126,828,001 143,858,154 75,743,421 5,915,473

of Total receipts of flour and grain at the seaboard ports for
the week ended May 27 1911 follow:
Receipts at—
New Y o r k ........ ..
B oston..................
Philadelphia........
Baltimore........... ..
New Orleans * ___
Newport News___
Galveston..............
Mobile___________
Montreal................

Flour,
bbls.
137,884
25.150
46,829
39,320
28,210
857
" 2^500
47,726

Total week 1911.. 328,476
Since Jan. 1 1911.-7,530.402
Week 1910............ 317,791
SInccJan. 1 1910. .6,991,621

Wheat',
bush.
441,600
369,573
342,287
321,621
4,800

Com,
bush.
137,600
119,408
19,604
94,296
252,200

Oats,
bush.
498,675
120,000
114,158
85,459
41,000

10,000

1,000
14,250
348,193

" 2,250
520,130

408,280

Barley',
bush.
42,401
2,110
1,000

Rye;
bush.
1,150
800
1,950

__ _
___
5,817

1,898,161 986,551 1,381,672
51,328
3,900
25,139,49239,979.215 19,527,622 2314.062 280,643
1,449,875 473,974 1,389,357
31.257
1,881
28,755,235 19,344,277 18,113,705 1495,867 356.629

* 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 May 27 1911 are shown in the annexed statement:
Exports from—
New Y o r k ______
B oston_________
Philadelphia____
Baltimore............
New Orleans___
Newport News__
Mobile..................
Montreal............ ..

Wheat,
bush.
472.258
339,978
429,226
412,938
24,000

___

431,666

Total week----- 2 ,109,500
Week 1910.......... 1 ,954,414

Com,
bush.
255,348
110,061

Flour,
bbls.
41,102
3,356
16,537
13,343
11,454
857
2,500
38.0S9

2,250
310,000

673,072 127,238
426,849 263,958

365,217
243,033

38,159
175,254
14,250
80,000

Oats,
bush.
Vo’,666

___

2,967

Rye,
bush.

Barley,
bush.

Peas
bush.

___
__
___
___
__
__

__
__
__
__
__

__„
900
__

_____
-----

..I I I

i6"666

900
935

.........

The destination of these exports for the week and since
July 1 1910 is as below:
Week
Exports for week and May 27.
Since July l to—
bbls.
United K ingdom ... 78,004
Continent................ 38,997
Sou. & Cent. Amcr. 2,522
West Indies............ 7,715
Brit. Nor. Am. Cols..............
Other Countries...................

Since
Since
Since
July 1
Week
July 1
Week
July 1
1910. May 27.
1910. May 27.
1910.
bbls.
bush.
bush.
bush.
bush.
3,983,9341,038,686 32,929,982
397,642 20,134,432
1,793,7681,070,714 19,120,801
79,346 22,262,119
972,928
343,488
166,044 2,529,844
1,149,617
8,212
30,080 1,451,771
78,145
..............................................
14,404
234,157
...........
25,000
...........
53,109

Total................... 127,238 8,212,549 2,109,400 52,427,483
Total 1909-10 _____ 263,958 8,871,514 1,954,414 79,959,742

673,072 46,445,679
426,847 27,811,353

The world’s shipments of wheat and corn for the week
ending May 27 1911 and since July 1 1910 and 1909 are shown
in the following:
Wheat.
Exports.

1910-11.
Week
May 27.

North Amer.
Russia........
Danube___
Argentina . .
Australia . .
In d ia ..........
Oth. countr’s

Bushels.
2.968.000
5.440.000
912,600
1.800.000
936,000
1,288,000
96,000

Com.
1909-10.

Since
July 1.

Since
July 1.

1910-11.

1909-10.

Week | Since
May 27. j July 1.

Bushels.
Bushels.
Bushels.
118.667.000 131.480.000 471.000
203.616.000 200.952.000 536.000
84.618.000, 18.786.000 1,231,000
79.554.000, 55.004.000
17,000
52.640.000 38.044.000
43.924.000 141.560.000
7.472,000

Since
July 1.

Bushels.
Bushels.
41,960,000 27.488.000
20,728,000 16.975.000
69,212,000 23.738.000
55,516,000 62.450.000

T o ta l----- 13440000 590,491.000 485,826,000 2,255,000 187,416,000 130,651,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
May
May
May
May
May

27
20
28
29
31

Com.
Total.

Bushels.
Bushels.
Bushels.
1 911- 24.888.000 31.744.000 56.632.000
1 911- 23.712.000 34.864.000 68.576.000
1910- 32,720.000; 15.120.000 .47,840.000
1909- 27.280.000 14.320.000 41.600.000
1908..!22.720.000 15.440.000 '38,160.000

United
Kingdom. Continent.
Bushels.
4.029.000
3.902.000
3.*40,000
9.350.000
7,310,000'

Bushels.
4.616.000
5.457.000
2.975.000
9.010.000
9.095.000

Total.
Bushels.
8.645.000
9.359.000
6.615.000
18,3*0.000
16.405,000

The visible supply of grain, cbmprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 27 1911, was as follows:
: : : : : :'. , .jJ

THE CHRONICLE

1510

.
.
.
.
New Orleans________ .
.
.
Detroit ...................... .
.
Milwaukee................. .
.
Minneapolis .............. .
.
Kansas City-------------- .
Indianapolis .............. .
_
On Canal and R iver.. .

AMERICAN GRAIN STOCKS.
Oats,
Wheat,
Com,
bush.
bush.
bush.
361,000
380,000
459,000
306,000
238,000
2,000
26,000
210,000
126,000
130,000
360,000
111,000
115,000
19,000
5,000
86,000
1,145,000
277,000
2,015,000
35,000
311,000
158,000
213.000
171,000
9,000
6,883,000
761.000
3,754,000
100,000
26,000
157.000
25,000
2,996,000
523.000
14.000
9,518,000
632,000
75.000
977,000
92,000
131,000
862,000
83,000
59,000
1,325,000
150.000
143,000
156,000
348.000
78,000
452,000
9,000
148,000
287,000

Total
Total
Total
Total

May
May
May
May

May
May
May
May

Wheat,
bush.
American .................... 25,948,000
Canadian..................... 6,384,000
Total
Total
Total
Total

May
May
May
May

271911.-32,332,000
201911.-32.448,000
281910.-26,491,000
291909.-24,867,000

267,000
297,000
83,000
13,000
SUMMARY.
Corn,
bush.
3,902,000
267,000
4,169,000
4,775,000
5.573,000
2,854,000

T H E DRV GO

2,000

10,000
557,000

6,000
9,000

48.000

14,000

194,000
54.000

2,000

3,000
104,000
991,000
1.070.000
1.661.000
1,300,000

Rye,
--------...........
-----------------

Barley,
53,000

...........
______
______
7,000

53.000
56.000
173.000
103.000

Oats,
bush.
8,182,000
6,227,000

Rye,
bush.
34,000
---------

Barley,
bush.
991.000
53.000

14,409,000
15,608,000
7,773,000
7,719,000

34,000
29,000
518,000
242,000

1.044.000
1.126.000
1.834.000
1.403.000

27
20
28
29

27 191I-- 6,384,000
20 1911-- 7,514,000
28 1910.- 6,358,000
29 1909-- 5,100,000

Barley,
bush.
19,000

34,000
29,000
518,000
235,000

3,902,000
8,182,000
1011. .25,948,000
4,47S,000
8,620,000
1911- .24,934,000
5.490,000
6,905,000
1910. .20,133,000
2,841,000
7,463,000
1909. .19,767,000
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
M ontreal____________
587,000
267,000
585,000
Fort William................ 2,263,000
2,778,000
Port Arthur__________ 1,455,000
2,185,000
Other Canadian_______ 2,080,000
679,000
Total
Total
Total
Total

Rye,
bush.
3,000

6,227,000
6,988,000
868,000
256,000

PS TR A P P

New York, Friday Night, June 2 1911.
Although trading was interrupted by the holiday, and
toward the week-end there was a disposition in some quarters
to await the Government cotton report before making addi­
tional commitments for forward delivery, conditions in cotton
goods markets generally showed further moderate improve­
ment and gradually increasing confidence. That more
attention is being given to the extensive curtailment of pro­
duction at mill centres and to the prospect of still greater
restriction of output during the summer is evident from the
numerous inquiries received from merchants who must
provide for fall requirements and from others whose stocks
will apparently need replenishing shortly and who are
becoming concerned over the present and prospective limited
supplies in first hands. A particularly encouraging feature
of the week was the receipt of larger and more numerous
mail orders for various staples and reports from road men,
especially in the W est, to the effect that buyers are operating
more freely on goods for prompt and near-by shipment and
are displaying more interest in goods to be made. Another
helpful factor in the general situation is that cotton goods
are not being pressed for sale in quantities in any quarter;
offerings to clean up stocks are exceptional, and buyers
seeking sizable lots of better-grade staples usually find that
the goods will have to be made. In view of the widespread
curtailment, limited stocks and the sustained strength of the
staple, together with the improved demand now in evidence,
it is not surprising that prices throughout the cotton goods
division are very firmly held, and show an advancing ten­
dency in some quarters. Jobbers reported an increased
demand from retailers for staple domestics and seasonable
lines of merchandise, owing in a measure to continued warm
weather, but they themselves, although recognizing the im­
portance and significance of the curtailment now under way,
continue to proceed cautiously in purchasing various domestic
cottons, preferring, apparently, to await the cotton report
and a clearer outlook for general business a few months hence.
It is confidently expected, however, that these interests will
enter the market on a substantial scale during the current
month. Cotton yarns remained dull, with mills generally
very firm on contracts. Better grades of seasonable underwTear and hosiery continued in steady demand and some pro­
ducers are reported well situated in the matter of orders for
a number of months; others have been less fortunate. The
silk piece goods trade in lightweight fabrics is fairly active.
Woolens and worsteds, both men’s wear and dress goods,
were generally quiet, business consisting principally of moder­
ate re-orders for fall and a scattered demand for prompt
shipment.
D OM ESTIC COTTON G OO DS.— The exports of cotton
goods from this port for the week ending May 27 were 2,526
packages, valued at $203,455, their destination being to the
points specified in the table below:
-------- 1 311-------Since
New York to M ay 27—
W eek. Jan. 1.
374
Great Britain____________________
39
Other E urope____________________
459
17
China_______________________ _____
30,202
India ____________________________
13,203
15
A rabia_____________________________
_
27
8,539
A f r i c a _______________________
251
3,068
W est Indies....... ........................................... 928
16,831
M e x i c o _________________________________
974
5
Central Am erica_____________________ . _ 203
7,751
203
South A m erica _________________
26,447
. 483
Other cou ntries.................
558
16,700




.2,526

---------11)10—
Since
W eek. J a n . 1.
879
2
543
34
28,212
6,868
1,350
5,260
492
1,536
56
11,925
655
782
59
169
20,492
390
18,021
473

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

The value of these New York exports since Jan. 1 has been
$9,207,626 in 1911, against $6,578,937 in 1910.
Manufacturing trades continued to take bleached goods
steadily, but the call from jobbers was light. Staple prints
were again ordered in substantial quantities, reflecting confi­
dence in the stability of prices, especially in view of the
sustained firmness of raw material, while the movement of
shirtings, chambrays and cotton dress fabrics increased
somewhat. Denims, tickings and other heavy colored
cottons were in good request, with a material increase in the
amount of business done; prices ruled firmer and are appar­
ently tending higher, largely as a result of curtailment.
Duck became stronger and some large orders for delivery
within the next two or three months were reported. Ging­
hams were well patronized, especially by cutters for future
shipment, and cotton linings were taken more freely by
manufacturing trades. Export trade generally ruled quiet
and without particular feature. Print cloths and converti­
bles were firmly held, but only moderately active; buyers
recently operated quite freely, but the advance in prices
seems to have checked the demand, and there was also a
disposition to await the Government’s cotton report; gray
goods, 383'2-inch standard, are quotably unchanged.
W O O L E N GOODS.— Moderate duplicate orders for men’s
wear woolen fabrics for fall were received, and some leading
mills are said to be well sold up for that season; the volume
of business placed on worsteds, except the best qualities, is
reported less satisfactory than in the case of woolens. A
few lines of fine fancy woolens for the new spring season have
been opened and a fair amount of business already booked;
low-priced woolens for spring are expected to be shown some
time this month, but openings of higher-priced lines will
probably not take place until July. Aside from some re­
orders on fall fabrics, dress goods markets were seasonably
dull. A development that is attracting much attention
among sellers of piece goods is the plan adopted by some
large department stores whereby women purchasers are
allowed to select dress materials at the counter and have
suits and dresses made to measure. This innovation has
already been tried with success in cotton dress goods, and
seems likely to be extended to other divisions, notably
woolen goods.
F O R E IG N D R Y GOODS.— Imported woolen and worsted
fabrics for fall were in fair demand from garment manufac­
turers and others, but business in the aggregate was not
large. Linens ruled generally quiet, business consisting
mostly of scattered orders from cutters for dress linens;
colored fabrics figured more largely in the demand than
heretofore. Burlaps were moderately active, steady and
unchanged.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 27 1911 and since
Jan. 1 1911 and for the corresponding periods of last year:
r>.
90 CO
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(O M Cl 05 CO

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b - CO

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lO O 90 rH Cl
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£
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^ O CO0CCl
»r o < o n

frj

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05 CO 90 O

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124,548 ■ ■ 3,680 • 98,069

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s

THE CHRONICLE

J u n e 3 1911.]

® fe o

nicU.

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News Items.

1511

Legislature Adjourns.— The Legislature of this State
adjourned on June 1. It is expected that the Governor
will call an extra session.
Mississippi.— Supreme Court Decides Against Payment of
Bond Coupons.— The State Supreme Court in a decision
handed down May 29 holds that the Jan. 1 coupons on the
$600,000 State bonds should not be paid. This reverses the
judgment of Judge W . A . Henry of the Seventh Circuit Court
District, who, on April 5 ordered a writ of mandamus
commanding the Auditor to issue warrants for the payment
of the January 1 coupons. See V . 92, p. 1049. The litiga­
tion was started by State Treasurer Edwards, who refused
to pay the interest, on the ground that should the bond­
holders receive interest that accrued prior to the date on
which they paid their purchase money, the sale would be
below par in violation of the statutes. The State Supreme
Court holds that this view is correct. The opinion is given
in full in the New Orleans “ Times-Democrat” of May 30.
Mountain Home, Elmore County, Idaho.— Suit Started to
Test Legality of Water Bonds.— Suit has been filed in the
Supreme Court by C. E . Corker to test the validity of the
$35,000 6 % coupon water-system bonds awarded on April 17
to W in. E . Sweet'& Co. of Denver. It is said that the issue
is attacked because of alleged irregularities in the notice for
the special election.
Ohio.— Legislator Adjourns.— The Ohio Legislature, which
has been in session since the first Monday in January, ad­
journed on June 1.
Legislator Acquitted of Bribery Charge.— Representative
George B. Nye of Pike County, indicted on May 3, charged
with soliciting a bribe of $500 from State Printer Crawford,
was acquitted by a jury on June 1. See V . 92, p. 1263, 1386.
Oklahoma.— Inheritance Tax Law Held Valid.— According
to the “ Oklahoman” of May 7, the inheritance tax law of this
State is now being administered under the construction placed
upon it by District Judge L. M. Poe, of Tulsa, in an opinion
handed down in a case brought by the State to enforce the
collection of the tax upon the estate of J. G. McCammon, of
Tulsa. Mr. McCammon’s property within the State subject
to the inheritance tax law was appraised at $280,000, and,
under the decision referred to, the heirs were required to pay
taxes aggregating nearly $8,500. In his opinion Judge Poe
says:

Des Moines, Iow a.— Vote Authorized on Water Proposition.
— Newspaper advices state that a vote will be taken June 19
on the question of constructing a new water plant or pur­
chasing the plant of the Des Moines Water Co., whose fran­
chise expired May 1. Further reports indicate that the
method of procedure in regard to the acquisition of the
present plant has not been determined upon.
El Dorado County (P. O. Placerville), Cal.— Court Refuses
to Enjoin Sale of Bonds.— Judge Arnot has refused to issue
the injunction asked for by Jas. H . Adams & Co. of Los
Angeles to prevent the sale to N . W . Halsey & Co. of San
Francisco of $120,000 court-house bonds. See V . 92, p. 1386.
Guthrie, Okla.— Suit Against New Charter Dismissed.—
Superior Court Judge S. Lawrence, in a decision recently
rendered in the case of A . G. Copeland, attacking the city
charter adopted by the voters on May 3 (V . 92, p. 1327) and
approved by the Governor on May 12, holds that “ the validity
“ There are no limitations in the Oklahoma Constitution, so far as we
of the Guthrie charter was established by the approval of have been able to examine the same, limiting the powers o f taxation as to
the Governor and that no action can be maintained by any inheritances, but, on the contrary, the Constitution Itself specifically pro­
for the levying of such a tax. . . .
court in the State, by any citizen or taxpayer, attacking the vides
“ The only doubt that could arise as to the constitutionality of the A ct in
validity of such charter collaterally, except an action brought question arises out o f the m ode of com putation of the taxes levied under the
by the State of Oklahoma in a direct proceeding in the nature statute, it being a progressive rate of taxation, increasing with each $100 In
excess of the exem ptions. . . . The heir gets his portion of the estate,
of a quo warranto.”
Judge Lawrence also says:
less the taxes upon transmission, even though the progressive rate may
“ I d on ’t wish to be understood to hold that the courts will not have the
power to pass upon and determine the constitutionality and legality of any
o f the provisions of the charter. In a suit properly Involving the validity or
constitutionality of any one or m ore of the provisions of such charter, but
I do hold and decide that the charter as a whole cannot be attacked b y any
citizen or taxpayer In a collateral w ay, as In this case.”

