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IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, MARCH 18 1911.
VOL. 92.
Site Clxrcmidje.
W e e k ending M a rch
PUBLISHED W EE K LY .
1911.
Terms of Subscription— Payable in Advance
3
287,688,624
23,236,700
16,133,399
17,072,003
12,827,485
8,460,655
5,966,300
4,972,686
3.550,132
2,431,983
2,095,889
2,428,379
755,256
1.607,740
1,073,343
1,278,692
959,996
1,228,935
1,158.300
814,500
896,544
622,011
438.336
1,009,197
492,310
632,289
345,000
541,499
453,198
454.216
181,275
40,712
605,000
384,571
402.452,411
40,613.489
17,000, 00
10,677,134
11,602,500
5,308,707
4,619,227
4,438,123
3,569,869
1,384.926
1,433,769
843,700
669,998
522,184
436.377
487,728
267,798
103.875,529
53.891,154
18,583,920
18,664,104
11.882,314
7,928,172
11,396,363
6,234,251
3,878,659
3,276,248
2,176,996
1,932.456
1,881.479
1,717,879
2,110,410
713,802
639.393
719,271
1.511,987
601,769
1,575,000
942,181
98.084
264,396
360,000
153,862.288
71,866,663
19,279,082
13,022,371
13.510,700
7,240.000
7.354.435
6,387,608
12,082,468
7.159.106
3,813,512
3.900,000
3.102,699
2,700.000
2.279,021
2.977,751
1,929,901
1,720,451
1.497.782
1,946,100
2,498,963
2.294,876
3,122.368
5,105.730
312,602
713,478
304,768
432.118
683,143
853,883
198.554,553
2.991,490,754
1.2b6.OS4.8Sl
Subscription includes following Supplements—
and
Q uotation (monthly)
R A I L W A Y A N D IN D U S T R IA L ( q u a r t e r l y )
R ailw ay E arnings (monthly)
S tate and C ity (semi-annually)
E lectric R ailw ay (3 times yearly)
B an ke rs ’ Convention (yearly)
Terms of Advertising— Per Inch Space
Transient matter per inch space (14 agato lines)...............
................... $4 20
Two Months
(s tim es)........
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Three Months (13 tim es)....... ................... 29 00
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Six Months
(20 times)........ .................. 50 00
Tw elve Months (52 times)........ .................. 87 00
C H IC A G O OFFICE!— Pliny Bartlett, 513 Monadnock Block T e l. H a rris o n 4012
LO N DO N O F F IC E —Edwards & Smith, 1 Drapers’ Gardens, E. O.
..................
W I L L I A M IE. D A N A C O M P A N Y , P u b l i s h e r s ,
P . O. B ox 9 5 8 .
F r o n t , P in e a n d U e p c y s t e r S t s .,
N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana aim Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company
C L E A R I N G -H O U S E R E T U R N S .
The following table, made up by telegraph, & c., Indicates that the total
bank clearings of all clearing houses of the United States for week ending
Mch. IS have been $3,087,302,076, against $2,091,490,754 last week and
$ 3,502,057,084 the corresponding week last year.
Clearings— Returns b y Telegraph.
W e e k ending M a rch 18.
1911.
Per
C ent.
1910.
New Y o r k ___
Boston______
Philadelphia .
Baltimore____
Chicago.........
St. Louis____
New Orleans.
SI.807,653.316
$1,472,831,055
136,690,678
137,083,630
117,364,90 9
149,086,975
26,013,125
25,298,928
232.252.2S0
246,264,199
64,364,579
66,788,986
14,931,559
16,756,158
— 18.5
+ 0 .3
— 21.3
+ 2.8
— 5.7
— 3.6
— 10.9
Seven cities, 5 days__
Other cities, 5 days_____
32,064,842,136
497,043,649
32,448,539,240
499,968,473
— 15.7
—0.6
Total all cities, 5 days.
AU cities, 1 day______ . . .
32,561.885,785
525,416,291
S2,948,507,713
554,450,271
— 13.1
— 5.2
33,087,302,076
$3,502,957,984
— 11.9
Total all cities for week______
The full details for the week covered by the above will be given next Sat
urday. W e cannot furnish them to-day, clearings being made up by tlm
clearing houses at noon on Saturday, and hence In the above the last day of
the week has to be In all cases estimated, as we go to press Friday night.
■ VVc present below detailed figures for the week ending with Saturday,
noon, M ch. I I , for four years.
W e e k ending M a rch
11.
Clearings at—
1911.
1910.
In c . or
D ec.
1909.
1908.
3
3
S
3
%
Ncw^York......... 1,695,535,873 2,026,163,519 — 16.3 1,512,736,319 1,244,089,489
Philadelphia____
103,355,518
141,511,945
143,129,399
+ 1.1 114,546,762
Pittsburgh...........
+ 3.2
36,437,690
35,977,624
45,128,578
46,563,793
Ball 1m ore______
25,433,253
22,125,778
30,986,143 + 10.1
34,103.075
Buffalo....... ..........
7,236,390
+ 1.5
6.800.175
8,827,212
8.700,356
Washington-----6.296,111
+ 7.0
5,775,108
7,729,535
7,221,955
Albany......... ........
. 4,625,166
+ 0 .2
4,566,169
5,193,048
5,183,431
Rochester ...........
2,970,768
+ 4.3
3,250,122
3,601.050
3,451,572
Scranton..............
2,252,769
2,656,511
+ 5.6
2,038,358
2,516,950
Syracuse_______
1,823,226
2,335.868
1.926,333
1,842,696 + 2 6 .8
Reading------------1.367,441
1,356,160
1,153,234
1,520,439 — 10.1
Wilmington.........
1,036,402
1,371,419
1,190,322
1,618,236 — 15.3
Wllkes-Barro . . .
1,318,732
1,030,206
+ 7 .5
1,097,180
1,226,548
Wheeling ---------1,597,868
— 2.7
1,446,018
1,641,152
1,284,498
1,485,167
+ 5.4
1,602,258
1,408,704
1,100,000
Harrisburg-------+ 2 .3
1,077,863
818,586
1,074,952
906,778
782,074
Y o r k ..............—
— 5.6
725,061
960.939
814,088
+ 5.4
682,425
772,263
516,933
E r ic ......................
692,132
491,274
Greensburg.........
474,154 + 46.0
500,000
508,500
Binghamton-----495,700
460,700 + 10.4
402,300
652,841)
397,164
451.543 + 44.5
426,657
Chester................
422,216
+ 4.5
401,113
417,597
377,803
Altoona................
236,209
308,000 — 23.6
322,298
239,955
Franklin_______
J^Total Middle.. 1,962,148.754 2,285,028,888
— 14.1 1,725,495,893 1,438,697.203
Boston ................
Providence.........
Hartford..............
New Haven.........
Springfield______
Portland_______
Worcester............
Fall River...........
New Bedford____
Lowell..................
Holyoke________
145.689,965
7.664,400
4.960,243
3,107,626
1,953,929
1,983,517
2,097,545
1,176.959
960.432
535,104
467,499
160.673.739
8,091,200
4,751,450
2,618.232
1,800.000
1,807,634
2,287,362
1,056,910
998,508
400,140
468,618
— 9.3
— 5.3
+ 4.4
+ 18.7
+ 8 .6
+ 9 .7
— 8.3
+ 11.3
— 3.8
+ 3 3 .7
—0.2
138,699,144
7.343,000
3,884,682
2,218,824
1,882,421
1,505,270
1.561,480
1.204,083
801,087
477,163
448.882
122,009,402
5,670,000
3,385,431
1.995.30.8
1.593,240
1,571,058
1,496,014
844,976
692,161
421,465
385,264
pTot^N cw ’ Eng.
170,597.219
184,953.793
— 7.8
160.059,636
140,064,319
N o te .— For
Canadian clearings see “ Commercial and Miscellaneous News."
NO. 2386.
11.
Clearings at—
For Ono Year ......................................................................................... ..................$10
$10 00
00
For Six Months.......................................................................................................... (5
ti 00
European Subscription (Including postage)................................................. 13 00
European Subscription six months (including postage)..........................
7 50
Annual Subscription in London (including postage).................. .
. £ 2 14 s.
V 1 11s
Six M onths Subscription in London (including postage)........... .
r t a n n d iu n S u b s c r i p t i o n i m e h i d i n v n n s t n s r o i
.$11 50
B ank
Electric Railway Section
State and City Section
Chicago................
Cincinnati...........
Cleveland...........
Detroit..................
Milwaukee______
Indianapolis____
Columbus............
Toledo__________
P eoria.................
Grand Rapids___
D ayton ________
Evansville_____
Kalamazoo
Springfield, 111..
Rockford ______
Lexington...........
Youngstown____
Fort W ayn e____
Quincy..................
A k ro n .................
Bloomington____
Springfield, O ___
South Bend.........
Canton........... ......
Decatur _______
Danville________
Jackson ________
Mansfield......... ..
Jacksonville, 111.
L im a ___________
Ann Arbor______
Adrian ________
Saginaw...............
Lansing................
Tot. Mid. West
San Francisco...
Los Angeles____
Seattle ..............
Portland............
Salt Lake C ity..
Spokane...........
Tacoma............
Oakland................
Sacramento..
San Diego___
Pasadena____
Fresno............
Stockton ____
San Jose.........
North Yakim a..
R e n o _______
Total Pacific..
Kansas C ity____
Minneapolis..
Omaha..................
St. Paul.........
Denver...........
St. Joseph...........
Des Moines____
Sioux City.........
W ichita..............
Duluth..............
Lincoln ..............
Davenport.........
Topeka _______
Cedar Rapids..
Colorado Springs
Pueblo .........
Fargo ______
Sioux Falls..
Fremont____
W a terlo o ___
Helena _____
Billings.........
Hastings____
Aberdeen____
Tot. oth. West
St. Louis____
New Orleans.
Louisville ...........
H ouston____
Galveston ...........
Richmond ____
Fort Worth____
Atlanta .............
Memphis______
Savannah _____
Nashville .........
N orfolk..............
Birmingham____
Augusta_____
Jacksonville____
Chattanooga___
K noxville___
Mobile..................
Little R o c k ....
Charleston...........
Oklahoma —
M acon............
Austin______
Vicksburg . . .
Wllm’ ton, N. C.
Meridian______
Jackson, Miss.Tulsa..................
Muskogee.........
Total Southern
Total all.........
Outside N. Y
1910.
In c . or
| D ec.
1909.
1908.
S
S
%
S
307,946,590
— 6.6 261,436,607 236.428,355
— 2.4
23,812.450
26,268,600
24.086,150
— 2.7
16,574,938
14,707,517
12,303.464
13,437,592
+ 7.8
15,837,150
12,153,242
12,677,496
+ 1.3
11,831,468
9,856.136
8,786,606
— 3.7
7,424,988
7,119.154
— 0.4
5,992,900
5,472,200
4,708,000
4,485,998 + 10.9
4,744,261
3,785,008
—0.8
3,371,555
3,577,097
2,790,309
— 4.5
2,205,382
2,545,398
1.997,852
2,182,396
— 4.0
1,929,357
1.318,267
+ 9 .8
2.106,301
2,212,987
1.468.005
1,288,780 — 41.4
1,086,884
906,278
1,190,586 + 3 5 .0
1,262,573
960,759
— 4.2
1,120,472
895,055
826,127
1.020,749 + 2 4 .3
684,989
785,399
— 4.2
1,002,322
985,423
755,698
+ 9.3
1,001,746
1,123,346
686,723
929,929 + 2 4 .6
764,927 .
688,625
872,300
—6.6
735,000
650,000
+ 8 .9
823,218
753,794
621,462
542,089 + 14.8
473.387
446,005
515,165 — 15.0
389,029
420,928
+ 4.8
962,837
654,130
381,037
596,906 — 17.5
500.521
357,530
+ 7 .2
589,970
407,354
357,385
330,000
+ 4.5
324,185
300,000
402,723 + 3 4 .5
326.670
285,989
400,826 — 13.0
338,544
241,043
263,321
292,501 + 55.4
250,000
137,616
223,831 — 19.0
142.488
40,712 + 0.07
29,728
28,000
+
10.0
550,000
Not Included In total
— 4.5 365,950,704 328.105,418
421,451,268
34,439,606
45,442,889 — 10.6
31.707,841
— 2.1
12,556.557
9.971,602
17,371,649
11,597,864
12,891,412 — 17.2
8,109,768
+ 7.2
8,000,000
10,824,454
6,995,219
— 5.6
5,253,237
4,228,180
5,623,345
— 4.6
3,545,902
4.842,494
2,748,781
4,062,794
4,901,585
6,222.229 + 28.7
+ 3 .6
1,748.170
1,488,835
3,444,623
+ 7 .0
849,467
987,071
1,293,321
911,865
750,000
1,194,171 + 20.0
+ 5.5
800,000
490,780
761.638 — 12.0
— 1.2
473.206
413,040
528.347
—4.4
360,854
378.160
456.709
— 2.5
390,152
500,000
+ 7.3
249,634
— 7.6
71,823,985
85,536,551
112,446,915
48,046,273
34,117,865
60,103,535 — 10.3
19,940.254
— 9.9
17,143,509
20,620,083
16,461,924
12,991.658
21,452,917 — 13.0
+ 2.1
8,843,092
9,904,528
11,637,231
9,230,592
7,196,932
9,626,671 — 17.7
7,869,764
+ 9.1
5,785,203
10,445,855
4,062,553
2.314,786
+ 3.7
6,011,237
— 4 .1
3,198,149
2,573.118
4,044,365
+ 0.8
1.894,278
1,443,118
3,250,498
2,845,796 — 23.5
1,530,382
1,432,144
— 6.9
2,075,790
1,263,737
1,233,686
— 7.8
2.040,824
1,541,575
1,169,083
1,474,864 + 16.5
1,231,364
+ 7 .2
1,028,329
1,969,953
646,679
— 4.8
622,209
750.008
+ 0 .0
590,533
546.114
639,352
629,425
747,652
1.050,158 — 31.5
810,000
570.000
1,300,000 + 16.3
419,574
+ 0 .8
352.346
597,275
4-5.0
1,500,000
731.498
576,221
1,064,590 — 11.5
158,636
137,355
160,733 — 39.0
225,000 + 17.5
400,000 — 10.0
— 6.9 127,364,955
165,286.735
103,622,165
— 8.2
78.279,026
65,746,265
60.339,430
— 4.7
15,709,472
20.235.018
16,370,722
15,043.605 — 13.4
13.762,084
11,790,526
— 5.8
14,348,640
14,794.589
10,358.309
6,330,500 + 1 4 .4
6.931.000
6,250,500
— 9.8
8,150,000
6,256,053
6,000,000
7,135.546 — 10.5
6,539,778
4,294,469
+ 8.5
11,134,670
4,881,613
4,818,510
— 5.2
7.550,201
5.316,404
5,813,394
— 2.2
3,897.761
2,843,519
3,024,485
+ 3.2
3,780,747
3,307,403
3,920,220
3,010,639
+ 3.1
1,861,673
2,145,565
2,291,036 + 1 7 .S
1,850,089
2,104,559
2,143.549
+ 6 .3
1,497,608
1,608,775
2,622,973 + 13.5
1,680,882
1,898,632
1,884,503
+ 2 .4
1,548.144
1.628,401
1.754,467
— 2.0
1,856,876
1,559,853
1,496,139
+ 0.1
1,204,767
1,355,351
1,978,725
— 1.7
1,689,308
1,393,458
1,950,000 + 2 8 .2
1,314,164
l,395,000i
— 0.2
2,298,581
1,447,330
898,356
688,032
1,000,000 + 212.2
654,817
732,333
658,483
3.057,777 + 67.0
310,952
383,009 — 18.4
316,807
356,107
380,000
568,066 + 25.5
256,185
361.563 — 15.7
441,000
—
1,350,000 — 68.0
Not Included In total
Not Included In total
— 1.2 165,662,818
201,036,741
149.633.327
3,370,204.340 — 11.2 2.630,070,22512,231,796,417
—3 fl 1,117,334.426 987.906.928
US44.040.821
682
T H E C H R O N IC L E
OUR RAILW AY EARNINGS ISSUE.
We send to our subscribers to-day the March
number of our “ Railway Earnings” Section. In this
publication we give the figures of earnings and ex
penses for the latest month of every operating steam
railroad in the United States, big and little, which is
required to file monthly returns with the Inter-State
Commerce Commission at Washington— altogether
nearly 900 roads or systems, comprising an aggregate
of nearly 240,000 miles of line.
THE FINANCIAL SITUATION.
What cannot be cured, must be endured. The
United States Supreme Court has sustained the validity
of the Federal Corporation Tax, and that law, and
the features connected with it, will therefore have to
be accepted as one of the conditions confronting the
business world. This Tax Act, which was grafted on
the Tariff Law of 1909 at the last moment, at the in
stance of President Taft, is really a corporation income
tax, and that is why the belief widely existed that
under legal attack the law would fail. The Court,
however, takes precisely the same ground as the
President when he urged the acceptance of the pro
vision upon Congress, holding that it answers the
definition of an Excise Tax, and hence comes within
the powers conferred upon Congress. All the various
other objections raised up against the legality of such a
tax are also swept aside. It follows that it will never
again be possible seriously to question such a tax from
a legal standpoint.
The Supreme Court, of course, does not certify to
the wisdom or the propriety of such a tax. It merely
asserts that if Congress in its discretion sees fit to levy
a tax of that kind, it is clearly within its rights and
powers. This suggests that those who feel aggrieved
over the provision itself or the publication features
connected with it are not without remedy. But they
must look to Congress, not to the courts, for relief.
The law does act unfairly as between a business con
ducted by a corporation and the same business con
ducted by an individual or a private partnership. As
a consequence, it may be expected that many small
businesses— the shoe store, the corner grocery, or the
bake-shop- now carried on in the corporate form,
will return to the partnership basis. Another valid
objection to the new Act is that through its publicity
features there is more or less possibility of the disclos
ure of business secrets which the owners are anxious
to guard from rivals and the general public. Danger
from that source, fortunately, has been reduced to a
minimum through a modification of the administrative
features of the law.
When all has been said, however, that can be said in
defense of the statute, it still remains true that there is
something particularly objectionable to making the
small private corporation, doing no inter-State busi
ness, and owing nothing to the General Government, but
deriving all its powers from the State, subject to the
embrace of the Federal authorities. We do not
imagine that there is any likelihood of the early
removal of the law from the statute book, but it is “ up
to” Congress to repeal the law, and up to the parties
interested to indicate to Congress that they want it
repealed.
[VO L. L X X X X 1 I .
In a decision handed down by the Supreme Court
last week another adjudication was made of a highly
important character. In that particular a precedent
was created which cannot fail to have highly salutary
effects in the future. The fact which has been estab
lished is that when one State has a just and equitable
claim against another, the powers of the Supreme Court
can be invoked to enforce the same, and that the Court
itself is ready to lend its aid. It is nearly fifty years
since West Virginia was carved out of the parent
Commonwealth and made a separate State. It was
part of the agreement that the new State should
assume its just share of the indebtedness of Virginia
existing at the time of separation, and a provision to
that effect was incorporated in the Constitution
adopted by the new State when it was admitted into the
Union. Virginia has long since settled with the bond
holders for its share of the debt; but West Virginia
has persistently refused to make provision for its part
of the debt and thereby fulfill the obligation which
under Constitutional mandate it had agreed to assume.
In default of a better arrangement, Virginia arbi
trarily assigned to West Virginia one-third the old
debt, and issued deferred certificates to represent the
same. Time and again efforts were made and com
mittees formed to enforce the claim represented by
these certificates. But all these endeavors proved
unavailing until a committee was formed headed by
Brown Bros. & Co. of this city. This committee has
now carried the case to a successful conclusion, and
it is needless to say it is entitled to great credit for its
work. As indicating the nature of the undertaking,
it should be noted that even this committee has been
uninterruptedly engaged at the task for a period of
nearly thirteen years, it having been originally or
ganized in August 1898. The medium by which suc
cess was at length reached was the taking of legal steps
by Virginia itself to compel payment. And that was
the novel feature of the action, the bringing of suit
in such a matter by one State against another.
The Supreme Court has now definitely decided what
amount of the original debt West Virginia must bear.
The question of the amount of interest to be allowed
for the whole of the long term of years during which
nothing has been paid is left open. .Justice Holmes
hi his opinion in the case indicates that that is a matter
which the parties themselves should settle in con
ferences between themselves. Pic urges that a spirit
of mutual forbearance should mark these conferences;
but he also leaves no room to doubt that if the parties
to the controversy cannot themselves come to terms,
the Supreme Court will not hesitate to fix the amount
of interest, just as it has fixed the amount of the prin
cipal. West Virginia, therefore, will act wisely if it
at once goes about to effect a settlement. The State
will undoubtedly fare better in that way than if it
risks a settlement by a judicial decree. Brown Bros.
& Co. have won a great victory for political honesty.
We do not know if the committee which they represent
would receive further deposits of bonds at this late
date, but somewhat over a million dollars of bonds,
we believe, are not represented in the movement, and
the holders of these bonds ought to bestir themselves
lest they be kept permanently out of the fold.
Have the principal banks in France formed a com
bination to act in harmony on matters affecting the
d is c o u n t m a r k e t?
m o n th s h av e
683
TH E C H R O N IC L E
Mar . 18 1911. |
C e r ta in e x p e r ie n c e s o f t h e la s t fe w
fo r c e d
N ew
Y ork
b an k ers to th e
con
c lu sio n t h a t s o m e a r r a n g e m e n t h a s b e e n m a d e .
For
in t h e L o w e r H o u s e , A . J . B a l f o u r , h a s e n t h u s ia s t ic a lly
s e c o n d e d t h e s u g g e s t io n o f a n A n g lo -A m e r i c a n t r e a t y .
“ T h e la te G o v e r n m e n t ,” h e s a id , “ d id its b e s t t o c a r r y
e x a m p le , it h a s b e e n r e p e a t e d ly n o t e d b y o u r in te r
o u t a n a r b itr a tio n t r e a t y w it h t h e U n it e d S t a t e s .
n a tio n a l b a n k in g fir m s t h a t
h o p e t h a t th e r e is a g e n e r a l fe e lin g in A m e r ic a t h a t
sa m e
d is c o u n t
term s
have
c o r r e s p o n d e n ts in P a r is ;
fo r m o n t h s e x a c t ly
been
c a b le d
by
th e
a ll th e ir
th e
t im e
has
com e
w hen
th ese
tw o
great
I
c o u n tr ie s
t h a t is t o s a y , if o n e b a n k e r
m a y a t le a s t b e b o u n d b y t r e a t y t o r e fe r a ll q u e s t io n s
m a d e a c h a n g e , t h e o th e r s a lso d id s o s im u lta n e o u s ly .
w h ic h c o u ld p o s s ib l y p r o d u c e a n y t h in g s o h o r r ib le a s
F rom
t im e t o t im e t h e fin a n cia l c a b le s t o
p re ss h a v e r e c o r d e d t h a t
“ th e p r iv a t e
w as to -d a y a d v a n ced
c a se m ig h t b e .
d is c o u n t ra te
<
° r lo w e r e d
%%,
as th e
S o p re c ise a s t a t e m e n t is n o t m a d e
o f c h a n g e s in L o n d o n fo r
u n ifo r m it y
t h e d a ily
th e re .
One
t h e r e a s o n [th a t th e r e is no
London
bank
m ay
c e r ta in fig u r e , a s e c o n d a d iffe re n t o n e
q u o te
and
a
a th ir d a
c h a r g e h ig h e r o r lo w e r t h a n e ith e r o f t h e o th e r s .
On
T h u r s d a y o f t h is w e e k s e v e r a l L o n d o n b a n k s c a b le d
a
w ar
b e tw e e n
th em
to
som e
a r b it r a t io n
t r i b u n a l.
T h e S e c r e ta r y fo r F o r e ig n A f fa ir s w ill fin d n o h e a r tie r
fr ie n d s o f s u c h a p o li c y
p a r t y .”
A d m ir a l
L ord
th a n
t h o s e in t h e U n io n is t
C h a r le s B e r e s f o r d , E n g l a n d ’ s
fa m o u s n a v a l c o m m a n d e r , d e c la r e d t h a t A m e r i c a m u s t
t a k e t h e in itia t iv e in b r in g in g a b o u t w o r ld p e a c e a n d
th at
A m e r ic a
and
E n g la n d
c o m b in e d
c o u ld
fo r c e
in te r n a tio n a l d is a r m a m e n t.
W a sh in g to n
a d v ic e s
sta te
th a t
n e g o t ia t io n s
fo r
a
th e ir r e a d in e s s t o a c c e p t n i n e t y -d a y b ills a t 2 3 - 1 6 % ,
n e w t r e a t y t o c o v e r e v e r y d is p u t e w h ic h m i g h t a rise
w h ile o th e r s n a m e d 2 } ^ % .
b e t w e e n t h e t w o g o v e r n m e n ts a re u n d e r s t o o d t o h a v e
I n B e r lin th e r e is n e ith e r
th e .u n ifo r m ity o r P a ris n o r t h e d is p a r ity o f L o n d o n ;
b e e n t a k e n u p b y S e c r e ta r y o f S t a t e K n o x a n d A m b a s
b u t c o n c e r te d a c t io n is p r e t t y c o m m o n .
sador B r y c e .
In H am b u rg
t h e b a n k e r s h a v e c e r ta in c h a r g e s fo r p e r fo r m in g s p e c i
fied
W e t r e a t th is
im p o rta n t
s u b je c t m o r e
f u l l y in a sp e c ia l a rtic le o n a n o t h e r p a g e .
se r v ic e s t o t h e c o m m e r c ia l c o m m u n it y a n d c o m
p e tit io n fo r p a t r o n a g e is n o t a llo w e d t o in te rfe r e w ith
th e s e a r r a n g e m e n t s .
I n N e w Y o r k t h e s c r a m b le fo r b u s in e s s is so fe v e r is h
t h a t it is b e c o m in g in c r e a s in g ly d i f fic u lt t o
o p e r a tio n s
on
a
T h e M e x ic a n r e b e llio n a n d t h e role p l a y e d b y
U n it e d
r e a s o n a b ly
p r o fita b le
con d u ct
b a s is .
T h is
S t a te s a r m y
m o r e p r o d u c tiv e
th a n
o f fa c t
and
of
and
navy
r u m o r , c o n je c tu r e
e lu c id a t io n .
c r it ic is m
o u r G o v e r n m e n t t o a c t so p r e c ip it a t e ly a n d s p e c t a c u
la r ly is s till w r a p p e d in d o u b t .
fo r e ig n e x c h a n g e .
vers”
t h e b a n k in g b u s in e s s t h a t p la n s are b e in g d e v is e d w ith
and
th e
been
J u st w h a t p r o m p te d
a p p lie s w it h s p e c ia l fo r c e t o e v e r y t h in g a s s o c ia te d w ith
S o u n s a t is fa c to r y is th is b r a n c h o f
h a v e th is w e e k
e x p la n a t io n
is
a d m itte d
T h e “ arm y m an eu
to
have
been
in a d e
q u a te .
T h e a v o w a l t h a t 2 0 ,0 0 0
a v ie w t o b r in g in g a b o u t a n i m p r o v e m e n t in c o n d i
tin g e n t
of
t io n s .
p r o p e r ly p o lic e t h e M e x ic a n b o r d e r is n o t n o w g e n e r a lly
T h e t a s k is d o u b ly d if fic u lt , in a s m u c h a s n o t
b a t tle s h ip s
w e re
s o ld ie r s a n d a c o n
sen t
S o u th
o n ly m u s t a w id e v a r ie t y o f in s tit u tio n s a n d firm s b e
a c c e p t e d a s c o v e r in g t h e w h o le s it u a t i o n .
p la c a te d , b u t
T a ft
tio n s a n d
F ed eral sta tu te s
a g r e e m e n ts h a v e t o
p r o h ib itin g
be
c o m b in a
c a r e fu lly
a v o id e d .
has
a ssu r e d
P r e s id e n t
D ia z
th at
m e r e ly
to
P r e s id e n t
in v a s io n
and
a n n e x a tio n a re fa r fr o m t h e m in d o f t h e U n it e d S t a t e s .
P r o g r e s s is b e in g m a d e s lo w l y , b u t it is h o p e d t h a t
The
s o m e th in g t a n g ib le w ill b e a c c o m p lis h e d .
fr ie n d a lik e o f th e a d m in is t r a t io n a n d o f t h e r e b e ls in
F in a n c e
M in is te r
o f M e x ic o ,
Senor
L im a n to u r ,
t h e se n se t h a t t h e y r e s p e c t h im a n d b e lie v e in h is fa ir
T h e c a m p a ig n fo r in te r n a tio n a l p e a c e h a s r e c e iv e d
a s t r o n g im p e t u s fr o m a s t a t e m e n t m a d e in t h e B r it is h
P a r lia m e n t b y S ir E d w a r d G r e y , t h e F o r e ig n S e c r e ta r y ,
t h a t t h e G o v e r n m e n t w o u ld w e lc o m e a p r o p o s a l fr o m
t h e U n it e d S t a te s a lo n g t h e lin e s o f P r e s id e n t T a f t ’ s
p le a fo r “ a p o s itiv e a g r e e m e n t w it h s o m e o th e r n a t io n
to
a b id e
by
th e
a r b itr a l c o u r t
a d ju d ic a tio n
on every
of
q u e s tio n
an
th at
in te r n a tio n a l
c o u ld
not
be
s e t t le d b y n e g o t ia t io n , n o m a t t e r w h a t w a s i n v o l v e d .”
Throu gh ou t
G reat
E urope
th e
and
B r it a in , a n d ,
in d e e d , t h r o u g h o u t
O r ie n t , t h e o ffic ia l i n t im a t io n
th at
o v e r tu r e s fo r a t r e a t y in su rin g p e r p e t u a l p e a c e b e tw e e n
th e
tw o
c o r d ia lly
and
In
has
great
E n g lis h -s p e a k in g
e n t e r t a in e d ,
e lic ite d
has
a lm o s t
a s e m i-o ffic ia l w a y
n a t io n s
c r e a te d
u n iv e r s a l
G erm an y
w o u ld
general
be
com m ent
c o m m e n d a t io n .
has
in d ic a t e d
th a t
sh e is w illin g t o c o n sid e r w it h B r it a in th e a d v is a b ilit y
o f d isc u s s in g t h e w h o le s u b je c t o f t h e fu tu r e b u ild in g
o f a rm a m e n ts.
of
C om m ons,
J a p a n , it w a s a n n o u n c e d in th e H o u s e
has
been
m ade
aw are
of
th e
B r itis h
G o v e r n m e n t ’ s v ie w s o n e s t a b lis h in g a g e n e r a l a r b itr a
t io n a r r a n g e m e n t in a c c o r d a n c e w it h P r e s id e n t T a f t ’ s
sh ad es
en d orsed
U n it e d
th e
“When an armed force crosses the border of a neighboring
Power without either invitation or permission, what does
that mean? It means invasion, occupation. And what
do invasion and occupation mean but war?
“What has Mexico done to deserve a threat of war? None
has been made by the American Government, but the infer
ence of such a threat has been drawn by the newspapers.
“I said this morning that ‘possibly most of the money for
the insurrection has been raised in the United States.’
Understand, I do not wish to imply that responsible persons
have interested themselves. I do not say that much money
has been raised, because much has not been needed; but I
do say that we have positive evidence from many sources to
show that the aggregate of small contributions from the
Americans has enabled the 'insurrection to endure even
as long as it has. . . . It does not appear to me how
these two ships can be co-operating with the troops in
general maneuvers at so great a distance from their natural
base. The port of Mexico is a far cry from Galveston.
Shall I say what it seems to mean to me? I think it is an
attempt to impress on us what a powerful neighbor we
have in the North, how wide her arms can stretch. And
such an impression does not need to be conveyed anew,
because there are already 15,000,000 people in Mexico who
realize how great is the United States.”
T h a t is n o t p le a s a n t t a l k .
s u g g e s t io n .
A ll
n e s s , h a s g iv e n u tte r a n c e t o su c h s t a t e m e n t s as t h is :
of
p o litic a l
e x t e n d in g
of
o p in io n
th e
in
o liv e
B r it a in
bran ch
have
to
th e
S t a t e s , fo r it is e v e r y w h e r e b e lie v e d t h a t
a
not
been
provoked?
c o n fid e n c e
of
p o p u la t io n ,
a
and
great
Senor
part
d u r in g
h is
th e
stay
a b r u p t ly
th e p e a c e o f th e w o r ld .
e v e r y d e sire t o a c t h a r m o n io u s ly
on
L im a n t o u r
of
t r e a t y o f t h e k in d p r o p o s e d w o u ld in t im e g u a r a n te e
T h e le a d e r o f t h e O p p o s it io n
t e r m in a te d
Y e t w h o c a n s a y it h a s
e n jo y s
th e
L a t i n -A m e r ic a n
in
N ew
T h u rsd ay — he
Y ork —
m a n ife s t e d
w it h o u r A d m i n i s
T H E C H R O N IC L E
684
tr a tio n .
W hen,
a ft e r
c o n fe r e n c e s w i t h
a ll h is
in v e s tig a t io n s
and
his
h ig h a u t h o r it ie s h e r e , h e fe els c o n
[V O L . L X X X X I I .
A u s t r i a -H u n g a r y
Ita ly
$ 5 8 ,0 5 0 ;
$ 4 0 3 ,2 0 0 ,
w h ile
S p a in
M e x ic o
$ 2 ,3 8 6 ,6 8 7
it s e lf
and
in v e s t e d
$ 2 3 7 ,
s t r a in e d t o s p e a k t h u s , t h e q u e r y w h ic h s u g g e s ts its e lf
7 5 4 , 7 3 4 , th is la s t -n a m e d s u m in c lu d in g fo r e ig n m o n e y
is
in c o m p a n ie s o r g a n iz e d u n d e r M e x ic a n la w .
w h e th e r
d u r in g
th e
th e
p a tie n t,
la s t
of
fr ie n d s h ip
be
in
decade
w it h
danger
earnest
of
in
w ork
s tr e n g th e n in g
t h e S o u th e r n
b e in g
a c c o m p lis h e d
lo s t
our
tie s
r e p u b lic s , m a y
not
u n le s s
our
G overnm ent
p r o c e e d s m o r e c a u t io u s ly .
The
E uropean
th e w eek
th a t
R u s s ia
becau se
A r u p tu r e w a s t h r e a t e n e d e a r ly in t h e w e e k b e t w e e n
M e x i c o a n d t h e U n it e d S t a t e s o v e r th e im p r is o n m e n t
by
r e p ly
had
of th e
to
bou rses
w ere
d is t u r b e d
a n a n n o u n c e m e n t fr o m
th e
sen t
a n o th e r
u n s a t is fa c to r y
R u s s ia n
dem and
“ The
c o r p s is w it h in
p a n ie d a s it 'was b y a se rie s o f e v id e n c e s o f M e x ic a n
th e
r e s e n t m e n t a t o u r w h o le a t t i t u d e , d is t u r b e d M e x ic a n
w a s a t t e m p t e d , b u t w it h o u t su c c e s s .
s e c u r itie s
e x te n t,
on
th e
here.
c a p tu re d ,
E uropean
M any
to
b e lo n g
to
h e ig h te n e d A m e r ic a n
w e re
th e
v a c illa t io n
100
m ile s
At
P e k in
and
d e la y
R u s s ia r e a liz e s
to
som e
t h a t C h in a is n o t in a p o s it io n
b e in g
b a ck , and
S ta te s.
T h is
p e r t u r b e d o v e r t h e p o s s ib ilit y t h a t in t im e t h e fr ie n d
p r o m u l
s h ip o f t h e v a s t C h in e se E m p ir e w ill p r o v e v a lu a b l e .
fo u n d ,
U n it e d
i n t e r e s t in
of
c e r ta in
on
b ou rses, a n d ,
r e b e ls
p o lic y
C h in a
T h e c a b le s a d d e d :
o f t h e fr o n tie r a n d m a r c h in g o n K u l j a . "
c u sto m a ry
in
secon d
c o n c e r n in g
o n t h is s id e o f t h e b o r d e r -lin e .
now
o c c u p a t io n
to
o f th e
o f t w o A m e r ic a n s w h o , i t w a s c la im e d , w e r e a rr e ste d
T h e i n c id e n t , a c c o m
e a r ly
P e te r s b u r g
u lt i m a t u m
n atu re
p r o v is io n s o f t h e t r e a t y o f 1 8 8 1 .
R u s s ia n
S t.
a m easu re
a p p a r e n tly
a t p r e se n t t o
s tr ik e
t h e C z a r 's G o v e r n m e n t is n o t
g a t e d b y P r e s id e n t D i a z s u s p e n d in g p e r s o n a l g u a r a n
O n W e d n e s d a y t h e C h in e se G o v e r n m e n t w a s r e p o r te d
tees
t o b e w a v e r in g , a n d o n th e fo llo w in g d a y t h e a u t h o r it a
and
p erson s
caught
se r v ic e
and
p r o v id in g fo r t h e
su m m ary
c o m m ittin g
p r o p e r t ie s , s u c h
te le p h o n e s .
d e p r e d a t io n s
as th e
M e x ic a n
p u n is h m e n t
on
of
p u b lic
r a ilr o a d s , te le g r a p h s
o ffic ia ls
d e n ie d
th a t
th is
t iv e
sta tem en t
R u s s ia
R u s s ia n
t h a t t h e n e w a r r a n g e m e n t w ill g iv e t h e G o v e r n m e n t
m easu res
every
scop e to
put
m a d e t h a t t h e p o in ts r a ise d b y
be
con ceded.
The
F o r e ig n
B oard
in t im a t e d t h a t it w o u ld a c c e p t t h e e s t a b lis h m e n t o f
m e a n t m a r t ia l l a w j b u t t h e g e n e r a l in te r p r e ta t io n is
th e ir s y m p a t h iz e r s .
w as
w o u ld
c o n s u la t e s
in
r e g a r d in g
I li
and
C h in e se
it
p r o m is e d
m o n o p o lie s
in
to
ta k e
M o n g o lia
or
w h ic h w o u ld g iv e R u s s ia n s u b je c t s fr e e d o m t o tr a d e in
I n r e p l y , t h e in s u rr e c to s t h r e a te n
C h in e se g o o d s a s w e ll a s in t h e g o o d s o f o th e r c o u n
dow n
d is o r d e r b y
th e
t o g iv e “ n o q u a r t e r " t o F e d e r a l s o ld ie r s .
d e s u lt o r y fig h tin g is g o in g o n in
r e b e ls
M e a n w h ile
C h ih u a h u a .
U n le s s
a t r u c e b e d e c la r e d , h o w e v e r , it is u n d e r s t o o d t h a t t h e
t r ie s .
R u s s ia h a s t h u s w o n a c o m p le t e v ic t o r y o v e r
t h e h a p le s s C h in e se G o v e r n m e n t .
R u ssia ’ s
d ip lo m a c y ,
The
h ow ever,
m ost
se rio u s
has
not
e sc a p e d
M e x ic a n G o v e r n m e n t w ill p u t f o r t h a s t r o n g e ffo rt t o
c r it ic is m .
d e a l a fa t a l b lo w a t t h e M a d e r o f o r c e s .
F o r e ig n O ff ic e w a s m a d e in t h e D o u m a o n W e d n e s d a y
b y P r o fe s s o r M ilu k o ff.
As
th e
w eek
c lo s e s ,
r e p o r ts
a re
n um erous
th a t
a r r a ig n m e n t
of
th e
H e c e n su r e d t h e M in is tr y fo r
n o t t a k in g t h e D o u m a in to its c o n fid e n c e o n fo r e ig n
P r e s id e n t D ia z h a s c o n s e n te d t o t h e e s ta b lis h in g o f fa r -
a ffa ir s ,
r e a c h in g
s it u a t io n in E u r o p e a n d A s ia d e m a n d e d p u b lic e x p la n a
r e fo r m s
th ro u gh o u t
th e
R e p u b l ic .
Senor
c o m p la in e d
th a t
th e
of
th e
t io n
N e w Y o r k w it h S e n o r M a d e r o , fa t h e r o f t h e p r o v isio n a l
o f t h e r e c e n t m e e t in g b e tw e e n E m p e r o r N ic h o la s a n d
th re e
of
th e
l a t t e r 's
b r o t h e r s , w ith
E m p e ro r W illia m
a n d b e w a ile d t h e
general
L i m a n t o u r , it m a y b e s i g n i f ic a n t , h e ld c o n fe r e n c e s in
P r e s id e n t , a n d
o f R u s s ia ’ s a t t it u d e
g r a v it y
o u tco m e
a t P o t s d a m , d e c la r in g t h a t R u s s ia
w h o m t h e F in a n c e M in is t e r h a s h a d fr ie n d ly r e la tio n s
h a d lo s t h e r o ld fr ie n d s w it h o u t g a in in g a n e w o n e .
fo r
He
m any
D ia z 's
y ears.
d e a th
and
On
th e
th e
p o s s ib ilit y
q u e s t io n
of
of
P r e sid e n t
re fo r m s,
Senor
w as
L im a t o u r m a d e t h is s t a t e m e n t :
M uch
d e a th
has
been
w o u ld
have
p r in t e d
on
of
M e x ic o .
th e
e ffe c t
th a t
P r e s id e n t
D ia z
h is
is
d e p r e c a te d
dem and"
“ th e
le v e le d
“ no
lo n g e r
c o u n se le d
s u d d e n , e x c e s s iv e
a g a in s t
a
m ere
C h in a ,
and
a
in s is te n t
co u n try
e t h n o g r a p h ic
th a t
m a s s ,"
and
t h a t t h e R u s s ia n a t t it u d e t o w a r d t h e n e w
C h in a b e m a r k e d b y g o o d w ill a n d n o t b y h a u g h tin e s s .
t r u ly a g r e a t m a n a n d h is d e a t h w o u ld b e a n in e s tim
H i s c o n c lu d in g w o r d s w e r e : “ A t t h e p r e se n t m o m e n t
a b le lo s s t o M e x i c o , b u t e v e n a n a t io n a l b e r e a v e m e n t
d o e s n o t m e a n t h a t c iv il g o v e r n m e n t w o u ld d is a p p e a r
it is d iffic u lt t o s a y w h a t n e x t s p r in g w ill b r in g f o r t h .
fr o m t h e fa c e o f t h e la n d .
I t h a s b e e n s a id , I t h in k ,
t h a t t h e G o v e r n m e n t h a d u n d e r a d v is e m e n t a p r o g r a m
o f r e fo r m q u it e in d e p e n d e n t ly o f t h e p r e s e n t u n r e s t.
I n a n y e v e n t , it is c e r ta in t h a t s u c h a p r o g r a m is
u n d e r c o n s id e r a tio n a n d t h a t its d e v e lo p m e n t o n ly
a w a it s t h e la y in g d o w n o f a r m s b y t h e r e b e ls .
P r o p e r ty
A
of
fo r e ig n e r s
tr a in c a r r y in g t h e p a y
A m e r i c a n S m e lt in g
&
th e
a
has
not
been
We
o f m in e r s e m p lo y e d b y t h e
R e f i n i n g C o . w a s h e ld u p a n d
p u r su in g
th r e e
c o n t r a d ic t o r y
We
are a fr a id o f G e r m a n
We
are
and
m u t u a lly
h o p e le s s ly
in v a s io n m o r e t h a n
stra n d ed
in
th e
Far
ever.
E a st.
We
h a v e lo s t sig h t o f t h e N e a r E a s t , w h e re c r itic a l e v e n t s
are
d e s tr o y e d .
are
e x c lu s iv e p o lic ie s in th e N e a r , M id d le a n d F a r E a s t .
p r e p a r in g .
A p p a r e n t ly
R u s s ia n
d ip lo m a c y
has
su n k t o t h e o ld s e t t in g w h ic h le d t o t h e R u s s o -J a p a n e s e
w a r ."
The
p o s itio n
m ay
not
be
so
a la r m in g
as
p r e se n te d b y th is c ritic o f t h e G o v e r n m e n t , y e t it is
r e tu r n .
u n d o u b t e d ly t r u e t h a t R u s s ia ’ s p o lic y d u r in g th e la s t
I n t h e B r it is h H o u s e o f C o m m o n s t h e U n d e r S e c r e ta r y
y e a r o r t w o h a s n o t s tr e n g th e n e d h e r tie s w it h h e r o ld
m oney
tak en ,
r e c e ip t
b e in g
g iv e n
in
o f F o r e ig n A f fa ir s s t a t e d t h a t t h e r e w a s n o r e a so n to
a n d v a lu a b le fr ie n d , F r a n c e , o r c o m m e n d e d its e lf t o
s u p p o s e t h a t B r it is h s u b je c t s a n d in te r e s ts in M e x ic o
G r e a t B r it a in , t o s a y n o t h in g o f s e v e r a l n a tio n s o f le s s
w e re
im p o r t a n c e .
in
d a n ger.
At
W a sh in g to n
th e
B u reau
of
M a n u fa c tu r e s is s u e d a s t a t e m e n t s h o w in g t h a t a t o t a l
o f $ 8 7 5 ,7 0 8 ,9 2 5 g o ld w a s in v e s te d in t h e 2 1 y e a r s fr o m
The
t o p ic
of
fe r r y
se r v ic e
on
th e
E ast
R iv e r
is
1 8 8 6 t o 1 9 0 7 in M e x ic o o u t s id e o f t h e m in in g in d u s t r y .
b r o u g h t a n e w t o n o t ic e b y r e s u m p t io n o f o p e r a tio n s
A m e r ic a s u p p lie d $ 3 3 8 ,0 0 1 , 9 7 3 , G r e a t B r it a in $ 2 5 4 ,
b e t w e e n R o o s e v e l t S t r e e t in M a n h a t t a n a n d B r o a d w a y
6 5 0 ,8 2 3 ,
in t h e E a s te r n D is t r ic t o f B r o o k l y n , a fte r a su s p e n s io n
G erm an y
$ 2 6 ,2 4 6 ,3 8 2 ,
F rance
$ 1 6 ,2 0 7 ,0 7 6 ,
o f som e 2 7 m o n th s.
w e re s ta r te d
on
685
T H E C H R O N IC L E
Mar . 18 1911.1
T w o o f th e o ld b o a t s , r e b u ilt,
T h u rsd ay
by
a new
com pany,
op
r e s tr ic te d m o v e m e n t o f 1 9 0 8 .
of
th e
fiscal
year
1 9 1 0 -1 1
F o r t h e e la p se d p o r tio n
th e
im p o r t a g g r e g a te , a t
e r a tin g fr o m c it y s lip s b u ilt o n a s tr ip o f la n d a cq u ire d
$ 1 , 0 1 5 , 7 3 4 , 3 6 2 , fa lls a lit t le b e lo w
fr o m th e o ld c o m p a n y .
y e a r b u t is a lm o s t 2 0 0 m illio n s g r e a te r t h a n fo r 1 9 0 8 -0 9
A
1 0 -y e a r le a s e , w ith o p t io n
o f r e n e w a l fo r 1 0 y e a r s m o r e , a n d a s u b s id y o f 8 1 1 ,0 0 0
t h e r e c o r d o f la st
a n d 1 7 4 m illio n s in e x c e s s o f 1 9 0 7 - 0 8 .
a m o n t h , t o s t a n d a s lie n u p o n o n e -h a lf th e n e t in
T h e n e t r e s u lt o f o u r F e b r u a r y fo r e ig n t r a d e is c o n
c o m e , are g r a n te d b y th e c i t y , w h ic h h a s a lso e x p e n d e d
s e q u e n t ly a m e r c h a n d is e e x p o r t b a l a n c e o f $ 5 4 , 2 3 0 ,
a h a lf-m illio n u p o n la n d a n d fe r r y s lip s . R e s u m p tio n
183,
o f th e fo r m e r fe r r y fr o m 2 3 d S tr e e t t o th e s a m e p o in t
w it h a n im p o r t b a l a n c e o f 5 ) 4 m illio n s in 1 9 1 0 .
in B r o o k ly n is a lso “ e x p e c t e d .”
fa v o r a b le b a l a n c e o f $ 1 2 0 ,8 2 6 , 6 4 9 fo r t h e t w o m o n t h s
T h e r e w a s a n a tu r a l
a
to ta l
exceeded
m illio n s
in
1910
The
con trasts
m illio n s in 1 9 0 9 , b u t is a b o u t 8 0 m illio n s less t h a n in
1908.
6 )4
1 9 0 8 a n d c o m p a r in g
r e jo ic in g a m o n g th e p e o p le d ir e c t ly s e r v e d in B r o o k
B u t t h is is o n l y a n o t h e r s te p in p u t t in g
o n ly
in
l y n , a n d t h e y p a r a d e d in a s m a ll w a y as r e c o g n itio n
o f th e e v e n t .
w it h
o n ly
and
6 0 )4
T h e e ig h t m o n t h s ’ b a la n c e is $ 4 1 8 ,1 4 5 ,1 5 5 , a t
o v e r u p o n th e c it y w h a t h a s b e c o m e u n p r o fita b le , a n d
w h ic h
it d isp o s e s o f n o p r o b l e m , e x c e p t in t h a t u n d e sira b le
1 9 0 9 - 1 0 , a n d h a s b e e n e x c e e d e d in o n ly th r e e y e a r s —
m an n er.
T h e c i t y ’ s S t a t e n I s la n d fe r r y , o b t a in e d in
fig u re it s t a n d s 2 3 0 ) 4
1 8 9 7 -9 8 , 1 9 0 0 -0 1
m illio n s
a b o ve th a t o f
a n d 1 9 0 7 -0 8 — t h e r e c o r d b a la n c e o f
re sp o n s e t o p u b lic d e m a n d , is u n p r o fita b le a n d fin a n
th e la s t -n a m e d p e r io d b e in g 9 7 m illio n s a b o v e t h a t o f
c ia lly h o p e le s s .
th e c u rr e n t y e a r .
O n e s o u n d d e d u c t io n a t le a s t is t h a t ,
G o ld e x p o r t s fo r F e b r u a r y w e r e o f in c o n s e q u e n tia l
as th e M a y o r s a y s , a p r o p o s o f th e fe r ry r e -o p e n in g ,
t h a t th e c it y
“ c a n n o t p u t e v e r y t h in g in to s u b w a y s ,
m a g n it u d e , w h ile im p o r t s w e re fa ir ly fu l l.
c o m e o f t h e m o v e m e n t , t h e r e fo r e , w a s
fo r w e h a v e m a n y o th e r im p o r t a n t t h in g s .”
T h e o u t
a n e t in flo w
o f $ 5 , 3 8 1 , 1 1 1 , b r in g in g t h e b a la n c e o f im p o r t s fo r t h e
F o r e ig n t r a d e fig u re s fo r t h e U n it e d S t a t e s fo r th e
e ig h t m o n t h s o f 1 9 1 0 -1 1
u p t o $ 4 4 , 5 7 4 , 1 6 1 , t h is c o n
m o n t h o f F e b r u a r y 1 9 1 1 , a s o ffic ia lly c o m p ile d , in d i
tr a s tin g w it h n e t e x p o r t s o f $ 4 9 , 0 0 0 , 9 0 3
c a te a d e c id e d e x p a n s io n in t h e o u t w a r d m o v e m e n t o f
p e rio d o f
c o m m o d itie s
1 9 0 7 -0 8 n e t g o ld m o v e m e n t w a s a n im p o r t o f $ 1 1 4 ,
c o n c u r re n t
w it h a m o d e r a t e d im in u tio n
in th e in flo w o f m e r c h a n d is e , th e n e t r e s u lt b e in g a
1 9 0 9 -1 0 a n d 8 1 3 , 5 5 8 , 6 2 7
in t h e lik e
in 1 9 0 8 - 0 9 .
The
2 4 9 ,2 9 6 .
b a la n c e o f e x p o r t s e x c e e d e d in F e b r u a r y b u t o n c e in
w h e n th e
A d e c id e d c h e c k in b u ild in g a c t i v i t y in G r e a te r N e w
v o lu m e o f im p o r t s fe lt th e e ffe c t o f a b n o r m a l c o n d i
Y o r k is th e le a d in g fe a t u r e o f o u r c o m p ila t io n o f s t r u c
o u r h is t o r y , a n d t h e n a t a t im e
t io n s .
As
to
th e
v a lu e
of
(in
1908)
m e r c h a n d is e
ex p o rts,
it
w a s a reco rd fo r F e b r u a r y ( $ 1 7 5 ,9 9 6 ,4 6 7 ) , e x h ib it in g
tu r a l o p e r a tio n s fo r F e b r u a r y 1 9 1 1 .
a g a in o f 5 1 ) 4 m illio n s o f d o lla r s o v e r th e m o n t h o f 1 9 1 0
in th e c o u n t r y as a w h o le fo r n e w
a n d 8 ) 4 m illio n s o v e r th e p r e v io u s r e c o rd o f 1 9 0 8 .
th e
th e F e b r u a r y
1911
Of
e x p o r t t o t a l , 8 8 m illio n d o lla r s is
a c c o u n te d fo r b y b r e a d s tu f fs , c o t t o n , p r o v is io n s , c a t t le
a n d m in e r a l o ils , le a v in g a n e q u a l a m o u n t t o
th e
e f flu x
o f o th e r
c o m m o d itie s .
C o tto n
cover
sh ared
in
I t is d u e t o t h a t
c ir c u m s ta n c e a lo n e t h a t t h e e x p e n d itu r e a rr a n g e d fo r
m o n th
p e rio d
of
w as
s m a lle r
1910.
Of
th a n
c o u r se
w h ere, a n d so m e of th e m
are n e u tr a liz e d b y
fo r
b u ild in g s
th e
th ere
d u r in g
c o r r e sp o n d in g
a re d e c lin e s else
n o t ic e a b ly la r g e ; b u t th e s e
g a i n s o f im p o r t a n t m a g n itu d e
o th e r s e c t io n s , so t h a t t h e
in
a g g r e g a te o u ts id e o f N e w
th e g a in in tr a d e th is y e a r t o th e e x t e n t o f 3 3 ) 4 m illio n s
Y o r k e x h ib it s a s m a ll in c r e a s e o v e r a y e a r a g o .
o f d o lla r s , b r e a d s tu ffs
th e la rg e r c itie s w h e re a c t i v i t y w a s t h e ru le d u r in g th e
(m a in ly
in c o n s e q u e n c e o f in
Am ong
c r e a se d s h ip m e n t s o f co rn ) m a d e a g a in o f 4 m illio n s ,
m o n t h m a y b e m e n t i o n e d B o s t o n , B a l t im o r e , C le v e
w h ile th e o u tflo w o f m e a t a n d d a ir y p r o d u c ts a n d m in
l a n d , C o l u m b u s , M ilw a u k e e , M in n e a p o lis , P it t s b u r g h ,
e r a l o ils w a s a lit tle g r e a te r t h a n in 1 9 1 0 .
S t.
I n c a t t le ,
P a u l,
Spokane
and
Syracu se,
th e
c o n t e m p la t e d
sh e e p a n d h o g s , h o w e v e r , a d e c re a s e is to b e n o t e d .
o u t la y s n o t o n ly e x c e e d in g t h o s e o f th e p e rio d in 1 9 1 0 ,
The
b u t q u it e g e n e r a lly t o a m a t e r ia l e x t e n t th o s e fo r F e b
o th e r
re c o rd
an
c o m m o d it ie s
in c re a s e
sen t
over
out
1910
in
of
F ebru ary
19 1 1
a p p r o x im a t e ly
13
m illio n s o f d o lla r s , a n d m o r e o v e r w e re o f g re a te r v a lu e
ru ary
of
any
e a r lie r y e a r .
a lm o s t p h e n o m e n a l g a in s
At
are
so m e
sm a lle r
recorded
p o in ts
in F e b r u a r y ,
th e m o s t n o t a b le b e in g G a l v e s t o n , N e w a r k , O . , C a n
t h a n in th e c o r r e s p o n d in g m o n t h o f a n y ea rlier y e a r .
I t is th e r e fo r e e v id e n t — a n d is a t th e s a m e t im e a n
t o n , D e s M o in e s , K n o x v il l e a n d F o r t W o r t h .
a t C h ic a g o ,
o th e r h a n d ,
t r a d e in F e b r u a r y w a s d u e t o a q u it e g e n e ra l e x p a n s io n
N e w a r k , N . J . , P h la d e lp h ia , S t . L o u is , S a n F r a n c is c o ,
D en ver,
of
m e r c h a n d is e
o th e r c itie s o f r e la tiv e im p o r t a n c e , g r e a te r o r less d e
1911
th e
ex p o rts
r e a ch e d a t o t a l 1 0 4 m illio n s o f d o lla r s g r e a te r t h a n in
1 9 1 0 a n d p r a c t ic a lly e q u a le d
th e
re c o rd a g g r e g a te o f '
W a sh in g to n ,
D.
L o s A n g e le s ,
F o r th e tw o m o n th s
c a le n d a r y e a r
and
C ity ,
n th e o u t flo w o f c o m m o d it ie s .
th e
S e a t t le
K an sas
O n th e
e le m e n t o f e n c o u r a g e m e n t — t h a t o u r in c re a se d e x p o r t
C .,
and
som e
clin e s are s h o w n .
T h e a g g r e g a te o u t la y c o n t e m p la t e d u n d e r t h e p e r
1 9 0 8 ; a n d fo r t h e e ig h t m o n t h s o f th e fisca l y e a r 1 9 1 0 -1 1
m it s issu ed in th e
th e e x p o r t s a t $ 1 ,4 3 3 ,8 7 9 ,5 1 7 n o t o n l y s h o w a n in cre a se
re a ch e s $ 4 2 , 9 7 0 , 9 1 1 , a t o t a l e x h ib it in g a d im in u tio n
1 1 4 c itie s c o v e r e d b y
o u r r e tu rn s
o f 2 2 4 ) 4 m illio n s o v e r 1 9 0 9 -1 0 , b u t m a d e a n e w h ig h
of 1 2 .3 %
m a r k fo r th e p e r io d , e x c e e d in g 1 9 0 7 -0 8 b y 7 7 m illio n s .
2 6 . 8 % fr o m 1 9 0 9 , b u t a g a in o f 4 5 %
fr o m th e lik e p e r io d o f 1 9 1 0 a n d a lo s s o f
over 1908.
The
I m p o r t s o f m e r c h a n d is e , o n th e o th e r h a n d , a t $ 1 2 1 ,
r e su lt fo r G r e a te r N e w Y o r k , a t $ 6 , 8 2 7 , 1 2 3 , i s , as in ti
7 6 6 ,2 8 4 in F e b r u a r y 1 9 1 1 w ere m o d e r a t e ly b e lo w th e
m a t e d , m u c h s m a lle r t h a n la s t y e a r , a n d r e c o r d s an
t o t a l fo r th e m o n t h
e v e n g re a te r d e c lin e fr o m 1 9 0 9 , th e r e s p e c tiv e p e r c e n t
1909.
in
1 9 1 0 a n d o n l y a lit tle a b o v e
F o r th e t w o m o n t h s o f th e c a le n d a r y e a r th e
a g e s b e in g 4 9 .7 a n d 7 1 . 6 .
I t is t o b e sa id a lso t h a t th is
in flo w o f all cla sse s o f g o o d s c o v e r e d a v a lu e o f 8 2 5 2 ,
y e a r ’ s lo sse s h a v e e x t e n d e d t h r o u g h all t h e b o r o u g h s
2 5 4 ,2 0 9 , o r a d e c re a se o f 1 0 ) 4 m illio n s fr o m th e p e rio d
except
Q u een s.
The
in
o u ts id e o f N e w
Y ork
1910,
a
g a in
of
30
m illio n s
over
1909
and
an
a u g m e n t a t io n o f 8 2 ) 4 m illio n s a s c o n tr a s te d w it h t h e
crease o f 2 %
over
c o m b in e d
a g g r e g a te
fo r
c itie s
a t $ 3 6 , 1 4 3 , 7 8 8 e x h ib it s a n in
F ebruary
1 9 1 0 , w h ile
c o n tr a s te d
686
T H E C H R O N IC L E
w it h 1 9 0 9 a n d 1 9 0 8 th e r e a re g a in s o f 4 . 5 %
and 5 .8 ,
r e s p e c t iv e ly .
e x c e lle n t
[V O L . L X X X X I I .
h e a lt h ,
w it h
d is t u r b e d c r e d it .
F o r th e t w o m o n t h s o f 1 9 1 1 th e c o n t e m p la t e d o u t
a
t h r iv in g
b u s in e s s
and
un
T h e w e a k n e ss o f t h is w a s t h a t th e
m e m b e r s d id n o t w e ig h th e f a c t t h a t s u c h a n u n fa v o r
l a y fo r b u ild in g o p e r a tio n s in G r e a te r N e w Y o r k a g
a b le d e c is io n h a d n o t b e e n e x p e c t e d , a n d , th e r e fo r e ,
g r e g a te s o n ly 2 4 m illio n d o lla r s , a g a in s t 2 6 %
m illio n s
h a d n o t e n te r e d in to th e fa c to r s w h ic h a ffe c t c r e d it .
T h e re su lt
M o r e o v e r , t h e a r g u m e n t a s s u m e d t h a t th e fu tu r e m u s t
in 1 9 1 0 ; t h e
1 9 0 9 t o t a l w a s 4 0 m illio n s .
o u t s id e o f N e w Y o r k fo r th e t w o m o n t h s th is y e a r is
c o n t in u e lik e th e p a s t a n d p r e s e n t.
68%
p le a o f th e m a n w h o sees n o n e e d o f in su r a n c e b e c a u s e
m illio n s ,
ago, 6 9 %
as c o m p a r e d
w it h
72
m illio n s in 1 9 0 9 a n d 4 2 %
m illio n s
a year
m illio n s in 1 9 0 8 .
he
is
in
rob u st
h e a lth
and
I t r e s e m b le d th e
n o t h in g
u n to w a r d
has
C o r r e s p o n d in g re su lts fo r th e w h o le c o u n t r y (1 1 4 c ities)
h a p p e n e d t o h is life o r his p r o p e r t y ; h e is fa v o r e d o f
are $ 9 2 ,8 1 5 ,9 6 6 in 1 9 1 1 , a g a in s t $ 9 8 ,2 4 1 ,4 7 1 in 1 9 1 0 ,
fo r tu n e a n d w h y sh o u ld he b e u n e a s y fo r th e f u t u r e ?
T h is
o r a fa llin g o ff o f 5 . 5 % ; c o n tr a s te d w it h th e o u t la y o f
is
th e
narrow
and
tem p o ra ry
v ie w
w h ic h
$ 1 0 9 ,5 8 9 ,4 9 8 in 1 9 0 9 , th e r e is a lo s s o f 1 5 . 3 % ; b u t th e
g o e s w ith th e p o s itio n o f p a r tis a n a n d s p e c ia l p le a d e r ,
in d ic a te d g a in o v e r 1 9 0 8 (th e y e a r fo llo w in g th e p a n ic)
n o t t h e b r o a d o n e w h ic h e m b r a c e s t h e
is 6 5 . 6 % .
n t e r e s t s a n d fo r e c a s ts fu tu r e c o n s e q u e n c e s o f a f a r -
C a n a d ia n b u ild in g o p e r a tio n s t h u s fa r in 1 9 1 1 as a
r e a c h in g
a c t io n .
in g p e rio d o f a n y ea rlier y e a r .
c o u r t , if it c a n b e h a d a t a ll.
e s p e c ia lly h e a v y
e x p e n d itu r e
n e a r ly 2 %
1910.
in V a n c o u v e r , w h e re t h e e s t im a t e d
u n d e r th e t w o
m o n th s’
p e r m it s
m illio n d o lla r s , o r 6 2 % %
re a ch e s
g r e a te r t h a n in
h eren t,
b e in g
th e
fo r m e r
a
O p e r a tio n s h a v e b e e n
C o m m is s io n ;
The
w h o le c o n tin u e a c t iv e a n d in e x c e s s o f th e c o r r e s p o n d
in
la tte r
th e
com es
m ay
very
be
sw eep
o f all
n a t u r a ll y
ex p e c te d
fr o m
fr o m
a
T h e d iffe re n ce is in
in c e p tio n
of
th o se
tw o
b o d ie s a n d th e a t t it u d e w h ic h t h e y (p e r h a p s in s e n s ib ly )
u n d e r s t a n d t h e m s e lv e s to h o ld t o w a r d s th e p u b lic .
M o n t r e a l, C a lg a r y , E d m o n t o n , W i n n i p e g a n d
H a m i l t o n a lso re p o rt v e r y m u c h h e a v ie r in te n d e d o u t
F o r e ig n d is c o u n ts h a v e a g a in d e c lin e d in L o n d o n ,
l a y fo r t h e t w o m o n t h s th is y e a r , a n d t h e a g g r e g a te
b u t a t th e le a d in g C o n tin e n ta l c e n tre s r a te s h a v e b e e n
fo r t w e n t y c itie s t h a t h a v e m a d e r e tu r n s is a p p r o x i
a d v a n c e d , p r e p a r a to r y , it is b e lie v e d h e r e , t o a m o v e
m a te ly 4 0 %
m e n t t o a tt r a c t g o ld fr o m L o n d o n , w h e re th e s u p p ly is
g re a te r t h a n fo r 1 9 1 0 .
in c re a sin g fa s t e r , a p p a r e n t ly , t h a n n e e d e d .
The ex
T h e e x a m p le s e t b y N e w Y o r k s till d is t u r b s o th e r
c h a n g e s , h o w e v e r , d o n o t y e t b r in g s h ip m e n t s w it h in
S t a t e s a n d a b ill t o e s t a b lis h a P u b lic S e r v ic e C o m
th e o r d in a r y r a n g e o f d o in g b u s in e s s , t h o u g h la s t w e e k
m is s io n is in t h e
M e lle n o f t h e
o p posed
and
it
C o n n e c tic u t L e g is la tu r e .
N ew
Y ork
b e fo r e
m ade
a
r e g u la t io n
N ew
a c o m m itte e
cou n ter
to
&
H aven
r o a d la te ly
o f t h e lo w e r b ra n c h
p r o p o s a l,
a s p e c ia l S t a t e
P r e s id e n t
h ie
w o u ld
C om m erce
c o m m it
C o u rt,
and
P a ris t o o k o n e c o n s ig n m e n t f r o m L o n d o n .
r a n g e fo r d is c o u n ts in L o n d o n is 2 % %
T h e n e w lo w
fo r n i n e t y -d a y
and 2 % %
fo r s i x t y - d a y b ills t o a r r iv e a n d 2 5 - 1 6 @ % %
fo r
b ills .
spot
P a r is
r a te u p to 2 % %
ban k ers
m arked
th e
p r iv a t e
a t th e m id d le o f th e w e e k a n d h a v e
w o u ld h a v e t h is a ju d ic ia l b o d y in c h a r a c te r as w ell
r e ta in e d t h a t fig u r e , w h ic h , it w ill b e n o t e d , is a b o v e
as
th e
scop e.
To
su ch
a
co u rt,
he
s a id ,
th e
h u m b le s t
London
m in im u m .
c itiz e n c o u ld b r in g a c o m p la in t a n d c o g n iz a n c e o f it
%
m u st
b e in g n o w 3 % %
be
w o u ld
tak en ;
s u r e ly
w h e re a s
be
a
a C o m m is s io n
p o litic a l
body,
as
p roposed
d e p e n d in g
upon
t h e w ill o f th e E x e c u t iv e .
T h is
c o n t e n t io n
is
w ell
m ade.
If
so
co u n try .
can
ta k e
th e
e x p e c te d
c a n d id
o n ly
th e
broad
fr o m
p erson
th e
of
m en
w ho
do
not
ow e
p o litic s o f th e d a y — m e n w h o
and
fo r b ills t o
A t o th e r c e n tre s r a te s h a v e n o t a p p r e c ia b ly
to 3 % .
com p osed
a re
le ss o f a fa c to r t h a n th e tr a d e a c t i v i t y t h r o u g h o u t th e
c e r ta in ly
t o b e g iv e n t o a n o u t s id e b o d y a t a ll, s u c h a b o d y
be
q u o t a t io n s
fo r s p o t b ills a n d 3 % %
ch an ged ; A m ste rd a m
th e ir p o s itio n s t o
B e r lin
a r r iv e ; th e re c e n t m in o r b a n k in g t r o u b le s h a v e b e e n
m o m e n t o u s a w o r k as t h e c o n tr o l o f tr a n s p o r t a t io n is
sh o u ld
The
o f 1 % h ig h e r t h a n t h e y w ere a w e e k a g o , th e c h a r g e
in d e p e n d e n t v ie w
ju d ic i a r y .
c a n fa il t o
No
w h ic h
observan t
see t h a t n e ith e r
is
q u o te s 3 % %
a n d B r u s s e ls 2 %
T h e B a n k o f E n g la n d ’ s s t a t e m e n t c o n ta in e d s e v e r a l
ra d ic a l
changes
fo r w h ic h
no
s a tis fy in g
e x p la n a t io n
c o u ld b e o ffe red b y N e w Y o r k b a n k e r s .
I t is c u s to
and
m a r y fo r o r d in a r y d e p o s its t o b e p u lle d d o w n d u r in g
th e lo c a l
th e c lo sin g w e e k s o f th e G o v e r n m e n t ’ s fiscal y e a r a n d
C o m m is s io n in t h is S t a t e n o r th e la r g e r o n e t h a t h as
fo r p u b lic
ju s t
g a in in p u b lic d e p o s its o f £ 1 , 8 7 4 , 0 7 0 w a s a c c o m p a n ie d
passed
th r o u g h
upon
th e
a
tr a n s c e n d e n t
c o u n try
ta k e s
q u e s t io n
any
su ch
of
b road
r a te s
v ie w .
d e p o s its .
c o r r e c tly
r e la te d t o
exp ressed
in t h e p o p p la r c o m m e n t
t h a t it
C on
c e d in g t o t h e m e m b e r s t h e b e s t in t e n t io n s , t h e y c o u ld
B u t on T h u rsd a y
b y a n e x p a n s io n o f n o less t h a n £ 3 , 4 0 2 , 0 3 0
T h e in te n t a n d fu n c t io n o f th e N e w Y o r k b o d y w a s
w a s “ t o m a k e th e r a ilro a d s s it u p a n d b e h a v e .”
d e p o s its to e x p a n d .
6 6 4 ,0 3 0 .
a
in o th e r
T h is s tr ik in g in cre ase is p r o b a b ly n o t u n
a g r o w th in lo a n s o f fu lly as m u c h — £ 3 ,
T h e t o t a l re se rv e im p r o v e d £ 1 , 6 4 4 , 0 5 0 , o f
w h ic h , o u r sp e c ia l c o r r e sp o n d e n t in fo r m s u s , £ l ,5 0 7 ,0 7 3
n o t e s c a p e fe e lin g t h a t t h e y e s p e c ia lly r e p r e s e n t th e
c o n s is te d
u se rs r a th e r t h a n th e o w n e r s o f th e r o a d s a n d h a d b e e n
h o ld in g s
c o n s t it u t e d
th is g a in c a m e fr o m B r a z il, th o u g h p u r c h a se s o f n e w
p r o te c to r s
c o r p o r a t io n s .
to
T h e ir
t h e m s e lv e s ,
w as
o f th e
p u b lic
a ttitu d e ,
th a t
as
it
o f ju r o r s
in
fr o m
r a p a c io u s
appeared
a
even
c o r p o r a tio n
of
up
b u llio n ,
to
b r in g in g
£ 4 0 ,1 5 0 ,7 5 7 .
th e
to ta l
The
of
g r e a te r
b u llio n
p art
b a r s in th e o p e n m a r k e t w e re a lso a fe a t u r e .
of
L a rge
t h o u g h th e a d d it io n t o th e sp e c ie a c c o u n t w a s , it d id
c a se r a th e r t h a n t h a t o f ju d g e s o n th e b e n c h , sw o rn
n o t w h o lly c o u n te r b a la n c e th e in cre a se in lia b ilitie s ,
to
th e r a tio o f re se rv e h a v in g fa lle n
c o n s id e r
p a r tis a n
and
fo r
O f th e
tr a in e d
to
th e ir
I n t e r -S t a t e
w as
case
of
b o th
sid e s
and
be
n e it h e r .
w e e k to 4 9 . 6 0 %
C o m m is s io n
a n d r e c e n t a c t io n p r o v e s i t .
d e c is io n
se e
th a t
th e
t r o u b le
5 1 .2 9 %
la s t
is t r u e ,
c o m p ile d th e B a n k h a s c o n tin u e d t o se cu re b a r s in th e
o p e n m a r k e t , b u t th e a b se n ce o f c o m p e t it io n fo r th e
on
had
th e
sam e
fr o m
S in c e th e se fig u re s w e re
S u b s t a n t ia ll y , th e r e c e n t
ra ilr o a d s
b u t,
th e
th is w e e k .
not
m ade
con trary
a re
out
in
S o u th
A f r ic a n
c o n tin u e n o w
w e e k ly
th a t
c o n s ig n m e n ts
d is c o u n ts h a v e
m ay
fa lle n
to
not
lo n g
a lo w e r
6S7
T H E C H R O N IC L E
Mar , 18 1911.]
le v e l t h a n in P a r is .
O u r c o r r e s p o n d e n t fu r n ish e s th e
p a p e r is q u o t e d a t 3 %
to 4 %
fo e s i x t y t o n in e t y d a y s ’
fo llo w in g d e ta ils o f th e g o ld m o v e m e n t in a n d o u t o f
e n d o r s e d b ills r e c e iv a b le , 4 t o 4 ^ %
t h e B a n k fo r th e B a n k w e e k :
s ix m o n t h s ’ s in g le -n a m e b ills a n d 4 ) ^ t o 5 % fo r o th e r s .
I m p o r t s , £ 1 , 5 7 4 , 0 0 0 (o f
which£ 1 , 0 0 4 , 0 0 0 fr o m B r a z i l, £ 1 3 , 0 0 0 fr o m A u s t r a li a ,
F o r e ig n e x c h a n g e w e a k e n e d t h is w e e k , b u t n o t as
£ 5 5 7 , 0 0 0 b o u g h t in t h e o p e n m a r k e t ) ; e x p o r t s £ 1 3 0 ,
0 0 0 (o f w h ic h £ 1 0 0 , 0 0 0 t o P a ris
l i v i a ) , a n d re c e ip ts
an d £ 3 0 ,0 0 0
net
o f £ 6 3 ,0 0 0
fr o m
to B o
th e in te rio r
s h a r p ly
as
of
in te r n a tio n a l m o n e t a r y ,
th e
m any
p o s itio n .
o f G r e a t B r it a in .
fo r p r im e fo u r t o
o p e r a to r s h a d
a n t ic ip a t e d
s e c u r itie s
in v ie w
a n d tra d e
G r e a t a tt e n t io n h a s b e e n p a id o n b o t h sid e s
o f th e A t la n t ic t o t h e e n o r m o u s cr e d its N e w Y o r k h a s
W eek
a ft e r w e e k
a dow nw ard
m ovem ent
in lo c a l
b u ilt u p a b r o a d t h r o u g h th e sa le o f n e w s e c u r ity is s u e s ,
A fr e sh fa ll h as
th e le n d in g o f m o n e y fo r w h ic h n o p r o fita b le u se c o u ld
A c o m b in a t io n o f
b e fo u n d o n th e lo c a l S t o c k E x c h a n g e a n d t h e p h e
in te re s t r a te s h a s h a d t o b e r e c o r d e d .
o cc u r re d d u r in g th e la s t fe w d a y s .
fa c to r s h a s b e e n
r e s p o n s ib le
d e m a n d fo r m o n e y .
fo r t h e
p r e s e n t la c k
of
T h u s , tr a n s a c t io n s o n th e S t o c k
n o m e n a lly
heavy
ex p o rts
of
m e r c h a n d is e .
As
it
is
a b s o lu t e ly im p o s s ib le t o g a th e r a d e q u a t e d a t a o n th e
E x c h a n g e h a v e d w in d le d t o o n ly t w o o r t h r e e h u n d re d
s u b je c t ,
th o u s a n d sh a re s p e r d ie m ; t h e u n fo r t u n a t e fr e ig h t ra te
m oney
d e c is io n c h ille d th e in v e s t m e n t d e m a n d fo r s e c u r itie s ,
r e c e n tly p u r c h a s e d b o n d s , s t o c k s a n d n o t e s ; b u t it is
so t h a t fe w la rg e lo a n s h a v e la t e ly b e e n flo a te d ; th e
know n beyond
im p e n d in g
o f th is y e a r ’ s sa le s a b r o a d is still b e in g u se d a t th e
S u p rem e
C ou rt
d e c is io n s
act
as
a b rak e
it
w ere
th a t
h azardou s
E uropeans
to
at
g u e ss
p r e se n t
th e
ow e
am ount
A m e r ic a
of
fo r
d o u b t t h a t th e b u lk o f th e p r o c e e d s
u p o n e n te r p r ise o n th e p a r t o f o u r le a d in g fin a n cie rs;
o th e r
tr a d e in m o s t d ir e c tio n s is q u ie t ; th e s p r in g d e m a n d s
o f E n g la n d ra te h a d fa lle n t o its p r e se n t lo w le v e l is
fo r c u rr e n c y fr o m th e a g r ic u ltu r a l S t a t e s h a v e n o t y e t
c o m p u t e d b y r e p r e s e n ta tiv e b a n k e r s h ere as u p w a r d s
s id e .
The
su m
le n t
d ir e c t
b e fo r e
th e
B ank
b e e n a n in flu e n c e , a n d t h e p e c u lia r ly s t r o n g p o sitio n
of
o f o u r b a n k e r s in r e la tio n t o E u r o p e a n m o n e y m a r k e ts
issu ed
h a v e a ll t e n d e d t o
a n d im p o r t s fo r F e b r u a r y s h o w s a b a la n c e o f n o le ss
d e p re ss in te re s t r a t e s .
N ow
th e
8 5 0 ,0 0 0 ,0 0 0 .
th is
Then
w eek
th e
c o v e r in g
G overn m en t
our
sta te m e n t
m e r c h a n d is e
e x p o rts
T r e a s u r y m a y n o t h a v e t o sell P a n a m a b o n d s as e a r ly
th a n
tvs w a s o r ig in a lly c o n t e m p l a t e d , th e n a t io n ’ s e x c h e q u e r
ex p o rts
h a v in g b e e n
m o n t h ’ s e x c e ss o f e x p o r t s h a s b e e n o n ly o n c e e x c e e d e d
fo rtifie d
by
th e
d e c is io n
u p h o ld in g th e
C o n s t it u t io n a lit y o f th e C o r p o r a tio n T a x .
I t m a y be
a d d e d , h o w e v e r , t h a t th e b a n k in g c o m m u n it y th in k s
S e c r e ta r y M a c V e a g h w o u ld b e w e ll a d v is e d t o e n te r
th e m a r k e t b e fo r e r a te s a d v a n c e , as it a p p e a r s lik e ly
t h e y w ill in d u e c o u r s e .
A
G o v e r n m e n t lo a n w o u ld
d o u b tle s s su c c e e d w h e re c o r p o r a tio n o ffe rin g s m ig h t fa il.
T h e m a r k e d d e c lin e in m o n e y r a te s h a s n o t b e e n a c
c o m p a n ie d b y a c o r r e s p o n d in g fa ll in th e t e r m s o ffe red
d r a w e r s o f m e r c a n tile p a p e r o r b y a n e x p a n s io n in th e
a b s o r p tio n
of
h ig h -g r a d e
bonds
y ie ld in g
very
m uch
b e t te r r e tu rn s t h a n c a n b e o b t a in e d o n th e S t o c k E x
change.
T h is w e e k s h o r t -t e r m lo a n s h a v e b e e n a v a il
a b le a t 2 ) / 2 %
a n d fiv e a n d s ix m o n t h s ’ a c c o m m o d a t io n
is p le n tifu l a t 3 %
m e r c a n tile
o n a p p r o v e d c o lla te r a l; y e t v e r y fe w
b ills c a n b e n e g o t ia t e d
a t le ss t h a n 4 % ,
r a ilro a d s c a n n o t sell b o n d s a s a ru le u n d e r 4
m a n y issu es y ie ld 5 % .
A%
X
and
M o r e t h a n o n e o f o u r p r o m i
$ 5 4 ,2 3 0 ,1 8 3 ,
in
as c o n tr a s te d
F ebru ary
la s t
year
w ith
of
a s h o r ta g e
8 5 ,5 9 9 ,9 5 0 .
of
L ast
in a n y c o r r e s p o n d in g p e r io d — in 1 9 0 8 , w h e n s h ip m e n t s
w ere h u rrie d fo r w a rd t o p a y fo r th e g o ld im p o r t e d to
a lla y th e
p a n ic
m o n t h s o f th e
o f th e
p r e v io u s f a ll.
F o r th e e ig h t
c u rr e n t fiscal y e a r th e
ex p o rts h av e
a g g r e g a te d th e w h o lly u n p r e c e d e n te d t o t a l o f 8 1 , 4 3 3 ,
8 7 9 ,5 1 7 , w h ic h o v e r t o p s im p o r t s b y 8 4 1 8 ,1 4 5 , 1 5 5 — a
str ik in g tr a n s fo r m a tio n sin c e th e o p e n in g o f th e fisca l
y e a r , w h e n fo r t w o m o n t h s th e r e w a s a c t u a lly a n e x c e s s
o f im p o r t s .
N o e ffo r ts , h o w e v e r , h a v e b e e n m a d e t o b r in g o v e r
g o ld t o s e ttle th e la rg e a c c o u n t t h u s b u ilt u p a g a in s t
E u rop e.
As
a
m a tter
of
fa c t,
im p o r t a t io n s
of
th e
m e t a l a t th is t im e w o u ld b e e m b a r r a s s in g , se e in g t h a t
m o n e y is a lr e a d y v ir t u a lly u n le n d a b le o n c o lla te r a l a n d
t h a t d is c o u n ts h a v e fa lle n t o an e x t r e m e ly lo w le v e l.
D e m a n d ste r lin g h a s n o t g o n e b e lo w 4 8 6
n o r c a b le
n e n t r a ilro a d m a n a g e r s h a v e r e t u r n e d fr o m jo u r n e y s
tr a n s fe r s a p p r e c ia b ly u n d e r 4 8 6 ^ — figu res w e ll a b o v e
in th e W e s t w it h th e im p r e s s io n t h a t , t h o u g h th e o u t
th e g o ld -im p o r t b a s is — w h ile th e c lo se la s t n ig h t w a s a t
lo o k
to
th e h ig h e st le v e l o f th e w e e k .
m en
everyw h ere
th e m
d is t r u s t ,
a
appears
fa ir ly
h arbor
sta te
of
a
m in d
s a t is fa c t o r y ,
vague
w h ic h
but
is
b u sin e ss
T h e a b n o r m a lly lo w q u o
d e e p -r o o te d
ta t io n s fo r m o n e y h e re h a v e c o u n te r b a la n c e d th e p r o
a lto g e th e r
n o u n c e d w e a k n e s s t h a t h a s d e v e lo p e d in L o n d o n d is
not
a s to n is h in g in v ie w o f re c e n t e v e n t s r e fle c tin g a h o stile
c o u n t s , t h o u g h th e w e e k c lo ses w ith th e la tt e r o n th e
a t t it u d e
s a m e p la n e as th e call m o n e y r a te h ere a n d s u b s ta n
in
h ig h
p la c e s
o r g a n iz a tio n s o f th e
can
also
be
n o te d
tow ard s
co u n try .
in
A
fin a n cia l
th e
great
b u sin e ss
s p ir it o f h e s it a n c y
c irc le s.
It
is n o t
a
tia lly
b e lo w
N ew
Y o rk ’s
th e
range
a v e r sio n
fo r
to
t im e
a c c o m m o d a t io n .
w ith d r a w in g
g o ld
fr o m
h e a lt h y s ig n w h e n th e r e is a s u p e r a b u n d a n c e o f c h e a p
L o n d o n is n o t , h o w e v e r , sh a r e d b y C o n tin e n ta l c e n
m oney
tr e s .
fo r
s p e c u la tio n
c o n c u r r e n tly
w ith
a
d e a r th
T h e d e ta ile d r a n g e fo r t im e lo a n s a t th e clo se o f th e
w e e k is as fo llo w s :
S i x t y d a y s , 2 j / £ % ; n in e t y d a y s ,
2 % % ; fo u r a n d fiv e m o n t h s ,
3 }4 % a n d o v e r th e y e a r 4 % .
a te d b e tw e e n
l'A% a n d
I n d e e d , th e B a n k o f F r a n c e h a s m a d e n o s e c r e t
o f its d e sire t o re ca ll th e g o ld it a d v a n c e d t o th e B a n k
o f c a p ita l fo r o th e r p u r p o s e s .
3% ;
s ix
m o n th s, 3 @
C a ll m o n e y h a s flu c tu
2 j ^ % d u r in g th e w e e k . N e a r ly
all th e b u s in e s s h a s b e e n d o n e a t
2%%',
t h a t w a s th e
o f E n g la n d
la s t y e a r .
A
m od est sta rt
b r o a d e n s u b s t a n t ia lly .
S o fa r th e F r e n c h B a n k h a s
m a d e lit tle h e a d w a y in str e n g th e n in g its g o ld r e s e r v e .
T h is w e e k ’ s r e tu rn sh o w s a g a in o f o n ly 8 4 2 5 ,0 0 0 , a n d
A fe w t r a n s a c
th e
tio n s
T u esd ay
a m o u n t h e ld a t th e c lo se o f la s t y e a r .
put
W ed n esd ay at
th ro u gh
2 l/2% ,
M onday,
a n d th e 2 %
u n til T h u r s d a y , w h e n n o
2M % -
on
Y e s t e r d a y th e r a n g e w a s
r a te a p p e a r e d d a ily
lo a n s w e re a r r a n g e d
fin a l lo a n s b e in g m a d e a t 1 H > % .
and
llA %
to
under
2%%,
th e
T h e b e s t c o m m e r c ia l
a lr e a d y
are h ig h e r t h a n in L o n d o n , th e m o v e m e n t p r o m ise s t o
r u lin g ra te o n ea c h o f th e first fo u r d a y s .
w e re
has
b e e n m a d e , a n d , n o w t h a t p r iv a t e d is c o u n ts in P a ris
to ta l
on
hand
( S 6 5 0 ,0 0 0 ,0 0 0 )
is still
b e lo w
th e
B e r lin m a y a lso
r e a p p e a r as a c o m p e t it o r fo r g o ld in L o n d o n .
Though
th e
fo r
th e
to
a r
R e ic h s b a n k
w eek
of
y esterd a y
8 1 1 ,5 0 0 ,0 0 0
g o ld
r e p o r te d
and
a
s ilv e r ,
g a in
b ills
riv e c a n n o t b e d is c o u n te d a t less th a n 3 % % ,
w h ic h
688
is
so
T H E C H R O N IC L E
fa r
above
th e
London
term s
th a t
exchange
c a n s c a r c e ly fa il t o m o v e in f a v o r o f G e r m a n y .
W h ere
A NOTABLE DECLARATION.
a s t h e r e m a r k a b le a c t i v i t y in B r it is h t r a d e h a s e n ta ile d
n o u n u s u a l d e m a n d fo r fa c ilitie s , th e c o m m e r c ia l re
q u ir e m e n ts in G e r m a n y h a v e b e e n q u it e a fa c to r in
m a in t a in in g r e la tiv e ly
The
o ffe rin g s
of
dear m o n e y
c o m m e r c ia l
th e r e .
b ills
have
been
su r
o f o p in io n w h ic h it e lic ite d o n t h e q u e s tio n o f in te r
n a v a l e s t im a t e s , a g a in st th e in c re a se in w h ic h th e r e
E x p e r t s h a d n o t lo o k e d fo r so
w a s w id e p r o te s t o n b o t h sid e s o f th e H o u s e .
T h e in q u ir y fo r r e m it t a n c e , t h o u g h
n o t e x tr a o r d in a r ily e x t e n s iv e , h a s k e p t u p b e t te r th a n
had
been
e x p e c te d .
And
th e
im m in e n c e
of
th e
A p r il d iv id e n d a n d in te re s t d is b u r s e m e n ts is lik e ly to
be
an
in flu e n ce
d u r in g
th e
next
fo r t n ig h t .
Any
fir s t ,
tie s in E n g la n d a n d F r a n c e .
C om p ared
change
on
w it h
F r id a y
S a tu rd a y
w eek,
som ew h at
s te r lin g
w eaker,
ex
w ith
d e m a n d q u o t e d a t 4 8 6 1 0 @ 4 8 6 1 5 a n d c a b le tr a n sfe rs
at 4 8635 @ 4 8640;
@ 4 84.
On
6 0 d a y s w as u nchanged at 4 8 3 9 0
M onday
t r a d in g
w as
d u ll, w ith
q u o ta
tio n s c lo s in g a t 4 8 6 1 0 @ 4 8 6 1 5 fo r d e m a n d , 4 8 6 3 5 @
4 8 6 4 0 fo r c a b le t r a n s fe r s a n d 4 8 3 8 5 @ 4 8 3 9 5 fo r 6 0
days.
On
4 8635,
T u esd ay
dem and
c a b le
tra n s fe r s
r e m a in e d
at
6 0 d a y s ro se t o 4 8 3 9 0 @ 4 8 4 .
m and
on
W ed n esd ay
unchanged.
On
to
4 8630@
4 8 6 10 @ 4 8 6 1 5
d e c lin e d
T h u rsd ay
in th e
fe ll
and
A f t e r o p e n in g fir m , d e
to
4 8 6 @ 4 8610
c a b le tr a n s fe r s t o 4 8 6 2 0 @ 4 8 6 3 0 ;
recovered
and
6 0 d a y s r e m a in e d
r a te s
a ft e r n o o n ,
opened
q u o t a t io n s
w eak,
at
th e
but
c lo se
b e in g 4 8 6 0 5 @ 4 8 6 1 0 fo r d e m a n d a n d 4 8 6 3 0 @ 4 8 6 3 5
fo r c a b le t r a n s fe r s ; 6 0 d a y s d e c lin e d t o 4 8 3 8 5 @ 4 8 3 9 5 .
Y e s t e r d a y th e t o n e a g a in i m p r o v e d , a n d th e m a r k e t
c lo se d
4
on
th e
b a s is
8 6 1 0 @ 4 8615
c a b le s .
fo r
of
4 8 3 9 0 @ 4 84
dem and
stro n g
its e lf
and
fo r
60
d ays,
4 8 6 4 0 @ 4 8645
fo r
C o m m e r c ia l o n b a n k s w a s q u o t e d a t 4 8 3 % @
pronouncem ent
th a t
G reat
of
B r it a in ’ s
in
th e
e x p e n d itu r e
o p in io n
fo r
a r m a m e n t o u g h t t o b e r e d u c e d ; s e c o n d , a fla t d e c la r a
t io n
by
th e
B r itis h
M in iste r
of
F o r e ig n
A f f a ir s , in
p e r s o n a l a p p r o v a l o f P r e sid e n t T a f t ’ s re c e n t s w e e p in g
p io p o s it io n
fo r e n la r g in g
th e
sc o p e
of
in te r n a tio n a l
a r b it r a t io n .
I h e m a t t e i c a m e u p in c o n n e c tio n w ith a m o t io n b y
a L ib e r a l m e m b e i , t h a t th e H o u s e o f C o m m o n s v ie w e d
w ith a la r m
o f la s t
w as
a
H ou se
m a r k e d fir m n e s s , h o w e v e r , w o u ld n o d o u b t in v it e th e
d r a w in g o f e x c h a n g e a g a in s t r e c e n t flo ta tio n s o f se c u r i
I n th e
c o u r se o f th e d e b a t e tw o r e m a r k a b le th in g s h a p p e n e d
r e m a r k a b le a tr a d e b a la n c e , a n d t h e y w ill b e e q u a lly
su r p r is e d if th e r e tu rn s fo r th e p r e s e n t m o n t h are o f a
s im ila r c h a r a c te r .
A s m ig h t h a v e b e e n e x p e c t e d ,
th e d is c u ssio n o f th is q u e s tio n a ro se fr o m t h e B r itis h
p r is in g ly lig h t c o n s id e r in g t h a t F e b r u a r y ’ s m e r c h a n
o f th e y e a r .
T h ere o cc u r re d in th e B r itis h H o u s e o f C o m m o n s la s t
M o n d a y a d e b a t e v e r y n o t a b le fo r th e fr a n k e x p r e s s io n
n a t io n a l a r b itr a tio n .
d ise e x p o r t s w e re th e h ig h e s t o n re c o rd fo r th e s e c o n d
m o n th
[VO L. L X X X X I I .
th e
in c re a se d
e x p e n d itu r e o n
a rm y and
n a v y , a n d e n t e t t a in e d t h e o p in io n t h a t su c h e x p e n d i
tu r e o u g h t t o b e r e d u c e d .
I n th e s u b s e q u e n t d is c u s
s io n , L ib e r a l
great
m em bers
la id
stre ss
on
th e
fa c t
t h a t fo r e ig n re la tio n s w e re im p r o v in g , t h a t o th e r c o m
m u n it ie s
th a n
m o u n t in g
th a t,
E n g la n d
e x p e n d itu r e
u n le ss
a
h a lt
w ere
in
w as
c h a fin g
p r e p a r a tio n
c a lle d
on
a g a in s t
fo r
su c h
w ar,
th e
and
e x p e n d itu r e
th r o u g h th e jo i n t a c tio n o f th e r iv a l P o w e r s , a p o in t
w o u ld
be
p r o b le m s
m il a lt y
reach ed
w o u ld
w h e re
a rise .
en d eavored
th e
The
to
g ravest
F ir s t
a n sw e r
so r t
L ord
th e se
of
of
so c ia l
th e
Ad-
c o n te n tio n s
by
th e fa m ilia r p le a t h a t E n g la n d c o u ld call n o h a lt in its
n a v a l p r e p a r a tio n s u n til it k n e w t h a t fo r e ig n S t a t e s
w e re a lr e a d y d o in g th e s a m e , a n d t h a t , in a n y c a s e ,
th e fr e e d o m o f o c e a n h ig h w a y s fo r th e B r it is h t r a d e
m u st
be
m a in t a in e d .
e x t e n t ^ th e
fe e lin g
in
B u t,
th is
as
if t o
m a tter
sh ow
to
w hat
su p e r se d e d
p a rty
a ffilia t io n s , S ir E d w a r d G r e y , t h e S e c r e ta r y fo r F o r e ig n
A f fa ir s , a n sw e re d h is c o lle a g u e b y a sse r tin g t h a t t h e
a n d d o c u m e n ts fo r p a y m e n t a t 4 8 3 % @ 4 8 4 .
w a r e x p e n d itu r e h a d a lr e a d y b e c o m e 'in t o l e r a b le , a n d
C o t t o n fo r p a y m e n t r a n g e d a t 4 8 2 % @ 4 8 3 , g ra in fo r
t h a t in te llig e n t o p in io n as t o its o u t c o m e w a s in t h o
4 83%
paym en t at 4 8 3 % @ 4 84.
m a in d iv id e d b e tw e e n t w o c o n c lu s io n s — o n e , t h a t th is
h u g e e x p e n d itu r e w o u ld le a d to w a r fr o m th e v e r y fa c t
T h e fo llo w in g g iv e s th e w e e k ’ s m o v e m e n t o f m o n e y
t o a n d fr o m th e in te rio r b y th e N e w Y o r k b a n k s .
W eek ending M a rch
17 1911.
Currency
Gold ___
Total gold and legal tenders.
R eceived by
S h ipped by
V . Y . B a n k s. N . Y . B a n k s.
N e t Interior
M o vem en t.
$8,300,000
2,347,000
$3,590,000 Gain $4,710,000
1,174,000 Gain
1,173,000
$10,647,000
$4,764,000 Gain $5,883,000
R e s u l t w ith S u b -T r e a s u r y o p e r a tio n s :
W eek ending M a rch
17 1911.
Into
Out o f
B a n k s.
B a n k s.
Banks’ Interior movement, as above.
Hub-rreasury operations......................
$10,647,000
34,000,000
Total gold and legal tenders______
$44,647,000
,
N e t Change in
B a n k H old in g s.
54.764.000 Gain $5,883,000
34.500.000 Loss
500.000
$39,264,000 Loss
$5,383,000
Gold.
England..
France . .
Germany
Russia___
Aus.-Hun.
Spain
Italy ____
Netherl’de
Nat.Bclg..
Sweden . .
Swltzerl'd.
Norway. .
Silver.
40 ,150,757
129',804,760
41 ,489,950
146 ,045,000
55 ,263,000
16 ,481,000
39,,775,000
10 ,,852,000
6 , 136,667
4. 472.000
6, 188.000
1 ,854,000
.302,600
.346,750
. 121,000
,725,000
,841,000
621.000
,350,300
,068,333
,
Total week 498,512,134
Total prev.. 497,333,474
M ch .
S ir E d w a r d
fr e e ly a c c e p te d
th e
L ib e r a l m e m b e r s ’'
now
e x is tin g
had
a r m a m e n ts .
th a t
He
its
b e a rin g
w ent
even
“ th e h ig h -w a te r m a r k
upon
th e
fu r th e r ,
of
q u e s t io n
and
of
d e c la r e d
n a v a l e x p a n s io n
has
b e e n r e a c h e d , p r o v id e d th e b u ild in g p r o g r a m s o f o th e r
P o w e rs so fa r k n o w n to th e G o v e r n m e n t w ere fo llo w e d
B u t h e d id n o t t r u s t t o th is a s a g u a r a n t y fo r
fu t u r e .
No
n a t io n ,
in
h is
ju d g m e n t,
c o u ld ,
17 1910.
s in g le -h a n d e d , p u t a s t o p t o th is r e c k le ss c o m p e t it io n in
Total.
Gold.
£
£
I
.150,757! 34 ,396,190
,107,360 138 ,763.640
,836.700 41 .309,150
,166,000 141 ,541,000
,988.000 56 ,599,000
,322,000, 16 ,178,000
,396.000
,970,000
,202.300
,084,000
,205,000
,262,000
472.000
,466,000
,188,000
,229,000
854.000
,635.000
S ilver.
Total.
£
34,789,280
14,221,900
7.642.000
13.310.000
30.872.000
4.031.000
2.970,100
2.131.000
34,396,190
173,552,920
55,531,050
149.183,000
69.909.000
47.050.000
43.001.000
13,054,100
6.393.000
4.466.000
5.229.000
1.635.000
,375.983'606 >888,117493.432,980 109.967,280 603,400 260
,666,290,604
,999,764,493.114.847 109,555.703 602.670.550
o f m e n a g a in st t a x a t i o n .”
th e
16 1911.
£
b y a n in te rn a l r e v o lu t io n , b y a r e v o lt o f th e m a sse s
o u t .”
in t h e p r in c ip al E u r o p e a n b a n k s .
M ch .
th a t th e
b u rd e n w o u ld u lt i m a t e ly , if c o n t in u e d , “ b e d is s ip a te d
a r g u m e n t , t o th e effe c t t h a t th e co rd ia l fo re ig n r e la tio n s
fo llo w in g t a b le in d ic a te s t h e a m o u n t o f b u llio n
Banks of
o f im p a tie n c e a t p a y in g su c h s u m s in tim e o f p e a c e ; t h e
o th e r (w h ic h S ir E d w a r d h im s e lf e n d o r se d )
e x p e n d itu r e .
iz e d
Ic e t it is , h e d e c la r e d , “ th e m o s t c iv il
n a tio n s
fa s t e s t
w h ic h
not
r iv a lr y ” ;
are p ilin g
a g a in s t
and
he
th e
up
th e ir e x p e n d itu r e s
u n c iv iliz e d ,
r e p e a te d
th a t,
if
but
in
m u tu a l
c o n t in u e d ,
“ it
m u s t in th e lo n g ru n b re a k d o w n c iv iliz a t io n .”
T h ese
a re se rio u s
w ords,
and
w hen
u tte r e d
by
a
re sp o n sib le C a b in e t M in is te r , w ere su c h a s t o c a ll fo r a
p r o p o s itio n fr o m h im w h ic h w o u ld s o lv e th e d if f ic u lt y .
W ith
su c h
a
p r o p o s itio n
S ir
E d w ard
w as
r e a d y ..
689
T H E C H R O N IC L E
M a k . 1 8 1 9 1 1 .j
P r e s id e n t T a f t la s t D e c e m b e r m a d e t o
fo llo w in g n o t e w o r t h y d e c la i a t i o n :
C o n g re ss t h e
“ If
we
can n e g o
ed
by
of
p o lit ic a l
th em .
The
la t e
L ord
le a d e r s h ip ,
w as
S a lis b u r y ,
p ere m p to ry
in h is
to
day
th e
la s t
t ia t e a n d p u t t h r o u g h a p o s itiv e a g r e e m e n t w it h s o m e
d e g r e e in a s s e r tin g t h a t n o s u c h q u e s tio n s c o u ld b e
g r e a t n a t io n
s u b m i t t e d b y E n g la n d t o a n in te r n a tio n a l c o u r t .
to
a b id e
th e
a d ju d ic a t io n
of an
in te r
n a tio n a l a r b itr a tio n c o u r t in e v e r y issu e w h ic h c a n n o t
b e s e t t le d b y n e g o t ia t io n , n o m a t t e r w h a t it in v o lv e s ,
th e f a c t t h a t n o s e lf-r e s p e c t in g S t a t e c o u ld fo r e g o its
w h e th e r h o n o r , t e r r ito r y or m o n e y , w e s h a ll h a v e m a d e
p r iv ile g e o f m a in t a in in g b y f o r c e , in its o w n d is c r e t io n ,
a lo n g
s te p
w as very
fo r w a r d .”
c o m m o n ly
u n p r a c tic a l
dream
T h is
proposal
r e fe r re d
of
to
of
a t th e
o p t im i s m .
S ir
p la u s ib le
and
im p r e s s iv e
argu m en t
fr o m
T a ft’s
a c l a i m , w h e th e r fo r te r r it o r y o r fo r r ig h t s , in w h ic h it
as t h e
b e lie v e d th e h o n o r o f t h e S t a t e t o b e i n v o l v e d , o r its
M r.
t im e
a
He
e v o lv e d
E d w ard
G rey,
p r iv ile g e o f a v e n g in g o n its o w n m o t io n w h a t it r e
h o w e v e r , a fte r s u m m in g u p t h e s c o p e o f M r . T a f t ’ s
g a r d e d a s in fr in g e m e n t o n th e n a t io n a l h o n o r .
p r o p o s itio n r e g a r d in g s u b m is s io n t o
t h is v ie w is s o b e r ly d is c u s s e d , w e s h a ll h e a r o n c e m o r e
•c o u r t
of
q u e s tio n s
t r a d it io n a l ly
a n in te r n a tio n a l
in v o lv in g
n a t io n a l
W hen
t h e p e r t in e n t a r g u m e n t t h a t if a n a t i o n ’ s s e lf-r e s p e c t is
fo r fe ite d b y s u b m i t t i n g q u e s t io n s o f t h e s o r t t o a r b i
h o n o r , m a d e t h is s tr ik in g c o m m e n t :
“ I d o n o t t h in k t h a t a s t a t e m e n t o f th is k in d , m a d e
t r a t io n , t h e n t h e s e lf-r e s p e c t o f in d iv id u a ls is s im ila r ly
b y a m a n in M r . T a f t ’ s p o s it io n , s h o u ld g o w it h o u t
lo s t
resp on se.
g e a n c e in s u c h m a t t e r s , in th e ir r e s o r t t o a c o u r t o f la w .
I n e n te r in g in to a n a g r e e m e n t o f t h a t k in d ,
th e r e w o u ld b e r isk s a n d y o u w o u ld h a v e to b e p r e p a r e d
fo r s o m e sa crifice o f n a tio n a l p r id e in s u c h a n a g r e e
m e n t a s t h a t p r o p o s e d b y th e U n it e d S t a t e s .
“ W e s h o u ld b e d e lig h te d t o re c e iv e s u c h a p r o p o s a l.
w hen
th e y
A s a m a tter o f
g iv e
up
t h e ir
r ig h t
o f p r iv a t e
f a c t , t h e c la im t o d e c id e
a r m s o n a sin g le S t a t e ’ s in itia t iv e t h e
ven
b y fo r c e o f
r ig h t o r
w ron g
o f a q u e s tio n e v e n o f n a tio n a l h o n o r , is n o t h i n g m o r e
I s h o u ld fe e l it s o m e th in g so fa r -r e a c h in g in its c o n se
or le ss t h a n a la rg e r a p p lic a tio n o f t h a t b a r b a r o u s a n d
q u e n c e s t h a t it r e q u ire d n o t o n ly th e s ig n a tu r e o f b o t h
n o w a lm o s t e x t in c t in s t it u t io n , t h e d u e l.
g o v e r n m e n ts,
but
o f P a r l ia m e n t .
We
th e
d e c id e d
s a n c tio n
T h a t I b e lie v e w o u ld b e o b t a i n e d .”
c a n n o t h e lp
r e s p o n s ib le
d e lib e r a t e ly
re g a r d in g t h is d e c la r a tio n b y
th e
h e a d o f th e E n g lis h S t a t e D e p a r t m e n t as
a n e p o c h -m a k in g
in c id e n t .
That
it
w as
not
We
lo o k
fo r w a r d
to
a
n a tio n a l
h ig h e s t in te r e s t a s a s e q u e l t o
a m ere
P r e s id e n t
T a ft
and
S ir
e v e n in g o v e r n m e n t
d e b a te
th ese
E d w a rd
w it h
th e
d e c la r a tio n s
G rey.
The
of
change
1 fe e lin g , sin ce t h e d a y s o f L o r d
S a lis b u r y ’ s o b j e c t i o n , h a s b e e n a lr e a d y illu s tr a te d b y
p e r s o n a l e x p r e s s io n o f id e a s w a s s h o w n o n T h u r s d a y ,
th e E n g lis h a t t i t u d e t o w a r d t h e D e c la r a tio n o f L o n d o n ,
w hen
p r o v id in g fo r a n i m p a r t i a l in te r n a tio n a l p r iz e c o u r t in
M r.
M in is tr y
B a lfo u r ,
of
w h ic h
le a d e r
S ir
of
th e
E d w a rd
o p p o s itio n
G rey
is
a
to
th e
m em ber,
a p p r o v e d t h e s e n t im e n t fo r a n A n g lo -A m e r ic a n t r e a t y
all questions, w h ic h
t im e o f w a r , fo r a n
i n t e r n a t io n a l d e fin itio n o f w h a t
g o o d s sh a ll h e r e a fte r b e d e e m e d
c o n t r a b a n d , a n d fo r
r e lie v in g o f n e u tr a l s h ip s in t i m e
o f w a r fr o m se a r ch
p o s s ib ly p r o d u c e a n y t h in g s o h o r r ib le a s a w a r b e tw e e n
or
c o n t r a b a n d f r e ig h t ,
th e m ,
e x c e p t u n d e r c e r ta in c a r e fu lly p r e sc r ib e d c o n d it i o n s .
b in d in g b o t h n a tio n s “ t o refer
th a t
to
so m e
a r b itr a tio n
“ th e S e c r e ta r y
and
a d d in g
fo r F o r e ig n A ffa ir s w ill fin d n o
h e a r tie r fr ie n d s fo r s u c h
U n io n is t P a r t y .”
t r i b u n a l,”
c o u ld
a p o lic y t h a n
B u t th e t r u t h
c a p tu r e ,
The
even
d isc u ssio n
w hen
of
c a r r y in g
t h is
d e c la r a tio n
has
th ro w n
an
t h o s e in th e
e x c e e d in g ly in te r e s tin g s id e lig h t o n t h e w h o le q u e s t io n
p r o p o s itio n
o f n e u tr a l im m u n it y in t im e o f w a r , a n d h a s s h o w n ,
is , t h e
c a n n o t b e c o n s id e r e d m e r e ly in th e lig h t o f th e a t t it u d e
p e rh a p s m o r e t h a n a n y o th e r d isc u ssio n o f t h e s o r t , th e
o f p u b lic m e n .
r e stle ssn e ss
L ik e M r . T a f t ’ s o w n d e c la r a tio n , th e
o f th e
b u s in e s s
c o m m u n ity
a t la r g e
re
s t a t e m e n t s o f S ir E d w a r d G r e y a n d M r . B a lfo u r a re
g a r d in g th e w h o lly n e e d le ss je o p a r d y in to w h ic h t h e in
an o u tg ro w th
te r e sts o f c iv iliz e d
o f p u b lic
m u r m u r in g s a n d r e s e n tm e n t
t r a d e are t h r o w n
by
th e
presen t
a g a in s t th e p o lic y o f p ilin g t a x e s o n th e s h o u ld e r s o f
m a d c o m p e t it io n fo r b u ild in g h o s tile a r m a m e n t s .
c itiz e n s in t im e o f p e a c e , fo r b e llig e r e n t p u r p o se s w ith
r e fu sa l o f t h e G e r m a n
w h ic h , as a b o d y , t h e y h a v e n o s y m p a t h y w h a t e v e r .
a sk e d
B u t th is p u b lic a t t it u d e e x is ts a s c le a r ly in G e r m a n y
m ilita r y
and
w ith
F rance
as
in
th e
U n it e d
S ta te s.
W h a te v e r
•o b s t r u c t io n s m ig h t b e p la c e d in t h e w a y o f n e g o t ia
by
th a t
G o v e rn m e n t to
p rogram ,
w h ic h
R e ic h s t a g t o
M r.
and
p u r su e
a m b itio u s
T a f t ’ s t h o r o u g h -g o in g
p roposal w as
r e c e iv e d b y th e A m e r ic a n p e o p le , are a m o n g t h e o t h e r
tio n s o n su c h lin es b y m in is te r s o r p o litic a l fa c t io n s , th e
sig n s o f th e t im e w h ic h
th e m ost
tio n a r y
can
m e n t in a n y e n lig h te n e d c o u n t r y o f th e p r e s e n t d a y .
its
The
ta x es
th e u n q u e s tio n a b le c o r d ia lit y
m o v e m e n t w o u ld a t le a s t
h a v e b e h in d it p u b lic s e n t i
gran t th e
o f p u b lic
m en
o b s t in a t e a n d r e a c
ig n o re
or d e f y ;
o n ly
at
h is in d iv id u a l p e ril.
I t is a lto g e th e r p r o b a b le , in d e e d , t h a t th e u p - t o - d a t e
naval
p rogram s,
w o u ld
be
p e c ts.
b a d ly
o n ce
a tta c k e d
on
d a m aged , even
su ch
in
a
th e ir
g rou n d,
n a rro w e r
THE
LIM ITATION
H a r d l y a m o n t h a g o , in th e H o u s e o f C o m
Two
m o n s , th e C h a ir m a n o f a n im p o r t a n t b u ild in g c o m p a n y
r e c e n t d e c isio n s o f th e
fo r iro n s h ip s a s s e r te d t h a t , in t e n y e a r s , m o r e t h a n te n
a
m illio n s s te r lin g o f u n n e c e s s a r y m o n e y h a s b e e n t a k e n
“ C h r o n ic le ”
fr o m th e p o c k e ts o f B r it is h t a x p a y e r s .
H e d e sc rib e d
UPON THE
COURTS.
d ir e c t
and
t im e ly
b e a r in g
POWER
S u p rem e
upon
th e
OF
C ourt h av e
p o s itio n
th e
h a s t a k e n a s t o t h e e x t e n t t o w h ic h th e
c o u r ts m a y b e e x p e c te d t o g o in p r o te c t in g t h e p e o p le
th e la te s t t y p e s o f b a t tle s h ip s a s “ m o n s t r o s it ie s ,” a n d
fr o m t h e re su lts o f th e ir o w n le g is la tio n .
w e n t so fa r a s t o d e c la r e b e fo r e th e H o u s e t h a t c o n
o f A la b a m a
tr a c ts e v e n fo r t h e s e m o n s tr o s itie s are n o t g o in g
su it is b r o u g h t u p o n a lo ss c la im a g a in s t a fire in su ra n c e
to
T h e q u e s tio n a lw a y s w ill r e m a in , h o w a p r o p o si ion
in v o lv in g “ s u b m is s io n o f n a t io n a l h o n o r ” in a d is p u t e d
w o u ld
to
be
• th em selv es.
an
in te r n a tio n a l
r e c e iv e d
by
cou rt
sta tesm en
of
a r b itr a tio n
and
p a r lia m e n ts
W e k n o w h o w it h ith e r to h a s b e e n g r e e t
w h ic h
T h e S ta te
p r o v id e s t h a t
w hen
a
c o m p a n y , if it a p p e a r s t o t h e j u r y t h a t t h e c o m p a n y ,
t h e lo w e s t b id d e r .
•question
h a s a la w
a t th e d a t e o f w r itin g t h e p o lic y o r a t a n y la te r d a t e
u p t o t h a t o f c o m m e n c in g th e a c t i o n , h a d
n e c tio n
w h a tev e r
w it h
any
r a t in g
an y con
a s s o c ia tio n
or
a g r e e m e n t w h a t e v e r , t h e n , in s u c h c a s e , if th e ju r y
fin d fo r t h e p la in t if f, t h e y “ m u s t ”
add a 2 5 per cen t
690
T H E C H R O N IC L E
p e n a lt y
to
p la in t iff
ask s
T h ere
usu al
th e ir
v e r d ic t,
t h is
are s o m e
o b lig a t io n
no
m a tter
w h e th e r
th e
or n o t.
o th e r p r o v is io n s w h ic h
to
g iv e
n o tic e
and
l o s s , b u t th is is t h e p r in c ip a l.
[V o n .
g u id a n c e
and
b e in g
one
th e
lim it a t io n ,
th e
F ed eral
o f h ig h e s t r a n k .
xxxi i.
lx
in s tr u m e n t
Judges h ave n ot a v eto
w a iv e th e
p . w e r o r a le g is la tiv e p o w e r a n d w ill n o t u su rp e ith e r .
p r o o fs o f
I t is th e irs t o a p p ly t h e o rig in a l h ig h e r la w t o e a c h
m ake
T h e S u p r e m e C o u r t,
b y J u s tic e H a r l a n , s u s ta in e d th is la w , u p o n a cou rse
c o n te s te d
m in o r
sta tu te ,
w ith in th e le g is la tiv e
to
d e c id e
p o w e rs
w h e th e r
as p r e s c r ib e d .
it
is
Judges
o f r e a s o n in g w h c h m a y b e p a r a p h r a s e d as in s u b s ta n c e
have
t h is :
a g a in st
w is d o m o f p a r tic u la r la w s , as o th e r m e n h a v e ; b u t t h e y
a S ta te
m ay
o b je c t
to
a s s o c ia tio n s
as
th e ir
p r iv a t e
o p in io n s
about
th e
ju s t ic e
and
p u b lic p o lic y a n d m a y m a k e la w s t o su p p re s s t h e m .
c a n n o t p r o n o u n c e a n y in v a lid “ fo r a n y su c h r e a s o n .”
T h e S t a t e is t h e n its o w n ju d g e o f th e p r o p e r m e a n s .
If
It
r e s ts w ith th e la w m a k e r s , a n d th e p e o p le w h o c h o o se
c o u ld
a b s o lu t e ly fo r b id a ll c o m b in a t io n s , w it h o u t
c o n t r a v e n in g
ch oose
be
th e
Fed eral
le ss d r a s tic
th e
best
C o n s t itu t io n ;
m ean s.
th a t
c o u ld
and
“ T h ose m ean s
be
d e v is e d ,
but
th e
c a n n o t , fo r a n y s u c h r e a s o n , d e c la re t h e m
e s t a b l is h .”
s a id
a g a in s t
th e
C ou rt
c a n n o t ru le
“for any such reason”
u sed ,
m ay
not
H a v in g
th e
or
c o r p o r a t io n s ,
w ith in
as t h e y a re n o t g o o d m e a n s
th e
ju r is d ic tio n
of
on
c o n s t itu t io n a l
grou n d s,
th e
c a se
t a k in g th e c o n se q u e n c e s o f f o l l y .
T here
are h a rd
p r o b le m s b e fo r e
th e
co u n try ,
but
th e so v e r e ig n p e o p le sh o u ld n o t m a k e th e m is t a k e o f
e x p e c tin g p a te r n a lis tic relie f fr o m th e c o u r t s .
m eans
in t h e m s e lv e s , th e d e c isio n h e ld t h a t all in d iv id u a ls
a re s u b je c t t o th e r e g u la tio n s t h e S t a t e
in v a lid
th o s e m u s t d e a l w ith it ; t h e y m u s t le a r n w is d o m b y
C ourt
ille g a l or
b e y o n d th e p o w e r o f t h e S t a t e t o
th a t
it
m ay
not
a
S ta te ,
m ay
m ake;
FAR-REACHING CHARACTER OF COMMERCE
COMMISSION’S RATE DECISIONS.
(FIRST ARTICLE.)
rl h e m o r e th e d e c isio n s o f th e I n t e r -S t a t e C o m m e r c e
a ls o , t h a t in a s m u c h a s all o f a c la ss w e re p la c e d u p o n
C o m m is s io n
t h e s a m e b a s i s ,t h e r e w a s n o d e n ia l, in t h is c a s e , o f
o n th e E a s t e r n a n d th e W e s t e r n
“ t h e e q u a l p r o te c t io n o f t h e l a w s .”
a n d s t u d ie d , th e le ss ju s t ific a t io n th e r e a p p e a r s t o b e
O k la h o m a h a s a la w
p r o v id in g fo r c r e a tio n o f a n
in su ra n c e fu n d fo r d e p o s its 'in S t a t e b a n k s b y le v y in g
fo r
r e g a r d in g t h e
th em .
On
C o m m is s io n
th e ir
advances
m e r its
are o p e n to
th e
th e
in
fr e ig h t
r a te s
lin es a re e x a m in e d
c o n c lu s io n s
of
th e
m o s t se r io u s c h a lle n g e .
a n a ss e s s m e n t u p o n t h e a v e r a g e a m o u n t o f d e p o s its in
I n th e tw o o p in io n s h a n d e d d o w n a v e r y fo r m id a b le
a ll
a r r a y o f figu res is p r e s e n te d
su c h
b an k s.
The
S u p rem e
C o u rt,
by
J u stic e
in s u p p o r t o f th e
con
H o l m e s , la te ly s u s ta in e d t h is la w , h o ld in g it (a s th e
te n t io n s o f th e
C ou rt
l a y m a n , n o t c o m p e t e n t t o ju d g e o f th e c r e d ib ility o f
th e
h e ld
in
th e
F o u rtee n th
A la b a m a
case )
A m e n d m e n t.
not
M r.
repugnant
Jam es
M.
to
B eck,
C o m m is s io n .
th e se s t a t is t ic s , a n d n o t
As
a b le
to
a con sequ en ce
d isc e rn
th e
w h e th e r
or
a la w y e r o f k n o w n a u t h o r i t y , r e g a r d s th is p r o v isio n
n o t th e r e are fla w s in t h e m , a n d , if s o , th e e x e n t t o
fo r
w h ic h t h e y a ffe c t th e r e a so n in g a n d a r g u m e n ts o f th e
ca se s
of
in s o lv e n c y .a s
a
c o m p u ls o r y
t a k in g
of
p r o p e r t y o f o n e s e t o f p e rs o n s fo r t h e d e b t s o f a n o th e r
C o m m is s io n
s e t ; in h is v i e w , if t a k in g p a r t o f o n e b a n k ’ s p r o p e r t y ,
ju d g m e n t , fin d s h im s e lf in a v e r y c o n fu s e d fr a m e o f
“ w it h o u t
re tu rn , to
m in d — t h a t is if h is m in d is o f th e in q u ir in g tu r n a n d
b u s in e s s ”
(w h ic h is w h a t th e d e c is io n a d m it t e d m a y
be
done
under
pay
t h is
la w )
o f p r o p e r t y ,i t
w o u ld
w o u ld
th e
be.
If
be
d e b ts
o f a fa ilin g
is n o t
hard
an
to
O k la h o m a
in
u n la w fu l ta k in g
c ite
la w
r iv a l
a
c a se
w h ic h
sta n d s, M r.
B eck
he
is
and
a n x io u s
happens
in
th e
to
su c h
sa n e n e ss
a rr iv e
at
and
th e
in s ta n c e s ,
th e
so u n d n ess
tru th .
As
of
its
u s u a lly
d is p o s itio n
in
th ese
c ir c u m s ta n c e s is t o g iv e th e C o m m is s io n th e b e n e fit
o f th e d o u b t .
d o e s n o t see w h y a lik e la w in N e w Y o r k m ig h t n o t
th at
a sse ss all t h e t r u s t c o m p a n ie s a g a in s t th e fa ilu r e o f
ra ilr o a d s
body
I t is h e n c e q u it e g e n e r a lly a s s u m e d t h a t
is r ig h t
are
in
w ron g
its
in
c o n t e n t io n s
th e ir s.
and
Som e
th a t
very
th e
w o rth y
a fe w o f th e ir n u m b e r , o r w h y th e s a m e c o m p u ls o r y
p e o p le g o e v e n fu r th e r t h a n th is (it m u s t b e a d m it t e d
in su ra n c e m ig h t n o t b e e x a c t e d o f a n y c la ss o f m e r c h a n t
t h a t th e se are m o s t ly p e o p le w h o h a v e n o t t a k e n th e
tr a d e r s .
p a in s to g e t a t th e r o o t o f th e m a t t e r ) a n d urge t h a t th e
T h e p a r a m o u n t im p o r t a n c e o f a n y d e c is io n or a n y
C o m m is s io n h a s d e c id e d th e s e r a te case s in th e b e s t
d e p a r tu r e in p u b lic p o lic y o r a n y in d iv id u a l a c tio n is
w a y fo r all c o n c e rn e d a n d t h a t th e carriers t h e m s e lv e s
n o t in its im m e d ia te
w ill, in th e e n d , fin d t h a t t h e y h a v e b e e n a d v a n ta g e d
r e s u lts
but
in th e seriou sn e ss
o f t h a t t o w h ic h it is lik e ly t o le a d .
I t is th is w h ich
g iv e s s u c h im p o r t a n c e t o p r e c e d e n t s ; all th e m o re
b y it .
if
T h e r e c o u ld b e n o g r e a te r m is c o n c e p tio n th a n t h is —
t h e p r e c e d e n t is t o s t a r t u s a lo n g a c o u rse w h ic h d o es
n o m o r e g la r in g f a ll a c y .
n o t sh ow
p e r so n s, in d e e d , e v e n a m o n g th e se w h o m a k e it th e ir
a n y firm lin e fo r s t o p p in g .
Yet
it is n o t
T h e r e se e m t o b e v e r y fe w
n e e d fu l t o t h e p r e s e n t p u r p o s e t o e x a m in e M r . B e c k ’ s
b u sin e ss
s k e tc h o f th e p a s s t o w h ic h s u c h a d e c is io n m a y b rin g
g re a t i m p o r t , w h o a p p e a r t o r e c o g n iz e th e fa r -r e a c h in g
u s.
c h a r a c te r o f th e se d e c isio n s.
The
d e c is io n
is
s u b s t a n t ia lly
th a t
th e
S ta te
c h a r te r s b a n k s a n d m a k e s its o w n r e g u la tio n s t h e r e fo r ;
th a t
th e s e
a p p ly
u n ifo r m ly
to
a ll;
in t o u c h
w it h
p u b lic
q u e s tio n s
of
I f th e m a t t e r c o n c e rn e d m e r e ly a n u m b e r o f p r o m in
ent
k n o w th e r e g u la tio n s , a n d w h e n t h e y g o in to b u sin e ss
se t
a c c e p t t h e m ; t h e r e fo r e , t h a t
th e o th e r s id e , th e o u t c o m e o f th e c o n t r o v e r s y w o u ld
one m a y
a ll
keep
p e rso n s
no
th a t
to
c o m p la in ;
railro a d
v ie w s ,
o ffic ia ls
and
th e
on
th e
m em bers
one
s id e , w ith
o f th e
ra th e r
C o m m is s io n
on
a n d t h a t th e S t a t e is s o v e r e ig n , t o d e te r m in e w h a t is
b e o f lit tle c o n s e q u e n c e .
M e n c o u n t fo r lit t le u n d e r
fo r th e p u b lic g o o d .
su c h
is
T h is is to s a y t h a t th e p e o p le a re s o v e r e ig n , a n d it
b r in g s
us
back
to
J u s tic e
M cK en n a’s
rem ark
t h e y m u s t n o t c o m e to th e h ig h e s t c o u r t fo r
fr o m
la w s
w h ic h
C o n s titu tio n s
o f la w
w h ic h
a re
th e
th e y
a
have
p rio r
p e o p le
m ade
and
have
a
fo r
h ig h e r
m ade
fo r
th a t
r e fu g e
at
c ir c u m s ta n c e s .
s ta k e
th at
im p o r t a n c e .
g iv e
It
to
th e
th e
tre m e n d o u s
v e r d ic t
its
issu es
tr a n s c e n d in g
T h is is so n o t a lo n e b e c a u s e t h e y c o n
cern th e w e lfa r e o f th e la rg e st sin g le in d u s tr y in th e
t h e m s e lv e s
c o u n try — ap art
in s tr u m e n t
b e c a u se t h e y in v o lv e th e w e lfa r e o f th e e n tire p o p u la
th e ir
ow n
tio n
o f th e
fr o m
cou n try
a g r ic u ltu r e — liu t
fr o m
end
to e n d .
even
For
m ore
no
so
one
w ill d is p u te
th e
691
T H E C H R O N IC L E
Mar . 18 19 LI. i*
a ss e r tio n
th a t
to
th e
r a ilr o a d s
th e
c o u n t r y o w e s its w o n d e r fu l a d v a n c e a n d d e v e lo p m e n t
a n d t h a t fu t u r e g r o w th
a n d d e v e lo p m e n t w ill h in g e
in la rg e m e a s u r e u p o n t h e fr e e d o m
w it h w h ic h n e w
to
say,
w ill
be
r ig id ly
bound
in
th e
fu t u r e .
It
is
th r o u g h th e s e r u le s t h a t a d e p a r tu r e is w o r k e d in t h e
c o n d itio n s
under
w h ic h
r a ilr o a d
o p e r a tio n s
m u st
h e r e a fte r b e c o n d u c t e d .
th e
I t is in t h e h ig h e s t d e g r e e im p o r t a n t t h a t t h e p u b lic
r a ilr o a d s a re o n e o f t h e c h ie f a g e n c ie s in th e c o u n t r y ’ s
sh a ll b e a p p r ise d o f t h e s e c h a n g e s a n d , a c c o r d in g ly ,
m a r v e lo u s p r o g r e s s , a n d t h e q u e s t io n w h ic h th e C o m
w e d e e m it p r o p e r t o g o in to a c a r e fu l a n d e x t e n d e d
tr a n s p o r t a t io n
fa c ilitie s
are
m is s io n s e t t le d — p o s s ib ly
s u p p lie d .
fo r
a ll
In
b r ie f,
t im e — w a s
w h e th e r
d is c u s s io n o f t h e s a m e .
A s t h e s u b je c t is t o o la r g e
a g e n c y in a ffa irs s h o u ld b e a v a ila b le
fo r t r e a t m e n t in a sin g le a r tic le w e s h a ll u n d e r t a k e
in th e s a m e w a y a n d t o t h e s a m e e x t e n t h e r e a fte r as
t o - d a y t o refer t o o n ly o n e o r t w o p o in ts a n d sh a ll
h e r e to fo r e .
hope
th is
c o n tr o llin g
The
C o m m is s io n
has
in
e ffe c t
d e c id e d
th at
th is
to
ta k e
up
th e
v a r io u s
o th e r
m a t t e r in su c c e e d in g issu e s.
a d v a n c e s in r a te s in g e n e r a l; it n o t le ss p l a in ly d e fin e s
th at
m u st
r e s t r ic t ,
p o s itio n
r e g a r d in g
its
ra ilr o a d
v ie w s
th e
in d i
c a te s
c o n d itio n s
u n m is t a k a b ly
of
a v a ila b le
under
and
a sp ects
C o m m is s io n
e sse n tia l e le m e n t in in d u s tr ia l d e v e lo p m e n t s h a ll b e
o n ly
c le a r ly
The
la b o r
r e g a r d in g
m o r e o r le s s , t h e u s e o f c a p ita l in t h e ra ilr o a d field
its
a n d p r e v e n t its e m p lo y m e n t in t h a t u n fe tt e r e d w a y
w a g e s ; a n d is e q u a lly e m p h a t ic in t h e s t a n d it t a k e s
and
r a ilr o a d
w h ic h h a s y ie ld e d s u c h e x c e lle n t r e s u lts fo r t h e c o u n t r y
o n th e r ig h t o f a carrier t o a p p l y e a r n in g s , o r r a t h e r
a s a w h o le in t h e p a s t .
t o re se r v e s o m e p o r tio n o f e a r n in g s , fo r t h e m a k in g
u n d e rsto o d .
in d u s t r y .
W e d o n o t w is h t o b e m is
C a p ita l is n o t g o in g t o s h u n th e ra ilr o a d
I n th e ca se o f g ilt-e d g e d se c u r itie s o f th e
h ig h e s t t y p e t h e t e n d e n c y t o
in v e s t
lik e ly
im p o s s ib le
to
be
le s s e n e d .
It
is
in
Lem
to
is n o t
im a g in e
of
im p r o v e m e n t s
and
b e tte rm e n ts.
In
all
th e s e
r e s p e c ts a n e w s c h e m e is m a p p e d o u t fo r t h e fu t u r e
w h ic h is fr e ig h te d w it h fa r -b e a r in g sig n ific a n c e .
To
u s it a p p e a r s t h a t t h e v a r io u s q u e s t io n s t h u s d o g m a t ic
a c o n d it io n o f t h in g s w h e re a n u n d e r ly in g lie n o n o n e
a lly
of
e v e n t h a n t h o s e r a ise d in t h e T r u s t ca se s n o w a w a itin g
th e
be
great
put
sam e.
in
d iv id e n d -p a y in g
je o p a r d y — o th e r
But
th e
im m e n s e
p r o p e r tie s
t h in g s
s h a ll
ever
r e m a in in g
ra ilro a d
s y ste m
of
d isp o se d
th e
d e c isio n
th e
fa c t,
in
it
of
th e
w o u ld
in v o lv e
U n it e d
issu e s
S ta te s
d o u b tle s s
be
o f g r e a te r m o m e n t
Su p rem e
no
C o u rt.
e x a g g e r a t io n
In
to
sa y
U n it e d S t a t e s , w ith t h e h e lp o f w h ic h s u c h v a s t n e w
t h a t in th e ir fa r -r e a c h in g c o n se q u e n c e s t h e y
a re a s in t h e S o u th a n d W e s t h a v e b e e n o p e n e d u p t o
all o th e r q u e s tio n s e v e r r a ise d in t h e e n tire h is to r y
s e t t le m e n t , w a s n o t
o f th e
o u tg ro w th
c r e a te d
in t h a t
w ay.
It
is t h e
o f a v e n t u r e s o m e , d a r in g s p ir it in w h ic h
c o u n t r y , b a r r in g o n ly
stan d a rd s
The
P r e s id e n tia l e le c tio n o f 189G .
to
c o n flic t t h a t
gave
rise t o th e C iv il W a r a n d t h e q u e s t io n o f m o n e t a r y
t h e r e w a s n e c e s s a r ily m u c h o f r is k , m u c h o f c h a n c e .
p r o m o te r a n d t h e in v e s to r a lik e w e re r e a d y
th e
su r p a ss
w h ic h
w as
s e t t le d
by
th e
v o ters
in
th e
ta k e th is r is k , th is c h a n c e , a n d ta k e se c u r itie s w h o s e
A t t h e v e r y o u t s e t , in th e s e t h e first c a se s t h a t h a v e
v a lu e w a s n o t e s ta b lis h e d b e c a u s e it w a s k n o w n t h a t
c o m e u p u n d e r th e a m e n d e d la w in v o lv in g t h e a p p lic a
u ltim a te ly ,
and
w it h
in d u s t r y ,
co m p en sa te
th e
th e r e
fo r
c e r ta in
g ro w th
w o u ld
be
e a r ly
le a n
any
an
in
p o p u la t io n
a m p le
r e tu r n
p e r io d s — t h a t
to
th e r e
t io n
o f th e
p roposed
a u t h o r it y
advances
as
ju s t
r a te s in e ffe c t.
r e a s o n a b le p r o fits , n o t m e r e ly
p r o fits o n ly
ra te s,
th e
as regards
C o m m is s io n
p la c e s
s u c h a c o n s tr u c tio n u p o n t h e la n g u a g e o f t h e s t a t u t e
w o u ld b e n o a t t e m p t t o in te rfe r e w it h t h e m a k in g o f
and
o f t h e C o m m is s io n
in
to
m ake
it
any
p r a c t ic a lly
im p o s s ib le
to
put
h ig h e r
T h e C o m m is s io n h o ld s t h a t it c a n n o t
a d e q u a t e t o fu r n is h a b a r e r e tu r n o n t h e c a p ita l in
c o n sid e r
v e s te d b u t su ch as
w o u ld a llo w a su r p lu s o f in c o m e
its e lf, a n d w e ig h it a lo n g w ith t h e ca u se s o r r e a so n s
p r o p o se d
in cre a se
in
ra te,
in
and
by
e a c h y e a r t o b e in v e s te d w it h t h e v ie w t o s t r e n g t h e n
a d v a n c e d in e x p la n a tio n o f t h e s a m e , b u t m u s t lo o k
in g a n d im p r o v in g t h e p r o p e r t y a n d e v e n t u a lly ta k e
a t t h e r a te a s a w h o le a fte r it h a s b e e n e n la r g e d b y
out
t h e a m o u n t o f t h e in c re a se .
of
th e
hazard
th e
se c u r itie s
r e s tin g
upon
it
o r ig in a lly in h e r e n t in t h e m .
s itu a tio n
m is s io n ’ s
is
w h o lly
ru lin g
changed.
p u b lic carriers
th e
In
of
th is r e sp e c t
th e
C om
any
cou n t
t h e n e w la w t h e b u r d e n o f p r o o f is u p o n t h e carrier
to
w ith c o n fid e n c e u p o n a r e tu rn o f t h a t k in d .
The
e ffe c t
in
th e
p a r tic u la r ca se s
I t w ill r e a d ily b e r e c o g
n iz e d t h a t t h is m a k e s it m u c h m o r e d iffic u lt t o j u s t i f y
n o lo n g e r
U nder
can
degree
in
w h ic h
th e se
h ig h e r sc h e d u le
sh ow
th at
C o m m is s io n
th e
o f ra tes,
p a r tic u la r ly
as
under
h ig h e r r a te s a re w a r r a n te d .
s u p p o r ts
its
c o n t e n t io n
in
th is
The
r e sp e c t
m o m e n t o u s issu es w e re ra ised is o f fa r le ss im p o r t a n c e
b y a v e r y in g e n io u s co u rse o f r e a s o n in g , w h ic h , w h ile
t h a t t h e e ffe c t u p o n th e ra ilro a d s itu a tio n a s a w h o le .
n o t n e c e ssa r ily c o n c lu s iv e , is m u c h m o r e c o n v in c in g
F rom
th a n
th e
t im e
th e
C o m m is s io n
announced
its
con
th e
a r g u m e n ts
put
fo r th
c lu sio n s in th e s e c a se s o n F e b r u a r y 2 3 , a n e w e ra w a s
a n y o f its o th e r c o n t e n t io n s .
in a u g u r a te d
upon,
in
th e
r a ilr o a d
in d u s t r y — a n
era
in
b o th
w h ic h c o n d itio n s are v a s t l y d iffe re n t fr o m w h a t t h e y
d e a lin g
w e re b e fo r e .
W e ste rn
It
w as
of
co u rse
know n
th a t
under
in
w it h
th e
th e
Trunk
o p in io n
of
advances
in
L in e ,
by
it
in
su pp ort
of
T h e q u e s tio n is t o u c h e d
C o m m is s io n e r
r a te s
by
T r a n s -M is s o u r i
Lane
carriers
and
in
Illin o is
t h e a m e n d m e n t s m a d e la s t y e a r in th e A c t t o R e g u la t e
F r e ig h t C o m m it t e e T e r r it o r ie s , a n d in t h e o p in io n o f
C o m m e r c e , n e w a n d a lm o s t d e s p o tic p o w e rs h a d b e e n
C o m m is s io n e r
c o n fe r re d
a d v a n c e s in r a te s b y t h e E a s t e r n T r u n k L in e s o r , in
upon
th e
C o m m is s io n .
It
r e m a in e d
to
P ro u ty
t e c h n ic a l
C o m m is s io n e r L a n e g o e s in to t h e s u b je c t m u c h t h e
s e t t le d .
T h e p o w e rs d e le g a t e d
been
d e fin ite ly
are t o b e a v a ile d
of
fo r
p r e s e n tly s e e , h a s e v e n v e n tu r e d in to m a t t e r s l y in g
p o in t.
o u ts id e
its
p r o v in c e .
It
has
la id
dow n
T e r r it o r y .
m o r e c o m p r e h e n s iv e ly , le a v in g th e r e fo r e lit tle o c c a s io n
t o th e fu lle s t e x t e n t , a n d t h e C o m m is s io n , a s w e sh a ll
a p p a r e n tly
C la ssific a tio n
prop osed
That
now
O ffic ia l
th e
e x te n t.
has
in
w ith
see h o w th e s e p o w e rs w e re t o b e u se d a n d t o w h a t
q u e s tio n
te rm s,
d e a lin g
C o m m is s io n e r
P rou ty
to
e la b o r a te
M r . L a n e c ite s th e la n g u a g e o f t h e
bu rd en
o f p ro of to
sta tu te
sh ow
th e
to th e
ru les a n d p r a c tic e s n o t m e r e ly fo r a p p lic a tio n in th e
e ffe c t t h a t
p r e se n t c a s e s , b u t t o w h ic h th e c a r r ie r s, it s e e m s sa fe
in c re a se d r a te o r p r o p o s e d in c re a se d r a te is j u s t a n d
“ th e
upon
th a t
th e
692
THE CHRONICLE
reasonable shall be upon the common carrier/’ and lays
stress upon the fact that the words used are “ increased
rate” and not “ increase” in the rate. He argues
that if the latter were the case, the Commission would
be limited in its investigation to the simple question
what additional expenses had attached to the move
ment of these articles which make proper an increase
in the rate. Aside from the definite meaning attaching
to the words themselves— “ increased rate” — he under
takes to show also that it was the plain intent of
Congress to make precisely that declaration and lay
down that rule.
For more than twenty years, Mr. Lane reason*,
Congress by express statutory declaration fixed the
measure of a carrier’s charge at “ a just and reasonable
rate.
dhere was no check upon the initiative of the
carrier. Any rate filed and published in accordance
with the requirements of the law was presumed to
be reasonable, and a direct proceeding of attack, upon
complaint, was neces'sary to raise before the Com
mission the question whether or not it conformed to
the standard set by the law. For a time the tendency
of rates, owing in great part to active competition
between the carriers, was downward. Then the
carriers attempted— first by means of traffic asso
ciations, and, later, when the United States Supreme
Court had declared such associations illegal, by the
“ community-of-interest” plan— to check the downward
course. Still later there followed, according to the
Commission, “ an evident determination not only
to make rates stable, but, if possible, to bring about
their increase.” “ The Commission being unable to
stay these increases, the shippers sought from Congress
the enactment of a law by which the power would be
given to the Commission, when public reasons made
advisable such a course, to lay a restraining hand
upon the power and initiative which hitherto had
rested with the carrier without limitation or re
straint.”
It is pointed out that our National Legislature has
not, as in England, prescribed a body of maximum
rates. It has not been declared that the rates of
January 1 1910 are to be regarded as either above or
below the old and long-established standard of reason
ableness. “ The statute contains no intimation that
we arc to gauge an increased rate which is suspended
by any other measure than that by which we would
gauge any existing rate that might be complained of.”
“ The question before the Commission is that which
would have arisen had these rates gone into effect
and a formal complaint been made against them as
unjust and unreasonable.”
There is, as already indicated, much cogency and
persuasiveness in this argument. It does not strike
us that the Commissioner is equally happy in inter
preting the meaning to be attached to the words
“ the burden of proof shall be upon the common carrier.”
It had been urged on behalf of the railroads that there
should be a strict interpretation of this language,
along lines of judicial reasoning in civil and criminal
cases. For ourselves we are inclined to think that
that was the construction which the framers of the law
intended should be put upon it. But Mr. Lane
argues that the language should have “ a common
sense meaning.” He says that examination into
the specific provisions of the Act, especially into those
of Section 13, makes it clear that a complaint before
[VOL. L X X X X I I .
the Commission was not intended to be regarded in the
same strict and hard light as a complaint in an action
at law. Therefore, “ it is not within belief that
Congress intended, by the language now under con
sideration, to convert this Commission into a tribunal
which should merely determine as between two sides
the preponderance of evidence and base its decisions
upon technical and somewhat archaic rules of evi
dence.” The railroad must assume to prove to the
Commission that the new and increased rates are just
and reasonable. “ And to say that they must prove
this, is to say that they must satisfy our minds of this
fact.”
It is to be noted, however, that while the Com
mission lays down in this broad and general way the
rules which it feels must govern its action in judging
of the propriety of higher schedules of rates, the
Commission has evidently not deemed it altogether
safe to confine the inquiry within these lines. Nor
are the conclusions of the Commission stated in lan
guage that would indicate adherence to the defini
tions it seeks to lay down. For instance, Com
missioner Prouty, in his general summing up, in the
case of the Eastern Trunk Lines, uses this language:
“ We are of the opinion that the defendants have
not justified these advances from a revenue stand
point.” Further along he speaks in the same way
and says: “ Upon a view of the whole situation we
hold that these defendants have not established such
a need for additional revenue as justifies at this time
an increase in these rates.” Nevertheless, the conten
tion that the Commission cannot consider “ an increase”
in the rate, but must hold in view merely the “ in
creased rate,” is disturbing in its bearing on the
future.
THE REPORT OF THE UNITED STATES STEEL
CORPORATION.
The United States Steel Corporation makes so many
periodic returns through the course of the year that
security holders and the general public arc always
informed as to the character of the year’s results
well in advance of the time when the annual report
makes its appearance. One thing, however, the
annual report invariably does impress upon the mind
of the reader, and that is the magnitude of the Cor
poration’s income and operations and the large margin
of surplus remaining on the yearly operations above
the requirements for dividends.
The fiscal year of the company runs parallel with the
calendar year and the present report covers the twelve
months ending Dec. 31 1910. Taken as a whole, this
12-month period is supposed to have been a good one and
marked by considerable activity. Conditions, how
ever, were not favorable all through. There was a
diminution in activity as the year progressed. In
this the situation was precisely the reverse of that
prevailing in the previous calendar year, when the
volume of business kept steadily rising. In 1910 the
country’s industries experienced some decline the
latter part of the year, and as the steel trade is always
a more or less accurate barometer of industrial condi
tions, the Steel Corporation’s profits and transactions
reflected this reactionary state of general trade. As
far as net earnings are concerned, these may be said
to have held up well during the first nine months to
Sept. 30. For the March quarter the net was $37,-
M a r . IS 1911.
THE CHRONICLE
GIG,876, for the June quarter it was $40,170,900 and
for the September quarter it was $37,365,187. In the
last quarter there came a sharp falling off, the amount
of the net decreasing to $25,901,730; and the most
striking feature about the decline was that each month
showed a lower total than the month preceding. For
instance, while the net for October was $10,512,130,
that for November was only $8,228,857, while that
for December was no more than $7,160,742. If, now,
we contrast this small result for December with the
$14,684,001 net recorded for March, which was the
best month of the year, we get an idea of what a
relapse from activity to stagnation means to a concern
like the Steel Corporation, undoubtedly the largest
industrial concern in the world. The report tells us
that, based on production of finished products for sale,
the output of the first nine months equaled about
85% of normal maximum capacity. During the last
quarter there was a fall to 67% of normal capacity,
while for the entire year the output was at the rate of
about 80% of the capacity.
These facts are important because they are necessary
to a correct interpretation of the year’s results. They
make it plain that while the volume of business done
in 1910 by the Steel Corporation substantially in
creased over the twelve months preceding, the year on
the whole was one of only fair average activity— the
volume of business as we have just seen being only
about 80% of capacity. And yet notwithstanding
this state of things the net earnings reached $141,054,
754 and were better than those for 1909 in amount of
over 9J/£ million dollars. Had the March maximum
of $14,684,001 obtained all through the year, the net
for the twelve months would have been $175,000,000.
On the other hand, had the December minimum of
$7,160,712 prevailed, the total of the net for the
twelve months would have been less than $86,000,
000.
Note now what kind of an income showing the com
pany is able to make on the basis of net of $141,054,
754, representing work to the extent of 80% of ca
pacity. After making provision for sinking fund
contributions and for depreciation and other funds,
profits of no less than $87,407,184 remained. The
company is paying 7% dividends on the preferred
stock, calling for $25,219,677 per year, and 5% on the
common stock, calling for $25,415,125. The total
dividend requirement was $50,634,802, as against the
$87,407,184 of profits available,showing,therefore, an
excess of profits in amount of $36,772,382. Out of
this latter $15,000,000 was appropriated on account of
expenditures for additional property, new plants, &c.,
$10,000,000 was specifically set aside for account of
construction expenditures at the new Gary plant and
$1,000,000 was contributed to a reserve fund to cover
advanced mining royalties. Even after all these de
ductions there remained a surplus on the operations
of the twelve months in the sum of $10,772,382.
We need hardly say that the $26,000,000 special
appropriations just enumerated did not constitute the
whole of the year’s contributions for replacement and
depreciation purposes and in extinguishment of capital
obligations. The contributions made in the regular
way were of equal magnitude. The company’s sink
ing fund contributions aggregated $8,057,130 and its
contribution to the depreciation and extraordinary
replacement funds was no less than $22,140,556,
693
making together $30,197,686. Adding the special
appropriation of $26,000,000, we get a grand total of
$56,197,686 of earnings applied in that way.
•Put in another way, the company distributed $50,
634,802 in dividends on both classes of shares and ap
plied an even larger amount, or $56,197,686, in al
lowances for depreciation, replacement, additional
property and new plants and the discharge of capital
obligations, and even then had a surplus balance left
on the business and operations of the twelve months,
in the sum of $10,772,383.
|
A particularly satisfactory feature of the company’s;
operations is its foreign business, except for the devel
opment of which the year’s general results would not/
have been nearly so good. The export shipments for
the twelve months reached 1,223,496 tons, against
1,009,746 tons in the calendar year 1909, and prac
tically the whole of this consisted of rolled steel and
other finished products. Chairman Gary points out
that the tonnage shipped for export in 1910 was the
largest of any year since the organization of the com
pany, thus evidencing the satisfactory progress made
in the extension of this branch of the Corporation’s
business. The advantages which accrue from the
possession of a fair volume of export trade are of course
obvious.
We have in previous annual reviews directed atten
tion to the magnitude of the appropriations that have
been made out of the earnings of the various proper
ties since the organization of the company on April 1
1901, a period of less than ten years. But with each
succeeding year, as the same process of devoting
enormous amounts of earnings to the making of im
provements and the construction of new plants, &c.,
is kept up, the results become more impressive. Ac
cording to the balance sheet, the undivided surplus of
the Steel Corporation and its subsidiary companies
aggregated on Dec. 31 1910 $164,143,158. Of this,
only $25,000,000 was provided at organization. The
other $139,143,158 has been accumulated out of earn
ings. Moreover, this is entirely independent of $20,
092,728 standing to the credit of sundry reserve funds.
It is also independent of the amount of surplus appro
priated to cover certain specified capital expenditures
— and representing only appropriations of this charac
ter made since Jan. 1 1908 (all previous appropriations
of this character having been charged off the books)—
this appearing in the balance sheet at $40,000,000.
The total of these three items, it will be observed, is
$224,235,886.
This, however, reveals only a portion of the actual
amount of earnings applied in the ways indicated.
As previously pointed out by us, large sums taken
from earnings and applied for additions or in dis
charge of debts no longer appear in the accounts, hav
ing been marked off the books from among the assets,
with corresponding reductions on the liabilities side.
There is a statement in the report which gives the ac
cumulated surplus for the period from April 1 1901
(the date of organization of the company) to Dec. 31
1910 after the deduction of charges and the payment
of dividends; the surplus thus given amounts to
$308,266,083. It is important to bear in mind,
though, that this is the surplus after the yearly sinking
fund contributions, and also after the appropriations for
the depreciation and extinguishment funds and the
extraordinary and special replacement funds. These
694
THE CHRONICLE
[V o l .
l x x x x ii.
was $3,395,300, secured by the reserve funds of the
years from 1909 to 1921, inclusive, proportioned as fol
lows: For the year 1909, $135,300; 1910, $220,600; 1911,
$290,000;
1912, $399,200;
1913, $342,100; 1914,
$399,500;
1915, $355,000;
1916, $373,800; 1917,
$268,700;
1918, $282,100;
1919, $297,900; 1920,
$23,500; 1921, $7,600.
As the city of New Orleans collects its revenues, the
E A R N I N G S A P P L IE D IN IM P R O V E M E N T S A N D E X T E N S I O N S .
amount set aside for the reserve fund, by which the
Aggregate net Income (above charges and above contributions
certificates are secured, is used to retire these certifi
to various funds) from date of organization (April 1 1901)
to D ec. 31 1 9 1 0 ________________________________________________ $702,192,069
Dividends paid—
cates. As the taxpayers of that city have three years
On preferred stock (68 H % ) ____________________$269,414,629
On com m on stock (2 4 J ^ % )____________________ 124,512,257 393,926,886
in which taxes can be paid, with interest accrued,
S u r p lu s _______________________________________________________ $308,266,083
before legal proceeding for the sale of property can
A d d contributions to sinking funds, to depreciation and ex
tinguishment funds and to extraordinary and special re
be taken, the city is allowed by law three years’ time in
placement and Improvement funds—
Calendar year 1 9 1 0 . . . _________ ______________ $30,197,686
which to redeem the certificates. In other words,
do 1909.......... ....................... ................
do
29,348,870
do 190 8 __________________ _________
do
22,350,384
do 1907________ _________________
do
32,857,241
all the certificates secured by the reserve fund of 1909
do 1906_____________ .
.
do
34,707,335
do
do 1905_________________ _______ _
27,405,062
must be paid before 1912 or the city of New Orleans
do 1904__________________ i _______
do
18,207,328
do 1903______________________
do
29,292,866
will be in default on these certificates issued against
do 1902_____________________
do
27,814,389 252,181,161
the reserve fund of 1909 that are still outstanding.
Aggregate amount of net earnings put Into property_______ $560,447,244
If
not paid by that time, the certificates would become
It thus appears that in the period of less than ten
a
part
of the floating indebtedness of the city.
years since this gigantic concern came into existence,
The
certificates, in addition to bearing five per cent
it has taken out of earnings and put into the property
interest
annually until retired, are now issued in
and applied to its improvement, enlargement and
coupon
form. Being printed on a nice quality of
extension the enormous sum of $506,447,244— a sum
green
paper,
it is easy to understand how persons
almost equal to the whole amount of common stock
who
have
not
taken the trouble beforehand to in
outstanding at $508,302,500. We may repeat, there
vestigate
these
securities might mistake them for
fore, what we said last year, namely that whether this
public
improvement
bonds of the city of New Orleans.
common stock originally represented a cash investment
Conservative bankers of New Orleans declare that
or not, it has now been practically paid for out of
the distribution of these paving certificates in Northern
earnings.
_____________________
financial centres in the guise, apparently, of bonds,
NEW ORLEANS AND ITS PAVING
tends to injure the credit of that city abroad, if not
CERTIFICATES.
at home. Already the city of New Orleans has found
[Communicated by our correspondent at New; Orleans.]
considerable
difficulty in selling the unsold portion
Conservative banking interests in the city of New
of
the
remaining
$7,000,000 of an authorized issue of
Orleans were somewhat disturbed recently by the
$8,000,000
of
new
public improvement bonds. These
discovery that paving certificates issued by that
municipality to contractors, in lieu of cash, for street bonds, issued under constitutional sanction of the
improvements, were being distributed in Northern State, and based on the surplus funds that arise from
investment circles under the guise, more or less, the collection of a special tax of 12 mills devoted to
of “ public improvement bonds of New Orleans.” the bonded indebtedness of the city, have, however,
Disclosures to this effect resulted from the receipt of a security which does not attach to the paving certifi
letters from banking institutions ; in the Central West cates. The payment of these bonds is enforceable
inquiring as to the character of these so-called bonds. by law, but such is not the case with regard to the
Inasmuch as a market for this class of city securities paving certificates, in which it is evident that interested
has been found in the North, a statement of facts parties have been carrying on a large traffic, doubtless
concerning the issuance of paving certificates by the by means of joint accounts.
Inasmuch as these paving certificates are offered
city of New Orleans may be of interest to readers of
by contractors to a certain class of financiers at some
the “ Chronicle.”
The financial basis of these paving certificates, which what of a discount from their face value, and are being
are simply certificates of indebtedness and nothing purchased almost at par by Northern investors, a
more, is what is known as the reserve fund of the handsome profit can be made in handling these
annual budget of New Orleans. This reserve fund is securities. If, however, as seems to be the case, in
the equivalent of 20 per cent of the city’ s alimony vestors are being induced to buy these paving certifi
of 1 per cent of the entire assessed valuation of prop cates under the pretense, to speak plainly, that they
erty in New Orleans. The amount set aside for the are public improvement bonds of the city of New
reserve fund varies according as assessments rise or Orleans, a halt should be called by the conservative
fall and in proportion to the percentage of taxes banking interests of that city on such transactions.
In considering the financial question involved in
actually collected out of any given assessment annually.
the
issuance of these certificates, three points naturally
Some years ago permission was given by the Louis
present
themselves to a thinking mind. In the first
iana Legislature for the city of New Orleans to an
place,
the
debt of the city of New Orleans is being
ticipate its reserve funds for a period of ten years.
added
to;
secondly,
the manner in which it is being
At the last regular session of the Louisiana Legislature,
1
added
to;
and,
third,
the increased cost to the city
the period of anticipation was increased to fifteen
years. The law wisely limits the amount of certifi itself.
The financial history of New Orleans shows at least
cates that can be issued against the reserve fund
one
instance where certificates of indebtedness were
of any one year to $400,000. Up to February 20
transformed
into a part of the bonded indebtedness
the total amount of outstanding paving certificates
appropriations have been of very large extent. Fol
lowing the plan pursued by us in previous years, we
undertake to show in the table we now introduce what
these appropriations and contributions aggregate for
the whole of the period since the inception of the enter
prise. We start with the recorded surplus of $308,
266,083 and then add the amounts which were de
ducted each year before arriving at the surplus.
M a r . 18 1911. j
THE CHRONICLE
of that city, an item of 8233,000 figuring in the last
semi-annual statement of the Board of Liquidation
of the city debt of that city, and put down as “ floating
debt bonds” , being evidence of that fact. Certainly,
too, the method by which these certificates are issued
is not such as to inspire confidence in their security,
as the proper safeguards are not thrown around their
issuance. If the reserve fund of the city of New
Orleans can be anticipated for fifteen years, as now
authorized, why can it not be anticipated for fifty
years? The only difference is one of degree. As to
the increased cost of public improvements made by
means of the certificate method, there can be no two
ways of thinking. The fact is obvious that con
tractors include in the cost of work any depreciation in
the paper in which they are paid.
The rule among progressive American cities is to
sell bonds, at par if possible, and to pay cash for
paving and other public improvements, thus getting
the work done on the cheapest possible basis. By this
method the city saves what the contractors and
certain financial interests might make out of the
certificates issued for public improvement purposes.
AMERICAN SHARES LISTED IN PARIS.
It is announced by Ladenburg, Thalmann <fc Co.
of this city that sanction of the French Government
has been obtained for listing of the shares of the
common stock of the Philadelphia Company on the
Official Market (Parquet) of the Paris Bourse and
that the introduction will take place on March 20.
It is understood that a syndicate headed by Thalmann
&Cie. of Paris has purchased a large block of the
shares, which will be in the form of “ bearer certifi
cates” issued by the New York Trust Company.
It is somewhat remarkable that the common stock
of a public service corporation should be the first
American issue to be listed for trading in Paris. The
Philadelphia Company, however, is a wonderful
corporation in some respects. The adjective Phila
delphia is a misnomer, as all of the properties of the
company are located in and around Pittsburgh or in
the natural gas territory of West Virginia, The
company was organized in 1884 originally as a naturalgas company, and Philadelphia capitalists, notably
members of the Widener-Elkins group, were among
the organizers, which accounts for the name selected.
The company possesses an old charter which in
Pennsylvania is known as an “ omnibus charter” , as it
confers the right to engage in almost any kind of
business, a right which has become valuable, as the
company is now engaged in various occupations,
although it is practically a holding company with
actual operations being conducted by subsidiary
companies.
The Philadelphia Company owns the Pittsburgh
Railways Company, which operates about (100 miles
of tracks of street railways in and about Pittsburgh.
It owns gas companies making artificial gas for
illuminating purposes and having the exclusive right
to manufacture illuminating gas in Pittsburgh. It
also supplies electric current, but perhaps its chief
source of revenue is derived from its natural gas fields,
which supply gas for fuel and incidentally produce
some oil.
The company has outstanding 86,000,000 of 5 per
■cent non-cumulative preferred stock and 836,000,000
695
of common, par being 850. Dividends have been
paid upon the common stock for 17 years. Starting
in 1894 with 5 per cent, the dividend was omitted in
1896 and 1897, but resumed at 4 per cent in 1S98,
restored to 5 per cent in 1900, advanced to 6 per cent in
1902, which was maintained until 1910, when an extra
dividend of 1 per cent was declared, making 7 per cent
for that year. There are about 825,000,000 of bonds
outstanding, a small portion of which is convertible
into common stock.