Holly School District (P. O. H olly), Mich.— Suit Started to
Enjoin Sale of School Bonds.— Several citizens have brought
suit in the Circuit Court to enjoin the sale of $30,000 school­
building bonds voted on April 18. Judge Smith, it is stated,
has directed the School Board to show cause on June 12 why
the injunction asked for should not be granted.
Hot Springs County, W y o .— New County Authorized.—
An election held May 17 resulted in favor of the organization
of Hot Springs County from the southern part of Big Horn
County and the northern part of Fremont. Thermopolis
was chosen as the county seat.
Huntsville, A la.— Election on Commission Form of Govern­
ment.— An election has been called for June 19, it is stated, on
the question of adopting the commission form of government.
Idaho.— Bonds Declared Valid by Supreme Court.— The le­
gality of the State bond issue of $1,161,500 is upheld by the
State Supreme Court in a decision rendered May 23 in the
test case of G. W . Fletcher vs. W . L. Gifford, Secretary of
State. As previously stated, the question of legality was
raised, owing to the omission of the word “ not” in the con­
stitutional amendment permitting the Legislature to author­
ize the bond issue. V . 92, p. 1386. This omission, the
Court holds, does not invalidate the issue, the plain intent
of the Legislature being to include the word.
The bonds in question have been repeatedly referred to in
local newspapers as “ capitol bonds,” and we accordingly re­
ported them as such in our recent number of the “ State and
City” Section. It now appears, however, that only $750,000
of the issue is for the Capitol, and that the remainder will be
used as follows:
The Lincoln-Tw in Falls bridge, $5,000; the Parls-Franklln road, $2,500;
the Kootenai wagon road, $25,000; the Leadorc-Pashlmerol road, $5,000;
the Salmon-Challls road, $7,500; the Mountalnhome bridge, $15,000; the
Canyon-Snake ltiv cr bridge, $25,000; the North and South wagon road,
$20,000; the deal and blind school, $30,000; S t. Maries bridge, $0,000;
North Idaho Insane asylum, $35,000; Idaho sanitarium, $25,000; South
Fork bridge, $5,500; Ross Fork bridge, $20,000; University o f Idaho, $75,­
000; Burley bridge, $10,000; W hitehead-Dun)acque road, $4,000; Twin
Falls-Lincoln County bridge, $6,000; Idaho-Oreqon bridge, $10,000; Sol­
dier’s hom e, $13,000; penitentiary, $30,000; industrial training school,
$33,000.

Illinois.— U . S. Senate Orders New Lorimer Inquiry.— By a
vote of 48 to 20, the U . S. Senate on June 1 adopted the
Martin resolution providing for a new investigation by the
Committee on Privileges and Elections into the election of
Senator Lorimer of Illinois. The resolution adopted was
substituted for the proposition of Senator La Follettc to ereate a special committee, made up entirely of new members.




Increase to such an extent as to absorb the units o f $100 each after it had
reached a certain am ount, but there Is nothing In the Constitution o f the
State of Oklahoma nor the Constitution o f the United States that limits or
prevents the State Legislature from wholly depriving. If they see proper,
a collateral heir from Inheriting at all In this State. T hey could, b y an A ct
o f the Legislature, be cut off entirely from an inheritance, and It would
still, In m y opinion, be wholly within the powers o f the Legislature under
the Constitution.
“ In fact, I am Inclined to the belief that It was the Intention o f the
Legislature to prevent enormous fortunes from descending to either lineal or
collateral heirs, and that if the progressive rate prescribed b y the State
Legislature reaches that point where it absorbs any part o f the estate, that
the excess should revert to the State and the heir should take the am ount,
less the progressive rate, as figured upon each and every $100 In excess up
to the point o f absorption.”

It has been figured out, says the “ Oklahoman,” that under
this law the highest amount that could be inherited by a
widow, on whom the tax is the lightest, would be $624,980 80,
no matter how great the estate might be. The rest would
go to the State under this tax, which becomes absolutely
confiscatory after a certain limit is reached. In the case of
persons who are not directly related to the deceased, on whom
the tax falls most heavily, the limit is reached at $45,648.
The amounts allowed to the other three classes of relatives
vary between those figures.
The law has not proven to be a heavy revenue producer,
as most of the estates which have been reported since its
passage are comparatively small. The fiscal year ending
N ov. 30 1910 was the first in which any inheritance taxes
were collected. During that year the amount paid in from
this source was $6,516 21, and $662 50 was reported as unpaid
or delinquent, in addition to the McCammon estate and the
Rowie E . Pittman estate in Creek County, both of which
were in Court at that time.
. United Stales Supreme Court Upholds Removal of State
Capitol.— The United States Supreme Court in an opinion
written by Associate Justice Lurton affirms the judg­
ment of the Oklahoma Supreme Court, which held that the
Act of the Legislature of 1910 removing the State capital
from Guthrie to Oklahoma City was valid. The Supreme
Court holds that the condition imposed in the enabling Act
by Congress, which provided that the capital should remain
at Guthrie until 1913 and that thereafter the electors should
decide the location, contravenes that section of the Federal
Constitution which provides for the admission of new States
on terms of equality with all other States. The choice of
the location of its capital is declared to be one of the essen­
tial attributes of Statehood. Justices Holmes and McKenna
dissented. See V . 92, p. 823.
W e st Virginia.— Special Session of Legislature Ends.— The
Legislature of this State which convened in special session
May 16 adjourned on May 30. The Senate and House failed
to agree on a primary law, for which purpose the special
session was called.
. . .

THE CHRONICLE

1512

Bond Calls and Redemptions.
Carson City, Ormsby County, Nev.— B o n d C a l l . — Pay­
ment will be made on June 10 at the City Treasurer’s office
of sewer bonds numbered 3, 4, 6, 7, 8 and 9, issued under an
Act of the Legislature approved March 7 1891.
Denver, Colo.— B o n d C a l l . — The following bonds were
called for payment May 31:
Storm Sewer Bonds.
North Denver Storm Sewer DIst. No. 1, bonds Nos. 223 to 226 Inclusive.
Sub-D lst. N o. 2 of the North Denver Storm Sewer Dlst. N o. 1. bonds
N os. 3 and 6.
Sub-D lst. N o. 4 of the North Denver Storm Sewer Dlst. No. 1, bond N o. 8.
S ub-D lst. N o. 0 of the North Denver Storm Sewer Dlst. N o. 1, bond N o. 4.
Sanitary Sewer Bonds.
East Side Sanitary Sewvr Dlst. N o. t, bonds Nos. 203 to 227 Inclusive.
Sub-Dlst. No. 2 of the East Side Sanitary Sewer Dlst. N o. 1, bond N o. 15.
Sub-D lst. No. 5 of the East Side Sanitary Sewer Dlst. N o. 1, bonds
N os. 20 and 21.
Sub-Dlst. No. 8 of the East Side Sanitary Sewer Dlst. N o. 1, bond N o. 79.
Sub-Dlst. No. 11 of the East Side Sanitary Sewer Dlst. N o. l ,b o n d N o .3 4 .
Sub-Dlst. N o. 12 of the East Side Sanitary Sewer Dlst. N o. 1, bonds
N os. 25 and 26.
Harman Special Sanitary Sewer Dlst. N o. 1, bond No. 35.
Highlands Special Sanitary Sewer Dlst. N o. 7, bonds Nos. 70 and 71.
Highlands Special Sanitary Sewer Dlst. N o. 8, bonds Nos. 24 and 25.
Improvement Bonds.
Capitol Hill Im provem ent Dlst. N o. 5, bond N o. 49.
Cherry Creek Im provem ent Dlst. N o. 1, bonds Nos. 38 to 48 Inclusive.
Cherry Creek Im provem ent Dlst. N o. 2, bonds Nos. 24 to 26 inclusive.
East Side Im provem ent Dlst. N o. 1, bonds Nos. 43 to 45 Inclusive.
East Side Im provem ent Dlst. N o. 2, bonds N os. 29 and 30.
Evans Im provem ent D lst., bond No. 44.
North Side Im provem ent Dlst. N o. 1. bond No. 78.
North Side Im provem ent Dlst. N o. 2, bond No. 32.
North Side Im provem ent Dlst. N o. 3, bonds Nos. 100 to 105 Inclusive.
North Side Im provem ent Dlst. N o. 4, bond N o. 33.
North Side Im provem ent Dlst. N o. 5, bond No. 8.
North Side Im provem ent Dlst. No. 6, bonds Nos. 30 and 31.
North Side Im provem ent Dlst. No. 11, bonds Nos. 1 to 18 Inclusive.
Ogden Street Im provem ent Dlst. N o. 1, bond No. 17.
South Broadway Im provem ent Dlst. No. 2, bond No. 73.
South Capitol Hill Im provem ent Dlst. N o. 1, bonds Nos. 93 to 95 incluslv
South Side Im provem ent Dlst. N o. 1, bonds Nos. 92 to 116 Inclusive.
Thirteenth Street Im provem ent Dlst. N o. 1. bond No. 34.
W est Denver Im provem ent Dlst. N o. 1, bond N o. 124.
Paving Bonds.
A lley Paving Dlst. N o. 7. bond No. 16.
A lley Paving Dlst. No. 17, bonds Nos. 1 to 11 Inclusive.
A lley Paving Dlst. No. 20, bond No. 15.
B roadw ay Paving Dlst. No. 3, bonds Nos. 36 to 38 Inclusive.
Colfax Avenue Paving Dlst. N o. 2, bonds N os. 43 to 53 Inclusive.
Llnooln Street Paving Dlst. No. 1, bonds Nos. 25 and 26.
Market Street Paving Dlst. No. 2, bonds Nos. 1 to 26 Inclusive.
Surfacing Bonds.
Surfacing Dlst. N o. 3, bond N o. 64.
Park Bonds.
Highlands Park D lst., bonds Nos. 281 and 282.
Curbing Bonds.
South Side Curbing Dlst. N o. 2, bond N o. 28.

Missouri.— B o n d C a l l s . — -Whitaker & Co., of St. Louis, in
their quotation pamphlet dated May 15, include the follow­
ing list of municipal bonds which have been called for
redemption:
Butler Co. School District 53, 6% building bonds, N os. 1 to 5, Inclusive*
for $1,000 each,d ated N ov. 1 1005, have been called and will be paid Junel*
Springfield, 4% street-im provem ent bonds, N os. 59 to 70, both Inclusive,
for $500 each, dated June 1 1901, have been called and will be paid June l r
De S oto, Jefferson County, School District No. 73, 4>$% Bond N o. 8, fo
$500, dated June 1 1898, has been called and will be paid June 1.
Dunklin School District N o. 50 (317-8 E ast), 6% building bond N o. 8,
for $500, dated April 15 1901, was called to be paid May 15.
Dunklin County School District N o. 1-23-10, 6% building bonds. N os. 1
to 10, Inclusive, for $100 each, dated May 22 1906, have been called and
will be paid May 22.
. . . . .
L afayette County S'AVo refunding bonds. Nos. 200 to 239, both lnclsulve,
for $1,000 each, dated Jan. 1 1901, have been called and will be paid July 1.
Plattsburgh School District, Clinton County, 4% building bonds. Nos. 21
to 22, for $500 each, dated Ma; 15 1899, were called to be paid May 16.
Poplar Bluff School District, Butler County, 5% building bonds. Nos. 13
to 28, both Inclusive, for $500 each, dated July 1 1898, have been called
and will be paid June 1.
Scotland County 4
bonds. Nos. 137 to 157, Inclusive, for $1,000 each,
dated June 1 1897, have been called and will be paid June 1.
Scotland County 4% court-house bonds, Nos. 61 to 80, both Inclusive,
for $500 each, dated June 1 1907, have been called and will be paid June 1.
Stotts City District, Township 28, Range 28, Lawrence C ounty, 7%
building bond. N o. 1, for $500, dated June 1 1898, has been called and will
be paid June 1.
W ebster County School District N o. 83-28-18, 8 % bond. N o. 1, for $125,
dated June 4 1909, has been called and will be paid June 5.
W ebster County School District N o. 5-28-18, 6% building bond N o. 4.
for $150, dated Juno 15 1903, has been called and will be paid June 15.

Republic of Bolivia.— B o n d s D r a w n f o r R e d e m p t i o n . — The
following coupon bonds of the 6 % external loan of £5 00 ,0 00
were drawn Jan. 3 for redemption July 1 1911:
Nos. 276, 357, 490, 623, 972, 1070, 1096, 1097, 1165, 1199, 1200, 1316,
1335, 1386, 1401, 1567, 1684, 1699, 1741, 1786, 1981, 1998, 2011, 2101.
2171, 2411, 2436.

Payment will be made at the office of J. P. Morgan & Co.
in New York City or Morgan, Grenfell & Co. in London.

Taylor, Williamson County, Tex.— B o n d C a l l . — The City
Secretary, according to reports, has been instructed by the
City Council to redeem $9,000 school bonds of the series of
1890.

Bond Proposals and Negotiations this week
have been as follows:
Adams County (P. O. West Union), Ohio. —

B o n d O ffe r in g .

— Proposals will be received until 12 m . June 5 by C. S.
Daulton, County Auditor, for $7,000 4 % coupon court-house­
building bonds.
A uthority Section 2,434 of General Code and V ol. 101, pages 135 and 138,
of Ohio Laws. Denomination $500. Date March 1 1911. Interest semi­
annually at the County Treasurer’s office. Maturity $4,000 on S ept. 1 1915
and $3,000 on Sept. 1 1925. Certified check for 10% of bid, payable at the
office of the Board of County Commissioners, Is required.

Adamsville, McNairy County, Tenn.—

B o n d O f f e r i n g .—

Proposals will be received until 2 p. m . June 10 by P. L.
Basinger, Town Treasurer, for $5,000 6 % coupon school­
building Jbonds.




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

A uthority election held May 5 1911. Denomination $1,000. Interest
annually at the Bank of Adamsvllle In A dam svlllc. M aturity $1,000 In
each of the years 1921, 1926, 1931, 1936 and 1941. outstanding bonds being
subject to call after 1931. Bonds are tax-exem pt. No d ebt at present.
Assessed valuation In 1910, $52,000.

Akron, Lancaster County, Pa.— Bond Sale.— On May 11
$15,000 4 % 10-30-year (optional) coupon water-plant bonds
were awarded to the Akron National Bank in Akron at 100.30.
Denominations $100 and $500. Date July 1 1911. Interest semfannually at the Borough Treasurer’s office. Bonds are tax-exem pt.

Albany, N . Y .— Bond Offering.— Proposals will be received
until 11 a. m. June 12 by Howard N . Fuller, City Comptroller,
for the following 4 % registered bonds:
$200,000 high-school (Third Series) bonds. Denomination $1,000. Ma­
turity $10,000 yearly on June 1 from 1912 to 1931, inclusive.
93,500 Improvement bonds. Denomination $9,300. Maturity $9,300
yearly on June 1 from 1912 to 1921, inclusive.
Date June 1 1911. Interest semi-annually by mailed checks. Certified
check for 2% of bonds bid for, payable to O tto Jantz, City Treasurer, Is re­
quired.

Alhambra School District (P. O. Alhambra), Los Angeles
County, Cal .— Bond Election.— We see it reported that a vote
will be taken on June 5 on propositions to issue $50,000 highschool and $60,000 grammar-school bonds.
Am es, Story County, Iow a.— Bonds Voted.— Local papers
state that the question of issuing the $100,000 high-school­
building bonds mentioned in Y . 92, p. 1128, received a vote
of 307 “ for” and 55 “ against” at the election held on May 12.
•Amory, Monroe County, M iss.— Bond Offering.— Proposals
will be received until 8 p. m . June 6 by J. A . Mayfield,
Mayor, for $65,000 5 ) ^ % water-works and sewerage bonds.
Denominations $100 and $500. Date June 6 1911. Interest annually
at the Merchants’ & Farmers' Bank In A m ory, city depository, or any other
bank In A m ory, at the option of the holders. Maturity June 6 1931.
Bonds are exem pt from all taxation. Certified check for $650, payable to
Eugene C. Dalrym plc, City Clerk, Is required.

Archer County Common School District No. 4, Texas.—

Bond Sale.— On May 10 $13,500 5 % 15-40-year (optional)
bonds were awarded to the State School Fund at par and
accrued interest.
Ardmore School District (P. O. Ardmore), Carter County,
Okla.— Bonds to Be Offered Shortly.— Reports s|;p,tc that the
School Board has instructed the Chairman to place on the
market the $100,000 high-school-building bonds voted on
March 10 1909.
Attleborough, M ass.— Temporary Loan.— On June 1 a
5-months’ loan of $40,000 was negotiated with Curtis &
Sanger of Boston at 3 .3 4 % discount.
Audrian County (P. O. Mexico), M o.— Bond Sale.— On
May 20 the $15,000 5 % 1-5-year (serial) poor-house-building
bonds described in V . 92, p. 1128, were sold to the W . R .
Compton Co. of St. Louis at 101.40 and interest— a basis of
about 4 A % - Purchasers to furnish blank bonds. A joint
bid of 100.18 and interest was also received from E . H . Rol­
lins & Sons of Chicago and D. A . Bowman & Co. of St. Louis.
There were 13 bids received in all.
Aurora, Kane County, 111.— Bond Sale.— The $30,000
4X
A % 1 0 ^ -y e a r (average) coupon bridge-construction bonds
described in V. 92, p. 1389, were sold on May 20 to E . H .
Rollins & Sons of Chicago at 102.267 and interest— a basis
of about 4 .2 3 1 % . Ten bids were received in all for the issue.
Bayonne, Hudson County, N . J.— Bond Offering.— Pro­
posals will be received until 8 p. m. June 6 by W in. C. Ham­
ilton, City Clerk, for the following 4 ) ^ % coupon bonds:
$505,000 gold funding bonds dated June I 1911. Maturity $287,000 June 1
1021 and $218,000 June 1 1931.
58,900 school bonds dated July 1 1911 and due July 1 1931.
Interest payable In January and July at the Mechanics’ Trust Co.,
Bayonne. Certified check for 5% required. The legality of the bonds will
be passed upon by Hawkins, Delallcld & L ongfc'low of New York City.

Baxley, Appling County, G a.— Bond Election.— An elec­
tion will be held June 12 to vote on the question of issuing
$10,000 electric-light and $2,000 water-works-system bonds.
Beach City School District (P. O. Beach City), Stark
County, Ohio.— Bonds Defeated.— The proposition to issue
the $15,000 school bonds mentioned in V. 92, p. 1051, was
defeated at the election held April 25. The vote was 95
“ for” to 116 “ against.”
Beckville Independent School District (P. O. Beckville),
Panola County, Texas.— Bond Sale.— On May 10 the $6,000
5 % 40-year registered bonds described in V . 92, p. 1264, were
awarded to the State School Fund at par.

Belleville Township School District (P. O. Belleville),
Essex County, N. J.— B o n d S a l e . — On May 29 the $24,900
4) fi% 26)4-year (average) coupon school bonds, described in
V. 92, p. 1450, were awarded to J. S. Rippel of Newark for
$26,035 96 (104.562) and accrued interest— a basis of about
4 .2 2 % . Other bids were received as follows:
II. L . Crawford & C o.. N. Y . 104.281 J. D. Everltt & C o., N. Y ._ _ 102.53
R . M. Grant & C o., N. Y ____103.637 Harris, Forbes & C o.. N. Y _ . 101.686
Rhoades & C o., New Y o r k ..102.893 Outwatcr & Wells, Jcr. City_101.572
First Nat. B k., Belleville____102.54
Maturity $900 on July 15 1931 and $2,000 yearly on July 1 from 1932
to 1943 Inclusive.

Beltrami County (P. O. Bemidji), Minn.—

B ond

S a l e s .—

This county on May 16 awarded an issue of $180,000 5 and
5 lA % 13^2-year average bonds to the Security Trust Co. of
St. Paul. Denomination $1,000. Date June 1 1911. In­
terest semi-annual.
On May 16 the three issues of 5 % Judicial Ditch bonds,
mentioned in V. 92, p. 1128, aggregating $60,000, were
awarded to the First National Bank and the Northern Na­
tional Bank in Bemidji for $60,800, the price thus being
101.333.

J u n e 3 1911.1

Biggs School District, Butte County, Cal .— B o n d O ffe r in g
__ Pronosals will be received until 1 p. m. June 7 by H . 1.
Batchelder, County Clerk (P. O. Oroville) for the *25,000
5 % gold school-building bonds voted on March 25.
V. 92,

p 974.
Denomination $1,000. Interest annually on June 15.
yearly from one to tw enty-five years, Inclusive.

1513

THE CHRONICLE

Maturity $1,000

Big Rapids, Mecosta County, Mich.— B id s R e je c te d . — All
bids received on April 24 for $25,000 20-year park bonds
offered on that day were rejected. These bonds were voted
on April 3. V . 92, p. 974.
Bladen, W ebster County, N eb .— B o n d S a le . — W e are ad­
vised by the Village Clerk that the $10,000 water-works and
$4,000 electric-light 5 % 5-20-year (optional) bonds offered
but not sold on Oct. 31 1910 (V . 91, p. 1342), were disposed
of on May 19.
Blount County (P. O. Marysville), Tenn. B o n d S a le . On
May 15 the $300,000 5 % coupon pike-road-improvement
bonds described in V . 92, p. 1328, were awarded to the Har­
ris Trust & Savings Bank of Chicago for $300,010, the price
thus being 102.003.
n.
Maturity on July 1 as follows: $20,000 in 1921 and 1926; $50,000 In
1931, 1936, 1941 and 1046; $60,000 In 19ol •

Bluffton School District (P. O. Bluffton), Allen County,
Ohio .— B o n d S a l e . - The $35,000 4 % 16^ -y e a r (average)
coupon high-school bonds described in V . 92, p. 1450, were
sold on May 29 to Weil, Roth & Co. of Cincinnati for $35,020
(100.057) and interest. Bids at par were also received from
Seasongood & Mayer of Cincinnati, the New First National
Bank of Columbus and Stacy & Braun of Toledo
Maturity
part each six months from May 1 1915 to N ov. 1 1939, incl.
Bokchito School District (P. O. Bokchito), Bryan County,
Okia .__ B o n d s V o ted . — A t a recent election a vote of 14o
“ for” to 3 “ against” was cast on a proposition to issue
$13,500 school bonds.
Bowman County (P. O. Bowman), No. D a k .— B o n d O ffer
inq.— Proposals will be received until 2 p. m. June 8 by J. E .
James, County Auditor, for $60,000 funding bonds.
Denomination $500. Interest semi-annual. Maturity 20 years. Certi­
fied check on a national bank for $500, payable to the County A uditor, Is
required.
.

Union In v . C o., M lnneap.*$20,410
E . H . Hollins & Sons, Chic 20,411
R o b t. A . Kean & C o.. Chi. 20,250
C H . Coffin, C hicago____ 20,101

00|S. A . Kean * C o.. Chicago $20,060 00
40 |h . C. Speer & Sons Co.,Chl 20,055 00
00 Minnesota Loan & Trust
0 0 ( C o., Minneapolis---------- 20.025 00

-■And furnish blank bonds.
Denomination $1,000. Date June 1 1911.

,
Interest sem i-annual.

•

Brownsville, Cameron County, Texas.— Bond Offering.
Pronosals will be received until 7 p. m . June 17 by William
J. Russell, City Attorney, for the $80,000 street-improve­
ment, $35,000 water-works-system-improvement and $15,00U
electric-light-plant-improvement 5 % bonds voted on March
14. (V . 92, p. 896.)
A uthority Article 486 of R evised Civil Statutes o f 1895. Denomination
8500
Date A ug. 1 1911. Interest semi-annually at the State Treasurer s
off ee In Austin at the City Treasurer’s office, or at the Seaboard National
Hank In New Y ork City at the option o f the holder. M aturity 40 yearn,
^ ib lcct to call after 20 years. A certified check for 2 Jj % o f bid. payable to
the e fty Treasurer, Is required. Official advertisement states that there arc
n o co n te stso r controversies pending or threatening in any manner affecting
these bonds or the security thereof. Bids must be unconditional.

Burlington, Alamance County, No.Caro.— Bonds Awarded,
in Part.— Of the $60,000 5 % coupon street and side-walk

bonds mentioned in V . 91, p. 1659, $25,000, due 1940, have
been sold.
.
Burlington School District (P. O. BurUngton), Racine
County, W is .— Bond Sale.— An issue of $10,000 5 % 5 1-6year (average) school-building bonds was disposed of on
May 24 to
l B . Loach & Co. of Chicago at 102 17 and intere s t - a basis of about 4 .5 1 % . An offer of 100.057 and inter­
est was also received from E . H . Rollins & Sons of Chicago.
Five bids were received in all.
Butler, Butler County, P a.— Bonds Not SoM.— No sale has
yet been made of the $50,000 4 % funding bonds offered on
Feb. 15 and described in V . 92, p. 274. W e see it stated
that an ordinance providing that the rate of interest be in­
creased will be introduced at the next meeting of the Council.
Butler Countv (P. O. Greenville), A la.— Bonds Not Sold.
N ^aw ard was made on May 9 of tie $155,000 4 >|% 30-year
road bonds offered on that day. V . 92 p. 1264
We are
informed that, owing to a misunderstanding of one of the
bids submitted, they were all withdrawn.
Cambridge, Middlesex County, M ass.— Bond Sales.— the
following registered bonds have been sold:

Bradford, McKean County, Pa .— B o n d O fferin g - P yonosals will be received until 5 p. m . June 5 by E . C. Charlton,
City Clerk, for the $10,000 4 K % coupon bridge-construc­
tion and paving bonds voted on Nov. 8 1910. V . 91, p. 1342
These securities are part of an issue of $27,000 bonds, about
$6,000 of which will be purchased by the sinking fund.
Owing to a decrease in the expense of the proposed improve­
ments, the remaining bonds will not be issued.

$10,000 3 H % sewer bonds due March
50,800 3 H % street bonds due March
25.000 4 % street bonds due March
27.000 3 H % street bonds due March
17.000 3 ^ % park bonds due March
316,500 3 ^ % water bonds due March
5,000 3 H % school bonds due March
Interest March and Septem ber.

1 1941.
1 1 9 2 1 .......................
1 1921.
1 1931.
1 1 9 o l.
1 1941.
1 1931.

'

. .

Canadian, Hemphill County, T ex .— Bonds Registered and
Sold.— On May 10 the State School Fund was awarded 310,­

000 10-40-year (optional) street-improvement bonds at iu i
and accrued interest. These bonds were registered by the
State Comptroller on the same day.
Canyon City Independent School District (P . O. Canyon),
Randall County, T e x .— Bond Sale.— On May
Bremen School District (P. O. Bremen), Fairfield County, School Fund bought at par and accrued interest $10,UUU o / 0
Ohio.— B o n d S a le .— The following bids were received on 10-40-year (optional) bonds.
May 29 for the $30,000 5 % 2-31-year (serial) coupon school­
Chambers County Common School District N o. 19, T e x .—building and site-purchasing bonds described in V . 92, p.1450: Bond Sale.— The State School Fund on May 10 purchased
S
tacy
&
Braun,
Toledo
—
$32,155
30
Citizens’ Nat. B k.. W oos’r$32.937 50 Seasongood
*'
~ Mayer, C ln . 32,112
1 ** an
&
00 at par and accrued interest $3,000 5 % 10-40-year (optional)
First Nat. B k., Cleveland. 32,927 7o First Nat. B k., B rem en .. 31,700 00
bonds.
_
.
„
,
W ell, R oth & C o., Clncln. 32.925 00 Grove City National Bank,
Bremen Bank C o., Bremen 32,700 00
Chelan County School District N o. 46 W a s h .-B o n d
Grove C ity...................* 1 0 ,6 4 8 75
P rov . S av.B k.& Tr.C o.,C ln.32,697 00
Offering.— Proposals will be received until 1 p. m June 10
* Bid for 10 bonds.
, , . . ,...
„ m
by C. A . Battles, County Treasurer (P . O. Wenatchee), for
Brewster County Common School District N o. 3, T ex .— $50,000 bonds at not exceeding 6 % interest.
Bond Sale.— The State School Fund was awarded on May 10
A uthority, election held on April 29 1911. L ^ ^ s t ^ u a U j^ at the
the $6,000 5 % 3-20-year (optional) registered bonds men­ County Treasurer’s office. Maturity 20 years. A deposit of 1% o f bonds
bid for, payable to the County Treasurer, Is required.
tioned in V . 91, p- 1059, at par and accrued interest.
Chelan County School District No. 56, W a sh .— Bond
Brewster School District (P. O. Brewster), Stark County, Offering.— Proposals will be received until l p. m . June iu
Ohio .— Bond Offering— Proposals will be received until by C. A . Battles, County Treasurer (P. O. Wenatchee), for
12 m June 10 by Frank A . Reinhart, Clerk Board of Educa­ $35,000 bonds at not exceeding 6 % interest.
tion, for $16,000 5 % coupon school-building bonds.
Anthnrftv election held on May 13 1911. Interest annually at the

Denomination $500. Date April 1 1911. Inter. V i t t e l
the City Treasurer’s office. M aturity April 1
subject to can alter
Amii 1 1016
The bonds arc tax-free. Ccrtllled check for $200 Is ic
i
officia l circular states that there Is no litigation pending against
f f o r ' a n ^ o t h e r iss u e o f bond! of the city: also that there has never been
any default In the paym ent of principal or Interest.

A uthority, Section 7625, General Code. Denomination $800. Date
Juno 10 l o l l . Interest semi-annually at Brewster. Maturity $800 yearly
on June 10 from 1913 to 1032 Inclusive. The bonds are
“ I'
will be delivered within 10 days from the tim e o f aw ard. GcrtI:lied check
for 5% of bonds bid for, made payable to the treasurer, IsJu,?ntinri 191l
bonded debt at present. Floating debt, $1,600. Assessed valuation 1911,
$700,000.
.
. ^
,

Bridgeport Independent School District (P. O. Bridge­
port), Waller County, T e x .— Bonds Registerea and Sold —
The $20,000 5 % 20-40-year (optional) coupon school-building
bonds described in V . 92, p. 1051, were awarded to the State
School Fund at par and accrued interest,
lhese bonds were
also registered by the State Comptroller on May 10.
Bridgewater (P. O. Dundas), Rice County, Minn.— Bond
Offering — Proposals will be received until 11 a. m. June 7 by
R L Shandorf, Town Clerk, for $3,000 5 % bridge bonds.
Interest annual. Maturity $1,000 yearly, beginning in 1912.
Brighton Township (P. O. Wellington, R. F . D . N o. 1),
Lorain County, O h io — Bond Offering— Proposals will be
received until 2 p. m. June 5 by L. W . Hart township
Clerk, for $15,000 5 % coupon road-improvement bonds.
a ntVmritv
election held on April 11 1911. Denomination $1,000•
Vnnu ps i o n
Interest semi-annually at the H om e Savings Hank Co.
K d U n g t o n ! MaturUy $ROOO yearly on Dec. 1 from 1912 to 1926 inclu-

Brookings, Brookings County, So. Dak. Bond, Sale.—
This city on May 20 sold $20,000 5 % 10-20-year (optional)
city-hall bonds to the Union Investment Co. of Minneapolis
at 102.05. Purchasers to pay accrued interest and furnish
blank bonds. Following arc the bids:




Aut
y*
office
Maturity 20 years, subject to call after o years.
A deposit o f 1% of bond's bid for. payable to the County Treasurer, Is re-

Childress Independent School District (P. 0 . Childress),
Childress County, T ex.— Rond Election.— A proposition to
issue $30,000 high-school-building bonds will be voted upon
June 6, according to reports.
Chokio, Stevens County, Minn.— Bond Offering.— I ro­
posals will be received until 7 p. m. June 5 by the Village
Council for $2,500 water-works-system bonds
These bonds
are part of an issue of $7,500 bonds voted on March 14 1911,
of which $5,000 has been sold to the State of Minnesota.
Date June 5 1911. Maturity $1,000 July 1 1929 and $1,500 July 1 1930.
Ccrtllled check for 5% of bonds bid for Is required.

Clarkfield, Yellow Medicine County, Minn.— Bond bale.—
On May 5 the $6,000 6 % 1-5-year (optional) village-hall
bonds described in V. 92, p. 1129, were awarded to the Clark­
field State Bank in Clarkfield at 101.083— a basis of about
4% % to the optional date. The following bids were re­
ceived:

E

b * & S S ^ 8 im S » < 8 S S £ S « * 8 8

Clermont County (P. O. Batavia), Ohio.— Bond Offering —
Pronosals will be received until 12 m. June 5 by J. L. Lai kin,
Auditor, for $13,500 4 % coupon toll-pike-purchase bonds.
A uthority. V o!

101

pages 397 a n d 398. Laws of Ohio, a u c t i o n s

” on Out l 1911 and SI.000 yearly on O ct. 1 from 191^ to
{ y * VL “m
tVnn
in c lu s iv e .

Bonds Ire exem pt from all taxation. • Certified check on a

1514

THE CHRONICLE

& 3 S ?U S ff& \5hoI9^adsBlddCr8 ^

be
C °al G r°v e Lawrene0 C°unty, O hio.-Bond Sale. - O n
May 2 o the $7,500 5 % 10-year refunding Pike Street im­
provement assessment bonds described in V O'? n 1390
7 « re 3old \°. f he Citizens' National Bank of Wooster at
107.576 and interest— a basis of about 4 .0 7 1 % . The follow­
ing bids were received:
«<, n, „
Citizens’ National Bank, W ooster____
Secm-Itjr Saying’s Bank & Trust Co.. Toledo
™
Ne\v First National Bank, C olu m b u s..
7 7 ^7 0 0
T . J. Ilarshee, Ironton........... .............; ; ; ; ; ; ; ; ; ; ------------------ 7 612 50

Colonial Beach, Westmoreland County, V a .— Bond Offer­
ing. 1 roposals will be received until 12 m . June 9 for $5,500
o / 0 coupon school-building and improvement bonds
«US 7 K K ' T 83f 00h.

sem i-annual.

Ma-

Columbiana, Columbiana County, Ohio .— Bond Sale.— The
four issues of 4> ^ % 1-10-year (serial) coupon street-improve­
ment assessment bonds aggregating $15,747, offered on
May 20 (V . 92 p. 1328), were awarded on May 25 to the
Tillotson & Wolcott Co. of Cleveland for $15,962 73— 101.369
a basis of about 4 .2 2 % . The other bidders were:
Prem ium .
H ayden, Miller & C o., C le v ..$214.00
Scour. S av. B k.& T r.C o., T o l. 201 50
Union Banking C o., C o lu m .. 191 43
Seasongood & Mayer, Cln___ 162 00

|
Premium
R ealty Guar. & T r. C o., Y ’ t’n $78 74
New First National Bank,
Colum bus_________
74 00
V inton Savings Bank, V in ton ' 15 00

n ^ r ^ hri3ti’ ,Nue,ces 9ounty. T e x .-B o n d S a l e .- The
$75 000 5 % sewer bonds registered by the State Comptroller
on March 14 (V . 92, p. 897) wore awarded on Feb. 24 we
are just advised, to Farson, Son & Co. at par and interest.
Denomination $1,000. Dato N ov. 1 1909.
M aturity 40 years, subject to call alter 10 years.

Interest

semi-annual

‘

[V O L . LXXXXTI.