A controlling interest in the Philadelphia Company
is vested in the United Railways Investment Company
of San Francisco. Bankers who financed the street
railways of San Francisco after the earthquake and
fire of 1906 found that it was advisable to have some
outside source of income for the San Francisco com
pany during the process of rehabilitation and pending
the restoration of traffic in that city to normal con
ditions. For this purpose a controlling interest in
the Philadelphia Company was bought, the stock
thus acquired being deposited as collateral for bonds
which partly paid for the shares. The issue of collat
eral trust bonds is now 818,150,000. This financing
has been of advantage to the United Railways Invest
ment Company, as the income which it derives from
ownership of Philadelphia Company stock is much in
excess of the interest paid upon the collateral trust
bonds.
Philadelphia Company stock is listed at the New
York Stock Exchange and at the Philadelphia Stock
Exchange and heretofore the chief market for the
stock has been in Philadelphia. Of late the market
value of the preferred stock has been around 843 and
the common has sold at 853, advancing on Friday
to 854
______________________
RAILROAD GROSS AND NET EARNINGS FOR
JANUARY.
Our January compilation of the gross and net
earnings of United States railroads makes it evident
that conditions in the railroad world remain much as
they have been ever since the new fiscal year opened
the first of last July—in other words, that the course
and tendency of the revenues, gross and net, remains
unchanged. There would be no occasion for empha
sizing this declaration except that the comparisons for
December had been very much better than those for
the months preceding. We pointed out, however, in
reviewing the December totals (which showed 815,
067,962 gain in gross and 82,175,077 gain in net,
the latter the only record of increase in any month
of the last half of 1910) that the improvement followed
wholly as a result of exceptional circumstances affecting
the comparisons, more particularly the fact that in the
case of the Western roads comparison was with very
adverse weather in the previous year, and also, in the
case of the Northern trans-continental lines, with the
period of the switchmen’s strike. It appeared unlikely,
therefore, that similar favorable comparisons would
be found in future months.
This view our compilation to-day confirms. Speak
ing of the roads collectively, the aggregate of gross
earnings still shows an increase, but the gain is rela
tively slight, amounting to 84,982,454, or 2.50%.
The augmentation in expenses has been of yet larger
extent, amounting to 87,316,293, and accordingly
there is a loss in net in the sum of 82,333,839, or nearly
■
THE CHRONICLE
696
4y<t% . It is proper to say that the exhibit would be
much less satisfactory were it not that the Western
roads in their comparison for January had much the
same advantages as they had in December. That is
to say,the effects of the bad weather and other adverse
circumstances which existed in December 1909
extended in no small measure into January 1910,
diminishing at that time both gross and net earnings.
The present year, on the other hand, the weather
scarcely anywhere operated as a drawback (exception
should be made of a very limited locality in Montana,
Nevada and California, where interruption to the
movement of overland trains occurred) and thus a
sharp contrast was presented between the two years,
operating to produce important gains in revenues on
the roads more immediately concerned.
It is to be noted, too, that the good crops of last
season are operating in favor of Western roads, and
that Southern roads are enjoying a larger cotton
movement. Furthermore, both these groups of roads
do not feel the effects of the reaction in general trade in
the way, or to the extent, that the roads east of the
Mississippi and north of the Ohio do. In these latter
instances where the great railroad systems gridiron
the manufacturing and mineral districts, the reaction in
trade has brought with it a reduction in the volume
of tonnage, while at the same time it has been found
impossible thus far to cut down expenses to any great
extent, owing to the rise in wages. It will appear, as
we proceed with our analysis, that the character of the
exhibits differs widely between Western and Southern
companies on the one side and Eastern companies on
the other side.
Our compilations are based, as usual, on the returns
filed with the Inter-State Commerce Commission at
Washington. As has so often been pointed out by
us, all the railroads in the country (barring only a few
minor lines operating exclusively within State boun
daries) are obliged to render statements each month
to the Inter-State Commerce Commission. The re
turns when filed are open to public inspection, and we
have transcripts of them made for our own use. These
transcripts come to us in large numbers from day to
day, and about the 20th of the month we bring them
all together in a special supplement, called our “ Rail
way Earnings Section.” One of the monthly numbers
of the “ Railway Earnings Section” accompanies to
day’s issue of the “ Chronicle,” and in it the reader
will find the January figures in detail for eveiy railroad
which had rendered its returns for that month up to
yesterday morning. The summaries we present in
this article are the aggregates derived from the state
ments of these separate roads. From the figures
given in the following it will be seen that our general
totals cover altogether an aggregate of 225,862 miles,
being over 95% of the total railroad mileage of the
country.
J a n u a ry (769 roads)—
1911.
Miles of r o a d ..........................
225,862
Grosseamlngs......... ............... $204,168,709
Operating expenses................. 153,222,365
Net earnings............................$50,946,344
1910.
221,941
$199,186,255
145,906,072
— Increase or Decrease —
A m o u n t.
%
Inc.
3,921
Inc. $4,982,454
Inc. 7,316,293
$53,280,183 Dec.
2,333,839
1.76
2.50
5.01
4.38
When arranged in groups, the distinction between
the character of the statements of Eastern roads and
most of those in other parts of the country is brought
prominently to view. In the first three groups, com
prising the lines in New England, those in the Eastern
and Middle States and those in the Middle West,
[VOL. L X X X X I I .
there is in each instance a falling off in net, and the
third group even records a decrease in the gross. The
remaining groups all have gains in gross and net alike.
Our summary by groups is as follows:
SUMMARY B Y GROUPS.
-Gross EarningsIncrease ( + ) or
Decrease (— ).
1911.
S
10,002,196
51,061,089
28,935,654
30,078,529
42,304,441
36,078,620
5,708,180
1910.
$
9,434,280
50,544,139
29,844,150
27.744,677
41,897,321
34,363.097
5,358,585
$
+567,916
+516,950
— 908,502
+2,333,852
+ 407,120
+ 1,715.523
+349,595
%
6.02
1.02
3.05
8.41
0.97
4.99'
6.52
Total (769 roads).............................204,168,709
199,186,255
+ 4,982,454
2.50-
J a n u a ry.
Section or G ro u p —
Group 1 (27 roads) New E n gland...
Group 2 (133 roads) East & Middle.
Group 3 (98 roads) Middle Western.
Groups 4 & 5 (157 roads) Southern.
GroupsO & 7 (106roads) Northwest.
Groups 8 & 9 (181 roads) Southwest.
Group 10 (67 roads) Pacific Coast..
-N e t
--- Mileage--1911.
Group No. 1----------------- 7,513
Group No. 2 ----------------- 25,608
Group No. 3 ----------------- 25,927
Groups Nos. 4 & 5 _____ 40,586
Groups Nos. 6 & 7 _____ 61,132
Groups Nos. 8 & 9 _____ 54,686
Group No. 10___________ 10,410
i910.
7,436
25,643
25,849
40,172
59,865
53,229
9,748
1911.
E a rn in gs~
1910.
Increase ( + ) <w
<— L
Decrease
2,500,786 2,577,698
— 76,912 2.98
12,242,030 14,138,497 — 1,896,467 13.41
5,592,133
8,283,904 — 2,691,771 32.51
...... ............ 9,000,284
+269,580 3.00'
9,269,864
+ 682,163 7.01
10,407,747 9,725,584
9,281,063 8,058,494 +1,222,569 15.17
+156,999 10.50
1,652,721 1,495,722
T o ta l.............................225,862 221,942 50,946,344 53,280,183 — 2,333,839
4.38
NOTE .— G roup I . Includes all of the New England States.
G roup I I . Includes a LI of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
G roup I I I . Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
G roups I V . and V . combined include tho Southern States south of the Ohio and
east of the Mississippi River.
G ro u p s V I . and V I I . combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
G ro u p s V I I I . and I X . combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
G roup X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
For the separate roads the showing is much thesame. The Pennsylvania RR. furnishes a conspicu
ous indication of less favorable results. On the lines
directly operated East and West of Pittsburgh and
Erie this system reports a loss in gross of $1,353,168
and a loss in net of $1,638,355; including all the lines
owned, leased, operated and controlled, the result for
the whole Pennsylvania system is a loss of $1,166,889 in
gross and of $1,898,577 in net. The return of the
New York Central is of like character. The Central
proper has $286,6C0 increase in gross, with $500,832
decrease in net; including the various auxiliary and
controlled roads, the result for the New York Central
system is a gain of $72,105 in gross but a loss in net
of no less than $1,897,184. These figures indicate the
part played by increasing expenses in the exhibits
of these roads. The Baltimore & Ohio, too, falls
behind, and not merely in the net, but also in the gross.
Several of the Western trans-continental lines are also
obliged to report heavy losses in both gross and net.
In this we refer to the Great Northern, the Southern
Pacific and the Union Pacific. We have already indi
cated that there were some impediments to the running
of overland trains the present year in January by
reason of adverse meteorological conditions in a limited
territory, embracing Montana, Nevada and a part of
California; doubtless that explains why these roads
have done poorly when other roads in the western
half of the country are able to submit quite gratifying
exhibits. The Atchison, the Rock Island, the Missouri
Kansas & Texas, the Chicago & North Western and
the Missouri Pacific all report improvement in both
gross and net. The Southern Ry. has $389,321
gain in gross and $101,852 gain in net, but the Louis
ville & Nashville, with $87,099 increase in gross, has
THE CHRONICLE
Mar . 18 1911.1
suffered a reduction of $138,592 in net. In the
following we show all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and both in the gross and in the net:
P R IN C IP A L C H A N G E S IN GROSS E A R N IN G S IN J A N U A R Y .
Atch Top & Santa F e ------Illinois Central------------------Chicago Mllw & St P a u l-.
Chicago & North Western
Southern R ailw ay------------St Louis & San Francisco.
San Ped I, A & Salt L a k e.
N Y Central <fe Hud River
N Y N II & Hartford------Rock Island_______________
Missouri Kansas & T e x a s.
Michigan Central..................
Lehigh V alley------------------Delaware & H udson--------Yazoo & Miss Valley...........
Chesapeake & Ohio----------Chicago Mllw & Pug S d ._
Chicago & A lton --------------Seaboard Air Line________
Central of New Jersey____
Boston & M aine___________
Virginian .......................
Norfolk & W estern_______
Nashv Chatt & St L o u s l..
St Louis Southwestern___
486,637
482,956
463,563
389,221
331,185
315,342
a286,660
273,786
c236,637
c236,259
206,815
2 0 6 ,o87
196,625
169,310
168,455
159,241
156,598
154,609
152,319
151,088
150,186
148,546
144,382
141,542
Atlantic Coast Lin e............. ^ HI 3^774
Central of Georgia________
125,637
Missouri Paclllc___________
118,431
Eric ..........................
107,958
Chicago St Paul Minn & O
106,297
Representing 30 roads
In our compilation___$6,899,472
D ecrea ses.
Pennsylvania ___________ j/$ l,3 5 3 ,1 6 8
Great Northern....................
777,029
Southern Paclllo_________
C406.416
Northern Pacific_________
338,679
Pitts & Lake E r ie ..............
321,076
Chicago Hurl & Q u in c y ..
313,899
Union Paclllc_____________
267,490
Lake Shore & Mich S o u ..
157,370
Baltimore & Ohio________
146,757
Elgin Joliet & Eastern___
144,266
Hocking V alley___________
103,561
Philadelphia & R e a d in g ..
100,075
Representing 12 roads
In our com pilation___ $4,429,786
N o te .—
All the figures In the above arc on the basis of the returns filed
with the Inter-State Commcrco Commission. W here, however, these
returns do not show the total for any system , we have combined the sepa
rate roads so as to make the results conform as nearly as possible to those
given In the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central Itself.
Including the various auxiliary and controlled roads, like the Michigan Cen
tral, the Lake Shore, the “ Big Four,” the ‘ ‘ Nickel P late,” &o., the whole
going to form the N . Y . Central S i /s t e m , the result Is a gain of $72,105 .
c These figures arc furnished by hte company.
V These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $548,327 decrease and the W estern lines
$ 8 04 ,84 1. For all lines owned, leased, operated and c o n tr o lle d , the result
for the month Is a loss of $1,166 ,8 8 9 .
P R IN C IP A L C H A N G E S IN NET E A R N IN G S IN J A N U A R Y .
D ecrea ses.
In crea ses.
Chicago & North Western
Atch Topeka & Santa F e .
Illinois Central------------------Northern Paclllc--------------Rock Island----------------------Missouri Kansas & T e x a s.
St Louis & San Fran_____
Yazoo & Miss V a lley_____
San Ped L A 4 Salt L a k c.
Lehlgh V a lley......................
Chicago Burl & Q u in c y ..
Southern R ailw ay________
Missouri Paclllc___________
$ 688,211
542,446
362 ,045
324 .979
C254.661
C195.412
187,218
172,181
145.979
106,866
102 ,940
101,852
101,652
Representing 13 roads
In our com pilation___$3,286,442
TDpcyph
Pennsylvania __________ t/$ l,6 3 8 ,3 5 5
Southern Paclllc________ c682,608
Great N o r th e r n .................
N Y Central & Hudson RIv
Lake Shore & Mich S o u ..
Baltlmore & Ohio________
Pitts & Lake Eric________
Clev Cine Chic & St Louis.
Union P acific.....................
N Y Chicago & St Louis. .
Perc Marquette___________
W abash____________________
Chic Mllw & Puget Sound
Del Lack & W estern--------Louisville & Nashville—
Michigan Central--------------Texas & Pacific___________
Hocking V alley....................
Norfolk tt W estern_______
$598,970
a500,832
398,773
390,314
288,458
240,635
221,372
173,021
164,883
162,574
148,956
148,402
138,592
123,832
122,356
113,536
108,621
Representing 19 roads
In our compilation___ $6,365,090
a These figures cover merely the operations of the New York Central Itself.
Including the various auxiliary and controlled roads, like the Michigan Cen
tral, the Lake Shore, the “ Big Four,” the "N ick el P late,” & c., the whole go
ing to form the N . Y . Central S u s t c m , the result Is a loss of $ 1 ,897,184.
c These figures arc furnished by the company.
V These llgures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $934,229 decrease and the Western
lines $704,126 decrease. For all lines owned, leased, operated and c o n tr o lle d , the result Is a loss of $ 1 ,898,577.
In considering the significance of the increase in
expenses the present year, the fact should not be lost
sight of that in the previous year also the augmenta
tion in expenses was one of the noteworthy features
of the returns. The matter did not attract so much
attention at the time because it was supposed to be
due in large measure to unfavorable weather condi
tions. According to our own compilations for January
1910, comprising 229,201 miles of road, there was a
gain in gross earnings of no less than $26,424,228, but
this tremendous gain yielded an addition to net of only
$6,330,807, owing to an augmentation in expenses in
amount of over $20,000,000. The figures presented by
the Inter-State Commerce Commission some time later,
and covering 236,758 miles, made the gain in gross
$27,652,394 and the gain in net $6,918,037, thus dis
closing an even larger increase in expenses.
In the following we furnish a summary of the January
comparisons for the last sixteen years. For 1910 and
1909 we use the Inter-State Commerce totals, but for
preceding years we give the results just as registered by
our own tables each year— a portion of the railroad
mileage of the country being always unrepresented in
the totals, owing to the refusal of some of the roads to
give out monthly figures for publication.
697
Gross Earnings'.
N e t E a rn in gs.
Y ear.
Y ear
G iven .
Jan.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
S
53,316,855
51,065,589
60.345,290
63,149,988
78,264,483
90,514,376
99,888,443
100,840,997
101,839,230
103,641,710
128,566,968
133,840,696
135,127,093
182,970,018
210,302,220
204,168,709.
Y ea r
Preceding.
In crease or
D ecrease.
Y ear
G iven .
$
48,726,980 + 4,,589,875 15,494,
54,615,619 — 3, ,550,030 14,277,
52,705,271 + 7 , 640,019 17,833
58,753,141 + 4, 396,847 18,744,
66,312,140 + 11 , 952,343 26,384,
81,878,382 + 8 , 635,994 30.135,
91,517,103 + 8 ,371,340 32,993,
92,230,740 + 8 , 610,257 30.021,
106.687.145
847,915 24,043
96,912,364 + e ! 729,346 26,583,
106,741,980 + 21 , 824,988 38,673,
123.664,603 + 10 , 176,033 36,287,
155,152,717 — 20, 025,624 29,659,
173,352,799 + 9 , 617,219 50,295,
182,649,826 + 27, 652,394 57.298,
199.186.255 + 4,,982,454 50,946,
Y ea r
Preceding.
Increase or
Decrease.
$
S
+2,304,568
— 1,116,571
+3,232,349
+ 1,296,415
+ 5,894,200
+ 4,224,050
+ 2,551,913
+276,406
— 8,095,639
+3,044,947
+ 11,676,497
— 809,874
— 11,496,346
+ 9.258,762
+ 6,918,037
— 2,333.839
,189,595
,394,495
601,313
447,630
.489.925
911,701
,441,463
745,477
139,525
538,414
996,772
096,918
155,587
036,612
380,608
280,183
N o te . — In 1896 the number of roads Included In the month of January was 135
in 1897. 127: In 1898, 130: In 1899. 115: In 1900, 114: In 1901, 130: In 1902, 109;
in 1903, 105: In 1904, 103: In 1905, 94; In 1906, 100; In 1907, 97. In 1908 the
returns were based on 157,629 miles of road; In 1909, 231,970; In 1910, 236,758
In 1911, 225,862
T H E S U P R E M E C O U R T D E C ISIO N R E G A R D IN G T H E
C O R PO R A TIO N T A X .
The constitutionality of the Federal Corporation Tax
Law, as enacted under the Payne-Aldricli Tariff Bill of
August 5 1909, was upheld by the United States Supreme
Court in an opinion handed down on the 13th inst. and de
livered by Justice Day. The general decision covered fifteen
actions and was unanimous. In three other cases it was
decided that the law does not apply, namely, the Cushing
Real Estate Trust of Boston and the Department Store Trust
of Boston—both of which are held to be exempt on the
ground that they were organized under the common law and
not under any statute—and the Minneapolis Syndicate, a
real estate concern, which it is maintained is not amenable
to the law inasmuch as it was not “doing business’’ within
the meaning of the act, since real estate formerly held
has passed out of its control. All the actions questioning
the validity of the law were carried to the Supreme Court a
year ago. They were argued last March before a bench of
eight members, but with the death of Justice Brewer were
assigned on May 31 1910 for re-argument at the October term
of the Court before a full bench.
As is known, the tax applies to “every corporation, jointstock company or association organized for profit and hav
ing a capital represented by shares, and every insurance
company now or hereafter organized under the laws of the
United States or of any State or Territory of the United
States or under the Acts of Congress applicable to Alaska
or the District of Columbia, or now or hereafter organized
under the laws of any foreign country and engaged in busi
ness in any State or Territory of the United States or in
Alaska or in the District of Columbia.”
The principal attack on the latv was in the contention that
although designated an excise tax, it was in reality a tax on
the incomes of corporations, and therefore unconstitutional.
The law stipulates that those to whom it is applicable “shall
be subject to pay annually a special excise tax with respect
to the carrying on or doing business by such corporation.”
The Court holds that this makes it an excise tax, inasmuch as
it is “ a tax u p o n the d oing o f busin ess with the advantages
which inhere in the peculiarities of corporate or joint-stock
organizations of the character described.” The opinion says:
It Is apparent, giving all the words of the statute elfect, that the tax Is
Imposed not upon the franchises of the corporation. Irrespective of their
use In business, nor upon the property of the corporation, but upon the
doing of corporate or Insurance business, and with respect to the carrying
on thereof In a sum equivalent to 1 % of the entire net Income over and
above $5,000 received from all sources during the year; that Is, when Im
posed In this manner. It Is a tax upon the doing of business with the advan
tages which Inhere In the peculiarities of corporate or joint-stock organi
zation of the character described.
A s the latter organizations share many benefits of corporate organization.
It m ay be described generally as a tax upon the doing of business In a cor
porate capacity.
Continuing the Court adds further:
This tax, it Is expressly stated. Is to be equivalent to 1 % of the entire
net Income over and above $5,000 received from all s o u r c e s during the year
— this Is the measure of the tax explicitly adopted by the statute. The
Income Is not limited to such as Is received from property used In the busl
ness, strictly speaking, but Is expressly declared to be upon the entire
net Income above $5,000 from all sources, excluding the amounts received
as dividends on stock In other corporations, joint-stock companies or asso
ciations or Insurance companies also subject to the tax. In other words,
the tax Is imposed upon the doing of business of the character described,
and the measure of the tax Is to be the Income, with the deduction stated,
received not only from property used In business, but from every source.
This view of the measure of the tax Is strengthened when we note that as
to organizations under the laws of foreign countries the amount of net In
come over and above $5,000 Includes that received from business transac
tions and capital Invested in the United States, the Territories, Alaska
and the District of Columbia.
Justice Day undertakes to show the distinction between
the income tax law of 1894, which was declared unconstitu-
tional, and the law under review. The present Act, he says,
“does not impose direct taxation upon property solely be
cause of its ownership, but the tax is within the class which
Congress is authorized to lay and collect, under Article I,
Section 8, Clause I of the Constitution, and described gener
ally as taxes, duties, imposts and excises, upon which the
limitation is that they shall be uniform throughout the
United States.” Within the category of indirect taxation,
the Court states, is embraced a tax upon business done in a
corporate capacity which is the subject matter of the tax
imposed in the Act under consideration.
It is pointed out that the tax levied under the income
tax law was construed as direct, because it was imposed upon
property simply because of its ownership. On the other hand
in the present case “the tax is not payable unless there be a
carrying on or doing of business in the designated capacity,
and this is made the occasion for the tax measured by the
standard prescribed. The difference between the Acts is
not merely nominal, but rests upon substantial differences
between the mere ownership of property and the actual
doing of business in a certain way.”
With reference to the contention that the attempted taxa
tion is void because it levies a tax upon the exclusive right of
a State to grant corporate franchises, because it taxes fran
chises which are the creation of the State in its sovereign
right and authority, the Court says:
W h i l e t h e t a x In t h is c a s e , a s w e h a v e c o n s t r u e d t h e s t a t u t e . Is I m p o s e d
u p o n t h e p r i v i l e g e o f d o i n g b u s in e s s In a c o r p o r a t e c a p a c i t y a s s u c h b u s i
n e s s Is d o n e u n d e r a u t h o r i t y o f S t a t e fr a n c h i s e s , I t b e c o m e s n e c e s s a r y t o
c o n s i d e r In t h i s c o n n e c t i o n t h e r i g h t o f t h e F e d e r a l G o v e r n m e n t t o t a x t h e
a c t i v i t i e s o f p r i v a t e c o r p o r a t i o n s w h ic h a r is e f r o m t h e e x e r c is e o f f r a n c h is e s
g r a n t e d b y t h e S t a t e in c r e a t i n g a n d c o n f e r r in g p o w e r s u p o n s u c h c o r p o r a
tio n s .
W e
t h in k
C ou rt
th a t
su ch
It Is t h e r e s u lt o f t h e c a s e s h e r e t o fo r e d e c id e d
b u s in e s s
a c tiv itie s ,
th ou gh
e x e r c is e d
becau se
In
of
t h is
S ta te -
c r e a t e d f r a n c h is e s , a r e n o t b e y o n d t h e t a x i n g p o w e r o f t h e U n i t e d S t a t e s .
*
»
«
*
*
*
•
»
«
*
*
*
W hen
th e
C o n s titu tio n
w as
fr a m e d , th e rig h t to
b r o a d ly c o n fe rr e d u p o n t h e C o n g r e s s .
e x iste d .
la y
e x c is e
ta x e s
w as
A t t h a t t im e v e r y fe w c o r p o r a tio n s
I f t h e m e r e f a c t o f S t a t e I n c o r p o r a t i o n , e x t e n d i n g n o w t o n e a r ly
a ll b r a n c h e s o f t r a d e a n d I n d u s t r y , c o u ld w i t h d r a w t h e le g i t i m a t e o b j e c t s
o f F e d e ra l ta x a tio n
w o u ld
[ Tot.. i*x x x x i i .
THE CHRONICLE
698
b e to
fro m
e x c lu d e
t h e e x e r c is e o f t h e p o w e r c o n f e r r e d , t h e r e s u lt
th e N a tio n a l G o v e r n m e n t fro m
w h ic h I n d ir e c t t a x e s c o u ld b e c o n s t i t u t i o n a l l y I m p o s e d .
m any
o b je c t s
upon
L e t It b e s u p p o s e d
t h a t a gro u p o f In d iv id u a ls , a s p a r tn e r s , w e re c a r r y in g o n a b u s in e s s u p o n
w h ic h C o n g r e s s c o n c lu d e d t o l a y a n e x c i s e t a x .
I f It b e t r u e t h a t t h e f o r m
i n g o f a S t a t e c o r p o r a t i o n w o u ld d e f e a t t h i s p u r p o s e , b y t a k i n g t h e n e c e s s a r y
s t e p s r e q u ir e d b y
t h e S t a t e la w
t o c r e a te a c o r p o r a tio n a n d c a r r y in g o n
b u s in e s s u n d e r r i g h t ! g r a n t e d b y a S t a t e s t a t u t e , t h e F e d e r a l t a x
w o u ld
b e c o m e I n v a lid a n d t h a t s o u r c e o f n a t i o n a l r e v e n u e b e d e s t r o y e d , e x c e p t
a s t o t h e b u s in e s s In t h ; h a n d s o f I n d iv id u a ls o r p a r t n e r s h i p s .
It cannot
b e s u p p o s e d t h a t It w a s I n t e n d e d t h a t It s h o u ld b e w it h in t h e p o w e r o f i n
d iv id u a ls a c tin g u n d e r S ta t e a u th o r ity to th u s im p a ir a n d lim it t h e
exer
t io n o f a u t h o r i t y w h ic h m a y b e e s ! e n t l a l t o n a t i o n a l e x i s t e n c e .
cise of a franchise or privilege, it is no objection that the
measure of taxation is found in the income produced in part
from property which of itself considered is non-taxable.
"Applying that doctrine to this case,” says the Court, “the
measure of taxation being the income of the corporation
from all sources, as that is but the measure of a privilege tax
within the lawful authority of Congress to impose, it is no
valid objection that this measure includes, in part at least
property which as such could not be directly taxed.”
The Court next passes upon the claim that measurement of
the tax by the net income of the corporation or company
received by it from all sources is not only unequal, but so
arbitrary and baseless as to fall outside of the authority of the
taxing power. It is maintained that “there is no rule which
permits a Court to say that the measurement of a tax for the
privilege of doing business, where income from property
is the basis, must be limited to that derived from property
which may be strictly said to be actively used in the busi
ness * * * We must not forget,” it is added, “that the
right to select the measure and objects of taxation devolves
upon the Congress, and not upon the Courts, and such selec
tions are valid unless Constitutional limits arc overstepped.”
The opinion here says: “What we have said of the power of
Congress to lay this excise tax disposes of the contention that
the Act is void as lacking in due process of law.”
It has been urged that this power can be so exercised by
Congress as to practically destroy the right of the States to
create corporations, and for that reason it ought not to be
sustained. In reply the Court says the argument at last
comes to this: “That, because of possible results, a power
lawfully exercised may work disastrously, therefore the courts
must interfere to prevent its exercise because of the conse
quences feared. No such authority has ever been vested in
any Court. The remedy for such wrongs, if such in fact
exist, is in the ability of the people to choose their own
representatives and not in the exertion of unwarranted
powers by courts of justice.”
The Court enters into a consideration of several specific
cases where the question as to the applicability of the law
was concerned. The enterprises affected thereunder in
cluded the Park Realty Company organized to “work,
develop, sell, convey, mortgage or otherwise dispose of real
estate, and generally to deal in, sell, lease,exchange or other
wise deal with lands, buildings and other property, real or
personal,” etc.; the Clark Iron Company, “organized under
the laws of Minnesota, owns and leases ore lands for the pur
pose of carrying on mining operations, and receives a royalty
depending upon the quantity of ore mined.” The point for
determination with respect to these and the several other
cases passed upon at the same time was as to whether the
corporations are engaged in “business.” In its decision
thereto, the Court said:
The Court reaches the conclusion on this point “that the
mere fact that the business taxed is done in pursuance of
authority granted by a State in the creation of private cor
porations does not exempt it from the exercise of federal
authority to levy excise taxes upon such privileges.’
In considering the claim that the taxation is unequal and
arbitrary, in that it taxes a business carried on by a corpora
tion and exempts a similar business when carried on by a
partnership or private individual, the Court says: “As we
have seen, the only limitation upon the authority conferred
is uniformity in laying the tax, and uniformity does not re
quire the equal application of the tax to all persons or cor
that so-called public service corporations, such
porations who may come within its operation, but is lim ited as Inthedeciding
Island & Brooklyn RR. Co. and the Inter
to g eo g ra p h ica l u n ifo r m ity th roug hou t the U n ited S ta te s .”
It boroughConey
Rapid
Transit Company, are not exempt from the
also holds that—
tax, the Court maintains that
W e t h i n k It Is c le a r t h a t c o r p o r a t io n s o r g a n iz e d t o r t h e p u r p o s e o t d o i n g
b u s in e s s , a n d a c t u a l l y e n g a g e d In s u c h a c t i v i t i e s a s le a s in g p r o p e r t y , c o l
le c t in g r e n t s , m a n a g i n g o f f ic e b u i l d i n g s , m a k i n g I n v e s t m e n t s o f p r o f i t s , o r
le a s in g o r e la n d s a n d c o lle c t in g r o y a l t i e s , m a n a g i n g w h a r v e s , d i v i d i n g p r o f
i t s , a n d In s o m e c a s e s I n v e s t in g t h e s u r p l u s , a r c e n g a g e d In b u s in e s s w it h in
t h e m e a n i n g o f t h is s t a t u t e , a n d In t h e c a p a c i t y n c o c s s a r y t o m a k e s u c h
o r g a n iz a tio n s s u b je c t to th e la w .
T h e th in g t a x e d
Is n o t t h e m e r e d e a li n g In m e r c h a n d i s e , In w h ic h t h e
a c t u a l t r a n s a c t i o n s m a y b e t h e s a m e w h e t h e r c o n d u c t e d b y I n d iv id u a ls or
I t Is n o p a r t o f t h e e s s e n t ia l g o v e r n m e n t a l f u n c t i o n s o f a S t a t e t o p r o v i d e
d u c t i n g b u s in e s s w i t h t h e a d v a n t a g e s w h ic h In h e r e In t h e c o r p o r a t e c a p a c i t y
m e a n s o t t r a n s p o r t a t i o n , s u p p l y a r t ifi c ia l l i g h t , w a t e r a n d t h e l i k e .
T h ese
o b je c t s a rc o ft e n a c c o m p lis h e d th ro u g h th e m e d iu m o f p r iv a te c o r p o r a tio n s ,
o f t h o s e t a x e d a n d w h ic h a r e n o t e n j o y e d b y p r i v a t e fir m s o r I n d i v i d u a ls .
a n d t h o u g h t h e p u b li c m a y d e r iv e a b e n e fit f r o m s u c h o p e r a t i o n s , t h e c o m
T h e s e a d v a n t a g e s a r e o b v i o u s a n d h a v e le d t o t h e f o r m a t i o n o f s u c h c o m
p a n ie s
p a n ie s In n e a r ly a ll b r a n c h e s o f t r a d e .
w h o s e b u s in e s s Is p r o s e c u t e d f o r p r i v a t e e m o l u m e n t a n d a d v a n t a g e .
c o r p o r a tio n s , b u t th e t a x
Is la id u p o n
th e
p r iv ile g e s w h ic h
e x i s t In c o n
T h e c o n t i n u i t y o f t h e b u s in e s s w it h
o u t I n t e r r u p tio n b y d e a t h o r d i s s o l u t i o n , t h e t r a n s f e r o f p r o p e r t y In te r e s t s
b y t h e d is p o s i t io n o f s h a r e s o f s t o c k , t h e a d v a n t a g e s o f b u s in e s s c o n t r o lle d
a n d m a n a g e d b y c o r p o r a t e d i r e c t o r s , t h e g e n e r a l a b s e n c e o f I n d iv id u a l lia
b i l i t y , t h e s e a n d o t h e r t h i n g s In h e r e In t h e a d v a n t a g e s o f b u s in e s s t h u s c o n
d u c t e d w h ic h d o n o t e x i s t w h e n t h e s a m e b u s in e s s Is c o n d u c t e d b y p r i v a t e
I n d iv id u a ls o r p a r t n e r s h ip s .
I t Is th is d i s t i n c t i v e p r iv ile g e w h ic h Is t h e s u b j e c t o f t a x a t i o n , n o t t h e
m e r e b u y i n g o r s e l lin g o r h a n d lin g o f g o o d s , w h ic h m a y b e t h e s a m e w h e t h e r
d o n e b y c o r p o r a t io n s o r I n d i v i d u a ls .
The Court takes up the further contention that some of
the corporations, notably insurance companies, have large
investments in municipal bonds, and other non-taxable
securities, and in real estate and personal property not used
in business, and that therefore the selection of the measure
of the income from all sources is void, because it reaches pro
perty which is not the subject of taxation. This argument,
it is asserted, confuses the measure of the tax upon the privi
lege, with direct taxation of the estate or thing taxed. The
opinion states that it is well settled by previous decisions of
the Court that when the sovereign authority has exercised
thejright to tax a legitimate subject of taxation as an exer
c a r r y in g
on
su ch
e n t e r p r is e s
are
n e v e r t h e le s s
p r iv a te
c o m p a n ie s ,
For
th e p u r p o s e o f ta x a tio n th e y s ta n d u p o n th e s a m e fo o t in g a s o th e r p r iv a te
c o r p o r a t i o n s u p o n w h ic h s p e c ia l f r a n c h is e s h a v e b e e n c o n f e r r e d .
As to the objections that certain organizations, labor,
agricultural, horticultural, fraternal and benevolent societies
and loan and building associations are excepted from the
operations of the law, the Court states that it finds nothing
in them to invalidate the tax, basing its findings on the right
of Congress to select the objects of excise taxation.
As regards the contention that Congress exceeded its power
in permitting a deduction to be made of interest payments
only in case of interest paid by banks and trust companies
on deposits, and in an amount actually paid within the year
on its bonded or other indebtedness not exceeding the paidup capital stock of the corporation or company, the Court
reasons that this provision may have been inserted with a
view to prevent corporations from issuing a large amount
of bonds in excess of the capital stock, and thereby distribut
ing profits so as to avoid the tax. The Court is unable to
perceive why this method of ascertaining the deductions
allowed should invalidate the Act. Such details, it decides,
are not wholly arbitrary, and were deemed essential to
practical operation. Courts cannot substitute their judg
ment for that of the Legislature. In such matters a wide
range of discretion is allowed.
It is also held that the objection made in some of the cases
that the corporations act as trustees, guardians, &c., under
the authority of the laws or courts of the State, is not
tenable. Such trustees are not the agents of the State
Government in a sense which exempts them from taxation
because executing the necessary governmental powers of the
State. The trustees receive their compensation from the
interests served and not from the public revenues of the State.
Dealing with the so-called publicity feature of the law, the
Court expresses its inability to agree with the contention
that this particular provision amounts in substance to no
more than an unlawful attempt to exhibit the private affairs
of corporations to public or private inspection without any
substantial connection with or legitimate purpose to be sub
served in the collection of the tax. "The taxation, being
as we have held, within the legitimate powers of Congress,
it is for that body to determine what means are appropriate
and adapted to the purposes of making the law effectual.
. . . Congress may have deemed the public inspection of
such returns a means of more properly securing the fulness
and accuracy thereof. In many of the States laws are to be
found making tax returns public documents and open to
inspection.”
The reader may not know that in making an appropriation
for arranging the returns, the law was amended (June 17
1910) so that the matter of their publication now rests
entirely with the President. The amendment is shown in
the following:
F o r c la s s ify in g , In d e x in g , e x h ib itin g a n d p r o p e r ly c a r in g fo r t h e r e tu r n s
o f a ll c o r p o r a t i o n s
r e q u ir e d b y S e c tio n 3 8 o f a n A c t e n title d “ A n A c t to
p r o v i d e r e v e n u e , e q u a li z e d u t i e s , e n c o u r a g e t h e I n d u s t r i e s o f t h e U n i t e d
S t a t e s , a n d f o r o t h e r p u r p o s e s ,” a p p r o v e d A u g u s t 5 1 9 0 9 , I n c lu d i n g t h e e m
p l o y m e n t In t h e
699
THE CHRONICLE
Mar . 18 1911.1
D i s t r i c t o f C o l u m b i a o f s u c h c le r ic a l a n d o t h e r p e r s o n a
s e r v ic e s a n d f o r r e n t o f s u c h q u a r t e r s a s m a y b e n e c e s s a r y , $ 2 5 , 0 0 0 ;
Provided,
T h a t a n y a n d a ll s u c h r e t u r n s s h a ll b e o p e n t o In s p e c t io n o n l y u p o n t h e
o r d e r o f t h e P r e s i d e n t u n d e r r u le s a n d r e g u l a t i o n s t o b e p r e s c r i b e d b y t h e
S e c r e ta r y o f th e T r e a s u r y a n d a p p r o v e d b y th e P r e s id e n t.
The very first contention disposed of in the decision was
that which attacked the Constitutionality of the measure on
the ground that it originated in the Senate, in violation of
the Constitution, which provides that all bills for the raising
of revenue shall originate in the House. The opinion states
that the history of the Act shows that the Tariff Bill, of
which the section embodying the corporation tax is a
part, originated in the House, and was there a general bill
for the collection of revenue. Originally it contained a
plan of inheritance taxation, but in the Senate the proposed
tax was removed from the bill and the corporation tax
substituted therefor. The Court holds that the bill, having
properly originated in the House, no. reason is perceived
in the Constitutional provision why it may not be amended
in the Senate in the manner in which it was in this case.
Im m e d ia te ly .
O f t h i s a m o u n t , $ 2 7 , 0 0 0 , 0 0 0 r e p r e s e n t s t h e a m o u n t o o llo c t e d
l a s t y e a r , w h ic h In c a s e o f a n a d v e r s e d e c i s i o n w o u l d n e c e s s a r i ly h a v e h a d
t o b e r e f u n d e d , a n d t h e T r e a s u r y h a s n o t t h a t a m o u n t o f m o n e y w h ic h It
c a n c o m fo r t a b ly p a r t w ith
year w e h ave
W ith
fig u r e d
a ll o f t h i s
on
a t th e m o m e n t.
$ 2 5 ,0 0 0 ,0 0 0
$ 5 2 ,0 0 0 ,0 0 0
to
In
e s t i m a t e s o f i n c o m e t h is
In c o m e fr o m
r e m a in
In
th e
t h e c o r p o r a tio n
T reasu ry
th e
tax.
im m e d i a t e
n e c e s s i t y o f a b o n d is s u e Is p r e c l u d e d .
T h e T r e a s u r y w ill c lo s e t h e c u r r e n t fis c a l y e a r
a t o t a l d e fic it o f s o m e t h i n g li k e $ 3 0 , 0 0 0 , 0 0 0 .
to en d J un e 3 0 n ext
w it h
H o w e v e r , If t h e e x p e n d itu r e s
f o r t h e P a n a m a C a n a l , f o r w h ic h t h e T r e a s u r y w ill b e r e i m b u r s e d u l t i m a t e l y ,
w e r e e x c l u d e d , w e w o u l d s h o w a s u r p lu s f o r t h e y e a r o f b e t w e e n $ 7 , 0 0 0 , 0 0 0
a n d $ 8 ,0 0 0 ,0 0 0 .
th is y e a r .
Panam a
C anal
e x p e n d i t u r e s c a ll f o r a b o u t $ 3 8 , 0 0 0 , 0 0 0
—Walter Lowrie Fisher, who was named to succeed
Richard A. Ballinger, resigned, as Secretary of the Interior,
was sworn into his new office on the 13th inst.
—Sioux City, Iowa, was designated by the Comptroller of
the Currency as a new reserve city on the 1st inst., under
the Act of March 3 1887.
—The hearing to be given the Currency Committee of the
American Bankers’ Association by the National Monetary
Commission has been postponed at the request of the bank
ers from the 22d to the 28th inst. The hearing is in line
with the Commission’s purpose to obtain the views of practi
cal bankers on the currency plan drafted by Mr. Aldrich,
and seek such suggestions in the matter as may tend to im
prove upon the plan already worked out. The Commission
held a meeting in Washington last Saturday, and while some
changes in the phraseology of the plan were suggested, com
paratively little discussion of its general policy is said to
have been entered into.
—Gov. Dix at Albany has signed the bill designed to pre
vent frauds in the sale of transfer tax stamps. The new law,
it is understood, prohibits the sale of the stamps except by
regularly designated agencies of the State Comptroller's
department.
—The need of building up the surplus of the saving banks
of the State is again the subject of comment by State Super
intendent of Banks O. H. Cheney in his annual report on
savings banks, trust companies, safe deposit companies and
miscellaneous corporations, made public this week. Mr.
Cheney reiterates what he said last year with regard to the
almost unbroken decrease annually during the last twenty
years in the percentage of surplus on market value of invest
ments to deposits in the savings banks, pointing out that
the percentage to-day is less than one-half the amount in
1890. As was stated in his annual report of a year ago, Mr.
Cheney declares that the safety of our savings banks is in
deed undoubted, but he again states that it cannot be over
emphasized that the management of every savings bank
whose deposits are increasing should carry proportionate
sums to its surplus fund at every dividend period. He adds:
T h e o c c u r r e n c e s o f t h e p a s t y e a r a n d e x i s t i n g c o n d i t i o n s In t h e fin a n c ia l
a n d e c o n o m i c w o r ld h a v e n o t d e t r a c t e d f r o m , b u t h a v e f u r t h e r e m p h a s i z e d ,
t h e w o r d s o f c a u t i o n c o n t a i n e d In t h a t s t a t e m e n t .
W h ile th e re m a y b e no
i m m e d i a t e d a n g e r , t h e s i t u a t i o n Is s u c h t h a t It d e s e r v e s a n d Is r e c e i v i n g t h e
c a r e fu l c o n sid e r a tio n o f t h e m o s t t h o u g h t fu l a n d c o n s e r v a tiv e m e n c o n
n e c t e d w it h t h e s a v i n g s b a n k s y s t e m o f t h e S t a t e .
been su g g ested .
V a r io u s re m e d ie s h a v e
I n f a c t , It h a s b e e n p r o p o s e d t o a r b i t r a r i l y l i m i t b y s t a t u t e
t h e I n te r e s t o r d i v i d e n d s p a i d d e p o s i t o r s w i t h s a v i n g s b a n k s t o fi x e d r a t e s
p r o p o r t i o n a t e t o s u r p lu s a l r e a d y a c c u m u l a t e d .
ITEMS ABOUT B A N K S, BANKERS AND TRU ST GO’S.
—The public sales of bank stocks this week aggregate 132
shares, of which 107 shares were sold at the Stock Exchange
and 25 shares at auction. The only transaction in trust
company stock was a sale at auction of 20 shares of stock of
the Trust Co. of America at 340)^. The last previous public
sale of the stock was made in October 1910 at 330 K-
Shares.
RAN KS
—New York. Low. Hioh. Close. Last previous sale.
•97 Commerce, N at. Rank o f - - .
208
209
208
Moh.
1911—
208
2 5 F o u r t e e n t h S t r e e t D a n k _____
150
150
150
M oh.
1911—
149
• 1 0 M e r c a n t i l e N a t . D a n k ________
155
155
155
M ay
1910—
160
340
340 M
340 H
1910—
330
TRUST COM PANY
—New York.
2 0 T r u s t C o . o f A m e r i c a ________
• S o ld
at
th e
S to c k
O c t.
E xchange.
—Two New York Stock Exchange memberships were
posted for transfer this week, the consideration in each case
being $68,000. The last previous transaction was for $73,000
some six weeks ago.
—The decision on the corporation tax and its bearing on
the proposed issue of Panama bonds were commented upon
as follows on Wednesday by Secretary of the Treasury MaeVeagh in Boston:
A lt h o u g h
P anam a
It h a d
bonds
been
w o u ld
t h e g e n e r a l Im p r e s s io n t h a t a b l o c k o f n e w
b o Issu e d Im m e d ia t e ly a fte r p a s s a g e
3%
o f c o r r e c tiv e
l e g i s l a t i o n , w o a r e In n o I m m e d i a t e n e e d o f f u n d s .
I n f a c t , w h ile I a m
a t p r e s e n t h a v i n g p la t e s e n g r a v e d f o r t h e b o n d s , n e it h e r t h e a m o u n t o f t h o
p e n d i n g Is s u e n o r t h e t i m e o f Issu e h a s b e e n d e f i n i t e ly d e c i d e d .
T h e fir s t
I s s u e , h o w e v e r , w i ll p r o b a b l y n o t b e o v e r $ 5 0 , 0 0 0 , 0 0 0 .
T h e d e c is io n o f t h e c o r p o r a t i o n t a x c a s e s In f a v o r o f t h e G o v e r n m e n t h a s ,
o f c o u r s e , r a t h e r c h a n g e d t h e c o m p l e x i o n o f G o v e r n m e n t fin a n c e s f o r t h e
m o m e n t.
T h i s d e c is io n I n v o l v e d a m a t t e r o f $ 5 2 , 0 0 0 , 0 0 0 t o t h e T r e a s u r y
T h e p u r p o s e , o f c o u r s e , Is
t o b u il d u p a s u ff i c i e n t s u r p lu s t o p r o t e c t d e p o s i t o r s a g a i n s t l o s s , a n d t h i s
e n d m ig h t p o s s ib ly b e s e r v e d b y t h e e n a c tm e n t o f a la w r e q u ir in g e v e r y
s a v i n g s b a n k o f t h is S t a t e t o s e t a s id e t o s u r p lu s b e f o r e t h e d e c l a r a t i o n o f
d i v i d e n d s t o d e p o s i t o r s a c e r t a i n p e r c e n t a g e o f Its n e t p r o f it s f o r t h e p e r io d
u n t i l s u c h t i m e a s it s s u r p lu s , b a s e d u p o n m a r k e t v a l u e s , s h a ll b e e q u a l t o a t
le a s t 5 %
o f Its d e p o s i t s , a n d a le s s p e r c e n t a g e u n t i l Its s u r p lu s b a s e d u p o n
m a r k e t v a l u e s s h a ll b e e q u a l t o a t l e a s t 1 0 %
T h e p r o b le m , u n d e r e x is tin g c o n d itio n s ,
o f Its d e p o s i t s .
is s o c o m p l i c a t e d
by
v a r io u s
c o n s i d e r a t i o n s , a n d s o m a n y o f t h e b e s t m i n d s o f t h e S t a t e f a m i l i a r w i t h al
Its in tr ic a c ie s a r c e n g a g e d in i t s s o l u t i o n , t h a t I s h a ll r e fr a in a t t h e p r e s e n t
t i m e f r o m m a k i n g a n y e x p r e s s r e c o m m e n d a t i o n : b u t I d o b e s p e a k f o r t h is
p l a n , o r s o m e m o d i f i c a t i o n o f I t , y o u r v e r y s e r io u s c o n s i d e r a t i o n .
—New York State Superintendent of Banks O. H. Cheney
has appointed Edward J. Graham of Albany as Second Dep
uty Superintendent to succeed Frederick J. Seaver, resigned.
For the past seventeen years Mr. Graham had been a Na
tional Bank Examiner for Northern New York. Formerly
he was private Secretary to Secretary of the Treasury Charles
S. Fairchild, and had practiced law in Albany from 1869 to
1893. Samuel A. Welldon is the new examiner in the terri
tory which Mr. Graham had charge of.
—Plans for a large banquet to be given in this city by the
trust companies of the United States, under the auspices of
the Trust Company Section of the American Bankers’ Asso
ciation, are being developed. The affair is to be held in the
grand ballroom of the Waldorf-Astoria on the evening of
May 5, when the members of the Executive Committee will
have returned from their meeting at Nashville. It is
planned to make the banquet national in scope, and it is
hoped that members of the Section from all parts of the
country will be present. Prominent speakers, it is an
700
THE CHRONICLE
nounced, will be iu attendance, and it is believed that the
event will emphasize the growing importance of trust com
panies throughout the country.
—A special dividend of 100% has been declared, payable
March 17 to the stockholders of the Chatham National
Bank of this city of record Feb. 16. The bank, which had
a’capital of $450,000, entered into a consolidation last month
with the Phenix National Bank, the resultant institution
being known as the Chatham & Phenix National Bank.
Last year the Chatham paid 16% on its stock. The final
quarterly dividend, which was paid on Jan. 1 of this year,
was accompanied by an extra 4% disbursement.
—William A. Day, Acting President of the Equitable Life
Assurance Society, has been elected a member of the Execu
tive Committee of the Mercantile Trust Co. of this city to
succeed the late Paul Morton.
—The Battery Park National Bank of this city plans to in
crease its capital from $200,000 to $500,000. The proposed
new stock is to be disposed of at $125 per sharo to share
holders, and the premium, which is to be placed to surplus,
will raise that item from $100,000 to $175,000. The bank
has undivided profits of $53,187. Its deposits are in the
neighborhood of $1,600,000 and its total resources on
March 7 were $2,110,158.
—An interesting record of growth in the deposits of a trust
company, which has been accomplished without consolida
tion with other concerns, is afforded by a comparison of the
latest figures of the Baifkers Trust Co. of this city, which
reported $76,074,218 deposits for Feb. 28. Going back to
the period antedating the 1907 panic, this young company
had $23,861,606 deposits Aug. 22 1907. The amount in
creased steadily to $39,021,765 by Jan. 1 1909 and grew to
$46,602,542 Jan. 1 1910 and $62,013,877 on Jan. 2 1911. The
deposits at the last bank call, Feb. 28 ($76,074,218), reveal
an unprecedented gain of $52,212,612 since Aug. 22 1907.
The capital of the company is $3,000,000, its surplus $4,
500,000, undivided profits $2,322,027 and aggregate re
sources $94,164,466.
—The First National Bank of this city has declared a
quarterly dividend of 7%, payable April 1 to holders of
record March 31. This is an advance of 2% in the quar
terly disbursement and places the stock on a basis of 36%
per annum, an extra dividend of 8% being also distributed
in January of each year. This is further augmented by the
dividend from the stock of the affiliated company, the First
Security Co., which amounts to 12% per annum, the com
bined annual rate reaching 48%. The usual quarterly divi
dend of 3% on the First Security Company’s stock is pay
able at the same time.
— The annual meeting of the Nineteenth Ward Bank of
this city, which has had several postponements since Janu
ary, was again adjourned this week, this time until March 27.
It is expected that the plans which have been under con
sideration for a merger with it of the Twelfth Ward Bank
will have been perfected by the date now set.
—The Broadway Trust Co., at Broadway and 8th St.,
this city, in its latest statement to the Banking Department
(Feb. 28) reports deposits of $4,395,293 and aggregate
resources of $5,534,938. The combined capital, surplus and
profits exceed $1,000,000, the capital standing at $700,000
and the surplus and profits amounting to $427,396. The
officials of the institution are Frederic G. Lee, President;
M. M. Belding Jr. and Marks Arnheim, Vice-Presidents;
John W. H. Bergen, Secretary; Henry F. Price, Treasurer,
and Louis S. Quimby, Assistant Secretary. Mr. Price
became Treasurer of the company in January; he had pre
viously been with the Washington Trust Co. for thirteen
years, serving as its Assistant Secretary; prior to his con
nection with that institution he was with the Union Trust
Co. for five years and he was also formerly identified with
Kidder, Peabody & Co.
—Frank C. Eves, Assistant Treasurer of the West Phila
delphia Title & Trust Co. of Philadelphia, has been elected a
director of the First National Bank of Millville, Pa., suc
ceeding his father, who died in January.
—The Chester County Trust Co. of West Chester, Pa.,
has added $100,000 to its deposits during the year, the
amount having increased from $519,123 on March 7 1910
to $618,152 on March 7 1911. The trust funds, now at $987,
056, compare with $835,889 a year ago. The company has a
capital of $250,000.
—A dividend distributed last week by Receiver Robert
Lyon of the Cosmopolitan Bank of Pittsburgh to the de
[VOL. L X X X X I I .
positors brings the total return up to 75%. The institu
tion failed in September 1908.
—A true bill, on a new presentment in which Frank N.
Iloffstot, President of the German National Bank of Alle
gheny, is charged with bribery, was returned by the Grand
Jury on the 10th inst. The Pittsburgh “Dispatch” states
that “the bill is similar in many details to the one passed by
the Grand Jury nearly a year ago. The one important
clause in it is that Iloffstot since June 3 1908 has not been a
resident of the commonwealth of Pennsylvania, but since the
above date has been a resident and is at the present time a
resident of the commonwealth of New York. By the in
sertion of this clause the indictment is almost a perpetual one
and cannot be affected by the statute of limitations. In
addition to this the objections raised in the other indictments
as to the irregularities in the jury wheel and the Grand Jury
room do not apply to the new bill.” The original indictment,
returned in April 1910, grew out of the passage of an ordi
nance naming certain banks as city depositaries. A plea for
a change of venue for his trial was denied {President Iloffstot
by the Pennsylvania Supreme Court on the 16th inst.
—The Second National Bank of Washington, D. C., held
“open house” on March 1, when the hours from 10 a. m. to
5:30 p. m. and from 7 to 9 p. m. were set apart for a public
view of its new bank building. The quarters represent a re
construction of the former building; the bank has been at the
existing site (509 Seventh St.) for nearly forty years, or
practically from the date of its organization. The institution
was organized on July 24 1872 and was formally opened on
Sept. 11 of that year. Temporarily, at the time of its open
ing it carried on business at 631 F St. until its building at
509 Seventh St., one of the first iron-front structures in
Washington, was completed. At first only part of the build
ing was used by the bank, but from time to time, to meet
demands, its quarters were enlarged, until the entire first floor
was occupied. Finally additional ground was acquired, and
last year the board decided to remodel the old building
so as to be able to transact its increased business with celerity
and greater efficiency. The floors of the old building were
lowered to the street level, and a massive granite front
erected. Steel construction was substituted in place of
heavy brick walls in the interior, so as to bring the entire
banking department in one immense room. W. V. Cox is
President of the institution and John C. Eckloff is Cashier.
It has a capital of $500,000, with a surplus of half that
amount.
—Two organizations appear to have been formed by the
interests in the banking house of Spitzer & Co. of Toledo.
Official announcement is made of the change in the firm name
to Spitzer, Rorick & Co., all of the partners of Spitzer & Co.
continuing as partners in the new firm with the exception of
Sidney Spitzer. The Spitzer-Rorick Trust Co. has also been
incorporated under the savings bank and trust company
laws of Ohio by the partners in the new firm. The trust
company will be opened about May 1. It is stated that
George A. Weber will resign in the fall as Assistant Post-Mas
ter of Toledo to become Secretary and Treasurer of the trust
company. Mr. Weber was formerly identified with banking
interests and is at present a director of the National Bank of
Commerce of Toledo.
—The deposits of the national banks of Chicago, reported
under the call of March 7, aggregate $452,545,027, this total
being the largest ever shown by these institutions. Since
Jan. 7 a gain of $48,568,183 has occurred, the amount two
months ago having stood at $403,976,844. The Continental
& Commercial National shows a gain over its figures of two
months ago of $19,500,000, bringing its deposits up to $170,
626,315; the First National has added $9,000,000 to its Janu
ary deposits, and other appreciable additions are $5,500,000
by the Corn Exchange National, $4,800,000 by the Fort Dear
born National, $4,300,000 by the National City, $3,300,000
by the National Bank of the Republic and $1,500,000 by the
Drovers’ Deposit National.
—The combined deposits of the First National Bank and
the First Trust & Savings Bank of Chicago exceed $168,
000,000 in the latest statements of condition, as furnished
to the State and Federal banking departments on the 7th
and 8th inst., respectively. The deposits of the First Na
tional are now $116,044,874, while those of the First Trust
& Savings Bank arc $52,110,689. The resources of the
two are close to the $200,000,000 mark, the National bank
reporting $141,444,819 and its affiliated institution $58,
104,524.
Mar . 18 1911.1
TH E C H R O N IC L E
—The stock of the Merchants’ Loan & Trust Co. of Chi
cago was placed on a 16% basis on the 7th inst., when the
directors declared a quarterly dividend of 4% (payable
April 1), against 3% previously. The institution has a
capital of $3,000,000 and a surplus fund of $5,000,000,
besides undivided profits of over a million dollars. Its
earnings last year exceeded 30% of the capital, and the pre
vious year amounted to about 34%.
—The Fort Dearborn National Bank of Chicago will remove
April 3 to its elegant new three-million-dollar home in the
American Trust Building, which was recently purchased for
the bank by a company composed of its officers and directors.
A proposal to increase the capital of the Fort Dearborn from
$1,500,000 to $2,000,000 has been recommended by the
directors to the stockholders, and it is expected thatthe latter
will approve the plan at a meeting next month. The new
stock will be offered pro rata to the present stockholders at
$125 per share. It is understood that the issuance of the
additional stock is in connection with the plans to form the
proposed Fort Dearborn Trust & Savings Bank, whose
capital of $250,000 is to be owned by the stockholders of the
bank. Authority to organize the new institution was
granted by the State authorities on the 13th inst.
—The changes with regard to the capital of the Real Estate
Title & Trust Co. of Chicago, referred to in our issue of Feb.
18, were ratified by the stockholders on Feb. 28. The capital
was at first reduced from $1,000,000 to $700,000, the hold
ings of each individual stockholder being scaled down pro
portionately; the amount of the capital was then increased
to $1,000,000. The new stock is said to have been taken by
a syndicate, headed by M. E. Greonebaum, which is stated
to have purchased 75% of the capital of the company, the
stock having been acquired chiefly, it is reported, from
President Jerome J. Danforth, Secretary and Treasurer
George It. Jenkins, and some of the directors. The new
interests intend that $200,000 of the $300,000 additional
funds which they supply shall be deposited with the State
Treasurer in order that the institution may qualify as a
trust company.
—The question of increasing the capital of the Grand
Rapids Savings Bank of Grand Rapids, Mich., from $150,000
to $200,000 was ratified by the stockholders on the 7th inst.
A dividend of 33 1-3% has been declared out of surplus and
profits, which will be applied as payment for the new stock.
The directors have also declared the regular quarterly divi
dend of 2%, payable April 1.
—The Saginaw County Savings Bank and the Bank of
Saginaw, at Saginaw, Mich., were consolidated under the
name of the latter on Feb. 25. The Saginaw County
Savings Bank had a capital of $50,000 and deposits of over
a million dollars, while the Bank of Saginaw before consoli
dation had $400,000 capital and deposits of about $7,000,000;
as enlarged the Bank of Saginaw will have $500,000 capital,
a surplus of $500,000, undivided profits of $220,000 and de
posits of $8,000,000. The officers of the consolidated insti
tution are Benton Hanchett, President; Otto Schupp, Vice
President and Cashier; C. A. Khuen, Vice-President and
Assistant Cashier; T. W. Stalker, C. M. Coplin, S. S. Roby
and F. J. Schmidt, Assistant Cashiers, and J. HollandMoritz, Auditor.
—Frank G. Bigelow, formerly President of the First
National Bank of Milwaukee, who was sentenced to ten years’
imprisonment in June 1905 on charges of misusing funds of
the institution, was released by the parole board of the
prison on the 4th inst. With the commutation allowed for
good behavior, his term would not have expired until a year
hence—on Feb. 12 1912, and it is stated that he will be re
quired to report monthly until that date, when he will be
finally discharged.
—The increase in the capital stock of the First National
Bank of Kansas City, Mo., referred to in our issue of Feb. 18,
went into effect on the 1st inst—the twenty-fifth anniversary
of the bank. The capital has been raised from $500,000 to
$1,000,000, and a dividend of 100% declared out of earnings
was used to purchase the new stock at par.
—The People’s National Bank of Charleston, S. C., began
business this week in its new building, which has been under
construction during the past year. The bank gives Old
Charleston its first “skyscraper,” and both the city and the
institution may well- take pride in the handsome new struc
ture. The design is Italian renaissance, built of Winnsboro,
S. C., granite and buff-colored brick, the upper story being
ornamental terracotta, while the massive overhanging cor
7 01
nice is constructed of -hammered copper. The interior of
the main banking room is particularly handsome. The
walls, counters, etc., are of English veined marble with verde
antique marble bases and Georgia marble floor, and the
grills, &c., are of solid bronze. The directors’ and President’s
rooms are elaborately fitted up with solid mahogany wains
coting and furniture, while the furniture and fixtures of the
main banking quarters are of solid quartered English oak.
Thompson & Frohling, New York, were the architects.
The People’s National has a capital of $500,000 and surplus
of $150,000. R. G. Rhett, Mayor of Charleston, is Presi
dent, E. H. Sparkman is Vice-President and E. P. Grice,
Cashier.
—The Holston National Bank of Knoxville, Tenn., is an
other Southern institution which has outgrown its banking
quarters and has decided to erect a handsome new bank and
office building of its own. The bank has purchased the
property at the corner of Gay and Clinch streets (one of the
most prominent corners in the city, measuring 45x150),
where it will construct a twelve-story steel and fire-proof
building. The first two stories will bo built of Tennessee
marble, with massive marble columns at the front and side
elevation; the remaining ten stories will be of buff-colored
brick. Plans have been prepared and operations will begin
as soon as the leases of the present tenants run out. Joseph
P. Gaut is President of this institution and Ralph W.
Brown Cashier.
—The payment of an initial dividend of 30% was made to
the depositors of the failed Continental Savings Bank of
Memphis, Tenn., on the 7th inst. The institution sus
pended on Nov. 11.
—Advices which we have received this week from John
W. Dickey of Augusta, Ga., indicate that the proceedings
to consolidate the National Bank of Augusta and the Mer
chants’ Bank of that city have been abandoned. Mr. Dickey
informs us that he has sold control of the National Bank of
Augusta to the Georgia Railroad Bank, and the latter will
operate the National Bank of Augusta as an independent in
stitution.
—Under action taken by its stockholders on the 6th inst.,
the Trust Company of Georgia at Atlanta will increase its
paid-in capital on May 1 from $500,000 to $1,000,000. The
company has also decided to maintain a surplus of $600,000
and to effect this has fixed upon $160 per share as the sell
ing price of the additional stock. The Atlanta “Constitu
tion” states that the company was organized twenty years
ago and was the first institution of its kind in the South. Its
name was originally the Commercial Travelers’ Savings Bank
and its capital was $200,000. The name was shortly after
changed to the present title and subsequently the capital was
increased to $500,000. In addition to the functions here
tofore performed by the institution, it plans to devote itself
to the administration of estates and the development of a
bond business. A reorganization of the board has occurred,
the directorate now being made up as follows: E. Woodruff,
President; J. Carroll Payne, Vice-President; C. E. Currier,
President of the Atlanta National Bank; J. W. English,
President of the Fourth National Bank; Robert J. Lowry,
President of the Lowry National Bank; Robert F. Maddox,
Vice-President of the American National Bank; W. E. Chapin,
Southern Manager Pennsylvania Fire Insurance Co.; J. N.
Goddard, capitalist; A. V. Gude, capitalist; John W. Grant,
capitalist; Brooks Morgan, General Manager Frank E.
Block Co.; John E. Murphy, capitalist; John E. Nunnally,
President of the Nunnally Company, and Charles A. Wickersham, President of the Atlanta <& West Point RR. Co.
—The new steel building now in course of construction
for the Ilillyer Trust Co. of Atlanta, Ga., will be one of the
most up-to-date and complete of its kind in the South. It
will be eight stories high and will be constructed of carved
white limestone and gray brick. The interior of the main
banking room will be particularly ornate, with a finish of
white marble and solid mahogany, with bronze grills. The
safe-deposit department will be a special feature, the com
pany having contracted for one of the Mosler Safe Co.’s steelclad burglar-proof vaults. The company was incorporated
in 1910 with a capital and surplus of $300,000, but was
founded in 1906 as the Ilillyer Investment Co. Besides do
ing a general trust company business, it makes a specialty
of dealing in high-class municipal and public service cor
poration bonds. Henry Ilillyer is President, Geo.S. Lowndes
Vice-President, Wm. Hurd Hillyer, Vice-President and
Treasurer, and Herbert L. Wiggs, Trust Officer.
102
T H E C H R O N IC L E
—J. C. Norman has been made an Assistant Cashier of the
Dexter Horton National Bank of Seattle, Wash., succeeding
G. F. Clark, who resigned to become Cashier of the National
Bank of Commerce of Seattle. Mr. Norman has been in the
employ of the Dexter Horton National Bank for eight years.
—Cable advices received by W. H. Macintyre, New York
agent of the Standard Bank of South Africa, Ltd., from the
head office at London, state that “the board of directors
has recommended the declaration of a half-yearly dividend
at the rate of 10% per annum, with a bonus of 3% per annum,
together making a distribution at the rate of 13% per annum,
subject to income tax. After appropriating £20,000 to write
down bank premises, £20,000 to add to reserve fund, mak
ing it £1,920,000, and £10,000 to add to officers' pension
fund, there isfearried forward to new profit and loss account
about £45,000." Last year a total distribution of 12% was
made. The nominal capital of the bank June 30 1910 was
£6,250,000, the subscribed capital (in £100 shares) £6,194,
100, and the called-up amount (£25 per share) £1,548,525.
The resources aggregated £26,509,190.
—At the annual meeting of the Bank of British North
America, held in London on the 7th inst., a dividend of 6%
and a bonus of 1%, making a total of 7%, was declared. The
sum of £25,000 was transferred to the reserve fund, raising it
to £545,000, and £10,000 was transferred to bank premises
account. A balance of £17.000 was carried forward. A
bonus of 5% to the staff was declared.
[V o l . l x x x x i i .
in the new Cabinet. In addition, M. Caillaiux has again
become Finance Minister, and it is certain that he will press
his income tax bill. It passed the Chamber of Deputies
a long time ago, but it has been hung up in the Senate.
It is feared that he will find means of forcing the Senate
to pass it, and the income tax is extremely disliked in
France.
In Germany operators are naturally unwilling to engage
in new risks as the Government, the Reischbank and the
other banks are all warning them against rash speculation.
Indeed, the Government has quite recently been addressing
warnings, both on the head of large investments abroad
and on the head of rash speculation at home, which arc
calculated to make operators pause. Neither Paris nor
Berlin is, therefore, in a position just now to give a lead.
It must come from either London or New York. If New
York takes the lead it will be readily followed by London,
where the exceeding prosperity of trade and the reasonable
certainty of a long continuance of cheap money have pre
pared the way for good business of every kind. London
itself, indeed, is only deterred from giving the lead by
uncertainty as to the coming decision of the Supreme Court
in regard to trusts and the surprise caused by the unexpected
mobilization of American troops. That nothing calculated
to alarm is intended,everybody here believes. Still, people
wish to see whether matters in Mexico arc really dangerous
before they engage in new risks.
The India Council offered for tender on Wednesday 100
lacs of its bills and the applications amounted to nearly
1,005 lacs at prices ranging from Is. 4 l-32d. to Is. 4 3-32d.
per rupee. Applicants for bills at Is. 4 l-32d. and for
telegraphic transfers at Is. 4 l-16d. per rupee were allotted
7 per cent of the amount applied for, and above in full.
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:
(From our own correspondent.]
London.
W e e k aidin g M a rch
17.
11 1911. Silver, pernew,o z 2%
._ ......... ........ d . 24 5-16 24%
24%
24%
24 7-16
24%
per cents . 81
80 15-10 80 15-16 80 15-10 80 11-16 80%
On Thursday the directors of the Bank of England put Consols,
For account....... ............. . 81%
81 3-16 81 1-16 81 3-10 80 15-10 81 1-1«
down their rate of discount from 3}^ per cent to 3 per cent. French Rentes (In
Paris) fr. - 97.50
97.57% c!)0.67% 96.00
97.57%1 97.50
Copper Co- . - 04
64%
60%
65%
05
06%
The rates of interest and discount, in consequence, have Amalgamated
Anaconda Mining Co____
8
7%
7%
7%
8
7%
declined, and are likely to decline further. Indeed, every Atch.
Topeka & Santa Fe. _.109%
110%
111%
110%
111%
U l%
Preferred............................ .106
106
100
106
100
106
thing points now to a long period of great ease. In three Baltimore
& Ohio-........... - .106%
106%
106%
100%
107
107
weeks the financial year will have come to an end, and in the Canadian
Preferred......... ................... - 90%
90%
90%
90%
90%
90%
Pacific___________ .221
220%
220%
323
22.3%
222%
interval the Government will have to pay out immense Chesapeake
.C Ohio_______ - 84%
84%
84%
85%
84%
85
sums. In the first week of April, furthermore, the interest Chicago Great Western____ - 22
22
22
22
22%
21%
Mllw. etc St. P aul.. .124
124
124%
120%
120
125%
upon the National Debt will be paid, which will add largely Chicago
Denver & lUo Grande_____ - 32 %
32%
33%
32%
32%
32%
to the supplies in the open market. Over and above this, Preferred_______________ - 72 % 72 72
72%
72%
72%
ie ______________________ - 29%
30%
20%
29%
the Bank is already exceedingly strong. Its stock of E rFirst
28%
29%
preferred__________ - 49 %
60
49%
49%
49
49
bullion is not far short of 38% millions sterling, and possibly Second preferred_______ 38
38%
3S%
38
38
38
Illinois Central____________ .138
139%
next week will reach 40 millions sterling, for either to-day, Louisville
139
139
138
138
& Nashville-- . . -148%
149%
149
149%
148%
148
or at latest on Monday, a million sterling will be received
Kansas & Texas.. - 33 %
34%
34%
35%
33%
33%
Preferred......................
from Brazil and will be sent into the Bank, while it is every Missouri
09%
09%
09%
68%
6S%
Nat.
RR.
of
Mex.,
1st
pref.
70
70
70
72
70
72
where expected that the greater part of the gold offering in Sccond preferred____
30%
30%
35
35%
36%
the open market on Monday will also go into the Bank. N. YY.. Cent.
& Hud. lliver. .109%
1.10%
110%
110%
111%
109%
Ontario & Western - 43
43
43
42%
42%
The Bank, therefore, is growing enormously strong, and as N.Norfolk
42%
& Western____
109
109
109
109
103
the rates of interest and discount arc falling everywhere Preferred......................
9)
91
91
91
91
128%
128%
128%
125%
124%
upon the Continent and the Continental exchanges are all Northern Pacific____ . . -124%
65
65%
04%
65%
- 64%
64%
favorable to this country, it looks as if the Bank would Pennsylvania................
Reading Company
. - 79%
81
80%
80%
80
79%
45%
45%
First preferred............... . 45%
45%
45%
continue to receive the greater part of the gold offering in Second
45%
49%
60
50
preferred______ - 49%
49%
49%
the open market. Moreover, there are reports, which as Rock Island______
39%
30%
_ . . . . . - 30%
31%
30%
30%
119
118%
118%
Southern Pacific__________ c ll7 %
118
yet are unconfirmed, that another million sterling has been Southern
116%
27%
27%
27%
Railway................ - 27
27
26%
shipped from Brazil to London, and it would not be at all Preferred ........................ ..
66%
06%
67
66
180
179%
180%
surprising if gold were also shipped from Argentina.
Union Pacific____ _______ . 177%
178%
177%
94
94
94
93%
.....................
93%
That Argentina will not be able to take much gold from Preferred.......
80%
79%
80%
S. Steel Corporation____ - 78%
79%
78%
122)a
122%
122%
London is certain as the crops, especially the maize crop, U.Wabash
122
Preferred................... ........ -121%
121%
18
17%
18
...................................
17%
17%
have been greatly injured by drought and locusts, while the Preferred-............... .......... . 30% 39% 39% 40% 39 38%
imports into Argentina are on a very large scale. Many Extended 4s-------------------- 72% 73 73
73
72%
73%
Ex-dlvidend.
Price per share,
sterling.
good observers, therefore, think that Argentina will have to
ship gold to London. At all events, it is very unlikely that
she will take gold. In addition to this, the most active part
of the rice season in Burma is now ended and therefore the ® mixw crcta l and l l l x s ct i l n n emis Jl exits
Indian demand for gold has considerably abated. What National Banks.—The following information regarding
gold she requires will, no doubt, be obtained in Egypt and national
is from the office of the Comptroller of the
Australia. At the present moment, however, both the Currency,banks
Treasury Department:
Australian and the Egyptian banks are holding out for a
P L IC A T IO N S TO C O N V E R T A P P R O V E D .
premium which the Indian banks are unwilling to pay. The Night A&PDay
New York, N . Y . , Into "T h e Hardm an National
If, however, a strong demand grows up again, no doubt Bank of the City of Bank,
New Y o rk .”
Capital, $200,000.
The Bank of Commerce, Paragould. A rk ., Into "T h e National Bank of
the premium will be paid, and what gold is required will be Commerce
Capital, $100,000.
obtained from Egypt. It appears, accordingly, as if there The Bankof ofParagould.”
San Dimas, Cal., Into “ The First National Bank of San
Capital, $25,000.
would be scarcely any foreign demand for gold in London D imTheas.”Melissa
State Bank, Melissa, T e x ., into "T lio Melissa National
for a considerable time to come. So far as can be seen at B ank.”
$25,000.
present, indeed, it looks as if only the United States and C H A R T ECapital,
R S IS S U E D TO N A T IO N A L B A N K S F E B . 24 TO M A R C H "? .
Russia are in a position to take gold.
National Bank, Ontario. Cal. Capital, $50,000 .
Frcemire, President; J. R . Pollock, Vice-President; Geo. A .
The Bank of England, hence, will be immensely strong, 9 .935— WThe. A .Ontario
Cashier.
and the natural expectation is that this will stimulate business 9.9 3 6 — McCrea,
The First National Bank of Texas City, T e x. Capital, $25,000 .
in every direction. Already there is a steady advance in
Scott Marshall, President; A . 11. Phillips, Cashier.
National Bank of Noble, O kla. Capital, $25,000 .
what are called here gilt-edged securities, Consols and the 9 .937— RThe. F .First
El linger. President; Clarence P etty, Cashier.
(Conversion
like; and British railway stocks are also in demand. But in 9 .9 3 8 — of The
The Noble State Bank.)
Oklahoma National Bank of Chtckasha. Okla. Capital,
spite of the certainty that money will be abundant and
$100 ,00 0. II. L . Jarboe, ,Tr., President; M . O. Cannon, R . K .
cheap, most of the stock markets are rather dull, owing,
W ootten and G. W . Barefoot, Vice-Presidents; j . P. W hatley,
Ira E . Gaskill, Assistant Cashier.
partly, to the dulness iuNew York, partly to the mobilization 9 .9 3 9 — Cashier;
The National Nassau Bank of New York, N . T . Oapltal, $500,000.
of American troops and partly to the depression both in
Edward Earl, President; J. Christy Bell and John Munro, Vice
Presidents: W . B . Noble, Cashier; H . P. Sturr, N . D . Ailing and
Paris and in Berlin. In Paris the failure of an operator in
R . M. Bailey, Assistant Cashiers.
(Conversion of The Nassau
the mining market who is reported to have speculated on an
Bank of the City of New York.)
‘
The Pine Bush National Bank, Pine Bush, N . Y . Capital, $25,000.
extraordinarily large scale has disorganized the market for 9 .9 4 0 — Simon
Veruooy, Pres.; Louis J. Davis. Vlco-Prcs.; Horace E .
the time being, and all mining securities are, in consequence,
Cashier.
The First National Bank of Fort Mill, S . C. Capital, $ 25,000 . ( I .
exceedingly low. Besides there is uneasiness lest Germany 9.9 4 1 — S.Deubler,
Kirkpatrick, Pres.; Osmond Barber, Vlco-Prcs.; T . I). Spratt,
should become disagreeable because of M. Delcasse's inclusion
Oaabler.
................................................................................................
L on d on , S a tu rd a y , M arch
S a t.
M on.
T u es.
W ed.
T h o r s.
%
b
-
-
-
a
a
a
a
\t
a
b£
c
F r i.
If All. 18 1911.]
T H E C H R O N IC L E
9.942— The National Hank of Commerce of Tulsa, Okla. Capital, $100,000.
J. H . McBIrney, Pres.; Lee Clinton, Vlcc-Prcs.; S. P . MoBlrncy
N am e o f C om pan y.
Cashier; and Lea McBIrney, A sst. Cashier.
9.943— The Oklahoma National Bank of Tulsa, Okla. Capital, $100 ,00 0.
Railroads (Steam) Concluded.
Q. R . McCullough, Pres.; H . O. McClure, VIce-Pres.; A . E . Brad
Lake Shore A Michigan Southern (extra)
shaw, Cashier; Roscoe Adam s, Asst. Cashier.
Guar, stock (Mich. Sou. A Nor. Ind .)..9 .9 4 4 —
The First National Bank of H ydro, Okla. Capital, $25,000.
M a in e Central ( g u a r .) ___________________
Geo. B . Pope, Pres.; W . H . Collins, Vico-Prcs.; R oy M . Felton,
Manhattan Ity., guar, (quar.) (No. 108).
Cashier; E . F. Smith and F . E . W ood s, A sst. Cashiers.
Minn. St. Paul A S. S. M ., com. A pref..
Leased line stock.......................................
D E S IG N A T IO N O F R E S E R V E C IT Y .
Newark A Bloomfield..... .............................
M a r c h 1.
N. Y. Cent. A Hud. River (quar.)_______
The city of Sioux City, Iowa, was designated b y the Comptroller of the N e w Y o rk A H a rlem , com . and p r e f ______
Currency to-day as an additional Reserve City, under the A c t of March 3 N. Y. Lackawanna A Western (quar.)___
1887.
N. Y . N. II. A Hartford (quar.)________
V O L U N T A R Y L IQ U ID A T IO N -.
Part paid stock. Issue of Dec. 20 1909..
Norfolk A Western, common (quar.)____
3,3 5 7 — The American Exchange National Bank of Detroit, M ich., Febru
N orthern R R . o f N e w H am p sh ire ( g u a r .) ..
ary 14 1911.
N orw ich & W orcester, p ref. (g u a r .) --------1,902— The Lawrence National Bank, Lawrence, M ass., March 4 1911.
Old Colony (quar.)......... ............ ...................
3,977— The Merchants' National Bank of Lawrence, M ass., March 4 1911.
Philadelphia A Trenton (g u a r.) ..................
Plttsb. Bessemer A Lake Eric, common..
Plttsb. Ft.Wayne AChIc.,reg. guar, (qu.)
Special, guaranteed (quar.).................
Pittsburgh A Lake Erie_________________
Reading C om p a n y, 2d p r e f .................... ........
St. Louis A San Francisco—
Cldc. A East. 111. pf. tr. ctfs. (quar.)..
W e e k ending M a rch 11.
K . C.Ft. S. A Mem. pf. tr. ctfs. (quar.)
Clearings a t—
Southern Paclflc (quar.) (No. 18)..............
In c . or
Southern
Railway, preferred........... ..........
1911.
1910.
De c .
1908.
1909.
Mobile A Ohio stock trust certfs...........
Toledo
St.
Louis A Western, pref. (quar.)
§
Canada—
$
S
S
%
Union Paclflc, common (q u a r.)................
Montreal ......... ................. 42.003,552 39,743,602
+ 5 .7 30,414,416 25,208,270
Preferred (quar.)......... .............................
35,270.098 23,920,915 + 22.0 25,599.605 19,734,137
United N . J . R R . A C anal, guar. (g u a r .).
Winnipeg........................... 15,921,337 13,856,241 + 14.9 11,493,143
9,247,822
Utica A Black River....... ......................... ..
3,080,818
4,869,903
10,299,939
7.921,015 + 30.0
Warren, guaranteed______________ _____
3,072,318
2,887.207
+ 8.5
3,930,800
3,621,767
West
Jersey A Seashore_______ _____ —
2,310,214
1,885.548
2,380,248 + 11.3
2,650,173
Street and Electric Railway*.
1,601,787
1,780,559
— 23.0
1,441,073
B angor R y . A K lee. ( g u a r .) . ........................
+ 4.2
1,314,837
1,267,698
1,781,540
1,856,469
Brooklyn Rapid Transit (quar.)......... —
St. John.........................
1,116,126
+ 2 .7
1,191,671
1,469,826
1,508,638
Capital Traction, Washington, D.C. (qu.)
London ............. ............
1,071,887
1,310,901 + 10.1
1,172,257
1,442,011
Calgary ...................... ......
1,450,496
838,626 Carolina P ow er A Ligh t, pref. (g u a r .) -----3,290.561 + 10.9
3,326,392
Chattanooga Ry. A Lt., pf. (qu.) (No. 7)
Victoria......... .....................
970,762
1,179,191
1.795,527 + 5 9 .9
2,868,085
Chicago City Railway (quar.)---------------Edmonton................
564,196
1,976,575
858,008
1,134,100 + 74.2
C in . A H a m . T r a c t., com . (g u a r .) ..............
R egina_____ ________
1.152,069 + 32.6
1,528,487
Preferred (g u a r .) ______________________
Brandon________
613,736
C it y R y . , D a yton , O ., com . (g u a r .) ..............
Lethbridge..................
447,197
Preferred (g u a r .) ................................ ........
Saskatoon....... ............
818,067
Cleveland R y . ( g u a r .) .....................................
Brantford ____
560,486
Duluth-Superior Traction, com. (quar.)
al.
654,047
Preferred (quar.).......................................
126,023,629 109,098,294 + 15.5 85,977,702 70.131,800 Fran kford A Southwark, P h ila ., guar, (gu .)
Halifax Elec. Tram., Ltd. (quar.) (No.57)
Houghton County Traction, com. (No. 4)
Preferred (No. 6 )......... ......................... ..
Lake Shore E lec. R y . , lsf p ref. (g u a r .) -----Louisville Traction, common (quar.)-----Preferred_____________________________
M a n ila K lee. R R . A L tg. C orp . (guar.) —
N e w Y o rk State R y s ., com . (g u a r .) _______
S tocks .
Preferred (guar.) .......................................
B on d s.
N o rfo lk A Portsm outh Tra ct., p ref. (guar.)
20 Trust Co. of America..................340 X §5,000 Ashland Emery & Corundum
Omaha A C ouncil B lu ffs S t. I l y . , c o m .(g u .)
15 N. Y. Mtgc. & Security Co------ 220
Co. Os, 1920, A. A 0 ................50 & lnt.
Preferred (g u a r .) ________ ______________
100 The Chcesman Cotton Gin Co.,
$5,000 Lincoln (Neb.) Gas & Elec.
Philadelphia Traction..... ..................... ........
§10 each......... .......... ............ $5 lot
Lt. Co. 1st cons. 5s, 1941, J. &D.
Portland ( M e .) R R ---------------------------------260 2-3 Heather Realty C O-..J10 per sh.
72 & lnt.
Correction.— Sales of 50 shares Colorado St. Jos. R y.,L .,Il.A P .,pf. (qu.) (No. 34)
25 Fourteenth Street Bank........... 150
Yule Marble Co. pref. at $4 the lot and Sao Paulo Tram., L. A P. (qu.) (No. 36)
350 New Planet Copp. Co., $5 ea.$10 lot.
Seattle E lectric C o ., com . (guar.) ( N o . 10).
20 shares Colorado Slate Co. pref. at X .
950 Nat. Automatic Weighing Mach
C om m on (ex tr a ) .................... - ...................
reported In this department March 4,
Co. common, $5 each____$95 lot.
Preferred ( N o . 2 1 ) . . .............................. ..
should have been 50 shares Baldwin Air
2d A 3d Sts. Pass. R y., Phila. (quar.)___
Ship Co. ($5 each) S4 the lot, and 1,000
South Side Elevated, Chicago (quar.) —
sh. Bay State Gas Co. ($50 each) at X Stark Electric R R . (g u a r .) ............................
Syracuse Rapid Transit, pref. (quar.)—
Toronto Railway (quar.).--------- -----------Stocks
Stocks.
T r l-C lty R y . A Ligh t, p ref. (g u a r .) ..............
1 Paclflc Mills (par SI,000)______ §3640
25 Charlestown Gas & Electric Co.,
Twin City Rapid Transit, com. (quar.)..
20 Peppercll Manufacturing Co___29014
$50 each......... ...................§125 per sh
Preferred (quar.)........... .......... .......... —
6 Merrimack Mfg. Co., preferred-.10 0)4
B on d s.
Union lty., Gas A Electric, pref. (quar.).
10 Merrimack Mfg. Co., common.. 62>4 $3,000 Bangor Sc. Aroostook RR.
U n io n Traction o f In dian a, p r e f . ......... —
4 Central Vermont Ry. Co_______ 10
1st 5s, 1943______ _________ _____ 108 J4
United Trac. A Elec., Providence (quar.)
14 Waltham Watch Co., •ommon.. 41
$500 Butte Water Co. 5s, 1921____ 75)4
Washington Water Pow., Spokane (quar.)
§20 Central Vermont scrip................ 8
West End St. Ry., Boston, common-----West India Elec. Co.,Ltd. (quar.) (No. 13)
W in n ip e g Electric R y . (guard — ................
Banks.
Stocks.
18 Quincy Market Real Est. Trust
47 Amoskeag Mfg. Co........... 32014-320)4
103 A lnt. C en tu ry (g u a r .) ................................................
Coal
A
Iron
National
(quar.)----------------2 Peppercll Manufacturing Co ...2 9 0
3 American Glue Co., p r e f........... 152)4
F ifth A ve n u e (q u a r .) .......................... ..........
3 Hamilton Woolen Co....................108
F irst N ational (g u a r .) ...................................
25 Lockwood Co., Watcrvllle. M e.,105
B on d s.
F ir st Secu rity C o . ( g u a r .) ......... ...................
$100 Pero Marq. It R. deb. 6s, 1912. 95 & lnt.
23 Wamsutta Mills, New Bedford,
M erca ntile N ational (g u a r .) ........................
§1,000 Fremont Elkhorn A Mo. Val.
ex-d lv.....................................143
M etropolitan (q u a r .) .....................................
RR. cons. 1st 6s, 1933____127)4 & lnt.
18 Great Falls Mfg. Co____________187)4
Mount Morris (quar.) (No. 45)..................
5 Concord & Portsmouth UR. Co. 182
§1,000 Iowa Falls A Sioux City RR.
Prospect P a rk , B roo k lyn (g u a r .) ..................
1st 7s. 1917......... .....................113 A lnt.
4 Concord & Montreal RR., Class 1
Seaboard N a tional ( q u a r . ) . . ........................
ex-dlv_________________154)4-154)4 §3,000 U. S. Finishing Co. cons. 6s,
W ash ington H eights, B a n k o f (g u a r .) -------1929........................ .....................95 A lnt.
1 Boston Athenaeum (par $300) - .§340
Trust Companies.
9 Hotel Trust Touralnc......... .121 A lnt. §1,000 Orange (Maas.) Elcc.Lt. Co.
B
roo k lyn (g u a r .) ........................ .............. —
6s,
1922.....................................
103
A
lnt.
1 Fifty Associates________ 4,100 A lnt.
Columbia (quar.).......................... .......... —
1 Draper Co., common....................200)4 $1,000 Greenfield (Mass.) Elec. Lt.
Guaranty (quar.)..... ......................................
A Power Co. 5s. 1 9 2 3 ..____104 A lnt.
10 Plymouth Cordage Co..................255
K nickerbocker (q u a r .) .................... ..............
12 Ware River RR. Co...................... 177
18 New Eng. Inv. A See. Co.,pref. 95
Lawyers’ Title Ins. A Tr. (qu.) (No. 50)
L on g Island L o a n A Trust (g u a r .) ................
Mechanics’ of N. J. (quar.) (No. 4 7 ) . ..
M ercantile (quar.) — ...................................
M etropolitan (quar.) ( N o . 57)......................
Mutual Alliance (quar.)....... .......................
M u tu a l o f Westchester C ou n ty (q u a r .) .........
N e w Y o r k (q u a r .) ...........................................
Miscellaneous.
W h en
B ooks C losed.
P er
Aeolian, Weber Plano A Pianola, pf. (qu.)
P a yab le.
N am e o f Com pany.
D a y s In clu sive.
C ent.
Amcr. Agricultural Chein.. pref. (No. 24)
Amer. Beet Sugar, pref. (qu.) (No. 4 7 ) ..
Railroads (Steam)
A m e r . B rake Shoe A F d y . , com . A p f.(q u .)
A shland Coal A Iron R y . (quar.)
1
20
American Can, preferred (auar.)................
1
Beech Creek, guaranteed (quar.)
April
Holders
of
rec.
Mch.23a
1
A m erica n Caram el, p ref. (g u a r .) ............—
Boston A Albany, guar. (quar.)..
Mch. 31 Holders of rec. Feb.28a
2
Amer. Car A Fdry.. com. (quar.)(No. 34)
1 Holders of rec. Mch. la
Boston A Maine, common (quar.)..
April
IX
Preferred (quar.) (No. 48)......................
April
1 Holders of rec. Mch.20a
Boston A Providence (quar.)....... .............
American Express (quar.)........................ ..
2X
Canadian Paclflc (quar.) (No. 59)____
1 Holders of rec. Men. la
1 X April
Amcr. Iron A Steel Mfg..com.A pf. (qu.)
1 Holders of rec. Mch. la A m erica n M a n u fa ctu rin g (g u a r .) ------------Extra (from proceeds of land sales)..
April
X
1 Holders of rec. Mch. la
April
Preferred ................................................ ..
2
American Plano, pref. (quar.) (No. 1 2 )..
1 Holders of rec. Apr. 19a
Central IIR . o f N . J . (g u a r .) ......................
May
2
Amer. Pipe A Construction (quar.)...........
Mch. 31 Holders of rec. Mch. 10a Amcr. Pneumatic Service, 1st pref--------Chesapeake A Ohio (quar.)........................
IX
1 Mch. 28
April
Chicago Burlington A Quincy (q u a r.)...
2
to
April 3
American Radiator, common (quar.)..
1 Holders of rec. Mch. 17a
April
Chicago A East Ills., pref. (quar.)--------Common (extra)--------------------------------ix
1 Holders of rec. Mch. 13a
April
Chicago A North Western, com. (quar.).
Amer. Smelt. A Rcfg., com. (quar.).........
IX
1 Holders of rec. Mch. 13a
April
2
Preferred (quar.).......................................
Preferred (quar.).......................................
Mch. 31 Holders of rec. Mch. 17a
Chic. R. I. A Paclflc Ry. (quar.)................
American Snuff, common (quar.)..............
IX
Clcvclarui A k r o n >fc C olu m b u s ......................
Mch. 25 Holders of rec. Mch. 15a
2
Common (extra)..........................................
1 Mch. 23
Colorado A Southern, 1st A 2d pref.........
April
to
April 2
2
Preferred (quar.)____________ _____ —
Mch. 20 Holders of rec. Feb.25a
Delaware A Hudson Co. (quar.)................
Am. Sugar Refining, com. A pref. (quar.)
2X
Evansville A Terre Haute, pref--------------2 X April 15 Hold of rec. Sep. 151910
American Surety (quar.) (No. 87)............
Georgia R R . A B a n kin g (q u a r .) ..................
Apr. 15 Apr. 2
to
Apr. 14 A m er . T elep . A Teleg. (q u a r .) ......................
3
2
American Tobacco, pref. (quar.)................
2H
A m e r . T y p e F o u n d ers, com . ( g u a r .) . .........
2 Yi
Preferred (g u a r .) .........................................
Vi
A m cr . W o olen , p r e f. (guar.) ( N o . 48).........
1 Holders of rec. Mch.25a
April
Interborough Rapid Transit (quar.).........
2X
American Writing Paper, preferred.........
April • 1 Holders of rec. Mch.24a
Keokuk A Des Moines, pref. (annual)-----2X
Brooklyn Union Gas (quar.) (No. 40) —
Buffalo General Elec., com, (qu.) (No. 66)
Canadian Bank Clearings.—The clearings for the week end
ing Mch. 11 at Canadian cities, in comparison with the same
week of 1909, shows an increase in the aggregate of 1.55%.
Auction Sales.—Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York and Boston:
By Messrs. Adrian H. Muller & Son, New York:
By Messrs. Francis Henshaw & Co., Boston:
By Messrs. R. L. Day & Co., Boston:
DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations:
Dividends announced this week are printed in italics.
703
Per
C ent.
W h en
P a yable.
6
6
2
B ooks C losed.
D a y s In clu sive.
Mch.
Mch.
Apr.
April
I X
April
3 X
2
April
3
April
April
I X
Apr.
I X
April
IX
§2
Mch.
s i x Mch.
Mch.
I X
Apr.
2
Apr.
l M April
Apr.
2 X
1M April
April
I X
April
I X
§12.50 Mch.
2
May
31 Holders of rec. Mch. 17a
31 Holders of rec. Mch. 17a
1 Holders of rec. Mch. 15a
1 Holders of rec. Mch. 15a
15 Holders of rec. Mch.31a
1 Holders of rec. Mch. 20
1 Holders of rec. Mch.22a
15 Mch. 30
to
April 18
1 Holders of rec. Mch. 22
1 Holders of rec. Mch. 15a
31 Holders of rec. Mch.15a
31 Holders of rec. Mch. 15a
18 Holders of rec. Feb.28a
1 Holders of rec. Mch. 6a
1 Mch. 19
to
Mch. 31
1 Holders of rec. Mch.11a
10 Apr. 1 to
Apr. 10
1 Holders of rec. Mch. 15
4 Mch. 12 to Apr. 4
1 Mch. 16 to
Apr. 2
31 Holders of rec. Mch. 17
10 Holders of rec. Apr.22a
April
April
April
April
April
April
April
April
Apr.
Mch.
April
April
1 Mch. 18 to
April 2
1 Mch. 18
to
April 2
1 Holders of warr’t No. 18
24 Holders of rec. April la
1 Mch. 16 to
Mch. 31
15 Hold, of rec. Mch. 31a
1 Holders of rec. Mch. la
1 Holders of rec. Mch. la
10 Mch. 21
to
Mch. 31
30 Holders of rec. MchlSa
15 Holders of rec. April 5a
1 Holders of rec. Mch. 15a
I X
1
I X
1
2
1
2 X
2
2 X
3 X
3X
2 X
1 Holders of rec. Mch.25a
April
1 Holders of rec. Mch. 10a
April
April
1 Mch. 15 to
Mch. 31
1 Holders of rec. Mch.29a
Apr.
1 Holders of rec. Mch.15a
April
Mch. 30 Mch. 5
to
Mch. 15
April
1 Mch. 19
to
Mch. 31
1 Mch. 19 to
April
Mch. 31
1 Mch. 21
April
to
Mch. 31
1 Mch. 21
April
to
Mch. 31
1 Holders of rec. Mch. 18a
Apr.
April
1 Holders of rec. Mch.15a
April
1
1 Holders of rec. Mch.15a
1 Holders of rec. Mch. 15a
§4.50 Apr.
2
April
1 Mch. 21
to
Apr. 1
April
1 Holders of rec. Mch. 15a
2 X
April
1 Holders of rec. Mch. 15a
3
1 Holders of rec. Mch.2 la
Apr.
I X
1
1 Mch. 11 to
April
Mch. 15
April
1 Mch. 11
to
Mch. 15
2 X
1 Holders of rec. Mch. 20
Apr.
I X
1 Holders of rec. Mch. 18a
Apr.
I X
Apr.
1 Holders of rec. Mch.18a
I X
IX
10
T " April
1 Mch. 19 to
Mch. 31
April
1 Mch. 19 to
Mch. 31
I X
$2
April
1 Hold, of rec. Mch. 10a
2
Apr.
1 Mch. 26
to
Mch. 31
April
1 Holders of rec. Mch. 15a
I X
April
1 Holders of rec. Mch. 15a
2 X
Apr. 15 Holders of rec. Mch 13a
I X
2
April 15 Holders of rec. Mch. 13a
3
April
1 Holders of rec. Mch. 13a
$3
April
1 Holders of rec. Mch. 6
H Mch. 31 Mch. 21 to Mch. 31
Apr.
1
X
1 Holders of rec. Mch.25a
April
I X
IX April 1 Holders of rec. Mch. 15a
Apr.
l Holders of rec. Mch. 23
I X
April
1 Holders of rec. Mch. 1 la
I X
IX April 1 Holders of rec. Mch.15a
1 Holders of rec. Mch.20a
April
I X
1 Mch. 26 to ..............
2 X April
April
1 Mch. 15 to
April 2a
I X
2
April
1 Holders of rec. Mch.15a
1 Mch. 23
$1.75 April
to
April 2
1 Mch. 24
to
April 2
1 X April
I
I
I
I
I
X
X
X
X
X
2X
X
I X
IX
I X
I X
I X
2 X
I X
I X
25
7
3
IX
2
3
I X
3
2
5
3
8
3
3
3
5
5
6
IX
IX
8
IX
Apr.
April
April
April
April
April
April
April
Apr.
April
Apr.
April
Mch.
Mch.
Mch.
April
April
April
Mch.
Mch.
April
Mch.
Mch.
Mch.
April
April
Mch.
April
2
April
April
X
April
IX
§3
April
April
I X
Mch.
I X
April
I X
2
April
§1.75 Mch.
2
Mch.
2
Mch.
1
April
April
I X
5
April
2
April
April
I X
April
I X
3
Mch.
April
IX April
1
April
April
IX
April
IX
1
April
IX April
Mch.
IX
3
I X
I X
IX
1 Mch. 24
to
Mch. 31
1 Holders of rec. Mch. 8
1 Holders of rec. Mch.31a
1 Holders of rec. Mch.3 la
1 Holders of rec. Mch.31a
1 Mch. 26
to
April 2
1 Mch. 19
to
Mch. 31
1 Mch. 21
to
Mch. 31
1 Mch. 30
to
Mch. 31
1 Holders of rec. Mch. 25
1 Apr. 1 to
Apr. 2
1 Holders of rec.
31 Holders of rec.
31 Holders of rec.
31 Mch. 25
to
1 Mch. 16 to
1 Holders of rec.
1 Men 30
to
31 Mch. 25
to
31 Mch. 18 to
3 Holders of rec.
31 Holders of rec.
31 Mch. 25
to
Mch. 21
Mch.27a
Mch.31a
Mch. 31
April 2
Mch.18a
Mch. 31
Mch. 31
Mch. 31
Mch.31b
Mch.30a
Mch. 31
31 Holders of rec. Mch.25a
15 Mch. 22
to
Mch. 31
1 Holders of rec. Mch.21a
31 Holders of rec. Mch.21a
1 Holdirs of rec. Mch.17a
1 Mch. 12 to
Mch. 31
1 Holders of rec. Mch. 10a
1 Holders of rec. Mch. 10a
1 Holders of rec. Feb.28a
1 Holders of rec. Mch.21a
31 Holders of rec. Mch. 16
1 Mch. 11
to
April 2
1 Holders of rec. Mch.15a
31 Holders of rec. Mch. 18
31 Mch. 23
to
Mch. 31
31 Mch. 23
to
Mch. 31
15 Mch. 25
to
Mch. 30
1 Mch. 11
to
Mch. 19
1 Holders of rec. Mch. 15a
1 Holders of rec. Mch. 15a
1 Holders of rec. Mch. 15a
3 Holders of rec. Mch. la
31 Mch. 17 to
Mch. 31
15 Holders of rec. Mch. 31
1 Holders of rec. Mch 15a
15 Holders of rec. AprtllOa
15 Holders of rec. ApriUOa
15 Mch. 28 to
April 9
1 Holders of rec. Mch,15a
1 Mch. 19 to
Mch 31
31 Holders of rec Mch. 20
T H E C H R O N IC L E
704
Hi
m
N a m e o f C om pan y.
P er
C ent.
Miscellaneous (Concluded).
W h en
P a yab le.
B ooks Closed.
D a y s In clu sive.
1 Holders of rec. Mch.20a
April
Mch. 25 Holders of rec. Mch. 13
1 Holders of rec. Mch.15a
April
April 25 Holders of rec. Mch.3 la
IK
1 Holders of rec. Mch. 18
1
April
1 Holders of rcc. Mch. 18
April
I K
1 Mch. 16 to
April
Mch. 31
IK
1 Mch. 16 to
April
Mch. 31
3 K
April 10 April 1 to
April 9
I K
April
1 Mch. 8
to
April 2
I K
April 15 April 1 to
April 16
I K
April 15 April 1 to
April 16
I K
April
1 Holdersof rec.Mch. 10a
IK
April
1 Holders of rec.Mch. 13a
2
1 Holders of rec. Mch. 13a
April
I K
2
Mch. 31 Mch. 29
to
Mch. 31
1 Mch. 15 to
Mch. 22
C in c in n a ti G a s A E lec tr ic ( q u a r . ) - .
i K April
1 Mch. 25
2
April
to
Mch. 31
C i n e , A S u b u r b a n T e l e p . (q u a r . ) . .
1 Holders of rcc. Mch. 20
April
C itie s S er v ic e, c o m m o n (m o n th ly ). .
K
1 Holders of rcc. Mch. 20
April
P r e f e r r e d ( m o n t h l y ) ....... ...............
K
1
April
Holders of rec. Mch. 27
C it y I n v e s tin g C o ., p r e f. ( q u a r . ) . . .
I K
1 Holders of rec. Mch.l5a
April
IK
1 Holders of rec. Mch.15a
April
C olu m bu s (().) L I ., III. A P o w ., com . (qu.
IK
1 Holders of rec. Mch. 15a
April
P referred (q u a r .) .......................................
IK
1 Holders of rcc. Mch. 28
April
C o n s'd G as, E . L . A P . , B a ll., com . (qu.)
IK
1 Holders of rec. Mch. 28
April
Preferred and prior lien stock ..................
3
1 Holders of rec. Mch. 22
April
Consumers Power pref. (quar.)................
I K
Mch. 31 Holders of rec. Mch20a
Crucible Steel, preferred (quar.)..............
IK
1 Holders of rec. Mch.25a
April
Ouban-Amerlcan Sugar, pref. (quar.).
I K
1 Holders of rcc. Mch. 18
2
April
April 15 Holders of rec. April la
Detroit Edison (q u a r .) ..............
IK
1 Holders of rec. Mch.20a
D o m in io n Iro n A Steel, L td ., p ref. (.
3 K April
1 Holders of rec. Mch.20a
April
D u luth E d iso n E le c ., p ref. (q u .) ( N o . 20) . .
I K
April 25 April 16
to
April 25
du Pont (E .I.) de NemoursPowd.,pf.(qu.)
IK
1 Holders of rec. Mch.22a
April
du Pont Internat. Powder, pref. (quar.).
IK
Mch. 31 Holders of rec. Mch. 21
2
1 Holders of rec. Feb. 28
2 K April
1 Holders of rec. Feb. 28
April
Common (extra)---------------------- -------5
1 Holders of rec. Feb. 28
April
Preferred (quar.)......... ........................
I K
Mch. 31 Holders of rec. Mch.3 la
2
Electrical Securities C o r p ., com . (q u a r .).
1 Holders of rec. Aprl!27a
May
P referred (q u a r .) ......... .......... .................
I K
April
1 Holders of rec. Mch.2 la
General Chemical, preferred (quar.) —
IK
April 15 Holders of rec. Mch. 4a
2
General Electric (quar.)...................... ..
1 Holders of rec. Mch. 15
April
General Motors, preferred........................
3 K
Goldfield Consolidated Mlnes(quar.)No.l 1 30c. April 29 Holders of rec. Mch.3 la
20
April 29 Holders of rec. Mch.31a
Extra______ __________________ _____
April
1 Holders of rcc. Mch. 15
Great La kes T o w in g , p r e f. (q u a r .) ---------IK
Guggenheim Exploration (quar.) (No. a
April
1 Mch. 16 to
April 2
2 K
H om esla k e M in in g (m onthly) ( N o . 436).
50c. Mch. 25 Mch. 21
to
............
May
1 April 22
1
Intercontinental Rubber, com. (quar.)
to
April 30
Mch. 31 Mch. 21
Preferred (quar.)...................................
to
Mch. 31
IK
Internat. Harvester, com. (quat.) (No. 5)
April 15 Holders of rec. Mch.25a
IK
April
International Silver, pref. (quat.)..
1 Feb. 22
to
April 2
I K
1 Feb. 22
Preferred (extra)....... ................... .
April
to
April 2
K
1 Holders of rec. Mch.22a
Internat. Sin. Powd.& Chem., com.(qti.)
April
1
May 15 Holders of rec. May 5a
Preferred................................................... ..
4
April
1 Holders of rec. Mch.15a
Knickerbocker Ice. preferred (No. 24)___
3
to
Mch. 31
L a Belle Iro n W orks (q u a r .) ........................
2 K Mch. 31 Mch. 22
Laclede Gas Light, common and preferred elOstk. April
6 Holders of rec. Mch. 27
Mch. 30 Holders of rec. Mch. 23
Lanston Monotype Machine (quar.)_____
I K
Mch. 31 Holders of rec. Mch. 24
L a w yers' M tg e . C o . (quar.) ( N o . 38)...........
3
April
1 Holders of rec. Mch. 11a
Mackay Companies, com. (qu.) (No. 23).
iK
April
I Holders of rec. Mch. 1la
Preferred (quar.) (No. 29)____________
I
Holders of rec. Mch.30a
M assachusetts Lighting C o s. (q u .) ( N o . 30)
April
I K
Holders of rec. Mch. 23
May Department Stores, pref. (quar.)___
IM April
Holders of rec. Mch.10a
Mcrgenthaler Linotype (quar.)__________
2 K Mch.
iMch.
Holders of rec. Mch. 10a
E x t r a ..........................................................
K
Holders of rec. Mch.20a
April
Michigan Light, pref. (quar.)....................
I K
April 16 to
May 1
Michigan State Telephone, pref. (quar.).
1 K May
Holders of rec. Mch. 24
April
M o rtg a g e-B o n d C o . (q u a r .) ______________
I K
April 15 Holders of rec. Mch.28a
National Biscuit, com. (quar.) (No. 5 0 ) ..
1K
to
April 2
Mch. 31 Mch. 12
Nat. Enam. & Stamping, pref. (quar->—
IK
1 Mch. 26 to
April 1
April
Nat. Gas, El. Lt. & P., pref. (quar.)-----IK
to
Mch. 15
Mch. 31 Mch. 11
National Lead. com. (q u a r.)..............—
K
to
April 2
Mch. 31 Mch. 28
N a tiona l Licorice, p ref. (quar.) ( N o . 3 5 )-i k
Holders of rec. Mch. 20
April
Natlonal Sugar, pref. (quar.)....................
IK
Mch. 23
to
April 2
April
2
National Surety (quar.)...............................
April
Mch. 23
to
April 2
1
E x tra _________________________________
April 5
to
April 10
N ebraska T elephone (q u a r .) ..........................
1K April
Mch. 18 to
Mch. 21
Nevada Consolidated Copper Co. (quar.). 37Me. Mch.
Mch. 31 Holdersof rec. Mch. 15a
New England Telep. & Teleg. (quar.) —
IK
April
Holders of rec. April 1
2
N ia ga ra Fa lls P ow er (quar.) ( N o . 5 )-------Mch.
Mch. 14
to
Mch. 20
Nlles-Bcmrnt-Pond, common (quar.)-----IK
April
Holdersof rec. Mch.16a
North American Co. (q u a r.)......................
IK
April
Holders of rec. Mch.31a
Nova Scotia Steel & Coal, Ltd., com. (qu)
IK
April
2
Holders of rec .Mch.31a
Preferred (quar.)........................................
April
Holders of rec. Mch. 31
Otis Elevator, common (quar.).................. f i
April
Holders of rec. Mch. 31
Preferred (quar.)........................................
IK
April
April 1 to
April 15
P a c ific T elep . A T eleg ., p ref. (q u a r .) .........
IK
Holders of rec. Mch.20a
2 K Mch.
Phelps. Dodge & Co., Inc. (quar.)............
Mch. 17 to
Mch. 31
Pittsburgh Plate Glass, com . (q u a r .) ...........
1K Mch.
Mch.
12
Mch. 17
to
Mch. 31
P referred (a n n u a l) .....................................
Holders of rec. Mch. 18
Producers O il (q u a r .) ..................................... $1.50 Mch.
April
Holders of rec. April la
2K
Quaker Oats, common (quar.)....................
May
Holders of rec. May la
I K
Preferred (quar.)_____________________
Mch.
1
Holders of rcc. Feb. 25
Quincy Mining (quar.)___________ _______
Mch.
Mch. 9
to
Mch 20
Hallway Steel-Spring, preferred (quar.)..
IK
April
Holders of rec. Mch. 16a
Republic Ir. & Steel, pref.(quar.)(No.37)
IK
Mch.
3
Holders of rec. Mch.15a
Royal Baking Powder, com. (quar.)____
Mch.
Holders of rec. Mch. 15a
IK
Preferred (quar.).......................................
Mch.
2
Holders of rcc. Mch. 25
Rubber Goods M f g ., com m on ........................
April
2
Holders of rcc. Mch. 15a
Safety Car Heating & Lighting (quar.)..
Mch.
Holders of rec. Mch. 23
S t. J osep h Stock Yards (q u a r .) ....................
IK
Holders of rec. Mch. 15a
Sears, Roebuck & Co., com. (pay. In stk.) 33 l-3e April
April
Holders of rec. Mch.isa
Sears, Roebuck & Co., pref. (quar.)____
IK
April
Holders of rcc. Mch. 18a
S lo ss-S heffield Steel A Iro n , p ref. ( q u a r .).
IK
Mch. 22 to
April 2
April
1
South Porto Rico Sugar, com. (quar.)___
Mch. 22 to
April 2
April
2
Preferred (quar.)....... ................................
Mch. 18 to
Mch. 31
Spring Valley Water (quar.)____________ 50c. Mch.
Holders of rec. Mch.25a
April
Subway Realty (q u a r.)...............................
IK
Mch. 17 to
Mch. 31
Sulzberger A S on s C o ., pref. (q u a r .) ______
April
IK
Mch. 12 to
April 3
Swift & Co. (quar.) (No. 98)......................
April
IK
T ex a s C om p a n y (q u a r .) .................................
Holders of rec. Mch. 18a
2M Mch.
Mch. 19 to
Mch. 31
Mch.
Texas & Pacific Coal (quar.)____________
IK
Holders of rec. Mch20a
Underwood Typewriter, preferred (quar.)
April
IK
Mch. 16 to
April 16
Union Bag * Paper, pref. (qu.) (No. 48).
April
1
April 1 to
April 10
U n ion Sw itch A Signal, com . A pref. (qu.)
April
3
U n io n Typeivriter, 1st p ref. ( q u a r .) . .........
Holders of rec. Mch. 18a
3M April
Second preferred ( q u a r .) ._ ......... ............
Holders of rec. Mch. 18a
April
4
United Bank Note Corp., pref. (quar.)..
Mch. 16 to
Apr. 2
1M April
U n ited F r u it (q u a r .) ........... ...........................
Holders of rec. Mch. 25
April
2
Holders of rec. Mch. 31
United Gas Improvement (q u a r.)_____
April
2
2
United Shoe Mach. Corp., com. (quar.)..
Holders of rec. Mch.15a
April
Preferred (quar.).......................................
Holders of rec. Mch.15a
1M April
U . S . F in ish in g , com . (quar.) (N o . 9) .I I I
Holders of rec. Mch. 21
April
1
P referred (quar.) (N o . 4 7 )......................
Holders of rec. Mch. 21
April
IK
U . S . P rin tin g o f O hio (q u a r .) ......................
Mch. 21 to
April 2
April
m
U. S. Radiator Corp., pref. (quar.)______
to
'
Mch.
31
Mch. 22
April
IK
U. S. Steel Corp, com. (quar.MNo. 2 9 )..
Mch. 2 to
Mch. 12
Mch.
IK
Utah Copper Co. (quar.) (No. 11)...........
Mch. 18
Mch. 21
75c. Mch.
V a .-C a r o lin a C h e m ., pref. (qu.) ( N o . 6 2 ) ..
April 1
April 16
April
2
W estern E lectric (q u a r .) ........................ ........
Mch. 25
Mch. 31
2
Mch.
Western Union Teleg. (quar.) (No. 168)
Holders of rec. Mch.20a
April
K
Apr. I
to April 10
Westlnghouse Air Brake (quar.)................
April
2K
Apr. 1
to April If)
Extra ...........................................................
1M April
Apr. 1
to April 10
1
Special _______________________________
April
Mch. 14__to
Mch. 31
Yukon Gold Co. (quar.) (No. 7 )------------2
Mch.
a Transfer books not closed, b Transfer books closed from Mch. 26 to April 2,
both Inclusive. (/Correction, e Payable In common stock. /Declared 4% , pay
able In quarterly Installments.
B u t t e E l e c t r i c A B o w . , c o m . ( q u . ) ( N o . 2fi)_
C a lu m e t A H e c l a M i n i n g ( g u a r . ) ................
Cambria Iron - ...............................................Canadian Car & Fdry., Ltd., pref. (quar.)
C a n a d i a n C o n s ' d R u b b e r , c o m . ( q u a r . ) -----P r e f e r r e d ( q u a r . ) ..........................................
Canadian Gen. Electric. Ltd., com. (qu.)
Preferred _____ _____ - ..............................
Canadian Westlngh.. Ltd. (qu.) (Mo. 25)
Celluloid Company (quar.)....... ...................
C e n tr a l C o a l A C o k e , c o m . ( q u a r . ) ................
P r e f e r r e d ( q u a r . ) ......... ................................
Central Leather, preferred (quar.)............
Cldc. June. Rys. & U.Stk.Yds.,com.(qu.)
Preferred (quar.)----------------------Chicago Telephone (quar.)________
I K
$6
2
[V O L . L X X X X I I .
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
Mch .11. The figures for the separate banks are the averages
of the daily results. In the case of the totals, the actual
figures at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 85, p. 836.
W e om it two ciphers
B a n k s.
C apital.
S u rp lu s.
00t om itted.
Bank of N. Y _ .
Manhattan Co.
Merchants’ -----Mech. & Metals
City ..................
Chemical______
Merchants' E x.
Gallatin...........
Butch. & Drov.
Greenwich____
Amcr. Exch___
Commerce_____
Mercantile____
Pacific _______
Chat. & Phcnix
People’s ______
Hanover...........
Citizens’ Cent..
Nassau ........... ..
Market & Fult’n
Metropolitan . .
Corn Exchange
Imp. & Traders
P a rk ............... ..
East River____
F ourth......... ..
Second_______
First ..................
Irving Exch__
Bowery ............
N. Y. County..
German -Amer.
Chase..................
Fifth Avenue..
German E x ch ..
Germania_____
Lincoln ..............
Garfield______
Fifth ..................
Metropolis____
West Side.........
Seaboard______
Liberty _______
N. Y. Prod. Ex.
State __________
14th Street____
Coal & Iron____
Union Exch___
S
S
3,578,4
2,000,0
4,402,1
2.050,0
2,000,0
1,835,4
6,000,0
8,067,8
6,012,4
1,500,0
25,000,0 32,665,9
6,496,3
3,000,0
574,3
600,0
2,515,4
1,000,0
300.0
118,5
500,0
856,9
5,000,0
4,336,7
25,000,0 16,511,9
3,000,0
2,678,7
500,0
932,1
*450,0
1,042,0
200,0
467,5
3,000,0 12,155,9
2,550,0
1,732,6
500,0
548,4
1,000,0
1,727,1
2,000,0
1,544,6
3,000,0
5,438,7
1,500,0
7,535,7
5,000,0 12,511,9
250,0
94,2
5,000,0
5,616,6
1,000,0
2,136,8
10,000,0 20,543,2
2,000,0
1,807,1
250,0
800,5
500,0
1,646,7
750,0
689,0
7,953,4
5,000,0
100,0
2,183,1
883,4
200,0
200,0
1,034,7
1,000,0
1,560,8
1,000,0
1,209,1
250,0
513,5
1,000,0
2,124,4
200,0
1,027,8
1,000,0
1,985,5
1,000,0
2,692,7
1,000,0
783,9
1,000,0
850,7
1,000,0
310,6
401,4
1,000,0
925,2
1,000,0
(00) in all cases.
L o a n s.
A verage.
S pecie.
A verage.
Legals.
A verage.
S
$
4,172,0
21,228,0
6,282,0
30,950,0
3,995,0
20,627,0
51,315,0 12,062,9
27,138,4
4,629,5
168,080,0 63,045,2
5,070,8
29,963,0
1,607,9
7,098,3
1,532,1
9,167,0
472,6
2,352,5
2,018,2
7,956,2
41,563,6
7,142,0
160,208,1 29,292,1
14,411,3
1,899,3
3,785,3
358,1
14,21,8,6
3,144,5
382,4
1,860,5
73,610,1 13,612,6
22,309,1
5,306,1
7,930,7
1,395,1
8,777,1
1,506,5
10.037,6
2,477,8
44,796.0
8,133,0
25,991,0
4,281,0
88,905,0 22,509,0
1,382,6
234,7
36,104,0
7,727,0
13,412,0
2,994.0
113,693,9 26,645,9
25,146,1
5,187,4
3,341,0
S05,0
7,897,3
1,414,8
4,166,0
887,8
82,875,0 20,114,0
12,879,7
2,625,1
325,6
3,530,7
5,239,3
1,202,0
3,009,0
14.S65.8
2,085,5
8,718,8
3,138,9
723,5
12,281.2
1,360,1
1,023,0
4,242,0
5,721,0
22,319,0
6,124,6
20,014,6
2,100,3
7,894,3
15,072,0
4,491,0
1,212.7
5,820,5
6,163,0
936,0
914,0
9,009,7
S
S67,0
1,588,0
1,361,0
1,324,5
2,328,5
7.000,0
2,136,5
234,1
472.5
62,3
220,0
3,199,9
7,020,2
1,138,7
452,5
589,3
148,6
7,614,1
327,5
949,0
895,4
228,1
5,155,0
1,784,0
1,391,0
117,7
2,410,0
131,0
1,762,3
1,895,1
58,0
708,2
210,2
4,588,0
1,059,0
530,9
503,9
905,1
259,8
365,2
1,650,4
243,0
1,620,0
908,2
266,0
321,0
526,4
737,0
1,378,0
D ep osits.
A verage.
R e
s ’ vc.
S
19,413,0
33,700,0
21,106,0
49,743,6
27,723,2
182,407,3
28,197,0
7,337,9
7,613,2
2,123,4
8,941,0
41,934,1
141,771,7
11,424,3
3,238,6
14,727,3
2,194,2
83,792,5
21,764,3
9,254,0
8,784,4
10,072,7
52,698,0
23,581,0
94,345,0
1,511,3
38,336,0
12.875,0
107,909,8
27,074,7
3,473,0
8,149,8
4,136,9
93,259,0
14,499,6
3,405,6
6,238,7
15,666,6
8,920,7
3,736,7
12,260,1
4,880,0
26,696,0
22,805,2
9,295,0
18,998,0
6,578,9
6,455,0
9.030.8
25.9
23.3
25.3
26.9
25.0
38.4
25.6
25.1
26.3
25.2
25.2
25.4
25.7
26.6
25.0
25.6
24.2
25.3
25.9
25.3
27.3
26.8
25.2
25.7
25.3
23.2
26.4
24.2
26.3
26.1
24.8
26.5
26.5
26.4
25.4
25.1
27.3
25.0
26.2
29.1
24.5
25.9
27.4
30.8
25.4
25.3
26.8
25.9
25.1
%
Totals, Average 132,350,0 196.091,5 1334,446,8 306,521,7 71,642,7 1374,140,1 27.5
Actual figures
Mch. 11.................... 1345,278,8 304,045,4 72,474,3 1382,708,7 27.2
* New capital subscribed awaiting approval of the Comptroller, $1,800,000.
On the basis of averages, circulation amounted to $46,605,400 and United States
deposits (Included In deposits) to .$1,602,500; actual figures March 11, circulation.
S46,647,500; United States deposits, SI,591,600.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
W eek ended M a rch
11.
State B anks
T ru st C o s .
Tru st C o s.
Stale B anks
outside o f
outside o f
in
in
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
$
8.998,000
S
9,525,000
$
*23,975,000
S
65,406,000
Surplus as of Nov. 10------
*38,886,100
174,583,300
11.245,739
11.078.293
Loans and Investments..
Change from last week.
282,395,100 1.026,704,300
+ 2,341,300 — 5,747.300
94,519,100
+371,800
144,643,600
+ 229,700
Capital as of Nov. 10------
Change from last week.
46,074,000
— 2,184,000
109,329,400
— 1,211,600
Legal-tenders & bk. notes
Change from last week.
23,432,500
+527,800
13,153,600
+ 59.300
....................
....................
327,678,900 1,102,772,300
+3,193,700 — 2,550,500
101,304,200
+ 344,100
154.356.S00
+ 863,000
Change from last week.
Reserve on deposits-------Change from last week.
93,414,100
+ 906,700
128,744,400
—312,200
22,323,900
+349,900
24,293,000
+ 630,000
P. C. reserve to deposits. .
Percentage last week..
29.0%
29.0%
16.0%
15.8%
22.7%
22.6%
16.4%
16.0%
+ Increase over last week. — Decrease from last week. * As of Feb. 28 1911.
N o te . — "Surplus" Includes all undivided profits.
“ Reserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to loca
tion as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certltlcates. and also exclusive of deposits secured by bonds of the
State of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole nmount of deposits
exclusive of time deposits not payable within thirty days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
— State B a n k s —
— T ru st C o s .—•
R eserve R equired f o r Trust C om pan ies
and State B a n k s.
Location —
Total
Of
Total
Reserve
which R eserve
R equired in Cash.R equ ired.
-15%
15%
15%
.15%
15%
10%
15%
10%
10%
15%
15%
5%
25%
20%
15%
20%
15%
15%
Of
which
in Cash.
15%
10%
7K %
20 %
15%
6%
M a r . 18 1911
T H E C H R O N IC L E
705
The Banking Department also undertakes to present Boston and Philadelphia Banks.—Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York, not in the C learin g and Philadelphia.
H ou se. These figures are shown in the table below, as are
(00)
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each cor
a1
|
responding item in the two statements, thus affording an
Boston.
s
S
S
aggregate for the whole of the banks and trust companies in Feb. 1 8 .. 40,200,0
8
f
$
8
218,567,0 26,446,0 3,203,0 269.321.0; 7,769,0
156,270,3
the Greater New York.
Feo. 2 5 -- 40,200,0 217,898,0 25,282.0 3,110,0 264,3*3.0 7.743,0
125.354.0
Mch. 4 . . 40,200,0 218.391.0 24,536.0 3.167.0
W e om it two ciphers
Capital
and
S u rp lu s.
H anks.
NEW YORK CITY BANKS AND TRUST COMPANIES.
W eek ended M a rch
11.
C lea r.-H o u se
H a n k s.
Actual fig u r e s
C le a r .-H o u se
H a n k s.
A verage.
$
Capital INat. banks
( Jan. 7 -----Surplus fStato banks
J Feb. 2 8 . . .
Stale Hanks &
Tru st C o s. not
in C . - H . A v e r .
S
132,350,000
190,091,500
Total o f all
HanksA- Trust
C o s . A verage.
$
73,431,000
205,781,000
196,091,500
182,578,600
378,670.100
1,108,108,700 2,442,555.500
+ 1,264,400
. — 5,182,500
Deposits ........................ 1,382,708.700 1,374,140,100 o l,062,538,500 2,436,078,600
Change from last week +8,019,800
— 3,353,600
— 6,582,500
+3,228,900
Specie.............................
Change from last week
304,015.'00
— 3,342,800
Change from last week
72,474.300
—-656,400
71.642,700
— 1,911,700
621,629,800
+ 206,900
92,672,500
— 1,674,800
Aggr’te money holdings
Change from last week
376.519,700
— 3,999,200
37$, 164,400
— 3,028.400
cl36,113,700
— 864,000
514,278,100
— 3,892,400
Money on deposit with
other bks. & trust cos.
Change from last week
............
............
Total reserve Change from last week
376,519,700
— 3,999,200
Percentage to deposits
requiring reserve___
Percentage last week.
40,200,0
218,634,0
Feb. 18'..
Feb. 2 5 ..
Melv. 4 . .
Mch. 1 1 ..
55,465.0
55,465,0
55.465,0
55,465,0
261,588,0
260,184.0
260,856,0
262,779,0
Legals.
25,051,0
3,006,0
D ep osits,
76,050,0
76.981,0
76,392.0
75,400,0
C learin gs.
C ircu Union.
267,557,0
263,782,0
7.749.0
7,764,0
163,675,0
145,690,0
318,241.0
314,383,0
317.115.0
314,600.0
15.709,0
15.717.0
15,500,0
15,359,0
139,480,2
123.088,6
174.711.5
143,129,4
a Includes Government deposits and the Item “due to other banks.” At Boston
Government deposits amounted to S3.059.000 on March 11. against S3.060,000 on
March 4.
Imports and Exports for the Week.—The following are
the imports at New York for the week ending Mch. 11; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
421.605,600
— 2.217,600
115,083,900
— 1,130,900
305,521,700
— 1,086,700
Mch. I t . .
S pecie.
%
132,350.000
Loans and Investments 1,345,278.800 1,334,446,800
Change from last week + 10,729,300
+ 6.446,900
L o a n s.
in all these fig u r e s .
24,400,100
+ 3.147,200
24,400,100
+3,147,200
378,164,400
— 3,018,400
160,513,800
+2,283,200
538,078,200
— 745,200
27.25%
27.70%
27.51%
27.83%
17.7%
17.3%
30,842,525
34,620,375
+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to SI,205,806,300, a decrease of 8293,100 from 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 Of this amount State banks held
$13,630,700 and trust companies $122,483,000.
1911.
F o r week.
1909.
1910.
1
1908.
Dry goods.................................
General merchandise..............
83,363.698
14,294,520
S4,364,592
19.939.135
$3,619,942
14,960,069
82,453.178
7,805,139
Total . ...................................
S in ce J a n . 1.
Dry goods.................................
General merchandise..............
$17,658,218
824,303,727
S18,580,011
S10,258,317
S33.343.079
133,730,376
S.36,939.751
160,140,746
S37.897.628
132,181,776
829.882 475
83,957,445
Total 10 weeks.................... S167.073.455 S197.080.497 $170,079,404 8113,839,920
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 11 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
For the week........................ -
1911.
1910.
1909.
1908.
S15,909,629
134,786,719
SIO.468,303
111,855,417
813,630,030
110.456,843
S17.824.406
140,432,190
The averages of the Now York City Clearing-House banks Total 10 weeks..................- S150,696,348 S122,323,720 $124,086,873 8158.256,596
with those for the State banks and trust companies
in Greater New York outside of the Clearing-House compare The following table shows the exports and imports of
specie at the port of New York for the week ending Mch. 11
as follows for a series of weeks past:
and since Jan. 1 1911, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1910 and 1909:
GREATER NEW YORK.
com bin ed
W e om it two ciphers In all these fig u r e s .
W eek
E n ded .
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mch.
Mch.
7 -1 4 ..
2 1 ..
2 8 ..
4 ..
1 1 ..
18 ..
2 5 ..
4 ..
1 1 ..
L oa n s and
In v estm en ts.
D ep osits.
S
2.328,080,2
2,287.091.2
2,314,241,8
2,346,919.6
2,400.631,9
2.412,497.9
2.432,389.8
2.429.340.1
2.441,291,1
2.412.555.5
s
2,254,509,1
2.230,817,2
2.278.042,7
2.323,565,6
2,388.262,1
2.404,193,5
2.423,819.1
2,425,821,7
2,440,032,2
2,436,678,6
S p ecie.
s
357,504,3
372,712,3
391,052,4
402.126.4
412,134,0
412,962.6
416,383,3
421,080,3
423,823.2
421,605,6
________ ______________
Legals.
$
92.0.80,4
93,917,8
95,099,7
97,910.8
93.720,2
95,663,8
95,146,0
95.844.4
94.347,3
92,672,5
8
449.590,7
466,630.1
486,152,1
600.037.2
505.854,2
508,626,4
511,529,3
516,930,7
518,170.5
514,278,1
$
472,423,2
489,427,3
508,071,6
521,788,6
529.947,6
531,387,6
534,354,6
538,997,1
539,423.4
538.678,2
Reports of Clearing Non-Member Banks.—The following is
the statement of condition of the clearing non-member banks
for the week ending Mch. 11, based on average daily results:
W e om it two ciphers
Hanks.
N.
C a p i
tal.
S u r
plu s.
Loans.
LHsc'ts
and
Invest
ments.
Wash. I Ft.s
Century __
Colonial . .
Columbia . .
Fidelity . . .
Jefferson_._
Mt. Morris.
Mutual-----23d W ard ..
YorkvIUe . .
New N oth..
Bat. Pk. Nat.
Aetna Nat.
Horough o f
H rooklyn.
$
100,0
250,0
400,0
300,0
200.0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0
200,0
Broadway _
252,0
Mfrs.’ Nat.
Mechanics’ . 1,000,0
Nassau Nat.
750,0
300,0
Nat. C ity..
North Hide.
200,0
First N a t..
300,0
Jersey City.
400,0
First N at..
Hud.Co.Nat
250,0
200,0
Third N a t..
Hoboken.
First N a t..
220,0
Second Nat.
125,0
?
282,0
148,9
402,8
762,4
183,2
521,5
334,4
387,2
460,9
107,4
492,8
271,8
149,4
312,4
$
1,297,0
1,456,3
6,328,7
0,633,0
1,077,0
3,353,5
2,480,6
3,543,6
4,361,0
1,894,6
4.176.5
2,356.0
1,357,3
2,066.1
638,6 3,347.1
835,8 5,301,3
853.1 11,529,6
1,015,3 7,562,0
587.0 3,697,0
150,8 1,936,0
623,5 3,331,0
Specie.
Legal
Tender
and
Hank
N o te s .
IMPORTS OF SPECIE
Clear
ing
A gen t.
$
139,0
36,2
782,7
589,0
62,3
259,6
402,3
20,5
325.0
178.1
41,4
250,0
150,8
459,1
S
65,0
178,7
423,9
553,0
111,4
368,3
38,7
670,5
484,0
60,3
838,3
84,0
47,4
37,2
S
176,0
100,9
733,3
692,0
257,6
313,3
476,9
499,7
1,075,0
299,3
267.1
384.0
124,9
113,5
$
16,0
132,3
267,4
54,0
063,3
72,3
284,3
35,0
67,6
$
1,311,0
1,500,0
7,809,2
7,418,0
1,130,8
4,490,3
3,298.7
4,342,2
5,676,0
2,237,4
5,466,6
2,667,0
1,202,7
1,993,6
458,8
43,3
275,8
485,0
3 10.1 1,298,9
329,0
624,0
507,6
92,0
129,4
133,1
81,0
315,0
279,3
1,015,8
1,638,8
1,589,0
875,0
240,6
425,0
225,7 3,762,1
197,0 6,151,7
208,0 15,042,8
. . 8,210,0
181,0 5,052,0
86,2 2.273,6
39,0 3,031,0
294,2
144,5
40,7
488,5
45,3
129,3
2,740,2
216,1
590,9
289,0
209,4
42,1
7,454,8
2,573,4
2,421,2
021,3
245,9
3,199,8
2,692,0
157,1
103,0
21,8
113,7
220,7
87,3
202,8
227.0
3.118,5
3,093,3
Tot. Mch. 11 7,497.0 12,734,8 95,009.3 6,528,0 7,855,2 15,444,2 3,559,4 112730,9
Tot. Mch. 4 7,497,(1 12,717,0 95,093.0 0,525,8 7.167,0 15,215,6 3,153,4 1 F 954,5
Tot. Feb.25 7,497,0 12.717.6 93,691,2 6,410,6 7,334 3 14,334,9 2,986,4 109067,2
S in c e J a n .i.
W eek.
S in c e J a n .i .
S560
818,350
33,819
S4.725
S781.295
South America.....................................
All other countries...............................
25,000
360,000
65,000
24,380
46,047
57,725
40,623
862,638
72,761
614,063
483,432
Total 1911.........................................
Total 1910......... ................................
Total 1909.........................................
$29,725
449,000
3.823,050
SI,206,295
6,338,118
20,862,495
$169,335
137,530
608,289
S2.085.063
2,440,465
2,661,991
8596,202
54,000
SS,678,787
720,300
16,493
37,060
Sliver.
France ..................................................
1,043
Total 1911______________________
Total 1 9 1 0 . . ......................- - - - Total 1909........... .................- ..........
S575
147,243
73,049
22,065
17,253
700
8115,006
5,337
4,141
15,014
479,347
398,093
394.281
$243,533 SI.411,219
70,789 U 763,164
89,037 '1 885,317
$853,560 S9,470,593
730,010 . 8,467,822
829,499
9,776,272
Of the above imports for the week in 1911, $24,3S0 were
American gold coin and S__American silver coin.
fa u ltin g and f i n a n c i a l .
Railroad and Industrial Stocks
Let us send you our circular describing 110 ISS U E S of listed Rail
road and Industrial Stocks.
Spencer Trask & Co.
43 E X C H A N G E P L A C E .------ N E W Y O R K .
C h ic a g o . 111.
B o s to n . M a s s ..
A lb a n y , N. Y .
M em bers N ew
5,115,5
2,903,3
2,014,9
YO R K.
Im p orts.
E xports.
W eek.
2,315
N et
Other
H anks, D eposits.
A c.
AT N E W
Qold.
South America.......... ................ ........
All other countries...............................
D ep osit with
1,272,9
705,3
407,6
AND
(00) in all these fig u r e s .
Y. City
Horoughs oj
M a n .A Hrx.
EXPORTS
T o t. M o n e y E n tire lies,
H old in g s. on D ep osit.
W H I T E ,
Y o r k S to c k E x c h a n g e .
W E L D
&
CO.
Members New York Stock Exchange.
5 N A SS A U S T R E E T ,
NEW YORK
THE ROOKERY;
C H IO C A G
TH E C H R O N IC L E
706
H J attb jcrs’
© a x je tte
.
W a ll S tree t, F r id a y N ig h t, M a rch 17 1911.
I'.' .The Money Market and Financial Situation.—A slight re
vival of activity and a somewhat firmer tone have character
ized the security markets this week. This change is un
doubtedly a perfectly natural one, following the effect, noted
during the previous two weeks, of the Inter-State Commerce
Commission's decision in the matter of traffic rates. But
that recovery, if continued, will be slow seems almost cer
tain, as there is no enthusiasm whatever and no interest in
the markets manifested except in a very negative sort of
way by a few professional traders on the floor of the Stock
Exchange.
The developments of the week affecting security values
have been meagre. Wheat has declined on further reports of
large supplies in farmers’ hands and on the well-known fact
of favorable conditions in both the winter and spring-wheat
belts for the anticipated crop of 1911. The demand for
funds from the interior has fallen off somewhat, and the
New York banks have therefore gained in the currency move
ment, but have lost in their transactions with the Sub
Treasury this week. The Bank of England reports a large
increase in gold holdings and also on an expansion of loans,
so that the percentage of reserve is slightly reduced. The
latter is, however, well above the average at this season in
recent years, and the principal Continental bank statements
are favorable.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 1% to 2%%. To-day's rates on call were 1%@2%%.
Commercial paper quoted at 3%@4% for 60 to 90-day
endorsements, 4 @4 34% for prime 4 to 6 months’ single
names and 4%@5% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £1,507,693 and the percent
age of reserve to liabilities was 49.60, against 51.29 last week.
The rate of discount remains unchanged at 3%, as fixed
March 9. The Bank of France shows an increase of 2,125,000
francs gold and 375,000 francs silver.
N EW YO R K CITY CLEAR!NO-IIOUSE BANKS.
1911.
A verages f o r
week ending
M a rch 11.
D ifferen ces
fr o m
previous week.
1910.
1909.
A verages f o r
week ending
M a rch 12.
Averages f o r
week ending
M a rch 13.
126 ,I s o ,000
132,350,OOo!
— ®-............1 128.l50.000
Capital . ..........................
168,258,900
196.091.500!
....................
182.627,500
Surplus..... .......................
Loans and discounts___ 1.331,4-16.800 Inc. 6,446.900 1,245.191.000 1,305,353,700
48,549,700
46,605,400 Dec.
97.900
48.032,300
Circulation........... ..........
Net deposits.................... 1,374,140,100 Inc. 3,228,900 1.245,339,400 1,352,119,000
2,423,700
1,602,500 Dec.
2S.700
1,664,000
U. S. dcp. (Inch above)
306,521,700 Dec. 1,086.700 257,818,100 271,330,300
Specie -------------------- . _
80,159,900
71,642,700 Dec. 1,941,700
63,523,500
Legal tenders--------------Reserve h e ld ...........
25% ol deposits......... ..
378,164,400 Dec.
343,535,025 Inc.
3,028,400
807,225
321,311,600
311,334,850
351,490,200
338,037,250
Surplus reserve.........
34,629.375 Dec.
3,835,625
10.006.750
13,452,950
10.422.750
35,030.000 Dec. 3,842,800
14.058,875
1
Note.— The Clearing House now Issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of the separatefbanks. also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com
panies not reporting to the Clearing House, appear on the second page preceding.
Surplus, excl. U. S. dep
Foreign Exchange.—Unsteadiness and dulness ruled dur
ing the greater part of the week. After declining to 4 86 for
demand and 4 8620 for cable transfers, there was to-day a
recovery to 4 86 34 @4 86%.
To-day’s (Frday’s) nominal rates for sterling exchange
were 4 8434 for sixty-day and 4 87 for sight. To-day’s
actual rates for sterling exchange were 4 8390@4 84 for sixty
days, 4 8605@4 8615 for cheques and 4 8635@4 8645 for
cables. Commercial on banks 4 8334@4 8334 and docu
ments for payment 4 3 34 @4 84. Cotton for payment
4 82 J4 @4 83 and grain for payment 4 83% @4 84.
To-day’s (Friday’s) acttial rates for Paris bankers’ francs
were 5 21 3 4 less l-32@5 2134 plus 1-32 for long and 5 20@
5 20 plus 1-32 for short. Germany bankers’ marks were
94 9-16@94% for long and 95%@95 5-32 for short. Am
sterdam bankers’ guilders were 4034 @4034 plus 1-32 for
short.
The posted rates, as quoted by a representative house,
remained throughout the week at 4 8434 for sixty-days and
4 87 for sight.
Exchange at Paris on London, 25fr. 28c.: week’s range,
25fr. 2834°- high and 25fr. 27 %c. low.
Exchange at Berlin on London 20m. 4 4 p fw e e k ’s range,
20 m. 4634 pf- high and 20 m. 44 pf. lowr.
The range of foreign exchange for the week follows:
Sterling, A ctua l —
High for the week - ................. 4
Low for the week___________ 4
P a rts Hankers' F ra n cs —
High for the week................... 5
Low for the week___________ 5
G erm a n y B a nkers’ M a r k s —
High for the week....................
Low for the week____________
S ix ty D a y s .
84
8380
Cheques.
4 8615
4 86
2 1 * plus 1-32 5 1 9 * less 3-32
2 1 % less 1-32 5 20 less 1-32
94*3
94 9-16
95 5-32
95 3-32
Cables,
4 8645
4 8620
5 1 9 * less 1-16
5 20
95 7-32
95 5-32
A m sterd a m B a nkers’ G uilders —
High for the week......... ..........
Low for the week......................
40 1-16 plus 1-16 4 0 *
40 1-16
40*3 less 1-16
40 5-16 less 1-16
4 0 % p us 1-16
The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago, 5c.
per 81,000 discount. New Orleans, commercial, 25c. per
$1,000 discount; bank, $1 per $1,000 premium. Boston,
nominally^lOc. per $1,000 discount. St. Paul, 40c. per $1,000
[\rOL. L X X X X II.
premium. Savannah, buying, 3-16c. per $1,000 discount;
selling, par. Charleston, buying, par; selling, l-10c. per
$1,000 premium. St. Louis, 20c. per $1,000 premium.
San Francisco, 60c. per $1,000 premium. Montreal, 3134°per $1,000 discount to par.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $175,000 Virginia 6s deferred trust re
ceipts at 54 to 58%.
The market for railway and industrial bonds has been a
little less active than last week, owing to smaller dealings in
special issues. There has been in sympathy with the shares
market a fractional advance in many of the bonds traded in
and exceptional strength in a few. Among the latter are
Atchison convertible 4s and California Gas & Electric 5s,
which advanced 134 and 134 points, respectively. Norfolk
& Western conv. 4s, Atchison gen.4s, Itock Island 4s, Amor.
Tel. & Tel. conv. 4s and the American Tobacco issues
have been relatively strong. Missouri Pacific conv. 5s have,
in sympathy with the stock, declined, and Southern Ry. gen.
4s and Wabash ref. & ext. 4s are lower.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; fo r y e a rly ran ge see th ird
pag e fo llo w in g .
2s,
2s,
3s.
3s,
4s,
4s,
2s,
Interest
Periods
M ch.
1930 ...................registered Q—Jan
1930..........
coupon Q—Jan
1908-18________registered Q— Feb
1908-18......
coupon Q— Feb
1925 .................. registered Q— Feb
1925......................... coupon Q— Feb
1936.Panama Canal regia Q— Feb
* 101*
11
*101*
M ch .
M ch .
13
M ch .
M ch .
M ch .
14
15
16
17
♦ 101* *101 *
101 * 101*
* 101*
*101*
* 1 0 2 * * 1 0 2 * * 102 * * 102 * *102
* 102 * * 102 * * 1 0 2 * * 102 * *102
*11 5 * *115*
* 101 *
* 101 *
* 101 *
*
*
* 101 *
*102*
* 102 *
*115*
*115* *115* *116*
*115* *11 5 * *115* *115* *115* *115*
♦ 101
♦ 101
*1 0 1
*1 0 1
*101
*101
* This Is tlip price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—The volume of busi
ness in the stock market, although a little larger than last
week, continues very small. The tendency of prices was up
ward until Thursday, when the market became soft, and
closing prices arc in many cases from 2 to 4 points below the
highest of the week. A large portion of the active list closes
higher than last week, however, and a few issues have made
a noteworthy advance. Among the latter are Northerm
Pacific, Canadian Pacific, Great Northern, Reading and
Wisconsin Central, which show a net gain of from 1 3 4 to
234 points. Missouri Pacific led the downward movement
noted above, closing over 5 points below the opening price
on Wednesday morning. The “Soo Line” stock has lost a
fraction of its recent advance and the Atlantic Coast Line is
down 34 point.
Virginia Carolina Chemical has been the weak feature of
the industrial list, showing a decline of 2 points. General
Electric is down over a point and Steel preferred is lower.
F o r d a ily volu m e o f b u sin ess see page 716.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek ending M a r .
17.
Sales
fo r
W eek.
R ange f o r W e e k .
Lowest.
Batopllas Mining..............
200 *2
Cent & So Am Telegraph
10 120
Comstock Tunnel........... 1,520 20c.
Cuban-Am Sugar, prel. _
300 9 0 *
Detroit Edison...............
215 109
E I dii Pont l’owd, prel.
50 8 4 *
Evansv & Terre Haute..
400 65
Federal Sugar Refg_____
805 40
General Chemical______
710 1 2 7 *
Green Hay & Wed debA
8 77*
Sears, Roebuck & Co, pf
265 1 21*
So Porto Rico Sugar, pt.
400 112
Texas Co rights................ 21.263
*
United Cigar Mfrs, pret.
155 1 0 1 *
U S Ueduc & Refg-------100 3 *
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
H igh est.
15 S 2 *
14 120
15 21c
15 9 1 *
11 110
13 8 4 *
15 65
11 46
13 130
17 7 7 *
16 122
11 112
13 1
17 1 0 1 *
17 3 *
Mch
Moh
Mch
Mch
Mch
Mch
Moh
Mch
Mch
Mch
Moh
Mch
Mch
Mch
Mch
; R ange sin ce Jan
! Ijrw est.
14 *2
14 110
15 20c.
17 8 8 *
17 1 0 7 *
13 82
ir.|| 60
16 35
14 100
17l 7 6 *
15 1 1 9 *
15 110
131
*
17 1 0 1 *
17
3*
1.
H igh est.
Jan 8 2 *
Jan 120
Feb 26c.
Jan 9 1 *
Jan 110
Jan 8 4 *
Feb 65
Jan 46
Jan 135
Feb 78
Jan rl22
Feb 113
Mch
1
Mch •rlO-l
Mch 4 *
Jam
Feb
Feb
Mch
Mch
Mch
Moh
Mch
Feb
Jan
Moh
Jan
Uch
Fob
Jan
Outside Market.—Interest in “curb" securities this week,
except in a few issues, was again light, with price movements
irregular and within a narrow range. Active trading im
American Tobacco and a sharp advance in the price over
shadowed all other business. The price moved up steadily
from 458 to 485, when it reacted to 474, the close to-day being
at 475. Intercontinental Rubber com. lost a point to 31 and
recovered to 3134- Standard Oil lost 2 points to 623, them
ran up to 637, to-day’s business advancing the price to 640.
United Cigar Mfrs. com. suffered a loss of 8)4 points to 56)4
and finished to-day at 57. In bonds the new 5 % notes of the
Amalgamated Copper Co. were traded in for the first time,
“w. i.,” at from 99)4 to 99%. The new 5% notes of the
Missouri Kansas & Texas also appeared in the trading and
sold, “w. i.,’’ up from 99)4 to 99% and down to 99%. Texas
Co. 6 s declined from 1 0 2 ) 4 to 101 7-16. Western Pacific 5s
eased off from 9434 to 94%. The mining department was
dull and irregular. Butte Coalition went up from 18)4 to
1834 and down to 17)4, resting at 1734. Chino fell froim
2 1 3 4 to 2 1 , recovered all the loss, but sold down to-day to
2 1 3 4 . Giroux was active and rose from 5 15-16 to 6)4 and
ends the week at 6 7-16. Greene Cananea from 534 reached
6)4 and closed to-day at 6 )4 . Inspiration weakened froim
7% to 7 11-16, butr ecovered finally to 7 3 4 . Miami went
down from 1934 to 19 and up to 19%, the close to-day being
at 19%. Ray Consolidated moved up from 17 to 1734 and
back to 17. Kerr Lake declined from 6)4 to 634 and closed
to-day at 6 7-16. La Rose Consolidated fluctuated between
434 and 4%. Nipissing advanced from 10% to 11)4 and
finished to-day at 11%.
Outside quotations will be found on page T16.
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
S T O C K S — Ii IQ M i S T A N D
Saturday
M a rch 11
M onday
M a rch 13
Tu esday
M a rch 14
L O W E S T S A L E P R IC E S .
W ednesday
M a rch 15
I Th ursday
M a rch 10
F r id a y
M a rch 17
Sales ol
the
W eek
Shares.
TW O
PAGES
STOCKS
N E W Y O R K FTOCK
EXCHANGE
R an ge sin ce J an u a ry 1.
O n basis o f 100-share lots.
Low est.
R a n g e f o r P revious
Y ea r 1910.
H ighest.
H igh est.
107!
107b ior,34 108b 1083., 1073, 1083g 107b 108b 69,500
tch Topeka & Santa Fe 100b Jan 3 108% Mch 14
90% J'ly
124% Jan
1023.1 102% 102b 102% 102b 1021
103b §103 103
Do pref____ - _______
1,060 A
1003, Jan 3 103b Jan 27 Z97 J’ly
104i.j Jan 1
120% 121
12134 122
120b 1211
120 120
2 ,200 Atlantic Coast Line U H .. 117 Jan 3 124 Feb :
137% Jan
102b
J
’ly
1035s 103b 104% 104 104 §103b 103b 103b 1031;
2,752
altimore & Ohio_______ 102 Feb 24 109b Jan 31
100% Sen
119% Jan I
8S3.j +88
8S34 *88
89
88b *88
*88
89
200 B Ho prel'_____________
88 Mch 13
91 Jan
87% Sep
94 Jan 1
77I.S 7734
76b
771.1
77b
9,730 Brooklyn Rapid Trans't.
77b 77b
7478 Jan 3
77b 77b
79b
Feb
82% M ay1
68b
Feb
2147s 214b 216
216b 21834 2165s 2173,| 210b 217b 40,532 ( fanadlan Racltlc________ 195% Jan 3 218% Mch 15 176% Feb 202% Nov
GO
V Canada Southern_______
*62b 72b *02b 72b *62b 72b *62b 72b
62 Mch
65 Jan 10
70 ja n :
cob J ’ly
230 *270 2S0 *275 285
275 275 *270 284
310 Central of New J e r s e y ... 270 Mch 10 285 Feb 21 248 J ’ly 312 r.-m :
821.1 83
82b 827g
82b
82b 83b
82
8f
15,710 Chesapeake & Ohio_____
80b Jan
86% Feb 8
65 Aug
92 Jan i
r*
*2434 32
*2434 30
-*
*2434 f *2434 32
Ihicago & Alton H R ____
30 Jan
30 Jan
C634 J an
23% J’ly
____
53
53
110
Ho pref________________
52
52
52 Mch 17
53 Jan 19
64 % J ne
Co Apr 1
21
211 *21b 22
21
22
213,
300 Chic Gt W es, trust ctfs__
*21
21 Mch 9
24% Feb
19 J ’lV
o.i’ s Jan '
44b 441
44^
45
44
600
Ho pref trust c t f s ____
*44
45b
43 Feb 24
45
491., Feb
40 J’ly
64% Jan
121 122b 122b 123% 1213, 12278 121b 122
121
33,670 Chicago M'lw & St P a u l.. 119b Mch 3 133b Feb
11334 J'ne 158% Jan (
152 +144 152 §150 150 *147 153 *144 152
25
Ho pref________________ 147 Jan
155% Feb
141 Sep 172% Jan .
14234 142b 145b 145b 140
5,000 Chicago & North Western 142b Jan 16 150 Feb
144b 144b 144 144
137% J’iy
182% Jan j
*200 210 *200 210 *199 210 *199 210 *199
Ho pref_____________
§20o Jan
§209 Jan
203 J ne 225 Jan ,
*135 140 *135 140 *135 140 *135 140 *135 140 *135 140
Chic St P Minn & Omaha 137b Jan 11 140 Mch
140 Apr
162% Feb
*150 1G5 *150 1G5 *150 165 *150 165 *150 166 *150 165
Ho pref________________ 152 Feb 18 152 Feb 18 §100 Apr !< y% Feb <
*2
3
3
*2
3
*2
*2
3
Chic Un Trac ctfs stmpd
2»4 Jan 20
3% Feb 4
*2
3
*2b
3b
2% Dec
5% Jan
*5
7
8
*5
*5
7
*5
9
Ho pref ctfs stm pd____
678 Feb
*5b
7
*5
7 b Feb 6
7
4?3 Sep
12% Jan :
*58
07
G7
*58
*53
67
*58
65
Cleve Cln Chic & St L ___
60 Mch 2 66 Jan 18
*58
63
*58
63
61 Nov
92!., Mch
*96' 2 100
*90b 100
Ho
pref________________
*9Gb 100
97
Feb
27
98 Feb I
*9Gb 100
*96b 100
*96b 100
99 Sep
104 Jan
*54
55
*54
55
*54
55
533.J 5438 §543., 5434 *54
52 Mch
60 Jan 18
630 Colorado & Southern____
55
46 J ’ly
653.,! Feb
*74
76
*74
70
*74
76
Ho l ; t preferred
*74
76
75 Jan 11
77 Jan 24
100
77
75b 75b *75
70 J ’ly
8.5 Mch
*72
70
*72
70
*72
70
Ho
2d
preferred_______
*72
76
*72
70
73b Jan 11
75b Mch 2
*72
77
70 Aug
81 Jan
*1G5'2 10)71.] *165b 167b 167 167b 167b 168 *167 170 *167 168
172 Feb 3 149% J ’ly
650 D elaware & Hudson___ 164b Jan
1S5 Jan
*505 540 >505 540 *505 540 *515 540 *505 540
c aware Lack & W est. 510 Feb
512b Jan 11 490 J ’ly
020 Mch
3112 3112 §32b 32b
3134 3134
32b 32b *32
323g
35 Feb 15
28b Jan
£2 Jan
595 Denver & Rio G ran d e..
23 % J ’ly
31b
3
ib
♦70
72
70
70
68 Jan
Ho pref_______________
*70
*G9b 71
74 Feb 21
72
§71
-71
84 Jan
330
62% J ’ly
*69b 71
70
6734 Jan
70
74 Feb 7
*68
72
*68
73
100 Detroit United___________
45 J ’iy
*68
73
68 Deo
♦ 13b 14b *13b 14b
11
Jan
14b 15b
15
15
*14
lo b Feb 14
800 Duluth So Shore & Atlan
10 J'ly
18% Jan ,
15b *14b 15b
26% 263,i *25b 27
26
Do pref_______________
22 Jan
27
28% Mch 15
27b
17 j ’ly
2.825
28b *20
34% Jan
28b *26b 27
28% 283S 281S 281
29b
287g 29b
28b 2938 29
27b Jan 11
32% Feb 20
19b J ly
28% 287g 11,000 I ^ r le .....................................
34% Jan
47b 47b *47b 48b
45% Jan 12
Do 1 st pref________
4834 48
48b 48b *48
51% Feo 20
48
35 J ’ly
5234 Mch
700 O
48
48
*30
37b *30
37b
35 Jan 9
Ho 2 d pref________
37b 37b
40b Feb 20
26% J’ly
37b 37b *36b 38b *37
38
42 M ch '
300
1243s 124% 1243.1 124b 125 127
122 Feb 24 131b Feb 1 H 8 J’ly
12G34 1273s 127 128b 127b 128b 15,800 Great Northern pref____
I437g ja n
50b 59b 559b 59b
60
603,
Iron Ore properties___
56 Jan 5
5934 60
63% Feb 2
45 J’ly
00b 60 b
583j 5934 2,350
80% Jan
*137S 141.i *14
1434 +14
14b ♦14
Green Bay & W , deb ctfB
13% Mch 2
n
Aug
15% Jan 17
14b *14
1S% Mch ’
14b *14
14b
avana Electric_______
95i» Feb 11
96 Feb 17
88b Jan
97% Apr
H
* ------ 97
97
Ho pref____________
9334 Jan 12
97 * ____ 97
95 Jan 10
92 " May
97
99 Jan 1
97
*123 134 *123 134 *123 134 *123 134 *123 134 *123 134
Hocking Valiev......... ..........
112 j'n e 140 Oct
*134 137
■134 135
134 1343s 135 135b 135 135
132 Jan 3 137% Jan 30
124 J'ly 14/ Jan .
2.350 Illinois Central_________
135b 135b
*18% 183.|
183S 18b
187S 187g *18% 19
18b 19
20% Feb 10
18b Mch
14 % J ’ly
18% 195S 3,287 Interboro-Metropolltan .
25% Jan
52
51b 51b *51
Ho pref_______________
o27g j au
55% Jan
51b 63
41i- J ’ly
52b 527a 52b 52b
50b Mch 9
7,735
52b 54b
17
163,i 16b
17
17
17
fowa
Central-------------------17
17
16b 16b
1634
Men
4
15 J'ne
19% Feb 3
30 Jan
900
*16b 17
3II4 31b
31
31
* 20b 30
Ho pref________________
31b 31b *30
33% Jan 17
30 Mch 3
31b
25 J’ly
54% Jan
700
31b 3 ib
*73
75b *73
75b ♦73
75b *73
75b
75b 75b *73
75 Feb 24
08 Aug
80 Feb
75b Mch 16
120 K C I t S & 14 tr cfs, prel
75b
33%
333, 34b
3334 34
33b 331 *32
33b 34b
ansas City Southern..
3434 6,200
32 Jan 3
34
35U Feb 21
44% Jan
23 J ’iy
*60
67b *G6b 67b
68
67b 67b
67b 67b *60
Ho pref_____________
67% 68
64b Jan 3
58 Aug
700
68 Mch 17
71 Jan
*15
20
20 *15 20 *15 20 *14 20 *14 20
*15
I" akc Erie & Western___
15 J'ne
16b Feb
25% Jan
10b Feb 1
*35
40
45
*35
*35
*35
45
45
45
*35
1
J
Ho
pref_____________
39 Jan 23
*35
45
37 % Dec
C234 Jan
40 Jan 13
17114 17134 171b 172
172 17334 173b 174
1723, 173b 172b 173
25,870 Lehigh Valley____________ 17034 Mch 8 181% Feb 3 17 3 % Dec 180 N ov
*60
65
*G0
*60
G5
*60
65
65
*60
65
Long Island_______________
*60
65
63 Jan 1C
60b Feb 4
<0% Apr
60 J ’ly
*144 145 *1433.1 14434 144 145
1453a 14534 *144b 1451
Louisville
<
S
c
Nashville___
2,115
142b Jan 25 14834 Jan 18 1 3 1 b J’iy
144b 144b
159% Jan
*138 140 *13Sb 140
138b 138b *135 139 *130 139 *136 139
100 M anhattan Elevated___ 137% Jan 31 141 Jan 6 123 J ’ne 146 Oct
24
2434 24b 24b
25
25b §2034 263.,
lnneapolls & St Lou's
23b 24S8 1,110
23b Mch 17
31 Feb 15
£3% Jan
23 J ’ly
35
39
30
3734 35b 36b
35
37
Do pref________________
35 Mch 13 § 50 Feb 14
37
37b
7,535
40 Sen
SO Feb
1453.1 147b 140 141b 147 149
146b 148b 146b 147b 147 147b 11,700 Minn St P & S S M a r ie ... 132b Jan 4 149 Mch 14 1 1 4 J’ly 145 Men
155 155 *155 100 *154
*150 159
____ *154
Ho pref________________ 147% Jan 6 155 Mch 13 144 J'ne 158% Mch
____
*154
200
89b 89b
89b 89% *897g 90b
Ho leased line ctfs____
90b 90b ♦89b 91b *89b 91%
400
89% Mch 3
90l2 Mch 15 ar80% Sep
92% Jan
*3214 23
3334 3334
31 Feb 24
32b 337S 337a 34
32b 32b
33b 33b
2,700 Mo Kansas 3s Texas_____
363g Feb 8
27 J’ly
61% Jan
*GG34 67b *6634 07b
*67
69
Do pref________________
68
§67
07
63b Jan 16
310
67b 67b *67
67b Mch 14
71% Jan
57 J iy
5434 5034
51% 54% 68,520 Missouri Pacific.