R . Ford Village Clerk, for $60,000 coupon (convertible to
rCf f i er?*d) |treet-paving bonds at not exceeding 4 % % int.
100 b o n d s^ f S5001ea e h n n fi^ 1- 1^ 9 ° f Gcaeral Village Law. Denominations
tlons m av be
2£ bondf ot 5400 each. If desired, denom lna•o Ile J Iia y be changed to suit purchaser. Date Julv 1 i o n
Mntnritv
$ -.4 0 0 from 1916 to 1940 Inclusive. Certified check for $500 is required?

Eond Sale Not Consummated.— The above securities take
the place of the $60,000 bonds awarded on March 13 to
Farson, Son & Co. of New York City (V . 92, p. 825), which
sale was never consummated.
r S
e T ViIle School District (P. O. Farmersville), Collin
County, Texas.— Bonds ftot Sold.— The $20,000 5 % 30-40fr6aL ^ 0p !??nall high-school-construction bonds described in
o aa™e n<?fc yet been sold, we are advised under
date of May 8. Bonds are dated May 1 1911.
Farmington School District No. 6, Davis County, U ta h .—
nnn°ko/"lTihne Stat? of. Utah purchased at par in April
$ -0 ,0 0 0 5 % 5-10-year (optional) school-building bonds dated

A p r il l l u l l .

.

Fergus County School District (P. O. Moore), M ont.—
wnrp
of
50 6 % school-building bonds
were awarded to the State Board of Land Commissioners of
Helena at par. There were no other bidders,
cal?after^yelrs1.911-

Intercst annual- Maturity 10 years, subject to

Fisher County Common School District No. 19, T exas.—
%\ O O n ^w T rfon State, Scb ° o1 Fund purchased on May 10
interest5^ 10' 20' year (optional) bonds at par and accrued
Fiatonia School District (P . O. Flatonia), Fayette County,
*nf?°2o?
a)vard has yot been made of the
$ l -,5 0 0 5 % 10-40-year (optional) school bonds, bids for
which were received on April 15. See V . 92, p. 1265. W e
are advised that it is expected that some of the bonds will bo
disposed of to local investors.

Crestline School District (P. O. Crestline), Crawford
Ohio. Bond Sale.— This district recently sold
$1,000 improvement bonds due May 1 1913 and 1914.
Forrest, Livingston County, 111.— Bonds Voted.— W e see it
Crowell Independent School District (P. O. Crowell).
stated that the issuance of $3,000 general-improvement
holdrdT.moUrn ty ’ ^ e x ‘~ Bond Election.— An election will be
bondswas authorized by a vote of 36 to 10 at an election held
w ifn n n k f ' S a ^ t5 ° v? t(;f3lto determine whether or not May 23.
$20,000 building bonds shall be issued. These securities
take the place of the $20,000 building bonds voted on Feb. 25
Franklin County (P . O. Columbus), Ohio.— Rond Offerinq.
V. J2, p. 749.
The Attorney-General claims that the first — I roposals will be received until 12 m . June 10 by the
election was not valid.
of,..Commissioners, John Scott, Clerk, for $36,000
Cuba, Republic County, K an s .— Bonds Voted.— A proposi­ 4 ^? % Hilliard and Rome road-improvement bonds.
Denomination $500. Date June 1 t o i l
Interest ^pmi-'innnnihr nf
tion. to issue $10,000 school-building bonds is said to have
carried by a vote of 127 to 52 at a recent election.
to°m S
S ? S S f i % l T C m ifle T ch e ck on a n ^ t/on a l
% 01 bonds bId r° “ payabfo
Cumberland, Allegheny County, M d.— Bonds Voted— A tboanFk
favorable vote was cast on May 16 , it is reported, on the
Fullerton, Orange County, Cal.— Bond Election.— It is re­
question of issuing the $500,000 water-system bonds men­ ported that an election is to be held in this city to vote on
tioned in V. 92, p. 1328, the vote being 1,803 “ fo r " to 1,695 the question of issuing $150,000 bridge and street bonds.
“ against."
Fullerton Union High School District, Orange County,
D ayton, Montgomery County, Ohio.— Bond Sale.— On
•iV7~
i i Election. Reports state that another election
May 26 the $25,000 4 ) ^ % 19-year (average) coupon general win be held to vote on the question of issuing $60,000 bonds
lighting bonds described in V . 92, p. 1329, were awarded to as the previous one was declared illegal.
'
W eil, Roth & Co. of Cincinnati at 107.52— a basis of about
Galveston County (P. O. Galveston), T ex .— Rond Offerinq.
3 .9 3 5 % . Other bids received were as follows:
— 1 roposals will be received until 11 a. m. June 19 by John
Stacy & Braun, T o le d o -,-$ 2 6 ,8 62 5 0 1First National B an k$26 697 25
Seasongood & Mayer, C ln. 20,815 00 New First N at. B k., C o l..' 26 618 00 M. Murch, County Auditor, for the $500,000 5 % coupon
Fifth-Third N at. Bk., Cln. 26,702 50] Dayton Sav.<SsTr.Co.,Day 26,551 00 causeway-bridge bonds mentioned in V. 92, p . 1053.
n . r aA
0m !? at!oa 200 bonds o f 5500 each and 400 bonds of $1,000 each
Easthampton, Hampshire County, M ass.— Bond Offerinq
l? at\ w Pv ,10 1 9 U - Interest semi-annually at the Chase National Bank
York City, or In Austin or Galveston. Ccrtilled check for $5 000
— Proposals will be received until 10 a. m . to-day (June 3) ln
,to t*Je C ounty Judge. Is required. The opinion o f Dillon, Thom pi
by Victor J. King Town Treasurer, for $13,500 4 % coupon rPayabl^
m n i l C ia y o f New York City as to tlic validity of these bonds will be
luruisncci on request.
water-supply-loan bonds.
FIr^tnN^innVi0,(\nnS°Af ,1? at.e J 11110,.1 I 0 *1 - Interest semi-annually at the
Galveston County Common School District No. 18, Texas.
iq ?9
^
a
1 B oston. Maturity $1,500 yearly on June 1 from
Bond Sale.— The State School Fund was awarded at par
1912 to 1920 inclusive. Bonds are exem pt from taxation in Massachusetts
Bonds to be delivered on June 5 1911. They will be certlfled n^ tn ^ n n ' and accrued interest on May 10 $9,000 5 % 10-40-ycar
lneness b y the First National Bank o f Boston, and leg^Uty a p p r o v e d by
(optional) bonds.
Ropes, Gray & Gorham, whose opinion will be fu rn ish ed to purchaser ° y
Eastland, Eastland County, T ex.— Bonds Offered by
®|endMe > Los Angeles County, Cal.— Purchaser of Bonds,
Bankers.— The Hanchett Bond Co. of Chicago is offering to — ih c City Clerk advises us that the purchaser of the $18,000
investors $15,000 6 % 20-40-year (optional) water-works 5 / 0 city-hall and public-library bonds sold on May 15 was
bonds.
Purcell, Gray & Gale, In c., at 102.916 and accrued interest,
Denomination $1,000. Date Jan. 15 1911. Interest annually at the
l apers stated last week that the State Board of Examiners
National City Bank In New Y ork. Total debt, this Issue Assessed valua
on $526,346. Total value (estim ated). $1,000,000
Asscsscd valua
Pnr.n.i e^n ay a«?ed the issue
The bids received follow:
a iE n
* GaIc- I,lc - - $18,525 American Sav. Bank, Los A . $18,243
East Rochester High School District (P. O. East Roches­ State
Board of E xam in ers,, 18,550 J. H . Adams & C o., Los A n ! 18,175
ter), Monroe County, N . Y . — Bond Sale.— On May 23 $30 000 E : H R o l l l n ? & So°ns SanF
I s ’ lOT G ’
nl y W
& C o., San Fr. 18,037
bonds were awarded to Myron W . Greene of Rochester as
Glendive
Dawson County, M ont.— Bonds Offered bty
5s. Denomination $1,000. Date April 11911. Interestann. Bankers.
The $15,000 5 % % gold coupon water-supply
Euclid School District (P. O. Euclid), Cuyahoga County, B0Imco'Pr0P0sa!s *or wbich were asked until May 1 (V . 92,
Ohio.— Bond Sale.— On May 29 the $100,000 4 j ^ % coupon p. 1053), are being offered to investors by the Hanchett Bond
school-building and site-purchase bonds described in V . 92, * °in oo • ca8G* Maturity $1,000 yearly on Jan. 1 from 1914
p. 1265, were awarded to the First National Bank of Cleve­ to 1928 inclusive.
land at 105.872.75.
Glens Falls Union School District (P. O. Glen Falls), W arThe following bids were received:
\?n o°un^ ’
— Bonds Voted.— An election held on
-.$105-872 7 5 1Stacy & Braun, T o le d o --$105,247 00 May 25 resulted in favor of a proposition to issue $15,000
Havr^nH \ n f w ^ .CrVC a^*.a 105>655 00 New First N at. B k ., C ol- 104,850 00 school-building bonds at not exceeding 5 % interest.
W eU 1 R o th * * r ? Cr i ’ Cle
00 C ’ E - Denison & C o., Cle. 104,892 00
Gloucester, Essex County, M ass.— Bond Sale.— Reports
w ell, R oth & C o.. C ln .- 105,250 0 0 |Tlllotson& W olcottCo.,Cle 103,750 00
state that on June 2 $90,000 4 % 5 ^ -y e a r (average) building
i 92iattorlfo?Q6 in(i?,.^,ch 0(1,1,y2 i r and 57.000 each even year on O ct. 1 from
Inclusive.1029 nclusIve and 57,000 yearly on O ct. 1 from 1930 to 1935 a,ncl improvement bonds were awarded to E . M. Farns­
worth & Co. of Boston at 101.93— a basis of about 3 7 9 %
Eugene, Lane County, Ore.— Bond Offering.— Proposals Date June 1 1911.
/0 '
will be received until 7:30 p. m . June 5 by R . S. Bryson,
Temporary Loan.— The City National Bank of Gloucester
City Recorder, for the following gold coupon bonds:
$2
£5Sooo<)inPaM
Varc!ed the following loans, according to reports:
$28,000 5 % se^r^bondfL A uthority Sections 108 and 112 of the amended
25,000

Cle|t^ [- 11n^ t38b°cad3 a t j o t exceeding 6% interest.

A uthority

The above bonds wero voted on April 3 1911
Denomination not less
Mat uri t y0 t w
e
n
t y
t0 sult purchaser- M e r e s t semi-annual.

Falconer, Chautauqua County, N . Y .— Bond Offering.—
Proposals will be received until 8 p. m. June 12 by Fred.




26'nnn
AOV.i i 1911 at 3 -0» % discount.
25,000 due April t 1912 at 3 .2 9 % discount.

Date May 18 1911.
Date May 18 1911

1

Grafton Township (P. O. Belden), Lorain County, Ohio.—
Bond Sale.— On May 29 the $20,000 5 % 12)^-year (average)
coupon road-improvement bonds described in V 92 p.
1451 were awdrtlecl to Weil, Roth & Co. of Cincinnati at
accrued interest— a basis of about 4 .2 2 % .
Other bids received were as follows:

1515

T 1IE C H R O N IC L E

J u n e 3 1911.

New First Nat.Bk.,CoUim.$21,480 00 Otis & H ough, C levelan d.$21,210 00
TUlotson, W olcott C o.,
C lev elan d _____________ 21,208 00
IIaJ levela n d 1UC.r. . & - C°-': 21.386 50
Stacy & Braun, T o le d o .- 21,230 15 Seasongood & Mayer, C ln . 21,050 00
tM a tu r ity t 500 yearly on June 1 from 1916 to 1919 inclusive and $1,000
each six months from June 1 1020 to Dec. 1 1028 Inclusive.

Grainger County (P. O. Rutledge), Tenn.— Bonds Author­
i zed ' __The County Court has authorized the issuance of
$ 100,000 pike bonds.
Grand Forks, Grand Forks County, N o. D ak .— Bond
Offering.— Proposals will be received until 5 p. m. June 5 by
Charles J. Evanson, City Auditor, for the $40,000 city-hall­
building-construction bonds mentioned in V . 91, p. 1601, at
not exceeding 5 % interest.
A uthority election held on Sept. 15 1010. Denomination _$ 1,000.
Interest semi-annually at a national bank in Grand 1*orks, CHlcapto
Now York City. Maturity 20 years. Bonds to be delivered and paid for
within 30 days from tim e of acceptance of b i d . f? efr„ rfli a v a b l ^ t o ^ h e
national bank In Nortli Dakota for 2% of bonds bid for, payable to the
City Treasurer, is required. Bidders must satisfy themselves as to t
egallty of these bonds before filing their bid.

Itasca, Hill County, T ex .— Bond Sale.— An issue of
$35,000 5 % 10-40-year (optional) bonds has been sold,
according to reports.
Jackson County School District, Okla.— Bond Sale— The
Greer Bond & Investment Co. of Oklahoma City has been
awarded the following construction bonds:
$5,000 6% 20-year District N o. 6 bonds at par.
12 000 6 % * 20->°ear^District N o / 11 bonds.
’
' Denomination $500.

(P . O. A ltu s ).

Denom-

(P . O. M artha), at 102.10.

Jonesboro Graded School District, Lee County, No. Caro.
__ Bond Offering.— Proposals will be received until 12 m.
June 5 by T M. Cross, Clerk Board of County Commissioners,
(P. O. Jonesboro), for $10,000 5 % coupon school-building
bonds.
Denomination $100. Date Jan. 1 1911. Interest semi-annually at the
D istrict TreMurer’s office. Maturity Jan. 1 1941. Bonds are exem pt
from U xation
Certlfled check for $100. payable to T M. Cross, Is required.
No debt at present. Assessed valuation is $j i i , o» i .

Kansas.— Bonds Purchased by State in M ay.— lh e follow­
Groesbeck, Limestone County, Texas .— Bonds Voted — ing bonds were purchased by the State during May at par:
Propositions to issue $12,000 sidewalk and $(>,000 water­
Place Issuin'/ Bonds—
Amount Purpose.
Date
Ilatc.
works bonds carried, it is stated, at an election held May o.
Cheyenne Co. S. D. No. 1 6 ... $650 School-house Apr. 10 1911 5 Jan. 1 13 21
Reports state that the vote was 77 “ for to 3 against the Cloud County S .D . No. 32...14,200
do
Apr. 15 19 1 5 Jan. 1 14-25
Coffey County S. I). No. 5 7 .. . 7,000
do
Apr. 26 1911 5 Jan 1 12 25
former issue and 64 “ for” to 11 “ against the latter issue.
Columbus (Board of E d u c.).-15.000
do,
Apr. 11911 5 April 1 lJ -l
Hamilton, Butler County, Ohio.— Rond Safe.— The Sinking
S D NoU 30U,lUa C°- Jt‘
800
do
Jan. 1 1911 5 July 1 1925
Fund Trustees have been awarded the following 4 j ^ % coupon E
Great Bend'..........................
6,500
DrainageSept.
1
sanitary-sewer-construction assessment bonds mentioned in Great Bend .............
15,000 Sewer
Mch. 1 1911
5 March 11931
H avsC ItV -_________________ 22)787
do
Feb. 11911
6 Feb. 1 12-’21
V . 92, p. 1054.
Liberty Township, Barton Co. 6,000 Bridge
Apr. 1 1911
5 April 1 1 Jlo
*4,207 80 Sycam ore Street bonds. Maturity $420 78 yearly for 10 years
1,527 90 Stxtli Street bonds. Maturity 5152 p p a r l y for 10 years.
1,620 10 Eighth Street bonds. M aturity $162 61 yearly for 10 ycais.
Date Jan. 1 1911. Interest semi-annual.

Hancock County (P. O. Sparta), G a.— Bonds Voted .— A
proposition to issue $35,000 good-road bonds is said to have
been favorably voted upon at an election held May o.
Harrisburg, Saline County, 111.— Bonds Voted.— 'The ques­
tion of issuing $ 35,000 5% bonds carried by a vote of 066 to
241 at an election held on April 4. Maturity 1917.
Heyburn, Lincoln County, Idaho.— Bond Offering.— Pro­
posals will be received until June 6 by H . B . Rcdfcrd,
Village Clerk, for $3,000 6% coupon public-improvement
bonds.

Ness County S. D. No. 52----- 5.000 School-house Apr. 25 1911
Rice County S. D. No. 9 4 . . . . 1,397
do
Aug.13 1911
The bonds are all subject to call any time before maturity.

6
5

July 1 17- 26
Jan. 1 12-18

Kingman, Kingman County, K an .— Bond Sale.— W e are
advised that $2,500 park bonds have been awarded to local
people.
Knox County (P. O. Knoxville), T e n n — Bond Sale.— On
May 10 the $26,000 5 % 20-year coupon high-school-building
bonds described in V . 92, p. 1131, were s0]d> according to
reports, to Weil, Roth & Co. of Cincinnati for $ 2 /,4 2 5 — the
price thus being 105.48— a basis of about 4 .5 7 9 % .

Authority Section 2,316, Chapter 12, of Idaho Codes. Denomination
si no
Interest hi January and July at the Village Treasurer’s office.
Maturity 20 years, subject to call after 10 years. Bonds arc exem pt from

Hickory, Catawba County, No. Car.— Bond Sale. John
Nuveen & Co. of Chicago have been awarded, it is reported,
$30 000 5% 30-year street-improvement bonds at par. uate

La Grange Graded Common School District (P. O. La
Grange), Oldham County, K y .— Bond Sale.— The $13,500
5 % school bonds described in V . 92, p. 1330, were sold on
May 20 to Weil, Roth & Co. of Cincinnati at par and interest.
Purchasers to pay attorneys’ fees and furnish blank bonds.
La Mesa School District, San Diego County, Cal.— Bond
Offering.— Proposals will be received until 3 p. m . June 8 by
John F. Schwartz, County Treasurer (P. O. San Diego), for
$4,800 6 % school bonds.

Jan. 1 1911.
,
.
Denomination $500, except one bond of $300. Interest from May 4 1911,
Honey Grove, Fannin County, T e x .— B o n d s V o te d .— A n payable
semi-annually. Maturity one bond yearly beginning in 1910
election held recently is said to have resulted in a vote of Assessed valuation Is $96,585.
121 “ for” to 8 “ against a proposition to issue 3>o,UUvJ street
Laurinburg, Scotland County, N o. Caro. Bond Sale. On May 11 the $37,500 5 ^ % 20-year coupon or registered
crossing bonds.
Houston, Harris County, T e x — Bonds V o te d — The propo­ refunding water-works and sewerage-construction bonds
described in V . 92, p. 1276, were awarded to W . N . Color
sition to issue the $500,000 4 ^ % ^l-JlJ-y^r ^oift.ona
public-school-building and site-purchase bonds ( V . 9 2 ,p. iiJ-U
& Co. of New York at 101.77.
carried by a vote of 1,441 to 95 at the election held May 23.
Lawrence County (P. O. Ironton), Ohio.— Bond Offering
Hudson, St. Croix County, W is — Bond Sale.— On May 27 — Proposals will be received until 12 m . June 7 by the
the $ 20,000 \y2% 10-year (average) coupon street and high­ County Commissioners for $60,000 4 % coupon tax-free turn­
way bonds, dated June 1 1911 and described in V . 92, p. 1452
pike bonds.
A uthority, .Sections 7181, 7184. 7185, 7186, 7187. 7203, 7204, 72 05
were awarded to the Bank of Hudson and the I irst National
7207 7209 7217, 7218 and 7219, General Code. Denomination
Bank in Hudson at their joint bid of 100.50— a basis of about 7->06
51 odo
Date March 1 1911. Interest semi-annually at the County Ircasf,rer’s o ffic e * 6 Maturity March 1 1931. Certified check for 2% of bonds bid
4 4 3 7 % . Other bids received were as follows:
D cvltt.T rem ble & C o., Chlc.$20,096 A . B. Leach & C o., C h ica go..$20,025
U. M. Stoddard & C o., M inn. 19.800
John E. I)c W olf, M ilwaukee. 20,083 T
Cutter, May & Co., C h ica g o .. 20,067 hos. J . Bolgcr C o., C hicago. 19,622
H .T . Holtz & Co., C h ica g o.. 20,056
,n - ,M„|vo
Maturity $l,000 yearly on 1'cb. 1 from 1912 to 1931, Inclusive.

Humphrey School District (P. O. Humphrey), Arkansas
County) A rk .— Bond Sale.— An issue of $ 10,000 o / q 1- 10-yeai
(serial) school-building bonds offered on May 8 was pm chased bv the H . C. Speer & Sons Co. of Chicago at par.
Purchasers to pay the cost of printing and lithographing
the bonds and also accrued interest. Denomination $500.
Date May l 1911. Interest semi-annual.
Huron, Beadle County, So. D a k .-R o n d Sale . - T h e State
of South Dakota has been awarded at par the $40,000 o / 0
20-year water-works bonds offered without success on
Jan. 30 (V . 92, p. 481).
Indianapolis, In d .— Bond Sale.— On May 29 the $110,000
hospital-building and the $ 200,000 fire-department-nnprovement 4 % 30-year coupon bonds described in V. J2, p. 1452,
were sold, the former issue to a syndicate composed of the
F l e t c h e r - American National Bank, Jos. T . Elliott & Sons,
U ivin C Pavne & Co. and Miller, Adams & Co., all of In­
dianapolis, and Breed & Harrison of Cincinnati at 104.796
and the latter issue to Newton Todd and the Meyer-Kiser
Bank, both of Indianapolis, at their joint bid of 104.70. The
bonds were disposed of on an interest basis of about 3 .7 3 / 0.
Tim fniinwinir
The
following hirls
bids were received.
lccencd.
■
Fletcher-Amcrlcan

National Bank, Jos.

$ 110,000
Hospital
Bonds.

Sons Gavin L. Payne & C o., Miller Adams
Indianapolis; and Breed & Harrison, Cincinnati------ $ llo ,-.7 6
a n d Newton T odd Indianapolis --------------“ g**™
E . M. Campbell Sons C9., Ind ia n a p olis.................
i r o ’ 47-,
Indiana Trust C o., Indianapolis.......................................... a50,500
F. W ild & C o., Indianapolis........- ............................

a For $50,000 bonds,




F ire
Bonds.

T . Elliott &

M ey er-K Iscr Bank

J.

$ 200,000

x For $30,000 bonds.

xSl'.OSO

$209,355
209,400
206,405
206,600
O52.500
a52,250
a52,000
a51,750

for n ivable to the County Treasurer, Is required. Official circular states
thfttPthe county1 has never defaulted in paym ent of any of Its obligations
n o f h l s t h e r o ^ e ? been Y n y litigation affecting Its Indebtedness. a n d there
Is none pending or threatened. A . C. Itobison Is C ounty A uditor.

Leech Township, W ayne County, 111.— Bonds Offered by
Bankers.— In its circular for June the Hanchett Bond Co. of
Chicago is offering to investors $7,000 6 % bridge bonds.
Denominations $500 and $200. Date March 15 1911. Interest annu­
ally on July 1 at the Farmers’ & Merchants' Bank of Golden Gate. Ma­
turity $1,000 on July 1 1912 and $1,200 yearly on July 1 fromi 1913 to 1917
Inclusive
T otal bonded debt. Including this Issue, $11,000. Assessed
valuation $475,299. Real value (estimated) $ 1 ,000, 000.

Lemoore School District, Kings County, Cal.— Bond Sale.
— On May 22 the W in. It. Staats Co. of Pasadena was award­
ed at 102.5465, it is stated, $40,000 5 % bonds.
Lowistown, Fulton County, 111.— Bond Sale.— On May 25
the $7,000 4 )/6% 10-14-year (optional) coupon water-worksimprovement bonds described in V . 92, p. 1267, were
awarded to the Thos. J. Bolger Co. of Chicago at par and
accrued interest.
Interest navablc at the City Treasurer’s office. Bonded d eb t, including
this I®ue! $ 2 2 . 5 0 0 N o flo a tin g debt. Assessed yal. in 1910, 498,481.

Limestone County Common School District No. 38, Tex.
__ Bond Sale.— O 11 May 10 the State School Fund was awarded
$700 5% 5-ycar bonds at par and accrued interest.
Lincoln Township School District, McPherson County,
So. D ak. — Bonds Offered by Bankers.— An issue of $7,300
6% school-building bonds is being offered to investors by the
Hanchett Bond Co. of Chicago.
Denomination $200, except one bond of $100. Date April 1 1911.
Interest semi-annually at the W estern Trust & Savings Bank of
Maturity $600 yearly on April 1 from 1914 to 1J„4 inclusive and $700 on
April 1 1925. Total bonded debt this issue. Assessed valuation $230,000.
Real value (estimated) $600,000.

Lindsborg, McPherson County, K a n — Bond Election.—
An election will be held June 6, it is stated, to vote on the
question of issuing $ 20,000 school-building bonds.
Locknev Independent School District (P. O. Lockney),
Floyd County, T ex . — Bond Sale.— On May 10 $13,000 5 %

19105

1516

THE CHRONICLE

10-40-year (optional) bonds were sold at par and accrued
interest to the State School Fund.

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

Nashua, Hillsboro County, N. H.— B o n d S a le . — An issue
of $15,000 4 % 20-year refunding bonds was sold on May 27
to Hayden, Stone & Co. of Boston at 100.08. The bidders
follow:

Los Angeles School District, Los Angeles County, Cal.—
B o n d E l e c tio n . — According to local papers, the election to

H ayden, Stone & C o________ 100.08 N. W . Harris & C o ................. .99.52
Merrill, Oldham & C o________ 100.079 Baker, A yling & C o .............. 99.21
Blake Bros. & C o_____________99.70 It. L. Day & C o_____________ 99.079
E . H . Rollins & Sons_______ 99]567
E. M. Farnsworth & C o______ 99.78
Geo. A . Fernald & C o______ 99.531
« i one ^nn°nh° i
a!'c al|of Boston
The bonds are In denom inations of
$ 1,000 each and are dated June 1 19H . Interest semi-annual.

vote on the question of issuing $1,160,000 elementary-school
and $560,000 high-school bonds mentioned in V. 92 d 977
will be held June 6.
> ■
>

Lynchburg School District (P. O. Lynchburg), Highland
County, Ohio. B o n d O ffe r in g . — Proposals will be received
until 12 m. June 5 by the Board of Education, L. L. Faris,
Clerk, for $8,000 4 ^ % coupon school bonds.

*u C o u n t y ,
N. J .— B o n d S a l e .— On June 1
the $d50,000 4 % 30-year registered or coupon fire and policev
building and site-purchase bonds described in
V . 92, p . 1453, were awarded to Estabrook & Co. of New York
at 100.0511. Other bids received were as follows:

AtloIJ « n n ty m l ™ ? 0' 62,5 ’ 7,° i .26 and 7° - 627 of General Code. D cn om lir
tn r itV jm
r d a y fJ s,a leInterest on March 1 and Sept. 1. Ma
a
hi
m onths from March 1 1913 to Sept. 1 1920, Inclusive
A draft, certified check or cash for $100 is required.

& C o.. New Y o r k . . *100.3871Federal Trust C o., Newark
.P a r
F Verltt * C o" ,
National Union Bank, Monti-

Madison, Oconee County, So. Dak.— B o n d S a le .— O n

New York
--------------- 100.03 | cello (for $2,000)
par
May 2.5 the $65,000 10-20-year (optional) coupon sewerage
bldidKC
e? Irregular,
bonds described in V. 92, p. 1391, were sold to the Minnesota bonds
Donas snoula be approved
by,?E
their
attorney. as they stipulated that the
Loan & Trust Co. of Minneapolis at 102.58 and interest for 5s
New Barbadoes Township School District (P. O. Hacken­
— a basis of about 4 .674% . E. H. Rollins & Sons of Chicago,
sack), Bergen County, N. J .— B i d s R e je c t e d .— All bids reoffering 102.517 and interest for 5s, were the third highest
x?1V^<?‘on ^ ay 29 for the $150,000 4 j^ % bonds described in
bidders out of a total of eighty bids submitted.
V. 92, p. 1392, were rejected.
Marion, Osceola County, Mich.— B o n d s D efea te d . — The
Newkirk Township, Lake County, M ich — B o n d s O ffe r e d
election held on May 29 resulted in a vote of 29 “ for” to 44
“ against” the question of issuing the $1,500 improvement by B a n k e r s . The Hanchett Bond Co. of Chicago, in its circu­
lar for June, is offering to investors $6,000 5 % 15-25-year
bonds mentioned in V. 92, p. 1452.
(optional) road-improvement bonds.
Marion, Marion County, Ohio.— Bond O ffe r in g .— Proposals
P aJ? AJ?1!;11 J 1? 11- Interest annually at the
Tnfni
‘ “ Detroit,
rhe bonds arc tax-exem pt In Michigan,
will be received until 12 m. June 5 by Harry S. Elliott, City
^ stfm atedl $500b000h S SSUC' Asscssed valuatIon $122,500. Real value
Auditor, for the following 4 % bonds:
(1 ,0 0 0 Qre-proof-vault or safo-constructlon bonds. M aturity $500 on
New Philadelphia, Tuscarawas County, Ohio.— B o n d
Is re q u ire d ^ anc*
on March 1 1914. Certified check for $200 E l e c t i o n .— An ordinance was passed providing that an elec­
800 Church Street Im provem ent (city ’s portion) bonds. Maturity $400
tion be held on June 5 to vote on the question of issuing
.
on March 1 and Sept. 1 In 1912. Certified check for $150 Is required.
4,500 crosswalks-constructlon bonds. Denomination $900. Maturity $100,000 sewer bonds.
$900 each six m onths from Sept. 1 1912 to Sept. 1 1914, Inclusive
Newport, R. I .— T e m p o r a r y L o a n .— On May 25 a loan of
Certified check for $500 is required.
$50,000, due Sept. 5 1911, was negotiated with Blake Bros.
Date March 1 1911. Interest semi-annual.
Certfled checks in the
a b ov e amounts must be made payable to the City Treasurer.
& Co. of Boston at 3.15% discount and 75 cents premium.
Mars, Butler County, Pa .— B o n d O ffe r in g .— Proposals will
Noblesville, Hamilton County, Ind .— B o n d S a l e .— On
be received until 7 p. m. June 8 by C. E. Wiles, Secretary for May 29 the $20,000 4 % 3-10-year (optional) coupon library$10,000 4>£% coupon trunk-sewer bonds, series “ B .”
site and city-building bonds described in V. 92, p. 1453,
Denomination $500. Date N ov. 1 1910. Interest semi-annual
TinnrN
were awarded to the Wainwright Trust Co. in Noblesville at
*7 n tnnnf r e ri Gertidcd check for $300 Is required. Bonded debt at present,
$10,000. 1'loa tln g d ebt, $2,200. Assessed valuation, $370,328 09.
100.20 and accrued intreest. Other bids were received from
Marshall County (P. O. Warren), Minn.— B o n d S a le .— 'The the American National Bank and Gavin L. Payne & Co. of
Security Trust Co. of St. Louis was awarded on May 16 an Indianapolis.
issue of $100,000 5 % 17^-year (average) drainage bonds.
Norfolk County (P. O. Dedham), Mass .— T e m p o r a r y L o a n .
Denomination $1,000. Date July 1 1911. Interest semi-annual.
•On May 23 a loan of $90,000, due Dec. 15 1911, was nego­
tiated
with the Boston Safe Deposit & Trust Co. of Boston
•Maryland. B o n d O ffe r in g . Proposals will be received
until 12 m. July 1 by Austin L. Crothers, Governor, W . B.
3 / 4 % discount, not 3.34% , as previously reported.
Clagett, Comptroller of the Treasury, and Murray Vandiver
North Carolina.— B o n d S a l e .— On May 25 the $310,000
Treasurer, at Annapolis, for $300,000 4 % coupon (with 4 % 40-year coupon building bonds described in V. 92, p.
privilege of registration as to principal)State Insane Hospital 1331, were awarded to A. B. Leach & Co. of New York and
Loan Series “ B ” bonds.
C. C. McDonald of Raleigh at their joint bid of 100.04.
A uthority, an A ct of the General Assem bly o f 1910, Chapter 250. De­ Other bids were also received, but we are not informed as to
nom ination $1,000. Date July 1 1911. Interest semi-annual. Maturity the prices offered.
July 1 1926, subject to call after July 1 1921. Bonds are exem pt from

M ate, cou nty and municipal taxation.

Certltled check for 5% required.

5 % school-building bonds were awarded to the Meade
County Bank in Sturgis at par. Maturity within 15 years.

Nottingham, Cuyahoga County, Ohio.— B o n d S a l e .— On
May 27 the three issues of 4 % % bonds described in V. 92,
at
$10,367 42, were awarded to the First
National Bank in Cleveland for $10,577 75 (102.028) and
accrued interest. Other bids received were as follows:

Meadow Grove School District No. 12 (P. 0 . Meadow
Grove), Madison County, Neb.— Bond O ffe r in g . — Proposals

tu^ot.s'oi?&\votaottec

Meade County Independent School District No. 12,
(P. O. Sturgis), So. Dak.— B o n d S a le . — On May 6 $12,000

o

,

PTBTTiiUTTX.

o

: 51:l4

I

O i l Haydcn’

T*TPTYlilLt7l

M1Ilcr * Co- Clcvc- * 134

will be received until 12 m. June 8 by H. L. Kindred, Direc­
tor of Board of Education, for $14,500 6 % coupon school­
building bonds.

Oakdale, Stanislaus County, Cal.— B o n d E l e c t i o n .— 'The
City Trustees have passed an ordinance calling for an elec­
tion on June 3, it is reported, to vote on propositions to issue
Tvr„h?n<} nl^Ination $500. Date June 1 1911. Interest semi-annually at the $50,000 high-pressure-water-system and $32,000 sewerNebraska llscal agency In New Y ork City. Maturity 20 years subject to
system bonds.
H ! l L f Kindryed?ris required^ ^
* * 2 % ° f bonds b l / f o ” *payable to
O’Fallon School District No. 92 (P. O. O'Fallon), St. Clair
Proposals will also be received on the same day by A. H.
County, 111.— B o n d O f f e r i n g .— Proposals will be received
Fields for $7,500 6 % coupon water-works bonds answering until 8 p. m. June 5 by Geo. W . Tiedemann, Secretary
to the same description as the school bonds above.
Board of Education, for the $18,000 5 % school-building
Media, Delaware County, Pa.— B o n d O ffe r in g . — Proposals bonds voted on March 6. (V. 92, p. 676.)
will be received until 7 p. m. June 7 by Ed. Minton Town
Denomination to suit purchaser. D.atc May 1 1911. Interest semi­
annually at the Township Treasurer’s office. Maturity $1,000 yearly on
Clerk, for $40,000 4 % bonds.
Denomination $500 or over. Date July 1 1911. Interest semi-annual
Maturity $10,000 In 10 years, $10,000 In 15 years and $20,000 In 20 years
Certltled check for 2 % o f bid Is r e q u ir e !.
y

Millelacs County (P. O. Princeton), Minn.— B o n d S a le .—
The County Auditor advises us that the State of Minnesota
has purchased an issue of $34,000 funding bonds.
Minnesota.— B o n d s P u rch a sed by S ta te in M a y . — During
the month of May the State purchased the following 4%
bonds at par:
6 /0
a £ l, ace lssuir‘0 Bonds—
Am ount.
Atkinson T w p ., Carlton C o___$2,750
Carver Co Ind. S. D . N o. 7 8 . . 6,000
Columbia Heights, Anoka C o. 5,000
Eagle Point I iv p ., Marshall Co 4,000
L yon Co. Ind. S. D. N. 20 11 000
Mllle Lacs C o u n ty .............. . I I s ^ o o o
Bonds are dated May 1911 and are

Place Issuing Bonds—
Am ount.
Renville Co. Ditch N o. 4 5 ...$ 1 5 ,0 0 0
St. Louis Co. S. D. N o. 1 3 . . . 45,000
Trlen T w p., K ittson C ou n ty. 6,000
1,000
T odd County N o. 23 . . ____
W aseca Ind. S. D. N o. 72 . 12,000
W ilkin Ind. S. D. N o. 1 . . .
4,000
subject to call at any tim e.