4 5*4 Jan 11
5358 55b
55b 50b
557s 56b
55% 56b
63 Feo 15
41 J ’lV
73%
May
ash Chatt & St Louis
*140 150 *140 150 *140 150 *140 148 *140 148
1401, Jan 19 143 Feb 2 125 J’ly 140 Nov
N at
ltys of Mex 1st pref
*66
70
*66
70
69% Mch 8
*G8b 72
*08
72
*60b 70
*66b 70
72% Jan 20
60 Feb
72% N ov
Ho 2d pref_________
3o73 3578
35
35
34
34%
34 Mch 17
34b 341
351,1 35% *34b 36
1,900
38% Feb 15
23i2 J’ly
37b N ov
10Gb 100b 105b 107b 106% 1077g 10734 108b 107 10778 10078 107b 19,835 N Y Central & H u d so n .. 105% Mch 4 115b Feb 3 105 % J ’ly
128 Mch
*57b 60
+57b 60
100 N Y Chic & St Louis____
65 Jan 19
*57b 60
59b Mch 8
*57b 60
60b 60b *57b 60
55% May
6878 N ov
Do 1st pref____________ 101b Feb 21 101b Feb 21 §10 1 " J ’ly
*101b 107 *101b 107 *101b 107 *101b 107 *101b 107 *101b 107
109% Jan
Ho 2d pref_____________
*S0
87
*80
87
*80
87
♦80
87
87 Feb 24
*80
87
*80
87
90 Jan 27
82% Apr
98 Jan
*149b 149b *149b 150b 14934 150 b *148 148b 147b 147b *1463, 148
400 N Y N H 4 Hartford____ 147b Mch 16 151% Feb 23
149 Apr 162 Mch
*145 147b 147b 147b 147b 147b *146 147b *146b 147 *145 147
Subscription receipts u._ 146 Jan 17 149b Feb 27 4143 j no 4151 Mch
200
41
41
41
41b
41
41b
407g Jan 11
2,900 N Y Ontario & W estern.
41b 415S 41b 41b *41b 413,
44% Feb 6
38% Aug
50 Jan
105 105b 106b 100b 106 106b 1057s 106b 1053, 100b 106 1071s 14,900 Norfolk & W estern_____
100b Jan 3 108b Jan 18
108% Mch
88b J’ly
*81
91
Do adjustment pref___
90 Jan 5
90b Jan 18
88 Feb
91% Mch
*411*4 41b *4078 41b
*44% 45
200 Northern Ohio Trac & Lt
40% 407S
♦40b 45
39b Jan 3
43b Mch 6
35 Feb
40% Dec
1 2 1 b 1 2 1 b 121 122
122b 1243S 124 125b 124% 125% 123b 125
116 Jan 3 12834 Feb 1 111% Aug 14oj8 Jan
36,060 Northern Pacific_________
*98 108
*98 108
*98 108
p a cific Const Co________ 100 Jan 11 102 Jan 10 100 ' Oct
*98 105
*98 105
*98 105
118%
Jan
*88 110
*80 110
*88 108
AHo 1st p r e f .._______
*88 110
*88 110
*88 110
*98 108
*98 108
*98 108
Do 2d prel_________
*98 107
*98 107
101 Jan 11 102 Jan 11
*98 110
118 Jan
125b 125% 125b 126b 126b 12634 126b 127b 126% 12678 126-% 1271s 28,075 Pennsylvania____________ 124% Mch u 130% Feb 2 105 Feb
12 2 % J ’ly 138% Mch
*95
97!" *95
97
97
97b
97
97
96 Mch 4 100 Jan 17
*95b 97b
300 Plttsb Cln Chic & St L - .
97b
8’J J ’ly
10418Mch
*100 114b *100 114b *100 114% *100 114b *100 114 ♦*96b
Ho pref________________ 112 Feb 17 112 Feb 17 110 Oct
ICO 114b
116 Mch
154b 1551.1 15458 155% 155% 157b 157b 158b 156% 157b 156b 157% 241,700
eading_________________
150% Jan 3 161% Feb 7
130
%
J
’ly
172%
Feb
R
*87
89
*87
90
♦8734 89
*87
91
1st pref_____________
*87
89
88 Mch 1 91 Feb 3 *85 Aug
*87
89
93% Feb>-i
*9434 100
*96
♦90 100
97
93
2d
pref_____________
94
Jan
5
*96
97b 97b *95
100
99 Feb 6
97b
110% Jan
87 j ’ly
29b 291.1
2978 30b
30
29b 30b
29b 291
30b
28% Mch 3
337g Feb 1
29b 2934 6,900 Rock Island Company___
57% Jan
227s J’ly
*58
59b *58
60b *59
59
59
01
60
Ho pref________________
59b
*59
61
58 Mch 3
300
65b Feb 1
54 J ’ly
92% Apr
*63
66
6234 623.)
65
65
65
63b 63b *62
63b 64b
62 Jan 10
650 S t L & San Fr, 1st p r e f..
68 Feb 0
73 Jan
58 Aug
41b 41b
4 II4 42
42
4138 42b
Do 2d pref....................
42
42b
42b
2,470
42b 423.,
38b Jan 3
44 Feb 6
60 Jan
34% Aug
*29
32
♦29
32
*29
32
32
*29
32
32
*30
32
24 Jan 13
100 St Louis Southwestern___
34 Feb 4
18 % J’ly
34% Jan
*65
67
67
*0 2
87
67
Ho
p
r
e
f
.._____________
66b 6634 66b 66b *65
600
59% Jan 3
67b
69 Feb 21
77% Jan
51%
J’ly
115b 1153s 115 116b 116b 117% 11634 1171.1 116% 117b 116b 116% 26,010 Southern Pacific Co_____ x ll4 b J a n 3 121% Feb 2 103 % J’ly rl38% Jan
526b 261»
26b 2678 26b 263,
2634 27b
4,450 Southern v tr cfs stm pd.
26b 27
20 b 26b
25b M ch 4
29 Feb 7
33% Jan
is J ’ly
65
Ho pref
do
65
65
820
*63b 65
63b 63b
64b 64b *64
61% Jan 11
6634 Feb 7
75 Jan
43 J’ly
28% 28b ♦28b 283,
283i 29
*27b 28% *27b 28b
800 '■|,exas <Ss Pacific_________
28b 28b
25b Jan 3
30% Feb 21
36% Jan
22
%
J’ly
*9
10
*9
10
10
*9
♦9
97S
10
700 -I bird Avenue (N Y ) ___
*9b 10
8% Mch 2
12 Jan 5
6% J ’ne
19b Jan
*7%
♦G
34
*7
73,
8
8
734
Toledo
Hallways
&
Light
♦7
*71.1
100
7b;
7b
7b
7b Mch 1
8b Jan 17
1534 Jan
5%
J’ly
227S 227S 2278 231.1
22 % 22 % 22 b 22b
1,500 Toledo St L & W estern ..
223, 23b
22b 227«
22 Jan 25
24% Feb 8
54% Jan
19 J ’ly
51% 51%
5134 517s
.
Ho pref________________
51b 517s
51b 51b
51% 517S 1,620
50 Jan 12
517s 51%
5J78 Jan 5
72% Jan
42 % J’ly
+107% 109 5108b 108b *107b 109
108b 108b *10734 109 *107 109b
280 Twin City Rapid Transit 108 Jan 11 111 Feb 2 10.5 J’ly
H7b'Jan
+136 145
Do p r e f _______________
130 145 *136 145 *134b 143-34 *134b M5 *134b 145
145 Jan
145 Feb
1721., 172b 171b 173b 173b 17534 17538 1761., 175 175b 174b 175b 136,550
nion
Pacific___________
169%
Jan
3
181%
Feb
6
151% J’ly 2 0 ;% Jan
U Ho pref_____________ 90% Mch 6
91
91
o ib 91b *91
91b 91b
91b
650
91
91
91b 91b
94% Feb 6
10334 Jan
88% J’ly
40
40
463g 43
*45
“
46
46b 40b
'
1.900 Unit Rys Inv’ t of San Fr
46b 46b
46b 46<
3 1 % Jan 3
49 Feb 20
23 % J'ne
42% Jan
72% ♦70
♦71
73
*71
*71
73
723, 747g 1,800
73
Ho pref________________
72b 73
60% Jan 3
75% Feb 8
47 J'ne
72% Jan
17% 17%
17
173,
a
b
a
s
h
________________
17%
*17
17b 17b
1,400 W
17b 17b
17b
15b Jan 6
17b
183g Feb 23
2734 Jan
12%
J
’ly
38
381.|
3734 3Sb
3834 37b 37b
371
Ho pref....................
8.900
38b 39b
32% Jan 11
38b 39b
40% Feb 23
28% J ’ly
61 Jan
50
60
60
50
501, 60b *497„ 6034 1,000 W est Maryland R y ______
50
51
50b 503,
4934 Feb 24
5134 Feb 1
40 J’ly
54%Mch
♦74
76
*73
76
*74
70
*74
70
*75
*74
70
Ho pref_______________
75 Jan 14
76
77 Jan 6
67
AUg
77
Deo
*5
6
534 *4b
♦5
5
*5
6b
0
5b
400 Wheeling & Lake E r ie ..
*4b
4% Jan 27
5b
6% Feb 3
3 Apr
10 Jan
*13
16% *12
Do 1st pref____________
16b *12b 16b ♦12 b 16b ♦12b 16b ♦12b 16b
12b Jan 11
17% Feb 3
8 J'ne
23 Jan
*6
*6
7b
*6
8
8
8
*6
*0
8
*6
Ho 2d pref_____________
5 Jan 5
7b
8 Feb 7
13% Jan
4 J ’ne
653.1 65
663,1
65
67
67
68
68I4 67
6,700 Wisconsin Centra'_______
67 Jan 3
67b 6734
67
68% Mch 16
44 J’ly
64 N ov
1001s lOO's 103b
103 103
'102 b
120 b
1031.1 1031.1 103b
*88
883.1
88
7il12 76%
7Gb
2151s 2 15% 214b
*62% 721., *621.1
270 270 +270
817S 82
81 31
*243.1
*24% 32
*50
0212
*21
2112 * 2 1 b
44b
*43% 45
!
120 b
*M 4 152 *144
*1441.1 145 Z1423.1
*120 122
120 b
1201.1 120
*201 210
210
BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS.
Banks
Bid
A sk
A sk
Bid
Banks
N e w Y ork
Chat&PUenlx 165
170
175
180
A e tn a _____
^hosea Ex! 200
610
America 11.. 600
Chemical .
420
430
Amer Exch. 237% 2121; Citizens' ctl 155
153
City_______
120
Audubon _ . 105
100
395
Battery Pk. 1321- ___ Coal <5s Iron 150
160
Colonial 11. . 400
Boweryll___ 400
415
Columbia 1|. 375
BronxBoroy 300
400
Commerce . 1208 T209
.Bronx N at. 190
200
Corn Ex 11. . 315
Bryant Pk 1i 155
160
325
East
River.
Butch & Hr 138
145
125
115
Fidelity lj._ 165
Gentury H__ 150
175
'•'tfth Avell. 4000 4250
Chase ______ 500
...
♦ Bid and a-ked pr.ces; no sa»es were madu on tins
TSale at Stock Exchange or at auction this week
__
Banks
A sk
B id
BUI
A sk
Banks
Banks
Filth ____
300
350
212
Mutual U ..
218
First ____
850
145
165
N a ssa u ___
865
14th Str,___ t ISO
600
625
New Neth'd
F o u rth ___
200
205
LI ncol n ____ 400
42 5
NewYorkCo
G a lla tin ___ 330
lanhattanl 325
350
335
New York
Gariicld
Mark’ t&Ful 250
305
200
295
N ’ ht OcHayl
Gerin-Am 1! 140
245
250
145
19th W ard .
Gerin’ n Exy 485
Jercantlle . 1155
PaclflcD____
Germania 1|. 550
•lerch Exch 160
170
575
P a r k ______
Gotham
Merchants'. 178
150
182
163
People’s H -Greenwich «; 240
Metropolis li 390
250
410
Plaza 1|_____
Hanover___ 625
Mctropol ’ nil 200
635
205
Imn & Trad 560
Mt Morrls1|. 250
505
260
„
uay.
.
.. __________ ____ ________ _____ ____ _
h First Installment paid
n Sold at private saleVt*th!s price.
__
BUi
A sk
285
260
210
925
3071
25J
295
Banks
Prod Exch \
R e s e rv e ___
220
Seaboard . .
230
370
2)5
625
315
240
240
377
Astc
165
100
415
385
135
275
120
172%
112
S e co n d ____
Sherman___
State I )____
12th Vvard.
23d W a r d ..
Union E x c. 165
Wash H ’ ts * 275
vVest Side f 650
Yorkville 1|. 600
1 ana rtguu.
paid.
B td
140
140
175
j New fctO&L.
i/3d paid.
- j
[V O L . L X X X X I I
New York Stock Record— Concluded— Page 2
708
S T O C K S — H IG H E S T A N D
S aturda y
M a rch 11
M onday
M arch Vi
L O W E S T E A l S l SUCKS
i W ed n esd a y Th ursday
j M a rch 15 j M a rch 16
T u e sd a y
M a r c h 14
F rid a y
M arch 17
*230 240 *230 240 *230 240 *230 240 *230 240 *230 240
8
8
8
8
S3s
*81g
8% *8
*7%
812
*7%
8%
22
31
32
31
311’ 31%
33
31% 32%
*30
33
*30
64% 64-% 6338 64%
63*4 6444
64% 65
62*2 6244 021’ 631g
553g
56
56*4
54%
55%
55
55*s 58%
54% 5518 54
*100 105 *100 120
*100 110 *100 110 *100 110 *105
4434 45%
4434 4444 45%
45% 45%
45% 45%
44% 44*8 *44
*96
98
*96
93
98
*95
97
97
98
*95
*9612 98
*96
97%
96
96
96
97
961 *95
971; *9512 9OI4
*96
*137 138%
136% 136% *136%
*136 138 *136 138 §138 138
944
§93
4
97g
9%
94,
9-%
9% “ 9%
*91’ 10
P-1.1 C34
81
81% 82% 180*8 80%
81
81% 82
81*2 81%
*80*4 811
53
£3
521’ 53
53
53*4
5338 53%
53
53
52>2 521
116-%
*114%
*114'’ 116%
116
♦1141.1 116% IIH 4 114*4 *110 116% *110
5944 00
5973 61
60%
60
60
60% 60”g 60
59*4 60
*102 105
105 105
*235
245 *235 245
240 240 '235 245
♦240 250 +237* 250
*4
*4
4%
*4
4
4%
4I4 §4
*4
4%
414 *4
24
*23
24
*23
*23
25
24% 24% *231’ 25
22% 23
2413 24*’ 25%
22
241
23% 2378
22 % 24% 24
22
* 21'2
*107, 1 1 % *104, 12
11
11
11
11
*10l2 1 U2 *1012 11
*30
33
*30
33
32% §31% 31% *30
*30
33
§31% 31%
384, 3834
38*% £3%
39*4 397g 39
39%
39% *38
*3712 3Si:
*108 1 1 1
109% 109% 109*4 109*4
*109 110
*103 109
*
T
*3%
*34
4
*3%
4
41
4%
*33
4 4%
*33
1
4%
*3*2
*31% 33
*31
*31
33
33
*31% 34
*31
*31*’ 34
*851’ 80% *86
*85% 863, §86*8 863g
*85' 2
80
87
86
76%
75
753, 76%
74% 75I8 743g 7o%
763,
76
75*8 76
10334 10341 10334 10373 103% 103% 1033, 104
*10314 104
104 104
*275
*275
*275
*263
*268
____
268
*9944 102
102 lo b " *99 102 ’ 102 102 " *99 102
*9944 102
*47
43
*461’ 48
48
*47
*47
48
*47
48
48
48
116 118
118 113
119% 120
119 119
11S% 120
11 /7a 118
1167g 110 % 117 117 *116 118
*115 118 *115 1 1 J
116% 117
14 4->4 11478 144% 115
145 146% 146 140% 146 146% 1454, 146
98
98
99 100! 1 x98% 983,
98
98
98
98
97U 97l|
53*4 34 14 34
347g 3473
3434 35
33% 3334
36%
35
*921’ 94
93
93% 937g
9344 933, *93% 95
93
93% 93%
*28l> 283
2734 2734
30
29% 29% *2 7% 30
*29
*27% 30
*38
39
88I4 ; 314 39
39
*38
39
39
*38
39
39
3144 3244 32% 32%
31>4 31I4 311’ 3214
31*2 32%
31% 32
61
01
*60
§61
61
62
*61
01*2
01*2 63
62
*61
♦13912 14012 *1391’ 1401 *139 1401’ 140 140% 1401., 1407g *139 141
*0-1., 10<2 *944 101
*944 10 % *94, 10 % *934 10 % 10*2 10*2
29*4 29%
29% 29%
*281’ 3012 *281’ 301 *28*2 29% *28% 31
284( 29
2644 273s 26% 2734
2834 29%
278> 28%
301,
28
9934100
99%
99
99
9914 100
9914
99*4 99%
99% 99%
33*2 33*2
*321’ 33
32*4 33
33% 3334
33% 33% *33% 34
*2
*2
*2
*2 “
*2
*2
1401t 141
14014 140*14 141*4 142" ’ 141*4 142% 14173 143"% 142*8 1433s
14% *13% 1434
14
13% 1378
14%
14
14
14
14
14
7944
794
4
*78
‘
*73
79% 79%
79
79% 79% *78%
*78
79*’
*66
71
71
*66
*66
71
71
*66
71
*65
71 * *66
36
36
37%
*36%
363
4
304
4
37
3534
37
36%
*351’
3 j%
*26
35
35
*26
35
35
*23
*26
25
*25
*23
25
§61
61
66
69% *60
*00
*60
69
*59
09
09% *60
149 14912 149 149
149% 15034 150 15(.% 149% 149% *148 150
67g 6%
67g
7
678
7
678 7
07g
7
7
07s
11C34 1 1 64, 116*4 11634
H 544 11544 1151’ 115*2 116 116% *1157g 117
123 123 *123 124%
*123 124
124 124 *122% 12433 * 122 % 125
*43g
*43g
5%
5%
jl’
5%
*43g
5%
*4%
*4%
5i8 *443
16*8 16*8
*16
1634
16
16
16
10
*1534 16
*1512 16 *
10*4
107g
1
1
*10
1044
1
1
10
%
10 %
*10
11
10
10
*47*2 48%
49
48% 483g ♦48
477g 47%
♦47
48
49
48
*40
41
41
*40
4034 40% *40% 41
40
41
*40
40
89
89
89
*8812
89
887g
*
88
%
88%
*8812 89
*8812 89
111*4 11134 111% 11134
11058 110% 11°44 11143 lllSg 1 1 1 % 1 1 1 % 112
93% *90% 9334 *90*2 9334
*9214 9334 *{)0% 9334 *90% 93% *92
*75
76
76
*75
76
76
76
76
*74
76
757g 76
127*2 12838
124 124
124% 124% 12434 128
124 124
122% 123
126 126 *125 127%
*124
*124 127 §124 124 *124
*17
18
18
*17
"l”8
18
17% 17%
*16
*16
17*2
*18
♦ 86
91
91
88% 88% *86
91%
*86
91*4 *87
91*4 *87
51
52*2
53% 53%
53% 54
53% 54
53
*52
54
53*2
106 106
100% 10648 106 106 *106 100 % 100 106% 105% 106
187g 187g 118% 18%
19%
19
19%
19
1844 19
19
19
*68
70
70
72 * ____
*69
70
70
70
*68
70
70
*69
72*2
*70
72
71
71
71
71
■ 7644 7034 71
24% 2434
25% 25% *24% 25%
24% 25
*24
25%
24% 244g
53
53%
53% 53%
53%
53
53 % 54%
5314 53
53*4
53
106 106 *1051’ 106*2 108 106% 105% 10634 106 105% 105% 105*2
107 108% 108*8 1083,
107 107
107 107
• 106 107 *108 107
204, 22
2 1 % 21*2
2034 20%
20 % 21
♦191’ 2014: *191’ 20*4
777g 7873 78% 79
76% 77
76
75
75
74
*72
76
33
33%
33*8 33%
33% *33% 34
33
321’ 32*2
*3212 33
*97
98
97% 97% *97% 98
97% *96% 97%
*97
9712 *97
*119 11912 *119 11944 *119 11934 11934 1193, *119 119*4 119*4 119%
160 160
160% 161%
160 160
*159 160
159 15944 159*2 160
♦33*2 35
343, *33% 35
34
35
*33
♦3212 35
*32% 35
98
*97
98
93
98% 98%
*971’ 9812 *98
98*2
34
341., *32% 34% *33*2 34%
317g 32
"33% 33%
*3214 33%
98
98
994g 9943 §99% 99% i97% 97%
*981’ 99% *98
99*2
190 190 s 144 144 *144 145 *143 146
*187 193 *187 193
52% 5234 *51*4 5234
53%
53
54
5234 6234 54
*52
64
3714 37*2 37%
37
*135 137
135 135
89
*87
*87
95
*712
9
*7
8
*5044 59
958
59*2
IO6I2 IO6I2 §10012 106*2
*101% 10544 105 105
18
*17
*17
18
*54
*55
59
00
*93 104
§98
98
*67
♦67
69
09
41%
41
4118 41
112 112
112 112
785s *75
*75
765s
76l8
761g
.
118U IISI4 118% 118*4
f 4448 444g 441’ 4453
664„ 671g 66I4 67*2
12612 126»2 *126 128
*52
50
64
64
♦160 164 §160 160
*7144 73
♦7134 73
67
*60
68*2
07
*1 1 71 2018
*118
1201g
38
135
*87%
*7
*58
103%
105%
17
*56
*98
69
417g
38
135
89
8
59%
1061
105%
1734
59
104
70%
4334
112 1 1 2 %
*76
78
77% 78%
118% 118%
44% 45%
67% 68
♦126 128
57
69
§158 153
73
73%
67
67
120 % 120 %
38%
135
*8712
*7%
*57
106
105%
1734
§58
*98
71
43
112 %
*76%
78%
118*4
45
66%
128%
60
*156
73%
67
*117
38*4
135
89
8%
60
106%
105%
1734
58
104
71%
43*8
113
78
78*4
119
45%
6734
128%
60
160
73%
68%
120 %
BANKS
Banks
B r o o k ly n
B id
A sk
Banks
400
Nat City___
North Side §1
People’s ___
Prosp’ctPk*!
,
Broadway § 385 (
Brooklyn §,.
Coney Isl'dT
First ............ 2DO
Hllisldei;___
Homestead!
Alanufac’ rs' 415
Mechanics'V 230
Moutuuk _ .
Nassau _ .
250
§ 112
AND
B id
A sk
285
150
153
140
300
170
165
150
B r o o k ly n
100
155
310
125
115
245
150
270
Trust Co's
N
Y C ity
320
Bankers’ Tr 625
112
38% "38% 38*4
>132% 135
136
*88
89
89
*7*2
8
8
*57
60
60
106 -105% 106
§104%
10478
10434
*17
19
19
*56
59
59
*98 105
105
*70*2 72
72
41% 42%
4273
113 113
113
77
77
77
77% 77%
78%
118*2 118%
119
*43
44%
45
6634 65% 66*2
66
127% 127*2
*12712 130
60
60
62
*57
*155 180 *155 160
73
73
73
73
6634 67
67
*68
*117 120 % *117 120*2
38%
*135
*8712
*7%
*57
*1057g
10434
*17
*56
*98
*70
42
113
77
777g
11834
45
330
635
W eek
Shares
ST O C K S
N E W Y O R K STOCK
EXCH ANGE
Range Since January 1.
On basis 0/ 100-share loti.
Range fo r P revious
Y ea r (1910).
H igh est.
H ighest.
liiuu$lri..l<!c rtliscella.icou.
mi Express------------ 235 Jan 20 §240 Feb 2
A da
Uls-Ctialmeri_________
7% Jan 27
S% Jan 3l
250
Do pret_____________
27% Jan 6
34 Feb 3
700
61 Jan 3
67*8 Feb 6
34.200 Amalgamated Copper___
46 Jan 3
59% Feb 18
5.800 \mer Agricultural Chem.
D0 prel________________ 101% Jan 27 103 Feb 7
39% Jan 12
47*’ Alch 1
5” 400 American Beet Sugar____
Oo nreI________________
92*2 Jan 9
97% Alch 9
100
90 Jan 6
97 Fen 27
300 Amer Brake Shoe & Fdy.
Oo pret________________ 128*8 Jan 5 138 Feb 23
110
8<g Jan 6
10*8 Jan 25
1,020 American Can____________
Oo pret________________
823S Feb 9
77 Jan 5
5.600
5 /% F e b 8
50*2 Jan 3
1.600 American Car & Foundry
Oo pret________________ 114% AIchl3 118*2 Feb 14
100
55% Jan 11
62% Feb 28
3,500 American Cotton OH____
Oo prel________________ 104% Mch 2 105% Feb 16
400
100 American Express_______ §224 Jan 11 §255 Jan 27
334 Jan 25
4i3 Jan 31
50 American Hide & Leather
Oo pret________________
20 Jan 10
25*’ Feb 8
350
1734 Jan 17
25*2 Alch 14
10.610 American Ice Securities..
1038 Jan 13
12*4 Feb 14
300 American Linseed_______
Oo pret________________
30*4 Jan 16 3 1 Feb 14
120
36% Mch 2
42% Feb 1
1,000 American Locomotive___
Oo pret________________ 108 Jan 3 110*2 Jan 13
200
American Alalt Corp____
3% Feb 17
4*2 Jan IS
Oo pret________________
31*2 Alch 8 36*2 Jan 25
86 Mch 8
89 Feb 2
320 Amer Smelters Sec pret B
7234 Jan 3 81% Fefr 2
14.600 Amer Sm elt.ngA Hellnlng
Oo pret________________ 103% Jan 3 103 Feb 1
2,080
American SnutI___________ 280 Feb 27 §290 Feb 24
Oo pret________________ 100% Jan 30 102 Men 11
"'*220
4334 Jan 3 52*’ Feb 9
100 Amer Steel Found (new).
3.500 American Sugar Hellnlng 113 Jan 6 122*’ Feb 27
Do pret________________ 111 Jan 5 119*2 Feb 11
400
7.300 American Teieph A Tel eg 140% Jan 3 145% Feb 3
93% Jan 4 100% Mch 14
3.301 American Tobac (new) ,pi
3534 Alch 7
30*2 Jan 3
1,700 American Woolen________
9 0 ’ Jan 3
96 Feb 8
Oo prel-----------------------450
2734 Mch 17
34% Feb 15
231 Amer Writing Paper, prt.
41 Feb 6
300 (AuacoudaCopper P a r $ Z a 38 Feb 24
3373 Feb 1
26% Mch 14
2,200 B ethlehem Steel________
6 1 Feb 14
59 Jan 3
Oo pret_____________
725
135
Jan
3
142*2
Jan 9
Brooklyn
Union
Gas____
500
10*4 Feb 15
9 Jan 6
150 Brunswick Term & tty Set
30*’ Feb 8
28 Feb 16
200 Butterlck Co_____________
26% Mch 14 337s Feb 2
17,400 / tcntral Leather________
Oo pret_____________
99 Mch 13 105 Feb 10
3,210 V /
36% Feb 6
31 Jan 3
1,100 Colorado Fuel & iron___
4% Feb 8
2 Mch 3
Col & Hock Coal & Iron.
17*075 Consolidated Gas (N Y ) . 135*4 Jan 3 145aa Feb 14
15 Jan 5
13% Jan 10
2.500 lorn Products H ellnlng-.
80 Jan 23
74% Jan 10
Oo pret________________
300
rex Carpet______________
70 Feb 8
60 Jan 26
32% Jan 11
38% Mch 1
1,950 Distillers Securities Corp
Federal Alining & Smett'g
1734 Jan 28
36 Feb 16
Oo pret________________
48% Jan 11
50
65*8 Feb 16
1,600 Ueneral Electric_____ __ 2145% Mch 3 155*2 Feb 10
8,200 dGoldlleld Con M . P a r $10
778 Jan 3
5*2 Jan 14
800 I nc Harvester stk tr etts 109 Jan 3 121*2 Feb 20
Oo pret stk tr ctfs___ 122% Jan 3 124i t Feb 6
310
Int Aler Marine stk tr etts
4% Jan 18
5% Jan 30
Oo pret__________
18 Jan 24
15% Jan 17
300
1333 Jan 31
10 Mch 13
2,000 International Paper
Oo pret_________
56% Jan 17
47 Feb 21
650
3934 Jan 26 44 Feb 8
400 Internat Steam Pum p___
Oo pret_________
84*2 Jan 26
89 Feb 11
490
3,900 Laclede Gas (St L) c o m .. 106 Jan 3 114% Jan 20
Alackay Companies
9H2 Feb 24
95 Feb 2
Oo pret_________
74% Jan 18 77 Alch 7
650
117% Jan 16 128% Mch 17
3,700 N ational Biscuit .
Oo
p
r
e
t____________
124 Jan 20 130 Feb 4
206
17 Jan 10
200 Nat Enamel'g A Stamp’g
IS Jan 18
Oo pret_________
85 Jan
100
90 Feb 18
National
Lead_____
2.900
51 Mch 4
59 Feb 2
Oo pret_________
___ 105*2 Mch 16 108% Jan 16
650
2.900 dNev Cons Copper. F a r 35 $18% Jan 3 $20 Feb 6
100 New York Air Brake____
70 Mch 8
72% Jan 27
900 North American Co neu
64 Jan 10
72*8 Jan 30
1,000 P acific Alail_____________
24 Mch 6
29*2 Jan 4
acltlc Telep A T e le g ..
6,000
44 Jan
54% Jan 31
2,500 People’s G L A C (Chic). 103*2 Alch 2 109 Jan 19
Philadelphia
Co
(Pittsb’h)
100*’ Jan 3 10834 Mch 17
2,400
7.100 Pittsburgh Coal Co_____
17% Jan 3
22 Feo 10
Oo pret________ _______
6734 Jan 4 79 Alch 17
3,775
Pressed
Steel
Car________
1,300
36*4 Feb 6
30*2 Jan 3
Oo pret________________
92% Jan 3
230
99*8 Feb 23
465 Pub Service Corp, of N J 116*8 Jan 31 120 Feb 7
1,590 Pullman Company_______ 159 Jan 3 163 Jan 30
38 Feb
31 Jan 11
200 I ) allway Steel Sp ring..
92 Jan 3 100 Feb 23
680 I-*) Oo pret_____________
31*4 Jan 4 35*4 Fel) 6
1,800 Republic Iron A Steel___
93'% Feb 1
Oo pret______________
93 Jan 4
330
200 S ears, Roebuck A C o .. s l 4 1 iUchl5 192 Feb 6
56% Feb 6
50 Jan 26
loss-Sheffield Steel A Ir
800
Oo pret___________
112 Feb 14 112 Feb 15
33
S32 Jan 11 $39*4 Feb 14
3.100 (ITennesseeCopper P a r i
300 Texas Co (The)___________ 131 Jan 24 136*2 Feb 1
92 Jan 24
Texas Pad he Land Trust
87 Mch 3
9 Feb 9
Bag A Paper___
8 Jan 25
U nion
Oo pret____________
59*2 Jan 30
5634 Feb 3
450 United Ory Goods Cos.
100*2 Jan 27 106% Feb 20
Do pret________________ 102*8 Jan
660
107 Feb 18
400 U S Cast I Pipe A Foundr
19 Feb 23
15 Jan 10
Oo pret______________
25
50 Jan 16 101 Feb 23
60 United States E xpress..
95 Jan 7 §105 Jan 27
1,700 U S Realty A Improvcm’t
71% Alch 15
65*8 Jan 25
13,850 United States R u b b er..
36 Jan 6
477g Mch 1
Oo 1st pret___________
1,200
109*2 Jan 18 111% Alch 1
Oo 2d pret___________
300
72*2 Jan 31
79 Alch 1
7133 Jan
267,000 United States Steel____
82*8 Feb 6
Do pret______________
116*4 Jan 3 120% Feb 4
5,000
1,825 dUtah Copper___ P a r S10 $4.J3g Mch 4 S 17% Jan 9
62% Jan 3
31,010 Vlrginia-CaroHna C h e m ..
7033 Feb 28
Oo pret_________
400
123"8 Jan 3 128*2 Alch 15
52 Jan 6
500 Virginia Iron Coal A Coke
60 Feb 11
190 V y e lls Fargo A Co_____ §150 Jan 18 166 Feb 27
71% Mch 8
2,100 VV estern Union T e ie g ..
76*’ Jan 19
71 Feb 15
2,200 Westlngh'seEl AMtg asseu
65*2 Jan 12
Oo 1st Dref_____
116 Jan 14 123 Jan
100
Dec 52.70 Jan
16 Jan
7*2 J ’*y
U % Jan
: 7 Aug
90**4 Jan
55*2 J ’ly
^*2 Oct
35 J ’ty
103 jail
uulj Apr
471.5 Jan
24 j ’ly
95*« J’na
89 J’ly
! 2% Oct
Oil’ Nov
119 J’ly 131*’ Nov
io'k Jan
6% J'ne
82*4 NOV
62 J’ly
72% *an
39*2 J ’ly
109 J 'ns 120 Alch
093 Alch
52*8 J’ly
KM Dec 107 Oct
§230 Dec §320 Jan
8ig Jan
3*2 Sep
47% ->an
19 Sep
29*4 Mch
10% Dec
1734 jun
10 % J’ly
4673 Jan
25% J ’ne
02*2 Jan
29 J’ ly
102% Aug i !5 Jan
3*4 Dec
5 Feb
28*2 J'ne
48 Alch
0 0 % ja n
82 J’ly
0 1 % J’ly 104 Jan
1 12 *"* Jan
98*4 J’lv
215 NOV 185 Apr
e6*» Ja.)
Deo
38 “ J’ ly
oan
111% Oct
127% Feb
1 1 1 % Dec 121 Feb
126% J ’ly 143*8 Feb
90 •’ J’ly
9j3.| Alch
25 % J’ly
39*2 Alch
90% Dec
104 Alch
§235
, 03 % J’ly
2 i J'ne
49 Aug
126 J'ly
8 J ’ne
28 J'ne
26*4 j '*y
99*4 J'ly
22*2 J’ly
3 Sep
122 % J ’ly
Hi. J'ne
76*8 J ’ly
66 Apr
25*4 J’ly
12 Oct
37 Oct
134 J ’ly
S7*4 Oct
.s«3% Feb
cl *7 Aug
4 % J ’ly
12 % J ’ly
9 J ’ly
41!- J’ly
30 % J’ly
78i2 J iy
93*4 J'ly
79 J’ly
71 J’ly
100 Aug
iis-ii J ’ly
1 1 Sep
84 Oct
4.K’ J ’ly
101*4 J ’ly
$17*’ J’ly
69 J’ne
60% Nov
22.6 J’ly
30 J’ly
103 J’ly
84 J’ly
13 J’ly
60*4 J’ly
25 J’ly
90 J’ly
234 .jan
3473 Oct
65 Jan
164% Jan
18*s Jan
33 Jan
483.1 Jan
10914 Alch
£0 Jan
921’ Jan
160% Jan ,
28% Jan
503s Jan
65 Nov
36*4 Jan
60 Alch
88 Jan
10073 Jan
$9*4 Sep
12i>% Jail ,
129 Jan
7*’ Jan
24.% Jan
16 Jan
61% Jan
£4.% Jan
9U3| Jan
1 i d ’ Jan
98 Oct
7o34 Oet
119*2 Deo
123 Jaa
28*’ Jan
96*2 Jan
89'% Jan
110*2 Jan
$22 % Oct
96*2 Jan
81 Jan
43*4 Jan
40*4 Jan
116*8 Jan
1UG% Jan
1-7*4 Jan
85 Jan
617s Jan
107*2 Jan
155 J’ne 200 Ja
28 J’ly
3 1 % Ja
107 Ja
z.,0% Sep
27 J'ne
45% J a
8234 J’ly 104% Ja
150 J’ ne 190 Ni
48*4 Dee
56% Ja
1183, F«
111 J’ly
41934 J’ly 540-% J a
134 Oct
144 Oi
83 Feb
95 AI
(i J’ly
13*4 Ja
62*8 Dec
7J Ja
96 Aug 122 j a
99% Aug 113% j a
32 Ja
14*8 J ’ly
49 J’ne
84 j a
§93*’ Dec
145 Ja
84% Ja
6434 J’ly
27 J’ly
821’ Ja
99 J’ly
116% Ja
69% J’ly
84 Ja
61*8 J’ly
31 Ja
l l o i ’ J ’ly
125% Ja
1 43933 J’ne $601., Ja
47 Feb
66*8 Oi
1*7 J’ly
129% Ja
50 Sep
*3 Ja
144*2 Dec il95 Jn
56 J’ly
78*2 M
49*2 J'ly
82% Ja
110 May 130 F(
T R U S T C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .
trust Co’ s
TV Y C i t y
B’ way T r ..
Central T r ..
Columbia . .
Commerdal
E m p ir o ___
Kqult’ ble Tr
Farm Lo&’l
F id e lity ___
F u lto n ____
B id
145
1000
300
105
300
450
1550
213%
290
Trust C o’ s
Guar’ ty T r.
Guardian Tr
H u d s o n ___
Knlckerb'kr
Law T I&Tr
115
Lincoln Tr.
315
Manhattan
460
Mercantile .
1589
217% Metropol’t’ u
M utual____
Mut Alt nee
A sk
B id
A sk
790
800
155
160
297%
255
140
400
725
450
148
1025
290
243
130
375
709
130
125
130
trust Co's
N Y Llte&Tr
N Y Trust.
Savoy_____
Standard Tr
U tleG u * Tr
I r Co ot Am
Union Tr
US Mtff& Tr
Unit States.
Washington
Westchester
Windsor . .
Hut
1100
600
400
490
f340*;
1240
470
1145
309
15)
95
As*
1125
t>25
1C5
410
500
1270
480
1160
375
160
100
1 rust Co’ s
B id
A ik
B r o o k ly n
Brooklyn Tr
Citizens’ ___
F la tb u s h __
Franklin___
Hamilton . .
H o m o _____
Kings Co . .
L Isl L & Tr
N assau____
P eop le's___
(Juecns Co.
430
120
200
270
100
505
290
160
300
no
130
215
205
280
no
302
170
310
126
■—
*llid and asked prices: no sales on this day. i Less than 109 shares. $ Ex-rights, b New stock c Ex-div a n l righ'is. U Now quoted dollars peg share.
, tSal- at Stock Exchange or at auction this week, s Hr- stock dividend,
Banks marked with a paragraph (1]» are State banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
D,
the Kschange method or Quoting bonds wets chained, and prices are now a ll—"a n l in terest"—e t a p i lor income and defau lted bonds.
BONDS
N. Y. STOCK E X C H A N G E
WUKK ENDING MARCH 17
to O
....
P r ic e
b r u t an
M a rch 17
B id
US
Us
U8
U8
U8
U8
US
q -j
Via coiisoL coupon....<(1930 q - j
3a registered............../c l9 l8 q -F
3a coupon..................... /cl018 q-B
3a cou small bonds..#1 9 1 8 <)-F
4a registered..............1 9 2 5 O-F
4a coupon....................... 1925 Q-F
Bun Can 10-30 yr 2s.AT936 q-N
Foreign (ioveriim enl
Argentine— Internal 5s ot 1000
tmpenal Japanese Governin'!
sterling loan 4 4 s ............1025
via senes 4 4 s ..................1026
Sterling loan 4 s ............. 1031
Repub ol Cuba 6a exten debt,..
External lean 4 4 s ......... 1040
3au Pauio(Brazil) trust 6a 1010
U 8 oi Mexico s 1 g 6a ol 1800
Gold 4s ot 1004..................1064
S tate and City S ecu rities
N ¥ City—4 l4 S ..................... 1000
4 *,s recta int t'ro Jan 2 4 1000
4% Corporate stock......... ip 59
4% Corporate sto cic____1058
New 4 4 s .............................1057
New 4 ‘u s ............................ 10 17
4 4 % Corporate Stock ..105 7
4 4 % assessmt bonds
1017
4% Corporate Stock
1067
N Y state— Canal Iniptls.lOOO
3o Carolina 4 48 20-40.........1033
I’onu new eettleineut 3 s .. 1013
Virginia (uud debt 2 - 3 s ...l0 0 l
tts deterred Brown Bros otta.
R ailroad
laoauia Cent tree So By
tJLlabtt Mull n ee A t Coast Bine
Albany Jb Susa n ee B e l * 11 ud
Aiiegneny Valley SesPein* Hll
Alleg da West n ee BuU U <& V
Ann Arbor 1st g 4 s......... /tlU05
Atclt TAs S Be—Gen g 4s. 1096
Begin tered ... . . . . . . . . . . . . 1006
Adjustment g 4s........... /tl006
Begisiered.................. it 1006
Stamped....................../llOOo
Conv 4s issue ot 1 0 0 0 ... 1055
Couv g 4 s............................ iOoo
Conv 4s (issue ot 1010). lildo
10-year couv g 6 s ......... Iul7
Debentures 4s Series J .1012
Sories n.............................j.913
East Okla Div 1st g 4 s ..1028
Short Buie 1st 4s g ..........1058
8 i o Bros A Bli 1st g 6 s .1042
Atl K nox As N n e e B A N
4 Man tic Coast 1st g 4 s ./tl0 5 2
Ala Mid 1st gu gold 6s ..1 0 2 8
Bruns A W 1st gu g 4s . . 1038
Charles A Sav le t g 7a .. 1030
B A N coll g i s ............... ol062
Sav E A W le t gold 0 s ..1034
1st gold 6a....................... 1034
811 Sp Oca A G g u g 4 s ..1 0 1 8
Atlantic A Danv n ee South By
Austin A N VV n ee Sou Baoilic
A Ohio prior Ig 3 4 s . 1926
KailBogiatereil.................
A1026
10 1 4
1 0 n„
102
102
W e e k ’s
R ange or
L a s t H ale
A sk Low
101*4
10 2
102*4
103
^3
w’S
.9 9
H ig h
1 .0 w
J iig h
1 0 1 *8 F e b T l ___ 101*8 101*8
10 1 U H 4
101*8 F e b T l
103
103 4 F eb' l l
102*8 Fob 11
102*8
10 1 4 J’ly T o : : : :
i ’f o "
115*4 116*4 110 F eb ’ l l
115*4 116*4 1 lti'Hj bob’ l l TTrr! 1 16*8
1
10 1
1 0 1 4 100®a Aug’10
*" 1
M-S t 98*4 99
98*4
U,J
6
974
F-A ♦ 94 Sale
94
94*8 55 94
J -J ♦ 94 sale
94
94*8 19 94
7, 8 8 4
J-J t 8 8 4 Sale
88 4
68*8
102 4
M-S U 02 4 10 3 4 103*4 Mar’ l l
F-A t ......... 9 8 4 90 4 F e b T l ___ 97*4
2 97
07 4
97 4
J-J t 97 4 Sale
97
97 4 18 97
q-J t ......... 97
2 91*4
91*4
91*4
J-D .......... 92
^ a sis o t $5
t i ’ h e s e a r e p r iCCS 0 H
M-S
M-S
IV1-N
M-N
M-N
M-N
M-N
M-N
M-N
J -J
J -j
J-J
10 lh» Sale
1017s Sale
99 4 Sale
99 4 99*8
107 4 Sale
102 4 102 4
lo7 4 sale
102 4 Sale
09 4 Sale
......... 104 7s
9 0 4 97
..............
64 4 Sale
H U 6* 106
1 0 1 78 92
99*8
99 4 90
99*8
99 4 12
1074
KB 4 24
102 4 Deo TO
107 4
io7 4 63
1
102 4 102 4
99*«
99 4 25
1 0 1 7s Feb’ l l
lo3*a J ’ly TO
97 M ar’ l l
8 0 4 M ar’ l l
64
6 8 4 176
101*8
10.*4
103 4
102*8
iV o "
116*8
99
95*4
95*4
90
104
100
97 4
98
94 4
to £ .
100*1 101*8
10 0 78 1 0 2 4
9 8 \ 99 7„
98 4 99*4
1067s 108
106 -2
102
98*4
104*8
108
103
99 7s
1047$
90
80^
97
86^
40
0 /4
a
q-J
A-O
A-O
Nov
Nov
M-N
J-D
J-D
J-D
J-D
FA
F-A
M-S
J -J
M-S
M-S
M-N
J-J
J-J
M-N
A-O
A-O
J -J
j
.
j
q-J
A-O
q-J
Pitts Juno 1st gold 0 s ... 1022 j - j
M-N
P B E A W Va Sysref 4sl041 M-N
aoutliw Div I s t g 3 4 a . .. l 9 2 0 J-J
J
M-S
A -O
Mouou Kiv 1st gu g 6 a ..101!
Ohio Ulver B it 1st g 6s. 1930
General gold 6a............. 1037
1 Pitta Ciov A Tot lat g 0a 1022
Pitta A W est la t g 4 s . . . 1017
8tat lal By la t gu g 4 his 1043
Beech Creek n e e N ¥ O A 11
Bellev A Car n ee Illinois Cent
Bruns A W est n e e A tl Coast B
Putlalo N ¥ A Erie n ee Erie
Butlalo B A B geu g 6 s . . .1037
Consol 4 4 s .........................1057
A ll A West la l g 4a g u ..l0 0 8
Cl A .Mali la t gu g 6 s ....1 0 4 3
Uoch A Bltts 1st g 0 s ...1 0 2 1
Consol 1st g Oa..............1022
Balt A Susa 1st ret g 4s.cll061
Bur C B A N n ee C K I A B
( lan So lat ext 0 3 .............. 1913
' —'2d 6a....................................1013
Begisierod....................... 1013
3arb A Shawn n ee 111 Cent
Carolina Cont n e e Soab A ir B
Carthage A Ad n ee N ¥ C A 11
O e d B i u E A N n ee B C B A N
Men Braucu By n ee Mo Bao
Cent ot Ga Bit lat g 6 a ..p l0 4 6
Consol gold 5s................... 1045
Registered....................... 1945
lat pret income g 6s___ p l9 4 5
Stamped .......................
2u pret income g 6s___ p i 045
2d piet income g 6s stamped
3a pret income g 6 a ....p l0 4 6
F-A
J-D
A-O
A-O
J.J
J-D
S3
84*4
0 8 78 Sale
97
97 4
.......... 9 1 4
9 1 Salt
......... 109 4
lUshi sale
104*8 104*8
no
saib
99 .........
9 8 * 8 .........
9 0 7g 97 4
92 4 9 3 4
......... 112 4
85 Mar’ l l
98
98 4
98®k Mar’ l 1
91*4
91*4
92 Jan T o
91
914
108
108*4
11 4 100 4
.1)3-2 194*8
lo j
no
9 8 7a Jan TO
98 4 Feb TO
9 0 4 Mar U
y 3 y J ‘4
loyHi DeoMu
93*4 9 4 4 9 3 4
108 1094 109 S o p ’09
96 4
95 4
95 4 Salt
134 4 _
94 4
9 3 : b 9 4 4 94
125
125 127 126
in
sale 111
HI
.... 95 J’l y ’ io
92 4
92*4
9b s. salt
97*8 98*»
112
. ..
87 *4 88 4
90*4 91
90 «» bait
88*4 _____
1 U 0 4 .........
*108 ..........
102*4.........
109 4 .......
105 109
113 .........
97 4 ........
j -j
M-S
M-S
1 0 2 4 1027,
1 02Ti 103
10 14
101 101*4 10 1
...... 101 *i 100*4 J a n ’ l l
Oct
Oct
114 .......
107*4 109
... lOtf
1 0 1 4 Sale
101 1 0 1 4
100 Sale
97
92
.......
Salb
7 8 7s
98
98
914
R5
9 9 7*
98*8
924
63
2
137
2ort
90
91
105
105*4
102 4
108*4
92 4
109
109*4
104-4
116*4
2
904
92 4
97*8
93 4
20
93*4
94*4
'95*4 9 6 4
1
73 92*4 96*8
4 124*4 I 26
1114
1 ill
93
19 92*4 93
Oct ’OS]
99 ‘s
9 8 4 62 98
Fob’ l l
98
98 4
D eo’ 10
FebTl
87*4 88
91
92 4
30 91
90*8 12 8 8 4 91 *•
A p r’ tu ....
M ar’ lO
D ec’ 10
Fob’ l l .... 102*8 102*8
D eo’09
167 J a n ’ l l
107 107
113*8 F e b T l
113*8 113*4
OVag B’e b l l .... 97*4 67*8
100 N ov’04
111*4 ........ U 3 Mar’ l l
1U61*
108*8 Bee To
9 7 4 ....... 97 Ben’ l l
103 J’l y ’08
1U81*
116 J’no’ 10
113*8
116 ....... 1 1 0 4 Mar’ l l
72 Mar’ 10
38
71
F-A
M-N
M-N
Get
192
___
9
924
914
984
984
112 4
88
91
90 4
89 4
103
110
102 4
112
M-S
M-N
A-O
J-J
F-A
J-D
J -J
1124
108*4
113
100*4
1004
95 4
88*i
804
113
113
97
97
....
....
: : : : : : ........
1 1 6 4 11678
1 1027» 103 \
11 10078 101*8
100*4 160*4
112*4 112 4
Fob’ l l
107 4 1 0 9
Mar’l l
A p r’oO
1014 26 100 102 4
1U04 10 0 4
M a r 'll
09 95 100
loo
N ov’ 10
24> 85
99
92
. H l . 'C E l i l i A N E O L S
S treet Itiiilvvay
Brooklyn B ap ’i t g 6a........1946
let refund conv g 4 s ___ 2002
ilk city lstco n 5 a .1010.1941
BktJCod) S c o n g u g 58.1941
Bklyn U 11 El 1st g 4-58.1956
Stamped guar 4-5S....105U
Kings Co El 1 st g 4 s . ...1 9 4 9
Stamped guar 4 s ......... 1949
Nassau’ Elec gu g 4 s . ...1 9 5 1
Uonu By <& Blstifc rot g 4 4 s ’51
Stamped guar 4 4 s ......... 1951
Det Usilted tat con g 4 4 s. 193V.
Havana Elec consol g 5 s . 1952
Inter-Met coll 4 4 s ............. 195C
Inter Bap T 3-yr conv Os. 1911
45-year 5s Serios A ........1952
internal Trao coll tr 4 s .. 1949
Banlla Kleo 1st & coll 6s. 1953
A-O
J.J
J-J
,M-K
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
......... 1 0 2 4
84*8 Sale
......... 102*1
1 0 0 4 101
......... 10 1
......... 84
.......... 83 4
78
78*2
lU‘2 7*.
1 0 1 .........
81*4 82
97 Sale
78*4 salt
100 4 lOP’h
103*4 103 4
d Due Apr
P r ic e
b r id a s
M a r c h 17
Centol Ga B B — ( C o n i
3d pret income g 6 a stamped.
Chau Div purmou g 4 8 .10 5 1 J-J)
Mac A Nor Div lat g 5s. 1040 J-J
Mid o a A AU Div 5 s . . . . 1047 J-J
Mobile Div 1st g 6a........IOao J-J
Ceu BB A B ot Ga col g oa 1037 M-N
C entol N J geu’ l gold 5a. 1087 J-J
Begiatered................... aloa7
Am Dock A Imp gu 6 a .. 10 21
Be A liud B geu gu g 5s 192U j . j
Bell A W ilks B Coal 5 a . . 1012 M-N
N ¥ A Bong Br gen g 4a 1041 M-S
Cent BacUlo n ee So Bacilic Co
Cent Vermont la t gu g 4a.el02U Q-F
Chaa A sa v n ee A tl Coast Bine
d ie s A Ohio gold 0a..........a l o l l A-O
Gen funding A im p t 6 s . l 020 J-J
1st consol g 5a................... 1030 M-N
Begiatered....................... 1030 M-N
General gold 4 4 s .............. 1002 M-S
Itegiatereu....................... 1002 M-S
Convertible 4 4 s ..............1030 F-A
Big sandy 1st 4 s .............. 1041 J-D
Coal ltiv iiy 1st gu 4s ..1 0 4 3 J-D
Craig Valley l s t g 6 s ....1 0 4 0 J-J
Botts Creek Br 1st 4 s .. 1040 J -J
B A A DIV 1st COU g 4S..J.030 J-J
2d consol g 4 s................. 1080 J-J
Warm spr Vai 1st g 6 s .. 1041 M-S
Greenbrier By l s lg u g i s ’40 M-N
Clue A A lt B it rel g 3 s ...1 0 4 0 A-O
R a i l w a y 1st lien 3 “a s ... 1060 J-J
Begistered....................... 1050 J-J
Clue Burl A y — Denv d 4 s 1022 F-A
Illinois Div 3 4a ................ 1040 J-J
Begistered....................... lO ly J-J
Ills Div 4 s ..........................1040 J-J
Iowa Div auiK lund 5 s . .1 0 1 0 A-O
Sinking lund 4s.............. lu lu A-O
Nebraska c-xiensiou 4a-192< M-N
Begiatered....................... 1027 M-N
Soutuwestern Div 4 s___ iU2 i M-S
Joint bonds n e e Great a or tu
Debenture 6s ..................... 1013 M-N
General 4 s ...........................1058 M-S
Clue A e ill ret a unpg 4s ii/55 J-J
1st consol g Oa................... 1034 A-O
General consol i s t o a .... 1037 M-N
Begiatered....................... 1037 M-N
Clue a i n u c By is i o s .1530 J-J
Chicago A Erie n ee Erie
Ohio G t W estern 1st 4 s ...1 0 5 0 M-S
Clue in A Douisv rei 0 s ...i9 -l< J - j
Betunding gold 6 a............1047 J-J
Refunding 4s Series C .. l 0 i 7 J-J
DoUla V N A A —u 1 st os. m i i F-A
Chic lud A Sou 50-yr 4 s ..1050 J -J
Clue MU As St T term g 03 1014 J-J
General g 4s series A ..« 1 0 8 0 J-J
Begiatered.....................sl080
General g 3 his series B.elooO
25-yr deuen 4s ..................1031 ,r -j
Glue A B Su Div g 6 a ....1 0 2 1 j - j
O lio A Mo BlV D iv 6 s . . . 1020 j - j
Chic A B W l s t g 6a........1021 j - j
Dak A Gt So g 6 a . . . . ____1010 j - j
Ear A Sou asau g oa........1024 j - j
BaCrosse A D la t oa___ 1010 J .J
Wis A Minn Div g oa___ 10 2 1 J-J
MU A N o la l cons 08___ 1013 J-D
Extended 4*38................ 1 9 1 3 J-D
Chic A N ortnw cons 7a___ 1016 O-F
Extension 4a..........1880-1020 F-A
Registered........... 1880-1020 F-A
General gold 3 4 s..............1087 M-N
Begistered................... p l 'J n i O-F
General 4 s .........................1081 M-N
Sinking lund 0 s ...i8 7 0 -1 0 2 0 A-O
Begisierod........... 1870-1020 A-O
Sinking lund o s ... 1870-1020 A-O
Begistered............1870-1020 A-O
Debenture 6 s..................... 1021 A-O
Begistered.......................1021 A-O
Sinking lund uob os........1033 M-N
Begistered....................... 1933 M-N
Mil B S A W est lat g 0a 1021 M-S
E xt A Imp sluud g 6s 1020 F-A
Ashland D iv 1st g 0 s ..l0 2 o M-S
Mich D iv 1st g 0s..........1024 J-J
In co m e s...........................1011 M-N
Chic Bock Isl A Bac 0 s ...1 0 1 7 J-J
Begistered....................... 1017 J-J
General gold 4 s ..................1088 J-J
Begiatered....................... I9as J-J
Refunding g 4 s ................1034 A-O
Coll trust Series J 4a. ...1 0 1 2 M-N
M 18 ................................... 1016 M-N
N 4a....................................1010 M-N
G 4 a .................................... 1017 M-N
B 4a....................................1018 M-N
Cllio B I A Bao B B 4 a ..2002 M-N
Registered...................... 2002 M N
R I A rk A Louis lat 4 ha 1034 M-S
Bur C B A N — l s t g 6 s .1034 A-O
Registered................... 1034 A-O
C R IB A N W la t gu 5s. 1021 A-O
M A St B 1st gu g 7a.. 1027 J-D
Clioo Gk A G geu g os .o lu io J-J
Consol gold oa..............1 0 6 2 M-N
Kook A Dea M la t o a .... 1023 A-O
Ohio s t d a N u n ee ill Cent
d u o St B A Bltts n ee Bonn Co
d u o St B M A G cou O s... 1030 J-D
Cons Oa reduced to 3 4 s . 1930 J-D
B id
?!j
W eek’s
R a n ge or
L a s t S a le
A s k Low
J iig h
88
00
85 4 Oct ’ 10
87
8 7 ‘V Feb’ l l
105
105 4 Mar 11
11)5
1 15 Nov’05
108*4
108*4 F e b T l
101 4 107 101 4
1014
122*8 123 4 12 2 78 123
122 4 123 h 122 4 Mar 11
107», 107 *8 M a r 'll
iuo*»
100 4 F e b ’ 11
10 0 4 .
99*8D ee’ 10
10 1 4 .
Range
Is
$0 Jan’Since
iary 1
Ho
108*. ios*«
101 4 102
12 122*4 .23 4
123 4
. .. 107*8 . 0 8 4
122
100 4 100 4
......
100 N o v ’ 10
104*8 105
112*8 M ar’ l l
112 4 J au ’ 10
100*4 1UI
1 0 1 4 J ’ne’ lG
06
9 0*6
99*4
924
1 0 0 4 1014
94
97 4
87 *4 89
904
9 9*4
e7a«
S e p ’ 10
99*8
99
99*4 99*8
104*4 Deo’ lo
1044
99*a 00 4 9 9 1* M ar’ l l
90*b Mar’ l l
98*8 90
98 4
98 4
98 *a
99 F e b T l
90
87*4 salt
87 4
l 0 2 78 1054
112*8 1134
S7 4
874
88
85
87h 80*4 N o v 'lu
102*4......... 104 4 Sep ’ 10
84 ......... 90 J a n '09
95*4
95*4
9 5 14 Sale
90 4 92 4 9 1 4 J a n ’ l l
1014 ...... 113 4 l'e o ’06
85 ......... 95 O c t ’ 10
73 Bob’ l l
70
73
7 0 *a 7 o *4
70*4 Sale
75 O c t ’09
90
J iig h
87*8 8 7 4
105 4 1054
90*4 9 2 ’4 92 *4 Mar’ l l . . . .
105 Sale
1 12 ■'V113
......... 113
1007g sale
- ............. 100
90 Sale
Low
1
87*4
88
95*4
914
90
914
72-8
69 4
73*4
714
99 4
874
99’.
884
99*8 1 0 0 4
99-4
90*8
984
99
994
994
984
99
101 *4 101*8 101*8 m i * ,
9 6/4
974
97 ** Sale
81
81
127 J a n ’ l l
124 120
i
10
110
100 \ 110*4
114 May’09
1 1 0 4 ....... 110 M a i’ l l
10 1
10 14
110
no
84*8
so
127 4 F e o T l
H 4 D ec’ uii
95
Oct ’ I P
1Oo *8 Bob’ l l
92 4
9 -4
102 4 Mai 1 1
98*»
98 4
9 9 4 Jan’ H
87 4
87*4 8 7 7a 87 7»
92» s
92*8 92*8 92*8
100*8 107*8 1 0 6 4 M a r 'll
109 ......... 1 0 8 4 Cct To
100 hi 100*4 100 4 i0d®8
103*4 F e b T l
103 104
110 ......... 117 *4 J a n ’ l l
105*8......... 105*8 Deo’ io
100 .......... 1 0 1 4 Feb 11
103*8 104 h 103*4 F e b T l
100*4 --■
H O '.
1097s 1 10*8 1 10
9 9 3. M a r ' l l
......... 100
97
M ar’ l l
07
99
87 4
87
87*4 87 4
......... 80*8 93 4 A p r’09
l' -;i
9'J
0 8 78 Sale
111*2....... - 1 1 z J a n ’ l l
110h>......... 1 11 *4 N o v ’ oo
100 4 Bale 106 4 10 6 4
1 0 4 -a ......... 106 M a r io
......... 105*4 100 F e b T l
84*8 86 i
127 4 127 4
9 6 7g 98
81
83
L27 127
109*4 H I
85 7g 'Sal*
120 s .......
1 0 7 h 111
03
94*4
10(1*4.........
92 hi s*aifc
102
98 7» sale
loo 4 10 0 4
92-2 9 3 4
1024 1 0 2 4
98 *2 9 9 4
99 4 99 •»
80*4 88 4
92 4 98
106 4 107
....
100 4
iu0 4 i o 7 4
103*4 1 0 3 4
117*4 1 1 7 4
tO0*8 107 4
103*4 103*4
109*4 112
99*4 99*4
97
984
87*4 8 8 4
98*8 9 9 4
112
100
1064
i o o " io o ""
Feu T o
108 110*, 108*4 Mar’ l l
10 8 4 M a r 11
►......... 109
m * 2 i i 6 7g 116 M a i ’ l l
109 76 Feb 11
109*8111
117 4 ......... 142 4 i 't u ’02
1 1 7 4 ......... 118 J a n ’ l l
100 ......... 106*4 Deo TO
109 7» Sale 109*4 1994
lu9 ......... 109 Aug’ lO
90*»
90
96*4 90
98*4 Feb TO
......... 97
884
88*4
88*4 s a le
97*8J’l y ’ 10
90 Deo TO
98
90*b 94 D eo’ov>
9 0 4 94*4 May TO
93 4 Aug’09
72*8
73*8
73 Sale
7 44 FebTl
93*4 M a r ’ l l
93 4 94
U2
1 1 1 4 112 112
120 4 M ai’03
1004 F e b T l
108*4 10 8 4
103 4 i0 8 4
115 11 6 4
109 4 1 1 0
118
118
i09*4 i ‘1 6 *
90
98
8 8 4 " 3 9 7i
7 2 4 74*8
74*4 7 4 4
93*4 94
112
112 4
10041084
... 102 4 102 4
......... 108 78 109 4 F e b ’ U
100 4 Mai’ l l
99 4 . . .
102
1 2 1 4 1 2 4 7, 1 2 4 \ 1247»
86 .......... 93 D eo'03
112
1 0 2 4 1024
1 0 9 4 1094
100
1004
3 124
1254
B O N D S — C o n t in u e d on N e x t I ’ li g e .
103 104
103 Mar’ l l
83*8
84*8 “78 82 4 84-4
1 0 2 4 Mar’ l l .... 102 103
98 Deo TO
V 100 4 102
10U*4 100 ’
9 100*4 102
10 0 4 10 0 4
84*i Deo’ l' . . . . .....................
83
84 h
83 Jlar’ l l
'Z 78
79
78 4
784
102 4 5fnr’ li
1014 102
10 1 4 F ebT l
81*,
81*,
80 4 82*i
97
97 4 3 V 94 4 97 4
135 78*a 79*i
78*8
79
100*4 Mar’ l l
1OP *4 100®>
103 4 Mar’ l l
1034 10 3 4
67 4 Mar’ 10
98 May’oo
•N o prloe Friday; latest this week. UFlat. a llu eJ a n
B ON DS
N. Y. STOCK E X C H A N G E
W kkk E nding M arch 17
R ange
S in c e
J an ua ry 1
s tr e e t R a ilw a y
Met St By gen col tr g 5 s .1997
Bet g 4 s ...............................2002
Bway& 7th A v l s t c g o s 1943
Col As 9th AV IstgU g 6 s. 1993
Bex AV & B F 1st gu g 6 s 1993
Third A v o B B con gu 4s 2000
Cent Tr Co certfs stinpd...
Thud A v e By 1st g 5 s ..1937
N o n By <& Bt geu -14s ..1 9 3 St J os By Bt 11 »fc B 1st g 6s ‘ 3'.
s t Baul City cab con g 6s. 1037
Tri-City Ry»fc Bt le t s t 6s.197:
ondorground of Bon 6 s ...1921
4 4 s ....................................... 193.
i ncome Os........................... 1948
U 111011 El (Clue) 1st g o s ..194.
United Bys St B 1st g 48.1934
United B its San F r s i 4 s .1927
eD aoM ay
g D u o J ’ ne A D u e J ’ly
F-A
7 5 4 76*, 75 J an ’ l l
40
40
A-O >......... 46
9
J-D 10 2 102*4 102*8 M ar’ l l . . . .
M-S
99 4 ......... LOO J a n ’ l l
M-S
9 9 7s
99=4......... 9 9 7,
J-J
58 4 ......... 6 0 >i F e b T l
6 9 4 60
....
69 4
69 4
6
109 111
J-J
110 J a n ’ l l
J-J *......... 85
85 F e b T l . . . .
M-N
98«* 100
J-J 1 0 0 4 ......... 100 Feb’ l l
A-O
U^1* Sait
984
98 V
8
M-N . . . . . . 97*8 98 A p r’OO
J-J
93 4 95
93*4
93*4 26
60*8 Sale
40*4
60*8 19
A-O ......... 99*4 84 Oct ’08
J-J ' ......... 8 1 7e 80 Aug’ 10
A-O ......... 70 4 72 Mar’ l l . . . .
teDue Aug
0Duo Oct
p Due Nor
75
40
102
100
784
404
10 2*4
10 1
9 9 4 100
69
004
58*4 01*4
1U9
85
85 |
m
106 100
9 8 4 98^|
90*4
38 4
93^
60^
70
72*1
s O ption Sale
710
New York Bond Record— Continued— Page 2
BONDS
Price
N . Y . STO C K E X O H A NO K
WttKR E ntmno MAKCH 17
W eeK fs
O h io S t P Al A O — ( t o n )
O h S t P < 6 A lin a l s t g 6 s 1 9 1 3 M-N
N o r W i s c o n s in 1 s t O s .. . 1 9 3 0 J - J
S t P A S C i t y l s t g 6 s . . .1 9 1 9 A -O
O h i o * W e s t l n d g e n g 6 s ? 1 9 3 2 Q-M
C o n s o l 5 0 - y e a r 4 s ............. 1 9 5 2 J . J
C h i c A W M i c h see P e r e A larp
C h o c O A G o l f See C It X &■P
O ln H < 6 D 2 d g o ld 4 > 3 S ...1 9 3 7 J - J
C l n It A L 1 s t g u g 5 s . . .1 9 4 1 M-N
O K in d A F t W J s t g u 4 s g .’ 23 M-N
C ln 1 A W 1 s t tru u 4 s . l 9 5 3 J - J
I n d D e c A W 1 s t g 5 s . . . 1 9 3 5 J -J
l s t g u a r g o l d o s .............. 1 9 3 5 J - J
C I S t E A C See C O C A S t H
O in S & U see O C C S t b
O le a r lie ld A A la h See B H A P
C l e v C m C A S t H g e n g 4 s 1 9 9 3 J -D
, C a ir o l ) l v 1 s t g o ld 4 s . . . . 1 9 3 9 J - J
O ln W A Al D iv 1 s t g 4 8 .1 9 9 1 J - J
S t la D i v 1 s t c o l t r g 4 s . .1 9 9 0 M-N
I t e g i s t e r e u ..........................1 9 9 0 Al-N
S p r * C o l D i v 1 s t g 4 s . . 1 9 4 0 M -S
W W V a l D iv 1 s t ft 4 s . . . 1940 J - J
C 1 S t E A O c o n s o l 6 s . . 1 9 2 0 M-N
1 s t g o l d 4 s ............... . . . . £ 1 9 3 6 Q-B
R e g i s t e r e d ................. /c l 9 3 0 Q -F
C i n S A C l o o n l s t g 5 s . . 1 0 2 8 J -J
O O O A 1 c o n s o l 7 s ...........1 9 1 4 J -D
C o n s o l s i n k fu n d 7 s . . . . 1 9 1 4 J -D
G e n e r a l c o n s o l g o ld 6 s . 1 9 3 4 J -J
R e g is t e r e d ......................1 9 3 4 J -J
I n d HI A W 1st p r o ! 4 8 .1 9 4 0 A - 0
O I n d A VV 1 s t p t 5 s . ..< (1 9 3 3 Q -J
l ’ e o A E a s t 1 s t c o n 4 s . . .1 9 4 0 A - 0
l n c o m e 4 s ........................... 1 9 9 0 A p r
U le v A M a r i e t t a see P e n n K it
U le v A P i t t s See P e n n C o
C o l M i d l a n d 1 s t g 4 s ...........1 9 4 7 J - J
C o lo r a d o A S o n 1 s t g 4 s . . .1 9 2 9 F -A
I t e i n n d A e x t 4 * a s ...........1 9 3 5 m - n
P t W A D e n C 1 s t g 6 S ..1 9 2 1 J -D
C o lu n i * G r e e n v See S o R y
C o l * H o c k V a l See H o o k V al
C o l ib X o i See H o c k V a l
O ol C o n n & T e r m See N A W
C o n n ib P a s K lv s 1 s t g 4 8 .1 9 4 3 A - 0
C u ba K it I s t 6 0 -y r 0 g ....l 9 5 2 J -J
a k ib G t S o A e e C M A S t P
a lia s ife W a c o See M K A X
D e l H a ck A W e s t e r n —
M o r r i s ib E s s e x 1 s t 7 s . . .1 9 1 4 M-N
1 s t c o n s o l g u a r 7 s .........1 9 1 0 J-D
R e g i s t e r e d ..................... 1 9 1 5 J-D
1 s t r e f g u g 3 *-28 ..............2 0 0 0 J-D
N Y H a c k * W 1 s t 6 s . . .1 9 2 1 J-J
C o n s t r u c t i o n 5 s .............1 9 2 3 F-A
T e r m <b im p r o v e 4 s ___ 1 9 2 3 M-N
W a r r e n 1 s t r e f g u g 3 *2 8 . 2 0 0 0 F-A
D e l A H u d 1 s t P a D iv 7 8 .1 9 1 7 Al-S
R e g i s t e r e d ..........................1 9 1 7 M-S
1 0 - y r c o n v d e b 4 s .............1 9 1 6 J-D
1 s t li e n e q u ip g 4 ^ s ___ 1 92 2 J -J
1 st <breC 4 s ............................1 9 4 3 M-N
A i b ib S u a o o n v 3 > 3 8 ..........1 9 4 6 A-0
R e u s ib S a r a t o g a I s t 7 s . l 9 2 1 M-N
D e l R i v R U B r id g e S ee P a R R
D e n v & R G r 1 s t c o u g 4 8 .1 9 3 6 J-J
C o n s o l g o ld 4 * 3 8 ..................1 9 3 6 J-J
I m p r o v e m e n t g o ld 6 S .. . 1 9 2 8 J-D
■ 1 s t ib r e f u n d i n g 5 s ...........1 9 6 6 F-A
R i o G r J u n o 1 s t g u g 6 s . 1 9 3 9 J-D
• B i o G r S o 1 s t g o ld 4 s . . . 1 9 4 0 J -J
■
G u a r a u t e e d ........................1 9 4 0 -J - J
B i o G r W e s t 1 s t g 4 s ___ 1 9 3 9 J -J
M g e a n d c o l t r u s t 4 s A . 1 9 4 9 A-O
U t a l i C e n t l s t g u g 4 s a 1 9 1 7 A-O
D o s M 0 1 ib F t It Sea M ib S t E
D e s M o l U n B y 1 s t g 6 s . . 1 9 1 7 M-N
D e t <b A la c k 1 s t li e u g 4 8 .1 9 9 5 J-D
G o ld 4 a ......................................1 9 9 5 J-D
D e t S o — O S D i v 1 s t g 4 8 .1 9 4 1 M-S
D u l ib i r o n B a n g e 1 s t 5 s . .1 9 3 7 A-O
B e g i s t e r e d ..............................1 9 3 7 A-O
’ 2 d 6 s ..........................................1 9 1 6 J-J
D u l S h o r t l o n e Sea N o r P a c
D u l S o S h o r e & A U g 6 a . . l 9 3 7 J-J
J j 'a s t o t A lu m see S t P M <b Al
; A -la st T e n V a «fo G a See S o R;
M-N
.E l g i n J o l & E a s t I s t g 6 s . l 9 4
' E lm C o r t ib N o See H ell A N Y
E r i e 1 s t c o n s o l g o ld 7 a . . . . 1 9 2 0 M-S
N Y <b E r i e 1 s t e x t g 4 s 1 9 4 7 M-N
2 u e x t g o l d 6 s ................... 1 9 1 9 M-S
3 d e x t g o l d 4 * 3 3 ................1 9 2 3 M-S
4 t h e x t g o ld 6 s ..................1 9 2 0 A-O
5 t h e x t g o ld 4 a . ................1 9 2 8 J-D
N Y E E A W 1 st g fd 7 s . 1 9 2 0 M-S
E r ie 1 s t c o n g 4 a p r i o r . . 1 9 9 6 J-J
B e g i s t e r e d ..................... 1 9 9 6 J-J
1 s t c o u e o l g e n R e n g 4 s l 9 9 6 J-J
R e g is t e r e d ..................... 1 9 9 6 J -J
P e n n c o l l t r g 4 s ...........1 9 5 1 F -A
6 0 - y e a r c o n v 4 j A ___ 1 9 5 3 A-O
„ „ do
S e r i e s H .1 9 5 3 A -0
B u l l N Y <b E r ie 1 s t 7 s . . 1 9 1 6 J-D
O h io ib E r i e 1 s t g o ld 6 s . . 1 9 8 2 M-N
C l e v Jb M a h o n V a l g 5 s . l 9 3 8 J-J
H o n g D o c k c o n s o l g 6 s . . 1 9 3 5 A-O
C o a l ib R R l s t c u r g u 6 3 . 1 9 2 2 M-N
D o c k * I m p 1 s t c u r 6 s . .1 9 1 3 J - J
N Y ib G r e e n H g u g 6 8 .1 9 4 6 M-N
N Y S u a ib W 1 s t r e f 6 s ,1 9 3 7 J-J
2 d g o l d 4 *as....................... 1 9 3 7 F-A
G e n e r a l g o ld 5 s ............... 1 9 4 0 F-A
T e r n u n a l l s t g o ld 6 s . . .1 9 4 3 ' M-N
M i d o f N J 1 st e x t o s . . 1 9 4 0 A - 0
W l l k i b E a l s t g u g o s . . . 1942] j - d
E v ib I n d l s t c o n g u g 6 S .. 1 9 2 0 1J - J
,
Since
**3
Jan ua ry 1
A Sn IL o w
H ig h
124*8......... 12G*e Jan *11
hm
124 126 129*8 AIay’09
112*4 1 1 2 *fi 112b 112*4
108*4 lOHt, 110*3 D e o 'lo
02*4 92*8
10 0
92*4
39.
113 Oct.’00
104*6 102*4 1 0 2 ‘4
104
88
88
87 . . . .
103*3 106
86
2 102*4 104*4'
88
’
*« Oct *1 0>
103*4 Mar’ l l
107 *3 Deo ’02
93*3
95
93
92*3
88
88
103
103*4
94
94
92 F eb’ l l
93 *8 Eec 10
92*4 93*4 93*8
93’ ,
90
91 Oct ’07
90*8
96 D ec’09
91*3 D ec’ lO
91V
106
1 u5*4 F e o ’ 10
97
97 M ar’ l l
96 A u g '10
93*4
107
106*4 Jan ’ l l
107*3.
107*8l’e b ’ l l
106 106*4
107»al07*8
125*4......... 125 *4 Feb'Vi
125*4 125*4
" o 'i "
94
91
57
60
65
65 Sale
94*4 95*3 95
98*3
98 *3 Sale
112 >3 Sale 112*3
100
D
93*3 94
96
92
F eb’ l l
93
61*a
65*i
95
98*8
112*4
65
69
96
97 *3
97*s
112*3 113
May’ 10
108*4 108*1
111 111*4
103*4 108*4
1 0 8 *8 ...
Ill
111*3 111 Mar’ l l
111*8 D eo’ 10
91 J a n ’ l l
‘ 96 ** .1!
115 116*4 116*4 Mar 11
107*4......... 106 Oct ’ 10
98*4 99*4 99 Mai 11
102 *8 Feb ’03
85 . . . .
116*8 117 12 0 O c t ’ 10
149 Aug’01
98*4
98*4
98*4 Sale
101*3........ 101 *4 Mill’ l l
98*a
98*8 98*8 98*3
93*4
»3*4
93*4 94
124*» . . . . 124 J a n ’ l l
92*4 93*4
93
91
91
115*4 116*4
93*3
.........105
......... 63
......... 85
91*3 91*4
85
86*4
98 F e b ’ 08
78 D ec’09
85 Mar’08
92*4
92*3
84*3
85 *»
97 Jan ’ 02
89*3 90
......... 72*4
109 112
Sep ’ 04
Sep ’ 10
Alar’ 11
Oct ’ 1 0
F eb ’ l l
106*3 Mar’ uo
104 F e b ’ l l
106*4 109
108
1 1 0 *8
108*3 N ov’ 10
99
99*3
98*8
101
98*3
93*4
123*4
99
102
100*3
94
194
92*4 94
D ec’ 10
99*3 ..
101 M at’ l l
.......
101*3 101*8
92 *3
92*4
92*4 sale
....
97
J ’ly *03
92*4 92
59
93*4 95
92
92
101
101
90
93® b
9 0^
92*4
83*4 80*3
83*3 90
108*8 109*
Jan’U
1 04
104
103
108
118*3 120*8
118*3119 l ! 8 *a M ar’ l l
100
J ’ne’ lu
100*3 . . . .
104*4 Jan ’ l l . . . . 104*4 104*4
105*4 . . . .
1
0
2
*
4
F
e
b
’
l
l
104 . . . .
....1101*4 102*3
1 0 5 ’» 100*3 105*3 Mar’ l l . . . . 105 105*3
99*4 ...
99*4
F eb’ 10
......... 118*3 118 u c l ’ 1 0
86
85*3 86*3 85*3
......... 83*4 83°b J a n ’ l l
75
75 *8
75*8 Sale
85*3 F eb ’ 07
87** 88
75*3 77
69*3 70*3
110*8 113
1 1 1 *8 112*8
llj| 85*, 86*4
"*31*73*3 T d "
2,1 86
87*3
7 7 ’ b F e b ’ l l . .. . 73
79*3
72*3
70*8
70*4 17! 69
. .. : 110*4 110*4
1 1 0 * 4 Jan ’ l l
1 13
F e b ’ l l . ..1 1 1 * 3 113
1 1 1 * 4 ..........'1 1 1*8 F e b ’ l l
. . . 111* 8 111* 8
.......... 125*8 125
125
1 124*4 125
87*4
87*4
1 14
... 101*4 104*4
109*8111 !110*3Nov’10'
10 2
.........
107 107*8 107
69*8 61
60*4
A-O
J- J
J.J ib'6 * i li i ;i ;
F-A 100
.......
VI-S 105 *3 i07*4
J.D 1 0 1 .........
F-A
99*4 101
A/l-N 103*3.........
98 .........
A -0
A-O 102*4103
A-O 113 114
J-J
83 .........
(J-F ......... 103
A O 100*4 bale
VI-N
90
90*3
J-D 104 .........
107*8
60*4
ibb ’*3 'T o o *3
96*8 Sep'Ob
105*4 Mar’ l l
61 >3 Get ’01
100 Oct ’ 09
103*4 Fob’ l l
99*3 Alar’ 1 1
102*3 Feb ’ l l
115 Fob’ l l
»8 Alar 1 1
102*3 Mar 1 1
100*8 ion*.
91 M a r 'll
100*4 J a n ’ l l
* N o price Friday; latest bid and asked tins week.
see Penn Go
B id
A sk Low
H m h A 'o L o w
H ia k
112*8 ....... 1 1 2 *» M a r ’l l . . . . 112*8 113
1st general gold 5a..........1912' a -O 101 *3 Sale 101*8 10 1*3
1101
101*
Alt Vernon 1st gold 6a.. 19231 A -0 106 112 114 A p r’0 5 ........................... .
Suil Co brunch 1st g 5 s .1 9 3 o! a - o
95 .......... 95 J ’ne’0 8 ..............................
r g o & So s e e CU Al A sc P
1/alint
ib PoroM s e e Pere Atari
Fla c<fe Penin s e e sea Air nine
Florida E Coast 1st 4*2S ..l959 J.D ......... 95*8 95 Mar’ l l . . . .
95
95
( W 'l S l U D CO 181 g 4 -38. 1 9411
86 95
92 Aug’ J0 . . . . 1.....................
IftW iSi Rio Gr 1st g 4 s ...1 9 2 8 J -J ........ 84*3 84 M ar’l l . . . . , 84
8 4 *1
I 1 al Har ib s A
s e e So Pac Co
' Tal H & H of 1882 1st 58.1913 A-0
96*3........ ! 9 8 H.Feb’ l l 1. . . . 1; 98*3 98*»
Georgia ib A la S ee sea A Hme
Ga Car & Nor s e e sea A Hme
Georgia Pacific S ee So Ry
Gila V G ib Nor S ee So Pao Co
Gouv ib Gswegat s e e N Y Cent
Grand Rap A Ind see Penn RB
Gray’s Pt Term S ee St H S W
G t Nor—C Bib (j col! tr4s 1921
95*3 96*^
96*« i
06 Sale : 95*8
B egistered./ i ..................D in « ...
96*s
!*t . *1
95 Vj
95*8
St Paul Al .b Alan 4 s ___ 1933 j . j
9 8 *2 9 9
" b s " ’ " 99 *8 99 F eb’ l l
1st consol gold 6s....... 1933 J-J
126
127*4
127 |
127 bale 127
Registered................ 1933 J . j
132 A p r'0 9 .
Reduced to gold 4*38 1933 j . j 105 " ib 5»i 105*4
i b s " io 'J "
106 *4|
Registered............ 1 9 3 3 'j .j
108*4 J’ ne’OO .
Afout ext 1st gold 4 s ..1 9 3 7 ' j - d
98*3 Mar’ l l . .
f o T * 98**3
98
Registered................ 1937! J-D
95
100*4 Get ’06 .
Hi M lllllN orD ivlStg 4 s 1948' a -0
06
99*4 Jau ’ 1 o .
Minn Union 1st g G a..1022 J - j 116
1 1 6 *3 1 lO*.,]
116*3 116*4
M ontC 1st gu g 6 s . . ..1 9 3 7 ! J .J 127*4i . . . . . . 127 Jau ’l U .
127 127*4
Registered................ 1937'J-J
125*4......... 136*4........ ....................................
1st guar gold 6s........1937 'J . j
1 12 *3 ll2*a 11 2*8 D ec’ SO..............................
Will * S F 1st gold 6s 1938 J-D 1 1 2 * 3 ......... 112*4 Feb’ l l . . . . 112*4 112Ji
Greenbrier Ry S ee Chos A o I
Gull ib s 1 1st ret ib t g 6s 61962 J.J
89*8 90*4 00 Mar’ l l ! . . j j 90
91*«
ousatomo s e e l i Y N H A ill
H 00
k Val 1st cons g 4 *38.1999 J .J 102 10 2 * 4 10 2
10 2 I 7 1 0 1 *, 10 2
Registered.......................... 1999 J . j .....................
10 0 *aSep
..
......... xuu*3
SOD ’0
0 88 '..
................................
94
— ; 94
-------Col <b H V 1st ext g 4 s . . 1948 A-O
95
F
e b ’ l l .. . . 9 4
1*4 * 4
Col ib Tol 1st ex 4 s ...... 1956 F-A
96
96*3 96 Fob’ l l . . . . 96
96
lio u st E <b W l e x S ee so Pac]
Houstib TexCen .S’eeSo Pac Co1
I
Hous Belt & Term 1st 5s. 1 937 "
100 101*3 101*3 Fob’ l l ' . . . . 101*3 101*3
1 1111101s Central 1st g 4 s ..1951
1014102
162 Mar’ l l . . . . 102 103
1 Registereu....................... 1951
100 ..........107*8 A p :’ 07!
1st gold 3 *us.......................1951
59*4
89*4| ” 3 . ‘ 86*4 '90*41
Registered....................... 1951
Extended ls t g 3 * u s ........1951
1st gold 3s sterling..........1951 M-S
Coll Trust gold 4 s........... 1952 A -0
93
*— !ij 98
Registered.......................1952 A-O
1st ref 4 s ............................ 1906 M-N
17 96*3 98
Purchased linos 3 *33___ 1952 J-J
86
87
i . N O lb i ’ex gold 4s ...1 9 6 3 M-N
D 97*3 98>i
Registered.......................10 5 3 m -N
. . . . 94*4 04*4
Cairo bridge gold 4 s___ 1960 J-D'
1___' 96
97 ‘ 3
liOUisvDiVibTermgS*23.1953 J-J
86*3
86*4
1
2'
Middle D iv r e g 6 s ........... 1921 F-A
Omaha D iv 1st g 3s........1961 F-A
St Horns DiVibterui g 3s.l951i J-J
73 Hi 76*3
Registered.................... 1 9 6 1 'J-J
Gold 3*38........................ n i s i j . j
j 80*3 8 6 * 3
! 0
Registered................... 1951' a - J
Spring Div 1st g 3 *38...1 9 5 1 J-J
100 N ov’OO
Western Hines 1st g 4 s .. 1961 F-A
_____ 1 96 *8 D o o ’ 10
Hellev <fa Car 1st 6s........1023 J-D
......... 117 *3 May’ l 0
Garb & Shaw 1st g 4 s . . .1932 M-S
9 5 * 4 Oet ’ 10
Clue St H & N O g o s ...1951' J-D
,116 F o b ’ l l
Registered.................... 1 9 5 1 'J-D
114 F eb ’ l l
Gold 3 *38.................1951! J-D
90 Oet ’09
Mernph D iv 1st g 4 s . .. 1961 J-D
97 *3 Alar’ 10
St H Sou 1st gu g 4 s__ 1931'M -S
98 J ’l y ’ 0 8
lud HI da Wedt S ee CO C<b S t Hi
Ind 111 & la 1st g 4 s ........ 1960 J - J
___
96*4 96*3
t u t * Great Nor l s t g 6 s ..1919 M-N
106*4 F eb’ l l . . . . 107S. 108*4
2d gold 5s............................ 1909 M-S
F e b '1 1
112 l i 2
Trust Co oertfs................
I
1 13*31 12 105*3 113*8
3d golU 4s...........................1921'M-S
Feb 11'
15
16
Iowa central 1st gold 5a..lU 38 J-l)
1 0 2 *3 F e b ’ l l . . . . 102 li<3
Gold 4 s................................ 1951 M -s
63
65*4 12 63
69
James F & Clear 1st 4 s . .. 1959 J-D
94*3
94*-.
1 94*3 95
ai A da G r S ee H s a m s
•an ib Mich S ee Tol A O C
K C Ft S ,b M s e e S tH ib s F
K C & M R ib B s e e St H & S F
Kan C Jb i’aoilio S ee M K «b T
Kan City Sou 1st gold 3 s . . 1960 A-0
73*8
74
73*8 74*3
63 Oct ’00
...................... I 9 6 0 'A-O
lief As impt 5 s ......... Apr 1950 A-O 100*3 101*4 101
101*4!
5 100'-8 10 2
Kansas City Terrnl 1st 4s 1960 j . j
97*8 bale
97 «8
97 V
1 96*4 97 “a
iveutuogy cen t s e e H ib N
I
Keck ib Dus Alo S e e O R itbP I
Knoxville A Ohio s e e So R y I
1 ake E r i e * W l s t g o s . . 1937 J .J 108*3 109*3 109
109
1 III!) 111*4
1 * 2d gold 6 s........................194 L'J.J 104 >3 105*3 104 Hi M ar ’1 1 . . . 104 *3 104 S,
North Ohio 1st gu g 6 s .. 1945 a . o 10 8 *8 ......... 1 0 8 *s•*au ’ l l . . . . 108*8 108*8
H Sho ib Alioh S S e e N Y Cent
Hell Val N Y le t g u g 4 *38.1940 J-J 106 106*4106*4 106*4
1 105*8 106*4
Registereu..........................
j .j
104*4 ......... 104*4 Jan ' l l .
Hehlgh Val (Pa) cons g 4 s .2003 M-N| 94
97<3 * 97 *3 Mar’ l l . ...'I 97*3 97*3
l.en V Ter Ry 1st gu g 68.1941 a -O 113*3 113*8 118
113*3] 3 113 114
Registered....................................1941 A-O
111*8113*4 113
113
1 113 113
Hoh V Coal Co 1st g u g 68.1933 j . j l 107*4 ......... 1 0 3 N ov’091.
Heh ib N Y 1st guar g 4 s ..1945 M-S ..................... 93*4 AIar’10,.
Registered....................................19 4 5 M. s
A p r ’ 10
dUSsC’ E H I i A iS E O U a
BurtaloGaS l s t g 5 s .........1947
Columbus Gas 1st g O s .... 1932
Detroit City Gas g 6 s.......1923
D et Gas Co con 1st e 6 s ...1 9 1 8
N q G H N Y ls tc o n g 5 s . .1932
Gasib Elec berg Co c g os.1949
Gr R ap G H Co 1st g 6 s . . .1916
Hudson Co Gas 1st g 5 s ..1949
Kan City (M o) Gas 1st g 5s 1922
Kings Co E l H<b P g 6 s . . .1937
Purchase money 6s....... i997
Ed El 11 bkn 1st con g 4s 1939
Lao Gas Hoi o t H 1st g 5s.el919
Ref and ext 1st g 6 s..... 1934
Milwaukee Gas H 1st 4 s ..1927
Newark Con Gas g os.........1948
Range
S in c e
^ -o J a n u a r y 1
La st s a le
E l 0 ib N 1st pf 6 s ........1914 A -0 MIT* I " " Ilio i'C Feb’ l"() ‘
Gold guar 6s................... 1 9 HP A -0 10 0 *4 ........... 101*4 bep ’09;.
Heh Sa Hud R Nee Cent of N J
1 0 1 * 3 ........... 100^8 J a n ’ l l . . . 100*8 100*8 Heh ib Wilkesb tfeec’e n to fN J
Horoy & Caney Val S e e M o P
100
99*4 Nov’ 10
101*4 105 101*4 J a n ’ 1 1 : : : : io£*i ib i** cong Dock S ee Erie
Hong Xsl’ d—lstc o n g 5s.A1931 Q.J 1 1 0 * 4 l l 2 V l l 0 * 3 F e b ' n
80 . . . . . 100*4 D eo’ 06
110*3 112 *3
1st consol gold 4 s.......... A1931 u-J
80
87*4' 87*4 Feb’ lli '.'.'.'Ji's'SK 87*4
.....................
General g old 4 s...........................1938 J-D9 2
I M 'o d " 96*3
96*4 9 6
F eb’ l i
Ferry gold 4 *38.......................... 1922 M -s98*3 100 i 98*3 Mar’ l l
llo
............ 110*4 D e c ’ 1 0 '
. . ! 98*3 98*3
Gold 4 s........................................... 1932 J-D92
100 101*8 101 Alar’ l l . . . . 100*4 101
97
99*4 Oct ’06 ,
Unilied gold 4 s .......................... 1949 M-S
110 112*8 114 O c t ’ 09
96
94 Aiar’ l l . " ‘‘ b T * " 06**3
1 0 o »a 1 0 8
B O N D S — C o n t i n u e d o il N e x t l ' n g e .
U n s n n t l E l e c t r i c H i g ln
Atlanta G H Co l s t g 6 s ...1947 J-D
Bklyn U Gas 1st cou g 6s.l94u M-N
I R an ge or
Erie ib Pitts
H ig h
125*8 Evans ib T H 1st cons 6s. 1921 J . j
11*2*8 "o iiii
su 1
iVee/c’ s
fY M a v
M arch 17
Low
1 j i n ’ s 112*4
9 2 «,
Pries
N. Y. STOCK E X C H A N G E
W sbk endinu M arch 17
124
10 1
* '6
BONDS
R ange
I R an ge or
| L a » t S a le
F r id a v
M arch 17
[VOL. LXXXXI1.
uD neJaa
2 105*4 107**8
6 59*4 60*2
U
Loo*
...
105*4
........
i oi**
......
105*4
......
lb*3** i'ubT
99 **i 99 s
101*3 102*3
115 115
87*4 88
103*3 103
100
90
10 1
91
Gnu and Electric Eight
N Y G E H H & P g 5 s ...1948
Purchase money g 4 s ...1 9 4 9
Ed El 111 1st cons g 5 s ..1995
N YtfcyElHibP 1st cou g 5sl9 3 0
N Y A- Rich Gas 1st g 5s. 1921
Pacific G ib Eleo Co Cal G ib E
corp unifying & ref 5s 1937
Peo Gas <b C 1st con g 68.1943
Refunding gold 5s........... 1947
C h G -H ib C k e ls tg u g o s 1937
Con G Co of Ch 1st g u g o s .’36
lu d N at Gas ib OH 30-yr 5s ’ 36
Mu Fuel Gas 1st gu g 6 s .1 9 4 1
Philadelphia Co conv 5a ..1 9 1 9
Syracuse Righting 1st g 5 s .’ 5 i
Trenton G <b El 1st g 6 s ..194.'
Union Elec L & P I s t g 5 s .l9 3 2
Westchester Eight’ g c 6s.l9 5o
100*4 100*4
O D ua.uO d D u e .v p r
«Due May
J-D
F-A
J-J
F-A
M-N
M -N
A-O
.VI-S
J.J
J -D
it- N
vl-N
F-A
J-D
J-b
M-S
J.D
A D u e v iy
103*8 Sale
103
103*8
88 **, bale
88*3
88*4
111
1 1 1 s 1 1 1 Mar’ l l
36 102
40 87
101*3
LOO7. Feb’ l l
......... ......... 97*3 J ’l y ’09 T .
95*8 Sale
}>#'•
111
100
103*8
89
111
10 1
.........
94
95*8 324 91s.| 95*8
110*8 Mar’ l l
116*81 116*8
10 1 >3 102
101*3 Aiar’ l l
1 0 1 »» 10 2
V0 234 1037a 10 2 J,
102*4 " i 102*4 10s“*3
1 0 1 102*4 ]101 *3 Alar 1 1
10 1 101*4
90
91*4 91 Mar’ l l
9l*»
90
100*3
100*3,100*3
100*2 J an ’ 11
108»8 bale 107
108*8 45 104 108*8
99 • • • • • • 98 Aug’ tp
, ......
102 ............ 1 1 0 m .i >’05
99
95 M a r 'll
9*5*'' "*0*6*4
104*» . . . . 104**4 105 "iu 104 105
.4
(cD uoAug
g
Duo Deo
s
Option bale
MAK. 18 1911.]
BONUS
N . Y . STOCK E X C H A N G E
W brk Knioni. M arch 17
New York Bond Record— Continued— Page 3
~2 l
P r ic e
fY id a v
M arch 1 7
!
W ceV s
k a n q e or
L a st b a le
%
H anye
S in c e
5o
°%:q J a n v a n i
Bu1
A s k h o is
H i y h N o h o w U lfjtl
Long Island— ( C o n )
Debenture gold 6s...........1934 J -D 1031a......... 104 Vi Dec ’08
Guar ref gold 4s.............. 1940 M-S
96
96% 95*>4
06:>4 " 3 * 95*4 96%
N X B.& M B 1st con g 5s 1936 A-O 1 0 3 % .........llO % N o v ’O0
N Y & K B 1st g 5s.......1937 M-S 101 % ......... 105 A p r’07
Nor Sh B 1st con g gu68ol93'2
101 Vi 104Vi 104% Fob’ l l . . . . 104 *a 104%
Louisiana * Arlt 1st g 5s. 1927
94% 95
95% D co ’ 10
115% iVii'%
Louisv A) Nasliv gen g 68.1930 J-D 113V. 1163s 116% M ar’ l l
Gold 6 s............................... 1937 M-N; 1 12 % Sale 112% 1 »“ '-x 7 1 1 2 % 1 12 %
Unified gold 4s............... 1940 J -J
01 98*8 99
98*4 bale 1 OS'*
98%
Registered.................... 1940 J -J ..................... 1 97% Nov’ 10
Coll trust gold b e ............1931 M-N 109 110 109% F o b 'll
E H <fc Nash 1st g O s .. .. 191: |J-D 111 112 i l l 1 Alar’ 11 . . . . I l l
112
L Cm ifc Lex gold 4 % s ...1031 M-N 101% 106 104 Vi D ec’ 10
N O ifc A1 1st gold 6 s ....1 9 3 0 J -J] 122
' ‘4 ..........121% N ov’ 10
N O <fe M 2d gold da...... 1930| J-J i 118 118% 118% Fob’ l l
.. 118% 118%
Paducah & Mem div 4s.. 1946 F-A
95
96% 9 6 >3 D ec’ 10
Pensacola Div goid da...1 9 2 0 I'd-.3 1 0 6 Vi 109 105% Mar’ ll
3 t L DlV 1st gold 6s........ 1921 M-S 114
113 Sep ’ 10
2d gold 3s........................ 1980 M-S
7 1 *4 7 3 % 7 iV iF e b ’ l l
" '7^*3 71*4
1 92
93 *4
Atl linox ife Cm div 4 s .. 1955 M-N
92*4 93% 93
""
Atl Knox & .Nor 1(U g 6»1940 J -D 112 ......... 112
D eo'10 .
I! " " . I
Bender B d g elsta I g 6s. 1931 M-S 1 0 5 % .........n o
J an '09 . " 1
Fell’ l l . " " 9 5 “ *96”
Kentucky Cent gold 4 s .. 1987 J-J
------- 96
90
D ec’ ll) .
LAN * A lA M 1st g 4 %s 1946 M-S 103 Vj ......... 103
Life N-South M |0iiit 48.1062 J .J
8 S*a 90% 91 J a n ’ l l
.. 1 1 2 % 1 1 2 %
N Fla i& b 1st gu g 6 s . .. 1937 F-A 10H ..........H 2 % Fob’ l l
N«feC Bdgegen gu g 4 % s 1945 J-J l'K) .........
...................
.. n o
no
Pens ifc A tl 1st gu g 6 s ..1921 F-A 1 1 0 % ...........110 J a n ’ l l
112
a ife N Ala eon gu g 6 s .. 1936 F-A 110*4 114 112 F e b '11 . . 1 1 2
. . 92
92
L & Jell Bdge Co gu g 4 s .. 1946 M-S
91*4 91**4 92 F o b ’ l l
L N A ifc CU n e t U i ife L
VI a lion Coui S ee L S .fe Al 8
lu-anhatlan Ky oousol4s.)99U A-Oi 9C% Sale I 90Vj
96% | 5 96*4 98%
Registered....................1990 a - o ! ..................... 104 Apr 0 6 .
Mtmpd tux exem pt.. 1990 A
.. O_
97*4 Salo I 9 7% 97 *4j 4 ”96 **3 98 **3
Manila R R —Sou lines 4 s .1936[ m -N
iileiv ptcfe ii v
>. cent
Mex Cent cons g 4s.............1911 J -J
99% 100
99%
| 9 , 99% 99%
3 1 % Alay' lo'.
1st cons inc g 3 s .......... o l9 3 9 J’ ly
25 *3 A p r'09 ,
2d cons ino g 3s trust rests..
77 Mar’ 10
76
Mox internal 1st eon g 4s. 1977 M-S
79 N ov’ 10 .
Stamped guarantee*!.. .1077 M-S
M lciiCent b e e is 4 Cent
Mid ol N J b e e Erie
Mil L 8 ife W b e e Clue ife N W
MU ife North b e e Ch M ife St P
Minn <fe St L 1st gold 7 s .. 1927 J-D 1 3 1 % ......... 13 0 J a n ’ l l . . . . 130 130
Paoilic E x 1st gold O s... 1921 A-O 109 ‘4 ......... 118 J a n ’ 07
1 106*4 109
106%
105*4
1st consol gold 6 s.............. 1934 M-N 105 107
7() Mai’ l l
70
74
1st and refund gold 4 s ..1949 M-S ......... 70
87 Alar’io
80
92
Des M <fc Ft D 1st gu 4 8 ...’35 J-J
Minn ife St L gu b e e B C R ife N
95% 97%
97%
97% 97Vi 97%
M StP ife S b M con g 4 lut gu ’38 J .J
UgUjJan’ lu
M S S M ife A 1st g 4 int gu 1926 J-J
Minn Un b e e st F Al ifeM
93%
Mississippi Cent 1st 6 s ... 1919 J-J .......... 93% 93%
93% 93*3
Mo Ivan og le x tsl g 4 8 ...1 9 9 0 J-D
97
98
97% 98
97%
97%
2d gold 4 s ..........................$ j.990 F-A
84% Salt
83*4 86
84%
a * 1?
1st ext gold 6 s . . . . ............ 1944 M-N lO 1 *4 1 0 1 % 1 0 1 % Mai’ l l . . . . 101% 103*a
1st & refund 4s................. 2004 M-S
"■■■
—"
70% 80%
80 Mar’ l l . . . . ' 7 9 Vi 81
Gen s f 4% s..................... 1936 J-J
86
86*3 9*1 v. 86 1311 86 % 86 %
St L Div 1st ret g 4 s___ 2001 A-O
78
79*4 D e c ’ 10 — , .....................
79
Dal & YVu 1st gu g 6s. ..1 9 4 0 M-N 105*.
105 J'ue’ 10
Kan C & Pao 1st g 4 s . . .1990 F-A
9o% 90%
00 Alar’ 11
89% 91
10 9 Alar’ 11
Mo K <& is. 1st gu g 6 s ... 1942 A-O
109 110%
107 108
M K & O k 1st gu 6s........1942 M-N 106 107 108 F o b 'l l
2 102% 103%
M K <to T Of T 1st gu g 68.1942 M-S 102 104 103% . ‘ 96%
Slier Shite bo 1st g u g 5 s .l9 4 3 J-D 102 105*4 1 1 0 % Apr 09
105 105
Texifc O k la ls t g u g 6 s ...l9 4 3 M-S 104% 106 1105 " J a n ’ l l
13 109 ILL
Mo Pacific 1st eon g 6s ...1 9 2 0 M-N 109*3 109% I109*3
1 100% 102%
101% '102 10 1 % l 01- 1*
Trust gold 6s stamped. a 1917 M-S -----90 M ar’ ll)
Registered................... al917 M-S
100% 102
1st coll gold 6s................... 1920 F-A 101 101*3 10 1 *1, M a r 'll
770 .
/ 8*4 2 3 , 70% 82
40-year gold loan 4s........1945 M-S
77% 78
05 », Nov’09
3d 7 b oxtd at i % ................1938 M-N ......... 97
94*3
95% 305 91% 96%
lBt & ref conv 5 s .............I96y M S
94 *3 Sale
93%
Cent Br Ry 1st gu g 48.1919 F-A
92
91% 03% Fob’ l l . . . . 92
Ueu Braucli U P 1st g 4s. 1948 J-D
83 *a......... 37 i-j May’ lo
j!
HO Mar’05
Leroy i & C V A L l s t g 6 s 1926 J -J ......... 102
Pao U of Alo 1st ex g 4s. 1938 F-A
94
93% 9H% F eb ’ l l . . . . 97% 98%
Dllt'i'li)
nIB
O D
eo’ lU
2doxteuded gold 6 s ...193 8 J-J 108% 109
1-08 *3 10 106% 108%
St L Ir Alifc bgeu con g 6sl031 A-O 107% sale 107%
ni
s o p ’09
Gen con stump gtd g 5s 1931 A-O
Unified <fe ref gold 4 s .. 1929 J-J
01 83% 87%
85% bale
85%
8 6 % . 86% 45 84% 88%]
liiv <fc G Div 1st g 4 s ..1933 M-N
86 % bale
!02*3 J a n ’ lu
Verdi V 1 ife VV 1st g 5s. 1926 M-S
Mob ife Ohio new gold 6 s .. 1927 J-D 120* 120% 1 2 0 % 1 2 0 % 16 120 122
115% 1 )6 %
114 116% 116% Feb ’ 11
1st extension.gold 6 s ../il9 2 7
86% 8 6 -j
37% g(j)^ Jan ’ l l
General gold 4s................ 1938
Montgom Div 1st g 6 s .. 1947 F-A
llOVi 1 1 0 % *-«ij’ n . . . . 110% 110%
St L ife Cairo coU g 4s..a l93 u
80*4 76 Alay’08
9 4 % M ar’ l l
94% 94%
Guaranteed g 4s........... 1931
M ife U coU 4» b e e Southern
Mohawk ife Alai b e e N V C ife U
Mouongaliela Rlv b e e M ife O
Mont Cent b e e bt P A1 <fc At
Morgan’ s La ife T b e e b P Co
Morris ife Essex b e e Del Life YY
103 106%
Chat ifc bt L 1st 7 s .1913 j . j 10(3 1 0 0 % 106 Mar’ l l
N ash
109% 110%
110 J a n ’ l l
1st consol gold 6 s..........192» A-O 108% 1 1 0
1 1 6 % Nov’ 10 ‘ I !.
Jasper Branch 1st g Os..1923 J-J 1 1 6 % . .. .
108% D eo’ lU
M o il M VV ife A1 1st 6 s ..1917 J.J 106% . . . .
......... .........
113 J’i y ’o4
T ife P Branch 1st 6 s ....1 9 1 J .J 1 0 0 % ___
Nash F lor ife Shel b e e L ife N
1.........
02%
93*3 62 92% 95*s
Nat Rys of Alexpr U i . s 1957 J - J
92% Sale
86
Guar gen 4 s........................1977 A O
9 86% 89%
85
87% 85%
1 U0 % Fob’ l l
Nat ol Alex prior lien 4 %s. 1026 J.J 1 0 1 104
100% 100%
81% 14 81
1st consol 4s.......................1951 A-O
81 % sole
83%
81
Now 11 ife D fees N V N 11 ifc U
N J June RR b e e N V Cent
N V Bkln ifc Alan Bell b e e L 1
88% 20 87% 00
83
88% 87%
N Y Cent ife 11 Riv g 3 %S.1907 J-J
87% 27 86-% 89%
86%
Registered....................... 1997 J-J ......... 88
93% 2 7
93 % bale
94
92%
Deben g 4 s........................1934 M-N
79% io 79% 80%
7.)% bale
79%
Lake Shore coll g 3*38...1 9 9 8 F-A
78% 79%
Registered.......................1998 F-A
7o% 79*3 78% M a r'll
79 Mar’ l l
78% 79%
78% . . . .
Mich Cent coU g 3 % s ....l 9 9 8 F-A
70
76
79% 76 F e b ’ l l . . . . 76
Registered.......................199» F-A
n
””
109" i’0'9%
" ib'5%i'o'o'%
" '06%”o"i”
109*4 no
u
BOM BS
N. Y. STOCK E X C H A N G E
W kkk E nihno M arch 17
t5-2
•>£,
711
5
P ric e
F r id a y
M a rch 17
!
W eek’ s
R an qe or
L a s t b a le
®o
11
^
i
K anae
S in c e
Jan naru
1
.N Y Cent <fc 1£ rt— (C<rn)
l
Bui
A s k L o ir
H m h N o L o w H xyk
rfeecn CreeK l a t g a « 4 s . 19 3 6 ‘ J . Jt 9 8 7a ......... 98\ r)eo*10
::::::
98% N ov’ lo
Registered...................... 1936 .T .J 1 ....................
i
BeechCr Ext Istu 3 % s61051 A -O 1 86 .....................................
.................
Cart ifc Ail 1st gu g 4s. ..1981 J-O ......... 97 i 97 % A p r’00
....................
Gouv ife Oswe 1 st gu g 5s 1942 J-D 1 0 9 % _____
____
Moll ifc Mai 1st gu g 4 s ..1991 M -s
0 8 % . ........ 09 F e b ’ l l . . . . : 09
99
N J June R gu 1st 4 s . . . 1986 F -A 1 95 100 105 "<•’ '"2
N V <fe Harlem g 3 % s ...2 0 0 0 M-N' 90 ......... g o h F e b ’ l l ” ” ”90% ”90*i
N X ifc North 1st g 6 s . . .1927 A-O 106 107 108 O c t ’09
N V ifc Pu 1st con g u g 4s 1993 A-O
96% 97 j 0 7 % F e h ’ l l ” ” j’ 97 % 1'7 %
i|.
.- .
Nor <fc Mont 1st gu g 5 s .1916 A-O ..................... '..........................
Pine Creek reg guar 6 s .1932 J-D ..................... 131 % Ian ’i*0
R Wife O cou ls te x to s .A 1 9 2 2 A-O 107 110 1I 08 F e b ’ l l ” ” 10 8 ” io a
osw e ife R 2d gu g 5 8 ...*191 5 F-A 10 d 105 :105 Jan Os
It VVifc O T R 1st gu g os. 1918 M-N 1 0 3 % ......... Mill J ’ lie’ io
Rutland 1st coo g 4 *38 . .1941 J .J
06*4 ......... 102% F e b '10
88 bale
OgifcLChain 1st gu 4s gl*J48 J.J
b8
88
5 J 86 % 88
92 J’ue’09
Rut-Cauad 1st gu g 4 s . 1949; J-J
St Law ife Adir l s t g 5s. 1996 J-J
115 J’ ne’ 09
125 Feb’08
2d gold O s ......................1996 A-O
Utica ife Blk Riv gu g 4 s .1922 J-J 10 0 ......... 10*> N ov’ 0
89%
89% 89*3 89%
Lake Shore gold 3*38 . ...1 9 9 7 J-D
5 89
90
87 *3 8 8 * 4 8 *- % Alar’ 1 1 . . . I 88 % 8 8 %
Registered................... 1997 J-D
93%
93% 33 j 93% 94
93% Sale
Debenture g 4 s ..............1928 M-S
92%
93*4 194 92% 93%
93% bale
25-year g 4 s ....................1931 M-N
Ka A ife G R la tg u c 58.1938 J-J 1 1 0 % ......... I..........................
.......... 1 1 0 % F e b ’ l l
. . . . 110% 110%
.Mahon O’l RR 1st 5 s .. 1934 J .J I l l
Pitts ife L Erie 2d g 5 s .o l9 2 8 A-O 1 0 1 % ..........100 Deo’09
Pitts McKife V 1st gu 6 s. 1932 J .J 122*4 .......... 1 3 0 % Jan ’09
2d guar 6s ......................... 1934 J-J 120
AlcKeesife B V l s t g b s 1918 J .J 1 107
M idi Cent 6s .......................1931 M -S ‘ 110 116 ,1 1 0 % O ct ’ 10
110
i ne’06
Registered................... 1031 Q-M "109%
4 s......................................... 1040 J .J
97% 99 I 09 J a n ’ l l
Registered................... 1040 J.Ji
9 6 *3 . . . . . . 9 S D ec’09
J L ife b 1st g 3 % s........Iu51 M-S
86% 88% 00 J’ ueU 8
1st g 3 % s .........................1062 M-N
87
87%
87
88
87*4 Mar’ l l
2o-year deb 4 s ................I 0 2 U A O
9 1% Sale
91% 92%
91%
91%
Bat C ife blur 1st g u g 33.1989 J-D
N 1’ Chic ife bt L 1st g 4s 1937 A-O
99% 100 I 99%
99% |
99% 10 0 %
Registered....................... 1937 A-O
9 8 % ......... 100 Dec ’U9!
Debentures 4 s................1931 M-N
9u% 90*3 90% Mar’ l l . . . i 90% 91
W est Shore 1st 4s g u .. . 2361 J .J 1 0 (1% 10 1
10 1
101
2 1 0 0 % UH%
Registered.......................2361 J .J
99 % sale
99% 17 99 100%
99%
N V <fe Green w Lake b e e Erie
N V ifc liar b e e N V C ife Hud
N V Lack ife W b e e D L be VV
N V L E ife W b e e Erie
N V ife Long Br b e e Cent of N J
93%
93% Sale
N V N H ife H —Non con 4 s .’ 56 M-N
2 93% 94%
93%
99* 131 98% 100%
98% '•‘ale
93%
Conv deben 3% s.............. 11*06 j . j
Conv deben o s ..................1948 J .J 133% bale 133%
134% 22 133% 134%
iiousaiouic R con g 5 s ..1937 M-N 1 1 2 % ......... 1 1 2 % Oct ’ 10
N H ifc Derby con cy 5 s .l9 1 8 m -N 101 % ..........107 Aug’0 9 .............................
Providence sec deb 4 s .. 1957 M-N
8 6 % bale - 86 %
8 6 %| 7 84% 87
N V. ife North b e e N Y c ifc l i
j
I
I .1
N V U ife VV ret l s t g 4 s ..p l9 9 2 M -S ; 95 % Sale
9 5 % 9 *>% 15 95
96%
Regis $5,000 only......... ul992 M-S * .......... 03% 94* 3 F e b ’ l l . . . . 94% 94%
N V ife Put b e e N V C ifc 11
N V ife R B b e e Long island
N V b ife W b e e Erie
N V Tex da Al b e e bo Pao Co
103% 103%
Nor ife South 1st g 5s..........1941 M-N 1 0 0 % 103 103%
~’ orl ifc W est gen g 6s........1931 m -N 124% 1.4 % 125 Doo’ l O ..............................
Mar’ lU1...... .....................
126
improvem’ t ifc e x tg O s.,1934 F-A 124%
125
New River 1st g 6 s........1932 A-O 123% 126 125 Jan ’ l l -----125
99%
N ife VV Ry 1st con g 4 s .1996 A-O
08% 08 Mar’ l l . . . . i 98
98
98
Registered....................... 1996 A-O
98 Jan ’ l l . . . . 98
____
93% 17 92% 93%
93%
92%
D iv’l l s t l i f e g e u g 4 8 ...1944 J .J
.92%
.
Sal*. 105%
10-25 year conv 4a___ 1932 j . d 106%
106% 107% 4 .9 100% 108%
106% Sal
9o%
90% .-9%
" '
" 88% 90%
89
Pocah C ife C ) 0 i n t 4 s ..1941 J - d
av’ lo
CCife X 1st gu g 5s..........1922 J .J
105
104
96% 10 96% 97%
Scio V ife N E 1st gu g 4s 1989 M-N
96*4 96% 96*4
North lUmois b e e Chi «fc N VV
N orai Ohio b e e L Erie ifc VV |
99% 100% 25 99 % 100%
Nor Pac— Prior lieu g 4 s ..1997 0 j
99% bale
Registered.......................1997 q . j
98% 99
98% 99% 98% Mar’ l l
General lien goLd3s___ «2047 Q-F
7u% 16 70% 71
70% 70% 70 %
Registered................... a2047 o -F
I 69% 69 *.j Afar’l l ___ 69% 69%
96 Alar 11
St Paui-Dul Div g 4 s ....l9 'J 6 J-D
96
97
90
96
Dui short L 1st gu 5 s .. 1916 M-S ..................... 1 99 F eb’ lo
C B ife *2 coll tr4s b e e Gt Nor
StP ifc N P gen g 0 s . . . . ! 9 2 3 F-A 1 1 6% 116% 1 1 6 % J a n ’ l l . . . . 116% 110%
1 1 / F e b ’ 10
.........................
Registered certiiic’s .,1 9 2 3 Q-F *110
0 7 % ......... 1 1 0 J’ne’ l o 1
.......................
bt Paul ife Dul 1st 5 s . . ..1 9 3 1 F-A 1
’ *'7
2d 5 s ..................................1917 A-O 1 0 2 % ......... 102% Fob’ l l . . . . 102% 102%
9 6 % A p r’ 1 0 ..............................
1st consol gold4s..........1968 J-D ......... 96
91 ......... 92% N ov’ 1 0 ..............................
Wash Cent 1st g 4 s......... 1948 O-M
......... 1 1 1 % J a n ’ l l . . . . i n % l l l * t
Nor Pac i'er Co 1st g o s ..1933 J-J I l l
N or Ry Cal b e e bo Pae
Nor VVis b e e C bt P Al ife O
Nor ife Alout b e e N X Cent
iud ife VV b e e C C C ife bt L
O hio
liiv RR b e e halt ife o
Ore ife Cai b e e bo Pae Co
Ore short Line b e e U n Pao
Oswego & Rome b e e N X O
I ja c Coast Co 1st g 6 s ....1 9 4 6 J-D 105% 108% 107
107
2 106% 108
1. ao ot -Missouri (See Alu Pao
Poun RR 1st real est g 4s. 1923 M-N
99% 100% 102 Feb’ l l . . ^ 0 2
103
Consol gold
6 s...................1919
M-S 103 109 1 0 9 % J a n ’0 9 ..............................
_
_________________
Consol gold 4 s...................1943 M-N
.................. l0 3 % D e c ’ 10
..................... ...
Convertible g 3 % s..........1912 M-N
98% 99% 99
99% 33 98% 99%
Convertible g 3 %s...........1916 J-D
96% sale 96%
96% 3 2 1
96% 96%
Consol gold 4 s ................ 1 9 4 8 M N
103% 104 103%
104
5
103% 104%
Alleg Vai gen gu g 4 s ... 1942 M-S
100 100% J au ’ l l . . . . 10 0 % 100%
D It R Rife B g e ls tg u 4 s g .’30 F-A
9b .................................... ................................
PhiiaBalite VV 1st g 4 s ..1 9 4 3 M-N 1 0 1 % ......... 101% D eo’ It)................................
Sod Bay ife bo 1st g 6 s. ..1 9 2 4 J -J 100 ......... 102 J a n ’0 3 ..............................
U N J RR ifeCangeu4s. 1944 M-S 100 ......... 10 3 % M »y ’ ) 0 ..............................
Peuu Co—Guar l s t g 4 % s . 1921 J-J 103% 104% 104% Mar’ l l . . . . 103% 104%
Registered....................... 1921 J-J 1 0 2 % ......... 103% Fob’ 10 ...............................
87 ......... i 90 Aug’ 10 ..
Guui 3% s coll trust reg. 1937 M-S
88
89 ! 89% D ec’ 1 0 . .
Guar 3 % scoli tr ser B ...1 9 4 1 F-A
97% 97% 97% Mar’ l l . .
Tr Co certlf’8 gu g 3 % s .l9 i 6 M-N
97
97%
G u 3 % s t r c t f s O ................1942 J-D
87% 90
“
Aug’‘ 1 0 ..............................
87
89
G u 3 % s tr c tfs D ................1944 J-D
91 Deo ’0 9 .......................... .
ios% i 10*
l U l S C K L L A N E O U s i B O N 11(8— C o n t i n u e d o n N e x t P a g e
Coni and Iron
Bult& Susq Iron s 1 5 s___ 1932 J-D
M-S
Cot l* ife t Co gen s 1 g 6 s ..194.) F -A
Convertible deb g os----- 1911 F A
Col Indu lstife coll 5s g u .,1034 F-A
Contin’talC 1st s i gu 6 s g.1952 F-A
Gr Riv C'oai ife C 1st g 6s . . lots
Jell ife Clear C & 11st g 5s. 192* J-I)
Kan ife H C & C 1st s 1g6s-10t>l J -J
Pocah Con Collier 1st s i 5s. ’5 < 1 - J
Sunday Creek Co g 6s -----1944 J J
Town Coal gen 6 s ...............1951 J-J
Tonn Div 1st g 6s ........al917 A-O
Blrm Div 1st consol 6 s ..l 9 1 ’i J-J
Cali C M Co 1st gu g (is.1922 J D
Do Rar C <fc 1 Co gu g Oa.lOlo F-A
Vlotor Fuel 1st s 1 6 s ......... 1961 1 -J
Valron CoalifeColst g 6 s. 1940 M-S
97*4.........
00
92 %
97% 08%
100 10n*4
75 % 3ale
9 0 % .........
yo .........
07
08%
100
Fob’ l l
08%
100
(5%
75%
107% Dec’04
102% A p r’Oli
107 Mity’97
io i% 105% Dec’ 06
.. 85
83 J’ ne’ 10
............ 73 Feb ’07
104%
104 ban 104
104% 106 105 % Jan ’ l l
lu 4% Mar’ l l
104% 106
lu7 ........ 1)0 J a n ’09
100 Jnu '
.....................
87*4 Jan ’ l l
94
94
94 bale
•No price Friday; latest bid and asked. aD ne.lan 6 Ono Feb
....
96%
97
97%
99
M anufacturing & Industrial
Allis-Chalmors 1st 5s........1936 J - J
77% Sale
A m A g Chem 1st c 5s........1928 A-O
1 0 1 % salb
Am Cot OH 0X t4 % S ........... 1916 %-i*
97% sale
99% 99%
75% 79% Am Hide & L 1st s 1 g 6 s ..1911* Al-S
vmer Ice becur deb g 6 s .. 1926 A-O
74 bale
Ambmelt & R sub rets 6s luil pu . . . . 10 1 % bale
__ Am Spirits AUg l s t g 6 s . . l 9 L M-S 100 1 0 O\
....
Am Thread 1st col t r 4 s ..l 9 1 i J-J
___ . . . . .
9 2 % .........
Am Tobacco 40-yr g 6 s . . . . 1941 A-O 107% sale
4 s........................................... 195i F A
3 4 % Sale
_____ .........
89% 00
22 103% 1 0 1 % Am YVritg Paper l st s t 5s. 191 *. 1 ■ J
88 % ban
iotb Steel rsi oxt s t 6 s .. ll'.i e -J
105% 105 *9;«% s a le
;ont Leather 20-year g 6s.l9 2i A-<;
L04 % 106%
8 6 % .........
'ons 1 Tobacco g 4 s........... 195 F-A
......... • • • • • •
96% 07
Coru Prod Ret s t g 5 s ___19 -'• d-N
.....
ist 25-year s t 6 s...............193 d-N
87% 87 *,
4 94
06*-. Cuban-Amcr Sugar coll tr 6s ’ lfc v-u
h, Due.J’ ly kDue \ug o Due 1
a Due May y Du
1
20
6
00 % 100
78
77%
102
97%
97%
99%
99%
75
73
101% 101%
lO()%Mar’ l 1
93% Mar’ l l
iu7 % 107%
85 %
81%
90
89%
87%
88%
98%
09%
85%
85%
97
07
10 1%
76%
78%
1 0 1% 10 2%
07% 98
96% 100
65
75
100 % 1 0 2 %
100
92%
104%
79%
89%
86%
99
81%
96
96%
95%
10 1
93%
107%
85%
00%
89
100
85%
97
97
97_
/F la t . ”
New York Bond Record— Concluded— Page 4
712
BONDS
N . Y . STOCK K XO H A NO E
W eek E nding m a r c h 17
«-2
~ &
£%
P r ie s
tv id a v
M a rc h 17
W e e k 's
R a n g e or
L a s t S a le
11
R ange
S in c e
Jan uary 1
H X q I\ N o L o w H i g h
Pennsylvania Co—( C o n )
B id
A s * IjOW
Guar 15-115 year g 4 s ___ .1931 A O
93% 98 Mar’ l l . . . . 97*4 98*4
110 J a n '05
Cl i& iMar 1st gu g 4 ‘a s .. 1935 M-N i o i %
Cl A r gen gu g -1 ds ser A . ’42 j . J 1 0 0 ‘s
1 10*4 Jan ’09
109*4 J’l y ’09
Senes B.............................1942 A-O 100 *8
90 Aug’ 09
Series O 3 4 s ....................1943 ,\l-N
90
90 May’08
Series D 3 d s ....................1950 F-A
90
Erie A Pittsgu g 3 d s B. 1040 J j
91 M at’ l l
91
Senes 0 .............................1940 J .J
98*.i Apr ’04
91
G r K * le x 1st gu g 4 ‘as 194 l J . J 104d 105 d 104*4 Mar’ l l . . . . 104*4 104*4
Pitts Ft W A C 1st 7 s ...1 9 1 2 J .J 103*0 104 103 d
103B
5 103 d 104
2il7s....................................1912 J .J
1037g Feb’ 11 . . . . 10376 1037*
103 *o . . . .
3(1 7 s ................................A1912 A -0 103*4 . . . .
107 Oct ’08
Pitts VdcAsli 1st con os.1927 M-N 107 . . . .
109 May’ 10
P C C ife St B gu 4 ds A . . . 1940 A-O .........107
107 b Feb’ l l
. . 107*» 107*4
Senes li guar.................. 1942 a - o ......... 107*4 107 *s Feb’ l l
. . 107 107*4
Senes 0 guar...................1942 M-N
107*8 Bee ’ 10
se n e s D 4sgu ar............. 1945 M-N
98
%
D
ec’
10
99*«
93 *s
Genes K 3*a guar g ____ 1949 F-A
93 JaD’ l l
I 93
93
9 1 * 8 .......
Series O 4b gu ar........... 1957 M-N
9908 Jan ’ l l
98 *s........
99®s 09%
C St L <£> P 1st con g 5 s .1932 A-O 112 ........ 113 F e b ’ l l
113 113
Pensacola A A tl s e e E A Nash
i
Peo A East S ee C C C A St E !
I
Peo At Pelt Uu 1st g Os___ 1921 Q. F 109 ........ 1 1 2
Keb’ to
2ti gold 4 d s ....................... 01921 M-N
93 d Jan ’ l l
91
97
93B 93 E
Pere Marquette— ltet 4 s . . 1955 J .J
76
70B 52 60
70 Sale
76*4
Relnndlng guar 4 s ..........i955 j . j
......... 70-0 70 F e b 'll . . . 68 B 70
Cll A W j' i o s ..................... 1921 J -D 100*4 . . . .
loo** F e b ’ l l . . . 10 o*s 10 0 7s
Flint A P M fi Os................1920 A-O 110*, - - - 110*8 110*8
2 110 110*4
1st consol gold 5 s..........1939 M-N 101) *o 105*1, 103 Mar’ ll . . . 100 103
Pt Huron Div 1st g 5s. 1939 A-O 101*4 100 101*4 101
10 101B 103*8
Sa g’l'us A H ls t g u g 4 s . 1931 F-A
Phil B * W S ee Penu UK
Philippine Ry 1st 3o-yr s 14s’37 J . j
86*4 Mar’ l l
86*4 88
Pitts Cm A St B See Peun Co,
Puts Clevc A To! s e e B & O
Pitts Ft W A Ch S ee Penn Co
Pitts M cKees A V S ee N Y Cen!
Pitts Sli A B E 1st g 5 s ...1 9 4 0 A-O
U 2B Jan’l l
112*4 112*4
1st consol gold 5 s.............1943 J .J
93% J’ly ’ 97
Pitts A W est S ee B A O
L> ending Co gen g 4s........1997 J-J
96*4
97 121 90*4 98*4
IV ttegistered............ .........1997 J-J
97*4 J an ’ l l
97*4 97*4
jersey Cent coll g 4 s ...1 9 5 1 A 0
90
97*a
Kenssciacr A Sar S ee 1) A lj
Kioli A Ban s e e South Ky
Rich A: Meek S e e Southern
Bio Gr W est S ee Ben A Bio Gr
Koch As Puts S e e B H As P
Koine Wat A Og S e e N V Cent
Kutland S ee N Y Cent
C ax i'ua As 11 S e e Pere 5Barn
O t Jo As Gr isl 1st g 4 s ...194 7
87
80B 87*4
J i
87
88
St B As Cano S ee Mol) As Ohio1
St BAs iron -Mount S ee M P I
S t B A l B r s e e X K14 A ol St B
S t E o u is A S F— Jong Os. 1931 J-J
119 Mar’ l l . . . . 119 119
General gold 5 s.................1931 J .J
107B
107 B, 4 107 108
St B As S F UK cons g 4 s .. ’90 J .J
90B Mar’ l l ! ___ | 90
90*4
Gen 16 20 yr 5a ..........1927 M-N
87 *4
87*8! 25 I 80*4 88
Glia. Mar I I'
inni. 101*-;
Southw Div 1st g 5 s . . 1947 A-O
Keuindiug g 4 s .............1951 J-J
80*6 82 S*
81 d
Hi
K C Ft S A M coug Os.. 1923 M-N
116%
110 F e b ’ l l . t t 1 1 0
K C F tS A .M K y r e t g 4 s 1930 A-O
79*4
80 d 38 7 7 d 8 0 d
K C A> M K A B 1st gu 5s. 1929 A-O
100d D ec’ 09
Oz’ rk As Ch C 1st gu 5s g.1913 A-O
08%
98%
i 07 d 98*»
St Boms So S e e Illinois Cent |
9t B S W 1st g 4s bd ctts.1939 M-N
25 89% 91
90d
01
2d g 4s mo bond otrs...plU 39 J-J
7 8 Mar’ l l
78
1 78
Consol gold 4s.................. 1932' J -D
78
78*8 08 7 6 d 79
Gray’s PtTer l s t g u g 6s 1947; J-D
101 ‘a A p r'07
St Paul As Bui S e e Nor PaciUo
St P 51inn As .Man S ee G t Nor
St P A Nor Pac S ee Nor Pac
dt P As s ’ x City S ee c s t P Al A-u
S A As A P a 8 s i s t g u g 4 s ...l 9 4 3
8 0 7s
87
86 % 87*4
80 7e Sale
8 F A N P 1st sink i g os. I j i o 1J J 100 ......... 1 U4 Oct ’09
day F As W est S ee A tl Coast B|
Scioto Val A> N E S ee Nor As W|
Seaboard A B g 4s stamped ’ 60 A ■O
84*» 87%
8 6 7a
88'V
Coll tr refund g 5 s ......... r o l l M-N
100
100 1
75
75%!
Adjustment 5 s .............. ol949 F-A'
75
77E
Atl-Birm 3 0-yrlst g 4s.e i9 3 3 M-S
85*« 8 0 7i
80*4 86 % Mar’ l l ,
92 O c t ’ loi,
Car Cent 1st con g 4 s ...194 9: J -J
98
Fla Cen As Pen 1st g 5s. 191.3 J-J
10 2 F eb ’ l l
102 102
1st land gr ext g 5 s . ..1 9 3 0 J
Consol gold 5s.................1943 J
106*8 F e l l ' l l ___
104*4 Mar’ l l . . . , 104*4 104*4
Ga As Ala By 1st con 5s o 1945 J
104 B Jau ’ l l
Ga Car As No 1st gu g 5s 1929 J
104 104*4
100 A p r’ 10
SeabAs K o a lstO s..............1920 J
dher Shr As So s e e 51 K As X
Sll Sp Oca As G S ee A tl Coast L
Southern PaciUo Co—
Gold 48 (Cent Pac coll).«1949 J
92*4
02 % 32 91*4 03
92
93
20-year cony 4 s ............... ^1929 M
90
97*4182 90*4 99*4
97*4 Sale
Cent Pae 1st ret gu g 4s 1949 F
90B 47 90
07*4
90*4 90*8 90
Registered....................... h m u f
97 Feb’ i o 1. . .
M o r t£ u a rg o ld 3 ‘as ../t l9 2 9 J
91*, 92*4 91*4
m i
( 9 1 E 92
Through St B 1st gu 4s ’54 A
93
93 *4 J an 1 1 . . .
92
93*4
G H A S A M A P l s t 5 s ..l 9 3 1 M
100 107 *4 107 B Mar l i . . . . 108B108*4
104*4 i?up 09 . . . .
Gila V G & N l s t g u g 5 s . 1924 M
Uous E A> W T 1st g os.1933 M
105 105*4 106*4 May’US);....
1st guar 5s red............ 1933 M
105 .......... 103*4 Aug 10 . . . .
H & T C 1 s tg 5 s in t g u .,1 9 3 7 J
110 111 109*4 J a n ’ l l . . . . 109*4 100%
Consol g Os int g u a r ...1912 A
10 8 *4 1 0 9 ss 109*4 Mar 1 1 . . . . 109*4 109*4
Gen gold 48 int g u a r ..1921 A
91
95*4 94 J B o b l l ..
94
96*4
Waco <SsN W ( U v ls t g 6 s ’3U VI
lid
..........119*4 Mar’ l o ,..
A As N W l s t g u g O s....1 9 4 1 J
104*4..........107*4 J*Bt 0 9 ____
Morgan’s Ba As T 1st 7 b.1918 A
1 1 5 B ........ 1 15*»N oy ’ 10 . . . .
111 Sal* 111
H I I 2| 111 111
xTls t A 01!1 68.......................1920 J
N o o l Cal guar g 5 s.......... 1938 A
1 1 2 F eb’071.
Ore As Cal 1 at guar g Os.1927 J
10 0 J’ne’ 10 .
So PaoofCal—us E . . . . . . 1 9 1 2 A
......... ...........102
J a n ’ l l ________
102 102*«
1st gold 6s F ..............IIl9 12 A „ 101*4..........1114*4 B eo’04 . . . .
1st con guar g 6s.......... 1937 M-N 107*8......... 110
JIay’ 07 . . . .
So Pao Coast 1st gu 4s g .1937 J .J
84
93 I 90 J ’l y '09 . . . .
San F ra u T erm list i s . .1950 a - o
U2*t 03*8
92*4 92 *4 ! 0 2 >4 Mar’ l l ___
X'exA N O SabD ivlst g 6 s .l9 1 2 :M-8 101*, Sale ;101% 101%
1 101*» 101*8
Con gold os.................... 1943 J -J 101 102*4 103 F eb’ l f . . . . 103 103
100 100*8
100 100*8
J lli!> O E L .K A N K U U s *
(Hnnutncturlng & Industrial
D istil SeoCorconv 1st g 5 s .’27
E I duPont Powder 4 d s .. 1930
Ueu Electric deb g 3 da . .10 4 2
10-yrg deb 58....................19 17
In t Paper Co 1st con g 6 s .1018
Consol conv s f g 5s....... 1935
Int St Pump 1st s f 6 s ___ 1020
Lackaw Steel 1st g 5 s . . ..1 0 2 3
N at Enam Aj Stpg 1st 5 * .. 1929
N Y A ir Brake 1st oonv 6s ’ 28
B y Steel Spgs 1st s f o s ...1921
Bepub I As S IstAi coltr os.1934
Union Bag Ai P 1st si o s . . 1930
Stam ped........................................
U S Loath Co s f dob gO s.. 1013
U S Realty A> I conv deb g 5 s ’24
U S Red A) Ref 1st s i g 08.1031
U S Rnbber 10-yr coll tr 6 s.’ 18
[VO L. LXXXXII.
ts
B ONDS
N. Y. STOCK E X C H A N G E
W eek E nding M arch 17
P r ic e
F r id a y
M a rch 17
B id
R ange
S in c e
J an u a ry l
W e e k 's
R a n ge or
L a s t S a le
A s it iR o w
M ia n
No
Lon
H io i
■~o Pac B B 1st ref 4 s .......... 1955 J-J
95 Sale I 04 *, . 95 231 i 94*4 96*8
Southern—1st con g os___ 1994 J-J 107 107*4,107*8 107% 21 107*6 104
Registered....................... 1994 J-J
1 1 0 Mny’ 0*J
Develop A gen 4s Ser A . 1956 A-O
78 d
70
77* isle
77*4
78 *4
Mob A Ohio coll t r g 4 s ..l 9 3 8 M-s
88
80
88*a 83 M ar’ l l
Mem Biv 1st g 4 B -5 s ...l9 9 0 J-J
108 S o p '10
St Bouis illy 1st g 4 s ___ 1951 J-J
80 d 88
83 Mar’ l l
Ala Cen B 1st g 0s.......... 1918 J-J i ‘0 7 % n o >4 107% Nov’ l 0
A tl A Bauv 1st g 48........1948 J-J ......... 90
93 Nov’ 10
2d 4 s ..................................1948 J-J
82*5 Bet ’ 10
A tl A- Yad lB tg guar 4s. 1949 A-O
80*4 87%
Col As Greeny 1st 6s ........1916 J-J 1 0 6 d 107 100*4 Feb’ l l . . . . 106d 106%
E T Va As Ga Biv g 5 s ..1930 J .J 107*8....... 110 FeO’ to
Con 1st gold 6 s..............195b M-N n o d i n
110*4 Mar’ 11 . . . . 109% 111 *1
E Ten reor lien g 5s........ 1938 M-S 105*4 106*4 105*8 Feb 11 ...J ;1 0 5 105%
Ga Midland 1st 3s........... 1940 A-O ......... 67
05 N ov’o9
Ga Pao By 1st g Oa.......... 1922 J-J 113*8......... 114 J a n ’ l l m i! ir i* * l V i "
Knox Ai Ohio 1st g 0s. ..192 5 J-J 1 I 6 d ......... 1 1 6 N ov’ l 0
Mob As Bir prior lieu g 6s 1945 J-J 105*4......... 1'05*4N ov ’ !0
Mortgage gold 4s......... 1945 J-J
82 N ov’08
Blob As Ban con g 0s___ 1915 J-J 105 *4 . . . . . . 105% J a n ’ l l . . . 105% 105%
Deb 5s stamped..............1927 A-O 104*8......... 105*4 N ov’ lu
Rich A: Meek 1st g 4 s ... 1948 M-N
71 ......... 71
1! 71
71
71
So Car As Ga 1st g 6s___ 1919 M-N 103*4 Sale 103*4 103*.
2 103% 104
Virginia Mid ser C Os...1 9 1 0 M-S
112 O c t ’Ob
series B 4-5s..................1921 M-S
108*4 D eo’OU
Series E 6 s....................... 192U M-S 105*4......... 10 0
1 100 106
100
General 5a....................... 1900 M-N 1 0 7 d ......... 107 J a n ’ l l
107
Guar stamped........... 1U3U M-N 106 ......... 105’s Nsv 10
V a As So’ w’ t 1st gu OS.20U3 J-J 108 110 l l o
F eb ’ l l
1st cous 50-year 5 s .. 1958 A-O
90*4 96*4 90*4 Feb’ l l . . . . j 94*4 97*4
W O As W 1st ey gu 4 s ..1924 F-A
91
......... 91 Feb'Ms
W est N C 1st con g O s ..1914 J-J 104*8....... '. 104*4 M a r 'll
S As N A la S ee B As N
|
Spokane Internal 1st g os 1955 J -J 102d 105 1 0 2 % J a n ’ l l
102 10 2 %
' 1 e r A ol St B 1st g 4*48..1939 A-O 105*8 103*4 105 *8 F eb’ l l
105% 105*1
J. 1st con gold 6s___ 1894-1944 F-A
112% Mar’ l l
Gen refund s t g e s ..........1953 J-J ......... 07*4 98 Feu’ l l ...(! 98
98
St B M Bgo Ter gu g os. 1930 A-O 107*4 103*4 108*4 Fob’ l l
. . . 108 d 108*1
T ex As N O S e e So Pac Co
l
|
T ex A; Pao 1st gold os........2000 J-D 110*4 oale 110*4 111*8
19 110*4 111%
2d gold ino 5 s................... g20UU Mar ..........
M a r’ lu . . . h . .
.
Ba B iv 1J B 1st g 5 s........1931 J -J
99*8 ......... 103 S e p ’09
W Min W As N W 1st gu os ’ 30 F-A .....................100 % Nov’04
Tol As O C 1st g 6 8 . . . . .. .. .1 9 3 6 J-J 108*4 lO iH jlO O
Feb’l l
109 n o d
Westeru B iv 1st g o s . . . 1935 A-O n o
112 Sep ’ 0:
General gold 6 s.................1935 J-D 101*4
103*4 J a n 'l l
102 103 d
Kail As M 1st gu g 4 s ....1 9 3 d A-O
91
90%
9 1 d 90%
90
01
2d 20-yoar 6 s .................1927 J-J
97*4 97*4 07%
97%
9 0 d 97%
Tol P As W 1st gold 4a___ 1917 J-J
00
92
91*4 Deo’ lo
Tol St BAs W p rlien g 3*a s.l92 6 J-J
89*a 89% 89*8 Feb’ l l
89% 8 9 d
50-year gold 4 s .................i960 A-O
71*4 72 Mar’ l l
71% 74%
Coll tr 4s g Ser A ........... 1917 F-A
81 d 81% Feb’ l l
81 d 8 1 d
Tor H am As Butt l s t g 4 s ./ 1 1046 J-D
86*4
90*4 90 jVlar’ l l
00
90
lster
A
s
B
el
1st
cou
g
6s
1928
U 1st refund g 4 s........... 1962 J-D 106 ......... 105*4 Mar’ 11
1 0 5 d 100
A-O
84*8 89d 86 Oct ’ 09
Un Pao B B As l gr g 4s ...1 9 4 7 J-J
100*4 119 100 101
Registered....................... 1947 J-J lOOd Sale 100 % 100
100
09 d 100d
20-yr eouv 4 s .....................1927 J-J 1UO sals 104*,
104%
103 d 100 **
1st As ref 4s...................... y 2U08 M-S 104d sale
90*8 Sale
90%
90*4
9 6 d 97d
uro ity As Nav cou g 4a.1940 J-D
95
96*8 95
96
95
97
ore Short Biuo l s t g 0 s .. 1922 F-A
1st consol g 5s................1940 J-J 111 114*8 114*4 1 14 *4 29 11 Id 115d
l H i d 113d
Guar retuud 4 s ..............1929 J-D 112 *4 Sale 112*4 112*4
93 % Sal
""
03*4
94
65 92% 94
Registered................... 1929 J-D
94 J a n ’09
Utah As Nor gold 5 s .. 1920 J .J 100
107 *8 D ee’ 09
Urn iN J K it As C Co S ee Pa UK
Utah Central S ee Bio Gr Wes
Utah As North S ee Un Paeilio
Utica As Black B S e e N Y Cent
j audalia consol st -I s ___ 1955 F-A
Nov’08
Consol-Is Series B . . . 1957 M-N
UUJ4
96
97 d 96*4
6 96*4 07 d
Vera Cruz A-P I s tg u -iE s 193-1 J - J
90 Apr ’ 10
9
0
*
4
.........
Ver Val Ind As W S ee Mo P
Virginia Mid S e e South ity
1st gold os........1939 M-N
1 0 9 d 55 108*4 n o
W abash
2 d gold os................... 1909 F-A 109 d Sale 109
100
99*4
29 98 d 1 0 1
Bobeuture series B ........1939 J •J 100 Sale
J’l
y ’ to
.........
100
80
1st lieu equip s fug o s ..1921 M-S
Feb’ l l
100 100
1st lien 59 yr g term 4s. 1954 J - J 1 0 3 d ......... lUO D eo’ lo
S3
1st rel anil ext g 4s ___ I960 J -J .......... 82
70
70 Sale
/ I d 082 03% 71%
BetAsCh Ext l s t g 5 s ..1941 J-J
___
lii 8 d J an ’ l l
108*4 108d
Bes Mom Biy l s t g 4 s ..1939 J “J 107*4.........
80 ......... SI) D eo’ lo
Cm D iv 1st g 3 E s ........... 1941 A-O
70
75% 75*4 Feb’ 11
74
75*4
Tol As Ch Biv 1st g 4 s ... 1941 M-S
Sop
’
10
83
80% 86
Wat) Pitts Term 1st g 4 s. 1954 J-D
40
45
40
40
20 44
48
Cent As Old Col T r Co certta. . . . .
48 1790 43
40 Sale
48 d
2d gold 4 s ............................ 1954 J -D
7*g
0
..........
7d
6
7d
Trust co certts........................
P
Warren S ee Bel Kao As W est
Wash Cent S e e N or Pac
W ash O As W S e e Southern
Wash Term ! la tg u 3>as..l946 F-A
88 d
1 88 d 00
8 8 d 90
83d
W est Maryland 1st g 4 s ...1 9 5 2 A-O
80
60 80
80*8 Sale
«7
W Va Cent As P 1st g 0s 1911 J-J 100
100% Mar’ l l
d
.........
1 0 0 's 1 0 0 %
W e s tN Y As Pa l s t g 6 s ..1937 J .J
1 10
lit)
109% n o
7 no
110*8
Gen gold 4s......................... 1943 A-O
8 8 % ......... 88*4 M ar 11 81 8 8 % 88*4
Income 6s........................ K1943 Nov
34 Feb’07 ...J
W est N o Car S ee South By
|1 0 1
Whoei’ g As B E 1st g o s ...1 9 2 6 A-O l O ld 105 105 F e b ’ 11
105
Wheel Biv 1st gold 5 s ..1928 J . J 103 100
103 Hi t f o lr ll
103 d 103 d
ExtenAs Imp gold o s ...1939 F-A *100
......... 102 J’ue’ lO
B it 1st consol 4s............... 1949 M-S
84*6
4 84
84 d 84% 84 %
80
20 -year equip s f os ...1 9 2 2 J-J
07 ......... 98 d Fell’ l l . . . . 98 d 99 d
W ilkes As East S e e Erie
W il As Sioux F S ee St P 51 As M
W isC eu t50-y r ls tg e u 4s 1949 J-J
93
31 92*4 93 d
92*4 Sale
92*4
S u p A D u u liv A te r m ls t4 s ’ 36 M-N .........
02*4 03 F eb’ l l el-J 92*4 93
T e leg ra p h nml Telephone
Am Telep As Tel coll tr 4s 1929 J -J
89% Sale
89% 21 89 d 0 1
89 d
Convertible 4s....................1930 M« b 107*4 108
108
09 105 109
107
M ich Statu Telep 1st 6s ..1 9 2 4 F-A
98 d 99*6 99 d
4 98
09 d
99*4
N Y T elep l s t A g e n s l 4 *48. ’39 M-N
US 7s billb
9S% 51 98% 99*4
08*8
Pac T e l 35 Tel 1st 5 s ......... 1937 J -J
0
/ d 9alc
07
d
47
97
1)7*8
07%
W est Union col tr our 5a. 1938 J - J
99d 100
3 99*8 100
09 d
00*8
Fd and real est g 4*a a ...l9 5 0 M-N
95% Sale
05
37
05
05*4
95%
C onr 4s, Senes A ..........1 9 3 6 X-N 103*4 103%
1 U3*4 Mar’ l l
103 103%
108**. no
82*4 82*4
...... 80
100*,......
103*4......
.......
””i i’10" iio
illl ibid ib*5
112*8......
112*8 112*1
00 70
\
U U N U S —C o n c l u d e d .
. M a n u f a c t u r i n g ifc I n d u s t r i a l
A-O
J-D
F-A
J-D
F-A
J-J
M-S
A-O
J-D
M-N
J -J
A-O
J-J
M-N
J-J
J-J
J-D
78*4 Sale
83 *3 Sale
81 .........
147 148
102*a Sale
85 Sale
93 d Sale
08*e 90
95
05 d
10 2 103
97d 88d
103 d .........
-------- U0
......... 90
101% Sale
89*4 Sale
78
82
103% Sale
78
78d
83d
8 3 d 10
81 F eb’ l l
147
148 d
10 2 d 10 2 d
85
84d
03*4
93 d
99
99
95 M ar’ l l
102 Mar’ l l
0 7 d Feb’ l l
103d Feb’ l l
95 d ila P l 1
9 6 d Mar’ l l
104 d 1 0 4 d
89%
90
82 Mar’ l l
103% 103*4 28
79% U S Steel Corp— ( coup .K1963
SI 10-00 yr os. (re g ..K 1003
83%
81*4 Va-Car Chom 1st io-yr 6 s 1923
W est Electno 1st 6s Deo 1922
151
10 Id vVoatuighouse E A> M s t 6 s ’31
M iscellaneou s
87
93% Adams E x col tr g 4s......... 1048
09% armour A Co 1st real eat 4 d»’ 39
95 d Bush Terminal 1st 4s. ...1 9 5 2
Consol o s............................ 1955
102 106
07*4 97% DetM A M ldgr incomes..1911
103 d 1 0 3 d Institfor Irrig W ks 4 d s 1943
90 d 96*4 Int Meroan Marine 4 d s ..l0 2 2
02
96 d lu t Navigation 1st s f os. 1929
M o r r is * Co 1st s f 4 d s ..l0 3 0
103% 105
90
N Y Dock 60-yr 1st g 4 s ..1051
89
88
Pub Serv Corp N J gon 5s. 1959
82
Wash Water Pow 1st o s .. 1939
103 1 0 1
70d
82%
81
145
10 2d
84
91%
UOd
95
M-N
M-N
J -D
J-J
J.J
M-S
J-D
A-O
J .J
A-O
M-N
A-O
F-A
J .J
F-A
A-O
J-J
105
106% 425 103*4 105 d
103% 105%
105*4 M ar’l l
lO ld 1 0 1 % 101*4 1 0 1 % 40 100 d 102
100 d 1 0 0 % 10 0 % 10 1
10 100*4 101
92 daib
92
02 d 36 91*8 08
105*4 Sale
88 d Sale
93
92d ...
97 d
35
40
93%
60*4 Sale"
79*4 8 1 d
O ld 9 1 d
94d !
88 d
92%
91*4
97
35
90 d
65%
70%
91%
90
03d
102 d
5 88 d 91
88 d
93
11 92 d 93 d
Feb’ l l
90
O ld
Feb’ ll
97
07
Aug’ 10
Nov’ 10 i).
60 d to () 04
08 d
79%
0 78
70*4
02
F eb ’ l l
91
00
00
4 90
94*4 40 03 d 00*4
10 2 d 33 1 0 2 d 102 d
10 2 d .
* N o price Friday; latest hid and asked this week. 6 Due Feb d Due A pr e Due May g Due .Cue A D ue.Ply IcDue Aug oDue u ct p D oe Nov * Option Sale
CHICAGO STOCK EXC H AN G E—Stock Record—Daily, Weekly and Yearly
S T O C K S — H I G H E S T A N D L O W E S T S A L E I'R I C E S
Saturday
M a rch 11
♦175
♦2
*4
♦90
M onday
M a rch 13
185
200
2 % *2
♦4
6
Tu esda y
M a rch 14
185
185
*2
2%
6
*4
*90
24
92
*90
92
25
24% *24
*8
9
9*2 *8
♦4l*> 5
*4
*4%
5
5
5
5
5
*4%
*23
♦23
25
*23
25
70
*08
*68
*6712 70
22%
23
*2L
*2112 22
07
67
♦60
68
*66
21%
*21% 22
*2112 22
61%
61%
62
*61
*61
69
69
69% *68
*69
12
12
*11%
12
12
52
52
*47
*48
♦48
♦8
9%
9%
9->s
8 H4
81'2 81%
*205
____ *265
128
70% 76*4
76
*112 115 *112%
*14112 155
144^3
*57
58%
57
♦55
56
57*2
*79
81
80
9%
81%
____
128
76
115
1447fl
58%
56%
80
95
6412 64^2
40
♦95
1221s
♦ 125
*117
I I 8I2
100
46
95%
*180
2%
G
92
24
9
5
5%
25
70
23
68%
22
63%
69
12%
52
185
2%
6
*90
92
*24
24%
*8
9
*4
5
47g
47s
*23
25
*68
70
23
23
68
68
*21% 22
63
63
*68% 70
12
12
*48
52
*2
*4
*9%
97S
9-%
81
81
*80%
*265
*265
* ____ 128 *
*75
77
75%
*112 115 *112%
*145 145% 146
*56
57
58
*55% 56.%
56
80
80
80
*1
*1
I's
1%
*2
3
*2
3
51% 515,,
51% 51%
♦119 120 +119% 120
*155 150
1547j 1547s
122>2 123
122% 123
*94
185
W ednesday
M a rch 15
94%
94
95
*94%
65
65
64%
65
65%
47
95%
47
95%
48
48%
96% *95
123%
124
125
126
118% 119
*119
120
106
100
123% 124
12(3 *125
120
119%
120 *119
106-% 100%
1221s 124
127
126
118% 118%
118% *119
106
105%
1891.1 189'2 188% 189%
121% 122
122 122
1001.1 100-% 100% 100%
166 160 *165
104 104
104*2
5% * 5%
*512
76% 76%
7(3*4
♦21
22
*21
*180
185
*180
185
1%
July’ 10
4
Feb’ 11
91
M chll
*24
24% *24
241Last Sale 8%
Mch’ li
Mch’ li
Last Salt 434
403
45$
4%
4%
L a st Sale 247S Mch’ ll
Last Sale 67% Mch’ l l
*22
23
*22
23
68% 69
22
23
04
64
(39*2 *>9*2
12
12
12 % 12
50
50
*45
50
9%
81
9%
81
934
81
Last Sale
128
128 128
77
75% *75
112 1 - 1 1 2 %
115
140 *146 147
56
56
58
55
56% *54
SO
81
81%
95
9434
65%
6534
48%
48
97
*95
124
127
11978
120
100%
188% 189% Cl41% 190
122 122
122 122
F riday
M a rch 17
L ast Sale
Last Sale
Last Sale
L ast Sale
u 8 *1
*1
1%
Last Sale
♦2
*2
3
3
51% 515ts 50% 51
51% 51%
118% 119
118% 119
119 120
155 155
165 155
155 155
122% 125% 125 130% 126% 130
94
47
*95
Th ursday
M a rch 16
124%
1-6
*119
*119
106
cl43%
120%
100 % 100 % 100% 100% 100 %
93|
934
80%
SO:-265
Feb’ 11
* ____
128
*75
77
. _ ____
*146
147
55
55
* 5-1
55
79%
80
52
Feb’ 11
1
Nov’09
3
Oct'10
Sales
o f the
WeekShares
15
____
____
35
____
386
____
220
496
260
590
344
170
15
600
520
____
50
35
4
75
603
485
498
165
104
4^4
77 %
105
104
’
Price
F r lia y
M a rch 17
Rid
W eek's
Range or
Last Sale
A sk Low
Lowest
><’a. roads
Chicago City itv____ 100
Ch'cago & o*u Park.. 100
no pn*( ................. 100
hie Uys part rti T ' ___
Chic Uys part ett ' 1” ___
Chic Uys part cti " 3 " ___
Chic Uys part rtf 4 " ___
li cago Subway_____ 100
Kans City Uy A L t -.1 0 0
Do p re t___________109
Jetropo W 7) Kiev___ 100
Do p re f___________100
Northwestern Elev___10o
Do p re l___________100
7outh Side E levated..100
streets W Staple C L.10(.
Do
pret___________I0o
Miscellaneous
American Can________ 100
Do
peel___________100
American R ad iator.. 100
Do
pref___________100
Amer Shipbuilding___ 100
Do
pref___________10U
Amer I'elep A T e lc g ..
Booth Msher'es com ___
Voting Trust ctf_______
Do pref___________
Cal & Chic Canal A l3_ 100
Chic lirew’g A Ma.t’g .
110 pro'_________
Chic Pneumatic Tool. 100
Chicago telephone . .1 0 0
Clue Title A Trust___100
Commoilw th- Ed1son . too
3
12
High
The Quaker Oats C o ..100
Do
pref___________100
5
685 Unit Box lid A P C o .100
77 % 1,590 United StatesSteel c o m ..
110 V\ estern stone_______ 100
Chicago Bond Record
Inter -si
P .r io t
Range fo r Y ea r
665
121
121
572
____
____
115
12/
128 11,697
13.s
Feb'10
11% Mch’ l l
78’
Jan’ ll
95
95%
9534
475 Diamond Match.'____ 100
Do rights_________
65%
66%
60%
295 [Pmols lin ck_________ 1(36
47
Mch’ ll
48
332 M Crum-Dowell C o .. 100
48%
48%
97
90
96
220
Do pref______________
Mliw A Chic Brewing____
Do prcl_________________
128
127% 128
750 National Biscuit_____ 100
128
Do
p r e f ............ . .1 0 0
61
120 *119
120
205 Nationa. Carbon.......... 100
120 *119
120
Do
pret___________100
2
106
105% 105-%
571 People's Gas LA Coke.100
11-16 Mch’O'j
145
144% 145
2.890 Sears-Hoc buck com . .1 0 0
1201.1
Do
pref___________100
287
1001- 100% 100% 1,838 Swift A Co____________ 100
169 *166 169 *160 169 *165 167
10412 *103% 104 *103% 101 *103 103%
5%
♦5*2
5%
434 5%
5%
Mi
77%
77 % 78% 78% 78122
*21
22
*21
22
21
21
BONDS
CHICAGO STOCK
EXCHANGE
W e e k e n d in g M a rch 17
STOCKS
CHICAGO STOCK
EXCHANGE
185
1911
Range fo r P revious Ytai
Lot est
Highest
Jan 11
185
Feb 1
A] eh 7
23 % Jaa 12
81- Feb 27
•1 - Mi-h 1
3<s Feb 2
20 .Jan 3
67% Mch 8
19% Feb 1
65 Feb 1
21% .Menlo
60 Jan 11
68 Jan 9
9 Jan 16
49 Jan 9
4
91
Jan 11
Highest
169 Oct
U- J’ly
J *1V
185
Mcb
93 Jail 21
25% Feb 3
6
Mch 1
J nLO
23
m.
n 1
23
Mch 2
10
51
15
72 Jan 14
13% Feb 23
50 Jan 9
7
40
J'ly
J ’ly
J’ly
8*4 Jan 3
10 Jan 25
76“s Jan 7
8234 Feb 2
265 Jan 9 265 Jan 9
126% Mch 9 130 Jan 14
7134 Jan 4 79 Feb 6
110% Jan 6 112% Men 10
1415s Jan 7 140 Mch 15
401- Jan 23
59% Mch 8
57% Mch 9
39% Jan 19
08 Jan 14
81% Mch 15
51 Jan 30
52 Feb 2
6%
621240
1.6
41 Jan 3
115 Jail 25 123 ' Feb 10
1511-Jan 0
113 Jan 19 130% Mch 15
J’ly
110 Alav
J42 Aug
108’- J’ly
Jan
J'ne
J’lv
Apr
J ’lv
Feb
107 Aug
13 1 % J ’ly
31 J’ne
29 Aug
J 'ne
-,7~
Mch
LVi
104
Jaa
Jan
261
Dec
841- May
112
Jan
41
V4
Deo
J an
1
Feb
16:
.Men
*Jan
92% Feb lo
]2i
82 (0
61
Feb 17
70
Jan 20
J ’ly
45
92
Mch 3
Mcb 3
67
98
Jan 3
Feb 2
4U “ Mcb
i ;s
117%
123
1151118
103 -
Jan 17 128
Jan 3 128
Jail 11 120
Jan 18 119
Mch 3 108-8
119 Jail 11
100% Mch 13
Mch 16
Mch 16
Mch 14
Feb 25
J ail 19
mi
H8
104
112
103
192% Jan 31
122 M c h ll
102% Alch 7
165 Mch 7 170 Jan 13
102% Feb 1
4-% Mch 16
7 Jail 3
72% Jan 3
21 Jan 16
25 wJaa 27
Aug
.Ply
Fen
Feb
J’ly
148 Feb
1161- Aug
100 Dec
-t\
119
Dec
145
Oct
186% N ov
'22 Mch
10j V Jan
155
101
J’ly
J’lv
15
J uc
l.'-V Jan
l
263s Dec
Chicago Banks and Trust Companies
U 'ds
Sold
N o.
Rang 3
for
Year 1911
Low
H igh
Amer Strawb'd 1st 6s. 1911 1- - A
100% Jan’ l l
100% 100%
Armour A Co 4 h i ___ 1939 J
1
1< t 93 Sale
92'% 933s
93
93
Booth Fish Co D ebG 5s’ 17 J - J t ____10)
100
90% 100
100
3
Booth Flsh.Co Deb G 5s’24 J - J t —
14
90 100
100
100
100
Cal A So Ohio liy Co
1st M 5s...................... 1927 1* A
102
J’ne'09
Cass Av A F G (St L) 5s '12 J - J
101% Oct'OO . . . .
.... ....
Ohio Hoard of Trade 4sl927 J - 1) ................... 100
May’ll i
Chicago City Uy 5s___ 1027 F - A 102% Sale
102%
102%
3 102% 102%
Chic Consol Br A Mlt 0s___ J - J
103
Apr’04
Chic Consol Trac 4 Hs 1939 J - 1)
50
Apr’OU
Chic Auditorium Ist5sl929 F - A
96^4 Jan’06
Ohio Jc HU 1st M g 58.1945 M - S
94% Dee'O'J
Chic No Shore Elec 0 s.1912 \ - O _ _
87
Feb’06
Chic Pue Tool I s t 5 s .a l9 2 l J - J t 89
91
Mch’ ll
91
87% 91
Chic Ity Os____________ 1927 1* - A
9733 98%
98% Sale
98%
98%
18
Chic Uys 4-5s series " A " A - O t ____ 94
9334 Mch’ l l
93% 9434
Chic Uys 4 -5s series “ 13” J - D t 83% Sale
83%
25
82% 84%
83%
’ Chic liys 4-5s series ” C’ F - A
90% Mch'10
24
99% 1003s
Clilo Uys coll 6s___ 1913 F - A U00% 100% 100%
100-%
100 100
. Cldc Uys Fund 6 s . .1913 F - A
100
Jail’ ll ___
20
Chic Uys Tcm Ctfs 1st 5s
97% 98%
98%
t 98
98%
98%
Chic K I A P HU 4 S ..2002 M - N ...................
66% Aug’08 . . . .
—
—
\1 - b
66% July’OS
Chlo Telephone 5s___ .1923 J - 1) t ------ 102% 103
102 103
Mch’ l l
Commonw-Edison 5s. 1943 M - s 101% Side 101%
29 100% 101%
101%
Chlo Edison deb 63.1013 J - J
1007j Nov’ 10 ___
1st 1; 5s____ July 1926 A - O 1 9 9 7 j ------ 100
100 100
Keb’ ll
Debenture 5s____ 1920 .11 - S
100% Aug’09
Commonw Elect 5s(>1943 rl - fc> tio i
____ 101% Feb’ l 1
100-% 101%
DIa Match Con db 6 s .. 1920
104%
24 100% 104%
103%
{104% Sale
Illinois Tunnel 0s____ lu 2 « J - D ...................
80
Dec’08 —
—
—
Kan City Ky A Light
Co 5 s _______ _______ 1913 n - n t 97% 98%
96% Jan'll
96-% 96%
Knlclc’ b'ker Ice 1st 5s 1928 A - 0
97% Feb’ l l
9734 97%
79 Sale
79
Lake St El— 1st 5s— 1928 J - J
79
2
80
77
Feb
16
Income 5s_____ ... 1 9 2 5
May'00 . . . .
...................
Metr W Side El—
84%
1st 4s...........................1938 F - A t 84% 84%
84%
10
82% 84%
81
Extension g 4s____ 1938 J - J f 81% Sale
81%
8
78% 81%
92
91% Mch’ l l
Morris A Co. 4 34
1939 ■1 - J { 91
90% 9134
98% Sale
98%
North W est El 1st 4 s . 1911 \l - 8
08% 176
96% 98*4
99%
99
No W G -L A Coke Co 5s'28 y - m { 99
Apr’ 10
Ogden Gas 5s________ 1945 n - n t 92
92%
92%
92%
2
92% 93%
Pearsons-Taft 5s______1916 .1 - u
9 8 % ------ 100% Mch'Oy
4 . 4 0 s __________________
96% Mch’ 10 —
96
-----. . . . ____
Feb’ 10 —
—
—
4.80s Series F____
M- X
9812 Mch’ 10
9 7 * 2 -----Peo Gas L A C 1st 6s. 1943 A - O
1 2 1 % May’09
Refunding g 5s-------1947 M - i 101% Sale 10 1 %
1 101% 101%
101%
Cldc Gas l.AC 1st 5sl937 I - J 110.3 103% 103
4 103U 10312
103
Consum Gas 1st 58.1936 J - D tio i
Doc’ 10
____ 101
Mut’l Fuel Gas Ist5sl947 M - N
10034 Oct’ 10
South Side Elev 4 % s .l 9 2 4 J - J
9334
93% Sale
9334
7
94
93
Swift A Go 1st g 5 s ...1 9 1 4 .1 - J (101% ____ 100%
100%
1 100 101%
Union El (Loop) 5 s ..1945 A - O
88
Apr'10
___
70
United Box Board ool 0; 26 _ ____
Apr’ 10
60
Mch’ ll
General mtge 6 s ._______ 1 - J
66
60
Western Stone Co 5 s . . 1909 A O
85% July’08 _ _
N o t e . — Accrued Interest must be added to all Chicago b ond prices.
NAAUI
Calumet National_____
Chicago C ity____________
Contl’ tal A Comm Nat
Corn Exchange Natioua
Drexel State____________
Drovers' Dep National.
Englewood M ate_______
First National_________
Hrst Nat Englewood___
Foreman Bros B k'g Co.
Fort Dearborn National
Hibernian B k’g A ss' 11. _
Kaspar State Bank____
La Salle St National . .
Live Stock ExclTge Nat
Monroe National_______
Nat Bank of R epu blic..
National C ity__________
National Produce_______
North Avenue State___
North Side State Sav’gs
North West State_____
People’s Stk Yds State.
Prairie State____________
Railway Exchange___
S e cu rity _____________
South Chicago Savings.
South Side State____
State Bank of C hicago..
Stock Yards Saving*___
Union Hank of Chicago.
Washington Park N at’ l
Wendell State_________
Central l’ru-t Co of III..
Chicago Sav Bk A T r___
Chicago Title A T r u s t..
Citizens Trust A Savings
Colonial 'Trust A Savings
Cont A Comm Tr A Sav.
Drovers’ 1 rust ASavlngs
Farwell Trust Co_______
First Trust A Savin gs..
Guarantee lrust A Sav.
Harris 'Trust A Savings.
Illinois Trust A Savings
Kenwood Trust A Savgs
Lake View 'IrustASavgs
Merchants’ Loan AT r Co
Metropolitan 1 rust ASav
Michigan Avc T : Co___
Northern Trust Co_____
North-Western TrASav
People’ s Tr A Sav B k .
Pullman Trust A Savgs.
Sheridan Tr A Sav Bank
Standard Tr A Sav___ .
Stockmen's lrust ASav
Union Trust Co____
W.est’ n Trust A Savings
W est Side TrASav Bank
VY-ciodJawn TrA-^avIlsn i
Outstand
ing
Stock
Surplus
ant
P rofits
In
In
t
T
1909
1910
0
6
10
ilOO.OOo 16443,936
500,DOv !/220,028
20,000,000 10,259,443
J.OOO.OOv 5,666,407
200,OOo
2/31,317
oOO.oUU
435,906
200,00b
1/41,195
10,000,000 11,263,810
ioO.OOO tel 81,967
1 ,000,000
543,440
1,510,000
479,664
l.oOO.OOu 1,030,239
L’OO.UUt, 2/162,441
1 . 000,000
252.715
1,260,OOo
537.632
300,00.,
65,980
2,000,000 1,328,008
r 1,500,000
488,554
250,000
87,026
200,000
V73.808
60,000
1/29,746
200.00U
V‘2 1,320
300,00o
110,632
6OU.OU0
74,571
260,000
33,308
300,000 2/193,493
200,000
94,000
200,000
2/8,761
1,500,000 1,922,279
250,000
193,197
200,000
1/41,261
100.00)
te8,604
5U.UU0
1/8,719
2 ,000,000
945,794
1)600,000
112,237
6,000,000 t 1,627,998
60,000
1/8,045
600,000
473,133
3,000,000
446,951
200,000 . 134,902
1,500,000
223,720
2,500,OOo 3,420,105
200,000
2/23,829
1,250,000 1,636,301
5,000,000 8.976,802
200,00)
2/56,962
200,000
1/42,714
2,000,000 6.110.397
750,000
229,803
200 000
2/60.665
1,500,000 2,525,359
200,000
1/72,600
500,000
149,758
300,000
2/235,977
200,000
2/21,435
1,000,000
268,531
200,000
2/35,788
1,200,000 1,225,974
1,250,000
187,857
200,000
129,032
200,{i00
1/55,622
Dividend Record
10
12
L 'zrio l
An
j-j
yy
y -j
y -j
y -j
y -j
y-M
% -m
!1«\
y -j
y -j
J-J
y 'io
y-M
y -r
y-J
y -j
y-J
y -j
y-J
y .j
16
8
10
G
G
12»
1210
10
Priv ate Ba
8
8
8
8+ 2
10
10 + 15
Beg. b us. Ma
io
10
4
4
8
8
6
G
3
4
6%
6
0
4
0 -1
7
Q-M
6
6
None None
4 A Q-J
G
7 A y-J
G y-J
i>*
12
12
y -j
8
y-M
8
6
6
M-N
See V. 90, p. 159
None None Q-M
7
ty t y y
6
G
y -j
6
7 A y-J
4
6
A-O
8+ 2
8 + 2 Q-J
J
10
8
8
3
G
16
12
Incorp orated
9 A 11 + 5
16 + 4 10+4
OH 7 + 1 H
5
12
0
Beg. b
8
0
Beg. b
8
Beg. b
Comm
5
*8+ 2
6
6
12
6
us, Oct
8
6
us.Dec
8
us. J’ly
enced
SA
8+ 2
6
6
Q-J
y -j
Q-M
1908
y -j
q
y j
y -j
Q-)
y -j
29 T
y -j
j-j
1 TO
y -j
12’0
bus.
J-J
Q-M
Q-J
y-M
Q-J
Last P aid
%
Jan ’ l l , 0
Jan ’ l l , 5
Jan ’ l l , 2%
Apr ' l l , 4
Jan ’ l l , 1 %
Jan ’ l l . 2%
Jan ’ l l , 1%
Dec 31’ 10.3u
Dec31’ 10,2%
Jan ’ l l , 2
Jan T1.2Z
Jan ’ l l , 5
V.90, p.1277
Dec31’ 10.2%
Feb ’ l l , 1
Apr ’ l l , 2
Jan ’ l l , 1%
Jan ’ l l , 1%
Apr ’ l l , 1%
Jan ’ l l , 1%
Jan ’ l l , 1%
Dec31’ 10 2
Dec30’ 10,l%
Jan ’08, 2
Jan ’ l l , li*
Jan ’ l l , 2
Jan ’ l l , 1%
Apr ’ l l , 3
Dec31T0,2
Nov TO, 3
Dec31’08,l%
Jan ’ l l , 2
Jan ’ l l . 1%
Jan '11,2
Oct 9’ 10, 3
Apr ’ l l , 2%
Jan ’ l l , 1%
Dcc3T10,4
V.87. P.113S
Jan ’ l l , 3
Feb 20'H , 1
Dc31T0,l%v
I n ’ l l , 1%
Apr ’ l l , 4
Jan ’ l l , 1%
0V91.P.1221
Dec31’ 10,2
Jan ’ l l , 4
V. 92. p, 96
Dec31’ 10,2
9 V.89.P.141
Sept 6 1910
July TO, 3
Dec31’ 10,2
Jan ' l l , 1%
Dcc31’ 10,2
Jan ’ l l , 2
♦Bid and naked prices; no sales were made on this day. tM c h . 7 (close o f business) for national Banks and Mch. 8 (op en in g o f business) for State Institutions. JNo
price Friday; latest price tills week, a Duo Dec. 3 1. 6 Duo June, k Also 2 0 % In stock , n Capital to be Increased to 3 1,0 00 ,00 0. q Dividends are paid Q -J. w ith
extra payments Q-F. r Proposition to Increase capital to $ 2 ,0 00 ,00 0 ratified Jan. 10. Bee V. 02, p. 96. t In addition the eq uiva lent o f 4% m ore ca m e from F irst
Trust A Savings Bank, t Dec. 31 1910. u In addition th e equ iv a len t o f 1% ca m e from F irst Trust St Savings Bank. * An extra pa y m en t o f 1 H % w as m a de D e c. 14
1910, w Jan. 7 1911. z Increase In capital t o $ 2,0 0 0 ,0 0 0 p rop os ed , v Jan, 0 1911. r An extra d iv id en d o f 2 % was paid Deo. 20 1910. «Ex-etook d iv id e n d o f 3 3 % %
BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
S H A R E P R IC K S — N O T P E R C E N T U M
Saturday
M a r c h 11
M arch
13
T u esda y
M a rch 14
10733 1077S IO8I2
103 *1021* 103>2
225
224>2 22412
129
129 129
210 210
117*4 116*3 H 7
* ____299
* 1 5 1 * ____
* 1 5 1 2 ____ *1513
*72
____
*75
------ *75
*81*
9
*81*
9
*812
a
*41
____
*41
____ *40
158 * ____ 158
159 100 * ___
1081*
TlOSl*
110 n o
10712 IO&I2
____
*264
127 127 *127 127*2 127 1271,
133
133
133
133
*13212 133
92
*91
92
*9112 9212 *91
*213
____
*213 215 *213
171* 173,
*1012 17*4 *161* 17*4
88
88
88
88
* ____
88
1493, 14973
1491* 14934 149b 150
____
____ +140 141 *140
*140
*210
____
184 1811,
*18412 187 *184
40
40
40
*38
*39
41
112 112 *10912
10912 1091c
♦ lOOU 10112 *971* 981*
981* 9«1*
17212 17212 1721, IV2 J4 17312 175
91*2 *91
*90-44 0114 *91
9U*
*158
------ *158
*158
____
9178 92
9173 92
92
92
103 103
103 103
103 103
W ed n esd a y
M a rch 15
P R IC E S
Th ursday
M a rch 16
F rid a y
M arch 17
Sales
the
W eek
Shares
0/
STOCKS
BOSTO N STOCK
EXCHANGE
Low est.
Railroads
1087g 108 108
108
108
102ig Jan 5
225
1021 * ♦1021.J 1031, * 1021, 1031,
10113 Jan 3
Do
pref.................... 100
11
224
224 224
224
224
253 Boston A Albany____ 100 *223 Feb 28
129 + 1281* 129 *12812 129
355 Boston Elevated_____ 100 *1271* Feb 3
____ 210
210 *210
210
86 Boston A L o w e ll.. _.IO o 207 Feb 1
11034 1151* 116
1151, 11512
821 Boston A Maine . __lo o 115V| Mch 17
298
295 298 * ____ 297
7 Boston A Providence. 100 295 Jan 10
16
*151* 16
*151*
16
14 Mch 1
100 Boston Suburban El Cos.
*73
75
Last Sale 75
Mch’ l l
Do
pret___________ _ .
72 Jan 6
9
L
ast
Sale
9
Mch’ l l
*S>2
Boston A Wore Elec Ccs.
6 Feb 15
*41
Last Sale 41
Mch'll
l)o
prel____ __
38i2 Jan 3
* ____ 158 * ____ 158 * -----158
20 Chic June tty & USY.1O0 157 Jan fl
♦___ 1081* * ____ 1081* 107
107
Do
prel_________ 100 107 Mch 17
20
*264
Last Sale 265
Feb'll
Connecticut itiver___ 100 265 Jan 31
127 12Y 1* 1271, 12712 127
1271,
126!-. Feb 4
225 Eltchburg, pref_______100
133 134 *133 13U* *133
134
1171* Jan 23
374 Ga Ity A Electric___ too
*91
93
9U* 91>2 * -----Do
pref________
100
9U*
86 Feb 20
10
*211
*211
____ 211
211
Maine C e n t r a l .. ___ 100
211 Mch 17
171* 17*2 * 1 7 1 * ____
liii2 Mch 8
200 Vlass Electric Cos____ 100
8S
88
88
88
Do
pref_____
100
8712 8712
833, Jan 9
236
148 148'4 147 148
1471, 1473, 2,346 N Y N H A H artford.lot 147 Mch 16
Northern
N
i
l
_______
101
140 140 *140
____ 140
140
139 Jail 13
86
Last Sale 210
Norwich A Wor pret.lOi, 210 Jan 26
Jail'll
183" 183" 185 185 *185
____
183 Mch 15
"~85 Did Colony___________ 100
100
Uutland
pref_________
40
41
*40
41
32 Jan 26
*40
41
142
1091* 1091* 1091* 1091* *108
1091*
27 .Seattle Electric_______ 100 *106 Jan u
Do
pref_________ 10( z‘J -% Mchlo
09
991? *99 100
*99
100
1)3
100
Union
Pacific_______
17o38 175% 17513 1751,
171 Jan 3
1751, 176
850
Do
pref___________ 100
*91
90 Mch 0
UU*
91
91
*91
91%
17
158 158 *158
158
____ 158
1 Vermont A Mass_____ 100 158 Feb U
West
End
s
t
________
_
50
8-ji2 Feb 1
92
92
92
92
911* 92
851
Do
pref___________50
102 Feb 27
1021* 103 *1021* 103 +1021* 1023,
109
M iscellnneous
513,
Amer
Agrlcul
C
’hem__100
461* Jan 3
5334
55
55
55-3,
56-3, 3,793
5-112 56
551, 56
55^2 50
Do
pref___________100
99 Jan 6
104-3, 10473 1043] 105
104'2 1041? 1041* 105
105 105
1041* 105
440
Amer
Pneu
Service___
50
4i2 Jan 4
473 47g
*4-3,
5
*4-3,
5
43,
5 I3
4>2
4*2
5
432
Do
prei'...............
14 Jan 3
153S 151* *153s 16>*
15
1550
15-3, 15-3., *15% 161* ♦15^2
10*2
125
119
119
*11712 1181* 118 1183, 118 1181, 118 1193, 1191, 120
887 Amer Sugar lteUn____ 100 113-3, Jan 5
Do
pref___________100 1113, Jan 5
116 117
116 117
1161, 117
621
116'* 1167g 116-3, 117 1 , not* 117 1 *
1443. 1451. 1443, 1461* 146 140'* 146 146*38 141
14434 145
1461s 7,973 Amer lelen A T e !e g ..l0 0 140 Jan 3
31 Jan 4
3478
35
341* 311* *35
330> 331*
255 American w oolen____ lou
35
35
3512
Do
pref_______ . 100
913, ja n 3
941,
941,
9234 931|
93
750
931,
931* 94
93
931*
93% 94
8 ', Jan 17
*10
1012
8
10
978 97s
*97s 101*
142 Atl Gulf A VV 1 S S L . 100
97g
97g
10
10
Do
pret___________100
21 Mch 11
2212
21
22>2 *221, 23
46
221* 22>2 *221, 221* *221, 221* *22',
Boston Land_______
10
5i2 Jan 13
8
Mch'll
*7
8
*7
.8
8
♦7
8
♦7
Dumb
Telep
A
T
e
le
s
.100
1451, Jan 10
115
1511, 1511.1 1511, 1513, *149 150 *150 150-34 15012 151 il491 2 150
71, Jan 18
97S
1018
*973 10
630 East Boston Land_______
*93, 10
101g
934 10
10
Ids IC 4
2893, 290
352 Edison h'ec Ilium___ ioo 2873, Jan 24
288 288
290 290
292
288 291
292 1 292 *
General
Electric._
100
*145ts Mch 3
1491, 150
149-3, 150
979
14912 14912 149 119*4 149 1501* 1491* 150
923,
923, 2,013 MassachusettsGasCos 100
873, Jan 3
93
933,
93
93
937g 94
933, 933,
93*g 9383
Do
pret_________ 100
961*
963,
95 Jan 3
894
96
9678 967s 97
96lg 96*2
97
97 " 97 ‘
217
217
45 •Vlergenthaler Lino___ 100 211 Jan 4
216 216 " *2101* 218 *21034 220 *217 218*2 217 217
♦4
5
4 Jan 25
*4
5
78 Mexican Telephone.. 10
*4U
5
4
4
4
4
4
4
1141 , m i ,
110 Jan 3
40 N E Cotton Yarn___ 100
*114 115
*118 4 119
118 1181* 118 119 *114
Do
pref............... . .i o o
1181*
106 Jan 3
128
*115
____ 116 1161* +416
____ 1161* 116'* 1161* 1161* *115
143
143
335 N E Telephone_______lou 137 Jan 14
143 143
♦144 145
14412 145 *144 145 2143 143
Mch’ l l
Pacific Coast P ow er.. 100
Last Sale 101
96 Jan 9
____ *100
♦100
*10 1
____ *101
1601* 1601 c
787 Pullman Co___________iuo 158 Mch 6
159*3 160
1585s 1593s 15S7o 1B9J» 159 1593, 15912 160
Mch’ l l
iteece B utton-H ole.
10 *12 Jan 5
Last Sale 13
131*
i:jio *13
♦13 ~ 1312 ♦13
131* *13
100*8 100*4 100 1001 * 100-33 1001* 1001* IOOI2 1001, 10012 1001* 1003, 1.018 Swift A Co____________ 100 100 Jan 26
25
31'2
30 Feb 1
*30U 3 H2 *301*
28 lorrington_____ __
31
31
♦301* 311" *301* 31*2 *31
3U ,
273,
273,
Do
pref____
25
273, 273,
273, Mch 6
67
*2G7g 28
277s 2778 2734 2734 *2678 28
United
Fruit_________
100
182
182'*
1821*
1821*
ISO Mch 13
875
182'*
182
181 182
180 181 ’ 181 182
57
57
541, Jan 13
57
57
1,598 Un Shoe Mach C o rp .. 25
57'g
571* 573, 257
57
57
57
57
28%
283S
Do
pref___________25
28i, jan 3
28-3.S 281*
281* 283,
677
283, 283,
281* 20
•2884 2914
7733
77*g 8,506 U S Steel Corp________ 100
7138 Jan 3
777s 78',
7814 78»,s
7713 78>2
7 OI4 761* 761s 77
119
119
Do
pref_______
100 1163, Jan 3
439
I I 8I4 1181* 118 1183s I I 8I2 1183 s 1181* 1187g 11S78 119
207g 1,129 West 'l elep & Teleg._10(,
16% Jan 17
20
2138 20*g 207,g 203, 2078 2012
*20 ' 2012 *19*2 201*
*93
94
Do
pret__________ ioo
93
93
89 Jan 23
94
94
116
94
94
*92
95
93
9312
Alining
*5
51*
25
51,
51,
514
230 Adventure C on...
51*
51*
5*2
fill
5i, Mch 8
5*4
73,
7-3,
7lo
25
530 Algomah Mining . .
7*3
73,
6 Jan 24
71?
7lg
71*
*7
7»2
7»4
*33
3412
♦34
35
35
91 A d ou e z..
34
341* 341* +34
34
34
35
33'* Feb i6
04
641# 641o 635s
64-3g 65
6,220 Amalgamated Ooppc'r 100
61 Jan 3
621* 625s 623, 631g 631, 643,
243,
25
25
25's
2478
24-3.,
24
243,
1,865 Atn Zinc Lead A Stn._ 25
23 Jan 27
♦23'2 2334 23*2 2.313
14?s 1478
141*
141*
1434 15
1434 1434
147s 15
13 Jan 12
790 Arizona Commercial. 25
v*14>2 15
*41,
41*
41,
41,
25
41*
360 Atlantic .
4
378 Feb lb
*4
41*
-I
*41,
4I2 ♦ 4
.50
.50
.551* .50
____
iu .50 Jan 5
650 Bonanza Dev Co
' .50
.50 *.50
.60
.50
.50 *.50
13
13
*12-34 13'4 *1212 131,
5
500 Bos ACorbCop AS1I Mg
1U2Jan 13
13
13
*121* 13
♦1212 13
&I4
S'*
5*2
5^2 ♦5
*5
310 Butte-Balaklava C op. 10
4'* Jan 30
533
5%
533
51*
51c
*17^2
17^4
17-3, 1/3, *171* 18
17&8 173, *171* 1734
17-3, IS
710 Butte C o a lit io n .____ 16
17 ‘2 Mch 9
5012
50*2 5034 50-2
46 Jail 19
250'2 51
856 Calumet A A r izo n a .. 10
51
52
511*
5112 52
51
*500
503
*501
503
510
+500
Calumet
A
ilecla____
25
47 ) Feb 27
603 505
408 500
95
498
Last Sale 121, Mch’ l l
13
Centennial___________
25
*12
* 121 , 13
ill* Jan 3u
*12*4 13
*121, 13
Fcb’ l l
Last Sale .06
.07
Cons Mercur G o l d .. . .
l .05 Jan 6
.07 *.05
*.05
.07 *.05
.07 *.05
6478
65'*
6518
65-38
641*
653s
Copper
Uange
Con
Co
109
04 Mch 13
65
65
399
64
64
♦4
____
*413
4%
4
4
33,
334 *4
*4
90 D a ly -W e s t ................. .. 20
3 Feb
123,
123, 3,014 East Butte Cop M in ., in
12*3 123,
121* 12-s
1 l*s .fan 11
121s 12*4
12', 121*
12
I 2 I3
L ast Sale .18
Mch’ ll
Elm Ifiver____________ 12
15 Jan 30
9>2
93,
*9
91* “516 Franklin____________
25
7 Jan 21
**5’
0*2 '*{T " ‘9*2 **91*2 "a ’l* " 6 i * "0-34
6V1 6^3 6 5-16 6% 0.246 Giroux Consolidated. 5
61*
53, Mch iu
15-16 5 15-16 61,
6*4
33
3212 33
30 Jan 26
♦33
34
331 * 331* 33
133 Granby Consolidated. 10o
34
34
34
3412
6 1-16 0's 3,813 Greene Caiianea
6 6 3-16
20
5 15-16 1-16
55g MchlO
534 534
63 , 5 15-16
23
231* 23
231, *23
18 Jan 24
23
*22
223,
320 Hancock Consolidated 25
2?
221, 23
221,
13,
13,
*1*3
13,
*ll->
I7g
13,
*15,s
13,
1 Jan 20
120 Helvetia Copper_____ 25
*1*2
134
1»3
121,
12-3g 123,
121S 1212 *12
655 Indiana Mining_______ 25
111, ja n 30
1212 12-3,
12*8 12*8
12*t 121*
-----l
30-3, 3034 301* 303, -----*3034 311* *303', 31*2 *303, 31
303, Feb 27
168 Island Creek C o a l___
____
Do
pref................. ..
i
87 Feb 3
369
88
881*
88I4 88I4 88U 881, 88*4 88*2 881* 891, ____
131*
Jmmm *121*
*1234 I 3I4
310 Isle Boyale C opper.. 25
12% Mch 3
13
13U 131,
13
13
131,
01*
61* 1,753 Kerr Lake------------------- 5
6*3 6I2
0% Mch .
6*2
61*
612
6*2 6 7-10 61* 6 7-16 6*2
O
*2
212
Keweenaw
Copper___25
9
9
2 Jan 28
*2
2*g
200
*2
2
2'g
212
2*3
331, Jan 27
35
35
343, 35
2,215 Lake Copper Co_____ 25
3473 351* 351., 3512 351, 3512 34-3, 35
412 434
412
412
4U
4^4
43,1
41, Jan 5
43,
125 La Salle Copper_____ 25
43,
5
*41]
4*2
Mass
Consol---------------25
67
s
G
7
s
63,
678
6% Mchlo
63,
905
7
7
7
7
7
* .80
.90
.20 Feb 18
.80
.80
1
n o Mayflower ___________25
*.S0
1
1 * .80
.85
.85 *.85
.10
.10
*
.05
300 Mexico Cons M A S . . 10 .03 Jan 19
.10 * .01
Miami
Copper------------5
1858
Jan 28
*19*3 193g
19
19'* 191* "I<j% *19%
907
19ig 191, 19 I0 *1912 19%
♦21*
3
2 i*Jan 26
212
2*2
25g
25S
2*3 *23, 3
350
2%
21*
23s
♦43
45
42 Feb 14
*43
45
43
43
431, 44
44
43
43
26 .Mohawk-----------------------2o
*43
1834 183,
1S3, 19*s
18%
957 Nevada Consolidated. 5 1833 Jan 5
19
191,
19
1913 2l812
IOI4 191,
♦91.,
3
New Arcadian Copper 2o
*21*
3
*21*
Mch’ l l
2i? Mch !.
3
*21?
Last Sale 23,
3
5 10'* Jan 3
1078 11
11
11
11
n
Ills
IH 3 1,060 Niplsslng .Mines--------H i,
11
l l's *11
28
28
28
28*3
28U
28-3, 2,881 North Butte_________ 15
26'? Jan 30
2812 291*
28-3, 28-3,
29
291,
6
6
*6>3
61*
6*3 0lo
6
6
6 Mch 6
6
6
380 'North Lake___________2.,
*6
6^2
6
6
6I4 61,
6
6
6*3
63g
5 Jan 17
6'2
C'2
6-3,
6's
420 Ojlbway Minina.......... 25
Old Colony............... ..
25 .50 Jan 5
*.80
.90
*.S0
.96
Mch’ l l
Last Sale .75
*.50
.80
383, 39
391,
301,
* ____
39
381* 3912
39
39
38 Feb 10
*391* 40
472 Old Dominion Co____ 25
no
no
1081*
*110 112
110 1101c n o
n o *108 112 *108
105 Feb 20
165 O sceola-----------------------25
13
*11
13
*11
I 2 I3
121 ,
11 Jan 26
*11
13
1212 121*
*1312 13
n o Parrot Stiver A C op. 10
68
68
68
68
08
68
68
*03
69
65 Jan 25
68
*67
68
55 Quincy-------------------------25
*16-3, 171,
17
17
16 Jan 27
171, 173S 171, 1712
*17
171,
330 Bav Consol C o p p e r.. 10
Santa
Fe
Gold
A
C
op.
10
*1
Lo-sl Sale Us
Mch’ ll
Ug Jan 27
*1
l'g
1‘8 *1
Hg
*1
II3
*103, HU *107s
11
11
11
11
11
10<g Mch 8
*1034 11
*107s 11
345 Sh an n on ---------------------10
___
*.92
1
.95 ____ ____
.95
GO South Ltah M A S ----- 5 .80 Jan 16
.98
.98
Superior---------------------25
37
3612 361*
37
*37
38
3734 373,
36
36
36 Jan 20
361* 361*
77
438 *4lfl
4'g
41g
4>g
4-38
4 Jan 19
4^2 *4
4 I4 4*4
619 Superior A Boston Mtn 10
15
15
15
15
15
15
131* Jan 3
1473 15
*141,
15
15
15
6,203 Superior A Hitts Copp. 10
Tam
arack____________
2o
*11
45
41
41
*41
____ *41
____
40 Jan 5
*42
____
44
42
7
4'g
4 >3
*4
41,
4
4I3
41,
412
4 Jan 19
4*8
4*8
4
700 Trinity________________ 25
41,
35
35
333, Mch 4
35
35
35
35
35
35
35
35
35
1,013 U S Smelt Bef A Min. 5C
35
Do
pref.................... 50
47-3, 473,
473, 48
477S 477g
461* Jan 3
471*
473,
471* 48
471* 47*2
861
6
23,
2%
21* *21,
2 Mch 1
21*
2>2
21*
2' 2 *21»
21* 1.29C Utah-Apex Mining___
21*
2>*
t
141 * 14-s
14-33 1412 *1312
*131, 133,
I33g 131*
93, Jan 2C
137g 15
111* 2.19C Utah Consolidated___
447g 44-g *443, 451, *43
*44
441* *441, 4134 447g 447g
95 Utah Copper Co_____ It
43)s Moh 4
44
♦ l!o
Victoria _____________ 25
*134
2
*13,
2
L ast Sale 2
♦ 11*
2
Mch’ l l
2
l'g Feb 27
733
73S *7
71,
8
80C W in o n a ____________ __ 2 :
8
71,
*71*
81,
71,
7*C ♦719
7 Mch 9
31 W olverine____________ 2 :
120 120
114 Jan 11
118 118 ♦1181* 120 2115 115 *113 115 *113
115
I63 *1'4
150 W yandot ____________ 27
1»8 * 11,
l i , Jan 25
*1
1*2
1'2
111
1%
i 5r
1>4 *1'4
•Bid and aaked prices. dNew stock. eAss’ t paid, b Ex-stock div. n Ex-rights. a Ex-ill/, and rights.
*106*s
*102'2
2241*
•12812
*210
117!4
106', 107
103 * 1021 *
224'* 2241*
1287s
12lJ
------ *210
117*44 IIGI2
lOSlg
1021 *
224
1281*
210
no
♦____
16
Range S in ce J an uary
K/tt, l/UOfv
_ __
1.
H igh est.
R ange f o r P revious
Y e a r MOim.
Lowest.
H ighest.
OB* J’ly
10S7g Mch 15
971* Aug
103's Feb 1
226 Feb 15 218 J’ne
1297g Feb 1 r 122 Aue
216 Jan 4 200 J’ly
1223g Feb 15 /ills Dee
oOO Mch 6 280 Oct
14 J’ne
16 Mch 15
70 J ’ly
75 Mch 9
8 Mch
9 Feb lo
35 Aug
4 1 Mch 7
139 Sep
161 Feb 27
113 Feb 20 lou Oct
265 Jan 31 260 Oct
124 ), Sep
130 Jan 4
13 f Mch 15 1U4 JcUl
85 Apr
93 Mch 7
215 Jan 18 202 Feo
141, J’ly
19 Feb 1
76 J ’ly
88 Feo 2
149 Apr
151% Feb 23
142 Alell 6 139 Dec
210 Jan 26 210 Mav
1811, Sep
189 Jan 0
25 Alaj
43 Feb 21
103 Aug
112 Feb 27
983.1 Auv
1023, Jan 9
180-g Feb 6
15.,11 J ’ty
94% Feb li
8 *1, J ’ly
160 Feb 21
15 1 Oct
927g Jau 11
83 Sep
105 Jan 10
so J'ly
123'g Jan
1041, Jan
234 .a n
131H| Jau
227 Teh
152 Feb
3 0 N 01
loig N 01
76 Api
1U2 Sep
48 ja u
160 Deo
118 Jau
270 Mel
1331" Jan
123 Oct
90 Oct
218 Dec
21K N 01
883, N 01
162-’>8 Mch
14 1 Dec
212 Mch
200 Jan
44i2 N ov
116 Jan
106 Mch
2041* Jail
10J38 ja n
168 Jan
951* Mch
109 Feb
5912 Feb 28
105 1 Mch 1
61* Jan 20
l ’j i, Jan 31
122 Feb 2 7
n o Feb 2
146% Feb 3
3.3, Meh 7
Oa*, Feb 8
1W* Jan 25
26 Jan 31
8 Men 7
1513, Mch 13
lo 1, Feo 2 i.
2921* Feb 3
155*3 Feb lo
94 Jan 20
97 Jan 19
22 D , Feb .8
4'g Jan 31
119 Mch 14
1161* M ohl*
145 Feb 14
lo l Meh 9
163 Jan 3u
13'? Mch 3
102), Men o
36 Jan 3
29 Jan 17
1921* ja n 19
S87s Feb is
"91, Jan 31
82 *.3 Feb 0
1201* Feb 2
2.jl, Feb 0
07 Feb 3
491" Oct
106 Sep
7 Jan 5
81* Feb 3
39 Jan 4
6 / Feb 0
25-3, Jan 7
15-g Feb 151, Feb 2
.55 Feb 1
13-3, Feb 3
612 Jan 14
19-3, Feb 6
5.) Feb 3
545 Jan 4
loi2 .)an 4
.0,, Feb 7
693, Feb 2
4 Mch 15
13), Feb 2
.20 Jan 6
clOl* Feb 20
,'ig Feb 6
40>2 Jan 4
7 Jan 9
e243, Mch 1
2 Feb 4
1378 Feb 6
34 Jau 9
90 Jan 9
161* Jan 4
7-3 Jan 21
31* Jan 3
38 Feb 21
6 Jail 3
8 Jan 3
1 Jan 26
.25 Jail 16
20*g Feb 1
31* Jan 4
451* Jan 7
193.1 Feb 6
33, Feb h
113s Feb 17
301* Feb 9
73, Jan 9
7 1 Feb L
1 Jan 26
42 Jan 13
124 Jan 3
123, Feb 2
71 Jau 3
18*3 Jon 4
li* Jan fi
1 2 Feb 1
l Feb l
421* Jan 3
6 Jan 7
15-38 Feb 3
52 Jan 3
5 Jan 3
37l2 Feb 4
48 Mch 1
3 Jan 5
15 Mch 14
40*3 Feb 6
2 ? Feb 7
9i2 Feb 6
122 Feb 10
2 Feb 6
56 J’ly
0hl2 Dec
4 Dee
13-3, Dee
H I Oct
1113.1 Oct
127', J ’ly
26 J ’ly
901* Dec
1 iVlch
16 May
41* J ’ly
'38- J'ly
7‘g Apr
239 Ja
135 J'ly
16 I, Feb
89 May
2 izi2 Dec
2«, Jan
107 Sep
9912 Aug
12.-1" Aug
93', X o v
15;i J ’ne
ll>, j a u
too Jan
28 Mch
27 Jan
165'* Jan
463, J’ly
251, J'ly
oDg J ’ly
m
J’ ly
14 Feb
81 Aug
4 J’ly
7.1 ! Dee
J’ly
551, J’ly
lot? J’ly
,2 'j Mas
5 J lie
S.i Mch
10 May
41* Nov
15 , J He
443, J’ly
£Oo J ’ly
l.ii" J'ly
01 J’ly
58 Feb
3i" Sep
o', J’ ly
.05 Oct
9 Dee
0 J ’ly
20 J'iy
63g Sep
14". J'ly
13, Oct
10 J’ ly
30-3, Dec
841, Nov
l3i: May
*6 Sep
3 J ’ ly
28!" J’ly
61, Deo
4i? Meh
.35 Oct
,o l Nov
17 J ly
31, Dec
43 J'ly
173,8 J ’ly
3i; J ’ly
93, Jan
18 J ’ne
bi, Dec
5 Sep
.25 Aug
291* J ’ne
i l l J'ly
11 Dee
66 J ’ly
J5U J’ly
1*4 Nov
83, J’ly
l Dec
36 J’ly
45g Deo
9 J’ly
45i* J’ ne
•U* Dec
30 Dee
453, J’ly
2 Dec
12l2 Deo
/)393, J’ ao
2 Deo
5 J’ly
102 J'ly
in J ’ly
87, Feb
24 Feb
12/3g iMch
124 Meh
1437g Nov
391" Mch
104'.] Mch
IU "Ja n
28 Jan
1521" Men
ID , Jail
2921* Nov
1001? Jan
9l3g NOV
97 Mch
226 Nov
63, May
124 Jan
115 Jan
1383, Dec
1U0 Jan
200 Feb
14 Oct
109-1, Jan
37 Dec
31 May
2 t 0 Sep
713, Apr
31 Jan
903, Jan
125*,c Jan
1*'3, Sep
24 jau
1" Feb
143, Sep
si
003, Jan
4ui2 Jaa
fio-3, Jan
121 , Jan
.70 Mch
2-H, jan
I8i, May
251 Jan
103 Jan
086 Jail
58 Jan
1
Jan
85 Jan
2 5. Mch
1 1 Nov
21" Eeb
2212 Mch
121* Jan
1 U>, Jau
1U.8 Jan
30 Jail
57g Jan
443, Mch
33-3, Oct
90 Nov
•81* Jan
11 Jail
6-3, Jail
D4<2 Jan
H> Jan
105g Oct
l'g Jan
6 Jan
29 Jan
81* Jan
75 Jan
271- Jan
10*3 Jan
12 Maj
OJ Jan
123,.;an
13, l-’eb
75 Jail
92 Meh
24-3, Mch
•81, .Jan
18 ' Jan
78 Jan
113S ja n
£5 Jan
5i, Jan
4 6 ‘ Jan
col* Jan
M, Jan
16 Jan
260 Jan
33, Jan
Ma r , 18 1011.|
715
Boston Bond Record
BOND*
BOSTON STOCK E X C H ’G E
WliKIC ENDING MAIfCH 17
•5% I
Range
Price
Week’ s
13
| Since
Friday
Range or
March 17 I Last Hale !< ^ i January 1
JJOM>a>
BOSTON STOCK E X C U ’O E
W bbk E nding M akc h 17
P r ic e
Friday
March : 7
W eek’s
R a n g e or
Istst H a le
a
Range
g o ( Since
-c
January I
JHtgtl .'o L o w H i g h
Low
Bia
Illinois Steel deben 5 s___ 1913 A-O 100 %!
100 % 100% 13 100 102%
In F a lls*S io u x C is t 7 s .. 1917 A-O
117 A p r’OM
Kan O Clin * S Dr 1st 6 s . . . 1926 A-O
'•’4% Fell’ l l .--.'I 94% 94%
Kan C Ft S * G ult ext 6 s . . 1911! J -D 100
1 0 0 % F eb’ l l . . . J 1 0 0 % 1 0 0 %
Kan C F t Scott As 51 6 s. ...1 9 2 8 M-N 115% 115% 116 Mar’ 11 . . . 1 1 5
116%
Kan C M * B gen 4 s............1934 M-S
02%
4 1 92
93%
92 %
92%
91)
Assented income 6 s........ 1934 M- S
7 I 88
90
>•8
90
Kan U & 51 Ry * Br 1st 5sl929| A -0 102 102 % 1 0 2 % Fob’ l l . .. . 102 103
Maine cen t cons 1st 7 s . . .1912 A-O
102% 102%
102% Feb’ l l
Cons 1st 4 s .........................1912 A-O
101 % Sep ’05
5Iaro Hough & Ont 4 st 68.1 9 2 5 ’ A-O
1 1 0 J’ne’08
M ass Gas 4 % s ....................... 1029 J.J
16 j*99% ib’6%
99% UiO
98% 100
M ich Teloplst 5 s ................. 1917 J- J
97 A ’Jg’ 10.
M lnne Geu Elec con g 5a 1929 J-J
1 0 2 % Ang’04|
N ew Eng Cot Yarn 6 s___ 1929 F-A iosT*
15 100 103
1 0 2 % 103
New E n g T e le p h 6 s............1915 A-O
101% M ai’ l l ....' 101% 102
* 8. . . ....................................... 1916 A-O
10 0 % Sep *08
N ew England cons g 6 s ... 1945 j . j
Boston Term 1st 4 s ____ 1939 A-O
AJew River t’l ’ho) conv oa. 1934 J . J
76 Oct 10
N Y N H * H con deb 3 % sl9 56 J.J
9a% Feb’ l l
99% 99%
Conv deb 6s (e tts )..........1948 J .J
133% M a r 'll
133 131%
Old Colony gold 4 s ..............1924 F-A
101 A p r '09
Oreg Ry * N av con g 4 s .,1 9 4 6 J-D
98% Sep ’09
Oreg Sh Dine 1st g 6s........ 1922 F-A
114% F eb’l l
114% 114%
Pere Marquette deb g 6 s . . 1912 J .J
99 Mar' 1 ,
ltepub Valley 1st s t 6 s ...1 9 1 9 J -J
103 Jan "11
i ’0 3 " i '0 3 "
Rutland 1st con gen 4 % s. 1941 J-J
107% .Vov’05
Butland-Canadlan 1st 4a 1919 J - J
102 Mat ’02
S a v a u n a h E le elstco u s5s.l9 52 J-J
70% D e c ’ 10
Seattle Eleo 1st g 6 s ..........1930 F-A 1 0 4 % _____ 105 51ar 11
104 105
Shunnon-Ariz 1st g 6 s ___ 1919 M-N
91 ......... 97 N ov’ lu
Terre iia ate E leog o s ....1 9 2 9 J-J
97 A p r ’07
Torrington 1st g 6s ........... 1918 M-S
10 0 ®, 5Iar’ 10
Union Pao R R * 1 g rg 4s. 1947 J-J
100% Jan ’ l l . . . :100% 100%
20-year conv 4 s................. 1927 J -J
104% Feb’ l 1 . . . 104% 104%
United Fruit gen s 1 4 % s .l9 2 3 J -J
90%
95% 96% 96-<
2 | 96
97%
166 Nov 10
U S Coal & OU 1st 8 t 6 s . . 193s M-N
U S Steel Corp 10-60yr 5 s .l9 6 3 M-N
105
105% 24 104% 105%
W est End Street By 4 s . . ..1 9 1 5 F-A
98% Mar 11 . . . 1 98% 98%
Gold 4 %s.............................. 1914 M-S
100% Mar’ l l
. 1:.............
1 0 0 % :1 0 0 %
Gold deoenturo 4s............1916 M-N
98% Apr’ I J
Gold 4 s..................................1917 F-A
98% 98%
98% Jan ’ l l
W estern Telepli & Tel 68.1932 J-J
96% 99
97%
98
1 4 0 A p r ’ 06
97% 98
06%
0 6 i 138, 95% 96% Wisconsin. Cent 1st gen 4S1949 J-J
93% 93%
93% J an ’ l l
95% M ar’ l l i....;! 96% 96%
I
IRtu
High A’di L o w H i g h
six* l.ov>
Am A 1
-' rioul Cliem 1st 5a ..1 9 2 8 A-O 101t4 Sale 1 0 1 1 101 %
4 101% 102%
Am 'JLeien As Tel coll tr 4s. 1020 j . j . 89% sale i 89%
89®. 1171 80% 90%
Convertible 4 s..............................1036 M107®.
-« ! 108 'l0 7
108 ! 16i 105% 109
90
90
Am W rit 1’auer 1st s 16s l- 1010 J . J
1 00 F e b ’ l l
10(1 102 %
Ain /iinc L & S deb 6 s . .. . 191 j M-N
102%
102 %
84
89
Ariz Com Cop 1st conv 6s 102o j . d
85 Mar' 11
88
85
98
09 %
A tc ii'to i> *S F e gen g 4 s . . 1005 a -O
08
08%
08% 09
91% 91%
02
Adjustm ent g 4 s . . . . J ,ly 1005 Nov
91% M ar’ l l
01
91
91%
91
01
♦Stamped.................J ’ly 1005 M-N
92
01
102% J’ l y ’ 10
60-year conv 4s..............1955, J-D
108% 1 1 0
110 F e b ’ l l
10-year conv 5 « ..............1017; J -D
63
73
71
71%
Atl Cult & W 1 SB D in es5s.’50| j - j
7 1 % B a lt
1 1 0 Feb’04
Boston E lect D consol 6a .1024 M.S
100% Mar’OO
B o sto n * Dowell 4 s . . .....1 9 1 0 J-J
104 % Oct ’08
Boston * Maine 4 % s.......... 1944 J-J
112% Jan ’03
Boston Terminal 1 st 3 % s.1947 F-A
103 J a n ’ l l
103 103%
Bur * Mo Biv eons O s -----1013 J . J
10 0 J’ne’Ol
B u t t e * Boston 1st Os___ 1 9 1 1 A -0
B utteK leo& P ow I s t g 6 s .l9 5 1 J-l>
1 1 3 >i .May’ 10
Uedar Bap * Mo B 1st 7s. 1910 M-N
9 1%|
9 1 % 9 2 * . 0 1 ®.
Cent Verinl 1st g 4 s ..M a y l9 2 0 %-F
87% 90%
O B * <4 Iowa Div 1st 68.1010 A-O
11103 O c t ’ 07
Iowa Div 1st 4 s ................ 1010 A-O
90
F eb’ll
Debenture 6 s ..............
1013 M-N
1 01
M a r’ l 1 1
10 0 % 10 1
Denver Exton 4s.............1022 F-A
09% M a r’ l l
99% 400
Nebraska Exten 4 s ........1027 M-N
08%
98%
98% 08%
B«te 8 W s I 4s................... 1021 M-S
09% F e b ’ l l
99% 09%
Illinois D iv 3 %s................1040 J .J
87%
87%
87% 88%
Ohio j o By * StK Yus 6 s . 1016 J-J
3 100 101%
101 101% 101% 101%
Coll trust retundlng k 4s 1940 A-O
8 0 % UU»4 8 0 %
89%
6 89% 90%
Oh M il Ob St T Dub D 0 s .. 1020 J .J
114
Jan ’ll
.. 114 114
Oh M & Bt P W is V div 0sl020 J .J
113% F e b ’ l l
113% 113%
Ohio * N o Mien 1st gu 5s. 103 1 M-N
LOO
100
98% 101
Ohio * W Mich gen 6 s___ 1021 J-D
101% M a r ’ l l
10 0 1 0 1 %
Concord & Mont cons 4 s . . 1020 J-D
91
D e o ’ 07
Oonn * Pass It 1st g 4 s ...i 0 4 3 A-O
112 % J a n ’ 03
Uudaliy P a c k (T h e )lstg 5 s l9 2 4 M-N
100% Aug’OO
C u r r e n t u i v e r 1 s t 6 s ...........4 0 2 6 A-O
09
A n r ’ 10
D e t O r B a p * W 1 s t 4 « . . . 104 6 A-O
87
F eb ’ll
87
D o m in io n C o a l 1 s t s I 6 s . .19-10 M-N
96%
06% J a u ’ l l
F it c n b u r g 4 s ............................1 9 1 6 M-S
1 0 3 % A p l ’ 06
4 s ............................................... 1 9 2 7 M-S
06
A p r ’ 08
P r o m t E lk <S> M o V 1 st 6 s . . 1 0 3 3 A-O
„
1 2 7 % J a n ’ l l . . . . 1 2 7 % 127 %
U n s t a m p e d 1 s t 6 s .............1 9 3 3 A O
B t N o r O B ife y c o ll t r 4 s l0 2 1 !J -J
R e g is t e r e d 4 s ....................... 1 9 2 l | y - J
N o t e —B u y e r p a y s a c o r u e d in t e r e s t I n a d d i t io n t o t h e p u r c h a s e p r io e t o r a ll B o s t o n B o n d s .
■ N o p r ic e F r i d a y ; la t e s t b id a n d a s k e d ,
1| F la t p r ic e .
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a r e P r ic e s —N ot P e r C en tu m P r ic e s
Saturday
March 11
Monday
March 13
Tuesday
M arch 14
Wednesday
March 15
Thursday
March 10
Hales I A C T I V E S T O C K S
of the
Week | (F o r Ronds and Inactive
tr id a v
Hlocks see below)
March 17 Shares
R a n g e Since
Jan 1 1U11
Lowest
Range tor Previous
Fear f l u i d )
H ig h est
B a ltim ore
89
►.........
*61%
, *17
90% 92%
92
92%
89
89
99% 100
98% 98%
98
98
' ......... 124% * ..........126
i*......... 126
23% 24
24
24%
*23% 23 »„
24
63% 64%
64
64%
62%
62% 63
17% 17%
17%
17% * ......... 17% ♦17
89
92
99
124%
*24
*5 3 %
*17%
1,981 Con. Gas EL D. * P o w .100 64 Jan
6511
Do pret......................100 89
Jan
lOO’Nortlieru C entral.......... 50 121 Jan
1,712 Seaboard (new).................100 21
Jan
1,725
Do 2d prof............. 100 43% Jan
260 United Ry * E lectric.. 60 16% Jan
93
99
124%
24%
64
17%
9 93 M arl 6
9 loo Alur 17
1 1 1 2 6 % Jan 26
4 26 Feb 18'
4' 55 Feb 18
9l 1 6 % J a n 3 i
P h ila d e lp h ia
♦43%
*43% 44
47%
47% 47%
* 1 2 % 12 % * 1 2 %
64%
63% 64%
32
32
32%
73
73
73
‘•>8 %
*9
30
30
30%
94
94
03%
86%
85lsis 86
63
62% 63
63
63
63
16%
16% 16%
10 %
19% !»%
78
77% 77 11 i«
*8 %
8%
8%
47%
47% 47%
87%
87
87
I’ lU l-A D K R P M lA
in active S to c k s
American M illing........10
Dambria Iron................. 60
Central Coal & Coke. 100
> Preferred................... 100
JonsolTraoof N J ...1 0 0
Hi W ayne & W V ........100
lormautowu Pass........60
ilghlander 51 i l l * M g ..5
Unntiugiion * B T . . .. 6 0
P referred.................... 50
Indianapolis S t........... 100
Indiana Union T r___ 100
Insurance Co of N A . . 10
Inter Sm Pow & Cbem.GO
Keystone Telephone ..6 0
Preferred..................... 60
KeystoneWatchCase.100
Leh Y a ll Tran v t o . . . 60
Preferred v 1 0 ............50
Lit Brothers................... 10
Llttlo Schuylkill........... 50
Minehiil * Scliuyl H ..6 0
Nat Gas Elec L t& Po 100
Proiorred................... lou
N H aven Iron & Steel.5
Northern Central......... 50
North P ennsylvania..60
Pennsylvania Salt........50
Pennsylvania ste e l..100
Preterrod................... 100
Phila Co (Pitts) p re f...50
Phil Gorman<&N orris.6 U
Phila Traction................60
Railways General........10
Tonopalr Belmont D e v .l
Union T r 01 inu......... 100
United co s ot N J ....1 0 0
Unit True Pitts p re t..50
Warwick I r o n * S teel.10
W elsbaohOo................. loo
W est Jersey * SeaSh.50
Westmoreland Coal....50
W ilkes G a s * E le c ..100
York Hallway................. 60
, P referred .................... 60
Rid
44
48%
12%
65%
33
74
9
31%
94%
80 %
US’-.
63%
10 %
20%
78%
8%
47%
87%
Ask |
American Cement......... 60 16% F e b 24
American R a ilw a y s .... 60 42 Jan 5
Cambria Stee l................. 50 42% Jan 3
Electno Co of America 10 iL % J an 4
Eleo Storage B attery.. 100 48% Jan 3
Gen Asphalt tr o u s ___ 100 3 1 -j Mar 4
Do p r e ft r e t f s ___ 100 72 M ario
Keystone T elep hon e... 60
8% Jan 12
Dake Superior Corp___ 100 2s Jan 23
Demgh C * N av tr ctfs. 50 92 % Feb 14
Dehigk Valley................. 60 86% MoriO
Pennsylvania H R .......... 50 62 % 51ar 4
Pluladelp’aCol Pitta u). 6u .caO Jali
Philadelphia Eloetnc||. 25 16 Jan 19
Phila Rapid T r a n s it. . . 5u la % J a u 8
B eading............................ 50 75% Jan 3
Tonopah .Mining . . . . . .
1 7*i« Jan
Union Traction............. 50 43 Jan
United Gas im p t............ 50 85% Jan
44
48%
l-%
60 %
33%
74
0%
31%
94%
87
63%
64
10 %
20%
7 8 ?,
8%
47%
87
P H IL A D E L P H IA
I Rid | A sk
R onds
Prices are all “ and
interest **
1%
1%
45
A l t & L V E le o 1 % s’ 3 3 .F -A
84%; 85
A in G a s * E l e c 5 s ’0 7 .F -A
79
80
%
1%
7%
20
20%
8%
34
9
36
8%
23
16
8%
23 %
17%
15
68
124
125
07%
"43**
"43%
83%
84%
6%
*10%
40
“ F
24
6
42
11
**8%
25
• B id a n d a s k e d ; n o s a le s o n t h is d a y .
*43%
48
*1 2 %
64%
33
74'
*8 %
31
94%
86 i®is
6 o8io
63 -j
16%
20
78®4
8%
47%
87
A m it y .s o o n v 6 s 1 9 1 1 . J -D
C oU t r u s t 6 s 1 9 1 7 - A -O
A t l C E l e o r e t 5 s ’ 38.xU -S
B e r g i& E B r w l s t 6 s ’ 21 J -J
B e t h i e S t e e l 6 s 1 9 9 8 . CJ-F
C h o c * M o l e t 5 s 1 0 4 9 J -J
O h O k & G g e n 6 s ’ 1 9 J -J
O o n T r a o o f N J 1 s t 5 s . ’ 33
D e l C o R y s t r o t f a 4a’ 4 o J -J
E * A 1 s t M o s 1 9 2 0 51-N
E l e c <S> P e o T r s t k t r o t fs
I n d i a n a p o l is R y 4 s . 1 0 3 3
In te rsta te 4s 1943 ..F -A
K e y s t o n e T e l 6 s 1 9 3 6 .J -J
L ak e Sup C orp In c 6 s’ . 4 O
B e n ig n N a v 4 % a ’ 14.14-J
G e u M 4 % s g ,1 9 2 4 . G - F
L e h V C 1 s t 5 s g ’ 3 3 . .J -J
D eh V e x t 4 s 1 s t 1 9 4 8 . J -D
C o n s o l 6 s 1 9 2 3 .........J - l )
C o n s o l 4 % s 1 9 2 3 ...J -D
A n n u i t y 6 s ................. J -D
G o n c o u s 4 s 2 0 0 3 . 51-N
D e h V T r a n c o n 4 s ’ 35J -D
1 st s c r i e s B 6 s 1 0 3 5 .M -S
N a tD H iS i P s c r B 5 s ’ l 0 J - j
New C o n G a s 6 s 1 9 4 8 J .D
N Y P l l * N o l s t 4 s ’ 3 9 J -J
In c o m e 4 s 1 9 3 9 ...M -N
N o O h i o T r a o c o n u s ’ 19. J -1
P e n n * 5 1d S t o o l c o n 6 s .
P a * N Y C a n 6 s ’ 3 9 . A -O
C o n 4 s 1 9 3 9 ............... A -O
P e n u S t e e l 1 s t 5 s ’ 17 M -N
P e o p le ’ s T r t r c e r t s 4s ’ 43
P C o 1 s t * c o l tr 6 s ’ 4 9 5L-S
C o n * c o l t r 5 s 1 9 5 1 5 1 .N
P h il E l e c g o ld t r u s t e t t s .
T r u s t c e r t if s 4 s .................
P * E g o n M 6 g ’ 2 0 . A -O
G e n M 48 g 1 9 2 0 . . A * U
1] E x -ri< )h ts.
||#13pal<L
**86% 86%
.....
ib*b%
116%
07
.....
103
104%
87
82%
66%
83
70%
78
107 %
87%
84
66
84
70%
109
118
i*18%
*96%
147
97
P H IL A D E L P H IA
P h * R e a d 2 d 6 s '3 3 .A .U
E x i m p 51 4 s g ’ 4 7 . A -O
T e r m in a l 6 s g 1 9 4 1 .G - F
P W * B c o l t r 4 s ’ 2 1 . J -J
P n r tlu n d R y 1 s t 6 s 1 9 3 0 .
R o a d T r a o 1 st 6 s 1 9 3 3 J -J
R o c h R y * D c o n 5 s ’ 6 4J -J
S p a n is n -A m I r 6 s ’ 2 7 J-J
S t a u ’ d G a s <SsE 6 s ’ 2 5 M - N
U T r u e i n u g o n o s ’ lU .J -J
U n lty s T r e tts 4 s ’ 4 9 J * J
U n it e d R y s i n v 1 s t c o l l t r
s f 6 s 1 9 2 6 ................... M -N
W e ls h a o li s t o s 1 9 3 0 .J - D
W L k s-B G * E c o n 5 s ’ 5 5 J -J
Y o r k R y s j s t 5 s 1 9 3 7 .J -D
B A I7 1T J 10 B E
I n a c t iv e fit o c k s
A la U ou s C o a l* lr o n .1 0 0
P r e t.............................. 100
A t l a n t a * C h a r l o t t e .. 1 0 0
A tla n C oa st D (C o n n ) 100
C a n t o n C o ....................... 1 0 0
C on s C ot D u ck C o r p ...60
P r e t e r r o d .......................5 0
Georgia s o u * F U ...1 0 0
1 s t p r e t ......................... 1 0 0
2 d p r e t ..................... . . . 1 0 0
G-B-S Brew ing........... 100
B onds
Prices are a l l " and
interest.”
*97
A n a c o s t ia * P o t 5 s ___
A t l C o a s t D (C t ) c t t s 5 s J -D
C t t s o f in d e b t 4 s ___ J-J
6-20 yr 4s 1925......... J-J
108%
102
97
103
78
107 %
93
102%
07%
104
78%
t $ 1 2 % p a id ,
B a lt O P u s s 1 s t 5 s ’ l l M -N
B a lt F u n d g 6 s . 1 9 1 6 M -N
E x c h a n g e 3 % s 1 9 3 0 J -J
B a l t * P 1 s t 6 s m l ’ l l A -O
B S P * 0 is t 4 % s ’ 5 3 F -A
B a lt T r a o 1 s t 5 s . . ’ 2 9 M -N
N o B a lt D iv 6 s 194 2 J -D
C e n t ’ ! U y c o u 5 s l 9 3 2 M -N
E x t * Im p o s .1 9 3 2 M S
C h u s C it y R y l s t 5 s * 2 3 J - J
t $ 1 3 % p a id .
$ $ 3 3 p a id ,
Rid |A s k ;\
B A L T l.liO U K
j Chas By G * El 5 s ’99 M-S
luo V, i;J ia r lC * A 2d 7 s’ 1 0 A -O
117 * _____ 11 C it y * Sub 1st 5 s . . ’22 J-D
U9% ......... 1) City * Sub( W a s )ls l6 s ’48
1 Coal * 1 By 1st 5 s ’ 20F -A
*1*20** 12*5*1| O o l* G r n v ls t6 s .l9 1 6 J -J
10 0 % Consol Gas 5 s ..1939 J.D
10 1%
Gen 4 %s 1954......... A-O
101
101% ......... | Cons G E & P 4 i s ’3 6 .j-J
‘ F a n * Ci Tr iStos ’38. A-O
*77*1 1 G a * Ala 1st con 6 s ’4o J-J
77
G a C a r * N l s t 6 s g ’29J-J
86% 85% GeorgiaP 1 s t 6 s .. . ’22 J-J
GaSo * Fla 1st 6s 1945J -J
89%
101 101% G-B-S Brew 3-4s 1951M -S
93%
2d income 5s 1951 M-N
93
Knoxv Trao 1st os ’ 2SA-U
BakeK El 1st guos’4251-S
36% 1 M acou lly* D tistos’ooJ -J
35
Memphis St 1st 5s’45 J -J
71
M eiSt(W a8h)lst5s’ 25F A
M t Ver Cot Duca 1st os.
226
N pt N * O P 1st os’38 iM-N
110 118
6
N or& P orT r is to s ’ ju J-D
6
20
N onoik s t 1st os ’4 4 ..JW
18
N orthC eut4% s 1926 A-O
30
Series A os 1 9 2 6 ....J^i
Uo
94
Series l i 5s 1 9 2 6 ....J -J
73
71
Pitt Un Trao 6s 1997.J-J
z
1%
Polo Val 1st 6s 1 9 4 1 ..J -J
Sav F l a * W est 5 s ’34 A-O
Scab * uoan os 1 926 .J-J
100% 101A South Bound 1st o s..A -O
U El D * P ls t 4 % s ’ 29 M-N
104%
U u By * El 1st 4S ’49 M-S
*9*3%
Income 4s 1949.........J-D
Funding 5s 1 9 3 6 ...J-D
100% 100%
V aM id 2d ser 6s ’ l l .M - S
104
103
3d senes 6s 1 9 1 6 ..M-S
93% 94%
4th ser 3-4-03 1921. M-S
100% - . . . .
961 1
1 5th senes 5s 19 2 6 .M-S
96
109 I Va (State) 3s n e w ’3 2 .J-J
10 /
109% 110%,
Fund debt 2-3s 1991. J-J
107
. .. .. .I i W est N C con 6s 1914 J-J
W esV a C&P istO g’ l l J-J
108
103% 104 | W U * W eldO S..1935.J-J
a R e c e ip t s . 6 $ 2 5 p a id . c f .l O p a i d .
[ Rid | A s k
96
| 96%
iotT* log**
10 2 1 103
1 0 1 % 102%
io6%; 107%
108% 109%
96% 96®8
87% 87%
98% 98%
105
105%
105 106%
112
115
106
107
45
45%
106 105 *<j
109%! 110
98
93%
07
97%
106 108
73% 74
90
85% 80%
104
102%
110
110
102%
105
108
107 109
106 108
92
92%
84% 84%
62% 63
80 % 86
..........1
102 %'
103
103
85
8*7*
85
87
106 106
1 0 0 % 100%
110% 112
......
12
% p a id .
T H E C H R O N IC L E
716
Volume of Business at Stock Exchanges
TRANSACTIONS AT TH E N EW YO R E STOCK EXCHANGE
DAILY. W EE KLY AND Y E AR LY .
R ailroad,
S locks.
W eek ending
M a rch 17 1911.
Saturday ___________
Monday . . . __. . . . . .
Tuesday_____________
W ednesday________
Thursday________ . . .
T o ta l.........................
Sales at
Nero Y o rk Stock
E xch an ge.
Ac.,
| P a r value.
S ha res.
State
B on d s.
B on ds.
U. S.
ISonds.
$6,079,450
19.075.900
37,360,400
33.570.900
18.988.300
17.932.300
$3,176,000
2,893,000
2,438,000
2,534,000
2,075,000
2,582,000
$53,000
88,000
141.000
104.000
129.500
220.500
1,466,635 $133,007,250
$15,698,000'
$736,000
60,307
212,309
412,979
371,584
204,933
198.523
W e e k ending M a rch
1911.
17.
1910.
1.460.035!
3.187.790
Stocks— No. shares___
Par value--------------- $133,007,250 $285,709,450
$10,700
$180,500
Bank shares, par_____
Jan.
Telegraph and Telephone
Amer Teleg A Caine.. . 100
Central A So A m e r... .10 0
Comm’l Un Tel (N Y ). -.2 5
Empire A Bay State Tel .100
Franklin ........................ .10 0
e Gold A Stock Teleg.. .100
e Northwestern Teleg.. ..5 0
Paelrtc A Atlantic......... -.2 5
e Pac Telep A Teleg pref 100
Southern A Atlantic___ ..2 5
1 to M a rch 17.
24,7/6,119
$2,185,657,350
$312,500
50,908,512
$4,611,198,900
$357,000
$57,500
34,210,000
169,950,500
$119,500
10,621,700
187,925,000
B on d s.
$736,000
15.698.000
$26,000
1,174,000
15,010,000
Total bonds................I $16,434,000
$16,210,000^
Government bonds___
State bonds._______ _
RR. and mlsc. bonds..
$204,228,000|
B id
Electric Companies
Chicago i.dlsou Co— b e e Ch cago
85
Gr’t West Pow 5s 1946. _J-J
e Kings C o El L A P Co .100
128
Narragan (Prov) El Co. ..5 0 ♦92
55
N Y A Q El L A Pow Co .100
Preferred.................... . 100
77
85
United Electric of N J . . .100
78
1st g 43 1949----------- J-D
33
Western Power com__ 100
Preferred---------------- .100
56
e
e
1911.
$198,666,200
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
X X X II.
Ferry Companies
B A N 2 n t 6s 1911... .J-J
N Y A E R Ferry stk .. .100
1st os 1 9 2 2 ................ M-N
N Y A lloh 5s May ’46 .J-D
Hob Fy 1st os 1946.. M-N
N Y A N J os 1946____ .J-J
10 th A 23d Sts Ferry.. 100
1st mtge 5s 1919__ J-D
a Union Ferry stock__ 100
Ask.
list
87
120 *
93*2
00
8*
90
79
33 i2
67
81
119
105
65
40
111 )
85
121
50
112
00
118
95
90
97
loo
92
08
15
25
60
60
98
106 lu7
971
20
5
65
To
23
26
94
07
2
Short-Term Notes
American Cigar—
995g 997g
;3er B 4s Mcli 15 ’ 12__ Al-S
99?g ICO .
Balt A Ohio 4 Ms 1913 J-D
07*i b81g
U m isled
Listed
B on d
B on d
llethleh Steel 0s 1911.. M-N
Listed
U nlisled
M a rch 17 1911.
shares.
shares.
sales.
Chic A Alton 5s 1913. M-S
991S 9 oSg
shares.
sales.
shares.
9
98*g
cm Ham A 1) Is 1913.. .J-J
4,344
2,790
$24,550 O O C A St L 53, Juno 1911.. 100
501.500
554
2,986
Saturday____________
45,972 Erie 6s Apr 8 1914.-.A -O 8 100 lg 100*;,
9,391
7,050
175,000
5,039
4,311
Monday_____________
59,163 Hudson Companies—
13,625
124.500
7,502
9,753
Tuesday____________ 18,667
6s Oct 15 1911......... A-O 104)12 109*4
41,799
8,868
83,300
9,941
3,968
Wednesday__________ 13,478
59,721
0s Feb 1 1913--------- F-A
9,462
6,773
07*4 98*.i
60,100
1,984
Thursday_____ _____
10,063
102,133 Interb R T g 0s 1911.. M-N IOOI4 I005g
7,491
3,784
5,259
45,000
8,888
K O 117 * Lt 6s '1 2 ... M-S lOidg 10 U*g
90*2 97
44,365 $539,4001
22,103! $333,338 Minn A St L g os 1913. F-A
46,670
Total ...................... 62,''33
a N Y C Lines Eq 5s ' l l - ’22 M l2% 1>4%
6412% 1*1 %
4Ms Jan 1912-1925..
9J7S lUOlg
N Y Cent 4Ms 1914.. Al-S
N Y N 11 A 11 Us Jan 1912 looi. 101*4
4 Ms Mch 1 1912____ M-S 10014 100-.,
All bond prices are now "and interest’ e>cce.it where (narked ' I.
9s7g 100*4
PunServCorpNJ ss'l.i A-O
99*g 99*g
St L A S F 4 Ms '12 op F-A
A sk
B id
B id
A sk
5s Mch 1 1913........... (M-S 98
98*g
Street Railways
Street Railways
!9-->s 99'g
South Ry g 53 1 9 1 3 ... F-A
Tidewater 6s, 1913, gu ar... 10 ltg 102
Pub Serv Corp N J ic o n ) —
N e w Y o rk C ity
21
Bleeck St & Pul Fy stk .100
15
New’k Pas Ry 5s ’3 0 . . J-J 107*4 108l2 Wabash 4 Ms 1913------ M-N
West Telep A T 5s '12 F-A 100*4 100*s
55
65
1st mtge 4s 1950_______ l-J
Rapid Tran St R y___ 100 340 250
—
1st 5s 1921_______ A-O 102
\Ve3tingh'so HI & M 6s 1913 1015g *U2lg
B'y 3c 7th Ave stk______ 100 124 131
J G Hob A Paterson—
2d mtge 5s 1914______ J-J
09 101
e o % notes Oct 1917. A-O
78
76
•Is g 1949................M-N
Con 5s 194 s— See Stock Exc 1 st
So J Gas El A Trac . . . 100 135 140
B’way Surface 1st 5s gu 1924 102 103l2
Railroad
9/12 98U Chic Peor a St L—
Cent’l Crosstown stock.. 100
90
Gu g 5s 1953_____ Al-S
____
85
No Hud Go Ry 6s 1914 J-J 103 105
Prior Hen g IMS ’30 M-S / 87
1st mtge 6s 1922____M-N / 80
103
5
Con mtge g 5s 1930.. .J-J
50
Cen Pk N A E lUv stock. 10U
53 1923......................J-J
15
93
—
Ext 5s 1924______ M-N
Income 5s, July 1930
/ . . . . ____
00 loO
Chrlstoph’l A 10th St stk 100
4*g 4^4
Pat lty con 6s 1931 -.J-D 114 - - - - Chicago Subway........... -100
Col & 9th Avo 5s— S ee Stock Exc list
100
103
2d 6s opt 1914------A-O
Nat Rys of Mexico— See S t Exc list
Dry Dock E B & B—
So Side El (Chic)— S ee Ch Icago list
Northern Securities Stubs.. 102 10a
95 100
1st gold 5s 1932______ J-D
36
Syracuse R T 5s 1916 ..A l-S 101 102
Pitts Bess A L E . ......... ..5 0 *32
40
Scrip 5s 1911................ F-A / 30
100
97
70
Trent P A II os 1943...J -D
Preferred----------------- -.5 0 *66
Eighth Avenue stock___lot
28) 120
United Rys of St L—
e Railroad Securities Co—
Scrip 6s 1 9 1 4 ........... F-A / 95 100
11
12
90
Com vot tr ctfa______ 100
85
111 C stk tr ctfs ser A . -.5 2
42d A Gr St F'y stock. .10* 250 300
42
42*4
e Preferred_________ 100
Seaboard Company—
42d St M A St N A v e .. . lot
Gen 4s 1934— See Stock Exc list
8312
82
1 st preferred............. .10 0
1st mtge 6s 1910____Al-fc
Unit Rys San Fran— S ee Stk Exc list
60
Com A 2d pref— S ee Bal t EXC list
2d Income 6s 1915____ 1-4 / 40
3 4**4 35*4 Seaboard Air Line—
Wash lty A El Co........... 100
Inter-Met— S ee Stock Exct mge list
89
88
list
Preferred____________ 100
Coll 5s ext May 1911 Al-S 109
Lex Av A Pav F 6s— S ee Stl85*4
80*4
list
4s
1951______
________J-D
West Pac 1st 5s 1933. M-S
941- 95
Metropol St Ry — See Stl Exc
150 175
Ninth Avenue stock____lot
Industrial and Alisccl
10
(ias Securities
8
Second Avenue stock___101
Adams Exp g 4s 1947. .J-D / 88
SOU
54
Consol 5s 1948_______ F-A / 50
Ahmcek Mining______
*170 175
19 9
130
N ew York
e Sixth Avenue stock___100
Alliance Realty............. .10 0 120 126
83
Cent Un Gas 5s 1927------J-J 10 U 2 103
75
Sou Boulev 5s 1945____J-J
American Book_______ .10 0 158 162
92
Con Gas (N Y )— See Stock Exc list
88
So Per 1st 5s 1919______ A-C
American Brass_______ .10 0 124 120
170 178
e Mutual Gas............... ..1 0 0
Third Avenue RR — S ee Stk Exc list
American Chicle com .100 230 235
80
New Amsterdam Gas—
Tarry W P A M 5s 1928.. / 60
Preferred......... ...... .10 0 105 1U7
90
1st consol 5s 1918------- l-J 10 114 102
80
Y ’kers St RR 5s 1946 A-t.
Am Graphophone com. .10 0
N Y A E It Gas 1st 5s ’ l l J-J 104 100
25
38th A 29th Sts 5s ’9 6..A -L / 15
Preferred..................
98 101
Consol 5s 1945..............J-J
Twenty-third St stock.. 100 190 215
Amer Hardware______ .100 130 133
60
N Y A Richmond Gas..100 . 45
Union lty 1st 5s 1912___P'-A 101 I2 103
Am Malting 6s 1914.. .J-D 100 102
99 101
Nor Un 1st 5s 1927------M-N
75
65
Westchester 1st 5s ’43 J-J
Amer Press Assoc’n__ .100
95 *00
- - Am St Found new— S ee S tk Ex 1st
e Standard Gas com------100 n (j*)
e Prefe-red __________100 n 90
B rooklyn .
Gs 1935........................ A-O 102*2
1st 5s 1930__ j .......... M-N 104 10 /
Atlan Avenue RR—
72
Deb 4s 1923............... F-A
70
Con 5s g 1931________A-0 100 102
American Surety.......... ..5 0 275 285
Other C ities.
B B A W E 53 1933____A-O
97 102
American Thread pref. . . . 5
*434 6*4
5712 Am Tobacco Go com__ .100 465 470
Am Gas A Elec com......... 50 ♦55
Brooklyn City Stock......... 10 105 170
44
Con 5s— S ee Stock Exch inge list
Preferred_____________ 50 ♦42
Amer Typef’dors com .. .100
61
48
Amer Light A Tract------10U 288 292
98 11)2
Bklyn Hgts 1st 5s 1941 A-O
Preferred......... .......... .10 0 100 102*2
Preferred ......................100 105 106
Bklyn Queens Co A Sub
Deb g 6s 1939______ M-N
1/ 8*2 100
« 1st g 5s '41 op 1916 .J-J
98 10O
♦>2
Bay State Gas......... .......... 50
li.
*8 Amer Writing Paper... -100
2*4
09
« 1st con 5s '41 op ‘ 16 M-N
06
Blngh’ ton (N Y) Gas Wks
ePref erred— See Stock Ex ch’ge list
95 100
Bklyn Rap Tran— S ee Stock Exc list
1st g 5s 1938________ A-O
Cist 3 I g 5s ’ 19red 105J-J
89 12 ■JO
Exc
list
Coney Isl A Bklyn_____ 100
60
45
Brooklyn Un Gas— S ee Stk
Atl Git A W I SS Lines. . 100
*0*2
10
1st cons g 4s 1948____J-J
4I4
S3
78
Buffalo City Gas stock.. 100
Preferred.................... .10 0
22*4 22*2
Con g 4s 1955_________ l-J
75
80
1st 5s 1947— S ee Stock Exc list
Col tr g 5s 1959_____ -J-J
71*4 71*2
66
Brk O A N 5s 1 9 3 9 ...J-J
63
98 101
Cities Service Co_______ 100
Barney A Smith Car__ .100
•10
20
Kings Co El 4s— S ee Stock Exc list
77
79
Preferred.................... .100
Preferred..... .............. .100
89 112
Nassau Elec pref______ 100
90
95
Bethl’m Steel Corp— S ee S tk Ex list
Con Gas of N J 5s 1936 .J-J
5s 1944.........................A-O 103 105
Bliss Company com___ . 50 121 125
Consumers’ L II A Pow—
1st 4s 1951— S ee Stock Exc list
Preferred----------------- . 50 121 125
5s 1938........................ J-D 100
N W ’b’g A Flat 1st ex 4>fs
92
87
Bond A Mtge Guar____
245 250
Steinway 1st 6s 1922___J-J 101 104
Borden’s Cond Milk___ .100 120 121
89 u 91
Gen g 5s 1949 op____M-N
Preferred.................. .100 107 109
Elizabeth Gas Lt Co____100 300
Other Cities
British Col Copper____ . 6
6>g
Essex A Hudson Gas___100 144 147
♦6
Buffalo Street Ry—
85
82
Butte Coalition Mining. 15 ♦1712 18*2
Gas A El Bergen Co____100
1st consol 5s 1931____F-A 104U 10612 e Gr Rap 1st 5s 1915___F-A
Casein Co of Am com .. .100
99*4 101
2*4
3*4
Deb 6s 1917................ A-O 103 106
Preferred___________ .100
60
53
Hudson Co Gas________ 100 141 144
Columbus (O) St Ry------ 100 s 9 2
36
Casualty Co of Am er.. .100 125 140
34
Indiana Lighting Co____100
60
65
Preferred------------------- 100 99*ts l 0*4
Celluloid Co.................... .100 12812 132
4s 1958 op....................F-A
20
Colum Ry con 5s — See Phi la list
12
.100
Indianapolis Gas..... .......... 50
85
Crosst’ n 1st 5s 1 9 3 3 ..J-D 102 102*4
79
.100
1st g 5s 1 9 5 2 ............ A-O
75
9212 Central Foundry______ .100
76
« Conn Ry A Ltg com .-.1 0 0
Jackson Gas 5s g 1937.. A-O / 88
79
81
« Preferred __________ 100
.100
e Laclede Gas___________100 11U2 lU /g
90 *101
1st A ref 4 M e — S ee Stock Exc list
Deb 5s’ 19 red at 105. M-N / 10
e Preferred......... .......... 100
82
85
Grand Rapids Ry pref--100
Chesebrough Mfg C o ... .100 700 800
Madison Uas 6s 1926___A-O 103 103
2H*
» Loul3v St 5s 1930_____ J-J 1055g 100
Newark Gas 6s 1944____Q-J 120 128
Chino Copper Co--------- . 6 *21
98
99
Lynn A Bos 1st 5s 1924.J-D 104l2 IO6I4 Newark Consol Gas_____ 100
55
58
City Investing Co------- .10(1
24U 25
98 100
* New Orl Rys A Lgt___100
* Con g 5s 1948........... J-D 104
Preferred............... .. .100
68*
2
68>4
« Preferred___________ 100
No Hudson L H A Pow—•
98 105
e Clatlln (H B) com___ .100
5s 1938........................ A-O 100
Gen M g 4 Ms 1935— S ee S tk Ex list
92
95
e 1st preferred--------- .100
63
• Pub Scrv Corp of N J ..1 0 0 119 120
Pacific Uas A E, c o m ... 10C
64
93
» 2 d preferred______ .10*
1041
2
105M
88
Tr ctfs 2% to 6% perpet
Preferred____________ 10 C
91
Col A Hock Coal A I pf.lOC
89
Col tr g 6% notes '13 A-O
99 7g 100*4 Pat A Pas Gas A Eleo.-lOC
94
1st g 5s 1917............ ..J-J / <5
7ft
North Jersey St R y ..l0 0
60
e Con g 5s 1949......... M-S 102 103
75
Col tr 6a Oct 1950.. ..J^J / *0
1st 4s 1948..............M-N
St Joseph Gas 5s 1937.-J-J
90
78
77
94
Consol Car Heating... .100
55
56
Cons Tract of N J____100
751?
74
1
2
Consol Rubber T iro... .100
1st 5s 1933_______ J-D 104 105
20
Preferred................... .100
12
1
Debenture 4s 1951. .A -O / 30
40
• P op share. 0 Basis, e Soils on Stock Exchange, but not v e r y activo. / Flat price, n Nominal,
j Sale price.
Philadelphia.
Outside Securities
__
3‘2
__ __
__
__
__
__
____
B id j.ts*
Industrial and Alisccl
1314 I3*i
Cructole steel_________ 100
8112 817,
e Preferred.................. .100
11}
Davls-Daly Copper Co___10 *1718
96
94
e Diimond Match C o .. 100
1. 9
duPont (E I) de Nem Po 100 155
86
84
e Preferred___________ 100
83*,
83
e Gold 4 Ms 1936____ J-D
Electric Boat
.100
Preferred .
.100
10
15
Empire Steel
.100
55
62
Preferred _
..1 0 0
128 135
e General Chemical_____100
c Preferred........... ......... 100 1009
*lo uia
Gold Hill Copper__________ 1
*578 6
Greene-Cananea........... ..2 0
195
205
Guggenheim Kxplor'n._100
e Hackensack Water Co
83
Ret g 4s ’52 op 1912 ..J-J
25
30
Hall Signal Co com_____100
4
7
Havana Tobacco Co____100
8
15
Preferred..... ..................100
OJ
1st g 5s June 1 1922 .J-D / 60
Ilecker-Jones-Jewcll Mlllin
103 105
1st 6s 1922........... . . . M i.0
32,2
Herrlng-Hall-Mar new.. 100
Hoboken Land A Im p.. 100
104 " 1U5
1st 5s Nov 1930____
8
«u
Houston Oil____________ 100
51
55
Preferred....................... 100
Hudson Realty.................100 n o
95
* In tersoll-Rand com__ 100
94
e Preferred................... 100
3US 311*
Intercontinental Rubber 100
90
100
lnternat'1 Banking Co. .100
International Nickel____100 180 190
91
93
Preferred......................100
95
93
1st g .5s 1932......... .’..A -O
4
8
International Salt........... 100
60
1st g os 1951........... A-O / 50
60
International Silver____100
Preferred.................... ioo 110 115
111 112
1st 6s 1 9 4 8 ............ J-D
Internet Smelt A R efs..100 122 13 a
Interim rime Record 100 190 190
Preferred____________ too 112 116
Jones A Laughlin Steel Co
1st s f g 5s 1939......... Al-N
103
44
e Lackawanna Steel____loo
46M
S7G 881*
c 1st con 5s 1950___ M-S
e Deb 5s 1915..............M-S
95U 951*
94 M 95
Lanston .Monotype_____ 100
Lawyers’ Mtge Co........... 100 255 260
Leh A Wllkes-B Coal____50 250 275
110
a Lorlllard (P) pref......... 100
30
45
Madison Sq Garden_____100
85
2d 6s 1919..................M-N
*7„
1
Manhattan Transit........... 20
G3<2 041*
May Dept Stores.............. 100
Preferred......................100 107 108
*9>4 10
Monongahela It Coal......... 50
241*
Preferred........................50 *24
Mortgage Bond Co......... 100 113 lift
Nat Bank of Cuba........... 100 104 106
National Surety_______ 100 210 225
e NevadaCons'd Copper. See Stk E xllat
Nev-Utah Min A Sm......... 10 ♦«1«
1
30
e New Central Coal........... 20
60
1st
N Y Air Brake 6s— S ee Stock Exo
25
e New York Dock........... 100
30
e Preferred __________ 100
67
N Y Mtge A Security___100 5220
*2
4
N Y Transportation......... 20
95
98
NUes-Bem-Pond com___100
111,
Nlplssing Mines.....................5 ♦ a
* u 2 1*1(1
Ohio Copper Co...................10
e Ontario Silver_________ 100
112 21,
61'2 03
Otis Elevator com........... 100
Preferred.......................100
9712 981,
Pittsburgh Brewing......... 50 *2414 241*
Preferred.........................50 *43
43U
Pittsburgh Coal— See Stock Exc list
Pittsburgh Steel p r e f...100 1UU12 101
55
Pope Mfg Co com........... 100
67
75
77
Preferred_____ ______.100
Pratt A Whitney pref.. 100 102l2 105
135
Producers Oil.....................100
Realty Assoc (Bklyn)___100 105 110
Royal Bak Powd com___100 ISO 186
Preferred....... ............... 100 107 108
Safety Car Heat A Lt___100 12512 127
Seneca M ining.................. 25 *
Singer Mfg Co...................100 300 310
3
6
South Iron A 3 com____100
10
13
Preferred____________ 100
Standard Cordage........... 100
>4
181,
1st 11 g 5s '31 red------ A-O / 17
3
2
Adjust M 5s Apr 1 1931.. /
42
45
Standard Coupler com .. 100
Preferred................
100 100 n o
16
18
Standard Milling Co____100
48
60
Preferred____________ 100
84
87
1st 5s 1030.................. M-N
Standard OH of N J ......... ICO 639 645
4934 50*4
Studebaker Corp com..100
Preferred____________ 100 101 lOU,
Swift A Co— See Boston Stk Hxc list
1st 5s. S ee Chicago Stk Exc list
Texas Company— S ee Stock Exc list
9712
e Texas A l’aclilc Coal.. 100
Title Ins Co of N Y......... 100 135
*8
Tonopuh Min (Nevada)___1
8‘ *
4
8
Trenton Potteries com .. 100
55
50
Preferred new-.............. 100
30
Trow Directory_________ 100
Underwood Typewriter. 100
62*4 631*
Preferred....................... 100 10312 104Q
41
38
Union Typewriter com .. 100
1st preferred.................100 110 114
2d preferred........... ....... 100 106 108
52
United Bk Note C o rp ... 50 ♦51
53
Preferred____________ 50 ♦52
58
60
United Cigar Mfrs______ 100
e Preferred___________ 100 101 104
3*4
United Copper__________ 100
414
9
15
Preferred____________ 100
U S Casualty___________ 100 215
51
54
U S Envelope com_____ 100
Preferred____________ 100 *110 113
92
97
U S Finishing___________ 100
Preferred____________ 100 105 110
1st g ,5s 1919................ J-J 100 105
95 100
Con g 5s 1929.............J -J
U S Steel Corporation—
114 114*|
Col tr a f 5s 1951 opt ’
Col tr s f 5s '51 not op t.. 114 114*|
02H
Exo list
Westchester A
160 168
♦143 144
Exc list
West El A Mfg
100 n o
c
._
__
__
_
(N ew stock,
r Ex-dly.
v
Ex-
717
TH E C H R O N IC L E
Mar . 18 1911.]
In v e stm e n t
and
RAILROAD
lla ilr a a d
GROSS
J it t e llie ie n c c .
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. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T he retu rn s o f the electric r a ilw a y s are brouyht together sep a ra tely on a subsequ ent p a g e . __________________ ______ _
C urrent
Y ea r.
P r e v io u s
Y ea r.
C urrent
Y ea r.
P r e v io u s
Year.
C urren t
Y ea r.
P r e v io u s
Y ea r.
C urren t
Y ear.
4,777,719
681,811
315,310
225,960
2,031,038
4,254,916
537,136
12359831
12,914
232,945
637,068
6,224
239,612
1,034,673
1,441,442
316,926
3,417,851
395,477
3,112,715
824,524
8
1,503,933
587,995
261,608
202,115
2,732,401
4,503,595
526,104
12903158
11,882
225,928
542,874
5,882
230,068
1,014,571
1,376,659
288,327
3,974,370
373,043
3,361,038
870,580
S
37.142 941
5,659 ,2 12
2,205 ,602
1,685 ,31
21,125 ,660
10,733 467
4,007 854
94,268 ,236
177, 660
1,869, 460
0,098 182
87, 882
2,013, 650
7,695, 030
11,400, 581
3,874, 106
31,820, 881
3,121, 448
3,985 417
0,476 970
,584,997
,037,254
,011,208
.510,097
,112.408
,665,306
,802,901
320,090
165,887
1.7 02,344
623,260
83,952
,905,137
,608,981
.474,660
.454,621
,742,712
,041,107
,221,526
,826,131
17100350
8,065,713
166069
1,106,749
13,49 +
17 437956
8 , 888,200
26326157
1,146,294
12,58 .
0,712.934
93,707
9.413.438
89,681
3,710 073 3,782,454
3,410 57713,690,456
7,120 650 7,472,910
181 4 01i 179,571
75 931 j
81,995
9,309
0, 311'
5,326 807 5,090,170
137 7901 124,033
3,612 999:3,281,810
1,059 761'1,041,664
199,163| 187,973
023
178,693
197,834
214,644
218,484
332,079
647, <-21
494,821
115,124
130,537
9.989.0SC 0395,502
1,202,36, 1,167,243
192,988
198,615
171,684
174,792
Cln N O Sc Tex P .l l s t wk Mch
75,790
69,992
Ala Great South. 1st wk Alch
47,325
48,436
244,732
297,872
6,223
7,303
Tidewater & W e s t . January . .
19,806
18,636
65,541
65,610
7,228
7,003
6,309,716 6,510,153
99,619
136,075
569,535
532,405
527,236
553,417
Western Maryland.iDecember
505,743
462,754
Wheeling & Lake E January
53,696
135,484
W ichita Falls Sc N W ; December
23,002
29,015
763,383
874,399
26,763,
20,182,
10,046,
1,274,
554,
401,
41,844,
1,061,
6,383,
7,049.
1.638
35,671,462
1,317,227
8,670,122
4,761.072
14,548,722
878,084
81,126.803
41,834,440
7,540,610
6,533,319
3,167,349
1,080,959
11,062,209
49,735
905,584
2,605,900
50,712
56,135,133
813,451
21,403,275
3,776,091
4,148,555
601,391
198,218
7,555,739
20,062,981
19,580,240
45,643,221
1,198,609
573,220
354,484
39,820.912
993,931
24,912,977
7,,060,390
1.,475,595
33,448.961
1,085,791
7,763.143
4,432,922
13.426,751
719,690
80.347,486
39,349,123
7,119,544
0,077,722
2,794,180
1,644,921
11,187,173
47,498
825,268
2,602,408
47,662
54,360,992
710,208
20,523,490
3,437,789
4,152,620
292,318
190,098
6,956,506
C urren t
Y ea r.
P r e v io u s
Y ea r.
$1,572,612
7,787,084
3,716,508
450,809
310,642
2,364,920
2,344,881
306,128
99,608
1,014,696
228.841
891,009
338,879
19,853,803
12,359,831
12,914
232,945
637,068
6,224
239,612
1,034,673
1,441.442
316,926
3,417,851
395,477
3,112,715
824.
17,100,356
8,085,713
25,166,069
75,931
2,717,080
$1,375,986
7,491,090
3,873,876
424,611
324,911
2,158,105
2,324,237
263.800
89,522
1,335,772
206,508
039,409
357,049
19,788,890
12,908,158
11,882
225,928
542,874
5,882
230,068
1,014,571
1,376,659
286,327
3,974,370
373,043
3,361,038
870,580
17,437,956
8 , 888 ,200
26,326,157
81,995
2,844,688
W e e k or
M o n th .
P r e v io u s
I Y ea r.
S
Ala N O Sc Tex i'au$
207,472
N O Sc N East----- February .
291,423 2,457,848 2,298,911
138,310
132.703 1,240,136 1,152,338
Ala Sc Vicksti — February .
094,913
112,404
Vicks Slir & Pac February .
114,889 1,061,724
47,977
70,017
12,277
A laT cn n Sc North . January . .
8,557
1st wk Mch
35,271
Ann Arbor-----------43,809 1,353,479 1,300,330
Atch Topeka & S Ft January _ . 8,528,240 7.983,300 64,204.572 00,880,901
Atlanta Blrm & Atl 1st wk Mch
57,784 1,960,826 1.770,610
(54,170
Atlantic Coast Line January . 2,700,480 2,566,712 17,023,470 10,540,358
g Baltimore & Ohio. January . . 0.413,310 0,500,073 53,400,003 51,687,855
715,104
904,102
B Sc O Oh Ter U R January . .
100,213
04.508
Bangor St Aroostook January _ .
230,370 1,770,760 1,052,047
278,250
Boston & M aine. . January . . 3,370,500 3,210,479 26,900,349 25,075,608
30,538
32,072
Bridgeton & Saco It January . .
4,290
3,888
Buir Itoch Sc Plttsb 2d wk Mch
182,907 0,723,01 1 6,452,087
184,048
Bullalo Sc Susq____ January . .
150,350 1,373,957 1,414,784
173,071
Canadian Northern 1st wk Mch
105,100 0,905,700 8,475,600
233,400
Canadian Pacific___ 1st wk Mchl 1,720,000 1.507.000 60,433,850 63,430,038
250,700 0,253,255 8,548,686
Central of G eorgia.. 1st wk Mchl 278.000
Central of New Jcr J a n u a r y -2,294,549 2 140,000 17,312,477 16,582,161
265,948 2.3 15,823 2,444,514
Central Verm ont___ January___
301,251
50,710
02,037
2,261
1,873
Chattanooga South. 3d wk Feb
58 5,33 5 22,037,777 21,169.582
528,701
Che.i Sc Ohio Lines. 1st wk Mch
271,310 10,204,535 0,473,141
240.070
Chicago & Alton
1st wk Mch
Chic Burl Sc Quincy January _ . ,021,004 0,035,803 54,883,104 52,340,420
2 2 0 ,0 2 1 246,714 8,663,055 8,006,401
V Chic Great W e s t .. 1st wk Mch
110,044 4.188.003 4,028,962
111,423
Cldc Ind Sc Louisv 1st wk Mch
4,253,008 10,259,014 38,106,256
4,736,024
Chic Mil Sc St Paul January . .
001,072
831,831 8,50 1,572
Ch Mil & Pug S,l January . .
Chic & North W e st. January _ . 5,430,580 4,073,020 40,016,396 44,138*217
Chic St P M Sc O . . . January . . 1,231,883 1,125,580 10,120,506 8,016,427
750,517
087,581 5,761,403 5,605,523
Cln Ham & Dayton January —
139.000
157,460 1,256,503 1,405,030
Colorado M id lan d .. January . .
240,275
304.500 11,748,000 11,040,000
Colorado & S o u th .. 1st wk Mch
52,004
300,999
55,847
370,200
Copper Range_____ December
12,208
110,861
21,433
98,520
January . .
C ornw all____
20,007
208,820
210,142
33,587
Cornwall & Lcbau. January . .
315,783
256.703 1,577,719 1,276,050
Cuba Railroad------ January . .
Delaware Sc Hudson January _ . 1,572,012 1,375,086 12,334,677 11,677,169
Del Lack * W e s t .. January . . 2,877,512 2,829,201 21,412,330 21,317,101
372.000
402.000 16,445.503110,120,831
Denv & Rio Grande 1st wk Mch
15.782
10,009
081,960
700.316
Denver N W Sc Pac 1st wk Mch
23.000
26,550 1,320,107 1,090,547
Dct Toledo Sc Iront 1st wk Mch
24,624
805,786
801,374
20,035
Detroit Sc Mackinac 1st wk Mch
154,900
100,906 5,227,488 6,577,242
Dul Sc Iron Range. January . .
51.000
56,709 2,170,291 2,207,251
Dul Sou Sh & A t l . . 1st wk Mch
038,381
000,141 4,201,338 4,174,019
El Paso & Sou West January . .
Eric_________________ January . . 4,200,553 4,145,747 33,802,049 32,502,778
13,916
1,000
14,045
2,117
Fairchild & Nor E . January . .
591,096
628,594
64,257
56.137
Fonda Johns Sc Glov J a n u a ry __
302,390
256,088 1,946,118 1,841,154
Georgia R ailro ad .. January . .
709,177 30.367.011 29,054,907
800,805
Grand Trunk Syst- . 1st wk Mch
120.440 4,120,703 3,991,492
130,411
Grand Trk W e st. 4th wk Feb
30.137 1,387,894 1.347.090
42,055
Dct Gr IIav & Mil 4th wk Feb
28,347 1,249,646 1,358,619
34.075
Canada Atlantic 4 th wk Feb
3,070,480 3,873,314 41,779,802 2,834,666
Great Northern Syst February
174,273 1,189,252 1,200,987
170.070
Gulf Sc Ship Island. January . .
508,355 4,609,405 4,613,545
404,704
Hocking Valley____ January _ .
Illinois Central____ February . 4,092,331 4,520,768 41,705,037 38,817,602
144.000 6,550,026 0,011,405
Intcrnat & Gt N or. 1st wk Mch' 150.000
162,514 0,044,051 5,680,850
100,060
a Intcroccanic M cx . 1st wk Mch
74,523 2,425,050 2,322,254
00,003
Iowa Central_______ 1st wk Mch
227,138 1,929,497 1,613,779
233,030
Kanawha & M ic h .. January . .
709.800 6,220,500 5,408,612
837,506
Kansas City South. January . .
34,200 1,352,321 1.169.091
30,700
K C Mcx & O rie n t.. 1st wk Mch
Lehigh Valley_____ January . . 2,000,731 2,700,144 21,620,760 20,037,803
257,584
202,725
33,053
37,760
Lexington & E a s t .. January . .
745,974
121,304
844,429
106.801
Louisiana <5c Arkan. January . .
680,001
741,580
01,205
08,027
Louisv Hend Sc St L January . .
* Louisv & N a s h v .. 1st wk Mch 1,012,105 1,080,415 37,577,729 35,572,873
104,753
105,871
10,598
13,000
Macon Sc Birm’ ham February .
072,010
630,601 5,300,137 5,300,904
“Maine Central____ January . .
242,514
2 0 2 ,0 0 2
23.782
20,008
Maryland Sc Pcnna. January . .
101,800 5,025,900 5,190,400
a Mexican Railway. lth wk Feb 156,300
675,600
141.500 1,113,275
a Mexico Nor W e st. December.. 157,465
588,544
521,036
14,081
15,034
Mineral Range_____ 1st wk Mch
83,878 3,616,697 3,393,577
85,103
Minncap & St Louis 1st wk Mch
303,757 15,290,130 16,311,343
301,375
■Minn St P & S S Ml 1st wk Mch
Chicago Dlvlslonj
434.338
468,214
77,485
81,699
{Mississippi Central. December..
454,130 20,022,029 18,047,895
481,515
IT Mo Kan Sc Texas 1st wk Mch
987.000 1.010.000 36,902,163 30,371,445
Missouri Pacific____ 1st wk Mch
083,429 7,115,921 0,681.977
■Nashv Chat & St L . January . . 1.127,811
a Nat Rys of M c x .l. 1st wk Mch 1,133,004 1,261,676 43,443,324 39,504,470
326,890
233.316
2,376
6,770
Ncvada-Cal-Oregon 1st wk Mch
39,052
43,626
0,164
0,282
Nevada Central____ December
799,825
136,087
073,953
128,359
N O Great Northern January . .
34,778 1,214,675 1,079,005
34.870
N O Mobile Sc Chic. W k Feb 25
« N Y C Sc Hud Itlv January _ . 7,787,084 7,401,090 00,724,703 58,089,179
Lake Shore & M S fanuary _ . 3,710,500 3,873,876 29,423,588 28,739,705
424.011 3,303,055 3,301,200
450,600
n Lake E & W est January . .
324.011 2,124,552 2,121,541
310,612
Chic Ind Sc South January . .
Michigan Central January . . 2,304,020 2,158,105 18,072,330 16,983,201
Clove C C & St L January . . 2,344,881 2,324,237 18,580,017 17,473,956
300,128
203,800 2,250,437 1,954,304
Peoria Sc Eastern January . .
00,008
80,522
742,582
803,919
Cincinnati N orth. January . .
Pitts Sc Lake Eric January . . 1,014,000 1,335,772 0,783,774 10,392,077
228,841
206.508 2,092,330 1,938,883
January
R u tlan d ___
801.000
030,409 6,680,363 6,344,144
N V Chic Sc St L . January _ .
338,879
357,040 3,203,178 2,668,402
Toledo & Ohio C . January . .
10788800 157198005 150749203
Tot all lines above January __10853803
July 1 to L a te s t D a t e .
L a te s t G r o s s E a r n i n g s .
July 1 to L a te st D a te .
L a te s t G r o s s E a r n i n g s .
W e e k or
M o n th .
N Y N II & I l a r t f .. January . .
N Y Ont Sc Western January . .
N Y Susq Sc W e s t .. January . .
Norfolk Southern .. January . .
Norfolk Sc W estern. January . .
Northern Pacific___ January . .
Pacific Coast Co___ January . .
Pennsylvania 11R__ January . .
Balt Cites & A t l . . January __
Cumberland V a il. January . .
Long Island_____ January . .
Md Del & V a ____ Janua'*
N Y Phila & Norf JanuaiV _ .
Northern Central January . .
Phila Balt & W ._ January . .
W est Jersey & S . January . .
Pennsylvania C o ___ January _ .
Grand Rap Sc Ind January
Pitts Cin C & St L January . .
V a n d a lia ________ January . .
Total lines—
East Pitts Sc E January . .
W est Pitts Sc E January . .
All East& W est. January . .
Pere M arqu ette___ January . .
Raleigh Sc S o u th p .. January . .
ueauuig 1 <>:tii> Hiv, —
Phila Sc Reading. January . .
Coal Sc Iron C o .. January . .
Total both cos___'January . .
Rich Fred Sc Potom January . .
Rio Grande June___December..
Rio Grande S o u t h ..11st wk Mch
Rock Island L i n e s ..‘January . .
St Jos Sc Grand I s !. January . .
St Louis & San Frau January . .
Chic Sc East 111..'January . .
/ Evansv Sc Ter H January .
Total of all lines. January . .
St L Rocky Mt&Pn January . .
St Louis Southwest. 1st wk Mch
San Pcd L A Sc S L . January . .
Seaboard Air L in e .. 1st wk Ale'
Southern In d ia n a .. December
Southern Pacific Co January . .
V a r io u s F isc a l Y e a r s.
P e r io d .
Delaware Sc Hudson--------------------Jan 1
N Y Central Sc Hudson R iver. Jan 1
Lake Shore & Alichlgan South Jan 1
n Lake Erie & W estern---------- Jan 1
Chicago Indiana &o Suthcrn. Jan 1
Michigan Centra!______________ Jan 1
Cleve Cln Chicago «2c St Louis. Jan 1
Peoria Sc Eastern______________ Jan 1
Cincinnati Northern__________ Jan 1
Pittsburgh & Lake Erie_____ Jan 1
R u t la n d _______________________ Jan 1
New York Chicago Sc St Louis Jan 1
Toledo & Ohio Central________Jan 1
Total all lines__________________ Jan 1
Pennsylvania H a ilr o a d ...................Jan 1
Baltimore Chesapeake Sc A t l . Jan 1
Cumberland V alley____________Jan 1
Long Island___________________ Jan 1
Maryland Delaware & V a ____ Jan 1
N Y Philadelphia & N orfolk. .Ian 1
Northern Central---------------------- Jan 1
Philadelphia Balt & W a sh ___Jan 1
W est Jersey & Seashore_____ ‘Jan 1
Pennsylvania C o m p a n y ---------------- Jan 1
Grand Rapids Sc Ind---------------- Jan 1
Pitts Cincinnati Chic <5: St L _ . Jan 1
Vandalia_______________________ Jan 1
Total lines— East Pitts Sc E . _ Jan 1
W est Pitts Se E . . Jan 1
All lines Ii Sc W . Jan 1
Rio Grande Junction_____________ Dec 1
Texas & Pacific__________________jJan 1
c
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J an
Dec
Mch
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
l
W e e k ly S u m m a r ie s.
4th
1st
2d
3d
4th
1st
2d
3d
4 th
1st
week
week
week
week
week
week
week
week
week
week
Deo
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mch
(48 roads)____
(44 roads)____
(43 roads)____
(44 roads)____
(42 roads)____
(42 roads)____
(43 roads)------(42 roads)------(43 roads)____
(44 roads)-------
C u r 'n l
Y e a r P r e v 's
3
19,445,290
11,577,755
12,398.591
12,958,296
18,325,728
12,040,714
13,081,881
13,019,940
13,223,530
13,028,803
Y ear
$
18,207,431
11,021,410
11,025,053
12,428,232
18,028,059
12,703,442
12,928,215
12,381,369
13,182,681
13,203,818
I n c . or D ec .
%
5
+ 1,237,859 6.80
+ 556,336 5.05
+ 4 7 3 ,5 3 8 3.97
+-530,004 4.27
+ 297,669 1.65
— 02,728 0.70
+ 153,603 1.19
+ 638,577 5.16
+ 40,849 0.30
— 175,015 1.32
M o n t h ly S u m m a r i e s .
M ile a g e C u rr. Y r .
May . . . .- - - 2 3 7 .5 6 0
Juno . . . . . - 2 3 8 ,108
July . . . - - - - 2 3 8 , 1 6 9
A u g u s t ------ 238,493
S ep tem b er.. 2 40,678
O ctob er____ 241,215
N o v em b e r.. 241,2 72
December ..2 2 8 ,6 8 7
January ..2 2 5 ,8 6 2
February . . 88,651
P rev. Y r.
C u r 'n l
%
Y e a r P r e v 's
232,494 234,310,642
232,054 237,036,159
233,203 230,615,776
239,404 254,005,972
237,809 250,647,702
237,835 263,464,605
237,545 248,559,120
225,1771229.379,163
221,941 204,168,709
86,3511 56 078,284
Y ear
I n c . or D e c .
%
201,069,381 + 33,241,261 16.53
209,270,887 + 27,705,272 13.27
217,803,354 + 1 2,812,422 5.90
235,726,000 + 18,279,972 7.75
246,335,580 + 10,312,116 4.19
260.821,546 + 2,643,059 1.01
247.564,470
+ 994,050 0.40
214,311.201 + 1 5,067,962 7.03
199,180,2551 + 4,982,4541 2.50
+ 714,896 1.57
55,363,3881
lanJ Lorain Sc Wheeling R y. in both years, n Includes the Northern Ohio R R . p Includes earnings of Alason City Sc M . Dodge and W isconsin Alinneiota Sc Pacific, s includes Louisville Sc Atlantic from July 1 1909 and the Frankfort Sc Cincinnati from N ov. 1 1909. t Includes the Mexican Inter
national from July 1910. u Includes tho Texas Central In 1911.
7 IS
T H E C H R O N IC L E
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 44 roads and shows 1.32%
decrease in the aggregate under the same week last year.
1911.
F i r s t w eek o f M a r c h .
Alabam a Great Southern.
A nn A rbor_____________ . .
Canadian Northern____________
Canadian Pacillc_______________
Central of Georgia_____________
Chesapeake & O hio____________
Chicago & A lton _______________
Chicago Great W estern________
Chicago Indianapolis & Loulsv
Cine New Orl & Texas Pacific.
Colorado & Southern___________
Denver & Rio Grande__________
Detroit & Mackinac_______
Detroit Toledo & Ironton.
Georgia Southern & F lorid a..
Grand Trunk of Canada_______'
Grand Trunk W e st_________
Detroit Grand H av & MU\t .
Canada Atlan tic____________ ;
International & Great Northeri
Interoceanlc of M exico_________
Iow a Central___________________
Mineral R ange___________
Minneapolis & St Louis.
Minn St Paul & S S M ___
Chicago Division_____
Missouri Pacillc___________
Mobile * Ohio____________
National R ys of M exico________
Nevada-Callfornla-Oregon ____
Rio Grande Southern__________ I
St Louis Southwestern_________I
Seaboard Air Line_____________
Southern R ailway____________ ”
Texas & Pacific_______________
Toledo Peoria & W estern___ I . I
Toledo St Louis & Western
W aba sh ________________________ 31
Total (44 roads)____
Net decrease ( 1 .3 2 % ) .
1910.
In c r e a s e .
$
75,791
35,271
64,176
168,472
2 3 3 ,40C
1 ,726,00C
2 7 8 ,60C
528,701
2 4 6 ,07E
226,624
111,423
174,792
246,275
372,600
16,669
24,624
23,669
51,069
48,436
5
69,992
43,80£
57,784
182,997
195,100
1,597,OOC
259.70C
585,335
271,310
246,714
119,044
171,684
304,509
402,600
15,782
26,035
26,559
56,709
47,325
806,805
769,177
37,628
150,000
190,060
69,663
36,700
1,012,105
14,981
85,163
144,000
162,514
74,523
34,200
1,080,415
15,934
83.878
6,000
27,546
361,375
481,515
987,000
198,615
1,133,694
2,376
6,311
218,484
542,989
1,202,360
244,732
18,036
65,616
546,953
393,757
454,130
1,010,000
192,988
1,261,676
6,779
9,309
214,644
494,821
1,167,243
297,872
19,800
65,541
504,623
75
.............
13,028,803 13,203,818
398,667
5
5,798
6,392
38,300
129,000
18,900
3,108
887
1,111
5
" 8,538
14,525
56,634
25,231
20,090
7,621
53,234
30,000
V ,4 i i
2,890
5,640
2,500
74,310
953
1,255
32,382
27,385
23",666
5,627
127",982
4,403
2,998
3,840
48,108
35,177
53,140
1,170
573.682
175,015
Net Earnings Monthly to Latest Dates.—In our “Railway
Earnings” Section, which accompanies to-day's issue of the
“Chronicle” as a special supplement, we print the January
returns of earnings and expenses (or in the absence of the
January figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of
instances these figures differ from those contained in the
monthly statements given out by the companies themselves
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. We bring together
here (l) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re
turns of such roads (even where the figures correspond
exactly with those in the Inter-State Commerce reports)
which go beyond the requirements of the Commission and
publish their fixed charges in a d d itio n to earnings and ex
penses, or (3) which have a fiscal year different from that of
the Inter-State Commerce Commission, in which latter case
we insert the road so as to show the results for the company’s
own year. Wo likewise include (4) the few roads which
operate entirely within State boundaries, and therefore do
not report to the Federal Commission, and (5) Mexican and
Canadian companies. We add (6) the roads which have
issued their own statements for January, but have not yet
fHed any returns for that month with the Commission.
Finally (7) we give the figures for any roads that have
already submitted their February statement.
--------G r o s s E a r n i n g s ----------------- N e t E a r n i n g s -------C urren t
Year.
H oa d s.
P r e v io u s
Y ea r.
C urren t
Y ear.
P r e v io u s
Y ea r.
.
.
_
5
5
$
$
Atch Top & S Fe b .......... Jan 8 ,528.246 7 ,983,360 J 2 ,316,716 j l , 768,888
July 1 to Jan 3 1 . .......... 64,204,572 60,880,901 J22.791,910 J21.086.557
Bangor <Ss Aroostook-------Jan
278,256
236,376
92,139
89,204
July 1 to Jan 3 1 ............. 1,776,760
1,652,047
607,429
640,850
Betlcfonte O entral.b___Feb
del 1,035
4,824
510
4.309
Jan 1 to Feb 2 8 .
d e fl.2 7 5
10,075
10.376
def29
Bridgeton & Saco River.Jan
1,022
4,299
3,888
1,129
July 1 to Jan 3 1 _______
9,815
30,538
32,072
0,627
B ull Rocli & P it t s .b ___ Jan
229,316
655,925
225,967
707,660
July 1 to Jan 3 1 _______ 5.644,900
5,360,635 2,098,691
2,082,060
Canadian Northern_____Jan
101,700
822,600
792,2 0 0 .
122,500
July 1 to Jan 3 1 .
2,592,700 2,230,500
8,869,200
7,581,600
„656,118
„„
Canadian P a clflc.a -------- Jan 5.740,206
1,310,596
6,104,426
July 1 to Jan 3 1 ------------6 1 ,5 2 7 ,8 5 9 5 6 )o 2 9 ,’ 9 3 8 2 3 , 2 7 2 ,8 2 6 11.386,472
Central of New J e r se y .b . Jan 2,294,540 2 ,149,690
928,890
873,296
July 1 to Jan 3 1 ...............1 7 .3 1 2 ,4 7 7 1 6 ,5 8 2 ,1 6 1
7 ,4 8 6 ,3 2 8
7,707,845
Chesapeake & O h lo .b .-J a n 2,835,113 2,541,852
922 793
1,031,534
July 1 to Jan 3 1 -----------19,793,280 18,196,567
6,908,’905 7,457,351
Chicago Gt W c s t .b _____ Jan
949,490
879,372
14 3 907
86,955
July 1 to Jan 3 1 7 ,534,227
6,805,606 1,998,455
1,823,916
Colorado M ld lan d .a_____ Jan
139,996
157,460
645
deI5,014
July 1 to Jan 3 1 1 ,256,563
1,465,039
163,010
251,691
Colorado & S outhern .b.Jan 1,335,752
1,394,323
428 226
491,256
July 1 to Jan 3 1 1 0,459,894
10,051,835 3,802)203
3,876,630
[V O L . L X X X X I I
--------G r o s s E a r n i n g s ----C urrent
Yea r.
P r e v io u s
Y ea r.
S
5
5
52,064
55,847
■
July 1 to Dec 3 1 .
.
370,266
396,999
Cuba R R _________________ Jan1
315,783
256,793
1,276,059
July 1 to Jan 3 1 _______. 1,577,719
i 1,572,612
1,375,986
1,722,955
l 1,682,385
14,664,103 14,093,731
211,327
Duluth So Sh & A t l . b ___ Jan1
200,509
July 1 to Jan 3 1 .
1,931,069
. 1,935,456
1 4,206,553 4,145,747
July 1 to Jan 3 1 _______ 33,802,949 32,592,778
Georgia R a ilro a d .b ____ Jan .
250,088
302,390
July 1 to Jan 3 1 _______. 1,946,118
1,841,154
Grand Trunk of Canada—
2,384,558
. 2,502,354
Grand Trunk W e s t___ Jan
550,888
465,238
Det Gr H av & M llw ___ Jan
169,111
158,648
Canada Atlan tic........... Jan
158,648
143,075
Illinois Central________ a.J an 5,403,082
4,9 1 3 ,0 4 8
July 1 to Jan 3 1 _______;37.012,706 3 4 ,287,834
g Interoceanlc of M ex___ Jan
783,211
744,234
July 1 to Jan 3 1 _______ 5,083,990
4 ,823,038
Kan City Southern .!)___ Jan
837,506
799,866
July 1 to Jan 3 1 _______ 6,220,500
5,468,612
Louisiana & A rkansas.a.Jan
121,394
106,891
July 1 to Jan 3 1 _______
844,429
745,974
Loulsv Hend & St L .a .-J a n
98,927
91,295
741,580
686,001
^Mexico North W e s t .a -.D c c
157,465
141,500
Jan 1 to Dec 3 1 _______
1,203,430
Mineral R a n g e .b ________ Jan
62,780
69,176
July 1 to Jan 3 1 _______
442,656
508,462
Minn St P & S S M .a ____ Dec
997,712
1,044,496
July 1 to Dec 3 1 _______ 7,159,472
8,592,204
Chicago D iv ision .a
Dec
695,349
573,855
4,692,038
4,277,460
Missouri Kan & T e x a s.a -J a n 2,351,844 2,115,584
18,275,915 16,272,424
4,298,780
4,180,355
July 1
31,994,163 31,250,445
5,483,284
5.018,765
37,427,471 33,290,435
N cvada-Cal-O rego n .b
Jan
11,142
26,004
July 1 to Jan 3 1 _______
215,751
291,654
7,787,084
7,491,090
3,716,506 3,873,876
eLake Erie & W e s t.b .J a n
450,609
424,011
Chic Ind & S o u .b ____ Jan
310,642
324.911
Michigan Central. b -.J a n 2,364,920 2,158,105
Clcv Cin Ch & St L _b .J a n 2,344,881
2 ,324,237
Peoria & E a ste rn .b ___Jan
306,128
263,800
Clncln N orth ern .b____ Jan
99,608
89,522
Pitts & Lake E r ic .b -.J a n 1,014,690
1,335,772
Rutland b_______ ______ Jan
228,841
206,508
N Y Chic & S t L _ b ___Jan
891,009
939,409
Toledo & Ohio C en t.b .J an
338,879
357,049
19,853,803 19,788,890
N Y Ontario & W e s t .a .-J a n
681,841
587,995
July 1 to Jan 3 1 _______ 5,659,242
5,037,254
N Y Sus & W c s t .a ____ Jan
315,310
264,008
July 1 to Jan 3 1 _______ 2,205,602
2,011,208
Norfolk & W e s te rn .b ___Jan 2,931,038
2,782,491
July 1 to Jan 3 1 _______: 21,425,660 20,112,408
Pacillc Coast................. .......j an
537,136
526,104
July 1 to Jan 3 1 ____ 4.907,854
4,802,901
Pennsylvania Lines—
Pennsylvania R R .a .-J a n :12,359,831 12,908,158
Balt Ches & A t l .a ____ Jan
12,914
11,882
Cumberland V a lley .a .J a n
232,945
225,928
Long I s l a n d . a . . . ___ Jan
637,068
542,874
Maryland Del & V a .a .J a n
6,224
5,882
N Y Phila & N o r f.a ___Jan
239,612
230,008
------- N e t E a r n i n g s -------C u rren t
5
9,132
131,031
148,893
669,095
510,133
334,414
4,335,054
23,634
625,386
9 1 6,440
9 ,4 0 3 ,0 2 7
80,798
517,408
P r e v io u s
3
22,491
196,730
127,186
474,290
428,182
238,278
4,028,106
45,549
016,108
858,457
9,207,349
74,110
531,136
397,593
322,649
84,191
117,283
2 4 ,4 3 0
20,683
13.139
28,712
1,146,200
1,477,141
7,037,221
9,406,702
291,577
305,742
1,678,028
1,881,133
208,199
26 3 ,3 6 0
1,002,041
2 ,3 0 3 ,9 3 7
32,740
45,210
263,758
299,273
24,151
14,192
180,999
101,708
09,569
68,205
481,507
1,194,478
7,408
5,699
80,042
8,910
373,088
242,402
4,031,291
2,593,230
70,114
88,190
1,283,416
1,158,831
487,573
682,985
5,902,529
5,444,347
1,073,585
971,933
8,133,064
9,681,095
2 ,206,438
2 ,005,888
15,446,354 12,783,309
d c fl,8 4 7
0,791
78,891
159)505
1,281,873
1,786.774
915,030
1,303,808
73,775
101,957
02,015
100,900
419,807
543,639
365,727
006,362
55,387
80.501
10,000
17,449
441,032
730,090
29,307
44,081
178,377
351,398
04,388
134,006
5,801,865
3 ,897,984
96,860
95,614
1,041,928
1,457,052
106,130
57,133
690,496
543,876
970,033
1,087,054
7,820,159
8,286,041
43,241
77,331
954,807
1,034,031
1,890,087
def 465
80,685
def46,945
def 1,370
43,842
11,309
156,057
def 61,970
400,348
20,791
592,176
126,642
2,943,864
67
76,219
def 48,124
def 1,388
52,982
103,009
202,790
def53,897
919,264
18,832
836,231
222,209
1,034,673
1,014,571
1,441,442
1,376,659
W est Jer & Seashore a Jan
286,327
316,020
3,417,851
3 ,974,370
Grand Rap &. I n d .a .-J a n
373,043
395,477
3,112,715 3,301,038
Vandalla a ____________ Jan
870,580
824,524
Total lines East of
7.100,356 17,437,956 2,023,690
3,254,355
Total lines W est of
8,065,713 8,888,200
1,175,331
2 ,053,030
:5 ,166,069 110,326,157 3 ,109,027
5,307,386
1,146,294
52,504
1,196,749
217,447
July 1 to Jan 3 1 .1
9,712,934 9,413,438
2,217,730
2,917,447
Reading Company—
Phila & R ea d ln g .b — Jan 3,710,073 3,872,454
1,350,195 1,381,411
July 1 to Jan 3 1 . .......... 26,703,370 20,062,981
9 ,628,525 10,128,758
Coal & Iron C o .b -------Jan 3,416,577 3 , 690,456
102,744
2 91,275
July 1 to Jan 3 1 -----------20,182,750 19,580,240
311,867
797,545
Total both c o s .b .......... Jan 7,126,650
7,472 910
1,461,939
1,672,086
July 1 to Jan 3 1 .............46,946.119 45,643,221
9,940.302 10,926,303
Reading Com pany____ Jan
148,695
144,598
July 1 to Jan 3 1 .......... ..
......I ' l l
1,031,282
1,029,523
Total all companies___Jan
1,610,634
1,817,284
July 1 to Jan 3 1 ...............
” 1
I ' I ' I I 10,971,674 11,955,826
Rio Grande Junction___Dec
75,931
81,905
« 2 2 ,7 7 0
n24,598
Rio Grande S outhern .b.Jan
38,582
45,407
12,717
0,859
363,423
July 1 to Jan 3 1 .............
298,264
141,453
83,910
Rock Island L in e s .b ------ Jan 5,320,807
5,000,170
1,276,874
1,022,213
July 1 to Jan 3 1 .............41,844,690 39)820’,91
12,450,805 12,108,275
St Louis & San F r a n .b .-J a n 3,612,999 3 281 813
1,142,598
055,380
July 1 to Jan 3 1 ________ 26,383,518 24,912,977
—
8 ,202,000 7,367,496
Chic & Eastern 111.b -.J a n 1,059,761
305,560
1,041,664
266,610
July 1 to Jan 3 1 .......... .. 7,049,709
7,060,389
5,407,961
,388,073
Evansv & Ter H . b ___Jan
199,163
187,973
51,276
52,045
July 1 to Jan 3 1 .......... .. 1,038,234
1,475,595
596,332
588,854
Total all lln e s.b _______Jan 4,871,923
. _
_
4,511,450
1,499,434
1,274,486
July 1 to Jan 3 1 -------------35,671,462 33)448)962 11)260)200 1 6 )345)622
St L Rocky M t & P a c .a .J a n
197,834
178,693
67,291
03 118
July 1 to Jan 3 1 ............... 1,317,227
1,085,791
472,404 ' 364,150
St Louis S o u t h w e s t .a ...Jan 1,050,077
914,534
224 ,4 59
16 7 429
July 1 to Jan 3 1 ............... 7,512,779
6,707,765 2 ,041,360 1,886,780
Southern Paclflc.a.......... .Jan 9,989,086
10,395,502 2,331,647 3,014,256
July 1 to Jan 3 1 .............81,126,809 80,347,480 27,804,013 30,128,515
THE CHRONICLE
MAH. 18 1911.]
$
. J a n 1 ,3 2 2 ,6 6 3
.J a n
1 0 7 ,9 3 2
_____
9 9 ,2 6 4
_____
8 8 6 ,9 4 9
U n io n P a c i f i c . a -------------- . J a n 6 ,3 0 9 ,7 1 6
J u ly 1 t o J a n 3 1 . . _____5 6 ,1 3 5 ,1 3 3
T e x a s & P a c i f i c . b --------T o le d o P e o ria & W e s t .b
F e b r u a r y ---------------J u ly 1 t o F e b 2 8 . .
5 5 3 ,4 1 6
W e s t e r n M a r y la n d . a ------ . D e o
J u i y 1 t o D e c 3 1 . . _____ 3 ,7 7 6 ,0 9 1
Y a z o o & M is s V a l l e y . a . . J a n 1 ,0 5 0 ,1 6 3
J u l y 1 t o J a n 3 1 _ . _____ 6 ,6 8 1 ,3 4 0
QUARTERLY
------ Gross
Current
Year.
Roads.
-N et Earnings —
Previous
Current
Year.
Year.
Previous
Year.
Current
Year.
Roads.
B o s to n & A lb a n y —
O c t 1 t o D e c 3 1 ------------ 3 .8 0 1 ,5 6 2
a; A f t e r a ll o w i n g f o r o t h e r i n c o m e r e c e i v e d .
V A f t e r a ll o w i n g f o r o u t s i d e o p e r a t i o n s , h i r e o f e q u ip m e n t a n d
in c o m e .
RETU RNS.
A m e r ic a n R y s C o . . . F e b r u a r y .
c A u r E lg in & C h ic R y J a n u a r y . .
B a n g o r R y & E le c C o J a n u a ry ._
B a to n R o u g e E l C o . . J a n u a ry . .
B i n g h a m t o n R a il w a y J a n u a r y
B r o c k & P ly m S t R y J a n u a ry . .
B k ly n R a p T ra n S y st N o v e m b e r .
C a p e B r e to n E le c C o . D e ce m b e r
C a r o lin a P o w & L t C o J a n u a r y . .
C e n t P it N & E R i v e r N o v e m b e r .
C en tral P en n T r a c — J a n u a ry . .
C h a tta n o o g a R y & L t J an u a ry ' . .
C h i c a g o R y s C o --------- N o v e m b e r .
C le v P a in e s v & E a s t . J a n u a ry . .
C o l u m b u s (G a ) E l C o J a n u a r y . .
C o n e y Isl & B k l y n ___ N o v e m b e r .
D a lla s E l e c t C o r p — J a n u a r y ' . .
D e t r o i t U n it e d R y ___ 1 st w k M c h
D D E B & B a t ( R e c ) N o v e m b e r ..
D u lu t h - S u p e r ia r T r a c J a n u a r y . .
E a s t S t L o u is & S u b . J a n u a r y . .
E1 P a s o E l e c t r i c ______ J a n u a r y _ .
F a lr m & C la r k s T r C o J a n u a r y . .
F t W a y n e & W abash
V a lle y T r a c t io n C o J a n u a ry . .
4 2 d S tM & S N A v (R e c) N o v e m b e r .
G a lv -I Io u s t E le ct C o . J a n u a ry . .
G ra n d R a p id s R y C o . J a n u a ry
U a v a n a E l e c t r i c C o . . W k M c h 12
H o n o l u lu H a p ld T r a n
J a n u a r y __
& L and Co
H o u g h to n C o T r C o .. Jan u a ry
H u d s o n & M a n h a tta n N o v e m b e r .
I ll in o i s T r a c t i o n C o . . D e c e m b e r
In tcrb o r R T (S u b ).. N ov em b er.
In terb or R T (E le v ). N o v e m b e r.
J a c k s o n v ille E le c t C o J a n u a ry . .
K a n C ity R y & L t C o F e b r u a r y .
L a k e S h o re E le c R y . J a n u a ry .
L o n g I s la n d E l c c t r l c . N o v e m b e r .
M c t r o p o l lt a n S t ( R e c ) N o v e m b e r .
MUw E l R y & L t Co F ebru ary .
M llw L t l i t & T r C o . F e b r u a r y
Jan u a ry . .
M o n tre a l S tre e t R y
N a s h v i ll e R y & L ig h t J a n u a r y ’ . .
N e w O r le a n s R y & L t D e c e m b e r
N Y C ity I n t e r b o r o .. N o v e m b e r .
N Y & L o n g I s la n d T r N o v e m b e r
N Y & Q u e e n s C o ___ N o v e m b e r .
N orf & P ortsm T r C o J a n u a ry . .
N orth a m E a s t o n * W J an u a ry . .
N o r t h O h io T r a c & L t J a n u a r y . .
N o rth T e x a s E le c C o . J a n u a ry .
F ebruary
N o r th w e st E le v C o
O ce a n E le c tr ic (L I ) . N o v e m b e r
O k la h o m a C ity R y . . J a n u a ry . .
P ad u ca h T r & L t C o Jan u a ry . .
P e n s a co la E le c tr ic C o J a n u a ry .
P o r t (O r e ) R y ,L * P C o . J a n u a ry .
P u g e t S o u n d E le ct C o J a n u a ry .
R ich m o n d L t & R R . N o v e m b e r .
R io d e J a n e ir o T r a m
L ig h t & P o w e r C o J a n u a ry . .
S t J o s e p h i M o i R v Lt
H e a t & P o w e r C o . . J a n u a ry
S a o P a u lo T r L t & P . J a n u a ry
S a v a n n a h E le ctric Co J a n u a ry
Jan u ary . .
S e a ttle E le c t r ic C o
S e co n d A v e n u e (R e c ) N ov em b er
N ov em b er.
S o u th e rn B o u le v a r d
S o u W i s c o n s in R y C o J a n u a r y . .
S t a t e n Isl M i d l a n d . . N o v e m b e r .
T a m p a E le ctric C o . . J a n u a ry . .
T h ir d A v e n u e ( R e c ) . N o v e m b e r .
T o le d o R y s & L t C o . . D e ce m b e r
T o r o n t o R y C o ________ D e c e m b e r .
T w i n C i t y R a p T r a n . 1 st w k M c h
U n dergrou n d E l R y
of London—
T h r e e t u b e li n e s ___ W k M c h 11
M e t r o p o l it a n D l s t . W k M c h 11
U n lt c d T r a m w a y s . W k M c h 11
U n io n ( R e c ) __________ N o v e m b e r .
U n io n R y .G & E C o d ll) J a n u a ry . .
U n it e d R R s o f S a n F r J a n u a r y . .
W e s tc h c s E le c ( R e c ) . N o v e m b e r
W h a tco m C o R y & L t Jan u a ry _ .
Y on k ers R R ( R e c ) .. N o v e m b e r.
Y o u n g s t & O h io R I v . J a n u a r y . .
--------Net
Current
Year.
$
5
3 ,6 5 1 ,3 8 4
Earnings -------Previous
Year.
$
6 5 9 ,0 1 2
1 ,0 2 2 ,2 7 4
D el L a c k & W e s t c r n .b —
O ot
1 t o D e c 3 1 . ............ 9 ,3 9 8 ,2 0 1
3 ,9 9 7 ,0 7 1
9 ,4 9 1 ,9 4 6
J u l y 1 t o D e c 3 1 ........... . 1 8 , 5 3 4 ,8 1 8
7 ,6 4 1 , 8 1 5
1 8 ,4 8 7 ,8 7 3
Jan
1 t o D e c 3 1 .............. 3 6 ,0 5 2 ,9 3 1 3 4 ,8 1 5 ,0 0 9 1 5 ,4 2 9 ,4 8
4.6 7 4 .5 4 9
8 .9 2 5 .5 5 0
10,009,501
a N e t e a r n in g s h e r e g iv e n a r e a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r e g i v e n a r e b e f r o e d e d u c t i n g t a x e s ,
c In clu d e s th e N e w Y o k & O tta w a , th e S t . L a w re n ce & A d ir o n d a c k a n d
t h e O t t a w a & N e w Y o r k R y . . t h e la t t e r o f w h ic h , b e in g a C a n a d ia n r o a d ,
d o c s n o t m a k e re tu rn s t o t h e I n te r-S ta te C o m m e rc e C o m m is s io n .
d A f t e r a ll o w i n g f o r o u t s i d e o p e r a t i o n s a n d t a x e s , o p e r a t i n g in c o m e to r
J a n . 1911 w a s 5 2 7 8 ,7 3 0 , a g a in s t 5 2 3 3 ,3 0 9 ; f r o m J u l y 1 t o J a n . 31 w a s
5 2 ,2 9 4 ,6 2 9 in 1 9 1 1 , a g a in s t 5 2 ,2 5 4 ,5 2 9 la s t y e a r .
e I n c l u d e s t h e N o r t h e r n O h io R R .
g T h e s e r e s u lt s a r e in M e x i c a n c u r r e n c y .
i T h e c o m p a n y n o w in c lu d e s t h e e a r n in g s o f t h e A t c h . T o p . & S a n t a F e
R y . . G u lf C o l o . & S a n t a F e R y . , E a s t e r n R y . o f N e w M e x i c o S y s t e m ,
S a n t a F e P r e s c o t t & P h o e n ix R y . , S o u t h e r n K a n s a s R y . o f T e x a s , T e x a s
& G u lf R y . , G . & I . R y . o f T . a n d C . S . S . & L . V . R R . in b o t h y e a r s .
F o r J a n u a r y t a x e s a m o u n t e d t o 5 3 0 7 ,8 1 4 , a g a in s t 5 3 1 8 ,6 8 1 In 1 9 1 0 ; a ft e r
d e d u c t i n g w h ic h , n e t f o r J a n . 1911 w a s 5 2 , 0 0 8 ,9 0 2 , a g a in s t 5 1 . 4 5 0 ,2 0 7 la s t
year.
F o r p e r io d f r o m J u l y 1 t o J a n . 31 t a x e s w e r e 8 1 ,9 7 9 ,4 6 1 in 1 9 1 1 ,
a g a in s t $ 2 ,1 5 5 ,1 5 4 I n 1 9 1 0 .
n T h e s e fig u r e s r e p r e s e n t 3 0 % o f g r o s s e a r n in g s .
r A f t e r a ll o w i n g f o r m is c e l la n e o u s r e c e ip t s a n d n e t f r o m c o a l a n d o t h e r
d e p a r t m e n t s , t o t a l n e t e a r n in g s f o r D e o . 1 9 1 0 w e r e 5 2 0 8 ,3 5 0 ,'a g a l n s t 5 1 9 6 ,
5 0 5 in 1 9 0 9 ; a n d f r o m J u l y 1 t o D e c . 31 w e r e $ l , 4 9 4 ,7 6 0 ^ in ij l9 1 0 , a g a in s t
$ 1 , 5 1 3 ,4 3 0 in 1 9 0 9 .
Interest Charges and Surplus.
—
Roads.
Int., Rentals, & c .—
Current
Previous
Year.
Year.
—
Dal. o f Net Earns.
Current
Previous
•Year.
Year.
$
$
3
5
* 1 7 ,5 3 2
09,892
87,029
* 7 ,2 5 4
* 0 1 ,4 4 7
672,851
588 ,255
* 1 5 9 ,8 1 5
d e f. 1,285
280
236
250
B e l l c f o n t e C e n t r a l________ F e b
d e f . 1,779
d e f .501
472
500
J a n 1 t o F e b 2 8 ________
382
530
593
610
B r id g e t o n & S a c o R i v e r . J a n
5,388
5,400
4,239
4,355
J u ly 1 t o J a n 3 1 ________
*
1
1
7
,6
83
*1 3 0 ,9 8 2
172,798
169,095
B u l l R o c h & P i t t s b ______ J a n
1,170,386 * 1 ,3 7 3 ,6 1 3 * 1 ,1 3 9 ,6 5 7
J u l y 1 t o J a n 3 1 ________ 1|230(5i)8
338 ,489
534 ,807
410,922
517,968
C e n t r a l R R o f N J ________ J a n
4,2 8 3 ,8 4 9
3 ,4 2 3 ,9 9 0 3 ,7 7 7 ,2 4 9
J u ly 1 t o J a n 3 1 ________ 3 ,7 0 9 ,0 7 9
533 ,584
(Z497.950
280 ,0 5 4
C h e s a p e a k e & O h i o ______ J a n a64 2,73 8
3 ,8 5 6 ,8 5 8
2 ,4 0 4 ,1 5 5
• ■ J u ly 1 t o J a n 3 1 _______ c14,444,750 a 3 .000,492
211,696
2 07 ,460 * d f.5 9 ,1 0 3 * d f .l 17,904
C h ic a g o G re a t W e s t e r n ..J a n
* 2 2 1 ,3 4 7
* 5 9 9 ,1 5 2
1 ,620,930
J u ly 1 t o J a n 3 1 ________ 1,469,796
29,820
29,820 c d f .30,981 c d f .45,582
C o l o r a d o M i d l a n d _________ J a n
208 ,740
208 ,7 4 0 c d f .l 11,711 Cdf. 45,756
J u l y 1 t o J a n 3 1 ________
c 1 3 1,12 7
C239.533
272 ,638
258,655
C o l o r a d o & S o u t h e r n _____J a n
1,780,330 C l,877 ,913 C2,2 53 ,345
J u l y 1 t o J a n 3 1 ------------ 1 ,895,565
15,668
9,966
12,526
d e f .6,530
C o p p e r R a n g e ______________D e c
94,231
121,966
36,800
74,763
J u ly 1 t o D e o 3 1 -----------59,625
90,519
36,067
89,208
C u b a R a i l r o a d ......................J a n
279,625
222,413
251 ,877
389 ,470
J u l y 1 t o J a n 3 1 -----------489,852
454 ,624
d257,198
d 26 7,29 6
D e n v e r & R i o G r a n d e ___ J a u
3 ,0 8 7 ,2 8 0 a 1,755,282 d 1,758,898
J u ly 1 t o J a n 3 1 ------------ 3 ,5 2 4 ,1 0 3
94,337
9 4 ,525 * d f .07,953 * d f .45,073
D u lu t h S o S h o r e & A t l - . J a n
671 ,627
675,388
* d f.4 ,0 1 1 * d f.2 5 ,5 6 3
J u ly 1 t o J a n 3 1 -----------82,068
59,893
* 8 ,7 7 1
* 2 4 ,2 3 0
G e o r g ia R a i l r o a d _________ J a n
533,917
4 23 ,345
* 1 7 4 ,2 9 0
J u l y 1 t o J a n 3 1 ________
* 4 7 ,9 5 0
2 8 ,7 2 5
2 5 ,805
* 1 0 ,4 9 5
L o u is ia n a & A r k a n s a s — J a n
*2 5 ,5 0 9
165,032
190,478
*1 5 9 ,3 6 4
J u ly 1 t o J a n 3 1 _____ .
*1 7 6 ,1 8 3
10,771
14,689 * d c f . 1,708
*9,781
L o u i s v I l e n d <fc S t L o u i s .J a n
124,187
113,194
*7 7 ,4 9 0
* 4 1,531
J u ly 1 t o J a n 3 1 ________
12,595
12,856
* d c f .5,878 z d c f.4 ,0 8 0
M in e r a l R a n g e ____________ J a n
97,832 * d f .70,304 * d f .15.117
89,358
J u ly 1 t o J a n 3 1 ________
657,802
600,176
* 1 47 ,291 * d c f2 3 ,4 0 3
M is s o u r i K a n & T e x a s . - J a n
3,8 0 7 ,5 4 8 * 2 ,0 1 4 ,0 3 5 * 1 ,6 8 3 ,4 1 6
J u ly 1 t o J a n 3 1 ________ 4,1 1 8 ,6 7 8
14,268
11,770 *(lef. 17,953
*d cf,0 7 1
N e v a d a - C a l - O r c g o n ______ J a n
34,473
* 1 3 3 ,1 4 5
39,835
*45 ,1 5 1
J u ly 1 t o J a n 3 1 ________
93,0 8 0 d e f . 3 7 ,6 4 8
134,508
1,934
N Y O n t a r io & W e s t e r n . J a n
605,130
847,732
791 ,916
794 ,190
J u l y 1 t o J a n 3 1 ________
478,594
*6
4
8
,2 3 0
519,733
*5
9
7
,2
7
3
N o r f o l k & W e s t e r n ______ J a n
3 ,2 7 4 ,9 0 9 * 5 ,0 0 0 ,9 2 2 * 5 ,3 5 1 ,2 6 9
J u ly 1 t o J a n 3 1 _______ 3 ,601,243
360 ,954 f/df.374,013 y d f .l 47,552
303 ,789
P e r c M a r q u e t t e ____________ J a n
2 ,4 4 8 ,3 2 5 yd f.0 35,471
2/453,571
J u ly 1 t o J a n 3 1 ________ 2 ,5 3 2 ,2 5 0
899,971
885 ,000
775 .634
917 ,313
R e a d i n g C o m p a n y ...............J a n
0,2 9 9 ,7 9 7
4 ,7 7 6 ,6 7 4
J u l y 1 t o J a n 3 1 ________ 6 ,1 9 5 ,0 0 0
5,6 5 6 ,0 2 9
8,333
8,3 3 3
14,446
10,265
R i o G r a n d e J u n c t i o n _____ D e o
20,697 *<Ief2,799 * d e f0 ,8 8 9
R i o G r a n d e S o u t h e r n _____ J a n
19,112
134,941
J u ly 1 t o J a n 3 1 . .
* 1 5 ,4 8 6 * d e f4 0 ,2 0 0
134,230
34,154
28,964
32,317
34,974
S t L R o c k y M t & P a c ___ J a n
234,998
129,152
227,397
245 ,097
J u ly 1 t o J a n 3 1 -----------171,111
41,575
174,542
102,690
S t L o u is S o u t h w e s t e r n .. J a n
1,208,672
995 ,813
1 ,060,789
J u l y 1 t o J a n 3 1 ________ 1,230,102
* 5 ,3 1 0
25,615 * d c f 10,777
24,413
T o le d o P e o ria & W e s te r n J a u
* 4 ,1 9 6
25,575 * d c f0 ,8 4 2
26,493
F e b r u a r y .................
195,478
* 2 9 ,4 9 2
*1 0 ,9 0 4
200 ,310
B a n g o r & A r o o s t o o k _____ J a n
J u ly 1 t o J a n 3 1 ________
IR T E R L Y R E T U R N S .
— In t.. Rentals, e t c . —
—
Current
Year.
$
B o s to n & A lb a n y —
O c t 1 t o D e c 3 1 ..........
D el L a ck
O ct
• J u ly
Jan
& W
1 to
1 to
1 to
1,324,533
estern —
6,2 4 8 ,2 6 3
D e o 3 1 ______
D e c 3 1 _______ 8 ,7 3 3 ,9 3 3
D o c 3 1 _____- 13,987,852
Previous
Year.
5
Dal. o f Net Earns .—
Previous
Current
Year.
Year.
5
1,0 6 0 .5 0 9 * d c f0 1 8 ,7 4 8
5
* 4 ,3 5 3
0 ,2 9 5 ,6 7 8 * (lcf7 7 7 ,3 5 1 * 2 ,4 7 4 ,8 7 1
8 ,6 8 1 ,7 4 4 * 1 ,1 3 1 ,1 0 9 * 5 ,7 2 0 ,0 3 2
13,351,866 * 0 ,2 0 0 ,3 8 2 * 1 1 ,5 5 0 ,2 2 7
a T h e s e r e s u lt s a r c a ft e r d e d u c t i n g o t h e r I n c o m e ,
c A f t e r a ll o w i n g fo r m is c e lla n e o u s c h a r g e s a n d c r e d i t s t o I n c o m e .
d T h e s e fig u r e s a r e a f t e r a l l o w i n g f o r o t h e r i n c o m e a n d f o r d i s c o u n t a n d
ex ch a n g e.
T h e s u m o f $ 1 0 ,0 0 0 is d e d u c t e d e v e r y m o n t h f r o m s u r p lu s
a n d p la ce d t o th e c r e d it o f t h e re n e w a l fu n d ,
S
5
5
3 8 5 ,6 8 2
1 ,3 6 1 ,2 8 2
2 6 3 ,3 2 6
2 9 ,0 6 1
1 0 7 ,6 1 5
1 0 ,3 6 2
2 6 ,0 2 1
1 0 0 ,7 8 6
1 7 ,6 5 1
2 0 8 ,7 1 9
8 0 5 ,4 6 2
1 8 8 ,4 7 8
2 ,3 2 3 ,5 3 4
6 ,5 1 0 ,1 5 3
2 ,0 6 0 ,2 3 7
5 4 ,3 6 0 ,9 9 2 2 3 ,9 4 7 ,9 5 7 2 5 ,9 8 0 ,2 8 6
r l6 0 ,8 7 8
5 2 7 ,2 3 6
r l4 9 ,2 5 4
3 ,4 3 7 ,7 8 9 r l , 3 3 0 ,1 7 9 r l , 2 5 6 ,2 9 6
2 1 2 ,9 6 8
8 9 6 ,7 9 1
3 8 1 ,5 2 1
1 ,1 9 2 ,2 4 9
6 ,1 9 3 ,1 2 3
1 ,9 9 8 ,0 6 9
Earnings -----Previous
Year.
S
719
oth e r
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
W e e k nr
M o n th .
Current
Year.
Jan. 1 to latest date.
Previous
Year.
Current
Year.
S
Previous
Year.
5
S
2 8 6 , 6 4 6 2 C 8 .2 1 7
601, 0 3 3
121 , 1 96 1 0 1 ,7 8 4
121 196
176
4 5 ,176
4 2 ,8 6 8
836
,83 6
9 ,3 8 4
28 ,499
2 7 ,1 8 0
28 ,499
,471
7 ,471
0 ,8 7 5
1 76 4 6 18 1 6 7 5 ,1 6 6 2 0 ,0 6 3 ,506
29 5 20
2 7 .9 0 9
3 2 0 ,0 1 0
2 0 ,1 6 1
,85 0
23 ,8 5 0
53 201
5 0 ,1 8 2
5 87 192
6 6 , 884
6 2 ,0 8 7
60, 8 84
73, 5 3 3
6 5 ,9 4 6
73 5 33
1 1 5 5 , 132 1 0 5 4 ,1 6 8 1 1 ,4 2 0 , 3 8 4
2 1 ,4 8 4
2 3 , 114
23, 114
3 3 ,5 2 1
39, 038
3 9 , 0 38
1 0 4 , 1 56 1 0 2 ,3 6 6 1 ,3 9 2 , 0 3 5
1 39 , 3 7 4
139, 3 7 4 1 1 8 ,7 2 1
101 , 8 5 7 1 4 9 ,5 7 3 1 ,4 8 6 , 3 88
565, 383
5 0 ,3 8 1
5 1, 0 8 2
8 4 , 196
8 2 ,5 5 1
8 4, 1 96
1 88 , 7 2 4
1 88 , 7 2 4 1 8 8 ,1 9 3
61, 7 0 9
5 7 ,9 5 8
769
52, 3 63
3 9 ,4 4 9
52 ,363
561,349
101,784
42,868
9,3 8 4
27,1 8 0
6,875
8 ,9 7 6 ,1 7 3
285 ,799
20.161
547 ,777
6 2 .087
65,946
0 ,3 5 2 ,5 6 2
21,4 8 4
33,521
1 ,3 7 8 .7 8 6
118,721
1 ,332,198
575 ,112
82,551
188 ,193
57,958
3 9 ,449
1 3 1 ,7 8 3
1 ,3 2 0 ,7 0 0
1 1 1 ,1 6 6
9 2 ,0 6 7
4 5 8 ,4 1 9
123 ,255
1 ,232,502
96,631
86,352
394 ,668
3 8 ,9 2 1
35 ,530
38,921
2 3 ,2 5 6
23,256
,340
239 ,227 182 ,803 2 ,3 2 2 ,9 2 9
618,469 503 ,206 6 ,2 1 6 ,1 0 4
,087 1 2 ,6 4 0 .5 5 8
1262,490
1295.789 1258 ,680 1 3 ,9 4 2 .5 6 8
5 2 ,7 6 5
46 ,880
52,765
599,951 553 ,543 1 .2 5 0 ,5 5 8
8 4 ,5 6 9
78 ,994
84,569
1 9 6 ,1 9 8
,379
13,930
,615 .2, 9 2 6 .1 0 7
1143,150
7 8 8 ,4 9 0
377 ,815 350 528
1 4 7 ,6 8 8
057
71,606
3 9 0 ,1 2 5
390 ,125 325 621
1 6 1 ,9 0 3
161,903 148, 598
6 ,2 9 1 ,6 4 5
585,222 556 27
2 1 1 ,5 0 6
14 747
3 4 5 ,0 3 4
27,447
26 516
75 893 1 ,0 3 7 ,5 4 8
88,652
1 6 8 .8 7 1
168,871 156 373
1 1 ,9 2 7
10 ,757
11,927
1 8 6 ,2 7 1
186,271
944
1 2 4 ,0 0 9
124,009 105 ,849
3 5 7 ,4 0 9
173,089 171 ,265
1 07 8 8 7
3 640
3,383
5 3 ,0 5 5
40 054
53,055
2 1 ,7 8 7
22 ,741
21,787
2 2 ,3 6 9
20 ,608
22,369
5 1 1 .6 2 4
511,624 431
1 4 2 .2 5 1
142,251 144 ,368
3 1 7 ,7 3 9
23 ,115
23.683
35,539
25,3 4 0
459
7
23
9
61
131,783
124,449
111,166
92,067
48,631
1 2 3 ,2 5 5
1 1 1 ,1 0 5
9 6 ,6 3 1
8 6 ,3 5 2
4 1 .9 0 9
25
1201
13
65
1110
21,001
164.
011
5 ,3 6 3 ,3 8 4
46,889
,165,462
78.904
177,633
,679.029
732 ,898
132,478
325,621
148,598
,063,497
158,060
320 ,610
9 07 ,519
156,373
10,757
164,944
105,849
353 ,873
105,446
40,054
22,741
20,608
431,011
144,368
999 ,575
814,042
9 9 9 .5 7 5
814 ,0 4 2
90,987
282 ,356
53,803
478.729
69,503
8.856
14,584
16.683
53,224
283,308
290 ,188
89,308
228 ,830
48,898
467 ,700
68,830
7,589
13,127
16,569
89,308
228 .8 3 6
48,898
4 67 ,700
786,723
8 3 ,765
13,127
140,878
1 3 3 ',9 5 8
9 0 ,0 8 7
2 8 2 ,3 5 6
5 3 ,8 0 3
4 7 8 ,7 2 4
7 8 0 ,8 0 2
1 0 2 ,5 4 8
1 4 ,5 8 4
2 4 5 ,6 0 2
5 3 ,2 2 4
3 ,2 4 7 ,0 6 0
2 ,9 8 5 ,3 8 2
4 .3 7 7 ,1 1 0
1 ,3 2 8 ,0 1 5
£ 1 4 ,3 0 0
£ 1 2 ,1 0 9
£ 5 ,5 7 2
173,024
276,382
638 ,312
42.073
3 3 ,437
52,849
16,921
£ 1 3 ,4 1 5
£ 1 1 ,0 3 0
£ 5 ,5 7 7
157,197
263,875
627,666
36,434
36,202
£ 1 4 2 ,0 4 0 £ 1 3 4 ,9 1 #
£ 1 1 8 ,1 6 7 £10 8 ,4 7 1
£ 5 2 ,5 8 3
£ 52 ,721
2 ,0 5 5 ,1 8 6 ' 1,861,918
263 ,8 7 5
2 7 6 .3 8 2
627 ,666
6 3 8 .3 1 2
411 ,20#
4 9 0 ,4 8 7
36,202
3 3 ,4 3 7
5 3 ,3 6 1
2 5 4 ,4 9 1
206,182
1 3 ,9 7 6
16,921
53,361
2,789 743
2.7 3 3 ,1 7 8
3,9 2 6 ,8 2 8
1 ,249,043
13,97#
c T h e s e fig u r e s a r e f o r c o n s o l i d a t e d c o m p a n y .
W>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
onc$ a month in these columns, and the latest statement of
this kind will be found in the issue of Jan. 28 1911. The
issue of March 25 1911.
Roads.
Current
Year.
5
2 1 0 ,0 3 1
B irm in g h a m R y , L & P .F e b
4 5 5 ,2 8 3
J a n 1 t o F e b 2 8 -----------5 2 ,3 6 3
F a lr m & C l a r k s b u r g . b - - J a n
1 3 1 ,7 8 3
F t W a y n e * W a b V a ll.b .J a n
r!3 6 2 ,2 7 1
H u d s o n & M a n h a t t a n .a .F e b
J a n 1 t o F e b 2 8 ------------ d 7 4 8 ,6 6 8
5 9 9 ,9 5 1
K a n s a s C ity R y & L t . b . F e b
J u n e 1 t o F e b 2 8 ------------ 5 ,7 7 0 ,1 4 8
3 7 7 ,8 1 5
M llw E l e c R y & L t . b . - . F e b
7 8 8 ,4 9 0
J a n 1 t o F e b 2 8 -----------M llw L t l i t & T r C o . b - - F e b
J a n 1 t o F e b 2 8 . ............
M o n tre a l S tre e t R y . b - . - J a n
O c t 1 t o J a n 3 1 . ............
U n it e d R y s o f S t L o u I s . a . J a n
7 1 ,6 0 0
1 4 7 ,6 8 8
3 7 0 ,1 2 5
1 ,5 0 0 ,1 8 5
9 2 0 ,9 1 9
Previous
Year.
5
2 0 1 ,4 6 3
4 2 1 ,4 9 4
3 9 ,4 4 9
1 2 3 ,2 5 5
(1 3 0 9 ,2 7 6
(1 6 3 3 ,9 4 6
5 5 3 ,5 4 3
5 ,3 3 9 ,1 5 9
3 5 0 ,5 2 8
7 3 2 ,8 9 8
6 5 ,0 5 7
1 3 2 ,4 7 8
3 2 5 ,6 2 1
1 ,3 5 2 ,0 0 2
8 8 1 ,9 6 1
Current
Year.
$
1 0 7 ,7 7 8
2 2 3 ,4 2 1
3 3 ,7 5 6
5 9 ,3 5 3
1 9 7 ,9 2 3
3 9 7 ,3 8 7
2 7 8 ,1 8 7
2 ,3 9 1 ,7 2 0
1 7 5 ,7 0 2
3 0 6 ,5 2 3
3 6 ,3 0 9
7 5 ,4 3 0
1 3 0 ,1 4 2
5 9 1 ,8 0 1
2 8 6 ,3 4 9
a N e t e a r n in g s h e r e g iv e n a r e a ft e r d e d u c t i n g t a x o s .
b N e t e a r n in g s h e r e g iv e n a r e b e f o r e d e d u c t i n g t a x e s .
d T h e s e fig u r e s r e p r e s e n t g r o s s r e v e n u e f r o m a ll s o u r c e s .
rnings_____
Previous
Year.
$
9 3 ,4 2 0
1 9 1 ,0 8 4
2 4 ,7 5 4
5 4 ,3 9 2
1 8 0 ,1 7 5
3 6 2 ,0 4 6
2 0 0 ,8 1 5
2 ,3 3 1 ,7 7 5
1 6 1 ,1 4 4
3 2 3 ,1 2 9
3 3 ,3 5 9
6 4 ,1 9 7
1 2 0 ,5 6 1
5 6 0 ,1 2 3
2 5 3 ,8 1 5
Interest Charges and Surplus.
- I n t ., Rent ils, & c .—
Previous
Current
Year.
Year.
Roads.
F a irm A C larksburg. . Jan
F t W a yn e A W a b V a il. .Ja n
Hudson A M a n h a tta n ___Feb
Jan 1 to Feb 28 .
..
Kansas C ity R y A L ig h t .F eb
June 1 to Feb 2 8 . . ___
M ilw Elec R y A L t _____ Feb
Jan 1 to Feb 28----M llw L t H t A T r Co____Feb
Jan 1 to Feb 2 8 ----M on tre a l Street R y . — Jan
Oct 1 to Jan 31----U n ite d R ys of S t Lo u is. .Ja n
$
12,827
45,524
198,074
410,472
190,263
1,701,579
114,699
233,154
68,171
137,103
39,155
140,809
231,560
Current
Year.
Previous
Year.
$
$
$
12,036
20,920
12,718
43,758
13,829
10,634
188,568
def.151
def.8,393
372,723 def.13,085 def .10,677
164,810
87,924
102,005
1,543,564
690,141
788,211
105,611
£65,214
£58,969
• 216,029
£145,332
£114,882
66,730
£13,351
£11,753
133,840
£28,724
£20,543
35,690
90,987
84,871
132,035
450,992
428,088
223,624
£58,916
£24,012
ANNUAL REPORTS,
Anunal Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n ot include reports in the issue of the “Chronicle” in which
it is published. The latest index will be found in the issue
of Feb. 25. The next will appear in that of March 25.
Texas & Pacific Railway.
(R ep o rt fo r F is c a l Y e a r en d in g D ec . 31 1910.)
Pres. George J. Gould, March 1 1911, wrote in substance:
General Results .— The earnings for the year present results In h arm ony
w ith the somewhat anomalous conditions th a t have affected transportation
d u rin g the year In the Southwest. The volum e of traffic was largely In
excess of any previous year, yielding gross earnings greater, w ith the ex
ception of 1907, than a n y year In our histo ry, b ut the Increased cost con
sumed the profits of this increased business almost en tirely. The gross
earnings Increased $1,415,152, or 9.45%: expenses of operation Increased
$1,364,521, or 12.50%, leaving an Increase In net earnings of o nly $50,631,
o r 1.24%. Gross earnings per m ile were $8,687, an increase of $751, the
mileage being the same.