C ertifica tes A w a rd ed in P a r t . — Of the ten issues of coupon
^oS
°nnnr lfi? e3) aggregating $1,000,000, offered on May 10,
fin o ’nnn fh a n bee2 d‘ sPosed of UP to May 29 as follows:
$10i°« 9°i)nnn ? e°fi
° f St- Paul at 100.05 for 4 ^ s ;
and $25,000 to the First National Bank of St. Peter at par
for 4s. See V. 92, p. 1268.
Monroeville, Huron County, Ohio.— B o n d S a le — The
$1,390 (amount reduced from $1,723 20) 5% 1-5-year (serial)
sewer-construction assessment bonds offered on May 10 and
described in V. 92, p. 1268, have been sold to the Farmers' &
Citizens’ Banking Co. of Monroeville at par and interest.




May 1 from 1913 to 1930 inclusive. Certified check for 3 % of bid, payablo
to the Secretary Board of Education, Is required.

Oklahoma City School District (P. O. Oklahoma City),
Okla.— B o n d s V o t e d .— It is stated that a proposition to issue
$235,000 5 % 20-year school bonds carried at an election held
May 9.
Ocala, Marion County, Fla .— B o n d s V o t e d .— An election
held on May 16 is said to have resulted in a vote of 163 “ for”
to 24 “against” the question of issuing $100,000 water-workssystem-construction bonds.
Palo Alto, Santa Clara County, Cal.— B i d s R e je c t e d .— All
bids received on May 22 for the $45,000 5 % gold coupon
municipal-improvement bonds (V. 92, p. 1331) were rejected.
Parkin Special School District No. 14 (P. O. Parkin),
Cross County, Ark .— B o n d O f f e r i n g .— Proposals will be
received by J. L. Entrekin, Secretary, for $ 18,000 6 % bonds.
Pendleton, Umatilla County, Ore.— B o n d s V o t e d .— The
election held May 9 resulted in favor of the proposition to
188Ue..f200,000 gravity-water-system bonds. The vote was
446 for ’ to 120 “ against.”
Local papers state that an issue of $20,000 sewer-system
bonds was also authorized at this election. See V. 92, p. 980.
Philadelphia, Pa .— L o a n O f f e r i n g .— Proposals will be
June 12 by John
tt«yburn, Mayor, for
tnc $z,5UU,U0U 4 % coupon or registered certificates men­
tioned in V. 92, p. 1269.

THE CHRONICLE

June 3 1911.)

• The certificates will be issued In denominations o f $100 and Its multiples,
to suit purchaser. Interest payable Jan. 1 and July 1 at the office o f the
fiscal agent of Philadelphia. The loan Is free from all taxes. Maturity
thirty years. Bid must be on a form furnished b y the city and be accom ­
panied by a certified check or certificate o f deposit for 5% of loan bid for,
made payable to the Mayor.

We have
just been advised that $27,000 5 % bonds were disposed of
during February at par,
Pike County (P. O. Troy), A la.— B o n d

S a le .—

Plymouth School District (P. O. Plym outh), Luzerne
County, P a. — B o n d S a l e . — On May 31 the $12,000 5 % 4-15-

year (serial) coupon school-building and furnishing bonds
described in V. 92, p. 1454, were awarded to the First Na­
tional Bank in Plymouth at 100.75 and accrued interest.
Pocahontas, Pocahontas County, Iow a.— B o n d S a l e . — An
issue of $11,000 5 ) 4 % electric-light-plant bonds was recently
awarded to McCoy & Co. of Chicago at 100.50.
Denomination $500.
turity May 1 1921.

Date M ay 1 1911.

Interest semi-annual.

Ma­

1517

A uthority Section 4649, General Code. Denomination $200. Date
A ug. 1 1911. Interest semi-annually at the C ounty Treasurer's office In
Ottawa. Maturity $200 yearly on A ug. 1 from 1912 to 1916, Inclusive.
Certified check or cash on a bank In Ottawa for $200 Is required. Purchaser
to pay accrued Interest and furnish blank bonds.

Putnam County (P. O. Cookeville), Tenn.— B o n d S a le . —
The Wm. R. Compton Co. of St. Louis has purchased and
is offering to investors the $100,000 43^% 30-year road
bonds offered on April 8 (V. 92, p. 827). Date July 1 1911.
Interest semi-annually in New York City.

Quincy, Norfolk County, Mass.— B o n d O ffe r in g . — Propos­
als will be received until 12 m. June 7 by John Curtis, City
Treasurer, for $22,125 4 % coupon street and fire-department
loan bonds.
Denomination 21 bonds of $1,000 each and one bond o f $800 and one
of $325. Date April 1 1911. Interest semi-annually In Boston. Maturity
$14,325 on April 1 1912, $4,800 on April 1 1913 and $1,000 yearly on April 1
from 1914 to 1916 inclusive. The bonds will be certified as to genuineness
by the Old Colony Trust C o., which will further certify that the legality of
this Issue has been approved b y R opes, Gray & Graham of B oston, a co p y
of whose opinion will accom pany the bonds when delivered, without
charge to the purchaser.

Polk County (P. O. Benton), Tenn.— B o n d S a l e . — The
Randolph Township (P. O. Cannon Falls), Dakota County,
$50,000 12 1-3-year (average) highway and bridge bonds and
the $25,000 6 2-3-year (average) high-school 5 % coupon Minn.— B on d s N o t S o ld . — No bids were received on May 1
bonds described in V. 92, p. 1331, were sold on May 20, the for the $1,000 5 % coupon bridge-construction bonds de­
former issue to the Wm. R. Compton Co. of St. Louis at scribed in V. 92, p. 1195.
101.535 and interest— a basis of about 4 .8 3 % — and the latter
Redondo Beach School District (P. O. Redondo Beach),
issue to John Nuveen & Co. of Chicago at 101.076 and interest Los Angeles County, Cal.— B on d s P r o p o s e d . — This district,
— a basis of about 4 .80% . E. H. Rollins & Sons of Chicago it is stated, is considering the issuance of $45,000 bonds for
offered 101.153 and interest for the $50,000 bonds and school purposes.
100.073 for the $25,000 bonds. Seven bids were received for
Richmond, Contra Costa County, Cal.— B o n d s V o ted .—
the school bonds, five for the highway and bridge bonds and
A proposition to issue $160,000 public-highway and tunnelfour for the two issues together. The $50,000 bonds mature construction and $75,000 public-park-construction bonds
part yearly on April 1 from 1914 to 1931, inclusive, and the
was favorably voted upon at an election held recently, ac­
$25,000 bonds mature part yearly from April 1 1912 to ’23.
cording to reports.
Port Arthur, Jefferson County, T e x . — B o n d s V o t e d . — The
Rocky Hill, Hartford County, Conn.— B o n d S a le .— An
proposition to issue the $25,000 5% school-building bonds issue of bonds has been disposed of to a party in Hartford.
mentioned in V. 92, p. 1134, carried by a vote of 184 to 8
Rosebud County School District (P. O. Hysham), Mont.—
at the election held May 6. Maturity July 1 1951, subject
B on d S a le . — An issue of $7,000 6 % school-house bonds has
to call after 20 years.
been awarded to the Keeler Bros, of Denver at par. Denomi­
Port Costa School District, Contra Costa County, Cal.— nation $1,000. Date April 15 1911. Interest semi-annual.
B o n d S a l e . — Jas. II. Adams & Co. of San Francisco have
Maturity 1931, subject to call 1926.
been awarded, it is stated, an issue of $15,000 bonds atl02.94.
Royalton Independent School District No. 40 (P. O. RoyPortland, Ore.— B o n d S a l e . — The following bids were re­ alton), Morrison County, Minn.— B o n d S a le . — An issue of
ceived on May 22 for $309,863 21 6 % improvement bonds $10,000 4 % school bonds was recently awarded to the State.
offered on that day.
Sacramento, Sacramento County, Cal.— B o n d E le c tio n .—
Price
Am ount of
Did. Donds Did For.
102.16 c$309,863 21
Z109.000 00
fa l0 2 .2 5
100,000 00
Davis & Struve Bond C o., Seattle----------- ------------ {a l0 2
100,000 00
la lO l.7 5
215.000 00
I 102.50
150.000 00
United States National Bank, Portland----------------- { 101.70
159.863 21
\ 102.109
212.000 00
Geo. W . Gearhart_________________________ ________ , 102.25
309.863 21
Hincks Bros. & C o--------------------------------------------------{ y i o u l l l
309.863 21
309.863 21
101.501
Detroit Trust C o., D etroit--------------------------------------309.863 21
Ilochler & Cummings, T oled o------------------------------l 0 1 ! '.
59.000 00
100.561
100 ,000 00
100.68
Ladd & T ilton Bank, Portland
50.000 00
100.802
100,000 00
101.013
50.000 00
H enry T e a l --------------------------------------- ---------------------- 101
50.000 00
Security Savings Bank &Trust Co., T oled o_______
100.76
29,500 00
F. T . D odge, Superintendent W ater D epartm ent- Par
20.000 00
W . F. W h ite______________________________________
101.875
15,000 00
Ida M. A rn cson -------------------------------------------------------- 101.60
5.000 00
Bank o l California-------------------------------------------------100.75
3.500 00
John A rnold ________________________________________ J02
2.500 00
John M u rphy______________________________________
2.000 00
R . G old sm ith --------------------------------------------------------Par

Name of Didder—
Security Savings Bank & Trust C o., T oled o ----------

c Awarded $173,863 21 bonds at this price,
cessful bids,

a And $2 prem ium .

2 Suc­

v "A ll or any p a rt.”

Portsmouth, Scioto County, Ohio.— B o n d S a l e . — Follow­
ing are the bids received on May 2 for the $6,000 4 % 8-year
coupon sewer-construction (city's portion) bonds described
in V. 92, p. 1134:
Central N. B k., Portsm ___$6,025
Security Sav. Bk., P ortsm . 6,024
First Nat. Bank, P o rts m -. 6,023
W . B . Grice, P ortsm ou th .. 6,021

60 Davles-Rertram Co., C ln ..$0,012 25
56 Scasongood & Mayer, C ln .. 6,005 00
75 New First National Bank,
C olu m b u s_______________ 0,005 00
00

Port W ashington, Ozaukee County, W is .— B o n d

O f f e r in g .

— Proposals will be received until 7 p. m. June 6 by W . B.
Krause, City Clerk, for $35,000 5 % coupon sewerage bonds.
Denomination $250. Date A ug. 1 1911. Interest semi-annually at the
City Treasurer's office. Maturity $1,250 on Feb. 1 1912 and $2,250 yearly
on Feb. 1 from 1913 to 1927 inclusive. Bonds to be delivered A ug. 1 1911.
Cash or certified check for 5% of bid Is required.

Pottsville, Schuylkill County, P a. — B o n d O f f e r in g . — Pro­
posals will be received, according to reports, until 7:30 p. m.
June 6 by G. A. Berner, Borough Secretary, for $29,000 4 %
5-10-year (optional) refunding bonds. Interest semi-annual.
Princeton School District (P. O. Princeton), Mercer
County, N . J .— B o n d S a l e . — On May 25 the three issues of

A vote will be taken on June 9 on the question of issuing
$700,000 elementary and $100,000 high-school bonds.
B o n d E le c tio n P r o p o s e d .— It is further reported that the
City Trustees are considering calling an election in the near
future to vote on the question of issuing $200,000 waterworks-improvement bonds.

St. Paul, Minn.— B o n d O rd in a n ce V etoed by the M a y o r .—
An ordinance providing for the issuance of $100,000 water
bonds was vetoed by Mayor Keller on May 24.

Saline County School District No. 43, 111.— B o n d s O ffered
by B a n k e r s . —

The Hanchett Bond Co. of Chicago is offering
to investors $30,000 5 % school-building bonds.
Denomination $1,000.
W estern Trust & Savings
July 1 from 1916 to 1921
Issue, $49,000. Assessed
mated) $3,442,113.

Date July 1 1911. Interest annually at the
Bank of Chicago. M aturity $5,000 yearly on
Inclusive. Total bonded debt. Including this
valuation $1,147,371. Real valuation (esti­

San Diego, San Diego County, Cal.—-B ond s N ot S o ld . —
Up to May 20 no award had been made of the $750,000 4 j^ %
park bonds, the unsold portion of the $1,000,000 issue men­
tioned in V. 92, p. 903.
B o n d E lectio n P r o p o s e d . — It is stated in local papers that
an election will be held to vote on the question of issuing
$1,000,000 harbor-improvement bonds.
Sandusky, Erie County, Ohio.— B o n d S a le . — On May 1
$2,600 Neil Street paving assessment boncls were awarded
to the trustees of the Police Relief Fund for $2,610 (100.384)
and accrued interest. Other bids received were as follows:
American Banking & Trust C o.. Sandusky. .$2,605 33 and accrued Interest
Third National Exchange Bank, Sandusky. 2.601 00 and accrued Interest
Citizens’ Banking C o., S an d u sk y------------------ 2,600 00 and accrued interest

B o n d O ffe r in g . — Proposals will.be received until 12 m.
June 19 by Joseph Loth Jr., City Auditor, for the following
4 % street-improvement bonds:
$14,000 Franklin Street bonds. Maturity $1,500 yearly for 8 years and
$2,000 In the ninth year.
11,000 W ashington Street bonds. Maturity $1,000 yearly for 5 years
and $1,500 yearly for 4 years.
Denomination $500. Date March 1 1911. Interest semi-annually at
the City Treasurer's office. Certified check for $500 Is required with each
Issue.

B on d s A u th o r ize d . — An ordinance has been passed pro­
viding for (he issuance of $4,000 4 % coupon Railroad Street
4 1/ 2 % coupon school bonds described in V. 92, p. 1332, retaining-wall bonds. Denomination $500. Date May 1
aggregating $112,000, were awarded to Libbey & Struthers 1911. Interest semi-annual. Maturity May 1 1917.
of New York and the First National Bank of Princeton at
San Francisco, Cal.— B o n d S a le . — On May 22 the $312,000
their joint bid of 106.928. The following bids were received: 4 )^ % 4-27-year (serial) polytechnic-high-school bonds, dated
L lb bey & S tru th ers,N .Y .U U O ,759 93 R . M. Grant & C o., N .Y .$115,819
Jan. 1 1910 and described in V. 92, p. 1270, were awarded to
Farson, Son & C o., N. Y . 114,640
First N. B k., P rinceton ./
N. W . Halsey & C o .,N .Y . 117,678 40 Merchants’ Union Trust
the Harris Trust & Savings Bank of Chicago for $313,758
C o., Philadelphia_____ 114,553
Rhoades & C o., N. Y . . . 110,964 96
(100.563) and accrued interest. A bid of $312,655 was
JohnD .E verltt& C o.,N .Y . 116,070 40 H arris,F orbcs& C o.,N .Y . 114,336
A . B . Leach & C o., N . Y . 116,226 00 W . M. Daniels, Princeton *2,010
received from tho City National Bank of Chicago and a bid
*2,020
Howard K . Stokes, N. Y . 116,068 96 Anna L . R ose----------------of $10,175 for 10 bonds from A. Borel & Co., San Francisco.
According (o local papers, the remainder of the $600,000
* Bid for $2,000.
43^% Geary Street railway bonds mentioned in V. 92, p.
Putnam County (P. O. Ottawa), Ohio.— B o n d O f f e r in g —
Proposals will be received until 12 m. June 5 by Joseph 1058, were sold on May 22. This makes a total of $313,000
Kersting, County Auditor, for $2,000 5 % Ingold Road bonds sold since our last report. The bonds disposed of on
May 22 were awarded as follows: $37,000 to the Bank of
improvement bonds.




1518

THE CHRONICLE

Commerce & Trust Co. in San Diego, $10,000 to the Union
National Bank of Stockton, $10,000 to the National Bank of
San Pedro and $12,000 to the Bank of Commerce in Oakland.

Somerville, Middlesex County, Mass.— B i d s . — The follow­
ing bids were received on May 12 for the two issues of 4 %
coupon bonds, aggregating $188,000, awarded on that day,
as stated in V. 92, p. 1332, to Blake Bros. & Co. of Boston
at 102.472 and accrued interest.
Blake Bros. & C o., B o s to n ..102.472 A d a m s & C o ., B o s t o n ............ 102.33
E .M .Farnsworth & Co., Bost.102.46 B lo d g e t & C o .. B o s t o n _______102.314
Geo. A . Fernald & C o., Bost.102.301 E s ta b ro o k & C o ., B o s t o n . . .1 0 2 .2 8
Old Colony Trust C o., B ostonl02.37 . K___________________________________
_
u h n , F ish er & C o ., B o s t o n . 102.277

South San Joaquin Irrigation District (P. O. Stockton),
San Joaquin County, Cal.— Bonds N o t S o l d . — N o proposals
were received on May 4 by the Board of Directors for the
$1,415,500 5 % 20-30-year (serial) bonds offered on that day.
V. 92, p. 1195. Denomination $500. Date July 1 1910.
Interest semi-annual.