The Increase In the expenses of operation for the year, viz., $1,364,521,
can be a ttrib u te d almost directly to the Increase In the cost of fuel caused
b y the protracted strike of miners, and the Increase In the cost of labor,
resulting not o nly In adding to the expense of transpo rtation b ut also to
the cost of maintenance of equipment.
T he s trike among the coal miners In the Southwest and South, which
commenced early In A p ril and lasted about five months, Included Texas,
Louisiana and Alabam a. As a result there was an Increase In the cost of
coal purchased b y us during the year of upwards of $350,000.
N o tw ithstand ing the exercise of economy, the operating ra tio Is abnorm
a lly high, and It Is feared w ill continue to show an Increase unless some
relief Is alTorded to compensate for the Increased cost of labor and m ate rial
th a t now so seriously affect railroad operation.
Change in Accounting .— The statements of account presented In this re
p o rt have been made to conform to the requirem ents of the Inter-State
Commerce Commission th a t became operative In 1910. The changes w ill
be noticed more p a rtic u la rly In the balance sheet, which, however, has been
made com parative w ith 1909 as fa r as practicable.
Financial— Floating Debt .— T he company has had in contemplation for
several years past a reorganization of Its funded liab ilities, which would
dispose of Its lloattng debt avd furnish funds for the Im provem ent and
development of Its property: b u t as this can o nly be satisfactorily achieved
b y means of an amendm ent of Its charter by an A c t of Congress, nothing
as y e t has been accomplished In th a t direction.
The floating debt was reduced during the year b y the following payments:
B ills payable, $1,050,200; equipment notes paid and canceled, $471,500;
to ta l. $1,521,700.
,
Improvements and Betterments .— These aggregated $485,342 In 1910,
contrasting w ith $360,175 In 1909.
Replacement o f Equipment Account .— Balance Jan. 1 1910, $536,728;
credits during 1910, $532,792 (from charges In oner, expenses: to deprecia
tion , $440,087; renewals, $76,197; scrap from dismantled cars, $16,508);
balance Dec. 31 1910, $1,069,520.
,
E xcept a purchase of 300 lla t and 2 steel postal cars, this company has
made no m aterial additions to Its freight and passenger equipm ent for
several years.
, .
Maintenance.— Thirty-seven miles of 85-Ib.s teelrallw crc laid on thcEastern division and on the jo in t trac k between W hltcsboro and F o rt W o rth , 11
miles of 75-lb. steel on the Transcontinental division, and 5 miles on the
R io Grande division. 841,717 cross-ties were placed In the track.
General Remarks .— T h e prolonged drought of 1909 In the State of Texas
continued during 1910, the ra in fa ll being barely 50% of th a t expected under
norm al conditions; as a result, the cattle Interest and a portion of the
farm ing Interests, especially those In the western section of the State,
suffered severely. However, the ra in fa ll In the e a rly spring of 1910 was
sufficient to give vegetation a good s ta rt and produce a fa irly average
corn and grain crop. F o r practically everything the farm er had to sell he
was able to secure un usually high prices. Results from cotton In Texas,
from the growers’ standpoint, were satisfactory. In Louisiana a s till less
acreage of cotton was planted than during 1909; on the other hand, the pro
duction of corn was 75,000,000 bushels, as compared w ith some 53,000,000
bushels during 1909. Merchants, as well as farmers, are optim istic, and
the depression th a t has prevailed during the last two years In th a t section
Is ra p id ly .disappearing.
I n Texas general business is un usually prosperous, and a ll stations along
the line reflect this condition; while the average farm er Is more prospertms
and better off fin ancially than In any recent year. B o th Louisiana and
Texas have during the past year been receiving much more a ttentio n than
fo rm e rly a t the hands of Investors and others. M an y large plantations
and pastures have been and arc being purchased for colonizing purposes,
c u t up Into smaller tracts, and sold to a desirable class of people. V e ry
considerable development is takin g place In the Pecos V a lle y region In the
line of irrig a tio n . Also In Reeves, Pecos and W a rd counties.
Growth (% ) o f Population in Last 10 Yrs. in Counties Tributary to Line in Tex.
Bowie Callahan Dallas Ector El Paso Fisher Howard Mitchell Reeves Tarrant
30.5
47.9
61.1 209.1 111.3 239.7 251.3
213.7
137.3 107.3
T h e population of Dallas has Increased from 42,638 to 02,104, F o rt W o rth
fro m 26,688 to 73,312, and E l Paso from 15,906 to 39,270.
D E S C R IP T IO N O F R O A D D EC . 31.
— Weight o f Rails (Miles)1--- Length of Bridges (Feet)-85-lb. 75-Ip. 65-lb. 56-lb. Other. Iron.
Wood. Comb'\n. Trestles
1910 . ..3 7
.
1 9 0 9 .1908.. _____
1907. _____
1,263
1,284
1,246
1.232
116
116
116
116
438
454
492
506
71
71
71
71
14,032
13,768
13,634
13,329
47
47
47
141
537
530
530
519
163,541
171,238
175,358
174,462
A M O U N T S OF L E A D I N G C O M M O D IT IE S C A R R IE D (000s omitted).
Live
M an uf. & MiscelT >( l
M dse.
Year—
ons. Lumber. Stock. Grain. Cotton . Coal.
laneous
. . . .5,991
. . . .5,431
. . . .4,945
. . . ..4 734
1,082
994
743
924
192
178
177
135
279
257
280
394
153
140
205
221
610
537
549
446
L X X X X II.
O P E R A T IO N S , E A R N IN G S , E X P E N S E S , & c.
— Bal. of N et Earns .—
x A fte r allow ing for o th er income received.
1910
1909
1908
1906
[VOL.
THE CHRONICLE
720
1,291
1,205
1,016
1,014
2,384
2,120
1,945
1,600
1910.
1909.
1908.
1907.
1,885
1,885
1,885
M iles o p e ra te d _________
1,885
Operations—
Passengers c arrie d ---3,253,398
2,699,945
2,477,268
2.807.993
Pass, carried one m ile . .167,361,268 154,880,102 147,088,397 170,670.488
R ate per pass, per m ile .
2.47 cts.
2.43 cts.
2.43 cts.
2.40 cts.
F re ig h t (tons) m o ve d .. _ 5,990,801
5,431,180
4,944,853
5.368.994
F re ig h t (tons) mileage. _110.'<922,807 1006278,016 915,086,204 1136385,121
A v e r, rate per ton per m.
1.01 cts.
1.03 cts.
1.03 cts.
0.99 cts.
A v e r, train-load ( re v .) ..
222
222
221
215
Gross earnings per m ile .
$8,687
$7,937
$7,383
$8,978
Transportation Receipts—
$
$
$
11,185,821 10,220,148
F r e ig h t .....................
9,401,569 11,273,331
4,126,323
Passenger_____________
3,762,061
3,528,484
4,726,403
M iscellaneous__________
329,445
335,629
352,293
M a l l ___________________
320,196
316,138
312,748
314,420
E x p re s s .----- -----414,020
326,677
322,220
357,513
T o t a l ----- ----- . . 16,375,805
14,960,653 13,917,315 16,671,668
Transportation Expenses —
1,928,901
1,943,376
1,800,898
1,655,856
2,979,804
2,405,788
2,171,407
2,245,957
253,582
215,793
190,207
100,033
6,683,756
5,938,115
5,735,105
7,145,760
426,798
405,247
391,191
430,334
M a ln t. of w ay A s tru c ..
M a ln t. of e q u ip m e n t...
T ra ffic expenses-----Tran sp ortatio n -----General expenses-----
T o ta l (exclud. taxes).
P. c. of exp. to e a rn s ...
N e t earnings from oper.
Taxes -------------
12,272,841
(74.95)
4,102,964
596,636
10,908,319
(72.91)
4,052,334
535,576
1 0 ,2 88 ,808
11,577,940
(69.45)
5,093,728
604,100
T o ta l net revenue--O ther receipts--------
3,506,328
107,060
3,516,758
57,235
3,070,078
127,818
4,480,628
110,553
T o ta l Incom e..........
3,613,388
Disbursements—
Interest on bonds______
1,498,350
Interest on 2d incomes. .
In te re st and discount___
*343,931
Im pro vem e nt account. .1 1,220,600
E q uip m en t account____j
Rentals, A c ____________
103,129
3,573,993
3,197,896
4,600,181
1,498,500
1,498,500
1,493,625
_______(3^)863,664
331,330
188,489
304,803
1,098,487
600,785
1,128,249
197,463
87,517
323,866
360,175
660,414
42,675
(73.93)
3,628,507
558,429
T o ta l disbursements- 3,166,010
2,885,630
2,932 881
4 860 031
Balance------------ sur.447,378 sur.688,363 sur.265,015 dct!259,’850
• Includes In t. on equip, obligations, $75,350; other Interest, $268.581.
B A L A N C E S H E E T D EC . 31.
1910.
1909.
1910.
1909.
Liabilities—
$
Assets—
S
S
$
Road A equlp’t.101,566,635 100,327,138 Capital stock... 38,763,810 38,763,810
Trust eq. In susp 2,770,500
3,069,500 Bonds, Ac....... 55,053,352 55,053,352
326,152 Equip, tr. obllg. 2,831,000
319,427
S tock' s o w n e 'd ..
3,121,000
655,862
655,946 Bills payable__ 4,611,780
O ther Invest’ t s .
5,661,980
1,168,071 Net traffic bals.
Cash................. 1,030,274
50,123
45,369
1,521,875
1,521,875 Vouch. & wages 1,278,320
B o n d s o w n e d ___
1,073,075
9,175 Mat. Int. unpaid
9,175
O th er ava il, s e c .
56,844
63,374
219,933
192,395 Miscellaneous ..
35,092
L o a n s & bills rcc
32,297
306,906 Interest accrued
469,169
A g ts. & c o n d u c .
220,858
220,917
784,818 Items In susp’se
744,626
M lsc. a c c o u n t s ..
216,270
182,838
551,470 Res. for rcplac’t 1,069,520
696.407
M aterial A su p p.
536,728
65,064 Add'ns to prop'y 4.571,062
229,048
A d v a n c e s .......... ..
3,350,463
Profit and loss.. 1.656,194
O th er Item s In
1,030,434
181,294
157,127
su sp en se--------
Total........... 110,414,225 109,135,637
— V. 90, p. 767.
Total............ 110.414.225 109,135,637
Underground Electric Railways Co. of London, Ltd.
(Report fo r H a lf-Y e a r en din g D ec. 31 1910.)
Chairman Edgar Speyer, London, Feb. 20, said in brief:
General Results.— The Income from investments for the six months show
an Increase of £17,078, or about 21% over that for the corresponding half
year of 1909.
For the first time it has not been necessary for the company to make any
payment under their guaranty on the Metropolitan District Ry.“ assented
preference stock,” as the Railway Company have declared a dividend for
the last half-year at the rate of 3 K % per annum In respect of said stock.
Ihc amount paid under the guaranty for the corresponding half-year of
1909 was £9,403 12s. lOd.
Associated Companies.— The traffic of the Railway Companies in which
the company Is Interested continues to Increase. The report of the London
United Tramways, Ltd., shows a substantial Increase In revenue for the
year, but also an Increase In working expenses, chlclly due to the large ex
penditures for extraordinary repairs to the rolling stock.
Power H ouse. — Of the eight new Parsons turbines, seven are now In opera
tion, and the last Is In course of erection. Two sets of storage batteries of
5,000 ampere hours capacity each and a 1,500 k. w. direct-connected turbo
alternator have been Installed during the last half-year. The net output
of electric energy during the half-year was 66,038,900 k. w. hours, as
against 62,005,000 k. w. hours during the corresponding period of 1909.
London Electric Railway Co. — This company has an authorized capital of
£12,600,000 (divided Into £3,150,000 4% preference stock and £9,450,000
ordinary shares).and authorized borrowing powers for£4,200,000 In 4% de
benture stock. The conversion of the stocks and shares of the consolidated
companies has practically been completed, and the Underground Company
has received the proportions to which It Is entitled, as well as £400,000 In
fully-paid ordinary shares In final settlement of the amount for extra works
under the terms of the supplemental construction contracts.
Extensions, &c. —A bill has been deposited In Parliament by the London
Electric Railway Co., seeking powers to construct an extension of their
railway from Charing Cross to a point beneath the District Railway Station
at the Embankment, and also from Edgware Road to a point beneath the
Great Western Railway Station at Paddington, In order to Improve the In
terchange traffic arrangements with other railway companies. The bill
also seeks powers to supply electrical energy to certain railways, tramways.
&c., and to acquire omnibuses, cabs and other road vehicles. The total
additional capital sought by the bill Is £400,000.
1
Proposed "Pow er House Rent Charge Stock." —The Metropolitan DIstro t
Ry. Co. are promoting a bill seeking powers to Incorporate a Joint com
mittee of the Met. DIst. Ry. and London Electric Ry., with power to pur
chase from the company the generating station situated at Lots Road, Chel
sea, and to lease It tv. the two railways for 999 years, the station when leased
to become a part of the undertaking of the two railway companies. The
committee will create and Issue stock for the purchase of the generating sta
tion, to be called “ Metropolitan District and London Electric Railways
joint power-house rent charge stock,” and each company will be liable for
a moiety of the interest charge on the stock so created and issued and the
expenses of the joint committee. The bill also seeks powers to supply elec
trical energy to certain railways, tramways, Ac., to construct new railways
at Earl’s Court and to acquire omnibuses, cabs and other road vehicles.
R E V E N U E ACCOU N T.
Receipts—
H alf-Y ear EndingDec. 31 ’lo . June 30 TO. Dec. 31 ’09.
Income from Investm ents_____
N e t Income from oper. of power house
A rrears of d lv. on M et. D Ist. R y .
guaranteed stocks..........................
General Interest----------------Rents of properties...........................
T o ta l re c e ip ts ...... .........................
Expenditures —
D irectors’ and trustees’ fees, salaries,
ren t and general expenses------Commission, discount and expenses. _
Interest on bonds and debentures--In t. on Income bonds a t 1% per annum
Paym ent under g ua ran ty on Met. DIst.
R y . assented extension pref. stock.
Rents and expenditures for le ttin g —
T o ta l expenditures-----------Balance, surplus ..................
£97,413
44,715
£90,207
45,417
£ 80,335
40,241
2,629
89
1,173
£146J)T9
10,438
__ 1,462
6,368
£4,580
870
113,898
20,166
£5,031
870
113,578
26,078
243
£145,757
£262
1 I 7 ,0 1 1
,449
1
£128,393
Mar . 18 1911.)
A. ss€ts—“
THE CHRONICLE
B A L A N C E SH E ET .
Dec. 31 ’ 1 0 . June 3 0 ’ 1 0 . Dec. 31 ’ 0 9 '
£
£
F r e e h o l d la n d a n d b u il d i n g s a t C h e ls e a ,
I n c lu d in g e x p e n d it u r e s t o d a t e o n
p o w e r h o u s e a n d t r a n s m is s io n l i n e .
1 ,4 7 3 ,4 6 8
S t o c k s , s h a r e s a n d o t h e r p r o p e r t y ___ 1 2 ,0 1 5 ,6 3 6
P r e l im in a r y a n d o t h e r e x p e n s e s .
1 0 4 ,8 6 5
C o m . <% d i s c , o n 5 % p r io r lie n b o n d s .
8 1 8 ,7 0 0
5 0 ,3 2 6
C o m . , d i s c ., & c . , o n 1st p o w . h . d e b s .
S u n d ry d e b to r s , d e b it b a l. a n d s t o r e s .
2 1 4 ,5 8 5
P o w e r - h o u s e d e p r e c ia t io n f u n d ________
1 5 9 ,9 9 9
P o w . h . s p e c , m a in t . f d . h e ld b y t r u s .
2,020
C a sh a t b a n k e r s a n d o n h a n d __________
1 1 4 ,6 6 4
D e b i t r e v e n u e a c c o u n t __________________
2 7 ,0 3 4
T o t a l . . . ............................................................ 1 4 ,9 8 1 ,2 9 7
Liabilities —
S h a r e c a p i t a l I s s u e d ------------------------------- *4 ,8 8 8 ,5 2 2
5 % p r io r lie n b o n d s ---------------------------------- a l1 0 0 0 ,0 0 0
4 J ^ % b o n d s o f 1 9 3 3 ------------------------------2 , 8 1 8 ,7 0 0
6 % I n c o m e b o n d s -----------------------------------41 ,9 2 8 ,0 5 0
P o w e r - h o u s e d e b e n t u r e s ----------------------11,0 0 0 ,0 0 0
S u n d r y cr e d ito r s , c r e d it b a la n c e , & c .
1 5 9 ,3 6 6
In te re s t p a y m e n t o n in co m e b o n d s . .
2 4 ,6 4 0
D e p r e c . r e s e r v e C h e ls e a p o w e r h o u s e .
1 5 9 ,9 9 9
P o w e r - h o u s e s p e c i a l m a in t e n a n c e fu n d
2,020
,
1 ,4 5 2 ,6 6 1
1 2 ,0 3 3 ,7 8 6
1 0 4 ,8 6 5
8 1 8 ,7 0 0
5 1 ,1 9 6
1 9 3 ,1 7 5
1 4 8 ,0 2 5
1 ,0 0 3
8 2 ,9 6 6
2 7 ,2 9 6
1 ,3 9 8 ,9 0 5
1 2 ,0 3 2 ,3 3 9
1 0 4 ,8 6 5
8 1 8 ,7 0 0
5 2 ,0 6 1
1 8 9 ,0 1 8
1 3 5 ,0 3 6
1 4 ,9 1 3 ,6 7 4
1 4 ,8 7 0 ,8 8 4
4 ,8 3 5 ,2 5 0
4 ,8 3 5 ,2 5 0
1 ,0 0 0 ,0 0 0
2 ,8 1 8 ,7 0 0
4 ,9 2 8 ,0 5 0
1 1 8 ,3 4 8
2 7 ,6 1 1
1 , 0 00 ,000
2 ,8 1 8 ,7 0 0
4 ,9 2 8 ,0 5 0
1 , 000,000
1 , 000 ,000
1 5 9 ,8 4 8
1 5 3 ,0 0 5
2 4 ,6 4 0
1 4 8 ,0 2 5
1 ,0 0 3
1 3 5 ,0 3 6
T o t a l ................................................................... 1 4 ,9 8 1 ,2 9 7
1 4 ,9 1 3 ,6 7 4
1 4 ,8 7 6 ,8 8 4
* S h a r e c a p i t a l c o n s is t s o f 5 0 0 ,0 0 0 o r d i n a r y s h a r e s o f £ 1 0 e a c h : le s s c a lls
u n p a id , £ 1 1 1 ,4 7 8 .
a C a lle d f o r r e d e m p t i o n a t p a r o n S e p t . 1 1 9 1 1 .
F o r e a r n in g s o f o p e r a t i n g c o m p a n i e s f o r h a lf - y e a r e n d in g D e c . 31 1 9 1 0 ,
SCO
V . 9 2 , p . 4 6 3 .— V . 9 2 , p . 5 9 7 , 4 6 3 .
United States Steel Corporation.
31 1910.)
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will be found substantially in full on subsequent
pages of to-day's “Chronicle.” Given with it are many im
portant tables of operations, balance sheet, &c.
The following tables show the gross total income for the
calendar years and the deductions which are made in order
to determine the net earnings; also the amounts applied to the
payment of interest, dividends, &c., of the Corporation
itself, and finally the surplus from the year’s operations:
{R epo rt fo r F isc a l Y e a r en din g D ec.
G E N ER A L AC C O U N T OE THE C OR POR ATION A N D
S U B S ID IA R Y C O M P A N IE S .
s
$
1910.
1909.
ITS
$
1908.
G r o s s s a le s a n d e a r n i n g s _______________7 0 3 ,0 6 1 ,4 2 4 6 4 6 ,3 8 2 ,2 5 1 4 8 2 ,3 0 7 ,8 4 0
M a n u fa o . c o s t a n d o p e r . e x p e n s e s — a 5 2 9 ,2 1 5 ,7 8 8 a 4 8 3 ,4 1 7 ,8 4 2 a 3 6 7 ,7 3 5 ,1 0 3
A d m i n . , s e llin g a n d g e n e r a l e x p e n s e s
c x c l . g e n . e x p . o f t r a n s p o r t a t ’ n c o s . 1 7 ,1 5 5 ,8 0 7
1 5 ,4 6 0 ,6 1 4
1 2 ,9 3 2 ,6 9 6
T axes.
..............................................- .............
9 ,1 6 1 ,4 3 7
8 ,7 0 4 ,1 9 3
5 ,3 6 1 ,1 6 0
C o m ’ l d i s c o u n t s a n d ln t . a n d m l s c e l .
3 ,5 4 5 ,8 1 1
3 ,6 2 1 ,6 1 3
2 ,7 0 7 ,1 8 1
.5 5 9 ,0 7 8 ,8 4 3 5 1 1 ,2 0 4 ,2 6 2 3 8 8 ,7 3 6 ,1 3 9
.1 4 4 ,8 8 2 ,5 8 1 1 3 5 ,1 7 7 ,9 8 9
9 3 ,5 7 1 ,7 0 1
1 ,9 3 1 ,3 2 8
M l s c e l. m a n u fa c t u r i n g , & c . , g a i n s . ..
2 ,4 2 4 ,7 8 7
6 2 8 ,1 9 5
.
7 9 7 ,0 2 0
R e n t a ls r e c e i v e d __________________
9 6 0 ,5 9 5
8 6 0 ,6 1 0
T ota l exp en ses.
.1 4 7 ,6 1 0 ,9 2 9
P r o p o r t i o n o f n e t p r o fit s o f p r o p e r t ie s5
o w n e d w h o se g ro ss r e v e n u e , & c .,
!
3 3 8 ,2 3 2
a r c n o t I n c l u d e d ______________
I n t e r e s t a n d d i v id e n d s o n I n v e s t . 2 ,7 8 6 ,5 8 9
1 3 8 ,5 6 3 ,3 7 1
9 5 ,0 6 0 ,5 0 6
6 7 2 ,6 4 7
5 2 0 ,6 4 1
2 ,7 5 9 ,9 7 0
3 ,7 7 7 ,4 3 9
.1 5 0 ,7 3 5 ,7 5 0
1 4 1 ,9 9 5 ,9 8 8
9 9 ,3 5 8 ,5 8 6
7 ,1 2 4 ,0 7 3
7 ,7 2 8 ,8 2 3
7 ,1 8 9 ,4 9 2
1 3 9 ,3 8 1
1 5 8 ,3 5 5
2 1 1 ,7 1 4
7 ,2 6 3 ,4 5 4
1 4 3 ,4 7 2 ,2 9 6
2 ,4 1 7 ,5 4 2
c D ess p r o fi t s e a r n e d b y s u b . c o s ______
7 ,8 8 7 ,1 7 8
1 3 4 ,1 0 8 ,8 1 0
2 ,6 1 7 ,3 9 6
7 ,4 0 1 ,2 0 6
9 1 ,9 5 7 ,3 8 0
1 0 9 ,6 7 0
731
1910.
1 4 1 ,0 5 4 ,7 5 4 1 3 1 ,4 9 1 ,4 1 4
9 1 ,8 4 7 ,7 1 0
a T h e e x p e n d it u r e s f o r o r d in a r y r e p a ir s a n d m a in t e n a n c e w e r e $ 2 7 , 0 0 0 ,
0 0 0 ( a p p r o x im a t e ) In 1 9 0 8 , $ 3 5 ,0 0 0 ,0 0 0 ( a p p r o x im a t e ) In 1 9 0 9 a n d $ 4 1 ,
0 0 0 ,0 0 0 ( a p p r o x im a t e ) In 1 9 1 0 .
c P r o fit s e a r n e d b y s u b . c o s . a r e s a le s m a d e a n d s e r v i c e s r e n d e r e d a c c o u n t
o f m a t e r ia ls o n h a n d In p u r c h a s i n g c o s . ’ I n v e n t o r ie s a n d w h ic h p r o fi t s h a v e
n o t y e t b e e n r e a liz e d In c a s h f r o m t h e s t a n d p o i n t o f a c o m b i n e d s t a t e m e n t
o f t h e U . S . S t e e l C o r p o r a t io n a n d s u b s i d i a r y c o m p a n i e s .
IN C O M E AC C O U N T OF U N ITED STA TE S STEEL C O R PO R A TIO N .
$
$
1910.
$
1909.
1908.
T o t a l n e t e a r n i n g s ______ _________________ 1 4 1 ,0 5 4 ,7 5 4 1 3 1 ,4 9 1 ,4 1 4
0 1 ,8 4 7 ,7 1 0
Deduct Charges, & c .—
D c p r e c . a n d e x t i n . a n d e x t r a o r . r e p l.
fu n d s ( r c g . p r o v i s i o n ) _______________ 2 2 ,1 4 0 ,5 5 5
2 1 .9 9 4 ,0 5 4
1 5 ,3 7 7 ,1 1 1
E x p e n d it u r e s m a d e a n d t o b e m a d e
o n a d d ’ l p r o p e r t y & c o n s t r ’ n , & c _ 1 5 ,0 0 0 ,0 0 0
10, 000,000
....................
S e t a s id e f o r a c c t , o f c o n s t r u c t i o n e x
p e n d it u r e s a t G a r y , I n d . , p l a n t ___ 1 0 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
....................
R e s e rv e to c o v e r a d v a n c e d ro y a lt ie s .
1 ,0 0 0 ,0 0 0
3 ,2 0 0 ,0 0 0
...................
C h a r g e d o f f f o r a d j u s t m e n t s __________
8 3 ,1 2 3
c r . 5 4 8 ,4 4 5
c r .9 4 ,0 3 5
l n t . o n U . S . S t e e l C o r p . b o n d s ______ 2 3 ,3 6 6 ,7 6 1
2 3 ,6 1 7 ,2 9 3
2 3 ,8 6 2 ,6 4 7
S in k in g fu n d U . S . S t e e l C o r p _______
5 ,8 8 1 ,0 8 9
5 ,6 3 0 ,5 5 7
5 ,3 8 5 ,2 0 3
S in k in g fu n d s u b s id ia r y c o m p a n i e s . .
2 ,1 7 6 ,0 4 1
1 .7 2 4 ,2 6 0
1 ,5 8 8 ,0 7 0
P r e fe r r e d d i v id e n d ( 7 % ) _______________ 2 5 ,2 1 9 ,6 7 7
2 5 ,2 1 0 ,6 7 7
2 5 ,2 1 9 ,6 7 7
C o m m o n d i v i d e n d . ______ ________ ( 5 % ) 2 5 ,4 1 5 , 1 2 5 ( 4 ) 2 0 3 3 2 , 1 0 0 ( 2 ) 1 0 1 6 6 ,0 5 0
T o t a l d e d u c t i o n s ______________________ 1 3 0 ,2 8 2 , 371
U n d iv i d e d p r o fi t s f o r y e a r _____________ 1 0 ,7 7 2 , 3 8 3
1 1 6 ,1 6 9 ,4 9 6
1 5 ,3 2 1 ,9 1 8
8 1 ,5 0 4 ,7 2 3
1 0 ,3 4 2 ,9 8 7
G EN ER AL B A L A N C E SH E ET OF UNIT E D ST A T E S STEEL CORPOIIATION A N D ITS S U B S ID IA R Y C O M P A N IE S DEC. 3 1 .
Assets —
1910.
$
$
1909.
$
1908.
P r o p e r t ie s o w n e d a n d o p e r a t e d
b y th e sev era l co m p a n ie s . . 1
1 ,4 7 9 ,9 9 8 ,2 7 5 1 ,4 5 8 ,2 0 5 ,7 2 5
E x p e n d , f o r s t r ip p in g a n d [ c l ,4 3 0 ,2 1 2 ,8 6 1
d e v e l o p , a t m in e s , & c ____ )
2 0 ,0 9 3 ,8 6 0
1 5 ,9 3 6 ,9 2 9
D e fe r r e d c h a r g e s t o o p e r a t i o n s e
8 ,3 3 1 ,7 0 5
6 ,7 6 3 ,1 9 1
6 ,3 0 6 ,6 6 6
C a sh h e ld b y t r u s t e e s o n a c c t , o f
bond
sin k ,
fu n d s
(In
1910,
$ 5 1 ,6 4 1 ,5 0 0 ) ,p a r v a l u e o f r e d .
b o n d s h e ld b y t r u s t e e s n o t
t r e a t e d a s a n a s s e t -----------------8 5 6 ,5 1 9
6 9 9 ,6 3 1
5 4 3 ,9 6 2
I n v e s t m e n t s o u t s i d e rea l e s t a t e
a n d oth er p rop erty ow n ed . _ .
2 ,3 6 9 ,3 9 4
2 , 3 5 3 , 1 10
3 ,0 8 3 ,0 0 0
5 ,0 0 9 ,5 5 6
I n s u r a n c e fu n d a s s e t s ( a t c o s t ) . ]
6 ,1 4 3 ,7 9 4
I n v e s t m e n t s f o r d e p r e c ia t io n [
1 1 ,9 1 5 ,9 2 1
a n d e x t i n . fu n d s (a t c o s t ) . . )
1 3 ,2 6 9 ,2 5 4
1 2 ,9 0 9 ,2 5 4
l
I n v e s t , f o r G a r y p la n t ( c o s t ) . .
2 ,5 3 7 ,5 0 7
1 7 6 ,5 3 7 ,8 2 4
1 6 3 ,8 1 1 ,2 7 9
1 4 3 ,1 7 9 ,6 2 9
3 4 ,7 0 8 ,1 1 8
4 4 ,6 0 3 ,2 7 3
5 6 ,4 2 1 ,4 3 8
A c c o u n t s r e c e i v a b l e _____________
IH lls r e c e i v a b l e , c u s t o m e r s ’ ------5 ,5 4 0 ,1 8 1
6 ,7 1 1 ,4 2 7
6 ,2 0 1 ,5 3 2
6 9 6 ,8 3 4
A g e n t s ’ b a l a n c e s _________________
7 8 8 ,6 5 4
7 1 1 ,0 4 4
S u n d r y s t o c k s a n d b o n d s _______
4 ,4 1 0 ,7 9 3
4 ,7 6 4 ,2 5 5
4 ,8 2 3 ,8 0 0
D o a n s o n c o l l a t e r a l ______________
5 0 ,0 0 0
5 6 ,9 5 3 ,5 1 4
C a s h ___ ____________________________
5 8 ,5 2 1 ,1 1 3
4 9 ,5 4 8 ,0 5 3
3 ,2 9 5 ,4 6 5
1 .9 8 6 ,2 7 4
C o n t i n g e n t f u n d a n d in is c e l___
1 ,9 0 2 ,7 5 6
b
_
T o t a l a s s e t s ......................................1 ,7 4 5 ,7 2 4 ,2 8 4
1 ,8 2 1 ,9 6 5 ,5 5 5
1 ,7 4 6 ,0 1 7 ,5 3 1
1908.
5 0 8 ,3 0 2 ,5 0 0
3 6 0 ,2 8 1 ,1 0 0
6 0 6 ,3 8 4 ,1 1 9
1 ,2 0 0 ,0 5 5
1 ,5 6 3 ,7 3 1
2 9 ,7 3 4 ,9 5 1
8 2 7 ,0 0 0
8 6 2 ,7 6 7
5 ,9 3 7 ,2 4 4
8 ,5 8 2 ,5 5 0
6 ,3 0 4 ,9 1 9
8 ,8 9 5 ,2 9 4
2 ,5 3 0 ,8 3 3
5 6 7 ,1 7 1
1 8 ,4 5 2 .1 7 2
3 2 ,2 7 8 ,1 0 8
6 ,3 7 9 ,8 0 8
9 ,0 7 0 ,7 3 4
5 0 8 ,3 0 2 ,5 0 0
3 6 0 ,2 8 1 ,1 0 0
5 9 3 ,2 3 1 ,2 1 0
1 ,6 3 4 ,3 2 5
2 ,5 2 7 ,6 5 6
2 0 ,8 5 8 ,0 1 4
8 4 0 ,5 0 0
9 2 3 ,8 4 5
3 ,5 7 7 ,0 2 4
7 ,9 8 6 ,0 3 8
6 ,3 0 4 ,9 1 9
2 ,5 4 1 ,5 1 3
2 ,5 3 0 ,8 3 3
4 6 1 ,2 4 1
1 6 ,8 4 8 ,2 7 7
2 2 ,7 0 5 ,9 6 2
7 ,2 0 2 ,7 7 0
8 ,7 2 2 ,0 6 4
6 8 2 ,4 3 3
$
C o m m o n s t o c k _______ _______
5 0 8 ,3 0 2 ,5 0 0
P r e fe r r e d s t o c k ___________________
3 6 0 ,2 8 1 ,1 0 0
B o n d s h e ld b y p u b l i c ___ _•_______
5 9 6 ,3 5 1 ,8 6 7
M o r t g a g e s o f s u b s i d i a r y c o s ___
7 8 4 ,7 9 2
P u r c h . m o n e y o b llg . o f s u b . c o s .
2 ,3 1 3 ,0 0 0
C u r r e n t a c c t s . a n d p a y - r o l l s ___
2 3 ,6 9 5 ,2 6 4
B ills p a y a b le ( s u b s id i a r y c o s . ) .
8 1 3 ,5 0 0
E m p l o y e e s ’ d e p o s i t s , & c ________
8 8 6 ,1 2 2
A c c r u e d t a x e s n o t d u e _____. ____
6 ,7 8 9 ,8 2 7
A c c r u e d ln t . & u n p r e s 'd c o u p o n s
7 ,9 9 1 ,3 7 3
P r e fe r r e d s t o c k d i v i d e n d ________
6 ,3 0 4 ,9 1 9
C o m m o n s t o c k d i v i d e n d ________
6 ,3 5 3 ,7 8 1
S . f . U . S . S t e e l C o r p . b o n d s ___ 1
S in k in g fu n d s o f s u b s i d i a r y c o s . f
See
/ b e lo w .
D e p r e c ’ n a n d e x t l n g . f u n d s ___ |
I m p r o v e m ’ t a n d r e p la c e ’ t f u n d s )
S p e c .c o n s .f d .f o r a c c t .G a r y ,I n d .
4 ,7 9 6 ,8 1 1
C o n t i n g e n t a n d m ls c e l . f u n d s . .
1 1 ,6 8 9 ,7 2 9
C o n s t ’ n fu n d fo r a u t h . a p p ’ n s . .
______________
A p p r o p ’ ns fo r a d d ’ ns & c o n s tr ’n
3 5 ,2 0 3 ,1 8 9
I n s u r a n c e f u n d s _________________
8 ,4 0 2 ,9 9 9
B o n d s i n k , fu n d s w it h a c c r e t 'n s
re p re se n te d b y ca sh a n d b y
re d e e m e d b o n d s n o t trea ted
a s a s s e t s (s e e c o n t r a ) _________ S e e / b e l o w .
U n d iv i d e d s u r p lu s o f U . S . S t e e l
C o r p . a n d s u b s l d . c o m p a n i e s . (2 1 6 4 ,1 4 3 ,1 5 8
S to c k s s u b s ld . c o s . n o t o w n e d . .
6 2 0 ,3 5 3
T o t a l li a b i li t ie s ____
. . . a l , 7 4 5 ,7 2 4 ,2 8 4
$
To\bbo",666
7 ,0 8 0 ,9 6 9
” 5 ,7 2 5 ,7 7 8
4 4 ,7 5 6 ,0 0 1
3 8 ,0 7 4 ,0 1 2
1 5 1 ,3 5 4 ,5 2 8
6 1 9 ,0 0 2
1 3 3 ,4 1 5 ,2 1 4
6 4 0 ,3 0 3
1 ,8 2 1 ,9 6 5 ,5 5 5
1 ,7 4 6 ,0 1 7 ,5 3 1
a I n a d d i t io n t h e r e a r e $ 1 1 ,9 0 9 ,0 0 0 c a p i t a l o b l i g a t i o n s o f s u b s i d i a r y c o m
p a n ie s a u t h o r i z e d o r c r e a t e d f o r c a p i t a l e x p e n d it u r e s m a d e — h e l d In t h e
t r e a s u r y s u b j e c t t o s a le , b u t n o t I n c lu d e d in a s s e t s .
b I n c l u d e s I n s u r a n c e a n d d e p r e c ia t io n f u n d s ’ a s s e t s (s e c u r it ie s a t c o s t ,
a n d c a s h ) , $ 2 1 ,6 6 8 ,9 2 1 : le s s $ 9 ,7 5 3 ,0 0 0 r e p r e s e n t e d b y c a p i t a l o b l i g a t i o n s
o f s u b s l d . c o s . a u t h o r i z e d o r c r e a t e d f o r c a p i t a l e x p e n d it u r e s m a d e .
c A f t e r d e d u c t i n g $ 6 5 ,8 0 2 ,8 2 4 f o r a c c r u e d b o n d s i n k i n g , d e p r e c i a t i o n
a n d r e p la c e m e n t fu n d s , a n d $ 5 1 ,8 6 8 ,6 9 6 f o r b o n d s in k in g fu n d s w it h a c
c r e t io n s , b e in g I n c o m e a p p r o p r ia t e d f o r g e n e r a l d e p r c c 'n a n d I n v e s t e d In
r e d e e m e d b o n d s n o t t r e a t e d a s a s s e t s ( b u t I n t e r e s t o n w h ic h Is c u r r e n t l y
a d d e d t o s i n k , fd s .) a n d In c a s h . F o r fu r t h e r d e t a il s s e e a s u b s e q u e n t p a g e .
cl A s f o l lo w s :
P r o c e e d s o f c a p i t a l s t o c k p r o v i d e d In o r g a n iz a t io n , $ 2 5 ,
0 0 0 ,0 0 0 ; a c c u m u l a t e d s u r p lu s , $ 1 0 5 ,4 3 8 ,7 1 9 — $ 1 3 0 ,4 3 8 ,7 1 9 ; add s u r p lu s o f
s u b s i d i a r y c o m p a n i e s o n s a le o f m a t e r ia ls , & c . , t o o t h e r s u b . c o s . , & c . ,
$ 3 3 ,7 0 4 ,4 3 9 (s e e e x p l a n a t io n s o n a s u b s e q u e n t p a g e ) ; t o t a l $ 1 6 4 ,1 4 3 ,1 5 8 .
e C o n s is t s o f p a y m e n t s f o r a d v a n c e d m in in g r o y a lt i e s , e x p l o r a t i o n e x
p e n s e s a n d m is c e lla n e o u s I t e m s c h a r g e a b l e t o fu t u r e o p e r a t i o n s o f t h e
p r o p e r t ie s , less fu n d r e s e r v e d fr o m s u r p lu s t o c o v e r p o s s ib l e fa ilu r e t o r e a liz e
a d v a n c e d r o y a lt i e s ($ 7 ,0 0 0 ,0 0 0 in 1 9 1 0 , $ 6 ,0 0 0 ,0 0 0 In 1 9 0 9 a n d $ 2 ,8 0 0 ,0 0 0
In 1 9 0 8 ).
/ T h e s e It e m s w e r e d e d u c t e d In 1 9 1 0 b e f o r e a r r i v in g a t t h e fig u r e s s h o w n
f o r p r o p e r t y a c c o u n t — se e f o o t - n o t e c a b o v e .
I n v e n t o r y v a l u a t i o n s I n c lu d e p r o f i t a c c r u e d t o s u b s i d i a r y c o m p a n i e s
o n m a te r ia ls a n d p r o d u c t s s o l d t o o t h e r s u b s i d i a r y c o m p a n i e s a n d u n d is
p o s e d o f b y t h e la t t e r — s e c c o n t r a s p e c i f ic s u r p lu s a c c o u n t f o r t h e s e p r o f i t s .
T h e t o t a l o f a ll I n v e n t o r ie s Is, h o w e v e r , b e l o w t h e a c t u a l c u r r e n t m a r k e t
p r ic e s .— V . 9 2 , p . 6 6 6 , 3 9 8 .
x
Sloss-Sheffield Steel & Iron Company.
30 1910.)
{R eport fo r F isc a l Y e a r en d in g N o v .
E A R N IN G S , E X P E N S E S A N D CHARGES.
P r o fi t s o n p i g * ____________
P r o fi t s o n c o a l a ft e r d e
d u c t in g f o r d e p r e c l a t ’ n
P r o fi t s o n c o k e ____________
O re a n d d o lo m it e s a le s ..
R e n ts , r o y a lt ie s , s to re s &
m is c e l la n e o u s , & c ______
I n t e r e s t a n d e x c h a n g e ___
1910.
$ 4 7 4 ,4 0 7
1909.
$ 8 9 6 ,8 1 6
1908.
$ 8 8 9 ,6 5 3
1907. 1
$ 1 ,4 0 0 ,3 9 2
1 1 3 ,1 9 0
1 5 9 ,4 0 1
________
1 1 9 ,6 9 5
1 6 2 ,0 1 3
9 9 ,1 9 0
1 3 2 ,8 2 9
388
6 1 ,3 6 2
1 3 5 ,1 2 7
8 ,7 3 9
2 1 9 ,0 2 9
3 4 ,9 7 5
2 2 3 ,3 5 7
5 2 ,4 6 6
1 4 1 ,6 8 4
2 1 ,9 9 6
1 5 7 ,4 2 3
1 6 ,6 3 0
$ 1 ,4 5 4 ,3 4 7
$ 1 ,2 8 5 ,7 4 0
$ 1 ,7 7 9 ,6 7 3
1 1 7 ,4 0 0
1 1 1 ,7 8 0
1 0 7 ,3 8 7
$ 1 ,1 7 3 ,9 6 0
$ 1 ,3 3 6 ,9 4 7
$ 2 1 0 ,0 0 0
$ 2 1 0 ,0 0 0
4 6 9 ,0 0 0
4 6 9 ,0 0 0
(5 )5 0 0 ,0 0 0 (4 ^ )4 2 5 ,0 0 0
$ 1 ,6 7 2 ,2 8 6
$ 2 1 0 ,0 0 0
4 6 9 ,0 0 0
(5 ) 5 0 0 ,0 0 0
Sub. Company lnt. Charges, & c .—
l n t . o n b o n d s a n d m t g e s . s u b . c o s ___ .
l n t . o n p u r . m o n e y o b l i g ’ s a n d s p e c ia l
d e p o s i t s o r lo a n s o f s u b . c o s ________
1909.
$
Liabilities —
D e d u c t g en era l ex p en se
a c c t . , t a x e s & li c e n s e s .
1 1 9 ,4 8 0
N e t p r o f i t ________________
$ 8 8 1 ,5 2 2
$ 2 1 0 ,0 0 0
B o n d I n t e r e s t ............... .......
7 % d i v id e n d s o n p r e f __
4 6 9 ,0 0 0
D i v i d e n d s o n c o m m o n . (3 H ) 3 7 5 , 0 0 0
B a la n c e f o r y e a r ____ d c f . 3 1 7 2 , 4 7 8 s u r .$ 1 5 7 ,9 4 7
S u r p lu s N o v . 3 0 . . . ............$ 3 ,1 0 7 ,0 4 4
$ 3 ,2 7 9 ,5 2 2
s u r .$ 6 9 ,9 6 0 s u r .$ 4 9 3 ,2 8 6
$ 3 , 2 1 6 ,3 4 6
$ 3 ,2 1 6 ,6 0 8
* A f t e r d e d u c t i n g f o r d e p r e c ia t io n o n I r o n o r e a n d 2 5 c e n t s p e r t o n o n I ro n
f o r e x t r a o r d i n a r y r e p a ir s a n d r e n e w a ls .
BALANCE SHEET NOVEMBER 30.
s
P ro p e rty a c c o u n t .21
S tock s and b o n d s .
S u p p . raw a n d fin
ished m a teria ls.
S to ck In c o ’ s stores
T rea su ry securities
Cash, bills and a c
co u n ts receiv a b le
In su ran ce A t a x e s .
E x tra o rd . rep air &
renew al a cco u n t
s
S
1909.
1909.
1910.
Liabilities—
S
,998.492 2 1,7 4 6 ,0 1 0 P referred s t o c k ___ 6 ,7 0 0 ,0 0 0 6.',70 0 ,0 0 0
399,157
3 99,157 C om m on s t o c k ___ 1 0,0 00 ,00 0 1 0 /,
Sloss I ro n & Steel
C o. 6 s ................... 2 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
976 ,50 6
341 ,00 9
73,4 60
75,6 76 Sloss Iro n & Steel
000,000
C o. 4M% b on d s 2 ,0 0 0 ,0 0 0
244,243
244 ,21 8
480 ,78 4
Current a c c o u n ts .
857 ,94 9
95,9 24
7 6,823
933,150 1,623,560 P a y - r o l l s _________
.2 7 9 .5 2 2
6 ,3 4 2
5,3 7 9 P rofit a n d lo s s ____ 3 ,1 0 7 ,0 4 4
1910.
Resources—
1000,000
.
110,466
121,221
T o t a l .................... 2 4,7 41 ,81 6 2 4 ,5 5 6 ,2 3 0
- V . 91, p. 1333.
T o t a l .................... 2 4 ,7 4 1 ,8 1 6 2 4 ,5 5 6 ,2 3 0
National Fire Proofing Company, Pittsburgh, Pa.
{R epo rt fo r F isc a l Y ea r en d in g D ec. 31 1910.)
President W. D. Henry, Pittsburgh, Pa., March 2 1911,
wrote in substance:
Earnings .— T h e e a r n in g s f o r t h e y e a r , a f t e r d e d u c t i n g e x t r a o r d i n a r y
c h a r g e s f o r r e p a ir s a n d m a in t e n a n c e a n d p r o m o t i n g t h e u s e o f N a t c o h o l lo w
t il e , w e r e $ 5 3 1 ,3 7 0 .
Status .— T h e c u r r e n t a s s e t s o v e r c u r r e n t li a b i li t ie s D e c . 31 w e r e $ 2 ,
7 6 5 ,5 2 0 ; u n d i v i d e d s u r p lu s , a ft e r e x t r a o r d i n a r y e x p e n s e s a n d $ 1 0 0 ,0 0 0
r e s e r v e f o r d e p r e c ia t io n , $ 1 ,3 5 6 ,0 8 9 .
Additions, & c .— D u r i n g t h e y e a r t h e c o m p a n y e x p e n d e d o v e r $ 1 9 0 ,0 0 0
f o r I m p r o v e m e n t s a n d a d d i t io n a l p r o p e r t ie s . I n c lu d in g la n d a t E l k t o n , M d . ,
o n t h e P h ll a . B a lt . & W a s h . R R . , u p o n w h l c h It Is In t e n d e d e v e n t u a l ly t o
e re c t a m o d e l p la n t.
T h e r e h a s b e e n e x p e n d e d f o r I m p r o v e m e n t s o v e r $ 2 0 0 ,0 0 0 , w h ic h
a m o u n t Is I n c lu d e d In o p e r a t i n g e x p e n s e a n d Is In a d d i t i o n t o t h e $ 1 0 0 ,0 0 0
a d d e d t o r e s e r v e fo r d e p r e c ia t io n .
Canadian Company .— E a r l y In 1 9 1 0 y o u r c o m p a n y j o i n e d w it h c e r t a i n
fi n a n c ia l I n t e r e s t s In T o r o n t o f o r t h e p u r p o s e o f e n la r g in g o u r f i r e p r o o f i n g
b u s in e s s In C a n a d a .
A c o m p a n y w a s f o r m e d w it h a c a p i t a l o f $ 1 , 0 0 0 , 0 0 0 ,
u n d e r t h e c o r p o r a t e n a m e o f “ N a t i o n a l F ir e P r o o f i n g C o . o f C a n a d a , L t d . ” ,
y o u r c o m p a n y r e c e iv in g 6 0 % o f t h e s t o c k Is s u e d .
T h e r e Is n o w u n d e r
e r e c t i o n a t H a m il t o n , O n t . , a m o d e r n p l a n t , w h ic h It is e x p e c t e d w ill b e
r e a d y fo r o p e r a tio n b y J u n e 1 191 1.
I t Is c o n f i d e n t l y e x p e c t e d t h a t t h is
p l a n t w ill b e a s u c c e s s , a s t h e r e Is a la r g e a m o u n t o f b u s in e s s o ff e r in g In
C anada.
Bonded Debt.— F o r t h e p r o p e r fi n a n c in g o f t h e u n d e r t a k in g s h e r e in
d e s c r i b e d , It w a s d e e m e d a d v is a b le t o se ll f r o m t h e t r e a s u r y $ 5 0 0 ,0 0 0 o f
b o n d s m a t u r in g In 1 9 1 5 a n d 1 9 1 6 .
B o n d s In t h e s u m o f $ 2 5 0 ,0 0 0 w h ic h
m a t u r e d A p r i l 1 1 9 1 0 w e r e p a i d : $ 6 7 ,0 0 0 o f t h e $ 2 5 0 ,0 0 0 w h ic h w ill m a t u r e
A p r i l 1 1911 h a v e b e e n p u r c h a s e d .
Natco Hollow Tile .— D u e t o t h e v e r y g r e a t I n t e r e s t m a n ife s t e d In N a t c o
h o l l o w t il e f o r r e s id e n c e c o n s t r u c t i o n , y o u r d i r e c t o r s d e e m e d i t a d v i s a b l e
THE CHRONICLE
to d e v is e a c a m p a ig n fo r e d u c a tio n a l p u rp o s e s .
W i t h t h is
o v e r $ 5 0 ,0 0 0 w a s e x p o n d e d d u r in g t h e la t t e r p a r t o f t h e y e a r
r e s u lt s s o fa r h a v e p r o v e d t h a t t h is p a r t i c u l a r s y s t e m o f
( s p e c i a lly d e s ig n e d b y y o u r c o m p a n y ) Is t h e b e st* n o t o n l y
e x p e n s iv e b u t a l s o t h e le a s t e x p e n s i v e r e s id e n c e .
R E 3U L T S FO R C A L E N D A R
YE AR S.
1008.
1909.
1910.
$
$
e n d In v ie w
1910 a n d th e
c o n s t iu c t io n
fo r th e m o s t
$
4 1 ,0 8 9
( 1 ) 7 9 ,0 0 5
N e t e a r n i n g s , a ll s o u r c e s .
P r e fe r r e d d i v i d e n d s
D e p r e c i a t i o n . . -------------B o n d d i s c o u n t -------------------
5 3 1 ,3 7 0
( 4 ) 3 1 6 ,0 2 0
4 6 7 ,8 3 5
( 1 ) 7 9 ,0 0 5
100 ,000
1 0 0 ,0 0 0
100,000
B a la n c e f o r y e a r - - - - -
s u r .9 0 ,3 5 0
s u r .2 8 8 ,8 3 0
d e f .1 3 7 ,9 1 6
2 5 ,0 0 0
1907.
S
5 0 2 ,2 3 3
(4 )3 1 6 ,0 2 0
100,000
1910.
$
P la n t s , r e a l e s t a t e , p r o p
e r t i e s , & c . , i n c l. l m p t . 1 2 ,9 6 2 ,3 6 9
2 3 8 ,2 3 2
S tock s a n d b on d s ow n ed
1
,4
1
1
,2 5 5
N o te s & a ccts . r e c c lv ’le .
5 8 0 ,3 1 1
C a s h ----------------------------------8 9 8 ,9 5 2
S u p p li e s a n d I n v e n t o r ie s
1909.
$
1 2 ,8 1 9 ,4 0 3
1 2 2 ,4 6 9
1 ,1 4 6 ,0 5 2
7 1 5 ,7 6 8
8 0 2 ,2 9 2
1908.
$
1 2 ,6 4 1 ,7 5 5
1 7 4 ,7 5 6
1 ,1 1 8 ,7 8 8
5 4 0 ,2 4 7
8 8 6 ,1 5 8
1907.
$
1 2 ,5 8 4 ,0 0 1
7 5 ,0 8 9
1 ,4 0 2 ,2 5 1
6 4 4 ,2 6 1
1 ,0 6 5 ,2 6 9
T o t a l a s s e t s ------------------- 1 0 ,0 9 1 ,1 1 9
1 5 ,6 0 5 ,9 8 4
1 5 ,3 6 1 ,7 0 4
1 5 ,7 7 0 ,8 7 2
C o m m o n s t o c k . -------------M o r t g a g e s ----------------------P r e f. d iv id e n d a c c r u e d ..
B o n d In te re st a c c r u e d ..
A c c o u n t s p a y a b l e -----------R e s e r v e f o r r e p la c e m e n t s .
a d j u s t m e n t s , & c ---------R e s e r v e fo r d e p r e c ia t io n
S u r p l u s -----------------------------T o t a l l i a b i l i t i e s ..............
— V . 90, p . 623.
7 ,9 0 0 ,5 0 0
4 ,4 6 1 ,3 0 0
1 ,5 1 0 ,0 0 0
7 9 ,0 0 5
1 8 ,7 5 0
2 6 5 ,4 7 5
7 ,9 0 0 ,5 0 0
4 .4 6 1 ,3 0 0
1 ,2 6 0 ,0 0 0
7 9 ,0 0 5
1 5 ,6 2 5
2 2 3 ,8 1 5
5 0 0 ,0 0 0
1 ,3 5 6 ,0 8 9
1 6 ,0 9 1 ,1 1 9
7 ,0 0 0 ,5 0 0
4 ,4 6 1 ,3 0 0
1 ,5 0 0 ,0 0 0
1 8 ,7 5 0
1 8 2 ,9 1 8
7 ,9 0 0 ,5 0 0
4 ,4 6 1 ,3 0 0
1 ,7 5 0 ,0 0 0
7 9 ,0 0 5
2 1 ,8 7 5
2 2 0 ,4 8 0
4 0 0 ,0 0 0
1 ,2 6 5 ,7 3 9
2 1 ,3 2 7
3 0 0 ,0 0 0
0 7 6 ,9 0 9
2 2 ,8 8 6
2 0 0 ,0 0 0
1 ,1 1 4 ,8 2 5
1 5 ,6 0 5 ,9 8 4
1 5 ,3 6 1 ,7 0 4
1 5 ,7 7 0 ,8 7 2
National Lead Company.
31 1910.)
In the report presented April 20 President William W.
Lawrence said in substance:
(R e p o rt fo r F isc a l Y e a r en d in g D ec.
General R esults.— T h e n e t e a r n in g s f o r 1 9 1 0 w e r e $ 3 9 5 ,2 1 7 less t h a n t h e
p r e c e d in g y e a r .
T h e r e g u la r d i v i d e n d o f 7 % w a s p a i d o n t h e p r e f . s t o c k
a n d t h e d i v id e n d s o n t h e c o m m o n s t o c k a g g r e g a t e d 4 % , le a v in g $ 6 6 ,2 5 5 ,
w h ic h h a s b e e n a d d e d t o t h e s u r p lu s a c c o u n t .
T h e c o s t o f m a in t e n a n c e h a s
b e e n c h a r g e d t o t h e e x p e n s e o f o p e r a t i o n , a m o u n t in g t o $ 4 0 9 ,0 4 1 .
Balance Sheet.— T h e In c r e a s e In t h e p l a n t a c c o u n t o f $ 1 9 1 ,2 3 9 Is a c
c o u n t e d f o r b y t h e e r e c t io n o f a n e w p la n t a n d w a r e h o u s e In P it t s b u r g h a n d
t h e p u r c h a s e o f a m e t a l p la n t In B a lt i m o r e .
T h e in c r e a s e In " o t h e r I n v e s t
m e n t s ” Is l a r g e l y d u e t o t h e I n t e r e s t a c q u i r e d In t h e U . S . C a r t r id g e C o .
White Lead.— T h e v o l u m e o f b u s in e s s h a s b e e n n o r m a l a n d m a y b e c o n
s i d e r e d s a t i s f a c t o r y In c o m p a r is o n w it h 1 9 0 9 In a ll o u r v a r io u s lin e s e x c e p t
o u r p r in c ip a l p r o d u c t , w h it e le a d .
T h e s h r in k a g e In t h e v o l u m e o f w h it e
le a d b u s in e s s Is c a u s e d b y a d e c r e a s e in Its c o n s u m p t i o n f o r p a i n t in g ; t h e
r e a s o n f o r t h is b e in g t h e la r g e ly I n c r e a s e d c o s t o f lin s e e d o i l , w h ic h Is u s e d
In p r e p a r i n g w h it e le a d f o r u s e a s a p a i n t , t h is h ig h c o s t a c t i n g a s a s t r o n g
d e t e r r e n t w it h t h o s e c o n t e m p l a t i n g p a i n t in g . T h is h a s b c c o m o s o i m p o r
t a n t a f a c t o r In o u r b u s in e s s , a n d t h e s i t u a t i o n Is s u c h |a s e r io u s o n e , t h a t a
fu ll e x p l a n a t i o n Is o t t e r e d .
World’s Crop o f Flaxseed, from which Linseed Oil is Expressed.
1909.
1 9 ,0 0 0 ,0 0 0
3 ,6 0 0 ,0 0 0
2 9 ,0 0 0 ,0 0 0
1 1 ,6 0 0 ,0 0 0
2 2 ,5 0 0 .0 0 0
.
1908.
U n it e d S t a t e s b u s h . 2 2 , 0 0 0 ,0 0 0
C a n a d a _________
2 ,3 0 0 ,0 0 0
A r g e n t i n a __________4 0 , 0 0 0 ,0 0 0
In d ia
. . _ ................. ............. 6 ,6 0 0 ,0 0 0
R u s s ia ....................
2 0 , 0 0 0 ,0 0 0
’1 9 1 0 .
8 .5 0 0 .0 0 0
3 .6 0 0 .0 0 0
1 7 ,0 0 0 ,0 0 0
2 :1 7 ,0 0 0 ,0 0 0
( e s t . ) 2 0 , 0 0 0 ,0 0 0
8 5 ,7 0 0 ,0 0 0
T o t a l __________________________ 9 0 ,9 0 0 ,0 0 0
x l n d l a c r o p Is n o t a v a il a b l e t il l t h e f o l l o w i n g y e a r .
•
66, 100.000
Price o f Flaxseed fo r Spot Delivery in Duluth. M in n ., in 1 9 0 8 and 1 0 1 0 .
1908.
N ov.
Year.
1010.
N ov.
Year.
H i g h . . . ................. . . $ 1 4 6 K
$ 1 4 9 % H i g h --------------------------$2 7 4
$2 8 9
L ow
1 28 %
l 12 % I L o w ..............................2 ->0
1 83
T h e ” c r o p s ' o f t h e U n it e d S t a t e s a n d A r g e n t i n a , h a v i n g a lw a y s t h e g r e a t e r
I n flu e n c e u p o n t h e w o r l d ’ s m a r k e t v a l u e s , o b v i o u s l y i n t e n s if y p i ic e c o n d i
t io n s b y t h e ir c o n t i n u o u s s h r in k a g e , p r o d u c i n g a p r ic e f o r lin s e e d o il w h ic h Is
p r a c t i c a l l y m o r e t h a n d o u b l e t h e p r ic e p r e v a i li n g In p r e c e d in g p e r io d s .
A c a r e f u ll y p l a n n e d c a m p a ig n is b e in g c o n d u c t e d in c o - o p e r a t i o n w it h
o t h e r in t e r e s t s (a ) t o in fo r m fa r m e r s o f t h e g r e a t e r p r o ll t t o b e m a d e in
r a is in g il a x s e e d a n d , (b) t h r o u g h t h e a id o f t h e a g r ic u lt u r a l c o l le g e s , & c .,
t o i n s t r u c t t h e g r o w e r s a s t o t h e p r o p e r s e l e c t i o n (of s e e d a n d t h e b c s t .m e t h o d s o f c u lt iv a t io n .
A n e d u c a t i o n a l c a m p a ig n Is a ls o b e in g m a d e t h r o u g h
o u r o w n a d v e r t i s in g d e p a r t m e n t t o in fo r m t h e p u b l i c t h a t t h e I n c r e a s e d c o s t
o f lin s e e d o il , w h ile g r e a t , r e a lly llg u r e s o n l y 5 o r 1 0 % , t h e la b o r o f a p p l y in g
t h e p a i n t b e in g a t le a s t t w o - t h ir d s o f t h e t o t a l c o s t .
New Plants — A t C h i c a g o t h e n e w p l a n t o f o u r S o u t h e r n w o r k s is c o m
p l e t e d a n d in s u c c e s s fu l o p e r a t i o n — t h e la r g e s t a n d m o s t c o m p l e t e w h it e
le a d m a n u f a c t u r i n g e s t a b l is h m e n t In t h e w o r l d .
O u r n e w S t . L o u is w o r k s
Is r a p i d l y a p p r o a c h i n g c o m p l e t i o n , a n d w h e n In fu ll o p e r a t i o n w ill h a v e n o
e q u a l e x c e p t in o u r o w n C h i c a g o w o r k s .
B o t h p la n t s a r e , f o r t h e m o s t p a r t ,
n e w , a n d t h e c o s t o f t h e ir r e c o n s t r u c t i o n h a s re q u ire d . a la r g e a m o u n t o f o u r
e a r n in g s , a s , f o l l o w i n g o u r u s u a l p o l i c y , a ll s u c h r e c o n s t r u c t i o n , I n s te a d o f
b e in g c h a r g e d t o p l a n t a c c o u n t , Is p u t u n d e r t h e h e a d o f m a in t e n a n c e .
Competition.— C o m p e t i t io n In a ll lin e s Is k e e n , b u t t h e in r o a d s s o u g h t t o
b e m a d e b y v ig o r o u s a n d w e ll - e q u ip p e d c o m p e t i t o r s h a v e b e e n m e t b y a
w e l l - c o n d u c t e d a d v e r t i s in g c a m p a ig n w h ic h , w e b e li e v e , s t r e n g t h e n s In t h e
m in d s o f t h e p u b l ic t h e p o p u la r i t y o f o u r w e ll -k n o w n b r a n d s .
Stockholders.— T o t a l n u m b e r D e c . 31 1 9 1 0 o v e r 7 ,0 0 0 .
R E SU LT S
FOR
CALENDAR
d u r in g t h e y e a r 1 9 1 0 , w it h t h e r e s u lt o f p u t t i n g t h e p r o p e r t ie s In s u c h c o n
d i t i o n t h a t s h i p m e n t s t h e r e f r o m c a n b e m a d e t o t h e fu l l e x t e n t p r o v i d e d b y
t h e t e r m s o f t h e le a s e .
I n J a n u a r y 1 9 1 1 t h e G r e a t W e s t e r n M in in g C o . p a i d t h e m in im u m r o y a l t y
c a ll e d f o r b y t h e le a s e f o r t h e y e a r 1 9 1 0 . T h e a m o u n t o f t h is r o y a l t y s t a n d
a s a c r e d i t a g a in s t fu t u r e s h ip m e n t s t o b e m a d e b y t h e G r e a t W e s t e r n M in
in g C o . a n d c a n o n l y b e d i s t r ib u t e d t o t h e v a r io u s c o m p a n i e s w h o s e s t o c k s
a r e h e ld in t r u s t b y t h e t r u s t e e s w h e n t h e ir r e s p e c t i v e p r o p o r t io n s t h e r e o f
s h a ll h a v e b e e n a s c e r t a i n e d b y t h e r e s u lt s o f a c t u a l m in i n g .
T h e tru s te e s,
a c t i n g a s a g e n t s f o r s a id c o m p a n i e s , h a v e r e c e iv e d t h e a m o u n t t h e r e o f a n d
w ill d i s t r ib u t e i t t o t h e c o m p a n i e s e n t it l e d t h e r e t o a s s o o n a s t h e a m o u n t
a p p o r t l o n a b l e t o e a c h c a n b e d e t e r m in e d .
I n t h e m e a n t im e t h e s e fu n d s
w ill b e p l a c e d a t in t e r e s t .
S T A T E M E N T OF R E C E IP TS A N D DISB URSEM EN TS.
B A L A N C E SH E E T DECEM BER 3 1 .
Liabilities —
[VOL. L X X X X II
YE AR S.
1910.
1909.
1908.
1907.
• R e c e i p t s t o b e a p p l ie d
u n d e r t r u s t a g r e e m ’ t . $ 2 ,1 1 1 ,4 7 9
$ 1 ,5 6 0 ,0 0 0
$ 1 ,7 4 9 ,2 1 4
$ 1 ,6 5 0 ,0 0 0
$ 6 7 ,6 2 7
$ 7 7 ,0 9 5
$ 7 5 ,3 9 0
$ 6 7 ,7 5 0
E x p e n s e s ..............................
D i s t r ib u t io n s
_____( $ 1 . 5 0 ) 2 , 2 5 0 ,0 0 0 ($ 1 ) 1 5 0 0 ,0 0 0 ($ 1 ) 1 5 0 0 ,0 0 0 ($ 1 ) 1 5 0 0 .0 0 0
B a la n c e f o r p e r i o d . . d e f . $ 2 0 6 ,1 4 8
B a la n c e b r o u g h t f o r w a r d
2 3 8 ,9 7 9
T o ta l su r. a t en d . year
d e f .$ 1 7 ,0 9 5 s u r .$ 1 7 3 ,8 2 4
2 5 6 ,0 7 4
8 2 ,2 5 0
$ 3 2 ,8 3 1
• T h e s e a r e d i v id e n d s a n d
V . 92, p . 465.
$ 2 3 8 ,9 7 9
s u r .$ 8 2 ,2 5 0
$ 8 2 ,2 5 0
$ 2 5 6 ,0 7 4
in 1 9 1 0 a n d 1 9 0 8 a ls o s u n d r y o t h e r r e c e i p t s —
North American Company.
31 1911.)
The following figures have been made public from the re
port now in preparation:
(P r e lim in a r y S ta tem en t fo r F isc a l Y e a r en din g D ec.
IN C O M E AC C O U N T FOR C A L E N D A R Y E A R S .
1908.
Receipts —
1909.
1910.
$ 7 1 2 ,0 0 2
1 ,3 5 7 ,3 0 4
3 4 ,7 0 7
$ 5 5 6 ,8 1 2
1 ,1 5 3 ,5 3 9
3 1 3 ,0 3 6
$ 4 0 9 ,5 4 1
1 ,2 8 7 ,5 3 9
2 0 ,1 0 6
1007.
$ 3 1 7 ,1 2 8
1 ,2 6 5 ,3 3 0
2 8 ,5 0 0
T o t a l _____________ ______ $ 2 ,1 0 5 ,0 0 3
Deduct—
S a la r ie s , le g a l e x p . . & c _ .
$ 8 0 ,5 4 7
5 ,6 5 7
T a x e s ---------------------- ______
1 0 7 ,4 7 7
I n t e r e s t ......... ................ ______
$ 2 ,0 2 3 ,4 1 8
$ 1 ,7 2 3 ,1 8 6
$ 1 , 0 1 0 ,9 0 5
$ 1 0 4 ,0 2 9
5 ,2 4 0
1 2 8 ,1 9 4
$ 9 1 ,9 6 2
5 ,2 6 1
1 7 6 ,8 0 0
$ 8 8 ,4 5 1
5 ,2 6 0
0 7 ,0 1 1
1 5 ,0 0 0
(3 * 0 1 1 1 7 2 1 1
$ 2 7 4 ,0 2 3
$ 1 ,4 4 9 ,1 6 3
$ 1 ,3 2 3 ,5 3 3
$ 2 8 7 ,4 3 2
I n t e r e s t ___________ . ______
D i v i d e n d s __________ ______
O t h e r p r o f i t s _______ ______
____ (5 ) 1 ,1 8 9 ,6 6 5
( 5 ) 1 ,4 8 9 ,6 6 5
• T o t a l _____________ ______ $ 1 ,6 8 3 ,3 4 6 • $ 1 ,7 2 7 ,1 2 8
$ 4 2 1 ,6 5 7
B a la n c e , s u r p lu s — ______
$ 2 9 6 ,2 9 0
S u n d r y a c c t s . w r itte n o ff
$ 5 7 ,9 3 7
a n d r e s e r v e s ------- ______
C h a n g e in v a l u e o f a s s e ts
D . 7 9 ,0 7 9
a s r e a d j u s t e d D e o . 3 1 .................... ..
S u r p lu s o r d e i l c l t --------------S . $ 3 6 3 ,7 2 0
T o t . u n d lv .p r o l lt s D c c .3 1 .$ 4 ,0 2 6 ,7 0 8
...............D . 2 , 2 9 0 , 3 0 6
S . $ 2 1 7 ,2 1 1 S .$ l ,4 4 9 ,1 0 3 D ’ $ 2 , 0 0 2 ,9 3 4
$ 3 ,6 0 2 ,9 8 8
$ 3 ,4 4 5 ,7 7 7
$ 1 ,9 9 6 ,0 1 4
BALANCE SHEET DECBMBBR 31.
5
1910.
1909.
S
$
S t o c k s .......................22.0 29 ,05 4 21,5 84 ,93 8
4,520,833
B o n d s ......................... 5 ,0 8 5,1 06
L oan s & a d v a n ces 7 ,4 3 0 ,0 7 3 8 ,698.082
O ffice a n d m iscel
la n eou s p r o p e r ty
1
1
A c cts . r e c e iv a b l e ..
869,531
258,141
C a s h _________
9 02 .42 5
1,670,426
1909.
1910.
Liabilities—
S
C apital s t o r k _____ 2 9 ,7 9 3 ,3 0 0 29 ,793.300
Coll, tru st n o t e s . . 1 ,9 2 1,0 00 2 ,416,000
d o hit. accrued
21,233
10,008
D iv id en d s a ccru ed
3 7 2 ,4 1 6
3 72 ,41 0
D lv s. u n c la im e d ..
4.416
0 .803
F unds co n s tlt. cos.
150,313
375,108
24.242
86,9 00
A c co u n ts p a y a b le .
U n d iv id ed p r o fits . 4 ,0 2 6 ,7 0 8 3 ,062,988
T o t a l .................... 3 6 ,3 16 ,79 0 36,732,421
— V . 9 0 , p . 450.
T otal ....................3 0 .3 16 .79 0 30,732.421
Assets—
International Silver Company,
31 1910.)
The company reports as follows for the years ended Dec.31:
(S ta tem en t fo r F isca l Y e a r en din g D ec.
E AR N IN G S , CHARGES. &C.
$
$
1910.
E a r n in g s f o r y e a r ..............
I n t e r e s t o n b o n d s ________
D lv s . o n p r e f . s t o c k _____
1909.
1 ,7 8 8 .4 8 0
1 .8 8 1 ,5 3 6
3 1 7 ,0 2 0
3 2 1 ,3 5 2
(8 )4 8 2 ,2 8 8 (5 % ) 3 3 1 ,573
1908.
$
1 ,0 2 9 ,5 5 6
3 2 5 ,4 5 4
( 4 ) 2 4 4 ,5 0 0
1007.
$
0 3 3 ,2 9 1
3 2 7 ,9 4 4
(7 ) 4 6 0 ,8 1 7
7 0 9 ,3 0 8
6 5 2 ,9 2 5
5 7 0 ,0 1 4
7 8 8 ,7 8 1
9 8 9 ,1 7 2
1 ,2 2 8 ,6 1 1
4 5 9 ,5 4 2
1 4 4 ,5 3 0
B a la n c e , s u r p l u s _________
F r o m t h e s e s u r p lu s e s t h e a m o u n t s fo l lo w i n g h a v e b e e n w r i t t e n o l f fo r
d e p r e c ia t io n : I n 1 9 0 7 , n o n e : In 1 9 0 8 , $ 1 9 9 ,9 5 9 (a ls o $ 1 ,1 6 5 ,5 8 5 f r o m t r a d e
m a r k s a n d p a t e n t s ) ; In 1 9 0 9 , $ 2 0 9 ,9 1 1 : In 191Q . $ 2 9 5 ,7 2 0 (a ls o $ 4 5 ,2 0 1 fo r
a d j u s t m e n t In v a l u e r e a l e s t a t e a n d fi x t u r e s .)
B A L A N C E S H E ET DEC. 3 1 .
1909.
1910.
.
1910.
1909.
S
Liabilities—
Assets—
S
S
686,412
0 85,362
___
P la n ts, pa ten ts, & c 8 ,0 8 6,9 79 7,88 1,7 55 C om m on s t o c k ..
0 ,0 2 8,5 88
S to ck on h a n d ____ 4 ,3 2 0 ,7 5 0 3,68 0,8 15 P referred s t o c k — 0 ,0 2 8,5 88
O ther Investm ents. 1 ,175,207
1,138,032 1st m tg e. b o n d s — 3 ,3 9 9 ,0 0 0 3 .4 5 9.0 00
1.87 3.0 00
D eben tu re b o n d s . 1 ,8 0 7,0 00
1st m tg e. b on d s In
__
tre a su r y ...............
969
24,989 A c c t s a n d n otes
1,108,382
p a y a b l e ________ 1 ,8 3 5 ,5 3 3
C a s h ..........................
863.417
871,770
105,500
D iv id e n d s ------------120,572
A c c t s and n otes
r e c e iv a b l e .......... 3 .1 6 4,2 67 2 ,889,921 S u rp lu s...................... 3 .8 7 5 ,6 2 4 3 ,2 2 7,3 79
$
T o t a l ....................17,611,679 1 6 ,4 8 7 ,2 6 1 ! T o ta l .....................17,611.679 10,487,261
1908.
1907.
r e4fe5r r e d s t o c k Iss u e d , $ 6 ,6 0 7 ,5 0 0 : In t r e a s u r y , $ 5 7 8 ,9 1 2 ; o u t s t a n d i n g ,
N e t e a r n i n g s . . . ..............
$ 2 ,9 9 3 ,4 2 0
$ 2 ,9 0 2 ,7 5 3 $ 2 ,9 4 P
2 ,2
$ 6 ,0 2 8 ,5 8 8 .
C o m m o n s t o c k Is s u e d , $ 9 ,9 4 4 ,7 0 0 ; In t r e a s u r y , $ 9 ,2 5 9 ,3 3 8 ;
Deduct—
o u0 t5s,7
t a3n2 d i n g D e c . 31 1 9 1 0 , $ 6 8 5 ,3 6 2 .— V . 9 2 , p . 6 6 6 .
D lv . o n p r e f. ( 7 % ) ________ $ 1 ,7 0 5 ,7 3 2
$ 1 ,7 0 5 ,7 3 2
$ 1 ,7 0 5 ,7 3 2 $ 1 ,7
D t v . o n c o m m o n ________ ( 4 ) 8 2 6 ,2 1 6 ( 5 ) 1 , 0 3 2 , 7 7 0 (5 ) 1 ,0 3 2 ,7 7 0 ( 4 * 0 0 8 1 . 131
1910.
$ 2 ,5 9 8 ,2 0 3
1909.
$ 6 6 ,2 5 5
4 ,7 1 3 ,3 7 3
$ 2 5 4 ,9 1 8
4 ,4 5 8 , 4 5 5
$ 1 6 4 ,2 5 1
4 ,2 9 4 ,2 0 4
R e m a in i n g s u r p l u s . . . $ 4 ,7 7 9 ,6 2 8
$ 4 ,7 1 3 ,3 7 3
$ 4 ,4 5 8 ,4 5 5
S u r p l u s ________________
P r e v io u s s u r p l u s _________
OBNERAL BALANCE SHEET DECEMBER 31.
1910.
1909.
Assets—
$
s
P la n t I n v e stm e n t.2 4 ,5 94 ,99 9 2 4 ,4 0 3 ,7 6 0
O th er In v estm en tsl4 .3 0 2 .1 3 1 13,7 65 ,16 2
S to c k on h a n d ------ 7 ,2 5 2 ,2 9 7 6 ,7 7 6,5 09
214.364
1,072.917
Cash In b a n k ...........
N o te s r e c e iv a b l e ..
592 ,67 8
919 ,33 0
A c cts. r e c e iv a b l e .. 3 ,1 4 1 ,0 5 4 3 .0 4 3 ,3 6 9
Electric Storage Battery Co.
31 1910.)
President Herbert •Lloyd signs the printed sheets upon
which the following is furnished:
(S ta tem en t fo r F isca l Y e a r en d in g D ec.
$ 4 , 2 9 4 ,2 0 4
$
1909.
1910.
Liabilities
—
S
Liabilities—
. 5 5 ,4 0 0 20 ,65 5 ,4 0 0
C om m on s t o cckk.. -.2 0 ,6
P referred s t o c k __ 2 4 ,3 6 7 ,6 0 0 24 3 67 ,60 0
S u r p l u s __________ 4 ,7 7 9 ,6 2 8 4 .71 3 ,3 7 3
2 44 ,67 5
A c co u n ts p a y a b le .
294 ,88 5
INCOME, &c.
1910.
1909.
1908.
T o ta l n et In com e................................$1,120,012
$ 933,492
$636,580
L e s s dlvs. on c o m . & pref. s t o c k .
(4 )6 4 9 ,9 6 4 (3 % )5 2 8 ,0 9 3 (3 % ) 5 2 8 ,093
S u r p l u s .............................................
T ota l
1909.
.......... 5 0 ,0 97 .51 3 4 9 ,9 81 ,04 8
Great Northern Iron Ore Properties.
31 1910.)
The report,signed by Louis W. Hill, James N. Hill, Wal
ter J. Hill and Edward T. Nichols, the trustees, St. Paul,
Minn., March 15 1911, says in substance:
(R ep o rt fo r F isca l Y ea r en d in g D ec.
D u r i n g t h e y e a r 1 9 1 0 t h e s h i p m e n t s o f o r e f r o m t h e p r o p e r t ie s o f t h e c o m
p a n ie s In w h ic h t h e t r u s t is I n t e r e s t e d a m o u n t e d t o 5 ,4 7 0 ,2 7 0 t o n s , as
a g a in s t 3 ,0 1 6 ,6 1 9 t o n s In 1 9 0 9 .
P r o m t h e n o t ic e s r e c e i v e d f r o m t h e G r e a t
W e s t e r n M in in g G o . a n d o t h e r le s s o e s o f t h e ir c o n t e m p l a t e d o p e r a t i o n s d u r
in g t h e y e a r 1 9 1 1 , It Is e x p e c t e d t h a t t h e o r e s h i p m e n t s w il l b e I n c r e a s e d
th e c o m in g s e a so n .
T h o w o r k o f e x o l o r a t l o n a n d d e v e l o p m e n t c a ll e d f o r
b y t h e le a s e t o M io G r e a t W e s t e r n M in in g G o . h a s c o n t i n u e d t o b e p r o s e c u t e d
$ 405,399
$108,487
$ 8,82
CONDENSED BALANCE SHEET DBC. 3 1.
1910.
T o t a l ---------------- 5 9.0 97 ,51 3 49,981,0481
— V . 91, p . 1633.
$470,048
1907.
$821,27
(5 )8 1 2 ,4 5 0
P lan t In vestm en t. 1,204,293
1,134,987
1.750,575
T reasu ry s t o c k ___ 1 ,750,575
Stks. & bds. ow n ed 1,729,141
1,561,802
P atents, agreem ’ ts
and fr a n c h is e s ..1 3 ,8 7 3 ,0 5 0 13,694,750
M o r t g a g e s ...............
40,0 00
49,000
Cash ___________
535 ,14 6
614,608
A c c ’ ts r e c e iv a b le ..
7 44 ,64 5
893,786
N otes r e c e iv a b l e ..
3 7 ,9 0 4
70,577
In v e n to ry
a c c ’ ts,
raw
m aterials,
sto c k . & c ............. 1 ,276,970
1,092,670
T o t a l ....................2 1 ,1 91 ,72 4 20.S 6 2.7 55 :
1909.
1910.
Liabilities—
S
$
189,900
P referred s t o c k ___
185,400
C om m on s t o c k ___17,8 14 ,60 0 17 ,81 0 ,1 0 0
36,2
83
A c co u n ts p a y a b le .
52,8 39
2 ,9 7 5
S und ry lia b ilities.
5,197
S u r p l u s .................... *2 ,7 7 1 ,9 4 2 2 ,358,817
R eserved fo r de
p recia tion . b ad
d eb ts and unfin
464,680
ished co n t r a c t s .
361 ,74 6
T o t a l .................... 2 1,1 9 1 .7 2 4 2 0 ,8 0 2 ,7 5 5
* A fte r d ed u ctin g su n d ry a d ju stm en ts not Incident t « the current year, a g g reg a t
ing $ 5 6 ,9 2 3 .— V . 92, p . 191.
M
Mar . 1$ 1911.|
THE CHRONICLE
Diamond Match Company.
{Report for the Fiscal Year ending Dec. 31 1910.)
The income account was given in the “Chronicle” of
Feb. 18 last, page 459. Below is a comparative balance sheet:
B A L A N C E SH E E T D E C . 3 1 .
1910.
J\. s s c l s __
P la n t s & o t h e r I n v e e t 't s .
P in e la n d s a n d s t u m p a g e
P a t e n t s ,t r a d e - m a r k s , & c .
D e f. ch a rg e s t o o p e r a tio n
S ie r r a p u r c h a s e ---------------P u rch a se B ry a n t & M a y,
le s s
t h e ir
paym ent
( $ 3 8 3 ,4 0 9 ) o n a c c o u n t
M a t c h e s ---------------------------L u m b e r a n d l o g s . ..............
M Isc. m d s e . & s u p p lie s ..
N o t e s r e c e i v a b l e -------------A c e t s . r e c c l v . le s s r e s ’ v e
C a s h .......................... - .............
$
5 ,5 3 0 ,1 8 3
4 ,3 3 1 ,3 2 7
4 ,0 0 0 ,0 0 0
1 1 4 ,4 3 3
$
$
1009.
1908.
5 ,4 9 7 ,5 2 0
4 ,4 1 2 ,2 9 3
5 ,0 0 0 ,0 0 0
1 2 9 ,4 2 1
,6 5 3 ,4 1 6 1
,4 0 7 ,6 4 7 ]
,000,000
$
1907.
2 7 ,6 8 8 ,1 7 1
5 ,0 0 0 ,0 0 0
7 08",409
8 6 7 ,1 7 9
2 ,5 2 8 ,0 5 3
9 8 7 ,0 2 0
1 9 5 ,4 5 7
2 ,8 0 9 ,1 7 1
7 3 5 ,4 6 4
9 5 4 ,1 8 2
2 ,4 2 1 ,2 3 9
9 7 5 ,2 7 8
6 ,3 3 7
1 ,9 2 9 ,9 4 7
5 5 1 ,5 2 0
,0 9 7 ,1 5 8
,2 7 8 ,5 8 5
,0 6 0 ,4 8 1
9 6 ,5 0 9
,0 4 8 ,4 5 0
5 4 0 ,5 2 0
3 2 5 ,0 0 0
8 4 9 ,7 1 2
1 ,5 6 9 ,1 7 4
7 0 1 ,7 6 8
1 5 2 ,3 5 3
1 ,4 7 0 ,5 7 0
3 0 3 ,8 0 2
T o t a l .................................. 2 2 ,1 5 8 ,8 8 7
Liabilities —
C a p it a l s t o c k -------------------- 1 6 ,0 0 0 ,0 0 0
S u b s c r ip t io n r o o t s . Is s u e d
0 4 0 4 ,1 0 0
N o t e s p a y a b l e ------------------ V1 ,9 0 0 ,0 0 0
S ie r r a p u r c h a s e ---------------A c c o u n t s p a y a b l e . ------7 3 5 ,0 3 2
I n t . & p a y - r o l ls ( p d . J a n . ) .
1 4 6 ,5 4 5
T a x e s a c c r u e d ( c s t . ) ------6 5 ,1 1 0
R e s e r v e s --------------------------9 2 3 ,4 7 6
S u r p lu s a n d p r o f i t s ______
6 0 0 ,0 6 9
2 1 ,8 7 7 ,7 4 3
2 1 ,7 8 2 ,7 6 6
1 8 ,7 6 8 ,9 5 9
1 6 ,0 0 0 ,0 0 0
1 6 ,0 0 0 ,0 0 0
1 6 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
1 ,9 4 9 ,9 6 4
6 6 0 ,0 0 0
6 5 0 ,0 0 0
9 0 7 ,0 1 2
8 1 9 ,5 0 6
2 4 7 ,8 5 0
6 7 7 ,9 4 0
1 7 6 ,3 8 9
4 6 3 ,0 6 4
2 1 ,7 8 2 ,7 6 6
1 8 ,7 6 8 ,9 5 9
T o t a l ..............................
1 ,8 0 0 ,0 0 0
1 ,5 2 4 ,3 5 6
8 1 8 ,7 2 1 1
1 5 9 ,6 9 9 }
5 1 ,8 4 5 ]
6 5 7 ,5 3 5
8 6 5 ,5 8 7
2 1 ,8 7 7 ,7 4 3
0 0 0 ,0 0 0 6 % 1 0 - y r . c o n v e r t i b l e d e b e n t u r e s o f f e r e d In D e c . 1 9 1 0 .
x I n c l u d i n g o n e - h a l f I n t e r e s t In p i n e la n d s a n d s t u m p a g e In C a li f o r n ia ,
a f t e r d e d u c t i n g $ 7 0 3 ,4 9 7 w r i t t e n o i l a g a in s t s u r p lu s .
V I n c lu d e s 5 % g o ld n o t e s , $ 1 ,0 0 0 ,0 0 0 , a n d n o te s p a y a b le — b a n k s .
$ 9 0 0 ,0 0 0 .
z D e fe r r e d
p a y m e n t s d u e 1 9 1 1 t o 1 9 2 3 t o B r y a n t & M a y , L t d . , o n C a li
fo r n ia p u r c h a s o . — V . 9 2 , p . 3 2 5 , 4 5 9 , 3 9 7 .
Lehigh Coal & Navigation Company.
31 1910.)
Pres. W. A. Lathrop, Phila., Feb. 14 1911, wrote in brief:
{R epo rt f o r F is c a l Y e a r en d in g D ec.
Stock.— 'T h e s p e c i a l s c r i p d i v i d e n d o f 1 5 % d e c la r e d D e c . 2 7 1 0 0 9 , c o n
v e r t ib le In to c a p it a l s t o c k a t p a r, w a s p a id M a rch 1 1910 a n d th e c o n v e r
s io n s t h e r e u n d e r o f t h e s c r i p c e r t ifi c a t e s I n t o c a p i t a l s t o c k a m o u n t e d t o
$ 3 ,1 4 4 ,2 0 0 , m a k in g t h e s t o c k D e c . 31 1 9 1 0 $ 2 4 ,1 4 6 ,9 5 0 ( V . 9 0 , p . 5 5 , 1 1 7 4 ) .
B y a c t i o n o f t h e m a n a g e r s J a n . 23 1 9 1 1 , t h e a u t h o r i z e d c a p i t a l s t o c k w a s
I n c r e a s e d t o $ 2 6 ,5 8 7 ,6 5 0 b y a 1 0 % s t o c k a ll o t m e n t a t p a r , a m o u n t in g t o
$ 2 ,4 1 4 ,6 5 0 , t o b e p a i d f o r b e t w e e n M a y 15 a n d M a y 2 7 1 9 1 1 ( V . 9 2 , p . 2 6 5 ) .
Bonds. — O n N o v . 1 1 9 1 0 t h e c o m p a n y Is s u e d $ 1 ,7 5 0 ,0 0 0 o f c o l la t e r a l t r u s t
4 W % 2 0 -y c a r g o ld b o n d s , d u e N o v . 1 1 93 0, se cu re d b y d e p o s it o f b o n d s
a m o u n t in g a t p a r t o $ 2 ,3 0 7 ,5 0 0 ( V . 9 1 . p . 1 0 9 8 , 1 3 8 8 ) .
T h e c o n s o l i d a t e d m t g e . 7 % lo a n , $ 2 ,4 7 1 ,0 0 0 , m a t u r e s J u n e 1 1 9 1 1 .
The
1 0 % s t o c k a l l o t m e n t a u t h o r i z e d J a n . 23 1 9 1 1 w ill p r o v i d e in p a r t f u n d s t o
m e e t t h is a m o u n t a t m a t u r i t y , t h e r e b y e ff e c t in g a s a v in g in f i x e d c h a r g e s o f
$ 1 7 2 ,9 5 2 p e r a n n u m . U p o n c a n c e l la t io n o f t h e c o n s o l , m t g e ., b o n d s t o t h e
a m o u n t o f $ 2 ,4 7 1 ,0 0 0 w ill b e r e le a s e d u n d e r t h e g e n e r a l m t g e . d a t e d 1 8 8 4
a n d d u o M a y 1 192 4, a n d ta k e n In to th e tre a su r y .
Taxes. — T h e s e s h o w a n I n c r e a s e o v e r 1 9 0 9 o f $ 7 5 ,7 1 5 .
_____
Coal Lands Sinking Fund.— T h e f u n d I n c r e a s e d In 1 9 1 0 $ 2 2 0 ,3 0 9 — $ 1 8 3 ,• 68 f r o m t h e c h a r g e t o I n c o m e o f 5 c . p e r t o n o n c o m m e r c ia l t o n n a g e m in e d
b y t h e c o m p a n y a n d Its le s se e s a n d $ 3 7 ,2 4 1 f r o m I n c o m e o n I n v e s t m e n t s .
S h o u l d n o f u r t h e r a p p r o p r ia t io n s b e m a d e f r o m I n c o m e , th is f u n d w ill, In
a b o u t 41 y e a r s , t h r o u g h t h e a n n u a l I n v e s t m e n t o f Its I n c o m e , a t 4 % , e q u a l
t h o v a l u e a t w h to h t h e c o a l la n d s a r e c a r r ie d u p o n t h e b o o k s .
Coal. — T h e t o n n a g e f r o m la n d s o w n e d a n d c o n t r o l l e d w a s a s fo l lo w s :
1910.
1909.
1908.
1907.
M in e d b y c o m p a n y __________ t o n s . 3 ,3 7 5 ,5 4 1 2 ,8 2 8 ,7 8 8 2 ,8 2 6 ,1 9 7 2 ,9 7 3 ,1 7 2
M in e d b y le s s e e s ___________________
2 8 5 ,8 2 2
2 2 4 ,9 2 7
1 6 6 ,0 3 2
1 6 2 ,8 3 7
B y le s s e e s o f A l li a n c e C o a l M . C o .
1 8 8 ,4 9 2
1 3 4 ,2 6 4
1 2 4 ,4 1 6
1 0 6 ,7 2 7
T o t a l c o m m e r c i a l c o a l ....................3 ,8 4 9 ,8 5 5 3 ,1 8 7 ,9 7 9 3 ,1 1 6 ,6 4 5 3 ,2 4 2 ,7 3 6
I n a d d i t i o n t h e r e w a s c o n s u m e d f o r m in in g p u r p o s e s 4 0 9 ,0 8 3 g r o s s t o n s ,
m a k in g t h e t o t a l p r o d u c t i o n 4 ,2 5 8 ,9 3 8 g r o s s t o n s , a g a in s t 3 ,5 8 5 ,6 5 0 fo r
1909.
M a r k e t c o n d i t i o n s d u r in g 1 9 1 0 w e r e m o r e s a t i s f a c t o r y a s r e g a r d s
t o n n a g e m o v e d t h a n In 1 0 0 9 , a lt h o u g h p r ic e s w e r e li t t le If a n y b e t t e r .
The
t o t a l t o n n a g e m in e d b y a ll In t e r e s t s w a s 6 4 ,9 0 5 ,7 8 6 g r o s s t o n s , a n I n c r e a s e
o f 2 ,0 3 5 ,9 0 1 g r o s s t o n s o v e r 1 9 0 9 b u t s t ill 2 ,2 0 3 ,6 0 7 g r o s s t o n s b e h in d 1 9 0 7 .
T a m a q u a B r e a k e r w a s c o m p l e t e d a n d p u t In o p e r a t i o n In O c t o b e r la s t ,
a n d Is n o w s h i p p in g a b o u t 5 0 % o f Its c a p a c i t y .
I t Is e x p e c t e d t h a t t h e
u n d e r g r o u n d w o r k i n g s w ill b e In c o n d i t i o n t o la r g e ly I n c r e a s e t h is p e r c e n t a g e
d u r in g 1 9 1 1 , a lt h o u g h t h e fu ll c a p a c i t y o f t h e p l a n t w ill p r o b a b l y n o t b e
re a ch e d b e fo r e th e su m m e r o f 1 9 1 2 .
O n t h o L a u s a n n e d r a i n a g e t u n n e l t h e v e n t il a t i n g o p e n in g s h a v e b e e n fin
is h e d a n d It Is h o p e d t o c o n n e c t w it h N o . 2 s h a f t ie v e l In s p r i n g o f 1 9 1 2 .
Canal.— T h e L e h ig h a n d D e la w a r e D iv is io n c a n a ls f o r 1 9 1 0 s h o w n e t
r e v e n u e o f $ 2 2 ,2 6 4 , c o m p a r e d w it h a lo s s In 1 9 0 9 o f $ 1 8 ,9 0 4 .
A tota l o f
3 6 4 ,9 7 1 g r o s s t o n s w e r e m o v e d , 3 2 3 ,8 0 8 g r o s s t o n s b e in g a n t h r a c i t e c o a l ,
c o n t r a s t in g w it h 3 2 8 ,9 9 0 a n d 2 8 1 ,6 1 9 , r e s p e c t i v e l y , in 1 9 0 9 .
Railroads.— T h e g r o s s r e c e ip t s o f t h e L e h ig h & .S u s q u e h a n n a R R . a n d
b r a n c h e s s h o w a n I n c r e a s e o f $ 5 9 8 ,6 4 3 a s c o m p a r e d w it h 1 9 0 9 , b u t t h is d o c s
n o t in c r e a s e t h e t o t a l r e n t a l r e c e iv e d b y y o u r c o m p a n y .
Extensions.— D u r i n g t h e y e a r p la n s w e r e c o m p l e t e d f o r t h o e x t e n s io n o f
t h e L e h ig h & N e w E n g l a n d R R . f r o m a p o i n t o n Its lin o n e a r D a n l c l s v ll le ,
N o r t h a m p t o n C o u n t y , P a . , t o a p o i n t o f c o n n e c t i o n a t T a m a q u a , S c h u y l k i ll
C o u n t y , P a . , w it h t h o t r a c k s o f t h e P a n t h e r C r e e k I t K . o f t h e L e h ig h C o a l
& N a v ig a t io n C o . ( V . 9 2 , p . 1 1 8 ).
GROSS D A R N IN G S OF LE H IG H A S U S Q U E H A N N A RR.
P a s s e n g e r a n d m a l l s _____
F r e i g h t a n d e x p r e s s _____
C o a l ------------------------------------
1910.
$
4 5 2 ,8 4 0
3 ,7 9 7 ,8 6 0
5 ,0 3 0 ,2 9 5
1909.
$
4 1 9 ,3 8 9
3 ,4 9 9 .5 5 0
4 ,7 6 3 ,4 1 3
1908.
$
4 0 0 ,6 1 4
2 ,8 4 3 ,4 7 5
5 ,1 3 4 ,3 5 5
1007.
$
4 2 8 ,0 2 4
3 ,6 5 7 ,6 5 1
5 ,3 0 1 ,7 0 6
1’ o t a l ....................................
R e n t a l , 1 -3 o f g r o s s -------
9 ,2 8 0 ,9 9 5
3 ,0 9 3 ,6 6 5
8 ,6 8 2 ,3 5 2
2 ,8 9 4 ,1 1 7
8 ,3 8 7 ,4 4 4
2 ,7 9 5 ,8 1 5
9 ,3 8 7 ,3 8 1
3 ,1 2 9 ,1 2 7
L E H IG H COAL & N A V . CO. E A R N S ., E X P E N S E S A N D C H A R G E S .
R a i l r o a d s __________________
C anal a n d w a ter p o w e r .
iiC h lgh c o a l l a n d s -----------M i s c e l l a n e o u s ------------------
1910.
$
2 ,2 8 5 ,2 5 3
2 2 ,2 6 4
1 ,6 9 8 ,2 7 6
1 3 8 ,7 2 8
1909.
$
2 ,2 7 8 ,0 5 5
lo s s 1 8 ,0 0 4
1 ,2 2 7 ,6 5 6
1 6 7 ,7 3 6
1908.
$
2 ,3 0 9 ,2 7 3
lo s s 3 8 ,3 0 5
1 ,6 1 3 ,2 9 8
2 4 3 ,6 7 0
1907.
$
2 ,3 0 7 ,1 7 1
lo s s 3 3 ,0 1 1
1 ,6 3 4 ,9 2 7
2 3 3 ,1 9 5
T o t a l ................................
I n t e r e s t ___________________
R e n t a ls , t a x e s , & c ---------
4 ,1 4 4 ,5 2 1
8 9 7 ,3 4 3
5 2 0 ,0 6 6
3 ,6 5 4 ,5 4 3
8 8 4 ,7 1 9
4 2 9 ,6 0 2
4 ,1 2 7 ,9 3 6
8 8 5 ,1 2 4
5 1 1 ,0 3 1
4 ,1 4 2 ,2 8 3
8 8 5 ,3 5 2
4 9 5 ,6 0 5
1 ,3 1 4 ,3 2 1
1 ,3 9 6 ,1 5 5
1 ,3 8 0 ,9 5 7
2 .3 4 0 ,2 2 2
2 ,7 3 1 ,7 8 1
2 ,7 6 1 ,3 2 6
( 9 ) 1 8 1 3 ,9 7 6 (8 ) 1 ,4 5 7 ,6 4 8 (8 ) 1 ,3 8 7 ,6 0 4
B a la n c e _______________
S in k in g f u n d _____________
D e p r e c ia t io n
....................
7 9 5 ,3 6 8
1 8 3 .0 6 8
3 0 0 ,0 0 0
5 2 6 ,2 4 6
1 5 2 ,6 8 6
3 0 0 ,0 0 0
1 ,2 7 4 ,1 3 3
1 4 0 ,6 1 1
3 0 0 ,0 0 0
1 ,3 7 3 ,7 2 2
1 5 6 ,8 0 0
2 5 0 .0 0 0
S u r p l u s ________________
C o a l m in e d ( t o n s ) ------------
3 1 2 ,3 0 0
3 ,8 4 9 ,8 5 5
7 3 ,5 6 0
3 ,1 8 7 ,9 7 9
8 2 4 ,5 2 2
3 ,1 1 6 ,6 4 5
9 6 6 ,9 2 2
3 ,2 4 2 ,7 5 6
A s t o s p c e la t s c r i p d i v i d e n d , s e e f o o t - n o t e b e l o w .
B A L A N C E SH E E T J A N . 1 .
1911.
Assets —
$
L e h ig h & S u s q . R R _____ 1 6 ,0 0 5 ,3 1 2
L e h ig h N a v . a n d s h ip
p in g I m p r o v e m e n t s ..
C o a l l a n d s ________________
C o a l I m p r o v e m e n t s _____
P a n th . C k . R R .& c q u I p .
L a n s fo r d s h o p s & e q u ip .
P r o d u c t i v e w o r k _________
M i n in g e q u i p m e n t ______
L a n d e d p r o p ’ t y & Im p ts.
C a n a l & m a r in e c q u l p ’ t .
M a t e r i a l a n d s u p p l ie s ___
C o a l o n h a n d _____________
S e c u r it i e s o w n e d _________
I n s u r a n c e f u n d ..................
C a s h o n h a n d ____________
A d v . m a d e to s u b s ld . co s.
A c c o u n t s r e c e i v a b l e _____
B ills r e c e i v a b l e .............. ..
M t g e ., g r o u n d re n ts a n d
ju d g m e n t s ____________
C o a l la n d s s i n k i n g f u n d .
P r e p ’ d l n s .,d e f .a c c ’ t s ,& c .
2 ,0 0 6 ,5 1 7
4 ,8 9 1 ,2 3 2
6 ,4 8 4 ,5 4 8
1 ,0 5 0 ,3 3 6
5 3 5 ,3 5 9
6 4 8 ,6 1 0
7 8 0 ,7 5 5
1 ,4 0 4 ,2 7 2
6 8 2 ,0 3 9 '
5 2 3 ,8 7 6
7 7 4 ,5 8 8
7 ,7 5 2 ,2 0 3
3 5 4 ,5 1 2
1 ,5 0 2 ,7 3 2
8 5 7 ,4 1 3
1 ,8 0 6 ,9 9 3
3 ,8 0 5
1 7 ,1 6 0
9 8 7 ,7 4 3
2 5 5 ,6 7 6
1910.
$
1 5 ,9 9 2 ,7 7 9
1909.
$
1 5 ,9 8 2 ,8 4 2
1908.
$
1 5 ,9 8 6 ,5 2 2
2 ,0 0 6 ,5 1 7
4 ,8 9 1 ,2 3 2
5 ,7 6 7 ,6 0 0
9 4 4 ,4 9 4
5 5 7 ,4 7 2
6 4 8 ,6 1 0
6 0 9 ,5 5 3
1 ,2 2 4 ,6 4 0
5 9 3 ,9 2 5
5 4 5 ,8 3 0
8 1 2 ,2 2 1
7 ,7 6 8 .4 0 1
3 6 2 ,9 8 0
1 ,0 5 9 ,7 1 8
6 6 2 ,8 2 5
1 ,3 7 6 ,0 0 5
2 ,0 2 2 ,6 5 8
4 ,8 9 1 ,2 3 2
4 ,9 3 3 ,0 8 3
8 9 3 ,0 2 4
6 2 7 ,1 6 1
6 4 8 ,6 1 0
5 5 0 ,4 5 0
1 ,1 0 6 ,8 9 1
6 1 2 ,2 7 3
4 6 9 ,9 5 3
9 4 3 ,5 6 0
7 ,9 1 6 ,1 3 7
3 2 5 ,5 9 2
7 0 6 ,0 2 3
6 6 9 ,4 1 0
1 ,3 2 6 ,9 4 5
2 ,0 0 6 , 5 1 7
4 ,8 9 1 ,2 3 2
3 ,8 1 4 ,3 5 8
8 6 3 ,1 3 8
6 6 7 ,9 6 5
6 9 3 ,2 7 8
5 3 2 ,6 6 9
9 5 4 ,7 4 2
2 8 9 ,3 9 2
4 9 2 ,1 2 4
6 6 7 ,4 2 5
7 ,3 0 6 ,7 1 8
3 0 1 ,6 5 6
5 1 6 ,1 9 1
1 ,1 0 1 ,0 1 4
1 ,3 1 1 ,3 3 7
1 7 ,1 6 0
7 6 7 ,4 3 3
2 0 4 ,4 8 6
1 3 ,6 6 0
5 8 6 ,1 4 2
4 4 ,3 4 0
1 6 ,6 6 0
4 1 1 ,1 8 7
4 1 ,7 3 2
4 9 ,3 2 5 ,7 4 1
4 6 ,8 1 3 ,8 8 2
4 5 ,2 6 9 ,9 8 6
4 2 ,8 6 5 ,8 5 6
C a p i t a l s t o c k _____________ 2 4 ,1 4 6 ,9 5 0
________
S p e c ia l s c r i p d i v i d e n d . .
B o n d s fs e c “ R y .& I n d u s t r l a l ” S e c t i o n ) _________ 2 0 ,9 1 5 ,0 8 3
D u e su n d ry co s . & ln d lv .
2 4 4 ,4 8 5
B ills p a y a b l e _____________
________
U n p a id v o u c h . & p a y - r o l l s 1 ,1 5 7 ,3 4 0
A c c r u e d t a x e s . ...................
1 8 9 ,1 3 8
R e n t a ls a c c r u e d -------------2 ,7 1 4
I n s u r a n c e f u n d __________
3 5 4 ,5 1 2
C o a l la n d s s in k in g f u n d .
9 8 7 ,7 4 3
I n t e r e s t a n d d i v id e n d s
d u e a n d u n c o lle c t e d ..
1 4 9 ,9 0 6
A c c r u e d In t. o n b o n d s ..
7 1 ,5 3 9
D e fe r r e d a c c o u n t s , & c . _
9 5 ,7 2 6
P r o f i t a n d l o s s ____________
1 ,0 1 0 ,6 0 5
2 1 ,0 0 2 ,7 5 0
3 ,1 5 0 ,4 1 2
1 9 ,1 1 3 ,0 0 0
1 7 ,3 7 8 ,5 0 0
1 9 ,1 7 8 ,0 8 3
2 7 4 ,2 4 6
8 4 8 ,5 1 8
1 5 8 ,6 9 7
2 ,2 5 7
3 6 2 ,9 8 0
7 6 7 ,4 3 3
1 9 ,1 8 8 ,0 8 3
3 6 5 ,7 3 2
1 0 0 ,0 0 0
9 2 6 ,2 5 0
1 5 2 ,6 9 2
6 ,1 7 5
3 2 5 ,5 9 2
5 8 6 ,1 4 2
1 9 ,1 9 8 ,0 8 3
3 3 0 ,4 0 0
7 0 0 ,0 0 0
7 8 0 ,5 3 8
1 8 1 ,5 3 9
5 ,1 9 5
3 0 1 ,6 5 6
4 1 1 ,1 8 7
1 5 1 ,7 4 5
5 8 ,4 1 4
1 1 0 ,1 4 4
* 7 4 8 ,2 0 3
1 4 7 ,5 1 3
5 8 ,4 1 4
6 ,2 3 0
4 ,2 9 4 ,1 6 3
1 5 1 ,1 6 5
5 8 ,4 1 4
9 ,6 1 2
3 ,3 5 9 ,5 6 8
T o t a l ______ _____________ 4 9 ,3 2 5 ,7 4 1
4 6 ,8 1 3 ,8 8 2
4 5 ,2 6 9 ,9 8 0
4 2 ,8 6 5 ,8 5 6
T o t a l ___________
v A m o u n t r e c e i v e d t o D e c . 31 1 9 1 0 o n a c c o u n t o f s u b s c r i p t i o n t o $ 2 ,
1 ,4 1 7 ,4 0 9
2 ,7 2 7 .1 1 2
B a l a n c e ___________________
D i v i d e n d s ................. ...........(8 )1 ,1 )3 1 ,7 4 4 *
733
Liabilities—
* A f t e r d e d u c t i n g s p e c ia l s c r i p d i v i d e n d ( 1 5 % ) d e c la r e d D e c . 2 7 1 9 0 9 ,
p a i d M a r c h 1 1 9 1 0 , c o n v e r t i b l e i n t o f u l l- p a id c a p i t a l s t o c k a t p a r . 5 3 ,1 5 0 ,
4 1 2 , a n d c o s t f o r y e a r 1 9 0 9 o f I s o la t io n o f S u m m it H i ll m in e fir e , 5 4 7 0 ,5 0 5 ,
a n d a d d i n g $ 1 ,3 9 8 f o r s u n d r y a c c ’ t s a d j u s t e d . — V . 9 2 , p . 4 6 6 , 2 6 5
Yukon Gold Co., New York.
{Report for Fiscal Year ending Dec. 31 1910.)
Pres. S. R. Guggenheim, N. Y., Feb. 28 1911, wrote:
I h e r e w it h s u b m it t o y o u t h e a n n u a l s t a t e m e n t o f t h e C o n s u lt in g E n g in e e r
a n d G en era l M a n a ger fo r th e sea son 1 91 0.
I t w ill b e o b s e r v e d t h a t t h e
d r e d g in g o p e r a t i o n s s h o w e d m a te r ia l I m p r o v e m e n t o v e r t h e p r e v io u s y e a r .
I n v i e w o f t h e f a c t t h a t t h e m a in d i t c h s y s t e m w a s o p e r a t e d b u t 7 9 % o f t h e
p o s s ib l e t im e a n d w it h b u t 6 1 % o f t h e p o s s ib l e fl o w , w e o o n s l d e r t h e r e s u lts
o b t a in e d v e r y g r a t ify in g .
Abstract of Statement by O. B. Perry, Consulting Engineer and General
Manager— Work Done Since Feb. 1 1910.
P roperty .— T h e p r o p e r t y h a s b e e n a d d e d t o b y o u t r i g h t p u r o h a s e a n d b y '
w o rk in g a g re e m e n t c o v e r in g a d ja c e n t c la im s ,
re p re s e n tin g
an
e s t i
m a t e d t o t a l o f 1 ,3 0 0 ,0 0 0 c u . y a r d s , o f w h ic h 1 .0 0 0 ,0 0 0 c u . y a r d s a p p r o x i
m a t e l y a r e c r e e k g r a v e l s , t h e r e m a in d e r b e in g h y d r a u l ic g r o u n d .
Equipment.— T h e a d d i t io n s In 1 9 1 0 c o n s is t e d o f d i s t r ib u t in g p i p e lin e s ,
t u n n e ls a n d s lu ic e s fo r t h e o p e n in g u p o f t h e h y d r a u l ic m in e s , p r i n c ip a l ly o n
A m e r ic a n H ill (1 ,2 0 0 f t . o f 2 6 t o 2 2 -In c h p i p e ) , A m e r ic a n G u lc h , B o u l d e r
C r e e k , G o ld H i ll a n d L o v e t t .
O n C h c e c k a c o H ill a t u n n e l w a s d r iv e n 3 0 0 f t .
w i t h 4 5 0 f t . o f 5 2 -In c h s lu ic e , 1 ,0 0 0 f t . o f d i s t r ib u t in g p i p e lin e s , 6 h y d r a u l i c
g ia n t s , & c .
N o . 5 d r e d g e w a s r e m o v e d a n d r e b u i lt o n 3 0 B e l o w o n B o n a n z a .
Dredging Operations.— T h e d r e d g in g s e a s o n f o r s i x o u t o f t h e s e v e n
d r e d g e s w a s 159 d a y s , a s c o m p a r e d w it h 1 32 14 d a y s in 1 9 0 9 , o r a n in c r e a s e
o f 2 0 % ; f o r d r e d g e N o . 5 w a s 1 08 d a y s .
T h o d r e d g e s h a n d l e d 3 ,2 4 9 ,7 8 8
c u . y a r d s , a s c o m p a r e d w it h 2 ,3 8 1 ,8 8 0 c u . y a r d s la s t s e a s o n , a n in c r e a s e o f
3 6 % , a n d p r o d u c e d $ 2 ,1 5 0 ,7 2 3 g r o s s g o l d , a s c o m p a r e d w it h $ 1 ,3 6 3 ,7 2 2
la s t s e a s o n , o r a n I n c r e a s e o f 5 7 % .
V a lu e p e r c u . y a r d , 6 6 . 1 8 c ., a n in c r e a s e
o f 1 5 % ; c o s t , 3 1 . 0 9 c ., a g a in s t 3 1 . 9 4 c . p e r c u . y a r d .
T h e c o s t in c lu d e s a ll
t h a w i n g c h a r g e s , a m o u n t in g t o 1 4 .6 0 c . p e r c u . y a r d , p r e lim in a r y ! s t r ip p in g ,
g r o s s g o ld t a x , s e llin g c h a r g e s a n d d e p r e c i a t i o n .
F o r t h e firs t t i m e p o w e r
w a s a v a il a b l e f o r la t e fa ll o p e r a t i o n s .
Y o u r h y d r o -e le c t r ic p la n t w a s s h u t
d o w n O c t . 6 , a n d fr o m t h a t t im e o n p o w e r w a s p u r c h a s e d f r o m t h e N o r t h e r n
L i g h t & P o w e r C o m p a n y ’ s s t e a m - d r iv e n p l a n t .
Hydraulic Operations.— A t o t a l o f 1 ,4 0 6 ,3 9 7 c u . y a r d s w a s h a n d l e d In
t h e h y d r a u l ic m in e s , a s c o m p a r e d w i t h 7 0 5 ,5 4 4 c u . y a r d s la s t y e a r , o r a n In
c r e a s e o f 9 9 % . T o t a l g r o s s p r o d u c t i o n , $ 6 9 6 ,3 7 5 , a s c o m p a r e d w it h $ 3 8 3 ,
8 7 7 In 1 9 0 9 , o r a n I n c r e a s e o f 8 1 % .
T h e c o s t w a s 2 5 .6 9 c . p e r c u . y a r d , o r
a d ecrea se o f 6 3 % .
In th e a b o v e c o m p a r is o n o f c o s t s , th e p e r ce n ta g e o f
e a r n in g s p a i d a s r o y a lt i e s u n d e r w o r k i n g a g r e e m e n t s a r e n o t I n c l u d e d , a n d
t h is a p p lie s a ls o t o d r e d g in g c o s t .
T h e r o y a lt i e s l a s t s e a s o n a m o u n t e d t o
o v e r $ 1 2 0 ,0 0 0 .
I n 191 1 w o r k w ill b e c o n f in e d a l m o s t e n t ir e ly t o p r o p e r t ie s
ow ned b y you r com p an y.
T h e m a in d i t c h s y s t e m f r o m t h e T w e l v e - M i le
R i v e r w a s o p e r a t e d 1 1 8 .3 d a y s o u t o f a p o s s ib l e 1 5 0 d a y s , o r 7 8 . 7 % o f t h e
p o s s ib l e t im e .
T h e r e w e r e s e v e r a l b r e a k s In t h e d i t c h ( a t p o i n t s w h e r e
g la c i e r s h a d b e e n m e t w it h In t h e c o n s t r u c t i o n ) , w h i c h d e c r e a s e d t h e p r o
d u c t io n a n d In cre a se d th e c o s t .
T h e r e Is n o r e a s o n t o a n t ic i p a t e r e p e t i t i o n
o f th ese b rea k s.
General .— T h e d r e d g in g o p e r a t i o n h a s s h o w n a m a r k e d I m p r o v e m e n t ,
a n d t h e h y d r a u l ic w o r k h a s a ls o I m p r o v e d , a l t h o u g h n o t a s r a p i d l y .
The
I n c r e a s e In v a l u e s is a m a t t e r f o r c o n g r a t u l a t i o n , a s I t in d ic a t e s a n i m p r o v e
m e n t b o t h In t h e g r a v e l s a n d In t h e m e t h o d o f w o r k i n g .
In v ie w o f th e
s u c c e s s in h a n d l in g t h e c r e e k g r a v e l s , w o r k h a s n o w b e e n b e g u n o n a n u m
b e r o f c l a i m s o n B o n a n z a w h ic h I t h a d b e e n t h e p r e v io u s I n t e n t io n t o a b a n
d o n f o r t a ilin g s r o o m : t h e n e t r e s u lt w ill b e a s u b s t a n t i a l g a i n . W e s h o u l d
I n c r e a s e t h e le n g t h o f o u r d r e d g in g s e a s o n t h is y e a r b y p o s s i b l y t w o w e e k s
In t h e s p r i n g , a n d t h e h y d r a u l i c o p e r a t i o n s s h o u l d s h o w f u r t h e r I m p r o v e m ’ t ,
BALANCE SHEET DEC. 31.
1909.
$
P ro p . & in vests.
(In c.su rv eys.& c.) 1 1,8 85 ,4 6 0 ]1 1 ,8 57 ,00 0
D itc h e s, dredges,
p ip e lin e s,& c.(co s t)6 ,4 27 ,00 2 6 ,0 7 3 ,0 4 5
D eferred
charges
(sirip p in g, & c . ) 5 37 ,86 5
4 91 ,24 4
Su pp lies & m a tc r'l
5 48 ,78 3
4 34 ,57 9
A c cts . rec. (Incl.
a d v . to sub. c o ’ s)
3 44 ,63 6
300 ,93 1
Cash .........................
3 2 ,1 82
9,8 6 3
Assets—
1910.
$
1910.
1909.
Liabilities—
$
S
C a pital s t o c k ...........1 7.6 00 .00 0 17.5 00 ,00 0
G u g genheim
Ex
p lora tion C o . . .
499 ,85 0
1 ,0 5 0,2 66
A c cts . p a y a b le ___ 1 ,1 0 4.8 28
120.849
D ep recia tion ____
288 ,79 9
142,731
Surp lus a fter d i v i
d en d D e c . 3 1 . . .
383,451
3 52 ,81 6
T o t a l .................... 1 9.7 75 .92 8 19.1 66 ,66 3
T o t a l ...............-.1 9 .7 7 5 ,9 2 8 1 9,166,663
Q u arterly d iv id en ds o f 2 % (1 0 cen ts p er share, p a r $ 5 ) h a v e been pa id beginnin g
S e p t. 30 1909. th e sev en th distrib u tion a t th a t ra te b e in g p a y a b le M arch 31 n ex t,
ca llin g fo r $ 1,4 00 ,00 0 y e a r ly .— V . 9 2 , p . 602.
United Bank Note Corporation.
{Report for Fiscal Year ending Dec. 31 1910.)
President E. C. Converse says in substance:
New Plant .— T h e n e w b u i l d i n g In t h e B o r o u g h o f t h o B r o n x Is n o w a b o u t
c o m p l e t e d , a n d w e s h o u l d b e a b l e t o c o m m e n c e in s t a l li n g t h e r e in t h e m a
c h i n e r y fr o m T r i n i t y P l a c e s o m e t i m e d u r in g t h e s u m m e r .
W h e n f u l l y In
s t a lle d w e p la n t o g iv e o u r c u s t o m e r s c o n s id e r a b l e b e n e f it In d e c r e a s e d c o s t s
b y r e a s o n o f o u r la r g e r a n d m o r e m o d e r n p l a n t .
Real Estate .— T h e o c c u p a n c y o f t h e B r o n x p l a n t w ill l e a v e u s w it h t w
v a l u a b l o p ie c e s o f r e a l e s t a t e t o d i s p o s e o f , t h e T r i n i t y P l a c e p r o p e r t y , s i t u - ,
a t e d in t h e I m m e d ia t e r e a r o f T r i n i t y C h u r c h , o o T c r i n g a b o u t 2 6 ,0 0 0 s q . f t ■
THE CHRONICLE
724
a n d th e p r o p e r ty a t th e n o r th e r n c o r n e r o f 8 3 d S t . a n d E a s t R iv e r ; th e
T r i n i t y P la c e p r o p e r t y b e in g e s p e c i a l l y v a l u a b l e o n a c c o u n t o f Its r e m a r k
a b le s itu a tio n .
A l l t h e r e a l e s t a t e o f t h e c o m p a n y c o n t i n u e s fr e e f r o m m t g e .
Reserve.— W e h a v e r e s e r v e d $ 1 0 0 ,0 0 0 f o r c e r t a i n s p e c i a l m a c h in e r y a n d
e q u i p m e n t , $ 1 0 ,0 0 0 f o r s c ie n t i f ic r e s e a r c h , $ 1 0 ,0 0 0 a s a fire in s u r a n c e re
s e r v e , I n c r e a s in g s a m e t o $ 6 4 , 5 1 8 , a n d $ 2 5 ,0 0 0 f o r r e l ie f f u n d t o a id In
t a k in g c a r e o f o ld e m p l o y e e s .
C O M B IN E D IN C O M E A C C O U N T Y E A R E N D IN G DEC. 3 1 .
1909.
1908.
1907.
1910.
P ro fits o v e r e x p e n s e s , re
$ 6 6 4 ,5 8 1
$ 3 7 6 ,1 3 0
$ 7 1 6 ,5 2 0
$ 7 3 2 ,5 1 5
p a ir s a n d d e p r e c ia t io n
M i s c . I n c o m e , ess m l s c .
4 1 ,5 5 3
4 1 ,8 3 6
3 5 ,0 8 4
1 1 ,0 1 0
in t e r e s t p a i d ___________
T o t a l I n c o m e ___________
Deduct—
A p p r o p r i a t i o n s , & o _____
R e s e r v e s __________________
I n t . o n s u b s c r i p t io n s t o
n e w s t o c k I s s u e -----------P r e f. d iv id e n d s ( 6 % ) —
C o m m o n d iv id e n d s ( 4 % )
D lv s . o n sh a re s o f c o n
stitu e n t c o . o u ts ta n d ’ g
1 4 ,5 6 0 ,3 3 1
1 ,0 0 5 ,4 3 7
4 8 4 ,9 0 3
$ 3 ,4 4 8 ,3 9 4
$ 6 9 7 ,9 6 8
9 2 7 ,8 7 0
1 3 ,2 1 7 ,5 4 5
1 ,0 6 4 ,5 8 6
5 5 ,0 9 9
$ 3 ,0 2 4 ,9 2 1
$ 5 6 4 ,0 6 2
9 5 2 ,3 4 6
1 8 ,0 0 5 ,3 8 2
1 ,3 4 8 ,1 1 2
4 5 6 ,9 3 3
$ 5 ,7 3 1 ,9 8 3
$ 7 2 5 ,9 3 7
9 6 4 ,8 0 9
N e t p r o f i t s ......... ................... $ 3 ,0 2 1 ,4 8 9
I n t e r e s t o n b o n d s _________ 1 ,0 5 6 ,0 3 9
P r e f e r r e d d i v i d e n d , 5 % _ _ 1 ,3 5 3 ,5 9 0
$ 1 ,8 2 2 ,5 5 6
1 ,0 1 2 ,4 5 8
$ 1 ,5 0 8 ,5 1 3
1 .0 4 2 ,7 9 7
$ 4 ,0 4 1 ,2 3 7
1 ,0 8 2 ,6 4 4
$ 7 4 3 ,5 2 5
U n d i v i d e d p r o f i t s ______
$ 6 1 1 ,8 6 0
S u r p lu s b r o u g h t f o r w a r d . $ 7 , 8 3 1 ,3 3 3
L e s s e x t r a o r ’ d a d j u s t m ’ ts
________
$ 8 1 0 ,0 9 8
$ 7 ,0 2 1 ,2 3 5
$ 4 6 5 ,7 1 6
$ 6 ,9 8 8 ,8 0 3
4 3 3 ,2 8 4
$ 2 ,9 5 8 ,5 9 3
$ 4 ,0 8 9 ,2 1 0
5 9 ,0 0 1
$ 120,666
T o t a l s u r p lu s D e c . 3 1 . . $ 8 , 4 4 3 , 1 9 3
$ 7 ,8 3 1 ,3 3 3
$ 7 , 0 2 1 ,2 3 5
$ 6 ,9 8 8 ,8 0 3
$ 7 0 6 ,1 3 4
y $ 1 4 5 ,0 0 0
$ 1 3 9 ,0 0 0
2 6 9 ,7 3 5
1 7 9 ,8 2 2
1 9 ,0 0 0
2 4 7 ,2 8 8
1 6 4 ,8 2 5
2 3 9 ,8 2 6
1 5 9 ,8 8 4
2 3 9 ,8 2 6
1 5 9 ,8 8 4
1 ,0 5 5
1 ,0 4 8
90
54
$ 5 9 5 ,6 1 2
$ 1 5 5 ,9 9 2
$ 5 7 1 ,1 6 1
$ 1 3 4 ,9 7 3
$ 3 9 9 ,8 0 0
$ 1 8 ,1 6 6
$ 5 1 9 ,7 6 4
$ 2 2 3 ,7 6 1
T o t a l d e d u c t i o n s ............
B a l a n c e , s u r p l u s --------------
y I n c l u d e s a p p r o p r ia t io n s f o r s p e c i a l m a c h in e r y a n d e q u ip m e n t , $ 1 0 0 ,0 0 0 ;
f o r p e n s io n f u n d ,
f u n d , $ 1 0 ,0 0 0 .
$ 2 5 ,0 0 0 ; f o r s c ie n t i fic r e s e a r c h , $ 1 0 ,0 0 0 ; f o r in s u r a n c e
C O M B IN E D B A L A N C E SH E E T DEC. 3 1 .
1910.
5
Assets—
R e a l esta te, b id s .,
m a ch in ery , & c . 8 ,3 8 5 ,5 5 3
M aterials & su p p .&
w o rk in prog ress
9 93 ,44 4
A c c t s . re c e iv a b le . 1 ,0 2 1,2 04
N o te s re c e iv a b le . .
40,1 02
M a rk etab le Invest.
43,5 18
C o n tr a c t d e p o s it s .
6 5 ,0 00
S p ecia l d e p o s it s . 82,3 87
Cash .........................
477 ,55 9
D eferred c h a r g e s ..
17,640
1909.
S
7 ,6 9 0 ,2 8 8
9 2 1 ,83 0
935 ,33 5
7,2 2 9
46,650
65,000
93,767
672 ,14 8
49,769
T o t a l .................... 11,1 26 ,40 7 1 0,4 82 ,01 6
1910.
Liabilities—
$
P referred s t o c k ___ 4 ,4 9 6,2 00
C om m on s t o c k ___ 4 ,4 9 0,1 94
Shares o f con stlt.
cos. n ot held b yU .
B .N .C .fb ook v a l.)
13,590
A c cts. p a y ., & c _ .
540 ,73 3
L o a n s ......................
.............
P ref. d lv . d u e J an.
_______
R e s e r v e s ..................
552 ,84 9
S u r p lu s .................... 1,026,841
•S
1909.
4 .4 9 6 .7 3 8
4 .4 9 6 .7 3 8
* P r o d u c t i o n I n c lu d e s s u n d r y p u r c h a s e s f r o m
u s e d In m a n u f a c t u r e o f c o k e .
-
A
5
1910.
T rea su ry sto ck —
P r e f . s t o c k ___
C o m m o n s tock
In v estm en ts
In
sto ck s & b d s .
C a s h w it h t r u s t e e
P e n s i o n fu n d In
v e s t m e n t s ___
M e r c h a n d i s e ___
A c c o u n t s & b il ls
r e c e iv a b l e
Pittsburgh Coal Co., Pittsburgh, Pa.
(R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
Chairman M. II. Taylor, Pittsburgh, March 0, wrote:
Earnings.— T h e g r o s s e a r n in g s f o r t h e y e a r 1 9 1 0 , a ft e r a ll c h a r g e s f o r
o p e r a t i o n , t a x e s a n d in t e r e s t , e x c e p t o n 1 st M . b o n d s , w e r e $ 4 , 6 9 9 ,8 6 3 , a n
I n c r e a s e o f $ 1 , 2 5 1 ,4 6 8 ; a n d t h e s u r p l u s e a r n in g s w e r e $ 1 ,9 6 5 ,4 5 0 , (a n I n c .
o f $ 1 ,1 5 5 ,3 5 2 ) b e in g 7 . 2 6 % o n t h e p r e f . s t o c k o u t s t a n d i n g .
Production. — T h e t o t a l t o n n a g e . I n c lu d in g p u r c h a s e d c o a l a n d t h a t u s e d
In m a k in g c o k e , w a s 1 7 ,4 8 1 ,8 2 6 n e t t o n s o f ‘ ‘ r u n o f m i n e , ” a n I n c r e a s e o f
1 ,9 1 6 ,1 5 8 t o n s , o r 1 2 . 3 1 % .
T h is t o t a l h a s o n l y b e e n e x c e e d e d b y
u s In t w o p r e v io u s y e a r s . • R a il t r a d e d e l iv e r ie s r e q u i r e d 3 6 % a n d la k o
s h ip m e n ts 6 4 % o f th e to n n a g e In crea se.
Coke.— T h e n u m b e r o f n e t t o n s o f c o k e p r o d u c e d w a s 6 3 5 ,3 3 8 , a n I n c r e a s e
o f 1 5 0 ,4 3 5 t o n s , o r 3 1 % .
A ll o f t h e r e g u la r c o k e p l a n t s r a n t o fu ll c a p a c i t y
a n d t h e ir fu ll p r o d u c t i o n h a s b e e n p l a c e d fo r 1 9 1 1 .
T h e s e llin g v a l u e fo r
t h is y e a r w ill e x c e e d t h a t o f 1 9 1 0 In t h e e v e n t o f I m p r o v e m e n t In t h e Iro n
a n d s t e e l I n d u s t r y , s in c e c o n t r a c t s m a d e a r c In r e l a t i o n t o t h e s e llin g v a l u e
o f b a s ic p i g ir o n .
T h e c o m p l e t i o n o f C o l o n ia l N o . 3 p l a n t b y t h e a d d i t i o n
o f 194 o v e n s Is u n d e r c o n s id e r a t io n .
Trade Conditions in 1 9 1 0 .— T h e m o s t I m p o r t a n t f a c t o r s I n flu e n c in g t h e
c o a l - m i n i n g in d u s t r y in t h is d i s t r i c t w e r e ; ( ! ) t h e s e a s o n a b le w in t e r o f
1 9 0 9 - 1 0 , w h ic h I n c r e a s e d lo c a l d e m a n d a n d e x h a u s t e d t h e U p p e r L a k e d o c k
s t o c k s ; (2 ) t h e s t o c k i n g o f c o a l In a n t i c i p a t i o n o f a s u s p e n s io n o f m in i n g o n
A p r i l 1 1 9 1 0 : (3 ) t h e p r a c t ic a l s u s p e n s io n o f a ll b it u m i n o u s m in i n g t h r o u g h
o u t t h e c o u n t r y d u r in g A p r i l 1 9 1 0 , a n d (4 ) t h e p r o l o n g e d s t r ik e s In o t h e r
d i s t r ic t s , la y in g Id le t h e m in e s a ff e c t e d In t h e m n e a r l y s i x m o n t h s .
Wage Agreement.— R e s u m p t i o n o f w o r k In t h is d i s t r i c t b e g a n o n M a y 2
u n d e r a n a g r e e m e n t f o r a n I n c r e a s e o f 5 .5 5 % In a ll w a g e s , w h ic h w ill c o n
t in u e u n t i l M a r c h 31 1 9 1 2 .
,
Selling Price and Cost.— D u e t o t h e f a c t o r s a b o v e r e f e r r e d t o , t h e a v e r a g e
s e llin g p r ic e o f t h e p r o d u c t f o r t h e y e a r w a s I n c r e a s e d , a s w a s a ls o Its c o s t
b y s u s p e n s i o n o f w o r k d u r in g A p r i l a n d t h e a d v a n c e In w a g e s p a i d d u r in g
e ig h t m o n t h s o f t h e y e a r .
T h e n e t I n c r e a s e d a v e r a g e p e r t o n t o w h ic h t h e
la r g e r n e t e a r n in g s fo r t h e y e a r w e r e c h i e f l y a t t r i b u t a b l e w a s 3 .7 9 c .
Undivided Earnings Account. — A f t e r p a y i n g 5% o n t h e p r e f . s t o c k , t h e
u n d i v i d e d e a r n s , a c c t , w a s I n c r e a s e d $ 6 1 1 ,8 6 0 t o $ 8 ,4 4 3 ,1 9 3 D e c . 31 1 9 1 0 .
Working Capital.— T h e w o r k i n g c a p i t a l , D e c . 31 1 9 1 0 a m o u n t e d t o
$ 3 , 8 4 0 , 9 8 3 , a d e c r e a s e f o r t h e y e a r o f $ 1 6 1 ,5 8 5 .
A n a n a l y s is o f t h e w o r k i n g c a p i t a l s t a t e m e n t ( a p p e n d e d t o t h e p a m p h l e t
r e p o r t ) s h o w s t h e w o r k i n g c a p i t a l t o h a v e b e e n in c r e a s e d d u r in g t h e y e a r
b y s u r p lu s e a r n in g s o v e r d i v s . p a i d a n d t h e u n e x p e n d e d b a l a n c e o f t h e
d e p r e c i a t i o n r e s e r v e fu n d o v e r r e n e w a ls b y t h e s u m o f $ 1 , 2 4 5 , 3 3 1 .
O n th e
o t h e r h a n d , t h e r e w e r e t h e f o l l o w i n g o u t l a y s , a g g r e g a t in g $ 1 ,4 0 6 ,9 1 6 , v\hlch
c a u s e d t h e y e a r ’ s d e c r e a s e o f $ 1 6 1 ,5 8 5 : P a y m e n t o f s u b . c o m p a n y b o n d s ,
$ 1 2 8 ,8 6 7 ; fin a l p a y m e n t o n M o n o n g a h e la R i v e r C o a l C o . s t o c k p u r c h a s e ,
$ 2 3 8 ,8 5 4 ; p a y m e n t o f c a r t r u s t n o t e s . $ 1 0 4 ,0 0 0 ; p a y m e n t o f p u r c h a s e
m o n e y m o r t g a g e s , $ 6 2 ,4 8 9 ; b o n d s a n d s t o c k b o u g h t , $ 8 2 ,6 5 3 ; c o a l p u r
c h a s e d ( a d v a n c e r o y a l t i e s ) , $ 4 3 ,6 6 6 ; p r o p e r t y p u r c h a s e d , D u lu t h d o c k ,
n e w p l a n t a n d e q u ip m e n t c o n s t r u c t i o n , $ 7 4 6 ,3 8 6 .
Coal Lands and Real Estate.— T h e I n c r e a s e o f $ 1 ,4 9 .2 ,0 9 2 Is a c c o u n t e d f o r
b y t h e t r a n s f e r fr o m a d v a n c e r o y a l t y a c c o u n t o f p a y m e n t s m a d e t o t h e
S h a w C o a l C o ., t h e a m o u n t o f b o n d s is s u e d fo r t h e p u r c h a s e o f t h e S h a w
C o a l C o . p r o p e r t y , p a y m e n t o n a c c o u n t o f D u lu t h d o c k fillin g a n d s u b
s t r u c t u r e w o r k a n d t h e c o s t o f o t h e r s u r f a c e a n d c o a l r i g h t s a c q u ir e d , less
— r o y a l t y e x h a u s t io n a n d t h e a m o u n t r e c e iv e d f r o m p r o p e r t y s a le s .
Plant and Equipment.— T h e c a p i t a l I n v e s t m e n t In p l a n t a n d e q u ip m e n t
h a s b e e n I n c r e a s e d in t h e s u m o f $ 1 ,0 7 3 ,3 6 7 b y e x p e n d it u r e s o n a c c o u n t o f
t h e D u lu t h d o c k , t h e c o n s t r u c t i o n o f p r a c t i c a l l y t h r e e n e w m in in g o p e r a
t io n s , & c . , v i z . : D u lu t h d o c k , $ 5 3 7 ,5 3 1 ; D e l m o n t m in e , $ 9 2 ,3 6 6 ; D ic k s o n
m in e , $ 8 6 ,1 7 1 ; C h a m p i o n m in e , $ 7 2 ,3 4 3 ; g e n e r a l b e t t e r m e n t s , $ 2 8 4 ,9 5 5 .
S in c e c o m p e t i t i o n In t h e P it t s b u r g h D is t r ic t Is a p p r o a c h in g Its m a x i m u m
f o r s o m e t im e t o c o m e , t h e a g e li m it o f a n u m b e r o f o u r p r e s e n t c o a l o p e r a
t io n s Is s t e a d i ly d r a w i n g n e a r e r a n d a r e s e r v e m u s t b e m a in t a in e d t o I n su r e
m e e t in g o f p r e s e n t d e m a n d a n d p r o b a b l e I n c r e a s e d r e q u i r e m e n t s .
The
o p e n i n g o f t h r e e n e w m in e s d u r in g 1 9 1 0 Is In lin e w it h t h is p o l i c y .
Shaw Coal Co. Lease and Contract.— T h e le a s e a n il c o n t r a c t e n t e r e d I n t o
w it h t h e S h a w C o a l C o . d a t e il J a n . 3 1 9 0 2 . u n d e r w h ic h p o s s e s s io n h a s s in c e
b e e n h e ld o f c e r t a in s u r fa c e la n d s , c o a l r i g h t s a n d I m p r o v e m e n t s s i t u a t e d
In A l l e g h e n y a n d W a s h i n g t o n c o u n t i e s . P a . , w a s c a n c e l e d b y m u t u a l a g r e e
m e n t , a n d t h e e n t ir e p r o p e r t y p u r c h a s e d fo r t h e s u m o f $ 1 , 5 0 0 ,0 0 0 , p a y a b le
In 5 % 2 5 - y e a r b o n d s u p o n t h e s a m e , d a t e d J a n . 1 1 9 1 0 , fr e e o f S t a t e t a x ,
m in i m u m s i n k i n g fu n d $ 6 0 ,0 0 0 fo r e a c h y e a r . I ssu e d b y t h e P it t s b u r g h C o a i
C o . o f P e n n s y lv a n ia , a n d g u a r a n t e e d a s t o p r ln . a n d I n t . b y t h is c o m p a n y :
$ 4 5 ,0 0 0 o f t h e s e b o n d s h a v e b e e n r e t ir e d ( V . 9 0 , p . 1 4 9 4 ) .
Pittsburgh Coal-Dock ife Wharf Co.— T h is c o m p a n y ’ s d o c k a t D u lu t h h a s
c o s t t o D e c . 3 1 1 9 1 0 $ 1 ,3 5 5 ,4 6 8 . I n c lu d in g $ 1 6 1,7 6 2 f o r t a x e s , b o n d d i s c o u n t
a n d in t e r e s t o n b o n d s . & c . , d u r in g c o n s t r u c t i o n .
T h e e s tim a te d a d d itio n a l
c o s t t o M a y t 1 9 1 1 , w h e n It w ill g o in t o u s e . Is $ 2 3 2 ,2 4 4 .
M ining Department .— T h e r e w e r e 78 s e p a r a t e m in i n g p l a n t s in c o m m i s s i o n
d u r in g t h e w h o le o r p a r t o f t h e y e a r , t h e e q u iv a le n t o f 6 1 . 2 7 % p l a n t s w o r k
in g a ll o f t h e y e a r , w h ic h a v e r a g e d 7 3 . 4 9 % o f fu ll t im e , in d i c a t i n g a p o s s ib l e
y e a r l y p r o d u c t i o n o f 2 3 ,0 0 0 ,0 0 0 n e t t o n s o f a ll g r a d e s , If r u n n in g fu ll t im e
w h e n a ll c o n d i t i o n s w o u ld b e m o s t f a v o r a b l e .
Year 1 9 1 1 .— O p e n w e a t h e r d e m a n d a n d less a c t i v i t y In t h e I r o n a n d
s t e e l t r a d e c h i e f l y c a u s e d t h e y e a r t o o p e n w it h less t o n n a g e r e q u i r e m e n t s .
T h e p r o d u c t i o n f o r t h e fir s t q u a r t e r o f t h is y e a r w ill n o t e q u a l t h a t o f 1 9 1 0 .
E x c e p t i n g s u c h lo s s , w it h a n a v e r a g e n o r m a l d e m a n d t h r o u g h o u t t h e b a l
a n c e o f t h e y e a r w h ic h n o w s e e m s p r o b a b le , a m a in t e n a n c e o f t o n n a g e Is
o o k c i l fo r a t n o t le s s t h a n t h e a v e r a g e s e llin g v a l u e o f 1 9 1 0 .
A d e c id e d
h e lp t o s u c h fu t u r e r e s u lt s w o u ld r e s u lt f r o m a fa ir a d j u s t m e n t o f t h e
P it t s b u r g h D is t r ic t R R . f r e ig h t r a t e s a s a g a in s t t h e fr e ig h t r a t e s In f o r c e
f r o m c o m p e t i t i v e fie ld s .
$
1909.
P roperties......... 181.270,038
C a s h ......................
T o t a l ....................11,126,407 10,4S2,016
oth er prod u cers a n d coa l
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Pittsburgh Coal Co. and Subsidiary Companies.)
79,0 01 ,20 7
4,928,200
3,895,400
4 ,9 2 8,2 00
3 ,8 9 5,4 00
8 ,1 0 6,6 79
11,114
8 ,0 2 4,0 26
3 0,411
8 6,243
3 ,0 0 5,8 93
8 6,243
2 ,6 6 9,3 29
4 ,6 7 3 ,2 4 8
1,383,704
4 ,9 3 3,6 29
1,990,402
14,017
191,137
118,352
07,4 18
226 ,76 7
870 .84 9
— V . 90, P . 622.
R E SU LT S FOR Y E A R E N D IN G DEC. 3 1 , IN C L . S U B S ID IA R Y CO’S .
*Production (tons 2 ,0 0 0 lbs.) 1 9 1 0 .
1909.
1907.
1908.
P it t s b u r g h d i s t r ic t c o a l . . 1 6 ,2 1 3 ,9 1 2
H o c k i n g d i s t r ic t c o a l ------- 1 ,2 6 7 ,9 1 4
P it t s b u r g h d i s t r ic t c o k e .
6 3 5 ,3 3 8
P r o f i t s , a f t e r a ll e x p e n s e s . $ 4 ,6 9 9 ,8 6 3
D e p l e t io n o f c o a l l a n d s . .
$ 7 7 7 ,2 8 5
D e p r e c. p la n t & e q u lp ’ t . .
9 0 1 ,0 8 9
$ 7 5 1 ,6 0 4
$ 4 1 7 ,9 6 6
[VOL. LXXXXII.
T o t a l ............... 1 07,360,519 105,564,847
1910. '
Liabilities—
S
P referred s t o c k . 3 2 ,0 0 0 ,0 0 0
C om m on s t o c k . 3 2 ,0 0 0 ,0 0 0
S to ck p u rch . sur 3 ,7 3 3,6 21
175,000
In su ran ce fund s.
Coal sales co n
tin g en t fu n d .
5 ,0 0 0
1 ,9 6 8,4 48
D ep rec. res erv e.
U n d iv id ed earns 8 ,4 4 3,1 93
F irst m tg . b on d s 19,337.000
Shaw . Coal pu r.
b o n d s . . .......... .. 1 ,4 5 5,0 00
S u b sid ia ry b on d s 2 ,2 5 8 ,2 3 9
R lv .C o a l pf. stk.
pu r. ob llg ’ n s ..........................
M tgcs. p a y a b le .
219 ,10 2
Car trust n o te s .
468 ,00 0
P ension fu n d ___
76,053
B ills p a y a b l e . . . y 2 ,6 3 9,9 47
A ccts. p a y a b le . 2 ,5 8 1 ,9 1 6
1909.
S
3 2 .0 0 0 .
3 2 .0 0 0 .
3 ,7 3 3,6 21
175.000
3 ,2 7 6
1,33 4,9 77
7 ,8 3 1 .3 3 3
19,9 81 .00 0
2 ,3 4 2 ,1 0 6
238 ,85 4
2 68 ,10 0
5 72 ,00 0
61,7 13
2 ,2 0 5 .6 5 5
2 ,8 1 7 .2 1 1
T o t a l ............... 107 ,36 0,5 19 105,564,847
x P rop erties ow n ed D e c. 31 1910, con sisting o f coa l lands, m in e pla n ts a n d eq u ip
m en t, co k e p la n ts, ra ilw ays, railw ay ca rs, d o c k s on G reat L akes. & c „ w ere: C oa l
lands a n d real estate, less allow a n ce fo r d ep letion o f coa l lands, $ 63 ,22 3,0 59 ; p la n t,
and eq u ip m en ts, $ 1 7 ,42 6,4 93 ; a d v a n ce roya lties, $ 62 0,4 85 . y In clu des b ills p a y
able o f sub. c o s ., $ 2 ,6 0 9 ,9 4 7 , issued In pa y m en t for coa l and d o c k s .— V . 90, p . 1 49 4,
Garland Corporation, Pittsburgh.
(R epo rt o f D ec. 31 1910.)
“Net earnings” for the year ending Dec. 31 1910 were
$354,727, against $297,433 for the year 1909.
COMBINED BALANCE SHEET, INCLUDING CONSTITUENT COS. DEC. 31.
y\^sscts~~“
1910.
1909.
S
§
P rop erty a c c o u n t — 3 ,5 9 8 ,8 3 4 3 ,5 0 4 ,9 9 2
D el. ch a rges t o o p e r .
89,060
87,0 02
S to ck s o w n e d ----------- 320 ,59 9
150,690
I n v e n t o r ie s ...............
705,365
709,013
Accts. receivable___ 785,643
7 3 2 ,89 5
Bills receivable_____
35,735
35,409
Cash _______________ 234,348
192.904
T o t a l _____________ 5 ,7 6 9 ,5 8 4 5,41 2,9 04
- V . 90, p . 696.
1910.
1909.
Liabilities—
$
s
Capital s t o c k ................2 ,4 3 9,6 00 2 ,4 3 9,6 00
G ar. C or. 3 0 -yr. 6 s . .1 ,5 0 0 ,0 0 0 1 ,500,000
A c co u n ts p a y a b l e . . . 234,648
265,973
B ills p a y a b le ............... 528,010
495 ,52 0
U n cla im ed w a g e s . . .
304
110
B o n d Int. d u e .............
45,000
45,000
S u r p lu s ..........................1 ,021.422
666,695
T o t a l .........................5 ,7 6 9,5 84 5 ,4 1 2,9 04
GENERAL IN V ESTM EN T NEW S
RAILROADS, INCLUDING ELECTRIC ROADS.
Baltimore
Chesapeake & Atlantic Ry.—R e p o rt .—
Calendar Operating Net (after
Year.
Revenues.
Taxes.)
1 9 1 0 --------$ 1 ,0 9 2 ,7 7 7
$ 2 1 3 ,6 9 3
1 9 0 9 _____ 1 ,0 3 6 ,9 5 9
2 5 0 ,9 6 5
— V . 92, p . 593, 525.
Other
Income.
F ixed
P ref. Div.
Charges.
| (5 % ).
$ 1 2 ,9 6 6
1 3 ,0 4 2
$ 9 7 ,3 4 9
8 1 ,6 6 0
$ 7 5 ,0 0 0
7 5 ,0 0 0
Balance,
Surplus.
$ 5 4 ,3 1 0
1 0 7 .3 4 7
Boston & Providence RR.— C irc u la r. —Directors George
A. Gardner, Charles P. Bowditch, John C. Gray, Francis C.
Welch, Robert I. Gamell, Robert II. Stevenson and Philip
Dexter have, under date of March 15, issued a circular to
the shareholders, saying in substance:
A b il l h a s b e e n I n t r o d u c e d In t h e L e g i s l a t u r e , p a r t o f w h ic h a u t h o r iz e s
t h e N e w H a v e n R R . t o a c q u ir e s t o c k In y o u r c o m p a n y , a n d w h e n t h e y
h a v e a c q u ir e d a m a j o r i t y t o c o m p e l t h e m i n o r i t y t o p a r t w it h t h e ir s t o c k .
T h e N e w H a v e n r o a d a lr e a d y o w n s m o r e t h a n 2 ,0 0 0 s h a r e s ( o n J u n e 3 0 1 9 1 0
$ 2 1 7 ,8 0 0 o u t o f $ 4 ,0 0 0 ,0 0 0 — E d .)
,
Y o u r d i r e c t o r s h a v e e n t e r e d i n t o n e g o t ia t io n s w it h r e p r e s e n t a t i v e s o f
t h e N e w H a v e n fo r t h e p u r p o s e o f r e a c h i n g s o m e a r r a n g e m e n t w h ic h w ill
e n a b le t h e N e w H a v e n t o c a r r y o u t Its d e s ir e s In r e g a r d t o I m p r o v e m e n t s
a n d a d d i t io n s , w h ic h Is f o u n d d i f f i c u l t u n d e r t h e e x i s t i n g le a s e .
P e n d in g
th e s e n e g o t ia t io n s , y o u r s t o c k s h o u l d b e d e p o s i t e d w it h a t r u s t c o m p a n y
a s t r u s t e e In o r d e r t o p r e v e n t t h e N e w H a v e n r o a d f r o m a c q u ir in g c o n t r o l .
A r r a n g e m e n t s a r e b e in g m a d e f o r s u c h a d e p o s i t o f s t o c k . — V . 8 4 , p . 1 4 8 7 .
Boston & Worcester Street Ry.— S to ck O ffered. —Hayden,
Stone & Co. of Boston are offering at 120 and accrued
dividend the unsold portion of 2,970 shares of the 6% pref.
stock recently approved by the Massachusetts Railroad Com
mission. The stock is not subject to call at 120, as
originally reported. Compare V. 92, p. 659, 525, 394.
Central Pacific Ry.—B on d O fferin g S u c c e ssfu l. —Kuhn,
Loeb & Co. have received advices from Paris that the issue
of 125,000,000 francs Central Pacific 4% 35-year bonds guar
anteed by the Southern Pacific Co. [out of 250,000,000 francs
purchased] which was offered at 471 francs 25 centimes per
bond of a par value of 500 francs by the Banque de Paris et
dcs Pays Bas and the Societe Generale, both of Paris, has
been eminently successful. Compare V. 92, p. 593, 260.
Chicago City Ry.— N ew D irec to rs.—Harris B. Riley, Presi
dent of the Chicago Title & Trust Co.; R. B. Hamilton, L. A.
Busby and Ira M. Cobe, of Cobc & McKinnon, have been
elected directors to succeed John A. Spoor, P. A. Valentine,
Honore Palmer and Edward Morris.
R e p o rt. —For fiscal year:
Interest
Inc. from
Net
— O f which to--------Earnings. City, 5 5 % . C o . , 4 5 % . on Cap.
Operation:
1 9 1 1 . . - $ 1 0 , 1 0 5 , 4 4 4 $ 1 ,5 0 8 ,9 3 5 $ 8 2 9 ,9 1 4 $ 6 7 9 ,0 2 1 $ ,
$ ,
1 91 0 —
9 ,0 9 4 ,0 4 7
8 6 3 ,3 1 3
4 7 4 ,8 2 2
3 8 8 ,4 9 1
1 ,8 6 4 ,9 0 1
,
T o t h e I n c o m e fr o m o p e r a t i o n a s a b o v e In 1 9 1 0 , $ 2 , 6 7 3 ,9 6 0 , t h e r e w a s
a d d e d o t h e r I n c o m e , $ 4 3 9 ,1 8 0 , m a k in g a t o t a l o f $ 3 , 1 1 3 ,1 4 0 , fr o m w h ic h
w a s d e d u c t e d in te r e s t o n b o n d s , $ 1 , 1 2 7 ,7 0 8 , a n d d i v i d e n d s , $ 1 ,8 0 0 ,0 0 0
( 1 0 % ) , le a v in g a s u r p lu s o f $ 1 8 5 ,4 3 2 .— V . 9 1 , p . 1 6 2 9 .
Yr. end.
Total
■Ian. 3 1 . Revenue.
1 994,939 2 673,960
2 253.392
000
000
Mar . 18 1911.1
THE CHRONICLE
Chicago Milwaukee & Puget Sound Ry.— O ffering o f
Loeb & Co. and the National City
Bank of New York made a public offering this week at
95^2 and interest, yielding about 4)4% income, of the
unsold portion of their block of $25,000,000 1st M. 4% 40-year
gold bonds, due Jan. 1 1949, principal and interest uncondi
tionally guaranteed by the Chicago Milwaukee & St. Paul Ry.
Co. The bonds were also being offered in Boston by Kidder,
Peabody & Co. A large amount has already been placed.
G u aran teed B o n d s. —Kuhn,
Further Extract' from Letter by Roswell Miller, Chairman Milw. & St.P.Ry.
A l t h o u g h t h e C h ic . M lh v . & P u g e t S o u n d R y . w a s o p e n e d f o r t r a ff io o n l y
o n A u g . 1 1 9 0 9 , It Is a lr e a d y e a r n in g a la r g e s u r p lu s o v e r t h e I n t e r e s t o n Its
1 st M . b o n d s .
F o r t h e 0 m o s . e n d e d D e c . 01 1 9 1 0 t h e s u r p lu s I n c o m e o f
t h a t c o m p a n y , a ft e r t h e p a y m e n t o f a ll c h a r g e s , I n c l u d i n g in t e r e s t o n t h e
$ 1 2 3 ,0 0 0 ,0 0 0 1 st M . b o n d s , a m o u n t e d t o $ 1 ,6 3 5 ,9 5 2 . S e e a ls o V . 9 2 , p . 6 5 9 .
Cincinnati Bluff ton & Chicago RR.— S a le P o s tp o n e d .—The
sale has been adjourned to March 25.—Y. 92, p. 59.
Corporation Tax Law.— U . S . S u p re m e C ou rt H olds F ed eral
T a x V a lid .—See items on “Banks, Bankers,” &c., on a pre
vious page.
Dayton (O.) Street Railway.— N ew S to c k .—A certificate
was filed on March 3 increasing the capital stock from
$1,200,000 ($600,000 5% cum. pref.) to $1,300,000.
Miles of track at last account, 14.—V. 87, p. 1532.
Erie RR.— S to ck P o o l D isso lv e d .—The pool formed about
3 years ago to ensure continuance of control, by holding
$45,000,000 of the common stock, was, it is reported, dis
solved early this month and the stock returned to the par
ticipants.
T h e la r g e s t m e m b e r s o f t h e p o o l a r e s a id t o h a v e b e e n J . P . M o r g a n , t h e
l a t e E . I I . I la r r lm a n , G e o r g e F . B a k e r a n d N o r m a n B . R e a m , w it h J . P .
M o r g a n & C o . a s m a n a g e r s .— V . 9 2 , p . 5 9 4 , 5 2 6 .
725
trolled for some time, aggregating about 247 miles, and to in
crease its capitalization by about $9,000,000 to carry out the
same. An offer will, it is said, be made for the outstanding
shares held by the'public.—V. 91, p. 1096.
Manila Electric RR. & Lighting Corporation.— D iv id e n d
In c re a se. —The directors have declared a quarterly dividend
1 M% on the $5,000,000 stock, payable April 1 to share
holders of record March 20, thus increasing the annual rate
from 4% to 5%. See p. 126 of “El. Ry. Sec.”—V. 90, p. 372.
Metropolitan Street Ry., New York .— R en ew al R ec eivers’
C ertificates S o ld . —The Central Trust Co. of New York has
purchased on behalf of itself, Kuhn, Loeb &Co., the Farmers’
Loan & Trust Co. and the Guaranty Trust Co., two issues
of 5% receivers’ certificates of $3,500,000 and $2,750,000,
respectively, to take up the two nine months’ “replacement”
and “tax payment” issues of the same amounts which
matured March 15. (V. 90, p. 1614). The new issues mature
in one year, but are subject to call at par and interest on
Sept. 15 1911.—V. 92, p. 462, 118.
Middletown Unionville & Water Gap RR.—F oreclosu re
S u it. —At the request of the bondholders’ committee, George
M. Cumming, one of the mortgage trustees, has instituted
suit in the N. Y. Supreme Court, Orange County, to foreclose
the $250,000 2nd mortgage, the principal on which, due
June 1 1910, and the interest since that date remain unpaid.
—V. 91, p. 1512.
Milwaukee Electric
Ry.
& Light Co.—
R e p o rt. —
Calendar
Gross
Net (after
F ixed
Pre/.Div. Balance.
Year —
Revenue.
1 9 1 0 . ......... $ 6 ,4 2 8 ,7 1 0
1909 . . . ............... . 5,7 0 9 ,9 4 6
— V . 92, p . 595.
Taxes, & c .).
$ 2 ,0 4 6 ,0 9 9
2 ,0 2 9 ,5 2 6
Charges.
(6 % )
Surplus.
$ 1 ,2 7 8 ,7 1 9
1 ,2 5 7 ,9 7 4
$27 0 ,0 0 0
2 7 0 ,0 0 0
$ 4 9 7 ,3 8 0
501,552
g^Estacado & Gulf RR.— R e c e iv e rsh ip .—The District Court Milwaukee Northern (Electric) Ry.—B on d s O ffered .—
of Fisher County, Texas, has appointed J. Encke as receiver Devitt, Tremble & Co., Chicago and Phila., are offering
of this 6-mile road, extending from McCaulley, Tex., to at par and int. $500,000 1st M. gold 5s of the present
Norman, Tex.
issue of $1,200,000, covering the electric railway extending
from Milwaukee to Sheboygan, 57 miles, with 6 miles of
sidings, &c. Bonds dated April 1 1911, due April 1 1931,
but redeemable at 105 and int. on any int. date. Int. A. & 0 .
Fitzgerald Ocilla & Broxton RR.—R ec eiversh ip . —Presi at First Savings & Trust Co., Milwaukee, trustee. Par
dent H. M. Atkinson, who is receiver of the Atlanta Birming $500 and $1,000.
ham & Atlantic, has been also appointed receiver of the Condensed Statement by Pres.W. A. Comstock, Ccdarburg,Wis.,Fcb.28’l l .
company.—V. 89, p. 41.
Fonda Johnstown & Gloversville RR.—B on d s O ffered .—
Ladenburg, Thalmann & Co. and A. B. Leach & Co. have
purchased, and areoffering, the first consol.general refunding
4J^s recently authorized by the P. S. Commission, being the
final issue of these bonds other than those reserved for re
funding.—V. 92, p. 261.
Grand Trunk Pacific Ry.—B o n d s .—Subscription lists
closed in London on March 15 on an issue of £696,000 4%
mortgage sterling bonds, due 1955, offered at 92, being the
remainder of a total authorized amount of £2,050,000 Earnings fo r Years ending Jan. 31, with New Annual Interest Charge
series “B” (Mountain Section) bonds (V. 86, p. 794), princi
pal and interest unconditionally guaranteed by the Grand
Trunk Ry. Co. of Canada.
T h e c o m p a n y w a s I n c o r p o r a t e d In T e x a s In J u n e 1 9 0 8 w it h $ 1 0 0 ,0 0 0
a u t h o r i z e d s t o c k t o b u ild f r o m R o b y t o C o le m a n , T e x . , 1 00 m ile s ; b u t e x
t e n s i o n s w e r e p r o je c t e d t o F o r t W o r t h , T e x . , & c .
W . A . B u tts o f F o rt
W o r t h w a s P r e s i d e n t , b u t t h e r o a d w a s In J u n e . 1 9 1 0 r e p o r t e d a s h a v i n g
b e e n s o ld to M o rg a n J o n e s o f F o rt W o r t h .
O n A p r i l 1 1 9 1 1 , u p o n d e l iv e r y o f t h e $ 1 ,2 0 0 ,0 0 0 1 st M . 5 % b o n d s w h ic h
y o u h a v e p u r c h a s e d , t h e c o m p a n y ’ s c a p i t a l iz a t i o n w ill b e a s f o l l o w s , t h e r e
b e in g a c a s h I n v e s t m e n t In t h e p r o p e r t y o f m o r e t h a n $ 1 ,0 0 0 ,0 0 0 o v e r a n d
a b o v e t h e $ 1 ,2 0 0 ,0 0 0 1 st M . 5 s:
F ir s t m o r t g a g e 5 % b o n d s , a u t h o r i z e d , $ 4 ,0 0 0 ,0 0 0 ; o u t s t a n d i n g . . $ 1 ,2 0 0 ,0 0 0
F ir s t p r e f . c u m u l a t i v e 6 % s t o c k , a u t h . a n d I s s u e d
___
___
4 0 0 ,0 0 0
S e c o n d p r e f . n o n - c u m u l a t l v e 6 % s t o c k , a u t h . a n d Is s u e d
. .