Stephens County School Districts, Okla.— B o n d

S a l e .—

The Greer Bond & Investment Co. of Oklahoma City *has
been awarded the following bonds:
$3,000 6 % 16-year District N o. 38 bonds at 101.
4.000 6% 20-year District N o. 42 bonds at 101.50.

(P . O. Marlow.)

Steubenville School District (P. O. Steubenville), Jefferson
County, Ohio.— B o n d S a l e . — On June 1 the $80,000 4 %
21-year school-building bonds, described in V. 92, p. 1455,
were awarded to Hayden, Miller & Co. of Cleveland at 100.61
— a basis of about 3.957% . Bids were also received from
Seasongood & Mayer, Provident Savings Bank & Trust Co.
of Cincinnati and the National Exchange Bank in Steuben­
ville.

Summit County (P. O. Akron),

Ohio.— B o n d

S a le .—

On May 15 the two issues of 4 )4 % coupon road-improvement
bonds described in V. 92, p. 1332, were awarded as follows:
$10,750 Mcrrlmau road bonds to the Central Savings & Trust Co. of Akron
for $10,941 07,the price thus being 101.785.
23.000 Merrlman R oad (cou nty’s portion) bonds to C. E . Denison & Co
o f Cleveland for $23,578 8 0 ,the price thus being 102.516.

Sunflower School District, Cal .— B o n d S a l e . — The Security
Trust Co. of Bakersfield has been awarded $2,500 8% bonds,
according to reports, at 105.
Sweet Grass County (P. O. Big Timber),

Mont.— B o n d s

O ffe r e d by B a n k e r s .— The Wm. R. Compton Co. of St. Louis
is offering to investors $85,000 5 % 15-20-year (optional)
refunding bonds. These securities were offered by the
county without success as 4)4s on Nov. 12 1910. V. 91,
p. 1589. The bonds are dated June 1 1911. Interest is
payable semi-annually in New York City.
Tacoma, Wash.— B o n d S a l e s f o r A p r i l . — The following
7 % bonds, aggregating $10,231 19, were disposed of at par
during April: $2,452 22 for grading and walks, $1,003 85
for grading and walks, $1,442 95 for sewers and $5,332 17
for water mains. The first-mentioned issue is dated April 10
1911 and the remaining issues April 28 1911. Maturity
part yearly.
Tacoma School District No. 10, Pierce County, Wash.—
B o n d O f f e r i n g . — Proposals will be received until 10 a. m.
June 17 by Ed. Meath, County Treasurer (P. O. Tacoma),
for the $690,000 site-purchase and school-building coupon
bonds mentioned in V. 92, p. 1195, at not exceeding 4 )4 %
interest.

A uthority, vote of 1,944 to 1,259 at the election held on May 6. De­
nom ination $1,000. Interest semi-annually at the C ounty Treasurer’s
office, the llscal agency o f the State of W ashington In New York City or at
the State Treasurer’s office In Olympia. Bids will be received for the entire
Issue to be delivered and dated July 1 1911 or $290,000 to bo delivered and
dated July 1 1911, $200,000 Jan. 1 1912 and $200,000 July 1 1912^ Ma­
turity 20 years. Certified check for 1 % of bonds, payable to the Directors
is required with all bids except that o f the State of W ashington
Official
circular states that the district has never defaulted in the paym ent o f prin­
cipal or interest. These bonds were first advertised to be sold June 10
but the date was changed on account o f an error In the dates upon which
the official advertisem ent was published.
T h e o f f i c i a l n o tic e o f th is b o n d o ffe r in g w ill be f o u n d a m o n g
the a d v e r tis e m e n ts elsew here i n th is D e p a r tm e n t.

Tallahassee, Leon County, Fla.— B o n d O f f e r i n g . — Propos­
als will be received until 12 m. June 8 by A. II. Williams
City Clerk, for $15,000 funding and $15,000 water-works^
electric and gas-plant-improvement 5 % bonds.
Denomination $1,000. Interest on May 1 and N ov. 1 at the Chemical
National Bank o f New York City. Maturity 50 years, subject to call after
10 years. Certified check for 2",', of bonds bid for Is required.

Tallulah, Madison Parish, La — B o n d Bale.— According to
reports $15,000 building bonds been sold at par.
Tarboro, Edgecomb County, No. Car.— B o n d O f f e r in g . —
—
Proposals
- ^Xw
^ will
Mill be lU
received
UV/lfUU until
until <
87 p.
p. 1
m.
11. u
June
U
llL
* X
12 KTJ
by U
Jno.
UU. X
AX.
Weddell, Town Clerk and Treasurer, for the following 5
5%
coupon bonds.
$25,000 p a v in g b o n d s . M a tu r ity J u ly 1 1951.
2 5,000 w a te r-w o rk s -im p ro v e m e n t b o n d s. M a tu rity J u ly 1 1946.
D en om in a tion $50 0. D a te J u ly 1 1911.
In terest se m i-a n n u a lly a t th e
B a n k o f N ew Y o r k , N . B . A ., In N e w Y o r k C ity . C ertified c h e c k fo r $500,
p a y a b le t o th e “ T o w n o f T a r b o r o ,” Is re q u ire d .

Terra Bella School District, Tulare County, Cal.— B o n d
On May 1 the $16,000 5 % school-building bonds
voted on March 17 (V. 92, p. 904) were awarded to James H.
Adams & Co. of Los Angeles at 102.525 and accrued interest.
Other bids received were as follows:

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

Clerk, for $30,000 installment water bonds at not exceeding
5 % interest.
T h e o f f ic ia l n o tic e o f th is b o n d o ffe r in g w ill a p p e a r n e x t w eek
a m o n g the a d v e r tis e m e n ts i n th is D e p a r t m e n t .

Teton County School District No. 1 (P. O. Choteau), Mont.
Proposals will be received until 8 p. m.
ky J- E. Webb, Clerk, for $3,000 coupon school­
building and site-purchasing bonds.

— B on d O ffe r in g —

D e n o m in a tio n $ 1 , 0 0 0 .

D a te J u ly 1 1911.

„,r-Mexa£kana sPecial School District (P. O. Texarkana),
M e r Ciiiiiity, Ark.— Bond S a l e — On May 29 the $100,000
5 % 19 34-year (average) coupon high-school-building bonds
described in V. 92, p. 1455, were awarded to the Wm. It.
Compton Co. of Chicago at 97.675— abasisof about 5 199% .
Maturity part yearly from 1913 to 1938 incl.
The other bidders were:
»ro,3 - * C o ., S t . L - . 9 7 .6 7 n e tl W h ita k e r & C o ., S t. L o u is .9 6.277 n et
T h o s . J . B olger C o ., C h lc ._ 9 6 .5 2 7 n et |M erca n tile T ru st C o .,S t .L .9 6 .2 5 5 net

Tuscaloosa, Tuscaloosa County, A la — B o n d S a l e .— The
Alabama Loan Co. has been awarded $50,000 water-works
bonds at par, according to reports.
Twin Township School District (P. O. West Alexandria
R. F. D .), Preble County, Ohio.— B o n d S a l e .— On May 26
the following bids were received for the $7,500 4 lA
bonds, described in V. 92, p. 1394.
F irst N a t. B a n k , C le v ...........$7,661
H a y d e n , M iller & C o ., C le v . 7 ,645
W e ll, R o th & C o ., C ln ______ 7,632
S e a so n g o o d & M a yer, C i n . . 7,632

%

school

50 S ta c y & B rau n , T o l e d o ____ $ 7,623 00
35 D a y to n S a v . & T r . C o .’ D a y .7 !o i 8 00
75 N ew F irst N a t. B k ., C o lu m . 7,598 00
00

^
Lak® County, M u m . — B o n d S a l e .— On
May 8 the $5,500 5 % 10-year gold water and light-improve­
ment refunding bonds described in V. 92, p 1271 were
awarded to Robert A. Kean & Co. of Chicago at par.'

Tyrrell County, Va.-— B o n d O f f e r in g .— Proposals will be re­
ceived on or before 12 m. June 5 by T. W. Jones, Clerk of
County Commissioners, for $3,000 6% bonds, payable
annually.
' * J
$ 2 ? o T ? e q u lr e d . * 1,0° ° -

Maturlty * 1’ 000 yearly.

Vacaville, Solano County, Cal.— B o n d

Certified check for

On May 16
the $2,500 septic-tank and $15,300 bridge bonds offered on
that day (V. 92, p. 1060) were awarded to R. D. Robbins of
Suisun for $18,161 (102.028) and accrued interest. Other
bids received were as follows:
N

S a le —

ulsey & C o., San Fr.$18,3511 G. G. B lym yer & C o., San
LoTs A ng 17.9761 F r a n c is c o ..$17 .800 &blank bonds.
Interest semi-annual.

Date May 1 1911.

Valley Township School District, Guernsey County, Ohio.
S a l e .— On May 26 the $12,000 4 )4 %
6%-year
(average) school bonds, described in V. 92, p. 1394, were
awarded to Hayden, Miller & Co. of Cleveland at 101.916—
a basis of about 4.167% . The following bids were received:
— Bond

H n ™ ? i»n !iI11Icr & C o-’ , 10 , ,
IP rovident Savings Bank &
Qooi^^.lanr / Yr------------$ 1 2 ,2 3 0 00
Trust C o., C in cinnati..$12,190 80
Se\ fn £ P i?d i°rnnayori Ci a ' 12-?24 0 0 1New First N at. B k., C o l.. 12,168 00
Maturity $500 each six months from March 5 1912 to Sept. 5 1023 lncl

Van Wert County (P. O. Van Wert), Ohio.— B o n d

S a le .—

On May 6 the $13,000 4 )4 % 10-year (average) coupon Freck
: , ree 4 urnpike No. 73 road-improvement bonds described in
• n
P’ l1271>were awarded to the New First National Bank
us at 102-20 and accrued interest— a basis of about
4.229% . Bids were also received from the First National
Bank in Van Wert and the First National Bank in Convoy.
Maturity $300 on March 1 and Sept. 1 In 1913 S30O vearlv nn
1
from 1914 to 1917 Inclusive. $400 on Sept 11912 $%0 v ^ % on Sont l
Inclusive? l ° 1020 ,ncluslve and 5400
011 March 1 from f o i 8 to 1928

Ventnor City (P. O. Atlantic City), Atlantic County, N. J.
On May 31 the $100,000 5% 20-year coupon
paving bonds offered but not sold on May 17 (V. 92, p. 1394)
were awarded to the Guaranty Trust Co. in Atlantic City at
par and accrued interest.
Wahkiakum County School District No. 7, Wash.— B o n d
S a l e .— On May 20 $1,700 6 % school-building bonds were
awarded to D. R. McIntosh at par.
— B ond S a le —

Denomination $425. Date May 20 1911.
on or before 10 years.”

Interest annual.

Maturttv
*

Wapakoneta, Auglaize County, Ohio.— B o n d O f f e r in g . __
Proposals will be received until 12 m. June 5 by Fred. A.
Klipfel, Village Clerk, for the following 4 )4 % coupon streetimprovement assessment bonds:
$29,000 Mechanic Street bonds. Denominations 20 bonds of $1 ooo each
? nd 10 bonds of $900 each. Maturity $2,900 yearly on June 1
«
S on? 191^ ‘ 9. 1? 2 1 Inclusive. A cash deposit o f $300 Is required
8,500 Park and Main streets bonds. Denomination $850. Maturity
of $ l ^ i rsyre?uhede 1 fr° m 1912 t0 1921 lncluslvc- A cash deposit
on
l , antl Dec. 1 at the Village Treasurer’s office
Bids
must be unconditional, the bidder having satisfied himself o f the letralltv o f
the bonds before submitting his offer. Purchaser to pay accruedin terest

* i S n; J r bU? Cu0Ullty- Ohio. B o n d S a l e .— 0n May 15
$10,000 4 )4 % park bonds were awarded to the Western
Reserve National Bank of Warren at 102.57.
MWurlty
Bond

s?x m onths from^March i t t V u
O f f e r i n g .— Proposals

will be received until 12 m

S a l e .-

4X%

CHy AUdUOr’ f0‘' *I0’00°

th P ?T ^ ™ nr?H<?n
Date March 15 1911. Interest seml-annuallv at
i f n i 0*11q ?I ? n‘l ! Dank In W arren. Maturity $500 each six months from

W m . R . S ta a ts & C o ., P a s a .$ 1 6 ,3 3 6 1A m e r . S a v . B k ., L o s A n ge le s $1 6 ,1 7 7
S ta te B o a rd o f E x a m i n e r s . .. 16,320 O . G . B ly m y e r & C o S a n F r 16 0 8 1
.. D e n o m in a tio n $ 1 ,0 0 0 .
D a t c M a y l' 1911. f f i w t a ^ u a R y o n A p r i l ® *

“ toe & £ 9of4

Tarrytown, N. Y . — B o n d O f f e r i n g . — Proposals will be
received until 8 p. m. June 21 by J. Wyckoff Cole, Village

psi e «<fC IM
n he‘d ? n May 22> ifc is said, resulted in a vote of
2?L nn°n t
1iA56 ‘against” the question of issuing
$135,000 Jackson Street bridge bonds.




1s5 required!US*ve'

Certlfled

Watertown, Jefferson County, N.

8

B

S

Y . — B o n d s D e fe a t e d .—

1519

THE CHRONICLE

J u n e 3 1911.]

June 10 by Frank Bond, County Treasurer (P. O. North
B ond
Williamson County Permanent School Fund has Yakima), for $18,000 coupon school-building and sitepurchase bonds at not exceeding 6 % interest.
been awarded $7,500 school-house bonds, it is stated.
A uthority, Sections 117, 118, 119, & c., of Public Instruction, Laws of
Western Port, Allegheny County, Md.— B o n d S a l e . — On 1897, pages 357 et seq.: also election held May 13 1911. Date “ day of
Issue,” or m ay be dated on the first o f some m onth, at the option of bidder
May 23 the $5,000 5 % 5-30-year (optional) coupon bridge- Interest annually at the County Treasurer’s office. Maturity 20 years
construction bonds, described in V. 92, p. 1394, were subject to call after one year. 'I’otal debt at present, $6,378 07. Assessed
awarded to James Carey at par and accrued interest. ^ Bids and equalized valuation for 1910, $587,090.
Yorktown, Dewitt County, T ex. — B o n d s V o t e d . — The
at par were also received from Rudolph Beckman of Swanelection held May 6 resulted, it is stated, in a vote of 63 “ for”
ton and the Second National Bank in Cumberland.
Winfield, Cowley County, Kan.— B o n d S a l e . — An issue of to 12 “against” the proposition to issue the $6,000 watermain-extension bonds mentioned in V. 92, p. 1061.
$29,670 37 5 % funding bonds has been awarded, according
to reports, to local investors at par.
Wood County (P. O. Bowling Green), Ohio.— B o n d S a l e .— C a n a d a , its P r o v in c e s a n d M u n ic ip a lit ie s .
Arthur, Ont.— D e b e n tu r e S a l e . — On May 29 the $5,000
On May 29 the $50,000 5% 3-year (average) coupon publichigh way-improvement bonds described in V. 92, p. 1394, 4 H % 20-installment school debentures, mentioned in V. 92,
were awarded to Stacy & Braun of Toledo at 102.6375— a p. 1456, were awarded to the Ontario Securities Co., Ltd., of
Toronto. Debentures are dated Dec. 1 1910.
basis of about 4.058% . The following bids were received:

Weir School District, Williamson County, Tex. —

S a l e ,— The

C
S tacy & Braun, T o l e d o - .§51,318 75' Davles-Bertram
'
'
~ o., Clnc-$51,280
* ” * n° n 00
Breed & Harrison, C in e .. 51,250 00
Security Savings Bank &
Trust C o., T o le d o _____ 51,318 fio Provident Savings Ban.- &
Trust C o.. C in cinnati-. 51,212 50
New First N at.Ilk.,C olu m . 51,317 00
First Nat. Bank. Cleveland 51,295 75 Tiffin Nat. Bank. T iffin ... 51,116 00
Seasongood & Mayer,Cine. 51,295 00 Il€ayden,MillercSiCo.,Clevc. 51,040 00
Maturity $5,000 each six m onths from March 1 1912 to Sept. 1 1916 lncl.

Bathurst School District No. 2 (P. O. Bathurst), N. B .—
D e b e n tu r e O f f e r i n g . —

Proposals will be received until 6 p . m .
June 9 by Samuel Bishop, Secretary of Trustees, for $5,500
5 % 40-year debentures. Denomination $500. Interest
annually at the Secretary-Treasurer’s office.

W ood Lynne (P. O. Camden), N. J. — B o n d s V o t e d . — An
Blaine Lake School District No. 2571 (P. O. Graystones),
election held on May 9 resulted in favor of the question of Sask.— D e b e n tu r e S a l e . — An issue of $1,000 6 % school­
issuing $5,000 5% 20-30-year (optional) sewer and streetbuilding debentures were awarded recently to Nay & James
construction bonds. The vote was 56 to 42.
at 100.60.
„
„ „„
Worth County (P. O. Sylvester), Ga.— B o n d s V o t e d . — The
Date March 27 1911. Interest annually in March. M aturity March 27
question of issuing $100,000 permanent-road-construction 1921.
Cold Stream, B. C.— D e b e n tu r e S a l e . — The Dominion Se­
bonds was favorably voted upon at an election held on May 12.
Yakima County School District No. 35, Wash.— B o n d curities Corp., Ltd., of Toronto has been awarded $87,000
5% 30-year water-works debentures.
O f f e r in g — Proposals will be received until 10 a. m. June 10
Comet School District No. 2301 (P. O. Stony Plain),
by Frank Bond, County Treasurer (P. O. North Yakima),
for $1,000 coupon school-building bonds at not exceeding Alberta.— D e b e n tu r e S a l e . — The Alberta School Supply Co.
of Edmonton was awarded at 100.875 in April $1,200 6 %
6 % interest.
,
10-installment school-building and equipment debentures.
A uthority. Sections 117, 118, 1 19. & c., Code of Public Instruction, I.aws
o f 1897, pages 357 et scq .; also election held April 20 1911. Date “ d ay of
Issue " or m ay be dated on the lirst of some m onth, at the option of the Interest annually in April.
Dereham Town ship, Ont.— D e b e n tu r e S a l e . — Wood, Gundy
bidder. Interest annually at the County Treasurer’s office. Maturity
10 years. No debt at present. Assessed and equalized valuation for
6 Co. of Toronto are reported as being the successful bidders
1910, $255,225.
.
.
„
„ ,
„„
,
_
,
Yakima County School District No. 94, Wash.— B o n d for $18,402 50 4 % drain debentures due in 4, 9 and 14
installments.
O f f e r i n g . — Proposals will be received until 10:30 a. m.