6 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
C o m m o n s t o c k , a u t h o r i z e d a n d I s s u e d ________________ . . . . . .
O f t h e a u t h o r i z e d Issu e o f $ 4 ,0 0 0 ,0 0 0 l s t M . 5 % b o n d s ,!$ l ,2 " 0 0 ,0 0 0 w ill b e
I s s u e d a s o f A p r i l 1 1 9 1 1 ; $ 3 0 0 ,0 0 0 w ill b e Is s u e d o n l y w h e n t h e n e t e a r n in g s
a r e t w i c e t h e I n t e r e s t c h a r g e s , I n c l u d i n g t h e b o n d s t o b e I s s u e d ; $ 2 , 5 0 0 ,0 0 0
m a y b e Is s u e d t o r e i m b u r s e t h e c o m p a n y f o r n o t t o e x c e e d 7 5 % o f t h e c a s h
c o s t o f p e r m a n e n t e x t e n s io n s a n d a d d i t io n s , b u t o n l y In c a s e t h e n e t e a r n n g s f o r t h e y e a r p r e c e d in g s h a ll h a v e b e e n a t le a s t t w ic e t h e I n t e r e s t c h a r g e s ,
n c l u d l n g t h e b o n d s p r o p o s e d t o b e Is s u e d .
Statement by Chairman Alfred W. Smithcrs, March 10 1911.
C o n s id e r a b l e p r o g r e s s h a s b e e n m a d e In t h e c o n s t r u c t i o n o f t h e M o u n t a i n
S e c tio n b o t h w e s tw a r d fr o m W o lf C reek a n d e a stw a rd fr o m P rin ce R u p e r t ,
a n d t h e r e n o w o n l y r e m a in s a b o u t 4 0 0 m ile s o f lin e t o b e c o n t r a c t e d f o r ,
t e n d e r s f o r w h ic h w ill b e I n v it e d d u r in g t h e n e x t t w o m o n t h s .
W h e n th e
c o n t r a c t s fo r t h e c o n s t r u c t i o n o f t h is la s t s e c t io n h a v e b e e n le t , t h e w h o le o f
t h e lin e , f r o m P r i n c e R u p e r t t o E d m o n t o n , W i n n ip e g a n d F o r t W i ll ia m ,
a t t h e h e a d o f L a k e S u p e r io r , a d i s t a n c e o f 2 ,1 8 8 m ile s , w ill b e e it h e r u n d e r
c o n s tr u c tio n o r c o m p le t e d .— V . 9 1 , p . 5 13 , 4 63 , 2 76 .
Holyoke & Westfield RR.—R e fu n d in g . —Sealed proposals
will be received by the company until 2 p. m. March 20 for
purchase of $200,000 of 4)4% 1st M. gold bonds, dated Apr. 1
1911 and due Apr. 1 1951; trustee, Springfield Safe D.&Tr.Co.
T h e p r o p e r t y Is le a s e d t o t h e N e w H a v e n & N o r t h a m p t o n R R . ( N . Y .
N . I I. & H . R R . C o .).
T h e n e w Issu e r e p la c e s $ 2 0 0 ,0 0 0 1 st 4 s d u e A p r i l 1
1 0 1 1 .— V . 0 2 . p . 3 2 2 .
Lake Shore & Michigan Southern Ry.— N otes D isco u n ted . —
It was announced yesterday that the company recently sold
in Paris through J. P. Morgan & Co. 60,000,000 francs, say
$12,000,000, of one-year notes due March 4 1912, to provide
for the payment of the one-year notes duo March 15 1911
(44,000,000 francs) and for various improvements to be made
on the lines during the year. There is no collateral and the
notes bear no interest, the interest being discounted in ad
vance.—V. 91, p. 1766.
Lancaster Oxford & Southern RR.—R e c e iv e rsh ip .—At
Lancaster, Pa., on March 4, John A. Nauman, Lancaster,
was appointed receiver of this narrow-gauge line, which
extends from Quarryville, Pa., to Peach Bottom, 20 miles.
Interest due in Oct. 1910 on the $200,000 1st M. 5s remains
unpaid.—V. 92, p. 395, 262.
Lehigh Valley Transit, Allentown, Pa.— M r . Sch w ab a
D ire c to r .—Charles M. Schwab has been elected a director to
succeed ex-Mayor Tom L. Johnson of Cleveland.—V. 92,
p. 523, 187.
Lexington (Ky.) & Interurban Ry3.— T ru stee s’ S a le o f
C olla te ra l .—The Guaranty Trust & Safe Deposit Co. of
Philadelphia, trustee under the indenture dated Feb. 2 1906,
will on April 7 sell at public auction in Room 201, Philadel
phia Bourse Bldg., Phlla., the securities deposited thereunder.
T h e s a le Is f o r t h e p u r p o s e o f l i q u id a t i n g t h e c o m p a n y a n d t u r n i n g o v e r
Its a s s e t s t o t h e K e n t u c k y S e c u r it ie s C o . , w h ic h Is e x p e c t e d t o p u r c h a s e t h e
s a m e In o r d e r t o c a r r y o u t t h e p la n In V . 9 2 , p . 4 6 1 , 3 2 2 .
Maine Central RR.— M erger o f S u b s id ia r ie s .—The Maine
Legislature, it is stated, has passed a bilPpermitting^the com
pany to merge the Somerset Ry., Washington County Ry.
and Sebasticook & Moosehead RR., which have been con
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .1
1 9 1 0 -1 1
G r o s s e a r n i n g s ___ $ 2 8 7 ,8 4 8 $ 2 5 7 ,4 2 6 I n t . o n $ 1 ,2 0 0 ,0 0 0 1 st M . 5 s . $ 6 0 .0 0 0
N e t (a ft e r t a x e s . . $ 1 2 0 ,1 7 0
$ 9 0 ,5 0 7 |B a la n c e (b a s is 1 9 1 0 -1 1 e a r n .) $ 6 0 ,1 7 0
T h e r e s h o u l d b e a la r g e I n c r e a s e In e a r n in g s f o r t h e y e a r 1 9 1 1 - 1 2 .
T h e c o m p a n y o w n s a n d o p e r a t e s a n e le c t r i c r a il w a y 5 7 m ile s In le n g t h
(w it h 6 m ile s o f s id in g s a n d y a r d t r a c k s ) . I n c l u d i n g d o u b l e - t r a c k lin e s In
M i lw a u k e e a n d a n I n t e r u r b a n r a il w a y e x t e n d i n g f r o m M ilw a u k e e t o S h e
b o y g a n , W ls ., v ia B r o w n D e e r, T h lc n s v ille , C e d a r b u r g , G r a fto n , P o r t
W a s h in g t o n , B e lg iu m , C e d a r G r o v e a n d O o s tb u r g .
E x c e p t In M ilw a u k e e
a n d f o r less t h a n a m ile b e y o n d I t, a n d f o r s h o r t d i s t a n c e s In G r a f t o n a n d
P o r t W a s h i n g t o n , t h e lin e s a r e lo c a t e d e n t ir e ly u p o n p r iv a t e r i g h t o f w a y .
R a ll s , 7 0 - l b . s t e e l , c e d a r t ic s o n t a n g e n t s ,o a k o n c u r v e s , w e ll b a l la s t e d w it h
g r a v e l , c o n c r e t e a n d s t e e l b r id g e s a n d t r e s t le s , b e s t o f o v e r h e a d c o n s t r u c
t i o n , c a r s o f m o d e r n t y p e , m o d e r n c a r s h o p s a n d b a r n s , p o w e r p l a n t (a t
P o r t W a s h i n g t o n ) , d a l ly g e n e r a t in g c a n a c l t y 2 ,0 0 0 k i lo w a t t s ; s i x s u b
s t a t io n s ; n o r a il r o a d c r o s s i n g s a t g r a d e , e x c e p t o n e I n d u s t r ia l t r a c k .
Franchises, & c .— T h e f r a n c h is e s a r e w i t h o u t b u r d e n s o m e r e s t r ic t io n s .
T h e M i lw a u k e e fr a n c h is e e x p i r e s D e c . 31 1 9 3 4 a n d t h e P o r t W a s h i n g t o n
fr a n c h is e J a n . 2 1 9 5 6 .
A l l o t h e r s p e r p e t u a l.
U n d e r t h e W i s c o n s in Taw s
I n d e t e r m i n a t e p e r m it s m a y b e t a k e n , m a k in g a ll fr a n c h is e s p e r p e t u a l In
e lfe c t .
T h e c o m p a n y en ters S h e b o y g a n o v e r th e tra ck s o f th e S h e b o y g a n
R a ilw a y & E le c tr ic C o. u n d e r a p e r p e tu a l c o n t r a c t .
M ilw a u k e e , C e d a r b u r g ,
G r a f t o n . P o r t W a s h i n g t o n a n d S h e b o y g a n a r e a ll m a n u f a c t u r i n g c e n t r e s .
T h e lin e t r a v e r s e s o n e o f t h e b e s t f a r m i n g c o m m u n i t ie s In t h e S t a t e — g e n
e r a l fa r m i n g , t r u c k g a r d e n i n g a n d d a i r y in g .
Officers .— W illia m A . C o m s t o c k , P r e s i d e n t ; F r e d e r ic k W . W a l k e r , V . - P .
a n d G e n . M a n .; H e n r y A . H a lg h , S e c .- T r e a s .
Proposed Line to Fond-du-Lac— Doubling Track.— T h e c o m p a n y c o n t e m
p l a t e s d o u b l e - t r a c k i n g Its lin e s In t h e n e a r fu t u r e fr o m M i lw a u k e e t o C e d a r
b u r g , W l s . , t o t a k e c a r e o f Its c o n s t a n t l l y I n c r e a s in g t r a f f i c , w h ic h Is p a r
t ic u la r l y h e a v y d u r in g t h e s u m m e r m o n t h s .
I t a ls o c o n t e m p la t e s e x t e n d i n g
Its lin e s f r o m C e d a r b u r g , W l s . , t o F o n d - d u - L a c , W l s . , t h r o u g h W e s t B e n d ;
B a r t o n , K e w a s k u m , C a m p b e ll s p o r t a n d E d e n .
W h e n t h is e x t e n s io n Is
c o m p l e t e d , c o n t i n u o u s e le c t r i c t r a n s p o r t a t i o n w ill b e p o s s ib l e f r o m C h i c a g o
to G reen B a y .— V . 8 5 , p . 6 01 .
Minneapolis St. Paul & Sault Ste. Marie Ry.— O p tio n to
of record April 15 will be entitled
to subscribe at par on the company’s warrants for $2,187,300
new preferred and $4,374,700 new common stock, in the ratio
of 14 shares of common and 7 shares of pref. for every 100
shares of existing stock held by them.
S u b scrib e. —Shareholders
S u b s c r i p t i o n lists w ill c l o s e a t 3 p . m . M a y 8 a t t h e 1 st N a t . B a n k , M in
n e a p o l is , a n d t h e B a n k o f M o n t r e a l In N . Y . . M o n t r e a l a n d L o n d o n .
Sub
s c r i p t io n s a r e p a y a b l e a t t h e a fo r e s a i d I n s t it u t io n s — 2 0 % o n s u b s c r i p t i o n .
M a y 8 ; 2 0 % J u n e 7 ; 2 0 % J u l y 1 7; 2 0 % A u g . 31 a n d 2 0 % o n O c t . 16 1 9 1 1 .
— V . 92, p . 659.
Missouri Kansas & Texas Ry.— S a le o f N otes fo r R e fu n d in g ,
(fee.—$16,000,000 C on sols as C o lla tera l. —Subject to thefapproval of the Kansas Railroad Commission, the company has
sold to Speyer & Co., and the latter have re-sold here and in
Europe (the applications aggregating over $20,000,000),
the entire present issue of $12,500,000 “two-year 5% secured
gold notes,” dated May 1 1911 and due May 1 1913, but re
deemable, all or any part, at any time at par and int., on
30 days’ previous notice. Total issue limited to $16,000,000,
to take up the $10,000,000 5% notes due Aug. 1 1911 but
called for payment May 1 1911, and for other corporate
purposes. Coupon notes of $1,000 each. Principal and
interest (M. & N.) payable in New York. The issue price
726
THE CHRONICLE
was 09%, deliverable May 1 1911, yielding 5J^% income
on the investment.
Extracts from Letter of Edwin Hawley, Chairman of the Board. Mch. 15 ’l l .
T h e n o t e s a r e t o b e s e c u r e d b y d e p o s i t , u n d e r a t r u s t a g r e e m e n t , w it h t h e
U n io n T r u s t C o . o f N . Y . , a s t r u s t e e , o f $ 1 6 ,0 0 0 ,0 0 0 AI. K . & T . R y . C o .
c o n s o l , m t g e . 5 % 3 0 - y e a r g o ld b o n d s , d u e 1 9 4 0 , p a r t o f a t o t a l a u t h o r i z e d
I ssu e li m it e d t o $ 1 2 5 ,0 0 0 ,0 0 0 , w h e r e o f $ 6 6 ,0 0 0 ,0 0 0 a r e r e s e r v e d p r im a r i ly
f o r r e f u n d i n g p u r p o s e s , a n d t h e b a l a n c e c a n o n l y b e I ssu e d u n d e r r e s t r ic
t io n s .
T h e c o n s o lid a t e d m tg e . b o n d s a rc t o b e se cu re d b y th e p le d g e ,
a m o n g o t h e r s e c u r i t ie s , o f $ 4 , 0 0 0 ,0 0 0 AI. K . & T . T e r m in a l C o . o f S t . L o u is
1 st At. 5 % g o ld b o n d s (a 1 st AI. o n n e w t e r m in a l p r o p e r t y in S t . L o u is ) ;
$ 6 ,5 7 0 ,0 0 0 At. K . & T . R y . C o . g e n . m t g e . 4
s in k in g fu n d g o ld b o n d s ;
$ 3 , 9 6 7 ,3 0 0 T e x a s C e n t r a l R R . C o . s t o c k ($ 1 ,3 0 5 ,0 0 0 p r e f. a n d $ 2 ,6 6 2 ,3 0 0
c o m m o n ) , a n d b y a lie n o n t h e o t h e r lin e s o f r a il w a y a n d a p p u r t e n a n t
p r o p e r t y o f At. K . & T . R y . s y s t e m , s u b j e c t t o e x is t i n g lie n s .
T h e p r o c e e d s o f t h e a b o v e $ 1 2 ,5 0 0 ,0 0 0 n o t e s a r e t o b e u s e d t o r e t ir e $ 1 0 ,
0 0 0 ,0 0 0 5 % n o t e s c a ll e d f o r p a y m e n t o n A ta y 1 1 91 1 a n d t o ft n a n c e t h e c o s t
o f n e w e q u i p m e n t , im p r o v e m e n t s , & c .
T h e r e m a in i n g $ 3 ,5 0 0 ,0 0 0 n o t e s a r e r e s e r v e d f o r is su e a g a in s t t h e d e p o s i t
o f a n a d d it io n a l a m o u n t o f th e a b o v e c o n s o lid a t e d m tg e . 5 % g o ld b o n d s ,
t a k e n a t 7 7 >A% o f t h e ir p a r v a l u e .
lA %
Earnings of Alo. Kan. & Texas Ry. Co. for 7 Months ending Jan. 31 1911,
1 9 1 1* .
1910.
lin e a g e o p e r .
3 ,3 9 3
3 ,0 7 2
G r ’ ss o p . r e v . $ 1 8 ,2 7 5 ,9 1 5 $ 1 6 ,2 7 2 ,4 2 4
N e t ( a f t . t a x e s ) $ 5 ,3 1 6 ,7 6 3 $ 4 ,8 1 7 ,0 6 0
O th er I n co m e .
2 3 0 ,7 8 4
1 0 6 ,6 1 7
1911.
1910.
T n t. o n b o n d s . $ 2 ,8 3 1 ,4 6 7 $ 2 ,8 0 2 ,0 5 9
O th e r In terest,
r e n t a ls , & c .
7 0 1 ,4 4 5
4 3 8 ,2 0 1
T o t . d e d u c .$ 3 , 5 3 2 ,9 1 2 $ 3 ,2 4 0 ,2 6 0
$ 4 ,9 2 3 ,6 7 7 S u r p l u s .............$ 2 , 0 1 4 ,6 3 5 $ 1 ,6 8 3 ,4 1 6
T h e c o m p a n y r e p o r t s t h a t Its a v e r a g e a n n u a l s u r p lu s fo r t h e li v e fis ca l
y e a r s e n d i n g J u n e 3 0 1 9 1 0 , a f t e r p r o v i d i n g f o r a ll fl x e d c h a r g e s , t a x e s
r e n t a ls , & c . , a m o u n t s t o $ 1 , 8 2 7 , 2 7 0 . — V . 9 2 , p . 1 8 8 .
G r o s s i n c o m e . $ 5 , 5 4 7 ,5 4 7
Missouri Pacific Ry.—E le c tio n . —At the annual meeting on
March 14 five new directors were elected as follows, the
banking interests, as expected, coming into virtual control
under an amicable arrangement looking to the development
of the property:
N e w m e m b e r s ; P a u l M . W a r b u r g , o f K u h n , L o c b & C o .; E d g a r L . A ta rst o n , o f B la ir & C o .; E . D . A d a m s , t h e r e p r e s e n t a t i v e in t h is c o u n t r y o f t h e
D e u t s c h e B a n k ; R . L a n c a s t e r W i ll ia m s a n d E . B . P r y o r .
O ld m e m b e r s r e t a in e d : G e o r g e J . G o u ld , K l n g d o n G o u ld , F r e d T . G a t e s ,
C o r n e liu s V a n d e r b i l t , E . T . J e f f e r y , S . F . P r y o r , C h a r le s S . C la r k a n d E d w i n
G o u ld .
O ld m e m b e r s d r o p p e d : H o w a r d G o u ld , W . K . B l x b y , O . L . G a r r is o n ,
J . J . S lo c u m a n d R . M . G a lla w a y .
A tess rs. W a r b u r g , A t a r s t o n , V a n d e r b i l t , G a t e s a n d A d a m s r e p r e s e n t t h e
n e w c o n t r o llin g In terests , th e R o c k e fe lle r -K u h n -L o e b -B la t r -D e u t s c h e B a n k
h o l d in g s .
M r . W i ll ia m s e n t e r e d t h e b o a r d a s t h e r e p r e s e n t a t i v e o f In d e
p e n d e n t In v estors.
H e h a d t h e s u p p o r t o f F r a n k J . G o u ld , t h e la r g e s t In
d i v i d u a l h o l d e r o f t h e c o m p a n y ’ s s e c u r i t ie s , a n d r e c e iv e d 1 ,0 6 6 ,5 0 7 v o t e s ,
a s a g a in s t 6 2 1 ,7 4 6 v o t e s c a s t f o r t h e o t h e r d i r e c t o r s .
A ir. C la r k e w ill a c t
a s d i r e c t o r u n t i l t h e n e w P r e s id e n t Is c h o s e n . — V . 9 2 , p . 6 5 9 , 4 6 2 .
[VOL. JbXXXXII
v o t e o n M a rch 2 8 .
T h e d i r e c t o r s w ill t h e n Is s u e a b o u t $ 4 0 , 0 0 0 , 0 0 0 o f
s t o c k — $ 2 2 ,0 0 0 ,0 0 0 a lr e a d y a u t h o r i z e d a n d $ 1 8 ,0 0 0 ,0 0 0 o f t h e n e w l y a u t h
o r i z e d s t o c k is s u e ; V . 9 2 , p . 1 1 9 ].— V . 9 2 , p . 6 6 2 , 6 5 5 .
Pennsylvania-New Jersey Railways.—P la n M o d ifie d .—
See Northampton-Easton <fc Washington Traction Co. above.
—V. 91, p. 589.
Pere Marquette RR.— N otes S o ld . —The company has sold
to J. P. Morgan & Co. the $8,000,000 5-year 6% notes se
cured by deposit of $16,000,000 improvement and refunding
general mortgage 5s of 1911. See V. 92, p. 596.
Philadelphia Baltimore & Washington RR .— R ep o rt.
Cal.
Operating
Year. Revenues.
Net (after
Other
F ixed
Dividends
Balance,
T a xes,& c.). Income.
Charges.
(4 % ).
Surplus
1 9 1 0 - $ 1 9 ’ ° 2 1 . 7 0 7 8 3 .3 9 5 ,1 5 9 $ 1 ,0 0 1 ,0 4 8 $ 2 ,1 6 5 ,0 4 9 $ 1 ,0 0 5 ,5 2 0 $ 1 ,2 2 5 6 3 8
1 9 0 9 . 1 7 ,5 4 3 ,3 7 3 2 ,8 7 1 ,9 2 8
8 3 0 ,7 5 7
1 ,5 7 4 ,8 8 6
1 ,0 0 5 , 5 2 0
1 ,1 2 2 ,2 7 9
.F r o m
t h e s u r p lu s a s a b o v e In 1 9 1 0 , $ 1 , 2 2 5 ,6 3 8 , t h e r e w a s d e d u o t e d
$ 8 ,7 6 .1 f o r p o r t i o n o f p r in c ip a l o f e q u ip m e n t t r u s t o b l i g a t i o n s ; $ 2 7 1 , 6 1 9 f o r
e x t r a o r d i n a r y e x p e n d it u r e s a n d $ 7 5 0 ,0 0 0 a s a n a p p r o p r i a t i o n t o r e s e r v e
f o r a d d i t io n s a n d b e t t e r m e n t s , le a v in g $ 1 9 5 ,2 5 7 .— V . 9 0 , p . 8 4 1 .
Philadelphia Co. of Pittsburgh.—L arge S a le o f C om m on
to the conversion noted
last week of the £500,000 sterling debentures sold in 1910
to Ladenburg, Thalmann & Co. (V. 92, p. 596, 262), we un
derstand that the 50,000 shares of common stock obtained
by such conversion have been re-sold by the firm named to
an important group of foreign bankers, who will take an
active part in tho future of the company. The flstock has
been listed on the Parquet of the Paris Bourse in the form of
bearer certificates issued by the N. Y. Trust Co., being the
first American stock on the “official market,” as distinguished
from the “Coulisse,” or outside market. The Phila. Company
is controlled through stock ownership by the United Rail
ways Investment Co.—V. 92, p. 569, 262.
Philadelphia Rapid Transit Co.— V otin g T r u s t. —The time
for deposit of stock with the Fidelity Trust Co., Phila., under
the voting trust agreement, has been extended to April 1.
S to ck to F oreign B a n k e rs.— Referring
T e m p o r a r y v o t i n g t r u s t c e r t if i c a t e s r e p r e s e n t i n g 1 8 6 ,2 4 4 s h a r e s w e r e
o n 1 h u r s d a y a d m it t e d t o d e a l in g s In t h e u n lis t e d d e p a r t m e n t o f t h e P h lla .d e l p h l a S t o c k E x c h a n g e ; a b o u t 2 2 5 ,0 0 0 o u t o f a t o t a l o f 6 0 0 ,0 0 0 s h a r e s h a d
th e n b een d e p o s ite d .
C om p are V . 92, p . 666, 596, 463.
Porto Rico Railways, Ltd.—R e p o rt. —For calendar year:
Year —
Gross.
1 9 1 0 ---------- $ 5 6 1 ,6 6 2
1 9 0 9 ----------- 4 0 9 ,0 3 1
— V . 91, p . 1513.
Net.
Bond Int. Sink. F d. P ref. D iv.
Surplus.
New York Central & Hudson River RR.— N o te s . —At
Albany on March 10 the Public Service Commission authorized
the company to issue $30,000,000 three-year notes on a 5% Providence & Danielson Ry.—See Sea View RR. below.—
V. 90, p. 447.
interest basis. Compare V. 92, p. 660.
Public Service Corporation of New Jersey.— S a le o f B o n d s.
I he company has sold $13,850,000 5% general mortgage
bonds to J. P. Morgan & Co. of New York and Drexel & Co.
of Phila. lhe proceeds will be used for improvements and
betterments during the next two years and also for the re
New York State Railways.—$4,500,000 F ir s t C on sols demption of $4,000,000 collateral trust gold notes due Oct. 1
P le d g e d . —See Rochester Railway & Light Co. under “In 1913. The bankers are offering the bonds at 94 and int.
The balance sheet of Dec. 31 1910 showed among the lia
dustrials” below.—V. 92, p. 527.
$21,500,000 general 5s, of which $5,360,000 were in
Norfolk & Portsmouth Traction Co.— S econ d D iv id e n d .— bilities
the treasury. Compare V. 90, p. 699; V. 92, p. 263. Also
The directors have declared a quarterly dividend of 1\ i % see
map on pages 64 and 65 and statement on page 74 of
on the preferred stock of record April 1, payable April 10, “Electric
Railway” Section.—Y. 92, p. 263.
being the same amount as paid 3 months ago.—Y. 92,
Reading (Pa.) Transit Co.—Yew S to c k .— 'The capital stock
p. 595, 322.
Northampton-Easton & Washington Traction Co.—G u ar it is stated, has been increased from $500,000 to $5,000,000.
anteed B o n d s. —This is the new name of the Easton & Wash —V. 91, p. 1513.
ington Traction Co., most of whose capital stock is owned Rio de Janeiro Tramway, Light & Power Co. —B o n d s. —
by the Northampton Traction Co. of Pennsylvania, which Dunn, Fischer & Co. in London about March 1 offered at
unconditionally guarantees both principal and interest of 95% £600,000 50-year 5s. A London paper says:
the Northampton-Easton & Washington Traction Co. 1st M.
sinking fund 5% bonds due May 1 1950. Authorized, $5,
000,000; now outstanding, approximately $550,000.
$ 2 6 7 ,7 5 9
1 9 4 ,3 4 4
$ 1 4 6 ,8 1 3
1 4 8 ,3 2 5
$ 2 6 ,6 1 8
2 3 ,0 6 5
$ 2 0 ,6 3 6
2 ,7 4 9
$ 7 3 ,6 9 2
2 0 ,2 0 6
T h e C o m m i s s i o n a ls o , a t t h e r e q u e s t o f t h e c o m p a n y , m o d i f i e d (a ) t h e
a u t h o r i z a t i o n o f J u l y 8 1 90 9 a s t o t h e s a le o f $ 3 ,7 4 4 ,0 0 0 5 0 - y c a r 4 % b o n d s
o f t h e G e n e v a C o r n in g & S o u t h e r n R R . (a s s u m e d b y t h e N . Y . C e n t r a l,
V . 8 9 , p . 2 8 6 ) , s o t h a t t h e o r d e r a u t h o r i z e s a s a le o f o n l y $ 6 0 0 ,0 0 0 o f t h e s e
b o n d s ; (b ) t h e o r d e r o f A p r i l 2 0 1 90 8 a s t o t h e s a le o f $ 2 0 ,0 0 0 ,0 0 0 3 0 - y c a r
4 % g o l d d e b e n t u r e s o f 1 9 0 4 , s o a s t o a u t h o r i z e t h e s a le o f o n l y $ 1 8 ,0 0 0 ,0 0 0 .
(V . 8 6 , p . 1 0 4 3 .)— V . 9 2 , p . 6 60 .
T h e s e b o n d s , in a d d i t i o n t o b e i n g a n a b s o l u t e llr s t lie n o n a ll p r o p e r t y
o f e v e r y k in d o f t h e Is s u in g c o m p a n y , a n d u n c o n d i t i o n a l l y g u a r a n t e e d b y
t h e N o r t h a m p t o n T r a c t i o n C o . , a r e f u r t h e r s e c u r e d b y p l e d g e w it h t h e
B a n k e r s T r u s t C o . o f N . Y . , m o r t g a g e t r u s t e e , o f a ll s a v e $ 3 5 0 ,0 0 0 b o n d s
o f t h e N o r t h a m p t o n T r a c t i o n C o . n o w o r h e r e a ft e r Is s u e d .
T h e p h y s ic a l
v a l u e o f t h e s e p r o p e r t ie s , a g a in s t w h ic h t h e a b o v e a p p r o x i m a t e l y $ 9 0 0 ,0 0 0
b o n d s a r e a H en, Is r e p o r t e d a t o v e r $ 1 , 8 0 0 , 0 0 0 , n o a c c o u n t b e in g t a k e n o f
t h e lo n g t e r m a n d p r a c t i c a l l y p e r p e t u a l fr a n c h is e s .
T h e p la n t o o r g a n iz e
th e P e n n .-N e w J e rs e y R y s . ( " E l . R y . S e c .,” p . 4 6 ) w a s m o d ifie d as a b o v e .
Ohio Traction Co.— N ew B o n d s. —A mortgage has been
filed with the Fidelity Trust Co. of Philadelphia, as trustee,
to secure an issue of $2,500,000 sinking fund 5% bonds of
$1,000 each, dated March 1 1911 and due 1936, but redeema
ble as a whole on and after March 1 1916, or in part for sink
ing fund on March 1 1912, or any interest date thereafter at
103 and interest. Cincinnati “Times-Star” of Feb. 27 said:
TIl2
T h e b o n d s a r c s e c u r e d b y a t r u s t d e e d d a t e d A p r i l 1 1 9 0 8 ( s u b j e c t t o first
m o r t g a g e b o n d s n o t t o e x c e e d $ 2 5 , 0 0 0 , 0 0 0 ) , a r e c o n s t i t u t e d a s p e c i f ic c h a r g e
o n t h e c o n c e s s i o n s a n d I m m o v a b l e p r o p e r t y , p r e s e n t a n d f u t u r e , a n d aM
s e c u r it ie s o f o t h e r c o m p a n i e s o w n e d , a n d a g e n e r a l flo a t in g c h a r g e u p o n nil
o th e r a ssets.
T h e a u t h o r i z e d Issu e is li m it e d t o £ 5 , 2 6 6 , 0 0 0 , o f w h ic h
£ 3 , 5 0 0 , 0 0 0 a r c a lr e a d y o u t s t a n d i n g .
T h e b a l a n c e o f £ 1 , 7 6 6 , 0 0 0 , o f w h ic h
t h e £ 6 0 0 , 0 0 0 n o w o ff e r e d f o r m p a r t , c a n o n l y b e Is s u e d o n t h e d e p o s i t w it h
t h e t r u s t e e s a s a d d i t io n a l s e c u r i t y o f a n e q u a l p a r v a l u e o f 1 st M . b o n d s o f
s u b s id ia r y c o m p a n ie s .
[A A lo n t r e a l p a p e r re fe r s t o " t h e c o m p l e t i o n o f t h e
s a le o f £ 1 , 0 0 0 , 0 0 0 ” o f t h e s e 2 d M . b o n d s — E d . " C h r o n i c l e . ” ]— V . 9 2 ,
p . 506 , 59.
Seaboard Air Line Ry.—E a r n in g s . —Hambleton
of Baltimore, in their weekly circular, report:
7
mos. end.
Gross
Jan. SI. Earnings.
Net ( after Other
Taxes). Income.
F ixed
Charges.
1 9 1 0 - 1 1 . . . $ 1 2 , 1 4 1 , 4 1 4 $ 3 ,4 6 5 ,2 4 9 $ 8 3 ,6 1 7 $ 2 ,0 0 5 ,3 7 9
1 9 0 9 - 1 0 . . . 1 1 ,5 9 0 ,8 4 4
3 ,3 8 2 ,7 2 2
7 6 ,1 5 4
2 ,2 4 8 ,1 4 0
— V . 9 2 , p . 4 63 , 189.
&
Co.,
Adjust. Balance,
Interest. Surplus.
$ 7 2 8 ,5 6 9 $ 8 1 4 ,9 1 8
3 1 2 ,2 4 4
8 9 8 ,4 9 2
Seattle Electric Co.—E x tra D iv id e n d . —An extra dividend
of 2% has been declared on the $6,427,200 common stock
along with the regular 1%% quarterly distributions (the
rate paid since Oct. 1909), both payable April 15 to holders
of record March 13. The usual 3% (semi-annual) payment
on the $5,000,000 pref. stock will be made April 1 to holders
of record March 13. Compare V. 89, p. 412.—V. 92, p. 189.
Seattle Renton & Southern Ry . — B on d s V oted to B u ild
C ity S y s te m . —See “Seattle” in “State and City” depart
ment.—V. 92, p. 463.
Sea View RR., Rhode Island.—C hange in C o n tro l. —Nearly
Old Colony RR.—S tock S o ld a t A u c tio n . —The 8,000 shares all of the $558,000 5% bonds and $700,000 stock have been
of stock recently authorized by the Massachusetts Railroad purchased by D. F. Sherman and associates.
Commission were sold at auction on March 15 by R. L. Day
& Co. of Boston at 185 to Geo. 13. Phippen, Treasurer of
the company.—V. 92, p. 660, 396.
Pennsylvania RR.;—N ew S to ck . —At the annual meeting
on March 14 resolutions were adopted authorizing—
(а) T h e a c q u is itio n o f th e R id g e w a y & Clearfield R R . C o.
Sebasticoolc & Moosehead RR.— M e rg er. —See Maine
Central RR. above.—V. 91, p. 717.
Somerset Ry., Maine.— M e r g e r — See Maine Central RR*
above.—V. 91, p. 791.
— '
m o r t g a g e c o v e r s a ll s h a r e s o f s t o c k o f t h e C in c in n a t i T r a c t i o n C o .
a n d t h e C in c in n a t i C a r C o . , o w n e d a n d c o n t r o l l e d b y t h e O h io T r a c t i o n C o . ,
a n d a ll o t h e r p r o p e r t y , r e a l, p e r s o n a l a n d fr a n c h is e s , e x c e p t t h e t r a c t i o n
c o m p a n y s o w n e r s h ip In 2 4 0 s h a r e s o f s t o c k In t h e C . D . & T . T r a c t i o n C o .
a n d 7 4 8 s h a r e s In t h e C in c in n a t i Z o o l o g i c a l C o .
T h e m o r t g a g e Is g iv e n t o
r a is e m o n e y fo r t h e e x t e n s iv e I m p r o v e m e n t s w h ic h t h e C i n c i n n a t i T r a c t i o n
C o . a n d t h e C in c in n a t i C a r C o . a r e m a k in g in t h e ir p l a n t s a n d e q u ip m e n t In
C in cin n a ti.
I h c fo r m e r Is e r e c t in g a p o w e r p l a n t In t h e E a s t E n d w h ic h
w ill c o s t m o r e t h a n $ 1 ,0 0 0 ,0 0 0 a n d t h e la t t e r Is p l a n n in g n e w b u li d i n g s a t
Its p l a n t In W l n t o n P la c e .
(T h e C in c in n a t i C a r C o . o n o r a b o u t F e b . 21
t n c r e a s e d Its c a p i t a l s t o c k fr o m $ 1 0 0 ,0 0 0 t o $ 1 ,5 0 0 ,0 0 0 , t o p r o v i d e f o r e x
t e n s io n s a n d a d d i t i o n s . — E d . " C h r o n i c l e . ” ]— V . 9 2 , p . 4 6 2 .
T h e P r o v i d e n c e & D a n ie ls o n R y . C o . ( c o m p a r e V . 9 0 , p . 4 4 7 ) h a s n o t
a c q u ir e d a n y o f t h e S e a V i e w s e c u r it ie s In a n y w a y , a n d a lt h o u g h M r . S h e r
m a n Is a t p r e s e n t t h e P r e s i d e n t o f t h e t w o c o m p a n i e s , t h e y a r e e n t ir e ly
se p a ra te a n d d istin ct co n c e rn s .
T h e ru m o r th a t th e G ra n d T r u n k R y .
is I n t e r e s t e d In t h e p u r c h a s e o f t h e S e a V ie w Is p r o n o u n c e d n o t w e ll - f o u n d e d .
T h e S e a V ie w R R . Is a n e le c t r lo r a il w a y 19.1 m ile s in le n g t h ( 2 0 .6 m ile s o f
t r a c k ) , b e t w e e n E a s t G r e e n w ic h a n d W a k e fi e ld .
T h e b o n d s a r c 1 st A f.
g o ld 5 s, t o t a l a u t h . $ 1 , 0 0 0 , 0 0 0 , d a t e d 1 9 0 1 .— V . 7 2 . p . 4 8 1 ; V . 6 5 , p . 0 2 3 .
(б ) A n in c r e a s e In t h e a n n u a l p e n s io n a p p r o p r ia t io n f r o m $ 5 0 0 ,0 0 0 t o
$ 7 0 0 ,0 0 0 a n d a p p r o v a l o f $ 3 5 ,0 0 0 e x p e n d it u r e s t o c o v e r la s t y e a r ’ s d e f ic it .
(c) T h e p r o p o s e d I n c r e a s e In t h is c o m p a n y ’ s Ic a p lt a l s t o c k o f 2 ,0 0 0 ,0 0 0
s h a r e s o f t h e p a r v a l u e o f $ 5 0 e a c h ($ 1 0 0 ,0 0 0 ,0 0 0 ) o v e r a n d a b o v e t h e a g g r e
g a t e s h a r e s o f li k e p a r v a l u e w h ic h it h a s h e r e t o f o r e b e e n a n d n o w Is a u t h o r
iz e d t o I s s u e .
fT h o n e w I ssu e o f s t o c k w ill b e f o r m a l l y a u t h o r i z e d b y a s t o c k
M a ii . 18 1911.]
Texas & Pacific Ry.—R e p o rt. —See “Annual Reports.”
N ew D ire c to rs. —The following have been elected:
E d g a r L . M a r s t o n , o f B la ir & C o . , w h o h a s b e e n e le c t e d a d i r e c t o r o f t h e
M is s o u r i P a c l l l c , h a s a ls o b e e n m a d e a d i r e c t o r o f t h e c o m p a n y , s u c c e e d in g
W i n s lo w S . P ie r c e .
D u n l c v y M l lb a n k h a s b e e n c h o s e n t o 1111 t h e v a c a n c y
c a u s e d b y t h e d e a t h o f G e n e r a l T . T . E c k e r t . — V . 1)0, p . 7 6 7 .
United Railways, St. Louis.—C o m p ro m ise P la n . —On
March 10 a compromise ordinance settling the various points
at issue with the city was introduced in both branches of the
St. Louis Municipal Assembly by the Assembly’s joint com
mittee, consisting of Edw. V. P. Schneiderhahn, Chairman;
Win. Chas. Schutz, Charles Espenschied, E. J. Russell,
William Samel and Fred. W. Tirrc. This ordinance, in con
sideration of various concessions by the company, (a) extends
all the present franchises of the company until April 12 1948;
(b) compromises the mill-per-passenger tax to Dec. 31 1910
for $1,000,000 (the city yielding a sum variously estimated
at from .$147,000 to $300,000) the company to pay there
on $20,000 June 1 1911 and the remaining $980,000 in 98
equal installments, one each month, beginning July 1 1911,
and (c) fixes a consolidated compensation, replacing all the
separate compensations named in the underlying franchises
(including all occupation taxes, car licenses, &c., but not
general taxes or taxes for special improvements), as follows:
$260,000 for the year ending Feb. 1 1912 (as against $147,000
yearly at present), increasing $3,500 each year thereafter
as long as the company operates under the new ordinance or
any of its existing franchises.
Conclusion of Report of Committee (Condensed for "Chronicle” ).
A s a r e s u lt o f t h e I n v e s t ig a t i o n o f t h e c o m m i t t e e , w h ic h h a s p r a c t ic a l ly
c o n t i n u e d f r o m O c t . 19 1 9 0 9 u n t il t h is d a y , t h e c o m m i t t e e olT crs a s e t t l e
m e n t o r d i n a n c e , b e in g a r e a d j u s t m e n t o f t h e r e l a t i o n s b e t w e e n t h e c i t y
a n d th e c o m p a n y .
S a id o r d in a n c e e lim in a t e s t h e c o n t r o v e r s y a s t o t h e
m ill t a x , e lim in a t e s t h e c o n t r o v e r s y a s t o e x t e n s io n o f t h e u n d e r ly i n g f r a n
c h is e s u n t i l A p r i l 12 1 9 4 8 a n d e li m in a t e s t h e c o n t r o v e r s y a s t o t r a n s fe r s
a n d o th e r co n tr o v e r s ie s .
T h e c o m p a n y n o w p a y s t h e s u m o f 5 1 4 7 ,0 0 0 p e r
a n n u m u n d e r Its u n d e r ly i n g o r d in a n c e s .
T h is w o u l d d i m in i s h a s t h e
u n d e r ly i n g fr a n c h is e s e x p i r e .
•
T h e s e t t l e m e n t o r d in a n c e s e c u r e s t o t h e c i t y t h e p a y m e n t [in r e g u la r
in s t a llm e n t s ] o f t h e a g g r e g a t e a m o u n t o f S 3 ,4 6 6 ,0 0 0 f r o m F e b . 1 1911 t o
F e b . 1 1 9 2 0 , tills I n c lu d in g $ 1 ,0 0 0 ,0 0 0 In lie u o f a ll a c c r u e d m ill t a x u n t i l
D e o . 31 1 9 1 0 o n a c c o u n t o f t h e U n it e d R a il w a y s , t h e S u b u r b a n C o m p a n y
a n d t h e d e f u n c t S t . L o u is T r a n s i t .
I t s e c u r e s t o t h e c i t y t h e a n n u a l p a y m e n t t h e r e a f t e r o f 5 2 9 1 ,5 0 0 f o r t h e
y e a r f r o m F e b . 1 1 9 2 0 t o F e b . 1 1 9 2 1 , a n d t h e r e a f t e r I n c r e a s in g a m o u n t s
t o t h e e x p i r a t i o n o f t h e f r a n c h is e , t h e c o m p a n y p a y in g In t h e la s t y e a r
5 3 8 9 ,5 0 0 .
T h e s e p a y m e n t s a r c In a d d i t io n t o t h e p a y m e n t s o f g e n e r a l
t a x e s a n d f o r s p e c i a l t a x e s f o r lo c a l I m p r o v e m e n t s , a n d In a d d i t i o n t o t h e
p e r f o r m a n c e o f t h e o t h e r c h a r t e r a n d o r d in a n c e o b li g a t io n s .
T h e s e t t l e m e n t o r d in a n c e s e c u r e s t h e e x e c u t i o n o f t h e “ O n e C i t y O n e
F a r e ” p o l i c y b y a m o s t lib e r a l s y s t e m o f t r a n s f e r s .
C a sh fa r e , liv e
ce n ts fo r e a ch a d u lt p a ss e n g e r a n d 2
c e n t s f o r e a c h c h i ld u n d e r t h e a g e o f
12 y e a r s a n d a b o v e t h e a g e o f 5 y e a r s f o r a r i d e w it h i n t h e p r e s e n t li m it s o f
t h e c i t y o f S t . L o u i s — E d .]
I t s e c u r e s t h e c o n s t r u c t i o n o f (1 ) e ig h t l o o p s In o r d e r t o e li m in a t e t h e
c o n g e s t i o n a n d I n a d e q u a c y o f s e r v i c e In t h e r u s h h o u r s ; (2 ) o f t h r e e g r e a t
c r o s s t o w n lin e s ; (3 ) In 1 91 2 o f t h e G r a n d A v e . lin e n o r t h t o B r o a d w a y a n d
o r F lo r is s a n t A v e . lin e t o T r a c y A v e . ; (4 ) In 1 9 1 3 o f a o n c - m l l e e x t e n s io n
i n t o t h e G r a t l o t - A r l o e a n d L I n d e n w o o d d i s t r ic t ; (5 ) in 1 9 1 4 s o u t h o n G r a n d
A v e n u e f r o m iM era m ec S t . t o C a r o n d e le t P a r k ; (0 ) In 1 9 1 5 o n I llr c h e r A v e .
f r o m F lo r is s a n t t o B r o a d w a y , a ll o f t h e s e e x t e n s io n s b e in g c o n d i t i o n a l u p o n
th e co n s e n ts o f th e p r o p e r ty o w n e rs .
A l s o (7 ) o f o n e m ile o r m o r e o f
d o u b l e t r a c k o r t w o m ile s o f s in g le t r a c k a ft e r J a n . 1 1 9 1 6 f o r e a c h y e a r .
T h e o r d in a n c e d o c s n o t r e le a s e t h e c o m p a n y f r o m t h e fu l fi ll m e n t o f a n y
o f t h e o b l i g a t i o n s o r c o n d i t i o n s o f a n y e x is t i n g fr a n c h is e o r f r a n c h is e s ,
e x c e p t a s m o d i fi e d in t h e s e t t l e m e n t o r d in a n c e .
T h e o r d in a n c e s e c u r e s a B o a r d o f S u p e r v is i o n t o e n f o r c e t h e o r d in a n c e s
o f t h e c i t y a n d t h e c o n t r a c t u a l o b li g a t io n s a n d t o h e a r c o m p l a i n t s , & c .
[T h is b o a r d Is t o b o c o m p o s e d o f t h r e e m e m b e r s , o n e a p p o i n t e d a n d p a id
b y t h e U n it e d R a il w a y s C o . , t h e s e c o n d a p p o i n t e d b y t h e M a y o r a n d p a i d
b y t h e c i t y , t h e t h ir d s e l e c t e d b y t h e o t h e r t w o , h is s a la r y o f $ 3 ,0 0 0 t o b e
s h a r e d e q u a l ly b y t h e c i t y a n d t h e U n it e d R a i l w a y s . — E d .]
[S e e o r d in a n c e
In fu ll In “ S t . L o u is G l o b e - D e m o c r a t ” o f M a r c h 11.]
[T h e I m p r o v e m e n t s p r o p o s e d In t h e b ill w ill n o t . It Is u n d e r s t o o d , e n t a il
a la r g e e x p e n d it u r e o n t h e p a r t o f t h e c o m p a n y .
T h e e a s t a n d w e s t lin e In
N o r t h a n d S o u t h S t . L o u is , f o r I n s t a n c e , w ill n o t , It Is s t a t e d , n e c e s s i t a t e n e w
c o n s t r u c t i o n , b u t m e r e l y t h e r e - r o u t i n g o f c a r s .] — V . 9 2 , p . 3 1 9 , 2 6 4 .
Wabash-Pittsburgh Terminal Ry.— R eceivers' C ertificates
Guaranty Trust Company and Sutro Bros. &
Company, both of New York, are offering by advertise
ment on another page the unsold portion of the present issue
of $967,000 two-year 6% receivers’ certificates, dated Dec. 1
1910 and due Dec. 1 1912, but redeemable on any int. day
commencing Dec. 1 1911 at par and int. Authorized issue
$2,000,000. Interest payable semi-annually at Guaranty
Trust Co. of New York. The entire amount we understand
has been sold. The bankers say:
O ffered. —The
T h e s e $ 9 6 7 ,0 0 0 c e r t ifi c a t e s a r c p a r t o f a t o t a l a u t h o r i z e d Issu e o f $ 2 , 0 0 0 ,
0 0 0 Is s u e d u n d e r o r d e r s o f t h e C i r c u it C o u r t o f t h e U n it e d S t a t e s f o r t h e
W e s t e r n D ls t . o f P c n n a . a n d o f t h e C ir c u it C o u r t o f t h e U n it e d S t a t e s fo r
t h e N o r t h e r n D ls t . o f W e s t V a . a n d t o r t h e S o u t h e r n D ls t . o f O h io , E a s t e r n
D iv i s i o n , a n d a r c s p e c i f ic a l ly s e c u r e d b y a fir s t a n d p a r a m o u n t lie n o n
1 ,0 0 0
s t e e l c o a l c a r s w h ic h h a v e b e e n p u r c h a s e d w it h t h e p r o c e e d s o f t h e s e
c e r t if i c a t e s .
I n a d d i t i o n t h e y a r c a fir s t lie n , t o g e t h e r w it h t h e o t h e r
o u t s t a n d i n g r e c e iv e r s ’ c e r t ifi c a t e s o f t h e c o m p a n y , o n t h e p r o p e r t y o f t h e
h a n d s o f t h e r e c e iv e r s , c o m i n g a h e a d o f $ 3 0 ,2 3 6 ,0 0 0 1 st M . b o n d s .
The
c e r t ifi c a t e s t h e r e f o r e h a v e t h e d o u b l e s e c u r i t y o f a r e c e i v e r ’ s c e r t if i c a t e a n d
a n e q u ip m e n t b o n d .
R eo rg a n iza tio n P ro sp e c ts. —It is stated that, while there
has been no amalgamation of the two bondholders’ protective
committees, they are now working together with a view of
formulating a reorganization plan that will be satisfactory
to both committees.—V. 92, p. 396, 324.
Washington County Ry., Maine.— M e rg er. —See Maine
Central RR. above.—V. 91, p. 791.
West India Electric Co., Jamaica.— R e p o rt. —For year:
Rental Jam.
Year —
dross.
Net. Rond Int. Taxes.L .A P .C o . Dividends. Surplus.
1 9 1 0 . . . $ 2 4 0 , 0 6 7 $ 1 2 9 ,7 7 3 $ 3 0 ,0 0 0 $ 7 ,1 3 6 $ 1 2 ,0 0 0 ( 5 % ) $ 4 0 , 0 0 0 $ 4 0 ,6 3 7
1 9 0 9 . . . 2 3 6 ,0 6 5
1 2 1 ,1 2 1
3 0 ,0 0 0
7 ,2 3 6
1 2 ,0 0 0 ( 5 % ) 4 0 ,0 0 0
3 1 ,8 8 5
— V . 90, p . 788.
West Jersey & Seashore RR.—R e p oFixed
rt. —
CalendarOperating Net (after
Other
Year —
Revenues. Taxes, A c .). Inc.
Chges.
Dividends.
Balance,
Surp.
1 9 1 0 ..............$ 5 ,9 8 1 ,6 7 3 $ 1 ,1 0 1 ,2 1 9
$ 6 5 ,6 8 1 $ 4 3 4 ,0 6 2 $ 4 8 8 ,3 2 0 $ 2 4 4 ,5 1 8
1 9 0 9 __________ 5 ,4 2 1 ,4 3 4
1 ,1 3 6 ,1 6 2
5 0 ,6 5 6
4 3 1 ,3 5 6 4 4 0 ,1 1 2
3 1 5 ,3 5 0
D iv id e n d s a s a b o v e I n c lu d e $ 4 8 2 ,0 8 0 ( 5 % ) o n t h e c o m m o n s t o c k In 1 9 1 0 ,
a g a in s t $ 4 3 3 ,8 7 2 (4 J $ % ) In 1 9 0 9 a n d $ 6 ,2 4 0 ( 6 % ) y e a r ly o n t h e s p e c i a l
g u aran teed s to c k .
F r o m t h e s u r p lu s a s a b o v e In 1 9 1 0 , $ 2 4 4 ,5 1 8 , t h e r e w a s d e d u c t e d $ 1 4 3 ,1 9 3
f o r e x t r a o r d i n a r y e x p e n d it u r e s a n d $ 1 ,3 2 5 fo r p o r t io n o f p r in c ip a l o f e q u i p
m e n t t r u s t o b l i g a t i o n s p a i d , le a v in g $ 1 0 0 ,0 0 0 , w h ic h w a s t r a n s f e r r e d t o
r e s e r v e f o r a d d i t io n s a n d b e t t e r m e n t s . — V . 9 0 , p . 1 3 5 9 .
121
THE CHRONICLE
INDUSTRIAL, GAS AND MISCELLANEOUS.
Amalgamated Copper Co.—S a le o f N otes— P u rch a se o f
U n ite d M eta ls S ellin g C o . —The National City Bank and the
Guaranty Trust Co., both of New York, offered on March 14,
at 99 ^ and int., an issue of $12,500,000 5% notes, dated
April 1 1911 and due April 1 1913, the proceeds from which
will be used by the Amalgamated Copper Co. in connection
with the absorption of the United Metals Selling Co. The
notes have been largely oversubscribed. No mortgage shall be
placed on the property during the life of the notes and no
dividends shall be paid except from earnings. The follow
ing data are from the “Wall Street Journal” of March 14:
T h e p r ic e p a i d b y t h e A m a l g a m a t e d C o p p e r C o . f o r t h e s t o c k o f t h e
U n it e d M e t a l s S c l l I n g C o . l s $ 2 4 6 a s h a r c , o r $ 1 2 ,3 0 0 ,0 0 0 , If a ll o f t h e $ 5 0 0 0 0 0 0 s t o c k c o m e s In .
I t Is fig u r e d t h a t t h is p r ic e r e p r e s e n t s t h e li q u id a t i o n
v a l u e , a ll o w i n g s o m e p r e m iu m o n t h e I n t e r n a t io n a l S m e lt i n g & R e f in i n g
C o . ’ s s t o c k , w h ic h is c a r r ie d o n t h e b o o k s a t p a r .
I f a ll o f t h e s t o c k Is n o t
t u r n e d I n . i t is li k e l y t h a t t h e U n it e d M e t a ls S e llin g C o . w ill b e l i q u id a t e d
a n d a s e llin g d e p a r t m e n t c r e a t e d b y t h e A n a c o n d a C o .
T h e A m a lg a m a te d
w ill t h u s s e ll t h e p r o d u c t o f c o p p e r m in e s t h a t h a v e a n o u t p u t o f c l o s e t o
6 0 0 ,0 0 0 ,0 0 0 p o u n d s a y e a r .
Net Assets as Shown by Balance Sheet o f United M et. Selling Co. o f Dec. 31 ’ 1 0 .
I n t . S m . & R e f . s t k . a t p a r . $ 4 , 0 0 0 , 0 0 0 [ C a s h a n d a c c t s . r e c e l v 'b l e $ 1 4 ,0 2 9 ,4 9 8
O t h e r in v e s t m e n t s _________
2 0 2 , 0 0 0 | T o t a l _______________________ $ 1 8 ,2 3 1 ,4 9 8
L e s s a c c o u n t s p a y a b l e ___________________________________________________ $ 7 ,2 7 0 ,7 7 9
L e a v i n g a t o t a l f o r c a p i t a l a n d s u r p l u s _______________________________ 1 0 ,9 6 0 ,7 1 9
T h e $ 1 2 ,5 0 0 ,0 0 0 n o t e s m e a n s a f i x e d c h a r g e t o t h e A m a l g a m a t e d o f
$ 6 2 5 ,0 0 0 a y e a r .
T h e U n it e d M e t a ls S e llin g C o . h a s b e e n p a y i n g t o s h a r e
h o l d e r s fo r t h e la s t t w o y e a r s 2 0 % a y e a r , o r $ 1 ,0 0 0 ,0 0 0 , a n d h a s s h o w n a
s u b s t a n t ia l s u r p lu s a ft e r s a id p a y m e n t s .
I t Is r e c e iv in g o n Its 4 0 ,0 0 0 s h a r e s
o f I n t e r n a t io n a l S m e lt i n g & R e f in i n g s t o c k 8 % a y e a r , o r $ 3 2 0 ,0 0 0 ; t h e n e t
p r o fi t s o f t h e I n t e r n a t io n a l a v a il a b l e f o r d i v id e n d s h a v e b e e n a t t h e r a t e o f
a b o u t 1 3 % f o r t h e la s t t w o y e £ t s .
T h e I n c o m e o f t h e U n it e d M e t a ls S e llin g
C o . , I n c lu d in g Its e q u i t y In a ll s u r p lu s e a r n in g s , m u s t b e c l o s e r t o $ 1 ,2 5 0 ,0 0 0
a y e a r th a n $ 1 ,0 0 0 ,0 0 0 .— V . 9 2 , p . 6 0 .
(The) American Seeding Machine Co., Springfield, 0 .—
& Kirk, 25 Broad St., N. Y.
City, arc offering at par ($100 a share) and accrued dividends
the unsold portion of the final block of $700,000 treasury 6%
cumulative pref. stock, preferred as to principal and divi
dends in case of liquidations; dividends Q.-J. 15. See ad
vertisement on another page. A circular says in substance:
P re f. S to ck O ffered .—Tobey
Status.— I n c o r p . M a r c h 2 0 1 9 0 6 In O h io . S t a t u s M a r c h 1 1 9 1 1 ;
P r e f . s t o c k 6 % c u m ________$ 2 , 5 0 0 , 0 0 0 I T o t a l a s s e t s _________ o v e r $ 1 0 ,0 0 0 ,0 0 0
C o m m o n s t o c k _____________ 5 ,0 0 0 ,0 0 0 N e t c a s h a n d c u r r e n t a s s e t s 4 ,2 5 0 ,0 0 0
S u r p l u s ______________________ 1 , 6 5 0 , 0 0 0 1N e t a n n u a l e a r n i n g s _____
1 ,0 0 0 ,0 0 0
S a le s In 1 9 1 0 w e r e 3 3 1 - 3 % g r e a t e r t h a n la r g e s t p r e v io u s y e a r a n d 1911
p r o m is e s t o e x c e e d 1 9 1 0 b y 2 5 % .
N o b o n d s , m o r t g a g e s o r u n d e r ly i n g lie n s a n d n o n e c a n b e c r e a t e d e x c e p t
w it h c o n s e n t o f h o l d e r s o f t w o - t h ir d s o f t h e p r e f. s t o c k .
P r e fe r r e d d i v id e n d s o f 6 % p e r a n n u m (a n n u a l c h a r g e n o w $ 1 5 0 ,0 0 0 ) h a v e
b e e n m a in t a in e d w it h o u t I n t e r r u p t io n s i n c e A p r i l 1 1 9 0 6 .
On com m on
3 % p e r a n n u m a t p r e s e n t t im e .
C e n t r a l T r . & S a fe D e p . C o . , C i n c i n n a t i .O .
Plants. — H a s c o n c e n t r a t e d Its o p e r a t i o n s a t t h r e e I m p o r t a n t a n d l a r g e l y
m o d e r n p l a n t s , t w o a t S p r in g fi e ld , O . , a n d o n e a t R i c h m o n d , I n d .
O ver
$ 1 , 0 0 0 ,0 0 0 h a s b e e n e x p e n d e d f o r b e t t e r m e n t s a n d a d d i t io n s .
M o s t o f t h e b r a n d s p r o d u c e d h a v e b e e n e s t a b l is h e d m o r e t h a n h a lf a
c e n t u r y a n d h a v e a p o p u la r s t a n d i n g In t h e a g r ic u lt u r a l I m p l e m e n t m a r k e t s
o f th e w o rld .
T h e c o m p a n y h a s a n I m p o r t a n t a n d r a p i d l y g r o w in g fo r e ig n
t r a d e In R u s s ia , I t a l y , S p a i n , G r e a t B r it a in , C a n a d a , S o u t h A f r i c a , A u s
t r a li a a n d S o u t h A m e r i c a .
T h e fo l lo w i n g a g r ic u lt u r a l I m p l e m e n t s a r e p ro
duced, v i z . : W h e a t d r ills , b e e t d r ills , s e e d e r s a n d s o w e r s , e n d - g a t e s e e d e r s ,
fe r t il iz e r s o w e r s , c o r n t o o l s , p o t a t o p l a n t e r s , h a r r o w e r s , c i d e r m ills a n d
c u l t i v a t o r s . — V . 91 v . 1 6 3 1 .
American Steel Foundries.— D e c is io n .—See National Mal
leable Castings Co. below.—V. 92, p. 325.
Anaconda Copper Mining Co.—F avo ra ble D ec isio n A f
fir m e d .—The U. S. Circuit Court of Appeals on March 6
affirmed the decision of the U. S. District Court in April
1909 dismissing the suit brought by farmers against the
company and the Washoe Smelter Co. in May 1905 to pre
vent damage by smoke from the Washoe smelter. Com
pare V. 88, p .1131.
I t Is h e ld t h a t , w h ile t h e r e Is m u c h e v i d e n c e t e n d i n g t o s h o w d a m a g e
d o n e t o t h e la u d a n d s t o c k o f fa r m e r s b y e m a n a t i o n s f r o m t h e s m e l t e r , t h e r e
Is a ls o a la r g e a m o u n t t o s h o w t h a t s in c e t h e r e m o d e li n g o f t h e W a s h o e
s m e lt e r In 1 90 3 n o a p p r e c i a b le d a m a g e h a s b e e n d o n e .
T h e m a n d a t e Is s t a y e d f o r 6 m o n t h s t o e n a b l e t h e p l a in t i ff (B lis s ) t o a p p l y
t o t h e S u p r e m e C o u r t f o r a w r i t o f c e r t io r a r i If lie d e s ir e s .— V . 9 1 , p . 6 5 5 .
Booth Fisheries Co., Chicago.— N ew D eb en tu res , & c .—
The shareholders of this Delaware corporation has called
a shareholders’ meeting for March 22 for the purpose of
authorizing (1) an issue of $5,000,000 sinking fund 6%
debenture gold bonds and a debenture agreement securing
the same; (2) the disposing of any of said bonds on such terms
as the directors may determine; (3) the payment of the un
paid bonds of the present $1,500,000 debenture issue; (4)
the purchase of the entire capital stock of Northwestern
Fisheries Co., a Washington corporation. See V. 92, p. 661.
Butterick Co.—R e p o rt. —For calendar year:
Calendar
Year —
P rofits.
Ridgway
Divs. llec'd.
Dividends
Paid.
Balance,
Surplus.
1 9 1 0 ................................... $ 5 5 9 ,0 0 2
$ 8 6 ,8 1 4
(3 % )$ 4 3 8 .0 2 5
$ 2 0 7 ,7 9 0
1 9 0 9 ................................... 4 5 3 ,6 5 7
1 9 ,7 0 0
(2
% )2 8 7 ,7 3 0
1 8 5 ,6 2 7
T h e p r o fi t s o f t h e R i d g w a y C o . w e r e $ 1 2 6 ,4 3 1 In 1 9 1 0 , a g a in s t $ 1 0 2 ,0 9 3 ,
o u t o f w h ic h d i v id e n d s a m o u n t in g t o $ 1 0 0 ,0 0 0 ( 1 0 % ) y e a r l y w e r e p a i d .
— V . 90, p. 847.
Calumet & Hecla Mining Co.— D iv id e n d R ed u ce d . —The
directors have declared a quarterly dividend of $6 per share
(24%) on the $2,500,000 stock, payable March 25 to holders
of record March 13, comparing with $7 for the previous three
quarters and $8 for the corresponding quarter a year ago.
Compare V. 90, p. 1492. This announcement is made:
T h e d i v i d e n d Is d e c la r e d a t t h e u s u a l t im e , p e n d in g t h e c o n s o l i d a t i o n p r o
c e e d in g s a n d t h e h e a r in g o n t h e o r d e r t o s h o w c a u s e In t h e I l y a m s s u i t .
I t Is a p a r t o f t h e p r o p o s e d c o n s o l i d a t i o n a g r e e m e n t , h o w e v e r , t h a t w h e n
fin a lly p u t I n t o e l f e c t It s h a ll t a k e e f f e c t a s b e t w e e n t h e c o n s o l i d a t i n g c o m
p a n ie s a n d t h e ir s t o c k h o ld e r s a s o f M a r c h 1 5 ; a n d t h a t If a n y o f t h e c o m
p a n ie s p a y a n y d i v i d e n d s , p e n d in g fin a l a c t i o n , t h e r e s h a ll b e p a i d t o s t o c k li o ld c r s o f e a c h o f t h e c o m p a n i e s a t t h e t im e o f d e l i v e r y t o t h e m o f t h e ir c e r
t if ic a t e s o f s t o c k In t h e c o n s o l i d a t e d c o r p o r a t i o n s u c h s u m s o f m o n e y as
w ill e q u a l iz e t h e d i v i d e n d p a y m e n t s . — V . 9 2 , p . 6 6 1 , 5 9 8 .
Citizens’ Gas Co. of Indianapolis.—T h ird D iv id e n d .—A
dividend of 3% has been declared on stock outstanding Dec.
31 1910, payable March 31. Dividends Nos. 1 and 2, of
1% % each, were paid Jan. 1 on stock outstanding Dec. 31
1909 and J’ne 30 ’10, respectively. Compare V. 91, p. 1576.
THE CHRONICLE
728
General Manager J. D . Forrest has Issued a statem ent saying th a t the
stock has not been placed on a regular 6% basis, b u t th a t d istributions w ill
be made as conditions w a rra n t, the company being too new to ju s tify a
perm anent policy w ith regard to the dividend rate.— V . 91, p. 1712.
Cities Service Co.—E a r n in g s .
[VOL. L X X X X II.
come for year 1910 was $28,088; net
opcr. exp., $8,067, and taxes, $2,721.
new contract for hydrants fo r 10 years
over previous years. Fo r p articulars
Delaware, O. H on. F . M . M a rrio tt is
earnings, $17,300, after deducting
Franchise continuous. C ity mad
from Jan. 1 1911 a t $800 advance
address C. W . Wiles, Sec.-Treas.,
President.— V . 88, p. 378.
(E. I.) du Pont de Nemours Powder Co., Wilmington, Del.
shareholders will vote March 20 on in
$74,283
$42,324
$11,952
$20,007 creasing the common capital stock from $30,000,000 to $35,F e b ru a ry ___________ $78,000
57,916
198,890
161,013
5 mos. end. Feb. 2 8 .. 427,830 417,819
000,000.—V. 92, p. 532, 524.
— V . 92, p. 191.
Eastern Steel Co., Pottsville, Pa.—B o n d s —E a r n in g s .—
Cleveland (Ohio) Electric Illuminating Co.— B o n d s O ffered . Wm.
Morris Imbrie & Co., 45 Broadway, N. Y., are placing
—Spencer Trask & Co., New York, Albany, Boston and
94 and int., to yield about 5^% , the final $1,000,000 of
Chicago, are offering $1,000,000 1st M. 5% bonds at 102 and at
the total issue of $3,000,000 1st M. sinking fund 5% bnds,
int., yielding over 4.85%. A large part of the issue has dated
Aug. 1906 and due Aug. 1 1931, but callable at 110 and
already
been
sold.
See
advertisement
on
another
page.
The total outstanding amount of these bonds Is $5,000,000, while the cost int.
Int. F. & A. A circular says in substance:
o f the property as of D ec. 31 1910 Is given as $10,679,015. Dividends have
Period
Covered.
Gross
Earns.
Net
Earns.
Preferred
D ies.
Common
D ies.
Balance,
Surp.
been paid for m any years on the preferred and com m on stock, of which there
Is now outstanding $6,534,000. Compare V . 92, p . 529.
The com p a n y is constructing on the shore o f Lake Erie, at the fo o t of
East 70th S t., Cleveland, a new power station designed for an ultimate
ca p a city exceeding 100,000 h .p ., the Immediate Installation Including two
14.000 k .w . General Electrlc-Curtis turbines, or approxim ately 40,000 h .p .,
should be In operation b y the fall of 1911. The com pany has unlimited
franchises In Cleveland and nine adjoining towns. The population of
Cleveland Is over 560,000; Increase about 47% since 1900. For the calendar
year 1910 the com pany reported net earnings, after paym ent of taxes and
Insurance, of $1,125,834— equal to over 4 H times the Interest on the $5,
000,000 1st M. 5s now outstanding.— V . 92, p. 529.
Colorado Bell Telephone Co.—E a r n in g s . —For chi. years:
ye a r—
Gross Earns. Total E xp . Net Earns. D iv .(7 % ) B al..S u r.
1910
$3,159,418 $2,472,093 $687,325
$595,000 $92,325
1909
2,907,726
2,226,466 681,260
595,000
86,260
1908 .....................
2,709,701 1,866,682 843,019
592,769 250,250
Subscribers' stations D ec. 31 1910, 80,967, against 73,981 In 1909.
S to c k O ffe re d . —The directors have decided to offer stock
holders the right to subscribe for the $1,500,000 treasury
stock at par ($50 per share) in the proportion of 3-17 of one
share for every share now held.—V. 91, p. 37.
Consolidated Gas, Electric Light & Power Co. of Balti
more,— N e w C o m m o n S to c k — R e tire m e n t o f P r io r L ie n P r e f . a t
105.—The Public Service Commission of Maryland has sanc
tioned the proposed issue and sale at par of $1,500,000 com
mon stock, being part of the increase authorized by the
stockholders March 1 1911.
The proceeds are to be used for (a) the redem ption of the entire Issue of
$700 000 prior lien pref. stock at $105 In cash, calling for $735,000; and (o)
the acquisition of additional property In the extension and Im provem ent of
Its plant and distribution system, at an estimated cost o f $765,682.
— N e w S to c k .—The
T h e p la n t a t P o ttsville covers about 50 acres of ground and is valued on
the books of the company a t $8,000,000. I t consists of six open-hearth
furnaces and struc tu ral steel ro llin g mills; finished product capacity 20,000
tons a m onth. D urin g the year 1910 the production of finished shapes ag
gregated 139,432 tons. In addition the company has acquired p a rtly In fee,
and p a rtly under lease iron-ore properties In Cuba which are estimated to
contain upwards of 50,000,000 tons of good iron ore, located Im m ediately
on the coast, w ith good shipping facilities. The proceeds of the sale of
$2 ,0 00 ,000 of the present bond issue have been used for the building up of
the p lant, as have the proceeds from the sale of $2,000,000 pref. stock, and
surplus earnings of about $1,000,000. The proceeds of the rem aining
$ 1 ,0 00 ,000 bonds w ill be used for additions and fu rth e r w o rking capital,
which w ill Increase the o utp u t and add to the value of the p roperty.
D urin g the year 1910 the net earnings were $575,321, or considerably
more than (our times the Interest requirem ent on the $3,000,000 bond
issue, w ith the p la n t w o rking a t less than two-thirds of Its present capacity.
T h e earnings have increased a nn ua lly In proportion to the Increasing size
and efficiency of the plant. E ven In 1908 the company earned about 1 M
tim es the interest charges on Its outstanding bonds.
Capitalization— A mount Outstanding.
F irs t mtge. 5% bonds a uth., $3,000,000; outstanding
*$2,863,000
7% cum. 1st pref. stock a uth., $4,500,000; outstanding
2,000,000
200,000
7% cum. 2d pref. stock auth. and outstanding______
Common stock authorized, $4,700,000; o utstand in g.. .
3,650,000
» $137,000 retired b y sink, fund (not less than $60,000 ye a rly ). [F. C.
Perkins of P ittsburgh and W a lte r W . Perkins of P h lla. have been added to
the board. [See V . 90. p. 170.]
Empire Steel & Iron Co.—R e p o r t .—For calendar year:
Years —
Net
Income.
Impr'ts,
D eprec.,A c.
1 9 1 0 .................. $257,690 $102,856
1909 ................. 328,143
108,946
1907 ___________ 602,403
85,147
— V . 91, P- 1632.
Preferred
Dividend.
(5%)$125,000
(6% ) 150,000
(6% ) 150,000
Bad
Balance,
Debts, A c . Surplus.
$4,632
5,221
9,804
$25,202
63,976
357,452
General Asphalt Co., Philadelphia.— D e b e n tu re s .—The
Phila. Stock Exchange on March 6 listed $1,116,500 5%
C o m m o n o n 5 % B a s is . —A quarterly dividend of 1 } £ % has debentures, the total authorized issue.
debentures, dated M arch 1 1911 and due M arch 1 1916, were dis
been declared on the common stock, along with the usual tribThese
te d to pref. shareholders of record Feb. 1 1911 In paym ent In fu ll of
semi-annual dividends of 3% on the prior lien and preferred the ufinal
8)4 % of accumulated dividends. The debentures themselves
not convertible, but “ w arrants” Issuable In the first Instance are con
stocks, all payable April 1 to holders of record March 28. are
v e rtib le in amounts of $500 In to the debentures. Compare V . 92, p. 121.
This compares with 1% on Feb. 1 last and semi-annual dis
bursements of 2% each on Nov. 1 and April 27 1910, and in General Motors Co., Detroit.—S ta tu s . —Lee, Higginson &
creases the rate from 4 to 5% yearly.—V. 92, p. 464, 61. Co. in a circular letter dated March 3 say in substance:
we distributed the$15,000,000, notes the situation has considerably
Consolidation Coal Co., Baltimore.—C a lle d B o n d s . —The ImSince
proved. In addition to the Eastern bankers who control the com pany
this loan is paid, four Detroit business men of the highest standing
$3,543,000 Somerset Coal Co. 1st M. 5s of 1902 have been until
been elected to the board of directors and finance com m ittee.
called for redemption at 110 and int. and will be paid on or have
The Bulck Com pany Is running at full capacity and producing a better
than ever before. For the past four or five m onths, which include the
before Aug. 1 1911 at Guaranty Tr. Co., 28 Nassau St., N. Y. car
dullest part of the year, the Cadillac Company has been producing cars at
The $3,000,000 K entucky Division 5s o f 1909 and
,543,000 Somer
set Coal C o. 5s o f 1902 have been ca lle d for paym ent at Guaranty Trust C o.,
N . Y ., the former on June 1 at 105 and Int. and the latter on A ug. 1 at 110
and Int. See V . 92, p . 464, 569.
R e p o r t. —For
year:
Cal.
Gross
Net (after
Other
Interest,
Dividends balance
Year. Earnings.
Deprec’n ) . Income. Tastes,Ac.
(6 % ).
Surplus.
1910
$12,712,256 $3,215,226 $197,848 $1,700,498 $ l,1 41 ,oo2 $571,024
1909
10,223,087 2,803,382 277,815 1,589,239 1,009,882 482,076
— V . 92, p. 599, 529.
the rate of 10,000 per annum, as against 7,000 for the year ending Sept. 30
1910, and receiving cash for them as fast as made in exchange for bill of
lading. The price has not been reduced this year, so that the profits ought
to show a material increase. T w o of the smaller subsidiaries, the E lm ore
Company and the N orthway Engine C o., together earned last year enough
to pay the Interest on these notes, and the indications are that they will
do as well or better this season. There are several other profitable com
panies, am ong them the Olds M otor C o., which showed a very substantial
profit last year.
The companies are now managed as a whole directly under the control
o f the finance com m ittee, with ample working capital and with econom ical
sound management. The sinking fund will retire at least $1,500,000 of
the notes within the next seven m onths, or 10% of the Issue.
Crucible Steel Co. of America.—L is te d — P u rc h a s e o f
The New York Stock Exchange has listed N e w D ir e c to r s . —The board membership having been in
$563,500 pref. stock which was issued on account of the pur creased
from 11 to 14, two of the additional places have been
chase
of the Halcomb Steel Co. of Syracuse, V. 92, p. 397.
This pref. stock ($563,500) has been sold at par and the proceeds applied filled by the election of Jacob Wertheim of New York and
toward the purchase of the $ ,
capital stock of the H alcom b Steel Edward D. Metcalf of Auburn, N. Y.
C o. of Syracuse, whose property consists of a m odern steel plant making
H a lc o m b S te e l C o .—
1 80 0,00 0
the finest grades o f crucible and electric steels (reported capacity about
20.000 tons yearly— E d .) . It Is covered by a m ortgage o f $800,000 matur
ing at serial periods, of which there Is now outstanding $J/f 5,000, the remain
ing $55,000 having been paid off and canceled.
Of this $745,000, there
are In the treasury of the H alcom b Steel Co. $42,500 which has not yet ma
tured . The balance of the purchase price was paid In cash ana $150,000
5% notes of $25,000 each, dated Feb. 10 1911. maturing serially
at intervals of tw o m onths, the last note on F eb. 10 1912.
C o a l L a n d s , & c . —In addition to the 1,800 acres of coal
lands (steam coal) embraced in the Midland Steel Co. pur
chase, the Crucible Steel Co. of America recently purchased
from J. V. Thompson 2,000 acres of coking coal lands in
Greene County, Pa., along the Monongahela River, for a
sum reported as $1,600,000. The company also contem
plates the expenditure of about $600,000 on additions to its
Harrison, N. J., plants.
P itts b u r g h C ru cib le S te e l C o . —See that company below.
R e s u lts . —For three and six months ending Feb. 28:
Three
Net
Depreciat’n, Res. for
Months —
Earnings.
&c.
Conttng.
1910-11........... $972,320 $293,552 $19,862
1909- 10____ 1,406,361
319,556
32,798
Preferred
Dividend.
Balance,
Surplus.
(1 ?4%)$427,638
(1 M %)427.638
$231,268
626,371
(3 )4%)$855,276
(3tf% )79 4 ,1 8 6
$467,875
1,331,617
M r. W ertheim is President of the United Cigar Mfrs. Co. and Mr. M etcalf
Is President of the Columbia R opo Co. of Auburn. [The Gen. Motors Co.
has declared the regular semi-annual dividend of 3 )4 % on Its pref. stock,
payable April 1.— E d .]— V . 92 p. 264.
Greenhut-Siegel Cooper Co., New York.—B o n d s . —New
York bankers, it is understood, have taken $500,000 of this
company's sinking fund gold mortgage 6% bonds, dated
Dec. 1 1910 and due July 1 1935, but redeemable at 110 and
int. on or after Jan. 1 1916. Int. J. & J. at company’s office.
Par $1,000 (c*&r). Central Trust Co. of N. Y., trustee.
Auth. and outstanding, $6,000,000. Tax-exempt in N. Y.
The net assets available for paym ent o f this Issue (Including current
assets and real estate but not good-will) are reported to be far in excess
of the total amount of these bonds and the net profits over three times the
interest thereon. The real estate Is subject to the prior lien o f only $3,200,
000 of 4 )4 % real estate first mortgages, viz.; (a) $1,750,000, due A ug. 10
1920, on Slegel-Coopcr property, east side of 6th A v e ., between 18th and
1 9 th streets; (b) $1,200,000, due A ug. 10 1919, on Grecnhut property, west
side of 6th A v c., opposite " a ” ; (c) $250,000, due Feb. 1 1912, on warehouse
Nos. 249-255 W est 17th St. and Nos. 236-242 W est 18th St. Cumulative
sinking fund $165,000 per annum . Hallgarten & C o., It is understood,
underwrote the $500,000 bonds. Plym pton, Gardiner & Co. have been
placing part o f the issue at par and Int.— V . 91, p. 713.
Helena (Mont.) Water-Work3 Co.—B o n d s O ffe re d b y C ity
N e w P la n t. —See “Helena” in “State and City” Depart
ment.—V. 92, p. 599, 122.
Creek Coal Co.— C a lle d B o n d s . —All of the outstand
Cuyahoga Telephone Co .— R e p o r t. —For calendar year: ingIsland
1st M. bonds of the United States Coal & Oil Co., dated
Calendar
Gross
E x p ..Taxes
Net
Bond
P ref.D ivs. B al.,
1908, have been called^for redemption and will be redeemed
Year
Earns.
A Deprec.
Earns.
Interest.
Surplus.
1 9 1 0 ______ $887,617 $614,865 $272,752 $167,238 $86,241 $19,273
on May 15 1911 at 105, with interest then accrued, at the
1909
850,034
605,983
244,051
156,625
86,241
1,185
office, 55 Congress St., Boston, and after said date at the
— V . 91, p . 588.
Trust Co., Boston (care Old Colony Trust Co.).
Delaware (O.) Water Co.—B o n d s O ffe re d . —This company City
V. 91, p. 944, 948.
is making a new issue of $200,000 5% 20-year sinking fund re Compare
months ending Jan. 31 1911 the output of the Island Creek
funding bonds, to take up same amount now outstanding. CoalForCo.theIsseven
reported to have been 1,038,128 tons, contrasting with
1910- U r ° 3'.$1,995,079
1909-10~” ___ 2,817,267
— V . 92, p. 529, 397.
—
$631,522
625,520
$40,406
65,944
fo r
(6 % ).
68 8,52 8
Assets $413,597. Offsets: Capital stock Issued, $200,000; bonds out
standing, $179,500, and bills and accts. payable, $34,097. The gross ln-
tons and 714,977 tons, respectively, for the same period In 1909-10 and
1908-09.— V . 01. p. 944, 948.
Mae . 18 1911.|
THE CHRONICLE
729
Jamison Coal & Coke Co., Pittsburgh.—Bonds Offered .— electricity in Lehigh, Northampton and Carbon counties*
Darr & Moore, Pittsburgh, recently offered for sale the unsold within a radius of 20 to 40 miles.
Later on it Is expected that the capacity will be increased to 100,000 k. w.,
portion of $250,000 George’s Creek, Farmington, 1st M. 5% m aking
total investment $10,000,000, In order to transmit clectrin
gold bonds, dated Feb. 1 1910 and due Feb. 1 1930, but call power tothe
Allentow n, Easton, Trenton and. possibly throughout the section
The distribution service will be conducted by subsidiary
able at 102^ and int., all or any, on or after Feb. 1 1915. tocomPhiladelphia.
and charters for 25 such com panies have already been applied
Par $500 and $1,000. Int. F. & A. at Safe Deposit & Trust for panies
in Pennsylvania, the Incorporators being W . A . Lathrop, Rollln H .
Co., trustee, Baltimore. Tax free in Pa. A circular says: W ilbur and H . F . Baker, all officers o f the Lehigh Coal & N avigation Co.
Part of an Issue of 52,700,000 issued to the George’s Creek Coal & Iron
R e p o r t .—See “Annual Reports” on a preceding page.—
Co. in part paym ent for about 7,500 acres of coal, together with the im V. 92, p. 466, 265.
*
6 V6
provements thereon, Including shafts, tipples, sidings, 75 coke ovens,
wagons, 300 steel railroad cars, costing about $1,100 each; buildings, &c.,
(W. H.) McElwain Co., Boston.—No B o n d s .—The offering
improvements at time of the purchase having a c o n s e r v a tiv e value
aid Improvements
of $600,000. (V . 90, p . 113, 376.)
of convertible bonds appearing under this caption March 4
It belonged on page 601, under Salisbury
Abstract of Letter from Pres. John M. Jamison, Pittsburgh, Jan. 20 1911. was misplaced.
~ O ur com pany in Jan. 1910 bought the p ro p erty securing this Issue of Steel & Iron Co.—Y. 92, p. 600.
bonds from the George’s Creek Coal & Iro n Co. of B altim o re for $3,200,000,
Manufacturers’ Light & Heat Co., Pittsburgh.— N e w
paying In cash $500,000 and $2,700,000 In these purchase money bonds,
secured b y a 1st M . on the entire George’s Creek p roperty, consisting of
about 7,500 acres, w ith necessary surface, of unmined P ittsb u rg h scam
coal of v e ry high grade, w ith a depth of thickness of about 9 feet, which
w ill produce a t least 14,000 tons to the acre, or about 105,000,000 tons of
coal in the tra c t. As a fu rth e r consideration, and for greater security for the
bonds, we deposited in tru s t $300,000 in cash, to be expended on the prop
e rty in its fu rth e r development. This am ount has a ll been expended, and
to complete our program, now under w ay, more than $150,000 w ill be re
quired. O ur shipping capacity from the three mines on said p rop erty
w ill then be over 1,500,000 tons a nnually.
Sinking fund 5 cents for each ton of coal mined, to be applied exclusively
to the paym ent of the bonds, b ut not less tha n the following amounts yearly:
D uring the period ending I-eb.l 1915, $30,000; 1915to Feb. 1 1920,5150,000.
$75,000;Feb. 1 1920 to F e b .1 1925,$100,000; 1925 to F c b .l 1930,5150,000
The p rop erty lies contiguous to our B a rrac kvillc mines, near Falrm o unt,
M ario n County, W . Va., on the 1). & O. H R . O ur coal is of a v e ry superior
q u a lity and we have a prom ising m a rket at fa irly profitable prices. W e
consider th a t $5,000,000 would be a reasonable va lu atio n for tills George’s
Creek p rop erty, Im proved as i t is.— V . 90, p. 376.
Keystone Coal & Coke Co.—B o n d s O ffered — R e tire m e n t o f
Brothers & Co., Phila. and N. Y., are
offering on a 5 %% basis the unsold portion of the present
issue of $5,300,000 “first and ref. mtge.” 6% sinking fund
20-year serial gold bonds, dated March 1 1911, which, after
July 1 1911, it is stated, will be a first lien. Par, $1,000.
Int. M. & S. (Compare Latrobe-ConnellsvilleCoal & Coke.)
O ld B o n d s . —Dick
„
,
Abstract of Bankers’ Circular.
T o ta l auth. Issue, $6,000,000; sold for d elive ry on M arch 1 1911 to re tire
und erlying obligations and fo r other corporation purposes, $5,300,000; re
served, can be issued o n ly under conservative restrictions, $700,000.
Callable (1) as a whole a t 105 and In t. on 60 days notice and (2) for
sinking fund purposes a t 102 and In t. The sinking fund is to receive 10 cts.
per gross ton on a ll coal mined and shipped b ut not less than the amounts
necessary to redeem the bonds a t th e ir several m aturities, viz.: M arch 1
1012 to M arch 1 1914, Inch, $250,000 per ann.; M arch 1 1915 to M arch 1
1926, lncl., $300,000 per ann.; M arch 1 1927 to M arch 1 1931, incl., $330 000 per ann. D urin g the years 1912-13-14 the company is not required to
make paym ents to this sinking fund beyond the amounts needed to redeem
the m a tu ring bonds unless the am ount of coal mined shall exceed 3,500,000
tons, and then o nly on the excess over 3,500,000 tons.
The $5,300,000 bonds arc issued to re tire the present outstanding obligatia n t and to provide for Improvements, betterments, &c., which It is
estimated b y experts, should Increase the o utpu t to about 4,000,000 tons
per annum . A fte r J u ly 1 1911 a ll of the un derlying liens w ill have been
exchanged for bonds of this issue, or w ill have been called and paid, w ith the
exception of app roxim ately $6,000 car tru s t certificates, so th a t this Issue
w ill be a first lien on the p roperty covered b y this mortgage, including coal
lands, w ater plants and Im provements of a ll kinds which in any w a y relate
to the operation of the p la n t as a whole. I t is also a mortgage on a ll of the
coal cars owned, subject o nly to $6,000 car tru s t certificates, to re tire which
bonds of this Issue are reserved.
A report b y Ed w ard V . d T n vlllie rs , Esq., M in in g Engineer, is summarized
as follows: T h e properties are located in Westmoreland County, Pa , and
M arlon County, W . Va. T o ta l unmined coal areas, about 10,473 acres,
which should produce a gross tonnage of 115,143,210 tons, and net recovery
of a t least 91,374,962 tons. W ith the exception of the H u n ke r field, which
contains the Freeport seam, a ll of the unmined acreage is underlaid b y the
Great P ittsbu rgh coal bed, which Is undoubtedly the most persistent, most
regular and most h ig h ly prized and valued scam in the Appalachian coal field.
T he net earnings of the company for the last 8 years, including 1910, as
shown b y the reports of certified publlo accountants, average $873,965
per a n n u m . The Interest charges on the present issue outstanding amount
to $318,000 per annum . The Increased tonnage and the new Im provem ents
should sub stantially Increase the net earnings.— V . 91, p. 1773.
Latrobe-Connellsville Coal & Coke Co.—B o n d s O ffe re d .—
William Salomon & Co., N. Y. City, and Montgomery,
Clothier & Tyler and Cassatt & Co. of Philadelphia, offered
this week at 101 and int., and have since marketed, the un
sold portion of the present issue of $1,700,000 1st M. 6% s. f.
gold bonds dated June 1 1911 and due June 1 1931, but re
deemable as a whole at 105 and int., and for the sinking fund
at 102 and int. In t.J.& D . Par $1,000 (c*). Commercial
Trust Co., Phila., trustee. Tax-free in Penna. An authori
tative statement follows:
A utho rized bond issue, $2,000,000; reserved for fu tu re acquisitions under
careful restrictions, $300,000; present issue, $1,700,000. These bonds w ill
be secured by an absolute first lien upon the entire property, excepting the
Jacksonville field in In d ian a County. The p roperty under the mortgage
has been appraised b y Edw ard d In vlllie rs , geologist and m in ing engineer,
as follows, showing an eq uity of 56% over the present Issue of bonds, viz.:
2,245 acres Latro b c field (Connellsvllle coal), $1,679,500; 1,991 acres Lem
mon field, $99,550; 2,111 acres surface land, $142,800; m ining plants and
equipment, $744,693; to ta l 6,347 unmined acres, $2,666,543. T he Latrobe
field Is underlaid b y the celebrated Connellsvllle Basin coal, w hile the Lem
mon field contains Upper Freeport coal w ith sufficient surface for develop
ment.
A ll outstanding funded and floating debt w ill be retired b y call on June 1
1911, for which purpose a sufficient num ber of these bonds w ill be reserved,
thus securing the present issue b y an absolute first mortgage. T h e liens
to be retired by call arc $100,000 Superior Coal & Coke 5% ; $100,000 Saxm an Coal & Coke 5% ; $200,000 Latrobe Connellsvllle Coal & Coke 6s and
$597,000 5s.
S inking fund, 10c. per gross ton on all coal mined and shipped, w ith a
m in im u m sufficient to re tire $85,000 bonds per annum . The reserve coal
In the Latro b e field alone should thus suffice to re tire the present Issue.
Average Earnings Last 5 Years— Sufficient to P ay S in k .Fund and 2.35 Times
Interest Charges on New Issue.
N e t operating p ro fit------ $335,6971In t. on $1,700,000 b onds...$102,000
Sk.fd.10o.per ton(955,000 t ’ns)95,5001Balance, surplus___________ $138,107
The net p rofit is here stated after adding $30,000 contemplated reduction
of salaries of general officers and after deducting 5c. per ton for depreciation.
Organ. 1905 in Penn. Controlled b y Interests affiliated w ith Keystone
Coal & Coke Co. (which see below). Has paid 6% on $1,500,000 capital
stock up to the present year.— V . 87, p. 1091.
Lehigh Coal & Navigation Co.—C o m p a n y to U se I ts C o a l
D u s t to G en era te E le c tr ic ity f o r C o m m e rc ia l U s e . —The com
pany is planning to establish at a point 10 miles west of
Mauch Chunk, Pa., a large electric power station in order
to make use of the coal dust from its mines, which is now
going to waste. The initial plant will have a capacity of
30,000 k. w., will cost about $3,000,000, and will supply
Financial Plan.
Vice-President.
—The “Pittsburgh Gazette” Mch. 15 saidi
The circular in regard to the proposed bond issue says the underwriting
syndicate proposes that $8,500,000 1st M. 6% bonds to run 16 years be
issued. The price to be paid by the purchasers is 90% o f par for the whole
Issue. A n annual sinking fund of $500,000 Is to begin on April 1 1912 the
redem ption price to be $105. The am ount o f premium It will cost the com
pany to call in the present outstanding bonds that are subject to such call
and pay them off, am ounting to $4,871,000, will be about $215,340. The
commissions still due to Colonial Trust Co. up to Oct. 1 1912 am ount to
$157,500, and this will be paid from proceeds of the bond sale.
The com pany says: “ Such re-arrangement o f the finances, it is expected.
P.crm ,t ot an early resumption of dividends. A part o f the existing
indebtedness, amounting to about $500,000, Is at present payable, and m ay
be called at any tim e. Indebtedness am ounting to about $1,600,000 will be
due and must be provided for on O ct. 1 1912.”
Under the plan the sinking
& 5 d,.P,?Unent? W0ULd be 5500.000 annually. Last year It required $1.
200,000 to reduce the com pany’s debts in accordance with agreements.
Compare V . 92, p. 600, 524.
Michigan State Telephone Co.—R e p o r t. —For cal. year:
Calendar
Gross
Net
Interest P f.D iv .
Common
B al.,
Year —
earnings, earnings.
paid.
(6 % ).
dividends
sumius
------ $4,225,174 $972,662 $464,928 $136,992 (7)$242 094 $128 64&
1909 . . . . 3,819,630 825,251 443,260 136,972 (6 tf)2 1 6 156
28 863
The com m on dividends as shown above, as we understand are those
charged against the earnings of the respective calendar years. This m ethod
differs from that used by the co . (see V . 88, p . 1556).— V . 92. p. 600.
Mississippi River Power Co., Boston.—B o n d s O ffe re d . __
Kidder, Peabody & Co., Boston and N. Y., and Stone &
Webster, N. Y., Boston and Chicago, announced on March 16
that the present issue of $15,000,000 1st M. gold bonds, the
final block of which was offered by them at $875 for a $1,000
bond and $200 common stock (two $100 shares), had been
sold, largely to investors in Canada and London, as well as
in the United States.
Dated March 10 1911 and due Jan. 1 1951, but call
able at 105 and int., either as a whole or in part, for the
sinking fund (1% per annum of bonds outstanding, first pay
ment Jan. 1 1916). Old Colony Trust Co., Boston, trustee.
Int. J. & J. Par, $1,000 and $500 (c*) and $1,000 and
$5,000 (r*). The company is constructing one of the largest
hydro-electric plants in the world on the Mississippi River at
Keokuk, la. Initial development, 120,000 delivered h. p.,
of which 60,000 h. p. has been contracted for already; ulti
mate capacity 200,000 delivered h. p.
.«?5 lb5 ?iR tlons V 1.11. bc payable as follows; $275 April 3 1911, $200 July 1
1911, $200 Jan. 1 1912, $200 July 1 1912; but any or all installments m ay
be anticipated. Receipts will draw Interest at 5 « % per annum, payable
out of interest accruing on the said bonds deposited with the Old Colony
Trust Co. against the receipts. Fully paid receipts will be exchangeable
for bonds about July 1 1911. Interest dates on receipts semi-anually
beginning on July 1 1911. Incorporated in Iow a in December 1910
The bonds were offered b y the Dom inion Securities C orp., L td ., in Can
ada, and b y Sperling & Co. in L ondon, E ng.
Abstract of Statement by Pres. Edwin S. Webster. Boston, Mch. 11 1911.
Organized to build and operate a hydro-electric plant, including dam
ocks and power-house at the Des Moines Rapids of the Mississippi R iver at
Keokuk, la ., and Hamilton, III., a point about half way between Kansas
City and Chicago and less than 140 miles northwest of St. Louis. Con
struction Is now progressing. Substantially the entire flow o f the river can
be utilized and the ultimate capacity of the plant will be approxim ately
200.000 delivered h. p. Under special A cts of Congress, approved F eb. 9
1905, has the right to construct this dam ; also has the right (from the
Secretary o f W ar) to condem n property in connection therewith.
A lready 60,000 h. p. has been sold b y firm contract to supply the publio
utility companies o f St. Louis. The term of this contract is for 99 years,
subject to equitable adjustment at 10-year intervals, based on the then cost
o f coal. A gross incom e of $1,080,000 is assured b y this contract alone.
Capitalization— Amount Auth.— Expected Issues on Plant o f 120,000 H . P .
First m tge. 5s, auth., $25,000,000; original Issue $16,000,000,
o f which now offered__________________________
$15 000 000
Remainder o t original Issue held In treasury.
.
l ’ooo’ooo
Reserved, Issuable for future additions and im
provements, under restrictions___________
$9,000 000
Prcf. stock: 6 % , cum. after Jan. 1 1915, pref. as to divs. and in
case of liq u id a tio n — authorized (original Issue)
.
6 000 000
Common stock, authorized (original issue). .
” l o ’ooo’ooo
I t is expected th a t the “ original Issue” of securities w ill p’rovlde the com
pany w ith a p la n t capable of delivering fo r sale 120,000 h. p.
Population o f Cities and Towns within Transmission Distance.
W lthin-m U es-----50 50-100
100-150 150-200 About 200
Total
1900 Census......... 107,100 265,600
930,700 464,500 1.787,900 3,555 800
1910 Census_____ 113,434 296,351 1,121,126 751,452 2,289,424 4 ,5 7 l’,787
Estimated earnings.
Gross.
N et.
Bond Int. P f. D iv .B a l Sur
Sale Of 85,000 h. p . . . $1,780,000 $1,480,000 $750,000 $360,000 $370 000
Sale of 120,000 h. p . . . 2,400,000 2,000,000 750.000 360,000 890 000
The above m ay be Increased b y the sale o f secondary power (power avail
able for 8 or 9 mos. in the year) to furnish which no additional plant will be
required, except perhaps lines to reach additional markets. The initial
developm ent, with the exception of machine and tine capacity and addi
tional ilowage rights, is sufficient for a total developm ent o f approxim ately
200.000 h. p
When the 120,000 h. p. Is sold, it will be possible to add
about 80,000 h. p. additional capacity at small low cost. The incom e from
this additional power will very m aterially increase the net earnings
The river bottom at the dam site is o f good rock, clean and level. During
construction the depth of water should not exceed 7 feet for 8 months o f the
year. The dam of solid masonry will be 4,700 ft. long and o f gravity type
The spillway section. 4,400 ft. long, will carry 116 flood gates to control the
water fiow. A t the Iowa end of the dam a power-house o f steel and con
crete, 1,400 ft. long, will be built, designed to permit extension for an ulti
mate installation of 30 units of a rated capacity o f 10,000 h. p. each
The
first transmission lines will be built Into St. Louis; also the Intermediate
markets, including Hannibal and Quincy. Provision for river navigation
will be m ade by replacing the three locks now existing at this point b y one
large lock and a dry-dock for repairing vessels. The m odern lock and the
setting back o f water will make navigable m any miles o f shallows above the
dam and will materially im prove navigation. The new lock, and alsoja
new dry-dock will, upon com pletion, becom e the property o f the U. S.
G o v t., which will provide for their operation and upkeep. Of flowage lands
required for the first developm ent, about 9 0% has already been acquired;
THE CHRONICLE
730
jj[VOL. L X X X X I I .
t h e rem a in d er are a lm os t en tire ly fa rm in g o r w aste la n d s.
It Is e x p e c te d
th a t p ow er c a n be d e liv e re d b y J u ly 1 191.'!. C o m p a re V . 92, p . 320.
d o e s th e e n tir e g a s a n d e le c tr ic lig h t a n d p o w e r b u s in e s s o f t h e
c i t y o f R o c h e s t e r , s e r v i n g a p o p u l a t i o n o f o v e r 2 1 8 ,0 0 0 .
Capitalization — Total Stock Issued, $9,500,000; Total Bonds, $14,849,000.
Com. (stock divs. aggregating 7% paid during 1910)
_
____ 6,500,000
Pref. stock 5% cum ulative, total authorized and issued
3,000,000
---------------------- D e d u c t i o n s ---------------------- D a l . ,
Consol. 5s, duo J u ly 1 1954, total auth., $16,000,000; issued
Ilo g a ltg . D e p r ec .
T a x e s . 1 st M . I n t .
D e f.
(including
above
$826,000)_______________
_
_
9
,4 01 ,000
$ 1 1 6,91 4 $ 95 ,477 $37 ,5 0 0 $114,668 $99,177
Reserved to re tire underlying bonds_____________ ____ II ____ 5,448,000
125,339 107,611
37,5 0 0
117,926 72,873
Reserved for futu re additions and im provem ents____$1,151,()66
In addition to a general Hen on the original light and power property,
— Option to E x the consols, are secured by a first lien on extensions and betterments th a t
have cost over $4,200,000 and by a first lien on $4,500,000 first consols
of the New Y o rk State Rys. Co.
Earnings for Year ended Jan. 31 1911 (Net Earnings Twice the Bond Interest).
Gross earnings---------$3,203,2531 In t. on outstanding bonds. $758,637
N e t earnings (after taxes) 1,537,9971Balance, surplus_________
779,360
.
Gross Earnings for the Last Five Calendar Years.
1906.
1907.
1908.
1909.
1910.
$2,264,723
$2,557,731
$2,696,252
$2,874,058
$3,187,252
The company owns a number of hydro-electric stations located on the
Genesee R iv e r w ith in the c ity lim its (together w ith 87% of the w ater rig hts
w ith in the c ity lim its ), to tal generating capacity 15,300 k. w., supplemented
b y steam generating capacity of 14,830 k. w. and a transform er station of
6,000 li. p. capacity at which Niagara current Is received. I t owns 64 miles
of electrical subways and 227 miles of pole line. The extensive gas generat
— New Stock— Stock Dividend .— ing
p la n t has a storage capacity of 4,500,000 cu. ft. connected to approxi
m a te ly 300 miles of gas mains. The electric and gas franchises In Rochester
arc free from burdensome restrictions and are, in the opinion of counsel,
un lim ite d In duration; also has franchises In surrounding cities and towns.
. . 1 rac tica lly all of the common stock of the company is owned b y the
M ohaw k V alle y Co., which Is in tu rn controlled by the New Y o rk Central &
Hudson R iv e r R R . — V . 92. p. 188.
Monongahela River Consolidated Coal & Coke Co., Pitts
burgh, Pa.— Operations.—For three months ending Jan. 31:
3
T o ta l
N et
At o s .
T ons.
E a rn s.
1911
1 ,6 5 4 ,2 1 8 $ 2 6 5,38 2
1910
1,807,318
3 1 5 ,5 0 3
— V . 92. p . 184, 61.
Mutual Union Telegraph Co., New York.
—The holders of the 1st M. 6% bonds maturing
May 1 are offered the privilege of extending the same for 30
years at 5%, with the guaranty of the Western Union Tele
graph Co. to pay principal and interest stamped thereon.
To expedite the extension, the Western Union Co. will antici
pate the payment of the coupons due May 1 on presentation
of the bonds, and attach the additional coupons covering
the extended period and stamp the guaranty thereon. See
advertisement on a previous page.
Nashville (Tenn.) Gas Co.
The shareholders voted on March 8 to increase the capital
stock from 81,150,000 to 81,500,000, $230,000 to be dis
tributed as a stock dividend of 20%, to represent earnings
expended on the property, and 8120,000 to be sold at not
less than par to provide for floating debt.
tend Bonds.
A n Increase In the regular cash d iv id e n d fro m 3 % t o 4 % or 5 % is satd to
b e lo o k e d fo r In th e n o t dista n t fu tu re .
D uring the past y ear th e floatin g
d e b t , It Is said , w as red u ce d fro m $409,000 to $37 1,00 0.
.
D ire cto rs .— Josep h II. T h o m p s o n (P re s id e n t). T h o m a s W . W r e n n c ,
T h o m a s E . M a tth ew s, Jam es B . R ic h a r d s o n , T . J . O ’ K e e fe , I). F . W ilson ,
Charles S h cn k le, A lb e r t W . S to c k e d , VV. I). T o lb e r t an d G . A . P u ryea r.
A s t o en d o f n eg otia tion s fo r sale o f p r o p e r ty , see N ash ville Gas & F u el C o .,
V . 9 2 , p . 5 3 0 .— V . 92. p . 192.
National Malleable Castings Co.—Favorable D ecision .—
The company has issued a statement announcing that a
decision was recently rendered by Judge Rellstab in the U. S.
Circuit Court for New Jersey in a suit brought by it against
the American Steel Foundries, in which it was held that the
patents owned by the company on the Climax coupler were
valid'fand were infringed by the American Steel Foundries
by the manufacture and sale of locks intended for use with
theT h eClimax
coupler.
decision , w hich is stated to be o f great Interest to railroad s and
c o u p le r m an u factu rers, w ill, it Is u n d e rs to o d , p re v e n t th e fu rth er m a n u
fa ctu re and sale o f repair parts fo r a p a te n te d co u p le r b y oth ers th an the
origin a l m a k er. T h e A m e rica n Steel F o u n d rie s has Issued a s ta te m e n t
sa y in g th at It can n o lon ger furnish fo r repair p u rp oses k n u ck les, lo ck s, & c.,
fo r p a ten ted cou p lers, e x c e p t those fo r S im p le x a n d It. E . J a n n e y co u p le rs,
the p aten ts fo r w hich It ow n s (and fo r o ld cou p lers the p a te n ts o n w hich
h a v e e x p ir e d ) , w h eth er these parts arc th em selves s u b je c t to separate
p aten ts o r are sim p ly parts o f a general co u p le r p a te n t. T h e use o f repair
parts m a n u fa ctu red b y the origin a l m aker o f th e co u p le r w ill, It Is said,
elim in ate m an y trou b les w h ich railroads h a v e ex p e rie n ce d fro m using
repair parts furnished b y fou n dries n o t m akers o f the c o u p le r, w ith resulting
bad llts and failure to,! o p e r a te . T h e case is r e p o rte d In 182 F e d . R e p ., p .6 2 6
National Sugar Refining Co.— Meeting Again Adjourned.
—The annual meeting was again adjourned on March 15 until
May 17, to await the conclusion of the suit brought to invali
date the common stock held by the H. O. Havemeyer
Estate.— V. 92, p. 666, 236.
New York & Queens Electric Light & Power Co.—
C a le n d a r
G ross
N et
(a fte r
Year—
E a rn s.
T a x e s ') .
1910
$ 6 8 7,22 6 $35 5 ,2 5 0
1909
I " ............. 5 85 ,996
317 ,0 8 6
— V . 91. p . 157.
In te r e s t
C h a rges.
$13 6,05 4
137,660
A m o r tiz a tto n .
B a la n c e ,
S urp.
$78,793 $140,403
81,481
97,945
Pacific Gas & Electric Co., San Francisco.— N o t Acquired.
—Second Vice-Pros. A. F. Ilockenbeamer on Mch. 7 wrote:
T h e P a cific Gas & E le c tr ic C o. d o c s n o t ow n or h a v e a n y Interest In th e
M on terey C ou n ty G as & E le ctric C o ., n or has it had a n y n e g o tia tio n s w ith
the ow ners look in g t o a possib le pu rch a se. C om p a re V . 91, p. 1630.
Pittsburgh Crucible Steel Co.— Organization.—This com
pany was incorporated in Pa. on or about Feb. 20 with nomi
nal (85,000) capital stock, all owned by the Crucible Steel
Co. of America, to take over the plant of Midland Steel Co.
W . C. F ow n es o f P ittsb u rg h and J o h n VV. D o u g h e r ty o f S te e lto n , P a .,
are the P residen t an d the V ice -P re sid e n t an d G en . M gr. A large p low
p la n t. It Is sta ted , will be b u ilt as p a rt o f th e n ew p la n t. See V . 92, p.
265, 326 .
(Wm. A.) Rogers, Ltd., Toronto.— Report.— For years:
C a le n d a r
Year—
N et
P ro fits.
1910 _________________ $32 9,51 7
1909 ---------------- ---------- 3 01 ,467
— V . 90, p. 714.
P r e f .D i e .
(7% ).
$63 ,000
63,000
C o m .D i e .
( 1 0 % ).
$93 ,750
75,000
T r a n s f 'd to
R eserves.
$ 25 ,000
2 5 ,0 0 0
B a la n c e ,
S u r p lu s.
$147,767
138,467
Railway Postal Clerks’ Investment Association.— Offer
ing, on a 6 % Basis, o f Bonds Secured bg First Mortgage
on Real Estate.—The Hillyer Trust Co., Atlanta, Ga., the
mortgage trustee, is offering, by advertisement on another
page, at a price to yield about 6 % % on the investment, the
unsold portion of an issue of 8100,000 collateral trust 1st M.
7% 20-year bonds, dated Jan. 2 1911, interest semi-annual.
Secured by deposit of first mortgages on improved real estate,
8105 of mortgages for each 8100 of bonds.
Condensed E xtra c ts from Lette r of VV. M . Selccr, Sec. and Treas. of the
Association, Dec. 28 1910.
.'C h a r te r e d In G a. D e c. 1902, an d has paid d iv id e n d s o f n o t less than 10?u
each y e a r t o th e c o m m o n s to ck h o ld e rs.
A ssets o v e r all liab ilities o v e r
S 27 5.0 00. Losses d u rin g year 1910-11 to d ate less th an $750 on a business
o f m ore th an $ 3 0 0 ,0 0 0 . T h e m a jo rity o f ou r loans (to ta l D ee. 26 1910,
$363,013) are m a d e t o e m p lo y e e s o f the railw ay m all s e rv ice , secu red b y
p erson al e n d orsem en t o f m en In the service; a b o u t $90 ,000 o f o u r bills re
ce iv a b le are secu red b y first m ortg a ges on Im p ro ve d A tla n ta re a lty .
T h ese b o n d s h a v e as th eir basic se cu rity first m o rtg a g e s o n Im proved
real estate at not e x c e e d in g 6 0 % o f Its valu e; th e y arc also th e d ire ct o b li
g a tio n o f a financial In stitu tio n d o in g business all o v e r th e U n ite d States
and sh ow in g earnings o f 2 0 % on Its c o m m o n c a p ita l s t o c k .
O n D e c. 26
1910 Its ca p ita l paid In w as $ 2 1 0 ,2 0 5 ; surplus an d p ro fits, $8 0 ,4 0 0 .
Rochester (N. Y.) Railway & Light Co.—Bonds Offered .—
Harris, Forbes & Co., N. Y., are offering at 101 and int. the
unsold portion of a block of 8826,000 consol. M. 5% gold
bonds, issued to reimburse the company for improvements
and additions. Dated 190-1 and due July 1 1954, but callable
atgl 10 and int. Tax-exempt in N. Y. State. The company
Southern Iron Steel Co.
&
— Decision. — T h e C h a n c o r y C o u r t
o f N e w J e r s e y o n J a n . 1 2 , in t h e s u it b r o u g h t b y o n e C a r v e r ,
a s t o c k h o ld e r , is su e d a p r e lim in a r y in ju n c t io n r e s tr a in in g
t h e ’c o m p a n y f r o m s e c u r i n g a u t h o r i t y f r o m t h e s t o c k h o l d e r s
t o c a r r y o u t t h e p l a n t o is s u e 8 1 ,2 0 0 ,0 0 0 d e b e n t u r e b o n d s
t o b e s o ld a t 9 3 , w it h a p r o v is io n th a t t h e y m ig h t b e c o n
v e r t e d a t t h e o p t i o n o f t h e h o l d e r in t o p r e f . s t o c k t a k e n a t 7 0 .
I t was held th a t under New Jersey law a company cannot issue stock at
less than par; th a t such a claim would be d irectly In face of the statute re
q uirin g stock to be fu lly paid for either In property or cash, and th a t the
com plainant can m aintain a suit to restrain the corporation from p racti
cally issuing Its stock at 70 cents on the dollar; th a t the act complained of
is voidable an 1 u ltra vires. The opinion was given at some length In
•‘Financial Am erica of M arch 11.— V . 92, p. 265, 61.
Sulzberger
Sons Co., New York
&
.— First 'Dividend .— T h e
d i r e c t o r s h a v e d e c l a r e d a n i n it ia l q u a r t e r l y d i v i d e n d o f 1
o n th e (8 8 ,7 2 0 ,0 0 0 ) p re fe r r e d s t o c k , p a y a b le A p ril 1 1 9 1 1 ,
t o h o l d e r s o f r e c o r d M a r c h 16 1 9 1 1 .
C om p are
1714.
V. 91, p.
Superior & Pittsburgh Copper Co.— Special Dividend —
M o r e t h a n a m a jo r it y o f th e s t o c k h a v in g b e e n d e p o s it e d fo r
e x c h a n g e f o r s t o c k o f C a l u m e t & A r i z o n a M i n in g C o . , t h e d i
r e c t o r s h a v e d e c l a r e d a s p e c ia l d i v i d e n d o f 8 6 c . a s h a r e , p a y a
b l e A p r i l 17 1 9 1 1 , o n S . & P . s t o c k o f r e c o r d M a r c h 1 8 .—
V . 91 , p . 1577, 274.
Telephone, Telegraph & Cable Co. of America.— Sale of
r e c e i v e r s w ill o n M a r c h 2 8 a t N e w a r k , N . J . ,
s e ll a ll t h e a s s e t s o f t h e c o m p a n y u n d e r a n o r d e r of the C o u r t
Assets.—- T h e
o f C h a n ce ry d a te d M a rch 7 .
The assets w ill be offered separately and as a whole and struck olf under
the form of bidding producing the larger sum. provided the la tte r shall
equal a t least $75,000. Compare V . 92, p. 530, 407.
Topeka Edison Co.—
Bonds— Status.— E. H . R o l l i n s &
S o n s , B o s t o n , N . Y . , C h i c ., D e n v e r a n d S a n F r a n . , o f f e r a t
9 3 a n d i n t . 1 st M . 5 % g o l d b o n d s d a t e d 1 9 0 5 a n d d u e S e p t . 1
1 9 3 0 , b u t r e d e e m a b le a t 1 0 5 a n d i n t . o n o r a f t e r J a n . 1 1 9 1 5
( e e V. 8 1 , p . 8 4 t ) .
A c ir c u lir s a y s :
Capitalization.— Capital stock, $1,250,000: 1st M. bonds auth., $1,250,
000; outstanding, $839,000; retired by sinking fund ($15,000 ye a rly In
numerical order), $30,000; reserved for extensions, $381,000; Issuable
only, up to 80% of cost of new construction subject to approval of E. I I .
R ollins & Sons. Under a favorable franchise extending to J u ly 1935, does
all the commercial and residence electric lighting, steam heating and power
business In the c ity of Topeka. K an. The population of Topoka in 1901
was 33,608; In 1910 43,684; an increase of about 30% .
Calendar
Year—
Gross
Earnings.
E x p . <k
Taxes.
Net
Bond
Balance.
Earnings. Interest. Surplus.
1910____________________ $248,910 $110,818
$129,002 $34,250 $94,842
1909 . . . . . . . . . . . .
227,527 110,244
117,283 35,000
82,283
The management and control Is vested In VV. B. M cK in le y, of Illino is, and
affiliated Interests, tha t also control the Topeka R y . Co. See also V . 81,
p. 844.— V . 86, p. 550.
Toronto Electric Light Co.—Earnings.—For calendar year:
Year—
Revenue.
1 9 1 0 ----- ---- $1,542,800
1909 . . ______. . . . 1,292,546
— V. 91. p. 396.
All Expenses.
$885,600
761,839
Dividends.
(8%)$320,000
(8% ) 315,494
Dal., Bur.
$337,200
215,213
Union ElectricGross
Light &NetPower
Co.Interest
of St. Divid'ds.
Louis.—Report.
(after
Balance.
Calendar
Years—
Revenue.
1910 ______ . .$3,371,520
1909 _____________ 3,085,614
— V . 91, p. 1517.
Taxes, & c.). Accrued.
$1,604,309
1,582,580
$823,341
834,204
(6";)).
$593,100
593,100
Typewriter Co.
Surplus.
$187,868
155,276
W.
U n io n
— New Officers.— C .
S eam ans,
f o r m e r ly P r e s id e n t , h a s b e e n e le c te d C h a ir m a n o f th e B o a r d ,
a p o s it io n ju s t c r e a te d , a n d J . W . E a r le , fo r m e r ly V ic e
P r e s id e n t, h a s b e e n m a d e P re s id e n t.
G e o rg e K . G illu ly ,
S e c r e t a r y ot th e c o m p a n y , h a s b e e n e le c te d a d ir e c t o r
s u cc e e d S . G . W h ito n , d e c e a s e d .
Report.— F o r t h e c a l e n d a r y e a r s :
Year —
Profits.
' Pref. Divs
1910 ------ --------$1,130,762
$680,000
$450,762
1909.- . . . ---- 1,253,653
728.000
$ 40 0,00J
125,653
— V. 92, p. 193.
to
Bat.,Sur.
United States Steel Corporation.—S e e
“ A n n u a l R e p o r t s .”
C h a ir m a n E . I I . G a r y o n
M a r c h 16 a n n o u n c e d t h e r e s i g n a t i o n o f VV. B . D i c k s o n a s
o n e o f t h e V i c e - P r e s i d e n t s , t o t a k e e f f e c t M a r 1 .— V . 9 2 ,
p . 666, 398.
Resignation o f Vice-President.—
United States Worsted Co.
— Status— Offering o f Preferred
Stock of Subsidiary — Terms of Lease. — S e e U w o s c o M ills
b e lo w .— V . 9 1 , p . 4 2 ; V . 8 8 , p . 1 3 3 2 , 1 6 2 6 .
Urbana Water-Works Co.— City Bonds Offered to Purchase
Plant.—
S e e U r b a n a , O h i o , in “ S t a t e
— V . 8 9 , p . 167.
&
C ity ” d e p a rtm e n t.
Fo r other Investm ent News see page 737 and 738.
731
THE CHRONICLE
•MA.it. 18 1911. |
Imports ami ^onxmmts.
U N IT E D STA TES S T E E L C O R P O R A T IO N
NINTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1910.
Office o f United States Steel Corporation ,
Newark Street, Hoboken,
March
51
N ew J ersey.
16 1911.
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Stee
Corporation and Subsidiary Companies for the fiscal year which ended Dec. 31 1910, together with a statement of the con
dition of the finances and property at the close of that year.
.
To the Stockholders:
IN C O M E A C C O U N T F O R T H E Y E A R 1010.
T h e total earnings of a ll properties after deducting a ll ex
penses Incident to operations, Including those for ordi
n ary repairs and maintenance (ap p ro xim ately $4 1,000.
000), employees’ compensation und er bonus'plan, pro
visional allowance for corporation excise tax, and also
interest on bonds and fixed charges of the subsidiary com
panies, amounted to __ ____ __ _ ............. .................. $141,054,754 51
Less — Charges and Allowances for the following purposes, viz.:
S inking Funds on Bonds of Subsidiary Com
panies ----- ------------ . . . ________ $2,176,041 18
Depreciation and E x tra o rd in a ry Replace
ment F u n d s ................
22,140,555 53
" ' ----------24,316,596 71
N et earnings In the year 1910
Deduct—
C O M P A R A T IV E
1910.
YEARS
Increase ( + ) or
Decrease (— ).
1909.
$
$
$
E a rn in g s .................... .......141,054,754 51 131,491,41* 94 +9,663,340 57
Allowances for the fol
lowing purposes, viz.:
Sinking Funds on Bonds
of Subsidiary Companies 2,176,041 18
1,724,259 66
+461,781 53
Depreciation and E x tra
o rd in ary Replacement
Funds ________________ 22,140,555 53 21,994,054 S3
+146,501 20
L ess,
_____ _____________$116,738,157 80
Interest on U . S. Steel Corporation Bonds outstanding, viz.:
Fifty- Y ea r 5 p ercent Gold B o n d s ..___ $13,803,376 64
Ten-Sixty-Year 5 per cent Gold B o nd s.. 9,563,383 89
S inkin g Funds on U . S. Steel Corporatcon
Bonds, viz.: (Representingan allowance
for depreciation in addition to the $24,$316,596 71 deducted above):
In stallm en t on 50-Year 5
percen t Gold Bonds__ $3,040,000 00
In sta llm e n t on 10-60-Year
5 percent Gold Bonds . 1,010,000 00
Interest on above Bonds
In sin kin g F u n d s______ 1,831,089 47
----------- 5,881,089 47
------------ 29,247,850 00
IN C O M E A C C O U N T F O R T H E FIS C A L,
E N D E D D E C E M B E R 31 1910 A N D 1909.
N e t Earnings In the y e a r.116,738,157 80 107,773,099 96 +8,965,057 84
Deduct—
In terest on U. S. Steel Cor
poration Bonds o ut
standing
__________ 23,366,760 53
S inking Funds on U . S.
Steel Corporation Bonds,
viz.:
In s ta llm e n ts __________ 4,050,000 00
In terest on Bonds In
1,831,089 47
Sinking Fu n ds______
Less, N e t Balance of sun
d ry receipts and charges.
Including adjustm ents
of various accounts____
87,490,307 80
83,122 98
23,617,293 4«
— 250,532 87
4,050,000 99
______
1,580,556 69
+250,532 87
78,525,249 96 +8,005,057 84
C r . 548,445 08
— 631,568 06
$87,490,307 80
Less, N et Balance of sundry receipts and charges, including
adjustm ents of various accounts......................................
83,122 98
B a la n c e .................... -..................................................- $87,407,184 82
Dividends for the year 1910 on U . S. Steel Corporation
Stocks, viz.:
Preferred, 7 per c ent_____________________ $25,219,677 00
Common, 5 per cent______________________ 25,415,125 00
-----------50,634,802 00
Surplus N et Income for the y e a r.... ............................ . . . $36,772,382 82
Less, Appropriated from Surplus N et Incom e for the fol
lowing purposes, viz.:
*
On account of expenditures made on au
thorized appropriations for additional
property, new plants and construction
and for discharge of capital obligations.$ 15,000,000 00
Speclllcally set aside for account of con
struction expenditures at Gary, In d i
ana, P la n t . _____ . _____ ____ ________ 10,000,000 00
Fo r Reserve Fund to cover advanced m in
ing ro y a ltie s .. __________
__________ 1,000,000 00
----- -— --26,000,000 00
Balance carried forw ard to U nd ivid ed S u rp lu s _________$10,772,382 82
U N D IV ID E D S U R P L U S O F U . S. S T E E L C O R P O R A T IO N A N D
S U B S ID IA R Y C O M P A N IE S .
(Since A pril 1 1901)
S urplus or W o rkin g Capital provided In organization
. . . $25,000,000 00
Balance of Surplus accumulated by all com
panies from A p ril 1 1901 to Dec. 31 1909,
exclusive of subsidiary companies’ In te r
company profits In Inventories, per
A n n u a l R eport for year 1909 . _______ $95,401,395 51
Less, Charges during the year 1910 against
the foregoing balance_______ __________
735,059 66
$94,666,335 85
U ndivided .Surplus of a ll companies for the
year 1910 as above .............— ----- 10,772,382 82
__
T o ta l Undivided Surplus Dec. 31 1910, exclusive of
subsidiary companies’ Inter-company prollts In In____
ventorles _______ ______ ____ ______ ______________ $130,438,718 67
U ndivided Surplus of Subsidiary Companies, representing
profits accrued on sales of materials to other subsidiary
companies and on hand In the la tte r’s Inventories, viz.:
Balance on Dec. 31 1909, per An n ua l R e
p o r t ..... ............................................... $30,953,132 24
Add, Adjustm ents during the year 1910
aUcctlng tho balance existing Dec. 31 1909 333,765 29
Add, Increase d uring the year 1910-----
$31,286,897 53
2,417,541 79
Balance Dec. 31 1910__________________________________
33,704,439 32
T o ta l Undivided Surplus Dec. 31 1910-------------- $164,143,157 99
B a la n c e _________________ 87,407,18 1 82
Dividends on U . S. Steel Cor
poration Stocks, viz.:
Preferred, 7 % ___________ 25,219,677 00
Comm on/4% In 1909
.
.
(5% In 1910____ 25,415,125 00
Surplus N et Income for
the y e a r...
_____ _ 36,772,382
Appropriated from Surplus
N et Income for the fol
lowing purposes, viz.:
On account of expenditures
made on authorized ap
propriations for addi
tional property, new
plants and construction,
and for discharge of cap
ita l obligations ________ 15,000,000
Speclllcally set aside for
account of construction
expenditures a t Gary,
Indiana, P la n t________ 10,000,000
For Reserve Fund to cover
advanced m ining ro y a l
t ie s ___________________
1,000,000
M an ufacturing Properties—
T o ta l, except Blast Furnace Rc-llnlng and R en ew als...........
Blast Furnace Rc-llnlng and R enew als______________________
Coal and Coke Properties-------------- ----- -----------Iro n Ore Properties_______________________________________________
T ransp ortatio n Properties—
R a ilro a d s ____________________________________________________
Steamships and Docks______________________________________
Miscellaneous Properties_________________________________________
25,219.677 00
........... .
20,332,100 001
___________f +5.083,025 00
82
33,521,918 04 +*,250,464 78
00
10.000,009 0* +5,000,000 00
00
5,000,000 M
00
3,200,000 0 6 — 2,200,000 00
15,321,918 04 — 4,549,535 22
M A IN T E N A N C E , R E N E W A L S A N D E X T R A O R D IN A R Y
REPLAC EM ENTS.
The expenditures made by all companies during the year
1910 for maintenance and renewals, including the re-lining
of blast furnaces, and for extraordinary replacements, in
comparison with expenditures for the same purposes during
the preceding year, were as follows:
1910.
1909.
Inc. or dec. P e r c e n t.
O rd in a ry M ainte
nance and Repairs* 10,818,899 32 $34,002,389 15 In$6,810,r>10 1720.0Inc.
E x tra o rd in a ry Re
placements ..
8,489,285 64
8,514,716 32 Dec.25.430 68
.3 Dec,
T o t a l __________$49,308,184 96 S42.517.105 47 $6,791,079 49 16.0
The entire amount of the foregoing expenditures was
charged to current operating expenses and to replacement
funds reserved from earnings. A statement showing the
principal items of replacement and betterment comprehended
in the total expenditures for extraordinary replacements is
included in the statistical tables printed in this report.
The following table shows the amount of the expenditures
made during the year for above purposes on the respective
groups of operating properties:
Ordinary M ain
tenance amt Re
pairs, including
Rlast Furnace
Re-linings.
Extraordinary
Replacements .*
Y E A R 1910.
Total
Expenditures
in Previous
Year.
Total.
$30,228,391
2,046,019
2,908,180
1,249,911
73
10
30
07
00
10
74
29
$5,080,947 73
9,337,563 23
690,526 07
291,957 89
1,655,021 05
778,426 77
121,587 75
10,093,184 28
1,468,952 84
413,545 64
$40,818,899 32
34,002,380 15
$8,489,285 64
8,514,716 32
$49,308,184 96
$25,147,444
2,046,019
2,408,665
896,723
$6,816,510 17
499,514 56
353,187 78
$25,430 68
$26,907,356
1,200,914
2,743,600
944.079
62
29
52
46
9,328,752 12
1.145,033 89
247,368 57
Increase.
$3,321,035
845,104
164,579
305,831
11
81
78
61
1,664,432 16
323,918 95
166,177 07
$42,517,105 47
$6,791,070 49
* These expenditures were paid from funds provided from earnings to cover requirem ents of the character Included herein.
+6,000,000 00
Balance of Surplus for ye a r. 10,772,382 82
E X P E N D I T U R E S D U R IN G T IIE
E X P E N D E D ON—
79,073,695 04 +8,833,489 78
$6,791,079 49
. .1
733
[VoL.
THE CHRONICLE
LXXXXII
penses, for account of these funds, the income received byjthe
funds from other sources; also the payments and expendi
made therefrom and the charges made thereto during
The allowances made during the year ending Dec. 31 1910 tures
the
year,
with the balances to credit of the fundsfrom earnings and through charges to current operating ex at Dec. 31together
1910, are shown in the subjoined table:
BOND
S IN K I N G . D E P R E C IA T IO N A N D E X T R A O R D IN A R Y
PLAC EM EN T FUNDS.
RE
C R E D IT S TO F U N D S .
Set Aside Dur
Balances
ing 1910 from
Dec. 31 1909. Income and by
Charges to Cur
rent Expenses.
Accrued S inkin g Funds on U . S. Steel Corporation B onds..
Accrued Sinking Funds on Bonds of Sub sid iary Companies.
$2,530,833 33
567,170 85
T o ta l of foregoing____________________________________
Depreciation and E x tra o rd in a ry Replacement Fu n ds_____
B las t Furnace R e lln ln g and R enewal Fu n ds------------
$3,098,004 18 58,057,130 65
45,245,298 43 22,140,555 53
5,484,981 02
2,253,536 90
Grand T o ta l.
Other Income
and Credits,
including
Salvage.
$5,881,089 47
2,176,041 18
$53,828,283 63 532,451,223 08
$453,659 39
74,825 23
Total.
Payments from
and Charges
to Funds
in 1910.
Balances to
Credit of
Funds
Dec. 31 1910.
$8,865,582 19 a$5,812,701 65 53,052,880 54
2,818,037 26 a2,410,245 43
407,791 83
5528,484 62 $11,683,619 45 $8,222,047 08
2,445,022 02 69,830,875 98 613,181,223 40
7,738,517 92 c2,046,019 10
53,460,672 3T
56,649,652 58
5,692,498 82
$2,973,506 64 $89,253,013 35 523,450,189 58 565,802,823 77
a Paym ents to Trustees of Bond S inkin g Funds.
b T h is am ount covers the follow ing expenditures and charges made, viz.:
E xp end itures made durin g 1910 for E x tra o rd in a ry Replacements
A m o u n ts charged o„il (and
Account)
‘ r paym ents from these funds for:
•, , credited
. . . . . . P ro p e rty
- ------.fo
E xp end itures made for A d d itio n a l P ro p erty and Construction
Bonds, Mortgages and Purchase Obligations re tire d _________" " " " _____ I I I I I I I I I I I I I I ----- ------
58,489,285 64
„„
3 868 137 13
4,660,637 13
31,300 63
W rite-off to credit of P ro p erty, Account of sundry d epreciation____________ __________ _
513,181,223 40
c E xp end itures made d uring 1910 for re-llnlng and renewals at blast furnaces.
The balances to the credit of the several funds on Decem
ber 31 1910, per the preceding table, are included in the assets
of the organization in various accounts—in part in assets
specially segregated representing the investment of accrued
depreciation and insurance funds; in part in investment in
additional property, and the balance in the general and
current asset accounts.
O utlays for repairs and renewals (other than blast furnace rellnlngs and renewals) charged to current operating ex
penses ana deducted before stating Earnlne's
>9
Allowances for blast furnace re-llningl and renewals cha^Sd* ’
'
to current operating expenses and deducted before stating
Earnings
*) ?
c no
Allowances made from Earnings and Income'for bond'sinking
and for depreciation and replacement fu n d s ............. *“ * 3 0 ,197 ,686 18
S U M M A R Y O F D E P R E C IA T IO N P R O V ID E D F R O M GROSS IN C O M E
F O R T H E Y E A R 1010.
T R U S T E E S O F B O N D S IN K I N G F U N D S .
T o ta l..............................................................-................. 571.224,103 30.
The aggregate amount of charges to and allowances from The Trustees’ transactions for account of the Bond Sinking
gross earnings during the year to cover deterioration arising Funds
of the United States Steel Corporation and Subsidiary
from wear and tear of improvements, exhaustion of minerals Companies
for the year, and the condition of the funds on
and for obsolescence, was as follows:
December 31 1910, are shown in the following tableCash
Resources
in Hands of
Trustees
Dec. 31 1909.
FUNDS.
U n ite d States Steel Corporation Bonds.
S ubsidiary Companies’ Bonds__________
T o ta l.
Installments
Received.
Interest
Accretions
and Other
Receipts
BONDS REDEEM ED
A N D OTH ER
PA YM EN TS.
Total.
Par
Value of
Bonds.
Cash
Resources
in Hands o f
Net Premium
Trustees
Paid on Bonds Dec. 31 1910.
Redeemed.
$40,096 30 $4,050,000 00 $1,762,701 65 $5,852,797 95 $5,071,000 00
657,393 26 3,185,588 31 2,433,000 00
659,534 36 1,868,660 69
$578,990 87
98,876 39
$202,807 08
653,711 92
$699,630 66 $5,918,660 69 $2,420,094 91 $9,038,386 26 $7,504,000 00
$677,867 26
5856,519 00
N ote.-
of In te rest Accretions arid O ther Receipts embraces 52,389,622 40 of Interest accretions (of which‘ $12,296,01 were not'paid from funds'provided fm m
Income) and 530,472 51 of proceeds from sale of prop erty.
1
R E D E E M E D B O N D S H E L D B Y T R U S T E E S O F S IN K I N G F U N D S .
U . S . Steel
Substdiry
Corp.Bonds. Cos.’ B onds.
Total.
T o ta l Redeemed Bonds at p ar held
•
b y the Trustees on Dec. 31 1909.-533,696,500 510,931,000 544,627,500
Redeemed in 1910 as above.............
5,071,000
2,433,000
7,504,000
538,767,500 513,364,000 552,131,500
Less, Canceled b y the Trustees d ur
ing the year and returned to the
Companies _____________________
490,000
490,000
Leaving Redeemed Bonds held b y
the Trustees of Sinking Funds
December 31 1910.................... 538,767,500 512,874,000 $51,641,500
S U M M A R Y O F P R O P E R T Y E X P E N D IT U R E S A T G A R Y
T O D E C E M B E R 31 1910.
Paid from Special Surplus Fund for Gary:
Expenditures for Land and for Construction of steel plant
and C ity of Gary, as above_________
_ _
sro 203 189
Financed by the following Subsidiary Companies, In ’whose
’
’
interests the w ork was done:
Construction of Sheet P la n t, by Am erican Sheet & T in
Plate Co------------------2,151,158
Construction of Bridge and S tru c tu ra l P la n t, b y Am erican
Bridge Co
.................. ............... ............... ..........
1,940,854
T e rm in al railro ad w ork adjacent to and in connection w ith
the manufacturing plants, b y Chicago L a k e Shore &
Eastern R y . Co..............
5,683,493
T o ta l............................................
C A P IT A L S T O C K .
22
44
24
25
$69,978,695 15
An amount equal to the annual interest on the above re The amount of outstanding capital stock of the United
deemed bonds held by the Trustees is currently paid into States
Steel Corporation on December 31 1910 was the same
the sinking funds in addition to the fixed amounts of install as at the
close of the preceding fiscal year, as follows:
ments as provided by the respective mortgages.
Common S tock.................
5508,302,500 00
S P E C IA L S U R P L U S F U N D F O R C A P IT A L E X P E N D IT U R E S F O R
A C C O U N T T H E G A R Y , IN D IA N A , P R O P E R T Y A N D P L A N T .
The appropriations made from surplus net Income in provlous years for account of this fund, as shown In annual
re p ort lo r 1909, amounted to the aggregate sum of_____ $55,000,000 00
and there was appropriated from surplus net Income of the
year 1910 the fu rth e r sum o f ____________________________ 10,000,000 00
T o ta l.................................................. . . . .......... .............. $65,000,000 00
T o December 31 1910 a net am ount of advances has been
made from this fund to cover expenditures for acquirement
of real estate and for construction work, as followsB y the G ary Land Company for the real
estate, including th a t for steel plant, and
for development and construction w ork In
the C ity of G ary (less credits for land and
houses sold)----------------------510.509 325 07
B y In d ia n a Steel Company for construction
of the Steel P la n t— blast furnaces, by
product coke p lan t, steel works, rolling
m ills, power plants, docks and other aux
ilia r y departm ents, b u t exclusive of land
required for this p la n t---------------- 49,693,864 15
, T o ta l paym ents advanced from above fun d .... ........ .
60,203,180 22
Leaving a balance In the fund December 31 1910_____ 54,796,810 78
Of the total expenditures of $60,203,189 22 advanced
from above special fund, the sum of $50,000,000 has been
formally written off in the General Balance Sheet to credit of
Property Account; and the balance of the expenditures,
$10,203,189 22, is retained in Property Account, repre
senting an equal amount of Appropriated Surplus specially
reserved to cover advances made for account of the Gary
construction.
Preferred S tock— _______
300,281,100 00
BO ND ED , D E B E N T U R E A N D M ORTGAG E D EBT.
The to ta l bonded, debenture and mortgage debt of the
U n ite d States Steel Corporation and Subsidiary Compa
nies outstanding on Ja n u ary 1 1910 was________________$607 584,173 72
Issues during the year were as follows, viz.:
In exchange for or in lieu of other bonds:
U nion Steel Co. l-'Irst Mortgage and Col
late ral T ru s t Bonds (issued In exchange
for Sharon Steel and Sharon Coke Co.
Bonds re tire d )------------------- $573,000 00
Am erican Sheet & T in Plate Co.—-W.
Dewees Wood Co. I-'irst Mortgage
Bonds (issued In lieu of W . Dewees
Wood Co. F irs t Mortgage and Collat
eral T ru s t Bonds re tire d )________
2 oon nnn nn
Tennessee Coal, Iro n & R R . Co. General ’
1
Mortgage Bonds (Issued In lieu of De
Ilardelebcn Coal & Iro n Co. F irs t M o rt
gage Bonds re tire d )_____ __________
? 710 oon 00
P ittsbu rg Bessemer & Lake E rie R R . Co
’
I-'Irst Mortgage Consolidated Bonds
(Issued In exchange for P itts. Shenango
& La ke E rie R R . Bonds re tire d )_____
66,000 00
5,349,000 00
Subsidiary Companies’ Bonds Issued and soid for account
of construction expenditures:
U nion Steel Co. F irs t Mortgage and Col
lateral T ru s t Bonds.................. .......$1.000 000 00
U nion R R . Co. M ifflin E quipm ent T ru s t
Bonds ............
500,000 00
1,500,000 00
Subsidiary Companies’ Bonds sold to Trustees of S inking
Tennessee Coal, Iro n & R R . Co. General
M ortgage Bonds................................
$44,000 00
Youghgahela W a te r Co. F irs t Mortgage
Bonds ..................................................
25,00000
R eal Estate Mortgage assumed In connection w ith pur
chase of coal p ro p e rty________________________________
69;000 00
27,237 50
$614,529,411 22
Ma e . 18 1911.1
or for moneys used-for the purchase of property or the dis
charge of capital liabilities.
The outstanding liabilities of the above classes at December
31 1910, in comparison with amounts outstanding at close
of the preceding year, were
as follows:Outstanding Increase ( + ) or
Outstanding
Less, Bonds and Mortgages retired or acquired d uring the
year, viz.:
L o rain Steel Co.— The Johnson Co. F irst
Mortgage Bonds________________________
$00,000 00
■Clairton Steel Co.’s Issues:
F ive Per Cent Mortgage Bonds_________
497,000 00
S t. C lair Furnace Co. F irs t Mortgage
Bonds _______________________________
100,000 00
S t. C lair Steel Co. F irs t Mortgage Bonds.
100,000 00
Illin o is Steel Co. F ive Per Cent Debentures
of 1910__________________________________ 2,857,000 00
Am erican Sheet & T in Pla te Co.— W . De
wees Wood Co. F irs t Mortgage and Col
lateral T ru s t Bonds---------------- 2,000,000 00
T . C., I. & R R . Co.— De Bardcleben Coal &
Iro n Co. F irst Mortgage Bonds............. 2,710,000 00
H . C. F ric k Coke Co.’s issues:
F irs t Mortgage B o n d s .........................
100,000 00
Continental Coke Co. Purchase Money
Mortgage Bonds.................................
137,000 00
U n io n Steel Co.’s issues, viz.:
Sharon Steel Co. F irs t Mortgage B o nd s..
404,000 00
Sharon Steel Co. Collateral T ru s t and
Mortgage Bonds----------------254,000 00
Sharon Coke Co. F irs t Mortgage B o nd s..
42,000 00
Bessemer & La ke E rie R R . N atio na l E q u ip
ment T ru s t Bonds_______ ____________
.
40,000 00
P ittsburgh Shenango & La ke E rie R R .
F irs t Mortgage Bonds________
G,000 00
P ittsburgh Shenango & La ke E rie R R .
Consolidated Mortgage B o n d s ..............
60,0 0 0 00
P ittsbu rgh Bessemer & Lake
E rie R R . Shenango E q u ip
ment T ru s t Bonds_________
$73,000 00
Less, Proportion account
m in o rity interest in stock
of P. B. & L . E . R R . Co.
34,909 33
-------- —
38,090 07
Illin o is Steel Co.’s Debenture S c rip _______
2,661 47
S un d ry Real Estate Mortgages of various
com panies___
_
......... .......
442,500 00
$17,384,252 14
P o tte r Ore Co. F irs t Mortgage Bonds retired
b y th a t company (T. 0., I. & R R . Co.’s
p ro p o rtio n )-------------------- —
8,500 00
-----------
Decrease (— ).
+ $749,268 85
— 13,500 00
+ 23,355 10
$3,253,498 21
T o t a l ........... ................. .$4,012,622 16
P R O D U C T IO N .
+$759,123 95
The production of the subsidiary companies for the year
1910 compared
with the year 1909 was as follows:
Products.
1910.
1909.
Iron Ore M in ed —
Tons.
899,002
1,359,415
1,312,701
1,066,474
16,968,592
T o t a l. .................................... .................... 25,245,816
23,431,047
11,896,211
1,693,901
T o t a l...........................................................13,649,578
13,590,112
Coal M ined, not including th a t used in m aking Coke 4,850,111
Limestone Quarried__________________________________ 5,005,087
Blast-Furnace Production—
3,089,021
4,715,708
Pig Iro n ............
11,645,510
S p iegel.________
102 ,260
Ferro-Manganese and S ilicon_____________________
83,628
11,436,570
80,942
100,838
T o ta l ..................................................... '....11,831,398
11,618,350
Bessemer In g o ts__________________________________
Open-Hearth In g o ts............................................
5,796,223
8,383,146
T o t a l............................................................14,179,369
Rolled and Other Finished Steel Products for sale—
N et Decrease during the year ending Dec. 31 1910..........$10,447,514 64
From April 1 1901 to December 31 1910 the amount of
bonds and mortgages paid and retired by all companies was
as follows:
Bonds and Mortgages paid and retired w ith moneys from
Depreciation Funds and Surplus Incom e_________________ $20,036,298 32
Bonds purchased and retired w ith Bond sin kin g Funds pro
vided from net earnings......... .......................................... 54,686,284 15
T o ta l............................. ................................ ...............$74,722,582
D u rin g the same period there were sold and assumed b y sub
sid iary companies bonds and mortgages to provide funds
for new p roperty and construction w ork (Including $9,
168,727 79 by Union Steel Company to provide funds for
p a rt paym ent of cost of completing construction w ork at
Donora ami South Sharon, which was under w ay when
capital stock of th a t company was acquired by U . S. Steel
Corporation) to the sum o f______ . . .
......... .......... .$40,967,861
Bonds have also been issued by subsidiary companies for
funding unsecured indebtedness and for w orking capital
to the am ount o f____________________________________ ______
985,795
There were also Issued and sold d uring the period named
(1901-1910) IJ. S. Steel Corporation 10-60-year 5 per cent
bonds as follows:
F o r account construction and capital ex
penditures ____________
—
— $20,000,000 00
F o r account purchase of stock of Tennessee
Coal. Iro n & Railroad C o ---- ------- 30,000,000 00
------------ $50,000,000
T R E A S U R Y BONDS S U B JE C T TO S A L E .
47
Steel R ails (H eavy and L ig h t Tee and G ird e r)___
Blooms, Billets, Slabs, Sheet and T in Plate B ars.
P la te s ___________________________________________
H e a vy S tru c tu ra l Shapes________
Merchant Steel. Bars, Hoops, Bands, Skclp, & c ..
Tub ing and Pip e.................................................
W ire Rods.....................
W ire and Products of W ire _______
Sheets (Black and Galvanized) and T in P la te ____
Finished S truc tu ral W o rk _______________________
Angle Splice Bars and A ll O ther R a il J o in ts_____
Spikes, Bolts, N uts and R iv e t s __________________
A xles _____________
Steel Car W heels___________
S un d ry Steel and Iro n Products......................
00
00
There were on hand at the close of the year in the Treasury,
available for sale, bonds and debentures of subsidiary com
panies of the par value of $11,547,000, as listed in table on
page 37 of pamphlet report. The foregoing bonds were
issued to provide funds for construction and in lieu of bonds
of the subsidiary companies redeemed at maturity. They
have been purchased by the U. S. Steel Corporation or by
other subsidiary companies, or are held by the issuing com
panies as disposable assets, and are not, therefore, included in
the schedule of outstanding bonds nor in the assets of the
organization as shown by the General Balance Sheet.
There may also be issued at any time to cover capital
expenditures made bonds at par as follows:
U nion Steel Co. F irs t Mortgage and Collateral T ru s t Bonds____$362,000 00
PURCHASE
M O N E Y O B L IG A T IO N S , B IL L S P A Y A B L E A N D
S P E C IA L D E P O S IT S O R L O A N S .
D urin g the year of 1910 Subsidiary Companies Issued P u r
chase Money Obligations in p art paym ent for the acquire
ment of the fee Interest to certain Iron ore properties in
the am ount o f_______________
$1,300,000 00
There was a net Increase during the year in Special Deposits
o r L o a n s o f . . _____ _______
23,355 10
$1,323,355 10
Paym ents were made d uring the year In discharge of unse
cured liab ilities of the above character, viz.:
Purchase O b lig a tio n s .._______ ____ ____ _______$550,731 15
Bills P a y a b le .......... ................... .....................
13,500 00
--------564,231 15
$759,123 95
Since April 1 1901 there has been paid off an aggregate
amount of liabilities of the above character of $46,834,446 43.
During the same period Purchase Obligations to the amount
of $5,403,528 20 were issued in connection with the acquire
ment of additional fixed property and other investments and
assets. Of the total amount paid off as aforesaid, the sum
of $10,468,447 55 represents moneys originally borrowed
by subsidiary companies, or received and used as working
capital; the balance, $36,365,998 88, represents specific
obligations originally iucurred in the acquirement of property,
5,846,300
7,508,889
13,355,189
2,118,473
682,364
929,020
656,797
1,527,506
868,550
133,722
1,490,318
1,082,787
589,228
235,998
71,326
101,066
98,105
148,735
1,719,486
675,614
729,790
*614,971
*1,290,467
1,013.071
139,149
1,607,689
1,024,985
530,766
190,226
*71,881
68,366
67,985
*115,214
T o t a l...........................................................10,733,995
9,859,660
S p elter.................
Sulphate of Ir o n ________
U niversal P o rtlan d Cem ent________________________
20
1,824,863
In Bee-Hive Ovens............................................. 11,641,105
In By-Product Ovens...... ................................... 2,008,473
Steel Ingot Production—
17,392,752 14
Tons.
In the Lake Superior Ore Region:
M arq uette R a n g e ............. ..............................
830,094
Menominee Range.......................................... . 1,384,465
Gogebic R a n g e .................................. ............ 1,801,480
V e rm ilio n Range......................................... . 1,338,110
Missabe Range......... ............ ..... ..................... 17,910,366
In the Southern Ore Region:
Tennessee Coal, Iro n & R R . Co.’s M ines______ 1,981,301
Coke Manufactured —
Bonded, Debenture and M ortgage Debt, Dec. 31 1910...$ 5 9 7 ,136,659 08
N e t Increase during the year in above-named lia b ilitie s ___
Dec. 31 1909.
$1,563,731 15
827,000 00
862,767 06
Dec. 31 1910.
Purchase Money O b liga tio n s.$2,313,000 00
813,500 00
B ills Payab le________________
Special Deposits or Loans
886,122 16
S9,880,252 14
Bonds purchased b y Trustees of S ink. Funds, viz.:
U . S. Steel Corporation 50Year 5% B o n d s .......... ..$3,698,000 00
U . S. Steel Corporation 10-60Ycar 5% Bonds____________ 1,373,000 00
S un d ry Bonds of Subsidiary
Companies _______
2,433,000 00
----------- 7,504,000 00
733
THE CHRONICLE
26,777
33,684
Barrels.
7,001,500
27,853
33,582
Barrels.
5,786,000
‘ These tonnages differ s lig h tly from the figures shown in last ye a r’s re
port, but such changes do not affect the aggregate for a ll products. The
In d ivid u al differences are due e n tire ly to a re-arrangement of the 1909 re
sults so as to conform to the classification observed in 1910.
IN V E N T O R IE S O F M A N U F A C T U R IN G A N D O P E R A T IN G
M A
T E R IA L S A N D S U P P L IE S A N D S E M I- F IN IS H E D A N D
F IN IS H E D
P R O D U C T S , IN C L U D IN G
NET AD
V A N C E S ON C O N T R A C T W O R K , ETC.
At December 31 1910 the aggregate book valuation of the
inventories of the above classes of assets for all of the proper
ties equaled the sum of $176,537,824, in comparison with
a total at close of preceding year of $163,811,280, an increase
of $12,726,544. The curtailment in operations of the
manufacturing properties which took place in the last
quarter of 1910 resulted in adding substantially to the
tonnage of iron ore on hand at close of the year as compared
with the stock at December 31 1909. The increase in the
total tonnage of this commodity on hand at mines, docks
and furnaces, at close of year, as compared with December 31
1909 was 17.9 per cent, and the increase in the inventory
valuation thereof, 18.7 per cent. The diminution in opera
tions referred to above was the cause also in part for the
increased inventory of fuels and finished products on hand.
These latter, however, to a considerable extent, show in
creases arising from the extension by the subsidiary com
panies of the policy of carrying stocks at warehouses.
Inventories were taken on the basis of actual purchase or
production cost of materials to the respective subsidiary
companies holding the same, unless such cost was above the
market value on December 31 1910,inwhich case the market
price was used. Inventory valuations are believed to be
conservative, the aggregate valuation for all raw, partly
finished and finished materials produced within the organiza
tion being below the market price on December 31 1910.
Inventory valuations do, however, include the profits on
materials embraced in inventories which have been purchased
by one subsidiary company from another; but, as shown
by the General Balance Sheet, such profits are segregated
and carried in a specific surplus account and will not be in
cluded in the reported earnings of the entire organization
until such profits shall have been converted into cash or a
cash asset to the organization. The specific surplus account
referred to is, therefore, practically a guaranty fund for
these profits so locked up in inventories pending realization in
cash.
C A P IT A L E X P E N D IT U R E S .
.
The expenditures made during the year by all companies
and properly chargeable to capital account, for the acquisi
tion of additional property and additions and extensions to
the plants and properties, less credits for property sold,
equaled the aggregate sum of $50,091,369 04. In addition
THE CHRONICLE
734
there was also expended the net sum of S3,009,852 76 for
stripping the overburden from ore bodies preliminary to
mining from open pits, for development work at mines and
for additional logging and structural erection equipment,
thus making a total expenditure on property account of
$53,101,221 80. The capital expenditures are classified by
property
groups as follows:
G a ry, Ind ian a, Properties, Including the In d ian a Steel Plant,
the C ity of Gary, Bridge and S tru c tu ra l P la n t of A m e ri
can Bridge Co., Sheet P la n t of Am erican Sheet & T in
Pla te Co. and term in al railro ad w ork adjacent to fore
going p ro p e rtie s ___________________________________________ §16,072,850 92
O th e r Properties, exclusive of Tennessee Coal, Iro n & R R .
Co., viz.:
M anufacturing Properties_________________________________ 11,355,226 54
Coal and Coke Properties__________________________________
2,499,887 65
4,025,791 52
Iro n Ore Properties________________________________________
Tran sp o rtatio n Properties_________________________________ 11,792,336 62
Miscellaneous Properties_____ ______________
458,197 06
Tennessee Coal, Iro n & R R . Co.’s properties, viz::
M anufacturing P la n ts--- ------ ------- $2,679,459 45
Ore, Coal and Limestone Properties_________
395,542 69
B irm in g ha m Southern R a ilro a d ______ ___
810,641 32
A d d itio n a l P la n t Real Estate and M ineral
P ro p e rty ------------- ------------1,435 27
----------3,887,078 73
T o ta l expenditures during the year for stripping
and development w ork at mines and for ad
d itional logging and structural erection
e q u ip m e n t__________________________________ $7,410,556 90
Less, Credit for expenses of this character ab
sorbed d uring 1910 In operating expenses__ 4,400,704 14
$50,091,369 04
3,009,852 76
T o ta l net expenditure In the year 1910 on property account.553,101,221 80
The amount expended since April 1 1901 (the date of
organization of United States Steel Corporation) to January 1
1911, including expenditures by T. C., I. & RR. Co. from
November 1 1907, only, for additional property and con
struction, and for unabsorbed outlays for stripping and
development work at mines, &c., equaled $362,452,388 92.
Reference is made to statement on page 24 of pamphlet
report, showing the sources from which were provided the
funds for payment of the foregoing total of capital expendi
tures made since April 1 1901; also for the payments made
since same date of capital liabilities (bonds, mortgages and
purchase obligations), together with the disposition made in
the accounts of the organization of the charges and pay
ments named.
[VOL. L X X X X It.
E M P L O Y E E S ’ S T O C K S U B S C R IP T IO N S .
In January 1911 there was offered to the employees of the
United States Steel Corporation and of the Subisdiary Com
panies the privilege of subscribing for Preferred or Common
Stock. The conditions attached to the offer and sub
scription were substantilly the same as those under which
stock had been offered in each of the previous eight years,
excepting as to the subscription price, which was fixed at
$114 per share for Preferred and $70 per share for Common
Stock, and owing to the lesser price at which the Common
Stock was offered, as compared with the price for Preferred,
the allowance for special compensation or bonus to be paid
subscribers who retain their stock for five years was fixed
at $3 50 per share per year for Common Stock and $5 per
share annually for the Preferred Stock.
Subscriptions were received from 26,363 employees for
an aggregagte of 19,229 shares of Preferred and 29,119 shares
of Common Stock.
E M P LO Y E E S A N D PAY-RO LLS.
The average number of employees in the service of all
companies during the fiscal year of 1910, in comparison with
the fiscal year of 1909, was as follows:
1909
1910
Emploi/ees of —
M anufacturing Properties..
Coal and Coke Propertles.
Iro n Ore Properties_______
'Transportation Properties.
Miscellaneous Properties__
Number
Number
154,563
23,528
16,956
20,758
2,630
138,865
21,867
15,077
17,104
2,587
T o t a l-------------------- ------- --218,435
T o ta l annual salaries and wages___________ $174,955,139
195,500
$151,603,394
V O L U M E O F B U S IN E S S .
The volume of business done by all companies during the
year, as represented by their combined gross sales and
earnings, equaled the sum of $703,961,424 41, as compared
with a total of $646,382,251 29 in the preceding year.
This amount represents the aggregate gross value of the
commercial transactions conducted by the several subsidiary
companies and includes sales made between the subsidiary
companies and the gross receipts of the transportation
companies for services rendered both to subsidiary companies
and to the public.
The earnings for the year resulting from the above gross
business represent the combined profits accruing to the
S U M M A R Y O F E X P E N D IT U R E S F O R A D D IT IO N A L P R O P E R T Y
A N D C O N S T R U C T IO N A N D F O R P A Y M E N T OI> C A P IT A L
several corporate interests on the respective sales and ser
O B L IG A T IO N S .
vices rendered, each of which is in itself a complete com
From April 1 1901 to December 31 1910.
The following is a summary of the payments which have mercial transaction.
been made by all companies since April 1 1901 (the date ot
G EN ERAL.
organization of U. S. Steel Corporation), for the above The volume of business conducted by the subsidiary com
named purposes, viz.:
panies during 1910, as indicated both by production and
F o r A d d itio n al Pro p erty and Construction, Including unab
shipments to the trade, showed a substantial increase over
sorbed expenditures for stripping and development work,
the operations in 1909. Although a material diminution
etc. at mines
______ ____________________________ _____ ,000 uc
F o r Bonds and Mortgages discharged, ex
occurred in the placing of orders by customers during the
clusive of bonds redeemed w ith Sinking
early summer and continued during the remainder of the
Fund moneys.... .......................... -,--7 -" $20,036,^98 3F o r Bonds redeemed w ith Bond Sinking
year, there was not any appreciable withholding of specifica
Funds _ __ __________________________ 54,686,384 Id
tions nor requests for cancellations of tonnage previously
F o r Purchase Money Obligations paid off,
o rig in ally Issued for acquirem ent of propbooked. Based on production of finished products for sale,
Qj.£y
_________ ___________ __
36,360,998 88
the output during the first nine months equaled about 85
$111,088,581 35
per cent of normal maximum capacity; during the last
Less, A m o u n t or securities included In
quarter, 67 per cent; and for the entire year, 80 per cent.
this total of payments which were
o rig in ally Issued after A p ril 1. 1901, In
The comparative production figures for 1910 and 1909 of
llnanolng property and construction
the basic semi-finished materials and of rolled and other
expenditures made subsequent to th a t
4,638,063 43
finished products for sale to customers outside of the organiza
date___________________________________
106,450,517 92
tion were as follows:
T o ta l payments on capital account........................$468,902,906 84
Of the foregoing total expenditures and payments there
have been financed by the Issue and sale of securities
the following amounts, viz.:
B y U. S. Steel Corporation 10-60-Year
5% Bonds____________________________ $20,000,000 00
B y Union Steel Co. Mortgage and Col
lateral 'Trust Bonds Issued and sold for
account of construction expenditures
on th a t company’s properties made
since December 1 1902______________
9,168,727 79
B y Bonds and Mortgages ot sundry subsid la ry companies_____________________ 31,799,133 41
B y Purchase Money Obligations Issued-.
o,403,528 20
$66,371,389 40
Less, A m ou n t of the foregoing securi
ties which have been retired up to
December 31 1910_______ ________ -
4,638,063 43— 61,733,325 97
Balance ot expenditures and paym ents---------- $407,169,580 87
T his balance ot capital expenditures has been paid w ith
funds derived from the following sources, to w it:
• Bonds paid from bondsinklngfunds setastde from Income $54,686,284 15
Expenditures paid from bond sinking, depreciation and
replacement funds, and from surplus net Income, and
fo rm ally w ritte n oir thereto by a u th o rity of the Board
of Directors, the Pro p erty Investm ent Account being
correspondingly reduced, viz.:
Paid from Sinkinq
Paid
Depreciation and from Surplus
Replacement Funds. Net Income.
Expended for —
A d d itio n al Pro p erty and
C o n stru c tio n ________ $32,297,911 77 $140,180,177 73
Paym ent of Capital O bli
g a tio n s ----------- 12,086,317 28
15,847,186 43
$44,384,229 05 $156,027,364 16 200,411,593 21
T o ta l of payments made from Funds and Surplus
N et Income and charged olf thereto (carried for
ward) ................................
........... $255,097,877 36
A n d the funds for the paym ent of the balance of the outlays
made for capital expenditures since A p ril 1 1901 have
been advanced from the following sources, to w it:
From Surplus appropriated (since January 1 1908) to
cover paym ent of capital expenditures made_________$35,203,189 22
From unapplied balances a t December 31 1910 to credit
of Accrued Bond Sinking, Depreciation and Replace
ment Funds, and from U ndivided Surplus at same date
of U . S. Steel Corporation and Subsidiary Com panies.. 116,868.514 29
.
T o ta l........................................................................ $407,169,580 87
1910.
Tons.
1909.
Tons.
-IncreaseTons.
PC.
1.8
Pig Iro n , Spiegel and F e rro _____ 11,831,398
Bessemer and O. I I . Steel In g o ts .14,179,369
Finished Products for sale, except
C e m e nt_______________________ 10,733,995
libls.
C e m e nt_________
7,001,500
11,618,350
13,355,189
213,048
824,180
6.2
9,859,660
874,335
libls.
1.215.500
21.0
1910.
Domestic—
Tons.
Rolled Steel and O ther Finished
Products .......