NEW LOANS.

NEW LOANS,

NEW LOANS.

$ 9 1 6 ,7 0 0

$ 8 2 5 ,0 0 0

$ 6 9 0 ,0 0 0

City of Minneapolis, M inn., City of Minneapolis, M inn.,

TACOMA SCHOOL BONDS

Sealed bids for $690,000.00 Bonds of Tacom a
School District N o. 10, Pierce C ounty, W ashing­
ton (for school buildings and sites), will be reSealed bids will bo received b y the Committee ccived until 10 a. m . June 17, 1911. Bonds reon W ays and Means of the City Council of the decm able In 20 years. Denomination $1,000.00.
City of Minneapolis, Minn., at the office of the Principal and Interest payable in New York or
City Comptroller of said city until TUESDAY. Tacom a. Interest semi-annually.
JUNE 13, 1911, at 2 o ’clock p .m ., for the whole
Bids will be received for the entire issue, m oney
or any part of $250,000 Park Bonds, $225,000 delivered and bonds dated as follows: $290,000.00
Permanent Im provem ent R evolving Fund Bonds, July 1, 1911; $200,000.00 January 1, 1912, and
$75,000 Permanent Im provem ent 1 und Bonds and $200,000.00 July 1, 1912. Bids will also be re­
$275,000 Main Sewer Bonds, to be dated May 1. ceived for the entire Issue, $690,000.00, dated
1911, payable May 1, 1941.
, and delivered July 1, 1911.
Said bonds are to bear Interest at the rate of
Bidders must state price and rate o f Interest
four (4% ) per cent per annum, payable semi­ (not to exceed 4 J ^ % ), at which they will purchase
annually, arc ’Fax-Exem pt In the State of Minne­ said bonds, and accom pany the bid with a cer­
sota, and no bid or proposal will be entertained tified check of one per ce n t.
for a sum less than ninety-five (95% ) per cent
The right to reject any and all bids is reserved.
of the par value of said bonds and accrued Interest
E D W A R D M E A T H . County Treasurer.
to date of delivery.
T acom a, W ashington, May 25, 1911.
The right to reject any or all bids Is reserved.
A certified check for two (2 % ) per cent of the
par value of the bonds bid for, made to C. A .
Bloom qulst, City Treasurer, must accom pany
each bid.
Circular containing full particulars will be
mailed upon application.
B y order of the Committee on W ays and Means
at a meeting held May
BROWN>

BONDS

SCHOOL BONDS.
Sealed bids will be received b y the Committee
on W ays and Means of the City Council of the
City of Minneapolis. Minn., at the office of the
c it y Comptroller of said city until THURSDAY,
JUNE 8. 1911, at 2 o ’clock p. m ., for the whole
or any part of $916,700 School Bonds, to be
dated May 1. 1911, payable May 1, 1941.
Of the above bonds, $250,300 will bear Interest
at the rate of four and one-quarter (4 > i% ) per
cent, payable semi-annually, and no bid or
proposal will be entertained for a sum less than
the par value of said bonds and accrued interest
to date of delivery, and $666,400 of said bonds
will bear Interest at the rate of four (4 % ) per
cent, payable semi-annually and no bid or pro­
posal will be entertained for a sum less than
ninety-five (95% ) per cent of th.c J)ar, YSVi,®
said bonds and accrued Interest to date o f delivery,
and all of said bonds are T ax-E xem pt In the
State of Minnesota.
„
____.
The right to reject any or all bids Is reserved.
A certified check for two (2 % ) per cent of the
par value of the bonds bid for, made to C. A .
Bloomq$ilst, City Treasurer, must accom pany
each bid.
,
, ,
... .
Circular containing full particulars will be
mailed upon application.
B y order of the Committee on W ays and Means
at a meeting held May 1 1 ^ 1 9 1 1 .^ b r o W N ,
City Comptroller.

Adrian H . Muller & Son,

City Comptroller.

AUCTIONEERS.

Regular W eekly Sa le *

BLODGET & CO.

OP

S T O C K S and BONDS

MUNICIPAL AND RAILROAD

BONDS

BONDS

60 S T A T E S T R E E T , BO ST O N

LIST ON APPLICATION

80 P I N E S T R E E T , N E W Y O R K

EVERY WEDNESDAY

S E A S 0N G 00D & MAYER

STATE, CITY & RAILROAD BONDS

Office. No. 65 W fL L IA M STREET.

Corner Pine Street.

Mercantile Library Building
CINCINNATI

H 0D E N P Y L, HARDY & CO.

Thomas J.

Bolger Co.

m u n ic ip a l

b o n d s

Legal for Savings Banks,
Postal Savings and Trust Funds

ESTABLISHED 1885

7 W all S t .. Naw Y o r k

H. C. SPEER & SONS CO

Railroad, Street R y., Gas & Elec. Light

First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS

S E C U R IT IE S

SEND FOR LIST

19 South La Salle St.,

CHICAGO

M U N IC IPA L B O N D S
safest investment
4
known. Yielding from ^

ULEN
w ankers




to 6 %
/U w w p J

o l

&

Wrtta
for
Circular.

C O .

CHICAQO

C harles M. Sm ith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO

F. W M . K R A F T
LAW YER

Specializing in Examination of

Municipal and Corporation Bonds
1312 FIR ST N A T IO N A L B A N K B L D d ..

CHICAGO, IL L .

1520

THE CHRONICLE

Dubuc, Sask.— D e b e n tu r e S a l e . — Nay & James of Regina
have, it is stated, purchased $3,000 6% 15-year debentures.
Elfros, Sask.— D e b e n tu r e S a l e . — An issue of $1,500 6%
15-year debentures has been awarded, to Nay & James of
Regina.
Enderby, B. C .— D e b e n tu r e S a l e . — On May 15 the $5,500
6 % 20-year debentures described in V. 92, p. 1334 were
awarded to C. H. Burgess & Co. of Toronto at 104 327 The
following bids were received:
g - U ; B>vrgess & C o.. Toronto $5,7381Campbell. Thom pson & C o ,
Brent, N oxon & Co., T oron to. 5,736
Toronto
’ «* *fi1
Ltd1
C° rP" ,6
, 1 0 |B. C. Matthews
Deben c ' o
5,555
n t a ., Toron?orlt‘eS
lo r o n t o ---------------------5
&^C. m
o., ' .T' To ro. r
. l 5,300

Ferintosh, A lberta— D e b e n tu r e Safe— Reports state that
this place has sold $2,000 S% 10-year debentures to Nay &
James of Regina.
Fort'W illiam , Ont.— D e b e n tu r e S a l e . — Wood, Gundy &
Co. of Toronto have been awarded the following debentures
voted on May 17:
, *38.000 to purchase property for enlarging city-hall site; $105,000 to
nn rihat floating debt of the city: $8,500 for fire-protection, $9,800 to
purchase land for police station and court-house site.

'Lethbridge, Alberta.— D e b e n tu r e O f f e r in g . — Proposals will
be received until 2 p . m. June 6 by Geo. W . Robinson, Secre­
tary-Treasurer, for the following 4 }^ % coupon debentures:
. 5211,000 for water and sewerage and $84,000 for parks, due In 30 yearsi or city ’s portion o f local-im provem ents o f 1910, due In 30 years;
535,000 for street railway and light extension, due In 20 years- $9,000 for
derrick and sanitary apparatus and $3,000 for a children’s hom e, due In
10 years, and 50,000 for a building for exhibition purposes, due In 10
years.
I he debentures are In denom inations o f $1,000 each. The ten­
derer has the option of bidding for the debentures payable In England and
GAnAdd.
.

Linden School District No. 2692 (P. O. Ogema),Sask —

[ V o L. L X X X X I I

North Bay, Ont.— D e b e n tu r e s V o t e d . — The question of is­
suing the $100,000 water-works-extension and $45,000 sew­
erage 5 % 30-year debentures mentioned in V. 92, p. 1457,
carried by a vote of 368 to 166 at the election held on May 29.
We are advised that these bonds will be offered for sale at
an early date.
° x*ord County

(P.

O.

W oodstock),

Ont .—

D e b e n tu r e

will be received until 12 m. June 5 by
x C o u n t y Clerk, for $36,000 5 % road-improve­
ment debentures to be issued June 1 1911 and mature in
30 annual installments.
O f f e r in g — P r o p o s a l s

. ^*e,fc^ and’ B. 0 .— B i d s . — The bids received on May 1 for
the $3,000 electric-light-system and $1,000 local-improve­
ment 5 % 20-year debentures awarded on that day to Brent,
Noxon & Co. of Toronto at 89.27, as stated in V. 92, p 1457
were as follows:
Brent, N oxon & C o., T o r o n to .$ 3,9 31 IR . C. Matthews & Co., T or

&2:Debuc o ? p : : L t ° S : : :

IToIr

$3 780

H- Uur*ess&° ° - ^ t a : * ! ; ? ™

Penetanguishene, O n t . — D e b e n tu r e O f f e r in g .— Proposals
will be received until 6 p. m. June 6 by W . II. Hewson, Town
Clerk, for the following debentures:
$25,000 5% stove-foundry bonus debentures, payable In 20 annual Instailments.
27,000
hydro-electric power debentures voted on May 1 (V . 92, p.
1273). M aturity part yearly for 30 years.
v

Regina, Sask.— D e b e n tu r e S a l e . — On May 18 the 10 issues
of 4 ^ % debentures, aggregating $229,200, described in
V. 92, p. 1273, were awarded to Nay & James of Regina
It is also reported that the $200,000 5 % street-railway
bonds offered on the same day were awarded to the Royal
Securities Corp., Ltd., of Toronto at 104.57.

& James of Regina have been awarded
$2,00016 % ’-* 10-installment school-building debentures at
100.4075. Date April 13 1911. Interest annual.
Swan River, Man.— D e b e n tu r e E l e c t i o n . — On June 7 a vote
Neepawa, Ont.— D e b e n tu r e S a l e . — The Canadian Deben­
taken> lfc Is stated, on the question of issuing $20,000
tures Corporation, Ltd., of Toronto, have been awarded 5 % 20-year school debentures.
f
according to reports, an issue of $7,185 5 % 20-year deben­
©
t
D e b e n tu r e S a l e . — This place has disposed o
tures.
$1,000 6% 10-year debentures to Nay & James of Regina.
New Liskeard, Ont .— D e b e n tu r e S a l e . — On May 15 the
Tyvan School District, Sask .— D e b e n tu r e S a l e . — This dis­
$13,500 5 % 20-year debentures mentioned in V. 92, p. 1334,
trict is said to have sold $14,000 b % % 20-installment deben­
were awarded to Brent, Noxon & Co. of Toronto at 95.
tures to Nay & James of Regina.
D e b e n tu r e S a l e . — N a y

BOND CALL.

MISCELLANEOUS.

NOTICE OF REDEMPTION OF BONDS.

Powell County, Montana

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.

The Board o f County Commissioners o f Powell
.
New Y ork, January 20th. 1911.
County, Montana, to All Whom This Notice _ .
The Trustees, in conformity wan the Charter of the Company, submit the following statement of its affairs
M ay Concern, G R E E TIN G :
n
»
,„
,
on
the
315*
of
December.
1910.
N otice Is hereby given that the Treasurer of
Powell C ounty, Montana, will upon July 1st,
1911, redeem all bonds numbered from one (1)
to thirty-tw o (3 2 ), Inclusive, o f the bond Issue Total Marine Premiums.
25
o f said County of July 1st, 1901. All holders
or owners of any of the aforesaid bonds are Premiums marked off from 1st January. 1910. to 31st December. 1910................................. $3,793,863 88
required to present the same to the Treasurer
of said County upon July 1st, 1911, at his office interest received during the y e a r ..
"
~ J**
at Deer Lodge, In said County, for paym ent. R e .. U „ t e ,
E xpense............. : : : : : : : : : : : : : : : : : : : : Si
„
Upon presentation o f the said bonds to the said
County Treasurer upon said day the same will be
redeemed and paid In full with Interest<due ‘ •’S ’ pP^ l o 1 ," A ne U h. L y “ r. Wh'Ch
' » > ° » 15M
„
■
thereon up to that date, but such bonds shall not
draw Interest on or after that date, and all owners Losses occurred, estimated and paid ta‘ l 9 l 6 : : : : : : : : : : : : ; : i . 0 2 1 . 3 5 a 12 $1,525,007 45
or holders of said bonds, or any thereof, arc
Less Salvages.......................................... .. $195,931 27
hereby notified that Interest upon the same will
Re-Insurances............................................ 402.100 63
598.037 90
cease upon the date a fo re s a id ...........................
•
A L B E R T B IE N ,
.................
$927,620 55
County Treasurer,1 •
Powell County, Montana. Returns of Premiums_____________________________________________________
« 132 o 51 50
■ Dated May 19th, 1911.
l.xpenses. Including officers’ salaries and clerks’ com pensation, stationery,
’
newspapers, advertisements, e tc_________________________ ______________
$363,223 j39

......

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

I I S T E P H E N S & CO
BAN KERS

2 WALL STREET, NEW YORK.

INVESTMENT BONDS
Interest allowed on accounts of
Individuals and Corporations

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
G U ARA N TEED

BONDS

Alt Issues

A. H . Bickmorc & Co.,
BANKERS
30 Pina Street,

New York

R. T. Wilson & Co.
33 W A L L STREET
N E W YO R K




AS S E TS .
United States & State of New York
Stock, C ity, Bank and other Securl t ie s ___________ ________ _____ $5,418 792 00
Special deposits In Banks &TrustCos. l,’ 20oi916 60
Real Estate cor. Wall & WilllamSts.,
&
Exchange P la ce .$4,299,426 04
Other Real Estate &
claims due the com ­
pany .........................
75,000 00 4,374,426 04
Premium notes and Bills Receivable
l ash In the hands of European
Bankers to pay losses under polleies payable In foreign countries.
( a<,h In Bank and N. Y . City rev­
enue bonds___

1,134,448 70
210,435 74
935.478 76

Aggregating..................................... $13,274,497 90

L IA B IL IT IE S .
Estimated Losses and Losses Un­
settled .............................................. $2,714,035 88
Premiums on Unterminated Risks.
873,680 37
Ccrtlllcates of Profits and Interest
Unpaid ________________________
262,427 75
Return Premiums U n p a id ..............
146,084 03
Reserve for Re-lnsuranco Premiums
& Claims 1 ot Gettled, Including
Compensation, e tc _______________
160,000 00
Certificates of Profits Ordered Re­
deemed, Withheld for Unpaid
P re m iu m s ______________________
22.4 59 61
Certificates of Profits Outstand­
ing....................................................... 7.441,100 00
Real Estate Reserve F und-----__
400,000 00
Aggregating.................. ...................$12,019,787 64

holders The r
nr t
P<T *^nt on the outstanding certificates of profits will he paid to the
oo u ^ ? thereof, or thelr legal repre8entatlvcs, on and after Tuesday the seventh of February next.
or their legaS represenU U vision Jnd
t ° 1P05 wlu be redeemed and paid to the holders thereof.
Interest h r r e n n w ! l ? Z
V ?"
T “ e« l « y the seventh of February next, from which date all
e n d .n V ^ W c c fm ^

ssk

s a a s s r s iif

u«

By order of the Board.
Q. STANTON FLOYD-JONES. Secretary.
TRUSTEES
FR AN C IS M. BACON.
H
E
R
B
E
R
T
L.
G
RIGG
S
C H A R L E S M. P R A T T .
JOHN N. B EACH .
CLEM ENT A . GRISCOM .
D A LLA S B. P R A T T ,
E R N E ST C. B LISS,
ANSON
W.
H
A
R
D
.
.
V ERN ON H . B R O W N .
TH OM AS H . H U B B A R D .
£ E, ? Bs f v a i . o u w T A R D W A LD R O N P. B RO W N .
L E W IS CASS LED Y A R D ,
JOHN J. R IK E R ,
JOHN C L A F L IN ,
C
H
AR
LE
S
D.
L
E
V
E
R
IC
H
.
DOUGLAS ROBINSON
GE O R G E C. C L A R K .
L E A N D E R N. L O V E LL.
GU STAV H. SCH W AB.
C L E V E LA N D H. DO DGE.
GEORGE H. MACY,
W IL L IA M SLOANE
C O R N E LIU S E L D E R T .
C H AR LE S H. M A R SH A L L .
LOU IS ST E R N ,
R IC H A R D H . E W A R T .
NICH O LAS F. P A L M E R .
W IL L IA M A . S T RE E T
P H IL IP A . S. F R A N K L IN
H E N R Y P A R IS H .
G E O R G E E. TU R N U R fe.
AD O LF P A V E N S T E D T ,
A . A . R A V E N , President.
C O R N E LIU S E L D E R T , Vice-President.
W A L T E R W O O D P A R SO N S. Zd Vice-President
C H A R L E S E. F A Y . 3d Vice-President
JOH N H . JON ES S T E W A R T . Uh Vice-President