9,511,694
Pig Iron, Spiegel, Ferro and
Scrap_____________
388,872
Iro n Ore, Coal and Coke______ 1,360,090
S un d ry M aterials and By-Prod
ucts .....................................
77,223
1909.
It bis.
5,786,000
8.9
The shipments of all classes of products to customers
outside of the organization during 1910, in comparison with
1909, were as follows:
Tons.
Inc. ( + ) or Dec. (— )
Tons.
P .C .
8,690,133
821,561
+ 9.5
444,562
1,409,751
55,690
49,661
— 12.5
— 3.5
42,435
34,788
+ 82.0
T o ta l tons a ll kinds of ma
terial, except cement____11,337,879
Cement (bbls.)_____ __________ 6,679,415
10,586,881
5,690.891
750,998
988,524
+ 7.1
+ 17.4
Export—
Rolled Steel and O ther F in
ished Products----------- 1,216,057
Pig Iro n and Scrap--------6,974
S und ry M aterials and By-Prod
ucts ________________________
465
1,001,157
8,337
214,900
1,363
+ 21.5
— 16.4
252
213
+ 84.5
T o ta l tons a ll kinds ot ma
terials ___________________ 1,223,496
1,009,746
213.750
+ 21.2
Aggregate tonnage of Rolled
Steel and O ther Finished
Products shipped to both
Domestic & E x p o rt tra d e .10,727,751
9,691,290
1,036,461
+ 10.7
The prices received for shipments made to the trade during
1910 of all classes of rolled steel and other finished products,
including fabricated structural work, averaged somewhat
more than those obtained in the preceding year, both in
respect of domestic and export shipments.
The tonnage shipped for export in 1910 was the largest
for any year since the organization of the Corporation a n d
evidences the satisfactory progress which has been made
MAR. 18 1VI! 1.
THE CHRONICLE
in the extension of this branch of the business. The ad
vantages of possessing a fair volume of export trade have
been pointed out in previous annual reports.
Owing to the low volume of new business booked during
the last half of 1910 the order books of the subsidiary com
panies at the close of that year showed a relatively low
tonnage of unfilled orders on hand, the total being 2,674,757
tons. Since the early part of January 1911, however, the
new business booked has materially increased, the average
daily tonnage booked during January and February 1911
being nearly equal to the normal maximum daily capacity
of the mills. At February 28 1911 the tonnage of unfilled
orders on hand amounted to 3,400,543 tons.
During the year there were expended for current main
tenance and repairs to the various properties, $40,818,899 32,
and for unusual replacements and rehabilitation, $8,489,
285 64, a total of $49,308,184 96, an increase of $6,791,
079 49 in these expenditures, as compared with outlays for
similar purposes in 1909. The properties of the several
subsidiary companies are in excellent physical condition.
During the year $17,295,983 29 of bonds, mortgagesand
purchase-money obligations of the corporation and sub
sidiary companies were paid and retired. Of this total
$7,504,000 represents bonds retired under sinking fund
provisions of the mortgages securing the same. Bonds of
subsidiary companies to the amount of $6,279,000 were
issued and sold during the year. Of this total $4,710,000
were issued and sold in lieu of an equal amount of other
bonds, which matured and were paid off in 1910; the balance,
$1,569,000, represents new issues made and sold to cover
outlays by the subsidiary companies for additions and con
struction. There were; also issued by subsidiary companies
during the year purchase obligations to the amount of
$1,300,000 in part payment for ore property acquired; and
real estate mortgages amounting to $27,237 50 were assumed
in connection with purchase of coal property.
The expenditures made by the corporation and the sub
sidiary companies during the year for additional property
extensions and construction, and for stripping and develop
ment work at mines, equaled the net sum of $53,101,221 80,
viz.:
Fo r the Gary, Indiana, Properties_________________________ $10,072,850 92
Fo r Tennessee Coal, Iro n & R ailro ad Co. Properties______
3,887,078 73
Fo r A ll O ther Properties____________________________________ 33,141,292 15
$53,101,221 80
The more important items of additions and construction
for which the above outlays were made arc set forth
in the several statements and tables printed in this report.
At January 1 1911 the amount unexpended on authoriza
tions given for additional property, extensions, construction
and extraordinary replacements, including the 1911 program
of stripping and development operations at mines, was
approximately $50,000,000, divided as follows: For the
properties at Gary, Indiana, $15,500,000; for all other
properties, $34,500,000. It is estimated that a large per
centage of the above total will be expended in 1911.
The construction and development work at Gary, Indiana,
progressed continuously and satisfactorily during the year
1910. At the steel plant of the Indiana Steel Company
six of the eight Blast Furnaces constructed have been
satisfactorily operated. Of the three units constructed,
each comprising fourteen 65-ton Open-Hearth Furnaces,
two units have been in operation. The Rail Mill has been in
operation since Feb. 17 1909; the Billet Mill since Aug. 16
1909; the 18-inch Merchant Bar Mill since Dec. 16 1909
and the 14-inch Merchant Mill since April 1 1910. The Axle
plant is completed; the 160-inch Plate Mill will be ready
for operation by April 1 1911 and the three remaining
Merchant Bar Mills by May l 1911. Since the publication
of the last annual report, the construction of a Continuous
Sheet Bar Mill was started. This mill will supply sheet
bars for tin' Sheet Plant being constructed at Gary by the
American Sheet & Tin Plate Company, a subsidiary of
this Corporation. The new Bar Mill will be ready for
operation by July 1 1911. The By-Product Coke plant,
construction of which was begun in June 1909 is rapidly
nearing completion, and it is expected the first battery
of ovens will be placed in operation on or before April 1
1911. This plant will have a total of 560 ovens of the
Koppcrs type and an annual capacity of about 2,500,000
tons. A gas-distributing system is being installed, by
which all of the excess gas from the coke oven plant will
be utilized in mill operations.
The output of the Gary Steel Plant of the Indiana Steel
Company in 1910 was as follows: 729,072 tons of pig iron,
1,006,252 tons open-hearth ingots, 435,142 tons open-hearth
steel rails and 340,993 tons of shapes, merchant bars and
miscellaneous steel products.
In the construction of the Sheet Plant at Gary, by the
American Sheet & Tin Plate Company, there were com
pleted during the year buildings for the four jobbing mills
and for the two plate mills. Substantial progress was made
towards the completion of the buildings for the sixteen
sheet mills. A considerable quantity of the machinery and
equipment had been received and installed. It is anticipated
the jobbing mills will be placed in operation by May 1 1911
and the remainder of the plant during the fall of 1911.
The product of the mill will be light plates, black and gal
vanized sheets, and it will have an annual capacity of about
200,000 gross tons.
i3.j
In the construction by the American Bridge Company of
the Bridge and Structural Plant at Gary, which is to consist
of two units (together with auxiliary departments), one
unit was practically completed at the close of the year and
was placed in operation on March 9 1911. The second
unit, it is expected, will be ready for operation about May 1
1911. Each of these units is 300 feet by 700 feet and
will have an annual capacity of 60,000 tons of the heavi
est bridge and fabricated structural work.
The city of Gary has developed along the lines mentioned
in previous annual reports. In the First Sub-Division
there have been completed 948 dwelling and apartment
houses, 508 of which have been built by the Gary Land
Company, the subsidiary interest of this Corporation.
There are now in course of construction by the Gary Land
Company 150 additional houses, which it is expected, will
be completed this year. In the First Sub-Division nineteen
miles of street paving have been completed; also fourteen
miles of cement sidewalk.
The total amount expended to December 31 1910 at
Gary for land, development and construction work by all
of the Corporation’s interests located there was as follows:
Fo r real estate and for development and construction w o rk
In the C ity of Gary, less credits for lands, lots and houses
sold ---- ---- ------- ---- ---- ----------------- $10,509,325 07
Fo r construction of the m anufacturing p la n ts.................... 53,785,870 83
Fo r te rm in al railro ad w o rk _________________________________ 5,083,493 25
T o ta l................................................................................$09,978,095 15
Reference was made in the annual report for 1909 to the
acquisition of coal properties in the Danville District, Illinois,
and the Clinton Field, Indiana. Subsequent to the publica
tion of the report for 1909 negotiations were concluded for
the acquirement of an extensive acreage of coal in Franklin
County, Illinois. To the close of 1910 there had been
acquired in these three fields 55,624 acres of coal rights
and 742 acres of surface. An additional acreage of about
6,000 acres of coal is now under option, the larger part of
which will probably be acquired. On the properties in the
Danville District there are opened and in operation five
mine workings, there having been produced from the same
in 1910 1,315,221 net tons of coal. In the Clinton, Indiana,
Field there is now being constructed a double mining plant,
with complete equipment, which will have a capacity of
3,300 tons of coal per day. No development work has as
yet been commenced in the Franklin County Field. Prior
to making the foregoing purchases the subsidiary companies
already owned in the Illinois and Indiana Fields 3,742 acres
of coal, thus giving at December 31 1910 a total of coal
territory owned in these fields of 59,366 acres. The acquisi
tion of this substantial acreage of coal should, when de
veloped, insure to the subsidiary companies in the Chicago
District for many years a constant supply of coal satisfactory
both as to quality and cost.
Substantial progress was made during the year towards
the completion of several new extensions and additions of
importance contemplated by the subsidiary companies
(other than the additions at Gary), to which attention was
called in last year’s annual report, to wit:
Extension to cement plant at Buffington, Indiana—This
extension, as stated in last year’s report, contemplated an
addition to the producing capacity of 2,000,000 barrels of
cement annually. Subseqcnt to the issuance of the report it
was concluded to double the size of the extension proposed,
thus increasing the capacity by 4,000,000 barrels annually.
Construction work has accordingly been prosecuted on this
basis. It is expected the extension will be completed and
go into operation some time during the summer of 1911.
With the completion of such extension the productive
capacity of cement of the plants of the Universal Portland
Cement Company will be 40,000 barrels per working day, a
total of 12,000,000 barrels annually. This annual capacity,
stated in weight, is equal to 2,035,000 gross tons.
New rod mill and wire plant at Birmingham, Alabama.—
As a whole about 40 per cent of the entire proposed work
was completed at the close of the year. All building founda
tions were completed, and practically all the steel frame
work of the buildings erected; the sewers and foundation
work for the machinery were practically finished and sub
stantial progress had been made in the installation of machin
ery and equipment. It is expected the plant will be com
pleted and ready for operation by October 1 1911. The
plant will have a capacity of finished wire products of about
400 tons daily. All machinery will be electrically driven,
the current being supplied from the manufacturing plant
of the Tennessee Coal, Iron & RR. Co., which company
will also supply the plant with the raw steel required for its
operations.
Additions were made to the manufacturing plants of the
Tennessee Coal, Iron & RR. Co., at Ensley, Alabama, as
follows: New 34-inch Billet Mil 1to supply billets to the new Wire
plant above described; new electrical power plant to supply
power to above-mentioned Wire plant and to afford ad
ditional requirements for the Ensley Plant; new By-Product
Coke plant to consist of 280 ovens of the Koppers type; new
water supply system to serve the manufacturing interests in
the Birmingham District, consisting of a reservoir having a
capacity for impounding 2,500,000,000 gallons of water,
together with intake channel and tunnel for transmitting
water to central pumping station and distributing pipe lines
therefrom. On all of the foregoing .work material (progress
was made during the year, and it is expected that all further
736
THE CHRONICLE
•work thereon will be completed and the several facilities be
placed in operation at various dates during 1911.
Satisfactory progress was made during the year towards
the completion of a new Light Structural Mill at South
Works of the Illinois Steel Company and of a new Blast
Furnace at Central Furnaces, Cleveland, of the American
Steel & Wire Company. Both of these additions will be
completed during the year 1911. At Lorain Works, of The
National Tube Company a new Motro-Driven Continuous
Mill for rolling skelp was completed and placed in operation.
Extensive outlays were made during the year by subsidiary
transportation companies for the acquirement of additional
•equipment and for other construction work, including
additional Second Tracks, new Spurs, Yards, Terminals, &c.
There were purchased by the subsidiary railway companies
117 additional Locomotives and 3,212 Cars of various kinds
as additions to the equipment lists of the companies. There
were also delivered and placed in service 5 12,000-ton
steamships for service in the ore carrying trade on the Great
Lakes. Of these five vessels, two were on replacement
account and three added to the complement of the fleet.
There was purchased one ocean-going freight steamship for
service in the export trade. Further and detailed particulars
of the additions and betterments and extraordinary replace
ments made by the subsidiary companies during the year
are shown in the several schedules printed in this report.
Reference was made in the annual report for 1907 to the
acquirement of a site for and the proposed construction of a
moderate sized steel plant at Duluth, Minnesota. During
1908 and 1909 the work done in connection with this pro
position consisted only of preparing the site for the steel
plant, the acquirement of right of way for and some con
struction work on the terminal railroad connecting the
proposed steel plant with all trunk lines entering Duluth.
In the early part of 1910 construction work was actively
undertaken on both the steel plant and railroad. During
the year 1910 a total of $1,715,517 70 was expended on these
properties. It is expected that further construction will be
prosecuted during 1911. The plant as proposed will in
clude the following producing departments: 2 blast furnaces,
7 open-hearth steel furnaces, one 40-inch blooming mill,
one 28-inch and 18-inch rail and bar mill, 16-inch, 12-inch
and 8-inch merchant mill, and by-product coke plant of
90 ovens, together with the necessary complement of
auxiliary departments, such as power plants, pumping
stations, machine and other shops, &c.
The average number of employees in the service of the
Corporation and the subsidiary Companies during the entire
year 1910 was 218,435, an increase as compared with 1909
of 22,935, or 11.7 per cent. The aggregate amount of pay
rolls for the year for all employees was $174,955,139, an
increase over 1909 of $23,291,745, or 15.3 per cent.
A general increase was made during the year in the
salaries and wages of a large proportion of the employees of
the subsidiary companies, such advances extending to about
83 per cent of the total number of employees. The advances
were made as of January 16 1910 in the case of the coke
companies and as of May 1 1910 in the case of substantially
all of the other subsidiary companies. These advances
averaged for all employees affected an increase of about
6.23 per cent in the salary and wage rates previously paid.
The increased amount paid out in salaries and wages during
the year 1910 by reason of the foregoing advances in rates
was, approximately, $5,968,000, equal to an increased annual
payment, on basis of the same number of employees as were
in service during 1910, of about $8,400,000.
On May 1 1910 the several subsidiary companies inaug
urated a Voluntary Accident Relief Plan under which
provision is made for relief of employees injured in service
and for the families of men killed in work accidents. The
provisions are purely voluntary on behalf of the companies
without any contribution whatsoever from the employees.
In principle, the plan is similar to the German and other
foreign laws and to recommendations which have been made
by Employers’ Liability Commissions in the United States.
Payments of relief are to be made in respect of all fatal
accidents and of injuries necessitating the loss of more than
10 days’ service; payments are also made irrespective of the
question of legal liability on the part of the employer, this
feature being entirely disregarded under the plan. There is
no obligation upon employees to accept relief under the plan
if they otherwise elect. The relief is greater for married
than for single men, and increases according to the number
of children and length of service. During temporary dis
ablement single men receive 35 per cent of wages they were
receiving when injured and married men 50 per cent, with
an additional 5 per cent for each child under sixteen and
2 per cent for each year of service above five years. For
permanent injuries or death, lump sum payments are pro
vided. Experience will perhaps lead to some modification
of the details of the plan. The plan has been well received
by the employees and is considered entirely successful.
On January 1 1911 there was inaugurated a system of oldage pensions for employees of the Corporation and its sub
sidiary companies to be paid from the United States Steel
and Carnegie Pension Fund, under rules established by its
Board of Trustees. This fund was created by the joint
action of the United States Steel Corporation and Mr.
Andrew Carnegie. For this purpose the Corporation is to
provide an aggregate principal sum of $8,000,000, which,
with, the Carnegie Relief Fund of $4,000,000 created by
[V O L . L X X X X I I .
Mr. Carnegie in 1901, makes a joint fund of $12,000,000.
This fund will be administered and the net income from it
will be distributed in pensions by a board of twelve trustees.
Under the pension rules adopted by this board three classes
of pensions are provided:
First—Pensions by compulsory retirement, granted to
employees who have been 20 years or longer in the service,
and have reached the age of 70 years for men and 60 years
for women.
Second—Pensions by retirement at request, granted to
employees who have been 20 years or longer in the service
and have reached the age of 60 years for men and 50 years
for women.
Third—Pensions for permanent incapacity, granted to
employees who have been 20 years or longer in the service
and have become permanently and totally incapacitated
through no fault of their own.
The monthly rates of pension are: For each year of service,
1 per cent of the average regular monthly pay received
during the last ten years of service, provided, however, that
no pension shall be more than $100 per month nor less than
$12 per month.
The Pension plan involves no contribution whatsoever
by the employees themselves.
The Board takes pleasure in acknowledging the loyal and
efficient services of the officers and employees of the Cor
poration and the several subsidiary companies.
By order of the Board of Directors,
ELBERT II. GARY, C h a ir m a n .
P R O P E R T Y IN V E S T M E N T A C C O U N T D E C E M B E R 31 1010.
Balance o l this account as o l Deccmebr 31 1909, per
$1,479,908,275 18
A n n u a l R e p o rt____________ _____ _______________
Adjustm ents during 1910 In the foregoing balance
1,208,770 51
Expended during 1910 for A d d itio n al P ro p e rty and Con
struction ......... ................................................ ..........
50,091,369 04
Less, Charged off to the following accounts, viz.:
$1.«>31..,98,414 73
To Bond Sinking F u n d s .................
$446,000 00
To Depreciation and Replacement
F u n d s ----------------------4,691,937 70
To fu n d provided from Surplus N et
Income for paym ent of capital e x - ..............................................
pendltures on G ary, Indiana, prop
e rtie s ---------------1,379,80795
6,517,745 71
Expenditures fo r S trip p ing and Develop
ment a t Mines and Investm ent In
S truc tu ral Erection and Logging
Plants, viz.:
Balance a t December 31 1909_________$20,093,859 45
Expended during the year .$7,410,556 90
Less, Charged off to Op
erating Expenses--- 4,400,704 14
----------3,009,852 76
$1,524,780,069 02
23,103,712 21
Balance of P ro p e rty In vestm en t Account Decem
ber 31 1910, per Consolidated General Balance
Sheet
________ __________________________ _______$1,547,884,381 23
A P P R O P R IA T E D S U R P L U S T O C O V E R C A P IT A L E X P E N D IT U R E S
D E C E M B E R 31 1910.
All appropriations made from Surplus Net Income prior
to January 1 1908, applied in payment of capital expendi
tures, and aggregating the total sum of $156,027,364 16, have
been formally written off to the credit of property Investment
Account in Consolidated Balance Sheet. The appropriations
made since January 1 1908 from Surplus Net Income for
above-mentioned purpose, and totaling $40,000,000, are
carried in “Appropriated Surplus” account, which is repre
sented at December 31 1910 by the following:
C apital Expenditures made b y S ubsidiary Companies other
than for account of the G ary, Indiana, properties----- $25,000,000 00
Capital Expenditures made for the G ary properties------- 10,203,189 22
T o ta l assets carried In P ro p e rty In vestm en t Account repre
senting Appropriated Surplus Account---- . . ----..-$35,203,189 22
Balance of the Appropriated Surplus Account Included In
C urre nt Assets for use in meeting fu tu re capital outlays on
the G ary properties------ ---- -------------------- 4,796,810 78
T o ta l Appropriated Surplus Account-------------- --$40,000,000 00
U N IT E D S T A T E S S T E E L C O R P O R A T IO N A N D S U B S ID IA R Y COM
P A N IE S C O N D E N S E D G E N E R A L P R O F IT A N D LO SS A C C O U N T
F O R Y E A R E N D IN G D E C E M B E R 31 1910.
Gross Receipts—
Gross Sales and Earnings_________________________ ______$703,961,424 41
Operating Charges, viz.:
M anufacturing and Producing Cost and
Operating Expenses, including ordi
n ary maintenance and repairs and
provisional charges for deprecIatlon.$553,532,384 83*
A d m in istrative, Selling and General
Expenses, and Employees’ Compen
sation under Bonus Plan (not Includ
ing general expenses of transporta
tion companies)______________________
17,155,80727
Taxes (Including allowance for corpor
ation excise ta x ) ___________________
9,101,436 95
Commercial Discounts and In te re s t—
3,545,810 90
$583,395,439 95
Less,Amount Included In above charges
for provisional reserves for deprecia
tion now deducted for purpose of
showing the same In separate Item of
charge, as see below..........................
24,316,59071
------------- 559.078,843 24
B a la n c e ....... .......................................................... $144,882,581 17
S undry N et M anufacturing and Operat
ing Gains and Losses, Including Id le
P la n t expenses. Royalties received.
Adjustm ents In Inventory valuations <Jec $1,931,327 90
Rentals received..................... .............
797,020 24
^ ?2g 34g J4
T o ta l N et M anufacturing, Producing and Operating
Income before deducting provisional charges fo r
____ • • '
depreciation.................. . . . .................................$147,010,929 31
Mar 18 1911.
THE CHRONICLE
O ther In com e—
N e t P r o fi t s o f P r o p e r t ie s o w n e d , b u t
w h o s e o p e r a t i o n s (g r o s s r e v e n u e , c o s t
o f p r o d u c t , e x p e n s e s , e t c . ) a r e n o t In
c l u d e d In t h is s t a t e m e n t ________________
I n c o m e fr o m S u n d r y I n v e s tm e n ts a n d
I n t e r e s t o n D e p o s i t s , e t c ________________
.
$ 3 3 8 ,2 3 1 0 7
2 ,7 8 6 ,5 8 8 68
-------------------------------
T °nS}.....................
3 ,1 2 4 ,8 2 0 65
$ 1 5 0 ,7 3 5 ,7 4 9 96
In terest C h arges—
In te re st o n B o n d s a n d M o r tg a g e s o f th e
S u b s id ia r y C o m p a n i e s ----------------------------I n t e r e s t o n P u r c h a s e M o n e y O b l ig a t io n s
a n d S p e c ia l D e p o s it s o r L o a n s o f t h e
S u b s id ia r y C o m p a n i e s ___________________
737
B a la n c e , b e in g t h e a g g r e g a t e e a r n in g s o f t h e s e v e r a l
c o m p a n ie s fo r th e y e a r b e fo r e d e d u c tin g p r o v ls s lo n a l c h a r g e s f o r d e p r e c i a t i o n _______________________ $ 1 4 3 ,4 7 2 ,2 0 6
L e s s , N e t B a la n c e o f P r o fi t s e a r n e d b y s u b s i d i a r y c o m p a n i c s o n s a le s m a d e a n d s e r v i c e r e n d e r e d a c c o u n t o f
m a t e r ia ls o n h a n d a t c l o s e o f y e a r In p u r c h a s i n g c o m a n ie s ’ I n v e n t o r ie s , a n d w h ic h p r o fi t s h a v e n o t y e t
e e n r e a liz e d In c a s h f r o m t h e s t a n d p o i n t o f a c o m b ln e d s t a t e m e n t o f t h e b u s in e s s o f t h e U . S . S t e e l
C o r p o r a t io n a n d s u b s i d i a r y c o m p a n i e s ________________
2 ,4 1 7 ,5 4 1
S
•
30
•
•
•
•
•
•
70
E a r n in g s f o r t h e Y e a r 1 0 1 0 , p e r I n c o m e A c c o u n t _ $ 1 4 1 ,0 5 4 ,7 5 4 51
L e s s , A l lo w a n c e s f o r v a r io u s D e p r e c ia t io n F u n d s .
2 4 , 3 1 6 ,5 0 6 71
$ 7 ,1 2 4 ,0 7 2 0 6
1 3 0 ,3 8 0 7 0
------------------------------
N e t E a r n in g s In t h e y e a r 1 0 1 0 ..............................................$ 1 1 6 ,7 3 8 ,1 5 7 8 0
7 ,2 6 3 ,4 5 3 66
C O N S O L ID A T E D
. *
b a r g e s f o r o r d i n a r y m a in t e n a n c e a n d r e p a i r s , a p p r o x i m a t e l y
$ 4 1 ,0 0 0 ,0 0 0 .
'
GENERAL BALANCE
AS S E T S .
S H E E T D E C E M B E R 31 1 0 1 0 .
L IA B IL IT IE S .
P ro p e rty A cco u n t—
Properties Owned and Operated by the Several Companies.
s i 547 884 381 23
B a la n c e o f th is a c c o u n t a s o f D e c e m b e r 31 1010
_
L e s s , B a la n c e s a t D e c e m b e r 31 1010 t o c r e d i t o f '
A c c r u e d B o n d S in k in g , D e p r e c ia t io n
a n d R e p la c e m e n t F u n d s ---------------- $ 6 5 ,8 0 2 ,8 2 3 7 7
B o n d S in k in g F u n d s w it h A c c r e t i o n s ,
b e in g I n c o m e a p p r o p r ia t e d f o r g e n
e r a l d e p r e c ia t io n a n d I n v e s t e d In
red e e m e d b o n d s n o t tre a te d as
a s s e t s ( b u t I n t e r e s t o n w h ic h Is
c u r r e n t l y a d d e d t o t h e s in k in g
fu n d s ) a n d In c a s h a s b e l o w _____
5 1 ,8 6 8 ,6 0 6 70
---------------------------D eferred C h arges t o O p era tio n s —
Payments for Advanced Mining Royal
ties, Exploration expenses and Mis
cellaneous charges, chargeable to fu
ture operations of the p ro p e rtie s... $15,331,704 01
Less, Fund reserved from Surplus to
cover possible failure to realize Ad
vanced Mining Royalties..................
7 ,000,000 00
’
’
’
Cap tal Stock of U. S. Steel Corporation—
C om m on --------------$508 ,30 2,50 0 00
Preferred..............................
360,281 ,100 00
Capital Stocks of Subsidiary Companies Not Held by
u . S. Steel Corporation ( P a r V a l u e ) _________________
Bonded and Debenture Debt Outstanding—
U . S . Steel Corp. 50-year 5 % B o n d s ..$ 2 7 4 ,4 1 2 ,0 0 0 00
U . S. Steel Corp. 10-60-year 5 % Bonds 100,777,500 00
1 1 7 ,671 ,52 0 47
$ 1 ,4 3 0 ,2 1 2 ,8 6 0 76
8 ,3 3 1 ,7 0 4
In v e s tm e n ts —
Outside Real Estate and Investments In sundry securi
ties, Including Real Estate Mortgages and Land
.Sales Contracts............... ..........................................................
2 ,3 6 9 ,3 9 4
S in k in g an d R eserv e Fund A s s e ts —
Lash resources held by Trustees ac
count of Bond Sinking Funds_______
$856,510 00
(In addition Trustees hold $51,
641,500 of redeemed bonds,
which are not treated as an
asset).
Contingent Fund and Miscellaneous
A s s e ts ------------ ------------------------- ----------3,295,464 70
Insurance and Depreda
tion Funds’ Assets
(Securities, at cost,
and Cash)____________ $21,668,021 45
Less, Am ount of fore
going
represented
by Capital Obllgatlons of Subsidiary
Companies .author
ized or created for
capital
expendltures
made
(see
c o n tr a )....................... 0,753,000 00
--------------------------------------------------11,915,021 45
1 6 ,0 6 7 ,9 0 5
C u rrent A s s e ts —
Inventories * .........
.$ 1 7 6 ,5 3 7 ,8 2 3 71
Accounts Receivable_____ _______
44,603,273 53
Bills Receivable_____ _______
5,540,180 77
Agents’ B alances...............................
696,833 76
Sundry Marketable Bonds and Stocks
4 ,410,793 61
Cash (In hand and on deposit with
Banks, Bankers and Trust Com
panies subject to check)..................
56,953,514 16
2 8 8 .7 4 2 ,4 1 9
6 2 0 ,3 5 2 50
c, . ,
„
'
$465,189,500 00
Subsidiary Cos. Bonds, guaranteed by
U . S. Steel Corporation_________________
52,774,000 00
Subsidiary Cos.’ Bonds, not guaran
teed by U . S . Steel Corporation____
78,356,661 51
Debenture Scrip, Illinois Steel C o____
31,705 19
5 9 6 ,3 5 1 ,8 6 6 70
Capital Obligations of Subsidiary Com
panies Authorized or Created for Capi
tal Expenditures Made (held In tne
treasury subject to sale, but not In
cluded In assets or liabilities)..................$ 11,909,000 00
91
$ 8 6 8 ,5 8 3 ,6 0 0 00
Alortgages and Purchase Money Obliga
tions of Subsidiary Companies—
M o r tg a g e s ................................
Purchase Money Obligations___________
$784,702 38
2 ,313,000 00
04
Current Liabilities—•
Current Accounts Payable and Pay
Rolls ...................................
$23,605,264
$ 2 3 ,6 0 5 ,2 6 4 04
04
Bills Payable____________________________
8 1 3 ,5 0 0 0 0
Special Deposits or Loans due em
ployees and o th e rs._______ __________
8 8 6 ,1 2 2 16
Accrued Taxes not yet due. Including
provision for corporation excise ta x .
6 ,7 8 0 ,8 2 7 16
Accrued Interest and Unpresented
C ou p o n s_________ _____________________
7 ,9 0 1 ,3 7 3 15
Preferred Stock Dividend N o. 39, pay
able February 27 1911_____ ______
6 ,3 0 4 ,9 1 9 2 5
Common Stock Dividend N o. 29, pay
able March 30 1911_______________
6 ,3 5 3 ,7 8 1 2 5
3 ,0 9 7 .7 9 2 38
5 2 ,8 3 4 ,7 8 7 01
2
64
Total Capital and Current Liabilities........................$ 1 ,5 2 1 ,4 8 8 ,3 9 8 59
S un dry R e s e rv e F u n d s—
..................................
Contingent and Miscellaneous Operat. .
. .
. .
ing Funds........................................... ......... $11,689,728 70
.............................
Insurance Funds............................................
8,402,999 21
.............................
---------------------------2 0 ,0 9 2 .7 2 7 91A p p ro p ria te d Surplus to C o v e r C apital E x p e n d itu re s —
Invested In Property Account— Addl..................................
tlons and Construction_______________$35,203,189 22
.............................
Reserved for account future construe.......................................
tlon at Gary, Indiana, Plant...............
4 ,796,810 78
4 0 ,0 0 0 ,0 0 0 00
U n d iv id e d Surplus o f U . S. Steel C o r p o r a - .............................
tio n a n d S u b sid ia ry C o m p a n ie s —
.................................
C a p it a l S u r p lu s p r o v i d e d In o r g a n t z a - ................................
t i o n --------------------------------------------$ 2 5 ,0 0 0 ,0 0 0 0 0
B a la n c e o f S u r p lu s a c c u m u l a t e d b y a ll
.....................
c o m p a n i e s f r o m A p r i l 1 1901 t o D e .....................
c c m b c r 31 1 9 1 0 .....................
1 0 5 ,4 3 8 ,7 1 8 67
T o t a l S u r p lu s e x c l u s iv e o f S u b s l d l - ................................
a r y C o s . ’ I n t e r - C o m p a n y P r o l lt s
...........................
in I n v e n t o r i e s .......................
$ 1 3 0 ,4 3 8 ,7 1 8 67
U n d i v i d e d S u r p lu s o f S u b s id ia r y C o s . ................................
r e p r e s e n t in g P r o fit s a c c r u e d o n s a l e s ................................
o f m a te r ia ls a n d p r o d u c t s t o o t h e r ................................
s u b s i d i a r y c o m p a n i e s a n d o n h a n d I n ................................
la t t e r ’ s I n v e n t o r i e s ......... ........................
3 3 ,7 0 4 ,4 3 0 32
16 4 ,1 4 3 ,1 5 7 99
H .7 4 5 ,7 2 4 ,2 8 4 49
$ 1 ,7 4 5 ,7 2 4 ,2 8 4 49
• I n v e n t o r y v a l u a t i o n s I n c lu d e p r o fi t s a c c r u e d t o s u b s i d i a r y c o m p a n i e s o n m a t e r ia ls a n d p r o d u c t s s o l d t o o t h e r s u b s i d i a r y c o m p a n i e s a n d u n d is
p o s e d o f b y t h e la t t e r — s e e c o n t r a s p e c i f ic s u r p lu s a c c o u n t f o r t h e s e p r o f i t s .
T h e t o t a l v a l u a t i o n s o f a ll I n v e n t o r ie s a r e b e lo w t h e a c t u a l c u r r e n t m a r k e t
p r ic e s .
We have audited the above Balance Sheet and certify that in our opinion it is properly drawn up so as to show the true
financial position of the United States Steel Corporation and Subsidiary Companies on December 31 1910.
xr
v
,
„
,
P R IC E , W A T E R H O U S E & CO.,
New
York,
March
10 1911.
A u d ito rs.
Uswoco Mills of Lawrence, Mass.— O fferin g o f P re f. S tock
o f S u b s id ia ry o f U . S . W orsted Co.—Thomas C. Perkins
(incorporated), Hartford, Conn., is placing at $110 a share,
netting 6.36% income, the entire issue of $1,000,000 7%
(Q.-J.) cumulative pref. stock, callable after Jan. 1 1931
at option of company at $115. The U. S. Worsted Co.
(V. 88, p. 1322, 1626; V. 91, p. 42) owns a majority of the
$500,000 common stock and has taken a 20-year lease of the
plant (now being completed) at a rental of $100,000 per
annum, payable Q.-J. (in addition to taxes, maintenance,
&c.), which sum must be applied to payment of the pref.
dividend ($70,000) and to the retirement of the pref. shares
if purchasable in open market at not exceeding 115, other
wise to be invested and applied to compulsory retirement in
1931. No bonds. A circular further says in brief:
T h e p r e s e n t p r o d u c t i o n o f t h e U n it e d S t a t e s W o r s t e d C o . a v e r a g e s
$ .0 0 0 , 0 0 0 y a r d s a y e a r , a n d w it h t h e n e w U s w o c o M ills a t o t a l o f a b o u t
6 ,0 0 0 ,0 0 0 y a r d s p e r y e a r , v a l u e d a t a b o u t $ 7 ,0 0 0 ,0 0 0 .
T h is t o t a l p r o
d u c t i o n ( o l d a n d n e w ) Is less t h a n 2 % o f t h e a n n u a l r e q u i r e m e n t s o f w o o le n
a n d w o r s t e d g o o d s o f t h e U n it e d S t a t e s t o - d a y .
T h e b e g i n n in g o f t h e p r e s e n t c o m p a n y d a t e s b a c k o v e r 2 7 y e a r s , w it h t h e
e s t a b l is h m e n t o f t h e L a w r e n c e D y e W o r k s b y L u d w ig S J o s t r o m , fa t h e r o f
t h e p r e s e n t e x e c u t i v e o f f ic e r s o f t h e U . S . W o r s t e d C o .
L a te r on th e
M u s k c t a q u ld M ill a t L o w e l l, M a s s ., w a s p u r c h a s e d (1 2 y e a r s In b u s in e s s ),
s t ill la t e r t h e I r o q u o i s M ills a t S a u g u s , M a s s ., w e r o a c q u ir e d ( a b o u t 5 y e a r s
In o p e r a t i o n ) a n d m o r e r e c e n t l y t h e p l a n t o f t h e W i ll ia m T in k h a m C o . , o f
H a r r ls v i ll e , R . I . , ( a b o u t 5 0 y e a r s In b u s in e s s ) w a s le a s e d .
T h ese com
p a n i c s h a v e b e e n h i g h l y s u c c e s s fu l , a v e r a g i n g la r g e d i v id e n d s .
T he U . S.
W o r s t e d C o . t o o k o v e r t h e b u s in e s s a n d p r o p e r t ie s o f t h e o l d c o s . In t h »
s p rin g o f 1 9 0 9 .
T h e o l d s t o c k h o ld e r s a n d t h e o ld m a n a g e m e n t a r e t h e
re s e n t s t o c k h o ld e r s a n d th e p re se n t m a n a g e m e n t.
T h e e n t e r p r is e h a s
e e n o n e o f c o n t i n u a l g r o w t h a n d p r o s p e r it y .
A s f o r y e a r s d u r in g t h e b u s y
s e a s o n t h e p la n t s a r e n o w b e in g o p e r a t e d n ig h t a n d d a y , w it h t w o s h i ft s
o f h e lp .
T h e p r o d u c t Is f a n c y w o r s t e d a n d w o o le n m e n ’ s w e a r , f a n c y d r e s s
g o o d s , b r o a d c l o t h s , f a n c y c o t t o n a n d w o r s t e d t r o u s e r in g s , s e r g e s , & c .
T h e e x e c u t i v e o f f ic e s a r e a t L a w r e n c e . M a s s ., a n d t h e T r e a s u r e r ’ s o f f i c e
a n d t h e m a in s a le s o f f i c e a r e a t 1 00 F ift h A v e . , N . Y . C i t y , o c c u p y i n g
a w h o le flo o r In t h e n e w U . S . W o r s t e d B u i ld in g .
O n J u ly 1 1910 th e U . S . W o r s te d C o . h a d a n e t w o r th o r e x c e s s o f a ssets
o v e r lia b i li t ie s , o f $ 2 ,8 1 4 ,1 0 4 a n d a s u r p lu s o f $ 4 7 3 ,5 0 4 .
T h e n e t p r o fit s
f o r t h e y e a r e n d in g J u n e 3 0 1 9 1 0 a m o u n t e d t o $ 3 8 5 ,4 9 9 .
A la r g e p a r t o f
t h e Issu e o f t h e 7 % p r e f . s t o c k o f t h e U . S . W o r s t e d C o . is o w n e d in F r a n c e
a n d is r e g u l a r ly q u o t e d o n t h e P a r is S t o c k E x c h a n g e , b e in g t h e fir s t A m e r i
c a n t e x t il e s e c u r i t y t o h o l d t h is d i s t i n c t i o n .
[I n J u n e 1 0 1 0 t h e c o m p a n y
s o l d t o P a r is b a n k e r s $ 5 0 0 ,0 0 0 p r e f. s t o c k a n d g a v e t h e m a n o p t i o n o n t h e
r e m a in i n g $ 6 5 9 ,4 0 0 o f t h e a u t h o r i z e d Issu e o f $ 3 , 0 0 0 , 0 0 0 .
T h is o p t i o n
w a s e x e r c i s e d In O c t o b e r 1 9 1 0 .— E d .]
T h e U s w o c o M ills Is n o w c o m p l e t i n g o n t h e M e r r im a c R i v e r o p p o s i t e
t h e b u s in e s s c e n t r e o f L a w r e n c e , o n e o f t h e la r g e s t a n d m o s t m o d e r n
m ills In t h e c o u n t r y f o r t h e m a n u f a c t u r e o f w o o le n a n d w o r s t e d g o o d s .
T h e b u il d i n g Is s ix s t o r ie s h i g h , b r ic k a n d h e a v y m ill c o n s t r u c t i o n , c o n
t a in in g 3 0 0 ,0 0 0 s q . f t . o f f l o o r s p a c e ; t o b e e q u ip p e d w it h 5 0 0 o r m o r e l o o m s
o f t h e la t e s t d e s ig n , d r iv e n b y n y d r o - e l e c t r i c p o w e r f r o m t h e c a n a l.
T h e s in k in g fu n d a t c o m p o u n d I n t e r e s t It Is e s t i m a t e d w il l, b y o r b e f o r e
J a n . 1 1 9 3 1 , p r o v i d e a s u f f ic ie n t s u m t o r e t ir e a t t h a t d a t e , aJl t h e o u t
s ta n d in g p r e f. s to c k a t th e ra te o f $11 5 a n d a ccr u e d d iv id e n d p e r s h a re .
T h e r e Is n o m o r t g a g e o n a n y o f t h e p r o p e r t y o f t h e U . S . W o r s t e d C o . , n o r
c a n t h e r e b e a n y m a d e b y t h e U s w o c o M ills w i t h o u t t h e c o n s e n t o f th el a t t e r ’ s p r e fe r r e d s t o c k h o ld e r s .
D ir e c t o r s o t U s w o c o M ills : I v a r L . S J o s t r o m , P r e s i d e n t , L a w r e n c e , M a s s .
(V lc e -P r e s . U . S . W o r s t e d C o .); T h o m a s C . P e rk in s , V lc c - P r e s t ., H a r t fo r d ,
C o n n ; P . R . G . S jo s t r o m , T re a su re r, N e w Y o r k , N . Y . (P re s t. U . S . W o rs te d
C o • P r e s t. H u n g a r la n -A m e r . B a n k ); E u g e n e B o r o s s , V I c e -P r e s t. H u n g .A m ’e r . B a n k . . N . Y . C i t y .
C h a r le s T . L a r k , N . Y . C i t y .
Assets —
[VOL.
THE CHRONICLE
738
Financial Statement o f U. S . Worsted Company.
1 1 0 1 0 . Jan. 1 1 9 1 0 . July 1 1 9 0 0 .
L a n d , b u il d i n g a n d w a t e r r i g h t s ------M a c h i n e r y , b u il d i n g a n d f i x t u r e s ------S t o c k 3 - a n d s e c u r i t ie s ___________________
B ills a n d a c c o u n t s r e c e i v a b l e _________
I n s u r a n c e u n e x p i r e d ----------------------------M a t e r ia ls , m e r c h a n d is e , & c ____________
C a s h ..........................
$ 8 6 8 ,1 8 5
$ 4 9 2 ,8 3 2
2 4 7 2 ,8 0 0
4 8 7 ,8 0 9
-----------1 ,0 3 3 ,2 9 3
1 7 6 ,3 4 6
2 4 0 2 ,5 0 0
1 8 0 ,7 6 3
-----------3 5 0 ,4 4 3
1 2 5 ,6 0 3
$ 3 ,4 8 0 ,4 6 2
$ 3 ,0 3 8 ,4 3 3
$ 1 ,5 5 2 ,1 4 1
6 6 6 ,3 5 8
9 8 9 ,8 0 4
2 5 2 ,3 3 6
N e t w o r t h .....................
$ 2 ,8 1 4 ,1 0 4
P r e f . 7 % c u m . s t o c k o u t _______________ $ 2 ,3 4 0 ,6 0 0
R e s e r v e a n d s u r p l u s ____________________
$ 4 7 3 ,5 0 4
$ 2 ,0 4 8 ,6 2 8
$ 1 ,6 3 8 ,0 0 0
$ 4 1 0 ,6 2 8
$ 1 ,2 9 9 ,8 0 5
$ 1 ,2 1 1 ,8 0 0
$ 8 8 ,0 0 5
T o t a l a s s e t s ____________________
$ 6 5 2 ,1 0 6 1
3 7 9 ,1 8 8 /
4 9 2 ,1 0 0
4 1 6 ,9 3 8
2 ,9 4 8
1 ,3 1 7 ,6 2 8
2 1 9 ,5 5 2
Liabilities—
B ills a n d a c c o u n t s p a y a b l e ____________
^ C o n s is t s o f L a w r e n c e D y e W o r k s C o . s t o c k a t p a r .
T h e U . S . W o r s t e d C o . Is p a y i n g r e g u la r 7 % u p o n Its p r e f. s h a r e s ( Q . - J . 1 5 ) ,
t h e fir s t d i s t r ib u t io n h a v i n g b e e n m a d e In J u ly 1 9 0 9 ; s t o c k a u t h . a n d I s s u e d ,
$ 3 , 0 0 0 , 0 0 0 e a c h o f c o m . a n d p r e f . In $ 1 0 0 s h a r e s .
Welsbach Co.—R e p o ----------------rt. —For 8 mos. ending Dec. 31:
Deductions-----------------Gross
Depre-
Bond
Sinking
D ie.
Balance,
Income,
ciation. Interest. Fund.
( 2 % ) . Surplus.
8 m o . e n d . D e o . 3 1 .$ 5 0 4 ,1 6 1 $ 4 2 ,3 5 3 $ 2 1 9 ,2 0 0 $ 7 0 ,2 4 0 ________$ 1 7 2 ,3 6 7
Y r . e n d . A p r . 3 0 ’ 10 6 8 7 ,7 7 5
5 9 ,5 6 4 3 2 8 ,8 0 0
1 0 5 ,3 6 0
7 0 ,0 0 0
1 2 4 ,0 5 1
Y r . e n d . A p r . 3 0 ’ 0 9 6 4 2 ,8 8 3
5 8 ,2 7 7 3 2 6 ,6 0 5
1 0 5 ,3 6 0
7 0 ,0 0 0
8 2 ,6 4 1
T h e HW o s e m i-a n n u a l d i v id e n d o n t h e p r e f . s t o c k p a i d D e c . 31 191 0
c a ll s f o r $ 4 2 ,8 7 5 , l e a v in g u n d iv id e d p r o fit s f o r t h e 8 m o s . e n d in g D e c . 31
1 9 1 0 o f $ 1 2 9 ,4 9 2 .
N o d e d u c t i o n Is m a d e f o r t h e d i v id e n d o n c o m m o n , t h e
la s t y e a r l y p a y m e n t ( 2 % ) h a v i n g b e e n m a d e In J u n e 1 9 1 0 .
T h e fis c a l y e a r w a s r e c e n t ly c h a n g e d s o a s t o e n d D e c . 3 1 .
D u rin g th e
8 m o n t h s t h e g r o s s s a le s o f t h e c o m p a n y I n c r e a s e d b y m o r e t h a n 1 0 % .
T h i s p e r io d c o v e r s t h e d u ll p e r io d o f t h e y e a r , I n c lu d in g t h e s u m m e r m o n t h s .
T h e t r u s t e e s u n d e r t h e m o r t g a g e h a v e p u r c h a s e d s i n c e t h e la s t r e p o r t f o r
a c c o u n t o f t h e s in k in g f u n d , I n c lu d in g p u r c h a s e M a r c h 1 1 9 1 1 , $ l 7 5 , 6 0 0 o f
t h e c o l la t e r a l t r u s t 5 % b o n d s , m a k in g a t o t a l p u r c h a s e o f t h e b o n d s t o d a t e
Of $ 2 , 3 3 6 , 3 0 0 . — V . 9 1 , p . 1 7 1 5 .
The
C P o m m r r r ia l
LXXXXII.
g r im e s .
COMM ERCIAL EPITO M E.
F r id a y N ig h t, M a rch 17 1911
In the presence of admitted drawbacks the pace in Ameri
can trade is conservative even to cautiousness. It is con
ceded that the iron and steel trade has met with a check.
A decrease in orders for finished materials is plainly discern
ible. One factor, however, is favorable, and that is the
comparative steadiness of securities and another is the
plentifulness of money at home and abroad; still another
is the favorable outlook for the crops.
_ t
LARD on the spot has been easier, owing to depression in
the market for live hogs, at times due to liberal receipts,
weakness in the market for lard futures at Chicago and
dulness of trade. Prime Western 9.45c., Middle Western
9.40c. and city steam 9c. Refined lard has been quiet and
easy; Continent 9.60c., South America 10.50c. and Brazil in
kegs 11.50c. Lard futures here have been dull. At the
West the speculation has been active. Prices have shown
more or less irregularity, but the tone much of the time has
been heavy, owing to a free movement of live hogs to market,
quietness of the cash trade and selling by leading packers.
D A I L Y C LO SIN G P R IC E S OF L A R D F U T U R E S IN N E W Y O R K .
S a t.
M on.
T u es.
W ed.
T h u rs.
F r i.
M ay delivery___________ 9 .30
9 .20
9.15
9.30
9.19
9.15
July delivery___________ 9.30
9 .1 5
9.10
9.25
9.15
9.10
D A IL Y C LO SING P R IC E S O F L A R D F U T U R E S IN C H I C A G O .
S a t.
M ay d e liv e r y ............ .. 9 .1 2 H
July delivery---------------- 9 .0 7 }$
M on.
T u es.
W ed.
T h u rs.
F r i.
9 .1 2 }$
9.05
9 .0 5
8 .97}$
9 .1 2 }$
9.05
o .0 2 }$
8.95
9.00
8.95
PORK on the spot has been easier, with supplies larger and
quiet. Mess $23, clear $18 50@$21 and family $21 50
Western Telephone & Telegraph Co.—R e p o rt. —The results trade
@$22 50. Cut meats have been steady, with trade of mod
for the years ending Jan. 1 were:
erate size. Pickled hams, regular, 12J4@12%c.; pickled
Years
Net receipts. In i., Taxes,& c. P f .D i v .W o ) . B a l.,S u r.
bellies, clear, 12@13c., and pickled ribs, 12@13e. Beef has
ruled steady, with the demand light. Moss $14@$14 50,
packet $15@$15 50, family $16@$16 50 and extra India
$26@$26 50. Tallow has been quiet and c:isicr; city
Western Union Telegraph Co.—E x ten sio n o f B o n d s o f mess
6^£c. Stcarines have been dull and steady; oleo 7j^@7%c.
S u b s id ia r y . —See Mutual Union Telegraph Co. above.
lard 10c. Butter in moderate demand and easier; cream
__________________________ and
Y. 92, p. 666, 602.
ery extras 24 J^@25c. Cheese quiet and steady; State, whole
Sept., fancy, 14@14J^c. Eggs steady, with
—A circular bond calendar in which are brought together milk, colored,trade;
Western firsts 17^@18c.
essential facts concerning bond issues of the U. S. Govern a moderate
OIL.—Linseed has been steady, with trade quiet; city,
ment, insular, territorial and other issues authorized by raw,
American
seed,
95@96c.; boiled 96@97c.; Calcutta,
Cohgress, besides municipal securities of the City of Chicago, raw, $1. Cottonseed has
quiet; winter 7@7.35c. and
Cook County, the Sanitary District of Chicago and Lincoln, summer white 6.80@7.20c.beenCocoanut
has been quiet and
South and West Parks, has been prepared by C. F. Childs & easy; Cochin 8^@8)^c.; Ceylon 8@8^(c.
Corn lias been
Co. of Chicago. In the case of bonds authorized by Congress in moderate demand and steady at 6.50@6.55c.
Olive quiet
the calendar furnishes at a glance information as to the title and steady at 90@95c. Lard has been dull and unchanged;
of the loan, the time when it is redeemable, when the interest prime 95c.@$1; No. 1 extra 65@70c. Cod firm, with mod
is payable, the date of the close of the transfer books and erate trade; domestic 53@55c.; Newfoundland 57@58c.
the amount of the loan outstanding. Other data indicating COFFEE on the spot has been quiet and oasy. Rio No. 7,
the bonds which are acceptable as security for public de 12^@12i^c. It is expected by many that after the valori
posits, emergency currency and postal savings deposits are zation
sale has been held on April 1, trade will expand. Firm
also set out in the chart/ which should prove useful to those offers from
Brazil have been higher. West India growths
interested in securities of the character covered. The facts have been quiet
and easy; fair to good Cucuta 13)^@13^c.
outlined with regard to the Chicago and other municipal Speculation in future
contracts has been quiet of late and
bonds pertain to the title of the loan, the amount of principal prices have moved within
limits. Spot interests
due each year, the date when the final payment is due, and have purchased at times, butnarrow
there
is a disposition among
the amount outstanding.
many in the trade to await developments at the valorization
—Having sold the greater part of $1,000,000 Cleveland sale on the first of April before trading extensively on either
Electric Illuminating Co.'s 1st mtge. 5% bonds, Spencer side of the market. Closing prices were as follows:
Trask & Co. of New York, Boston, Chicago and Albany of AMparricl____________
July ____________ K ovemJbcr-------------------------- 10.00c.
10.55c. A u g u s t ----------------10-®JC- December ---------- o.n.tc.
fer the balance at 102 and interest to-day in our advertising May h ___________10.55c.
_____ 10.55c. September --------- 10.26c. January ...................9.94o.
columns. At the price ottered, this bond will yield the in n e ____________ 10.53c. October _________ 10.0 5 c.| F e b r u a ry ------------9.93c.
vestor a 4.85% return. Descriptive circular on application. J u SUGAR.—Raw
has been firmer, with trade more active.
See advertisement, and our item in the “General Invest Centrifugal, 96-degrees
test, 3.83c.; muscovado, 89-degrees
ment News Dept.”, for additional particulars.
test, 3.33c.; molasses, 89-degrees test, 3.08c. Refined has
—I. M. Taylor & Co. of Boston have opened a New York been firm with an increased demand. Granulated 4.70@
office at 115 Broadway in the U. S. Realty Building, which 4.80c. Teas have been quiet and generally steady. Spices
has an entrance to the Wall Street station of the subway. have been steady with a fair demand from grinders.
This location, near the centre of the financial district, is con PETROLEUM.—Refined has been steady, with larger
venient for customers traveling downtown to the firm’s sales for domestic and foreign account. Refined barrels
offices. 1. M. Taylor & Co. are members of the New York, 7.40c., bulk 3.90c. and cases 8-90c. Gasoline has been in
Boston and Chicago Stock Exchanges, with direct wire good demand and steady; 86-degrees in 100-gallon drums,
18%c.; drums $8 50 extra. Naphtha has been in fair
connections,
:—The Chicago banking firm of Wollenberger &Co. will demand and steady; 7 3 @ 76-degrees, in 100-gallon drums,
move its offices early in April from the Corn Exchange 10^c.; drums $8 50 extra. Spirits of turpentine has been
National Bank Building to the ground-floor offices in the dull but stronger at 99c.@$1. Rosin has been quiet and
Borland Block (185 La Salle St.), formerly occupied by firmer; common to good strained $7 80@$7 90.
TOBACCO.—The transactions continue on a very small
Minzesheimer & Co.
Though manufacturers are well employed, they
—Blake Brothers, New York and Boston, are offering at scale.
no disposition to depart from their po licy, so long
101 and accrued dividends a moderate amount of the $7, evince
from hand to mouth. Both Ohio and
000,000 7% pref. stock of the Pittsburgh Steel Co. dividends pursued, of buying
tobacco is noticeably quiet. It is true, on
of 1%% each (Q.-M.), preferred as to principal and divi Pennsylvania
the other hand, that the remainder of the 1910 Wisconsin
dends. Compare V. 91, p. 1451.
whether good or poor, is being purchased at firm
—Newton Todd, Indianapolis, is calling attention to the crop,
In Pennsylvania only about 5% of the last
common stock of the Union Traction Co., the oldest traction quotations.
is left, but it is neglected by buyers. Very little of the
property in Indiana, with gross earnings which in the past crop
crop remains. The Sumatra sale at Amsterdam
seven years have shown an increase of about 50% without Connecticut
to-day will be attended by a largo nuinber of Americans,
any increase in stocks or bonds. The common stock pays who
are expected to purchase freely.
over 8% at present prices.
COPPER has been quiet and irregular. Lake 12J4@
—The Cripple Creek Hand Book for 1911, containing the 12%c.; electrolytic 12.15@12J^c.; casting 12@12j^c. Tin
sworn statements of companies listed on the Colorado Springs dull and weaker; spot 38^c. Spelter quiet and steady at
Mining Stock Exchange, has been issued. Copies may be 5.55@5.65c. Lead quiet and steady at 4.40@5.50c. Ir°n
had upon receipt of 25 cents from F. H. Pettingill, Colorado quieter and steady. No. 1 Northern $15 75@$16; No. Springs, Col.
Southern $15 25@$15 75.
—
. $ 2 , 2 9 4 ,9 4 6
1 9 1 0 - 1 1 ..........
1 9 0 9 - 1 0 ___________________ 2 ,1 6 9 ,6 4 2
1 9 0 8 -0 9
2 ,2 2 5 ,1 6 6
— V . 92, p. 327.
$ 1 ,3 6 8 ,5 4 1
1 ,3 0 8 ,1 7 1
1 ,3 9 5 ,7 5 6
$ 8 0 0 ,0 0 0
8 0 0 ,0 0 0
8 0 0 ,0 0 0
$ 1 2 6 ,4 0 o
2 9 ,4 0 9
Mar . 18 1911.1
THE CHRONICLE
739
O n S h i p b o a r d , N o t C le a r e d f o r —
COTTON.
F r id a y N ig h t, M a rc h 17 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
58,244 bales, against 72,352 bales last week and 91,599
bales the previous week, making the total receipts since
Sept. 1 1910 7,744,600 bales, against 6,209,107 bales for
the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,535,433 bales.
R e c e i p t s a t—
S a t.
M on.
T u es.
W ed.
T h u rs.
T o ta l.
F r i.
G alveston _______
Port Arthur____
Texas C lty i.& c .
New Orleans------G u lfp o rt________
Mobile _________
Pensacola_______
Jacksonville, &c.
Savannah
—
B ru n sw ick _____
Charleston . —
G eorgetow n------W ilm in g to n ____
N o rfo lk --------------N ’ port News, &c.
New York .
.
B oston............... ....
B altim ore_______
Philadelphia____
2,529
____
____
2,953
____
138
2,219
____
1,190
3,508
____
____
1,569
5,602
2,306
____
1,211
2,694
6,028
3,430
3,946
258
200
92
389
1,323
50
797
112
848
66
51
39
35
722
478
—
501
418
—
86
293
159
429
296
357
..........
20,376
0,028
597
14,406
100
1,200
2,509
285
5,863
409
323
50
2,147
2,682
..........
6
151
627
642
627
Totals this week.
10,326
14,646
8,959
58,244
25
—
123
824
32
50
383
707
243
171
46
—
—
—
7,495
597
1,297
100
123
290
875
409
100
—
7,264
9,554
3,737
The following shows the week’s total receipts, the total
since Sept. 1 1910 and the stocks to-night, compared with
last year:
1910-11.
M arch
17.
T h is
W eek.
Galveston.
Port A rth u r.
Texas City, & c .
New Orleans
Gulfport ___
M o b i l e ____
Pensacola . . . .
•Jacksonville, & c.
Savannah ________
B runsw ick_______
C harleston_______
Georgetown ____
Wilm ington ____
N orfolk. _______
N ’ port News, &c.
New Y o r k _______
B o s t o n ___________
P h ilad elph ia____
T o ta l___________
1909-10.
S in c e S e p
1 1910.
T h is
W eek.
S to c k .
S in c e S e p
1 1909.
20,376 2,565,868 21,620 2,243,666
6,028
193,273
5,392
112,770
345,298
597
789
69,980
14,400 1,359,892 22,613
986,382
100
34,109
8,204
1,200
231,62 7
4,608
218,556
2,509
107,647
119,596
285
23,531
191
38,288
5,803 1,325,356
6,795 1,21 1,578
409
218,991
5,795
208,005
323
272,459
900
196,293
50
1,080
25
1,198
2,147
392,654
2,056
290,020
2,682
526,153
4,893
419,524
3,848
148
16,012
6,895
192
3,957
642
285
8,944
34,100
101,504
458
54,801
627
1,327
281
315
77,041 6,209,167
58,244 7,744,600
1911.
1910.
100,491
111,551
115,112
2,047
16,068
162,904
1,006
22,475
66,697
5,455
21,356
64,274
12,807
19,026
1,306
19,347
9,065
29,556
226,280
4,782
4,556
3,182
146,538
7,004
5|725
6,064
592,679
598,595
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R e c e i p t s a t—
1911.
G a lv e sto n ___
Pt. Arthur, &c.
New Orleans.
M o b ile _______
Savannah . .
Brunswick___
Charleston, &c
W ilm in g to n . .
N o r fo lk _____
N ’ port N ., &c
All others____
20,376
6,625
14,406
1,200
5,863
409
373
2,147
2,682
Total this w k .
1910.
1909.
1908.
1907.
33,140
6,818
22,827
4,124
13,762
1,110
1,565
3,044
7,118
397
1,290
35,13.3
5,363
21,095
2,331
12,405
4,163
21,620
6,181
22,613
4,608
6,795
5,795
925
2,056
4,893
148
1,407
58,244
77,041
95,195
74,109
1906.
1,067
2,868
0,723
48
2,345
39,732
3,165
19,022
1,088
1,442
3,274
8,873
598
7,426
31,229
7,606
29,158
1,561
12,404
2,710
1,025
568
6,873
278
10,869
90,038
159,389
104,581
Since Sept. 1 . 7,74 1,600 6,209,167 8 ,412,653 7,130,851 8,074,771 6,545,708
The exports for the week ending this evening reach a total
of 110,634 bales, of which 36,402 were to Great Britain,
12,977 to France and 61,255 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910.
W eek ending M a rch 17
E x po rted to —
E x po rts
fr o m —
C on ti
Great
Britain. F r ’ nec nent.
1911. F r o m S ep t. 1 1910 to M a -c h 17 1911
E x po rted to —
Total.
Galveston____
21.874 25,161
3,287
Port Arthur___
0,028
6,02?
Texas City, Ac.
100
10C
New Orleans.. 14,997 3,428 16,203 34,628
M obile..............
1,405
1,405
Pensacola____
2,509
2,509
____ 3,521
G ulfport.........
3,521
Savannah -----5,705
6.281 11,986
Brunswick____
____
____
Charleston-----____
____
____
Wilmington.. .
____ ____
5,632 5,632
—
____
N orfolk---------____
Newport News.
7*821 —
New York____
8,337 16,161
____ ____
35
Boston ...........
35
675 ____
Baltimore____
675
____ ____
Philadelphia . .
1.000
1,000
____ ____
____
Portland, M e..
____ ____
1,045
San Francisco.
1,045
—
Seattle ______
748
748
Tacom a______
::::
____
Portland, Ore.
Pembina.........
____ ____
____ —
____1
Detroit..............
Total...........
Great
B rita in .
1 C on ti
Fran ce
906,434286,194
44,89? 54.96C
211,71C 50,933
760,012 125,74C
62,432 41.00C
42,253 30,595
6,271 19,338
311,617 111,217
100,077
18,832 9,900
126,171 32,015
10,500
....
247,677 73,371
90,765
16,309 6,568
45,544
669
______
—
2,525
—
nent.
Total.
916,112 2,108,740
93,406 193,273
33,224 301,876
329,459 1,215,211
57.014 160,455
34,899 107,747
6.453
32,062
387,289 810,123
78,325 178,402
90,551 1 19,283
213,220 371,412
3,116
13,016
179,424
7,943
63,096
10,290
78,415
45,405
10,030
500
500,472
98,708
86,573
55,834
669
78,415
45,405
10,030
500
............
2,525
36,402 12,977 61,255 110,634 3,004,705 847,8492,638,7776,491,331
Total 1909-10. 41,057 9,804 60,834 111,695 1.772,990 814.394 2,157,927 4,745,311
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.
17 at —
M a rch
G reat
B r ita in
New O rlean s..
G a lv esto n ____
Savannah ____
Charleston____
M o b ile ________
Norfolk _____
New Y o rk ____
Other ports___
8,238
18,038
Total 1 9 1 1 ..
Total 1 9 1 0 ..
Total 1 9 0 9 ..
28,533
35,022
35,410
F ra n ce
G er
m a n y.
O th er
F o r e ig n
1,840
6,750
8,123
11,957
5,800
‘ 257
‘ "1 5
5,328
1,000
1,000
5,000
1,600
800
2,400
13,605
7,159
17,587
33,608
29,196
31,944
26,393
33,610
24,536
C o a s t
w ise .
9,804
14,189
L ea v in g
S to c k .
T o ta l.
209
675
400
28,214
51,609
6,200
"400
9,000
6",666
9,000
10,000
1,800
86,898
54,882
60,497
21,356
10,068
10,347
216,280
19,528
10,684 112.823
17,721 122,708
18,347 127.824
479,856
475,887
541,282
Speculation in cotton for future delivery has kept within
rather narrow bounds, but for all that prices have advanced
on the old crop and shown steadiness as regards the newcrop months. Spot cotton has remained very firm at the
South and of late some increase in the demand in the Atlantic
States is reported. The receipts at the ports and interior
towns have been comparatively light. The certificated
stock in New York has steadily decreased. The falling off in
the last six weeks is, to be exact, 91,379 bales. On Mon
day the Census Bureau will issue its final report on ginning
for this season and in some quarters there is a belief that it
will be or a more or less bullish character. At times the
May option here, which has seemed well under the control
of leading bulls, has been up to a premium over July of 2S
points, although within a few days 10 points of this have been
lost through the liquidation, it is believed, of straddles,
involving sales of May by leading interests and purchases of
July. Frost or freezing weather has occurred in Texas and
the rainfall in that State is still said to be insufficient. The
statistical position, it is contended by some, is gradually
strengthening. The total visible and invisible supplies in
the United States are said to be smaller than those of a year
ago. Liverpool advices state that there is a powerful clique
endeavoring to put up prices, on the theory that the statistical
position from now on is likely to grow stronger, though
present stocks in Liverpool and Manchester are large and
the condition of the spinning industry at home and abroad
far from satisfactory, in spite of some recent improve
ment in Lancashire. Latterly Liverpool's spot sales
have increased. Large spot interests have been buy
ing October here. Spinners’ takings have been liberal.
But, as already intimated, speculation has been quiet.
Much of the time spot business both at
home and abroad has been small. There are still those who
believe that the commercial crop is at least 12,250,000 bales,
and that the consumption will not reach the figures which
the advocates of higher prices are expecting. Curtailment
among the Carolina mills is believed to be increasing, if any
thing, rather than diminishing, and at Fall River 20% of the
looms are idle. Eight South Carolina mills closed on Monday
for a week and others are expected to follow their example.
The high cost of raw material has thrown out of employment
20,000 hands in the mills near Bombay. The plague and
famine in China are still injurious to trade in that empire.
In this country cotton goods are dull and yarns more or less
depressed. Some reports from Texas are very favorable
as to the condition of the soil and the outlook for a big acre
age. South Carolina advices state that farm work is further
advanced than for ten years past. All the reports go to show
that the sales of fertilizers are unusually large in States where
they are used. In the expectation of rather bearish ginning
figures there has been more or less selling by Memphis and
other Southern interests. The demand to cover, especially
in the new-crop months, has latterly fallen off, and these op
tions have lagged behind those for the old crop. To-day a
small advance took place early on better Liverpool cables
than had been expected and bull support, but a recession
occurred later on liquidation. Spot cotton here has been
quiet. Middling uplands closed at 14.65c., an advance for
the week of 10 points.
The rates on and off middling, as established Nor. 26 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir ------------------- c.1.50 on Middling............. c. Basis Good mid. tinged.c Even
Strict mid. fair_____1.30 on
Middling fair_______ 1.10 on
Strict good mid____ 0.G6 on
Good middling____ 0.44 on
Strict middling____
_ _ 0.22 on
Strict low. mid___ 0.25 off
Low middling........ 0.75 off
Strict good ord___ 1.20 on
Good ordinary........ 2.00 oft
Strict g’d mid. tgd.0.35 on
Strict mid. tinged. .0.15 off
Middling tinged— 0.25 off
Strict low.Mid-ting.0.75 off
Low mid. tinged__ 1.75 off
Middling stained__ 1.00 oil
The official quotation for middling upland cotton in the
New
York Mmarket
each dayS at.for the past week has been:
Mch.
ch.
11 fo
Allddllng
17—
uplands _______________ 1 4 .6 5
M on.
1 4 .6 5
T u cs.
1 4 .6 5
W ed.
1 4 .5 5
T h u rs.
1 4 .6 5
F ri.
1 4 .6 5
NEW YORK QUOTATIONS FOR 32 YEARS.
1 9 1 1 .c ........... 14.65 1903_c___ .1 0 .0 0 1 8 9 5 .C___ . . 6.25 1887. C . . . . . 1 0 . 0 0
1902_____ . . 9.12 1894_____ . . 7.50
1901_____ . . 8.75 1893_____ ._ 8.94
1900_____ . . 9.88 1892.......... . . 6.81
1899_____
6.38 1891_____ . . 9.06
1 9 0 6 _________ 1 1 .2 5 1898_____ . 6.12 189 0 _____ . .1 1 .4 4
1905____ . . 8.20 1897_____ . 7.25 1889_____ -.1 0 .1 9
1 9 0 4 .................. 1 5 .6 5 1896_____ . 7.88 1888_____ ..1 0 .1 2
1910_________15.15
1909__________9.65
1908_________11.05
1907_________11.25
1886____
1885____
1884____
18 8 3 ____
1882____
1881____
1880____
MARKET AND SALES AT NEW YORK.
S pot M arket
C lo s e d .
Saturday___ Quiet, 10 pts. adv . .
M onday___ Q u i e t ............... .
T u e s d a y ___ Quiet
____ . ______
W ednesday. Quiet, 10 pts. d e c ..
Thursday _ . Quiet, 10 pts. a d v _ .
Friday_____ Q u i e t ________________
T o ta l____ ________
_____________
F u tu res
M arket
C lo s e d .
S p o t.
Very steady___
—
Barely steady .
Very steady___
Steady_________
Barely s t e a d y ..
. . . 9.12
...1 1 .3 1
...1 1 .0 0
...1 0 .2 5
...1 2 .1 9
...1 0 .7 5
...1 3 .1 9
SALES.
C o n tr 'c t
600
T o ta l .
1,397
1,048
1,700
101
200
600
600
1,397
1,048
1,900
701
4,246
1,400
5,646
THE CHRONICLE
740
FUTURES.- —The highest, lowest and closing^ prices at
New York the past week have been as follows:
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in detail below.
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SS $ S ■?
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 conse
quently all foreign figures are brought down to Ihursday
evening. But to make the total the complete figures for to- The above totals show that the interior stocks have d e
night (Friday), we add the item of exports from the United creased during the week 28,290 bales and are to-night 37,451
States, including in it the exports of Friday only.
bales less than at the same time last year. The receipts1909.
1908.
1910.
1911.
at all the towns have been 148 bales less than the same
17—
861,000
.1,268.000
Stock at L iverpool................
13.000 week last year.
8,000
4,000
7,000
S tock at L o n d o n .....................
80.000
85,000
61,000
. 116,000
S tock at M a nchester........... OVERLAND MOVEMENT FOR THE WEEK AND'
920,000
SINCE
SEPT. 1.—We give below a statement showing the
.1,390,000
T otal Great Britain s to c k .
13.000 overland movement for the week and since Sept. 1, as made
14.000
6,000
4,000
S tock at H am burg---------------504.000
444.000
302,000
. 279,000
The results for
241.000 up from telegraphic reports Friday night.
343.000
390,000
. 323,000
5,000 the week and since Sept. 1 in the last two years are as follows:
4.000
2,000
2,000
S tock at Marseilles..
44.000
46.000
9,000
24,000
M arch
d
Stock at Barcelona .
Stock at G enoa------S tock at T rie s te -----
T otal Continental stock s.
.
682,000
765,000
38.000
2.000
891,000
30.000
18.000
861,000
.2,072,000 1,691,000 2,391,000 2,066,000
130.000
182,000
208,000
India cotton alloat for E urop e— . 151.000
423,483
349,548
225,418
Amer. cotton afloat for E u ro p e .-. 400,457
25,000
52,000
30,000
43,000
E gypt,B razil,& c.,atlt.for Europe .
299.000
234.000
157,000
Stock In Alexandria, E g y p t------- . 226,000
497.000
641.000
748,000
.
511,000
Stock In B om bay, India..............
669,106
597,114
598,595
Stock In U. S. p o r t s ------------------ . 592,679
506,124
697,642
562,125
Stock In U . S. Interior tow ns----- . 524,674
21,787
5,697
24,880
14,627
U. S. exports t o -d a y ................. ..
4,305,024 5,233,018 4,554,783
4,535,437 4,305,024
T otal visible supply___________ .4,535,437
Of the above, totals of Am erican and other descriptions are as follows:
A m er ic a n —
.1,150,000
80.000
. 647,000
. 400,457
, 592,679
, 524,674
14,627
Manchester s tock .
Continental stock .
788,000
51,000
723,000
225,418
598,595
562,125
24,866
69,000
851,000
423,463
669,106
697,642
•■121,787
988.000
68,000
784.000
349,548
597,114
506,424
5.607
110,000
8 ,000
124.000
13.000
3,419,437 :J,973,004
E a st In d ia n , B r a z il,
& c .—
L ondon stock ____
Manchester stock .
Continental stock .
.
.
.
.
.
118,000
6,000
26,000
35,000
151,000
43,000
226,000
511,000
73,000
4,000
10,000
42,000
268,000
30,000
157,000
748,000
16,000
40.000
182,000
52.000
299.000
497.000
12.000
77.000
130.000
25.000
234.000
641.000
.1.116,000 1,332,000
.3,419,437 12 ,973,004
Middling U pland, L iverp ool-----Middling U pland, New Y ork .
E gypt, G ood Brown, Liverpool.
Peruvian, R ough Good, Llverpot
Broach, Fine, L iv e r p o o l...
__ ______ _
7.75d.
. 14.65c.
.
10K d.
1 11.25(1.
. 7 7- 16d.
. 7 5-16d.
4,305,004
8 .i7 d .
15.20c.
16 V ,d .
10.50d.
7H d.
7 l-16d.
4.97d.
5.86d.
9.70c.
10.88c.
8 5-10(1. 8 13-16(1.
7.75cl.
10.35(1.
4 5-10(1. 5 7-16(1.
4J4d.
5 Mil
-1 9 1 0 -1 1 -
M a r c h 17—
S h ip p e d —
W eek.
9,811
3,328
75
2,518
1,499
7,143
. 5,372
.
Via C a iro _______
Via R ock Island.
Via Louisville —
S in c e
S in c e
S e p t . 1.
W eek .
424,947
178,640
25,783
108,945
59,787
150,911
149,196
2,865
677
230
2,304
676
1,278
1,842
S e p t . 1.
316,910
143,001
19,56380,537
38,643
105,508
126,02ft
.29,746 1,098,215
9,872
836,191
Overland to N. Y ., B oston, &c_ . 1,269
Between Interior tow ns_______ . 6,897
402
Inland, & c., from S outh----------
142,814
46,242
33,113
1,216
504
759
69,02ft
30,347
42,876
. 8,568
222,169
2,479
148,252
876,046
7,393
687,93ft
D educt sh ip m e n ts—
• Including m ovem ent b y rail to Canada.
The foregoing shows the week’s net overland movement
has been 21,178 bales, against 7,393 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 188,107 bales.
---------1910-11--------I n S ig h t a n d S p i n n e r s '
T a k in g s.
---------1900-10
W eek.
W eek .
S in c e
S e p t . 1.
Receipts at ports to March 17- — 58,244
Net overland to March 17........... - 21,178
Southern consum ption to Mch. 17 50,000
7,744,600
876,046
1,318,000
77,041
7,393
50,000
6,209,167
687,9391,476,000*
T otal m arketed_____ __________ 129,422
Interior stocks In excess....... ........ *28,290
9,938,646
473,896
134,434
*23,085
8,373,106478,962'
Came Into sight during w e e k ..101,132
_________
T otal In sight March 17______ ______ 10.412,542
110,749
______
________
8,852,062-
1,726,842
10,497
1,743,846-
N orth, spinners’ takings to Mch. 17 32,327
• Decrease during week.
Movement into sight in previous years:
W eek—
1909— March
1908— March
1907— March
1906— March
B a le s .
S in c e S e p t .
1—
19-------------------- 143,415 1008-09— Maroh
2 1 __________
149,446
1907-08— March
2 2 _____________ 221,782 1906-07— March
2 3 _____________ 136,782 1005-08— March
B a le s .
19_______11,474,539
21 - - - - - 9,093,228
2 2 ______ 11.085,404
2 3 ______ 0,003,531
Continental imports for the past week have been 124,000
bales.
The above figures for 1911 show a decrease from last week QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 160,856 bales, a gain of 230,433 bales over 1910, a MARKETS.—Below are the closing quotations of middling
decrease of 697,581 bales from 1909, and a loss of 19,346 cotton at Southern and other principal cotton markets for
each day of the week.
bales from 1908.
G a lv esto n --------New Orleans___
M o b ile _________
Savannah --------Charleston--------W ilm ington-----N o r fo lk ________
B a ltim o re _____
Philadelphia —
A u g u s t a ............
M em p h is_______
S t. Louis_______
H o u s t o n _______
Little R o ck ____
T u e s d a y . W e d ' d a y . T h u r s d ’y .
S a t 'd a y .
M onday.
14 9-16
14 9-16
14)4
14 %
1 49-16
14 9-16
14 9-16
14%
14 9-16
14 9-16
14 9-16
14 9-16
14%
14 <4
14 %
14 K
14 %
14%
14 %
14 %
____
____
____
____
____
____
____
____
14 %
14 %
14 %
14%
14 %
14 %
14 %
14%
14.90
14.90
14.80
14.90
14 11-16 14 11-16 14 11-16 14 11-16
15
15
14%
14%
14 Vs
14%
14%
14%
14 9-16
14 9-16
14 9-16
14%
14 5-16
14 %
14 5-16
14 5-16
14 %
14 %
14.90
14 %
15
1454
14 9-16
14 5-16
F r id a y .
14%
14%
14%
14%
—
____
14 %
14%
14.90
14 %
14%
14
14%
14 5-16
NEW ORLEANS OPTION MARKET.—The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t ’ d a y . M o n d a y . T u e s d a y . W e d ' d a y . T h u r s d 'v . F r i d a y .
M c h . 11. M c h . 13. M c h . 14. M c h . 15. M c h . 16. M c h . 17.
M a rch —
R a n g e _______
Closing----------A p r il—
Range ----------Closing_______
M a y—
R a n g e _______
Closing----------Jun e—
Rango _______
Closing_______
J u ly —
R a n g e _______
Closing____ _
A u g u st—
Range _______
Closing_______
O c to b e r —
Range ____
Closing_____
D ecem ber—
R a n g e ____ _
Closing_______
T one—
Spot ...............
O p tio n s _____
14.35-.42 14.32-.44 14.32-.39 14.35-.41 14.40-.41 14.41-.45
14.38-.40 14.32-.33 14.31-.3 3 14.38-.40 14.42-.44 14.35-.41
— @ —
@
— @ — —
— @ — — ® — — @
14.39-.41 14.34-. 36 14.33-.35 14.40-.42 14.45-.47 14.43-.4 5
14.48-.54 1 4 .5 0 14.40-.50
.50
14.53-.54 1 4 .5 0 14.47-.48
.43
14.46-.56 1 4.33-.5 5 1 4 .4 1 14.48-. 49 14.43-.44 1 4 .4 2 -
fr o m —
Great
Britain
C o n ti- , J ap a n
n en t. & C hln a
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..
2,000 10,000
Total all—
1910-11. 1909-10..
1908-09..
14.54-.62 1 4 .6 0 14.48-.58
.57
14.61-.62 1 4 .6 0 14.54-.55
.49
— 13.97 13.92-.96 13.82-.90 13.89-.90 13.89-.95 13.94
13.96 — 13.85-.87 13.81-.83 13.86-.88 13.91-.93 13.90
Total.
1,000 21,000 36,000 58,000
10,000 57,000
1,000 11,000 6,000 18,000
___
3,000 10,000
____
3,000
____
____
____
1,666
2,000
11.00C
20.00C
25.00C
13,000
24,000
25,000
8,000
18,000
9,000
15,000
2,000
20,000
1,300
175,300
131.000
124,000
3,000
4,000
____
4,000
3,000
____ 12,000
1,000 16,000
1,000 13,000
27,000
17,000
1,000 33,000 36,000 7^,000
4,000 62,000 21.000 87,000
3,000 24,000 7,000 34,000
58,000
77,000
35,000
12,000
15,000
316,000 836,000
479,000 1,127,000
370,000 76S.000
499,000
595,000
381.00C
1,666
____
Total.
21,000
53,000
17,000
13,000
3,000
1
J apan
& Chin a.
C on ti
nent.
Great
B rita in .
4,000 43,000
147,000
112,000
102,000
11.000
1
675,000
736,000
523,000
26,000
47,000
54,000
26,005
14,000
5
1,006
2,000
11,000
330,305 1,063,305
506,000 1.319.000
408,000 966,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
A le x a n d r ia , E g y p t ,
M a r c h 15.
1910-11.
1009-10.
1908-09.
(cantars) —
This w e e k ________________
.60Since Sept. 1 ..................—
.51
65,000
7,167,464
26,000
4,822,792
115,000
6 ,311,015
T h is
S in c e
W e e k . S e p t 1.
T h is
S in c e
W e e k . S e p t . 1.
T h is
S in c e
W e e k . S e p t . 1.
R ec e ip ts
— @ —•
— @ — — @ — — @ — — @ —
E x p o r t s (bales)—
14.51-.53 14.46-. 48 14.46-.48 14.51-.53 14.57-.59 14.54-.55
14.50-.63 14.50-.61 1 4 .4 7 14.56-.57 14.50-.51 1 4 .4 8 -
S in ce S eptem ber
F o r the W e e k .
C lo s in g Q u o t a tio n s f o r M i d d l i n g C o lt o n on
W e e k e n d in g
M a r c h 17.
741
THE CHRONICLE
Maii. 18 1911.-
1,750 141,032
4,000 126,907
7,250 148,807
104,633
3',750 233,958 12,250 236,961
400 56,097
1,500 54,053
2,250 178,378
.69To Liverpool_____________
170,359
.61To M anchester___________
To C o n tin en t____________ 11,500 300,010
To Am erica_______________ 2,000 92,407
—•
—
Total exports_________ 15,750 750,154
.78
.70
9,250 519,551 21,650 582.897
MANCHESTER MARKET.—Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both India and
China is improving. We give the prices for to-day below
Steady.
Steady.
Firm .
Firm.
Quiet.
Steady.
and leave those for previous weeks of this and last year for
Steady. Very sty, Steady.
Steady. Steady. Steady.
WEATHER REPORTS BY TELEGRAPH.—Our tele comparison.
1910.
graphic advices irom the South this evening denote that
1911.
little or no rain has fallen during the week. As a result of
8%
8%
the favorable weather, preparations for the next crop have
32s
32*
on the whole progressed very well, and in early sections the
planting of cotton is under way. In some districts rain is
s. d. d.
d. s d.
d. s. d.
8. d. d. d.
d.
Jan
claimed to be needed.
7.80
10% 5 4 @ 9 9
12% 5 9 @11 3
8.02 10% @
27 11%
@
G alveston , T e x a s. —Dry all the week. Maximum tem Feb.
5
5
@
9
10%
7.91
10%
11
9
@11
3
7.88
12%
5
11%
@
3
perature G8, minimum 54.
7.77 10% @
11% 5 5 @ 9 10% 8.15
11% 5 S @ 11 1
10% @
A b ile n e , T e x a s. —We have had no rain during the week. 10
7.61 10 7-16@ 11% 5 5 @ 9 10% 8.10
17 10%
11% 5 7 % @ 1 1 0
The thermometer has ranged from 34 to GG.
24 107-16W 11% 5 7 @ 10 10% 7.51 10 7-16@ 11% 5 5 @ 9 10% 7.99
P a le stin e , T e x a s. —Dry all the week. The thermometer 3 107-16® 11% 5 7 @ 10 10% 7.64 10% @ 11% 5 6 @ 10 0 8.07
8.05
11% 5 6 (§10 0
has ranged from 42 to G2.
10 10%
11% 5 6 % @ 10 10 7.66 10% @
S a n A n to n io , T e x a s. —We have had light rain on one day 17 10% @ 11% 5 11 @ 11 0 7.75 10% @ 11% 5 6 @ 10 0 8.17
during the week, the rainfall reaching twelve hundredths of EXPORTS OF COTTON GOODS FROM GREAT
an inch. The thermometer has ranged from 50 to G4.
BRITAIN.—Below we give the exports of cotton yarn,
T a y lo r, T e x a s . —There has been no rain the past week. goods, &c., from Great Britain for the month of January,
The thermometer has ranged from 38 to 64.
and since Oct. 1 1909-10 and 1908-09, as compiled by us
H elen a , A rk a n s a s . —Fine farming weather. We have had from the British Board of Trade returns. It will be noticed
no rain during the week. The thermometer has averaged that we have reduced the movement all to pounds.
55.G, ranging from 29 to 83.
V icksbu rg, M is s is s ip p i. —There has been rain on one day
during the week, to the extent of sixteen hundredths of an
1910-11 1909-10 1910-11 | 1909-10 1910-11 1909-10 1910-11 1909-10
inch. The thermometer has ranged from 39 to 88, averaging
1
60.
95,964 116,808 117,278
96.729
___ 20,079 21,314 519,432 515,615
M o b ile, A la b a m a . —Cotton planting has been commenced ON oc vt ___
86,232 113,173 106,683
95,167
18,006 20,451 511,047 463,326
in a few localities in the interior, and a large acreage is gen Dec____ 19,595 18,068 547,961 482.872 102,041 89,870 121,636 107,938
erally indicated. There has been only a trace of rain, on one 4th qr. 57,680 59,833 l,578,44oJl,461,813 293,937 272,066 351,617 331,899
day, the past week. The thermometer has averaged 65, J a n ___ 21,369 17,879 568.228! 497,747 102,439 89,733 123,808 107,612
the highest being 82 and the lowest 42.
434
373
M o n tg o m ery, A la b a m a . —Farmers are preparing land for Stockings and socks.
15.384
14.147
the crop. Dry all the week. The thermometer has averaged Sundry articles.........
491.243 453.731
Total’cxports of cotton manufactures.
63, ranging from 34 to 85.
S e lm a , A la b a m a . —We have had no rain during the week.
The
foregoing
shows
that
there
has
been
exported
from
The thermometer has ranged from 32 to 84, averaging 61. the United Kingdom during the four months 491,243,000
M a d iso n , F lo rid a . —It has been dry all the week. Average lbs. of manufactured cotton, against 453,731,000 lbs. last
thermometer 65, highest 82, lowest 40.
or an increase of 37,512,000 lbs.
S a v a n n a h , G eo rg ia . —Dry all the week. The thermometer year,
A further matter of interest is the destination of these
has averaged Gl, the highest being 86 and the lowest 40.
and we have therefore prepared the following state
C h arleston , S ou th C a ro lin a . —There has been only a trace exports,
ments, showing the amounts taken by the principal countries
of rain on one day the past week. The thermometer has during
January and since Oct. 1 for each of the last three
ranged from 40 to 78.
C h arlotte, N orth C a ro lin a . —It has rained during the week, years.____________________________________________ _ _ _ _
the rainfall reaching forty-two hundredths of an inch. Aver
31.
age thermometer 51, highest 76 and lowest 26.
1910-11. 1909-10. 1908-09.
1909.
1910.
(000s
1911.
N ew O rlean s, L o u is ia n a . —We have had rain on one day
222,476 161.311 903,097 900,691 654,614
during the week, the rainfall being five hundredths of an inch. Turkey, Egypt and Africa. 240,714
411,911 320,100 345,040
90,775 73,656 76,101
The thermometer has averaged 65.
152,591
196,639
169,110
69,726 43,661 58,620
136,532
128,095
97,965
Europe (except Tu rkey )... 40,719 33,417 30,265
The following statement we have also received by tele South
221.316
188,591
134,081
America------------------ 51.357 50,740 29,921
graph, showing the height of rivers at the points named at North America.................... 32.226
39,254 29,650
119,866
111.274
137,798
131,694
130,051
157,307
All other countries................ 42,711 34,543 33,255
8 a. in. of the dates given.
Mch. 17 1911. M ch. 18 1910.
12.70-.76 12.65-. 73 12.61-.69 12.62-.70 12.68-.72 1 2 .6 9 12.70-.71 12.65-.66 12 .61-.62 12.69-.70 12.72-.73 1 2 .6 9 -
12.60-.63 12.69 —
.60
12.55-.61
12.61-.62
12.63-.64 12.60-.61
.53
12.01-.68 12.55-. 64 1 2 .5 2 12.61-.62 12.56-.57 1 2 .5 2 -
lbs. Shirtinas, com m on
to fin e s t.
C op
T w ist.
C o t ’n
M id .
V p l ’s
C o t’ n
M id .
U p lji
lbs. Shirtings. com m on
to fin e s t.
Con
T w ist.
fib
<4
<4
Total o f A l l .
Cloth.
Y a m & Thread.
om itted.
Lbs.
Lbs.
Y d s.
Y d s.
L b s.
L bs.
L bs.
L bs.
October ! to J an u a ry
J a n u a ry.
P iece Goods— Y a rd s.
om itted.)
.
.
Feet.
Now Orleans......................A bove
M e m p h is ________________Above
N ash ville........................... .A b o v e
Shrcveport...........................Below
V lc k sb u rg ____ , _________ Above
zero
zero
zero
zero
zero
Feet.
11.0
27.5
13.7
33.3
10.3
4.1
39.1
1909-10.
1908-09.
of gauge.
of gauge.
of gauge.
of gauge.
of gaugc.
25.1
13.0
1.1
INDIA COTTON MOVEMENT FROM ALL PORTS.
M a rch
16.
1910-11.
R eceipts at—
S in ce
S ep t. 1.
W eek.
S in ce
S ep t. 1.
P"
W eek.
Bombay________ . . . . . . . . .
75,000 1.442.0001108,000 2,201,000
W eek.
S in ce
S ep t. 1.
62,000 1,400,000
Total yards........................ 568,228 497,747 419,123 2,146,668 1,959,560 1,642,135
Total value........................ £7,650 £6,304 £5,201 £28,536 £23,995 £20,134
Y a r n s— L b s. (000s om itted .)
Holland .................................
3,584
5,295
3,282
3,151
76
964
3,178
2,951
3,290
2,535
2,451
57
866
2,838
3,873
3,125
3,207
2,052
768
1,754
2,358
14,175
18,853
11.333
11,724
300
3,719
11,353
14,692
14,127
11,466
11.885
235
3,741
10.443
10,238
12,190
11,812
9,371
2,524
5,830
8,574
Total pounds.................... 19,530
Total value....... ................. £1,419
14,988
£961
17,137
£926
71,457
£5,144
66,489
£4,017
60,539
£3,477
Oth.Europe(cxcept Turkey)
East Indies............................
China and Japan..................
All other countries................
742
THE CHRONICLE
WORLD’S SUPPLY AND TAKINGS OF COTTON.
1910-11.
C o tto n T a k in g s .
W eek a n d S eason .
W eek.
1909-10.
| S ea son .
Visible supply March 10________ 4 ,096,293
1,495,514
101,132 10,412,542
75.000 1,442,000
12.000
227,305
955.000
8,000
204.000
6,000
American In sight to March 1 7 . .
Bom bay receipts to March 1 6 . .
Other India ship’ ts to March 16
Alexandria receipts to March 15
Other supply to March 15 * ____
W eek.
S ea son .
4,361,415
110,749
108,000
30,000
3.000
2.000
1,931,022
8,852,068
2,201,000
192.000
643.000
185.000
Total supply___________________ 4 ,898,425 14,736,361 4,615,164 14,004,090
D ed u ct—
Visible supply March 17 ------------- 4,535,437
4,535,437 4,305,004
362.988 10,200,924
Total takings to March 1 7 --------252.988 7,786,619
Of which Am erican___________
110,000 2 ,414,305
O f which other________________
* Embraces receipts In Europe from Brazil, Sm yrna,
4,305,004
310.160
165.160
145,000
9.699.086
7.333.086
2,366,000
W est Indies, &c.
—We have received from Messrs. Eugen C. Andres & Co.,
Boston, a booklet entitled “Useful Information for the Cotton
Trade.” The booklet in greater part is devoted to tables
facilitating the computation of cotton waste prices, such
tables obviating lengthy calculations, as cotton waste is
generally quoted in percentage prices based on the spot values
of middling uplands in New York. The booklet also con
tains some information on the leading varieties of cotton
grown outside of the United States.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
—We give below a statement showing the exports of domes
tic cotton manufactures for January and for the seven months
ended Jan. 31 1911, and for purposes of comparison like
figures for the corresponding periods of the previous year
are also presented:
M o n th ending J a n .
(icolored a nd uncolored).
E x po rted to—■
United Kingdom_____________ yards
C anada........... ......................................
Central Amerlcan|otaus and British
Honduras ...................... ...................
Mexico ___________________________
C u b a .......................................................
Other West Indies and Bermuda__
Brazil ....................................... ............
Chile........... ............ ............ ...................
Colombia ___________ ______________
Other South Amerloa_____________
A d e n .................................................. ..
British East Indies..... .......................
British Oceania.......................... ..........
Philippine Islands......... .....................
Other Asia and Oceania__________
Other countries.....................................
3 1 .7 M o n th s ending J a n . 31.
1911.
1910.
1910-11.
1909-10.
148,497
852,347
163,542
797,939
917,024
6,119,223
1,581,881
5,484,225
3,038,679
105,986
1,506,915
4.766,563
94,424
875,660
1,803,322
1,588,002
1.165,250
5,667,644
181,567
722,193
0,230,110
195,406
478,928
1,198,542
120,283
915,079
2,696,346
281,485
850,181
1,488,942
1,308,523
214,400
20,647,190
978.547
9.994,771
27,578,524
1,181,886
6,337,699
9,436,407
8,552,336
8,162,705
35,639,626
3,258,159
5,559,428
33,529,369
1,941,364
7.046,950
15,510,354
729,389
9,963,648
25.935,024
1,456,057
5,531,074
8,965,773
10,221,701
5,495,370
59,507,038
5,745,277
4,588,585
15.916.521
2,577,"'SI
9,216.805
297,880
728,444
5,149,287
81,801
499,316
Total yards of above...................... 29,421,493 16,791.990 186,881,208 188,426.673
Total values of above___________ $2,249,636 81,094.171 $13,223,852 811,768.674
$.0624
Value per yard....................................
$.0708
$.0765
$.0651
T o ta l b a l e s .
G A L V E S T O N — To Liverpool— M ch. 13— Benedict, 3 , 2 8 7 . . .............
To Bremen— Mch. 10— Frankfurt, 8 ,8 5 9 ________________________
T o Ham burg— M ch. 15— Adclhetd, 1,250: Alster, 4 ,2 8 7 _______
T o Rotterdam— Mch. 14— Lord Erne, 1 09.......... ....................... .......
To Antwerp— Mch. 11— Director, 1 7 . . ................................................
To Genoa— Mch. 10— Val Sallee, 7 , 3 5 2 . . .......... ......... ........................
PO R T A R T H U R — To Havre— Mch. 15— Calliope, G.028___________
T E X A S C IT Y — To Mexico— Mch. 17— City of Tampico, 100_______
N E W O R L E A N S — To Liverpool— M ch. 17— Armenian, 9 ,0 0 0 ____
T o Manchester— Mch. 15— Mercian, 5 ,9 9 7 ..........................................
To Havre— Mch. 15— Guatemala, 3 ,4 2 8 _________________________
T o Bremen— Mch. 16— Kingstonlan, 7 ,1 6 2 .......................................
To Ham burg— M ch. 16— Memphian, 5 ,6 1 0 .......................................
To Antwerp— Mch. 14— Homer, 4 6 0 ......................................................
T o Rotterdam— Mch. 17— Queen Eleanor, 7 7 1 . ..............................
To Barcelona— Mch. 13— Catalina, 2 , 1 0 0 .......... ...............................
T o Port Barrios— Mch. 15— Joseph Vaccaro, 100_______ _______
M O B IL E — To Liverpool— Mch. 1 1 — Barbadian, 1 , 4 0 5 . . ....................
P E N S A C O L A — To Liverpool— Mch. 10— Ida, 2 ,5 0 9 .......... ...................
G U L F P O R T — To Havre— Mch. 17— Neptune, 3 ,5 2 1 _______________
S A V A N N A H — To Liverpool— Mch. 11— Goodwood, 5 ,7 0 5 ...............
To Rotterdam— Mch. 13— Sikh, 407
.......................
T o Antwerp— Mch. 13— Sikh, 1,039 .
______________
T o Reval— Mch. 13— Sikh. 300
............... .........
T o St. Petersburg— Mch. 13— Sikh, 50
________
T o Barcelona— Mch. 10— Margherita, 1,685
__________
To Venice— Mch. 10— Margherita, 950
..................
To Trieste— Mch. 10— Margherita, 1,850
______
$ GT,PN— To Bremen— Mch. 14— Annette Furness, 5 ,6 3 2 .
B O S T O N — To Yarm outh— Mch. 0— Boston, 3 5 ............... ........................
B A L T IM O R E — To Liverpool— Mch. 11— Quernmore, 675
___
■
0 0 0 ...............
New York the
3 ,2 8 7
8 ,859
5,5 3 7
109
17
7,352
6,028
109
9.000
5 ,997
3,428
7,162
5,619
469
771
2,100
109
1,405
2,509
3,521
5,705
407
1,039
309
59
1,685
959
1,850
5,632
35
675
1.000
1,045
748
weei
at
p a st
is b e i n g in c e n t s - p e r 1 0 0 lb s .
Liverpool _________
M anchester________
Havre _____________
B r e m e n ____________
Hamburg _________
Antw erp............... .......
Ghent, via Antwerp
R e v a l _______________
Gothenburg _______
Barcelona___________
Genoa _____________
T r ie s te _____________
Japan _______________
S a t.
18
18
23
25
25
20
26
27 44
27 44
35
20
35
45
M on.
18
18
23
25
25
20
26
2744
27 44
35
20
35
45
T u es.
W ed .
18
18
23
25
25
20
26
27 44
27 44
35
20
35
45
18
18
23
25
25
20
26
27 14
27 44
35
20
35
45
T h u rs.
F r i.
18
18
23
25
25
20
26
27 44
27 44
35
20
35
45
18
15
23
25
25
20
26
27 44
27 44
30
20
35
45
LIVERPOOL.—By cable from Liverpool we have the fol
lowing statement of the week’s24.
sales, stocks,
&c.. at10. that port:
3.
o,
17.
Feb.
M ch .
Sales of the w eek_______bales.
Of which speculators t o o k ..
Of which exporters took___
Sales, Am erican_____ _________
Actual export................................
F o rw a rd e d ....................................
49,000
3,000
3,000
46,000
19,000
84,000
1,305,000
1,175,000
Total Imports of the week____
95,000
Of which Am erican________
70,000
Am ount afloat_________________ . 252,000
214,000
M ch.
51,000
2,000
8,000
46,000
94,000
1,299,000
1,181,000
115,000
92,000
173,000
141,000
40,000
1,000
2,000
38,000
8,000
64,000
1,290,000
1,168,000
64,000
62,000
162,000
■
123,000
M ch.
52.000
3 ,0 0 9
5,000
48.000
10.009
78.009
1,268,000
1,150,009
64.000
51.000
139,000
106,009
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
S po t.
V a lue o f Other M a n ufa ctu res o f
Colton E xported .
[VO L. L X X X X I I .
Market,
12:15
P. M.
1
i
J
M onday.
T u esda y.
W ednesday.
Th ursday.
F r id a y .
Dull.
Fair
business
doing.
Good
demand.
Steady.
Clothing and other wearing apparel:
Knit goods_____ ______________
All other............................................
$127,558
401,081
$90,060
331.648
$1,005,481
2,882,415
$709,584
2,378,572
T o ta l..............................................
$529,249
$421,708
$3,887,896
S3.088,156
Mid. Upl’ds
7.67
7.67
7.66
7.66
7.73
7.75
Waste, cotton...................... .................
263,275
48,867
452,379
196,957
22,894
352,144
2,004,352
359,436
2,920,976
1,467,837
222,058
2,213,297
Sates|_____
Spec.&exp
6,000
6,000
7,000
8,000
1,000
10,000
10,000
2,000
All other................................... ............
Total manufactures of.................... $3,543,396 $2,087,874|S22.396,512 $18,760,022
F u tu res.
Market
opened
Quiet.
Dull.
500
300
Quiet at
l 44@ 4 pts.
J advance.
Steady at
2 (a 3 pts.
advance.
1,000
Quiet at
1 @ 2 pts.
decline.
Quiet at
i @114
decline.
2,500
Quiet,
unchanged.
Dull at
1 point
advance.
Steady at Steady at Quiet.unch. Steady at
EXPORTS OF BREADSTUFFS, PROVISIONS, COT Market, 1 Quietdec.at to Quiet,unch.
to 1 pt.
to 3 pts.
1@ 4
2J4@5J-4
1@144
TON AND PETROLEUM.—The exports of these articles 4P. M. J4pt.
l 2 pts. adv.
advance.
pts. adv.
pts. adv.
decline.
pts. adv.
during the month of February, and the eight months, for The prices for futures at Liverpool for each day are given
the past three years, have been as follows:
below. Prices are on the basis of upland, good ordinary
clause,
unless otherwise stated.
1909-10.
!
1908-09.
1910-11.
—
’
‘ ------7 44
7 4 l-100d.
A
'A
E x p o rts
fr o m
U . S.
T h u s,
F eb ru a ry.
8 M o n th s.
Quantities.
1,333,038 18,349,202
839,088
6,667,233
F eb ru a ry.
8 M o n th s.
F ebru a ry.
8 M o n th s.
1,000,109 38,325,745 2,444,960 60,407,570
724,350 8,018,963
6,857,844
523.211
5,108,934 48,351,750 3,354,558 69.186,043 5,704,535 96,492,903
10.805,255 35.756.375 4,545,045 22,600,469 5,310,019 24,032,512
Hye
Oats &
Barley
15,914.189 84,108.125 7,899,603 91,786,512 11,014,554 120,525,415
$
-S
8
$
$
$
5,053,990 49,895,251: 3,870,837 75,618,127 6,021,794 98,871,029
5.814,775 20,604,926 3,244,528 10,353,974 3,780,691 17,233,709
132j
443
153,972
22,729
964,552
236', 886 1,029,628
76,060
829,847
98,862
1,019,219
125,126 4,604,100
114,818 2,897,384
77,295 4,210,968
11,230,777
10,793,597
Cattle, &c__ 1 824,091
58,057,323
Cotton .
7,053,373
76,194,043 7,306,686 95,853.304 10,001.371 122,299,477
76,182,732- 9,724.447 76,892,250 11,645,382 96.920,103
7,014,3481 1,398,977 10,492,197 1,211,472 12,417,139
501,211,453 24,862,176 348,112,69634,586,820 328,413,733
57,539,828 6,253,244 63,071,077 6,333,631 66,730,466
M ch . 11
to
M ch . 17.
M a r c h ___
Mch .-A pr.
Apr .-M ay
May-Junc
June-July
J u ly-A ugA u g.-S ep Sept.-O ct.
O c t .-N o v .
N ov.-D cc.
Dec .-Jan .
Jan.-Feb .
Sat.
1244
p.m .
__
_____
____
____
____
_____
_____
—
12 44
p .m .
7
7
7
7
7
7
7
6
6
6
6
6
M on .
T u e s.
W ed.
m eans
Pri.
T h u rs.
4
12 44 4
12 44 4
1244 4
12 4i
4
12 M
p .m . p.m . p.in. p.m . p.m . p.m . p.m . p.m . p.m . p.m .
44
45 A 44
44
45 44 44 44 49 44
44
45 >4 44
44
45 44 44
49 44
44 J4 45 44 44
44
45
44
49 44
45
46
44 44 44 44 45 44 44 44 49 44
42
43
41 44 It 44 42 4a 41 44 40
39
39 44 38
38 44 39
38
42
10 44 17
16
1944
17 44 17 44 16
80
87 44 86
86 44 87
86
88
75 44 74
73 44 72 44 74 44
74 44 73
6 9 44 68
66 44 67
07 44 66 44 68 44
69
67 44 66
06 44 07
66
08
68 44 07
6544 66
6644 6544 67 44
BREADSTUFFS.
51
51
51
51
47
43 44
20 44
88 44
75
69
50
50
50
50
40 44
42 44
20 44
88 44
74 44
69
08 44 68 44
68
68
53
53
53
53
49
5544
55 44
55 44
5544
51 44
40 44
45
22 44 23 44
90
91
76 44 77 44
72
71
70 44 71 44
71
70
F r id a y , M a rch 17 1911.
Prices for wheat flour have ruled steady. The trading
here has been of the hand-to-mouth sort, the idea of many
* Including Hour reduced to bushels.
consumers being that purchases can be made on more advan
.— All o f the above figures are based on the monthly preliminary returns Issued
by the Bureau of Statistics, and cover about 90% of the total exports.
tageous terms by adhering to this policy. Somewhat larger
sales have latterly been reported at Minneapolis, but to-day
SHIPPING NEWS.—As shown on a previous page, the it was announced that several mills there would shut down
exports of cotton from the United States the past week have at the close of the week. Trade at the Southwest has been
reached 110,()3 t bales. The shipments in detail, as made reported stagnant, llye flour has been firmer and more
up from mail and telegraphic returns, are as follows:
active. Corn meal has been quiet and easy.
Wheat early in the week showed noticeable depression, but
N E W Y O R K — To Liverpool— Mch. 10— Baltic, 7,810 upland, 14
Sea Island_____________________________ _______ ___________________
7,824
of late has been rather steadier. The net changes for
To Bremen— Mch. 15— Rhein, 6 ,0 4 9 . _____ _____________________
0,049
the week arc fractional, some being lower and others higher.
To Ham burg— M ch. 15— Kaiserln Augusta Victoria, 100--------100
To Rotterdam — Mch. 15— Volturno, 53____ ___________________
53
In other words, the result has been on the whole indecisive.
To Antwerp— Mch. 10— Finland, 100____
________________
100
One thing which has militated against an advance is the
To Barcelona— Mch. 13— Mannel Calvo, 2 , 0 1 0 . . - .........................
2,010
general trade and statistical position. Stocks of wheat in
To Piraeus— Mch. 15— Patris, 2 5 . ________ _______________________
25
N o te
T o ta l b a le s .
THE CHRONICLE
M a r . 18 1911.]
743
G R A IN
the world are large and export trade, in this countryat least,
t, per bushel—
Corn, per bushel—
is still sluggish. The contract stock in Chicago is approxi W hNea. Spring.
N o. 1___________$ i 0 9 %
No. 2 new...............f.o .b .
52%
N. Sprtng. N o. 2 .................... i 07 4
N o. 2 mixed_____ I.o .b .
mately 5,000,000 bushels, or more than double the total of a Red
Nominal
winter. N o. 2 __________
95%
N o. 2 white______ f .o .b .
Nominal
year ago. Increased shipments are expected from Australia Hard winter. No. 2 ________ 1 01 % R ye,
per bushel—
per bushel, new—
and Argentina. Texas advices report the demand Oats,
84
No. 2 W estern...............
36 % State and Pennsylvania
85
very light. Very favorable crop news is being Standards_____________________
N o. 2 white________________ • 37
Barley— M a lt in g ..............1 0 0 @ 1 06
received from Illinois, and in South Dakota farm N o. 3 white__________________ 36 Feeding. o .I.f N . Y . . Nominal
work is well advanced. Some complaints have been The statements of the movement of breadstuffs to market
received of dry weather at the Northwest, but other reports indicated
below are prepared by us from figures collected by
ridicule them and state that the snow in that section has not the New York
Exchange. The receipts at Western
disappeared. Take it for all in all, the advices from the lake and river Produce
for the week ending last Saturday and
winter-wheat belt have been favorable. Prices have been since August 1 ports
for each of the last three years has been:
noticeably weak at Buenos Ayres and European markets
have also plainly shown the effects of increasing offerings
—!
1
|
i
from Australia and the River Plate, while the demand has
60
56
32
56
been comparatively light. Reports from Russia in regard to Chicago------ 102,242 99,600
2,321,750
1,244.800
481,700
15,500
Milwaukee..
73,400
48,590
. the crop outlook have been cheerful. The weather at Rus Duluth_____
198,880
139,400
192,400
24,480
12,090
95,654
39,642
2,547
42,566
25,300
sian ports has been milder and it looks as though liberal ship Minneapolis. ............
1,460.580
341,760
336,250
352,710j
26,000
______
46,000
ments may be expected from that country in the near future. Toledo_____
204,900
43,500
Detroit.........
4,105
34,960
37,400
82,633
The area planted to wheat in India is officially stated at Cleveland
..
198
11,250
112,10 0
51.400
Us
m in
28.972.000 acres, against 27,765,500 last year, when the crop Peoria*.........
St. L o u is...
47,830
225,536
257,120
369,030
26,6001
3,372
42,200
3,000
295,724
94.400
37,200:
2.200
was 354,000,000 bushels, and the weather in that country Kansas City. --------151,200
309,600
117,300
has been favorable. Trade in flour in the United States is Total w k .’ l l ! 282.065 2,176,370
4,118,876
2,481,260
96,852
still quiet. Yet, as already intimated, no decisive decline in Same w k.'10; 480,196 4,787,878 4,143,766 3,407,877 1.133,288!
1,716,859] 173,966
prices has taken place. On the contrary, those who have Samcwk.’09| 393,515 3,438,665 4,476,751 3,532,672 1.986,118;
134,721
hitherto inclined to the bear side are more cautious. Prices Since Aug. 1
have already had a severe decline and there are factors in 1910-11...: 10,416,673 1167,549,440 203,850.702 132,156,916 51,161.819'4,126,774
the situation which might operate adversely to the short in 1 9 09 -10 ... 14,099,106 199,353,665 121,066.164 37.822,021 59,539,021 5,418.154
terest. The receipts, for one thing, continue light. The 1 9 08 -09 ... 13,350,468 180,978,188 101,302,017 116,242,781 65,341,929 5,167.839
Minneapolis stock during the past week has decreased Total receipts of flour and grain at the seaboard ports for
300.000 bushels. Then there is a possibility, or rather the the week ended Mar. 11 1911 follow:
probability, of the usual crop scares this spring. They make
—
fluctuations in prices whether the scares are well founded or
159,633
220,500
284,400
259,250
31,998
8,050
not. Some unfavorable crop reports have been received Portland, Me.
49,485
40,426
304,613
67.437
600
5,000
283,000
146,000
from Kansas as the result, it is said, of the fall and winter
42,900
342,144
142,340
125,353
1,000
800
drought in that State. At Minneapolis there has been a Baltimore..______ 42,707 30,531 687,013 59,045
7,182
Richmond_______
pretty good demand at times for the better grades of New
Orleans*____
3bl391
3,600
133,200
57,000
wheat. The world's available supply within a week has de Newport News____
43,000
--------Norfolk....................
creased 1,708,000 bushels as contrasted with an increase for Galveston________
..
the same time last year of 4,531,000 bushels. This, certainly, M obile.................... '31(527 1,000 11,000
__
8,700
1.900
shows quite a marked change, and has excited comment, al St.
Montreal..................
67,192
7,097
4,200
36,999
17,455
though it is true that the world's supply still amounts to up John.................. 1,000 90,000
wards of 180,000,000 bushels, or 30,000,000 bushels more Total Jan.
week 1911.. 342,554
942,489 1,900,370
606,984
50,453
16,632
1 1911.-3,550,844 8.828,184 29,350,906 9,033,212 1088,586 141.373
than at this time last year. In the long run it is believed that Since
Week 1910.............. 340.121
450.978 1,329,289
954,401
70,309
12,366
prices must recede, but for the present even those who hold Since
Jan. 1 1910.-3,456,050 11,970,085 14,301,812 7,980,921 743,299 220,350
bearish convictions are inclined to be more c iutious. To-day * Receipts do not Include grain passing through New Orleans for foreign ports
on
prices were irregular, closing about unchanged. Liverpool through bills of lading.
was better than had been expected, receipts were light and The exports from the several seaboard ports for the week
some unfavorable crop news was in circulation; but on the
other hand the milling demand was light, the crop accounts ending Mar. 11 1911 are shown in the annexed statement:
—
were mostly bearish and tired holders liquidated.
New Y o r k ............
42,427
.............
1 050
305,148
38,608
9,260
C e n ts.
C e n ts.
R eceipts at
F lo u r .
W h eat.
bbls.l90lbs. bush.
F lo u r ,
bbls.
R eceipts at
C om .
Oats.
lbs. bush.
lbs. bush.
W h eat.
bush.
C o rn ,
bush.
B a rle y ,
R ye.
lbs. b u sh A S lbs. bu.
Oats,
bush.
B a rle y ,
bush.
lbs.
R ye,
bu sh.
—
’
W h eat,
bush.
C om ,
bush.
Portland, Me____ 283,000
Boston__________
39,543
Philadelphia.........................
Baltimore........... ..
24,000
1,416
New Orleans____
............
Newport News.....
Galveston...............................
Mobile......................................
Norfolk........... ........................
St. John, N. B . . .
90,000
146,000
250,426
213,000
316,870
284,800
43,000
94,286
8,700
E x p o rts f r o m
D A I L Y C LO SIN G P R IC E S O F W H E A T F U T U R E S IN N EW Y O R K .
S a t.
M on.
T u es.
W ed . T h u rs. F r i.
N o. 2 red winter_________________ . 0 4 %
94 51 05 3S 9 5 %
95%
95%
M ay delivery In elevator................... 9 6 %
96%
96 % 97
96 %
96 %
July delivery In elevator_________ 9 5 %
95
95% 95%
95 < 9 5 %
D A I L Y C LO SIN G P R IC E S OF W H E A T F U T U R E S IN C H IC A O O .
S a t.
M ay delivery In elevator---------------- 91 %
July delivery In elevator_________
00
September delivery In elevator____ 8 9 %
M o n . T u es.
9 0 % 91
88 % 8 9 %
88% 88%
W ed . T h u rs. F r i.
91%
0 0 :4 9 0 %
89%
88%
88%
88%
88%
88%
7 14
F lo u r ,
bbls.
Oats,
bush.
5,000
22,068
R ye,
bush.
B a rle y ,
bush.
P e a s,
bush.
.............................................
.......................................................'
.
10,000
6,921
13,123
160
2,500
7 ,9 7 7
3,627
714
1,900
1,000
Indian corn futures here in New York have been nominal Total week____ 480.386 1,662,230 109,038 13,820 . - . - ................. 1,155
much of the time. At Chicago the trading has been fairly Week
1910______ 424,107 1,399,652 138,574
5,480
.
676
active, with prices irregular. At times there has been freer The destination of these exports for the ........................
week and since
selling by the country, and some are predicting an increase July
1 1910 is as below:
in the receipts in the near future. Elevator interests have
-------------------------------also been prominent in the selling. On the other hand the
1
1
1
consumption is believed to be heavy. Further sales have
11.
1910.
11.
1910.
11.
1910.
been made for export. On declines commission houses have United K ingdom
1 —
3,031,264
412,543 24,725,223
677,221 15,159,901
made purchases. Rains are said to have benefited the late Continent..................... 55,916
14,721 16183,136
64.427 13.604,802
911,326 16,183,136
crop in Argentina, but there were no shipments from that Sou.
& Cent. Amer. 17,134 2,033.879
2,000
226,002
37,540 2,033,879
West Indies.............. 19,517 1,050,056
1.416
7.549
35,593 1,050.056
country this week. To-day prices advanced slightly at first Brit.
Nor. Am. Cols. 1,750
14,354
..................................
550
14,354
on light receipts and an increased cash demand, but the rise Other
Countries.....................
25,181
...........
15,000
25,181
was lost subsequently on liquidation.
Total....... ............... 109,038 34466,507
480,386 38,578,576 1.662,230 34,466,507
D A I L Y C LO SIN G P R IC E S OF N O . 2 M I X E D COR N IN N EW Y O R K .
Total 1909-10............ 138,574 7.149,444
424,107 66.202,270 1,399,652 21,001.123
Cash corn____________________________ 5 3 %
5 3 % 53
53
53% 52%
The world’s shipments of wheat and corn for the week
M ay delivery In elevator__________ 57
56% 56%
56%
5 6 % 56%
ending Mir. 11 1911 and since July 1 1910 and 1909 are
D A I L Y C LO SIN G P R IC E S OF CORN F U T U R E S IN C H IC A G O .
shown in the following:
F lo u r
W eek
E x p o rts f o r week and M c h .
S in ce J u ly
to
bbls.
S a t.
M on.
T u es.
S a t.
M on.
T u es.
May delivery In elevator__________ 50
July delivery In elevator__________5 0 %
September delivery In elevator____ 5 1 %
4 9 % 49 %
50% 5 0 %
51%
51%
C LO SIN G
PR IC E S O F O AT S
S a t.
IN
M on.
49%
50%
51%
S a t.
M on.
30%
30%
30%
T u es.
31
30%
30%
The following are closing quotations:
N EW
S in ce
J u ly
bu sh.
YORK.
E x p o rts.
W eek
| S in ce
M c h . 11.1 J u l y 1.
North Amcr.
Russia.........
Danube____
Argentina . .
A u stralia...
India...........
Oth. count’s
I B ush els.
1,792,000
2,840,000
792,000
3,592,000
2.480,000
760,000
64,000
B u sh els.
S in ce
J u ly 1.
B u sh els.
W eek
| S in ce
M c h . 11.!
J u ly 1.
B u sh els.
B u sh els.
S in ce
J u ly 1.
B ush els.
89,339.000 108,739,000 1,503,000! 31,894,000 20.677.000
158,688.000 156,168,000 1,028,0001 12,030,000 12.860.000
73,184.000 15,314,000 425,000! 56,199,000 16.451.000
48.042,000 35,390,000
68,0001 55,177,000 59.880.000
35,360.000; 24,972,000
34,086,OOOi’
6.312,000 /34,128,000
W e d . 7 'h u r s . F r i .
W ed . T h u rs. F r i.
31%
31
31
31%
31%
31%
31
31%
31%
FLO UR.
W inter, low grades____ S2 7 5 ® $ 3 25 Kansas straights, sa o k .S l 3 5 @ S 4 60
W inter patents____ _____ 4 7 0 ® 4 85 Kansas clears, sacks____ 3 6 0 ® 4 O')
W inter stra ig h ts _______ 3 9 0 ® 4 10 City patents....................... 6 9 0 ® 6 30
W inter clears.................. 3 5 0 ® 3 75 Rye (lo u r............................. 4 2 5 ® 4 75
Spring patents................ 4 9 0 ® 5 25 Graham flour......... ............ 3 9 0 ® 4 00
Spring straights............... 4 5 0 ® 4 80|Corn meal, kiln d r ie d ..
2 55
Spring clears____________ 3 9 0 ® 4 2 5 1
bush.
W eek
M ch .
bush.
49%
50%
51%
Standard's------------------------------------------ 36
36% 36%
36%
36%
36%
N o. 2 w hite-------------------------------------- 3 6 % 37
37
37
37
37
D A I L Y C LO SIN G P R IC E S O F O A T S F U T U R E S IN C H IC A G O .
M ay delivery In elevator---------------- 3 1 %
July delivery In elevator.......... ......... 31
September delivery In elevator------ 3 0 %
-C o m -
S in ce
J u ly
W e d . T h u rs. F r i.
40%
50%
51%
T u es.
bbls.
W eek
M ch .
bush.
W ed . T h u rs. F r i.
Oats for future delivery in the Western market have as a
rule followed in the wake of corn, with the trading rather
light, though at times there has been selling of July and Sep
tember and buying of May by large elevator interests. The
supply of contract grade at Chicago continues heavy. The
cash demand has been light. To-day prices showed little
change, but the tone was firmer on light receipts and offer
ings and covering of shorts.
D A IL Y
W h e a t-
S in ce
J u ly
T o ta l____ 12320000 445,011,0001374,711.000 3,024,000155,300,0001109,868,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
W h ea t.
U n ited
K in g d o m .
B ush els.
Mch.
Mch.
Mch.
Mch.
Mch.
11 1911-4 1911-.
12 1910 ..
13 1909..
14 1908. -
C om .
I
C o n tin e n t.\
\ B u sh els.
Total.
\ B u sh els.
22.048.000 28,576,000 51,224,000
21.488.000 28.088.000149,576,000
2,550,0001 2,975.000 5,525,000
33,600.000.22,960,000 56.560,000
36,760,000!22.120,000 58,880,000
U u ited
' K in g d o m .
1
Con tin ent.
| Total.
! B u sh els.
B u sh els.
4,454,000 5.568,000 10,022,000
4,276,000 6,290,000 10,566,000
31,280,000 17.360,000:48,640,000
2,805,000 2,040,000 ! 4,845,000
2,040,000 3,720.0001 5,760,000
\ B u sh els.
THE CHRONICLE
744
[VOL. L X X X X I I .
The visible supply of grain, comprising the stocks in demand for quick supplies. Drills have ruled inactive and
granary at principal points of accumulation at lake and are sold under conditions similar to those just reported on
sheetings. Tickings are in fair shape, in face of moderate
seaboard ports Mar. 11 1911, was as follows:
requirements, and denims somewhat less irregular than of
AMERICAN GRAIN STOCKS.
late, the output of these having been very considerably
reduced. Bleached cottons are irregular and buyers still
1,178,000
6,000
47.000
New Y o r k ........................ 1,412,000
627,000
look for reduced prices on ticketed goods. A number of the
1,000
26.000
Boston
....................
226,000
767,000
54.000
Philadelphia............- 363,000
1,127,000
latter are going out to buyers on memorandum. There is
169,000
44.000
Ya'ooo little business passing in wide sheetings. Domets and other
B altim ore..-...................
319,000
1,951,000
81.000
New Orleans__________
3,000
821,000
Galveston....... .......... —
147,000
■ 95,000
heavy napped fabrics are dull and featureless. Staple
32^665
353.000
65,000
Buffalo.....................
1,439,000
1,000
prints rule quiet throughout, but a fair business is reported in
•'
a flo a t............. 2,103,000
............
211.000
100,000
some of the finer lines of fancies and printed sheer goods.
154.000
Toledo............- ............... 1,116,000
290,000
129.000
3,000
3 ”,666
■Detroit..........................
295,000
300,000
Ginghams, zephyrs and other woven pattern fabrics for dress
"
afloat...............
100,000
---------" 2,000
purposes show about regular request. Cotton linings and other
7,208,000
Chicago-.............. - .......... 5,012,000
1,937,000
1,348,000
“
afloat...................................
converted lines of allied character are irregular, but not lower
369.000
Milwaukee-------- ---------128,000
581,000
76.000
*4~66o
than a week ago. Print cloths are reported as showing some
1,048,000
282,000
16.000
Duluth.............................. 5,568,000
786,000
“
afloat........................
......................
221,000
improvement in inquiry towards the close of the week, with
lbb’ ooo
385,000
2.224.000
Minneapolis ..........
14,167,000
366,000
occasional manufacturers rather stiffer in their views regard
73.000
3,000
288,000
St. Louis ........................ 1,445,000
316,000
133,000
Kansas City___________ 4,068,000
687.000
ing forward contracts. Spot goods continue irregular, with
” 3”6
1.519.000
Peoria.................
12,000
107,000
3834-inch 64 squares still quoted at 5c.
47,000
Indianapolis.....................
299.000
507,000
WOOLEN GOODS.—The improvement in the demand for
237.000 1.300.000
Mch. 11 1911—38,222.000 12.614.000 lS, 166,000
KTotal
light-weights for men’s wear noted last week has not been
251.000 1.341.000
Total Mch. 4 1911.-39,868,000 11.804.000 15,520,000
2.840.000
742.000
9.391.000
IKTotal Mch. 12.1910-26,419,000 13.882.000
maintained, suffering evidently from a material drop in the
529.000 3.052.000
8.948.000
6,617,000
, Total Mch. 13 1909—36,996,000
temperature this week; and in heavy-weights there has been
CANADIAN GRAIN STOCKS.
IP
no increase in the demand coming forward; hence, total
results are not regarded as satisfactory. The impression is
83,000
705.000
4,060
Montreal...........................
284,000
general that little change in the character of business can be
2.341.000
Fort William.................. 3,550.000
looked for, with the extra session and its tariff possibilities
240.000
318,000
'•
afloat..............
2.653.000
Port Arthur___________ 3,555,000
overhanging the market. Reports from the manufacturing
Other Canadian.............. 1,683,000
centres are by no means satisfactory, and in some quarters
83,000
6,659,000
4,000
.
9,390,000
it is estimated that 40% of producing capacity is a conserva
Total Mch. 11 1911.
79,000
9,000
6,579,000
TotalMch. 4 1911- . 9,539.000
tive figure at which to place the present curtailment of out
51,000
292,000
30,000
Total Mch. 12 1910- .10,678.000
89.000
217.000
27.000
put. Overcoatings have been in irregular request, rough
Total Mch. 13 1909. . 6,456,000
fancies still holding the lead. With the opening of further
SUMMARY.
lines of dress goods for fall the price situation is somewhat
clearer, and, in comparison with previous season, values may
237,000 1,300,000
American .................... .38,222,000 12,614,000 15,166,000
83,000
4,000
6,579,000
Canadian...................... . 9,390,000
be said to show a reduction of from 5 to 10%. The demand
for
the new season is not well distributed, and in the aggre
237,000 1,383,000
M Total Mch. 11 1911. .47,612,000 12,618,000 21,745,000
251,000 1,420,000
gate
is regarded as unsatisfactory. The best business is
w Total Mch. 4 1911- .49,407,000 11,813,000 22,099,000
742,000 2,891,000
9,683,000
II Total Mch. 12 1910. .37,097,000 13,912,000
being done with the cutting-up trade and in the better grades
529,000 3,141,000
6,644,000
9,165,000
£. Total Mch. 13 1909- .43,452,000
of staples and fancies.
FOREIGN DRY GOODS.—A slight improvement is
T H E D EV GO' ‘ DS T R A D E .
noted in the demand for the better class of dress goods, but
men’s wear woolens and worsteds have ruled dull. Light
N ew Y o r k , F r id a y N ig h t, M a rch 17 1911.
silks have been in fair request and a moderate busi
Business during the past week has not brought out any weight
ness is reported in ribbons in the lines recently opened for the
new feature of importance; the day-to-day demand has been fall
trade. Linens are firm with business for spring delivery
ear-marked with all the previous indications of caution on of 1912
retarded by the prices which sellers are
the part of buyers and the aggregate results have again been asking. somewhat
Burlaps have advanced 5 points for heavy-weights,
indifferent. Towards the close it was stated in some quar which have
been in good request; light-weights are un
ters that some of the larger buyers were of a more inquiring
disposition, but not any more liberal in their price views than changed.
before In the cotton-goods division buying is being made Im portations and W arehouse W ith draw als of D ry G oods.
up largely of purchases of small lots from stock goods for The importations and warehouse withdrawals of dry goods
quick delivery; these, where available, have not been diffi at this port for the week ending March 11 1911 and since
cult to purchase. There have been no changes in open quo Jan. 1 1911 and for the corresponding periods of last year:
tations in any direction, but the absence of these is not a true
<D M 50 H N
<0 N C5 1C M C5 !>•
O
o H OO
.
O rHtO O
CMO lO O 05 O rH
isi CMrHCO00
indication of the condition of things, except it may be in the
^
00 <0 »0 N b*
t* Is- r** rr uo COlO
COCOb" O H
05 ^ Mi- ^ ^
^
rH
matter of forward contracts, there being much quiet irregu
W COlO O H O
05 CM
TH
^ COO CO05
*0 Tb
CMCOO CMoO rs. Tf
larity in most descriptions of cotton goods off the loom.
« O 00 Tf M
H Cl H H
CO©
rHCM rH
Curtailment of production still fails to clear the market of
£
ready supplies. This has, however, been increased this week
h- Tf C&C5 00
by a week’s shut-down on the part of a number of Southern
la
mills, manufacturing chiefly brown cotton goods. In the
co a,
export division a little more inquiry is noted, but the foreign
outlet, so far as actual business goes, continues quite cir
rHCO Tf 05
COH 05 H H
cumscribed. Another important consolidation of Southern
t** CO© rH05
cotton mills is reported, a number of these in the Piedmont
Valley section combining with a capitalization of $12,000,000, MS fT3irsH*5* CCM5 © ©lO rrC5 iOC5
with some 500,000 spindles and 15,000 looms. In the woolen
goods division the demand continues moderate in the aggre B$
f „• N CM O 00
gate. The reports coming to hand from out-of-town dis ofe« a 05HrHbbrCOHCCMOW05CMHr00H
tributing centres are on the whole fairly cheerful in tone, but
would be much more satisfactory to the market here if they M
cj io o
n
0O 00 <o O
W
were accompanied by tangible evidence of a good distribution H
t- C5 CCto O
in the shape of materially increased orders at first hands; £
n
still some confirmation of these reports is furnished by the w ^
n n
fact that collections are quite up to the average of an ordin w Ca
ary year.
^
© co co
CO
DOMESTIC COTTON GOODS.—The exports of cotton tfofa 0g5 05oo*b“*i °tCoOo°.ro»H*1
goods from this port for the week ending March 11 were 5,260 53 <35n,
packages, valued at $346,590, their destination being to O
the points specified in the table below:
00 H rHCMCO
W h ea t,
bu sh.
C om ,
bush.
Oats,
bush.
R ye,
bush.
Bar ey,
bush.
o
oo
W h ea t,
bush.
C orn ,
bush.
Oats,
bush.
R ye,
bush.
B a rle y ,
bush.
W h eat,
bush.
C om ,
bu sh.
Oats,
bush.
R ye,
bush.
B a rle y ,
bush.
rj*
r* q
h
n
05 5
«
£
to
t- o
r in f-t c o
e\J a> oo
.
h m
E-|
.
'f d
HO
«5 b» CMb* C5
Vrf b* rHr>T05
COO © COrH
CM05 00 COCO
.
--------1911
N e w Y o r k to M a r c h 11
Great Britain.......................
Other Europe------------------•China........................................
W eek,
S in c e
J a n . 1.
S in c e
W e e k , J a n . 1.
•
•
601
161
146
9,503
4,728
7,717
1,026
7,568
370
3,845
11,854
8,538
•
25
.
■
*23
.
462
■ • 41
■
132
• 1,062
• 266
763
166
108
33
1,553
949
5,415
257
1,614
10,317
7,287
.5 ,2 6 0
55,456
2,547
28,462
..
11
M exico.
.
.
520
16
g ls i
HHrfcO M
rHO Tf CO©
05 rH 05 »0
COH rHHf
The value of these New York exports since Jan. 1 has been
$4,118,589 in 1911, against $2,172,865 in 1910.
Only sm all sales
during the week, at
no . large stocks on
appearsAto.beJquite
of brown sheetings have been reported
irregular prices. I t is said th at there are
hand of these, b u t nevertheless there
sufficient to more thanjm eet the current
9 §
3 o§3
S aS
S & o % fa 8
IS
3
r,„
SO 2
' gg 0 = 3 8
•3 • ■
3
o il
P a g e ..
F E B R U A R Y BOND SA LE S.
N a m e.
N a te .
M a tu r ity .
A m ou n t.
P age.
95
$150,000
100.091
200,000
100
105,000
4 0 7 - -A lban y County,
100.56
20,000
100
1,000,000
1941
100
5,000
1921
100
4.000
4
1918
4
8.000
101.22
75,000
1951
- 4 )4
50.0001 104.86
1925-1932
407.
. 4
20,000)
1911-1930
. 4
106
24,000
O i l -.A n tw erp School District, Ohio
75,000 1/101.01
5 4 2 ..
Ashland S . D . N o. 5, Ore.
106.391
7,610
1912-1921
748. .
Athens, Ohio (3 Issues)
100.20
50,000
1912-1921
6 1 1 ..
Atlantic, Iowa.
56,938
100.096
6
500
(/1915-1950
(. 5
12,000
105.03
1921-1932
.. 5
102
2,500
1912-1916
._ 5
47 8 _.B clle C<
11,000
100
(11931-1951
._ 5
O il..B e lt o n , T e x .
101.666
18,000
1929
.. 6
10.000 106.204
----------------6 7 4 . -Blackford County, In d _________ - 40.000
.............
6 1 1 ..
Blakely Tw p . Poor D lst., P a ______ 5 1915,’20& ’25
50.000
5 4 2 ..
Bolivar County, M iss____ - 1030
100.243
150.000
4 0 7 ..
Boone, Iow a_______________4 X
1931
103.100
25.000
542_.B u cyru s, Ohio_______ ___________ 4 X
1914-1923
100
16.000
612. .
Burlington, N . J __________4 )$ (11931-1941
103.036
5,304
4 7 8 ..
Caldwell, Ohio____________ 5
1911-1920
103.078
30.000
4 7 9 ..
Camden County, N . .I ____ 4 X
1926
100.004
17.000
0 1 2 ..
Chamberlain, So. D ak ___5
1921
100
5 4 2 ..
Champaign County, Ohio*.________ 41914-1917 11,600
100
40.000
6 7 4 ..
Charleston, So. Caro_____ 4
1929
103.31
125.000
6 1 2 ..
Chelsea. M a s s ..___________ 4
1930
5,300
----------------5 4 2 . . Chester, V t ______________________ 4
9.500
748. .
Claremore School D lst., O k la .. 5 1936
4,761
3 3 5 ..
Clark County, Ohio_______ 5
1911-1916
100.617
11.065
543. .
Clay County, Iow a_______ 5 H
------------------18,443
101.043
0 1 2 ..
Cleveland Heights, Ohio_4 13
1911-1920
100.777
4 7 9 ..
College Hill, Ohio________ 4
1931
4.000
25.000
479. .
Conroe Inti. S. I)., T exas_ 5
1920-1950
100
75.000
100
4 7 9 ..
Copiah County, M iss--------- 5
1922-1936
100
68,800
749 . .Corning, Col. (2 Issues)-------------- 5
1911-1950
175.000
100
6 7 5 ..
Crawford County, A rk ___ 6
1917-1935
120.000
7 4 9 . -Creek County, O kla---------------------6
1936
75.000
0 12 . .
Crittenden County, A rk _6
1911-1920
8,439
103.969
7 4 9 -.C rooksvllle, O h io ______________ _ 5
1912-1921
25.000
100
5 4 3 ..
Custer County, M ont____ . .
dl921-1931
17.000
100
7 4 9 ..
Custer Co. S. I). N o. 44, N e b .. 4 J31930
68,490
3 3 5 ..
Cuyahoga County, Ohio (4 lss . ) . 41911-1921
X
2.900
10 T 9 9 1
4 7 9 ..
Cuyahoga County, O hio-----102.238
29.065
4 7 9 ..
Cuyahoga County, Ohio... . .
4.500
100
5 4 3 ..
Cynthlana, I n d ___________5
20.000 102.88
4 7 9 ..
Danbury Township S . D ., O hio. 41912-1926
>3
9.900
1912-1920
4 7 9 ..
Decatur, 111________________ 5
50.000
19111935
lb T § 1 5
6 1 3 _ .Denison, T e x ____________________ 5
20.000 100
1941
6 1 3 ..
DougIasvllIe, G a _________ 5
20,000
7 4 9 ..
East Cleveland, Ohio (2 Issues). 41921-1940
}4
20,000 lbb".025
19121931
4 7 9 ..
East Milwaukee, W is ____ 5
105.64
15.000
6 7 5 ..
East W hittier Sch. D lst., C a l.. 5
90.000
101.78
1916-1921
4 8 0 ..
Elkhart School City, In d _4
100
25.000
5 4 3 ..
Ellis County, T e x ________ _ .
5.000
6 1 3 ..
Enterprise Sch. D lst., Cal_________5
1927-1931
108.53
50.000
1951
4 0 7 ..
Essex County, N . J ...... ..... 4 X
108.333
1951
250,000
4 0 7 . . Essex County, N .J . (2 Issu es).. 4 X
108.333
1931
50.000
4 0 7 ..
Essex County, N . J _______ 4 X
101.474
1,628
6 1 3 ..
Euclid, Ohio.............................. 4 M
3.500
6 7 5 ..
Falrvlcw, K a n ____________ - 1931
25.000 j/100.204
4 8 0 ..
Falk City, O r e . . . ............... 6
1912&1913
18.000
101.265
6 1 3 ..
Fayette County, Ohio-------5
d 1917-1922
1,800
100
544_.F ergu s Co. S. D . N o. 11. Mont 6
4 8 0 ..
Fisher Co. Com. S . D s., Texas
1921-1931
100
1,600
(2 Issues)________________________ 5
1931
400.000
100.90
4 8 0 ..
Flint, M ich____ ___________ 4 M
d l931-1951
100
13.000
4 8 0 ..
Florence Ind. S . D ., T e x -5
1930
104.17
25.000
613. .
Galesburg, 111______________ 4 )3
25.000
6 1 3 ..
Galesburg, 111______________ - 9.000
6 7 5 --G a lv a , 111________________________ - 100
500.000
5 4 4 ..
Galveston County, T e x __ 5
1920&1921
100.453
60.000
4 0 7 ..
Gary School City, In d ___ 4
1,800
1915
101.277
6 1 3 ..
Geneva Township, Ohio----5
20,000
101
5 4 4 ..
Glbsonburg Sch. D lst., Ohio______1912-1931
4
1912-1921
20,000
101 556
4 8 0 ..
Gloucester, M ass__________ 4
1931
100.000 101.55
5 4 4 ..
Grand Rapids, Mich______ 4
1912-1917
1,800
103.142
6 1 3 ..
Gratis Township, Ohio____ 5
1,500
4 8 0 ..
Grayson Co.C om .S.D .N o.91,Tex. dl912-1926
5
100
1932,
124.000
100
4 8 0 ..
Greene County, N . Y . (3 Issues)
4 ’3 3 & ’34
100.125
\
17.500
105.011
5
48 0 . .
Grovcr Hill Sch. D lst., O h io ______1914-1932
1913-1932
104.077
61 4 ..
11.mpden County, M ass__4
200.000
d l 9 16-1931
48 0 . -Hansford Co.C om .S.D .N o.7,Tex. 5
1.000
100
1912-1926
5 4 4 - . Harrison Township, In d ________ 4 X
19,950
19111916
5 4 4 .-Hawthorne Township, 111.............5
11,000
750. .
Hidalgo Co. Com. School Dis
d l 9 15-1950
tricts, T e x. (3 Issues)............... 5
25.000
100
544. .
Holland, M ich____________ 4
191219209,000
99.166
1912-1936
7 5 0 . -H o llan d, M i c h ........ ...............
4X
50.000
100
6 1 4 ..
Homer, L a ___ _____________5
d l9 3 0 -l9 5 0
40.000
100
6 1 4 ..
Huntington (Town), N . Y ................ 5
17,703
4 8 1 . . 1.haca, N . Y -------------------------------4 .35
dH) 12-192 7
157,000
lbo’.o i l
481-.Jack sboro, T e x ........................... .......5
d l9 2 1-1951
27.500
97
4 0 8 ..
Jamestown, N . Y . (2 Issue 4 X
1912-1941
103.985
70,000
104.251
25,000
4 V4
102.52
1961
150,000
3 3 6 ..
Jersey City, N . J . . ............
5 4 5 ..
Kalam azoo, Mich. (4 Issues)______
88,2001 ^ 100,556
15,200 J
{ l x
100
,5.5 )4 & 6 Various
103,553
125,000
100
. 4)4 (11916-1931
4 0 8 ..
Kearney, Neb
106.203
1917-1921
lst., Ohio.
. 5
7,500
4 8 1 ..
Kenmore D
Sch.
101.388
4 ’ 1 6 ,’21 ,’2 6 & ’31 50,000
i921-1930
100
24,000
5 4 5 . .L ak e Henry Drain. D lst., M o .. . 6
5
26,630
104.454
3,440
. 5
1912-1921
751. .
Lakewood,
104.573
. 5
1912-1921
21,750
7 5 1 ..
Lakewood,
102.17
5
1,440
1912-1916
7 5 1 ..
Lakewood,
. 4
(11931-1941
75,000
5
103
60,000
100.874
4 )4
50,000
408__LlncolD, N eb .
1912-1921
11,000 V 100
4 0 8 ..
Lincoln, Neb. (3 Issues)__. 5
1915-1936
21,600
6 1 4 ..
Lodi, Ohio________________ 4
. o5lo .. (11926-1941
25,000 1/101.90
6 1 5 ..
Longmont S. D . N o. 17, C
5
(11930-1950
8,996
100
. 4
. 4
- 414
. 4
1936
1912-1931
1912-1919
100
102.02
1,000
N a m e.
M a tu r ity .
'.ate.
A m o u n t.
P r ic e .
100
70,950
6 1 5 .. .Louisa County, Iow a___________5 X
5)4
105.921
95,000
1925-1934
4 0 8 .. .Lorain Sch. D lst., Ohio________ 4 4X)4
2,448,000
4 0 8 .. .L o s A n geles,,C al___________
4)4
103.906
525,000
4 8 2 .. .L os Angeles County, Cal----------- 4 4)4
X
100
200,000
1915-1939
5 4 5 .. .M cKeesport, P a _________________ 4 4
125,000
a l9 2 4
4 8 2 .. .Mahoning Co. R . D . N o. 1, Ohio 4' )4
100.155
176,000
1911-1933
5 4 5 .. .Mahoning County, Ohio________ 4 4
101.10
6,000
5
(11913-1915
3 3 7 .. .M alta, N . Y ........ ........... .........
“
58,000
1912-1921
6 7 6 .. .M anhattan, K a n ___________
5)4
100.016
6,000
5
1912-1914
4 8 2 .. -Manhetm, N . Y ____________
100.863
9,900
1913-1922
5 4 5 . .M aple Rapids S . D . N o. 4 , Mich. 44XV
3 3 7 . .M a r y la n d ________________________ 3 '3)4 (11921-1926 1,000,000 94.5311
90
2,000
6 7 6 . .M ason City, N eb________________ 6 6
102.75
1912-1921
10,000
6 1 5 . .M aum ee, Ohio___________________ 5
26,000
4
(11921-1936
4 0 8 . .M edia School District, P a .
500,000
1941
4 8 2 . _M nneapolis, M inn----------------------- 4 4
100.375
50,000
5 45. .Minnehaha County, So. D ak ___ 4 X
4)4
11,000
4 0 8 . .MInneota School District, M inn. ' 4
1917-1928
238,530
100
0 15. .Minnesota (5 Issues)____________ 4 4
104.107
1912-1931
28,000
4 8 3 . .Mississippi County, M o_________ 6 6
100.057
(11916-1931
35.000
4 8 3 . _Monett, M o _______________________ 5
103.04
"
20,000
676. .Morgan Park, 111________________ 4)4
105.31
1917-1941
4 8 3 . .N ational City High S. D ., C a l.. 5
25,000
1930
1,030,000
3 3 7 . .N ew ark, N . J ____________________ 4
1955
100,000
3 3 7 . .New ark, N . J ____________________ 4 4
101.548
1912-1921
186,000
6 1 6 . .N e w Bedford, Mass. (2 is s u e s ).. ‘4
109.732
1921-1928
17,000
4 8 3 . .New berry Township, Ohio______5 5
1929-1930
111.828
4 8 3 . .New berry Township, Ohio_____ 5 5
7,000
1914-1925
101.70
7 5 2 . .N e w Hope S. D ., C al___________5 5
6,000
1911-1914
28.000
4 8 3 . .N ew m an , 111_____________________ 5
1960
23,0001
6 7 6 . .N e w York C ity___________________3 3
1911
500/
6 7 6 . .N e w York C ity___________________3 3
d l929
22,000 1/100.227
5 4 6 . .N iles, M ich_______________________4 4X1 4
1912-1926
24,990
5 46. .N ob le Township, Ind_____
414
100
36,100
7 5 2 . .N orth Dakota (11 issues)_______ 4 4
14,593
105.57
6 1 6 . .N ottingh am , Ohio (10 Issu es).. 5
75,000
4X
5 4 6 . .N u tle y , N . J _____________________ 4)4
1921
4
3,550
100
4 8 3 . .O akland, In d _______________
1941
31.000
106.719
4X
5 46. .Oakw ood, M ich___________________ 4)4
10.000
6 7 6 . .Ocean City, M d_________________ 6 6
1931
200,000
104.39
X
6 1 6 . .O m ah a, Neb. (2 issues)________ 4 4)4
1921
10,000
5 4 6 . .O n ld a, So. D ak _________________ 5
1921
4)4
10,000
100.10
)4
5 4 6 . .Ow atonna, M inn__________________4
1961
75,000
107.389
)4
6 1 6 . .Passaic, N . J _____________________ 4
4)4
1916-1940
25,000 104 6704
6 16. .Patterson Sch. D lst., Cal_______ 5 5
100.25
1912 &1913
2,000
5
4 8 4 . .P erth , N . Y . . . ........................... ..
31,000
100.10
6 1 6 . .P erth A m b oy, N .J . (2 issues) . .
20,000
105.005
5 46. .P etalum a, Cal___________________ 5
85,000
1914-1918
5 4 6 . .Phillips County, A r k ____________ 6 6
89,0001
104.778
1924-1932
4
-Pittsheld,
Mass_________________
4
546.
5 0 0,000 /
1915-1939
5 46. .Pittsfield, M ass_________________ 4 4
8,000
1913-1914
5 4 6 . .P lym outh County, M ass________ 4 4
183,000
102.46
d l925
4 )4
4 8 4 . .P olk County, la . (2 Issues)-------4 )4
35,000
7 5 3 . .P on ca Sch. D ist., O kla-----100.03
70,000
1912-1931
4 8 4 . .Portage County, Ohio___________ 4 4
400,253
6 1 6 . .Portland, Ore______________
105.84
111,000
1931
4)4
6 1 7 . .Poughkeepsie, N . Y ______
105.666
45,000
1951
5
4 8 4 . -Portersville S. D ., Cal-----11,378
(11915-1930
5 46. .Presidio County, T e x ___________5 5
101.067
2,000
6 1 7 . .Preble County, Ohio______________4
4 )4
2,500
100
(11916-1931
4 8 4 . .Proctor Ind. S . D ., T e x ________ 5 5
23,000
6 1 7 . .P utnam C o., Ind. (4 issues)____ ___
100
9,000
5
(11931-1951
4 8 4 . .P utn am Ind. S . D ., T e x ..
5,5001 103.482
5
1912-1922
4 8 4 . .R ecovery, Ohio____________
14,000 J
1912-1921
4 8 4 . .R ecovery, Ohio_________________ 5 5
106.29
80,000
1912-1951
5 4 6 . .Redlands, Cal____________________ 5
40,000 100.0325
1913
6 1 7 . .Renville C o., N o. D ak_________ 7 7
5 47. .Richardson County Drainage
100.026
District N o. 2, N eb ___________6 6
1915-1920
48,000
1931
106.55
50,000
4 0 9 . .Ridgefield Park, N . J ___________5 5
d 1926-1941
15,000
6 77. .R iverton , W y o ___________________6 6
(11931-1941
150,000
7 53. .Robertson County, Tenn_______ 4 4
4
1931
180,000
100.02
6 1 7 . .Rochester, N . Y _______________
35.000
5 4 7 . .R ogers School District, A r k —
1931
20.000
106.67
5 4 7 . .R oselle, N . J ____________________ 5
4,000
100
4 8 5 . .R o y a l School District, l a . . ____ 6 6
10,000
d l914
7 5 3 . .R u sk County, W is _______________5 5
120,000
1941
102.008
"
4 8 5 . .R ussell County, A la. (2 Issues). 5
65,000
4 8 5 . .R u sto n School District, L a ____
35,000
1941
5)4
7 5 3 . .Rutherfordton, N o. Caro_______ 5)4
100
25,000
1912-1921
5
5 4 7 . .Sallna, K a n _______________
100
1930
310,000
5 4 7 . .Sapulpa, O kla___________________5 5
25.000
101.50
n l925
7 5 3 . .S co tt County, K y _______________ 5 5
100.33
850,000
4)4
4 0 9 . .Seattle S. D . N o. 1, W a sh .(3 lss.)1 4
389,811
6&7
Var.
7 5 3 . .Seattle, W ash . (13 issues)_______ 6&7
103.822
1912-1931
60,000
0 1 8 . .Selm a U n. H . S . D ., Cal............. 5
1,000
100
(11915-1920
6 1 8 . .Sew ard, N eb _____________________ 5
100
40,000
1931
6 1 8 . .Sim pson County, Miss___________ 5 5
100.082
225,000
4)4 (11921-1931
4 8 6 . .Skagit C o., W ash . (2 iss.)
102.789
60,000
1912-1941
4 0 9 . .South Hadley Fire D .N o .2 , Mass5 4
216,000 1 100.25
5)4 (11916-1921
0 7 7 . .Sou th Om aha, N eb _______
15,000 f
4)4 (11916-1921
0 - 7 . .South Om aha, N eb _______
80,000
103.743
1916-1935
6 7 7 . .Spalding County, G a-----------------5 5
40.000
1941
101
4 8 6 . .Sparta, G a______________________ 5
41,780
6 7 7 . .Spokane, W ash . (6 Issues)______6 0
10.000
100
w u (11921-1931
5 4 7 . .Stephen, M inn__________________ 5 5)4
100.828
18,700
1912-1929
754 . .Stoughton, W is___________________ 4 )4
4,000
101.343
1912-1919
4 8 6 . -Strongville Township, Ohio____ 4 )4
105.64
2,500
1921
6 1 8 . .Strutiiers, Ohio_________________ 5
100
23.000
6 7 7 . .Sullivan County, N . Y _________ 4
102.06
30.000
5 4 7 . .Su lly County, So. D ak ---------------5
40.000
103.035
1941
4 0 9 . .Su m m it, N . J _____________________ 4 )4
20.000
(11915-1930
4 8 6 . .Superior, N eb____________________ 5
10b'.23'
35,000
6 18.
101.525
1912-1913
1,000
5
486.
1,500,000 • 95
5
677.
22,114 ■
7
0 77.
8,000
1931
100
5
4 86. . Tay lorCo .Com .S . D . N o . 19 ,Tex
8,600
5 47. .Tippecanoe County, Ind-----------102.157
1941
5
26,000
547. .T occoa, G a. (2 issues)...............
100
6
(11926-1941
35,000
5 47. .Tow nsend, M ont_______________
80.000
106.535
4X
1941
486.
1,500
103.40
5
677 .Trim ble Sch. D lst., Ohio____
101.235
26,000
4 X 1911-1920
4 8 6 . .T r o y , N . Y ____________________
16,000
103.007
4 X 1912-1931
480.
1941
50,000
105.468
4X
547
dl 920-1930
5,000
6
487 ..V a lle y , N eb .
225,000
107.89
5
487
10,000
1936
5
678
1912-1921
18,500
4X
678 .W apak oneta, Ohlc
100.76
1
1913
50,000
4 8 7 . .W a rd County, N o.
14,000
100
dl921-1931
5
7 5 5 . .W arrenton, M o___
1,200
100
4
1912-1917
410.
100,000
5
410.
45,000
100
1931
7 5 5 . .W a terlo o, Iow a_________________ 4 X
6 7 8 . .W atertow n & Custer (Twps.) &
12,000
108.125
1926
Sandusky S. D . N o. 7, M ich. 5
106.07
10,000
1931
4
340.
1912-1941
60,000
100.83
410.
4X
25,000
6 78. .W ich ita Falls. T e x ............................
4 8 7 . .W ilbarger Co. Com. S. D . N o.
5
d l920-1930
4,000
4,800 J100.45
5
1916
340.
\100.55
1916
100
15,000
488 ..W illia m s County, N o. D ak ------- 7
019 ..W illiston Graded Sch. Dlst.
1931
6
12,000
100
1931
40,000
410
4X
35,000
488 W indom S. D . N o. 6, M inn____
20,000
488 ..W ln th ro p S. D .. M inn..................
fdl921-1931
2|000 100
488 ..W o o d Co. Com. S . D Ists., Tex. 5
100
4,000
i d l921-1951
(3 Issues)_______________________
n
100.10
25,000
1930
488 ..W o o s te r , Ohio----------------------------- 4
375.000
103.83
1921
4
411
__________________________
12,000 t/100
1931
6 1 9 . -W orthington , M inn______________4 4)4
O
O
M U N IC IP A L B O N D S A L E S IN F E B R U A R Y .
We present herewith our detailed list of the municipal bond
issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month’s sales was given on page 073 of
the “Chronicle” of March 11. Since then several belated
February returns have been received, changing the total for
the month to $22,292,454. The number of municipalities
issuing bonds was 266 and the number of separate issues 349.
P a ge.
74 5
THE CHRONICLE
Mar . 18 1911. J
X
J
X
746
T H E C H R O N IC L E
P<Hje.
N am e.
Rate.
M aturity.
6 1 9 .-Y a k im a Co. Sell. DIst. N o. 36,
W a s h . . . ............. ........... .............. .. 5 M <11912-1931
6 1 9 ..
Yonkers, N . Y ___
________ 4 )4
1912-1921
6 1 9 . . Yonkers, N . Y ......................... ......... 4 )4
1912-1931
Am ount.
P rice•
33.000 1/100
100,000 101.53
19.000 102.57
Total bond sates lor February 1911 (266 municipali
ties covering 349 separate issues)________________ fc$22,292,454
a Average date of m aturity, d Subject to call In and alter the earlier
year and mature in the later year, k N ot Including $11,990 054 ot tem
porary loans reported, and which do not belong in the list. £ Taken bv
sinking lund as an investm ent, v A n d other considerations.
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Page.
Name
of
M unicipality.
6 1 2 ..
Burlington, v t . (December list)........
6 1 4 . . Huntington (Tow n), N . Y . (January 1911 list) I " I --------751. .
Michigan City School City, Ind. (January 1911 lfsti
6 1 7 . . Rich wood, Ohio (November l i s t ) . . .
...........
7 5 3 ..
5 .o t t County, K y . (December list)................. 1 1 1 1 1 1 1 1 "
A m oun t
n on
17 703
m ’ nr>r»
{a n n o
25|000
We have
also learned of the following a d d itio n a l sales for
previous
months:
Page.
6 7 5 ..
6 7 5 ..
Name.
R a te.
.
.
Corvallis, Ore. (August)_I l l.
Corvallis, Ore. (August)...........
.
.
.
.
5
6
s5
6
6
7
5
4
. 6
M a tu r ity .
(21915-1930
(21920-1930
1950
(21930-1940
1925
1920
1931
(June)
- 4 )4
1911-1920
(21930-1950
1911-1930
1920
1912-1924
. 5
. 5
. 5
. 5
5 4 5 . . La Mesa S . D ., New M ex. (Aug.)) 6
. 6
(21911-1920
. 6
(21921-1931
. 5
1912-1921
i.)8
(21915-1920
. 5
1911-1925
6 7 7 . .R ap id es Parish S .D .N 0 . I 6 , L a .. 5
1912-1919
- 4 )4
1912-1951
6
. 4
1921
7
. 5
1911-1930
. 4 )4
. 5
(21926-1931
. 4
. 5
1911-1915
7 5 6 . . Yellowstone C o.'sch o ol District
' 6
(21920-1930
Am ount.
P rice.
18,000
100
50,000
10 2 .2 0
16
2
6001
inn
162,6001 100
40
499
°
4 0 ,4
9 9 }/
61,000
5,000
10,000
100
17,500 f 100.50
101.51
20,000 1
14,150
4,110
100
50,000
8,000
10,500
13,000
30,000
7,500
5,821
101.875
102.90
100
100.08
100
6,000 j/10 0
5,000
1,20 0
15,000
12,0 0 0
50,000
144,606
6,000
102,095
1,229
3,000
7.500
102.50
100
100.091
103.70
100
100
100
100
100,000 1/ 100.000
14,800
100
6,500
All the above sales (except as indicated) are for January.
These additional January issues will make the total sales
(notipcluding temporary loans) for that month $80,683,275.
Additional sales and eliminations for 1910 make the revised
total for the year $320,035,681.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN FEB.
N ame.
M a tu r ity .
R a te .
.
A m o u n t.
Page.
7 5 6 ..
Alberta & Sask S t . . . ______________
I . . ___
6 2 0 ..
Barton Township, O n t________
1931
. - - 4 )4
6 2 0 ..
B ath, O nt....... 1 ............................
...44
1912-1931
548-.B o lssev a ln , M an________________
. ..5 5
1911-1930
7 5 6 ..
Carlyle, Sask......................... . . . 5 )4
1931
620._Coilingwood Sch. D lst., Sask___
>4)4
1921
— 66
620__Collingwood Tw p . Sch. Section
Ion
N o . 17, O nt...................................5
... 5
1921
7 5 6 . . Dundurn, Sask________________
...88
1912-1931
6 7 8 ..
Edm unstun, N . B ____________
. ..5 5
(21930-1950
4 8 9 . . GleIchen, A lta . (2 issues)____
. ..66
1912-1931
5 4 9 ._G o v a n , S a s k .. ...................................
... 6
1926
678_.H ohen lohe, Sask___________ . . . 6
1921
549._K illarn ey, M an................................
...5 5
1911-1930
6 2 0 ..
Lindsay, O nt...................................
4)4
1941
... 4
)4
549._M elIort, Sask.....................................
1912-1921
... 6
6 7 9 ..
North Vancouver, B .C . ( 4 I.s) s. .)5. 5
1961
6 7 9 ..
North W est Provinces_______
1912-1921
. . .6 6
6 7 9 ..
0 . k Bay, B . C________________ 5
6 7 9 ..
0 .t lo o k , Sask. (2 Issues)____ 5
757__P ense Sch. DIst. N o. 712, Sa sk . 6
1931
5 4 9 ..
Perdue, Sask..... .......................... 6
1926
6 2 0 ..
Plncher Creek, A lta _
6
1912-1931
6 2 0 ..
Pleasant Valley S. D .. Sask_6 )4
1921
2 2 0 -.R a c ln e Sch. D ls. N o. 2 143 ,A lta . 6 Vi
1921
6 7 9 ..
Red Deer, A lberta____________ 5
5 4 9 ..
Rochepercle, Sask...................... 7
1912-1926
2 7 9 - - 5 ° r ° s S . D . N o. 2193, A lta ______6)4
1921
« 7 9 ..R y l e y , A lta ....................................... 6
1921
3 4 1 _ .Slm coe, O n t________________
1912-1931
2 2 0 " S c° t t . Sask. (2 i s s u e s ) ! " ” ” ”
5 )4
1912-1931
7 5 7 ..
5 .o t t , Sask_________
514
1931
4 1 1 ..
5 . th Falls, O nt........I ” " "
5
1941
4 1 1 ..
5 . i t h Falls, Ont
5
1931
-Strassburg S D . N o. 15421 Sask". 6
1931
$ 2 0 --T a b e r Sch. DIst. N o. 933, A lta . 5
1941
4 8 9 ..
Tilbury East T w p ., Ont
4
549 "'Valiev view I - R ' m0, 2222,A lta . (U4 1912-1921
.......................5
o 2 0 .«vvelilngton, O n t» _
5
6 7 9 ..
WUkIe B ay Sch. D Ist., Sask” ”
1912-1941
i o i 2 -io ? i
6 )41917
Total February disposals........................................................
$13,800
6,500
5,000
5,000
17,000
Price
1,0 0 0
3,100
14,000
35,500
36,000
5,000
800
9,000
55,000
119.55
6,000
141,000
15,000
50,000
•
1 1.000
...
12.000
..
2,900
22.000
800
1.000
28,467
105.64
.............
100.30
.............
1,200
100.333
2.000
2,000
............
.......
3,000
94.73
15.000
.............
.............
15.000
10,0001100.669
3 1 ,5 0 1 /
15.000
.............
18.000
.............
34728
R200
20,000
2 ^nn
l lf o o
$709,996
101.079
100
103.124
[V O L . L X X X X I I .
Alliance, Neb.— C ity P u rch a ses L ig h t a n d P ow er P la n t .—
According to the Omaha “Bee” of March 12, the controversy
between the city of Alliance and the Electric Light & Power
Company has now been finally settled by the city taking:
over the plant for $55,000, the city to take possession on the
15th instant. Warrants will be issued for $40,000 and the
ofr $5,000 each. W^1 be paid in three annual installments
Alton-Upper Alton, 111.— A n n e x a tio n . —Both of these
places have voted in favor of annexation. W. P. Boynton,
Comptroller of Alton, writes that annexation gives that city
ato $66,500,
^™on.is not
21,000;
the bonded debt, which now amounts
increased.
Arkansas.—-R egular S essio n o f L eg isla tu re E n d s — T im e
E x ten d ed . The regular session of the Arkansas Legislature
ended March 10. A bill recently passed by the Legislature,
however, extends the session 62 days. The Legislature has
been in session again this week.
Caldwell, Idaho.—-Supreme C ou rt D ec id es B o n d C ase in
C u y s P a y o r .—-T h e State Supreme Court rendered a decision
on March 11 in the suit brought by George W. Williams to
mu 01<Rthe issuance by the city of certain sewer-system bonds
The Court, it is said, holds that the failure of a publisher to
u° ™ a . idavit of publication or on before the time fixed for
the hearing of protests does not affect the city's right to
proceed further in accordance with the statutes.
Carlisle, Cumberland County, Pa.—S u it to E n jo in S ew er
B o n d s.— Proceedings have been started by G. Wilson Swartz
to have declared void the election held Feb. 21 at which the
issuance of $99,000 sewer bonds was authorized. See V. 92,
p. 612. It is contended that the County Commissioners
should have issued the ballots for the election and that the
borough officials did so illegally.
Flint, Mich.—E le c tio n on C o m m issio n F orm o f G overn m en t.
—An election will be held June 21 to vote on a new charter
providing for a commission form of government.
Harbor Beach, Huron County; Mich.— C o m m issio n F orm
o f G overnm ent A d o p te d . —It is said that the voters recently
approved the commission plan of government.
®®ason County, 111.—C o m m issio n F o rm o f G overn
m en t D efea ted . —On March 1 the voters, it is stated, defeated
the commission form of government by a majority of 203
Highland Park, Mich.— C om m issio n F o rm o f G overn m en t
D efea ted .— An election held March 13 is said to have resulted
in the defeat of the proposal for charter revision to introduce
the commission form of government.
Idaho. L eg isla tu re A d jo u r n s .— The Legislature of this
State adjourned March 6. As previously stated the Income
Tax Amendment was ratified at this session.
„ minnesota.
v ,
.'o ia ie s u p r e m e c o u r t H o ld s T h a t M u n ic ip a l
B o n d s o f T e rrito rie s are T ax a ble a s P a r t o f the A ssets w hen
H eld by S a y in g s B a n k s .— In a decision rendered March 10 in
the case of the State, respondent, vs. the Farmers’ & Me
chanics Bank of Minneapolis, appellant, a suit brought to
recover certain taxes which the bank refused to pay in 1908,
the Minnesota Supreme Court holds that in computing the
surplus of the savings banks for taxation, bonds issued by
municipalities of the Territories of the United States may not
be deducted in figuring the assets of the institutions. The
bank had contended that as the municipalities of Territories
and the bonds they issued are instrumentalities of the Fed
eral Government, the bonds could not be taxed. Other
points had also been raised in the controversy. The follow
ing is the syllabus of the opinion handed down:
L.
1905, provides for the taxation of savings bank
ducting the sum total of the deposits and accounts payable from the sum to£ i°iu 0 ass,et3’ Including personal property appertaining, to the business,
and the surplus. If any, Is listed and assessed as credits according to the
provisions of Sec. 835, R . L . 1905.
Held, the tax upon the surplus Is a
property tax and not a tax upon the franchise to exist as a corporation.
bonds l3Sued by thc municipalities of the territories of the
;u?d <?.ta.tes aiie M0t c^ m p t from taxation in thc hands ot savings banks
In this State and all such bonds must be listed and taken Into account as a
pac l o n t i c
for t ^S,S ,urp<?.s,e ,? 1 determining whether there Is a surplus.
Lavvs 10 ° 7 . which require savings banks to pay a registry
p*on r rtgal e3 °,wned by tbem . without exempting such
taxa,tlon otherwise, Is not class legislation nor In confllot
with See. 1 , A rt. 14, of the Federal Constitution.
Missouri. L eg isla tu re P a sse s B ill A u th o rizin g E lection to
V ote B on d s fo r N ew S ta te C a p ito l. —The Legislature has
passed a bill providing for the submission to the voters on
Aug. 1 of a proposition to issue not exceeding $3,000,000
bonds for the erection of a new State capitol building to re
place the one destroyed by fire on Feb. 5. V. 92, p. 405.
Denomination $1,000 or $500, or both. Interest nnt tn exreed
M aturity 13 years, subject to call after 7 years.
Wefor
have
also learned of the following a d d itio n a l Canadian In com e T a x A m en d m en t R a tifie d b y L eg isla tu re .— Press
sales
January:
dispatches from Jefferson City state that the House on
March 16 passed the resolution previously adopted by the
5 4 8 . . Alberta
Saskatchewan S . D ’s . . . .
$ 1 3 000
757__M aIssoneuve, Quebec.................... 4
195o’ "
428|000 100
Senate ratifying the proposed Income Tax Amendment to
These additional January issues will make the total sales the Federal Constitution.
for that month $1,324,075.
Nevada.—Women S u ffrag e to Go to V o ters.— It is stated
that both branches of the Legislature have passed a resolu
tion providing for the submission to the voters of the question
News Items.
of women suffrage.
Aberdeen, Brown County, So. Dak.— V ote on C o m m issio n New York State.— L egisla tu re P a sse s C o n stitu tio n a l A m e n d
F o rm o f G overn m en t. —A canvass of the vote cast at the elec m en t P ro p o sin g In crease in P a y o f M e m b e rs. —The proposed
tion held Feb. 28 on the proposition to adopt the commission
to Section 6 of Article 3 of the constitution, in
plan of government (V. 92, p. 610) shows that there were amendment
creasing the pay of members of the Legislature, which was '
1,157 votes “for” and 375 “against.”
approved at the 1910 session, was again passed by the Assem&
Mar . 18 1911. J
TH E C H R O N IC L E
bly on March 14 and the Senate on March 15, and will now
be submitted to the voters at the next general election. If
the amendment is approved by the people, assemblymen will
receive an annual salary of S3,000 and senators S3,500. At
present the pay of all members of the Legislature is $1,500
per annum. The allowance for mileage will be changed from
one dollar for every ten miles to 3 cents a mile, the same to
be paid each member on the basis of the number of miles
traveled in going to and returning from the Capitol once
in each week of actual attendance. Members are at present
allowed mileage for only one round trip each session. We
print the proposed amendment below, italicizing the new
parts and placing in brackets the words to be eliminated,
if the measure carries:
Section <5, Article 3 .— Each member of the Legislature shall receive for
his services an annual salary [of one thousand live hundred dollars] as follows:
E a c h m e m b e r o f the S e n a t e th e s u m o f th ree t h o u s a n d f i v e h u n d r e d d olla rs a n d
e a ch m e m b e r o f the A s s e m b l y th e s u m o flt h r e e t h o u s a n d d o lla r s.
The mem
bers of cither house shall also receive the sum of th ree ce n ts f o r each m ile
747
Improvement Bonds.
East Denver Improvement District N o. 2— Bonds N os. 230 to 239, Incl.
East Side Im provem ent District N o. 1— Bond N o. 37.
North §W e Improvement District N o. 3— Bonds Nos. 95 to 99. inclusive.
North Side Improvement District N o. 4— Bonds Nos. 17 and 18.
South Broadway Improvement District N o. 2— Bond N o. 71.
£ ? uth Capitol Hill Improvement District N o. 1— Bond N o. 91.
W est Denver Im provem ent District N o. 1— Bonds N os. 119 to 121, incl
A lley Paving District N o . 4— Bond N o. 23.
A lley Paving District N o. 12— Bond N o. 11.
A lley Paving District N o . 15— Bond N o. 10.
A lley Paving District N o . 20— Bonds Nos. 11 to 14. inclusive.
Broadway Paving District N o . 3— Bond N o. 35.
W elton Street Paving District N o . 1— Bond N o . 39.
Curbing Bonds.
South Side Curbing District N o. 2— Bond No 27
South Side Curbing District N o . 3 — Bonds N os. 28 and 29.
Park Bonds.
Highland Park District— Bond N o . 279.
Upon the request of the holders of any of the above bonds received 10
days before the expiration of this call, the Treasurer will arrange for their
payment at the Mercantile Trust C o., New York City, but not otherwise.
Hawaii. B ond C a ll .—Payment will be made May 1 at
the National Park Bank in New York City of bonds Nos. 131
to 155 inclusive ($25,000), issued under an Act of Congress
approved Jan. 26 1903.
Animas County (P. O. Trinidad), Colo.—-Bond C all.—
Oklahoma.—L eg isla tu re A d jo u r n s . —The third regular ses Lasfollowing
bonds have been called for payment; interest
sion of the Legislature of the State of Oklahoma ended at The
to cease 30 days after first publication of notice which is
5 a. m. March 12.
dated Feb. 25:
Oklahoma City, Okla.— C om m issio n P la n o f G overnm ent Date
Series A bonds, numbered from 16 to 49 inclusive. Denomination 5 1 000
Oct. 1 1890.
A d o p te d . —The new city charter providing for the commis Series
B bonds, numbered from 1 to 239 Inclusive. Denomination S500
Dec. 1 1894.
v
sion plan of government was adopted at the election held Date
Series
March 9 (V. 92, p. 610) by a vote of 4,098 “for" to 1,486 1890. B bonds, numbered 2 and 3. Denomination $500. D ate Oct 1
"against.”
Series C bonds, numbered 1, 2, 3, 5 and 7.
Denomination $100.
Date
1 1890.
Ossining, N. Y.— V oters A p p ro v e C o m m issio n P la n . —It is O ct.Payment
of the above bonds will be made at the City
stated that government by commission was approved by the Treasurer’s office,
agency in New York City, or at
voters of this village at the charter election held March 14. any of the offices oftheE.fiscal
Rollins & Sons in Boston, Mass.;
Steps will be taken to have the Legislature pass the necessary Chicago, 111.; or Denver,H.Colo.
law.
Payette, Canyon County, Idaho.— B o n d s D eclared V a lid .
—The Boise, Idaho, “Statesman” reports that the State Bond Proposals and Negotiations this week
Supreme Court on Feb. 4 handed down a decision upholding have been aa follows:
the validity of coupon sewer and water-works bonds of the Aberdeen, Monroe County, Miss.— Bond Election.—An
city of Payette. The decision was in a case brought against election
has been ordered for April 11, it is stated, to vote on
the city by W. If. Platt, appealed from the Washington the question
of issuing $50,000 city-hall, street-paving and
County District Court, which decided in the city’s favor. school-building
bonds.
Peoria, Peoria County, 111.— V ote on C o m m issio n F orm o f Adams Township
School District (P. O. Rosewood),
G overn m en t. —As stated in V. 92, p. 610, the voters of this
County, Ohio.—Bids Rejected— B ond Offering .—
city on Feb. 28 defeated a proposition to govern the city Champaign
bids received on March 4 for the $18,000 5% 1-18-year
under the commission plan. We are now advised that the All
(serial) bonds described in V. 92, p. 542, were rejected. The
vote was 5,055 “for” to 5,790 “against.”
will be re-offered at public auction on April 1.
Pontiac, Oakland County, Mich.— C o m m issio n F o rm o f bonds
Allegheny County (P. O. Pittsburgh), Pa .— B o n d S a le .—
G overn m en t A d o p te d . —A recent election is said to have
On Feb. 28 $l,OOO,O0O 4% road-improvement bonds were
resulted in favor of establishing a commission government. awarded
Fund Commission of Allegheny
Port Huron, St. Clair County, Mich.— C o m m issio n F orm County attopartheandSinking
interest.
Denomination $1,000. °Date
o f G overn m en t A d o p te d . —Reports state that the commission Feb. 1 1911. Interest semi-annual.
Maturity Feb. 1 1941
plan of government was recently adopted.
Amanda
School
District
(P.O.
Amande),
^(airfield Count -,
Raleigh, No. Caro.— E lection on C o m m issio n F orm o f Ohio.— Bond Offering.—Proposals will be revived
until 12 m.
G overn m en t .—-On March 20 a vote will be taken on the ques April 8 by Chas. R. Lewis, Village Clerk, f^flj the $20,000 5%
tion of adopting the commission form of government.
coupon school-building bonds voted on FebI 21 (V. 92, p.611).
Texas.—L eg isla tu re A d jo u r n s . —The thirty-second Legis Authority, Sections 3991 and 3992 of Revised Statutes. Denominations20
of $500 each and 10 bonds of $ 1 ,0 0 0 each.
Date day of sale
lature of this State adjourned March 11. The Governor has bonds $1,000
each six months from April 1 1912 to O ct. 1 1921 inclu
announced that an extra session will be necessary but docs Maturity
sive. Bonds are exempt from tax in Ohio. CertiUed check for 1 % , payable
to the Village Treasurer, Is required. No bonded debt at present
Ysnot indicate when the same will be held.
valuation $732,000.
Utah.—L eg isla tu re R ejects In com e T a x A m e n d m e n t. —Dis sessed
Amherst
County
(P.
O.
Amherst),
Va
.— Bond Offering —
patches from Salt Lake City state that a resolution ratifying Proposals will be received until 12 m. April 3 by W. E.
the income tax amendment to the Federal Constitution was Sandidge, County Clerk, for $135,000 coupon road-improve
defeated in the Utah Legislature March 10.
bonds. Bids are requested for 4 1/ 2 % and for 5 % bonds.
Washington.—L eg isla tu re A d jo u r n s . —The session of the ment
Authority A ct of General Assem bly approved Feb. 25 1910, Acts of 1910
page 62; also election held Jan. 14.
Denomination $100 or multiples
Twelfth Legislature ended March 9.
Interest semi-annual. Maturity 34 years. Bonds are exempt
Washington and Barr Townships, Daviess County, Ind.— thereof.
from county and district taxes. Certified check for 1% of bid is required
Official circular states that there Is no contest In regard to the Issue and no”
S u b s id y E le c tio n . —Indianapolis papers state that elections litigation
Is threatened. • •
will be held April 15 in these townships to decide whether or Anaheim,
Orange County, Cal.— Description o f B on d s .—
not a subsidy of 1% of the taxable property of the townships The $90,000 sewer
$8,500 electric-light 5% gold coupon
shall be voted to the Vincennes Washington & Eastern Trac bonds voted on Jan.and
30 (V. 92, p. 407) are dated April 1 1911
tion Co. to aid in the construction of an interurban line from The $90,000 issue consists
of 80 bonds of $1,000 each and 40 bonds of $ 950
Vincennes to Loogootee.
each, and the $8,500 issue of 40 bonds of $ 2 1 2 50 each. Interest semi
at the City Treasurer’s office. Maturity one-fortieth of each issue
Wilmington, No. Caro.— C om m issio n P la n o f G overnm ent annually
R a tifie d . —The voters at an election held March 15 approved yearly on April 1 from 1912 to 1951 Inclusive.
Anoka, Anoka County, Minn.—Bond Sale.— The State of
the commission form of government.
Minnesota was recently awarded $8,000 4% water and light
Woodward, Woodward County, Okla.— C om m issio n bonds.
G overn m en t D efea ted . —A new charter providing for the
Denomination $1,000, except one bond of $ 4,000. Date Jan 4 1911
Interest annually In July. Maturity $1,000 yearly from 1921 to 1924 In
commission form of government was defeated by a large clusive
and $4,000 In 1925, subject to call, however, before that time.
majority, it is said, on March 2.
Archer City, Archer County, Tex.—Bond Election.—An
Wyandotte, Wayne County, Mich.— C o m m issio n F orm o f election
will be held on March 25 to vote on a proposition to
G overn m en t A d o p te d . —On March 2 a vote of 777 to 298 was issue $12,000
6% 5-40-year water-works bonds.
cast, it is said, in favor of the commission plan of government. Ardmore, Carter
County, Okla.—Bids Rejected.—All bids
received on March 10 for the $47,100 5% warrant-funding
Bond Galls and Redemptions.
bonds described in V. 92, p. 611, were rejected.
Denver, Colo.—Bond Call.—The following bonds are called Arkadelphia, Clark County, Ark .— Bonds Offered by Bank
forfpayment March 31:
ers. —The Wm. It. Compton Co. of St. Louis is offering to
Storm Sewer Bonds.
investors,
at prices to yield 5.50%, $35,000 6% Sewer Dis
Arlington Park Storm Sewer District— Bonds N os. 16 to 19, Inclusive.
trict No. 1 bonds.
North Denver Storm Sewer District N o. 1— Bonds Nos. 184 to 189, incl.
[one dollar for every ten mllesj they shall travel In going to and returning
from their place of meeting, once In each week, o f a ctu a l a tte n d a n c e o f the
session, on the most usual route. Senators, when the Senate alone Is con
vened in extraordinary session, or when serving as members of the court
for the trial of Impeachments, and such members of the Assembly, not ex
ceeding nine In number, as shall be appointed managers of an Impeachment,
shall receive an additional allowance of ten dollars a day.
Sub-District N o . 3 of the North Denver Storm Sewer District N o. 1—
Bond N o . 4.
Sanitary Sewer Bonds.
Sub-District N o. 5 of the East Side Sanitary Sewer District N o. 1—
Bond N o. 19.
Sub-District N o. 8 of the East Side Sanitary Sewer District N o. 1__
Bonds Nos. 76 and 77.
Highlands Special Sanitary Sewer District N o . 7— Bond N o. 69,
S t. Louis or Chicago. Maturity $T,5o6 yearly o n F e b T l from l l m T o 1926
inclusive and $2,000 yearly on Feb. 1 from 1927 to 1936 inclusive.
Arlington, Sibley County, Minn.— Bonds Defeated.— A n
election held on March 4 resulted in the defeat of a proposi
tion to issue $15,000 5% bonds. The vote was 57 “for” and
75“ against.”
748
T H E C H R O N IC LE
Asherton School District (P. O. Asherton), Dimmit
County, Tex.—B o n d E le c tio n . —An election will be held to
day (March 18) to vote on the question of issuing 815,000
5% 5-20-year (optional) building bonds.
Ashland School District (P. O. Ashland), Ashland County,
Ohio.—B o n d O fferin g . —Proposals will be received until
12 m. March 24 by A. C. Bogniard, Clerk of Board of Educa
tion, for $50,000 4^2% school-building and site-purchase
bonds mentioned in V. 92, p. 273.
A u thority Sections 7625 anil 7626 of General Code. Denomination $500
D ate March 24 1911.
Interest on March 1 and Sept. 1 at the First Natlona
B ank In Ashland. M aturity S'1,000 each six months from March 1 1913 to
Sept. 1 1937 Inclusive. Certified check for 3 % of bonds bid for. payable
to the Clerk Board of Education, is required. Bonds to be delivered and
paid for at time of award. Purchaser to pay accrued interest.
[VOL. LXXXXII.
us, these bonds were placed in the sinking fund temporarily
last December. See V. 91, p. 1723. This new sale is the
result of the city finding that it needed the money for other
purposes. A list of the proposals received follows:
E . H . Rollins & Sons, Boston 101.81
Barre Savings Bank & Trust
N .W . Harris & Co. Inc. B o s.1 0 1 .6 0 1 5
C o., Barre_________________ 100.567
Merrill,
Oldham
&
Co.,
A . IL Leach & Co., B o s t o n .. 99.597
B o s t o n .......... ............................101.149 Blake Bros. & Co., B o s t o n .. 98.48
Camden, Camden County, N. J.—B o n d O fferin g .—Propos
als will be received until 8 p. m. March 27 by Raymond L.
Warren, Chairman of Finance Committee, for $218,000 4 y 2%
coupon or registered refunding bonds.
~
Jlune, 1 !9 1 1 .
Interest semi-annual. M aturity June 1 1941.
fi.cc* cliecI* 9 n a n^t*°nal bank for 2 % of bonds bid for, payable to the
City I reasurer. Is required. Official circular states that there Is no contro
versy or litigation pending or threatened concerning the validity of the
, 0 nil t a e corporate existence or boundaries of the municipality or
the title of the present officers to the respective offices.
Athens, Athens County, Ohio.—B o n d S a le . —The New
First National Bank in Columbus was awarded for $8,096 36
(106.391) the three issues of 5% coupon street-improvement
Township School District, Athens County, Ohio.—
assessment bonds, aggregating $7,610, offered put not sold B onCanaan
d S a le .— On March 1 the $5,000 5% 1-10-year (serial)
on Dec. 28 1910. (V. 92, p. 203.)
coupon school-building bonds, bids for which were received
M aturity one bond of each Issue yearly on Sept. 1 from 1912 to 1921
2n
K n i 2r
were $2,000
disposedto ofGeorge
as follows:
Inclusive.
to J. 1 . Sheridan 47^)>
at 100.05;
Craw
Baca County (P. 0. Springfield), Colo.—B o n d O fferin g .— $2,000
ford
at
100.10;
$500
to
J.
L.
Mansfield
at
102.25
$500
Proposals will be received at any time by Will Spurgeon, to E. B. Iloskinson at 103. The following bids wereand
received
County Clerk, for the $29,500 4% gold coupon refunding too late to be considered:
bonds mentioned in V. 92, p. 407.
Seasongood & Mayer, Ciu-------$ 5 ,1 5 2 1Barto. Scott
C o., C o lu m b u s.$5,175
Denomination $500
Date Jan. 1 1912. Interest semi-annually at the
^ Canton, McPherson County, Kan.—B on ds N o t S o ld . —
First National Bank. Lamar. Maturity 20 yeasr. subject to call after 10
Sn arP,
from taxation.
Bonded debt at present,
T. he City Clerk advises us that no award has yet been made
$29,o 00 . N o floating debt. Assessed valuation for 1910 $908 ,55 6.
of
the two issues of 4 YifVo 5-20-year (optional) bonds, aggre
Bedford, Lawrence County, Ind .— B on d S a le . —Reports gating
$30,000, mentioned in V. 92, p. 274.
state that $40,000 school bonds were awarded on March 14 Canton,
Stark County, Ohio.—B on d O fferin g.— Proposals
to the Hanchett Bond Co. of Chicago at 101.8375.
will be received until 12 m. April 3 by Emmet C Brum
Belgrade, Nance County, Neb.—B o n d S a le . —We are baugh,
advised that the $14,500 water and $3,500 electric-light bonds: City Auditor, for the following ± y 2% improvement
5% 5-20-year (optional) bonds dated June 1 1910 were
Hartford Street bonds. Denomination $1,000, cxccnt one bond of
awarded to the State of Nebraska at par. These bonds were $4,480 $480.
Date March 1 1911. Maturity $ 1 000 on March ! in each
of the years 1913, 1914, 1915 and $1,480 March 1 1910
offered on Oct. 4 1910. Interest annual.
10 ,10 0
Ar ^ UC,l)0tul,'s - Denomination $ 1 , 000 , except one bond of
$100.
Date March 1 1911. Maturity on March 1 as
Belgrade School District (P. O. Belgrade), Nance County,
^ n}I 1014, $3,000 III 1915 and $3,100 In 1910.
‘
Minn.—B o n d s V oted . —A proposition to issue $12,000 4% o9 , inn
too
^cntli Streej bonds. Denomination $ 1 , 000 , except one bond
building bonds carried by a vote of 100 to 6 at an election . v> ’ nonVn
iota i o ^ Co \ } 9 H ’ Maturity on March 1 as follows:
,ii .
19J 4 and 1 9 1 5 anil $3,100 in 1916.
held Feb. 26. Maturity 1931.
An ^ V o 0rl.Us; Denomination $ 1 , 000 , except one bond
Maich l 1911. Maturity on March 1 as
Bellevue, Allegheny County, Pa.—B o n d s V o te d . —It is 65 '000
a s t^Ioourth
u rth 1 ^s£«£t1914r
In 1 0 1Road
5 and bonds.
$ -.5 0 0 In
1916.
*
stated that the election held Feb. 25 resulted in favor of the . 500
OO F
East
Street and |£2,000
Georgetown
Denomination
$ 1 , 000 , except one bond of $500. Date ScDt 1 19 10
Maturifv
question of issuing the $25,000 street-improvement bonds
$1,500 Vn1 19S15°ll0WS: 51,0 0 0 ln 19 12 and 1913i $2,000 in 1914 and
mentioned in V. 9i, p. 1788. The vote was 211 “for” to 59
“against.”
^amf°$fooOW^)?teaScjjCt tJlS l^To^^Matu'rufy
Sept. 1 as follows: $1,000 in 1914 and Sinn in i a i x
t
y
Benkelman School District (P. O. Benkelman), Dundy 1,100 onDe^ombmtloM'^yoo
County, Neb.—B on d s V o ted . —School-building bonds amount 6,400 $400 S PDate°M archdl ' i o n
S,1r’000,: CXCU9t ° ne b°ntl ot
ing to $12,000 were, it is stated, voted by this district on bonnLeri^S
l ° f 0m i ^ ^ al} ^ y L^eyifiei1 1 checkatim iTbankC|n C anton for 5 % of
bonds bid for, payable to the City Treasurer, is required. Purchaser to
March 3.
fromStlmeaofCaward ' Doruls t0 bc dellvered and paid for within 10 days
Bettendorf, Scott County, Iowa.— A m o u n t o f B on d s S o ld . —
We are informed that the amount of 6% 18-year sewer bonds Cartersville, Bartow County, Ga.—B o n d E lection P ro
awarded on Feb. 15 to Geo. M. Bechtel & Co. of Davenport p o sed .— The City Clerk writes us that it is not likely that the
proposed bond election mentioned in V. 92, p 612 will be
was $18,000. The price paid was $18,300, or 101.666.
Bismarck School District No. 1 (P. O. Bismarck), Bur held this year.
leigh County, No. Dak.—B o n d E le c tio n . —An election will
Linn ,C?unty» Iowa .— B on d S a le .—The
be held to-day (March 18) to vote on the question of issuing ciJiwwfn
2/0 couPon bridge-building bonds described iin
$40,000 building and $5,000 site 4% 20-year bonds. It is wV. 92, p.^ v674,
were sold on March 10 to the Continental &
expected that the bonds, if authorized, will be taken by the Commercial Trust & Savings Bank of Chicago at 102.63 and
State of North Dakota.
interest—a basis of about 4.20%.
Boise City, Ada County, Idaho.—B o n d O fferin g . —Pro The second highest bid received was 102.626, submitted by
posals will be received until 12 m. March 31 at the office of N. W. Halsey & Co. of Chicago. E. II. Rollins & Sons of
Emily L. Savidge, City Clerk, for the $220,000 Paving Chicago inform us that they were the fourth highest bidders,
District No. 15 and the $75,000 Sidewalk and Curb Districts offering 101.70 and interest. Proposals were also received
the IT. C. Speer & Sons Co. and the Harris Trust &
Nos. 30 and 32 7% gold coupon assessment bonds mentioned from
Savings Bank, both of Chicago, and Geo. M. Bechtel & Co.
in V. 92, p. 611.
Maturity $7,000 yearly from 1912 to 1926,
Denomination $500. Date April 1 1911.
Interest semi-annually at the of Davenport.
City Treasurer’s office or at the Chase National Bank In New York City. inclusive, and $9,000 yearly from 1927 to 1931 inclusive.
M aturity one-tenth of each issue yearly on April 1 from 1912 to 1921 tnCharlotte, Macklenburg County, No. Caro.—B o n d E lec
uslve. A n unconditional certified check for 5 % of bonds bid for. drawn on
some bank In Boise City and made payable to the said city. Is required.
tio n . —An election will be held June 5, it is stated, to vote
Bowling Green, Wood County, Ohio.—B o n d S a le .— Sea- on the question of issuing bonds aggregating $815,000.
songood & Mayer of Cincinnati were awarded on March 15 Chattanooga, Tenn.— B o n d S a le .—On March 10 $21,661 28
the $40,000 4% 1-8-year (optional) coupon park-improve 6% street-paving bonds were awarded to the First National
ment bonds described in V. 92, p. 478, at par and accrued Bank
in Cleveland at 101.217—a basis of about 5.472%.
interest.
The following bids were received:
Bristol County, Mass.— N o te O ffe rin g .—Proposals will be First NSay.
at. Bank, Cleveland. $ 2 1 ,9 3 5 1Seasongood & Mayer, C in cln .$ 21 ,785
Bk. & Ir. C o., Tol.21,836| Union Sav. Bk.<ScTr.Co.,Cln_ 21 712
received until 10 a. m. March 24 by Frank M. Chace, Chair Sccur.
Denomination
one-fourth.”
Date Jan. 17 1911
Interest annual
Maturity
part yearly from 1 to 4 years.
interest annual.
man County Commissioners (P. O. Taunton), for $30,000
4% building notes.
Cheyenne County (P. O. Sidney), Neb.—Rond E le c tio n .—
12 ,5. Acts of 1908, as amended by Chapter 397, Acts On March 21 an election will be held to vote on a proposition
of 1909, and Chapter 484, Acts of 1910. Denomination $10,000 . Date
Mrarc? 25 l y l l Interest sem i-annual. M aturity $ 10,000 yearly on to issue $50,000 5% 5-20-year (optional) court-house and
March 2o from 1014 to 1916 Inclusive.
jail bonds.
Bucyrus, Crawford County, Ohio.— B on d s A u th o rize d . —An Cheyenne School District No. 1 (P. o. Cheyenne), Wyo.—
ordinance has been passed providing for the issuance of $23, B on ds 1 oted. The election held March 6 resulted in favor of
500 4)^% coupon street-improvement assessment bonds.
the proposition to issue the $50,000 4 y 2% 10-20-year (op
t>°fids are dated April 20 191 1 . Interest March 20 and Sept. 20 at tional) school-building bonds mentioned in V 92 p 612.
the City Treasurer’s office. Maturity 2 bonds each six months from March The vote was 131 “for” to 13 “against.”
’1
20 1912 to Sept. 20 19Lt, inclusive anil 3 bonds on March 20and 2 bondson 1
Sept. 20 each year from 1915 to 1921, inclusive.
Claremore School District No. 14 (p o Claremore)
Buffalo, Johnson County, 'W y o .— B o n d S a le .— The Acting Rogers County, Okla.— B o n d S a le .— On Feb. 20 the $9,500
Mayor advises us that on Sept. 15 1910 George Metcalf of 5% 25-year gold coupon school-building, sites and equipment.
Casper was awarded at 102.20 the $50,000 6% 10-20-year Clark County (P. O. Springfield), Ohio.—B o n d S a le .— On
(optional) coupon sewer-construction bonds offered on March 15 the $3,500 5% coupon Mad River bridge-building
Sept. 1 1910 and described in V. 91, p. 540.
bonds described in V. 92, p. 612, were awarded to Weil,
Burlington, Chittenden County, Vt.—B o n d S a le . —The Roth & Co. of Cincinnati for $3,566 75 (101.907) and accrued
$53,000 4% coupon (with privilege of registration) electric- interest—a basis of about 4.20%. Other bids received were
light bonds described in V. 92, p. 612, were sold on March 15 as follows:
to E. II. Rollins & Sons of Boston at 101.81 and accrued . Logon da N . B k ., S p r in g . .$ 3 ,5 6 6 50|First N . B k ., Springfield. _ $ 3 ,566 00
Maturity $500 each six months from March 15 1912 to March 15 1915.
interest. Maturity Dec. 1 1935. As already reported by ' Inclusive.
&
f ol l ow* **
mm
a1
913,
follow s*
d o
Mar . 18 1911.)
741)
T H E C H R O N IC L E
Durham, Durham County, No. Caro.—B o n d O fferin g . —
Coitsville Township School District (P. O. Station A,
will be received until 2 p. in. March 25 by Geo. W.
Youngstown), Mahoning County, Ohio.— B on d O fferin g .— Proposals
Woodward, City Clerk, for $180,000 4)4% coupon refunding
Proposals will be received until 12 m. March 25 by J. b. bonds.
Palmer, Township Clerk, for $20,000 4)4% coupon school Denomination $1,000. Date Jan. 1 1911. Interest semi-annually at
building
and repair bonds.
the office of the United States Mortgage & Trust Co. in New York.
Matur
Authority Sections 7625, 7626 and 7627 of Revised Statutes. Denomina
tion $ 1,000.
Date April 1 1911.
Interest semi-annually at the Commer
cial National Hank, Youngstown. Maturity 1914 to 1963 Inclusive.
Certified check for $1,000, payable to the Township Treasurer, is required.
Bonded debt at present, $9,000. No floating debt. Assessed valuation lor
1910, $8,000,000.
ity Jan. 1 1941.
Bonds are taxable when held by residents of North Caro
lina. Certified check for $ 1,000, payable to Geo. W . W oodward, City
Clerk, Is required. Delivery April 15, unless subsequent date be m utually
agreed upon. Purchaser to pay accrued interest.
Bids m ust be made on
blank forms furnished by city.
Bonds will be certlfled as to genuineness
by the United States Mortgage & Trust Co.
Columbus, Ohio.—B on d s A u th o rize d . —On March 13 or East Cleveland, Ohio.—B o n d S a le . —On Feb. 28 the $10,
dinances providing for the issuance of the following 4% 000 fire-engine and $10,000 fire and police-signal 4)4%
bonds described in V. 92, p. 479, were awarded to Hayden,
coupon
bonds were approved by the Mayor:
S3 000 Thirteenth A v e. sewer-construction bonds. Date not later tnan
Miller & Co. of Cleveland. The first issue is payable $1,000
* ’
Sept. 1 1911. Maturity Sept. 1 1921, subject to call after Sept. 1
yearly on Nov. 1 from 1921 to 1930 inclusive and the second
•m ooo High" St. improvement assessment bonds. Date not later than
issue $500 yearly on May 1 from 1921 to 1940 inclusive.
Sept. 1 1911. Maturity Sept. 1 1922.
20 000 street-cleaning and sprinkling bonds. Date not later than Mas r
East Dundee (P. O. Dundee), Kane County, 111.—B o n d
’
1911. Maturity March 1 1926.
S a le . —The Village Clerk advises us that the $10,000 5 %
20 000 public bath-house and playground bonds. Date not later tnan
’
June 1 1911.
Maturity Sept. 1 1931.
tl, n coupon water-extension bonds offered on Sept. 6 1910
Denomination $1,000. Interest semi-annually and Is payable on tnc
(V. 91, p. 602) have been sold to local investors.
first two-mentioned Issues at the City Treasurer's office, and on the two
remaining Issues at the office of the fiscal agency of Columbus In New r otic.
East Orange, N. J.— B on d O fferin g . —Proposals will be
Concord, Cabarrus County, No. Caro.—B on d O fferin g .— received
until 8 p. m. March 27 by the Mayor and City
Proposals will'be received until 12 m. April 19 for .$50,000
water-works-improvement bonds at not exceeding o y0 Council for the $100,000 water-supply, Series No. 5, and the
$100,000 grammar-school-construction, Series “W,” 4%
interest.
Denomination $ 1,000. Interest semi-annual. Maturity ,3 0
yu;us.
coupon (with privilege of registration) bonds mentioned iff
Certified check for 2 % of bid Is required. Chas. B . Wagoner Is M a y o i.
Corning, Tehama County, Cal.—B on d S a le . —-On Feb. 27 . 92, p. 543.
$1,000. Date April 1 1911. Interest sem i-annually at
the $46,800 water-works and $22,000 sewer 5% 1-40-year theDenomination
City Treasurer’s office. The water bonds mature April 1 1941 an d the
(serial) bonds mentioned in V. 92, p. 543, were awarded to school
bonds mature April 1 1951.
Both issues are exempt from all taxa
Certlfled check for 2 % of bonds bid for, payable to the Collector of
private parties at par. Denominations $1,000 and SooO. tion.
Taxes, is required. Purchaser must pay accrued Interest,
rhe legality or
Date Dec. 1 1910. Interest semi-annual.
the bonds will be certified to by Caldwell & Reed of New York City, a
of whose opinion will be delivered to the purchaser. Official circular
Corpus Christi, Neuces County, Tex.— B on d E le c tio n . An copy
that there Is no litigation pending or threatened affecting this issue;
election will be held on March 21 to vote on the question of states
also that the city has never defaulted In the payment of principal or Interest
bonds. Lincoln E . Rowley Is City Clerk.
issuing the $50,000 5% 10-40-year (optional) municipal- of any
wharf-construction and equipment bonds mentioned in V. 92, T h e o fficia l n otice o f th is bond o fferin g w ill be fo u n d a m on g
the advertisem en ts elsew here in th is D ep a rtm e n t.
p. 205.
Creek County (P. O. Sapulpa), Okla.— B on d S a le .— On Enterprise Irrigation District, Neb.—B o n d S a le .— An issue
Feb. 20 $120,000 (not $117,000 as at first reported) 6% of 6% 20-year bonds has been disposed of locally in lots of
25-year refunding bonds were awarded to It. J. Edwards of from $2,000 to $5,000.
Oklahoma City at a premium . Denomination $1,000. Date Fairport, Lake County, Ohio.— B o n d S a le . —The $12,000
March 4 1911. Interest semi-annual.
4)4% coupon District No. 1 sewer bonds described in V. 92,
Crooksvillo, Perry County, Ohio.—B on d S a le . —On Feb. 25 p. 543, were sold on March 6 to the Tillotson & Wolcott Co. of
the $8,439 60 5% 1-10-year (serial) coupon State Street-im Cleveland, it is reported, at 102.16. Maturity $500 each six
provement assessment bonds described in V. 92, p. 479, months from March 6 1912 to Sept. 6 1923 inclusive.
were awarded to the New First National Bank in Columbus Fairview School District, Glenn County, Cal.—B o n d
for $8,774 60 (103.969) and accrued interest.
E le c tio n . —An election will be held soon, it is stated, to vote
Crooksville School District (P. O. Crooksville), Perry on the question of issuing $5,000 building bonds.
County, Ohio.—B on d O fferin g .— Proposals will be received Falfurrias Independent School District (P. O. Falfurrias).
until 12 m. to-day (March 18) (not March 11 as at first Texas.— B o n d S a le .— 'The $25,000 5% bonds registered by
reported) by J. C. Dunn, Clerk Board of Education, for the State Comptroller on Nov. 14 1910 (V. 91, p. 1467) were
$10,000
5% coupon school-building bonds. penom lnat on awarded to the State School Fund on March 10. Maturity
Authority. Section 7625, 7626 and 7627, G cn era Code
$1,000 yearly.
$500.
Date March 18 1911.
Interest semi-annually at the office of the
Treasurer Hoard of Education. Maturity $500 each six months from March
Faribault School District (P. O. Faribault), Rice County,
18 1912 to Sept. 18 1921 Inclusive. Honds are exempt from taxation. Cci ti
Minn.—
B on d s D efea ted . —The proposition to issue the 875,000
med check for 1 0 % of bonds bid for. payable to the Clerk, is required
Bonded debt, not including this Issue, $28,000 .
floatin g debt, $ 4 ,.>00
high-school-building bonds mentioned in V. 92, p. 613, was
Assessed valuation $1,500,000.
at the election held March 8.
Crowell Independent School District (P. O. Crowell) defeated
Farmersville School District (P. O. Farmersville), Collin
Foard County, Tex.—B o n d s V o ted . —This district, at an County,
Tex.—B on d O fferin g . —Proposals will be received
election held Feb. 25, authorized, it is stated, the issuance of at any time
by the Secretary for the $20,000 5% coupon
$20,000 building bonds by a vote of 126 “for” to 5 “against.” high-school-construction
bonds voted on Feb. 14 (V. 92,
Custer County School District No. 44, Neb.—B on d S ale
613.)
The State of Nebraska was awarded at par in February p.Denomination
$500. Interest at Farmersville. Matur ty 40 years,
$17,000 4)4% 20-year bonds dated Feb. 1 1910.
subject to call after 30 years. Bonds arc taxable. Assessed valuation for
$ 1 , 000 , 000 .
Dayton, Montgomery County, Ohio.—B o n d O fferin g s.— 1910,
Floydada Independent School District (P. O. Floydada),
Proposals will be received until 12 m. April 11 by Geo. W Floyd
Tex.—B on d s N o t S o ld . —Up to Feb. 27 no
Bish, City Auditor, for the following 4 y 2% coupon bonds: sale hadCounty,
yet been made of the $20,000 5% school-building
$51,000 storm-water-sewer bonds. Maturity SJ.OOp °.n
1
al
$5,000 yearly on April 1 from 1927 to 193o Inclusive.
bonds described in V. 91, p. 1197. Proposals at par and
50,000 street-improvement bonds. M aturity $5,000 yearly on April
interest will be considered at any time.
from 1920 to 1935 inclusive.
.
11,000 sewcr-lntcrsectlon (city’s portion) bonds.
$1 •000 on
April 1 1919 and $2,000 yearly on April 1 from 1920 to 1924 Incl.
Forreston Independent School District (P. O. Forreston),
Denomination $1,000.
Date April 1 l p u .
Ellis County, Texas.—B on d S a le . —On March 10 the $11,000
New York City.
Bonds to be delivered and paid for on April 11 1911. Cer
5% 10-40-ycar (optional) bonds mentioned in V. 92, p. 274,
tified check on a national bank for 5 % of each Issue, payable to the City
Auditor, Is required.
were awarded to the State School Fund at par and interest.
Diller, Jefferson County, Neb.— A m o u n t o f B on d s V oted. Denomination $500. Date Sept. 1 1910. Interest semi
Wc are advised that the amount of water-works bonds
authorized to be issued at the election held Feb. 25 (V. 92 annual.
Seneca County, Ohio.—B on d S a le . —The follow
p. 675) was $15,000. The vote was 83 to 30. Interest ingFostoria,
the highest bids received on March 4 for the four
6% semi-annually. Maturity 20 years, subject to call issueswere
of 4)4% 1-10-year (serial) paving assessment bonds
after 5 years.
described
in V. 92, p. 544.$16,500 $7,200 $6,000
Divide County (P. O. Crosby), No. Dak.— B on d O fferin g
$3,200
—Proposals will be received until 2 p. m. March 22 for not New First N at. B k., C olu m b.$16,794 00
less than $15,000 nor more than $25,000 grain-seed bonds First N at. Bank, Fostoria— -------------a$ 1 3 ,4 4 5 0 0 $3,240 00
Denomination $500. The county asked for bids until March Vinton Banking C o., V inton.......................
7 for $10,000 of these bonds (V. 92, p. 613), but no award a For the $7,200 and the $6,000 bonds.
was made.
(P. O. Ind. Station, South Framingham),
Dodge City, Ford County, Kan.— B on ds D efea ted . —A re Framingham
County, Mass.—T e m p o ra ry L o a n . —We are ad
cent election resulted in the defeat of a proposition to issue Middlesex
vised that on March 15 $60,000 was borrowed until Oct. 15
$25,000 light bonds.
1911 from the Old Colony Trust Co. of Boston at 3.14
Dola School District (P. O. Dola), Hardin County, Ohio.— discount.
B o n d s D efea ted . —The proposition to issue the $6,000 bonds
County (P. O. Columbus), Ohio.—B o n d S a le . —
was defeated at the election held March 7 (V. 92, p. 543). OnFranklin
March 2 the four issues of 4)4% 1-5-year (serial) roadThe vote was 91 “for” to 154 “against.”
bonds, aggregating $41,200 and described in
Doland, Spink County, So. Dak.—B on d S a le . —We have improvement
V 92 p 544, were awarded to the Ohio National Bank in
just been advised that $5,000 7% sewer-outlet bonds offered Columbus
for $41,725 (101.274) and accrued interest, Other
on Sept. 19 1910 were sold on that day to various parties bids received
were as follows:
M a tu r ity
bo n d s.
^ D en om in ation $500.
Date Sept. 19 1910. Interest on March and ' New FirstiNat.
Sept. 1. Maturity 15 y e a rs .............................................................................................
1111
b o n d s.
Colum b.$ 4 1 ,707) Breed
bon d s.
bon d s.
750
T H E C H R O N IC L E
Gardner, Worcester County, Mass.— N ote Offering.—Proposals will be received until 6 p .m . March 23 by John D.
Edgell, Town Treasurer, for the discount of $90,000 notes in
anticipation of taxes.
[V O L . L X X X X II
R.
M . Grant & C o.. New York (for 4 Ks)
m n «■><,
Harris, Forbes & Co.. New York (for 4 . 3 0 s ) " " ...........* ..................... I n n ' s i a
A . B . Leach & C o., New York (for 4.30s)
.......................} 5 r l 5 ?
Ferris & W hite, New York (for 4 . 3 0 s ) . . . ................................ * ..............
Parkinson & Burr, New York (for 4 .3 5 s )................................................... Inn
S ^ '- M ^ H a h n , New York (for 4 .3 5 s )........ .................................................. JR9
W . N . Coler & Co., New York (for 4.40s) ...............................................
Maturity 52,000 yearly on July 1 from 1915 Vo' 193 4 TncIusTve
. $ 1 0 -0 0 0 D a te M arch 23 1 9 1 1 .
M a tu r ity 5 1 0 0 0 0 on
°i
fo U ? y ,nJF d a t c s 1 " 1 9 1 1 : O c t . 2 . O c t . 9 . O c t . 1 6 . O c t . 2 3 . O c t 3 0
N o v . 6 , N o v . 1 3 , N o v . 20 and N o v . 2 7 .
N o te s are t a x -e x e m p t .
’
Gloversville, Fulton County, N. Y .— Bond S ale.— On n n 9 am M °Ann ; i r f 9
ProPOsals will be received
March 11 the $20,000 4J^% coupon refunding bonds de- J.
T AA. Mattson, City
12n Clerk,
/n?t Aprd
20 as at 5%
firstwater
reported)
for
$600,000
bonds.by
oin
V*
9 2 > P• 5 4 4 > were awarded to Jeremiah Wood
at 100.26 and accrued interest—a basis of about 4.428% the C lty^reasureC s ’office o ?fn V o w * York City a t ^ h e ^ n H o n ^ H ^ h 11?* &t
Maturity $5,000 on April 1 in the years 1912, 1914, 1916 Maturity 5150,000 on Jan. 1 m e a c h o f t h e /c a r s 1 9 2 ? a m l i « B t L0l(n S
and 1918.
and™300,^W0^>nUJan?
Bond Offering.—O. L. Everest, City Chamberlain, will sell check for 510.000 , payable to Frank J. Edwards. M i y o r ^ s required
at 2 p. m. April 11 $18,700 4J^% street-improvement bonds.
«959'
r l n,09.9
n nXuie
n ° iurh
raenti0nedn
above
are Part water
of theplant.
issue As
of
f
Jan
;
9
foJ
a
municipal
1
e - -of March
4 > Page 610, the State
SSfnrpmp
Jvm?6 ofrJnrtC^r0niA
9°+ithis election.
a.decision
rendered
Feb.that
23, the
upheld
the
validity
We
also
stated
Council
Grand Rapids, Kent County, Mich.—B o n d S a le .— On f;iPMS! r i arrteS0 U^,on glV1«g the Hclena Water-Works
Co.
March 6 the $75,000 4% 20-year coupon water-works- untd March 6 to make an offer for the sale of its property
th
l bTTrust\ df&«Savings
lb-d m Bank
J - 92>ofP-Chicago
613, were
to ?o ?hat S e nZ d T h ^ hatiJhe c- r pany made no
theeZHarris
at awarded
101.33 and
and nnrW® ° ^ WlH now Proceed'to construct
«oC
7 fiUe^ lnRnereS “ a basis of about 3.904%. A joint bid of aa ne^Dlant
$276,512 50 was received from E. H. Rollins & Sons and new plant, and, under no circumstances, will any proposal
by th ! city P" “ °f th6 Pre* nt P,ant L S e r e d
A '^BfLL|onn
Chlcag°rapid-sand-filtration
for the $75,000 water
and
the $-00,000 4% 20-year
bondsbonds
also
offered on March 6. The latter issue was re-offered on March 13 Sa“ d^ h e 0 ? S t00n0 w mOA nSchO°1
T regis
fa te s ,
ine $^5,000 5% 5-40-year (optional) bonds
butvertised
no bidsforwere
ad
sale.received on that day. They will be re tered by the State Comptroller on Jan. 2 (V. 92 p 2071 have
Greenburgh (P. O. Tarrytown), Westchester County, N.Y. been taken by Felix Schowfeldt of Hidilgo atpar in m v— B o n d O fferin g .—Proposals will be received until 3 p. m. ment for constructing the schools. The bonds were i s S
by the following districts: $10,000 by District No 4 $9 000
March 22 by Charles D. Millard, Town Supervisor, for $138, by
District No 10 and $6,000 by District No. 5 They are
000
registered
highway-improvement
bonds
at
not
exceed
dated “about Nov. 1 1910.“ Interest Jan. and July7
ing 5% interest.
1
111? ° ^ ’ 0tfta™ Count7- Mich.— Price P a id f o r Bonds ?50
i?hlCagi?bonds
lnform
us, thafcthem
they(V.Paid
for the
Feb on^S?>^f
° 15
bonus
awarded
92,Par
p. 675)
on
Greenfield, Franklin County, Mass.—N o te S a le .— An
issue of $50,000 notes due Oct. 20 1911 was awarded on Mammy 5n2"ooo y ^ T o u F|gf
l ^ t o i s T f n c S " 117 ° a Feb< 1*
March 15 to Blake Bros. & Co. of Boston at 3.07% interest. Holland, Ottawa County, Mich.—Bond Election.—An elecThe other bidders were:
si°Annnn
\
OI} A?nt
? toatvote
a proposition
to issue
$15,00° water-works
bonds
not onexceeding
5% interest
310
Maturity $2,500 yearly on Feb. 1 from 1912 to°1917 inclusive’
Greenville School District (P. O. Greenville), Darke Holyoke, Hampden County, Mass.— Bond S a b — On
County, Ohio.—B o n d S a le .— On March 4 the $20,000 4% March 16 the $110,000 4% gold coupon or registered water
school-building bonds described in V. 92 p 614 were works bonds described in V. 92, p . 675 were sold^ tn R m t L
awarded to Greenville banks at 100.09. Bids at par were Bros & Co. of Boston at 103.43. The bonds are exempt from
also received from Breed & Harrison and Seasongood &
Mayer of Cincinnati.
SEf'i°onn nt“
n f f i d mature part ycar1^ w 1
Other bids received were as follows:
V lT *
Merrill, Oldham & Co., B os. .1 0 3 ,4 1 9 I Blodvet xSavings Bank, I I o l .103.179 R L ^ D a v &0CoB °nnQ?/(---------Jno'2 46
Gresham, Multnomah County, Ore.—B o n d O ffe rin g .— Pro Holyoke
W . Harris & Co., Inc.,B os 1 0 2 . 8 0 6 ] '
y
° “ Bosto« - - - - 1 0 2 . 0 8 9
posals will be received until 5p .m . April 4 by D. M. Roberts, N . Huron
County (P. O. Bad Axe), Ohio.— Bond Electinr,
Town Recorder, for $15,000 water-works-system and $5,000
sewer-construction 6% gold bonds.
t0
“ * ProPosiUon to
D e n o m in a tio n s : 1 7 b o n d s ,o f 5 1 0 0 0 e a c h . 3 b o n d s o f 5 5 0 0 ea ch a n d 2
bonds of 5100 each.
D a te F eb .
iV
I n t ®r e s t a n n u a l l y a t t h e F o u r t h
N a t i o n a l B a n k In N e w Y o r k .
‘^ a t .u r l t y o n ^ I 'c b .
a s f o l l o w s : 5 4 , 5 0 0 In
B o i l ’s ^ w iu ^ e ^ s o ld 9 i n iod s f o s u i t p u r c h a s e r s .0 0 ,n 1 9 1 5 a n d *°3" 2 0 0
D e n o m in a tio n
5 6 .0 0 0 .
D a te
Feb.
1911.
C e r t ifie d
check
on
an
in -
i°u rP^
o ' t h e p r o c e e d in g s a u t h o r i z i n g " ^
E sta b r o o k
&
C o .,
B o s t o n ...............
J<?S’ ^H ! g g ln s o n * c ° O ld C o lo n y T r u s t C o .,
M ^ h T ln
•»
H i w m .n t
% d is c o u n t
B o s t o n . ...................................................................
B o s t o n ........................... .. .............. 1 1 1 1 1 1 11 I s i l l % d i s c o u n t
1 9 1 8 °a°ndni
4 ‘ D 1914> 1 9 1 5 ' 1 9 1 6 a n d 1 9 1 7 a n d * 4 ’ 0 0 0
on
rn
„ „ M Uth<l r,lt) f ’ „a m e In d m e n t 3 t o c i t y c h a r t e r a d o p t e d D e c . 7 1 9 0 9 . D e n o m l S
, 1; 0 0 .
In te r e s t s e m i-a n n u a lly a t t h e T o w n T r e a s u r e r ’s o ffic e .
y<Jar2 ; . C e r t if ie d c h e c k o n a b a n k in G r e s h a m o r In P o r t l a n d
5
,
b ° a d s b id
p a y a b l e t o t h e M a y o r , Is r e q u i r e d .
B id s m u s t be
u n c o n d it io n a l, e x c e p t a s to le g a lit y o f b o n d s .
Hamilton County (P. O. Chattanooga), Tenn.—B on d « f S i ’ng‘byondsd,t0r’ f°r S18’°°° 4% C0UP°“ ' ' ^ " 3
will be received until 12 m. March 25
by J. V. Williams, County Judge, Municipal Building, for
City '?reasurer^isUrpmilfpHyeanA Gcrtlfied check for 5500, payable to"th e
$500,000 4>£% 30-year road bonds.
f0r W,th‘ n 10
Hardin County (P. O. Kountze), Tex.—Bond S a le .— 'The days from time <1?
following 5% bonds were sold on March 13 to W. A. Myrick a ^°P°®a,s will also be received until 12 m. April 11 by the
Auditor for the following coupon bonds:
of Beaumont for Spitzer & Co. of Toledo:
O fferin g .—Proposals
f
5 1 0 0 ,0 0 0 2 0 -y e a r R o a d D is t r ic t N o . 3 I m p r o v e m e n t b o n d s v o t e d o n J a n . 1 4 .
V. 92, p. 275.
3 5 , 0 0 0 1 0 - 3 0 - y c a r ( o p t i o n a l ) R o a d D i s t r i c t N o . 2 b o n d s r e g is t e r e d b y t h e
S ta t e C o m p tr o lle r o n A u g . 2 9 1 9 1 0 .
V . 91. p . 742.
Harlingen Independent School District (P. O. Harlingen),
Cameron County, Tex.—B o n d O fferin g . —Proposals will be
received until 2 p .m . April 3 by John E. Snavely, President
Board of Trustees, for the $40,000 5% gold coupon school
building bonds voted on May 14 1910 (V. 90, p. 1438).
n o m V n a tiro n S l S o n n ° n t w 4 m * s e &
C h a p ter 124 o f G en eral L a w s .
D e
B a n k In N e w Y o r k
2 ,8 10} 0,In te r e s t a n n u a lly a t th e H a n o v e r
th e E d u c a tio n a l
t h ? N a t i o n a l B a n k o f C o m m e r c e in S t . L o u i s o r a t
t o c a ll a f t e r 2 0 v ? a r » a r t r ^ m nHA ’i s t P ’ . T e x a s • M a t u r i t y 4 0 y e a r s , s u b j e c t
B o a r d o f T r u s t e e s i s r e n n f t i * d Cm CCh l ° .r 2 % • P a y a b l e t o t h e P r e s i d e n t o f
5 1 ,4 5 0 ,0 0 0 .
’ 3 r e q u lr e d <
N o d e b t a t p re se n t.
A sse sse d v a lu a t io n ,
Harrison County (P. O. Logan), Iowa.-Bond O f f e r i n g . Proposals will be received until 11 a. m. April 5 by A. W.
for $27-500 ^
^
tur?trMarri92$650°CerSnateed feV r% lo o f t
Ma‘
Harris Township (P C>. Elmore), Ottawa County, O h io.B o n d S a le . An issue of $8,000 5% road-improvement bonds
offered on March 2 was awarded, it is stated, to Seasongood
108 125*' °f CmClnnat1' f0r ^8,650—the price thus being
t u r l t ^ y 'e a r l s ^ o n &
1 9 3 6 , a n d 5 2 .0 0 0 fr o m
l ^ f o
19 37 to
t t
1 9 3 9 I n c lu s iv e .
h
1
th e
y‘
3
M aI
1033 and
Hastings-on-Hudson, Westchester County, N Y — B o n d
March 14 the $40,000 registered sewer bonds
described in V. 92, p. 675, were awarded t o Kou X B r o s
^Other
t,Ne'Ibids
-J 0rk
at 100-1931
accrued interest for 4kfs’'
received
were as and
follows:
S a le.— On
A u t h o r i t y S e c t i o n 9 6 o f M u n ic ip a l C o d e
.
---------D e n o m in a tio n 5 1 ,0 0 0 .
c
l i . iOtt.
I n t e r e s t s e m i -a
ly a t t h e N a t io n a l P a r k
• annnnuuaallly
5 1 0 ,4 6 0
5%
F o u r th
S tr e e t
Im p ro v e m e n t
a ssessm en t
b ond s.
D a te
Bank.
A u th o r ity
„Z ctJ ° a, 0lJ ot
1 5 ,0 0 0
M,u b >c lp a l C o d e .
D e n o m in a tio n 5 1 ,0 4 6 .
In te r " a ? n ii a y a t t ile C I t y T r e a s u r e r ’s o f f i c e .
M a tu r ity o n e
by n d y e a r l y f r o m 1 t o 1 0 y e a r s .
4 % s t o r m -w a t e r -s e w e r c o n s t r u c t i o n b o n d s .
A u t h o r i t y S e c tio n 53
J i „ ^ ol ?T! c l p a L C 0 d e • , D e n o m i n a t i o n 5 1 , 0 0 0 .
In te r e st s c m l20 y e a r s
4 t h e N a t l o u a l Park B a n k , N e w Y o r k .
M a tu r ity
u r ^ i s r e a u R e d w l U h i £ ef 3 « d„ h ^ e o k f o r * 5 0 0 - P a y a b le t o t h e C i t y T r e a s w U h ln 1 0 d a v s fr o m
» Z l 0 * lssuDe ’
, io r ld s t o b e d e li v e r e d a n d p a id f o r
w u n in
d a y s rrom t im e o f a w a r d .
P u rc h a se r t o p a y a c c r u e d in te re s t.
10
Ir?nny,k5m?n9.°nUnty’
S a l e .- O n March 10
.,000
5% iO^O-year Texas.-Bond
(optional) bonds
were sold to the
btate bchool und at par and accrued
I
P lace Issu in g B o n d s —
A m t.
Anthony Bd.of Educa’n. 51,000
Comanche Co. S. P. No.9 1,000
EllsworthCo.S.D.No.41.
700
Hiawatha (C ity )..............22,877
Hodgeman Co. S. D.No.19 9,500
Jackson Co. S.D.No. 16.10,900
KlowaCo. S. D. No. 4 8 ..
500
Olathe (City).................... 9,776
Peabody (City)................ 7,000
St. Francis (C ity).......... 20,000
Smith Co. S. D. No. 9 — 9,500
Smith Co. S- P. No. i l l . 10,000
WabaunseeCo.S.D.No.90
800
.
. , .
_
in te r e s t
P u rp o se.
Date
Tm
Repair
Jan
U 9i i
School-house Feb
6 lo ll
School-house Jan
l loi
Improvem’ts Jan.' 1 loin
School-house Jan. 4 io n
School-house Feb. 6 1911
School-house Feb" 2 io n
Spec. Impr’t Feb' 15 lo ll
Water
Jan.‘ l i o n
Water-works July i ioin
School-house Jan. 3 lo ll
School-house Feb
1 lo ll
School-house Jan.' 1 i o n
-----•
am ,
s
’
M a tu r ity .
Jan. 1 1921
Jan. 1 ’ 13 to ’22
July ’ l l t o ’ 13
Jan. 1 ’ 12 to '20
Jan. 1 1921
Jan. 1 '12 to '21
July 1 ’ 17 to ’21
Jan. 1 ’ 12 to '21
July 1 '12 to ’28
July 1 1930
July 1 ’ l l to '20
July 1 1925
u
n n . i1'12
it . iu
la
Jan.
to '19
As reported in V. 92, p. 547, the State also purchased
$25,000
thetime.
City of Salina. The above L nds are
subject tobonds
call atofany
Kennewick, Benton County, Wash.—B o n d s V o ted .— A
proposition to issue $30,000 sewer bonds was adopted by a
vote of 180 to 44, at an election held March 9. Date of
offering not yet determined.
T H E C H R O N IC LE
Mar . 18 1911.]
Kingsville Township, Ashtabula County, Ohio.— B on d
following bids were received on March 14 for the
.$6,000 5% 1-6-year (serial) coupon town-hall-construction
bonds, described in V. 92, p. 614.
g a le . —The
First N at. Dank. Cleveland 56,152 25
Security Savings Bank &
Trust C o., Toledo---------- 6,141 00
New First N at. B k ., Colum. 6,124 00
H o m o Savings Bank, Clevc. 6,116 10
Bonds are tax-exem pt. No other
Otis & H ough, Cleveland- . $ 6 ,110 00
Farmers’ National Bank,
Ashtabula _______________6,101 01
Seasongood & Mayer, Cine- 6,095 00
Somerset Bank, Som erset- 6,077 44
debt.
Assessed valuation $984 ,02 0.
751
vote on the question of issuing $15,000 5% school-building
bonds.
Mansfield School District (P. O. Mansfield), Richland
County, Ohio.— B on d s to B e O ffered S h o r tly . —The Chairman
of the Finance Committee of the Board of Education writes
us, under date of March 15, that the $100,000 school-building
bonds voted on Nov. 8 1910 (V. 92, p. 135) will soon be
placed on the market.
Marion School District (P. O. Marion), Marion County,
Ohio.—B o n d S a le . —The $65,000 4 y 2% coupon school-con
struction bonds described in V. 92, p. 615, were sold on
March 15 to Rudolph Kleybolte Co., Inc., of Cincinnati at
103.96 and interest. The following bids were received:
R Kleybolte C o., Inc., C In ..$ 6 7 ,5 7 4 I Hayden, Miller & C o., C le v ..$ 6 7 ,3 9 2
Lake County (P. O. Painesville), Ohio.—B o n d E lection
state that petitions are being circulated
throughout the county for the purpose of having an election
held to vote on the question of issuing $40,000 bonds to be
used for the purchase of a site and for the erection of a
ri'ev Trust Co C leveland.. 67,437 W ell, R oth & C o., Cincinnati 67,307
county-fair building.
First N at. Bank, C o l . . . 67,4191 Seasongood & M ayer, CIn—
67,228
Lakewood, Cuyahoga County, Ohio.—B o n d O fferin g. New’
A bid was also received from the Security Savings Bank & Trust Co. of
Maturity part ecah six months from Sept. 1 1912 to Sept. 1 1930,
Proposals will be received until 12 m. April 3 by B. M. Cook, Toledo.
City Clerk, for $22,000 5% Highland Avenue paving-assess Inclusive.
B o n d S a le . —It is further reported that in addition to the
ment bonds.
above this district also on March 15 awarded an issue of
Denomination $2,200. Date “ day of sale.”
Interest semi-annually at
the Cleveland Trust C o., Cleveland. Maturity $2,200 yearly on O ct. 1 $12,500 bonds to Otis & Hough of Cleveland at 103.096.
from 1912 to 1921 inclusive. Certified check for 5 % of bid Is required.
Marshall School District (P. O. Marshall), Calhoun County
B on d S a le s . —The following 5% assessment bonds offered Mich._B on d O fferin g. —Further details are at hand relative
on Feb. 27 and described in V. 92, p. 481, were awarded to to the offering of the $15,000 4% coupon school-building
the First National Bank in Cleveland:
bonds mentioned in V. 92, p. 676. Proposals for these bonds
S3 440 Klvcrside Itoad sewer-main-constructlon bonds for $ 3,5 9 3 25, the
will be received at any time by Louis C. Miller, Secretary
’
price thus being 104.454— a basis of about 4 .1 3 % . Maturity $344
P ro p o se d . —Reports
yearly on O ct. 1 from 1912 to 1921 Inclusive.
__
21 750 Summit Avenue paving bonds for $22,743 75, the price thus being
104.573— a basis of about 4 .1 5 3 % .
Maturity $2,175 yearly on
Oct. 1 from 1912 to 1921 Inclusive.
1,440 Franklin Avenue water-main-construction bonds for 51,471 25, tne
price thus being 102.17— a basis of about 4 .3 2 8 % . Maturity $288
yearly on O ct. 1 from 1912 to 1916 inclusive.
^ A u th o r ltv vote of 101 to 12 at election held Feb. 28.
Denomination
$1^ 0 0
Date April 1 1911
Interest semi-annual. M aturity $3,000
yearly from 1912 to 1916 inclusive. The bonds are exempt from State
and local taxes. This district has no debt at present. Assessed valuation
$ 2 ,500,000.
Coos County, Ore-— B o n d S ale -—The City
On March 13 the following bids were received for the Marshfield,
advises us that on July 26 1910 $5,821 6% street$15,000 5% water-works-improvement bonds described in Recorder
improvement bonds were awarded to the Coos Bay 1 aving
V. 92, p. 481:
& Construction Co. and Hugh McLain at par.
Prov. S .B .
T r.C o.,C !n .*$ 16,575 00 Breed & Harrison, CIn— $16,353 00
Maxwell Independent School District (P, O. Maxwell)
Seasongood & Mayer, Cln- 16,281 50
First N at. Bank, Clevc___16,551 75
Tlllotson & W olcott,C lcv- 16,429 50 S. A . Kean & C o., C h ic -- 16,054 50 Texas.— B on d S a le . —On March 10 the State School Lund
M ansfields. Bk..Mansfield 16,375 00 H ayden,M lller&Co.,Clevc. 15,768 00
purchased at par and accrued interest $4,000 5% 20-year
* Reports state that this bid was successful.
Interest Is payable at the Cleveland Trust Co. In Cleveland. Maturity
bonds.
O c t. 1 1926.
County, Tenn.—B on d S a le . —Hoehler &
Logan, Hocking County, Ohio.— B on d s A id h o rize d . —A Medina, ofGibson
Toledo were awarded on Jan. 19 at par, accrued
resolution passed on Feb. 28 providing for the issuance of Cummings
interest and blank bonds the $6,000 6% 10-20-year (optional)
$38,000 4% coupon water-works and sewer refunding bonds. coupon
town bonds offered on Dec. 20 1910 and described
Denomination $500.
in V. 91, p. 1528. Bonds are dated Jan. 2 1911.
lage TreasuTfcr's office.
Michigan City School City (P. O. Michigan City), Laporte
1930 Inclusive.
Logan County (P. O. Beliefontaine), Ohio.—B o n d S a le
County, Ind.— P ric e P a id fo r B o n d s. —The Clerk advises us
On March 15 the $17,000 4 y 2% ditch-construction bonds that the price paid for the $8,000 5% 10-year school bonds
described in V. 92, p. 676, were awarded to the Peoples awarded on March 2 to the Hanchett Bond Co. of Chicago
National Bank in Bellefontaine at 101.475 and accrued (V 92, p. 676) was 106.8875. These bonds take the place
of the’$10,000 5% 10-year high-school bonds avvarded on
interest.
The following bids were received:
People’s N at. B k .. B elief.$17,250 75IB arto, Scott&Co
- S •Jgg ° °
Jan. 2 to the Fletcher-American National Bank in Indian
Breed & Harrison. C in e .. 17,197 20 Seasongood & Mayer, C ln . 17.189 00
apolis (V. 92, p. 69). The first sale was canceled, as it was
_____ 17,195 0 0 1 Stacy & Braun, Toledo - 17.1 o7 2 1
W in MUroy
found that only $8,000 was necessary.
Maturity $1,500 each six months from Jan. * A ® 1?,,!® /V a ^ V e k i s l v e "
elusive and $ 2,000 each six months from Jan. 1 1915 to July 1 1910 inclusive.
Millelacs County, Minn.—B on d S a le .— On March 1
London School District (P. O. London), Madison County, theMilaca,
$15,000 6% 20-year funding bonds mentioned in V. 92,
Ohio.—B on d S a le .— On March 8 the $80,000 4 y 2% coupon p. 482,
awarded to the Union Investment Co. in Min
school-building and improvement bonds described in V. 92, neapoliswere
at par and accrued interest.
p. 482, were awarded to Breed & Harrison of Cincinnati at Milwaukee,
.— B on d O fferin g .— Proposals will be re
105.02 and accrued interest. Other bids received were as ceived until 11 Wis
a. m. March 20 by the Commissioners of the
follows:
Mayer, CIn — $83,451
Public Debt at the office of Carl P. Dietz, City Comptroller,
Hayden, Miller & C o., C l c v ..$83,832 Seasongood
C o.. Cincln------- 83,400
New First N at. Bank, Colum. 83,776 W eil. Roth
for the following 5% coupon bonds mentioned in V. 92, p.61o:
Barto, Scott & C o., Columbus SB,7 17 Madison N at. Bank, London. 83,040
&
&
&
First N at. Bank, C leveland.. 83,624 Otis & Hough, Cleveland------- 82,600
Stacy & Braun, Toledo--------- 83,528 S. A . Kean & C o., C h icago.. 82,400
Maturity $1,000 each six months from Sept, i 1912 to Sept. 1 1910 In
clusive, $1,500 on March 1 and 81,000 on Sept. 1 from 1917 to 1919 Inclu
sive $1 500 each six months from March 1 1920 to March 1 1924 inclusive,
$2 OOOcach sixm onth s from Sept, 1 1924 to Sept. 1 1934 inclusive, $2,500
March 1 1935, $2,500 Sept. 1 1935 and $3,000 March 1 1936.
8120 000 Oneida St. bridge bonds. Denomination $1,000.
1 50 000 historical-museum bonds
Denominations: 140 bonds of $1,000
'
each and 20 bonds of $500 each,
lo 000 nubllc-bath bonds.
Denomination $*>00.
nrir.
5 o ! ooo south sewerage bonds.
Denominations: 40 bonds at $1,000 eac
and 20 bonds at $500 each.
100,000 w est sew erage bonds. D e n o m in a tio n 5 1 .ou iq
Lost Nation, Clinton County, Iowa.—B on d s D e fe a te d ,
The proposition to issue the $12,000 water-works bonds men
be furnished to the purchaser, who will be required to pay accrued in
tioned in V. 92, p. 545, was defeated at the election held will
terest and expense of delivery.
.
March 14.
Louisville, Ky .— B on d S a le .— On March 16 the $500,000 Mobile County (P. O. Mobile), Ala.—Rond O fferin g —
4 1 4 % 40-vear sold coupon hospital bonds mentioned in Proposals will be received until 12 m. April 17 by Geo. E.
V. 92, p. 676, were awarded to John W. & D. S. Green of Stone, County Treasurer, for $169,000 5% 20-year refunding
Louisville
at 107.188—a
basis of about 4.132%.
bonds.
Denomination $1,000.
Date March 1 1911. Interest semi-annually at
T he officia l n otice o f th is bond offerin g w ill be fo u n d am on g
the First National Bank In New York City.
Luzerne County (P. O. Wilkes-Barre), Pa .— B on d S a le .— the a dvertisem en ts elsewhere in th is D ep a rtm e n t.
On March 14 A. B. Leach & Co. of Philadelphia were awarded Montgomery County (P. O. Dayton), Ohio. B on d S a le .
the $300,000 4 y 2% coupon refunding bonds offered on that
issue of S10,000 4^% 1-5-year (serial) bridge-construc
day at 104.512 and interest—a basis of about 4.144%. An
tion bonds offered on March 16 was purchased by Frank B.
Following
are
the
bids:
Currigan of Dayton at 101.47—a basis of about 3.975/0.
A . B. Leach & C o., Phlla____ 10 4 .5 12 I Harris, Forbes & C o., N . Y
104.208
N W Halsey & C o., Phlla .10 4 .5 0 7 J. S. & W .S . K u h n ,In c .,Phil.103.8^7
The following proposals were submitted:
Denomination $1,000.
Date M ay 1 1911.
Interest semi-annually at
the County Treasurer’ s office. Maturity on M ay 1 as follows: $12,000
yearly from 1917 to 1921, Inclusive; $14,000 yearly from 1922 to 1926, In
clusive- $16,000 yearly from 1927 to 1931, Inclusive, and $18,000 yearly
from 1932 to 1936. Inclusive. The bonds arc exempt from all taxes. They
were oflercd without success on Feb. 28. Sec V . 92, p. 615.
Flra^N^LCB M k?C ,n cfn*:^ 10:iO 7 ool We1L^*\'hB&I& ^ ?C ln cIa :^ lo !o 8 0 00
^ T h T C n d s ^ a ^ n d e ^ o m in a U o n s ^ o 'f $2,000 each and are dated April 1
1911. Interest semi-annually at the County Treasurers office.
Monticello, Sullivan County, N. Y. B on d S a le . On
McLean County (P. O. Washburn), No. Dak.— B on d S a le March
15 $18,000 5% sewer-system-completion bonds were
__rpi10 following bids were received on March 7 for the $50,000 awarded
to George M. Hahn of New York at par. Bids for
7% coupon seed-grain bonds described in V. 92, p. 615:
$12,000
of the bonds at par were received from local parties.
W ells & Dickey C o., Minn___ $50,801 IT . L . Bciscker, Fessenden
$50,655
D e n o m in a tio n $1,000. Date April 1 1911. Interest Jan. and July.
Union Invest Co , M ln n e a p .a 5l.OOOlSecur. Sav. B k. & T r. C o., T o l.50,631
Minn Loan & T r. Co., M inn. 5 0 ,8 0 1 1Cutter, M ay & C o.. C h ica g o .. 50,000
Montpelier, Washington County, V t .— T e m p o ra ry L o a n .—
A loan of $40,000 due in five months has been negotiated with
Capital Savings Bank & Trust Co. in Montpelier at o / q .
Maddock, Benson County, No. Dak.— B on d E le c tio n — On theMontraille
County (P. O. Stanley), No. Dak. B on d S a le.
March 21 an election will be held to vote on a proposition This
county sold $30,000 7% 2-year seed-grain bonds on
to issue $3,000 4% 20-year refunding bonds.
9 to T. L. Beiseker at 101.583. The following bids
Madison Parish School District No. 1, La. B on d E le ctio n . March
were
received:
—Reports state that an election will be held March 21 to
Bid said to be illegal.
Maturity from two to five years.
a
_
Maturity July 1 1916.
152
T H E C H R O N IC L E
[V O L . L X X X X I I .
March 21) by Bob Barman, City Clerk, for the $250,000
water-extension, $125,000 sewer-extension and $25,000
Motley County Common School District No. 6, Texas.— hospital o% bonds voted on Feb. 14 (V. 92. d . 546.)
B o n d S a le .—On March 10 $5,000 5% 10-40-year (optional) Cenm
ed cheelc for V s 0n°nn ^ a te.^ Iaf'cl1 1 1911. Maturity March 1 1936.
check for $ 8,000, payable to the City Clerk, Is required.
bonds were awarded to the State School Fund at par and eertltted
Omaha
School District (P. O. Omaha), Neb.—Rond O ffer
accrued interest.
g .—1 roposals will be received until 2 p. m. April 3 by j. F.
Mulberry, Crawford County, Kan.—B on d E le ctio n .— W e inP_u_rSess,
Board of Education, for $375,000 of the
are advised that it has been decided to hold the election to $7o0,000 Secretary
vote on the question of issuing the $17,000 water-plant and p. 209). 4>^% school bonds voted on Nov. 8 1910 v(V. 92,’
$8,000 electric-light 5% 20-year bonds mentioned in V. 92 th c P ^ b r is k -fo s e n /n ^ n n P®*? Ja?.’ 1 J911. Interest semi-annually at
p. G15, on March 21.
' S Nebraska liscal agency In New York City. M aturity 20 years Ccrtiunon * navabmetnStCh1C“1«°in a, nat*onal bank of Omaha for 2 % of bonds
New Hope School District, Stanislaus County, Cal — hfd
° nVir nnfa
°, .aA? School D istrict,” Is required.
Bonds to be de
veicd and paid for with accrued Interest on April 10 1911.
Bids sublect
D e sc rip tio n o f B o n d s.— The $6,000 5% 3-14-year (serial) lll Iprr
J
bonds awarded on Feb 14 to J. H. Adams & Co. of Los to bonds having been legally and regularly Issued
Ottawa
County
(P.
O.
Port
Clinton),
Ohio
.—
B
o
n
d
S a le .—
GS
Y'rP?’
P‘
^4b)
are
m
denomination
of
$o00 each and dated Feb. 14 1911. Interest semi-annual. On March 6 the $15,000 5% coupon Portage River draw
bridge-construction bonds described in V. 92, p. 546, were
Niles School District (P. O. Niles), Berrien County, Mich. ®ilcC
lnoeno
& Wolcott
Co. of $750
Cleveland
— B an d S a le .— On March 6 the $35,000 14-year school $10,708
08 (104.72)Tillotson
and interest.
Maturity
each for
six
building bonds described in V. 92, p. 546, were awarded months fiom
March
6
1912
to
Sept.
6
1921
inclusive.
.Saving Bank & Trust Co. in Toledo for
JMo,7bO (lb2-171) for 4Ms—a basis of about 4.557%. E. H. Oxford Graded School District (P. O. Oxford), Granville
Rollins & Sons of Chicago bid 102.87 and interest for 4)^s. County, No. Car .— B on d S a le .—On March 8 the $20,000
bonds described in V. 92, p. 484, were awarded to
Niles, Trumbull County, Ohio.—B o n d O fferin g.— Proposals coupon
' 0- . 1byer I rust Co. in Atlanta. The purchaser pays
will be received until 2 p. m. April 11 by Homer Thomas f97.070
and accrued interest for 30-year 5s and also furnishes
City Auditor, for $20,500 4^% coupon Sewer District No 6 blank bonds.
Ihe following bids were received:
assessment bonds.
For 30
Uclseker------------------------- $30,4751 Union Investm ent C o., MlnW ells & Dickey C o., M i n n . .. 30,470|
n c a p o lls____
$30 450
Denomination S500.
Date April 1 1911.
Interest semi-annual:
’
h
Authority Section 91 of Municipal Code. Denomination $500
Date
A p ril 15 1911. Interest semi-annually at the City Treasurer’s office
M a$4,500 on O ct. 15 1912 and $4,000 yearly on O ct. 15 from 19 13 to
19l(> incluslvo. Certified check on a bank In Niles for 2 % of bonds bid for
payable to the City Treasurer, Is required. Bonds to be delivered and naid
for within 10 days from time of award. Purchaser to pay accrued Interest.
P
-y e a r
Hillyer Trust C o., A t la n ta .....................
a$5i'a
‘jffj
Seasongood & Mayer, Cincinnati.............I I ..............a l9 4 io on
Ulen * C o., Kansas City, M o............... .................... a l 9 396 So
Cutter, M ay & C o., C h i c a g o .............
............... a la 1 ’ 5 on
Security Savings Bank & Trust C o., T o I e d o I I "*
l o ’ a io o
S. A . Kean & C o., Chicago_
John Nuveen & C o., Chicago.............
............................
*C. H . Coffin, Chicago_____________ _______ H I ” " M 9 28~6~66
A . J. Hood & C o., D etroit________________________ bioioeo 00
F o r 1 0 -y e a r
6 % bon d s.
a $ 20,4 8 7
a2 0,615
a 2 0,402
a 2 0 ,3 3 7
20,7 1 0
620,400
620,206
620 ,106
620 ,430
50
00
Oo
00
00
00
00
00
00
North Arlington School District, N. J.—L oa n E le c tio n .—
Reports state that on March 21 the voters will be asked'to
authorize an appropriation of $17,000 to build a school-house
and purchase a site for the same.
Tent w H h t a b ld s ^
& Blank b° ndS: n° lntercst* •No
North Dakota.— B on d s P u rch a se d bij the S ta te d u rin g check
Denomination $1,000. Date Jan. 15 1911. Interest pay
F e b ru a ry .— 1The State of North Dakota bought the following
4% bonds, aggregating $36,100, during the month of Febru able in New York. Bonds are taxable.
ary, at par:
Panola County Common School District No. 27, Texas.__
B on d S a le .— 1The State School Fund was awarded at par on
B aldy School District, Mountrail County— $1,500 20-ycar building bonds
dated Jan. 3 1911.
’
March 10 $2,000 5% 10-year bonds.
1
Corlnne School District, Stutsman County— $5,000 10-year bulldimr
bonds, dated Jan. 10 1911.
Paris,
Lamar
County,
Texas.—
B
on
d
s
V
oted
.—
Reports
Crown Butte School District, Morton County— $1,500 20-year building
bonds, dated Jan. 10 1911.
thP e.lectlon held March 7 resulted in favor of the
GUby School District, Grand Forks County— $2,500 20-year building
HnrforfinV oo lssu,°Bie $50,000 improvement bonds menbonds, dated Jan. 3 1911.
La Follette School District, W ard County— $2,000 20-ycar building
fo ’ D’ivinJ^LSJ,.0non?4'
°if th.e.bonds
authorized,
bonds, dated N ov. 15 1910.
U u u l t
0b
f«r school
improvements
and $25,000
$10,000 are
for
Marmarth School District, Billings County — (2 issues)$ 1,200 building
a
public
comfort
station
and
rest
room.
and $6,800 funding 20-year bonds, dated Jan. 3 1911.
Novi Ilradie School District, Stark County— $1,600 10-year building
„
County School District No. 21 (P. O. Latl M ont__
bonds, dated Jan. 3 1911.
Rond S a le. The State Land Board was awarded at par in
Plalnvtcw School District, Barnes County— $1,000 10-year building
bonds, dated Feb. 1 1911.
October 1010 *1,200 0% school-building tends wo a o
Rosebud School District, Mountrail County— $2,000 20-year funding
advised by the Clerk.
bonds, dated Feb. 1 1911.
Sentinel Butte School District, Billings County— $8,000 20-year building
bonds, dated Jan. 3 1911.
Willow Creek, M cHenry County— $3,000 20-year building bonds, dated
Jan. o 1911.
s u bJco ° To “c a U° a ft c r °5 y c a r s ! ^
° Ctober’
M aturlt>' 10 years,
r o ^ t t de^ i Schp°0 l?D i?,trict (P- °- pasadena), Los Angeles
North Hempstead, assau County, N. Y.— B o n d S a le .— County, Cal.—B o n d E le ctio n .— A n election will be held in
4 he following 4)^% gold coupon improvement bonds $D5
S175 000
oonnM
,Maiuh f.°,.votcand011 $75,000
the question
of issuing
high-school-building
grammar-school
describe in V. 92, p. 676, were sold on March 14 to Adams
& Co. of New York City: $10,000 Lakeville Road, $10,000 191J to 1942,
u u o • T le ■S47o’0b0 bonds mature part yearly from
inclusive, and the $75,000 bonds mature part
Stonington Road and $10,000 Grace Avenue bonds awarded yearly
from
1917 to 1931, inclusive.
at 100.71, $9,000 Prospect and Webster Avenues bonds
awarded at 100.943 and $7,500 Schenck’s Lane bonds sold Pendleton, Umatilla County, O re .— B on d E le ctio n P r o
at 100.946. The bonds answer the following description: posed. According to local papers, the Board of Commis
$10,000 Lakeville Road bonds.
Denomination $1,0 0 0 . Maturity $1 000
sioners Proposes to call an election to vote on the question of
yearly on Jan. 1 from 1918 to 1927 inclusive.
’
issuing $200,000 gravity-water-system bonds.
10.000 Stonington Road bonds.
Denomination $1,000. Maturity $1 000
yearly on Jan. 1 from 1918 to 1927 Inclusive.
’
Pendleton, Madison County, Ind.—B o n d S a le . —The
10.000 Grace Avenue bonds.
Denomination $1,000. Maturity $ 1 000
1 enclleton Banking Co. of Pendleton is reported as having
yearly on Jan. 1 from 1918 to 1927 Inclusive.
’
9,009 Prospect and Webster Avenues bonds. Denomination $1 000
purchased $6,000 electric-light-plant bonds for $6,125—the
^ 1928 Inclusive
Maturity $1,000 yearly on Jan. 1 from 1920 to
price thus being 102.083.
7,500 Schenck’s Lane bonds.
Denomination $500. Alaturity $ 1 0 0 0
yearly on Jan. 1 from 1920 to 1925 Inclusive and $1,500 on Jan. 1
Pendleton School District (P. 0. Pendleton), Umatilla
County, Ore.—B o n d E le ctio n . —The election to vote on the
Interest semi-annually at the First National Bank of Mlneola.
Nueces County Common School District No. 29, Texas.__ question of issuing the $100,000 high-school-building bonds
B on d S a le . —The State School Fund purchased at par and mentioned in V. 92, p. 210, will be held March 23.
County (P. O. Sedalia), Mo .—B o n d E lection P ro
accrued interest $10,000 5% 10-40-year (optional) bonds p o sePettis
d .—Reports state that the citizens have decided to peti
on March 10.
County Court to call an election to vote on the
Oak Creek School District (P. O. Oak Creek), RoWu tion the of
issuing $400,000 road bonds.
County, Colo.—B o n d S a le . —The Secretary advises us that question
Petty Independent School District (P. O. Petty), Lamar
school bonds have been issued and sold.
Texas. B on d E le ctio n .—An election will be held
Oakland, Alameda County, Cal.—B o n d E le ctio n . —The County,
May to vote
to issue the school bonds
propositions to issue the $2,493,900 (not $2,743,900, as at in
mentioned
in V.on92,thep.proposition
278.
^ school-building and site-purchase bonds and Phoenix, Ariz. B on d O fferin g. —According to local papers
the $)00,000 auditoriiim or assembly-hall bonds mentioned
^ 9 ?°nnnSsewer
WlH bonds.
Teccived b^ this city until April 3 for
in v . J2 , p. 483, will be submitted to a vote on May 16.
$325,000
Oakwood, Oakhmd County, Mich.—B o n d s V oted .— On innm?M whial Pa.—Rond S a le . —On March 9 the $1,
Vh U-US pacc’ ryoa vote of 54 to !. authorized, it is 400,000 4% city bonds (the remainder of the $11 200 000
loan of June 17 1898) were purchased by the Sinking
Tlhese
h io ’ are
nlo the
tLolanCe
831’9°° 4^%
30-year
water tobonds,
sameof securities
recently
awarded
the sena
Iunci
and interest. See V. 92, p. 616. The loan is
Security Trust Co. of Detroit at 106.719 (V. 92, p 546) f°u th°at 1103
1
°
!^ Purposes: free library, $1,000,000; art
but were re-submitted, it is further stated, to a vite'of the
|2 ^ roy6o$200j000; and f°r tke removjd of grade crossings,
people,
owing
to
a
slight
technical
error
which
appeared
in
the original issue.
m
Pa.—Colfax Sub-School District.— D escrip Oklahoma .— B o n d Offering^ —Proposals will be received, tionPittsburgh,
o f B o n d s.— W e are advised that the $250,000 ±V >%
it ^stated until April 1 by Robert Dunlop, State Treasurer school-building
bonds awarded on March 1 to Holmes,
bonds ° k,ah0ma Clty)’ for S750,000 6% public-building Wardrop & Co of Pittsburgh at 103.7843—a basis of about
4.1/4/0—-(V. 92, p. 676) are in denomination of $1,000 each
Oklahoma City, O k l a .- B o n d O f f e r i n g .- Proposals will be and are dated Sept. 1 1910.
received until 5 p. m. March 20 (to belopened 10 a. m. fromt
19 eiSlt tne io in rl.'?U? I’ i Matu,rLt7 ^on ScPt- 1 as follows: $ 8,000 yearly
from 1911 to 1930 Inclusive and $9,000 yearly from 1931 to 1940 inclusive.
»
V fllt lir lt v
^ I flfin
”
vvcu vi
I fo n r b r a n
Tor*
1 fcn v n
.
L /L ilU U llI lC ltlU U
1(1 0(1
1 n •» o I. . .. i
o 1J
*
*
Ponca School District (P. O. Ponca), Kay County, O k la.Bond S a le . —On Feb. G John Nuvcen & Co. of Chicago were
awarded an issue of $35,000 building bonds.
Port Jervis, Orange County, N. Y .— B o n d O fferin g .—
Proposals will be received until 8 p .m . March 29 by John F.
Cleary, City Clerk, for $85,000 4>^% refunding sewer bonds.
Denomination $1,000.
Date July 1 1911. Interest semi-annual. Ma
turity on July 1 as follows: $3,000 In each of the years 191,2 and 1913.
S4 000 yearly from 1914 to 1919 inclusive, $5,000 yearly from 1920 to 1924
inclusive and $0,000 yearly from 1925 to 1929 inclusive. Certified checlc
for $250, payable to the “ City of Port Jervis,” is required.
T h e o ffic ia l n otice o f th is bond offerin g w ill be fo u n d am ong
th e advertisem en ts elsewhere in th is D ep a rtm e n t.
Portland, Me.—B on d S a le . —On March 15 the $1,000,000
Rusk County (P. O. Ladysmith), Wis.—Road S a le .— Ac
cording to dispatches, the Harris Trust & Savings Bank of
Chicago recently purchased $10,000 5% 3-year (average)
road and bridge bonds.
Rutherfordton, Rutherford County, No. Caro.— B o n d S a le .
—John Nuveen & Co. of Chicago were awarded the $35,000
30-year coupon electric-light and water-works bonds de
scribed in V. 92, p. 278. Bonds bear 5J^% interest.
Salina, Salina County, Kans.— B o n d O ffe rin g .—Proposals
will be received until 8 p. m. March 20 by Chas. E. Baker,
City
Clerk, for
the following bonds:
$40,000 4
city-hall-bulldlng bonds mentioned In V . 92, p. o47. A u
4% 15-34-year (serial) coupon (with privilege of registration)
city-hall bonds described in V. 92, p. 677, were awarded to
Bond & Goodwin of Boston at 101.76—a basis of about
3.889%. are the bids:
Following
Bond A Goodwin, Boston— 101.76
M . S. Bird & Co.,
C. II. Gilman, and the
13.74%
Maine Sav. B k ., Portland .J Basis.
E . It. Hollins & Sons and 1
W m . A . Head A Co., B o sto n /101.30
Lee, Hlgglnson A Co., B oston l01.257
Edmund Bros., B oston____ 101.01
Fidelity Trust C o., Portland. 100.74
753
T H E C H R O N IC L E
MAR. 18 1911.]
Blake Bros. A C o.,
1
_a
E .W .F arnsw orth A Co. a n d ll0 0 .7 8
H . M . Payson A C o., BostonJ
A . B . Leach A C o. and
l
. _.
Perry, Coffin A Burr, B o s -.J 1 0 0 .o l
R . L . Day A C o.,
1
Blodget A Co. and
f 99.oOJ
Estabrook A C o., B o s to n ..J
Adam s A C o., B oston-------- - 99.4o
Merrill, Oldham A Co. and!
N .W .IIa rrIsA C o .,In c.,B o st J 100.819
thority Section 1397, General Statutes of 1909; also b y vote
of 625 to 311 at an election held A ug. 2 1910.
Denomina
tion $ 1,000. M aturity 20 years. Certified check for $ 1,000,
payable to the City Clerk, is required.
___
25,600 5 % South S t. paving bonds.
Denominations $1,000 and $560.
M aturity one-tenth yearly.
Date April 1 1911.
Interest semi-annually at the fiscal agency of tne
State of Kansas in Topeka. Official circular states there Is no controversy
of litigation pending or threatening affecting the corporate existence or the
boundaries of this municipality or the title of Its present officials to their
respective offices or the validity of these bonds or any other outstanding
bonds.
Quincy, Norfolk County, Mass.— B on d O fferin g. —Propos
als will be received until 12 m. March 22 by John Curtis, City
Treasurer, for $51,000 4% coupon public-water-supply bonds.
Denomination $1,0 0 0 . Date March 1 1911. Interest semi-annually In
Boston. Maturity $3,000 yearly on March 1 from 1912 to 19 . 8 , Inclusive.
The bonds will be certllled as to genuineness by the Old Colony lrust Go.,
which will further certify that the legality of this Issue has been approved
by Ropes, Gray and Gorham of Boston, a copy of whose opinion will ac
company the bonds when delivered, without charge to the purchaser.
Racine, Wis.—B o n d S a le . —On March 10 the $50,000
4J^% school-building bonds described in V. 92, p. 617, were
awarded to the Manufacturers' National Bank in Racine at
102.90—a basis of about 4.18%. The following bids were
received
*
M frs.’ N at. IJk., R a cin e.z$51,450 00 K uhn, Fisher A C o .,B o s . $50,885 50
A . B. Leach & C o., Chic. £51,405 00 E . II. Rollins A Sons, Ch. 50,845 00
C. II. Coffin, C h ic a g o ... «50,801 00
Continental A Comm. Tr.
A Sav. Bank, Chicago. £51,355 00 Farson, Son A C o., Chic. a50,650 00
N . W . Halsey A C o., Chic 2:51,325 00T . J . Bolger C o., Chic___ a50,575 00
II. C. Holtz A C o., Chic. a5 t,1 6 6 00 S. A . Kean A C o., C h ic .. a50,460 00
C. E . Denison A C o., C le.
5 1 ,0 1 1 7 5 Em ery, Peck A R ockwood, Chicago________ a50,300 00
a And blank bonds, x Open bids,' the remaining oilers being sealed.
Maturity $2,000 yearly on March 1 from 1912 to 1921 Inclusive and $ 3 ,
000 yearly on March 1 from 1922 to 1931 Inclusive.
Riverside, Riverside County, Cal.—B on d S a le . —On
March 7 the $30,000 Fairmont Park and $20,000 fire-depart
ment 4}^% 1-20-ycar improvement bonds described in V. 92,
p. 485, were awarded to James H. Adams & Co. of Los
Angeles at 100.25 and 100.375, respectively—a basis of about,
4.47% on the former issue and about 4.455% on the latter.
Purchaser to pay accrued interest. Other bids received
were as follows:
. .
P a rk b o n d s.
E . II. Rollins A .Sons, San Francisco____________________$30,048
W m . R . Staats C o., Pasadena_______ ______ ___________ 30,025
B on d s P ro p o se d . —Papers
F ir e bon d s.
20,U„0
state that this city is discussing
the proposition of municipal ownership of the water supply.
It is further stated that the matter of issuing $700,000 bonds
will be taken up in the near future.
River Vale Township (P. O. Westwood), Bergen County,
N. J.—B on ds N o t S o ld . —No sale has yet been made of the
$4,500 5% coupon funding bonds offered on Oct. 22 1910
and described in V. 91, p. 1051.
Robertson County (P. O. Springfield), Tenn.—B o n d S a le.
—A. B. Leach & Co. of New York City purchased $150,000
4% 20-30-year (optional) road-improvement bonds during
theDenomination
month of February.
,
$ 1,000.
Date Jan. 2 1911. Interest Is payable at the
office of A . B . Leach A Co. In New York City.
Rochester, N. Y.— N ote S a l e — The Alliance Bank of
Rochester, offering par for 3.73s, was the successful bidder
on March 15 for the $180,000 8-months’ park-improvement
notes described in V. 92, p. 677. The following bids were
submitted.
zSutro Bros. A Co. (3.875s) .$ 180,026
•Alliance Bank (3 .7 3 s).......... $180,000
zUnlon Trust Co. (3 .8 7 5 s). . 180,000
San Diego High School District (P. O. San Diego), San
Diego County, Cal.— B o n d S a le .—On March 8 the $200,000
5% high-school-building bonds described in V. 92, p. 547,
were awarded to W. R. Staats Co. of Pasadena at 107.114
and accrued interest—a basis of about 4.494%. Other bids
received were as follows:
San D IegoS Bk San D $213,751 251 N .W . Harris ACo.,San F r .$ 211,677 75
T H Ad lm s& C o SanFr” 2131209 50 N .W .H a lsey A C o..S a n F r_ 211,547 00
' Date Feb. 6 1911. Interest annual. M aturity $6,000 yearly from 1917
to 1946, Inclusive, and $4,000 yearly from 1947 to 1951, inclusive.
San Joaquin County (P. O. Stockton), Cal. B on d S a le.
On March 6 the $500,000 5% gold coupon highway bonds
described in V. 92, p. 485, were sold to E. H. Rollins & feons
of San Francisco at 108.88 and interest, lhe following bids
were received:
E .H .R ollin sA S o n s,San F r . . $544,4001 Jas. H . Adam s A C o., Sans
P1„
_$o39,619
N W Halsey A C o .,San F r . 5 4 1 ,4 1 1 1 Francisco-----------------Denomination $1,000.
Date July 1 1909.
Interest semi-annually at
the County Treasurer’s office or at Kountze Bros, in New York City, at the
option of the holder. Maturity $13,000 yearly from 1912 to 1928 Inclusive,
$14 000 yearly from 1929 to 1934 Inclusive and $13,000 yearly from 193o
to 1949 inclusive. The bonds are exempt from all taxes.
San Patricio County (P. O. Sinton), Texas .— B on d s R eg is
March 3 the State Comptroller registered $10,000
5% 10-40-year (optional) bridge bonds. These securities are
part of the $100,000 issue mentioned in V. 91, p. 1663.
San Saba County Common School District No. 11, Texas.—
B on d S a le .—On March 10 the State School Fund was awarded
$11,300 5% 10-40-year (optional) bonds at par and accrued
interest.
Santa Ana, Orange County, Cal.— B o n d S a le .—The $20,
000 4J^% 20-year water-works improvement bonds described
in V. 92, p. 547, were sold on March 6, according to reports,
to the Farmers’ & Merchants’ Bank of Santa Ana at 101.375
—a basis of about 4.396%.
Scott County (P. O. Georgetown), Ky .— P ric e P a id fo r
B o n d s. —Weil, Roth & Co. of Cincinnati advise us that they
paid 101.50 for the $25,000 5% 14-year (average) funding
road and bridge bonds awarded them on Feb. 28. See V. J2,
p. 617. Denomination $1,000. Interest semi-annual.
Scranton, Lackawanna County, Pa .— B o n d s N o t S o ld .—
No bids were received on March 15 for the two issues of 4%
bonds, aggregating $235,000, described in V. 92, p. 617. The
Secretary advises us that the city will probably re-offer these
issues with others as 4)^s.
Seattle, Wash .— B on d s S o ld d u rin g F e b ru a ry .—During the
month of February the following bonds, aggregating $389,
811 88, were issued by this city:
tered .— On
P u rpose—
,
1 7 . .P aving ................................ Feb.
6 7 . .P aving walks....................Feb.
0 5 . .P a v i n g ........ ........................ Feb.
1 0 . .P a v i n g ------------teb .
5 2 . .W a ter-m ain ___________ Feb.
3 9 . . P a v in g ............................... Feb.
9 7 . .P a v i n g --------------------------- Feb.
3 2 ..G r a d e and curb________Feb.
8 0 . . W ater-m ain .....................Feb.
4 1 . .P a v i n g .....................
Feb.
0 1 . .G r a d in g ------------------------ Feb.
14..G r a d e and curb p la n k s.Feb.
50,58 7 33 ..G ra d e and re-grade-------Feb.
A m o u n t.
$57,185
24,585
820
1,364
12,502
54,240
31,459
848
5,432
15,392
14,937
120,456
3
6
14
14
14
14
18
18
18
18
20
24
24
r. . .
1911
1911
1911
1911
1911
1911
1911
1911
1911
1911
1911
1911
1911
I n t .R a t e .
6%
7%
7%
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
M a tu r ity .
Feb. 3 1921
Feb. 6 1916
Feb. 14 1916
Feb. 14 1916
Feb. 14 1916
Feb. 14 1916
Feb. 18 1921
Feb. 18 1916
Feb. 18 1916
Feb. 18 1921
Feb. 20 1921
F e b .241921
Feb. 24 1921
The above bonds are subject to call after one year.
V ote on M u n ic ip a l R a ilw a y B o n d s. Local papers state that
the proposition to issue $800,000 municipal railway bonds
carried by a vote of 25,624 to 14,754 at the election held
N ote O fferin g . —Proposals will be received until 2 p. m. March 7. V. 92, p. 673.
March 22 by Chas. F. Pond, City Comptroller, for $200,000 B o n d s D efea ted .—Propositions to issue the following bonds
water-works improvement notes.
were
defeated at the same election:
,,
Library site bonds, proposition N o. 4 , vote 10,110 “ for” to 14,059^ against.
zK ean,T aylorA C o. (3 .7 5 s). 180,005
•IionbrlghtA Hlbbard(3.85s) 180,032 £G oldm an,SachsACo.(3.95s) 180,000
£B ank for Savings (3.85s)
180,000 zG co. H . Burr A Co. ( 4 s ) .. 180,005
• Of Rochester, x Of New York C ty.
Denomination of notes and rate of Interest desired to be designated by
the successful bidder. Notes will be payable eight months from March „o
1911 at the Union Trust Co. In New York City.
Rock Hill, York County, So. Caro.—B o n d O fferin g . —Fur
ther details are at hand relative to the offering on March 20
of the $150,000 water, $100,000 sewer and $35,000 light 5%
coupon bonds mentioned in V. 92, p. 617. Proposals will
be received until 8 p. m. on that day by J. B. Johnson, Chair-
"Y lcn o m ln atlon $1,000.
Date Jan 1 1911. 1 nter8 L ^ n , ^ 5 U
at
the Cltv Treasurer’s office or in New York exchange. Maturity Jan. 1 19ol ,
subject to call after 20 years. Certllled check for 2 % of bid is required.
Bonds are not taxable for municipal purposes and have been validated by
the Supreme Court of the State.
Rosalie School District (P. O. Rosalie), Thurston County,
Neb.—B on d E le c tio n . —An election will be held on March 21
to vote on a proposition to issue $15,000 5-20-year (optional)
school-building bonds at not exceeding 6% interest.
Library site bonds, proposition N o. 5, vote 9,439 “ for” to 14,2o l against.
Fifteenth Avenue, Northeast, bridge bonds, proposition N o. 6, vote 8,065
“ for” to 14,526 "a g a in st.”
Seneca Falls, Seneca County, N. Y .— B on d S a le .—On
March 15 the $40,000 5-12-year (serial) street-paving bonds
dated Feb. 1 1911 and described in V. 92, p. 618, were pur
chased by Ferris & White of New York City at 100.035 and
interest for 4.30 per cents. A list of the bidders follows:
Ferris A W hite, N . Y .._ « $ 4 0 ,0 1 4 00
R . M . Grant A C o., N . Y . 640,031 20
P&rklnson A Burr, N . Y _ _ 640,017 53
Isaac W . Sherrill, Poughkeensie _________ - __ __ c40,042 50
Doug. Fenwick A C o .,N .Y .c 4 0 ,0 3 6 00
W . N . Color A C o., N . Y ..C 4 0 .0 2 8 ol
C. E . Denison A C o., B os.c40.002 25
n For 4.30s. 6 For 4.35s.
For 4.75s. I For 5s.
Harris, Forbes A C o., N . Y . ri$4 ,031
N . W . Halsey A C o., N . Y e40,404
Kountze Bros., N . Y ________ 640,118
Seneca Falls Savs. Bank,
Seneca Falls_______________e40,041
Farson, Son A C o ., N . Y — *40,028
A . B . Leach A C o., N . Y . . .x 4 1 ,6 0 0
c For 4 .40s.
d
For 4.45s.
e
For 4.50s.
754
T H E C H R O N IC L E
Shelbyville, Shelby County, Ky.— B on d E lection P ro p o sed
—At a mass meeting of the citizens held March 10 it was
decided to request the City Council to call an election to vote
on the issuance of $50,000 bonds to pave Main Street to
build a city hall and to pay for an auto hose wagon.
Sherman, Grayson County, Te x .— B on d s V oted .— An elec
tion held March 10 resulted, it is stated, in favor of the issu
ance of $20,000 bonds for street improvements, $5,000 for a
water-works system and $7,000 for school purposes.
South Charleston, Clark County, Ohio.—B on d E le ctio n .—
ftnnyiwater-plant-erection
t ! ! C°irdl?g to localbonds
papers,willa be
proposition
to issue
$22,000
voted upon.
Count?
S raTg e /T0W,n?.E lectj
ip, o(P°; South 0range), Essex
\r ^?hyo 9 N;;
n -— ^ election will be held
«SooO
°“ qUGSti°n °f iSSUing th°
Soh00i District (P- O. Spartanburg), Spar&
^ n^7, l ° - 0 * r ° - — B o n d E le c ti o n .- A n election will
$50 000 4i^%
4 i/c ? aonh 21 to, vo,teu °.!\.the question of issuing
$50,000
30-year school-building bonds.
[VOL. LXXXXII.
The above
paying
period.securities are subject to call at anyJ interest
tho1
7 /w ? < S ° UoIlty '1° hi0 — B o n d S a l e .- O n March 14
the $1,054 70
4>^% 21-year coupon street-improvement
Srty$l n ? 7°n")On
ed in V' 92>
P- 486 ’ were
r7 ?d«ffi^eSCrf
85)wereand,
basissold
of
about 3.965%. ( 1Bids
alsoaccrued
receivedinterest—a
from the Lagonda
National Bank in Springfield and the Park Board of Trustees.
Stambaugh, Iron County, Mich.—B on d s N o t S o ld —The
Village 1 resident advises us that the $5,000 street bonds
offered on Oct. 5 1910 have not yet been disposed of.
Stoughton, Dane County, W is.— D e sc rip tio n o f B o n d s .—
1 he $18,700 water-power bonds voted on Jan. 31 and sold
?n
7 2 ^ie Uarris Trust & Savings Bank of Chicago
for $18,855 (100.828) and interest for 4j/^s (V. 92, p. 618)
are $1,700*
i? i^uominations of $1,000, except one bond, which is
tor
Trust,0 * S^virfJq
1 1911- I n t e r e s t semi-annually at the Harris
1912 to 1928 In e in ^ n
Maturity $1,000 yearly on Feb. 1 from
this issue,
Issue9S
55 461n 1 Assessed
A « » d S,1 ,70,
0 OIf F«for
b - 11910,
1020-$ 2 ,558,336.
Total debt. Including
tills
$oo,4o0.
valuation
1
™n8!£o%°? 10-year
2 CountyVa.—Bond
Sale.—OnofMarch
15 tne $40,000
coupon
(with privilege
regis
tration) school bonds, described in V. 92, p. 486, were
ary
—
ihe
following
6%
bonds
were
disposed
of
during
the
to t]ie Farmers’ Bank of Nansemond in Suffolk at
past two months:
6
100.7625 and accrued interest—a basis of about 4.90%.
there
were
several other bids received.
J a n u a r y B o n d S a les A gg reg atin g $144,600.
} 2 'ycar ? e r o y A v e . grade and walk N o. 736 bonds.
Sylvania,
Screven County, Ga.—B on d S a le . —An issue of
J0-year 34th A v e . grade and walk N o. 726 bonds
bonds for the purchase of the plant of the Sylvania Water
a52 ,360 10-year Fourth A v e . paving N o. 744 bonds
’
Supply Co. has been sold.
£21,840 1-year First Ward sewer N o. 14 extension bonds
Ifi-year First W ard sub-trunk sewer No 15 bonds
8,520 10-year Browne Street grade and walk bonds
'’
Tacoma, Wash.— B o n d S a le . —On March 4 the $525,000
610,330 10-year Lincoln Street grade, walk and paving bonds.
20-year refunding bonds described in V. 92, p. 409 were
purchased by the Harris Trust & Savings Bank of Chicago
F e b ru a ry B o n d S a le s A gg reg atin g $41,780.
at
101.78 and interest for 43^s—a basis of about 4 366%.
x $20,550 10-year Third A v e. grade, walk and nnvino.
£ 4 .8 5 0 10-year Sheridan Street l^ade an dw al k N o ? 7 4 l' bonds
Following are the bids, all of which were for 4j^s:
^ > 5 2 9 ,5-year Arthur S t. walk N o. 767 bonds
oonas.
W a s h .— B o n d s S o ld D u rin g J a n u a r y a n d F eb ru
b
m »
v,
10-year Tw enty-Fourth A v e. grade and walk No 7 » 7
J l ’ JSO 10 -year Twenty-Second A v e . fewer N o. 782 bonds
__ 3 8 ,5 4 0 10-year Riverside A v e . grade N o. 778 bonds.
a Bonds arc dated Dec. 31 1910.
£ Bonds are dated Feb. 1 1911.
b
‘ S'
Bonds arc dated Jan. 15
1011,
Harris T r .* S a v .B k .,C h i .$ 534 ,34 5 00 Estabrook <fc C o., Boston $529,935
S. A . Kean & C o., C h ic .. 530,512 50 W ell, Roth & C o., Cin
E .H .R ollIns& Sons, Chic
cinnati............... ................ 526.995
A . B. Leach & Co., Chic
N . W . Halsey & Co., ChiContinental & Com’l Tr. 530,355 00 „ cago .................................. 526,627
* Sav. Bank, Chicago
Farson, Son & C o., Chi
andBlakeBros.& C o.,B os.
cago ............... .................. 526,100
NEW LOANS
00
00
50
00
NEW LOANS.
$ 1,533,000
$ 1 0 0 ,0 0 0
CITY OF SAN DIEGO, CALIFORNIA,
City of East Orange, N. J .f
43^% Municipal Bonds
SCHOOL BONDS
Notice Is hereby given that sealed bids will be
received at the office of the City Clerk of the City
of San Diego, California, up to 10:30 o ’clock in
the forenoon of the 27th day of March, A .D . 1911,
for the sale of the following-described municipal
bonds of the City of San Diego: said bonds bear
ing date January 1 1911, with interest at the
rate of four and one-half per cent ( A \ 4 % ) per
annum from said date, and payable semi-annually,
namely:
(a) 340 bonds of the denomination of $ 1,000 00
each. They will be numbered consecutively, be
ginning with 1, to and including 340. 9 of said
bonds will become due annually until 333 shall
have been paid, and the remaining 7 will come
due and be payable the succeeding year. Said
bonds will be known as the “ W ater Addition
Fund B onds.”
(b)
i l l bonds, 37 of which are of the denomi
nation of $500 00 and 74 of which are of the de
nomination of $1,000 00.
Beginning with N o. 3
the $500 00 denominations will be give each
third number, as " N o . 3 , ” “ N o. 6 ” and “ N o. 9 ”
to and Including “ N o. I l l , ” and the $1,000 00
denominations will bo given the remaining odd
even numbers, as beginning with “ N o. 1 ,”
..£i0 ’
N ° . 4>” “ N o. 5 ” etc., to and Including
N o. 110,
and omitting the numbers given as
above provided for the $500 00 denominations.
These bonds are known as the “ North Park Sewer
runci Bonds.
(c) 40 bonds of the denomination of $650 00
each, numbered from 1 consecutively to 40 and
will come due one each year. These bonds are
Bonds ,,aS thG " Sw,tzer Canyon Sewer Fund
Series " W ”
$ 1 0 0 ,0 0 0
om»Uc lly ' These bonds are known as the “ W es
side Sewer Fund B onds.”
, t n L n A °°° i. bo^L3 ot „ tbe denomination of
$1,000 00 each. They will be numbered consecu
tively. beginning with “ N o. 1 , ” to and Including
Series N o, 5
anrniall’v ° ° Thpfi*
s;ald bonds will become due
annually.
These bonds are known as the “ Park
WATER BONDS
Improvement Fund Bonds.”
i
each of said bonds the order of payment
Sealed proposals will be received by the City
«h»i! ppph w t? tbe smallest numbered bond, and Council of The City of East Orange, N . J ., at a
shall continue from the less to the greater of each meeting to be held in thc City H all, M onday,
EeenCpaid lssue’ unt11 a 'l of sa,d bonds shall have ‘ L.arch - 7 th, 1 9 1 1 , at 8 o'clock P. M ., for the pur
chase of all or any part of the following bonds:
(1) $100,000 Coupon School Bonds (with priv
Tbe eS % £ ,ssue ot sa<d bonds has been ap
proved, both as to form and legality, by Messrs
ilege ot registration) of The City of East Orange,
sei
r0tnS0M & £ lay> Attorneys and Coun- Scries “ W ” : to be dated April 1, 1911, and to ma
ture April 1, 1951; with interest at 4 per cent per
be absolute
’ NeW York C lty' and the sale will annum, payable semi-annually.
(2) $100,000 Coupon W ater Bonds (with priv
bidder must accompany his bid with a
n ^ ik
y certllle(l by some responsible San Diego ilege of registration) of Thc City of East Orange,
i u an amount equal to ten per cent (10% ) Series No. 5, to be dated April 1 , 1911, and to m a
nf
™ ’ piJy7 ble7 ? the order of thc City Clerk ture April 1 , 1941: with Interest at 4 per cent per
,tbe City of San Diego on the acceptance of his annum, payable semi-annually.
Both series of bonds to be issued in the denomi
T k balance of the Purchase price of any
vSha , be payable at the time of the nation of $1,000 each. Both principal and inter
tender of the bonds by the city.
est payable in lawful money at the office of the
rhe form of said bonds will be as prescribed In City Treasurer of Thc City of East Orange. The
bonds arc secured by a Sinking Fund.
Ordinance No. 4291 of the ordinances of said city
Each proposal must be enclosed in a scaled
aDid. °n,n be seen, together with thc opinion from
Sn d E 11,on» Thomson & Clay, and together with envelope addressed to ttic Mayor and City Coun
all other papers and documents relating to the cil of Thc City of East Orange; must be delivered
Issue of said bonds, at the office of the City Clerk to thc City Council at eight o'clock 1C M . on the
above-mentioned date and must be accompanied
25 the1th n Y ofUsale! ° " ICC h° UrS ° f cach day up by a certified chcok payable to the Collector of
I axes of 'The City of East Orange for 2 per cent
of the face value of the bonds for which bid is
In te n t*
anif on^ha1fSperacen M 4 g ® " ®
Si ^nnn (7r?o3)? ncl3, 7 1 °? the denomination of annum , from January 1 1911 to the datb of de
made. No bid for less than par will be consid
The°S0i 0n°no o l°»?e °.f th ndenomination of $500 00. •l.very;, and delivery will be tendered not later ered. Am ount of bids must be stated in both
wtih “ M90 00 bonds will be numbered beginning than the first day of M ay. A . D. 1911.
words and iigures. The purchaser must pay ac
" N o 74
7 ’ i consecutively to and Including
Said bonds will be sold to the highest and best crued interest.
bered
y H
tb,e f 50? , 09 bond will be num bidder or bidders, the Council reserving the right
The bonds will be certified as to legality by Cald
bered N o. 75.
2 of said bonds shall be payable to reject any and all bids, either in w hollor In part
well and Reed of New York City, whose opinion
as to legality or duplicate thereof will be delivered
Dated this 21st day of February, A . D . 1 9 1 1 .
to the purchaser.
„
, A L L E N II. W R IG H T ,
(Seal)
The right Is reserved to reject any or all bids.
City Clerk of the City of San Diego, California.
Tor further Information apply to
L IN C O L N E . R O W L E Y . City Clerk.
N A T IO N A L L IG H T ,
H E A T & PO W ER C O M P A N Y
GUARANTEED
BONDS
... ,
A ssue*
A. H. Bickmore & Co.,
BANKERS
30 Pine Street,
New York
City
of
East Orange, N. J.,
F. W M . K R A F T
Sfts 030 xixvumcut ^cjcmuxtaixt
LAWYER
P. O. BOX 27, MAIN OFFICE.
WASHINGTON, D. C.
Specializing in Examination of
Municipal and Corporation Bondi
1312 FIRST NATIONAL BANK BLDO..
CHICAGO, ILL.
R. T. Wilson & Co.
33 WALL STREET
NEW YORK
O F F IC IA L O R G A N O F T H E A S S O C IA T IO N OF
A M E R IC A N G O V E R N M E N T A C C O U N T A N T S .
A M O N T H L Y M A G A Z IN E O F IN T E R E S T TO
A C C O U N T IN G A N D F IN A N C IA L O F F IC E R S
O F M U N IC IP A L IT IE S . B A N K S , R A I L W A Y S
A N D O T H E R P U B L IC S E R V IC E C O R P O R A
T IO N S .
TO B E F O U N D IN A L L L E A D IN G C E R T IF IE D
P U B L IC A C C O U N T A N T S ' O F F IC E S .
Sample Copy 15 cents. Per Annum $1 50
755
THE CHRONICLE
Mar . 18 ion.]
May 1 to vote on the question of issuing $10,000 6 %
Union Township (P. O. Rutherford), Union County, N. J- held
coupon school-building bonds. Interest semi-annual. ^ Ma
turity 30 years.
Wheatland School District (P. O. Wheatland), Laramie
County, Wyo.—B on d s D e fe a te d . —A special election held
recently is said to have resulted in the defeat of a proposed
high-school-building bond issue.
W. Va.—B o n d E le c tio n . —Whether or not this
Utica, N. Y.— B o n d S a le . —On March 14 the three issues of cityWheeling,
shall
issue
$200,000 4 Y i % filtration-plant bonds is to be
41^% 1- 6-year (serial) registered paving bonds aggregating decided by the voters on May 25.
$20,615 93, described in V. 92, p. 677, were purchased by
W. N. Coler & Co. of New York City for $20,658 01—the White Plains, N. Y.— B o n d O ffe r in g . —Proposals will be
price thus being 100.204—a basis of about 4.436%.
received until 8 p.m . April 3 by the Board of Village Trustees,
Warrenton, Warren County, Mo.—B o n d S a le . —On Feb. 1 John J. Brown, President, and Earl P. Hite, Clerk, for the
the $14 000 5 % 10-20 -year (optional) sewer and water bonds
mentioned in V. 92, p. 280, were disposed of to Sutherlin & following bonds:
Co.Denominations
of Kansas $100
City,andMo.,
at par.
$500. Interest In February and August.
Waterloo, Blackhawk County, Iowa.— D e s c r ip tio n o f
B o n d s . —The $45,000 4J^% 20-year warrant-funding bonds
awarded on Feb. 27 to the Investors’ Securities Co. of Des
Moines at par and accrued interest (V. 92, p. 618) are in the T h e o ffic ia l n otice o f th is bond o ffe r in g w ill be f o u n d a m o n g
denomination of $1,000 each and dated March 1 1911. In the ad vertisem en ts elsew here in th is D e p a r tm e n t.
terest semi-annual.
Williamsville, Erie County, N. Y.—B o n d S a le . —On
Watertown, Middlesex County, Mass.— L o a n O ffe r in g . — Aug.
24 1910 the $14,800 5% Main Street improvement
Proposals will be received until 3:30 p. m. March 20 by bonds
offered on that day were awarded, we o f e advised by
Harry W. Brigham, Town Treasurer, for the following the Village
Clerk, to local parties at par.
loans in anticipation of taxes: $100,000 due Sept. 22 1911
and $50,000 due Oct. 10 1911.
yearly
Wellesley, Norfolk County, Mass.— N o te S a le . —The fol
lowing bids were received on March 15 for $40,000 notes Willow, Glenn County, Cal.—B on d S a le . —We see it re
ported that the $25,000 city-hall, $5,000 city-hall-site and
offered
on that day:
Livingston & Davis, Boston— 3.04% discount and 75c. premium.
$10,000 fire-engine-house and apparatus 5% 1-40-year
Kuhn, Fisher & Co., Boston— 3.07% discount and $1 25 premium.
(serial) bonds mentioned in V. 91, p. 1590, were purchased
W. O. Gay & Co., Boston—3.08% discount.
Estabrook & Co., Boston— 3.08% discount and $1 premium.
on March 1 by E. H. Rollins & Sons of San Francisco at
Blake Bros. & Co., Boston— 3.10% discount and $6 premium.
102.16—a basis of about 4.833%.
First National Bank, Boston— 3.20% discount.
DenomiReports state that the bid of Livingston Davis was accepted
Winthrop, Mass.— T em p o ra r y L o a n . —-Reports state that a
aatlon of notes, $20,000. Date March 14 1911. Maturity Nov. 14 1911.
temporary loan of $110,000 was negotiated on March 17
Wendell Graded School District (P. O. Wendell), Wake with
Estabrook & Co., of Boston, as follows: $10,000, due
County, No. Car.—B o n d E le c tio n . —An election will be
___Bond, Offering .— P r o p o s a l s w ill b e r e c e i v e d u n t i l 8 :3 0 p . m .
M a r c h 2 0 b y J o h n F . W o o d s , T o w n s h i p C le r k , f o r $ 2 5 ,0 0 0
c o u p o n o r r e g is t e r e d w a t e r - p l a n t - e x t e n s i o n b o n d s
169, Caws
Daws of 1899, and amendments. Dene
Denomina
A uthority, Chapter 1G9,
tion $1,000. Date Jan. I 1911. Interest semi-annually at the Rutherford
National Bank in R utherford. Maturity Jan. 1 1941. Certified check tor
Bonded
debt
at pres«250 payable to "Tow nship of U nion,” is required. '
ent $91,500. Floating debt $10,417 61. Assessec valuation for 1910,
$2,746,245.
$ 1 0 ,0 0 0 4 H % w a te r b o n d s d u e A p r il 1 1 9 3 1 .
1 4 0 0 0 4 ) 4 % c u r r e n t -i n d e b t e d n e s s b o n d s d u e A p r i l 1 1 9 1 6 .
9 ,5 0 0
a r e -d e p a r tm e n t b o n d s d u e A p r il 1 1 9 3 1 .
In te r e st r a te n o t to
•
exceed 5 % •
T h e a b o v e b o n d s a r e In d e n o m i n a t i o n s o f $ 1 , 0 0 0 e a c h , e x c e p t o n e a r e d e p a r t m e n t b o n d , w h ic h is fo r $ 1 , 5 0 0 .
D a te A p ril 1 1 9 1 1 .
In te r e s t s e m i
a n n u a l.
C e r t ia e d c h e c k o n a S t a t e o r n a t i o n a l b a n k o r t r u s t c o m p a n y f o r
5 % o f b id is r e q u ir e d .
D e n o m in a tio n $ 5 0 0 , e x c e p t o n e b o n d o f $ 3 0 0 .
D a te S e p t. 1
In te r e s t J a n . 1 a n d J u ly 1 .
M a tu r ity $ 2 ,8 0 0 J u ly 1 1 9 1 1 a n d $ 3 ,0 0 0
o n J u l y 1 f r o m 1 9 1 2 t o 1 9 1 5 I n c lu s i v e .
NEW LOANS.
NEW LOANS
NEW LOANS.
8 I 4 ,0 0 0
8 9 ,5 0 0
8 1 0 ,0 0 0
1910.
Village of White Plains, N. Y ., Village of White Plains, N. Y ., Village of White Plains, N .Y .,
CURRENT INDEBTEDNESS BONDS.
PU BLIC NOTICE is hereby given that sealed
proposals will be received b y the Board of Trus
tees o f the Village of W hite Plains on the third
d ay of April, 1911, at the Corporation Room s,
Grand Street, in said village, at eight o ’clock p. m ..
for the following bonds:
, ,
.
Fourteen (14) $1,000 Current Indebtedness
Bonds to bear date April 1st, 1911, and to becom e
payable April 1st, 1910. Interest at four and
one-half per cent per annum, payable semi
annually on the first days of April and October.
Each proposal must be accom panied b y a
certillcd check upon a State or National Bank
or Trust Company for five per cent of such pro
posal. Checks of unsuccessful bidders will be
returned to them.
The Board of Trustees reserve the right to
reject any and all proposals.
Dated at W hite Plains, N . Y ., March 13th,
19By order of the Board of Trustees.
y
JOHN J. B R O W N , President.
E A R L P . IIIT E , Clerk.
FIRE DEPARTMENT BONDS.
1011.
Adrian H. Muller & Son,
.
. m
B y order of the Board of Trustees.
y
JOHN J. B R O W N , President.
E A R L P . H IT E , Clerk.
OF
C h a r le s M . S m ith & Co.
CORPORATION AND
MUNICIPAL BONDS
STOCKS and BONDS FIRST NATIONAL BANK BUILDING
EVERY WEDNESDAY
OHIOAGO
Office. No. 65 WILLIAM STREET.
Corner Pine Street.
BLODGET & CO.
E STA B LISH E D 1885
60 S T A T E S T R E E T , B O S T O N
H. C. SPEER & SONS CO
BONDS
80 P I N E S T R E E T , N E W Y O R K
STATE. OITY & RAILROAD BONDI
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS Thomas J.
Bolger Co.
Bank and Trust Company Stocka
M U N IC IP A L BO N D S
N E W Y O R K AN D B R O O K L Y N
Legal for Savings Banks,
Postal Savings and Trust Funds
BOUGHT AND SOLD
CLINTON
GILBERT
2 WALL ST.. NEW YORK.
$ 8 5 ,0 0 0 .0 0
P O R T J E R V I S , N. Y .,
A U C T IO N E E R S .
Regular W eekly Sales
WATER BONDS.
PU BL IC NOTICE Is hereby given that sealed
PU B L IC NOTICE is hereby given that sealed
will be received b y the Board of Trus
proposals will be received b y the Board of Trus proposals
tees
the Village of W hite Plains on the third
tees ot the Village of W hite Plains on the third day of
of April, 1911, at the Corporation R oom s,
day of April, 1911, at the Corporation Room s, Grand
Street, in said village, at eight o ’clock p. m ..
Grand Street, In said village, at eight o ’clock p. m .,
for the following bonds:
, ^ .
_ .
for the following bonds:
„
. .
Ten (10) $1,000 W ater Bonds to bear date
Eight (8 ) $1,000 Fire Department Bonds to
1st, 1911, and to becom e payable April 1st,
bear date April 1st, 1911, and to becom e payable April
1931. Interest at four and one-half per cent per
April 1st, 1931.
»
Also one (1) fifteen hundred dollar Fire Depart annum, payable semi-annually on the first days
o
f April and October.
ment Bond to bear date April 1st, 1911, and to
Each proposal must be accom panied b y a certi
becom e payable April 1st, 1931, at not less than
check upon a State or National Bank or Trust
their par value, to the person or persons who will fied
Company
for five per cent of such proposal:
take them at the lowest rate of Interest, such
rate of Interest not to exceed live per centum Checks of unsuccessful bidders will be returned
to them .
,
, .
per annum.
, , ,
The Board of Trustees reserve the right to
Each proposal must be accom panied b y a
any and all proposals.
certliled check upon a State or National Bank reject
Dated at W hite Plains, N . Y ., March 13th,
or Trust Company for five per cent of the par
value of the bonds for which the proposal Is sub 1911.
B y order of the Board of Trustees.
m itted. Checks of unsuccessful bidders will be
JOHN J. B R O W N . President.
returned to them.
E A R L E P . H IT E . Clerk.
The Board of Trustees reserve the right to
reject any and all proposals.
Dated at W hite Plains, N . Y ., March 13th,
SKND FOR LIST
153 La Salle St.,
CHICAGO
SEWER REFUNDING BONDS
Sealed proposals for the purchase of bonds In
the sum of Eighty-five thousand dollars ($85,
000.00) of the City of Port Jervis will be received
by the Common Council of said city until March 29.
1911, on which date, at a meeting of the Comm on
Council to be held at eight o ’clock P . M ., pro
posals received will be opened.
The bonds are eighty-five (85) In number, of
One thousand dollars ($1,000.00) each, are to bear
date July 1, 1911, and will bear Interest at the
rate of four and one-half per cent (4 H % ) per an;
num, payable semi-annually on the 1 st days o f
January and July each year. The bonds are
serial and payable as follows:
___
Three (3) on July 1st of each of the years 1912
and 1913; four (4) on July 1st of each of the years
1914 to 1919, inclusive: five (5) on July 1st of each
of the years 1920 to 1924, Inclusive, and six ( 6 ) on
July 1st of each of the years 1925 to 1929, inclusive.
The bonds are Issued for the purpose of paying
off bonds maturing August 1st, 1011, In the sum
of $85,000.00, Issued b y the Village of Port Jer
vis in the construction of a system of sewers.
A certified check in the sum of T w o hundred
fifty dollars ($250.00). payable to the City of Port
Jervis, must accom pany each bid, as a guaranty
to com ply with the proposal If awarded the bonds.
A ll proposals shall be directed to John F. Cleary,
City Clerk, Port Jervis, N. Y .. and shall be en
dorsed with the name of the bidder and “ Proposals
for City Bonds.”
,
The Common Council reserves the right to re
je ct any and all bids.
Dated March 11, 1911.
C H A R L E S N K N A P P . M ayor.
JOH N F. C L E A R Y , City Clerk.
756
THE CHRONICLE
[V O L . L X X X X I I .
S e p t . 2 5 1911 a t 3 .0 7 @ d is c o u n t a n d a p r e m iu m o f 5 0 c •
Jt!!C, f n1Cn1
I&
fn a11 r>ay al)l°
the end of the term and run from ten to
$ 5 0 ,0 0 0 , d u e O c t . 2 5 1 9 1 1 , a t 3 . 0 8 % d i s c o u n t a n d a p r e m i u m
'/i ,3 I f w,07Z.ca !. debentures carry 4% Interest and the remaining
debentures 4 >3/6 Interest. Interest Is payable semi-annually.
o f 5 0 c . ; $ 2 5 ,0 0 0 , d u e N o v . 2 4 1 9 1 1 , a t 3 . 1 3 % d i s c o u n t a n d
— Loan Election .— W e s e e i t r e p o r t e d
$ 2 5 ,0 0 0 , d u e D e c . 2 7 1 9 1 1 , a t 3 .3 2 % d is c o u n t .
— Temporary L o a n s __ t h a t b y - l a w s p r o v i d i n g f o r t h e f o l l o w i n g l o a n s w ill b e s u b
m i t t e d t o t h e r a t e - p a y e r s in t h e n e a r f u t u r e : $ 5 0 ,0 0 0 f o r p a r k
W e l e a r n t h a t o n M a r c h 9 l o a n s o f $ 3 0 ,0 0 0 d u e O c t . 16
s i t e s , $ 3 1 8 ,0 0 0 f o r t r u n k s e w e r s a n d $ 4 0 0 ,0 0 0 f o r in d u s t r i a l
a n d $ 4 0 ,0 0 0 d u e N o v . 1 5 1 9 1 1 w e r e n e g o t i a t e d w i t h E s t a s ite s .
b r o o k & C o . o f B o s t o n a t 3 .1 1 % d is c o u n t a n d $1 25 p r e m iu m .
— Debenture S a le— T h e a m o u n t o f bV2% 2 0 B o n d Sal?
y e a r p e r m a n e n t -im p r o v e m e n t d e b e n t u r e s d is p o s e d o f la s t
— O n M a r c h 11 t h e $ 6 ,0 0 0 c o u p o n s c h o o l - b u i l d i n g a n d s i t e m o n t h t o N a y & J a m e s o f R e g i n a w a s $ 1 7 ,0 0 0 a n d n o t $ 2 0 ,
p u r c h a s e b o n d s d e s c r i b e d in V . 9 2 , p . 6 1 9 , w e r e p u r c h a s e d
0 0 0 , a s a t fi r s t r e p o r t e d .
b y t h e S t a t e o f W a s h i n g t o n a t p a r f o r 5 y2% 1 - 2 0 - y e a r ( o p Debenture Sale .— T h i s p l a c e h a s s o l d
H 0 ® rl)n ib«0 n d !i- t P h a s e r t o fu r n i s h b l a n k b o n d s .
A b id
$ 5 ,0 0 0 o y0 d e b e n t u r e s , d u e p a r t y e a r l y f o r t e n y e a r s , t o
o f $ 6 ,0 1 5 a n d b l a n k b o n d s f o r 5 - 2 0 - y e a r ( o p t i o n a l ) 6 s w a s
C . H . B u rgess & C o. o f T o ro n to .
a ls o r e c e iv e d fr o m W m . D . P e r k in s & C o . o f S e a ttle
— Debenture Offering .— P r o p o s a l s
21
w ill b e i c c e i v e d u p t o a n d i n c l u d i n g M a r c h 2 5 b y T . J . G o d
in on
/ 1v ; a n
Co, ’ o f C h i c a g o p u r c h a s e d $ 6 ,5 0 0 6 %
fr e y * M u n ic i p a l C le r k , f o r $ 7 ,0 0 0 5 % d e b e n t u r e s .
M a tu r ity
i O -^ O - y e a r ( o p t i o n a l ) s c h o o l - b u i l d i n g b o n d s , p r o p o s a l s f o r
30 years.
l o r f u r t h e r p a r t i c u l a r s a d d r e s s t h e C le r k o r R . M .
w h i c h w e r e a s k e d u n t il O c t . 5 1 9 1 0 .
D e n o m in a tio n $ 5 0 0 .
M c I C e s s o c k , K . C ., o f S u d b u r y , O n t .
D a te J u ly 1 1 9 1 0 .
I n t e r e s t s e m i-a n n u a l.
.— Debenture Sale.— C . H . B u r g e s s & C o . o f
.- B o n d O ffe r in g .- P r o p o s a l s w ill b e r e yTeoar rolny t of o rre cseixn tyl ye aprus .r c h a s e d $ 1 ,2 0 0 5 % d e b e n t u r e s , d u e p a r t
c e i v e d u n t il 12 m . M a r c h 2 1 b y C . C . W i n s t o n , S e c r e t a r y
o o P o n (^UrI1’nS a s k ; ~ Z)e6cn<wre Sale.— On F e b . 2 8 t h e $ 1 4 ,0 0 0
B o a r d o f R o a d T r u s t e e s , f o r $ 2 5 ,0 0 0 5 % r e g i s t e r e d r o a d 8%
()-i n s t a l l m e n t p e r m a n e n t - i m p r o v e m e n t d e b e n t u r e s m e n
c o n s tr u c tio n b o n d s .
t i o n e d in V . 9 2 , p . 4 8 8 , w e r e a w a r d e d t o C . H . B u r g e s s & C o .
Denomination to suit purchaser. Date April 1 t o i l .
Interest semtO th e r b id s re
?Q 4 iUa
c,lase National Rank In Mew Y ork. M aturity April 1 o f T o r o n t o a t 1 1 9 .5 5 a n d a c c r u e d i n t e r e s t .
c e iv e d w e re a s fo llo w s :
1911. No debt at present. Assessed valuation for 1 9 0 8 , $ 0 5 6 , 7 1 4 .
Nay & Jame , R egina......... ..$ 1 6 ,4 3 3
National Finance C o., Regina 16,307 J - J -AMackintosh, W in n ip e g ..$15,462
W .A .M a o Kenzle & C o., T o r . 15,131
Brent, N oxon
o.,
A. & C
vvv-'
■» T
i voronto
u m iu
116
0 , ( 260
100
A . Stlmson & C o., T oron to 15,000
A llow ay & Champion, W in n . 16,011 G.
Ontario Securities C o., T or
14,427
II.
O’
Hara
&
C
o.,
W
innipeg.
15,820
— Debenture
Campbell,
Thom pson & Co
W o o d , Gundy & C o., T oron to 15,550
14 311
T o r o n t o ............
Sales .— D u r i n g F e b r u a r y N a y & J a m e s o f R e g i n a p u r c h a s e d Canadian Debentures Corp.,
Jarvis & Co., T o r l l 14|280
L td ., T o ro n to ____________ 15,500 Acmllius
s m a ll s c h o o l d e b e n t u r e s is s u e a g g r e g a t i n g $ 1 5 , 0 0 0 .
T h is in
Great W est Permanent Loan
■
Co., W innipeg....... ...............14,000
c l u d e s s m a ll is s u e s a g g r e g a t i n g $ 1 ,2 0 0 t h e '" s a le o f w h ic h h a s
b e e n r e fe r r e d t o in t h e s e c o l u m n s u n d e r j t h e h e a d s o f t h e
Debentures• Authorized.— W c s e e it r e p o r t e d t h a t t h e S c h o o l
d i s t r i c t s i s s u in g t h e s a m e .
1 r u s t e e s h a v e a u t h o r i z e d t h e i s s u a n c e o f $ 8 ,0 0 0 s c h o o l F
— Debenture Offering. — P r o p o s a l s w ill b e
c o m p le tio n b o n d s .
^
r e c e i v e d u n t il 2 :3 0 p . m . M a r c h 2 7 b y A . K . B u n n e l l C i t y
0 n t -— D^ n t u r e Sale .— O n M a r c h 3 t h e $ 3 0 ,0 0 0
T r e a s u r e r , f o r v a r i o u s is s u e s o f c o u p o n d e b e n t u r e s a g g r e g a t
0 - y e a r s t r e e t r a i l w a y d e b e n t u r e s d e s c r i b e d in V . 9 2
i n g $ 2 5 4 ,2 8 1 .
p . 62 0, w ere a w a rd ed to W o o d , G u n d y & C o. o f T o r o n to .
Calgary, Alberta.
Woburn, Middlesex County, Mass.
1911
Carlyle, Sask.
Yakima County School District No. 42, Wash.—
Ont.
Yellowstone County School District No.
, Mont.—Bond
Youngsville Township (P. O. Youngsville), Franklin
County, No. Caro
Chapleau .township, Ont.
Dack, Ont
2
Canada, its Provinces and Municipalities.
r Alberta and Saskatchewan School Districts.
Elkhorn School District No. 366 (P. O. Elkhorn), Man.—
Brantford, Ont.
NEW LOANS.
NEW LOANS.
8 2 5 ,0 0 0
Town of Conrad, Montana,
8 1 6 9 ,0 0 0
SEWER BONDS
M O B IL E COUNTY, ALA.
MINING ENGINEERS
H. M. C H A N C E
Consulting Mining Engineer and Geologist
5% REFUNDING BONDS.
N otice Is hereby given b y the Town Council of
the T ow n o f Conrad, In the State of Montana,
that the Sewer Bonds of said town In the sum
o f $25,000 will be offered for sale at public auc • The Board of Revenue and R oad Commissioners
tion, to the bidder offering the highest price ther of M obile County respectfully calls for bids for
for, In accordance with the terms o f this notice
at the Council Chamber of the Town Council of $169,000 Refunding Bonds, Issued to retire a
the T ow n of Conrad, In the Tow n o f Conrad, like amount of bonds maturing June 1st 1 9 1 1
County of Teton, In the State of Montana, on the These bonds will bear Five (5% ) Per Cent Interest
10th day of April, 1011, at 2 o ’clock p. m . Said und run for twenty (20) years, straight. Bids
bonds are to be dated January 1st, 1911, and be will be opened at Noon of M O N D AY APRTr
payable In twenty years from the date thereof,
and $3,000 thereof shall be redeemable In 5 years: 17TH, 1911. For particulars address the under
$5,000 redeem able In 10 years, and $5,000 re signed.
deem able In 15 years, at the option of the Town
GEO. E .’ STO N E, Treasurer.
Council, and shall bear Interest at the rate o f 6%
M obile, A la.
per annum, payable semi-annually on the first
d a y o f January and July In eaoh year. Said
bonds will be ready for delivery at the tim e of
sale, and all tenders, bids or offers to purchase
must be without condition or qualification, and
be accom panied b y a certified check for the full
am ount o f said bid. Bids should be addressed
to F . H . Pings, M ayor of Conrad, Montana. The
Council reserves the right to reject all or any bids
or offers of purchase.
Dated at Conrad, M ontana, this 8th day of
February, 1911.
B y order of the Town Council.
A . HOPPER,
Tow n Clerk.
COAL AND MINERAL PROPERTIES
Examined, Developed, Managed
837 Drexel Bldg
rH E
PHILADELPHIA. PA.
A M E R IC A N
M FG .
MANILA SISAL AND JUTE
CO RDAGE
85 Wall Street
New York
Now Ready
T H E
F IN A N C IA L
R E V IE W
1911 ISSUE
M U N IC IP A L A N D R A IL R O A D
BONDS
L IST ON A P P L IC A T IO N
SEAS0N G 00D & MAYER
Mercantile Library Building
CINCINNATI
A
Year
B ook
of
F in a n c ia l
I n fo r m a tio n - 3 0 0
Pages
Comprehensive Statistics for a Series of Years
HODENPYL, WALBRID6E & CO.
7 W a ll S t ., N » Y o r k
BOUND
IN
CLOTH, TW O
DOLLARS
Railroad, Street Ry., Gas & Elec. Light
S E C U R IT IE S
MUNICIPAL BONDS
Safest Investments
known. Yielding from
4
U I . E N
BANKERS
% to 6 %
&
Write tot
Circular.
C O .
CHICAGO
CO.
C o m m e rc ia l & F in a n c ia l C h ro n ic le
F r o n t , P in e a n d D e p e y s t e r S t s .,
N ew Y o rk
Copies May also be had from Pliny Bartlett, 513 Monadnock
Blk., Chicago. Edwards & Smith, 1 Drapers’ Gardens, London.
Mar . 18 1911.
Prince Rupert, Sask.— D eb en tu re O ffe r in g . —Proposals will
be received until 2 p. m. March 31 by C. O. Davidson, City
Treasurer, for the following coupon debentures:
$110,000 4 y2% debentures. Interest annual. Maturity 4.0 years.
Gunton School District No. 1507, Man.— Debenture Sale .—
This district has disposed of $10,000 5 1 4 % debentures to
Nay & James of Regina. Maturity part yearly for 20 years.
Kildonan, Man.— Debenture Sale.—An issue of $4,000 5%
road-improvement debentures was recently disposed of to
Wood, Gundy & Co. of Toronto. Maturity March 1 1929.
Maisonneuve, Que.— Debenture Sale.—Hanson Bros, of
Montreal purchased $428,000 4J^% coupon public-parkimprovement
debentures on Jan. 4 at par.
Denomination £100. Date N ov. 1 1910. Interest semi-annually at tne
Bank ol Montreal in London.
85.300 5%
76.300 5%
7,100 5%
5.000 5%
M aturity 40 years.
Medicine Hat, Alberta.—Loan Election.—A by-law pro
viding for a loan of $3,500 to establish a site for the Alberta
Linseed Oil Co. will be voted upon April 14.
Montreal, Que.— Debentures N ot to B e Issued at Present.—
We are advised that it is not likely that the $4,500,000 4%
40-ycar permanent-improvement debentures authorized by
the City Council on Jan. 23 (V. 92, p. 282) will be placed on
the market before May or June.
Moosomin, Sask.— Debenture S ale.—An issue of $2 ,0 UU o /0
debentures was recently purchased by C. H. Burgess & Co.
of Toronto. Maturity part yearly for 30 years.
Neepawa, Man.—Debenture Offering.—Proposals will be
received until 8 p. m. April 7 by J. W. Bradley, SecretaryTreasurer, for $7,185 70 5% local-improvement debentures
Date July 1 1911. Interest annually on N ov. 1 at the Canadian Bank or
Commerce In Neepawa. M aturity 20 years.
Penso School District No. 712, Sask .— Debenture Sale.—
This district disposed of $12,000 (3% 20 -year school debentures
last month to Nay & James of Regina.
.
Portage la Prairie, Man.— Debenture
, in*"
provement 5% debentures, amounting to $10,033 o b , ia\
been sold to Wood, Gundy & Co of Toronto Maturity
$4,400 on Jan. 2 1930 and $5,(333 56 on Jan. 2 1931.
Prince Albert, Sask.—Debenture Offering.— .I roposals will
be received until 2 p. m. March »31 by C. O. Davidson, \
Treasurer, for the following coupon debentures, aggregating
©OQO 700*
Amount. Maturity.
Int nate \AmounL Maturity.
Int. Rate
S110 000 40 years_________ a\Yx% $76,300__20 years----------------------oo/o
a
n? 4 0 0 30 y e a r s ________ :r5%
I 5 ,0 0 0 ._10 years......................
; a Interest payable annually, x interest annually on $7,100 ofthese
debentures, semi-annually on rem ainder, b Interest semi-annually.
15.000
7.000
10.000
5.000
(K)1public-school debentures. Maturity Dec. 31 1940.
00 consolidated debentures. Maturity N ov. 30 1940.
00 industrial debentures. Maturity Dec. 30 1930.
00 (approxim ate) im provem ent debentures. Maturity D ec. 31
1925.
York Township, Ont.— D eb en tu re S a le . —H. OTIara &: Co,.
of Toronto were the successful bidders for $25,000 4^%
debentures, due part yearly for 30 years.
________
TRUST COMPANIES.
J. G. W H IT E & CO
Engineers, Contractors
43-49 Exchange Place, NEW Y0R*
San Francisco. Cal.
Investigations and Reports on Electric
Railway, Gas, Electric Light and Rower
Properties, Irrigation Systems, &c., tor
Financial Institutions and Investors. ■
Electric Railways, Electric Light and Power
Plants, Gas Plants, Financed,
Designed and Built.
London Correspondents:
j . a . W H I T E & CO., ZAmUe*,
9 Cloak Lane, Cannon St., E. C.
C. G. YOUNG
Engineering end Construction
Pltm, Methods, Operation
Pnblla Utilities and Induitrial
debentures. Interest semi-annual. Maturity 30 years.
debentures. Interest semi-annual. Maturity 20 years.
debentures. Interest annual. Maturity 30 years.
debentures. Interest semi-annual. M aturity 10 years.
Rama Township, Ont.— D eb en tu re E le c tio n . —According to
reports, an election will be held March 20 to vote on the
question of issuing $3,000 Kennedy’s bridge debentures.
Scott, Sask.— D eb en tu re S a le . —Nay & James of Regina
were the successful bidders last month for $15,000 5 } 4 %
20 -year permanent-improvement debentures.
Thornbury, Ont.— D eb en tu re O ffe r in g . —Proposals will be
received until 10 p. m. March 21 by Edw. Rorke, Town Clerk,
for $10,000 5% debentures. Maturity 15 years.
Toronto, Ont.— D eb en tu res N o t to B e Iss u e d at P r e s e n t .—
We are advised that nothing further will be done looking
towards the offering of the proposed issue of debentures tocover the cost of the hydro-electric-system (V. 92, p. 282)
until arrangements can be made for the floating of a larger
issue.
Wetaskiwin, Alberta.— D eb en tu re S a le . —C. H. Burgess &
Co. of Toronto were recently awarded $4,952 5% and 6 %
debentures, due part yearly for 20 years.
Windsor School District, Ont.— D e b en tu re O ffe r in g . —Pro
posals will be received until March 25 by John Moynahan,
Secretary-Treasurer, for $23,370 34 4
school debentures.
Maturity part yearly on April 19.
Woodstock, Ont.— D eb en tu re O ffe r in g . —Proposals will be
received up to and including March 24 by John Morrison,
City
Clerk, for the following 4 y 2% debentures:
$2,939 78 water-works and electric-light debentures. M aturity D ec. 31
e n g in e e r s .
Chicago, Ills.
757
THE CHRONICLE
B A N K E R S
T R U S T
7 W A L L S T R E E T , NEW Y O R K
Capital, $3,000,000
Surplus and Profits, $6,800,000
DIRECTORS
STEPHEN B A K E R , President Bank of the Manhattan
SAJVHJEL* G. BAYNE, President Seaboard National
Bank, New York.
, , _
„
.
BOW IN M. B U L K L E Y , Spencer Trask
Co.. UanK-
&
JA M E SG . CANNON. President Fourth National Bank,
New York.
EDMUND C. CONVERSE. President, New York.
TtlOS. D eW ITT CUYLUR, President Commercial
Trust Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & C o., Bankers,
N. Y.
E. H A Y W A R D FERRY, Vice-President Hanover Na’ tlonal Bonk, New York.
W ALTER E. FREW , President Com Exchange
F R E D E R IC K ' t .Y<H ASK ELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
A. BARTON HEPBURN, Chairman of the Board,
Chase National Bank, New York.
THOMAS W . LAMONT, J. P. M o rg a n * Co. Bankers,
New York.
SIXTY
WALL ST.,
NEW YORK E. C. CONVERSE, President.
P. I. KENT, Vice-President.
H. W. DONOVAN, Treasurer.
H. F. WILSON JR., Asst. Sec’y.
Reports for Financing
C O M P A N Y
EDGAR L. MARSTON, Blair & C o., Bankers, N. Y.
JOS. B. M ARTIN DALE, President Chemical Nation
Bank, New York.
Q AIES W . M’ Q ARRAH , President Mechanics an
Metals National Bank, New York.
OEOROE W . PERKINS, New York.
DANIEL E. POMEROY, Vice-President, New York.
W ILLIA M H. PORTER, J. P. Atorgan & Co.,Bankers,
DANIEL a ? R E ID , Vice-President Liberty National
Bank, New York.
BENJ. STRONG JR ., Vice-President, New York.
ED W AR D F. SW INNEY, President First National
Bank, Kansas City.
GILBERT G. THORNE, Vice-President National Park
Bank, New York.
ED W AR D TOWNSEND, President Im porters’
Trad
ers’ National Bank, New York.
ALBERT H. W IG G IN f President Chase National
Bank, New York.
SAMUEL WOOLVERTON, President Gallatin National
Bank, New York.
&
STRONG JR., Vice-President.
D. E. POMEROY, Vice-President.
F. N. B. CLOSE, Secretary.
R. H. GILES, Asst. Treas.
B.
Mem. Am. Soc. C. E.
H. U. W A LLA C E
E N G IN E E R
Exam inations, Reports, Surveys, Supervision ot
construction and operation of Electric and Steam
Railroads, Power Plants, Transmission lines
Central Stations and Irrigation projects, &c.
Ex-Supt. Illinois Central R R .; Chief Engineer
Illinois Central R R .; and Gcn'l Manager Chicago
Lake Shore & South Bend Electric R ailw ay.
Marouctte Bldg.
CHICAGO, ILL.
T h e
T ru s t
C o m p a n y
o f
A m e r ic a
37- 4.3 WALL STREET, NEW YORK.
Frederick H. Lewis
Civil and M echanical Engineer
C o n s u ltin g
B row n -M arx B ldg.
E n g in e e r
Birmingham, Ala.
Established 1889
A. L. R E G IS T E R &, CO .
ENG1NEER3—CONTRACTORS
Philadelphia
COLONIAL BRANCHi
222 Broadwayc New York.
LONDON OFFICEi
95 Gresham St.
CAPITAL AND SURPLUS $8,000,000
Invites accounts of individuals firms and corporations.
Pays interest on daily balances.
Executes trusts ot every description.
758
T H E C H R O N IC L E
Q vu& t
[ V O L . L X X X X I1
© jo r m ^ a ix ije s .
g v n st
unitefl stales Trust compaug at jtew M R,
M a n h a tta n
Chartered 1853
CAPITAI
SURPLUS„ AND UNDIVIDED PROFITS
4 5
° n d
4 7
W
A L L
S T R E E T
-
© x r m p m x ie s .
T rv st
$ 2 ,0 0 0 ,0 0 0 .0 0
$1 3 , 7 7 2 , 6 6 7 . 7 0
• t h e c ^ M o g ^ e d ^ L s ^ L p a c u f e s 5.11401"’ AdmInIstrat°r. Guardian. Trustee. Court Depositary and In
It allows interest at current rates on deposits.
Com pany
W p ^ .t l 0o ^ 8,a?da inIividSalslnVe8t8 m ° ney' 8CCUrltles and other Pr° P ^ t y . real or personal. lor estates.
E D W A R D W . SHELDON
President
5 K 5 5 S * V Asst.
? M s Sec. CHARLES
HENEY K A.^ EDWARDS,
E r N, Secretary.
WILFRED ?J.' £WORCESTER,
2d Asst.Sec.
W . B ayard’ Cuttlng,
W illiam Rockefeller.
A lexander E . Orr,
William H . Maoy Jr..'
W illiam D . Sloane,
Gustav H . Schwab.
TR USTEES
A ‘ S T E W A R T . Chairman o f the Board.
Lym an,
p ayne W hitney.
■JaP ' r £ “ “ .
Edward W . Sheldon.
v?I}° f a lun !
Chauncey Keep.
t
^f< * yP j*
.
George L . R ives,
Lewis Cass Ledyard.
Arthur C. James,
Lym an J. Gage,__________William M. Kingsley.
W a ll
S treet
D e s ig n a t e d
C orn er
D e p o s ita r y
N assav
f o r S ta te ,
C it y a n d C o u r t F u n d s .
William Stewart Tod,
Ogden Mills,
Egerton L . WInthrop
Cornelius N . Bliss, Jr.
A c c e p t s D e p o s i t s s u b je c t t o C h e q u e ,
A l l o w s in te r e s t o n B a la n c e s .
Iss u e s C e r t ific a t e s o f D e p o s i t p a y *
a b le a s d e s ir e d .
F
i d e l i t y
T r u s t
C
N EW A R K , N. J.
o m
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acta u Executor, Trustee, Administrator and in all fiduciary capacities.
Takea entire charge of Real and Personal Estates. Guarantees Titles of
Beal Estate throughout New Jersey.
General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.
C E N T R A L
T R U S T
of NEW YORK
C O M P A N Y
54 Wall S treet
C a p it a l a n d
S u r p lu s ,
T em porary
p a n y
O ffic e s
113 B R O A D W A Y
Mississippi Valley Trust Co.
Fourth & Pine Sts., St. Louis.
“
' " u
/ g
y
w
w
j) IRECTOR S
WeiriiamSeiSSn»n " o 8, Vice-President.
John I R e a « Ik S ? IdP?J.,BftKnc11 Tim ber Co.
T ra ctio n ^ * ’ 1 resldent Milwaukee Light Heat &
pURene H. Bcnoist.
Wilbur F. Boyle, B o y l e & P r ie s t
James E. Brock, S e c r e t a r y .
Charles c la r k ? " ’ PresIdent Carleton Dry Goods Co
* «*•
{ ? riidge. Jones> President.
W J AiclfnHeVVV P ^ Pr??ld?nf,and IJond Officer.
Nelson VV
*es-H ashell * Barker Car Co.
Mc°rneodVi.umbcrCCo-. ^ ^ T c s t d e n t Grayson^apubflshIngrc o
Prcs*dcnt Stoves & Hardware
Robert j . O'Reilly. M .D .
Grain'CorthWe,n’ PresIdent W m . D. Orthwein
» eaf y VV. Peters, President Peters Shoe Co.
$ 18 , 0 0 0 , 0 0 0
(o f which $1 7 , 0 0 0 , 0 0 0 has been earned)
Authorized to act as Executor, Trustee, Administrator or Guardian.
I f e lg a . ' a a s y ' t f s f is s . ? -
Industrial Trust Company
R eceives Deposits, subject to check, and allows Interest on D aily Balances.
Providence, R. I.
A c ts as Transfer A g e n t, Registrar and Trustee under M ortgages.
SURPLUS................................................$3,000,000
SURPLUS.............................................. 3.000.000
C H A R T E R E D 1864
U nion T r u s t C o m p a n y o f N e w Y o rk
MAIN OFFICE: 80 BROADWAY.
Uptown Office : 425 Fifth Avenue, corner 38th Street.'
With Modern Safe Deposit Vaults
Capital $1,000,000
Surplus (earned) $7,800,000
A L L O W S IN TE REST ON D EPO SITS.
Acts os Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.
O F F IC E R S.
Cyrus P. Brown. President
Arthur L. Kelley, Vice-President
I I . Martin Brown, Vice-President
Otis E verett, Vice-President
Joshua M. Addlem an, Vice-President
W ard E . Smith, Treasurer
Chas. II. Manchester, Secretary
H . Howard Pepper, A sst. Treas.
Frederick B. W ilcox, A uditor
B O A R D OF D IR E C T O R S .
Samuel P.iColt, Chairman Englehart C. Ostby
n
J - Milton Payno
r i Ci1" d,M.
T
A AR,°1
bertson
E bcn —
N - Littlefield
Joshua
Addem
an
Otis Everett
James M. Scott
C. Prescott Knight
W illiam H . Perry
Jesso H . Metcalf
Arthur L . Kelley
John J. W atson Jr.
H . Martin Brown
Charles H . Allen
George F . Baker
John B. Branch
George M. Thornton
W illiam P. Chapin
Cyrus P. Brown
Angus M cLeod
Chas. C. Harrington
Ezra Dixon
Louis H . Comstock
Howard O . Sturgis
Herbert N. Fenner
Edward D . Pearce
1850
S lltn o ts
i§>uretj> C o m p a n y
H om e O ffic e , 2 0 6 La S a lle S tre e t
1911
The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts
C H IC A G O
JOHN P. MUNN7M. D., President.
W R ITES A L L CLASSES S U R E T Y BONDS
Court
Fidelity
Contract— Miscellaneous
Finance Committee.
The motto o f the I llin o is S u rety C om p a n y Is “ P ro m p t S ervice’ •
both in the handling o f Its bu siness and the adjustm ent o f its looses
W M RH NP 0 n T E R ELBaEnkerPreS'T1UeGu' & Tr' C o'
E D . T O W N SE N D , P res.Im p. & Traders N at. B k.
~ ° ? d m en* whether experienced In life Insurance
or not, m ay make direct contracts with this Com
pany, for a limited territory If desired, and secure
for themselves. In addition to first year’s oommUslon, a renewal Interest Insuring an incom e for the
™ ure
Address the Company at Its Home Office.
N o 277 B roadway, New York City.
@FedFRASER